'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



5R]G]LDä

=QDF]HQLHGLDJUDPÑZNRPXQLNDFML

'LDJUDP\LQWHUDNFMLHZROXRZDá\ZUD]]UR]ZRMHPM ]\ND80/:ZHUVMDFK80/[

LVWQLDá\W\ONRGZDURG]DMHGLDJUDPyZLQWHUDNFML

t

GLDJUDP\VHNZHQFML

t

GLDJUDP\ZVSyáG]LDáDQLDNRRSHUDFML

:ZHUVMLVWDQGDUGX80/VWDW\F]Q\DVSHNWZVSyáG]LDáDQLDLQVWDQFMLNODV\ILNDWR

UyZUR]EXGRZDQRWZRU] FQRZ\URG]DMGLDJUDPX²GLDJUDPVWUXNWXUSRá F]RQ\FK

:]ZL ]NX]W\PGOD]DDNFHQWRZDQLDDVSHNWXNRPXQLNRZDQLDVL LQVWDQFMLNODV\IL

NDWRUyZ]UHRUJDQL]RZDQRDUFKLWHNWXU M ]\ND80/SRSU]H]]PLDQ QD]Z\ÄGLDJUDP\

ZVSyáG]LDáDQLD´QDÄGLDJUDP\NRPXQLNDFML´3RSRSU]HGQLNX]DFKRZDá\RQHVHPDQ

W\N RUD]QRWDFM NDWHJRULLSRM FLRZ\FK

'LDJUDP\NRPXQLNDFMLV VWRVRZDQHGRRNUH ODQLDSU]HSá\ZyZ]GDU]H Z\V]F]HJyO

QLRQ\FK Z VFHQDULXV]DFK DGHNZDWQHJR SU]\SDGNX X \FLD RUD] ]DOH Q\FK ZHZQ WU]

Q\FKLQWHUDNFMDFKV\VWHPX

'LDJUDP NRPXQLNDFML MHVW URG]DMHP GLDJUDPX LQWHUDNFML VSHF\ILNXMñF\P VWUXNWX

UDOQH ]ZLñ]NL SRPLöG]\ LQVWDQFMDPL NODV\ILNDWRUÑZ ELRUñF\PL XG]LDä Z LQWHUDNFML

RUD]Z\PLDQöNRPXQLNDWÑZSRPLöG]\W\PLLQVWDQFMDPL

$]DWHPGLDJUDPNRPXQLNDFML]DZLHUDGZD FL OHSRZL ]DQH]HVRE VNáDGQLNL

t

VWUXNWXUDOQ RUJDQL]DFM NODV\ILNDWRUyZZ\UD RQ DVRFMDFMDPL

t

LQWHUDNFM PL G]\LFKLQVWDQFMDPLUHDOL]RZDQ ]DSR UHGQLFWZHP

NRPXQLNDWyZ²ZXM FLXJUDILF]Q\PSU]\SRU] GNRZDQ\FKGRDVRFMDFML

á F] F\FKNODV\ILNDWRU\



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF

'LDJUDP\NRPXQLNDFMLV L]RPRUILF]QHZVWRVXQNXGRGLDJUDPyZVHNZHQFMLFR]SUDN

W\F]QHJRSXQNWXZLG]HQLDR]QDF]DPR OLZR üSU]HNV]WDáFHQLDMHGQHJRURG]DMXGLDJUD

PXZGUXJLEH]XWUDW\LQIRUPDFMLVWDQRZL F\FKRLVWRFLHLQWHUDNFML)XQNFMDWUDQVIRU

PDFMLGLDJUDPyZVHNZHQFMLZGLDJUDPNRPXQLNDFMLLQDRGZUyWMHVWDXWRPDW\F]QLH

UHDOL]RZDQDSU]H]QLHNWyUHQDU] G]LD&$6('LDJUDP\NRPXQLNDFMLPRJ E\üUyZ

QLH Z\NRU]\VW\ZDQHZLWHUDF\MQ\PXV]F]HJyáDZLDQLXDGHNZDWQ\FKGLDJUDPyZNODV

RELHNWyZLSR]RVWDá\FKGLDJUDPyZLQWHUDNFML

3RGVWDZRZHNDWHJRULHSRMöFLRZH

RUD]QRWDFMDJUDILF]QD

3RGVWDZRZ\PLHOHPHQWDPLGLDJUDPyZNRPXQLNDFMLV 

t

NODV\ILNDWRU

t

DVRFMDFMD

t

NRPXQLNDW

3RM FLDNODV\ILNDWRUDRUD]NRPXQLNDWXZ\MD QLRQRV]F]HJyáRZRZUR]G]LDOHQDWR

PLDVWSRM FLHDVRFMDFMLZUR]G]LDOH3RM FLRZ\L]RPRUIL]PGLDJUDPyZNRPXQLNDFML

RUD]GLDJUDPyZVHNZHQFMLZ\UD DVL SRGRELH VWZHPZ\VW SXM F\FKZQLPNDWHJRULL

SRM FLRZ\FK1DGLDJUDPDFKNRPXQLNDFMLPR QD]DSUH]HQWRZDüZL NV]R üHOHPHQWyZ

FKDUDNWHU\VW\F]Q\FKGODGLDJUDPyZVHNZHQFMLWDEHOD

7DEHOD.DWHJRULHSRM FLRZHGLDJUDPyZNRPXQLNDFMLLVHNZHQFML

.DWHJRULDSRMöè

3RMöFLHZ\VWöSXMñFH

QDGLDJUDPDFKRE\GZX

URG]DMÑZ

3RMöFLHZ\VWöSXMñFH

W\ONRQDGLDJUDPDFK

VHNZHQFML

3RMöFLHZ\VWöSXMñFH

W\ONRQDGLDJUDPDFK

NRPXQLNDFML

3RGVWDZRZH

.ODV\ILNDWRU
.RPXQLNDW

/LQLD \FLD
2 URGHNVWHURZDQLD

$VRFMDFMD

=DDZDQVRZDQH

.RPXQLNDWV\QFKURQLF]Q\
.RPXQLNDWDV\QFKURQLF]Q\
.RPXQLNDW]ZURWQ\
.RPXQLNDWRSFMRQDOQ\
.RPXQLNDWRF]HNXM F\
7ZRU]HQLHRELHNWyZ
1LV]F]HQLHRELHNWyZ
:DUXQHN
6DPRZ\ZRá\ZDQLH
,WHUDFMD
=DJQLH G HQLH

