/$%25$725,806,(&,
.20387(52:<&+
:LDGRPRFLSRGVWDZRZH
:LDGRPRFLGRÄRGZLH*HQLDÄ]Z\NáDGyZ
x VLHGPLRZDUVWZRZ\PRGHO26,DQJ2SHQ6\VWHP,WHUFRQQHFWLRQ
'UyGáRLQIRUPDFMLRSRUXV]DQHMWHPDW\FH
x GRNXPHQWDFMD,QWHUQHWXZSRVWDFLGRNXPHQWyZ5)&DQJ5HTXHVW)RU
&RPPHQWV
3RGVWDZRZ\PLSURWRNRáDPLZ\NRU]\VW\ZDQ\PLZVLHFL,17(51(7V 7&3,3
DQJ7UDQVPLVVLRQ&RQWURO3URWRFRO,QWHUQHW3URWRFRO
SR]ZDODQD
x GZXWRURZ WUDQVPLVM VWUXPLHQLDGDQ\FKZUD]]NRUHNFM EáGyZ
x VWDQGDUWRZHDGUHVRZDQLHLQWHUQHWRZHX]XSHáQLDMFMHGRGDWNRZR
RSXO
W]ZSRUWyZFKDUDNWHU\VW\F]Q\FKGODGDQHMPDV]\Q\
'RNRPXQLNDFML]SRUWDPLSURWRNRá\ED]XMFHQD7&3,3Z\NRU]\VWXM PHFKDQL]PW]Z
VRNHWyZ
7&3
XPR*OLZLD
x NLHURZDQLHSDNLHWDPLGDQ\FKZVLHFL
x VWRVRZDQLHELWRZHJRVFKHPDWXDGUHVRZDQLDZ\NRU]\VW\ZDQHJRGR
LGHQW\ILNDFMLGDQHJRNRPSXWHUDRUD]VLHFLGRNWyUHMNRPSXWHUWHQMHVWZGDQ\P
PRPHQFLHSRGáF]RQ\
$'5(62:$1,(
6WUXNWXUDDGUHVX,3$'5(6,3 $'5(66,(&,$'5(6+267$
8:$*$$GUHV,3QLHSRZLQLHQE\üXWR*VDPLDQ\]DGUHVHPNRQNUHWQHMPDV]\Q\
DMHG\QLH]DGUHVHPMHMSRáF]HQLD]VLHFL
./$6<$'5(62:(,17(51(78
.ODVD$
$GUHVVLHFLELWyZ
$GUHVKRVWDELW\
.ODVD$]RVWDáDSU]HZLG]LDQDGODVLHFLNWyUHPDM EDUG]RGX* OLF]E GRáF]RQ\FKNRPSXWHUyZ
PD[ SRGáF]RQ\FK PDV]\Q DOH EH] PR*OLZRFL SRG]LDáX QD SRGVLHFL ELWyZ
SU]H]QDF]RQ\FK QD QXPHU\ VLHFL G DMH PR*OLZRü VWZRU]HQLD VLHFL W\SX $ L
]DUH]HUZRZDQH
.ODVD%
$GUHVVLHFLELWyZ
$GUHVKRVWDELWyZ
.ODVD%MHVWSU]H]QDF]RQDGODVLHFLR UHGQLHMZLHONRFLPD[PR*OLZHVLHFLLDGUHV\
KRVWyZ
.ODV&
,3
$GUHVVLHFLELWyZ
$GUHVKRVWDELWyZ
.ODVD&SU]H]QDF]RQDMHVWGODVLHFLSRVLDGDM F\FKGRFHORZRPQLHMQL* KRVWyZPD[
VLHFLLKRVW\
.ODVD'
$GUHVW\SXÄPXOWLFDVW´ELWyZ
'ODXáDWZLHQLDSU]\MWR]DPLHQLDüELQDUQ\DGUHVELWRZ\Q QD
IRUPDWG]LHVLWQ\
,QWHUSUHWDFMDDGUHVX
./$6$
$
VLHü
KRVW
KRVW
KRVW
%
VLHü
VLHü
KRVW
KRVW
&
VLHü
VLHü
VLHü
KRVW
=DNUHVZDUWRFLGODSLHUZV]HJRF]áRQX]DSLVLHG]LHVLWQ\P
$ !
% !yy
& !yy
' !yy
3U]\SDGNLV]F]HJyOQH
x
ZV]\VWNLHELW\ZSROXDGUHVyZKRVWyZXVWDZLRQHQD
)
)
GRVWDUF]HQLHGDQ\FKGR
ZV]\VWNLFKNRPSXWHUyZ]GDQHMSRGVLHFL
x
ZV]\VWNLHELW\ZSROXDGUHVyZVLHFLXVWDZLRQHQD
)
)
GRVWDUF]HQLHGDQ\FKGR
ZV]\VWNLFKVLHFLNWyU\FKSR]RVWDáDF]üDGUHVXEG]LH]JDG]DáDVL ]SRGDQ\P
Z]RUFHP
$'5(6<7<38Ä%52$'&$67´
x
ZV]\VWNLHELW\ZSROXDGUHVyZKRVWyZXVWDZLRQHQD
)
)
DGUHVR]QDF]DÄWHQKRVW´
x
ZV]\VWNLHELW\ZSROXDGUHVyZVLHFLXVWDZLRQHQD
)
)
DGUHVR]QDF]DÄW NRQNUHWQLHVLHü´
$'5(635=<'<1$0,&=1<035=<'=,$/($'5(6Ï:,3:'$1(-6,(&,
$E\PR*OLZDE\áDSRSUDZQDZ\PLDQDGDQ\FK]DSRUHGQLFWZHPVLHFL
SRWU]HEQHV WU]\W\S\DGUHVyZRGSRZLDGDMF\FKZDUVWZRPPRGHOX26,
x DGUHVZDUVWZ\IL]\F]QHM
x DGUHVZDUVWZ\'DWD/LQN
x DGUHVZDUVWZ\VLHFL
$'5(6<),=<&=1(
3RGF]DV Z\PLDQ\ LQIRUPDFML X*\ZDQD MHVW
ND*GRUD]RZRSDUDW\FKDGUHVyZ
x DGUHVQDGDZF\ DQJVRXUFH
DGGUHVV
x DGUHVRGELRUF\DQJ '3$
'HVWLQDWLRQ3K\VLFDO$GUHVV
0(&+$1,=0:<.25=<67$1,$$'5(6Ï:
),=<&=1<&+
3// DQJ 3K\VLFDO /RJLF /D\HULQWHUIHMVX
VLHFLRZHJR RGELRUF\ VSUDZG]D DGUHV
RGELRUF\ Z ND*G\P SU]\FKRG]F\P 3'8
DQJ3URWRFRO'DWD8QLW
$%
:\*V]HZDUVWZ\:\*V]HZDUVWZ\
:DUVWZIL]\F]QD:DUVWZIL]\F]QD
