MiCOM P541-P544

Cyfrowe Zabezpieczenie 

Różnicowo-prądowe 

MiCOM 

P541-P544 

Instrukcja techniczna

=DEH]SLHF]HQLD5y QLFRZRSU GRZH 

7\SX0L&203333 

7RP 

,QVWUXNFMDWHFKQLF]QD

326à8*,:$1,(6, 635= 7(0(/(.7521,&=1


7\SX0L&203333 

326à8*,:$1,(6, 635= 7(0(/(.7521,&=1

%(=3,(&=( 67:2 

ÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉ 

5R]G]LDáWHQSRZLQLHQE\üSU]HF]\WDQ\SU]HGSU]\VW SLHQLHPGRSUDF]XU] G]HQLHP 

=GURZLHLEH]SLHF]H VWZR 

,QIRUPDFMH]QDMGXM FHVL ZW\PUR]G]LDOHGRW\F] F\PEH]SLHF]H VWZDPDM QDFHOX 

]D]QDMRPLHQLHX \WNRZQLND]ZáD FLZ LQVWDODFM LREVáXJ XU] G]HQLD]JRGQLH] 

Z\PRJDPLEH]SLHF]Q\FKZDUXQNyZLFKSUDF\=DSHZQLWR HND G\NWR]HWNQLHVL ] 

XU] G]HQLDPLE G]LH]D]QDMRPLRQ\]QLQLHMV]\PUR]G]LDáHPEH]SLHF]QHMREVáXJL 

:\MD QLHQLHV\PEROLLHW\NLHW 

=QDF]HQLHV\PEROLLHW\NLHWNWyUHPRJ E\üX \WHQDXU] G]HQLXOXEZGRNXPHQWDFML 

SURGXNWXSU]HGVWDZLRQRSRQL HM 

8ZDJDRGQLH VL GRGRNXPHQWDFMLSURGXNWX 

8ZDJDU\]\NRSRUD HQLDHOHNWU\F]QHJR 

]DFLVNX]LHPLDM F\]DEH]SLHF]DM F\EH]SLHF]H VWZD 

)XQNFMRQDOQ\]DFLVNX]LHPLDM F\ 

8ZDJDWHQV\PEROPR HUyZQLH E\üX \W\GOD 

]DEH]SLHF]DM FHJREH]SLHF]H VWZD]DFLVNXX]LHPLDM FHJRMH OL 

WHQ]DFLVNMHVWF] FL OLVWZ\]DFLVNRZHMOXEPRGXáXQS]DVLODQLD 

,QVWDORZDQLH8UXFKRPLHQLHL(NVSORDWDFMD 

3RGá F]HQLDXU] G]H 

3HUVRQHOZ\NRQXM F\LQVWDODFM XUXFKRPLHQLHOXESUDFHHNVSORDWDF\MQHWHJR 

XU] G]HQLDSRZLQLHQE\ü ZLDGRP\SUDZLGáRZ\FKSURFHGXUSUDF\ZFHODFK 

]DSHZQLHQLDEH]SLHF]H VWZD 

'RNXPHQWDFMDSURGXNWXSRZLQQDE\üNRQVXOWRZDQDSU]HG]DLQVWDORZDQLHP 

XUXFKRPLHQLHPOXEHNVSORDWDFM XU] G]HQLD 

3RGF]DVLQVWDODFMLXUXFKRPLDQLDOXEHNVSORDWDFMLQD]DFLVNDFKXU] G]HQLDPR H 

SRMDZLDüVL QLHEH]SLHF]QHQDSL FLHRLOHXU] G]HQLHQLHMHVWHOHNWU\F]QLHL]RORZDQH 

-H OLQLHMHVW]DPNQL W\GRVW SGRW\OQLHMVWURQ\XU] G]HQLDSHUVRQHOPXVL]DFKRZDü 

V]F]HJyOQ XZDJ DE\XQLNQ üSRUD HQLDHOHNWU\F]QHJR 

3RGá F]HQLDSU GXLQDSL FLDSRZLQQ\E\üZ\NRQDQH]Z\NRU]\VWDQLHPNR FyZHN] 

L]RODFM ZFHOX]DSHZQLHQLDZ\PDJD EH]SLHF]H VWZDGODL]RORZDQLDOLVWZ\ 

]DFLVNRZHM 

$E\PLHüSHZQR ü HSU]HZRG\V ZáD FLZLH]DNR F]RQHSRZLQQ\]RVWDüX \WH 

RGSRZLHGQLHNR FyZNLLQDU] G]LHGODND GHJRZ\PLDUXSU]HZRGX

3U]HG]Dá F]HQLHPXU] G]HQLDPXVLRQR]RVWDüX]LHPLRQHSU]\Z\NRU]\VWDQLX 

]DFLVNXX]LHPLDM FHJROXEZáD FLZHJR]DNR F]HQLDZW\F]NL]DVLODM FHMZSU]\SDGNX 

XU] G]HQLDSRGá F]DQHJRZW\NLHP3RPLQL FLHOXEUR]á F]HQLHX]LHPLHQLDXU] G]HQLD 

PR HVSRZRGRZDü]DJUR HQLHEH]SLHF]H VWZD 

=DOHFDQ\PLQLPDOQ\Z\PLDUSU]HZRGXX]LHPLDM FHJRWRPP RLOHLQQH]DOHFHQLD 

QLH]QDMG VL ZWHFKQLF]QHMF] FLWHMGRNXPHQWDFML 

3U]HG]Dá F]HQLHPXU] G]HQLDQDOH \GRNRQDüQDVW SXM F\FKVSUDZG]H 

3R]LRPQDSL FLDLELHJXQRZR ü 

:DUWR FL]QDPLRQRZHLFL JáR üREZRGyZSU]HNáDGQLNyZSU GRZ\FK 

3DUDPHWU\EH]SLHF]QLND 

&L JáR üX]LHPLHQLDWDPJG]LH]DVWRVRZDQR 

:DUXQNLSUDF\XU] G]HQLD 

8U] G]HQLHSRZLQQRSUDFRZDüZRNUH ORQ\FKHOHNWU\F]QLHL URGRZLVNRZRJUDQLFDFK 

2EZRG\SU]HNáDGQLNyZSU GRZ\FK 

1LHUR]ZLHUDMF]\QQ\FKREZRGyZSU GRZ\FKSRQLHZD SRZVWDáHQDVNXWHNWHJR 

Z\VRNLHQDSL FLH]DJUD D \FLXSHUVRQHOXLPR HXV]NRG]LüL]RODFM 

=HZQ WU]QHUH]\VWRU\ 

3U]\PRFRZDQHGRSU]HND QLND]HZQ WU]QHUH]\VWRU\PRJ SRZRGRZDüU\]\NR 

SRUD HQLDHOHNWU\F]QHJROXESRSDU]HQLDSU]\GRWNQL FLX 

:\PLDQDEDWHULL 

:HZQ WU]QHEDWHULHSRZLQQ\E\üZ\PLHQLDQHQD]DOHFDQ\W\SLE\üLQVWDORZDQH] 

ZáD FLZ SRODU\]DFM E\XQLNQ üPR OLZHJRXV]NRG]HQLDXU] G]HQLD 

6SUDZG]HQLDL]RODFMLLZ\WU]\PDáR FLGLHOHNWU\F]QHM 

6SUDZG]HQLDVWDQXL]RODFMLPRJ QDáDGRZDüSRMHPQR FLGRQLHEH]SLHF]QHJR 

SR]LRPXQDSL FLD1D]DNR F]HQLHND GHMF] FLWHVWXQDSL FLHWRSRZLQQRE\ü 

VWRSQLRZR]UHGXNRZDQHGR]HUDDE\UR]áDGRZDüSRMHPQR FLSU]HGRGSL FLHP 

SU]HZRGyZWHVWRZ\FK 

:NáDGDQLHPRGXáyZLNDUWSFE 

1LHZROQRLFKZNáDGDüOXEZ\VXZDüMH OLV ]DVLODQHSRQLHZD PR HWRVSRZRGRZDü 

LFKXV]NRG]HQLH 

.RPXQLNDFMD ZLDWáRZRGRZD 

-H OL]DLQVWDORZDQHV XU] G]HQLDGRNRPXQLNDFML ZLDWáRZRGRZHMQLHQDOH \LFK 

VSUDZG]DüEH]SR UHGQLR2SW\F]QHPLHUQLNLPRF\SRZLQQ\]RVWDüX \WHGR 

RNUH OHQLDG]LDáDQLDLSR]LRPXV\JQDáXXU] G]HQLD

'HPRQWD LOLNZLGDFMD 

'HPRQWD 

/LNZLGDFMD 

2EZyG]DVLODQLDQDSL FLHPSRPRFQLF]\PZSU]HND QLNXPR H 

]DZLHUDüNRQGHQVDWRU\QD]DVLODQLXOXEGRX]LHPLHQLD 

$E\XQLNQ üSRUD HQLDHOHNWU\F]QHJRSRFDáNRZLW\P 

RGL]RORZDQLX]DVLODQLDRGSU]HND QLNDRE\GZDELHJXQ\ 

MDNLHJRNROZLHN]DVLODQLDQDSL FLHPVWDá\PNRQGHQVDWRU\ 

SRZLQQ\E\üEH]SLHF]QLHUR]áDGRZDQHQD]HZQ WU]Q\FK 

]DFLVNDFKSU]HGGHPRQWD HP 

=DOHFDVL XQLNDQLHVSRSLHOHQLDLXVXZDQLDGRFL JyZZRGQ\FK 

3URGXNWXQDOH \SR]E\ZDüVL ZVSRVyEEH]SLHF]Q\ 

-DNLNROZLHNSURGXNW]DZLHUDM F\EDWHULHSRZLQLHQ]RVWDüLFK 

SR]EDZLRQ\SU]HGOLNZLGDFM SU]\]ZUyFHQLXXZDJLQD 

XQLNQL FLHLFK]ZLHUDQLD6]F]HJyOQHSU]HSLV\ZNUDMX 

]DLQVWDORZDQLDPRJ GRW\F]\üSR]E\ZDQLDVL EDWHULLOLWRZ\FK 

6SHF\ILNDFMHWHFKQLF]QH 

'DQHEH]SLHF]QLND 

=DOHFDQDPDNV\PDOQDZDUWR ü]HZQ WU]QHJREH]SLHF]QLNDGODWHJRXU] G]HQLDWR 

$]F]HUZRQ\PR]QDF]HQLHPOXEUyZQRZD Q\RLOHLQDF]HMQLHSRGDQRZ 

SRGUR]G]LDOHGDQ\FKWHFKQLF]Q\FKGRNXPHQWDFMLSURGXNWX 

.ODVDL]RODFML 

,(&$7RXU] G]HQLHZ\PDJDSRGSL FLD 

.ODVD, 

X]LHPLHQLDRFKURQQHJR 

(1$ GOD]DSHZQLHQLDEH]SLHF]H VWZD 

.ODVD, 

X \WNRZQLND 

.DWHJRULD ,(&$ 3R]LRPUR]G]LHOF]\VWDáD 

,QVWDODFML .DWHJRULD,,, LQVWDODFMD8U] G]HQLHZ 

1DGQDSL FLRZD (1$ WHMNDWHJRULLNZDOLILNXMHVL GR 

.DWHJRULD,,, 

WHVWyZQDSL FLHPN9—V 

W-SRPL G]\ZV]\VWNLPL 

REZRGDPL]DVLODQLDD]LHPL RUD] 

SRPL G]\QLH]DOH Q\PLREZRGDPL 

URGRZLVNR 

,(&$ =JRGQR üMHVWZ\ND]\ZDQDSU]H] 

6WRSLH ]DWUXZDQLD RGQLHVLHQLHGRRJyOQ\FK 

(1$ VWDQGDUGyZEH]SLHF]H VWZD 

6WRSLH ]DWUXZDQLD 

%H]SLHF]H VWZR ((& =JRGQR ü](XURSHMVN 

3URGXNWX '\UHNW\Z .RPLVMLGV 

1LVNLHJR1DSL FLD 

(1$=JRGQR üMHVWZ\ND]\ZDQD 

(1$SU]H]RGQLHVLHQLHGRRJyOQ\FK 

VWDQGDUGyZEH]SLHF]H VWZD


7\SX0L&203333 

5R]G]LDá 

:SURZDG]HQLH

,QVWUXNFMDWHFKQLF]QD 

0L&203333 

6WURQD]


0L&203333 

6SLVWUH FL 

:352:$'=(1,('20,&20 

:352:$'=(1,('2,16758.&-,=$%(=3,(&=( 0,&20 

,17(5)(-6


0L&203333 

6WURQD]


0L&203333 

 

:352:$'=(1,('20L&20 

0L&20MHVWSODWIRUP Uy QRURGQ\FKUR]ZL ]D XPR OLZLDM F\FKVSHáQLHQLH 

ZV]\VWNLFKZ\PDJD RGQR QLH]DVLODQLDHOHNWU\F]QHJRà F]\ZVRELHV]HUHJ 

VNáDGQLNyZV\VWHPyZLREVáXJLILUP\$/6720 

*áyZQ LGH 0L&20MHVWHODVW\F]QR ü 

0L&20XPR OLZLDRNUH OHQLHUR]ZL ]DQLDZ]DNUHVLH]DVWRVRZDQLDLSRSU]H] 

V]HURNLHPR OLZR FLNRPXQLNDF\MQHZSURZDG]HQLHJRGR7ZRMHJRV\VWHPX 

VWHURZDQLD]DVLODQLDHQHUJL 

6NáDGQLNL0L&20WR 

‡3*UXSDSU]HND QLNyZ]DEH]SLHF]HQLRZ\FK 

‡&*UXSDXU] G]H VWHURZQLF]\FK 

‡0*UXSDXU] G]H SRPLDURZ\FKGRGRNáDGQ\FKSRPLDUyZLPRQLWRULQJX 

‡6*UXSDZV]HFKVWURQQ\FKSDNLHWyZZVSRPDJDQLDNRPSXWHURZHJRLXU] G]H 

VWHURZDQLDVWDFM 

3URGXNW\0L&20]DZLHUDM UR]EXGRZDQHXNáDG\UHMHVWUDFMLLQIRUPDFMLFRGRVWDQXL 

]DFKRZDQLDVL V\VWHPXHQHUJHW\F]QHJRSU]\Z\NRU]\VWDQLXUHMHVWUDWRUyZ]DNáyFH L 

]GDU]H 

0RJ UyZQLH SU]HND]\ZDüSRPLDU\V\VWHPXZUHJXODUQ\FKRGFLQNDFKF]DVXGR 

FHQWUXPVWHURZDQLDXPR OLZLDM F]GDOQHPRQLWRURZDQLHLVWHURZDQLH 

:FHOXX]\VNDQLDDNWXDOQ\FKLQIRUPDFMLRSURGXNWDFK0L&20VSUDZG ZSXEOLNDFMDFK 

WHFKQLF]Q\FKNWyUHPR QDX]\VNDüRG 

$/67207 '3URWHFWLRQ &RQWURO/WGOXEORNDOQHJRELXUDVSU]HGD \,QQ 

PR OLZR FL MHVWZL]\WDQDQDV]HMVWURQLHLQWHUQHWRZHMZZZ 

6WURQD]


0L&203333 

 

:352:$'=(1,('2,16758.&-,=$%(=3,(&=( 0L&20 

,QVWUXNFMHGDM IXQNFMRQDOQ\LWHFKQLF]Q\RSLVSU]HND QLNyZ]DEH]SLHF]HQLRZ\FKVHULL 

0L&20LUy QRURGQ\]HVWDZLQIRUPDFMLFRGRX \FLDL]DVWRVRZDQLDSU]HND QLNyZ 

,QIRUPDFMHSRG]LHORQH]RVWDá\QDGZDWRP\ 

7RP,QVWUXNFMDWHFKQLF]QD]DZLHUDLQIRUPDFMHQDWHPDW]DVWRVRZD SU]HND QLND 

LWHFKQLF]Q\RSLVMHJRFHFK-HVWJáyZQLHSU]H]QDF]RQ\GODLQ \QLHUyZ 

]DEH]SLHF]HQLRZ\FK]DMPXM F\FKVL Z\ERUHPL]DVWRVRZDQLHPSU]HND QLNDZ 

XNáDG]LH]DEH]SLHF]H V\VWHPXHOHNWURHQHUJHW\F]QHJR 

7RP,QVWUXNFMDREVáXJL]DZLHUDLQIRUPDFMHQDWHPDWLQVWDODFMLLXUXFKDPLDQLD 

SU]HND QLNDSRGUR]G]LDáGRW\F] F\ORNDOL]DFMLXV]NRG]H 7HQWRPMHVWSU]H]QDF]RQ\ 

GODLQ \QLHUyZWHUHQRZ\FKNWyU]\V RGSRZLHG]LDOQL]D]DLQVWDORZDQLHXUXFKRPLHQLH 

LHNVSORDWDFM SU]HND QLND 

=DZDUWR üUR]G]LDáyZZND G\PWRPLHSRGVXPRZDQRSRQL HM 

7RP,QVWUXNFMDWHFKQLF]QD 

3RVáXJLZDQLHVL VSU] WHPHOHNWURQLF]Q\P 

,QVWUXNFMDEH]SLHF]H VWZD 

5R]G]LDá:SURZDG]HQLH 

,QVWUXNFMDQDWHPDWUy Q\FKLQWHUIHMVyZSU]HND QLND]DEH]SLHF]HQLRZHJR 

RSLVXM FDMDNUR]SRF] üX \WNRZDQLHSU]HND QLND 

5R]G]LDá2SLV]DVWRVRZD ]DZLHUDNRSL SXEOLNDFML1U 

2EV]HUQ\LV]F]HJyáRZ\RSLVFHFKSU]HND QLND]DZLHUDM FHJR]DUyZQRHOHPHQW\ 

]DEH]SLHF]HQLRZHMDNLLQQHIXQNFMHSU]HND QLNDWDNLHMDNUHMHVWUDWRU]GDU]H L 

]DNáyFH ORNDOL]DFMDXV]NRG]HQLDLXNáDGORJLNLSURJUDPRZDOQHMWHQUR]G]LDá 

]DZLHUDRSLVSRZV]HFKQ\FK]DVWRVRZD SU]HND QLNDZV\VWHPLH 

HOHNWURHQHUJHW\F]Q\PREOLF]HQLDRGSRZLHGQLFKQDVWDZLH NLONDRSUDFRZDQ\FK 

W\SRZ\FKSU]\NáDGyZRUD]MDNZSURZDG]LüQDVWDZLHQLDGRSU]HND QLND 

5R]G]LDá2SLVSU]HND QLND 

3U]HJO GG]LDáDQLDKDUGZDUHXLVRIWZDUHXSU]HND QLND7HQUR]G]LDá]DZLHUD 

LQIRUPDFMHQDWHPDWFHFKVDPRNRQWUROLLGLDJQRVW\NLSU]HND QLND 

5R]G]LDá'DQHWHFKQLF]QH 

'DQHWHFKQLF]QH]DZLHUDM FH]DNUHV\QDVWDZLH JUDQLFHGRNáDGQR FL]DOHFDQH 

ZDUXQNLSUDF\GDQH]QDPLRQRZHLURERF]H=JRGQR ü]WHFKQLF]Q\PL 

VWDQGDUGDPLMHVWSRGDZDQDWDPJG]LHWRZ\PDJDQH 

5R]G]LDá,QVWUXNFMDNRPXQLNDFMLLLQWHUIHMVyZ 

7HQUR]G]LDáGDMHV]F]HJyáRZHLQIRUPDFMHGRW\F] FHLQWHUIHMVyZNRPXQLNDF\MQ\FK 

SU]HND QLND]DZLHUDM FV]F]HJyáRZ\RSLVMDNX]\VNDüGRVW SGRED]\GDQ\FK 

QDVWDZLH ]JURPDG]RQ\FKZSU]HND QLNX7HQUR]G]LDáGDMHWDN HLQIRUPDFMHQD 

WHPDWND GHJR]SURWRNRáyZNRPXQLNDF\MQ\FKNWyUHPRJ E\üX \WHZ 

SU]HND QLNXLPDSR]ZROLüX \WNRZQLNRZL]DSURMHNWRZDüLQWHUIHMVGRV\VWHPX 

6&$'$ 

6WURQD]


0L&203333 

'RGDWHN$ 

 

'RGDWHN% 

%D]DGDQ\FKPHQXSU]HND QLND,QWHUIHMVX \WNRZQLND&RXULHU0RGEXV 

,(& 

/LVWDZV]\VWNLFKQDVWDZLH ]DZDUW\FKZSU]HND QLNXZUD]]NUyWNLPRSLVHP 

ND GHJR 

6FKHPDW\SRGá F]H ]HZQ WU]Q\FK 

:V]\VWNLH]HZQ WU]QHSRGá F]HQLDGRSU]HND QLND 

7RP,QVWUXNFMDREVáXJL 

3RVáXJLZDQLHVL VSU] WHPHOHNWURQLF]Q\P 

,QVWUXNFMDEH]SLHF]H VWZD 

5R]G]LDá:SURZDG]HQLH 

,QVWUXNFMDQDWHPDWUy Q\FKLQWHUIHMVyZSU]HND QLND]DEH]SLHF]HQLRZHJR 

RSLVXM FDMDNUR]SRF] üX \WNRZDQLHSU]HND QLND 

5R]G]LDá,QVWDODFMD]DZLHUDNRSL SXEOLNDFML5 

=DOHFHQLDFRGRUR]SDNRZDQLDSRVáXJLZDQLDVL NRQWUROLLSU]HFKRZ\ZDQLD 

SU]HND QLND,QVWUXNFMDGRPHFKDQLF]QHMLHOHNWU\F]QHMLQVWDODFMLSU]HND QLNDMHVW 

SRGDQDZUD]]]DOHFHQLDPLGRW\F] F\PLX]LHPLHQLD 

5R]G]LDá8UXFKRPLHQLHLHNVSORDWDFMD 

,QVWUXNFMHMDNXUXFKRPLüSU]HND QLNREHMPXM FHVSUDZG]HQLDNDOLEUDFMLL 

IXQNFMRQDOQR FLSU]HND QLND=RVWDáQDNUH ORQ\RJyOQ\]DU\VHNVSORDWDFML 

SU]HND QLND 

5R]G]LDá$QDOL]DSUREOHPyZ 

5DG\MDNUR]SR]QDüXV]NRG]RQHPRGXá\L]DOHFDQ\VSRVyEUHDNFML 

'RGDWHN$%D]DGDQ\FKPHQXSU]HND QLND,QWHUIHMVX \WNRZQLND&RXULHU0RGEXV 

,(& 

/LVWDZV]\VWNLFKQDVWDZLH ]DZDUW\FKZSU]HND QLNXZUD]]NUyWNLPRSLVHP 

ND GHJR]QLFK 

'RGDWHN%6FKHPDW\SRGá F]H ]HZQ WU]Q\FK 

:V]\VWNLH]HZQ WU]QHSRGá F]HQLDGRSU]HND QLND 

)RUPXODU]QDSUDZ\ 

6WURQD]


0L&203333 

 

 

 

,17(5)(-6


0L&203333 

3á\WDF]RáRZDSU]HND QLND]DZLHUDQDVW SXM FHHOHPHQW\FRSRND]DQRQDU\V 

” VHJPHQWRZ\GZXOLQLRZ\DOIDQXPHU\F]Q\Z\ ZLHWODF]FLHNáRNU\VWDOLF]Q\ 

/&' 

” NODZLV]RZDNODZLDWXUD]DZLHUDM FDNODZLV]HVWU]DáHN¤Ü¥L¦NODZLV] 

ZHMG çNODZLV]NDVXM&RUD]NODZLV]F]\WDM& 

” /('yZXVWDZLRQHQDVWDáHGLRG\IXQNF\MQH]OHZHMVWURQ\Sá\W\F]RáRZHML 

SURJUDPRZDOQ\FKGLRGIXQNF\MQ\FK]SUDZHMVWURQ\ 

3RGJyUQ XFK\OQ RVáRQN 

” QXPHUVHU\MQ\SU]HND QLNDLQIRUPDFMHRZDUWR FLDFK]QDPLRQRZ\FKSU GXL 

QDSL FLDSU]HND QLND 

3RGGROQ XFK\OQ RVáRQN 

” PLHMVFHQDEDWHUL UR]PLDUXò$$X \WHMGRUH]HUZRZHJRSRGWU]\PDQLDSDPL FL 

]HJDUDF]DVXU]HF]\ZLVWHJRUHMHVWUDWRUyZ]GDU]H ]ZDUüL]DNáyFH 

” SU]HGQLSLQRZ\ H VNLSRUWW\SX'GRNRPXQLNDFMLORNDOQHMNRPSXWHUD] 

SU]HND QLNLHPRGOHJáR üGRPSU]H]SRá F]HQLHV]HUHJRZH56 

SLQRZ\ H VNLSRUWW\SX'GDM F\PRQLWRULQJV\JQDáyZZHZQ WU]Q\FKLR 

Z\VRNLHMSU GNR FLORNDOQHáDGRZDQLHRSURJUDPRZDQLDLWHNVWXSU]H]SRá F]HQLH 

UyZQROHJáH 

'LRG\/('XVWDZLRQHQDVWDáH]OHZHMVWURQ\Sá\W\F]RáRZHMV X \WHGRZVND]\ZDQLD 

QDVW SXM F\FKZDUXQNyZ 

7ULS:\á F]HQLHF]HUZRQDZVND]XMH HSU]HND QLNZ\VáDáV\JQDáZ\á F]DM F\ 

.DVXMHVL RQJG\]ZL ]DQ\]QLPUHMHVWU]ZDUFLD]RVWDQLHXVXQL W\]Z\ ZLHWODF]D 

QDSá\FLHF]RáRZHM$OWHUQDW\ZQLHGLRGDZ\á F]PR HE\üXVWDZLRQDMDNRVDPR 

NDVXM FD 

$ODUP8S yáWDPLJRF]HZVND]XM F HSU]HND QLN]DUHMHVWURZDáDODUP0R HE\ü 

RQSREXG]DQ\SU]H]]ZDUFLH]GDU]HQLHOXEUHMHVWUHNVSORDWDF\MQ\7DGLRGDE G]LH 

PLJRWDüGRSyNLDODUP\QLH]RVWDQ ]DDNFHSWRZDQHSU]HF]\WDQHSRF]\P/(' 

]PLHQLVL QDVWDá LOXPLQDFM L]JD QLHNLHG\DODUP\]RVWDQ XVXQL WH 

2XWRIVHUYLFH8V]NRG]HQLH yáWDZVND]XMH HQLHGRVW SQHMHVW]DEH]SLHF]HQLH 

ZSU]HND QLNX 

+HDOWK\=DVLODQLH]LHORQDZVND]XMH HSU]HND QLNSUDFXMHSUDZLGáRZRLSRZLQLHQ 

SUDFRZDüGDOHM=JD QLHMH HOLXNáDG\VDPRWHVWXM FHSU]HND QLNDZVND HMHVW 

XV]NRG]HQLHKDUGZDUHXOXEVRIWZDUHX2GELFLHPVWDQXGLRG\³KHDOWK\]DVLODQLH´ 

MHVWVW\NZDWFKGRJD]W\áXSU]HND QLND 

3á\WDW\OQLDSU]HND QLND 

3á\W W\OQL SU]HND QLNDSRND]DQRQDU\V:V]\VWNLHV\JQDá\SU GRZH 

LQDSL FLRZHV\JQDá\ZHM FLRZHORJLNLF\IURZHMLVW\NLZ\M FLRZHV SRGá F]DQH] 

W\áXSU]HND QLND5yZQLH ]W\áXSRGá F]DQHV ³VNU WND´GODW\OQLHJRSRUWX 

NRPXQLNDF\MQHJR56ZHM FLHV\QFKURQL]DFMLF]DVX,5,*%LW\OQL ZLDWáRZRGRZ\ 

SRUWNRPXQLNDF\MQ\RE\GZDRSFMRQDOQH 

8ZDJD0R HUy QLüVL Z]DOH QR FLRGW\SXPRGHOXSU]HND QLND 

6WURQD]


0L&203333 

5\VXQHN:LGRN]W\áXSU]HND QLND 

.RPSOHWQHV]F]HJyá\SRá F]H ±SDWU]VFKHPDWá F]HQLRZ\ZGRGDWNX 

 

:SURZDG]HQLHGRLQWHUIHMVyZX \WNRZQLNDLRSFMHQDVWDZLH 

3U]HND QLNPDWU]\LQWHUIHMV\X \WNRZQLND 

” LQWHUIHMVX \WNRZQLNDQDSá\FLHF]RáRZHM]DSRPRF /&'LNODZLDWXU\ 

” SU]HGQLSRUWSUDFXM F\]NRPXQLNDFM &RXULHU 

” W\OQLSRUWSUDFXM F\ZMHGQ\P]SURWRNRáyZ&RXULHU0RGEXVOXE,(& 

3URWRNyáGODW\OQLHJRSRUWXPXVLE\üRNUH ORQ\SU]\]DPyZLHQLXSU]HND QLND 

,QIRUPDFMHSRPLDURZHLQDVWDZLHQLDSU]HND QLNDNWyUHPRJ E\üX]\VNDQH]W\FK 

WU]HFKLQWHUIHMVyZSRGVXPRZDQRZ7DEHOL 


6WURQD]


0L&203333 

:\ ZLHWODQLHLPRG\ILNDFMD 

ZV]\VWNLFKQDVWDZLH 

6WDWXVV\JQDáyZF\IURZ\FK 

ZHM üZ\M ü 

:\ ZLHWODQLHRGF]\W 

SRPLDUyZ 


UHMHVWUDFML]ZDUü 


UHMHVWUDFML]GDU]H LDODUPyZ 

2GF]\WUHMHVWUDFMLSU]HELHJyZ 

]DNáyFH 

.RQILJXUDFMDXNáDGXORJLNL 

.DVRZDQLHUHMHVWUDFML]ZDUü 

LDODUPyZ 

&]\V]F]HQLHUHMHVWUyZ 

]GDU]H L]ZDUü 

6\QFKURQL]DFMDF]DVX 

5R]ND]\VWHUXM FH 

.ODZLDWXUD/&' &RXULHU 0RGEXV ,(& 

7DEHOD 


6WURQD]


0L&203333 

 

6WUXNWXUDPHQX 

0HQXSU]HND QLNDMHVWXáR RQHZVWUXNWXU WDEHODU\F]Q .D GHQDVWDZLHQLHZPHQX 

MHVWVNLHURZDQHGRMDNLHM NRPyUNLDND GDNRPyUNDZPHQXMHVWGRVW SQDSU]H] 

RGQLHVLHQLHGR 

DGUHVXU] GXLNROXPQ\1DVWDZLHQLDV WDNXáR RQH HND GDNROXPQD]DZLHUD 

SRZL ]DQH]VRE QDVWDZLHQLDQSZV]\VWNLHQDVWDZLHQLDUHMHVWUDWRUD]DNáyFH V 

]DZDUWHZWHMVDPHMNROXPQLH-DNSRND]DQRQDU\VJyUQ\U] GND GHMNROXPQ\ 

]DZLHUDQDJáyZHNNWyU\RSLVXMHQDVWDZLHQLD]DZDUWHZWHMNROXPQLH 

3U]HPLHV]F]DQLHVL SRPL G]\NROXPQDPLPHQXMHVWPR OLZHW\ONRQDSR]LRPLH 

QDJáyZNyZ3HáQ OLVW ZV]\VWNLFKQDVWDZLH PHQXSRGDQRZ'RGDWNX$WHJR 

SRGU F]QLND 

5\VXQHN6WUXNWXUDPHQX 

:V]\VWNLHQDVWDZLHQLDPHQXQDOH GRMHGQHM]WU]HFKNDWHJRULLQDVWDZLHQLD 

]DEH]SLHF]H QDVWDZLHQLDUHMHVWUDWRUD]DNáyFH OXEQDVWDZLHQLDIXQNFMLVWHURZDQLDL 

SRPRFQLF]\FK 

-HGQD]GZyFKUy Q\FKPHWRGMHVWZ\NRU]\VWDQDGR]PLDQ\QDVWDZLHQLDZ 

]DOH QR FLGRNWyUHMNDWHJRULLQDOH \1DVWDZLHQLDIXQNFMLVWHURZDQLDLSRPRFQLF]\FK 

V ]DFKRZ\ZDQHLX \WHSU]H]SU]HND QLNQDW\FKPLDVWSRLFKZSURZDG]HQLX 

=DUyZQRGODQDVWDZLH ]DEH]SLHF]H MDNLQDVWDZLH UHMHVWUDWRUD]DNáyFH 

SU]HND QLN]DSDPL WXMHQRZHZDUWR FLQDVWDZLH ZW\PF]DVRZ\PÄQRWDWQLNX´ 

$NW\ZXMHZV]\VWNLHQRZHQDVWDZLHQLDUD]HPDOHW\ONRSRSRWZLHUG]HQLX HQRZH 

QDVWDZLHQLDPDM E\üSU]HM WH7 WHFKQLN ZSURZDG]RQRGOD]DSHZQLHQLD 

GRGDWNRZHMRFKURQ\LWDN HNLOND]PLDQQDVWDZLH GRNRQDQ\FKZUDPDFKJUXS\ 

QDVWDZLH ]DEH]SLHF]H ]DF]\QDG]LDáDüZW\PVDP\PPRPHQFLH 


6WURQD]


0L&203333 

 

1DVWDZLHQLD]DEH]SLHF]H 

1DVWDZLHQLD]DEH]SLHF]H ]DZLHUDM QDVW SXM FHSR]\FMH 

” QDVWDZLHQLDF]áRQX]DEH]SLHF]HQLRZHJR 

” QDVWDZLHQLDXNáDGXORJLNL 

” QDVWDZLHQLD63=LNRQWUROLV\QFKURQL]PXMH OLPDM ]DVWRVRZDQLH 

” QDVWDZLHQLDORNDOL]DWRUD]ZDUFLDMH OLPDM ]DVWRVRZDQLH 

6 F]WHU\JUXS\QDVWDZLH SU]\F]\PND GDJUXSD]DZLHUDWHVDPHNRPyUNL 

QDVWDZLH -HGQDJUXSDQDVWDZLH ]DEH]SLHF]H MHVWZ\EUDQDMDNRJUXSDDNW\ZQDL 

MHVWZ\NRU]\VW\ZDQDSU]H]F]áRQ\]DEH]SLHF]HQLRZH 

 

1DVWDZLHQLDUHMHVWUDWRUD]DNáyFH 

1DVWDZLHQLDUHMHVWUDWRUD]DNáyFH ]DZLHUDM F]DVUHMHVWUDFMLSR]\FM WU\JHUDZ\EyU 

UHMHVWURZDQ\FKV\JQDáyZDQDORJRZ\FKLF\IURZ\FKRUD] UyGáDV\JQDáyZ 

SREXG]DM F\FKUHMHVWUDFM 

 

1DVWDZLHQLDIXQNFMLVWHURZDQLDLSRPRFQLF]\FK 

1DVWDZLHQLDIXQNFMLVWHURZDQLDLSRPRFQLF]\FK]DZLHUDM 

” QDVWDZLHQLDNRQILJXUDFMLSU]HND QLND 

” RWZDUFLH]DPNQL FLHZ\á F]QLND 

” QDVWDZLHQLDSU]HNáDGQLSU]HNáDGQLNyZSU GRZ\FKLQDSL FLRZ\FK 

” NDVRZDQLHGLRG/(' 

” DNW\ZQDJUXSDQDVWDZLH ]DEH]SLHF]H 

” QDVWDZLHQLDKDVáDLM ]\ND 

” QDVWDZLHQLDVWHURZDQLDLPRQLWRULQJXZ\á F]QLND 

” QDVWDZLHQLDNRPXQLNDFML 

” QDVWDZLHQLDSRPLDUyZ 

” QDVWDZLHQLDUHMHVWUDWRUD]GDU]H L]ZDUü 

” QDVWDZLHQLDLQWHUIHMVXX \WNRZQLND 

” QDVWDZLHQLDXUXFKRPLHQLRZH 

 

=DEH]SLHF]HQLHKDVáHP 

6WUXNWXUDPHQX]DZLHUDWU]\SR]LRP\GRVW SX8F]\QQLRQ\SR]LRPGRVW SXGHF\GXMH 

NWyUHQDVWDZLHQLDSU]HND QLNDPRJ E\ü]PLHQLRQHLMHVWVWHURZDQ\SU]H] 

ZSURZDG]HQLHGZyFKUy Q\FKKDVHá3R]LRP\GRVW SXV VWUHV]F]RQHZ7DEHOL 


6WURQD]

3R]LRPGRVW SX 

3R]LRP 

1LHZ\PDJDKDVáD 

3R]LRP 

:\PDJDKDVáD 

OXE 

3R]LRP 

:\PDJDKDVáD 


0L&203333 

0R OLZHRSHUDFMH 

'RVW SGRRGF]\WXZV]\VWNLFKQDVWDZLH DODUPyZ 

UHMHVWUDFML]GDU]H L]ZDUü 

-DNSR]LRPSOXV 

6WHURZDQLHQSRWZDUFLH]DPNQL FLHZ\á F]QLND 

.DVRZDQLHZDUXQNyZ]ZDUFLRZ\FKLDODUPRZ\FK 

.DVRZDQLHV\JQDOL]DFMLGLRG/(' 

.DVRZDQLHUHMHVWUDFML]GDU]H L]ZDUü 

-DNSR]LRPSOXV 

:V]\VWNLHSR]RVWDáHQDVWDZLHQLD 

7DEHOD 

.D GH]GZyFKKDVHáMHVWOLWHURZHWHNVWXGUXNRZDQHJR1DVWDZLHQLHPIDEU\F]Q\P 

RE\GZXMHVW$$$$.D GHKDVáRPR HE\ü]PLHQLDQHSU]H]X \WNRZQLNDSR 

SRSUDZQ\PZSURZDG]HQLXJR:SURZDG]HQLHKDVáDGRNRQXMHVL DOERSRZ\ZRáDQLX 

]DS\WDQLDRKDVáRSU]\SUyELH]PLDQ\QDVWDZLHQLDDOERSRZHM FLXGRNRPyUNL 

Ä+DVáR´ZNROXPQLHPHQXÄ'DQHV\VWHPX´3R]LRPGRVW SXMHVWQLH]DOH QLH 

XF]\QQLDQ\GODND GHJRLQWHUIHMVXW]Q HMH OLSR]LRPGRVW SXMHVWXF]\QQLRQ\GOD 

SRUWXNRPXQLNDF\MQHJR]W\áXSR]LRPGRVW SXQDSá\FLHF]RáRZHMSR]RVWDQLH 

GRSyNLRGSRZLHGQLHKDVáRQLH]RVWDQLHZSURZDG]RQHQDSá\FLHF]RáRZHM8F]\QQLRQ\ 

SR]LRPGRVW SXQLH]DOH QLHGODND GHJRLQWHUIHMVXSRZUDFDGRVWDQXGRP\ OQHJRSR 

RNUH ORQ\PF]DVLHEUDNXDNW\ZQR FL-H OLKDVáR]RVWDQLH]JXELRQHWRDZDU\MQHKDVáR 

PR HE\üGRVWDUF]RQH±VNRQWDNWXMVL ]ILUP $/6720SRGDM FQXPHUIDEU\F]Q\ 

SU]HND QLND%LH F\SR]LRPGRVW SXGODND GHJRLQWHUIHMVXPR QDVSUDZG]LüZ 

NRPyUFHÄ3R]LRPGRVW SX´ZNROXPQLHÄ'DQHV\VWHPX´SR]LRPGRVW SXGOD 

LQWHUIHMVXQDSá\FLHF]RáRZHMPR QDUyZQLH ]QDOH üQDZ\ ZLHWODF]XZMHGQHM]RSFML 

GRP\ OQHJRZ\ ZLHWODQLD 

3U]HND QLNMHVWGRVWDUF]DQ\]IDEU\F]Q\PSR]LRPHPGRVW SXWDN H DGQHKDVáR 

QLHMHVWZ\PDJDQHGR]PLDQ\MDNLFKNROZLHNQDVWDZLH -HVWUyZQLH PR OLZH 

QDVWDZLHQLHGRP\ OQHJRSR]LRPXGRVW SXGRPHQXOXEEORNXM FGRVW SGR 

]PLDQ\QDVWDZLH EH]SRGDQLDSUDZLGáRZHJRKDVáD'RP\ OQ\SR]LRPGRVW SXGR 

PHQXMHVWQDVWDZLRQ\ZNRPyUFHÄ2EVáXJDKDVáD´ZNROXPQLHÄ'DQHV\VWHPX´WR 

QDVWDZLHQLHPR HE\ü]PLHQLRQHW\ONRSU]\XF]\QQLRQ\PSR]LRPLHGRVW SX 

 

.RQILJXUDFMDSU]HND QLND 

3U]HND QLNWHQMHVWZLHORIXQNF\MQ\PXU] G]HQLHP]DZLHUDM F\PUy QRURGQH 

]DEH]SLHF]HQLDPR OLZR FLVWHURZQLF]HLNRPXQLNDF\MQH:FHOXXSURV]F]HQLD 

QDVWDZLH SU]HND QLND]QDMGXMHVL ZQLPNROXPQDQDVWDZLH NRQILJXUDF\MQ\FK 

NWyU PR QDZ\NRU]\VWDüGRXDNW\ZQLHQLDLRGVWDZLHQLDZLHOXIXQNFMLSU]HND QLND 

1DVWDZLHQLD]ZL ]DQH]MDN QLHF]\QQ IXQNFM VWDM VL QLHGRVW SQHWMQLHV 

SRND]\ZDQHZPHQX$E\RGVWDZLüMDN IXQNFM QDOH \GRNRQDü]PLDQ\Z 

RGSRZLDGDM FHMMHMNRPyUFHZNROXPQLHÄ.RQILJXUDFMD´]Ä&]\QQD´QDÄ1LHF]\QQD´ 

.ROXPQDNRQILJXUDFML]DU] G]DNWyUD]JUXSQDVWDZLH ]DEH]SLHF]H MHVWZ\EUDQD 

MDNRDNW\ZQDZNRPyUFHÄ$NW\ZQHQDVWDZLHQLD´*UXSDQDVWDZLH ]DEH]SLHF]HQLD 

PR HUyZQLH ]RVWDüRGVWDZLRQDSRGZDUXQNLHP HQLHMHVWWRDNWXDOQLHDNW\ZQD 

JUXSD3RGREQLHQLHF]\QQDJUXSDQDVWDZLH QLHPR HE\üQDVWDZLRQDMDNRDNW\ZQD 

7DNROXPQDSR]ZDODUyZQLH QDNRSLRZDQLHZV]\VWNLFKZDUWR FLQDVWDZLH ]MHGQHM 

JUXS\GRLQQHM 


6WURQD]


0L&203333 

$E\WR]URELüZSLHUZQDVWDZNRPyUN Ä.RSLXM]´QDJUXS ]NWyUHMQDVWDZLHQLD 

]DEH]SLHF]H PDM E\üNRSLRZDQHQDVW SQLHQDVWDZNRPyUN Ä.RSLXMGR´QDJUXS 

GRNWyUHMQDVWDZLHQLDPDM E\üVNRSLRZDQH.RSLRZDQHQDVWDZLHQLDV ZVW SQLH 

XPLHV]F]DQHZW\PF]DVRZ\PQRWDWQLNXE G X \WHSU]H]SU]HND QLNGRSLHURSR 

SRWZLHUG]HQLX 

$E\RG]\VNDüQDVWDZLHQLDIDEU\F]QHZMDNLHMNROZLHNJUXSLHQDVWDZLH ]DEH]SLHF]H 

QDVWDZNRPyUN Ä2GWZyU]IDEU\F]QH´QDQXPHURGSRZLHGQLHMJUXS\$OWHUQDW\ZQLH 

PR OLZHMHVWQDVWDZLHQLHNRPyUNLÄ2GWZyU]IDEU\F]QH´QDÄ:V]\VWNLHQDVWDZLHQLD´ 

FRRGWZDU]DIDEU\F]QHQDVWDZLHQLDFDáHJRSU]HND QLNDDQLHW\ONRJUXSQDVWDZLH 

]DEH]SLHF]H 1DVWDZLHQLDIDEU\F]QHE G ZVW SQLHXPLHV]F]RQHZW\PF]DVRZ\P 

QRWDWQLNXLX \WHSU]H]SU]HND QLNGRSLHURSRSRWZLHUG]HQLX7U]HED]DXZD \ü H 

RGWZRU]HQLHQDVWDZLH IDEU\F]Q\FKGODZV]\VWNLFKQDVWDZLH REHMPXMHQDVWDZLHQLD 

SRUWXNRPXQLNDF\MQHJR]W\áXFRPR HVSRZRGRZDüSU]HUZDQLHNRPXQLNDFMLSU]H] 

WHQSRUWMH OLQRZHIDEU\F]QHQDVWDZLHQLDQLHRGSRZLDGDM VWDFMLQDGU] GQHM 

 

,QWHUIHMVX \WNRZQLNDQDSá\FLHF]RáRZHMNODZLDWXUDLZ\ ZLHWODF]/&' 

*G\NODZLDWXUDMHVWRGVáRQL WDWRGDMHSHáQ\GRVW SGRRSFMLPHQXSU]HND QLND] 

LQIRUPDFMDPLZ\ ZLHWODQ\PLQD/&' 

.ODZLV]H¤Ü¥L¦NWyUHX \ZDVL GRSRUXV]DQLDVL SRPHQXL]PLDQZDUWR FL 

QDVWDZLH ]DZLHUDM IXQNFM DXWRPDW\F]QHJRSRZWDU]DQLDNWyUDVL XUXFKDPLDMH OL 

NWyU\NROZLHN]W\FKNODZLV]\MHVWQDFL QL W\ZVSRVyEFL Já\0R QDWRZ\NRU]\VWDü 

GRSU]\VSLHV]HQLD]DUyZQR]PLDQZDUWR FLQDVWDZLH MDNLSRUXV]DQLDVL SRPHQX 

LPGáX HMNODZLV]MHVWQDFL QL W\W\PEDUG]LHM]ZL NV]DVL WHPSR]PLDQOXE 

SRUXV]DQLDVL 

5\VXQHN,QWHUIHMVX \WNRZQLNDQDSá\FLHF]RáRZHM 


6WURQD]


0L&203333 

 

'RP\ OQ\HNUDQLZ\JDV]DQLHPHQX 

0HQXQDSá\FLHF]RáRZHMPDZ\ELHUDOQHLQIRUPDFMHGRP\ OQHQDZ\ ZLHWODF]X3R 

PLQXWDFKEUDNXDNW\ZQR FLNODZLDWXU\QDVW SXMHZ\JDV]DQLHSU]HND QLNDWMSRZUyW 

GRGRP\ OQHJRPHQXLZ\JDV]HQLDSRG ZLHWOHQLD/&'*G\WRPDPLHMVFH 

MDNLHNROZLHN]PLDQ\QDVWDZLH NWyUHQLH]RVWDá\SRWZLHUG]RQHE G XWUDFRQHL 

SR]RVWDQ RU\JLQDOQHZDUWR FLQDVWDZLH 

=DZDUWR üLQIRUPDFMLGRP\ OQ\FKQDZ\ ZLHWODF]XPR HE\üZ\EUDQD] 

QDVW SXM F\FKRSFMLSU GID]RZ\LZ]HU]HQDSL FLHID]RZHPRFF] VWRWOLZR ü 

V\VWHPXGDWDLF]DVRSLVSU]HND QLNDOXE]GHILQLRZDQHSU]H]X \WNRZQLND 

R]QDF]HQLH:\ ZLHWODQLHGRP\ OQ\FKLQIRUPDFMLMHVWZ\ELHUDQHZNRPyUFH 

Ä'RP\ OQ\HNUDQ´ZNROXPQLHÄ1DVWDZLHQLHSRPLDUyZ´5yZQLH ]GRP\ OQHJR 

HNUDQXUy QHRSFMHGRP\ OQHJRHNUDQXPRJ E\üSU]HZLMDQH]DSRPRF NODZLV]\¤ 

LÜ-HGQDN HZ\EUDQH]PHQXGRP\ OQHLQIRUPDFMHQDZ\ ZLHWODF]XE G 

XDNW\ZQLDQHSRXSá\ZLHF]DVXZ\JDV]DQLDPHQX-H OLMHVWREHFQ\ZSU]HND QLNX 

QLHVNDVRZDQ\DODUPQS]DSLV]ZDUFLDDODUPRG]DEH]SLHF]HQLDDODUP]H 

VWHURZDQLDLWSGRP\ OQHZ\ ZLHWODQLHE G]LH]DVW SLRQHSU]H] 

$ODUPV)DXOWV 

SUHVHQW 

$ODUP=DNORFHQLH 

REHFQH 

:HM FLHGRVWUXNWXU\PHQXSU]HND QLNDMHVWGRNRQ\ZDQH]GRP\ OQHJRHNUDQXLQLH 

PDQDWRZSá\ZXZ\ ZLHWODQLHZLDGRPR FLÄ2EHFQH$ODUP\=ZDUFLD´ 

 

3RUXV]DQLHVL SRPHQXLSU]HJO GDQLHQDVWDZLH 

0HQXPR HE\üSU]HJO GDQH]DSRPRF F]WHUHFKNODZLV]\VWU]DáHN]JRGQLH]H 

VWUXNWXU SRND]DQ QDU\V,WDNVWDUWXM F]HNUDQXGRP\ OQHJRNODZLV]¦Z\ ZLHWOL 

QDJáyZHNSLHUZV]HMNROXPQ\$E\]QDOH üQDJáyZHNSR GDQHMNROXPQ\X \ZDM 

NODZLV]\¤LÜ'DQHQDVWDZLH ]DZDUWHZGDQHMNROXPQLHPRJ E\üRJO GDQHSU]\ 

X \FLXNODZLV]\¦L¥3RZUyWGRQDJáyZNDNROXPQ\MHVWPR OLZ\DOERSU]\WU]\PXM F 

NODZLV]¥OXESU]H]SRMHG\QF]HQDFL QL FLHNODZLV]D&NDVXM3RUXV]DQLHVL PL G]\ 

NROXPQDPLMHVWPR OLZHW\ONRQDSR]LRPLHQDJáyZNyZ$E\SRZUyFLüGRHNUDQX 

GRP\ OQHJRQDOH \QDFLVQ üNODZLV]¥OXE&]QDJáyZNDGRZROQHMNROXPQ\1LHMHVW 

PR OLZHSU]HM FLH]NRPyUNLZNROXPQLHSURVWRGRHNUDQXGRP\ OQHJRSU]\X \FLX 

IXQNFMLDXWRSRZWDU]DQLDNODZLV]D¥SRQLHZD DXWRSRZWDU]DQLH]DNR F]\VL QD 

QDJáyZNXNROXPQ\$E\SU]HM üGRHNUDQXGRP\ OQHJRNODZLV]¥PXVLE\ü 

SXV]F]RQ\LQDFL QL W\SRQRZQLH 

 

:SURZDG]DQLHKDVáD 

.LHG\Z\PDJDQHMHVWZSURZDG]HQLHKDVáDWRSRMDZLDVL QDVW SXM F\NRPXQLNDW 

(QWHU3DVVZRUG 

/HYHO 

:SURZDG]KDVOR 

3R]LRP 

8ZDJD.RPXQLNDWSRZ\ V]\SRMDZLDVL SU]\SUyELHHG\FMLQDVWDZLH 0LJDM F\ 

NXUVRUE G]LHZVND]\ZDáNWyUHSROHKDVáDPR HE\ü]PLHQLDQH$E\]PLHQLDü]QDNL 

RG$GR=QDOH \QDFLVNDüNODZLV]¥OXE¦ 


6WURQD]


0L&203333 

$E\SRUXV]DüVL PL G]\SRODPL]QDNyZZKD OHWU]HEDX \üNODZLV]\¤OXEÜ 

:SURZDG]RQHKDVáRSRWZLHUG]DVL NODZLV]HPçZSURZDG -H OL]RVWDáR 

ZSURZDG]RQHQLHSUDZLGáRZHKDVáRWRHNUDQSRZUyFLGRÄ:SURZDG KDVáR´:W\P 

PLHMVFXSRMDZLDVL LQIRUPDFMDF]\ZSURZDG]RQH]RVWDáRSUDZLGáRZHKDVáRLMH OLWDN 

WRMDNLSR]LRPGRVW SXMHVWDNW\ZQ\-H OLSR]LRPMHVWZ\VWDUF]DM F\GRHG\FML 

Z\EUDQ\FKQDVWDZLH Z\ ZLHWODF]SRZUyFLGRVWURQ\QDVWDZLH ]H]ZDODM FQD 

HG\FM -H OLQLHE G]LHZSURZDG]RQ\ZáD FLZ\SR]LRPKDVáDWRSRZUyFLVWURQD 

NRPXQLNDWX]DS\WDQLDRKDVáR$E\Z\M ü]WHJRNRPXQLNDWXQDOH \QDFLVQ üNODZLV] 

&NDVXM$OWHUQDW\ZQLHKDVáRPR QDZSURZDG]LüZNRPyUFHÄ+DVáRŃROXPQ\Ä'DQH 

V\VWHPX´ 

'ODLQWHUIHMVXX \WNRZQLNDQDSá\FLHF]RáRZHMSR]LRPGRVW SXFKURQLRQ\KDVáHP 

SRZUyFLGRGRP\ OQHJRSREUDNXDNW\ZQR FLNODZLDWXU\SU]H]PLQXW0R OLZHMHVW 

VSRZRGRZDQLHSRZURWXGRGRP\ OQHJRSR]LRPX]DEH]SLHF]HQLDKDVáHPSU]H] 

SU]HM FLHGRNRPyUNLÄ+DVáR´ZNROXPQLHÄ'DQHV\VWHPX´LQDFL QL FLHNODZLV]D& 

NDVXM]DPLDVWZSURZDG]HQLDKDVáD 

 

2GF]\W\ZDQLHLNDVRZDQLHDODUPyZLUHMHVWUDFML]GDU]H 

2EHFQR üMHGQHJROXEZL FHME G]LHZVND]\ZDQDQDZ\ ZLHWODF]XLSU]H]PLJDM F 

yáW DODUPRZ GLRG /(':LDGRPR FLDODUPRZHPRJ E\üDOERVDPRNDVXM FHOXE 

]SRGWU]\PDQLHPF]\OLU F]QLHNDVRZDQH$E\RJO GDüZLDGRPR FLDODUPRZHWU]HED 

QDFLVQ üNODZLV]&F]\WDM.LHG\ZV]\VWNLHDODUP\]RVWDá\SU]HJO GQL WHDOHQLH 

VNDVRZDQHWRGLRGDDODUPRZD/('SU]HMG]LH]PLJDQLDQDVWDáH ZLHFHQLHL 

QDMQRZV]H]ZDUFLHE G]LHSRND]\ZDQHMH OLMHVWMDNLH 'RSU]HZLMDQLDVWURQ 

DODUPyZVáX \NODZLV]&.LHG\ZV]\VWNLHVWURQ\UHMHVWUDFML]GDU]H ]RVWDQ 

SU]HJO GQL WHWRSRMDZLVL QDVW SXM F\NRPXQLNDW 

3UHVVFOHDUWR 

UHVHWDODUPV 

$E\XVXQ üZV]\VWNLHLQIRUPDFMHDODUPRZHQDFLVQ ü&DE\SRZUyFLüGRHNUDQX 

DODUPyZSR]RVWDZLDM FDODUP\QLHVNDVRZDQHQDOH \QDFLVQ üNODZLV]&=DOH QLH 

RGQDVWDZLH NRQILJXUDFMLKDVáDPR HE\üNRQLHF]QHZSURZDG]HQLHKDVáDSU]HG 

VNDVRZDQLHPDODUPyZSDWU]SRGUR]G]LDáGRWZSURZDG]DQLDKDVáD.LHG\DODUP\ 

]RVWDQ VNDVRZDQHWR yáWDGLRGDDODUPRZD]JD QLHFRGRW\F]\WDN HF]HUZRQHM 

GLRG\G]LDáDQLD]DEH]SLHF]HQLDQDZ\á F]HQLHRLOHQDVW SLáRZF]H QLHMMHM 

]D ZLHFHQLHSR]DG]LDáDQLX]DEH]SLHF]HQLD 

(ZHQWXDOQLHPR OLZHMHVWSU]\VSLHV]HQLHSURFHGXU\SRZHM FLXGRDODUPyZSU]\ 

X \FLXNODZLV]D&NODZLV]&NDVXMPR QDQDFLVQ üFRSU]HQLHVLHHNUDQSURVWRGR 

UHMHVWUDFML]ZDUü3RQRZQHQDFL QL FLHNODZLV]D&Z\ZRáDNRPXQLNDWRNDVRZDQLX 

DODUPyZJG]LHNROHMQHQDFL QL FLHNODZLV]D&XVXQLHZV]\VWNLHDODUP\ 

 

=PLDQDQDVWDZ 

$E\]PLHQLüZDUWR üQDVWDZLHQLDZSLHUZWU]HEDSU]HM üZPHQXGRZ\ ZLHWODQLD 

RGSRZLHGQLHMNRPyUNL$E\]PLHQLüZDUWR üNRPyUNLQDOH \QDFLVQ üNODZLV]ç 

ZSURZDG FRVSRZRGXMHPLJDQLHNXUVRUDQDZ\ ZLHWODF]XZVND]XM FH HZDUWR ü 

PR HE\ü]PLHQLRQD 


6WURQD]


0L&203333 

7RMHGQDNPDPLHMVFHMH OLZáD FLZHKDVáR]RVWDáRZSURZDG]RQHZSU]HFLZQ\PUD]LH 

SRMDZLVL NRPXQLNDWS\WDM F\RKDVáR:DUWR üQDVWDZLHQLDPR HE\üZWHG\ 

]PLHQLRQDSU]H]QDFLVNDQLHNODZLV]\¥OXE¦-H OL]PLHQLDQHQDVWDZLHQLHMHVW 

ZDUWR FL ELQDUQ OXEFL JLHPWHNVWRZ\PZ\PDJDQ\ELWOXE]QDNZFHOX]PLDQ\PXVL 

E\üZSLHUZZ\EUDQ\SU]\X \FLXNODZLV]\¤LÜ.LHG\]RVWDQLHX]\VNDQDQRZD 

ZDUWR üWR]DWZLHUG]HQLDMHMGRNRQXMHVL NODZLV]HPç$OWHUQDW\ZQLHQRZDZDUWR ü 

]RVWDQLHRGU]XFRQDDOERSRQDFL QL FLXNODZLV]DNDVXM&DOERJG\QDVW SLZ\M FLH] 

PHQXSRF]DVLHEUDNXDNW\ZQR FL 

'ODQDVWDZLH JUXS]DEH]SLHF]H LUHMHVWUDWRUD]DNáyFH ]PLDQ\PXV] E\ü 

SRWZLHUG]RQH]DQLP]RVWDQ X \WHSU]H]SU]HND QLN$E\WR]URELüQDOH \SR 

ZSURZDG]HQLXZV]\VWNLFK]PLDQSRZUyFLüGRQDJáyZNDNROXPQ\LQDFLVQ üNODZLV]¥ 

3U]HGSRZURWHPGRHNUDQXGRP\ OQHJRSRMDZLVL QDVW SXM F\NRPXQLNDWS\WDM F\ 

8SGDWHVHWWLQJ" 

(QWHURU&OHDU 

$NWXDOQHQDVWDZ\" 

:SURZDG]OXE.DVXM 

1DFL QL FLHçVSRZRGXMHZSURZDG]HQLHQRZ\FKQDVWDZLH QDFL QL FLHNODZLV]D& 

VSRZRGXMHRGU]XFHQLHQRZRZSURZDG]RQ\FKGRSU]HND QLNDZDUWR FL7DNVDPR 

RGU]XFHQLHQDVWDZLH QDVW SLMH OLSU]HND QLNZ\MG]LH]QDVWDZLH SRF]DVLHEUDNX 

DNW\ZQR FLEH]ZF]H QLHMV]HJR]DWZLHUG]HQLDQDVWDZLH 1DVWDZLHQLDIXQNFML 

VWHURZDQLDLSRPRFQLF]\FKV XDNWXDOQLDQHQDW\FKPLDVWSRZSURZDG]HQLXEH] 

NRPXQLNDWXS\WDM FHJRRXDNWXDOQLHQLHQDVWDZLH 

 

3RUWNRPXQLNDF\MQ\QDSá\FLHF]RáRZHM 

3RUWNRPXQLNDF\MQ\QDSá\FLHF]RáRZHMMHVWZSRVWDFLSLQRZHJR H VNLHJR 

SRá F]HQLDW\SX'XPLHV]F]RQHJRSRGGROQ XFK\OQ NODSN 'DMHRQSRá F]HQLH 

V]HUHJRZH56LMHVWSU]H]QDF]RQ\GRORNDOQHMNRPXQLNDFMLSU]HND QLND] 

NRPSXWHUHPGRP]JRGQLH]U\V7HQSRUWMHVWREVáXJLZDQ\Z\á F]QLHZ 

SURWRNROH&RXULHU&RXULHUMHVWM ]\NLHPNRPXQLNDF\MQ\PVWZRU]RQ\PSU]H]$/6720 

7 '3URWHFWLRQ &RQWURODE\XPR OLZLüNRPXQLNDFM ]HVZRLPLSU]HND QLNDPL 

]DEH]SLHF]HQLRZ\PL3U]HGQLSRUWMHVWV]F]HJyOQLHSU]H]QDF]RQ\GRSURJUDPX 

QDVWDZLDQLD]DEH]SLHF]H 0L&206E G F\PSDNLHWHPRSURJUDPRZDQLDRSDUW\P 

QD:LQGRZV17 

5\VXQHN3RGá F]HQLHSRUWX]SU]RGX 

6WURQD]


0L&203333 

3U]HND QLNMHVWXU] G]HQLHP]Z\SRVD HQLHPNRPXQLNDFMLGDQ\FK'&('DWD 

&RPPXQLFDWLRQ(TXLSPHQW3RGá F]HQLDSLQyZZSLQRZ\PSRUFLHQDSá\FLH 

F]RáRZHMSU]HND QLNDV QDVW SXM FH 

3LQQU 7[ 'DQHWUDQVPLWRZDQH 

3LQQU 5[ 'DQHRGELHUDQH 

3LQQU 9 :VSyOQH9 

DGHQ]LQQ\FKSLQyZQLHMHVWSRGá F]RQ\ZSU]HND QLNX3U]HND QLNSRZLQLHQE\ü 

SRGá F]RQ\GRSRUWXV]HUHJRZHJRZNRPSXWHU]H]D]Z\F]DM&20OXE&20 

.RPSXWHU\V QRUPDOQLHXU] G]HQLDPL]Z\SRVD HQLHPWHUPLQDOXGDQ\FK'7( 

NWyUHPDM SRGá F]HQLDSRUWXV]HUHJRZHJRMDNSRQL HMZUD]LHZ WSOLZR FLVSUDZG 

ZLQVWUXNFML3& 

SLQRZH SLQRZH 

3LQQU 5[ 'DQHRGELHUDQH 

3LQQU 7[ 'DQHWUDQVPLWRZDQH 

3LQQU 9 :VSyOQH9 

$E\]DSHZQLüNRPXQLNDFM SLQ7[ZSU]HND QLNXPXVLE\üSRGá F]RQ\GRSLQX5[Z 

NRPSXWHU]HDSLQ5[ZSU]HND QLNXPXVLE\üSRGá F]RQ\GRSLQX7[ZNRPSXWHU]H 

FRSRND]DQRQDU\V'ODWHJR]DNáDGDM F HNRPSXWHUMHVW'7(]SRGá F]HQLDPL 

SLQyZMDNSRGDQRSRZ\ HMZ\PDJDQ\MHVWSU]HZyGá F] F\EH]SR UHGQLRWMá F] F\ 

SLQ]SLQHPSLQ]SLQHPDSLQ]SLQHP=DXZD \üWU]HED H 

SRZV]HFKQ\PSRZRGHPSUREOHPyZ]NRPXQLNDFM V]HUHJRZ MHVWá F]HQLH7[]7[ 

RUD]5[]5[7RPR HVL ]GDU]\üMH OLX \MHVL SU]HZRG\NU]\ XM FHJRWM 

á F] FHJRSLQ]SLQHPSLQ]SLQHPOXEMH OLNRPSXWHUPDW VDP 

NRQILJXUDFM SLQyZFRSU]HND QLN 

5\VXQHN3RGá F]HQLHV\JQDáyZNRPSXWHUSU]HND QLN 

3RIL]\F]Q\PSRá F]HQLXSU]HND QLND]NRPSXWHUHPQDVWDZLHQLDNRPXQLNDFML 

NRPSXWHUDPXV] E\üGRSDVRZDQHGRQDVWDZLH ZSU]HND QLNX1DVWDZLHQLD 

NRPXQLNDFMLSU]HND QLNDGODSRUWXQDSDQHOXSU]HGQLPV XVWDZLRQHMDNSRGDQRZ 

WDEHOLSRQL HM 

3URWRNyá 

6]\ENR üWUDQVPLVML 

$GUHV&RXULHU 

)RUPDWLQIRUPDFML 

&RXULHU 

ELWV 

 

ELWRZ\±ELWSRF] WNRZ\ELWyZGDQ\FKELW 

SDU]\VWR FLELWVWRSX 


6WURQD]


0L&203333 

/LF]QLNF]DVXEUDNXDNW\ZQR FLGODSRUWXQDSá\FLHF]RáRZHMMHVWQDVWDZLRQ\QD 

PLQXW.RQWUROXMHRQMDNGáXJRSU]HND QLN]DFKRZXMHVZyMSR]LRPGRVW SXKDVáHP 

GODSRUWXQDSá\FLHF]RáRZHM-H OL DGQDZLDGRPR üQLHE G]LHRGHEUDQDSU]H]SRUW 

QDSá\FLHF]RáRZHMSU]H]PLQXWWRSR]LRPGRVW SXXF]\QQLRQ\KDVáHP]RVWDQLH 

FRIQL W\ 

 

3RUWNRPXQLNDF\MQ\QDSá\FLHW\OQHM 

3RUWQDSá\FLHW\OQHMPR HSUDFRZDüZMHGQ\P]WU]HFKSURWRNRáyZNRPXQLNDF\MQ\FK 

&RXULHU0RGEXV,(&NWyUHJRZ\EyUWU]HEDGRNRQDüSU]\]DPyZLHQLX 

3RUWNRPXQLNDF\MQ\QDSá\FLHW\OQHMMHVWZ\NRQDQ\ZSRVWDFL]á F]NL]DFLVNRZHM 

XPLHV]F]RQHM]W\áXSU]HND QLND6]F]HJyá\SRá F]H ]DPLHV]F]RQRZ'RGDWNX 

3RUWQDSá\FLHW\OQHM]DSHZQLDV]HUHJRZ NRPXQLNDFM .%XV56LMHVW 

SU]HZLG]LDQ\GRVWDáHJRSRá F]HQLD]V\VWHPHPQDG]RUF]\P=WU]HFKSU]HZRGyZ 

GZDV V\JQDáDPLDWU]HFLGODX]LHPLRQHMSRZáRNLNDEOD3U]\Z\ERU]HRSFML.%XV 

ELHJXQRZR üSRá F]H V\JQDáRZ\FKMHVWEH]]QDF]HQLDDOHGOD0RGEXVL,(& 

WU]HED]DFKRZDüZáD FLZ ELHJXQRZR ü7\SSURWRNRáXGRVWDUF]RQ\Z 

SU]HND QLNXMHVWZVND]\ZDQ\ZNROXPQLHPHQXÄ.RPXQLNDFMD´3U]\X \FLX 

NODZLDWXU\L/&'ZSLHUZQDOH \VSUDZG]Lü HNRPyUNDÄ1DVWDZLHQLDNRPXQLNDFML´Z 

NROXPQLHÄ.RQILJXUDFMD´MHVWQDVWDZLRQDQDÄ:LGRF]QD´DQDVW SQLHPR QDSU]HM ü 

GRNROXPQ\Ä.RPXQLNDFMD´3LHUZV]DNRPyUNDZGyáNROXPQ\SRND]XMHSURWRNyá 

NRPXQLNDF\MQ\X \W\ZW\OQ\PSRUFLHNRPXQLNDF\MQ\P 

 

.RPXQLNDFMDW\SX&RXULHU 

&RXULHUMHVWM ]\NLHPNRPXQLNDFMLUR]ZLQL W\PSU]H]$/67207 '3URWHFWLRQ 

&RQWURODE\XPR OLZLü]GDOQHRGS\W\ZDQLHVZRLFK]DEH]SLHF]H &RXULHUG]LDáD 

QDED]LHPDVWHUVODYHJG]LHMHGQRVWNDVODYH]DZLHUDLQIRUPDFM ZSRVWDFLED]\ 

GDQ\FKLRGSRZLDGDLQIRUPDFM ]ED]\GDQ\FKJG\MHVWS\WDQ\SU]H]MHGQRVWN 

PDVWHU 

3U]HND QLNMHVWMHGQRVWN VODYHSU]H]QDF]RQ GRZVSyáSUDF\]MHGQRVWN PDVWHUW\SX 

&RXULHUWDN MDN0L&2060L&2063$6 7$&&(66OXEV\VWHP6&$'$ 

0L&206MHVWSDNLHWHPRSURJUDPRZDQLDNRPSDW\ELOQD]:LQGRZV17 

VSHFMDOQLH]DSURMHNWRZDQ\PGR]PLDQQDVWDZLH ZSU]HND QLNX 

$E\X \üW\OQ\SRUWGRNRPXQLNDFML]HVWDFM NRPSXWHURZ PDVWHU]DSRPRF 

&RXULHUDSRWU]HEQ\MHVWNRQZHUWHUSURWRNRáyZ.,7=.%XVQD56-HVWRQGR 

QDE\FLDZ$/67203URWHFWLRQ &RQWURO/WG7\SRZ\VSRVyESRGá F]HQLDSRND]DQR 

QDU\V%DUG]LHMV]F]HJyáRZ\FKLQIRUPDFMLQDWHPDWLQQ\FKPR OLZR FLSRá F]H 

PR QD]QDOH üZLQVWUXNFMLGODRSURJUDPRZDQLDVWDFMLPDVWHUW\SX&RXULHULLQVWUXNFML 

GODNRQZHUWHUD.,7=6NU WNDZSRá F]HQLX.%XVPR HPLHüGRPGáXJR FLLGR 

SRGá F]RQ\FKSU]HND QLNyZ 


6WURQD]


0L&203333 

5\VXQHN:\NRQDQLHSRá F]H ]GDOQHMNRPXQLNDFML 

3RZ\NRQDQLXIL]\F]QHJRSRGá F]HQLDSU]HND QLNDQDOH \VNRQILJXURZDüQDVWDZLHQLD 

NRPXQLNDFMLSU]HND QLND$E\WHJRGRNRQDüWU]HEDX \üNODZLDWXU\L/&'QDSá\FLH 

F]RáRZHM:SLHUZQDOH \VSUDZG]LüZPHQXSU]HND QLND HNRPyUNDÄ1DVWDZLHQLD 

NRPXQLNDFML´ZNROXPQLHÄ.RQILJXUDFMD´MHVWQDVWDZLRQDQDÄ:LGRF]QD´DQDVW SQLH 

PR QDSU]HM üGRNROXPQ\Ä.RPXQLNDFMD´7\ONRGZDQDVWDZLHQLDPDM ]DVWRVRZDQLH 

GRW\OQHJRSRUWXZ\NRU]\VWXM FHJR&RXULHUDDGUHVSU]HND QLNDLOLF]QLNF]DVXEUDNX 

DNW\ZQR FL6\QFKURQLF]QDNRPXQLNDFMDMHVWQDVWDáHMSU GNR FLSU]HV\áXNELWyZV 

3LHUZV]DNRPyUNDZNROXPQLHÄ.RPXQLNDFMD´ZVND]XMHSURWRNyáNRPXQLNDF\MQ\ 


6WURQD]


0L&203333 

3URWRFRO 

&RXULHU 

3URWRNRO 

&RXULHU 

1DVW SQDNRPyUNDZGyáNROXPQ\NRQWUROXMHDGUHVSU]HND QLND 

$GUHVV 

 

$GUHV 

 

3RQLHZD D GRSU]HND QLNyZPR HE\üSRGá F]RQ\FKGRMHGQHMJDá ]L.EXVMDN 

SRND]DQRQDU\VNRQLHF]QHMHVWE\ND G\SU]HND QLNPLDáLQQ\DGUHVWDNE\ 

LQIRUPDFMH]HVWDFMLQDGU] GQHME\á\DNFHSWRZDQHW\ONRSU]H]MHGHQSU]HND QLN 

&RXULHUNRU]\VWD]DGUHVXQDVWDZLRQHJRZWHMNRPyUFHE G FHJR]]DNUHVXRGGR 

:D QHMHVWDE\QLHE\áRGZyFKSU]HND QLNyZRW\PVDP\PDGUHVLHZ 

NRPXQLNDFML&RXULHUD$GUHVWHQMHVWX \ZDQ\SU]H]VWDFM QDGU] GQ GRNRPXQLNDFML 

]SU]HND QLND 

1DVW SQDNRPyUNDNRQWUROXMHOLF]QLNF]DVXEUDNXDNW\ZQR FL 

,QDFWLYLW\WLPHU 

PLQV 

&]DVQLHDNW\ZQ 

PLQ 

/LF]QLNF]DVXEUDNXDNW\ZQR FLGHF\GXMHMDNGáXJRSU]HND QLNE G]LHF]HNDáEH] 

RGELRUXMDNLFKNROZLHNZLDGRPR FLSU]H]W\OQ\SRUW]DQLPSRZUyFLGRVWDQX 

GRP\ OQHJRXFK\ODM FZSURZDG]RQHKDVáRGRVW SX'ODW\OQLHJRSRUWXPR HE\üRQ 

QDVWDZLRQ\SRPL G]\DPLQXW 

1DOH \]DXZD \ü HQDVWDZLHQLD]DEH]SLHF]HQLDLUHMHVWUDWRUD]DNáyFH NWyUHV 

PRG\ILNRZDQHSU]\SRPRF\HG\WRUDRQOLQHWDNLHJRMDN3$6 7PXV] E\ü 

SRWZLHUG]RQH]DSLVHPZNRPyUFHÄ=DSLV]PLDQŃROXPQ\Ä.RQILJXUDFMD´(G\WRU\ 

2IIOLQHWDNLHMDN0L&206QLHZ\PDJDM WHJRGR]DWZLHUG]HQLD]PLDQQDVWDZLH 

 

.RPXQLNDFMDW\SX0RGEXV 

0RGEXVMHVWSURWRNRáHPNRPXQLNDF\MQ\PW\SXPDVWHUVODYHNWyU\VWRVXMHVL GR 

VWHURZDQLDVLHFL :SRGREQ\GR&RXULHUDVSRVyEV\VWHPG]LDáDZWHQVSRVyE H 

XU] G]HQLHPDVWHULQLFMXMHZV]HONLHDNFMHDXU] G]HQLDVODYHSU]HND QLNL 

RGSRZLDGDM SU]H]GRVWDUF]HQLHZ\PDJDQ\FKGDQ\FKOXEZ\NRQDQLHZ\PDJDQHM 

DNFML.RPXQLNDFMDW\SX0RGEXVMHVWX]\VNLZDQDSU]H]SRGá F]HQLHVNU WN 

GZXSU]HZRGRZ GRW\OQLHJRSRUWXLPR HE\üX \WDQDG\VWDQVLHSRQDGPLD 

GRXU] G]H W\SXVODYH 

$E\X \üW\OQ\SRUW]NRPXQLNDFM 0RGEXVWU]HEDVNRQILJXURZDüQDVWDZLHQLD 

NRPXQLNDFMLSU]HND QLND:W\PFHOXWU]HEDX \üNODZLDWXU\LZ\ ZLHWODF]D/&'QD 

Sá\FLHSU]HGQLHM:SLHUZQDOH \VSUDZG]LüZPHQXSU]HND QLND HNRPyUND 

³1DVWDZLHQLDNRPXQLNDFML´ZNROXPQLHÄ.RQILJXUDFMD´MHVWQDVWDZLRQDQDÄ:LGRF]QD´ 

DQDVW SQLHPR QDSU]HM üGRNROXPQ\Ä.RPXQLNDFMD´&]WHU\RSLVDQHSRQL HM 

QDVWDZLHQLDPDM ]DVWRVRZDQLHGRW\OQLHJRSRUWX]SURWRNRáHP0RGEXV3LHUZV]D 

NRPyUNDZNROXPQLHÄ.RPXQLNDFMD´ZVND]XMHSURWRNyáNRPXQLNDF\MQ\ 


6WURQD]


0L&203333 

3URWRFRO 

0RGEXV 

3URWRNRO 

0RGEXV 

1DVW SQDNRPyUNDZGyáNROXPQ\NRQWUROXMHDGUHVSU]HND QLNDGODNRPXQLNDFML 

0RGEXV 

$GUHVV0RGEXV 

 

$GUHV0RGEXV 

 

3RQLHZD D GRSU]HND QLNyZPR HE\üSRGá F]RQ\FKGRMHGQHMJDá ]L0RGEXV 

NRQLHF]QHMHVWE\ND G\SU]HND QLNPLDáLQQ\DGUHVWDNE\LQIRUPDFMH]HVWDFML 

QDGU] GQHME\á\DNFHSWRZDQHW\ONRSU]H]MHGHQSU]HND QLN 

0RGEXVNRU]\VWD]OLF]E\FDáNRZLWHM]]DNUHVXRGGRMDNRDGUHVXSU]HND QLND 

:D QHMHVWDE\QLHE\áRGZyFKSU]HND QLNyZRW\PVDP\PDGUHVLHZNRPXQLNDFML 

0RGEXV$GUHVWHQMHVWX \ZDQ\SU]H]VWDFM QDGU] GQ GRNRPXQLNDFML] 

SU]HND QLND 

1DVW SQDNRPyUNDNRQWUROXMHOLF]QLNF]DVXEUDNXDNW\ZQR FL 

,QDFWLYLW\WLPHU 

PLQV 

&]DVQLHDNW\ZQ 

PLQV 

/LF]QLNF]DVXEUDNXDNW\ZQR FLGHF\GXMHMDNGáXJRSU]HND QLNE G]LHF]HNDáEH] 

RGELRUXMDNLFKNROZLHNZLDGRPR FLSU]H]W\OQ\SRUW]DQLPSRZUyFLGRVWDQX 

GRP\ OQHJRXFK\ODM FZSURZDG]RQHKDVáRGRVW SX'ODW\OQLHJRSRUWXPR HE\üRQ 

QDVWDZLRQ\SRPL G]\DPLQXW 

1DVW SQDNRPyUNDNRQWUROXMHSU GNR üWUDQVPLVMLMDNDPDE\üX \WD 

%DXGUDWH 

ELWVV 

3UHGNWUDQVPLVML 

ELWVV 

.RPXQLNDFMD0RGEXVMHVWDV\QFKURQLF]QD'RZ\ERUXV WU]\SU GNR FLWUDQVPLVML 

µELWyZVµELWyZVLµELWyZV:D QHMHVWE\SU GNR üWUDQVPLVML 

E\áDWDNDVDPDZSU]HND QLNXMDNZVWDFMLQDGU] GQHM0RGEXV 

1DVW SQDNRPyUNDNRQWUROXMHIRUPDWSDU]\VWR FLX \W\ZUDPFHGDQ\FK 

3DULW\ 

1RQH 

3U]\VWRVF 

%UDN 

3DU]\VWR üPR HE\üXVWDZLRQDQD³%UDN´³1LHSDU]\VW\ÓXEÄ3DU]\VW\´:D QHMHVW 

E\IRUPDWSDU]\VWR FLE\áWDNLVDPZSU]HND QLNXMDNZVWDFMLQDGU] GQHM0RGEXV 


6WURQD]


0L&203333 

 

.RPXQLNDFMDW\SX,(& 

6SHF\ILNDFMD,(&:\SRVD HQLHL6\VWHP\7HOHVWHURZDQLD&] ü 

3URWRNRá\7UDQVPLVML3RGUR]G]LDáGHILQLXMHX \FLHVWDQGDUGyZ,(&GR 

,(&GRZ\NRQDQLDNRPXQLNDFML]XU] G]HQLHP]DEH]SLHF]HQLRZ\P 

6WDQGDUGRZ NRQILJXUDFM GODSURWRNRáX,(&MHVWX \FLHVNU WNL 

GZXSU]HZRGRZHMQDG\VWDQVD GRP2SFMRQDOQLHGOD,(&W\OQL 

SRUWPR HE\ü]SRá F]HQLHP ZLDWáRZRGRZ\PGODEH]SR UHGQLHJRSRá F]HQLD] 

V\VWHPHPQDGU] GQ\P3U]HND QLNG]LDáDMDNRVODYHZV\VWHPLHRGSRZLDGDM FQD 

UR]ND]\]HVWDFMLPDVWHU7DPHWRGDNRPXQLNDFMLZ\NRU]\VWXMHVWDQGDU\]RZDQ\FK 

ZLDGRPR FLRSDUW\FKQDSURWRNROHNRPXQLNDFML9'(: 

$E\X \üW\OQ\SRUW]NRPXQLNDFM ,(&WU]HEDVNRQILJXURZDü 

QDVWDZLHQLDNRPXQLNDFMLSU]HND QLND:W\PFHOXWU]HEDX \üNODZLDWXU\L 

Z\ ZLHWODF]D/&'QDSá\FLHSU]HGQLHM:SLHUZQDOH \VSUDZG]LüZPHQX 

SU]HND QLND HNRPyUND³1DVWDZLHQLDNRPXQLNDFML´ZNROXPQLHÄ.RQILJXUDFMD´MHVW 

QDVWDZLRQDQDÄ:LGRF]QD´DQDVW SQLHPR QDSU]HM üGRNROXPQ\Ä.RPXQLNDFMD´ 

&]WHU\RSLVDQHSRQL HMQDVWDZLHQLDPDM ]DVWRVRZDQLHGRW\OQLHJRSRUWX] 

SURWRNRáHP,(&3LHUZV]DNRPyUNDZNROXPQLHÄ.RPXQLNDFMD´ZVND]XMH 

SURWRNyáNRPXQLNDF\MQ\ 

3URWRFRO 

,(& 

3URWRNRO 

,(& 

1DVW SQDNRPyUNDZGyáNROXPQ\NRQWUROXMHDGUHVSU]HND QLNDGODNRPXQLNDFML 

,(& 

$GUHVV 

 

$GUHV 

 

3RQLHZD D GRSU]HND QLNyZPR HE\üSRGá F]RQ\FKGRMHGQHMJDá ]L 

,(&NRQLHF]QHMHVWE\ND G\SU]HND QLNPLDáLQQ\DGUHVWDNE\ 

LQIRUPDFMH]HVWDFMLQDGU] GQHME\á\DNFHSWRZDQHW\ONRSU]H]MHGHQSU]HND QLN 

,(&NRU]\VWD]OLF]E\FDáNRZLWHM]]DNUHVXRGGRMDNRDGUHVX 

SU]HND QLND:D QHMHVWDE\QLHE\áRGZyFKSU]HND QLNyZRW\PVDP\PDGUHVLHZ 

NRPXQLNDFML,(&$GUHVWHQMHVWX \ZDQ\SU]H]VWDFM QDGU] GQ GR 

NRPXQLNDFML]SU]HND QLND 

1DVW SQDNRPyUNDNRQWUROXMHSU GNR üWUDQVPLVMLMDNDPDE\üX \WD 

%DXGUDWH 

ELWVV 

3UHGNWUDQVPLVML 

ELWVV 

.RPXQLNDFMD,(&MHVWDV\QFKURQLF]QD'RZ\ERUXV GZLHSU GNR FL 

WUDQVPLVMLµELWyZVLµELWyZV:D QHMHVWE\SU GNR üWUDQVPLVMLE\áD 

WDNDVDPDZSU]HND QLNXMDNZVWDFMLQDGU] GQHM,(& 


6WURQD]


0L&203333 

1DVW SQDNRPyUNDNRQWUROXMHRNUHVSRPL G]\SRPLDUDPL,(& 

0HDVXUHWSHULRG 

V 

2NUHVSRPLDUX 

V 

3URWRNyá,(&SR]ZDODSU]HND QLNRZLGRVWDUF]DüSRPLDUyZZ 

UHJXODUQ\FKRGFLQNDFKF]DVX2GFLQHNF]DVXSRPL G]\SRPLDUDPLMHVWNRQWURORZDQ\ 

SU]H]W NRPyUN LPR HE\üXVWDZLRQ\SRPL G]\DV 

1DVW SQDNRPyUNDNRQWUROXMHIL]\F]QHPHGLDX \WHGRNRPXQLNDFML 

3KLVLFDOOLQN 

56 

3RODF]IL]\F]QH 

56 

1DVWDZLHQLHPGRP\ OQ\PMHVWHOHNWU\F]QHSRá F]HQLH56-H OLZ\NRU]\VWDQHV 

SRá F]HQLDRSW\F]QHWRQDVWDZLHQLHPR QD]PLHQLüQDÄ2SW\F]QH´ 

1DVW SQDNRPyUNDPR HE\üX \WDGRRNUH OHQLDW\SXIXQNFMLSLHUZRWQHMGODWHJR 

LQWHUIHMVXJG]LHQLHMHVWZ\UD QLHRNUH ORQHGOD]DVWRVRZDQLDSURWRNRáX,(& 

 

)XQFWLRQW\SH 

 

7\SIXQNFML 

 


6WURQD]

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:2 

35 '2:( 

5R]G]LDá 

8ZDJLDSOLNDF\MQH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6SLVWUH FL 

6WURQD 

:67 3 

=$%(=3,(&=(1,(Ã/,1,,Ã1$32:,(75=1

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6SLVWUH FL 

6WURQD 

&KDUDNWHU\VW\ND]GZLHPDVWDá\PLF]DVRZ\PL 

:VND]yZNLGODQDVWDZ 

&KDUDNWHU\VW\ND]MHGQ VWDá F]DVRZ 


=$%(=3,(&=(1,(Ã=,(012=:$5&,2:( 

.LHUXQNRZH]DEH]SLHF]HQLH]LHPQR]ZDUFLRZHW\ONR33 

3RODU\]DFMDQDSL FLHPVNáDGRZHM]HURZHM 

3RODU\]DFMDQDSL FLHPVNáDGRZHMSU]HFLZQHM 

2JyOQHZVND]yZNLGODQDVWDZLDQLD]DEH]SLHF]HQLD'() 

=$%(=3,(&=(1,(Ã2'Ã86=.2'=(1,$Ã:F]DVSU]HUZ\ZWRNX@ 

$XWRFORVH>DXWR]Dá F]@ 

$ODUP\PRGXáX63= 

$5&%XQKHDOWK\>63=Z\á F]QLNQLHVSUDZQ\@V\JQDá]]DWU]DVNLHP 

$5ORFNRXW>EORNDGD63=@V\JQDáEH]SRGWU]\PDQLD 

6HNZHQFMDG]LDáDQLDORJLNL63= 

*áyZQHIXQNFMHRSHUDF\MQH 

7U\E\SUDF\ 

,QLFMDFMDF\NOX63= 

%ORNRZDQLH]DEH]SLHF]H EH]]ZáRF]Q\FKSRGF]DVF\NOX63= 

,QLFMDFMDF]DVXUHJHQHUDF\MQHJRUHFODLP 

%ORNDGD63=SRU F]Q\P]Dá F]HQLX 

%ORNDGD63= 

=HURZDQLHV\JQDáXEORNDG\ 

:VND]yZNLQDVWDZLHQLRZH 

/LF]EDF\NOL63= 

1DVWDZ\F]DVXSU]HUZ\EH]QDSL FLRZHM 

2EFL HQLH 

:\á F]QLN 

&]DVGHMRQL]DFML]DNáyFHQLD 

2GZ]EXG]DQLH]DEH]SLHF]H 

1DVWDZ\F]DVXUHJHQHUDF\MQHJR 

63=-('12Ã,Ã75Ï-)$=2:

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6SLVWUH FL 

6WURQD 

:HM FLDV\JQDáRZH]RSWRL]RODFM 

&%+HDOWK\>Z\á F]QLNVSUDZQ\@ 

%$5>EORNDGD63=@ 

5HVHWORFNRXW>]HURZDQLHEORNDG\@ 

3ROHGLVFUHSDQF\>QLHMHGQRF]HVQR üG]LDáDQLDELHJXQyZZ\á F]QLND@ 

)RUFHSROHWULS>Z\PXV]HQLHZ\á F]HQLDID]RZHJR@ 

(QDEOHSROH$5>DNW\ZXMID]RZ\63=@ 

(QDEOHSROH$5>DNW\ZXMID]RZ\63=@ 

([WHUQDOWULS>]HZQ WU]QHZ\á F]HQLH@ 

:\M FLDORJLF]QH63= 

$5SROHLQSURJUHVV>ID]RZ\63=ZWRNX@ 

$5SROHLQSURJUHVV>ID]RZ\63=ZWRNX@ 

6XFFHVVIXOFORVH>63=XGDQ\@ 

$5VWDWXV>VWDQ63=@ 

$XWRFORVH>DXWR]Dá F]HQLH@ 

$ODUP\PRGXáX63= 

$51R&KHFNV\QF>EUDNV\QFKURQL]PXSRGF]DVF\NOX63=@V\JQDá]]DWU]DVNLHP 

$5&%XQKHDOWK\>63=Z\á F]QLNQLHVSUDZQ\@V\JQDá]]DWU]DVNLHP 

$5ORFNRXW>EORNDGD63=@V\JQDáEH]SRGWU]\PDQLD 

6HNZHQFMDG]LDáDQLDORJLNL63= 

*áyZQHFHFK\G]LDáDQLD 

7U\E\63= 

,QLFMDFMD63= 

%ORNDGD63=SRU F]Q\P]Dá F]HQLX 

%ORNDGD63= 

=HURZDQLHV\JQDáXEORNDG\ 

.RQWURODV\QFKURQL]PXGODV]\ENLHJR]Dá F]HQLDWUyMID]RZHJR 

:VND]yZNLQDVWDZLHQLRZH 

/LF]EDF\NOL63= 

1DVWDZ\F]DVXSU]HUZ\EH]QDSL FLRZHM 

2EFL HQLH 

:\á F]QLN 

&]DVGHMRQL]DFML]DNáyFHQLD 

2GZ]EXG]DQLH]DEH]SLHF]H 

1DVWDZ\F]DVXUHJHQHUDF\MQHJR 

.21752/$Ã6

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6SLVWUH FL 

6WURQD 

5R]ZL ]DQLHUyZQDQLDGODORNDOL]DFMLPLHMVFD]ZDUFLD 

.RPSHQVDFMDLQGXNF\MQR FLZ]DMHPQHMW\ONRGODPRGXáXUy QLFRZRSU GRZHJRL 

RGOHJáR FLRZHJR 

1DVWDZ\ORNDOL]DWRUD 

:\]ZDODQLHUHMHVWUDWRUD]DNáyFH 

3U]\NáDGQDVWDZ 

5(-(675GRP\ OQ\Z\ ZLHWODF]HNUDQ@ 

/RFDOYDOXHV>ZDUWR FLORNDOQH@ 

5HPRWHYDOXHV>ZDUWR FL]GDOQH@ 

0HDVXUHPHQWUHI>RGQR QLNSRPLDUX@ 

0HDVXUHPHQWPRGH>WU\ESRPLDUX@ 

)L[HGGHPDQGSHULRG>RNUHVSRPLDUXZDUWR FL GDQHMVWDáHM@ 

5ROOLQJVXESHULRG>RNUHVSRPLDUXZDUWR FL GDQHMSU]HZLMDQHM@L1XPEHUVXESHULRGV 

>OLF]EDSRGRNUHVyZ@ 

'LVWDQFHXQLW>MHGQRVWNDRGOHJáR FL@ 

)DXOWORFDWLRQ>ORNDOL]DFMD]ZDUFLD@ 

'20< /1(1$67$:

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6SLVWUH FL 

6WURQD 

021,725Ã%,76Ã>%,77(67Ã:6.$ 1,.Ï:Ã/('@ 

7(67Ã$8725(&/26(Ã>7(67Ã63=@ 

7(67Ã/223%$&.Ã>7(67Ã3 7/,Ã=:5271(-@ 

8

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

:67 3 

 