.RPXQLNDW]QDOH]LRQ\
.RPXQLNDWXWUDFRQ\
5R]JDá ]LHQLH
)UDJPHQW\

Z\RGU EQLRQH

LRSHUDWRU\LQWHUDNFML
%UDPD
3U]\ZRá\ZDQH

Z\VW SLHQLDLQWHUDNFML

2ELHNWZLHORNURWQ\

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



8VWDQRZLHQLHMDNLHMNROZLHNNRPXQLNDFMLSRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZZ\

PDJDXSU]HGQLHMVSHF\ILNDFML]ZL ]NyZPL G]\QLPL3RLGHQW\ILNDFMLNODV\ILNDWRUyZ

QDVW SXMHLFKSRZL ]DQLHDVRFMDFMDPL1DVW SQLHGRGLDJUDPXZSURZDG]DQHV V\P

EROHNRPXQLNDWyZXPLHV]F]DQHUyZQROHJOHGROLQLLDVRFMDFMLU\VXQHNOXEZH

GáXJNRQZHQFML]DVWRVRZDQHMQDU\VXQNX*URWV\PEROXNRPXQLNDWXZVND]XMH

NLHUXQHNSU]HSá\ZXNRPXQLNDWX

5\VXQHN

.RPXQLNDW\

ZGLDJUDPDFK

NRPXQLNDFML

1XPHURZDQLHNRPXQLNDWÑZ

1DGLDJUDPDFKNRPXQLNDFMLNROHMQR üZ\V\áDQLDNRPXQLNDWyZQLHZ\QLND]LFKQD

WXUDOQHJRXSRU] GNRZDQLDQDRVLF]DVXWDNMDNQDGLDJUDPDFKVHNZHQFML.RQLHF]QH

MHVW]DWHPZSURZDG]HQLHQXPHUDFMLSRU] GNRZHM:\Uy QLüPR QDQDVW SXM FHUR

G]DMHQXPHUDFML

t

QXPHUDFM SURVW ZSRVWDFLNROHMQ\FKOLF]EQDWXUDOQ\FKU\VXQHN

5\VXQHN

3URVWHQXPHURZDQLH

NRPXQLNDWyZ

FG5H]HUZDFMD+RWHORZD













,5H]HUZDFMD

%D]D'DQ\FK

5HFHSFMRQLVWD

RWZyU]5H]HUZDFM

VSUDZG 'RVW SQR ü3RNRL

ZSURZDG 'DQH

GRNRQDM5H]HUZDFML

SRWZLHUG 5H]HUZDFM

]DPNQLM

t

QXPHUDFM NZDOLILNRZDQ ²V\VWHPNODV\ILNDFMLG]LHVL WQHM'HZH\D

5\VXQHNRSLVXMHNRPXQLNDFM RELHNWyZSRGF]DVGRNRQ\ZDQLDUH]HUZDFMLKRWHOR

ZHM1XPHUDFMDZVND]XMH HSLHUZV]\NRPXQLNDWRWZyU]5H]HUZDFM SU]HV\áDQ\MHVW

SRPL G]\RELHNWDPL5HFHSFMRQLVWDRUD],5H]HUZDFMD1DVW SQLH,5H]HUZDFMDNRPX

QLNXMHVL ]RELHNWHP%D]D'DQ\FKSU]HV\áDM FNRPXQLNDWVSUDZG 'RVW SQR ü3RNRL



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF

:GDOV]HMNROHMQR FLSU]HV\áDQHV NRPXQLNDW\VSUDZG 'DQHGRNRQDM5H]HUZDFML

SRWZLHUG 5H]HUZDFM RUD]]DPNQLMVHNZHQF\MQLHZHGáXJNROHMQ\FKQXPHUyZSU]\SL

VDQ\FKGRW\FKNRPXQLNDWyZ

=DVDG\ZSURZDG]DQLDNRPXQLNDWÑZGRGLDJUDPX

3RGF]DVZSURZDG]DQLDNRPXQLNDWyZGRGLDJUDPyZNRPXQLNDFMLQDOH \NLHURZDüVL

QDVW SXM F\PL]DVDGDPL





.D G\NRPXQLNDWXPLHV]F]DQ\QDGLDJUDPLHNRPXQLNDFMLPXVLPLHüQXPHU

SRU] GNRZ\RUD]QD]Z ZVND]XM F QDRSHUDFM NODV\ILNDWRUDRGELRUF\1XPHU

SRU] GNRZ\LQD]ZDV RGG]LHORQHGZXNURSNLHP1XPHUNRPXQLNDWXPR H

E\üUR]V]HU]DQ\RPDáHOLWHU\DOIDEHWXáDFL VNLHJRZSU]\SDGNXZVSyáELH QR FL





2EOLJDWRU\MQ\PLFHFKDPLNRPXQLNDWyZQDGLDJUDPLHNRPXQLNDFMLMHVW

ZVND]DQLHURG]DMXNRPXQLNDWXRUD]NLHUXQNXMHJRSU]HSá\ZX-H HOLSRPL G]\

LQVWDQFMDPLNODV\ILNDWRUyZSU]HV\áDQDMHVWZL NV]DOLF]EDNRPXQLNDWyZND G\

]QLFKPXVLE\üRSLVDQ\SU]H]V\PERONRPXQLNDWXDWDN HSU]\SLVDQ\PX

QXPHUSRU] GNRZ\LQD]Z 





:V\WXDFMLJG\GLDJUDPNRPXQLNDFMLMHVWSU]HáDGRZDQ\R]QDF]HQLDPL

NRPXQLNDWyZLSU]H]WRPDáRF]\WHOQ\PR QDGRNRQDü]DJUHJRZDQHJRRSLVX

GLDJUDPXSRSU]H]JUXSRZDQLHRSHUDFML]XZ]JO GQLHQLHPURG]DMXNRPXQLNDWX

LNLHUXQNXSU]HSá\ZX1DGWDNLPV\PEROHPDJUHJDWHP]DSLVXMHVL QXPHU\

LQD]Z\RGSRZLHGQLFKNRPXQLNDWyZ-HVWWRF]\VWRWHFKQLF]Q\SRU] GNXM F\

]DELHJQLH]PLHQLDM F\WUH FLPHU\WRU\F]QHMGLDJUDPXRSLVDQHJRZSXQNFLH

GUXJLP

1DU\VXQNX]JRGQLH]Z\ HMZ\PLHQLRQ\PL]DVDGDPLGRNRQDQRDJUHJDFMLNR

PXQLNDWyZWHJRVDPHJRURG]DMXSU]HV\áDQ\FKZW\PVDP\PNLHUXQNX

5\VXQHN=DVDG\XPLHV]F]DQLDNRPXQLNDWyZ

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



=DDZDQVRZDQHVNäDGQLNLGLDJUDPX

'LDJUDP\NRPXQLNDFMLVWZDU]DM PR OLZR üZ]ERJDFHQLDLFK]DZDUWR FLPHU\WRU\F]QHM

SRSU]H]Zá F]HQLHNRQFHSFML]DDZDQVRZDQ\FK1DOH GRQLFK

t

L]RPRUIL]PGLDJUDPyZVHNZHQFMLLNRPXQLNDFML

t

]DJQLH G HQLH

t

SRSU]HGQLN

t

ZVSyáELH QR ü

t

RELHNW\ZLHORNURWQH

t

NODV\DNW\ZQH

t

LQQHNDWHJRULH]DDZDQVRZDQHWDNLHMDNZDUXQNLWZRU]HQLHRELHNWyZQLV]F]HQLH

RELHNWyZVDPRZ\ZRá\ZDQLHF]\WH LWHUDFMH

,]RPRUIL]P

-DNZVSRPQLDQRGLDJUDP\VHNZHQFMLRUD]GLDJUDP\NRPXQLNDFMLPR QDX]QDü]DL]R

PRUILF]QHW]QMHGQR]QDF]QLHZ]DMHPQLHSU]HNV]WDáFDOQH3U]\NáDG\L]RPRUILF]Q\FK

]DVW SRZDOQ\FKGLDJUDPyZVHNZHQFMLLNRPXQLNDFMLSU]HGVWDZLRQRQDU\VXQNX

'RW\F]\RQSU]HSURZDG]HQLDVWXGLXPZ\NRQDOQR FLSU]HGVL Z]L FLDZILUPLH-HGQ\P

]MHJRHOHPHQWyZMHVWSUyEDNZDQW\ILNRZDQLDSU]\V]á\FKQDNáDGyZRUD]]\VNyZ8]\

VNDQLHW\FKGDQ\FKSR]ZDODNLHURZQLNRZLSURMHNWXQDZ\OLF]HQLHW]ZZHZQ WU]QHM

VWRS\]ZURWXLQLFMRZDQHJRSU]HGVL Z]L FLD:W\PFHOX.LHURZQLN3URMHNWXZ\NRU]\

VWXMHDQDOLW\F]Q\RELHNWJUDQLF]Q\6WRSD=ZURWX,QZHVW\FMLSU]HV\áDM FGRQLHJRNRPX

QLNDWZ\OLF]:VND QLN]SDUDPHWUHPLG3URMHNWX$QDOLW\F]Q\RELHNWVWHUXM F\2EOLF]DQLH

,55SRRGHEUDQLXRGLQWHUIHMVXNRPXQLNDWXZ\OLF],55Z\V\áDNRPXQLNDWSRELHU]'DQH

GR .RV]WRU\VX :\VáDQ\ NRPXQLNDW SRZRGXMH SU]HND]DQLH ² MDNR ZDUWR FL ]ZURW

Q\FK²DWU\EXWyZQLH]E GQ\FKGR]DVWRVRZDQLDIRUPXá\REOLF]:VND QLNZ\OLF]DM 

FHMZHZQ WU]Q VWRS ]ZURWXLQZHVW\FML.RPXQLNDW]ZURWQ\Z\ZRáXM F\RSHUDFM

Z\ ZLHWODQDOLW\F]QHJRRELHNWXJUDQLF]QHJR6WRSD=ZURWX,QZHVW\FMLSRZRGXMHZ\ ZLH

WOHQLHZVND QLND,55

=DJQLH G HQLH

'LDJUDP\NRPXQLNDFMLWRV]F]HJyOQLHX \WHF]QDWHFKQLNDREUD]RZDQLD]DJQLH G H

DQJQHVWLQJNRPXQLNDWyZZPRGHORZDQ\PV\VWHPLH'RNRQXMHVL WHJR]Z\NRU]\

VWDQLHPQRWDFML'HZH\DZQXPHURZDQLXNRPXQLNDWyZ,WDN

=DJQLH G HQLHRNUH ODORJLF]QLHSRZLñ]DQ\FLñJNRPXQLNDWÑZZ\ZRäXMñF\FKVLöZ]D

MHPQLHZXVWDORQHMNROHMQR FL



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF

5\VXQHN,]RPRUIL]PGLDJUDPyZVHNZHQFMLLNRPXQLNDFML

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



.ROHMQR üZ\ZRá\ZDQLDNRPXQLNDWyZZ]DJQLH G HQLXRNUH ORQDMHVWNROHMQ\PLOLF]

