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

5R]G]LDä

=QDF]HQLHGLDJUDPÑZVHNZHQFML

'LDJUDP\VHNZHQFMLV QDMF] FLHMVWRVRZDQ\PLZSUDNW\FHVSR UyGZV]\VWNLFKGLD

JUDPyZLQWHUDNFMLFRPR QDSU]\SLVDüLFKSUHF\]MLZRSLV\ZDQLXLSRU] GNRZDQLX

]áR RQ\FKLQWHUDNFML'LDJUDP\WHV FL OHSRZL ]DQH]HVFHQDULXV]DPLSU]\SDGNyZ

X \FLDGRNXPHQWXM FLFKIXQNFMRQDOQR ü

'LDJUDP VHNZHQFML MHVW URG]DMHP GLDJUDPX LQWHUDNFML RSLVXMñF\P LQWHUDNFMH SR

PLöG]\ LQVWDQFMDPL NODV\ILNDWRUÑZ V\VWHPX Z SRVWDFL VHNZHQFML NRPXQLNDWÑZ

Z\PLHQLDQ\FKPLöG]\QLPL

:áD FLZR FLGLDJUDPyZVHNZHQFMLGRVNRQDOHSU]HGVWDZLDM NRQFHSFM RELHNWRZHJR

PRGHORZDQLDV\VWHPyZLQIRUPDW\F]Q\FKLSR]ZDODM QDEH]SR UHGQLHSU]HM FLHGRJH

QHURZDQLDNRGX UyGáRZHJRZM ]\NDFKRELHNWRZ\FKWDNLFKMDN-$9$9%1(7F]\

WH &,QWHUDNFMDQDGLDJUDPLHVHNZHQFMLRSLV\ZDQDMHVWZGZyFKZ\PLDUDFK

t

SR]LRP\P²MDNRR QDNWyUHMXPLHV]F]RQRLQVWDQFMHNODV\ILNDWRUyZELRU FH

XG]LDáZLQWHUDNFML

t

SLRQRZ\P²MDNRR F]DVXSU]HGVWDZLDM FDXáR RQHFKURQRORJLF]QLH

NRPXQLNDW\

:\PLDUSR]LRP\PDFKDUDNWHUVWDW\F]Q\QDWRPLDVWSLRQRZ\²G\QDPLF]Q\'LDJUD

P\VHNZHQFMLVWZDU]DM ]DWHPPR OLZR üGRNXPHQWRZDQLDLQWHUDNFMLZSRVWDFLNRPX

QLNDWyZZ\V\áDQ\FKRUD]RGELHUDQ\FKSU]H]LQVWDQFMHNODV\ILNDWRUyZV\VWHPX2EUD]XM

RQHSU]HSá\ZVWHURZDQLDZV\VWHPLH2]QDF]DWRZ\]QDF]HQLHNROHMQR FLLPLHMVFD

Z\NRQ\ZDQLDSRV]F]HJyOQ\FKRSHUDFML

3R]DSRGVWDZRZ\PLNDWHJRULDPLSRM FLRZ\PL²NODV\ILNDWRUHPOLQL \FLDNRPX

QLNDWHPRUD]R URGNLHPVWHURZDQLD²GLDJUDP\WHZ]ERJDFRQH]RVWDá\RFDá\V]HUHJ

LQQ\FK]DDZDQVRZDQ\FKRPDZLDQ\FKZQLQLHMV]\PUR]G]LDOHSRM üL]ZL ]DQ\FK

]QLPLJUDILF]Q\FKR]QDF]H 'RSRM üW\FKQDOH Uy QHURG]DMHNRPXQLNDWyZZDUXQNL

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

WZRU]HQLHLQLV]F]HQLHRELHNWyZVDPRZ\ZRá\ZDQLHUR]JDá ]LHQLHLWHUDFMDIUDJPHQW

Z\RGU EQLRQ\EUDPD6WZDU]DM RQHSURMHNWDQWRZLV\VWHPXPR OLZR üRSUDFRZDQLD

EDUG]RSUHF\]\MQ\FKVSHF\ILNDFMLG\QDPLNLV\VWHPX6]F]HJyOQ URO ZW\P]DNUHVLH

SHáQL RSHUDWRU\LQWHUDNFMLZSURZDG]RQHZQDMQRZV]HMZHUVMLM ]\ND80/²

3RGVWDZRZHNDWHJRULHSRMöFLRZH

RUD]QRWDFMDJUDILF]QD

5RG]DMHGLDJUDPÑZVHNZHQFML

=DNUHVRF]HNLZD WZyUFyZLX \WNRZQLNyZV\VWHPXZ]DNUHVLHV]F]HJyáRZR FLRSL

VXLQWHUDNFMLQDGLDJUDPLHVHNZHQFMLMHVW]Uy QLFRZDQ\=DOH \RQUyZQLH RGNRQ

NUHWQHMID]\F\NOXV\VWHPXRUD]MHM]DDZDQVRZDQLDFRGHWHUPLQXMHSRWU]HE\Z]DNUHVLH

V]F]HJyáRZR FLPRGHOXG\QDPLNLV\VWHPX,WDNPR QDZ\Uy QLüWU]\URG]DMHGLD

JUDPyZVHNZHQFMLZ]DOH QR FLRGSU]\M WHJRVWRSQLDDEVWUDNFML6 WRGLDJUDP\

t

NRQFHSWXDOQ\

t

LPSOHPHQWDF\MQ\

t

Z\VW SLHQLRZ\

:FHOXRSUDFRZDQLDNRQFHSWXDOQHJRGLDJUDPXVHNZHQFMLDQJFRQFHSWXDOVHTXHQFH

GLDJUDPWZyUFDV\VWHPXNRU]\VWD]SRGVWDZRZ\FKNDWHJRULLSRM FLRZ\FKLJUDILF]

Q\FK7HQW\SGLDJUDPXVWZDU]DPHQHG HURPLX \WNRZQLNRPPR OLZR üV]\ENLHJR

RJyOQHJRQDV]NLFRZDQLD]DNUHVXL]DZDUWR FLLQWHUDNFMLGODGDQHMDSOLNDFML:WHQVSR

VyESRZVWDMHGLDJUDPRRJyOQ\P]DNUHVLHLáDWZ\FKGR]LGHQW\ILNRZDQLDLQWHUDNFMDFK

.RQFHSWXDOQ\GLDJUDPVHNZHQFMLQLH]RVWDáZVSRVyE FLVá\]GHILQLRZDQ\ZGRNXPHQ

WDFMLM ]\ND80/

.RQFHSWXDOQ\GLDJUDPVHNZHQFMLFKRüMHVWGREU\PSXQNWHPZ\M FLDLSODWIRUP SR

UR]XPLHQLD]X \WNRZQLNDPLQLHVWDQRZLZ\VWDUF]DM FHMSRGVWDZ\RSUDFRZDQLDVSH

F\ILNDFMLSURJUDPLVW\F]QHM5RO W SHáQLLPSOHPHQWDF\MQ\GLDJUDPVHNZHQFMLDQJ

JHQHULFVHTXHQFHGLDJUDPNWyUHJRWZRU]HQLHLQLFMRZDQHMHVWSRSU]H]Z\NRU]\VWDQLH

GLDJUDPXQDSR]LRPLHNRQFHSWXDOQ\P'LDJUDPWHQSUH]HQWXMHRZLHOHZ\ V]\SR]LRP

SUHF\]MLRUD]ZL NV]\VHPDQW\F]Q\]DNUHVLQWHUDNFMLFKRüGRW\F]\WHMVDPHMG]LHG]L

Q\ SU]HGPLRWRZHM 'RNRQ\ZDQH MHVW WR G]L NL Z\NRU]\VWDQLX ZV]\VWNLFK NDWHJRULL

SRM FLRZ\FKGRVW SQ\FKZGLDJUDPDFKVHNZHQFML,PSOHPHQWDF\MQ\GLDJUDPVHNZHQ

FMLRSUyF]JáyZQHJRSU]HSá\ZXVFHQDULXV]DSU]\SDGNXX \FLD]RGSRZLHGQLHJRGLD

JUDPXSU]\SDGNyZX \FLDREHMPXMHWDN HZV]\VWNLHSU]HSá\Z\DOWHUQDW\ZQHWHJR

VFHQDULXV]D'LDJUDP\QDSR]LRPLHLPSOHPHQWDF\MQ\PV UXW\QRZ\PLGLDJUDPDPL

VHNZHQFML3U]HND]XMHVL MHSURJUDPLVWRPMDNRGRNXPHQWDFM SURMHNWRZ OXEQDLFK

SRGVWDZLHDXWRPDW\F]QLHJHQHUXMHNRG]Z\NRU]\VWDQLHPQDU] G]L&$6(

5R]G]LDä‰'LDJUDPVHNZHQFML

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

'LDJUDP\NRQFHSWXDOQHLLPSOHPHQWDF\MQHQLHZ\F]HUSXM ZV]\VWNLFKPR OLZR FL

SUH]HQWRZDQLDVHNZHQFMLZV\VWHPLH1DSHáQ\PLPSOHPHQWDF\MQ\PGLDJUDPLHVH

NZHQFMLZ\VW SXMHZLHOHUR]ZL ]D RFKDUDNWHU]HRSFMRQDOQ\PE G DOWHUQDW\ZQ\P

NWyU\FKZ\NRQDQLHMHVWX]DOH QLRQHRG]GHILQLRZDQ\FKQDGLDJUDPLHZDUXQNyZ:]D

OH QR FLRGLFKVSHáQLHQLDZ\NRQ\ZDQHMHVWRNUH ORQHZ\VW SLHQLHGLDJUDPXVSR UyG

ZV]\VWNLFKNRPELQDFMLJáyZQ\FKLDOWHUQDW\ZQ\FKSU]HSá\ZyZVFHQDULXV]DGDQHJR

SU]\SDGNXX \FLD:\VW SLHQLHGLDJUDPXVHNZHQFMLRSUDFRZDQHZRGQLHVLHQLXGRXVWD

ORQHJRVFHQDULXV]DRNUH ODVL PLDQHPZ\VW SLHQLRZHJRGLDJUDPXVHNZHQFMLDQJ

LQVWDQFHVHTXHQFHGLDJUDP'DQHPXLPSOHPHQWDF\MQHPXGLDJUDPRZLVHNZHQFML]D

]Z\F]DMRGSRZLDGDZLHOHZ\VW SLHQLRZ\FKGLDJUDPyZVHNZHQFML

=DOH QR FLSRPL G]\LPSOHPHQWDF\MQ\PDZ\VW SLHQLRZ\PGLDJUDPHPVHNZHQFMLPR

QDSU]H OHG]LüDQDOL]XM FRSLVSU]\SDGNXX \FLDÄ$QXOXMUH]HUZDFMH´WDEHOD,WDN

LPSOHPHQWDF\MQ\GLDJUDPVHNZHQFMLRSLVXMH]DUyZQRJáyZQ\MDNLDOWHUQDW\ZQHSU]H

Sá\Z\ ]GDU]H = GLDJUDPX LPSOHPHQWDF\MQHJR RSUDFRZDQHJR QD SRGVWDZLH ZVSR

PQLDQHMZ\ HMWDEHOLZ\QLNDM F]WHU\Z\VW SLHQLRZHGLDJUDP\VHNZHQFMLDEFG

&KDUDNWHU\]XM VL RQHQDVW SXM F NROHMQR FL SU]HSá\ZyZ

D
E D
F D
G E

&KDUDNWHU\VW\N RSLVDQ\FKURG]DMyZGLDJUDPyZVHNZHQFMLSU]HGVWDZLDWDEHOD

7DEHOD.DWHJRULHPRGHORZDQLDDSR]LRP\GLDJUDPyZVHNZHQFML

.U\WHULXP

5DPDGLDJUDPX

.DWHJRULHSRMöFLRZH

3U]\NäDGRZHU\VXQNL

.RQFHSWXDOQ\

GLDJUDPVHNZHQFML

RSFMRQDOQD

SRGVWDZRZH

,PSOHPHQWDF\MQ\

GLDJUDPVHNZHQFML

Z\PDJDQD

ZV]\VWNLHSRGVWDZRZH

L]DDZDQVRZDQH

±

:\VW SLHQLRZ\

GLDJUDPVHNZHQFML

Z\PDJDQD

Z\EUDQH

.ODV\ILNDWRUNRPXQLNDWLOLQLD \FLD

3RGVWDZRZ\PLHOHPHQWDPLGLDJUDPXVHNZHQFMLV

t

NODV\ILNDWRU

t

NRPXQLNDW

t

OLQLD \FLD

t

R URGHNVWHURZDQLD

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

:\VW SXM RQH QLH]DOH QLH RG SR]LRPX DEVWUDNFML QD MDNLP GLDJUDP VHNZHQFML MHVW

WZRU]RQ\ ² QD SR]LRPLH NRQFHSWXDOQ\P LPSOHPHQWDF\MQ\P F]\ WH Z\VW SLHQLR

Z\P&RZL FHM²ZSU]\MD]QHMPHQHG HURPQDMEDUG]LHMRJyOQHMVWUDWHJLF]QHMZHU

VML NRQFHSWXDOQH GLDJUDP\ VHNZHQFML PRJ RSLHUDü VL Z\á F]QLH QD WU]HFK SLHUZ

V]\FK ] Z\PLHQLRQ\FK SRM ü %OL V] FKDUDNWHU\VW\N W\FK NDWHJRULL PRGHORZDQLD

SU]HGVWDZLDWDEHOD3RGDQHZQLHMGHILQLFMHV DXWRUVNLPLPRG\ILNDFMDPLGHILQLFML

SURSRQRZDQ\FKSU]H]RUJDQL]DFM 20*

7DEHOD3RGVWDZRZHNDWHJRULHPRGHORZDQLDGLDJUDPyZVHNZHQFML

1D]ZDSRMöFLD 1RWDFMDJUDILF]QD

'HILQLFMD

.ODV\ILNDWRU WR DEVWUDNF\MQD NDWHJRULD PRGH

ORZDQLDV\VWHPXZMö]\NX80/NWÑUDXRJÑOQLD

NROHNFMöLQVWDQFMLRW\FKVDP\FKFHFKDFK

2ELHNW

MDNRLQVWDQFMD

NODV\ILNDWRUD

3ROLVD

/LQLD \FLDWRSRZLñ]DQD]NRQNUHWQñLQVWDQFMñ

NODV\ILNDWRUDOLQLDQDGLDJUDPLHVHNZHQFMLZVND

]XMñFDRNUHVLVWQLHQLDWHMLQVWDQFML

/LQLD \FLD

.RPXQLNDWWRVSHF\ILNDFMDZ\PLDQ\LQIRUPDFML

PLöG]\ RELHNWDPL ]DZLHUDMñFD ]OHFHQLD Z\NR

QDQLDRNUH ORQHMRSHUDFML

.RPXQLNDW

1DMF] FLHMZUDPDFKGLDJUDPyZVHNZHQFMLLOXVWURZDQHV LQVWDQFMHNODV\ILNDWRUyZ

ZSRVWDFLRELHNWyZ,QVWDQFMHNODV\ILNDWRUyZELRU FHXG]LDáZLQWHUDNFMLQDOH \UR]