%52$'&$67 '3$ '%LJQRUXMH
&LJQRUXMH'DNFHSWXMH
:DUVWZIL]\F]QD:DUVWZIL]\F]QD
:\*V]HZDUVWZ\:\*V]HZDUVWZ\
&'
3RMFLDSRGVWDZRZH
6SRW\ND VL UyZQLH* RNUHOHQLH ,:8 DQJ ,QWHUQHWZRUNLQJ 8QLW NWyUH MHVW RNUHOHQLHP XQLZHUVDOQ\P
RGQRV]F\P VL GR WDNLFK XU]G]H MDN JDWHZD\ URXWHU EULGJH MDN UyZQLH * LQQ\FK XU]G]H VSHáQLDMF\FK
SRGREQHIXQNFMH
+RVW
NRPSXWHU SRVLDGDMF\ ZáDVQ\ V\VWHP RSHUDF\MQ\ L PRJ F\ VWZRU]\ü
VDPRG]LHOQHVWDQRZLVNRSUDF\GODX *\WNRZQLND
5HSHDWHU
MHVWWRXU]G]HQLHVáX*FHGRáF]HQLDSRPLG]\VRE W]ZVHJPHQWyZPHGLXP
Z VLHFLDFK ORNDOQ\FK 1LH SHáQL LQQ\FK IXQNFML SR]D Z]PDFQLDQL HP V\JQDáyZ
VLHFLRZ\FKLSU]HND]\ZDQLHPLFK]MHGQHJRVHJPHQWXGRGUXJLHJR
%ULGJH
XU]G]HQLHVáX*FHGRáF]HQLDSRPLG]\VRE VLHFLKRPRJHQLF]Q\FK']LDáDZ
ZDUVWZLH'DWDOLQN
5RXWHU
XU]G]HQLH GR VWHURZDQLD UXFKHP SDNLHWyZ SU]HV\áDQ\FK SRPL G]\ VLHFLDPL
']LDáDZZDUVWZLHVLHFL
*DWHZD\
PR*H WR E\ü SRGREQLH MDN URXWHU PDV]\QD DOHUyZQLH * RSURJUDPRZDQLH3HáQL
IXQNFMHURXWHUDRUD]PR*HSHáQLüIXQNFMHNRQZHUWHUDSURWRNRáyZOXE]DMPRZDü
VL PDSRZDQLHP
%URXWHU
XU]G]HQLHáF]FHZVRELHIXQNFMHURXWHUDLEULGJH¶D
3URWRNyá,3 FHFK\SRGVWDZRZH
,3DQJ,QWHUQHW3URWRFRO GHILQLXMHPHFKDQL]P]DZRGQHJR
SU]HQRV]HQLDEH]X*\FLDSRáF]HQLD=DZLHUDWU]\SRGVWDZRZHJUXS\
GHILQLFML
R GHILQLFM SRGVWDZRZHMMHGQRVWNLSU]HV\áDQ\FKGDQ\FK 3'8
R GHILQLFM RSHUDFMLWUDVRZDQLDDQJ5RXWLQJ Z\NRQ\ZDQHMSU]H]
RSURJUDPRZDQLH,3Z\ELHUDQLHWUDV\SU]H]NWyU EG SU]HV\áDQH
3'8
R GHILQLFMHUHJXáVáX*F\FKGRUHDOL]DFMLLGHL]DZRGQHJRSU]HQRV]HQLD
SDNLHWyZRSLVZMDNLVSRVyE,:8SRZLQQ\SU]HWZDU]DüSDNLHW\
MDNSRZLQQ\E\üJHQHURZDQHNRPXQLNDW\REáGDFKNLHG\SDNLHW\
PRJ E\üSRU]XFRQHLWS
R ,3MHVWSU]\NáDGHPVLHFLSURWRNRáXEH]SRáF]HQLRZHJRFRR]QDF]D*H
MHVWZVWDQLHREVáXJLZDüZ\PLDQ GDQ\FKSRPLG]\GZRPDKRVWDPL]
SRPLQLFLHPID]\XSU]HGQLHJRQDZL]\ZDQLDSRáF]HQLD
R ,3QLH]DSHZQLD*DGQHMNRUHNFMLEáGyZQLHMHVWWH* ZVWDQLH]DSHZQLü
ZVNUDMQ\PSU]\SDGNX*HF]üSDNLHWyZZRJyOHQLH]DJLQLH
R ,3XNU\ZDVWUXNWXU VLHFLSU]HGX*\WNRZQLNLHPFRR]QDF]D*H]SXQNWX
ZLG]HQLDX*\WNRZQLNDWZRU]\VLHüZLUWXDOQ SRPLG]\MHJR
NRPSXWHUHPDNRPSXWHUHP]NWyU\PZ\PLHQLDQHV GDQH
ÄSU]H]URF]\VWRü´VLHFLX]\VNXMHVL SRSU]H]W]ZHQNDSVXODFMH
3R]ZDODWRQDáDWZ LQVWDODFM LNRQILJXUDFM VLHFLRSDUW\FKR,3
V]F]HJyOQLHZSU]\SDGNXSRGáF]DQLDZLHOXUy*Q\FKVLHFLGRJDWZD\¶D
R ,3REVáXJXMHW]ZIUDJPHQWDFMHF]\OLG]LHOLSRV]F]HJyOQHWUDQVPLWRZDQH
3'8DQJ3URWRFRO'DWD8QLW QDPQLHMV]HMHGQRVWNL
R ,3MHVWSU]\NáDGHPVLHFLSURWRNRáXEH]SRáF]HQLRZHJRFRR]QDF]D*H
MHVWZVWDQLHREVáXJLZDüZ\PLDQ GDQ\FKSRPLG]\GZRPDKRVWDPL]
SRPLQLFLHPID]\XSU]HGQLHJRQDZL]\ZDQLDSRáF]HQLD
R ,3QLH]DSHZQLD*DGQHMNRUHNFMLEáGyZQLHMHVWWH* ZVWDQLH]DSHZQLü
ZVNUDMQ\PSU]\SDGNX*HF]üSDNLHWyZZRJyOHQLH]DJLQLH
R ,3XNU\ZDVWUXNWXU VLHFLSU]HGX*\WNRZQLNLHPFRR]QDF]D*H]SXQNWX
ZLG]HQLDX*\WNRZQLNDWZRU]\VLHüZLUWXDOQ SRPLG]\MHJR
NRPSXWHUHPDNRPSXWHUHP]NWyU\PZ\PLHQLDQHV GDQH
ÄSU]H]URF]\VWRü´VLHFLX]\VNXMHVL SRSU]H]W]ZHQNDSVXODFMH
3R]ZDODWRQDáDWZ LQVWDODFM LNRQILJXUDFM VLHFLRSDUW\FKR,3
V]F]HJyOQLHZSU]\SDGNXSRGáF]DQLDZLHOXUy*Q\FKVLHFLGRJDWZD\¶D
