(NVSORDWDFLMRV YDGRYDV (NVSORDWDFLMRV YDGRYDV

(NVSORDWDFLMRV YDGRYDV (NVSORDWDFLMRV YDGRYDV

(NVSORDWDFLMRV
YDGRYDV
,/3/7SGI
9DOG\PDVLUSULHŮLśUD
9LEUDFLQLVWUDQőĈMLQLVSOśNWXYDV
/3
'\]HOLQLVYDULNOLV
ರ+DW]*ಮ
6HULMRVQXPHULV
ರ'\QDSDF/3ಮ\UDYLEUDFLQLVNXPőWLQLVYRODVVNLUWDVĠYDLULHPVJUXQWR
SOśNLPRGDUEDPV-LVSULWDLN\WDVSOśNLPRGDUEDPVYDP]GŮLţWUDQőĈMRVH
DSOLQNSDVWDWţLUIDEULNţSDPDWXVXŮSLOG\PXLJUXQWXSULHDWUDPLQLţVLHQţ
EHLNHOLţWLHVLPRGDUEDPV0DőLQDWLQNDLUGDUEDPVDQNőWRVHYLHWRVHLU
GLGHOĈVDSLPWLHVSOśNLPRGDUEDPV
.DLSLUYLVRVNLWRVPDőLQRVVXYLGDXVGHJLPRYDULNOLDLV/3VNLUWD
HNVSORDWXRWLSDNDQNDPDLYĈGLQDPRVH]RQRVH
3DVLOLHNDPHWHLVĊNHLVWLWHFKQLQHV
VöO\JDV
,őVSDXVGLQWDŐYHGLMRMH
ಥ
7XULQ\V
ğYDGDV 6DXJRVUHLNDODYLPDL
'DUERVDXJD 7HFKQLQĈVVSHFLILNDFLMRVWULXNőPDVYLEUDFLMDHOHNWURVĠUDQJD
7HFKQLQĈVVSHFLILNDFLMRVPDWPHQ\V 7HFKQLQĈVVSHFLILNDFLMRVVYRULDLLUWDOSRV
7HFKQLQĈVVSHFLILNDFLMRVEHQGURMLLQIRUPDFLMD
0DőLQRVOHQWHOĈLGHQWLILNDFLMD 0DőLQRVWHFKQLQLDLGXRPHQ\VಥLQIRUPDFLQĈVOHQWHOĈV 0DőLQRVDSUDő\PDVHOHNWURVĠUDQJD 9DOG\PDVQXRWROLQLRUDGLMRYDOG\PREORNX 5DQNLQLVYDOG\PDV .LWD
7HFKQLQĈSULHŮLśUDWHSDODLLUVLPEROLDL 7HFKQLQĈSULHŮLśUDWHFKQLQĈVSULHŮLśURVJUDILNDV 7HFKQLQĈSULHŮLśUDK 7HFKQLQĈSULHŮLśUDK 7HFKQLQĈSULHŮLśUDK 7HFKQLQĈSULHŮLśUDಥNLWD ,/3/7SGI
ಥ
,/3/7SGI
ğYDGDV
ğYDGDV
ğVSĈMDPLHMLVLPEROLDL
ğ63ć-,0$65HLőNLDSDYRMţDUEDSDYRMLQJö
YHLNVPöJDOLQWĠNHOWLSDYRMţJ\Y\EHLDUED
VXŮDORMLPRSDYRMţMHLQHEXVDWVLŮYHOJWDĠĠVSĈMLPö
$76$5*,$,-HLQHSDLV\VLWHĠVSĈMLPRDSLH
JDOLPöSDYRMţJDOLWHVXJDGLQWLPDőLQöDUED
DVPHQLQĊQXRVDY\EĊ
,QIRUPDFLMDDSLHVDXJö
5HNRPHQGXRMDPHNDGRSHUDWRULXVDWLGŮLDL
SHUVNDLW\WţVDXJRVLQVWUXNFLMDVSDWHLNLDPDVőLDPH
QDXGRMLPRYDGRYH9LVDGDODLN\NLWĈVVDXJRV
LQVWUXNFLMţŐLVQDXGRMLPRYDGRYDVWXULEśWLYLVDGD
OHQJYDLSULHLQDPDV
3ULHőSUDGĈGDPLGLUEWLPDőLQDEHLSULHőDWOLNGDPL
NRNLXVQRUVSULHŮLśURVGDUEXVőĠYDGRYö
SHUVNDLW\NLWHQXRSUDGŮLRVLNLSDEDLJRV
-HLYDULNOLVYHLNLDXŮGDURMHSDWDOSRMHXŮWLNULQNLWH
WLQNDPöYĈGLQLPöRURLőWUDXNLPöYHQWLOLDWRULXPL
%HQGUDLQIRUPDFLMD
ŐLDPHQDXGRMLPRYDGRYHSDWHLNWRVLQVWUXNFLMRVDSLH
PDőLQRVHNVSORDWDFLMöLUSULHŮLśUö
6LHNLDQWXŮWLNULQWLPDőLQRVPDNVLPDOţQDőXPöMö
UHLNLDWLQNDPDLSULŮLśUĈWL
0DőLQDWXULEśWLQXRODWYDORPDNDGNXRDQNVþLDXEśWţ
JDOLPDSDVWHEĈWLQHVDQGDULDVYLHWDVDWVLOHLGXVLXV
YDUŮWXVLUDWVLODLVYLQXVLDVMXQJWLV
7LNULQNLWHPDőLQöNDVGLHQSULHőMöĠMXQJGDPL
3DWLNULQNLWHYLVöPDőLQöDUQĈUDQHVDQGDULţYLHWţDU
NLWţGHIHNWţ
3DWLNULQNLWHŮHPĊSRPDőLQD1HVDQGDUXPXVOHQJYLDX
SDVWHEĈWLDQWŮHPĈVQHLSDþLRMHPDőLQRMH
7$862.,7($3/,1.õ1HOHLVNLWHNDGDO\YD
NXUDVLUNLWRVJDPWDLSDYRMLQJRVPHGŮLDJRV
SDWHNWţĠDSOLQNö7LQNDPDLXWLOL]XRNLWH
SDQDXGRWXVILOWUXVLőOHLVWöDO\YöLUNXUROLNXþLXV
,/3/7SGI
1
ğYDGDV
ŐLDPHQDXGRMLPRYDGRYHSDWHLNWLQXURG\PDLGĈO
SHULRGLQĈVWHFKQLQĈVSULHŮLśURVNXULöSDSUDVWDLDWOLHND
RSHUDWRULXV
9DULNOLRJDPLQWRMRQDXGRMLPRLQVWUXNFLMRMH
JDOLPDUDVWLSDSLOGRPţQXURG\PţGĈOYDULNOLR
QDXGRMLPR
2
,/3/7SGI
6DXJRVUHLNDODYLPDL
6DXJRVUHLNDODYLPDL
9LVLHPVQHGDXJVYHULDQWLHPVJDPLQLDPV
6LPEROLDL
6LJQDOLQLDLŮRGŮLDLğ63ć-,0$6LU$76$5*,$,QDXGRMDPLVDXJRVUHLNDODYLPXRVH
UHLőNLD
ğ63ć-,0$6-HLQHSDLV\VLWHőLRĠVSĈMLPRDSLHJUHVLDQWĠSDYRMţJDOLWHSDWLUWLVXQNLöWUDXPö
DUPLUWL
$WVDUJLDL-HLQHSDLV\VLWHSHUVSĈMLPRDSLHJDOLPöSDYRMţJDOLWHVXJDGLQWLPDőLQö
DUEDDVPHQLQĊQXRVDY\EĊ
6YDUELRVVDXJRVWDLV\NOĈV
ğUHQJLQLRQHJDOLPDNHLVWLEHLőDQNVWLQLRJDPLQWRMRSULWDULPR
1DXGRNLWHWLNRULJLQDOLDVGDOLV
1DXGRNLWHWLNರ'\QDSDFಮUHNRPHQGXRMDPXVSULHGXV
-HLDWOLHNDWHರ'\QDSDFಮQHSDWYLUWLQWXVNHLWLPXVJDOLWHVXVLŮHLVWLDUVXŮHLVWLNLWXV
ŐLRVUHNRPHQGDFLMRVSDJUĠVWRVWDUSWDXWLQLDLVVDXJRVVWDQGDUWDLV7DLSSDW
SULYDORWHSDLV\WLYLVţJDOLRMDQþLţYLHWLQLţVDXJRVUHLNDODYLPţ3ULHőSUDGĈGDPL
HNVSORDWXRWLPDőLQöDWLGŮLDLSHUVNDLW\NLWHYLVDVWDLV\NOHV/DLN\NLWHLQVWUXNFLMDV
VDXJLRMHYLHWRMH
6XNLHNYLHQXĠUHQJLQLXSDWHLNLDPLŮHQNODLLUOLSGXNDLNXULXRVHQXURGRPDVYDUEL
LQIRUPDFLMDDSLHVDXJöLUSULHŮLśUö8ŮWLNULQNLWHNDGMLHEXVĠVNDLWRPL1DXMţOLSGXNţ
XŮVDN\PRQXPHULDLQXURG\WLDWVDUJLQLţGDOLţVöUDőH
ğUHQJLQLXVLUSULHGXVJDOLPDQDXGRWLWLNSDJDOMţQXPDW\WöMöSDVNLUWĠ
*DPLQLRVDXJRVVXPHWLPDLVĠUHQJLQLRQHJDOLPDQLHNDLSNHLVWL
1HGHOVGDPLSDNHLVNLWHVXJDGLQWDVGDOLV3DNHLVNLWHYLVDVQXVLGĈYLQþLDVGDOLV
WLQNDPXODLNX
9LVXVYHLNVPXVDWOLNLWHGĈPHVLQJDL
9DGRYDXNLWĈVVYHLNXSURWX1HQDXGRNLWHĠUHQJLQLRMHLHVDWHSDYDUJĊVDUMXVYHLNLD
YDLVWDLDONRKROLVDUNLWRVPHGŮLDJRVJDOLQþLRVSDYHLNWLMśVţUHJĈMLPöUHDNFLMRV
JUHLWĠDUJHEĈMLPöVSUĊVWL
6DXJRVSULHPRQĈV
,OJDLGLUEDQWWULXNőPLQJRMHDSOLQNRMHEHDXVLQLţNODXVDYLVDPODLNXLJDOLEśWLSDŮHLVWD
,OJDLSDWLULDQWYLEUDFLMöJDOLPDVXŮHLVWLUDQNDVSLUőWXVLUULHőXV1HQDXGRNLWHĠUHQJLQLRMHL
