3U]HG7RE GRUR]ZL]DQLDWHVWVNãDGDMF\VL ]]DGD

'RND0GHJRS\WDQLDSRGDQRF]WHU\RGSRZLHG]L]NWyU\FKFRQDMPQLHMMHGQDMHVW

SUDZG]LZD7ZRLP]DGDQLHPMHVWZ\SHãQLHQLHWDEHOLRGSRZLHG]LZSLVXMF7 OXE1 Z]D

OH0QR$FLRGWHJRF]\RGSRZLHG. MHVWSUDZG]LZDF]\IDãV]\ZD

=D ND0G SUDZLGãRZ RGSRZLHG. RWU]\PDV]  SXQNW\ ]D EUDN RGSRZLHG]L

SXQNWyZ]D]ã RGSRZLHG. ]RVWDQLH&LRGM W\SXQNW

3U]\NãDGZ\SHãQLDQLDNDUW\RGSRZLHG]L
 /LF]EDRVLV\PHWULLWUyMNWDPR0HE\þUyZQD

D

E

F

G

 ,ORF]\Q











 

    

Z\QRVL

D  





E  





F  

 

G 

7HPDW\]DGD



/LF]EDMHVWSRG]LHOQDSU]H]

D

E

F

G



: RNU JX R SURPLHQLX  GDQD MHVW FL FLZD R GãXJR$FL  2GOHJãR$þ

$URGNDWHJRRNU JXRGWHMFL FLZ\MHVWUyZQD

D

E





F







G









'DQHV OLF]E\





$ 

L

  

%



=DWHP

D



$ %

!

E



$ %



F



$ %

G





$

%



=DF]\QDPOLF]\þRGGRZ\SRZLDGDMFMHGQ OLF]E QDVHNXQG ,OH

F]DVXPLWR]DMPLH"

DPLQXW 

EPLQXW LVHNXQG

FPLQXW LVHNXQG

GPLQXW LVHNXQG

2GSRZLHG]L

3XQNW\

1U

]DG D

E

F

G



7

7

1

7



7

1

1

1

9,.RQNXUV0DWHPDW\F]Q\

R3XFKDU'\UHNWRUD9/2Z%LHOVNX%LDâHM

OLVWRSDGDU

HOLPLQDFMH

F]DVPLQ



1DU\VXQNXRERNRGFLQNL636465 V WHMVDPHM

GãXJR$FL D NW 654 PD [ƒ ,OH VWRSQL PD NW

364"

D[

Eƒ²[

F[

Gƒ²[



6DPRFKyGZ\SRVD0RQ\ZSL þRSRQF]WHU\MH]GQH

LMHGQ ]DSDVRZSU]HMHFKDã NP:V]\VWNLHRSRQ\E\ã\X0\ZDQH

ZMHGQDNRZ\PVWRSQLX-DNLSU]HELHJZNPPLDãDMHGQDRSRQD"

D 

E 

F 

G 



-DN F] $þ SRZLHU]FKQL V]H$FLRNWD IRUHPQHJR VWDQRZL ]D

FLHQLRZDQ\WUyMNW"

D

E

F

G



/LF]E\

L



[

[

V UR]ZL]DQLDPL Z SRQL0V]\FK UyZQDQLDFK &]\

ZSRGDQ\PUyZQDQLXUR]ZL]DQLHPV RELH]W\FKOLF]E"

D

 



[

[

 

E



 

[

[





F 



 





[

[



G



 





[ 



'ZDZ\FL WH]WHNWXU\NZDGUDW\RERNDFKRGSRZLHGQLR FPL FPQD

NãDGDM VL Z WHQ VSRVyE 0H ZLHU]FKRãHN PQLHMV]HJR NZD

GUDWX MHVW $URGNLHP ZL NV]HJR NZDGUDWX -H0HOL XVXQLHP\

QDNãDGDMFH VL F] $FL WR MDND E G]LH Uy0QLFD SyO SR]RVWD

ã\FKREV]DUyZ"

DZL NV]DQL0  FP





E UyZQD FP





F PQLHMV]DQL0  FP





G QLHGDVL WHJRXVWDOLþ



=DUyZQROLF]E MDNLOLF]E PR0QDSU]HGVWDZLþMDNRVX

P GZyFK OLF]E SLHUZV]\FK      





,OX OLF]E QDWXUDOQ\FK

GRGDWQLFKPQLHMV]\FKRGQLHPR0QD]DSLVDþMDNRVXP\GZyFKOLF]E

SLHUZV]\FK"

D

E

F

G



2EM WR$þNXOLMHVWUyZQDS3ROHSRZLHU]FKQLWHMNXOLMHVWUyZQH

DS

ES

FS

GS



:FLJXSL FLXOLF]E B  B  B  EUDNXMHWU]HFKZ\UD]yZ:LDGRPR

0HND0G\Z\UD]WHJRFLJXSRF]ZV]\RGWU]HFLHJRMHVWRWU]\ZL NV]\RG

SRGZRMRQHJRZ\UD]XSRSU]HGQLHJR=DWHP

DVXPDEUDNXMF\FKOLF]EMHVWZL NV]DRG
EZV]\VWNLHEUDNXMFHOLF]E\V OLF]EDPLSRG]LHOQ\PLSU]H]
FMHGQD]EUDNXMF\FKOLF]EMHVWPQLHMV]DRG
GLORF]\QEUDNXMF\FKOLF]EMHVWZL NV]\QL0 