R ,3REVáXJXMHW]ZIUDJPHQWDFMHF]\OLG]LHOLSRV]F]HJyOQHWUDQVPLWRZDQH
3'8DQJ3URWRFRO'DWD8QLW QDPQLHMV]HMHGQRVWNL
0RGHOSRGVWDZRZ\URXWLQJX,3
(QNDSVXODFMD'DQHZ\V\áDQHSU]H]KRVWV XPLHV]F]DQHZHZQWU]GDWDJUDPyZ,3
.D*G\GDWDJUDP]DZLHUDQDJáyZHN]DGUHVHP,3RGELRUF\
'DWDJUDP\,3V XPLHV]F]DQHZ3'8ZáDFLZ\PGODGDQHMSRGVLHFL
/RNDOQ\JDWHZD\,3ÄRG]\VNXMH´GDWDJUDP\,3SRSU]H]XVXQL FLHGDQ\FKGRáF]RQ\FK
ZSURFHVLHHQNDSVXODFML
3RGVLHü
3RGVLHü
+267$+267%
3URWRNyá:\*V]HM3URWRNyá:\*V]HM
:DUVWZ\
*$7(:$<
:DUVWZ\
,3*DWHZD\,3,3
613613613
613
6FKHPDWGDWDJUDPX,3
9HUVLRQ RNUHODZHUVM X*\ZDQHJR,3W\SRZR
+HDGHU/HQJKW GáXJRüQDJáyZNDGDWDJUDPXPLHU]RQDZ
VáRZDFKELWRZ\FK W\SRZR
7\SHRIVHUYLFH GRRNUHODQLDIXQNFMLMDNRFLWUDQVPLVML
7RWDOOHQJKW FDáNRZLWDGáXJRüGDWDJUDPXPLHU]RQDZEDMWDFK
,GHQW\ILHU GRMHGQR]QDF]QHMLGHQW\ILNDFMLZV]\VWNLFKIUDJPHQWyZ
SRZVWDá\FKZZ\QLNXSRG]LDáX GDWDJUDPX
)ODJV LQIRUPDFMDF]\GDWDJUDPPR*HE\üSRGGDQ\
GHIUDJPHQWDFML
)UDJP2IIVHW ZVND]XMHUHODW\ZQ SR]\FM IUDJPHQWXZGDWDJUDPLH
7LPHWR/LYH RNUHOD PDNV\PDOQ\F]DVMDNLGDQ\GDWDJUDPPR *H
]QDMGRZDüVL ZVLHFLPLHU]RQ\LORFL RGFLQNyZVLHFLDQJKRSV
SU]H]NWyUHPR*HSU]HMüGDWDJUDP
3URWRFRO ZVND]XMHMDNLSURWRNyáZ\*V]HJRU]GXPDRWU]\PDü
GDWDJUDPZKRFLHGRFHORZ\P
+HDGHUFKHFNVXP ]DZLHUDVXP NRQWUROQ QDGJáyZNDGDWDJUDPX
8:$*$ NRQWURO SRSUDZQRFLSRODGDQ\FK]DMPXMHVL
ZVSyáSUDFXMF\],3SURWRNyá,&03DQJ,QWHUQHW&RQWURO0HVVDJH
3URWRFRO
2SWLRQ SROHWRPR*HPLHü]PLHQQ GáXJRüOXEE\üZRJyOHQLH
Z\NRU]\VWDQH6WRVRZDQDJáRZQLHGR]DU]G]DQLDVLHFL OXEGR
FHOyZGLDJQRVW\F]Q\FK
9HUVLRQ>@
+HDGHU/HQJKW
>@
7\SHRI
VHUYLFH>@
7RWDO
OHQJKW>@
,GHQW\ILHU
>@
)ODJV>@
)UDJP2IIVHW
>@
7LPHWR
OLYH>@
3URWRFRO
>@
+HDGHU
&KHFNVXP>@
6RXUFH
DGGUHVV>@
'HVWLQDWLRQ
DGUHVV>@
2SWLRQVDQG
3DGGLQJ>@
'DWD
>@
3URFHGXUDVSUDZG]DQLDSRSUDZQRFLGDWDJUDPX,3
R
3URFHGXU\WHV SU]HSURZDG]DQHQDND*G\PRWU]\PDQ\PSU]H]JDWHZD\
GDWDJUDPLH,3
R
3URFHGXU\WHRGQRV] VL Z\áF]QLHGRRNUHORQ\FKPLHMVFZGDWDJUDPLH
x
VSUDZG]HQLHGáXJRFLQDJáyZND
x
VSUDZG]HQLHZHUVMLX*\WHJRSURWRNRáX,3
x
VSUDZG]HQLHGáXJRFLNRPXQLNDWX,3
x
VSUDZG]HQLHF]\ZDUWRü77/!
R -H*HOLZZ\QLNXW\FKWHVWyZX]\VNDQR QHJDW\ZQ\UH]XOWDWWRGDWDJUDPMHVW
XQLHZD*QLDQ\
R -H*HOLZ\QLNMHVWSR]\W\ZQ\WRVSUDZG]DQ\MHVWDGUHVGRFHORZ\
R -H*HOLDGUHVGRFHORZ\ZVND]XMHQDWHJRJDWHZD\¶DWRQDVWSXMHRGSRZLHGQLH
SU]HWZDU]DQLHGDWDJUDPX-HOLQLHWRGDWDJUDP]RVWDMHSU]HND]DQ\GRSURFHGXU\
REVáXJXMFHMGDOV]\URXWLQJ
6RXUFH5RXWLQJ
R 3URWRNyá,3PR*HX*\ZDüPHFKDQL]PX]ZDQHJR6RXUFH5RXWLQJ MDNRF]üDOJRU\WPXNLHUXMFHJR
SU]HSá\ZHPGDWDJUDPyZ
R 6RXUFH5RXWLQJXPR*OLZLDSURWRNRáRZLZ\*V]HMZDUVWZ\RNUHOHQLHNWyUG\JDWHZD\¶H,3PDM
SU]HV\áDüGDWDJUDP\
R 3URWRNyáZ\*V]HMZDUVWZ\FKFF\NRU]\VWDü]WHJRPHFKDQL]PXPXVLXPLHüSU]HND]\ZDüOLVW
DGUHVyZLQWHUQHWRZ\FKGRPRGXáX,3REVáXJXM FHJRNLHURZDQLHUXFKHPGDWDJUDPyZ
R /LVWDSRZLQQD]DZLHUDüDGUHV\Z]áyZSRUHGQLFKDQJKRSV SU]H]NWyUHPDM E\üSU]HVáDQH
GDWDJUDP\
.RG
'áXJRü
:VND(QLN
'DQHURXWLQJX
:
.URN!*DWHZD\X*\ZDWHJRDGUHVXGRRNUHOHQLDQDVWSQHJRZ]áD
:
