3U]HND QLNGR1DG]RUX
6WDQX,]RODFML05
:HUVMD±±
,QVWUXNFMD2EVáXJL
3U]HND QLNGR1DG]RUX6WDQX,]RODFMLQLHX]LHPLRQ\FKVLHFL
UR]G]LHOF]\FKSU GXVWDáHJRLSU]HPLHQQHJR,7GR9
8ZDJL'RW\F] FH%H]SLHF]H VWZD
$)69(1
2VWU]H HQLH
3RGF]DVSUDF\XU] G]HQLDHOHNWU\F]QHJRQDMHJR
SRV]F]HJyOQ\FKF] FLDFKPRJ Z\VW SRZDü
QLHEH]SLHF]QHQDSL FLD1LHSU]HVWU]HJDQLHXZDJ
GRW\F] F\FKEH]SLHF]H VWZDQLHGRNáDGQHOXE
QLHZáD FLZHLFKVWRVRZDQLHPR HVWDQRZLü]DJUR HQLH
GODREVáXJLLVSU] WXLVSRZRGRZDüREUD HQLDREVáXJLOXE
XV]NRG]HQLHVSU] WX
3U]HGF]\QQR FLDPL]ZL ]DQ\PL]OLVWZ ]DFLVNRZ
QDOH \XU] G]HQLHRUD]SU]\á F]DQHSU]HZRG\SR]EDZLü
QDSL FLD]DVLODQLD-H HOLX \ZDVL OLQHNMDNR
SU]HZRGyZSU]\á F]HQLRZ\FKQDOH \QDLFKNR FDFK
]DVWRVRZDüWXOHMNL
:áD FLZHLEH]SLHF]QHG]LDáDQLHXU] G]HQLD]DOH \RG
ZáD FLZHJRWUDQVSRUWXPDJD]\QRZDQLDLQVWDORZDQLDL
XUXFKDPLDQLDRUD]SUDZLGáRZHMHNVSORDWDFMLL
VHUZLVRZDQLD
=W\FKSRZRGyZSUDFH]ZL ]DQHXU] G]HQLHPPR H
Z\NRQ\ZDüZ\á F]QLHZ\NZDOLILNRZDQ\SHUVRQHO
8ZDJL'RW\F] FH%H]SLHF]H VWZD
$)69(1
:\NZDOLILNRZDQ\3HUVRQHO
6 WRRVRE\NWyUH
V ]D]QDMRPLRQH]LQVWDORZDQLHPXUXFKDPLDQLHPL
G]LDáDQLHPXU] G]HQLDLXNáDGXZNWyU\PXU] G]HQLHE G]LH
SUDFRZDü
V Z\NZDOLILNRZDQ\PLHOHNWU\NDPL
V SU]HV]NRORQHZ]DNUHVLH%+3LSRVLDGDM VWRVRZQH
XSUDZQLHQLD
V SU]HV]NRORQHZ]DNUHVLHSURFHGXUSRVW SRZDQLDZ
F]DVLHZ\SDGNyZSU]\SUDF\RUD]XG]LHODQLDSLHUZV]HM
SRPRF\
8ZDJL'RW\F] FH%H]SLHF]H VWZD
$)69(1
8ZDJD
1LQLHMV]DLQVWUXNFMDREVáXJLGDMHZ\W\F]QHGRW\F] FH
LQVWDORZDQLDXUXFKDPLDQLDLHNVSORDWDFMLXU] G]HQLD-HGQDN H
LQVWUXNFMDQLHPR HSU]HZLG]LHüZV]\VWNLFKPR OLZ\FKV\WXDFML
RUD]WHPDWyZ]ZL ]DQ\FKXU] G]HQLHP:SU]\SDGNX
Z WSOLZR FLLVSHF\ILF]Q\FKSUREOHPyZQLHQDOH \SRGHMPRZDü
DGQ\FKF]\QQR FLEH]NRQVXOWDFML]XSUDZQLRQ\PLRVREDPL:
FHOXX]\VNDQLDQLH]E GQ\FKLQIRUPDFMLSURVLP\RNRQWDNW]
']LDáHP6SU]HGD \$/6720
8ZDJL'RW\F] FH%H]SLHF]H VWZD
$)69(1
0RG\ILNDFMHSRZ\GUXNRZDQLX
$)69(1
6SLV7UH FL
$)69(1
=DVWRVRZDQLHL:áDVQR FL
'DQH7HFKQLF]QH
'HNODUDFMD]JRGQR FL
'DQH2JyOQH
%DGDQLD
%DGDQLH7\SX
7HVW\UXW\QRZH
:DUXQNL URGRZLVNRZH
:HM FLDL:\M FLD
,QWHUIHMV
'DQHZ\M FLRZH
=DVLODQLHSRPRFQLF]H
1DVWDZ\
7\SRZHSDUDPHWU\
8FK\E\
']LDáDQLH
,QVWDODFMD
3RGá F]HQLH
.RPXQLNDFMD
:\ ZLHWODF]L.ODZLDWXUD
2JyOQHSR]ZROHQLHQD]PLDQ\GODZV]\VWNLFKIXQNFML%á G
1LH]GHILQLRZDQR]DNáDGNL
=PLDQDQDVWDZ
2GF]\WSDPL FLNRQWURORZDQ\FKV\JQDáyZ
/RNDOQHSR]ZROHQLHQD]PLDQ\GODSRMHG\QF]\FK
6SLVWUH FL
FL JGDOV]\
$)69(1
ZLHONR FLLIXQNFMLVWHUXM F\FK
=PLDQDKDVáD
1DVWDZ\
,QIRUPDFMHLIXQNFMHNRQWUROQH
2JO G]LQ\LRGELyU8UXFKRPLHQLH
3UREOHP\LVSRVRE\LFKXVXZDQLD
.RQVHUZDFMDLSU]HFKRZ\ZDQLH
.RQVHUZDFMD
3U]HFKRZ\ZDQLH
$NFHVRULDLF] FL]DSDVRZH
,QIRUPDFMH]DPyZLHQLRZH
&KDUDNWHU\VW\NL
'RGDWHN/LVWDDGUHVRZD
$)69(1
0LNURSURFHVRURZ\SU]HND QLNGRQDG]RUXL]RODFML05MHVW
SU]H]QDF]RQ\GRVWRVRZDQLDZQLHX]LHPLRQ\FKVLHFLDFK
UR]G]LHOF]\FKSU GXVWDáHJRLSU]HPLHQQHJR,7GR9
(18U] G]HQLHPR HE\üVWRVRZDQH]DUyZQRZ
ÄF]\VW\FK´VLHFLDFK'&OXE$&MDNLUR]OHJá\FKHOHNWU\F]QLH
SRá F]RQ\FKVLHFLDFKSU GX$&'&:SRZ\ V]\FK
SU]\SDGNDFKQDG]yUSURZDG]RQ\SU]H]XU] G]HQLHMHVW
SUDZLGáRZ\7HQURG]DMQDG]RUXGR]LHPLH VWRVXMHVL Z
VLHFLDFKNWyU\FKGRW\F]\QRUPD(1F] ü.D GH
SRJRUV]HQLHVWDQXL]RODFMLMHVWZ\NU\ZDQHSU]HGRVL JQL FLHP
QLHEH]SLHF]QHJRSR]LRPXNWyU\VSRZRGRZDáE\QDUD HQLH
REVáXJLOXEVSU] WX
8U] G]HQLD]QDMGXM W\SRZH]DVWRVRZDQLHQDSU]\NáDGZ
SU]HP\ OHFKHPLF]Q\PPHWDOXUJLF]Q\PZNRSDOQLDFK
QDS GDFKWHFKQRORJLF]Q\FKLZNROHMQLFWZLH
6]HURNL]DNUHVSRPLDURZ\ZSRá F]HQLX]PDá\PSU GHP
SRPLDURZ\PSR]ZDODSRQDGWRQDG]RURZDüVLHFLZ\SRVD RQHZ
SRá F]HQLDZ\UyZQDZF]H9'(F]OXE',1F]
3U]HND QLNSUDFXMHQD]DVDG]LHZSURZDG]DQLDGR
QDG]RURZDQHMVLHFLZLHONR FLSRPLDURZHMZá F]DQHMSRPL G]\
]LHPL OXESU]HZyGRFKURQQ\DQDG]RURZDQ VLHü-HVWEDUG]R
LVWRWQHDE\ZHOHNWU\F]QLHSRá F]RQ\PV\VWHPLHSUDFRZDáW\ONR
MHGHQSU]HND QLNGRQDG]RUXVWDQXL]RODFML-H HOLQDVW SL
SRá F]HQLHGZyFKV\VWHPyZZ\SRVD RQ\FKZSU]HND QLNLGR
QDG]RUXVWDQXL]RODFMLQLH]E GQHMHVWZ\á F]HQLHMHGQHJR]
SU]HND QLNyZ
=DVWRVRZDQLHL:áDVQR FL
=DVWRVRZDQLHL:áDVQR FL
FL JGDOV]\
$)69(1
3U]HND QLN05Z\Uy QLDVL QDVW SXM F\PLZáDVQR FLDPL
1DG]yUL]RODFMLQLHX]LHPLRQ\FKVLHFLUR]G]LHOF]\FKSU GX
VWDáHJROXESU]HPLHQQHJR,7GR9I
Q
+]+]
5R]V]HU]HQLHSRSU]H]]DVWRVRZDQLHSU]\VWDZNL0=
]DNUHVXQDSL FLD]QDPLRQRZHJRGR9'&OXE9
$&EH]SURVWRZQLNyZOXEZSU]\SDGNXVLHFL$&]
SURVWRZQLNDPLGR9$&
PHWRG\SRPLDURZHPR OLZHGRZ\ERUXSRSU]H]QDVWDZ
SU]HND QLND
0R OLZR üQDVWDZ\EDUG]RV]\ENLHMV\JQDOL]DFMLGOD
QLHV\PHWU\F]Q\FK]ZDUüGR]LHPQ\FKSRVWURQLH'&
$XWRPDW\F]QHGRVWRVRZDQLHVL GRSRMHPQR FLVLHFLZ
VLHFLDFKGRm)OXEm)±Z]DOH QR FLRGQDVWDZ\
QLH]DOH QHVWRSQLHV\JQDOL]XM FHREQL HQLHVWDQXL]RODFML
5L5]RVREQRQDVWDZLDQ\PLF]DVDPLRSy QLH W5L
W5
=DNUHVQDVWDZZDUWR FLUH]\VWDQFML
NWZHUVMDVWDQGDUGRZD
NWZHUVMD]SRGZ\ V]RQ LPSHGDQFM
ZHZQ WU]Q
:\ ZLHWODF]/&'QDSDQHOXF]RáRZ\P
GLRG\/(']NWyU\FKV SURJUDPRZDOQH
3U]\FLVNWHVWXLNDVRZDQLDQDSDQHOXF]RáRZ\P
=DVWRVRZDQLHLZáD FLZR FL
FRQWLQXHG
$)69(1
1DG]yUSUDZLGáRZR FLSRá F]HQLDREZRGXSRPLDURZHJR
3RPLDUZDUWR FLELH F\FKZDUWR FLDQDORJRZ\FKRUD]
Z\ ZLHWODQLHQDVWDZ
3HáQHVDPRWHVWRZDQLH
0R OLZR üSRGá F]HQLD]HZQ WU]QHJRSU]\FLVNXWHVWXL
UHVHWX
:\M FLHSU GRZHP$GOD]GDOQHJRRGF]\WXUH]\VWDQFML
L]RODFML
SU]HND QLNLV\JQDOL]DF\MQH]]HVW\NLHPSU]Há F]Q\P
0R OLZR üZ\ERUXSRGWU]\PDQLDG]LDáDQLDSU]HND QLNyZ
V\JQDOL]DF\MQ\FK
0R OLZR üZ\ERUXQDVWDZ\WU\EXSUDF\SU]HND QLNyZ
V\JQDOL]DF\MQ\FKMDNRQRUPDOQLHSREXG]RQ\FK
3RUWV]HUHJRZ\56
=QDPLRQRZHQDSL FLHSRPRFQLF]H
QDSL FLHSU]HPLHQQHRG9GR9L]QDPLRQRZHM
F] VWRWOLZR FL+]OXE+]
QDSL FLHVWDáHRG9GR9
0RQWD QDV]\QLHPPOXEQDWDEOLFRZ\
$)69(1
'HNODUDFMD]JRGQR FL
0DM FD]DVWRVRZDQLHGR05
:HUVMD$±L
:HUVMD%
]H]ZL NV]RQ LPSHGDQFM GR
0W
$UW\NXá'\UHNW\Z\(&
(&
8U] G]HQLHGRQDG]RUXVWDQX
L]RODFML05]RVWDáR
]DSURMHNWRZDQHLMHVW
SURGXNRZDQH]JRGQLH]QRUP
PL G]\QDURGRZ (1
L
]JRGQLH]]DOHFHQLDPLG\UHNW\Z\
NRPSDW\ELOQR FL
HOHNWURPDJQHW\F]QHM(0&L
G\UHNW\Z\QLVNRQDSL FLRZHM
Z\GDQ\PLSU]H]8QL (XURSHMVN
'DQH2JyOQH
.RQVWUXNFMD
2GSRZLHGQLDGRPRQWD X
]DWU]DVNRZHJRQDV]\QLH]JRGQHM
]QRUP (1
RUD]PRQWD X
QDWDEOLFRZHJROXERSFMRQDOQLH
PRQWD X]DWDEOLFRZHJR
3R]\FMDSUDF\
3LRQRZD
6WRSLH RFKURQ\
=JRGQLH]',19'(
L(1OXE,(&
2EXGRZD,3
=DFLVNL,3
0DVD
2NRáRJ
:\PLDU\L3RGá F]HQLD
3DWU]U\VXQHNZ\PLDURZ\L
VFKHPDWSRGá F]H
3RUWV]HUHJRZ\
3Rá F]HQLHSU]HZRGRZHGR56
'ODX]\VNDQLDL]RODFML
JDOZDQLF]QHMRUD]NRPXQLNDFML]
3&QLH]E GQDMHVWSU]\VWDZND0,
.RQZHUWHU56
3RGá F]HQLD
=DFLVNL UXERZH0]RFKURQ
NR FyZHNSU]\á F]H
SRá F]HQLHGUXWRZHGRPPð
SRá F]HQLHOLQN GRPPð
2GOHJáR FLL]RODF\MQH
=JRGQLH](1
OXE,(&
'DQH7HFKQLF]QH
'DQH7HFKQLF]QH
GDOV]\FL J
$)69(1
6WRSLH ]DQLHF]\V]F]HQLD
1DSL FLHSUDF\GR9
.DWHJRULDSU]HSL FLRZD,,,
,PSXOVQDSL FLRZ\N9
%DGDQLD
%DGDQLH7\SX
:V]\VWNLHEDGDQLDZHGáXJ(1
',1F]L
(1
(0&
7áXPLHQLH]DNáyFH
=JRGQLH](1L
',19'(F]SR]LRP%
3UyEDXGDUDPLRVF\ODF\MQ\PL
0+]
=JRGQLH],(&F]
NODVD,,,
1DSL FLHZ]GáX QHN9
1DSL FLHSRSU]HF]QHN9
&]DVWUZDQLDSUyE\!V
,PSHGDQFMD UyGáDW
2GSRUQR üQDZ\áDGRZDQLD
HOHNWURVWDW\F]QH
=JRGQLH](1F]
.ODVD
RVWUR FLSUyE\
:\áDGRZDQLDSRZLHWU]QH
,OR üZ\áDGRZD !