PLHV]F]DüQDOLQLLSR]LRPHMZNROHMQR FLLFKZ\VW SRZDQLD=ND GHMLQVWDQFMLNODV\

ILNDWRUDZ\SURZDG]DVL SU]HU\ZDQ OLQL QD]\ZDQ OLQL \FLDDQJOLIHOLQHUHSUH

]HQWXM F F]DV \FLDLQVWDQFML:\VW SLHQLHQDGLDJUDPLHVHNZHQFMLLQVWDQFMLNODV\ILNDWRUD

MHVWUyZQR]QDF]QH]Z\VW SLHQLHPMHMOLQLL \FLD2ELHNW\RUD]]ZL ]DQH]QLPLOLQLH

\FLDSU]HGVWDZLDU\VXQHN

5\VXQHN

,QVWDQFMH

NODV\ILNDWRUyZ

]OLQLDPL \FLD

5HFHSFMRQLVWD

,5H]HUZDFMD

%D]D'DQ\FK

.ROHMQ SRGVWDZRZ NDWHJRUL PRGHORZDQLDNRPXQLNDW\UR]PLHV]F]DVL QDRVLSLR

QRZHMGLDJUDPXSRPL G]\OLQLDPL \FLDLQVWDQFMLNODV\ILNDWRUyZU\VXQHN

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN

3U]HVáDQLHNRPXQLNDWX

,5H]HUZDFMD

%D]D'DQ\FK

GRNRQDM5H]HUZDFML

.RPXQLNDW\SRU] GNRZDQHV ZHGáXJNROHMQR FLLFKZ\VW SRZDQLD,PSy QLHMQD

VW SXMHZ\VáDQLHNRPXQLNDWXW\PQL HMXPLHV]F]DVL JRQDGLDJUDPLHU\VXQHN

,VWQLHMHRSFMDLFKQXPHURZDQLDFKRüQDGLDJUDPDFKVHNZHQFMLQLHMHVWWRZ\PDJDQH

.OLHQW

,%DQNRPDW

6\VWHP2SHUDWRUD.DUW

%D]D'DQ\FK

ZSURZDG 3,1

VSUDZG 3RSUDZQR ü3,1X

SRWZLHUG $XWRU\]DFM .OLHQWD

ZHU\ILNXM6DOGR

VSUDZG 6DOGR.RQWD

Z\ ZLHWO6DOGR

5\VXQHN6SUDZG]DQLHVWDQXNRQWD]DSR UHGQLFWZHPEDQNRPDWX

1LH Z\VW SXMH NRQLHF]QR ü Z\V\áDQLD NRPXQLNDWyZ Z\á F]QLH GR LQVWDQFML NODV\IL

NDWRUyZV VLDGXM F\FKQDGLDJUDPLH]QDGDZF =OLQLL \FLDGDQHMLQVWDQFMLNODV\ILNDWR

UDPR QDSU]HVáDüNRPXQLNDW\GRZV]\VWNLFKLQQ\FKLQVWDQFMLNODV\ILNDWRUyZZ\VW

SXM F\FKQDGDQ\PGLDJUDPLHVHNZHQFML

5RG]DMHNODV\ILNDWRUÑZ

-DN]D]QDF]RQRGLDJUDP\VHNZHQFML]D]Z\F]DMSU]HGVWDZLDM VSRVyEZ]DMHPQHMZVSyá

SUDF\ RELHNWyZ 'LDJUDP\ WH PRJ MHGQDN ² ] Z\M WNLHP Z\VW SLHQLRZ\FK GLD

JUDPyZVHNZHQFML²RSLV\ZDüLQWHUDNFM SRPL G]\LQVWDQFMDPLUy Q\FKURG]DMyZ

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

NODV\ILNDWRUyZVWRVRZDQ\FKZHZV]\VWNLFKLQQ\FKURG]DMDFKGLDJUDPyZM ]\ND80/

3RGVWDZRZHURG]DMHNODV\ILNDWRUyZSU]HGVWDZLDQ\FKZUDPDFKGLDJUDPyZVHNZHQ

FML]DZLHUDWDEHOD7ZyUF\V\VWHPXPRJ SRV]HU]DüVSHNWUXPNODV\ILNDWRUyZSR

SU]H]VWHUHRW\S\²SURSR]\FMHZáDVQ\FKR]QDF]H JUDILF]Q\FKLSRM FLRZ\FK

7DEHOD:\EUDQHURG]DMHNODV\ILNDWRUyZZM ]\NX80/

5RG]DM

1RWDFMDJUDILF]QD

5RG]DM

1RWDFMDJUDILF]QD

$NWRU

3DNLHW

3U]\SDGHNX \FLD

:VSyáG]LDáDQLH

.ODVD

,QWHUIHMV

.ODVDDQDOLW\F]QD

: ]Há

$UWHIDNW

©DUWLIDFWª

.RPSRQHQW

6\JQDá

2 URGHNVWHURZDQLD

/LQLD \FLD UHSUH]HQWXMH RNUHV \FLD LQVWDQFML NODV\ILNDWRUD : QLHNWyU\FK RNUHVDFK

VZHJR \FLDLQVWDQFMDWDMHVWZVWDQLHF]XZDQLDSRGF]DVJG\ZLQQ\FKMHVWDNW\ZRZDQD

SU]H]NRPXQLNDW\SU]HMPXM FVWHURZDQLHLQWHUDNFM LSRGHMPXM F]OHFRQHG]LDáDQLD

3RZ\NRQDQLXRSHUDFML]OHFRQ\FKNRPXQLNDWHPLZ\VáDQLXRGSRZLHGQLFKNRPXQLNDWyZ

Z\QLNRZ\FKLQVWDQFMDNODV\ILNDWRUDPR HSRQRZQLHSU]HFKRG]LüZVWDQF]XZDQLD

6\WXDFMHWHSRZRGXM HZRGQLHVLHQLXGROLQLL \FLD]DSURSRQRZDQRQRZ NDWHJRUL

SRM FLRZ WMR URGHNVWHURZDQLDDQJH[HFXWLRQVSHFLILFDWLRQ

5R]G]LDä‰'LDJUDPVHNZHQFML

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

2 URGHNVWHURZDQLDMHVWVSHF\ILNDFMñZ\NRQ\ZDQLDF]\QQR FLRSHUDFMLOXELQQHM

MHGQRVWNL]DFKRZDQLDZUDPDFKLQWHUDNFML

:SUDNW\FHUHDOL]DFMDIXQNFMRQDOQR FLLQVWDQFMLNODV\ILNDWRUD²ZVND]DQLDQDOLQLL \

FLD]Z\NRU]\VWDQLHPR URGNDVWHURZDQLD²R]QDF]DZ\NRQ\ZDQLHRSHUDFMLSU]HWZD

U]DQLDREOLF]DQLDNRPXQLNRZDQLDVL ]LQQ\PLLQVWDQFMDPLNODV\ILNDWRUyZF]\WH

Z\NRQ\ZDQLDDOJRU\WPyZ]áR RQ\FK]HOHPHQWDUQ\FKDNFML1DGLDJUDPLHR URGHNVWH

URZDQLDSU]\MPXMHSRVWDüSURVWRN WDXPLHV]F]RQHJRQDOLQLL \FLDLQVWDQFMLNODV\IL

NDWRUDU\VXQHN

5\VXQHN

.DWHJRULHSRM FLRZH

GLDJUDPyZVHNZHQFML

2 URGHNVWHURZDQLDMHVWLQLFMRZDQ\DNW\ZDFM DSU]HM FLHZVWDQF]XZDQLDGH]DN

W\ZDFM =DVWRVRZDQLHR URGNyZVWHURZDQLDSRGF]DVPRGHORZDQLDSURFHVXNRPXQL

NRZDQLDVL UHFHSFMRQLVW\]V\VWHPHPUH]HUZDFMLKRWHORZHMSU]HGVWDZLDU\VXQHN

*UDILF]QDUHSUH]HQWDFMDR URGNDVWHURZDQLDQDGLDJUDPLHVHNZHQFMLQLHPXVLPLHü

FKDUDNWHUXFL JáHJR1DNRQNUHWQHMOLQLL \FLD]ZL ]DQHM]GDQ LQVWDQFM NODV\ILNDWR

UDPR HZ\VW SLüNLONDQLH]DOH Q\FKR URGNyZVWHURZDQLD2]QDF]DWR HLQVWDQFMD

WDMHVWDNW\ZRZDQDZLHORNURWQLHZFHOXUHDOL]DFMLNRPXQLNDWyZZ\V\áDQ\FKSU]H]LQ

QHLQVWDQFMHNODV\ILNDWRUyZ:WHQVSRVyELQVWDQFMDNLONDNURWQLHSU]HFKRG]LZVWDQ\

DNW\ZQHMDN]DSUH]HQWRZDQRQDU\VXQNXNWyU\SU]HGVWDZLDLQWHUDNFM LQZHVWRUD

RUD]V\VWHPXREVáXJLIXQGXV]XLQZHVW\F\MQHJR5\VXQHNWHQXZ]JO GQLDSRQDGWRRSFMH

ZSRVWDFLPR OLZR FLQXPHURZDQLDNROHMQ\FKNRPXQLNDWyZRUD]XPLHV]F]DQLDQDGLD

JUDPLHVHNZHQFMLSDUDPHWUyZRSHUDFMLSU]\NRPXQLNDWDFK

=DDZDQVRZDQHVNäDGQLNLGLDJUDPX

:VSyáF]HVQHDSOLNDFMHLQIRUPDW\F]QH]ZáDV]F]DSUDFXM FHZF]DVLHU]HF]\ZLVW\PV

EDUG]R]áR RQH2SLVDQHZVFHQDULXV]DFKSU]\SDGNyZX \FLDLQWHUDNFMHDNWRU²V\V

WHPVWDQRZL SRGVWDZ VSHF\ILNDFMLLQWHUDNFMLZHZQ WU]V\VWHPXLQIRUPDW\F]QHJR

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

5\VXQHN

5H]HUZDFMDKRWHORZD

5HFHSFMRQLVWD

,5H]HUZDFMD

%D]D'DQ\FK

RWZyU]5H]HUZDFM

VSUDZG 'RVW SQR ü3RNRL

ZSURZDG 'DQH

GRNRQDM5H]HUZDFML

SRWZLHUG 5H]HUZDFM

]DPNQLM

5\VXQHN

2NUHVDNW\ZQR FL

LQVWDQFML

NODV\ILNDWRUyZ

,QZHVWRU

6\VWHP2),

]OHü=DNXSMHGQRVWND8F]HVWQLFWZD

SRWZLHUG =DNXS

RGNXS-HGQRVWNL

SRWZLHUG 2GNXSLHQLH

3U]HGVWDZLRQHGRW\FKF]DVNDWHJRULHPRGHORZDQLDGLDJUDPyZVHNZHQFMLWMNODV\ILND

WRUNRPXQLNDWOLQLD \FLDLR URGHNVWHURZDQLDQLHV Z\VWDUF]DM FHGRXGRNXPHQ

WRZDQLD]áR RQR FLLQWHUDNFML1LHSR]ZDODM QDSHáQHRSUDFRZDQLHLPSOHPHQWDF\MQ\FK

GLDJUDPyZVHNZHQFMLE G F\FKSRGVWDZ JHQHURZDQLDNRGXV\VWHPyZLQIRUPDW\F]

Q\FK'ODWHJRGLDJUDP\VHNZHQFMLZ]ERJDFRQRRV]HUHJLQQ\FKHOHPHQWyZWDNLFKMDN

5R]G]LDä‰'LDJUDPVHNZHQFML

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

t

URG]DMHNRPXQLNDWyZ

t

WZRU]HQLHLQLV]F]HQLHRELHNWyZ

t

ZDUXQNL

t

VDPRZ\ZRá\ZDQLH

t

LWHUDFMD

t

UR]JDá ]LHQLH

t

IUDJPHQW\Z\RGU EQLRQHLRSHUDWRU\LQWHUDNFML

t

SU]\ZRá\ZDQHZ\VW SLHQLDLQWHUDNFML

t

EUDP\

:\VW SLHQLRZHGLDJUDP\VHNZHQFMLPRJ NRU]\VWDü]QLHNWyU\FKZ\PLHQLRQ\FKND

WHJRULLSRM FLRZ\FKQLHPQLHMVSHF\ILNDZ\VW SLHQLD]DZ DLFK]DNUHV

5RG]DMHNRPXQLNDWÑZ

:LVWRFLHNRPXQLNDW\Uy QL VL QLHW\ONRWUH FL VHPDQW\F]Q OHF]WDN HIXQNFMRQDO

QR FL 7UH üVHPDQW\F]QDF]\OLSROHFHQLHZ\GDQHSU]H]QDGDZF Z\UD RQDMHVWSHáQ

VNáDGQL NRPXQLNDWX]GHILQLRZDQ ZUR]G]LDOH=NROHLIXQNFMRQDOQR üLQVWDQFMLNOD

V\ILNDWRUyZRNUH ODVL G]L NLZ\ERURZLRGSRZLHGQLHJRURG]DMXNRPXQLNDWX6SHF\IL

NDW\FKURG]DMyZZ\UD DQDMHVWJUDILF]QLHSRSU]H]ZSURZDG]HQLHRGPLHQQ\FKR]QD

F]H :\Uy QLDVL QDVW SXM FHURG]DMHNRPXQLNDWyZ

t

V\QFKURQLF]Q\

t

DV\QFKURQLF]Q\

t

]ZURWQ\

t

XWUDFRQ\

t

]QDOH]LRQ\

t

RSFMRQDOQ\

t

RF]HNXM F\

:UXW\QRZHMLQWHUDNFMLREDELRU FHZQLHMXG]LDáLQVWDQFMHNODV\ILNDWRUyZ²NODV\IL

NDWRUQDGDZFDRUD]NODV\ILNDWRURGELRUFD²V ]QDQHL FL OH]GHILQLRZDQH.RPX

QLNDW\ELRU FHXG]LDáZWDNLHMLQWHUDNFMLWUDNWXMHVL MDNRNRPSOHWQH1DOH GRQLFK

NRPXQLNDW\ V\QFKURQLF]QH DV\QFKURQLF]QH ]ZURWQH RSFMRQDOQH RUD] RF]HNXM FH

:SUDNW\FHPR H]DLVWQLHüWDN HV\WXDFMDZNWyUHMMHGQD]LQVWDQFMLQDGDZFDE G

RGELRUFDMHVWQLH]QDQD.RPXQLNDW\QLHNRPSOHWQHFKDUDNWHU\]XM FHRSLVDQ V\WXDFM

QD]\ZD VL RGSRZLHGQLR NRPXQLNDWHP ]QDOH]LRQ\P RUD] NRPXQLNDWHP XWUDFRQ\P

']L NLSRM FLXVWHUHRW\SX]HVWDZGRVW SQ\FKURG]DMyZNRPXQLNDWyZMHVWUR]V]HU]DQ\

SU]H]Uy Q\FKDXWRUyZL]HVSRá\SUDNW\NyZX \WNXM F\FKM ]\N80/

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

1D]DPLHV]F]RQ\FKGRW GGLDJUDPDFKVHNZHQFMLSU]HGVWDZLDQRMHGHQZLVWRFLHGR

PLQXM F\URG]DMNRPXQLNDWX²NRPXQLNDWV\QFKURQLF]Q\:\VáDQLHNRPXQLNDWX

V\QFKURQLF]QHJRDQJV\QFKURQRXVPHVVDJHR]QDF]DSU]HND]DQLHVWHURZDQLDGRNOD

V\ILNDWRUDRGELRUF\:PRPHQFLHSU]HVáDQLDWHJRNRPXQLNDWXDNWXDOQ\SU]HSá\ZVWH

URZDQLD NODV\ILNDWRUDQDGDZF\ XOHJD SU]HUZDQLX ² MHVW RQ Z]QDZLDQ\ GRSLHUR SR

Z\NRQDQLXSU]H]NODV\ILNDWRURGELRUF RSHUDFMLLQLFMRZDQHMSU]H]WHQNRPXQLNDWU\

VXQHN2GELRUFDDNW\ZXMHRSHUDFM ZVND]DQ ZNRPXQLNDFLHD]DWHPSRZLQLHQ

Z\VW SRZDüPHU\WRU\F]Q\]ZL ]HNSRPL G]\QD]Z NRPXQLNDWXDQD]Z RSHUDFMLDN

W\ZRZDQHMZNODV\ILNDWRU]HRGELRUF\1D]Z\WH]JRGQLH]]DVDG SROLPRUIL]PXRELHN

WRZR FLPLPRZVND]\ZDQLDQDW VDP RSHUDFM QLHPXV] E\üLGHQW\F]QH.ZHVWLD

]JRGQR FLQD]HZQLFWZDZSU]\SDGNXZ\NRU]\VWDQLDSDNLHWyZ&$6(GRWZRU]HQLDGLD

JUDPyZVHNZHQFMLMHVW]QDF]QLHXSURV]F]RQD1D]Z\QDGDZDQHNRPXQLNDWRPDXWR

PDW\F]QLHSU]HQRV]RQHV MDNRQD]Z\RSHUDFMLGRRGSRZLHGQLFKNODV

5\VXQHN

.RPXQLNDW

V\QFKURQLF]Q\

,0DJD]\Q

$UW\NXá

]PLH &HQ

:RGUy QLHQLXRGVFKDUDNWHU\]RZDQ\FKZ\ HMNRPXQLNDWyZV\QFKURQLF]Q\FKNRPX

QLNDW\DV\QFKURQLF]QHDQJDV\QFKURQRXVPHVVDJHVQLHSRZRGXM SU]HUZDQLDDN

WXDOQHJRSU]HSá\ZXVWHURZDQLDQDGDZF\,QVWDQFMDNODV\ILNDWRUDZ\V\áDM FDNRPXQL

NDWQLHRF]HNXMHRGSRZLHG]L]DUD]HPSR]RVWDM FZVWDQLHDNW\ZQR FLFRXPR OLZLDMHM

GDOV]HSU]HWZDU]DQLHE G Z\V\áDQLHNRPXQLNDWyZU\VXQHN

5\VXQHN

.RPXQLNDW

DV\QFKURQLF]Q\

1DGDZFD

6DWHOLWD

RGELHU]6\JQDá

.RPXQLNDW\]ZURWQHDQJUHWXUQPHVVDJHVZVND]XM QDSRZUyWVWHURZDQLDGRLQ

VWDQFMLNODV\ILNDWRUDSRZ\NRQDQLXNRPXQLNDWXV\QFKURQLF]QHJRU\VXQHN.RPX

QLNDWWHQQLHMHVWXPLHV]F]DQ\QDGLDJUDPDFKVHNZHQFMLREOLJDWRU\MQLH²SURMHNWDQW

PDGDOHNRSRVXQL W VZRERG GHF\]MLZHZSURZDG]DQLXNRPXQLNDWyZ]ZURWQ\FKGR

GLDJUDPyZ)XQNFM NRPXQLNDWX]ZURWQHJRMHVWQLHW\ONRSU]HND]DQLHVWHURZDQLDGR

GDQHMLQVWDQFMLDOHWH ]DLQLFMRZDQLHMHMRNUH ORQHMRSHUDFML

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN

.RPXQLNDW]ZURWQ\

,0DJD]\Q

$UW\NXá

]PLH &HQ

Z\ ZLHWO&HQDXDNWXDOQLRQD

.RPXQLNDWRNUH ODVL PLDQHPXWUDFRQHJRDQJORVWPHVVDJHZV\WXDFMLJG\NODV\

ILNDWRUQDGDZFDMHVW]QDQ\QDWRPLDVWRGELRUFDQLH]QDQ\U\VXQHN.RPXQLNDW

XWUDFRQ\ PD ]QDF]HQLH Z PRGHORZDQLX ]áR RQ\FK VNáDGDM F\FK VL ] ZLHOX IUDJ

PHQWyZLQWHUDNFML1DW\PHWDSLHWZRU]HQLDV\VWHPXMHJRSURMHNWDQWQLHMHVWZVWDQLH

GRNáDGQLHVSUHF\]RZDüRGELRUF\NRPXQLNDWXSU]HV\áDQHJRSRPL G]\IUDJPHQWDPLLQWH

UDNFML:GDOV]\FKLWHUDFMDFKSURFHVXWZRU]HQLDV\VWHPXSRLQWHJUDFMLSRV]F]HJyOQ\FK

IUDJPHQWyZNODV\ILNDWRURGELRUFD]RVWDMHMHGQR]QDF]QLH]LGHQW\ILNRZDQ\

5\VXQHN

.RPXQLNDWXWUDFRQ\

3RUWDO,QWHUQHWRZ\

Z\ ZLHWO%DQQHU

-H HOLRGELRUFDGDQHJRNRPXQLNDWXMHVW]QDQ\ZREU ELHGDQHJRIUDJPHQWXLQWHUDNFML

QDWRPLDVWQDGDZFDMHVWQLH]QDQ\NRPXQLNDWWDNLQD]\ZDQ\MHVWNRPXQLNDWHP]QDOH

]LRQ\PDQJIRXQGPHVVDJH.RPXQLNDW]QDOH]LRQ\]DPLHV]F]RQRQDU\VXQNX

5\VXQHN

.RPXQLNDW]QDOH]LRQ\

&]XMQLN

]DLQLFMXM5HDNFM

.RPXQLNDW]QDOH]LRQ\MHVWZ\V\áDQ\VSR]DGDQHJRGLDJUDPXVHNZHQFML,PSXOVHPGR

QDGDQLDRSLV\ZDQHJRNRPXQLNDWXPR HE\üSU]\NáDGRZRG\PRJLH KDáDVF]\UXFK

D]DWHP]MDZLVNDNWyUHQLHSRGGDM VL RSLVRZLZSRVWDFLVWDQGDUGRZ\FKHOHPHQWyZ

PRGHORZDQLDGLDJUDPyZVHNZHQFMLM ]\ND80/

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

.RPXQLNDWRSFMRQDOQ\DQJEDONLQJPHVVDJHR]QDF]D HQDGDZFDZ\V\áDGRRG

ELRUF\NRPXQLNDWRF]HNXM FJRWRZR FLGRMHJRQLH]ZáRF]QHMREVáXJLSU]H]RGELRUF

-H HOLNRPXQLNDWQLHPR H]RVWDüSU]\M W\EH]SR UHGQLRSRZ\VáDQLXQDGDZFDQLHSR

GHMPXMHGDOV]\FKSUyEMHJRSU]HV\áDQLDU\VXQHN7\PVDP\PNRPXQLNDWRSFMR

QDOQ\QLHZND G\PSU]\SDGNXMHVWREVáXJLZDQ\

5\VXQHN

.RPXQLNDWRSFMRQDOQ\

.RPXQLNDW\RF]HNXM FHDQJWLPHRXWPHVVDJHVZ\ND]XM GX \VWRSLH SRGRELH

VWZDGRNRPXQLNDWyZRSFMRQDOQ\FK$QDORJLF]QLHQDGDZFDZ\V\áDNRPXQLNDWGRRG

ELRUF\²]W\P HJRWyZMHVWF]HNDüQDMHJRREVáX HQLHSU]H]RNUH ORQ\RGFLQHNF]DVX

-H HOLRGELRUFDQLHMHVWZVWDQLHSU]\M üNRPXQLNDWXZZ\VSHF\ILNRZDQ\PF]DVLH

QDGDZFDUH]\JQXMH]GDQHMLQWHUDNFMLU\VXQHN

5\VXQHN

.RPXQLNDWRF]HNXM F\

,0DJD]\Q

%D]D'DQ\FK

QDZL 3Rá F]HQLH

.RPXQLNDW\RSFMRQDOQ\RUD]RF]HNXM F\QLHV HOHPHQWDPLVWDQGDUGX80/OHF]

VWHUHRW\SDPLJUDILF]Q\PL]DSURSRQRZDQ\PLSU]H]NRUSRUDFM ,%05DWLRQDO

7ZRU]HQLHLQLV]F]HQLHRELHNWÑZ

3RV]F]HJyOQHLQVWDQFMHNODV\ILNDWRUyZPRJ ]DSR UHGQLFWZHPRSHUDFML]DUyZQRWZR

U]\üMDNLQLV]F]\üRELHNW\2ELHNW]RVWDMHXWZRU]RQ\ZZ\QLNXSU]HVáDQLDNRPXQL

NDWXVWHUHRW\SRZDQHJR©FUHDWHª2ELHNWWHQXPLHV]F]DQ\MHVWQDGLDJUDPLHVHNZHQFML

SRQL HMSLHUZRWQLHLVWQLHM F\FKLQVWDQFMLNODV\ILNDWRUyZWDNDE\MHJRSRáR HQLHE\áR

]JRGQH]F]DVHPXWZRU]HQLDU\VXQHN3RVáRZLHNOXF]RZ\P©FUHDWHªSRZLQQD

E\üXPLHV]F]RQDQD]ZDRSHUDFMLWZRU] FHMRELHNWFKRüQLHMHVWWRREOLJDWRU\MQH

2ELHNW SU]HVWDMH LVWQLHü ZUD] ] RGHEUDQLHP SU]H]H NRPXQLNDWX VWHUHRW\SRZDQHJR

©GHVWUR\ª 1D GLDJUDPLH VHNZHQFML IDNW WHQ MHVW GRGDWNRZR R]QDF]RQ\ ]GDU]HQLHP

QLV]F] F\PDQJGHVWUXFWLRQHYHQWJUDILF]QLHUHSUH]HQWRZDQ\PZSRVWDFLZLHONLHM

OLWHU\;5yZQLH ZW\PSU]\SDGNXSRVáRZLHNOXF]RZ\PRSFMRQDOQHMHVWSRGDQLHQD

]Z\RSHUDFML

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN

7ZRU]HQLH

LQLV]F]HQLHRELHNWyZ

,.OLHQW

:LHU]\WHOQR ü

3áDWQR ü

8,&RQWURO

FUHDWH!!

XL ü

GHVWUR\!!

