0DWHULDá\GRüZLF]H ]SURJUDPRZDQLDZ)RUWUDQLH



3U]\NáDGRZHSURJUDP\























=DNáDG0HWRG2EOLF]HQLRZ\FK&KHPLL8-

.UDNyZ







3RQL V]H SU]\NáDG\ SURJUDPyZ VWDQRZL  X]XSHáQLHQLH GR Ä0DWHULDáyZ GR üZLF]H  ]

SURJUDPRZDQLDZ)RUWUDQLH´NWyUH&]\WHOQLNSRZLQLHQSR]QDüZF]H QLHM3RMDZLDM FHVL 

Z WHN FLH RGV\áDF]H GR QXPHUyZ UR]G]LDáyZ GRW\F]  Ä0DWHULDáyZ´ MH OL QLH SRGDQR

LQDF]HM

3U]\NáDG



=QDMGRZDQLHSLHUZLDVWNyZUyZQDQLDNZDGUDWRZHJR



/LF]EDSLHUZLDVWNyZLZ]RU\QDLFKREOLF]DQLH]DOH RG]QDNXZ\Uy QLNDWUyMPLDQX'R

]DSURJUDPRZDQLD VFKHPDWX SRGHMPRZDQLD GHF\]ML Z SURJUDPLH Z\NRU]\VWXMHP\ VWUXNWXU 

]DJQLH G RQ\FK LQVWUXNFML EORNRZ\FK LI SU]HGVWDZLRQ  Z UR]G]LDOH  : SU]\SDGNX

SLHUZLDVWNyZ]HVSRORQ\FKPR HP\SROLF]\üRVREQRF] üU]HF]\ZLVW LXURMRQ UR]ZL ]DQLD

3RQLHZD  V  WR OLF]E\ U]HF]\ZLVWH GR SU]HFKRZDQLD LFK ZDUWR FL Z\VWDUF]\ ]PLHQQD W\SX

UHDO



3URJUDPPR HPLHüSRVWDü



]QDMGRZDQLHSLHUZLDVWNRZURZQDQLDNZDGUDWRZHJR





LPSOLFLWQRQH



UHDODEFGHOWD[[[UH[LP







ZULWH   SRGDMZVSROF]\QQLNLDEFZURZQDQLX 



ZULWH   D[AE[F  



UHDG  DEF







GHOWD E E D F



LIGHOWDJWWKHQ



[ EVTUWGHOWD D



[ EVTUWGHOWD D



ZULWH   URZQDQLHPDGZDSLHUZLDVWNLU]HF]\ZLVWH 



ZULWH   [  [



ZULWH   [  [



HOVH



LIGHOWDOWWKHQ



[UH E D



[LP VTUWGHOWD D



ZULWH   URZQDQLHPDGZDSLHUZLDVWNL]HVSRORQH 



ZULWH   [  [UH L [LP



ZULWH   [  [UH L [LP



HOVH



[ E D



ZULWH   URZQDQLHPDMHGHQSRGZRMQ\SLHUZLDVWHN 



ZULWH   [  [



HQGLI



HQGLI



HQG



















3URJUDP PR HP\ ]PRG\ILNRZDü WDN DE\ SLHUZLDVWNL ]HVSRORQH SU]HFKRZDü Z ]PLHQQ\FK

W\SXFRPSOH[



]QDMGRZDQLHSLHUZLDVWNRZURZQDQLDNZDGUDWRZHJR





LPSOLFLWQRQH



UHDODEFGHOWD[[



FRPSOH[]]







ZULWH   SRGDMZVSROF]\QQLNLDEFZURZQDQLX 



ZULWH   D[AE[F  



UHDG  DEF







GHOWD E E D F



LIGHOWDJWWKHQ



[ EVTUWGHOWD D



[ EVTUWGHOWD D



ZULWH   URZQDQLHPDGZDSLHUZLDVWNLU]HF]\ZLVWH 



ZULWH   [  [



ZULWH   [  [



HOVH



LIGHOWDOWWKHQ



] EVTUWFPSO[GHOWD D



] EVTUWFPSO[GHOWD D



ZULWH   URZQDQLHPDGZDSLHUZLDVWNL]HVSRORQH 



ZULWH   [  ]



ZULWH   [  ]



HOVH



[ E D



ZULWH   URZQDQLHPDMHGHQSRGZRMQ\SLHUZLDVWHN 



ZULWH   [  [



HQGLI



HQGLI



HQG





=ZUyüP\ XZDJ  QD Z\NRU]\VWDQLH IXQNFML FPSO[ GR VNRQZHUWRZDQLD ZDUWR FL ]PLHQQHM

GHOWD QD OLF]E  ]HVSRORQ  SU]\ Z\ZRáDQLX IXQNFML VTUW ']L NL WHPX X \WD ]RVWDQLH

IXQNFMDG]LDáDM FDQDDUJXPHQFLH]HVSRORQ\PL]ZUDFDM FDZ\QLN]HVSRORQ\



8ZDJD 3URJUDP MHVW W\ONR SU]\NáDGHP ]DSURJUDPRZDQLD ]QDQ\FK ] DOJHEU\ Z]RUyZ 1LH

]DZV]H MHVW WR UR]ZL ]DQLH RSW\PDOQH ]H Z]JO GX QD GRNáDGQR ü UR]ZL ]D  W\P

]DJDGQLHQLHPQLHE G]LHP\VL WX]DMPRZDü

3U]\NáDG



=QDMGRZDQLHQDMZL NV]HJRQLHWU\ZLDOQHJRSRG]LHOQLNDOLF]E\QDWXUDOQHM



1DMZL NV]\ SRG]LHOQLN OLF]E\ ]QDMG]LHP\ VSUDZG]DM F SRG]LHOQR ü GDQHM OLF]E\ Q NROHMQR

SU]H] OLF]E\ PQLHMV]H W]QQ±Q±3LHUZV]DOLF]EDNWyUDGDUHV]W ]G]LHOHQLD

UyZQ ]HURMHVWV]XNDQ\PSRG]LHOQLNLHPLPR HP\ZWHG\]DNR F]\üSU]HV]XNLZDQLH-H OL

QDWRPLDVW DGQD OLF]ED GR  Zá F]QLH QLH SRG]LHOL EH] UHV]W\ OLF]E\ EDGDQHM PR HP\

VWZLHUG]Lü HEDGDQDOLF]EDMHVWSLHUZV]D



'RVSUDZG]HQLDSRG]LHOQR FLOLF]E\QSU]H]NZ\NRU]\VWDP\IXQNFM PRG:DUWR FL IXQNFML

PRGQNMHVWUHV]WD]G]LHOHQLDQSU]H]NF]\OLMH OLPRGQNMHVWUyZQHWRNMHVW

SRG]LHOQLNLHPQ



3U]\NáDGRZ\SURJUDP



]QDMGRZDQLHQDMZLHNV]HJRSRG]LHOQLNDOLF]E\QDWXUDOQHM





LPSOLFLWQRQH



LQWHJHUQL







ZULWH   SRGDMOLF]EHQDWXUDOQD 



UHDG  Q







GRL Q



LIPRGQLHTWKHQ



ZULWH   QDMZLHNV]\QLHWU\ZLDOQ\SRG]LHOQLN  L



VWRS



HQGLI



HQGGR







ZULWH   SRGDQDOLF]EDMHVWSLHUZV]D 



HQG





3U]\NáDGD



5R]NáDGOLF]E\QDWXUDOQHMQDF]\QQLNL



-HVWWRSUREOHP]EOL RQ\GRSRSU]HGQLHJR=DXZD P\MHGQDN HSR]QDOH]LHQLXSRG]LHOQLND

EDGDQHMOLF]E\SRZLQQL P\EDGDüSRG]LHOQR üLORUD]X]DF]\QDM FRGRVWDWQLR]QDOH]LRQHJR

SRG]LHOQLNDQSSRVWZLHUG]HQLX HG]LHOLVL SU]H]EDGDP\F]\LORUD]F]\OL

G]LHOLVL SU]H]QDVW SQLHEDGDP\SRG]LHOQR üLORUD]X SU]H]DSRWHPSU]H]LWG



3U]\NáDGRZ\SURJUDPPDSRVWDü



UR]NODGOLF]E\QDF]\QQLNL





LPSOLFLWQRQH



LQWHJHUQNL



ORJLFDOSRG]