&]DVWUZDQLD!V
1DSL FLHSUyE\N9
*HQHUDWRUWR0W
S)W
2GSRUQR üQDSURPLHQLRZDQLH
HOHNWURPDJQHW\F]QH
=JRGQLH](193R]LRP
2GOHJáR üDQWHQ\RGXU] G]HQLD
!P]ND GHMVWURQ\
1DW HQLHSRODWHVWXM FHJRGOD
SDVPDF] VWRWOLZR FL
GR0+]9P
7HVW$0N+]
3RMHG\QF]\WHVWGOD0+]
$0+]
'DQH7HFKQLF]QH
GDOV]\FL J
$)69(1
%DGDQLHZ\WU]\PDáR FLQD
]DNáyFHQLDLPSXOVRZH
=JRGQLH],(&
3R]LRP
&]DVQDUDVWDQLDLPSXOVXQV
'áXJR FLLPSXOVXZDUWR FL
QV
$PSOLWXGDN9N9
&]DV]DNáyFHQLDPV
2NUHVSRZWDU]DQLDPV
,PSHGDQFMD UyGáDW
2GSRUQR üQDXGDU\QDSL FLD
=JRGQLH],(&
3R]LRP
7HVWGODV\PHWU\F]Q\FKL
QLHV\PHWU\F]Q\FKREZRGyZ
]DVLODQLD
,PSXOVQDSL FLRZ\GODREZRGX
RWZDUWHJRmV
,PSXOVQDSL FLRZ\GODREZRGX
]ZDUWHJRmV
$PSOLWXGDN9
&] VWRWOLZR üLPSXOVyZ!PLQ
,PSHGDQFMD UyGáDW
2GSRUQR üQD]DNáyFHQLD
LQGXNRZDQHSU]H]IDOHUDGLRZH
=JRGQLH],(&$%
6HF3R]LRP
1DSL FLH]DNáyFDM FH9
2GSRUQR üQDSRODPDJQHW\F]QH
=JRGQLH](1
3R]LRP
&] VWRWOLZR ü+]
1DW HQLHSROD$P
,]RODFMD
7HVWQDSL FLRZ\
=JRGQLH],(&
N9$&V
:\M FLHDQDORJRZHLZHM FLD
GZXVWDQRZH]HZQ WU]Q\WHVWL
NDVRZDQLHQLHV LQLHPRJ E\ü
RELHNWHPWHVWX
3UyEDZ\WU]\PDáR FLQDSL FLHP
XGDURZ\P
=JRGQLH],(&
,PSXOVVV
:DUWR üV]F]\WRZDN9
,PSHGDQFMD UyGáDW
'DQH7HFKQLF]QH
GDOV]\FL J
$)69(1
:\WU]\PDáR ü0HFKDQLF]QD
2GSRUQR üQDZLEUDFM
=JRGQLH],(&
.ODVD
=DNUHVF] VWRWOLZR FLSRGF]DV
G]LDáDQLD
GR+]PP
GR+]J
=DNUHVF] VWRWOLZR FLSRGF]DV
WUDQVSRUWX
WR+]J
:\WU]\PDáR üQDXGDU\
=JRGQLH],(&
.ODVD
3U]\ SLHV]HQLDJJ
&]DVWUZDQLDLPSXOVyZPV
:\WU]\PDáR üVHMVPLF]QD
=JRGQLH](1
.ODVD
GR+]PP
GR+]PV
F\NO
7HVW\UXW\QRZH
:V]\VWNLHSUyE\]JRGQLH
](1
',1F]
L(1
:DUXQNL URGRZLVNRZH
7HPSHUDWXUDRWRF]HQLD
7HPSHUDWXUDSUDF\
&WR&
7HPSHUDWXUDPDJD]\QRZDQLD
&WR&
7HPSHUDWXUDWUDQVSRUWX
&WR&
:LOJRWQR ü
:LOJRWQR üZ]JO GQDQLH
SRZRGXM FDNRQGHQVDFML
GR UHGQLDURF]QD
'DQH7HFKQLF]QH
GDOV]\FL J
$)69(1
:HM FLDL:\M FLD
:HM FLDSRPLDURZH
6LHüQDG]RURZDQD
1DSL FLH]QDPLRQRZHVLHFL8Q
9'&OXE9$&
=DNUHVSUDF\GR8Q
&] VWRWOLZR ü]QDPLRQRZDIQ
GR+]
:HM FLDVWHUXM FH
ZHM FLDVWHUXM FHRED
SURJUDPRZDOQH
)XQNFMHRUD]VSRVyESRGá F]HQLD
3DWU]/LVWD$GUHVRZDL6FKHPDW
3RGá F]H
3U]HND QLNLZ\M FLRZH
SU]HND QLNLZ\M FLRZH]
]HVW\NLHPSU]Há F]Q\P
SURJUDPRZDOQH
2EFL HQLH]HVW\NyZ
1DSL FLH]QDPLRQRZH9'&
9$&
2EFL HQLHWUZDáH$
2EFL HQLHNUyWNRWUZDáH$
ZF]DVLHV
=GROQR üá F]HQLRZD
:9$/5 PV
2WZLHUDQLHREZRGX
$9'&/5 PV
$9$&FRVj
:\ FLHDQDORJRZH
:\M FLHSU GRZHGRP$
0D[REFL HQLHNW
'DQH7HFKQLF]QH
GDOV]\FL J
$)69(1
,QWHUIHMV
.RPXQLNDFMDORNDOQD
:SURZDG]DQLHLF]\WDQLHGDQ\FK
3RSU]H]SU]\FLVNyZL
ZLHUV]RZ\F\IURZ\Z\ ZLHWODF]
ZVND QLNL/('
SU]\SLVDQHQDVWDáH
SURJUDPRZDQH
'RVW SQHIXQNFMH3DWU]/LVWD
$GUHVRZD
à F]HV]HUHJRZH
3Rá F]HQLHSU]HZRGRZHZ
VWDQGDUG]LH56
0DNV\PDOQDGáXJR üá F]D
P
6]\ENR üWUDQVPLVMLOXE
%G]DOH QLHRGQDVWDZLHQLD
7U\ESUDF\]3&
'ODSRá F]HQLDJZLD]GRZHJR
PDNV\PDOQLHGR05
SRá F]RQ\FKUyZQROHJOH
'ODSRá F]HQLD]3&QDOH \
]DVWRVRZDüLQWHUIHMV
NRPXQLNDF\MQ\0,SDWU]
µ$NFHVRULD¶
'DQHZ\M FLRZH
/LF]QLNLGDQHSRPLDURZHL
V\JQDOL]DFMHSDWU]/LVWD
$GUHVRZD
6DPRQDG]yU
05]DSDPL WXMHGR
Uy Q\FK]GDU]H GRW\F] F\FK
XNáDGXVDPRQDG]RURZDQLD
=DVLODQLHSRPRFQLF]H
1DSL FLH
:DUWR ü]QDPLRQRZD8SQ
GR9'&OXE
GR9$&
=DNUHVSUDF\
GR8SQGOD]DVLODQLD'&
GR8SQGOD]DVLODQLD$&
3REyUPRF\
:9$GOD8SQ
:DUWR üV]F]\WRZDSU GX$
SU]H]PV
&] VWRWOLZR ü
&] VWRWOLZR ü]QDPLRQRZD
ISQL+]
=DNUHVSUDF\GRISQ
'DQH7HFKQLF]QH
GDOV]\FL J
$)69(1
1DVWDZ\
=DNUHVQDVWDZLQDVWDZ\
IDEU\F]QHSDWU]/LVWD$GUHVRZD
7\SRZHSDUDPHWU\
7\SQDG]RURZDQHMVLHFL
VLHFLUR]G]LHOF]H'&L$&RUD]
HOHNWU\F]QLHSRá F]RQHVLHFL
$&'&
&]DV]DG]LDáDQLDGODQDVWDZLRQHM
UH]\VWDQFMLNWSRMHPQR FL
VLHFLm)LGOD]PLDQ\UH]\VWDQFML
L]RODFMLRG¸GRRNRáRV
,PSHGDQFMDZHZQ WU]QDGODZHM ü
$&RUD]'&
GODZHUVML$ËNW
GODZHUVML%RNRáR0W
1DSL FLHSRPLDURZH9
3U GSRPLDURZ\
GODZHUVML$RNRáRP$
GODZHUVML%ÊP$
0DNV\PDOQDSRMHPQR ü
QDG]RURZDQHMVLHFLm)
'RSXV]F]DOQDVNáDGRZDVWDáD
'&ZQDG]RURZDQHMVLHFL$&
9'&
8FK\EG]LDáDQLD
PD[QDVWDZLRQHM
UH]\VWDQFMLL]RODFML
:VSyáF]\QQLNSRZURWX
8FK\E\
=JRGQLH](1
$)69(1
8U] G]HQLHGRQDG]RUXVWDQXL]RODFML05MHVW
]DSURMHNWRZDQHGODQDG]RUXVLHFLHOHNWURHQHUJHW\F]QHM'&L$&
LMHVWUyZQLH RGSRZLHGQLHGODHOHNWU\F]QLHSRá F]RQ\FKVLHFL
$&L'&8V]NRG]HQLDL]RODFMLZ\VW SXM FH]DSURVWRZQLNDPLV
UyZQLH Z\NU\ZDQH
05VNáDGDVL ]Sá\WHNGUXNRZDQ\FK]REZRGDPL
SRPLDURZ\PL]DVLODF]DLGZyFKSU]HND QLNyZZ\M FLRZ\FK
1DSá\FLHF]RáRZHMSU]HND QLND]QDMGXM VL SU]\FLVNLVáX FH
GRZSURZDG]DQLDQDVWDZLLQQ\FKSDUDPHWUyZIXQNFMRQDOQ\FK
:V]\VWNLHQDVWDZ\V ]DSDPL W\ZDQHZQLHXORWQHMSDPL FL
((3520
8U] G]HQLHUR]SRF]\QDSUDF SRZá F]HQLXSRPRFQLF]HJR
QDSL FLD]DVLODQLD3RGF]DVVWDUWXSRMDZLDVL ZGUXJLHMOLQLL
Z\ ZLHWODF]DSR]LRP\Z\GáX DM F\VL SDVHN
:ÄSXOVRZHM´PHWRG]LHSRPLDUXQDSL FLHSU]HPLHQQH$&R
SURVWRN WQ WQ\PSU]HELHJXMHVWQDNáDGDQH]RGSRZLHGQL
F] VWRWOLZR FL QDQDG]RURZDQ VLHü'&OXEL$&
&] VWRWOLZR üSU]HELHJXSURVWRN WQHJRMHVWDXWRPDW\F]QLH
GRVWRVRZ\ZDQDSU]H]05GRZDUXQNyZVLHFLQDG]RURZDQHM
OXESRMHPQR FLWHMVLHFL'Rá F]RQHGRVLHFLREZRG\RUD]
UH]\VWDQFMDL]RODFMLVLHFLWZRU] REZyGNWyUHJRUH]\VWDQFMD
L]RODFMLGHWHUPLQXMHDPSOLWXG SU GXSRPLDURZHJR.D GH
SRJRUV]HQLHUH]\VWDQFMLL]RODFMLSURZDG]LGRZ]URVWXSU GX
SRPLDURZHJR0LNURSURFHVRUREOLF]DZDUWR üUH]\VWDQFMLL]RODFML
QDSRGVWDZLHDQDOL]\SU GXSRPLDURZHJR
']LDáDQLH
']LDáDQLH
'DOV]\FL J
$)69(1
:PHWRG]LHSRPLDUXÄ'&´QDSL FLHSRPLDURZHVWDáHMHVW
QDNáDGDQHQDQDSL FLHSU]HPLHQQHQDG]RURZDQHMVLHFL2EZyG
SRPLDURZ\MHVW]DP\NDVL SRSU]H]UH]\VWDQFM QDG]RURZDQHM
VLHFL0HWRGDWDQLHMHVW]DLPSOHPHQWRZDQDZZHUVML%
SU]HND QLND05RLPSHGDQFMLZHZQ WU]QHMRN0W
0HWRGDSRPLDUXÄ'&´PR HE\ü]DVWRVRZDQDZ\á F]QLHZ
F]\VWHMVLHFLSU GXSU]HPLHQQHJREH]VNáDGRZHMVWDáHM:
SRUyZQDQLX]ÄSXOVRZ ´PHWRG SRPLDUXPHWRGDSRPLDUXÄ'&´
SR]ZDODQD]QDF]QLHV]\EV]\SRPLDUUH]\VWDQFMLL]RODFML
SU]\EOL RQ\F]DVG]LDáDQLDV
'ODQDG]RUXVLHFLHOHNWURHQHUJHW\F]QHM$&]SURVWRZQLNDPL
XV]NRG]HQLHL]RODFMLQDVWURQLH'&MHVWZ\NU\ZDQHMHG\QLHMDNR
WUHQG:W\PSU]\SDGNX]D ZLHFDVL GLRGDµ¶OXEµ¶Z
]DOH QR FLRGWHJRQDNWyU\PELHJXQLHSRVWURQLH'&REQL \á
VL VWDQL]RODFML
:µ8'&SXOVRZHM¶PHWRG]LHSRPLDUX]DVDGQLF]RX \ZDVL
ÄSXOVRZHM´PHWRG\SRPLDUX'RGDWNRZRQLH]UyZQRZD RQH
]DNáyFHQLDQDVWURQLH'&PRJ E\üV\JQDOL]RZDQH]GX
V]\ENR FL ]DOH Q RGQDVWDZ\GRGDWNRZHJRNU\WHULXP
,168/,!0HWRGDWDQLHMHVW]DLPSOHPHQWRZDQDZZHUVML%
SU]HND QLND05RLPSHGDQFMLZHZQ WU]QHMRN0W
-H OLUH]\VWDQFMDL]RODFMLREQL \VL SRQL HMQDVWDZLRQHMZDUWR FL
5LOXE51DVW SXMHSREXG]HQLHSU]HND QLNyZ
V\JQDOL]DF\MQ\FKRUD]GLRGMH HOLV VNRQILJXURZDQHRGVWDQX
SREXG]HQLDRUD]VWDUWRGPLHU]DQLDF]DVXRSy QLHQLD
]DG]LDáDQLD
']LDáDQLH
'DOV]\FL J
$)69(1
:\ V]\SUyJQDVWDZ\]F]DVHPRSy QLHQLDÄW5HODS´PR H
E\üZ\NRU]\VWDQ\GRZF]H QLHMV]HMV\JQDOL]DFMLVWDQXREQL HQLD
L]RODFML]DQLPRVL JQLHRQDNU\W\F]Q ZDUWR ü:\ V]\SUyJ
QDVWDZ\]F]DVHPRSy QLHQLDÄW5HODS´HODS¶PR HE\ü
Z\NRU]\VWDQ\GRV\JQDOL]DFMLREQL HQLDVL UH]\VWDQFMLSRQL HM
ZDUWR FLNU\W\F]QHM
']LDáDQLH
'DOV]\FL J
$)69(1
8ZDJD
-H HOLVWDQQDG]RURZDQHML]RODFMLRVL JQLHSR]LRPÄW5HODS´
1DG]RURZDQDVLHüPXVL]RVWDüVSUDZG]RQDSU]H]
Z\NZDOLILNRZDQ\SHUVRQHOHOHNWU\F]Q\
6SUDZQR üIXQNFMLXU] G]HQLDPR H]RVWDüVSUDZG]RQD
SRSU]H]X \FLHSU]\FLVNXUHVHWX5QDSDQHOXF]RáRZ\P
SU]HND QLND1DFL QL FLHWHJRSU]\FLVNXSU]H]F]DVSRZ\ HMV
SRZRGXMHV\PXODFM XV]NRG]HQLDL]RODFMLQDG]RURZDQHMVLHFL
Zá F]HQLHZNRQWURORZDQ\REZyGUH]\VWRUD1DVW SXMH
SREXG]HQLHSU]HND QLNyZV\JQDOL]DF\MQ\FK-H HOLSU]HND QLNL
V\JQDOL]DF\MQHQLHSREXG]DM VL SRPLPRLFKNRQILJXUDFML
PR HWRE\üVSRZRGRZDQHXDNW\ZQLHQLHPEORNDG\Z\M ü
SU]HND QLNRZ\FKIXQNFMDÄ2873%O2XWS/´XVWDZLRQDZWU\E
Ä<HV´
-H HOLSU]\FLVNUHVHWXE G]LHQDFL QL W\SU]H]F]DVPQLHMV]\RG
VQDVW SLVNDVRZDQLHGLRGV\JQDOL]DF\MQ\FK-H HOLIXQNFMD
Ä28735HVHWNH\´MHVWXVWDZLRQDZWU\EÄ<HV´ZyZF]DVNUyWNLH
QDFL QL FLHSU]\FLVNXUHVHWVVSRZRGXMHVNDVRZDQLH
SRGWU]\PDQLDGLRG/('RUD]SU]HND QLNyZV\JQDOL]DF\MQ\FK
MH HOLVNRQILJXURZDQRMHZWU\E]SRGWU]\PDQLHPG]LDáDQLD
0R OLZHMHVWWDNLHVNRQILJXURZDQLHXU] G]HQLDDE\SRND]\ZDáR
QDZ\ ZLHWODF]XDNWXDOQ ZDUWR üVWDQXL]RODFMLQDG]RURZDQHM
VLHFLRUD]ZDUWR üQDVWDZ\3DWU]UR]G]LDáÄ.RQWUROD´
'RZ\M FLDSU GRZHJR05PR QDSRGá F]\ü]HZQ WU]Q\
PLOLDPSHURPLHU]ZFHOX]GDOQHJRZ\ ZLHWODQLDUH]\VWDQFML
QDG]RURZDQHML]RODFMLVLHFL3DWU]UR]G]LDáÄ$NFHVRULD´
']LDáDQLH
'DOV]\FL J
$)69(1
7DEHODXPLHV]F]RQDSRQL HMSUH]HQWXMHZDUWR FLUH]\VWDQFML
QDG]RURZDQHMVLHFLIXQNFMLSU GXSá\Q FHJRZREZRG]LHZ\M FLD
SU GRZHJR05
5
,16
:HUVMD$
5
,16
:HUVMD%
,
RXW
NW
NW
P$
NW
NW
P$
NW
NW
P$
NW
NW
P$
NW
NW
P$
NW
NW
P$
NW
NW
P$
¸
¸
P$
']LDáDQLH
'DOV]\FL J
$)69(1
05Z\SRVD RQ\MHVWZSRUWNRPXQLNDF\MQ\56'OD
NRPXQLNDFMLSRPL G]\NRPSXWHUHPNODV\3&D05
QLH]E GQDMHVW]DVWRVRZDQLHLQWHUIHMVXNRPXQLNDF\MQHJR0,
3RSU]H]SDQHOF]RáRZ\XU] G]HQLDPR OLZHMHVW
XVWDZLHQLHZ05GZyFKWU\EyZNRPXQLNDFMLÄ2SPRGH´
Ä6LQJOH´OXEÄ%XV´)DEU\F]QLHSU]HND QLNPDXVWDZLRQ\WU\E
Ä6LQJOH´3U GNR üWUDQVPLVMLGODWHJRWU\EXZ\QRVLNEV
05Z\V\áDZyZF]DVQDá F]X56FL J]QDNyZNRGyZ
$6&,,'RNRPXQLNDFMLSRPL G]\05D3&PR QDZyZF]DV
]DVWRVRZDüNRPHUF\MQ\SURJUDPSRVLDGDM F\IXQNFM WHUPLQDOD
QDSU]\NáDGIXQNFM WHUPLQDOD]1RUWRQ&RPDQGHU]
XVWDZLRQ\PLSDUDPHWUDPLELWyZGDQ\FKELWVWRSXNRQWUROD
SDU]\VWR FL$16,1DHNUDQLH3&E G Z\ ZLHWODQH
QDVW SXM FHLQIRUPDFMH
']LDáDQLH
'DOV]\FL J
$)69(1
.RG$6&,,
=QDF]HQLH
05
7\SXU] G]HQLD
)$%$
$GUHVVWDFMLHOHNWURHQHUJHW\F]QHMQS
*$'$
$GUHVXU] G]HQLDQS
5 NW
=PLHU]RQDZDUWR üUH]\VWDQFMLL]RODFMLQS
NW
, P$
=PLHU]RQDZDUWR üSU GX'&QSP$
5
3U]HNURF]HQLHQDVWDZ\5 7DN 1LH
5
3U]HNURF]HQLHQDVWDZ\5 7DN 1LH
W5
&]DVRSy QLHQLDQDVWDZ\5W5
RGPLHU]RQ\ 7DN 1LH
W5
&]DVRSy QLHQLDQDVWDZ\5W5
RGPLHU]RQ\ 7DN 1LH
,!