DQXOXM

:DUXQNL

:\NRQDQLHNRPXQLNDWXPR QDX]DOH QLüRGVSHáQLHQLDRNUH ORQ\FKZDUXQNyZDQJ

JXDUGFRQGLWLRQV

:DUXQHN MHVW WR ]ZLñ]DQH ] NRPXQLNDWHP NU\WHULXP RG NWÑUHJR VSHäQLHQLD X]D

OH QLRQHMHVWZ\NRQDQLHRNUH ORQHMRSHUDFML

.RQZHQFMD]DSLVXZDUXQNyZQLHMHVW FL OHGHILQLRZDQD:]DOH QR FLRGVSHF\ILNL

SURMHNWXLURG]DMXVWRVRZDQHJRGLDJUDPXVHNZHQFML²NRQFHSWXDOQHJRLPSOHPHQWD

F\MQHJROXEZ\VW SLHQLRZHJR²IRUPDOQ\]DSLVZDUXQNXPR HE\üUy Q\1DMF] FLHM

VSRW\NDQHV ZDUXQNLZ\UD RQHZVSRVyEWHNVWRZ\RUD]]Z\NRU]\VWDQLHPSVHXGR

NRGX-H OLZDUXQHNGRW\F] F\GDQHJRNRPXQLNDWXQLH]RVWDQLHVSHáQLRQ\RSHUDFMD

ZVND]\ZDQDSU]H]NRPXQLNDWQLHMHVWZ\NRQ\ZDQD

:DUXQNLXPLHV]F]DQHV ZQDZLDVDFKNZDGUDWRZ\FKSU]HGQD]Z NRPXQLNDWX8ZD

UXQNRZDQ\NRPXQLNDW]DSUH]HQWRZDQRQDU\VXQNXJG]LHNXSXM F\SU]\VW SXMHGR

OLF\WDFMLW\ONRZSU]\SDGNXJG\RIHURZDQDSU]H]QLHJRFHQDMHVWZ\ V]DRGFHQ\Z\

ZRáDZF]HM

5\VXQHN

:DUXQHNUHDOL]DFML

NRPXQLNDWX

.XSXM F\

,/LF\WDFMD

>FHQD3URSRQRZDQD!FHQD:\ZRáDZF]D@

SU]\VW S'R/LF\WDFML

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

1DRJyá]MHGQ\PNRPXQLNDWHPZL HVL W\ONRMHGHQZDUXQHN-HGQDNMHVWUyZQLH

PR OLZHX]DOH QLHQLHUHDOL]DFMLMHGQHJRNRPXQLNDWXSU]H]GDQ LQVWDQFM NODV\ILNDWRUD

RGVSHáQLHQLDNLONXZDUXQNyZ3RPL G]\GZRPDR URGNDPLVWHURZDQLDPR QDXPLH

FLüGRZROQ OLF]E XZDUXQNRZDQ\FKNRPXQLNDWyZ

:DUXQNLRNUH ODQHV WDN HPLDQHPZ\UD H GR]RUX

6DPRZ\ZRäDQLH

.ROHMQ NDWHJRUL SRM FLRZ VWRVRZDQ ZGLDJUDPDFKVHNZHQFMLMHVWVDPRZ\ZRáD

QLHDQJPHVVDJHVWRVHOI2]QDF]DRQRV\WXDFM ZNWyUHMGDQDLQVWDQFMDNODV\ILNDWR

UDZ\ZRáXMHZáDVQ RSHUDFM U\VXQHN6DPRZ\ZRáDQLHQDOH \WUDNWRZDüMDNR

V]F]HJyOQ\SU]\SDGHNLWHUDFML

5\VXQHN

6DPRZ\ZRáDQLH

)RUPXODU]=DNXSX)RUPXODU]

ZHU\ILNXM.RPSOHWQR ü'DQ\FK

:HIHNFLHVDPRZ\ZRá\ZDQLDQDOLQLL \FLDGDQHMLQVWDQFMLNODV\ILNDWRUDSRMDZLDVL

]DJQLH G RQ\R URGHNVWHURZDQLD3RM FLH]DJQLH G HQLDMHVW FL OH]ZL ]DQH]NROHM

QR FL Z]DMHPQLHX]DOH QLRQHJRZ\ZRá\ZDQLDVL NRPXQLNDWyZLMHVWV]F]HJyáRZR

Z\MD QLRQHZUR]G]LDOH

,WHUDFMD

:]DVWRVRZDQLDFKEL]QHVRZ\FKZ\VW SXMHZLHOHLQWHUDNFMLZNWyU\FKWHQVDPNRPX

QLNDWZ\NRQ\ZDQ\MHVWZLHORNURWQLHQD]DVDG]LHLWHUDFML

,WHUDFMDWRZLHORNURWQHSROLF]DOQHSRZWÑU]HQLHMHGQRVWNL]DFKRZDQLDZV\VWHPLH

.URWQR ü Z\NRQDQLD LWHUDFML RNUH ODQD MHVW Z IRUPLH ZDUXQNX SRSU]HG]RQHJR V\P

EROHP3RGVWDZRZDQRWDFMDLWHUDFMLMHVWQDVW SXM FD

´´_´>´VSHF\ILNDFMDLWHUDFML!´@´QD]ZDRSHUDFML!

,WHUDFM ZNODV\F]Q\PZ\GDQLXSU]HGVWDZLDVL MDNQDU\VXQNX,OXVWUXMHRQSU]\

G]LHODQLH3UDFRZQLNyZ]HVSRáXSURMHNWRZHJRGRNRQNUHWQ\FKSURMHNWyZ

5R]G]LDä‰'LDJUDPVHNZHQFML

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

VG:HZQ WU]QD5HNUXWDFMD3UDFRZQLNyZ'R3URMHNWyZ

.RPLWHW6WHUXM F\,7

=HVSyá3URMHNWRZ\

'REyU3UDFRZQLNyZ

%D]D'DQ\FK

SU]\G]LHO/LGHUD

SU]\G]LHOOLGHU

DNWXDOL]XMOLGHUVWDWXV

Z\ ZLHWO/LGHUSU]\G]LHORQ\

NRPSOHWXM=HVSyá3URMHNWRZ\

SU]\G]LHO

>SUDF Q@SU]\G]LHO6SHFMDOLVW SUMDQSUJWVW

Z\ ZLHWO=HVSyáVNRPSOHWRZDQ\

]DWZLHUG =HVSyá3URMHNWRZ\

5\VXQHN,WHUDFMDZZHZQ WU]QHMUHNUXWDFMLSUDFRZQLNyZGRSURMHNWyZ

)LUPDSURJUDPLVW\F]QDZ\NRQXMHUyZQROHJOHZLHOHSURMHNWyZ2EVáXJDNDGURZDSUR

MHNWyZZVSRPDJDQDMHVWNRPSXWHURZR2GSRZLHGQLV\VWHPSR]ZDODQDDGHNZDWQH

GRSDVRZDQLH]DZRGRZ\FKNRPSHWHQFMLSUDFRZQLNyZILUP\GRVSHF\ILNLSRWU]HENRQ

NUHWQHJRSURMHNWX'RUHDOL]DFMLND GHJRSURMHNWXSRZRá\ZDQ\MHVW=HVSyá3URMHNWRZ\

:W\PFHOXNRPLWHWVWHUXM F\Z\]QDF]DOLGHUD]HVSRáXSRSU]H]Z\VáDQLHNRPXQLNDWX

SU]\G]LHO/LGHUD$QDOLW\F]Q\RELHNWJUDQLF]Q\=HVSyá3URMHNWRZ\SU]HND]XMHNRPXQLNDW

SU]\G]LHO ] LGHQW\ILNDWRUHP OLGHUD GR DQDOLW\F]QHJR RELHNWX VWHUXM FHJR 'REyU3UD

FRZQLNyZ:PRPHQFLHSU]\G]LHOHQLDGRNRQNUHWQHJRSURMHNWXVWDWXVOLGHUD]RVWDMH

]PLHQLRQ\Z%D]LH'DQ\FK=PLDQDWDGRNRQ\ZDQDMHVW]DSR UHGQLFWZHPNRPXQL

NDWXDNWXDOL]XM]SDUDPHWUDPLOLGHURUD]VWDWXV3RGRNRQDQLXDNWXDOL]DFMLVWDWXVXLQ

WHUIHMV=HVSyá3URMHNWRZ\Z\ ZLHWODSRWZLHUG]HQLHSU]\G]LHOHQLDOLGHUD.ROHMQ\PNUR

NLHPZSRZRá\ZDQLXQRZHJR]HVSRáXMHVWSU]\G]LHOHQLHGRSURMHNWXSRV]F]HJyOQ\FK

SUDFRZQLNyZEH]SR UHGQLR]DDQJD RZDQ\FKZSURFHVWZRU]HQLDV\VWHPXLQIRUPDW\F]

QHJR3RMHG\QF]\SURMHNWMHVWUHDOL]RZDQ\SU]H]XVWDORQ JUXS VSHFMDOLVWyZZW\P

]D]Z\F]DMNLONXSURMHNWDQWyZV\VWHPXDQDOLW\NyZV\VWHPRZ\FKSURJUDPLVWyZRUD]

WHVWXM F\FK 3RV]F]HJyOQH VSHFMDOL]DFMH F]áRQNyZ ]HVSRáX UHSUH]HQWRZDQH V SU]H]

SDUDPHWU\SUMDQSUJWVWNRPXQLNDWXSU]\G]LHO6SHFMDOLVW 6NRPSOHWRZDQLH]HVSRáX

]DNR F]RQHMHVWSRQRZQ\PZ\ ZLHWOHQLHPSRWZLHUG]HQLD3RZ\NRQDQLXSURFHGXU\

GRERUX]HVSRáX.RPLWHW6WHUXM F\,7]DWZLHUG]D=HVSyá3URMHNWRZ\

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

3RF] ZV]\RGZHUVMLVWDQGDUGX80/]áR RQHLQWHUDNFMHPR QDPRGHORZDü]Z\

NRU]\VWDQLHPIUDJPHQWyZZ\RGU EQLRQ\FKMDNSRND]DQRQDU\VXQNX

5R]JDäö]LHQLH

=ZHU\ILNRZDQLHZDUXQNXPR HR]QDF]DüZ\VáDQLHNRPXQLNDWXVNXWNXM FHJRZ\NR

QDQLHPRSHUDFMLRGELRUF\WDNMDNQDU\VXQNX-HGQDNUHDOL]DFMDNRQNUHWQ\FKRSH

UDFMLPR HRSLHUDüVL QDEORNXGHF\]\MQ\PVNáDGDM F\PVL ]SU]\QDMPQLHMGZyFK

Z]DMHPQLHZ\NOXF]DM F\FKVL ZDUXQNyZ:WDNLPSU]\SDGNXUHDOL]DFMDZ\NOXF]D

M F\FKVL ZDUXQNyZQDGLDJUDPLHVHNZHQFMLR]QDF]DNRQLHF]QR üSU]HV\áDQLDNRPXQL

NDWyZMDNUyZQLH SU]HND]DQLDVWHURZDQLDGRRGSRZLHGQLFKLQVWDQFMLNODV\ILNDWRUyZ

)XQNFMDREVáXJLW\FKZDUXQNyZSU]\ELHUDSRVWDüUR]JDá ]LHQLDDQJEUDQFKMDNQD

U\VXQNX$]DWHP

5R]JDäö]LHQLHMHVWVSRVREHPSU]HND]DQLDVWHURZDQLDQDGLDJUDPLHVHNZHQFML]OL

QLL \FLDR URGNDVWHURZDQLDNODV\ILNDWRUDQDGDZF\GRNODV\ILNDWRUÑZRGELRUFÑZ

Z]DOH QR FLRGVSHäQLHQLDZDUXQNXSU]\SLVDQHJRGRSU]HV\äDQHJRNRPXQLNDWX

6SU]HGDM F\

,3DQHO6WHUXM F\

/LF\WDFMD

.DWDORJ

]DEORNXM6SU]HGD $UW\NXáX

>GHF\]MDRXVXQL FLXDUW\NXáX@XVX $UW\NXá

>GHF\]MDRSU]HUZDQLXOLF\WDFML@]DNR F]/LF\WDFM

5\VXQHN5R]JDá ]LHQLH

5\VXQHNSUH]HQWXMHZ\EUDQHLQWHUDNFMHGRW\F] FHOLF\WDFMLQDDXNFMLLQWHUQHWR

ZHMQDNWyU 6SU]HGDM F\PR H]JáRVLüV]HUHJDUW\NXáyZXPLHV]F]DM FMHZ.DWDOR

JXDXNFML%LH F NRQWURO QDGSU]HELHJLHPDXNFMLXPR OLZLDPX,3DQHO6WHUXM F\

:RNUHVLHPL G]\XPLHV]F]HQLHPDUW\NXáXZ.DWDORJXDUR]SRF] FLHP/LF\WDFML6SU]H

GDM F\PR HE\ü]DLQWHUHVRZDQ\Z\FRIDQLHPDUW\NXáX]DXNFML6NXWNXMHWRZ\NUH

OHQLHPDUW\NXáX].DWDORJXDXNFMLZZ\QLNXSU]HVáDQLDNRPXQLNDWXXVX $UW\NXá,VW

QLHMHUyZQLH GUXJLVSRVyE]DEORNRZDQLDVSU]HGD \DUW\NXáXQD/LF\WDFML=QDMGXMH

]DVWRVRZDQLHZWHG\JG\MX ZWUDNFLHWUZDQLD/LF\WDFMLVSU]HGDM F\]GHF\GXMHVL QD

Z\FRIDQLHDUW\NXáXLSU]HUZDQLH/LF\WDFMLEH]SRGDQLDSU]\F]\Q'RNRQXMHVL WR

ZZ\QLNXSU]HVáDQLDNRPXQLNDWX]DNR F]/LF\WDFM

5R]G]LDä‰'LDJUDPVHNZHQFML

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

1DGLDJUDPDFKVHNZHQFMLZ\VW SXMHUyZQLH LQQDRGPLDQDUR]JDá ]LHQLD3U]HVáDQLH

DOWHUQDW\ZQ\FKNRPXQLNDWyZZ\QLNDM F\FK]HVSHáQLHQLDZDUXQNXPR HE\üWDN H

UHDOL]RZDQHZ\á F]QLHSU]H]MHGQ LQVWDQFM NODV\ILNDWRUD:yZF]DVNRQLHF]QHMHVW

UR]V]F]HSLHQLHOLQLL \FLDNODV\ILNDWRUDRGELRUF\3RQLHZD NRPXQLNDWMHVWZ\V\áDQ\

W\ONRGRMHGQHJRRGELRUF\ZPRPHQFLHUR]SRF] FLDUHDOL]DFMLXZDUXQNRZDQ\FKNR

PXQLNDWyZ UR]V]F]HSLD VL OLQL \FLD NODV\ILNDWRUDRGELRUF\ WZRU] F DOWHUQDW\ZQH

OLQLH \FLDU\VXQHN3RZ\NRQDQLXVWRVRZQ\FKRSHUDFMLUR]V]F]HSLRQHOLQLH \

FLDPRJ ]RVWDüSRQRZQLHSRá F]RQH

=DWHP80/SR]ZDODQDZSURZDG]DQLHGZyFKRGPLDQUR]JDá ]LH

t

NODV\ILNDWRUQDGDZFD

NLONDNODV\ILNDWRUyZRGELRUFyZ

t

NODV\ILNDWRUQDGDZFD

MHGHQNODV\ILNDWRURGELRUFD

]UR]V]F]HSLRQ OLQL \FLD

©V\VWHPª

.RQWUDNW\7HUPLQRZH

1DE\ZFD

%LXUR0DNOHUVNLH

%DQN

UHDOL]XM.RQWUDNW

XVWDO:DUWR ü%LH F

>Z%LH !Z1RP@Z\NRQDM.RQWUDNW

>Z%LH Z1RP@Z\NRQDM.RQWUDNW

SRWU ü6WUDW ='HSR]\WX

WUDQVIHUXM'HSR]\W

SRWZLHUG 5HDOL]DFM .RQWUDNWX

WUDQVIHUXM=\VN

5\VXQHN5HDOL]DFMDNRQWUDNWXWHUPLQRZHJR

1DU\VXQNX]DSUH]HQWRZDQRGUXJLURG]DMUR]JDá ]LHQLDQDGLDJUDPDFKVHNZHQ

FML1DE\ZFDGHF\GXMHVL ]UHDOL]RZDüXSU]HGQLRQDE\W\NRQWUDNWWHUPLQRZ\:W\P

FHOXZ\V\áDNRPXQLNDWUHDOL]XM.RQWUDNWGRV\VWHPX.RQWUDNW\7HUPLQRZH1DE\ZFD

PR H VSRG]LHZDü VL ]DUyZQR ]\VNyZ MDN L VWUDW 6\VWHP XVWDOD:DUWR ü%LH F

NRQWUDNWX1DVW SQLHZDUWR üWDMHVWSRUyZQ\ZDQD]ZDUWR FL QRPLQDOQ UyZQ FHQLH

>ZDUXQNL@

>ZDUXQNL@

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

]DNXSX3RSU]HSURZDG]HQLXSRUyZQDQLDZ\V\áDQ\MHVWNRPXQLNDWZ\NRQDM.RQWUDNW

6SRVyEZ\NRQDQLDNRQWUDNWX]DOH \RGZ\QLNXILQDQVRZHJRWUDQVDNFML:SU]\SDGNX

RVL JQL FLD]\VNyZV RQHSU]HOHZDQHQDNRQWR1DE\ZF\NRQWUDNWXZZ\QLNXZ\NR

QDQLDNRPXQLNDWXWUDQVIHUXM=\VN1DWRPLDVWHZHQWXDOQHVWUDW\V SRWU FDQH]MHJRGH

SR]\WXZZ\QLNXUHDOL]DFMLNRPXQLNDWXSRWU ü6WUDW ='HSR]\WX:REXSU]\SDGNDFK

QDVW SQ\PNURNLHPMHVWWUDQVIHU'HSR]\WXOXEMHJRSR]RVWDáHMF] FLSU]H]%LXUR

0DNOHUVNLHQDNRQWR1DE\ZF\Z%DQNXSURZDG] F\PUDFKXQHNELH F\1DE\ZF\

7UDQVDNFMDNR F]\VL SRWZLHUG]HQLHP5HDOL]DFML.RQWUDNWX

1RWDFMDUR]JDá ]LH WUDFLREHFQLHQD]QDF]HQLXZ]ZL ]NX]ZSURZDG]HQLHPZUD]

]ZHUVM 80/IUDJPHQWXZ\RGU EQLRQHJR]RSHUDWRUHPLQWHUDNFMLDOW

)UDJPHQW\Z\RGUöEQLRQHLRSHUDWRU\LQWHUDNFML

=áR RQR üGLDJUDPyZVHNZHQFMLSRZRGXMH HZ\Uy QLDVL ZQLFKSHZQHVSHFMDOQH

REV]DU\LQWHUDNFMLQD]\ZDQHIUDJPHQWDPLLQWHUDNFML:SUDNW\FHSU]\MPXM RQHSRVWDü

t

IUDJPHQWyZZ\RGU EQLRQ\FKDQJFRPELQHGIUDJPHQWV

t

SU]\ZRá\ZDQ\FKZ\VW SLH LQWHUDNFMLDQJLQWHUDFWLRQRFFXUUHQFHV

3RGZ]JO GHPSRM FLRZ\PEDUG]LHMUR]EXGRZDQDMHVWSLHUZV]D]W\FKNDWHJRULL

)UDJPHQWZ\RGUöEQLRQ\MHVWWRORJLF]QLHVSÑMQ\REV]DULQWHUDNFMLF]ö èGLDJUDPX

VHNZHQFMLFKDUDNWHU\]XMñFDVLöVSHF\ILF]Q\PLZäD FLZR FLDPLRNUH ORQ\PLSU]H]RSH

UDWRULQWHUDNFML

6WRVRZDQLHIUDJPHQWyZZ\RGU EQLRQ\FKXPR OLZLDEDUG]LHMSUHF\]\MQH]REUD]RZD

QLHLVWRW\LQWHUDNFMLFRMHVWV]F]HJyOQLHZD QHZSU]\SDGNXV\VWHPyZF]DVXU]HF]\

ZLVWHJRRUD]ZVSRPDJDM F\FKVNRPSOLNRZDQHSURFHV\EL]QHVRZH6SHF\ILNDIUDJPHQWX

Z\RGU EQLRQHJRMHVW FL OHX]DOH QLRQDRGFKDUDNWHU\]XM FHJRJRRSHUDWRUDLQWHUDNFML

DQJLQWHUDFWLRQRSHUDWRU

2SHUDWRULQWHUDNFMLVWDQRZLVSUHF\]RZDQLHIXQNFMRQDOQR FL UHDOL]RZDQHM SU]H] IUDJ

PHQWZ\RGUöEQLRQ\

)UDJPHQWZ\RGU EQLRQ\Z\VW SXMHZIRUPLHREUDPRZDQHM]Z\V]F]HJyOQLHQLHPQD

JáyZND:QDJáyZNXREOLJDWRU\MQLHXPLHV]F]RQ\MHVWRSHUDWRUFKDUDNWHU\]XM F\VSH

F\ILN GDQHJRIUDJPHQWXZ\RGU EQLRQHJRZUD]]HZHQWXDOQ\PLSDUDPHWUDPL]DSLVD

Q\ZQDVW SXM FHMNRQZHQFML

RSHUDWRULQWHUDNFML!>SDUDPHWU\!@

6SHF\ILNDFM IUDJPHQWXZ\RGU EQLRQHJR]DPLHV]F]RQRQDU\VXQNX

1DGLDJUDPDFKVHNZHQFMLLGHQW\ILNXMHVL IUDJPHQW\Z\RGU EQLRQHDQDVW SQLHGHIL

QLXMH]Z\NRU]\VWDQLHPQDVW SXM F\FKRSHUDWRUyZLQWHUDNFMLE G F\FKWHUPLQDPLDQ

JLHOVNLPLOXELFKVNUyWDPLSRUWDEHOD

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN

)UDJPHQW

Z\RGU EQLRQ\

LMHJRHOHPHQW\

t

DOW²DOWHUQDW\ZD

t

RSW²RSFMD

t

EUHDN²SU]HUZDQLH

t

ORRS²LWHUDFMD

t

QHJ²IXQNFMRQDOQR üQLHSUDZLGáRZD

t

SDU²ZVSyáELH QR ü

t

FULWLFDO²REV]DUNU\W\F]Q\

t

DVVHUW²IRUPXáD

t

FRQVLGHU²LVWRWQR ü

t

LJQRUH²QLHLVWRWQR ü

t

VWULFWH² FLVáHXSRU] GNRZDQLH

t

VHT²VáDEHXSRU] GNRZDQLH

)UDJPHQWZ\RGU EQLRQ\VNáDGDVL ]MHGQHJROXEZLHOXRSHUDQGyZLQWHUDNFMLDQJ

LQWHUDFWLRQRSHUDQGV

2SHUDQG LQWHUDNFML VWDQRZL RGG]LHOQñ F]ö è IUDJPHQWX Z\RGUöEQLRQHJR VXE

IUDJPHQW

5HJXá\WZRU]HQLDLX \WNRZDQLDRSHUDQGyZLQWHUDNFMLV ]Uy QLFRZDQHLXZDUXQNR

ZDQHVSHF\ILN NRQNUHWQHJRIUDJPHQWXZ\RGU EQLRQHJRFR]D]QDF]DVL RGSRZLHG

QLPRSHUDWRUHPLQWHUDNFMLZQDJáyZNXIUDJPHQWXZ\RGU EQLRQHJR,WDN

t

ZHIUDJPHQWDFKZ\RGU EQLRQ\FKR]QDF]RQ\FKRSHUDWRUDPLRSWORRSRUD]QHJ

Z\VW SXMHMHGHQLW\ONRMHGHQRSHUDQGLQWHUDNFML

t

GODIUDJPHQWyZZ\RGU EQLRQ\FKR]QDF]RQ\FKRSHUDWRUHPDOWPR HZ\VW SLü

ZLHOHRSHUDQGyZMHGQDNUHDOL]RZDQ\MHVWW\ONRMHGHQ]QLFKVWRVRZQLH

GRZ\NRQDQLDZDUXQNX]DSLVDQHJRZRSHUDQG]LH

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

t

MH OLIUDJPHQWZ\RGU EQLRQ\R]QDF]RQ\MHVWRSHUDWRUHPSDUZV]\VWNLH

VNáDGDM FHVL QDQLHJRRSHUDQG\Z\NRQ\ZDQHV UyZQROHJOH

t

ZHIUDJPHQWDFKZ\RGU EQLRQ\FKR]QDF]RQ\FKSR]RVWDá\PLRSHUDWRUDPL

SRV]F]HJyOQHRSHUDQG\LQWHUDNFMLZ\NRQ\ZDQHV VHNZHQF\MQLH

2SHUDQG\LQWHUDNFMLXPLHV]F]DQHV ZUDPDFKIUDJPHQWXZ\RGU EQLRQHJRZXNáDG]LH

SLRQRZ\P3RV]F]HJyOQHRSHUDQG\RGG]LHODQHV SU]H]VHSDUDWRU\ZSRVWDFLOLQLLSU]H

U\ZDQHM 6HSDUDWRU\ QDWXUDOQLH QLH Z\VW SXM ZH IUDJPHQWDFK Z\RGU EQLRQ\FK Z\

NRU]\VWXM F\FKRSHUDWRU\RSWORRSRUD]QHJ:SU]\SDGNXRSHUDWRUyZDOWLRSWZRE

V]DU]HRSHUDQGXQDOH \]DSLVDüZDUXQHNNWyU\PXVLE\üVSHáQLRQ\DE\LQWHUDNFMD

RSHUDQGX]RVWDáD]UHDOL]RZDQD6SRVyEVSHF\ILNRZDQLDZDUXQNyZGODRSHUDQGyZ]D

PLHV]F]RQRQDU\VXQNXRUD]