ZULWH   SRGDMOLF]EHQDWXUDOQD 



UHDG  Q







SRG] IDOVH





GRL Q

 LIPRGQLHTWKHQ

LIQRWSRG]WKHQ



ZULWH   UR]NODGSRGDQHMOLF]E\QDF]\QQLNL 



SRG] WUXH



HQGLI



ZULWH  L



Q QL



JRWR



HQGLI



HQGGR







LIQRWSRG]ZULWH   SRGDQDOLF]EDMHVWSLHUZV]D 







HQG







,ORUD]EDGDQHMOLF]E\QSU]H]RVWDWQLR]QDOH]LRQ\SRG]LHOQLNLSU]HFKRZXMHP\Z]PLHQQHMQ

1DOH \]ZUyFLüXZDJ  H]PLDQDZDUWR FLQZHZQ WU]S WOLGRQLHPDZSá\ZXQDOLF]E MHM

SU]HELHJyZ]DEURQLRQDMHVWW\ONRPRG\ILNDFMD]PLHQQHMVWHUXM FHMF]\OLL

3 WO  ] LQVWUXNFM  JRWR Z\NRU]\VWXMHP\ GR SRZURWX GR VSUDZG]DQLD SRG]LHOQR FL SU]H]

RVWDWQLR]QDOH]LRQ\SRG]LHOQLN



=PLHQQD ORJLF]QD SRG] VáX \ GR SU]HFKRZDQLD LQIRUPDFML F]\ ]QDOH OL P\ FKRü MHGHQ

SRG]LHOQLNSU]\MPXMHZWHG\ZDUWR üWUXH3U]\]QDOH]LHQLXSLHUZV]HJRSRG]LHOQLNDL

W\ONR ZWHG\ Z\SLVXMHP\ WHNVW µUR]NáDG SRGDQHM OLF]E\ QD F]\QQLNL¶ -H OL SR VSUDZG]HQLX

ZV]\VWNLFK OLF]E RG  GR Q± ]PLHQQD SRG] PD ZDUWR ü IDOVH WR ]QDF]\ H QLH

]QDOH]LRQR DGQHJRSRG]LHOQLNDF]\OLEDGDQDOLF]EDMHVWSLHUZV]D

3U]\NáDG



=QDMGRZDQLHQDMPQLHMV]HMZVSyOQHMZLHORNURWQR FLGZXOLF]E



$OJRU\WP]QDOH]LHQLD1::OLF]EQLPMHVWQDVW SXM F\VSUDZG]DP\SRG]LHOQR üQSU]H]P

QDVW SQLH QQ SU]H] P QQQ SU]H] P LWG 3LHUZV]D ] EDGDQ\FK ZLHORNURWQR FL Q NWyUD

SRG]LHOL VL  EH] UHV]W\ MHVW V]XNDQ  1:: 1LHWUXGQR ]DXZD \ü H V]\EFLHM ]QDMG]LHP\

UR]ZL ]DQLH MH OL WHVWXMHP\ SRG]LHOQR ü ZLHORNURWQR FL OLF]E\ ZL NV]HM SU]H] OLF]E 

PQLHMV] 'RZ\ERUXPQLHMV]HMLZL NV]HMOLF]E\]SDU\Z\NRU]\VWDüPR HP\IXQNFMHPLQL

PD[SDWU]8]XSHáQLHQLH$



3URJUDP



]QDMGRZDQLHQDMPQLHMV]HMZVSROQHMZLHORNURWQRVFLGZX

OLF]E





LPSOLFLWQRQH



LQWHJHUQPOPOZN







ZULWH   SRGDMGZLHOLF]E\QDWXUDOQH 



UHDG  QP







OP PLQQP



OZ PD[QP







N OZ

 LIPRGNOPHTWKHQ



ZULWH   1::GODSRGDQ\FKOLF]E  N



VWRS



HQGLI



N NOZ



JRWR







HQG





3U]\NáDG



=QDMGRZDQLHQDMPQLHMV]HJRQDMZL NV]HJRHOHPHQWXZSRGDQ\PFL JXOLF]ERUD]OLF]E\

HOHPHQWyZFL JXPQLHMV]\FKRG]HUD



:F]\WDMP\FL JOLF]E]SOLNX]HZQ WU]QHJRLSU]HFKRZDMP\JRZMHGQRZ\PLDURZHMWDEOLF\

VWRVXM F NRQVWUXNFM  RSLVDQ  Z UR]G]LDOH  =QDOH]LHQLH QDMPQLHMV]HJR QDMZL NV]HJR

HOHPHQWXZFL JXUHDOL]XMHP\SU]HJO GDM FWDEOLF LSRUyZQXM FMHMHOHPHQW\]]DSDPL WDQ 

ZDUWR FL  QDMPQLHMV]HJR QDMZL NV]HJR GRW G ]QDOH]LRQHJR -H OL WUDILP\ QD PQLHMV]\

ZL NV]\ ]DSDPL WXMHP\ QRZ  ZDUWR ü 2F]\ZL FLH QD SRF] WNX SU]HJO GDQLD WDEOLF\

]QDOH]LRQH PLQLPXP PDNVLPXP WR SLHUZV]\ HOHPHQW =OLF]DQLH HOHPHQWyZ VSHáQLDM F\FK

SHZLHQ ZDUXQHN QS    UHDOL]XMHP\ VSUDZG]DM F WHQ ZDUXQHN NROHMQR GOD ZV]\VWNLFK

HOHPHQWyZ L ]ZL NV]DM F Z UD]LH SRWU]HE\ OLF]QLN ]QDOH]LRQ\FK HOHPHQWyZ GOD NWyU\FK

ZDUXQHNMHVWVSHáQLRQ\ZSU]\NáDGRZ\PSURJUDPLHOLF]QLNLHPMHVW]PLHQQDQP



3URJUDP



]QDMGRZDQLHQDMPQLHMV]HMLQDMZLHNV]HMOLF]E\ZFLDJX

RUD]OLF]E\HOHPHQWRZFLDJXPQLHMV]\FKRG]HUD





LPSOLFLWQRQH



UHDO[[PLQ[PD[



LQWHJHULQQP





ZF]\WDQLHGDQ\FK





RSHQILOH SGDW 



L 

 UHDG HQG [L 



L L



JRWR

FORVH



Q L







LIQOWWKHQ



ZULWH   ]DPDORGDQ\FK 



VWRS



HQGLI





]QDMGRZDQLHQDMPQLHMV]HJRLQDMZLHNV]HJRHOHPHQWXFLDJX











[PLQ [



[PD[ [







GRL Q



LI[LJW[PD[[PD[ [L



LI[LOW[PLQ[PLQ [L



HQGGR







ZULWH   QDMPQLHMV]DOLF]ED  [PLQ



ZULWH   QDMZLHNV]DOLF]ED  [PD[





]QDMGRZDQLHOLF]E\HOHPHQWRZFLDJXPQLHMV]\FKRG]HUD





QP 







GRL Q



LI[LOWQP QP



HQGGR







ZULWH   OLF]EDHOHPHQWRZXMHPQ\FK  QP







HQG





0R QD ]DXZD \ü H Z RSLVDQ\P SU]\NáDG]LH QLH PXVLHOL P\ ]DSDPL W\ZDü ZF]\WDQ\FK

HOHPHQWyZ Z WDEOLF\ =DGDQLH PR QD ]UHDOL]RZDü VSUDZG]DM F RGSRZLHGQLH ZDUXQNL GOD

RVWDWQLRZF]\WDQHJRHOHPHQWXFL JXSy QLHMMHJRZDUWR üQLHMHVWMX SRWU]HEQD

=PRG\ILNRZDQ\SURJUDP



]QDMGRZDQLHQDMPQLHMV]HMLQDMZLHNV]HMOLF]E\ZFLDJX

RUD]OLF]E\HOHPHQWRZFLDJXPQLHMV]\FKRG]HUD





LPSOLFLWQRQH



UHDO[[PLQ[PD[



LQWHJHUQP







QP 



RSHQILOH SGDW 



UHDG HQG [



[PLQ [



[PD[ [



LI[OWQP QP





 UHDG HQG [

LI[JW[PD[[PD[ [



LI[OW[PLQ[PLQ [



LI[OWQP QP



JRWR

FORVH











ZULWH   QDMPQLHMV]DOLF]ED  [PLQ



ZULWH   QDMZLHNV]DOLF]ED  [PD[



ZULWH   OLF]EDHOHPHQWRZXMHPQ\FK  QP



VWRS



ZULWH   ]DPDORGDQ\FK 





HQG



3U]\NáDG



6RUWRZDQLHMHGQRZ\PLDURZHMWDEOLF\



3URVW\DOJRU\WPW]ZSURVWHZ\ELHUDQLHXSRU] GNRZDQLDZNROHMQR FLURVQ FHMHOHPHQWyZ

SU]HFKRZ\ZDQ\FKZMHGQRZ\PLDURZHMWDEOLF\MHVWQDVW SXM F\

 SLHUZV]\ HOHPHQW WDEOLF\ SRUyZQXMHP\ SR NROHL ]H ZV]\VWNLPL SR QLP QDVW SXM F\PL L

MH OLV ZQLHRGSRZLHGQLHMNROHMQR FL]DPLHQLDP\MHPLHMVFDPL

 SR W\P HWDSLH PDP\ SHZQR ü H SLHUZV]\ HOHPHQW WDEOLF\ MHVW MX  QD VZRLP PLHMVFX

SR]RVWDáHQLHNRQLHF]QLH

SRZWDU]DP\]DWHPSURFHGXU SRUyZQXM FGUXJLHOHPHQWWDEOLF\]ZV]\VWNLPLQDVW SQ\PL

SRW\PSU]HJO GQL FLXWDEOLF\QDSHZQRPDP\HOHPHQW\LQDZáD FLZ\FKSR]\FMDFK

SURFHGXU NRQW\QXXMHP\GRFKZLOLD SU]HGRVWDWQLHOHPHQWWUDILQDZáD FLZHPLHMVFHZWHG\

RVWDWQLWH MX PXVLE\üQDZáD FLZHMSR]\FML



$OJRU\WPWHQ]DVWRVXMP\GRXSRU] GNRZDQLDZF]\WDQHJR]SOLNXFL JXOLF]EU]HF]\ZLVW\FK



VRUWRZDQLHMHGQRZ\PLDURZHMWDEOLF\





LPSOLFLWQRQH



UHDO[WPS



LQWHJHULMQ



FKDUDFWHU QD]ZD





ZF]\WDQLHGDQ\FK





ZULWH   SRGDMQD]ZHSOLNXGDQ\FK 



UHDG  D QD]ZD



RSHQILOH QD]ZD



L 

 UHDG HQG [L 



L L



JRWR

 FORVH



Q L





VRUWRZDQLH





GRL Q



GRM LQ



LI[LJW[MWKHQ



WPS [M



[M [L



[L WPS



HQGLI



HQGGR



HQGGR



Z\SLVDQLHZ\QLNX





ZULWH   SRVRUWRZDQDWDEOLFD 



GRL Q



ZULWH  [L



HQGGR







HQG 



:WHQVDPVSRVyESRVRUWRZDüPR HP\WHNVW\ZSRU] GNXOHNV\NRJUDILF]Q\P]DOH Q\PRG

SU]\M WHJR XSRU] GNRZDQLD ]QDNyZ :\VWDUF]\ Z W\P FHOX ]PLHQLü W\S WDEOLF\ [ RUD]