3U]HNURF]HQLHQDVWDZ\,! 7DN 1LH
W,!
&]DVRSy QLHQLDQDVWDZ\,!W,!RGPLHU]RQ\
7DN 1LH
:W\PWU\ELH05PR HE\üVNRQILJXURZDQ\]DSRPRF
SURJUDPX)3&&VáX FHJRGRZSURZDG]DQLDQDVWDZ3DWU]
Ä$NFHVRULD´
']LDáDQLH
'DOV]\FL J
$)69(1
:WU\ELHNRPXQLNDFMLÄ2SPRGH´Ä%XV´PR QDNRPXQLNRZDü
VL ]ZL NV] LOR FL XU] G]H 1DOH \ZyZF]DVZSLVDüDGUHV\
XU] G]H QS]DSRPRF SURJUDPX)3&&XPR OLZLDM FZWHQ
VSRVyENRPXQLNDFM SRPL G]\3&DSRá F]RQ\PLUyZQROHJOH
XU] G]HQLDPL'ODWHMNRQILJXUDFMLQDVWDZ\IXQNFMLÄ3&$GGU
&8´LÄ3&$GGU38´SRZLQQ\PLHüLGHQW\F]QHZDUWR FL
7UDQVPLVMDGODWHJRWU\EXNRPXQLNDFMLZ\QRVLNEV
:FHOXQDG]RUXUH]\VWDQFMLL]RODFMLVLHFLZNWyUHMQDSL FLH
SU]HNUDF]D9QDOH \]DVWRVRZDüSU]\VWDZN 0=
3DWU]UR]G]LDáÄ$NFHVRULD´-H HOL05MHVWSU]\á F]RQ\GR
VLHFLSRSU]H]SU]\VWDZN 0=ZyZF]DVZ05QDOH \
XVWDZLüIXQNFM Ä,168/9LQ$GDSW´ZWU\EÄ<HV´
$)69(1
05MHVW]DSDNRZDQ\ZSXGHáNRNDUWRQRZHLZWHMSRVWDFL
MHVWZ\V\áDQ\GRNOLHQWD1DOH \]DFKRZDüV]F]HJyOQ XZDJ
SRGF]DVUR]SDNRZ\ZDQLDXU] G]HQLDQLHX \ZDüVLá\1DOH \
VL XSHZQLüF]\LQVWUXNFMDREVáXJLGRVWDUF]DQD]ND G\P
XU] G]HQLHPMHVWZ\FL JQL WD]ZQ WU]DNDUWRQX
3RUR]SDNRZDQLXXU] G]HQLDQDOH \GRNRQDüZL]XDOQHM
LQVSHNFMLD HE\PLHüSHZQR üF]\XU] G]HQLHQLHXV]NRG]LáR
VL PHFKDQLF]QLHSRGF]DVWUDQVSRUWX
-H HOL05PDE\üWUDQVSRUWRZDQ\WRPXVLE\ü
]DSDNRZDQ\-H HOLRU\JLQDOQHRSDNRZDQLHQLHMHVWGRVW SQH
QDOH \VL XSHZQLüF]\05]RVWDá]DSDNRZDQ\]JRGQLH]
QRUP ',1,62]HVSHF\ILNDFM GODXSDGNX]Z\VRNR FLÊ
P
1DOH \VSUDZG]LüGDQH]QDPLRQRZHLW\SXU] G]HQLDSRSU]H]
SRUyZQDQLHLFK]WDEOLF]N ]QDPLRQRZ 7DEOLF]ND]QDPLRQRZD
]QDMGXMHVL QDJyUQHMF] FLXU] G]HQLD
05]RVWDá]DSURMHNWRZDQ\LZ\NRQDQ\]JRGQLH]QRUP
(1:]ZL ]NX]W\PPLHMVFH]DLQVWDORZDQLD
XU] G]HQLDPXVLE\üZ\EUDQHWDNDE\VSHáQLDüZDUXQNLSUDF\
RSLVDQHZUR]G]LDOHÄ'DQH7HFKQLF]QH´
,QVWDODFMD
,QVWDODFMD
GDOV]\FL J
$)69(1
(OHPHQW
PRFXM F\
D:\PLDU\REXGRZ\ZZHUVMLGRPRQWD XQDWDEOLFRZHJROXEQD
V]\QLHPP
,QVWDODFMD
GDOV]\FL J
$)69(1
E
:\PLDU\REXGRZ\ZZHUVMLGRPRQWD X]DWDEOLFRZHJR
,QVWDODFMD
GDOV]\FL J
$)69(1
F2WZyUZWDEOLF\GOD05ZZHUVMLGRPRQWD X]DWDEOLFRZHJR
,QVWDODFMD
GDOV]\FL J
$)69(1
:DUXQNL(OHNWURPDJQHW\F]QH
2EXGRZDQDWDEOLFRZDSRZLQQDE\ü]DPRFRZDQDQDV]\QLH(1
]DSRPRF ]DWU]DVNRZHMSRGVWDZ\OXEEH]SR UHGQLRQD
WDEOLF\EH]ZLGRF]Q\FK UXE
'ODPRQWD XQDWDEOLF\
'OD]DPRFRZDQLD05QDWDEOLF\QDOH \XVXQ ü]REXGRZ\
ÄHOHPHQWPRFXM F\´SDWU]U\VÄD:\PLDU\REXGRZ\ZZHUVML
GRPRQWD XQDWDEOLFRZHJROXEQDV]\QLHPP´SRSU]H]
SU]HVXQL FLHHOHPHQWXGRJyU\Ä(OHPHQWPRFXM F\QDOH \
SU]\PRFRZDüSRSU]H]X \FLHGZyFK UXE01DVW SQLHQDOH \
XPLH FLüREXGRZ ZÄHOHPHQFLHPRFXM F\P´
8U] G]HQLHPXVLE\ü]DLQVWDORZDQHLSRGá F]RQHSU]H]
Z\NZDOLILNRZDQ\SHUVRQHO1DOH \]ZUyFLüV]F]HJyOQ
XZDJ QD]DVDG\EH]SLHF]H VWZD
$)69(1
'ODSRGá F]HQLDXU] G]HQLD05SURV] VWRVRZDüVFKHPDW
SRá F]H ]DPLHV]F]RQ\ZLQVWUXNFML
:QDG]RURZDQHMSRá F]RQHMHOHNWU\F]QLHVLHFLW\ONRMHGQR
XU] G]HQLHGRQDG]RUXL]RODFMLPR HE\ü]DVWRVRZDQH'OD
SU]\NáDGX-H HOLGZLHQLH]DOH QHVLHFLQDG]RURZDQHSU]H]
XU] G]HQLD05]RVWDá\SRá F]RQH]HVRE HOHNWU\F]QLH
MHGHQ]05PXVL]RVWDüZ\á F]RQ\QDF]DVSRá F]HQLD]H
VRE VLHFL
3RGá F]HQLH05GRQDG]RURZDQHJRV\VWHPXMHVW
WU]\SXQNWRZHGODVLHFLWUyMID]RZ\FKLGZXSXQNWRZHGODVLHFL
MHGQRID]RZ\FKOXESU GXVWDáHJR'RGDWNRZRGR05
GRá F]DVL ]LHPL RUD]]LHPL RGQLHVLHQLDX \ZDQ GR
DXWRPDW\F]QHJRVSUDZG]HQLDNRPSOHWQR FLSRá F]HQLDREZRGX
SRPLDURZHJR
0R OLZ\MHVWQDG]yUL]RODFMLSRSU]H]MHGQRSXQNWRZHSRá F]HQLH
]VLHFL :W\PSU]\SDGNXREZyGSRPLDURZ\VWDQRZL
]PRVWNRZDQH]DFLVNLMHGQDID]DVLHFLUH]\VWDQFMDL]RODFMLZ
VWRVXQNXGR]LHPL]LHPLD]DFLVNLRUD]:ZHUVML
]QDPLRQRZHQDSL FLHSRPL G]\]PRVWNRZDQ\PL
]DFLVNDPLRUD]D]LHPL QLHPR HSU]HNUDF]Dü9¡'OD
ZHUVML05]SRZL NV]RQ LPSHGDQFM ZHZQ WU]Q QDSL FLH
]QDPLRQRZHVLHFLPR HZ\QRVLü9
'ODSRá F]H V\JQDOL]DF\MQ\FKREZRGyZSRPLDURZ\FKL
SRGá F]HQLDQDSL FLD]DVLODQLDQDMF] FLHMZ\VWDUF]DM FHMHVW
]DVWRVRZDQLHSU]HZRGyZPLHG]LDQ\FKPP
3RGá F]HQLH
3RGá F]HQLH
FL JGDOV]\
$)69(1
.LHG\SRGá F]DQHMHVWGR05QDSL FLHSRPRFQLF]H9
$QRP
X \WNRZQLNPXVLQDMSLHUZVSUDZG]LüF]\]QDPLRQRZHQDSL FLH
SRPRFQLF]HSRGDQHQDXU] G]HQLXMHVW]JRGQH]QRPLQDOQ
ZDUWR FL QDSL FLD]NWyUHJR]DVLODQ\E G]LHSU]HND QLN
)DEU\F]QLHQRZ\05PDVNRQILJXURZDQHSU]HND QLNL
Z\M FLRZHZWU\ELHQRUPDOQLHRGZ]EXG]RQ\PSU]HND QLNL
]PLHQLDM VZyMVWDQZVWRVXQNXGRVWDQXSRGDQHJRQD
VFKHPDFLHSU]\á F]H ZSU]\SDGNXREQL HQLDVL VWDQX
L]RODFML1DVWDZDWU\EXQRUPDOQLHSREXG]RQHJRSU]HND QLNL
SREXG]DM VL SRSRGá F]HQLXQDSL FLDSRPRFQLF]HJRD
RGZ]EXG]DM VL ZSU]\SDGNXREQL HQLDVL VWDQXL]RODFMLMHVW
PR OLZDSRSU]H]RGSRZLHGQL NRQILJXUDFM SU]HND QLND
0R OLZDMHVWHPXODFMD]HZQ WU]QHJRWHVWXOXENDVRZDQLD
SRSU]H]RGSRZLHGQLHJRSDUDPHWUXZQDVWDZDFK
3RGá F]HQLH
FL JGDOV]\
$)69(1
6FKHPDWSRGá F]HQLD]HZQ WU]QHJRGOD05U\VXQHN
3RGá F]HQLH
FL JGDOV]\
$)69(1
:FHOX]GDOQHJRZ\ ZLHWODQLDVWDQXL]RODFMLPR OLZHMHVW
SRGá F]HQLH]HZQ WU]QHJRXU] G]HQLDSRPLDURZHJR]DNUHV
P$GRZ\M FLDSU GRZHJR05]DFLVNL
:\NRU]\VWXM FSU]\VWDZN 0=SRá F]RQ ]05
PR OLZ\MHVWSRSU]H]QDG]yUVLHFL,7RQDSL FLXGR
9'&9$&VLHFLEH]SURVWRZQLNyZOXE9$&VLHFL]
SURVWRZQLNDPL3U]\VWDZND0=PXVLE\üSRá F]RQD
SRSU]H]]DFLVNGR]DFLVNXZ05.RQWURO VLHFL
SU]HSURZDG]DVL SRSU]H]SRGá F]HQLHRGSRZLHGQLFK]DFLVNyZ
0=GRQDG]RURZDQHMVLHFLSDWU]U\VXQHN
1DOH \VSUDZG]LüF]\SU]\VWDZND0=MHVWZáD FLZDGR
]DVWRVRZDQHMZHUVML05SDWU]$NFHVRULDL&] FL
=DSDVRZH
'ODMHGQRSXQNWRZHJRSRGá F]HQLDQDG]RURZDQHMVLHFLSRSU]H]
SU]\VWDZN 0=QDOH \SRá F]\üPRVWNLHP]DFLVNLRUD]
LZWRPLHMVFHSRGá F]\üREZyGSRPLDURZ\SDWU]5\VXQHN
:ZHUVMLQDSL FLH]QDPLRQRZHSRPL G]\
]DFLVNDPLD]LHPL QLHPR HSU]HNUDF]DüQDSL FLD
9¡'ODZHUVML]H]ZL NV]RQ LPSHGDQFM ZHM FLRZ
GRSXV]F]DOQHMHVWQDSL FLH]QDPLRQRZHGR9
3RGá F]HQLH
FL JGDOV]\
$)69(1
3RGá F]HQLH05GRV\VWHPX]DVLODQLDSRSU]H]SU]\VWDZN
0=
3RGá F]HQLH
FL JGDOV]\
$)69(1
3U]\NáDGMHGQRSXQNWRZHJRSRGá F]HQLD05SRSU]H]SU]\VWDZN
0=
3RGá F]HQLH
FL JGDOV]\
$)69(1
05Z\SRVD RQ\MHVWZV]HUHJRZHá F]HNRPXQLNDF\MQH56
SU]H]QDF]RQHGRNRPXQLNDFML]NRPSXWHUHPNODV\3&'R
EH]SR UHGQLHMNRPXQLNDFML]3&QLH]E GQHMHVW]DVWRVRZDQLH
LQWHUIHMVXNRPXQLNDF\MQHJR0,0,GRSDVRZXMH
VWDQGDUG56GRVWDQGDUGX56VWRVRZDQHJRZ3&
6SRVyEX]\VNDQLDSRá F]HQLDNRPXQLNDF\MQHJRSRPL G]\05
0,RUD]3&SRND]DQRQDU\VXQNX3Rá F]HQLH
SU]HZRGDPLPLHG]LDQ\PLSRPL G]\0,L05QLH
SRZLQQRE\üGáX V]HQL P'ODGáX V]HJRSRá F]HQLD
QDOH \]DVWRVRZDüVNU WN HNUDQRZDQ DSRPL G]\]DFLVNDPL
LZ05QDOH \SRGá F]\üUH]\VWRURUH]\VWDQFMLW
'RSRá F]HQLDLQWHUIHMVXNRPXQLNDF\MQHJR0,]3&QDOH \
]DVWRVRZDü±SLQRZ\NRPSXWHURZ\NDEHO'6XESRá F]HQLH
±EH]SU]HSORWX
-H HOLZ\EUDQRZµ2SPRGH¶RSFM µ%XV¶ GRPDJLVWUDOL56
PR QDSRGá F]\üLQQHSU]HND QLNLQDG]RUXL]RODFMLOXELLQQH
SU]HND QLNL]DEH]SLHF]HQLRZHQS5(5X \ZDM F
LQG\ZLGXDOQHJRDGUHVXSU]HND QLNDNWyU\QDOH \ZSURZDG]Lü
GRSRV]F]HJyOQ\FKSU]HND QLNyZQDZVSyOQHMPDJLVWUDOL
NRPXQLNDF\MQHM:yZF]DVPR QDGRNRQDüLQG\ZLGXDOQHM
SDUDPHWU\]DFMLGDQHJRSU]HND QLNDOXESRá F]\üSU]HND QLNL
GRFHQWUDOQHJRV\VWHPXQDG]RUXSDWU]5\VXQHN0DJLVWUDOD
NRPXQLNDF\MQD56SRZLQQDE\üZ\NRQDQD]DSRPRF
SU]HZRGRZHMVNU WNLHNUDQRZDQHM
'ODSUDZLGáRZHJRSRá F]HQLDPDJLVWUDOLNRPXQLNDF\MQHM56
QDOH \VWRVRZDüZVND]yZNL]DZDUWHZLQVWUXNFMLµ%XV
7HFKQRORJ\LQ,/66\VWHPV¶
3RGá F]HQLH
FL JGDOV]\
$)69(1
,/6$/6720,QWHJUDWHG3URWHFWLRQDQG&RQWURO6\VWHPIRU
6XEVWDWLRQVµILUP\$/6720
$)69(1
3RGá F]HQLH05GRNRPSXWHUD3&SRSU]H]NRQZHUWHULQWHUIHMVX
0,
3RGá F]HQLH
FL JGDOV]\
$)69(1
3Rá F]HQLH05GRPDJLVWUDOLNRPXQLNDF\MQHM56
$)69(1
:V]\VWNLHGDQHZ\PDJDQHGODSDUDPHWU\]DFMLSU]HND QLND
PRJ E\üZSURZDG]RQH]SDQHOX05=$SRPRF SDQHOD
PR QDSU]HF]\WDüZV]\VWNLHGDQHZD QH]SXQNWXZLG]HQLD
HNVSORDWDFML=DSRPRF ORNDOQHJRSDQHODX \ZDM F
GRVW SQ\FKNODZLV]\X \WNRZQLNPR HSRUXV]DüVL SR
ÄGU]HZLDVW\P´PHQXSRG]LHORQ\PQDJDá ]LHSDWU]5\VXQHN
:JDá ]LPHQX]SDUDPHWUDPLSU]\SRPRF\ORNDOQHJRSDQHOD
GRVW SQHV QDVW SXM FHPR OLZR FL
2GF]\WLPRG\ILNDFMDQDVWDZ
.RQILJXUDFMDZHM üELQDUQ\FKZ\M üRUD]GLRG/('
:JDá ]LPHQX]GDQ\PLRSHUDF\MQ\PLSU]\SRPRF\ORNDOQHJR
SDQHODGRVW SQHV QDVW SXM FHPR OLZR FL
2GF]\WDNWXDOQ\FKSRPLDUyZVWDQyZV\JQDOL]DFML
]DSLVDQ\FKGRSDPL FL
2GF]\WLUHVHWOLF]QLNyZ
5HVHWGLRG/('LLQQ\FKNRQWUROQ\FKIXQNFML]ZL ]DQ\FK]
WHVWDPLLSREXG]HQLHP
.RPXQLNDFMD]05MHVWWDN HPR OLZDSU]\Z\NRU]\VWDQLX
SURJUDPXNRPXQLNDF\MQHJR)3&)]DLQVWDORZDQ\QD
NRPSXWHU]HNODV\3&'ODX]\VNDQLDSRá F]HQLD05]3&
QLH]E GQ\MHVWLQWHUIHMVNRPXQLNDF\MQ\0,SDWU]$NFHVRULDL
&] FL=DSDVRZH'OD]PLDQ\SDUDPHWUyZQDVWDZPR OLZH
MHVWX \FLHRSURJUDPRZDQLD)3&&
.RPXQLNDFMD
.RPXQLNDFMD
FL JGDOV]\
$)69(1
05
3DUD
PHWHUV
2SHUDWLRQ
)XQFWLRQ
JURXSV
)XQFWLRQ
JURXSV
'U]HZRPHQX05
.RPXQLNDFMD
&L JGDOV]\
$)69(1
:\ ZLHWODF]L.ODZLDWXUD
/RNDOQ\SDQHOSU]HND QLND]DZLHUDDOIDQXPHU\F]Q\Z\ ZLHWODF]
/&'[V]H üIXQNF\MQ\FKSU]\FLVNyZLGLRG\/('
(
5
7HVW
5N
5N
+
+
+
+
3U]\FLVN
OHZ\
3U]\FLVN
JyUD
3U]\FLVN
SUDZ\
3U]\FLVN
Gyá´
(QWHU
5HVHW
:LGRNSDQHOD05
1DVWDZ\V\JQDOL]DFMHLZDUWR FLSRPLDURZHV Z\ ZLHWORQHQD