MDXþLDWĈVQHSDWRJLDLMDXþLDWHVSD]PXVDUVNDXVPö3ULHőWĊVGDPLGDUEöVXĠUHQJLQLX
DSVLODQN\NLWHSDVJ\G\WRMö
,/3/7SGI
3
6DXJRVUHLNDODYLPDL
9LVDGDQDXGRNLWHSDWYLUWLQWDVVDXJRVSULHPRQHV
2SHUDWRULXVLUŮPRQĈVHVDQW\VQHWROLHVHGDUERVULWLHVWXULGĈYĈWL
$SVDXJLQĠőDOPö
$SVDXJLQLXVDNLQLXV
$SVDXJLQHVDXVLQHV
'XONLQRMHDSOLQNRMHYHLGRNDXNĊ
$WVSLQGLQþLXVGUDEXŮLXV
$SVDXJLQHVSLUőWLQHV
$SVDXJLQLXVEDWXV
6WHQNLWĈVQHGĈYĈWLODLVYţGUDEXŮLţNXULXRVJDOĈWţĠWUDXNWLĠUHQJLQ\V-HLWXULWHLOJXV
SODXNXVXŮGHQNLWHMXRVWLQNOHOLX
7DLJDOLDWVLWLNWLQHSDLVDQWWRHLJRVĠSULHNĠDWJDOVYLUWLV\UDQHXWUDOLRMRMHDU
YDŮLDYLPRSDGĈW\MH
ರ'\QDSDFಮĠUHQJLQLţUDQNHQţGL]DLQDVSDVLŮ\PLWXRNDGVXJHULDGLGŮLöMöGDOĠ
ĠUHQJLQLRYLEUDFLMRV5DQNRPVUHNRPHQGXRMDPXVYLEUDYLPRDSULERMLPXVJDOLPD
YLUő\WLWDLSULNODXVRQXRHNVSORDWDYLPRŮHPĈVVöO\JţLUGDUERVXĠUHQJLQLX
WUXNPĈV.DLUHLNLDQDXGRNLWHWLQNDPDVSULHPRQHVSY]GĈYĈNLWHDSVDXJLQHV
SLUőWLQHVDUEDQHSOXNLWHMDXVXSOXNWRVPHGŮLDJRV
3DLV\NLWHNLWţPDőLQţQDXGRMDPţGDUERYLHWRMHVLJQDOţ
1HQDXGRNLWHĠUHQJLQLRMHLMLVOHLGŮLDNXUö
'DUERYLHWD
1HQDXGRNLWHĠUHQJLQLRQHWROLGHJLţPHGŮLDJţDUVSURJLRMHDSOLQNRMH,őPHWLPR
YDP]G\MHJDOLEśWLŮLHŮLUEţJDOLQþLţXŮGHJWLGHJLDVPHGŮLDJDV-HLGDURWH
SHUWUDXNöDUEDLJĈWHGDUEöQHVWDW\NLWHĠUHQJLQLRDQWDUQHWROLGHJLţPHGŮLDJţ
'DUERPHWXLőPHWLPRYDP]GLVJDOLODEDLĠNDLVWLLUXŮGHJWLNDLNXULDVPHGŮLDJDV.DL
QDXGRMDWHĠUHQJLQĠĠVLWLNLQNLWHNDGGDUERYLHWRMHQĈUDNLWţGDUEXRWRMţ'DUERYLHWD
WXULEśWLőYDULEHSDőDOLQLţREMHNWţ
/DLN\NLWHĠUHQJLQĠVDXJLRMHYLHWRMHQHSDVLHNLDPRMHQHĠJDOLRWLHPVDVPHQLPV
SDJHLGDXWLQDXŮUDNLQDPDPHNRQWHLQHU\MH
.XURSULS\OLPDVEHQ]LQRG\]HOLR
%HQ]LQDVJDOLODEDLJUHLWDLXŮVLOLHSVQRWLLUNDLNXULRVHVLWXDFLMRVHVSURJWL1HUśN\NLWH
3DVLUśSLQNLWHJHUDYHQWLOLDFLMD
6DXJRNLWHNXUöQXRNDUőWţDUŮLELUNőþLXRMDQþLţREMHNWţ3ULHőSLOG\GDPLEDNö
SDODXNLWHNROĠUHQJLQ\VDWYĈV%DNöSLOG\NLWHPDŮLDXVLDLPHWUţDWVWXPXQXR
YLHWRVNXULRMHGLUEVLWHVXĠUHQJLQLXNDGLőYHQJWXPĈWHXŮVLGHJLPR6WHQNLWĈVNDG
EHQ]LQDVG\]HOLVDUDO\YDQHQXWHNĈWţDQWŮHPĈV
6DXJRNLWHUDQNDVNDGDQWMţQHSDWHNWţEHQ]LQDVG\]HOLVDUDO\YD%DNRGDQJWHOĠ
DWLGDU\NLWHLőOĈWRNDGLőHLWţSHUWHNOLQLVVOĈJLVJDOLQWLVVXVLGDU\WLEDNH9LVDGD
QDXGRNLWHWLQNDPRWLSRNXUö1HSHUSLOG\NLWHEDNR5HJXOLDULDLSDWLNULQNLWHDULő
PDőLQRVQHWHNDNRNVQRUVVN\VWLV
3ULHőXŮYHGDQW
SHUVNDLW\NLWHQDXGRMLPRYDGRYöLULőVDPLDLVXVLSDŮLQNLWHVXĠUHQJLQLXLUYLVRPLVMR
IXQNFLMRPLVSDWLNULQNLWH
9LVDVUDQNHQDVDUMRVQHVXWHSWRVWHSDOXDO\YDLUSXUYX
$UQĈUDSDVWHELPţĠUHQJLQLRJHGLPţ
$UYLVLDSVDXJLQLDLSULHWDLVDLWYLUWDLXŮILNVXRWL
$UYLVRVYDOG\PRVYLUW\V\UDQHXWUDOLRMRMHSDGĈW\MH
3DOHLVNLWHĠUHQJLQĠYDGRYDXGDPLHVLQDXGRMLPRYDGRYX
9DOG\PDV
4
,/3/7SGI
6DXJRVUHLNDODYLPDL
-śVţSĈGRVWXULEśWLDWRNLDLQXRĠUHQJLQLR
1HQDXGRNLWHĠUHQJLQLRSUDVWDLYĈGLQDPRVHHUGYĈVH3DYRMXVDSVLQXRG\WLDQJOLHV
PRQRNVLGX
1DXGRNLWHĠUHQJLQĠWLNSDJDOMRQXPDW\WöMöSDVNLUWĠğVLWLNLQNLWHNDGŮLQRWHNDLS
VXVWDEG\WLĠUHQJLQĠDYDULQLXDWYHMX
9LVDGDEśNLWH\SDWLQJDLDWVDUJśVMHLQDXGRMDWHĠUHQJLQĠőODLWH9LVLGDUEXRWRMDLGLUEDQW\V
QHWROLHVHWXULEśWLDXNőþLDXQHLĠUHQJLQ\VőODLWHŐODLWHYLVDGDSOXNLWHWLHVLDLDXNőW\QLU
ŮHP\Q1HYLUő\NLWHPDNVLPDOLţOHLVWLQţĠUHQJLQLRDSULERMLPţSDWHLNWţQDXGRMLPRYDGRYH
/DLN\NLWĈVDWRNLDLQXRĠUHQJLQLRNDLGLUEDWHőODLWXRVHDUWUDQőĈMRVH
1LHNDGDQHOLHVNLWHYDULNOLRLőPHWLPRVLVWHPRVLULőRULQLţĠUHQJLQLRHOHPHQWţ
'LUEDQWMLHODEDLĠNDLVWDLUJDOLQXGHJLQWL'LUEGDPLQHOLHVNLWHWUDSHFLQLţGLUŮţDU
EHVLVXNDQþLţGDOLţ
0DőLQRVVWDW\PDV
9LVDGDVWDW\NLWHĠUHQJLQĠDQWNLHNĠPDQRPDO\JHVQĈVLUWYLUWHVQĈVŮHPĈV
3ULHőLőHLGDPLLőPDőLQRV
8ŮWUDXNLWHUDQNLQĠVWDEGĠ
,őMXQNLWHYDULNOĠLULőWUDXNLWHXŮYHGLPRUDNWHOĠ
ğNURYLPDV1XNURYLPDV
-RNLDLVEśGDLVQHEśNLWHSRDUSULHSDWPDőLQRVNHOLDQWMöNUDQXDUSDQDőLXĠUHQJLQLX
1DXGRNLWHWLNSDŮ\PĈWXVNĈOLPRWDőNXV9LVDGDSDWLNULQNLWHDUYLVLNĈOLPRSULHWDLVDLDWLWLQND
PDőLQRVVYRUĠLUPDWPHQLV
7HFKQLQĈSULHŮLśUD
7HFKQLQĈVSULHŮLśURVGDUEXVJDOLDWOLNWLWLNDSPRN\WDVSHUVRQDODV1LHNDGD
QHDWOLNLWHWHFKQLQĈVSULHŮLśURVGDUEţNROPDőLQDMXGDDUYHLNLDYDULNOLV
'DUEDVVXKLGUDXOLQHVLVWHPD
/DEDLVYDUEXUHJXOLDULDLDWOLNWLKLGUDXOLQĈVVLVWHPRVWHFKQLQĈVSULHŮLśURVGDUEXV
1HGLGHOLVJHGLPDVDUĠWUśNXVLRVŮDUQHOĈVĠPRYRVJDOLWXUĈWLEDLVLţSDVHNPLţ
$WPLQNLWHNDGKLGUDXOLQĈVŮDUQHOĈV\UDSDJDPLQWRVLőJXPRVLUODLNXLEĈJDQWJDOL
QXVLGĈYĈWLLUSO\őWL-HLQHVDWHWLNUDVDUGDUJDOLPDQDXGRWLLUDUQHQXVLGĈYĈMR
SDNHLVNLWHŮDUQHOHVQDXMRPLVRULJLQDOLRPLVರ'\QDSDFಮŮDUQHOĈPLV
'DUEDVVXDNXPXOLDWRULXPL
$NXPXOLDWRULXMH\UDQXRGLQJRVLUNRUR]LőNRVVLHURVUśJőWLHV8ŮVLGĈNLWH
DSVDXJLQLXVDNLQLXVLUVWHQNLWĈVNDGUśJőWLHVQHSDWHNWţDQWRGRVGUDEXŮLţDU
PDőLQRV-HLUśJőWLHVSDWHNRĠDNLVSODXNLWHMDVYDQGHQLXPDŮLDXVLDLPLQXþLţLU
QHGHOVGDPLNUHLSNLWĈVĠJ\G\WRMö$NXPXOLDWRULDXVVNOHLGŮLDPRVGXMRV\UDGHJLRVLU