EDPLQDWXUDOQ\PLLSR]\FMDPLG]LHVL WQ\PLWDNMDNZV\VWHPLHNODV\ILNDFMLG]LHVL WQHM

'HZH\D:SUDNW\FHSURJUDPRZDQLD]DJQLH G HQLHMHVWUyZQR]QDF]QH]SRM FLHPZ W

NXDQJWKUHDG

:ñWHNWRSRMHG\QF]D FLH NDSU]HSä\ZXVWHURZDQLDZ\NRQ\ZDQDSU]H]SURJUDP

*á ERNR ü]DJQLH G HQLDQLHSRGOHJDRJUDQLF]HQLRP:SU]\SDGNXWUDQVIRUPDFMLGLD

JUDPXNRPXQLNDFMLZGLDJUDPVHNZHQFMLNROHMQH]DJQLH G HQLDREUD]RZDQHV QDGLD

JUDPLHGRFHORZ\PSRSU]H]ZSURZDG]HQLHGRGDWNRZ\FKR URGNyZVWHURZDQLDQDOL

QLDFK \FLDRGSRZLHGQLFKLQVWDQFMLNODV\ILNDWRUyZ-H HOLQDGDQHMOLQLL \FLD]QDMGXMH

VL MX R URGHNR URGNLVWHURZDQLDIDNWZ\VW SLHQLD]DJQLH G HQLDPR QD]DDNFHQWR

ZDüSRSU]H]SU]HVXQL FLHGRGDWNRZHJRR URGNDVWHURZDQLDZSUDZR1RWDFMD'HZH\D

ZQRVLGRGLDJUDPXGRGDWNRZ ZDUWR üVHPDQW\F]Q LZ]ERJDFDGRNXPHQWDFM SURJUD

PLVW\F]Q GDQHMDSOLNDFML

7DEHODZVND]XMH]DJQLH G HQLDZ\UD RQHZV\VWHPLHNODV\ILNDFMLG]LHVL WQHM-DN

Z\QLND]WDEHOLZSURZDG]DQLHGRGLDJUDPXNROHMQ\FK]DJQLH G H MHVW]DOH QHRG

ORJLNLSU]HGVWDZLDQHMLQWHUDNFML:F]ZDUW\PEORNXWDEHOL]D]QDF]RQRQDGLDJUDPLH

SRV]F]HJyOQHZ WNLVWDQRZL FHVHNZHQFMH]DJQLH G RQ\FKNRPXQLNDWyZ7DNZL FNR

OHMQR üZ]DMHPQHJRSU]\ZRá\ZDQLDNRPXQLNDWyZZZ WNDFKWHJRGLDJUDPXMHVWQD

VW SXM FD

D 





E 



F 



=NROHLZGUXJLP]GLDJUDPyZVHNZHQFML]DPLHV]F]RQ\FKZWDEHOLZ\RGU EQLüPR 

QDGZDZ WNL

D 







E 





=DVDG GRNXPHQWRZDQLD]DJQLH G H QDGLDJUDPDFKNRPXQLNDFMLSU]\]DVWRVRZDQLX

QRWDFML'HZH\DLOXVWUXMHU\VXQHN1DZL ]XMHRQGRU\VXQNX,WDNLQLFMRZDQ\

SU]H]5HFHSFMRQLVW NRPXQLNDWRWZyU]5H]HUZDFM SRZRGXMHZ\ZRáDQLHNRPXQL

NDWX]DJQLH G RQHJRVSUDZG 'RVW SQR ü3RNRL$QDORJLF]QLHRSHUDFMDZ\ZRá\

ZDQDSU]H]NRPXQLNDWZSURZDG 'DQHLQLFMXMHZNRQVHNZHQFMLRSHUDFM GRNRQDM

5H]HUZDFMLQDWRPLDVWWDZ\ZRáXMHRSHUDFM SRWZLHUG 5H]HUZDFM 



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF

7DEHOD=DJQLH G HQLD

'LDJUDPNRPXQLNDFML

'LDJUDPVHNZHQFML

FG5H]HUZDFMD+RWHORZD













,5H]HUZDFMD

%D]D'DQ\FK

5HFHSFMRQLVWD

RWZyU]5H]HUZDFM

VSUDZG 'RVW SQR ü3RNRL

ZSURZDG 'DQH

GRNRQDM5H]HUZDFML

SRWZLHUG 5H]HUZDFM

]DPNQLM

5\VXQHN=DJQLH G HQLHNRPXQLNDWyZZQRWDFML'HZH\D

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



3RSU]HGQLN

:RSLVLHNRPXQLNDWyZLVWQLHMHPR OLZR üXZ]JO GQLHQLDLFKSRSU]HGQLNyZ,QWHUSUH

WDFMDQRWDFMLSURVWHMRUD]V\VWHPXNODV\ILNDFMLG]LHVL WQHMGRP\ OQLHZ\]QDF]DNROHM

QR üZ\V\áDQ\FKNRPXQLNDWyZ:GUXJLHM]W\FKQRWDFMLQXPHUNRPXQLNDWXZ\ZR

áXM FHJR]QDMGXMHVL RMHGQ SR]\FM G]LHVL WQ Z\ HMZKLHUDUFKLLZVWRVXQNXGR

NRPXQLNDWXZ\ZRá\ZDQHJR:]ZL ]NX]W\PQDRJyáQLHMHVWZ\PDJDQHGRGDWNRZH

]D]QDF]DQLHSRSU]HGQLNyZQDGLDJUDPLHNRPXQLNDFML-HGQDNZRNUH ORQ\FKV\WXDFMDFK

QDOH \MHGQR]QDF]QLHZVND]DüNRPXQLNDWOXENRPXQLNDW\NWyUHPXV] SRSU]HG]DüNR

PXQLNDWELH F\'RNRQXMHVL WHJRSRSU]H]UR]V]HU]HQLHVNáDGQLNRPXQLNDWXRQXPHU\

NRPXQLNDWyZSRSU]HG]DM F\FK1XPHU\SRSU]HGQLNyZZQD]ZLHNRPXQLNDWXV ZyZ

F]DVRGG]LHORQHV\PEROHPXNR QLND

UHDOL]XM7UDQVDNFM 2Q/LQH

3HáQ VSHF\ILNDFM VNáDGQLNRPXQLNDWX]DPLHV]F]RQRZUR]G]LDOH

:VSÑäELH QR è

2SLVNRPXQLNRZDQLDVL LQVWDQFMLNODV\ILNDWRUyZZV\VWHPLHQDRJyáUHDOL]XMHVL VH