Z\ ZLHWODF]XZWU\ELHWHNVWRZ\P0R OLZHMHVWSU]Há F]HQLH
PHQXZSRVWDüPHQXDGUHVRZHJR:WDNLPWU\ELHPHQXSRGDQ\
MHVWDGUHVZLHONR FLRUD]ZDUWR üGDQHMZLHONR FL3U]Há F]HQLH
ZWU\EPHQXDGUHVRZHJRRGE\ZDVL SRSU]H]SU]\FL QL FLH
MHGQRF]H QLHSU]\FLVNXÄ5HVHW´LSU]\FLVNXÄOHZ\´OXEÄSUDZ\´
3RZUyWGRWU\EXWHNVWRZHJRRGE\ZDVL SRSU]H]MHGQRF]HVQH
QDFL QL FLHSU]\FLVNXÄUHVHW´LÄOHZ\´OXEÄSUDZ\´
.RPXQLNDFMD
FL JGDOV]\
$)69(1
:\ ZLHWODF]
:OLQLRZ\PZ\ ZLHWODF]XSRGF]DVSUDF\SRMDZLDVL SDQHO
RSHUDF\MQ\Ä3DQHOV´:W\PSDQHOXZSLHUZV]HMOLQLLMHVW
Z\ ZLHWODQDZDUWR üQDVWDZLRQDZGUXJLHMOLQLLZ\ ZLHWODQDMHVW
ZDUWR ü]PLHU]RQD-H OLZL FHMQL RNQRSDQHOyZ
RSHUDF\MQ\FKFRVHNXQGQDVW SXMHSU]Há F]DQLHGR
QDVW SQHJRRNQDSDQHOX0R OLZHMHVWZ\EUDQHGRRNLHQ
SDQHOyZ
=QDNµ¶OXEµ¶ZVND]XMHXV]NRG]HQLHL]RODFMLQDF] FL'&
QDG]RURZDQHMVLHFL
5N
5N
5N
5N
,!P$
,P$
3U]\NáDGWU]HFKZ\ ZLHWODQ\FKÄ3DQHOL´
.RPXQLNDFMD
&L JGDOV]\
$)69(1
-H OLIXQNFMDNRQWUROLVWDQXL]RODFMLMHVWµ0$,1,QVXOMHVW¶µ1R¶
WRQDZ\ ZLHWODF]XQLHE G]LHVL SRMDZLDüDNWXDOQDZDUWR ü
SRPLDUX]DPLDVWWHJRQDZ\ ZLHWODF]XE G]LH
5N
5 LQGHW
3U]\NáDGZ\ ZLHWODQ\FKLQIRUPDFMLNLHG\IXQNFMDNRQWUROLVWDQX
L]RODFMLMHVWZ\á F]RQD
3RGF]DVSHZQ\FKV\WXDFMLSDQXM F\FKZV\VWHPLH]DVLODM F\P
PR HVWDüVL QLHPR OLZHX]\VNDQLHZSURVW]DNWXDOL]RZDQ\FK
SRPLDUyZ7DNLHV\WXDFMHV Z\ ZLHWODQHZSRVWDFLµV¶GOD
µVHDUFK¶V]XNDQLH'RSyNLQLHQDVW SL]DNWXDOL]RZDQLH
SRPLDUXQDZ\ ZLHWODF]X]QDMGXMHVL SRSU]HGQLSRPLDU
5N
5VN
3U]\NáDGZ\ ZLHWODQ\FKLQIRUPDFMLQDSDQHOXSRGF]DVZ\NRQ\ZDQLD
SURFHGXU\ÄV]XNDQLD´
-H OL]RVWDáSU]\FL QL W\SU]\FLVNZWHG\Z\ ZLHWODQLHWHJR
SDQHOXMHVW]DNR F]RQH:\ ZLHWODQDE G]LHJDá GU]HZD
PHQX
.RPXQLNDFMD
FL JGDOV]\
$)69(1
3U]\FLVN(QWHU
$E\SU]HM üGRWU\EXZSURZDG]DQLDWU]HEDQDFLVQ üSU]\FLVN
(3RQRZQHQDFL QL FLHSRZRGXMHRSXV]F]HQLHWU\EX
ZSURZDG]DQLD$NW\ZDFMDWU\E\ZSURZDG]DQLDMHVW
V\JQDOL]RZDQDSU]H]F]HUZRQ GLRG SU]\SU]\FLVNX(
3U]\FLVN5HVHW3U]\FLVN7HVW
'LRG\ ZLHF FHPRJ E\ü]UHVHWRZDQHSU]H]SU]\FL QL FLH
SU]\FLVNXUHVHW51LHZ\ZLHUDWRZSá\ZXQD]DSLV
NRQWURORZDQ\FKV\JQDáyZGRSDPL FLV\JQDáyZ
,QQHIXQNFMH
SU]\FLVNXUHVHWXM FHJRREHMPXM GH]DNW\ZDFM WU\E
ZSURZDG]DQLDEH] DGQ\FKNRQVHNZHQFMLVSUDZG]HQLHGLRG
RUD]MH OLSU]\FLVN]RVWDáSU]\WU]\PDQ\GáX HMQL VQDVW SXMH
Zá F]HQLHWHVWXIXQNFMRQDOQHJR7HQWHVWSU]HSURZDG]D
ZHZQ WU]Q\WHVWIXQNFMRQDOQ\]V\PXODFM QDXV]NRG]HQLH
L]RODFML3RQDGWRSU]\FLVNUHVHWMH OLMHVWZáD FLZLH
VNRQILJXURZDQ\PR HE\üX \W\GRUHVHWRZDQLDZ\M ü
V\JQDáRZ\FKELQDUQ\FK±IXQNFMDF]\V]F] FDSU]\FLVNX
.RPXQLNDFMD
&L JGDOV]\
$)69(1
3U]\FLVNLNXUVRUyZ
3RSU]H]NODZLV]HNXUVRUyZPR HP\Z\ELHUDüIXQNFMH]PLHQLDü
SDUDPHWU\ZDUWR FLLRGF]\W\ZDüZDUWR FLSRPLDURZH
:\EyUIXQNFML
=DSRPRF NXUVRUyZX \WNRZQLNSRUXV]DVL SRGU]HZLH
Z\ERUX'U]HZRZ\ERUX]DZLHUDNLONDSR]LRPyZZ\ERUX
5R]SRF]\QDM F]GRZROQHJRSR]LRPXX \WNRZQLN
SU]HFKRG]LGRSRGOHJá\FKSR]LRPyZSRUXV]DVL ]OHZHMGR
SUDZHMOXERGZURWQLHSRW\PVDP\PSR]LRPLH=PLDQ
SRPL G]\SR]LRPDPLZ\ERUXGRNRQXMHVL SRSU]H]NXUVRU\
µJyUD¶OXEµGyá¶:\M FLH]QL V]HJRSR]LRPXQDZ\ V]\MHVW
PR OLZH]ND GHJRZ\EUDQHJRSXQNWXPHQX:HM FLHZ
QL V]\SR]LRPZ\ERUXMHVW]DZV]H]GHWHUPLQRZDQHSU]H]
Z\EUDQLHRGSRZLHGQLHMÄIXUWNL´GODND GHJRSRGPHQX
=PLDQDZDUWR FL
=PLDQ ZDUWR FLPR HP\GRNRQDüW\ONRZWU\ELH
ZSURZDG]DQLDLQSXWPRGHNWyU\MHVWV\JQDOL]RZDQ\SR
SU]H] ZLHFHQLHF]HUZRQHMGLRG\SU]\SU]\FLVNXµ(QWHU¶(
:W\PWU\ELHNXUVRU\µJyUD¶LµGyá¶V X \ZDQHGRSRUXV]DQLD
VL Z]DNUHVLHZDUWR FLNWyU\MHVW]GHILQLRZDQ\GODND GHM
IXQNFML]RE³/LVW DGUHVyZ´Z]Dá F]QLNX
.RPXQLNDFMD
FL JGDOV]\
$)69(1
:\M WHN3RGF]DVNRQILJXUDFMLZHM üLZ\M üELQDUQ\FKL
SU]\SRU] GNRZDQLXZVND QLNyZGLRGRZ\FKNXUVRU\µOHZR¶
µSUDZR¶V X \ZDQHGRXVWDZLDQLDSDUDPHWUyZZ]DNUHVLH
RGSRZLHGQLFKZDUWR FL
'U]HZRZ\ERUX
3RQL V]\U\VXQHNLOXVWUXMHSRUXV]DQLHVL SRSU]H]GU]HZR
Z\ERUX
0HQXSR]LRPX 05
î
æ
0HQXSR]LRPX 3DUDPHWU\
2SHUDFMH
Á
Á
0HQXSR]LRPX
*UXS\
)XQNF\MQH
'9,&(/2&3&
,132873/('
0$,1,168/
0&021
/2&,132873
0$,1,168/
07B5&
'U]HZRZ\ERUXSRVLDGDWDN VWUXNWXU HZV]\VWNLHHOHPHQW\
GODXVWDZLHQLDSDUDPHWUyZV XORNRZDQHQDMHGQHMJDá ]L
µ3DUDPHWU\¶3DUDPHWHUV6 RQHSRZL ]DQHLQG\ZLGXDOQLH]
ZV]\VWNLPLXVWDZLDQ\PLSDUDPHWUDPLGODSRV]F]HJyOQ\FKJUXS
IXQNF\MQ\FKLRGZURWQLH'ODSU]\NáDGXZV]\VWNLHXVWDZLDQH
.RPXQLNDFMD
&L JGDOV]\
$)69(1
SDUDPHWU\QDOH FHGRIXQNFMLNRQWUROLVWDQXL]RODFMLV
]JUXSRZDQHZJUXSLHµ,168/µ
:JDá ]LGU]HZDZ\ERUXµ2SHUDWLRQ¶]QDMGXM VL ZV]\VWNLH
HOHPHQW\]ZL ]DQH]REVáXJ 6 WR]PLHU]RQHGDQH
RSHUDF\MQHOLF]QLNLSDUDPHWU\NRQWUROQHLWHVWXM FHSDUDPHWU\
ZHM FLRZHGRSDPL FLLVWDQ\V\JQDáyZ6 RQH
SU]\SRU] GNRZDQHGRLQG\ZLGXDOQ\FKJUXSIXQNF\MQ\FKL
Z\V]F]HJyOQLRQHSRZ\ HM
3RQL V]DSUH]HQWDFMDQDWHPDWSRV]F]HJyOQ\FKVWRSQLNRQWUROL
REMD QLDMDNE G]LH]PLHQLDáVL HNUDQZND G\PZ\SDGNXSR
QDFL QL FLXNXUVRUyZ=DF]HUQLRQ\NZDGUDWQDSUDZRRG
NODZLV]D(QWHUR]QDF]D HF]HUZRQDGLRGDÄ ZLHFL´
2JyOQHSR]ZROHQLHQD]PLDQ\GODZV]\VWNLFKIXQNFML
&KRFLD MHVWPR OLZR üZ\ERUXND GHJRDGUHVXLRGF]\WDQLD
ZDUWR FLSRSU]H]SRUXV]DQLHVL NXUVRUDPLµJyUD¶µGyá¶WRQLH
MHVWPR OLZHSU]Há F]HQLHVL ZSURVWGRWU\EXZSURZDG]DQLD
,QSXWPRGH-HVWWR]DEH]SLHF]HQLHSU]HG]E GQ\PL
SU]\SDGNRZ\PL]PLDQDPLZXVWDZLHQLDFKXU] G]HQLD-H OL
XVWDZLHQLDXU] G]HQLDPDM E\ü]PLHQLRQHQDMSLHUZPXVLE\ü
XDNW\ZQLRQDIXQNFMDSR]ZROHQLDQD]PLDQ\FKDQJHHQDEOLQJ
IXQFWLRQ-HVWWRPR OLZHGRSLHURSRSRNRQDQLXVSHFMDOQHM
EDULHU\GRVW SX]DEH]SLHF]RQHMSU]HGSU]\SDGNRZ DNW\ZDFM
7DVSHFMDOQDEDULHUD]DZLHUDKDVáRµSDVZRUG¶VNáDGDM FHVL ]
]GHILQLRZDQHMNRPELQDFMLNODZLV]\QDFLVNDQ\FKZFL JX
XVWDORQHJRF]DVX
.RPXQLNDFMD
FL JGDOV]\
$)69(1
.URNG]LDáDQLDLMHJRRSLV
']LDáDQLH
:\ ZLHWODF]
$NW\ZQ\3DQHOXVWDZLRQH
SDUDPHWU\RSHUDF\MQHL
DNWXDOL]RZDQHPLHU]RQH
ZDUWR FL
5N
5N
1DFL QLMNXUVRUµ'yá¶
:\ ZLHWORQ\]RVWDQLHSLHUZV]\
SXQNWPHQX]GDQHJRSR]LRPX
Z\ERUX
3DUD
PHWHUV
1DFL QLMNXUVRUÄ3UDZR´
1DVW SQ\SXQNW]WHJRVDPHJR
SR]LRPXPHQXMHVWZ\ ZLHWORQ\
2SHUD
WLRQ
1DFL QLMNXUVRUµ'yá¶
1DVW SQ\SRGSR]LRPPHQXMHVW
SRND]DQ\JUXS\IXQNF\MQH
/2&
1DFL QLMNXUVRUµ'yá¶3LHUZV]\
SXQNW]SR]LRPXÄ*UXS\
IXQNF\MQH´MHVWSRND]DQ\
(QDEOH
1R
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLMNODZLV](QWHU3RMDZL
VL FLH NDZSLVDQLDKDVáD
(
3DVVZRUG
1DFL QLMNXUVRUµ/HZR¶.XUVRU
µ/HZR¶PDZDUWR ü*ZLD]GND
MHVWZ\ ZLHWORQDQDSLHUZV]HM
SR]\FML
3DVVZRUG
1DFL QLMNXUVRUµ3UDZR¶
.XUVRUµ3UDZR¶PDZDUWR ü
*ZLD]GNDMHVWZ\ ZLHWORQDQD
GUXJLHMSR]\FML
3DVVZRUG
1DFL QLMNXUVRUµ*yUD¶.XUVRU
µ*yUD¶PDZDUWR ü*ZLD]GND
MHVWZ\ ZLHWORQDQDWU]HFLHM
SR]\FML
3DVVZRUG
1DFL QLMNXUVRUµ'yá¶.XUVRU
µ'yá¶PDZDUWR ü*ZLD]GND
MHVWZ\ ZLHWORQDQDF]ZDUWHM
SR]\FML
3DVVZRUG
1DFL QLMSU]\FLVN(QWHU
&]HUZRQDGLRGDSU]\SU]\FLVNX
(QWHU]D ZLHFLVL LHOHPHQW
JUXS\IXQNF\MQHMWHUD]]PLHQLRQ\
MHVWZ\ ZLHWORQ\
(
(
.RPXQLNDFMD
FL JGDOV]\
$)69(1
(QDEOH
1R
1DFL QLMNXUVRUÄ'yá¶
:DUWR ü]RVWDQLH]PLHQLRQD
(QDEOH
<HV
1DFL QLMSU]\FLVN(QWHU
&]HUZRQDGLRGD]JD QLH
(
(
=PLDQ\V PR OLZHGOD
ZV]\VWNLFKXVWDZLH SR
Z\NRQDQLXSRZ\ V]\FKNURNyZ
:W\PPRPHQFLHMHVWPR OLZH
]PLHQLDQLHGDOV]\FKXVWDZLH
IXQNF\MQ\FKMH OLMHVWWR
NRQLHF]QH-H OL DGQH]PLDQ\
QLHPDM E\üMX GRNRQ\ZDQH
X \WNRZQLNPR HSRZUyFLüGR
Z\ V]HJRSR]LRPXPHQX
Z\NRQXM FNURNLGR-H OL
QLHE G Z\NRQ\ZDQH DGQH
F]\QQR FLXU] G]HQLHSRZUyFL
VDPRF]\QQLHGRZ\ V]HJR
SR]LRPXSRXSá\ZLHV
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWOLVL Z\ V]\SR]LRP
PHQXSR]LRPJUXS
IXQNF\MQ\FKDQJIXQFWLRQJURXS
SODQH
/2&
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWOLVL Z\ V]\SR]LRP
PHQX
2SHUD
WLRQ
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWOLVL Z\ V]\SR]LRP
PHQX
05
-H OL DGQHF]\QQR FLQLH
E G Z\NRQ\ZDQHZSU]HFL JX
VZ\ ZLHWODF]SU]Há F]\VL
QDSR]LRP3DQHOX3DQHO
GLVSOD\
5N
5N
.RPXQLNDFMD
FL JGDOV]\
$)69(1
)XQNFMDRJyOQHJRXPR OLZLDQLD]PLDQMHVW]DEH]SLHF]RQDSU]HG
SR]RVWDZLHQLHPMHMZVWDQLHDNW\ZQ\PSRGRNRQDQLXZV]\VWNLFK
]PLDQ3RXSá\ZLHVRGRVWDWQLHJRQDFL QL FLDGRZROQHJR
NODZLV]DDXWRPDW\F]QLHSU]Há F]DVL ZWU\E]DEORNRZDQLD
PR OLZR FL]PLDQDZ\ ZLHWODF]UyZQRF]H QLHSU]Há F]DVL ]
GRZROQHJRSXQNWXQDSR]LRPPHQX&]DVSRZURWXMHVW
UHVWDUWRZDQ\JG\]RVWDQLHQDFL QL W\GRZROQ\]V]H FLX
NODZLV]\
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DZHWNLHG\MHVWXDNW\ZQLRQDIXQNFMDSR]ZDODM FDQD]PLDQ\
QLHZV]\VWNLHIXQNFMHPRJ E\ü]PLHQLRQH'ODQLHNWyU\FK
IXQNFMLMHVWNRQLHF]QH]DEORNRZDQLHIXQNFML]DEH]SLHF]HQLRZ\FK
µ0$,13URWQD¶ µ1R¶'RW\F]\WRV]F]HJyOQLHQDVWDZ
]DZDUW\FKZSDUDPHWUDFKNRQILJXUDFMLNWyUHV LVWRWQHGOD
SRSUDZQHJRG]LDáDQLDV\VWHPX
3RQL V]HZDUWR FLXPLHV]F]RQHZNROXPQLHµ=PLDQD¶QDOL FLH
DGUHVRZHM]RE'RGDWHNRNUH ODM NWyUHZDUWR FLPRJ E\ü
]PLHQLRQHDNWyUHQLH
RQ :LHONR üPR HE\ü]PLHQLRQD]DZV]HNLHG\IXQNFMD
]DEH]SLHF]HQLRZDMHVWRGEORNRZDQD
RII :LHONR üPR HE\ü]PLHQLRQD]DZV]HNLHG\IXQNFMD
]DEH]SLHF]HQLRZDMHVW]DEORNRZDQD
:LHONR üPR HE\üRGF]\WDQDDOHQLHPR HE\ü
]PLHQLRQD
.LHG\MHVWDNW\ZQDIXQNFMDSR]ZDODM FDQD]PLDQ\WRIXQNFMD
]DEH]SLHF]HQLRZDPR HE\üRGVWDZLRQDSRSU]H]IXQNFMH
µ0$,13URWRQ¶XVWDZLDM FMHMZDUWR üQD¶1R¶)DEU\F]QLH
