Anatomia PC. Wydanie X - Czytelnia online - Helion
Anatomia PC. Wydanie X - Czytelnia online - Helion
Anatomia PC. Wydanie X - Czytelnia online - Helion
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
PRZYK£ADOWY ROZDZIA£<br />
Wydawnictwo <strong>Helion</strong><br />
ul. Chopina 6<br />
44-100 Gliwice<br />
tel. (32)230-98-63<br />
e-mail: helion@helion.pl<br />
IDZ DO<br />
KATALOG KSI¥¯EK<br />
ZAMÓW DRUKOWANY KATALOG<br />
TWÓJ KOSZYK<br />
CENNIK I INFORMACJE<br />
ZAMÓW INFORMACJE<br />
ONOWOŒCIACH<br />
ZAMÓW CENNIK<br />
CZYTELNIA<br />
SPIS TREŒCI<br />
KATALOG ONLINE<br />
DODAJ DO KOSZYKA<br />
FRAGMENTY KSI¥¯EK ONLINE<br />
<strong>Anatomia</strong> <strong>PC</strong>.<br />
<strong>Wydanie</strong> X<br />
Autor: Piotr Metzger<br />
ISBN: 83-246-0093-0<br />
Format: B5, stron: oko³o 1100<br />
oprawa twarda<br />
Zawiera DVD<br />
Kompendium wiedzy o architekturze komputerów <strong>PC</strong><br />
• Procesory<br />
• Zarz¹dzanie pamiêci¹<br />
• Magistrale i z³¹cza<br />
• Obs³uga urz¹dzeñ zewnêtrznych<br />
Ka¿dy serwisant, programista i projektant urz¹dzeñ wspó³pracuj¹cych z komputerami musi znaæ<br />
architekturê wspó³czesnych komputerów <strong>PC</strong>. Wiedza na ten temat mo¿e siê przydaæ tak¿e zwyk³emu<br />
u¿ytkownikowi komputera, który chcia³by samodzielnie znaleŸæ przyczyny nieprawid³owego dzia³ania<br />
sprzêtu, oraz wszystkim osobom zainteresowanym dzia³aniem pecetów. Szczegó³owe informacje<br />
o komponentach komputera s¹ niestety trudno dostêpne i rozproszone w wielu dokumentach,<br />
specyfikacjach i schematach.<br />
Ksi¹¿ka "<strong>Anatomia</strong> <strong>PC</strong>. <strong>Wydanie</strong> X" to kompletne opracowanie, zawieraj¹ce wyczerpuj¹ce informacje<br />
o architekturze komputerów <strong>PC</strong> i ich komponentów. Dziesi¹te ju¿ wydanie tej klasycznej i ciesz¹cej siê<br />
ogromn¹ popularnoœci¹ pozycji jest, podobnie jak poprzednie wydania, prawdziwym kompendium wiedzy<br />
o wspó³czesnych pecetach, opisuj¹cym zarówno rozwi¹zania klasyczne, jak i nowoœci z ostatnich<br />
miesiêcy. Dziêki niej poradzisz sobie z wszystkimi problemami sprzêtowymi, zdiagnozujesz usterki<br />
i zaprojektujesz urz¹dzenia poprawnie wspó³pracuj¹ce z komputerem. Ksi¹¿ka opisuje nastêpuj¹ce<br />
zagadnienia:<br />
• mikroprocesory rodziny x86 wraz z najnowszymi Intel Pentium 4 Extreme Edition, koprocesory<br />
i rozszerzenia, takie jak MMX, 3DNow, SSE, SSE2 i HT,<br />
• procesory dwurdzeniowe,<br />
• architektury komputerów <strong>PC</strong> XT, AT, 386, 486 i Pentium, systemów jednoi<br />
wieloprocesorowych oraz komputerów przenoœnych,<br />
• uk³ady pamiêciowe stosowane w komputerach <strong>PC</strong> -- SIMM, DRAM, SDRAM, DDR, DDR2<br />
oraz zasady ich obs³ugi,<br />
• chipsety Intel, VIA, SiS, i865/875, obs³uga przerwañ, magistrala <strong>PC</strong>I i kana³ DMA, mostkowanie<br />
<strong>PC</strong>I-E -- AGP,<br />
• obs³uga stacji dyskietek i dysków twardych -- organizacja i odczyt danych, praca kontrolera,<br />
macierze RAID,<br />
• z³¹cza ATA, SCSI i FireWire,<br />
• karty grafiki, przetwarzanie obrazu, kompresja MPEG, generowanie grafiki 3D i magistrala AGP,<br />
• najnowsze uk³ady graficzne,<br />
• obs³uga klawiatury,<br />
• z³¹cza szeregowe, równoleg³e, USB i IrDA,<br />
• system oszczêdzania energii,<br />
• noœniki optyczne,<br />
• karty dŸwiêkowe,<br />
• sieci i technologia BlueTooth,<br />
• zasilacze awaryjne,<br />
• BIOS.<br />
Ponadto w ksi¹¿ce znajdziesz informacje o diagnozowaniu usterek komputera za pomoc¹ Linuksa, opisy<br />
mikroprocesorów firm Intel, AMD i Cyrix, w tym tak¿e najnowszych jednostek 64-bitowych, oraz adresy<br />
witryn internetowych producentów sprzêtu i oprogramowania diagnostycznego.
Rozdział 1. Mikroprocesor ......................................................................................19<br />
Przetwarzanie rozkazów ..........................................................................................................21<br />
RISC i CISC ......................................................................................................................21<br />
Przetwarzanie potokowe ....................................................................................................22<br />
Techniki przyspieszania .....................................................................................................25<br />
Dostęp do pamięci ....................................................................................................................32<br />
Adresowanie ......................................................................................................................34<br />
Stronicowanie ....................................................................................................................35<br />
Pamięci podręczne ...................................................................................................................37<br />
Topologie ...........................................................................................................................39<br />
Organizacja pamięci podręcznej ........................................................................................41<br />
Strategie .............................................................................................................................42<br />
Pamięć podręczna procesora 80386 ...................................................................................43<br />
Obsługa przestrzeni adresowej I/O ..........................................................................................47<br />
Procesor 8086 ....................................................................................................................48<br />
Procesory 80386 i 80486 ...................................................................................................48<br />
Pentium ..............................................................................................................................49<br />
Funkcje kontrolne i sterujące ...................................................................................................49<br />
BIST ...................................................................................................................................49<br />
Kontrola TLB .....................................................................................................................50<br />
Kontrola pamięci podręcznej .............................................................................................50<br />
Przejście w stan wysokiej impedancji ...............................................................................50<br />
JTAG ..................................................................................................................................50<br />
Częstotliwość taktowania .........................................................................................................52<br />
Zasilanie ...................................................................................................................................54<br />
Jak rozpoznać typ procesora? ..................................................................................................56<br />
Czy procesor jest zgodny z układem 80286 lub lepszym? ................................................57<br />
Procesor 8086/88 czy 80186/88? .......................................................................................57<br />
Procesor 80286 ..................................................................................................................58<br />
Procesor 80386 ..................................................................................................................58<br />
Procesor 486 czy Pentium? ................................................................................................58<br />
Koprocesory .............................................................................................................................58<br />
Koprocesor 8087 ................................................................................................................61<br />
Koprocesor 80287 ..............................................................................................................62<br />
Koprocesor 80387 ..............................................................................................................62<br />
Koprocesor i487SX ...........................................................................................................63
4 <strong>Anatomia</strong> <strong>PC</strong><br />
Rozszerzenia ............................................................................................................................63<br />
MMX .................................................................................................................................63<br />
3DNow! .............................................................................................................................76<br />
SSE ....................................................................................................................................76<br />
SSE2 ..................................................................................................................................80<br />
SSE3 ..................................................................................................................................82<br />
Hyper-Threading (HT) .......................................................................................................84<br />
Przetwarzanie 64-bitowe ..........................................................................................................89<br />
Metoda firmy Intel: Itanium ..............................................................................................89<br />
Metoda firmy AMD: Opteron ............................................................................................92<br />
Przyszłość przetwarzania 64-bitowego ..............................................................................94<br />
Rozdział 2. Architektury komputerów <strong>PC</strong> ................................................................97<br />
Model <strong>PC</strong>/XT ...........................................................................................................................97<br />
Procesor 8086 ....................................................................................................................97<br />
Procesor 8088 ..................................................................................................................100<br />
Dostęp do pamięci i przestrzeni wejścia-wyjścia ............................................................101<br />
Kontroler 8288 .................................................................................................................102<br />
Magistrala ISA 8-bitowa ..................................................................................................107<br />
Model AT ...............................................................................................................................109<br />
Procesor 80286 ................................................................................................................111<br />
Magistrala ISA 16-bitowa ................................................................................................113<br />
Komputery z procesorami 386, 486 i Pentium ......................................................................115<br />
EISA ................................................................................................................................117<br />
MCA ................................................................................................................................118<br />
VESA ...............................................................................................................................120<br />
<strong>PC</strong>I, <strong>PC</strong>I-X i <strong>PC</strong>I Express ................................................................................................123<br />
Architektury systemów wieloprocesorowych ............................................................................123<br />
Architektura MPP ............................................................................................................124<br />
Architektura UMA ...........................................................................................................125<br />
Architektura NUMA ........................................................................................................128<br />
Specyfikacja MP (Intel) ...................................................................................................130<br />
Zastosowania praktyczne .................................................................................................137<br />
Architektura komputerów przenośnych .................................................................................145<br />
Złącze <strong>PC</strong>MCIA ..............................................................................................................145<br />
Rozdział 3. Układy pamięciowe <strong>PC</strong> .......................................................................147<br />
Pamięci dynamiczne ..............................................................................................................148<br />
Tryb konwencjonalny (Page Mode) ................................................................................149<br />
FPM (Fast Page Mode) ....................................................................................................149<br />
EDO (Extended Data Out) ...............................................................................................152<br />
BEDO (Burst EDO) .........................................................................................................152<br />
Porównanie ......................................................................................................................154<br />
SDRAM ...........................................................................................................................154<br />
Moduły pamięciowe ...............................................................................................................163<br />
Moduły SIMM-30 (SIP) ..................................................................................................164<br />
Moduły SIMM PS/2 ........................................................................................................166<br />
Moduły DIMM 168-stykowe ...........................................................................................170<br />
Odświeżanie ...........................................................................................................................184<br />
RAS Only .........................................................................................................................186<br />
CBR (CAS before RAS) ..................................................................................................186<br />
Hidden ..............................................................................................................................188<br />
Wykrywanie błędów i ich korekcja .......................................................................................189<br />
Błędy powtarzalne (HE) ..................................................................................................189<br />
Błędy sporadyczne (SE) ..................................................................................................189
Spis treści 5<br />
Kontrola parzystości ........................................................................................................190<br />
Kontrola ECC ..................................................................................................................191<br />
Rozszerzenia standardu magistrali <strong>PC</strong>-66 ..............................................................................192<br />
Parametry modułów .........................................................................................................194<br />
Pamięć konfiguracyjna (SPD) .........................................................................................195<br />
Moduły buforowane .........................................................................................................198<br />
DDR SDRAM ........................................................................................................................201<br />
Systemy dwukanałowe ....................................................................................................209<br />
DDR2 SDRAM ................................................................................................................210<br />
Moduły DIMM DDR2 .....................................................................................................211<br />
RDRAM .................................................................................................................................217<br />
VC-SDRAM ..........................................................................................................................224<br />
HSDRAM ..............................................................................................................................226<br />
Porównanie parametrów pamięci ...........................................................................................227<br />
LVTTL .............................................................................................................................228<br />
SSTL_2 ............................................................................................................................229<br />
SSTL_18 ..........................................................................................................................229<br />
RSL ..................................................................................................................................229<br />
Identyfikacja producentów chipów pamięciowych ................................................................230<br />
Rozdział 4. Układy otoczenia procesora (chipset) ..................................................233<br />
Zakres funkcji ........................................................................................................................233<br />
Magistrala FSB ................................................................................................................235<br />
Obsługa pamięci operacyjnej i magistrali pamięciowej ..................................................239<br />
Obsługa pamięci podręcznej (Cache) ..............................................................................241<br />
Zakres pokrywany przez pamięć podręczną ....................................................................243<br />
Układy obsługi podstawki typu Socket 7 ...............................................................................246<br />
Układy współpracujące z magistralą GTL+ i AGTL+ ..........................................................248<br />
Układy do obsługi procesorów AMD ....................................................................................259<br />
Rodzina K7 ......................................................................................................................259<br />
Rodzina Hammer .............................................................................................................264<br />
Układy ze zintegrowaną kartą graficzną ................................................................................264<br />
Wewnętrzne magistrale międzyukładowe .............................................................................273<br />
<strong>PC</strong>I ...................................................................................................................................273<br />
Hub-Interface, V-Link i MuTIOL ...................................................................................274<br />
RapidIO ............................................................................................................................274<br />
HyperTransport (LDT) ....................................................................................................279<br />
Rozdział 5. Magistrala <strong>PC</strong>I ...................................................................................283<br />
Gniazda magistrali <strong>PC</strong>I ..........................................................................................................293<br />
Obsługa przerwań ..................................................................................................................295<br />
Pamięć konfiguracyjna urządzeń <strong>PC</strong>I ....................................................................................297<br />
Identyfikator producenta (Vendor ID) .............................................................................297<br />
Identyfikator urządzenia (Device ID) ..............................................................................297<br />
Rejestr poleceń (Command) ............................................................................................298<br />
Rejestr stanu (Status) .......................................................................................................299<br />
Numer wersji urządzenia (Revision ID) ..........................................................................301<br />
Kod klasy urządzenia (Class Code) .................................................................................301<br />
Rozmiar linii pamięci podręcznej (Cache Line Size) ......................................................301<br />
Minimalny czas transmisji (Latency Timer) ....................................................................301<br />
Typ nagłówka (Header Type) ..........................................................................................304<br />
BIST (Build-in Self-test) .................................................................................................305<br />
Adres bazowy (Base Address Registers) .........................................................................305<br />
Wskaźnik CardBus CIS (CardBus CIS Pointer) ..............................................................306
6 <strong>Anatomia</strong> <strong>PC</strong><br />
Dodatkowy identyfikator producenta (Subsystem Vendor ID)<br />
i dodatkowy identyfikator urządzenia (Subsystem ID) .............................................307<br />
Adres bazowy rozszerzenia ROM (Expansion ROM Base Address) ..............................307<br />
Wskaźnik do listy możliwości (Capabilities Pointer) ......................................................308<br />
Linia IRQ (Interrupt Line) ...............................................................................................308<br />
Linia INT (Interrupt Pin) .................................................................................................308<br />
Długość transmisji (Min_Gnt) .........................................................................................309<br />
Częstość (Max_Lat) .........................................................................................................309<br />
Mechanizmy dostępu do pamięci konfiguracyjnej ................................................................309<br />
Pierwszy mechanizm dostępu do pamięci konfiguracyjnej .............................................310<br />
Drugi mechanizm dostępu do pamięci konfiguracyjnej ..................................................310<br />
<strong>PC</strong>I BIOS .........................................................................................................................311<br />
Autokonfiguracja urządzeń <strong>PC</strong>I .............................................................................................311<br />
Rozwój <strong>PC</strong>I i inne magistrale ................................................................................................312<br />
<strong>PC</strong>I-32/66 MHz i <strong>PC</strong>I-64 .................................................................................................313<br />
<strong>PC</strong>I-X ...............................................................................................................................313<br />
<strong>PC</strong>I-Express .....................................................................................................................317<br />
Rozdział 6. Kanał DMA .........................................................................................325<br />
Układ scalony 8237A .............................................................................................................326<br />
Tryby pracy kontrolera DMA ................................................................................................328<br />
Tryb spoczynkowy „I” (Idle) ...........................................................................................328<br />
Tryb „S” (Single) .............................................................................................................329<br />
Tryb „B” (Block) .............................................................................................................329<br />
Tryb „D” (Demand) .........................................................................................................329<br />
Tryb „C” (Cascade) .........................................................................................................329<br />
Tryb „V” (Verify) ............................................................................................................329<br />
Kaskadowe łączenie układów 8237A ....................................................................................330<br />
Programowanie kontrolerów DMA .......................................................................................330<br />
Adresy portów kontrolerów DMA w komputerze IBM <strong>PC</strong>/XT ............................................331<br />
„Sztuczne” porty komputera <strong>PC</strong>/XT ...............................................................................332<br />
Adresy portów kontrolerów DMA w komputerze IBM <strong>PC</strong>/AT ............................................332<br />
„Sztuczne” porty komputera <strong>PC</strong>/AT ...............................................................................333<br />
Budowa rejestrów wewnętrznych ..........................................................................................334<br />
Rejestr żądań (port 009h w <strong>PC</strong>/XT, 009h i 0D2h w <strong>PC</strong>/AT) ..........................................334<br />
Rejestr stanu (port 008h w <strong>PC</strong>/XT, 008h i 0D0h w <strong>PC</strong>/AT) ...........................................334<br />
Rejestr rozkazów (port 008h w <strong>PC</strong>/XT, 008h i 0D0h w <strong>PC</strong>/AT) ....................................334<br />
Rejestr maski kanału (port 00Ah w <strong>PC</strong>/XT, 00Ah i 0D4h w <strong>PC</strong>/AT) ............................335<br />
Rejestr maskujący (port 00Fh w <strong>PC</strong>/XT, 00Fh i 0DEh w <strong>PC</strong>/AT) .................................335<br />
Rejestr trybu (00Bh w <strong>PC</strong>/XT, 00Bh i 0D6h w <strong>PC</strong>/AT): ................................................336<br />
Przebieg transmisji .................................................................................................................337<br />
Komputery IBM <strong>PC</strong> i IBM <strong>PC</strong>/XT ..................................................................................337<br />
Komputer IBM <strong>PC</strong>/AT ....................................................................................................338<br />
Układ odświeżania pamięci ...................................................................................................340<br />
DMA a współczesne magistrale rozszerzające ......................................................................341<br />
Rozdział 7. System obsługi przerwań sprzętowych .................................................343<br />
Układ scalony 8259A (PIC) ...................................................................................................344<br />
Cykl przyjęcia zgłoszenia ......................................................................................................346<br />
Kaskadowe łączenie kontrolerów przerwań ..........................................................................347<br />
Fazy obsługi przerwań pochodzących od układu Slave ..................................................349<br />
Programowanie kontrolera przerwań .....................................................................................349<br />
Inicjowanie pracy układu .................................................................................................350<br />
Polling ....................................................................................................................................354<br />
Przerwanie niemaskowalne (NMI) ........................................................................................354
Spis treści 7<br />
Obsługa przerwań z magistral ISA, <strong>PC</strong>I i AGP .....................................................................355<br />
Kontroler APIC ......................................................................................................................358<br />
Strona sprzętowa ..............................................................................................................360<br />
Obsługa APIC przez OS ..................................................................................................363<br />
Rozdział 8. Obsługa stacji dyskietek .....................................................................367<br />
Fizyczna organizacja danych na dyskietce ............................................................................369<br />
Programowanie operacji dyskowych .....................................................................................372<br />
Programowanie operacji dyskowych z poziomu systemu MS-DOS ...............................372<br />
Przerwanie 25h ................................................................................................................373<br />
Przerwanie 26h ................................................................................................................374<br />
Przerwanie 21h ................................................................................................................374<br />
Obsługa dysków za pomocą funkcji BIOS-u ...................................................................375<br />
Bezpośredni dostęp do kontrolera napędu dysków elastycznych ....................................384<br />