=DEH]SLHF]HQLHOLQLLQDSRZLHWU]Q\FKLNDEORZ\FK 

/LQLHQDSRZLHWU]QHGODQDSL üRGN9OLQLLUR]G]LHOF]\FKD GRN9OLQLLWUDQVPLV\MQ\FKV 

SUDZGRSRGREQLHQDMEDUG]LHMZUD OLZ\PLHOHPHQWDPLV\VWHPXHQHUJHW\F]QHJR'ODWHJRZD QH 

MHVWDE\]DEH]SLHF]HQLDVNRMDU]RQH]QLPL]DSHZQLDá\EH]SLHF]H VWZRLSHZQR üG]LDáDQLD 

'ODV\VWHPyZUR]G]LHOF]\FKFL JáR ü]DVLODQLDMHVWQDMZD QLHMV]\P]DGDQLHP:L NV]R ü 

]DNáyFH QDQDSRZLHWU]Q\FKOLQLDFKMHVWSU]HPLMDM FD]QDWXU\'ODWHJRX \ZDVL 

ZLHORNURWQ\FKF\NOL63=ZSRá F]HQLX]EH]]ZáRF]Q\PLHOHPHQWDPLZ\á F]DM F\PLGOD 

]ZL NV]HQLDPR OLZR FLV\VWHPX'ODXWU]\PXM F\FKVL ]DNáyFH EDUG]RZD QHMHVWDE\ 

RGL]RORZDüW\ONRXV]NRG]RQ\IUDJPHQWV\VWHPX3R]DW\PGX DV]\ENR üSHZQHXVXQL FLH 

XV]NRG]HQLDMHVWSRGVWDZRZ\PZ\PRJLHPGRZROQHJR]DEH]SLHF]HQLDVLHFLUR]G]LHOF]HM 

:\PDJDQLDGODVLHFLWUDQVPLV\MQ\FKPXV] UyZQLH XZ]JO GQLDüVWDELOQR üV\VWHPX*G\ 

V\VWHP\QLHV VLOQLHVSU] RQHWRF] VW\PZ\PRJLHPMHVWX \FLHZ\á F]DQLDMHGQRID]RZHJRL 

V]\ENRG]LDáDM FHJR63=7R]NROHLQDU]XFDSRWU]HE VWRVRZDQLDEDUG]RV]\ENRG]LDáDM F\FK 

]DEH]SLHF]H GOD]PQLHMV]HQLDFDáNRZLWHJRF]DVXXVXQL FLD]DNáyFHQLD 

1DOH \]ZUyFLüXZDJ HLVWQLHMHZLHOHNRQILJXUDFMLOLQLL$SOLNDFMHSU]HV\áRZHPRJ VL 

REHMPRZDü]Z\NOHOLQLHRGZyFKOXEWU]HFKNR FDFK]DVLODQ\FK]XNáDGyZSyáWRUD 

Z\á F]QLNRZ\FKOXENRQILJXUDFML]áR RQ\FK$SOLNDFMHGODQL V]\FKSR]LRPyZQDSL üUyZQLH 

PRJ GRW\F]\üOLQLL]GZRPDOXEWU]HPDNR FDPL]GRGDWNRZ\PXWUXGQLHQLHPZSRVWDFL 

WUDQVIRUPDWRUyZ]QDMGXM F\FKVL ZVWUHILHFKURQLRQHM 

&]XáR üQD]DNáyFHQLDMHVWZD Q\PHOHPHQWHPGODZV]\VWNLFKSR]LRPyZQDSL FLD'OD 

V\VWHPyZSU]HV\áRZ\FKUH]\VWDQFMD]ZDUFLDGR]LHPQHJRPR HE\üZ\VRND5yZQLH ]ZDUFLD 

Z\VRNRUH]\VWDQF\MQHVWDQRZL SU]HZD DM F F] ü]DNáyFH V]F]HJyOQLHJG\OLQLHSURZDG] 

SRSU]H]WHUHQ\SLDV]F]\VWHOXEVNDOLVWH6]\ENLHLSHZQHXVXQL FLH]DNáyFHQLDMHVWZ\PDJDQH 

UyZQLH GOD]ZDUFLDZWDNLFKZDUXQNDFK 

(IHNWUH]\VWDQFML]DNáyFHQLDMHVWEDUG]LHMZLGRF]Q\GODV\VWHPyZRQL V]\PQDSL FLX 

SURZDG] FGRSU GyZ]DNáyFHQLDRPDáHMZDUWR FLFR]NROHL]ZL NV]DWUXGQR FLZLFK 

GHWHNFML'RGDWNRZRZLHOHV\VWHPyZUR]G]LHOF]\FKX \ZDPHWRGRJUDQLF]DQLDSU GX]ZDUFLD 

GR]LHPQHJR0HWRGDPLW\PLV UH]\VWDQF\MQHX]LHPLHQLHSXQNWXQHXWUDOQHJRX]LHPLHQLH 

SRSU]H]FHZN 3HWHUVHQDOXEV\VWHP\]L]RORZDQ\PSXQNWHPQHXWUDOQ\PSRZRGXM H 

Z\NU\FLH]DNáyFHQLDGR]LHPQHJRVWDMHVL WUXGQH'ODUR]ZL ]DQLDSU]HGVWDZLRQ\FK 

SUREOHPyZVWDZLDVL VSHFMDOQHZ\PDJDQLDRGQR QLH]DEH]SLHF]H 

1D]DEH]SLHF]HQLHUyZQLH PR HPLHüZSá\ZSU GáDGRZDQLDOLQLL-HVWWRSUREOHP 

V]F]HJyOQLHZ\VW SXM F\GODGáXJLFKNDEORZ\FKOLQLLSU]HV\áRZ\FK=DUyZQRSU GSRF] WNRZ\ 

MDNLXVWDORQ\SU GáDGRZDQLDQLHPRJ SRZRGRZDüEá GQHJRG]LDáDQLD]DEH]SLHF]HQLDL 

RJUDQLF]HQLDMHJRPR OLZR FL 

1DOH \XZ]JO GQLüIL]\F]Q RGOHJáR ü1LHNWyUHOLQLHSU]HV\áRZHQDMZ\ V]\FKQDSL üPRJ 

PLHüGáXJR üU] GXNLONXVHWNLORPHWUyZ-H HOLX \ZDP\V]\ENLFKLSHZQ\FK]DEH]SLHF]H WR 

QLH]E GQDMHVWZ\PLDQDLQIRUPDFMLSRPL G]\NR FDPLOLQLL7RQDNáDGDV]F]HJyOQHZ\PRJLQD 

]DVWRVRZDQLHEH]SLHF]Q\FK URGNyZá F]QR FLMDNL]DEH]SLHF]H SU]\SUDF\ZSU]\SDGNX 

XWUDW\NRPXQLNDFML 

:D Q\PHOHPHQWHPXNáDGyZ]DEH]SLHF]HQLRZ\FKMHVWUyZQLH ]DEH]SLHF]HQLHUH]HUZRZH 

:SU]\SDGNXXV]NRG]HQLDZ\SRVD HQLDWDNLHJRMDNQDSU]\NáDGXU] G]HQLDá F]QR FLOXE 

Z\á F]QLNQLH]E GQHMHVW]DSHZQLHQLHDOWHUQDW\ZQ\FKPHWRGXVXQL FLD]DNáyFHQLD=DOHFDQH 

MHVWDE\]DEH]SLHF]HQLHUH]HUZRZHG]LDáDáR]PLQLPDOQ\PRSy QLHQLHPWDNDE\]DSHZQLü 

]Uy QLFRZDQLHPL G]\]DEH]SLHF]HQLHPSRGVWDZRZ\PRUD]]DEH]SLHF]HQLDPLZSR]RVWDáHM 

F] FLV\VWHPX

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

 

=DEH]SLHF]HQLH3 

3U]HND QLNL0L&20VWDQRZL QRZ URG]LQ SURGXNWyZ$/67207 '6$8 \ZDM F 

QDMQRZV]HMWHFKQRORJLLF\IURZHMSU]HND QLNL0L&20REHMPXM XU] G]HQLDRSUDFRZDQHGOD 

]DVWRVRZD GODV]HURNLHJR]DNUHVXHOHPHQWyZHOHNWURHQHUJHW\F]Q\FKWDNLFKMDNVLOQLNL 

JHQHUDWRU\OLQLHQDSRZLHWU]QHLNDEORZH 

.D GH]DEH]SLHF]HQLH]EXGRZDQRQDZVSyOQHMSODWIRUPLHVSU] WRZHMLSURJUDPRZHMGOD 

X]\VNDQLDZ\VRNLHJRVWRSQLD]JRGQR FLSRPL G]\SURGXNWDPL-HGQ\P]WDNLFKXU] G]H MHVW 

3=DEH]SLHF]HQLHRSUDFRZDQRGODREM FLDRFKURQ V]HURNLHJR]DNUHVXOLQLL 

QDSRZLHWU]Q\FKLNDEOLGODVLHFLUR]G]LHOF]\FKLSU]HV\áRZ\FK 

8U] G]HQLH]DZLHUDUyZQLH ]DDZDQVRZDQ\]HVWDZIXQNFMLQLH]ZL ]DQ\FK] 

]DEH]SLHF]HQLHPGODXáDWZLHQLDGLDJQR]\V\VWHPXLDQDOL]\]DNáyFHQLD:V]\VWNLHWHIXQNFMH 

PRJ E\üGRVW SQH]GDOQLHSRSU]H]GRZROQ\SRUWNRPXQLNDF\MQ\SU]HND QLND 

)XQNFMH]DEH]SLHF]HQLRZH 

3U]HND QLN3]DZLHUDZLHOHUy Q\FKIXQNFML]DEH]SLHF]HQLRZ\FK'RVW SQHV Uy QH 

PRGHOH333L3GODUHDOL]DFMLV]HURNLHJR]DNUHVX]DVWRVRZD .D G\ 

PRGHOPR HE\üVNRQILJXURZDQ\GODRFKURQ\OLQLLROXENR FDFK'RVW SQHV PRGHOHGOD 

Z\á F]DQLDMHGQRLWUyMID]RZHJR33OXEW\ONRWUyMID]RZHJR33)XQNFMH 

]DEH]SLHF]HQLRZH]HEUDQRSRQL HM 

” =DEH]SLHF]HQLHUy QLFRZHGODSU GyZID]RZ\FK±]DEH]SLHF]HQLHUy QLFRZH 

VWDELOL]RZDQH]VHOHNFM ID]RZ VWDQRZLJáyZQ\HOHPHQW]DEH]SLHF]HQLRZ\GOD 

XU] G]HQLD=DSHZQLDEDUG]RV]\ENLH]DEH]SLHF]HQLHGODZV]\VWNLFKURG]DMyZ 

]DNáyFH 

” .RPSHQVDFMDSU GXPDJQHVRZDQLDSU]HNáDGQLLSU]HVXQL FLDID]RZHJRGOD 

WUDQVIRUPDWRUD3R]ZDODVWRVRZDüHOHPHQW\Uy QLFRZHGODOLQLL]DVLODM F\FKJG\ 

WUDQVIRUPDWRU]QDMGXMHVL ZREU ELHVWUHI\FKURQLRQHMW\ONR3L3 

” =DEH]SLHF]HQLHRGOHJáR FLRZH]WU]HPDVWUHIDPL]DSHZQLDM F\PLUH]HUZRZDQLH 

F]áRQXUy QLFRZRSU GRZHJRW\ONR3L3 

” =DEH]SLHF]HQLHQDGSU GRZHGODSU GyZID]RZ\FK±VWRSQLHNLHUXQNRZHJR 

EH]NLHUXQNRZHJR]DEH]SLHF]HQLDUH]HUZRZHJRHOHPHQWNLHUXQNRZ\W\ONRGOD3L 

3 

” =DEH]SLHF]HQLH]LHPQR]ZDUFLRZH±F]WHU\VWRSQLHUH]HUZRZHJR]DEH]SLHF]HQLD 

NLHUXQNRZHJRHOHPHQWNLHUXQNRZ\W\ONRGOD3L3 

” &]XáH]DEH]SLHF]HQLH]LHPQR]ZDUFLRZHF]WHU\VWRSQLHUH]HUZRZHJR]DEH]SLHF]HQLD 

NLHUXQNRZHJREH]NLHUXQNRZHJR0R HE\üVNRQILJXURZDQHGOD]DSHZQLHQLD 

]DEH]SLHF]HQLD]LHPQR]ZDUFLRZHJRGODVLHFLX]LHPLRQ\FKSU]H]FHZN RJUDQLF]DM F 

áXNW\ONR3L3 

” =DEH]SLHF]HQLHFLHSOQH±VWRSQLH]DEH]SLHF]HQLDWHUPLF]QHJRGODOLQLLNDEOL 

WUDQVIRUPDWRUyZ 

” =DEH]SLHF]HQLHRGSU]HUZDQHJRSU]HZRGX±GODZ\NU\FLDXV]NRG]H ]ZL ]DQ\FK] 

RWZDUFLHPREZRGX 

” =DEH]SLHF]HQLHSQLDVWRVRZDQHGODXNáDGyZ Ã ±Z\á F]QLNRZ\FKL]áR RQ\FK 

SXQNWyZVLHFLRZ\FK±W]ZµPHVKFRUQHUW\ONR3 

” =DEH]SLHF]HQLHRGXV]NRG]HQLDZ\á F]QLND±]DEH]SLHF]HQLHVWRSQLRZH 

” $XWRPDW\NDVDPRF]\QQHJRSRQRZQHJR]Dá F]HQLD63=±'ODUHDOL]DFMLID]RZ\FK 

3OXEID]RZ\FK3ZLHORNURWQ\FKF\NOL63= 

” )XQNFMDNRQWUROLV\QFKURQL]PX±'ODUHDOL]DFMLIXQNFMLNRQWUROXM FHMZDUXQNL 

V\QFKURQL]PXGODU F]QHJROXEDXWRPDW\F]QHJR]Dá F]DQLDZ\á F]QLNDW\ONR3

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

” %H]SR UHGQL]H]ZDODM F\LQWHUWULS±1LH]DOH QDIXQNFMDLQWHUWULSXSU]\X \FLXNDQDáyZ 

NRPXQLNDF\MQ\FK]DEH]SLHF]HQLD 

” 3RGZyMQDUHGXQGDQFMDNRPXQLNDFML±RSFMD]GXEORZDQHJRNDQDáXWUDQVPLV\MQHJR 

]DSHZQLDZ\VRNLSR]LRPEH]SLHF]H VWZD 

” .RQWURODREZRGyZNRPXQLNDF\MQ\FK]DEH]SLHF]HQLD±'ODZ\NU\FLDXV]NRG]HQLD 

NRPXQLNDFML]DEH]SLHF]HQLDLXUXFKRPLHQLDDNFMLQDSUDZF]HMQSSRSU]H]SU]Há F]HQLH 

QDUH]HUZRZHIXQNFMH]DEH]SLHF]HQLRZHQLHZ\PDJDM FHNRPXQLNDFML 

” .RQWURODREZRGyZQDSL FLRZ\FK±'ODXQLNQL FLDEá GQHJRG]LDáDQLDHOHPHQWyZ 

]DEH]SLHF]HQLRZ\FK]DOH Q\FKRGQDSL FLDW\ONR3L3 

” 6ZRERGQLHSURJUDPRZDOQDORJLNDG]LDáDQLD±3R]ZDODQD]GHILQLRZDQLHIXQNFML 

]DEH]SLHF]HQLRZ\FKLORJLNVWHURZDQLDGODVSHáQLHQLDZDUXQNyZV]F]HJyOQHMDSOLNDFML 

 

)XQNFMHQLH]ZL ]DQH]]DEH]SLHF]DQLHP 

3RQL HMSU]HGVWDZLRQR]HVWDZGRGDWNRZ\FKIXQNFMLXU] G]HQLD3 

” 3RPLDU\ORNDOQH]GDOQH±'RVW SQHV Uy QHZDUWR FLSRPLDURZHGODZV]\VWNLFK 

NR FyZOLQLLORNDOQ\FKL]GDOQ\FK0R OLZHGRSUH]HQWDFMLQDZ\ ZLHWODF]X 

]DEH]SLHF]HQLDOXESRSU]H]á F]HNRPXQLNDF\MQH 

” 5HMHVWUDWRU\]GDU]H SRPLDUyZ]DNáyFH SU]HELHJyZFKZLORZ\FK±'RVW SQH 

SRSU]H]SRUWNRPXQLNDF\MQ\OXEZ\ ZLHWODF]W\ONR]GDU]H SRPLDUyZ]DNáyFH 

” /RNDOL]DWRUPLHMVFD]ZDUFLDW\ONR3L3 

” =HJDUF]DVXU]HF]\ZLVWHJRV\QFKURQL]DFMDF]DVRZD±6\QFKURQL]DFMDF]DVRZD 

PR OLZDSRSU]H]ZHM FLH,5,*% 

” &]WHU\EDQNLQDVWDZ±QLH]DOH QHJUXS\QDVWDZGODREM FLDUy Q\FKNRQILJXUDFML 

V\VWHPXOXEVSHF\ILF]Q\FKDSOLNDFML 

” .RQWURODVWDQXZ\á F]QLND±]DSHZQLDZVND]DQLHQLH]JRGQR FLSRPL G]\VW\NDPL 

SRPRFQLF]\PLZ\á F]QLND 

” 6WHURZDQLHZ\á F]QLND6WHURZDQLHZ\á F]QLNDPR HE\üUHDOL]RZDQHORNDOQLHOXE 

]GDOQLH 

” 1DG]yUNRQG\FMLZ\á F]QLND±=DSHZQLDZ\M FLDLQIRUPDF\MQHDODUPRZH]ZL ]DQH] 

OLF]E RSHUDFMLZ\á F]QLNLHPVXP SU GyZSU]HU\ZDQ\FKLF]DVyZG]LDáDQLDZ\á F]QLND 

W\ONR333 

” )XQNFMHXUXFKRPLHQLRZHWHVWRZH 

” =GDOQDNRPXQLNDFMDV]HUHJRZD±8PR OLZLD]GDOQ\GRVW SGR]DEH]SLHF]HQLD 

2EVáXJLZDQHV QDVW SXM FHSURWRNRá\NRPXQLNDF\MQH&RXULHU02'%86L 

,(& 

” &L JáDVDPRNRQWUROD±'LDJQRVW\ND³SR]Dá F]HQLX´LSURFHGXU\VDPRNRQWUROLGOD 

X]\VNDQLDPDNV\PDOQHMSHZQR FLLVNXWHF]QR FL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

=DVWRVRZDQLHLQG\ZLGXDOQ\FKIXQNFML]DEH]SLHF]HQLRZ\FK 

5R]G]LDáRSLVXMHV]F]HJyá\LQG\ZLGXDOQ\FKIXQNFML]DEH]SLHF]HQLRZ\FKGRGDWNRZRSRGDM F 

JG]LHLMDNPRJ E\üRQHX \WH.D GDVHNFMDSRGDMHIUDJPHQW]RGSRZLHGQLHMNROXPQ\PHQX 

GODSRND]DQLDMDNQDVWDZ\V VWRVRZDQHZ]DEH]SLHF]HQLX 

8U] G]HQLH3]DZLHUDM NROXPQ PHQXQD]\ZDQ µ&21),*85$7,213RQLHZD PDRQD 

ZSá\ZQDND G SRMHG\QF] IXQNFM ]DEH]SLHF]HQLRZ RSLVDQRM SRQL HM 

 

.ROXPQDNRQILJXUDFML 

1DVW SXM FWDEHODSRND]XMHNROXPQ NRQILJXUDFML 

7(.670(18 1$67$:

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

%URNHQ&RQGXFWRU 'LVDEOHG (QDEOHGRU'LVDEOHG 

(DUWK)DXOW (QDEOHG (QDEOHGRU'LVDEOHG 

6HQVLWLYH() 'LVDEOHG (QDEOHGRU'LVDEOHG 

7KHUPDORYHUORDG 'LVDEOHG (QDEOHGRU'LVDEOHG 

&%)DLO 'LVDEOHG (QDEOHGRU'LVDEOHG 

6XSHUYLVLRQ (QDEOHG (QDEOHGRU'LVDEOHG 

)DXOW/RFDWRU (QDEOHG (QDEOHGRU'LVDEOHG 

6\VWHP&KHFNV 'LVDEOHG (QDEOHGRU'LVDEOHG 

$XWR5HFORVH 'LVDEOHG (QDEOHGRU'LVDEOHG 

,QSXW/DEHOV 9LVLEOH ,QYLVLEOHRU9LVLEOH 

2XWSXW/DEHOV 9LVLEOH ,QYLVLEOHRU9LVLEOH 

&7 975DWLRV 9LVLEOH ,QYLVLEOHRU9LVLEOH 

(YHQW5HFRUGHU ,QYLVLEOH ,QYLVLEOHRU9LVLEOH 

'LVWXUE5HFRUGHU ,QYLVLEOH ,QYLVLEOHRU9LVLEOH 

0HDVXUHW6HWXS ,QYLVLEOH ,QYLVLEOHRU9LVLEOH 

&RPPV6HWWLQJV 9LVLEOH ,QYLVLEOHRU9LVLEOH 

&RPPLVVLRQ7HVWV 9LVLEOH ,QYLVLEOHRU9LVLEOH 

6HWWLQJ9DOXHV 3ULPDU\ 3ULPDU\RU6HFRQGDU\ 

7DEHOD 

=DGDQLHPNROXPQ\&21),*85$7,21MHVWRJyOQHVNRQILJXURZDQLH]DEH]SLHF]HQLD]MHGQHJR 

PLHMVFDZPHQX'RZROQD]IXQNFMLNWyUDMHVWQLHF]\QQDOXEXVWDZLRQDMDNRXNU\WDZWHM 

NROXPQLHQLHSRMDZLDVL ZREU ELHJáyZQHJRPHQX]DEH]SLHF]HQLD 

 

 

=DEH]SLHF]HQLHUy QLFRZHSU GXID]RZHJR 

3RGVWDZRZ\PHOHPHQWHP]DEH]SLHF]HQLRZ\P3MHVW]DEH]SLHF]HQLHUy QLFRZHGOD 

SRV]F]HJyOQ\FKSU GyZID]RZ\FK7DWHFKQLNDZ\PDJDSRUyZQDQLDSU GyZQDND G\P 

NR FXOLQLLà F]HNRPXQLNDF\MQHMHVWGODWHJRSRGVWDZRZ\PZ\PRJLHP8U] G]HQLH3 

X \ZD.ELWVF\IURZHJRV\VWHPXNRPXQLNDF\MQHJRRSDUWHJRQDEH]SR UHGQLP 

SRá F]HQLXRSW\F]Q\PSRPL G]\NR FDPLOXESRSU]H]PXOWLSOHNVHU 

.RQILJXUDFMD]DEH]SLHF]HQLDUy QLFRZHJR 

3RQL HM]DPLHV]F]RQRNRSL NROXPQ\PHQXµ,',))&21),*:V]\VWNLHQDVWDZ\ 

NRQILJXUDF\MQHRGQRV] FHVL GR]DEH]SLHF]HQLDUy QLFRZHJR]QDMGXM FHVL ZPHQXPR QD 

]QDOH üZSU]HGVWDZLRQHMNROXPQLH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

,',))&21),* 'HIDXOW6HWWLQJ 0LQ 0D[ 6WHS 

6FKHPH6HWXS 7HUPLQDO 7HUPLQDO7HUPLQDO'XDO5HGXQGDQW 

$GGUHVV $ $$$$$$ 

%%%%%% 

&&&&&& 

%DXG5DWH NELWVV NELWVVNELWVV 

&ORFN6RXUFH 

&K 

&ORFN6RXUFH 

&K 

&RPP'HOD\7RO 

SDWU] 

,QWHUQDO 

,QWHUQDO 

,QWHUQDO([WHUQDO 

*G]LHPXOWLSOHNVHUPDVZyMZáDVQ\]HJDUWR 

XVWDZ([WHUQDOZSU]HFLZQ\PZ\SDGNX 

XVWDZ,QWHUQDO 

V V V V 

&RPP)DLO7LPHU V V V V 

&RPP)DLO0RGH &KDQQHO &KDQQHO&KDQQHO&KDQQHO 

&KDU0RG7LPH 

SDWU] 

,&DS&RUUHFWLRQ 

SDWU] 

6XVFHSWDQFH 

SDWU] 

V V V V 

'LVDEOHG 

(QDEOHG'LVDEOHG 

QPKR,Q QPKR,Q QPKR,Q QPKR,Q 

,QUXVK5HVWUDLQW 'LVDEOHG (QDEOHG'LVDEOHG 

9HFWRULDO&RPS

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

, , 

, 

, 

, , , 

, 

, 

, 

, , , 

5\VXQHN&KDUDNWHU\VW\NDVWDELOL]DFML 

3U GUy QLFRZ\MHVWREOLF]DQ\MDNRVXPDZHNWRURZDSU GyZSU]HSá\ZDM F\FKVWUHI 

FKURQLRQ 3U GVWDELOL]XM F\VWDQRZLZDUWR ü UHGQL SU GXPLHU]RQHJRQDND G\PNR FX 

OLQLL2EOLF]DVL JRMDNRVXP DOJHEUDLF]Q SU GX]ND GHJRNR FDOLQLLG]LHORQ SU]H]GZD 

.D GH]SRGDQ\FKREOLF]H MHVWZ\NRQ\ZDQHNROHMQRGODZV]\VWNLFKID]3R]LRPSU GX 

VWDELOL]DFMLX \ZDQ\GODND GHM]ID]MHVWQDMZL NV]\P]WU]HFKREOLF]RQ\FKSU GyZ 

VWDELOL]XM F\FK 

&KDUDNWHU\VW\NDMHVWRNUH ORQDSU]H]F]WHU\QDVWDZ\]DEH]SLHF]HQLD 

,V 3RGVWDZRZDQDVWDZDSU GXUy QLFRZHJRNWyUDRNUH ODPLQLPDOQ\SUyJG]LDáDQLD 

]DEH]SLHF]HQLD 

N 1LVNDF] üVWDELOL]DFML1DVWDZDZVSyáF]\QQLNDNLHUXQNRZHJRFKDUDNWHU\VW\NL 

VWDELOL]DFMLJG\SU GMHVWSRQL HM,V=DSHZQLDVWDELOL]DFM GODPDá\FKEá GyZ 

SU]HNáDGQLNyZSU GRZ\FKLMHGQRF]H QLHGREU F]XáR üGOD]ZDUüUH]\VWDQF\MQ\FK 

SU]\GX \FKREFL HQLDFKOLQLL 

,V 1DVWDZDSR]LRPXSU GXVWDELOL]XM FHJRSRZ\ HMNWyUHJRMHVWX \ZDQ\ 

ZVSyáF]\QQLNNLHUXQNRZ\N 

N :\VRNDF] üVWDELOL]DFML1DVWDZDZVSyáF]\QQLNDNLHUXQNRZHJRFKDUDNWHU\VW\NL 

VWDELOL]DFMLJG\SU GMHVWSRZ\ HM,V

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

.U\WHULDZ\á F]DQLDPRJ E\üVIRUPXáRZDQHQDVW SXM FR 

L GOD _,ELDV_,V 

_,GLII_!N[_,ELDV_,V 

LL GOD _,ELDV_!,V 

_,GLII_!N[_,ELDV_N±N[,V,V 

*G\HOHPHQWUy QLFRZ\JHQHUXMHZ\á F]WRGRGDWNRZRRERNZ\á F]DQLDG]LDáDM FHJRQD 

ORNDOQ\Z\á F]QLN]DEH]SLHF]HQLHZ\V\áDV\JQDáUy QLFRZHJRLQWHUWULSXQDGUXJLNRQLHFOLQLL 

=DSHZQLDWRZ\á F]HQLHSRREXVWURQDFKFKURQLRQHMOLQLLUyZQLH SU]\JUDQLF]Q\FKZDUXQNDFK 

]DNáyFHQLRZ\FK 

=DEH]SLHF]HQLHUy QLFRZHPR HG]LDáDü]RSy QLHQLHPF]DVRZ\PSU]\X \FLXFKDUDNWHU\VW\N 

]DOH Q\FKOXEQLH]DOH Q\FK7DEHODSRQL HMSU]HGVWDZLDV]F]HJyá\GRW\F] FHQDVWDZ 

GRVW SQ\FKGODID]RZHJRHOHPHQWX]DEH]SLHF]HQLDUy QLFRZHJR 

3+$6(',)) 

1DVWDZD 

GRP\ OQD 

0LQ 0DNV .URN 

3KDVH,V ,Q ,Q ,Q ,Q 

3KDVH,V ,Q ,Q ,Q ,Q 

3KDVHN 

3KDVHN 

3KDVH&KDU 

SDWU]GOD 

GDQ\FK 

'7 '7,(&6,QYHUVH,(&(,QYHUVH8./7,QYHUVH 

,(((0,QYHUVH,(((9,QYHUVH 

3KDVH7LPH'HOD\ V V V 

3KDVH706 

3KDVH7LPH'LDO 

3,77LPH V V V V 

,QUXVK+LJK ,Q ,Q ,Q ,Q 

7DEHOD.ROXPQDPHQX]DEH]SLHF]HQLDUy QLFRZHJR 

(OHPHQW,GZ\VRNRQDVWDZLHQLRZ\MHVWHOHPHQWHPEH]VWDELOL]DFMLRSUDFRZDQ\PGOD 

]DSHZQLHQLDEDUG]RV]\ENLHJRG]LDáDQLDZSU]\SDGNXQDV\FHQLDSU]HNáDGQLNyZSU GRZ\FK 

*G\X \ZDQDMHVWEORNDGDRGSU GXPDJQHVRZDQLDWRGUXJDKDUPRQLF]QDSU GXZ\WZDU]DQD 

SU]\QDV\FHQLXSU]HNáDGQLNyZSU GRZ\FKPR HSRZRGRZDüRSy QLRQHG]LDáDQLH 

]DEH]SLHF]HQLD(OHPHQWZ\VRNRQDVWDZLHQLRZ\MHVWDXWRPDW\F]QLHRGEORNRZ\ZDQ\Z 

SU]\SDGNXJG\EORNDGDRGSU GXPDJQHVRZDQLDMHVWF]\QQDZSU]HFLZQ\PZ\SDGNXQLH 

G]LDáD(OHPHQWZ\VRNRQDVWDZLHQLRZ\SRZLQLHQE\üXVWDZLRQ\QDZDUWR üSRQDG 

SR]LRPXSU GXPDJQHVRZDQLD 

 

:\UyZQDQLHF]DVRZHZHNWRUyZSU GX 

'ODREOLF]HQLDSU GXUy QLFRZHJRSRPL G]\NR FDPLOLQLLMHVWQLH]E GQHDE\SUyENLF]DVRZH 

GODND GHJR]NR FyZE\á\SRELHUDQHZW\PVDP\PPRPHQFLH7RPR HE\üX]\VNDQH 

SRSU]H]V\QFKURQL]DFM F]DVRZ SUyENRZDQLDOXEDOWHUQDW\ZQLHSRSU]H]FL JáHREOLF]DQLH 

RSy QLHQLDSURSDJDFMLPL G]\NR FDPLOLQLL7DGUXJDWHFKQLND]RVWDáDDGDSWRZDQDGOD 

SRWU]HE]DEH]SLHF]HQLD3 

=Dáy P\V\VWHPRGZyFKNR FDFKMDNSRND]DQRQDU\VXQNX 

'ZDLGHQW\F]QH]DEH]SLHF]HQLD$L%V XPLHV]F]RQHQDREXNR FDFKOLQLL=DEH]SLHF]HQLH 

$SUyENXMHVZRMHSU G\ZF]DVLHW$W$LWGL]DEH]SLHF]HQLH%ZF]DVLHW%W%LWG1DOH \

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

RJyOQLH]DXZD \ü HFKZLOHSUyENRZDQLDQDREXNR FDFKQLHV ]JRGQHDQLXVWDORQHM 

]DOH QR FL]HZ]JO GXQDQLHZLHONLH]PLDQ\F] VWRWOLZR FLSUyENRZDQLD 

$ 

6WDFMD$ 

&\IURZHá F]HNRPXQLNDF\MQH 

6WDFMD% 

% 

3RPLDUF]DVXSUyENRZDQLD 

W% W$WS 

&]DVRSy QLHQLDSURSDJDFML 

WS WS W$W$WG 

W$ 

:HNWRU\SU GX 

W% 

W$ 

W$ 

W% 

W$ 

W$BB W$ 

WS 

WS 

W$ 

W% W$ WG :HNWRU\SU GX 

WG 

W% 

W% 

W% 

W% 

W% 

W$W$ FKZLODSUyENRZDQLDXU] G]HQLD$ 

W%W% FKZLODSUyENRZDQLDXU] G]HQLD% 

WS F]DVRSy QLHQLDSURSDJDFML]$GR% 

WS F]DVRSy QLHQLDSURSDJDFML]%GR$ 

WG F]DVSRPL G]\QDGHM FLHPWHOHJUDPXW$ 

GR%LZ\JHQHURZDQLHPWHOHJUDPXW% 

W$ F]DVQDGHM FLDWHOHJUDPXW%GR$ 

W% F]DVQDGHM FLDWHOHJUDPXW$GR% 

W% ]PLHU]RQ\F]DVSUyENRZDQLDW%Z$ 

5\VXQHN3RPLDURSy QLH SURSDJDFMLV\JQDáX 

=Dáy P\ HZFKZLOLW$]DEH]SLHF]HQLH$Z\V\áDWHOHJUDPGR]DEH]SLHF]HQLD%7HOHJUDP 

]DZLHUD]QDF]QLNF]DVXW$UD]HP]LQQ\PLLQIRUPDFMDPLGRW\F] F\PLF]DVyZLVWDQyZMDN 

UyZQLH ZDUWR FLZHNWRUyZSU GXREOLF]RQ\FKZFKZLOLW$7HOHJUDPGRFLHUDGRNR FD%SR 

F]DVLHRSy QLHQLDSURSDJDFMLV\JQDáXWS=DEH]SLHF]HQLH%QRWXMHF]DVRGHEUDQLD 

WHOHJUDPXW% 

3RQLHZD ]DEH]SLHF]HQLD$L%V LGHQW\F]QHWR]DEH]SLHF]HQLH%UyZQLH Z\V\áDWHOHJUDP 

QDNRQLHF$=Dáy P\ H]DEH]SLHF]HQLH%Z\V\áDWHOHJUDPZFKZLOLW%7HOHJUDP]DZLHUD 

GODWHJR]QDF]QLNF]DVXW%3U]HV\áDRQRUyZQLH RVWDWQLRRWU]\PDQ\]QDF]QLNF]DVRZ\] 

WHOHJUDPXZ\VáDQHJRSU]H]]DEH]SLHF]HQLH$WRMHVWW$LF]DVRSy QLHQLD±WGSRPL G]\ 

F]DVHPRGELRUXWHOHJUDPX±W%LF]DVHPSUyENLW%±WRMHVWWG W%±W% 

7HOHJUDPGRFLHUDQDNRQLHF$SRF]DVLHRSy QLHQLDSURSDJDFMLV\JQDáX±WS&]DVRGELRUX 

MHVWQRWRZDQ\SU]H]]DEH]SLHF]HQLH$MDNRW$=RGHEUDQHJR]QDF]QLNDF]DVRZHJRW$ 

]DEH]SLHF]HQLH$PR H]PLHU]\üFDáNRZLW\F]DVNWyU\XSá\Q áMDNRW$W$5yZQDVL WR 

VXPLHF]DVyZRSy QLHQLDSURSDJDFMLV\JQDáXWSWSLF]DVHPRSy QLHQLDWGQDNR FX%

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

2WU]\PXMHP\ 

W$W$ WVWSWS 

=DEH]SLHF]HQLH]DNáDGD HNDQDá\QDGDZDQLDLRGELRUXSU]HELHJDM W VDP GURJ LPDM WH 

VDPHF]DV\RSy QLHQLDSURSDJDFMLV\JQDáX7HQF]DVPR HE\üREOLF]RQ\]DWHPMDNR 

WS WS ÝW$W$±WG 

1DOH \]DXZD \ü HF]DV\RSy QLHQLDSURSDJDFMLV PLHU]RQHGODND GHMRWU]\PDQHMSUyENLL 

PRJ E\üZ\NRU]\VWDQHGODNRQWUROLSDUDPHWUyZá F]DNRPXQLNDF\MQHJR 

*G\REOLF]RQRF]DV\RSy QLHQLDSURSDJDFMLV\JQDáXWRPR HE\üREOLF]RQ\PRPHQW 

SUyENRZDQLDGDQ\FKRWU]\PDQ\FK]]DEH]SLHF]HQLD%W%-DNSRND]DQRQDU\VXQNXF]DV 

SUyENRZDQLDW%MHVWPLHU]RQ\SU]H]]DEH]SLHF]HQLH$MDNR 

W% W$WS 

1DU\VXQNXW%RNUH ODF]DVSRPL G]\W$LW$'ODREOLF]HQLDSU GyZUy QLFRZ\FKL 

VWDELOL]XM F\FKSUyENLZHNWRUyZQDND G\PNR FXOLQLLPXV] SRFKRG]Lü]WHMVDPHMFKZLOL= 

WHJRZ]JO GXQLH]E GQHMHVWGRSDVRZDQLHF]DVRZHRGHEUDQ\FKGDQ\FKW%LW$LW$'OD 

SU]\NáDGXUy QLFDF]DVRZD PVE G]LHZ\PDJDáDREUyFHQLDZHNWRUDR[ R ÃR 

GODV\VWHPX+] 

3RQLHZD GZLHSUyENLGDQ\FKPRJ E\üSRUyZQDQH]LQQ\PWHOHJUDPHPSURFHVPXVLE\ü 

GRNRQDQ\UD]QDND GHGZLHSUyENLX]\VNXMHVL ZWHQVSRVyERJUDQLF]HQLHV]HURNR FL 

Z\PDJDQHJRSDVPDNRPXQLNDF\MQHJR=D]QDF]P\ HZHNWRU\SU GXGODND GHM]WU]HFKID] 

PXV] E\üRGG]LHOQLHGRSDVRZ\ZDQHF]DVRZR 

 

3RMHPQR FLRZ\SU GáDGRZDQLD 

3U GáDGRZDQLDOLQLLQDSRZLHWU]QHMOXENDEODE G]LHZLG]LDQ\MDNRSU GUy QLFRZ\-H HOLWHQ 

SU GPDZ\VWDUF]DM FRZ\VRN DPSOLWXG MDNWRE\ZDZSU]\SDGNXNDEOLLGáXJLFKOLQLLWR 

PR HZ\VW SLüEá GQHG]LDáDQLH]DEH]SLHF]HQLD6 GZLHSRVWDFLSU GXáDGRZDQLDSLHUZV]D 

WRSU GXGDURZ\SRGF]DVSRGDQLDQDSL FLDQDOLQL LGUXJDXVWDORQ\SU GáDGRZDQLDOLQLL 

8GDURZ\SU GáDGRZDQLD]DZLHUDZ\VRNLHKDUPRQLF]QHQSL)LOWUDFMD)RXULHUD 

X \ZDQDSU]H]3XVXZDWHF] VWRWOLZR FLLZWHQVSRVyE]DSHZQLDVWDELOQR ü 

3U GáDGRZDQLDZVWDQLHXVWDORQ\P]QDPLRQRZRPDF] VWRWOLZR üSRGVWDZRZ LGODWHJR 

PR HSURZDG]LüGREá GQHJRG]LDáDQLDXU] G]HQLD 

7DEHODSRQL HMSRND]XMHNLONDW\SRZ\FKSU GyZáDGRZDQLDGODUy Q\FKOLQLLQDSRZLHWU]Q\FKL 

NDEOL 

'ODSRNRQDQLDWHJRSUREOHPX]DEH]SLHF]HQLH3]DZLHUDIXQNFM GODZ\G]LHOHQLDSU GX 

áDGRZDQLD]PLHU]RQHJRSU GX]DQLPZLHONR FLUy QLFRZH]RVWDQ REOLF]RQH)XQNFMD 

Z\PDJDZHM FLDQDSL FLRZHJRLGODWHJRMHVWGRVW SQDW\ONRGOD3L3

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

1DSL FLHN9 

8áR HQLHSU]HZRGyZL 

RGVW S\ 

3U]HNUyM 

SU]HZRGXZ 

PP 

.DEHON9 ID]RZ\ 


.DEHON9 RGG]LHOQH \á\EOLVNR 

 

VLHELH 

.DEHON9 3áDVNLPP 

/LQLDQDSRZN9 

/LQLDQDSRZN9 



/LQLDQDSRZN9 [ 







.DEHON9 \á\PP 

7DEHOD7\SRZHSU G\áDGRZDQLDNDEODOLQLL 

3U Gá GRZDQLD 

$N 

,/ ,5 

=/ 

9/ 

,FK/ 

,FK5 

95 

5\VXQHN3U Gá GRZDQLDSRMHPQR FLRZHJR 

,/ 3U GORNDOQHJRNR FDOLQLL 

,U 3U G]GDOQHJRNR FDOLQLL 

9/ 1DSL FLHORNDOQHJRNR FD 

95 1DSL FLH]GDOQHJRNR FD 

=/ ,PSHGDQFMDOLQLL 

,FK/ 3U GáDGRZDQLDORNDOQHJRNR FDOLQLL 

,FK5 3U GáDGRZDQLD]GDOQHJRNR FDOLQLL 

8Z]JO GQLDM F5\VXQHNVWDMHVL MDVQH HSU GáDGRZDQLDOLQLLZSHZQ\PPLHMVFXMHVW 

UyZQ\QDSL FLXZW\PPLHMVFXSRPQR RQHPXSU]H]VNáDGRZ ]JRGQ VXVFHSWDQFML'ODWHJR 

QDND G\PNR FXOLQLLMHVWPR OLZHREOLF]HQLHRGSRZLHGQLFKSU GyZáDGRZDQLDLLFK 

VNRPSHQVRZDQLH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

3U GUy QLFRZ\PR H,GE\üREOLF]RQ\QDVW SXM FR 

,G , / , 5 ±M9 / % 6 ±M9 5 % 6 

,G ^, / ±M9 / % 6 `^, 5 ±M9 5 % 6 ` 

,G 3U GORNDOQHJR]DEH]SLHF]HQLDSU G]GDOQHJR]DEH]SLHF]HQLD 

*G]LH%6MHVWVNáDGRZ ]JRGQ VXVFHSWDQFMLOLQLL 

)XQNFMDWDPR HE\üVHOHNW\ZQLHRGEORNRZDQDOXE]DEORNRZDQD-H HOLMHVWRGEORNRZDQDWR 

GDQHQRUPDOQHJRSU GXID]RZHJRZWHOHJUDPLH]DEH]SLHF]HQLDV ]DVW SLRQHSU]H]^,± 

M9 5 % 6 ` 

5yZQLH ZLHONR FLSRPLDURZHSU GXSRND]\ZDQHZNROXPQLHµ0HDVXUHPHQWV ]PLHQLDQH 

SU]\XDNW\ZQLHQLXWHMIXQNFML 

*G\X \ZDQHV ]DEH]SLHF]HQLD3L3OXEJG\IXQNFMDMHVW]DEORNRZDQDWRGOD 

XQLNQL FLDEá GQHJRG]LDáDQLDQDOH \VL XSHZQLü HQDVWDZDSU GXED]RZHJRQD 

]DEH]SLHF]HQLX,VPDZDUWR üFRQDMPQLHM[XVWDORQ\SU GáDGRZDQLDOLQLL 

 

=DEH]SLHF]HQLHOLQLL]WUDQVIRUPDWRUHP 

3U]\VWRVRZDQLXGREU]HSR]QDQ\FK]DVDG]DEH]SLHF]HQLDUy QLFRZHJRGRWUDQVIRUPDWRUyZ 

QDOH \XZ]JO GQLüV]HUHJGRGDWNRZ\FKHOHPHQWyZ2EHMPXM RQHNRPSHQVDFM SU]HVXQL ü 

ID]RZ\FKSRPL G]\VWURQDPLWUDQVIRUPDWRUDPR OLZHQLH]UyZQRZD HQLH]HVWURQ\ 

SU]HNáDGQLNyZSU GRZ\FKMDNL]HVWURQ\X]ZRMH WUDQVIRUPDWRUDMDNUyZQLH Uy QHXNáDG\ 

SUDF\SXQNWXJZLD]GRZHJRLX]ZRMH WUDQVIRUPDWRUD'RGDWNRZRZREHFW\FKF]\QQLNyZNWyUH 

PRJ E\üVNRPSHQVRZDQHSRSU]H]SRSUDZQHX \FLH]DEH]SLHF]HQLDQDOH \UyZQLH 

XZ]JO GQLüZSá\ZQRUPDOQ\FKZDUXQNyZV\VWHPXQDG]LDáDQLH]DEH]SLHF]HQLD(OHPHQW 

Uy QLFRZ\PXVLE\üRGSRUQ\QDZDUXQNLV\VWHPXNWyUHPRJ SURZDG]LüGREá GQHJR 

G]LDáDQLD]DEH]SLHF]HQLDWDNLHMDNZ\VRNLSR]LRPSU GXPDJQHVRZDQLDSU]\]Dá F]DQLX 

WUDQVIRUPDWRUD 

:WUDG\F\MQ\FKVFKHPDWDFKUy QLFRZ\FKOLQLL]WUDQVIRUPDWRUHPZ\PDJDQLDGODNRUHNFML 

SU]HVXQL FLDID]RZHJRLUy Q\FKSU]HNáDGQLV VSHáQLRQHSRSU]H]RGSRZLHGQLGREyU 

SU]HNáDGQLNyZSU GRZ\FK:3L3ZSURZDG]RQRNRPSHQVDFM DPSOLWXGRZ REXVWURQ 

WUDQVIRUPDWRUDUHDOL]RZDQ SRSU]H]RSURJUDPRZDQLH.RU]\ FL Z\QLNDM F VW GMHVW 

HODVW\F]QR üSUDF\SU]\SU]HNáDGQLNDFKSU GRZ\FKSRá F]RQ\FK]DUyZQRZJZLD]G MDNLZ 

WUyMN WDWDN H]GROQR üXZ]JO GQLHQLDUy Q\FKXNáDGyZSUDF\SXQNWXJZLD]GRZHJRV\VWHPX 

=DEH]SLHF]HQLD3L3]DZLHUDM UyZQLH PRGXáZ\NU\ZDM F\REHFQR üSU GX 

PDJQHVRZDQLDWUDQVIRUPDWRUD 

:DUWR]DXZD \ü H3L3QLH]DZLHUDM DGQ\FK]RPDZLDQ\FKSRZ\ HMIXQNFML]D 

Z\M WNLHPNRPSHQVDFMLDPSOLWXGRZHMLGODWHJRQLHV RGSRZLHGQLHGOD]DEH]SLHF]HQLDOLQLL] 

WUDQVIRUPDWRUHP 

3U GPDJQHVRZDQLDWUDQVIRUPDWRUD 

3U GPDJQHVRZDQLDWUDQVIRUPDWRUDSRMDZLDVL MDNRGX \V\JQDáSRZRGXM F\G]LDáDQLH 

]DEH]SLHF]HQLDUy QLFRZHJR=WHJRZ]JO GXQDHWDSLHSURMHNWRZDQLD]DEH]SLHF]HQLD 

QDOH DáRSRGM üVSHFMDOQH URGNLGODXQLNQL FLDEá GQHJR]DFKRZDQLD 

5\VXQHNSRND]XMHFKDUDNWHU\VW\N PDJQHVRZDQLDWUDQVIRUPDWRUD'ODPLQLPDOL]DFML 

NRV]WyZPDWHULDáXFL DUXRUD]UR]PLDUyZWUDQVIRUPDWRU\SUDFXM QDMF] FLHMZSREOL X 

SXQNWXSU]HJL FLDFKDUDNWHU\VW\NLPDJQHVRZDQLD=WHJRSRZRGXQDZHWQLHZLHOND]PLDQD 

VWUXPLHQLDPDJQHW\F]QHJRZUG]HQLXSRQDGQRUPDOQ\SR]LRPSUDF\Z\ZRáXMHZ\VRNLSU G 

PDJQHVRZDQLD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

6WUXPLH f 

P 

P 

3U GPDJQHVXM F\,H 

5\VXQHN&KDUDNWHU\VW\NDPDJQHVRZDQLDWUDQVIRUPDWRUD 

3U]\VWDQLHXVWDORQ\PSU GPDJQHVRZDQLDVNRMDU]RQ\]RSHUDF\MQ\PSR]LRPHPVWUXPLHQLD 

MHVWZ]JO GQLHPDá\]Z\NOHPQLHMQL SU GX]QDPLRQRZHJR-HGQDNMH HOLX]ZRMHQLH 

WUDQVIRUPDWRUDMHVW]DVLORQHZFKZLOLSU]HM FLDQDSL FLDSU]H]SU]\EUDNXVWUXPLHQLD 

UHPDQHQWXWRSR]LRPVWUXPLHQLDSRGF]DVSLHUZV]HMSRáyZNLRNUHVXQDSL FLD[QRUPDOQ\ 

PDNVVWUXPLH E G]LHSURZDG]LáGRQDV\FHQLDUG]HQLDLGRZ\VRNLHJRSU GXPDJQHVRZDQLD 

RQLHVLQXVRLGDOQ\PNV]WDáFLH3U GWHQMHVWRJyOQHRSLV\ZDQ\MDNRSU GPDJQHVRZDQLDLPR H 

XWU]\P\ZDüVL SU]H]NLONDRNUHVyZ$PSOLWXGDLF]DVWUZDQLDSU GXPDJQHVRZDQLD]DOH \RG 

NLONXF]\QQLNyZWDNLFKMDNNRQVWUXNFMDWUDQVIRUPDWRUDUR]PLDUSU G]ZDUFLDV\VWHPX 

PRPHQW]Dá F]DQLDWUDQVIRUPDWRUDOLF]ED]JUXSRZDQ\FKWUDQVIRUPDWRUyZLWG5\VXQHN 

SRND]XMHW\SRZ\SU GPDJQHVRZDQLDWUDQVIRUPDWRUDGODVWDQXXVWDORQHJRLZZDUXQNDFK 

]Dá F]DQLD 

3U GPDJQHVRZDQLD]DZLHUDZ\VRNLXG]LDáGUXJLHMKDUPRQLF]QHM=DEH]SLHF]HQLH3 

Z\G]LHODW VNáDGRZ LX \ZDMDNRGRGDWNRZ ZLHONR üVWDELOL]XM F &DáNRZLWDVWDELOL]DFMD 

X \ZDQDSU]H]]DEH]SLHF]HQLHVWDQRZLNRPELQDFM UHGQLHJRSU GXREFL HQLDOLQLLRUD] 

NURWQR FLGUXJLHMKDUPRQLF]QHMSU GX:VSyáF]\QQLNNURWQR FLMHVWX \ZDQ\GODX]\VNDQLD 

VWDELOQR FLMHVWZDUWR FL XVWDZLDQ IDEU\F]QLH 

.RUHNFMDDPSOLWXG\ 

'OD]DSHZQLHQLDSRSUDZQHJRG]LDáDQLDHOHPHQWyZUy QLFRZ\FKZD QHMHVWDE\ZZDUXQNDFK 

REFL HQLDLSU]\]ZDUFLDFK]HZQ WU]Q\FKSU G\ZHOHPHQFLHUy QLFRZ\PUyZQRZD \á\VL 

:ZLHOXSU]\SDGNDFKSLHUZRWQHVWURQ\SU]HNáDGQLNyZSU GRZ\FKVWURQ\JyUQHJRLGROQHJR 

QDSL FLDQLHRGSRZLDGDM GRNáDGQLHSU GRP]QDPLRQRZ\PVWURQWUDQVIRUPDWRUD=WHJRWH 

Z]JO GXZSURZDG]DVL ZVSyáF]\QQLNLGRSDVRZXM FH:VSyáF]\QQLNLGRSDVRZXM FHVWRVXMH 

VL GOD]DSHZQLHQLD HGRDOJRU\WPXUy QLFRZHJRGRVWDUF]DVL SRSUDZQ\FKZDUWR FL 

:VSyáF]\QQLNGRSDVRZDQLDMHVWXVWDZLDOQ\Z]DNUHVLHRGGR]NURNLHP 

'ODPLQLPDOL]DFMLQLH]UyZQRZD HQLDSRZVWDáHJRZVNXWHNG]LDáDQLDUHJXODFMLQDSL FLDZHM FLD 

SU GRZHHOHPHQWXUy QLFRZHJRSRZLQQ\E\üGREUDQHGOD URGNRZHMSR]\FMLSU]Há F]QLND 

]DF]HSyZ

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

fP 

9 

,H 

f 

fP 

,H 

f 

9 

5\VXQHN.V]WDáWVLQXVRLGSU]\]MDZLVNXPDJQHVRZDQLD 

:ZDUXQNDFKLGHDOQ\FKZDUWR FLSU GXSRZLQQ\E\üGREUDQHWDNEOLVNRMDNW\ONRPR OLZHGR 

]QDPLRQRZHJRSU GXXU] G]HQLDGOD]DSHZQLHQLDRSW\PDOQHMF]XáR FL]DEH]SLHF]HQLD 

6NRU\JRZDQHSU G\QLHSRZLQQ\MHGQDNSU]HNUDF]DüSU GyZ]QDPLRQRZ\FKSU]\]ZDUFLDFK 

]HZQ WU]Q\FK 

.RUHNFMDID]RZDLILOWUDFMDVNáDGRZHM]HURZHMSU GX 

'ODNRPSHQVDFMLSU]HVXQL FLDID]RZHJRSRPL G]\GZRPDX]ZRMHQLDPLWUDQVIRUPDWRUD 

QLH]E GQHMHVW]DSHZQLHQLHNRUHNFMLN WRZHM7UDG\F\MQLHRGE\ZDáRVL WRSRSU]H] 

RGSRZLHGQLHSRá F]HQLHZWUyMN WSU]HNáDGQLNyZSU GRZ\FK 

.RUHNFMDID]RZDMHVWUHDOL]RZDQDZXU] G]HQLX3SRSU]H]SURJUDPRZHSU]HWZDU]DQLH 

GDQ\FK]SU]HNáDGQLNyZSU GRZ\FK1DVWDZ\NRUHNFMLID]RZHMGRVW SQHZ3SRGDQRZ 

7DEHOL 

'RGDWNRZRZREHFNRPSHQVDFMLSU]HVXQL FLDID]RZHJRFKURQLRQHJRWUDQVIRUPDWRUDMHVW 

UyZQLH QLH]E GQHRGZ]RURZDQLHUR]SURZDG]DQLHVNáDGRZHM]HURZHMSU GXZXNáDG]LH 

5\VXQHNSRND]XMHSRWU]HE ILOWUDFMLVNáDGRZHM]HURZHMSU GXZ]DEH]SLHF]HQLXUy QLFRZ\P 

WUDQVIRUPDWRUD8]ZRMHQLHWUDQVIRUPDWRUDPRF\SRá F]RQHZWUyMN WG]LDáDMDNRµSXáDSNDQD 

VNáDGRZ ]HURZ SU GX6NRURWDVNáDGRZDSU GXMHVWZLG]LDQ\SRVWURQLHWUDQVIRUPDWRUD 

SRá F]RQHMZJZLD]G WRWZRU]\SU GUy QLFRZ\ 

)LOWUDFMDVNáDGRZHM]HURZHMSU GXE\áD]Z\NOHUHDOL]RZDQDSRSU]H]RGSRZLHGQLHSRá F]HQLHZ 

WUyMN WZWyUQ\FKVWURQSU]HNáDGQLNyZSU GRZ\FK:XU] G]HQLDFK3ILOWUDFMDVNáDGRZHM 

]HURZHMSU GXMHVWUHDOL]RZDQDSURJUDPRZR*G\X]ZRMHQLHWUDQVIRUPDWRUDPR H 

SU]HSXV]F]DüVNáDGRZ ]HURZ SU GXGR]HZQ WU]QHJR]ZDUFLDGR]LHPQHJRWREDUG]R 

ZD QHMHVWX \FLHMDNLHMNROZLHNIRUP\ILOWUDFMLVNáDGRZHM]HURZHM1DOH \WRUyZQLH VWRVRZDü 

JG\X \ZDQHV WUDQVIRUPDWRU\X]LHPLDM FHZREU ELHVWUHI\FKURQLRQHM

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

5HNRQILJXUDFMDOLQLLRNR FDFKQDOLQL RNR FDFK 

=DEH]SLHF]HQLH3PR HE\üGRSDVRZDQHGRRFKURQ\OLQLLROXENR FDFK-HVWPR OLZH 

SU]HNV]WDáFHQLHGRZROQHJR]DEH]SLHF]HQLDVNRQILJXURZDQHJRGODOLQLLRNR FDFKZ 

]DEH]SLHF]HQLHFKURQL FHOLQL RNR FDFKZGRZROQ\PF]DVLH3RQLHZD SU]\WDNLHMRSHUDFML 

]PLHQLüQDOH \W\ONRQDVWDZ\µFRQILJXUDWLRQ>NRQILJXUDFMD@WRQLHV Z\PDJDQH DGQH]PLDQ\ 

VSU] WRZHSU]\]DáR HQLX HPRGXáNDQDáRZHMá F]QR FLRSW\F]QHMMHVWMX ZEXGRZDQ\Z 

XU] G]HQLH 

, 

, , , 

3 

&\IURZ\NDQDáNRPXQLNDF\MQ\ 

3 

=DEH]SLHF]HQLH 


, 

, , 

2GHEUDQH 

, , 

2GHEUDQH 

, , 

, , 

, , 

5\VXQHN3RWU]HEDVWRVRZDQLDILOWUDFMLVNáDGRZHM]HURZHMSU GX 

=HZ]JO GyZRSHUDF\MQ\FKPR HE\üQLH]E GQHZSHZQ\FKSU]\SDGNDFKZ\á F]HQLHMHGQHJR 

NR FDOLQLLLVNRMDU]RQHJR]DEH]SLHF]HQLDZXNáDG]LHWUyMVWURQQ\P3RSU]H]]PLDQ QDVWDZ\ 

µ5HFRQILJXUDWLRQUHNRQILJXUDFMDQDGRZROQ\PNR FXOLQLLRSHUDWRUPR HSU]HVWDZLüSR]RVWDá 

SDU ]DEH]SLHF]H QDSUDF ZXNáDG]LHGZXVWURQQ\P8U] G]HQLHZ\á F]RQH]NRQILJXUDFML 

PR HE\üZ\á F]RQHSR]RVWDZLDM FRFKURQ OLQLLSR]RVWDá\PGZyP]DEH]SLHF]HQLRP$E\ 

SRZUyFLüGRWUyMVWURQQHJRXNáDGXSUDF\PR HE\üZ\GDQDNRPHQGDRGWZDU]DM FDµUHVWRUH 

'RVW SQHV F]WHU\QDVWDZ\UHNRQILJXUDF\MQH 

” 7KUHHHQGHG7U]\NR FH 

” 7ZRHQGHGORFDODQGUHPRWH>'ZDNR FHORNDOQ\L]GDOQ\@/ 5 

” 7ZRHQGHGORFDODQGUHPRWH>'ZDNR FHORNDOQ\L]GDOQ\@/ 5 

” 7ZRHQGHGUHPRWHDQGUHPRWH>'ZDNR FH]GDOQ\L]GDOQ\@5 5 

=DQLPNRPHQGDNRQILJXUDF\MQDE G]LHPRJáDE\üSRP\ OQLH]DLQLFMRZDQDQLH]E GQHMHVW 

SREXG]HQLHZHM üRSWRL]RORZDQ\FKVNRQILJXURZDQ\FKMDNRµUHFRQILJXUDWLRQLQWHUORFN>EORNDGD 

UHNRQILJXUDFML@Lµ,QKLELW&XUUHQW'LIIHUHQWLDO>RGVWDZPRGXáUy QLFRZRSU GRZ\@7RGUXJLH 

ZHM FLHE G]LHSU]HU\ZDáRZ\á F]HQLH]HVWURQ\HOHPHQWXUy QLFRZRSU GRZHJRGOD 

ZV]\VWNLFKWU]HFK]DEH]SLHF]H GOD]DSHZQLHQLD HXNáDGSR]RVWDQLHVWDELOQ\SRGF]DV 

UHNRQILJXUDFML 

1DOH \VL XSHZQLü HNRQLHFOLQLL]RGVWDZLRQ\P]DEH]SLHF]HQLHPMHVWRGá F]RQ\SU]HG 

Z\GDQLHPNRPHQG\UHNRQILJXUDF\MQHM-H HOLWRQLH]RVWDQLHZ\NRQDQHWRGRZROQ\SU G 

Sá\Q F\SRSU]H]Z\á F]RQ\]NRQILJXUDFMLNRQLHFOLQLLE G]LHZLG]LDQ\MDNRSU G]DNáyFHQLDL 

PR HSRZRGRZDüG]LDáDQLHSR]RVWDáHMSDU\XU] G]H 

-H HOLQRZ QDVWDZ NRQILJXUDF\MQ Z\GDQ ]ORNDOQHJR]DEH]SLHF]HQLDMHVW/ 5OXE/ 

5WRZ\M FLDZ\á F]DM FHGZyFKµNR FRZ\FK]DEH]SLHF]H SR]RVWDQ ]DEORNRZDQH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

SRSU]H]ZHM FLHµ,QKLELW&XUUHQW'LIIHUHQWLDOORNDOQHJR]DEH]SLHF]HQLD:HM FLHRSWRµLQKLELW 

WULSDODUPRXWSXWV>]DEORNXMZ\M FLDZ\á F]DODUPX@SRZLQQRE\üRGZ]EXG]RQHGOD 

XPR OLZLHQLDJHQHURZDQLDNRPHQG\Z\á F]SU]\SUDF\XU] G]H ZQRZHMNRQILJXUDFML-H HOL 

QRZ QDVWDZ MHVW5 5WRVW\NLZ\M FLRZHREX]GDOQ\FK]DEH]SLHF]H SR]RVWDQ 

RGEORNRZDQHJG\ ZV]HONLHNRPHQG\]ORNDOQHJR]DEH]SLHF]HQLDE G LJQRURZDQH 

7UyMVWURQQ\XNáDGSUDF\PR HE\üSU]\ZUyFRQ\SRSU]H]Z\EyUµWKUHHHQGHGQDNWyU\PNROZLHN 

]WHUPLQDOL1DVW SLWRQLH]DOH QLHRGVWDQXZHM üRSWROHF]MHVWX]DOH QLRQHRGZ\NU\FLD 

VSUDZQHJRNDQDáXNRPXQLNDF\MQHJR 

 

3XQNW]áR RQ\PHVKFRUQHULXNáDG\SyáWRUDZ\á F]QLNRZH 

*G\OLQLDMHVW]DVLODQD]SXQNWX]áR RQHJROXE]XNáDGXSyáWRUDZ\á F]QLNRZHJRMDNSRND]DQR 

QDU\VXQNXWRV GRVW SQHGZLHRSFMHGODSRGá F]HQLDSU]HNáDGQLNyZSU GRZ\FKGR 

]DEH]SLHF]HQLD3LHUZV]DWR]UyZQROHJOHQLHGZyFK]HVWDZyZSU]HNáDGQLNyZSU GRZ\FKZ 

MHGQRZVSyOQHZHM FLHµ$'UXJDWRX \FLHGZyFKRGG]LHOQ\FKZHM üGODND GHJR]HVWDZX 

SU]HNáDGQLNyZSU GRZ\FKµ%=DEH]SLHF]HQLH3VNRQVWUXRZDQR]GRGDWNRZ\P]HVWDZHP 

ZHM üGRSU]HNáDGQLNyZSU GRZ\FKVSHFMDOQLHGRWHJRFHOX 

:SU]\SDGNX]DNáyFH SR]DVWUHI ]DEH]SLHF]HQLHSRGá F]RQHZHGáXJSRá F]HQLDµ$QLH 

SRZLQQRZLG]LHüSU GXDE\SR]RVWDüEH]SREXG]HQLD:W\FKZDUXQNDFKQDOH \]DXZD \ü H 

QLHZ\WZDU]DRQRSU GXVWDELOL]XM FHJR'ODX]\VNDQLDVWDELOQR FL]DEH]SLHF]HQLDGZD 

]HVWDZ\SU]HNáDGQLNyZSU GRZ\FKSRZLQQ\E\üGRSDVRZDQHLUyZQRREFL RQHWDNDE\ 

SRá F]HQLHGR]DEH]SLHF]HQLDE\áRZSXQNFLHHNZLSRWHQFMDOQ\PREZRGyZZWyUQ\FK 

:SU]\SDGNXVSRVREXµ%QLHSRZLQLHQSRMDZLüVL SU GUy QLFRZ\'X \SU GVWDELOL]XM F\ 

E G]LHMHGQDNZ\VW SRZDá]DSHZQLDM FZ\VRNLSR]LRPVWDELOL]DFMLZSU]\SDGNX]DNáyFH 

SR]DVWUHI FKURQLRQ 7DVWDELOL]DFMDE G]LHUyZQLH ]DSHZQLDüVWDELOQR üZSU]\SDGNXJG\ 

SU]HNáDGQLNLSU GRZHQLHV GRNáDGQLHGRSDVRZDQH:WHQVSRVyEREZyGµ%MHVW 

SUHIHURZDQ\PSRá F]HQLHPGODWDNLFKDSOLNDFMLLWXPRGHO3SRZLQLHQE\üVWDQGDUGRZR 

Z\EUDQ\ 

6\VWHP 

, , 

6\VWHP 

) 

 

:HM FLH 

³RFKURQ\ 

SQLD´ 

VWXEEXV 

 

$ % 

5\VXQHN8NáDGSyáWRUDZ\á F]QLNRZ\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

 

6WXEEXVSURWHFWLRQ>]DEH]SLHF]HQLHSQLD@ 

=DEH]SLHF]HQLH3]DZLHUDIXQNFM ]DSHZQLDM F RFKURQ SQLD*G\RGá F]QLNOLQLRZ\MHVW 

RWZDUW\]HVW\NSRPRFQLF]\RGá F]QLNDPR HSREXG]DüZHM FLH]DEH]SLHF]HQLDGOD 

RGEORNRZDQLDWHMIXQNFML*G\MHVWRQDRGEORNRZDQDWRZV]\VWNLHZDUWR FLSU GXSU]HV\áDQH 

GR]GDOQ\FK]DEH]SLHF]H MDNUyZQLH ZV]\VWNLHRGELHUDQH]RGOHJá\FKNR FyZV ]HURZDQH 

=DEH]SLHF]HQLHE G]LHSHáQLáRIXQNFM Uy QLFRZ GODVWUHI\SQLD 

'ODZHZQ WU]Q\FK]DNáyFH ]DEH]SLHF]HQLHE G]LHG]LDáDüSRZRGXM FZ\á F]HQLHGZyFK 

ORNDOQ\FKZ\á F]QLNyZ:WU\ELHRFKURQ\SQLD]DEH]SLHF]HQLHQLHZ\V\áDV\JQDáX 

Uy QLFRZHJRLQWHUWULSX 

'RGDWNRZHXZDJLGOD]DEH]SLHF]H 

0LQLPDOQ\SU GG]LDáDQLD 

1DOH \]DXZD \ü HPLQLPDOQ\SU GG]LDáDQLDMHVWSRZL ]DQ\]QDVWDZ ,VOHF]QLHMHVWMHM 

UyZQ\ 

=DNáDGDM FMHGQRVWURQQH]DVLODQLH]DNáyFHQLDSU]\EUDNXREFL HQLDOHF]SU]\SU G]LH 

]DNáyFHQLD, 

_,GLII_ , 

_,ELDV_ , 

=DNáDGDM F_,ELDV_,VWRX \ZDM F]DOH QR FLSU]HGVWDZLRQ\FKZUR]G]LDOH 

]DEH]SLHF]HQLHE G]LHG]LDáDüMH HOL 

_,GLII_!N[ ,,VOXE 

,!N[ ,,VOXE 

,!,V N 

0LQLPDOQ\PSU GHPG]LDáDQLDMHVWGODWHJRIXQNFMDQDVWDZ,VLN3RQLHZD ]DOHFDVL 

XVWDZLHQLHN WRPLQLPDOQ\SU GG]LDáDQLDE G]LH 

,PLQ [,V 

'ODZL NV]R FLDSOLNDFML]DOHFDVL PLQLPDOQ QDVWDZ Z]JO [,QRP7RSR]ZDOD 

RVL JQ üF]XáR üZ]JO 

&]XáR ü]DEH]SLHF]HQLDZZDUXQNDFKGX HJRREFL HQLD 

&]XáR ü]DEH]SLHF]HQLDMHVWRNUH ORQDSRSU]H]MHJRQDVWDZ LUyZQLH DPSOLWXG SU GX 

REFL HQLDZVLHFL'ODXNáDGXWUyMVWURQQHJR]]DEH]SLHF]HQLDPL;

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

'OD_,ELDV_,V]DEH]SLHF]HQLHSRZLQQRG]LDáDüMH HOL_,GLII_!N_,ELDV_,V 

OXE _, )Ã _!N_, / _ _, ) _,V 

OXE N_, ) _!N_, / _,V 

OXE _, )Ã _!N_, / _,V N 

'OD,V Z]JON L,V Z]JORWU]\PXMHP\ 

GOD_, / _ Z]JO ]DEH]SLHF]HQLHSRZLQQRG]LDáDüMH HOL_, )Ã _!Z]JO 


-H HOL_, )Ã _ Z]JOL_,_ Z]JOWR_,ELDV_ Z]JONWyU\RVL JDGROQ JUDQLF 

FKDUDNWHU\VW\NLZ\á F]DQLD 

&]XáR ü]DEH]SLHF]HQLDJG\_,ELDV_!,V 

'OD_,ELDV_!,V]DEH]SLHF]HQLHSRZLQQRG]LDáDüMH HOL 

_,GLII_!N_,ELDV_NN[,V,V 

OXE _, )Ã _!N_, / _ _, ) _NN[,V,V 

OXE N_, ) _!N_, / _NN[,V,V 

OXE _, )Ã _!N_, / _NN[,V,V N 

'OD,V Z]JON L,V Z]JOLN RWU]\PXMHP\ 



3RNU\ZDQH]DNUHV\UH]\VWDQFML]ZDUFLD 

3U]\]DáR HQLX HUH]\VWDQFMD]ZDUFLD5 ) MHVW]QDF]QLHZ\ V]DQL LPSHGDQFMDOLQLLL UyGáDWR 

GODV\VWHPXN9LSU]HNáDGQLNyZSU GRZ\FK 

_, ) _ 9SKQ5 ) [uZ]JO 

¡5 ) Z]JO 

5 ) Z]JO 

 

:RSDUFLXRSRZ\ V] DQDOL] ]DEH]SLHF]HQLHE G]LHZ\NU\ZDüSU G\]DNáyFHQLD 

SU]HNUDF]DM FHZ]JOSU]\SU]HSá\ZLHSU GXREFL HQLDZ]JO:W\PSU]\SDGNX 

UH]\VWDQFMD]ZDUFLRZDSRZLQQDE\üPQLHMV]DQL W 

'ODNUyWNRWUZDáHJRSU GXSU]HFL HQLRZHJRZ]JO]DEH]SLHF]HQLHE G]LH]GROQH 

Z\NU\ZDüUH]\VWDQFM ]ZDUFLD WOXEPQLHMV] 

6LHFL]SU]Há F]DQ\PLNDQDáDPLWUDQVPLV\MQ\PL 

8U] G]HQLD3X \ZDM F\IURZ\FKNDQDáyZNRPXQLNDF\MQ\FKGOD]DEH]SLHF]HQLD 

Uy QLFRZHJR'ODSRSUDZQHJRG]LDáDQLDWHJRHOHPHQWX]DEH]SLHF]DM FHJRQLH]E GQDMHVW 

FL JáDNRQWURODWHJRá F]D5yZQLH Z\PDJDVL RGWHJRá F]DDE\E\á\SRUyZQ\ZDOQHF]DV\ 

SURSDJDFMLV\JQDáXZMHGQ LZGUXJ VWURQ WROHURZDQDMHVWUR]ELH QR üGRPV:L NV]H 

F]DV\PRJ SRZRGRZDüXWUDW VWDELOQR FLXU] G]HQLD*G\X \ZDVL SU]Há F]DOQ\FKVLHFL 

NRPXQLNDF\MQ\FKMHVWPR OLZH HZF]DVLHSU]Há F]DQLDZ\VW SL FKZLORZRZL NV]H 

UR]ELH QR FLSRPL G]\SURSDJDFM V\JQDáXZREXNLHUXQNDFK8U] G]HQLD3]DZLHUDM

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

IXQNFMHGOD]DSHZQLHQLDVWDELOQR FLSUDF\]DEH]SLHF]HQLDZREU ELHWHJRSU]HM FLRZHJR 

RNUHVX 

-HGQ\P]HOHPHQWyZNRQWUROLSU]HSURZDG]DQ\PQDá F]XNRPXQLNDF\MQ\PMHVWVSUDZG]DQLH 

RSy QLHQLDSURSDJDFMLGODND GHJRWHOHJUDPX]GDQ\PL3RGF]DVQRUPDOQHMSUDF\Uy QLFDZ 

REOLF]DQ\PF]DVLHSRZLQQDE\üPLQLPDOQDPR OLZHRSy QLHQLDV ZSURZDG]DQHSU]H] 

PXOWLSOHNVHU\OXELQQHXU] G]HQLDá F]QR FLSR UHGQLHM-H HOLNROHMQRREOLF]RQHF]DV\ 

RSy QLHQLDSURSDJDFMLSU]HNUDF]DM SUyJQDVWDZLHQLRZ\mVWRWHOHJUDPMHVW 

RGU]XFDQ\7DNRQWURODPR HE\üUyZQLH X \WDGODSRNRQDQLDSUREOHPyZSU]\ 

SU]Há F]HQLDFK 

5\VXQHNSRND]XMHPR OLZ\VFHQDULXV]GODVLHFLSU]Há F]DOQHM3RF] WNRZRRED3 

NRPXQLNXM VL SRSU]H]á F]H&]DV\SU]HM FLDV\JQDáXZMHGQ LGUXJ VWURQ WHM FLH NL 

Z\QRV] PVLZWHQVSRVyEREOLF]DQHRSy QLHQLHSURSDJDFMLZ\QRV] PV*G\ 

NDQDáMHVWSU]Há F]DQ\QD FLH N WRSRMDZLDVL NUyWNLRNUHVJG\3PR HZ\V\áDü 

V\JQDáSRSU]H] FLH N DRGELHUDüSRSU]H] FLH N 2EOLF]RQ\F]DVSURSDJDFMLZ\QRVL 

WHUD] PV:\QLNRZ\Eá GPVQDND G\PNR FXOLQLLPR HSRZRGRZDü 

Eá GQHG]LDáDQLH]DEH]SLHF]HQLD]HZ]JO GXQDQLHZáD FLZHGRSDVRZDQLHF]DVRZHZHNWRUyZ 

SU GXSDWU]UR]G]LDá3RNUyWNLPRSy QLHQLXREDNLHUXQNLWUDQVPLVML]RVWDQ 

SU]Há F]RQHQD FLH N LREOLF]RQ\F]DVSURSDJDFMLE G]LHZ\QRVLá PV 

=DEH]SLHF]HQLHE G]LHSUDFRZDáRVWDELOQLHJG\ GRSDVRZDQLHF]DVRZHZHNWRUyZSU GRZ\FK 

SRREXVWURQDFKOLQLLMHVWSRSUDZQH 

WDP PV 

'URJD 

µSRZUyW PV 

3 

0RGXá 

NRPXQLND 

F\MQ\ 

WDP PV 

'URJD 

µSRZUyW PV 

0RGXá 

NRPXQLND 

F\MQ\ 

3 

2EOLF]RQH 

RSy QLHQLH 

SURSDJDFML 

WS 

PV 

PV 

0R OLZHEá GQHG]LDáDQLH]DEH]SLHF]HQLD 

PV 

=HURZDQLHF]DVXSU]HM FLRZHJR 

2NUHVF]DVXSU]HM FLRZHJR! 

&KDU0RG7LPH 

&]DV 

5\VXQHN3U]Há F]DQDVLHüNRPXQLNDF\MQD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

8U] G]HQLH3X \ZD]PLDQ\ZREOLF]RQ\FKF]DVDFKSURSDJDFMLGODLQLFMDFML]PLDQ\QD 

NUyWNLF]DVZQDVWDZDFKXU] G]HQLDQDVWDZDµ&KDU0RG7LPH>F]DV]PLDQ\FKDUDNWHU\VW\NL@ 

GODSU]H]Z\FL HQLDRSy QLHQLDSU]Há F]DQLD7 ]PLDQ ZQDVWDZDFKSRND]DQRQDU\VXQNX 

JG]LHQDVWDZDVWDELOL]XM FDNMHVW]ZL NV]DQDGR7DFKDUDNWHU\VW\ND]DSHZQLD 

VWDELOL]DFM GODZV]\VWNLFKZDUXQNyZREFL HQLRZ\FKLUyZQRF]H QLHZFL ]H]ZDODQD 

Z\á F]HQLHSU]\ZL NV]R FL]ZDUüZHZQ WU]Q\FK 

(OHPHQWF]DVRZ\]ZL ]DQ\]µ&KDU0RGHMHVWXUXFKDPLDQ\JG\Z\NU\WRRSy QLHQLH 

SURSDJDFML.D GDNROHMQD]PLDQDSRGF]DVWHJRF]DVXQLHSRZRGXMHSRQRZQHJRUHVWDUWXMHJR 

RGOLF]DQLD:SRZ\ V]\PSU]\NáDG]LHHOHPHQWF]DVRZ\Z\VWDUWXMHGODSLHUZV]HM]PLDQ\] 

QDPV'UXJD]PLDQD]QDPVQLHSRZRGXMHUHVWDUWXRGPLHU]DQLDNWyUD 

VSRZRGRZDáDE\SU]HGáX HQLHXWU]\P\ZDQLDVL ]PLDQ\QDVWDZ\ 

'RZROQHNUyWNLH]DNáyFHQLHSU]HM FLRZH]DFKRG] FHZá F]XNRPXQLNDF\MQ\PNWyUHPD 

ZSá\ZQDRSy QLHQLHF]DVXSURSDJDFMLPRJáRE\QLHSRWU]HEQLHRGF]XOLü]DEH]SLHF]HQLH$E\ 

SRNRQDüPR OLZR üSRZVWDQLDWDNLHJRSUREOHPX]DEH]SLHF]HQLH3]DZLHUDIXQNFM G]L NL 

NWyUHMHOHPHQWF]DVRZ\µ&KDU0RGMHVW]HURZDQ\ZPRPHQFLHJG\F]DV\SURSDJDFMLZUyF GR 

ZDUWR FLSRF] WNRZHM/LQLDNUHVNRZDQDU\VXQNXSRND]XMHV\WXDFM JG\F]DV\RSy QLHQLD 

SURSDJDFML]PLHQLDM VL ]QDPVL]SRZURWHPQDPV 

5\VXQHN&KDUDNWHU\VW\NDSU]HM FLRZHMVWDELOL]DFML

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

3U]\NáDGQDVWDZ 

(OHPHQWUy QLFRZ\ 

8 \WNRZQLNPDZSá\ZQDZV]\VWNLHF]WHU\QDVWDZ\(ODVW\F]QR üQDVWDZSR]ZDODGRSDVRZDü 

FKDUDNWHU\VW\N XU] G]HQLDGRRNUH ORQHMF]XáR FLLZ\PDJD SU]HNáDGQLNyZSU GRZ\FK'OD 

XSURV]F]HQLD]DGDQLDVáX E]DEH]SLHF]HQLRZ\FK]GHF\GRZDQLH]DOHFDVL VWRVRZDQLH 

QDVW SXM F\FKQDVWDZ 

,V Z]JO [,QRP 

N 

N OLQLDRNR FDFKOXEOLQLDRNR FDFK 

3RZ\ V]HQDVWDZ\EXGXM FKDUDNWHU\VW\N XU] G]HQLDRGSRZLHGQLRGODZL NV]R FLDSOLNDFML 

'RQDVWDZLHQLDSR]RVWDMH,V:DUWR üWHMQDVWDZ\SRZLQQDXZ]JO GQLDüZV]HONLH 

QLHGRSDVRZDQLDSRPL G]\NR FDPLOLQLLMH HOLWDNLHZ\VW SXM RUD]SU GáDGRZDQLDOLQLL 

MH HOLMHVWWRQLH]E GQH 

8Z]JO GQLDM FREZyGSRND]DQ\QDU\VXQNXVSUyEXMHP\RNUH OLüQDVWDZ\HOHPHQWXGOD 

ID]RZHJRSU GXUy QLFRZHJR 

N9 

 

NP 

 

N9 

3 

&\IURZ\NDQDáWUDQVPLV\MQ\ 

3 

3U GáDGRZDQLDZVWDQLHXVWDORQ\P $NPNDEHO 

$NPOLQLDQDSRZLHWU]QD 

5\VXQHN7\SRZ\REZyGOLQLL 

3RSLHUZV]HQDOH \QDVWDZLü 

,V Z]JO 

N 

N OLQLDRNR FDFK 

3R]RVWDMHRNUH OLüQDVWDZ GOD,V 

:SU]\SDGNXX \FLD]DEH]SLHF]HQLD3QLHG\VSRQXMHP\IXQNFM GODXZ]JO GQLDQLDSU GX 

áDGRZDQLDOLQLL1DVWDZD,VPXVLE\üGODWHJRXVWDZLRQDSRQDG[ZDUWR üXVWDORQDSU GX 

áDGRZDQLD'ODQDV]HJRSU]\NáDGX]DNáDGDP\X \FLHNDEOHFRGDMH 

,V![,FK 

,V![NP[$NP 

,V!$ 

/LQLRZHSU]HNáDGQLNLSU GRZH]RVWDá\]Z\PLDURZDQHQD$SRVWURQLHSLHUZRWQHM'ODWHJR 

QDVWDZD,VPXVL]DWHPSU]HNURF]\ü Z]JO 

'ODWHJRQDVWDZLDP\ 

,V Z]JO

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

-H HOLZ\EUDQR]DEH]SLHF]HQLH3WRG\VSRQXMHP\IXQNFM GODXZ]JO GQLDQLDSU GX 

áDGRZDQLDOLQLL1LH]E GQHE G]LHZW\PSU]\SDGNXZSURZDG]HQLHVNáDGRZHM]JRGQHM 

VXVFHSWDQFMLOLQLL:DUWR üWDPR HE\üREOLF]RQD]SU GXáDGRZDQLDOLQLLQDVW SXM FR 

]DNáDGDM FSU]HNáDGQL SU]HNáDGQLNDQDSL FLRZHJR N99 

,FK![$ $ 

6XVFHSWDQFMD% w& ,FK9 

% $¡N9SLHUZRWQH 

% [ 6SLHUZRWQH 

=WHJRSRZRGXQDVWDZLDP\ 

% P6SLHUZRWQH P6ZWyUQH 

-H HOLMHVWWRZ\PDJDQHWRZDUWR ü,VPR HE\üWHUD]XVWDZLRQHSRQL HMSU GXáDGRZDQLD 

=DOHFDVL QDVWDZ Z]JO 

3U]\NáDGOLQLL]WUDQVIRUPDWRUHP 

3U]\NáDGNRUHNFMLSU]HNáDGQL 

=DEH]SLHF]HQLH3MHVWRGSRZLHGQLHGODRFKURQ\OLQLL]WUDQVIRUPDWRUHP3U]\NáDG 

SRND]DQRQDU\VXQNX 

7UDQVIRUPDWRU09$'\QN9 

3U]HNáDGQLNSU GRZ\VWURQ\:1 

3U]HNáDGQLNSU GRZ\VWURQ\61 

 

$ 

'\Q 

09$N9 

$ 

 

 

 

± 

 

3 

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

*G\Z\EUDQRSURJUDPRZHGRSDVRZDQLHSU]HNáDGQLNyZSU GRZ\FKWRQLHWU]HEDXZ]JO GQLDü 

ZVSyáF]\QQLND¡NWyU\SRZLQLHQE\üZSURZDG]RQ\GODX]ZRMHQLDSRá F]RQHJRZWUyMN W-HVW 

WRUHDOL]RZDQHSU]H]]DEH]SLHF]HQLH 

3U]\NáDGNRUHNFMLID]RZHM 

8 \ZDM FWHJRVDPHJRWUDQVIRUPDWRUDMDNSU]HGVWDZLRQRQDU\VXQNXQLH]E GQHMHVW 

VNRU\JRZDQLHSU]HVXQL FLDID]RZHJRSRPL G]\X]ZRMHQLDPL:1L61 

3Rá F]HQLDWUDQVIRUPDWRUDSRND]XM HSU G\SRá F]RQHMZWUyMN WVWURQ\JyUQHJRQDSL FLD 

Z\SU]HG]DM SU G\VWURQ\GROQHJRQDSL FLDR R 'OD]DSHZQLHQLDDE\WRSU]HVXQL FLH 

ID]RZHQLHJHQHURZDáRSU GXUy QLFRZHJRQLH]E GQHMHVWSU]HVXQL FLHID]RZHSRVWURQLH 

ZWyUQHMX]ZRMHQLDGROQHJRQDSL FLD3URJUDPRZHRGZ]RURZDQLHSU]HNáDGQLNDSU GRZHJRMHVW 

ZU]HF]\ZLVWR FLPRGHOHPX]ZRMH WUDQVIRUPDWRUDPRF\=DSHZQLDRQRQLHW\ONR 

SU]HVXQL FLHID]RZH R OHF]UyZQLH XPR OLZLDILOWUDFM VNáDGRZHM]HURZHMSU GXSRVWURQLH 

GROQHJRQDSL FLD 

:WHQVSRVyEQDVWDZ\]DEH]SLHF]HQLDSRVWURQLHJyUQHJRQDSL FLDQLHZ\PDJDM DQL 

GRSDVRZDQLDID]RZHJRDQLILOWUDFMLVNáDGRZHM]HURZHMSU GXJG\ WDVWURQDWUDQVIRUPDWRUDPD 

X]ZRMHQLDSRá F]RQHZWUyMN W1DWRPLDVW]DEH]SLHF]HQLHSRVWURQLHGROQHJRQDSL FLD 

Z\PDJD]DUyZQRSU]HVXQL FLDID]RZHJRR R MDNLILOWUDFMLVNáDGRZHM]HURZHMSU GXJG\ 

MHVWSRá F]RQHZJZLD]G 

1DVWDZ\ 

:1

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

02'8à 

2'/(*à2 &,2:< 

1DVWDZD 

GRP\ OQD 

0LQ 0DNV .URN 

=6WDWXV (QDEOHG 'LVDEOHG(QDEOHG(QDEOHG&K)DLO 

= ,QW ,QW ,QW ,QW 

W= V V V V 

=,QWHUWULS 'LVDEOHG (QDEOHG'LVDEOHG 



W= V V V V 




W= V V V V 


/LQH$QJOH R R R R 

N=15HV&RPS 

N=1$QJOH R R R R 

53K ,QW ,QW ,QW ,QW 

5* ,QW ,QW ,QW ,QW 

36%6WDWXV 'LVDEOHG (QDEOHG'LVDEOHG 

'HOWD5 ,QW ,QW ,QW ,QW 

'HOWD; ,QW ,QW ,QW ,QW 

W= V V V V 

7DEHOD1DVWDZ\]DEH]SLHF]HQLDRGOHJáR FLRZHJR 

 

=DEH]SLHF]HQLHRGOHJáR FLRZH]ZDUFLDID]RZH 

=DEH]SLHF]HQLHRGOHJáR FLRZHSRZRGXMHSRPLDULPSHGDQFMLSRSU]H]UyZQRF]HVQ NRQWURO 

QDSL üLSU GyZV\VWHPX-H HOL]PLHU]RQDZDUWR üLPSHGDQFMLMHVWPQLHMV]DRGQDVWDZLRQHM 

FKDUDNWHU\VW\NLLPSHGDQF\MQHMWRQDVW SXMHG]LDáDQLHPRGXáXSRRGPLHU]HQLXQDVWDZLRQHJR 

F]DVXRSy QLHQLD=DEH]SLHF]HQLHPR HE\üXVWDZLRQHZHGáXJLPSHGDQFMLOLQLLGOD 

]DSHZQLHQLDVHOHNW\ZQR FLG]LDáDQLD 

8U] G]HQLD3L3SRVLDGDM VWUHI\]DEH]SLHF]HQLDRG]ZDUüID]RZ\FKFRSRND]DQR 

SRQL HMQDU\VXQNX 

:V]\VWNLHID]RZHHOHPHQW\]DEH]SLHF]HQLRZHPDM NV]WDáWF]ZRURN WQ\LV NLHUXQNRZHZ 

VSRVyEQDVW SXM F\ 

” VWUHI\LVWUHI\NLHUXQNRZHG]LDáDM FH³GRSU]RGX´ 

” VWUHIDNLHUXQNRZDVWUHIDG]LDáDM FD³GRW\áX´ZVWHF]QD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

; 

6WUHID 

6WUHID 

6WUHID 

53+ 

5 

5\VXQHN&KDUDNWHU\VW\NLRGOHJáR FLRZHGOD]ZDUüID]RZ\FK 

 

=DEH]SLHF]HQLHRGOHJáR FLRZH]ZDUFLD]XG]LDáHP]LHPL 

=DEH]SLHF]HQLD3L3PDM ]DEH]SLHF]HQLHRGOHJáR FLRZHRVWUHIDFKGOD]ZDUü] 

XG]LDáHP]LHPLFRSRND]DQRQDU\VXQNXSRQL HM 

; 

6WUHID 

6WUHID 

6WUHID 

5* 

5 

5\VXQHN&KDUDNWHU\VW\NLRGOHJáR FLRZHGOD]ZDUü]XG]LDáHP]LHPL 

&KDUDNWHU\VW\NLVWUHI]DEH]SLHF]HQLDFKURQL FHRG]ZDUü]XG]LDáHP]LHPLV F]ZRURN WQHL 

NLHUXQNRZHMDNGODHOHPHQWyZID]RZ\FK'OD]DSHZQLHQLDSRSUDZQHJR]DVL JXGOD]ZDUü 

GR]LHPQ\FKX \ZDQDMHVWNRPSHQVDFMD]LHPQR]ZDUFLRZD:VSyáF]\QQLNNRPSHQVDFML 

]LHPQR]ZDUFLRZHMµN=15HV&RPS>PRGXáZVSyáF]\QQLND@RUD]µÀN=1$QJOH>DUJXPHQW

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

ZVSyáF]\QQLND@MHVWVWRVRZDQ\GRRGSRZLHGQLHJR]DVL JX]DNáyFH ID]RZ\FKGODX]\VNDQLD 

FKDUDNWHU\VW\NLGOD]DNáyFH GR]LHPQ\FK 

:DUWRSRGNUH OLü H]DVL JUH]\VWDQF\MQ\ZVWUHIDFK]ZDUüGR]LHPQ\FKMHVWQLH]DOH Q\RG 

QDVWDZ\]DVL JXUH]\VWDQF\MQHJRGOD]ZDUüID]RZ\FK 

 