XU] G]HQLHPDW QDVWDZ XVWDZLRQ QDµ1R¶IXQNFMH
]DEH]SLHF]HQLRZHRGVWDZLRQH
.RPXQLNDFMD
FL JGDOV]\
$)69(1
=PLDQDQDVWDZ
-H OLZV]\VWNLHZ\PDJDQLDSU]HGVWDZLRQHSRZ\ HMSRWU]HEQH
GODGRNRQDQLD]PLDQV VSHáQLRQHZáD FLZHQDVWDZ\PRJ E\ü
ZSURZDG]RQH
.URNG]LDáDQLDLMHJRRSLV
']LDáDQLH
:\ ZLHWODF]
:\ ZLHWODQHV PLHU]RQH
ZDUWR FLLXVWDZLRQHSDUDPHWU\
5N
5N
1DFL QLMNXUVRUµ'yá¶
:\ ZLHWORQ\MHVWSLHUZV]\
HOHPHQWSR]LRPXGU]HZDPHQX
&RQWUROPRGH
3DUD
PHWHUV
1DFL QLMNXUVRUµ'yá¶
:\ ZLHWORQ\MHVWQDVW SQ\
SR]LRPPHQX
'9,&(
1DFL QLMNXUVRUµ3UDZR¶UD]\
% G Z\ ZLHWODQHVHNZHQF\MQLH
NROHMQHHOHPHQW\WHJRSR]LRPX
PHQX
,168/
1DFL QLMNXUVRUµ'yá¶-HVW
Z\ ZLHWODQ\SLHUZV]\SDUDPHWU
JUXS\IXQNF\MQHMµ,168/¶
5
N
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLM(QWHU=D ZLHFLVL
F]HUZRQDGLRGDSRSUDZHM
VWURQLHSU]\FLVNX(QWHU
(
(
1DFL QLMLWU]\PDMNXUVRUµ'yá¶
WDNGáXJRD SRMDZLVL GDQD
ZDUWR üQDVWDZ\:\ ZLHWORQD
]RVWDQLHZDUWR üQDVWDZ\
5
N
1DFL QLMNODZLV](QWHU
=JD QLHF]HUZRQDGLRGDSR
SUDZHMVWURQLH(QWHULXU] G]HQLH
SUDFXMH]QRZ QDVWDZLRQ
ZDUWR FL
(
(
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQXIXQFWLRQJURXSSODQH
,168/
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
3DUD
PHWHUV
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
05
.RPXQLNDFMD
FL JGDOV]\
$)69(1
-H OL DGQHF]\QQR FLQLH
]RVWDQ Z\NRQDQHZSU]HFL JX
VZ\ ZLHWODF]SU]HMG]LHGR
SR]LRPXµ3DQHO¶
5N
5N
2GF]\WSDPL FLNRQWURORZDQ\FKV\JQDáyZ
3DPL üNRQWURORZDQ\FKV\JQDáyZPR HE\üRGF]\WDQDSRSU]H]
RGSRZLHGQLHIXQNFMH1LHMHVWZ\PDJDQHDNW\ZRZDQLHIXQNFML
SR]ZDODM FHMQD]PLDQ\GODZ\NRQDQLDWHMF]\QQR FL
.URNF]\QQR FLLMHJRRSLV
']LDáDQLH
:\ ZLHWODF]
:\ ZLHWODQHV PLHU]RQH
ZDUWR FLLXVWDZLRQHSDUDPHWU\
5N
5N
1DFL QLMNXUVRUµ'yá¶
:\ ZLHWORQ\MHVWSLHUZV]\
HOHPHQWSR]LRPXGU]HZDPHQX
3DUD
PHWHUV
1DFL QLMNXUVRUµ3UDZR¶
1DVW SQ\SXQNWPHQX]WHJR
VDPHJRSR]LRPXMHVW
Z\ ZLHWORQ\
2SHUD
WLRQ
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLMNXUVRUµ'yá¶
:\ ZLHWORQ\MHVWQDVW SQ\
HOHPHQWSR]LRPXGU]HZDPHQX
IXQFWLRQJURXSV
/2&
1DFL QLMNXUVRUµ3UDZR¶UD]\
6HNZHQF\MQLHE G VL
Z\ ZLHWODQHNROHMQHSXQNW\WHJR
VDPHJRSR]LRPX
07 5&
1DFL QLMNXUVRUµ'yá¶
:\ ZLHWORQ\MHVWSLHUZV]\
HOHPHQW]JUXS\IXQNFMLµ07B5&¶
LOLF]EDZSLVDQ\FKGRSDPL FL
NRQWURORZDQ\FKV\JQDáyZQS
1RZDUQ
1DFL QLMNXUVRUµ3UDZR¶
:\ ZLHWORQ\MHVWQDVW SQ\
HOHPHQWJUXS\IXQNF\MQHM
5HVHW
'R1RW([H
1DFL QLMNXUVRUµ3UDZR¶
:\ ZLHWORQ\MHVWQDVW SQ\
HOHPHQWJUXS\IXQNF\MQHM
5HFRUGV
æ
.RPXQLNDFMD
FL JGDOV]\
$)69(1
1DFL QLMNXUVRUµ'yá¶
:\ ZLHWORQ\MHVWSLHUZV]\]
]DSLVDQ\FKGRSDPL FL
V\JQDáyZ-H OLGRSDPL FLQLH
]RVWDá\]DSLVDQH DGQHV\JQDá\
WRWHQSR]LRPQLHE G]LH
GRVW SQ\
6)021
&OG5VW&6
1DFL QLMNXUVRUµ3UDZR¶
:\ ZLHWORQ\MHVWQDVW SQ\]
]DSLVDQ\FKV\JQDáyZ
6)021
3DUDP&6(
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
5HFRUGV
æ
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQXIXQFWLRQJURXSV
07 5&
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
2SHUD
WLRQ
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
05
-H OLZFL JXVQLHQDVW SL
DGQHG]LDáDQLHZ\ ZLHWODF]
SU]HMG]LHGRWU\EXµ3DQHO¶
5N
5N
.RPXQLNDFMD
FL JGDOV]\
$)69(1
/RNDOQHSR]ZROHQLHQD]PLDQ\GODSRMHG\QF]\FK
ZLHONR FLLIXQNFMLVWHUXM F\FK
3RMHG\QF]HIXQNFMHOXEIXQNFMHVWHUXM FHPRJ E\ü
LQG\ZLGXDOQLH]PLHQLRQHOXELQLFMRZDQHSRZSURZDG]HQLXKDVáD
3RQL V]\SU]\NáDGREUD]XMH]PLDQ QDVWDZ\SDUDPHWUX5
]DEH]SLHF]RQHJRKDVáHP
.URNG]LDáDQLD
']LDáDQLH
:\ ZLHWODF]
:\ ZLHWODQHV PLHU]RQH
ZDUWR FLLXVWDZLRQHSDUDPHWU\
5N
5N
1DFL QLMNXUVRUµ'yá¶3LHUZV]\
HOHPHQW]QL V]HJRSR]LRPXMHVW
Z\ ZLHWORQ\
3DUD
PHWHUV
1DFL QLMNODZLV]µ'yá¶
:\ ZLHWORQDMHVWSLHUZV]DJUXSD
IXQNF\MQDGODZ\EUDQHJRPHQX
'9,&(
1DFL QLMNXUVRUµ3UDZR¶UD]\
:\ ZLHWODQHV VHNZHQF\MQLH
NROHMQHSXQNW\WHJRVDPHJR
SR]LRPXPHQX
,168/
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLMNXUVRUµ'yá¶
:\ ZLHWORQ\MHVWSLHUZV]\SXQNW
]JUXS\µ,168/¶
5
N
1DFL QLM(QWHU:\ ZLHWORQD
MHVW FLH NDZSURZDG]DQLD
KDVáD:W\PSU]\NáDG]LHMHVW
X \WHIDEU\F]QHKDVáRµ¶
(
3DVVZ"
1DFL QLMNXUVRUµ/HZR¶
.XUVRUµ/HZR¶PDZDUWR ü
*ZLD]GNDMHVWZ\ ZLHWORQDQD
SLHUZV]HMSR]\FML
3DVVZ"
1DFL QLMNXUVRUµ3UDZR¶
.XUVRUµ3UDZR¶PDZDUWR ü
*ZLD]GNDMHVWZ\ ZLHWORQDQD
GUXJLHMSR]\FML
3DVVZ"
1DFL QLMNXUVRUµ*yUD¶.XUVRU
µ*yUD¶PDZDUWR ü*ZLD]GND
MHVWZ\ ZLHWORQDQDWU]HFLHM
SR]\FML
3DVVZ"
1DFL QLMNXUVRUµ'yá¶.XUVRU
µ'yá¶PDZDUWR ü*ZLD]GND
MHVWZ\ ZLHWORQDQDF]ZDUWHM
SR]\FML
3DVVZ"
.RPXQLNDFMD
FL JGDOV]\
$)69(1
1DFL QLM(QWHU&]HUZRQD
GLRGDSRSUDZHMVWURQLH
SU]\FLVNX(QWHU]D ZLHFLVL L
Z\ ZLHWOLVL ZDUWR üGR
QDVWDZLHQLD
(
5
N
(
1DFL QLMLWU]\PDMNXUVRU
µ'yá¶GRSyNLQLHZ\ ZLHWOLVL
SR GDQDZDUWR ü
5
N
1DFL QLM(QWHU&]HUZRQD
GLRGD]JD QLHLXU] G]HQLH
UR]SRF]QLHSUDF ]QRZ
ZDUWR FL
(
(
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQXIXQFWLRQJURXSSODQH
,168/
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
3DUD
PHWHUV
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLMNXUVRUµ*yUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
05
-H OLZFL JXVQLHQDVW SL
DGQHG]LDáDQLHZ\ ZLHWODF]
SU]HMG]LHGRWU\EXµ3DQHO¶
5N
5N
.RPXQLNDFMD
FL JGDOV]\
$)69(1
=PLDQDKDVáD
+DVáRVNáDGDVL ]VHNZHQFMLNODZLV]\NXUVRUyZPD[LPR H
E\ü]PLHQLRQHZND G\PPRPHQFLH'RND GHJRNODZLV]DMHVW
SU]\SLVDQDSHZQDZDUWR ü
:DUWR üµ¶MHVWSU]\SLVDQDGRNXUVRUDµOHZR¶
:DUWR üµ¶MHVWSU]\SLVDQDGRNXUVRUDµSUDZR¶
:DUWR üµ¶MHVWSU]\SLVDQDGRNXUVRUDµJyUD¶
:DUWR üµ¶MHVWSU]\SLVDQDGRNXUVRUDµGyá¶
3RQL V]\SU]\NáDGLOXVWUXMHMDNQDOH \]PLHQLüIDEU\F]QLH
XVWDZLRQHKDVáRµ¶
.URNG]LDáDQLDLMHJRRSLV
']LDáDQLH
:\ ZLHWODF]
:\ ZLHWODQHV PLHU]RQH
ZDUWR FLLXVWDZLRQHSDUDPHWU\
5N
5N
1DFL QLMNXUVRUµGyá¶
:\ ZLHWORQ\MHVWSLHUZV]\
HOHPHQW]SR]LRPXSLHUZV]HJR
PHQX
3DUD
PHWHUV
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLMNXUVRUµGyá¶1DVW SQ\
SR]LRPPHQXMHVWZ\ ZLHWORQ\
SR]LRPJUXSIXQNF\MQ\FK
'9,&(
1DFL QLMNXUVRUµ3UDZR¶
:\ ZLHWORQDMHVWQDVW SQD
JUXSDIXQNF\MQDWHJRHOHPHQWX
/2&
1DFL QLMNXUVRUµGyá¶
:\ ZLHWORQ\MHVWSLHUZV]\
SDUDPHWUJUXS\IXQNF\MQHMµ/2&¶
/DQJXDJH
(QJOLVK
1DFL QLMNXUVRUµSUDZR¶
1DVW SQ\SDUDPHWUJUXS\
IXQNF\MQHMµ/2&¶MHVW
Z\ ZLHWODQ\
3DVVZRUG
1DFL QLMNODZLV](QWHU
:\ ZLHWODVL GDQLHSRGDQLD
KDVáD
(
3DVVZ"
1DFL QLMNXUVRUµOHZR¶.XUVRU
µOHZR¶SRVLDGDZDUWR ü
3RMDZLDVL JZLD]GNDQDSR]\FML
SLHUZV]HM
3DVVZ"
.RPXQLNDFMD
FL JGDOV]\
$)69(1
1DFL QLMNXUVRUµSUDZR¶
.XUVRUµSUDZR¶PDZDUWR ü
3RMDZLDVL JZLD]GNDQD
SR]\FML
3DVVZ"
1DFL QLMNXUVRUµJyUD¶.XUVRU
µJyUD¶PDZDUWR ü3RMDZLDVL
JZLD]GNDQDSR]\FMLWU]HFLHM
3DVVZ"
1DFL QLMNXUVRUµGyá¶.XUVRU
µGyá¶PDZDUWR ü3RMDZLDVL
JZLD]GNDQDSR]\FMLF]ZDUWHM
3DVVZ"
1DFL QLM(QWHU&]HUZRQD
GLRGDQDSUDZRRG(QWHU
]D ZLHFLVL LWHUD]PR QD
ZSURZDG]LüQRZHKDVáR:
SRQL V]\PSU]\NáDG]LHMHVW
ZSURZDG]RQHKDVáRµ¶
(
3DVVZRUG
B
(
.RPXQLNDFMD
&L JGDOV]\
$)69(1
1DFL QLMNXUVRUµOHZR¶
.XUVRUµOHZR¶PDZDUWR ü
*ZLD]GNDSRMDZLDVL QD
PLHMVFXSLHUZV]\P-H OLZW\P
PRPHQFLHQDVW SLSRQRZQH
QDFL QL FLH(QWHU]DPLDVW
µOHZR¶KDVáRE G]LH
GH]DNW\ZRZDQHW]QZV]\VWNLH
]PLDQ\QDVWDZE G PR OLZH
EH]SRWU]HE\SRGDZDQLDKDVáD
3DVVZRUG
1DFL QLMNXUVRU¶OHZR¶
'RGDQDMHVWJZLD]GNDQDGUXJ
SR]\FM
3DVVZRUG
1DFL QLMNXUVRU¶OHZR¶
'RGDQDMHVWJZLD]GNDQDWU]HFL
SR]\FM
3DVVZRUG
1DFL QLMNXUVRU¶OHZR¶
'RGDQDMHVWJZLD]GNDQD
F]ZDUW SR]\FM
3DVVZRUG
1DFL QLM(QWHU:\ ZLHWODF]
MHVWF]\VW\LZ\PDJDQHMHVW
SRWZLHUG]HQLHQRZHJRKDVáD
(
&RQILUP
B
.RPXQLNDFMD
FL JGDOV]\
$)69(1
:FHOXSRWZLHUG]HQLD
QRZHJRKDVáDZ\PDJDQHV
NURNLRGGR
1DFL QLM(QWHU&]HUZRQD
GLRGDSRSUDZHMVWURQLHNODZLV]D
(QWHU]JD QLHLQRZHKDVáRZ
QDV]\PSU]\NáDG]LHµ¶MHVW
SRWZLHUG]RQH:SU]\SDGNX
ZSURZDG]HQLDEá GQHJRKDVáD
X \WNRZQLNMHVWDXWRPDW\F]QLH
SU]HU]XFDQ\GRNURNX-H OL
]RVWDáQDFL QL W\NODZLV]5HVHW
ZNURNXWRQRZHKDVáR
]RVWDQLHRGU]XFRQH
(
3DVVZRUG
1DFL QLMNXUVRUµJyUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
/2&
1DFL QLMNXUVRUµJyUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
3DUD
PHWHUV
1DFL QLMNXUVRUµJyUD¶
:\ ZLHWORQ\MHVWZ\ V]\SR]LRP
PHQX
05
.RPXQLNDFMD
&L JGDOV]\
$)69(1
-H OLQLHQDVW SL DGQH
G]LDáDQLHZFL JXVZ\ ZLHWODF]
VDPRLVWQLHSU]HMG]LHGR
Z\ ZLHWODQLDµ3DQHOX¶
5N
5N
-H OLSRGF]DVSRGDQLDQDSL FLDQDVW SLMHGQRF]HVQH
QDFL QL FLHF]WHUHFKNODZLV]\NXUVRUyZWRQDZ\ ZLHWODF]XQD
PRPHQWE G]LHZLGRF]QHKDVáR
$)69(1
8U] G]HQLHGREDGDQLDVWDQXL]RODFML05PXVLE\ü
VNRQILJXURZDQHRGSRZLHGQLRGRVLHFLHQHUJHW\F]QHMZNWyUHM
SUDFXMH7HQUR]G]LDá]DZLHUDLQVWUXNFM VSRVREX]PLDQ\
RGSRZLHGQLFKQDVWDZ/LVWDDGUHVRZD]DZDUWDZ=Dá F]QLNX
]DZLHUDZV]\VWNLHSDUDPHWU\]]DNUHVDPLQDVWDZLNURNLHP
QDVWDZ\OXEWDEHO Z\ERUXSDWU]VHNFMDµ3DUDPHWU\¶
8U] G]HQLHMHVWGRVWDUF]DQH]QDVWDZDPLIDEU\F]Q\PL
SRGNUH ORQDZDUWR FLQDOL FLHDGUHVRZHM-HGQDN HGOD
QDVW SXM F\FKIXQNFMLXVWDZLHQLDIDEU\F]QHUy QL VL RG
QDVWDZGRP\ OQ\FK
)XQNFMD
3U]\SLVDQDIXQNFMD
NRQILJXUDFMDSU]\Z\V\áFH
,138
,168/7HVW;
,138
0$,15HVHW;
2873.