7DEHODSU]HGVWDZLDOLVW RSHUDWRUyZLQWHUDNFMLWDEHOD.D G\]QLFKMHGQR]QDF]

QLHFKDUDNWHU\]XMHVSHF\ILF]QHFHFK\RSLV\ZDQ\FKIUDJPHQWyZZ\RGU EQLRQ\FK:NR

OHMQ\FKNROXPQDFKWDEHOL]DPLHV]F]RQR

t

QD]Z RSHUDWRUDLQWHUDNFML

t

RSHUDWRU

t

LQWHUSUHWDFM LVWRW\RSHUDWRUDLQWHUDNFML

t

RGZRáDQLDGRU\VXQNyZLOXVWUXM F\FKIUDJPHQW\Z\RGU EQLRQHGODDGHNZDWQ\FK

RSHUDWRUyZ

7DEHOD2SHUDWRU\LQWHUDNFMLQDGLDJUDPDFKVHNZHQFML

3HäQDQD]ZD

RSHUDWRUD

2SHUDWRU

,QWHUSUHWDFMD

5\VXQNL

DOWHUQDW\ZD

DOW

2]QDF]DPR OLZR üZ\ERUXMHGQHJRLW\ONRMHGQHJRVSR UyG

ZV]\VWNLFKRSHUDQGyZGDQHJRIUDJPHQWXZ\RGU EQLRQHJR

:\EyUWHQMHVWGRNRQ\ZDQ\QDSRGVWDZLHZDUXQNX

SU]\SLVDQHJRGRRSHUDQGX:DUXQNLPRJ E\üRSLVDQH

ZVSRVyEMDZQ\DOERQLHMDZQ\2NUH OHQLHZDUXQNXMDZQHJR

QDVW SXMHSRSU]H]MHJRXPLHV]F]HQLHZREV]DU]HGDQHJR

RSHUDQGX3RPLQL FLHWDNLHJR]DSLVXR]QDF]D HZDUXQHN

WHQMHVWGRP\ OQ\

RSFMD

RSW

2]QDF]D HRSHUDQGZHIUDJPHQFLHZ\RGU EQLRQ\P

Z\VW SLOXE]RVWDQLHSRPLQL W\

SU]HUZDQLH

EUHDN

-HVWVNUyFRQ IRUP RSHUDWRUDDOW:\VW SXMHZV\WXDFML

JG\QDGLDJUDPLHLVWQLHMHW\ONRMHGHQ FL OH]GHILQLRZDQ\

RSHUDQGQDWRPLDVWRWRF]HQLHIUDJPHQWXZ\RGU EQLRQHJR

SRWUDNWRZDQH]RVWDMHZNDWHJRULDFKGUXJLHJRRSHUDQGX

:PRPHQFLHZ\NRQDQLDIUDJPHQWXZ\RGU EQLRQHJR

R]QDF]RQHJRRSHUDWRUHPEUHDNRWDF]DM FHJRLQWHUDNFMH

V LJQRURZDQH

5R]G]LDä‰'LDJUDPVHNZHQFML

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

7DEHOD2SHUDWRU\LQWHUDNFMLQDGLDJUDPDFKVHNZHQFMLFL JGDOV]\

3HäQDQD]ZD

RSHUDWRUD

2SHUDWRU

,QWHUSUHWDFMD

5\VXQNL

LWHUDFMD

ORRS

2]QDF]DSRZWDU]DQLHRSHUDQGXRNUH ORQ LOR üUD]\'ROQD

LJyUQDOLF]EDLWHUDFMLPR HE\üZVND]DQDZIRUPLHSDUDPHWUX

MDNSRQL HM

ORRS>´´PLQLQW!>´´PD[LQW!@´´@

3DUDPHWUPLQLQWMHVWQLHXMHPQ OLF]E FDáNRZLW QDWRPLDVW

PD[LQW²OLF]E FDáNRZLW ZL NV] RGPLQLQW:SU]\SDGNX

Z\VSHF\ILNRZDQLDW\ONRMHGQHJRSDUDPHWUXS WOD]RVWDQLH

Z\NRQDQDZVND]DQ LOR üUD]\3RPLQL FLHSDUDPHWUyZ

MHVWGRP\ OQLHWUDNWRZDQHMDNRZ\NRQDQLHS WOLRG]HUD

GRQLHVNR F]RQR FL

IXQNFMRQDOQR ü

QLHSUDZLGáRZD

QHJ

&KDUDNWHU\]XMHRSHUDQG\NWyUHWUDNWRZDQHV ZNDWHJRULDFK

G]LDáD QLHSUDZLGáRZ\FK2SHUDQG\WHZVND]XM QDZ\M WNL

NWyUHPXV] ]RVWDüREVáX RQH'RWDNLFKZ\M WNyZ

REVáXJLZDQ\FKZM ]\NDFKSURJUDPRZDQLDQSZM ]\NX

-$9$QDOH PLQEá GRSHUDFMLDU\WPHW\F]QHMLQGHNV

SR]D]DNUHVHPQLHSUDZLGáRZ\W\SGDQ\FK

LSU]HSHáQLHQLHVWRVX

ZVSyáELH QR ü SDU

:VND]XMHQDUyZQROHJáHZ\NRQ\ZDQLHZV]\VWNLFK

RSHUDQGyZGDQHJRIUDJPHQWXZ\RGU EQLRQHJR

REV]DU

NU\W\F]Q\

FULWLFDO

&KDUDNWHU\]XMHIUDJPHQWZ\RGU EQLRQ\VWDQRZL F\

]DPNQL W FDáR üNWyU\X]\VNXMHQDMZ\ V]\SULRU\WHW

ZUHDOL]DFMLLQWHUDNFML,QVWDQFMHNODV\ILNDWRUyZXF]HVWQLF] FH

ZUHDOL]DFMLREV]DUXNU\W\F]QHJRQLHPRJ XF]HVWQLF]\ü

ZLQQ\FKLQWHUDNFMDFK6 ]DEORNRZDQHZ\á F]QLH

GODSRWU]HEZ\NRQDQLDLQWHUDNFMLREV]DUXNU\W\F]QHJR

,QWHUDNFMHZ\VW SXM FHZRWRF]HQLXREV]DUXNU\W\F]QHJR

LQLHLQJHUXM FHZMHJRIXQNFMRQRZDQLHPRJ E\ü

Z\NRQ\ZDQHUyZQRF]H QLH

IRUPXáD

DVVHUW

5HSUH]HQWXMHZ\NRQDQLHVIRUPDOL]RZDQHJRWZLHUG]HQLD

DOJRU\WPX-HVWF] VWRSRZL ]DQ\]RSHUDWRUDPLFRQVLGHU

OXELJQRUH

LVWRWQR ü

FRQVLGHU

2]QDF]DIUDJPHQWZ\RGU EQLRQ\SU]HGVWDZLDM F\]HVWDZ

RSHUDQGyZ]DZLHUDM F\FKNRPXQLNDW\NWyUHPXV] ]RVWDü

Z\NRQDQHZUDPDFKGDQHJRGLDJUDPXVHNZHQFML6NáDGQLD

RSHUDWRUDMHVWQDVW SXM FD

FRQVLGHU´^´QD]Z\NRPXQLNDWyZ!´`´

:SU]\SDGNXZ\VW SRZDQLDZHIUDJPHQFLHZ\RGU EQLRQ\P

NLONXNRPXQLNDWyZV RQHRGG]LHODQHSU]HFLQNDPL

QSFRQVLGHU^Z\ELHU]:\NáDGRZF Z\ELHU]3UDFRZQL `

FRQVLGHU^ZVWDZ$UW\NXá1D$XNFM `

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

7DEHOD2SHUDWRU\LQWHUDNFMLQDGLDJUDPDFKVHNZHQFMLFL JGDOV]\

3HäQDQD]ZD

RSHUDWRUD

2SHUDWRU

,QWHUSUHWDFMD

5\VXQNL

QLHLVWRWQR ü

LJQRUH

2]QDF]DIUDJPHQWZ\RGU EQLRQ\VSHF\ILNXM F\NRPXQLNDW\

QLHPDM FHLVWRWQHJRZSá\ZXQDFDáR üLQWHUDNFML.RPXQLNDW\

WHPRJ E\üZVND]DQHZGRZROQ\PPLHMVFXQDGLDJUDPLH

OXE]RVWDüSRPLQL WH3RVáRZLHNOXF]RZ\PLJQRUH

ZQDZLDVDFKNODPURZ\FKSRGDMHVL OLVW QLHLVWRWQ\FK

NRPXQLNDWyZ

LJQRUH´^´QD]Z\NRPXQLNDWyZ!´`´

:SU]\SDGNXZ\VW SRZDQLDZHIUDJPHQFLHZ\RGU EQLRQ\P

NLONXNRPXQLNDWyZV RQHRGG]LHODQHSU]HFLQNDPL

QSLJQRUH^VNDVXM3OLNL7\PF]DVRZHZ\F]\ ü%XIRU`

2SHUDWRULJQRUHPR HE\üMHGQ\P]SDUDPHWUyZ

XPLHV]F]RQ\FKZQDJáyZNXUDP\GLDJUDPXVHNZHQFML

QSVG]DUHMHVWUXM'RNXPHQW\LJQRUH^SRGDM1DURGRZR ü`

FLVáH

XSRU] GNRZDQLH

VWULFW

:VND]XMH HRSHUDQG\PXV] E\üZ\NRQ\ZDQH

ZQLH]PLHQQHMRNUH ORQHMQDGLDJUDPLHNROHMQR FL

VáDEH

XSRU] GNRZDQLH

VHT

:VND]XMH HNRPXQLNDW\QDUy Q\FKOLQLDFK \FLDGOD

Uy Q\FKRSHUDQGyZPRJ Z\VW SLüZGRZROQ\PSRU] GNX

3UDNW\F]QH]DVWRVRZDQLHZ\Uy QLRQ\FKRSHUDWRUyZSU]HGVWDZLDM U\VXQNL±

.D G\]SU]\NáDGyZ]DZLHUD

t

QD]Z RSHUDWRUDLQWHUDNFML

t

V]F]HJyáRZ FKDUDNWHU\VW\N PRGHORZDQHJRSU]\SDGNXEL]QHVRZHJR

t

GLDJUDPLOXVWUXM F\RSLVDQ V\WXDFM

5R]G]LDä‰'LDJUDPVHNZHQFML

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

$OWHUQDW\ZDDOW

23,6

6\VWHPLQIRUPDW\F]Q\X \WNRZDQ\ZILUPLHSR]ZDODQDDNWXDOL]DFM ]DPyZLH SU]HFKRZ\ZDQ\FK

ZED]LHGDQ\FK3RSU]H]Z\VáDQLHNRPXQLNDWXSRELHU]=DPyZLHQLHX \WNRZQLF\V\VWHPX

PRJ SU]HJO GDü]DPyZLHQLDSU]HFKRZ\ZDQHZED]LHGDQ\FKQDIRUPDWFH,=DPyZLHQLH

RUD]DNWXDOL]RZDüMH$NWXDOL]DFMD]DPyZLH MHVWF]\QQR FL GRZ\NRQDQLDNWyUHMDXWRU\]DFM

PDM Z\á F]QLHSUDFRZQLF\G]LDáX]DPyZLH 'RVW SGR]DPyZLH SU]HFKRZ\ZDQ\FK

ZED]LHGDQ\FKPDM UyZQLH LQQLSUDFRZQLF\ILUP\ZV]F]HJyOQR FLREVáXJXM F\V\VWHP&50

7DGUXJDJUXSDSUDFRZQLNyZQLHPDMHGQDNXSUDZQLH QLHPDDXWRU\]DFMLGRPRG\ILNRZDQLD

]DPyZLH WMGRNRQ\ZDQLDRSHUDFMLZSURZDG]DQLDVNUH ODQLDLDNWXDOL]DFMLGDQ\FK:Z\QLNX

SU]HVáDQLDNRPXQLNDWXZ\ ZLHWO=DPyZLHQLHV\VWHPZ\ ZLHWODRE\GZXJUXSRP GDQH

]DPyZLHQLD:SU]\SDGNXNRPXQLNDWXDNWXDOL]XM=DPyZLHQLHV\VWHPLGHQW\ILNXMHSUDZR

GRVW SXGRSU]HSURZDG]HQLDRSHUDFMLDNWXDOL]DFMLGDQ\FKZED]LH6\VWHPUHDOL]XMHNRPXQLNDW

]DSLV]=PLDQ\GODSUDFRZQLNyZG]LDáX]DPyZLH QDWRPLDVWZV]\VWNLPSR]RVWDá\P

X \WNRZQLNRPV\VWHPZ\ ZLHWODIRUPDWN ,2GPRZDUHDOL]XM FNRPXQLNDWZ\ ZLHWO2GPRZ

',$*5$0

VG$NWXDOL]DFMD=DPyZLHQLHZ6\VWHPLH(53

8 \WNRZQLN

,=DPyZLHQLH

,2GPRZD

%D]D'DQ\FK

DOW

>DXWRU\]DFMD@

>EUDN$XWRU\]DFML@

Z\ ZLHWO=DPyZLHQLH

SRELHU]=DPyZLHQLH

DNWXDOL]XM=DPyZLHQLH

]DSLV]=PLDQ\

Z\ ZLHWO2GPRZ

5\VXQHN$NWXDOL]DFMD]DPyZLHQLDZV\VWHPLH(53

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

2SFMDRSW

23,6

6HUZHU3RF]W\REVáXJXMHZLHOX1DGDZFyZL2GELRUFyZSRF]W\HOHNWURQLF]QHM2GELRUF\HPDLOL

PRJ ]DVWU]HFVRELHSUDZRGRQLHSU]\MPRZDQLDGRVZRLFKVNU]\QHNZLDGRPR FLRRNUH ORQ\FK

WHPDWDFK6HUZHU3RF]W\UHDOL]XMHWR]OHFHQLHSRSU]H]]DáR HQLHRGSRZLHGQLFKILOWUyZQDSRF]W

SU]\FKRG] F GRRGELRUFyZ6HUZHUSU]\MPXMHOLVW\RGQDGDZFyZSRRWU]\PDQLXNRPXQLNDWX

Z\ OLM:LDGRPR ü:SU]\SDGNXVWZLHUG]HQLDRWU]\PDQLDOLVWX]WHPDWHPQLHDNFHSWRZDQ\P

SU]H]2GELRUF 6HUZHU3RF]W\Z\ZRáXMHNRPXQLNDWRGU]Xü:LDGRPR üFR]D]QDF]RQR

ZHIUDJPHQFLHZ\RGU EQLRQ\P]]DVWRVRZDQLHPVWRVRZQHJRZDUXQNX6HUZHUUHDOL]XMHZL F

RSFMHSU]HFKRZ\ZDQLDDOERRGU]XFDQLDZLDGRPR FL:GRJRGQ\PPRPHQFLH2GELRUFDSRELHUD

SRF]W SRSU]H]Z\VáDQLHNRPXQLNDWXSRELHU]3RF]W VNLHURZDQHJRGRVHUZHUD2GELRUFD

RWU]\PXMH]DWHPOLVW\Z\á F]QLHRDNFHSWRZDQ\FKSU]H]VLHELHWHPDWDFK

',$*5$0

VG3U]HSá\Z3RF]W\(OHNWURQLF]QHM

1DGDZFD

2GELRUFD

RSW

>WHPDWQLHDNFHSWRZDQ\@

6HUZHU3RF]W\

Z\ OLM:LDGRPR ü

RGU]Xü:LDGRPR ü

SRELHU]:LDGRPR ü

5\VXQHN3U]HSá\ZSRF]W\HOHNWURQLF]QHM

5R]G]LDä‰'LDJUDPVHNZHQFML

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

3U]HUZDQLHEUHDN

23,6

$JHQWILUP\WXU\VW\F]QHMSR]UHDOL]RZDQLD]OHFHQLD]ZL ]DQHJR]]DPyZLHQLHPZ\FLHF]NL

SU]\VW SXMHGRZ\JHQHURZDQLD)DNWXU\:áDVQHM1DZVW SLHGRNRQXMHZHU\ILNDFMLNOLHQWD

SRUyZQXM FSRGDQ\LGHQW\ILNDWRU]GDQ\PL]DUHMHVWURZDQ\PLZRELHNFLHNODV\.OLHQW

3RUyZQDQLHWRSROHJDQDSU]HVáDQLXNRPXQLNDWXZHU\ILNXM,GHQW\ILNDWRU:SU]\SDGNX

Z\VW SLHQLDQLH]JRGQR FLGDQ\FKSU]HFKRZ\ZDQ\FKZV\VWHPLH]SRGDQ\PLSU]H]$JHQWD

Z/RJXV\VWHPRZ\P]DSLV\ZDQ\MHVWIDNW]DLVWQLHQLDWHMQLH]JRGQR FL'RNRQXMHVL WR

ZV\VWHPLHZHIHNFLHSU]HVáDQLDNRPXQLNDWXUDSRUWXM%á G7\PVDP\PZ\VWDZLDQLHIDNWXU\

]RVWDMHSU]HUZDQH1DWRPLDVWMH OLGDQHSRGDQHSU]H]$JHQWDL]DZDUWHZRELHNFLHNODV\.OLHQW

V ]JRGQHQDVW SXM NROHMQHRSHUDFMH

‰

QDJáyZHNIDNWXU\MHVWZ\SHáQLDQ\QDSRGVWDZLHGDQ\FKSU]HFKRZ\ZDQ\FKZRELHNFLH

NODV\.OLHQWZZ\QLNXSU]HVáDQLDNRPXQLNDWXZ\SHáQLM1DJáyZHN

‰

RELHNWNODV\)DNWXUD:áDVQDSU]HV\áD GDQLHZ\SHáQLHQLDSRV]F]HJyOQ\FKSR]\FMLIDNWXU\

ZSRVWDFLNRPXQLNDWXZ\SHáQLM3R]\FMHGRRELHNWXNODV\5H]HUZDFMD

3R]\FMHIDNWXU\Z\SHáQLDQHV GDQ\PLSU]HFKRZ\ZDQ\PLZRELHNFLHNODV\5H]HUZDFMD

3RZ\JHQHURZDQLXZV\VWHPLHIDNWXU\MHVWRQDGUXNRZDQDNRPXQLNDWGUXNXM

',$*5$0

VG:\SHáQLDQLH)DNWXU\

.OLHQW

)DNWXUD:áDVQD

5H]HUZDFMD

/RJ

$JHQW

EUHDN

ZHU\ILNXM,GHQW\ILNDWRULG

UDSRUWXM%á G

Z\SHáQLM1DJáyZHN

Z\SHáQLM3R]\FMH

GUXNXM

5\VXQHN:\SHáQLDQLHIDNWXU\

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

,WHUDFMDORRS

23,6

.OLHQWMHVW]DLQWHUHVRZDQ\NXSQHPDUW\NXáXQDDXNFMLLQWHUQHWRZHM:W\PFHOXZ\NRU]\VWXMH

RSURJUDPRZDQLH]QDQHMLQWHUQHWRZHMILUP\DXNF\MQHM$E\Z\V]XNDüLQWHUHVXM FHJROLF\WDFMH

ZGDQHMNDWHJRULL.XSXM F\SU]HJO GDRIHUW Z\EUDQHMILUP\DXNF\MQHM:W\PFHOXZSURZDG]D

GRIRUPDWNL,2IHUWD$XNFMLQD]Z SRV]XNLZDQHJRDUW\NXáXL]OHFDV\VWHPRZLZ\V]XNDQLH

SU]HVáDQLHNRPXQLNDWXZ\V]XNDM]SDUDPHWUHPDUW\NXáZV]\VWNLFKOLF\WDFMLZNWyU\FK

SU]HGPLRWHPVSU]HGD \MHVWSRV]XNLZDQ\DUW\NXá,QVWDQFMDNODV\ILNDWRUD,2IHUWD$XNFML

Z\ZRáXMHRSHUDFM Z\ELHU]/LF\WDFM RELHNWXNODV\/LF\WDFMD2SHUDFMDWDZ\NRQ\ZDQD