VSURJLRVğGĈGDPLDUNHLVGDPLDNXPXOLDWRULXVEśNLWH\SDWLQJDLDWVDUJśVNDG
QHĠY\NWţWUXPSDVLVDNXPXOLDWRULţJQ\EWţMXQJLPDV
5HPRQWDV
1LHNDGDQHQDXGRNLWHSDŮHLVWRVPDőLQRV
.YDOLILNXRWDLDWOLNWLUHPRQWöUHLNDOLQJDVDSPRN\WDVSHUVRQDODVWRGĈONUHLSNLWĈVĠ
DUWLPLDXVLöGLUEWXYĊ
,/3/7SGI
5
6DXJRVUHLNDODYLPDL
*HVLQWXYDL
0DőLQDLXŮVLGHJXVQDXGRNLWHMHLĠPDQRPD$%(NODVĈVPLOWHOLQĠJHVLQWXYö7DLS
SDWJDOLPDQDXGRWL%(WLSRDQJOLDUśJőWĈVJHVLQWXYXV
$NXPXOLDWRULDXVNURYLPDV
1DXGRNLWHUHJXOLXRMDPRVĠWDPSRVDNXPXOLDWRULDXVĠNURYLNOĠQXRODWLQĈĠWDPSD
5HNRPHQGXRMDPDVGYLHMţSDNRSţSDVWRYLRVLRVĠWDPSRVNURYLNOLV'YLHMţSDNRSţ
ĠNURYLNOLVDXWRPDWLőNDLVXPDŮLQDĠNURYLPRĠWDPSö9LNLQXRODWLQĈVĠNURYLPR
ĠWDPSRV9NRODNXPXOLDWRULXVYLVLőNDLĠNUDXQDPDV
YROWţĠWDPSDLWLQNDPLDNXPXOLDWRULţĠNURYLNOLDL
2SWLPDPRGHOLV57&6
/$'$&PRGHOLV/$'$&
7XGRUPRGHOLV7XGRU
/DLN\PDVYLVLőNDVĠNURYLPDV
,őVLNURYĊVDNXPXOLDWRULXVXŮőöODHVDQWPDŮGDXJ¡&WHPSHUDWśUDL9LVLőNDL
ĠNUDXWDVDNXPXOLDWRULXVXŮőöODHVDQWPDŮGDXJ¡&WHPSHUDWśUDL$NXPXOLDWRULţ
MHLMRNXUĠODLNöQHQDXGRVLWHUHLNLDYLVLőNDLĠNUDXWL9LVLőNDLĠNUDXWLDNXPXOLDWRULDXV
SDSUDVWDLQHEśWLQDಥPĈQHVLXV-HLDNXPXOLDWRULXVLOJDLQHEXYRQDXGRMDPDV
UHNRPHQGXRMDPDSULHőQDXGRMLPöYLVLőNDLĠNUDXWL9LVLőNDLĠNUDXWLDNXPXOLDWRULţ
UHNRPHQGXRMDPDNHOLVNDUWXVSHUVH]RQö\SDþŮLHPö
6
,/3/7SGI
'DUERVDXJD
'DUERVDXJD
ŐODLWDL
ğVLWLNLQNLWHNDGGDUERYLHWDVDXJL9DŮLXRMDQWőODSLDLU
SXULDŮHPH\SDþQXRŮXOQLDLVőODLWDLVVXPDŮĈMD
PDőLQRVPDQHYULQJXPDV%śNLWH\SDþDWVDUJśV
GLUEGDPLQXRŮXOQLRMHLUQHO\JLRMHYLHWRMH
1LHNDGDQHYDŮLXRNLWHőODLWDLVNXULH\UDSHUQHO\J
VWDWśVNDGMXRVJDOĈWţĠYHLNWLőLPDőLQD'LGŮLDXVLDV
őODLWDVNXULXRJDOĈWţYDŮLXRWLőLPDőLQD\UD¡
DWVLŮYHOJLDQWĠSDJULQGREśNOĊ
0DNV¡
DUED
3DY'DUEDVőODLWXRVH
.DPSDVLőPDWXRWDVDQWNLHWRO\JDXVSDYLUőLDXVNDL
PDőLQDVWRYL9LEUDFLMRVVLVWHPDWXULEśWL,Ő-81*7$R
YLVLEDNDLSLOQL$WPLQNLWHNDGGĈOQHVWDELODXV
SDJULQGRĠMXQJWRVYLEUDFLMRVVLVWHPRVLUJUHLþLRPDőLQD
JDOLDSYLUVWLQHWLUPDŮHVQĈVHĠNDOQĈVHQXRNDOQĈVH
QHLQXURG\WDþLD
-HLJDOLWHYHQNLWHYDŮLXRWLVNHUVDLőODLWR*HULDX
MXGĈNLWHDXNőW\QLUŮHP\QNDLGLUEDWHőODLWH
ğMXQJĊPDőLQRVYDULNOĠQLHNDGDQHSDOLNLWHMRVEH
SULHŮLśURV
0DNV¡
DUED
3DY'DUEDVőODLWXRVH
,/3/7SGI
7
'DUERVDXJD
9DŮLDYLPDVDUWLNUDőWR
-HLYDŮLXRMDWHDUWLNUDőWREHQWSORNőWXPRVWXUL
UHPWLVĠWYLUWöLőWLVLQĠSDJULQGö
-HLPDőLQDSDVYLUWţSULHőPĈJLQGDPLSDNHOWLPDőLQö
LőMXQNLWHYDULNOĠ
%HQW
SDY0DőLQRVSDGĈWLVYDŮLXRMDQWDUWLNUDőWR
8
,/3/7SGI
7HFKQLQĈVVSHFLILNDFLMRVWULXNőPDVYLEUDFLMDHOHNWURVĠUDQJD
7HFKQLQĈVVSHFLILNDFLMRVWULXNőPDV
YLEUDFLMDHOHNWURVĠUDQJD
7ULXNőPRO\JLV
7ROLDXQXURG\WLWULXNőPRLUYLEUDYLPRO\JLDLQXVWDW\WLSDJDOYHLNLPRSOśNLDQWVNDOGRV
SDJULQGöFLNOöDSUDő\Wö(6GLUHNW\YRMH(%
*DUDQWXRMDPDVJDUVRJDOLRVO\JLV
/Z$G%$
*DUVRVOĈJLVYHLNLDQWLVRSHUDWRULDXVDXVLVSDJDO,62
/S$G%$
3ODőWDNRVLUUDQNRVYLEUDYLPDV,62
DKYPV
9HUWĈVJDOLVNLUWLVQXRDXNőþLDXSDWHLNWţMţWDLSULNODXVRQXRHNVSORDWDFLMRVVöO\Jţ
(OHNWURVĠUDQJD
3OHQWYROLţDWLWLNLPDV(06UHLNDODYLPDPVSDWLNULQWDV
SDJDO(1VWDQGDUWö6WDW\ELQĈWHFKQLND
,/3/7SGI
9
7HFKQLQĈVVSHFLILNDFLMRVWULXNőPDVYLEUDFLMDHOHNWURVĠUDQJD
10
,/3/7SGI
7HFKQLQĈVVSHFLILNDFLMRVPDWPHQ\V
7HFKQLQĈVVSHFLILNDFLMRVPDWPHQ\V
$
%
&
'
0DWPHQ\V
PP
FROLDL
$
%
&
'
,/3/7SGI
11
7HFKQLQĈVVSHFLILNDFLMRVPDWPHQ\V
'
&
$
%
12
0DWPHQ\V
PP
FROLDL
$
%
&
'
,/3/7SGI
7HFKQLQĈVVSHFLILNDFLMRVVYRULDLLUWDOSRV
7HFKQLQĈVVSHFLILNDFLMRVVYRULDLLUWDOSRV
6N\VþLţWDOSD
'HJDOţEDNDV
OLWUţ
9DQGHQVEDNDV
OLWUţ
9DULNOLQĈDO\YD
JDO
OLWUR
+LGUDXOLQĈVDO\YRVEDNDV
0DVĈVGXRPHQ\V
NYRUWţ
NYRUWRV
OLWUDV
YDULDQWDV
JDO
YDULDQWDV
1HWRPDVĈ
NJ
VYDUDL
NJ
VYDUţ
(NVSORDWDFLQĈPDVĈSDJDO
(1
NJ
VYDUDL
NJ
VYDUţ
3OśNLPRQDőXPR
GXRPHQ\V
9LEUDFLMRVGDŮQLV
+]
VśNLţPLQ
,őFHQWULQĈMĈJD
N1
VYDUţ
$PSOLWXGĈ
PP
FROLR
,/3/7SGI
13
7HFKQLQĈVVSHFLILNDFLMRVVYRULDLLUWDOSRV
14
,/3/7SGI
7HFKQLQĈVVSHFLILNDFLMRVEHQGURMLLQIRUPDFLMD
7HFKQLQĈVVSHFLILNDFLMRVEHQGURML
LQIRUPDFLMD
9DULNOLV
*DPLQWRMDVPRGHOLV
ರ+DW]*ಮFLOLQGUţG\]HOLQLVYDULNOLV
9DUGLQĈJDOLD
N:$*
9DUGLQLVVśNLţGDŮQLV
VśNLţPLQ
$XőLQLPRVLVWHPD
$XőLQLPDVRUXKLGUDXOLQĈVDO\YRVDXőLQWXYDV
YHQWLOLDWRULXV
2URILOWUDV
6DXVDVLV
(OHNWURVVLVWHPD
$NXPXOLDWRULDXVĠWDPSD
9
*HQHUDWRULDXVJDOLD
$K
6DXJLNOLDL
[$[$
*HQHUDWRULXV
:
3DOHLGLPRYDULNOLV
N:$*
7UDXNRVVLVWHPD
6LXUEO\V
.UXPSOLDUDWLQLV
9DULNOLDL
5DGLDOLQLDLVWśPRNOLQLDL
6OĈJLPRYRŮWXYDV
03D
9DOG\PRVLVWHPD
ğSUDVWLQLVYDOG\PDV
5DGLMRYDOG\PDV
/DLNLQDVLVYDOG\PDV
0DőLQRMHVXPRQWXRWDLVMXQJLNOLDLV
6WDEGŮLţVLVWHPD
'DUELQLVVWDEG\V
+LGURVWDWLQLV
6WRYĈMLPRVWDEG\V
0HFKDQLQLV
1DőXPDV
9DŮLDYLPRJUHLWLV
ಥNPYDOಥP\OLRVYDO
'DUELQLVJUHLWLV
ಥNPYDOಥP\OLRVYDO