Cykl rozkazowy kontrolera ....................................................................................................387<br />
Faza przygotowawcza ......................................................................................................387<br />
Faza przekazywania rozkazu ...........................................................................................387<br />
Budowa przykładowego rozkazu — rozkaz RS (Read Sector) .......................................388<br />
Alternatywne metody transmisji danych .........................................................................393<br />
Uwzględnianie mechanicznych własności napędu ................................................................394<br />
Zabezpieczanie danych — kod CRC .....................................................................................396<br />
Rozdział 9. Obsługa dysku twardego .....................................................................399<br />
Budowa kontrolera .................................................................................................................399<br />
Systemy kodowania MFM i RLL ..........................................................................................400<br />
Fizyczna organizacja danych i formatowanie ........................................................................402<br />
Formatowanie wysokiego poziomu .................................................................................403<br />
Formatowanie niskiego poziomu .....................................................................................404<br />
Wykrywanie i korekcja błędów .............................................................................................406<br />
Standard AT-BUS ..................................................................................................................409<br />
Wstęp ...............................................................................................................................410<br />
Złącze fizyczne ................................................................................................................412<br />
Dostęp CPU do dysku AT-BUS ......................................................................................414<br />
Cykl programowania kontrolera ......................................................................................421<br />
Rozszerzenia standardu pierwotnego .....................................................................................425<br />
Wzrost pojemności dysków ...................................................................................................428<br />
Ograniczenia wnoszone przez BIOS ...............................................................................429<br />
Ograniczenia wnoszone przez systemy operacyjne .........................................................439<br />
Obsługa dużych dysków ..................................................................................................442<br />
Podnoszenie pasma przepustowego magistrali ......................................................................443<br />
Tryby PIO ........................................................................................................................444<br />
Tryby DMA .....................................................................................................................446<br />
Tryb Ultra DMA/33 .........................................................................................................447<br />
Tryb Ultra DMA/66 .........................................................................................................450<br />
Tryby Ultra ATA/100 i Ultra ATA/133 ..........................................................................452<br />
Blok informacyjny .................................................................................................................453<br />
Realizacja rozkazu Identify Device .................................................................................453<br />
Lista rozkazów .......................................................................................................................459<br />
Funkcje oszczędnościowe ......................................................................................................460<br />
System PM .......................................................................................................................460<br />
System APM ....................................................................................................................462<br />
Funkcje akustyczne ................................................................................................................463<br />
Dostęp do funkcji AAM ..................................................................................................463
8 <strong>Anatomia</strong> <strong>PC</strong><br />
Wykorzystanie powierzchni dyskowej ..................................................................................465<br />
Proces ładowania systemu operacyjnego .........................................................................465<br />
MBR i PT .........................................................................................................................466<br />
System danych i FSBR ....................................................................................................467<br />
Specyfika wybranych systemów operacyjnych ...............................................................469<br />
Przypisywanie oznaczeń literowych ................................................................................474<br />
Programy BM ..................................................................................................................475<br />
Macierze dyskowe ..................................................................................................................476<br />
Poziomy RAID ................................................................................................................477<br />
Kontrolery RAID .............................................................................................................480<br />
Rozwiązania programowe z poziomu systemu operacyjnego .........................................481<br />
Tryby macierzowe zestawów układów sterujących firmy Intel ......................................482<br />
SMART ..................................................................................................................................483<br />
Struktura systemu ............................................................................................................483<br />
Aplikacje współpracujące ze SMART .............................................................................486<br />
Wielowątkowy dostęp przez Serial ATA ...............................................................................486<br />
Zarządzanie kolejką .........................................................................................................487<br />
Rozpędzanie dysku ..........................................................................................................488<br />
Optymalizacja ruchu głowicy ..........................................................................................488<br />
Opóźnienie w ruchu obrotowym .....................................................................................489<br />
Korzyści i wspomaganie Native Command Queuing ......................................................489<br />
Jak aplikacje mogą korzystać z kolejkowania .................................................................490<br />
Pamięci USB ..........................................................................................................................492<br />
Interfejs ............................................................................................................................492<br />
Cechy pamięci USB .........................................................................................................493<br />
Wydajność .......................................................................................................................494<br />
Rozdział 10. Magistrala szeregowa ATA .................................................................495<br />
Specyfikacja ...........................................................................................................................497<br />
Sterowanie ..............................................................................................................................497<br />
Okablowanie ..........................................................................................................................498<br />
Urządzenia .............................................................................................................................499<br />
Protokół i transmisja ..............................................................................................................500<br />
Serial ATA II .........................................................................................................................506<br />
Kolejkowanie rozkazów .........................................................................................................506<br />
Powielacze portów .................................................................................................................507<br />
Backplane ...............................................................................................................................508<br />
Rozdział 11. Standard SCSI ....................................................................................513<br />
Realizacja magistrali ..............................................................................................................516<br />
Organizacja protokołu ............................................................................................................519<br />
Fazy pracy magistrali .......................................................................................................520<br />
Transfer danych w fazach informacyjnych ......................................................................533<br />
Sytuacje wyjątkowe .........................................................................................................540<br />
Rozkazy systemowe .........................................................................................................544<br />
Informacja statusowa .......................................................................................................548<br />
Komunikaty (Messages) ..................................................................................................549<br />
System wskaźników .........................................................................................................554<br />
Przykładowa wymiana danych ........................................................................................556<br />
SCSI w komputerach <strong>PC</strong> ........................................................................................................560<br />
Host-Adapter ....................................................................................................................561<br />
Okablowanie ....................................................................................................................565<br />
Terminatory .....................................................................................................................567<br />
Rozszerzenia SCSI ...........................................................................................................569
Spis treści 9<br />
Rozdział 12. Złącze 1394 (Fire Wire) .....................................................................583<br />
Ogólne założenia standardów 1394-1995 i 1394a-2000 ........................................................584<br />
Tryby i prędkość transmisji .............................................................................................584<br />
Topologia .........................................................................................................................585<br />
Okablowanie ....................................................................................................................585<br />
Gwarantowane pasmo transmisyjne ................................................................................587<br />
Rozszerzenia 1394b ...............................................................................................................587<br />
Klasy prędkości ...............................................................................................................588<br />
Okablowanie ....................................................................................................................588<br />
Protokół ............................................................................................................................591<br />
Rozdział 13. Karty graficzne ...................................................................................593<br />
Przegląd kart graficznych .......................................................................................................593<br />
Omówienie kart graficznych EGA, VGA i SVGA ................................................................597<br />
Tryby tekstowe ................................................................................................................600<br />
Tryby graficzne ................................................................................................................601<br />
Rozdzielczość obrazu ......................................................................................................601<br />
Tryby zapisu i odczytu pamięci obrazu ...........................................................................602<br />
Schemat działania karty graficznej ..................................................................................603<br />
Standard VESA ......................................................................................................................605<br />
Pamięć lokalna akceleratora ...................................................................................................605<br />
Frame Buffer ....................................................................................................................606<br />
Bufor Z/W ........................................................................................................................607<br />
Pamięć tekstur ..................................................................................................................609<br />
Rozmiar pamięci i organizacja ........................................................................................610<br />
Rodzaje pamięci kart graficznych ...................................................................................613<br />
RAMDAC ..............................................................................................................................617<br />
Przegląd nowych procesorów graficznych ............................................................................620<br />
Dopasowanie monitora do karty ............................................................................................624<br />
Parametry karty ................................................................................................................624<br />
Jakość monitora ...............................................................................................................626<br />
Kanał informacyjny VESA DDC ....................................................................................628<br />
Złącza cyfrowe .......................................................................................................................629<br />
TMDS ..............................................................................................................................629<br />
P&D (EVC) .....................................................................................................................631<br />
DFP ..................................................................................................................................631<br />
DVI ..................................................................................................................................632<br />
Rozdział 14. Przetwarzanie obrazów wideo .............................................................635<br />
Formaty MPEG ......................................................................................................................638<br />
MPEG-1 ...........................................................................................................................638<br />
MPEG-2 ...........................................................................................................................639<br />
MPEG-4 ...........................................................................................................................640<br />
Format DivX ..........................................................................................................................641<br />
Rozdzielczość ..................................................................................................................641<br />
Bitrate w filmach DivX ...................................................................................................642<br />
Smart Bitrate Control i Constant Bitrate Control ............................................................642<br />
Profile kompresji .............................................................................................................643<br />
Następca formatu DivX .........................................................................................................643<br />
Rozwiązania programowe na platformie <strong>PC</strong> .........................................................................645<br />
Kodery .............................................................................................................................646<br />
Odtwarzacze ....................................................................................................................648<br />
Wspomaganie sprzętowe ........................................................................................................650<br />
Interfejs programowy .............................................................................................................652
10 <strong>Anatomia</strong> <strong>PC</strong><br />
Rozdział 15. Grafika 3D .........................................................................................655<br />
Schemat przetwarzania obiektów 3D .....................................................................................656<br />
API .........................................................................................................................................658<br />
Geometry Engine ...................................................................................................................660<br />
Tłumaczenie opisu środowiska ........................................................................................660<br />
Oświetlenie i tekstura ......................................................................................................660<br />
Przekształcenia geometryczne .........................................................................................661<br />
Strefa widoczności ...........................................................................................................661<br />
Przekazanie parametrów do jednostki rasteryzującej ......................................................662<br />
Rendering Engine ...................................................................................................................662<br />
Teksturowanie ..................................................................................................................665<br />
Korekcja perspektywy .....................................................................................................666<br />
Nakładanie mapy .............................................................................................................667<br />
Mieszanie kolorów ...........................................................................................................672<br />
Efekty specjalne ...............................................................................................................673<br />
Podział mocy obliczeniowej ..................................................................................................674<br />
Rozdział 16. Magistrala AGP ..................................................................................677<br />
Architektura komputera z magistralą AGP ............................................................................677<br />
Sygnały magistrali AGP .........................................................................................................681<br />
Szyna adresów i danych ...................................................................................................683<br />
Sygnały <strong>PC</strong>I .....................................................................................................................684<br />
Sygnały kontroli przepływu .............................................................................................685<br />
Sygnały obsługi żądań AGP ............................................................................................685<br />
Linie statusowe ................................................................................................................685<br />
Sygnały kluczujące ..........................................................................................................686<br />
Sygnały USB ...................................................................................................................686<br />
System zarządzania zużyciem energii .............................................................................686<br />
Sygnały specjalne ............................................................................................................687<br />
Linie zasilające ................................................................................................................687<br />
AGP w teorii ..........................................................................................................................687<br />
Kolejkowanie ...................................................................................................................688<br />
Magistrala SBA ...............................................................................................................690<br />
GART ..............................................................................................................................691<br />
DIME ...............................................................................................................................692<br />
AGP w praktyce .....................................................................................................................694<br />
Wymagania sprzętowe i programowe .............................................................................694<br />
Kontrola działania ............................................................................................................695<br />
AGP PRO ...............................................................................................................................698<br />
AGP 3.0 ..................................................................................................................................701<br />
Pasmo przepustowe .........................................................................................................701<br />
Poziomy napięć ................................................................................................................701<br />
Nowe sygnały i przedefiniowania ...................................................................................702<br />
Sygnały zegarowe ............................................................................................................703<br />
Transakcje ........................................................................................................................704<br />
Pobór prądu ......................................................................................................................704<br />
Zgodność w dół ................................................................................................................704<br />
Implementacja w chipsetach ............................................................................................705<br />
Przyszłość standardu AGP ...............................................................................................705<br />
Rozdział 17. System odmierzania czasu ..................................................................707<br />
Układ 8253/8254 ....................................................................................................................707<br />
Tryb 0 ...............................................................................................................................709<br />
Tryb 1 ...............................................................................................................................709<br />
Tryb 2 ...............................................................................................................................710
Spis treści 11<br />
Tryb 3 ...............................................................................................................................710<br />
Tryb 4 ...............................................................................................................................710<br />
Tryb 5 ...............................................................................................................................711<br />
Programowanie generatora 8253/8254 ..................................................................................711<br />
Zegar systemowy ...................................................................................................................714<br />
Układ odświeżania pamięci dynamicznej ..............................................................................715<br />
Obsługa głośnika ....................................................................................................................717<br />
Drugi układ 8254 i jego zastosowanie ...................................................................................719<br />
Rozdział 18. Pamięć CMOS-RAM ............................................................................721<br />
Organizacja pamięci CMOS ..................................................................................................722<br />
Rejestr A (offset 0Ah) .....................................................................................................724<br />
Rejestr B (offset 0Bh) ......................................................................................................724<br />
Rejestr C (offset 0Ch) ......................................................................................................725<br />
Rejestr D (offset 0Dh) .....................................................................................................726<br />
Rejestr E (offset 0Eh) — Diagnostic Status Byte ............................................................726<br />
Rejestr F (offset 0Fh) — Shutdown Byte ........................................................................727<br />
Konfiguracja napędów dyskietek (offset 10h) .................................................................728<br />
Konfiguracja dysków twardych (offset 12h) ...................................................................728<br />
Pamięć (offset 15h) ..........................................................................................................729<br />
Suma kontrolna ................................................................................................................730<br />
Bajt konfiguracji sprzętowej (Equipment Byte) ..............................................................730<br />
Funkcje BIOS-u obsługujące pamięć konfiguracji ................................................................730<br />
Funkcja 00h .....................................................................................................................731<br />
Funkcja 01h .....................................................................................................................731<br />
Funkcja 02h .....................................................................................................................731<br />
Funkcja 03h .....................................................................................................................732<br />
Funkcja 04h .....................................................................................................................732<br />
Funkcja 05h .....................................................................................................................733<br />
Funkcja 06h .....................................................................................................................733<br />
Funkcja 07h .....................................................................................................................733<br />
Bezpośredni dostęp do pamięci CMOS .................................................................................734<br />
Rozdział 19. Obsługa urządzeń wejściowych ...........................................................735<br />
Klawiatura ..............................................................................................................................735<br />
Mapa klawiatury ..............................................................................................................737<br />
Organizacja obsługi klawiatury przez BIOS ...................................................................743<br />
Funkcje przerwania 16h BIOS-u .....................................................................................748<br />
Bezpośrednie programowanie klawiatury .......................................................................752<br />
Mysz .......................................................................................................................................762<br />
Moduły dostosowujące a podłączanie myszy ..................................................................763<br />
Funkcja 00h .....................................................................................................................765<br />