:VND]yZNLQDVWDZLHQLRZH 

=DVL JLVWUHI 

(OHPHQW\VWUHI\]DEH]SLHF]HQLDRGOHJáR FLRZHJRSRZLQQ\E\ü]Z\NOHXVWDZLDQHQD 

VNáDGRZHM]JRGQHMLPSHGDQFMLOLQLLGOD]DSHZQLHQLDQDW\FKPLDVWRZHJRZ\á F]DQLDGOD 

]DNáyFH GODZL NV]HMF] FLOLQLL=DOHFDVL VWRVRZDQLHGODEH]SLHF]H VWZDDE\ 

QDW\FKPLDVWRZHZ\á F]HQLHQLHQDVW SRZDáRSU]\]DNáyFHQLDFKSR]DFKURQLRQ OLQL 

PDUJLQHVEH]SLHF]H VWZDXZ]JO GQLDEá G\SRFKRG] FH]SRPLDUyZ]DEH]SLHF]HQLDEá G\ 

SU]HNáDGQLNyZSU GRZ\FKLQDSL FLRZ\FKRUD]QLHGRNáDGQ\FKGDQ\FKGRW\F] F\FKLPSHGDQFML 

OLQLL 

(OHPHQW\VWUHI\]DEH]SLHF]HQLDRGOHJáR FLRZHJRSRZLQQ\E\üXVWDZLRQHWDNDE\SRNU\üFR 

QDMPQLHMFKURQLRQHMOLQLL]DSHZQLDM FZWHQVSRVyESRNU\FLHSR]RVWDáHMF] FLOLQLLQLH 

FKURQLRQHMSU]H]VWUHI PDUJLQHVEH]SLHF]H VWZDXZ]JO GQLDWHVDPHEá G\NWyUH 

SRGDQRSRZ\ HMGODVWUHI\3RQLHZD ]DVL JVWUHI\SU]HNUDF]DGáXJR üFKURQLRQHMOLQLLWR 

QLH]E GQHMHVWVWRVRZDQLHRSy QLHQLDF]DVRZHJRGODNRRUG\QDFML]]DEH]SLHF]HQLDPLSR]D 

QDV]\PRGFLQNLHPOLQLL 

(OHPHQWVWUHI\PR HE\üQDVWDZLRQ\WDNDE\VL JDüGRZJá ELPSHGDQFMLNROHMQHM 

QDMNUyWV]HMOLQLL7DNDQDVWDZDRJUDQLF]DPDNV\PDOQ\PR OLZ\]DVL JSRNU\FLDVWUHI QUSU]\ 

MHGQRF]HVQ\P]DFKRZDQLXNRRUG\QDFMLG]LDáDQLDJLHMVWUHI\]DEH]SLHF]H RGOHJáR FLRZ\FK 

GODSU]\OHJá\FKOLQLL-H HOLQLHMHVWWRPR OLZHWRQLH]E GQHVWDMHVL VWRVRZDQLHVWRSQLRZDQLD 

F]DVRZHJRGODJLFKVWUHINROHMQ\FK]DEH]SLHF]H 

*G\QDVWDZLDP\HOHPHQW\GOD]ZDUü]XG]LDáHP]LHPLZREZRGDFKUyZQROHJá\FKWRQDOH \ 

XZ]JO GQLüHIHNW\VSU] HQLDZ]DMHPQHJRVNáDGRZHM]HURZHMSU GX(IHNWWHQPR H 

SRZRGRZDü HFKDUDNWHU\VW\NLGOD]ZDUü]XG]LDáHP]LHPLE G VL VNUDFDá\'OD 

]DSHZQLHQLDRGSRZLHGQLHJR]DVL JXQDOH \]PRG\ILNRZDüQDVWDZ\RGOHJáR FLRZHMHVWWR 

RPyZLRQHSy QLHMZUR]G]LDOH 

3DWU] FD³GRW\áX´VWUHIDPR HE\üX \WDMDNRUH]HUZRZH]DEH]SLHF]HQLHV]\Q]ELRUF]\FK 

³]DSOHFDPL´]DEH]SLHF]HQLD=DVL JVWUHI\=]Z\NOHXVWDZLDVL QDRNRáRQDVWDZ\ 

VWUHI\QU2GSRZLHGQLHRSy QLHQLHF]DVRZHSRZLQQR]RVWDüZ\EUDQHGOD]DSHZQLHQLD 

NRRUG\QDFML]LQQ\PL]DEH]SLHF]HQLDPL 

&]DV\RSy QLHQLD 

2Sy QLHQLHG]LDáDQLDVWUHI\MHVW]Z\NOHXVWDZLDQHQDRWU]\PXMHVL ZWHQVSRVyE 

EH]]ZáRF]QHG]LDáDQLH-HGQDNPR QDVWRVRZDüRSy QLHQLHF]DVRZHËPVJG\VWUHID 

REHMPXMHWUDQVIRUPDWRU7R]DSHZQLDVWDELOQR üHOHPHQWXRGOHJáR FLRZHJRSRGF]DV 

]Dá F]DQLDWUDQVIRUPDWRUD2Sy QLHQLHF]DVRZHSRZLQQRE\ü]DOH QHRGNV]WDáWXSU GX 

PDJQHVRZDQLD 

2Sy QLHQLHF]DVRZHVWUHI\MHVWVNRRUG\QRZDQH]F]DVHPXVXZDQLD]DNáyFHQLDSU]H] 

]DEH]SLHF]HQLHRGOHJáR FLRZHFKURQL FHV VLHGQLRGFLQHNOLQLLZVZRMHMVWUHILH&DáNRZLW\ 

F]DVXVXZDQLD]DNáyFHQLDVNáDGDVL ]F]DVXG]LDáDQLDWHJR]DEH]SLHF]HQLDSOXVF]DV 

G]LDáDQLDMHJRZ\á F]QLND'RSDVRZDQLHSRZLQQRE\üUyZQLH Z\NRQDQHGOD]HURZDQLD 

HOHPHQWyZVWUHI\]JRGQLH]F]DVHPXVXZDQLD]DNáyFHQLDZW\PRGFLQNXOLQLLSOXVPDUJLQHV 

EH]SLHF]H VWZD7\SRZHPLQLPDOQHRSy QLHQLHG]LDáDQLDVWUHI\SRZLQQRE\üRNRáRPV 

7HQF]DVPR HZ\PDJDü]PLDQ\JG\]DEH]SLHF]HQLHPXVLE\üVNRRUG\QRZDQH]LQQ\PL 

VWUHIDPL]DEH]SLHF]H OXEZROQLHMV]\PLUR]ZL ]DQLDPL]DEH]SLHF]H UH]HUZRZ\FKZ 

SU]\OHJá\FKOLQLDFK 

1DVWDZ\F]DVRZHVWUHI\V W\SRZRXVWDZLDQH]JRGQLH]]DVDGDPLVIRUPXáRZDQ\PLGOD 

VWUHI\]W\P HSRZLQQ\E\üRQHVNRRUG\QRZDQH]LQQ\PL]DEH]SLHF]HQLDPLNWyUHPRJ

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

G]LDáDüZQDV]HMVWUHILH7\SRZ\PLQLPDOQ\F]DVG]LDáDQLDVWUHI\PR HPLHüRNRáRPV 

3RGREQLHMHGQDNPR HE\üRQPRG\ILNRZDQ\GOD]DSHZQLHQLDNRRUG\QDFML]ZROQLHMV]\PL 

UR]ZL ]DQLDPL]DEH]SLHF]H UH]HUZRZ\FK 

.RPSHQVDFMD]LHPQR]ZDUFLRZD 

3RGF]DVZDUXQNyZ]ZDUFLD]XG]LDáHP]LHPLLPSHGDQFMDS WOL]ZDUFLD]DZLHUDLPSHGDQFM 

]ZDUFLDID]RZHJRRUD]LPSHGDQFM ]LHPL.RPELQDFMDW\FKLPSHGDQFMLMHVWRNUH ODQDMDNR 

LPSHGDQFMDS WOL]LHPQR]ZDUFLRZHM,PSHGDQFMD]LHPQR]ZDUFLRZDMHVWXVWDZLDQDMDNR 

NURWQR üQDVWDZ\]DVL JX]ZDUFLDID]RZHJRLPR HE\üRNUH ORQD]QDVW SXM F\FKZ]RUyZ 

N=15HV&RPS = Ã = [= 

*G]LH 

N=1$QJOH À= = = 

= 6NáDGRZD]JRGQDLPSHGDQFMLOLQLLOXENDEOD 

= 6NáDGRZD]HURZDLPSHGDQFMLOLQLLOXENDEOD 

2EOLF]DQLH]DVL JXUH]\VWDQF\MQHJRGODHOHPHQWyZID]RZ\FK 

8U] G]HQLD3PDM F]ZRURN WQ FKDUDNWHU\VW\N RGOHJáR FLRZ R]QDF]DWR H]DVL J 

UH]\VWDQF\MQ\53KPR HE\üXVWDZLRQ\QLH]DOH QLHRG]DVL JXLPSHGDQF\MQHJRZ]GáX 

FKURQLRQHMOLQLLNDEOD53KGHILQLXMHPDNV\PDOQ ZDUWR üUH]\VWDQFML]ZDUFLDGRGDWNRZR 

ZREHFLPSHGDQFMLOLQLLGODNWyUHMVWUHIDRGOHJáR FLRZDE G]LHZ\á F]Dü:WHQVSRVyE 

VNáDGRZHUH]\VWDQFMLSROHZHMLSUDZHMF] FLND GHMVWUHI\V ]DVW SRZDQHSU]H]53KL 

53KSRREXVWURQDFKLPSHGDQFMLFKDUDNWHU\VW\F]QHMGODOLQLL 

=DVL JUH]\VWDQF\MQ\HOHPHQWyZ]ZDUüID]RZ\FKPXVLE\üQDVWDZLRQ\WDNDE\SRNU\ZDü 

ND G\VSRG]LHZDQ\SR]LRPUH]\VWDQFML]ZDUFLD:D QHMHVW HPDNV\PDOQ\]DVL J 

UH]\VWDQF\MQ\]ZDUFLDID]RZHJRE\áRJUDQLF]DQ\GODXQLNQL FLDEá GQHJRZ\á F]DQLDJG\ 

]PQLHMV]RQDLPSHGDQFMDREFL HQLDZSDGQLHZREV]DUFKDUDNWHU\VW\NLZ\á F]DQLD7DNZL F 

UH]\VWDQF\MQ\]DVL J]ZDUüID]RZ\FKPXVLE\üWDNGREUDQ\DE\QLHG]LDáDüSU]\QDMZL NV]\FK 

GRSXV]F]DOQ\FKREFL HQLDFKOLQLL7\SRZR]DVL JUH]\VWDQF\MQ\QLHSRZLQLHQSU]HNUDF]Dü 

PLQLPDOQHMLPSHGDQFMLREFL HQLD3U]\NáDGSRND]DQRQDU\VXQNX 

; 

6WUHID 

53+ 

= 

2EFL 

HQLH 

53+ 

5 

5\VXQHN1DVWDZ\]DVL JXUH]\VWDQF\MQHJRLREFL 

HQLHOLQLL 

*G\F]\QQDMHVWEORNDGDRGNRá\VD PRF\36%ZL NV]DFKDUDNWHU\VW\NDLPSHGDQF\MQD 

RWDF]DVWUHI LGODWHJRMHVWZD QHDE\REFL HQLHQLH]QDOD]áRVL ZHZQ WU]WHM

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

FKDUDNWHU\VW\NL=WHJRZ]JO GX53KPR HPLHüW\SRZRPLQLPDOQHMLPSHGDQFML 

REFL HQLD7RSR]ZROLFKDUDNWHU\VW\FH36%XQLNQ üPLQLPDOQHMLPSHGDQFMLREFL HQLD 

2EOLF]DQLH]DVL JXUH]\VWDQF\MQHJRGODHOHPHQWyZGR]LHPQ\FK 

1DVWDZD]DVL JXUH]\VWDQF\MQHJRGODHOHPHQWyZRG]ZDUüGR]LHPQ\FKSRZLQQDE\ü 

XVWDZLRQDGODSRNU\FLDZ\PDJDQHJRSR]LRPXUH]\VWDQFML]ZDUFLD]XG]LDáHP]LHPLOHF] 

MHGQRF]H QLHDE\XQLNQ üG]LDáDQLDSU]\PLQLPDOQHMLPSHGDQFMLREFL HQLD5H]\VWDQFMD 

]ZDUFLDSRZLQQDXZ]JO GQLDüUH]\VWDQFM áXNXUH]\VWDQFM SU]HM FLDLWS 

7\SRZ\]DVL JUH]\VWDQF\MQ\SRZLQLHQPLHüWSRVWURQLHSLHUZRWQHM0XVLP\SRQRZQLH 

XQLNQ üLPSHGDQFMLREFL HQLDMDNWRRPyZLRQRZUR]G]LDOH'ODWHJR]DVL J 

UH]\VWDQF\MQ\MHVWXVWDODQ\QDZDUWR ü=]RGSRZLHGQLPPDUJLQHVHPW\SRZRMDNWR 

SRGDQRGODID]RZ\FKHOHPHQWyZ]ZDUFLRZ\FK 

(IHNW\VSU] HQLDZ]DMHPQHJRHOHPHQWyZRGOHJáR FLRZ\FK 

*G\OLQLHQDSRZLHWU]QHSUDFXM UyZQROHJOHOXESUDFXM EOLVNRVLHELHQDFDáHMOXEZF] FL 

VZRMHMGáXJR FLWRLVWQLHMHVSU] HQLHZ]DMHPQHSRPL G]\W\PLGZRPDREZRGDPL 

6SU] HQLHVNáDGRZ\FK]JRGQHMLSU]HFLZQHMMHVWPDáHLPR HE\üSRPLQL WH6SU] HQLH 

VNáDGRZHM]HURZHMMHVWEDUG]LHM]QDF] FHLPDZSá\ZQDSRPLDU]DEH]SLHF]HQLDSRGF]DV 

]ZDUü]XG]LDáHP]LHPLJG\OLQLHSUDFXM UyZQROHJOH 

6SU] HQLHZ]DMHPQHVNáDGRZHM]HURZHME G]LHSRZRGRZDü H]DEH]SLHF]HQLH 

RGOHJáR FLRZHE G]LHSDWU]\áR]E\WNUyWNROXE]E\WGDOHNR]DOH QLHRGNLHUXQNXSU]HSá\ZX 

VNáDGRZHM]HURZHMSU GXZOLQLLUyZQROHJáHM0R QDMHGQDNZ\ND]Dü HWHQHIHNWVNUDFDQLDOXE 

Z\GáX DQLDQLHE G]LHGRW\NDáNRRUG\QDFML]DEH]SLHF]H SRGF]DVSUDF\UyZQROHJáHMOLQLLWR 

]QDF]\QLHMHVWPR OLZHZ\GáX HQLHGOD]ZDUüSR]DFKURQLRQ OLQL DWDN HVNUyFHQLHGR 

WDNLHJRVWRSQLD HEUDNQDáR HQLDVL VWUHI,VWQLHMHMHGQDNNLONDDSOLNDFMLGRNWyU\FK 

VSU] HQLHZ]DMHPQHSRZLQQRE\üVNLHURZDQHFRRPyZLRQRZNROHMQ\FKUR]G]LDáDFK 

(IHNWVSU] HQLDZ]DMHPQHJRSU]\QDVWDZDFKVWUHI\QU 

'ODSU]\SDGNXSRND]DQHJRQDU\VXQNXJG]LHMHGHQREZyGOLQLLUyZQROHJáHMQLHSUDFXMHL 

MHVWX]LHPLRQ\SRREXVWURQDFK]ZDUFLH]GDOQ\FKV]\Q]ELRUF]\FK]]LHPL PR HSURZDG]Lü 

GREá GQHJRG]LDáDQLDHOHPHQWyZ]LHPQR]ZDUFLRZ\FKVWUHI\'ODWHMDSOLNDFMLSR GDQH 

PR HE\ü]UHGXNRZDQLH]DVL JXS WOL]LHPQR]ZDUFLRZHMGODVWUHI\0R QDWRX]\VNDüSU]\ 

X \FLXDOWHUQDW\ZQHMJUXS\QDVWDZZHZQ WU]]DEH]SLHF]HQLD3ZNWyUHMZVSyáF]\QQLN 

NRPSHQVDFML]LHPQR]ZDUFLRZHM.=1MHVWXVWDZLRQ\QDZDUWR üPQLHMV] QL QRUPDOQLH 

=GOD]ZDUü]XG]LDáHP]LHPLRSFMD 

=GOD]ZDUü]XG]LDáHP]LHPLQRUPDOQD 

= 02 

5\VXQHN1DVWDZD]DVL JXVWUHI\GODOLQLLUyZQROHJá\FK

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

(IHNWVSU] HQLDZ]DMHPQHJRQDQDVWDZ\VWUHI\ 

'ODUyZQROHJáHMSUDF\REZRGyZHOHPHQW\]ZDUü]XG]LDáHP]LHPLVWUHI\E G ]PLHU]DüGR 

VNUyFHQLD]DVL JX'ODWHJR]DOHFDVL ]ZL NV]\üQDVWDZ W\FKHOHPHQWyZWDNDE\PLDá\RQH 

SRUyZQ\ZDOQ\]DVL JMDNHOHPHQW\]ZDUüID]RZ\FK-HGQDNMH HOLFKURQLRQDUyZQROHJáDOLQLD 

MHVWGáXJDLUyZQRF]H QLHSU]\OHJáDOLQLDMHVWNUyWNDWRWUXGQRQDVWDZLü]DVL JHOHPHQWyZVWUHI\ 

GODSRNU\FLDLPSHGDQFMLFKURQLRQHMOLQLLGODZV]\VWNLFK]ZDUüLUyZQRF]H QLHQLH 

ZL FHMQL SU]\OHJáHMOLQLL7HQSUREOHPVL SRZL NV]DJG\SU]\M WR]QDF] F GRGDWNRZ 

WROHUDQFM GODVNáDGRZHM]HURZHMLPSHGDQFMLZ]DMHPQHMZSU]\SDGNX]ZDUüGR]LHPQ\FK3U]\ 

G]LDáDQLXW\ONRMHGQHJRREZRGXEUDNLPSHGDQFMLVSU] HQLDZ]DMHPQHJRLHOHPHQW\]ZDUü 

GR]LHPQ\FKGODVWUHI\PRJ Z\GáX \üVL SR]DSU]\OHJáHMOLQLLNRQLHF]QDMHVWZWHG\ 

G\VNU\PLQDFMDF]DVRZD]LQQ\PLHOHPHQWDPLSUDFXM F\PLZVWUHILH'ODWHJR]DOHFDVL 

]PQLHMV]\üQDVWDZ\GOD]ZDUü]XG]LDáHP]LHPLGRZDUWR FLHOHPHQWyZID]RZ\FKGODSUDF\] 

MHGQ\P]REZRGyZUyZQROHJá\FKMDNSRND]DQRQDU\VXQNX=PLDQDSRPL G]\ 

RGSRZLHGQLPLQDVWDZDPLPR HE\üX]\VNDQDSRSU]H]X \FLHDOWHUQDW\ZQHMJUXS\QDVWDZ 

GRVW SQHMZXU] G]HQLDFK3=PLDQD]DVL JXGOD]ZDUü]XG]LDáHP]LHPLMHVWX]\VNLZDQD 

SRSU]H]RGSRZLHGQL ]PLDQ ZVSyáF]\QQLNDNRPSHQVDFML]LHPQR]ZDUFLRZHM 

:\GáX HQLH=GOD]ZDUü]]LHPL 

= 02 

=3+ 

L*UXSD 

1RUPDOQDVWUHID=GOD]ZDUü]]LHPL 

=3+ 

L*UXSD 

5\VXQHN3U]\NáDG\VSU] 

HQLDZ]DMHPQHJRUR]ZD DQLDGRW\F] FH]DVL JXVWUHI\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

%ORNDGDRGNRá\VD PRF\36% 

.Rá\VDQLDPRF\V RVF\ODFMDPLZSU]HSá\ZLHPRF\NWyUHPRJ Z\VW SLüSR]DNáyFHQLDFKZ 

V\VWHPLH0RJ E\üRQHZ\ZRáDQHSU]H]QDJáHXVXQL FLH]DNáyFHQLDXWUDW V\QFKURQL]PX 

ZHZQ WU]V\VWHPXOXE]PLDQ\ZNLHUXQNXSU]HSá\ZXPRF\ZZ\QLNXSU]Há F]H 7DNLH 

]DNáyFHQLDPRJ SRZRGRZDüSU]\ SLHV]DQLHOXERSy QLDQLHJHQHUDWRUyZSUDFXM F\FKZ 

V\VWHPLHDE\GRSDVRZDüVL GRQRZ\FKZDUXQNyZSU]HSá\ZXPRF\FR]NROHLSURZDG]LGR 

ZDUXQNyZNRá\VD PRF\.Rá\VDQLDPRF\PRJ SRZRGRZDü HLPSHGDQFMDPLHU]RQDSU]H] 

]DEH]SLHF]HQLHRGOHJáR FLRZHSU]HVXQL FLHVL ]QRUPDOQHJRREV]DUXREFL HQLDGRMHGQHM 

OXEZL FHMFKDUDNWHU\VW\NZ\á F]DM F\FK:SU]\SDGNXVWDELOL]DFMLNRá\VD PRF\ZD QHMHVW 

DE\]DEH]SLHF]HQLHQLHZ\á F]DáR:SU]\SDGNXSRZD Q\FKNRá\VD PRF\EORNRZDQLH 

HOHPHQWyZRGOHJáR FLRZ\FKPR HE\üZ\PDJDQHOXEQLH]DOH QLHRGVWUDWHJLLG\VSR]\WRUD 

PRF\ 

(OHPHQWEORNXM F\NRá\VDQLDPRF\ 

3RSU]H]PHQXPR OLZHMHVWQDVWDZLDOQHG]LDáDQLDHOHPHQWX36%GREORNRZDQLDG]LDáDQLD 

ZV]\VWNLFKVWUHIRGOHJáR FLRZ\FKOXEQD]H]ZROHQLDQDZ\á F]HQLH'HWHNFMDNRá\VD PRF\ 

X \ZDREV]DULPSHGDQFMLNWyU\RWDF]DFDá ID]RZ FKDUDNWHU\VW\N Z\á F]DQLD7HQREV]DU 

SRND]DQRMDNRD5LD;QDSRQL V]\PU\VXQNX 

D; 

6WUHID 

8V\WXRZDQLH 

NRá\VD PRF\ 

D5 

D5 

6WUHID 

D; 

5\VXQHN&KDUDNWHU\VW\NDEORNDG\RGNRá\VD PRF\ 

=DNáyFHQLHZV\VWHPLHSRZRGXMHV]\EN ]PLDQ PLHU]RQHMLPSHGDQFML 

-HGQDNNRá\VDQLDPRF\R]QDF]DM ]QDF]QLHZROQLHMV]H]PLDQ\LPSHGDQFML.Rá\VDQLHPRF\ 

MHVWZ\NU\ZDQHJG\PLHU]RQDLPSHGDQFMDID]DID]DSR]RVWDQLHZREU ELHREV]DUXD5SRQDG 

F]DVW=36%MHVWZVND]\ZDQHSU]\RVL JQL FLXVWUHI\OXEVWUHI\ 

1DOH \]DXZD \ü HFKDUDNWHU\VW\ND36%E G]LHXVWDZLRQDZRNyáF]\QQHMVWUHI\R]QDF]DWR 

HMH HOLW\ONRVWUHIDMHVWF]\QQDWRVWUHID36%E G]LHRWDF]DüW\ONRVWUHI 

2GEORNRZDQLH]DEH]SLHF]HQLDGOD]ZDUüSRGF]DVNRá\VD PRF\ 

=DEH]SLHF]HQLHPR HG]LDáDüSUDZLGáRZRUyZQLH GOD]DNáyFHQLDZ\VW SXM FHJRSRGF]DV 

NRá\VD PRF\JG\ V GZDZDUXQNLNWyUHPRJ RGEORNRZDü]DEH]SLHF]HQLH 

” 3U]HNURF]RQ\MHVWSUyJSU GXGR]LHPQHJR]H]ZDODQDZ\á F]HQLHGOD]ZDUü 

GR]LHPQ\FKZ\VW SXM F\FKSRGF]DVNRá\VD PRF\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

” 3U]HNURF]RQ\MHVWSUyJVNáDGRZHMSU]HFLZQHMSU GX]H]ZDODQDZ\á F]HQLHGOD]ZDUü 

PL G]\ID]RZ\FKZ\VW SXM F\FKSRGF]DVNRá\VD PRF\ 

 

=DEH]SLHF]HQLHOLQLL]RGHM FLHP]DVLODM F\PW\SX7 

=DVWRVRZDQLH]DEH]SLHF]HQLDRGOHJáR FLRZHJRGODOLQLLRWU]HFKNR FDFKMHVWSRZV]HFKQLH 

]QDQH-HGQDNQDOH \V]F]HJyOQLHXZD QLHREOLF]\ü]DVL JLQDVWDZGODHOHPHQWyZ 

RGOHJáR FLRZ\FKGODXZ]JO GQLHQLDLPSHGDQFMLSR]RUQHMZLG]LDQHMSU]H]]DEH]SLHF]HQLHMDNR 

Z\QLN]DVLODQLDSU GRZHJR]WU]HFLHJRNR FD 

5\VXQHNSRND]XMHW\SRZHSRá F]HQLDOLQLLRWU]HFKNR FDFK 

'OD]DNáyFH SRVWURQLHV]\QNR FD%LPSHGDQFMDZLG]LDQDSU]H]]DEH]SLHF]HQLHQDNR FX$ 

ZLG]LDQDMHVWMDNRUyZQD 

= D = DW = EW >= EW [, F , D @ 

=DEH]SLHF]HQLH$E G]LHPLDáRVNUyFRQ\]DVL JVWUHI\GOD]DNáyFH SR]DSXQNWHP 

UR]JDá ]LHQLDSU]\]DVLODQLX]NR FD&*G\]DVLODQLH&MHVWUHODW\ZQLHVLOQ\P UyGáHPWRHIHNW 

VNUDFDQLD]DVL JXPR HE\ü]QDF] F\'ODHOHPHQWXVWUHI\NWyU\MHVWQDVWDZLRQ\QD 

FKURQLRQHMOLQLLHIHNWPR HSRZRGRZDüEUDNG]LDáDQLDGOD]DNáyFH ZVWUHILHFKURQLRQHM 

5\VXQHN$SOLNDFMDGODOLQLLRNR FDFKLPSHGDQFMDSR]RUQDZLG]LDQDSU]H] 

]DEH]SLHF]HQLHRGOHJáR FLRZH 

'ODWHJRWH JG\]DVLODQLHMHVWREHFQHWRPXVLP\VL XSHZQLü HHOHPHQW\VWUHI\QD 

ZV]\VWNLFKNR FDFKOLQLLREHMPXM RED]GDOQHNR FH]RGSRZLHGQLPXZ]JO GQLHQLHPHIHNWX 

]DVLODQLDZSXQNFLHUR]JDá ]LHQLD3RGREQLHHOHPHQW\VWUHI\PRJ E\üXVWDZLRQHQD 

GáXJR FLOLQLLSR]ZDODM FQDHIHNWVNUyFHQLDVWUHI\WU]HFLHJRNR FD]]DVLODQLHP 

-HGQDNZV\WXDFMLNLHG\WU]HFLNRQLHFOLQLLMHVWZ\á F]RQ\WRHOHPHQW\VWUHI\PRJ VL JDü 

SR]DFKURQLRQ OLQL 'ODWHJRPR HE\üQLH]E GQH]PLHQLDü]DVL JHOHPHQWyZ 

RGOHJáR FLRZ\FK]DOH QLHRGNRQILJXUDFMLV\VWHPX0R QDWRVWRVXM FSU]Há F]DOQHEDQNL 

QDVWDZ

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 


2SFMD]DEH]SLHF]HQLDRGOHJáR FLRZHJRMHVWGRVW SQDGODPRGHOX3L30RGHOHWHV 

RJyOQLHEDUG]LHMGRVWRVRZDQHGRZ\ V]\FKQDSL üV\VWHPyZWUDQVPLV\MQ\FKL 

VXEWUDQVPLV\MQ\FK3U]\NáDGWHQMHVWGODWHJRRSDUW\QDOLQLLQDSRZLHWU]QHMN9R 

GáXJR FLNPFRSRND]DQRQDU\VXQNX 

'áXJR üOLQLL NP 

,PSHGDQFMHOLQLL = M À R WNP 

= M À R WNP 

= = À R WNP 

3U]HNáDGQLDSU]HNáSU GRZHJR 

3U]HNáDGQLDSU]HNáQDSL FLRZHJR 

7LJHU%D\ 

*UHHQ %OXH5LYHU 5RFN\%D\ 

NP 

NP 

NP 

 

 

0RFH]ZDUFLRZH 

6WDFMD*UHHQ9DOO\PDNV\PDOQLH09$PLQLPDOQLH09$ 

6WDFMD%OXH5LYHUPDNV\PDOQLH09$PLQLPDOQLH09$ 

5\VXQHN3U]\NáDGV\VWHPX 

1DVWDZ\PRJ E\üZSURZDG]DQHGR]DEH]SLHF]HQLDMDNRZLHONR FLSLHUZRWQHOXEZWyUQH 

LPSHGDQFMHPRJ E\üUyZQLH Z\UD RQHMDNRZLHONR FLELHJXQRZHSDUDPHWU\QDVWDZLDOQH 

SRSU]H]PHQX'ODSRWU]HEELH FHJRSU]\NáDGXE G X \ZDQHZLHONR FLZWyUQH 

1DVWDZ\]DVL JXUHDNWDQF\MQHJRVWUHI\ 

:\PDJDVL DE\]DVL JVWUHI\Z\QRVLáLPSHGDQFMLOLQLLSRPL G]\VWDFMDPL*UHHQ9DOOH\L 

%OXH5LYHU3R]ZROLWRQDX]\VNDQLHEH]]ZáRF]QHJR]DEH]SLHF]HQLDGODWDNGX HJRRGFLQND 

OLQLLMDNW\ONRMHVWWRPR OLZH 

5HODFMDLPSHGDQFMLZWyUQHMGRSLHUZRWQHM 

:\PDJDQ\]DVL JVWUHI\ [[À R [ 

ÀWZWyUQLH 

. WFKDUDNWHU\VW\F]Q\OLQLLN WOLQLLQDVWDZD R GR R ZNURNDFK R 

'ODWHJR = 

. WOLQLL R

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

1DVWDZD]DVL JXUHDNWDQF\MQHJRVWUHI\ 

:\PDJDQDLPSHGDQFMDVWUHI\ LPSHGDQFMDOLQLLSRPL G]\VWDFMDPL*UHHQ9DOOH\L%OXH 

5LYHULPSHGDQFMLOLQLLSRPL G]\%OXH5LYHUL5RFN\%D\ 

[À R [ 

À R WZWyUQLH 

'ODWHJR = 

. WOLQLL R 

1DVWDZD]DVL JXUHDNWDQF\MQHJRVWUHI\ 

:\PDJDQ\]DVL JVWUHI\ ]DVL JXVWUHI\ 

[À R 

À R WZWyUQLH 

'ODWHJR = 

. WOLQLL R 

1DVWDZD]DVL JXUH]\VWDQF\MQHJRHOHPHQWXID]RZHJR 

1DVWDZD]DVL JXUH]\VWDQF\MQHJRGOD]ZDUüID]RZ\FKSRZLQQDE\üPLQLPDOQDMHGQDNWDNDE\ 

REM üZV]HONLHPR OLZHZDUWR FLUH]\VWDQFMLáXNX2JyOQLHE G]LHWRPDáDZDUWR üLGODWHJR 

X \ZDM FQDVWDZ\UyZQHMUHDNWDQF\MQHPX]DVL JRZLVWUHI\X]\VNDP\VSHáQLHQLH 

SRVWDZLRQHJRZ\PRJX 

'ODWHJR 53K W 

3U]\EOL RQ\PZVND]DQLHPPLQLPDOQHMLPSHGDQFMLREFL HQLDPR HE\ü]QDPLRQRZHQDSL FLH 

SRG]LHORQHSU]H]PDNV\PDOQ\SU GREFL HQLD:SU]\SDGNX]ZDUüPL G]\ID]RZ\FKE G]LH 

WR9$ W1DVWDZD]DVL JXUH]\VWDQF\MQHJRHOHPHQWyZID]RZ\FKQLHE G]LHZWHQ 

VSRVyESU]HFLQDáDREV]DUXLPSHGDQFMLREFL HQLD 

1DVWDZDZVSyáF]\QQLNDNRPSHQVDFML]LHPQR]ZDUFLRZHM 

= - = / 

:VSyáF]\QQLNNRPSHQVDFML]LHPQR]ZDUFLRZHM N=1 = / = / 

= / = / MM 

M 

 

À 

N=1 = 

[ 

À 

R 

R 

À R R 

= À - 

.1 

QDVWDZ\PRGXáXN=1V Z]DNUHVLHRGGRZNURNDFK 

QDVWDZ\DUJXPHQWXN=1V Z]DNUHVLHRG R GR R ZNURNDFK R 

'ODWHJRZ\ELHUDP\N=15HV&RPS LN=1DQJOH R

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

1DVWDZ\]DVL JXUH]\VWDQF\MQHJRHOHPHQWX]LHPQR]ZDUFLRZHJR 

=DVL JUH]\VWDQF\MQ\HOHPHQWyZRG]ZDUü]XG]LDáHP]LHPLQDOH \QDVWDZLüW\SRZRGOD 

REM FLDUH]\VWDQFMLáXNXHOHNWU\F]QHJRLUH]\VWDQFMLSU]HM FLD:QDV]\PSU]\NáDG]LHX \MHP\ 

W\SRZHMQDVWDZ\SLHUZRWQHMW 

5* ![WZWyUQH 

!WZWyUQLH 

1DVWDZD5* WZWyUQLH 

3U]\EOL RQ\PZVND]DQLHPPLQLPDOQHMLPSHGDQFMLREFL HQLDPR HE\ü]QDPLRQRZHQDSL FLH 

SRG]LHORQHSU]H]PDNV\PDOQ\SU GREFL HQLD:SU]\SDGNX]ZDUü]XG]LDáHP]LHPLE G]LH 

WR9$ W1DVWDZD]DVL JXUH]\VWDQF\MQHJRHOHPHQWyZ]ZDUüGR]LHPQ\FKQLH 

E G]LHZWHQVSRVyESU]HFLQDáDREV]DUXLPSHGDQFMLREFL HQLD 

=DEH]SLHF]HQLHQDGSU GRZHZREZRG]LHSU GXID]RZHJR 

=DEH]SLHF]HQLHQDGSU GRZHZREZRG]LHSU GXID]RZHJRMHVWVWRVRZDQHMDNRDOWHUQDW\ZQD 

IRUPD]DEH]SLHF]HQLDUH]HUZRZHJR8U] G]HQLD3L3PDM F]WHU\VWRSQLH 

QDGSU GRZH3LHUZV]HGZDVWRSQLHPDM Z\ELHUDOQ FKDUDNWHU\VW\N ,'07SU GRZR]DOH Q 

OXE'7SU GRZR]DOH Q 7U]HFLLF]ZDUW\VWRSLH PDM W\ONRFKDUDNWHU\VW\N '76WRSQLH 

QDGSU GRZHZHZQ WU]]DEH]SLHF]H 3L3V LGHQW\F]QHOHF]PDM UyZQLH RSFM 

SR]ZDODM F QDVWDZLüMHMDNRNLHUXQNRZH³GRSU]RGXÓXE³GRW\áX´=DEH]SLHF]HQLH 

QDGSU GRZHPR HE\üVHOHNW\ZQLHXF]\QQLRQHOXERGVWDZLRQH,VWQLHMHUyZQLH PR OLZR ü 

RGEORNRZDQLDW\FK]DEH]SLHF]H SU]\XV]NRG]HQLXNDQDáXNRPXQLNDF\MQHJR]DEH]SLHF]H 

Uy QLFRZ\FK 

0R QDZ\EUDüHOHPHQW976>NRQWURODQDSL FLRZ\FKREZRGyZSRPLDURZ\FK@GODEORNRZDQLD 

HOHPHQWXNLHUXQNRZHJROXEXVXQL FLDX]DOH QLHQLDRGNLHUXQNX 

(OHPHQW\QDGSU GRZHPXV] E\üVNRRUG\QRZDQH]ZV]\VWNLPLLQQ\PL]DEH]SLHF]HQLDPL 

V\VWHPXGOD]DSHZQLHQLDVHOHNW\ZQHJRXVXQL FLDXV]NRG]HQLD.ROXPQ PHQXGOD 

]DEH]SLHF]HQLDQDGSU GRZHJRSRND]DQRZ7DEHOL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

1$'35 '2:( 

1DVWDZD 

GRP\ OQD 

0LQ 0DNV .URN 

,!6WDWXV (QDEOHG 'LVDEOHG(QDEOHG(QDEOHG&K)DLO 

,!)XQFWLRQ ,(&6,QYHUVH '7,(&6,QYHUVH,(&9,QYHUVH,(&(,QYHUVH 

8./7,QYHUVH,(((0,QYHUVH,(((9,QYHUVH 

,((((,QYHUVH86,QYHUVH8667,QYHUVH 

,!'LUHFWLRQDOW\ONR 

33 

1RQGLUHFWLRQDO 

1RQGLUHFWLRQDO'LUHFWLRQDO)ZG'LUHFWLRQDO5HY 

,!&XUUHQW6HW ,Q ,Q ,Q ,Q 

,!7LPH'HOD\ V V V ,Q 

,!706 

,!7LPH'LDO 

,!5HVHW&KDU '7 '7,QYHUVH 

,!W5HVHW V V V V 

,! 

SDUDPHWU\MDNGOD,! 

SRZ\ HM 

,!6WDWXV 'LVDEOHG 'LVDEOHG(QDEOHG(QDEOHG&K)DLO 

,!'LUHFWLRQDOW\ONR 

33 

1RQGLUHFWLRQDO 

1RQGLUHFWLRQDO'LUHFWLRQDO)ZG'LUHFWLRQDO5HY 

,!&XUUHQW6HW ,Q ,Q ,Q ,Q 

,!7LPH'HOD\ V V V ,Q 

,!,QWHUWULS (QDEOHG (QDEOHG'LVDEOHG 

,! 

SDUDPHWU\MDNGOD,! 

SRZ\ HM 

,!&KDU$QJOHW\ONR 

33 

,!)XQFWLRQ/LQNSDWU] 

NRPHQWDU]QL HM 

7DEHOD1DVWDZ\]DEH]SLHF]HQLDQDGSU GRZHJR 

R R R R 

 

1DVWDZ\µ,!)XQFWLRQ/LQNPDM QDVW SXM FH]QDF]HQLH 

µ976%ORFN>EORNDGD]NRQWUROLREZRGyZSRPLDURZ\FKQDSL FLD@*G\RGSRZLHGQLELWMHVW 

XVWDZLRQ\QDWRG]LDáDQLH976E G]LHEORNRZDüVWRSLH MH HOLMHVWRQNLHUXQNRZ\*G\ELW 

PDZDUWR üWRVWRSLH VWDQLHVL EH]NLHUXQNRZ\SU]\]DG]LDáDQLX976 

µ$5%ORFN>%ORNDGD63=@/RJLND63=PR HE\üXVWDZLRQDGODEH]]ZáRF]QHJREORNRZDQLD 

HOHPHQWyZQDGSU GRZ\FKSRZF]H QLHMXVWDORQHMOLF]ELH]Dá F]H -HVWWRXVWDZLRQHZ 

NROXPQLH63=*G\JHQHURZDQ\MHVWV\JQDáEH]]ZáRF]QHMEORNDG\WREORNRZDQHE G W\ONRWH 

VWRSQLHQDGSU GRZHNWyUHV R]QDF]RQHELWHPµZIXQNFMLµ,!)XQFWLRQ/LQN

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

'ODFKDUDNWHU\VW\NL,'07GRVW SQHV QDVW SXM FHRSFMH 

.U]\ZH,(&8.,'07RNUH ORQHSU]H]QDVW SXM F\Z]yU 

» 

± 

ª . 

W = 7[ 

+ / ² 

a 

½ , 

, - 

V Õ 

.U]\ZH,(&8.,'07RNUH ORQHSU]H]QDVW SXM F\Z]yU 

&KDUDNWHU\VW\NL,'07 

» 7' ± » 

± 

ª . 

W = ª ² [ 

+ / ² 

½ Õ 

½ , 

, 

a - 

V Õ 

JG]LH W F]DVG]LDáDQLD 

. VWDáD 

, SU GPLHU]RQ\ 

,V QDVWDZDSURJXSU GRZHJR 

a VWDáD 

/ 6WDáD$16,,(((]HURGODNU]\Z\FK,(&8. 

7 1DVWDZDPQR QLNDF]DVyZGODNU]\Z\FK,(&8. 

7' 1DVWDZDF]DVXGODNU]\Z\FK,(((86 

2SLVNU]\ZHM,'07 6WDQGDUG 6WDáD. 6WDáDa 6WDáD/ 

6WDQGDUGLQYHUVH ,(& 

9HU\LQYHUVH ,(& 

([WUHPHO\LQYHUVH ,(& 

/RQJWLPHLQYHUVH 8. 

0RGHUDWHO\LQYHUVH ,((( 

9HU\LQYHUVH ,((( 

([WUHPHO\LQYHUVH ,((( 

,QYHUVH 86& 

6KRUWWLPHLQYHUVH 86& 

0R QD]DXZD \ü HNU]\ZH,(((L86V XVWDZLDQHLQDF]HMQL NU]\ZH,(&8.ZRGQLHVLHQLX 

GRQDVWDZF]DVRZ\FK1DVWDZDPQR QLNDF]DVRZHJR706MHVWX \ZDQDGODGRSDVRZDQLD 

F]DVXG]LDáDQLDNU]\Z\FK,(&QDWRPLDVWQDVWDZD7'MHVWX \ZDQDGODNU]\Z\FK,(((86 

=DUyZQRQDVWDZ\706MDNL7'G]LDáDM MDNRPQR QLNLSRGVWDZRZHMFKDUDNWHU\VW\NLOHF] 

VNDORZDQLH7'MHVWRNRáRUD]\ZL NV]HQL 706MDNSRND]DQRZSRSU]HGQLPPHQX0HQX 

MHVW]RUJDQL]RZDQHWDN HJG\Z\EUDQRNU]\Z ,(&8.WRNRPyUNDµ,!7LPH'LDOMHVW 

QLHZLGRF]QDLRGZURWQLHGODQDVWDZ\706

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

 

)XQNFMDQDGSU GRZHJRZ\á F]DQLDLQWHUWULSX 

*G\WU]HFLVWRSLH ]DEH]SLHF]HQLDQDGSU GRZHJRMHVWX \ZDQ\GODEH]]ZáRF]QHJR 

Z\VRNRQDVWDZLHQLRZHJRZ\á F]DQLDMHVWPR OLZHVNRQILJXURZDQLHXU] G]HQLDDE\Z\V\áDáR 

RQR]WHJRVWRSQLDV\JQDáZ\á F]DM F\GR]GDOQHJR]DEH]SLHF]HQLDLQWHUWULS7DNRPHQGD 

Z\á F]DM FDMHVWUR]G]LHORQDID]RZRLGODWHJRPR HE\üX \ZDQDZSRá F]HQLX]XNáDGHP 

Z\á F]DQLDMHGQRID]RZHJR 

*G\V X \ZDQHEH]]ZáRF]QHHOHPHQW\QDGSU GRZHPXV] RQHZFL ]DSHZQLüVHOHNW\ZQH 

Z\á F]HQLH]DNáyFHQLD0R QDWRX]\VNDüSRSU]H]Z\EyUQDVWDZ\SURJXG]LDáDQLDZ\ HMQL 

SR]LRPSU GX]ZDUFLDQDGUXJLPNR FXOLQLLZZDUXQNDFKPDNV\PDOQHMJHQHUDFML7R 

]DJZDUDQWXMH HHOHPHQWE G]LHG]LDáDáW\ONRGOD]ZDUüZREU ELHFKURQLRQHMOLQLL 

5H]HUZDQDGSU GRZDSU]\XV]NRG]HQLXNDQDáXWUDQVPLV\MQHJR 

=DOHW UR]ZL ]DQLDSROHJDM FHJRQDXF]\QQLHQLX]DEH]SLHF]HQLDQDGSU GRZHJRSU]\ 

XV]NRG]HQLXNDQDáXNRPXQLNDF\MQHJRMHVW]GROQR üGRRJUDQLF]HQLDF]DVyZXVXZDQLD 

]DNáyFHQLDSU]H]]DEH]SLHF]HQLHUH]HUZRZH0R QDWRSRND]DüQDSLHU FLHQLRZ\PXNáDG]LH 

OLQLLSU]HGVWDZLRQ\PQDU\VXQNX 

$ 

V 

V 

V 

% 

V 

2EFL 

HQLH 

V 

( 

V 

2EFL HQLH 2EFL HQLH 

V 

V 

& 

V 

V 

' 

V 

2EFL HQLH 2EFL HQLH 

à F]HNRPXQLNDF\MQH 

5\VXQHN8NáDGSLHU FLHQLRZ\UH]HUZDQDGSU GRZD 

-H HOL]DEH]SLHF]HQLHQDGSU GRZHNLHUXQNRZHMHVWVWRVRZDQHGRREZRGXSLHU FLHQLRZHJR 

NRQZHQFMRQDOQHVWRSQLRZDQLH]DEH]SLHF]H E G]LHSURZDG]LáRGRF]DVyZG]LDáDQLDMDN 

SRND]DQHSRZ\ HM7RSURZDG]LGRGáXJLFKF]DVyZG]LDáDQLDV]F]HJyOQLHSU]\ UyGáRZHM 

VWDFMLµ$ZQDV]\PSU]\NáDG]LHV 

-H HOLMDNR]DEH]SLHF]HQLHJáyZQHGODND GHJRREZRGXVWRVXMHP\]DEH]SLHF]HQLHUy QLFRZH 

QDWRPLDVWMDNR]DEH]SLHF]HQLHUH]HUZRZHQDGSU GRZHNLHUXQNRZH'2&WRMHVWPR OLZH 

]QDF] FHVNUyFHQLHF]DVyZG]LDáDQLD'2&=Dáy P\F]DV\G]LDáDQLDGODREZRGXPL G]\µ&L 

µ'UyZQHV-H HOL]DEH]SLHF]HQLH'2&MHVWRGEORNRZDQHW\ONRZWHG\JG\NDQDá 

NRPXQLNDF\MQ\MHVWXV]NRG]RQ\WRF]DVG]LDáDQLDPR H]RVWDüVNUyFRQ\:W\PSU]\SDGNX 

G]LDáDM MHG\QLHXU] G]HQLHQDGSU GRZHVNRMDU]RQH]REZRGHPµ&'LWHQDOLQLL]DVLODM FHMZ 

µ$'ODWHJRQLH]E GQDMHVWVHOHNW\ZQR üW\ONRSRPL G]\W\PL]DEH]SLHF]HQLDPL 

=DEH]SLHF]HQLDSRPL G]\µ&Lµ'PRJ E\üSU]\NáDGRZRXVWDZLRQHQDVDQDOLQLL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

]DVLODM FHMQDV7 ]DVDG VWRVXMHVL RGSRZLHGQLRGRLQQ\FKREZRGyZSLHU FLHQLDWDN H 

ZV]\VWNLH]DEH]SLHF]HQLDZVWDFMDFKµ%µ&µ'Lµ(PRJ PLHüW\SRZHF]DV\G]LDáDQLDV 

7DILOR]RILDSRZLQQDSUDFRZDüWDNVDPRGREU]H]]DEH]SLHF]HQLDPLQDGSU GRZ\PL 

EH]NLHUXQNRZ\PLDVHOHNFMD]DNáyFH GODLQQ\FKREZRGyZPR HE\üX]\VNDQDSRSU]H] 

]DEH]SLHF]HQLDUy QLFRZHQDW\FKREZRGDFK 

3RZ\ V]HF]DV\G]LDáDQLDV W\ONRSU]\NáDGRZH1DOH \XZD QLHQDVWDZLü]DEH]SLHF]HQLDWDN 

DE\VHOHNW\ZQR üE\áDZFL ]DFKRZDQDGODGRZROQHJRV VLHGQLHJR]DEH]SLHF]HQLDQD 

GRZROQ\PREZRG]LHREFL HQLD 

 


1DVWDZ\GODHOHPHQWXQDGSU GRZHJR]ZáRF]QHJRSRZLQQ\E\üGREUDQHGOD]DSHZQLHQLD 

VHOHNW\ZQR FLZ UyGRWDF]DM F\FK]DEH]SLHF]H 1LHSU]HZLGXMHVL GHPRQVWUDFML 

VWRSQLRZDQLDF]DVRZHJRZSRQL V]\PSU]\NáDG]LH,QIRUPDFMHQDWHPDWVWRSQLRZDQLDPRJ 

E\ü]QDOH]LRQHZGRNXPHQFLH$/67203URWHFWLRQ5HOD\$SSOLFDWLRQ*XLGH35$* 

3U]\NáDGQDVWDZSR ZL FRQRSRSUDZQHPX]DVWRVRZDQLXGUXJLHJRHOHPHQWXJG\ 

SRGVWDZRZ\PMHVW]DEH]SLHF]HQLHV]\ENLHEH]]ZáRF]QH 

1DOH \VL XSHZQLü HHOHPHQWE G]LHRGSRZLDGDá]D]DNáyFHQLDZFKURQLRQHMOLQLL 

5R]ZD DQ\V\VWHPSRND]DQRQDU\VXQNX1DMJRUV]\SU]\SDGHNVFHQDULXV]DMHVWZWHG\ 

JG\G]LDáDW\ONRMHGQD]UyZQROHJá\FKOLQLLSRZRGXM FQDMZL NV]\SU GRGJDá ]LHQLD 

1DOH \UR]ZD \üGZDSU]\SDGNL3LHUZV]\WR]DNáyFHQLHZVWDFML%OXH5LYHU]DEH]SLHF]HQLH 

ZLG] FHXG]LDáSU GX]DNáyFHQLDSRFKRG] F\]*UHHQ9DOH\GUXJLWR]DNáyFHQLHZ*UHHQ 

9DOOH\L]DEH]SLHF]HQLHZLG] FHXG]LDáSU GX]DNáyFHQLD]%OXH5LYHU 

N9 

3U]\SDGHN ,PSHGDQFMD UyGáD 

09$ 

,PSHGDQFMDOLQLL W 

W 

3U G]ZDUFLDZLG]LDQ\SU]H]]DEH]SLHF]HQLH 

 

 

+ 

$ 

N9 

3U]\SDGHN ,PSHGDQFMD UyGáD 

09$ 

,PSHGDQFMDOLQLL W 

W 

3U G]ZDUFLDZLG]LDQ\SU]H]]DEH]SLHF]HQLH 

 

 

+ 

$ 

1DVWDZDQDGSU GRZDPXVLSU]HNUDF]Dü]DWHP$'OD]DSHZQLHQLDRGSRZLHGQLHJR 

PDUJLQHVXEH]SLHF]H VWZDMDNRPLQLPDOQ\SUyJQDOH \Z\EUDüREOLF]RQHMZDUWR FLWM 

[ $ 

=DEH]SLHF]HQLHMHVWSRGá F]RQHGRSU]HNáDGQLNDSU GRZHJR 

$ZL FQDOH \Z\EUDüQDVWDZ [,Q ,Q 

&RSU]HQLHVLRQHQDPR OLZR FL]DEH]SLHF]HQLDGDMHVWRSLH µ,!&XUUHQW6HW ,Q

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

1DVWDZ\N WDFKDUDNWHU\VW\NLQDGSU GRZHMNLHUXQNRZHM 

=DEH]SLHF]HQLHX \ZD R N WDSRGá F]HQLDGODHOHPHQWyZ'2&. W\FKDUDNWHU\VW\NL 

XU] G]HQLDV ZW\PSU]\SDGNX]QDPLRQRZRXVWDZLDQHQD 

R 3HáQHOLQLH]DVLODM FH UyGáRVNáDGRZHM]HURZHM]W\áX]DEH]SLHF]HQLD 

R =DVLODQLHWUDQVIRUPDWRURZH UyGáRVNáDGRZHM]HURZHM]SU]RGX]DEH]SLHF]HQLD 

=DEH]SLHF]HQLHSU]HFL HQLRZHFLHSOQH 

=DEH]SLHF]HQLHSU]HFL HQLRZHFLHSOQHPR HE\üX \WHGODXQLNQL FLDSUDF\HOHPHQWyZ 

V\VWHPXHQHUJHW\F]QHJRZWHPSHUDWXUDFKSU]HNUDF]DM F\FKNRQVWUXNF\MQLHRNUH ORQHM 

Z\WU]\PDáR FLFLHSOQHM3U]HGáX DM FHVL SU]HFL HQLHSRZRGXMHSU]\URVWWHPSHUDWXU\FR] 

NROHLSRZRGXMHSU]HGZF]HVQHVWDU]HQLHVL L]RODFMLOXEZHNVWUHPDOQ\FKSU]\SDGNDFKMHM 

XV]NRG]HQLH 

8U] G]HQLH]DZLHUDPRGHOFLHSOQ\RSDUW\QDSU G]LHGODPRGHORZDQLDQDJU]HZDQLDL 

FKáRG]HQLDHOHPHQWXV\VWHPXX \ZDVL SU GXREFL HQLD0R QDXVWDZLüUyZQRF]H QLH 

SR]LRPV\JQDOL]DFMLLSR]LRPZ\á F]HQLD 

&LHSáRJHQHURZDQHZHZQ WU]HOHPHQWXV\VWHPXWDNLHJRMDNNDEHOOXEWUDQVIRUPDWRUMHVW 

Z\QLNLHPVWUDWUH]\VWDQF\MQ\FK, 5[W'ODWHJRQDJU]HZDQLHMHVWZSURVWSURSRUFMRQDOQHGR 

NZDGUDWXSU GX7HUPLF]QDFKDUDNWHU\VW\NDF]DVRZDX \ZDQDZ]DEH]SLHF]HQLXMHVWGODWHJR 

RSDUWDQDNZDGUDFLHSU GXFDáNRZDQHMZG]LHG]LQLHF]DVX-DNRZLHONR FLZHM FLRZHMGOD 

PRGHOXFLHSOQHJR]DEH]SLHF]HQLHDXWRPDW\F]QLHX \ZDQDMZL NV]HJRSU GXID]RZHJR 

2SU]\U] GRZDQLHMHVWGREUDQHGODFL JáHMSUDF\ZWHPSHUDWXU]HRGSRZLDGDM FHMMHJRSHáQHM 

Z\WU]\PDáR FLREFL HQLRZHMJG\JHQHURZDQHFLHSáRMHVWUyZQHFLHSáXRGGDZDQHPXSRSU]H] 

SURPLHQLRZDQLH:DUXQNLSU]HNURF]HQLDWHPSHUDWXU\Z\VW SXM GODWHJRW\ONRZWHG\JG\Z 

RNUH ORQ\PF]DVLHSU G\SU]HNUDF]DM GRSXV]F]DOQ\SR]LRP0R QDSRND]Dü HWHPSHUDWXUD 

SRGF]DVQDJU]HZDQLDSU]HELHJD]JRGQLH]NU]\Z Z\NáDGQLF] LSRGREQLHZ\NáDGQLF]R 

]PQLHMV]DWHPSHUDWXU SRGF]DVFKáRG]HQLD 

'ODX \ZDQLDWHJRHOHPHQWX]DEH]SLHF]HQLRZHJRZ\PDJDQDMHVWFLHSOQDVWDáDF]DVRZD 

FKURQLRQHJRHOHPHQWXV\VWHPX 

1DVW SQHUR]G]LDá\SRND HUy QHHOHPHQW\VLHFLSRVLDGDM Uy QHFKDUDNWHU\VW\NLFLHSOQH 

]HZ]JO GXQDZáD FLZR FLLFKNRQVWUXNFML8U] G]HQLHSRVLDGDGZLHFKDUDNWHU\VW\NLNWyUH 

PRJ E\üZ\EUDQH]JRGQLH]SU]H]QDF]HQLHP 

 

&KDUDNWHU\VW\ND]MHGQ VWDá F]DVRZ 

7DFKDUDNWHU\VW\NDMHVWX \ZDQDGODRFKURQ\NDEOLVXFK\FKWUDQVIRUPDWRUyZQSW\SX$1L 

EDWHULLNRQGHQVDWRUyZ 

&KDUDNWHU\VW\NDFLHSOQDF]DVRZDMHVWSRGDQDSU]H] 

H[SWt , N[, )/& , , 3 

 

JG]LH W &]DVGRZ\á F]HQLD]DOH Q\RGSU GXSU]HFL HQLD, 

t 6WDáDF]DVRZDQDJU]HZDQLDLFKáRG]HQLDGODFKURQLRQHJR 

HOHPHQWX 

, 1DMZL NV]\SU GID]RZ\ 

, )/& 3R]LRPSU GXSHáQHJRREFL HQLDQDVWDZD]DEH]SLHF]HQLD 

µ7KHUPDO7ULS 

N 6WDáD]H]ZDODM FDQDSUDF FL Já GODSU GyZGR, )/& 

, 3 3R]LRPZVW SQHJRQDJU]DQLDSU]HGSU]HFL HQLHP

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

&]DVGRZ\á F]HQLD]PLHQLDVL ]DOH QLHRGSU GXREFL HQLDSá\Q FHJRSU]HGSRZVWDQLHP 

SU]HFL HQLDWMF]\SU]HFL HQLHRGE\áRVL ]HVWDQXQDJU]DQHJRF]\]LPQHJR 

 


&KDUDNWHU\VW\NLWHMX \ZDVL GODRFKURQ\WUDQVIRUPDWRUyZROHMRZ\FK]QDWXUDOQ\P 

FKáRG]HQLHPSRZLHWU]Q\PQSW\SX21$10RGHOFLHSOQ\MHVWSRGREQ\GRWHJR]MHGQ VWDá 

F]DVRZ ]DZ\M WNLHPNRQLHF]QR FLQDVWDZLHQLDGZyFKVWDá\FKF]DVRZ\FK.U]\ZDFLHSOQD 

MHVW]GHILQLRZDQDMDNR 

[H[SWt [H[SWt , N[, )/& , , 3 

 

JG]LH t 

6WDáDF]DVRZDQDJU]HZDQLDLFKáRG]HQLDGODX]ZRMHQLD 

WUDQVIRUPDWRUD 

t 

6WDáDF]DVRZDQDJU]HZDQLDLFKáRG]HQLDGODROHMXL]ROXM FHJR 

'ODPDUJLQDOQHJRSU]HFL HQLDFLHSáRE G]LHSU]HSá\ZDü]X]ZRMHQLDGRROHMXZNDG]L 

'ODWHJRGODPDá\FKSU GyZNU]\ZDQDJU]HZDQLDE G]LH]GRPLQRZDQDSU]H]GáXJ VWDá 

F]DVRZ ROHMX7R]DSHZQLDRFKURQ SU]HGRJyOQ\PSRGQLHVLHQLHPWHPSHUDWXU\ROHMX 

'OD]QDF]Q\FKSU]HFL H FLHSáRMHVWNXPXORZDQHZX]ZRMHQLXWUDQVIRUPDWRUDSU]\PDáHM 

PR OLZR FLUR]SURV]HQLDGRRWDF]DM FHJRROHMXL]RODF\MQHJR'ODWHJRSU]\GX \FKSU GDFK 

NU]\ZDQDJU]HZDQLDMHVW]GRPLQRZDQDSU]H]NUyWN VWDá F]DVRZ GODX]ZRMHQLD7R 

]DSHZQLDRFKURQ L]RODFMLX]ZRMHQLDSU]HGVWDU]HQLHPLPLQLPDOL]XMHSRZVWDZDQLHJD]yZZ 

SU]HJU]DQ\PROHMX1DOH \]ZUyFLüXZDJ HPRGHOFLHSOQ\QLHNRPSHQVXMH]PLDQ 

WHPSHUDWXU\RWRF]HQLD 

3RQL V]DWDEHODSRND]XMHQDVWDZ\PHQXGODHOHPHQWXSU]HFL HQLRZHJRFLHSOQHJR 

7+(50$/ 'RP\ OQLH 0LQ 0DNV .URN 

7KHUPDO&KDU 6LQJOH 'LVDEOHG6LQJOH'XDO 

7KHUPDO7ULS ,Q ,Q ,Q ,Q 

7KHUPDO$ODUP 

7LPH&RQVWDQW PLQXWHV PLQXWHV PLQXWHV PLQXWHV 

7LPH&RQVWDQW PLQXWHV PLQXWHV PLQXWHV PLQXWHV 

7DEHOD 

=DEH]SLHF]HQLHSU]HFL HQLRZHFLHSOQH]DSHZQLDUyZQLH ZVND]DQLHVWDQXFLHSOQHJRZ 

NROXPQLHSRPLDURZHMPHQX6WDQFLHSOQ\PR HE\ü]HURZDQ\SU]H]ZHM FLHGZXVWDQRZH 

MH HOLSU]\SLVDQHMHGRWHMIXQNFMLSRSU]H]HG\WRUSURJUDPRZDOQHMORJLNLOXEPHQXXU] G]HQLD 

)XQNFMDNDVRZDQLDZPHQXPR HE\ü]QDOH]LRQDZNROXPQLHSRPLDURZHM]HVWDQHP 

FLHSOQ\P 

 

:VND]yZNLGODQDVWDZ 

&KDUDNWHU\VW\ND]MHGQ VWDá F]DVRZ 

1DVWDZDSU GRZDMHVWREOLF]DQDMDNR 

7KHUPDO7ULS 'RSXV]F]DOQHFL JáHREFL HQLHHOHPHQWXVLHFLSU]HNáDGQLDSU GRZD 

7\SRZHZDUWR FLVWDá\FKF]DVRZ\FKSRGDQRZSRQL V]\FKWDEHODFK1DVWDZD]DEH]SLHF]HQLD 

µ7LPH&RQVWDQWUHDOL]RZDQDMHVWZPLQXWDFK 

.DEOH]L]RODFM SDSLHURZ OXESROLHW\OHQRZ ]QDMGXM VL SRG]LHPL OXEZNDQDáDFK7DEHOD 

SRND]XMHWZPLQXWDFKGODNDEOLRUy Q\FKSR]LRPDFKQDSL FLDLSRZLHU]FKQLDFKSU]HNURMX

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

&6$PP N9 N9 N9 N9 

 

 

 

 

 

 

7DEHOD 

,QQHHOHPHQW\VLHFL 

7UDQVIRUPDWRUVXFK\ 

5HDNWRU\]UG]HQLHP 

SRZLHWU]Q\P 

%DWHULHNRQGHQVDWRUyZ 

6WDáDF]DVRZDtPLQXW\ 

 

 

 

 

*UDQLFH 

0RFHN9$ 

0RFHN9$ 

/LQLHQDSRZLHWU]QH 3U]HNURMHËPP &XOXE 

PP $O 

6]\Q\]ELRUF]H 

7DEHOD 

$ODUPPR HVL SRMDZLüSU]\RVL JQL FLXVWDQXFLHSOQHJRRGSRZLHGQLHJRGRQDVWDZ\ 

SURFHQWRZHMSURJXZ\á F]DQLD7\SRZDQDVWDZDPR HE\üµ7KHUPDO7ULS SRMHPQR FL 

FLHSOQHM 


1DVWDZDSU GRZDMHVWREOLF]DQDMDNR 

7KHUPDO7ULS 'RSXV]F]DOQHFL JáHREFL HQLHWUDQVIRUPDWRUDSU]HNáDGQLDSU GRZD 

7\SRZHZDUWR FLVWDá\FKF]DVRZ\FK 

t PLQXW\ t PLQXW\ *UDQLFH 

 

7UDQVIRUPDWRUROHMRZ\ 0RFHN9$ 

7DEHOD 

$ODUPPR HVL SRMDZLüSU]\RVL JQL FLXVWDQXFLHSOQHJRRGSRZLHGQLHJRGRQDVWDZ\ 

SURFHQWRZHMSURJXZ\á F]DQLD7\SRZDQDVWDZDPR HE\üµ7KHUPDO$ODUP SRMHPQR FL 

FLHSOQHM 

3URV] ]ZUyFLüXZDJ HVWDáHF]DVRZHSRGDQHZSRZ\ V]HMWDEHOLV W\ONRW\SRZH3R 

GRNáDGQLHMV]HGDQHQDOH \VL ]DZV]HRGZRáDüGRLQIRUPDFMLSURGXFHQWD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

=DEH]SLHF]HQLH]LHPQR]ZDUFLRZH 

=DEH]SLHF]HQLH3]DZLHUDUH]HUZRZH]DEH]SLHF]HQLH]LHPQR]ZDUFLRZH6 GRVW SQH 

GZDHOHPHQW\HOHPHQW]LHPQR]ZDUFLRZ\REOLF]HQLRZ\JG]LHSU G]LHPQR]ZDUFLRZ\GOD 

G]LDáDQLDHOHPHQWXMHVWREOLF]DQ\]VXP\WU]HFKSU GyZID]RZ\FKLF]XáHJR]DEH]SLHF]HQLD 

]LHPQR]ZDUFLRZHJRW\ONR3L3JG]LHZ\PDJDQHV QLVNLHQDVWDZ\SU GX 

&]Xá\HOHPHQW]LHPQR]ZDUFLRZ\PDRGG]LHOQHZHM FLHSU GRZHZVSyOQH]Uy QLFRZ\P 

HOHPHQWHPGR]LHPQ\PL]Z\NOHSRZLQQRE\üSRGá F]RQHGRSU]HNáDGQLND)HUUDQWLHJR2ED 

HOHPHQW\]LHPQR]ZDUFLRZHREOLF]HQLRZHLF]XáHPDM SRF]WHU\VWRSQLH3LHUZV]HGZD 

VWRSQLHPRJ E\ü]DUyZQR]DOH QRSU GRZH,'07MDNLQLH]DOH QHRGSU GX'7.D G\ 

VWRSLH PR HE\üXVWDZLRQ\GRSUDF\µZSU]yGµZW\áOXEµEH]NLHUXQNRZRW\ONR3L 

3 

-HVWSU]HZLG]LDQDIXQNFMDRGEORNRZXM FDPRGXáSR]DEORNRZDQLX]DEH]SLHF]HQLD 

Uy QLFRZHJRSU]\XV]NRG]HQLXá F]DNRPXQLNDF\MQHJRQLHGOD]DEH]SLHF]HQLD 

]LHPQR]ZDUFLRZHJRF]XáHJR 

(OHPHQWNRQWUROLSRPLDURZ\FKREZRGyZQDSL FLRZ\FKPR HVáX \üGREORNRZDQLDHOHPHQWX 

NLHUXQNRZHJROXESRSURVWXXVXZDQLDG]LDáDQLDNLHUXQNRZHJR 

(OHPHQW\]ZDUüGR]LHPQ\FKPXV] E\üVNRRUG\QRZDQH]GRZROQ\PLQQ\PHOHPHQWHP 

]DEH]SLHF]HQLRZ\PV\VWHPXGOD]DSHZQLHQLDVHOHNW\ZQHJRXVXQL FLD]DNáyFHQLD 

.ROXPQ\PHQXGOD]DEH]SLHF]H ]LHPQR]ZDUFLRZ\FKSRND]DQRZWDEHODFKL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

=,(012 

=:$5&,2:( 

1DVWDZDGRP\ OQD 0LQ 0DNV .URN 

,1!6WDWXV (QDEOHG 'LVDEOHG(QDEOHG(QDEOHG&K)DLO 

,1!)XQFWLRQ ,(&6,QYHUVH '7,(&6,QYHUVH,(&9,QYHUVH,(&(,QYHUVH 



,1!'LUHFWLRQDO 1RQGLUHFWLRQDO 1RQGLUHFWLRQDO'LUHFWLRQDO)ZG'LUHFWLRQDO5HY 

W\ONR33 

,1!&XUUHQW6HW ,Q ,Q ,Q ,Q 

,1!7LPH'HOD\ V V V ,Q 

,1!706 

,1!7LPH'LDO 

,1!5HVHW&KDU '7 '7,QYHUVH 

,1!W5HVHW V V V V 

,1! 

SDUDPHWU\MDNGOD 

,1!SRZ\ HM 

VWRSLH ,1!MHVW 

GRP\ OQLH 

RGVWDZLRQ\ 

,1!6WDWXV 'LVDEOHG 'LVDEOHG(QDEOHG(QDEOHG&K)DLO 

,1!'LUHFWLRQDO 1RQGLUHFWLRQDO 1RQGLUHFWLRQDO'LUHFWLRQDO)ZG'LUHFWLRQDO5HY 

W\ONR33 

,1!&XUUHQW6HW ,Q ,Q ,Q ,Q 

,1!7LPH'HOD\ V V V ,Q 

,1! 


,1!SRZ\ HM 

,1!)XQFWLRQ/LQN 

SDWU]NRPHQWDU] 

QL HM 

,1',5(&7,21$/ 

1DJáyZHN 

W\ONR33 

,1!&KDU$QJOH R R R R 

W\ONR33 

,1!3RODULVDWLRQ =HUR6HTXHQFH =HUR6HTXHQFH1HJ6HTXHQFH 

,1!91SRO6HW 9 9 9 9 

,1!9SRO6HW 9 9 9 9 

,1!,SRO6HW ,Q ,Q ,Q 

7DEHOD1DVWDZ\]DEH]SLHF]HQLD]LHPQR]ZDUFLRZHJRREOLF]HQLRZHJR 

1DVWDZ\µ,1!)XQFWLRQ/LQNPDM QDVW SXM FH]QDF]HQLH 



PDZDUWR üWRSU]\]DG]LDáDQLX976VWRSLH VWDQLHVL EH]NLHUXQNRZ\ 


HOHPHQWyZ]LHPQR]ZDUFLRZ\FKSRZF]H QLHMXVWDORQHMOLF]ELH]Dá F]H -HVWWRXVWDZLRQHZ 


VWRSQLH]LHPQR]ZDUFLRZHNWyUHV R]QDF]RQHELWHPµZIXQNFMLµ,1!)XQFWLRQ/LQN

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

&=8à(=,(012 

=:$5&,2:( 

W\ONR33 

1DVWDZDGRP\ OQD 0LQ 0DNV .URN 

6HQV()2SWLRQV 6()(QDEOHG 6()(QDEOHG:DWWPHWULF6() 

,6()!)XQFWLRQ '7 'LVDEOHG'7,(&6,QYHUVH,(&9,QYHUVH,(&(,QYHUVH 



,6()!'LUHFWLRQ 1RQGLUHFWLRQDO 1RQGLUHFWLRQDO'LUHFWLRQDO)ZG'LUHFWLRQDO5HY 

,6()!&XUUHQW ,Q ,Q ,Q ,Q 

,6()!7LPH 

V V V ,Q 

'HOD\ 

,6()!706 

,6()!7LPH'LDO 

,6()!5HVHW&KU '7 '7,QYHUVH 

,6()!W5HVHW V V V V 

,6()! 


,6()!SRZ\ HM 

VWRSLH ,6()! 

MHVWGRP\ OQLH 

RGVWDZLRQ\ 

,6()!6WDWXV 'LVDEOHG 'LVDEOHG(QDEOHG 

,6()!'LUHFWLRQDO 1RQGLUHFWLRQDO 1RQGLUHFWLRQDO'LUHFWLRQDO)ZG'LUHFWLRQDO5HY 

,6()!&XUUHQW ,Q ,Q ,Q ,Q 

,6()!7LPH 

'HOD\ 

V V V ,Q 

,6()! 


,6()!SRZ\ HM 

,6()!)XQF/LQN 

SDWU]NRPHQWDU] 

QL HM 

,6() 

',5(&7,21$/ 

VWRSLH ,6()! 

MHVWGRP\ OQLH 

RGVWDZLRQ\ 

 

^3RGUR]G]LDá` 

,6()!&KDU$QJOH R R R R 

,6()!3RODULVDWLRQ =HUR6HTXHQFH =HUR6HTXHQFH1HJ6HTXHQFH 

,6()!913RO 9 9 9 9 

:DWWPHWULF6() 

^3RGUR]G]LDá` 

31!6HWWLQJ : ,Q: ,Q: ,Q: 

7DEHOD1DVWDZ\F]XáHJR]DEH]SLHF]HQLD]LHPQR]ZDUFLRZHJR 

1DVWDZ\µ,6()!)XQFWLRQ/LQNPDM QDVW SXM FH]QDF]HQLH 



PDZDUWR üWRVWRSLH VWDQLHVL EH]NLHUXQNRZ\SU]\]DG]LDáDQLX976 


HOHPHQWyZ]LHPQR]ZDUFLRZ\FKSRZF]H QLHMXVWDORQHMOLF]ELH]Dá F]H -HVWWRXVWDZLRQHZ 


VWRSQLH]LHPQR]ZDUFLRZHNWyUHV R]QDF]RQHELWHPµZIXQNFMLµ,6()!)XQFWLRQ/LQN 

&KDUDNWHU\VW\NLSU GRZR]DOH QH,'07GRVW SQHGOD]DEH]SLHF]HQLD]LHPQR]ZDUFLRZHJR 

V W\PLVDP\PLNWyUHV GRVW SQHGODHOHPHQWyZQDGSU GRZ\FK

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

.LHUXQNRZH]DEH]SLHF]HQLH]LHPQR]ZDUFLRZHW\ONR33 

-DNSRGDQRZSRSU]HGQLPUR]G]LDOHND G\]F]WHUHFKVWRSQL]DEH]SLHF]HQLD 

]LHPQR]ZDUFLRZHJRLF]XáHJR]LHPQR]ZDUFLRZHJRPR HE\üXVWDZLRQ\MDNRNLHUXQNRZ\ 

]JRGQLH]SRWU]HEDPL-DN]Z\NOHGOD]DEH]SLHF]HQLDQDGSU GRZHJRNLHUXQNRZHJR 

NRQVHNZHQWQLHMHVWZ\PDJDQHRGSRZLHGQLHQDSL FLHGODX]\VNDQLDQLH]E GQHMSRODU\]DFML 

'ODVWDQGDUGRZHJRHOHPHQWX]LHPQR]ZDUFLRZHJRZ]DEH]SLHF]HQLX,1!V GRVW SQHGZLH 

RSFMHGODSRODU\]DFMLµ5HVLGXDO9ROWDJH>QDSL FLHVNáDGRZHM]HURZHM@OXEµ1HJDWLYHVHTXHQFH 

>QDSL FLHVNáDGRZHMSU]HFLZQHM@ 

3RODU\]DFMDQDSL FLHPVNáDGRZHM]HURZHM 

'OD]DEH]SLHF]HQLD]LHPQR]ZDUFLRZHJRZ\PDJDVL DE\V\JQDáSRODU\]XM F\E\á 

UHSUH]HQWDW\ZQ\GODZDUXQNyZ]ZDUFLDGR]LHPQHJR3RQLHZD QDSL FLHVNáDGRZHM]HURZHM 

MHVWWZRU]RQHSRGF]DVGR]LHPLHQLDWRWDZLHONR üMHVWRJyOQLHX \ZDQDGODSRODU\]DFML 

HOHPHQWyZ'()NLHUXQNRZHJR]DEH]SLHF]HQLH]LHPQR]ZDUFLRZHJR8U] G]HQLH 

ZHZQ WU]QLHZ\SURZDG]DWRQDSL FLH]WU]HFKQDSL üID]RZ\FKGRSURZDG]RQ\FKGR 

]DEH]SLHF]HQLDQDSL FLHPXVLE\üGRVWDUF]DQH]NROXPQRZHJRSU]HNáDGQLNDQDSL FLRZHJR 

OXE]WU]HFKSU]HNáDGQLNyZMHGQRID]RZ\FK7DNLHW\S\NRQVWUXNFMLSU]HNáDGQLNDQDSL FLRZHJR 

SR]ZDODM QDSU]HM FLHVWUXPLHQLDVNáDGRZHM]HURZHMLVW GSR]ZDODM ]DEH]SLHF]HQLXQD 

Z\G]LHOHQLHZ\PDJDQHJRQDSL FLD'RGDWNRZRSXQNWJZLD]GRZ\SU]HNáDGQLNyZQDSL FLRZ\FK 

SRVWURQLHSLHUZRWQHMPXVLE\üX]LHPLRQ\3U]HNáDGQLNQDSL FLRZ\RWU]HFKNROXPQDFKUG]HQLD 

EORNXMHSU]HSá\ZVWUXPLHQLDVNáDGRZHM]HURZHMLGODWHJRMHVWQLHRGSRZLHGQLGOD]DVLODQLD 

]DEH]SLHF]HQLD 

0R OLZHMHVW HPDáHSR]LRP\QDSL FLDVNáDGRZHM]HURZHME G Z\VW SRZDá\SRGF]DV 

QRUPDOQ\FKZDUXQNyZV\VWHPX]HZ]JO GXQDQLH]UyZQRZD HQLHV\VWHPXQLHGRNáDGQR ü 

SU]HNáDGQLNyZQDSL FLRZ\FKWROHUDQFMH]DEH]SLHF]HQLDLWS'ODWHJR]DEH]SLHF]HQLH]DZLHUD 

QDVWDZLDOQ\SU]H]X \WNRZQLNDSUyJµ,1!913RO6HWNWyU\PXVLE\üSU]HNURF]RQ\DE\IXQNFMD 

'()G]LDáDáD3RPLDUVNáDGRZHM]HURZHMQDSL FLDUHDOL]RZDQ\ZNROXPQLHPHQX 

µ0HDVXUHPHQWV>SRPLDU\@PR HVáX \üSRPRF SU]\RNUH ODQLXSURJXQDVWDZ\SRGF]DVHWDSX 

UR]UXFKXJG\ SRND]DQ\MHVWWXDNWXDOQ\SR]LRPWHJRQDSL FLD 

:DUWRZLHG]LHü HQDSL FLHVNáDGRZHM]HURZHMMHVW]QDPLRQRZRSU]HVXQL WHR R 

Z]JO GHPSU GXVNáDGRZHM]HURZHM'ODWHJRWH ]QDPLRQRZRPRGXá'()MHVWSRODU\]RZDQ\ 

QDSL FLHPµ9UHV=DWHPWRSU]HVXQL FLHN WRZHMHVWDXWRPDW\F]QLHUHDOL]RZDQHSU]H] 

]DEH]SLHF]HQLH 

3RODU\]DFMDQDSL FLHPVNáDGRZHMSU]HFLZQHM 

3U]\SHZQ\FK]DVWRVRZDQLDFKX \FLHSRODU\]DFMLPRGXáX'()QDSL FLHPVNáDGRZHM]HURZHM 

PR HE\üQLHPR OLZHGRX]\VNDQLDOXESUREOHPDW\F]QH-DNRSU]\NáDGPR HVáX \üV\WXDFMD 

JG\RGSRZLHGQLW\SSU]HNáDGQLNDQDSL FLRZHJRMHVWQLHGRVW SQ\JG\G\VSRQXMHP\ 

SU]HNáDGQLNLHPRWU]HFKNROXPQDFKUG]HQLD'UXJLPSU]\NáDGHPPR HE\üV\WXDFMDJG\OLQLD 

:111SU]HELHJDUyZQROHJOHLJG\LVWQLHM SUREOHP\Z\QLNDM FH]HVSU] HQLDVNáDGRZHM 

]HURZHM 

:REXV\WXDFMDFKSUREOHPPR HE\üUR]ZL ]DQ\SRSU]H]X \FLHGODSRODU\]DFMLVNáDGRZHM 

SU]HFLZQHMQDSL FLD7DPHWRGDRNUH ODNLHUXQHN]DNáyFHQLDSRSU]H]SRUyZQDQLHQDSL FLD 

VNáDGRZHMSU]HFLZQHM]SU GHPVNáDGRZHMSU]HFLZQHM-HGQDNZDUWR FL RSHUDF\MQ MHVWZFL 

SU GVNáDGRZHM]HURZHM 

-HVWPR OLZ\Z\EyUGODVWDQGDUGRZHJR]DEH]SLHF]HQLD]LHPQR]ZDUFLRZHJR'()OHF]QLH 

GOD]DEH]SLHF]HQLDF]XáHJR6()2QRZ\PDJDXVWDZLHQLDRGSRZLHGQLFKSURJyZQDSL FLDL 

SU GXZNRPyUNDFKµ,1!9SRO6HWLµ,1!,SRO6HW 

 

2JyOQHZVND]yZNLGODQDVWDZLDQLD]DEH]SLHF]HQLD'() 

*G\XVWDZLDP\N WFKDUDNWHU\VW\F]Q\]DEH]SLHF]HQLD5&$GODNLHUXQNRZHJRHOHPHQWX 

QDGSU GRZHJRRNUH ODP\N WGRGDWQL-HVWWDNGODWHJR HZHNWRUQDSL FLDSRODU\]XM FHJR 

RSy QLDVL Z]JO GHP]QDPLRQRZHJRSU GXID]RZHJRR R WMSR]\FMDZHNWRUDSU GXZ

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

ZDUXQNDFK]ZDUFLDZ\SU]HGDSRODU\]XM F\M ZHNWRUQDSL FLDLGODWHJRZ\PDJDQ\MHVWGRGDWQL 

5&$'OD'()SU GVNáDGRZHM]HURZHMZZDUXQNDFK]ZDUFLDOH \Z]GáX N WDRSy QLDM FHJR 

VL ]DQDSL FLHPSRODU\]XM F\P'ODWHJRGOD'()Z\PDJDQHV XMHPQHQDVWDZ\5&$ 

2GE\ZDVL WRSRSU]H]NRPyUN µ,!&KDU$QJOHZRGSRZLHGQLPPHQX]DEH]SLHF]HQLD 

]LHPQR]ZDUFLRZHJR 

'ODSRODU\]XM FHJRQDSL FLDVNáDGRZHM]HURZHM]DOHFDVL VWRVRZDQLHQDVW SXM F\FKQDVWDZ 

N WRZ\FK 

6\VWHP\X]LHPLRQHSU]H]UH]\VWDQFM R 

6\VWHP\UR]G]LHOF]HX]LHPLRQH R 

6\VWHP\SU]HV\áRZHX]LHPLRQH R 

'ODSRODU\]XM FHJRQDSL FLDVNáDGRZHMSU]HFLZQHMQDVWDZ\5&$PXV] E\üRSDUWHQDN FLH 

VNáDGRZHMSU]HFLZQHMLPSHGDQFML UyGáD 

&]Xá\HOHPHQW]LHPQR]ZDUFLRZ\MHVWUyZQLH RGSRZLHGQLGODX \WNX]V\VWHPDFKX]LHPLRQ\FK 

SU]H]FHZN 3HWHUVHQD'ODGDOV]\FKLQIRUPDFMLRWDNLFK]DVWRVRZDQLDFKSURV] VL 

VNRQWDNWRZDü]:\G]LDáHP$SOLNDFML$/67207 '6$ 

=DEH]SLHF]HQLHRGXV]NRG]HQLDZ\á F]QLND&%)ORNDOQDUH]HUZD 

Z\á F]QLNRZD 

3RZ\NU\FLX]DNáyFHQLDMHGQROXEZL FHM]DEH]SLHF]H JáyZQ\FKE G]LHG]LDáDüLJHQHURZDü 

NRPHQG Z\á F]DM F GODZ\á F]QLNDVNRMDU]RQHJR]REZRGHP]DNáyFHQLRZ\P']LDáDQLH 

Z\á F]QLNDMHVWEDUG]RZD QHGODL]RORZDQLD]DNáyFHQLDL]DSRELHJDXV]NRG]HQLXOXE 

UR]ZRMRZLXV]NRG]HQLDZV\VWHPLH'ODV\VWHPyZSU]HV\áRZ\FKVXESU]HV\áRZ\FKSRZROQH 

XVXQL FLH]DNáyFHQLDPR HUyZQLH R]QDF]DüQDUXV]HQLHVWDELOQR FLV\VWHPX'ODWHJRRJyOQ 

SUDNW\N MHVWLQVWDORZDQLH]DEH]SLHF]HQLDRGXV]NRG]HQLDZ\á F]QLNDNWyUHQDG]RUXMHF]\ 

Z\á F]QLNRWZRU]\áVL Z]DNáDGDQ\PF]DVLH-H HOLSU G]DNáyFHQLDQLH]RVWDQLHSU]HUZDQ\SR 

QDVWDZLRQ\PF]DVLHRSy QLHQLDRGFKZLOLLQLFMDFMLNRPHQG\Z\á F]WRE G]LHG]LDáDü 

]DEH]SLHF]HQLHRGXV]NRG]HQLDZ\á F]QLND&%) &LUFXLW%UHDNHU)DLOXUH>ORNDOQD 

UH]HUZDZ\á F]QLNRZD/5:@ 

 

.RQILJXUDFMH]DEH]SLHF]HQLD&%) 

=DEH]SLHF]HQLH&%)]DZLHUDGZDHOHPHQW\F]DVRZHµ&%)DLO7LPHULµ&%)DLO7LPHU 

SR]ZDODM FHQDUHDOL]DFM GZyFKSRQL V]\FKVFHQDULXV]\G]LDáDQLD 

” 3URVW\XNáDG/5:JG]LHF]\QQ\MHVWW\ONRHOHPHQWµ&%)DLO7LPHU'ODGRZROQHJR 

Z\á F]HQLD]]DEH]SLHF]HQLDXUXFKDPLDQ\MHVWHOHPHQWµ&%)DLO7LPHUL]Z\NOH 

]HURZDQ\ZPRPHQFLHRWZDUFLDREZRGX]DNáyFHQLDSU]H]Z\á F]QLN-H HOLQLHZ\NU\WR 

G]LDáDQLDZ\á F]QLNDWRSRRGPLHU]HQLXF]DVXSU]H]µ&%)DLO7LPHUQDVW SXMH 

]DPNQL FLH]HVW\NXZ\NRU]\VWDQHJRSRSU]H]36/>SURJUDPRZDOQ ORJLN G]LDáDQLD@ 

MDNRµEUHDNHUIDLO>XV]NRG]HQLHZ\á F]QLND@7HQ]HVW\NMHVWX \ZDQ\GODµEDFNWULSX 

>µW\OQHJRZ\á F]HQLD@Z\á F]QLNDEOL HM UyGáD]DVLODQLD]Z\NOHGRRWZDUFLDZV]\VWNLFK 

OLQLL]DVLODM F\FKSRGá F]RQ\FKGRWHMVDPHMVHNFMLV]\Q]ELRUF]\FK 

” 6FKHPDWUHWULSSLQJ>SRQRZQHJRZ\á F]HQLD@LRSy QLRQHJREDFNWULSSLQJX>µW\OQHJR 

Z\á F]HQLD@7XWDMHOHPHQWµ&%)DLO7LPHUMHVWX \ZDQ\GODSREXG]HQLDGUXJLHJR 

REZRGXZ\á F]DM FHJRMHJRVDPHJRZ\á F]QLND7RZ\PDJDRF]\ZL FLHSRGZyMQHJR 

]HVWDZXFHZHNZ\á F]DM F\FK]DVDGDMHVW]QDQDMDNRµUHWULS-H HOLSRZWyUQDSUyED 

RWZDUFLDZ\á F]QLND]DZLHG]LHWRPR QDZ\JHQHURZDüNRPHQG µEDFNWULSSR 

GRGDWNRZ\PF]DVLHRSy QLHQLDµ%DFNWULSX \ZDHOHPHQWXµ&%)DLO7LPHUNWyU\MHVW 

UyZQLH XUXFKDPLDQ\ZPRPHQFLHLQLFMDFML]DEH]SLHF]HQLRZHMNRPHQG\Z\á F] 

(OHPHQW\]DEH]SLHF]HQLD&%)µ&%)DLO7LPHULµ&%)DLO7LPHUPRJ E\üVNRQILJXURZDQH 

GODG]LDáDQLDGODZ\á F]H SREXG]DQ\FKRGZHZQ WU]Q\FKHOHPHQWyZ]DEH]SLHF]HQLRZ\FK 

OXESRSU]H]NRPHQG Z\á F]RG]HZQ WU]QHJR]DEH]SLHF]HQLD'UXJLZDULDQWMHVWUHDOL]RZDQ\ 

SRSU]H]SU]\SLVDQLHMHGQHJR]ZHM üV\JQDáRZ\FKGRV\JQDáXµ([WHUQDO7ULS>Z\á F] 

]HZQ WU]Q\@SU]\X \FLXSURJUDPRZDOQHMORJLNLG]LDáDQLD36/

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

0HFKDQL]P\]HURZDQLDGODHOHPHQWyZF]DVRZ\FK]DEH]SLHF]HQLD&%) 

2JyOQ ]DVDG MHVWVWRVRZDQLHQLVNRQDVWDZLRQ\FKHOHPHQWyZSRGSU GRZ\FKZ 

]DEH]SLHF]HQLXGODZ\NU\FLD HELHJXQ\Z\á F]QLNDSU]HUZDá\SU G]DNáyFHQLDOXEREFL 

]JRGQLH]Z\ERUHP2EHMPXMHWRQDVW SXM FHV\WXDFMH 

” *G\]HVW\NLSRPRFQLF]HZ\á F]QLNDV XV]NRG]RQHOXEQLHPR QDQDQLFKSROHJDüGOD 

ZVND]\ZDQLDF]\Z\á F]QLN]RVWDáRWZDUW\ 

” *G\Z\á F]QLN]DF] áVL RWZLHUDüOHF]RSHUDFMLQLHGRNR F]\á7RPR HSRZRGRZDü 

FL JáHSDOHQLHVL áXNXHOHNWU\F]QHJRQD]HVW\NDFKSLHUZRWQ\FK]GRGDWNRZ 

UH]\VWDQFM áXNXQDGURG]HSU GX]ZDUFLRZHJR=HZ]JO GXQDWR HWDGRGDWNRZD 

UH]\VWDQFMDPR HRJUDQLF]\üSU G]DNáyFHQLDWRHOHPHQW]DEH]SLHF]HQLRZ\PR H 

]RVWDüRGZ]EXG]RQ\7DNZL F]HURZDQLHHOHPHQWX]DEH]SLHF]HQLRZHJRQLHGDMH 

Z\VWDUF]DM FRSHZQHJRV\JQDáX HZ\á F]QLNRWZRU]\áVL SRSUDZQLH 

'ODGRZROQHMIXQNFML]DEH]SLHF]HQLRZHMZ\PDJDM FHMGRG]LDáDQLDSU GXGODZ\NU\FLDF]\ 

RGSRZLHGQLHELHJXQ\Z\á F]QLND]RVWDá\RWZDUWHLGOD]HURZDQLDHOHPHQWyZF]DVRZ\FK 

XU] G]HQLHX \ZDHOHPHQWyZSRGSU GRZ\FK,-HGQDNHOHPHQW\WHPRJ QLHGDZDü 

Z\VWDUF]DM FRSHZQ\FKUH]XOWDWyZGOD]HURZDQLD]DEH]SLHF]HQLD&%)ZHZV]\VWNLFK 

DSOLNDFMDFK 

=HURZDQLH&%)MHVWPR OLZHSRSU]H]V\JQDOL]DFM VWDQXRWZDUFLDZ\á F]QLND]ORJLNL 

Z\NU\FLDRWZDUW\FKELHJXQyZZ\á F]QLNDZ]DEH]SLHF]HQLXOXESRSU]H]RGZ]EXG]HQLH 

]DEH]SLHF]HQLD:W\FKSU]\SDGNDFK]HURZDQLHMHVWPR OLZHW\ONRZWHG\JG\UyZQRF]H QLH 

HOHPHQWSRGSU GRZ\MHVWUyZQLH RGZ]EXG]RQ\2SFMH]HURZDQLD]HEUDQRZSRQL V]HMWDEHOL 

,QLFMDFMD 

Z\EyU]PHQX 

=DEH]SLHF]HQLDED]XM FHQD 

SU G]LH 

 

(OHPHQWF]XáHJR 

]DEH]SLHF]HQLDRG]ZDUü 

GR]LHPQ\FK6() 

=DEH]SLHF]HQLH]HZQ WU]QH 

0HFKDQL]P]HURZDQLDHOHPHQWXF]DVRZHJR 

µ&%IDLOWLPHU 

0HFKDQL]P]HURZDQLDMHVWXVWDORQ\ 

>G]LDáD,$@ 

>G]LDáD,%@ 

>G]LDáD,&@ 

>G]LDáD,1@ 

0HFKDQL]P]HURZDQLDMHVWXVWDORQ\ 

>G]LDáD,6()@ 

'RVW SQHV WU]\RSFMH0R QDZ\EUDüGRZROQ OXE 

ZV]\VWNLHRSFMH 

>']LDáDM ZV]\VWNLHHOHPHQW\,L,1@ 

>=HURZDQLH]HZQ WU]QHJRZ\á F]HQLD@>']LDáDM ZV]\VWNLH 

HOHPHQW\,L,1@ 

:\á F]QLRWZDUW\ZV]\VWNLHELHJXQ\25$=>']LDáDM 

ZV]\VWNLHHOHPHQW\,L,1@ 

HQLD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

2SFMHZPHQX]DEH]SLHF]HQLDV ]JUXSRZDQHQDVW SXM FR 

&%)$,/, 'HIDXOW 0LQ 0DNV .URN 

%UHDNHU)DLO 

1DJáyZHN 

&%)DLO6WDWXV (QDEOHG (QDEOHG'LVDEOHG 

&%)DLO7LPHU V V V V 

&%)DLO6WDWXV 'LVDEOHG (QDEOHG'LVDEOHG 

&%)DLO7LPHU V V V V 

&%)([W5HVHW &%2SHQ , ,2QO\&%2SHQ ,3URW5HVHW , 

8QGHU&XUUHQW 

1DJáyZHN 

,&XUUHQW6HW ,Q ,Q ,Q ,Q 

,6()&XUUHQW ,Q ,Q ,Q ,Q 

%ORFNHG2& 

1DJáyZHN 

5HPRYH,!6WDUW 'LVDEOHG (QDEOHG'LVDEOHG 

5HPRYH,1!6WDUW 'LVDEOHG (QDEOHG'LVDEOHG 

7DEHOD 

1DVWDZ\µ5HPRYH,!6WDUWLµ5HPRYH,1!6WDUWV X \ZDQHGODXVXZDQLDSREXG]H 

JHQHURZDQ\FKRGSRZLHGQLR]HOHPHQWyZQDGSU GRZ\FKL]LHPQR]ZDUFLRZ\FKSRRGOLF]HQLX 

F]DVXSU]H]F]áRQ\F]DVRZH]DEH]SLHF]HQLD&%)3REXG]HQLHMHVWXVXZDQHJG\NRPyUND 

MHVWXVWDZLRQDQDZDUWR üµ(QDEOHG>]Dá F]RQH@ 

 