NZHQF\MQLHZSRVWDFLNROHMQRQDVW SXM F\FKSRVRELHNRPXQLNDWyZ-HGQDNLQWHUDN

FMHV\VWHPyZREHMPXM V\WXDFMHZNWyU\FKLQVWDQFMHNODV\ILNDWRUyZPRJ Z\NRQ\

ZDüMHGQRF]H QLHZLHOHZ WNyZLRSHUDFML6\WXDFMHWHZL VL ]FHFK ZVSyáELH QR FL

DQJFRQFXUUHQF\

:VSÑäELH QR èWRZ\VWñSLHQLHGZÑFKOXEZLöFHMF]\QQR FLZW\PVDP\PF]DVLHFR

SR]ZDODQDSU]HSODWDQLHOXEUÑZQRF]HVQHZ\NRQ\ZDQLHZñWNÑZ

&HFK ZVSyáELH QR FLQDGLDJUDPDFKNRPXQLNDFML]LOXVWURZDQRQDU\VXQNX:FHOX

MHGQR]QDF]QHJR]D]QDF]HQLDSRU] GNXZ\NRQ\ZDQLDRSHUDFMLSU]H]NLONDLQVWDQFMLNOD

V\ILNDWRUyZIXQNFMRQXM F\FKZVSyáELH QLHPR QDZVSRVyEMDZQ\RNUH OLüZVNáDGQL

NRPXQLNDWXSRSU]HGQLNDSRSU]HGQLNyZWHJRNRPXQLNDWX

$GPLQLVWUDWRU]\NRPSOHNVyZELXURZ\FKZ\NRU]\VWXM V\VWHPQDG]RUXSRPLHV]F]H 

NWyU\PRQLWRUXMHZ\VW SLHQLDQLHSR GDQ\FK]GDU]H ]DJUD DM F\FKEH]SLHF]H VWZX

SUDFRZQLNyZ(OHPHQWHPVWHUXM F\PV\VWHPHPMHVWFHQWUDODDODUPRZDF]\OLXU] G]H

QLHRSURJUDPRZDQH'RFHQWUDOLSRGá F]RQHV QDVW SXM FHF]XMQLNL

t

&]XMQLN'\PX

t

&]XMQLN2WZDUFLD

t

&]XMQLN5XFKX

t

&]XMQLN7HPSHUDWXU\



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF

FG6\VWHP1DG]RUX3RPLHV]F]H





















&]XMQLN'\PX

&]XMQLN2WZDUFLD

0RGHO5HDNFML

6HNFMD

&]XMQLN5XFKX

&]XMQLN7HPSHUDWXU\

SRELHU]:]RU]HF

FRGF]\WDM6\JQDá

DRGF]\WDM6\JQDá

GRGF]\WDM6\JQDá

ERGF]\WDM6\JQDá

DEFGSRUyZQDM=0RGHOHP

5\VXQHN:VSyáELH QR üRUD]SRSU]HGQLF\

6\VWHPQDG]RUXSU]HFKRZXMHZNODVLH0RGHO5HDNFMLRSHUDFMHNWyUHV Z\NRQ\ZD

QHZSU]\SDGNXRGHEUDQLDSU]H]MDNLNROZLHNF]XMQLNV\JQDáXDODUPRZHJR:FHOX

]DFKRZDQLDLQWHJUDOQR FLPRQLWRURZDQHJRREV]DUX0RGHO5HDNFMLSRELHUDSDUDPHWU\

NRPSOHNVXELXURZHJRSRSU]H]XUXFKRPLHQLHRSHUDFMLSRELHU]:]RU]HFLQVWDQFMLNODV\

ILNDWRUD 6HNFMD 1DVW SQLH LQVWDQFMD NODV\ILNDWRUD0RGHO5HDNFML Z\V\áD NRPXQLNDW\

RGF]\WDM6\JQDáMHGQRF]H QLHGRZV]\VWNLFKURG]DMyZF]XMQLNyZ3RRGHEUDQLXV\JQDáX

]F]XMQLNyZ0RGHO5HDNFMLSRUyZQXMHJR]HZ]RUFHP6\VWHPQDG]RUX]RVWDáWDN]D

SURMHNWRZDQ\DE\Z\NRQDQLHRSHUDFMLSRUyZQDM=0RGHOHPE\áRPR OLZHGRSLHURSR

Z\NRQDQLXUyZQROHJá\FKRSHUDFMLRGF]\WDQLD6\JQDáXSU]H]ZV]\VWNLHF]XMQLNL=NROHL

RGF]\WDQLH6\JQDáXMHVWZ\NRQ\ZDQHGRSLHURSRSREUDQLX:]RUFDVHNFMLNRPSOHNVX

ELXURZHJR

2ELHNW\ZLHORNURWQH

3RMHG\QF]DLQVWDQFMDNODV\ILNDWRUDPR HSU]HV\áDüNRPXQLNDWGRZV]\VWNLFKLQVWDQFML

GDQHMNODV\:W\PFHOXPR HRGZRá\ZDüVL GRNRQNUHWQ\FKHJ]HPSODU]\RELHNWyZ

:L ]DáRE\VL WRMHGQDN]NRQLHF]QR FL ]DSUH]HQWRZDQLDND GHJR]W\FKRGZRáD QD

RVREQ\PGLDJUDPLH%DUG]LHMHIHNW\ZQ\PVSRVREHPMHVWZSURZDG]HQLHW]ZRELHNWyZ

ZLHORNURWQ\FKDQJPXOWLSOHREMHFWVE G F\FKV\PEROLF]Q UHSUH]HQWDFM ]ELRUXDQR

QLPRZ\FKRELHNWyZDZL FRELHNWyZ]Z\VSHF\ILNRZDQ Z\á F]QLHQD]Z NODV\'OD

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



WDNLFKSU]\SDGNyZ]DUH]HUZRZDQRRGPLHQQ\VSRVyEQRWDFMLRELHNWyZ2ELHNW\WH

UHSUH]HQWRZDQHV SU]H]QDFKRG] FHQDVLHELHV\PEROHRELHNWyZMDNSRND]DQRQD

U\VXQNX

5\VXQHN

2ELHNW\ZLHORNURWQH

QDGLDJUDPDFK

NRPXQLNDFML

1DSU]HGVWDZLRQ\PSU]\NáDG]LHDNWRU&]DVLQLFMXMHRSHUDFM ZHU\ILNXM:SáDW\3U]H

V\áDRQZW\PFHOXDV\QFKURQLF]Q\NRPXQLNDWGR .UHG\WX=DVWRVRZDQLHRELHNWyZ

ZLHORNURWQ\FKR]QDF]D HQDVW SXMHZHU\ILNDFMDZV]\VWNLFKRELHNWyZNODV\.UHG\W