Funkcja 01h .....................................................................................................................765<br />
Funkcja 02h .....................................................................................................................766<br />
Funkcja 03h .....................................................................................................................766<br />
Funkcja 04h .....................................................................................................................766<br />
Funkcja 05h .....................................................................................................................767<br />
Funkcja 06h .....................................................................................................................767<br />
Funkcja 0Bh .....................................................................................................................768<br />
Manipulator ............................................................................................................................768<br />
Funkcja 84h .....................................................................................................................770<br />
Urządzenia bezprzewodowe ..................................................................................................771<br />
Transmisja w paśmie podczerwieni .................................................................................771<br />
Transmisja radiowa ..........................................................................................................772<br />
Bluetooth ..........................................................................................................................772
12 <strong>Anatomia</strong> <strong>PC</strong><br />
Rozdział 20. Łącze szeregowe ................................................................................775<br />
Asynchroniczna transmisja szeregowa ..................................................................................775<br />
Układ scalony 8250 ................................................................................................................777<br />
Interfejs RS-232C ..................................................................................................................780<br />
Tryb simpleksowy ...........................................................................................................782<br />
Tryb półdupleksowy ........................................................................................................783<br />
Tryb dupleksowy .............................................................................................................783<br />
Dostęp do łącza szeregowego z poziomu systemu MS-DOS ................................................785<br />
Funkcja 03h .....................................................................................................................785<br />
Funkcja 04h .....................................................................................................................786<br />
Funkcja 3Fh .....................................................................................................................786<br />
Funkcja 40h .....................................................................................................................786<br />
Funkcje BIOS-u obsługujące łącze szeregowe ......................................................................787<br />
Funkcja 00h .....................................................................................................................789<br />
Funkcja 01h .....................................................................................................................790<br />
Funkcja 02h .....................................................................................................................791<br />
Funkcja 03h .....................................................................................................................791<br />
Bezpośrednie programowanie rejestrów UART ....................................................................792<br />
Przerwania generowane przez łącze szeregowe ..............................................................793<br />
Prędkość transmisji ..........................................................................................................796<br />
Sygnały sterujące .............................................................................................................796<br />
Układ UART 16450 .........................................................................................................799<br />
Rozdział 21. Łącze równoległe ...............................................................................801<br />
Terminologia programu konfiguracyjnego BIOS-u ...............................................................803<br />
Tryby podstawowe .................................................................................................................804<br />
Tryb standardowy ............................................................................................................804<br />
Tryb półbajtowy ...............................................................................................................810<br />
Tryb bajtowy (PS/2) ........................................................................................................811<br />
Tryb EPP ..........................................................................................................................811<br />
Tryb ECP .........................................................................................................................814<br />
Realizacja portu równoległego w ramach architektury <strong>PC</strong> ....................................................819<br />
Dostęp do łącza równoległego poprzez funkcje BIOS-u .......................................................820<br />
Funkcja 00h .....................................................................................................................820<br />
Funkcja 01h .....................................................................................................................822<br />
Funkcja 02h .....................................................................................................................822<br />
Dostęp do łącza równoległego z poziomu systemu MS-DOS ...............................................824<br />
Funkcja 05h .....................................................................................................................824<br />
Funkcja 40h .....................................................................................................................824<br />
Ogólne zastosowanie łącza równoległego ...............................................................................825<br />
Rozdział 22. Złącze USB ........................................................................................831<br />
Specyfikacja ...........................................................................................................................831<br />
Topologia ...............................................................................................................................832<br />
Okablowanie ..........................................................................................................................834<br />
Protokół ..................................................................................................................................836<br />
Pakiety ....................................................................................................................................837<br />
Sterowanie w trybach LS/FS (USB 1.1) ................................................................................839<br />
Sterowanie w trybie HS (USB 2.0) ........................................................................................840<br />
USB w praktyce .....................................................................................................................843<br />
Windows 95 .....................................................................................................................845<br />
Windows 98/98SE ...........................................................................................................845<br />
Windows NT ....................................................................................................................846<br />
Windows 2000/XP/2003 ..................................................................................................846<br />
USB 2.0 ............................................................................................................................846
Spis treści 13<br />
Urządzenia USB .....................................................................................................................847<br />
Klawiatury .......................................................................................................................847<br />
Myszy ..............................................................................................................................847<br />
Kontrolery gier .................................................................................................................848<br />
Dyski twarde ....................................................................................................................848<br />
Moduły pamięci Flash EEPROM ....................................................................................849<br />
Napędy optyczne .............................................................................................................849<br />
Czytniki kart pamięci i aparaty cyfrowe ..........................................................................849<br />
Skanery ............................................................................................................................850<br />
Drukarki ...........................................................................................................................850<br />
Sieci komputerowe ..........................................................................................................850<br />
Rozdział 23. Złącze bezprzewodowe wykorzystujące fale podczerwieni (IrDA) ..........851<br />
Protokoły komunikacyjne IrDA .............................................................................................851<br />
Standard IrDA-CONTROL .............................................................................................852<br />
Standard IrDA-DATA .....................................................................................................853<br />
IrDA w praktyce .....................................................................................................................855<br />
Windows 95 .....................................................................................................................857<br />
Windows 98 .....................................................................................................................858<br />
Windows ME ...................................................................................................................858<br />
Windows NT ....................................................................................................................858<br />
Windows 2000 .................................................................................................................858<br />
Windows XP ....................................................................................................................859<br />
Rozdział 24. System ograniczania zużycia energii (ACPI) ........................................861<br />
Model warstwowy ACPI ........................................................................................................862<br />
Przegląd stanów energetycznych ...........................................................................................865<br />
Wskazówki praktyczne ..........................................................................................................867<br />
Windows 98 .....................................................................................................................867<br />
Windows 2000 .................................................................................................................868<br />
Kontrola sterowników .....................................................................................................871<br />
Rozdział 25. Nośniki optyczne ................................................................................873<br />
Organizacja fizyczna danych .................................................................................................874<br />
Przetwarzanie danych audio ............................................................................................874<br />
Przetwarzanie danych cyfrowych ....................................................................................877<br />
Informacja subkanałowa ..................................................................................................878<br />
Subkanał Q i TOC ...........................................................................................................880<br />
Sesja i ścieżka ..................................................................................................................882<br />
Formaty ..................................................................................................................................883<br />
Specyfikacje ...........................................................................................................................887<br />
Płyta CD-R .............................................................................................................................888<br />
Płyta CD-RW .........................................................................................................................891<br />
Technologia DVD ..................................................................................................................892<br />
Kodowanie .......................................................................................................................893<br />
Korekcja błędów ..............................................................................................................893<br />
Formaty ............................................................................................................................894<br />
DVD-R .............................................................................................................................894<br />
DVD-RW .........................................................................................................................895<br />
DVD+R/+RW ..................................................................................................................896<br />
Płyty dwuwarstwowe — Dual Layer ...............................................................................897<br />
DVD-RAM ......................................................................................................................897<br />
Płyta DVD .......................................................................................................................899<br />
HD DVD ..........................................................................................................................902
14 <strong>Anatomia</strong> <strong>PC</strong><br />
Czytniki i nagrywarki .............................................................................................................905<br />
O<strong>PC</strong> ..................................................................................................................................908<br />
BURN-Proof i pochodne .................................................................................................908<br />
MultiRead ........................................................................................................................909<br />
Mount Rainier ..................................................................................................................909<br />
Audio Master ...................................................................................................................910<br />
Urządzenia kombinowane z DVD ...................................................................................910<br />
Badanie formatu nośnika .......................................................................................................914<br />
Standard Blu-ray Disc ............................................................................................................916<br />
Osiągnięcie większej gęstości zapisu ..............................................................................917<br />
Wytwarzanie płyt Blu-ray Disc .......................................................................................920<br />
Kompatybilność ze starszymi formatami ........................................................................923<br />
Zabezpieczenie przed kopiowaniem ................................................................................923<br />
Kasety na dyski Blu-ray ...................................................................................................924<br />
Samodzielna diagnostyka .......................................................................................................924<br />
Technologia LightScribe ........................................................................................................926<br />
Rozdział 26. Nowoczesne magistrale szerokopasmowe ...........................................929<br />
Fibre Channel .........................................................................................................................930<br />
Topologie .........................................................................................................................931<br />
Sterowanie .......................................................................................................................931<br />
Protokół ............................................................................................................................933<br />
Systemy złączy i okablowanie FC ...................................................................................933<br />
Dyski ze złączem FC .......................................................................................................935<br />
Infini Band .............................................................................................................................937<br />
Architektura .....................................................................................................................938<br />
Sterowanie linii ................................................................................................................938<br />
Protokół ............................................................................................................................939<br />
Okablowanie IBA ............................................................................................................940<br />
Rozdział 27. Karta dźwiękowa ................................................................................943<br />
Synteza FM ............................................................................................................................944<br />
Synteza WaveTable ................................................................................................................949<br />
Digitalizacja i obróbka cyfrowa (DSP) ..................................................................................952<br />
Przetworniki ADC i DAC ................................................................................................953<br />
Standard MIDI .......................................................................................................................955<br />
Protokół MIDI .................................................................................................................956<br />
MIDI od strony sprzętowej ..............................................................................................957<br />
Modelowanie przestrzenne ....................................................................................................959<br />
Wyprowadzenia zewnętrzne ..................................................................................................964<br />
Sygnały analogowe i mikser ............................................................................................964<br />
Sygnały cyfrowe ..............................................................................................................965<br />
Wykorzystanie zasobów systemowych ..................................................................................968<br />
„Sound on Board” według specyfikacji AC’97 .....................................................................969<br />
Schemat blokowy systemu AC’97 ...................................................................................970<br />
Układ scalony Codec AC’97 ...........................................................................................972<br />
Rozdział 28. Modemy .............................................................................................975<br />
Implementacje modemów analogowych ................................................................................975<br />
Modulacja sygnału .................................................................................................................978<br />
AM i QAM ......................................................................................................................978<br />
FSK ..................................................................................................................................979<br />
PM i PSK .........................................................................................................................979<br />
<strong>PC</strong>M .................................................................................................................................979<br />
TCM .................................................................................................................................979
Spis treści 15<br />
Standardy ...............................................................................................................................980<br />
Standardy Bell .................................................................................................................981<br />
V.21/V.22/V.22bis/V.23 ..................................................................................................981<br />
V.32/V.32bis/V.32turbo ..................................................................................................981<br />
V.34 (V.Fast, V.34+, V.FC) ............................................................................................981<br />
V.42 (MNP)/V.42bis .......................................................................................................981<br />
V.90 .................................................................................................................................982<br />
V.92 .................................................................................................................................984<br />
Dalsze perspektywy .........................................................................................................984<br />
Polecenia AT ..........................................................................................................................985<br />
Łańcuchy inicjalizujące ..........................................................................................................986<br />
Zestaw układów sterujących modemu ...................................................................................987<br />
Konfiguracja i diagnostyka modemów ..................................................................................988<br />
Środki własne OS ............................................................................................................988<br />
Programy dodatkowe .......................................................................................................988<br />
Modemy cyfrowe ISDN .........................................................................................................992<br />
Protokół ISDN .......................................................................................................................994<br />
Warstwa fizyczna .............................................................................................................995<br />
Warstwa łącza danych .....................................................................................................995<br />
Warstwa sieci ...................................................................................................................996<br />
Rozszerzenia funkcjonalności .........................................................................................999<br />
Modemy xDSL .......................................................................................................................999<br />
Technologia transmisji ...................................................................................................1000<br />
Modemy HiS ........................................................................................................................1002<br />
Rozdział 29. <strong>PC</strong> w sieci lokalnej ...........................................................................1005<br />
Model OSI ............................................................................................................................1006<br />
Warstwa fizyczna (L1) ..................................................................................................1006<br />
Łącze (L2) ......................................................................................................................1007<br />
Sieć (L3) ........................................................................................................................1007<br />
Transport (L4) ................................................................................................................1008<br />
Sesja (L5) .......................................................................................................................1008<br />
Warstwa prezentacji (L6) ..............................................................................................1008<br />
Warstwa użytkowa (L7) ................................................................................................1008<br />
Ethernet i TCP/IP .................................................................................................................1008<br />
Kapsułkowanie do ramki Ethernet .................................................................................1009<br />
Protokół TCP/IP .............................................................................................................1011<br />
Karta sieciowa ......................................................................................................................1013<br />
Komunikacja z pamięcią i buforowanie ........................................................................1014<br />
Formowanie ramki .........................................................................................................1015<br />
Konwersja szeregowo-równoległa .................................................................................1016<br />
Kodowanie i dekodowanie ............................................................................................1016<br />
Dostęp do medium i wykorzystanie pasma ...................................................................1017<br />
Chipset karty ..................................................................................................................1017<br />
Wyposażenie, diagnostyka, konfiguracja ......................................................................1018<br />
Realizacje sieci Ethernet ......................................................................................................1019<br />
Okablowanie ........................................................................................................................1022<br />
Konstrukcja kabli ...........................................................................................................1022<br />
Kategorie i klasy ............................................................................................................1024<br />
Połączenia <strong>PC</strong> i proste sieci .................................................................................................1027<br />
Wybór karty sieciowej i okablowania ...........................................................................1028<br />
System operacyjny i sterowniki protokołów .................................................................1029<br />
Przesyłanie danych ........................................................................................................1033<br />
Netio Benchmark ...........................................................................................................1034
16 <strong>Anatomia</strong> <strong>PC</strong><br />
Monitorowanie ruchu sieciowego na poziomie pakietów .............................................1035<br />
Nadzorowanie aktywnych połączeń ..............................................................................1037<br />
Sieci bezprzewodowe ...........................................................................................................1037<br />
Specyfikacje ...................................................................................................................1038<br />
Topologie .......................................................................................................................1042<br />
Ramka ............................................................................................................................1043<br />
Uwierzytelnienie ............................................................................................................1043<br />
Bezpieczeństwo .............................................................................................................1044<br />
Rozdział 30. Bluetooth .........................................................................................1047<br />
Założenia ogólne i specyfikacje ...........................................................................................1048<br />