1DVWDZ\W\SRZH 

1DVWDZ\F]DVRZHIXQNFML&%) 

8 \ZDQHV QDVW SXM FHW\SRZHQDVWDZ\F]DVRZH 

0HFKDQL]PNDVRZDQLD 

IXQNFML&%) 

=HURZDQLHHOHPHQWX 

LQLFMXM FHJR 

:\á F]QLNRWZDUW\ 

(OHPHQW\SRGSU GRZH 

2Sy QLHQLH 

W%) 

&]DVZáDVQ\Z\á F]QLND 

F]DV]HURZDQLDHOHPHQWXPDNV 

Eá GF]áRQXW%) 

PDUJLQHVEH]SLHF]H VWZD 

&]DVRWZLHUDQLD]DP\NDQLD 

]HVW\NyZSRPRFQLF]\FK 

Z\á F]QLNDPDNV 

Eá GF]áRQXW%) 


&]DVZáDVQ\Z\á F]QLND 

&]DVRWZLHUDQLD]DP\NDQLD 

]HVW\NyZSRPRFQLF]\FK 

Z\á F]QLNDPDNV 


7\SRZHRSy QLHQLHGODJR 

F\NOXZ\á F]QLND 

 

PV 

 

PV 

 

PV 

7DEHOD 

3URV] ]DXZD \ü HZV]\VWNLHVSRVRE\]HURZDQLD]DEH]SLHF]HQLD&%)Z\PDJDM G]LDáDQLD 

HOHPHQWyZSRGSU GRZ\FK*G\MHVWX \ZDQH]HURZDQLHSRSU]H]µHOHPHQW]HUXM F\OXE 

µZ\á F]QLNRWZDUW\WRZFL QDOH \QDVWDZLüF]DVGODPRGXáXSRGSU GRZHJRJG\ ZWHG\MHVW 

WRQDMJRUV]\Z\SDGHN

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

3U]\NáDG\SRZ\ HM]DNáDGDM RWZDUFLHZ\á F]QLNDZFL JX RNUHVX*G\V X \ZDQH 

SRPRFQLF]HSU]HND QLNLZ\á F]DM FHQDOH \GRGDüGRGDWNRZHPVGODXZ]JO GQLHQLD 

F]DVXLFKG]LDáDQLD 

1DVWDZ\SRGSU GRZHIXQNFML&%) 

1DVWDZ\ID]RZHJRHOHPHQWXSRGSU GRZHJR,PXV] E\üXVWDZLRQHSRQL HMSU GX 

REFL HQLDGOD]DSHZQLHQLD HG]LDáDQLHHOHPHQWX,ZVND]XMHRWZDUFLHZ\á F]QLND7\SRZD 

QDVWDZDGODOLQLLQDSRZLHWU]QHMOXENDEORZHMMHVWRNRáR,QRUD]GODJHQHUDWRUyZ 

(OHPHQWSRGSU GRZ\F]XáHJR]DEH]SLHF]HQLDRG]ZDUüGR]LHPQ\FK6()PXVLE\ü 

XVWDZLRQ\QL HMQL RGSRZLHGQLDQDVWDZDSR]LRPXZ\á F]HQLD]Z\NOHMDNR 

,6() ,6()!WULS 

 

 

'HWHNFMDSU]HUZDQHJRSU]HZRGX 

:L NV]R ü]DNáyFH ZV\VWHPLH]DFKRG]LSRPL G]\MHGQ ID] L]LHPL OXEGZRPDID]DPLL 

]LHPL 6 RQH]QDQHMDNR]ZDUFLDERF]QLNXM FHDSRZVWDM ]Z\áDGRZD LVNURZ\FKLLQQ\FK 

SU]HSL üNWyUHLQLFMXM SU]HVNRNLVNU\$OWHUQDW\ZQLHPRJ RQHSRZVWDZDü]LQQ\FKSU]\F]\Q 

WDNLFKMDNSWDNLQDOLQLDFKQDSRZLHWU]Q\FKOXEPHFKDQLF]Q\FKXV]NRG]H NDEOLLWS7DNLH 

]DNáyFHQLDSURZDG] GR]DXZD DOQHJRZ]URVWXSU GXLGODWHJRZZL NV]R FL]DVWRVRZD V 

áDWZRZ\NU\ZDOQH 

,QQ\W\SQLHV\PHWU\F]Q\FK]DNáyFH NWyU\PR HZ\VW SLüZV\VWHPLHWR]DNáyFHQLHZ]GáX QH 

OXERWZDUW\REZyG3RZVWDM RQH]SU]HUZDQLDOLQLLEá GQHJRG]LDáDQLDZ\á F]QLND 

MHGQRID]RZHJROXESU]\G]LDáDQLXEH]SLHF]QLNyZ=DNáyFHQLDZ]GáX QHQLHSRZRGXM 

]ZL NV]HQLDSU GXID]RZHJRZV\VWHPLHLGODWHJRQLHV áDWZRZ\NU\ZDQHSU]H]VWDQGDUGRZH 

]DEH]SLHF]HQLDQDGSU GRZH-HGQDNZ\ZRáXM RQHQLHV\PHWUL LSURGXNXM ]QDF] F\SR]LRP 

VNáDGRZHMSU]HFLZQHMSU GXNWyU\PR HE\üZ\NU\ZDQ\ 

'ODZ\NU\FLDSRZ\ V]HJRZDUXQNXMHVWPR OLZHX \FLH]DEH]SLHF]HQLDQDGSU GRZHJRGOD 

VNáDGRZHMSU]HFLZQHM-HGQDNGODVáDERREFL RQHMOLQLLSU GVNáDGRZHMSU]HFLZQHMZ\QLNDM F\ 

]]DNáyFHQLDZ]GáX QHJRPR HE\üEDUG]REOLVNLOXEQDZHWPQLHMV]\QL Z\VW SXM F\ZVWDQLH 

XVWDORQ\PSU]\SHáQ\PREFL HQLXDZ\QLNDM F\P]Eá GyZSU]HNáDGQLNyZSU GRZ\FK 

DV\PHWULLREFL HQLDLWS(OHPHQWZ\NU\ZDM F\VNáDGRZ SU]HFLZQ QLHSRZLQLHQ]DWHP 

G]LDáDüGODQLVNLFKSR]LRPyZREFL HQLD 

=DEH]SLHF]HQLH]DZLHUDHOHPHQWNWyU\PLHU]\UHODFM VNáDGRZHMSU]HFLZQHMGR]JRGQHMSU GX 

, , 7DUHODFMDE G]LHZPQLHMV]\PVWRSQLX]DOH QDRGSR]LRPXREFL HQLDQL SRPLDUW\ONR 

VNáDGRZHMSU]HFLZQHMSU GXJG\ UHODFMDMHVWPQLHMZL FHMVWDáDGODUy Q\FKZDUWR FLSU GX 

REFL HQLD0R QDZWHQVSRVyEX]\VNDüEDUG]LHMF]Xá QDVWDZ 


*G\]DFKRG]LSU]\SDGHNSU]HUZDQLDSU]HZRGXSU G]VLHFLVNáDGRZHM]JRGQHME G]LH 

V]HUHJRZRGRá F]DQ\GRVLHFLVNáDGRZHMSU]HFLZQHML]HURZHMZPLHMVFXSU]HUZ\ 

:SU]\SDGNXV\VWHPX]SRMHG\QF]\PSXQNWHPX]LHPLDM F\PE G]LHSá\Q áPDá\SU G 

VNáDGRZHM]HURZHMLUHODFMD, , Sá\Q FHJRZFKURQLRQ\PREZRG]LHE G]LH]EOL DáDVL GR 

'ODV\VWHPXZLHORNURWQLHX]LHPLRQHJR]DNáDGDM FUyZQHLPSHGDQFMHGODND GHM 

VNáDGRZHMV\PHWU\F]QHMVLHFLUHODFMD, , E G]LH 

-HVWPR OLZHREOLF]HQLHUHODFML, , NWyUDZ\VW SLGOD]PLHQQ\FKLPSHGDQFMLV\VWHPXSRSU]H] 

RGZRáDQLHVL GRQDVW SXM F\FKUyZQD 

, 

) 

( J = 

+ = 

= 

= = + = = + = = 

 

 

 

 

 

 

, 

) 

= 

= = 

 

 

-( 

+ = = 

 

J 

= 

 

 

+ = 

 

=

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

JG]LH 

'ODWHJR 

( J 1DSL FLHV\VWHPX 

= 6NáDGRZD]HURZDLPSHGDQFML 

= 6NáDGRZD]JRGQDLPSHGDQFML 

= 6NáDGRZDSU]HFLZQDLPSHGDQFML 

, 

, 

) 

) 

= 

= 

= + = 

 

 

:\QLNDWRVW G HGODRWZDUWHJRREZRGXZV]F]HJyOQHMF] FLV\VWHPX, , PR HE\ü 

Z\]QDF]RQD]UHODFMLVNáDGRZHM]HURZHMGRVNáDGRZHMSU]HFLZQHMLPSHGDQFML:DUWR 

]DXZD \ü HWDUHODFMDPR HVL ]PLHQLDü]DOH QLHRGPLHMVFDSRáR HQLD]DNáyFHQLD 

:\PDJDVL GODWHJR]DVWRVRZDQLHWDNF]XáHMQDVWDZ\MDNW\ONRMHVWPR OLZH:SUDNW\FHWD 

PLQLPDOQDQDVWDZDMHVWZ\]QDF]DQDSRSU]H]SR]LRPVNáDGRZHMSU]HFLZQHMSU GXID]RZHJR 

Z\VW SXM FHMZV\VWHPLH0R HE\üWRRNUH ORQHSRSU]H]DQDOL] V\VWHPXOXESRSU]H]X \FLH 

IXQNFMLSRPLDURZ\FKXU] G]HQLDQDHWDSLHXUXFKDPLDQLD-H HOLX \ZDQDMHVWGUXJDPHWRGDWR 

MHVWZD QHX \FLHSRPLDUyZ]ZDUXQNyZPDNV\PDOQHJRREFL HQLDV\VWHPXGOD 

]DSHZQLHQLD HZV]\VWNLHSRMHG\QF]HREFL HQLDID]RZHV XZ]JO GQLRQH 

'ODXGDQHJRG]LDáDQLDXU] G]HQLDZ\PDJDQDMHVWPLQLPDOQDZDUWR üVNáDGRZHM 

SU]HFLZQHMSU GX 

2GFKZLOLZSURZDG]HQLDF]Xá\FKQDVWDZQDOH \RF]HNLZDü HHOHPHQWE G]LHG]LDáDáGOD 

ND G\FKZDUXQNyZDV\PHWULLZ\VW SXM F\FKZV\VWHPLH'ODWHJRQLH]E GQHMHVWXVWDZLHQLH 

GáXJLHJRF]DVXRSy QLHQLDGOD]DSHZQLHQLDNRRUG\QDFML]LQQ\PL]DEH]SLHF]HQLDPL 

2Sy QLHQLHUyZQHVQDOH \WUDNWRZDüMDNRW\SRZH 

3RGF]DVJG\RWZDUW\MHVWMHGHQELHJXQZ\á F]QLNDFRPR HVL ]GDU]\üGODDSOLNDFML] 

MHGQRID]RZ\P63=]DEH]SLHF]HQLHRGSU]HUZDQLDSU]HZRGXMHVWRGVWDZLRQH 

3RQL V]DWDEHODSRND]XMHSR]\FMHPHQXGOD]DEH]SLHF]HQLDRGSU]HUZDQLDSU]HZRGX 

7HNVWPHQX 1DVWDZD =DNUHVQDVWDZ .URNQDVWDZ\ 

*5283 

%52.(1&21'8&725 

GRP\ OQD 0LQ 0DNV 

%URNHQ&RQGXFWRU 'LVDEOHG (QDEOHG'LVDEOHG 1$ 

, , 

, , 7LPH'HOD\ V V V 

7DEHOD 

 


3RGF]DVXUXFKRPLHQLD]DUHMHVWURZDQRQDVW SXM FHLQIRUPDFMH 

, IXOOÃORDG SU GSHáQHJRREFL HQLD $ 

, $ 

GODWHJRZ\PDJDQDUHODFMDMHVWRNUH ORQD 

, , 

'ODXZ]JO GQLHQLDWROHUDQFMLL]PLDQREFL HQLDW\SRZ MHVWQDVWDZDUyZQDREOLF]RQHM 

ZDUWR FLGODWHJRQDVWDZLDP\, ,

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

:DUWR üµ, , 7LPH'HOD\>RSy QLHQLHG]LDáDQLD, , @XVWDZLDP\QDZDUWR ü VGOD 

]H]ZROHQLDQDXVXQL FLH]DNáyFHQLDSU]H]]DEH]SLHF]HQLDG]LDáDM FH]H]ZáRN F]DVRZ 

 

 

)XQNFMHLQWHUWULSX 

,QWHUWULSEH]SR UHGQL 

=DEH]SLHF]HQLD3]DZLHUDM IXQNFM SR]ZDODM F Z\VáDüQDGUXJLNRQLHFOLQLLSRSU]H] 

NDQDáNRPXQLNDF\MQ\NRPHQG EH]SR UHGQLHJRZ\á F]HQLDGLUHFWLQWHUWULSMDNSU]HGVWDZLRQR 

QDU\VXQNX 

5\VXQHN,QWHUWULSEH]SR UHGQL 

'ODWHJRFHOXPR HE\üZ\NRU]\VWDQHZHM FLHSU]HND QLND*G\SREXG]RQHWRXVWDZLDQ\MHVW 

ZWHOHJUDPLHNRPXQLNDF\MQ\P]QDF]QLN'773RRGHEUDQLXWHOHJUDPX]GDOQH]DEH]SLHF]HQLH 

E G]LHG]LDáDüSRSU]H]Z\EUDQ\]HVW\NZ\M FLRZ\=GDOQH]DEH]SLHF]HQLHE G]LHUyZQLH 

V\JQDOL]RZDáREH]SR UHGQLLQWHUWULS6\JQDOL]DFMDQD]DEH]SLHF]HQLXORNDOQ\PE G]LH 

UHDOL]RZDQDSU]H]PRGXáLQLFMXM F\ 

,QWHUWULS]H]ZDODM F\ 

=DEH]SLHF]HQLD3]DZLHUDM IXQNFM SR]ZDODM F Z\VáDüQDGUXJLNRQLHFOLQLLSRSU]H] 

NDQDáNRPXQLNDF\MQ\V\JQDá]H]ZROHQLDQDZ\á F]HQLHSHUPLVVLYHLQWHUWULSMDNSU]HGVWDZLRQR 

QDU\VXQNX 

5\VXQHN,QWHUWULS]H]ZDODM F\ 

'ODWHJRFHOXPR HE\üZ\NRU]\VWDQHZHM FLHSU]HND QLND*G\SREXG]RQHLSRVWZLHUG]HQLX 

SU]HNURF]HQLDSURJXSU GRZHJR,VWRXVWDZLDQ\MHVWZWHOHJUDPLHNRPXQLNDF\MQ\P 

]QDF]QLN3,73RRGHEUDQLXWHOHJUDPX]GDOQH]DEH]SLHF]HQLHXUXFKDPLDHOHPHQWF]DVRZ\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

NWyU\SRRGPLHU]HQLXQDVWDZLRQHJRF]DVXG]LDáDQD]DPNQL FLH]HVW\NyZWUyMID]RZHJR 

Z\á F]HQLDUy QLFRZHJR=GDOQH]DEH]SLHF]HQLHE G]LHUyZQLH V\JQDOL]RZDáRLQWHUWULS 

]H]ZDODM F\ 

(OHPHQWF]DVRZ\MHVWQDVWDZLDOQ\Z]DNUHVLHRGGRPV7HQF]DVSRZLQLHQE\ü 

GREUDQ\WDNDE\VNRRUG\QRZDüG]LDáDQLHPRGXáX]LQQ\PL]DEH]SLHF]HQLDPL3U]\NáDGRZRQD 

U\VXQNXRSy QLHQLHF]DVRZHQDOH \XVWDZLüWDNDE\SR]ZROLüQDXVXQL FLH]DNáyFHQLDQD 

V]\QDFK]ELRUF]\FKSU]H]=6=7\SRZ QDVWDZ MHVWPV

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

2SLVIXQNFMLQLH]DEH]SLHF]HQLRZ\FK 

$XWRPDW\NDWUyMID]RZHJRVDPRF]\QQHJRSRQRZQHJR]Dá F]DQLDGRW\F]\ 

3 

$QDOL]D]DNáyFH QDOLQLDFKQDSRZLHWU]Q\FKSRND]XMH H]QLFKMHVWSU]HPLMDM F\FK 

=DNáyFHQLDSU]HPLMDM FHWDNLHMDNSRZLHU]FKQLRZ\SU]HVNRNLVNU\SRL]RODWRU]HV 

VDPRXVXZDOQHLQLHSRZRGXM XV]NRG]H 7HQW\S]DNáyFH PR HE\üXVXQL W\SU]H] 

EH]]ZáRF]QHRWZDUFLHMHGQHJROXEZL FHMZ\á F]QLNyZGODRGL]RORZDQLD]DNáyFHQLDLQLH 

SRMDZLDVL SRSRQRZQ\P]Dá F]HQLXOLQLL3U]HVNRNLVNU\MHVWQDMF] FLHMVSRW\NDQ SU]\F]\Q 

]ZDUüSU]HPLMDM F\FKLQQ\PLPR OLZ\PLSU]\F]\QDPLPRJ E\üVW\NDM FHVL SU]HZRG\LZLDWU 

SU]HQRV] F\QDSU]HZRG\HOHPHQW\SU]HZRG] FH3R]RVWDáHGR]DNáyFH MHVW 

XWU]\PXM F\FKVL WUZDá\FKOXE]DQLNDM F\FKSRGáXJLHMSU]HUZLHSyáWUZDáH 

=DNáyFHQLHSyáWUZDáHPR HE\üZ\ZRá\ZDQHSU]H]PDáHJDá ]LHOH FHQDSU]HZRGDFK7DNLH 

]DNáyFHQLHQLHPR HE\üXVXQL WHSU]H]QDW\FKPLDVWRZHZ\á F]HQLHREZRGXOHF]PR HE\ü 

XVXQL WHSRSU]H]VSDOHQLHZF]DVLHZ\á F]HQLD]RSy QLHQLHP 

=DNáyFHQLHPWUZDá\PPR HE\üSU]HUZDQ\SU]HZyGXV]NRG]RQ\WUDQVIRUPDWRUNDEHOOXE 

RGELRUQLNPRF\HOHNWU\F]QHM:W\PSU]\SDGNXXV]NRG]HQLHPXVLE\ü]ORNDOL]RZDQHLXVXQL WH 

]DQLP]DVLODQLH]RVWDQLHSU]\ZUyFRQH 

'ODZL NV]R FL]DNáyFH MH HOLOLQLD]XV]NRG]HQLHPMHVWEH]]ZáRF]QLHZ\á F]RQDLSRF]DVLH 

QLH]E GQ\PGODGHMRQL]DFMLSU]HVWU]HQLáXNXHOHNWU\F]QHJRSRQRZQLH]Dá F]RQDWRSUDFXMH 

SUDZLGáRZR8NáDG\63=V X \ZDQHGODDXWRPDW\F]QHJR]Dá F]DQLDZ\á F]QLNDSR 

RGOLF]HQLXXVWDORQHJRF]DVXRGFKZLOLRWZDUFLDSU]H]]DEH]SLHF]HQLH 

:VLHFLDFKUR]G]LHOF]\FK:161DXWRPDW\ND63=MHVWVWRVRZDQDJáyZQLHGODVLHFL 

SURPLHQLRZ\FKJG]LHSUREOHP\]HVWDELOQR FL V\VWHPXQLHSRMDZLDM VL ]E\WF] VWR*áyZQH 

NRU]\ FL]HVWRVRZDQLD63=V QDVW SXM FH 

” 0LQLPDOL]DFMDSU]HUZZGRVWDZLHHQHUJLLGRNOLHQWD 

” 2JUDQLF]HQLHNRV]WyZG]LDáD PQLHMV]DOLF]EDURERF]RJRG]LQQLH]E GQ\FKGOD 

XVXQL FLDXV]NRG]H MDNUyZQLH PR OLZR üSUDF\VWDFMLEH]VWDáHMREVáXJL 

” ']L NL63=PR OLZHMHVWVWRVRZDQLHEH]]ZáRF]Q\FK]DEH]SLHF]H NWyUHR]QDF]DM 

NUyWV]HRNUHV\WUZDQLD]DNáyFHQLDLPQLHMV]H]QLV]F]HQLDLPQLHMV] OLF]E ]DNáyFH 

WUZDá\FK 

3RQLHZD ]DNáyFH QDOLQLDFKQDSRZLHWU]Q\FKMHVWSU]HM FLRZ\FKWRHOLPLQDFMD]DQLNyZ 

]DVLODQLD]SRZRGXW\FK]DNáyFH SRSU]H]ZSURZDG]HQLHDXWRPDW\NL63=GDMHRF]\ZLVWH 

NRU]\ FL3RQDGWRZSU]\SDGNXVWDFMLEH]VWDáHMREVáXJLPR HE\üRJUDQLF]RQDOLF]EDZL]\W 

3RJRWRZLD(QHUJHW\F]QHJR]ZL ]DQ\FK]NRQLHF]QR FL U F]QHJR]Dá F]HQLDZ\á F]QLNDSR 

]DQLNX]DNáyFHQLDMHVWWRV]F]HJyOQLHLVWRWQHGODVWDFMLRGOHJá\FK 

:SURZDG]HQLH63=GDMHZD QHNRU]\ FLGODREZRGyZX \ZDM F\FK]DEH]SLHF]H ]H 

VWRSQLRZDQLHPF]DVRZ\PSR]ZDODQDX \FLH]DEH]SLHF]H EH]]ZáRF]Q\FKGODSLHUZV]HJR 

V]\ENLHJRZ\á F]HQLD3U]\V]\ENLPZ\á F]HQLXF]DVXWU]\P\ZDQLDVL áXNXHOHNWU\F]QHJR 

MHVWRJUDQLF]DQ\GRPLQLPXP]PQLHMV]DM FZWHQVSRVyEV]DQV XV]NRG]HQLDOLQLLNWyUH 

PRJáRE\VSRZRGRZDüSU]HNV]WDáFHQLHVL ]DNáyFHQLDSU]HM FLRZHJRZWUZDáH8 \FLH 

EH]]ZáRF]Q\FK]DEH]SLHF]H ]DSRELHJDSU]HSDOHQLXEH]SLHF]QLNyZZREZRGDFKRGJDá ]LH 

OLQLLLUHGXNXMHOLF]E ]DELHJyZNRQVHUZDF\MQ\FKZ\á F]QLNDSRSU]H]HOLPLQDFM QDJU]HZDQLD 

SU]\SDOHQLXVL áXNXJG\XVXZDQHV ]DNáyFHQLDSU]HM FLRZH 

1DOH \]DXZD \ü HJG\X \ZDQHV ]DEH]SLHF]HQLDEH]]ZáRF]QHZXNáDG]LH]63=WR 

]Z\NOHEORNXMHVL MHSRSLHUZV]\PZ\á F]HQLX'ODWHJRMH HOLSRSLHUZV]\PZ\á F]HQLX 

]DNáyFHQLHGDOHMZ\VW SXMHWRZ\á F]E G]LHSRFKRG]LáRG]DEH]SLHF]H ]HVWRSQLRZDQLHP 

F]DVRZ\PSR]ZDODM FZWHQVSRVyEQDVHOHNW\ZQHZ\L]RORZDQLHXV]NRG]RQHMF] FL-HGQDN 

GODSHZQ\FK]DVWRVRZD JG]LHZL NV]R ü]DNáyFH MHVWSU]HM FLRZDVSRW\NDVL UR]ZL ]DQLD 

]H]ZDODM FHQDZL FHMQL MHGHQZ\á F]EH]]ZáRF]Q\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

3HZQHXNáDG\]H]ZDODM QDNLONDF\NOL63=LZ\á F]HQLD]HVWRSQLRZDQLHPF]DVRZ\PSR 

SLHUZV]\PEH]]ZáRF]Q\PZ\á F]HQLX7DNLH]DVWRVRZDQLHSR]ZDODQDXVXQL FLH]DNáyFHQLD 

SyáWUZDáHJR3R]ZDODM RQHUyZQLH QDG]LDáDQLHEH]SLHF]QLNyZZOLQLDFKRGJDá ]LRQ\FKOLQLD 

W\SXµ7JG\SU G]DNáyFHQLRZ\PDQLHZLHON ZDUWR ü 

*G\UR]ZD DP\OLQLH]DVLODM FHNWyUHV PLHV]DQHF] FLRZRQDSRZLHWU]QHLF] FLRZR 

NDEORZHGHF\]MHGRW\F] FHXDNW\ZQLHQLDDXWRPDW\NL63=SRZLQQ\XZ]JO GQLDüF] VWRWOLZR ü 

Z\VW SRZDQLD]DNáyFH SU]HM FLRZ\FK*G\]QDF] FDF] ü]DNáyFH PDFKDUDNWHUWUZDá\WR 

NRU]\ FL]HVWRVRZDQLDDXWRPDW\NL63=V QLHZLHONLHV]F]HJyOQLH H]Dá F]HQLH 

XV]NRG]RQHJRNDEOD]Z\NOH]ZL NV]DUR]PLDUV]NyGZ\QLNá\FK]H]ZDUFLD 

3RQL V]DWDEHODSRND]XMHQDVWDZ\]DEH]SLHF]HQLDGODIXQNFML63=ZUD]]]DNUHVDPLQDVWDZL 

ZDUWR FLDPLGRP\ OQ\PL 



&%&21752/ 

$57HOHFRQWURO 1R2SHUDWLRQ 

$XWR1RQDXWR 

NRPyUND 

VWHUXM FD 

$56WDWXV $XWR $XWR1RQDXWR :VND]XMHJG\63=MHVWF]\QQ\OXE 

QLHMDNWRZ\EUDQRSRSU]H]µ$5 

7HOHFRQWURO 

7RWDO5HFORVXUHV [ &DáNRZLWDOLF]ED]Dá F]H ]63= 

]UHDOL]RZDQ\FKSU]H]]DEH]SLHF]HQLH 

5HVHW7RWDO$5 1R 

1R

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 



$5,1,7,$7,21 

1DJáyZHN 

3KDVH'LII$5 ,QLWLDWH$5 1R$FWLRQ,QLWLDWH$5%ORFN$5 1$ 

,!$5 1R$FWLRQ 1R$FWLRQ,QLWLDWH$5%ORFN$5 1$ 




,1!$5 1R$FWLRQ 1R$FWLRQ,QLWLDWH$5%ORFN$5 1$ 




7DEHOD 

'RGDWNRZRZREHFSRZ\ V]\FKQDVWDZGODSHáQHMLQWHJUDFMLORJLNL63=ZXU] G]HQLX 

Z\PDJDQHV UyZQLH SRZL ]DQLDIXQNF\MQHZNROXPQLH29(5&855(17$1'($57+ 

)$8/76]F]HJyá\ZRGSRZLHGQLPUR]G]LDOHWHMLQVWUXNFML 

:XU] G]HQLXPXVLE\üGRVW SQ\V\JQDáµ&%6WDWXV 

 

)XQNFMHORJLNL 

:HM FLDV\JQDáRZHORJLNL]RSWRL]RODFM 

)XQNFMD63=X \ZDWU]HFKZHM üV\JQDáRZ\FK]DEH]SLHF]HQLDSRSU]H]SURJUDPRZDOQ 

ORJLN G]LDáDQLD:HM FLDWHPRJ E\üX \WHGRVWHURZDQLDDXWRPDW\N 63=]HVW\NDPL 

]HZQ WU]Q\FKXU] G]H )XQNFMHW\FKZHM üRSLVDQRSRQL HMLGHQW\ILNXM FMHSRSU]H]WHNVW 

V\JQDáX''% 

:HM FLDPRJ E\üVNRQILJXURZDQHSRSU]H]HG\WRU36/SURJUDPPDEOHVFKHPHORJLF 

>SURJUDPRZDOQHMORJLNLG]LDáDQLD@GODVWHURZDQLDVWDQHPZ\VRNLPOXEQLVNLP 

 

 

&%KHDOWK\>Z\á F]QLNVSUDZQ\@ 

:L NV]R üZ\á F]QLNyZMHVW]GROQDGRUHDOL]DFMLW\ONRMHGQHJRF\NOXZ\á F]]Dá F]Z\á F] 

:=:=WHJRSRZRGXQLH]E GQHMHVWRGWZRU]HQLHZ\VWDUF]DM FHMHQHUJLLZZ\á F]QLNX 

]DQLPE G]LHRQPyJáE\ü]DPNQL W\:HM FLH''%µ&%+HDOWK\MHVWX \ZDQHGOD 

XSHZQLHQLDVL SU]HGUR]SRF] FLHPF\NOX63= HZ\á F]QLNPDZ\VWDUF]DM F HQHUJL GOD 

Z\NRQDQLDRSHUDFML]DPNQL FLDLRWZDUFLD-H HOLSRRGOLF]HQLXF]DVXSU]HUZ\EH]QDSL FLRZHM 

VWZLHUG]DVL SRSU]H]''%µ&%+HDOWK\ZF]DVLH]GHILQLRZDQ\PSU]H]µ&%+HDOWK\ 

7LPHEUDNZ\VWDUF]DM FHJRSR]LRPXHQHUJLLWRQDVW SXMHEORNRZDQLH63=LZ\á F]QLN 

SR]RVWDMHRWZDUW\ 

7DNRQWURODPR H]RVWDü]DEORNRZDQDSRSU]H]EUDNSU]\SRU] GNRZDQLDGRZHM FLD 

V\JQDáRZHJRLVWDáHSREXG]HQLHJRSRSU]H]HG\WRU36/LQZHUVMDV\JQDáXVWHUXM FHJR 

%$5>EORNDGD63=@ 

:HM FLH''%µ%$5E G]LHEORNRZDü63=LSRZRGRZDüSU]HUZDQLHF\NOX63=0R HWR 

]RVWDüX \WHJG\Z\PDJDQHMHVWG]LDáDQLH]DEH]SLHF]HQLDEH]DXWRPDW\NL63=7\SRZ\P 

SU]\NáDGHPMHVWOLQLD]DVLODM FD]WUDQVIRUPDWRUHPJG]LH63=PR HE\üLQLFMRZDQ\SU]H] 

]DEH]SLHF]HQLHOLQLLOHF]EORNRZDQ\SU]H]]DEH]SLHF]HQLHWUDQVIRUPDWRUD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

5HVHWORFNRXW>]HURZDQLHEORNDG\@ 

:HM FLH''%µ5HVHW/RFNRXWPR HE\üX \WHGOD]HURZDQLDIXQNFML63=SRMHM 

]DEORNRZDQLXLNDVRZDQLDZV]HONLFKDODUPyZ63=SU]\]DáR HQLX HV\JQDá\NWyUH 

VSRZRGRZDá\SU]HUZDQLHF\NOX63=]RVWDá\XVXQL WH 

:\M FLDORJLF]QH63= 

1DVW SXM FHV\JQDá\''%PRJ E\üPDVNRZDQHGOD]HVW\NXSU]HND QLNDSRSU]H]36/OXE 

SU]\SLVDQHGRµ0RQLWRULQJ%LW>ELWXNRQWUROQHJR@SU]\µ&RPPLVVLRQLQJ7HVWV>WHVWDFK 

UR]UXFKRZ\FK@GOD]DSHZQLHQLDLQIRUPDFMLRVWDQLHF\NOX63=)XQNFMHRSLVDQRSRQL HM 

LGHQW\ILNXM FMHSRSU]H]WHNVWV\JQDáX''% 

 

 

 

 

 

 

 

$5LQSURJUHVV>63=ZWRNX@ 

6\JQDáZ\M FLRZ\''%µ$5SROHLQ3URJUHVVZ\VW SXMHSRGF]DVFDáHJRF\NOX63=RG 

FKZLOLLQLFMDFMLGRNR FDF]DVXµUHFODLP>UHJHQHUDF\MQHJR@ 

6XFFHVVIXOFORVH>63=XGDQ\@ 

6\JQDáZ\M FLRZ\''%µ6XFFHVVIXO&ORVHZVND]XMH HF\NO63=]RVWDáXGDQLH 

]DNR F]RQ\6\JQDáXGDQHJR63=MHVWJHQHURZDQ\SRZ\á F]HQLXZ\á F]QLNDSRSU]H] 

]DEH]SLHF]HQLHLQDVW SQLHSRMHJR]Dá F]HQLXJG\]DNáyFHQLH]RVWDáRXVXQL WHLRGPLHU]RQR 

F]DVµUHFODLP>UHJHQHUDF\MQ\@]HUXM F\F\NO63= 

6\JQDáZ\M FLRZ\63=XGDQ\MHVW]HURZDQ\SU]\NROHMQHMNRPHQG]LHZ\á F]OXESRSU]H]MHGQ 

]PHWRGNDVRZDQLDV\JQDáX]DEORNRZDQLDSDWU]UR]G]LDá 

$5VWDWXV>VWDQ63=@ 

6\JQDáZ\M FLRZ\''%µ$56WDWXVZVND]XMHNLHG\63=MHVWVSUDZQ\F]\QLH63=MHVW 

VSUDZQ\JG\]DEH]SLHF]HQLH]QDMGXMHVL WU\ELHµ$XWRLQLHMHVWVSUDZQ\JG\]DEH]SLHF]HQLH 

]QDMGXMHVL ZWU\ELHµ1RQ$XWR 

%ORFNPDLQSURW>EORNDGDJáyZQHJR]DEH]SLHF]HQLD@ 

6\JQDáZ\M FLRZ\''%µ%ORFN0DLQ3URWZVND]XMH HEH]]ZáRF]QH]DEH]SLHF]HQLH,! 

,!,1!,1!MHVW]DEORNRZDQHSU]H]ORJLN 63=SRGF]DVF\NOX63=%ORNDGD 

EH]]ZáRF]Q\FKVWRSQLGODND GHJRZ\á F]HQLDF\NOX63=MHVWSURJUDPRZDQDSU]\X \FLX 

IXQNFMLSRZL ]D µ,!)XQFWLRQ/LQNµ,1!)XQF/LQNLQDVWDZµ7ULS0DLQPRGXáyZ 

QDGSU GRZHJR2YHUFXUUHQWL]LHPQR]ZDUFLRZHJR(DUWK)DXOW 

'HDG7LQSURJ>F]DVSU]HUZ\ZWRNX@ 

6\JQDáZ\M FLRZ\''%µ'HDG7LQSURJR]QDF]D HWUZDRGPLHU]DQLHF]DVXSU]HUZ\ 

EH]QDSL FLRZHM6\JQDáPR HE\üX \WHF]Q\ZF]DVLHUR]UXFKXXU] G]HQLDGODVSUDZG]HQLD 

G]LDáDQLDF\NOX63= 

$XWRFORVH>DXWR]Dá F]@ 

6\JQDáZ\M FLRZ\''%µ$XWR&ORVHZVND]XMH HDXWRPDW\ND63=Z\JHQHURZDáDV\JQDá 

]Dá F]GRZ\á F]QLND7HQV\JQDáGRVWDUF]DSREXG]HQLDGRHOHPHQWXF]DVRZHJRLPSXOVX 

]Dá F]LSR]RVWDMH]Dá F]RQ\D GRFKZLOL]DPNQL FLDZ\á F]QLND6\JQDáPR HE\üX \WHF]Q\ 

SRGF]DVUR]UXFKXXU] G]HQLDGODVSUDZG]HQLDG]LDáDQLDF\NOX63= 

$ODUP\PRGXáX63= 

1LHNWyUHV\JQDá\''%E G JHQHURZDüDODUPSU]HND QLND2SLVDQRMHSRQL HMLGHQW\ILNXM F 

SRSU]H]WHNVWV\JQDáX''%

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

 

$5&%XQKHDOWK\>63=Z\á F]QLNQLHVSUDZQ\@V\JQDá]]DWU]DVNLHP 

6\JQDáDODUPRZ\''%µ$5&%XQKHDOWK\ZVND]XMH HV\JQDáZHM FLRZ\''%µ&% 

+HDOWK\QLHSRMDZLáVL GRNR FDRGPLHU]DQLDF]DVXµ&%+HDOWK\7LPH>F]DVSRZURWX 

VSUDZQR FLZ\á F]QLND@SURZDG] FGR]DEORNRZDQLD63=6\JQDáZHM FLRZ\''%µ&% 

+HDOWK\MHVWX \ZDQ\GRZVND]\ZDQLD HZZ\á F]QLNXMHVW]JURPDG]RQDZ\VWDUF]DM FD 

HQHUJLDGRZ\NRQDQLDRSHUDFML]Dá F]LZ\á F]7HQDODUPPR HE\üVNDVRZDQ\SU]\X \FLX 

MHGQHM]PHWRGXVXZDQLDEORNDG\SDWU]UR]G]LDá 

$5ORFNRXW>EORNDGD63=@V\JQDáEH]SRGWU]\PDQLD 

6\JQDáDODUPRZ\''%µ$5/RFNRXWZVND]XMH H]DEH]SLHF]HQLHMHVWZVWDQLHµORFNRXW 

>]DEORNRZDQLD@LNROHMQHSUyE\]Dá F]HQLDQLHE G Z\NRQDQHSDWU]UR]G]LDá7HQ 

DODUPPR HE\üXVXZDQ\SU]\X \FLXMHGQHM]PHWRGNDVRZDQLDEORNDG\SDWU]UR]G]LDá 

 

 

 

6HNZHQFMDG]LDáDQLDORJLNL63= 

)XQNFMD63=]DSHZQLDZLHORNURWQ\WUyMID]RZ\F\NOSRQRZQHJR]Dá F]DQLD3RSU]H]SDUDPHWU 

µ1XPEHURI6KRWVPR QDM VNRQILJXURZDüGODZ\NRQDQLDSRMHG\QF]HJR]Dá F]HQLDGZyFK 

WU]HFKOXEF]WHUHFK]Dá F]H &]DV\SU]HUZEH]QDSL FLRZ\FKGODZV]\VWNLFK]Dá F]H SUyE 

]Dá F]H V XVWDZLDOQHQLH]DOH QLH/LF]ED]Dá F]H MHVWEH]SR UHGQLR]ZL ]DQD]W\SHP 

]DNáyFH NWyUHQDMF] FLHMZ\VW SXM ZV\VWHPLHLSR]LRPXQDSL FLDV\VWHPX2JyOQLHZ 

VLHFLDFK61JG]LHXG]LDá]DNáyFH SU]HPLMDM F\FKLSyáWUZDá\FKMHVWVWRVXQNRZRZ\VRNL 

XU] G]HQLH]GROQH]UHDOL]RZDüZLHORNURWQ\F\NO63=]ZL NV]DPR OLZR üOLQLLUR]G]LHOF]HMGR 

XGDQHJRXWU]\PDQLDQDSL FLDSR]Dá F]HQLXZ\á F]QLND:L FHMLQIRUPDFMLSRGDQRZUR]G]LDOH 

 

&\NO63=MHVWZHZQ WU]QLH]DLQLFMRZDQ\SRSU]H]G]LDáDQLHHOHPHQWX]DEH]SLHF]HQLRZHJR 

SU]\]DáR HQLX HZ\á F]QLNMHVW]DPNQL W\D GRFKZLOLG]LDáDQLD]DEH]SLHF]HQLD&]DV\ 

SU]HUZEH]QDSL FLRZ\FKµ'HDG7LPHµ'HDG7LPHµ'HDG7LPHµ'HDG7LPH 

XUXFKDPLDM VL JG\]DEH]SLHF]HQLHRGZ]EXG]DVL 3U]\NR FXRGPLHU]DQLDRGSRZLHGQLHJR 

F]DVXSU]HUZ\EH]QDSL FLRZHMJHQHURZDQ\MHVWV\JQDá]Dá F]Z\á F]QLNRF]\ZL FLHMH HOL 

ZDUXQNLV\VWHPXV RGSRZLHGQLH:DUXQNLV\VWHPXNWyUHPXV] E\üVSHáQLRQHGOD 

]Dá F]HQLDV QDVW SXM FHQDSL FLDV\VWHPRZHV V\QFKURQLF]QHNRQWURORZDQHSRSU]H] 

ZHZQ WU]Q IXQNFM NRQWUROLV\QFKURQL]PXMDNUyZQLH Z\á F]QLNPDZ\VWDUF]DM F LOR ü 

HQHUJLLDE\Z\NRQDüF\NO63=NRQWURODSRSU]H]V\JQDáZHM FLRZ\''%µ&%+HDOWK\ 

6\JQDá]Dá F]Z\á F]QLNMHVWNR F]RQ\ZFKZLOLJG\Z\á F]QLNVL ]DP\ND 

3R]DPNQL FLXZ\á F]QLNDVWDUWXMHF]DVUHJHQHUDF\MQ\µ5HFODLP7LPH-H HOLQLHSRZVWDMH 

QRZ\V\JQDáZ\á F]Z\á F]QLNWRIXQNFMD63=]HUXMHVL SRRGPLHU]HQLXWHJRF]DVX-H HOL 

]DEH]SLHF]HQLHG]LDáDZREU ELHWHJRF]DVXWRJG\V PR OLZHNROHMQHF\NOH63=WR 

XUXFKDPLDQ\MHVWNROHMQ\F\NOQDWRPLDVWJG\ZV]\VWNLH]DSURJUDPRZDQHF\NOH63=]RVWDá\ 

MX Z\NRQDQHWRGRFKRG]LGR]DEORNRZDQLD 

&DáNRZLWDOLF]EDF\NOL63=SRND]DQDMHVWZPHQXµ&%&RQWUROSRGKDVáHPµ7RWDO5HFORVXUHV 

:DUWR üWDPR HE\ü]HURZDQDSRSU]H]NRPHQG µ5HVHW7RWDO$5>]HUXMVXP F\NOL63=@ 

:L FHMLQIRUPDFMLSRGDQRZHZVND]yZNDFKQDVWDZLHQLRZ\FK 

*áyZQHIXQNFMHRSHUDF\MQH 

7U\E\SUDF\ 

)XQNFMD63=PDGZDWU\E\SUDF\ 

µ$872 63=F]\QQ\ 

µ121$872 63=QLHF]\QQ\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

3DUDPHWUµ$57HOHFRQWUROZNROXPQLHµ&%&21752/PR HE\üX \W\GRF]DVRZHJR 

RGVWDZLHQLDIXQNFML63=PR HE\üWRZ\PDJDQHZF]DVLHNRQVHUZDFMLZ\á F]QLND$E\WR 

X]\VNDüSRSU]H]XVWDZLHQLHµ$57HOHFRQWUROQDZDUWR üµ1RQDXWR63=PR HE\üSRQRZQLH 

XDNW\ZQLRQ\SRSU]H]XVWDZLHQLHµ$57HOHFRQWUROQDZDUWR üµ$XWR 

6WDQDXWRPDW\NL63=PR HE\üVSUDZG]RQ\SRSU]H]SDUDPHWUµ$56WDWXV>VWDQ63=@Z 

NROXPQLHµ&%&21752/ 

,QLFMDFMDF\NOX63= 

63=MHVWLQLFMRZDQ\]ZHZQ WU]Q\FK]DEH]SLHF]H XU] G]HQLD.D G\VWRSLH ]DEH]SLHF]HQLD 

QDGSU GRZHJRL]LHPQR]ZDUFLRZHJRPR HE\üZ\EUDQ\GRLQLFMRZDQLDF\NOX63=µ,QLWLDWH 

$5QLHLQLFMRZDQLDF\NOX63=µ1R$FWLRQOXEGODZ\VRNRQDVWDZLRQ\FKEH]]ZáRF]Q\FK 

VWRSQLPR QDRNUH OLü HPDM EORNRZDü63=µ%ORFN$5'ODSU]\NáDGXMH HOL,!XVWDZLRQR 

QDZDUWR üµ,QLWLDWH$5WRG]LDáDQLHVWRSQLD,!E G]LHLQLFMRZDü63=MH HOL,1!XVWDZLRQR 

QDZDUWR üµ1R$FWLRQWRG]LDáDQLHVWRSQLD,1!E G]LHSURZDG]LüGRZ\á F]HQLDOHF]QLHGR 

LQLFMDFML63= 

1DOH \GRNRQDüSRZ\ V]HJRZ\ERUXGODND GHJRVWRSQLD]DEH]SLHF]HQLRZHJRNWyU\MHVW 

F]\QQ\ 

%ORNRZDQLH]DEH]SLHF]H EH]]ZáRF]Q\FKSRGF]DVF\NOX63= 

=DEH]SLHF]HQLDEH]]ZáRF]QHPRJ E\üEORNRZDQHSRGF]DVND GHJRZ\á F]HQLDZF\NOX 

63=-HVWWRQDVWDZLDOQHSRSU]H]SDUDPHWU\µ7ULS0DLQ>RWZyU]Z\á F]QLN@ 

3R]ZDODM RQHQDVHOHNW\ZQHRGVWDZLDQLHEH]]ZáRF]Q\FKHOHPHQWyZ]DEH]SLHF]H ID]RZ\FK 

LGR]LHPQ\FKZWUDNFLHVHNZHQFMLRWZLHUDQLDZ\á F]QLND'ODSU]\NáDGXMH HOLµ7ULS0DLQ 

XVWDZLRQRQDZDUWR üµ1R%ORFN>EH]EORNRZDQLD@Lµ7ULS0DLQXVWDZLRQRQDZDUWR üµ%ORFN 

,QVW3URW>EORNXM]DEH]SLHF]HQLHEH]]ZáRF]QH@WREH]]ZáRF]QHHOHPHQW\]DEH]SLHF]H 

ID]RZ\FKL]LHPQR]ZDUFLRZ\FKE G F]\QQHSRGF]DVQRUPDOQHMSUDF\OLQLLOHF]E G 

EORNRZDQHSRGF]DVSLHUZV]HJRZ\á F]HQLDZF\NOX63= 

=DEH]SLHF]HQLDEH]]ZáRF]QHPRJ E\üUyZQLH EORNRZDQHJG\OLF]QLNLG]LDáD Z\á F]QLNDOXE 

F] VWRWOLZR FLZ\VW SRZDQLDXV]NRG]H SU]HW HQLRZ\FKRVL JQ á\ZDUWR FLJUDQLF]QH'OD 

SU]\NáDGXMH HOLµ1R&%2SV/RFN>EORNXM FDOLF]EDRSHUDFMLZ\á F]QLNLHP@MHVWXVWDZLRQDQD 

Lµ&%2SHUDWLRQV>RSHUDFMHZ\á F]QLNLHP@ WR]DEH]SLHF]HQLHEH]]ZáRF]QHPR HE\ü 

EORNRZDQHGOD]DSHZQLHQLD HRVWDWQLZ\á F]SU]HGEORNDG E G]LHZ\QLNLHPVHOHNW\ZQHJR 

G]LDáDQLD]DEH]SLHF]HQLD-HVWWRUyZQLH VWHURZDQHSU]\X \FLXQDVWDZ\µ())0DLQW/RFN 

>IXQNFMDRV]F] G]DQLDZ\á F]QLNDNRQWUROXMHF] VWRWOLZR üZ\VW SRZDQLD]DNáyFH @SU]\ 

QDVWDZLHµ%ORFN,QVW3URWHFWLRQ>EORNXM]DEH]SLHF]HQLDEH]]ZáRF]QH@EH]]ZáRF]QH 

]DEH]SLHF]HQLDE G EORNRZDQHGODRVWDWQLHJRZ\á F]HQLDSU]HGEORNDG 

8ZDJD%H]]ZáRF]QHVWRSQLH]DEH]SLHF]HQLRZHPXV] E\üLGHQW\ILNRZDQHZQDVWDZDFK 

ZL F\FKIXQNFMLQDGSU GRZHML]LHPQR]ZDUFLRZHMRGSRZLHGQLRSRSU]H]µ,!)XQFWLRQ/LQNL 

µ,1!)XQFWLRQ/LQN 

,QLFMDFMDF]DVXUHJHQHUDF\MQHJRUHFODLP 

1DVWDZDµW5HFODLP([WHQGSR]ZDODQDVWHURZDQLHF]\HOHPHQWF]DVRZ\MHVW]DZLHV]DQ\] 

SREXG]HQLDPRGXáX]DEH]SLHF]HQLRZHJRF]\QLH3U]\QDVWDZLHµ&RQWLQXH>NRQW\QXXM@ 

HOHPHQWF]DVRZ\E G]LHG]LDáDáRGFKZLOLJG\Z\á F]QLNMHVW]DPNQL W\LE G]LH 

SRGWU]\P\ZDQ\D GRPRPHQWXRGPLHU]HQLDF]DVX&]DVUHJHQHUDF\MQ\PXVLE\üXVWDZLRQ\ 

QDZDUWR üZL NV] F]DVXG]LDáDQLD]DEH]SLHF]H ]ZáRF]Q\FKGOD]DSHZQLHQLD HWH 

]DEH]SLHF]HQLDPRJ G]LDáDü]DQLPIXQNFMD63=MHVW]HURZDQD-H HOLIXQNFMD63=VNDVXMH 

VL ]DQLP]DEH]SLHF]HQLH]ZáRF]QH]DG]LDáDWR]DEH]SLHF]HQLHEH]]ZáRF]QHPR HE\ü 

SRQRZQLHXF]\QQLRQHLZWHQVSRVyEXQLNDVL XWUDW\Z\á F]HQLD 

'ODSHZQ\FK]DVWRVRZD ]DOHFDVL XVWDZLHQLHµW5HFODLP([WHQGQDZDUWR üµ6XVSHQG 

>]DZLH @ 

7DIXQNFMDSR]ZDOD]DZLHVLüG]LDáDQLHHOHPHQWXF]DVRZHJRRGOLF]DM FHJRSU]HUZ 

UHJHQHUDF\MQ SR]Dá F]HQLXZF\NOX63=SRSU]H]V\JQDáSREXG]HQLD]]DEH]SLHF]HQLD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

SRGVWDZRZHJROXEV\JQDáyZSREXG]HQLD]PRGXáX6()F]XáHJR]DEH]SLHF]HQLD 

]LHPQR]ZDUFLRZHJR6\JQDáSREXG]HQLDSRGVWDZRZHJR]DEH]SLHF]HQLDMHVWJHQHURZDQ\ 

SRSU]H]SREXG]HQLHGRZROQHJRPRGXáX]DEH]SLHF]HQLRZHJRNWyU\ZNROXPQLHQDVWDZ 

µ$5,QLWLDWLRQ]RVWDáZ\EUDQ\GODLQLFMDFML63=QDVWDZDµ,QLWLDWH$5OXEQLHXUXFKDPLDQLD63= 

QDVWDZDµ1RDFWLRQ)XQNFMD]DSHZQLD HF]DVUHJHQHUDF\MQ\QLHMHVWRGOLF]DQ\LQLH]HUXMH 

63=SU]HGG]LDáDQLHP]DEH]SLHF]H ]ZáRF]Q\FK3RQLHZD µ5HFODLP7LPHUPR H]RVWDü 

]DZLHV]RQ\WRQLHMHVWSRWU]HEQHX \ZDQLHQDVWDZF]DVRZ\FKZL NV]\FKRGF]DVyZG]LDáDQLD 

]DEH]SLHF]H GODWHJRPR QDX \üNUyWNLFKQDVWDZF]DVXUHJHQHUDF\MQHJR.UyWNLHZDUWR FL 

WHJRF]DVXPRJ SRPyFXQLNQ ü]E GQ\FKEORNDGGODNROHMQRSRMDZLDM F\FKVL ]ZDUü 

SU]HM FLRZ\FKZNUyWNLPF]DVLHQDSU]\NáDGSRGF]DVEXU]\:L FHMLQIRUPDFML]DZDUWRZ 

UR]G]LDOH 

%ORNDGD63=SRU F]Q\P]Dá F]HQLX 

1DVWDZ\F]DVRZHµ$5,QKLELW7LPHPRJ E\üX \ZDQHGODXQLNQL FLDSREXG]HQLD63=JG\ 

Z\á F]QLNMHVWU F]QLH]Dá F]DQ\QD]ZDUFLH63=MHVW]DEORNRZDQ\GODF]DVXµ$5,QKLELW 

:LQG>F]DVEORNDG\63=@RGPLHU]DQHJRRGFKZLOLU F]QHJR]Dá F]HQLDZ\á F]QLND 

%ORNDGD63= 

-H HOL]DEH]SLHF]HQLHG]LDáDZREU ELHF]DVXUHJHQHUDF\MQHJRRGPLHU]DQHJRSRNR FRZHM 

SUyELH]Dá F]HQLDIXQNFMD63=E G]LHVL ]QDMGRZDáDZVWDQLH]DEORNRZDQLDD GRFKZLOLJG\ 

ZDUXQNLEORNDG\]RVWDQ XVXQL WH6WDQWHQSURGXNXMHV\JQDáDODUPX''%µ$5/RFNRXW 

>EORNDGD63=@6\JQDáZHM FLRZ\''%µ%$5E G]LHEORNRZDá63=LSU]HU\ZDáMHJRF\NO 

%ORNDGDE G]LHUyZQLH Z\VW SRZDáDMH HOLHQHUJLD]JURPDG]RQDZZ\á F]QLNXMHVW]E\WQLVND 

LZ\á F]QLNQLH]Dá F]\WRMHVWZWHG\JG\ZHM FLHµ&%+HDOWK\>Z\á F]QLNJRWRZ\@QLHE\áR 

SREXG]RQHQDNR FXRGPLHU]DQLDF]DVXµ&%+HDOWK\7LPH>F]DVJRWRZR FLZ\á F]QLND@SDWU] 

UR]G]LDáFRMHVWV\JQDOL]RZDQHSU]H]V\JQDáDODUPRZ\''%µ$5&% 

8QKHDOWK\>63=Z\á F]QLNQLHJRWRZ\@ 

8ZDJD%ORNDGDPR HE\üUyZQLH XUXFKRPLRQDSRSU]H]IXQNFM NRQWUROXM F OLF]E G]LDáD 

Z\á F]QLND]E\WGX F] VWRWOLZR üG]LDáDQLDZ\á F]QLNDEORNDG RGSU]HUZDQLDSU GX 

V\JQDáZ\á F]QLN]DZLyGáSU]\Z\á F]HQLXV\JQDáZ\á F]QLN]DZLyGáSU]\]Dá F]HQLXSU]\ 

U F]Q\P]Dá F]HQLXQLHVSHáQLHQLXZDUXQNyZV\QFKURQL]PXLEUDNXV\JQDáXJRWRZR FL 

Z\á F]QLND 

 

=HURZDQLHV\JQDáXEORNDG\ 

6\JQDáZHM FLRZ\''%µ5HVHW/RFNRXW>NDVXMEORNDG @PR HE\üX \W\GR]HURZDQLD 

]DEORNRZDQHMIXQNFML63=LGRXVXZDQLDGRZROQ\FKDODUPyZ63=SU]\]DáR HQLX HV\JQDá\ 

NWyUH]DLQLFMRZDá\EORNDG ]RVWDá\XVXQL WH%ORNDGDPR HE\üUyZQLH XVXQL WDSRSU]H] 

NODZLDWXU XU] G]HQLDSU]\FLVNµ&OHDUOXENRPHQG µ/RFNRXW5HVHW>]HUXMEORNDG @] 

NROXPQ\PHQXµ&%&21752/ 

8VXZDQLHEORNDG\SRSU]H]QDVWDZ &%&ORVH>Z\á F]QLN]DPNQL W\@ZNROXPQLHµ&% 

&21752/MHVWX \ZDQHGRXF]\QQLDQLDRGVWDZLDQLDDXWRPDW\F]QHJR]HURZDQLDEORNRZDQLD 

SU]\U F]Q\P]Dá F]DQLXSRRGPLHU]DQLXF]DVXµ$5,QKLELW7LPH>F]DVEORNDG\63=@ 

 


 


1LHPD FLVáHMUHJXá\GHILQLXM FHMOLF]E F\NOL63=GODRNUH ORQHJR]DVWRVRZDQLD2JyOQLHZ 

VLHFLDFK61X \ZDP\W\ONRGZyFKOXEWU]HFKF\NOL63=-HGQDNZQLHNWyU\FKNUDMDFKGOD 

V]F]HJyOQ\FK]DVWRVRZD VSRW\NDVL F]WHU\F\NOH7DNLHUR]ZL ]DQLHRIHUXMHNRU]\ ü H 

NR FRZ\F]DVSU]HUZ\EH]QDSL FLRZHMPR HE\üZ]JO GQLHGáXJLFRSR]ZDODQD]DNR F]HQLH 

Z\áDGRZDQLDDWPRVIHU\F]QHJRSU]HGNR FRZ\P]Dá F]HQLHP7DNDPR OLZR üSR]ZDOD 

XQLNQ ü]E GQ\FKEORNDGGODNROHMQ\FK]ZDUüSU]HPLMDM F\FK

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

7\SRZRSLHUZV]HZ\á F]HQLHLF]DVDPLGUXJLHE G]LHZ\QLNLHP]DEH]SLHF]H EH]]ZáRF]Q\FK 

JG\ ]DNáyFH MHVWSU]HPLMDM F\FKNROHMQHZ\á F]HQLDV ]ZáRF]QHLSRSU]H] 

Z\GáX DM FHVL F]DV\SU]HUZ\EH]QDSL FLRZHMSR]ZDODM QDXVXQL FLH]DNáyFH SyáWUZDá\FK 

'ODRNUH OHQLDZ\PDJDQHMOLF]E\F\NOLQDOH \XZ]JO GQLüQDVW SXM FHF]\QQLNL 

:D Q\PHOHPHQWHPMHVW]GROQR üZ\á F]QLNDGRUHDOL]DFMLNLONXNROHMQ\FKNRPHQGZ\á F] 

]Dá F]V]\ENRSRVRELHLLFKZSá\ZQDRNUHVWUZDáR FLZ\á F]QLND 

-H HOLLQIRUPDFMHVWDW\VW\F]QHRNRQNUHWQ\PV\VWHPLHSRND]XM ]QDF] F\XG]LDá]ZDUüSyá 

WUZDá\FKNWyUHPRJ E\üVDPRF]\QQLHXVXQL WHWRGZDOXEWU]\F\NOH63=V ZSHáQL 

XVSUDZLHGOLZLRQH'RGDWNRZRMH HOLX \ZDQHV OLQLH]RGHM FLHPW\Sµ7]DEH]SLHF]RQH 

EH]SLHF]QLNLHPLSR]LRPSU GX]DNáyFHQLDMHVWQLVNLWRSU]\]DEH]SLHF]HQLXSRGVWDZRZ\PR 

FKDUDNWHU\VW\FHSU GRZR]DOH QHM,'07F]DVG]LDáDQLDEH]SLHF]QLNyZQLHE G]LH 

Z\VWDUF]DM FRVHOHNW\ZQ\LNLONDF\NOL63=PR HE\üX \WHF]QH7RSRZRGXMHQDJU]DQLH 

EH]SLHF]QLNDGRWDNLHJRSR]LRPXNWyU\PR HVSRZRGRZDüMHJRSU]HSDOHQLH]DQLP 

]DEH]SLHF]HQLHSRGVWDZRZHZ\á F]\ 


&]\QQLNLNWyUHPDM ZSá\ZQDZ\EyUF]DVXSU]HUZ\EH]QDSL FLRZHMRPyZLRQRSRQL HM 

2EFL HQLH 

 

=HZ]JO GXQDGX UR]SL WR üREFL H NWyUDPR HPLHüPLHMVFHZV\VWHPLHPR HE\ü 

EDUG]RWUXGQRQDVWDZLüRSW\PDOQ\F]DVSU]HUZ\EH]QDSL FLRZHM-HGQDNMHVWPR OLZH 

RNUH OHQLHND GHJRW\SXREFL HQLDLQG\ZLGXDOQLHLQDWHMSRGVWDZLHGREUDQLHW\SRZ\FK 

F]DVyZSU]HUZ\EH]QDSL FLRZHM1DMEDUG]LHMW\SRZHW\S\REFL H SU]HGVWDZLRQRSRQL HM 

6LOQLNLV\QFKURQLF]QHV ]GROQHGRWROHURZDQLDW\ONREDUG]RGUREQ\FKSU]HUZZ]DVLODQLXEH] 

JUR E\XWUDW\V\QFKURQL]PX:SUDNW\FH]DOHFDVL RGá F]HQLHVLOQLNDRG]DVLODQLDZ 

SU]\SDGNX]DNáyFHQLDF]DVSU]HUZ\EH]QDSL FLRZHMSRZLQLHQE\üZ\VWDUF]DM F\DE\SR]ZROLü 

QDG]LDáDQLHVLOQLNRZHJR]DEH]SLHF]HQLDRGXWUDW\QDSL FLD]DVLODQLD6XJHUXMHVL W\SRZ\ 

PLQLPDOQ\F]DVSU]HUZ\EH]QDSL FLRZHMU] GXVGOD]H]ZROHQLDQDG]LDáDQLH 

XU] G]HQLD=GUXJLHMVWURQ\VLOQLNLLQGXNF\MQHPRJ SU]HWU]\PDüSU]HUZ\Z]DVLODQLXD GR 

VSRF]\PSRQRZQLHSU]\VSLHV]\ü:RJyOQR FLF]DV\SU]HUZ\EH]QDSL FLRZHMU] GX 

VV ]Z\NOHVDW\VIDNFMRQXM FHOHF]PRJ E\üV]F]HJyOQHSU]\SDGNLGODNWyU\FKZ\PDJDQ\ 

MHVWGRGDWNRZ\F]DVGODXPR OLZLHQLDNDVRZDQLDU F]Q\FKVWHURZD LXU] G]H 

]DEH]SLHF]DM F\FK 

=HZ]JO GXQDEH]SLHF]H VWZRXWUDWD]DVLODQLDZREZRGDFKR ZLHWOHQLRZ\FKWDNLFKMDN 

R ZLHWOHQLHXOLF]QHPR HE\üZD QDSU]HUZDFLRVHNXQGRZDOXEGáX V]DPR HE\ü 

QLHEH]SLHF]QDGODUXFKXXOLF]QHJR*áyZQ\HOHPHQWREVHUZRZDQ\SU]H]RGELRUFyZ 

LQG\ZLGXDOQ\FKWRQLHGRJRGQR FL:D Q\PNU\WHULXPSRPLDURZ\PGODZLHOXGRVWDZFyZ 

HQHUJLLMHVWOLF]EDPLQXWEH]]DVLODQLDSU]\SDGDM FDZFL JXURNXQDMHGQHJRRGELRUF NWyUD 

PR HE\ü]PQLHMV]RQDG]L NLOLQLRP]DVLODM F\PSRVLDGDM F\PF]\QQ DXWRPDW\N 63=L 

NWyUDMHVWRF]\ZL FLH]DOH QDRGX \WHMGáXJR FLF]DVXSU]HUZ\EH]QDSL FLRZHM 

3RZ\ HMSU]HGVWDZLRQRW\ONRSURSRQRZDQHZVND]yZNLZL FHMLQIRUPDFMLSU]HGVWDZLRQRZ 

SRGU F]QLNXµ3URWHFWLRQ5HOD\V$SSOLFDWLRQV*XLGH 

:\á F]QLN 

'ODEDUG]RV]\ENLHJR63=PLQLPDOQ\F]DVSU]HUZ\EH]QDSL FLRZHMZV\VWHPLHE G]LH 

]DOH DáRGPLQLPDOQ\FKRSy QLH ZSURZDG]DQ\FKSU]H]Z\á F]QLNSRGF]DVZ\á F]DQLDL 

]Dá F]DQLD 

3RQLHZD Z\á F]QLNMHVWXU] G]HQLHPPHFKDQLF]Q\PWRE G]LHPLDáQLHRGá F]Q\F]DV 

UR]ZLHUDQLD]HVW\NyZ7HQF]DVGODZVSyáF]HVQ\FKZ\á F]QLNyZMHVW]Z\NOHZSU]HG]LDOH 

PVOHF]PR HE\üGáX V]\GODVWDUV]\FKNRQVWUXNFML

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

3RZ\á F]HQLX]DQLP]RVWDQLH]UHDOL]RZDQDNRPHQGD]Dá F]PXVLXSá\Q üF]DVGOD 

]HURZDQLDPHFKDQL]PX&]DV\]HURZDQLDE G]LHVL ]PLHQLDá]DOH QLHRGZ\á F]QLNDOHF] 

W\SRZRZ\QRVLVHNXQG\ 

3RZ\]HURZDQLXZ\á F]QLNDPR HRQ]DF] üVL ]DP\NDü&]DVSRPL G]\SREXG]HQLHP 

PHFKDQL]PX]DP\NDM FHJRL]DPNQL FLHPREZRGyZZ\á F]QLNDMHVWQD]\ZDQ\F]DVHP 

]Dá F]DQLD=HZ]JO GXQDVWDá F]DVRZ FHZNLPHFKDQL]PX]Dá F]DM FHJRLLQHUFM VW\NX 

HOHNWURPDJQHW\F]QH]DP\NDQLHZ\á F]QLNDPR H]DM üV=GUXJLHMVWURQ\Z\á F]QLN] 

QDS GHPVSU \QRZ\PPR H]DP\NDüZF]DVLHNUyWV]\PQL V 

*G\Z\PDJDQHMHVWV]\ENLHSRQRZQH]Dá F]HQLHWRGODZL NV]R FLDSOLNDFML UHGQLHJR 

QDSL FLDVDPPHFKDQL]PZ\á F]QLNDQDU]XFDPLQLPDOQ\F]DVSU]HUZ\EH]QDSL FLRZHM 

-HGQDNQDOH \XZ]JO GQLüF]DVGHMRQL]DFML]DNáyFHQLD6]\ENLHSRQRZQH]Dá F]HQLDPRJ 

E\üZ\PDJDQHGODXWU]\PDQLDVWDELOQR FLV\VWHPX]GZRPDOXEZL FHM]DVLODQLDPL'OD 

V]\ENLHJRSRQRZQHJR]Dá F]DQLDF]DVWUZDQLD]DNáyFHQLDPR HE\ü]PLQLPDOL]RZDQ\ 

SRSU]H]X \ZDQLHV]\ENLFK]DEH]SLHF]H PVWDNLFKMDN]DEH]SLHF]HQLDRGOHJáR FLRZH 

OXEUy QLFRZHOLQLLLV]\ENLFKZ\á F]QLNyZPV6]\ENLHXVXZDQLH]DNáyFH PR HVNUyFLü 

Z\PDJDQ\F]DVQDGHMRQL]DFM áXNX'ODVWDELOQR FLSRPL G]\GZRPD UyGáDPLW\SRZR 

Z\PDJDQ\PR HE\üF]DVSU]HUZ\EH]QDSL FLRZHMPV0LQLPDOQ\F]DVSU]HUZ\ 

EH]QDSL FLRZHMGODV\VWHPXSRZLQLHQXZ]JO GQLDüF]DV]HURZDQLDPHFKDQL]PXLF]DV 

]DP\NDQLDZ\á F]QLND 

0HFKDQL]PHOHNWURPDJQHW\F]Q\QLHMHVWRGSRZLHGQLGODV]\ENLFKSRQRZQ\FK]Dá F]H MDNR 

HF]DV]DP\NDQLDMHVW]E\WGáXJL 

&]DVGHMRQL]DFML]DNáyFHQLD 

'ODV]\ENLHJR63=F]DVGHMRQL]DFML]DNáyFHQLDPR HE\üQDMEDUG]LHMLVWRWQ\PF]\QQLNLHPSU]\ 

XVWDODQLXF]DVXSU]HUZ\-HVWWRF]DVZ\PDJDQ\GODUR]SURV]HQLD]MRQL]RZDQHJRSRZLHWU]D 

ZRNyáPLHMVFDXV]NRG]HQLDWDNDE\SR]LRPL]RODFMLSRZLHWU]D]RVWDáRGWZRU]RQ\0R HWR 

]RVWDüZ\OLF]RQHZVSRVyESU]\EOL RQ\]UyZQDQLD 

&]DVGHMRQL]DFML >QDSL FLHV\VWHPXZN9@F] VWRWOLZR ü 

GODN9 V+] 

GODN9 V+] 

2GZ]EXG]DQLH]DEH]SLHF]H 

-HVWEDUG]RZD QHDE\]DEH]SLHF]HQLHVL ZSHáQL]HURZDáRSRGF]DVF]DVXSU]HUZ\WDNDE\ 

ZáD FLZ\F]DV]DSHZQLDM F\VHOHNW\ZQR üE\áX]\VNLZDQ\SR]Dá F]HQLXQD]DNáyFHQLH'OD 

V]\ENLFKF\NOL63=Z\PDJDQHMHVWEH]]ZáRF]QH]HURZDQLH]DEH]SLHF]H 

7\SRZHQDVWDZ\F]DVyZSU]HUZ\EH]QDSL FLRZHMZ$QJOLLV QDVW SXM FH 

SLHUZV]\F]DVSU]HUZ\ VHNXQG 

GUXJLF]DVSU]HUZ\ VHNXQG 

WU]HFLF]DVSU]HUZ\ VHNXQG 

F]ZDUW\F]DVSU]HUZ\QLHVSRW\NDQ\Z$QJOLLZ\VW SXMHMHGQDNZ3RáXGQLRZHM$IU\FH 

GRPLQXWGOD]DQLNXEXU]\ 

1DVWDZ\F]DVXUHJHQHUDF\MQHJR 

:SUDNW\FHQDGREyUF]DVXUHJHQHUDF\MQHJRPDZSá\ZV]HUHJF]\QQLNyZ 

” &L JáR ü]DVLODQLDGáXJLHF]DV\UHJHQHUDF\MQHPRJ SRZRGRZDü]E GQ EORNDG 63= 

GOD]DNáyFH SU]HPLMDM F\FK 

” 3RMDZLDM FHVL ]DNáyFHQLDGR ZLDGF]HQLHNUyWNLHF]DV\UHJHQHUDF\MQHPRJ E\ü 

Z\PDJDQHJG\MHVWZ\VRNLHSUDZGRSRGRELH VWZRZ\áDGRZD LVNURZ\FKGODXQLNQL FLD 

]E GQHMEORNDG\SU]\]ZDUFLDFKSU]HPLMDM F\FK

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

” &]DV]EURMHQLDVSU \Q\GODV]\ENLHJRSRQRZQHJR]Dá F]DQLDGOD]DSHZQLHQLD HZ 

Z\á F]QLNXMHVWZ\VWDUF]DM FDHQHUJLDGODUHDOL]DFMLF\NOX:=:'OD]ZáRF]QHJR63= 

QLHPDWDNLHMSRWU]HE\MDNR HF]DVSU]HUZ\PR HE\üZ\GáX RQ\SRSU]H]F]DVNRQWUROL 

]D]EURMHQLDZ\á F]QLNDµ&%KHDOWK\FKHFN-H HOLSRRGPLHU]HQLXWHJRF]DVXZ 

Z\á F]QLNXEUDNZ\VWDUF]DM FHMHQHUJLLWR]DEH]SLHF]HQLHSR]RVWDQLH]DEORNRZDQH 

” =X \FLHHNVSORDWDF\MQHZ\á F]QLND=ZL NV]RQDOLF]EDRSHUDFMLZ\QLNDM FD]NUyWNLFK 

F]DVyZUHJHQHUDF\MQ\FKR]QDF]DNUyWV]HRGVW S\F]DVXSRPL G]\NROHMQ\PL 

SU]HJO GDPLNRQVHUZDF\MQ\PL0LQLPDOQ\F]DVUHJHQHUDF\MQ\!VPR HE\üZ\PDJDQ\ 

GOD]DSHZQLHQLDZ\á F]QLNRZLF]DVXGODRG]\VNDQLDSHáQHMIRUP\SRZ\á F]HQLXL 

]Dá F]HQLX]DQLPE G]LHPyJáRQZ\NRQDüNROHMQ\F\NO:=:7HQF]DVE G]LH]DOH Dá 

RGREFL HQLDZ\á F]QLND 

&]DVUHJHQHUDF\MQ\PXVLE\üZ\VWDUF]DM FRGáXJLDE\]H]ZROLüQDG]LDáDQLH]ZáRF]QHJR 

]DEH]SLHF]HQLDLQLFMXM FHJRF\NO63=1LHVSHáQLHQLHWHJRZDUXQNXE G]LHSURZDG]LáRGR 

SU]HGZF]HVQHJR]HURZDQLDXNáDGXDXWRPDW\NL63=LSRQRZQHJRRGEORNRZDQLD]DEH]SLHF]H 

EH]]ZáRF]Q\FK-H HOLSRMDZL VL WDNLHZDUXQNLWR]DNáyFHQLHWUZDáHE G]LHHIHNW\ZQLH 

Z\JO GDüMDNV]HUHJ]ZDUüSU]HPLMDM F\FKSURZDG] F\FKGRFL JáHJRSREXG]HQLDDXWRPDW\NL 

63=FK\ED H]RVWDQ XZ]JO GQLRQHGRGDWNRZHSRPLDU\GODRJUDQLF]HQLDSUREOHPXQS 

]DEH]SLHF]HQLHEORNXM FHSU]\]E\WGX HMF] VWRWOLZR FLZ\VW SRZDQLD]DNáyFH -HVWPR OLZH 

X]\VNDQLHNUyWNLFKF]DVyZUHJHQHUDF\MQ\FKSRSU]H]EORNRZDQLHF]DVXUHJHQHUDF\MQHJR 

SRSU]H]V\JQDá\SREXG]HQLRZH]DEH]SLHF]H -H HOLNUyWNLHF]DV\UHJHQHUDF\MQHSRZLQQ\ 

E\üX \ZDQHWRPLQLPDOQHF]DV\UHJHQHUDF\MQHPR HQDU]XFDüZ\WU]\PDáR üá F]QLND 

.RU]\ FL NUyWNLFKG]LDáD UHJHQHUDF\MQ\FKMHVWWR HZ\VW SXMHPQLHMEORNDGZ\á F]QLND 

MHGQDR]QDF]DWRZL NV] OLF]E RSHUDFMLZ\á F]QLNLHPLGODWHJRRNUHVPL G]\SU]HJO GDPL 

Z\á F]QLNDPR H]RVWDü]PQLHMV]RQ\ 

*G\X \ZDQHV VSU \QRZHQDS G\]EURMRQHVLOQLNLHPWRF]DVUHJHQHUDF\MQ\PXVLE\üFR 

QDMPQLHMWDNGáXJLMDNF]DV]EURMHQLDQDS GXGOD]DSHZQLHQLD HZ\á F]QLNPR HZ\NRQDü 

F\NO:=:GODV]\ENLHJRF\NOX63= 

7\SRZHF]DV\UHJHQHUDF\MQHZ$QJOLLGODN9Z\QRV] VHNXQG]DSRELHJDWR 

]E GQHPXEORNRZDQLXSRGF]DVEXU]\-HGQDNPR QDX \ZDüF]DVyZGRVHNXQG 

 

 

63=MHGQRLWUyMID]RZ\GRW\F]\3 

63=]ZáRF]Q\ 

$QDOL]D]DNáyFH QDOLQLDFKQDSRZLHWU]Q\FKSRND]XMH H]QLFKMHVWSU]HPLMDM F\FK 

=DNáyFHQLDSU]HPLMDM FHWDNLHMDNSRZLHU]FKQLRZ\SU]HVNRNLVNU\SRL]RODWRU]HV 

VDPRXVXZDOQHLQLHSRZRGXM XV]NRG]H 7HQW\S]DNáyFH PR HE\üXVXQL W\SU]H] 

EH]]ZáRF]QHRWZDUFLHMHGQHJROXEZL FHMZ\á F]QLNyZGODRGL]RORZDQLD]DNáyFHQLDLQLH 

SRMDZLDVL SRQRZQLHSR]Dá F]HQLXOLQLL3U]HVNRNLVNU\MHVWQDMF] FLHMVSRW\NDQ SU]\F]\Q 

]ZDUüSU]HPLMDM F\FK,QQ\PLPR OLZ\PLSU]\F]\QDPLPRJ E\üVW\NDM FHVL SU]HZRG\LZLDWU 

SU]HQRV] F\QDSU]HZRG\HOHPHQW\SU]HZRG] FH3R]RVWDáHGR]DNáyFH MHVW 

XWU]\PXM F\FKVL WUZDá\FKOXE]DQLNDM F\FKSRGáXJLHMSU]HUZLHSyáWUZDáH 

=DNáyFHQLHSyáWUZDáHPR HE\üZ\ZRá\ZDQHSU]H]PDáHJDá ]LHOH FHQDSU]HZRGDFK7DNLH 

]DNáyFHQLHQLHPR HE\üXVXQL WHSU]H]QDW\FKPLDVWRZHZ\á F]HQLHREZRGXOHF]PRJ E\ü 

XVXQL WHSRSU]H]VSDOHQLHZF]DVLHZ\á F]HQLD]RSy QLHQLHP 

=DNáyFHQLHPWUZDá\PPR HE\üSU]HUZDQ\SU]HZyGXV]NRG]RQ\WUDQVIRUPDWRUNDEHOOXE 

RGELRUQLNPRF\HOHNWU\F]QHM:W\PSU]\SDGNXXV]NRG]HQLHPXVLE\ü]ORNDOL]RZDQHLXVXQL WH 

]DQLP]DVLODQLH]RVWDQLHSU]\ZUyFRQH 

'ODZL NV]R FL]DNáyFH MH HOLOLQLD]XV]NRG]HQLHPMHVWEH]]ZáRF]QLHZ\á F]RQDLSRF]DVLH 

QLH]E GQ\PGODGHMRQL]DFMLSU]HVWU]HQLáXNXHOHNWU\F]QHJRSRQRZQLH]Dá F]RQDWRSUDFXMH 

SUDZLGáRZR8NáDG\63=V X \ZDQHGODDXWRPDW\F]QHJR]Dá F]DQLDZ\á F]QLNDSR 

RGOLF]HQLXXVWDORQHJRF]DVXRGFKZLOLRWZDUFLDSU]H]]DEH]SLHF]HQLH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

:VLHFLDFKG\VWU\EXF\MQ\FK:161DXWRPDW\ND63=MHVWVWRVRZDQDJáyZQLHGODVLHFL 

SURPLHQLRZ\FKJG]LHSUREOHP\]HVWDELOQR FL V\VWHPXQLHSRMDZLDM VL ]E\WF] VWR*áyZQH 

NRU]\ FL]HVWRVRZDQLD63=V QDVW SXM FH 

” 0LQLPDOL]DFMDSU]HUZZGRVWDZLHHQHUJLLGRNOLHQWD 

” 2JUDQLF]HQLHNRV]WyZG]LDáD PQLHMV]DOLF]EDURERF]RJRG]LQQLH]E GQ\FKGOD 

XVXQL FLDXV]NRG]H MDNUyZQLH PR OLZR üSUDF\VWDFMLEH]VWDáHMREVáXJL 

” ']L NL63=PR OLZHMHVWVWRVRZDQLHEH]]ZáRF]Q\FK]DEH]SLHF]H NWyUHR]QDF]DM 

NUyWV]HRNUHV\WUZDQLD]DNáyFHQLDLPQLHMV]H]QLV]F]HQLDLPQLHMV] OLF]E ]DNáyFH 

WUZDá\FK 

3RQLHZD ]DNáyFH QDOLQLDFKQDSRZLHWU]Q\FKMHVWSU]HM FLRZ\FKWRHOLPLQDFMD]DQLNyZ 

]DVLODQLD]SRZRGXW\FK]DNáyFH SRSU]H]ZSURZDG]HQLHDXWRPDW\NL63=GDMHRF]\ZLVWH 

NRU]\ FL3RQDGWRZSU]\SDGNXVWDFMLEH]VWDáHMREVáXJLPR HE\üRJUDQLF]RQDOLF]EDZL]\W 

3RJRWRZLD(QHUJHW\F]QHJR]ZL ]DQ\FK]NRQLHF]QR FL U F]QHJR]Dá F]HQLDZ\á F]QLNDSR 

]DQLNX]DNáyFHQLDMHVWWRV]F]HJyOQLHLVWRWQHGODVWDFMLRGOHJá\FK 

:SURZDG]HQLH63=GDMHZD QHNRU]\ FLGODREZRGyZX \ZDM F\FK]DEH]SLHF]H ]H 

VWRSQLRZDQLHPF]DVRZ\PSR]ZDODQDX \FLH]DEH]SLHF]H EH]]ZáRF]Q\FKGODSLHUZV]HJR 

V]\ENLHJRZ\á F]HQLD3U]\V]\ENLPZ\á F]HQLXF]DVXWU]\P\ZDQLDVL áXNXHOHNWU\F]QHJR 

MHVWRJUDQLF]DQ\GRPLQLPXP]PQLHMV]DM FZWHQVSRVyEV]DQV XV]NRG]HQLDOLQLLNWyUH 

PRJáRE\VSRZRGRZDüSU]HNV]WDáFHQLHVL ]DNáyFHQLDSU]HM FLRZHJRZWUZDáH8 \FLH 

EH]]ZáRF]Q\FK]DEH]SLHF]H ]DSRELHJDSU]HSDOHQLXEH]SLHF]QLNyZZREZRGDFKRGJDá ]LH 

OLQLLLUHGXNXMHOLF]E ]DELHJyZNRQVHUZDF\MQ\FKZ\á F]QLNDSRSU]H]HOLPLQDFM QDJU]HZDQLD 

SU]\SDOHQLXVL áXNXJG\XVXZDQHV ]DNáyFHQLDSU]HM FLRZH 

1DOH \]DXZD \ü HJG\X \ZDQHV ]DEH]SLHF]HQLDEH]]ZáRF]QHZXNáDG]LH]63=WR 

]Z\NOHEORNXMHVL MHSRSLHUZV]\PZ\á F]HQLX'ODWHJRMH HOLSRSLHUZV]\PZ\á F]HQLX 

]DNáyFHQLHGDOHMZ\VW SXMHWRZ\á F]E G]LHSRFKRG]LáRG]DEH]SLHF]H ]HVWRSQLRZDQLHP 

F]DVRZ\PSR]ZDODM FZWHQVSRVyEQDVHOHNW\ZQHZ\L]RORZDQLHXV]NRG]RQHMF] FL-HGQDN 

GODSHZQ\FK]DVWRVRZD JG]LHZL NV]R ü]DNáyFH MHVWSU]HM FLRZDVSRW\NDVL UR]ZL ]DQLD 

]H]ZDODM FHQDZL FHMQL MHGHQZ\á F]EH]]ZáRF]Q\ 

3HZQHXNáDG\]H]ZDODM QDNLONDF\NOL63=LZ\á F]HQLD]HVWRSQLRZDQLHPF]DVRZ\PSR 

SLHUZV]\PEH]]ZáRF]Q\PZ\á F]HQLX7DNLH]DVWRVRZDQLHSR]ZDODQDXVXQL FLH]DNáyFHQLD 

SyáWUZDáHJR3R]ZDODM RQHUyZQLH QDG]LDáDQLHEH]SLHF]QLNyZZOLQLDFKRGJDá ]LRQ\FKOLQLD 

W\SXµ7JG\SU G]DNáyFHQLRZ\PDQLHZLHON ZDUWR ü 

*G\UR]ZD DP\OLQLH]DVLODM FHNWyUHV PLHV]DQHF] FLRZRQDSRZLHWU]QHLF] FLRZR 

NDEORZHGHF\]MHGRW\F] FHXDNW\ZQLHQLDDXWRPDW\NL63=SRZLQQ\XZ]JO GQLDüF] VWRWOLZR ü 

Z\VW SRZDQLD]DNáyFH SU]HM FLRZ\FK*G\]QDF] FDF] ü]DNáyFH PDFKDUDNWHUWUZDá\WR 

NRU]\ FL]HVWRVRZDQLDDXWRPDW\NL63=V QLHZLHONLHV]F]HJyOQLH H]Dá F]HQLH 

XV]NRG]RQHJRNDEOD]Z\NOH]ZL NV]DUR]PLDUV]NyGZ\QLNá\FK]H]ZDUFLD 

 

6]\ENLF\NO63= 

-DNGODV\VWHPyZG\VWU\EXF\MQ\FKJáyZQ NRU]\ FL X]\VNLZDQ ]HVWRVRZDQLDDXWRPDW\NL 

63=GODQDSRZLHWU]Q\FKOLQLL]DVLODM F\FKMHVWSRSUDZDFL JáR FL]DVLODQLDLPR OLZR üUHGXNFML 

NRV]WyZJG\ PR HE\üZ\PDJDQDPQLHMV]DOLF]EDSHUVRQHOX'ODSHZQ\FKV\VWHPyZ 

VWRVRZDQLHV]\ENLHJR63=WXPR HSR]ZROLüQDZ\ V]\SR]LRPSU]HV\áXPRF\SU]\ 

XWU]\P\ZDQHMVWDELOL]DFMLSU]HM FLRZHMGODZL NV]R FL]DNáyFH NWyUHPRJ Z\VW SLü 

-H HOLOLQLD]DVLODM FDMHVWW\ONRá F]HPWUDQVPLV\MQ\PSRPL G]\GZRPDJáyZQ\PLFHQWDPL 

JHQHUXM F\PLREFL DM F\POXEJG\XWUDWDOLQLLPR H]QDF] FRRJUDQLF]\üZ\VRNR üPRF\ 

NWyUDPR HE\üSU]HV\áDQDWR]H]DXZD DOQ\PVXNFHVHPPR HE\üVWRVRZDQ\V]\ENL63= 

WUyMID]RZ\OXEMHGQRID]RZ\ 

.U]\ZHN WDPRF\V\VWHPXSRGDM SU]HV\áPRF\MDNRIXQNFM Uy QLF\N WDID]RZHJRSRPL G]\ 

]HVWDZDPLXU] G]H 5R]ZL ]DQLHUyZQD SRGDMHN WID]RZ\MDNRIXQNFM F]DVXLPR HE\ü 

SU]HGVWDZLRQ\QDFKDUDNWHU\VW\FH8 \ZDM FW\FKNU]\Z\FKGODRNUH ORQ\FKXU] G]H L 

NU]\Z\FKN WDPRF\GODRNUH ORQHJRW\SX]DNáyFHQLDMHVWPR OLZHRV]DFRZDQLHGODSRGDQHJR

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

SR]LRPXSU]HV\áXPRF\PDNV\PDOQHJRF]DVXXVXQL FLD]DNáyFHQLDLF]DVXSU]HUZ\ 

EH]QDSL FLRZHMQLH]E GQHMGODXWU]\PDQLDVWDELOQR FL 

6]\ENLHWUyMID]RZHZ\á F]HQLHLSRQRZQH]Dá F]HQLHSR]ZDODM QDU]HF]\ZLVWHRJUDQLF]HQLH 

SU]HV\áXPRF\SU]\X]\VNLZDQLXVWDELOQR FLSU]HM FLRZHMGOD]DNáyFH ID]D]LHPLDNWyUHV 

QDMEDUG]LHMSRZV]HFKQHZSU]HV\áRZ\FKOLQLDFKQDSRZLHWU]Q\FK-HGQDNMH HOLW\ONR 

XV]NRG]RQ\ELHJXQMHVWZ\á F]DQ\L]Dá F]DQ\WRZ\VRNLSR]LRPJUDQLF]QHMPRF\SU]HV\áRZHM 

PR HE\üX]\VNDQ\]HZ]JO GXQDSU]HV\áPRF\SRSU]H]GZLH³]GURZHÍD]\5yZQLH MH HOL 

Z\VRNLSR]LRPJUDQLF]QHJRSR]LRPXSU]HV\áDQHMPRF\QLHMHVWZ\PDJDQ\WRZ\á F]DQLH 

MHGQRID]RZHPR HE\üZFL Z\PDJDQHZSHZQ\FKSU]\SDGNDFKSRQLHZD UHGXNXMH 

DPSOLWXG NRá\VD PRF\Z\QLNDM F ]]DNáyFHQLDLDPSOLWXG SU]HSL üá F]HQLRZ\FK 

SURGXNRZDQ\FKSU]H]SRQRZQH]Dá F]HQLH5yZQLH UHGXNXMHVL ZVWU] VJHQHUDWRUDSU]\ 

]Dá F]HQLXJG\ QDJáD]PLDQDREFL H PHFKDQLF]Q\FKMHVW]QDF]QLHPQLHMV]D 

-HGQRID]RZ\63=RIHUXMHGRGDWNRZHNRU]\ FLZREHFWUyMID]RZHJRZQLHNWyU\FKSU]\SDGNDFK 

OHF]UyZQRF]H QLHZSURZDG]DSHZQHXWUXGQLHQLD6 RQHQDVW SXM FH 

” :\PDJDQHV EDUG]LHMVNRPSOLNRZDQHPHFKDQL]P\Z\á F]QLNyZLREZRGyZ 

VWHURZDQLDGODG]LDáDQLDQDND G\]ELHJXQyZZ\á F]QLNDQLH]DOH QLH 

” =DEH]SLHF]HQLDOLQLL]DVLODM F\FKPXV] ]DZLHUDüIXQNFM VHOHNFMLID]RZHMGOD 

Z\á F]DQLDW\ONRXV]NRG]RQHMID]\-HVWWRVSHáQLRQHGODZL NV]R FLXNáDGyZ 

RGOHJáR FLRZ\FKLUy QLFRZ\FKOHF]Z\PDJDVWRVRZDQLDGRGDWNRZ\FKPRGXáyZGODOLQLL 

SLORWXM FHM]DEH]SLHF]HQLDUy QLFRZRSU GRZHJROXESRUyZQDZF]RID]RZHJR 

” *G\XV]NRG]RQDID]D]RVWDQLHZ\á F]RQDVSU] HQLHZ]DMHPQHPL G]\GZRPD 

]GURZ\PLID]DPLG]LDáDZNLHUXQNXZ\GáX HQLDáXNXLSRáXNRZHJRRNUHVXSU]HZRG]HQLD 

WDN HPXV] E\ü]DSHZQLRQHGáX V]HF]DV\GODGHMRQL]DFML FLH NL]ZDUFLRZHMQL Z 

SU]\SDGNXWUyMID]RZHJRZ\á F]DQLDL]Dá F]DQLD 

” 1LHV\PHWU\F]Q\REZyGSRGF]DVF]DVXSU]HUZ\EH]QDSL FLRZHMPR HLQWHUIHURZDü] 

V VLHGQLPLREZRGDPLLMH HOLZ\VW SXMHUyZQROHJáDOLQLD]DVLODM FDWRMHM]DEH]SLHF]HQLH 

]LHPQR]ZDUFLRZHPR HEá GQLHG]LDáDü]HZ]JO GXQDLQGXNRZDQHSU G\VNáDGRZHM 

]HURZHM 

” 8NáDG63=WXMHVWEDUG]LHM]áR RQ\QL GODZHUVMLWUyMID]RZHM 

:L NV]R üXNáDGyZNWyUHV RGSRZLHGQLHGODMHGQRID]RZHJR63=PR HE\üVNRQILJXURZDQD 

]DUyZQRGREORNRZDQLDGOD]ZDUüZLHORID]RZ\FKOXEGODZ\ZRáDQLD63=WUyMID]RZHJRNWyU\ 

PR HPLHüF]DVSU]HUZ\LQQ\QL X \ZDQ\GOD63=MHGQRID]RZHJR 

-H HOLOLQLD]DVLODM FDMHVWF] FL Já ERNRVSU] RQHJRXNáDGXLMHJRFKZLORZDXWUDWDQLH 

RJUDQLF]\]QDF] FRSR]LRPXSU]HV\áXPRF\WRWUyMID]RZ\]ZáRF]Q\63=PR HE\üNRU]\VWQ\ 

]HZ]JO GXJG\ NRá\VDQLDPRF\VSRZRGRZDQHSU]H]]DNáyFHQLHLQDVW SXM FHSRQLP 

Z\á F]HQLHE G PLDá\F]DVQD]DQLNQL FLHSRGF]DVF]DVXSU]HUZ\EH]QDSL FLRZHMLZVWU] V 

V\VWHPXSU]\]Dá F]HQLXE G]LHGODWHJRPQLHMV]\QL PLDáRE\WRPLHMVFHGODV]\ENLHJR63= 

'ODQDMOHSV]\FKZ\QLNyZSU]\VWRVRZDQLXV]\ENLHJR63=+6$5GODSRSUDZLHQLDJUDQLF 

VWDELOQR FLV\VWHPXMHVWLVWRWQHDE\]DNáyFHQLDE\á\XVXZDQHWDNV]\ENRMDNWRMHVWPR OLZH 

:SUDNW\FHR]QDF]DWR HQDMZD QLHMV]HV V]\ENLH]DEH]SLHF]HQLD]F]DVDPLG]LDáDQLD 

NUyWV]\PLRGRNUHVyZ2GSRZLHGQLHV QDMQRZV]H]DEH]SLHF]HQLDUy QLFRZHL 

RGOHJáR FLRZH:D QHMHVWDE\]DNáyFHQLHE\áRXVXZDQHV]\ENRSRREXVWURQDFKXV]NRG]RQHM 

OLQLLFRMHVWQDWXUDOQHGOD]DEH]SLHF]HQLDUy QLFRZHJROHF]GODRGOHJáR FLRZHJRZ\PDJD 

VSHFMDOQ\FKXNáDGyZGOD]DSHZQLHQLD HREDNR FHE G Z\á F]DüEH]]ZáRF]QLHGOD 

]DNáyFH ZVWUHILHFKURQLRQHM=Z\Ná PHWRG X]\VNLZDQLDWHJRMHVWX \FLHXNáDGyZSUDF\ 

ZVSyáELH QHMNRPXQLNXM F\FKVL SRSU]H]á F]HZF]SUDFXM F\FKMDNRµSHUPLVVLYH 

XQGHUUHDFK>]H]ZDODM FDVWUHIDQRUPDOQD@µSHUPLVVLYHRYHUUHFK>]H]ZDODM FDVWUHID 

Z\GáX RQD@OXEEORNRZDQLHLZ\GáX HQLHVWUHI\WDPJG]LHQLHPDNDQDáXNRPXQLNDF\MQHJR 

 