]PLHQQHMWPSQD]QDNRZ\ZSRQL V]\PSU]\NáDG]LHHOHPHQW\WDEOLF\WRWHNVW\RGáXJR FL

GR]QDNyZ



VRUWRZDQLHMHGQRZ\PLDURZHMWDEOLF\





LPSOLFLWQRQH



FKDUDFWHU [WPS



LQWHJHULMQ



FKDUDFWHU QD]ZD





ZF]\WDQLHGDQ\FK





ZULWH   SRGDMQD]ZHSOLNXGDQ\FK 



UHDG  D QD]ZD



RSHQILOH QD]ZD



L 

 UHDG D HQG [L





L L



JRWR

 FORVH



Q L





VRUWRZDQLH





GRL Q



GRM LQ



LI[LJW[MWKHQ



WPS [M



[M [L



[L WPS



HQGLI



HQGGR



HQGGR



Z\SLVDQLHZ\QLNX





ZULWH   SRVRUWRZDQDWDEOLFD 



GRL Q



ZULWH  D [L



HQGGR







HQG 





3URJUDPWHQPR HP\WH X \üGRSRVRUWRZDQLDOLF]EER]DSLVOLF]E\WRSHZLHQWHNVWZ\QLN

PR HE\üMHGQDNLQQ\QL SU]\VRUWRZDQLXZJZDUWR FLQSVSUDZG MDNDE G]LHNROHMQR ü

OLF]E:DUWRWH VSUDZG]LüSU]H]SRVRUWRZDQLHRGSRZLHGQLHJR]HVWDZXWHNVWyZMDND

MHVWNROHMQR üXSRU] GNRZDQLDOLWHUGX \FKLPDá\FKRUD]F\IU







3U]\NáDG



0QR HQLHPDFLHU]\



(OHPHQW]LWHJRZLHUV]DLMWHMNROXPQ\PDFLHU]\&E G FHMLORF]\QHPPDFLHU]\$L%& 

$%]DGDQ\MHVWZ]RUHP



Ç

=













E

D

F







JG]LH LND WR OLF]ED NROXPQ PDFLHU]\ $ 3RQLHZD  PXVLP\ REOLF]\ü ZV]\VWNLH HOHPHQW\

PDFLHU]\&W]QGODL LZDLM LNEGRZ\NRQDQLDPQR HQLDSRWU]HEXMHP\WU]HFK

]DJQLH G RQ\FKS WOL



0DFLHU]HZSURJUDPLHUHSUH]HQWRZDQHV SU]H]GZXZ\PLDURZHWDEOLFH

1LH]E GQH GDQH SURJUDP ZF]\WXMH ] SOLNX µSGDW¶ ]DZLHUDM FHJR Z SLHUZV]\P ZLHUV]X

Z\PLDU\OLF]E ZLHUV]\LOLF]E NROXPQPDFLHU]\$ZGUXJLPZLHUV]XZ\PLDU\PDFLHU]\

% QDVW SQLH ]DSLVDQ  ZLHUV]DPL PDFLHU] $ L DQDORJLF]QLH PDFLHU] % 3R ZF]\WDQLX

Z\PLDUyZPDFLHU]\QDOH \VSUDZG]LüF]\PQR HQLHMHVWZ\NRQDOQHF]\OLF]\LND LZE



3URJUDP



PQR]HQLHPDFLHU]\





LPSOLFLWQRQH







UHDODEF



LQWHJHULZDLZELNDLNE



LQWHJHULMN





ZF]\WDQLHGDQ\FK







RSHQILOH SGDW 



UHDG LZDLND



UHDG LZELNE







LILNDQHLZEWKHQ



ZULWH   W\FKPDFLHU]\QLHGDVLHSRPQR]\F 



VWRS



HQGLI







GRL LZD



UHDG DLMM LND



HQGGR







GRL LZE



UHDG ELMM LNE



HQGGR









FORVH





PQR]HQLH 





GRL LZD



GRM LNE



FLM 



GRN LND



FLM FLMDLN ENM



HQGGR



HQGGR



HQGGR





Z\SLVDQLHZ\QLNRZ





ZULWH   PDFLHU]$ 







GRL LZD



ZULWH  DLMM LND



HQGGR







ZULWH  







ZULWH   PDFLHU]% 







GRL LZE



ZULWH  ELMM LNE



HQGGR







ZULWH  







ZULWH   LORF]\Q$ % 







GRL LZD



ZULWH  FLMM LNE



HQGGR







HQG





3U]\NáDG



2EOLF]DQLHLORF]\QXVNDODUQHJRGZXZHNWRUyZ



,ORF]\QVNDODUQ\ZHNWRUyZD D D

LE E E

ZSU]HVWU]HQL1±Z\PLDURZHM

]DGDQ\MHVWZ]RUHP

Ç



=

¢









E

D



E

D



: SU]\NáDGRZ\P SURJUDPLH REOLF]DQLH LORF]\QX VNDODUQHJR ]UHDOL]XMHP\ SU]\ SRPRF\

IXQNFML U]HF]\ZLVWHM VNDODUQ\ NWyUHM DUJXPHQWDPL E G  GZLH MHGQRZ\PLDURZH WDEOLFH

U]HF]\ZLVWH SU]HFKRZXM FH PQR RQH ZHNWRU\ RUD] OLF]ED FDáNRZLWD RNUH ODM FD OLF]E 

VNáDGRZ\FKZHNWRUyZZ\PLDUSU]HVWU]HQL



=GHILQLFMLGáXJR FLZHNWRUD

Ç



=







D

D



ZLGDü HPR HP\M SROLF]\üMDNRSLHUZLDVWHN]LORF]\QXVNDODUQHJRZHNWRUDVDPHJR]VRE 

1DV] IXQNFM X \MHP\]DWHPWDN HGRREOLF]HQLDGáXJR FLZHNWRUyZ





3URJUDP



SU]\NODGREOLF]DQLDLORF]\QXVNDODUQHJR





LPSOLFLWQRQH







UHDO[\



UHDOVNDODUQ\GO[GO\V[\



LQWHJHULQ



FKDUDFWHU QD]ZD





ZF]\WDQLHGDQ\FK





