'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
'RGDWNL
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
'RGDWHN$'HILQLFMHLSRMöFLD
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
'RGDWHN$
1LQLHMV]\GRGDWHNSRGVXPRZXMHGHILQLFMHV]F]HJyOQLHLVWRWQ\FKHOHPHQWyZM ]\ND80/
MDNUyZQLH GLDJUDPyZZ\VW SXM F\FKZZHUVMLWHJRVWDQGDUGX=RVWDá\RQHSU]HG
VWDZLRQHZXNáDG]LHDOIDEHW\F]Q\P
$NFMD
(OHPHQWDUQD MHGQRVWND VSHF\ILNDFML ]DFKRZDQLD NWyUD UHSUH]HQWXMH WUDQVIRUPDFM OXE
SU]HWZDU]DQLHZPRGHORZDQ\PV\VWHPLH
$NWRU
6SyMQ\]ELyUUyORGJU\ZDQ\FKSU]H]X \WNRZQLNyZSU]\SDGNXX \FLDZF]DVLHLQWH
UDNFML]W\PSU]\SDGNLHPX \FLD
$NWRUEL]QHVRZ\
5RODSHáQLRQDSU]H]X \WNRZQLNDG]LDáDM FHJRZRWRF]HQLXRUJDQL]DFML
$UWHIDNW
.D G\V]WXF]QLHZ\WZRU]RQ\SURGXNW
$VRFMDFMD
=ZL ]HNSRPL G]\GZRPDOXEZL FHMNODV\ILNDWRUDPLRSLVXM F\SRZL ]DQLDSRPL
G]\LFKLQVWDQFMDPL
%L]QHVRZDNODVDSU]HFKRZXMñFD
)L]\F]QLHLVWQLHM F\E\WX \WNRZDQ\LSU]HWZDU]DQ\SU]H]SUDFRZQLNyZEL]QHVRZ\FK
RUD]SUDFRZQLNyZNRQWDNWX
'RGDWNL
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
%L]QHVRZ\SU]\SDGHNX \FLD
3URFHVEL]QHVRZ\GRVWDUF]DM F\Z\QLNyZLVWRWQ\FK]SXQNWXZLG]HQLDDNWRUDEL]QH
VRZHJR
%UDPD
3XQNWSU]HM FLDNRPXQLNDWyZ]GRGLDJUDPyZVHNZHQFMLSU]\ZRá\ZDQ\FKZ\VW
SLH LQWHUDNFMLRUD]IUDJPHQWyZZ\RGU EQLRQ\FKGR]LFKRWRF]HQLD
&]\QQR è
&]\QQR ü WR RNUH ORQH ]DFKRZDQLH ]áR RQH ] ORJLF]QLH XSRU] GNRZDQ\FK FL JyZ
SRGF]\QQR FLDNFMLRUD]RELHNWyZZFHOXZ\NRQDQLDSHZQHJRSURFHVX
&]\QQR èEL]QHVRZD
2NUH ORQH]DFKRZDQLH]áR RQH]ORJLF]QLHXSRU] GNRZDQ\FKFL JyZSRGF]\QQR FL
DNFMLRUD]RELHNWyZZFHOXZ\NRQDQLDSHZQHJRSURFHVXEL]QHVRZHJR
'LDJUDPDQDOLW\F]Q\
7HFKQLNDZVSRPDJDM FDM ]\N80/NWyUDVáX \GRGRNXPHQWRZDQLDZ\QLNyZSUDF
DQDOLW\F]Q\FKLZF]HVQ\FKSUDFSURMHNWRZ\FK
'LDJUDPF]\QQR FL