,/3/7SGI
15
7HFKQLQĈVVSHFLILNDFLMRVEHQGURMLLQIRUPDFLMD
9LEUDFLMRVVLVWHPD
6LXUEO\V
.UXPSOLDUDWLQLV
9DULNOLV
.UXPSOLDUDWLQLV
$SVDXJLQLVYRŮWXYDV
03D
SVL
1XRWROLQLRUDGLMRYDOG\PREORNDV
'DUELQĈDSOLQNRVWHPSHUDWśUD
9DUGLQĈDSVDXJRVNODVĈ
QXRಥLNL¡&
,3
6,Ţ6789$6
ರ1DQR/$ಮ
6LţVWXYRGDŮQLţGLDSD]RQDV
ಥ0+]P:)0
1DXGRMDQWVLQWH]DWRULDXVWHFKQRORJLMöJDOLPDLőVLULQNWLUDGLMRGDŮQLXVSDJDOőDOLHVNXULRMHPDőLQD
HNVSORDWXRMDPDEDQJţGLDSD]RQö
ŭHPRGDŮQLRPRGXOLDYLPDV
'DŮQLQLRPRGXOLDYLPR)6.VLJQDODVSDJDO
&&,779
'XRPHQţNDUWRMLPRGDŮQLV
$S\WLNVOLDLPV
6SDUWDERGDLV
ERGţELWţSHUVHNXQGĊ
9HLNLPRQXRWROLV
,NLP
ğĈMLPRJDOLD
ಥP$
5DGLMRGDŮQLRLőĈMLPDV
0DNVP:
0DVĈEHEDWHULMRV
ರ1DQR/ಮNJ
'\GLVLOJLV[SORWLV[DXNőWLV
[[FP
,0789$6
ರ311&RPSDFWಮ
3ULĈPLPRGDŮQLRGLDSD]RQDV
ಥ0+]
'XRPHQţVDXJD
*HQHUXRMD&5&NRGöNXULR+DPLQJRDWVWXPDV\UD*HQHUXRMDQHXWUDOLöSDGĈWĠ
.LHNYLHQRVLţVWXYRDGUHVDYLPDVDWVNLUXXQLNDOLXGHULQLXPDNVLPDOXVJDOLPţGHULQLţVNDLþLXVಥ
'XRPHQţSULĈPLPRVDXJD
'XDWVNLULDQDOL]DWRULDL&5&ĠMXQJLPRLőMXQJLPRMXQJLNOLVLUQHXWUDOLSDGĈWLV.RPDQGţĠNHOWLHV
NRQWDNWDV
7LSLQĈNRPXWDYLPRĠWDPSD
0DNVLPDOLRMLNRPXWDYLPRVURYĈ
0DVĈ
'\GLVLOJLV[SORWLV[DXNőWLVNDUWXVX
SORNőWH
9
$LUDWLWLQNDPDL$SULNODXVRPDLQXRULWĈVWLSR
ರ311&RPSDFWಮNJ
[[FP
%$7(5,-$
9$K
ğ.529,02%/2.$6
'DUELQĈĠWDPSDLőRULQLVĠNURYLPREORNDV
'DUELQĈĠWDPSDರ311&RPSDFWಮ
16
99QXRODWLQĈVURYĈ99NLQWDPRML
VURYĈ
9QXRODWLQĈVURYĈ
,/3/7SGI
7HFKQLQĈVVSHFLILNDFLMRVEHQGURMLLQIRUPDFLMD
'XRPHQţ
OHQWHOĈV
'XRPHQţOHQWHOĈV\UDSULWYLUWLQWRVSULHVLţVWXYRLULPWXYR
XŮEDWHULMRV-RVHQXURG\WDVVHULMRVQXPHULVPRGHOLVLU
GDŮQLţGLDSD]RQDV6LţVWXYDVLULPWXYDVWXULWöSDWĠ
VHULMRVQXPHUĠ
6LţVGDPLXŮNODXVDVGĈOYDOG\PRĠUDQJRVYLVDGD
QXURG\NLWHVHULMRVQXPHUĠ
,/3/7SGI
17
7HFKQLQĈVVSHFLILNDFLMRVEHQGURMLLQIRUPDFLMD
18
,/3/7SGI
0DőLQRVOHQWHOĈLGHQWLILNDFLMD
0DőLQRVOHQWHOĈLGHQWLILNDFLMD
0DőLQRVOHQWHOĈ
8ŮSLOG\NLWHWROLDXSDWHLNWXVGXRPHQLVNDLJDXVLWH
PDőLQöLUSUDGĈVLWHMöHNVSORDWXRWL
9DULNOLRPRGHOLV
9DULNOLRQXPHULV
3DY0DőLQRVGXRPHQţOHQWHOĈV
WYLUWLQLPRYLHWD
/HQWHOĈMHQXURG\WDVJDPLQWRMRSDYDGLQLPDVLUDGUHVDVPDőLQRVPRGHOLV3,1ಥJDPLQLR
LGHQWLILNDFLQLVQXPHULVVHULMRVQXPHULVHNVSORDWDFLQĈPDVĈYDULNOLRJDOLDLUSDJDPLQLPRPHWDL
$QWPDőLQţNXULRVWLHNLDPRVQH(6őDOLPVQĈUD&(ŮHQNOţRNDLNXULDLVDWYHMDLVQHQXURG\WLLU
SDJDPLQLPRPHWDL
8ŮVDN\GDPLDWVDUJLQHVGDOLVQXURG\NLWHPDőLQRV3,1QXPHUĠ
,/3/7SGI
19
0DőLQRVWHFKQLQLDLGXRPHQ\VಥLQIRUPDFLQĈVOHQWHOĈV
6DXJRVOHQWHOĈV
20
,/3/7SGI
0DőLQRVWHFKQLQLDLGXRPHQ\VಥLQIRUPDFLQĈVOHQWHOĈV
0DőLQRVWHFKQLQLDLGXRPHQ\Vಥ
LQIRUPDFLQĈVOHQWHOĈV
,QIRUPDFLQLţOHQWHOLţLőGĈVW\PDV
'ĈPHVLR%HVLVXNDQþLRVYDULNOLRGDO\V
'ĈPHVLR6NDLW\NLWHHNVSORDWDFLMRVYDGRYö
'ĈPHVLRğNDLWĊSDYLUőLDL
+LGUDXOLQĈVDO\YRVO\JLV
8ŮVLGĈNLWHDSVDXJLQHVDXVLQHV
*DUVRJDOLRVO\JLV
'DOLHV1U
6WDEGŮLDL
$NXPXOLDWRULDXVVN\ULNOLV
'\]HOLQDV
.ĈOLPRWDőNDV
7YLUWLQLPRYLHWD
1XURG\PDLGĈOSDOHLGLPR
,/3/7SGI
'DOLHV1U
21
0DőLQRVWHFKQLQLDLGXRPHQ\VಥLQIRUPDFLQĈVOHQWHOĈV
'ĈPHVLR%HVLVXNDQþLRVYDULNOLRGDO\V
/DLN\NLWHUDQNDVSHUVDXJţDWVWXPöQXRSDYRMDXV
]RQRV
'ĈPHVLR(NVSORDWDFLMRVYDGRYDV
2SHUDWRULXVSULHőSUDGĈGDPDVGLUEWLPDőLQDWXUL
SHUVNDLW\WLőLDVVDXJRVHNVSORDWDFLMRVLUSULHŮLśURV
LQVWUXNFLMDV
'ĈPHVLRğNDLWĊSDYLUőLDLYDULNOLRVN\ULXMH
/DLN\NLWHUDQNDVSHUVDXJţDWVWXPöQXRSDYRMDXV
]RQRV
22
,/3/7SGI
0DőLQRVWHFKQLQLDLGXRPHQ\VಥLQIRUPDFLQĈVOHQWHOĈV
,QIRUPDFLQĈVOHQWHOĈV
*DUVRJDOLRVO\JLV
'\]HOLQDV
.ĈOLPRWDőNDV
$SVDXJLQĈVDXVLQĈV
7YLUWLQLPRYLHWD
$NXPXOLDWRULDXVVN\ULNOLV
+LGUDXOLQĈVDO\YRVO\JLV
5DQNLQLVVWDEG\V
1XURG\PDLGĈOSDOHLGLPR
,/3/7SGI
23
0DőLQRVWHFKQLQLDLGXRPHQ\VಥLQIRUPDFLQĈVOHQWHOĈV
24
,/3/7SGI
0DőLQRVDSUDő\PDVHOHNWURVĠUDQJD
0DőLQRVDSUDő\PDVHOHNWURVĠUDQJD
6LţVWXYDV
1HWLUWLHRSHUDWRULDLNXULHĠSUDWĊGLUEWLQXRWROLQLRUDGLMR
YDOG\PRĠUDQJDWXULDWLGŮLDLSHUVNDLW\WLőĠYDGRYöSULHő
SUDGĈGDPLHNVSORDWXRWLPDőLQö
7LNLőPRN\WLDVPHQ\VSXLNLDLLőPDQDQW\VYDOG\PR
VLVWHPöJDOLGLUEWLVXőLDPDőLQD
3DY6LţVWXYDV
*DUVLQLVVLJQDODV
'LGHOLRPDŮRJUHLþLRMXQJLNOLV
'LGHOLRPDŮRYDULNOLRVśNLţGDŮQLR
MXQJLNOLV
9LEUDFLMRVVLVWHPRVUDQNLQLRDXWRPDWLQLR
UHŮLPRMXQJLNOLV
9DLUDVYLUWĈ
9LEUDFLMRVVLVWHPRVYHLNLPRNU\SWLHV
MXQJLNOLV
ğMXQJWRVLţVWXYRLQGLNDWRULXV
$YDULQLRLőMXQJLPRP\JWXNDVVLţVWXYR
ĠMXQJLPRLőMXQJLPRP\JWXNDV
,őVLHLNYRMXVLRVEDWHULMRVLQGLNDWRULXV
9DULNOLRLőMXQJLPRSDOHLGLPRMXQJLNOLV
0\JWXNDVNXULXRNHLþLDPDV
GDŮQLVSHUŮYHOJLDPRVYHUWĈVGLVSOĈMXMH
-HLĠY\NRNRNLDQRUVVLVWHPRVNODLGDQHGHOVGDPL
LőMXQNLWHPDőLQöVLţVWXYHĠWDLV\WXLőMXQJLPRSDOHLGLPR
MXQJLNOLXPDőLQRVDNXPXOLDWRULDXVVN\ULNOLXDWMXQNLWH
DNXPXOLDWRULţEHLDWMXQNLWHODLGöSULMXQJWöSULHLPWXYR
*HGLPXVQXVWDW\WLLUMXRVWDLV\WLJDOLWLNರ'\QDSDFಮ