1DVWDZ\XU] G]HQLD 

3RQL V]DWDEHODSRND]XMHQDVWDZ\XU] G]HQLDGODDXWRPDW\NL63=ZUD]]]DNUHVDPLQDVWDZL 

ZDUWR FLDPLGRP\ OQ\PL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

7HNVWPHQX 1DVWDZDGRP\ OQD =DNUHVQDVWDZ .URNQDVWDZ\ 

0LQ 

0DNV 

&%&21752/ 

6LQJOH3ROH$5 'LVDEOHG (QDEOHG'LVDEOHG 

7KUHH3ROH$5 (QDEOHG (QDEOHG'LVDEOHG 

$56WDWXV ,QVHUYLFH ,Q6HUYLFH 

2XWRI6HUYLFH 

:VND]XMHF]\6LQJOH>SRMHG\QF]\@OXE 

7KUHH3ROH>WUyMID]RZ\@63=MHVWF]\QQ\ 

OXEQLH 

7RWDO5HFORVXUHV [ &DáNRZLWDOLF]EDF\NOL63=Z\NRQDQ\FKSU]H]XU] G]HQLH 

5HVHW7RWDO$5 

*5283 

$8725(&/26( 

1R 

NRPyUND 

VWHURZDQLD 

1R

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

7HNVWPHQX 1DVWDZDGRP\ OQD =DNUHVQDVWDZ .URNQDVWDZ\ 

0LQ 

0DNV 

,6()!$5 1R$FWLRQ 1R$FWLRQ,QLWLDWH$5%ORFN$5 1$ 




0XOWL3KDVH$5 %$53KDVH $OORZ$5%$5 

3KDVH%$53KDVH 

7DEHOD 

1$ 

 

:HM FLDV\JQDáRZH]RSWRL]RODFM 

)XQNFMD63=X \ZDZUHDOL]DFMLVZRMHMORJLNLV\JQDáyZZHM FLRZ\FKNWyUHPRJ E\ü 

SU]\SLVDQHGRGRZROQHJRIL]\F]QHJRZHM FLDV\JQDáRZHJRZ]DEH]SLHF]HQLX]DSRPRF 

HG\WRUD36/SURJUDPPDEOHVFKHPHORJLF>SURJUDPRZDOQHMORJLNLG]LDáDQLD@=HVW\NL 

XU] G]H ]HZQ WU]Q\FKPRJ ]RVWDüX \WHGODVWHURZDQLD63=SRSU]H]WDNLHZHM FLD 

)XQNFMHWDNLFKZHM üRSLVDQRSRQL HMLGHQW\ILNXM FMHSRSU]H]LFKWHNVWV\JQDáRZ\''% 

:HM FLDPRJ G]LDáDüZGZyFKWU\EDFKSUDF\SU]\SREXG]HQLXVWDQHPZ\VRNLPOXESU]\ 

SREXG]HQLXVWDQHPQLVNLPFRMHVWUyZQLH NRQILJXURZDOQHSRSU]H]HG\WRU36/ 

&%+HDOWK\>Z\á F]QLNVSUDZQ\@ 

:L NV]R üZ\á F]QLNyZMHVW]GROQDGRUHDOL]DFMLW\ONRMHGQHJRF\NOX:=:=WHJRSRZRGX 

QLH]E GQHMHVWRGWZRU]HQLHZ\VWDUF]DM FHMHQHUJLLZZ\á F]QLNX]DQLPE G]LHRQPyJáE\ü 

]DPNQL W\:HM FLH''%µ&%+HDOWK\MHVWX \ZDQHGODXSHZQLHQLDVL SU]HG 

UR]SRF] FLHPF\NOX63= HZ\á F]QLNPDZ\VWDUF]DM F HQHUJL GODZ\NRQDQLDRSHUDFML 

]DPNQL FLDLRWZDUFLD-H HOLSRRGOLF]HQLXF]DVXSU]HUZ\EH]QDSL FLRZHMVWZLHUG]DVL 

SRSU]H]''%µ&%+HDOWK\ZF]DVLH]GHILQLRZDQ\PSU]H]µ&%+HDOWK\7LPHEUDN 

Z\VWDUF]DM FHJRSR]LRPXHQHUJLLWRQDVW SXMHEORNRZDQLH63=LZ\á F]QLNSR]RVWDMHRWZDUW\ 

7DNRQWURODPR H]RVWDü]DEORNRZDQDSRSU]H]EUDNSU]\SRU] GNRZDQLDGRZHM FLD 

V\JQDáRZHJRLVWDáHSREXG]HQLHJRSRSU]H]HG\WRU36/LQZHUVMDV\JQDáXVWHUXM FHJR 

%$5>EORNDGD63=@ 

:HM FLH''%µ%$5E G]LHEORNRZDü63=LSRZRGRZDüSU]HUZDQLHF\NOX63=0R HWR 

]RVWDüX \WHJG\Z\PDJDQHMHVWG]LDáDQLH]DEH]SLHF]HQLDEH]DXWRPDW\NL63=7\SRZ\P 

SU]\NáDGHPMHVWOLQLD]DVLODM FD]WUDQVIRUPDWRUHPJG]LH63=PR HE\üLQLFMRZDQ\SU]H] 

]DEH]SLHF]HQLHOLQLLOHF]EORNRZDQ\SU]H]]DEH]SLHF]HQLHWUDQVIRUPDWRUD 

5HVHWORFNRXW>]HURZDQLHEORNDG\@ 

:HM FLH''%µ5HVHW/RFNRXWPR HE\üX \WHGOD]HURZDQLDIXQNFML63=SRMHM 

]DEORNRZDQLXLNDVRZDQLDZV]HONLFKDODUPyZ63=SU]\]DáR HQLX HV\JQDá\NWyUH 

VSRZRGRZDá\SU]HUZDQLHF\NOX63=]RVWDá\XVXQL WH 

 

3ROHGLVFUHSDQF\>QLHMHGQRF]HVQR üG]LDáDQLDELHJXQyZZ\á F]QLND@ 

:\á F]QLNL]QLH]DOH Q\PLPHFKDQL]PDPLGODND GHJRELHJXQD]Z\NOH]DZLHUDM XU] G]HQLH 

Z\NU\ZDM FHQLHMHGQRF]HVQR üG]LDáDQLDELHJXQyZZ\á F]QLNDNWyUHDXWRPDW\F]QLHZ\á F]D 

ZV]\VWNLHWU]\ID]\MH HOLQLHV RQHZWHMVDPHMSR]\FMLWMZV]\VWNLHRWZDUWHOXEZV]\VWNLH 

]DPNQL WH3RGF]DVMHGQRID]RZHJRF\NOX63=WDNLVWDQZ\VW SXMHLRPDZLDQ\XNáDGQLH 

SRZLQLHQZWHG\G]LDáDü0R QDWRX]\VNDüSRSU]H]Z\NRU]\VWDQLH]ZáRF]QHJRPHFKDQL]PX 

Z\NU\ZDM FHJRQLHMHGQRF]HVQR üG]LDáDQLDELHJXQyZZ\á F]QLND]H]ZáRN GáX V] QL F]DV

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

µ3ROH'HDG7LPH>F]DVSU]HUZ\EH]QDSL FLRZHMMHGQRID]RZHJRF\NOX63=@$OWHUQDW\ZQ 

PHWRG MHVWX \FLHEORNXM FHJRV\JQDáXJHQHURZDQHJRSRGF]DVMHGQRID]RZHJRF\NOX63= 

''%µ$53ROH,Q3URJUDVV>63=ID]RZ\ZWRNX@ 

:HM FLH''%µ3ROH'LVFUHSDQF\>QLHMHGQRF]HVQR üG]LDáDQLD@MHVWDNW\ZRZDQHSRSU]H] 

V\JQDá]]HZQ WU]QHJRXU] G]HQLDZVND]XM FHJR HWU]\ELHJXQ\Z\á F]QLNDQLHV ZW\P 

VDP\PSRáR HQLX:HM FLH''%µ3ROH'LVFUHSDQF\Z\PXV]DZ\á F]HQLHID]RZHFR] 

NROHL]HUXMHUHDOL]RZDQ\ID]RZ\F\NO63=LXUXFKDPLDID]RZ\F\NO63= 

)RUFHSROHWULS>Z\PXV]HQLHZ\á F]HQLDID]RZHJR@ 

:HM FLH''%µ)RUFH3ROH7ULS>Z\PXV]HQLHZ\á F]HQLDID]RZHJR@MHVWX \ZDQHGOD 

]PLDQ\GRZROQHJRZ\á F]HQLDWDNDE\E\áRRQRID]RZH 

(QDEOHSROH$5>DNW\ZXMID]RZ\63=@ 

:HM FLH''%µ(Q3ROH5HFORVH>DNW\ZXMID]RZ\63=@MHVWX \ZDQHGRVHOHNFML 

MHGQRID]RZHJRWU\EXG]LDáDQLD63= 

(QDEOHSROH$5>DNW\ZXMID]RZ\63=@ 

:HM FLH''%µ(Q3ROH5HFORVH>DNW\ZXMID]RZ\63=@MHVWX \ZDQHGRVHOHNFML 

WUyMID]RZHJRWU\EXG]LDáDQLD63= 

([WHUQDOWULS>]HZQ WU]QHZ\á F]HQLH@ 

:HM FLH''%µ([WHUQDO7ULS3K>]HZQ WU]QHZ\á F]HQLHID]RZH@L''%µ([WHUQDO 

7ULS$>]HZQ WU]QHZ\á F]HQLHID]\$@''%µ([WHUQDO7ULS%>]HZQ WU]QHZ\á F]HQLH 

ID]\%@''%µ([WHUQDO7ULS&>]HZQ WU]QHZ\á F]HQLHID]\&@PRJ ]RVWDüX \WHGR 

UR]SRF] FLDWUyMOXEMHGQRID]RZHJRF\NOX63=1DOH \]ZUyFLüXZDJ HWHV\JQDá\QLHV 

X \ZDQHGRZ\á F]DQLDZ\á F]QLNDWDNZL FSRZLQQ\RWZRU]\üZ\á F]QLNEH]SR UHGQLROXE 

SRZLQQ\E\üSU]\SLVDQHGR]HVW\NyZZ\á F]DM F\FK]DEH]SLHF]HQLDZHG\WRU]H36/ 

 

:\M FLDORJLF]QH63= 

1DVW SXM FHV\JQDá\''%PRJ E\üPDVNRZDQHGOD]HVW\NXSU]HND QLNDSRSU]H]36/OXE 

SU]\SLVDQHGRµ0RQLWRULQJ%LW>ELWXNRQWUROQHJR@SU]\µ&RPPLVVLRQLQJ7HVWV>WHVWDFK 

UR]UXFKRZ\FK@GOD]DSHZQLHQLDLQIRUPDFMLRVWDQLHF\NOX63=)XQNFMHRSLVDQRSRQL HM 

LGHQW\ILNXM FMHSRSU]H]WHNVWV\JQDáX''% 

$5SROHLQSURJUHVV>ID]RZ\63=ZWRNX@ 

6\JQDáZ\M FLRZ\''%µ$5SROHLQ3URJUHVVZ\VW SXMHSRGF]DVMHGQRID]RZHJRF\NOX 

63=6\JQDáPDZDUWR üZ\VRN RGFKZLOLLQLFMDFMLGRNR FDF]DVXµ3ROH'HDG7LPH> 

ID]RZ\F]DVSU]HUZ\EH]QDSL FLRZHM@ 

$5SROHLQSURJUHVV>ID]RZ\63=ZWRNX@ 

6\JQDáZ\M FLRZ\''%µ$5SROHLQ3URJUHVVZ\VW SXMHSRGF]DVWUyMID]RZHJRF\NOX 

63=6\JQDáPDZDUWR üZ\VRN RGRGFKZLOLLQLFMDFMLGRNR FDF]DVXµ'HDG7LPH 

>F]DVSU]HUZ\EH]QDSL FLRZHM@ 

6XFFHVVIXOFORVH>63=XGDQ\@ 

6\JQDáZ\M FLRZ\''%µ6XFFHVVIXO&ORVHZVND]XMH HF\NO63=]RVWDáXGDQLH 

]DNR F]RQ\6\JQDáXGDQHJR63=MHVWJHQHURZDQ\SRZ\á F]HQLXZ\á F]QLNDSRSU]H] 

]DEH]SLHF]HQLHLQDVW SQLHSRMHJR]Dá F]HQLXJG\]DNáyFHQLH]RVWDáRXVXQL WHLRGPLHU]RQR 

F]DVµUHFODLP>UHJHQHUDF\MQ\@]HUXM F\F\NO63= 

6\JQDáZ\M FLRZ\63=XGDQ\MHVW]HURZDQ\SU]\NROHMQHMNRPHQG]LHZ\á F]OXESRSU]H]MHGQ 

]PHWRGNDVRZDQLDV\JQDáX]DEORNRZDQLDSDWU]UR]G]LDá

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

$5VWDWXV>VWDQ63=@ 

6\JQDáZ\M FLRZ\''%µ$5,Q6HUYLFH3ZVND]XMHNLHG\63=MHVWWU\ELHSUDF\ID]RZ\ 

F\NO63=QDWRPLDVW''%µ$5,Q6HUYLFH3ZVND]XMHJG\63=MHVWWU\ELHSUDF\ 

ID]RZ\F\NO63= 

$XWRFORVH>DXWR]Dá F]HQLH@ 

6\JQDáZ\M FLRZ\''%µ$XWR&ORVHZVND]XMH HDXWRPDW\ND63=Z\JHQHURZDáV\JQDá 

]Dá F]GRZ\á F]QLND7HQV\JQDáGRVWDUF]DSREXG]HQLDGRHOHPHQWXF]DVRZHJRLPSXOVX 

]Dá F]LSR]RVWDMH]Dá F]RQ\D GRFKZLOL]DPNQL FLDZ\á F]QLND6\JQDáPR HE\üX \WHF]Q\ 

SRGF]DVUR]UXFKXXU] G]HQLDGODVSUDZG]HQLDG]LDáDQLDF\NOX63= 

 

$ODUP\PRGXáX63= 

1LHNWyUHV\JQDá\''%E G JHQHURZDüDODUPSU]HND QLND2SLVDQRMHSRQL HMLGHQW\ILNXM F 

SRSU]H]WHNVWV\JQDáX''% 

$51R&KHFNV\QF>EUDNV\QFKURQL]PXSRGF]DVF\NOX63=@V\JQDá]]DWU]DVNLHP 

6\JQDáZ\M FLRZ\''%µ$51R&KHFNV\QFZVND]XMH HQDSL FLDV\VWHPRZHQLHVSHáQLá\ 

ZDUXQNXV\QFKURQL]PXSRRGPLHU]HQLXF]DVXµ&KHFN6\QF7LPH>F]DVNRQWUROL 

V\QFKURQL]PX@SURZDG] FGR]DEORNRZDQLD63=7HQDODUPPR HE\üVNDVRZDQ\SU]\ 

X \FLXMHGQHM]PHWRGXVXZDQLDEORNDG\SDWU]UR]G]LDá 

$5&%XQKHDOWK\>63=Z\á F]QLNQLHVSUDZQ\@V\JQDá]]DWU]DVNLHP 

6\JQDáDODUPRZ\''%µ$5&%XQKHDOWK\ZVND]XMH HV\JQDáZHM FLRZ\''%µ&% 

+HDOWK\QLHSRMDZLáVL GRNR FDRGPLHU]DQLDF]DVXµ&%+HDOWK\7LPH>F]DVSRZURWX 

VSUDZQR FLZ\á F]QLND@SURZDG] FGR]DEORNRZDQLD63=6\JQDáZHM FLRZ\''%µ&% 

+HDOWK\MHVWX \ZDQ\GRZVND]\ZDQLD HZZ\á F]QLNXMHVW]JURPDG]RQDZ\VWDUF]DM FD 

HQHUJLDGRZ\NRQDQLDRSHUDFML]Dá F]LZ\á F]7HQDODUPPR HE\üVNDVRZDQ\SU]\X \FLX 

MHGQHM]PHWRGXVXZDQLDEORNDG\SDWU]UR]G]LDá 

$5ORFNRXW>EORNDGD63=@V\JQDáEH]SRGWU]\PDQLD 

6\JQDáDODUPRZ\''%µ$5/RFNRXWZVND]XMH H]DEH]SLHF]HQLHMHVWZVWDQLH 

]DEORNRZDQLDLNROHMQHSUyE\]Dá F]HQLDQLHE G Z\NRQDQHSDWU]UR]G]LDá7HQ 

DODUPPR HE\üXVXZDQ\SU]\X \FLXMHGQHM]PHWRGNDVRZDQLDEORNDG\SDWU]UR]G]LDá 

 

 

6HNZHQFMDG]LDáDQLDORJLNL63= 

)XQNFMD63=]DSHZQLDZLHORNURWQ\MHGQRLWUyMID]RZ\F\NOSRQRZQHJR]Dá F]DQLD3RSU]H] 

SDUDPHWU\µ6LQJOH3ROH6KRWV>63=MHGQRID]RZ\@Lµ7KUHH3ROH6KRWV>63=WUyMID]RZ\@PR QD 

M VNRQILJXURZDüGODZ\NRQDQLDSRMHG\QF]HJR]Dá F]HQLDGZyFKWU]HFKOXEF]WHUHFK 

]Dá F]H &]DV\SU]HUZEH]QDSL FLRZ\FKGODZV]\VWNLFK]Dá F]H SUyE]Dá F]H V 

XVWDZLDOQHQLH]DOH QLH/LF]ED]Dá F]H MHVWEH]SR UHGQLR]ZL ]DQD]W\SHP]DNáyFH NWyUH 

QDMF] FLHMZ\VW SXM ZV\VWHPLHLSR]LRPXQDSL FLDV\VWHPX2JyOQLHZVLHFLDFK61JG]LH 

XG]LDá]DNáyFH SU]HPLMDM F\FKLSyáWUZDá\FKMHVWVWRVXQNRZRZ\VRNLXU] G]HQLH]GROQH 

]UHDOL]RZDüZLHORNURWQ\F\NO63=]ZL NV]DPR OLZR üOLQLLG\VWU\EXF\MQHMGRXGDQHJR 

XWU]\PDQLDQDSL FLDSR]Dá F]HQLXZ\á F]QLND'ODVLHFL:1F] VWRX \ZDVL MHGQRID]RZHJR 

F\NOX63=:L FHMLQIRUPDFMLSRGDQRZUR]G]LDOH 

&\NO63=MHVWZHZQ WU]QLH]DLQLFMRZDQ\SRSU]H]G]LDáDQLHHOHPHQWX]DEH]SLHF]HQLRZHJR 

SU]\]DáR HQLX HZ\á F]QLNMHVW]DPNQL W\D GRFKZLOLG]LDáDQLD]DEH]SLHF]HQLD 

-H HOLF]\QQ\MHVWW\ONR63=MHGQRID]RZ\WRMH HOLSLHUZV]H]DNáyFHQLHMHVWMHGQRID]RZHWRZ 

PRPHQFLHLQLFMDFMLSU]H]]DEH]SLHF]HQLHMHGQRID]RZHJRZ\á F]HQLDV XUXFKDPLDQHV\JQDá\ 

µ3ROH'HDG7LPH>F]DVSU]HUZ\EH]QDSL FLRZHMMHGQRID]RZHJRF\NOX63=@Lµ$5SROHLQ 

SURJUHVV>ID]RZ\63=ZWRNX@-H HOL]DEH]SLHF]HQLHXVWDZLRQRWDNDE\E\á\GR]ZRORQH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

ZLHORNURWQHF\NOH63=WRND GHQDVW SQH]DNáyFHQLHMHGQRID]RZHE G]LH]DPLHQLDQHQD 

Z\á F]HQLHWUyMID]RZH*G\]DEH]SLHF]HQLH]DLQLFMXMHWUyMID]RZHZ\á F]HQLHGODOXE 

NROHMQHJRZ\á F]HQLDWRRGSRZLHGQLRXUXFKDPLDQHV F]DV\SU]HUZEH]QDSL FLRZ\FKµ'HDG 

7LPHµ'HDG7LPHµ'HDG7LPHµ'HDG7LPHLµ$5SROHLQSURJUHVV>63=ID]RZ\ 

ZWRNX@/RJLNDZ\PXV]DZ\á F]HQLHWUyMID]RZHGODGRZROQHJR]DNáyFHQLDMHGQRID]RZHJR 

MH HOLRGEORNRZDQ\MHVWW\ONR63=WUyMID]RZ\ 

-H HOLRGEORNRZDQHV ]DUyZQRF\NOMHGQRID]RZ\MDNLF\NOHWUyMID]RZHWRJG\SLHUZV]H 

]DNáyFHQLHMHVWMHGQRID]RZHWRZPRPHQFLHLQLFMDFMLSU]H]]DEH]SLHF]HQLHMHGQRID]RZHJR 

Z\á F]HQLDV XUXFKDPLDQHV\JQDá\µ3ROH'HDG7LPH>F]DVSU]HUZ\EH]QDSL FLRZHM 

MHGQRID]RZHJRF\NOX63=@Lµ$5SROHLQSURJUHVV>ID]RZ\63=ZWRNX@-H HOLSLHUZV]H 

]DNáyFHQLHMHVWPL G]\ID]RZHWRJG\]DEH]SLHF]HQLH]DLQLFMXMHWUyMID]RZHZ\á F]HQLHWR 

XUXFKDPLDQ\MHVWF]DVWUyMID]RZHMSU]HUZ\EH]QDSL FLRZHMµ'HDG7LPHLµ$5SROHLQ 

SURJUHVV>63=ID]RZ\ZWRNX@-H HOL]DEH]SLHF]HQLHXVWDZLRQRWDNDE\E\á\GR]ZRORQH 

ZLHORNURWQHF\NOH63=WRND GHQDVW SQH]DNáyFHQLHMHGQRID]RZHE G]LH]DPLHQLDQHQD 

Z\á F]HQLHWUyMID]RZH*G\]DEH]SLHF]HQLH]DLQLFMXMHWUyMID]RZHZ\á F]HQLHGODOXE 

NROHMQHJRZ\á F]HQLDWRRGSRZLHGQLRXUXFKDPLDQHV F]DV\SU]HUZEH]QDSL FLRZ\FKµ'HDG 

7LPHµ'HDG7LPHµ'HDG7LPHµ'HDG7LPHLµ$5SROHLQSURJUHVV>63=ID]RZ\ 

ZWRNX@-H HOL]DNáyFHQLHMHGQRID]RZH]DPLHQLVL ZPL G]\ID]RZHSRGF]DVF]DVXSU]HUZ\ 

EH]QDSL FLRZHMWRV\JQDáµ$5SROHLQSURJUHVV>ID]RZ\63=ZWRNX@MHVW]DWU]\P\ZDQ\L 

XUXFKDPLDQ\µ'HDG7LPH>F]DVSU]HUZ\EH]QDSL FLRZHMGODWUyMID]RZHJRF\NOX63=@Lµ$5 

SROHLQSURJUHVV>63=ID]RZ\ZWRNX@ 

3U]\NR FXRGPLHU]DQLDRGSRZLHGQLHJRF]DVXSU]HUZ\EH]QDSL FLRZHMSU]HU\ZDQ\MHVW 

V\JQDá63=ZWRNXLJHQHURZDQ\MHVWV\JQDá]Dá F]Z\á F]QLNRF]\ZL FLHMH HOLZDUXQNL 

V\VWHPXV RGSRZLHGQLH:DUXQNLV\VWHPXNWyUHPXV] E\üVSHáQLRQHGOD]Dá F]HQLDV 

QDVW SXM FHQDSL FLDV\VWHPRZHV V\QFKURQLF]QHOXEQDSL FLHSRMHGQHM]HVWURQV\VWHPX 

VWURQDV]\QOXEOLQLLPDM ZDUWR ü]HURFRMHVWNRQWURORZDQHSRSU]H]ZHZQ WU]Q IXQNFM 

NRQWUROLV\QFKURQL]PXMDNUyZQLH Z\á F]QLNPDZ\VWDUF]DM F LOR üHQHUJLLDE\Z\NRQDüF\NO 

63=NRQWURODSRSU]H]V\JQDáZHM FLRZ\''%µ&%+HDOWK\6\JQDá]Dá F]Z\á F]QLNMHVW 

NR F]RQ\ZFKZLOLJG\Z\á F]QLNVL ]DP\ND'ODMHGQRID]RZHJRF\NOX63=QLHZ\PDJDVL 

NRQWUROLQDSL üDQLZDUXQNyZV\QFKURQL]PXJG\ PRFV\QFKURQL]XM FDSá\QLHSU]H]GZLH 

QLHXV]NRG]RQHID]\5yZQLH QLHZ\PDJDVL NRQWUROLV\QFKURQL]PXJG\X \ZDVL EDUG]R 

V]\ENLHJRWUyMID]RZHJRF\NOX63=GODXQLNQL FLDGRGDWNRZHJRF]DVXQDNRQWURO 

V\QFKURQL]PX 

3R]DPNQL FLXZ\á F]QLNDVWDUWXMHF]DVUHJHQHUDF\MQ\5HFODLP7LPH-H HOLQLHSRZVWDMH 

QRZ\V\JQDáZ\á F]Z\á F]QLNWRIXQNFMD63=]HUXMHVL SRRGPLHU]HQLXWHJRF]DVX-H HOL 

]DEH]SLHF]HQLHG]LDáDZREU ELHWHJRF]DVXWRJG\V PR OLZHNROHMQHF\NOH63=WR 

XUXFKDPLDQ\MHVWNROHMQ\F\NOQDWRPLDVWJG\ZV]\VWNLH]DSURJUDPRZDQHF\NOH63=]RVWDá\ 

MX Z\NRQDQHWRGRFKRG]LGR]DEORNRZDQLD 

=DZV]HJG\]DEH]SLHF]HQLHZ\á F]\WR]ZL NV]DQ\RMHVWOLF]QLNF\NOL=DEH]SLHF]HQLH 

]DZLHUDOLF]QLNLµ6LQJOH3ROH6KRWV>MHGQRID]RZHF\NOH63=@Lµ7KUHH3ROH6KRWV>WUyMID]RZH 

F\NOH63=@-H HOL]DNáyFHQLHMHVWMHGQRID]RZHLOLF]EDZVND]\ZDQDSU]H]OLF]QLNMHVWZL NV]D 

QL QDVWDZDµ6LQJOH3ROH6KRWVWR]DEH]SLHF]HQLH]RVWDQLH]DEORNRZDQHSRGREQLHGOD 

QDVWDZ\µ7KUHH3ROH6KRWVSU]\F\NOXWUyMID]RZ\P]DEH]SLHF]HQLHUyZQLH VL EORNXMH 

'ODSU]\NáDGXMH HOLµ6LQJOH3ROH6KRWV Lµ7KUHH3ROH6KRWV WRSRGZyFK]DNáyFHQLDFK 

PL G]\ID]RZ\FK]DEH]SLHF]HQLHVL ]DEORNXMHSRQLHZD OLF]QLNRVL JQ áZDUWR ü NWyUD 

MHVWZL NV]DQL µ7KUHH3ROH6KRWV LGUXJLH]DNáyFHQLHE\áRPL G]\ID]RZH-H HOL 

UR]ZD \üWUZDáH]DNáyFHQLHGR]LHPQHWR]DEH]SLHF]HQLHSRZLQQRZ\á F]\üL]Dá F]\ü 

GZXNURWQLHLSU]\WU]HFLPSRMDZLHQLXVL ]DNáyFHQLDGR]LHPQHJRSRZLQQRVL ]DEORNRZDü-HVW 

WDNGODWHJR HSU]\WU]HFLPSRMDZLHQLXVL SU GX]ZDUFLRZHJROLF]QLNE G]LHZVND]\ZDá 

ZL FHMQL QDVWDZDµ6LQJOH3ROH6KRWV LWU]HFLH]DNáyFHQLHE\áR]ZDUFLHPGR]LHPQ\P1LH 

PDEORNRZDQLDSRGUXJLPZ\á F]HQLXSRQLHZD E\áRRQRMHGQRID]RZHLOLF]QLNQLHZVND]\ZDá 

ZDUWR FLZL NV]HMQL QDVWDZLRQDµ6LQJOH3ROH6KRWV -H HOLE\áR]DNáyFHQLHNWyUH 

UR]ZLQ áRVL GR]DNáyFHQLDPL G]\ID]RZHJRWR]DEH]SLHF]HQLHSRZLQQRZ\á F]\üL]Dá F]\üL 

GODGUXJLHJRF\NOXSRZLQQRVL ]DEORNRZDü% G]LHWDNGODWHJR HSRQRZQHSRMDZLHQLHVL 

SU GX]DNáyFHQLRZHJRSRZRGXMH]ZL NV]HQLHOLF]QLNDµ7KUHH3ROH6KRWVSRQDGQDVWDZ 

LGUXJLH]DNáyFHQLHE\áRPL G]\ID]RZH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

&DáNRZLWDOLF]EDF\NOL63=SRND]DQDMHVWZPHQXµ&%&RQWUROSRGKDVáHPµ7RWDO5HFORVXUHV 

:DUWR üWDPR HE\ü]HURZDQDSRSU]H]NRPHQG µ5HVHW7RWDO$5>]HUXMVXP F\NOL63=@ 

:\EyUNWyUH]DEH]SLHF]HQLHPR HLQLFMRZDüF\NO63=Uy QLFRZHID]RZHUy QLFRZH 

]HURZRSU GRZHVWUHI\RGOHJáR FLRZHQDGSU GRZH]LHPQR]ZDUFLRZHOXEF]XáH 

]LHPQR]ZDUFLRZHPR HE\üGRNRQDQ\SRSU]H]QDVWDZ µ,QLWLDWH$5µ1R$FWLRQµ%ORFN$5 

GODIXQNFML]DEH]SLHF]HQLRZ\FKSU]HGVWDZLRQ\FKZJDá ]LPHQXGRW\F] FHM63=:L FHM 

LQIRUPDFMLSRGDQRZUR]G]LDOH 

'OD]DNáyFH PL G]\ID]RZ\FKORJLND63=SR]ZDODEORNRZDüF\NOHGOD]DNáyFH L 

ID]RZ\FKOXEEORNRZDü63=W\ONRGOD]DNáyFH WUyMID]RZ\FKSRSU]H]QDVWDZ µ0XOWL3KDVH 

$5µ$OORZ$5µ%$5 3KDVHµ%$53KDVH>ZLHORID]RZ\F\NO63=SR]ZyOQD63= 

EORNXM63= ID]RZ\EORNXM63=ID]RZ\@ZJDá ]LPHQXGRW\F] FHM63= 

6WDQGDUGRZRORJLNDG]LDáDQLD63=MHVWVNRQILJXURZDQDWDNDE\]H]ZROLüQDVWHURZDQLH 

MHGQ\PZ\á F]QLNLHP63=GZRPDZ\á F]QLNDPLZXNáDG]LH Z\á F]QLNRZ\POXESU]\ 

V\VWHPLH]áR RQ\PPHVKFRUQHUQLHMHVWREVáXJLZDQ\ZVWDQGDUGRZHMORJLFH 

 

*áyZQHFHFK\G]LDáDQLD 

7U\E\63= 

)XQNFMD63=PDWU]\WU\E\SUDF\ 

” 63=MHGQRID]RZ\ 

” 63=WUyMID]RZ\ 

” 63=MHGQRWUyMID]RZ\ 

7U\E\MHGQRE G WUyMID]RZ\PRJ E\üZ\ELHUDQHSU]H]ZHM FLDVNRMDU]RQH]V\JQDáDPL 

''%µ(Q3ROH5HFORVH>F]\QQ\63=MHGQRID]RZ\@L''%µ(Q3ROH5HFORVH 

>F]\QQ\63=WUyMID]RZ\@RGSRZLHGQLR3REXG]HQLHREXZHM üZ\ELHUDWU\EG]LDáDQLD63= 

MHGQRWUyMID]RZ\$OWHUQDW\ZQ PHWRG MHVWQDVWDZDµ6LQJOH3ROH$5 µ(QDEOHGµ'LVDEOHG 

>MHGQRID]RZ\F\NO63=F]\QQ\RGVWDZLRQ\@Lµ7KUHH3ROH$5 µ(QDEOHGµ'LVDEOHG 

>WUyMID]RZ\F\NO63=F]\QQ\RGVWDZLRQ\@ZJDá ]LPHQX&%&RQWURO-DNLSU]HGVWDZLRQH 

QDVWDZ\PDM ZSá\ZQDVHNZHQFM G]LDáDQLDRSLVDQRSRZ\ HM 

,QLFMDFMD63= 

63=MHVWLQLFMRZDQ\SRSU]H]ZHZQ WU]QHPRGXá\]DEH]SLHF]HQLRZHXU] G]HQLD)XQNFMH 

Uy QLFRZDID]RZDUy QLFRZD]HURZRSU GRZDRGOHJáR FLRZDQDGSU GRZD]LHPQR]ZDUFLRZD 

OXEF]XáD]LHPQR]ZDUFLRZDPRJ E\üZ\EUDQHSRSU]H]QDVWDZ µ,QLWLDWH$5µ1R$FWLRQ 

µ%ORFN$5GODIXQNFML]DEH]SLHF]HQLRZ\FKSU]HGVWDZLRQ\FKZJDá ]LPHQXGRW\F] FHM63= 

'ODV]\ENLHJR63=]Z\NOHGRLQLFMDFML63=X \ZDVL MHG\QLHPRGXáXUy QLFRZRSU GRZHJR 

-HVWWDNGODWHJRJG\ QDMOHSV]HZ\QLNLSU]\VWRVRZDQLX63=GODSRSUDZLHQLDVWDELOQR FL 

V\VWHPXRVL JDVL SU]\PR OLZLHV]\ENLPREXVWURQQ\PZ\á F]HQLXXV]NRG]RQHJRRGFLQND 

OLQLL5H]HUZRZH]DEH]SLHF]HQLHRGOHJáR FLRZHLQDGSU GRZHQLH]DSHZQLDM RGSRZLHGQLR 

V]\ENLHJRXVXQL FLDZV]\VWNLFK]DNáyFH QDOLQLLLGODWHJRWH V QLHRGSRZLHGQLHGOD 

V]\ENLHJR63==DEH]SLHF]HQLHRGOHJáR FLRZHQLH]DZLHUDSU]\ SLHV]RQ\FKXNáDGyZ 

Z\á F]DM F\FKLGODWHJRQLH]DSHZQLDRGSRZLHGQLRV]\ENLHJRXVXZDQLD]DNáyFH GOD 

ZV]\VWNLFK]DNáyFH QDOLQLLMDNR H]DVL JSLHUZV]HMVWUHI\MHVW]Z\NOHXVWDZLRQ\QD 

GáXJR FLOLQLL=DEH]SLHF]HQLHQDGSU GRZHMHVW]ZáRF]QHGODX]\VNDQLDVHOHNW\ZQR FLL 

GODWHJRUyZQLH QLH]DSHZQLDV]\ENLHJRXVXZDQLD]DNáyFHQLDGODFKURQLRQHJRRGFLQNDOLQLL 

'ODRSy QLRQHJR63=UyZQLH XVWDZLDVL ]Z\NOHPRGXáUy QLFRZRSU GRZ\GODSREXG]HQLD 

63=-H HOLPRGXáWHQQLHMHVWF]\QQ\QSSU]\XV]NRG]HQLXNDQDáXWUDQVPLV\MQHJRPRGXá 

RGOHJáR FLRZ\OXEQDGSU GRZ\PR H]RVWDüX \W\GODLQLFMDFMLRSy QLRQHJRF\NOX63=0R QD 

WR]URELüZHG\WRU]H36/SRSU]H]]PLDQ JUXS\QDVWDZSU]\V\JQDOHDODUPRZ\P 

SRMDZLDM F\PVL SU]\XV]NRG]HQLXá F]D

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

%ORNDGD63=SRU F]Q\P]Dá F]HQLX 

1DVWDZ\F]DVRZHµ$5,QKLELW7LPHPRJ E\üX \ZDQHGODXQLNQL FLDSREXG]HQLD63=JG\ 

Z\á F]QLNMHVWU F]QLH]Dá F]DQ\QD]ZDUFLH63=MHVW]DEORNRZDQ\GODF]DVXµ$5,QKLELW 

:LQG>F]DVEORNDG\63=@RGPLHU]DQHJRRGFKZLOLU F]QHJR]Dá F]HQLDZ\á F]QLND 

%ORNDGD63= 

-H HOL]DEH]SLHF]HQLHG]LDáDZREU ELHF]DVXUHJHQHUDF\MQHJRRGPLHU]DQHJRSRNR FRZHM 

SUyELH]Dá F]HQLDIXQNFMD63=E G]LHVL ]QDMGRZDáDZVWDQLH]DEORNRZDQLDD GRFKZLOLJG\ 

ZDUXQNLEORNDG\]RVWDQ XVXQL WH6WDQWHQSURGXNXMHV\JQDáDODUPX''%µ$5/RFNRXW 

>EORNDGD63=@ 

%ORNDGDORJLNL63=Z]DEH]SLHF]HQLXE G]LHUyZQLH SRZRGRZDáDEORNDG 63=SRGF]DV 

UHDOL]DFMLF\NOX3REXG]HQLHZHM FLDGRNWyUHJRSU]\SLVDQRV\JQDá''%µ%$5E G]LH 

EORNRZDáR63=LSU]HU\ZDáMHJRF\NO/RJLND63=SR]ZDODEORNRZDüUHDOL]DFM F\NOXGOD 

]DNáyFH OXEID]RZ\FKOXEW\ONRGOD]DNáyFH ID]RZ\FKSRSU]H]QDVWDZ µ0XOWL3KDVH 

$5µ$OORZ$5µ%$5 3KDVHµ%$53KDVH>ZLHORID]RZ\F\NO63=SR]ZyOQD63= 

EORNXM63= ID]RZ\EORNXM63=ID]RZ\@ZJDá ]LPHQXGRW\F] FHM63=5yZQLH 

PRGXá\]DEH]SLHF]HQLRZHUy QLFRZHID]RZHUy QLFRZH]HURZRSU GRZHVWUHI\ 

RGOHJáR FLRZHQDGSU GRZH]LHPQR]ZDUFLRZHOXEF]XáH]LHPQR]ZDUFLRZHPRJ VáX \üGR 

EORNRZDQLD63=SRSU]H]QDVWDZ µ%ORFN$5>EORNXM63=@ 

%ORNDGDE G]LHUyZQLH Z\VW SRZDáDMH HOLHQHUJLD]JURPDG]RQDZZ\á F]QLNXMHVW]E\WQLVND 

LZ\á F]QLNQLH]Dá F]\WRMHVWZWHG\JG\ZHM FLHµ&%+HDOWK\>Z\á F]QLNJRWRZ\@QLHE\áR 

SREXG]RQHQDNR FXRGPLHU]DQLDF]DVXµ&%+HDOWK\7LPH>F]DVJRWRZR FLZ\á F]QLND@FR 

MHVWV\JQDOL]RZDQHSU]H]V\JQDáDODUPRZ\''%µ$5&%8QKHDOWK\>63=Z\á F]QLN 

QLHJRWRZ\@%ORNDGSRMDZLVL UyZQLH JG\EUDNV\QFKURQL]PXSRPL G]\QDSL FLDPL 

V\VWHPRZ\PLFRMHVWZVND]\ZDQHSRSU]H]V\JQDáDODUPRZ\''%µ$51R&KHFNV\QF 

%ORNDGD63=SRMDZLDVL UyZQLH MH HOLZ\á F]QLNMHVWRWZDUW\SU]\NR FXRGPLHU]DQLDF]DVX 

UHJHQHUDF\MQHJR 

8ZDJD%ORNDGDPR HE\üUyZQLH XUXFKRPLRQDSRSU]H]IXQNFM NRQWUROXM F OLF]E G]LDáD 

Z\á F]QLND]E\WGX F] VWRWOLZR üG]LDáDQLDZ\á F]QLNDEORNDG RGSU]HUZDQLDSU GX 

V\JQDáZ\á F]QLN]DZLyGáSU]\Z\á F]HQLXV\JQDáZ\á F]QLN]DZLyGáSU]\]Dá F]HQLXSU]\ 

U F]Q\P]Dá F]HQLXQLHVSHáQLHQLXZDUXQNyZV\QFKURQL]PXLEUDNXV\JQDáXJRWRZR FL 

Z\á F]QLND$ODUP\WHSRZRGXM SRMDZLHQLHVL ]ELRUF]HJRV\JQDáX''%&%/RFNRXW 

$ODUP 

=HURZDQLHV\JQDáXEORNDG\ 

6\JQDáZHM FLRZ\''%µ5HVHW/RFNRXW>NDVXMEORNDG @PR HE\üX \W\GR]HURZDQLD 

]DEORNRZDQHMIXQNFML63=LGRXVXZDQLDGRZROQ\FKDODUPyZ63=SU]\]DáR HQLX HV\JQDá\ 

NWyUH]DLQLFMRZDá\EORNDG ]RVWDá\XVXQL WH%ORNDGDPR HE\üUyZQLH XVXQL WDSRSU]H] 

NODZLDWXU XU] G]HQLDSU]\FLVNµ&OHDUOXENRPHQG µ/RFNRXW5HVHW>]HUXMEORNDG @] 

NROXPQ\PHQXµ&%&21752/ 

8VXZDQLHEORNDG\SRSU]H]QDVWDZ &%&ORVH>Z\á F]QLN]DPNQL W\@ZNROXPQLHµ&% 

&21752/MHVWX \ZDQHGRXF]\QQLDQLDRGVWDZLDQLDDXWRPDW\F]QHJR]HURZDQLDEORNRZDQLD 

SU]\U F]Q\P]Dá F]DQLXSRRGPLHU]DQLXF]DVXµ$5,QKLELW7LPH>F]DVEORNDG\63=@ 

.RQWURODV\QFKURQL]PXGODV]\ENLHJR]Dá F]HQLDWUyMID]RZHJR 

1DVWDZDµ&6RQSKIDVW>NRQWURODV\QFKURQL]PXGODV]\ENLHJR]Dá F]HQLDWUyMID]RZHJR@MHVW 

X \ZDQDGRXF]\QQLHQLDRGVWDZLHQLDNRQWUROLV\QFKURQL]PXGODSLHUZV]HJR]Dá F]HQLDSR 

WUyMID]RZ\PZ\á F]HQLXZF\NOX63=*G\QDVWDZLRQRµ'LVDEOH>RGVWDZ@WRQLHMHVWZ\PDJDQH 

VSUDZG]HQLHZDUXQNyZV\QFKURQL]PXGODSLHUZV]HJR]Dá F]HQLDNWyUH]Z\NOHMHVW 

QDVWDZLRQHMDNREDUG]RV]\ENLHGODXQLNQL FLDGRGDWNRZHJRF]DVXQLH]E GQHJRGODUHDOL]DFML 

VSUDZG]HQLD1DVW SQHSUyE\]Dá F]HQLDGODF\NOXZLHORNURWQHJRE G ZFL Z\PDJDü 

NRQWUROLV\QFKURQL]PX

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 



1LHPD FLVáHMUHJXá\GHILQLXM FHMOLF]E F\NOL63=GODRNUH ORQHJR]DVWRVRZDQLD2JyOQLHZ 

VLHFLDFK61X \ZDP\W\ONRGZyFKOXEWU]HFKF\NOL63=-HGQDNZQLHNWyU\FKNUDMDFKGOD 

V]F]HJyOQ\FK]DVWRVRZD VSRW\NDVL F]WHU\F\NOH7DNLHUR]ZL ]DQLHRIHUXMHNRU]\ ü H 

NR FRZ\F]DVSU]HUZ\EH]QDSL FLRZHMPR HE\üZ]JO GQLHGáXJLFRSR]ZDODQD]DNR F]HQLH 

Z\áDGRZDQLDDWPRVIHU\F]QHJRSU]HGNR FRZ\P]Dá F]HQLHP7DNDPR OLZR üSR]ZDOD 

XQLNQ ü]E GQ\FKEORNDGGODNROHMQ\FK]ZDUüSU]HPLMDM F\FK 

'ODRNUH OHQLDZ\PDJDQHMOLF]E\F\NOLQDOH \XZ]JO GQLüQDVW SXM FHF]\QQLNL 

:D Q\PHOHPHQWHPMHVW]GROQR üZ\á F]QLNDGRUHDOL]DFMLNLONXNROHMQ\FKNRPHQGZ\á F] 

]Dá F]V]\ENRSRVRELHLLFKZSá\ZQDRNUHVWUZDáR FLZ\á F]QLND 

-H HOLLQIRUPDFMHVWDW\VW\F]QHRNRQNUHWQ\PV\VWHPLHSRND]XM ]QDF] F\XG]LDá]ZDUüSyá 

WUZDá\FKNWyUHPRJ E\üVDPRF]\QQLHXVXQL WHWRGZDOXEWU]\F\NOH63=V ZSHáQL 

XVSUDZLHGOLZLRQH'RGDWNRZRMH HOLX \ZDQHV OLQLH]RGHM FLHPW\Sµ7]DEH]SLHF]RQH 

EH]SLHF]QLNLHPLSR]LRPSU GX]DNáyFHQLDMHVWQLVNLWRSU]\]DEH]SLHF]HQLXSRGVWDZRZ\PR 

FKDUDNWHU\VW\FHSU GRZR]DOH QHM,'07F]DVG]LDáDQLDEH]SLHF]QLNyZQLHE G]LH 

Z\VWDUF]DM FRVHOHNW\ZQ\LNLONDF\NOL63=PR HE\üX \WHF]QH7RSRZRGXMHQDJU]DQLH 

EH]SLHF]QLNDGRWDNLHJRSR]LRPXNWyU\PR HVSRZRGRZDüMHJRSU]HSDOHQLH]DQLP 

]DEH]SLHF]HQLHSRGVWDZRZHZ\á F]\ 

-HGQRNURWQHF\NOH63=V RJyOQLHZ\NRU]\VW\ZDQHGODV\VWHPyZSU]HV\áRZ\FKJG]LH 

SUDZGRSRGRELH VWZRZ\VW SLHQLDSyáWUZDá\FK]DNáyFH MHVWPQLHMV]HQL GODV\VWHPyZ 

UR]G]LHOF]\FK'ODWHJRND GH]DNáyFHQLHQLHSU]HPLMDM FHMHVWSUDZLH]DZV]HWUZDáHLSRQRZQH 

SUyE\]Dá F]DQLDSU]H]ZLHORNURWQ\F\NO63=PRJ SURZDG]LüGRXV]NRG]H Z\á F]QLNDOXE 

]ZL NV]HQLD]DNUHVXXV]NRG]H FKURQLRQHJRIUDJPHQWXVLHFL6SRW\NDVL Z\PDJDQLD 

GRW\F] FHSRMHG\QF]HJRWUyMID]RZHJR]Dá F]HQLDGOD]DNáyFH ZLHORID]RZ\FKL 

MHGQRID]RZHJRSLHUZV]HJRF\NOX63=LWUyMID]RZHJRGUXJLHJRF\NOX63=GODXWU]\PXM FHJR 

VL ]DNáyFHQLDMHGQRID]RZHJR 


1DVWDZDF]DVXSU]HUZ\EH]QDSL FLRZHMGOD]ZáRF]Q\FKF\NOL63=QLHMHVWNU\W\F]QDSU]\ 

]DáR HQLX HMHVWF]DVZ\VWDUF]DM F\QD]DQLNNRá\VD PRF\LRVF\ODFMLZLUQLNDPDV]\Q 

1RUPDOQ SUDNW\N MHVWXVWDZLHQLHF]DVyZSU]HUZ\EH]QDSL FLRZHMGODZ\á F]QLNDSRGUXJLHM 

VWURQLHOLQLLQDLQQ ZDUWR üWDNDE\Z\á F]QLNL]Dá F]Dá\VHNZHQF\MQLH7\SRZHF]DV\ 

SU]HUZ\EH]QDSL FLRZHMPRJ PLHüZDUWR FLRGGRVHNXQG 

'ODEDUG]RV]\ENLHJRF\NOX63=F]DVSU]HUZ\EH]QDSL FLRZHMSRZLQLHQE\üWDNNUyWNLMDN 

W\ONRWRPR OLZHGRUHDOL]DFMLSU]H]PLQLPDOQ\F]DVZ\NRQDQLDF\NOXZ\á F]]Dá F]SU]H] 

Z\á F]QLNLF]DVGHMRQL]DFMLRSLVDQ\SRQL HM2JyOQLHGODSXáDSXN9F]\QQLNLHP 

RJUDQLF]DM F\PF]DVSU]HUZ\MHVWEH]VSU]HF]QLHF]DVGHMRQL]DFMLSU]HVWU]HQL]ZDUFLRZHMDQLH 

F]DVUHDOL]DFMLF\NOXZ\á F]]Dá F]PHFKDQL]PXZ\á F]QLND1LH]Z\NOHLVWRWQHMHVWDE\GOD 

]ZL NV]HQLDSUDZGRSRGRELH VWZDXGDQHJR]Dá F]HQLDSU]HVWU]H Z\áDGRZDQLDE\áD]XSHáQLH 

]GHMRQL]RZDQD]DQLPV\VWHPMHVWSRQRZQLH]Dá F]RQ\SRGQDSL FLH=HZ]JO GXQDEDUG]R 

Z\VRNLHSR]LRP\PRF\]ZDUFLRZ\FKZREHFQ\FKV\VWHPDFKSU]HV\áRZ\FKQLHXGDQH 

]Dá F]HQLHMHVW]Z\NOH]QDF]QLHEDUG]LHMV]NRGOLZ\QL ]XSHáQ\EUDNSRQRZQHJR]Dá F]HQLD 

-H HOLZ\VW SXMHZ WSOLZR üFRGRZ\PDJDQHJRF]DVXGHMRQL]DFMLWRQDOH \SU]HZLG]LHü 

RGSRZLHGQLPDUJLQHVEH]SLHF]H VWZD8NáDG\63=SRREXVWURQDFKOLQLLSRZLQQ\E\ü 

XVWDZLRQHQDWDNLHVDPHF]DV\SU]HUZ\GODV]\ENLHJRF\NOX63= 

&]\QQLNLPDM FHZSá\ZQDZ\EyUQDVWDZF]DVXSU]HUZ\EH]QDSL FLRZHMV QDVW SXM FH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

2EFL HQLH 

=HZ]JO GXQDGX UR]SL WR üREFL H NWyUDPR HPLHüPLHMVFHZV\VWHPLHPR HE\ü 

EDUG]RWUXGQRQDVWDZLüRSW\PDOQ\F]DVSU]HUZ\EH]QDSL FLRZHM-HGQDNMHVWPR OLZH 

RNUH OHQLHND GHJRW\SXREFL HQLDLQG\ZLGXDOQLHLQDWHMSRGVWDZLHGREUDQLHW\SRZ\FK 

F]DVyZSU]HUZ\EH]QDSL FLRZHM1DMEDUG]LHMW\SRZHW\S\REFL H SU]HGVWDZLRQRSRQL HM 

6LOQLNLV\QFKURQLF]QHV ]GROQHGRWROHURZDQLDW\ONREDUG]RGUREQ\FKSU]HUZZ]DVLODQLXEH] 

JUR E\XWUDW\V\QFKURQL]PX:SUDNW\FH]DOHFDVL RGá F]HQLHVLOQLNDRG]DVLODQLDZ 

SU]\SDGNX]DNáyFHQLDF]DVSU]HUZ\EH]QDSL FLRZHMSRZLQLHQE\üZ\VWDUF]DM F\DE\SR]ZROLü 

QDG]LDáDQLHVLOQLNRZHJR]DEH]SLHF]HQLDRGXWUDW\QDSL FLD]DVLODQLD6XJHUXMHVL W\SRZ\ 

PLQLPDOQ\F]DVSU]HUZ\EH]QDSL FLRZHMU] GXVGOD]H]ZROHQLDQDG]LDáDQLH 

XU] G]HQLD=GUXJLHMVWURQ\VLOQLNLLQGXNF\MQHPRJ SU]HWU]\PDüSU]HUZ\Z]DVLODQLXD GR 

VSRF]\PSRQRZQLHSU]\VSLHV]\ü:RJyOQR FLF]DV\SU]HUZ\EH]QDSL FLRZHMU] GX 

VV ]Z\NOHVDW\VIDNFMRQXM FHOHF]PRJ E\üV]F]HJyOQHSU]\SDGNLGODNWyU\FKZ\PDJDQ\ 

MHVWGRGDWNRZ\F]DVGODXPR OLZLHQLDNDVRZDQLDU F]Q\FKVWHURZD LXU] G]H 

]DEH]SLHF]DM F\FK 

=HZ]JO GXQDEH]SLHF]H VWZRXWUDWD]DVLODQLDZREZRGDFKR ZLHWOHQLRZ\FKWDNLFKMDN 

R ZLHWOHQLHXOLF]QHPR HE\üZD QDSU]HUZDFLRVHNXQGRZDOXEGáX V]DPR HE\ü 

QLHEH]SLHF]QDGODUXFKXXOLF]QHJR*áyZQ\HOHPHQWREVHUZRZDQ\SU]H]RGELRUFyZ 

LQG\ZLGXDOQ\FKWRQLHGRJRGQR FL:D Q\PNU\WHULXPSRPLDURZ\PGODZLHOXGRVWDZFyZ 

HQHUJLLMHVWOLF]EDPLQXWEH]]DVLODQLDSU]\SDGDM FDZFL JXURNXQDMHGQHJRRGELRUF NWyUD 

PR HE\ü]PQLHMV]RQDG]L NLOLQLRP]DVLODM F\PSRVLDGDM F\PF]\QQ DXWRPDW\N 63=L 

NWyUDMHVWRF]\ZL FLH]DOH QDRGX \WHMGáXJR FLF]DVXSU]HUZ\EH]QDSL FLRZHM 

3RZ\ HMSU]HGVWDZLRQRW\ONRSURSRQRZDQHZVND]yZNLZL FHMLQIRUPDFMLSU]HGVWDZLRQRZ 

SRGU F]QLNXµ3URWHFWLRQ5HOD\V$SSOLFDWLRQV*XLGH 

:\á F]QLN 

'ODEDUG]RV]\ENLHJR63=PLQLPDOQ\F]DVSU]HUZ\EH]QDSL FLRZHMZV\VWHPLHE G]LH 

]DOH DáRGPLQLPDOQ\FKRSy QLH ZSURZDG]DQ\FKSU]H]Z\á F]QLNSRGF]DVZ\á F]DQLDL 

]Dá F]DQLD 

3RQLHZD Z\á F]QLNMHVWXU] G]HQLHPPHFKDQLF]Q\PWRE G]LHPLDáQLHRGá F]Q\F]DV 

UR]ZLHUDQLD]HVW\NyZ7HQF]DVGODZVSyáF]HVQ\FKZ\á F]QLNyZMHVW]Z\NOHZSU]HG]LDOH 

PVOHF]PR HE\üGáX V]\GODVWDUV]\FKNRQVWUXNFML 

3RZ\á F]HQLX]DQLP]RVWDQLH]UHDOL]RZDQDNRPHQGD]Dá F]PXVLXSá\Q üF]DVGOD 

]HURZDQLDPHFKDQL]PX&]DV\]HURZDQLDE G]LHVL ]PLHQLDá]DOH QLHRGZ\á F]QLNDOHF] 

W\SRZRZ\QRVLVHNXQG\ 

3RZ\]HURZDQLXZ\á F]QLNDPR HRQ]DF] üVL ]DP\NDü&]DVSRPL G]\SREXG]HQLHP 

PHFKDQL]PX]DP\NDM FHJRL]DPNQL FLHPREZRGyZZ\á F]QLNDMHVWQD]\ZDQ\F]DVHP 

]Dá F]DQLD=HZ]JO GXQDVWDá F]DVRZ FHZNLPHFKDQL]PX]Dá F]DM FHJRLLQHUFM VW\NX 

HOHNWURPDJQHW\F]QH]DP\NDQLHZ\á F]QLNDPR H]DM üV=GUXJLHMVWURQ\Z\á F]QLN] 

QDS GHPVSU \QRZ\PPR H]DP\NDüZF]DVLHNUyWV]\PQL V 

*G\Z\PDJDQHMHVWV]\ENLHSRQRZQH]Dá F]HQLHWRGODZL NV]R FLDSOLNDFML UHGQLHJR 

QDSL FLDVDPPHFKDQL]PZ\á F]QLNDQDU]XFDPLQLPDOQ\F]DVSU]HUZ\EH]QDSL FLRZHM 

-HGQDNQDOH \XZ]JO GQLüF]DVGHMRQL]DFML]DNáyFHQLD6]\ENLHSRQRZQH]Dá F]HQLDPRJ 

E\üZ\PDJDQHGODXWU]\PDQLDVWDELOQR FLV\VWHPX]GZRPDOXEZL FHM]DVLODQLDPL'OD 

V]\ENLHJRSRQRZQHJR]Dá F]DQLDF]DVWUZDQLD]DNáyFHQLDPR HE\ü]PLQLPDOL]RZDQ\ 

SRSU]H]X \ZDQLHV]\ENLFK]DEH]SLHF]H PVWDNLFKMDN]DEH]SLHF]HQLDRGOHJáR FLRZH 

OXEUy QLFRZHOLQLLLV]\ENLFKZ\á F]QLNyZPV6]\ENLHXVXZDQLH]DNáyFH PR HVNUyFLü 

Z\PDJDQ\F]DVQDGHMRQL]DFM áXNX'ODVWDELOQR FLSRPL G]\GZRPD UyGáDPLW\SRZR 

Z\PDJDQ\PR HE\üF]DVSU]HUZ\EH]QDSL FLRZHMPV0LQLPDOQ\F]DVSU]HUZ\ 

EH]QDSL FLRZHMGODV\VWHPXSRZLQLHQXZ]JO GQLDüF]DV]HURZDQLDPHFKDQL]PXLF]DV 

]DP\NDQLDZ\á F]QLND0HFKDQL]PHOHNWURPDJQHW\F]Q\QLHMHVWRGSRZLHGQLGODV]\ENLFK 

SRQRZQ\FK]Dá F]H MDNR HF]DV]DP\NDQLDMHVW]E\WGáXJL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

 

&]DVGHMRQL]DFML]DNáyFHQLD 

'ODV]\ENLHJR63=F]DVGHMRQL]DFML]DNáyFHQLDPR HE\üQDMEDUG]LHMLVWRWQ\PF]\QQLNLHPSU]\ 

XVWDODQLXF]DVXSU]HUZ\-HVWWRF]DVZ\PDJDQ\GODUR]SURV]HQLD]MRQL]RZDQHJRSRZLHWU]D 

ZRNyáPLHMVFDXV]NRG]HQLDWDNDE\SR]LRPL]RODFMLSRZLHWU]D]RVWDáRGWZRU]RQ\0R HWR 

]RVWDüZ\OLF]RQHZVSRVyESU]\EOL RQ\]UyZQDQLD 

&]DVGHMRQL]DFML QDSL FLHV\VWHPXZN9F] VWRWOLZR ü 

GODN9 V+] 

GODN9 V+] 

-HGQRID]RZHZ\á F]DQLHPR HSURZDG]LüGRSU]HGáX DQLDáXNXLF]DVyZSRWU]HEQ\FKQDMHJR 

GHMRQL]DFM MDNUyZQLH PR HPLHüZSá\ZQDREZRG\NRPXQLNDF\MQHLSRZRGRZDüEá GQH 

G]LDáDQLH]DEH]SLHF]H ]LHPQR]ZDUFLRZ\FKZOLQLLUyZQROHJáHM&]DVGHMRQL]DFMLGOD 

Z\á F]HQLDMHGQRID]RZHJRMHVWRNUH ORQ\JáyZQLHSU]H]QDSL FLHV\VWHPXLGáXJR üOLQLLLZ 

QLHZLHONLPVWRSQLX]DOH \RGSR]LRPX]DNáyFHQLDNRQILJXUDFMLSU]HZRGyZLZDUXQNyZ 

DWPRVIHU\F]Q\FK0R QDSRGM üSHZQHNURNLGODUHGXNFMLF]DVXGHMRQL]DFMLSRSU]H]X \FLH 

V]\ENLFKX]LHPLDF]\SRREXVWURQDFKOLQLL8]LHPLDF]HQDXV]NRG]RQHMID]LHV FKZLORZR 

]DP\NDQHSRGF]DVRGOLF]DQLDF]DVXSU]HUZ\EH]QDSL FLRZHML]DSRELHJDM ZWyUQHPXáXNRZL 

áXNRZLZ\LQGXNRZDQHPXZ FLH FHáXNXSRZ\JDV]HQLXáXNXJáyZQHJR7DNDNRQILJXUDFMD 

MHVWEDUG]RHIHNW\ZQDOHF]QLHMHVW]E\WF] VWRVWRVRZDQD]HZ]JO GXQDNRV]W\WU]HFK 

GRGDWNRZ\FKá F]QLNyZQDND G\PNR FXOLQLLL]ZL NV]RQHMNRPSOLNDFMLRSHUDFML 

á F]HQLRZ\FK0QLHMGURJLHUR]ZL ]DQLHSROHJDQD]DVWRVRZDQLXUHDNWDQFMLZREZRG]LH 

]HURZ\PV]HUHJRZRSRá F]RQHM]UHDNWDQFM NRPSHQVDF\MQ OLQLLNWyUDF] VWRMHVW 

LQVWDORZDQDGODSRWU]HEUHJXODFMLQDSL FLD:\PDJDQDZDUWR üUHDNWDQFMLZREZRG]LH 

]HURZ\P]DOH \RGZVSyáF]\QQLNDNRPSHQVDFMLOLQLL 

2GZ]EXG]DQLH]DEH]SLHF]H 

-HVWEDUG]RZD QHDE\]DEH]SLHF]HQLHVL ZSHáQL]HURZDáRSRGF]DVF]DVXSU]HUZ\WDNDE\ 

ZáD FLZ\F]DV]DSHZQLDM F\VHOHNW\ZQR üE\áX]\VNLZDQ\SR]Dá F]HQLXQD]DNáyFHQLH'OD 

V]\ENLFKF\NOL63=Z\PDJDQHMHVWEH]]ZáRF]QH]HURZDQLH]DEH]SLHF]H 

7\SRZHQDVWDZ\F]DVyZSU]HUZ\EH]QDSL FLRZHMZ$QJOLLV QDVW SXM FH 

SLHUZV]\F]DVSU]HUZ\ VHNXQG 

GUXJLF]DVSU]HUZ\ VHNXQG 

WU]HFLF]DVSU]HUZ\ VHNXQG 

F]ZDUW\F]DVSU]HUZ\QLHVSRW\NDQ\Z$QJOLLZ\VW SXMHMHGQDNZ3RáXGQLRZHM$IU\FH 

GRPLQXWGOD]DQLNXEXU]\ 

1DVWDZ\F]DVXUHJHQHUDF\MQHJR 

:SUDNW\FHQDGREyUF]DVXUHJHQHUDF\MQHJRPDZSá\ZV]HUHJF]\QQLNyZ 

” &L JáR ü]DVLODQLDGáXJLHF]DV\UHJHQHUDF\MQHPRJ SRZRGRZDü]E GQ EORNDG 63= 

GOD]DNáyFH SU]HPLMDM F\FK 

” 3RMDZLDM FHVL ]DNáyFHQLDGR ZLDGF]HQLHNUyWNLHF]DV\UHJHQHUDF\MQHPRJ E\ü 

Z\PDJDQHJG\MHVWZ\VRNLHSUDZGRSRGRELH VWZRZ\áDGRZD LVNURZ\FKGODXQLNQL FLD 

]E GQHMEORNDG\SU]\]ZDUFLDFKSU]HPLMDM F\FK 

” &]DV]EURMHQLDVSU \Q\GODV]\ENLHJRSRQRZQHJR]Dá F]DQLDGOD]DSHZQLHQLD HZ 

Z\á F]QLNXMHVWZ\VWDUF]DM FDHQHUJLDGODUHDOL]DFMLF\NOX:=:'OD]ZáRF]QHJR63= 

QLHPDWDNLHMSRWU]HE\MDNR HF]DVSU]HUZ\PR HE\üZ\GáX RQ\SRSU]H]F]DVNRQWUROL 

]D]EURMHQLDZ\á F]QLNDµ&%KHDOWK\FKHFN-H HOLSRRGPLHU]HQLXWHJRF]DVXZ 

Z\á F]QLNXEUDNZ\VWDUF]DM FHMHQHUJLLWR]DEH]SLHF]HQLHSR]RVWDQLH]DEORNRZDQH 

” =X \FLHHNVSORDWDF\MQHZ\á F]QLND=ZL NV]RQDOLF]EDRSHUDFMLZ\QLNDM FD]NUyWNLFK 

F]DVyZUHJHQHUDF\MQ\FKR]QDF]DNUyWV]HRGVW S\F]DVXSRPL G]\NROHMQ\PL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

SU]HJO GDPLNRQVHUZDF\MQ\PL0LQLPDOQ\F]DVUHJHQHUDF\MQ\!VPR HE\üZ\PDJDQ\ 

GOD]DSHZQLHQLDZ\á F]QLNRZLF]DVXGODRG]\VNDQLDSHáQHMIRUP\SRZ\á F]HQLXL 

]Dá F]HQLX]DQLPE G]LHPyJáRQZ\NRQDüNROHMQ\F\NO:=:7HQF]DVE G]LH]DOH Dá 

RGREFL HQLDZ\á F]QLND 

&]DVUHJHQHUDF\MQ\PXVLE\üZ\VWDUF]DM FRGáXJLDE\]H]ZROLüQDG]LDáDQLH]ZáRF]QHJR 

]DEH]SLHF]HQLDLQLFMXM FHJRF\NO63=1LHVSHáQLHQLHWHJRZDUXQNXE G]LHSURZDG]LáRGR 

SU]HGZF]HVQHJR]HURZDQLDXNáDGXDXWRPDW\NL63=LSRQRZQHJRRGEORNRZDQLD]DEH]SLHF]H 

EH]]ZáRF]Q\FK-H HOLSRMDZL VL WDNLHZDUXQNLWR]DNáyFHQLHWUZDáHE G]LHHIHNW\ZQLH 

Z\JO GDüMDNV]HUHJ]ZDUüSU]HPLMDM F\FKSURZDG] F\FKGRFL JáHJRSREXG]HQLDDXWRPDW\NL 

63=FK\ED H]RVWDQ XZ]JO GQLRQHGRGDWNRZHSRPLDU\GODRJUDQLF]HQLDSUREOHPXQS 

]DEH]SLHF]HQLHEORNXM FHSU]\]E\WGX HMF] VWRWOLZR FLZ\VW SRZDQLD]DNáyFH -HVWPR OLZH 

X]\VNDQLHNUyWNLFKF]DVyZUHJHQHUDF\MQ\FKSRSU]H]EORNRZDQLHF]DVXUHJHQHUDF\MQHJR 

SRSU]H]V\JQDá\SREXG]HQLRZH]DEH]SLHF]H -H HOLNUyWNLHF]DV\UHJHQHUDF\MQHSRZLQQ\ 

E\üX \ZDQHWRPLQLPDOQHF]DV\UHJHQHUDF\MQHPR HQDU]XFDüZ\WU]\PDáR üá F]QLND 

.RU]\ FL NUyWNLFKG]LDáD UHJHQHUDF\MQ\FKMHVWWR HZ\VW SXMHPQLHMEORNDGZ\á F]QLND 

MHGQDR]QDF]DWRZL NV] OLF]E RSHUDFMLZ\á F]QLNLHPLGODWHJRRNUHVPL G]\SU]HJO GDPL 

Z\á F]QLNDPR H]RVWDü]PQLHMV]RQ\ 

&]XáH]DEH]SLHF]HQLH]LHPQR]ZDUFLRZH6()MHVWVWRVRZDQHGODZ\NU\FLD 

Z\VRNRUH]\VWDQF\MQ\FK]ZDUüGR]LHPQ\FKL]Z\NOHPDGáXJLF]DVRSy QLHQLDG]LDáDQLD 

W\SRZRV3U]\GHF\]MLRF]DVLHUHJHQHUDF\MQ\PMH HOLQLHMHVWRQEORNRZDQ\SU]H] 

V\JQDáSREXG]HQLDPRGXáX6()DPRGXáXWHQSREXG]D63=WRPR QDUR]ZD \üZL NV]H 

QDVWDZ\F]DVX&]XáH]DEH]SLHF]HQLH]LHPQR]ZDUFLRZHG]LDáDQSSU]\SU]HUZDQ\P 

SU]HZRG]LHOH F\PQDVXFKHM]LHPLOXEGU]HZLHWDNLH]DNáyFHQLHU]DGNRMHVWSU]HM FLRZHD 

PR HE\üEDUG]RQLHEH]SLHF]QHGODOXG]L'ODWHJRWH RJyOQ ]DVDG MHVWEORNRZDQLH63= 

SU]H]G]LDáDQLHPRGXáX6() 

*G\X \ZDQHV VSU \QRZHQDS G\]EURMRQHVLOQLNLHPWRF]DVUHJHQHUDF\MQ\PXVLE\üFR 

QDMPQLHMWDNGáXJLMDNF]DV]EURMHQLDQDS GXGOD]DSHZQLHQLD HZ\á F]QLNPR HZ\NRQDü 

F\NO:=:GODV]\ENLHJRF\NOX63= 

7\SRZHF]DV\UHJHQHUDF\MQHZ$QJOLLGODN9Z\QRV] VHNXQG]DSRELHJDWR 

]E GQHPXEORNRZDQLXSRGF]DVEXU]\-HGQDNPR QDX \ZDüF]DVyZGRVHNXQG 

1DOH \]DXZD \ü HF]DVUHJHQHUDF\MQ\]DEH]SLHF]HQLD3QLHMHVWEORNRZDQ\SU]H] 

V\JQDá\SREXG]HQLRZH]DEH]SLHF]H ]ZáRF]Q\FK-HVWWDNSRQLHZD HOHPHQWHPLQLFMXM F\P 

63=MHVW]DEH]SLHF]HQLHUy QLFRZRSU GRZHNWyUHMHVWEH]]ZáRF]QHLGODWHJREORNRZDQLH 

F]DVXUHJHQHUDF\MQHJRQLHMHVWZ\PDJDQH 

 

.RQWURODV\QFKURQL]PXGRW\F]\3 

)XQNFMDNRQWUROLV\QFKURQL]PXMHVWX \ZDQDGR]H]ZROHQLDQDSRQRZQH]Dá F]HQLHW\ONR 

ZWHG\JG\ZDUXQNLV\VWHPXSRVWURQLHV]\QLOLQLLSU]\RWZDUW\PZ\á F]QLNXV 

DNFHSWRZDOQH-H HOLZ\á F]QLN]RVWDMH]DPNQL W\JG\QDSL FLDV\VWHPXQLHVSHáQLDá\ 

ZDUXQNyZV\QFKURQL]PXWMZ\VW SRZDáDUy QLFDDPSOLWXGOXEID]WRV\VWHPPR HRGF]Xü 

EDUG]RGX \XGDUSURZDG] F\GRXWUDW\VWDELOQR FLLPR OLZHJRXV]NRG]HQLDSRGá F]RQ\FK 

JHQHUDWRUyZ 

.RQWURODV\QFKURQL]PXZ\PDJDGODWHJRNRQWUROLQDSL üSRREXVWURQDFKZ\á F]QLNDLMH HOL 

RELHVWURQ\V SRGQDSL FLHPWRNRQWUROLV\QFKURQL]PXSRPL G]\GZRPD UyGáDPL]DVLODQLD 

7DNDNRQWURODPR HE\üZ\PDJDQDGODSRWU]HE]DUyZQRU F]QHJRMDNLDXWRPDW\F]QHJR 

]Dá F]HQLDZ\á F]QLNDSU]\F]\PZDUXQNLQLH]E GQHGODDNFHSWDFMLV\QFKURQL]PXPRJ E\ü 

Uy QHGODND GHJRSU]\SDGNX=WHJRSRZRGX]DZDUWRRGG]LHOQHQDVWDZ\GODNRQWUROL 

V\QFKURQL]PXSU]\]Dá F]DQLXU F]Q\PLSU]\]Dá F]DQLX]63='OD]Dá F]HQLDU F]QHJR 

X \ZDQ\MHVWV\JQDáµ&%FORVH>]DPNQLMZ\á F]QLN@SRGDZDQ\QDVW SQLHGRORJLNLMDNRLPSXOV 

R]DGDQ\PF]DVLHWUZDQLDGOD]DSHZQLHQLD HRSHUDWRUQLHPXVLFL JOHWU]\PDüVWHURZQLNDZ 

SR]\FMLµ]Dá F]LF]HNDüQDVSHáQLHQLHZDUXQNyZV\QFKURQL]PX-HVWWRF] VWRQD]\ZDQH 

µJXDUGORJLF>ORJLN VWU]HJ F @Z\PDJDRQD]ZROQLHQLDV\JQDáXµ]Dá F]LSRQRZQHJR 

SREXG]HQLDMH HOLQLHE\áR]Dá F]HQLD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

(OHPHQWNRQWUROLV\QFKURQL]PXGRVWDUF]DGZyFKV\JQDáyZZ\M FLRZ\FKNWyUHV 

ZSURZDG]DQHZU F]QHVWHURZDQLHZ\á F]QLNLHPLGRORJLNL63=7HV\JQDá\]H]ZDODM QD 

]Dá F]HQLHRLOHRGSRZLHGQLHZDUXQNLNRQWUROLV\QFKURQL]PXV ZSHáQLVSHáQLRQH: 

SU]\SDGNXJG\NRQWURODV\QFKURQL]PXMHVWRGVWDZLRQDWRDXWRPDW\F]QLHSRMDZLDVL V\JQDá 

µDOORZFORVXUH>]H]ZROHQLHQD]Dá F]HQLH@ 

'ODV\VWHPXSRá F]RQHJRVLHFL OLQLLZ\á F]HQLHMHGQHMOLQLLQLHSRZLQQRSRZRGRZDü 

]QDF] FHJRSU]HVXQL FLDID]RZHJRSRPL G]\QDSL FLDPLSRVWURQLHV]\QLSRVWURQLHOLQLL 

5yZQROHJáHSRZL ]DQLD]DSHZQLDM HGZLHVWURQ\SR]RVWDM ZV\QFKURQL]PLHL63=PR H 

E\üUHDOL]RZDQ\EH]SLHF]QLH-HGQDNSRZL ]DQLDZ]DMHPQHPRJ ]RVWDüUR]SL WHLZWHG\ 

F] VWRWOLZR FLREXF] FLSRG]LHORQHJRV\VWHPXPRJ UR]SRF] üVL SU]HVXZDüZ]JO GHP 

VLHELHZ]DOH QR FLRGF]DVXWUZDQLDUR]SL FLDV\VWHPyZ'ODWHJRSU]HG]Dá F]HQLHP 

Z\á F]QLNDVSUDZG]DQHV ZDUXQNLV\QFKURQL]PXGODXNáDGX]DVLORQDOLQLD]DVLORQHV]\Q\GOD 

NRQWUROLF]\SU]HVXQL FLHID]RZHUy QLFDF] VWRWOLZR FLLQDSL üPLHV]F] VL ZREU ELH 

GRSXV]F]DOQ\FKGODV\VWHPXSU]HG]LDáyZ-H HOLVL QLHPLHV]F] WR]Dá F]HQLHZ\á F]QLND 

PR HE\ü]DEURQLRQH 

%ORNRZDQLHQDSL FLRZHPR HE\üQDVWDZLRQHGRSREXG]HQLD]DUyZQRSU]\DNW\ZQHMNRQWUROL 

SRGQDSL FLRZHJRGODUy QLF\QDSL üSRPL G]\VWURQ OLQLLLV]\Q]ELRUF]\FKMDNLGODREX 

ZDUXQNyZá F]QLH 

0HQXµ6

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

7HNVWPHQX 1DVWDZD =DNUHVQDVWDZ .URN 

$5&+(&. 


1DJáyZHN 

&KHFN6\QFK (QDEOHG (QDEOHGOXE'LVDEOHG 

'HDG/LQH/LYH%XV (QDEOHG (QDEOHGOXE'LVDEOHG 

/LYH/LQH'HDG%XV (QDEOHG (QDEOHGOXE'LVDEOHG 

'HDG/LQH'HDG%XV 'LVDEOHG (QDEOHGOXE'LVDEOHG 

7DEHOD 

0HWRGDGODNRQWUROLSR OL]JXF] VWRWOLZR FLMHVWZ\EUDQDZNRPyUFHµ6OLS&RQWURO*G\ 

XVWDZLRQRQDµ)UHTXHQF\>F] VWRWOLZR ü@WRJUDQLF]QHSU]HVXQL FLHF] VWRWOLZR FLMHVW 

EH]SR UHGQLRXVWDZLRQHZNRPyUFHµ6OLSIUHTXHQF\*G\]PLHU]RQ\SR OL]JF] VWRWOLZR FLMHVW 

PQLHMV]\QL WDQDVWDZDWRQDW\FKPLDVWRZRSRMDZLDVL V\JQDáµDOORZFORVXUH>]H]ZROHQLHQD 

]Dá F]HQLH@*G\XVWDZLRQRZDUWR üµ7LPHU>HOHPHQWF]DVRZ\@WRUy QLFDN WyZID]RZ\FK 

PXVLE\üXWU]\PDQDQDSR]LRPLHPQLHMV]\PQL SUyJRNUH ORQ\SU]H]µ&63KDVH$QJOH 

>NRQWURODV\QFKURQL]PXN WID]RZ\@ZQDVWDZLRQ\PF]DVLHRSy QLHQLD]DQLPZ\JHQHURZDQ\ 

]RVWDQLHV\JQDáV\JQDáµDOORZFORVXUH>]H]ZROHQLHQD]Dá F]HQLH@ 

1DOH \]ZUyFLüXZDJ HNRPELQDFMDQDVWDZµ6OLS7LPHULµ&63KDVH$QJOHPRJ E\ü 

SU]\UyZQDQHGRUy QLF\F] VWRWOLZR FLQDVW SXM FR 

µ&6SKDVH$QJOHQDVWDZLRQ\ R µ6OLS7LPHUXVWDZLRQ\QDV 

2NQRN WDID]RZHJRMHVWGODWHJR R FRRGSRZLDGDZDUWR FLRNUHVX 'ODWHJR 

RGSRZLDGDWRSU]HVXQL FLXRF] FLRNUHVXNWyUDPXVLVL SRMDZLüZF]DVLHPQLHMV]\P 

QL MHGQDVHNXQG P+]-H HOLHOHPHQWF]DVRZ\XVWDZLRQRQDZDUWR üVHNXQG\WR 

R]QDF]DSUyJUy QLF\F] VWRWOLZR FL]PQLHMV]RQ\GZXNURWQLHWMP+] 

-H HOLNRPyUNDµ6OLS&RQWURO>VWHURZDQLHSR OL]JLHP@MHVWXVWDZLRQDQDZDUWR üµ%RWK>RELH@WR 

]PLHU]RQDF] VWRWOLZR üSR OL]JXPXVLE\üSRQL HMQDVWDZ\RUD]N WID]RZ\PXVLE\ü 

XWU]\P\ZDQ\SRQL HMQDVWDZ\GODRGFLQNDF]DVXSU]HGZ\GDQLHP]JRG\QD]Dá F]HQLH 

1DVWDZ\µ/LYH9ROWDJH>MHVWQDSL FLH@Lµ'HDG9ROWDJH>EUDNQDSL FLD@RNUH ODM SURJLNWyUH 

PyZL NLHG\OLQLDOXEV]\Q\]ELRUF]HPDM E\üLGHQW\ILNRZDQHMDNRSRGQDSL FLHPOXEEH] 

QDSL FLD:V\WXDFMLJG\]DUyZQROLQLDOXEV]\Q\]ELRUF]HOXEOLQLDLV]\Q\MHGQRF]H QLHV EH] 

QDSL FLDQLHZ\PDJDM VWRVRZDQLDNRQWUROLV\QFKURQL]PXL]Dá F]HQLHZ\á F]QLNDPRJ OXE 

QLHPRJ E\üDNFHSWRZDOQH'ODWHJRSU]HZLG]LDQRRSFMHQDVWDZLHQLRZHNWyUHSR]ZDODM QD 

]DUyZQRU F]QHMDNLDXWRPDW\F]QH]Dá F]DQLHSU]\Uy Q\FKNRPELQDFMDFKVWDQyZOLQLLV]\Q 

3RQL HMRSLVDQRNLHG\SRV]F]HJyOQHXNáDG\PRJ E\üX \WHF]QH 

/LYH%XVEDU'HDG/LQH>V]\Q\SRGQDSL FLHPLOLQLDEH]QDSL FLD@ 

*G\FKURQLRQDMHVWHOHPHQWVLHFLSURPLHQLRZHMWRZ\á F]HQLHZ\á F]QLNDE G]LHL]RORZDüOLQL 

RGELRUQLNDLSR]RVWDQLHRQEH]QDSL FLD3U]\]DáR HQLX HEUDNORNDOQHJRJHQHUDWRUDPRF\ 

NWyU\PR HSRGDüQDSL FLHµRGW\áX]Dá F]HQLHZRPDZLDQ\FKZDUXQNDFKMHVWPR OLZH 

1DVWDZDWDPR HUyZQLH E\üX \WDGOD]H]ZROHQLDQDSRQRZQHSRGDQLHQDSL FLDQD 

XV]NRG]RQ\RGELRUQLNZV\VWHPLHVSU] RQ\PNWyU\]RVWDáRGL]RORZDQ\SRREXVWURQDFKOLQLL 

=Dá F]HQLHSU]\F]\QQ\FKV]\QDFKLOLQLLEH]QDSL FLDSR]ZDODQD]Dá F]HQLHQDMSLHUZ] 

MHGQHJRNR FDOLQLLDQDVW SQLHSU]\NRQWUROLV\QFKURQL]PXQDSL üZXNáDG]LHF]\QQDOLQLD 

V]\Q\SRGQDSL FLHPSRGUXJLHMVWURQLHOLQLL 

'HDG%XVEDU/LYH/LQH>V]\Q\EH]QDSL FLDLOLQLDSRGQDSL FLHP@ 

-H HOLZ\á F]QLNLV]\Q\]ELRUF]HQDRGOHJá\PNR FXOLQLLVLHFLSURPLHQLRZHMRPDZLDQHM 

SRZ\ HMWR]GDOQ\Z\á F]QLNPR HE\ü]Dá F]RQ\GODZDUXQNXV]\Q\EH]QDSL FLDLOLQLDSRG 

QDSL FLHP

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

=DOH QLHRGV]F]HJyOQHMNRQILJXUDFMLV\VWHPXSU]HNáDGQLNLQDSL FLRZH]DEH]SLHF]HQLDPRJ 

E\üXPLHV]F]RQHSRVWURQLHV]\QOXESRVWURQLHOLQLL'ODWHJR]DEH]SLHF]HQLHQDOH \ 

]DSURJUDPRZDüSRSU]H]RNUH OHQLHPLHMVFD]DLQVWDORZDQLDW\FKSU]HNáDGQLNyZUHDOL]XMHVL 

WRSRSU]H]NROXPQ µ&7 975$7,26>SU]HNáDGQLHSU]HNáDGQLNyZSU GRZ\FKLQDSL FLRZ\FK@ 

ZNRPyUFHµ0DLQ97/RFDWLRQ>ORNDOL]DFMDJáyZQHJRSU]HNáDGQLNDQDSL FLRZHJR@NWyUD 

SRZLQQDE\üXVWDZLRQDMDNRµ/LQH>OLQLD@OXEµ%XV>V]\Q\]ELRUF]H@DE\]H]ZROLüQDSRSUDZQH 

G]LDáDQLHSRSU]HGQLRRSLV\ZDQHMORJLNL 

:HM FLHQDSL FLRZHGODNRQWUROLV\QFKURQL]PXPR HE\ü]DVLORQH]QDSL üPL G]\ID]RZ\FK 

OXE]QDSL FLDID]RZHJR.RPyUNDµ&6,QSXW>ZHM FLHNRQWUROLV\QFKURQL]PX@ZNROXPQLHµ&7 

975$7,26>SU]HNáDGQLHSU]HNáDGQLNyZSU GRZ\FKLQDSL FLRZ\FK@PXVLE\üXVWDZLRQH 

MDNR$1%1&1$%%&OXE&$]JRGQLH]DNWXDOQ\PSRGá F]HQLHPSU]HNáDGQLNyZ 

QDSL FLRZ\FK 

-H HOLIXQNFMD976>NRQWURODSRPLDURZ\FKREZRGyZQDSL FLRZ\FK@Z\NU\MHXV]NRG]HQLHWR 

HOHPHQWNRQWUROXM F\V\QFKURQL]PMHVWEORNRZDQ\LQLHPDPR OLZR FLJHQHURZDQLDV\JQDáX 

Z\M FLRZHJRµ$OORZ5HFORVXUH>]H]ZROHQLHQD]Dá F]HQLH@7R]DSRELHJD]H]ZROHQLX] 

]Dá F]HQLHZSU]\SDGNXJG\Z\EUDQRNRQWURO QDSL FLDL]DG]LDáDQLH]DEH]SLHF]H 

SRPLDURZ\FKREZRGyZQDSL FLRZ\FKF]\QLNRQWURO QDSL FLRZ QLHSRSUDZQ 

3RPLDU\DPSOLWXG\LN WDQDSL FLDNRQWUROLV\QFKURQL]PXV Z\ ZLHWODQHRERNPLHU]RQHJR 

N WDID]RZHJRLSR OL]JXUy QLF\F] VWRWOLZR FLZNROXPQLHµ0($685(0(176 

>SRPLDU\@ 

.RQWURODSU]HNáDGQLNyZQDSL FLRZ\FK976W\ONRGOD3L3 

.RQWURODSRPLDURZ\FKREZRGyZQDSL FLRZ\FK976MHVWX \ZDQDGRZ\NU\FLDXV]NRG]HQLD 

QDZHM FLDFKQDSL FLRZ\FK]DEH]SLHF]HQLD0R HWRE\üZ\QLNLHPXV]NRG]HQLD 

ZHZQ WU]QHJRSU]HNáDGQLNDSU GRZHJRSU]HFL HQLDOXE]DNáyFH QDSRá F]HQLDFK 

GUXWRZ\FKPL G]\SU]HNáDGQLNLHPL]DEH]SLHF]HQLHP=Z\NOHR]QDF]DWRSU]HSDOHQLHMHGQHJR 

OXEZL FHMEH]SLHF]QLNyZWRSLNRZ\FKFKURQL F\FKSU]HNáDGQLNQDSL FLRZ\3RXV]NRG]HQLX 

QDSL FLHQD]DFLVNDFK]DEH]SLHF]HQLDQLHVWDQRZLU]HF]\ZLVWHMUHSUH]HQWDFMLQDSL FLD 

V\VWHPXFRPR HSURZDG]LüGREá GQHJRG]LDáDQLD 

/RJLND976MHVWSU]H]QDF]RQDGRZ\NU\FLDXV]NRG]HQLDQDSL FLDLDXWRPDW\F]QHJR 

GRSDVRZDQLDNRQILJXUDFMLHOHPHQWyZ]DEH]SLHF]HQLRZ\FKNWyU\FKVWDELOQR üPR HE\üZWHQ 

VSRVyEF] FLRZRRG]\VNDQD-HVWUyZQLH GRVW SQ\]ZáRF]Q\V\JQDáDODUPRZ\ 

6 WU]\JáyZQHDVSHNW\GRUR]ZD HQLDGRW\F] FHXV]NRG]HQLDSRPLDURZ\FKREZRGyZ 

QDSL FLRZ\FK 

” 8WUDWDMHGQHJROXEGZyFKQDSL üID]RZ\FK 

” 8WUDWDZV]\VWNLFKWU]HFKQDSL üID]RZ\FKZZDUXQNDFKREFL HQLD 

” %UDNWU]HFKQDSL üID]RZ\FKZF]DVLH]Dá F]DQLDOLQLL 

 

8WUDWDMHGQHJROXEGZyFKQDSL üID]RZ\FK 

)XQNFMD976ZEXGRZDQDZXU] G]HQLHG]LDáDSU]\Z\NU\FLXVNáDGRZHMSU]HFLZQHMQSV 

QDSL FLDEH]UyZQRF]HVQHJRZ\NU\FLDVNáDGRZHMSU]HFLZQHMSU GX7R]DSHZQLDG]LDáDQLH 

SU]\]DQLNXMHGQHJROXEGZyFKQDSL üID]RZ\FK6WDELOQR üIXQNFML976MHVW]DSHZQLRQD 

SRGF]DV]DNáyFHQLRZ\FKZDUXQNyZZV\VWHPLHSRSU]H]NRQWURO VNáDGRZHMSU]HFLZQHMQSV 

SU GX8 \FLHZLHONR FLVNáDGRZHMSU]HFLZQHMSR]ZDODSRSUDZQHG]LDáDQLHUyZQLH JG\X \WH 

V SU]HNáDGQLNLQDSL FLRZHWUyMNROXPQRZHOXESRá F]RQHZXNáDG]LHµ9 

(OHPHQW\GODVNáDGRZ\FKSU]HFLZQ\FKNRQWUROLSRPLDURZ\FKREZRGyZQDSL FLRZ\FK 

3URJLQDVWDZLHQLRZHX \ZDQHSU]H]HOHPHQW\V 9 9RUD], GR,Q 

QDVWDZLDOQHGRP\ OQDZDUWR ü ,Q

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

8WUDWDZV]\VWNLFKWU]HFKQDSL üID]RZ\FKZZDUXQNDFKREFL HQLD 

3U]\]DQLNXZV]\VWNLFKWU]HFKQDSL üID]RZ\FKZ]DEH]SLHF]HQLXQLHPDVNáDGRZHM 

SU]HFLZQHMQDSL FLDNWyUDPRJáDE\E\üZ\NU\ZDQDSU]H]IXQNFM 976-HGQDNZWDNLFK 

V\WXDFMDFKZ\VW SXMH]DQLNWU]HFKQDSL üID]RZ\FK-H HOLMHVWWRZ\NU\WHEH]MHGQRF]HVQHM 

]PLDQ\ZZDUWR FLDFKSU GyZID]RZ\FKFRR]QDF]DáRE\]DNáyFHQLH]ZDUFLHWRG]LDáDXNáDG 

NRQWUROL976:SUDNW\FH]DEH]SLHF]HQLHZ\NU\ZDREHFQR üQDáR RQ\FKV\JQDáyZ 

SU GRZ\FK]PLDQ NV]WDáWXVLQXVRLG\SU GX6\JQDá\WHSRZVWDM ZVNXWHNSRUyZQDQLD 

ELH FHMZDUWR FLSU GX]ZDUWR FL RGOHJá RMHGHQRNUHVZVWHF]:QRUPDOQ\FKZDUXQNDFK 

REFL HQLDE G]LHJHQHURZDQ\V\JQDáQDáR RQ\RZDUWR FLUyZQHM:ZDUXQNDFK 

]ZDUFLRZ\FKQDáR RQ\SU GE G]LHPLDáZDUWR üUy Q RG]HUDLSR]ZDODM F ZWHQVSRVyE 

]DEORNRZDüG]LDáDQLHIXQNFML976 

'HWHNWRU\SR]LRPXQDSL FLDID]RZHJRV XVWDZLRQHQDZDUWR üVWDá LRGSDGQ SU]\9D 

]DG]LDáDM SU]\9 

&]XáR üSU GRZ\FKHOHPHQWyZQDáR RQ\FKMHVWXVWDORQDQD,Q 

 