Protokoły ..............................................................................................................................1048<br />
Warstwa fizyczna .................................................................................................................1050<br />
Sieć .......................................................................................................................................1051<br />
Pakiety ..................................................................................................................................1053<br />
Bezpieczeństwo ....................................................................................................................1055<br />
Wykrywanie błędów ............................................................................................................1057<br />
Korekcja błędów ..................................................................................................................1058<br />
Przykłady zastosowań ..........................................................................................................1058<br />
Co nowego znajdziemy w Bluetooth V1.2? ............................................................................1060<br />
Przyszłość Bluetooth ............................................................................................................1060<br />
Rozdział 31. Zasilacz ...........................................................................................1061<br />
Zasilacz standardu ATX .......................................................................................................1063<br />
Specyfikacja ATX/ATX12V ................................................................................................1066<br />
Dobór zasilacza ....................................................................................................................1068<br />
Przykładowe rozwiązania ....................................................................................................1070<br />
Zasilacze dużej mocy ...........................................................................................................1070<br />
ATXGES (AMD) ...........................................................................................................1070<br />
EPS12V (Intel) ...............................................................................................................1073<br />
Rozdział 32. Zasilacze awaryjne ...........................................................................1077<br />
Źródła zakłóceń ....................................................................................................................1078<br />
Chwilowe zaniki napięcia ..............................................................................................1078<br />
Spadki o średniej długości .............................................................................................1078<br />
Długotrwałe spadki napięcia ..........................................................................................1079<br />
Przepięcia .......................................................................................................................1079<br />
Pakiety ...........................................................................................................................1079<br />
Wysokie harmoniczne ...................................................................................................1079<br />
Całkowity zanik napięcia ...............................................................................................1079<br />
Zasilacz <strong>PC</strong> jako odbiornik prądu zmiennego w sieci .........................................................1080<br />
Budowa układów UPS .........................................................................................................1082<br />
Baterie ............................................................................................................................1083<br />
Elementy kontrolne i regulacyjne ..................................................................................1084<br />
Czas buforowania ..........................................................................................................1085<br />
Topologie .......................................................................................................................1086<br />
Zakres napięć wejściowych ...........................................................................................1089<br />
Programy obsługujące urządzenia UPS ...............................................................................1089<br />
Środki systemu operacyjnego ........................................................................................1089<br />
Programy własne producentów UPS .............................................................................1090<br />
Rozdział 33. BIOS i jego program konfiguracyjny ..................................................1093<br />
Organizacja systemu bezpieczeństwa ..................................................................................1094<br />
Możliwości omijania systemu bezpieczeństwa .............................................................1096<br />
System ochrony przed wirusami atakującymi MBR ............................................................1100<br />
System ładowania wartości predefiniowanych ....................................................................1100
Spis treści 17<br />
Mechanizm opuszczania programu konfiguracyjnego ........................................................1101<br />
Ogólna konstrukcja blokowa ...............................................................................................1101<br />
Programy pseudo-BIOS-SETUP .........................................................................................1102<br />
Aktualizacja BIOS-u ............................................................................................................1102<br />
Wstęp .............................................................................................................................1102<br />
Niebezpieczeństwo ........................................................................................................1102<br />
Aktualizacja ...................................................................................................................1102<br />
W razie niepowodzenia — reanimacja ..........................................................................1104<br />
Nowe możliwości — aktualizacja w środowisku Windows ..........................................1104<br />
Nowe trendy w programach BIOS .......................................................................................1105<br />
Obrazki w BIOS-ie ........................................................................................................1105<br />
Podwójny BIOS .............................................................................................................1106<br />
POST on Board ..............................................................................................................1106<br />
Voice Diagnostic ...........................................................................................................1107<br />
Auto-Overclocking ........................................................................................................1107<br />
Soft Menu ......................................................................................................................1107<br />
Bibliografia ..........................................................................................................1151<br />
Literatura polskojęzyczna ....................................................................................................1151<br />
Literatura anglojęzyczna ......................................................................................................1156<br />
Wydawnictwa .......................................................................................................................1157<br />
Skorowidz ...........................................................................................................1159<br />
Dodatek A<br />
Dodatek B<br />
Dodatek C<br />
Dodatek D<br />
Dodatek E<br />
Dodatek F<br />
Dodatek G<br />
Przegląd architektury mikroprocesorów ...................................... DVD-ROM<br />
Systemy oznaczeń scalonych układów pamięciowych .................. DVD-ROM<br />
Baza adresów internetowych ...................................................... DVD-ROM<br />
Przykład współpracy z magistralą ISA ......................................... DVD-ROM<br />
Rejestry sterowników EGA/VGA ................................................. DVD-ROM<br />
Funkcje BIOS-u obsługujące karty graficzne ................................. DVD-ROM<br />
Linux w zastosowaniach ............................................................ DVD-ROM
'RGDWHN$<br />
:Q WU]HZVSyáF]HVQHJRNRPSXWHUDNODV\3&]DZLHUDV]HUHJSURGXNWyZQDMUy QLHMV]\FK<br />
ILUP2IHUWDMHVWWDNERJDWD HZQLHNWyU\FKG]LHG]LQDFKQLHVSRVyEE\áRE\QDZHWZ\<br />
PLHQLüZV]\VWNLFK]QDF] F\FKSURGXFHQWyZ1LHGRW\F]\WRMHGQDNSURFHVRUyZ3U]H<br />
ZD DM FDF] üXG]LDáyZZREURFLHSRG]LHORQDMHVWZFKZLOLREHFQHMSRPL G]\ILUP\<br />
,QWHOL$0':VWDUV]\FKNRPSXWHUDFKRGQDOH üPR QD ODG\REHFQR FLQDU\QNXLQ<br />
Q\FKZ\WZyUFyZ<br />
:GDOV]HMF] FLUR]G]LDáXRPyZLRQH]RVWDQ SURGXNW\QDVW SXM F\FKILUP<br />
t $0'URG]LQ\...RUD]+DPPHU<br />
t ,%0&\UL[009L$&\UL[,,,9L$<br />
t ,QWHO3HQWLXP3HQWLXP00;3HQWLXP3UR3HQWLXP,,3HQWLXP,,,L3HQWLXP<br />
ZUD]]RGPLDQDPL<br />
t ,'7:LQ&KLS&L:LQ&KLS<br />
.UyWNDFKDUDNWHU\VW\NDSRV]F]HJyOQ\FKURG]LQSURFHVRUyZREHMPXMH]ZL ]á\RSLVVFKH<br />
PDWEORNRZ\LWDEHODU\F]QLHXM WHJáyZQHFHFK\DUFKLWHNWXU\&]\WHOQLNyZFK WQ\FKGR<br />
GDOV]HJR]Já ELDQLDW\FK]DJDGQLH RGV\áDPGRRGSRZLHGQLFKVWURQLQWHUQHWRZ\FK<br />
$0'<br />
&\UL[,,,9,$&<br />
,QWHO<br />
ZZZDPGFRP<br />
ZZZYLDFRPWZ<br />
ZZZLQWHOFRP<br />
3URFHVRU\$0'<br />
5RG]LQD.<br />
3URFHVRU $0 . . E\á SLHUZV]\P Z SHáQL QLH]DOH Q\P SURMHNWHP ILUP\ $0'<br />
:V]\VWNLHSRSU]HGQLHPRGHOH]VHULLLNRSLRZDá\ZPQLHMV]\POXEZL NV]\P<br />
VWRSQLXRU\JLQDá\,QWHOD- GURSURFHVRUD.RSLHUDVL QDVXSHUVNDODUQHMDUFKLWHNWXU]H
$QDWRPLD3&<br />
5,6&1DSá\ZDM F\VWUXPLH UR]ND]yZ[DQDOL]RZDQ\MHVWSU]H]GHNRGHULWáXPDF]RQ\<br />
QDFL JHOHPHQWDUQ\FKRSHUDFMLPLNURUR]ND]yZZZHZQ WU]Q\PNRG]LHSURFHVRUDU\<br />
VXQHN$:WHUPLQRORJLL$0'WDNLHHOHPHQWDUQHUR]ND]\5,6&QRV] PLDQR5235,6&<br />
2SHUDWLRQV5R]ND]\SURVWHWáXPDF]RQHV SU]H]GHNRGHUSUDFXM F\ZV]\ENLPWU\ELH<br />
)DVW3DWKDUR]ND]\EDUG]LHMVNRPSOLNRZDQHZ\PDJDM RGZRáDQLDVL GRVHNZHQFHUD<br />
UR]ZLMDM FHJR RGSRZLHGQL VHNZHQFM 523]SDPL FL VWDáHM (3520 1LH]DOH QLH RG<br />
VSRVREXNRGRZDQLDFHJLHáNL523PDM ]DZV]HVWDá GáXJR ü<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD$0'.<br />
$GGUHVV<br />
<br />
/&RGH&DFKHN%<br />
'DWD<br />
%UDQFK<br />
3UHGLFWLRQ<br />
%\WH4XHXH<br />
<br />
'HFRGHU<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
)DVW3DWK<br />
0LFURFRGH<br />
)DVW3DWK<br />
0LFURFRGH<br />
)DVW3DWK<br />
0LFURFRGH<br />
)DVW3DWK<br />
0LFURFRGH<br />
&RQWURO<br />
56 56 56 56 56<br />
%UDQFK<br />
6WRUH 6WRUH<br />
/RDG /RDG<br />
$/8 $/8 )3<br />
&ORFN<br />
/'DWD&DFKHN%<br />
52%<br />
:\Sá\ZDM F\ ] GHNRGHUD VWUXPLH 523 NLHURZDQ\ MHVW GR MHGQRVWHN Z\NRQDZF]\FK<br />
.G\VSRQXMHV]H FLRPDWDNLPLMHGQRVWNDPLGZRPDDU\WPHW\F]QRORJLF]Q\PLGODOLF]E<br />
FDáNRZLW\FKMHGQ GOD]PLHQQRSU]HFLQNRZ\FKGZRPDNDQDáDPLGRREVáXJLRSHUDFMLW\SX<br />
/RDG6WRUHLMHGQ GRSU]HWZDU]DQLDLQVWUXNFMLUR]JDá ]LH 1DGZáD FLZ\PUR]G]LDáHP<br />
523GRRGSRZLHGQLFKMHGQRVWHNF]XZDV\VWHPG\VWU\EXFML'LVSDWFKHUNWyU\SRWUDIL<br />
UR]HVáDüZMHGQ\PF\NOX]HJDURZ\PPDNV\PDOQLHF]WHU\PLNURUR]ND]\-H OLGDQDMHG<br />
QRVWNDMHVWDNWXDOQLH]DM WDVNLHURZDQHGRQLHMPLNURNRG\RF]HNXM ZNROHMFH565HVH<br />
UYDWLRQ6WDWLRQ=GHF\GRZDQDZL NV]R ü523PR HE\üNLHURZDQDGRGRZROQHM]GZyFK<br />
MHGQRVWHN$/8DW\ONRQLHOLF]QH]QLFKZ\PDJDM REVáXJLSU]H]NRQNUHWQ MHGQRVWN <br />
'X DZ\GDMQR üSURFHVRUDJZDUDQWRZDQDMHVWMHG\QLHZV\WXDFMLVWDáHJRLSHáQHJR Z\NR<br />
U]\VWDQLDZV]\VWNLFKMHGQRVWHNZ\NRQDZF]\FK:WURVFHRQLHSU]HUZDQ\GRSá\Z523<br />
GRW\FKXNáDGyZSURFHVRUZ\SRVD RQ\]RVWDáZV]HUHJGRGDWNRZ\FKPHFKDQL]PyZZVSR<br />
PDJDM F\FK'RQDMZD QLHMV]\FK]QLFK]DOLF]\üQDOH \RSLVDQHZF]H QLHMV\VWHP\5HJLVWHU<br />
5HQDPLQJRUD]'DWD)RUZDUGLQJ3URFHVRUSU]HWZDU]DZPLDU PR OLZR FLUyZQLH SR]D<br />
NROHMQR FL 2XWRI2UGHU([HFXWLRQD]ORNDOL]RZDQ\XZ\ORWXSRWRNXVWRSQLRZ\<br />
EXIRU52%5HRUGHU%XIIHURGSRZLDGD]DSRQRZQHXV]HUHJRZDQLHUR]ND]yZ]JRGQLH<br />
]SR]\FM ]DMPRZDQ ZUHDOL]RZDQHMVHNZHQFMLUR]ND]yZ[
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'.<br />
35 35 35<br />
$UFKLWHNWXUD<br />
5,6&<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î%) î%)%) î%)%) <br />
/&DFKHNRG<br />
.%%DQNî$VVRFLDWLYH'XDO7DJVOLQHDUSK\V/LQH&DFKHE\WH<br />
/&DFKHGDQH<br />
/&DFKHRQ&KLS<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK+LVWRU\7DEOH<br />
%UDQFK7DUJHW%XIIHU<br />
.%%DQNVî$VVRFLDWLYH'XDO7DJV0(6,:%/LQH&DFKHE\WH<br />
ã<br />
<br />
<br />
´<br />
<br />
<br />
9 &25( 9 ,2 >9@ <br />
3REyUPRF\W\S>:@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV ´<br />
3HUIRUPDQFH0RQLWRULQJ<br />
7LPH6WDPS&RXQWHU ´<br />
3RGVWDZND<br />
$ 6\VWHPQLH]JRGQ\]3HQWLXP<br />
ã<br />
´$<br />
6RFNHW3&<br />
6\VWHPSU]HZLG\ZDQLDUR]JDá ]LH ]DSDPL WXMHDGUHV\VNRNyZLJZDUDQWXMHZVSyá<br />
F]\QQLNWUDILHQLDRNRáR1DSRWNDQLHUR]JDá ]LHQLDSRZRGXMHL SRELHUDQLHNROHM<br />
Q\FKLQVWUXNFMLRGE\ZDVL ZNLHUXQNXW\SRZDQ\PSU]H]XNáDGSU]HSRZLDGDQLD,QVWUXN<br />
FMHV GHNRGRZDQHLZ\NRQ\ZDQHDOHLFKZ\QLNLSU]HFKRZXMHVL ZEXIRU]H52%GR<br />
F]DVXSRWZLHUG]HQLDVáXV]QR FLGURJLZ\EUDQHMQDSRGVWDZLHSU]\SXV]F]H -H OLSU]H<br />
ZLG\ZDQLHRND HVL IDáV]\ZHSURFHVRUWUDFLWDNW\]HJDUDSRWU]HEQHQDRSUy QLHQLH<br />
SRWRNyZUHMHVWUyZLEXIRUyZ<br />
3DPL üSRGU F]QDSURFHVRUDSRG]LHORQDMHVWQDZ\L]RORZDQHEORNLREVáXJXM FHZQLH<br />
]DOH Q\VSRVyEGDQHLNRG.SU]H]QDF]DGODNRGX.%FRVWDQRZLZDUWR üGZX<br />
NURWQLHZL NV] QL Z3HQWLXP.D G\]]DSDPL W\ZDQ\FKEDMWyZRSDWU]RQ\MHVWGRGDW<br />
NRZ ELWRZ V\JQDWXU 3UH&RGH%LWVE G F Z\QLNLHPSUDF\XNáDGXGHNRGRZDQLD<br />
ZVW SQHJR:WHQVSRVyEXOHJDVNUyFHQLXF]DVSU]HE\ZDQLDLQVWUXNFMLZXNáDG]LHZáD<br />
FLZHJRGHNRGHUD3DPL üSRGU F]QDGDQ\FK]DMPXMH.%6\VWHPSDPL FLSRGU F]<br />
QHM]RUJDQL]RZDQ\MHVWZOLQLMNLEDMWRZHMHGQDNQDMPQLHMV] SRUFM LQIRUPDFMLZ\<br />
PLHQLDQHM ] SDPL FL RSHUDF\MQ V GZLH WDNLH OLQLMNL 0DJLVWUDOD SU]\VWRVRZDQD MHVW<br />
ZL FZQDWXUDOQ\VSRVyEGRREVáXJLDGUHVyZOH F\FKQDJUDQLF\EDMWyZ4:RUG<br />
3UyED GRVW SX GR RELHNWX OH FHJR ÄJG]LH SRPL G]\´ G]LHORQD MHVW SU]H] ZL NV]R ü<br />
SURFHVRUyZQDGZDF\NOH.SRWUDILMHGQDNZ\JHQHURZDüWDNL]HVWDZV\JQDáyZVWHUX<br />
M F\FK6SOLW/LQH$FFHVVE\RPDZLDQ\SUREOHPQLHZ\VW SLá
$QDWRPLD3&<br />
5RG]LQD.<br />
8NáDGVWHURZDQLDSDPL FL SRGU F]Q SURFHVRUD.]DUyZQRGODNRGXMDNLGDQ\FK<br />
SURZDG]LSRGZyMQ\V\VWHPNDWDORJyZ'XDO7DJJHG:MHGQ\P]QLFKSU]HFKRZ\ZDQH<br />
V DGUHV\IL]\F]QHDZGUXJLPDGUHV\OLQLRZH2VL JDQHZWHQVSRVyE]QDF]QHSU]\<br />
VSLHV]HQLHGRVW SXGRSDPL FLSRGU F]QHMRNXS\ZDQHMHVWNRQLHF]QR FL GRGDWNRZHJR<br />
UR]EXGRZDQLD XNáDGyZ VWHUXM F\FK GOD SRWU]HE QDG]RURZDQLD VSyMQR FL &DFKH 7DJ 5H<br />
FRYHU\GZyFKV\VWHPyZDGUHVRZDQLD<br />
3URMHNWWHJRSURFHVRUDQLHE\áZ]DVDG]LHG]LHáHP$0'OHF]SU]HM W\]RVWDáZUD]]]D<br />
NXSLRQ ILUP 1H[*HQ3Rá F]HQLHRND]DáRVL QLH]PLHUQLHNRU]\VWQHGODREXVWURQ<br />
5R]ZLMDQD SU]H] 1H[*HQ QRZRF]HVQD WHFKQRORJLD ]RVWDáD ]DDGDSWRZDQD GOD SRWU]HE<br />
QLH]PLHUQLHFKáRQQHJRU\QNXNRPSXWHUyZNODV\3&LZ\SURPRZDQDSU]H]ILUP NWyUD<br />
ZSUDZG]LH]GRE\áDMX SR]\FM ZW\PVHNWRU]HDOHQDGDOQLHG\VSRQRZDáDDWUDNF\MQ\P<br />
SURGXNWHPNWyU\PyJáE\VNXWHF]QLHRGSLHUDüQLHXVWDM FHDWDNLNRQNXUHQFML<br />
7DNZL F]DNXSLRQ\SURFHVRUZWHG\MHV]F]HRQD]ZLH1[]RVWDáQDW\OHSU]HEXGR<br />
ZDQ\E\]PLH FLáVL ZSRGVWDZFH6RFNHWW\SRZHMSá\W\JáyZQHML]DM áPLHMVFHSUR<br />
FHVRUD 3HQWLXP 8]\VNDQ\ SURGXNW NR FRZ\ RWU]\PDá QD]Z KDQGORZ . FR PLDáR<br />
VWDQRZLüQDZL ]DQLHGRVSU]HGDZDQHJRGRWHMSRU\SU]H]$0'ZáDVQHJRRSUDFRZDQLD<br />
]QDQHJRSRGV\PEROHP.<br />
.E\áMDNQDRZHF]DV\NRQVWUXNFM EDUG]RQRZRF]HVQ LSRGZLHORPDZ]JO GDPLSU]H<br />
Z\ V]DáVZ\FKDNWXDOQ\FKNRQNXUHQWyZ- GURSURFHVRUDSUDFRZDáRZWU\ELH5,6&2SHUD<br />
FMHZNRG]LH[UR]NáDGDQHE\á\QDNUyWNLHNRG\ZHZQ WU]QHQRV] FHW\PUD]HPPLDQR<br />
5,6&8NáDGGHNRGHUDE\áQLH]PLHUQLHZ\GDMQ\3RELHUDM FMHGQRUD]RZREDMWyZNRGX<br />
[SURGXNRZDáZUDPDFKMHGQHJRF\NOX]HJDURZHJRGRPLNURLQVWUXNFMLU\VXQHN$<br />
2SXV]F]DM FHGHNRGHUPLNURLQVWUXNFMHVSá\ZDá\GR]ELRUQLNDSR UHGQLHJR6FKHGXOHU<br />
JG]LHRF]HNLZDá\QD]ZROQLHQLHZáD FLZHMGODGDQHJRUR]ND]XMHGQRVWNLSU]HWZDU]DM FHM<br />
3URFHVRUG\VSRQRZDáV]H FLRPDWDNLPXNáDGDPLGZRPDGODRSHUDFMLQDGDQ\FKFDáNR<br />
ZLW\FK,QWHJHUSRMHGQ\PGODSU]HVáD GRL]SDPL FL]PLHQQRSU]HFLQNRZHJRL00;<br />
:V]\VWNLHMHGQRVWNL]Z\M WNLHPGZyFKRVWDWQLFK PRJá\SU]HWZDU]DüPLNURNRG\5,6&<br />
UyZQROHJOHLMHGQRF]H QLH<br />
:]DMHPQHX]DOH QLHQLDNRGXZVWUXPLHQLDFKUyZQROHJá\FKUR]ZL ]\ZDQHE\á\SRSU]H]<br />
SU]HPLDQRZ\ZDQLHUHMHVWUyZ'RG\VSR]\FMLWHMIXQNFMLRGGDQRGRGDWNRZHUHMHVWU\<br />
ELWRZH 8NáDG SU]HSRZLDGDQLD OHG]Lá ]DFKRZDQLH LQVWUXNFML UR]JDá ]LH SU]H]<br />
FRFHFKRZDáVL EDUG]RGX GRNáDGQR FL WUDILH <br />
.Z\SRVD RQ\]RVWDáZ.%SDPL FLSRGU F]QHMWDEHOD$SR.%GODNRGXLGD<br />
Q\FK FR VWDQRZLáR ZDUWR ü F]WHURNURWQLH Z\ V] QL Z SU]\SDGNX 3HQWLXP L GZXNURWQLH<br />
<br />
3á\WDJáyZQD]GROQDGRSU]\M FLDSURFHVRUD1H[*HQED]RZDáDQDVSHFMDOQLHRSUDFRZ\ZDQ\FKGRWHJRFHOX<br />
XNáDGDFKVFDORQ\FK&KLS6HW:LQ ]DWRSRQRVLáDFDáNRZLWDQLH]JRGQR ü]DUFKLWHNWXUDPLÄLQWHORSRGREQ\PL´<br />
QDSU]\NáDGVSHFMDOQDVXSHUV]\ENDPDJLVWUDODá F] FDSURFHVRU]SDPL FL SRGU F]Q /<br />
3URMHNWMHGQRVWNL00;SU]HM W\]RVWDáRG,QWHODQDPRF\Z]DMHPQHMXPRZ\OLFHQF\MQHM.RQFHSFMDZ\NOXF]D<br />
MHGQRF]HVQ SUDF 00;L)38ERZLHPRE\GZDEORNLNRU]\VWDM ]HZVSyOQ\FKUHMHVWUyZ
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD$0'.<br />
$GGUHVV<br />
,7/%HQWULHV<br />
/&RGH&DFKHN%<br />
<br />
<br />
'DWD<br />
<br />
%UDQFK<br />
/RJLF<br />
HQWULHV<br />
2XWRI2UGHU<br />
([HFXWLRQ(QJLQH<br />
'(&2'(5<br />
[!5,6&<br />
5,6&<br />
5,6&<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
,QVWUXFWLRQ<br />
&RQWURO<br />
8QLW<br />
6&+('8/(5<br />
<br />
5,6&<br />
5,6&<br />
&RQWURO<br />
5,6&<br />
%UDQFK<br />
8QLW<br />
/RDG<br />
6WRUH ,QW; ,QW< 00; )3<br />
&ORFN<br />
/'DWD&DFKHN%<br />
'7/%HQWULHV<br />
Z\ V] QL GOD3HQWLXP00;1DXZDJ ]DVáXJXMHUyZQLH RUJDQL]DFMDSDPL FLSR UHG<br />
QLHMMHGQRVWNL0087DEOLFH7/%7UDQVDFWLRQ/RRNDVLGH%XIIHUGODNRGXSRWUDILá\]D<br />
SDPL WDüGRUHNRUGyZGODSRUyZQDQLD²3HQWLXP3URW\ONR<br />
5RG]LQD.<br />
:SRáRZLHURNXQDU\QNXSRMDZLá\VL SURFHVRU\.M GURW\SX&KRPSHUGRVWRVR<br />
ZDQHGRSUDF\]PDJLVWUDO )6%0+])LUPD$0'U]XFLáDZWHQVSRVyEZ\UD QHZ\<br />
]ZDQLHPRQRSROLVW\F]QHMSROLW\FH,QWHODXNLHUXQNRZDQHMQDUR]ZyMOLQLL3HQWLXP,,LZ\<br />
HOLPLQRZDQLHV]HURNRUR]SRZV]HFKQLRQHMSRGVWDZNL6RFNHW3RQLHZD RERZL ]XM FD<br />
ZW\P]DNUHVLHVSHF\ILNDFMDGRSXV]F]DáDPDNV\PDOQ F] VWRWOLZR üV]\Q\)6%Z\QRV] F<br />
0+]QRZ\Z\QDOD]HNSURSDJRZDQ\E\áMDNRSRGVWDZND6XSHU6RFNHW6XSHU<br />
3UDZLGáRZHUR]SR]QDQLHLVNRQILJXURZDQLHQRZHJRSURFHVRUDZ\PDJDáRREVáXJL]HVWURQ\<br />
%,26XHZNRQLHF]QR üDNWXDOL]DFMLLSá\W\JáyZQHM1DVWUDFRQHMSR]\FML]QDOH OLVL<br />
SRVLDGDF]HSá\WSR]EDZLRQ\FKZ\SURZDG]HQLDNR FyZNL%)FRXQLHPR OLZLDáRXVWDZLH<br />
QLHPQR QLNDSRZ\ HMî7U]HEDWH E\áR]ZUDFDüXZDJ QDGRVWDWHF]Q Z\GDMQR ü<br />
UyGáDSU GRZHJRFRQDMPQLHM$<br />
3URFHVRU\.PRJá\ZVSyáSUDFRZDü]PDJLVWUDO )6%]DUyZQRZZHUVML0+]MDN<br />
L0+]WDEHOD$SU]\F]\PFKLSVHW\GRW\FKRVWDWQLFKSRFKRG]Lá\Z\á F]QLHRG
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'.<br />
$UFKLWHNWXUD<br />
$ $<br />
5,6&<br />
7HFKQRORJLD —P —P —P —P —P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î î î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKHRQ&KLS<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
.%î$VVRFLDWLYH:D\V<br />
.%î$VVRFLDWLYH:%:D\V<br />
ã<br />
<br />
)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
<br />
7/% &RGH&DFKH7/%(QWULHV<br />
'DWD&DFKH7/%(QWULHV<br />
/7/%±<br />
%UDQFK7DUJHW%XIIHU<br />
<br />
9 &25( >9@ <br />
±<br />
9 ,2 >9@ <br />
±<br />
<br />
±<br />
<br />
±<br />
<br />
±<br />
<br />
±<br />
3REyUPRF\W\S>:@ PDNV PDNV<br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
3HUIRUPDQFH0RQLWRULQJ<br />
7LPH6WDPS&RXQWHU<br />
3RGVWDZND<br />
<br />
<br />
ã<br />
ã<br />
6RFNHW3&<br />
$ 3U]HM FLH]WHFKQRORJLL—PQD—PPLDáRPLHMVFHZSRáRZLH<br />
NRQNXUHQWyZ,QWHOD3URFHVRU\])6%0+]Uy QLá\VL ZLVWRWQ\VSRVyERGGRW\FKF]D<br />
VRZ\FK ZHUVML 0+] 1RZR ü D ]DUD]HP SHZLHQ SUREOHP WHFKQLF]Q\ VWDQRZLáR<br />
XQLH]DOH QLHQLHF] VWRWOLZR FLV]\Q\JáyZQHMRGPDJLVWUDOL3&,L$*37\SRZHGODGR<br />
W\FKF]DVRZHM DUFKLWHNWXU\ E\áR X]\VNLZDQLH F] VWRWOLZR FL 0+] WDNWXM FHM V]\Q<br />
3&,SRSU]H]SURVW\SRG]LDá]HJDUDPDJLVWUDOLSURFHVRUD0+]6]\QD$*3RWU]\<br />
P\ZDáDQDWRPLDVWSHáQ\SU]HELHJ0+]:V]\VWNLHWHSU]HELHJLE\á\]HVRE ZVSDQLDOH<br />
]V\QFKURQL]RZDQHERZLHPZ\ZRG]Lá\VL ]HZVSyOQHJR UyGáD7HQSURVW\PHFKDQL]P<br />
SRG]LDáXVWRVRZDQ\E\áGOD)6%0+]DQDZHW0+]FR]QRVLá\]Uy Q\PV]F] FLHP<br />
XNáDG\SHU\IHU\MQH3&,L$*3JZDUDQFMDG]LDáDQLDREHMPXMH]DNUHVGR0+]1DU\QNX<br />
]QDOD]áDVL QLHVWHW\]E\WGX DOLF]EDSá\WJáyZQ\FKSR]ZDODM F\FKQDPDQLSXODFM F] <br />
VWRWOLZR FLDPLPDJLVWUDOZ]DNUHVLHZ\ELHJDM F\PF] VWRSR]DJUDQLFH]GURZHJRUR]V GNX
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'.<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) îî îî î î î îî î î î î<br />
/&DFKHNRG<br />
.%î$VVRFLDWLYH<br />
.%3UHGHFRGH&DFKH<br />
/&DFKHGDQH<br />
.%î$VVRFLDWLYH:%<br />
/&DFKHRQ&KLS<br />
ã<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
<br />
)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
%UDQFK7DUJHW%XIIHU<br />
9 &25( >9@ <br />
<br />
9 ,2 >9@ <br />
3REyUPRF\PDNV>:@ <br />
$<br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
3RGVWDZND<br />
$ 3REyUPRF\GODSURFHVRUyZ]DVLODQ\FKQDSL FLHP9<br />
<br />
<br />
<br />
6RFNHW6XSHU<br />
<br />
$<br />
<br />
3RGQRV]HQLHSRQDGPLDU F] VWRWOLZR FL V]\Q\3&,]DJUD DQLHW\ONRNDUWRPJUDILF]Q\P<br />
LLQQ\PXU] G]HQLRP3&,DOHPDUyZQLH XMHPQHVNXWNLGODNRQWUROHUD,'(FRREMDZLDü<br />
VL PR HVSRUDG\F]Q\PLEá GDPL]DSLVXLRGF]\WX<br />
3RZD QDWUXGQR üSRZVWDMHZPRPHQFLHJG\F] VWRWOLZR üSU]HELHJXED]RZHJRPD<br />
JLVWUDOD)6%Z\QRVL0+]=WDNLHJR UyGáDQLHáDWZRMHVWX]\VNDü]V\QFKURQL]R<br />
ZDQHSU]HELHJL0+]L0+]6WRVXMHVL GZDVSRVRE\SRGHM FLDGRWHJRSUREOH<br />
PX3LHUZV]\]QLFKWRDV\QFKURQLF]Q\WU\ESUDF\0DJLVWUDODJáyZQDLSURFHVRUPDM<br />
ZáDVQ\]HJDU0+]6]\QD$*3Z\SRVD RQD]RVWDMHZQLH]DOH Q\JHQHUDWRU0+]<br />
DMHJRV\JQDáSRV\áDQ\MHVWQDPDJLVWUDO 3&,SRSRG]LDOHSU]H]5R]ZL ]DQLHGUXJLH<br />
WR WDN ]ZDQ\ WU\E SVHXGRV\QFKURQLF]Q\ SROHJDM F\ QD SU]HP\ OQ\P Z\SURZDG]DQLX<br />
SRSU]H]NROHMQHG]LHOHQLDLPQR HQLDSRWU]HEQ\FKF] VWRWOLZR FLL]]HJDUD<br />
0+]7U\EDV\QFKURQLF]Q\PDLVWRWQ ZDG SRá F]HQLHLZVSyáSUDFDPDJLVWUDOWDN<br />
WRZDQ\FK Uy Q\PL F] VWRWOLZR FLDPL Z\PDJD VWRVRZDQLD EXIRUyZ SR UHGQLFK SU]HFKR<br />
ZXM F\FK GDQH 6NRPSOLNRZDQ\ QD SR]yU WU\E SVHXGRV\QFKURQLF]Q\ JZDUDQWXMH OHSV]H<br />
VSU] HQLHERZLHPPLPRQLHUyZQRPLHUQR FLF\NOyZLFKZ]DMHPQHSU]HVXQL FLDV MHG<br />
QR]QDF]QLH]GHILQLRZDQHLNRQWUROHU\PDJLVWUDOPRJ OHSLHMSU]HZLG]LHüVWRVRZQH
$QDWRPLD3&<br />
GODZ\PLDQ\GDQ\FKPRPHQW\0DJLVWUDOD0+]WRQLHMHG\QDQRZR üZSURZDG]RQD<br />
GRSURFHVRUyZ$0'.'UXJLPLVWRWQ\PHOHPHQWHPE\á\UR]V]HU]HQLDRIXQNFMH<br />
'1RZRSLVDQHZUR]G]LDOH<br />
3URFHVRU\URG]LQ\.ZW\PUyZQLH .G\VSRQRZDá\VSHFMDOQ\PUHMHVWUHPNRQIL<br />
JXUDF\MQ\PXPR OLZLDM F\PDNW\ZRZDQLHIXQNFML:$:ULWH$OORFDWLRQ7U\EWHQVWD<br />
QRZLá SHZQ V]F]HJyOQ IRUP REVáXJL SDPL FL SRGU F]QHM NWyUD Z ZL NV]R FL W\SR<br />
Z\FK]DVWRVRZD SU]\QRVLáDZ]URVWZ\GDMQR FL<br />
6WDá\Z]URVWF] VWRWOLZR FLWDNWRZDQLDSURFHVRUyZVSRZRGRZDáSRUD]SLHUZV]\Z\VW <br />
SLHQLH FLHNDZHJR IHQRPHQX 3URFHVRU\ $0' . Z ZHUVML 0+] GRSURZDG]Lá\<br />
MDNRSLHUZV]HGR]DZLHV]DQLDVL V\VWHPXRSHUDF\MQHJRLWR]GRV\üQLHRF]HNLZDQHJR<br />
SRZRGX =MDZLVNR WR Z\ZRáDQH E\áR SR SURVWX QDGPLHUQ SU GNR FL REOLF]H %á G<br />
PLDá VZRMH UyGáR Z VWHURZQLNDFK :LQGRZV QD SU]\NáDG LRVYG[ NWyUH SRGF]DV<br />
Z\NRQ\ZDQLDS WOLGRSURZDG]Dá\GRG]LHOHQLDSU]H]]HUR3UREOHPQLHGRW\F]\á:LQ<br />
GRZV17L:LQGRZV<br />
5RG]LQD.,,,<br />
3URMHNWWHJRSURFHVRUDUR]ZLMDQ\E\áSU]H]$0'SRGNU\SWRQLPHP6KDUSWRRWKDM GUR<br />
RNUH ODQH E\áR PLDQHP &;7 . ,,, WR Z ]DVDG]LH . Z]ERJDFRQ\ R SDPL ü SRG<br />
U F]Q /]ORNDOL]RZDQ EH]SR UHGQLRZVWUXNWXU]H SURFHVRUD2Q'LHWDEHOD$<br />
:D Q FHFK DUFKLWHNWXU\ . ,,, E\á IDNW L Z RGUy QLHQLX RG 3HQWLXP ,, D QDZHW<br />
3HQWLXP,,,PDJLVWUDOD%6%%DFN6LGH%XVá F] FD/]SURFHVRUHPWDNWRZDQDE\áD<br />
SHáQ F] VWRWOLZR FL ]HJDUD&38<br />
:ID]LHSU]HM FLRZHMPL G]\.D.,,,QDU\QNX]QDMGRZDá\VL ]DUyZQRHJ]HP<br />
SODU]H.]M GUHPVWDUHJRW\SX&KRPSHUMDNLPRGHOHE G FHGHIDFWR.,,,M <br />
GUR W\SX &;7 3URFHVRU\ WH PR QD UR]Uy QLü Z EDUG]R SURVW\ VSRVyE &KRPSHUPD<br />
QDQLHVLRQ\ZOHZ\PGROQ\PURJXREXGRZ\QDSLVQDWRPLDVW&;7²<br />
'HF\GXM F\P NU\WHULXP MHVW RGSRZLHG SURFHVRUD QD UR]ND] ERWKF . RGSRZLDGD<br />
VHNZHQFM KKKZNROHMQR FL)DPLO\0RGHO6WHSSLQJ:SU]\SDGNXM GUD&;7<br />
RGSRZLHG EU]PLKK&K<br />
$0'QLHZSURZDG]LáRZW\PSU]\SDGNX DGQ\FKQRZ\FKQLHNRPSDW\ELOQ\FK UR]V]H<br />
U]H WDNLFKMDN66(,QWHOD1DGDORERZL ]\ZDáNXUVQD'1RZW\PEDUG]LHM HFRUD]<br />
ZL NV]DOLF]EDSURGXFHQWyZRSURJUDPRZDQLD]GDZDáDVL MHDNFHSWRZDü<br />
'1RZQLHSRWU]HEXMHZVSDUFLDV\VWHPXRSHUDF\MQHJRSU]\]DFKRZ\ZDQLXUHMHVWUyZ<br />
6 RQHSRGREQLHMDN00;]DPDVNRZDQHSRGMHGQRVWN )3$UFKLWHNWXUD'1RZ<br />
VWRVXMH]DWREDUG]LHMZ\UDILQRZDQHUR]ND]\.,,,QLHZSURZDG]DáUyZQLH DGQ\FK<br />
QRZ\FKV]WXF]HN]SDPL FL SRGU F]Q WDNLFKMDNVWUXPLHQLRZDQLHZ3HQWLXP,,,<br />
3R]\FMDU\QNRZD.,,,PLDáDVWDQRZLüSU]HFLZZDJ GODNRQNXUHQF\MQ\FKSURGXNWyZ<br />
,QWHOD²SURFHVRUyZ3HQWLXP,,L3HQWLXP,,,:HUVMD.,,,0+]RGSRZLDGDáD²<br />
<br />
3DPL üSRGU F]QD/QLH]DMPXMHGRGDWNRZHMSRZLHU]FKQLERZLHPXNU\WDMHVWSRGVDP\PSURFHVRUHP<br />
&DáNRZLWDJUXER üVWUXNWXU\UR QLHSU]H]WRRRNRáRPP<br />
=PLHQLRQ\]RVWDáQDWRPLDVWZVWRVXQNXGR.VSRVyEDNW\ZRZDQLDWU\EX:$:ULWH$OORFDWLRQ
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'.,,,<br />
<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
5,6&<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@<br />
0QR QLN%) î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKHRQ&KLS&38&ORFN<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
)388QLWV<br />
,QWHJHU8QLWV00;8QLWV<br />
<br />
.%î$VVRFLDWLYH<br />
.%3UHGHFRGH&DFKH<br />
.%:ULWH%DFNî$VVRFLDWLYH<br />
.%:ULWH%DFNî$VVRFLDWLYH<br />
<br />
,17<br />
1RQ3LSHOLQHG<br />
5HQDPLQJ5HJLVWHUV ´<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
<br />
<br />
9 &25( 9 ,2 >9@ <br />
3REyUPRF\W\SPDNV>:@ <br />
3RGVWDZND<br />
$WKORQ<br />
6RFNHW6XSHU<br />
Z]DNUHVLHDSOLNDFMLELXURZ\FKLVWDQGDUGRZHJRRSURJUDPRZDQLD²PRF\REOLF]HQLRZHM<br />
3HQWLXP,,0+].,,,ZVSDUW\VWHURZQLNDPL'1RZSU]HZ\ V]DáRF]\ZL FLH<br />
PR OLZR FL,QWHODZ]DNUHVLHDSOLNDFMLNRU]\VWDM F\FK]W\FKUR]V]HU]H <br />
$WKORQ GHILQLRZDQ\ MHVW SU]H] $0' MDNR SURFHVRU VLyGPHM JHQHUDFML U\VXQHN $<br />
3URWRW\S]RVWDá]DSUH]HQWRZDQ\SRGNRQLHFURNXDOHVWRVXQNRZRGáXJRF]HNDáQD<br />
ZSURZDG]HQLHGRSURGXNFMLVHU\MQHM3LHUZV]HHJ]HPSODU]HSURGXNRZDQRZWHFKQROR<br />
JLL—PZWHUPLQRORJLL$0'0RGHOOXE.0RGHOHQDOH FHGRWHMURG]LQ\<br />
Z\WZDU]DQHE\á\ZZHUVMDFKL0+]WDEHOD$0LDá\GX<br />
REXGRZ 6(&&PLHV]F] F PRGXá]H]á F]HPNUDZ G]LRZ\PW\SX6ORW$3á\WND<br />
PRGXáXE\áDQLHW\ONRQR QLNLHPVWUXNWXU\SyáSU]HZRGQLNRZHMVDPHJR&383U]\OXWR<br />
ZDQHGRQLHME\á\UyZQLH FKLS\SDPL FLSRGU F]QHM/.%3DPL üW WDNWRZDQR<br />
]F] VWRWOLZR FL UyZQ FRQDMZ\ HMSRáRZLHF] VWRWOLZR FL]HJDUDSURFHVRUD<br />
3U]HM FLHGRWHFKQRORJLL—PSR]ZROLáRQDSU]HNURF]HQLHSUHVWL RZHMEDULHU\*+]<br />
:WHFKQRORJLLWHMZ\WZDU]DQDE\áDPL G]\LQQ\PLURG]LQDSURFHVRUyZ$WKORQRNUH ODQD<br />
ZVSyOQ QD]Z 0RGHO OXE . WDEHOD $ 1DOH Dá\ GR QLHM QDVW SXM FH ZHUVMH<br />
<br />
3RGQD]Z $WKORQXNU\ZDVL ZJUXQFLHU]HF]\NLONDUy Q\FKSURFHVRUyZV]F]HJyá\ZGDOV]HMF] FLWHNVWX
$QDWRPLD3&<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUyZ$0'<br />
$WKORQ.<br />
$GGUHVV<br />
/HYHOHQWULHV<br />
7/%<br />
/HYHOHQWULHV<br />
/&RGH&DFKH.%<br />
%UDQFK3UHGLFWLRQ<br />
0520<br />
'(&2'(5[!0236<br />
' ' '<br />
'DWD<br />
)386WDFN0DS<br />
5HJLVWHU5HQDPH<br />
,QVWUXFWLRQ<br />
&RQWURO8QLW<br />
%XIIHU<br />
0236<br />
<br />
)380HGLD<br />
6FKHGXOHU<br />
%XIIHU<br />
0236<br />
&RQWURO<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
)38<br />
5HJLVWHU)LOH<br />
%XIIHU<br />
HQWULHV<br />
,QWHJHU<br />
6FKHGXOHU<br />
%XIIHU<br />
0236<br />
)38<br />
)38<br />
)38<br />
&ORFN<br />
)6725(<br />
)$''<br />
00;$/8<br />
'1RZ<br />
)08/<br />
00;$/8<br />
00;0XO<br />
'1RZ<br />
,(8<br />
$*8<br />
,08/<br />
,(8<br />
$*8<br />
,(8<br />
$*8<br />
/RDG6WRUH8QLW<br />
4XHXHHQWULHV<br />
3RUW$<br />
3RUW%<br />
/'DWD&DFKH.%<br />
/HYHOHQWULHV<br />
7/%<br />
/HYHOHQWULHV<br />
/&DFKH<br />
&RQWUROOHU<br />
/<br />
65$0<br />
SURFHVRUyZL0+]:V]\VWNLH<br />
PLDá\WHQVDPW\SREXGRZ\W]QPRGXá]H]á F]HP6ORW$5R]PLDULV]\ENR üWDNWRZDQLD<br />
SDPL FLSRGU F]QHM/V WDNLHVDPHMDNZSU]\SDGNXSURFHVRUyZZZHUVML0RGHO<br />
.ROHMQ\PNURNLHPZ\QLNDM F\P]SRVW SXZUR]ZRMXWHFKQRORJLLSyáSU]HZRGQLNRZHM<br />
E\áDLQWHJUDFMDSDPL FLSRGU F]QHM/ZREU ELHVWUXNWXU\SyáSU]HZRGQLNRZHMVDPHJR<br />
SURFHVRUD5R]PLDU/]RVWDá]UHGXNRZDQ\RSRáRZ DOHZ]DPLDQ]DWRE\áDRQDWDN<br />
WRZDQD]SHáQ F] VWRWOLZR FL ]HJDURZ &383URFHVRU\WDNLH]QDQHE\á\SRGQD]Z<br />
$WKORQ7KXQGHUELUGLPRJá\Z\VW SRZDüZZHUVMDFK<br />
L0+]7KXQGHUELUGZ\WZDU]DQ\E\áSUDZLHZ\á F]QLHZQRZHMLWDQLHMREXGRZLH<br />
FHUDPLF]QHM3*$SRGREQHMGRWHMNWyU ]DF] áVWRVRZDü,QWHOSRUH]\JQDFML]REX<br />
GRZ\6ORW3RGVWDZND$0'QD]ZDQD]RVWDáD6RFNHW$<br />
7URFK ]DPLHV]DQLDSRZRGRZDáDMHGQRF]HVQDREHFQR üQDU\QNXGZyFKW\SyZ7KXQ<br />
GHUELUG3HZQDQLHZLHONDOLF]EDSURFHVRUyZRSDNRZDQD]RVWDáDPLDQRZLFLHZHZF]H<br />
QLHMVWRVRZDQ REXGRZ 6ORW$7HQURG]DM&38Z\VW SXM F\SRGQD]Z 0RGHO<br />
SU]H]QDF]RQ\E\áZ]DVDG]LHGOD FL OHRNUH ORQHMJUXS\RGELRUFyZ2(0DOHMDNWR]Z\NOH<br />
E\ZDSRMDZLáVL WH QDZROQ\PU\QNX7RL SRVLDGDáRQ]á F]HNUDZ G]LRZHLSDVR<br />
ZDáPHFKDQLF]QLHGRSá\WGODSURFHVRUyZ$WKORQQLHR]QDF]DáRE\QDMPQLHM HZQLFK<br />
IXQNFMRQRZDáDMH OLQDZHWWRW\ONRZQLHNWyU\FK5y QLFHVL JDá\Já ELHMLGRW\F]\á\<br />
VWURQ\HOHNWU\F]QHM5\QHNQLJG\QLHGRF]HNDáVL MDVQRVSUHF\]RZDQ\FKUHJXáNWyUD]Sá\W<br />
JáyZQ\FKLZMDNLFKZDUXQNDFKPRJáDVL GRWHJRQDGDZDü7DNLVWDQU]HF]\E\áZ\<br />
QLNLHPQLHGRSDVRZDQLDSDUDPHWUyZLQWHUIHMVX&38LFKLSVHWX
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'.$WKORQ0RGHO<br />
. . . . .<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@<br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
<br />
.%î$VVRFLDWLYH.%î$VVRFLDWLYH<br />
.%&38 &/2&. /LQHV %<br />
7/% NRGGDQH<br />
6XSHUVFDODU ´<br />
3LSH/LQH6WDJHV<br />
,17)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK3UHGLFWLRQ7DEOH<br />
5HWXUQ6WDFN<br />
6030XOWL&38<br />
<br />
9 / >9@ ±OXE± %<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
3RGVWDZND<br />
<br />
$<br />
6ORW$<br />
$ 6\VWHPQLH]JRGQ\]HVSHF\ILNDFM 03,QWHO<br />
% :DUWR üQDSL FLD]DVLODM FHJRSDPL üSRGU F]Q /]DOH \RG]DVWRVRZDQ\FKXNáDGyZ65$0<br />
5RG]LQDSURFHVRUyZ$WKORQMHVWGRV\üOLF]QDLQDOH \GRQLHMUyZQLH 'XURQZF]H QLHMV]D<br />
QD]ZD6SLWILUHE G F\RV]F] GQR FLRZ ZHUVM M GUD7KXQGHUELUG3DPL ü/]UHGX<br />
NRZDQRGRUR]PLDUyZ.%DOHUHV]WDDUFKLWHNWXU\.SR]RVWDáDQLHQDUXV]RQD0LPR<br />
RVWU\FKFL üZREV]DU]H/'XURQQLHMHVWZFDOHWDNL]á\DMHJRPRFREOLF]HQLRZDZ\GDMH<br />
VL E\üZ\VWDUF]DM FDGODZL NV]R FLSRSXODUQ\FK]DVWRVRZD %\áZND G\PUD]LHV]\EV]\<br />
RGSRUyZQ\ZDOQHJRSURGXNWX,QWHOD&HOHURQSU]\QL V]HMFHQLH3URFHVRU\'XURQ<br />
SURGXNRZDQRZ\á F]QLHZREXGRZLH6RFNHW$ZRGPLDQDFKL0+]<br />
:V]\VWNLHPRGHOHURG]LQ\$WKORQ'XURQED]XM QDM GUDFKZ\SRVD RQ\FKZWHMVDPHM<br />
ZLHONR FLSDPL üSRGU F]Q /UyZQ .%SR.%GODGDQ\FKLNRGX<br />
: GDOV]HM F] FL UR]G]LDáX RPyZLRQH ]RVWDQ JáyZQH FHFK\ FKDUDNWHU\VW\F]QH DUFKL<br />
WHNWXU\$WKORQ&]\WHOQLNRP]DLQWHUHVRZDQ\PSRJá ELHQLHPZLHG]\QDWHQWHPDWPR <br />