ZULWH   SRGDMQD]ZHSOLNXGDQ\FK 



UHDG  D QD]ZD



RSHQILOH QD]ZD



L 

 UHDG HQG [L\L 



L L



JRWR

FORVH



Q L





Z\ZRODQLDIXQNFMLVNDODUQ\





GO[ VTUWVNDODUQ\[[Q



GO\ VTUWVNDODUQ\\\Q



V[\ VNDODUQ\[\Q





Z\SLVDQLHZ\QLNRZ





ZULWH   GOXJRVFZHNWRUD[  GO[



ZULWH   GOXJRVFZHNWRUD\  GO\



ZULWH   LORF]\QVNDODUQ\ZHNWRURZ[L\  V[\







HQG 



VHJPHQWGHILQLXMDF\IXQNFMHLORF]\QXVNDODUQHJR





UHDOIXQFWLRQVNDODUQ\[\Q







LPSOLFLWQRQH







LQWHJHULQ



UHDO[Q\Q







VNDODUQ\ 



GRL Q



VNDODUQ\ VNDODUQ\[L \L



HQGGR







HQG

































3U]\NáDG



2EOLF]DQLHLORF]\QXZHNWRURZHJRZSU]HVWU]HQLXWUyMZ\PLDURZHM



'RREOLF]HQLDLORF]\QXZ\NRU]\VWDP\SRGSURJUDPPLPRL Z\ZRáDQ\E G]LHRQW\ONRUD]

X]\VNDP\ MHGQDN EDUG]LHM SU]HMU]\VW\ SURJUDP 3RQLHZD  LORF]\Q ZHNWRURZ\ MHVW

ZHNWRUHPQLHPR HP\SU]\QDMPQLHMZVSRVyEQDWXUDOQ\X \üVHJPHQWXW\SXIXQFWLRQ

Z\NRU]\VWXMHP\ZL FSRGSURJUDPW\SXVXEURXWLQH



3RQLHZD  GOD XSURV]F]HQLD XPyZLOL P\ VL  H REOLF]DP\ LORF]\Q Z SU]HVWU]HQL

WUyMZ\PLDURZHM ZV]\VWNLH ZHNWRU\ Z\VW SXM FH Z SURJUDPLH SU]HFKRZXMHP\ Z WDEOLFDFK

MHGQRZ\PLDURZ\FKRWU]HFKHOHPHQWDFK6NáDGRZHZHNWRUDZ\QLNRZHJRZ\UD DM VL SURVWR

SRSU]H]VNáDGRZHPQR RQ\FKZHNWRUyZ



3URJUDP



REOLF]DQLHLORF]\QXZHNWRURZHJRZSU]HVWU]HQL

WURMZ\PLDURZHM





LPSOLFLWQRQH







UHDO[\]



LQWHJHUL







ZULWH   SRGDMVNODGRZHZHNWRUD[ 



UHDG  [LL 



ZULWH   SRGDMVNODGRZHZHNWRUD\ 



UHDG  \LL 







FDOOLOZHN[\]







ZULWH   LORF]\QZHNWRURZ\[L\Z\QRVL 



ZULWH  ]LL 







HQG















VXEURXWLQHLOZHNDEF







LPSOLFLWQRQH







UHDODEF







F D ED E



F D ED E



F D ED E







HQG





3U]\NáDG



5R]ZL ]\ZDQLHXNáDGXUyZQD OLQLRZ\FK]QLHZLDGRP\PL]]DVWRVRZDQLHPZ]RUyZ

&UDPHUD



1DV]XNáDGUyZQD PDSRVWDü




















 




E

]

D

\

D

[

D

E

]

D

\

D

[

D

E

]

D

\

D

[

D

=

+

+

=

+

+

=

+

+





:DUWR FLQLHZLDGRP\FK[\L]]QDMGXMHP\]HZ]RUyZ









:

:

]

:

:

\

:

:

[





=

=

=





JG]LH Z\]QDF]QLNJáyZQ\XNáDGX:WRZ\]QDF]QLNPDFLHU]\ZVSyáF]\QQLNyZDPXVLE\ü

Uy Q\ RG ]HUD D Z\]QDF]QLNL :

 :



 :



 RWU]\PXMHP\ ]DVW SXM F Z PDFLHU]\

ZVSyáF]\QQLNyZDRGSRZLHGQLROXENROXPQ NROXPQ SUDZ\FKVWURQUyZQD E



: QDV]\P SURJUDPLH PXVLP\ ]DWHP SROLF]\ü F]WHU\ Z\]QDF]QLNL Z\NRU]\VWDP\ GR WHJR

FHOX IXQNFM  GHW DUJXPHQWHP NWyUHM MHVW PDFLHU] ‘ 2SUyF] WHJR SU]\GDWQD E G]LH

SRPRFQLF]D SURFHGXUD FRS\ NWyUD Z SRPRFQLF]HM WDEOLF\ WPS XPLHV]F]D PDFLHU]

ZVSyáF]\QQLNyZDLZPLHMVFHMHMNROXPQ\RQXPHU]HNROXPLHV]F]DNROXPQ ]DGDQ SU]H]

SUDZHVWURQ\UyZQD E



3R REOLF]HQLX JáyZQHJR Z\]QDF]QLND XNáDGX SRZLQQL P\ VSUDZG]Lü F]\ MHVW RQ Uy Q\ RG

]HUD 3RQLHZD  MHVW WR OLF]ED U]HF]\ZLVWD SU]\UyZQDQLH MHM GR ]HUD QLHNRQLHF]QLH GD

SR GDQ\ HIHNW SDWU] UR]G]LDá  =DPLDVW WHJR VSUDZG]DP\ F]\ ZDUWR ü EH]Z]JO GQD

Z\]QDF]QLNDMHVWPQLHMV]DRGGRVWDWHF]QLHPDáHMZDUWR FLSURJRZHMHSV:DUWR üW ]DGDP\

SU]\SRPRF\LQVWUXNFMLSDUDPHWHUDE\ZUD]LHSRWU]HE\]PLDQ\áDWZRE\áRM RGV]XNDü

SDWU]U



3URJUDP



UR]ZLD]\ZDQLHXNODGXURZQDQOLQLRZ\FK]QLHZLDGRP\PL

PHWRGDZ\]QDF]QLNRZ





LPSOLFLWQRQH







UHDO HSV



SDUDPHWHUHSV G



UHDO DEWPS



UHDO GHWZZ[Z\Z][\]