MHVWMDNRS WODSURJUDPRZDLWHUDFMDLSR]ZDODQDZ\V]XNDQLHZV]\VWNLFKLQVWDQFMLNODV\

/LF\WDFMDE G F\FKOLF\WDFMDPLGDQHJRDUW\NXáX3RZ\EUDQLXZV]\VWNLFKOLF\WDFML]DZLHUDM F\FK

GDQ\DUW\NXáLFK]HVWDZLHQLH]RVWDMHZ\ ZLHWORQHSRSU]H]Z\NRQDQLHNRPXQLNDWXZ\ ZLHWO

QDLQVWDQFMLNODV\ILNDWRUD/LF\WDFMD

',$*5$0

VG:\V]XNLZDQLH2IHUW$XNFML

.XSXM F\

,2IHUWD$XNFML

/LF\WDFMD

ORRS

Z\V]XNDMDUW\NXá

Z\ELHU]/LF\WDFM

Z\ ZLHWOQOLF\WDFMD

5\VXQHN:\V]XNLZDQLHRIHUWDXNFML

5R]G]LDä‰'LDJUDPVHNZHQFML

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

)XQNFMRQDOQR èQLHSUDZLGäRZDQHJ

23,6

%DQNSURZDG]LNLONDRVREQ\FKNRQWILUP\(IHNW\ZQHPRQLWRURZDQLHSá\QQR FLILQDQVRZHM

SU]HGVL ELRUVWZDZ\PDJDGRVW SXGRDNWXDOQ\FKVDOGNRQWEDQNRZ\FK'DQHWHV SU]HFKRZ\ZDQH

QDVHUZHU]HSOLNyZZSOLNXWHNVWRZ\PNWyU\MHVWQDELH FRDNWXDOL]RZDQ\']LDá)LQDQVRZ\

NWyU\RF]HNXMHRGV\VWHPXZ\ ZLHWOHQLDDNWXDOQ\FKVDOGNRQWLQLFMXMHSURFHVSU]HV\áDQLD

GDQ\FKRVDOGDFKNRQWEDQNRZ\FKSU]HFKRZ\ZDQ\FKQDVHUZHU]HZSOLNXWHNVWRZ\PRQD]ZLH

VDOGDW[W:W\PFHOXZ\NRU]\VWXMHDQDOLW\F]Q\RELHNWJUDQLF]Q\6DOGRNWyU\UHDOL]XMHRSHUDFM

DNWXDOL]XM6DOGD.RQNUHWQDLQVWDQFMDDQDOLW\F]QHMNODV\VWHUXM FHM7UDQVIHU'DQ\FK]DZLHUD

ORJLN VWHURZDQLDSURFHVHPLPSRUWRZDQLDGDQ\FK]SOLNXWHNVWRZHJR,QWHUIHMVHPSR UHGQLF] F\P

MHVWRELHNWNODV\JUDQLF]QHM6DOGRVHUZHU3RXUXFKRPLHQLXRSHUDFMLLQVWDQFMLNODV\ILNDWRUyZ

.RQWRRUD]6HUZHU3OLNyZ7UDQVIHU'DQ\FKZ\V\áDNRPXQLNDWGRLQVWDQFMLNODV\ILNDWRUD6DOGR

DE\WHQZ\ ZLHWOLáQDHNUDQLHV\VWHPXDNWXDOQHGDQHRVDOGDFKNRQWEDQNRZ\FK:SU]\SDGNX

JG\SOLNVDOGDW[WQLH]RVWDMH]QDOH]LRQ\ZRNUH ORQ\PPLHMVFXQDVHUZHU]HV\VWHPLQIRUPXMH

']LDá)LQDQVRZ\RW\PQLHSUDZLGáRZ\P]GDU]HQLXNWyUHMDNRZ\M WHNPXVL]RVWDüREVáX RQH

SU]H]V\VWHP

',$*5$0

VG:F]\WDQLH'DQ\FKR6DOGDFK.RQW.OLHQWyZ

']LDá)LQDQVRZ\

6DOGR

7UDQVIHU'DQ\FK

QHJ

>EUDNSOLNX@

.RQWR

ORRS

ORRS

6DOGRVHUZHU

6HUZHU3OLNyZ

DNWXDOL]XM6DOGD

SRELHU]'DQH

SRELHU]'DQH.RQWLGQD]ZD

VDOGR SRELHU]VDOGD>@

VDOGR F]\WDM3OLNVDOGDW[W

>SOLNLVWQLHMH@Z\ ZLHWOVDOGR

Z\ ZLHWOQLH]QDOH]LRQRSOLNX

5\VXQHN:F]\WDQLHGDQ\FKRVDOGDFKNRQWNOLHQWyZ

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

:VSÑäELH QR èSDU

23,6

=DGDQLHPV\VWHPX*36Z\NRU]\VW\ZDQHJRZUDWRZQLFWZLHPLHMVNLPLJyUVNLPMHVWXVWDODQLH

SR]\FML OHG]RQHJRRELHNWX6\VWHP,QIRUPDW\F]Q\*36NWyU\MHVWF] FL V\VWHPX*36

REVáXJLZDQ\MHVWSU]H]2SHUDWRUDLQLFMXM FHJRXVWDODQLHSR]\FMLRELHNWX(OHPHQW\VNáDGRZH

V\VWHPX*36WM6\VWHP,QIRUPDW\F]Q\*362GELRUQLN*366DWHOLWD7HOHNRPXQLNDF\MQ\

L1DGDMQLN*36Z\NRQXM QDVW SXM FHIXQNFMHUyZQROHJOHSDU

‰

2SHUDWRUX \WNXMH6\VWHP,QIRUPDW\F]Q\*36NWyUHPXSU]HND]XMHQXPHURELHNWXL]OHFD

SRGDQLH3R]\FML2ELHNWX1DVW SQLH6\VWHP,QIRUPDW\F]Q\*36DNWXDOL]XMHSR]\FM OHG]RQHJR

RELHNWXSRSU]H]Z\ZRáDQLHRSHUDFMLSRGDM3R]\FM QD2GELRUQLNX*362GELRUQLN*36

Z\NRU]\VWXM FRGHEUDQ\V\JQDá]6DWHOLW\7HOHNRPXQLNDF\MQHJRXVWDODSR]\FM OHG]RQHJR

RELHNWXGáXJR üLV]HURNR üJHRJUDILF]Q RUD]Z\VRNR üQDGSR]LRPHPPRU]D

‰

6DWHOLWD7HOHNRPXQLNDF\MQ\ZVSRVyEQLHSU]HUZDQ\RGELHUDV\JQDá\]2GELRUQLND*36

ZFHOXVNXWHF]QHJR]UHDOL]RZDQLDRSHUDFMLQDGDZDQLD6\JQDáX

1DGDMQLN*36QLHSU]HUZDQLHZ\V\áDV\JQDá\GR6DWHOLW\7HOHNRPXQLNDF\MQHJRDE\WHQ

RGHEUDá6\JQDáQDSRGVWDZLHNWyUHJR2GELRUQLN*36XVWDOLORNDOL]DFM OHG]RQHJRRELHNWX
1DWHM]DVDG]LHV\VWHP*36UHDOL]XMHZVSyáELH QHIXQNFMH

',$*5$0

VG8VWDODQLH3R]\FML OHG]RQHJR2ELHNWX

2SHUDWRU

6DWHOLWD7HOHNRPXQLNDF\MQ\

1DGDMQLN*36

2GELRUQLN*36

6\VWHP,QIRUPDW\F]Q\*36

SDU

SRGDM3R]\FM 2ELHNWXQU2ELHNWX

GáXJR üV]HURNR üZ\VRNR ü XVWDO3R]\FM 2ELHNWXQU2ELHNWXV\JQDá

V\JQDá QDGDM6\JQDá

RGELHU]6\JQDáV\JQDá

5\VXQHN8VWDODQLHSR]\FML OHG]RQHJRRELHNWX

,VWQLHMHXSURV]F]RQDIRUPD]DSLVXZVSyáELH QR FLRSHUDQGyZIUDJPHQWXZ\RGU EQLR

QHJRQDGLDJUDPDFKVHNZHQFML,WDNRGSRZLHGQLNLHPU\VXQNXMHVWU\VXQHN

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN

8VWDODQLHSR]\FML

OHG]RQHJRRELHNWX

²VNUyFRQD

QRWDFMD

ZVSyáELH QR FL

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

2EV]DUNU\W\F]Q\FULWLFDO

23,6

,QWHJUDFMDV\VWHPyZLQIRUPDW\F]Q\FKWRUR]ZL ]DQLHZ\NRU]\VW\ZDQHSU]H]G\QDPLF]QLH

UR]ZLMDM FHVL SU]HGVL ELRUVWZD:FHOX]DU] G]DQLDUHODFMDPL]NOLHQWHPSU]HGVL ELRUVWZD

LQZHVWXM ZV\VWHP\&50DQJ&XVWRPHU5HODWLRQVKLS0DQDJHPHQW2SHUDWRU]\WDNLFK

V\VWHPyZZSURZDG]DM MDNR FLRZHLLOR FLRZHGDQHRNOLHQWDFKRUD]LFKSUHIHUHQFMDFK

6\VWHP\&50SR]ZDODM QDZSURZDG]HQLHSURJUDPyZORMDOQR FLRZ\FKZNWyU\FKSU]\SLVXMH

VL Uy Q\SULRU\WHWUy Q\PNOLHQWRP.OLHQFLNWyU]\JHQHUXM Z\VRNLHREURW\OXE]\VNLX]\VNXM

QDMZ\ V]\SULRU\WHW:FKDUDNWHU\]RZDQ\PV\VWHPLHSULRU\WHW\SU]\SLVXMHVL ND GHPX

NOLHQWRZLNRUSRUDF\MQHPX6\VWHP&50JHQHUXMH]OHFHQLHNWyUHSRSU]H]Z\ZRáDQLHRSHUDFML

SU]\MPLM=OHFHQLHMHVWSU]HND]\ZDQHGRX \WNRZDQHJRSU]H]ILUP V\VWHPXHOHNWURQLF]QHJR

RELHJXLQIRUPDFML:)0DQJ:RUN)ORZ0DQDJHPHQW6\VWHP:)0Z\NRU]\VWXMHJHQHUDWRU

NROHMNRZDQLD2NUH ODRQQDSRGVWDZLHGDQ\FK]6\VWHPX&50SULRU\WHW]OHFHQLDLGURJ MHJR

UHDOL]DFML,QVWDQFMDNODV\ILNDWRUD&]DVLQLFMXMHZ\NRQDQLHRSHUDFMLRG ZLH DM FHMNROHMN

UHDOL]DFML]OHFH Z\NRQ\ZDQ\FKZVWDá\FKRGFLQNDFKF]DVXRUD]DUFKLZL]DFM ]OHFH ZED]LH

GDQ\FK$UFKLZL]DWRU=OHFH :V]\VWNLHRSHUDQG\PRJ E\üUHDOL]RZDQHUyZQROHJOHQDFR

ZVND]XMHRSHUDWRUSDULRGG]LHORQHSU]HU\ZDQ\PLOLQLDPLSRV]F]HJyOQHRSHUDQG\:PRPHQFLH

Z\NRQDQLDRSHUDFMLNROHMNXM=OHFHQLD]SDUDPHWUHPNOLHQW.RUSRUDF\MQ\R]QDF]DM FHM

]LGHQW\ILNRZDQH]OHFHQLHNOLHQWDNRUSRUDF\MQHJRQDVW SXMH]DEORNRZDQLHUHDOL]RZDQLD

RSHUDFMLZV]\VWNLFKLQVWDQFMLNODV\ILNDWRUyZSR]DREU EHPIUDJPHQWXZ\RGU EQLRQHJR

R]QDF]RQHJRRSHUDWRUHPFULWLFDO:SUDNW\FHSRZRGXMHWRQDW\FKPLDVWRZHZ\NRQDQLH

]OHFHQLDNOLHQWDNRUSRUDF\MQHJRRQDMZ\ V]\PSULRU\WHFLHZNROHMFHSU]\MHGQRF]HVQ\P

]DZLHV]HQLXSR]RVWDá\FK]OHFH NWyUHPDM QL V]\SULRU\WHWLPRJá\E\SU]HUZDüZ\NRQ\ZDQLH

LQWHUDNFMLZREV]DU]HIUDJPHQWXZ\RGU EQLRQHJRR]QDF]RQHJRRSHUDWRUHPFULWLFDO3RZ\NRQDQLX

RSHUDFMLNROHMNXM=OHFHQLDGODNOLHQWDNRUSRUDF\MQHJRV\VWHP\SRZUDFDM GRUHDOL]RZDQLD

UyZQROHJá\FKLQWHUDNFML

',$*5$0

VG:VSyáSUDFD6\VWHPyZ&50:)0RUD]$UFKLZL]DWRUD=OHFH

6\VWHP&50

SDU

6\VWHP:)0

&]DV

FULWLFDO

$UFKLZL]DWRU=OHFH

SU]\MPLM=OHFHQLH

NROHMNXM=OHFHQLDNOLHQW,QG\ZLGXDOQ\

NROHMNXM=OHFHQLDNOLHQW.RUSRUDF\MQ\

DUFKLZL]XM=OHFHQLDVWDWXV

5\VXQHN:VSyáSUDFDV\VWHPyZ&50:)0RUD]DUFKLZL]DWRUD]OHFH

5R]G]LDä‰'LDJUDPVHNZHQFML

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

)RUPXäDDVVHUW

23,6

:V\VWHPLHVWHURZDQLD]DSDVDPLZILUPLHZ\NRU]\VW\ZDQ\MHVWPRGHO]DSDVyZ]]DNUHVX

EDGD RSHUDF\MQ\FK:PRGHOXW\PPRQLWRURZDQ\MHVWSR]LRP]DSDVyZZV]\VWNLFKDUW\NXáyZ

'ODND GHJRWRZDUXZ\]QDF]RQ\MHVWW]ZSR]LRP]DPyZLHQLRZ\SRSU]HNURF]HQLXNWyUHJR

QDOH \]áR \ü]DPyZLHQLHQDNROHMQ SDUWL WRZDUXDE\VSURVWDüSURJQR]RZDQHPXSRS\WRZL

:LHONR üSDUWLL]DNXSXMHVWREOLF]DQDZHGáXJUHJXá\RSW\PDOL]DF\MQHM]ZDQHMUHJXá

SLHUZLDVWNDNZDGUDWRZHJR

8

,

5

6

$

4

+

=

JG]LH

4²RSW\PDOQDSDUWLD
$²NRV]W]áR HQLD]DPyZLHQLD
6²ZLHONR üVSU]HGD \GODRNUHVXSURJQR]RZDQHJR
5²MHGQRVWNRZ\NRV]WXWU]\PDQLD]DSDVX
,²MHGQRVWNRZ\NRV]WEUDNX]DSDVX
8²ZVSyáF]\QQLNU\]\NDZ\UD RQ\SUDZGRSRGRELH VWZHPEUDNX]DSDVyZ

3RREOLF]HQLXRSW\PDOQHMSDUWLL]DNXSXZHGáXJSRGDQHMIRUPXá\QDVW SXMHQDW\FKPLDVWRZH

SU]HVáDQLH]DPyZLHQLDGRGRVWDZF\GDQHJRWRZDUX

',$*5$0

VG6]DFRZDQLH2SW\PDOQHM3DUWLL'RVWDZ

=DSDV0DJD]\QRZ\

0RGHO=DSDVyZ

3DUWLD=DSDVyZ

'RVWDZD

DVVHUW

>VWDQ=DSDVyZ]DSDV0LQ@LQLFMXM=DPyZLHQLH

REOLF],OR ü4

UHDOL]XM=DPyZLHQLH

5\VXQHN6]DFRZDQLHRSW\PDOQHMSDUWLLGRVWDZ

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

,VWRWQR èFRQVLGHU

23,6

$XNFMHLQWHUQHWRZHXPR OLZLDM UHMHVWURZDQLHDUW\NXáyZNWyUHSy QLHMVWDM VL SU]HGPLRWHP

OLF\WDFML8F]HVWQLF\OLF\WDFMLWM6SU]HGDM F\L.XSXM F\Z\NRU]\VWXM SU]HJO GDUNLLQWHUQHWRZH

GRXF]HVWQLFWZDZOLF\WDFMDFKF]\WH OHG]HQLDSU]HELHJXOLF\WDFMLLQWHUHVXM F\FKLFKDUW\NXáyZ

$E\OLF\WDFMDPRJáDVL RGE\ü6SU]HGDM F\PXVL]DUHMHVWURZDüDUW\NXáZV\VWHPLHDXNFML

LQWHUQHWRZHM&]\QQR üWDMHVWZ\NRQ\ZDQD]DSR UHGQLFWZHPIRUPDWNL,5HMHVWUDFMD$UW\NXáX

LSROHJDQDZSURZDG]HQLXZ\PDJDQ\FKLQIRUPDFMLGRW\F] F\FKFHFKDUW\NXáXRUD]DWU\EXWyZ

OLF\WDFMLMDNUyZQLH QDZ\ZRáDQLXRSHUDFMLZVWDZ$UW\NXá1D$XNFM 1DVW SQLHV\VWHPWZRU]\

RELHNWNODV\/LF\WDFMDG]L NLRGHEUDQLXRGLQVWDQFMLNODV\ILNDWRUD,5HMHVWUDFMD$UW\NXáX

NRPXQLNDWXVWHUHRW\SRZDQHJR©FUHDWHªXWZyU]/LF\WDFM 8WZRU]RQ\RELHNWZRNUH ORQ\P

SU]H]6SU]HGDM FHJRWHUPLQLHLF]DVLH]RVWDQLHDNW\ZRZDQ\FRVSRZRGXMHUR]SRF] FLH

OLF\WDFML3RGF]DVUHMHVWUDFMLDUW\NXáXLQVWDQFMDNODV\ILNDWRUD/LF\WDFMDZ\V\áDNRPXQLNDW

GRLQVWDQFMLNODV\ILNDWRUD6SU]HGDM F\DE\WD]ZHU\ILNRZDáDF]\QDNRQFLH6SU]HGDM FHJR

QLHZ\VW SXM ]DOHJáR FLILQDQVRZH]W\WXáXREVáXJLMHJRSRSU]HGQLFKOLF\WDFML-H OL]DOHJáR ü

Z\VW SXMHV\VWHPZ\V\áDGR6SU]HGDM FHJRHPDLO]SRQDJOHQLHP5HDOL]XMHVL WRZV\VWHPLH

SRSU]H]Z\ZRáDQLHRSHUDFMLZ\ OLM3RQDJOHQLH1DOH \]ZUyFLüXZDJ HZ\VW SLHQLH

]DOHJáR FLQLHGHWHUPLQXMHSURFHVXUHMHVWUDFMLDUW\NXáXQDDXNFMLLQWHUQHWRZHMLXWZRU]HQLD

OLF\WDFML$]DWHP]DNRPXQLNDW\LVWRWQHFRQVLGHUXZD DVL ZVWDZ$UW\NXá1D$XNFM RUD]

XWZyU]/LF\WDFM .RQZHQFMDQRWDFML80/QDND]XMHWX]DSLVDQLHQD]ZRSHUDFMLLVWRWQ\FK

ZQDZLDVDFKNODPURZ\FKMDNUyZQLH XPLHV]F]HQLHQD]ZW\FKNRPXQLNDWyZZSHQWDJUDPLH

IUDJPHQWXZ\RGU EQLRQHJRSRQD]ZLHRSHUDWRUD

',$*5$0

VG5HMHVWURZDQLH$UW\NXáX1D$XNFML,QWHUQHWRZHM

6SU]HGDM F\

,5HMHVWUDFMD$UW\NXáX

6SU]HGDM F\

FRQVLGHU^ZVWDZ$UW\NXá1D$XNFM XWZyU]/LF\WDFM `

RSW

/LF\WDFMD

ZVWDZ$UW\NXá1D$XNFM

FUHDWH!!