,168/W5HODS
2873.
,168/W5HODS
/('+
,168/W5HODS
/('+
,168/W5HODS
0$,1,QVXORQ
<HV
2873%O2XWS/
1R
3RPLPR HNRQILJXUDFMDIDEU\F]QDE G]LHRGSRZLHGQLDGOD
ZL NV]R FL]DVWRVRZD SURVLP\VSUDZG]LüF]\MHVWSRSUDZQD
GOD3D VWZDXNáDGX
1DVWDZ\
1DVWDZ\
FL JGDOV]\
$)69(1
'RP\ OQHQDVWDZ\]DZDUWHQDOL FLHDGUHVRZHMV XDNW\ZQLRQH
SR]LPQ\PUHVWDUFLH3U]HND QLNLV\JQDáRZHZ\M FLRZH
05V ]DEORNRZDQHLIXQNFMHSRPLDURZHV Z\á F]RQHZ
WDNLPZ\SDGNX3U]\]LPQ\PUHVWDUFLHZV]\VWNLHQDVWDZ\
PXV] E\üSRQRZQLHZSLVDQH
'9,&('HYW\SH
-HVWZ\ ZLHWODQHR]QDF]HQLHXU] G]HQLD7HQ
RSLVQLHPR HE\ü]PLHQLDQ\
'9,&($X[YROW
3RPRFQLF]HQDSL FLH]DVLODQLD
'9,&(1RPYROW
=QDPLRQRZHQDSL FLHGODV\VWHPX,7
'9,&('DWPRG
:\ ZLHWODQDZDUWR üLQIRUPXMHRPRGHOX
GDQ\FKNWyU\PXVLE\ü]DLQVWDORZDQ\QD
NRPSXWHU]HDE\SURJUDP)3&)&PyJá
ZVSyáSUDFRZDü]057DZDUWR üQLHPR H
E\ü]PLHQLRQD
'9,&(6:YHUV
:\ ZLHWODQDMHVWZHUVMDRSURJUDPRZDQLD
]DLQVWDORZDQDQDW\PXU] G]HQLX7DZDUWR üQLH
PR HE\ü]PLHQLRQD
/2&/DQJXDJH
:WHMQDVWDZLHPR QDZ\EUDüM ]\NZNWyU\P
E G Z\ ZLHWODQHNRPXQLNDW\
/2&3DVVZRUG
7DQDVWDZDMHVWX \ZDQDGR]PLDQ\KDVáD
1DVWDZ\
FL JGDOV]\
$)69(1
/2&'LVS5
7DQDVWDZDRNUH ODNLHG\ZDUWR üRSHUDF\MQD5
LMHMXDNWXDOQLDQDZDUWR üSRPLDUXPDM E\ü
ZLGRF]QHZWU\ELHZ\ ZLHWODQLDMDNR3DQHO
/2&'LVS5
7DQDVWDZDRNUH ODNLHG\ZDUWR üRSHUDF\MQD
5LMHMXDNWXDOQLDQDZDUWR üSRPLDUXPDM E\ü
ZLGRF]QHZWU\ELHZ\ ZLHWODQLDMDNR3DQHO
/2&'LVS,!
7DQDVWDZDRNUH ODNLHG\ZDUWR üRSHUDF\MQD,!L
MHMXDNWXDOQLDQDZDUWR üSRPLDUXPDM E\ü
ZLGRF]QHZWU\ELHZ\ ZLHWODQLDMDNR3DQHO
3&%D\DGG
3&'HYDGG
$GUHVXU] G]HQLDX \ZDQ\GRLGHQW\ILNDFML
SU]HND QLNDJG\QDZL ]\ZDQDMHVWNRPXQLNDFMD
SRSU]H]á F]HV]HUHJRZHSU]\QDVWDZLHWU\EX
G]LDáDQLDµEXG¶$GUHVµ%D\¶DGUHVMHGQRVWNL
NRPXQLNDF\MQHMRUD]DGUHVXU] G]HQLDPXV]
E\üLGHQW\F]QH
1DVWDZ\
FL JGDOV]\
$)69(1
3&2SPRGH
1DVWDZDRNUH ODM FDF]\NRPXQLNDFMDSRSU]H]
LQWHUIHMVMHVWZWU\ELHµVLQJOH¶EDXGF]\Z
WU\ELHµEXV¶EDXW
,138
,138
/('
3U]\SLVDQLHIXQNFMLGRZHM ü.LHG\ZHM FLH
SRVLDGDSU]\SRU] GNRZDQ IXQNFM MHVWWR
DNW\ZRZDQHSRSU]H]]DPNQL FLHOXERWZDUFLH
ZHM FLD]DOH QLHRGQDVWDZQDDGUHVDFK
Z\NRU]\VWXM F]ZRU OXE
]HZQ WU]Q\SU]\FLVN
)XQNFMHPR OLZHGRSU]\SLVDQLD
ZRIFW
%H]IXQNFML
,168/7HVW;
LQLFMDFMDWU\EXWHVWRZDQLD
2873%O2XWS;
EORNRZDQLHG]LDáDQLDZ\M ü
28735HVHW;
NDVRZDQLHG]LDáDQLDZ\M ü
/('5HVHW;
NDVRZDQLDG]LDáDQLDGLRG/('¶6
0$,15HVHW;
.DVRZDQLHG]LDáDQLDZ\M üLGLRG/HG
1DVWDZ\
FL JGDOV]\
$)69(1
,132S8
,132S8
:\EyUWU\EXSUDF\GODREXZHM ü:\EyUURG]DMX
SREXG]DQLDSU]\SLVDQHMGRZHM FLDIXQNFMLMHVW
SREXG]DQDRG]ZDUFLDWU\EµKLJK¶OXERG
UR]ZDUFLDZHM FLDWU\EµORZ¶
2873%O2XWS/
8DNWXDOQLHQLHPR OLZR FLEORNRZDQLDG]LDáDQLD
SU]HND QLNyZZ\M FLRZ\FK
1DVWDZ\
FL JGDOV]\
$)69(1
2873.
2873.
!
!
3U]\SRU] GNRZDQLHIXQNFMLGRZ\M ü
SU]HND QLNyZZ\M FLRZ\FK
ZRIFW
%H]IXQNFML
0$,1%O)OW
=DEORNRZDQLHXV]NRG]HQLH
6)021:DUQLQJ 2VWU]H HQLH]IXQNFML6)021
,168/6WDUW5
6SDGHNUH]\VWDQFMLL]RODFMLSRQL HM5
,168/6WDUW5
6SDGHNUH]\VWDQFMLL]RODFMLSRQL HM5
,168/W5HODS
2Sy QLHQLHG]LDáDQLDW5XSá\QHáR
,168/W5HODS
2Sy QLHQLHG]LDáDQLDW5XSá\Q áR
,168/W5
2Sy QLHQLHG]LDáDQLDW5OXEW5
XSá\Q áR
,168/6WDUW,!
3U]HNURF]RQDZDUWR üG]LDáDQLDGOD,!
,168/W,!HODS
2Sy QLHQLHG]LDáDQLDW,!XSá\Q áR
28735HVHW;
=HZQ WU]QHNDVRZDQLDZ\M ü
/('5HVHW;
=HZQ WU]QHNDVRZDQLDGLRG/('¶V
0&021&RQ0WUJ 3REXG]RQDNRQWURODSRá F]H
,168/7HVWPRG
5R]UXFKZHZQ WU]QHMIXQNFMLWHVWRZDQLD
!1LHRVL JDOQHGODZHUVML
1DVWDZ\
FL JGDOV]\
$)69(1
28732S.
28732S.
8VWDZLHQLDGODZ\M ü
8SGDWHG
7U\EVDPRXDNWXDOQLDQLD
0DQUVHW
=DWU]DVNNDVRZDQLHSRSU]H]
NODZLV]5HVHWOXESRSU]H]
]HZQ WU]QHZHM FLH]SU]\SLVDQ
IXQNFM µ28735HVHW;¶OXE
µ0$,15HVHW;¶
)OWUHV
=DWU]DVNNDVRZDQLHZ
SU]\SDGNXSRQRZQHJRVWDUWX
XSGDWHG
6DPRXDNWXDOQLHQLHZWU\ELH
QRUPDOQLHSREXG]RQ\Z\M FLH
QRUPDOQLHSREXG]RQH
PDQUVW
-DNZXVWDZLHQLXDOHZWU\ELH
QRUPDOQLH]ZDUW\P
1DVWDZ\
FL JGDOV]\
$)69(1
2873)ODVK.
2873)ODVK.
:\EUDQLHWU\EX]HJDURZHJRGODZáD FLZHJR
SU]HND QLNDZ\M FLRZHJR
28735HVHWNH\
:\EyUF]\Z\M FLDE G NDVRZDQHNLHG\
]RVWDQLHQDFL QL W\NODZLV]5HVHW:SU]\SDGNX
XVWDZLHQLDQDµ1R¶SU]\FL QL FLH5HVHWE G]LH
SRZRGRZDáRW\ONRVNDVRZDQLH ZLHFHQLDGLRG
/('+
/('+
/('+
/('+
!
!
3U]\SLVDQLHIXQNFMLGLRGRP/('+L+
3U]\SLVDQHIXQNFMLGRGLRG+L+QLHPRJ E\ü
]PLHQLRQH
0R OLZHIXQNFMH
ZRIFW
%H]IXQNFML
,168/6WDUW5
6SDGHNUH]\VWDQFMLL]RODFMLSRQL HM5
,168/6WDUW5
6SDGHNUH]\VWDQFMLL]RODFMLSRQL HM5
,168/W5HODS
2Sy QLHQLHG]LDáDQLDW5XSá\Q áR
,168/W5HODS
2Sy QLHQLHG]LDáDQLDW5XSá\Q áR
,168/W5
2Sy QLHQLHG]LDáDQLDW5OXEW5XSá\Q áR
,168/6WDUW,!
3U]HNURF]RQDZDUWR üGOD,!
,168/W,!HODS
2Sy QLHQLHG]LDáDQLDW,!XSá\Q áR
2873%O2XWS;
=HZQ WU]QHEORNRZDQLHZ\M ü
28735HVHW;
=HZQ WU]QHNDVRZDQLHZ\M ü
0&021&RQ0WUJ
3REXG]HQLHNRQWUROLSRá F]H
,168/7HVWPRG
5R]SRF] FLHVDPRWHVWRZDQLD
1LHGRVW SQHGODZHUVML
1DVWDZ\
FL JGDOV]\
$)69(1
/('2S+
/('2S+
:\EyUWU\EXG]LDáDQLDGLRG/('
8SGDWHG
VDPRXDNWXDOQLDQLH
0DQUVHW
=DWU]DVNNDVRZDQLHSRSU]H]
SU]\FLVN5HVHWOXE]HZQ WU]QH
ZHM FLH]SU]\SLVDQ IXQNFM
µ/('5HVHW;¶OXE
µ0$,15HVHW;¶
)OWUHV
=DWU]DVNNDVRZDQLHSU]\
SRQRZQ\PVWDUFLH
XSGDWHG
6DPRXDNWXDOQLDQLHZWU\ELH
QRUPDOQLHSREXG]RQ\Z\M FLH
QRUPDOQLHSREXG]RQH
PDQUVW
-DNZSXQNFLHDOHZWU\ELH
QRUPDOQLHSREXG]RQ\
/(')ODVK+
/(')ODVK+
:\EyUWU\EX ZLHFHQLDGODRGSRZLHGQLHMGLRG\
/('
1DVWDZ\
FL JGDOV]\
$)69(1
0$,1,QVXORQ
=Dá F]HQLHOXERGVWDZLHQLHIXQNFML
]DEH]SLHF]HQLRZ\FK3DUDPHWU\R]QDF]RQHQD
OL FLHDGUHVRZHMµRII¶PRJ E\ü]PLHQLRQHW\ONR
SU]\RGVWDZLRQ\FKIXQNFMDFK
]DEH]SLHF]HQLRZ\FK
,168/5
1DVWDZDSLHUZV]HJRVWRSQLD5
,168/5
1DVWDZDGUXJLHJRVWRSQLD5
,168/W5
1DVWDZDRSy QLHQLDZG]LDáDQLXGODSLHUZV]HJR
VWRSQLD
,168/W5
1DVWDZDRSy QLHQLDG]LDáDQLDGODGUXJLHJR
VWRSQLD
1DVWDZ\
FL JGDOV]\
$)69(1
,168/,!
!
1DVWDZDZDUWR FLG]LDáDQLDVWRSQLDSU GRZHJR
GODV]\ENLHJRZ\á F]HQLDSU GX'&]REDF]U\V
:DUWR FL NWyU VL QDVWDZLDMHVWSU G
,
RS
'&Sá\Q F\SRSU]H]XV]NRG]RQ L]RODFM L
UH]\VWDQFM QDJUDQLF\DNFHSWDFML]DOH QLHRG
DSOLNDFML
,168/W,!
!
1DVWDZDRSy QLHQLDG]LDáDQLDSURJXSU GRZHJR
5N2KP
,RS'&P$
9QRP 9$&
9QRP 9$&
9QRP 9$&
&KDUDNWHU\VW\NDZ\]ZDODQLDGODV]\ENLHJRZ\]ZDODQLD!
!1LHGRVW SQ\GODZHUVML
1DVWDZ\
FL JGDOV]\
$)69(1
,168/9LQ$GDSW
:SU]\SDGNXX \ZDQLD0=GODSRGQLHVLHQLD
QDSL FLDZHM FLRZHJRZWHG\W QDVWDZ QDOH \
XVWDZLüQDµ<HV¶
,168/&*PD[
1DVWDZDGODPDNV\PDOQHMSRMHPQR FLV\VWHPX
1DVWDZ\
FL JGDOV]\
$)69(1
,168/0HDVSU
!
!