QDSROHFLü]ELyUERJDWHMOLWHUDWXU\SXEOLNRZDQHMSU]H]VDP ILUP $0' <br />
0LNURDUFKLWHNWXUD<br />
$WKORQ]DZLHUDMHGQRVWHNZ\NRQDZF]\FKNWyUHPRJ SUDFRZDüUyZQROHJOH<br />
t MHGQRVWNLGODGDQ\FKFDáNRZLW\FK,QWHJHU<br />
t MHGQRVWNLDGUHVRZH<br />
<br />
KWWSZZZDPGFRPSURGXFWVFSJDWKORQWHFKGRFV
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'.$WKORQ0RGHO<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
<br />
5,6&<br />
—P<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@<br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
7/%NRGGDQH<br />
<br />
.%î$VVRFLDWLYH.%î$VVRFLDWLYH<br />
.%&38 &/2&. /LQHV %<br />
<br />
6XSHUVFDODU ´<br />
3LSHOLQH6WDJHV<br />
2XWRI2UG%UDQFK3UHG<br />
%UDQFK3UHGLFWLRQ7DEOH<br />
5HWXUQ6WDFN<br />
6030XOWL&38<br />
,17)3<br />
´´<br />
<br />
9 / >9@ ±OXE± %<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
3RGVWDZND<br />
<br />
$<br />
6ORW$<br />
$ 6\VWHPQLH]JRGQ\]HVSHF\ILNDFM 03,QWHO<br />
% :DUWR üQDSL FLD]DVLODM FHJRSDPL üSRGU F]Q /]DOH \RG]DVWRVRZDQ\FKXNáDGyZ65$0<br />
t MHGQRVWNLGODGDQ\FK]PLHQQRSU]HFLQNRZ\FK)380HGLD-HGQRVWNLWHPRJ<br />
Z\NRQ\ZDüLQVWUXNFMHSR]DNROHMQR FL 2XWRIRUGHU'ZLH]QLFKV SRQDGWR<br />
]GROQHGRQDSU]HPLHQQHJRZ\NRQ\ZDQLDLQVWUXNFML'1RZRUD]00;)38<br />
%ORNMHGQRVWHNZ\NRQDZF]\FK]DVLODQ\MHVWSU]H]WU]\XQLZHUVDOQHGHNRGHU\NWyUHZP\ O<br />
DUFKLWHNWXU\5,6&SU]HWZDU]DM NRG[QDZHZQ WU]QHUR]ND]\02360DFUR23V<br />
RVWDáHMGáXJR FL0DNURUR]ND]\WH]DZLHUDM ]NROHLRGGRRSHUDFMLHOHPHQWDUQ\FK23V<br />
3URFHVGHNRGRZDQLDPR HSU]HELHJDü FLH N EH]SR UHGQL 'LUHFW3DWKFRPDPLHMVFH<br />
ZSU]\SDGNXW\SRZ\FKLSURVW\FKLQVWUXNFML[RGáXJR FLGREDMWyZ FLH NDGRGDW<br />
NRZD9HFWRU3DWKGHNRGXMHUR]EXGRZDQHSROHFHQLDNRPSOHNVRZH-HMSUDFDSROHJDQD<br />
UR]ZLMDQLX]GHNRGRZDQ\FKVHNZHQFML]SDPL FLVWDáHM05200DFUR&RGH520<br />
2WRNLONDSU]\NáDGyZSUDF\GHNRGHUD.<br />
$VVHPEOHU FLH ND 5R]NäDG<br />
CFFGCZGDZ 'LUHFW3DWK 23CFF<br />
ZQTGCZ=GDZ? 'LUHFW3DWK 23V<br />
23NQCF<br />
23ZQT
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
$VVHPEOHU FLH ND 5R]NäDG<br />
CPF=GDZ?GCZ 'LUHFW3DWK 23V<br />
23NQCFUVQTG<br />
23CPF<br />
0DNURUR]ND]\ZSá\ZDM GREXIRUDSR UHGQLHJR,&8,QVWUXFWLRQ&RQWURO8QLWNWyU\<br />
PR HSU]HFKRZ\ZDüGR0236yZ%XIRUSU]HND]XMH0236\GRRGSRZLHGQLFKUR]<br />
G]LHODF]\5R]ND]\SU]HWZDU]DM FHGDQHFDáNRZLWHNLHURZDQHV GRLQQHJRUR]G]LHODF]D<br />
QL WHSUDFXM FHQDOLF]EDFK]PLHQQRSU]HFLQNRZ\FK,6²,QWHJHU6FKHGXOHUZ]JO GQLH<br />
)06 ² )380HGLD 6FKHGXOHU 6W G SRMHG\QF]H UR]ND]\ 23V Z\GDZDQH V GR RGSR<br />
ZLHGQLFKMHGQRVWHNZ\NRQDZF]\FK<br />
5R]G]LHODF],6PR HSU]HFKRZDüGR0236yZGRSURVW\FKRSHUDFML]DQLPQLH<br />
UR]G\VSRQXMHLFKSRPL G]\MHGHQ]WU]HFKUyZQROHJOHSUDFXM F\FKEORNyZZ\NRQDZ<br />
F]\FK,(8²,(8,QWHJHU([HFXWLRQ8QLW]NWyU\FKND G\G\VSRQXMHQLH]DOH Q<br />
MHGQRVWN DGUHVRZ $*8±$*8$GGUHVV *HQHUDWLRQ 8QLW -HGQRVWNL WH PDM ]D<br />
]DGDQLHRSW\PDOL]DFM RSHUDFML]DSLVXLRGF]\WX/RDG6WRUH]XZ]JO GQLHQLHPMDNQDM<br />
OHSV]HJRZ\NRU]\VWDQLDSDPL FLSRGU F]Q\FK/L/3U]HWZDU]DQLHRGE\ZDVL UyZQLH<br />
SR]DNROHMQR FL 2XWRI2UGHU6XSHUVNDODUQ\SRWUyMQ\SRWRNGODOLF]EFDáNRZLW\FK<br />
Z\SRVD RQ\MHVWSRQDGWRZVSU] WRZ\XNáDGPQR HQLD,08/,QWHJHU0XOWLSOLFDWLRQ<br />
3RGREQLHSRWUyMQ\LVXSHUVNDODUQ\MHVWSRWRNSU]HWZDU]DM F\GDQH]PLHQQRSU]HFLQNRZH<br />
5yZQLH LZW\PSU]\SDGNXUR]ND]\Z\NRQ\ZDQHV SR]DNROHMQR FL %ORNWHQZ\SR<br />
VD RQ\MHVWZ]HVWDZZáDVQ\FKUHMHVWUyZ-HGQRVWND]DVLODM FD)06G\VSRQXMHSDPL FL<br />
SR UHGQL ]GROQ GRF]DVRZHJRSU]HFKRZDQLDGR0236yZ,QVWUXNFMHUR]G]LHODQH<br />
V SRPL G]\MHGQ ]WU]HFKMHGQRVWHNZ\NRQDZF]\FK3LHUZV]D]QLFK)38RGSR<br />
ZLHG]LDOQD MHVW ]D NRPXQLNDFM ]SDPL FL L UR]ORNRZ\ZDQLH DUJXPHQWyZ -HGQRVWND<br />
GUXJD)38UHDOL]XMHRSHUDFMHGRGDZDQLDDMHGQRVWNDWU]HFLD)38²LQVWUXNFMH<br />
PQR HQLD OLF]E ]PLHQQRSU]HFLQNRZ\FK -HGQRVWNL )38 L )38 LPSOHPHQWXM SR<br />
QDGWRLQVWUXNFMH'1RZL00;<br />
3RWRNLSU]HWZDU]DM FHSURFHVRUD.3LSH/LQHVV VWRVXQNRZRGáXJLH²HWDSyZ<br />
GOD ,QWHJHU L HWDSyZ GOD )38 SLHUZV]\FK HWDSyZ MHVW ZVSyOQ\FK GOD ,17 RUD]<br />
)38 -DN ZLDGRPR ] WHRULL RJyOQHM DUFKLWHNWXU\ SURFHVRUyZ GáXJL SRWRN MHVW EDUG]R<br />
NRU]\VWQ\SU]\GX \FKF] VWRWOLZR FLDFKWDNWXM F\FKDOH]DWR OH]QRVLEá G\SU]HSR<br />
ZLDGDQLDUR]JDá ]LH ,PGáX V]\MHVWSRWRNW\PZL FHMSRWU]HEDF]DVXQDRF]\V]F]HQLH<br />
JR]LQVWUXNFMLNWyUH]QDOD]á\VL ZQLPQLHSRWU]HEQLH=WHJRZáD QLHZ]JO GXMHGQRVW<br />
NDSU]HSRZLDGDQLDZ.MHVWEDUG]RUR]EXGRZDQD6DPDWDEHOD%7%%UDQFK3UHGLF<br />
WLRQ7DEOHREHMPXMHUHNRUGyZ<br />
3DPLöèSRGUöF]QD/<br />
5R]PLDUSDPL FLSRGU F]QHM/SURFHVRUD..%²SR.%QDGDQHLLQVWUXN<br />
FMHVWDQRZLMDNQDUD]LHVZRLVW\UHNRUGZWHMG]LHG]LQLH'ODSRUyZQDQLDPR QDSRGDü<br />
L 3HQWLXP,,G\VSRQRZDáMHG\QLHMHGQ F]ZDUW WHMZDUWR FL:SURFHVRUDFK]PDá<br />
SDPL FL SRGU F]Q REVHUZXMH VL VWRVXQNRZR QLHNRU]\VWQH ]MDZLVNR QD]\ZDQH ]á\P<br />
VNDORZDQLHP2]QDF]DWRL SRGQRV]HQLHF] VWRWOLZR FLWDNWRZDQLDWDNLHJRSURFHVRUD<br />
QLHSU]\QRVLRGSHZQHJRPRPHQWXSUDZLH DGQHJRZVSyáPLHUQHJRZVNDOLSURFHQWR<br />
ZHMZ]URVWXZ\GDMQR FL'X DSDPL üSRGU F]QD/MHVWQDWRPLDVWJZDUDQFM GREUHJR
$QDWRPLD3&<br />
VNDORZDQLDWRMHVWZPLDU OLQLRZHJRSU]\URVWXPRF\REOLF]HQLRZHMZUD]]H]ZL NV]D<br />
QLHPF] VWRWOLZR FLWDNWRZDQLD$E\SRGQLH üW F] VWRWOLZR üZ\VWDUF]\SRSUDZLüSD<br />
UDPHWU\WHFKQRORJLF]QHSU]HM FLH]SURFHVX—PQD—P1LHWU]HEDMX MHGQDN<br />
ZSURZDG]Dü DGQ\FK]PLDQZDUFKLWHNWXU]H<br />
:HZQ WU]Q\ V\VWHP VWHURZDQLD SURFHVRUD JZDUDQWXMH MHGQRF]HVQ\ GRVW S GR SDPL FL<br />
SRGU F]QHM/'DWD&DFKHGZyPLQVWUXNFMRP0XOWL%DQNLQJ$FFHVV-HGQRVWNDDG<br />
PLQLVWUXM FD F\NODPL GRVW SX GR SDPL FL/68/RDG6WRUH 8QLW G\VSRQXMH EXIRUHP<br />
PDJD]\QXM F\PGRRGZRáD /68SU]HJO GD]DZDUWR üNROHMNLLSUyEXMHWDNJUXSR<br />
ZDüRGZRáDQLDE\PDNV\PDOQLHZ\NRU]\VWDüPDJLVWUDO SDPL FLRZ F\NOH%XUVW<br />
3DPLöèSRGUöF]QD/<br />
0DJLVWUDOD<br />
.SRGREQLHMDN3HQWLXP,,RGGDZDáGRG\VSR]\FMLSDPL FLSRGU F]QHM/VSHFMDOQ<br />
PDJLVWUDO %6%%DFN 6LGH %XV 1RZR FL Z DUFKLWHNWXU]H .E\áDPR OLZR ü SUR<br />
JUDPRZDQLDF] VWRWOLZR FL]HJDUD%6%Z]DOH QR FLRGMDNR FL]DVWRVRZDQ\FKNRVWHN<br />
&DFKH5$0 NWyUH WDN MDN Z 3HQWLXP ,, RVDG]DQH E\á\ QD PRGXOH SURFHVRUD Z V <br />
VLHG]WZLHMHJRVWUXNWXU\SyáSU]HZRGQLNRZHM=DNUHVUHJXODFMLREHMPRZDáVWRSQLHRGSHáQHM<br />
SU GNR FL]HJDUSRSU]H]GR'ODSLHUZV]HJR]QLFKWU]HEDE\áRE\VWRVRZDü<br />
VSHFMDOQHXNáDG\''565$0'RXEOH'DWD5DWH65$0:SURZDG]HQLHPR OLZR FL<br />
UHJXODFML]HJDUD%6%PLDáRZ\á F]QLHSRGáR HHNRQRPLF]QHLQLHVWDQRZLáR DGQHJR<br />
XOHSV]HQLDàDWZLHMMHVWSURGXNRZDüZUDPDFKMHGQHMURG]LQ\SURFHVRUyZRGPLDQ\SU]H<br />
]QDF]RQHGOD]Z\NáHJRX \WNRZQLNDGODVWDFMLURERF]\FKOXEZUHV]FLHGRVHUZHUyZ3UR<br />
FHVRU\.]SDPL FL /WDNWRZDQ QLJG\QLHXMU]Dá\ ZLDWáDG]LHQQHJR'RSLHUR<br />
SU]HM FLHQDWHFKQRORJL —PSR]ZROLáRQDLQWHJUDFM /QDVWUXNWXU]H&38LWDNWR<br />
ZDQLHZWU\ELH0RGHO<br />
.G\VSRQRZDáZHZQ WU]Q\PUHMHVWUHP7$*5$0]GROQ\PGR]DU] G]DQLDSDPL FL<br />
SRGU F]Q /RUR]PLDU]HQLHSU]HNUDF]DM F\P.%:ID]LHSURPRFMLPyZLáRVL<br />
RPRGHODFKSURFHVRUD]SDPL FL DQDZHW0%]]DVWRVRZDQLHP]HZQ WU]QHJRUHMH<br />
VWUX7$*5$0WDNMDNZSU]\SDGNX3HQWLXP,,DOHRVWDWHF]QLH]DWU]\PDQRVL QDUR]<br />
PLDU]H.%=DNUHVSU]HVWU]HQLDGUHVRZHMVDPHJRSURFHVRUDZ\QRVLá7%DOHVSHF\<br />
ILNDFMD]á F]D6ORW$RJUDQLF]DáDJRGR*%<br />
=GHF\GRZDQ QRZR ü VWDQRZL PDJLVWUDOD (9 NWyUD PR H E\ü WDNWRZDQD QDZHW GR<br />
0+]-HMNRQVWUXNFMD]DSR \F]RQD]RVWDáD]SURFHVRUD$OSKDILUP\'LJLWDO<br />
1LHPDZW\PQLFG]LZQHJRMH OLXZ]JO GQLüIDNWL MHGHQ]JáyZQ\FKSURMHNWDQWyZ<br />
SURFHVRUD . 'LUN 0H\HU SU]HV]HGá GR $0' ] ILUP\ 'LJLWDO =á F]H NUDZ G]LRZH<br />
PRGXáXSURFHVRUDQD]\ZDQHSU]H]$0'6ORW$RGSRZLDGDZVZHMNRQVWUXNFMLPH<br />
FKDQLF]QHMUDVWHULUR]PLDU\NRQWDNWyZSRGVWDZFH6ORW,QWHODDOHQDW\PNR F]\VL<br />
SRGRELH VWZR 6\JQDá\ PDJLVWUDOL L SURWRNyá RGSRZLDGDM ]XSHáQLH LQQHM VSHF\ILNDFML<br />
(9MHVWV]\Q ELWRZ SU]\F]\PQDND G\EDMWGDQ\FKSU]\SDGDGRGDWNRZ\ELW<br />
(&&(&&<br />
0DJLVWUDOD(9PDFHQQ ZáD FLZR üLVWRWQ ZV\VWHPDFKZLHORSURFHVRURZ\FK.D <br />
G\ ] SURFHVRUyZ G\VSRQXMH ORJLF]QLH QLH]DOH Q EH]SR UHGQL PDJLVWUDO UHDOL]XM F<br />
ZLUWXDOQHSRá F]HQLDZ]DMHPQH3RLQWWR3RLQW(9NOXF]RZDQD]HJDUHP0+]
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
]DSHZQLDZWU\ELH''5GZDWUDQVIHU\ZMHGQ\PF\NOX]HJDUDSU]HSXVWRZR ü*%V<br />
F]\OL]QDF]QLHZL FHMQL PDJLVWUDOD*7/URG]LQ\33HQWLXP,,,,,LWGQDZHWMH OL<br />
SRGQLHVLHVL MHMF] VWRWOLZR üGR0+]6]\QD*7/WDNWRZDQD]HJDUHP0+]<br />
RVL JDZV]F]\FLHWUDQVIHU0%VD0%VSU]\SRGNU FHQLX]HJDUDGR0+]<br />
7DNLHVDPRSDVPRPRJ ]DRIHURZDüSDPL FL6'5$03&'ODSRWU]HEQRZHMWHFK<br />
QLNLRSUDFRZDQH]RVWDá\VSHFMDOQHW\S\SDPL FL5'5$05DPEXV'LUHFW5$0RUD]<br />
''56'5$08NáDG\WHJRURG]DMXRIHUXM VWUXPLH V]HURNR FL*%VMX SU]\F] <br />
VWRWOLZR FL0+]<br />
'DOV]HPRGHOHSURFHVRUÑZ$WKORQ<br />
:SRáRZLHURNXQDU\QNXSRMDZLá\VL SURFHVRU\$WKORQZQRZHMZHUVMLRRILFMDO<br />
QHMQD]ZLH0RGHO/LVW ZSURZDG]RQ\FK]PLDQPR QDXM üZWU]HFKSXQNWDFK<br />
t .RPSOHWQDLQWHJUDFMD/&DFKHZREU ELHVWUXNWXU\SyáSU]HZRGQLNRZHM5R]PLDU<br />
SDPL FLRJUDQLF]RQ\MHVWGR.%7KXQGHUELUGOXE.%'XURQ3DPL ü<br />
WDWDNWRZDQDMHVW]SHáQ F] VWRWOLZR FL ]HJDUD&38<br />
t ,QWHJUDFMDSDPL FLSRGU F]QHMSR]ZROLáDQDUH]\JQDFM ]NRQVWUXNFMLPRGXáRZHM<br />
]H]á F]HPNUDZ G]LRZ\P6ORW$QDNRU]\ üSáDVNLHMREXGRZ\FHUDPLF]QHM<br />
NR FyZNL6RFNHW$<br />
t =PLDQ\VWRSQLZ\M FLRZ\FK:SURFHVRUDFK$WKORQVWDUHJRW\SXLPSOHPHQWRZDQH<br />
E\á\Z\M FLD]RWZDUW\PGUHQHP2SHQ'UDLQ:QRZ\FKSURFHVRUDFKGUHQ\<br />
WUDQ]\VWRUyZ&026SRá F]RQH]RVWDá\SRSU]H]ZHZQ WU]QHUH]\VWDQFMH<br />
]OLQLDPL]DVLODQLD<br />
1DVNXWHN]PLDQWU\EXVWHURZDQLDOLQLLNRQLHF]QHVWDáRVL ZSURZDG]HQLHQRZ\FKFKLS<br />
VHWyZ3LHUZV]HRSUDFRZDQLHSRFKRG]LáR]ILUP\9,$.77KXQGHUELUGVSRWNDü<br />
PR QDE\áRSRF] WNRZRZGZyFKZHUVMDFKERZLHPQDU\QHNZ\SXV]F]RQD]RVWDáD<br />
UyZQLH VHULDZREXGRZLH6ORW$DOHMDNMX ZVSRPQLDQRZF]H QLHMZW\PUR]G]LDOH<br />
IXQNFMRQRZDá\RQHMHG\QLH]QLHNWyU\PLSá\WDPLSU]H]QDF]RQ\PLGODVWDU\FKSURFHVR<br />
UyZ$WKORQ<br />
7KXQGHUELUG]RJUDQLF]RQ SDPL FL /'XURQ6SLWILUHQRVLáRILFMDOQ QD]Z 0RGHO<br />
3URFHVRU\WHSURGXNRZDQHE\á\MX Z\á F]QLHZREXGRZLH6RFNHW$àDWZR]DXZD \ü<br />
L QD]Z\SURFHVRUyZ$0'á F]RQHV F] VWR]NU\SWRQLPDPLQS6SLWILUHNWyUH]R<br />
VWDá\SU]\M WHZHZF]HVQ\FKID]DFKSURMHNWRZ\FKQDGVWUXNWXUDPLSyáSU]HZRGQLNRZ\<br />
PLM GUDSURFHVRUDLZ]DáR HQLDFKGRVWUDWHJLLPDUNHWLQJRZ\FK5RDG0DS2SUyF]<br />
WHJR$0'SRVáXJXMHVL QXPHUDPLPRGHOL$E\VL QLHSRJXELüZW\FK]DZLáR FLDFK<br />
QLH]E GQHMHVWNUyWNLH]HVWDZLHQLHWDEHOH$RUD]$<br />
3URFHVRU\ ] M GUHP 3DORPLQR ZSURZDG]DQH E\á\ QD U\QHN SRF] WNRZR MDNR $WKORQ<br />
F]ZyUNDZR]QDF]HQLXPLDáDQDZL ]\ZDüGRQXPHUDFMLNRQNXUHQFML²,QWHO3HQWLXP<br />
RVWDWHF]QLHSU]\M WRMHGQDNQD]Z $WKORQ;3WDEHOD$,FKVWUXNWXUDSyáSU]HZRGQLNRZD<br />
Z\NRQ\ZDQD E\áD Z WHFKQRORJLL —P D OLF]QH ]PLDQ\ L SRSUDZNL VSRZRGRZDá\<br />
]PQLHMV]HQLH SRERUX PRF\ R RNRáR SU]\ MHGQRF]HVQ\P ]ZL NV]HQLX Z\GDMQR FL<br />
ZHGáXJ$0'L±ZHGáXJRJyOQLHVWRVRZDQ\FKSURJUDPyZWHVWRZ\FK<br />
1DVW SQ\ZNROHMQR FLQXPHUyZ0RGHORNU\SWRQLPLH 0XVWDQJQLJG\VL QDU\QNX<br />
QLHSRMDZLá)LUPD$0'UR]SRF] áDSURGXNFM SURFHVRUD$WKORQ;3]M GUHP3DORPLQR
$QDWRPLD3&<br />
7DEHOD$D2GPLDQ\SURFHVRUyZ$0'0RG±0RG<br />
0RG 0RG 0RG 0RG 0RG<br />
1D]ZD $WKORQ $WKORQ 'XURQ $WKORQ<br />
.U\SWRQLP . . 6SLWILUH 7KXQGHUELUG 0XVWDQJ<br />
7HFKQRORJLD>—P@ <br />
)6%''5>0+]@ L<br />
=HJDU>0+]@ ± ± ± ±<br />
/ $ >.%@ <br />
/ % >.%@ <br />
1DSL FLH]DVLODQLD>9@ ± <br />
3RGVWDZND 6ORW$ 6ORW$ 6RFNHW$ 6RFNHW$<br />
7DEHOD$E2GPLDQ\SURFHVRUyZ$0'0RG±0RG<br />
0RG 0RG 0RG & 0RG ' 0RG<br />
1D]ZD $WKORQ03;3 'XURQ $WKORQ;3 $WKORQ;3 $WKORQ;3<br />
.U\SWRQLP 3DORPLQR 0RUJDQ 7KRURXJKEUHG 7KRURXJKEUHG% %DUWRQ<br />
7HFKQRORJLD>—P@ <br />
)6%''5>0+]@ ± <br />
=HJDU>0+]@ ± ± ± ± ±<br />
/ $ >.%@ <br />
/ % >.%@ <br />
1DSL FLH]DVLODQLD>9@ ± ± <br />
3RGVWDZND 6RFNHW$ 6RFNHW$ 6RFNHW$ 6RFNHW$ 6RFNHW$<br />
$ &RGH'DWD<br />
% ±/WDNWRZDQH]HJDUHP&38±/WDNWRZDQHSRáRZ ]HJDUD&38<br />
& 'RJUXS\0RG]DOLF]DQ\MHVWUyZQLH SURFHVRU$WKORQ;3030+]]M GUHP7KRURXJKEUHG<br />
' =)6%0+]]DOLF]DQHSU]H]$0'GRJUXS\0RG<br />
R]QDF]DQHJRV\PEROHP0RGHOWDEHOD$:\WZDU]DQRSRQDGWRSURFHVRU\'XURQ<br />
NWyU\FKVWUXNWXUDSyáSU]HZRGQLNRZDRNUH ODQDE\áDPLDQHP0RUJDQ8NáDG\WHQRV]<br />
NROHMQ\QXPHU0RGHO)6%0+]L.%/<br />
$0'RNUH ODDUFKLWHNWXU 3DORPLQRPLDQHP4XDQWL6SHHGDMHMJáyZQHFHFK\SU]HG<br />
VWDZLDSRQL V]HZ\OLF]HQLH<br />
t G]LHZL FLRVWRSQLRZDVXSHUVNDODUQD<br />
t SRWRNLSU]HWZDU]DQLDLQVWUXNFMLVWDáRSU]HFLQNRZ\FK,QWHJHU3LSHOLQHV<br />
t MHGQRVWNLDGUHVRZH<br />
t SRWRNLGODLQVWUXNFML]PLHQQRSU]HFLQNRZ\FKSU]HWZDU]DM FHSR]DNROHMQR FL<br />
2XWRI2UGHU<br />
t SDPL üSRGU F]QD/RUR]PLDU]H.%L/RUR]PLDU]H.%<br />
t PDJLVWUDOD)6%SUDFXMHZWU\ELH''5LWDNWRZDQDMHVW]HJDUHP0+]<br />
FRRGSRZLDGDPDNV\PDOQHPXSDVPXSU]HSXVWRZHPX*%V
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0''XURQ0RGHO<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P6SLWILUH<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKH<br />
6XSHUVFDODU2XWRI2UGHU<br />
3LSHOLQH6WDJHV<br />
7KHUPDO'LRGH<br />
<br />
.%<br />
.%<br />
.%&38 &/2&. î$VVRFLDWLYH/LQHV %<br />
´´<br />
,17)3<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
ã<br />
3*$6RFNHW$SLQ<br />
t UR]EXGRZDQDWDEOLFD7/%NWyUDREVáXJXMHQLHW\ONRRGZRáDQLDGRNRGX<br />
DOHLGRGDQ\FK<br />
t QRZR FL MHVWGLRGDZNRPSRQRZDQDZVWUXNWXU SyáSU]HZRGQLNRZ HOHPHQWWHQ<br />
VáX \GRSUHF\]\MQHJRSRPLDUXWHPSHUDWXU\&38<br />
- GUR3DORPLQRWNZLZHZQ WU]XSURFHVRUyZSRWRF]QLHRNUH ODQ\FKMDNR$WKORQ;3L$WKORQ<br />
03 RUD]]H]PQLHMV]RQ SDPL FL /Z'XURQDFK0RGHOJG]LHQRVLQD]Z 0RUJDQ<br />
WDEHOD$<br />
:SRáRZLHURNXQDU\QNXSRMDZLá\VL SLHUZV]HHJ]HPSODU]HSURFHVRUyZ$WKORQ<br />
Z\NRQ\ZDQ\FKZWHFKQRORJLL—PM GUR7KRURXJKEUHG]SDPL FL /RUR]PLDU]H<br />
.%6WUXNWXUDREHMPRZDáDRNRáRPLOLRQyZWUDQ]\VWRUyZ3U]\RND]MLSRSUDZLRQH<br />
]RVWDá\QLHNWyUHHOHPHQW\PLNURDUFKLWHNWXU\PLQRUJDQL]DFMD7/%&DáDVHULDRNUH OD<br />
QDRILFMDOQLHMDNR0RGHO]DZLHUDMHGQRVWNL;3±;3FRRGSRZLDGD]DNUH<br />
VRZL]HJDUDWDNWXM FHJR±0+]&] VWRWOLZR ü)6%SR]RVWDZDáDSRF] WNR<br />
ZRQDSR]LRPLH0+]DOHZDUNXV]DFKGDQ\FKSRMDZLá\VL UyZQLH SURFHVRU\<br />
LRGSRZLDGD0+]L0+]VSHF\ILNRZDQHQD)6%0+]6WUXNWX<br />
U\7KRURXJKEUHG]DVLODQHE\á\QDSL FLHP±9DSRZ\ HM0+]QDSL FLHP<br />
9WDEHOD$D.ROHMQHSURFHVRU\WHMVHULL]DZLHUDá\QLHFR]PRG\ILNRZDQHM GUR<br />
7KRURXJKEUHG%ZNWyU\P]PLHQLRQRQLHFRXNáDGEORNyZIXQNFMRQDOQ\FKQDSáDV]<br />
F]\ QLHSá\WNLNU]HPRZHML]RSW\PDOL]RZDQRVLHüSRá F]H ZHZQ WU]Q\FKWDEHOD$E<br />
1RZHVWUXNWXU\PLDá\QLHZLHOHZL FHMWUDQ]\VWRUyZ]DPLDVWPLOLRQyZL]DM<br />
PRZDá\WURFK ZL FHMPLHMVFD]DPLDVWPP <br />
.ROHMQDJHQHUDFMDSURFHVRUyZ$WKORQZSURZDG]RQD]RVWDáDZUD]]SU]HM FLHPQD)6%<br />
0+]- GURWDNLHQRVLQD]Z %DUWRQ0RGHOVNáDGDVL ]SRQDGPLOLRQyZ<br />
WUDQ]\VWRUyZZ\WZDU]DQHMHVWZWHFKQRORJLL—PLSUDFXMH])6%RF] VWRWOLZR FL<br />
<br />
03GODV\VWHPyZPXOWLSURFHVRURZ\FK
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'$WKORQ0RGHO<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
<br />
5,6&<br />
—P7KXQGHUELUG<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@ <br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
6XSHUVFDODU2XWRI2UGHU<br />
3LSHOLQHV6WDJHV<br />
7KHUPDO'LRGH<br />
.%î$VVRFLDWLYH.%î$VVRFLDWLYH<br />
.%&38 &/2&. î$VVRFLDWLYH/LQHV %<br />
´´<br />
,17)3<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
ã<br />
&3*$6RFNHW$6RFNHW<br />
<br />
5,6&<br />
—P7KXQGHUELUG<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@ <br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
6XSHUVFDODU2XWRI2UGHU<br />
3LSHOLQHV6WDJHV<br />
7KHUPDO'LRGH<br />
.%î$VVRFLDWLYH.%î$VVRFLDWLYH<br />
.%&38 &/2&. î$VVRFLDWLYH/LQHV %<br />
´´<br />
,17)3<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
ã<br />
&3*$6RFNHW$6RFNHW<br />
0+]OXE0+]WDEHOD$3DPL üSRGU F]QD/2Q'LHPDUR]PLDU.%<br />
L WDNWRZDQD MHVW SHáQ\P ]HJDUHP &38 =ZL NV]HQLH SDPL FL VSRZRGRZDáR SU]\URVW SR<br />
ZLHU]FKQLVWUXNWXU\SyáSU]HZRGQLNRZHM]PP 7KRURXJKEUHG%GRPP %DUWRQ<br />
$OJRU\WPSUDF\/ZSURFHVRUDFK$WKORQ;3RGELHJDRGRJyOQLHSU]\M W\FKUR]ZL ]D <br />
-H HOLSURFHVRU GDGRVW SXGRGDQ\FKNWyU\FKQLHPR HPXXGRVW SQLü/V\VWHP<br />
VL JDGRSDPL FLRSHUDF\MQHM&DFKH0LVV'DQHWDNLHQLHWUDILDM MHGQDNQDMSLHUZGR<br />
/OHF]WUDQVIHURZDQHV EH]SR UHGQLRGR/5RODSDPL FL/RJUDQLF]DVL GRSU]\M<br />
PRZDQLDGDQ\FKZ\U]XFRQ\FK]/9LFWLPV]SRZRGXEUDNXPLHMVFD:LGDüZ\UD <br />
QLH HSDPL FLSRGU F]QHSU]HFKRZXM VWDOHUy QHGDQH²ZNODV\F]QHMDUFKLWHNWXU]H<br />
]DZDUWR ü/PDVZHRGELFLHZF] FL/-HVWZL FPR HZJUXQFLHU]HF]\QDZHWX]D<br />
VDGQLRQHFK WQLHX \ZDQHSU]H]$0'Z\UD DQLHUR]PLDUXSDPL FLSRGU F]QHMSU]H]<br />
OLF]E .%ZLG]LDQ MDNRVXP /L/
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$WKORQ;30RGHO<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P3DORPLQR<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@<br />
/'DWD/&RGH>.%@<br />
/&DFKH<br />
6XSHUVFDODU2XWRIRUGHU<br />
3LSHOLQHV6WDJHV<br />
<br />
<br />
.%&38 &/2&. /LQHV %<br />
´´<br />
,17)3<br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
23*$6RFNHW$<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0''XURQ0RGHO<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P0RUJDQ<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@<br />
/'DWD/&RGH>.%@<br />
/&DFKH<br />
6XSHUVFDODU2XWRIRUGHU<br />
3LSHOLQHV6WDJHV<br />
<br />
<br />
.%&38 &/2&. /LQHV %<br />
´´<br />
,17)3<br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
&3*$6RFNHW$6RFNHW<br />
%DUWRQZ\PDJDQDWXUDOQLHQRZ\FKFKLSVHWyZW]QQ)RUFH.7L6L6);OXEQRZ<br />
V]\FK1LHNWyUHSá\W\Z\SRVD RQHMX ZWHFKLSVHW\Z\PDJDM DNWXDOL]DFML%,26X<br />
=DVLODQLHSURFHVRUÑZ$0'<br />
3REyUPRF\SU]H]SURFHVRU\$WKORQMHVWVWRVXQNRZRZ\VRNL-X ZHUVMD*+]PRJáD<br />
SRFKáDQLDüGR:DREFL HQLHQDJáyZQHMOLQLL]DVLODM FHM9VL JDáR$7DN<br />
GX HREFL HQLHQDNáDGDV]F]HJyOQHZ\PRJLQDREZRG\]DVLODQLDLWR]DUyZQRRGVWURQ\<br />
VDPHJR ]DVLODF]D MDN L QD Sá\FLH JáyZQHM 3R]\VNLZDQLH QDSL FLD GOD M GUD SURFHVRUD<br />
±9RGE\ZDVL ]DSRPRF XNáDGyZUHGXNF\MQ\FKD UyGáHPMHVWZ]DOH QR FL<br />
RGSá\W\JáyZQHMOLQLD9OXE9GRSURZDG]DQD]]DVLODF]D%DUG]RZD QDVWDMHVL
$QDWRPLD3&<br />
7DEHOD$D3RGVWDZRZHGDQHSURFHVRUyZ$0'$WKORQ;30RGHO<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P7KRURXJKEUHG<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@<br />
/'DWD/&RGH>.%@<br />
/&DFKH<br />
<br />
<br />
.%&38 &/2&. <br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
23*$6RFNHW$6RFNHW<br />
7DEHOD$E3RGVWDZRZHGDQHSURFHVRUyZ$0'$WKORQ;30RGHO<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P7KRURXJKEUHG%<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@ <br />
/'DWD/&RGH>.%@<br />
/&DFKH<br />
<br />
.%&38 &/2&. <br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
23*$6RFNHW$6RFNHW<br />
NRQVWUXNFMDXNáDGyZUHGXNF\MQ\FKLILOWUXM F\FK1RZV]HJHQHUDFMDSá\WSRVáXJXMHVL<br />
XNáDGDPLLPSXOVRZ\PLáDWZ\PLGRUR]SR]QDQLDSU]H]WR HEUDNMHVWRJURPQ\FKUDGLD<br />
WRUyZDZ]DPLDQ]DWRSRMDZLáDVL GX DOLF]EDHOHPHQWyZLQGXNF\MQ\FK.ODV\F]QH<br />
VWDELOL]DWRU\Z\PDJDá\SRQDGWRPRQWD XNLONXQDVWXNRQGHQVDWRUyZHOHNWUROLW\F]Q\FK<br />
:VSyáF]HVQHSURFHVRU\$0'SRGDM GRZLDGRPR FLZ\VRNR üQDSL FLD]DVLODQLD:0R<br />
GHOXZ\VW SXMHNR FyZHN9,'±9,'NRGXM F\FK]GRNáDGQR FL GRP9ZDUWR ü<br />
9 &&&25( /LQLHWHNLHURZDQHV GRVWDELOL]DWRUDNWyU\RGF]\WXMHLFKVWDQND GD]NR FyZHN<br />
9,'MHVWSRá F]RQDDOER]PDV DOERÄZLVLZSRZLHWU]X´ZHZQ WU]XSURFHVRUD6H<br />
NZHQFMD9,' LQWHUSUHWRZDQDMHVWMDNREUDN&38DVWDELOL]DWRURGFLQDQDSL FLH<br />
'DZQLHMVWRVRZDQHSRZV]HFKQLH]DVLODF]HRPRF\QRPLQDOQHM±:QLHQDGDM<br />
VL GRRPDZLDQ\FKV\VWHPyZ']L NRQLHF]QHMHVWVL JQL FLHGRPRGHOL:OXE:<br />
RGSRZLHGQLHMNODV\/LVWD]DVLODF]\]DOHFDQ\FKSU]H]ILUP $0']QDMGXMHVL QDVWURQLH<br />
LQWHUQHWRZHMKWWSZZZDPGFRPDWKORQSRZHU
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'$WKORQ;30RGHO<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P%DUWRQ<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@<br />
<br />
/'DWD/&RGH>.%@<br />
<br />
/&DFKH<br />
.%&38 &/2&. <br />
6XSHUVFDODU2XWRIRUGHU<br />
´´<br />
3LSHOLQHV<br />
,17$'5)3<br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
23*$6RFNHW$6RFNHW<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
<br />
5,6&<br />
—P%DUWRQ<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@ <br />
/'DWD/&RGH>.%@<br />
/&DFKH<br />
6XSHUVFDODU2XWRIRUGHU<br />
3LSHOLQHV<br />
<br />
.%&38 &/2&. <br />
´´<br />
,17$'5)3<br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
23*$6RFNHW$6RFNHW<br />
&K ü RJUDQLF]HQLD OLF]E\ Z\WZDU]DQ\FK PRGHOL SURFHVRUyZ SU]\ ]DFKRZDQLX ]Uy QLFR<br />
ZDQLDRIHUW\L]ZL NV]HQLDX]\VNXVSRZRGRZDáDGHF\]M R]DNR F]HQLXSURGXNFMLSURFHVR<br />
UyZ$WKORQ;37KRURXJKEUHGLZ\NRU]\VWDQLXPRF\Z\WZyUF]\FKGRSURGXNFMLSURFH<br />
VRUyZ]VHULL%DUWRQ0RGHO=Uy QLFRZDQLHRIHUW\RVL JQL WRSU]H]Z\NRU]\VWDQLH<br />
MHGQRVWHN Z NWyU\FK Z\NU\WR OHNNLH GHIHNW\ SDPL FL SRGU F]QHM / XV]NRG]RQ SR<br />
áyZN EORNRZDQR Z ID]LH SURGXNFML Z HIHNFLH RVL JDM F SURFHVRU ] .% SDPL FL<br />
SRGU F]QHM/QD]\ZDQ\7KRUWRQ,FKVNUyFRQDFKDUDNWHU\VW\NDSU]HGVWDZLRQD]RVWDáD<br />
ZWDEHOL$
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'$WKORQ;30RGHO].%/FDFKH<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P7KRUWRQ<br />
=HJDU&38>0+]@ <br />
)6%''5>0+]@<br />
/'DWD/&RGH>.%@<br />
/&DFKH<br />
6XSHUVFDODU2XWRIRUGHU<br />
3LSHOLQHV<br />
<br />
<br />
.%&38 &/2&. <br />
´´<br />
,17$'5)3<br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
23*$6RFNHW$6RFNHW<br />
: UyGX \WNRZQLNyZSURFHVRUyZ]VHULL7KRUWRQSRSXODUQHMHVW]DPDORZ\ZDQLHPRVW<br />
NDQDREXGRZLHRGSRZLHG]LDOQHJR]DEORNDG SRáRZ\SDPL FLSRGU F]QHM/LX]\<br />
VNLZDQLHZWHQVSRVyESHáQHJRXNáDGX%DUWRQ].%SDPL FLFDFKH/-H HOLXNáDG<br />
QLHSU]HV]HGáWHVWyZIDEU\F]Q\FKW\ONRZZ\M WNRZRQLHNRU]\VWQ\FKZDUXQNDFKWDNDSUyED<br />
NR F]\VL SRZRG]HQLHPLX]\VNXMHVL SHáQRVSUDZQ\ SURFHVRU -H HOL MHGQDN SDPL ü<br />
SRGU F]QDMHVWU]HF]\ZL FLHEH]Z]JO GQLHXV]NRG]RQDWDNLHSRZL NV]HQLHSDPL FLFD<br />
FKHPR HVSRZRGRZDüVSRZROQLHQLHG]LDáDQLDSURFHVRUDJG\ V\VWHPNRUHNFMLEá GyZ<br />
E G]LHEORNRZDáZ\NRU]\VWDQLHXV]NRG]RQ\FKOLQLLFDFKHLZ\PXV]DáEH]SR UHGQLHRG<br />
ZRáDQLDGRSDPL FLRSHUDF\MQHMOXEXQLHPR OLZLMHJRVWDELOQHIXQNFMRQRZDQLHMH HOL<br />
Eá GZLHORNURWQ\E G]LHQLHPR OLZ\GRZ\NU\FLD<br />
5RG]LQD+DPPHU2SWHURQ$WKORQ6HPSURQ<br />
:V]\VWNLHURG]LQ\SURFHVRUyZILUP\$0'D GRURG]LQ\.Zá F]QLHPLDá\QDFHOX<br />
]PQLHMV]HQLH G\VWDQVX Z G]LHG]LQLH Z\GDMQR FL G]LHO FHJR MH RG SURFHVRUyZ ILUP\<br />
,QWHO=DGDQLHWRXGDáRVL GRSLHURSURFHVRURP$WKORQ;3RVL JDá\RQHQDZHWFKZLODPL<br />
SU]HZDJ ]PXV]DM FILUP ,QWHOGRSU]\VSLHV]DQLDSUHPLHU\QRZ\FKXNáDGyZDF]DVHP<br />
ZU F] Z\SXV]F]DQLD SURFHVRUyZ VSUDZLDM F\FK SUREOHP\ SLHUZV]D ZHUVMD ,QWHO 3HQ<br />
WLXP,,,0+]OXERVL JDM F\FKPLHUQ Z\GDMQR üZLVWQLHM F\FKDSOLNDFMDFK,QWHO<br />
3HQWLXP:LODPHWWH<br />
2VL JQ ZV]\WDNLUH]XOWDWSURMHNWDQFLILUP\$0'UR]SRF] OLSUDFHQDGNROHMQ URG]LQ<br />
SURFHVRUyZQD]ZDQ .OXE+DPPHUNWyUD²]DPLDVWSRQRZQLHNRQNXURZDü]XNáD<br />
GDPL,QWHOD²SRUD]SLHUZV]\PLDáDSU]HGVWDZLDü]XSHáQLHQRZ MDNR ü7\PUD]HP<br />
]U\ZDQR ERZLHP QLH W\ONR ] SODWIRUP ILUP\ ,QWHO WDN MDN Z SU]\SDGNX SURFHVRUyZ<br />
$WKORQNWyUHZ\PDJDá\FDáNRZLFLHRGPLHQQHMPDJLVWUDOL]HVWDZXXNáDGyZVWHUXM F\FK<br />
LSá\WJáyZQ\FKDOHWH ]RERZL ]XM F Z ZLHFLHSURFHVRUyZ[DUFKLWHNWXU V\VWH<br />
PXPLNURSURFHVRURZHJR
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
3LHUZV]\PLLQNDUQDFMDPLDUFKLWHNWXU\+DPPHUV QDVW SXM FHF]WHU\PRGHOHSURFHVRUyZ<br />
t $0'2SWHURQ²ELWRZ\SURFHVRUSU]H]QDF]RQ\QDU\QHNVWDFMLURERF]\FK<br />
LVHUZHUyZREVáXJXM F\NRQILJXUDFMHMHGQRRUD]ZLHORSURFHVRURZH]GZLHPD<br />
F]WHUHPDOXER PLRPDMHGQRVWNDPLZ\SRVD RQHZGZDNDQDá\EXIRURZDQ\FK<br />
SDPL FL''56'5$0<br />
t $0'$WKORQ);²ELWRZ\SURFHVRUSU]H]QDF]RQ\QDU\QHN<br />
Z\VRNRZ\GDMQ\FKNRPSXWHUyZRVRELVW\FKRUD]VWDFMLURERF]\FKREVáXJXM F\<br />
NRQILJXUDFMHMHGQRSURFHVRURZHZ\SRVD RQHZGZDNDQDá\EXIRURZDQ\FKOXE<br />
QLHEXIRURZDQ\FKZ]DOH QR FLRGW\SXSURFHVRUDSDPL FL''56'5$0<br />
t $0'$WKORQ²ELWRZ\SURFHVRUSU]H]QDF]RQ\QDU\QHNNRPSXWHUyZ<br />
RVRELVW\FKREVáXJXM F\NRQILJXUDFMHMHGQRSURFHVRURZHZ\SRVD RQHZ]DOH QR FL<br />
RGW\SXSURFHVRUDZMHGHQOXEGZDNDQDá\QLHEXIRURZDQ\FKSDPL FL''5<br />
6'5$0<br />
t $0'6HPSURQ²ELWRZ\SURFHVRUSU]H]QDF]RQ\QDU\QHNWDQLFKNRPSXWHUyZ<br />
RVRELVW\FKREVáXJXM F\NRQILJXUDFMHMHGQRSURFHVRURZHZ\SRVD RQHZGZDNDQDá\<br />
QLHEXIRURZDQ\FKSDPL FL''56'5$0<br />
$0' 6HPSURQ Z\VWöSXMH Z GZÑFK RGPLDQDFK MHGQD ] QLFK SU]H]QDF]RQD MHVW GOD<br />
SODWIRUP\$0'$WKORQ6RFNHW$LMHVWZU]HF]\ZLVWR FLRGPLDQñSURFHVRUD$WKORQ<br />
;3GUXJD]D MHVWRNURMRQñZHUVMñSURFHVRUD$0'$WKORQLSU]H]QDF]RQDMHVWGOD<br />
SODWIRUP\6RFNHWL6RFNHW<br />
3RGVWDZRZHFHFK\DUFKLWHNWXU\+DPPHU<br />
ELWRZDDUFKLWHNWXUDZHZQöWU]QDL]HZQöWU]QDv$0'<br />
6]HURNR üELWyZPDPDJLVWUDODGDQ\FKRUD]ZV]\VWNLHUHMHVWU\ZHZQ WU]QHSURFHVR<br />
UD 8PR OLZLD WR WZRU]HQLH DSOLNDFML SU]HWZDU]DM F\FK ELWRZH OLF]E\ FDáNRZLWH ]D<br />
SRPRF SRMHG\QF]\FKUR]ND]yZNRGXPDV]\QRZHJRRUD]DGUHVRZDQLHEORNyZSDPL FL<br />
RUR]PLDUDFKSU]HNUDF]DM F\FKJUDQLF DGUHVRZDQLDELWRZHJRDGUHVIL]\F]Q\PR H<br />
PLHüV]HURNR üELWyZ<br />
3URFHVRU\ $0' RSUyF] UR]V]HU]HQLD GáXJR FL GRW\FKF]DVRZ\FK ELWRZ\FK UHMH<br />
VWUyZ($;(%;(&;(';RUD]²QLHFREDUG]LHMRJUDQLF]RQ\FK²(6,(',(%3<br />
L(63GRELWyZZ\SRVD RQHV ZRVLHPGDOV]\FKUHMHVWUyZGRVW SQ\FKZ\á F]QLH<br />
ZELWRZ\PWU\ELHSUDF\U\VXQHN$5yZQLH OLF]EDELWRZ\FKUHMHVWUyZ66(<br />
]RVWDáDGZXNURWQLHSRGZ\ V]RQDQDDQDORJLF]Q\FK]DVDGDFK'ZXNURWQLHZL NV]DOLF]ED<br />
UHMHVWUyZXPR OLZLDEDUG]LHMHIHNW\ZQHZ\NRU]\VWDQLHPRF\REOLF]HQLRZHMSURFHVRUD<br />
RUD]]PQLHMV]HQLHOLF]E\RGZRáD GRSDPL FLSRGU F]QHMDZL FL]PQLHMV]HQLHVWRSQLD<br />
MHM]D PLHFHQLDRGZRáDQLDPLGRRGOHJá\FKREV]DUyZ6DPRSU]HNRPSLORZDQLHNRGXQLH<br />
Z\NRU]\VWXM FHJR ELWRZ\FK VWUXNWXU GDQ\FK WDN DE\ X \ZDá RQ ZV]\VWNLFK R PLX<br />
UHMHVWUyZVSRZRGXMH]DXZD DOQ\Z]URVWV]\ENR FLZ\NRQDQLD<br />
)LUPD$0']DáR \áD HREHFQLHX \ZDQHRSURJUDPRZDQLHQLHNRU]\VWDMX ZRJyOH<br />
]PHFKDQL]PXVHJPHQWDFMLWU\EXFKURQLRQHJRVWRVRZDQHJRZSURFHVRUDFKRDUFKLWHN<br />
WXU]H[RGF]DVyZXNáDGX3URFHVRU\$0'ZELWRZ\PWU\ELHSUDF\QLH
$QDWRPLD3&<br />
5\VXQHN$<br />
5HMHVWU\SURFHVRUyZ<br />
$0'ZWU\EDFK<br />
ELWRZ\P<br />
SRODFLHPQH<br />
RUD]ELWRZ\P<br />
SRODMDVQH<br />
REVáXJXM ]DWHPVHJPHQWDFMLXGRVW SQLDM FMHG\QLHPHFKDQL]PVWURQLFRZDQLDSDPL FL<br />
=QLNQ á WH PHFKDQL]P PDV]\Q ZLUWXDOQ\FK X \ZDQ\FK Z SURFHVRUDFK EL<br />
WRZ\FKZFHOXXUXFKDPLDQLDNRGXELWRZHJRRUD]PHFKDQL]PVSU] WRZHJRZVSRPD<br />
JDQLDSU]Há F]DQLD]DGD SURJUDPRZ\FKED]XM F\QDPHFKDQL]PLHVHJPHQWDFML<br />
5R]V]HU]HQLHP PHFKDQL]PX VWURQLFRZDQLD Z SRUyZQDQLX GR DUFKLWHNWXU\ ,$ MHVW<br />
IXQNFMDEORNRZDQLDPR OLZR FLZ\NRQ\ZDQLDNRGX]Z\EUDQ\FKVWURQSDPL FL)XQNFMD<br />
WDZ\NRU]\VWXM FDMHGHQELWZHZSLVLHWDEOLF\VWURQXPR OLZLDVHOHNW\ZQHR]QDF]DQLH<br />
SRMHG\QF]\FK VWURQ SDPL FL Z SU]\SDGNX NWyU\FK SUyED WUDNWRZDQLD GDQ\FK Z QLFK<br />
]DZDUW\FKMDNRNRGXPDVSRZRGRZDüZ\JHQHURZDQLHZ\M WNX]JáDV]DQHJRV\VWHPRZL<br />
RSHUDF\MQHPX 7HFKQLND WDND XWUXGQLD Z\NRU]\VWDQLH SU]H] ZLUXV\ L NRQLH WURMD VNLH<br />
Eá GyZ W\SX EXIIHU RYHUIORZ SROHJDM F\FK QD XPLHV]F]HQLX QD VWRVLH OXE Z REV]DU]H<br />
GDQ\FKSURFHVXGRZROQHJRNRGXLXUXFKRPLHQLXJR]SUDZDPL]DLQIHNRZDQHJRSURFHVX<br />
F]\OLF] VWR]SUDZDPLDGPLQLVWUDWRUD3RXVWDZLHQLXELWX1;DQJ1RH;HFXWHZH<br />
ZSLVLHWDEOLF\VWURQSUyEDWDNLHJRDWDNXVSRZRGXMH]JáRV]HQLHZ\M WNXLSU]HUZDQLHZ\<br />
NRQDQLDSURJUDPXDZL FUHDNFM LGHQW\F]Q GRSUyE\Z\NRQDQLDQLHGR]ZRORQHMRSH<br />
UDFMLOXEQLHLVWQLHM FHMLQVWUXNFML%LW\1;SRZLQQ\E\üXVWDZLRQHGODZV]\VWNLFKVWURQ<br />
SURFHVX]Z\M WNLHPVWURQ]DZLHUDM F\FKNRGSURJUDPXLELEOLRWHNRUD]VWURQGODNWyU\FK<br />
SURFHV ZLDGRPLH]GM áWR]DEH]SLHF]HQLH<br />
3URFHVRU\$0']QRV] ELWRZ JUDQLF UR]PLDUXSU]HVWU]HQLDGUHVRZHMSRMHG\QF]HJR<br />
SURFHVXRUD]IL]\F]QHMSU]HVWU]HQLDGUHVRZHM)L]\F]QDSU]HVWU]H DGUHVRZDMHVWZQLFK<br />
RSU]HV]áRF]WHU\PLOLDUG\UD]\ZL NV]DMHMUR]PLDUUyZQ\MHVW 3U]HVWU]H DGUHVRZD<br />
SRMHG\QF]HJR SURFHVX ]ZL NV]RQD ]RVWDáD UD]\ L PD UR]PLDU =ZL NV]RQD<br />
SU]HVWU]H DGUHVRZD SRMHG\QF]HJR SURFHVX XPR OLZLD SURFHVRZL RGZRá\ZDQLH VL GR<br />
ROEU]\PLHM]SXQNWXZLG]HQLDREHFQLHVWRVRZDQ\FKDSOLNDFMLLOR FLSDPL FLZLUWXDOQHM<br />
7L%SU]\]DFKRZDQLXUR]V GQHJRUR]PLDUXDGUHVX=NROHL]QDF]QLHV]HUV]DIL]\F]<br />
QDSU]HVWU]H DGUHVRZDXPR OLZLDV\VWHPRZLRSHUDF\MQHPXMHGQRF]HVQ REVáXJ ZLHOX<br />
SURFHVyZZ\PDJDM F\FKGX HMLOR FLSDPL FL<br />
2EHFQLHSURGXNRZDQHSURFHVRU\$0'ILUP\$0'Z\SRVD RQHV ZV]\Q DGUHVRZ<br />
RV]HURNR FLELWyZFRSR]ZDODLP]DDGUHVRZDüGR7%IL]\F]QHMSDPL FLRSHUDF\MQHM<br />
:HZQ WU]QDDUFKLWHNWXUDSURFHVRUyZ+DPPHUMHVW²]Z\M WNLHPUR]V]HU]H ELWR<br />
Z\FK²RSDUWDRDUFKLWHNWXU SURFHVRUyZ.U\VXQHN$=SRZD QLHMV]\FKXGRVNRQDOH
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
5\VXQHN$<br />
$UFKLWHNWXUD<br />
ZHZQ WU]QD<br />
SURFHVRUyZ<br />
+DPPHU<br />
ZDUWRZ\PLHQLüSR]\F\MQ\ XNáDG NROHMNRZDQLD L ]OHFDQLD Z\NRQDQLD UR]ND]yZ DQJ<br />
VFKHGXOHU SURFHVRU\ . RIHURZDá\ MHG\QLH SR]\FML EXIRUD RUD] Z\GáX HQLH SRWR<br />
NyZZ\NRQDZF]\FK]GRHWDSyZGODSRWRNyZJáyZQ\FKSDWU]WDEHOD$FR<br />
XPR OLZLDXNáDGRZLRVL JQL FLHZ\ V]\FKF] VWRWOLZR FLWDNWRZDQLD/LF]EDMHGQRVWHN<br />
Z\NRQDZF]\FKQLHXOHJáD]PLDQLHGRVW SQ\FKMHVWV]H üMHGQRVWHNNRQWUROQ\FKLVWDáR<br />
SU]HFLQNRZ\FKRUD]WU]\VSHFMDOL]RZDQHMHGQRVWNL]PLHQQRSU]HFLQNRZH<br />
7DEHOD$3RUyZQDQLHVWUXNWXU\JáyZQ\FKSRWRNyZZ\NRQDZF]\FKSURFHVRUyZRDUFKLWHNWXU]H.<br />
RUD]+DPPHU<br />
(WDSSRWRNX $UFKLWHNWXUD. $UFKLWHNWXUD+DPPHU<br />
)HWFK )HWFK<br />
6FDQ )HWFK<br />
$OLJQ 3LFN<br />
$OLJQ 'HFRGH<br />
('(& 'HFRGH<br />
,'(&5HQDPH 3DFN<br />
6FKHGXOH 3DFN'HFRGH<br />
$*8$/8 'LVSDWFK<br />
/$GGUHVV*HQHUDWRU 6FKHGXOH<br />
'DWD&DFKH $*8$/8<br />
<br />
'DWD&DFKH<br />
<br />
'DWD&DFKH<br />
:EXGRZDQ\NRQWUROHUSDPLöFL<br />
:FHOXPDNV\PDOQHJRVNUyFHQLDF]DVXGRVW SXGRSDPL FLRSHUDF\MQHM]DELMDM FHJR]\VN<br />
Z\QLNDM F\]H]ZL NV]DQLDF] VWRWOLZR FLWDNWRZDQLDXNáDGXILUPD$0'SRVWDQRZLáDVNR<br />
U]\VWDü]GR ZLDGF]H SLRQLHUyZSURMHNWRZDQLDPLNURSURFHVRUyZL]LQWHJURZDüZVWUXN<br />
WXU]HQRZ\FKXNáDGyZNRQWUROHUSDPL FLRSHUDF\MQHM(IHNWHPMHVW]QDF] FHVNUyFHQLH<br />
F]DVXGRVW SXDZL FRJUDQLF]HQLHF]DVXWUDFRQHJRSU]H]SURFHVRUQDRF]HNLZDQLXQD<br />
GDQHSRWU]HEQHZV]\VWNLPRF]HNXM F\PZNROHMFHUR]ND]RP
$QDWRPLD3&<br />
-HG\Q ZDG WDNLHJRUR]ZL ]DQLDMHVWSHáQHX]DOH QLHQLHSURFHVRUDRGNRQNUHWQHJRW\SX<br />
SDPL FL 2 LOH Z SU]\SDGNX DUFKLWHNWXU\ SURFHVRUFKLSVHWSDPL üPR OLZH MHVW VNRQ<br />
VWUXRZDQLHQRZHJR]HVWDZXXNáDGyZVWHUXM F\FKá F] F\FKLVWQLHM F\SURFHVRU]QRZ\P<br />
URG]DMHPSDPL FLSURFHVRU\$0'Z\PDJDM VWRVRZDQLDNRQNUHWQHJRW\SXSDPL FL<br />
RSHUDF\MQHMDGRVWRVRZDQLHSODWIRUP\GRSDPL FLQRZHJRW\SXZL HVL QLHW\ONR]RSUD<br />
FRZDQLHPQRZHMSá\W\JáyZQHMLQRZHJR]HVWDZXXNáDGyZVWHUXM F\FKDOHWH GRNRQDQLD<br />
]PLDQZNRQWUROHU]HSDPL FLSURFHVRUD<br />
:EXGRZDQLHNRQWUROHUDSDPL FLZVWUXNWXU SURFHVRUDXQLHPR OLZLDWH GRZROQHVWRVR<br />
ZDQLHSODWIRUP]MHGQ\POXEGZRPDNDQDáDPLSDPL FL:V]\VWNLHQRZHPRGHOHSURFH<br />
VRUyZ$0'Z\PDJDM GZyFKNDQDáyZSDPL FL''56'5$01LHVWDQRZLWRZL N<br />
V]HJRRJUDQLF]HQLDSRQLHZD QDZHWZSU]\SDGNXSODWIRUP$WKORQL3HQWLXPSá\W\<br />
JáyZQHREVáXJXM FHGZDNDQDá\SDPL FLVWDQRZLá\ZL NV]R üVSU]HGD \<br />
2EVäXJDNRGXELWRZHJR<br />
:GRP\ OQ\PGODSURFHVRUyZ$0'WU\ELHSUDF\/HJDF\0RGHV RQHFDáNRZLFLH]JRGQH<br />
]RSURJUDPRZDQLHPLELWRZ\PLPRJ Z\NRQ\ZDüNRGGRZROQHJRLVWQLHM FHJR<br />
V\VWHPX RSHUDF\MQHJR &R ZD QLHMV]H LFK DUFKLWHNWXUD ED]XM FD ZSURVW QD DUFKLWHNWXU]H<br />
SURFHVRUD$WKORQSR]ZDODZ\NRQ\ZDüNRGELWRZ\]QLH]Z\Ná V]\ENR FL V]F]H<br />
JyOQLHELRU FSRGXZDJ Z]JO GQLHQLHZLHON F] VWRWOLZR üWDNWRZDQLDREHFQLHSURGX<br />
NRZDQ\FKXNáDGyZ$WKORQ$WKORQ);L2SWHURQ<br />
:DUWRSRGNUH OLü HQLH]DFKRG]LWXWDMNRQLHF]QR üHPXORZDQLDSUDF\SURFHVRUyZEL<br />
WRZ\FK:WU\ELH/HJDF\0RGHGRGDWNRZHELW\UHMHVWUyZV SRSURVWXQLHX \ZDQH<br />
DZV]\VWNLHEORNLIXQNFMRQDOQHLUR]ND]\SUDZLGáRZHW\ONRZWU\ELHELWRZ\P²]D<br />
EORNRZDQH1LHPDGRVW SXGRGRGDWNRZ\FKUHMHVWUyZDSDPL üRSHUDF\MQDPR HPLHü<br />
SRMHPQR üFRQDMZ\ HM*%'ODWHJR]DQLPQDU\QNXSRMDZLVL V]HURNLZ\EyURSUR<br />
JUDPRZDQLDELWRZHJRSURFHVRU\$0'PR QDWUDNWRZDüSRSURVWXMDNRQLH]Z\NOH<br />
V]\ENLHZHUVMHSURFHVRUyZ$WKORQ<br />
:\NRU]\VWDQLHQRZ\FKIXQNFMLSURFHVRUD$0'PR OLZHMHVWGRSLHURZQRZ\PWU\ELH<br />
SUDF\ QD]ZDQ\P /RQJ 0RGH Z\PDJDM F\P ELWRZHJR V\VWHPX RSHUDF\MQHJR : ]D<br />
OH QR FLRGSDUDPHWUyZSUDF\QDU]XFRQ\FKSU]H]V\VWHPRSHUDF\MQ\SURFHVRUSUDFXM F\<br />
ZWU\ELH/RQJ0RGHPR HDOERZ\PDJDüZ\á F]QLHRSURJUDPRZDQLDELWRZHJRZ\á <br />
F]DM FZV]HONLHPHFKDQL]P\XPR OLZLDM FHUyZQROHJá SUDF SURJUDPyZLELWR<br />
Z\FKWU\E/RQJELW0RGHOXEWH XPR OLZLüZVSyáSUDF VWDUHJRLQRZHJRRSURJUDPR<br />
ZDQLD²QDGDOEH]NRQLHF]QR FLGRNRQ\ZDQLDMDNLHJRNROZLHNWáXPDF]HQLDOXEHPXORZDQLD<br />
ELWRZ\FKUR]ND]yZ[WU\E/RQJ&RPSDWLELOLW\0RGH']L NLWU\ERZL/RQJ&RPSDWL<br />
ELOLW\0RGHRSURJUDPRZDQLHELWRZHPR HVNRU]\VWDü]REV]HUQLHMV]HMIL]\F]QHMSDPL FL<br />