%UDNWU]HFKQDSL üID]RZ\FKZF]DVLH]Dá F]DQLDOLQLL 

-H HOLSU]HNáDGQLNLQDSL FLRZHSR]RVWDZLRQRQLHSRGá F]RQHSRPLPR]Dá F]HQLDOLQLLWR 

PR OLZHMHVWQLHZáD FLZHG]LDáDQLHHOHPHQWyZ]DOH Q\FKRGQDSL FLD3RSU]HGQLR 

SU]HGVWDZLRQRHOHPHQWNRQWUROQ\976NWyU\Z\NU\ZDáWUyMID]RZHXV]NRG]HQLHREZRGyZ 

QDSL FLRZ\FKSRSU]H]EUDNZV]\VWNLFKWU]HFKQDSL üID]RZ\FKEH]]QDF] FHM]PLDQ\ 

DPSOLWXG\SU GX=Dá F]HQLHOLQLLE G]LHMHGQDNZSURZDG]DáR]PLDQ SU GXMDNRZ\QLN 

REFL HQLDOXEáDGRZDQLDOLQLLQDSU]\NáDG'ODWHJRZ\PDJDQ\MHVWDOWHUQDW\ZQDPHWRGD 

Z\NU\ZDQLDXV]NRG]HQLDZV]\VWNLFKWU]HFKID]SU]HNáDGQLNDQDSL FLRZHJRSU]\]Dá F]DQLX 

OLQLL 

%UDNQDSL üSRPLDURZ\FKZHZV]\VWNLFKWU]HFKID]DFKSU]\]Dá F]HQLXOLQLLPR HE\ü 

Z\QLNLHPGZyFKZDUXQNyZ3LHUZV]HWRWUyMID]RZHXV]NRG]HQLHSU]HNáDGQLNyZSU GRZ\FKD 

GUXJLHWREOLVNLH]ZDUFLHWUyMID]RZH3LHUZV]\ZDUXQHNE G]LHZ\PDJDáEORNRZDQLDIXQNFML 

]DOH Q\FKRGQDSL FLDDGUXJLZ\PDJDZ\á F]HQLD'ODRGUy QLHQLDSRPL G]\W\PLGZRPD 

ZDUXQNDPLX \ZDQ\MHVWHOHPHQWQDGSU GRZ\µ976,!,QKLELW>,!EORNXM F\@NWyU\SRZRGXMH 

H976QLHMHVWEORNRZDQ\7HQHOHPHQWSRZLQLHQ]RVWDüQDVWDZLRQ\Z\ HMQL SU G 

SRMDZLDM F\VL SU]\]Dá F]DQLXOLQLLEH]XV]NRG]HQLDSU GáDGRZDQLDSU GREFL HQLDSU G 

PDJQHVXM F\WUDQVIRUPDWRUOHF]QL HMQL SR]LRPSU GXSá\Q FHJRSU]\EOLVNLP]ZDUFLX 

WUyMID]RZ\P-H HOLOLQLDMHVWWHUD]]Dá F]DQDJG\WU]\ID]\SU]HNáDGQLNDQDSL FLRZHJRV 

XV]NRG]RQHWRHOHPHQWQDGSU GRZ\QLHG]LDáDLEORNRZDQLH976E G]LHREHFQH=Dá F]DQLH 

QDWUyMID]RZH]ZDUFLHE G]LHSURZDG]LáRGRSREXG]HQLDHOHPHQWXQDGSU GRZHJRL 

]DSRELHJQLHVWRVRZDQLXEORNRZDQLD]XNáDGXNRQWUROXM FHJRSRPLDURZHREZRG\QDSL FLRZH 

976 

7DORJLNDE G]LHRGEORNRZDQDW\ONRSRVWZLHUG]HQLX HOLQLDMHVWSRGQDSL FLHPGODXQLNQL FLD 

G]LDáDQLDZZDUXQNDFKJG\EUDNQDSL üLHOHPHQWQDGSU GRZ\µ976,!,QKLELWQLHMHVW 

SREXG]RQ\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

1DVWDZ\PHQX 

1DVWDZ\XNáDGXNRQWUROLSRPLDURZ\FKREZRGyZQDSL FLRZ\FK]QDMGXM VL ZNROXPQLHPHQX 

µ683(59,6,212GSRZLHGQLHQDVWDZ\SU]HGVWDZLRQRSRQL HM 

683(59,6,21 :DUWR ü 

GRP\ OQD 

9766WDWXV %ORFNLQJ %ORFNLQJ,QGLFDWLRQ 

9765HVHW0RGH 0DQXDO 0DQXDO$XWR 

0LQ 0DNV .URN 

9767LPH'HOD\ V V V V 

976,!,QKLELW ,Q ,Q ,Q ,Q 

976,!,QKLELW ,Q ,Q ,Q ,Q 

7DEHOD 

=DEH]SLHF]HQLHPR HUHDJRZDüQDVW SXM FRQDG]LDáDQLHHOHPHQWX976 

” W\ONRV\JQDOL]XM FG]LDáDQLHXNáDGXNRQWUROL976 

” RSFMRQDOQHEORNRZDQLHHOHPHQWyZ]DEH]SLHF]HQLRZ\FK]DOH Q\FKRGQDSL FLD 

” RSFMRQDOQDNRQZHUVMDNLHUXQNRZ\FKHOHPHQWyZQDGSU GRZ\FKQDHOHPHQW\ 

EH]NLHUXQNRZHGRVW SQHSU]\QDVWDZLHµ%ORFNLQJPRGH>WU\EEORNRZDQLD@7HQDVWDZ\ 

PR QD]QDOH üZNRPyUNDFKµ)XQFWLRQ/LQNVNROXPQ\PHQXRGSRZLHGQLHJRPRGXáX 

]DEH]SLHF]HQLRZHJR 

(OHPHQW\µ976,!,QKLELWOXEµ976,!,QKLELWV X \ZDQHGROLNZLGDFMLEORNDG\RGIXQNFML 

NRQWUROLQDSL üSRPLDURZ\FKZSU]\SDGNX]DNáyFHQLDZV\VWHPLHNWyUHPRJáRE\SREXG]Lü 

ORJLN 976*G\EORNDGD]IXQNFML976]RVWDQLHVWZLHUG]RQDWRQLHSR GDQHMHVWDE\NROHMQH 

]DNáyFHQLDV\VWHPRZH]OLNZLGRZDá\W EORNDG 'ODWHJRWH V\JQDáEORNDG\RG976MHVW 

]DWU]DVNLZDQ\SRQDVWDZLRQ\PF]DVLHRSy QLHQLDµ9767LPH'HOD\3R]DWU]D QL FLXV 

GRVW SQHGZLHPHWRG\MHJRXVXZDQLD3LHUZV]DWRNDVRZDQLHSRSU]H]RGSRZLHGQL SR]\FM 

PHQXU F]QLHSRSU]H]LQWHUIHMV+0,OXESU]\X \FLX3&SRSU]H]SRUWNRPXQLNDF\MQ\ 

RF]\ZL FLHSU]\]DáR HQLX HXVXQL WRSU]\F]\Q SREXG]HQLDXNáDGX976'UXJDPHWRGD 

SU]\QDVWDZLHµ9765HVHW0RGH µ$XWRSRSU]H]RGWZRU]HQLHWU]HFKQDSL üSRQDGSR]LRP 

RNUH ORQ\SU]H]GHWHNWRU\SR]LRPXQDSL FLDID]RZHJRRPyZLRQHZUR]G]LDOH 

6\JQDOL]DFMD976SRMDZLDVL SRRGOLF]HQLXF]DVXµ9767LPH'HOD\:SU]\SDGNXJG\976 

XVWDZLRQRW\ONRQDV\JQDOL]DFM WR]DEH]SLHF]HQLHPR H OHG]LDáDü]DOH QLHRGWHJRNWyUH 

HOHPHQW\]DEH]SLHF]HQLRZHV RGEORNRZDQH:W\PSU]\SDGNXV\JQDOL]DFMD976SRMDZLVL 

]DQLPRGOLF]RQ\]RVWDQLHF]DVµ9767LPH'HOD\LMH HOLSRMDZLVL V\JQDáZ\á F] 

*G\GR]DEH]SLHF]HQLDSU]HNáDGQLNDQDSL FLRZHJRX \ZDQ\MHVWá F]QLNQSW\SX1+6 

F] VWRVWRVXMHVL MHJR]HVW\NLSRPRFQLF]HGRV\JQDOL]DFMLRWZDUFLDWU]HFKID]REZRGyZ 

QDSL FLRZ\FK-DNRSLVDQRSRSU]HGQLRMHVWPR OLZHSRSUDZQHG]LDáDQLHXNáDGXORJLNL976 

EH]V\JQDáX]]DEH]SLHF]HQLD1+6-HGQDNGODNRPSDW\ELOQR FL]ZLHORPDMX X \ZDQ\PL 

XU] G]HQLDPLLUR]ZL ]DQLDPLSU]HZLG]LDQRRGSRZLHGQL IXQNFM 3REXG]HQLHZHM FLD 

IL]\F]QHJRSU]\SLVDQHJRGRV\JQDáXµ0&%2SHQ>]DEH]SLHF]HQLH1+6G]LDáD@E G]LH 

GODWHJR]DSHZQLDáRQLH]E GQHEORNRZDQLH 

-H HOLNLHUXQNRZHHOHPHQW\QDGSU GRZHV SU]HNV]WDáFDQHZEH]NLHUXQNRZHZVNXWHN 

G]LDáDQLDNRQWUROLQDSL FLRZ\FKREZRGyZSRPLDURZ\FKWRQDOH \VL XSHZQLü HQDVWDZD 

SU GRZDWHJRHOHPHQWXMHVWZ\ V]DQL SU GSHáQHJRREFL HQLDOLQLL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

.RQWURODVWDQXZ\á F]QLND 

2SHUDWRUQD]GDOQ\PNR FXOLQLLZ\PDJDV\JQDOL]DFMLVWDQXZ\á F]QLNDUHDOL]RZDQHMZVSRVyE 

SHZQ\%H]V\JQDOL]DFML HND G\Z\á F]QLNMHVWRWZDUW\OXE]DPNQL W\RSHUDWRUPD 

QLHZ\VWDUF]DM F LQIRUPDFM GODSRGM FLDGHF\]MLRF]\QQR FLDFKá F]HQLRZ\FK8U] G]HQLH 

]DZLHUDNRQWURO VWDQXZ\á F]QLNDSRGDM F V\JQDOL]DFM SR]\FMLZ\á F]QLNDOXEZSU]\SDGNX 

JG\VWDQMHVWQLH]QDQ\WRJHQHUXM F V\JQDáDODUPX 

 

)XQNFMHNRQWUROLVWDQXZ\á F]QLND 

8U] G]HQLD0L&20PR QDXVWDZLüGODNRQWUROLQRUPDOQLHRWZDUW\FKDLQRUPDOQLH 

]DPNQL W\FK]HVW\NyZSRPRFQLF]\FKZ\á F]QLND:QRUPDOQ\FKZDUXQNDFKWHZHM FLD 

SRZLQQ\E\üZVWDQLHSU]HFLZQ\P-H HOLRED]HVWDZ\ZHM üV RWZDUWHWRPR HZVND]\ZDü 

QDMHGHQ]SRQL V]\FKVWDQyZ 

” 8V]NRG]RQH]HVW\NLSRPRFQLF]HEá GQHRGUXWRZDQLH 

” 8V]NRG]RQ\Z\á F]QLN 

” :\á F]QLNMHVWZSR]\FMLL]ROXM FHM 

-H HOLRED]HVWDZ\ZHM üV ]DPNQL WHWRPR HZVND]\ZDüQDMHGHQ]SRQL V]\FKVWDQyZ 

” 8V]NRG]RQH]HVW\NLSRPRFQLF]HEá GQHRGUXWRZDQLH 

” 8V]NRG]RQ\Z\á F]QLN 

-H HOLMHGHQ]SRZ\ V]\FKZDUXQNyZLVWQLHMHWRSRF]DVLHRSy QLHQLDUyZQ\PVSRMDZLDVL 

DODUP'RWHMIXQNFMLG]L NLHG\WRURZL36/SURJUDPRZDOQHMORJLNLG]LDáDQLDPR HE\ü 

SU]\SLVDQ\]HVW\NZ\M FLRZ\QRUPDOQLHRWZDUW\QRUPDOQLH]DPNQL W\8VWDZLDVL RSy QLHQLH 

F]DVRZHDE\XQLNQ üQLHFKFLDQ\FK]DG]LDáD SRGF]DVQRUPDOQ\FKF]\QQR FLRSHUDF\MQ\FK 

:NROXPQLHµ&%&21752/PHQXXU] G]HQLDMHVWQDVWDZDQD]\ZDQDµ&%6WDWXV,QSXW 

>ZHM FLHVWDQXZ\á F]QLND@7DNRPyUNDPR HE\üXVWDZLRQDQDMHGQ ]QDVW SXM F\FK 

F]WHUHFKRSFML 

1RQH 

$ 

% 

%RWK$DQG% 

3 

3 

OXE 

1RQH 

$SROH 

%SROH 

$ %SROH 

$SROH 

%SROH 

$ %SROH 

3 

3 

*G\Z\EUDQRµ1RQH> DGHQ@WRQLHMHVWGRVW SQ\VWDQZ\á F]QLND7RPDEH]SR UHGQLZSá\Z 

QDGRZROQ IXQNFM ZHZQ WU]]DEH]SLHF]HQLDNWyUDZ\PDJDWHJRV\JQDáXQDSU]\NáDG 

VWHURZDQLHZ\á F]QLNLHP63=LWS*G\X \ZDQDMHVWW\ONRQDVWDZDµ$WR]DEH]SLHF]HQLH 

E G]LH]DNáDGDü HV\JQDáµ%Z\VW SXMHSU]\EUDNXV\JQDáXµ$,QIRUPDFMHRVWDQLH 

Z\á F]QLNDE G ZW\SSU]\SDGNXGRVW SQHOHF]QLHPDPR OLZR FLZ\JHQHURZDQLDV\JQDáX 

Eá GXSR]\FMLZ\á F]QLND3RZ\ V]HMHVWSUDZG]LZHUyZQLH JG\X \ZDVL QDVWDZ\µ% 

-H HOLQDVWDZLRQRµ$ %WRGRVW SQHV LQIRUPDFMHRVWDQLHZ\á F]QLNDGRVW SQ\MHVW 

UyZQLH V\JQDáREá GQHMSR]\FMLZ\á F]QLND3U]\X \FLXHG\WRUD36/V\JQDá\ZHM FLRZH$ 

L%V SU]\SLVDQHGRZHM üIL]\F]Q\FK]JRGQLH]SRQL V] WDEHO 

3R]\FMDVW\NXSRPRFQLF]HJR :\NU\W\VWDQ ']LDáDQLH 

$ % Z\á F]QLND 

2WZDUW\ =DPNQL W\ :\á F]QLNRWZDUW\ :\á F]QLNVSUDZQ\ 

=DPNQL W\ 2WZDUW\ :\á F]QLN]DPNQL W\ :\á F]QLNVSUDZQ\ 

=DPNQL W\ =DPNQL W\ 8V]NRG]HQLHZ\á F]QLND 6\JQDáDODUPXMH HOLVWDQ 

XWU]\PXMHVL ZL FHMQL V 

2WZDUW\ 2WZDUW\ 6WDQQLH]QDQ\ 6\JQDáDODUPXMH HOLVWDQ 

XWU]\PXMHVL ZL FHMQL V 

7DEHOD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

-H HOLX \ZDQHMHVWZ\á F]DQLHMHGQRID]RZHGRVW SQHW\ONRGODQLHNWyU\FK]DEH]SLHF]H 

ZWHG\VWDQZ\á F]QLNDµRWZDUW\SRMDZLVL W\ONRZWHG\MH HOLZV]\VWNLHWU]\ID]\ZVND]XM 

MHGQRF]H QLHSR]\FM µRWZDUW\3RGREQLHGODVWDQXµ]Dá F]RQ\ZV]\VWNLHELHJXQ\Z\á F]QLND 

PXV] ZVND]\ZDüVWDQµ]DPNQL W\'ODMHGQRID]RZ\FKZ\á F]H QDOH \X \üZHM ü$D 

$E$FL%D%E%F 

.RQWURODNRQG\FMLZ\á F]QLNDW\ONR333 

2NUHVRZDNRQVHUZDFMDZ\á F]QLNDMHVWQLH]E GQDGODVSUDZG]HQLDF]\REZyGZ\á F]DM F\L 

PHFKDQL]PG]LDáDM SUDZLGáRZRMDNUyZQLH ]GROQR FLGRSU]HU\ZDQLDSU GyZQLH]RVWDá\ 

RJUDQLF]RQH]HZ]JO GXQDSRSU]HGQLHG]LDáDQLDZZDUXQNDFK]ZDUFLRZ\FK2JyOQLHWDND 

NRQVHUZDFMDMHVWRSDUWDQDED]LHVWDáHJRRNUHVXSRPL G]\NROHMQ\PLSU]HJO GDPLOXEQDED]LH 

VWDáHMOLF]E\RSHUDFML]SU GHP]ZDUFLRZ\P7HPHWRG\NRQWUROLNRQG\FMLZ\á F]QLNDGDM W\ONR 

MHM]JUXEQHSU]\EOL HQLHLPRJ SURZDG]LüGR]E\WF] VW\FKSU]HJO GyZNRQVHUZDF\MQ\FK 

8U] G]HQLDUHMHVWUXM Uy QHVWDW\VW\NLSRZL ]DQH]ND G\PG]LDáDQLHPZ\á F]QLND 

SR]ZDODM FQDEDUG]LHMGRNáDGQHRV]DFRZDQLHNRQG\FMLZ\á F]QLND7HIXQNFMHNRQWUROQHV 

RPyZLRQHSRQL HM 

 

)XQNFMHNRQWUROLNRQG\FMLZ\á F]QLND 

'ODND GHJRZ\á F]DQLD]DEH]SLHF]HQLH]DSDPL WXMHVWDW\VW\N SU]HGVWDZLRQ ZWDEHOL 

VWZRU]RQ QDSRGVWDZLHPHQXXU] G]HQLD.RPyUNLPHQXSRND]XM W\ONROLF]QLNL:DUWR FL 

0LQ0DNVZW\PSU]\SDGNXSRND]XM ]DNUHVZDUWR FL]OLF]DQ\FK.RPyUHNW\FKQLHPR QD 

XVWDZLü 

&%&21',7,21 

:DUWR ü 

0LQ 0DNV .URN 

GRP\ OQD 

&%RSHUDWLRQV 

 

Z\á F]ID]RZ\ 

&%$RSHUDWLRQV 

 

Z\á F] ID]RZ\ 

&%%RSHUDWLRQV 

 

Z\á F]ID]RZ\ 

&%&RSHUDWLRQV 

 

Z\á F] ID]RZ\ 

7RWDO,$%URNHQ [,QA 

7RWDO,%%URNHQ [,QA 

7RWDO,&%URNHQ [,QA 

&%RSHUDWHWLPH V 

5HVHWDOOYDOXHV 1R

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

&%021,725 

6(783 

:DUWR ü 

GRP\ OQD 

0LQ 0DNV .URN 

%URNHQ,A 

,A0DLQWHQDQFH $ODUPGLVDEOHG $ODUPGLVDEOHG$ODUPHQDEOHG 

,A0DLQWHQDQFH [,QA [,QA [,QA [,QA 

,A/RFNRXW $ODUPGLVDEOHG $ODUPGLVDEOHG$ODUPHQDEOHG 

,A/RFNRXW [,QA [,QA [,QA [,QA 

1R&%RSVPDLQW $ODUPGLVDEOHG $ODUPGLVDEOHG$ODUPHQDEOHG 

1R&%RSVPDLQW 

1R&%RSVORFN $ODUPGLVDEOHG $ODUPGLVDEOHG$ODUPHQDEOHG 

1R&%RSVORFN 

&%WLPHPDLQW $ODUPGLVDEOHG $ODUPGLVDEOHG$ODUPHQDEOHG 

&%WLPHPDLQW V V V V 

&%WLPHORFNRXW $ODUPGLVDEOHG $ODUPGLVDEOHG$ODUPHQDEOHG 

&%WLPHORFNRXW V V V V 

)DXOWIUHTORFN $ODUPGLVDEOHG $ODUPGLVDEOHG$ODUPHQDEOHG 

)DXOWIUHTFRXQW 

)DXOWIUHTWLPH V V V 

7DEHOD 

/LF]QLNLIXQNFMLNRQWUROLNRQG\FMLZ\á F]QLNDV DNWXDOL]RZDQHSRND G\PZ\JHQHURZDQLX 

SU]H]]DEH]SLHF]HQLHNRPHQG\Z\á F]:SU]\SDGNDFKJG\Z\á F]QLNMHVWZ\á F]RQ\SU]H] 

]HZQ WU]QH]DEH]SLHF]HQLHMHVWUyZQLH PR OLZHDNWXDOL]RZDQLHOLF]QLNyZNRQWUROLNRQG\FML 

Z\á F]QLND-HVWWRX]\VNLZDQHSRSU]H]SU]\SLVDQLHMHGQHJR]ZHM üIL]\F]Q\FK]D 

SR UHGQLFWZHPHG\WRUD36/GRV\JQDáXSU]\MPXM FHJRUR]ND]Z\á F]]]HZQ WU]QHJR 

]DEH]SLHF]HQLD6\JQDáNWyU\WRUHDOL]XMHQD]\ZDVL µ([WHUQDO7ULS>Z\á F]]HZQ WU]Q\@ 

:WU\ELHSUDF\µ&RPPLVVLRQLQJWHVW>WHVW\XUXFKRPLHQLRZH@OLF]QLNL]ZL ]DQH]NRQWURO 

NRQG\FMLZ\á F]QLNDQLHV DNWXDOL]RZDQH 

 


1DVWDZ\SURJyZS,A 

*G\OLQLHQDSRZLHWU]QHV VNáRQQHGRF] VW\FK]DNáyFH LV FKURQLRQH]DSR UHGQLFWZHP 

Z\á F]QLNyZROHMRZ\FK2&%WRNRV]W\]PLDQ\ROHMXVWDQRZL ]QDF] F F] üFHQ\ 

Z\á F]QLNDZSU]HFL JXMHJR \FLDWHFKQLF]QHJR2JyOQLH]PLDQ\ROHMXV UHDOL]RZDQHZ 

VWDá\FKRGVW SDFKF]DVXG]LDáD RSHUDF\MQ\FKZ\á F]QLND-HGQDNPR HWRSRZRGRZDü 

SU]HGZF]HVQHSU]HJO G\NRQVHUZDF\MQHZWHG\JG\SU G\]ZDUFLRZHV UDF]HMQLHZLHONLHLJG\ 

GHJUDGDFMDROHMXMHVWZROQLHMV]DRGVSRG]LHZDQHM/LF]QLNS,ANRQWUROXMHVNXPXORZDQ\SR]LRP 

REFL HQLDZ\á F]QLNDSR]ZDODM F\QDEDUG]LHMGRNáDGQHV]DFRZDQLHNRQG\FMLZ\á F]QLND 

'ODZ\á F]QLNyZROHMRZ\FKZ\WU]\PDáR üGLHOHNWU\F]QDROHMX]PQLHMV]DVL MDNRIXQNFMDS, W 

:W\PZ]RU]Hµ,R]QDF]DSU]HU\ZDQ ZDUWR üSU GXDµWµMHVWF]DVHPSDOHQLDáXNXZNDG]L 

Z\á F]QLNDQLHMHVWWRF]DVRWZLHUDQLDZ\á F]QLND3RQLHZD F]DVSDOHQLDáXNXQLHPR HE\ü 

RNUH ORQ\GRNáDGQLHWR]DEH]SLHF]HQLHSRZLQQRE\üQRUPDOQLHXVWDZLRQHGODNRQWUROLVXP\ 

NZDGUDWyZSU]HU\ZDQ\FKSU GyZSRSU]H]QDVWDZ µ%URNHQ,A >SU GSU]HU\ZDQ\@ 

'ODLQQ\FKW\SyZZ\á F]QLNDV]F]HJyOQLHGODW\FKG]LDáDM F\FKSU]\Z\ V]\FKQDSL FLDFK 

SUDNW\F]QHEDGDQLDZVND]XM HQDVWDZDµ%URNHQ,A PR HQLHE\üRGSRZLHGQLD:WDNLFK 

]DVWRVRZDQLDFKµ%URNHQ,APR HE\üXVWDZLRQ\QL HMW\SRZROXE$ODUPZW\P 

SU]\SDGNXPR HE\üZVND]yZN HQDOH \SU]HWHVWRZDüFL QLHQLHZ\á F]QLNDJD]RZHJR 

SUy QLRZHJR

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

=DNUHVQDVWDZGODµ%URNHQ,AMHVW]PLHQQ\Z]DNUHVLHRGGRZNURNDFK-HG\Q\P 

ZDUXQNLHPMHVW HSURJUDPNRQVHUZDFMLPXVLE\üZSHáQL]JRGQ\]LQVWUXNFM SURGXFHQWD 

Z\á F]QLND 

1DVWDZDSURJXOLF]E\G]LDáD 

.D GHG]LDáDQLHZ\á F]QLNDSURZDG]LGRSHZQHJRRVáDELHQLDHOHPHQWyZVNáDGRZ\FK 

Z\á F]QLND'ODWHJRUXW\QRZH]DELHJLNRQVHUZDF\MQHWDNLHMDNROHMHQLHPHFKDQL]PXPRJ E\ü 

IXQNFM OLF]E\G]LDáD 2GSRZLHGQLDQDVWDZDSURJyZNRQVHUZDF\MQ\FKSR]ZROLQD 

Z\JHQHURZDQLHDODUPXZVND]XM FHJRQDNRQLHF]QR üSU]HSURZDG]HQLD]DELHJyZ 

NRQVHUZDF\MQ\FK-H HOL]DELHJQLH]RVWDQLHSU]HSURZDG]RQ\WR]DEH]SLHF]HQLHPR H 

]DEORNRZDüIXQNFM 63=SU]\RVL JQL FLXGUXJLHJRSURJXQDVWDZLHQLRZHJR7R]DSRELHJQLH 

NROHMQ\P]Dá F]HQLRPJG\Z\á F]QLNQLH]RVWDáSU]\ZUyFRQ\GRVWDQGDUGXZ\PDJDQHJRSU]H] 

SURGXFHQWDZLQVWUXNFMLREVáXJL 

3HZQHZ\á F]QLNLWDNLHMDNROHMRZH2&%PRJ Z\NRQDüW\ONRSHZQ OLF]E SU]HUZD SU GX 

]ZDUFLDGRFKZLOLZ\PDJDQHMNRQVHUZDFML-HVWWDN]HZ]JO GXQDWR HSU]HUZDQLHSU GX 

]ZDUFLDR]QDF]DZ\G]LHODQLHVWUXNWXUZ JODZROHMX]PQLHMV]DM FMHJRZáD FLZR FL 

GLHOHNWU\F]QH$ODUPRZ\SUyJNRQVHUZDF\MQ\1R&%2SV0DLQWPR HE\üXVWDZLRQ\GOD 

ZVND]\ZDQLDZ\PRJXSREUDQLDSUyENLROHMXGODWHVWRZDQLDGLHOHNWU\F]QHJROXEEDUG]LHM 

]áR RQHMNRQVHUZDFML3RGREQLHSUyJEORNRZDQLD1R&%2SV/RFNPR HE\üXVWDZLRQ\GOD 

SU]HUZDQLD63=JG\SRZWyUQHSU]HUZDQLH]DNáyFHQLDPR HQLHE\üRVL JQL WH7R 

PLQLPDOL]XMHU\]\NR]DSDOHQLDROHMXOXEMHJRHNVSOR]ML 

1DVWDZ\SURJyZF]DVyZG]LDáDQLD 

:ROQHG]LDáDQLHZ\á F]QLNDMHVWUyZQLH ZVND QLNLHPSRWU]HE\NRQVHUZDFMLPHFKDQL]PX 

'ODWHJRSU]HZLG]LDQRSURJLDODUPXLEORNDG\&%7LPH0DLQW&%7LPH/RFNRXW]]DNUHVDPL 

QDVWDZRGGRPV7HQF]DVQDVWDZLDVL ZRGQLHVLHQLXGRZ\VSHF\ILNRZDQHJRF]DVX 

SU]HU\ZDQLDREZRGXSU]H]Z\á F]QLN 

1DVWDZ\SURJyZF] VWRWOLZR FLG]LDáDQLDZ\á F]QLND 

:\á F]QLNPR HE\ü]Z\PLDURZDQ\GRSU]HU\ZDQLDSU GX]ZDUFLDRNUH ORQ OLF]E UD]\GR 

FKZLOLSU]HJO GXNRQVHUZDF\MQHJR-HGQDNNROHMQHZ\á F]HQLDZNUyWNLPSU]HG]LDOHF]DVX 

PRJ SRZRGRZDüSU]\VSLHV]RQH]X \FLHPHFKDQL]PX=WHJRSRZRGXPR OLZHMHVW 

XVWDZLHQLHOLF]QLNDF] VW\FKRSHUDFMLNWyU\NRQWURORZDüOLF]E RSHUDFML)DXOW)UHT&RXQWZ 

QDVWDZLRQ\PF]DVLH)DXOW)UHT7LPH0R QDQDVWDZLüRGG]LHOQHSURJLGODV\JQDOL]DFMLL 

EORNDG\ 

6WHURZDQLHZ\á F]QLNLHP 

8U] G]HQLH]DZLHUDQDVW SXM FHRSFMHGODVWHURZDQLDMHGQ\PZ\á F]QLNLHP 

” /RNDOQHZ\á F]DQLHL]Dá F]DQLHSRSU]H]PHQXXU] G]HQLD 

” /RNDOQHZ\á F]DQLHL]Dá F]DQLHSRSU]H]ZHM FLDV\JQDáRZH 

” =GDOQHZ\á F]DQLHL]Dá F]DQLHSRSU]H]LQWHUIHMVNRPXQLNDF\MQ\ 

=DOHFDVL DE\GR]GDOQHJRVWHURZDQLDZ\á F]QLNLHPLGODVWHURZDQLD]IXQNFML 

]DEH]SLHF]HQLRZ\FKE\á\SU]\SLVDQHRGG]LHOQH]HVW\NLZ\M FLRZHXU] G]HQLD7RSR]ZDODQD 

Z\EyUZ\M FLDVWHUXM FHJRSRSU]H]SU]Há F]QLNORNDOQH]GDOQHMDNSRND]DQRQDSRQL V]\P 

U\VXQNX-H HOLWDNDIXQNFMDQLHMHVWZ\PDJDQDWRWHVDPH]HVW\NLZ\M FLRZHPRJ E\ü 

X \ZDQH]DUyZQRGODZ\á F]DQLD]GDOQHJRMDNLZ\á F]DQLDSRSU]H]IXQNFMH 

]DEH]SLHF]HQLRZH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

5\VXQHN=GDOQHVWHURZDQLHZ\á F]QLNLHP 

7DEHODSU]HGVWDZLDSR]\FMH]PHQXXU] G]HQLDSUH]HQWXM FHGRVW SQHQDVWDZ\LNRPHQG\ 

VNRMDU]RQH]HVWHURZDQLHPZ\á F]QLND=DOH QLHRGW\SXXU] G]HQLDSHZQHNRPyUNLPRJ QLH 

E\üZLGRF]QH 

&%&21752/ 

:DUWR ü 

0LQ 0DNV .URN 

GRP\ OQD 

&%&RQWUROE\ 'LVDEOHG 'LVDEOHG/RFDO5HPRWH/RFDO5HPRWH2SWR 

2SWR/RFDO2SWR5HPRWH2SWR/RFDO5HPRWH 

&ORVHSXOVHWLPH V V V V 

7ULSSXOVHWLPH V V V V 

0DQFORVHGHOD\ V V V V 

+HDOW\ZLQGRZ V V V V 

&6ZLQGRZ V V V V 

/RFNRXWUHVHW 1R 1R

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

&%&21752/ 

7KUHH3ROH$5 

W\ONRGOD 

ID]RZHJR63= 

$56WDWXV 

W\ONRLQIRUPDFMDR 

ELH F\PWU\ELH 

:DUWR ü 

GRP\ OQD 

(QDEOHG 

$XWR0RGH 

0LQ 0DNV .URN 

(QDEOHG'LVDEOHG 

GDOV]HLQIRUPDFMHZF] FLR63= 

$XWR0RGH1RQDXWRPRGH 

GDOV]HLQIRUPDFMHZF] FLR63= 

7RWDO5HFORVXUHV 

5HVHW7RWDO$5 1R 1RRNQRF]DVXNRQWUROL 

V\QFKURQL]PX@GODU F]QHJR]Dá F]DQLD]NRQWURO V\QFKURQL]PX-H HOLZDUXQNLQLHV 

VSHáQLRQHZREU ELHWHJRF]DVXWRNRPHQGD]Dá F]E G]LHEORNRZDQDLSRMDZLVL V\JQDá 

DODUPX 

*G\X \ZDQ\MHVW63=WRPR HE\üZ\PDJDQHEORNRZDQLHMHJRG]LDáDQLDSU]\UHDOL]DFML 

U F]QHJR]Dá F]DQLD2JyOQLHPyZL FZL NV]R ü]DNáyFH Z\VW SXM F\FKSRU F]Q\P 

]Dá F]HQLXWR]DNáyFHQLDWUZDáHQLHSU]HPLMDM FH'ODWHJRWH QLHSR GDQHMHVWSRQRZQH 

]Dá F]HQLH1DVWDZDF]DVRZDµ0DQ&ORVH5VW'O\>RSy QLHQLHNDVXM FHU F]QH]Dá F]HQLH@ 

SR]ZDODRNUH OLüF]DVGODNWyUHJR63=E G]LH]DEORNRZDQ\SRU F]Q\P]Dá F]HQLX 

Z\á F]QLND 

-H HOLZ\á F]QLNQLH]UHDOL]XMHZ\PDJDQHMNRPHQG\VWHURZQLF]HMFRMHVWZVND]\ZDQHSU]H] 

EUDN]PLDQ\VWDQXQDZHM FLXµ&%6WDWXV>VWDQZ\á F]QLND@WRSRRGPLHU]HQLXRGSRZLHGQLFK 

F]DVyZWUZDQLDLPSXOVyZVWHURZQLF]\FKSRMDZLDVL DODUPµ&%)DLOHGWR7ULS>Z\á F]QLNQLH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

RWZRU]\á@OXEµ&%)DLOHGWR&ORVH>Z\á F]QLNQLH]Dá F]\á@$ODUP\WHPRJ E\üRGF]\WDQH] 

Z\ ZLHWODF]D/&'XU] G]HQLD]GDOQLHSRSU]H]LQWHUIHMV\NRPXQLNDF\MQHOXESU]\SLVDQH]D 

SRPRF HG\WRUD36/GRZ\M üSU]HND QLNRZ\FK 

(OHPHQW\F]DVRZHµ+HDOWK\:LQGRZLµ&6:LQGRZXVWDZLDOQHZRPDZLDQHMVHNFMLPHQXV 

X \ZDQHW\ONRGRU F]Q\FKRSHUDFMLZ\á F]QLNLHP1DVWDZ\WHV ]GXEORZDQHZPHQXµ$XWR 

UHFORVXUHGOD]DVWRVRZDQLDZDXWRPDW\FH63= 

.RPyUNLQDVWDZµ/RFNRXW5HVHW>]HURZDQLHEORNRZDQLD@Lµ5HVHW/RFNRXWE\>]HUXM 

EORNRZDQLHSU]H]@V X \ZDQHGODEORNDG\Z\á F]QLNDSRFKRG] FHMRGU F]QHJR]Dá F]HQLD 

NRQWUROLNRQG\FMLZ\á F]QLNDQSOLF]E\RSHUDFMLLEORNDGRG63= 

 

 

/RNDOL]DWRUPLHMVFD]ZDUFLD 

/RNDOL]DFMDPLHMVFD]ZDUFLD 

:SURZDG]HQLH 

8U] G]HQLHPDZEXGRZDQ\ORNDOL]DWRUPLHMVFD]ZDUFLDNWyU\X \ZDLQIRUPDFML]ZHM ü 

SU GRZ\FKLQDSL FLRZ\FKGODRNUH OHQLDRGOHJáR FLGRPLHMVFD]ZDUFLD3UyENL]DQDORJRZ\FK 

ZHM üSRPLDURZ\FKV ]DSLV\ZDQHGREXIRUDNRáRZHJRD GRFKZLOLZ\NU\FLDZDUXQNyZ 

]DNáyFHQLRZ\FK'DQHZEXIRU]HV ]DSDPL W\ZDQHSRWRE\SR]ZROLüQDREOLF]DQLH 

SDUDPHWUyZ]DNáyFHQLD*G\REOLF]HQLHSDUDPHWUyZ]DNáyFHQLDMHVW]DNR F]RQHWRLQIRUPDFMD 

RRGOHJáR FLGRPLHMVFD]DNáyFHQLDMHVWGRVW SQDZUHMHVWU]H]DNáyFHQLDZXU] G]HQLX 

3U]\VWRVRZDQLXZREZRGDFKUyZQROHJá\FKLFKZ]DMHPQHVSU] HQLHPDJQHW\F]QHSRODPR H 

]PLHQLüLPSHGDQFM ZLG]LDQ SU]H]ORNDOL]DWRU6SU] HQLHE G]LH]DZLHUDüVNáDGRZH]JRGQ 

SU]HFLZQ L]HURZ :SUDNW\FHVNáDGRZH]JRGQDLSU]HFLZQDV PDáR]QDF] FH(IHNW 

VSU] HQLDVNáDGRZHM]HURZHMPR HE\üZ\HOLPLQRZDQ\SRSU]H]X \FLHIXQNFMLNRPSHQVDFML 

VSU] HQLD 

3RGVWDZ\WHRULL]ZDUüGR]LHPQ\FK 

3RQL V]\U\VXQHNSU]HGVWDZLDGZXHOHPHQWRZ\REZyGUyZQRZD Q\V\VWHPRZL] 

XV]NRG]HQLHP 

,S P=U ²P= ,T 

=VS 

9S 

5I 

=VT 

(S 

,I 

(T 

5\VXQHN'ZXHOHPHQWRZ\UyZQRZD QLNREZRGX 

=HVFKHPDWXZ\QLND 

9S P,S=U,I5I 

5yZQDQLH 

0LHMVFH]ZDUFLDµPPR HE\üRGV]XNDQHMH HOLPR HE\üRV]DFRZDQDZDUWR üµ,IZ 

SRZ\ V]\PUyZQDQLX

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

*URPDG]HQLHGDQ\FKLSU]HWZDU]DQLHEXIRUD 

/RNDOL]DWRUPLHMVFD]ZDUFLD]DSLVXMHSUyENLZRNUHVRZ\PEXIRU]HNRáRZ\P] 

UR]G]LHOF]R FL SUyEHNQDRNUHV*G\UHMHVWUDWRUMHVWSREXG]RQ\WRGDQHZEXIRU]HV 

]DPUD DQHWDN HEXIRU]DZLHUDGDQH]F\NOLVSU]HGFKZLOLSREXG]HQLDLF\NOLSR 

SREXG]HQLX2EOLF]HQLD]ZDUFLRZHUR]SRF]\QDM VL NUyWNRSRFKZLOLZ\]ZROHQLD 

:\]ZROHQLHGODUHMHVWUDWRUD]DNáyFH MHVWGHILQLRZDOQHSRSU]H]SURJUDPRZDOQ ORJLN 

G]LDáDQLD 

/RNDOL]DWRUPLHMVFD]ZDUFLDPR H]DSDPL WDüGDQH]F]WHUHFKRVWDWQLFK]DNáyFH ']L NL 

WHPXORNDOL]DFMDPLHMVFD]ZDUFLDPR HE\üRGF]\WDQDGODZV]\VWNLFKF\NOL63=ZW\SRZHM 

VHNZHQFMLF\NOXZLHORNURWQHJR 

:\EyUXV]NRG]RQHMID]\ 

:\EyUID]\MHVWUHDOL]RZDQ\SRSU]H]Uy QLFRZ\HOHPHQWSU GRZ\-H HOLPRGXáWHQQLHG]LDáD 

WRZ\EyUXV]NRG]RQHMID]\MHVWUHDOL]RZDQ\SRSU]H]SRUyZQDQLHDPSOLWXG\ZDUWR FLSU]HG 

]DNáyFHQLHPLSR]DNáyFHQLXWU]HFKSU GyZID]DID]D3RMHG\QF]H]DNáyFHQLHID]D]LHPLD 

Z\WZDU]DWDN VDP ]PLDQ ZGZyFKID]DFKL]HURZ ZWU]HFLHM=DNáyFHQLHID]DID]DOXE 

ID]DID]D]XG]LDáHP]LHPLZ\WZDU]DMHGHQV\JQDáNWyU\MHVWZL NV]\RGGZyFKSR]RVWDá\FK 

=DNáyFHQLHWUyMID]RZHZ\WZDU]DW VDP ]PLDQ ZHZV]\VWNLFKWU]HFKSU GDFK 

=PLDQ\SU GXXZD DVL ]DWDNLHVDPHMH HOL]QDMGXM VL ZREV]DU]HWROHUDQFMLMHGHQ 

Z]JO GHPGUXJLHJR6HOHNFMDID]RZDLREOLF]DQLHORNDOL]DFMLPLHMVFD]ZDUFLDPR HE\ü 

]UHDOL]RZDQDMH HOL]PLDQDSU GXSU]HNUDF]D,Q 

2EOLF]DQLHORNDOL]DFMLPLHMVFD]ZDUFLD 

2EOLF]DQLHORNDOL]DFMLPLHMVFD]ZDUFLDRGE\ZDVL SRSU]H] 

2GV]XNDQLHZHNWRUyZ 

:\EyUXV]NRG]RQHMID]\XV]NRG]RQ\FKID] 

6]DFRZDQLHID]\SU GX]DNáyFHQLRZHJRµ,IGODXV]NRG]RQHMID]\XV]NRG]RQ\FKID] 

5R]ZL ]DQLHUyZQDQLDGODORNDOL]DFMLPLHMVFDµPZFKZLOLJG\µ,I 

 

2GV]XNDQLHZHNWRUyZ 

5y QH]HVWDZ\ZHNWRUyZV Z\ELHUDQHSU]\W\SLH]DNáyFHQLDLGHQW\ILNRZDQHJRSU]H] 

DOJRU\WPZ\ERUXID]\2EOLF]HQLDSU]\X \FLX5yZQDQLDV UHDOL]RZDQH]DUyZQRGOD 

]DNáyFH ID]D]LHPLDMDNUyZQLH ID]DID]D 

:WHQVSRVyEGOD]ZDUFLDID]\$]]LHPL PDP\ 

= 

OLQH 

,S=U ,D 

+ 

7+(7$ 

RUD]9S 9$ 

RUD]GOD]ZDUFLDID]\$]ID] % 

= 

,Q 

7+(7$ 

UHVLGXDO 

= 

5yZQDQLH 

OLQH 

UHVLGXDO 

= 

OLQH 

,S=U ,D 

+ 

7+(7$ 

= 

,E 

7+(7$ 

UHVLGXDO 

= 

5yZQDQLH 

OLQH 

UHVLGXDO 

RUD]9S 9$9% 

2EOLF]HQLD]ZDUFLDGR]LHPQHJRGOD]ZDUüGR]LHPQ\FK5yZQDQLHMHVWPRG\ILNRZDQHJG\ 

X \ZDQDMHVWNRPSHQVDFMDZ]DMHPQD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

,S=U = 

= 

OLQH 

,D 

7+(7$ 

= 

+ ,Q 

7+(7$ 

PXWXDO 

PXWXDO 

 

OLQH 

+ 

= 

,E 

7+(7$ 

UHVLGXDO 

UHVLGXDO 

+ 

5yZQDQLH 

 

5R]ZL ]DQLHUyZQDQLDGODORNDOL]DFMLPLHMVFD]ZDUFLD 

:FKZLOLJG\VLQXVRLGDSU]HELHJXµ,ISU]HMG]LHSU]H]]HURRGSRZLHGQLHZDUWR FLFKZLORZH 

VLQXVRLGQDSL FLDµ9SLSU GXµ,SPRJ E\üX \WHGODUR]ZL ]DQLD5yZQDQLDGODORNDOL]DFML 

PLHMVFD]ZDUFLDµPF]áRQ,I5IMHVWZWHG\UyZQ\ 

-HVWWRRNUH ODQHSRSU]H]SU]HVXZDQLHREOLF]RQ\FKZHNWRUyZµ9SLµ,S=URN W R N W 

SU GX]ZDUFLDLQDVW SQLHSRG]LHOHQLHVNáDGRZHMF]\QQHMµ9SSU]H]VNáDGRZ F]\QQ µ,S=U 

SDWU]U\VXQHNQL HM 

,S=U 

9S 

,I 

9S 

,S=U 

5\VXQHN:\EyU]HURZHMZDUWR FLSU GX]ZDUFLDGODORNDOL]DFMLPLHMVFD]ZDUFLD 

WRMHVW 

:HNWRUZ\SU]HG]DM F\µ9S 

9S >FRVVMVLQV@>VLQGMFRVG@ 

9S >VLQVGMFRVVG@ 

:HNWRUZ\SU]HG]DM F\µ,S=U 

,S=U >FRVHMVLQH@>VLQGMFRVG@ 

,S=U >VLQHGMFRVHG@

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

'ODWHJR]5yZQDQLD 

P 9S,S=USU]\,I 

9SVLQVG>,S=UVLQHG@ 

JG]LH G N WSU GX]DNáyFHQLDµ,I 

V N Wµ9S 

H N Wµ,S=U 

:WHQVSRVyE]DEH]SLHF]HQLHRNUH ODµPNWyU\MHVWORNDOL]DFM PLHMVFD]ZDUFLDZ\UD RQ Z 

SURFHQWDFKLPSHGDQFMLOLQLLQDVWDZLRQHMZRSFMDFKORNDOL]DWRUDPLHMVFD]ZDUFLDDQDVW SQLH 

REOLF]DORNDOL]DFM SRSU]H]PQR HQLHµPSRSU]H]QDVWDZ GáXJR FLOLQLL:\SURZDG]DQDPR H 

E\üRGOHJáR üRGPLHMVFD]ZDUFLDZNLORPHWUDFKPLODFKOXERPDFK3RREOLF]HQLXORNDOL]DFMD 

PR HE\üRGV]XNDQDZVZRLPUHNRUG]LHZNROXPQLHPHQXµ9,(:5(&25'6ZNRPyUNDFK 

µ)DXOW/RFDWLRQ2GOHJáR üGR]ZDUFLDMHVWGRVW SQDZPHWUDFKPLODFKRPDFKOXESURFHQWDFK 

GáXJR FLOLQLL 

.RPSHQVDFMDLQGXNF\MQR FLZ]DMHPQHMW\ONRGODPRGXáXUy QLFRZRSU GRZHJRL 

RGOHJáR FLRZHJR 

$QDOL]D]ZDUFLDGR]LHPQHJRQDMHGQ\P]GZyFKREZRGyZUyZQROHJá\FKSRND]XMH H 

ORNDOL]DWRUPLHMVFD]ZDUFLDXPLHV]F]RQ\QDMHGQ\P]NR FyZXV]NRG]RQHMOLQLLPDWHQGHQFM 

GRZ\GáX DQLDSRGF]DVJG\]GUXJLHMVWURQ\GRVNUDFDQLDSRPLDUX:SU]\SDGNXGáXJLHMOLQLL] 

GX LPSHGDQFM Z]DMHPQ PR QDX \üNRPSHQVDFMLVNáDGRZHM]HURZHMLPSHGDQFML 

Z]DMHPQHMGODSRSUDZLHQLDGRNáDGQR FLSRPLDUX.RPSHQVDFMDMHVWX]\VNLZDQDSRSU]H] 

XZ]JO GQLHQLHSU GX]HURZHJR]SU]HNáDGQLNyZSU GRZ\FKOLQLLUyZQROHJáHMLZSURZDG]HQLH 

JRGR]DEH]SLHF]HQLD 

,QQ\PSUREOHPQDOLQLDFKUyZQROHJá\FKZ\VW SXMHJG\MHGHQ]REZRGyZMHVWZ\á F]RQ\L 

X]LHPLRQ\SRREXVWURQDFK:W\SSU]\SDGNX]DNáyFHQLHGR]LHPQHZSUDFXM FHMOLQLLPR H 

Z\LQGXNRZDüSU GZS WOLX]LHPLRQHMOLQLLSRZRGXM FEá GQ\V\JQDáNRPSHQVDFMLZ 

ORNDOL]DWRU]HPLHMVFD]ZDUFLD 

'ODWHJRWH ]DOHFDVL RGVWDZLHQLHNRPSHQVDFMLLQGXNF\MQR FLZ]DMHPQHMJG\MHGQD]OLQLL 

UyZQROHJá\FKMHVWZ\á F]RQD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

1DVWDZ\ORNDOL]DWRUD 

3RQL V]DWDEHODSU]HGVWDZLDPHQXXU] G]HQLDGODORNDOL]DWRUDZUD]]GRVW SQ\PL]DNUHVDPL 

QDVWDZLZDUWR FLDPLGRP\ OQ\PLIDEU\F]Q\PL 

7HNVWPHQX 1DVWDZD =DNUHVQDVWDZ .URN 

GRP\ OQD 0LQ 0D[ 

9,(:5(&25'6 

)DXOW/RFDWLRQ [PHWUyZ 2GOHJáR üGRPLHMVFD]ZDUFLDZPHWUDFK 

)DXOW/RFDWLRQ [PLO 2GOHJáR üGRPLHMVFD]ZDUFLDZPLODFK 

)DXOW/RFDWLRQ [W 2GOHJáR üGRPLHMVFD]ZDUFLDZRPDFK 

)DXOW/RFDWLRQ [ 2GOHJáR üGRPLHMVFD]ZDUFLDZSURFHQWDFK 

GáXJR FLOLQLL 

/LQH/HQJWKPHWUHV ( 

/LQH/HQJWKPLOHV 

/LQH,PSHGDQFH 

/LQH$QJOH 

.=15HVLGXDO 

.=15HV$QJOH 

0XWXDO&RPS 'LVDEOHG (QDEOHG'LVDEOHG 1$ 

N=P0XWXDO&RPS 

.=P$QJOH 

7DEHOD 

 

:\]ZDODQLHUHMHVWUDWRUD]DNáyFH 

/RNDOL]DFMD]ZDUFLDMHVWF] FL GDQ\FK]DZDUW\FKZUHMHVWU]H]ZDUFLDLGODWHJRORNDOL]DWRUMHVW 

Z\]ZDODQ\ZWHG\JG\JHQHURZDQ\MHVWUHMHVWU]DNáyFHQLD-HVWWRNRQWURORZDQHSRSU]H]''% 

µ)DXOW5(&75,*GRP\ OQLHWHQV\JQDáMHVWSREXG]DQ\SRSU]H]G]LDáDQLHGRZROQHJR 

Z\á F]HQLDRG]DEH]SLHF]H 


3U]\MPLMP\QDVW SXM FHGDQHGODFKURQLRQHMOLQLL 

” OLQLDSU]HV\áRZDN9 

” SU]HNáDGQLNSU GRZ\ u , 

” SU]HNáDGQLNQDSL FLRZ\ u 8 

” GáXJR üOLQLL NP 

” VNáDGRZD]JRGQDLPSHGDQFMLOLQLL =/ MWNP 

” VNáDGRZD]HURZDLPSHGDQFMLZ]DMHPQHM=/ MWNP 

” VNáDGRZD]HURZDLPSHGDQFMLZ]DMHPQHM=0 M 

 

'áXJR üOLQLLPR HE\üXVWDZLRQD]DUyZQRZPHWUDFKMDNLZPLODFK 

” 'ODWHJRGODQDV]HJRSU]\NáDGXXVWDZLP\ NP

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

,PSHGDQFMDOLQLLQDVWDZ\DPSOLWXG\LN WDV REOLF]DQHQDVW SXM FR 

” 5HODFMDLPSHGDQFMLZWyUQHMGRSLHUZRWQHMu , u 8 

” 6NáDGRZD]JRGQDLPSHGDQFMLOLQLL =/ [À R 

À R 

GODWHJRQDVWDZLRQDGáXJR üOLQLL 

N WOLQLL R 

$PSOLWXGDN=Q5HVLGXDOLN WN=Q5HV$QJOHVNáDGRZHM]HURZHMLPSHGDQFMLGRNRPSHQVDFML 

V REOLF]DQHSRSU]H]QDVW SXM F IRUPXá 

N=Q 

=/ - =/ 

= 

” =/ 

 

+ 

= 

= À - 

M 

- 

+ 

” À 

M 

À 

= 

À 

'ODWHJRQDVWDZD N=Q5HVLGXDO 

N=Q5HV$QJOH R 

$PSOLWXGDN=P0XWXDO&RPSLN WN=P$QJOHLPSHGDQFMLZ]DMHPQHMGRNRPSHQVDFMLV 

REOLF]DQHSRSU]H]QDVW SXM F IRUPXá 

N=P 

=0 

= 

” =/ 

 

+ M 

= 

” À 

= À 

À 

= 

À 

'ODWHJRQDVWDZD N=P0XWXDO&RPS 

N=Q$QJOH R 

5HMHVWU\]GDU]H L]DNáyFH 

8U] G]HQLH]DSDPL WXMHZQLHXORWQHMSDPL FL]SRGWU]\PDQLHPEDWHU\MQ\PGR]GDU]H 

7RSR]ZDODREVáXG]HRNUH OLüVHNZHQFM V\JQDáyZNWyUDZ\VW SLáDZXU] G]HQLXSR 

V]F]HJyOQHM]PLDQLHVWDQXV\VWHPXVHNZHQFMLá F]HQLRZHMLWS*G\GRVW SQDSDPL üMHVW 

Z\F]HUSDQDWRQDMVWDUV]H]GDU]HQLHMHVWDXWRPDW\F]QLHQDGSLV\ZDQHSU]H]QRZH 

=HJDUF]DVXU]HF]\ZLVWHJRZEXGRZDQ\ZXU] G]HQLHR]QDF]DFHFK F]DVXND GH]GDU]HQLH 

]UR]G]LHOF]R FL PV 

5HMHVWU\]GDU]H V GRVW SQHGRSU]HJO GDQLD]DUyZQR]SDQHOXSU]HGQLHJRSRSU]H] 

Z\ ZLHWODF]/&'OXE]GDOQLHSRSU]H]SRUW\NRPXQLNDF\MQH 

/RNDOQHSU]HJO GDQLHQDHNUDQLH/&'MHVWUHDOL]RZDQHSRSU]H]NROXPQ PHQX9,(: 

5(&25'6.ROXPQDWDSR]ZDODSU]HJO GDQLH]GDU]H ]DNáyFH LUHMHVWUyZ 

NRQVHUZDF\MQ\FK3RND]DQRWRSRQL HM

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

9,(:5(&25'6 

7HNVWPHQX 

6HOHFW(YHQW 

6HOHFW)DXOW 

2SLV 

=DNUHVQDVWDZRGGR3R]ZDODZ\EUDüLQWHUHVXM F 

QDVSR]\FM VSR UyGOLVW\NWyUHPRJ E\ü 

]DSDPL WDQH:DUWR üRGSRZLDGDQDMSy QLHMV]HPX 

]GDU]HQLX 

7LPH 'DWH &HFKDF]DVXLGDWDGOD]GDU]HQLDQDGDQDSU]H] 

ZHZQ WU]Q\]HJDUF]DVXU]HF]\ZLVWHJR 

(YHQW7H[W 'R]QDNyZRSLVX]GDU]HQLDSDWU]GDOV]HF] 

UR]G]LDáX 

(YHQW9DOXH 'RELWyZPDWU\F\LQIRUPDF\MQHMOXEOLF]EDFDáNRZLWD 

UHSUH]HQWXM FD]GDU]HQLHSDWU]GDOV]HF] FLUR]G]LDáX 




]GDU]HQLX 

.ROHMQHNRPyUNLSRND]XM ZV]\VWNLH]QDF]QLNLIODJLXV]NRG]HQLDSREXG]HQLD]DEH]SLHF]H 

Z\á F]H ]DEH]SLHF]HQLDORNDOL]DFML]DNáyFHQLDSRPLDUyZLWGVNRMDU]RQ\FK]]DNáyFHQLHP 

WMNRPSOHWQ\UHMHVWU]DNáyFHQLD 

6HOHFW0DLQW 

0DLQW'DWD 

5HVHW,QGLFDWLRQ 




]GDU]HQLX 

0DLQW7H[W 'R]QDNyZRSLVXZ\VW SLHQLDSDWU]GDOV]HF] 

UR]G]LDáX 

0DLQW7\SH .RPyUNLV QXPHUDPLUHSUH]HQWXM F\PLGODZ\VW SLHQLD 

6 XIRUPRZDQHZVSHF\ILF]Q\NRGEá GXNWyU\SRZLQLHQ 

E\üXPLHV]F]RQ\ZRGSRZLHGQLHMNRUHVSRQGHQFMLGR 

$/67207 '6$ 

0R HE\üµ

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

=PLDQDVWDQXZHM üV\JQDáRZ\FK 

-H HOLMHGQROXEZL FHMZHM üV\JQDáRZ\FK]PLHQLVWDQWRQRZ\VWDQMHVW]DSLV\ZDQ\MDNR 

]GDU]HQLH-H HOLWR]GDU]HQLHZ\EUDQRGRSU]HJO GDQLDQDZ\ ZLHWODF]X/&'WRWU]\ 

X \WHF]QHNRPyUNLE G ZLGRF]QH 

7LPH 'DWHRI(YHQW 

µ/2*,&,13876 

µ(YHQW9DOXH 

 

.RPyUNDµ(YHQW9DOXH>ZDUWR ü]GDU]HQLD@PR HE\üVáRZHPOXEELWRZ\PSRND]XM F\P 

VWDQZHM FLDJG]LHQDMPQLHM]QDF] F\ELWSRSUDZHMVWURQLHRGSRZLDGDZHM FLXV\JQDáRZHPX 

QULWG7DVDPDLQIRUPDFMDMHVWSRND]\ZDQDMH HOL]GDU]HQLHRGF]\WDQR]DSR UHGQLFWZHP 

NRPSXWHUD 

=PLDQDVWDQXZ\M üSU]HND QLNRZ\FK 

-H HOLMHGQROXEZL FHMZHM üV\JQDáRZ\FK]PLHQLVWDQWRQRZ\VWDQMHVW]DSLV\ZDQ\MDNR 

]GDU]HQLH-H HOLWR]GDU]HQLHZ\EUDQRGRSU]HJO GDQLDQDZ\ ZLHWODF]X/&'WRWU]\ 

X \WHF]QHNRPyUNLE G ZLGRF]QH 

7LPH 'DWHRI(YHQW 

µ287387&217$&76 

µ(YHQW9DOXH 

 

.RPyUNDµ(YHQW9DOXH>ZDUWR ü]GDU]HQLD@PR HE\üOXEELWRZ\PVáRZHP 

SRND]XM F\PVWDQZ\M üSU]HND QLNRZ\FKJG]LHQDMPQLHM]QDF] F\ELWSRSUDZHMVWURQLH 

RGSRZLDGDZ\M FLXSU]HND QLNRZHPXQULWG7DVDPDLQIRUPDFMDMHVWSRND]\ZDQDMH HOL 

]GDU]HQLHRGF]\WDQR]DSR UHGQLFWZHPNRPSXWHUD 

:DUXQNLWZRU]HQLDDODUPXSU]HND QLND 

'RZROQHZDUXQNLJG\JHQHURZDQ\MHVWDODUPSU]HND QLNDV ]DSLV\ZDQHMDNRLQG\ZLGXDOQH 

]GDU]HQLD3RQL V]DWDEHODSU]HGVWDZLDSU]\NáDG\NLONXZDUXQNyZWZRU]HQLDDODUPXLVSRVyE 

LFKSUH]HQWDFMLQDOL FLH]GDU]H 

:DUXQNLWZRU]HQLDDODUPX 

(YHQW7H[W 

>WHNVW]GDU]HQLD@ 

=GDU]HQLHZ\QLNRZH 

(YHQW9DOXH 

>ZDUWR ü]GDU]HQLD@ 

8V]NRG]HQLHEDWHULL %DWWHU\)DLO212)) /LF]EDRGGR 

8V]NRG]HQLH]DVLODF]D )LHOG9)DLO212)) /LF]EDRGGR 

:\EyUEá GQHMJUXSDQDVWDZ 

SRSU]H]ZHM FLHV\JQDáRZH 

6HWWLQJ*US,QYDOLG212)) 

/LF]EDRGGR 

=DEH]SLHF]HQLHRGVWDZLRQH 3URWQ'LVDEOHG212)) /LF]EDRGGR 

&] VWRWOLZR üSR]D]DNUHVHP )UHTRXWRI5DQJH212)) /LF]EDRGGR 

$ODUPNRQWUROLQDSL FLRZ\FK 

REZRGyZSRPLDURZ\FK 

97)DLO$ODUP212)) 

/LF]EDRGGR 

:\á F]QLN]DZLyGá &%)DLO212)) /LF]EDRGGR 

7DEHOD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

7DEHODSRND]XMHVNUyWRZHRSLV\NWyUHV JHQHURZDQHSU]\Uy Q\FKZDUXQNDFKSRMDZLDQLDVL 

DODUPXLUyZQLH RGSRZLDGDM F ZDUWR üSRPL G]\L:DUWR üMHVWGRGDZDQDGRND GHJR 

]GDU]HQLDDODUPRZHJRZSRGREQ\VSRVyEMDN]GDU]HQLD]ZL ]DQH]ZHM FLDPLLZ\M FLDPL 

RSLV\ZDQHSRSU]HGQLR-HVWRQX \ZDQ\SU]H]RSURJUDPRZDQLHVáX FHGRRGF]\WX]GDU]H 

WDNLHMDN0L&2066\JQDá\µ21OXEµ2))V SRND]\ZDQHSRRSLVLHGOD]D]QDF]HQLDF]\ 

WHQZDUXQHNSRMDZLáVL F]\]QLNQ á 

(OHPHQW]DEH]SLHF]HQLRZ\SREXG]DVL LZ\á F]D 

'RZROQHG]LDáDQLHHOHPHQWX]DEH]SLHF]HQLRZHJRSREXG]HQLHOXEZ\á F]HQLHE G]LH 

UHMHVWURZDQHMDNR]GDU]HQLHVNáDGDM FHVL ]WHNVWXLGHQW\ILNXM FHJRG]LDáDM F\HOHPHQWL 

ZDUWR ü]GDU]HQLD-HVWRQX \ZDQ\SU]H]RSURJUDPRZDQLHVáX FHGRRGF]\WX]GDU]H WDNLH 

MDN0L&206DQLHGODRGF]\WXSRSU]H]Z\ ZLHWODF]/&'LGODWHJRZDUWR FLWHMRGF]\WDü 

SRSU]H]HNUDQ/&'QLHPR QDMHVWRQDXNU\WD 

=GDU]HQLDRJyOQH 

3HZQDOLF]ED]GDU]H SRMDZLDVL SRGKDVáHPµ*HQHUDO(YHQWV>]GDU]HQLDRJyOQH@ 

SU]\NáDGRZHSU]HGVWDZLRQRSRQL HM 

3U]\F]\QD]GDU]HQLD 

+DVáRSR]LRPX]PRG\ILNRZDQR]SR]LRPX 

LQWHUIHMVXX \WNRZQLND8,SU]HGQLHJR)OXE 

W\OQHJR5SRUWXNRPXQLNDF\MQHJR 

3HáQDOLVWD]GDU]H RJyOQ\FKMHVWSRGDQDZ'RGDWNX$ 

7HNVWZ\ ZLHWODQ\Z 

UHMHVWU]H]GDU]H 

3:HGLWHG8,)OXE5 

:\ ZLHWODQD 

ZDUWR ü 

5HMHVWU\]DNáyFH 

=DND G\PUD]HPJG\JHQHURZDQ\MHVWUHMHVWU]DNáyFH SRZVWDMHUyZQLH ]GDU]HQLH 

=GDU]HQLHLQIRUPXMHSRSURVWX H]RVWDáZ\JHQHURZDQ\UHMHVWU]DNáyFH ]RGSRZLHGQLP 

]QDF]QLNLHPF]DVX 

3U]HJO GDQLHDNWXDOQHJRUHMHVWUX]DNáyFH MHVWREVáXJLZDQHSRSU]H]NRPyUN µ6HOHFW)DXOW 

>Z\ELHU]]DNáyFHQLH@QDGROHNROXPQ\µ9,(:5(&25'6NWyUDSR]ZDODZ\EUDüMHGHQ] 

UHMHVWUyZ5HMHVWU\VNáDGDM VL ]H]QDF]QLNyZXV]NRG]HQLDORNDOL]DFMLPLHMVFD]ZDUFLD 

SRPLDUyZ]DNáyFHQLDLWG=QDF]QLNF]DVXZ\VW SXM F\ZUHMHVWU]H]DNáyFH MHVWEDUG]LHM 

GRNáDGQ\QL RGSRZLHGQL]QDF]QLNQDGDQ\ZUHMHVWU]H]GDU]H JG\ ]GDU]HQLHMHVW 

]DSLV\ZDQHWURFK Sy QLHMQL JHQHURZDQ\QDELH FRUHMHVWU]DNáyFH 

5DSRUW\NRQVHUZDF\MQH 

:HZQ WU]QHXV]NRG]HQLDZ\NU\WHSU]H]REZRG\VDPRNRQWUROLWDNLHMDNXNáDGZDWFKGRJD 

XV]NRG]HQLHQDSL FLDSRORZHJRLWSV ]DSLV\ZDQHZUDSRUFLHNRQVHUZDF\MQ\P5DSRUWWHQ 

]DSDPL WXMHWDNLFK]GDU]H LPR HE\üRGF]\WDQ\SRSU]H]NRPyUN µ6HOHFW0DLQW>Z\ELHU] 

UDSRUWNRQVHUZDF\MQ\@QDGROHNROXPQ\µ9,(:5(&25'6 

.D G\ZSURZDG]RQ\HOHPHQWVNáDGDVL ]WHNVWXRSLVRZHJRRUD]NRPyUHNµ7\SH>W\S@Lµ'DWD 

>GDQH@NWyUHV Z\MD QLRQHZRSLVLHPHQXQDSRF] WNXWHJRUR]G]LDáXL]GRGDWNRZ\PL 

V]F]HJyáDPLZ'RGDWNX 

=DND G\PUD]HPNLHG\UDSRUWNRQVHUZDF\MQ\MHVWJHQHURZDQ\SRZVWDMHUyZQLH ]GDU]HQLH 

=GDU]HQLHLQIRUPXMH HUDSRUW]RVWDáVWZRU]RQ\]RGSRZLHGQL FHFK F]DVX

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

=PLDQ\QDVWDZ 

=PLDQ\GRZROQHMQDVWDZ\Z]DEH]SLHF]HQLXV UHMHVWURZDQHMDNR]GDU]HQLH3RQL HM 

SRND]DQRGZDSU]\NáDG\ 

7\S]PLDQ\QDVWDZ 

7HNVWZ\ ZLHWODQ\Z 

UHMHVWU]H]GDU]H 

:\ ZLHWODQD 

ZDUWR ü 

1DVWDZDVWHURZDQLDZVSLHUDQLD & &&KDQJHG 

=PLDQDEDQNX *URXS&KDQJHG 

8ZDJD1DVWDZ\VWHURZDQLDZVSLHUDQLDV QDVWDZDPLGRW\F] F\PLNRPXQLNDFMLSRPLDUyZ 

QDVWDZSU]HNáDGQLSU]HNáDGQLNyZLWSF]\OLQDVWDZDPLNWyUHQLHV SRZLHODQHZF]WHUHFK 

EDQNDFKQDVWDZ*G\GRZROQD]W\FKQDVWDZ]RVWDQLH]PLHQLRQDWRUyZQRF]H QLHWZRU]RQ\ 

MHVWUHMHVWU]GDU]HQLD-HGQDN]PLDQ\Z]DEH]SLHF]HQLXOXEUHMHVWUDWRU]H]DNáyFH E G 

JHQHURZDü]GDU]HQLHW\ONRJG\QDVWDZ\]RVWDQ SRWZLHUG]RQH 

 

 

=HURZDQLHUHMHVWUyZ]GDU]H ]DNáyFH 

-H HOLZ\PDJDVL VNDVRZDQLD]GDU]HQLD]DNáyFHQLDOXEUDSRUWyZNRQVHUZDF\MQ\FKWRPR QD 

WR]UHDOL]RZDüSRSU]H]NROXPQ PHQXµ5(&25'&21752/ 

3U]HJO GDQLHUHMHVWUyZ]GDU]H SRSU]H]SURJUDPQDU] G]LRZ\0L&206 

*G\UHMHVWU\]GDU]H V RGF]\W\ZDQHLSU]HJO GDQHQDHNUDQLH3&WRZ\JO GDM RQHQLHFR 

LQDF]HMQL QDHNUDQLH/&'XU] G]HQLD3RQL HMSRND]DQRSU]\NáDGMDNUy QH]GDU]HQLD 

Z\JO GDM SU]\X \ZDQLX0L&206 

±0RQGD\1RYHPEHU*07,!6WDUW21 

$/67200L&20 

0RGHO1XPEHU3 

$GGUHVV&ROXPQ5RZ 

(YHQW7\SH3URWHFWLRQRSHUDWLRQ 

±0RQGD\1RYHPEHU*07)DXOW5HFRUGHG 

$/67200L&20 

0RGHO1XPEHU3 


(YHQW7\SH)DXOWUHFRUG 

±0RQGD\1RYHPEHU*07/RJLF,QSXWV 

$/67200L&20 

0RGHO1XPEHU3 


(YHQW7\SH/RJLFLQSXWFKDQJHGVWDWH 

±0RQGD\1RYHPEHU*072XWSXW&RQWDFWV 

$/67200L&20 

0RGHO1XPEHU3 


(YHQW7\SH5HOD\RXWSXWFKDQJHGVWDWH 

-DNPR QD]DXZD \üSLHUZV]DOLQLDSRGDMHRSLVLFHFK F]DVXGOD]GDU]HQLDSRGF]DVJG\ 

GRGDWNRZHLQIRUPDFMHZ\ ZLHWODQHSRQL HMPRJ E\ü]ZLQL WHSU]\X \FLX 

'RGDWNRZHLQIRUPDFMHR]GDU]HQLDFKLLFKVSHF\ILF]Q\P]QDF]HQLHPSRGDQRZ'RGDWNX$

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

5HMHVWU]DNáyFH 

:EXGRZDQ\UHMHVWU]DNáyFH PDREV]DUSDPL FLVSHF\ILF]QLHXVWDZLRQ\SR]DPLHMVFHP 

SU]HFKRZ\ZDQLDUHMHVWUyZ]GDU]H /LF]EDUHMHVWUyZNWyUHPR QD]DSDPL WDü]DOH \RG 

Z\EUDQHJRF]DVXWUZDQLDUHMHVWUDFMLOHF]]Z\NOH]DEH]SLHF]HQLDW\SRZRPDM SRMHPQR ü 

SU]HFKRZ\ZDQLDPLQLPXPUHMHVWUyZND G\RF]DVLHUHMHVWUDFMLVHNXQG\5HMHVWU\ 

]DNáyFH NRQW\QXXM ]DSLVD GRZ\F]HUSDQLDSRMHPQR FLSDPL FLZWHG\QDMVWDUV]H 

]GDU]HQLHMHVWQDGSLV\ZDQHGORVWZRU]HQLDPLHMVFDQDQRZ\]DSLV 

5HMHVWUDWRUSU]HFKRZXMHDNWXDOQHSUyENLNWyUHV SRELHUDQLHZWHPSLHSUyEHNQDRNUHV 

.D G\UHMHVWU]DNáyFH VNáDGDVL ]R PLXNDQDáyZDQDORJRZ\FKLWU]\G]LHVWXGZyFKNDQDáyZ 

GZXVWDQRZ\FK3U]HNáDGQLHSU]HNáDGQLNyZSU GRZ\FKLQDSL FLRZ\FKV UyZQLH 

RGF]\W\ZDQHGODNDQDáyZDQDORJRZ\FKGODXPR OLZLHQLDVNDORZDQLDZZLHONR FLDFK 

SLHUZRWQ\FK 

-H HOLX \ZDQ\MHVWSU]HNáDGQLNSU GRZ\$WRGODSRSUDZQHJRG]LDáDQLDUHMHVWUDWRUD]DNáyFH 

QDOH \VL XSHZQLü HZSURZDG]RQDSU]HNáDGQLDMHVWË 

.ROXPQDPHQX',6785%$1&(5(&25'(5SRND]DQDMHVWZSRQL V]HMWDEHOL 

7HNVWPHQX 1DVWDZDGRP\ OQD =DNUHVQDVWDZ .URN 

',6785% 

5(&25'(5 

0LQ 

0DNV 

'XUDWLRQ V V V V 

7ULJJHUSRVLWLRQ 

7ULJJHUPRGH 6LQJOH 6LQJOH([WHQGHG 

$QDORJ&KDQQHO 9$1 9$19%19&19&+(&.6

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

'RVW SQHV\JQDá\DQDORJRZHLGZXVWDQRZHUy QL VL SRPL G]\W\SDPL]DEH]SLHF]H L 

PRGHODPLWDN HGODRNUH OHQLDGRP\ OQ\FKQDVWDZQDOH \RGQLH üVL GRLQG\ZLGXDOQHM 

&RXULHURZHMED]\GDQ\FKSU]HGVWDZLRQHMZUR]G]LDOH 

&]DV\UHMHVWUDFMLSU]HG]DNáyFHQLHPLSR]DNáyFHQLXV XVWDZLDQHSRSU]H]NRPELQDFM 

NRPyUHNµ'XUDWLRQ>F]DVWUZDQLD@Lµ7ULJJHU3RVLWLRQ>SR]\FMDZ\]ZDODQLD@&]DVWUZDQLD 

XVWDZLDFDáNRZLW\F]DVWUZDQLDUHMHVWUDFMLQDWRPLDVWSR]\FMDZ\]ZDODQLDXVWDZLDSXQNWMDNR 

SURFHQWRZ ZDUWR üF]DVXWUZDQLDUHMHVWUDFML3U]\NáDGRZRQDVWDZ\GRP\ OQHSRND]XM H 

FDáNRZLW\F]DVWUZDQLDUHMHVWUDFMLMHVWXVWDZLRQ\QDZDUWR üV]SXQNWHPZ\]ZDODQLD 

FRGDMHF]DVUHMHVWUDFMLSU]HG]DNáyFHQLHP VLF]DVUHMHVWUDFMLSR]DNáyFHQLX 

V 

-H HOLSRMDZLDM VL QDVW SQHV\JQDá\Z\]ZDODM FHSRGF]DVWUZDQLDUHMHVWUDFMLWRUHMHVWUDWRU 

E G]LHLJQRURZDáMHSU]\QDVWDZLHµ7ULJJHU0RGH>WU\EZ\]ZDODQLD@ µ6LQJOH>SRMHG\QF]D@ 

-H HOL]RVWDáRQDVWDZLRQHMDNRµ([WHQGHG>]áR RQD@WRF]DVSRZ\]ZROHQLXMHVW]HURZDQ\LZ 

WHQVSRVyEZ\GáX DF]DVUHMHVWUDFML 

-DNPR QDVSUDZG]Lü]PHQXND G\]NDQDáyZDQDORJRZ\FKMHVWQDVWDZLDOQ\]OLVW\ 

GRVW SQ\FKZHM üDQDORJRZ\FK]DEH]SLHF]HQLD.DQDá\GZXVWDQRZHPRJ E\üSU]\SLVDQHGR 

GRZROQHJRZHM FLDV\JQDáRZHJROXESU]HND QLNDZ\NRQDZF]HJRDWDN HGRV]HUHJX 

ZHZQ WU]Q\FKV\JQDáyZGZXVWDQRZ\FKWDNLFKMDNSREXG]HQLD]DEH]SLHF]H ZVND QLNL 

/('LWS 

.RPSOHWQDOLVWDW\FKV\JQDáyZPR HE\üRGV]XNDQDSRSU]H]SU]HJO GQL FLHGRVW SQ\FK 

QDVWDZZPHQXOXESRSU]H]SOLNQDVWDZZ0L&206'RZROQ\]NDQDáyZGZXVWDQRZ\FK 

PR HE\üZ\EUDQ\GODZ\]ZROHQLDUHMHVWUDWRUD]DNáyFH SU]\]PLDQLHVWDQX]QLVNLHJRQD 

Z\VRNLOXERGZURWQLHSU]\]PLDQLHVWDQX]Z\VRNLHJRQDQLVNLSRSU]H]NRPyUN µ,QSXW 

7ULJJHU'RP\ OQ QDVWDZ Z\]ZDODQLDMHVWGRZROQ\]HVW\NZ\M FLRZ\SU]HZLG]LDQ\GR 

Z\á F]DQLDWMZ\M FLH 

1LHMHVWPR OLZHSU]HJO GQL FLHUHMHVWUX]DNáyFH ORNDOQLHQDHNUDQLH/&'XU] G]HQLD0XVL 

E\üRQRRGF]\WDQHSU]\X \FLXRGSRZLHGQLHJRRSURJUDPRZDQLDWDNLHJRMDN0L&2067HQ 

SURFHVMHVWGRNáDGQLHRSLVDQ\ZUR]G]LDOH1LHMHVWPR OLZHUyZQRF]HVQHRGF]\W\ZDQLH 

UHMHVWUDFML]DNáyFH SRSU]H]SRUWSU]HGQLLW\OQ\XU] G]HQLD 

 

3RPLDU\ 

8U] G]HQLHZ\WZDU]D]QDF]Q OLF]E SRPLDUyZZLHONR FLV\VWHPXPLHU]RQ\FKF]\WH 

REOLF]RQ\FK:DUWR FLWHV DNWXDOL]RZDQHZRGVW SDFKVHNXQGRZ\FKV RQHQDVW SXM FH 

” 1DSL FLDLSU G\ID]RZH 

” 1DSL FLDLSU G\PL G]\ID]RZH 

” 6NáDGRZHV\PHWU\F]QHSU GyZLQDSL ü 

” 0RFHLHQHUJLH 

” :DUWR FLVNXWHF]QHSU GyZLQDSL ü 

” :DUWR FLV]F]\WRZHVWDáHLSU]HVXZDQHRNQRZDUWR FLZ\PDJDQ\FK 

6 GRVW SQHUyZQLH ZDUWR FLSRPLDURZH]IXQNFML]DEH]SLHF]HQLRZ\FKNWyUHV UyZQLH 

Z\ ZLHWODQHZNROXPQLHSRPLDUyZPHQXRPyZLRQHMHZF] FLGRW\F] FHMRGSRZLHGQLHM 

IXQNFML]DEH]SLHF]HQLRZHM 

3RPLDUQDSL üLSU GyZ 

=DEH]SLHF]HQLHSURGXNXMH]DUyZQRQDSL FLDLSU G\ID]D]LHPLDMDNLID]DID]D6 RQH 

Z\WZDU]DQHEH]SR UHGQLR]')7G\VNUHWQHMWUDQVIRUPDW\)RXULHUDX \ZDQHMSU]H]IXQNFMH 

]DEH]SLHF]HQLRZHXU] G]HQLD3U]HGVWDZLDM RQHSRPLDU\]DUyZQRDPSOLWXG\MDNLN WD 

ID]RZHJR

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

6NáDGRZHV\PHWU\F]QHSU GyZLQDSL ü 

:DUWR FLVNáDGRZ\FKV\PHWU\F]Q\FKV REOLF]DQH]H]PLHU]RQ\FKZDUWR FL)RXULHUD6 RQH 

Z\ ZLHWODQHMDNRZDUWR FLDPSOLWXG 

0RFLHQHUJLD 

8 \ZDM FPLHU]RQ\FKSU GyZLQDSL ü]DEH]SLHF]HQLHREOLF]DPRFHSR]RUQ F]\QQ L 

ELHUQ 6 RQHSURGXNRZDQHGODND GHMID]\RGG]LHOQLHDQDVW SQLHVXPRZDQH=QDNPRF\ 

F]\QQHMOXEELHUQHMPR HE\üVWHURZDQ\QDVWDZDPLWU\EXSRPLDUX6 GRVW SQHQDVW SXM FH 

F]WHU\RSFMH 

7U\ESRPLDUX 3DUDPHWU =QDN 

0RFF]\QQDRGGDZDQD 

ZDUWR üGRP\ OQD 0RFF]\QQDSRELHUDQD 

7DEHOD 

0RFELHUQDLQGXNF\MQDRGGDZDQD 

0RFELHUQDLQGXNF\MQDSRELHUDQD 


0RFF]\QQDSRELHUDQD 











'RGDWNRZRGRZLHONR FLSRPLDURZ\FKPRF\]DEH]SLHF]HQLHREOLF]DZVSyáF]\QQLNPRF\GOD 

ND GHMID]\RGG]LHOQLHMDNUyZQLH WUyMID]RZ\ZVSyáF]\QQLNPRF\ 

:DUWR FLSRPLDURZHPRF\VáX GR]ZL NV]HQLDOLF]QLNyZHQHUJLLF]\QQHMLELHUQHM2GG]LHOQH 

SRPLDU\HQHUJLLV UHDOL]RZDQHGODFDáNRZLWHMHQHUJLLSRELHUDQHMLRGGDZDQHM3RPLDU\HQHUJLL 

V ]ZL NV]DQHD GRPDNV\PDOQHMZDUWR FL*:KOXE*9$USRZ\ HMW\FKZDUWR FL 

]OLF]DQLHUR]SRF]\QDVL SRQRZQLHRG]HUD3U]HZLG]LDQRUyZQLH PR OLZR ü]HURZDQLDW\FK 

ZDUWR FLSU]\X \FLXNRPyUNLµ5HVHW'HPDQG>]HUXM GDQH@ORNDOQLHOXESRSU]H]LQWHUIHMV\ 

NRPXQLNDF\MQH 

:DUWR FLVNXWHF]QHQDSL üLSU GyZ 

:DUWR FLVNXWHF]QHQDSL üLSU GyZV REOLF]DQHSU]H]XU] G]HQLHSU]\X \FLXVXP\ 

NZDGUDWyZSUyEHNZRNUHVLHPLHU]RQHMZDUWR FL

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

:DUWR FL GDQH 

8U] G]HQLHSURGXNXMHZDUWR FL GDQHV]F]\WRZHVWDáHLSU]HVXZDQH0R OLZHMHVWLFK 

Z\]HURZDQLHSU]\X \FLXNRPyUNLµ5HVHW'HPDQG>]HUXM GDQH@ORNDOQLHOXESRSU]H] 

LQWHUIHMV\NRPXQLNDF\MQH 

:DUWR ü GDQDVWDáD 

:DUWR ü GDQDVWDáDMHVW UHGQL ZDUWR FL ZLHONR FLZRNUH ORQ\PSU]HG]LDOHF]DVX 

:DUWR FLV SURGXNRZDQHGODND GHMID]\SU GXLGODWUyMID]RZHMPRF\F]\QQHMLELHUQHM 

:DUWR ü GDQDVWDáDZ\ ZLHWODQDQDXU] G]HQLXMHVWREOLF]RQ ZSRSU]HGQLPRNQLHSRPLDUX 

ZDUWR FLV DNWXDOL]RZDQHQDNR FXRNUHVXSRPLDUX 

:DUWR ü GDQDSU]HVXZDQD 

:DUWR ü GDQDSU]HVXZDQDMHVWEDUG]RSRGREQDGRZDUWR FL GDQHMVWDáHM5y QLFDSROHJD 

QDW\P HX \ZDQHMHVWRNQRSU]HVXZDQH:DUWR ü GDQDSU]HVXZDQDVNáDGDVL ]SHZQHM 

OLF]E\PQLHMV]\FKRNUHVyZSRPLDUX5R]G]LHOF]R üRNQDSU]HVXZDQHJRMHVWGáXJR FL 

SRGRNUHVX]DNWXDOL]RZDQ ZDUWR FL Z\ ZLHWODQ QDNR FXND GHJRSRGRNUHVX 

:DUWR ü GDQDV]F]\WRZD 

:DUWR ü GDQDV]F]\WRZDMHVWSURGXNRZDQDGODND GHMID]\SU GXLGODWUyMID]RZHMPRF\ 

F]\QQHMLELHUQHM:\ ZLHWODQHV PDNV\PDOQHZDUWR FLZLHONR FLPLHU]RQ\FKRGF]DVX 

RVWDWQLHJR]HURZDQLD GDQ\FKZLHONR FL 

1DVWDZ\ 

1DVW SXM FHQDVWDZ\XPLHV]F]RQHSRGQDJáyZNLHPµ0HDVXUHPHQW6HWXS>XVWDZLHQLH 

SRPLDUyZ@PRJ ]RVWDüX \WHGODNRQILJXUDFMLIXQNFMLSRPLDURZ\FKXU] G]HQLD 

7HNVWPHQX :DUWR üPHQX 2SLVJUDQLFH 

0HDVXUHPHQWV 

6HWXS 

'HIDXOW'LVSOD\ 'HVFULSWLRQ 'HVFULSWLRQ3ODQW5HIHUHQFH)UHTXHQF\ 

$FFHVV/HYHO3K1&XUUHQW 

3K9ROWDJH3RZHU'DWHDQG7LPH 

/RFDO9DOXHV 3ULPDU\ 3ULPDU\6HFRQGDU\ 

5HPRWH9DOXHV 3ULPDU\ 3ULPDU\6HFRQGDU\ 

0HDVXUHPHQW5HI 9$ 9$9%9&,$,%,& 

0HDVXUHPHQW 

GR]NURNLHP 

0RGH 

)L['HP3HULRG PLQXW GRPLQXW]NURNLHP 

5ROO6XE3HULRG PLQXW GRPLQXW]NURNLHP 

1XP6XE3HULRGV GR]NURNLHP 

'LVWDQFH8QLW NP NPPLOHV 

)DXOW/RFDWLRQ 'LVWDQFH 'LVWDQFH2KPVRI/LQH 

7DEHOD 

 

1DVWDZDGRVW SQDGODXU] G]HQLD]H]LQWHJURZDQ IXQNFM ORNDOL]DWRUDPLHMVFD]ZDUFLD 

3L3

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

'HIDXOWGLVSOD\>GRP\ OQ\Z\ ZLHWODF]HNUDQ@ 

1DVWDZDPR HE\üX \WDGODZ\ERUXVSR UyGV]HUHJXPR OLZR FLGRP\ OQHM]DZDUWR FL 

HNUDQX0R OLZHMHVWSU]HMU]HQLHLQQ\FKZDUWR FLZF]DVLHJG\QDPHQXGRP\ OQ\PX \MHVL 

SU]\FLVNyZ¤OXEÜ-HGQDNSRRGPLHU]HQLXPLQXW]DZDUWR üHNUDQXSRZUyFLGRZDUWR FL 

RNUH ORQHMSU]H]QDVWDZ 

/RFDOYDOXHV>ZDUWR FLORNDOQH@ 

1DVWDZDRNUH ODF]\ZDUWR FLPLHU]RQHRGF]\W\ZDQH]HNUDQ\OXESU]HGQLHJRSRUWX 

NRPXQLNDF\MQHJR&RXULHUPDM E\üZ\ ZLHWODQHZLHONR FLDFKSLHUZRWQ\FKF]\ZWyUQ\FK 

5HPRWHYDOXHV>ZDUWR FL]GDOQH@ 

1DVWDZDRNUH ODF]\ZDUWR FLPLHU]RQHRGF]\W\ZDQHSRSU]H]W\OQ\SRUWNRPXQLNDF\MQ\PDM 

E\üZ\ ZLHWODQHZZLHONR FLDFKSLHUZRWQ\FKF]\ZWyUQ\FK 

0HDVXUHPHQWUHI>RGQR QLNSRPLDUX@ 

1DVWDZDRNUH ODRGQR QLNID]\Z]JO GHPNWyUHMPDE\üUHDOL]RZDQ\SRPLDUN WDGOD 

ZV]HONLFKZLHONR FL 

0HDVXUHPHQWPRGH>WU\ESRPLDUX@ 

1DVWDZDMHVWX \ZDQDGODRNUH ODQLD]QDNyZZLHONR FLPRF\F]\QQHMLELHUQHM.RQZHQFMDWD 

MHVWRSLVDQDZWDEHOLSRZ\ HM 

)L[HGGHPDQGSHULRG>RNUHVSRPLDUXZDUWR FL GDQHMVWDáHM@ 

1DVWDZDRNUH ODGáXJR üRNQDX UHGQLDQLDSRPLDUX 

5ROOLQJVXESHULRG>RNUHVSRPLDUXZDUWR FL GDQHMSU]HZLMDQHM@L1XPEHUVXE 

SHULRGV>OLF]EDSRGRNUHVyZ@ 

1DVWDZ\RNUH ODM GáXJR üRNQDX \ZDQHJRGRREOLF]DQLDZLHONR FLSU]HZLMDQ\FKL 

UR]G]LHOF]R FLGODWHJRRNQD 

'LVWDQFHXQLW>MHGQRVWNDRGOHJáR FL@ 

1DVWDZDRNUH ODMHGQRVWN RGOHJáR FLX \ZDQ SU]\ORNDOL]DFMLPLHMVFD]ZDUFLD'áXJR üOLQLL 

MHVWSU]HOLF]DQDSU]\]PLDQLHMHGQRVWNL]NLORPHWUyZQDPLOHLRGZURWQLH 

 

)DXOWORFDWLRQ>ORNDOL]DFMD]ZDUFLD@ 

2EOLF]RQDRGOHJáR üGRPLHMVFD]ZDUFLDPR HE\üSRND]\ZDQDSU]\X \FLXMHGQHM] 

SU]HGVWDZLRQ\FKZWHMQDVWDZLHRSFML

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

'20< /1(1$67$:

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

3U]\SLVDQLHZ\M üSU]HND QLNRZ\FK 

3 3 3 3 

5',7 5',7 5',7 5',7 

56LJQDOLQJ)DLO 56LJQDOLQJ)DLO 56LJQDOLQJ)DLO 56LJQDOLQJ)DLO 

5$Q\7ULS 5$Q\7ULS 5$Q\7ULS 5$Q\7ULS 

5*HQHUDO$ODUP 5*HQHUDO$ODUP 5*HQHUDO$ODUP 5*HQHUDO$ODUP 

5&%)DLO7LPH 5&%)DLO7LPH 5&%)DLO7LPH 5&%)DLO7LPH 

5&QWO&%&ORVH 5&QWO&%&ORVH 5&QWO&%&ORVH 5&QWO&%&ORVH 

5&QWO&%7ULS 5&QWO&%7ULS 5&QWO&%7ULS 5&QWO&%7ULS 

5'LII7ULS 57ULS$ 57ULS$ 

5,!7ULS 57ULS% 57ULS% 

5,1!7ULS 57ULS& 57ULS& 

5$5LQ3URJ 5$5LQ3URJ 5'LII7ULS 

56XFFHVV&ORVH 56XFFHVV&ORVH 5&%)DLO7ULS 

5$5/RFNRXW 5$5/RFNRXW 5&QWO&ORVH 

5$5LQ6HUYLFH 5$5LQ6HUYLFH 5&QWO7ULS 

7DEHOD 

7U\EG]LDáDQLDSU]HND QLNyZZ\M FLRZ\FK 

3 3 3 3 

'ZHOOPV 'ZHOOPV 'ZHOOPV 'ZHOOPV 

'LVDEOHG 'LVDEOHG 'LVDEOHG 'LVDEOHG 






'LVDEOHG 'ZHOOPV 'ZHOOPV 



'LVDEOHG 'LVDEOHG 'LVDEOHG 

'LVDEOHG 'LVDEOHG 'ZHOOPV 



7DEHOD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

3U]\SLVDQLHZVND QLNyZ/(' 

3 3 3 3 

'LII7ULS 'LII7ULS 'LII7ULS 'LII7ULS 

%DFNXS7ULS %DFNXS7ULS %DFNXS7ULS %DFNXS7ULS 

7KHUPDO$ODUP 7KHUPDO$ODUP 7KHUPDO$ODUP 7KHUPDO$ODUP 

6LJQDOLQJ)DLO 6LJQDOLQJ)DLO 6LJQDOLQJ)DLO 6LJQDOLQJ)DLO 

$Q\6WDUW $Q\6WDUW $Q\6WDUW $Q\6WDUW 

1RW8VHG $5LQ3URJUHVV $5LQ3URJUHVV 1RW8VHG 

1RW8VHG $5/RFNRXW $5/RFNRXW 1RW8VHG 

7HVW/RRSEDFN 7HVW/RRSEDFN 7HVW/RRSEDFN 7HVW/RRSEDFN 

7DEHOD 

 