3

5

6

4



/LF]E\ SLHUZV]H PQLHMV]H RG  SRQXPHURZDQR RG QDMPQLHMV]HM GR

QDMZL NV]HM1DSL WQDVW\PPLHMVFXVWRL

D

E

F

G



8ãDPHN 



PD W QLH]Z\Nã ZãDVQR$þ 0H JG\ SR SURVWX VNUH$OLP\ 

Z OLF]QLNX L Z PLDQRZQLNX WR RWU]\PDP\  



D   

 

3RGDQ\ QL0HM

XãDPHNQLHPDSRGREQHMZãDVQR$FL

D 



E  



F  



G  





'DQ\ MHVW NZDGUDW $%&' 3 L 4 V WDNLPL SXQNWDPL QD ]HZQWU] WHJR

NZDGUDWX0HWUyMNW\$3% L%4& V WUyMNWDPLUyZQRERF]Q\PL.W4$3

PDPLDU 

Dƒ

Eƒ

Fƒ

Gƒ



7ZRLP ]DGDQLHP MHVW WDN SU]HVWDZLþ NLOND NyãHN

DE\ SRZVWDã WDNL VDP WUyMNW UyZQRERF]Q\ W\ONR

XVWDZLRQ\ ´GR JyU\ QRJDPLµ-DNDPR0HE\þVXPD

OLF]EQDNyãNDFKNWyUHSU]HVWDZLV]"

D

E

F

G



.D0GD.XQHJXQGDPDIXWUR.D0GDSRVLDGDF]NDIXWUDMHVWP 0DWN:\

QLND]WHJR0H

DND0GD.XQHJXQGDMHVWP 0DWN
END0GDP 0DWNDPDIXWUR
FSHZQD.XQHJXQGDMHVWSDQQ
GMH0HOLP 0DWNDQLHPDIXWUDWRQLHPDQDLPL .XQHJXQGD



'DQHV WU]\WRZDU\$% L& PDMFHQDSRF]WNXW VDP FHQ 7RZDU

$ QDMSLHUZVWDQLDãRDQDVW SQLHSRGUR0DãR7RZDU% QDMSLHUZ

]GUR0Dã R  D QDVW SQLH VWDQLDã R  7RZDU & QDMSLHUZ ]GUR0Dã

RDQDVW SQLHVWDQLDãR1LHFK DEF R]QDF]DM RGSRZLHGQLR

NRFRZHFHQ\WRZDUyZ$% L&:WHG\

D



E

D

E



F

E

F



D

F

G



F

E

D







:RGDSã\QFD]NUDQyZ$%& MHGQRF]H$QLHQDSHãQLDEDVHQZFLJXJR
G]LQ:RGDW\ONR]NUDQX$ QDSHãQLDZFLJXJRG]LQ\



 EDVHQXDW\ONR

]NUDQX% ³



 EDVHQX,OHF]DVXWUZDãRE\QDSHãQLDQLHWHJREDVHQXZRG

W\ONR]NUDQX&"

DJRG]LQ

EZL FHMQL0 JRG]LQ

FJRG]LQ

GPQLHMQL0 JRG]LQ























'DQ\ MHVW F]ZRURNW $%&' R ZLHU]FKRãNDFK











$











%

&





















'

3URVWD R UyZQDQLX



 \

P[

PD ] W\P F]ZRURNWHP

W\ONRMHGHQSXQNWZVSyOQ\:WHG\

D







P

E







P

F





P

G





P



'DQHV GZDWUyMNW\SRGREQH-HGHQPDREZyGUyZQ\LSROHUyZQH

DGUXJLPDSROHUyZQH2EZyGGUXJLHJRWUyMNWDMHVWUyZQ\

D

E

F

G



-H0HOLQ MHVWOLF]E QDWXUDOQWROLF]ED





















Q

Q

Q

$

QDSHZQR

G]LHOLVL SU]H]

D

E

F

G



&]WHU\SURVWHPRJ SRG]LHOLþSãDV]F]\]Q GRNãDGQLHQD

DF] $FL

EF] $FL

FF] $FL

GF] $FL



7UyMNW $%& PD ERNL GãXJR$FL













$&

%&

$%

:\QLND VWG

0H

D NW%$& WHJRWUyMNWDMHVWPQLHMV]\RGNWD$&%
E $URGHNRNU JXRSLVDQHJRQD WUyMNFLH$%& OH0\QDMHGQ\P]MHJRER

NyZ

F SURPLH RNU JXZSLVDQHJRZWHQWUyMNWPDGãXJR$þ
G Z\VRNR$þSRSURZDG]RQDGRQDMGãX0V]HJRERNXPDGãXJR$þ



'DQDMHVWIXQNFMDRNUH$ORQDZ]RUHP











[

[

[

I



JG]LH





z

[

:WHG\

D















I

E

 









I

F





 

 

I



G











¸

¹

·

¨

©

§

[

[

[

I



3HZQDNODVDPDZFLJXW\JRGQLDRGSRQLHG]LDãNXGRSLWNXOHNFMH

FRG]LHQQLHQLHPQLHMQL0 LQLHZL FHMQL0 :SODQLHWHMNODV\PXVLE\þ

WDNLG]LHZNWyU\POHNFMLMHVWGRNãDGQLH

D

E

F

G



5yZQDQLH





D

[

D

D

D[





MHVWVSU]HF]QHGOD

D







D

E





D

F





D

GQLHPDWDNLHMZDUWR$FLD