:\EyU]DVDG\SRPLDUyZ
3XOVH
=DVDGDSRPLDURZD
SU]H]QDF]RQDGODV\VWHPX,7]
HOHNWU\F]QLHSRá F]RQ\PL
VLHFLDPL'&L$&
'&
7D]DVDGDSRPLDUXMHVW
SU]H]QDF]RQDW\ONRGODV\VWHPX
'&
9'&SXOVH
=DVDGDSRPLDURZD
SU]H]QDF]RQDGODV\VWHPX,7]
HOHNWU\F]QLHSRá F]RQ\PL
VLHFLDPL'&L$&
'RGDWNRZR]DOH QLHRGQDVWDZ\
ZDUWR FLG]LDáDQLD,168/,!
QLHV\PHWU\F]QH]ZDUFLHSR
VWURQLH'&PR HE\ü
EH]]ZáRF]QLHV\JQDOL]RZDQH
!1LHGRVW SQHGODZHUVML
1DVWDZ\
FL JGDOV]\
$)69(1
,168/W5HQDE
,168/W5HQDE
!
!
!
!
!
:\EUDQ\F]\SRZLQQRE\üV\JQDOL]RZDQH
XV]NRG]HQLHL]RODFMLZVLHFL$&LOXE'&QD
RGSRZLHGQLPVWRSQLX
-HGHQ]HVWRSQLPXVLE\ü
Z\EUDQ\MDNRµ$&'&¶
:áD FLZHV QDVW SXM FHNRPELQDFMHXVWDZLH
3RPLDU,168/,168/
=DVDGDW5HQDEW5HQDE
3XOVH$&'&$&'&
3XOVH$&'&$&RQO\
3XOVH$&'&'&RQO\
3XOVH$&'&'&RQO\
3XOVH$&'&'&RQO\
'&$&'&$&'&
9'&SXOVH$&'&$&'&
9'&SXOVH$&'&'&RQO\
9'&SXOVH$&'&'&RQO\
9'&SXOVH$&'&'&RQO\
!1LHGRVW SQHGODZHUVML
1DVWDZ\
FL JGDOV]\
$)69(1
0&021:&RQ0RQ
=Dá F]HQLHOXERGVWDZLHQLHNRQWUROLFL JáR FL
REZRGXSRPLDURZHJR-H OLWDIXQNFMDMHVW
]Dá F]RQDREZyGSRPLDURZ\MHVWQDELH FR
VSUDZG]DQ\.LHG\QDVW SXMHSU]HUZDQLH
REZRGXSRPLDURZHJR]RVWDMHZSURZDG]DQ\GR
SDPL FLV\JQDáRVWU]HJDZF]\3RQLHZD
SU]HUZDQLHREZRGXXQLHPR OLZLDZáD FLZ\
SRPLDUUH]\VWDQFMLL]RODFMLNRQWURORZDQLHREZRGX
SRPLDURZHJRSRZLQQRVL RGE\ZDüEH] DGQ\FK
RSy QLH F]DVRZ\FK
.RQWURODREZRGX
SRPLDURZHJRMHVWGRVW SQDW\ONRSU]\Z\EUDQHM
]DVDG]LHSRPLDURZHMµSXOVH¶Lµ9'&SXOVH¶
$)69(1
05JHQHUXMHGX OLF]E V\JQDáyZVWDQ\ZHM üELQDUQ\FK
RUD]]DSDPL WDQHZDUWR FLPLHU]RQHSRGF]DVVWDQyZ
EH]]DNáyFHQLRZ\FK7HLQIRUPDFMHPRJ E\üRGF]\WDQH]
SDQHOXNRQWUROQHJRXU] G]HQLDMDNUyZQLH QXPHUIXQNFML
NRQWUROQHMGODMHJRXVWDZLDQLDWHVWRZDQLDLUHVHWRZDQLD/LVWD
DGUHVRZDZVHNFMLµ2SHUDWLRQ¶]DZLHUDZV]\VWNLHSDUDPHWU\
/2&(QDEOH]H]ZROHQLH
3RZRGXMH]H]ZROHQLHQD]PLDQ QDVWDZ\SR
SU]H]SDQHONRQWUROQ\
,136WDWH8
,136WDWH8
$NWXDOQHVWDQ\ZHM üV Z\ ZLHWODQHZ
QDVW SXM F\VSRVyE
o 2SLVµ/RZ¶:HM FLHQLHMHVW]ZDUWH
o 2SLVµ+LJK¶:HM FLH]ZDUWH
28735HVHW/
5HVHWRZDQLHZ\M ü
,QIRUPDFMHLIXQNFMHNRQWUROQH
,QIRUPDFMHLIXQNFMHNRQWUROQH
FL JGDOV]\
$)69(1
28732XWSEO
-HVWZ\ ZLHWODQ\DNWXDOQ\RG ZLH DQ\VWDQ
RGQR QLHEORNDG\Z\M üSU]HND QLNRZ\FK
28736WDWH.
28736WDWH.
$NWXDOQHVWDQ\Z\M üV Z\ ZLHWODQHZ
QDVW SXM F\VSRVyE
o 2SLVµLQDFWLYH¶:\M FLHQLHMHVW]ZDUWH
o 2SLVµDFWLYH¶:\M FLH]ZDUWH
28735HVHW;
:\ ZLHWODQ\MHVWXDNWXDOQLDQ\VWDQF]\PLDáR
PLHMVFHUHVHWRZDQLHXU] G]HQLDSRSU]H]
ZHM FLHGZXVWDQRZH
28735HVHW
:\ ZLHWODQ\MHVWXDNWXDOQLDQ\VWDQF]\PLDáR
PLHMVFHUHVHWRZDQLHXU] G]HQLDSRSU]H]SDQHO
NRQWUROQ\OXENODZLV]5HVHW
0$,1&ROGUVW
:\NRQ\ZDQLH]LPQHJRUHVWDUWX
0$,1:DUPUVW
:\NRQ\ZDQLHJRU FHJRUHVWDUWX:W\P
SU]\SDGNXSU]HND QLN]DFKRZXMHVL ZWHQVDP
VSRVyEMDNSR]Dá F]HQLXJRSRGQDSL FLH
SRPRFQLF]H
,QIRUPDFMHLIXQNFMHNRQWUROQH
FL JGDOV]\
$)69(1
0$,1$GMXVW$'
5HJXORZDQ\RIIVHWGODNRQZHUWHUD$&
:\PDJDQHSRZ\PLDQLH((3520¶V
0$,1%O)OW
8DNWXDOQLDQ\VWDQF]\Z\VW SXMHEORNDGDOXE
]DNáyFHQLH
,168/5
:\ ZLHWODXDNWXDOQLDQ ZDUWR üUH]\VWDQFML
,168/,
!
:\ ZLHWODQ\MHVWXDNWXDOQLDQ\SU G'&
]DNáyFHQLDZVWDQLHQLHXVWDORQ\P
,168/7HVW/
3RSU]H]W QDVWDZ PR QD]DV\PXORZDü
XV]NRG]HQLHL]RODFMLGODSRWU]HESU]HWHVWRZDQLD
XU] G]HQLDOXEZ\ZRáDQLDG]LDáDQLDIXQNFML
NRQWUROLVWDQXL]RODFML
!1LHGRVW SQHGODZHUVML
$)69(1
3RZ\NRQDQLXLQVWDODFMLLSRGá F]HQLDSU]HND QLND05
]JRGQLH]]DOHFHQLDPLZUR]G]LDOH³,QVWDODFMDL3RGá F]HQLD´
PR QDUR]SRF] üF]\QQR FLVSUDZG]DM FHLSU]\JRWRZXM FH
XU] G]HQLHGRXUXFKRPLHQLD3U]HGSRGDQLHPQDSL FLDGR
XU] G]HQLDPXV] E\üZ\NRQDQHQDVW SXM FHF]\QQR FL
6SUDZG]LüF]\SU]HND QLN05MHVWSRGá F]RQ\GR
X]LHPLHQLD
6SUDZG]LüF]\]QDPLRQRZHQDSL FLHSRPRFQLF]H9
$QRP
MHVW]JRGQH]ZDUWR FL QDSL FLDSRPRFQLF]HJRVLHFL
]DVLODM FHM"
6SUDZG]LüF]\QDSL FLH]QDPLRQRZHSU]HND QLND9
QRP
MHVW
]JRGQH]ZDUWR FL QDSL FLD]QDPLRQRZHJRVLHFL
]DVLODM FHM"
6SUDZG]LüSUDZLGáRZ NROHMQR üSRGá F]HQLD
SRV]F]HJyOQ\FKID]V]F]HJyOQLHMHVWWRZD QHGOD
SUDZLGáRZHJRSRá F]HQLDSRF] WNyZ,NR FyZ
SU]HNáDGQLNyZSU GRZ\FK"
:V]\VWNLHF]\QQR FLVSUDZG]DM FH]JRGQLH]Z\PDJDQLDPL
QRUP\9'(PXV] E\üZ\NRQDQH
2JO G]LQ\LRGELyU8UXFKRPLHQLH
2JO G]LQ\LRGELyU8UXFKRPLHQLH
FL JGDOV]\
$)69(1
3RZ\NRQDQLXZV]\VWNLFKF]\QQR FLVSUDZG]DM F\FKPR QD
SRGDüQDSL FLHGRXU] G]HQLD3RZá F]HQLXSU]HND QLND
UR]SRF]\QDM VL MHJRF]\QQR FLUR]UXFKRZHZUD]]Uy QHJR
URG]DMXWHVWDPL3RRNVSU]HND QLN05MHVWJRWRZ\GR
SUDF\3U]HM FLHGRVWDQXQRUPDOQHMSUDF\MHVWXZLGRF]QLRQHSR
SU]H]]PLDQ QDZ\ ZLHWODF]X]WU\EXWHVWRZHJRQDWU\E3DQHO±
SRGZDUXQNLHP HWU\E3DQHO]RVWDáZF]H QLHMVNRQILJXURZDQ\
ZWU\ELH/2&:SU]HFLZQ\PZ\SDGNXMHVWZ\ ZLHWODQ\
QDMZ\ V]\SR]LRP2SLVµ05¶
2JO G]LQ\LRGELyU8UXFKRPLHQLH
FL JGDOV]\
$)69(1
)DEU\F]QLHSU]HND QLNPDQDVW SXM FHQDVWDZ\
=DVDGDSRPLDUX
3XOVH
5
NW
NW!
W5
V
5
NW
NW!
W5
V
.
W5PLQ áSREXG]RQ\
Z\ZRáDQ\PV\JQDáHP
RSHQ
FLUFXLWSULQFLSOH±]DVDGD
RWZDUW\REZyG
.
W5PLQ áSREXG]RQ\
Z\ZRáDQ\PV\JQDáHPRSHQ
FLUFXLWSULQFLSOH]DVDGD
RWZDUW\REZyG
&
*PD[
m)
!'ODZHUVML
0R QDZ\ZRáDüIXQNFM WHVWXXU] G]HQLD]DSRPRF
RGSRZLHGQLHJRUH]\VWRUDLPLWXM FHJRZ\VW SLHQLHXV]NRG]HQLD
L]RODFML
$)69(1
3RQL HMV SU]HGVWDZLRQHWUXGQR FLOXEXV]NRG]HQLDPRJ FH
Z\VW SLüSRGF]DVXUXFKDPLDQLDF]\QRUPDOQHMSUDF\XU] G]HQLD
RUD]VSRVRE\LFKHOLPLQDFML5R]G]LDáWHQPD]DGDQLHMHG\QLH
LQIRUPDF\MQHLRULHQWDF\MQHZSU]\SDGNXMDNLFKNROZLHN
Z WSOLZR FLOHSLHMMHVWRGHVáDüSU]HND QLNGRSURGXFHQWD:
WDNLFKZ\SDGNDFKSRZLQQRE\üZ\NRQDQHLQVWUXNFMHGRW\F] FH
SDNRZDQLDSU]HND QLND]DZDUWHZUR]G]LDOH³,QVWDODFMD´
%UDNG]LDáDQLDSRSRGá F]HQLXXU] G]HQLDGRVLHFL
:\ ZLHWODF]QLHSRG ZLHWOLáVL
n 6SUDZG]LüF]\MHVWQDSL FLHQD]DFLVNDFKSU]HND QLND
n 6SUDZG]LüF]\MHVWZáD FLZDELHJXQRZR üSRGá F]HQLD
QDSL FLD]DVLODQLDSRPRFQLF]HJR3U]HND QLN05
MHVW]DEH]SLHF]RQ\SU]HGXV]NRG]HQLHPVSRZRGRZDQ\P
Eá GQ\PSRGá F]HQLHPELHJXQyZ
3U]HND QLN05V\JQDOL]XMH³:DUQLQJ´RVWU]H HQLH
GLRGD+
8 \WNRZQLNPR HVSUDZG]LüQXPHURVWU]H HQLDRGF]\WXM FJR]
SDPL FLDODUPyZ
07B5&1RZDUQ
:\ ZLHWODQDMHVWLOR üRVWU]H H ZSDPL FL
DODUPyZ
3UREOHP\LVSRVRE\LFKXVXZDQLD
3UREOHP\LVSRVRE\LFKXVXZDQLD
FL JGDOV]\
$)69(1
07B5&5HVHW
)XQNFMDUHVHWRZDQLDSDPL FLDODUPyZ
07B5&5HFRUGV
:HM FLHGRSDPL FLDODUPyZ
5R]SR]QDQLHW\SXSUREOHPXQDVW SXMHSRSU]H]RGF]\WDQLH
MHJRDGUHVX]SDPL FLDODUPyZ]REDF]5R]G]LDá6HNFMD
³2GF]\WSDPL FLNRQWURORZDQ\FKV\JQDáyZ3RQL V]DWDEHOD
LOXVWUXMHPR OLZHGRZ\VW SLHQLDZDUWR FLV\JQDáyZ
NRQWUROQ\FKREV]DU\XV]NRG]H UHDNFMHSU]HND QLND
05RUD]WU\ESUDF\Z\M üSU]HND QLNRZ\FK
VNRQILJXURZDQ\FKQDRVWU]H HQLD
6)0213DUD&6(
%á GVXP\NRQWUROQHMZREV]DU]HQDVWDZ
5HDNFMD]LPQ\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
6)021060&6(
%á GVXP\NRQWUROQHMZREV]DU]HSDPL FL
NRQWUROQHM
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
3UREOHP\LVSRVRE\LFKXVXZDQLD
FL JGDOV]\
$)69(1
6)0212S:5HVHW
1LHVSUDZQR üSURFHVRUD
2S:']LDáDZHZQ WU]QDNRQWUROD
:DWFKGRJ
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZH]DWU]DVN
6)0213RZIDLO
1DSL FLHSRPRFQLF]HREHFQHDOHSRQL HM
SURJX]DG]LDáDQLD
5HDNFMDEORNDGDGRPRPHQWXZ]URVWX
QDSL FLDSRZ\ HMSURJXG]LDáDQLD
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
6)0216\VF&6
%á GVXP\NRQWUROQHMZZHZQ WU]Q\P
REV]DU]H
5HDNFMDJRU F\UHVWDUWEORNRZDQLH
:\M FLHSU]HND QLNRZH]DWU]DVN
6)0217LPHU)OW
8V]NRG]HQLH]HJDUDSURFHVRUD
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
6)021&ROGVW&6
:\NRQDQR]LPQ\UHVWDUW
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
3UREOHP\LVSRVRE\LFKXVXZDQLD
FL JGDOV]\
$)69(1
6)021(3520
%á GVXP\NRQWUROQHMZREV]DU]H(3520
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
6)021((3520
%á GVXP\NRQWUROQHMZREV]DU]H((3520
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
6)0215$0LQW
%á G]DSLVXRGF]\WXZSDPL FL5$0
SURFHVRUD
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
6)0215$0H[W
%á G]DSLVXRGF]\WXZSDPL FL5$0
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
6)021([UHVHW
8V]NRG]HQLHSURFHVRUD
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
$)69(1
6)021([QLQW
8V]NRG]HQLHSURFHVRUD
5HDNFMDJRU F\UHVWDUW
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
0&021&RQ3)OW
=DG]LDáDáDNRQWURODSRá F]H :\NU\WH
XV]NRG]HQLHPL G]\ID]DPL=DSLVGR
SDPL FLV\JQDáyZNRQWUROQ\FKMHVW
Z\NRQ\ZDQ\W\ONRZWHG\JG\NRQWUROD
SRáDF]H MHVWZ\EUDQDDNW\ZQD
µ0&021:&RQ0RQ¶µ<HV
5HDNFMDEUDN
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
0&021&RQ*)OW
=DG]LDáDáDNRQWURODSRá F]H :\NU\WR
XV]NRG]HQLHZREZRG]LH
]HURZ\P
5HDNFMDEUDN
:\M FLHSU]HND QLNRZHDXNWXDOQLHQLH
,168/7HVWHUU
:\NU\W\Eá GSRGF]DVIXQNFMLWHVWX
5HDNFMDEUDN
:\M FLHSU]HND QLNRZHXDNWXDOQLHQLH
3UREOHP\LVSRVRE\LFKXVXZDQLD
FL JGDOV]\
$)69(1
6)0211RFDOLE
%UDNNDOLEUDFMLNRQZHUWHUD$&
5HDNFMDJRU F\UHVWDUWEORNRZDQLH
:\M FLHSU]HND QLNRZHXDNWXDOQLDQLH
3U]HND QLN05V\JQDOL]XMH%ORNDG 8V]NRG]HQLH
µ%ORFNHG)DXOW\¶SRSU]H]GLRG +ZWHG\
n
6SUDZG F]\MHVWV\JQDáRVWU]HJDZF]\µ:DUQLQJ¶-H OLWDN
WRQDOH \JR]LGHQW\ILNRZDüZJSRZ\ V]\FKZVND]yZHN
n
6SUDZG F]\IXQNFMD]DEH]SLHF]HQLRZDMHVWRGVWDZLRQD
DGUHVµ0$,1,QVXORQ¶
n
6SUDZG F]\Z\M FLDSU]HND QLNRZHV ]DEORNRZDQHSR
SU]H]3DQHOVSUDZG DGUHVµ28732XWS%O¶
n
6SUDZG F]\Z\M FLDSU]HND QLNRZHV ]DEORNRZDQHSR
SU]H]ZHM FLHGZXVWDQRZH
-H OL DGHQ]SRZ\ V]\FKSU]\SDGNyZQLHPDPLHMVFD
LSUREOHP\QLH]RVWDá\Z\HOLPLQRZDQHQDOH \SU]HVáDü
XU] G]HQLHGRSURGXFHQWD]RSLVHPZ\VW SXM FHJREá GX
$)69(1
.RQVHUZDFMD
3U]HND QLN05MHVWXU] G]HQLHPQLHZ\PDJDM F\P
V]F]HJyOQHMNRQVHUZDFML(OHPHQW\SRV]F]HJyOQ\FK
SRG]HVSRáyZ]RVWDá\VWDUDQQLHGREUDQHGRVWDZLDQ\FKLP
Z\PDJD 3RQRZQDNDOLEUDFMDQLHMHVWSRWU]HEQD05Z
UDPDFKV\VWHPXZ\ND]XM V]HURNRLG F VDPRNRQWURO VSU] WX
LRSURJUDPRZDQLD
:FHOX]DFKRZDQLDSRSUDZQHJRG]LDáDQLD05SRZLQLHQ
E\üRNUHVRZRVSUDZG]DQ\=DOHFDQHMHVWDE\SLHUZV]\WHVW
RGE\áVL SRGRPLHVL FDFK1DVW SQHNRQWUROHG]LDáDQLD
SRZLQQ\VL RGE\ZDüZSU]HG]LDáDFKF]DVRZ\FKGR
PDNV\PDOQLHODW
3U]HFKRZ\ZDQLH
8U] G]HQLHPXVLE\üSU]HFKRZ\ZDQHZVXFK\PLF]\VW\P
RWRF]HQLX1DOH \]DFKRZDü]DNUHVWHPSHUDWXU&GR
&]REDF]5R]G]LDá¶'DQH7HFKQLF]QH¶:]JO GQD
ZLOJRWQR üSRZLHWU]DQLHSRZLQQDGRSURZDG]DüGRURV]HQLDDQL
GRSRZVWDZDQLDV]URQX
.RQVHUZDFMDLSU]HFKRZ\ZDQLH
$)69(1
3U]HND QLN05MHVWR]QDNRZDQ\ZVWDQGDUGRZ\VSRVyE
6SHFMDOQHR]QDF]HQLDX \WNRZQLNDPRJ E\ü]DSLVDQHQD
VRPRSU]\OHSQ\PSDVNX
=DSLVLQIRUPDFMLQDSDVNXPR QDGRNRQDüZQDVW SXM F\
VSRVyE
:RGRRGSRUQ\PIODPDVWUHPGRSU]H URF]\QSILUP\
6WDELORW\S2+3HQ36
'UXNDUN WD PRZ ]F]\VW SRá\VNXM F WD P QSILUP\
³3HOLNDQ³W\S$
-DNRRSFM GRGDWNRZ PR QD]DPyZLüQLHZLHONLZ\ ZLHWODF]GR
SRND]\ZDQLDUH]\VWDQFMLL]RODFMLDPSHURPLHU]Z\VNDORZDQ\Z
.W3RZLQLHQRQE\ü]DPRQWRZDQ\QDSU]HGQLPSDQHOXQLH
Já ELHMQL PP
&KF FZ\NRU]\VW\ZDüIXQNFMH]HZQ WU]QHJRSU]Há F]DQLDL
NDVRZDQLDSU]\FLVNyZZ\VWDUF]\]DPyZLüVWDQGDUGRZ\W\S
SU]HND QLND
$NFHVRULDLF] FL]DSDVRZH
$NFHVRULDLF] FL]DSDVRZH
FL JGDOV]\
$)69(1
2SLV
1U]DPyZLHQLD
3DVNLR]QDF]HQLRZHV]W
$PSHURPLHU][]
UDPN
1D]DS\WDQLH
$PSHURPLHU][]
UDPN
1D]DS\WDQLH
3U]\VWDZND0=
9
QRP
GR
N9'&
N9$&GODVLHFLEH]
SURVWRZQLND
N9$&GODVLHFL]
SURVWRZQLNLHP
!