.URN!*DWHZD\XPLHV]F]DVZyMDGUHVZSROX]DZLHUDM F\PGRWHMSRU\DGUHVQDVWSQHJRZ]áD
:
.URN!=ZLNV]HQLHZVND(QLNDRDE\QDVWSQ\JDWHZD\PyJáSREUDüZáDFLZ\DGUHV
6ZRERGQHL]ZL]áHVWHURZDQLHUXFKHPGDWDJUDPyZ
3URWRNyá,3RIHUXMHGZLHRSFMHZSU]HV\áDQLXGDWDJUDPyZ
½
NLHURZDQLHVZRERGQHDQJORRVHVRXUFHURXWLQJGDMHPRGXáRP,3PR*OLZRüGRNRQDQLDZ\ERUX
WUDV\SU]HV\áXGDWDJUDPyZ]QDMGXM F\FKVL QDOLFLH(UyGáRZHMWDNGáXJRMDNGáXJRGDWDJUDP
ÄSRGUy*XMH´SRPLG]\W\PLV\VWHPDPL
½
]ZL]áHNLHURZDQLHDQJVWULFWVRXUFHURXWLQJ QDND]XMHSU]HV\áDQLHGDWDJUDPyZGRNáDGQLHZHGáXJ
WUDV\Z\]QDF]RQHMSU]H]OLVW (UyGáRZ
2ELHWHPHWRG\Z\PDJDMDE\PRGXá\,3SU]HV\áDMFHGDWDJUDP\SRVLDGDá\
]DLPSOHPHQWRZDQ IXQNFM OHG]HQLDWUDV\GDWDJUDPX
.RG
'áXJRü
:VND(QLN
'DQHGRW\F]FHURXWLQJX
:VN
3XVWHSROH
3XVWHSROH
8PLHüORNDOQ\DGUHV,3ZW\SSROXSRVSUDZG]HQLX*H
:VN
3XVWHSROH
3XVWHSROH
=ZLNV]ZVND(QLNWDNDE\ZVND]\ZDáQDQDVWSQHSROH
2SFMHGDWDJUDPyZVLHFL
3ROH237,216GDWDJUDPX,3
&23<
237,21 &/$66
237,21
180%(5
%LW\SyO237,21&/$66RUD]237,21180%(5VáX* GRRNUHODQLDRJyOQHMNODV\RSFMLRUD]
RSFMLZWHMNODVLH
.ODVDRSFML
=QDF]HQLH
.RQWURODGDWDJUDPXOXEVLHFL
=DUH]HUZRZDQHGRSU]\V]áHJRX*\WNX
3RSUDZLDQLHEáGyZLSRPLDU\
=DUH]HUZRZDQHGRSU]\V]áHJRX*\WNX
.ODVD
RSFML
1XPHU
RSFML
=QDF]HQLH
.RQLHFOLVW\RSFML± X*\ZDQDJG\RSFMHQLHNRF] VL ZUD]]
NRFHPQDJáyZND
%H]SU]\SLV\ZDQLDIXQNFML± X*\ZDQDGRZ\UyZQ\ZDQLDRNWHWyZZ
OLFLHRSFML
2JUDQLF]HQLD]ZL]DQH]EH]SLHF]HVWZHPLREVáXJ ± X*\ZDQHZ
]DVWRVRZDQLDFKVSHFMDOQHJR]QDF]HQLD
6ZRERGQHWUDVRZDQLHZHGáXJQDGDZF\ ± X*\ZDQDGRSURZDG]HQLD
GDWDJUDPXRNUHORQDFLH*N
=DSLVXMWUDV ± X*\ZDQDGROHG]HQLDWUDV\
,GHQW\ILNDWRUVWUXPLHQLDSU]HVWDU]DáD
5\JRU\VW\F]QHWUDVRZDQLHZHGáXJQDGDZF\
,QWHUVLHFLRZ\GDWRZQLN ± X*\ZDQDGR]DSLV\ZDQLDF]DVyZZ]GáX *
FLH*NL
'RVWDUF]DQLHEH]SRUHGQLH
3U]HV\áDQLHGDWDJUDPyZ,3PL G]\GZLHPDPDV]\QDPLZWHMVDPHMVLHFLIL]\F]QHMQLH
Z\PDJDSRUHGQLFWZDUXWHUyZ1DGDZFDNDSVXáNXMHGDWDJUDPZIL]\F]QHMUDPFHZL *HDGUHV
RGELRUF\]DGUHVHPVSU]WRZ\PLZ\V\áDXWZRU]RQ UDPN GREH]SRUHGQLRGRDGUHVDWD
$GUHV\LQWHUVLHFLRZHPDV]\QSU]\á F]RQ\FKGR WHMVDPHMVLHFLPDM ZVSyOQ\SUHILNVLGHQW\ILNXMF\
VLHü
=SXQNWXZLG]HQLD,QWHUQHWXGRVWDUF]DQLHEH]SR UHGQLHZ\VWSXMHMDNRRVWDWQLHWDSGURJL
GDWDJUDPyZRGQDGDZF\GRRGELRUF\
'RVWDUF]DQLHSRUHGQLH
:UDPDFKGRVWDUF]DQLDSR UHGQLHJRZ\Uy*QLDVL QDVWSXMFHSRGVWDZRZHPHWRG\
R 7UDVRZDQLH,3RSDUWHQDWDEOLFDFKWUDV
R 7UDVRZDQLHHWDSDPL
R 7UDVRZDQLHGRP\OQH
6WHURZDQLHSU]HV\áHPGDWDJUDPyZDQJ5RXWLQJ
EH]SRUHGQLURXWLQJGRPDV]\Q
ORNDOQ\FKSRGáF]RQ\FKGRVLHFL
5RXWLQJSRUHGQLGRPDV]\Q
]QDMGXMF\FKVL ZRGOHJá\FK
SRGVLHFLDFKNWyUHV RVLJDOQH
]DSRUHGQLFWZHPMHGQHJROXE
ZLFHMJDWHZD\¶yZ
5RXWLQJGRP\OQ\DQJGHIRXOW
URXQWLQJX*\ZDQ\ZSU]\SDGNX
JG\QLHGDVL REVáX*\üGDQHJR
GDWDJUDPX]D SRPRF GZyFK
SLHUZV]\FKW\SyZ
SprawdŸ
adres
docelowy
Po³¹czenie
bezpoœrednie
5RXWLQJGRKRVWD
=WDEHOL
URXWLQJX
:\OLM
EH]SRUHGQLRGR
FHOX
6NLHUXM]JRGQLH]H
ZVND]DQLHP]
WDEHOL
6NLHUXM]JRGQLH]H
ZVND]DQLHP]
WDEHOL
5RXWLQJ
GRP\OQ\
6NLHUXMGR
GRP\OQLH
Z\EUDQHJRURXWHUD
%áG
URXWLQJX
7$.
1,(
7$.
1,(
7$.
1,(
7$.