'LDJUDPF]\QQR FLWRGLDJUDPSU]HGVWDZLDM F\VHNZHQF\MQHLOXEZVSyáELH QHSU]H
Sá\Z\VWHURZDQLDLGDQ\FKSRPL G]\XSRU] GNRZDQ\PLFL JDPLF]\QQR FLDNFML
LRELHNWyZ
'LDJUDPKDUPRQRJUDPRZDQLD
'LDJUDPKDUPRQRJUDPRZDQLDMHVWURG]DMHPGLDJUDPXLQWHUDNFMLUHSUH]HQWXM F\PQD
RVLF]DVX]PLDQ\GRSXV]F]DOQ\FKVWDQyZMDNLHPR HSU]\MPRZDüLQVWDQFMDNODV\IL
NDWRUDXF]HVWQLF] FDZLQWHUDNFML
'LDJUDPNODV
'LDJUDPNODVWRGLDJUDPVWDQRZL F\REUD]VWDW\F]Q\FKGHNODUDW\ZQ\FKHOHPHQWyZ
G]LHG]LQ\SU]HGPLRWRZHMRUD]]ZL ]NyZPL G]\QLPL
'LDJUDPNRPSRQHQWÑZ
'LDJUDPNRPSRQHQWyZWRURG]DMGLDJUDPXZGUR HQLRZHJRNWyU\ZVND]XMHRUJDQL]DFM
L]DOH QR FLPL G]\NRPSRQHQWDPL
'LDJUDPNRPXQLNDFML
'LDJUDPNRPXQLNDFMLMHVWURG]DMHPGLDJUDPXLQWHUDNFMLVSHF\ILNXM F\PVWUXNWXUDOQH
]ZL ]NLSRPL G]\ELRU F\PLXG]LDáZLQWHUDNFMLLQVWDQFMDPLNODV\ILNDWRUyZRUD]Z\
PLDQ NRPXQLNDWyZSRPL G]\W\PLLQVWDQFMDPL
'RGDWHN$'HILQLFMHLSRMöFLD
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
'LDJUDPPDV]\Q\VWDQRZHM
'LDJUDPPDV]\Q\VWDQRZHMWRGLDJUDPRG]ZLHUFLHGODM F\G\VNUHWQHVNRNRZH]DFKR
ZDQLHVNR F]RQ\FKV\VWHPyZVWDQSU]HM FLH
'LDJUDPRELHNWÑZ
'LDJUDPRELHNWyZWRLQVWDQFMDGLDJUDPXNODVRGZ]RURZXM FDVWUXNWXU V\VWHPXZZ\
EUDQ\PPRPHQFLHMHJRG]LDáDQLD
'LDJUDPSDNLHWÑZ
'LDJUDPSDNLHWyZWRGLDJUDPSU]HGVWDZLDM F\ORJLF]Q VWUXNWXU GRNXPHQWDFMLV\VWHPX
ZSRVWDFL]HVWDZXSDNLHWyZSRá F]RQ\FK]DOH QR FLDPLL]DJQLH G HQLDPL
'LDJUDPSU]\SDGNÑZX \FLD
'LDJUDPSU]\SDGNyZX \FLDWRGLDJUDPSU]HGVWDZLDM F\Z\VW SXM FHZGDQHMG]LHG]L
QLHSU]HGPLRWRZHMSU]\SDGNLX \FLDDNWRUyZRUD]]ZL ]NLPL G]\QLPL
'LDJUDPUR]ORNRZDQLD
'LDJUDPUR]ORNRZDQLDWRURG]DMGLDJUDPXZGUR HQLRZHJRNWyU\SU]HGVWDZLDVLHüSR
á F]RQ\FK FLH NDPLNRPXQLNRZDQLDZ ]áyZ]XORNRZDQ\PLQDQLFKDUWHIDNWDPL
'LDJUDPVHNZHQFML
'LDJUDPVHNZHQFMLWRURG]DMGLDJUDPXLQWHUDNFMLRSLVXM F\LQWHUDNFMHSRPL G]\LQ