!
.RQZHUWHU,QWHUIHMVX0,
)3&&SURJUDP]PLDQ\
SDUDPHWUyZ
)3&)SURJUDPRSHUDF\MQ\
!'OD05ZZHUVML
!'OD05ZZHUVML
$NFHVRULDLF] FL]DSDVRZH
FL JGDOV]\
$)69(1
:\FL FLHZSDQHOXGODDPSHURPLHU]D
$)69(1
:HUVMD
=DPyZ 1U
3U]HND QLNGRQDG]RUX
VWDQXL]RODFML
05
05]]ZL NV]RQ
ZHZUH]LPSHG0W
05
05]]ZL NV]RQ
:HZUH]LPSHG0W
1RUPDOQDRERGPP
'R]DESDQHOXGOD
1LHX]LHPLRQ\FKVLHFL
2QDSL FLX]QDPLRQ
9QRP GR9'&OXE
9$&L
=QDP&] VWRWOIQRP
GR+]
=Q1DSL FLHSRPRF
9+QRP GOD ]DVLODQLD
GR9'&OXE
GR9$&
+]
=DNUHVQDVWDZGODZDUW
G]LDáDQLD
5
RS
GRNW!
5
RS
GRNW!
=JRGQR ü]FHUW\I%
!
ZJ',1%
! 'OD05ZZHUVML
]0WZHZ5H]\VWDQFM LPSHGDQFM
! 'OD05ZZHUVML
! 0XVLE\ü]DPyZLRQ\MHV]F]HSU]HGZ\SURGXNRZDQLHP7DLQIRUPDFMDQLHSRMDZLDVL Z
SRVWDFLUR]V]HU]HQLDZVSRVRELHR]QDNRZDQLDXU] G]HQLDOXEQDRSDNRZDQLX
,QIRUPDFMH]DPyZLHQLRZH
$)69(1
=DOH QR üF]DVXJURPDG]HQLDGDQ\FKRGXSá\ZQR FL
SRMHPQR FLRZHM
&KDUDNWHU\VW\NL
&*X)
WV
5* 02KP
5* N2KP
5* N2KP
&KDUDNWHU\VW\NL
FL JGDOV]\
$)69(1
I+]
9QRP9
05DQG0=
05
0DNV\PDOQHQDSL FLH]QDPLRQRZHZ]DNUHVLHF] VWRWOLZR FL
SRQL HM+]
$)69'((1
*UXS\IXQNF\MQH
'9,&( 8U] G]HQLHSU]HND QLN
/2&
/RNDOQ\SDQHONRQWUROQ\
3&
á F]H3&
,13
:HM FLH
2873
:\M FLHELQDUQH
/('
GLRGDV\JQDOL]DF\MQD
0$,1
)XQNFMH*áyZQH
,168/ .RQWURODL]RODFML
0&021 .RQWURODREZRGXSRPLDURZHJR
07B5& NRQWUROD]DSLVXGDQ\FK
6)021 6DPRNRQWUROD
'RGDWHN$
/LVWDDGUHVyZ
/LVWDDGUHVyZ
$)69'((1
=PLDQDZDUWR FL
RQ
RQWU\EEH]SR UHGQLR]QDF]D HQDZHWSRGF]DVDNW\ZQHM
IXQNFMLNRQWUROLVWDQXL]RODFMLMHVWPR OLZD]PLDQD
RII
RIIWU\EEH]SR UHGQLZ\á F]RQ\R]QDF]D HZDUWR üPR H
E\ü]PLHQLRQDSRGZDUXQNLHP HIXQNFMDNRQWUROLVWDQXL]RODFML
MHVWZ\á F]RQD
R]QDF]D HWDZDUWR üQLHPR HE\ü]PLHQLRQDPR HE\ü
W\ONRRGF]\WDQD
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
.(<
=QDNR]QDF]D H DGQDZDUWR üQLHMHVWPLHU]RQD
=QDNR]QDF]D HZDUWR üSU]HNURF]\áDVZyM]DNUHV
1DVWDZD¸MHVWUHSUH]HQWRZDQDQDZ\ ZLHWODF]XSU]H]
:DUWR FLGRP\ OQHV ]D]QDF]RQHQD/L FLHDGUHVyZSU]H]
SRGNUH OHQLH
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
3DUDPHWU\
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
*(5b7*HUW\S
05
'9,&('HYW\SH
*(5b7+LOIVVSJ RII
9
'9,&($X[YROW
*(5b71HQQVSJ RII
9
'9,&(1RPYROW
*(5b7'DWPRG
1XPHUZHUVML
'9,&('DWPRG
*(5b76:6WDQG
[
1XPHUZHUVML
'9,&(6:YHUV
*(5b7+LOIVDGU
'9,&($X[DGG
'OD
ZHZQ WU]QHJR
X \WNX
92%3DVVZRUW
/2&3DVVZRUG
RQ
92%6SUDFKH
RII
GHXWVFK
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
/2&/DQJXDJH
*HUPDQ
HQJOLVFK
(QJOLVK
92%7DI5
RQ
1LH7DN
/2&'LVS5
92%7DI5
RQ
1LH7DN
/2&'LVS5
92%7DI,!
RQ
1LH7DN
/2&'LVS,!
3&)HOGDGU
RII
_0XVLE\ü
_LGHQW\F]QLH
3&%D\DGG
°XVWDZLRQ\
3&*HUlWDGU
RII
_0XVLE\ü
_LGHQW\F]QLH
3&'HYDGG
°XVWDZLRQ\
3&%HWUDUW
RII
3&2SPRGH
3RMHG\QF]\
%XV
(,1*8
RII
%H]IXQNFML
,138
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
(,1*8
RII
,627HVW;
,138
,168/7HVW;
$86*%O$XVJ;
2873%O2XWS;
$86*5FNVW;
28735HVHW;
/('5FNVW;
/('5HVHW;
*581'5FNVW;
0$,15HVHW;
(,1*%HWU8 RII
1LVNL:\VRNL
,132S8
(,1*%HWU8 RII
1LVNL:\VRNL
,132S8
$86*5FNVW7 RQ
1LH7DN
28735VHWNH\
$86*%O$XVJ% RQ
1LH7DN
2873%O2XWS/
$XVJ.
RII
%UDNIXQNFML
2873.
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
$XVJ.
RII
*581'%O6W|U
2873.
0$,1%O)OW
6(/%h:DUQXQJ
6)021:DUQLQJ
,62$QU,!
!
,168/6WDUW,!
0.h$6hDQJ
0&021&RQ0WUJ
!1LHGRVW SQ\GODZHUVML
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
Q\
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
,627HVW0RG
,168/7HVWPRG
,62W5
,168/W5
,62$QU5
,168/6WDUW5
,62$QU5
,168/6WDUW5
,62W5DE
,168/W5HODS
,62W5DE
,168/W5HODS
,62W,!DE
!
,168/W,!HODS
$86*5FNVW;
28735HVHW;
!1LHGRVW SQ\GODZHUVML
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
Q\
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
/('5FNVW;
/('5HVHW;
$86*%HWU. RII
DNWXHOO
28732S.
8SGDWHG
$86*%HWU. RII
PDQ5FN
28732S.
0DQUVHW
6W5FN
)OWUHV
DNWXHOO
XSGDWHG
PDQ5FN
PDQUVW
$86*%OLQN. RII
1LH7DN
2873)ODVK.
$86*%OLQN. RII
1LH7DN
2873)ODVK.
/('+
6(/%h:DUQXQJ
/('+
6)021:DUQLQJ
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
Q\
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
/('+
*581'%O6W|U
/('+
0$,1%O)OW
/('+
RII
/('+
%UDNIXQNFML
/('+
RII
,62$QU,!
/('+
!
,168/6WDUW,!
0.h$6hDQJ
0&021&RQ0WUJ
,627HVW0RG
,168/7HVWPRG
,62W5
,168/W5
!1LHGRVW SQ\GODZHUVML
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
Q\
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
,62$QU5
,168/6WDUW5
,62$QU5
,168/6WDUW5
,62W5DE
,168/W5HODS
,62W5DE
,168/W5HODS
,62W,!DE
!
,168/W,!HODS
$86*%O$XVJ;
2873%O2XWS;
$86*5FNVW;
28735HVHW;
!1LHGRVW SQ\GODZHUVML
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGyáOXE
]QDF]HQLH
/('%HWU+
RII
DNWXDOQ\
/('2S+
/('%HWU+
RII
PDQ5FN
/('2S+
0DQUVHW
6W5FN
)OWUHV
DNWXHOO
XSGDWHG
PDQ5FN
PDQUVW
/('%OLQN+
RII
1LH7DN
/(')ODVK+
/('%OLQN+
RII
/(')ODVK+
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
*581',VRHLQ RQ
1LH7DN
0$,1,QVXORQ
,625
,168/5
RQ
EORFN
NW
!
NW
!
,625
,168/5
RQ
EORFN
NW
!
NW
!
,62W5
,168/W5
RQ
EORFN
V
,62W5
,168/W5
RQ
EORFN
V
!1LHGRVW SQ\GODZHUVML
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
,62,!
,168/,!
RQ
EORFN
P$
!
,62W,!
,168/W,!
RQ
EORFN
V
!
,62&(PD[
RII
m)
,168/&*PD[
m)
,620HSULQ RII
,168/0HDVSU
,PSXOV
'&
!
'&
!
8'&3XOV
!
9'&SXOVH
!
!1LHGRVW SQ\GODZHUVML
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
,62)JW5 RII
$&'&
,168/W5HQDE
$&'&
,62)JW5 RII
QXU$&
,168/W5HQDE
$&RQO\
QXU'&
'&RQO\
QXU'&
'&RQO\
QXU'&
'&RQO\
,6296*
RII
1LH7DN
,168/9LQ$GDSW
0.h$6hHLQ RQ
1LH7DN
0&021:&RQ0RQ
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
%HWULHE2SHUDWLRQ
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
92%)UHLJDEH
RQ
1LH7DN
/2&(QDEOH
(,1*=XVW8
1LVNL:\VRNL
,136WDWH8
(,1*=XVW8
1LVNL:\VRNL
,136WDWH8
$86*$XVJEO
1LH7DN
28732XWSEO
$86*=XVW.
LQDNWLY
28736WDWH.
LQDFWLYH
$86*=XVW.
DNWLY
28736WDWH.
DFWLYH
$86*5FNVW;
1LH7DN
28735HVHW;
$86*5FNVW
1LH7DN
28735HVHW
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
*581'.DOWVW RII
QDXVI
0$,1&ROGUVW
'R1RW([H
DXVIKU
([HFXWH
*581':DUPVW RII
QDXVI
0$,1:DUPUVW
'R1RW([H
*581'$EJO$' RII
DXVIKU
0$,1$GMXVW$'
([HFXWH
*581'%O6W|U
1LH7DN
0$,1%O)OW
,625
,168/5
!
NW
,62,
,168/,
BB
P$
,627HVW%
RQ
QDXVI
,168/7HVW/
'R1RW([H
DXVIKU
([HFXWH
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
h:B$=$Q]:DUQ
07B5&1RZDUQ
h:B$=5FNVW RQ
QDXVI
07B5&5HFRUGV
'R1RW([H
DXVIKU
([HFXWH
h:B$=3URWRNRO
æ
:HM FLHGR
SDPL FL
07B5&5HFRUGV
P|JOLFKH
(LQWUlJH
3RVVLEOH
(QWULHV
6(/%h3DUD&6)
6)0213DUD&6(
6(/%hhVS&6)
6)021060&6(
6(/%h%:5HVHW
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
6)0212S:5HVHW
6(/%h3RZ)DLO
6)0213RZIDLO
6(/%h6.&6
6)0216\VF&6
6(/%h6W7LPHU
6)0217LPHU)OW
6(/%h.DOWVW&6
6)021&ROGVW&6
6(/%h(3520
6)021(3520
6(/%h((3520
6)021((3520
6(/%h5$0LQW
6)0215$0LQW
6(/%h5$0H[W
6)0215$0H[W
6(/%h([5HVHW
6)021([UHVHW
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
6(/%h([N,QL
6)021([QLQW
0.h6W$QV/
0&021&RQ3)OW
0.h6W$QV(
0&021&RQ*)OW
,627HVW)HKO
,168/7HVWHUU
6(/%hN.DOLEU
6)0211RFDOLE
6(/%h,QLWLDO
5$0LQWHUQ
6)021,QLWLDO
5$0LQWHUQDO
5$0H[WHUQ
5$0H[WHUQDO
(3520
((3520
%HWUV\VDNW
$FWLYRSV\V
3RZHU)DLO
3RZHUIDLO
/LVWDDGUHVyZ
FL JGDOV]\
$)69'((1
$GUHV
[\
2SLV
=PLD
QD
=DNUHV
ZDUWR FL
0RGXáOXE
]QDF]HQLH
.DOWVWDUW
&ROGUHVWDUW
%LXUDVSU]HGD \$/6720
$)69'((1
:\GUXNRZDQHZ3ROVFH
$/6720(QHUJLHWHFKQLN*PE+
6FKXW]XQG6FKDOWDQODJHQ
OHLWWHFKQLN
/\RQHUVWUDH
')UDQNIXUW
3RVWIDFK
')UDQNIXUW
(
;
$/67207'6$
XO6WU]HJRPVND
ZLHERG]LFH
(
;
$GUHV\SR]RVWDá\FKELXUVSU]HGD \V ZSU]\JRWRZDQLX
3URWHFWLRQDQG6XEVWDWLRQ&RQWURO7HFKQRORJ\