LQWHJHULM



FKDUDFWHU QD]ZD











ZF]\WXMHP\GDQH







ZULWH   SRGDMQD]ZHSOLNXGDQ\FK 



UHDG  D QD]ZD



RSHQILOH QD]ZD



GRL 



UHDG DLMM EL



HQGGR





REOLF]DP\Z\]QDF]QLNJORZQ\







Z GHWD







LIDEVZOHHSVWKHQ



ZULWH   Z\]QDF]QLNJORZQ\  



VWRS



HQGLI





REOLF]DP\Z\]QDF]QLNLZ[Z\Z]





FDOOFRS\DEWPS



Z[ GHWWPS







FDOOFRS\DEWPS



Z\ GHWWPS 







FDOOFRS\DEWPS



Z] GHWWPS 







REOLF]DP\ZDUWRVFL]PLHQQ\FK





[ Z[Z



\ Z\Z



] Z]Z 















ZULWH   UR]ZLD]DQLHXNODGX 



ZULWH   [  [



ZULWH   \  \



ZULWH   ]  ]







HQG















VXEURXWLQHFRS\DEWPSNRO







LPSOLFLWQRQH



UHDO DEWPS



LQWHJHULMNRO







GRL 



GRM 



WPSLM DLM



HQGGR



HQGGR







GRL 



WPSLNRO EL



HQGGR







HQG











IXQFWLRQGHWD







LPSOLFLWQRQH







UHDO DGHW







GHW D D DD D D

 D D DD D D

 D D DD D D



HQG















3U]\NáDG



2EOLF]DQLHIXQNFMLH SRSU]H]MHMUR]ZLQL FLHZV]HUHJ



2GSRZLHGQLHUR]ZLQL FLHZV]HUHJQDSRVWDü



Ç



=

+

+

+

+

+

+

=



























L

[

Q

[

[

[

[

H

K

K





1DOH \ ]DXZD \ü H LW\ VNáDGQLN WHM VXP\ RWU]\PXMHP\ Z\PQD DM F VNáDGQLN SRSU]HGQL

W]QLV]\SU]H][L



: QDV]\P SURJUDPLH PR HP\ RF]\ZL FLH XZ]JO GQLü MHG\QLH VNR F]RQ  OLF]E  F]áRQyZ

UR]ZLQL FLDV]HUHJX



'ODVSUDZG]HQLD]ELH QR FLQDV]HJRUR]ZLQL FLDZ]DOH QR FLRGQL[SURJUDPRSUyF]VXP\

V]HUHJXZ\SLVXMHZDUWR üREOLF]RQ ]X \FLHPIXQNFMLH[S[



3URJUDP



REOLF]DQLHIXQNFMLH[SMDNRVXP\V]HUHJX





LPSOLFLWQRQH



UHDO VXPDVNODGQLN[



LQWHJHULQ







ZULWH   SRGDM[ 



UHDG  [



ZULWH   SRGDMOLF]EHF]ORQRZV]HUHJX 



UHDG  Q







VXPD 



VNODGQLN 







GRL Q



VNODGQLN VNODGQLN [L



VXPD VXPDVNODGQLN



HQGGR







ZULWH   H[S[]V]HUHJX  VXPD



ZULWH   H[S[]IXQNFML  H[S[







HQG













3U]\NáDG



&DáNRZDQLHPHWRG WUDSH]yZ



:FHOXSU]\EOL RQHJRREOLF]HQLDFDáNLR]QDF]RQHM]IXQNFMLI[ZJUDQLFDFKRGDGREZ\NUHV

IXQNFML SU]\EOL DP\ áDPDQ  G]LHO F SU]HG]LDá DE! QD F] FL 3ROH ILJXU\ RJUDQLF]RQHM

áDPDQ  ]QDMGXMHP\ MDNR VXP  SyO XWZRU]RQ\FK Z WHQ VSRVyE WUDSH]yZ SROH WR MHVW

SU]\EOL HQLHPV]XNDQHMFDáNL



































=DNáDGDM F H RGFLQHN DE! SRG]LHOLOL P\ QD Q UyZQ\FK F] FL ND GD R GáXJR FL

K EDQR]QDF]P\DÙ[ EÙ[

3ROHWUDSH]X]QDMGXM FHJRVL SRPL G]\[



D[





Z\QRVL

WUDSH]VWRLQDÄERNX´]DWHPMHJRSRGVWDZ\WRZDUWR FLIXQNFMLZSXQNWDFK[



L[























+





[

I

[

I

K





=DXZD P\ HSRGF]DVVXPRZDQLDSyOZV]\VWNLFKWUDSH]yZZDUWR FLIXQNFMLZSXQNWDFK[





GOD L   Q E G]LHP\ OLF]\ü GZXNURWQLH =QDMGXMHP\ ]DWHP QDVW SXM F\ Z]yU QD SROH

ILJXU\RJUDQLF]RQHMáDPDQ SU]\EOL HQLHQDV]HMFDáNL



(

)

³ã

á

ì

«

+

+

Ç

























[

I

E

I

D

I

K





8]EURMHQLZW ZLHG] SU]\VW SP\GRQDSLVDQLDSURJUDPXNWyU\SROLF]\FDáNLR]QDF]RQH]

IXQNFMLVLQ[FRV[LVLQ[FR[[



1DSLV]P\]DWHPIXQNFM SRGZyMQHMGRNáDGQR FLRQD]ZLHFDONDNWyUHMDUJXPHQWDPLE G 

QD]ZDFDáNRZDQHMIXQNFMLJUDQLFHSU]HG]LDáXFDáNRZDQLDLLOR üSRG]LDáyZWHJRSU]HG]LDáX

8 \FLH IXQNFML MDNR SDUDPHWUX IRUPDOQHJR RPyZLRQR Z UR]G]  : QDV]\P SU]\SDGNX

IXQNFM  FDOND Z\ZRáDP\ SRGDM F QD]Z\ IXQNFML ZHZQ WU]Q\FK )RUWUDQX PXVLP\ X \ü

QD]ZVSHF\ILF]Q\FKS8]XSHáQLHQLH$]DWHPSU]\REOLF]HQLDFKZSRGZyMQHMGRNáDGQR FL

PXVLP\ X \ü QD]Z GVLQ L GFRV DOER ]GHILQLRZDQHM SU]H] QDV IXQNFML FRVVLQ :