1,(
7DEHODDGUHVyZ
$GUHV
,QGH[
0DVNDVLHFL
$GUHV
%URDGFDVWX
0D[UR]PLDU
GDWDJUDPX
$GUHV>@
$GUHV>@
$GUHV>Q@
.D*G\ZLHUV]RGSRZLDGDMHGQHPXDGUHVRZL,3MDNLHJR XU]G]HQLDQSKRVWDJDWHZD\¶DWHUPLQDOD
$GUHV ]DZLHUDDGUHV,3GDQHJRLQWHUIHMVXVLHFLRZHJR
,QGH[ ]DZLHUDQXPHULQWHUIHMVXQXPHUSRUWXRGQRV]F\VL GRGDQHJRLQWHUIHMVX
VLHFLRZHJR
0DVNDVLHFL ]DZLHUDPDVN SRGVLHFL]ZL]DQ ]DGUHVHP,3]DZDUW\PZSROX$GUHV
$GUHV%URDGFDVW ]DZLHUDSU]\QDMPQLHMZDUWRüQDMPQLHM]QDF]FHJRELWXDGUHVX
EURDGFDVWX,38*\ZDQ\MHVWGRUR]V\áDQLDGDWDJUDPyZUyZQRF]HQLHGRZV]\VWNLFK
XU]G]H ]QDMGXMF\FKVL ZSRGVLHFL
0D[UR]PLDUGDWDJUDPX RNUHODPDNV\PDOQ\UR]PLDUGDWDJUDPXNWyU\PR*HE\ü
REVáX*RQ\SU]H]XU]G]HQLHRSLV\ZDQHW\PZLHUV]HPWDEHOL
7DEHODURXWLQJX
$GUHV
FHOX
,QGH[ 0HWU\ND
0HWU\ND
1DVWSQ\
VNRN
7\S
URXWLQJX
3URWRNyá
URXWLQJX
:LHN
URXWLQJ
X
0DVND
URXWLQJX
,QIRUPDFMH
URXWLQJX
7UDVD
7UDVD
7UDVD
7UDVDQ
'HILQLFMDVWDQGDUGXWDEHOLZHGáXJ0,% DQJ0DQDJHPHQW,QIRUPDWLRQ%DVH
$GUHVFHOX ]DZLHUDGRFHORZ\DGUHV,3
,QGH[ GDQHLGHQW\ILNXMFHORNDOQ\LQWHUIHMVVLHFLRZ\IL]\F]Q\SRSU]H]NWyU\PR *HE\üRVLJQLW\QDVWSQ\KRS
0HWU\ND LORüSRUHGQLFKZ]áyZVLHFLRZ\FKSRPLG]\DNWXDOQ\PPRGXáHP,3DZ]áHPGRFHORZ\P
1DVWSQ\VNRN ]DZLHUDDGUHV,3QDVW SQHJRZ]áDQDWHMWUDVLHURXWLQJX
7\SURXWLQJX MHGQD]ZDUWRFL *DGHQQDVWSQ\ QLHZáDFLZ\URXWLQJ URXWLQJEH]SRUHGQL URXWLQJ
SRUHGQL
3URWRNyáURXWLQJX NRGSURWRNRáX
:LHNURXWLQJX PLHU]RQDZVHNXQGDFKSRND]XMHF]DVRGPRPHQWXJG\ FLH*NDURXWLQJX]DVWDáDX]XSHáQLRQD
OXQ ]ZHU\ILNRZDQD
0DVNDURXWLQJX ]DZLHUDPDVN GODGDQHMWUDV\URXWLQJX
,QIRUPDFMHURXWLQJX SU]HFKRZXMHRGQRQLNGRGHILQLFMLVWDQGDUGX0,%RNUH ODMF\SURWRNyáURXWLQJXVWRVRZDQ\
QDGDQHMWUDVLH
3URWRNyá,3± NRPXQLNDW\NRQWUROQHLNRPXQLNDW\
REáGDFK ,&03
3URWRNyá,&03 DQJ,QWHUQHW&RQWURO0HVVDJH3URWRFROXPR*OLZLDUXWHURPZ\V\áDQLHGRLQQ\FK
Z]áyZNRPXQLNDWyZREáGDFKLNRPXQLNDWyZNRQWUROQ\FK ± ]DSHZQLDNRPXQLNDFM
PLG]\RSURJUDPRZDQLHP,3QDMHGQHMPDV]\QLHDRSURJUDPRZDQLHP,3QDLQQHM
3RGREQLHMDNUXFKLQQHJRURG]DMXNRPXQLNDW\,&03SRGUy *XM ZLQWHUVLHFLDFKZF]FLDFK
GDWDJUDPyZ,3SU]H]QDF]RQ\FKQDGDQH
8:$*$
*G\GDWDJUDPSRZRGXMHEá G,&03PR*HMHG\QLHSRZLDGRPLüSLHUZRWQHJRQDGDZF R
SU]\F]\QLH1DGDZFDPXVLRWU]\PDQ LQIRUPDFM SU]HND]DüGDQHPXSURJUDPRZL
X*\WNRZQLNDDOERSRGMüLQQHG]LDáDQLHPDMFHQDFHOXXSRUDQLHVL ]W\PSUREOHPHP
)RUPDWNRPXQLNDWX,&03
1DJáyZHNNRPXQLNDWX,&03]DZHUDSROD7 <3.2'680$.21752/1$
.RPXQLNDW,&03SRQDGWR]DZLHUDQDJáyZHNLSLHUZV]HELW\GDQ\FKGDWDJUDPX]NWyU\PLE\á\
SUREOHP\
:DUWRüZ
SROX7<3
7\SNRPXQLNDWX,&03
2GSRZLHG( ]HFKHP
2GELRUFDQLHRVLJDOQ\
7áXPLHQLHQDGDZF\
=PLH WUDVRZDQLH
3UREDRHFKR
3U]HNURF]HQLHWHUPLQXGDWDJUDPX
.áRSRW]SDUDPHWUDPLGDWDJUDPX
3UREDRF]DV
2GSRZLHG( ]F]DVHP
3UREDRLQIRUPDFM SU]HVWDU]DáH
2GSRZLHG( ]LQIRUPDFM SU]HVWDU]DáH
3UREDRPDVN DGUHVRZ
2GSRZLHG( ]PDVN DGUHVRZ
6SUDZG]DQLHRVLJDOQRFLRGELRUF\RUD]MHJRVWDQX
DQJSLQJ
2GZRáXMHVL GRNRPXQLNDWyZ,&03ÄSUREDRHFKR´LÄRGSRZLHG ( ]HFKHP´
+RVWOXEUXWHUZ\V\áDNRPXQLNDW,&03ÄSUREDRHFKR´GRRNUHORQHJRRGELRUF\.D*GDPDV]\QD
NWyUDRGELHUDSURE RHFKRWZRU]\RGSRZLHG ( ]HFKHPLRGV\áDM GRSLHUZRWQHJR
QDGDZF\
8:$*$