RSHUDF\MQHMRUD]ZL NV]HMZ\GDMQR FLV\VWHPXRSHUDF\MQHJR<br />
.UyWNDFKDUDNWHU\VW\NDWU\EyZSUDF\SURFHVRUyZ$0'SU]HGVWDZLRQD]RVWDáDZWDEHOL<br />
$:DUWR]DXZD \ü HQDZHWDSOLNDFMHELWRZHSUDFXM FHZWU\ELHELW/RQJ0RGH<br />
GRP\ OQLHX \ZDM MHG\QLHELWRZ\FKRSHUDQGyZDE\RV]F] G]DüPLHMVFHZSDPL FL<br />
RSHUDF\MQHMNRU]\VWDQLH]OLF]EELWRZ\FKMHVWU]DGNRSRWU]HEQHDOLF]E\WDNLHSRZL N<br />
V]Dá\E\ ND G\ UR]ND] R F]WHU\ EDMW\ 5R]ND]\ RSHUXM FH QD OLF]EDFK ELWRZ\FK V<br />
Z\Uy QLDQHZNRG]LHRGSRZLHGQLPSUHILNVHP
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$7U\E\SUDF\SURFHVRUyZ$0'<br />
7U\ESUDF\<br />
Z\NRU]\VW\ZDQ\<br />
SU]H]DSOLNDFMö<br />
/RQJ<br />
0RGH<br />
/HJDF\<br />
0RGH<br />
7U\E<br />
ELWRZ\<br />
7U\E<br />
]JRGQR FL<br />
:\PDJDQ\<br />
V\VWHP<br />
RSHUDF\MQ\<br />
ELWRZ\<br />
:\PDJDQD<br />
UHNRPSLODFMD<br />
DSOLNDFML<br />
5R]PLDU<br />
DGUHVX<br />
'RP\ OQLH<br />
5R]PLDU<br />
RSHUDQGX<br />
0R OLZR è<br />
NRU]\VWDQLD<br />
]GRGDWNRZ\FK<br />
UHMHVWUÑZ<br />
WDN WDN <br />
QLH<br />
7U\E<br />
<br />
FKURQLRQ\<br />
ELWRZ\<br />
<br />
7U\E<br />
QLH<br />
ZLUWXDOQ\<br />
7U\E<br />
ELWRZ\<br />
U]HF]\ZLVW\<br />
<br />
3UDFDZLHORSURFHVRURZD<br />
<br />
QLH<br />
<br />
<br />
QLH<br />
5R]PLDU<br />
UHMHVWUÑZ<br />
RJÑOQHJR<br />
SU]H]QDF]HQLD<br />
$UFKLWHNWXUD$0'RGSRF] WNXE\áDWZRU]RQD]P\ O RSURVW\PEXGRZDQLXZ\VRFH<br />
VNDORZDOQ\FKV\VWHPyZZLHORSURFHVRURZ\FK1DMZD QLHMV]\PE\áRQLHSRZWyU]\üEá GX<br />
SRF]\QLRQHJRZF]DVLHRSUDFRZ\ZDQLDSURFHVRUyZ$WKORQ03NWyUH]SRZRGXSRVLDGD<br />
QLDZ\VRNRZ\GDMQ\FKPDJLVWUDORGU EQ\FKGODND GHJRXNáDGXZ\PDJDá\SURZDG]HQLD<br />
QDSá\WDFKJáyZQ\FKLVWQHMSO WDQLQ\ FLH HNRUD]X \ZDQLDMHGQHJRXNáDGXPRVWNXM <br />
FHJRQDND G SDU SURFHVRUyZ<br />
3URFHVRU\]URG]LQ\+DPPHUSU]\VWRVRZDQHGRSUDF\ZLHORSURFHVRURZHMXNáDG\$0'<br />
2SWHURQá F]RQHV ]XNáDGHPNRQWUROXM F\PSUDF Sá\W\JáyZQHML]HVRE QDZ]DMHP<br />
]DSRPRF V]HUHJRZ\FKZ\VRNRZ\GDMQ\FKá F]+\SHU7UDQVSRUW3RQLHZD OLF]ED FLH HN<br />
WZRU] F\FKá F]H+\SHU7UDQVSRUWMHVWQLHZLHONDSUDZLGáRZHSURZDG]HQLHPDJLVWUDOQD<br />
Sá\FLHGUXNRZDQHMMHVWZ]JO GQLHSURVWH0DJLVWUDOHQLHPXV] WH á F]\üSURFHVRUD]]HVWD<br />
ZHPXNáDGyZNRQWUROXM F\FKFKLSVHWHPJG\ SURFHVRU\SU]HND]XM GDQHX]\VNDQHRG<br />
LQQ\FKXNáDGyZLW\ONRMHGHQ]QLFKPXVLPLHüSRá F]HQLH]XNáDGDPLVWHUXM F\PLSá\W\<br />
JáyZQHM<br />
1DQLH]Z\Ná VNDORZDOQR üV\VWHPyZZLHORSURFHVRURZ\FK]EXGRZDQ\FKZRSDUFLX<br />
RSURFHVRU\+DPPHUZSá\ZDWH IDNWZEXGRZDQLDNRQWUROHUDSDPL FLRSHUDF\MQHMEH]<br />
SR UHGQLR Z VWUXNWXU SURFHVRUD ']L NL WHPX ND G\ ] SURFHVRUyZ G\VSRQXMH ZáDVQ<br />
PDJLVWUDO GDQ\FK D WHRUHW\F]QD SU]HSXVWRZR ü SRGV\VWHPX SDPL FL Z]UDVWD OLQLRZR<br />
ZUD] ] OLF]E SURFHVRUyZ Z SU]HFLZLH VWZLH GR DUFKLWHNWXU\ VWRVRZDQHM SU]H] ILUP<br />
,QWHOZNWyUHMZVSyOQDPDJLVWUDODSDPL FLG]LHORQDMHVWPL G]\]DLQVWDORZDQHZV\VWHPLH<br />
PLNURSURFHVRU\-H HOLGDQHSRWU]HEQHMHGQHPX]SURFHVRUyZ]QDMGXM VL ZORNDOQ\P<br />
EORNXSDPL FLLQQHJRSURFHVRUDSU]HV\áDQHV PDJLVWUDO +\SHU7UDQVSRUW]V]\ENR FL<br />
SRUyZQ\ZDOQ ]REHFQ\PLUR]ZL ]DQLDPLZ\PDJDM F\PLSR UHGQLFWZDPRVWNDSyáQRFQHJR<br />
FKLSVHWXMH HOLGDQH]QDMGXM VLHüEH]SR UHGQLRZORNDOQHMSDPL FLSURFHVRUDGRVW SGR<br />
QLFKMHVWRZLHOHV]\EV]\
$QDWRPLD3&<br />
5\VXQHN$<br />
$UFKLWHNWXUD<br />
V\VWHPX<br />
ZLHORSURFHVRURZHJR<br />
RSDUWHJRRMHGQRVWNL<br />
$0'2SWHURQ<br />
3U]\NáDGRZ\ VFKHPDW PLNURNRPSXWHUD F]WHURSURFHVRURZHJR ]EXGRZDQHJR Z RSDUFLX<br />
RXNáDG\$0'2SWHURQSU]HGVWDZLRQRQDU\VXQNX$<br />
3ODWIRUP\VSU]öWRZHGODSURFHVRUÑZ+DPPHU<br />
6RFNHW<br />
3ODWIRUPD6RFNHWPLDáDSLHUZRWQLHE\üSRGVWDZ NRPSXWHUyZZ\SRVD RQ\FKZSUR<br />
FHVRU\$0'$WKORQ0QLHMV]DZVWRVXQNXGRJQLD]G6RFNHWL6RFNHWOLF]ED<br />
Z\SURZDG]H RNXSLRQD]RVWDáDRJUDQLF]HQLHPPR OLZR FLNRQWUROHUDSDPL FLGRREVáXJL<br />
MHGQHJRNDQDáXVWDQGDUGRZHMQLHEXIRURZDQHMSDPL FL''56'5$0PDNV\PDOQDREVáX<br />
JLZDQDF] VWRWOLZR üWDNWRZDQLDSRGV\VWHPXSDPL FLZ\QRVL0+]FRRGSRZLDGD<br />
VWDQGDUGRZL3&RUD]]PQLHMV]HQLHPOLF]E\PR OLZ\FKGRGRSURZDG]HQLDGRSURFH<br />
VRUDá F]+\SHU7UDQVSRUWSRQLHZD SURFHVRU\$WKORQQLHPRJ E\üX \ZDQHZNRQ<br />
ILJXUDFMDFKZLHORSURFHVRURZ\FKZ\VWDUF]DM FHMHVWGODQLFKMHGQRá F]HSU]H]QDF]RQH<br />
GRFHOyZNRPXQLNDFML]]HVWDZHPXNáDGyZVWHUXM F\FK<br />
2VWDWQLRILUPD$0']UH]\JQRZDáD]UR]ZLMDQLDZHUVMLSURFHVRUD$WKORQGODJQLD]GD<br />
6RFNHWSU]H]QDF]DM FGODQLHJRJQLD]GR6RFNHW:]ZL ]NX]W GHF\]M MHG\<br />
Q\PLSURFHVRUDPLMDNLHE G SURGXNRZDQHGODJQLD]GD6RFNHWV MHGQRVWNL$0'<br />
6HPSURQ3RZRGHPWHMGHF\]MLMHVWFK üSRSUDZ\ZL]HUXQNXU\QNRZHJRSURFHVRUyZ$0'<br />
$WKORQZLHOXX \WNRZQLNyZXQLNDáRLFK]SRZRGXREVáXJLW\ONRMHGQHJRNDQDáXSD<br />
PL FLFKRüQLHPLDáRWRZLHONLHJRZSá\ZXQDZ\GDMQR üW\FKMHGQRVWHNRUD]]PQLHM<br />
V]HQLHNRV]WyZSURGXNFMLGRáR HQLHGUXJLHJRNDQDáXSDPL FLXPR OLZLáRGZXNURWQH<br />
]PQLHMV]HQLHUR]PLDUyZSDPL FLSRGU F]QHMGUXJLHJRSR]LRPXSU]\]DFKRZDQLXSRGREQHM<br />
Z\GDMQR FL
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
6RFNHW<br />
3RGVWDZRZ\W\SJQLD]GDSLHUZV]\FKSURFHVRUyZ]URG]LQ\+DPPHU&Dá\F]DV]WHJR<br />
W\SXSRGVWDZNLNRU]\VWDM SURFHVRU\VHULL$0'2SWHURQ*QLD]GR6RFNHWXPR OLZLD<br />
REVáXJ GZyFK NDQDáyZ EXIRURZDQ\FK SDPL FL ''56'5$0RF] VWRWOLZR FL WDNR<br />
ZDQLDGR0+]VWDQGDUG3&OXE0+]VWDQGDUG3&RUD]WU]HFKá F]<br />
+\SHU7UDQVSRUWFRXPR OLZLDQDZL ]DQLHSRá F]HQLD]WU]HPDSURFHVRUDPLOXEXNáDGDPL<br />
WRZDU]\V] F\PL:\PyJX \ZDQLDPRGXáyZEXIRURZDQ\FKDQJ UHJLVWHUHGMHVWEH]<br />
Z]JO GQ\<br />
3ODWIRUPD6RFNHWE\áDWH FKZLORZRZ\NRU]\VW\ZDQDSU]H]SURFHVRU\$0'$WKORQ<br />
);E G FHZU]HF]\ZLVWR FLSU]HPLDQRZDQ\PLMHGQRVWNDPL2SWHURQ]MHGQRSURFH<br />
VRURZ\FKVHULL[[3URFHVRU\$WKORQ);ZZHUVML6RFNHWREVáXJLZDá\F] VWR<br />
WOLZR üWDNWRZDQLDSRGV\VWHPXSDPL FLUyZQ 0+]VWDQGDUG3&LMHGQRW\ONR<br />
á F]H+\SHU7UDQVSRUW:\PDJDQHSU]H]QLHEXIRURZDQHPRGXá\SDPL FLV Z\UD QLH<br />
GUR V]HRGQLHEXIRURZDQ\FKDGRWHJRZ\PyJWDNLXQLHPR OLZLDZ\NRU]\VWDQLHPRGXáyZ<br />
SDPL FLX \ZDQ\FKZSRSU]HGQLPNRPSXWHU]H]WHJRSRZRGXSURFHVRU\$WKORQ);<br />
FLHV]\á\VL QLHZLHONLP]DLQWHUHVRZDQLHPDREHFQLHQRZHLFKRGPLDQ\GRVW SQHV MX<br />
GODSODWIRUP\6RFNHWZVSyáG]LHORQHM]HVWDQGDUGRZ\PLMHGQRVWNDPL$WKORQ<br />
6RFNHW<br />
$0'2SWHURQ<br />
2EHFQLHSRGVWDZRZDSODWIRUPDSUDF\SURFHVRUyZ$WKORQRUD]$WKORQ);*QLD]GR<br />
6RFNHWSU]\VWRVRZDQHMHVWGRREVáXJLGZyFKNDQDáyZVWDQGDUGRZHMQLHEXIRURZD<br />
QHMSDPL FL''56'5$0RUD]MHGQHJRá F]D+\SHU7UDQVSRUW2EVáXJLZDQHV PRGXá\<br />
SDPL FL''56'5$0',00WDNWRZDQH]HJDUHPGR0+]VWDQGDUG3&<br />
=DQLNUy QLFPL G]\SURFHVRUDPL$WKORQL$WKORQ);Z]DNUHVLHOLF]E\REVáXJLZD<br />
Q\FKNDQDáyZSDPL FLREDPRGHOHREVáXJXM GZDNDQDá\SDPL FLVSRZRGRZDá HMHG\<br />
Q\PF]\QQLNLHPZSá\ZDM F\PQDZ\VW SXM FHPL G]\QLPLUy QLFHZZ\GDMQR FLSU]\WHM<br />
VDPHMF] VWRWOLZR FLWDNWRZDQLDMHVWUR]PLDUSDPL FLSRGU F]QHMGUXJLHJRVWRSQLD/<br />
$WKORQ);Z\SRVD RQ\MHVW0%SDPL FL/SRGF]DVJG\$WKORQ²Z.%<br />
2SWHURQQRV] F\NRGRZ QD]Z 6OHGJHKDPPHUWRREHFQLHRNU WIODJRZ\ILUP\$0'<br />
3LHUZV]DQDMEDUG]LHMUR]EXGRZDQDLQDMHIHNW\ZQLHMV]DUHDOL]DFMDDUFKLWHNWXU\+DPPHU<br />
Eá\V]F]\ QLH W\ONR QRZRF]HVQ\PL UR]ZL ]DQLDPL WHFKQLF]Q\PL DOH WH Z\GDMQR FL <br />
VHUZHU\Z\SRVD RQHZSURFHVRU\2SWHURQQDZL ]XM UyZQ ZDON ]XNáDGDPL,QWHO;HRQ<br />
DF] VWR]QLPLQDZHWZ\UD QLHZ\JU\ZDM <br />
3URFHVRU\2SWHURQZ\VW SXM ZWU]HFKRGPLDQDFK<br />
t 0RGHOH[[SU]H]QDF]RQHV GRVWDFMLURERF]\FKRUD]PDá\FKVHUZHUyZ=WU]HFK<br />
á F]\+\SHU7UDQVSRUW DGQHQLHREVáXJXMHSURWRNRáX]DFKRZDQLDVSyMQR FLSDPL FL<br />
SRGU F]QHMSU]H]FRSURFHVRUWHQQLHPR HE\üX \ZDQ\ZNRQILJXUDFMDFK<br />
ZLHORSURFHVRURZ\FK
$QDWRPLD3&<br />
t 0RGHOH[[SU]H]QDF]RQHV GRZ\VRNRZ\GDMQ\FKVWDFMLURERF]\FKRUD] UHGQLFK<br />
VHUZHUyZ-HGQR]WU]HFKá F]\+\SHU7UDQVSRUWREVáXJXMHSURWRNyá]DFKRZDQLD<br />
VSyMQR FLSDPL FLSRGU F]QHMFRXPR OLZLDVWRVRZDQLHGRGZyFKWDNLFKMHGQRVWHN<br />
t 0RGHOH[[SU]H]QDF]RQHV GRQDMZ\ V]HMNODV\VHUZHUyZ:V]\VWNLHWU]\á F]D<br />
+\SHU7UDQVSRUWREVáXJXM SURWRNyá]DFKRZDQLDVSyMQR FLSDPL FLSRGU F]QHM<br />
FRXPR OLZLDEXGRZDQLHGRZROQLHVNDORZDOQ\FKNRQILJXUDFMLZLHORSURFHVRURZ\FK<br />
SU]\F]\PQDUD]LHGRSXV]F]DOQ\MHVWPRQWD GRR PLXMHGQRVWHNZMHGQ\PV\VWHPLH<br />
3URFHVRU\2SWHURQV WH SLHUZV]\PLMHGQRVWNDPLNWyUHRWU]\PDá\R]QDF]HQLDQLHED]XM <br />
FHQDF] VWRWOLZR FL]HJDUDWDNWXM FHJRXNáDGOXEZ\GDMQR FLSRUyZQDZF]HMZVWRVXQNXGR<br />
NRQNXUHQF\MQ\FKXNáDGyZ'ZLHRVWDWQLHF\IU\R]QDF]HQLDSURFHVRUyZ2SWHURQR]QDF]DM<br />
Z\GDMQR üSURFHVRUDPLHU]RQ ZDEVWUDNF\MQ\FKMHGQRVWNDFK:V]HONLHSRUyZQDQLDZ\GDM<br />
QR FLED]XM FHQDR]QDF]HQLDFKPR OLZHV SU]H]WRMHG\QLHZUDPDFKURG]LQ\2SWHURQ<br />
3RUyZQDQLH SDUDPHWUyZ GRVW SQ\FK REHFQLH PRGHOL SURFHVRUyZ $0' 2SWHURQ ]QDM<br />
GXMHVL ZWDEHOL$<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'2SWHURQ<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
[ [ [ [ [ [<br />
5,6&<br />
—P62,<br />
=HJDU&38>0+]@ <br />
à F]D+\SHU7UDQVSRUW>0+]@<br />
/FDFKHNRG<br />
/FDFKHGDQH<br />
/FDFKH<br />
.RQILJXUDFMDZLHORSURFHVRURZD<br />
.RQWUROHUSDPL FL<br />
/LF]EDMHGQRVWHNZ\NRQDZF]\FK<br />
0+]SU]HV\á''5ELW*%VQDá F]H<br />
.%[$VVRFLDWLYHSDU]\VWR ü<br />
.%[$VVRFLDWLYH(&&<br />
.%[$VVRFLDWLYH(&&WU\E([FOXVLYH<br />
[[²QLH<br />
[[²V\VWHP\GZXSURFHVRURZH<br />
[[²V\VWHP\ZLHORSURFHVRURZHMHGQRVWHNPD[<br />
NDQDá\''56'5$0F] VWRWOLZR üPDNV\PDOQDOXE<br />
0+]Z]DOH QR FLRGGDW\SURGXNFMLZ\á F]QLHEXIRURZDQH<br />
PRGXá\''56'5$0',00(&&53&3&<br />
MHGQRVWNLDGUHVRZH<br />
MHGQRVWNLDU\WPHW\F]QH<br />
MHGQRVWNL]PLHQQRSU]HFLQNRZH<br />
*á ERNR üSRWRNyZZ\NRQDZF]\FK ,17)3<br />
:\NRQ\ZDQLHSR]DNROHMQR FL 22(<br />
5R]PLDU%7%<br />
9&25(>9@<br />
7DN<br />
<br />
²9<br />
3REyUPRF\>:@ : : : : : :<br />
6WRVSRZURWyZ<br />
3U]HPLDQRZ\ZDQLHUHMHVWUyZ<br />
3RGVWDZND<br />
WDNSR]\FML<br />
WDN<br />
6RFNHW
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
$0'$WKORQ);<br />
3URFHVRU\ $WKORQ ); VNLHURZDQH V GR X \WNRZQLNyZ SURVW\FK VWDFML URERF]\FK<br />
RUD]EDUG]RZ\GDMQ\FKNRPSXWHUyZRVRELVW\FK3LHUZV]HLFKRGPLDQ\E\á\ZU F]SR<br />
SURVWX SU]HPLDQRZDQ\PL SURFHVRUDPL 2SWHURQ ] MHGQRSURFHVRURZHM VHULL [[ SUDFR<br />
ZDá\ZSá\WDFKJáyZQ\FK6RFNHWSU]H]QDF]RQ\FKGOD2SHURQyZLZ\PDJDá\REVD<br />
G]HQLDGZyFKNDQDáyZSDPL FLEXIRURZDQ\PLPRGXáDPL''56'5$0',00(&&<br />
6SRZRGRZDáRWRQLHZLHONLH]DLQWHUHVRZDQLHW\PLXNáDGDPL<br />
2EHFQHPRGHOHSURFHVRUyZ$0'$WKORQ);SUDFXM Z]HVWDQGDU\]RZDQ\FKSá\WDFK<br />
JáyZQ\FK6RFNHWLZ\PDJDM X \FLDGZyFKNDQDáyZREVDG]RQ\FKVWDQGDUGRZ\PL<br />
QLHEXIRURZDQ\PLPRGXáDPL''56'5$0',00RF] VWRWOLZR FLWDNWRZDQLDGR<br />
0+]VWDQGDUG3&<br />
$WKORQ ); SU]HM á SR VZRLP ÄVWDUV]\P EUDFLH´ V\VWHP R]QDF]DQLD Z\GDMQR FL ]D<br />
SRPRF OLF]EQLHED]XM F\FKZRJyOHQDF] VWRWOLZR FLWDNWRZDQLDOXEZ\GDMQR FLSR<br />
UyZQDZF]HM8NáDG\$WKORQ);]QDNRZDQHV GZXF\IURZ\PLOLF]EDPLDLFKR]QD<br />
F]HQLDPRJ E\üZ\]QDF]QLNLHPZ\GDMQR FLZ\á F]QLHZUDPDFKURG]LQ\SURFHVRUyZ<br />
:PRPHQFLHSLVDQLDW\FKVáyZQDU\QNXGRVW SQHE\á\PRGHOH);RUD]);LSU]\<br />
JRWRZ\ZDQDE\áDSUHPLHUDZHUVML);<br />
3RGVWDZRZHGDQHWHFKQLF]QHZV]\VWNLFKGRVW SQ\FKREHFQLHPRGHOLSURFHVRUyZ$0'<br />
$WKORQ);GODSODWIRUP6RFNHWRUD]6RFNHWSU]HGVWDZLRQH]RVWDá\ZWD<br />
EHOL$<br />
$0'$WKORQ<br />
$WKORQMHVWQDMSURVWV]\PELWRZ\PPRGHOHPSURFHVRUD]URG]LQ\+DPPHU3LHUZV]H<br />
ZHUVMHSU]H]QDF]RQHGODSODWIRUP\6RFNHWREVáXJLZDá\MHG\QLHMHGHQNDQDáQLHEX<br />
IRURZDQHMSDPL FL''56'5$0FRQLH]QDF]QLHRJUDQLF]DáRZ\GDMQR üZVWRVXQNXGR<br />
GZXNDQDáRZHJRPRGHOX$WKORQ);2EHFQLH]DUyZQR$WKORQMDNL$WKORQ);<br />
SURGXNRZDQHV Z\á F]QLHZZHUVML6RFNHW]DSHZQLDM FHMREVáXJ GZyFKNDQDáyZ<br />
QLHEXIRURZDQHMSDPL FL''56'5$0<br />
8NáDG\$WKORQ]QDNRZDQHV ZVSRVyE]JRGQ\]GRW\FKF]DVSURGXNRZDQ\PLSURFH<br />
VRUDPL$WKORQ;3]DSRPRF F]WHURF\IURZHMOLF]E\RUD]]QDNXÄ´2]QDF]HQLHSURFH<br />
VRUDR]QDF]DWHRUHW\F]Q F] VWRWOLZR üWDNWRZDQLDXNáDGX$WKORQ]VHULL7KXQGHUELUG<br />
NWyU\RVL JDáE\SRGREQ Z\GDMQR ü2]QDF]HQLDWHPR QDUyZQLH ]SHZQ QLH FLVáR<br />
FL SU]\UyZQ\ZDüGRF] VWRWOLZR FLWDNWRZDQLDSURFHVRUyZ,QWHO3HQWLXPQLHPDWX<br />
MHGQDNGRNáDGQHMNRUHODFMLPL G]\R]QDF]HQLHP$0'LF] VWRWOLZR FL WDNWRZDQLDSUR<br />
FHVRUyZ3HQWLXP<br />
3RGVWDZRZHGDQHWHFKQLF]QHZV]\VWNLFKGRVW SQ\FKREHFQLHPRGHOLSURFHVRUyZ$0'<br />
$WKORQGODSODWIRUP6RFNHWRUD]6RFNHWSU]HGVWDZLRQH]RVWDá\ZWDEHOL$
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'$WKORQ);<br />
); ); );<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P62,<br />
=HJDU&38>0+]@ <br />
à F]H+\SHU7UDQVSRUW>0+]@<br />
/FDFKHNRG<br />
/FDFKHGDQH<br />
/FDFKH<br />
.RQILJXUDFMDZLHORSURFHVRURZD<br />
.RQWUROHUSDPL FL<br />
/LF]EDMHGQRVWHNZ\NRQDZF]\FK<br />
0+]SU]HV\á''5ELW*%V<br />
.%[$VVRFLDWLYHSDU]\VWR ü<br />
.%[$VVRFLDWLYH(&&<br />
.%[$VVRFLDWLYH(&&WU\E([FOXVLYH<br />
1LH<br />
NDQDá\''56'5$0F] VWRWOLZR ü<br />
PDNV\PDOQD0+]Z\á F]QLH<br />
EXIRURZDQHPRGXá\''56'5$0<br />
',00(&&53&3&<br />
MHGQRVWNLDGUHVRZH<br />
MHGQRVWNLDU\WPHW\F]QH<br />
MHGQRVWNL]PLHQQRSU]HFLQNRZH<br />
*á ERNR üSRWRNyZZ\NRQDZF]\FK ,17)3<br />
:\NRQ\ZDQLHSR]DNROHMQR FL 22(<br />
5R]PLDU%7%<br />
9&25(>9@<br />
7DN<br />
<br />
²9<br />
NDQDá\''5<br />
6'5$0<br />
F] VWRWOLZR ü<br />
PDNV\PDOQD<br />
0+]<br />
QLHEXIRURZDQH<br />
PRGXá\''5<br />
6'5$0',00<br />
3&3&<br />
3REyUPRF\>:@ : : :<br />
6WRVSRZURWyZ<br />
3U]HPLDQRZ\ZDQLHUHMHVWUyZ<br />
$0'6HPSURQ<br />
WDNSR]\FML<br />
3RGVWDZND 6RFNHW 6RFNHW 6RFNHW<br />
$0'6HPSURQWRQRZDJDá SURGXNWyZILUP\$0'VNLHURZDQDGRQDMPQLHMZ\PDJDM <br />
F\FKX \WNRZQLNyZGODNWyU\FKOLF]\VL SU]HGHZV]\VWNLPNRV]WNRPSXWHUDDQLHMHJR<br />
Z\GDMQR ü3URFHVRU\6HPSURQE G VL FLHV]\üQDMZL NV]\PSRZRG]HQLHPZ UyGNOLHQ<br />
WyZNRUSRUDF\MQ\FKGODNWyU\FKZ\GDMQR üREHFQLHSURGXNRZDQ\FKMHGQRVWHNLWDNMHVW<br />
EDUG]LHMQL Z\VWDUF]DM FDDQDZHWQLHZLHONDRV]F] GQR üSRF]\QLRQDQDMHGQ\PNRPSX<br />
WHU]H]QDF] FR]PQLHMV]DFHQ ]DNXSXG]LHVL WHNOXEVHWHN]HVWDZyZNRPSXWHURZ\FK<br />
3URFHVRU\6HPSURQVSU]HGDZDQHV ZWU]HFKRGPLDQDFK<br />
WDN
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ$0'$WKORQ<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P62,<br />
=HJDU&38>0+]@ <br />
à F]H+\SHU7UDQVSRUW>0+]@<br />
/FDFKHNRG<br />
/FDFKHGDQH<br />
/FDFKH<br />
.RQILJXUDFMDZLHORSURFHVRURZD<br />
.RQWUROHUSDPL FL<br />
/LF]EDMHGQRVWHNZ\NRQDZF]\FK<br />
0+]SU]HV\á''5ELW*%V<br />
.%[<br />
$VVRFLDWLYH(&&<br />
WU\E([FOXVLYH<br />
NDQDá''5<br />
6'5$0<br />
F] VWRWOLZR ü<br />
PDNV\PDOQD<br />
0+]<br />
QLHEXIRURZDQH<br />
PRGXá\''5<br />
6'5$0',00<br />
3&3&<br />
.%[$VVRFLDWLYHSDU]\VWR ü<br />
.%[$VVRFLDWLYH(&&<br />
.%[$VVRFLDWLYH(&&<br />
WU\E([FOXVLYH<br />
1LH<br />
NDQDá\''56'5$0F] VWRWOLZR ü<br />
PDNV\PDOQD0+]QLHEXIRURZDQH<br />
PRGXá\''56'5$0',00<br />
3&3&<br />
MHGQRVWNLDGUHVRZH<br />
MHGQRVWNLDU\WPHW\F]QH<br />
MHGQRVWNL]PLHQQRSU]HFLQNRZH<br />
*á ERNR üSRWRNyZZ\NRQDZF]\FK ,17)3<br />
:\NRQ\ZDQLHSR]DNROHMQR FL 22(<br />
5R]PLDU%7%<br />
9&25(>9@<br />
7DN<br />
<br />
²9<br />
3REyUPRF\>:@ : : :<br />
6WRVSRZURWyZ<br />
3U]HPLDQRZ\ZDQLHUHMHVWUyZ<br />
WDNSR]\FML<br />
3RGVWDZND 6RFNHW 6RFNHW 6RFNHW<br />
t ZHUVMD6RFNHW$WRWDNQDSUDZG SURFHVRU$0'$WKORQ;3PRGHO7KRUWRQ<br />
F] VWRWOLZR üWDNWRZDQLD)6%0+]OXE0+].%SDPL FL<br />
SRGU F]QHM/<br />
t ZHUVMD6RFNHWPDXPR OLZLüSRVLDGDF]RPSá\WJáyZQ\FK6RFNHW<br />
Z\SRVD RQ\FKZMHGHQNDQDáQLHEXIRURZDQHMSDPL FL''56'5$0Z\PLDQ<br />
Z\FKRG] F\FK]SURGXNFMLSURFHVRUyZ$0'$WKORQZZHUVML6RFNHW<br />
QDQRZV]HV]\EV]HSURFHVRU\ELWRZH<br />
t ZHUVMD6RFNHWPD]NROHLXPR OLZLüWDN Z\PLDQ SRVLDGDF]RPSá\WJáyZQ\FK<br />
6RFNHWZ\SRVD RQ\FKZGZDNDQDá\EXIRURZDQHMSDPL FL''56'5$0<br />
Z\PLDQ Z\FKRG] F\FK]SURGXNFMLSURFHVRUyZ$0'$WKORQ);ZZHUVML<br />
6RFNHWQDQRZV]HV]\EV]HSURFHVRU\ELWRZH<br />
7DN
$QDWRPLD3&<br />
3URFHVRU\$0'6HPSURQQDZHWWHZ\ZRG] FHVL EH]SR UHGQLR]URG]LQ\$0'Uy <br />
QL VL RGSR]RVWDá\FKMHGQRVWHN$0'QDVW SXM F\PLFHFKDPL<br />
t EUDNELWRZHJRWU\EXSUDF\RUD]ZV]\VWNLFKIXQNFML]QLP]ZL ]DQ\FK<br />
t EUDNPHFKDQL]PXRFKURQ\]DZDUWR FLVWURQSDPL FLSU]HGZ\NRQDQLHPSU]H]<br />
SURFHVRU]QDMGXM FHJRVL ZQLFKNRGXELW1;<br />
t .%SRMHPQR FLSDPL FLSRGU F]QHM/<br />
:FKZLOLSLVDQLDW\FKVáyZILUPD$0']DSRZLDGDáDUR]SRF] FLHVSU]HGD \QDVW SXM <br />
F\FKMHGQRVWHN]URG]LQ\$0'6HPSURQ<br />
0RGHO 1D]ZDNRGRZD 3RGVWDZND<br />
6HPSURQ 7KRUWRQ 6RFNHW$<br />
6HPSURQ 7KRUWRQ 6RFNHW$<br />
6HPSURQ 7KRUWRQ 6RFNHW$<br />
6HPUSRQ 3DULV 6RFNHW<br />
3URFHVRU\ILUP\&\UL[<br />
&\UL[ZSRGVWDZFH6RFNHWVWDQRZLáVZHJRF]DVXLQWHUHVXM F DOWHUQDW\Z GODGX R<br />
GUR V]\FKFKLSyZZ\WZDU]DQ\FKSU]H],QWHO%\áUyZQLH WD V]\RGSRUyZQ\ZDOQ\FK<br />
SURGXNWyZ$0'<br />
5RG]LQD[0<br />
2PDZLDQ\SURFHVRUU\VXQHN$VWDQRZLáZVSyOQHG]LHáRILUP&\UL[,%0L6*67KRP<br />
SVRQ-DNREDUG]RRU\JLQDOQ\LRV]F] GQ\SURMHNW]GRáDá]QDOH üGODVLHELHPLHMVFHQD<br />
U\QNX3&LSR]\VNDüJURQRJRU F\FK]ZROHQQLNyZ<br />
&DáNRZLWD]JRGQR ü]3HQWLXPE\áDQLHVWHW\PRFQRSUREOHPDW\F]QD3URFHVRURP&\UL[<br />
EUDNRZDáRSRQDGWRIXQNFMLZHZQ WU]QHJRVWRSHUD76&7LPH6WDPS&RXQWHURUD]PR <br />
OLZR FLQDG]RUX3HUIRUPDQFH0RQLWRULQJ<br />
/LF]QLNF]DVX76&FKRFLD QLHVWDQRZLáRERZL ]NRZHJRHOHPHQWXDUFKLWHNWXU\[E\á<br />
FK WQLHZ\NRU]\VW\ZDQ\SU]H]Uy QHDSOLNDFMH-HJRIL]\F]QDQLHREHFQR üZV\VWHPLH<br />
PRJáD]DOH QLHRGVW\OXSURJUDPRZDQLD]DRZRFRZDüUy Q\PLVNXWNDPLXERF]Q\PL<br />
2JUDQLF]RQHV IXQNFMH OHG]HQLDDSUDFDZV\VWHPLHZLHORSURFHVRURZ\PPR OLZDMHVW<br />
Z\á F]QLH]JRGQLH]NRQFHSFM 2SHQ3,&NWyUD]XSHáQLHQLHSDVXMHGRPRGXáX$3,&<br />
]LQWHJURZDQHJR]SURFHVRUDPL3HQWLXP6SRURNáRSRWyZSU]\VSDU]DEUDNLQVWUXNFMLERWKF<br />
DZáD FLZLHMHM]DEORNRZDQLH1LHNWyUHDSOLNDFMHVSUDZG]DM ERZLHPSU]HGSU]\VW SLHQLHP<br />
GRSUDF\W\SSURFHVRUD]DLQVWDORZDQHJRZV\VWHPLH3URFHVRU[ZNRQILJXUDFMLVWDQ<br />
GDUGRZHMQLH]QDNRGXWHJRUR]ND]XLV\VWHP]DWU]\PXMHVL V\JQDOL]XM FEá GWDNMDN
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD&\UL[<br />
;0<br />
$GGUHVV<br />
<br />
'DWD<br />
<br />
$GGUHVV<br />
<br />
&DFKH8QLW<br />
/8QLILHG&DFKH<br />
N%<br />
,QVWUXFWLRQ<br />
/LQH&DFKH<br />
E\WHFRGH<br />
'DWD<br />
<br />
'DWD;<br />
<br />
'DWD<<br />
<br />
)38'DWD<br />
<br />
&RGH<br />
<br />
,QVWU<br />
$GGUHVV<br />
<br />
&RQWURO<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
,)<br />
,'<br />
,' ,'<br />
$& $&<br />
$& $&<br />
(; (;<br />
:% :%<br />
)38<br />
&ORFN<br />
/LQHDU<br />
$GGUHVV<br />
;<br />
<br />
<br />
/LQHDU<br />
$GGUHVV<br />
<<br />
0HPRU\0DQDJHPHQW8QLW<br />
&38&RUH<br />
3K\VLFDO<br />
$GGUHVV<br />
;<br />
<br />
3K\VLFDO<br />
$GGUHVV<br />
<<br />
<br />
ZSU]\SDGNXQDSRWNDQLDLQVWUXNFMLR]DEURQLRQ\PNRG]LH.RQILJXUDFM SURFHVRUDPR QDQD<br />
V]F] FLH]PLHQLü'RNRQXMHVL WHJRQDSU]\NáDG]DSRPRF SURJUDPX&; 8VWD<br />
ZLRQDNRQILJXUDFMDRERZL ]XMHGRQDVW SQHJRUHVWDUWXV\VWHPX3RZ\ V]HXZDJLRGQRV]<br />
VL Z\á F]QLHGRSURFHVRUyZVHULL[LQLHGRW\F] QDVW SQHMJHQHUDFML0;L0<br />
8 \WNRZQLF\SU]\]Z\F]DMHQLGRMDVQR]GHILQLRZDQHMF] VWRWOLZR FLWDNWRZDQLDSURFH<br />
VRUD PRJOL F]Xü VL QLHFR ]DJXELHQL 3URGXNW\ ,%0&\UL[ ]QDNRZDQH E\á\ Z VSRVyE<br />
RGPLHQQ\RGSRZV]HFKQLHSU]\M WHJR1DREXGRZLHGUXNRZDQRZVSyáF]\QQLN353HQ<br />
WLXP5DWLQJF]\OLUyZQRZD QLNPRF\REOLF]HQLRZHMGDQHJR&38ZRGQLHVLHQLXGRSUR<br />
FHVRUD3HQWLXP-HV]F]HZF]H QLHMGROLF]E\35GRá F]DQ\E\á]QDNÄ´PDM F\ZVND<br />
]\ZDüQD]DOH QR üÄOHSV]\OXEFRQDMPQLHMUyZQ\´<br />
:\QLNLQLHNWyU\FKSURJUDPyZWHVWXM F\FKSRWZLHUG]Dá\SUDZRGRQRV]HQLDVWRVRZQHMHW\<br />
NLHW\3[[[0RGHO[3LVWRWQLHRVL JDáSDUDPHWU\SRUyZQ\ZDOQH]3HQWLXP<br />
6\VPDUN17<br />
[0+]3 <br />
3HQWLXP0+] <br />
6\VPDUN<br />
3RPLDU\SU]HSURZDG]RQHZ UyGSR]RVWDá\FKSURFHVRUyZSURZDG] GRXVWDQRZLHQLDQD<br />
VW SXM FHJRSU]\SRU] GNRZDQLD<br />
&\UL[ 0+]3 0+]3 0+]3 0+]3<br />
,QWHO 3HQWLXP0+] 3HQWLXP0+] 3HQWLXP0+] 3HQWLXP0+]<br />
<br />
:\ZRáDQLHSURJUDPXEZOCRGPERWKFGP
$QDWRPLD3&<br />
:DUWRSU]\MU]HüVL GRNáDGQLHMMDNLFKV]WXF]HNX \ZDSURFHVRU&\UL[E\PLPRPQLHM<br />
V]\FKF] VWRWOLZR FLWDNWRZDQLDRVL JDüW VDP Z\GDMQR üFRMHJRJáyZQ\NRQNXUHQW<br />
3RGVWDZRZ FHFK WHMDUFKLWHNWXU\E\áDQLHZ WSOLZLHMHGQROLWDSDPL üSRGU F]QDGODNRGX<br />
LGDQ\FK8QLILHG&DFKH.RQFHSFMDWDSR]ZDODáDQDZL NV] HODVW\F]QR üD]DUD]HP<br />
LSU GNR üZ]DU] G]DQLXSDPL FL SRGU F]Q 1LHEH]SLHF]H VWZRZ]DMHPQHJRZ\U]XFDQLD<br />
VL SDUWLLNRGXLGDQ\FK7UDVKLQJOLNZLGRZDQRSRSU]H]ZSURZDG]HQLHPDáHMEDMWRZHM<br />
SDPL FLSRGU F]QHM,QVWUXFWLRQ/LQH&DFKHGHG\NRZDQHMZ\á F]QLHGODNRGXUR]ND<br />
]yZ'RVW SGR.%SDPL FLSRGU F]QHMPR OLZ\E\áGODRE\GZXSRWRNyZMHGQRF]H<br />
QLH'XDO3RUWHG&DFKH<br />
5HDOL]DFMDLQVWUXNFML[RGE\ZDáDVL ZVSRVyEQDWXUDOQ\²M GURSURFHVRUDSUDFRZDáR<br />
Z WU\ELH &,6& 3U]HWZDU]DQLH PLDáR PLHMVFH Z GZyFK UyZQROHJá\FK SRWRNDFK R]QD<br />
F]DQ\FKSU]H]&\UL[MDNR;L
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ&\UL[0<br />
$UFKLWHNWXUD<br />
35 35 35<br />
[1DWLYH<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ $<br />
0QR QLN%) î î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKHRQ&KLS<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
.%8QLILHG&DFKH&RGH'DWDî$VVRFLDWLYH/LQHV<br />
%\WH,QVWUXFWLRQ/LQH&DFKH/LQHV<br />
ã<br />
)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
%UDQFK7DUJHW%XIIHU<br />
<br />
<br />
<br />
9 &25( >9@ % &<br />
9 ,2 >9@ <br />
3REyUPRF\W\S>:@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
3HUIRUPDQFH0RQLWRULQJ<br />
7LPH6WDPS&RXQWHU<br />
3RGVWDZND<br />
<br />
´<br />
ã<br />
ã<br />
6RFNHW<br />
$ 3UDFDZW\PWU\ELHZ\PDJDREVáXJL]HVWURQ\Sá\W\JáyZQHMVWDQGDUGRZDF] VWRWOLZR üPDNV\PDOQDGODPDJLVWUDOL<br />
Z\QRVLMHG\QLH0+]<br />
% 0RGHOHVHULL0Z\NRQ\ZDQHZWHFKQRORJLL—P]DMPXM PP VWUXNWXU\NU]HPRZHM'LH<br />
& 1RZHXNáDG\VHULL05FKDUDNWHU\]XM VL PQLHMV]\PSRERUHPPRF\LZ\PDJDM GZyFKQDSL ü]DVLODM F\FK6SOLW9ROWDJH<br />
:\NRQ\ZDQHZWHFKQRORJLL—P35±35OXE—P35]DMPXM MHG\QLHPP <br />
5RG]LQD0<br />
+LVWRULDZVSyáSUDF\LZ]DMHPQ\FKNRQWDNWyZSRPL G]\ILUPDPL&\UL[L,%0E\áDEDUG]R<br />
]DZLNáDQDFR]QDMGXMHZ\UD QHRGELFLHZV\VWHPLHR]QDF]H SURFHVRUyZ2SUDFRZDQ\<br />
ZILUPLH&\UL[SLHUZRZ]yUFDáHMURG]LQ\[QRVLáSU]H]SHZLHQF]DVSU]\GRPHN0<br />
3URFHVRU&\UL[0U\VXQHN$VWDQRZLZ]DVDG]LHUR]ZLQL FLHPRGHOX[0<br />
SRSU]H]Z]ERJDFHQLHRZL NV] SDPL üSRGU F]Q .%]DPLDVW.%WDEHOD$<br />
3URGXFHQWSR]RVWDáZLHUQ\LGHLZVSyOQHMSDPL FLSRGU F]QHMGODGDQ\FKLNRGX8QLILHG<br />
&DFKH =DFKRZDQ\ ]RVWDá UyZQLH RGVHSDURZDQ\ Z\FLQHN SDPL FL SRGU F]QHM SU]H<br />
]QDF]RQHMZ\á F]QLHQDNRGEDMWyZ1DMLVWRWQLHMV]DLQQRZDFMDWRUR]V]HU]HQLHR]H<br />
VWDZUR]ND]yZ00;NWyU\FKUHDOL]DFMDSU]HELHJDáDZEORNXIXQNF\MQ\P]LQWHJURZDQ\P<br />
]MHGQRVWN ]PLHQQRSU]HFLQNRZ 3U]H]SHZLHQF]DVSURFHVRU\WHMURG]LQ\QRVLá\QDZHW<br />
SU]\GRPHN0;]DPLDVW0
$QDWRPLD3&<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD&\UL[0<br />
$GGUHVV<br />
<br />
'DWD<br />
'DWD<br />
<br />
$GGUHVV<br />
<br />
<br />
&DFKH8QLW<br />
'DW<br />
D<br />
;<br />
/8QLILHG&DFKH<br />
N%<br />
<br />
'DW<br />
D<br />
<<br />
<br />
)3<br />
8<br />
'DW<br />
D<br />
,QVWUXFWLRQ<br />
/LQH&DFKH<br />
E\WHFRGH<br />
<br />
&R<br />
GH<br />
<br />
,QVW<br />
U$<br />
GGU<br />
<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
&3<br />
8<br />
&RU<br />
H<br />
%7% ,17<br />
)38<br />
00;<br />
&RQWURO<br />
/LQHDU<br />
$GGUHVV<br />
;<br />
/LQHDU<br />
$GGUHVV<br />
<<br />
&ORFN<br />
0<br />
08<br />
7/%HQWULHV<br />
7/%HQWULHV<br />
3K\VLFDO<br />
$GGUHVV<br />
;<br />
<br />
3K\VLFDO<br />
$GGUHVV<br />
<<br />
<br />
3RSU]HM FLXILUP\&\UL[SU]H]1DWLRQDO6HPLFRQGXFWRUSU]H]GáX V]\F]DVSR]RVWDZDáD<br />
ZPRF\XPRZDSDUWQHUVND]ILUP ,%0OHF]ZNR FX]RVWDáDZ\SRZLHG]LDQD3URFHVRU\<br />
&\UL[SRZVWDZDá\QDOLQLDFKSURGXNF\MQ\FK,%0D&] üSURGXNFMLRSDWU\ZDQDE\áD<br />
]QDNLHPILUPRZ\P,%0DF] üZUDFDáDGR&\ULNVD6SHFMDOL FLRGPDUNHWLQJXILUP\<br />
&\UL[X]QDOL HX \ZDQ\SU]H]SHZLHQF]DVSU]\URVWHN0SRSU]H]DVRFMDFM ]3HQ<br />
WLXP,,OHSLHMQDGDMHVL GRSURPRFMLZ\UREyZQL Z\VáX RQ\SU]\URVWHN0;NRMDU] F\<br />
VL Z\á F]QLH ] ZV]HFKREHFQ\P VWDQGDUGHP 00; 'OD ]ZL NV]HQLD HIHNWX ]DPLH<br />
QLRQRGRGDWNRZR0QD0,,LWDNSRZVWDáRSy QLHMV]HR]QDF]HQLH0,,SRGNWy<br />
U\PXNU\ZDáDVL MHGQRVWND]URG]LQ\[RPRF\REOLF]HQLRZHMVL JDM FHMSU]\QDMPQLHM<br />
Z ]DNUHVLH DSOLNDFML ELXURZ\FK SR]LRPX SURFHVRUD 3HQWLXP ,, WDNWRZDQHJR ]HJDUHP<br />
0+]7HQVDPSURFHVRUDZ]DVDG]LHMHJRSyáSU]HZRGQLNRZDVWUXNWXUDWUDILDá<br />
QDU\QHNSRG]QDNLHPILUPRZ\P,%0DMDNR[0;35OXE35- GURSURFHVRUD<br />
0,,SU]\VWRVRZDQRGRZVSyáSUDF\]PDJLVWUDO )6%0+]0QR QLNîUR]<br />
SR]QDZDQ\E\áMDNRîW]QXNáDGNRQILJXURZDQ\MHVWGRNáDGQLHWDNMDNLQWHORZVNL<br />
00;7HQVDPSURFHVRUR]QDF]DQ\SU]H],%0MDNR[0;35,%0SU]H<br />
ZLG]LDQ\E\áGRZVSyáSUDF\]PDJLVWUDO )6%0+]<br />
,%0SRVáXJLZDáVL LQQ WHFKQLN SDNRZDQLDFKLSyZGRREXGyZ=DPLDVWNODV\F]QHMIRUP\<br />
á F]HQLD ]D SRPRF FLHQNLFK GUXWyZ %RQGLQJ Sá\WND SyáSU]HZRGQLNRZD RVDG]DQD<br />
E\áDÄGRJyU\QRJDPL´QDPDWU\F\SXQNWyZOXWRZQLF]\FK)OLS&KLS 7RVNUyFHQLHZ\<br />
SURZDG]H ]UHGXNRZDQLHLQGXNF\MQR FLL]PQLHMV]HQLHSU]HVáXFKyZPL G]\SRá F]H<br />
QLRZ\FK SR]ZROLáR QD SRGQLHVLHQLH F] VWRWOLZR FL WDNWRZDQLD D EH]SR UHGQL NRQWDNW<br />
VWUXNWXU\NU]HPRZHM]UDGLDWRUHPSRSUDZLDáSDUDPHWU\WHUPLF]QH']L WHFKQLNDWDVWR<br />
VRZDQDMHVWSRZV]HFKQLHSU]H]ZV]\VWNLFKSURGXFHQWyZ<br />
<br />
7HFKQLN W SDNRZDQHV UyZQLH SURFHVRU\$0'.RUD]QRZV]HPRGHOHSURFHVRUyZ,QWHOSRF] ZV]\<br />
RG3HQWLXP,,0+]REXGRZ\)&3*$L)&3*$
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ&\UL[0<br />
35 35 35<br />
35<br />
35<br />
0<br />
0 0 0;<br />
0,, 0,,<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
=HJDU&38>0+]@ <br />
<br />
[00;1DWLYH<br />
—P<br />
<br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) îî îî îî<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKHRQ&KLS<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
îî<br />
î<br />
î î î î<br />
.%8QLILHG&DFKH&RGH'DWDî$VVRFLDWLYH/LQHV<br />
:ULWH%DFNIRU'DWD%\WH,QVWUXFWLRQ/LQH&DFKH/LQHV<br />
ã<br />
)38<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
7/%<br />
&RGH'DWD&DFKH7/%(QWULHV'LUHFW0DSSHG<br />
/7/%î<br />
%UDQFK7DUJHW%XIIHU<br />
<br />
9 &25( >9@ <br />
<br />
<br />
9 ,2 >9@ <br />
3REyUPRF\>:@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
<br />
´<br />
3HUIRUPDQFH0RQLWRULQJ ´<br />
7LPH6WDPS&RXQWHU ´<br />
3RGVWDZND 6RFNHW3& 6RFNHW6XSHU<br />
$UFKLWHNWXUD0XOHJáDRF]\ZL FLHLVWRWQ\PPRG\ILNDFMRP:VSRPQLHüQDOH \RSU]HEX<br />
GRZDQHMMHGQRVWFH]DU] G]DQLDSDPL FL 008,QWHUHVXM FDMHVWGZXVWRSQLRZDDUFKL<br />
WHNWXUD7/%7UDQVDFWLRQ/RRN$VLGH%XIIHU3LHUZV]\SR]LRP7/%]DZLHUDUH<br />
NRUGyZ]RGZRáDQLDPLGRWDEOLF\GUXJLHJRSR]LRPX7/%RZLHUV]DFK<br />
0E\áW\SRZ\PSU]HGVWDZLFLHOHPNODV\&,6&ERZLHPSU]HWZDU]DáQDWXUDOQHUR]ND]\<br />
[3UDFDSU]HELHJDáDZGZyFKSRWRNDFKDFHQWUDOQ\V\VWHPVWHURZDQLDF]XZDáQDGVWD<br />
á\PLFKQDSHáQLDQLHPSU]HV\áDM FSDUWLHNRGXSR]DNROHMQR FL 2XWRI2UGHU&RPSOHWLRQ<br />
6SHFXODWLYH([HFXWLRQ=DOH QR FLXVXZDQRSRSU]H]SU]HPLDQRZ\ZDQLHUHMHVWUyZ <br />
DGRGDWNRZHSU]\VSLHV]HQLHRVL JDQRG]L NLZF]HVQHPXXGRVW SQLDQLXGDQ\FK<br />
<br />
2SUyF]VWDQGDUGRZ\FKUHMHVWUyZDUFKLWHNWXU\[GRG\VSR]\FMLV GRGDWNRZHUHMHVWU\ELWRZH
$QDWRPLD3&<br />
9L$&\UL[,,,<br />
.RQNXUHQFMDQDU\QNXWDQLFK&38QLHRV]F] G]LáDSURFHVRUD0UyZQLH SRGU] GDPL<br />
ILUP\1DWLRQDO6HPLFRQGXFWRU:SRáRZLHURNX&\UL[VSU]HGDQ\]RVWDá]DPLOLR<br />
QyZGRODUyZWDMZD VNLHMILPLH9L$NWyUDRJáRVLáDNRQW\QXDFM OLQLL&\UL[SRGURERF]<br />
QD]Z -RVKXD3URFHVRU\PLDá\E\üSURGXNRZDQHZREXGRZLH6RFNHWLZ\SRVD RQH<br />
Z.%/8QLILHG:D\RUD].%/<br />
-RVKXDSU]HGVWDZLDáVL ZORJLF]QHMNROHMQR FLMDNRQDVW SQ\F]áRQHNURG]LQ\&\UL[<br />
&\UL[,,,MHGQDNQLJG\QLH]RVWDáZSURZDG]RQ\GRSURGXNFMLVHU\MQHM:W\PF]DVLH<br />
9L$GRNXSLáDMHV]F]HMHGQ XSDGDM F ILUP ]WHMVDPHMEUDQ \ERU\NDM F VL ]H]E\<br />
WHPSURFHVRUyZ:LQ&KLS)LUPD,'7ERRQLHMWXPRZDSODQRZDáDZáD QLHZSURZD<br />
G]HQLHQDU\QHNNROHMQHJRSURFHVRUD]UR]V]HU]HQLDPL00;L '1RZ:LQ&KLS<br />
ZWHG\MHV]F]HGODSRGVWDZNL6RFNHW3RSU]HM FLXSU]H]9L$SURMHNW:LQ&KLSSU]H<br />
PLDQRZDQ\]RVWDáQD6DPXHO1LHZLHONLH]PLDQ\ZDUFKLWHNWXU]HSR]ZROLá\QDLPSOH<br />
PHQWDFM SURWRNRáX*7/WDNE\QRZ\SURFHVRUSDVRZDáGRSRGVWDZNLW\SX:WHQ<br />
VSRVyESRZVWDáGUXJL]NROHLSURFHVRU&\UL[,,,3LHUZV]\]SXEOLF]QLH]DSUH]HQWRZD<br />
Q\FKPRGHOLWDNWRZDQ\E\á]HJDUHP0+]DMHJRPRFREOLF]HQLRZDE\áDQDSR]LRPLH<br />
SURFHVRUD,QWHO&HOHURQ<br />
&KDUDNWHU\VW\F]Q FHFK DUFKLWHNWXU\&\UL[,,,MHVWVWRVXQNRZRGX DSDPL üSRGU F]QD/<br />
.%LFDáNRZLW\EUDN/3URFHVRUZ\WZDU]DQRRGVDPHJRSRF] WNXZHQHUJRRV]F] G<br />
QHMLMDNQDRZHF]DV\QRZRF]HVQHMWHFKQRORJLL—P0RGHO0+]]DVLODQ\E\áQD<br />
SL FLHP9LSRFKáDQLDáRNRáR:Z\VWDUF]DáZL FUDGLDWRUEH]ZHQW\ODWRUD2EXGR<br />
ZDRGSRZLDGDáDSRGVWDZFHW\SX&] VWRWOLZR FLWDNWXM FHOH Dá\Z]DNUHVLHRGGR<br />
0+]SU]\Uy Q\FKNRPELQDFMDFKPQR QLNDL]HJDUD)6%±0+]0RFREOL<br />
F]HQLRZDSURFHVRUD&\UL[,,,0+])6%E\áDMHGQDNZHZV]\VWNLFKG\VF\SOLQDFK<br />
PQLHMV]DRGRIHURZDQHMSU]H]LQWHORZVNLSURFHVRU&HOHURQ$0+])6%<br />
3URFHVRU\,QWHO<br />
5RG]LQD3HQWLXP<br />
3URFHVRU\WHMURG]LQ\VWDQRZL EDUG]ROLF]Q JUXS 3LHUZV]HPRGHOH²RGGDZQDQLH<br />
REHFQHQDU\QNX²]DVLODQHE\á\QDSL FLHP9LSUDFRZDá\]F] VWRWOLZR FL OXE<br />
0+].ROHMQDJUXSDR]QDF]DQDV\PEROHP3&Z\PDJDáD]QDF]QLHREQL RQHJR<br />
QDSL FLD]DVLODQLD9DF] VWRWOLZR üWDNWRZDQLDM GUDVL JDáD0+]<br />
3URFHVRUPLDáG\QDPLF]Q\V\VWHPSU]HSRZLDGDQLDUR]JDá ]LH U\VXQHN$%XIRU%7%<br />
PLH FLáUHNRUGyZL]RUJDQL]RZDQ\E\áZV\VWHPLHSRF]ZyUQHMDVRFMDFML6WUDWDF]DVX<br />
NWyU SRQRVLáSURFHVRUZSU]\SDGNXEá GQHMSU]HSRZLHGQLZ\QRVLáDRGGRF\NOL]HJD<br />
URZ\FK<br />
3DPL ü SRGU F]QD GDQ\FK 'DWD &DFKH SUDFRZDáD Z EDUG]R HIHNW\ZQ\P WU\ELH :%<br />
:ULWH%DFNDOHGOD]DFKRZDQLD]JRGQR FL]SURFHVRUDPLPR QDM E\áRSU]Há <br />
F]\üZWU\E:7:ULWH7KURXJK:MHMVNáDGZFKRG]LáREDQNyZND G\SROLQLMNL
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD,QWHO3<br />
3HQWLXP<br />
$GGUHVV<br />
<br />
7/%<br />
/&RGH&DFKHN%<br />
<br />
'DWD<br />
<br />
&RQWURO<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
35()(7&+<br />
%7%<br />
'(&2'(<br />
&ORFN<br />
'XDO&38<br />
%86<br />
03<br />
3LSHOLQH<br />
9<br />
S<br />
‘<br />
•<br />
3LS<br />
HOLQ<br />
H<br />
)3<br />
3LSHOLQH<br />
8<br />
'XDO&38<br />
6\VWHP<br />
,54<br />
$3,&<br />
/'DWD&DFKHN%<br />
7/%<br />
-HGQDOLQLMNDPLDáDUR]PLDUEDMWyZ&DFKHE\áGZXSRUWRZ\LPyJáE\üXGRVW SQLDQ\<br />
UyZQROHJOHGODSRWU]HE8L9MH OLW\ONRRGZRáDQLDRGQRVLá\VL GRUy Q\FKEDQNyZ<br />
3UyEDMHGQRF]HVQHJRGRVW SXGRGDQ\FK]áR RQ\FKZW\PVDP\PEDQNXNR F]\áDVL<br />
SU]\]QDQLHPSLHUZV]H VWZDSRWRNRZL83RWRN9]PXV]RQ\E\áGRRF]HNLZDQLDSU]H]<br />
F]DVWUZDQLDMHGQHJRF\NOX]HJDURZHJR<br />
-DNNROZLHNGRVW SQHSURJUDPRZRUHMHVWU\3HQWLXPE\á\ELWRZHORNDOQH FLH NLZ\PLD<br />
Q\GDQ\FKPLDá\DQDZHWELWyZV]HURNR FL3U]\F]\QLDáRVL WR]SHZQR FL GR<br />
]ZL NV]HQLDSU GNR FLZHZQ WU]Q\FKWUDQVIHUyZ<br />
&HFK\DUFKLWHNWXU\SR]ZDODM ]DOLF]\ü3HQWLXPGRNDWHJRULL&,6&- GURSURFHVRUDE\áR<br />
VXSHUVNDODUQHLZ\SRVD RQHZGZDSRWRNLSU]HWZDU]DM FHLQVWUXNFMHVWDáRSU]HFLQNRZH<br />
RUD]MHGQRVWN ]PLHQQRSU]HFLQNRZ -H OLVSHáQLRQHE\á\Z\PRJLQDU]XFRQHSU]H]PH<br />
FKDQL]PSDURZDQLDSURFHVRUSU]HWZDU]DáZND G\PF\NOX]HJDURZ\PGZLHLQVWUXNFMH²<br />
ND G\]SRWRNyZ8L9NRPSOHWRZDáSRMHGQHM]QLFK1DOH \MHGQDNSRGNUH OLüL<br />
SRWRNL3HQWLXPE\á\EDUG]RVLOQLH]HVRE SRZL ]DQHLSUDFRZDá\Z\á F]QLHZWU\ELH<br />
V\QFKURQLF]Q\P DGHQ]QLFKQLHPyJáZ\ELHJDüQDSU]yGZSURFHVLHSU]HWZDU]DQLD<br />
-DNLHNROZLHN]DKDPRZDQLHZMHGQHM]OLQLLSRZRGRZDáRQDW\FKPLDVWRZH]DWU]\PDQLH<br />
GUXJLHJRSRWRNX<br />
3DPL üSRGU F]QDNRGXE\áDGZXGUR QD:D\6HWL]RUJDQL]RZDQDZEDQNyZ5yZ<br />
QLH ZW\PSU]\SDGNXUR]PLDUOLQLMNLZ\QRVLáEDMW\3HQWLXPSU]\JRWRZDQ\E\áGRSUDF\<br />
ZV\VWHPDFKZLHORSURFHVRURZ\FKDNRQNUHWQLHZSDU]H]GUXJLPLGHQW\F]Q\PSURFHVRUHP<br />
'XDO 6\VWHP 'OD SRWU]HE WDNLHM NRQILJXUDFML GRGDQ\ ]RVWDá NRQWUROHU $3,& $GYDQFHG
$QDWRPLD3&<br />
3URJUDPPDEOH,QWHUUXSW&RQWUROOHURUD]NLONDSRPRFQLF]\FKNR FyZHNVWHUXM F\FKDSD<br />
PL üSRGU F]QDGDQ\FKV\JQDOL]RZDáDVZyMVWDQ]JRGQLH]SURWRNRáHP0(6,3RGVWDZRZH<br />
GDQHSURFHVRUyZ,QWHO3HQWLXPZWDEHOL$<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP<br />
<br />
$UFKLWHNWXUD<br />
[1DWLYH<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î îî î î î î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKHRQ&KLS<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK7DUJHW%XIIHU<br />
9 &25( >9@<br />
9 ,2 >9@<br />
.%î$VVRFLDWLYH<br />
.%î$VVRFLDWLYH:%0(6,<br />
ã<br />
)3<br />
)3<br />
ã<br />
<br />
<br />
3REyUPRF\>:@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
3HUIRUPDQFH0RQLWRULQJ ´<br />
7LPH6WDPS&RXQWHU ´<br />
3RGVWDZND<br />
3HQWLXP00;<br />
3HQWLXP3UR<br />
ã<br />
ã<br />
6RFNHW<br />
'DOV]H UR]ZLQL FLH OLQLL 3HQWLXP VWDQRZLá\ PRGHOH ] UR]V]HU]HQLHP PXOWLPHGLDOQ\P<br />
00;U\VXQHN$1LHNWyUHHOHPHQW\WHMDUFKLWHNWXU\RSLVDQREDUG]LHMV]F]HJyáRZR<br />
ZUR]G]LDOH<br />
2SUyF]]PLDQVSRZRGRZDQ\FKZSURZDG]HQLHPSRWRNXSU]HWZDU]DM FHJR00;SRZL N<br />
V]RQH]RVWDá\UR]PLDU\SDPL FLSRGU F]Q\FKNRGXLGDQ\FK]GR.%WDEHOD$&H<br />
FK FKDUDNWHU\VW\F]Q SURFHVRUyZ,QWHO3HQWLXP00;E\áRSRGZyMQHQDSL FLH]DVLODM FH<br />