VHJPHQFLH Z\ZRáXM F\P IXQNFMH FDOND PXVLP\ MHV]F]H SRZLHG]LHü H MHM QD]ZD X \WD

MDNRMHMDUJXPHQWR]QDF]DIXQNFM ZHZQ WU]Q M ]\NDOXE]HZQ WU]Q GRVWDUF]RQ SU]H]QDV

±X \ZDP\ZW\PFHOXGHNODUDFMLLQWULQVLFLH[WHUQDOS

DÙ[





EÙ[



[





[







I[

3URJUDP



FDONRZDQLHPHWRGDWUDSH]RZ





LPSOLFLWQRQH



UHDO FDONDDESL



LQWHJHUQ



LQWULQVLFGVLQGFRV



H[WHUQDOFRVVLQ







ZULWH   SRGDMJUDQLFHSU]HG]LDOXFDONRZDQLDZVWRSQLDFK 



UHDG  DE



ZULWH   SRGDMOLF]EHSRG]LDORZSU]HG]LDOX 



UHDG  Q







SL  DWDQG



D SL D



E SL E







ZULWH   ZDUWRVFLFDOHN 



ZULWH   VLQ FDONDGVLQDEQ



ZULWH   FRV FDONDGFRVDEQ



ZULWH   FRV VLQ FDONDFRVVLQDEQ







HQG







UHDO IXQFWLRQFDONDIDEQ



LPSOLFLWQRQH



UHDO IDEKV[



LQWHJHULQ







K EDQ







V 





GRL Q



[ DL K



V VI[



HQGGR



V VIDIE



FDOND K V







HQG







UHDO IXQFWLRQFRVVLQ[



LPSOLFLWQRQH



UHDO [







FRVVLQ VLQ[ FRV[







HQG

3U]\NáDG



2GZUDFDQLHPDFLHU]\



: UR]G]LDOH  RPyZLOL P\ Z\NRU]\VWDQLH SURFHGXU\ GJHVY ] ELEOLRWHNL /DSDFN GR

UR]ZL ]DQLDXNáDGXUyZQD OLQLRZ\FK=DXZD \OL P\WDP HREOLF]HQLHPDFLHU]\RGZURWQHM

Z\PDJD UR]ZL ]DQLD Q XNáDGyZ UyZQD  R ZVSyáF]\QQLNDFK ]DGDQ\FK SU]H] RGZUDFDQ 

PDFLHU]3UDZHVWURQ\W\FKUyZQD WZRU] PDFLHU]MHGQRVWNRZ 1DV]SURJUDPE G]LH]DWHP

SURVW  PRG\ILNDFM  SURJUDPX ] UR]G]  PXVLP\ MHG\QLH ]PLHQLü QLHFR ZF]\W\ZDQLH

GDQ\FK±ZF]\WXMHP\W\ONRPDFLHU]$QDWRPLDVWWZRU]\P\PDFLHU]%3RQLHZD PDFLHU]%

MHVW MHGQRVWNRZD OLF]ED SUDZ\FK VWURQ UyZQD  P MHVW UyZQD Q ]DWHP QLH SRWU]HEXMHP\

X \ZDü ]PLHQQHM P 2GSRZLHGQLR GR WHJR PRG\ILNXMHP\ Z\ZRáDQLH SURFHGXU\ GJHVY L

Z\SLV\ZDQLHZ\QLNX



3U]\ NRPSLODFML SURJUDPX PXVLP\ SDPL WDü R GRá F]HQLX RGSRZLHGQLFK ELEOLRWHN SDWU]

UR]G]



3URJUDP



REOLF]DQLHPDFLHU]\RGZURWQHM





LPSOLFLWQRQH



LQWHJHUQP[



SDUDPHWHUQP[ 



LQWHJHUQLSLYQP[LQIRL



UHDO DQP[QP[EQP[QP[







FDOOF]\WDMDEQQP[







FDOOGJHVYQQDQP[LSLYEQP[LQIR







LILQIRHTWKHQ





FDOOZ\SLV]EQQP[





HOVH





ZULWH   SUREOHP\ 



HQGLI



HQG









VXEURXWLQHF]\WDMDEQQP[



LPSOLFLWQRQH



LQWHJHUQQP[LM



UHDO DQP[QP[EQP[QP[









RSHQILOH SGDW 



UHDG Q



GRL Q





UHDG DLMM Q



HQGGR



FORVH



GRL Q



GRM Q



ELM 



HQGGR



ELL 



HQGGR



HQG







VXEURXWLQHZ\SLV]EQQP[



LPSOLFLWQRQH



LQWHJHUQQP[LM



UHDO EQP[QP[







RSHQILOH SUHV 



GRL Q





ZULWH ELMM Q



HQGGR







HQG

































3U]\NáDG



2EOLF]HQLDPHWRG +FNHODGODSROLHQyZF\NOLF]Q\FK



$QDOL]XM F RSLV PHWRG\ +FNHOD QS $ *Rá ELHZVNL (OHPHQW\ PHFKDQLNL L FKHPLL

NZDQWRZHM UR]G] RUD] PHWRG\ UR]ZL ]\ZDQLD ]DJDGQLHQLD ZáDVQHJR Z FKHPLL

NZDQWRZHM LELGHP X]XSHáQLHQLH ) VWZLHUG]DP\ H ]QDOH]LHQLH HQHUJLL L SRVWDFL RUELWDOL

PROHNXODUQ\FKGODF\NOLF]QHJRSROLHQXRQDWRPDFKZ JODVSURZDG]DVL GRGLDJRQDOL]DFML

PDFLHU]\SRVWDFL



³

³

³

³

³

³

³

³

³

ã

á

Ã

Ã

Ã

Ã

Ã

Ã

Ã

Ã

Ã

¬

«































a

b

b

b

b

a

b

b

a

b

b

b

a

L

L

O

O

O

L

O

O

O

O

M

M

O

O

O

O

M

L

L

L

L





0DFLHU] WD PD Z\PLDU Q ‘ Q MHM HOHPHQW\ GLDJRQDOQH PDM  ZDUWR ü a

 ]D  HOHPHQW

SR]DGLDJRQDOQ\]LWHJRZLHUV]DLMNROXPQ\MHVWUyZQ\b

JG\DWRP\LLMV VLDGXM ]HVRE 

ZSU]HFLZQ\PZ\SDGNXHOHPHQWWHQMHVWUyZQ\3RQLHZD ZF] VWHF]FHDWRPLW\V VLDGXMH

] DWRPDPL L RUD] L ZL F Z ZL NV]R FL ZLHUV]\ PDFLHU]\ HOHPHQW\ b

 V VLDGXM  ]

GLDJRQDO ]Z\M WNLHPSLHUZV]HJRLRVWDWQLHJRZLHUV]DSRQLHZD DWRPMHVWSRá F]RQ\]Q

W\P:DUWR FLa

Lb

V SDUDPHWUDPLHPSLU\F]Q\PL



: ]DVDG]LH PRJOLE\ P\ SRV]XNDü Z OLWHUDWXU]H ZDUWR FL HOHPHQWyZ a

 L b

 L X \ü Z

REOLF]HQLDFK ZFDOH MHGQDN QLH UR]MD QLáRE\ WR RWU]\PDQHJR VFKHPDWX SR]LRPyZ

HQHUJHW\F]Q\FK



=ZUyüP\ QDWRPLDVW XZDJ  QD IDNW L  HQHUJLD RNUH ORQD MHVW ] GRNáDGQR FL  GR VWDáHM

DGG\W\ZQHM'RGDQLHGRHOHPHQWyZGLDJRQDOQ\FKSRZ\ V]HMPDFLHU]\MDNLHM VWDáHMZDUWR FL

SU]HVXQLH HQHUJLH ZV]\VWNLFK SR]LRPyZ R W  ZDUWR ü 0R HP\ ]DWHP XPyZLü VL  H a



SU]\MPXMHP\]D]HURHQHUJLLNáDG FMDNRZDUWR üWHJRHOHPHQWXPDFLHU]RZHJR=NROHL

PR HP\SU]\M ü HHQHUJLHZ\UD DP\ZMHGQRVWNDFKb

F]\OLb

 :WHG\QDV]DPDFLHU]

PDSRVWDü



³

³

³

³

³

³

³

³

ã

á

Ã

Ã

Ã

Ã

Ã

Ã

Ã

Ã

¬

«













































L

O

O

O

O

O

O

M

M

O

L

L





3DPL WDü W\ONR PXVLP\ H MH OL HQHUJL  RUELWDOX REOLF]\P\ MDNR ( WR SR SRZURFLH GR

RU\JLQDOQ\FKMHGQRVWHNMHVWWRa

(¢b





3R VNRQVWUXRZDQLX RGSRZLHGQLHM PDFLHU]\ PXVLP\ M  ]GLDJRQDOL]RZDü :\NRU]\VWDP\ Z

W\P FHOX SRGSURJUDP GV\HY ] ELEOLRWHNL /DSDFN 1D SRGVWDZLH SRGU F]QLND DOER NRGX

SRGSURJUDPXXVWDODP\MHJRDUJXPHQW\



68%5287,1('6<(9-2%=83/21$/'$::25./:25.,1)2



MRE] ± ]PLHQQD ]QDNRZD FKDUDFWHU RNUH ODM FD ]DGDQLH GOD SRGSURJUDPX JG\ MHVW

UyZQD µ1¶ REOLF]DQH V  W\ONR ZDUWR FL ZáDVQH JG\ MHVW UyZQD µ9¶ ± ZDUWR FL L ZHNWRU\

ZáDVQH

XSOR ± ]PLHQQD ]QDNRZD SRGDM FD F]\ Z WDEOLF\ D ]DSLVDQ\ MHVW JyUQ\ µ8¶ F]\ GROQ\

µ/¶WUyMN WGLDJRQDOL]RZDQHMPDFLHU]\

Q±]PLHQQDFDáNRZLWDRNUH ODM FDZ\PLDUGLDJRQDOL]RZDQHMPDFLHU]\

D ± GZXZ\PLDURZD WDEOLFD SRGZyMQHM GRNáDGQR FL ]DZLHUDM FD GLDJRQDOL]RZDQ  PDFLHU]