ĠJDOLRWLWHFKQLQĈVSULHŮLśURVGDUEXRWRMDL
6LţVWXYREDWHULMDQHĠNUDXWDWRGĈOSULHőSUDGHGDQW
GLUEWLVXPDőLQöSLUPöNDUWöEDWHULMöUHLNLDNUDXWL
YDODQGţSULGHGDPXEDWHULMţĠNURYLNOLX
6LţVWXYöJDOLPDQDXGRWLWLNVXLPWXYXNXULRDGUHVR
NRGDVLUVHULMRVQXPHULV\UDWRNVSDWNDLSLUVLţVWXYR
1RUĈGDPLQDXGRWLNLWöVLţVWXYöWXULWHXŮNRGXRWLMĠWDLS
NDGMRDGUHVRNRGDVDWLWLNWţLPWXYRNRGö
%DWHULMRVLőĈPLPDVLőVLţVWXYR
%DWHULMD
9HLNLPRQXRWROLV\UDPHWUDLMDUGDL
SULNODXVRPDLQXRDSOLQNRVVöO\JţLUJDOLPţUDGLMR
WUXNGŮLţ-HL\UDUDGLMRWUXNGŮLţUDGLMRU\őLRSHUWUśNLţ
VLXQWLPRGDŮQĠJDOLPDSDNHLVWLYLHQXPHWXVSDXGŮLDQW
LUP\JWXNXV'DŮQĠJDOLPDNHLVWLN+]
ŮLQJVQLDLVLőYLVR\UDŮLQJVQLDLYLHQDVŮLQJVQLV
DWLWLQNDYLHQöP\JWXNRVSXVWHOĈMLPöಥNDQDODL
6LţVWXYRPDLWLQLPRőDOWLQLV\UDGYLP$K
QLNHOLRNDGPLREDWHULMRV%DWHULMöĠGĈNLWHĠVLţVWXYö
VWXPGDPLMöĠOL]GöNROEDWHULMDXŮVLILNVXRV1RUĈGDPL
EDWHULMöLőLPWLSDVSDXVNLWHVSUDJWXNöLUSDVWXPNLWH
EDWHULMöĠőRQöSDVNXLಥLőRUĈQ9LVLőNDLĠNUDXWDEDWHULMD
YHLNLDಥYDODQGţ
6LţVWXYH\UDUDXGRQDVőYLHVRVGLRGDVNXULV
XŮVLGHJDNDLPHWDVSDNHLVWLEDWHULMö8ŮVLGHJXVőLDP
GLRGXLVLţVWXYXGDUJDOLPDQDXGRWLVPLQXþLţ
3DNHLVNLWHEDWHULMöLUSDWLNULQNLWHDUMRVOL]GDVLU
,/3/7SGI
25
0DőLQRVDSUDő\PDVHOHNWURVĠUDQJD
NRQWDNWLQLDLSDYLUőLDLőYDUśV,őĈPXVEDWHULMöUDGLMR
U\ő\VQXWUśNVWD%DWHULMöĠNUDXNLWHPDőLQRVLPWXYXDUED
DWVNLUXVWDOLQLXĠNURYLNOLX
-HLEDWHULMDQHQDXGRMDPDMöUHLNLDĠNUDXWL
QHSHUWUDXNLDPXSDSLOGRPXRMXĠNURYLPXNDVNHWXULDV
VDYDLWHV5HNRPHQGXRMDPHLőLPWLEDWHULMöLőVLţVWXYR
NDLSDVWDUDVLVQHQDXGRMDPDVLOJHVQĠODLNö
LUMRVĠNLőLPDVĠLPWXYöNDLUHLNLDĠNUDXWL
%DWHULMD
%DWHULMţĠNURYLNOLVSDVLUHQNDPDVLV
ğNURYLNOĠQDXGRNLWHWLNVDXVRMHYLHWRMHNXU
WHPSHUDWśUD\UDಥ¡&ğNUDXWDEDWHULMD\UD
NRQFHQWUXRWRVHQHUJLMRVőDOWLQLV1LHNDGDQHODLN\NLWH
EDWHULMRVWHQNXUJDOLĠY\NWLMRVWUXPSDVLVMXQJLPDV
3DY%DWHULMţĠNURYLNOLV
1XRODWGHJDQWLŮDOLDOHPSXWĈUHLőNLDNDGĠNURYLNOLV
SDUXRőWDVNUDXWLEDWHULMö%DWHULMöĠGĈNLWHĠĠNURYLNOĠ-HL
EDWHULMDYLVLőNDLLőVLHLNYRMXVLSLUPLQLRĠNURYLPRPHWX
OĈWDLEO\NVLJHOWRQDVőYLHVRVGLRGDV1XRODWGHJDQWL
JHOWRQDOHPSXWĈUHLőNLDNDGEDWHULMDNUDXQDPD
%DWHULMD\UDYLVLőNDLĠNUDXWDNDLJHOWRQDVőYLHVRV
GLRGDVSUDGHGDWDQNLDLEO\NVĈWL%DWHULMDĠNUDXQDPD
SHUಥYDODQGDV%DWHULMDLQLHNRQHDWVLWLNVMHLMö
SDOLNVLWHĠNURYLNO\MHLUWDGDMDLMLMDXEXVYLVLőNDLĠNUDXWD
,PWXYDV
,PWXYDVEśQDVXPRQWXRWDVPDőLQRMHSRXŮSDNDOLQLX
GDQJþLXVNLUWXWHFKQLQĈVSULHŮLśURVGDUEDPV,PWXYDV
WXULDQWHQöGLVSOĈMţLUYLGLQĠEDWHULMţĠNURYLNOĠVLţVWXYR
EDWHULMRPVĠNUDXWL
ğNUDXWLVLţVWXYREDWHULMöLPWXYRĠNURYLNOLXWUXQND
YDODQGö
3DY,PWXYDV
26
,/3/7SGI
0DőLQRVDSUDő\PDVHOHNWURVĠUDQJD
6öUDőDV
'LVSOĈMDXVURGLQLDL
0DőLQRVDNXPXOLDWRULDXVĠWDPSD
7HPSHUDWśUDKLGUDXOLQĈVDO\YRVEDNH
¡&
7HPSHUDWśUDKLGUDXOLQĈVDO\YRVEDNH
¡)
<URGRPDVMHLHNVSORDWDYLPR
YDODQGţVNDLþLXVYLUőLMDNLWDLV
DWYHMDLV<QHURGRPDV
.ODLGţSUDQHőLPDL
6LţVWXYREDWHULMRVĠNURYD
1HYHLND
.DLĠNURYLPRSURFHVDVWLNSUDVLGĈMR
DUEDQHNUDXQDPDMRNLDEDWHULMD
3LUPLQLVĠNURYLPDV
-HLEDWHULMRVĠWDPSDŮHPHVQĈQHL
9SLUPLQLVEDWHULMRVNURYLPDVY\NVWD
VHNXQGĊNDVVHNXQGŮLţNRO
ĠWDPSDSDGLGĈMDLNL9
6SDUWXVLVĠNURYLPDV
%DWHULMRVĠNURYLPDVY\NVWDVSDUþLDL
NDLEDWHULMRVĠWDPSD\UDಥ9
ğNURYLPRSURFHVDVQXWUDXNLDPDVNDL
HOHPHQWRĠWDPSDQXNULQWD෭9 ಥ
P9MHLHOHPHQWRWHPSHUDWśUD
ŮHPHVQĈDUEDDXNőWHVQĈXŮ
QXVWDW\WöMĠಥಥ¡&ಥ¡)
WHPSHUDWśURVGLDSD]RQöDUEDMHL
EDWHULMRVĠWDPSDSHUGYLYDODQGDV
QHSDN\OD
1HSHUWUDXNLDPDVSDSLOGRPDVLV
ĠNURYLPDV
9LVLőNDLĠNUDXWDEDWHULMDSDSLOGRPDL
ĠNUDXQDPDNDVöVHNXQGĊNDG
EśWţLőODLN\WDĠWDPSD
'LVSOĈMXMHSLUPLDXVLDSDURGRPD
EDWHULMRVĠWDPSDSDVNXLSDHLOLXL
URGRPRVNLWRVYHUWĈV1RUĈGDPL
SHUŮLśUĈWLYHUWHVVSDXVNLWHGDŮQLR
NHLWLPRP\JWXNöSDþLDPH
GHőLQLDMDPHVLţVWXYRNUDőWHNDL
YHLNLDLPWXYDV
'LVSOĈMXMHWDLSSDWURGRPLNODLGţNRGDL
,PWXYRGLVSOĈMXMHSDVLURGŮLXVőLHPV
NODLGţSUDQHőLPDPVNODLGţNRGDPV
G\]HOLQLVYDULNOLVLőVLMXQJLDDUEDMR
QHĠPDQRPDSDOHLVWL
ŭHPDVYDULNOLQĈVDO\YRVVOĈJLV
ŐDOLQLPRSULHPRQĈSDWLNULQNLWH
DO\YRVNLHNĠĠSLONLWHDO\YRV
$XNőWDWHPSHUDWśUDKLGUDXOLQĈMH
VLVWHPRMH
8ಥ;;;
;;¡&
;;;ಥ¡)
;;;;<K
(UUಥ;;
&Kಥ;;
&Kಥ
&Kಥ
&Kಥ
&Kಥ
(UUಥ;;
(UUಥ
(UUಥ
,/3/7SGI
27
0DőLQRVDSUDő\PDVHOHNWURVĠUDQJD
6öUDőDV
ŐDOLQLPRSULHPRQĈSDODXNLWHNRO
PDőLQDDWDXő-HLDSOLQNRV
WHPSHUDWśUDODEDLDXNőWDSDWLNULQNLWH
WUDXNRVVLVWHPRVVXGHGDPöVLDVGDOLV
LUHNVFHQWULQĠYHOHQö
3HUPHWDPDVLVMXQJLNOLVĠMXQJWDV
3HUPHWDPDVLVMXQJLNOLVĠMXQJWDV
(UUಥ
(UUಥ
&$1PDJLVWUDOĈVEORNDYLPDV
.ODLGţSUDQHőLPDLNODLGţNRGDLGĈO
NXULţYDULNOLVQHLőMXQJLDPDV
.LQWDPRVLRVVURYĈVJHQHUDWRULXV
QHNUDXQD
.LQWDPRVLRVVURYĈVJHQHUDWRULXV
QHNUDXQD
(UUಥ
'DUERPHWXQXWUśNRUDGLMRU\ő\V
ŐDOLQLPRSULHPRQĈMHLWDLNDUWRMDVL
GDŮQDLSDNHLVNLWHGDŮQĠ
$YDULQLVLőMXQJLPDVSDVWXPLDPDVLV