7U\ESUDF\ZVND QLNyZ/(' 

3 3 3 3 

/DWFKHG /DWFKHG /DWFKHG /DWFKHG 

/DWFKHG /DWFKHG /DWFKHG /DWFKHG 

7UDQVSDUHQW 7UDQVSDUHQW 7UDQVSDUHQW 7UDQVSDUHQW 






7DEHOD 

6\JQDá\XUXFKDPLDM FHUHMHVWUDWRU]DNáyFH 

3 3 3 3 

$Q\7ULS $Q\7ULS $Q\7ULS $Q\7ULS 

7DEHOD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

:\PDJDQLDGODSU]HNáDGQLNyZSU GRZ\FK 

 

)D]RZH]DEH]SLHF]HQLHUy QLFRZH 

'OD]DVWRVRZD JG]LHPDNV\PDOQDZDUWR üSU GX]ZDUFLD[UHODFMD;5V\VWHPX 

SLHUZRWQHJRMHVWPQLHMV]HQL ,QSU]\W\SRZHMQDVWDZLH, 6 WR 

'OD, 6 ,Q N N 

9N! ,Q5 FW 5 / 

'OD, 6 ,Q N N 

9N! ,Q5 FW 5 / JG\;5 

L 9N! ,Q5 FW 5 / JG\;5 



'OD, 6 ,Q N N 

9N! ,Q5 FW 5 / 

'OD, 6 ,Q N N 

9N! ,Q5 FW 5 / JG\;5 



'OD, 6 ,Q N N 

9N! ,Q5 FW 5 / 

'OD, 6 ,Q N N 

9N! ,Q5 FW 5 / JG\;5 

JG]LH 9N QDSL FLRZ\SXQNWSU]HJL FLDSU]HNáDGQLNDSU GRZHJRGOD 

VWDELOL]DFMLSU]\]ZDUFLDFKSR]DVWUHI >9@ 

5 FW UH]\VWDQFMDREZRGXZWyUQHJRSU]HNáDGQLNDSU GRZHJR>W@ 

5 / UH]\VWDQFMDSRMHG\QF]HJRSU]HZRGXRG]DEH]SLHF]HQLDGR 

SU]HNáDGQLND>W@ 

 

=DEH]SLHF]HQLHRG]ZDUüGR]LHPQ\FK 

&]XáH]DEH]SLHF]HQLH]LHPQR]ZDUFLRZHL]DEH]SLHF]HQLHPRF\F]\QQHMX \ZDM FH 

]ELODQVRZDQ\FKSU]HNáDGQLNyZSU GRZ\FK 

9N! 1,Q5 FW 5 / JG]LHPDNV\PDOQDUHODFMD;5 LPDNV\PDOQ\ 

SU G]ZDUFLDGR]LHPQHJR [,Q 

JG]LH 9N QDSL FLRZ\SXQNWSU]HJL FLDSU]HNáDGQLNDSU GRZHJRGOD 

VWDELOL]DFMLSU]\]ZDUFLDFKSR]DVWUHI >9@ 

5 FW UH]\VWDQFMDREZRGXZWyUQHJRSU]HNáDGQLNDSU GRZHJR>W@ 

5 / UH]\VWDQFMDSRMHG\QF]HJRSU]HZRGXRG]DEH]SLHF]HQLDGR 

SU]HNáDGQLND>W@ 

1 0DNV\PDOQ\SU G]ZDUFLDGR]LHPQHJRSU G 

]QDPLRQRZ\SU]HNáDGQLNDSU GRZHJRVWURQ\SLHUZRWQHM 

8ZDJD 

1QLHSRZLQQRE\üZL NV]HRG2GSRZLHGQLRGRWHJRSRZLQLHQE\ü 

GREUDQ\SU]HNáDGQLNSU GRZ\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

0(187(67Ï:858&+20,(1,2:

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

2SWR,3VWDWXV>VWDQZHM üV\JQDáRZ\FK@ 

.RPyUNDPHQXSUH]HQWXMHVWDQZHM üXU] G]HQLDRSWRL]RORZDQ\FKMDNRFL J]QDNyZJG]LH 

µR]QDF]DZHM FLHSREXG]RQHDµZHM FLHRGZ]EXG]RQH3U]\SU]HVXZDQLXNXUVRUDZ]GáX 

SRV]F]HJyOQ\FKSR]\FMLSRND]XMHVL WHNVWRSLVRZ\ 

,QIRUPDFMDPR HE\üX \WDQDHWDSLHUR]UXFKXOXEEDGD UXW\QRZ\FKGODNRQWUROLVWDQXZHM ü 

ZF]DVLHJG\SREXG]DVL MHNROHMQRSRSU]H]RGSRZLHGQLHQDSL FLHVWDáH 

5HOD\23VWDWXV>VWDQZ\M üSU]HND QLNRZ\FK@ 

.RPyUNDPHQXSRND]XMHVWDQV\JQDáyZ''%NWyUHSREXG]DM SU]HND QLNLZ\M FLRZHZ 

SRVWDFLFL JX]QDNyZJG]LHµR]QDF]DZ\M FLHSREXG]RQHDµZ\M FLHRGZ]EXG]RQH3U]\ 

SU]HVXZDQLXNXUVRUDZ]GáX SRV]F]HJyOQ\FKSR]\FMLSRND]XMHVL WHNVWRSLVRZ\ 

,QIRUPDFMDPR HE\üX \WDQDHWDSLHUR]UXFKXOXEEDGD UXW\QRZ\FKGODNRQWUROLVWDQXZ\M ü 

ZF]DVLHJG\XU] G]HQLHMHVWZVWDQLHSUDF\µLQVHUYLFH'RGDWNRZRPR OLZHMHVWZ\V]XNDQLH 

XV]NRG]RQHJRSU]HND QLNDZ\M FLRZHJRSRSU]H]SRUyZQDQLHVWDQXMHJR]HVW\NyZ]H 

VNRMDU]RQ\PELWHP 

8ZDJD :WU\ELHJG\NRPyUNDµ7HVW0RGH>WU\EWHVWRZDQLD@MHVWXVWDZLRQDQD 

ZDUWR üµEORFNHG>]DEORNRZDQ\@NRPyUNDWDZFL E G]LH 

ZVND]\ZDüNWyUH]HVW\NLG]LDáDá\E\MH HOLSU]HND QLNE\áE\ 

SREXG]RQ\QDWRPLDVWQLHSRND]XMHRQRDNWXDOQHJRVWDQX 

SU]HND QLNyZZ\M FLRZ\FK 

 

 

 

7HVWSRUWVWDWXV>VWDQSRUWXWHVWRZHJR@ 

.RPyUNDPHQXSRND]XMHVWDQR PLXV\JQDáyZ''%NWyUH]RVWDá\SU]\SLVDQHZNRPyUNDFK 

µ0RQLWRU%LWV-H HOLSU]HVXZDüNXUVRUZ]GáX QXPHUyZELQDUQ\FKWRGODND GHJRELWXNRQWUROL 

E G]LHZ\ ZLHWODQ\WHNVWRGSRZLHGQLHJRV\JQDáX''% 

8 \ZDQLHWHMNRPyUNL]RGSRZLHGQL QDVWDZ ELWXNRQWUROQHJRPR QDZ\ ZLHWOLüVWDQV\JQDáX 

''%ZUy Q\FKZDUXQNDFKG]LDáDQLDOXEFL JDFKG]LDáD ]GHILQLRZDQ\FKZXU] G]HQLX:WHQ 

VSRVyEPR QDWHVWRZDüSURJUDPRZDOQ ORJLN G]LDáDQLD 

$OWHUQDW\ZQLHZREHFX \FLDWHMNRPyUNLPR QDSRGá F]\üRSFMRQDOQ\PRGXáNRQWUROQ\GRSRUWX 

NRQWUROQHJRáDGRZDQLDXPLHV]F]RQHJR]DGROQ SRNU\Z 6]F]HJyá\RW\PPRGXOHPR QD 

]QDOH üZUR]G]LDOH 

/('VWDWXV>VWDQZVND QLNyZ/('@ 

.RPyUND]DZLHUDRVLHP]QDNyZNWyUHZVND]XM NWyUD]SURJUDPRZDOQ\FKGLyGXU] G]HQLD 

MHVWUR] ZLHWORQDSU]\]GDOQ\PGRVW SLHGRXU] G]HQLD:DUWR üµZVND]XMH H 

RGSRZLHGQLDGLRGDMHVW]DSDORQDµR]QDF]DGLRG ]JDV]RQ 

0RQLWRUELWV>ELW\NRQWUROL@ 

2VLHPNRPyUHNµ0RQLWRU%LWSR]ZDODQDZ\EUDQLHV\JQDáyZ''%NWyU\FKVWDQPR HE\ü 

REVHUZRZDQ\SRSU]H]NRPyUN µ7HVW3RUW6WDWXVOXESRSU]H]SRUWNRQWUROQ\áDGRZDQLD 

.D G\ELWµ0RQLWRU%LWMHVWXVWDZLRQ\SRSU]H]ZSURZDG]HQLHZ\PDJDQHJRV\JQDáX''% 

]OLVW\GRVW SQ\FKZV]\VWNLHXPLHV]F]RQRZ'RGDWNX$=QDF]HQLHSRV]F]HJyOQ\FK 

SLQyZSRUWXNRQWUROQHJRSRGDQRZSRQL V]HMWDEHOL0DVDV\JQDáXGRVW SQDMHVWQDSLQDFK 

L 

0RQLWRU%LW 

3LQSRUWX 

7DEHOD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

3257.21752/1]DEORNRZDQH@3R]DNR F]HQLXWHVWRZDQLDQDOH \SRZUyFLü] 

QDVWDZ NRPyUNLGRZDUWR FLµ'LVDEOHG>RGVWDZLRQH@DE\]DEH]SLHF]HQLHSRZUyFLáRGR 

QRUPDOQHMSUDF\7U\EWHVWRZ\PR QDUyZQLH Z\EUDüSRSU]H]SREXG]HQLHZHM FLD 

SU]\SLVDQHJRGRV\JQDáXµ7HVW0RGH 

 

*'

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

 

7HVW/('V>WHVWZVND QLNyZ/('@ 

*G\MHVWZ\GDQDNRPHQGDµ$SSO\7HVW>WHVWXM@ZWHMNRPyUFHWRRVLHPGHILQLRZDOQ\FK 

ZVND QLNyZ/('E G]LH ZLHFLáRSU]H]F]DVRNRáRVHNXQGGRFKZLOLSRMDZLHQLDVL QD 

HNUDQLH/&'ZDUWR FLµ1R2SHUDWLRQ>EH]G]LDáDQLD@ 

7HVWDXWRUHFORVH>WHVW63=@ 

*G\XU] G]HQLHREVáXJXMHDXWRPDW\N 63=WRMHVWGRVW SQDRPDZLDQDNRPyUNDGOD 

WHVWRZDQLDVHNZHQFMLG]LDáDQLDZ\á F]QLND]ZSURZDG]RQ\PLZDUWR FLDPLQDVWDZ 

*HQHUXM FNRPHQG µ3ROH7ULS>Z\á F]ID]RZ\@SRZRGXMHP\ HSU]HND QLNUHDOL]XMH 

SLHUZV]\WUyMID]RZ\F\NO63=FRXPR OLZLDREVHUZDFM SRSU]H]]HVW\NLZ\M FLRZH 

SRSUDZQR FLUHDOL]DFMLQDVWDZF]DVRZ\FKZREU ELHF\NOX3R]DG]LDáDQLXZ\M FLD 

JHQHUXM FHJRZ\á F]HQLHQDHNUDQLHXU] G]HQLDSRMDZLDVL QDSLVµ1R2SHUDWLRQ>EH] 

G]LDáDQLD@LMHGQRF]H QLHSR]RVWDáDF] üF\NOX63=MHVWUHDOL]RZDQD'ODWHVWRZDQLD 

NROHMQ\FKF\NOLWUyMID]RZHJR63=QDOH \SRZWDU]DüNRPHQG µ3ROH7ULS 

3RGREQLHMH HOLGRVW SQ\MHVWMHGQRID]RZ\F\NO63=WRZDULDQW\GODNROHMQ\FKID]PRJ E\ü 

VSUDZG]DQHSRSU]H]X \FLHNRPHQGµ3ROH$7HVW>WHVWID]\$@µ3ROH%7HVW>WHVWID]\%@L 

µ3ROH&7HVW>WHVWID]\&@RGSRZLHGQLR 

8ZDJD 1DVWDZ\IDEU\F]QHXU] G]HQLD]UHDOL]RZDQHSRSU]H]HG\WRU36/PDM V\JQDáµ$5 

7ULS7HVW>WHVWZ\á F]DQLDZF\NOX63=@SU]\SLVDQ\GRSU]HND QLND:V\WXDFML 

JG\ZHG\WRU]H36/WHSU]\SLVDQLH]PLHQLRQRWRDE\IXQNFMDµ7HVW$XWRUHFORVH 

G]LDáDáDWRQDOH \XSHZQLüVL HV\JQDáµ$57ULS7HVWSREXG]DáZáD FLZ\ 

SU]HND QLNZ\NRQDZF]\ 

7HVWORRSEDFN>WHVWS WOL]ZURWQHM@ 

3RGF]DVUR]UXFKXXU] G]HQLDQLH]E GQHMHVWSRá F]HQLHSRUWyZWUDQVPLVMLLRGELRUXUD]HP]D 

SR UHGQLFWZHP ZLDWáRZRGX*G\X \WHDGUHV\NRPXQLNDF\MQH]DEH]SLHF]HQLDV Uy QHRG 

SDWU]UR]G]LDáWRWDNRPyUNDPHQXVSUDZL HNRPXQLNDFMDE G]LHUHDOL]RZDQD 

8 \FLH]HZQ WU]QHJRPRGXáXWHVWRZHJRSRSU]H]SRUWNRQWUROQ\ 

áDGRZDQLD 

=HZQ WU]Q\PRGXáNWyU\]DZLHUDZVND QLNyZ/('LSU]Há F]DOQ\ZVND QLNDNXVW\F]Q\ 

PR QD]DPyZLüZ$/67207 '6$-HVWRQZ\NRQDQ\ZIRUPLHPDáHJRSODVWLNRZHJR 

SXGHáND]SLQRZ\PP VNLP]á F]HPW\SX'3RGSLQDVL JREH]SR UHGQLRGRSRUWX 

NRQWUROQHJRáDGRZDQLD=DZLHUDRQUyZQLH SLQRZH H VNLH]á F]HW\SX'NWyUHSR]ZDOD 

QDUHDOL]DFM LQQ\FKSRá F]H ]SRUWHPNRQWUROQ\PSRGF]DVJG\PRGXáWHVWRZ\MHVW 

]DLQVWDORZDQ\ZJQLH G]LHXU] G]HQLD 

.D GDSRMHG\QF]DGLRGD/('RGSRZLDGDMHGQHPX]SLQyZNRQWUROQ\FKSRUWXNRQWUROQHJRSU]\ 

F]\Pµ0RQLWRU%LW>ELWNRQWUROQ\@MHVWSROHZHMVWURQLHJG\SDWU]\üRGSU]RGXXU] G]HQLD 

:VND QLNG ZL NRZ\PR HE\üZ\EUDQ\GRDNXVW\F]QHMV\JQDOL]DFMLSRMDZLHQLDVL QDSL FLD 

QDGRZROQ\P]R PLXSLQyZNRQWUROQ\FKOXEPR H]RVWDüZ\á F]RQ\

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

.2081,.$&-$0, '=

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

%H]SR UHGQLHá F]HRSW\F]QH ZLDWáRZyGMHGQRPRGRZ\QP 

8U] G]HQLDV SRá F]RQHEH]SR UHGQLRSU]\X \FLXGZyFKQLWHN ZLDWáRZRGyZ 

MHGQRPRGRZ\FKQPGODND GHJRNDQDáXV\JQDOL]DF\MQHJR2GSRZLHGQLMHVW ZLDWáRZyG 

MHGQRPRGRZ\W\SXmP8 \WHV ]á F]DRSW\F]QHW\SX%)2& 

3 

QP 

ZLDWáRZyG 

3 

QP 

-HVWWRW\SRZHVWRVRZDQHUR]ZL ]DQLHGODSRá F]H RGáXJR FLDFKGRNLORPHWUyZ 

 

6LHFLNRPXQLNDFMLSU]Há F]DOQHM 

8U] G]HQLD3X \ZDM NDQDáyZNRPXQLNDF\MQ\FKGOD]DEH]SLHF]HQLDUy QLFRZHJR'OD 

SRSUDZQHJRG]LDáDQLDWHJRHOHPHQWX]DEH]SLHF]HQLRZHJRQLH]E GQDMHVWFL JáDNRQWUROD 

LQWHJUDOQR FLá F]D5yZQLH RERZL ]XMHZ\PyJDE\F]DV\WDUQVPLVMLV\JQDáXZMHGQ LZ 

GUXJ VWURQ E\á\WDNLHVDPHWROHURZDQHV UR]ELH QR FLGRPV1LHVSHáQLHQLHW\FK 

ZDUXQNyZR]QDF]DQLHVWDELOQR üXU] G]HQLD 

*G\V X \ZDQHVLHFLNRPXQLNDFMLSU]Há F]DOQHMWRMHVWPR OLZH HZF]DVLHSU]Há F]DQLD 

PR HE\üNUyWNLPRPHQWSU]HM FLRZ\JG\SU]HGVWDZLRQHZ\ HMZDUXQNLQLHV VSHáQLRQH 

=DEH]SLHF]HQLDVHULL3]DZLHUDM IXQNFM ]DSHZQLDM F VWDELOQR üG]LDáDQLDUyZQLH GOD 

WDNLHJRSU]HM FLRZHJRPRPHQWX 

-HGQ\P]XNáDGyZNRQWUROLUHDOL]RZDQ\PQDá F]XNRPXQLNDF\MQ\PMHVWVSUDZG]HQLH 

REOLF]RQHJRF]DVXRSy QLHQLDSURSDJDFMLGODND GHJRWHOHJUDPXGDQ\FK3RGF]DVQRUPDOQHM 

SUDF\Uy QLFHSRPL G]\REOLF]RQ\PLF]DVDPLSRZLQQDE\üPLQLPDOQDPR OLZHV RSy QLHQLD 

ZSURZDG]DQHSU]H]PXOWLSOHNVHU\OXELQQHXU] G]HQLHSR UHGQLF] FH-H HOLNROHMQH 

REOLF]RQHF]DV\RSy QLHQLDSURSDJDFMLSU]HNUDF]DM ZDUWR üXVWDZLRQ SU]H]X \WNRZQLND 

mVWRWHOHJUDPMHVWRGU]XFDQ\7DNRQWURODPR HE\üUyZQLH X \ZDQDGOD 

RSDQRZDQLDSUREOHPyZSU]\SU]Há F]HQLDFK5\VXQHNSRND]XMHPR OLZ\VFHQDULXV]GOD 

VLHFLSU]Há F]DOQHM3RF] WNRZR3NRPXQLNXM VL SRSU]H]WUDV &]DVXµWDPLµ] 

SRZURWHPGODWHMWUDV\V PVLZWHQVSRVyEREOLF]RQHRSy QLHQLHSURSDJDFMLZ\QRVL 

PV*G\NDQDá]RVWDMHSU]Há F]RQ\QDWUDV WRLVWQLHMHNUyWNLPRPHQWJG\3 

PR HZ\V\áDüWHOHJUDP\SRSU]H]WUDV LRGELHUDüSU]H]WUDV 

7HUD]REOLF]RQHF]DV\RSy QLHQLDSURSDJDFMLE G PV:\QLNRZ\Eá GPV 

SRND GHMVWURQLHOLQLLPR HSRZRGRZDüEá GQHG]LDáDQLH]DEH]SLHF]HQLD]HZ]JO GXQD 

QLHZáD FLZHVNRMDU]HQLHSUyEHNF]DVRZ\FKZHNWRUyZSU GXSDWU]UR]G]LDá3RNUyWNLP 

RSy QLHQLXREDNLHUXQNLµWDPLµ]SRZURWHPE G SU]HELHJDüWUDV LREOLF]RQHF]DV\ 

RSy QLHQLDSURSDJDFMLV\JQDáXE G PV=DEH]SLHF]HQLHE G]LHWHUD]VWDELOQH 

JG\ MHVWSRSUDZQHVNRMDU]HQLHF]DVRZHZHNWRUyZSU GXSRND GHMVWURQLHOLQLL 

=DEH]SLHF]HQLD3X \ZDM ]PLDQ\ZREOLF]RQ\FKF]DVDFKRSy QLHQLDSURSDJDFMLV\JQDáX 

GODLQLFMDFML]PLDQ\ZQDVWDZDFKXU] G]HQLDQDSU]HFL JNUyWNLHJRF]DVXQDVWDZD&KDU0RG 

7LPHSRWRE\SRNRQDüSUREOHPRSy QLH SU]Há F]DQLD=PLDQ ZQDVWDZDFKSRND]DQRQD 

U\VXQNXJG]LHQDVWDZDVWDELOL]XM FDNMHVW]ZL NV]DQDGR7DFKDUDNWHU\VW\ND] 

MHGQHMVWURQ\]DSHZQLDVWDELOQ SUDF GODZV]\VWNLFKZDUXQNyZREFL HQLD]GUXJLHMZFL 

SR]ZDODQDZ\á F]DQLHSU]\ZL NV]R FL]DNáyFH ZREU ELHVWUHI\FKURQLRQHM 

(OHPHQWF]DVRZ\µ&KDU0RG7LPHUMHVWXUXFKDPLDQ\JG\Z\NU\WDMHVW]PLDQDZRSy QLHQLX 

SURSDJDFMLV\JQDáX.D GDNROHMQD]PLDQDSRGF]DVWHJRRNUHVXQLHE G]LHSRZRGRZDáD 

]HURZDQLDRGOLF]DQLDWHJRF]DVX:SRZ\ V]\PSU]\NáDG]LHHOHPHQWF]DVRZ\Z\VWDUWXMHGOD 

SLHUZV]HM]PLDQ\]PVQDPV'UXJD]PLDQDPVQDPVMX QLHE G]LH 

SRZRGRZDáDSRQRZQHJRXUXFKRPLHQLDWHJRHOHPHQWXF]DVRZHJRFRPRJáRE\SU]HGáX \ü 

]PLDQ QDVWDZ

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

WDPÃ ÃPV 

'URJDÃ 

µSRZUyWÃ ÃPV 

3 

0RGXá 

NRPXQLND 

F\MQ\ 

WDPÃ ÃPV 

'URJDÃ 

µSRZUyWÃ ÃPV 

0RGXá 

NRPXQLND 

F\MQ\ 

3 

2EOLF]RQH 

RSy QLHQLH 

SURSDJDFML 

WS 

PV 

0R OLZHÃEá GQHÃG]LDáDQLHÃ]DEH]SLHF]HQLD 

PV 

PV 

=HURZDQLHÃF]DVXÃSU]HM FLRZHJR 

ÃÃÃ2NUHVÃF]DVXÃSU]HM FLRZHJRÃ! 

&KDUÃ0RGÃ7LPH 

7LPH 

5\VXQHN6LHFLSU]Há F]DOQHMNRPXQLNDFML 

5\VXQHN&KDUDNWHU\VW\NDSU]HM FLRZHMVWDELOL]DFML

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

.D G\SU]HM FLRZ\SUREOHPZ\VW SXM F\QDWUDVLHNRPXQLNDFMLNWyU\PDZSá\ZQDRSy QLHQLH 

F]DVXSURSDJDFMLPR HGODWHJRQLHSRWU]HEQLHRGF]XOLü]DEH]SLHF]HQLH'ODSRNRQDQLDWHJR 

SUREOHPX3]DZLHUDIXQNFM JG\HOHPHQWF]DVRZ\µ&KDU0RGHMHVW]HURZDQ\MH HOLZ 

F]DVLHMHJRRGOLF]DQLDRSy QLHQLHSURSDJDFMLZUyFLGRZDUWR FLSRF] WNRZHM/LQLDSU]HU\ZDQD 

QDU\VXQNXSRND]XMHV\WXDFM JG\RSy QLHQLHSURSDJDFML]PLHQLDVL ]QDPVD 

QDVW SQLHSRZUDFDGRPV 

 

%LODQVRSW\F]Q\ 

*G\X \ZDP\]DEH]SLHF]HQLDUy QLFRZHJRVHULL3ZD QHMHVWZ\EUDQLHRGSRZLHGQLHJR 

LQWHUIHMVXNRPXQLNDF\MQHJR]DEH]SLHF]HQLD=DOH \RQRGX \WHJR ZLDWáRZRGXLRGOHJáR FL 

SRPL G]\XU] G]HQLDPL3RQL V]DWDEHODSRND]XMHGDQHGODREOLF]HQLDELODQVXRSW\F]QHJRGOD 

GRVW SQ\FKLQWHUIHMVyZ 

0LQSR]LRPWUDQVPLVML 

Z\M FLRZHM 

QP 

ZLHORPRGRZ\ 

QP 

ZLHORPRGRZ\ 

QP 

MHGQRPRGRZ\ 

QP 

MHGQRPRGRZ\ 

G%P G%P G%P G%P 

&]XáR üRGELRUQLND G%P GEP GEP GEP 

%LODQVRSW\F]Q\ G% G% G% G% 

0DUJLQHV 

EH]SLHF]H VWZDG% 

G% G% G% G% 

7\SRZHVWUDW\QDNDEOX G%NP G%NP G%NP G%NP 

7\SRZDRGOHJáR ü 

WUDQVPLVML 

NP NP NP NP 

7DEHOD%LODQVRSW\F]Q\ 

&DáNRZLW\ELODQVRSW\F]Q\MHVWX]DOH QLRQ\RGSR]LRPXPRF\Z\M FLRZHMQDGDMQLNDPLQXV 

F]XáR üRGELRUQLNDLZVND]XMHFDáNRZLWHGRSXV]F]DOQHVWUDW\NWyUHPRJ E\üWROHURZDQH 

PL G]\XU] G]HQLDPL:SRZ\ V]HMWDEHOLUyZQLH XZ]JO GQLRQRG%PDUJLQHV 

EH]SLHF]H VWZD8Z]JO GQLDRQGHJUDGDFM á F]DVWDU]HQLHVL ZLDWáRZRGXLVWUDW\QD 

PLHMVFDFKSRá F]H RGFLQNyZ ZLDWáRZRGX3R]RVWDáDF] üVWUDWSRFKRG]LRGVDPHJR 

ZLDWáRZRGX3RGDQHLQIRUPDFMHV W\ONRW\SRZHLQDOH \MHWUDNWRZDüMDNRSU]HZRGQLN 

2JyOQLHLQWHUIHMV\QPLQPV X \ZDQHGODEH]SR UHGQLFKSRá F]H SRPL G]\ 

]DEH]SLHF]HQLDPL1DWRPLDVWQPMHVWVWRVRZDQ\ZV\WXDFMDFKJG\Z\NRU]\VWXMHP\ 

PXOWLSOHNVHU\ 

 

,QWHUIHMV ZLDWáRZRGRZ\3 

'ODSRá F]HQLDXU] G]H 3SRSU]H]PXOWLSOHNVHUOXEF\IURZ\NDQDáNRPXQLNDF\MQ\ 

Z\PDJDQ\MHVWLQWHUIHMV3'RVW SQHV QDVW SXM FHZDULDQW\XU] G]HQLD 

” 3LQWHUIHMVGRPXOWLSOHNVHUDREVáXJXM FHJR,787NLHG\ &&,77=DOHFHQLH* 

GODLQWHUIHMVXHOHNWU\F]QHJR 

” 3LQWHUIHMVGRPXOWLSOHNVHUDREVáXJXM FHJR,787=DOHFHQLH9GODLQWHUIHMVX 

HOHNWU\F]QHJR 

” 3GODPXOWLSOHNVHUDOXEXU] G]H ,6'1REVáXJXM FHJR,787=DOHFHQLH;GOD 

LQWHUIHMVXHOHNWU\F]QHJR 

6]\ENR üWUDQVPLVMLGDQ\FKPR HE\üNELWVOXENELWV]JRGQLH]Z\PRJDPLá F]D 

NRPXQLNDF\MQHJRSDWU]UR]G]LDá 

'ODND GHJRNDQDáXZ\PLDQ\GDQ\FKZ\PDJDQ\MHVWMHGHQ3WMGODND GHMSDU\QDGDM FHM 

OXERGELHUDM FHM=DSHZQLDRQNRQZHUVM V\JQDáX ZLHWOQHJRQDHOHNWU\F]Q\LRGZURWQLH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

SRPL G]\3LPXOWLSOHNVHUHP-HGQRVWNDLQWHUIHMVXSRZLQQDE\üXPLHV]F]RQDWDNEOLVNR 

PXOWLSOHNVHUDMDNW\ONRPR OLZHGODPLQLPDOL]DFMLZV]HONLFKZSá\ZyZV]XPX 

HOHNWURPDJQHW\F]QHJROXELQWHUIHUHQFMLQDGDQH 

8U] G]HQLDV XPLHV]F]RQHZREXGRZLHW\SX0L&207( 

3Rá F]HQLDRSW\F]QHGRXU] G]HQLDV UHDOL]RZDQHSRSU]H]]á F]DW\SX%)2&]QDQ\FK 

SRGQD]Z ]á F]D67 

&KDUDNWHU\VW\NLRSW\F]QHV SRGREQHMDNGODLQWHUIHMVXZLHORPRGRZHJRQP 

]DEH]SLHF]HQLD3SDWU]UR]G]LDá 

à F]HPXOWLSOHNVHUD]LQWHUIHVHPHOHNWU\F]Q\P*]DSR UHGQLFWZHP ZLDWáRZRGyZ 

SRPRFQLF]\FKLLQWHUIHMVXW\SX3 

=DEH]SLHF]HQLH3]LQWHUIHMVHPRSW\F]Q\PMHVWSRGá F]RQHGRXU] G]HQLD3SRSU]H] 

ZLDWáRZyGZLHORPRGRZ\QP2GSRZLHGQLMHVW ZLDWáRZyGZLHORPRGRZ\W\SXmP 

OXEmP8 \ZDQHV ]á F]DRSW\F]QH%)2&-HGQRVWND3SU]HNV]WDáFDGDQH 

SRPL G]\ ZLDWáRZRGHPLNRPSDW\ELOQ\P]HVWDQGDUGHP,787HOHNWU\F]Q\PLQWHUIHMVHP 

NRPXQLNDF\MQ\P*:\M FLH*PXVLE\üSRGá F]RQHGRPXOWLSOHNVHUDREVáXJXM FHJR 

VWDQGDUG* 

3 

QP 

2) 

3 

* 

0 

8; 

0 

8; 

* 

3 

2) 

3 

QP 

8U] G]HQLH3REVáXJXMHLQWHUIHMVGZXNLHUXQNRZ\*]JRGQ\]]DOHFHQLHP,787 

6\JQDá\*V L]RORZDQHSRSU]H]WUDQVIRUPDWRU\LPSXOVRZHGRN9 

3RQLHZD V\JQDá\*PDM DPSOLWXG W\ONR9WRSU]HZyGá F] F\3LPXOWLSOHNVHU 

PXVLE\üSRSUDZQLHHNUDQRZDQ\SU]HGV]XPHPHOHNWURPDJQHW\F]Q\PLLQWHUIHUHQFMDPL.DEHO 

LQWHUIHMVXSRZLQLHQVNáDGDüVL ]GZyFKSDUVNU WNLHNUDQRZDQHM$:*SRVLDGDM FHM 

LPSHGDQFM FKDUDNWHU\VW\F]Q RNRáRW2JyOQLH]DOHFDVL DE\HNUDQSU]HZRGXE\á 

SRGá F]RQ\W\ONRGRREXGRZ\PXOWLSOHNVHUD:\EyUX]LHPLHQLD]DOH \RGORNDOQ\FK]Z\F]DMyZ 

LGR ZLDGF]H SUDNW\F]Q\FK 

3Rá F]HQLDHOHNWU\F]QHGR3V UHDOL]RZDQHSRSU]H]VWDQGDUGRZHSRá F]HQLHVW\NRZH 

W\SX0LGRV6FKHPDWSRá F]H ]HZQ WU]Q\FKXPLHV]F]RQRZ'RGDWNX% 

=DEH]SLHF]HQLH3PXVLPLHüXVWDZLRQ QDVWDZ µ&ORFN6RXUFH> UyGáRV\JQDáX 

]HJDURZHJR@QDZDUWR üµ([WHUQDO>]HZQ WU]QH@SDWU] 

à F]HPXOWLSOHNVHUD]LQWHUIHVHPHOHNWU\F]Q\P9]DSR UHGQLFWZHP ZLDWáRZRGyZ 






NRPXQLNDF\MQ\P9:\M FLH9PXVLE\üSRGá F]RQHGRPXOWLSOHNVHUDREVáXJXM FHJR 

VWDQGDUG9 

3 

QP 

2) 

3 

9 

0 

8 

; 

0 

8; 

9 

3 

2) 

3 

QP 

8U] G]HQLH3REVáXJXMHLQWHUIHMVGZXNLHUXQNRZ\9]JRGQ\]]DOHFHQLHP,787 

3Rá F]HQLDHOHNWU\F]QHGR3V UHDOL]RZDQHSRSU]H]VWDQGDUGRZHSRá F]HQLH H VNLH 

VW\NRZHW\SXµ03RQLHZD V\JQDá\9PRJ PLHüDPSOLWXG 9OXE9WRNDEHO 

á F] F\MHGQRVWN ]PXOWLSOHNVHUHPPXVLEXüSRSUDZQLHHNUDQRZDQ\SU]HGV]XPHP

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

HOHNWURPDJQHW\F]Q\PLLQWHUHUHQFMDPL.DEHOLQWHUIHMVXSRZLQLHQVNáDGDüVL ]SRGZyMQHMSDU\ 

HNUDQRZDQHMVNU WNLZHNUDQLHLSRVLDGDM FHMLPSHGDQFM FKDUDNWHU\VW\F]Q RNRáRW 

2JyOQLH]DOHFDVL DE\HNUDQSU]HZRGXE\áSRGá F]RQ\W\ONRGRREXGRZ\PXOWLSOHNVHUD 

:\EyUX]LHPLHQLD]DOH \RGORNDOQ\FK]Z\F]DMyZLGR ZLDGF]H SUDNW\F]Q\FK 

3DQHOF]RáRZ\3]DZLHUDSL üZVND QLNyZ/('LV]H üSU]Há F]QLNyZ',/ 

3U]Há F]QLNR]QDF]RQ\µ&ORFNVZLWFK>SU]Há F]QLN]HJDUD@VáX \GRRGZUyFHQLDV\JQDáX 

]HJDURZHJR9ZUD]LHSRWU]HE\ 

3U]Há F]QLNR]QDF]RQ\µ)LEUHRSWLF/RRSEDFN> ZLDWáRZRGRZDS WOD]ZURWQD@VáX \GR 

SU]HSURZDG]HQLDWHVWXS WOL]ZURWQHMV\JQDáXNRPXQLNDF\MQHJRZ]GáX ]á F]\RSW\F]Q\FK 

*G\MHVWRQ]Dá F]RQ\WR ZLHFLF]HUZRQDGLRGDR]QDF]RQDMDNRµ)LEUHRSWLF/RRSEDFN 

3U]Há F]QLNR]QDF]RQ\µ9/RRSEDFN>S WOD]ZURWQD9@VáX \GRSU]HSURZDG]HQLDWHVWX 

S WOL]ZURWQHMV\JQDáXNRPXQLNDF\MQHJRZ]GáX ]DFLVNyZ;à F]\RQZHM FLRZH 

V\JQDáRZHOLQLHGDQ\FK9µ5[ZHZQ WU]QLH]V\JQDáRZ\PLOLQLDPLGDQ\FKQDGDZDQLD 

9µ7[*G\MHVWRQ]Dá F]RQ\WR ZLHFLF]HUZRQDGLRGDR]QDF]RQDMDNRµ9/RRSEDFN 

3U]Há F]QLNR]QDF]RQ\µ'65VáX \GRZ\ERUXLJQRURZDQLDV\JQDáXVWHUXM FHJR'65'DWD 

6HW5HDG\&]HUZRQDGLRGDR]QDF]RQDMDNRµ'652II ZLHFLJG\'65MHVWX]\VNDQ\OXEJG\ 

MHVWQDGSLVDQ\SRSU]H]XVWDZLHQLHSU]Há F]QLNDµ'65QDZDUWR ü2Q>]Dá F]RQ\@ 

3U]Há F]QLNR]QDF]RQ\µ&76VáX \GRZ\ERUXLJQRURZDQLDV\JQDáXVWHUXM FHJR&76&OHDU 

7R6HQG&]HUZRQDGLRGDR]QDF]RQDMDNRµ&762II ZLHFLJG\&76MHVWX]\VNDQ\OXEJG\ 

MHVWQDGSLVDQ\SRSU]H]XVWDZLHQLHSU]Há F]QLNDµ&76QDZDUWR ü2Q>]Dá F]RQ\@ 

3U]Há F]QLNR]QDF]RQ\µ'DWD5DWHVáX \GRZ\ERUXV]\ENR FLWUDQVPLVMLOXENELWV 

]JRGQLH]Z\PRJDPLPXOWLSOHNVHUD 

:VND QLN/('RSLVDQ\MDNRµ6XSSO\+HDOWK\>]DVLODQLHVSUDZQH@MHVW]LHORQ\LV\JQDOL]XMH H 

MHGQRVWNDMHVWZáD FLZLH]DVLODQD 

6FKHPDWSRá F]H ]HZQ WU]Q\FKXPLHV]F]RQRZ'RGDWNX% 

=DEH]SLHF]HQLH3PR HPLHüXVWDZLRQ QDVWDZ µ&ORFN6RXUFH> UyGáRV\JQDáX 

]HJDURZHJR@QDZDUWR üµ([WHUQDO>]HZQ WU]QH@JG\PXOWLSOHNVHUGRVWDUF]DV\JQDá]HJDURZ\ 

OXEQDZDUWR üµ,QWHUQDO>ZHZQ WU]QH@JG\PXOWLSOHNVHURGF]\WXMHV\JQDá]HJDURZ\]]HZQ WU] 

V]F]HJyá\ZUR]G]LHOH 

à F]HPXOWLSOHNVHUD]LQWHUIHVHPHOHNWU\F]Q\P;]DSR UHGQLFWZHP ZLDWáRZRGyZ 


0RGXá3REVáXJXMHLQWHUIHMV;]DOHFDQ\SU]H],787-HVWRQGRSXV]F]RQ\MDNR 

LQWHUIHMVSRSU]H]%ULWLVK$SSURYDOV%RDUGIRU7HOHFRPPXQLFDWLRQV%$%7GODSRá F]H GR 

XVáXJRSLVDQ\FKZURG]LDOH1XPHUFHUW\ILNDWXOLFHQFML167 





NRPXQLNDF\MQ\P;:\M FLH;PXVLE\üSRGá F]RQHGRNDQDáXPXOWLSOHNVHUD 

NRPSDW\ELOQHJR];OXEGRá F]DF\IURZHMWUDQVPLVMLGDQ\FK,6'1 

8U] G]HQLH3Z\PDJDWUZDOHRWZDUWHJRNDQDáXNRPXQLNDF\MQHJR=WHJRZ\QLNDEUDN 

Z\PRJXNRPXQLNDF\MQHJRGRSDVRZ\ZDQLDVL LGODWHJRQLHMHVWRQRREVáXJLZDQHSU]H]3 

2EVáXJLZDQHV\JQDá\SRND]DQRZSRQL V]HMWDEHOL 

=DOHFHQLD,787;V FL OHSRZL ]DQH]HVSHF\ILNDFM (,$56L568U] G]HQLH 

3PR HE\üZ\NRU]\VWDQH]NDQDáDPLNRPXQLNDF\MQ\PL56OXE56NWyUH 

Z\PDJDM W\ONRQDVW SXM F\FKV\JQDáyZ

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

=QDN,787 2SLV 3LQ]á F]D .LHUXQHN 

0DVDREXGRZ\ 

* :VSyOQ\SRZUyW 

7 3U]HV\áGDQ\FK$ 2G3 

7 3U]HV\áGDQ\FK% 2G3 

5 2GELyUGDQ\FK$ 'R3 

5 2GELyUGDQ\FK% 'R3 

6 6\JQDáRZ\HOHPHQWF]DVRZ\$ 'R3 

6 6\JQDáRZ\HOHPHQWF]DVRZ\% 'R3 

7DEHOD2EZRG\;REVáXJLZDQHSU]H]3 

3Rá F]HQLDV\JQDáyZ;GR3V UHDOL]RZDQHSRSU]H]VWDQGDUGRZHP VNLH]á F]H 

VW\NRZHW\SXµ'RGUXWRZDQHMDNRXU] G]HQLH'7(.DEHOLQWHUIHMVXSRZLQLHQVNáDGDüVL ] 

SRGZyMQHMSDU\HNUDQRZDQHMVNU WNL$:*ZHNUDQLHLSRVLDGDM FHMLPSHGDQFM 

FKDUDNWHU\VW\F]Q RNRáRW2JyOQLH]DOHFDVL DE\HNUDQSU]HZRGXE\áSRGá F]RQ\W\ONR 

GRREXGRZ\PXOWLSOHNVHUD:\EyUX]LHPLHQLD]DOH \RGORNDOQ\FK]Z\F]DMyZLGR ZLDGF]H 

SUDNW\F]Q\FK 

6FKHPDWSRá F]H ]HZQ WU]Q\FKXPLHV]F]RQRZ'RGDWNX% 

=DEH]SLHF]HQLH3PXVLPLHüXVWDZLRQ QDVWDZ µ&ORFN6RXUFH> UyGáRV\JQDáX 

]HJDURZHJR@QDZDUWR üµ([WHUQDO>]HZQ WU]QH@SDWU] 

3DQHOF]RáRZ\3]DZLHUDF]WHU\ZVND QLNL/('LGZDSU]Há F]QLNL 

:VND QLN/('RSLVDQ\MDNRµ6XSSO\+HDOWK\>]DVLODQLHVSUDZQH@MHVW]LHORQ\LV\JQDOL]XMH H 

MHGQRVWNDMHVWZáD FLZLH]DVLODQD 

:VND QLN/('RSLVDQ\MDNRµ&ORFN>]HJDU@MHVW]LHORQ\LGRVWDUF]DLQIRUPDFML HRGSRZLHGQL 

F]DVRZ\HOHPHQWV\JQDOL]DF\MQ\;MHVWGRVWDUF]DQ\GRXU] G]HQLD 

-HGHQ]SU]Há F]QLNyZMHVWR]QDF]RQ\µ)LEUHRSWLF/RRSEDFN> ZLDWáRZRGRZDS WOD]ZURWQD@ 

VáX \GRSU]HSURZDG]HQLDWHVWXS WOL]ZURWQHMV\JQDáXNRPXQLNDF\MQHJRZ]GáX ]á F]\ 

RSW\F]Q\FK*G\MHVWRQ]Dá F]RQ\WR ZLHFLF]HUZRQDGLRGDR]QDF]RQDMDNRµ)LEUHRSWLF 

/RRSEDFN 

'UXJLSU]Há F]QLNR]QDF]RQ\µ;/RRSEDFN>S WOD]ZURWQD;@VáX \GRSU]HSURZDG]HQLD 

WHVWXS WOL]ZURWQHMV\JQDáXNRPXQLNDF\MQHJRZ]GáX ]DFLVNyZ;à F]\RQZHM FLRZHOLQLH 

GDQ\FK;µ5[ZHZQ WU]QLH]OLQLDPLGDQ\FKQDGDZDQLD;µ7[DWDN Há F]\ 

ZHM FLRZ ZLDWáRZRGRZ OLQL GDQ\FKµ5[SRSU]H]REZyGNRQZHUVMLV\JQDáX;] 

SRZURWHPGROLQLLGDQ\FKQDGDZDQLDµ7[*G\MHVWRQ]Dá F]RQ\WR ZLHFLF]HUZRQDGLRGD 

R]QDF]RQDMDNRµ;/RRSEDFN 

 

 

8VWDZLHQLHVFKHPDWyZG]LDáDQLD]DEH]SLHF]H 

8VWDZLHQLHVFKHPDWXSR]ZDODZ\EUDüSRá F]HQLHSRPL G]\NR FDPLOLQLL/LQLDRGZyFK 

NR FDFKPR HPLHüSRMHG\QF]\NDQDáNRPXQLNDF\MQ\SRPL G]\NR FDPLRSFMDµ7HUPLQDO> 

NR FH@OXEGZDQLH]DOH QHNDQDá\NRPXQLNDF\MQHGODX]\VNDQLDSRGZyMQHMUHGXQGDQFMLRSFMD 

µ'XDO5HGXQGDQW>SRGZyMQDUHGXQGDQFMD@/LQLDRWU]HFKNR FDFKMHVWZ\ELHUDQDSRSU]H] 

RSFM µ7HUPLQDO>NR FH@ 

3RGZyMQDUHGXQGDQFMD 

-H HOLMHGHQ]NDQDáyZ]RVWDQLHXV]NRG]RQ\WRNRPXQLNDFMDSRPL G]\XU] G]HQLDPLPR H 

ZFL E\üXWU]\PDQDSU]H]LQQ\VSUDZQ\NDQDá

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

0RGHO]SRGZyMQ UHGXQGDQFM ]DSHZQLDUHGXQGDQFM GODNDQDáyZNRPXQLNDF\MQ\FKSRSU]H] 

QDGDZDQLHLRGELyUWHOHJUDPyZSRSU]H]REDNDQDá\.D G\NDQDáMHVWVWDOHPRQLWRURZDQ\ 

SU]H]]DEH]SLHF]HQLH7HOHJUDP\]REXNDQDáyZV X \ZDQHGRUHDOL]DFMLIXQNFML 

]DEH]SLHF]HQLD-H HOLW\ONRMHGHQNDQDáMHVWGRVW SQ\WRGODUHDOL]DFMLIXQNFML 

]DEH]SLHF]HQLRZ\FKXU] G]HQLHX \ZDW\ONRWHOHJUDPyZ]Hµ]GURZHJRNDQDáX 

7HOHJUDP\V QDGDZDQHSRSU]H]NDQDá\NROHMQR.D G\RGHEUDQ\WHOHJUDPMHVWVSUDZG]DQ\ 

LSU]HWZDU]DQ\WDN HREDNDQDá\NRPXQLNDF\MQHV FL JOHQDG]RURZDQH 

 

$GUHV\NRPXQLNDF\MQH]DEH]SLHF]HQLD 

7HOHJUDP\NRPXQLNDFML]DEH]SLHF]HQLD]DZLHUDM SROHDGUHVXGOD]DSHZQLHQLDSRSUDZQHJR 

VFKHPDWXSRá F]H 

-HVWVLHGHPRSFMLGODJUXSDGUHVyZ.D GDJUXSDMHVWVWRVRZDQDGRMHGQHJRV\VWHPX 

]DEH]SLHF]H RGZyFKNR FDFKOXERWU]HFKNR FDFKWDN HV GZDOXEWU]\DGUHV\Z 

REU ELHJUXS\ 

:V]\VWNLHSRVWDFLDGUHVyZV RVWUR QLHZ\ELHUDQHWDNDE\]DSHZQLüRSW\PDOQ RGSRUQR üQD 

V]XPSRZRGXM F\SU]HNáDPDQLDELWyZ1LHPDSUHIHUHQFMLNWyUD]JUXSDGUHVRZ\FKMHVW 

OHSV]DRGLQQ\FK 

*UXS\DGUHVyZGRVW SQ\FKGODVFKHPDWXµ7HUPLQDOOXEµ'XDO5HGXQGDQF\]HEUDQRSRQL HM 

=DEH]SLHF]HQLH$ 

=DEH]SLHF]HQLH% 

$GUHVXQLZHUVDOQ\ 

*UXSDDGUHVyZ $ % 






7DEHOD 

'ODGZyFK]DEH]SLHF]H NRPXQLNXM F\FKVL ]HVRE LFKDGUHV\SRZLQQ\E\üZWHMVDPHM 

JUXSLHDGUHVyZ-HGQR]DEH]SLHF]HQLHSRZLQQRPLHüSU]\SLVDQ\DGUHV$DGUXJLHDGUHV% 

'ODSU]\NáDGXMH HOLX \W\MHVWDGUHVJUXSRZ\WRMHGQR]DEH]SLHF]HQLHSRZLQQRPLHüDGUHV 

$DGUXJLH% 

=DEH]SLHF]HQLHRDGUHVLH$E G]LHDNFHSWRZDüWHOHJUDP\]DGUHVHP$LZ\V\áDü 

WHOHJUDP\PDM FHDGUHV%=DEH]SLHF]HQLHRDGUHVLH%E G]LHDNFHSWRZDüWHOHJUDP\] 

DGUHVHP%LZ\V\áDüWHOHJUDP\PDM FHDGUHV$

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

*UXS\DGUHVyZGRVW SQ\FKGODVFKHPDWXµ7HUPLQDO]HEUDQRSRQL HM 

=DEH]SLHF]HQLH$ =DEH]SLHF]HQLH% =DEH]SLHF]HQLH& 

$GUHVXQLZHUVDOQ\ 

*UXSDDGUHVyZ $ % & 






7DEHOD 

'ODWU]HFK]DEH]SLHF]H NRPXQLNXM F\FKVL ]HVRE LFKDGUHV\SRZLQQ\E\üZWHMVDPHM 

JUXSLHDGUHVyZLSRZLQQ\E\üRSLVDQHRGG]LHOQLHDGUHVDPL$%L& 

0XV] PLHüRQHXVWDORQ NRQILJXUDFM SRá F]H MDNSRND]DQRQDSRQL V]\PU\VXQNXJG]LH 

NDQDáMHGQHJRXU] G]HQLDMHVWSRá F]RQ\]NDQDáHPLQQHJR]DEH]SLHF]HQLD 

'ODSU]\NáDGXMH HOLX \W\MHVWDGUHVJUXSRZ\WR]DEH]SLHF]HQLDSRZLQQ\PLHüDGUHV\$ 

%L&RGSRZLHGQLRGOD]DEH]SLHF]H $%L&=DEH]SLHF]HQLHRDGUHVLH$E G]LH 

DNFHSWRZDüWHOHJUDP\]DGUHVHP$LZ\V\áDüWHOHJUDP\PDM FHDGUHV%L&GRNDQDáyZ 

LRGSRZLHGQLR=DEH]SLHF]HQLHRDGUHVLH%E G]LHDNFHSWRZDüWHOHJUDP\]DGUHVHP% 

LZ\V\áDüWHOHJUDP\PDM FHDGUHV&L$GRNDQDáyZLRGSRZLHGQLR3RGREQLH 

]DEH]SLHF]HQLHRDGUHVLH&E G]LHDNFHSWRZDüWHOHJUDP\]DGUHVHP&LZ\V\áDü 

WHOHJUDP\PDM FHDGUHV$L%GRNDQDáyZLRGSRZLHGQLR 


$ 

.DQDá 

.DQDá 

.DQDá 

.DQDá 


% 

.DQDá 

.DQDá 


& 

5\VXQHN3Rá F]HQLDV\VWHPXRNR FDFK 

5HNRQILJXUDFMDV\VWHPXRWU]HFKNR FDFK 

)XQNFM VWRVXMHVL Z\á F]QLHGR]DEH]SLHF]H NWyUHV XVWDZLRQHZWU\ELHSUDF\µ 

7HUPLQDO']LDáDQLH]DOH \RGVWDQXNDQDáyZNRPXQLNDF\MQ\FK]DEH]SLHF]H ZXNáDG]LHL 

Uy Q\FKRNUHVyZF]DVX6 GZDJáyZQHREV]DU\]DVWRVRZD MHGQRZSURZDG]HQLH]PLDQ\Z 

NRQILJXUDFMLSU]H]X \WNRZQLNDLGUXJLHLQLFMRZDQHSU]\]DVLOHQLX]DEH]SLHF]HQLD5y QH 

XZDJLGRW\F] FHND GHJR]W\FKSU]\SDGNyZSRGDQRQL HM 

'RVW SQHV F]WHU\QDVW SXM FHQDVWDZ\ 

” 7KUHHHQGHG>7U]\NR FH@ 

” 7ZR(QGHG/RFDODQG5HPRWH>'ZDNR FHORNDOQ\L]GDOQ\@/ 5 

” 7ZR(QGHG/RFDODQG5HPRWH>'ZDNR FHORNDOQ\L]GDOQ\@/ 5

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

” 7ZR(QGHG5HPRWHDQG5HPRWH>'ZDNR FH]GDOQ\L]GDOQ\@5 5 

µ5HPRWHLµ5HPRWHVWRVXM VL GRNDQDáXNRPXQLNDF\MQHJRLRGSRZLHGQLR 

']LDáDQLHUHNRQLJXUDFMLRSLVDQRZUR]G]LDáDFKL 

 

5HNRQILJXUDFMDX \WNRZQLND 

2EHMPXMHWRQRUPDOQ SUDF ]DEH]SLHF]H ZXNáDG]LH]OXENR FDPL]DOH QLHRGVWDQX 

FKURQLRQHMOLQLLL]DEH]SLHF]H 'RVW SQHRSFMHSR]ZDODM QDSRF] WNRZHX \ZDQLHGZyFK 

]DEH]SLHF]H GRRFKURQ\OLQLLRGZyFKNR FDFKLSy QLHMV] ]PLDQ GRXNáDGXRWU]HFK 

NR FDFKSU]\X \FLXNROHMQHJR]DEH]SLHF]HQLD7RSR]ZDODUyZQLH MHGQHPX]WU]HFKNR FyZ 

OLQLL]RVWDüRGL]RORZDQ\PSU]\G]LDáDM F\FKGZyFKSR]RVWDá\FK]DEH]SLHF]HQLDFKZXNáDG]LH 

OLQLLRGZyFKNR FDFK8PR OLZLDWRSU]HSURZDG]HQLHWHVWyZQDRGL]RORZDQ\PNR FXOLQLLOXE 

WH XVXQL FLHWHJR]DEH]SLHF]HQLD 

=PLDQDZNRQILJXUDFMLMHVWXF]\QQLRQDSU]H]GZLH]HZQ WU]QHEORNDG\LSU]H]ELH F\VWDQ 

]DEH]SLHF]HQLDLMHJRNRPXQLNDFML-H HOLXNáDGSUDF\MHVW]PLHQLDQ\]OLQLLRNR FDFKQDOLQL 

RNR FDFK]DNáDGDVL HMHVWWRNRPHQGDUHNRQILJXUDF\MQD-H HOLVFKHPDW]PLHQLDVL ] 

OLQLLRNR FDFKQDOLQL RNR FDFK]DNáDGDVL HMHVWWRNRPHQGDRGWZDU]DM FD.RQWUROH 

SU]HSURZDG]DQHGODUHNRQILJXUDFMLV QLHFRLQQHQL WHGODNRPHQG\RGWZDU]DM FHM 

']LDáDQLHORJLNL]PLDQ\NRQILJXUDFMLMHVWQDVW SXM FH 

1DVWDZDNRQILJXUDF\MQDMHVW]PLHQLDQD 

=DEH]SLHF]HQLHZ\NU\ZD]PLDQ QDVWDZLSUyEXMHZSURZDG]LüQRZ QDVWDZ 

-H HOLNRQILJXUDFMD]DEH]SLHF]HQLDMHVWGODOLQLLRGZyFKNR FDFKLQRZDQDVWDZD 

GRW\F]\UyZQLH OLQLLRGZyFKNR FDFKWR]DEH]SLHF]HQLHEORNXMH]PLDQ LJHQHUXMH 

DODUPEá GXNRQILJXUDF\MQHJR 

-H HOLNRQILJXUDFMD]DEH]SLHF]HQLDMHVWGODOLQLLRGZyFKNR FDFKLQRZDQDVWDZD 

GRW\F]\OLQLLRWU]HFKNR FDFKWR]DEH]SLHF]HQLHVSUDZG]DF]\ZV]\VWNLHNDQDá\ 

NRPXQLNDF\MQHV VSUDZQHLZ\V\áDGRSR]RVWDá\FKXU] G]H NRPHQG RGWZDU]DM F 

1DVW SQLHVSUDZG]DF]\XNáDGXVWDELOL]RZDáVL GODOLQLLRWU]HFKNR FDFKSRMHGQHM 

VHNXQG]LH 

-H HOLNWyU\ ]NDQDáyZNRPXQLNDF\MQ\FKZXNáDG]LHMHVWQLHVSUDZQ\OXESRMHGQHM 

VHNXQG]LHXNáDGVL QLHXVWDELOL]RZDáGODOLQLLRWU]HFKNR FDFKWR]DEH]SLHF]HQLH 

SRZUyFLGRSRF] WNRZHJRXNáDGXSUDF\GODOLQLLRNR FDFKLJHQHUXMHDODUPEá GX 

NRQILJXUDF\MQHJR 

-H HOLXNáDGGODOLQLLRWU]HFKNR FDFKVL XVWDELOL]RZDáWRQDVWDZDUHNRQILJXUDF\MQD 

]RVWDQLH]PLHQLRQD 

-H HOLNRQILJXUDFMD]DEH]SLHF]HQLDMHVWGODOLQLLRWU]HFKNR FDFKLQRZDQDVWDZD 

GRW\F]\OLQLLRGZyFKNR FDFKµ/ 5WR]DEH]SLHF]HQLHQDMSLHUZVSUDZG]DF]\GZD 

ZHM FLDV\JQDáRZHµ,QKLELW'LIILµ,QWHUORFNV SREXG]RQHVWDQZ\VRNLV\JQDáXµ,QKLELW 

'LIIEORNXMHZ\á F]DQLHUy QLFRZHOHF]PRGXá\UH]HUZRZHPRJ ZFL G]LDáDüQD 

]HVW\NLZ\á F]DM FH7HV\JQDá\ZHM FLRZHV SU]\SLVDQHGRZHM ü/L/Z 

GRP\ OQ\PVFKHPDFLHORJLF]Q\P=DEH]SLHF]HQLHQDVW SQLHVSUDZG]DVSUDZQR ü 

NRPXQLNDFML]]DEH]SLHF]HQLHPµ5HPRWH>]GDOQH@LZ\V\áDNRPHQG GR]GDOQ\FK 

XU] G]H 1DVW SQLHVSUDZG]DF]\XNáDGXVWDELOL]RZDáVL GODOLQLLRGZyFKNR FDFK 

µ/ 5SRMHGQHMVHNXQG]LH 

-H HOLV\JQDá\EORNXM FHQLHE\á\SREXG]RQHOXENRPXQLNDFMD]]DEH]SLHF]HQLHP 

µ5HPRWHQLHE\áDVSUDZQDOXEXNáDGµ/ 5GODOLQLLRGZyFKNR FDFKVL QLH 

XVWDELOL]RZDáWR]DEH]SLHF]HQLDZUDFDGRSLHUZRWQHJRXNáDGXSUDF\GODOLQLLRWU]HFK 

NR FDFKLJHQHUXMHDODUPEá GXNRQILJXUDF\MQHJR 

-H HOLXNáDGµ/ 5GODOLQLLRGZyFKNR FDFKVL XVWDELOL]RZDáWRQDVWDZD 

UHNRQILJXUDF\MQD]RVWDQLH]PLHQLRQD

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

 


GRW\F]\OLQLLRGZyFKNR FDFKµ/ 5WR]DEH]SLHF]HQLHG]LDáDSRGREQLHMDNGOD 

UHNRQILJUDFMLµ/ 5 


GRW\F]\OLQLLRGZyFKNR FDFKµ5 5WR]DEH]SLHF]HQLHG]LDáDSRGREQLHMDNGOD 

UHNRQILJUDFMLµ/ 5 

 

5HNRQILJXUDFMDSU]\]DVLOHQLX 

7HQW\SNRQILJXUDFMLZ\VW SXMHJG\]DEH]SLHF]HQLHMHVW]DVLORQHLXU] G]HQLHSUyEXMHSU]HM ü 

GRNRQILJXUDFMLNRPSDW\ELOQHM]LQQ\PLXU] G]HQLDPLZV\VWHPLH7DNGáXJRMDNWRPR OLZH 

XNáDGSUyEXMHRVL JQ üSRVWDü]GHILQLRZDQ SRSU]H]QDVWDZ 6 MHGQDNSHZQHZDUXQNL 

NWyUHPRJ XQLHPR OLZLüWHQSURFHV 

.RQILJXUDFMDNWyU XU] G]HQLDSU]\MPXM ZPRPHQFLHXUXFKRPLHQLD]DVLOHQLDMHVW 

X]DOH QLRQDRGQDVW SXM F\FKF]\QQLNyZ 

” XNáDGREHFQLHVNRQILJXURZDQ\QD]GDOQ\FK]DEH]SLHF]HQLDFK 

” VWDQá F]\NRPXQLNDF\MQ\FK 

” NRQILJXUDFMDSU]HGZ\á F]HQLHP]DSDPL WDQDZQLHXORWQHMSDPL FL 

=FKZLO ]DVLOHQLD]DEH]SLHF]HQLDZ\VW SXM QDVW SXM FH]GDU]HQLD 

=DEH]SLHF]HQLHVSUDZG]DF]\QDGV]HGáMDNL WHOHJUDP-H HOLWDNWRNRPHQGD 

NRQILJXUDF\MQDZSLHUZV]\PWHOHJUDPLHE G]LHX \WDMDNRNRQILJXUDFMD]DEH]SLHF]HQLD 

-HVWWRSU]HGPLRWHPSHZQ\FKZDUXQNyZ-H HOLXU] G]HQLHPDPR OLZR üZ\ERUX 

XNáDGXRNR FDFKLNR FDFKWR]DNáDGDV\VWHPRNR FDFKFK\ED HRELH 

QDGFKRG] FHNRPHQG\V NR FRZH-H HOLZV]\VWNLHWU]\]DEH]SLHF]HQLDV 

NR FRZHWRWHQXNáDGSR]RVWDMH 

-H HOLEUDNWHOHJUDPX]REXVWURQWRSRMHGQRVHNXQGRZ\PRSy QLHQLX]DEH]SLHF]HQLH 

]PLHQLVZRM NRQILJXUDFM GRRVWDWQLRZ\EUDQHMWMNRQILJXUDFMLSU]HGZ\á F]HQLHP 

*G\WHOHJUDP\]DF]\QDM SRQRZQLHQDGFKRG]LüWR]DEH]SLHF]HQLHVSUDZG]DLFK 

]JRGQR ü]REHFQ\PXNáDGHP-H HOLMHGQR]DEH]SLHF]HQLHMHVWNR FRZHDLQQHMHVW 

NR FRZHWRNRQILJXUDFMD]PLHQLVL QDNR FRZ -H HOLRELHV NR FRZHOXEPDM 

W VDP NRQILJXUDFM NR FRZ WRVWDMHVL RQDZáD FLZ -H HOLGZD]DEH]SLHF]HQLD 

PDM Uy Q NR FRZ NRQILJXUDFM WRQLHPR OLZHMHVWXVWDOHQLHNWyUHM]QLFKX \ü 

ND GD]QLFKE G]LHJHQHURZDüDODUPEá GXNRQILJXUDF\MQHJRLND GHXU] G]HQLH 

SR]RVWDQLHZMHJRZáDVQHMNRQILJXUDFML7HQZDUXQHNPR HE\üZ\F]\V]F]RQ\SRSU]H] 

RGWZRU]HQLH]DEH]SLHF]H OXESU]H]XVXQL FLH]DVLODQLDXU] G]HQLD]QLHZáD FLZ 

NRQILJXUDFM 

-H HOLZV]\VWNLH]DEH]SLHF]HQLDZXNáDG]LHV ]DVLORQHUyZQRF]H QLHWRNRQILJXUDFMD 

E G]LH]PLHQLRQDQDNR FRZ MH HOLZV]\VWNLHNDQDá\NRPXQLNDF\MQHV VSUDZQH 

=DFKRG]LWRSRQLHZD ZV]\VWNLHXU] G]HQLDF]HNDM QDLFKNRQILJXUDFM DZV]\VWNLH 

GRP\ OQLHPDM NRQILJXUDFM GODWU]HFKNR FyZ-HVWWREDUG]RU]DGNRVSRW\NDQHZ 

QRUPDOQHMHNVSORDWDFML 

:SU]\SDGNDFKJG\NDQDáNRPXQLNDF\MQ\MHVWW\ONRZSRáRZLHXV]NRG]RQ\WMNDQDá 

RGELRUXMHVWXV]NRG]RQ\OHF]QLHNDQDáQDGDZDQLDWRPRJ E\üEá G\NRQILJXUDF\MQH 

SU]\SRGDQLX]DVLOHQLD]HZ]JO GXQDIDNW H]DEH]SLHF]HQLDQLHNRPXQLNXM VL 

SRSUDZQLH-H HOLVWDQMHVWGRVW SQ\SRSU]H]WU]HFLH]DEH]SLHF]HQLHLMHJRGZDNDQDá\ 

NRPXQLNDF\MQHV VSUDZQHWRXNáDGXVWDELOL]XMHVL SRSUDZQLH

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

&ORFNVRXUFH> UyGáRV\JQDáX]HJDURZHJR@ 

UyGáRV\JQDáX]HJDURZHJRMHVWZ\PDJDQHGODV\QFKURQL]DFMLWUDQVPLVMLGDQ\FKSRPL G]\ 

NR FDPLV\VWHPX0R HWRE\ü]DSHZQLRQH]DUyZQRSU]H]]DEH]SLHF]HQLH3 

ZHZQ WU]QLHOXEPR HE\üIXQNFM Z\SRVD HQLDWHOHNRPXQLNDF\MQHJR]HZQ WU]QH 

=DEH]SLHF]HQLH3PDRGG]LHOQHQDVWDZ\GODNDQDáXLNDQDáXGODRNUH OHQLDµ&ORFN 

6RXUFHQDZDUWR üµ,QWHUQDOOXEµ([WHUQDO]JRGQLH]NRQILJXUDFM V\VWHPXNRPXQLNDF\MQHJR 

 

 

:HZQ WU]QH UyGáRV\JQDáX]HJDURZHJR 

3DUDPHWUµ&ORFN6RXUFHSRZLQLHQE\üXVWDZLRQ\QDZDUWR üµ,QWHUQDOQDZV]\VWNLFKNR FDFK 

V\VWHPXJG\V RQHSRá F]RQHSRSU]H]EH]SR UHGQLHSRá F]HQLH ZLDWáRZRGRZHJG\W\ONR 

3QDND G\P]NR FyZPXVL]DVLODü]HJDU 

=HZQ WU]QH UyGáRV\JQDáX]HJDURZHJR 

3DUDPHWUµ&ORFN6RXUFHSRZLQLHQE\üXVWDZLRQ\QDZDUWR üµ([WHUQDOQDZV]\VWNLFKNR FDFK 

V\VWHPXJG\V RQHSRá F]RQHSRSU]H]PXOWLSOHNVHUNWyU\RGELHUDV\JQDá]HJDURZ\µPDVWHU 

]PXOWLSOHNVHUD:D QHMHVW HZVLHFLPXOWLSOHNVHUyZMHVWW\ONRMHGQR UyGáRV\JQDáX 

]HJDURZHJRLGODWHJRPXOWLSOHNVHUQDND G\PNR FXOLQLLMHVWV\QFKURQL]RZDQ\]W\P]HJDUHP 

6]\ENR üWUDQVPLVML 

6]\ENR üWUDQVPLVMLGODZ\PLDQ\GDQ\FKSRPL G]\GZRPDOXEWU]HPDNR FDPLOLQLLPR HE\ü 

XVWDZLRQD]DUyZQRQDNELWVOXENELWV]JRGQLH]SRWU]HEDPL 

-H HOLLVWQLHMHEH]SR UHGQLHSRá F]HQLH ZLDWáRZRGRZHSRPL G]\NR FDPLWRV]\ENR ü 

WUDQVPLVMLSRZLQQDE\ü]Z\NOHXVWDZLRQDQDNELWVJG\ GDMHWRQLHFRV]\EV]\F]DV 

Z\á F]DQLD 

-H HOLSRPL G]\NR FDPLOLQLLMHVWPXOWLSOHNVHUWRE G]LHRQRNUH ODáV]\ENR üWUDQVPLVML 

X \ZDQ SU]H]V\VWHP3,QWHUIHMVHOHNWU\F]Q\PXOWLSOHNVHUD*GZXNLHUXQNRZ\9 

OXE;XGRVW SQLD]DUyZQRNDQDáNELWVOXENELWVL3QDND G\P]NR FyZPXVL 

E\üXVWDZLRQ\DE\RVL JDüRGSRZLHGQL V]\ENR üWUDQVPLVML 

2JyOQLHPXOWLSOHNVHU\Z3yáQRFQHM$PHU\FHED]XM QDNDQDáDFKRV]\ENR FLNELWVLMHM 

ZLHORNURWQR FLSRGF]DVJG\PXOWLSOHNVHU\ZSR]RVWDáHMF] FL ZLDWDV RSDUWHQDNDQDáDFKR 

V]\ENR FLNELWVLMHMZLHORNURWQR FL 

 

 

$ODUP\NRPXQLNDF\MQH 

$ODUPNRPXQLNDF\MQ\SRMDZLDVL Z]DEH]SLHF]HQLXMH HOLSR]LRPEá GQ\FKWHOHJUDPyZ 

SU]HNURF]\LXWU]\PXMHVL SU]H]GHILQLRZDOQ\F]DVSDWU]UR]G]LDá-HVWWR 

UyZQRZD QH5LW(UURU5DWH%(5QDSR]LRPLH[ 

$ODUPNRPXQLNDF\MQ\SRMDZLDVL UyZQLH MH HOLRGELHUDQHWHOHJUDP\ZVND]XM XV]NRG]HQLH 

NDQDáXNRPXQLNDF\MQHJRQDRGGDORQ\PNR FX 

6WDW\VW\NDEá GyZNRPXQLNDF\MQ\FK 

$E\SRPyFZRNUH ODQLXEá GyZELWRZ\FKá F]DNRPXQLNDF\MQHJRZ]DEH]SLHF]HQLXMHVW 

SU]HFKRZ\ZDQDVWDW\VW\NDEá GyZNRPXQLNDF\MQ\FK3RSR]ZDOD]OLF]\üOLF]E Z\NU\W\FK 

%á GQ\FK7HOHJUDPyZOLF]E =DJXELRQ\FK7HOHJUDPyZLOLF]E 3RSUDZQ\FK7HOHJUDPyZ 

RGELHUDQ\FKGODND GHJR]GZyFKNDQDáyZ5HMHVWURZDQDOLF]EDXV]NRG]RQ\FKVáX \MDNR 

ZVND QLNV]XPyZZF]DVLHQRUPDOQHMSUDF\á F]DNRPXQLNDF\MQHJRDQLHGODUHMHVWUDFML 

GáXJLFKSU]HUZNRPXQLNDF\MQ\FK/LF]ED]DJXELRQ\FKWHOHJUDPyZMHVWJURPDG]RQDSU]H] 

]ZL NV]DM F\VL OLF]QLNJG\WHOHJUDP]RVWDMHRGU]XFRQ\SU]H]XNáDGNRQWUROLEá GXHUURUFRGH 

FKHFNXNáDGNRQWUROLGáXJR FLWHOHJUDPXOXEXNáDGNRQWUROLNROHMQR FLWHOHJUDPyZ 

6WDW\VW\NDEá GyZMHVWDXWRPDW\F]QLHF]\V]F]RQDSU]\]Dá F]HQLXXU] G]HQLD0R QDM 

UyZQLH Z\]HURZDüSU]\X \FLXQDVWDZ\&OHDU6WDWLVWLFZNROXPQLHPHQX0HDVXUHPHQWV 

>SRPLDU\@

35=(:2'1,.7(&+1,&=1< 

0L&203333 

=$%(=3,(&=(1,$5Ï 1,&2:235 '2:( 

7*% 

7RP 

5R]G]LDá 

6WURQD 

 

 

 

&]DVRSy QLHQLDNRPXQLNDFML 

&]DVRSy QLHQLDNRPXQLNDFMLMHVWPDNV\PDOQ Uy QLF ZSURSDJDFMLV\JQDáXSRPL G]\ 

NROHMQ\PLWHOHJUDPDPLNWyU ]DEH]SLHF]HQLHE G]LHWROHURZDü]DQLPSU]Há F]\QDVWDZMDN 

RSLVDQRZUR]G]LDOH 

1DVWDZ IDEU\F]Q MHVWZDUWR üPLQLPDOQDmV3RZLQQDRQDE\ü]ZL NV]RQDGR 

RGSRZLHGQLHMZDUWR FLMH HOLRF]HNLZDQHF]DV\RSy QLHQLDSURSDJDFMLPRJ VL ]QDF]QLH 

]PLHQLDüQSSU]\á F]XPLNURIDORZ\PSRPL G]\XU] G]HQLDPLá F]QR FL 

&]DVXV]NRG]HQLDNRPXQLNDFML 

&]DVXV]NRG]HQLDNRPXQLNDFMLMHVWF]DVHPZNWyU\PEá G\NRPXQLNDF\MQHPXV] E\üFL JOH 

Z\NU\ZDQH]DQLPNDQDáMHVWWUDNWRZDQ\MDNRXV]NRG]RQ\3RREHMPXMHLPSOHPHQWDFM DODUPX 

NRPXQLNDF\MQHJRLDODUPX3URWHFWLYH6FKHPH,QRSHUDWLYH>XNáDG]DEH]SLHF]HQLRZ\ 

QLHDNW\ZQ\@1DVWDZDMHVW]Z\NOHXVWDZLDQDQDZDUWR üPDNV\PDOQLHVWDN HWHGZD 

DODUP\QLHE G SREXG]DQHSU]H]NUyWNLH]DQLNLOXEV\JQDá\]DNáyFDM FH 

1DVWDZDF]DVXXV]NRG]HQLDNRPXQLNDFMLPR HE\üXVWDZLRQDQDZDUWR FLPQLHMV]HQS 

OXEPVMH HOL]HVW\NLDODUPRZHV X \ZDQHGODRGEORNRZ\ZDQLD]DEH]SLHF]HQLDZVWDQLH 

VWDQGE\RF]HNLZDQLDOXEGODV\JQDOL]DFMLSU]Há F]QHMGODSRPRFQLF]\FKXNáDGyZ 

NRPXQLNDF\MQ\FK Há F]HNRPXQLNDF\MQHMHVW]DV]XPLRQHOXENRPSOHWQLHXV]NRG]RQH 

7U\EXV]NRG]RQHMNRPXQLNDFML 

7U\ESUDF\&RPPXQLFDWLRQ)DLO0RGH>WU\EXV]NRG]RQHMNRPXQLNDFML@MHVWX \ZDQ\GR 

Z\EUDQLDNDQDáyZRGSRZLHG]LDOQ\FK]DSRMDZLHQLHVL DODUPXNRPXQLNDF\MQHJRZNRQILJXUDFML 

]SRGZyMQ UHGXQGDQFM 6 GRVW SQHWU]\RSFMH&K)DLO>XV]NRG]RQ\NDQDá@&K)DLO 

>XV]NRG]RQ\NDQDá@L@&KDQG)DLO>XV]NRG]RQ\LNDQDá@-H HOLZ\EUDQR&K)DLO 

WRDODUPNRPXQLNDF\MQ\SRMDZLVL SU]\XV]NRG]HQLXJG\NDQDá]RVWDQLHXV]NRG]RQ\-H HOL 

Z\EUDQR&K)DLOWRDODUPNRPXQLNDF\MQ\SRMDZLVL SU]\XV]NRG]HQLXJG\NDQDá]RVWDQLH 

XV]NRG]RQ\-H HOLZ\EUDQR&KDQG)DLOWRDODUPNRPXQLNDF\MQ\SRMDZLVL JG\]RVWDQ 

XV]NRG]RQHREDNDQDá\


7\SX0L&203333 

5R]G]LDá 

2SLVSU]HND QLND


0L&203333 

6WURQDELDáD 

6WURQD]


0L&203333 

6SLVWUH FL 

&+$5$.7(5


0L&203333 

=$%(=3,(&=(1,(5Ï 1,&2:235 '2:(±3à


0L&203333 

6WURQD]


0L&203333 

 

&+$5$.7(5


0L&203333 

5\VXQHN0RGXá\SU]HND QLNDLSU]HSá\ZLQIRUPDFML 

6WURQD]


0L&203333 

6\VWHPRSHUDF\MQ\F]DVXU]HF]\ZLVWHJR 

6\VWHPRSHUDF\MQ\F]DVXU]HF]\ZLVWHJRMHVWZ\NRU]\VWDQ\GRGDQLDUDPGODUy Q\FK 

F] FLRSURJUDPRZDQLDSU]HND QLNDGRG]LDáDQLDZQLFK:UHV]FLHRSURJUDPRZDQLH 

SRG]LHORQHMHVWQD]DGDQLD6\VWHPRSHUDF\MQ\F]DVXU]HF]\ZLVWHJRMHVW 

RGSRZLHG]LDOQ\]DSODQRZDQLHSU]HWZDU]DQLDW\FK]DGD WDN HV Z\NRQ\ZDQHZ 

GRVW SQ\PF]DVLHLZHGáXJSULRU\WHWX6\VWHPRSHUDF\MQ\MHVWUyZQLH 

RGSRZLHG]LDOQ\]DZ\PLDQ LQIRUPDFMLSRPL G]\]DGDQLDPLZIRUPLHZLDGRPR FL 

2SURJUDPRZDQLHREVáXJLV\VWHPRZHM 

2SURJUDPRZDQLHREVáXJLV\VWHPRZHMGRVWDUF]DVWHURZDQLHRVSU] WHPSU]HND QLND 

QDGROQ\PSR]LRPLH1DSU]\NáDGRSURJUDPRZDQLHREVáXJLV\VWHPRZHMVWHUXMH 

áDGRZDQLHPRSURJUDPRZDQLDSU]HND QLND]WUZDáHMSDPL FLIODVK(3520SRSRGDQLX 

]DVLODQLDLGDMHRSURJUDPRZDQLHGULYHUDGODLQWHUIHMVXX \WNRZQLNDSRSU]H]/&'L 

NODZLDWXU RUD]V]HUHJRZHSRUW\NRPXQLNDF\MQH2SURJUDPRZDQLHREVáXJL 

V\VWHPRZHMGRVWDUF]DSR]LRPLQWHUIHMVXSRPL G]\VWHURZDQLHPRVSU] WXSU]HND QLND 

DUHV]W RSURJUDPRZDQLDSU]HND QLND 

3ODWIRUPDRSURJUDPRZDQLD 

3ODWIRUPDRSURJUDPRZDQLD]DMPXMHVL ]DU] G]DQLHPQDVWDZLHQLDPLSU]HND QLND 

LQWHUIHMVDPLSU]HND QLNDLORJRZDQLHPUHMHVWUDFML]GDU]H DODUPyZ]ZDUFLDL 

VHUZLVRZ\FK:V]\VWNLHQDVWDZLHQLDSU]HND QLNDV ]DSDPL W\ZDQHZED]LHGDQ\FK 

ZSU]HND QLNXNWyUDGDMHEH]SR UHGQL NRPSDW\ELOQR ü]NRPXQLNDFM &RXULHU'OD 

ZV]\VWNLFKLQQ\FKLQWHUIHMVyZWMLQWHUIHMVNODZLDWXU\L/&'QDSá\FLHF]RáRZHM 

0RGEXVRUD],(&3ODWIRUPDRSURJUDPRZDQLDSU]HNV]WDáFDLQIRUPDFM ] 

ED]\GDQ\FKQDZ\PDJDQ\IRUPDW3ODWIRUPDRSURJUDPRZDQLDLQIRUPXMH 

RSURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLDRZV]\VWNLFK]PLDQDFKQDVWDZLH L 

]DSDPL WXMHGDQHMDNRNUH ORQRZRSURJUDPRZDQLX]DEH]SLHF]H LVWHURZDQLD 

2SURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLD 

2SURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLDZ\NRQXMHREOLF]HQLDGODZV]\VWNLFK 

DOJRU\WPyZ]DEH]SLHF]H SU]HND QLND7RREHMPXMHSU]HWZDU]DQLHV\JQDáX 

F\IURZHJRWDNLHMDNILOWUDFMD)RXULHUDLSRPRFQLF]H]DGDQLDWDNLHMDNUHMHVWUDWRU 

]DNáyFH 2SURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLDá F]\VL ]SODWIRUP 

RSURJUDPRZDQLDGOD]PLDQQDVWDZLH LORJRZDQLDUHMHVWUDFMLRUD]] 

RSURJUDPRZDQLHPREVáXJLV\VWHPRZHMGODDNZL]\FMLSUyEHNGDQ\FKLGRVW SXGR 

SU]HND QLNyZZ\M FLRZ\FKLF\IURZ\FKZHM üRSWRL]RORZDQ\FK 

5HMHVWUDWRUSU]HELHJyZ]DNáyFH 

2SURJUDPRZDQLHUHMHVWUDWRUD]DNáyFH SU]HWZDU]DSUyENRZDQHZDUWR FLDQDORJRZH 

LV\JQDá\ORJLF]QH]RSURJUDPRZDQLD]DEH]SLHF]HQLDLVWHURZDQLD7R 

RSURJUDPRZDQLHZ\NRQXMHNRPSUHVM GDQ\FKE\XPR OLZLü]DSDPL WDQLHZL NV]HM 

OLF]E\UHMHVWUDFML3ODWIRUPDRSURJUDPRZDQLDá F]\VL ]UHMHVWUDWRUHPSU]HELHJyZ 

]DNáyFH E\XPR OLZLü FL JQL FLH]DSDPL WDQ\FKUHMHVWUDFML 

6WURQD]


0L&203333 

02'8à


0L&203333 

:HZQ WU]QHV]\Q\NRPXQLNDF\MQH 

3U]HND QLNPDGZLHZHZQ WU]QHV]\Q\NRPXQLNDF\MQHGRNRPXQLNDFMLGDQ\FK 

SRPL G]\Uy Q\PLPRGXáDPL*áyZQDV]\QDMHVWSRá F]HQLHPUyZQROHJá\PNWyUH 

MHVWF] FL SU]HZRGRZHMWD P\3U]HZyGWD PRZ\SU]HQRVLV\JQDá\V]\Q\ 

GDQ\FKLDGUHVXRUD]V\JQDá\VWHURZDQLDLZV]\VWNLHSU]HZRG\]DVLODQLD']LDáDQLH 

V]\Q\MHVWREVáXJLZDQHSU]H]JáyZQ Sá\W SURFHVRUDNWyU\SUDFXMHMDNRPDVWHU 

SRGF]DVJG\ZV]\VWNLHLQQHPRGXá\ZSU]HND QLNXMDNRVODYH'UXJDV]\QDMHVW 

V]HUHJRZ\PSRá F]HQLHPX \ZDQ\PZ\á F]QLHGRSU]HQLHVLHQLDZDUWR FLF\IURZ\FK 

SUyEHN]PRGXáXZHM FLRZHJRGRSá\W\JáyZQHMSURFHVRUD3URFHVRU'63PD 

ZEXGRZDQ\SRUWV]HUHJRZ\NWyU\MHVWX \W\GRF]\WDQLDGDQ\FKSUyEHN]V]\Q\ 

V]HUHJRZHM6]\QDV]HUHJRZDMHVWUyZQLH SU]HQRV]RQDSU]HZRGRZ WD P 

0RGXáZHM ü 

0RGXáZHM FLRZ\GDMHVSU] JPL G]\Sá\W DPLSURFHVRUDSU]HND QLNDDV\JQDáDPL 

F\IURZ\PLLDQDORJRZ\PLZHM FLRZ\PLSU]HND QLND0RGXáZHM FLRZ\VNáDGDVL ] 

GZyFK3'%JáyZQHMSá\W\ZHM FLRZHMLWUDQVIRUPDWRUyZ3L3SRVLDGDM 

ZHM FLDSU GRZ\FK3U]HND QLNW\SX3SRVLDGDZHM FLDQDSL FLRZHLZHM ü 

SU GRZ\FK3SRVLDGDWU]\ZHM FLDQDSL FLRZHLZHM üSU GRZ\FK 

3á\WDWUDQVIRUPDWRUyZ 

6WDQGDUGRZDSá\WDWUDQVIRUPDWRUyZ]DZLHUDGRWUDQVIRUPDWRUyZQDSL FLRZ\FK31 

LGRSU GRZ\FK333á\WDWUDQVIRUPDWRUyZGRGDWNRZ\FKGRGDMHD GR 

GRGDWNRZ\FK33:HM FLDSU GRZHSU]\MPXM DOER$DOER$SU G\]QDPLRQRZH 

RSFMHPHQXLSRá F]H RUD]ZHM FLDQDSL FLRZHPRJ E\üRNUH ORQHQD9 

7UDQVIRUPDWRU\V X \WH]DUyZQRGRGRVWRVRZDQLDSR]LRPXSU GyZLQDSL üGR 

SR]LRPyZRGSRZLHGQLFKGODREZRGyZHOHNWURQLF]Q\FKSU]HND QLNDMDNL 

ZSURZDG]HQLDHIHNW\ZQHML]RODFMLSRPL G]\SU]HND QLNLHPDV\VWHPHP 

HOHNWURHQHUJHW\F]Q\P8NáDG\SRá F]H REZRGyZZWyUQ\FK]DUyZQRSU GRZ\FKMDNL 

QDSL FLRZ\FKGDM Uy QLFRZHV\JQDá\ZHM FLRZHGRJáyZQHMSá\W\ZHM FLRZHME\ 

]PQLHMV]\ü]DNáyFHQLD 

3á\WDZHM FLRZD 

*áyZQDSá\WDZHM FLRZDMHVWSRND]DQDMDNRGLDJUDPEORNRZ\QDU\V=DZLHUD 

REZRG\GODV\JQDáyZZHM FLRZ\FKF\IURZ\FKLSU]HWZDU]DQLHDQDORJRZRF\IURZH 

V\JQDáyZDQDORJRZ\FK3RQLHZD SRELHUDRQDUy QLFRZHV\JQDá\DQDORJRZH]33L 

31QDSá\FLHWDFKWUDQVIRUPDWRUyZSU]HWZDU]DMHQDSUyENLF\IURZHLWUDQVPLWXMHWH 

SUyENLGRSá\W\JáyZQHJRSURFHVRUDV]HUHJRZ V]\Q GDQ\FK1DSá\FLHZHM FLRZHM 

V\JQDá\DQDORJRZHV SU]HSXV]F]DQHSU]H]ILOWUSU]HGPXOLSOHNVRZDQLHPZ 

SRMHG\QF] NR üNRQZHUWHUDDQDORJRZHJRF\IURZHJR3U]HWZRUQLN$&GDMH 

ELWRZ UR]G]LHOF]R üLZ\M FLRZ\SU]HSá\ZGDQ\FKV]HUHJRZ\FK&\IURZHV\JQDá\ 

ZHM FLRZHV RSW\F]QLHL]RORZDQHQDWHMSá\FLHE\]DSRELHFSRGZ\ V]RQ\P 

QDSL FLRPQDW\FKZHM FLDFKSRZRGXM F\PXV]NRG]HQLDZHZQ WU]Q\PREZRGRP 

SU]HND QLND 

6WURQD]


0L&203333 

5\VXQHN*áyZQDSá\WDZHM FLRZD 

8NáDGPXOWLSOHNVRZDQLDV\JQDáXSRVLDGDNDQDáyZDQDORJRZ\FKGRSUyENRZDQLD 

7RSR]ZDODQDSU]\MPRZDQLHGRZHM üSU GRZ\FKLZHM üQDSL FLRZ\FK 

UH]HUZRZHNDQDá\V Z\NRU]\VWDQHGRSUyENRZDQLDUy Q\FKQDSL üRGQLHVLHQLDGOD 

FHOyZGODFHOyZNRQWUROLFL JáR FLG]LDáDQLDPXOLSOHNVHUDLGRNáDGQR FLSU]HWZRUQLND 

$&&] VWRWOLZR üSUyENRZDQLDMHVWSUyENLQDRNUHVSU]HELHJXV\JQDáX]V\VWHPX 

SU]H]ORJLF]Q\XNáDGVWHURZDQLDNWyU\MHVWVWHURZDQ\SU]H]IXQNFM OHG]HQLD 

F] VWRWOLZR FLQDSá\FLHJáyZQHMSURFHVRUD.DOLEUDFMD( Ã3520]DZLHUD 

6WURQD]


0L&203333 

ZVSyáF]\QQLNLNDOLEUDFMLZ\NRU]\VW\ZDQHSU]H]Sá\W SURFHVRUDGRNRU\JRZDQLD 

Eá GyZDPSOLWXG\LID]\ZSURZDG]DQHSU]H]WUDQVIRUPDWRU\LREZRG\DQDORJRZH 

,QQ IXQNFM Sá\W\ZHM FLRZHMMHVWF]\WDQLHVWDQXV\JQDáyZREHFQ\FKQDZHM FLDFK 

F\IURZ\FKLSU]HQRV]HQLHJRQDUyZQROHJá V]\Q GDQ\FKGRSU]HWZDU]DQLD3á\WD 

ZHM FLRZD]DZLHUDZHM üRSWRL]RORZDQ\FKGRSRGá F]HQLDZHM FLRZ\FK 

V\JQDáyZF\IURZ\FK:HM FLDRSWRL]RORZDQHV X \WHGODV\JQDáyZF\IURZ\FK]W\FK 

VDP\FKSRZRGyZFRX \FLHWUDQVIRUPDWRUyZGODV\JQDáyZDQDORJRZ\FKGR 

L]RORZDQLDHOHNWURQLNLSU]HND QLNDRG URGRZLVNDV\VWHPXHOHNWURHQHUJHW\F]QHJR 

=DVLODQLH9µQDSL FLHP]HZQ WU]Q\PMHVWGRVW SQH]W\áXSU]HND QLNDGR]DVLODQLD 

ZHM üRSWRL]RORZDQ\FK3á\WDZHM FLRZDGDMHSHZQ ILOWUDFM VSU] WRZ V\JQDáyZ 

F\IURZ\FKE\XVXQ ü]DNáyFHQLDSU]HGEXIRURZDQLHPV\JQDáyZGRF]\WDQLDQD 

V]\QLHUyZQROHJáHMGDQ\FK=DOH QLHRGPRGHOXSU]HND QLNDPR HE\üGRVW SQ\FK 

ZL FHMQL F\IURZ\FKV\JQDáyZZHM FLRZ\FK0R QDWRRVL JQ üSU]H]X \FLH 

GRGDWNRZ\FKSá\WRSWR]DZLHUDM F\FKWHQVDP]HVWDZL]RORZDQ\FKZHM ü 

F\IURZ\FKFRJáyZQDSá\WDZHM FLRZDDOHQLH]DZLHUD DGQ\FKREZRGyZGOD 

V\JQDáyZDQDORJRZ\FKNWyUHV GRVW SQHQDJáyZQHMSá\FLHZHM FLRZHM 

0RGXá]DVLODF]D]DZLHUDM F\SU]HND QLNLZ\M FLRZH 

0RGXá]DVLODF]D]DZLHUDGZD3&%MHGHQGODVDPHJRXNáDGX]DVLODF]DLGUXJLGOD 

SU]HND QLNyZZ\M FLRZ\FK3á\WD]DVLODF]D]DZLHUDWDN HRVSU] WZHM FLRZ\L 

Z\M FLRZ\GODW\OQHJRSRUWXNRPXQLNDF\MQHJRNWyU\GDMHLQWHUIHMVNRPXQLNDF\MQ\ 

56 

3á\WD]DVLODF]D]DZLHUDM FDLQWHUIHMVNRPXQLNDF\MQ\56 

-HGHQ]WU]HFKUy Q\FKNRQILJXUDFMLSá\W\]DVLODF]DPR HE\ü]DVWRVRZDQ\Z 

SU]HND QLNX-HVWWRRNUH ODQHZPRPHQFLH]DPDZLDQLDL]DOH \RGQDWXU\]DVLODQLD 

NWyUHE G]LHSRGá F]RQHGRSU]HND QLND7HWU]\RSFMHSRND]DQRZWDEHOLSRQL HM 

=DNUHVQDSL FLDVWDáHJRGF =DNUHVQDSL FLD]PLHQQHJRDF 

9 

W\ONRGF 

9 

9UPV 

9 

9UPV 

7DEHOD2SFMH]DVLODQLD 

:\M FLH]HZV]\VWNLFKZHUVMLPRGXáX]DVLODF]DGDMHL]RORZDQ V]\Q ]DVLODQLDGR 

ZV]\VWNLFKLQQ\FKPRGXáyZZHZQ WU]SU]HND QLND7U]\SR]LRP\QDSL FLDV 

ZHZQ WU]SU]HND QLND9GODZV]\VWNLFKREZRGyZF\IURZ\FK 9GOD 

DQDORJRZHMHOHNWURQLNLQSQDSá\FLHZHM FLRZHMRUD]9GR]DVLODQLDFHZHN 

SU]HND QLNyZZ\M FLRZ\FK:V]\VWNLHQDSL FLD]DVLODQLDZW\P9SU]HZRGX 

X]LHPLRQHJRV UR]SURZDG]DQHZSU]HND QLNX]DSR UHGQLFWZHPSU]HZRGRZHM 

WD P\-HV]F]HMHGHQSR]LRPQDSL FLDGDZDQ\QDSá\FLH]DVLODF]DWRQDSL FLH 

]DVLODQLDREZRGyZ]HZQ WU]Q\FK9 

-HVWRQRZ\SURZDG]RQHQD]DFLVNL]W\áXSU]HND QLNDWDN HPR QDMHZ\NRU]\VWDü 

GR]DVLODQLDRSW\F]QLHL]RORZDQ\FKZHM üF\IURZ\FK 

'ZLHLQQHIXQNFMHSU]HZLG]LDQHQDSá\FLH]DVLODQLDWRLQWHUIHMVNRPXQLNDF\MQ\56 

RUD]VW\NLZDWFKGRJDSU]HND QLND,QWHUIHMV56MHVWX \W\GODW\OQHJRSRUWX 

NRPXQLNDF\MQHJRGDM FNRPXQLNDFM ZMHGQ\P]SURWRNRáyZ&RXULHU0RGEXVOXE 

,(&2VSU] W56RSLHUDVL QDNRPXQLNDFMLW\SXSyáGXSOH[LGDMH 

RSW\F]Q L]RODFM GDQ\FKV]HUHJRZ\FKSU]HV\áDQ\FKLRGELHUDQ\FK&DáD 

ZHZQ WU]QDNRPXQLNDFMDGDQ\FK]Sá\W\]DVLODF]DMHVWSU]HQRV]RQDSU]H]Sá\W 

SU]HND QLNyZZ\M FLRZ\FKNWyUDMHVWSRGá F]RQDGRV]\Q\UyZQROHJáHM 

)XQNFMDZDWFKGRJDSRVLDGDGZDVW\NLSU]HND QLNDZ\M FLRZHJRMHGHQF]\QQ\L 

MHGHQELHUQ\VWHURZDQH]Sá\W\JáyZQHMSURFHVRUD3U]HZLG]LDQRMHGRZVND]\ZDQLD 

HSU]HND QLNDMHVWQLHXV]NRG]RQ\ 

6WURQD]