2GZRá\ZDQLHVL GRZLHORNURWQ\FKRELHNWyZPDFKDUDNWHULWHUDF\MQ\MHGQDN]D]QD

F]DQLHWHJRIDNWXZSRVWDFL]QDF]QLNDLWHUDFML SU]\NRPXQLNDFLHZSRá F]HQLX]]D

VWRVRZDQLHPQRWDFMLRELHNWyZZLHORNURWQ\FKMHVWQDGPLDURZH

.ODV\DNW\ZQH

:DVSHNFLHZ\VW SRZDQLDLGRNXPHQWRZDQLDZV\VWHPLHLQWHUDNFMLNODV\ILNDWRU\PR 

QDSRG]LHOLüQD

t

SDV\ZQH

t

DNW\ZQH

$NW\ZQR üMHVW FL OHXZDUXQNRZDQDSU]H]XF]HVWQLFWZRZLQWHUDNFMDFK.D GDLQVWDQ

FMDNODV\ILNDWRUDXF]HVWQLF] FDZLQWHUDNFMLRGELHUDOXEZ\V\áDNRPXQLNDW\=D]Z\

F]DMMHGQDNLQWHUDNFMDWDMHVWNRQVHNZHQFM ]OHFHQLDNODV\ILNDWRURZLRGELRUF\Z\NR

QDQLDRNUH ORQ\FKRSHUDFMLSU]H]NODV\ILNDWRUQDGDZF .ODV\ILNDWRU\WHQD]\ZDQHV

SDV\ZQ\PLLGRPLQXM ZDSOLNDFMDFKEL]QHVRZ\FK2ERNQLFKZM ]\NX80/Z\VW 

SXM NODV\ILNDWRU\DNW\ZQHDQJDFWLYHPRJ FH]DLQLFMRZDüVWHURZDQLHZV\VWHPLH

1DMZL NV]H]QDF]HQLHVSR UyGNODV\ILNDWRUyZDNW\ZQ\FKPDM NODV\DNW\ZQH

.ODVDDNW\ZQDWRNODVDNWÑUHMLQVWDQFMHVWDQRZLñDNW\ZQHRELHNW\PRJñFHDXWR

QRPLF]QLHLQLFMRZDèZäDVQHZñWNLLVWHURZDèZ\NRQDQLHPW\FKZñWNÑZ

.ODVDDNW\ZQDPDVSHF\ILF]QHR]QDF]HQLH,OXVWUXMHVL M QDGLDJUDPLHSRSU]H]GR

GDQLHGZyFKOLQLLUyZQROHJOHGRSLRQRZ\FKNUDZ G]LNODV\

3HáQHZ\UD HQLHG\QDPLF]QHJRDVSHNWXNODVDNW\ZQ\FKMHVWPR OLZHSU]\]DVWRVRZD

QLXGLDJUDPyZNRPXQLNDFML.ODV\DNW\ZQHPDM LQVWDQFMHZSRVWDFLDNW\ZQ\FKRELHN

WyZ0RJ RQHDXWRQRPLF]QLHLQLFMRZDüZ WNLRSHUDFMHZáDVQHRUD]RSHUDFMHLQQ\FK



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF

LQVWDQFMLNODV\ILNDWRUyZ1DWXUDOQLHNODV\LRELHNW\DNW\ZQHPRJ WDN HUHDOL]RZDü

Z WNLLRSHUDFMHZ\ZRáDQHSU]H]LQQHLQVWDQFMHNODV\ILNDWRUyZZW\PNODV\DNW\ZQH

3RGVWDZ LGHQW\ILNRZDQLDNODVDNW\ZQ\FKMHVW

t

]GROQR üGDQHMNODV\GRLQLFMRZDQLDZ WNXSRSU]H]Z\VáDQLHSLHUZV]HJR

NRPXQLNDWXZFL JXNRPXQLNDWyZ]DJQLH G RQ\FK

t

VDPRLVWQHZ\V\áDQLHNRPXQLNDWyZZRNUH ORQ\FKRGFLQNDFKF]DVX

t

Z\NRQ\ZDQLH]áR RQ\FKSURFHGXUREOLF]HQLRZ\FKQDSRGVWDZLHGDQ\FK

SU]HFKRZ\ZDQ\FKSU]H]RELHNW\LQQ\FKNODV

.ODV\DNW\ZQHIXQNFMRQXM FZWU\ELHFL Já\PPDM V]F]HJyOQH]QDF]HQLHZV\VWHPDFK

F]DVXU]HF]\ZLVWHJR3U]\NáDGHPRELHNWyZDNW\ZQ\FKZW\FKV\VWHPDFKV SURJUDPR

ZHVWHURZQLNLXU] G]H RUD]F]XMQLNL,QQ\PSU]\NáDGHPRELHNWyZDNW\ZQ\FKF] 

VWRVWRVRZDQ\FKSRGF]DVSURMHNWRZDQLDDSOLNDFMLEL]QHVRZ\FKV DQDOLW\F]QHRELHNW\

VWHUXM FH5RO NODV\DNW\ZQHMQDGLDJUDPLHNRPXQLNDFMLSU]HGVWDZLDU\VXQHN

5\VXQHN

2ELHNW\NODV\

DNW\ZQHM

ZQDOLF]DQLX

RGVHWHN











.OLHQW

2GVHWNL

.RQWR

QDOLF]2GVHWNL

VDOGR SRELHU]6DOGR

Z\OLF]

DNWXDOL]XMVDOGR

1D \F]HQLH.OLHQWDEDQNGRNRQXMHZ\OLF]HQLDRGVHWHNQDOH Q\FK]W\WXáXORNDW:W\P

FHOXZV\VWHPLHEDQNRZ\PSU]HV\áDQ\MHVWNRPXQLNDWQDOLF]2GVHWNL:Z\QLNX

MHJRRGHEUDQLDRELHNW2GVHWNLZ\V\áDGRRELHNWX.RQWRNRPXQLNDWSRELHU]6DOGR

LGRNRQXMHZ\OLF]HQLDZLHONR FLRGVHWHNQDSRGVWDZLH]ZUyFRQHMZ\VRNR FLVDOGD

3RQDOLF]HQLXRGVHWHNQDVW SXMHDNWXDOL]DFMDVDOGD:NRQWHN FLHRSLVDQHJRSU]\NáDGX

.OLHQWMHVWRELHNWHPDNW\ZQHMNODV\

,QQHNDWHJRULH]DDZDQVRZDQH

-DN]D]QDF]RQRZWDEHOLZSU]\SDGNXGLDJUDPyZVHNZHQFMLLNRPXQLNDFMLZLHOH

SRM üMHVWUyZQRZD Q\FK=WHJRZ]JO GXRSLVZVSyOQ\FKGODREXURG]DMyZGLDJUD

PyZNDWHJRULL]DDZDQVRZDQ\FKWDNLFKMDNZDUXQNLF]\LWHUDFMHPR QDRGQLH üEH]