VWDQFMDPLNODV\ILNDWRUyZV\VWHPXZSRVWDFLVHNZHQFMLNRPXQLNDWyZZ\PLHQLDQ\FK
PL G]\QLPL
'LDJUDPVWHURZDQLDLQWHUDNFMñ
'LDJUDPVWHURZDQLDLQWHUDNFM MHVWURG]DMHPGLDJUDPXLQWHUDNFMLGRNXPHQWXM F\PSU]H
Sá\Z VWHURZDQLD SRPL G]\ ORJLF]QLH SRZL ]DQ\PL GLDJUDPDPL D IUDJPHQWDPL LQWH
UDNFML]Z\NRU]\VWDQLHPNDWHJRULLPRGHORZDQLDGLDJUDPyZF]\QQR FL
'LDJUDPVWUXNWXUSRäñF]RQ\FK
'LDJUDP VWUXNWXU SRá F]RQ\FK MHVW GLDJUDPHP SU]HGVWDZLDM F\P Z]DMHPQLH ZVSyá
G]LDáDM FHF] FLZFHOXRVL JQL FLDSR GDQHMIXQNFMRQDOQR FLZVSyáG]LDáDQLD
']LHG]LF]HQLH
3U]\SRU] GNRZDQLHDWU\EXWyZLRSHUDFMLNODVRPRELHNWyZQDSRGVWDZLHKLHUDUFKLF]
QHM]DOH QR FLPL G]\QLPL
)D]D
2NUHVPL G]\NROHMQ\PLSXQNWDPLSU]HJO GXF\NOXLWHUDF\MQRSU]\URVWRZHJRZNWy
U\P]UHDOL]RZDQRQLH]E GQHF]\QQR FLLRSUDFRZDQRDGHNZDWQHDUWHIDNW\
'RGDWNL
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
)UDJPHQWZ\RGUöEQLRQ\
/RJLF]QLH VSyMQ\ REV]DU LQWHUDNFML F] ü GLDJUDPX VHNZHQFML FKDUDNWHU\]XM FD VL
VSHF\ILF]Q\PLZáD FLZR FLDPLRNUH ORQ\PLSU]H]RSHUDWRULQWHUDNFML
+HUPHW\]DFMD
5y QLFRZDQLHGRVW SXGRRELHNWXSRSU]H]XMDZQLHQLHRWRF]HQLXW\ONRW\FKLQIRUPDFML
RMHJRDWU\EXWDFKOXERSHUDFMDFKNWyUHV QLH]E GQHGRHIHNW\ZQHJRRGZRá\ZDQLD
VL GRWHJRRELHNWXZV\VWHPLH]DSR UHGQLFWZHPNRPXQLNDWyZ
,QWHUDNFMD
:\PLDQDERG FyZLPSXOVyZLNRPXQLNDWyZSRPL G]\LQVWDQFMDPLNODV\ILNDWRUyZ
ZV\VWHPLH
,QWHUIHMV
=HVWDZRSHUDFMLNWyUHZ\]QDF]DM XVáXJLRIHURZDQHSU]H]NODV OXENRPSRQHQW
,WHUDFMD
:LHORNURWQHSROLF]DOQHSRZWyU]HQLHMHGQRVWNL]DFKRZDQLDZV\VWHPLH
-HGQRVWNDRUJDQL]DF\MQD
*UXSDSUDFRZQLNyZEL]QHVRZ\FKEL]QHVRZ\FKMHGQRVWHNSU]HFKRZXM F\FK]ZL ]
NyZPL G]\QLPLZVSyáG]LDáD EL]QHVRZ\FKLLQQ\FKVNáDGQLNyZRUJDQL]DFML
.DUWD&5&
.ODVDNWyUHMSRGVWDZRZ ]DZDUWR üVWDQRZL ]RERZL ]DQLDRUD]OLVWDZVSyáSUDFXM
F\FKNODV
.ODVD