0L&203333 

3á\WDSU]HND QLNyZZ\M FLRZ\FK 

3á\WDSU]HND QLNyZZ\M FLRZ\FKSRVLDGDVLHGHPSU]HND QLNyZWU]\]HVW\NDPL 

F]\QQ\PLLF]WHU\]HVW\NDPLSU]Há F]Q\PL3U]HND QLNLV ]DVLODQH]9]DVLODF]D 

6WDQSU]HND QLNyZMHVWZSLV\ZDQ\LRGF]\W\ZDQ\]X \FLHPUyZQROHJáHMV]\Q\ 

GDQ\FK=DOH QLHRGPRGHOXSU]HND QLNDZL FHMQL VLHGHPVW\NyZZ\M FLRZ\FK 

PR HE\üSU]HZLG]LDQ\FKSRSU]H]X \FLHD GRWU]HFKGRGDWNRZ\FKSá\W 

SU]HND QLNyZ.D GDGRGDWNRZDSá\WDSU]HND QLNyZGDMHGDOV]\FKVLHGHP 

SU]HND QLNyZZ\M FLRZ\FK 

3á\WD,5,*% 

3á\WD,5,*%MHVWRSFM ]DPyZLHQLDNWyU PR QD]DVWRVRZDüE\X]\VNDüGRNáDGQH 

RGQLHVLHQLHF]DVXGODSU]HND QLND0R QDWRZ\NRU]\VWDüJG]LHNROZLHNMHVWGRVW SQ\ 

V\JQDá,5,*%6\JQDá,5,*%MHVWSRGá F]DQ\GRSá\W\SRSU]H]á F]QLN%1&]W\áX 

SU]HND QLND,QIRUPDFMDF]DVRZDMHVWX \WDGRV\QFKURQL]DFMLZHZQ WU]QHJR]HJDUD 

F]DVXU]HF]\ZLVWHJRSU]HND QLND]GRNáDGQR FL PV=HJDUZHZQ WU]Q\MHVW 

QDVW SQLHZ\NRU]\VWDQ\GRQDGDZDQLDVWHPSODF]DVRZDZUHMHVWUDWRUDFK]GDU]H 

]ZDUüVHUZLVRZ\PL]DNáyFH 

3á\WD,5,*%PR HUyZQLH E\ü]DPyZLRQD]H ZLDWáRZRGRZ\PQDGDMQLNLHP 

RGELRUQLNLHPNWyU\PR QDZ\NRU]\VWDüMDNRW\OQ\SRUWNRPXQLNDF\MQ\]DPLDVW 

HOHNWU\F]QHJRSRá F]HQLD56W\ONR,(& 

8NáDGPHFKDQLF]Q\ 

0DWHULDáREXGRZ\SU]HND QLNDMHVWVNRQVWUXRZDQ\]HVWDOLPDM FHMSU]HZRG] F 

SRZLHU]FKQL ]DOXPLQLXPLF\QNX8PR OLZLDWRGREUHX]LHPLHQLHQDZV]\VWNLFK 

SRá F]HQLDFKGDM FQLVNRLPSHGDQF\MQ FLH N GR]LHPLFRMHVW]DVDGQLF] VSUDZ 

GODSUDZLGáRZHJRG]LDáDQLDSU]\REHFQR FL]DNáyFH ]HZQ WU]Q\FK 

3á\W\LPRGXá\Z\NRU]\VWXMDVWUDWHJL ZLHORSXQNWRZHJRX]LHPLHQLDGODSRSUDZLHQLD 

RGSRUQR FLQD]DNáyFHQLD]HZQ WU]QHLPLQLPDOL]RZDQLDHIHNWXREZRGX 

]DNáyFHQLRZHJR3áDV]F]\]Q\X]LHPLDM FHV X \WHQDSá\WDFKGR]UHGXNRZDQLD 

LPSHGDQFMLREZRGyZD]DFLVNLVSU \VWHV Z\NRU]\VWDQHGRX]LHPLHQLDNRQVWUXNFML 

PHWDORZHMPRGXáX 

%ORNL]DFLVNyZRGX \PREFL HQLXV Z\NRU]\VWDQH]W\áXSU]HND QLNDGR 

SRGá F]HQLDV\JQDáyZSU GRZ\FKLQDSL FLRZ\FK%ORNL]DFLVNyZR UHGQLP 

REFL HQLXV Z\NRU]\VWDQHGODF\IURZ\FKV\JQDáyZZHM üORJLF]Q\FKVW\NyZ 

SU]HND QLNyZZ\M FLRZ\FK]DVLODQLDLW\OQHJRSRUWXNRPXQLNDF\MQHJRà F]QLN%1& 

MHVWZ\NRU]\VWDQ\GODRSFMRQDOQHJRV\JQDáX,5,*%SLQRZ\LSLQRZ\ H VNL] 

SRá F]HQLHP'V Z\NRU]\VWDQH]SU]RGXSU]HND QLNDGRNRPXQLNDFMLGDQ\FK 

:HZQ WU]SU]HND QLND3&%V ZSL WHGRNRQHNWRUyZEORNyZ]W\áXLPRJ E\üZ\M WH 

W\ONR]SU]RGXSU]HND QLND.RQHNWRU\EORNyZGODZHM üSU]HND QLND]SU]HNáDGQLNyZ 

SU GRZ\FKV Z\SRVD RQHZ]ZLHUDF]HZHZQ WU]SU]HND QLNDNWyUHDXWRPDW\F]QLH 

]ZLHUDM REZRG\SU]HNáDGQLNyZSU GRZ\FK]DQLP]RVWDQ SU]HUZDQHSU]\ 

Z\MPRZDQLXSá\W\ 

3DQHOSU]HGQLVNáDGDVL ]NODZLDWXU\PHPEUDQRZHM]GRW\NRZ\PLNODZLV]DPLRUD] 

/&'LGLRGDPL/('XPLHV]F]RQ\PLQDDOXPLQLRZHMSá\FLHSRGáR D 

6WURQD]


0L&203333 

2352*5$02:$1,(35=(.$ 1,.$ 

2SURJUDPRZDQLHSU]HND QLND]RVWDáRSU]HGVWDZLRQHZRSLVLHRJyOQ\PSU]HND QLND 

QDSRF] WNXWHJRUR]G]LDáX2SURJUDPRZDQLHPR QDUR]ZD DüG]LHO FQDF]WHU\ 

F] FL 

”V\VWHPRSHUDF\MQ\F]DVXU]HF]\ZLVWHJR 

”RSURJUDPRZDQLHREVáXJLV\VWHPRZHM 

”SODWIRUPDRSURJUDPRZDQLD 

”RSURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLD 

7HQSRGUR]G]LDáRSLVXMHV]F]HJyáRZRWHRVWDWQLHGZDSODWIRUP RSURJUDPRZDQLD 

RUD]RSURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLDNWyUHNRQWUROXM IXQNFMRQDOQH 

]DFKRZDQLHVL SU]HND QLND5\VXQHNSRND]XMHVWUXNWXU RSURJUDPRZDQLD 

SU]HND QLND 

 

 

5\V6WUXNWXUDRSURJUDPRZDQLDSU]HND QLND 

6\VWHPRSHUDF\MQ\F]DVXU]HF]\ZLVWHJR 

2SURJUDPRZDQLHMHVWSRG]LHORQHQD]DGDQLDV\VWHPRSHUDF\MQ\F]DVX 

U]HF]\ZLVWHJRMHVWZ\NRU]\VWDQ\GRSODQRZDQLDSURFHVXSU]HWZDU]DQLD]DGD E\ 

]DSHZQLü HE G RQHSU]HWZDU]DQHZRGSRZLHGQLPF]DVLHLNROHMQR FLZHGáXJ 

SULRU\WHWX6\VWHPRSHUDF\MQ\MHVWWDN HRGSRZLHG]LDOQ\F] FLRZR]DVWHURZDQLH 

NRPXQLNDFM SRPL G]\]DGDQLDPLRSURJUDPRZDQLDSRSU]H]X \FLHZLDGRPR FL 

V\VWHPXRSHUDF\MQHJR 

2SURJUDPRZDQLHREVáXJLV\VWHPRZHM 

-DNSRND]DQRQDU\VRSURJUDPRZDQLHREVáXJLV\VWHPRZHMGRVWDUF]DLQWHUIHMV 

SRPL G]\RVSU] WHPSU]HND QLNDDZ\VRNLPSR]LRPHPIXQNFMRQDOQR FLSODWIRUP\ 

RSURJUDPRZDQLDRUD]RSURJUDPRZDQLHP]DEH]SLHF]H LVWHURZDQLD1S 

RSURJUDPRZDQLHREVáXJLV\VWHPRZHMGDMHGUDMZHU\GODXNáDGyZWDNLFKMDN 

Z\ ZLHWODF]/&'NODZLDWXUDLSRUW\NRPXQLNDFML]GDOQHMRUD]VWHUXMHLQLFMRZDQLHP 

SURFHVRUDLáDGRZDQLHPNRGXSURFHVRUDGR65$0]WUZDáHMSDPL FLIODVK(3520SR 

SRGDQLX]DVLODQLD 

6WURQD]


0L&203333 

3ODWIRUPDRSURJUDPRZDQLD 

3ODWIRUPDRSURJUDPRZDQLDPDWU]\JáyZQHIXQNFMH 

”GRNRQWURORZDQLD]DSLVHPZV]\VWNLFKUHMHVWUDFMLNWyUHV WZRU]RQHSU]H] 

RSURJUDPRZDQLH]DEH]SLHF]H ZW\PDODUPyZL]GDU]H ]ZDUü]DNáyFH L 

VHUZLVRZHM 

”GR]DSDPL W\ZDQLDL]DFKRZ\ZDQLDED]\GDQ\FKZV]\VWNLFKQDVWDZLH 

SU]HND QLNDZSDPL FLWUZDáHM 

”GRGDQLDZHZQ WU]QHJRLQWHUIHMVXSRPL G]\ED] GDQ\FKQDVWDZLH DND G\P] 

LQWHUIHMVyZX \WNRZQLNDZSU]HND QLNXWMLQWHUIHMVHPQDSá\FLHF]RáRZHMLSRUWDPL 

NRPXQLNDF\MQ\PLSU]HGQLPLW\OQ\PSU]\Z\NRU]\VWDQLXNWyUHJRNROZLHNRNUH ORQHJR 

SURWRNRáXNRPXQLNDF\MQHJR&RXULHU0RGEXV,(& 

=DSLVUHMHVWUDFML 

)XQNFMDUDSRUWRZDQLDMHVWSU]HZLG]LDQDGR]DSLVXZV]\VWNLFKUHMHVWUDFMLDODUPyZ 

]GDU]H ]ZDUüLVHUZLVRZHM5HMHVWUDFMHGODZV]\VWNLFKW\FKSU]\SDGNyZV 

ZSLV\ZDQHGRSRGWU]\P\ZDQHMEDWHU\MQLHSDPL FL65$0WDNE\GDüUDSRUW 

ZV]\VWNLHJRFRVL Z\GDU]\áRZWUZDáHMSDPL FL3U]HND QLNXWU]\PXMHF]WHU\UDSRUW\ 

ND G\D GRDODUPyZUHMHVWUDFML]GDU]H UHMHVWUDFML]ZDUüLUHMHVWUDFML 

VHUZLVRZHM5DSRUW\V XWU]\P\ZDQHZWDNLVSRVyE HQDMVWDUV]H]DSLV\V 

Z\PD]\ZDQHSU]H]QDMQRZV]H)XQNFMDUDSRUWRZDQLDPR HE\üLQLFMRZDQLD] 

RSURJUDPRZDQLD]DEH]SLHF]H OXESODWIRUP\RSURJUDPRZDQLD 

)XQNFMDUDSRUWRZDQLDMHVWRGSRZLHG]LDOQD]DUDSRUW\UHMHVWUDFMLVHUZLVRZHMZ 

SU]\SDGNXXV]NRG]HQLDSU]HND QLND7R]DZLHUDEá G\NWyUHPRJ E\üZ\NU\WH 

SU]H]VDP SODWIRUP RSURJUDPRZDQLDOXEEá G\Z\NU\WHDOERSU]H]IXQNFMHREVáXJL 

V\VWHPRZHMOXERSURJUDPRZDQLD]DEH]SLHF]H 'DOV]HLQIRUPDFMHV ZSRGUR]G]LDOH 

GRW\F] F\PQDG]RUXLGLDJQRVW\NL 

%D]DGDQ\FKQDVWDZLH 

%D]DGDQ\FKQDVWDZLH ]DZLHUDZV]\VWNLHQDVWDZLHQLDLGDQHSU]HND QLNDZW\P 

]DEH]SLHF]H UHMHVWUDWRUD]DNáyFH RUD]QDVWDZLH VWHURZDQLDLSRPRFQLF]\FK 

1DVWDZLHQLDV SU]HFKRZ\ZDQHZWUZDáHMSDPL FL( 3520 

=DU] G]DQLHED] GDQ\FKQDVWDZLH SU]H]SODWIRUP RSURJUDPRZDQLD]DZLHUD 

RGSRZLHG]LDOQR ü]D]DSHZQLHQLH HW\ONRMHGHQLQWHUIHMVX \WNRZQLNDPRG\ILNXMH 

QDVWDZLHQLDED]\GDQ\FKZGDQHMFKZLOL 

7DIXQNFMDMHVWZSURZDG]RQDE\]DSRELHFSRZVWDQLXEá GyZPL G]\Uy Q\PL 

IUDJPHQWDPLRSURJUDPRZDQLDSRGF]DV]PLDQ\QDVWDZLH 'OD]PLDQQDVWDZLH 

]DEH]SLHF]H LQDVWDZLH UHMHVWUDWRUD]DNáyFH SODWIRUPDRSURJUDPRZDQLDG]LDáD 

MDNRµQRWDWQLNZSDPL FL65$07RSR]ZDODQDGRNRQDQLHGX HMLOR FL]PLDQ 

QDVWDZLH ZGRZROQHMNROHMQR FLDOH]DVWRVRZDQ\FKGRF]áRQyZ]DEH]SLHF]H 

UHMHVWUDWRUD]DNáyFH L]DSLVDQHMZED]LHGDQ\FKZ( 3520ZW\PVDP\PF]DVLH 

SDWU]UyZQLH UR]G]LDá±LQWHUIHMVX \WNRZQLND-H OL]PLDQDQDVWDZLH ZSá\ZDQD 

]DGDQLD]DEH]SLHF]H LVWHURZDQLDWRED]DGDQ\FKSRZLDGDPLDMHRQRZ\FK 

ZDUWR FLDFK 

%D]DGDQ\FKLQWHUIHMVX 

,QQDIXQNFMDSODWIRUP\RSURJUDPRZDQLDMHVWGRLPSOHPHQWRZDQLDZHZQ WU]QHJR 

LQWHUIHMVXSU]HND QLNDSRPL G]\ED] GDQ\FKDND G\P]LQWHUIHMVyZX \WNRZQLNDZ 

SU]HND QLNX%D]DGDQ\FKQDVWDZLH LSRPLDUyZPXVLE\üGRVW SQD]HZV]\VWNLFK 

LQWHUIHMVyZX \WNRZQLNDZSU]HND QLNXE\XPR OLZLüF]\WDQLHLPRG\ILNRZDQLH 

G]LDáDQLD3ODWIRUPDRSURJUDPRZDQLDSU]HGVWDZLDGDQHZRGSRZLHGQLPGODND GHJR 

LQWHUIHMVXX \WNRZQLNDIRUPDFLH 

6WURQD]


0L&203333 

2SURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLD 

2SURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLDMHVWRGSRZLHG]LDOQH]DSU]HWZDU]DQLH 

ZV]\VWNLFKF]áRQyZ]DEH]SLHF]H LIXQNFMLSRPLDURZ\FKSU]HND QLND%\WRRVL JQ ü 

PXVLVL RQRNRPXQLNRZDü]DUyZQR]RSURJUDPRZDQLHPREVáXJLVHUZLVRZHMMDNL 

SODWIRUP RSURJUDPRZDQLDMDNUyZQLH RUJDQL]RZDüVZRMHZáDVQHG]LDáDQLD 

2SURJUDPRZDQLH]DEH]SLHF]HQLDPDQDMZ\ V]\SULRU\WHW]HZV]\VWNLFK]DGD 

RSURJUDPRZDQLDZSU]HND QLNXE\XPR OLZLüQDMV]\EV]HPR OLZHG]LDáDQLH 

]DEH]SLHF]HQLD2SURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLDPD]DGDQLH 

QDG]RURZDQLDNWyUHVWHUXMHSRF] WNLHP]DGDQLDL]DU] G]DZ\PLDQ LQIRUPDFML 

SRPL G]\]DGDQLHPDSODWIRUP RSURJUDPRZDQLD 

3U]HJO G±SODQRZDQLH]DEH]SLHF]H LVWHURZDQLD 

3RLQLFMDOL]DFMLSRVWDUFLH]DGDQLD]DEH]SLHF]H LVWHURZDQLDV ]DZLHV]RQHGR 

F]DVXSREUDQLDZ\VWDUF]DM FHMLOR FLSUyEHNGRSU]HWZDU]DQLD=ELHUDQHSUyEHNMHVW 

NRQWURORZDQHSU]H]µIXQNFM SUyENRZDQLDNWyUDMHVWSU]\ZRá\ZDQDSU]H] 

RSURJUDPRZDQLHREVáXJLV\VWHPXLSRELHUDND G\]HVWDZQRZ\FKSUyEHN]PRGXáX 

ZHM FLRZHJRL]DSDPL WXMHMHZEXIRU]HGODGZyFKRNUHVyZ2SURJUDPRZDQLH 

]DEH]SLHF]H LVWHURZDQLDSRGHMPXMHG]LDáDQLHJG\OLF]EDQLHSU]HWZRU]RQ\FKSUyEHN 

ZEXIRU]HRVL JQLHSHZQ OLF]E =DGDQLD]DEH]SLHF]HQLRZHV Z\NRQ\ZDQHF]WHU\ 

UD]\QDRNUHVWMSRND G\FKSUyENDFKGODF] VWRWOLZR FLSUyENRZDQLDSUyEHNQD 

RNUHV-HGQDN HF]áRQ\]DEH]SLHF]HQLRZHV SRG]LHORQHQDJUXS\WDN HUy QH 

F]áRQ\V SU]HWZDU]DQH]DND G\PUD]HP]ND G\PF]áRQHPSU]HWZDU]DQ\P 

SU]\QDMPQLHMUD]QDRNUHV2SURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLDMHVW 

]DZLHV]DQLHSRQRZQLHJG\FDáHSU]HWZDU]DQLH]HVWDZXSUyEHNMHVW]DNR F]RQH7R 

SR]ZDODQDSRGM FLHG]LDáD SU]H]LQQH]DGDQLDRSURJUDPRZDQLD 

3U]HWZDU]DQLHV\JQDáyZ 

)XQNFMDSUyENRZDQLDXPR OLZLDILOWUDFM V\JQDáyZ]ZHM üF\IURZ\FKRSWRL]RORZDQ\FK 

L OHG]HQLHF] VWRWOLZR FLV\JQDáyZDQDORJRZ\FK 

:HM FLDF\IURZHV VSUDZG]DQHZVWRVXQNXGRVZRLFKSRSU]HGQLFKZDUWR FLSU]H] 

RGFLQHNUyZQ\SRáRZLHRNUHVX6W G]PLDQDVWDQXMHGQHJR]ZHM üPXVLE\ü 

XWU]\P\ZDQDSU]\QDMPQLHMSU]H]SRáRZ RNUHVX]DQLPE G]LH]DUHMHVWURZDQDSU]H] 

RSURJUDPRZDQLH]DEH]SLHF]H LVWHURZDQLD 

OHG]HQLHF] VWRWOLZR FLV\JQDáyZZHM üDQDORJRZ\FKMHVWRVL JDQHSU]H] 

RGSRZLHG QDILOWUDFM )RXULHUDNWyUDMHVW]DVWRVRZDQDGRMHGQHJR]V\JQDáyZ 

ZHM FLRZ\FKRUD]G]LDáDSU]H]Z\NU\ZDQLH]PLDQ\N WDID]RZHJRPLHU]RQHJR 

V\JQDáX2EOLF]RQDZDUWR üF] VWRWOLZR FLMHVWX \ZDQDGRPRG\ILNRZDQLD 

F] VWRWOLZR FLSUyENRZDQLDZ\NRU]\VW\ZDQHMSU]H]PRGXáZHM FLRZ\WDNE\ 

RVL JQ üVWDá F] VWRWOLZR üSUyENRZDQLDSUyEHNQDRNUHVPLHU]RQHJRSU]HELHJX 

:DUWR üF] VWRWOLZR FLMHVWUyZQLH ]DSDPL W\ZDQDGRZ\NRU]\VWDQLDSU]H]]DGDQLD 

]DEH]SLHF]H LVWHURZDQLD*G\]DGDQLH]DEH]SLHF]H LVWHURZDQLDMHVWMHVW 

SRQRZQLHUR]SRF]\QDQHSU]H]IXQNFM SUyENRZDQLDWRREOLF]DRQRVNáDGRZH 

)RXULHUD]V\JQDáyZDQDORJRZ\FKZ\NRU]\VWXM FMHGQRRNUHVRZ SUyENRZ 

G\VNUHWQ WUDQVIRUPDW )RXULHUD')7'LVFUHWH)RXULHU7UDQVIRUP')7MHVW]DZV]H 

REOLF]DQHZ\NRU]\VWXM FRVWDWQLRNUHVSUyEHN]RNUHVRZHJREXIRUDWMQDMQRZV]H 

GDQHV X \WH')7X \WHZWHQVSRVyEZ\FL JDVNáDGRZ F] VWRWOLZR FL 

SRGVWDZRZHM]V\JQDáXLGDMHDPSOLWXG LN WID]RZ\VNáDGRZHMSRGVWDZRZHMZ 

ZDUWR FLDFKSURVWRN WQ\FK')7GDMHGRNáDGQ\SRPLDUVNáDGRZHMSRGVWDZRZHML 

VNXWHF]Q ILOWUDFM F] VWRWOLZR FLKDUPRQLF]Q\FKL]DNáyFH 7RG]LDáDQLHMHVW 

RVL JQL WHZSRá F]HQLX]PRGXáHPZHM FLRZ\PSU]HND QLNDGDM F\PKDUGZDUHRZ 

ILOWUDFM WáXPL F F] VWRWOLZR FLSRZ\ HMSRáRZ\F] VWRWOLZR FLSUyENRZDQLDRUD] 

OHG]HQLHF] VWRWOLZR FLWDNE\]DFKRZDüF] VWRWOLZR üSUyENRZDQLDSUyEHNQD 

RNUHV6NáDGRZH)RXULHUDV\JQDáyZZHM FLRZ\FKSU GRZHJRLQDSL FLRZHJRV 

6WURQD]


0L&203333 

 

 

SU]HFKRZ\ZDQHZSDPL FLWDN HPRJ E\üGRVW SQHGODZV]\VWNLFKDOJRU\WPyZ 

F]áRQyZ]DEH]SLHF]HQLRZ\FK3UyENL]PRGXáXZHM FLRZHJRV UyZQLH 

Z\NRU]\VW\ZDQHZIRUPLHQLHSU]HWZRU]RQHMSU]H]UHMHVWUDWRU]DNáyFH GODUHMHVWUDFML 

SU]HELHJyZLGRREOLF]DQLDZDUWR FLVNXWHF]QHMSU GXQDSL FLDLPRF\GODFHOyZ 

SRPLDURZ\FK 

=DEH]SLHF]HQLHUy QLFRZRSU GRZH±Sá\WDNRSURFHVRUD 

&Dá\SURFHVZ\NRQ\ZDQLDDOJRU\WPXGOD]DEH]SLHF]HQLDUy QLFRZRSU GRZHJRL 

NRPXQLNDFMLSRSURWRNROHVNRMDU]RQ\MHVWSá\W NRSURFHVRUD=DEH]SLHF]HQLH 

Uy QLFRZHRSDUWHMHVWQDSU]HND QLNDFKQDNR FDFKOLQLLZ\PLHQLDM F\FKVL PL G]\ 

VRE LQIRUPDFMDPLF]WHU\UD]\QDF\NO$E\RVL JQ üWRNRSURFHVRUSRELHUDSUyENL 

OHG] FF] VWRWOLZR üV\JQDáXZHM FLRZHJRSUyENLQDF\NOLNRQZHUWXMHMHGR 

SUyEHNQDF\NOZRSDUFLXRF] VWRWOLZR üQRPLQDOQ EH] OHG]HQLDF] VWRWOLZR FL 

.RSURFHVRUSU]HOLF]DWUDQVIRUPDW )RXULHUDXVWDORQ W SRSUyENRZDQLDSRND GHM 

SUyEFHZ\NRU]\VWXM FRNQRSRPLDURZHRZLHONR FLMHGQHJRF\NOX7RJHQHUXMH 

SRPLDU\SU GyZRVLHPUD]\QDF\NONWyUHZ\NRU]\VW\ZDQHV GRDOJRU\WPX 

]DEH]SLHF]HQLDUy QLFRZHJRRUD]]GDOQHMWUDQVPLVMLLQIRUPDFMLW\SX+'/&KLJK± 

OHYHOGDWDOLQNFRQWUROFKDUDNWHU\VW\F]QHMGODNRPXQLNDFMLSRSU]H]SURWRNyá 

.RSURFHVRURGSRZLHG]LDOQ\MHVWWDN H]D]DU] G]DQLHSU]HND]DQLDNRPHQGR 

Z\á F]HQLXSRSU]H]á F]HNRPXQLNDF\MQHRUD]SU]HNRQILJXURZDQLHGRSURZDG]RQH] 

]HZQ WU]Q\FKSU]HND QLNyZ:\PLDQDGDQ\FKSRPL G]\Sá\W NRSURFHVRUDRUD] 

Sá\W JáyZQHJRSURFHVRUDRVL JQL WDMHVWSU]H]Z\NRU]\VWDQLHZVSyOQHMSDPL FLQD 

Sá\FLHNRSURFHVRUD:SU]\SDGNXJG\JáyZQ\SURFHVRUXGRVW SQLDW SDPL ü 

NRSURFHVRUMHVWFKZLORZR]DWU]\PDQ\1DVW SQLHNRGNRSURFHVRUDMHVWNRSLRZDQ\QD 

Sá\W ZPRPHQFLHLQLFMRZDQLD*áyZQ\UXFKSRPL G]\Sá\WDPLVNáDGDVL ]LQIRUPDFML 

R]PLDQLHQDVWDZNRPHQG]JáyZQHJRSURFHVRUDLSRPLDUyZ]DEH]SLHF]HQLD 

Uy QLFRZHJRRUD]GRFKRG] F\FKGDQ\FKZ\M FLRZ\FK 

8NáDGORJLNLSURJUDPRZDOQHM 

&HOHPXNáDGXORJLNLSURJUDPRZDOQHM36/3URJUDPPDEOH6FKHPH/RJLFMHVW 

XPR OLZLHQLHX \WNRZQLNRZLSU]HND QLNDVNRQILJXURZDQLHLQG\ZLGXDOQHJRXNáDGX 

]DEH]SLHF]H E\GRSDVRZDüJRGRZáDVQ\FKV]F]HJyOQ\FK]DVWRVRZD 0R QDWR 

RVL JQ üZ\NRU]\VWXM FEUDPNLORJLF]QHL]ZáRNLF]DVRZH 

:HM FLHPGR36/MHVWNRPELQDFMDVWDWXVyZV\JQDáyZZHM üF\IURZ\FK]Sá\W\ZHM ü 

RSWRL]RORZDQ\FKZ\M ü]F]áRQyZ]DEH]SLHF]HQLRZ\FKQSSREXG]HQLDL]DG]LDáDQLD 

]DEH]SLHF]H RUD]Z\M ü]XVWDZLRQHMORJLNLXNáDGX]DEH]SLHF]HQLD8VWDZLRQ\XNáDG 

ORJLNLGDMHVWDQGDUGRZHXNáDG\]DEH]SLHF]H ZSU]HND QLNX6DP36/VNáDGDVL ] 

SURJUDPRZ\FKEUDPHNORJLF]Q\FKLHOHPHQWyZF]DVRZ\FK%UDPNLORJLF]QHPR QD 

]DSURJUDPRZDüWDNE\Z\NRQ\ZDá\Uy QHIXQNFMHORJLF]QHLPRJ SU]\M üGRZROQ 

LOR üZHM ü(OHPHQW\F]DVRZHV Z\NRU]\VW\ZDQHDOERGRWZRU]HQLD 

SURJUDPRZDQHJRRSy QLHQLDLOXEGRZDUXQNRZDQLDZ\M üORJLF]Q\FKQSGR 

WZRU]HQLDZ\M FLDLPSXOVRZHJROXERXVWDORQ\PF]DVLHWUZDQLDQLH]DOH QLHRG 

GáXJR FLLPSXOVXQDZHM FLX:\M FLDPL]36/V GLRG\/('QDSá\FLHF]RáRZHM 

SU]HND QLNDLVW\NyZZ\M FLRZ\FK]W\áX 

:\NRQ\ZDQLHORJLNL36/MHVWLQLFMRZDQHSU]H]]GDU]HQLHORJLNDMHVWSU]HWZDU]DQD 

SU]\ND GHM]PLDQLHNWyUHJR ]MHMZHM üQSMDNRZ\QLN]PLDQ\ZV\JQDOH]ZHM FLD 

F\IURZHJROXE]DG]LDáDQLDF]áRQX]DEH]SLHF]HQLRZHJR5yZQLH W\ONRWDF] üORJLNL 

QDNWyU ZSá\ZD]PLDQDMHVWSU]HWZDU]DQD 

7R]PQLHMV]DGáXJR üF]DVXSU]HWZDU]DQLDX \WHJRSU]H]36/2SURJUDPRZDQLH 

]DEH]SLHF]H LVWHURZDQLDXDNWXDOQLDORJLF]QH]ZáRNLF]DVRZHLVSUDZG]DF]\QLHPD 

]PLDQ\ZV\JQDáDFKZHM FLRZ\FKGR36/SU]\ND G\PSU]HWZDU]DQLX 

7HQV\VWHPGDMHX \WNRZQLNRZLHODVW\F]QR üZWZRU]HQLXVZRMHJRZáDVQHJRXNáDGX 

ORJLNL-HGQDN HR]QDF]DWRUyZQLH H36/PR HE\üVNRQILJXURZDQHZEDUG]R 

6WURQD]


0L&203333 

]áR RQ\XNáDGL]WHJRSRZRGXQDVWDZLHQLH36/MHVWZSURZDG]DQH]DSRPRF 

SDNLHWX0L&206RSURJUDPRZDQLDGR3& 

5HMHVWUDFMH]GDU]H L]ZDUü 

=PLDQDZGRZROQ\PV\JQDOHZHM FLDF\IURZHJROXEZ\M FLD]F]áRQX]DEH]SLHF]HQLD 

MHVWZ\NRU]\VW\ZDQDGRZVND]DQLD HPLDáRPLHMVFH]GDU]HQLH*G\WRVL ]GDU]DWR 

]DGDQLH]DEH]SLHF]H LVWHURZDQLDZ\V\áDZLDGRPR üWR]DGDQLDQDG]RUXM FHJRE\ 

ZVND]Dü H]GDU]HQLHMHVWGRVW SQHGRSU]HWZDU]DQLDL]DSLVXMHGDQH]GDU]HQLDGR 

V]\ENLHJREXIRUXZ65$0FRMHVWNRQWURORZDQHSU]H]]DGDQLHQDG]RUXM FH*G\ 

]DGDQLHQDG]RUXM FHRGELHUDDOERZLDGRPR üRUHMHVWUDFML]GDU]HQLDDOER]ZDUFLDWR 

WRQDND]XMHSODWIRUPLHRSURJUDPRZDQLDVWZRU]HQLHRGSRZLHGQLHJRUDSRUWXZ 

SRGWU]\P\ZDQHMEDWHU\MQLHSDPL FL65$02SHUDFMD]DSLVXUHMHVWUDFMLGR 

SRGWU]\P\ZDQHJREDWHU\MQLH65$0MHVWZROQLHMV]HRGEXIRUD]DGDQLD 

QDG]RUXM FHJR7RR]QDF]D HRSURJUDPRZDQLH]DEH]SLHF]H QLHMHVWRSy QLRQH 

F]HNDQLHPQD]DSLVUDSRUWyZSU]H]SODWIRUP RSURJUDPRZDQLD-HGQDN HZU]DGNLP 

SU]\SDGNXJG\GX DOLF]EDUHMHVWUDFMLGR]DSLVXMHVWVWZRU]RQDZNUyWNLPRNUHVLH 

F]DVXMHVWPR OLZH HQLHNWyUH]RVWDQ XWUDFRQHMH OLEXIRU]DGDQLDQDG]RUXM FHJR 

E G]LH]DSHáQLRQ\]DQLPSODWIRUPDRSURJUDPRZDQLDE G]LHPRJáDVWZRU]\üQRZ\ 

UDSRUWZSRGWU]\P\ZDQHMEDWHU\MQLH65$0-H OLFR WDNLHJRPDPLHMVFHWRSRZVWDMH 

UDSRUWE\ZVND]DüXWUDW LQIRUPDFML 

5HMHVWUDFMHVHUZLVRZHV WZRU]RQHZSRGREQ\VSRVyE]]DGDQLHPQDG]RUXM F\P 

SROHFDM F\PSODWIRUPLHRSURJUDPRZDQLD]DSLVDQLHUDSRUWXJG\RWU]\PDZLDGRPR ü 

RUHMHVWUDFMLVHUZLVRZHM-HGQDN H]GDU]\üVL PR H HUHMHVWUDFMDVHUZLVRZD 

E G]LHSREXG]RQDSU]H]WDNLEá GZSU]HND QLNX HQLHE G]LHPR OLZHSRP\ OQH 

]DSLVDQLHUHMHVWUDFMLVHUZLVRZHM]DOH QLHRGQDWXU\SUREOHPX'RGDWNRZHLQIRUPDFMH 

]QDMGXM VL ZSRGUR]G]LDOHGRW\F] F\PVDPRNRQWUROLLGLDJQRVW\NL 

5HMHVWUDWRU]DNáyFH 

5HMHVWUDWRU]DNáyFH G]LDáDMDNR]DGDQLHRGG]LHOQHRG]DGD ]DEH]SLHF]H L 

VWHURZDQLD0R HUHMHVWURZDüD GRNDQDáyZDQDORJRZ\FKLZDUWR FLD GR 

V\JQDáyZF\IURZ\FK&]DVUHMHVWUDFMLMHVWZ\ELHUDOQ\D GRPDNVLPXPV 

5HMHVWUDWRU]DNáyFH MHVW]DRSDWU\ZDQ\ZGDQHSU]H]]DGDQLH]DEH]SLHF]H L 

VWHURZDQLDUD]QDRNUHV5HMHVWUDWRU]DNáyFH ]HVWDZLDGDQHNWyUHRWU]\PXMHZ 

UHMHVWUDFM ]DNáyFHQLDRZ\PDJDQHMGáXJR FL6WDUDVL RQRJUDQLF]DüZ\PDJDQLDFR 

GRZ\PDJDQHMSDPL FLSU]H]]DSLV\ZDQLHGDQ\FKDQDORJRZ\FKZVNRPSUHVRZDQHM 

IRUPLHJG\W\ONRMHVWWRPR OLZH-HVWWRZ\NRQ\ZDQHSU]H]Z\NU\ZDQLH]PLDQZ 

ZHM FLRZ\FKV\JQDáDFKDQDORJRZ\FKLNRPSUHVM UHMHVWUDFMLSU]HELHJXJG\MHVWRQZ 

VWDQLHXVWDORQ\P6SDNRZDQHUHMHVWUDFMH]DNáyFH PRJ ]RVWDüUR]SDNRZDQH]D 

SRPRF RSURJUDPRZDQLD0L&206DSRWHPUyZQLH ]DSLVDQHZIRUPDFLH 

&2075$'(ZWHQVSRVyESR]ZDODM FQDX \FLHLQQ\FKSDNLHWyZRSURJUDPRZDQLD 

GRSU]HJO GDQLDUHMHVWURZDQ\FKGDQ\FK 

/RNDOL]DWRUPLHMVFD]ZDUFLDW\ONR3L3 

=DGDQLHREHMPXM FHORNDOL]DFM PLHMVFD]ZDUFLDMHVWRGG]LHORQHRG]DGD 

]DEH]SLHF]HQLRZ\FKLNRQWUROQ\FK/RNDOL]DFMD]ZDUFLDDNW\ZRZDQDMHVWSU]H] 

]DGDQLD]DEH]SLHF]HQLRZHLNRQWUROQHZPRPHQFLHGHWHNFML]ZDUFLD/RNDOL]DWRU 

]ZDUFLDZ\NRU]\VWXMHEXIRUREHMPXM F\F\NOLV\JQDáyZDQDORJRZ\FKLSRZUDFD] 

REOLF]RQ ORNDOL]DFM ]ZDUFLDGR]DGD ]DEH]SLHF]HQLRZ\FKLNRQWUROQ\FKNWyUH 

SU]HGVWDZLDM WHQSDUDPHWUZUHMHVWUDWRU]H]DNáyFH *G\UHMHVWU]DNáyFH MHVW 

NRPSOHWQ\SRVLDGDLQIRUPDFM RPLHMVFX]ZDUFLD]DGDQLH]DEH]SLHF]HQLRZHL 

NRQWUROQHZ\V\áDZLDGRPR üGRNRQWUROHUD]DGD DE\GRGDüW LQIRUPDFM QDOLVW 

UHMHVWUDWRUD]DNáyFH 

6WURQD]


0L&203333 

6$027(672:$1,(,',$*1267


0L&203333 

8UXFKRPLHQLHSODWIRUP\RSURJUDPRZDQLDLPRQLWRURZDQLH 

3U]\VWDUFLHSODWIRUP\RSURJUDPRZDQLDSU]HND QLNVSUDZG]DVSyMQR üGDQ\FK 

XWU]\P\ZDQ\FKZ( Ã3520SRSU]H]VXP NRQWUROQ G]LDáDQLH]HJDUDF]DVX 

U]HF]\ZLVWHJRLSá\W\,5,*%MH OLMHVW]DVWRVRZDQD:\NRQ\ZDQ\WHVWMDNRNR FRZ\ 

GRW\F]\ZHM FLDLZ\M FLDGDQ\FKVSUDZG]DQDMHVWREHFQR üLSUDZLGáRZ\VWDQSá\W\ 

ZHM FLRZHMRUD]VSUDZG]DQ\MHVWV\VWHPJURPDG]HQLDGDQ\FKDQDORJRZ\FKSRSU]H] 

SUyENRZDQLHQDSL FLDRGQLHVLHQLD 

3RSRP\ OQ\P]DNR F]HQLXZV]\VWNLFK]W\FKWHVWyZSU]HND QLNSU]HFKRG]LGRSUDF\ 

LXUXFKDPLDQHMHVW]DEH]SLHF]HQLH 

&L JáHVDPRWHVWRZDQLH 

3UDFXM F\SU]HND QLNFL JOHVSUDZG]DG]LDáDQLHQDMZD QLHMV]\FKF] FLVZRMHJR 

KDUGZDUHXLRSURJUDPRZDQLD6SUDZG]HQLHMHVWSU]HSURZDG]DQHSU]H] 

RSURJUDPRZDQLHREVáXJLV\VWHPRZHMSDWU]MHGHQ]ZF]H QLHMV]\FKSRGUR]G]LDáyZQD 

WHPDWRSURJUDPRZDQLDSU]HND QLNDDZ\QLNLUDSRUWRZDQHGRSODWIRUP\ 

RSURJUDPRZDQLD)XQNFMHNWyUHV VSUDZG]DQHV QDVW SXM FH 

”IODVK(3520]DZLHUDM F\ZV]\VWNLHNRG\SURJUDPRZHLWHNVWM ]\NDMHVW 

ZHU\ILNRZDQ\SU]H]VXP NRQWUROQ 

”NRGLVWDáHGDQHWU]\PDQHZ65$0V VSUDZG]DQHZVWRVXQNXGR 

RGSRZLDGDM F\FKGDQ\FKZHIODVK(3520E\VSUDZG]LüXV]NRG]HQLHGDQ\FK 

”65$0]DZLHUDM F\ZV]\VWNLHGDQHLQQHQL NRGLVWDáHGDQHMHVWZHU\ILNRZDQ\ 

SRSU]H]VXP NRQWUROQ 

”( Ã3520]DZLHUDM F\ZDUWR FLQDVWDZLH MHVWZHU\ILNRZDQ\SU]H]VXP NRQWUROQ 

”VWDQEDWHULL 

”SR]LRPQDSL FLDGRREZRGyZ]HZQ WU]Q\FK 

”VSyMQR üGDQ\FK:(:


0L&203333 

5R]G]LDá 

'DQHWHFKQLF]QH

,QVWUXNFMD7HFKQLF]QD 

0L&203333 

6WURQD]


0L&203333 

'$1(=1$0,212:( 

3U G\ 

1DSL FLD 

1DSL FLHSRPRFQLF]H 

&] VWRWOLZR ü 

:HM FLDORJLF]QH 

6W\NLSU]HND QLNyZZ\M FLRZ\FK 

1DSL FLHZHZQ WU]QHGR]DVLODQLDREZRGyZ]HZQ WU]Q\FK 

3Rá F]HQLDZHZQ WU]QH 

:\PDJDQLDGRW\F] FHSU]HZRGyZ 

2%&, (1,$ 

2EZyGSU GRZ\ 

2EZyGQDSL FLRZ\ 

=DVLODQLHSRPRFQLF]H 

:HM FLDELQDUQHRSWRL]RORZDQH 

'2.à$'12 û 

:DUXQNLRGQLHVLHQLD 

'RNáDGQR üSRPLDUX 

'RNáDGQR ü]DEH]SLHF]H 

:LHONR FL]DNáyFH 

:\WU]\PDáR üZ\VRNRQDSL FLRZD,(& 

:\WU]\PDáR üGLHOHNWU\F]QD,(&:\á F]QLH]DFLVNL]W\áX 

:\WU]\PDáR üQDLPSXOVHOHNWURPDJQHW\F]\ 

 

5H]\VWDQFMDL]RODFML 

 

=*2'12 û 52'2:,6.2:$ 

URGRZLVNRHOHNWU\F]QH 

3U]HUZ\]DVLODQLD'&,(& 

 

7 WQLHQLD$&Z]DVLODQLX'&,(& 

 

=DNáyFHQLDZ]DVLODQLX$&(1 

 

=DNáyFHQLDRZ\VRNLHMF] VWRWOLZR FL,(& 

 

6]\ENLHVWDQ\SU]HM FLRZH,(& 

 

5R]áDGRZDQLHHOHNWURVWDW\F]QH,(& 

 

(PLVMHSU]HZRG] FH(1 

 

(PLVMHSURPLHQLRZDQLD(1 

 

2GSRUQR üQDSURPLHQLRZDQLD,(&DQG,(& 

2GSRUQR üQDSU]HZRG]HQLH(1 

 

2GSRUQR üQDXGDU\,(& 

 

=JRGQR ü(0& 

 

:Sá\ZF] VWRWOLZR FLVLHFL±6WRZDU]\V]HQLH(OHNWU\F]QH8. 

 

URGRZLVNRDWPRVIHU\F]QH 

7HPSHUDWXUD,(& 

 

:LOJRWQR ü,(& 

 

6WRSLH RFKURQ\REXGRZ\,(& 

 

6WRSLH ]DQLHF]\V]F]HQLD,(& 

 

URGRZLVNRPHFKDQLF]QH 

:LEUDFMH,(& 

 

:VWU] VLXGHU]HQLH,(& 

 

6HMVPLF]QH,(& 

 

:


0L&203333 

=DOHFHQLDQLVNRQDSL FLRZHEH]SLHF]H VWZRLL]RODFMD 

1$67$:,(1,$)81.&-,67(52:$1,$ 

.RQWURODSRáR HQLDZ\á F]QLND 

.RQWURODVWDQXZ\á F]QLND 

1DVWDZLHQLDDODUPXVHUZLVRZHJR 

 

1DVWDZLHQLDDODUPX]DEORNRZDQLD 

 

=$.5(6


0L&203333 

'$1(=1$0,212:( 

ÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉÉ 

3U G\ 

,QÃ $OXE$DFUPVSRGZyMQHZHM FLD 

3U]HZLG]LDQRRGG]LHOQH]DFLVNLGODX]ZRMH $L$]HZVSyOQ\PZHM FLHP 

QHXWUDOQ\PGODND GHJRX]ZRMHQLD 

7\S33 

=DNUHVG]LDáDQLD 

6WDQGDUGRZ\ 

GR,Q 

&]Xá\ 

GR,Q 

&]DVWUZDQLD 

&L JáH 

V 

V 

:\WU]\PDáR ü 

,Q 

,Q 

,Q 

 

1DSL FLD 

0DNV\PDOQHQDSL FLH]QDPLRQRZHGR]LHPL9GFOXE9UPV 

1DSL FLH]QDPLRQRZH9Q 1DSL FLHNUyWNRWUZDáHSRZ\ HM8Q 

9ID]DÃÃID]DÃUPV WR9ID]DÃÃID]DÃUPV 

&]DVWUZDQLD 

&L JáH9Q 

VHNXQG9Q 

:\WU]\PDáR ü 

9Q 9 

9ID]DÃÃID]DÃUPV 

9ID]DÃÃID]DÃUPV 

 

 

1DSL FLHSRPRFQLF]H 

3U]HND QLNMHVWGRVW SQ\ZWU]HFKZHUVMDFKQDSL FLDSRPRFQLF]HJRNWyUHRSLVXMH 

SRQL V]DWDEHOD 

=DNUHV\]QDPLRQRZH 

=DNUHVG]LDáDQLD =DNUHVG]LDáDQLDDF 

GF 

9GF GR9 

9GF9DFUPV GR9 GR9 

9GF 

GR9 GR9 

9DFUPV 

]QDPLRQRZHGOD$&OXE'& 

&] VWRWOLZR ü 

&] VWRWOLZR ü]QDPLRQRZDIQMHVWRSRGZyMQ\PQDVWDZLDOQ\P]DNUHVLH 

F] VWRWOLZR FL]QDPLRQRZHMRGGR+]]DNUHVG]LDáDQLDWR+]+]GODIQ 

+]OXE+]+]GODIQ +] 

6WURQD]


0L&203333 

 

 

:HM FLDORJLF]QH 

:V]\VWNLHZHM FLDORJLF]QHV QLH]DOH QHLL]RORZDQHSU]HND QLNW\SX3SRVLDGD 

ZHM üZHM üSU]HZLG]LDQRZ333 

=QDPLRQRZH =DNUHV 

/RJLF]QHÄ´ 9GF GR9GF 

/RJLF]QHÄ´ 9GF GR9GF 

:\ V]HQDSL FLDPRJ E\üX \WHZSRá F]HQLX]]HZQ WU]Q\PUH]\VWRUHPNWyUHJR 

ZDUWR üMHVWRNUH ORQDSU]H]QDVW SXM FHUyZQDQLH 

5H]\VWRU :\PDJDQ\SR]LRPZHM FLD[W 

:\M FLRZHVW\NLSU]HND QLNyZ 

3U]HFL DOQR üSU GRZD $SU]H]V 

:\WU]\PDáR üFKZLORZD $SU]H]PV 

VWDáD 

5R]ZDUFLHVW\NX 

$FL JOH 

GF:UH]\VWDQF\MQH 

GF:LQGXNF\MQH/5 PV 

DF9$ 

DF9$LQGXNF\MQHFRVj 

0DNVLPXP 

$L9 

6W\NREFL RQ\ PLQLPXPRSHUDFML 

6W\NQLHREFL RQ\ PLQLPXPRSHUDFML 

6W\NZDWFKGRJD 

5R]ZDUFLHVW\NX 

GF:UH]\VWDQF\MQH 

GF:LQGXNF\MQH/5 PV 

DF9$LQGXNF\MQHFRVj 

 

 

 

0DNV\PDOQDOLF]EDSU]HND QLNyZZ\M FLRZ\FKNWyUHSRZLQQ\E\üVNRQILJXURZDQHE\ 

E\üFL JOHSREXG]RQHMHVW]W\FKGRVW SQ\FKPLQLPXP 

1DSL FLHVWHURZQLF]HSROD 

1DSL FLHVWHURZQLF]HSRODGRVWDUF]DQHSU]H]SU]HND QLNZ\QRVLQRPLQDOQLH9GF 

]RJUDQLF]HQLHPSU GRZ\PGRP$=DNUHVG]LDáDQLDRG9GR9]DODUPHP 

Z\V\áDQ\PSU]\SR]LRPLH9 

3Rá F]HQLDZHZQ WU]QH 

=DFLVNL''RUD]))V ZHZQ WU]QLHSRá F]RQHGODZ\JRG\SU]\ 

GUXWRZDQLXPDNV\PDOQHSDUDPHWU\$L9 

:\PDJDQLDGRW\F] FHSU]HZRGyZ 

:\PDJDQLDGODRGUXWRZDQLDSU]HND QLNDLVSHF\ILNDFMLNDEOLV Z\V]F]HJyOQLRQHZ 

SRGUR]G]LDOHGRW\F] F\PLQVWDODFMLZ,QVWUXNFML2EVáXJL7RP5R]G]LDá 

6WURQD]


0L&203333 

2%&, (1,$ 

 

 

 

 

2EZyGSU GRZ\ 

2EFL HQLH33SU]\]QDPLRQRZ\PSU G]LH 

$ 

W 

$ 

W 

2EZyGQDSL FLRZ\ 

1DSL FLHRGQLHVLHQLD8Q 

9Q 9 

9$UPVSU]\9 

=DVLODQLHSRPRFQLF]H 

5R]PLDUREXGRZ\ =QDPLRQRZH 0DNV\PDOQH 

5R]PLDU : : 

5R]PLDU : : 

=QDPLRQRZHMHVW]SREXG]RQ\FKZHM üRSWRL]RORZDQ\FKLSREXG]RQ\P 

SU]HND QLNLHPQDNDUW 

0DNV\PDOQHMHVW]HZV]\VWNLPLZHM FLDPLRSWRL]RORZDQ\PLLZV]\VWNLPL 

SU]HND QLNDPLSREXG]RQ\PL 

:HM FLDRSWRL]RORZDQH 

=DVLODQLH'& P$REFL HQLDQDZHM FLH3U GSRELHUDQ\SU]\PLQLPDOQ\P 

QDSL FLX 

P$SU]\PLQLPDOQ\PQDSL FLX9 

6WURQD]


0L&203333 

 

'2.à$'12 û 

'ODZV]\VWNLFKRNUH ORQ\FKGRNáDGQR FLSRZWDU]DOQR üMHVW“FK\ED H 

RNUH ORQRLQDF]HM 

-H OL DGHQ]DNUHVQLHMHVWRNUH ORQ\FRGRGRNáDGQR FLWRRNUH ORQDGRNáDGQR üMHVW 

ZD QDZFDá\P]DNUHVLHQDVWDZLH 

 

:DUXQNLRGQLHVLHQLD 

:LHONR ü :DUXQNLRGQLHVLHQLD 7ROHUDQFMDWHVWX 

2JyOQH 

7HPSHUDWXUDRWRF]HQLD ƒ& “ƒ& 

&L QLHQLHDWPRVIHU\F]QH N3DGRN3D 

:]JO GQDZLOJRWQR ü GR 

:LHONR üSREXG]DM FDZHM FLH 

3U G ,Q “ 

1DSL FLH 9Q “ 

&] VWRWOLZR ü OXE+] “ 

$X[LOLDU\VXSSO\ 

'&9OXE9 

$&9OXE9 

“ 

 

'RNáDGQR üSRPLDUX 

:LHONR ü =DNUHV 'RNáDGQR ü 

3U G ,QGR,Q P$OXE“ 

1DSL FLH 9Q “ 

&] VWRWOLZR ü +] “+] 

)D]D ƒ “ 

0RF GR9Q[,Q “ 

/RNDOL]DFMD]ZDUFLD 3U G!,Q “ 

6WURQD]


0L&203333 

 

'RNáDGQR ü]DEH]SLHF]HQLD 

] 

D 

V 

X 

ü 

ÃF 

G 

Q 

R 

R 

N 

áD 

' 

V 

 

 

P 

ÃÊ 

H 

F 

] 

Q 

áR 

H 

] 

Z 

% 

OX EÃ PV ÈÃ OX EÃ PV OX EÃ PV OX EÃ PV 

Q LÃÃ Ã ÈÃ ÈÃ ÈÃ OX EÃ PV OX EÃ PV 

Q LÃÃ Q LÃÃ Ã ÈÃ ÈÃ OX EÃ PV 

Q LÃÃ Ã ÈÃ 

L NV]HÃ ,' 07 

: : LNV]HÃ : LNV]HÃ ,' 07 : LNV]HÃ ,' 07 

OX EÃ PV OX EÃ P QL H M OX EÃ P QL H M 

ÈÃ Q LÃÃ D ZL H QL D Ã PVÃ 

L NV]HÃ ÃQ DVW D ZL H QL D Ã PVÃ OX EÃ PV ÈÃ OX EÃ PV OX EÃ PV 

Q LÃÃ Ã ÈÃ ÈÃ Q LÃÃ 

ÃQ DVW 

: : LNV]HÃ ,' 07 : LNV]HÃ 

3 RZ\HM 3 RQLHM 

G 

S 

D 

G 

2 

È È 

 

Ã, 6ÃÃ 

 

Ã , 6ÃÃ È È È 

ÃÃ Ã , 6ÃÃ Ã , 6ÃÃ 

È È 

 

Ã, 6ÃÃ 

 

Ã 9 6ÃÃ Ã È È È 

Ã , 6ÃÃ Ã , 6ÃÃ 

R 

E 

X 

G 

] 

H 

Q 

LH 

3 

È 

Ã Ã È È È 

' 7 Ã, 6ÃÃ Ã Ã , 6ÃÃ Ã È È È 

D GQRü 

,' 07 ' RNá ' 7 Ã, 6ÃÃ Ã Ã , 6ÃÃ È È 

,' 07 ' 7 Ã, 6ÃÃ Ã Ã , 6ÃÃ D GQRü 5 &$Ã Ã È Ã È Ã È 

,' 07 ' RNá S U]\Ã D GQRü D GQRü Ã È È È 

D GQRü 

Ã ÈÃ ' RNá ' RNá ' RNá ' 7 Ã, 6ÃÃ Ã Ã , 6ÃÃ Ã È 

= 6Ã 

,' 07 

V 

D 

N 

UH 

= 

 

@ 

Ã> 

 

Ã, 6 R 

Ã 

 

ÃG 

 

 

R 

Ã 

ÃG 

 

 

> @ 

Ã, 6Ã > @ 

R 

Ã 

 

ÃG 

Ã G RÃ Ã , 6Ã Ã ± Ã 9 

 

Ã9 

Ã 

Ã± 

 

 

 

Ã9 

Ã 

 

Ã9 

Ã± Ã 

 

Ã± 

 

 

Ã, 

 

Q Ã 

 

Ã± 

 

 

Ã, 

 

Q Ã 

Ã± 

 

 

Q 

] 

áR 

& 

UD 

WR 

H 

Q 

H 

UD 

LÃ, 

H 

ÃJ 

V , ! Ã LÃ,! ! D 

Q 

LN 

R 

Z OL] DFM H 

N 

D 

Q 

LF 

ÃUy 

F 

] 

H 

Q 

LH N Ã V W D EL ID ]RZHÃ U] 

F 

] 

Q 

\ 

ÃS 

V 

W\ V 

W\ 

U\ 

U\ 

D 

E 

H 

] 

S 

LH N 

WH 

Q 

K 

D 

UD 

DGSUGRZHÃ N 

WH 

= ] 

ÃF 

& ]á R Q\Ã K 

D 

UD 

WÃF 

. 

H 

Z 

LR R ZH 

D 

UF 

Q 

R 

] 

Z 

P 

LH 

H 

Ã] ] L H PQR]ZDUFL V Ná D GRZHM R ZDÃ 

Z 

UR 

LD D URZHÃ 

R 

P 

Q 

\ 

ÃS 

Ã, 

] 

áR 

5()! S RPL D Ã Q DSLFL 9 

Ã 9RS! Ã Ã 

 

Ã9 

& , 1! & ]á R Q\Ã Ã ,6()! 3 RO D U\]DFM Ã Ã 

 

ÃÃ 

Ã 

] HURZHM 9 QÃ Q 

Ã 

9 

LÃV Ná D GRZHM S RO D U\]DFM D 

S 

L FL R Z\Ã 9 

Ã 9S! Ã Ã 

 

Ã9 

J 

ÃQ Z QHM 

Uy 

Ã Ã 

 

ÃÃ 

Ã 

3 S U]HFL 9 QÃ Q 

Ã 

9 

LÃV Ná D GRZHM H PL H QL D 

S RO D U\]DFM H Ã R GÃ G R]L 

 

Ã, 2 H 

Ã, 

D 

S 

L FL R Z\Ã Ã 9S! H F]HQL G 

R 

Z 

J 

ÃQ Z QHM ] DEH]SL 9 

R 

G 

S 

U 

Q 

D 

Q 

\ 

ÃS 

Uy 

3 S U]HFL ÈÃ MD 

V 

WR ] 

áR 

& 

H 

G 

R 

Z 

D 

G 

S 

U R Z 

ÃQ 

F 

] 

H 

Q 

LH Q DSLFL 

D 

E 

H 

] 

S 

LH 

D 

OH QRFLÃ 

= ] 

Ã] 

= DEH]SL H F]HQL H Ã S RGL P SHGDQF\M Q HÃ = 

6WURQD]


0L&203333 

V 

 

P V 

E 

Ã 

 

P 

ÃOX 

E 

Ã 

È 

Ã ÃOX 

Ã È 

L Ã 

N 

V 

] 

H 

ÃQ 

7 

Ã 

0 

L ,' 

: 

V 

 

P V 

E 

Ã 

 

P 

ÃOX 

E 

Ã 

È 

Ã ÃOX 

Ã È 

L Ã 

N 

V 

] 

H 

ÃQ 

7 

Ã 

0 

L ,' 

: 

V 

 

P 

E 

Ã 

ÃOX 

È 

Ã 

Ã 

L 

N 

V 

] 

H 

ÃQ 

L 

: 

OX EÃ PV OX EÃ PV OX EÃ PV OX EÃ PV OX EÃ PV OX EÃ PV OX EÃ PV 

ÈÃ ÈÃ ÈÃ ÈÃ ÈÃ ÈÃ ÈÃ OX EÃ PV OX EÃ PV 

Q LÃÃ Q LÃÃ Q LÃÃ Q LÃÃ Q LÃÃ Q LÃÃ Q LÃÃ Ã ÈÃ ÈÃ 

Q LÃÃ 

L NV]HÃ : : LNV]HÃ : LNV]HÃ : LNV]HÃ : LNV]HÃ : LNV]HÃ : LNV]HÃ ,' 07 : LNV]HÃ 

OX EÃ PV 

ÈÃ Q LÃÃ L NV]HÃ : 

È 

Ã 

Ã 

 

Ã9 6 

 

 

 

È 

Ã 

Ã 

 

Ã9 6 

 

 

È 

Ã 

 

Ã 

 

 

È 

Ã 

 

Ã 

 

 

È 

Ã 

 

Ã 

 

 

È 

Ã 

 

Ã 

 

 

È È 

Ã Ã 

 

Ã 

 

Ã 

 

 

 

 

È 

Ã9 6ÃÃ 

 

 

È 

Ã 

Ã 

Ã, 6 7 

' 

È 

Ã 

Ã 

 

Ã9 6 

 

7 

Ã 

0 

,' 

È 

È Ã, 6ÃÃ 7 Ã Ã 9 6ÃÃ + ] 

' 

,' 07 ÃÃ Ã Ã È Ã È Ã È Ã È H QL D 

' RÃ R NUHO 

È 

È 

Ã Ã È Ã È È ' 7 Ã, 6ÃÃ Ã Ã 9 6ÃÃ Ã È D GQRü 

,' 07 ' RNá Ã ÈÃ 'O D Ã ; 5 

X 

ÃD Ã G RÃ P Ã PV 

V 

\ 

V 

WH 

 

 

Ã9 

 

 

Ã9 

Ã Ã 

 

 

Ã± 

 

 

Ã± 

 

 

Ã9 

 

 

Ã9 

Ã Ã 

 

 

Ã± 

 

 

 

Ã± 

 

 

Ã9 

Ã 

 

Ã9 

 

Ã± Ã 

 

Ã± 

 

 

 

ÃÃ 

> @ 

Ã, 6Ã > @ 

R 

Ã 

 

ÃG 

Ã G RÃ Ã , 6Ã Ã G RÃ V 

 

 

H 

Ã9 

Z 

F 

LR 

R 

G 

Q 

D 

S 

L 

 

 

Ã9 

 

 

Ã9 

Q 

\ 

ÃS 

 

ÃÃ 

 

 

ÃÃ 

Ã Ã 

] 

áR 

Q 

Ã 

Q 

Ã 

& 9 9 

LÃ9 !! 9!Ã D 

G 

Q 

D 

S 

L FL R ZHÃ 9 

Ã Ã 

 

Ã9 

Q 

\ 

ÃQ 

] 

áR 

Ã Ã 

 

ÃÃ 

Ã 

& 9 QÃ Q 

Ã 

9 

3! 

R ZH ÃP RF\Ã 

D 

G 

F 

] VW R W OLZ RFL Ã: ]URVW D 

Q DÃ 3! 

R 

G 

ÃÃQ ] ZURW 

3 0 RFÃ 8 W U DW D Ã Z ]EXG]HQL 

! 

 

Ã! 

Ã, Ã! 

Ã, H 

Q 

LD 

E 

F 

L 

H 

WULÃR 

V 

\ 

P 

G 

ÃD 

2 

ÃÃI 

8 

D 

] VW R W OLZ RFL R UDÃ Q DSLFL 

Q 

ÃF 

LD 

P 

H Ã Z HNW 

Q 

WÃ] 

G 

LH 

UD 

* 3 U]HVXQLFL 

R M X 

H Ã Q DÃ S RVW D 

á F]HQL H 

Ã] 

\ 

S 

D 

G 

N 

R 

Z 

 

 

U] Ã9 

3 ,! 

H 

Z 

LR 

D 

UF 

Q 

R 

] 

Z 

P 

LH 

H 

Ã] 

Z 

F 

LR 

D 

G 

Q 

D 

S 

L 

 

 

Ã9 

 

 

Ã9 

Q 

\ 

ÃQ 

 

ÃÃ 

 

 

ÃÃ 

Ã Ã 

] 

áR 

Q 

Ã 

Q 

Ã 

& 9 9 

H 

J 

R 

Q 

N 

R 

Z 

UX 

LH 

ÃN 

Q 

LD 

áD 

] 

LD 

D 

ÃG 

Q 

LF 

UD 

* 

N D 

H Ã ] DVLJX X HQL S U]HNDQL X URZH 

Z \Gá H Ã F ]DVXÃ / 5: H Ã WH PSHUDW MH VW ÃP QL H M V ]\ 

H 

M FL R ZHÃ F ]DVRZHÃ H F]HQL 

U] 

3 3 U]HNURF]HQL & ]á R Q\Ã = DEH]SL > @ ÃOX EÃ Ã ,Q ÃN W y U\Ã MH VW ÃP QL H M V ]\ 

> @ ÃOX EÃ Ã ,Q ÃN W y U\Ã 

6WURQD]


0L&203333 

 

 

:LHONR FL]DNáyFH 

DGQHGRGDWNRZHEá G\QLHE G GRFKRG]Lá\GODNWyUHMNROZLHN]QDVW SXM F\FK 

ZLHONR FL 

:LHONR ü 

=DNUHVSUDF\W\ONRW\SRZH 

URGRZLVNRZD 

7HPSHUDWXUD 

0HFKDQLF]QD:LEUDFMD 

:VWU] V8GHU]HQLH 

6HMVPLF]QH 

ƒ&GRƒ& 

=JRGQLH] 

,(& 

,(& 

,(& 

:LHONR ü 

=DNUHVSUDF\ 

(OHNWU\F]QD 

&] VWRWOLZR ü 

+]GR+] 

+DUPRQLF]QHSRMHG\QF]H ]]DNUHVXRGHMGRWHM 

=DNUHVQDSL FLD 

'1GR*1GF'1GR*1DF 

SRPRFQLF]HJR 

7 WQLHQLDQDSL FLDSRP 8QRF] VWRWOLZR FLIQ 

3XQNWSU]HELHJX 

GRƒ 

]ZDUFLRZHJR 

3U]HVXQL FLHSU]HELHJX RG]HURZHMVNáDGRZHMVWDáHMGRSHáQHM 

VNáDGRZ VWDá 

. WID]RZ\ ƒGRƒ 

8GDUPDJQHVRZDQLD %UDNG]LDáDQLDF]áRQyZQDGSU GRZ\FK 

QDVWDZLRQ\FKQDV]F]\WRZHJR 

SU]HZLG\ZDQHJRSR]LRPXXGDUX 

:\WU]\PDáR üZ\VRNRQDSL FLRZD,(& 

:\WU]\PDáR üGLHOHNWU\F]QD,(&:\á F]QLH]DFLVNL]W\áX 

N9UPVSU]H]PLQXW SRPL G]\ZV]\VWNLPL]DFLVNDPLLX]LHPLRQ REXGRZ 

N9UPVSU]H]PLQXW SRPL G]\ZV]\VWNLPL]DFLVNDPLND GHJRQLH]DOH QHJR 

]JUXSRZDQHJRREZRGXDZV]\VWNLPLLQQ\PL]DFLVNDPL7RREHMPXMHVW\NLZ\M FLRZHL 

S WO SRSU]H]SRá F]HQLD''L)) 

N9UPVSU]H]PLQXW QDGHG\NRZDQ\FKF]\QQ\FKVW\NDFKSU]HND QLNyZ 

Z\M FLRZ\FK 

N9UPVSU]H]PLQXW QDGHG\NRZDQ\FKF]\QQ\FKVW\NDFKSU]Há F]Q\FKL 

ZDWFKGRJDSU]HND QLNyZZ\M FLRZ\FK 

,PSXOV 

8U] G]HQLHZ\WU]\PXMHEH]XV]NRG]HQLDLPSXOV\RZDUWR FLV]F]\WRZHMN9 

mV-QD 

.D G\PQLH]DOH Q\PREZRG]LHLREXGRZ ]]DFLVNDPL]ND GHJRQLH]DOH QHJR 

REZRGXSRá F]RQHJRUD]HP 

1LH]DOH Q\FKREZRGDFK]]DFLVNDPL]ND GHJRQLH]DOH QHJRREZRGXSRá F]RQHJR 

UD]HP 

=DFLVNDFKWHJRVDPHJRREZRGXRSUyF]F]\QQ\FKPHWDOLF]Q\FKVW\NyZ 

5H]\VWDQFMDL]RODFML 

5H]\VWDQFMDL]RODFMLMHVWZL NV]DRG0WSU]\9GF 

6WURQD]

=*2'12 û 52'2:,6.2:$ 


0L&203333 

8U] G]HQLHMHVW]JRGQH]QDVW SXM F\PLQRUPDPL 

URGRZLVNRHOHNWU\F]QH 

3U]HUZ\]DVLODQLD'&,(& 

8U] G]HQLHZ\WU]\PXMHPVSU]HUZ Z]DVLODQLXQDSL FLHPSRPRFQLF]\PZ 

ZDUXQNDFKQRUPDOQ\FKEH]SRQRZQHJRXUXFKDPLDQLD 

7 WQLHQLD$&Z]DVLODQLX'&,(& 

8U] G]HQLHE G]LHG]LDáDáRSU]\W WQLHQLDFK$&Z]DVLODQLXSRPRFQLF]\P'& 

EH]GRGDWNRZ\FKEá GyZSRPLDURZ\FK 

=DNáyFHQLDZ]DVLODQLX$&(1 

8U] G]HQLHVSHáQLDZ\PDJDQLD(1GRW\F] FHVSDGNyZQDSL FLDLNUyWNLFK 

SU]HUZRGáXJR FLPV 

=DNáyFHQLDRZ\VRNLHMF] VWRWOLZR FL,(& 

8U] G]HQLHMHVW]JRGQH],,,.ODV RJyOQHJRWU\EXN9LUy QLFRZHJRWU\EXN9 

SU]H]VHNXQG\GOD0+]]WLPSHGDQFML UyGáDEH]MDNLFKNROZLHNEá GQ\FK 

G]LDáD OXEGRGDWNRZ\FKEá GyZSRPLDURZ\FK 

6]\ENLHVWDQ\SU]HM FLRZH,(&L,(& 

8U] G]HQLHMHVW]JRGQH]ZV]\VWNLPLNODVDPLD GR,9N9Zá F]QLHEH] 

MDNLFKNROZLHNEá GQ\FKG]LDáD OXEGRGDWNRZ\FKEá GyZSRPLDURZ\FK 

=DNáyFHQLDRV]\ENLFKVWDQDFK 

SU]HM FLRZ\FKZ]DVLODQLXW\ONRWU\E 

RJyOQ\ 

=DNáyFHQLDRV]\ENLFKVWDQDFK 

SU]HM FLRZ\FKZV\JQDOH:(:


0L&203333 

(PLVMHSU]HZRG] FH(1 

/LPLW\*UXS\.ODV\$ 

0+]G%m9TXDVLV]F]\WRZHG%m9 UHGQLH 

0+]G%m9TXDVLSHDNG%m9 UHGQLH 

(PLVMHSURPLHQLRZDQLD(1 

/LPLW\*UXS\.ODV\$ 

0+]G%m9PSU]\RGOHJáR FLSRPLDURZHMP 

0+]G%m9PSU]\RGOHJáR FLSRPLDURZHMP 

2GSRUQR üQDSURPLHQLRZDQLD& 

0+]GR0+]]HURLPRGXORZDQHJRSU]HELHJXSURVWRN WQHJR 

1DW HQLHSROD9P 

2GSRUQR üQDSU]HZRG]HQLH(1 

.ODVD,,, 9UPV#N+]DPGR0+] 

2GSRUQR üQDXGDU\,(& 

.ODVD,9 N9ZDUWV]F]\WRZHMmVSRPL G]\ZV]\VWNLPLJUXSDPLL 

REXGRZ X]LHPLRQ 

N9ZDUWV]F]\WRZHMmVSRPL G]\]DFLVNDPLND GHMJUXS\ 

=JRGQR ü(0& 

=JRGQR ü]'\UHNW\Z 8QLL(XURSHMVNLHM((&GRW\F] FHM(0&MHVW GDQD 

SRSU]H]Z\NRQDQLHF\NOXEDGD WHFKQLF]Q\FKNRQVWUXNFML 

2JyOQH6WDQGDUG\(1L(1Z\NRU]\VWXMHVL GR 

XVWDOHQLD]JRGQR FL 

:Sá\ZF] VWRWOLZR FLVLHFL±6WRZDU]\V]HQLH(OHNWU\F]QH8. 

'RNXPHQW($3$3:\PDJDQLD7HVWX URGRZLVNRZHJRGOD=DEH]SLHF]H L 

6\VWHPyZ:\GDQLH,.RQVSHNW 

.ODVD 

'áXJR üREZRGX 

NRPXQLNDF\MQHJR 

1LH]UyZQRZD 

RQHREZ 

NRPXQ9UPV 

=UyZQRZD RQH 

REZNRPXQ 

1LHUyZQRZDJD 

9UPV 

GRPHWUyZ 

GRPHWUyZ 

GRPHWUyZ 

GRPOXE! 

=UyZQRZD RQH 

REZNRPXQ 

1LHUyZQRZDJD 

9UPV 

URGRZLVNRDWPRVIHU\F]QH 

7HPSHUDWXUD,(& 

3U]HFKRZ\ZDQLHLWUDQVSRUW±ƒ&GRƒ& 

']LDáDQLH±ƒ&GRƒ& 

,(&=LPQR 

,(&6XFKHJRU FH 

6WURQD]


0L&203333 

:LOJRWQR ü,(& 

GQLSU]\Z]JO GQHMZLOJRWQR FLLƒ& 

6WRSLH RFKURQ\REXGRZ\,(& 

,3±=DEH]SLHF]RQ\SU]HGS\áHPLV F] F ZRG SRGN WHPƒGRSLRQX 

6WRSLH ]DQLHF]\V]F]HQLD,(& 

1RUPDOQLHSRMDZLDM VL W\ONRQLHSU]HZRG] FH]DNáyFHQLD6SRUDG\F]QLHPR QD 

RF]HNLZDüF]DVRZHMSU]HZRGQR FLSRZRGRZDQHMSU]H]NRQGHQVDFM 

URGRZLVNRPHFKDQLF]QH 

:LEUDFMH,(& 

5HDNFMDQDZLEUDFMH.ODVDJ 

:\WU]\PDáR üQDZLEUDFMH.ODVDJ 

:VWU] VLXGHU]HQLH,(& 

5HDNFMDQDZVWU] V.ODVDJ 

:\WU]\PDáR üQDZVWU] V.ODVDJ 

8GHU]HQLH.ODVDJ 

6HMVPLF]QH,(& 

.ODVD 


:


0L&203333 

%(=3,(&=( 67:2 

 

=DOHFHQLDQLVNRQDSL FLRZHEH]SLHF]H VWZRLL]RODFMD 

8U] G]HQLDSRZLQQ\E\ü]JRGQH]G\UHNW\Z QLVNRQDSL FLRZ 

EH]SLHF]H VWZDL]RODFML(1 

8U] G]HQLDV VSUDZG]DQHSRGZ]JO GHP]JRGQR FL]G\UHNW\Z QQ 


1$67$:,(1,$)81.&-,67(52:$1,$ 


 

1DVWDZ\NRPXQLNDF\MQH 

3RUW]SU]RGX 

3URWRFRO 

$GGUHVV 

0HVVDJHIRUPDW 

%RXGUDWH 

3DUDPHWU\NRPXQLNDF\MQHVWDáH 

&RXULHU 

 

,(&)7 

ELWyZV 

1DVWDZ\SRUWX]W\áX 2SFMHQDVWDZ 'RVW SQHQDVWDZ\ 

3KLVLFDOOLQN 56OXE ZLDWáRZyG W\ONR,(& 

5HPRWHDGGUHVV ±NURN ,(&&RXULHU 

0RGEXV$GGUHVV ±NURN W\ONR0RGEXV 

%DXGUDWH OXEELWyZV W\ONR,(& 

%DXGUDWH OXEELWyZV W\ONR0RGEXV 

,QDFWLYLW\WLPHU ±PLQNURN :V]\VWNLH 

3DULW\ ÄEUDN´ÄSDU]\VW\´ÄQLHSDU]\VW\´ W\ONR0RGEXV 

0HDVXUHPHQWSHULRG ±PLQNURN W\ONR,(& 

 

 

$XWRPDW\ND63= 

1DVWDZ\W\ONRPRGHO3 

1DVWDZD =DNUHV .URN 

$8725(&/26( =Dá F]RQ\2GVWDZLRQ\ 

.RQILJXUDFMDQDVWDZ 

1XPEHURI6KRWV GR 

'HDG7LPH GRV V 



6WURQD]


0L&203333 


+HDOWK\:LQGRZ GRV V 

7UHFODLPRQ6WUW =DZLHV]RQ\3UDFXM F\ 

5HFODLPWLPH GRV V 

$5,QKLELW7LPH GRV V 

))&%2SV/RFN 

7ULS0DLQ 

%ORNDGDZ\O3R]ZROHQLHZ\O 

%ORN%H]]Zá%UDN%ORN 

7ULS0DLQ 

7ULS0DLQ 

7ULS0DLQ 

7ULS0DLQ 





0DQ&ORVH%ONGO\ GRV V 

8ZDJD'áXJR üLPSXOVX]DP\NDM FHJRSRZLQQDE\üWDNDVDPDMDNQDVWDZDGOD 

NRQWUROLZ\á F]QLND 

 

1DVWDZ\W\ONRPRGHO3 

1DVWDZD =DNUHV .URN 

$8725(&/26( 

.RQILJXUDFMD 

6LQJOHSROH$5&% 

FRQWURO 

7KUHH3ROH$5&% 

FRQWUROH 

=Dá F]RQ\2GVWDZLRQ\ 



6LQJOH3ROH0RGH GR 

7KUHH3ROH0RGH GR 

3ROH'HDG7LPH GRV V 





&%+HDOWK\7LPH GRV V 

5HFODLP7LPH GRV V 


&ORVH3XOVH GRV V 

&KHFN6\QF7LPH GRV 

&6RQSKIDVW 


6WURQD]


0L&203333 

 

.RQWURODSRáR HQLDZ\á F]QLND 

.RQWURODSRáR HQLDZ\á F]QLNDRSDUWDMHVWQDPRQLWRURZDQLXQLH]JRGQR FLSRPL G]\ 

VW\NDPLSRPRFQLF]\PLZ\á F]QLNDDLE 

-H OLWHVW\NLSR]RVWDM UyZQRF]H QLHRWZDUWHOXEUyZQRF]H QLH]DPNQL WHSU]H]!V 

WR]RVWDQLHZVND]\ZDQ\DODUPREZRGXZ\á F]DM FHJR 

 

.RQWURODZ\á F]QLND 

1DVWDZLHQLH =DNUHV .URN 

&%&RQWUROE\ 

2GVWDZLRQD/RNDOQLH 

=GDOQLH/RNDOQLH 

=GDOQLH2SWR2SWR 

/RNDOQLH2SWR 

=GDOQLH2SWR=GDOQLH 

/RNDOQLH 

&ORVH3XOVH7LPH GRV V 

7ULS3XOVH7LPH GRV V 

0DQ&ORVH'HOD\ GRV V 

+HDOWK\:LQGRZ GRV V 

&6:LQGRZ GRV V 

.RQWURODVWDQXZ\á F]QLNDQLHGODPRGHOX3 

1DVWDZLHQLDDODUPXVHUZLVRZHJR 


,A0DLQWHQDQFH GR 6XPD 

SU GyZ 

NXPXO 

1RRI&%2SV0DLQW GR 

&%7LPH0DLQW GRPV PV &]DV 

RWZDUFLD 

Z\á F]QLND 

1DVWDZLHQLDDODUPX]DEORNRZDQLD 


,AWKUHVKROG GR 

1RRI&%2SV0DLQW GR 

&%7LPH0DLQW GRPV PV 

)DXOW)UHT&RXQW GR 

)DXOW)UHT7LPH GR 

6WURQD]


0L&203333 

 

3URJUDPRZDOQDORJLND 

3URJUDPRZDOQDORJLNDQLHMHVWHG\WRZDOQD]PHQXSU]HND QLNDW\ONRSU]\SRPRF\ 

GHG\NRZDQHJRHG\WRUD36/]SDNLHWXRSURJUDPRZDQLDW\SX0L&206-HVWWR 

JUDILF]Q\HG\WRUVáX F\GRWZRU]HQLDSURJUDPRZDOQHMORJLNL)XQNFMHSURJUDPRZDOQHM 

ORJLNLV ZSHáQLRSLVDQHZF] FLLQVWUXNFMLRSLVXM FHM]DVWRVRZDQLHSU]HND QLND 

-DNRF] üORJLNLND G\VW\NZ\M FLRZ\PDSURJUDPRZDOQ\VSRVyEG]LDáDQLD] 

F]áRQHPF]DVRZ\PJG]LHGRGDWNRZRPR QDZ\NRU]\VWDüEORNyZF]DVRZ\FK 

2NUH ORQHZ\M FLHSU]HND QLNRZHLEORNLF]DVRZHSRVLDGDM QDVW SXM FHQDVWDZ\ 

&]DV =DNUHV .URN 

WGRW GRJRG]LQ V 

 

1DVWDZ\SU]HNáDGQLSU GRZHMLQDSL FLRZHM 

3DUDPHWU\SLHUZRWQHLZWyUQHPRJ E\üQLH]DOH QLHQDVWDZLDQHGODND GHJRZHM FLD 

SU]HNáDGQLNDSU GRZHJR&7OXEQDSL FLRZHJR97QDSU]\NáDGSU]HNáDGQLD 

]LHPQR]ZDUFLRZDPR HE\üUy QDZVWRVXQNXGRSU GyZID]RZ\FK 

3U]HNáDGQLNSU GRZ\ 

3U]HNáDGQLN 

QDSL FLRZ\ 

6WURQDSLHUZRWQD 

GR$ 

]NURNLHPFR$ 

9GRN9 

]NURNLHP9 

6WURQDZWyUQD 

OXE$ 

GR9 

6WURQD]


0L&203333 

1$67$:


0L&203333 

'RGDWHN$ 

0L&203333 

6FKHPDW\ORJLF]QH 

1XPHUDFMD'DQ\FK&\IURZ\FK 

''% 

6WURQD]


0L&203333 

6WURQD]


0L&203333 

1XPHUDFMD'DQ\FK&\IURZ\FK''% 

1U''% UyGáR 2SLV 7HNVW$QJLHOVNL 

3Rá F]HQLHZ\M FLRZH 3U]HND QLNZ\M 2XWSXW/DEHO 














 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

3Rá F]HQLHZHM FLRZH :HM FLHRSWR 2SWR/DEHO 











6WURQD]


0L&203333 






 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

3Rá F]HQLHZHM FLRZH 'LRGD/(' /(' 








36/ :HM FLHGR3U]HNZ\M 5HOD\&RQG 














 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

6WURQD]


0L&203333 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

36/ :HM FLHGR/(' /('&RQG,1 

36/ :HM FLHGR/(' /('&RQG,1 

36/ :HM FLHGR/(' /('&RQG,1 

36/ :HM FLHGR/(' /('&RQG,1 

36/ :HM FLHGR/(' /('&RQG,1 

36/ :HM FLHGR/(' /('&RQG,1 

36/ :HM FLHGR/(' /('&RQG,1 

36/ :HM FLHGR/(' /('&RQG,1 

36/ :HM FLHGR=ZOF]DVX 7LPHULQ 








 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

=ZáRNDF]DVX :\M FLH]H=Zá7 7LPHURXW 







6WURQD]


0L&203333 


 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

 

5H]HUZD 

36/ :\]Z5HMHVWUDWRUD )DXOW5(&75,* 

:\EyUJUXS\QDVWDZ =P*U3RSU]H]RSWR 6*RSWR,QYDOLG 

7HVWXUXFKRPLHQLRZ\ $NW\ZQ\WU\EWHVWX 3URWQ'LVDEOHG 

.RQWURODREZ1DSL F $ODUP.RQWU2EZ1DS 97)DLO$ODUP 

2GOHJáR FLRZH .Rá\VDQLDPRF\ 3RZHU6ZLQJ 

8V]NRG]HQLH:\á F]QLN %ORN63=RG8V]Z\O &%)DLO$ODUP 

0RQLWRULQJZ\á F]QLND $ODUPSU GNXPXO ,0DLQW$ODUP 

0RQLWRULQJZ\á F]QLND %ORNDGDSU GNXPXO ,/2&.RXW$ODUP 

0RQLWRULQJZ\á F]QLND $ODUP8V]NRG]HQLH &%2SV0DLQW 

0RQLWRULQJZ\á F]QLND $ODUP%ORNRZDQLH &%2SV/RFN 

0RQLWRULQJZ\á F]QLND 3U]HNU7RSHU8S &%7LPH0DLQW 

0RQLWRULQJZ\á F]QLND 3U]HNU7RSHU%ORN &%7LPH/RFNRXW 

0RQLWRULQJZ\á F]QLND %ORN&] VWRW]DNá )DXOW)UHT/RFN 

6WDWXVZ\á F]QLND 6WDQSRáR :


0L&203333 

0HQX .RQWU:HM FLH &RQWURO,QSXW 





























36/ 3U]HND]DQLHZ\á F] 3HUP,QWHUWULS 

36/ 8NáDGZ\á F]$NW 6WXE%XV(QDEOHG 

36/ %ORNDGD5y QLFRZH ,QKLELW&'LII 

36/ 5HNRQILJEORNDG\ 5HFRQ,QWHUORFN 

36/ %ORN1DGSUW,! ,!7LPHU%ORFN 




36/ %ORN&]DVX,R! ,1!7LPHU%ORFN 



36/ %ORN7F]XáH,FR! ,6()!7LPHU%ORFN 




36/ =HZQ:\á F]I ([WHUQDO7ULSSK 

36/ =HZQ:\á F]/ ([WHUQDO7ULS$ 

6WURQD]


0L&203333 

36/ =HZQ:\á F]/ ([WHUQDO7ULS% 

36/ =HZQ:\á F]/ ([WHUQDO7ULS& 

36/ :


0L&203333 

36/ 8U]\WNGHIV\JQZ\á &K,QWHUWULS 
















6WURQD]


0L&203333 

6FKHPDW0L&203.RQILJXUDFMDZHM üELQDUQ\FK 

6WURQD]


0L&203333 

6FKHPDW0L&203.RQILJXUDFMDZ\M üSU]HND QLNRZ\FK 

6WURQD]


0L&203333 


6WURQD]


0L&203333 


6WURQD]


0L&203333 

5\VXQHN0L&203.RQILJXUDFMDGLRG/(' 

6WURQD]


0L&203333 

5\VXQHN0L&203.RQILJXUDFMDZHM üELQDUQ\FK 

6WURQD]


0L&203333 

5\VXQHN0L&203.RQILJXUDFMDZ\M üSU]HND QLNRZ\FK 

6WURQD]


0L&203333 


6WURQD]


0L&203333 


6WURQD]


0L&203333 


6WURQD]


0L&203333 

5\VXQHN0L&203.RQILJXUDFMDZHM üELQDUQ\FK 

6WURQD]


0L&203333 


6WURQD]


0L&203333 


6WURQD]


0L&203333 


6WURQD]


0L&203333 

5\VXQHN0L&203/RJLNDZ\á F]HQLD 

6WURQD]


0L&203333 

5\VXQHN0L&203.RQILJXUDFMDORJLNLZ\á F]HQLD 

6WURQD]


0L&203333 

5\VXQHN0L&203.RQILJXUDFMDORJLNLZ\á F]HQLD 

6WURQD]


0L&203333 


6WURQD]


0L&203333 


6WURQD]


0L&203333 

'RGDWHN% 

0L&203333 

3RGá F]HQLD]HZQ WU]QH


0L&203333 

6WURQD]


0L&203333 

6FKHPDW33U]HND QLNUy QLFRZRSU GRZ\]EORNDG SU GXPDJQHVRZDQLDZ\á F]HQLH± 

ID]RZHEH]SRGá F]HQLDSU]HNáDGQLNyZQDSL FLRZ\FK 

6WURQD]


0L&203333 

6FKHPDW3U]HND QLNUy QLFRZRSU GRZ\]EORNDG SU GXPJQHVRZDQLDZ\á F]HQLH±ID]RZH 

DXWRPDW\ND63=EH]SRGá F]HQLDSU]HNáDGQLNyZSU GRZ\FK 

6WURQD]


0L&203333 

6FKHPDW3U]HND QLNUy QLFRZRSU GRZ\]IXQNFM RGOHJáR FLRZ Z\á F]HQLHOXE±ID]RZH 

DXWRPDW\ND63=LNRQWURODV\QFKURQL]PX 

6WURQD]


0L&203333 

6FKHPDW3U]HND QLNUy QLFRZRSU GRZ\]IXQNFM RGOHJáR FLRZ Z\á F]HQLH±OXE±ID]RZH 

GZD]HVWDZ\SU]HNáDGQLNyZSU GRZ\FKGODXNáDGXQDZ\á F]QLND 

6WURQD]


0L&203333 

6WURQD]


0L&203333 

5\VXQHN2SW\F]Q\LQWHUIHMV3&0W\SX3QDVWDQGDUG* 

6WURQD]


0L&203333 

6WURQD]


0L&203333 

5\VXQHN2SW\F]Q\LQWHUIHMV3&0W\SX3QDVWDQGDUG9 

6WURQD]


0L&203333 

5\VXQHN2SW\F]Q\LQWHUIHMV3&0W\SX3QDVWDQGDUG; 

6WURQD]

Badanie izolacji przy użyciu megaomomierza wysokonapięciowego (powyżej 250V) 

uszkadza elementy półprzewodnikowe zabezpieczenia, co może prowadzić do awarii, 

widocznej dopiero po kilku tygodniach od chwili przeprowadzenia badania. 

Nieprzygotowanych obwodów zabezpieczenia nie wolno testować przy użyciu miernika 

izolacji o napięciu wyższym niż 250V !!! Przygotowanie obwodów polega na połączeniu 

biegunów wejść binarnych, wejść zasilania oraz wyjść - zwłaszcza półprzewodnikowych 

(o charakterystyce "szybkiej" bądź „mocnej”). Wewnątrz urządzenia – między dowolnymi 

jego zaciskami, nie może się pojawić różnica potencjałów o wartości przekraczającej 

250 V. W razie braku możliwości takiego przygotowania, wymagane jest odłączenie 

sprawdzanych obwodów zewnętrznych od zabezpieczenia na czas wykonywanych badań. 

Urządzenie jest obiektem testów wysokonapięciowych podczas procesu produkcji – 

zgodnie z normami przedstawionymi w rozdziale opisującym dane techniczne. 

Takie badanie jest przeprowadzone tylko raz, z zachowaniem ściśle określonego, bardzo 

krótkiego czasu badania. 

Obwody komunikacji szeregowej (RS232 / RS485) nie podlegają testom napięciowym - 

nie wolno testować ich miernikiem izolacji !!! 

Schneider Electric Energy Poland Sp. z o.o. 

Zakład Automatyki i Systemów Elektroenergetycznych 

58-160 Świebodzice, ul. Strzegomska 23/27 

Tel. +48 (74) 854 84 10, Fax +48 (74) 854 86 98 

ref.swiebodzice@schneider-electric.com 

www.schneider-electric.com 

www.schneider-electric.pl

MiCOM P541-P544

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?