:ZLHOXV\VWHPDFKSLQJ MHVWSROHFHQLHPX*\WNRZQLNDVáX*F\PGRZ\V\áDQLDSUyE
,&03RHFKR:\UDILQRZDQHLPSOHPHQWDFMHSROHFHQLD SLQJ SR]ZDODM QDZLHORNURWQH
DXWRPDW\F]QHZ\V\áDQLHSUy E,&03LWZRU]HQLHVWDW\VW\NRGSRZLHG]L
3RZLDGDPLDQLHRQLHRVLJDOQ\FKRGELRUFDFK
3RZLDGRPLHQLHWRVWRVXMHVLJG\RSURJUDPRZDQLHUXWHUDQLHSRWUDILDQLZ\VáDüGDOHMDQLGRVWDUF]\ü
GDOHMGDWDJUDPX,3Z\V\áDRQRGRQDGDZF\GDWDJUDPXNRPXQLNDWÄRGELRUFDQLHRVLJDOQ\´
3RZLDGDPLDQLHRQLHRVLJDOQ\FKRGELRUFDFK.RG
NRPXQLNDWX,&03
:DUWRüZ
SROX.2'
=QDF]HQLH
6LHüQLHRVLJDOQD
:]HáQLHRVLJDOQ\
3URWRNyáQLHRVLJDOQ\
3RUWQLHRVLJDOQ\
.RQLHF]QDIUDJPHQWDFMDSU]\XVWDZLRQ\PQLHIUDJPHQWXM
%áGWUDV\QDGDZF\
1LH]QDQDVLHüRGELRUF\
1LH]QDQ\Z]HáRGELRUF\
:]HáQDGDZF\RGL]RORZDQ\
.RPXQLNDFMD]VLHFL RGELRUF\ ]DEURQLRQDDGPLQLVWUDF\MQLH
.RPXQLNDFMD]Z]áHPRGELRUF\]DEURQLRQDDGPLQLVWUDF\MQLH
6LHüQLHGRVWSQDGODWDNLHJRURG]DMXXVáXJL
:]HáQLHGRVWSQ\GODWDNLHJRURG]DMXXVáXJL
0RG\ILNDFMDLXDNWXDOQLDQLHWDEOLFWUDV
:]DOH*QRFLRGDUFKLWHNWXU\LUR]PLDUyZVLHFLVWRVXMHVL QDVWSXMFHSRGVWDZRZH
PHWRG\PRG\ILNDFMLLXDNWXDOQLDQLDWDEOLFWUDVUXWHUyZ
R 0HWRGDZ\]QDF]DQLDWUDVQDSRGVWDZLHLQIRUPDF MLF]FLRZ\FK
R :\]QDF]DQLHWUDVZRSDUFLXRDOJRU\WPZHNWRUD RGOHJáRFL
R :\NRU]\VW\ZDQLHSURWRNRáXNRPXQLNDFMLPL G]\EUDPNDPL**3DQJ*DWHZD\*DWHZD\
3URWRFRO
R :\]QDF]DQLHWUDVZHGáXJVWDQXá F]\63)DQJ6KRUWHVW3DWK)LUVW
R :\NRU]\VWDQLHSURWRNRáX(*3DQJ([WHULRU*DWHZD\3URWRFRO ± VWRVRZDQ\ZSU]\SDGNX
V\VWHPyZDXWRQRPLF]Q\FKZUD]]ZLHORPDPRG\ILNDFMDPLLX]XSHáQLHQLDPLQS
R 3URWRNyáLQIRUPRZDQLDRWUDVDFK5,3DQJ 5RXWLQJ,QIRUPDWLRQ3URWRFRO
R 3URWRNyá+(//2
R :\NRU]\VWDQLHSURWRNRáX2SHQ63) QRZRü
0RG\ILNDFMDLXDNWXDOQLDQLHWDEOLFWUDV3URWRNRá
263)± FHFK\SRGVWDZRZH
R 3URWRNyáRJyOQLHGRVWSQ\± WMQLHREMW\RFKURQDSáDWQHMOLFHQFML
R 8PR*OLZLDWUDVRZDQLH]DOH*QLHRGW\SXREVáXJL
R =DSHZQLDUyZQRZD*HQLHREFL*HQLD
R 8PR*OLZLDSRG]LDáVLHFLLUXWHUyZGDQHJRRURGNDQD]ELRU\]ZDQH
REV]DUDPL
R :\PDJDE\Z\PLDQDLQIRUPDFMLPLG]\UXWHUDPL]DFKRG]LáD]DZV]H]
XZLHU]\WHOQLHQLHP
R 3R]ZDODQDVWRVRZDQLHRSLVXZLUWXDOQHMWRSRORJLLVLHFL
3URWRNyá7&3:02'(/826,
: $ 5 6 7 : $
) ,= < & = 1 $
: $ 5 6 7 : $
) ,= < & = 1 $
: $ 5 6 7 : $
) ,= < & = 1 $
: $ 5 6 7 : $
) ,= < & = 1 $
: $ 5 6 7 : $
' $ 1 < & +
: $ 5 6 7 : $
' $ 1 < & +
: $ 5 6 7 : $
' $ 1 < & +
: $ 5 6 7 : $
' $ 1 < & +
,3
,3
,3
,3
7 & 3
7 & 3
:$
5
6
7
:<
:
<
)
6
=(
:
$5
6
7
:
<
:<
)
6=
(
3 2 ' 6 ,( û
3 2 ' 6 ,( û
3 2 ' 6 ,( û
: $ 5 6 7 : $ 7 5 $ 1 6 3 2 5 7 8
3URWRNyá7&3SRGVWDZRZHZáDVQRFL
x 3URWRNyá7&3MHVWXV\WXRZDQ\SRZ\*HM,3LSRQL*HMSURWRNRáyZZDUW
Z\*V]\FK
x 2EVáXJDSURWRNRáX7&3RGE\ZDVL QDSR]LRPLHKRVWDPDV]\Q\
X*\WNRZQLND
x 3URWRNyá7&3ZVSyáSUDFXMH]MHGQHMVWURQ\]SURWRNRáDPLZDUVWZ\
VLHFLQS,3,62
x 3URWRNyá7&3ZVSyáSUDFXMH]SURWRNRáDPLZDUVWZ\Z\*V]HMQS)73
6073
x 3RGVWDZRZHXVáXJLRIHURZDQHSU]H]7&3WR
R NRQWURODSRSUDZQRFLWUDQVPLVML
R NRQWURODSU]HSá\ZXGDQ\FK
R VHNZHQFMRQRZDQLH
*áyZQHXVáXJL7&3
R
=DU]G]DQLHGDQ\PLSU]HV\áDQ\PL
]DSRUHGQLFWZHPVLHFLZRSDUFLXR
ZF]HQLHM]HVWDZLRQHSRáF]HQLDDQJ&RQQHFWLRQRULHQWHGGDWD
PDQDJPHQW3RGF]DVND*GHMWUDQVPLVML7&3REVáXJXMHWUDQVPLVMHGDQ\FKZ