XWZyU]/LF\WDFM

ZHU\ILNXM=DOHJáR üRSáDWD

HPDLO

Z\ OLM3RQDJOHQLH

5\VXQHN5HMHVWURZDQLHDUW\NXáXQDDXNFMLLQWHUQHWRZHM²RSHUDWRUFRQVLGHU

5R]G]LDä‰'LDJUDPVHNZHQFML

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

1LHLVWRWQR èLJQRUH

23,6

3U]\NáDGSRGDQ\QDSRSU]HGQLPU\VXQNXZRGQLHVLHQLXGRRSHUDWRUDLVWRWQR FLFRQVLGHUSR]ZDOD

UyZQLH GRVNRQDOH]LOXVWURZDü]QDF]HQLHRSHUDWRUDLJQRUH:\MD QLRQRQDQLP]QDF]HQLH

SRV]F]HJyOQ\FKLQVWDQFMLNODV\ILNDWRUyZ6SU]HGDM F\²MDNRDNWRU,5HMHVWUDFMD$UW\NXáX

6SU]HGDM F\²MDNRRELHNWNODV\RUD]GZyFKNRPXQLNDWyZZVWDZ$UW\NXá1D$XNFM RUD]

XWZyU]/LF\WDFM 'ZLHSLHUZV]HRSHUDFMHV X]QDZDQH]DLVWRWQH,QQHZ\ZRá\ZDQHRSHUDFMH

QLHPDM ]QDF] FHJRZSá\ZXQD]DUHMHVWURZDQLHDUW\NXáXRUD]XWZRU]HQLHRELHNWXNODV\

/LF\WDFMD+LHUDUFKLDZD QR FLW\FKNRPXQLNDWyZZ\QLND]UHJXáEL]QHVRZ\FKHOLF\WDFML

:VND]XM RQH HZ\VW SLHQLHMDNLHMNROZLHN]DOHJáR FLQDNRQFLH6SU]HGDM FHJR]W\WXáX

REVáXJLSRSU]HGQLFKOLF\WDFMLQLHGHWHUPLQXMH]DLQLFMRZDQLDSURFHVXUHMHVWUDFMLDUW\NXáX

LXWZRU]HQLDOLF\WDFMLZV\VWHPLH=DWHPNRPXQLNDW\Z\ZRáXM FHRSHUDFMHZHU\ILNXM=DOHJáR ü

RUD]Z\ OLM3RQDJOHQLHRNUH ODVL MDNRQLHLVWRWQHZVWRVXQNXGRGZyFKSRGVWDZRZ\FKZ\ HM

Z\PLHQLRQ\FKNRPXQLNDWyZ.RQZHQFMDQRWDFMLRSHUDWRUDLJQRUHSROHJDQDXPLHV]F]HQLX

SRVáRZLHNOXF]RZ\PLJQRUHQD]ZNRPXQLNDWyZQLHLVWRWQ\FKZQDZLDVDFKNODPURZ\FK

.RPXQLNDW\WHPRJ VL SRMDZLüQDGLDJUDPLHOXEPR QDMHSRPLQ üZHIUDJPHQFLH

Z\RGU EQLRQ\P1LHR]QDF]DWRMHGQDNZ\HOLPLQRZDQLDW\FKNRPXQLNDWyZ²ZSURVW

SU]HFLZQLHV RQHND GRUD]RZRZ\NRQ\ZDQHZV\VWHPLH6WRVRZQLHGRW\FK]DVDGQD

QLQLHMV]\PU\VXQNXMHGHQ]W\FKNRPXQLNDWyZZHU\ILNXM=DOHJáR üSU]HGVWDZLRQRH[SOLFLWH

QDWRPLDVWZ\ OLM3RQDJOHQLHSRPLQL WR

',$*5$0

VG5HMHVWURZDQLH$UW\NXáX1D$XNFML,QWHUQHWRZHM

6SU]HGDM F\

,5HMHVWUDFMD$UW\NXáX

/LF\WDFMD

LJQRUH^ZHU\ILNXM=DOHJáR üZ\ OLM3RQDJOHQLH`

6SU]HGDM F\

ZVWDZ$UW\NXá1D$XNFM

FUHDWH!!

XWZyU]/LF\WDFM

ZHU\ILNXM=DOHJáR üRSáDWD

5\VXQHN5HMHVWURZDQLHDUW\NXáXQDDXNFMLLQWHUQHWRZHM²RSHUDWRULJQRUH

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

FLVäHXSRU]ñGNRZDQLHVWULFW

23,6

.OLHQWSRVLDGDM F\NRQWREDQNRZHPR HNRU]\VWDü]NLONXIRUPSáDWQR FL-HGQ ]QLFKMHVW

XUHJXORZDQLHQDOH QR FLSRSU]H]Z\VWDZLHQLHF]HNXEDQNRZHJR:Sy QLHMV]\PF]DVLH.OLHQW

PR HREHMU]HüZIRUPLHHOHNWURQLF]QHMZ\VWDZLRQHSU]H]VLHELHF]HNL:W\PFHOXNRU]\VWD

]NRQWDHOHNWURQLF]QHJR]DSR UHGQLFWZHPSU]HJO GDUNLLQWHUQHWRZHM)XQNFMRQDOQR üWHJR

NRQWDSR]ZDODQDZ\V]XNDQLHZV]\VWNLFKF]HNyZNWyUH.OLHQWZ\VWDZLáZSRGDQ\P

SU]HG]LDOHF]DVX:SURZDG]DRQGZLHGDW\²GDW 2GRUD]GDW 'R²MDNRSDUDPHWU\RSHUDFML

SU]HJO GDM&]HNLZ\NRQ\ZDQHMZZ\QLNXSU]HVáDQLDNRPXQLNDWXQDRELHNFLHJUDQLF]Q\P

HNRQWR0HQX:HIHNFLHRVWDWQLD]Z\PLHQLRQ\FKLQVWDQFMLNODV\ILNDWRUDLQLFMXMHNRPXQLNDW

SRELHU]&]HNSU]HVáDQ\GRRELHNWXVWHUXM FHJR3U]HJO GDQLH&]HNX.RPXQLNDWWHQSU]\V\áDQ\

MHVW]SRGDQ\PLZF]H QLHMGDWDPLMDNRSDUDPHWUDPL:\NRQ\ZDQLHNROHMQ\FKRSHUDFMLMHVW

FL OHRNUH ORQHQLHPR QD]PLHQLüLFKNROHMQR FLWRWH ]RVWDá\RQHXM WHZHIUDJPHQFLH

Z\RGU EQLRQ\P]RSHUDWRUHPVWULFW2EHMPXMHRQS WO SRELHUDQLDNRSLLNROHMQ\FKF]HNyZ

ZIRUPDFLHMSJLXPLHV]F]DQLHLFKZQRZ\PRELHNFLHJUDQLF]Q\P6NDQ&]HNX2ELHNWWHQMHVW

WZRU]RQ\SRSU]H]Z\VáDQLHNRPXQLNDWXVWHUHRW\SRZDQHJR©FUHDWHªZ\ ZLHWO]HVWRVRZQ\P

SDUDPHWUHP

',$*5$0

VG:HU\ILNDFMD:\VWDZLRQ\FK&]HNyZ

&]HN

3U]HJO GDQLH&]HNX

6NDQ&]HNX

.OLHQW

HNRQWR0HQX

ORRS

VWULFW

SU]HJO GDM&]HNLGDWD2GGDWD'R

SRELHU]&]HNGDWD2GGDWD'R

MSJ SRELHU]GDWD2GGDWD'R

FUHDWH!!

Z\ ZLHWOMSJ

5\VXQHN:HU\ILNDFMDZ\VWDZLRQ\FKF]HNyZ

5R]G]LDä‰'LDJUDPVHNZHQFML

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

6äDEHXSRU]ñGNRZDQLHVHT

23,6

8 \WNRZQLN,QWHUQHWXWZRU]\QD,3XOSLFLHVZRMHJRV\VWHPXLQIRUPDW\F]QHJRLNRQ\UHSUH]HQWXM FH

VNUyW\GRQDMF] FLHMRGZLHG]DQ\FKSU]H]QLHJRVHUZLVyZ1DOH GRQLFK

‰

3RUWDOLQWHUQHWRZ\

‰

H6HUZLV8QLZHUV\WHFNL

‰

6\VWHP$XNFMLLQWHUQHWRZHM

']L NLWHPXX \WNRZQLNV\VWHPXPR HZ\ZRá\ZDüZGRZROQHMNROHMQR FLSRV]F]HJyOQH

VHUZLV\Z\NRU]\VWXM FRGSRZLHGQLR

‰

NRPXQLNDWZ\ ZLHWO6WURQ *áyZQ 3RUWDOX

‰

NRPXQLNDWZ\ ZLHWO6WURQ *áyZQ 6HUZLVX

‰

NRPXQLNDWZ\ ZLHWO6WURQ *áyZQ $XNFML

',$*5$0

VG.ROHMQR ü/RJRZDQLDQD6HUZLVDFK,QWHUQHWRZ\FK

8 \WNRZQLN

,3XOSLW

3RUWDO

VHT

H6HUZLV8QLZHUV\WHFNL

6\VWHP$XNFML

Z\ ZLHWO

Z\ ZLHWO6WURQ *áyZQ 3RUWDOX

Z\ ZLHWO6WURQ *áyZQ 6HUZLVX

Z\ ZLHWO6WURQ *áyZQ $XNFML

5\VXQHN.ROHMQR üORJRZDQLDQDVHUZLVDFKLQWHUQHWRZ\FK

3U]\ZRä\ZDQHZ\VWñSLHQLDLQWHUDNFML

:]áR RQ\FKV\VWHPDFK]DSURMHNWRZDQLHUHDOL]DFMLGDQHJRSU]\SDGNXX \FLDQDMHG

Q\PGLDJUDPLHVHNZHQFMLMHVWWUXGQH3UREOHPWHQUR]ZL ]XMHVL SRSU]H]SU]HGVWD

ZLHQLH GDQHM LQWHUDNFML QD NLONX FL OH ORJLF]QLH SRZL ]DQ\FK ]H VRE GLDJUDPDFK

&DáR üLQWHUDNFMLV\QWHW\F]QLHSU]HGVWDZLDGLDJUDPVWHURZDQLDLQWHUDNFM OXELPSOH

PHQWDF\MQ\GLDJUDPVHNZHQFMLNWyU\]SXQNWXZLG]HQLDSRZL ]DQ\FKGLDJUDPyZPD

FKDUDNWHU ED]RZ\=ZL ]DQHGLDJUDPHPED]RZ\PVSyMQHWHPDW\F]QLHZ\VW SLHQLD

LQWHUDNFMLPRJ E\üXGRNXPHQWRZDQHQDRGG]LHOQ\FKOHF] FL OHSRZL ]DQ\FK]GLD

JUDPHPED]RZ\PGLDJUDPDFKVHNZHQFML6W GQDGLDJUDPDFKVHNZHQFMLRERNIUDJ

PHQWyZZ\RGU EQLRQ\FKRSLV\ZDQ\FKSU]H]RSHUDWRU\LQWHUDNFMLPR QDPRGHORZDü

SU]\ZRáDQHZ\VW SLHQLDLQWHUDNFMLDQJLQWHUDFWLRQRFFXUUHQFHV

3U]\ZRä\ZDQH Z\VWñSLHQLH LQWHUDNFML MHVW ]DPLHV]F]DQ\P QD GLDJUDPLH ED]RZ\P

RGZRäDQLHPGR FL OH]QLPSRZLñ]DQHJRGLDJUDPXLQWHUDNFML

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

:\VW SLHQLDWHPDM GX H]QDF]HQLHZSU]\SDGNXUR]EXGRZDQ\FKGLDJUDPyZVHNZHQ

FMLZNWyU\FKSU]\ZRáXMHVL PHU\WRU\F]QLHGLDJUDP\VHNZHQFML]GHILQLRZDQHZF]H

QLHMZSURMHNFLH

=DVWRVRZDQLHSU]\ZRá\ZDQ\FKZ\VW SLH LQWHUDNFMLQDGLDJUDPDFKVHNZHQFMLSR]ZDOD

QD]VW SXM FHDQJWRSGRZQPRGHORZDQLHLQWHUDNFMLZV\VWHPLH:\VW SLHQLDWHR]QD

F]DVL RSHUDWRUHPSU]\ZRáDQLDUHI]DPLHV]F]RQ\PZSHQWDJUDPLHGLDJUDPX,VWQLHM

GZDVSRVRE\]DLQLFMRZDQLDZ\VW SLH LQWHUDNFMLZV\VWHPLH

t

SRSU]H]NRPXQLNDW

t

SRSU]H]F]\QQLNF]DVX

:SLHUZV]\PSU]\SDGNXRGZRáDQLHVL GRZ\VW SLHQLDLQWHUDNFMLUHIGRNRQ\ZDQHMHVW

]D SR UHGQLFWZHP NRPXQLNDWX SU]HV\áDQHJR ] GLDJUDPX ED]RZHJR SU]H] EUDP GR

SLHUZV]HMLQVWDQFMLNODV\ILNDWRUDSU]\ZRá\ZDQHJRZ\VW SLHQLDLQWHUDNFML:GUXJLP

SU]\SDGNXF]\QQLNLHPLQLFMXM F\PMHVWVHNZHQFMDZ\VW SRZDQLDHOHPHQWyZGLDJUDPX

ED]RZHJRZW\PREV]DUyZSU]\ZRá\ZDQ\FKZ\VW SLH LQWHUDNFML2GZRáDQLHVL GR

Z\VW SLHQLDLQWHUDNFMLR]QDF]D]DZLHV]HQLHZ\NRQ\ZDQLDIXQNFMRQDOQR FLED]RZHJRGLD

JUDPXVHNZHQFML3RZ\NRQDQLXSHáQHMIXQNFMRQDOQR FLSU]\ZRáDQHJRZ\VW SLHQLDLQWH

UDNFMLQDVW SXMHSU]HND]DQLHVWHURZDQLDGRED]RZHJRGLDJUDPXVHNZHQFMLU\VXQHN

1DDXNFMLLQWHUQHWRZHMZ\VWDZLRQ\FKMHVWQDOLF\WDFM ZLHOHDUW\NXáyZ:OLF\WDFMLELR

U XG]LDáDNWRU]\.XSXM F\L6SU]HGDM F\RUD]RELHNW\NODVSU]HFKRZXM FHLQIRUPDFMH

]ZL ]DQH ] SU]HELHJLHP GDQHM DXNFML ,2IHUWD$XNFML ,3DQHO6WHUXM F\ 6SU]HGDM F\

/LF\WDFMD$UW\NXá.XSXM F\)XQNFMRQDOQR üDXNFMLLQWHUQHWRZHMMHVW]áR RQDWRWH QLH

NWyUHZ\VW SLHQLDLQWHUDNFMLSUHF\]\MQLHXGRNXPHQWRZDQRQDRVREQ\FKGLDJUDPDFK

VHNZHQFML=DWHPZV\QWHW\F]Q\PED]RZ\PGLDJUDPLHVHNZHQFMLLVWQLHMHPR OLZR ü

SU]\ZRá\ZDQLDW\FKXGRNXPHQWRZDQ\FKLQWHUDNFMLZSRVWDFLZ\VW SLH LQWHUDNFMLR]QD

F]RQ\FKRSHUDWRUHPUHI:SU]\SDGNXDXNFMLLQWHUQHWRZHM]GHILQLRZDQRZF]H QLHM

WU]\Z\VW SLHQLDLQWHUDNFML5HMHVWURZDQLH$UW\NXáXQD$XNFML,QWHUQHWRZHM/RJRZD

QLHRUD]/LF\WRZDQLH:SLHUZV]\PLGUXJLPSU]\SDGNXF]\QQLNLHPLQLFMXM F\PMHVW

VHNZHQFMD Z\VW SRZDQLD HOHPHQWyZ GLDJUDPX QDWRPLDVW Z WU]HFLP NRPXQLNDW LQB

]DWZLHUG 6XP 3U]\ZRáDQLHND GHJR]W\FKZ\VW SLH LQWHUDNFMLSRZRGXMHMHJRDN

W\ZDFM L]DZLHV]HQLHLQWHUDNFMLZ\NRQ\ZDQ\FKQDED]RZ\PGLDJUDPLHVHNZHQFML

*UDILF]QLHREV]DUZ\VW SLHQLDLQWHUDNFMLR]QDF]RQ\RSHUDWRUHPUHISU]\VáDQLDOLQLH \

FLDLQVWDQFMLNODV\ILNDWRUyZNWyUHXF]HVWQLF] ZLQWHUDNFMDFKSU]\ZRá\ZDQHJRGLDJUD

PX:PRGHORZDQLXZ\VW SLH LQWHUDNFMLPR H]DLVWQLHüSUREOHPWHFKQLF]Q\]ZL ]D

Q\]HZVND]\ZDQLHPLQVWDQFMLELRU F\FKXG]LDáZSU]\ZRá\ZDQ\PGLDJUDPLH'RW\F]\

WRV\WXDFMLZNWyUHMGOD]DFKRZDQLDORJLNLLQWHUDNFMLQLHXQLNQLRQHMHVWXPLHV]F]HQLH

SRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZELRU F\PLXG]LDáZSU]\ZRá\ZDQ\PZ\VW SLH