8RJyOQLHQLH]ELRUXRELHNWyZNWyUHPDM WDNLHVDPHDWU\EXW\RSHUDFMH]ZL ]NLL]QD
F]HQLH
.ODVDDNW\ZQD
.ODVDNWyUHMLQVWDQFMHVWDQRZL DNW\ZQHRELHNW\PRJ FHDXWRQRPLF]QLHLQLFMRZDüZáD
VQHZ WNLLVWHURZDüZ\NRQDQLHPW\FKZ WNyZ
.ODV\ILNDWRU
$EVWUDNF\MQ\E\WNWyU\VWDQRZLJHQHUDOL]DFM NDWHJRULLPRGHORZDQLDM ]\ND80/VáX
F\FKGRRSLVDQLDFHFKVWDW\F]Q\FKLG\QDPLF]Q\FKV\VWHPX
'RGDWHN$'HILQLFMHLSRMöFLD
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
.RPSRQHQW
+HUPHW\F]Q\Z\PLHQQ\PRGXáRSURJUDPRZDQLDV\VWHPXUHDOL]XM F\RNUH ORQHMHJR
XVáXJL]DSR UHGQLFWZHPLQWHUIHMVyZ
.RPXQLNDW
6SHF\ILNDFMDZ\PLDQ\LQIRUPDFMLPL G]\RELHNWDPL]DZLHUDM FD]OHFHQLDZ\NRQDQLD
RNUH ORQHMRSHUDFML
.ZDOLILNDWRU
$WU\EXWOXEOLVWDDWU\EXWyZNWyU\FKZDUWR FLSRU] GNXM ]ELyURELHNWyZNODV\GRVW S
Q\FKZDVRFMDFML
/LF]HEQR è
6SHF\ILNDFMD]DNUHVXGRSXV]F]DOQHMOLF]E\RELHNWyZGDQHMNODV\ELRU F\FKXG]LDá
ZGDQ\P]ZL ]NX
/LQLD \FLD
3RZL ]DQD]NRQNUHWQ LQVWDQFM NODV\ILNDWRUDOLQLDQDGLDJUDPLHVHNZHQFMLZVND]XM FD
RNUHVLVWQLHQLDWHMLQVWDQFML
0DV]\QDVWDQRZD
=DFKRZDQLHRNUH ODM FHVHNZHQFMHVWDQyZSU]H]NWyUHSU]HFKRG]LRELHNWE G LQWHUDN
FMDZRGSRZLHG]LQD]GDU]HQLD]DFKRG] FHZF]DVLHVZRMHJRF\NOX \FLDZUD]]LFK
UHDNFMDPLQDWH]GDU]HQLD
0HWND
-DZQH]GHILQLRZDQLHZáD FLZR FLZSRVWDFLSU]\SRU] GNRZDQLDQD]ZDZDUWR ü
0RGHO
2GZ]RURZDQLHXRJyOQLHQLHU]HF]\ZLVWR FL
0RGHORZDQLHEL]QHVRZH
6SRVyERGZ]RURZ\ZDQLDLGRNXPHQWRZDQLDSURFHVyZEL]QHVRZ\FK
2ELHNW
.D G\E\W²SRM FLHOXEU]HF]²PDM F\]QDF]HQLHZNRQWHN FLHUR]ZL ]\ZDQLDSUR
EOHPXZGDQHMG]LHG]LQLHSU]HGPLRWRZHM
2EV]DUSU]HUZDQLD
*UXSDF]\QQR FLZREU ELHNWyUHMZZ\QLNXG]LDáDQLDSU]HSá\ZXSU]HUZDQLDUHDOL]D
FMDZV]\VWNLFKF]\QQR FLMHVWEH]]ZáRF]QLHSU]HU\ZDQD
'RGDWNL
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
2EV]DUUR]V]HU]HQLD