VWDEGLNOLV
,őYDGDVXŮGDU\WDVGĈOSHUGLGHOLţ
HQHUJLMRVVöQDXGţWUXPSRMRMXQJLPR
6öUDőDV
.ODLGRVNRGDVWDLNRPDV
YHUVLMDL
.ODLGRVNRGDVWDLNRPDV
YHUVLMDL
28
(UUಥ
(UUಥ
(UUಥ
(UUಥ
(UUಥ
,/3/7SGI
9DOG\PDVQXRWROLQLRUDGLMRYDOG\PREORNX
9DOG\PDVQXRWROLQLRUDGLMRYDOG\PREORNX
9DULNOLRSDOHLGLPDVQXRWROLQLRYDOG\PREORNX
7UDQVSRUWXRMDQWVLţVWXYDVWXULEśWLSDGĈWDVXŮ
XŮSDNDOLQLXGDQJþLXVNLUWXWHFKQLQĈVSULHŮLśURV
GDUEDPV
3DY6LţVWXYRSDGĈWLVLUNW
6LţVWXYDV
$QWHQD
$YDULQLRLőMXQJLPRUDQNHQĈOĈ
,PWXYDV
3DJULQGLQLVMXQJLNOLV
=LU]HNOLV
$WLGDU\NLWHXŮSDNDOLQĠGDQJWĠVNLUWöWHFKQLQĈV
SULHŮLśURVGDUEDPVLULőLPNLWHVLţVWXYöğNLőNLWH
DNXPXOLDWRULDXVVN\ULNOĠLUSDVXNLWHMĠĠEORNDYLPR
SDGĈWĠğMXQJXVVURYĊSDVLJLUVWD]LU]HNOLRVLJQDODV
3DOHLGXVYDULNOĠ]LU]HNOLVYĈOLőVLMXQJLD7LNVOLĠWDPSD
QHURGRPDWRONROEXVSDOHLVWDVYDULNOLVLUSUDVLGĈV
ĠNURYLPDV3DWLNULQNLWHDULPWXYRGLVSOĈMXMHURGRPD
$NXPXOLDWRULDXVĠWDPSD
7HPSHUDWśUDKLGUDXOLQĈMHVLVWHPRMH
(NVSORDWDYLPRODLNDV
8ŮGDU\NLWHGDQJWĠVNLUWöWHFKQLQĈVSULHŮLśURV
GDUEDPVLULőWUDXNLWHPDőLQRMHĠWDLV\WöDYDULQLR
LőMXQJLPRUDQNHQĈOĊ
$WOHLVNLWHVLţVWXYHĠWDLV\WöDYDULQLRLőMXQJLPR
UDQNHQĈOĊŭDOLDVőYLHVRVGLRGDVVLJQDOL]XRMD
NDGLPWXYDVĠMXQJWDV
3DWLNULQNLWHEDWHULMRVĠNURYö,őVLHLNYRMXVLRVEDWHULMRV
SHUVSĈMDPRMLOHPSXWĈQHWXULGHJWL9LVDGDWXUĈNLWH
SRUDQNDSDSLOGRPöYLVLőNDLĠNUDXWöEDWHULMö
3DODXNLWHಥVHNXQGHV3DVSDXVNLWHVLţVWXYR
JDUVLQLRVLJQDORP\JWXNöNDGXŮVLPHJ]Wţ
U\ő\VVXLPWXYX
3DY6LţVWXYDV
'LGHOLRPDŮRJUHLþLRMXQJLNOLV
ğMXQJWRVLţVWXYRLQGLNDWRULXV
$YDULQLRLőMXQJLPRP\JWXNDV
,őVLHLNYRMXVLRVEDWHULMRV
LQGLNDWRULXV
9DULNOLRLőMXQJLPRSDOHLGLPR
MXQJLNOLV
*DUVLQLVVLJQDODV
9DULNOLRVśNLţGDŮQLRMXQJLNOĠSHUMXQNLWHĠPDŮR
VśNLţGDŮQLRರ/RZಮSDGĈWĠ,őMXQJLPRSDOHLGLPR
MXQJLNOĠVSDXVNLWHĠSULHNĠNROYDULNOLVXŮVLYHV.DL
YDULNOLVSDVLOHLVDWOHLVNLWHLőMXQJLPRSDOHLGLPRMXQJLNOĠ
%DQG\WLXŮYHVWLPDőLQöGDUNDUWöJDOLPDSUDĈMXV
VHNXQGĈPV
3DOHLGLPRGXMţQDXGRWLQHJDOLPD
,/3/7SGI
29
9DOG\PDVQXRWROLQLRUDGLMRYDOG\PREORNX
1XRWROLQLVYDOG\PDV
3DWLNULQNLWHDUGDUERYLHWD\UDVDXJLŐODSLDVLU
PLQNőWDVJUXQWDVVXPDŮLQDPDőLQRVQDőXPö
ğMXQJĊPDőLQRVYDULNOĠQLHNDGDQHSDOLNLWHMRVEH
SULHŮLśURV9LVDGDLőMXQNLWHSDJULQGLQĠMXQJLNOĠ
1HOHLVNLWHSDőDOLQLDPVDVPHQLPVOLSWLDQWPDőLQRV
1HGLUENLWHGLGHVQLXQHLPHWUţMDUGţVSLQGXOLX
9LVDGDDWLGŮLDLVWHEĈNLWHGDUER]RQöLUPDőLQö
3DY6LţVWXYRSDGĈWLVLUNW
6LţVWXYDV
$QWHQD
$YDULQLRLőMXQJLPRUDQNHQĈOĈ
,PWXYDV
3DJULQGLQLVMXQJLNOLV
=LU]HNOLV
1LHNDGDQHSDWLNĈNLWHVLţVWXYRNLWDPDVPHQLXLNXULV
QĈUDQXRGXJQLDLVXVLSDŮLQĊVVXPDőLQDMRVYDOG\PX
LUVDXJRVWDLV\NOĈPLV
'LGHOLRJUHLþLRUHŮLPöJDOLPDĠMXQJWLWLNWRSRNDL
PDőLQDQHPDŮLDXNDLSVHNXQGŮLţMDXYHLNĈ
PDŮXJUHLþLX
9DLUDYLPDVYDOG\PDVQXRWROLQLRYDOG\PRVLVWHPD
3LUP\Q
ğNDLUĊ
ğGHőLQĊ
$WJDO
6NLUWLQJRVQXRWROLQLRYDOG\PREORNRYDLUDVYLUWĈV
SDGĈW\VDWLWLQNDWRNLDVNRPDQGDV
3LUP\Q
PDőLQDMXGDĠSULHNĠ
$WJDO
PDőLQDMXGDDWJDO
ğGHőLQĊ
PDőLQDVXNDVLSDVLVXNDĠGHőLQĊ
ğNDLUĊ
PDőLQDVXNDVLSDVLVXNDĠNDLUĊ
$WOHLGXVYDLUDVYLUWĊPDőLQDVXVWRMD
3ULHőSUDGĈGDPLGLUEWLSDWLNULQNLWHDUPDőLQDVXVWRMD
DWOHLGXVYDLUDVYLUWĊ
3DY9DLUDVYLUWĈVSDGĈWLV
30
,/3/7SGI
9DOG\PDVQXRWROLQLRUDGLMRYDOG\PREORNX
-XQJLNOLVDXWRPDWLQLRUHŮLPRSDGĈW\MH
9LEUDFLMRVVLVWHPDĠVLMXQJLDNDLPDőLQDMXGDPDŮX
JUHLþLX.DGWUDXNDEśWţRSWLPDOLYLEUDFLMRVVLVWHPRV
YHLNLPRNU\SWLVDXWRPDWLőNDLSDVLNHLþLDSDNHLWXV
PDőLQRVMXGĈMLPRNU\SWĠĠWLHVLRJLQĊDUEDDWEXOLQĊHLJö
3DY6LţVWXYDV
'LGHOLRPDŮRJUHLþLRMXQJLNOLV
5DQNLQLRDXWRPDWLQLRYLEUDFLMRV
VLVWHPRVUHŮLPRMXQJLNOLV
9LEUDFLMRVVLVWHPRVYHLNLPRNU\SWLHV
MXQJLNOLV
9DULNOLRVśNLţGDŮQLRMXQJLNOLV
.DLJUHLþLRMXQJLNOLVSHUMXQJWDVĠGLGHOLRJUHLþLR
ರ+LJKಮSDGĈWĠDXWRPDWLQLVYLEUDFLMRVVLVWHPRV
UHŮLPDVLőVLMXQJLD-LVYĈOĠVLMXQJLDJUHLþLRMXQJLNOĠ
SHUMXQJXVĠPDŮRJUHLþLRರ/RZಮSDGĈWĠ9LEUDFLMRV
VLVWHPDLőVLMXQJLDNDLĠMXQJLDPDVUDQNLQLVUHŮLPDV
-XQJLNOLVUDQNLQLRUHŮLPRSDGĈW\MH
YLEUDFLMRVVLVWHPDYHLNLDSDJDO
3DGĈW\MH
ODLNURGŮLRURG\NOĊ
3DGĈW\MH
YLEUDFLMRVVLVWHPDYHLNLDSULHő
ODLNURGŮLRURG\NOĊ
.DLYDULNOLRVśNLţGDŮQLRMXQJLNOLVSHUMXQJWDVĠPDŮR
VśNLţGDŮQLRರ/RZಮSDGĈWĠDXWRPDWLQLVYLEUDFLMRV
VLVWHPRVUHŮLPDVLőVLMXQJLD9ĈOSHUMXQJLDQWĠGLGHOLR
YDULNOLRVśNLţGDŮQLRSDGĈWĠMXQJLNOĠEśWLQDSLUPD
SHUMXQJWLĠWDUSLQĊSDGĈWĠNDGYĈOĠVLMXQJWţDXWRPDWLQLV
YLEUDFLMRVVLVWHPRVUHŮLPDV
,/3/7SGI
31
9DOG\PDVQXRWROLQLRUDGLMRYDOG\PREORNX
0DőLQRVLőMXQJLPDVQXRWROLQLRYDOG\PREORNX
3DVSDXGXVDYDULQLRLőMXQJLPRP\JWXNöPDőLQDVXVWRMD
LőNDUW9LVDGDSDWLNULQNLWHDUDYDULQLRLőMXQJLPR
P\JWXNDVYHLNLD
$WOHLGXVVLţVWXYRYDLUDVYLUWĊPDőLQDLőNDUWVXVWRMD
3DWLNULQNLWHDUYDLUDVYLUWĈYHLNLDLUMöDWOHLGXVJUĠŮWDĠ
QHXWUDOLöSDGĈWĠ0DőLQDLőNDUWVXVWRMDVLţVWXYR
ĠMXQJLPRLőMXQJLPRP\JWXNöSHUMXQJXVĠLőMXQJLPR