QLXLQWHUDNFMLLQVWDQFMLNWyUHQLHXF]HVWQLF] ZW\PZ\VW SLHQLX:WDNLPSU]\SDGNX

OLQLD \FLDLQVWDQFMLNODV\ILNDWRUDSRZLQQDE\üFL JáDD]DWHPSU]\NU\ZDüREV]DUZ\VW

SLHQLDLQWHUDNFML7\PVDP\PMHGQR]QDF]QLHZVND]XMHVL ]HVWDZLQVWDQFMLNODV\ILNDWR

UyZ]GLDJUDPXED]RZHJRNWyUHXF]HVWQLF] ZSU]\ZRá\ZDQ\PZ\VW SLHQLXLQWHUDNFML

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN

)XQNFMRQRZDQLH

DXNFML

LQWHUQHWRZHM

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

1DU\VXQNX]DPLHV]F]RQRGLDJUDP]DZLHUDM F\RGZRáDQLDGRGLDJUDPyZLOXVWUX

M F\FKGRNRQ\ZDQLHWUDQVDNFMLRUD]UHMHVWUDFM NXSXM FHJR3LHUZV]H]SU]\ZRá\ZD

Q\FKZ\VW SLH LQWHUDNFMLZ\NRU]\VWXMHZV]\VWNLHLQVWDQFMHNODV\ILNDWRUyZ]DPLHV]F]R

QHQDZVSRPQLDQ\PU\VXQNXQDWRPLDVWGUXJLH²Z\á F]QLH.XSXM FHJR,2IHUW $XNFML

RUD]NODV 6SU]HGDM F\

VG:\EUDQH)XQNFMH$XNFML,QWHUQHWRZHM

VHT

.XSXM F\

6SU]HGDM F\

$UW\NXá

,2IHUWD$XNFML

UHI

5HMHVWUDFMD.XSXM FHJR

6SU]HGDM F\

,3DQHO6WHUXM F\

/LF\WDFMD

UHI

'RNRQ\ZDQLH7UDQVDNFML

5\VXQHN:\EUDQHIXQNFMHDXNFMLLQWHUQHWRZHM

%UDP\

'LDJUDP\VHNZHQFMLIUDJPHQW\Z\RGU EQLRQHRUD]SU]\ZRá\ZDQHZ\VW SLHQLDLQWH

UDNFMLNRQWDNWXM VL ]HVZRLPRWRF]HQLHP2WRF]HQLHWRZ\V\áDNRPXQLNDW\GRZ\PLH

QLRQ\FKREV]DUyZLQWHUDNFMLOXERGELHUDMH]W\FKREV]DUyZSRSU]H]EUDP\DQJJDWHV

%UDPDMHVWSXQNWHPSU]HM FLDNRPXQLNDWÑZ]GRGLDJUDPÑZVHNZHQFMLSU]\ZRä\

ZDQ\FKZ\VWñSLHþLQWHUDNFMLRUD]IUDJPHQWÑZZ\RGUöEQLRQ\FKGR]LFKRWRF]HQLD

:]ZL ]NX]W\PPR QDZ\Uy QLüQDVW SXM FHURG]DMHEUDP

t

EUDP\IRUPDOQHDQJIRUPDOJDWHV²GRW\F] FDáHJRGLDJUDPXVHNZHQFML

t

EUDP\ZáD FLZHDQJDFWXDOJDWHV²GRW\F] SU]\ZRá\ZDQHJRZ\VW SLHQLD

LQWHUDNFML

t

EUDP\Z\UD HQLRZHDQJH[SUHVVLRQJDWHV²GRW\F] RSHUDQGyZLQWHUDNFML

GDQHJRIUDJPHQWXZ\RGU EQLRQHJR

=DOH QR FLSRPL G]\SRM FLDPL]ZL ]DQ\PL]EUDPDPLLOXVWUXMHU\VXQHN2]QD

F]HQLHEUDP\Z\VW SXMHQDQLPZIRUPLHVWHUHRW\SX

3UDNW\F]QH Z\NRU]\VWDQLH SRM FLD EUDP\ IRUPDOQHM QD GLDJUDPLH VHNZHQFML SU]HG

VWDZLDU\VXQHN3R]RVWDáHURG]DMHEUDPWMEUDP ZáD FLZ LZ\UD HQLRZ ]D

SUH]HQWRZDQRQDU\VXQNX

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN%UDP\ZGLDJUDPDFKVHNZHQFML

0HQHG HU

VG)XQNFMH6HUZHUDZ6LHFL%DUyZ.DZRZ\FK

6HUZHU3OLNyZ

5DSRUW5HQWRZQR FL5HJLRQX

SURJQR]D XVWDO3URJQR] 6SU]HGD \

LQB]DUHMHVWUXM=DPNQL FLH'QLD

VSU]HGD ]X \FLHGRVWDZD]ZURW

RXWBDUFKLZL]XM0RG\ILNRZDQH3OLNL

UDSRUW JHQHUXM5DSRUW5HQWRZQR FL5HJLRQX

5\VXQHN)XQNFMHVHUZHUDZVLHFLEDUyZNDZRZ\FK

5R]OHJáHJHRJUDILF]QLHUR]PLHV]F]HQLHVLHFLEDUyZNDZRZ\FKPR HVSRZRGRZDü H

SU]HWZDU]DQLHGDQ\FKG]LHQQHMVSU]HGD \REOLF]DQLHUHQWRZQR FLILUP\F]\XVWDODQLH

SURJQR]VSU]HGD \E G]LHQLHPR OLZHGR]UHDOL]RZDQLDEH]ZVSDUFLDV\VWHPXLQIRUPD

W\F]QHJR$E\XQLNQ üWDNLHMV\WXDFMLZFHQWUDOLILUP\Z\NRU]\VWDQRGX \NRPSXWHU

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

6HUZHU3OLNyZ']L NLRGSRZLHGQLHPXRSURJUDPRZDQLXNRPSXWHUSRSU]H]XUXFKRPLH

QLHRSHUDFML]DUHMHVWUXM=DPNQL FLH'QLD]SDUDPHWUDPLVSU]HGD ]X \FLHGRVWDZD

]ZURWFRG]LHQQLHUHMHVWUXMHGDQH]]DPNQL FLDGQLDND GHJREDUXNDZRZHJRILUP\'OD

EH]SLHF]H VWZD6HUZHU3OLNyZFRG]LHQQLHSU]HV\áDNRPXQLNDWHPRXWBDUFKLZL]XM0RG\IL

NRZDQH3OLNLZV]\VWNLHSOLNL]PRG\ILNRZDQHZGDQ\PGQLX3RQDGWR6HUZHU3OLNyZ

G]L NLGX HMPRF\REOLF]HQLRZHMREVáXJXMHJHQHUDWRUUDSRUWyZNWyU\XPR OLZLD0H

QHG HURPJHQHURZDQLHSURJQR]VSU]HGD \:W\PFHOX0HQHG HUZ\V\áDNRPXQLNDW

GR6HUZHUD3OLNyZDE\WHQZ\NRQDáRSHUDFM XVWDO3URJQR] 6SU]HGD \$E\JHQHUDWRU

GRVWDUF]\áUDSRUWUHQWRZQR FLUHJLRQXVSU]HGD \QDGDZFDXUXFKDPLDQD6HUZHU]H3OL

NyZRSHUDFM JHQHUXMH5DSRUW5HQWRZQR FL5HJLRQXNWyUDSRZRGXMHXWZRU]HQLHZSDPL

FLNRPSXWHUDZVSRPQLDQHJRUDSRUWX.RPXQLNDWWHQSU]HFKRG]LSU]H]EUDP QD]ZDQ

5DSRUW5HQWRZQR FL5HJLRQX

%UDP\PR QDQD]\ZDüGZRMDNR

t

EH]SR UHGQLRSRSU]H]XPLHV]F]HQLHQD]Z\EUDP\SU]\MHMJUDILF]Q\P

VWHUHRW\SLHQD]ZDEUDP\SRZLQQDE\ü]ELH QD]QD]Z SU]HFKRG] FHJR

SU]H]QL NRPXQLNDWXSRQLHZD SU]H]ND G EUDP SU]HFKRG]LW\ONRMHGHQ

W\SNRPXQLNDWX

t

SR UHGQLRSRSU]H]GRGDQLHGRQD]Z\NRPXQLNDWXSU]HFKRG] FHJRSU]H]

EUDP SU]HGURVWNDZVND]XM FHJRNLHUXQHNMHJRSU]HSá\ZX

QS LQBQD]ZDNRPXQLNDWX!

RXWBQD]ZDNRPXQLNDWX!

2EDZ\PLHQLRQHVSRVRE\]DSUH]HQWRZDQRQDU\VXQNX1D]ZDNRPXQLNDWXSU]H

V\áDQHJRSU]H]EUDP ZáD FLZ GRSU]\ZRá\ZDQHJRZ\VW SLHQLDLQWHUDNFMLUHIPXVL

E\üLGHQW\F]QD]QD]Z NRPXQLNDWXSU]HV\áDQHJRSU]H]EUDP IRUPDOQ SRZL ]DQH

JRGLDJUDPX

3URFHVWZRU]HQLDGLDJUDPXVHNZHQFML

3XQNWHP Z\M FLD Z WZRU]HQLX GLDJUDPX VHNZHQFML MHVW SU]\SDGHN X \FLD RUD] MHJR

VFHQDULXV]H.OXF]RZH]QDF]HQLHZWZRU]HQLXGLDJUDPXVHNZHQFMLPDM Z\PLHQLRQH

SRQL HMHWDS\

DQDOL]DDGHNZDWQHJRSU]\SDGNXX \FLDRUD]VFHQDULXV]\WHJRSU]\SDGNX

LGHQW\ILNDFMDNODV\ILNDWRUyZNWyU\FKLQVWDQFMHXF]HVWQLF] ZLQWHUDNFML

RSUDFRZDQLHGLDJUDPXNRQFHSWXDOQHJR]DZLHUDM FHJR

t

]LGHQW\ILNRZDQHLQVWDQFMHNODV\ILNDWRUyZXPLHV]F]DQHQDRVLSR]LRPHM

t

NRPXQLNDW\XSRU] GNRZDQHQDRVLSLRQRZHM

t

R URGNLVWHURZDQLD]ORNDOL]RZDQHQDOLQLDFK \FLD

5R]G]LDä‰'LDJUDPVHNZHQFML

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

RSUDFRZDQLHLPSOHPHQWDF\MQHJRGLDJUDPXVHNZHQFMLQDSRGVWDZLHRSUDFRZDQHJR

QDWU]HFLPHWDSLHNRQFHSWXDOQHJRGLDJUDPXVHNZHQFMLSRSU]H]ZSURZDG]HQLH

DGHNZDWQ\FKGRVSHF\ILNDFMLGDQHJRVFHQDULXV]D]DDZDQVRZDQ\FKNDWHJRULL

SRM FLRZ\FKWDNLFKMDN

t

URG]DMHNRPXQLNDWyZ

t

WZRU]HQLHLQLV]F]HQLHRELHNWyZ

t

ZDUXQNL

t

VDPRZ\ZRá\ZDQLH

t

LWHUDFMH

t

UR]JDá ]LHQLD

t

IUDJPHQW\Z\RGU EQLRQHLRSHUDWRU\LQWHUDNFML

t

SU]\ZRá\ZDQHZ\VW SLHQLDLQWHUDNFML

t

EUDP\

RSFMRQDOQHVSRU] G]HQLHGODGDQHJRLPSOHPHQWDF\MQHJRGLDJUDPXVHNZHQFML

Z\EUDQ\FKZ\VW SLHQLRZ\FKGLDJUDPyZVHNZHQFML

3RGREQLHMDNLQQHGLDJUDP\UyZQLH GLDJUDPVHNZHQFMLSRGOHJDUHJXáRPLWHUDF\MQR

SU]\URVWRZHJRF\NOX \FLDV\VWHPX

6WXGLXPGLDJUDPXVHNZHQFML

1LQLHMV]HVWXGLXP]DZLHUD]áR RQHSU]\NáDG\GLDJUDPyZVHNZHQFML=DSUH]HQWRZD

QRQDQLFK]DVDG\X \WNRZDQLDHOHPHQWyZGLDJUDPXLZVSyá]DOH QR FLPL G]\QLPL

3RV]F]HJyOQHNDWHJRULHFDáHMJDP\HOHPHQWyZ]RVWDá\V]F]HJyáRZRRPyZLRQHZSXQN

WDFK±3RQL HMSU]HDQDOL]RZDQRL]DSUH]HQWRZDQRGLDJUDP\VHNZHQFML

t

GLDJUDPLPSOHPHQWDF\MQ\²Ä*HQHURZDQLHUDSRUWXRNRV]WDFKUHDOL]RZDQ\FK

SURMHNWyZ´U\VXQHN

t

GLDJUDPZ\VW SLHQLRZ\²Ä5HMHVWUDFMDVSU]HGDM FHJRQDDXNFMLLQWHUQHWRZHM´

U\VXQHN

'\QDPLF]QLHUR]ZLMDM FHVL ILUP\EDUG]RV]F]HJyáRZRPRQLWRUXM LDQDOL]XM NRV]W\

]ZL ]DQH]SURZDG]RQ\PLSURMHNWDPL:W\PFHOXV\VWHPLQIRUPDW\F]Q\SRZLQLHQ

GRVWDUF]DüNDGU]HPHQHG HUVNLHMDNWXDOQ\FKGDQ\FKRSRQLHVLRQ\FKQDNáDGDFK=DPLHV]

F]RQ\QDU\VXQNXGLDJUDPVHNZHQFMLSU]HGVWDZLDJHQHURZDQLHUDSRUWXRNRV]WDFK

UHDOL]RZDQ\FK SURMHNWyZ 1D SU]HGVWDZLRQ\P GLDJUDPLH '\UHNWRU']LDáX3URGXNFML

ILUP\RF]HNXMHRGV\VWHPX HWHQZSLHUZV]HMNROHMQR FLGRVWDUF]\PXLQIRUPDFML

RSURZDG]RQ\FKSURMHNWDFK'OD]DLQLFMRZDQLDDQDOL]\NRV]WyZSRVáXJXMHVL RQLQ

WHUIHMVHP 0HQX5DSRUWyZ SU]HND]XM F NRPXQLNDW JHQHUXM5DSRUW.RV]WyZ3URMHNWyZ

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

5\VXQHN*HQHURZDQLHUDSRUWXRNRV]WDFKUHDOL]RZDQ\FKSURMHNWyZ

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN5HMHVWUDFMDVSU]HGDM FHJRQDDXNFMLLQWHUQHWRZHM

3R RWU]\PDQLX NRPXQLNDWX JHQHUXM5.3 ] LQVWDQFML NODV\ILNDWRUD 0HQX5DSRUWyZ

DQDOLW\F]Q\RELHNWVWHUXM F\*HQHURZDQLH5DSRUWX.RV]WyZZ\ZRáXMHRSHUDFM SR

ELHU]'DQH3URMHNWXDQDOLW\F]QHJRRELHNWXSU]HFKRZXM FHJR3URMHNW2SHUDFMDWDMHVW

UHDOL]RZDQDZS WOLLSROHJDQDSRELHUDQLXSRGVWDZRZ\FKGDQ\FKRSURMHNWDFKLG

QD]Z\GDW\6WDUW3RZ\NRQDQLXRSLVDQHMS WOLDQDOLW\F]Q\RELHNWVWHUXM F\*HQHUR

ZDQLH5DSRUWX.RV]WyZWZRU]\SRSU]H]NRPXQLNDWVWHUHRW\SRZDQ\©FUHDWHªLQWHUIHMV

²RELHNWJUDQLF]Q\.RV]W3URMHNWX,QWHUIHMVRZLSU]HND]\ZDQHV SDUDPHWU\LGQD]ZD

GDWD6WDUW

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

1DVW SQLH'\UHNWRU']LDáX3URGXNFMLZ\ELHUDSURMHNW\GRDQDOL]\ILQDQVRZHMNRV]WyZ

RVRERZ\FKW\FKSU]HGVL Z]L ü]DSR UHGQLFWZHPNRPXQLNDWX]DWZLHUG =DNUHV=OHFD

RQQDVW SQLHSU]HSURZDG]HQLHDQDOL]\ILQDQVRZHMW\FKSURMHNWyZ]DSR UHGQLFWZHP

NRPXQLNDWX]DWZLHUG =DNUHVZ\OLF].RV]W\'ODZ\VHOHNFMRQRZDQ\FKSURMHNWyZV\V

WHPNROHMQR

t

LWHUDF\MQLHZ\ELHUDSUDFRZQLNyZSU]\SLVDQ\FKGRSURMHNWX]DSR UHGQLFWZHP

NRPXQLNDWXSRELHU]'DQH3UDFRZQLND

t

QDVW SQLHLWHUDF\MQLHSRELHUDSU]\SLVDQ GRZ\EUDQHJR3UDFRZQLNDVWDZN

]LQVWDQFMLNODV\ILNDWRUD.RV]W]DSR UHGQLFWZHPNRPXQLNDWX

SRELHU]6WDZN 3UDFRZQLND

t

DOWHUQDW\ZQLH

t

GODND GHJR]W\FKSURMHNWyZZ\OLF]DVWDZN UHGQL LZ\ ZLHWODM

QDIRUPDWFH.RV]W3URMHNWX

t

Z\OLF]DFDáNRZLWHQDNáDG\QDSRV]F]HJyOQHSURMHNW\LZ\ ZLHWODMH

QDZVSRPQLDQHMIRUPDWFH

:VND]DQDZ\ HMNROHMQR üLQWHUDNFMLSRV]F]HJyOQ\FKRSHUDQGyZQLHPR HXOHF]PLD

QLH3U]HG]DPNQL FLHPSURMHNWX'\UHNWRU']LDáX3URGXNFMLPR HRSFMRQDOQLHZ\GUX

NRZDü]HVWDZLHQLHNRV]WyZ3RVáXJXMHVL ZW\PFHOXNRPXQLNDWHPGUXNXMZ\V\áD

Q\PGR'UXNDUNL

=DSUH]HQWRZDQHGRW GGLDJUDP\VHNZHQFMLPLDá\FKDUDNWHUDOERNRQFHSWXDOQ\FKDOER

LPSOHPHQWDF\MQ\FKGLDJUDPyZVHNZHQFML'LDJUDP]DPLHV]F]RQ\QDU\VXQNX

VWDQRZLSU]\NáDGZ\VW SLHQLRZHJRGLDJUDPXVHNZHQFMLVáX FHJRGRUHMHVWUDFMLVSU]H

GDM FHJRQDDXNFMLLQWHUQHWRZHM

6SU]HGDQLHDUW\NXáXQDDXNFMLLQWHUQHWRZHMPXVL]RVWDüSRSU]HG]RQHUHMHVWUDFM 6SU]H

GDM FHJRRUD]UHMHVWUDFM DUW\NXáXE G FHJRSU]HGPLRWHPOLF\WDFML:FHOX]DUHMHVWUR

ZDQLD6SU]HGDM FHJRZ\NRU]\VW\ZDQDMHVWVWURQDJáyZQDDXNFML,2IHUWD$XNFML=DSR

UHGQLFWZHPRELHNWXNODV\VWHUXM FHM5HMHVWUDFMDZ\ZRá\ZDQ\MHVWLQWHUIHMVUHMHVWUDFML

GDQ\FKRVRERZ\FK,)RUPXODU]1DVW SQLH6SU]HGDM F\ZSURZDG]DZ\PDJDQHGDQH

RVRERZHLZ\ZRáXMHRSHUDFM ZDOLGXM'DQHNWyUDZHU\ILNXMHSRSUDZQR üGDQ\FKRVR

ERZ\FKZSURZDG]RQ\FKGR,)RUPXODU]D1DVW SQLHRELHNWVWHUXM F\Z\V\áDNRPXQLNDW

XWZyU]WZRU] FRELHNWNODV\6SU]HGDM F\-DNRSDUDPHWUZSRVWDFLWDEOLF\SU]HND]\

ZDQHV GDQHRVRERZHE G FHDWU\EXWDPLXWZRU]RQHJRRELHNWX8WZRU]HQLHRELHNWX

NODV\6SU]HGDM F\VNXWNXMHZ\ ZLHWOHQLHPNRPXQLNDWX]SRWZLHUG]HQLHPUHMHVWUDFML

NWyU\SRNUyWNLHMFKZLOLZ\ ZLHWODQLD]RVWDMHZ\NDVRZDQ\]SDPL FLNRPSXWHUD7DNLH

]DFKRZDQLHV\VWHPXMHVWUHDOL]RZDQHSU]H]NRPXQLNDW\Z\ ZLHWO]SDUDPHWUHP'DQH

RVRERZH]DUHMHVWURZDQHRUD]]DPNQLM

:PRPHQFLH]QLV]F]HQLDLQWHUIHMVX,)RUPXODU]LQVWDQFMDNODV\ILNDWRUD5HMHVWUDFMDWZR

U]\]DSR UHGQLFWZHPNRPXQLNDWXXWZyU]LQWHUIHMV,$XWRU\]DFMD,QWHUIHMVZ\ ZLHWOD

SREUDQ MDNRSDUDPHWUWUH ü:SURZDG ORJLQLKDVáR.ROHMQ\PNURNLHPUHMHVWUDFMLZ\

PDJDM FHMDNW\ZQR FLDNWRUD6SU]HGDM F\MHVWZSURZDG]HQLHSU]H]QLHJRORJLQXRUD]

KDVáD2E\GZDSDUDPHWU\V QLH]E GQHGRDXWRU\]RZDQHJRNRU]\VWDQLD]SHáQHMRIHUW\

DXNFMLLQWHUQHWRZHM3U]HND]DQLHSDUDPHWUyZDXWRU\]DFMLRGE\ZDVL ]DSR UHGQLFWZHP

5R]G]LDä‰'LDJUDPVHNZHQFML

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

NRPXQLNDWX]DWZLHUG ]SDUDPHWUDPLORJLQRUD]KDVáRZ\V\áDQHJRSU]H]6SU]HGDM

FHJRGRLQWHUIHMVX,$XWRU\]DFMD3DUDPHWU\DXWRU\]DFML]RVWDM ]DSLVDQHMDNRDWU\EXW\

RELHNWXNODV\6SU]HGDM F\SRZ\ZRáDQLXSU]H]LQVWDQFM NODV\ILNDWRUD ,$XWRU\]DFMD

RSHUDFML]DSLV]'DQH]SDUDPHWUDPLORJLQRUD]KDVáRDZNRQVHNZHQFMLRSHUDFML]D

SLV]]W\PLVDP\PLSDUDPHWUDPL:RGSRZLHG]LRELHNWNODV\5HMHVWUDFMDZ\V\áD

NRPXQLNDWZ\ ZLHWO]SDUDPHWUHP/RJLQLKDVáR]DUHMHVWURZDQH&]HNDMQDDNW\ZDFM

NWyU\SRZRGXMHZ\ ZLHWOHQLHSDUDPHWUXRSHUDFML

1DVW SQLH RELHNW NODV\ 5HMHVWUDFMD SRELHUD NRG SRSU]H] Z\VáDQLH GR RELHNWX SU]H

FKRZXM FHJR 6SU]HGDM F\ NRPXQLNDWX JHQHUXMNRG6SU]HGD \ :\JHQHURZDQ\ L X \W\

Sy QLHMNRGSR]ZROLQDGRVW SGRRGSRZLHGQLFKPRGXáyZDXNFMLLQWHUQHWRZHMNWyUH

XPR OLZLDM WZRU]HQLHOLF\WDFMLLGRNRQ\ZDQLHWUDQVDNFMLRQOLQH:\JHQHURZDQ\NRG

6SU]HGD \MHVWSU]HND]\ZDQ\MDNRSDUDPHWU6\VWHPRZL3RF]W\(OHNWURQLF]QHMNWyU\Z\

NRQXMHRSHUDFM Z\ OLM:LDGRPR ü2GE\ZDVL WR]DSR UHGQLFWZHPLQWHUIHMVX3RF]WD

3RZ\NRQDQLXRSHUDFMLQDLQWHUIHMVLH,$XWRU\]DFMDZ\ ZLHWODQDMHVWQDVW SXM FDWUH ü

$NW\ZDFMDXNR F]RQDSRP\ OQLH7UH üWDMHVWSU]HND]\ZDQDMDNRSDUDPHWUE G F\

F] FL NRPXQLNDWXZ\ ZLHWOSU]HVáDQHJRRGRELHNWXNODV\5HMHVWUDFMD2VREDUHMHVWUX

M FDVL QDDXNFMLPR HWHUD]²PDM FSHZQR üSRSUDZQHMUHMHVWUDFML]SUDZDPLVSU]H

GDM FHJR²]DPNQ üLQWHUIHMV,$XWRU\]DFMD5RELWRNOLNDM FRGSRZLHGQLHOHPHQW

LQWHUIHMVXFRQDGLDJUDPLHSU]HGVWDZLRQHMHVWMDNRSU]HVáDQLHSU]H]6SU]HGDM FHJR

NRPXQLNDWX]DPNQLMGRLQWHUIHMVX,$XWRU\]DFMD

3RGVWDZRZHSRMöFLD

%UDPD

)UDJPHQWLQWHUDNFML

)RUPDOQD

)UDJPHQWZ\RGU EQLRQ\

:áD FLZD

3U]\ZRá\ZDQHZ\VW SLHQLHLQWHUDNFML

:\UD HQLRZD

*HQHUDWRUNRGX UyGáRZHJR

&$6(

,QWHUDNFMD

'LDJUDPVHNZHQFML

,WHUDFMD

'HILQLFMD

.ODV\ILNDWRU

,PSOHPHQWDF\MQ\

$NWRU

.RQFHSWXDOQ\

$UWHIDNW

3HQWDJUDP

,QWHUIHMV

3URFHVWZRU]HQLD

.ODVD

5DPD

$QDOLW\F]QD

:\VW SLHQLRZ\

.RPSRQHQW

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

3DNLHW

2SHUDWRULQWHUDNFML

3U]\SDGHNX \FLD

DOW

6\JQDá

DVVHUW

: ]Há

EUHDN

:VSyáG]LDáDQLH

FRQVLGHU

.RPXQLNDW

FULWLFDO

$V\QFKURQLF]Q\

LJQRUH

2F]HNXM F\

ORRS

2SFMRQDOQ\

QHJ

6\QFKURQLF]Q\

RSW

8WUDFRQ\

SDU

=QDOH]LRQ\

VHT

=ZURWQ\

VWULFW

/LQLD \FLD

2 URGHNVWHURZDQLD

2ELHNW

$NW\ZDFMD

1LV]F]HQLH

'H]DNW\ZDFMD

7ZRU]HQLH

6WHURZDQLH

2SHUDFMD

3DUDPHWU

2SHUDQGLQWHUDNFML

5R]JDá ]LHQLH
6DPRZ\ZRá\ZDQLH
:DUXQHN

3\WDQLDL]DGDQLD

:\MD QLM]ZL ]HNSRPL G]\GLDJUDPDPLSU]\SDGNyZX \FLDDGLDJUDPDPL

VHNZHQFML

'ODF]HJRGLDJUDP\VHNZHQFML FL OHRG]ZLHUFLHGODM NRQFHSFM RELHNWRZHJR

PRGHORZDQLDV\VWHPyZLQIRUPDW\F]Q\FK"