MH OLMRE]MHVWUyZQHµ9¶WRSRZ\M FLX]SRGSURJUDPX]DZLHUDZHNWRU\ZáDVQHPDFLHU]\

NROXPQDPL

OGD ± ]PLHQQD FDáNRZLWD SRGDM FD SLHUZV]\ Z\PLDU D WDN MDN ]RVWDá ]DGHNODURZDQ\ Z

VHJPHQFLHZ\ZRáXM F\PSURFHGXU 

Z ± MHGQRZ\PLDURZD WDEOLFD SRGZyMQHM GRNáDGQR FL R GáXJR FL FR QDMPQLHM Q SR

]DNR F]HQLXSUDF\SURFHGXU\]DZLHUDZDUWR FLZáDVQHPDFLHU]\

ZRUN ± MHGQRZ\PLDURZD WDEOLFD SRGZyMQHM GRNáDGQR FL R GáXJR FL OZRUN SU]HVWU]H 

URERF]DGODSRGSURJUDPX

OZRUN±]PLHQQDFDáNRZLWDUyZQDFRQDMPQLHMQ

LQIR ± ]PLHQQD FDáNRZLWD SR Z\M FLX ] SRGSURJUDPX MHVW UyZQD  MH OL GLDJRQDOL]DFMD

SU]HELHJáDSRP\ OQLH



3R]RVWDMH QDP ZREHF WHJR VNRQVWUXRZDü PDFLHU] KDPLOWRQLDQX MDN ZLGDü Z\VWDUF]\ Z

WDEOLF\]DSLVDüW\ONRMHMJyUQ\DOERGROQ\WDNP\]URELP\WUyMN WF]\OLHOHPHQWQDGOXESRG

JáyZQ  SU]HN WQ  ZUD] ] QL  3R ]DZRáDQLX SURFHGXU\ GLDJRQDOL]XM FHM VSUDZG]DP\ F]\

]PLHQQD LQIR MHVW UyZQD  L MH OL WDN WR PR HP\ Z\SLVDü Z\QLN =ZUyü XZDJ  L  Z

SU]\NáDGRZ\PSURJUDPLHRGSRZLHGQLNLHPWDEOLF\DMHVWWDEOLFDKDRGSRZLHGQLNLHPWDEOLF\

ZMHVWWDEOLFDH



2WRSURJUDPSU]\NRPSLODFMLQDOH \GRá F]\üELEOLRWHNLODSDFNLEODV±SDWU]U





REOLF]HQLDPHWRGD+XHFNODGODSROLHQRZF\NOLF]Q\FK







LPSOLFLWQRQH



LQWHJHUPD[FOZRUN



SDUDPHWHUPD[F OZRUN  PD[F



UHDO KPD[FPD[FHPD[FZRUNOZRUN



LQWHJHULQIRLMQ



FKDUDFWHUMRE]XSOR



NRQVWUXNFMDPDFLHU]\KDPLOWRQLDQXGROQ\WURMNDW 









ZULWH   SRGDMOLF]EHDWRPRZZHJOD 



UHDG  Q







GRL Q



GRM Q



KLM 



HQGGR



HQGGR







GRL Q



KLL 



HQGGR



KQ 





Z\ZRODQLHSURFHGXU\GLDJRQDOL]DXMDFHM 







MRE]  9 



XSOR  / 







FDOOGV\HYMRE]XSORQKPD[FHZRUNOZRUNLQIR





VSUDZG]DP\F]\GLDJRQDOL]DFMDVLHSRZLRGOD

LZ\SLVXMHP\Z\QLN









LILQIRQHWKHQ



ZULWH   SUREOHP\ 



HOVH



ZULWH    



ZULWH   HQHUJLHRUELWDOLLZVSROF]\QQLNLNRPELQDFML 



ZULWH    



GRL Q



ZULWH   ( DOSKD VSI EHWD  HL



ZULWH  I KMLM Q



ZULWH    



HQGGR



HQGLI







HQG





'HVNU\SWRU VS Z VSHF\ILNDFML IRUPDWX Z LQVWUXNFML Z\SLVXM FHM HQHUJLH R]QDF]D GDQLH

SRSU]HG]DQLDOLF]E\GRGDWQLHM]QDNLHP



3U]\SRUyZQDQLXUR]ZL ]D RWU]\PDQ\FK]X \FLHPSRZ\ V]HJRSURJUDPX]SRGU F]QLNLHP

QDOH \ XZ]JO GQLü H GRZROQD NRPELQDFMD OLQLRZD IXQNFML RGSRZLDGDM F\FK VWDQRP

]GHJHQHURZDQ\P MHVW WH  SRSUDZQ\P UR]ZL ]DQLHP 6W G ZVSyáF]\QQLNL Z RUELWDODFK GOD

EHQ]HQXPRJ QLHSRNU\ZDüVL ]UR]ZL ]DQLHPGDQ\PZ]RUDPL]F\WRZDQHJR

SRGU F]QLND$*Rá ELHZVNLHJR

















 





3U]\NáDG



%á G]HQLHSU]\SDGNRZHZMHGQ\PZ\PLDU]H



5R]ZD P\ SLMDQHJR RVREQLND UR]SRF]\QDM FHJR UXFK Z]GáX  NUDZ QLND RG ODWDUQL

SRáR HQLH ODWDUQL SU]\MPXMHP\ ]D SRF] WHN XNáDGX ZVSyáU] GQ\FK =H Z]JO GX QD VWDQ

XSRMHQLD DONRKRORZHJR NURN GR SU]RGX L GR W\áX MHVW MHGQDNRZR SUDZGRSRGREQ\ 1DOH \

]QDOH ü UHGQL RGOHJáR üRVREQLNDRGODWDUQLSRZ\NRQDQLXQNURNyZ



'R V\PXODFML SU]\SDGNRZHJR UXFKX Z\NRU]\VWDP\ IXQNFM  UDQ JHQHUXM F  OLF]E\

SVHXGRORVRZHRUR]NáDG]LHUyZQRPLHUQ\PZSU]HG]LDOHSDWU]U:]DOH QR FLRG

ZDUWR FL ]ZUyFRQHM SU]H] W  IXQNFM  ]ZL NV]\P\ NURN GR SU]RGX OXE ]PQLHMV]\P\ NURN

ZVWHF] ]PLHQQ  SU]HFKRZXM F  DNWXDOQ  RGOHJáR ü SLMDND RG ODWDUQL 'áXJR ü NURNX

SU]\MPXMHP\ ]DMHGQRVWN GáXJR FLF]\OL]PLDQDZDUWR FL]PLHQQHMWROXE±:\ERUX

PL G]\ W\PL ZDUWR FLDPL PR HP\ GRNRQDü RGHMPXM F  RG ZDUWR FL IXQNFML UDQ L

EDGDM F ]QDN Z\QLNX ZDUWR FL GRGDWQLH L XMHPQH E G  MHGQDNRZR SUDZGRSRGREQH

&]\QQR FL WH PXVLP\ SRZWyU]\ü QNURN UD]\ JG]LH QNURN WR OLF]ED NURNyZ Z\NRQDQD

SU]H]GHOLNZHQWD-HVWWRWUH üQDMEDUG]LHMZHZQ WU]QHMS WOLZSURJUDPLH



&KF F ]QDOH ü UHGQLH SU]HVXQL FLH RVREQLND SR QNURN NURNDFK V\PXODFM  SRZLQQL P\

SRZWyU]\üLSROLF]\ü UHGQL ]X]\VNDQ\FKZ\QLNyZ&]\QQR FLWHUHDOL]XMHGUXJDS WOD]H

]PLHQQ VWHUXM F L±]ZUyüXZDJ  HX UHGQLDP\ZDUWR üEH]Z]JO GQ SU]HVXQL FLD



3RQLHZD FKFLHOLE\ P\]EDGDü]DOH QR üSU]HVXQL FLDSLMDNDRGOLF]E\Z\NRQDQ\FKNURNyZ

Z\SRVD DP\ SURJUDP Z QDMEDUG]LHM ]HZQ WU]Q  S WO  ]PLHQLDM F  ZDUWR ü QNURN Z

]DGDQ\FK JUDQLFDFK 3R]RVWDMH ZF]\WDü GDQH ]DLQLFMRZDü JHQHUDWRU OLF]E SDWU]  L

Z\SLVDüZ\QLNL



3URJUDPSU]\NRPSLODFMLQDOH \SDPL WDüRGRá F]HQLXIXQNFMLUDQ±SDWU]