SRF] ZV]\RGZHUVML8NáDG\RGSRZLHG]LDOQH]DZVSyáSUDF ]PDJLVWUDODPLZHM<br />
FLDZ\M FLD ,QSXW2XWSXW ]DVLODQH E\á\ LQQ\P QDSL FLHP QL UG]H REOLF]HQLRZ\<br />
&38&RUH<br />
3URFHVRU]DSUH]HQWRZDQ\]RVWDáSRUD]SLHUZV]\V]HURNLHMSXEOLF]QR FLZURNX<br />
LFKRFLD WDNWRZDQ\E\áMHG\QLH]HJDUHPRF] VWRWOLZR FL0+]MX ZWHG\RVL JDá
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD,QWHO<br />
3HQWLXP00;<br />
$GGUHVV<br />
<br />
7/%<br />
/&RGH&DFKHN%<br />
<br />
'DWD<br />
<br />
&RQWURO<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
35()(7&+<br />
%7%<br />
'(&2'(<br />
&ORFN<br />
00;<br />
'XDO&38<br />
%86<br />
03<br />
3LSHOLQH<br />
9<br />
)38<br />
S<br />
‘<br />
•<br />
3LSHOLQH<br />
8<br />
'XDO&38<br />
6\VWHP<br />
,54<br />
$3,&<br />
/'DWD&DFKHN%<br />
7/%<br />
Z\GDMQR üSUDZLHGZXNURWQLHZL NV] RG3HQWLXPWMRN63(&LQW7HQRJURPQ\<br />
SU]\URVWPRF\REOLF]HQLRZHMVSRZRGRZDQ\E\áJUXQWRZQ SU]HEXGRZ DUFKLWHNWXU\]&,6&<br />
QD5,6&RUD]VL JQL FLHPGRUR]ZL ]D VWRVRZDQ\FKZGX \FKNRPSXWHUDFK3HQWLXP<br />
3URQDGDZDáVL GREU]HGRSUDF\ZV\VWHPDFKZLHORSURFHVRURZ\FK'\VSRQRZDá]HVWD<br />
ZHPV\JQDáyZVWHUXM F\FK]GROQ\FKGR]DSHZQLHQLDKDUPRQLMQHMZVSyáSUDF\F]WHUHFK<br />
SURFHVRUyZWHJRVDPHJRW\SX2EV]DUSDPL FLSRNU\ZDQ\SU]H]/&DFKHDEOH$UHD<br />
SU]HNUDF]Dá EDULHU 0% WDEHOD $ FR SR]ZDODáR QD VWRVRZDQLH SURFHVRUD<br />
ZGX \FKMDNQDRZHF]DV\VHUZHUDFK<br />
3HQWLXP3URE\áMHGQDNSU]HGHZV]\VWNLPSURFHVRUHPVXSHUVNDODUQ\P]GROQ\PGRILQDOL<br />
]RZDQLDZL FHMQL MHGQHMLQVWUXNFMLZF\NOX]HJDURZ\PZNRU]\VWQ\FKZDUXQNDFKE\á\<br />
WRWU]\LQVWUXNFMH- GURQLHSU]HWZDU]DáRLQVWUXNFMLZIRUPLHEH]SR UHGQLHM5R]ND]\[<br />
E\á\]DPLHQLDQHZXNáDGDFKGHNRGHUDQDPDáHHOHPHQW\]ZDQHPLNURRSHUDFMDPL—2SV<br />
3URFHVRUG\VSRQRZDáF]WHUHPDREZRGDPLGHNRGXM F\PLNWyUHXUXFKDPLDQRZ]DOH QR FL<br />
RGVWRSQLDNRPSOLNDFMLPDWHULDáXZHM FLRZHJRU\VXQHN$'RG\VSR]\FMLE\áMHGHQ<br />
GHNRGHUJáyZQ\RJyOQHJRSU]H]QDF]HQLD*HQHUDO'HFRGHUGZDSURVWHGHNRGHU\6LPSOH<br />
'HFRGHUGODNUyWNLFKLQVWUXNFMLW\SXSU]HVáD PL G]\UHMHVWURZ\FKRUD]MHGHQVHNZHQFHU<br />
—2SV6HTXHQFHU7HQRVWDWQLZ\ZRá\ZDQ\E\áZUD]LHQDSRWNDQLDGáXJLFKLVNRPSOL<br />
NRZDQ\FKLQVWUXNFML <br />
<br />
.RGSURJUDPRZ\PR HE\üRNUH ODQ\]ELRUF]\PSRM FLHPLQVWUXNFML,$,QWHO$UFKLWHFWXUHX \ZDQ\P<br />
GRP\ OQLHZRGQLHVLHQLXGRLQVWUXNFML[7HUPLQWHQZ\VW SRZDáF] VWRZOLWHUDWXU]H]ZáDV]F]DF]HUSL FHM<br />
]RSUDFRZD ILUP\,QWHO
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP00;<br />
$UFKLWHNWXUD<br />
<br />
[00;1DWLYH<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKHRQ&KLS<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK+LVWRU\7DEOH<br />
.%î$VVRFLDWLYH<br />
.%î$VVRFLDWLYH:%<br />
ã<br />
<br />
)3<br />
&RGH&DFKH7/%(QWULHV<br />
7/%<br />
'DWD&DFKH7/%(QWULHV<br />
/7/%±<br />
%UDQFK7DUJHW%XIIHU<br />
<br />
9 &25( >9@ <br />
9 ,2 >9@ <br />
3REyUPRF\PDNV>:@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
3HUIRUPDQFH0RQLWRULQJ ´<br />
7LPH6WDPS&RXQWHU ´<br />
3RGVWDZND<br />
ã<br />
<br />
<br />
ã<br />
6RFNHW<br />
3URFHVGHNRGRZDQLDRGE\ZDVL ]DZV]H]JRGQLH]NROHMQR FL QDSá\ZDQLDLQVWUXNFMLWM<br />
WDN ZMDNLHMZ\VW SXM RQHZSURJUDPLH:L NV]R üUR]ND]yZUR]ZLMDVL GRSRVWDFL<br />
]áR RQHM]±—2SV%ORNGHNRGHUDPR HZVSU]\MDM F\FKZDUXQNDFKW]QZV\WX<br />
DFMLJG\]SDPL FLSREUDQD]RVWDáDRGSRZLHGQLDLOR üUR]ND]yZLF]HNDM RQHZNROHMFH<br />
UR]ND]RZHMUR]áR \üGRWU]HFKLQVWUXNFML[ZMHGQ\PF\NOX]HJDURZ\P-HGQD]QLFK<br />
JHQHURZDQDMHVWZGHNRGHU]HRJyOQHJRSU]H]QDF]HQLDDSR]RVWDáHSRMHGQHMZND G\P<br />
]SURVW\FKGHNRGHUyZ<br />
:HZQ WU]QDVWUXNWXUD—2SVyZMHVWVWDáD.D G\]QLFKPDVWDá GáXJR üZ\QRV] F<br />
ELWyZLVNáDGDVL ]F]WHUHFKSyORQDVW SXM F\P]QDF]HQLXRSHUDWRU UyGáRSLHUZ<br />
V]H UyGáRGUXJLHLFHO<br />
:\WZDU]DQHZGHNRGHU]HPLNURUR]ND]\WUDILDM GREXIRUD52%5HRUGHU%XIIHU:MHG<br />
Q\PF\NOX]HJDURZ\PPR QDWDPXPLH FLüGRV]H FLX—2SVyZ:VXPLHEXIRUMHVWZVWD<br />
QLHSU]\M üGRPLNURNRGyZ52%VWDQRZLFHQWUDOQ\SXQNWNRRUG\QDFMLGODZV]\VW<br />
NLFKDNWXDOQLHSU]HWZDU]DQ\FKUR]ND]yZ,QVWUXFWLRQ3RROUyZQLH W\FKZ\NRQ\ZDQ\FK
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP3UR<br />
0DJLVWUDOD>0+]@ u u u u<br />
$UFKLWHNWXUD<br />
5,6&<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
.%î$VVRFLDWLYH<br />
.%î$VVRFLDWLYH:%<br />
/&DFKHRQ&KLS&38&ORFN î$VV î$VV î$VV î$VV<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK7DUJHW%XIIHU<br />
<br />
)3<br />
´<br />
9 / >9@ <br />
9 &25( >9@<br />
9 ,2 >9@<br />
<br />
<br />
3REyUPRF\W\S>:@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
3HUIRUPDQFH0RQLWRULQJ<br />
7LPH6WDPS&RXQWHU<br />
3RGVWDZND<br />
$ 6\VWHPQLH]JRGQ\]3HQWLXP<br />
<br />
<br />
´$<br />
6RFNHW<br />
SR]DNROHMQR FL 6SHFXODWLYH([HFXWLRQ=DSDPL W\ZDQHV ZL FZV]HONLHZ\QLNLSR<br />
UHGQLHLWRZDU]\V] FHLPVWDQ\UHMHVWUyZIODJRZ\FKSURFHVRUD52%RGSRZLHG]LDOQ\<br />
MHVWUyZQLH ]DUR]ZL ]\ZDQLHX]DOH QLH LQVWUXNFMLGRWHJRFHOXVáX \]HVWDZUHMH<br />
VWUyZ 5$7 5HJLVWHU $OLDV 7DEOH NWyUH V SRGVWDZLDQH Z PLHMVFH NODV\F]Q\FK UHMH<br />
VWUyZ55)RJyOQHJRSU]H]QDF]HQLD5HDO5HJLVWHU)LOH6\VWHPSU]\G]LDáXUHMHVWUyZ<br />
REVáXJXMHZMHGQ\PF\NOX]HJDURZ\PGRPLNURLQVWUXNFML7DNZ\SRVD RQHO GXM<br />
ZVSHFMDOQHMNROHMFH5HVHUYDWLRQ6WDWLRQ<br />
.ROHMNDJUXSXMHGRPLNURRSHUDFMLNWyUHRF]HNXM QDVNRPSOHWRZDQLHVZRLFKRSH<br />
UDQGyZ6NRURW\ONRWRQDVW SLV\VWHPR]QDF]DMHMDNRJRWRZHLNLHUXMHGRUHDOL]DFMLGR<br />
ZáD FLZHM MHGQRVWNL Z\NRQDZF]HM 6]\ENR ü SU]HWZDU]DQLD SRV]F]HJyOQ\FK MHGQRVWHN<br />
MHVWEDUG]R]Uy QLFRZDQD%ORNLRSHUXM FHQDOLF]EDFKFDáNRZLW\FKUHDOL]XM ZL NV]R ü<br />
UR]ND]yZZMHGQ\PF\NOX]HJDURZ\P2SHUDFMHPQR HQLDSRFKáDQLDM MHGQDND F]WHU\<br />
WDNW\GODSRUyZQDQLD3HQWLXP²RGGRDG]LHOHQLDRGGR3HQWLXP²RG<br />
GR:SU]\SDGNXMHGQRVWHN]PLHQQRSU]HFLQNRZ\FKUy QLFHQLHV D WDNV]RNX<br />
M FHGRGDZDQLH]DMPXMHWDNW\W\OHFRZ3HQWLXPDPQR HQLHSU]HELHJDRGZDWDNW\<br />
V]\EFLHM']LHOHQLH]DMPXMH3HQWLXP3URRGGRWDNWyZ]HJDUDD3HQWLXP²
$QDWRPLD3&<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD<br />
,QWHO3HQWLXP3UR<br />
$GGUHVV<br />
<br />
'DWD<br />
<br />
<br />
%UDQFK<br />
7DUJHW<br />
%XIIHU<br />
,QVWUXFWLRQ<br />
)HWFK8QLW<br />
<br />
,Q2UGHU<br />
6HFWLRQ<br />
7/%HQWULHV<br />
/&RGH&DFKHN%<br />
,QVWU'HFRGHU<br />
6LPSOH'HFRGHU<br />
6LPSOH'HFRGHU<br />
*HQHUDO'HFRGHU<br />
m23<br />
6HTXHQFHU<br />
m23<br />
m23<br />
m23<br />
5HRUGHU%XIIHU<br />
52%<br />
m23<br />
<br />
m23<br />
m23<br />
&RQWURO<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
2XWRI2UGHU<br />
([HFXWLRQ(QJLQH<br />
5HVHUYDWLRQ<br />
6WDWLRQ<br />
m23<br />
<br />
m23<br />
m23<br />
m23<br />
m23<br />
&ORFN<br />
6WRUH<br />
'DWD<br />
6WRUH<br />
$GGU<br />
8QLW<br />
/RDG<br />
$GGU<br />
8QLW<br />
,QWHJHU<br />
$/8<br />
)3<br />
8QLW<br />
,QW<br />
8QLW<br />
0HPRU\5HRUGHU%XIIHU<br />
02%<br />
<br />
m23<br />
m23<br />
VWRUH<br />
ORDG<br />
/&DFKH<br />
N%<br />
/'DWD&DFKHN%<br />
7/%HQWULHV<br />
-HGQRVWNL JHQHURZDQLD DGUHVyZ /RDG6WRUH ]X \ZDM W\ONR MHGHQ F\NO ]HJDUD JG\<br />
ZV]HONLHW\S\DGUHVRZDQLD[UR]ZL ]\ZDQHV SRSU]H]VSU] WRZHXNáDG\VXPDWRUyZ<br />
-HGQRVWNLWHZ\WZDU]DM DGUHV\GODPLNURUR]ND]yZNWyUHNRPXQLNXM VL ]SDPL FL <br />
—2SV\ WHJR URG]DMX SU]HV\áDQH V GR EXIRUD 02% 0HPRU\ UH2UGHU %XIIHU JG]LH<br />
RF]HNXM QDZROQ\NDQDáSU]HV\áRZ\GRSDPL FLSRGU F]QHM/<br />
3RWRNLSU]HWZDU]DM FH3HQWLXP3URV ZLHORVWRSQLRZH5R]ND]\NWyUHQLHRGZRáXM VL<br />
GRSDPL FLRSXV]F]DM SRWRNQLHZF]H QLHMQL SRF\NODFK]HJDUDDWHNWyUHSRELHUDM<br />
]SDPL FLGDQHSRWU]HEXM V]H FLXWDNWyZGRGDWNRZ\FK:V]HONLH]DNáyFHQLDZSUDF\<br />
Z\VW SLHQLHZ\M WNXW\SXG]LHOHQLHSU]H]]HUR OHSU]HSRZLHG]LDQHUR]JDá ]LHQLHLWS<br />
SRZRGXM VSRUHRSy QLHQLD&DáDVNRPSOLNRZDQDPDV]\QDREOLF]HQLRZDPXVL]RVWDü<br />
RF]\V]F]RQD]Z\QLNyZSR UHGQLFKDSRWRNLQDSHáQLRQHQRZ WUH FL 1LFZL FG]LZ<br />
QHJR HSURMHNWDQFLZáR \OLVSRURZ\VLáNXZZ\HOLPLQRZDQLHWDNLFKV\WXDFML3HQWLXP<br />
3URZ\SRVD RQ\]RVWDáZVSHFMDOQHXNáDG\ OHG] FHZ\NRQDQLHSURJUDPX7HFKQLNDRNUH<br />
ODQDPLDQHP'\QDPLF([HFXWLRQREHMPXMHDQDOL] SURJUDPXSRGN WHPSU]HELHJX<br />
LSU]HSá\ZXGDQ\FKLVWDUDVL REUDüRSW\PDOQ NROHMQR üZ\NRQDQLDLQVWUXNFML
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
3HQWLXP,,<br />
6NRPSOLNRZDQ\V\VWHPSU]HSRZLDGDQLDUR]JDá ]LH %UDQFK3UHGLFWLRQ8QLWSUDFXMH<br />
ZRSDUFLXRZLHUV]RZ GZXNURWQLHZL FHMQL Z3HQWLXPWDEOLF %7%%UDQFK<br />
7DUJHW%XIIHU=DSDPL W\ZDQHV UyZQLH VNRPSOLNRZDQHVHNZHQFMHUR]JDá ]LH S WOH<br />
]DJQLH G RQH%7%X \ZDRGPLDQ\W]ZDOJRU\WPX
$QDWRPLD3&<br />
5\VXQHN$<br />
6FKHPDW\F]Q\]DU\V<br />
PRGXáXSURFHVRUD<br />
3HQWLXP,,<br />
&DáNRZLWHRGVXQL FLHSDPL FLSRGU F]QHMRGSURFHVRUDLMHMSRZUyWQDSá\W JáyZQ<br />
E\áRE\MHGQDNFRIQL FLHPVL ]E\WGDOHNR6L JQL WRZL FSRUR]ZL ]DQLHNRPSURPLVRZH<br />
LVNRQVWUXRZDQRPRGXáK\EU\GRZ\U\VXQHN$<br />
$% $% $% $%<br />
3URFHVRUUH]\GXMHWHUD]ZUD]GZRPDXNáDGDPLSDPL FLRZ\PLQDVSHFMDOQHMNDUFLH<br />
.RQWDNW]Sá\W JáyZQ ]DSHZQLDOLVWZDRNRQWDNWDFK=Sá\W\JáyZQHMSURFHVRUD<br />
3HQWLXP,,]QLNDZL FFKDUDNWHU\VW\F]QDGRWHMSRU\NZDGUDWRZDSRGVWDZND6RFNHW<br />
DMHMPLHMVFH]DMPXMH]á F]HNUDZ G]LRZHRNUH ODQHPLDQHP6ORW<br />
- GURSURFHVRUD3HQWLXP,,SU]HM WH]RVWDáRZGX \PVWRSQLX]3HQWLXP3URDSRQDGWR<br />
Z]ERJDFRQHRUR]V]HU]HQLDPXOWLPHGLDOQHSU]HQLHVLRQH]SURFHVRUD3HQWLXP00;3D<br />
PL üSRGU F]QDSLHUZV]HJRSR]LRPXPDZ\PLDU.%SR.%GODNRGXSURJUDPXLGOD<br />
GDQ\FK:HZQ WU]QDPDJLVWUDODNRPXQLNDF\MQDPDV]HURNR üELWyZ3URFHVRUPR H<br />
G]LDáDüZSU]HVWU]HQLDGUHVRZHMGR*%ZLUWXDOQLHGR7%6WUXNWXUDNU]HPRZD<br />
SLHUZV]HM JHQHUDFML SURFHVRUyZ Z\NRQ\ZDQD E\áD Z WHFKQRORJLL mP L ]DZLHUDáD<br />
RNRáR PLOLRQD WUDQ]\VWRUyZ M GUR .ODPDWK WDEHOD $ =DVLODQLH RGE\ZDáR VL<br />
]SRMHG\QF]HJR UyGáD9SU]\SRERU]HSU GXRNRáR$DPDNV\PDOQDF] VWRWOLZR ü<br />
]HJDUDVL JDáD0+]2SDQRZDQLHWHFKQRORJLL —PSR]ZROLáRQDSRGQLHVLHQLH<br />
F] VWRWOLZR FLURERF]HMSRZ\ HM0+]6WUXNWXU\WHJRW\SXRNUH ODQHMX E\á\PLD<br />
QHP'HVFKXWHVWDEHOD$0RGHOSUDFRZDáMHV]F]H]V]\Q 0+]DQDVW SQH<br />
RGZ]Z\ SU]\VWRVRZDQH]RVWDá\GR)6%0+]<br />
7ZyUF\DUFKLWHNWXU\3HQWLXP3URVNXSLDOLVZHZ\VLáNLQDRSW\PDOL]DFMLSUDF\Z URGR<br />
ZLVNXELWRZ\P3URFHVRUWHQE\áFRSUDZGDNRPSDW\ELOQ\]NRGHP[DOHZ UR<br />
GRZLVNXELWRZ\P]DFKRZ\ZDáVL JRU]HMRG3HQWLXP3HQWLXP3URSUDFRZDáQDGLQ<br />
VWUXNFM .'5&+=OGOQT[?SU]H]WDNWyZ]HJDUD3HQWLXP,,]DGRZDODáVL ZQDMJRUV]\P<br />
UD]LHWDNWDPLDZUD]LHWUDILHQLDZSDPL FLFDFKHZ\VWDUF]\áMHGHQWDNW,QWHOFKFLDá<br />
RF]\ZL FLHVSU]HGDZDüVZyMQRZ\SURFHVRUWDN HX \WNRZQLNRP:LQGRZV[NWyU\FK<br />
Z PRPHQFLH ZSURZDG]HQLD QD U\QHN 3HQWLXP ,, E\áR MHV]F]H VSRUR 'OD SR]\VNDQLD<br />
ZL NV]HMLFKU]HV]\3HQWLXP,,Z\SRVD RQ\]RVWDMHZVSHFMDOQ SDPL üSRGU F]Q GOD<br />
UHMHVWUyZVHJPHQWRZ\FK6HJPHQW5HJLVWHU&DFKH<br />
2VDG]RQDZPRGXOHK\EU\GRZ\PSURFHVRUD3HQWLXP,,SDPL ü/E\áDW\SX%65$0<br />
%XUVW&DFKHDMHMRUJDQL]DFMDSU]\ELHUDáDUy QHIRUP\
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP,,.ODPDWK<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
<br />
5,6&<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
.%î$VVRFLDWLYH<br />
.%î$VVRFLDWLYH:%<br />
/&DFKH&38&ORFN <br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
<br />
)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
%UDQFK7DUJHW%XIIHU<br />
9 / >9@ <br />
9 &25( >9@ <br />
9 ,2*7/ >9@ <br />
, &25( W\SPDNV>$@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
<br />
<br />
<br />
<br />
3HUIRUPDQFH0RQLWRULQJ ´<br />
7LPH6WDPS&RXQWHU ´<br />
2EXGRZD3RGVWDZND<br />
6(&&6&6ORW<br />
:SRF] WNRZHMID]LHL0+]GRRELHJXZSURZDG]DQR]DUyZQRPRGHOH].%<br />
MDNL.%/FDFKH:ZHUVML.%VWRVRZDQHE\á\F]WHU\FKLS\SDPL FLRZHUR]<br />
PLHV]F]DQHV\PHWU\F]QLHSRGZDSRND GHMVWURQLHPRGXáXSURFHVRUD'RGDWNRZ\SL W\<br />
FKLSSU]HMPRZDáIXQNFMHR]QDF]QLND7DJ5$0:Sy QLHMV]\FKPRGHODFK0+]<br />
VWRVRZDQRMX W\ONRGZLHNRVWNLSDPL FLRF]DVLHGRVW SXQVQDMF] FLHM6DPVXQJ<br />
6(&.0907XPLHV]F]DQHDV\PHWU\F]QLHSRSUDZHMVWURQLHVWUXNWXU\&38<br />
=W\áXPRGXáXRVDG]RQ\E\áNRQWUROHUSDPL FLSRGU F]QHM/,QWHO6$'<br />
3HQWLXP,,E\áSU]\VWRVRZDQ\GRSUDF\ZV\VWHPDFKZLHORSURFHVRURZ\FK]W\P HSU]HG<br />
URVWNDZLHORQLHQDOH DáRUR]XPLHü]E\WGRVáRZQLHPDNV\PDOQLH.WRPLDáZL NV]HZ\<br />
PDJDQLDPXVLDáVL JQ üSRSURFHVRU\;HRQ&]áRQNRZLHURG]LQ\&HOHURQL0HQGRFLQR<br />
E\á\]GROQHZ\á F]QLHGRVDPRG]LHOQHM SUDF\3ROLW\NDWDNDPLDáDQDFHOXRFKURQ<br />
<br />
'RNáDGQLHU]HF]ELRU FVDPHVWUXNWXU\SyáSU]HZRGQLNRZH&HOHURQ0HQGRFLQR]DZLHUDM NRPSOHWQLH]E GQ\FK<br />
IXQNFMLERZLHPQLJG\QLH]RVWDá\LFKSR]EDZLRQH%UDNXMHMHG\QLHSHZQ\FKSRá F]H GRZ\SURZDG]H<br />
REXGRZ\3U]HSLV\QDLFKX]XSHáQLHQLHPR QDE\áR]QDOH üZ,QWHUQHFLH
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP,,'HVFKXWHV<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
<br />
5,6&<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
.%î$VVRFLDWLYH<br />
.%î$VVRFLDWLYH:%<br />
/&DFKH&38&ORFN <br />
&DFKHDEOH$UHD<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
*%<br />
<br />
)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
%UDQFK7DUJHW%XIIHU<br />
9 / >9@ <br />
9 &25( >9@ <br />
9 ,2*7/ >9@ <br />
, &25( PDNV>$@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
<br />
<br />
<br />
<br />
3HUIRUPDQFH0RQLWRULQJ ´<br />
7LPH6WDPS&RXQWHU ´<br />
2EXGRZD3RGVWDZND<br />
6(&&6&6ORW<br />
U\QNXV\VWHPyZZLHORSURFHVRURZ\FKQDNWyU\PPR QDZLHOH]DUDELDüSU]HG]DOHZHP<br />
WDQLFKSURFHVRUyZ<br />
3DPL ü SRGU F]QD / Z 3HQWLXP 3UR ² ]H Z]JO GX QD EOLVNR ü ORNDOL]DFML ² E\áD<br />
WDNWRZDQD ZSURVW ]HJDUHP &38 'OD ]HZQ WU]QHM SDPL FL SRGU F]QHM 3HQWLXP ,, WDN<br />
Z\VRND SU GNR ü E\áD QLH GR SU]\M FLD 'RVW S GR / RGE\ZDá VL ]F] VWRWOLZR FL<br />
UyZQ SRáRZLHWDNWX]HJDUDSURFHVRUD6]\EV]\GRVW SQLHE\áPR OLZ\]HZ]JO GXQD<br />
IL]\F]QHUR]PLDU\DFR]DW\PLG]LHLPSHGDQFMHZáDVQH FLH HNGUXNRZDQ\FKVWDQRZL <br />
F\FKGRSURZDG]HQLDGRPRGXáX/2JUDQLF]HQLHWRVWDQRZLáRF]\QQLNSRZD QLHREQL<br />
DM F\Z\GDMQR üFDáHJRV\VWHPX/HSV]DRUJDQL]DFMD/LMHMVWRVXQNRZRGX \Z\<br />
PLDUPLDá\ SU]\QDMPQLHM Z SHZQ\P VWRSQLX UHNRPSHQVRZDü WHQ V]NRGOLZ\ ZSá\Z<br />
:SRUyZQDQLX]F] VWRWOLZR FL WDNWRZDQLD/ZNODV\F]Q\P3HQWLXP0+]QLH<br />
]DOH QLHRGRGPLDQ\SURFHVRUD²0+]RVL JDQHZPRGHOX3HQWLXP,,E\áR<br />
LWDNQLHGRSRJDUG]HQLD
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
: ODG]DNROHMQ\PLPRGHODPLSURFHVRUyZ3HQWLXP,,SRVW SRZDá\QDVW SQHJHQHUDFMH<br />
XNáDGyZVFDORQ\FKRWRF]HQLDSURFHVRUD&KLSVHW:URNXZSURZDG]RQRQDU\QHN<br />
]HVWDZR]QDF]RQ\V\PEROHP/;=RVWDáRQVSHFMDOQLH]DSURMHNWRZDQ\GODSURFHVRUD<br />
3HQWLXP,,DMHJRQDMEDUG]LHMFKDUDNWHU\VW\F]Q FHFK E\áDREVáXJDSDPL FLW\SX6'5$0<br />
PLPRL QDGDO]F] VWRWOLZR FL 0+]3RGZ\ V]HQLH]HZQ WU]QHMF] VWRWOLZR FLWDNWXM <br />
FHMGR0+]RVL JQ áDNROHMQDJHQHUDFMDFKLSVHWyZ%;GHG\NRZDQDVWUXNWX<br />
URPNU]HPRZ\PZ\NRQ\ZDQ\PZWHFKQRORJLL—PM GUD'HVFKXWHV<br />
:HUVMH0+]SURFHVRUD]RVWDá\QLHFR]PLHQLRQH=QDF]QHMUHGXNFMLXOHJá\UR]PLDU\<br />
VDPHMVWUXNWXU\SyáSU]HZRGQLNRZHM8NáDG\PRQWRZDQHE\á\SRQDGWRZQRZHMRSUD<br />
FRZDQHMSU]H],%0LVWRVRZDQHMZSURFHVRUDFK0,,WHFKQLFHá F]HQLD]QDQHMMDNR<br />
)OLS&KLS 2]QDF]DáR WR UH]\JQDFM ]SRá F]H VWUXNWXU\ ] Sá\WN QR Q ]D SRPRF<br />
]áRW\FKGUXWyZ%RQGLQJ6DPFKLSOH DáRGWHJRPRPHQWXÄQDSOHFDFK´DNRQWDNW<br />
]SRGáR HP RVL JDQR EH]SR UHGQLR ]D SRPRF VLHFL PLQLDWXURZ\FK SXQNWyZ OXWRZQL<br />
F]\FK']L NLVNUyFHQLXGURJLV\JQDáyZPR QDE\áRX]\VNDüGDOV]\Z]URVWF] VWRWOLZR<br />
FLWDNWXM FHM7DNDIRUPDPRQWD XSRSUDZLDáDUyZQLH SDUDPHWU\WHUPLF]QHERZLHP<br />
GQRVWUXNWXU\NU]HPRZHMVW\NDáRVL SUDZLHEH]SR UHGQLR]SRZLHU]FKQL UDGLDWRUD&LHSáR<br />
E\áRZL FRGSURZDG]DQHEH]SR UHGQLR]PLHMVFDZNWyU\PSRZVWDZDáR<br />
$UFKLWHNWXUD3HQWLXP,,E\áDSRGREQDMDNZ3HQWLXP3UR²REDSURFHVRU\QDOH GRWHM<br />
VDPHMURG]LQ\3U\VXQHN$3U]HWZDU]DQLHRGE\ZDVL ZWU]HFKUyZQROHJá\FKGZX<br />
QDVWRVWRSQLRZ\FKSRWRNDFK- GUR3HQWLXP,,SUDFXMHZNODV\F]Q\PXNáDG]LHW\SX5,6&²<br />
LQVWUXNFMH,$G]LHORQHE\á\QDSURVWHPLNURRSHUDFMHLJUXSRZDQHZFHQWUDOQ\P]ELRUQLNX<br />
LQVWUXNFML,QVWUXFWLRQ3RRO$UFKLWHNWXUDWDQLHRGG]LHODZ\UD QLHID]SRELHUDQLD)HWFK<br />
LZ\NRQ\ZDQLD([HFXWH<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD,QWHO<br />
3HQWLXP,,<br />
$GGUHVV<br />
<br />
'DWD<br />
/&RGH&DFKHN%<br />
)HWFK<br />
'HFRGH<br />
<br />
&RQWURO<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
,QVWUXFWLRQ<br />
3RRO<br />
([HFXWH<br />
5HWLUH<br />
8QLW<br />
/RDG<br />
6WRUH<br />
&ORFN<br />
/'DWD&DFKHN%<br />
/&DFKH
$QDWRPLD3&<br />
&HOHURQ<br />
']L NLLVWQLHQLX]ELRUQLNDLQVWUXNFMLSRELHUDQLHNROHMQ\FKNRGyZ[]SDPL FLRSHUD<br />
F\MQHMMHVWQLH]DOH QHRGLFKZ\NRQ\ZDQLD:D QH MHVW MHG\QLH E\ ]ELRUQLN E\á VWDOH<br />
SHáQ\&]XZDQDGW\P]HVWDZEDUG]RZ\GDMQ\FKGHNRGHUyZUR]G]LHODM F\FKNRG\,$QD<br />
ZHZQ WU]QHPLNURNRG\5,6&:WUDNFLHSU]HE\ZDQLDZ]ELRUQLNXNRPSOHWRZDQHV DUJX<br />
PHQW\LQVWUXNFMLRUD]SU]\G]LHODQHUHMHVWU\]DVW SF]HMH OLVWZLHUG]RQRX]DOH QLHQLD<br />
: FLVá\P]ZL ]NX]H]ELRUQLNLHPFHQWUDOQ\PSR]RVWDMHXNáDGG\VSR]\WRUD'LVSDWFKHU<br />
NWyU\VWHUXMHZ\Sá\ZHPNRPSOHWQ\FKPLNURLQVWUXNFMLNLHUXM FMHGRZáD FLZ\FKMHG<br />
QRVWHNZ\NRQDZF]\FK([HFXWH .ROHMQR üSU]HWZDU]DQLDNRGyZ 5,6& SR]RVWDMH<br />
ZEDUG]ROX Q\P]ZL ]NX]SRMDZLDQLHPVL LFKRGSRZLHGQLNyZZNRG]LHSURJUDPX<br />
:WHQVSRVyERVL JQ üPR QDRJURPQ\Z]URVWZ\GDMQR FL'\VSR]\WRUNLHUXMHGRZ\<br />
NRQDQLDWHPLNURNRG\NWyUHDNWXDOQLHQLHF]HNDM QD DGQHZ\QLNLSR UHGQLH]LQQ\FK<br />
RSHUDFML5yZQLH NRQLHF]QR üRF]HNLZDQLDQDZ\QLNLLQVWUXNFMLZDUXQNRZ\FKQLHKD<br />
PXMHSURFHVXSU]HWZDU]DQLD<br />
:\NRQDQHLQVWUXNFMH5,6&NLHURZDQHV ]SRZURWHPGR]ELRUQLND-HVWWRNRQLHF]QH<br />
ERZLHP ]QDF]QD F] ü ] QLFK Z\NRQ\ZDQD E\áD MHG\QLH Z Z\QLNX SU]HZLG\ZDQHJR<br />
ELHJXSURJUDPX3RZUyWGR]ELRUQLNDJZDUDQWXMHUyZQLH LFKSRQRZQHXV]HUHJRZDQLH<br />
]JRGQH]SR]\FM ]DMPRZDQ ZNRG]LH UyGáRZ\P,QVWUXNFMDX]QDQD]DZ\NRQDQ RSXV]<br />
F]D]ELRUQLNLSU]HFKRG]LZID] VSRF]\QNRZ 5HWLUHDZ\QLNLMHMG]LDáDQLDV XWUZD<br />
ODQH'RSLHURWHUD]PDM ZL FPLHMVFHZV]HONLH]DSLV\GRSDPL FL<br />
3LHUZV]\SURFHVRURWHMQD]ZLHE\áRGPLDQ 3HQWLXP,,Z\NRQ\ZDQHJRMX ZQRZRF]H<br />
QLHMV]HMWHFKQRORJLL—PM GUR'HVFKXWHVWDEHOD$&HOHURQRGSRF] WNXSU]H]QD<br />
F]RQ\E\áGOD]Z\Ná\FKX \WNRZQLNyZQDVNXWHNF]HJRVWDáVL RELHNWHPUy Q\FK]D<br />
ELHJyZ RV]F] GQR FLRZ\FK 'R QDMSRZD QLHMV]\FK QDOH DáR SR]EDZLHQLH JR SDPL FL<br />
SRGU F]QHM/2V]F] GQR FLGRW\F]\á\UyZQLH NRQVWUXNFMLPHFKDQLF]QHMEUDNREXGRZ\<br />
LSURZDGQLFRUD]]PRG\ILNRZDQ\UDGLDWRU<br />
'RVWRVXQNRZRWDQLHJRSURFHVRUDGREUDQRRGSRZLHGQLRRSUDFRZDQ\QLHGURJLFKLSVHW<br />
(;]JRGQ\QDSR]LRPLHNR FyZHN]/;/LVWDZSURZDG]RQ\FKRV]F] GQR FL<br />
E\áDWXWDMMHV]F]HGáX V]DQL ZSU]\SDGNXVDPHJRSURFHVRUD<br />
t %UDNNRQWUROHUDSDPL FLSRGU F]QHMXQLHPR OLZLDáRWRX]XSHáQLHQLHEUDNXM FHJR<br />
/QDZHWQDSá\FLHJáyZQHM<br />
t %UDNPR OLZR FLUHDOL]DFMLWU\EXNRQWUROL(&&ZSDPL FLRSHUDF\MQHM<br />
t 0DNV\PDOQDOLF]EDJQLD]G3&,]UHGXNRZDQDGR/;PyJáLFKPLHü<br />
t 0R OLZR ü]DLQVWDORZDQLDPDNV\PDOQLHSRGVWDZHN',00<br />
t %UDNPR OLZR FLSUDF\ZLHORSURFHVRURZHM<br />
6WRSLH ZMDNLPPyJáE\üRGF]XZDOQ\EUDNSDPL FLSRGU F]QHM/]DOH DáZGX HM<br />
PLHU]HRGZ\NRQ\ZDQHMDSOLNDFML:VSyáF]HVQHSURJUDP\EXGRZDQHV ZVSRVyEQLH<br />
]PLHUQLHNRPSOHNVRZ\L]DZLHUDM UR]OHJáHSDUWLHNRGXNWyUH]SHZQR FL QLH]PLHV]F]<br />
VL ZSDPL FLSRGU F]QHM/DSU]\EUDNX/PXVLDá\E\E\üSRELHUDQHEH]SR UHGQLR<br />
]SDPL FL&HOHURQQLHPLDáZW\PSU]\SDGNXV]DQV\ZSRMHG\QNX]SHáQRZ\PLDURZ\P
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO&HOHURQ]M GUHPZ\NRQDQ\PZWHFKQRORJLL—P<br />
<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P'HVFKXWHV<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKH<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
.%î$VVRFLDWLYH<br />
.%î$VVRFLDWLYH:%<br />
ã<br />
<br />
)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
%UDQFK7DUJHW%XIIHU<br />
9 &38 >9@ <br />
9 ,2 >9@ <br />
3REyUSU GXPDNV>$@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
<br />
<br />
<br />
<br />
7LPH6WDPS&RXQWHU ´<br />
2EXGRZD3RGVWDZND<br />
6(36&6ORW<br />
SURFHVRUHP3HQWLXP,,.ODV\F]QHDSOLNDFMHELXURZHQLJG\QLHSRWU]HERZDá\D WDNLHM<br />
PRF\REOLF]HQLRZHMLZ\NRQ\ZDá\VL WDNVDPRV]\ENRQDSURFHVRUDFK$0'F]\,%0<br />
DOH]DWR]DSyáFHQ\7XWDMQLHE\áZ\PDJDQ\DQL&HOHURQDQLW\PEDUG]LHM3HQWLXP,,<br />
3RZ\ V]HSURSRUFMHXOHJDM ]PLDQLHZSU]\SDGNXNRQNXUHQFMLZ]DNUHVLHJLHUNRPSX<br />
WHURZ\FK $SOLNDFMH WHJR URG]DMX E\á\ SRF] WNRZR SLVDQH ]H Z]JO GX QD V]\ENR ü<br />
ZIRUPLH ]ZL ]á\FK SURFHGXU WDN L LFK SU]HZD DM FD F] ü PLH FLáD VL ZSDPL FL<br />
SRGU F]QHM/LEUDN/QLHE\áD WDNNáRSRWOLZ\-HGQDNLZWHMG]LHG]LQLHREVHUZXMHVL<br />
WHQGHQFM GRNRPSOLNRZDQLDNRGXL]ZL NV]DQLDMHJRREM WR FL3RPLDU\ZVSyáF]\QQLNDWUD<br />
ILHQLDZ/SU]HSURZDG]DQHQDJUDFKÄVWDUV]HMJHQHUDFML´QDSU]\NáDG4XDNHZ\ND]XM<br />
MHV]F]HGX ]ZL ]áR üNRGXOLF]EDWUDILH 7HQVDPSRPLDUZ\NRQDQ\ZWUDNFLH<br />
SU]HELHJX*3ROLFHZ\ND]XMHMX :VSyáF]\QQLNVSDGDD GRSRGF]DVGHPRQVWUD<br />
FML ERJDWHM Z V]F]HJyá\ VFHQHULL ;'HPR 3U]HZDJD V]\ENLHJR M GUD SURFHVRUD &HOHURQ<br />
PDOHMHZL FVWRSQLRZRLXVW SXMHPLHMVFDSUREOHPRPVSRZRGRZDQ\PEUDNLHP/<br />
&HOHURQ$0HQGRFLQR<br />
&HOHURQSR]EDZLRQ\/]RVWDá OHSU]\M W\SU]H]X \WNRZQLNyZ-HJRZ\GDMQR üOH DáD<br />
F] VWRSRQL HMPR OLZR FLSURFHVRUyZ]URG]LQ\6RFNHW%\QLHVWUDFLüU\QNXILUPD
$QDWRPLD3&<br />
&HOHURQ,,,<br />
,QWHO]RVWDáD]PXV]RQDGR]UHZLGRZDQLDVZRMHMSROLW\NLREQL DQLDNRV]WyZ]DZV]HON<br />
FHQ 0HQGRFLQRWRRNUH OHQLHLGHQW\ILNXM FHZ]DVDG]LHVDP VWUXNWXU NU]HPRZ %\áD<br />
RQD QLH]QDF]QLH ZL NV]D RG XPLHV]F]DQHM Z SURFHVRUDFK &HOHURQ 1D]ZD KDQGORZD<br />
QRZ\FK RGPLDQ &38 EU]PLDáD MHGQDN &HOHURQ $ L &HOHURQ [[[[[[ <br />
0RGHOHWHZ\SRVD RQRZ]LQWHJURZDQ SDPL üSRGU F]Q /RUR]<br />
PLDU]H.%WDEHOD$$E\VWRVXQNRZRPDáDSDPL üSRGU F]QD/QLHVWDáDVL<br />
]DSRU QDGURG]H VWUXPLHQLDGDQ\FKWDNWRZDQRM EH]SR UHGQLR]HJDUHPSURFHVRUD<br />
DQDZHW0+]F]\OLWDNVDPRMDNSDPL üSRGU F]Q /<br />
3DPL ü/0HQGRFLQRSUDFRZDáDMHGQDNZSU]HFLZLH VWZLHGRSHáQRZ\PLDURZHJR<br />
3HQWLXP,,ZWU\ELH:7:ULWH7KURXJKFRZSUDNW\FHR]QDF]DáROHNNLVSDGHNZ\GDM<br />
QR FL : ZL NV]R FL NODV\F]Q\FK ]DVWRVRZD DSOLNDFMH ELXURZH 0HQGRFLQR [[[E\á<br />
V]\EV]\L²FRQLHPQLHMZD QH²]GHF\GRZDQLHWD V]\RGVZHJRRGSRZLHGQLND3HQ<br />
WLXP,,[[[0HQGRFLQRZVSyáSUDFRZDáZ\á F]QLH]PDJLVWUDO )6%0+]DPQR <br />
QLNF] VWRWOLZR FLNRGRZDQ\E\áQDVWDáHMHV]F]HZF\NOXSURGXNF\MQ\PRGSRZLHGQLR<br />
RGîGRî<br />
3RGá F]HQLHGRPDJLVWUDOL)6%0+]]PXV]DáRSURFHVRUGRSUDF\]F] VWRWOLZR FL <br />
GRNWyUHMQLHE\áZ]DVDG]LHVWZRU]RQ\3DQRZDáDRSLQLD HQLHNWyUHPRGHOH0+]<br />
ZLHWQLH]QRV] WDNLH]DELHJLLPRJ SUDFRZDü]F] VWRWOLZR FL 0+]FRSRZR<br />
GRZDáR HVWDZDá\VL SRUyZQ\ZDOQH]NLONXNURWQLHGUR V]\PLSURFHVRUDPL3HQWLXP,,<br />
DQDZHW3HQWLXP,,,(NVSHU\PHQW\SU]HSURZDG]RQHQDVWRVXQNRZRGX HMOLF]ELHSUR<br />
FHVRUyZQLHSRWZLHUG]DM MHGQDNWHJRSU]\SXV]F]HQLD2GSRZLHGQLRGREUDQHSURJUDP\<br />
WHVWXM FHNWyUHV\PXOXM VWXSURFHQWRZHREFL HQLHSURFHVRUD]PXV]DM JRZSHZQ\P<br />
PRPHQFLHGRNDSLWXODFMLLNRPSXWHUVL ]DZLHV]D3UDZGRSRGRELH VWZRQDJáHJRSU]H<br />
UZDQLD SUDF\ V\VWHPX SU]HWZDU]DM FHJR ]Z\NáH DSOLNDFMH MHVW QLHZLHONLH DOH LVWQLHMH<br />
.RPXQLHSU]HV]NDG]D ZLDGRPR üWHJR]DJUR HQLDPR HVRELHQDWRSR]ZROLü<br />
.ROHMQ\PRGHOSURFHVRUD&HOHURQVWDQRZLRV]F] GQR FLRZ RGPLDQ SURFHVRUD3HQWLXP,,,<br />
SR]EDZLRQHJRSRáRZ\SDPL FLSRGU F]QHM/]DPLDVW.%RUD]PR OLZR FL<br />
SUDF\ZV\VWHPDFKZLHORSURFHVRURZ\FK3R]RVWDáHV]F]HJyá\DUFKLWHNWXU\RGSRZLDGDM<br />
3HQWLXP ,,, ] M GUHP &RSSHUPLQH &HOHURQ ,,, PD LPSOHPHQWRZDQH UR]V]HU]HQLD ,66(<br />
6WUXNWXU\SyáSU]HZRGQLNRZHZ\NRQ\ZDQHE\á\SRF] WNRZRZSURFHVLH—PDSRWHP<br />
—P M GUR 7DXODWLQ G]L NL F]HPX FKDUDNWHU\]RZDá\ VL QLVNLP SRERUHP SU GX<br />
0RGHO]X \ZDáZQDMJRUV]\PUD]LHQLHFRSRQDG:F]\OLW\OHLOHSRWU]HERZDá<br />
&HOHURQZ\NRQDQ\ZWHFKQRORJLL—P&HOHURQ,,,GRPRGHOX0+]Zá F]QLH<br />
ZVSyáSUDFRZDá]PDJLVWUDO )6%0+]WDEHOD$DDNROHMQHPRGHOH²]PDJL<br />
VWUDO )6%0+]WDEHOH$EL$<br />
&HOHURQ6RFNHW<br />
3URFHVRU&HOHURQZ\WZDU]DQ\E\áUyZQLH QDED]LHM GUD3HQWLXPSLHUZV]HMJHQHUDFML<br />
]Z\NRU]\VWDQLHPVWUXNWXU\:LOODPHWWHWHFKQRORJLD—P3DPL ü/RJUDQLF]RQD<br />
E\áDWUDG\F\MQLHGRMHGQHMGUXJLHMLPLDáDUR]PLDU.%<br />
3R]RVWDáHV]F]HJyá\DUFKLWHNWXU\RGSRZLDGDM ZQ WU]XSURFHVRUD3HQWLXP0DJLVWUDOD)6%<br />
NOXF]RZDQDMHVW]F] VWRWOLZR FL 0+]DOHZMHGQ\PWDNFLHWUDQVPLWRZDQHV F]WHU\
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO&HOHURQ$0HQGRFLQR<br />
$ <br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@<br />
0QR QLN%) î î î î î î î [<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
/&DFKH&38&ORFN<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
<br />
.%<br />
.%<br />
.%<br />
<br />
)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
%UDQFK7DUJHW%XIIHU<br />
9 &25( >9@ <br />
9 ,2 >9@ <br />
7KHUPDO'LRGH<br />
3REyUSU GXPDNV>$@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
<br />
<br />
ã<br />
<br />
<br />
7LPH6WDPS&RXQWHU ´<br />
2EXGRZD3RGVWDZND $ 3L6 3L6 3L6 3L6 3L6 3 3 3<br />
$ 3²REXGRZD33*$SRGVWDZND3*$6²REXGRZD6(3SRGVWDZND6&6ORW<br />
VáRZD4XDG3XPSHG-DNRSLHUZV]\]UHDOL]RZDQ\]RVWDáPRGHO*+]XPLHV]F]DQ\<br />
ZREXGRZLH)&3*$RNR FyZNDFK6WUXNWXUDWDSRELHUDW\OHVDPRSU GXFRRGSR<br />
ZLDGDM F\MHMHJ]HPSODU]3HQWLXPW]QPDNV\PDOQLH$SU]\QDSL FLX]DVLODQLD9<br />
3HQWLXP,,;HRQ<br />
3URFHVRUR]QDF]DQ\W\PNU\SWRQLPHPZSURZDG]RQ\]RVWDáQDU\QHNUyZQRZSRáRZLH<br />
URNX3U]H]QDF]RQ\E\áGODVHUZHUyZLZ\VRNRZ\GDMQ\FKVWDFMLURERF]\FK3RG<br />
VWDZRZHSDUDPHWU\W\FKXNáDGyZ]HEUDQRZWDEHOL$<br />
- GURSURFHVRUDVWDQRZLZSUDZG]LHVWUXNWXUD'HVFKXWHV DOHFDáR üSRGGDQRV]HUHJRZL<br />
]DELHJyZXQRZRF]H QLDM F\FK<br />
<br />
3URFHVRU\;HRQRF] VWRWOLZR FLDFKWDNWRZDQLDSRZ\ HM0+]Z\WZDU]DQHV QDED]LHM GUD<br />
3HQWLXP,,,
$QDWRPLD3&<br />
7DEHOD$D3RGVWDZRZHGDQHSURFHVRUyZ,QWHO&HOHURQ,,,]PDJLVWUDO )6%0+]—P<br />
$ <br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P&RSSHUPLQH<br />
=HJDU&38>0+]@ <br />
0QR QLN î î î î î î î î<br />
/&RGH'DWD>.%@<br />
<br />
/&DFKH&38 &ORFN <br />
.%<br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ ± ± ± ± ± ± ± ±<br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
)&3*$3*$<br />
7DEHOD$E3RGVWDZRZHGDQHSURFHVRUyZ,QWHO&HOHURQ,,,]PDJLVWUDO )6%0+]—P<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P&RSSHUPLQH<br />
=HJDU&38>0+]@ <br />
0QR QLN î î î î î î<br />
/&RGH'DWD>.%@<br />
<br />
/&DFKH&38 &ORFN <br />
.%<br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ ± ± <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
)&3*$3*$<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO&HOHURQ,,,]PDJLVWUDO )6%0+]—P<br />
$ <br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P7DXODWLQ<br />
=HJDU&38>0+]@ <br />
0QR QLN î [ î î [ î<br />
/&RGH'DWD>.%@<br />
<br />
/&DFKH&38 &ORFN <br />
.%(&&<br />
7KHUPDO'LRGH ´<br />
9 &25( >9@ V <br />
3REyUSU GXPDNV>$@ <br />
2EXGRZD3RGVWDZND<br />
)&3*$
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP,,;HRQ<br />
0 0 0<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î î î î<br />
/&DFKHNRG<br />
/&DFKHGDQH<br />
.%<br />
.%<br />
/&DFKH&38&ORFN .% .% .% .% .%<br />
3LSH/LQHV<br />
3LSH/LQH6WDJHV<br />
<br />
)3<br />
2XWRI2UGHU([HFXWLRQ ´<br />
%UDQFK+LVWRU\7DEOH<br />
%UDQFK7DUJHW%XIIHU<br />
9 / >9@ <br />
9 &25( >9@ <br />
9 ,2*7/ >9@ <br />
3REyUPRF\PDNV>:@ <br />
5HWXUQ6WDFN<br />
5HQDPLQJ5HJLVWHUV<br />
<br />
<br />
<br />
<br />
3HUIRUPDQFH0RQLWRULQJ ´<br />
603 GRSURFHVRUyZ<br />
3RGVWDZND<br />
6ORW<br />
t 3DPL üSRGU F]QD/]EXGRZDQD]RVWDáD]PRGXáyZW\SX&65$0RSUDFRZDQLH<br />
,QWHODNWyUHZRGUy QLHQLXRGZF]H QLHMVWRVRZDQ\FKXNáDGyZ3%5$0]GROQH<br />
E\á\GRSUDF\]SHáQ F] VWRWOLZR FL ]HJDURZ SURFHVRUD5R]PLDUSDPL FL/<br />
VL JDá0%<br />
t =DFKRZDQRSHáQ ]JRGQR üSURJUDPRZ ]MHGQRVWN 00;<br />
t 0R OLZDMHVWSUDFDZV\VWHPLHZLHORSURFHVRURZ\PGRF]WHUHFK&38<br />
t :REHFGX HMOLF]E\QRZ\FKV\JQDáyZVWHUXM F\FKVNRQVWUXRZDQRSRMHPQLHMV]H<br />
]á F]HNUDZ G]LRZH²6ORW<br />
;HRQMDNRSLHUZV]\SURGXNW,QWHODZ\SRVD RQ\]RVWDáZGZLHNRVWNL(3520]DZLH<br />
UDM FHSDPL üNRQILJXUDF\MQ SU]HFKRZXM F GDQHFKDUDNWHU\VW\F]QHSURFHVRUDPL G]\<br />
LQQ\PLW\SWDNWLQXPHUVHU\MQ\0LDáRWRXWUXGQLüQLHVWHW\DOHQLHXQLHPR OLZLü²<br />
NRVWNL(3520PR QDERZLHPZ\OXWRZDüSUDF IDáV]HU]RPSURFHVRUyZ
$QDWRPLD3&<br />
3HQWLXP,,,<br />
1RZHEORNL&65$0E\á\WDNGX H HWU]HEDE\áR]QDF]QLH]ZL NV]\üUR]PLDU\FDáHJR<br />
PRGXáXK\EU\GRZHJR3URGXNWILQDOQ\E\áGZDUD]\ZL NV]\LGZDUD]\FL V]\RG<br />
3HQWLXP,,<br />
;HRQZVSyáSUDFRZDá]MHGQ\P]QRZRRSUDFRZDQ\FKXNáDGyZVWHUXM F\FKGODSá\WJáyZ<br />
Q\FK3LHUZV]\P]QLFK]SU]H]QDF]HQLHPGRVWDFMLURERF]\FKE\á]HVWDZ*;VWD<br />
QRZL F\XOHSV]RQ ZHUVM GREU]H]QDQHJRFKLSVHWX%;8NáDGWHQVWHUXMHPDJLVWUDO<br />
)6%0+]RUD]V]\Q $*3ZWU\ELHî3DPL üV\VWHPXPRJáDE\üUR]EXGRZDQD<br />
GR*%ZRSDUFLXRSDPL FL6'5$0WDNWRZDQH]HJDUHP0+]3&<br />
'UXJL]SURSRQRZDQ\FKSU]H],QWHO]HVWDZyZQD]ZDQ\]RVWDá1;1DWRPD-HJR<br />
WZyUF\SRáR \OL]GHF\GRZDQLHZL NV]\QDFLVNQDSUDF SURFHVRUyZ;HRQMDNRVHUZH<br />
UyZVLHFLRZ\FK3HáQDZHUVMDFKLSVHWXW]Z)XOO.LWLPSOHPHQWRZDáDGZLHQLH]DOH QH<br />
ELWRZHV]\Q\3&,OXEMHGQ ELWRZ LGZLHELWRZH1;PR H]DU] G]Dü<br />
JLJDEDMWDPLSDPL FLRSHUDF\MQHM<br />
1;VWDQRZLáSRSUDZLRQ ZHUVM FKLSVHWX*;2ULRQRSUDFRZDQHJRVZHJRF]DVX<br />
GODSRWU]HESURFHVRUyZ3HQWLXP3UR3DPL üWDNLHJRV\VWHPXWDNWRZDQDE\áDZSUDZ<br />
G]LH]HJDUHP0+]DOHVWRVRZDüPR QDE\áRZ\á F]QLHPRGXá\('2RU\JLQDOQ\<br />
25,21X]QDZDáW\ONRSDPL FLSUDFXM FHZWU\ELH)DVW3DJH0RGH1;G]LHG]LF]\á<br />
SR2ULRQLHMHV]F]HMHGQ FHQQ ZáD FLZR üNWyU E\áDPR OLZR üSRF]ZyUQHJR]D] <br />
ELDQLDVL EDQNyZSDPL FLRZ\FK,QWHUOHDYH6\VWHPZ\SRVD RQ\ZF]WHU\MHGQDNRZH<br />
PRGXá\('25$0RVL JDáG]L NLWHPXEDUG]RGREUHSDUDPHWU\%XUVW[<br />
3HQWLXP,,,VWDQRZLáNRQW\QXDFM DUFKLWHNWXU\ELWRZHM,$3URMHNWUR]ZLMDáVL<br />
SRGNU\SWRQLPHP.DWPDL]DQLP]RVWDáRILFMDOQLHSU]HNV]WDáFRQ\QDSURFHVRU3HQWLXP,,,<br />
=HVWDZ QRZ\FK LQVWUXNFML RNUH ODQ\ Z ID]LH ZVW SQHM PLDQHP .1, .DWPDL 1HZ ,Q<br />
VWUXFWLRQV OXE 00; SU]HPLDQRZDQ\ ]RVWDá Z ODG ]D W\P QD ,66( ,QWHUQHW 6WUH<br />
DPLQJ6,0'([WHQVLRQV3RWRNSU]HWZDU]DM F\WHJRSURFHVRUDMHVWG]LHVL FLRVWRSQLR<br />
Z\DM GURVNáDGDVL ]MHGQRVWHNZ\NRQDZF]\FK:DG 3HQWLXP,,,MHVWSUREOHP<br />
SRZVWDM F\ZSXQNFLHZ\M FLRZ\PUR]G]LHODF]DPLNURLQVWUXNFML5HVHUYDWLRQ6WDWLRQ<br />
7HQHOHPHQWRZ\EXIRUPDERZLHPSRUWyZZ\M FLRZ\FK]NWyU\FKWU]\3RUW±<br />
SU]\SLVDQH V MHGQRVWNRP REOLF]HQLRZ\P DGUHVyZ 'R SR]RVWDá\FK SRUWyZ 3RUW <br />
L3RUWSRGá F]RQHV ZV]\VWNLHLQQHMHGQRVWNL)3,1700;$*8,1700;$/8<br />
,66($'' 029(L,66(08/ ',9<br />
:3HQWLXP,,,]DVWRVRZDQRSRUD]SLHUZV]\QRZ DUFKLWHNWXU ',%'XDO,QGHSHQGHQW%XV<br />
NWyUDSROHJDQDRGG]LHOHQLXPDJLVWUDOL)6%RGUXFKXZHZQ WU]QHJRQDRGFLQNX//<br />
3HQWLXP,,,MHVWSRGZLHORPDZ]JO GDPLEDUG]RSRGREQ\GRVZHJRSRSU]HGQLNDF]\OLPR<br />
GHOX3HQWLXP,,3RGZ\ V]HQLHF] VWRWOLZR FLWDNWRZDQLDVWDQRZLQDWXUDOQ\NURNQDGUR<br />
G]HHZROXFMLZWHFKQRORJLL'ODREQL HQLDVWUDWPRF\QDFLHSáRLXWU]\PDQLDZUR]V GQ\P<br />
]DNUHVLHWHPSHUDWXU\VWUXNWXU\SyáSU]HZRGQLNRZHMRND]DáRVL NRQLHF]QH]QDF]QH]PQLHM<br />
V]HQLHQDSL FLD]DVLODQLD]9GR91LHZV]\VWNLHSá\W\JáyZQHSU]\JRWRZDQH<br />
E\á\QDWHQNURNERZLHPZLHOH]HVWRVRZDQ\FKGRW\FKF]DVXNáDGyZVWDELOL]DWRUyZQLH<br />
SR]ZDODáRQDWDNLHSU]HSURJUDPRZDQLH:DUWR FLPQR QLNyZ3HQWLXP,,,SRGREQLHMDN<br />
3HQWLXP,,]DSLVDQHV QDVWDáHZHZQ WU]XVWUXNWXU\SURFHVRUDLQLHSRGGDM VL ZSá\<br />
ZRP]HZQ WU]Q\P
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
:WDEHODFK$±$]HVWDZLRQRSRGVWDZRZHSDUDPHWU\RPDZLDQ\FKZW\PSXQN<br />
FLHSURFHVRUyZ:FHOXXQLNQL FLDQLHMHGQR]QDF]QR FLGRQLHNWyU\FKR]QDF]H ED]XM <br />
F\FKQDF] VWRWOLZR FLGRGDZDQHV OLWHU\:SHZQ\FKPRGHODFKF] VWRWOLZR ü]HJDUD<br />
QSOXELPSOLNXMHNRQLHF]QR üZVSyáSUDF\]PDJLVWUDO )6%0+]=WDN<br />
PDJLVWUDO SUDFXM MHGQDN UyZQLH QLHNWyUH PRGHOH RSLV\ZDQH ÄRNU Já ´ F] VWRWOLZR<br />
FL QS:WDNLPSU]\SDGNXZR]QDF]HQLXSRMDZLDVL OLWHUD%'UXJD]PR OL<br />
Z\FK QLHMHGQR]QDF]QR FL PR H SRZVWDü Z VWRVXQNX GR SURFHVRUyZ NWyUH Z\VW SXM<br />
]DUyZQRZIRUPLH].%SDPL FL/2Q'LH&RSSHUPLQHMDNLW\SXPRGXáRZHJR<br />
]SDPL FL .%2II'LH:WDNLPSU]\SDGNXSLHUZV]D]W\FKZHUVMLPDGRGDQ OLWHU (<br />
3DPL üSRGU F]QDZV]\VWNLFK3HQWLXP,,,REHMPXMH]DNUHVGR*%&DFKHDEOH$UHD<br />
:GUXJLHMSRáRZLHURNXILUPD,QWHOUR]SRF] áDSURGXNFM SURFHVRUyZ3HQWLXP,,,<br />
ZQRZHMZWHFKQRORJLL—PM GUR7DXODWLQ*áyZQHFHFK\DUFKLWHNWXU\SR]RVWDá\EH]<br />
]PLDQMH OLQLHOLF]\ü]ZL NV]RQHMSRMHPQR FLSDPL FL/0RGHOH].%SU]\VWRVRZD<br />
QH]RVWDá\SRQDGWRGRSUDF\ZV\VWHPDFK'XDO&38LZ\SRVD RQHZVSHFMDOQ SDPL üSRG<br />
U F]Q /1RQ%ORFNLQJ/&DFKH1RZHVWUXNWXU\SyáSU]HZRGQLNRZHV EDUG]LHMHQHU<br />
JRRV]F] GQH &HFKXM VL PQLHMV]\P SRERUHP SU GX UHGQLR R D LFK QDSL FLH<br />
]DVLODQLD]RVWDáR]UHGXNRZDQH]9GR9'UREQH]PLDQ\NRQVWUXNF\MQHVWRSQL<br />
,2VSRZRGRZDá\ QDWRPLDVW NRPSOHWQ QLHSU]\GDWQR ü VWRVRZDQ\FK GRW\FKF]DV FKLS<br />
VHWyZDLFKSURGXFHQFL]PXV]HQL]RVWDOLGRZ\SXV]F]HQLDQDU\QHNQRZ\FKZHUVML]FKD<br />
UDNWHU\VW\F]Q NR FyZN 7ZR]QDF]HQLXQS9L$7L9L$3UR75yZQLH FKLSVHW<br />
VDPHJR,QWHOD(PXVLDáXOHFPRG\ILNDFML²GRSLHURXNáDG\RR]QDF]HQLX6WHSSLQJ%<br />