SDGĈWĠ
3DY6LţVWXYDV
9LEUDFLMRVVLVWHPRVYHLNLPRNU\SWLHV
MXQJLNOLV
'LGHOLRPDŮRJUHLþLRMXQJLNOLV
9DULNOLRLőMXQJLPRSDOHLGLPRMXQJLNOLV
$YDULQLRLőMXQJLPRP\JWXNDVVLţVWXYR
ĠMXQJLPRLULőMXQJLPRP\JWXNDV
,őMXQNLWHYLEUDFLMRVVLVWHPöMRVMXQJLNOĠSDVXNLWHĠ
QHXWUDOLöSDGĈWĠ
-XQJLNOLXĠMXQNLWHPDŮöರYĈŮOLRಮJUHLWĠರ/RZಮ
9DULNOLRVśNLţGDŮQLRMXQJLNOĠSHUMXQNLWHĠPDŮRVśNLţ
GDŮQLRರ/RZಮSDGĈWĠ
9DULNOĠNHOHWöPLQXþLţOHLVNLWHWXőþLöMDHLJD
3DVWXPNLWHDWJDOLőMXQJLPRSDOHLGLPRMXQJLNOĠ
.DLYDULNOLVVXVWRMD]LU]HNOLVSUDGHGD]LU]WL
3DY6LţVWXYRSDGĈWLVLUNW
3DJULQGLQLVMXQJLNOLV
,PWXYDV
$YDULQLRLőMXQJLPRP\JWXNDV
$QWHQD
6LţVWXYDV
=LU]HNOLV
$WLGDU\NLWHXŮSDNDOLQĠGDQJWĠVNLUWöWHFKQLQĈV
SULHŮLśURVGDUEDPVLUDNXPXOLDWRULDXVVN\ULNOĠ
SDVXNLWHDWJDONDGLőVLMXQJWţ]LU]HNOLV
3DVSDXVNLWHDYDULQLRLőMXQJLPRP\JWXNöNDG
LőVLMXQJWţVLţVWXYDVŭDOLDVőYLHVRVGLRGDVXŮJĊVWD
6LţVWXYöĠGĈNLWHĠPDőLQöWUDQVSRUWDYLPXL
QXPDW\WRMHSDGĈW\MHDUEDSDGĈNLWHĠVDXJLöYLHWö
3RGDUERGLHQRVĠNUDXNLWHVLţVWXYREDWHULMöNDG
YLVDGDWXUĈWXPĈWHYLVLőNDLĠNUDXWöEDWHULMö
6LţVWXYöYLVDGDODLN\NLWHVDXJLRMHYLHWRMHNDG
PDőLQRVQHJDOĈWţSDOHLVWLSDőDOLQLDLDVPHQ\V
32
,/3/7SGI
5DQNLQLVYDOG\PDV
5DQNLQLVYDOG\PDV
3ULHőSDOHLGŮLDQWYDULNOĠODLNLQDVLVYDOG\PDV
/DLN\NLWĈVĠSUDVWLQLţVDXJRVWDLV\NOLţ.DVGLHQDWOLNLWH
WHFKQLQĈVSULHŮLśURVRSHUDFLMDVŭUJUDILNö
3DWLNULQNLWHYDULNOLQĈVDO\YRVO\JĠ
3DWLNULQNLWHKLGUDXOLQĈVDO\YRVO\JĠ
3DWLNULQNLWHGHJDOţO\JĠ
3DWLNULQNLWHDUYHLNLDYDLUDYLPRVYLUW\V
3DWLNULQNLWHDUYHLNLDDYDULQLRLőMXQJLPRP\JWXNDV
3DWLNULQNLWHDUVXUHJXOLXRWDJUDQG\NOĈ
3DWLNULQNLWHDUYHLNLDVWRYĈMLPRVWDEG\V
$SŮLśUĈNLWHPDőLQöDUQĈUDKLGUDXOLQĈVDO\YRV
QXRWĈNLRLUDWVLVXNXVLţYDUŮWţ
3DY/DLNLQRMRYDOG\PRSULHWDLVţSXOWDV
7LHVLRJLQĈVDWEXOLQĈVHLJRVMXQJLNOLV
NDLUĈMHSXVĈMH
7LHVLRJLQĈVDWEXOLQĈVHLJRVMXQJLNOLV
GHőLQĈMHSXVĈMH
'LGHOLRPDŮRYDULNOLRVśNLţGDŮQLR
MXQJLNOLV9LEUDFLMRVVLVWHPDJDOLPD
QDXGRWLVWLNSHUMXQJXVĠPDŮRVśNLţ
GDŮQLRರ/RZಮSDGĈWĠ
9LEUDFLMRVVLVWHPRVĠMXQJLPR
LőMXQJLPRMXQJLNOLVVXNWLSDJDOSULHő
ODLNURGŮLRURG\NOĊ
$YDULQLRLőMXQJLPRP\JWXNDV
'URVHOLRYDOG\PRSULHWDLVDV
3DY6LţVWXYRSDGĈWLV
6DXJLNOLţGĈŮXWĈ
3DOHLGLPRP\JWXNDV
$NXPXOLDWRULDXVVN\ULNOLV
,/3/7SGI
33
5DQNLQLVYDOG\PDV
9DULNOLRSDOHLGLPDVUDQNLQLVYDOG\PDV
,őLPNLWHVLţVWXYöLUSDGĈNLWHMĠĠVDXJLöYLHWö
$WLGDU\NLWHXŮSDNDOLQĠGDQJWĠVNLUWöWHFKQLQĈV
SULHŮLśURVGDUEDPV.DEHOĠSHUMXQNLWHQXRYLUőXWLQLR
SULHDSDWLQLRNRQWDNWR
1XRUDQNLQLRYDOG\PRP\JWXNţQXLPNLWHDSVDXJLQĠ
GDQJWHOĠ3ULVXNLWHYDUŮWXŮUSDYHLNVOĈOĠ
3DY6LţVWXYDV
3DJULQGLQLVMXQJLNOLV
3DOHLGLPRP\JWXNDV
,őWUDXNLWHDYDULQLRLőMXQJLPRUDQNHQĈOĊğNLőNLWH
DNXPXOLDWRULDXVVN\ULNOĠLUSDVXNLWHMĠĠEORNDYLPR
SDGĈWĠ
ğMXQJXVHOHNWURVPDLWLQLPöSUDGHGDVNDPEĈWL]LU]HNOLV
NXULVYĈOQXW\ODSUDGĈMXVYHLNWLYDULNOLXL
3DVSDXVNLWHSDOHLGLPRP\JWXNö
8ŮGDU\NLWHXŮSDNDOLQĠGDQJWĠVNLUWöWHFKQLQĈV
SULHŮLśURVGDUEDPV
3ULHőSUDGĈGDPLGLUEWLSDWLNULQNLWHDUYHLNLD
SDVWXPLDPDVLVVWDEGLNOLV.DLPDőLQDMXGDDWEXOLQH
HLJDSDVWXPLDPöMĠVWDEGLNOĠSDVWXPNLWHĠSULHNĠ
3DVSDXGXVSDVWXPLDPöMĠMXQJLNOĠPDőLQDWXULLőNDUW
VXVWRWL
1LHNDGDQHYDLNőþLRNLWHőDOLDYHLNLDQþLRVPDőLQRV
3DY(OHNWURVVLVWHPD
.RQWDNWDV
3DY9DOG\PRSXOWDV
$YDULQLRLőMXQJLPRP\JWXNDV
$SVDXJLQLVGDQJWHOLV
9DUŮWDV
34
,/3/7SGI
5DQNLQLVYDOG\PDV
9DOG\PDVODLNLQDVLVYDOG\PDV
0DőLQRVMXGĈMLPDV
WLHVLRJLQHHLJD
0DőLQRVMXGĈMLPDV
DWEXOLQHHLJD
0DőLQRVSDVXNLPDVĠGHőLQĊ
0DőLQRVSDVXNLPDVĠNDLUĊ
'ĈPHVLR3DWLNULQNLWHDUGDUERYLHWDVDXJL-XGDQWőODSLXLUPLQNőWXJUXQWXVXPDŮĈMDPDőLQRV
WUDXND\SDþDQWQXRŮXOQXPRV$QWQXRŮXOQXPţLUQHO\JLţSDYLUőLţPDőLQDYLVDGDWXULMXGĈWL
OĈWDL1LHNDGDQHGLUENLWHVXPDőLQDDQWQXRŮXOQLţSDYLUőLţQHLĠNDOQĈVQHLQXRNDOQĈVNU\SWLPL
MHLQXRO\GLVYLUőLMDPDNVLPDOţOHLVWLQöMĠQXRO\GŮLRNDPSö
1LHNDGDQHSDOLNLWHPDőLQRVVXĠMXQJWXYDULNOLX
1LHNDGDQHOHLVNLWHNLWLHPVDVPHQLPVOLSWLDQWMXGDQþLRVPDőLQRV
,/3/7SGI
35
5DQNLQLVYDOG\PDV
9LEUDFLMRVVLVWHPDODLNLQDVLVYDOG\PDV
9LEUDFLMRVVLVWHPRVMXQJLNOLVYHLNLDWLNWDGDNDL
JUHLþLRMXQJLNOLV\UDSHUMXQJWDVĠPDŮRJUHLþLR
ರ/RZಮSDGĈWĠ-LVQHYHLNVMHLJXJUHLþLRMXQJLNOLV
SHUMXQJWDVĠGLGHOLRJUHLþLRರ+LJKಮSDGĈWĠ
9LEUDFLMRVVLVWHPRVMXQJLNOLV\UDWULMţSDGĈþLţ
MXQJLNOLVWLHVLRJLQĈVHLJRVLőMXQJLPRLUDWEXOLQĈVHLJRV
7DLWHLNLDRSHUDWRULXLJDOLP\EĊLőVLULQNWLHNVFHQWULQLR
YHOHQRVXNLPRVLNU\SWĠQRULQWSDGLGLQWLWUDXNö
3DY/DLNLQRMRYDOG\PRSULHWDLVţSXOWDV
9LEUDFLMRVVLVWHPRVMXQJLNOLV
*UHLþLRMXQJLNOLV
1LHNDGDQHMXQNLWHYLEUDFLMRVVLVWHPRVWXRPHWXNDLPDőLQDVWRYLDQWNLHWţSDYLUőLţ
NDLSDQWDLĠőDOXVLRVŮHPĈVDUEHWRQR9LEUDFLMRVVLVWHPöĠMXQNLWHWLNWDGDNDLPDőLQD
MXGD
9DULNOLRLőMXQJLPDVODLNLQDVLVYDOG\PDV
,őMXQNLWHYLEUDFLMRVVLVWHPRVMXQJLNOĠ
*UHLþLRMXQJLNOLXVLUSHUMXQNLWHĠPDŮRJUHLþLR