RELHVWURQ\LNRQWUROXMHF]\FDáRüSU]HV\áDQHMLQIRUPDFMLGRWDUáDGRSXQNWyZ
GRFHORZ\FK
R
*ZDUDQWRZDQLHSRSUDZQRFLSU]HV\áDQ\FKLQIRUPDFML
DQJ5HOLDEOH
GDWDWUDQVIHU0RGXá7&3RWU]\PXMF\QDGFKRG]FHGDQHZ\NRU]\VWXMH
PHFKDQL]PVXPNRQWUROQ\FKGRVSUDZG]HQLDSRSUDZQRFLW\FKG]Q\FK
'RGDWNRZR7&3X*\ZDOLF]QLNyZF]DVXGRRNUHOHQLDF]\QLH ]RVWDO
SU]HNURF]RQ\F]DVSU]HZLG]LDQ\QDQDGHVáDQLHGDQ\FKOXEQDGHM FLD
SRWZLHUG]HQLDRGELRUX-HGQRF]HQLHSRGF]DVRGELHUDQLDSU]\FKRG]F\FK
GDQ\FKPRGXá7&3VSUDZG]DZ\VWHSRZDQLHW]ZGXSOLNDWyZ
R
3U]HV\áDQLHGDQ\FKZRSDUFLXRNRQFHSFM VWUXPLHQL
DQJ6WHDP
RULHQWHGGDWDWUDQVIHU7FSRWU]\PXMHGDQH]ZDUVWZ\*V]\FKZSRVWDFL
VWUXPLHQLDEDMWyZDQLHMDNLFKNROZLHNSDNLHWyZUDPHNF]\VHJPHQWyZ
'RSLHURZHZQWU]PRGXáX7&3GDQHV JUXSRZDQHZW]ZVHJPHQW\7&3
R
6SUDZG]DQLHF]\ZV]\VWNLHZ\VáDQHGDQH] RVWDá\MX*
SU]HWUDQVPLWRZDQH
DQJ3XVKIXQFWLRQ
R
6SUDZG]HQLHSRSUDZQRFLG]LDáDQLDPHFKDQL]PXSRQRZQHJR
áF]HQLDVHJPHQWyZZVWUXPLH
DQJ5HVHTXHQFLQJ&HOHP]DSHZQLHQLD
SUDZLGáRZHJRRGWZRU]HQLDVWUXPLHQLDGDQ\FK]QDGFKRG] F\FKVHJPHQWyZ
7&3QDGDMHQXPHU\SRV]F]HJyOQ\PVHJPHQWRP
R
.RQWURODSU]HSá\ZXGDQ\FK
DQJ)ORZFRQWURO VOLGLQJZLQGRZV0RGXá
RWU]\PXMF\GDQHPR*HZSá\ZDüQDLORüGDQ\FKZ\V\áDQ\FKSU]H]PRGXá
QDGV\áDMF\:\NRU]\VW\ZDQHMHVWZW\PFHOXSRMFLHW]ZUR]PLDUXÄRNQD´
NWyU\MHVW SU]HVD\áDQ\RGRGELRUF GRQDGDZF\1DGDZFDMHVWXSUDZQLRQ\GR
Z\VáDQLDRNUHORQHMLORFLEDMWyZZUDPDFKGDQHJRRNQD
R
-HGQRF]HVQDREVáXJDZLHOXVHVMLWUDQVPLV\MQ\FK
ZMHGQ\PV\VWHPLH
DQJ0XOWLSOH[LQJ
R
3HáQDWUDQVPLVMDGZXNDQDáRZD
DQJ)XOOGXSOH[WUDQVPLVVLRQ
R
2EVáXJDSR]LRPyZEH]SLHF]HVWZDRUD]SULRU\WHWyZGDQ\FK
DQJ
3UHFHGHQFHDQGVHFXULW\
R
=DP\NDQLHSRáF]H ORJLF]Q\FKSRVSUDZG]HQLXF]\FDáR ü
WUDQVPLWRZDQ\FKGDQ\FK]RVWDáDSU]HVáDQDSUDZLGáRZR
*UDFHIXO
FORVH0HFKDQL]PWHQ]DSHZQLD*HZQRUPDOQ\FKZDUXQNDFKMH*HOL
SRáF]HQLHQLH]RVWDáRSU]HUZDQHIL]\F]QLH7&3GRSLOQXMHDE\FDáR ü
Z\VáDQ\FKGDQ\FKGRWDUáDGRPLHMVFDSU]H]QDF]HQLDSU]HG]DPNQL FLHP
SRáF]HQLD
$3URWRNyáSR]\W\ZQLHSRWZLHUG]DMF\]UHWUDQVPLVM
%3U]HNURF]HQLHOLPLWyZF]DVXLUHWUDQVPLVMDSU]\XWUDFLHSDNLHWX
)RUPDWVHJPHQWX7&3
32571$'$:&<
3257 2'%,25&<
180(5 325='.2:<
180(5 327:,(5'=(1,$
'à1$*à
=$5(=(5:2:$1(
%,7<.2'8
2.12
680$.21752/1$
:6.$'1,.3,/1<&+ '$1<&+
23&-(
8=83(à1,(1,(
'$1(
=QDF]HQLHELWyZSROD.2'
R
85*± ZVND(QLNSLOQRFLLVWRWQ\
R
$&.± 3ROHSRWZLHUG]HQLDMHVWLVWRWQH
R
36+ 7HQVHJPHQWVWDQRZLSURE RZ\SFKQLFLH
R
567± 6NDVXMSRáF]HQLH
R
6<1± =V\QFKURQL]XMQXPHU\SRU]GNRZH
R
),1± .RQLHFVWUXPLHQLDEDMWyZXQDGDZF\
2GHEUDQLH$&.
:\VáDQLHSDNLHWX
:\GDU]HQLHSR
VWURQLHQDGDZF\
:\GDU]HQLHSR
VWURQLHQDGDZF\
.RPXQLNDW\
VLHFLRZH
.RPXQLNDW\
VLHFLRZH
:\GDU]HQLHSR
VWURQLHRGELRUF\
:\GDU]HQLHSR
VWURQLHRGELRUF\
:\VáDQLHSDNLHWX
2GHEUDQLH$&.
2GHEUDQLHSDNLHWX
:\VáDQLH$&.
2GHEUDQLHSDNLHWX
:\VáDQLH$&.
6SRG]LHZDQHSU]\E\FLH
$&.
:\GDU]HQLHSR
VWURQLHQDGDZF\
:\GDU]HQLHSR
VWURQLHQDGDZF\
.RPXQLNDW\
VLHFLRZH
.RPXQLNDW\
VLHFLRZH
:\GDU]HQLHSR
VWURQLHRGELRUF\
:\GDU]HQLHSR
VWURQLHRGELRUF\
:\VáDQLHSDNLHWX
8UXFKRPLHQLH]HJDUD
2GHEUDQLH$&.
6NDVRZDQLH]HJDUD
6SRG]LHZDQHSU]\E\FLHSDNLHWX
3RZLQQR]RVWDüZ\VáDQH$&.
2GHEUDQLHSDNLHWX
:\VáDQLH$&.