SR UHGQLRGRNRQZHQFMLSU]\M W\FKQDGLDJUDPDFKVHNZHQFML=DOH QR FLWH]QDMGXM

RG]ZLHUFLHGOHQLHQDU\VXQNX=DSUH]HQWRZDQRQDQLPZá F]DQLHVL NOLHQWDGROL

F\WDFMLZV\VWHPLHDXNFMLLQWHUQHWRZHM

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



FG:á F]DQLH.XSXM FHJR'R/LF\WDFML





















.XSXM F\

,2IHUWD$XNFML

/LF\WDFMD

.XSXM F\

,/LF\WDFMD

Z\V]XNDM2IHUW DUW\NXá

 >Q@RIHUWD Z\ELHU]2IHUW

Z\ ZLHWO

]DORJXMORJLQKDVáRQU/LF\WDFML

ZDOLGXMORJLQKDVáRQU/LF\WDFML

>DXWRU\]DFMD@SRELHU]'DQHQU/LF\WDFML

FUHDWH!!Z\ ZLHWO/LF\WDFM

>EUDNDXWRU\]DFM@Z\ ZLHWO'RVW SQLHDXWRU\]RZDQ\

5\VXQHN:á F]DQLHNXSXM FHJRGROLF\WDFML

:RSLV\ZDQHMLQWHUDNFMLELHU]HXG]LDáSL üLQVWDQFMLNODV\ILNDWRUyZ

t

DNWRU.XSXM F\

t

,2IHUWD$XNFML

t

/LF\WDFMD

t

RELHNW.XSXM F\

t

,/LF\WDFMD

1DSLHUZV]\]GZyFKZ WNyZLQLFMRZDQ\SU]H]DNWRUD.XSXM F\VNáDGDM VL 

t

NRPXQLNDWZ\V]XNDM2IHUW SU]HND]XM F\MDNRSDUDPHWUNRQNUHWQ\DUW\NXá

GRLQWHUIHMVXV\VWHPX

t

Z\NRQ\ZDQ\LWHUDF\MQLHNRPXQLNDWZ\ELHU]2IHUW ZVND]XM F\ZV]\VWNLH

OLF\WDFMHZNWyU\FKSU]HGPLRWHPVSU]HGD \MHVWSRV]XNLZDQ\DUW\NXá

t

NRPXQLNDWZ\ ZLHWOSUH]HQWXM F\QDLQWHUIHMVLHZV]\VWNLHOLF\WDFMHNWyU\FK

SU]HGPLRWHPMHVWSRV]XNLZDQ\DUW\NXá

'UXJLZ WHNMHVW]ZL ]DQ\]ORJRZDQLHPGRV\VWHPX3RGREQLHMDNPLDáRWRPLHMVFH

ZSU]\SDGNXZ\V]XNLZDQLDOLF\WDFMLMHVWRQLQLFMRZDQ\SU]H]DNWRUD.XSXM F\: WHN

WHQMHVWZ\NRQ\ZDQ\ZQDVW SXM FHMVHNZHQFML



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF

t

NRPXQLNDW]DORJXMSU]HND]XM F\GRVWURQ\JáyZQHMDXNFMLORJLQKDVáR

.XSXM FHJRRUD]QU/LF\WDFMLMDNRSDUDPHWU\

t

NRPXQLNDWZDOLGXMNWyU\SRUyZQXMH]JRGQR üSU]HND]DQ\FKSDUDPHWUyZ

]SU]HFKRZ\ZDQ\PLZRELHNFLHNODV\.XSXM F\

t

NRPXQLNDWSRELHU]'DQH]SDUDPHWUHPQU/LF\WDFMLSU]HV\áDQ\GRLQVWDQFML

NODV\ILNDWRUD/LF\WDFMDW\ONRLZ\á F]QLHZSU]\SDGNX]LGHQW\ILNRZDQLD

DXWRU\]RZDQHJRX \WNRZQLNDZ\VáDQ\NRPXQLNDWGRVWDUF]DV]F]HJyáRZ\FK

LQIRUPDFMLRZ\EUDQHMOLF\WDFMLZSRVWDFLZDUWR FL]ZURWQ\FKQDVW SQLHRELHNW

NODV\/LF\WDFMDZ\ZRáXMHRSHUDFM ©FUHDWHªZ\ ZLHWO/LF\WDFM SU]HND]XM F

GDQHOLF\WDFMLGRXWZRU]RQHJRLQWHUIHMVX,/LF\WDFMD

t

ZDOWHUQDW\ZQHMV\WXDFMLV\VWHPQLHSR]ZDOD.XSXM FHPXQDXF]HVWQLFWZR

ZOLF\WDFMLWUDNWXM FJRMDNRX \WNRZQLNDQLHDXWRU\]RZDQHJRRELHNW.XSXM F\

Z\ZRáXMHRSHUDFM Z\ ZLHWO]SDUDPHWUHPÄ'RVW SQLHDXWRU\]RZDQ\´NWyUD

SRZRGXMHZ\ ZLHWOHQLHQDLQWHUIHMVLHLQIRUPDFMLRQLHGRSXV]F]HQLX.XSXM FHJR

GRLQWHUHVXM FHMJROLF\WDFML

3URFHVWZRU]HQLDGLDJUDPXNRPXQLNDFML

$QDORJLF]QLHMDNZSU]\SDGNXGLDJUDPyZVHNZHQFMLSXQNWHPZ\M FLDZWZRU]HQLX

GLDJUDPXNRPXQLNDFMLMHVWSU]\SDGHNX \FLDRUD]MHJRVFHQDULXV]H:WZRU]HQLXRSL

V\ZDQHJRGLDJUDPXPDM PLHMVFHQDVW SXM FHHWDS\





LGHQW\ILNDFMDNODV\ILNDWRUyZ





SRZL ]DQLH]LGHQW\ILNRZDQ\FKNODV\ILNDWRUyZDVRFMDFMDPL





LGHQW\ILNDFMDLQDGDQLHQD]ZNRPXQLNDWRPSU]HV\áDQ\PSRPL G]\LQVWDQFMDPL

NODV\ILNDWRUyZ





RNUH OHQLHW\SyZQD]ZDQ\FKNRPXQLNDWyZ





QXPHURZDQLHNRPXQLNDWyZ]Z\NRU]\VWDQLHPSURVWHMQXPHUDFML





LGHQW\ILNRZDQLHNODVDNW\ZQ\FKLZ WNyZSU]\X \FLXQXPHUDFMLNZDOLILNRZDQHM





Z]ERJDFHQLHRSLVXGLDJUDPX]]DVWRVRZDQLHP]DDZDQVRZDQ\FKNDWHJRULL