FL OH ]GHILQLRZDQ\ IUDJPHQW GLDJUDPX F]\QQR FL ] MHGQR]QDF]QLH Z\VSHF\ILNRZD
Q\PLZHM FLDPLLZ\M FLDPLZ\NRQ\ZDQ\ZLHORNURWQLHVWRVRZQLHGROLF]E\HOHPHQ
WyZQDZHM FLX
2JUDQLF]HQLH
:\UD HQLHVHPDQW\F]QHRNUH ODM FHZDUXQHNE G ]DVWU]H HQLH]ZL ]DQH]RJUDQLF]D
Q\PHOHPHQWHPPRGHORZDQLDE G JUXS HOHPHQWyZ
2SHUDQGLQWHUDNFML
2GG]LHOQDF] üIUDJPHQWXZ\RGU EQLRQHJRVXEIUDJPHQW
2SHUDWRULQWHUDNFML
6SUHF\]RZDQLHIXQNFMRQDOQR FLUHDOL]RZDQHMSU]H]IUDJPHQWZ\RGU EQLRQ\
2 URGHNVWHURZDQLD
6SHF\ILNDFMDZ\NRQ\ZDQLDF]\QQR FLRSHUDFMLOXELQQHMMHGQRVWNL]DFKRZDQLDZUD
PDFKLQWHUDNFML
3DNLHW
0HFKDQL]PRJyOQHJR]DVWRVRZDQLDVáX F\GRRUJDQL]RZDQLDHOHPHQWyZZJUXS\
3DUW\FMDGLDJUDPXF]\QQR FL
0HFKDQL]PJUXSRZDQLDHOHPHQWyZGLDJUDPXF]\QQR FLSRZL ]DQ\FKSU]HSá\ZDPLVWH
URZDQLDLSU]HSá\ZDPLGDQ\FKSHáQL F\FKRNUH ORQ ZVSyOQ URO QDGLDJUDPLH
3ROLPRUIL]P
0R OLZR üQDGDZDQLDWHMVDPHMQD]Z\Uy Q\PDWU\EXWRPLRSHUDFMRPRUD]Z\NRQ\
ZDQLDUy Q\FKSURFHGXULDNFMLSU]H]RSHUDFMHRW\FKVDP\FKQD]ZDFK
3UDFRZQLNEL]QHVRZ\
)XQNFMRQXM F\ZUDPDFKRUJDQL]DFMLSUDFRZQLNOXEV\VWHPSHáQL F\RNUH ORQ URO
OXE]HVWDZUyOZHZQ WU]SURFHVXEL]QHVRZHJR
3UDFRZQLNNRQWDNWX
3UDFRZQLNEL]QHVRZ\REVáXJXM F\SURFHVEL]QHVRZ\LMHGQRF]H QLHE G F\ZEH]SR
UHGQLHMLQWHUDNFML]DNWRUDPLEL]QHVRZ\PL
3U]HM FLH
5HODFMDPL G]\GZRPDVWDQDPLZVND]XM FD HRELHNW]QDMGXM F\VL ZSLHUZV]\P
VWDQLHZ\NRQDSHZQHDNFMHLSU]HMG]LHGRGUXJLHJRVWDQXLOHNURü]DMG]LHRNUH ORQH
]GDU]HQLHLE G VSHáQLRQHRNUH ORQHZDUXQNL
'RGDWHN$'HILQLFMHLSRMöFLD
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
3U]HSä\ZVWHURZDQLD
5HODFMDPL G]\GZRPDF]\QQR FLDPLE G DNFMDPLZVND]XM FD HSRZ\NRQDQLX Uy
GáRZHMF]\QQR FLDOERDNFMLVWHURZDQLH]RVWDQLHSU]HND]DQHGRGRFHORZHMF]\QQR FL
DOERDNFML
3U]\SDGHNX \FLD
6SHF\ILNDFMDFL JXDNFMLLLFKZDULDQWyZNWyUHV\VWHPOXELQQDMHGQRVWNDPR HZ\