3U]HNURF]HQLHOLPLWXF]DVRZHJR
5HWUDQVPLVMDSDNLHWX
8UXFKRPLHQLH]HJDUD
8WUDWDSDNLHWX
3RGVWDZRZH]DJDGQLHQLD]ZL]DQH]
Z\NRU]\VW\ZDQLHP7&3
)
=PLHQQ\UR]PLDURNQDLNRQWURODSU]HSá\ZX
2NWHW\GR]RVWDá\MX* Z\VáDQHLSRWZLHUG]RQHRNWHW\RGGR]RVWDá\Z\VáDQHDOHQLHSRWZLHUG]RQHRNWHW\RGGR
QLH]RVWDá\Z\VáDQHDOH]RVWDQ Z\VáDQHEH]]ZáRNLRNWHW\RGQLHPRJ E\üZ\VáDQHSU]HGSU]HVXQLFLHPRNQD
)
2SW\PDOL]DFMDPDNV\PDOQHJRUR]PLDUXVHJPHQWX
)
5HDNFMDQDRSy(QLHQLDDOJRU\WP.DUQD
)
3U]\V]DFRZDQLXF]DVXSRGUy*\ZRELHVWURQ\LJQRUXMSUyENLNWyUHRGSRZLDGDM
UHWUDQVPLWRZDQ\PVHJPHQWRP
)
5HDNFMDQDSU]HFL*HQLHRNQRSU]HFL*HQLRZHLSRZROQ\VWDUW
)
8QLNDQLHSU]HFL*HQLDSU]H]ZLHORNURWQH]PQLHMV]DQLHJG\QDVWSXMH]JXELHQLH
VHJPHQWX]UHGXNXMRNQRRSRáRZ DGODW\FKVHJPHQWyZNWyUHSR]RVWDá\ZGR]ZRORQ\P
RNQLH]ZLNV]Z\NáDGQLF]RF]DVUHWUDQVPLVML
)
3RZROQ\VWDUWSU]\UR]SRF]\QDQLXUXFKXZUDPDFKQRZHJRSRáF]HQLDXVWDZRNQRZ
ZLHONRFLMHGQHJRVHJPHQWXL]ZLNV]DMMH]DND*G\PUD]HPJG\SU]\FKRG]L
SRWZLHUG]HQLH
)
8QLNDQLHSUREOHPXÄJáXSLHJR´RNQD
)
6\QGURPÄJáXSLHJR´RNQDSROHJDQDW\P*HND*GHSRWZLHUG]HQLHSURSRQXMHPDá LORü
PLHMVFDDND*G\VHJPHQWSU]HQRVLPDá LORüGDQ\FK
5RODVRFNHWyZZSRáF]HQLDFK7&3
8:$*$
LGHQW\F]QHDGUHV\SRUWyZ(UyGáRZ\FKPRJ E\üUR]Uy*QLDQH
SRSU]H]VSUDZG]HQLHGRáF]RQ\FKGRQLFKDGUHVyZ,3 !ZLHOXX*\WNRZQLNyZ
PR*HNRU]\VWDüXVáXJLVLHFLRZHMRIHURZDQHM]DSRUHGQLFWZHPWHJRVDPHJR
SRUWX7&3QS6073
+ 2 6 7 $
+ 2 6 7 %
3 R U W( U y G áR Z \
3 R U WG R F H OR Z \ 6 0 7 3 , 3
3 R U W( U y G áR Z \
3 R U WG R F H OR Z \ 6 0 7 3 , 3
+ 2 6 7 &
3 R U W( U y G áR Z \
3 R U WG R F H OR Z \ 6 0 7 3 , 3
5 R ] U y * Q LH Q LH S R á F ] H ] D S R V U H G Q LF WZ H P D G U H V y Z , 3
0XOWLFDVWLQJ
5R]Uy*QLDVL GZDURG]DMHPXOWLFDVWLQX
x PXOWLFDVWLQJZVLHFLDFK/$1
RNUHODUR]V\áDQLHWHJRVDPHJR3'8GRUy*Q\FK
NRPSXWHUyZ.RPSXWHU\EGFHDGUHVDWDPLWDNLHJS3'8WZRU] W]ZJUXS
PXOWLFDVWLQJRZ
x
PXOWLFDVWLQJZSURWRNROH,3
XPR*OLZLDZáF]HQLHGRJUXS\PXOWLFDVWLQJRZHM
NRPSXWHUyZ]QDMGXMF\FKVL IL]\F]QLHZMHGQHMOXEZLHOXSRGVLHFLDFK
+RVWNRU]\VWDMF\]PXOWLFDVWLQJXPR*HQDOH*HüGRGZyFKURG]DMyZ
JUXS
x SHUPDQHQWQHMJUXS\PXOWLFDVWLQJRZHMDQJZHOONQRZJURXS
x
G\QDPLF]QLHSRGáF]DüVL LZGRZROQ\PPRPHQFLHRGáF]DüGRRGUy*Q\FK
JUXSPXOWLFDVWLQJRZ\FK
8:$*$
GDQ\KRVWQLHPXVLE\üF]áRQNLHPJUXS\PXOWLFDVWLQJRZHMDE\PyJáSU]HVáDü
GRQLHMLQIRUPDFMH
$GUHVRZDQLHZPXOWLFDVWLQJX
$GUHVPXOWLFDVWLQJRZ\QLHLGHQW\ILNXMHDQLNRQNUHWQHMPDV]\Q\DQLWH* NRQNUHWQHMSRGVLHFL
LQLHPDEH]SRUHGQLHJRZL]NX]DGUHVDPL,3LQQ\FKNODVLGHQW\ILNXMF\FKGDQ\
NRPSXWHU
3XODDGUHVyZ,3SU]H]QDF]RQ\FKQDPXOWLFDVWLQJGR
8ZDJD
DGUHVMHVW]DEURQLRQ\
DGUHVRNUHODJUXS ZV]\VWNLFKPDV]\QNRU]\VWDMF\FK]PXOWLFDVWLQJX
Z,QWHUQHFLHDQJDOOKRVWJURXS
$&')
*
%
*
(
+
'DWDJUDPPXOWLFDVWLQJRZ\
$GUHV,3 JUXSDPXOWLFDVWX
3URWRNyá,*03DQJ,QWHUQHW*URXS0DQDJPHQW
3URWRFRO
.RPXQLNDW,*03]DZLHUDSLüSyO
x 9HUVLRQ ]DZLHUDZHUVM SURWRNRáX
REHFQLH
x 7\SH RNUHODF]\GDQ\NRPXQLNDWMHVW
]DS\WDQLHPF]\RGSRZLHG]L
x 8QXVHG
QLHX*\ZDQH
x
&KHFNVXP ]DZLHUDVXP NRQWUROQ
DQDORJLF]QLHMDNZ,3
x
*URXS$GGUHVV ]DZLHUDDGUHVJUXS\EGF\GOD
KRVWDSRWZLHUG]HQLHPMHJRF]áRQNRVWZDZWHM
JUXSLH1LHPD]DVWRVRZDQLDZSU]\SDGNX
Z\V\áDQLD]DS\WD
8:$*$ 3URWRNyá,*03SU]HV\áDVZRMHNRPXQLNDW\]D
SRUHGQLFWZHPRGG]LHOQ\FKGDWDJUDPyZ,3SRGREQLHMDN,&03
DQJ,QWHUQHW&RQWURO0HVVDJH3URWRNRO
9HUVLRQ
7\SH
8QXVHG
&KHFNVXP
*URXS$GGUHVV
3URJUDPPURXWHGLVLHFL0%21(
0URXWHGLMHJRRGSRZLHGQLNLSR]ZDODM QD
) 3URSDJDFM WUDV
0URXWHGZ\NRU]\VWXMHSURWRNyá'9503 DQJ'LVWDQFH9HFWRU0XOWLFDVW
5RXWLQJ3URWRFROGRSURSDJRZDQLDLQIRUPDFMLRWUDVDFKUR]V\áDQLDJUXSRZ HJRNRQVWUXXMH
WDEOLF WUDVUR]V\áDQLDJUXSRZHJRSU]\SRPRF\DOJRU\WPXUR]JáDV]DQLD]DSRPRF VNUyFRQHM
FLH*NLRGZURWQHM75%3DQJ7UXQFDWHG5HYHUVH3DWK%URDGFDVW
) 8ZDJD
QDNRPSXWHU]H]Z\NOHPURXWHGG]LDáDMDNRGRGDWHNGRVWDQGDUGRZHJR
RSURJUDPRZDQLDUXWHUD
)
7XQHORZDQLDUR]V\áDQLDJUXSRZHJR0URXWHGXPR*OLZLDSU]HV\áDQLHGDWDJUDPyZUR]V\áDQLD
JUXSRZHJRRGMHGQHJRUXWHUDGRGUXJLHJRSRSU]H]SR UHGQLHUXWHU\NWyUHQLHELRU XG]LDáXZ
Z\]QDF]DQLXWUDVUR]V\áDQLDJUXSRZHJR
8ZDJD
7XQHOHGRUR]V\áDQLD JUXSRZHJRVWDQRZL SRGVWDZ LQWHUQHWRZHMVLHFL
V]NLHOHWRZHMUR]V\áDQLDJUXSRZHJR0%21(DQJ0XOWLFDVW%DFNERQH