WDNLFKMDNZVSyáELH QR üRELHNW\ZLHORNURWQHZDUXQNLUR]JDá ]LHQLD

RUD]LWHUDFMH





RSFMRQDOQHGRNRQDQLHDJUHJDFMLNRPXQLNDWyZ

3RZ\ V]DSURFHGXUDZRGQLHVLHQLXGRGLDJUDPyZNRPXQLNDFMLPDFKDUDNWHUDXWRQR

PLF]Q\0R QDMHGQDNJHQHURZDüMHDXWRPDW\F]QLH]Z\NRU]\VWDQLHPQDU] G]L&$6(

QDSRGVWDZLHDGHNZDWQ\FKGLDJUDPyZVHNZHQFML6SRVyEWHQIXQNFMRQXMHWDN HZSU]H

FLZQ VWURQ QD]DVDG]LHNRQZHUVMLGLDJUDPyZNRPXQLNDFMLQDGLDJUDP\VHNZHQFML

1DOH \MHGQDN]D]QDF]\ü HLVWQLHMHWXSRWHQFMDOQH]DJUR HQLHXWUDW\F] FLLQIRUPD

FMLZ]ZL ]NX]HZ]ERJDFHQLHPGLDJUDPXVHNZHQFMLZZHUVMLM ]\ND80/RWDNLH

NDWHJRULHPRGHORZDQLDMDNIUDJPHQW\Z\RGU EQLRQHRUD]SU]\ZRá\ZDQHIUDJPHQW\

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



LQWHUDNFMLSU]HGVWDZLHQLH]QDF]HQLDW\FKHOHPHQWyZ]Z\NRU]\VWDQLHPNDWHJRULLPR

GHORZDQLDGLDJUDPyZNRPXQLNDFMLMHVWWHFKQLF]QLHZ\NRQDOQHFKRFLD NáRSRWOLZHLZ\

PDJDM FHZ\NRU]\VWDQLDZV]HURNLP]DNUHVLHVNáDGQLNRPXQLNDWX5y QLFHNDWHJRULL

SRM FLRZ\FKGLDJUDPyZNRPXQLNDFMLLVHNZHQFMLRNUH ODV]F]HJyáRZRWDEHOD1DOH

\SRQDGWRUR]ZD \üZáD FLZR FLLSDUDPHWU\SRV]F]HJyOQ\FKQDU] G]L&$6(GRNR

QXM F\FKW\FKWUDQVIRUPDFML

6WXGLXPGLDJUDPXNRPXQLNDFML

1LQLHMV]HVWXGLXPFKDUDNWHU\]XMHSU]HELHJSURFHVXHJ]DPLQRZDQLDVWXGHQWDZHOHNWUR

QLF]Q\PV\VWHPLHHJ]DPLQDF\MQ\P2SLHUDVL QDSRGVWDZRZ\FKL]DDZDQVRZDQ\FK

HOHPHQWDFKGLDJUDPyZNRPXQLNDFML]DSUH]HQWRZDQ\FKRGSRZLHGQLRZSXQNWDFK

RUD]ZW\PUR]G]LDOH

-DNSRND]DQRQDU\VXQNXZSURFHGXU]HHJ]DPLQRZDQLDVWXGHQWDZ\Uy QLRQRQD

VW SXM FH FL OH]ZL ]DQH]HVRE NURNL

t

SREUDQLH]IRUPDWHNLQWHUIHMVXORJLQXKDVáDRUD]LGHQW\ILNDWRUDHJ]DPLQX

ZSLVDQ\FKSU]H]RVRE HJ]DPLQRZDQ 

t

ZHU\ILNDFMDGDQ\FKQLH]E GQ\FKGRRWZDUFLDVHVMLSRá F]RQD]H]ZUyFHQLHP

LGHQW\ILNDWRUDVWXGHQWD

t

SREUDQLHSDUDPHWUyZHJ]DPLQXZ\VSHF\ILNRZDQ\FKSU]H]HJ]DPLQDWRUD

ZUDPDFKLQQHJRSU]\SDGNXX \FLD

t

LWHUDF\MQHSREUDQLHSXOLS\WD SU]HZLG]LDQ\FKGODGDQHJRSU]HGPLRWX

t

Z\ORVRZDQLH]RJyOQHMSXOLS\WD ZVND]DQHMSU]H]HJ]DPLQDWRUDXVWDORQHM

OLF]E\S\WD ]NWyU\FKVNáDGDüVL E G]LHNRQNUHWQ\HJ]DPLQ

t

Z\ ZLHWOHQLHHNUDQXHJ]DPLQRZDQLD

t

]DPNQL FLHHNUDQXORJRZDQLD

t

LWHUDF\MQHZ\ ZLHWODQLHQDLQWHUIHMVLHNROHMQ\FKS\WD 

t

]DUHMHVWURZDQLH]HVWDZXZVND]DQ\FKSU]H]HJ]DPLQRZDQHJRRGSRZLHG]L

RGQRV] F\FKVL GRNRQNUHWQ\FKS\WD 

t

SREUDQLHZ]RUFDRGSRZLHG]L]ED]\GDQ\FK

t

SRUyZQDQLHRGSRZLHG]L]HZ]RUFHP

t

IL]\F]QH]DSLVDQLH]DUHMHVWURZDQ\FKZ\QLNyZHJ]DPLQX

t

RGQRWRZDQLHZ\QLNXHJ]DPLQXZSURILOXX \WNRZQLND

t

Z\ ZLHWOHQLHXSU]HGQLR]DSLVDQ\FKZ\QLNyZQDLQWHUIHMVLH



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF

FG3U]HELHJ3URFHVX(OHNWURQLF]QHJR(J]DPLQRZDQLD







































,/RJRZDQLH

6HVMD

8 \WNRZQLN

(J]DPLQ

3\WDQLH

,(J]DPLQRZDQLH

]DORJXMORJLQKDVáRLG(J]

LG6WXG ZDOLGXMORJLQKDVáR

OLF]ED3\WD OLF]ED3\W:\ ZSU]HGPLRWF]DV7UZ SRELHU]LG(J]

 >L OLF]ED3\WD @S\WDQLH>L@ SRELHU]SU]HGPLRW

ORVXMOLF]ED3\WD :\ Z

FUHDWH!!RWZyU]

GHVWUR\!!]DPNQLM

 >L OLF]ED3\W:\ Z@Z\ ZLHWOS\WDQLH>L@

 >L OLF]ED3\W:\ Z@]DUHMHVWUXMRGSRZLHG >L@

Z]RU]HF SRELHU]LG(J]