NRQDüSRSU]H]LQWHUDNFMH]DNWRUDPLWHJRV\VWHPX
5HDOL]DFMD
=ZL ]HN]QDF]HQLRZ\PL G]\NODV\ILNDWRUDPL]NWyU\FKMHGHQRNUH ODNRQWUDNWDGUXJL
]DSHZQLDZ\ZL ]DQLHVL ]QLHJR
5ROD
3RZLQQR üSHáQLRQDSU]H]MHGQ NODV RELHNWXZREHFGUXJLHMNODV\
5R]ORNRZDQLH
$ORNDFMDDUWHIDNWyZOXELQVWDQFMLDUWHIDNWyZZRNUH ORQ\PZ OH
5R]JDäö]LHQLH
6SRVyESU]HND]DQLDVWHURZDQLDQDGLDJUDPLHVHNZHQFML]OLQLL \FLDR URGNDVWHUR
ZDQLDNODV\ILNDWRUDQDGDZF\GRNODV\ILNDWRUyZRGELRUFyZZ]DOH QR FLRGVSHáQLHQLD
ZDUXQNXSU]\SLVDQHJRGRSU]HV\áDQHJRNRPXQLNDWX
6FHQDULXV]
2NUH ORQ\FL JDNFMLGRNXPHQWXM F\]DFKRZDQLH
6WDQ
2NROLF]QR üOXEV\WXDFMDZMDNLHMRELHNW]QDMGXMHVL ZF\NOXVZRMHJR \FLDNLHG\
VSHáQLDZDUXQHNZ\NRQXMHF]\QQR üOXEF]HNDQD]GDU]HQLH
6WHUHRW\S
0HFKDQL]PUR]V]HU]DOQR FLNWyU\Z]ERJDFD]ELRURZR üVWDQGDUGRZ\FKNDWHJRULLPR
GHORZDQLDM ]\ND80/
8RJÑOQLHQLH
=ZL ]HNRFKDUDNWHU]HWDNVRQRPLF]Q\PSRPL G]\NODV\ILNDWRUHPRJyOQ\PDVSHFMD
OL]RZDQ\P
:ö]Hä
)L]\F]Q\OXEORJLF]Q\]DVyESU]HWZDU]DM F\QDNWyU\PV RVDG]RQHDUWHIDNW\X \W
NRZDQHJRV\VWHPX
'RGDWNL
'?$$$'=,6,$-?- ]\N80/ZPRGHORZDQLXV\VWHPyZLQIRUPDW\F]Q\FK?SRSUDZNL?$GRF
:VSÑäELH QR è
:\VW SLHQLHGZyFKOXEZL FHMF]\QQR FLZW\PVDP\PF]DVLHFRSR]ZDODQDSU]H
SODWDQLHOXEUyZQRF]HVQHZ\NRQ\ZDQLHZ WNyZ
:VSÑäG]LDäDQLH
6SHF\ILNDFMDSR GDQHMIXQNFMRQDOQR FL]HVWDZXSRZL ]DQ\FKLZVSyáSUDFXM F\FKNOD
V\ILNDWRUyZ]NWyU\FKND G\SHáQLGHG\NRZDQ URO
:VSÑäG]LDäDQLHEL]QHVRZH
=HVWDZGLDJUDPyZSU]HGVWDZLDM F\FKZVSRPDJDM FHSURFHVEL]QHVRZ\HOHPHQW\RU
JDQL]DFMLWDNLHMDNSUDFRZQLF\EL]QHVRZLF]\EL]QHVRZHRELHNW\SU]HFKRZXM FH
=DOH QR è
=DOH QR üWRWDNL]ZL ]HNSRPL G]\GZRPDHOHPHQWDPLPRGHORZDQLDZNWyU\P]PLD
QDMHGQHJR]QLFKQLH]DOH QHJRZSá\ZDQDGUXJL]DOH Q\
=RERZLñ]DQLH
.RQWUDNWOXERGSRZLHG]LDOQR üNODV\
=ZLñ]HN
6HPDQW\F]QHSRZL ]DQLHSRPL G]\HOHPHQWDPLPRGHOX