LQRZV]HVSHáQLDM Z\PRJLVWDZLDQHSU]H]VWUXNWXU SyáSU]HZRGQLNRZ 7DXODWLQ<br />
3HQWLXP,,,;HRQ<br />
3HQWLXP,,,;HRQMHVWRGPLDQ SURFHVRUD3HQWLXP,,,SU]H]QDF]RQ GRZLHORSURFHVRUR<br />
Z\FKVHUZHUyZLVWDFMLURERF]\FK:VWRVXQNXGRVZRMHJRSLHUZRZ]RUX]RVWDáZ]ERJD<br />
FRQ\RQDVW SXM FHPR OLZR FL<br />
t 5R]PLDUSDPL FLSRGU F]QHM/Z\QRVLGR0%<br />
t 0R OLZDMHVWSUDFDZV\VWHPDFK603]DOH QLHRGZHUVMLGRF]WHUHFK&38 <br />
t 3URFHVRUZ\NRU]\VWXMH]á F]HNUDZ G]LRZH6&6ORW<br />
t ;HRQZ\SRVD RQ\MHVWZSDPL üNRQILJXUDF\MQ SU]HFKRZXM F QLHNWyUHSDUDPHWU\<br />
FKDUDNWHU\VW\F]QH<br />
t 3URFHVRU\ZVSyáSUDFXM FH]PDJLVWUDO 0+]]DZLHUDM PRGXá29&5<br />
2Q&DUWULGJH9ROWDJH5HJXODWRUG]L NLNWyUHPXSURFHVRUPR HJHQHURZDü<br />
RGSRZLHGQLHSR]LRP\QDSL ü]DVLODM F\FK<br />
3HQWLXP,,,;HRQ]PDJLVWUDO )6%0+]PR HZVSyáSUDFRZDü]FKLSVHWDPL*;<br />
L1;OXEL7HQRVWDWQLLPSOHPHQWXMHPDJLVWUDOH)6%0+]RUD]$*3;<br />
3DPL üV\VWHPXPR HE\üUR]EXGRZDQDGR*%²ZRSDUFLXRXNáDG\6'5$03&<br />
OXE5'5$0<br />
<br />
:PDWHULDáDFK UyGáRZ\FK,QWHODPR QD]QDOH üZ]PLDQN RPR OLZR FLSRá F]HQLDGRSURFHVRUyZ
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP,,,ZVSyáSUDFXM F\FK]PDJLVWUDO 0+]<br />
$UFKLWHNWXUD<br />
( ( ( <br />
5,6&<br />
7HFKQRORJLD —P —P&RSSHUPLQH<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN î î î î î î î î î<br />
/&DFKH<br />
GDQHNRG>.%@<br />
<br />
/&DFKH .%&38&ORFN .%&38&ORFN<br />
2XWRI2UGHU%UDQFK<br />
3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
´´<br />
6WDJHV8QLWV<br />
9 &25( >9@ ±<br />
±<br />
±<br />
±<br />
3REyUSU GXPDNV>$@ ±<br />
±<br />
603 GRSURFHVRUyZ<br />
±<br />
±<br />
2EXGRZD3RGVWDZND $ 6 6 6 6 3 3 3 3 3<br />
<br />
±<br />
±<br />
±<br />
±<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
<br />
5,6&<br />
—P&RSSHUPLQH²PLOLRQyZWUDQ]\VWRUyZ<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD)6%>0+]@ <br />
0QR QLN î î î î î î<br />
/&DFKH<br />
GDQHNRG>.%@<br />
/&DFKH<br />
2XWRI2UGHU%UDQFK<br />
3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
<br />
.%&38&ORFN<br />
´´<br />
6WDJHV8QLWV<br />
9 &25( >9@ ± ± ± ± <br />
3REyUSU GXPDNV>$@ ± ± ± <br />
603 GRSURFHVRUyZ<br />
2EXGRZD3RGVWDZND $ 6 6 6 6 6 6<br />
$ 3²REXGRZD)&3*$SRGVWDZND3*$6²REXGRZD6(&&OXE6(&&SRGVWDZND6&6ORW
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP,,,]PDJLVWUDO )6%0+]<br />
$UFKLWHNWXUD<br />
% % (% (% <br />
5,6&<br />
7HFKQRORJLD —P —P&RSSHUPLQH²PLOLRQyZWUDQ]\VWRUyZ<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN î î î î î î<br />
/&DFKH<br />
GDQHNRG>.%@<br />
<br />
/&DFKH .%&38&ORFN .%&38&ORFN<br />
2XWRI2UGHU%UDQFK<br />
3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
´´<br />
6WDJHV8QLWV<br />
9 &25( >9@ ± ± ±<br />
3REyUSU GXPDNV>$@ ±<br />
603 GRSURFHVRUyZ<br />
2EXGRZD3RGVWDZND $ 6 6L3<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
(% % <br />
5,6&<br />
—P&RSSHUPLQH²PLOLRQyZWUDQ]\VWRUyZ<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN î î î î î<br />
/&DFKH<br />
GDQHNRG>.%@<br />
/&DFKH<br />
2XWRI2UGHU%UDQFK<br />
3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
<br />
.%&38&ORFN<br />
´´<br />
6WDJHV8QLWV<br />
9 &25( >9@ ± ± ± ± <br />
3REyUSU GXPDNV>$@ ± ± ± ± <br />
603 GRSURFHVRUyZ<br />
2EXGRZD3RGVWDZND $ 6L3 6L3L3 6L3L3 6L3L3 6L3<br />
$ 3²REXGRZD)&3*$SRGVWDZND3*$3²REXGRZD)&3*$SRGVWDZND3*$6²REXGRZD6(&&<br />
OXE6(&&SRGVWDZND6&6ORW
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP,,,Z\NRQDQ\FKZWHFKQRORJLL—P<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P7DXODWLQ<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD)6%>0+]@ <br />
0QR QLN $ î î î [ [<br />
/&DFKH<br />
GDQHNRG>.%@<br />
î$VVRFLDWLYH<br />
/&DFKH&ORFN .%(&& .%(&& .%(&& .%(&& .%(&&<br />
,173LSHOLQH8QLWV<br />
6WDJHV8QLWV<br />
6SHFXODWLYH([HFXWLRQ ´<br />
%UDQFK3UHGLFWLRQ ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV>$@ <br />
7KHUPDO'LRGH ´<br />
603 ã ã <br />
2EXGRZD3RGVWDZND<br />
3HQWLXP<br />
)&3*$3*$<br />
2EHFQLHSURGXNRZDQHV WU]\URG]LQ\SURFHVRUyZ3HWLXP,,,;HRQSLHUZV]DZWHFK<br />
QRORJLL—PSR]RVWDáHZ—PZV]\VWNLH]UR]V]HU]HQLDPL6,0'WDEHOD$<br />
t 0RGHOHL0+]ZVXPLHZV]H FLXRGPLDQDFKUy QL FHVL UR]PLDUDPL<br />
/.%0%L0%3DPL üSRGU F]QDQDPRGXOH&DFKHRII'LH<br />
WDNWRZDQDZVWRVXQNXGR]HJDUD&38Z\PDJDVWRVRZDQLDEDUG]RV]\ENLFK<br />
FKLSyZSDPL FLRZ\FK<br />
t 5RG]LQDVNáDGDM FDVL ]VLHGPLXPRGHOL²RG0+]GR*+]²QDED]LH<br />
M GUD&RSSHUPLQHZZHUVML])6%0+]3DPL üSRGU F]QD/RUR]PLDU]H<br />
.%]LQWHJURZDQDMHVWZREU ELHVWUXNWXU\SyáSU]HZRGQLNRZHM&38&DFKH<br />
RQ'LHLWDNWRZDQDSHáQ\P]HJDUHPSURFHVRUD3URFHVRU\GRVW SQHV ZWU]HFK<br />
NODVDFKQDSL FLRZ\FK99L9:SU]\SDGNXGZyFKRVWDWQLFKQD<br />
PRGXOHPRQWXMHVL XNáDG\29&5SU]HWZDU]DM FH]DVLODQLHGRSR]LRPX9<br />
t :HUVMDGODV\VWHPyZPXOWLSURFHVRURZ\FKGR&38UHSUH]HQWRZDQDSU]H]<br />
PRGHOH0+]L0+]ZPXWDFMDFK]0%L0%SDPL FL/3DPL ü<br />
WDXPLHV]F]RQDMHVWZPRGXOHLNRPXQLNXMHVL ]M GUHPSRSU]H]V]\Q WDNWRZDQ<br />
]F] VWRWOLZR FL ]HJDUD&38WDNMDNZURG]LQLH0+]0DJLVWUDOD<br />
)6%SUDFXMHZWU\ELH0+]<br />
.ROHMQ\SURFHVRUILUP\,QWHOMHVWHIHNWHPFDáHJRV]HUHJX]PLDQNRQVWUXNF\MQ\FK3UR<br />
GXFHQWX \ZDWXF] VWRRNUH OHQLD1HW%XUVWNWyUHMHGQDNPLPRGREUHJREU]PLHQLDVD<br />
PRZVRELHQLHZLHOHZ\MD QLD*áyZQHFHFK\FKDUDNWHU\VW\F]QHDUFKLWHNWXU\3HQWLXP<br />
]HEUDüPR QDZQDVW SXM F\FKSXQNWDFK
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXP,,,;HRQ<br />
<br />
$<br />
<br />
$<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
<br />
<br />
%&<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD —P —P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN ' î î î î î î î î î îî<br />
/&DFKH<br />
GDQHNRG>.%@<br />
/&DFKH<br />
2XWRI2UGHU%UDQFK<br />
3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
&DFKHDEOH$UHD<br />
$<br />
$<br />
<br />
.%ZD\<br />
´´<br />
6WDJHV8QLWV<br />
*%<br />
6,0'([WHQWLRQV ´<br />
9 &25( >9@ <br />
3REyUSU GXPDNV<br />
ZUD]]/>$@<br />
<br />
<br />
$<br />
<br />
<br />
$<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
<br />
%<br />
&<br />
<br />
% %*<br />
603 <br />
3RGVWDZND 6& ( 6& )<br />
$ 7U]\ZHUVMH/.%<br />
% 7U]\ZHUVMHQDSL FLD]DVLODQLD99L9<br />
& 'ZLHZHUVMH/GODPRGHOX0+]L.%LMHGQDGOD0+].%<br />
' :DUWR üPQR QLNDQLHXOHJDZSá\ZRP]HZQ WU]Q\P<br />
(<br />
=á F]HNUDZ G]LRZH6&RNUH ODQHE\áRZF]H QLHMPLDQHP6ORW<br />
) =áF]HNUDZ G]LRZH6&WRUR]V]HU]HQLH]á F]D6&XPR OLZLDM FHZVSyáSUDF ]PDJLVWUDO 0+]LREVáXJ 29&5<br />
* 'DQHGODZHUVML0+]<br />
t 3URFHVRUPDZ\M WNRZRGáXJLSRWRNSU]HWZDU]DQLD+\SHUSLSHOLQHGQDNWyU\<br />
VNáDGDVL FRQDMPQLHMHWDSyZ 6WDJHV$UFKLWHNWXUDWHJRURG]DMXVWDQRZL<br />
GRVNRQDá SRGVWDZ GRUR]ZLMDQLDOLQLLSURFHVRUyZWDNWRZDQ\FKFRUD]Z\ V]\PL<br />
F] VWRWOLZR FLDPL:DG GáXJLHJRSRWRNXV GX HVWUDW\F]DVX]ZL ]DQH]MHJR<br />
RSUy QLDQLHPQDVNXWHNEá GQHJRSU]HSRZLDGDQLDSU]HELHJXZ\NRQ\ZDQLD<br />
SURJUDPX%UDQFK3UHGLFWLRQLSRU]XFDQLDMX F] FLRZRSU]HWZRU]RQ\FK<br />
IUDJPHQWyZNRGX<br />
t $UFKLWHNWXUD5,6&QLHSU]HWZDU]DZ]DVDG]LHLQVWUXNFML[DOHW]ZPLNURNRG\<br />
—236QDNWyUHLQVWUXNFMH[V ZVW SQLHWáXPDF]RQH-HGQ ]QDMSRZD QLHMV]\FK<br />
]PLDQZDUFKLWHNWXU]H3HQWLXPMHVWSU]HFKRZ\ZDQLHUD]SU]HWáXPDF]RQ\FK<br />
IUDJPHQWyZSURJUDPX3DPL üSRGU F]QD7(&7UDFH([HFXWLRQ&DFKHPD<br />
<br />
0RZDRSRWRNXSU]HWZDU]DQLDLQVWUXNFMLVWDáRSU]HFLQNRZ\FK,17'DQHQDWHPDWSRWRNX)3QLH]RVWDá\SU]H]<br />
,QWHORSXEOLNRZDQHVWDFMHWRU]HF]\ZL FLHGX RZL FHMZSRUyZQDQLX]3HQWLXP,,,OXE$WKORQ
$QDWRPLD3&<br />
SRMHPQR ü.—236yZFRZVNDOLLQVWUXNFML[RGSRZLDGDRNRáR±.%<br />
3DPL üWDPDR PLRNURWQ DVRFMDFM 5R]PLDUSRV]F]HJyOQ\FKPLNURNRGyZZFDOH<br />
QLHMHVWPDá\²ZSU]\SDGNX3HQWLXP,,,Z\QRVLD ELWyZF]\OLZL FHMQL<br />
VDP\FKLQVWUXNFML[QLHNWyUH]QLFKV MHGQREDMWRZH3U]HFKRZ\ZDQLH—236yZ<br />
]DPLDVWNRGX[QLHVWDQRZLZL F]E\WHIHNW\ZQHJRZ\NRU]\VWDQLDSDPL FL<br />
MH OLQLHVWRVXMHVL VSHFMDOQ\FKPHWRGRSW\PDOL]XM F\FK:SDPL FL7(&<br />
SU]HFKRZ\ZDQHV ZL FMHG\QLHWHIUDJPHQW\NRGXNWyUH]RVWDá\IDNW\F]QLH<br />
Z\NRQDQHQDZHWMDNRZ\QLN2XWRI2UGHU([HFXWLRQ.ODV\F]QDSDPL ü<br />
SRGU F]QD/RSHUXMHZSU]HFLZLH VWZLHGR7(&FDá\PLOLQLMNDPLZNWyU\FK<br />
]DSDPL WXMHVL SHZQ VHNZHQFM NRGXQLH]DOH QLHRGWHJRFR]DZLHUDFKRüE\<br />
LF]\VW\WHNVWRP\áNRZRXPLHV]F]RQ\ZVHJPHQFLHNRGX<br />
t 0LNURRSHUDFMHX]XSHáQLDQHV RGDQH]UHMHVWUyZLZ GUXM SRSU]H]Uy QHM<br />
ZLHONR FLNROHMNL4XHXHVGRUR]G]LHODF]D6FKHGXOHUNLHUXM FHJRMHGR<br />
RGSRZLHGQLFKMHGQRVWHNZ\NRQDZF]\FK(OHPHQWWHQE G F\VáDE\PSXQNWHP<br />
DUFKLWHNWXU\SURFHVRUyZ3HQWLXP,,, ]RVWDáGX ROHSLHMRSUDFRZDQ\'ZD<br />
RGG]LHOQHSRUW\REVáXJXM MHGQRVWNL]PLHQQRSU]HFLQNRZH)366(DND GD<br />
]MHGQRVWHN$/8$ULWKPHWLFDO/RJLFDO8QLWL$*8$GGUHVV*HQHUDWLRQ8QLW<br />
PDGRG\VSR]\FMLZáDVQ\SRUW<br />
t 3RGZLHMHGQRVWNL$/8L$*8WDNWRZDQHV ]SRGZyMQ F] VWRWOLZR FL ]HJDUD<br />
&38'RXEOH3XPSHG$/8VFR,QWHORNUH ODPLDQHP5DSLG([HFXWLRQ(QJLQH<br />
—236\SRZVWDáH]UR]áR HQLDUR]ND]yZVWDáRSU]HFLQNRZ\FKREVáXJLZDQHV<br />
SU]H]$/8:MHGQ\PF\NOX]HJDURZ\PPRJ E\üRSUDFRZDQHGZLHWDNLH<br />
PLNURLQVWUXNFMHDGRNáDGQLHU]HF]ELRU FW\ONRQLHNWyUH]QLFKW]Z)DVW<br />
F]\OLV]\ENLH'ODSR]RVWDá\FK]DMPXM F\FKZL FHMF]DVXSU]HZLG]LDQDMHVW<br />
VSHFMDOQDMHGQRVWNDZ\NRQDZF]D6ORZ$/85yZQROHJOHGRWHJRSUDFXMH<br />
MHGQRVWND)383RWRNSU]HWZDU]DM F\3HQWLXPPR HZL FZMHGQ\PF\NOX<br />
]HJDURZ\P]DNR F]\ü5HWLUHGPDNV\PDOQLHPLNURLQVWUXNFMH<br />
t ELWRZDPDJLVWUDOD)6%SLHUZV]\FK3HQWLXPWDNWRZDQDE\áD]HJDUHP0+]<br />
7UDQVPLVMDRGE\ZDVL F]WHU\UD]\ZMHGQ\PF\NOX]HJDUD4XDG3XPSHG<br />
)DNWWHQXSRZD QLDQLHMDNRGRFK WQLHX \ZDQHJRSU]H],QWHORNUH OHQLD0+]<br />
FKRFLD ZLVWRFLH]HJDUPDJLVWUDOLSUDFXMH]MHGQ F]ZDUW WHMF] VWRWOLZR FL<br />
0DNV\PDOQHSDVPRSU]HSXVWRZHVL JDZL FZDUWR FL*%V FRRGSRZLDGD<br />
SRGZyMQHPXNDQDáRZL5$0%86GZyPNDQDáRPSDPL FL3&OXEMHGQHPX<br />
NDQDáRZLSDPL FL3&'ODSRUyZQDQLDSDVPRPDJLVWUDOL3HQWLXP,,,Z\QRVL<br />
QLHFRSRQDG*%V.ROHMQHZHUVMH3HQWLXPZ\SRVD DQHE\á\ZPDJLVWUDO<br />
)6%0+]F\NOLVHNXQG ZWU\ELH4'5GZDNDQDá\SDPL FL3&<br />
RUD]0+]F\NOLVHNXQG ZWU\ELH4'5GZDNDQDá\SDPL FL3&<br />
t 1RZR üVWDQRZLMHGQRVWND66(SU]HWZDU]DM FDQRZHLQVWUXNFMH]W]Z<br />
JUXS\6,0'([WHQWLRQV6 WR]QDQHMX RGF]DVXZSURZDG]HQLDUR]ND]yZ<br />
00;RSHUDFMHVWDáRL]PLHQQRSU]HFLQNRZHDOHQDZ\M WNRZRGáXJLFK<br />
ELWRZ\FKGDQ\FK:RVWDWQLPPRGHOX3HQWLXPRQD]ZLHNRGRZHM3UHVFRWW<br />
ZSURZDG]RQRWH QRZHUR]ND]\66(SRSU]HGQLR]QDQHSRGQD]Z 31,<br />
²DQJ3UHVFRWW1HZ,QVWUXFWLRQV<br />
<br />
3HQWLXP,,,²SRUWyZ]F]HJR]DM WHSU]H]MHGQRVWNLREOLF]DM FHDGUHV<br />
0WUDQVIHUyZEDMWRZ\FKQDVHNXQG
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
t /PDZ\PLDU.%.%OXE.%LOH \ZREU ELHVWUXNWXU\<br />
SyáSU]HZRGQLNRZHMSURFHVRUD2Q'LH7DNWRZDQLHRGE\ZDVL ]F] VWRWOLZR FL<br />
]HJDUD&38&38 &/2&. :HZQ WU]QDRUJDQL]DFMD/Z\ND]XMHR PLRNURWQ<br />
DVRFMDFM DOHOLQLMNLV Z\M WNRZRGX HLRVL JDM EDMWyZ 'áXJLHOLQLMNL<br />
PDM NRU]\VWQ\ZSá\ZQDV]\ENR üZ\PLDQ\GDQ\FK]SDPL FL RSHUDF\MQ<br />
GáXJLHF\NOHEXUVWQDPDJLVWUDOL)6%V V]F]HJyOQLHNRU]\VWQHGODSDPL FL<br />
5$0%86=GUXJLHMMHGQDNVWURQ\XWUDWDVSyMQR FLGDQ\FKSRPL G]\/<br />
L5$0QDFKRüE\MHGQHMW\ONRSR]\FMLELWRZHM]PXV]DSURFHVRUGR]DSLVXFDá\FK<br />
ELWyZ$E\WHJRXQLNQ üOLQLMNLSRG]LHORQHV QDGZLHVHNFMHSREDMW\<br />
FR]PQLHMV]DZSHZQ\PVHQVLHUXFKQDPDJLVWUDOL(ZHQWXDOQHEá G\ZREU ELH<br />
/Z\NU\ZDQHV SU]H]V\VWHPNRQWUROLRSDUW\QDNRGDFK(&&<br />
t 3HQWLXPSU]H]QDF]RQ\MHVWZ\á F]QLHGRSUDF\ZV\VWHPDFK]MHGQ\PSURFHVRUHP<br />
8NáDGVFDORQ\XPLHV]F]DQ\E\áSRF] WNRZRZREXGRZLH3*$RNR FyZNDFKSy QLHM<br />
ZGX RPQLHMV]HMLEDUG]LHMILOLJUDQRZHMREXGRZLH)&3*$NR FyZHNDREHFQLH<br />
Z QRZDWRUVNLHM SRGVWDZFH /*$ DQJ /DQG *ULG $UUD\ Z NWyUHM Z\SURZDG]HQLD<br />
V]SLONRZH]DPRQWRZDQHV ZVDPHMSRGVWDZFHDSURFHVRUZ\SRVD RQ\MHVWMHG\QLH<br />
ZSáDVNLHSRODVW\NRZH3RGVWDZRZHSDUDPHWU\RE\GZXW\SyZSURFHVRUyZ]HEUDQRZWD<br />
EHODFK$L$<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXPZSRGVWDZFHM GUR:LOODPHWWH<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P²PLOLRQ\WUDQ]\VWRUyZ<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD)6%>0+]@<br />
/&DFKHGDQHNRG<br />
/&DFKHRQ&KLS<br />
2XWRI2UGHU%UDQFK<br />
3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
WU\E4'5<br />
.%N—2367UDFH&DFKH<br />
.%&38 &ORFN î$VVRFLDWLYH:ULWH%DFN(&&%XVELW<br />
´´<br />
Ë6WDJHV8QLWV î$/8î$*8î)38<br />
603 ã<br />
9 &25( >9@ <br />
, &&0$; >$@ <br />
2EXGRZD3RGVWDZND<br />
3*$3*$<br />
=SRF] WNLHPURNXQDU\QHNZSURZDG]RQRSURFHVRU\3HQWLXPSURGXNRZDQHZWHFK<br />
QRORJLL—PM GUR1RUWKZRRGWDEHOH$±$=DF] á\RQHVWRSQLRZRZ\SLH<br />
UDü VWRVRZDQH GR WHM SRU\ XNáDG\ —P :LOODPHWWH 1RZH VWUXNWXU\ ]DMPXM RNRáR<br />
PQLHM SRZLHU]FKQL SR]ZDODM QD REQL HQLH QDSL FLD ]DVLODQLD GR SR]LRPX 9<br />
LZ\G]LHODM PLPR GZD UD]\ ZL NV]HM SDPL FL/R PQLHM FLHSáD 7HFKQRORJLD<br />
—PPD]JRGQLH]]DSRZLHG]LDPLILUP\,QWHOXPR OLZLüUR]ZLMDQLHOLQLL3HQWLXP<br />
FRQDMPQLHMGR*+]:PDMXSRMDZLá\VL SLHUZV]HSURFHVRU\3HQWLXP]PDJL<br />
VWUDO )6%0+]ZWHUPLQRORJLL,QWHOD0+]]HZ]JO GXQDWU\E4'50DJL<br />
VWUDO WDN LPSOHPHQWXMHFKLSVHW(3RGNRQLHFURNXZSURZDG]RQ\]RVWDáSURFHVRU<br />
<br />
3HQWLXP,,,²EDMW\$WKORQ²EDMW\
$QDWRPLD3&<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXPZSRGVWDZFHM GUR:LOODPHWWH<br />
<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P²PLOLRQyZWUDQ]\VWRUyZ<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD)6%>0+]@<br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
WU\E4'5<br />
.%N—2367UDFH&DFKH<br />
.%&38 &ORFN î$VVRFLDWLYH:ULWH%DFN(&&%XVELW<br />
´´<br />
Ë6WDJHV8QLWV î$/8î$*8î)38<br />
603 ã<br />
9 &25( >9@ <br />
, &&0$; >$@ <br />
2EXGRZD3RGVWDZND<br />
)&3*$P3*$%<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXPZSRGVWDZFHM GUR1RUWKZRRG)6%<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
$ <br />
5,6&<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD)6%>0+]@<br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
WU\E4'5<br />
.%N—2367UDFH&DFKH<br />
.%&38 &ORFN î$VVRFLDWLYH:ULWH%DFN(&&%XVELW<br />
´´<br />
Ë6WDJHV8QLWV î$/8î$*8î)38<br />
603 ã<br />
9 &25( >9@ W\S±<br />
, &&0$; >$@ <br />
2EXGRZD3RGVWDZND<br />
)&3*$P3*$%<br />
3HQWLXP]UR]V]HU]HQLDPL+7+\SHU7KUHDGLQJWDNWRZDQ\]HJDUHP*+]:\GDZDü<br />
E\VL PRJáRL VWDáHSRGQRV]HQLHF] VWRWOLZR FLVWDáRVL QLHMDNRORJLF]Q NRQVHNZHQFM<br />
UHGXNFMLUR]PLDUyZVWUXNWXUSyáSU]HZRGQLNRZ\FK3URFHVWHQPDMHGQDNVZyMNUHVLQDZHW<br />
MH HOLQLHEUDüSRGXZDJ LQQ\FKEDULHUMHGQDZ\GDMHVL GRV\üVNXWHF]QDF]DV\SURSDJDFML<br />
:HZQ WU]QH SRá F]HQLD XNáDGX VFDORQHJR VWDQRZL ] SXQNWX ZLG]HQLD ]MDZLVN IDORZ\FK<br />
HOHPHQW\5&ZQRV] FHSHZQHRSy QLHQLD:\VRNLHV\JQDá\]HJDURZHPDM FRUD]NUyWV]H<br />
RNUHV\ : RNROLF\ F] VWRWOLZR FL *+] L SU]\ ]DáR HQLX VWRVRZQHM GR WHJR WHFKQRORJLL<br />
—PF]DVSURSDJDFMLV\JQDáXQDRGFLQNXPPSU]HZ\ V]\RNUHVMHGQHJRF\NOX]HJD<br />
URZHJR 3URFHVRU E G]LH ZL F PXVLDá F]HNDü QD SU]HWUDQVSRUWRZDQLH V\JQDáX ZSRSU]HN<br />
VWUXNWXU\SyáSU]HZRGQLNRZHMQSGROXE]SDPL FLSRGU F]QHM
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXPZSRGVWDZFHM GUR1RUWKZRRG)6%<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
+7<br />
5,6&<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD)6%>0+]@<br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
WU\E4'5<br />
.%N—2367UDFH&DFKH<br />
.%&38 &ORFN î$VVRFLDWLYH:ULWH%DFN(&&%XVELW<br />
´´<br />
Ë6WDJHV8QLWV î$/8î$*8î)38<br />
603 ã<br />
9 &25( >9@ W\S W\S<br />
, &&0$; >$@ <br />
2EXGRZD3RGVWDZND<br />
)&3*$P3*$%<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXPZSRGVWDZFHM GUR1RUWKZRRG)6%<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
<br />
5,6&<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD)6%>0+]@<br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
WU\E4'5<br />
.%N—2367UDFH&DFKH<br />
.%&38 &ORFN î$VVRFLDWLYH:ULWH%DFN(&&%XVELW<br />
´´<br />
Ë6WDJHV8QLWV î$/8î$*8î)38<br />
603 ã<br />
9 &25( >9@ ²<br />
3 0$; >:@ZDUWR ü<br />
UHGQLD<br />
3RGVWDZND<br />
<br />
2EHFQLH SURGXNRZDQH SURFHVRU\ 3HQWLXP QDOH<br />
FKDUDNWHU\]XM VL QDVW SXM F\PLFHFKDPL<br />
t 7HFKQRORJLDZ\WZDU]DQLDQP—P<br />
P3*$%<br />
GR URG]LQ\ 3UHVFRWW 3URFHVRU\ WH<br />
t 2EXGRZD/*$GRVW SQHV WH ZHUVMHSU]HM FLRZHSUDFXM FHZSRGVWDZFH<br />
6RFNHW
$QDWRPLD3&<br />
t 3RGVWDZRZHSRWRNLZ\NRQDZF]HZ\GáX RQH]GRHWDSyZ<br />
t 8GRVNRQDORQ\PHFKDQL]P+\SHU7KUHDGLQJ]ZL NV]DM F\HIHNW\ZQR ü<br />
ZVSyáG]LHOHQLDMHGQRVWHNZ\NRQDZF]\FKL]PQLHMV]DM F\QHJDW\ZQ\ZSá\Z<br />
GX HMOLF]E\HWDSyZSRWRNyZQDZ\GDMQR üRSURJUDPRZDQLD<br />
t 3DPL üSRGU F]QDSR]LRPXGUXJLHJR/FDFKHSRZL NV]RQD].%<br />
GR.%<br />
t =DLPSOHPHQWRZDQ\]HVWDZGRGDWNRZ\FKLQVWUXNFML6,0'QD]ZDQ\66(<br />
t 0DJLVWUDODV\VWHPRZD0+]SUDFXM FDZWU\ELH4'5F\NOLQDVHNXQG <br />
SU]HSXVWRZR üU] GX0%V<br />
t 1RZ\V\VWHPR]QDF]H ]U\ZDM F\]]DOH QR FL RGF] VWRWOLZR FL]HJDUD<br />
WDNWXM FHJRSURFHVRU<br />
3URFHVRU\3HQWLXP3UHVFRWWPLPRL ]DVW SXM SRZROLXNáDG\]VHULL1RUWKZRRGLRVL JDM<br />
FRUD]Z\ V]HSU GNR FLPDM UyZQLH VZRMHZDG\<br />
t 8NáDG\URG]LQ\3UHVFRWWRVL JDM Z\VRNLHWHPSHUDWXU\SUDF\FRZL HVL<br />
]NRQLHF]QR FL VWRVRZDQLDZ\GDMQHJRFKáRG]HQLDZFHOXXQLNQL FLDQLHVWDELOQHM<br />
SUDF\NRPSXWHUDOXEXV]NRG]HQLDVWUXNWXU\XNáDGX<br />
t 6\VWHPG\QDPLF]QHJRGRVWRVRZ\ZDQLDQDSL FLD]DVLODM FHJRZF]DVLHSUDF\G]LDáD<br />
Z\á F]QLHSU]\QRPLQDOQ\FKQDVWDZDFKSR]LRPXQDSL FLD3UyEDSRGQLHVLHQLD<br />
QDSL FLD]DVLODM FHJRZFHOXHIHNW\ZQLHMV]HJRÄSRGNU FHQLD´XNáDGXPR HVNR F]\ü<br />
VL PLHMVFRZ\POXERJyOQ\PSU]HJU]DQLHPVWUXNWXU\<br />
2JyOQDFKDUDNWHU\VW\NDSURFHVRUyZ]URG]LQ\3HQWLXP3UHVFRWW]RVWDáDSU]HGVWDZLRQD<br />
ZWDEHOL$<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,QWHO3HQWLXPZSRGVWDZNDFK6RFNHWL/*$<br />
M GUR3UHVFRWW)6%<br />
$UFKLWHNWXUD<br />
7HFKQRORJLD<br />
<br />
5,6&<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD)6%>0+]@<br />
/&DFKHGDQHNRG<br />
/&DFKH<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK3UHGLFWLRQ<br />
,173LSHOLQH8QLWV<br />
WU\E4'5<br />
.%N—2367UDFH&DFKH<br />
.%&38 &ORFN î$VVRFLDWLYH:ULWH%DFN(&&%XVELW<br />
´´<br />
6WDJHV8QLWV î$/8î$*8î)38<br />
603 ã<br />
9 &25( >9@ W\S<br />
, &&0$; >$@ <br />
3RGVWDZND<br />
6RFNHW/*$
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
&HOHURQ:LOODPHWWH1RUWKZRRG<br />
3URFHVRU&HOHURQZ\WZDU]DQ\MHVWUyZQLH QDED]LHM GUD3HQWLXPSLHUZV]HMJHQHUDFML<br />
]Z\NRU]\VWDQLHPVWUXNWXU\:LOODPHWWHWHFKQRORJLD—POXE1RUWKZRRGWHFKQR<br />
ORJLD—P5R]PLDUSDPL FLSRGU F]QHM/RJUDQLF]RQ\MHVWZREXSU]\SDGNDFK<br />
GR.%<br />
3R]RVWDáHV]F]HJyá\DUFKLWHNWXU\RGSRZLDGDM ZQ WU]XSURFHVRUD3HQWLXP0DJLVWUDOD)6%<br />
NOXF]RZDQDMHVW]F] VWRWOLZR FL 0+]DOHZMHGQ\PWDNFLHWUDQVPLWRZDQHV F]WHU\<br />
VáRZD4XDG3XPSHG-DNRSLHUZV]\]UHDOL]RZDQ\]RVWDáPRGHO*+]XPLHV]F]DQ\<br />
ZREXGRZLH)&3*$RNR FyZNDFK6WUXNWXUDWDSRELHUDW\OHVDPRSU GXFRRGSR<br />
ZLDGDM F\MHMHJ]HPSODU]3HQWLXPW]QPDNV\PDOQLH$SU]\QDSL FLX]DVLODQLD9<br />
=HZ]JO GXQDPLHUQ Z\GDMQR üJRUV] QL WDNWRZDQH]HJDUHPRPQLHMV]HMF] VWRWOLZR FL<br />
MHGQRVWNL$0''XURQQLH]E\WQLVN WHPSHUDWXU SUDF\RUD]]E\WZ\VRN FHQ SURFHVRU\<br />
&HOHURQED]XM FHQDUG]HQLDFK:LODPHWWHRUD]1RUWKZRRGQLHV SROHFDQH<br />
3HQWLXP;HRQ<br />
3URFHVRU\;HRQZ\SURGXNRZDQHQDED]LHM GUD3HQWLXPSU]H]QDF]RQHV GR]DVWRVR<br />
ZD SURIHVMRQDOQ\FKJáyZQLH]HZ]JO GXQDPR OLZR üSUDF\ZV\VWHPDFK603,QWHO<br />
RIHUXMHGZLHURG]LQ\WDNLFKXNáDGyZ,FKOLVW\UR]ND]yZPDM LPSOHPHQWRZDQHUR]V]H<br />
U]HQLD66(:HZV]\VWNLFKSU]\SDGNDFKPDJLVWUDOD)6%MHVWELWRZDLWDNWRZDQD]H<br />
JDUHP)6%0+]DOHWUDQVPLVMDRGE\ZDVL ZWU\ELH4'5F]\OLF]WHU\UD]\ZMHGQ\P<br />
F\NOX]HJDUD4XDG3XPSHGFRRGSRZLDGDPDNV\PDOQHMSU]HSXVWRZR FL*%V<br />
3HQWLXP;HRQXPLHV]F]DQ\MHVWZNR FyZNRZHMREXGRZLH)&%*$<br />
t 'RSUDF\ZV\VWHPDFK'XDO&38SU]H]QDF]RQDMHVWV]HURNDJDPDSURFHVRUyZ<br />
RG*+]GR*+]:.%SDPL FLSRGU F]QHM/Z\SRVD RQHV<br />
PRGHOH*+]L*+]DSURFHVRU\*+]*+]L*+]G\VSRQXM<br />
SRáRZ WHMZDUWR FL0RGHO*+]RIHURZDQ\MHVWZRE\GZXZHUVMDFK1DSL FLH<br />
]DVLODQLDZ\QRVLRNRáR9DSREyUSU GXVL JD$*+]].%<br />
t 3U]H]QDF]RQDGODV\VWHPyZPXOWLSURFHVRURZ\FKURG]LQD;HRQ03UHSUH]HQWRZDQD<br />
MHVWSU]H]PRGHOH*+]*+]L*+]3URFHVRU\WHZ\SRVD RQHV<br />
ZSDPL üSRGU F]Q /.%RUD]/RUR]PLDUDFK.%OXE0%<br />
3DPL ü/]LQWHJURZDQDMHVWZUDPDFKWHMVDPHMVWUXNWXU\SyáSU]HZRGQLNRZHM<br />
2Q'LH3URFHVRU\URG]LQ\03]DVLODQHV QDSL FLHP9DRULHQWDF\MQ\<br />
SREyUSU GXGODQDMZL NV]HJRHJ]HPSODU]DZ\NUDF]DQLHFRSR]D]DNUHV$<br />
&HOHURQ'3UHVFRWW<br />
3URFHVRU\&HOHURQ']EXGRZDQHV ZRSDUFLXRUG]H 3UHVFRWW5R]PLDUSDPL FLSRG<br />
U F]QHMGUXJLHJRSR]LRPX]RVWDáZLFKSU]\SDGNXRJUDQLF]RQ\GR.%FRRGSRZLDGD<br />
SURFHVRURPNODV\:LODPHWWHSU]\GRVNRQDOV]HMDUFKLWHNWXU]HZHZQ WU]QHMUG]HQLD3UHVFRWW<br />
']L NLWHPXZ\GDMQR üXNáDGyZWHMNODV\MHVWZ\UD QLHZ\ V]DQL GRW\FKF]DVRZ\FK&HOH<br />
URQyZ]EXGRZDQ\FKZRSDUFLXRUG]HQLH :LODPHWWHL1RUWKZRRGLSU]HZ\ V]D<br />
RVL JLSURFHVRUyZ$0''XURQDQDZHWZROQLHMV]\FKPRGHOLSURFHVRUyZ$0'$WKORQ;3
$QDWRPLD3&<br />
0DJLVWUDOD)6%SURFHVRUyZ&HOHURQ3UHVFRWWSUDFXMH]F] VWRWOLZR FL 0+]<br />
F\NOLQDVHNXQG WU\E4'5FRUyZQLH ZSá\ZDSR]\W\ZQLHQDLFKZ\GDMQR ü7DNVDPR<br />
MDNGRW\FKF]DVRZH&HOHURQ\QRZHXNáDG\QLHZVSLHUDM WHFKQRORJLL+\SHU7KUHDGLQJLQLH<br />
PRJ SUDFRZDüZV\VWHPDFKZLHORSURFHVRURZ\FK<br />
3HQWLXP([WUHPH(GLWLRQ<br />
3URFHVRU\ 3HQWLXP VWDQRZL RGSRZLHG ILUP\ ,QWHO QD SUHPLHU SURFHVRUyZ $0'<br />
2SWHURQL$0'$WKORQ3RQLHZD URG]LQD3UHVFRWWQLHE\áDZWHG\MHV]F]HJRWRZD<br />
SURMHNWDQFLILUP\,QWHO]GHF\GRZDOLVL Z\SRVD \üVHU\MQ\SURFHVRU3HQWLXPZWU]HFL<br />
SR]LRPSDPL FLSRGU F]QHM]DSR \F]RQ\]XNáDGyZ;HRQLRIHURZDüWDN K\EU\G MDNR<br />
SURFHVRU GOD Z\PDJDM F\FK X \WNRZQLNyZ NRPSXWHUyZ RVRELVW\FK D ZL F FHO U\QNRZ\<br />
XNáDGyZ3HQWLXP((MHVWWDNLVDPMDNZSU]\SDGNXSURFHVRUyZ$0'$WKORQ);<br />
3URFHVRU\3HQWLXP((SURGXNRZDQHV ZWHFKQRORJLL—PQDED]LHUG]HQLD*DOODWLQ<br />
LSDVXM GRJQLD]G6RFNHW:\SRVD RQHV Z.%SDPL FLSRGU F]QHMWU]HFLHJR<br />
SR]LRPX/SUDFXM FHMZWU\ELHLQFOXVLYHFRR]QDF]D H.%SRMHPQR FLWHMSDPL FL<br />
WUDFRQHMHVWQDSU]HFKRZ\ZDQLHNRSLL]DZDUWR FLGUXJLHJRSR]LRPXFDFKH3DPL ü/<br />
MHVW ]RUJDQL]RZDQD R PLRGUR QLH :D\ 6HW $VVRFLDWLYH L FKURQLRQD MHVW ]D SRPRF<br />
PHFKDQL]PX(&&<br />
:V]\VWNLHZHUVMH3HQWLXP((NRU]\VWDM ]PDJLVWUDOL)6%WDNWRZDQHMF] VWRWOLZR FL<br />
0+]F\NOLQDVHNXQG WU\E4'5LREVáXJXM WHFKQRORJL +\SHU7KUHDGLQJ<br />
: PRPHQFLH SLVDQLD W\FK VáyZ GRVW SQH E\á\ GZD PRGHOH 3HQWLXP (( WDNWRZDQH<br />
F] VWRWOLZR FL 0+]RUD]0+]<br />
2OEU]\PLDSDPL üSRGU F]QDGRVNRQDOHX]XSHáQLDM FDGáXJLHSRWRNLZ\NRQDZF]HDUFKL<br />
WHNWXU\3HQWLXPQDZHWG]LVLDM]DSHZQLDSURFHVRURP3HQWLXP((NUyORZDQLHZQLH<br />
NWyU\FKWHVWDFKZ\GDMQR FL1LHVWHW\SURFHVRU\WHQDOH GRGR üNRV]WRZ\FK<br />
3RGVWDZNLLREXGRZ\SURFHVRUÑZ,QWHO<br />
:PLDU UR]ZRMXWHFKQRORJLLLSRZVWDZDQLDQRZ\FKPRGHOLSURFHVRUyZURVá\Z\PDJDQLD<br />
VWDZLDQHLFKREXGRZRP6WRVRZDQHWXPDWHULDá\PXV] FKDUDNWHU\]RZDüVL GREU\PL<br />
ZáD FLZR FLDPLFLHSOQ\PLHOHNWU\F]Q\PLLPHFKDQLF]Q\PL6WDá\Z]URVWOLF]E\WUDQ]\<br />
VWRUyZ SRZRGXMH NRQLHF]QR ü RGSURZDG]DQLD RJURPQHM LOR FL FLHSáD NWyUH Z\WZDU]D<br />
VL ZVWUXNWXU]HSyáSU]HZRGQLNRZHM7DNWRZDQLH]HJDUDPL]]DNUHVXZLHOXVHWHN0+]<br />
SRZRGXMHL ZV]\VWNLHV\JQDá\V SU]HELHJDPLREDUG]RZ\VRNLFKF] VWRWOLZR FLDFK<br />
DLFKMDNR ü]DOH \RGSDUDPHWUyZIDORZ\FKSRá F]H UyZQLH W\FKQDRGFLQNXRGVWUXN<br />
WXU\ SyáSU]HZRGQLNRZHM GR SRGVWDZNL SURFHVRUD 2EXGRZ\ PXV] WH E\ü RGSRUQH<br />
PHFKDQLF]QLH5DGLDWRU\LZHQW\ODWRU\V FRUD]EDUG]LHMPDV\ZQHDLFKVLáDQDFLVNXQD<br />
SURFHVRUGOD]PQLHMV]HQLDRSRUyZWHUPLF]Q\FKMHVWQLHPDáD<br />
5R]ZyMZWHMG]LHG]LQLHPR QDSU]HGVWDZLüDQDOL]XM FSRNUyWFHNROHMQHW\S\SRGVWD<br />
ZHNLREXGyZVWRVRZDQ\FKSU]H]GRPLQXM FHJRQDU\QNXSURGXFHQWDSURFHVRUyZF]\OL<br />
ILUP ,QWHO
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
t 3URFHVRU\3HQWLXP,,SU]\VWRVRZDQHE\á\GRSRGVWDZNL]H]á F]HPNUDZ G]LRZ\P<br />
6&3LHUZV]HPRGHOHSDNRZDQRZREXGRZ\6(&&6LQJOH(GJH&RQWDFW<br />
&DUWULGJH<br />
t 2EXGRZD6(&&VWDQRZLáDUR]ZLQL FLH6(&&LVWRVRZDQRM ZSy QLHMV]\FK<br />
ZHUVMDFK3HQWLXP,,RUD]ZF]HVQ\FKZHUVMDFK3HQWLXP,,,8VXQL FLHSá\WNL<br />
SR UHGQLF] FHMPL G]\UDGLDWRUHPDSURFHVRUHPSRSUDZLDáRSDUDPHWU\WHUPLF]QH<br />
t :SU]\SDGNXR]QDF]HQLD6(36LQJOH(GJH3URFHVVRUWUXGQRPyZLü<br />
RREXGRZLH%\áDWRERZLHPVDPDSá\WNDGUXNRZDQD]H]á F]HP6&NWyUD<br />
VWDQRZLáDHOHPHQWQR Q\GODSURFHVRUDSDPL FLSRGU F]QHMLNLONXLQQ\FK<br />
HOHPHQWyZG\VNUHWQ\FKSRUyZQDMU\VXQHN$6(3VWRVRZDQRZSURFHVRUDFK<br />
&HOHURQRGGR0+] <br />
t :PRPHQFLHXUXFKRPLHQLDSURGXNFMLSURFHVRUyZZSRGVWDZFH3*$<br />
ZSURZDG]RQRSODVWLNRZ REXGRZ 33*$3ODVWLF3LQ*ULG$UUD\:WDNLHM<br />
SRVWDFLZ\VW SRZDá\QS&HOHURQ\ZZHUVMDFKRG$GR0+]<br />
t &HUDPLF]QDREXGRZD)&3*$)OLS&KLS3LQ*ULG$UUD\SU]H]QDF]RQDMHVW<br />
UyZQLH GODSURFHVRUyZZSRGVWDZFH3*$6WUXNWXUDSyáSU]HZRGQLNRZD<br />
MHVWZW\PSU]\SDGNXXPLHV]F]RQDRGZURWQLHLSU]\OHJDVZ\PSRGáR HPGR<br />
SRZLHU]FKQLJyUQHMREXGRZ\5R]ZL ]DQLHWDNLHSROHSV]D]QDF]QLHSDUDPHWU\<br />
WHUPLF]QH:)&3*$SDNRZDQHE\á\&HOHURQ\RG$GR0+]<br />
t 2EXGRZD)&3*$VWRVRZDQDMHVWZQRZV]\FKW\SDFKSURFHVRUyZ<br />
SU]\VWRVRZDQ\FKGRSRGVWDZNL3*$WDNLFKMDNQS&HOHURQ*+]RUD]<br />
3HQWLXP,,,LM GUDZWHFKQRORJLL—P5y QLFDZVWRVXQNXGR<br />
)&3*$SROHJDQDX \FLXGRGDWNRZHMPHWDORZHMSá\WNL,+6,QWHJUDWHG+HDW<br />
6SUHDGHUSRNU\ZDM FHMRGJyU\VWUXNWXU SyáSU]HZRGQLNRZ LSRSUDZLDM FHM<br />
SDUDPHWU\WHUPLF]QH<br />
t 3HQWLXPZ\WZDU]DQ\MHVWZWU]HFKW\SDFKREXGyZ]NWyU\FKND GDZ\PDJD<br />
LQQHMSRGVWDZNL3LHUZV]HSURFHVRU\]DP\NDQHE\á\ZREXGRZLH3*$<br />
NR FyZNLDQRZV]HZHUVMHZREXGRZLHRNRQVWUXNFML)&3*$Z\SRVD RQHM<br />
ZNR FyZHNSRGVWDZNDP3*$%1DMQRZV]HSURFHVRU\]EXGRZDQH<br />
ZRSDUFLXRUG]H 3UHVFRWWZ\VW SXM WH ZZHUVML/*$FKDUDNWHU\]XM FHM<br />
VL ZEXGRZDQLHP]á F]V]SLONRZ\FKZSRGVWDZN SURFHVRUDVDPXNáDG]DZLHUD<br />
MHG\QLHSáDVNLHSRODVW\NRZH<br />
t 3LHUZV]HSURFHVRU\URG]LQ\;HRQQDOH FHGRURG]LQ\3HQWLXP,,RUD]QDVW SXM FH<br />
SRQLFKPRGHOHQDSRGVWDZLH3HQWLXP,,,Z\SRVD DQHE\á\]HZ]JO GXQDVZRMH<br />
UR]PLDU\ZV]HURNLH]á F]H6ORW$NWXDOQH;HRQ\SDNRZDQHV<br />
ZNR FyZNRZ REXGRZ )&%*$<br />
3URFHVRU\,'7<br />
2PDZLDQHZW\PSXQNFLHSURFHVRU\RSUDFRZDQH]RVWDá\ZILUPLH&HQWDXU7HFKQRORJ\<br />
QDOH FHMGRJUXS\,'7,QWHJUDWHG'HYLFH7HFKQRORJ\3RZVWDá\VSHFMDOQLHGOD]DVSR<br />
NRMHQLDSRWU]HEU\QNXWDQLFKNRPSXWHUyZ]DUyZQRVWDFMRQDUQ\FKMDNLSU]HQR Q\FK<br />
<br />
0RGHOH$LSURGXNRZDQRUyZQLH ZSRGVWDZFH33*$
$QDWRPLD3&<br />
:LQ&KLS&<br />
0LDá\NRQNXURZDü]HVWRVXQNRZRGURJLPLSURGXNWDPLSRWHQWDWyZU\QNRZ\FK,QWHO<br />
L$0',FKQLHZ WSOLZ ]DOHW E\áDNRQNXUHQF\MQDFHQD²SU]\]DFKRZDQLX]JRGQR<br />
FLQDSR]LRPLHNR FyZHN]SURFHVRUDPLJUXS\3&SRMHG\QF]HQDSL FLH]DVLODM FH<br />
PLPRLPSOHPHQWDFMLLQVWUXNFML00;WDNLFKMDNZ3&3URFHVRU\,'7SU]HZLG]LDQH<br />
E\á\GRSUDF\ZRWRF]HQLXRGSRZLDGDM FHPXSRGVWDZFHW\SX6RFNHWDF] VWRWOLZR FL<br />
PDJLVWUDOL)6%PRJá\SU]\MPRZDüZDUWR FLOXE0+]<br />
5RVQ FDNRQNXUHQFMDLSROLW\NDFHQRZDGRPLQXM F\FKILUP]PXVLá\,'7GRRSXV]F]HQLD<br />
WHJRVHNWRUD&HQWDXU]RVWDáVSU]HGDQ\ILUPLH9L$]D²PR HQLHRNU Já DOHWH áDGQ ²<br />
VXP PLOLRQyZGRODUyZ<br />
:LQ&KLS]QDáMHG\QLHPQR QLNLFDáNRZLWHWMîîîLî 1DMV]\EV]\PRGHOWHMURG]LQ\<br />
WDNWRZDQ\E\á]HJDUHP0+]WDEHOD$3URVWDDUFKLWHNWXUDU]XWRZDáDQDPQLHMV]H<br />
UR]PLDU\VWUXNWXU\SyáSU]HZRGQLNRZHMPP ZSRUyZQDQLX]PP .REDZWHFK<br />
QRORJLL—PRUD]PDá\SREyUPRF\UyZQ\SUDZLHSRáRZLHWHJRFR]X \ZDM SURFHVRU\<br />
.OXE0<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,'7:LQ&KLS&<br />
& & & &<br />
$UFKLWHNWXUD<br />
5,6&<br />
7HFKQRORJLD<br />
—P<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î î î<br />
/&DFKHNRGGDQH<br />
3LSH/LQHV6WDJHV<br />
2XWRI2UGHU([HFXWLRQ<br />
%UDQFK3UHGLFWLRQ<br />
.%:D\V$VVRFLDWLYH.%:D\V$VVRFLDWLYH<br />
7/%<br />
&RGH&DFKH7/%(QWULHV:D\V<br />
'DWD&DFKH7/%(QWULHV:D\V<br />
9 &25( 9 ,2 >9@ 9±OXE9±<br />
3REyUPRF\PDNV>:@ <br />
5HWXUQ6WDFN<br />
3RGVWDZND<br />
<br />
ã<br />
ã<br />
<br />
6RFNHW<br />
$UFKLWHNWXU ]RSW\PDOL]RZDQRSRGN WHPV]\ENR FLZ\NRQ\ZDQLDQDMF] FLHMVSRW\ND<br />
Q\FKLQVWUXNFMLU\VXQHN$&LHUSLDá\QDW\PRF]\ZL FLHLQVWUXNFMHNRPSOHNVRZH<br />
NWyU\FKF]DV Z\NRQDQLD E\á ]QDF]QLH GáX V]\ QL Z LQQ\FK SURFHVRUDFK URG]LQ\ [<br />
:LQ&KLSQLHPLDáPHFKDQL]PyZSU]HSRZLDGDQLDNLHUXQNXUR]JDá ]LH %UDQFK3UH<br />
GLFWLRQ :V]\VWNLH UR]ND]\ Z\NRQ\ZDQH E\á\ Z QDWXUDOQHM NROHMQR FL Z NWyUHM<br />
<br />
8NáDG%)%)%) LQWHUSUHWRZDQ\MHVWSU]H]&MDNRî7HQVDPXNáDGRGSRZLDGDî<br />
GOD3HQWLXP3&DOHîGODSR]RVWDá\FKSURFHVRUyZURG]LQ\[
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD,'7<br />
:LQ&KLS&<br />
$GGUHVV<br />
3'&<br />
7/%HQWULHV<br />
/&RGH&DFKH.%<br />
'DWD<br />
[%XIIHU<br />
520 7UDQVODWRU[!0LFURFRGH<br />
4XHXHHQWULHV<br />
&RQWURO<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
5,6&'HFRGHU<br />
(;(&87,2181,7<br />
,QWHJHU$/8)3800;<br />
&ORFN<br />
/'DWD&DFKH.%<br />
7/%HQWULHV<br />
Z\VW SRZDá\ZSURJUDPLH,Q2UGHU([HFXWLRQ3URFHVRUGHNRGRZDáZMHGQ\PF\NOX<br />
]HJDURZ\PFRQDMZ\ HMMHGHQUR]ND][GODSRUyZQDQLD3HQWLXP00;²GZDUR]<br />
ND]\D.²WU]\UR]ND]\7DNDVDPDSURSRUFMDRERZL ]\ZDáDZVWRVXQNXGROLF]E\<br />
Z\NRQ\ZDQ\FKUR]ND]yZ-H OLGDQHQLH]QDMGRZDá\VL ZSDPL FLSRGU F]QHMSUDFD<br />
SRWRNXXOHJDáDZVWU]\PDQLX<br />
6SHFMDOQR FL DUFKLWHNWXU\:LQ&KLSE\áDPDáDSDPL üSRGU F]QD3'&3DJH'LUHFWRU\<br />
&DFKH3'&VWDQRZLáZ\RGU EQLRQ\IUDJPHQW7/%RSRMHPQR FLUHNRUGyZZVSyOQ\GOD<br />
'DWD/&DFKH7/%L&RGH/&DFKH7/%6WUXNWXU\WDNLHMQLHE\áRDQLZSURFHVRUDFK<br />
,QWHODQLZ$0'.DQLZ[0;&\ULNVD-HMREHFQR üSU]\F]\QLDáDVL GROHSV]HJR<br />
]DJRVSRGDURZDQLDPLHMVFDZSDPL FLSRGU F]QHMLSRSUDZLDáDZVSyáF]\QQLNWUDILHQLDZRE<br />
U ELH/:LQ&KLSQLHPLDáQDWRPLDVWSRGREQLHMDN3HQWLXP00;L$0'.ZEXGRZD<br />
QHMWDEOLF\7/%GODSDPL FLSRGU F]QHM/7DEOLF WDN PLDá]NROHL[0;&\ULNVD<br />
&G\VSRQRZDáEDUG]RGREU\PV\VWHPHPRJUDQLF]DQLDSRERUXPRF\:L NV]R üEORNyZ<br />
R GX \P ]X \FLX HQHUJLL VDPRU]XWQLH VL Z\á F]DáD MH OL SU]H] SHZLHQ F]DV QLH E\áD<br />
X \ZDQD'RXNáDGyZREM W\FKW\PQDG]RUHPQDOH Dá\SDPL üSRGU F]QD/]DUyZQR<br />
GODNRGXMDNLGODGDQ\FKMHGQRVWND00;RUD]MHGQRVWND)38<br />
3HZQ FLHNDZRVWN VWDQRZLáDUyZQLH PR OLZR üSURJUDPRZDQLDRGSRZLHG]LQDUR]ND]<br />
ERWKF3R]ZDODáRWRQDZ\NRU]\VWDQLHSURFHVRUDZSURJUDPDFKX]DOH QLDM F\FKVZRM<br />
SUDF RGáD FXFKD]QDNyZ]ZUDFDQHJRZZ\QLNXZ\ZRáDQLDWHJRUR]ND]X%H]SU]H<br />
SURJUDPRZDQLD:LQ&KLS]ZUDFDááD FXFKÄ&HQWDXU+DXOV´RUD]VHNZHQFM )DPLO\0RGHO<br />
6WHSSLQJZSRVWDFLKK[[[FL JÄ[[[´PyJáR]QDF]DüUy QHZDUWR FL
$QDWRPLD3&<br />
:LQ&KLS<br />
3URVWRWDSURFHVRUD&SRZRGRZDáDL PLPRSRVLDGDQLDMHGQRVWNL00;E\áRQZ]DVD<br />
G]LHEH]X \WHF]Q\ZSUDF\]DSOLNDFMDPLPXOWLPHGLDOQ\PL'ODILUP\,'7V]\ENRVWDáR<br />
VL RF]\ZLVWH HDE\QLHZ\SD ü]U\QNXQDOH DáRSRGGDüSURFHVRUQDW\FKPLDVWRZHM<br />
PRGHUQL]DFML<br />
2WRJáyZQH]PLDQ\ZSURZDG]RQHGRPRGHOX:LQ&KLS<br />
t 1RZDSRSUDZLRQDMHGQRVWND)381DGDOMHGQDNSR]RVWDZLRQRW\ONRMHGHQSRWRN<br />
,QWHJHULQQHNRQNXUHQF\MQHSURFHVRU\URG]LQ\[PLDá\GZDWDNLHSRWRNL<br />
t :SURZDG]RQRPHFKDQL]PSU]HZLG\ZDQLDZ\QLNXLQVWUXNFMLZDUXQNRZ\FK<br />
UR]JDá ]LH SUDFXM F\ZRSDUFLXRG\QDPLF]QLHDNWXDOL]RZDQ WDEOLF %+7<br />
%UDQFK+LVWRU\7DEOH.D G\UHNRUGWHMWDEOLF\RSLV\ZDáZIRUPLHOLF]E\<br />
ELWRZHMGRW\FKF]DVRZH]DFKRZDQLHVL MHGQHJR]UR]JDá ]LH SURJUDPRZ\FK<br />
7DEOLFDE\áDLQGHNVRZDQDFR]QDF]QLHVNUDFDáRF]DVGRVW SX<br />
t 3RGZyMQDMHGQRVWND00;U\VXQHN$PRJáDWHRUHW\F]QLHZ\NRQ\ZDüGR<br />
GZyFKLQVWUXNFML00;ZMHGQ\PF\NOX3RQLHZD MHGQDNEORN00;UHDOL]RZDá<br />
RSHUDFMHPQR HQLDLGRGDZDQLDQDWRPLDVWEORN00;RGSRZLHG]LDOQ\E\á<br />
]DSU]HVXQL FLDLUR]ND]\SDNRZDQLDQLHE\áRPR OLZHSDURZDQLHGRZROQ\FK<br />
UR]ND]yZ00;<br />
t ,PSOHPHQWRZDQH]RVWDá\IXQNFMH'1RZZ\NRQ\ZDQHZEORNDFK00;<br />
OXE00;<br />
t :LQ&KLSSU]\VWRVRZDQRGRSUDF\ZRWRF]HQLX]JRGQ\P]HVSHF\ILNDFM<br />
SRGVWDZNLW\SX6XSHUPDJLVWUDOD)6%0+]WDEHOD$<br />
t 3URFHVRU\:LQ&KLS$Z\NRU]\VW\ZDá\XáDPNRZHPQR QLNLF] VWRWOLZR FL<br />
5\VXQHN$<br />
6FKHPDWEORNRZ\<br />
SURFHVRUD,'7<br />
:LQ&KLS<br />
$GGUHVV<br />
3'&<br />
7/%HQWULHV<br />
/&RGH&DFKH.%<br />
520<br />
'DWD<br />
%UDQFK<br />
3UHGLFWLRQ<br />
[%XIIHU<br />
7UDQVODWRU[!5,6&<br />
4XHXH<br />
&RQWURO<br />
%86<br />
,QWHUIDFH<br />
8QLW<br />
5,6&'HFRGHU<br />
&ORFN<br />
,QWHJHU<br />
$/8<br />
)38<br />
00;<br />
'1RZ<br />
00;<br />
'1RZ<br />
/'DWD&DFKH.%<br />
7/%HQWULHV
'RGDWHN$u3U]HJOñGDUFKLWHNWXU\PLNURSURFHVRUÑZ<br />
<br />
7DEHOD$3RGVWDZRZHGDQHSURFHVRUyZ,'7:LQ&KLS<br />
$UFKLWHNWXUD<br />
:<br />
<br />
:<br />
<br />
:<br />
<br />
:<br />
<br />
:<br />
<br />
5,6&<br />
:<br />
$<br />
:<br />
$<br />
7HFKQRORJLD —P—P —P<br />
:<br />
$<br />
:<br />
$<br />
=HJDU&38>0+]@ <br />
0DJLVWUDOD>0+]@ <br />
0QR QLN%) î î î î îî î î î î<br />
/&DFKHNRGGDQH<br />
3LSH/LQH6WDJHV<br />
2XWRI2UGHU([HFXWLRQ<br />
7/%<br />
%UDQFK3UHGLFWLRQ<br />
.%:D\V.%:D\V<br />
<br />
ã<br />
&RGH&DFKH7/%(QWULHV:D\V<br />
'DWD&DFKH7/%(QWULHV:D\V<br />
%UDQFK+LVWRU\7DEOH(QWULHV<br />
9 &25( 9 ,2 >9@ 9±OXE9±<br />
3REyUPRF\PDNV>:@ <br />
5HWXUQ6WDFN<br />
,QWHUIDFH<br />
<br />
6RFNHW6XSHU
Change language