Z\QLN SRUyZQDMZ]RU]HFRGSRZLHG >@

]DSLV]Z\QLN

]DSLV]SU]HGPLRWZ\QLN

Z\ ZLHWOZ\QLN

5\VXQHN(J]DPLQRZDQLHVWXGHQWDZV\VWHPLHHOHNWURQLF]QHJRHJ]DPLQRZDQLD

2SHUDFMDZDOLGXMZ\ZRá\ZDQDMHVWSU]H]RSHUDFM ]DORJXM.ROHMQHNRPXQL

NDW\]JRGQLH]V\VWHPHPNODV\ILNDFMLG]LHVL WQHM'HZH\DUyZQLH V ]DOH QHRGRSH

UDFML]DORJXM*á ERNR ü]DJQLH G HQLDQLH SRGOHJD RJUDQLF]HQLRP ² NRPXQLNDW

Z\ ZLHWOPDGDOV]H]DJQLH G HQLHZSRVWDFLNRPXQLNDWX]DUHMHVWUXMQRV] FHJR

QXPHU:SUDNW\FHSURFHVHJ]DPLQRZDQLD]SXQNWXZLG]HQLDVWXGHQWDNR F]\

VL QDZ\ ZLHWOHQLXZ\QLNyZ=DU] G]DQLHHJ]DPLQHPUHDOL]RZDQHMHVWZUDPDFKRG

U EQHJRSU]\SDGNXX \FLD

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF



3RGVWDZRZHSRMöFLD

$JUHJDFMDNRPXQLNDWyZ

2ELHNW

$VRFMDFMD

1LV]F]HQLH

'LDJUDP\LQWHUDNFML

7ZRU]HQLH

'LDJUDPKDUPRQRJUDPRZDQLD

:LHORNURWQ\

'LDJUDPNRPXQLNDFML

1XPHUDFMDNRPXQLNDWyZ

'HILQLFMD

.ZDOLILNRZDQD

3URFHVWZRU]HQLD

3URVWD

'LDJUDPVHNZHQFML

6\VWHPNODV\ILNDFMLG]LHVL WQHM

'HZH\D

'LDJUDPVWHURZDQLDLQWHUDNFM

3RSU]HGQLN

,WHUDFMD

6DPRZ\ZRáDQLH

,]RPRUIL]P

6\PERONRPXQLNDWX

.ODVD

:DUXQHN

$NW\ZQD

: WHN

3DV\ZQD

:VSyáELH QR ü

.ODV\ILNDWRU

=DJQLH G HQLH

$NW\ZQ\
3DV\ZQ\

.RPXQLNDW

$V\QFKURQLF]Q\
2F]HNXM F\
2SFMRQDOQ\
6\QFKURQLF]Q\
=ZURWQ\

3\WDQLDL]DGDQLD





=LQWHUSUHWXM]PLDQ\GRNRQDQHZ]DNUHVLHGLDJUDPyZLQWHUDNFMLZZHUVML

VWDQGDUGX80/ZVWRVXQNXGRZHUVML[





'LDJUDPHPMDNLHJRURG]DMXPR QD]DVW SLüGLDJUDPNRPXQLNDFMLDE\QLH

QDVW SLáDLVWRWQDXWUDWDWUH FLSU]HND]\ZDQHMSU]H]GLDJUDP"



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF





-DNLHDVSHNW\LQWHUDNFMLRELHNWyZSRGNUH ODQHV QDGLDJUDPDFKNRPXQLNDFML"





6WUXNWXUDOQDRUJDQL]DFMDLQVWDQFMLNODV\ILNDWRUyZLNRPXQLNDFMDPL G]\QLPL

WR FL OHSRZL ]DQHVNáDGQLNLGLDJUDPXNRPXQLNDFML:MDNLVSRVyESRM FLD

SRGVWDZRZHGLDJUDPXNRPXQLNDFMLSRZL ]DQHV ]Z\PLHQLRQ\PLVNáDGQLNDPL"





=GHILQLXMSRM FLHL]RPRUIL]PXGLDJUDPyZNRPXQLNDFMLLVHNZHQFML





8]XSHáQLMWDEHO ZSLVXM FRGSRZLHGQLNLSRM üRLOHLVWQLHM 

7DEHOD'LDJUDPNRPXQLNDFMLRUD]VHNZHQFML²RGSRZLHGQLNLSRM ü

'LDJUDPVHNZHQFML

'LDJUDPNRPXQLNDFML

/LQLD \FLD

.RPXQLNDWV\QFKURQLF]Q\

.RPXQLNDWXWUDFRQ\
1LV]F]HQLHRELHNWyZ
5R]JDá ]LHQLH

:DUXQHN

%UDPD

=DJQLH G HQLH

)UDJPHQWZ\RGU EQLRQ\





:MDNLVSRVyEQDGLDJUDPDFKNRPXQLNDFMLSU]HGVWDZLDQHMHVWSU]HVáDQLH

NRPXQLNDWX"





:\PLH VSRVRE\SU]HGVWDZLDQLDNROHMQR FLSU]HV\áDQLDNRPXQLNDWyZ

QDGLDJUDPDFKNRPXQLNDFML-DNLH]QDF]HQLHPDV\VWHPNODV\ILNDFMLG]LHVL WQHM

'HZH\D"





1DSRGVWDZLHVHNZHQF\MQHM]DOH QR FLSRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZ$

L%]DSURSRQXMLRGSRZLHGQLRSRQXPHUXMNRPXQLNDW\QDGLDJUDPLHSRND]DQ\P

QDU\VXQNXLQDDQDORJLF]Q\PGLDJUDPLHNRPXQLNDFML

5\VXQHN

,QWHUDNFMHSRPL G]\

LQVWDQFMDPL

NODV\ILNDWRUyZ













$

%

5R]G]LDä‰'LDJUDPNRPXQLNDFML



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF







3RGDMUy QLF SRPL G]\QXPHUDFM SURVW DNZDOLILNRZDQ 





:MDNLFKSU]\SDGNDFKQDOH \SRV]HU]\üQXPHUNRPXQLNDWXRPDáHOLWHU\

DOIDEHWXáDFL VNLHJR"





1DF]\PSROHJDDJUHJRZDQLHRSLVXNRPXQLNDWyZZGLDJUDPLH"





:VND ]DOH QR FLSRPL G]\NDWHJRULDPL

t

]DJQLH G HQLH

t

Z WHN

t

R URGHNVWHURZDQLD





=D]QDF]Z WNLQDGUXJLP]SU]HGVWDZLRQ\FKZWDEHOLGLDJUDPyZ

VHNZHQFML





:\MD QLM]DVDGQR üVWRVRZDQLDSRSU]HGQLNyZ&]\ZSURZDG]HQLHGRGLDJUDPX

SRSU]HGQLNyZPR HPLHü]ZL ]HN]HZVSyáELH QR FL "





3U]HGVWDZVSRVyER]QDF]DQLDIDNWXZ\VáDQLDSU]H]LQVWDQFM NODV\ILNDWRUD

NRPXQLNDWXGRZLHOXRELHNWyZGDQHMNODV\





6FKDUDNWHU\]XMSRM FLHNODV\DNW\ZQHM:\MD QLM]ZL ]NLSRPL G]\NODVDPL

DNW\ZQ\PLSDV\ZQ\PLRUD]LQWHUDNFM 





:MDNLVSRVyEGRNRQDV]LGHQW\ILNDFMLNODVDNW\ZQ\FKZRSLVLHV\VWHPX"





=DSURSRQXMSHáQ VSHF\ILNDFM NRPXQLNDWyZGODGLDJUDPXNRPXQLNDFML

]DPLHV]F]RQHJRQDU\VXQNX'RNRQDMV]F]HJyáRZHJRRSLVX]DSUH]HQWRZDQHM

QDQLPV\WXDFML





3U]HGVWDZLX]DVDGQLMNROHMQR üHWDSyZZSURFHVLHWZRU]HQLDGLDJUDPyZ

NRPXQLNDFML





6WZyU]GLDJUDPNRPXQLNDFMLE G F\RGSRZLHGQLNLHPGLDJUDPXRSLVXM FHJR

VSUDZG]DQLHVWDQXNRQWD]DSR UHGQLFWZHPEDQNRPDWXSU]HGVWDZLRQHJR

ZSRSU]HGQLPUR]G]LDOHQDU\VXQNX



&]ö è,‰3RGVWDZ\Mö]\ND80/



'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?GRF