8]DVDGQLMSRWU]HE ]Uy QLFRZDQLDSR]LRPyZXRJyOQLHQLDGLDJUDPyZVHNZHQFML

-DNLHJUXS\]DZRGRZHSRZLQQ\E\ü]DLQWHUHVRZDQHWZRU]HQLHPLX \WNRZDQLHP

GLDJUDPXNRQFHSWXDOQHJR"

.WyU\]URG]DMyZGLDJUDPyZVHNZHQFMLMHVWSRGVWDZRZ GRNXPHQWDFM

SURJUDPLVW\F]Q "'ODF]HJR"

5R]G]LDä‰'LDJUDPVHNZHQFML

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

-DNLHV XZDUXQNRZDQLDSU]HM FLD]GLDJUDPXLPSOHPHQWDF\MQHJR

GRZ\VW SLHQLRZHJR"

7DEHODZVND]XMH HSRV]F]HJyOQHURG]DMHGLDJUDPyZVHNZHQFML

Z\NRU]\VWXM Uy Q\]DNUHVNDWHJRULLSRM FLRZ\FKRGQRV] F\FKVL

GRGLDJUDPyZVHNZHQFML:\MD QLMNWyUHGRNáDGQLHNDWHJRULHSRM FLRZH

VWRVRZDQHV QDGLDJUDPDFKSRV]F]HJyOQ\FKURG]DMyZ

:\MD QLMLVWRW SRV]F]HJyOQ\FKNDWHJRULLSRM FLRZ\FKNRQFHSWXDOQHJR

GLDJUDPXVHNZHQFML

.WyUH]NDWHJRULLSRM FLRZ\FKGLDJUDPXVHNZHQFMLPDM SRGVWDZRZH

]QDF]HQLHLGODF]HJR"

-DNLURG]DMNODV\ILNDWRUyZQDMF] FLHMZ\VW SXMHZSUDNW\FHQDGLDJUDPDFK

VHNZHQFMLLGODF]HJR":VND LQQHSRZV]HFKQLHX \ZDQHQDW\FKGLDJUDPDFK

URG]DMHNODV\ILNDWRUyZ

'ODF]HJRNODV\ILNDWRUMHVWNRQVWUXNFM DEVWUDNF\MQ "

:VND MDNDMHVW]DOH QR üSRPL G]\NRPXQLNDWHPDRSHUDFM :RGQLHVLHQLX

GRU\VXQNXQDV]NLFXMNODV UHSUH]HQWXM F ,%DQNRPDWXZ]JO GQLDM F

RSHUDFMHLSU]\NáDGRZHDWU\EXW\

2SLV]]DSRPRF NRQFHSWXDOQHJRGLDJUDPXVHNZHQFMLLQWHUDNFMHZV\VWHPLH

REVáXJLZ\ FLJyZNRQQ\FK8Z]JO GQLMREVWDZLHQLHNRQNUHWQHJRNRQLDSU]H]

JUDF]D]DZLHUDM FHJR]DNáDGLZ\VRNR üVWDZNL]DNáDGX'Rá F]LQQHLQWHUDNFMH

NWyUHX]QDV]]DLVWRWQHGODIXQNFMRQRZDQLDV\VWHPX

2SLV]WU]\VSRVRE\JUDILF]QHJRR]QDF]DQLDRELHNWyZQDGLDJUDPDFKVHNZHQFML

-DNLHLQIRUPDFMHRNODVLHNWyUHMLQVWDQFM MHVWGDQ\RELHNWZL

VL

]SRV]F]HJyOQ\PLVSRVREDPLR]QDF]DQLD"

-DNDMHVWURODR URGNDVWHURZDQLD"-DNLMHVWMHJR]ZL ]HN]OLQL \FLD"

-DNQDOH \LQWHUSUHWRZDüDNW\ZDFM LGH]DNW\ZDFM "

8]XSHáQLMU\VXQHNRR URGNLVWHURZDQLD=DVWDQyZVL QDNWyU\FKOLQLDFK

\FLDZ\VW SLZL FHMQL MHGHQR URGHNVWHURZDQLD

-DNLHV SRZRG\Z]ERJDFHQLDSRGVWDZRZHJR]HVWDZXSRM üQDGLDJUDPDFK

VHNZHQFMLRNDWHJRULH]DDZDQVRZDQH"

1D]ZLMSRQL V]HW\S\NRPXQLNDWyZ

.WyUH]NRPXQLNDWyZRNUH OLüPR QDMDNRNRPSOHWQH"

:\MD QLMUy QLF SRPL G]\NRPXQLNDWDPLXWUDFRQ\PLDNRPXQLNDWDPL

]QDOH]LRQ\PL

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

-DNRX \WNRZQLNSRUWDOXLQWHUQHWRZHJR]LOXVWUXMSRV]F]HJyOQHURG]DMH

NRPXQLNDWyZZ\VW SXM FHZWUDNFLHMHJRX \WNRZDQLD6NRU]\VWDM]QRWDFML

]DSUH]HQWRZDQHMQDU\VXQNDFK±

'ODF]HJRXPLHV]F]DQLHSU]H]SURMHNWDQWDNRPXQLNDWyZ]ZURWQ\FK

QDGLDJUDPDFKVHNZHQFMLQLHMHVWREOLJDWRU\MQH"

-DNLPVWHUHRW\SHPR]QDF]DP\NRPXQLNDWWZRU] F\RELHNW"3RGDMSU]\NáDG

]]DNUHVXX \WNRZDQLDNRPXQLNDWRUyZLQWHUQHWRZ\FK

-DNLHGZDR]QDF]HQLDZSURZDG]DQHV GRGLDJUDPXVHNZHQFMLZFHOX

SRLQIRUPRZDQLDR]DNR F]HQLXLVWQLHQLDGDQHJRRELHNWX"

3U]HGVWDZVNáDGQL NRPXQLNDWyZZDUXQNRZ\FKRUD]NRPXQLNDWyZ

Z\NRQ\ZDQ\FKQD]DVDG]LHLWHUDFML

3RGDMSU]\NáDGZDUXQNXZRGQLHVLHQLXGRV\VWHPXREVáXJLG]LHNDQDWX

=DSURSRQXMNRPXQLNDW]NLONRPDZDUXQNDPL

-DNLPPLDQHPRNUH ODVL Z\ZRáDQLHRSHUDFMLSU]H]LQVWDQFM NODV\ILNDWRUD

MH HOLWDRSHUDFMDMHVWMHGQ\P]HOHPHQWyZVNáDGRZ\FKWHMLQVWDQFML"

1DV]NLFXMLPSOHPHQWDF\MQ\GLDJUDPVHNZHQFMLGODSU]\SDGNXX \FLDÄ*HQHUXM

OLVW VWXGHQWyZ´)XQNFMRQDOQR üWHJRSU]\SDGNXX \FLDSR]ZDODSURZDG] FHPX

SU]HGPLRWZ\GUXNRZDüOLVW VWXGHQWyZNWyU]\]GDOLHJ]DPLQZSLHUZV]\P

RERZL ]NRZ\PWHUPLQLHLX]\VNDOLZ\QLNSRZ\ HM

:\MD QLMSRM FLHUR]JDá ]LHQLD-DNLHJRURG]DMXUR]JDá ]LHQLDPR QDZ\Uy QLü"

:MDNLFKV\WXDFMDFKVL MHVWRVXMH"

:V\VWHPLHVW\SHQGLDOQ\PXF]HOQLSU]\]QDMHVL VW\SHQGLDZ]DOH QR FL

RGZ\VRNR FL UHGQLHMRFHQX]\VNDQHMZGDQ\PURNXDNDGHPLFNLP2SUDFXM

GLDJUDPVHNZHQFML]UR]JDá ]LHQLDPLRSLVXM F\WHQV\VWHPVW\SHQGLDOQ\

GODWZRMHJRZ\G]LDáX

:\MD QLM]DOH QR FLSRPL G]\NDWHJRULDPL

t

GLDJUDPVHNZHQFML

t

LQWHUDNFMD

t

IUDJPHQWZ\RGU EQLRQ\

t

RSHUDQGLQWHUDNFML

:MDNLVSRVyELGHQW\ILNRZDQHV IUDJPHQW\Z\RGU EQLRQH"

3RGDMVNáDGQL QDJáyZNDIUDJPHQWXZ\RGU EQLRQHJR

:\PLH RSHUDWRU\LQWHUDNFMLFKDUDNWHU\]XM FHIUDJPHQW\Z\RGU EQLRQH

=LQWHUSUHWXMSRGVWDZRZHUHJXá\WZRU]HQLDLX \WNRZDQLDRSHUDQGyZLQWHUDNFML

ZRGQLHVLHQLXGRNRQNUHWQ\FKRSHUDWRUyZ

:RGQLHVLHQLXGRNWyU\FKRSHUDWRUyZLQWHUDNFML]DVDGQHMHVW]DVWRVRZDQLH

VHSDUDWRUyZ"'ODF]HJR"

:VND ZQLQLHMV]\PUR]G]LDOHU\VXQHNLOXVWUXM F\V\WXDFM DQDORJLF]Q

GRSU]HGVWDZLRQHMQDU\VXQNXOHF]]Z\NRU]\VWDQLHPLQQHMUyZQR]QDF]QHM

QRWDFML2FH SRGRELH VWZDLUy QLFHSRPL G]\W\PLQRWDFMDPL

5R]G]LDä‰'LDJUDPVHNZHQFML

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

VG5HDOL]DFMD.RQWUDNWX7HUPLQRZHJR

1DE\ZFD

%DQN

©V\VWHPª

.RQWUDNW7HUPLQRZ\

%LXUR0DNOHUVNLH

DOW

>Z%LH !Z1RP@

>Z%LH Z1RP@

UHDOL]XM.RQWUDNW

XVWDO:DUWR ü%LH F

Z\NRQDM.RQWUDNW

WUDQVIHUXM=\VN

SRWU ü6WUDW ='HSR]\WX

WUDQVIHUXM'HSR]\W

SRWZLHUG 5HDOL]DFM .RQWUDNWX

5\VXQHN5HDOL]DFMDNRQWUDNWXWHUPLQRZHJR

2SUDFXMWU]\GLDJUDP\Z\MD QLDM FH]DVWRVRZDQLHRSHUDWRUDLQWHUDNFMLRSW

ZEUDQ \WHOHNRPXQLNDF\MQHM

2FH F]\QDVW SXM FHV\WXDFMHPRJ E\üXGRNXPHQWRZDQHSU]H]RSHUDWRU\

LQWHUDNFMLEUHDNFULWLFDOF]\WH QHJ

t

Z\NU\FLHZLUXVDZV\VWHPLH

t

SRMDZLHQLHVL ]DJUR HQLDWHUURU\VW\F]QHJRQDVWDGLRQLHPLHMVNLPZNRQWHN FLH

V\VWHPXUDWRZQLFWZDPLHMVNLHJR

t

]LGHQW\ILNRZDQLHZáDPDQLDGRV\VWHPXEDQNRZHJR

)LUPDSRVLDGDV\VWHP&50NWyU\SR]ZDODLQLFMRZDüLPRQLWRURZDüSURJUDP\

ORMDOQR FLRZH$E\Z\NRU]\VWDüW IXQNFMRQDOQR üQDOH \SU]\MPXM FNU\WHULXP

URF]QHJRREURWXSRG]LHOLüNOLHQWyZILUP\QDWU]\VHJPHQW\

t

SRZ\ HMPLOLRQD

t

SRPL G]\W\VDPLOLRQHP

t

SRQL HMW\V

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

'RSHáQHJRZGUR HQLDV\VWHPXQLH]E GQHMHVWXSRU] GNRZDQLHNOLHQWyZ

ILUP\ZNROHMQR FLPDOHM FHMZUDPDFKSRV]F]HJyOQ\FKSU]HG]LDáyZZLHONR FL

REURWyZ1DSRGVWDZLHRSHUDWRUDLQWHUDNFMLORRSRSUDFXMGLDJUDPVHNZHQFML

UHDOL]XM F\SRZ\ V]H]DáR HQLDZV\VWHPLH&50

3RVáXJXM FVL UyGáDPLLQWHUQHWRZ\PLZVND Z\M WNLVWDQGDUGRZRREVáXJLZDQH

ZM ]\NXSURJUDPRZDQLD9%1(7=REUD]XMMHVWRVXM FRGSRZLHGQLRSHUDWRU

LQWHUDNFML

:\NRU]\VWXM FRSHUDWRULQWHUDNFMLQHJSU]HGVWDZUHDNFMHVHUZHUDSRF]W\

HOHNWURQLF]QHMQDSU]HVáDQLHZLDGRPR FL]Eá GQLHZSLVDQ\PDGUHVHPRGELRUF\

'X DELEOLRWHNDXQLZHUV\WHFNDX \WNXMH]DXWRPDW\]RZDQ\V\VWHPREVáXJL

Z\SR \F]H :V\VWHPLHZ\VW SXM QDVW SXM FHLQVWDQFMHNODV\ILNDWRUyZ

t

DNWRU²&]\WHOQLN

t

LQWHUIHMV\²,=DPyZLHQLH.VL NL,.DWDORJ

t

NODV\²&]\WHOQLN(J]HPSODU].VL ND:\SR \F]HQLH

:VND LQWHUDNFMHZ\NRQ\ZDQHUyZQROHJOHZW\PV\VWHPLHVWRVXM FDGHNZDWQH

RSHUDWRU\LQWHUDNFML

:\NRU]\VWXM FGDQHSXEOLNRZDQHSU]H](XURVWDWKWWSHXURSDHXLQWFRPP

HXURVWDW]DSURSRQXMZVND QLNLLQWHUQHW\]DFMLPLHU] FHSR]LRPUR]ZRMX

VSRáHF]H VWZDZLHG]\ZUHJLRQLH:\NRU]\VWXM FM ]\N80/]GHILQLXMWH

ZVND QLNLQDGLDJUDPLHVHNZHQFMLZ\NRU]\VWXM FDGHNZDWQ\RSHUDWRULQWHUDNFML

:\MD QLM]DOH QR FLSRPL G]\RSHUDWRUDPLLQWHUDNFMLFRQVLGHURUD]LJQRUH

=LOXVWUXMMHQDSU]\NáDG]LHRSURJUDPRZDQLDNRPXQLNDWRUDLQWHUQHWRZHJR

.WyUH]LQWHUDNFML]DSUH]HQWRZDQ\FKQDU\VXQNXSU]HGVWDZLDM F\P

ZHZQ WU]Q UHNUXWDFM SUDFRZQLNyZGRNRQNUHWQ\FKSURMHNWyZSRZLQQ\E\ü

VFKDUDNWHU\]RZDQHRSHUDWRUHPVHTDNWyUHVWULFW"

-DNPR QDRNUH OLü]DOH QR üSRPL G]\SRV]F]HJyOQ\PLRSHUDQGDPL

]DPLHV]F]RQ\PLQDU\VXQNX"6SUDZG GLDJUDPSRGN WHPSRSUDZQR FL

3RSUDZHZHQWXDOQHEá G\

-DNLHMHVWX]DVDGQLHQLHVWRVRZDQLDEUDPZGLDJUDPDFKVHNZHQFML"

&]\PXZDUXQNRZDQHMHVW]Uy QLFRZDQLHEUDP"

:VND LZ\MD QLMVSRVRE\QD]\ZDQLDEUDP=PRG\ILNXMGLDJUDP

]DSUH]HQWRZDQ\QDU\VXQNXSRSU]H]GRGDQLHEUDPLQDGDQLHLPQD]Z

:MDNLVSRVyEUR]ZL ]XMHVL SUREOHPGRNXPHQWRZDQLD]áR RQ\FK

GLDJUDPyZVHNZHQFML"

&]\SRSUDZQHMHVWXPLHV]F]DQLHSU]\ZRá\ZDQ\FKZ\VW SLH LQWHUDNFML

ZHZQ WU]IUDJPHQWyZZ\RGU EQLRQ\FK"

8]DVDGQLMWZLHUG]HQLH HSU]\ZRá\ZDQLHZ\VW SLH LQWHUDNFMLSR]ZDOD

QD]VW SXM FHPRGHORZDQLHV\VWHPyZLQIRUPDW\F]Q\FK

5R]G]LDä‰'LDJUDPVHNZHQFML

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

5\VXQHN

2SURJUDPRZDQLH

QDU] G]LRZHVHUZHUD

VG2SURJUDPRZDQLH1DU] G]LRZH6HUZHUD

$GPLQLVWUDWRU

&]DV

6HUZHU

SDU

XUXFKRP6NDQHU$QW\ZLUXVRZ\

RGELHU]3RF]W

Z\ OLM3RF]W

DUFKLZL]XM'DQH

XVX 3OLNL7\PF]DVRZH

:\NRU]\VWXM FLQVWDQFMHNODV\ILNDWRUyZ]U\VXQNXRSUDFXMGZD

SU]\ZRá\ZDQHZ\VW SLHQLDLQWHUDNFML²SLHUZV]HLQLFMRZDQH]DSR UHGQLFWZHP

NRPXQLNDWXDGUXJLHXZ]JO GQLDM FHF]\QQLNF]DVX

$QDOLW\NPRGHOXMHLQWHUDNFMHZV\VWHPLHQDG]RUXSRPLHV]F]H NRPSOHNVX

NLQRZHJR0HQHG HURZLHNRPSOHNVXNLQRZHJRFKF DE\ZV\WXDFML]DJUR HQLD

SURMHNWRZDQ\V\VWHPLQIRUPRZDáRGSRZLHGQLHVáX E\SXEOLF]QHZFHOX

XPR OLZLHQLDV]\ENLHMLQWHUZHQFML$QDOLW\NXVWDOLáNRPSOHWQ OLVW LQVWDQFML

NODV\ILNDWRUyZELRU F\FKXG]LDáZLQWHUDNFML3L üSLHUZV]\FKLQVWDQFML

NODV\ILNDWRUyZWRHOHPHQW\VNáDGRZHV\VWHPXZEXGRZDQHJRDZL F]HVWDZX

VSU] WXRSURJUDPRZDQHJR)LUPDVSHFMDOL]XM FDVL ZPRQLWRURZDQLX

EH]SLHF]H VWZDSRPLHV]F]H GRVWDUF]\áDGRNXPHQWDFM QDSRGVWDZLHNWyUHM

]LGHQW\ILNRZDQRSRGVWDZRZHRSHUDFMHNODVV\VWHPXZEXGRZDQHJR$QDOLW\N

QLH]LGHQW\ILNRZDáGRW\FKF]DVGDOV]\FKNRPXQLNDWyZLRSHUDFML1DSRGVWDZLH

U\VXQNX]DSURSRQXMGDOV]HLQWHUDNFMHLX]XSHáQLMGLDJUDPRIUDJPHQW\

Z\RGU EQLRQH

&]ö è,‰3RGVWDZ\Mö]\ND80/

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

3RPLHV]F]HQLH

6HNFMD

0RGHO5HDNFML

6\VWHP3ROLFML 6\VWHP6WUD \

,3DQHO

2SHUDWRU6\VWHPX1DG]RUX

&]XMQLN

6\VWHP3RJRWRZLD

SRELHU]6WUXNWXU

SRELHU]3DUDPHWU\

RGF]\WDM6\JQDá

VSUDZG]:\VW SLHQLH

XUXFKRP$ODUP

5\VXQHN6\VWHPQDG]RUXSRPLHV]F]H NRPSOHNVXNLQRZHJR