EODG]HQLHSU]\SDGNRZHZZ\PLDU]H





LPSOLFLWQRQH



UHDO[UDQ



LQWHJHUQSQNQNQVQNURNLVHHGLMLSVXPD





ZULWH   SRGDM]DNUHVNURNRZZSRF]ZNRQFSU]\URVW 

UHDG  QNQNQV

ZULWH   SRGDMOLF]EHSRZWRU]HQ 

UHDG  QS

ZULWH   SRGDMLVHHG 

UHDG  LVHHG





LQLFMDOL]DFMDJHQHUDWRUDOLF]ESVHRXGRORVRZ\FK







LILVHHGJWLVHHG LVHHG

[ UDQLVHHG





RSHQILOH SLMDNGDW 



GRQNURN QNQNQV

ZULWH   QNURN  QNURN

VXPD 

GRL QS

LS 

GRM QNURN

[ UDQLVHHG

LI[OWWKHQ

LS LS

HOVH

LS LS

HQGLI

HQGGR

VXPD VXPDDEVLS

HQGGR

ZULWH QNURNVXPDUHDOQS

ZULWH  QNURNVXPDUHDOQS

HQGGR







FORVH





HQG





=REDF]P\ QD SU]\NáDGRZH Z\QLNL RWU]\PDQH GOD  L  SRZWyU]H  SU]\ OLF]ELH

NURNyZ]PLHQLDM FHMVL RGGR





:LGDü H SU]\ ]ZL NV]HQLX LOR FL SRZWyU]H  VWDW\VW\F]QH IOXNWXDFMH PDOHM  .V]WDáW

NU]\Z\FK FR  QDP MX  PR H VXJHURZDü DE\ VL  XSHZQLü QDU\VXMP\ Z\NUHV NZDGUDWX

UHGQLHJRSU]HVXQL FLDMDNRIXQNFM OLF]E\NURNyZ







/LQLHSURVWHWROLQLHQDMOHSV]HJRGRSDVRZDQLDGRSXQNWyZ



:\UD QLHZLGDü H UHGQLHSU]HVXQL FLHMHVWSURSRUFMRQDOQHGRSLHUZLDVWNDNZDGUDWRZHJR]

OLF]E\Z\NRQDQ\FKNURNyZ



SU]HVXQL FLHa QNURN 















3U]\NáDG



6\PXODFMDUR]G]LDáXQDNROXPQLHFKURPDWRJUDILF]QHM



6\PXODFM SU]HSURZDG]LP\ZVSRVyEQDVW SXM F\=Dáy P\ HSURFHVSU]HPLHV]F]DQLDVL 

VXEVWDQFMLZ]GáX NROXPQ\PR HP\SRWUDNWRZDüMDNRVHUL QDVW SXM F\FKSRVRELHDNWyZZ

NWyU\FKVXEVWDQFMD]SHZQ\PSUDZGRSRGRELH VWZHPDOERSU]HPLHV]F]DVL Z]GáX NROXPQ\

RMHGQRVWNRZ RGOHJáR üDOERSR]RVWDMHZPLHMVFX



: SURJUDPLH E G]LHP\ EDGDü ]DFKRZDQLH VL   VXEVWDQFML D E L F Uy QL F\FK VL 

SUDZGRSRGRELH VWZHP SU]HPLHV]F]HQLD VL  Z]GáX  NROXPQ\ : WU]HFK MHGQRZ\PLDURZ\FK

WDEOLFDFKDEFE G]LHP\SU]HFKRZ\ZDüDNWXDOQHSRáR HQLDF] VWHN8VWDOHQLHF]\F] VWND

SU]HPLH FL VL  R MHGQRVWNRZ  RGOHJáR üVSURZDG]DVL GRZ\ORVRZDQLDOLF]E\]SU]HG]LDáX

IXQNFMDUDQ±SDWU]UR]G]LSRUyZQDQLDMHM]]DGDQ\PSUDZGRSRGRELH VWZHP

SU]HPLHV]F]HQLD F] VWNL 3R GRNRQDQLX XVWDORQHM OLF]E\ ORVRZD  GOD ZV]\VWNLFK F] VWHN

]OLF]DP\F] VWNL]DMPXM FHRNUH ORQHSRáR HQLD:\QLNLWHJR]OLF]DQLDSU]HFKRZ\ZDQHV Z

WDEOLFDFKQDQEQFPR OLZHMHVWWH  HVSUDZG]DQDF] VWNDRSX FLáDMX NROXPQ ZWHG\

QLH]ZL NV]DP\ DGQHJRHOHPHQWXWDEOLF\



3U]\GHNODURZDQLXWDEOLFX \MHP\SDUDPHWUyZQPD[SRGDM FHJRPDNV\PDOQ OLF]E F] VWHN

ND GHMVXEVWDQFMLRUD]GOXJRVFRNUH ODM FHJRGáXJR üNROXPQ\



:\QLNLHPG]LDáDQLDSURJUDPXE G]LHSOLN]DZLHUDM F\ZNROHMQ\FKNROXPQDFKSRáR HQLHZ

NROXPQLHLOLF]E F] VWHNND GHJRURG]DMX]QDMGXM F\FKVL QDW\PRGFLQNXNROXPQ\



3URJUDPSU]\NRPSLODFMLQDOH \GRá F]\üUDQI±S



V\PXODFMDUR]G]LDOXQDNROXPQLHFKURPDWRJUDILF]QHM



LPSOLFLWQRQH



LQWHJHUQPD[GOXJRVF

SDUDPHWHUQPD[ GOXJRVF 

LQWHJHUDQPD[EQPD[FQPD[

LQWHJHUQDGOXJRVFQEGOXJRVFQFGOXJRVF

LQWHJHULMQQF]LVHHG

UHDOUDQ[SDSESF





ZULWH   SRGDMSUDZGRSRGRELHQVWZDSDSESF 

UHDG  SDSESF

ZULWH   SRGDMOLF]EHF]DVWHN 

UHDG  QF]

LIQF]JWQPD[WKHQ

ZULWH   ]DGX]R 

VWRS

HQGLI

ZULWH   SRGDMOLF]EHNURNRZ 

UHDG  Q

ZULWH   SRGDMLVHHG 

UHDG  LVHHG

[ UDQLVHHG



VWDUWRZHSROR]HQLDF]DVWHN



GRL QF]

DL 

EL 

FL 

HQGGR



WUDQVSRUWF]DVWHNZ]GOX]NROXPQ\



GRL Q

GRM QF]

[ UDQLVHHG

LI[OHSDDM DM

[ UDQLVHHG

LI[OHSEEM EM

[ UDQLVHHG

LI[OHSFFM FM

HQGGR

HQGGR



]OLF]HQLHF]DVWHN]DMPXMDF\FKRNUHVORQHSROR]HQLH



GRL GOXJRVF

QDL 

QEL 

QFL 

HQGGR



GRL QF]

LIDLOHGOXJRVFQDDL QDDL

LIELOHGOXJRVFQEEL QEEL

LIFLOHGOXJRVFQFFL QFFL

HQGGR





RSHQILOH NROXPQDGDW 

GRL GOXJRVF

ZULWH LQDLUHDOQF]QELUHDOQF]QFLUHDOQF]

HQGGR



FORVH



HQG







3RQL HM SU]HGVWDZLRQR Z\QLNL V\PXODFML GOD  F] VWHN VXEVWDQFML R QDVW SXM F\FK

SUDZGRSRGRELH VWZDFKSU]HPLHV]F]HQLDS  QLHELHVNDS

 F]HUZRQ\S



 

]LHORQ\SRLNURNDFK







1DMV]\EFLHM SU]HPLHV]F]D VL  VXEVWDQFMD R QDMZL NV]\P S :LGDü UR]G]LDá VXEVWDQFML L

UR]P\ZDQLHVL SDVPZWUDNFLHSURFHVX