SDGĈWĠರ/RZಮLUPLQXWĊDUGYLYDULNOĠOHLVNLWHWXőþLöMD
HLJD
1XVSDXVNLWHLőMXQJLPRSDOHLGLPRP\JWXNö
3DY/DLNLQRMRYDOG\PRSULHWDLVţSXOWDV
9LEUDFLMRVVLVWHPRVMXQJLNOLV
*UHLþLRMXQJLNOLV
*UHLþLRMXQJLNOLV
'DQJWLVVNLUWDVWHFKQLQĈVSULHŮLśURV
GDUEDPV
36
,/3/7SGI
5DQNLQLVYDOG\PDV
3DVXNLWHLULőMXQNLWHDNXPXOLDWRULDXVVN\ULNOĠ
8ŮGDU\NLWHXŮSDNDOLQĠVN\GöVNLUWöWHFKQLQĈV
SULHŮLśURVGDUEDPVLUDQWP\JWXNţXŮGĈNLWHDSVDXJLQĠ
GDQJWHOĠ
3DY0DőLQRVLőMXQJLPDV
,őMXQJLPRSDOHLGLPRMXQJLNOLV
$NXPXOLDWRULDXVVN\ULNOLV
,/3/7SGI
37
5DQNLQLVYDOG\PDV
38
,/3/7SGI
.LWD
.LWD
.ĈOLPDV
9RORNĈOLPDV
1LHNDGDQHYDLNőþLRNLWHLUQHVWRYĈNLWHSRSDNHOWD
PDőLQD
8ŮNDELQNLWHNĈOLPRNDEOĠXŮNĈOLPRöVRV
.HOLDQWPDőLQöVWRYĈMLPRVWDEG\VWXULEśWL
ĠMXQJWDV
9LVLNĈOLPRĠUHQJLQLDLWXULDWLWLNWLYLVXVWDLNRPXV
QRUPDW\YXV
3DY.ĈOLPXLSDUXRőWDPDőLQD
.ĈOLPRöVD
0DVĈNJVYDUţ
PPFROLRSORþLRYRODLಥNJ
VYDUDL
7UDQVSRUWDYLPDV
9ROţWUDQVSRUWDYLPDV
0DNVLPDOLRMLVXYHUŮLPRMĈJDVNDLþLXRMDQW
YLHQDLWYLUWLQLPRöVDL\UDN1
0DőLQöSULULőNLWHSULHN\MHLUXŮSDNDO\MHOHQWHOĈVH
QXURG\WLWYLUWLQLPRWDőNDL
3DY,OJDODLNLVSDVWDW\PDV
'LUŮDL
7UDQVSRUWXRGDPLPDőLQöSDWLNLPDLSULWYLUWLQNLWH
DWRWDPSRVGLUŮDLV0DőLQöSULWYLUWLQNLWHSULHSULHNLQLRLU
XŮSDNDOLQLRYLONLPRNDEOLţ
0DőLQöYLONWLGUDXGŮLDPD
,/3/7SGI
39
.LWD
40
,/3/7SGI
7HFKQLQĈSULHŮLśUDWHSDODLLUVLPEROLDL
7HFKQLQĈSULHŮLśUDWHSDODLLUVLPEROLDL
9$5,./,1ć$/<9$
1DXGRNLWH6$(:
.LHNLVಥO
ğYDLULRVSDVNLUWLHVರ6KHOO8QLYHUVDO7;:ಮ
+,'5$8/,1ć$/<9$
1DXGRNLWHPLQHUDOLQĊKLGUDXOLQĊDO\Yö
.LHNLVಥOರ6KHOO7HOOXV7;ಮDUEDDQDORJLőNö
'(*$/$,
1DXGRNLWHG\]HOLQöNXULVDWLWLQNDVWDQGDUWXV(1
DUED',1
.LHNLVಥO
(.6&(175,1,2(/(0(172
7(3$/$6
6.)/*+4
3ULHőSUDGĈGDPLSLOG\WLGHJDOţEDNöLőMXQNLWHYDULNOĠ
1LHNDGDQHSLOG\NLWHEDNRMHLHVDWHQHWROLDWYLURV
XJQLHVDUNLELUNőþLDYLPRőDOWLQLRQHVWDLJDOLVXNHOWL
JDLVUö1HUśN\NLWH1DXGRNLWHőYDULXVGHJDOXVLU
őYDULöSLOG\PRĠUDQJö%śNLWHDWVDUJśVNDG
QHLőOLHWXPĈWHGHJDOţ
5HPRQWXLUHLNDOLQJRVDWVDUJLQĈVGDO\V
2URILOWURHOHPHQWDV
9DULNOLQĈVDO\YRVILOWUDV
9DULNOLRGHJDOţILOWUDV
+LGUDXOLQĈVDO\YRVILOWUDV
,/3/7SGI
41
7HFKQLQĈSULHŮLśUDWHSDODLLUVLPEROLDL
42
,/3/7SGI
7HFKQLQĈSULHŮLśUDWHFKQLQĈVSULHŮLśURVJUDILNDV
7HFKQLQĈSULHŮLśUDWHFKQLQĈVSULHŮLśURV
JUDILNDV
7HFKQLQĈSULHŮLśUDLUPD]JDLNXULHPVUHLNDOLQJD
WHFKQLQĈSULHŮLśUD
3DY7HFKQLQĈSULHŮLśUDLUPD]JDLNXULHPVUHLNDOLQJDWHFKQLQĈ
SULHŮLśUD
9DULNOLQĈVDO\YRVĠS\OLPDV
+LGUDXOLQĈVDO\YRVEDNDV
'HJDOţEDNDV
2URYDO\WXYDVVXGXONLţLőWUDXNLPRYRŮWXYX
*UDQG\NOĈ
9DULNOLQĈVDO\YRVILOWUDV
+LGUDXOLQĈVDO\YRVILOWUDV
'HJDOţILOWUDV
'XVOLQWXYDV
$NXPXOLDWRULXV
9DULNOLRDXőLQLPRVLVWHPD
'HJDOţILOWUDVYDQGHQVLőOHLGLPDV
$WLGŮLDLSHUVNDLW\NLWHYDULNOLRLQVWUXNFLMţYDGRYöLUODLN\NLWĈVQXURG\PţGĈOWHFKQLQĈV
SULHŮLśURV
6XPRQWDYXVQDXMöYDULNOĠSRYDODQGţHNVSORDWDYLPREśWLQDSDWLNULQWLYDULNOLR
YRŮWXYţWDUSXVLUMHLJXUHLNLDMXRVVXUHJXOLXRWL7DLSSDWSRHNVSORDWDYLPRYDODQGţ
SDWLNULQNLWHYDULNOLRVNHþLDPXRVLXVYDUŮWXV9DULNOLQĊDO\YöLUMRVILOWUöEśWLQDSDNHLVWL
SRSLUPţMţHNVSORDWDYLPRYDODQGţRKLGUDXOLQĈVDO\YRVILOWUöಥSRYDODQGţ
,/3/7SGI
43
7HFKQLQĈSULHŮLśUDWHFKQLQĈVSULHŮLśURVJUDILNDV
.DVHNVSORDWDYLPRYDODQGţNDVGLHQ
1RUĈGDPLUDVWLSXVODSĠLUVN\ULţQXRURGDVŮUWXULQĠ
2SHUDFLMD
3DVWDED
3ULHőXŮYHGDQWSLUPöNDUWöSHUGDUERGLHQö
3DWLNULQNLWHYDULNOLQĈVDO\YRVO\JĠ
ŭUYDULNOLRLQVWUXNFLMţYDGRYö
3DWLNULQNLWHKLGUDXOLQĈVDO\YRVO\JĠ
3DWLNULQNLWHGHJDOţO\JĠEDNH
3DWLNULQNLWHRURYDO\WXYRGXONLţLőWUDXNLPRYRŮWXYö
3DWLNULQNLWHJUDQG\NOĈVVXUHJXOLDYLPö
3DWLNULQNLWHDUVWLSULDLXŮYHUŮWRVYHUŮOĈVLUYDUŮWDL
.DVHNVSORDWDYLPRYDODQGţNDVPĈQHVĠ
1RUĈGDPLUDVWLSXVODSĠLUVN\ULţQXRURGDVŮUWXULQĠ
2SHUDFLMD
3DVWDED
3DNHLVNLWHYDULNOLQĈVDO\YRVILOWUö
ŭUYDULNOLRLQVWUXNFLMţYDGRYö
3DNHLVNLWHYDULNOLQĊDO\Yö
ŭUYDULNOLRLQVWUXNFLMţYDGRYö
3DWLNULQNLWHLULőYDO\NLWHYDULNOLRDXőLQLPRRUXVLVWHPö
3DWLNULQNLWHLUVXUHJXOLXRNLWHYDULNOLRYRŮWXYţWDUSXV
ŭUYDULNOLRLQVWUXNFLMţYDGRYö
3DNHLVNLWHKLGUDXOLQĈVDO\YRVILOWUö
3DNHLVNLWHGHJDOţILOWUö
,őOHLVNLWHYDQGHQĠLőGHJDOţILOWURYDQGHQVőDOLQLPRILOWUR
3DNHLVNLWHYDULNOLRRURILOWUö
3DWLNULQNLWHDUDNXPXOLDWRULţJQ\EWDLőYDUśVLUVWLSULDL
SULYHUŮWL
3DWLNULQNLWHYDULNOLRVNHþLDPXRVLXVYDUŮWXV
.DVHNVSORDWDYLPRYDODQGţNDVPHW
1RUĈGDPLUDVWLSXVODSĠLUVN\ULţQXRURGDVŮUWXULQĠ
2SHUDFLMD
3DVWDED
3DNHLVNLWHKLGUDXOLQĊDO\Yö
3DNHLVNLWHKLGUDXOLQĈVDO\YRVILOWUö
,őSODXNLWHGHJDOţEDNö
44
,/3/7SGI
7HFKQLQĈSULHŮLśUDK
7HFKQLQĈSULHŮLśUDK
-HLYDULNOLVYHLNLDXŮGDURMHSDWDOSRMHXŮWLNULQNLWH
JHUöYĈGLQLPöRURLőWUDXNLPö.\ODSDYRMXV
DSVLQXRG\WLDQJOLHVPRQRNVLGXVPDONĈPLV
3DWLNULQNLWHYDULNOLQĈVDO\YRVO\JĠ
,őMXQNLWHYDULNOĠLUNHOLDVPLQXWHVSDODXNLWH0DőLQD
WXULVWRYĈWLJULHŮWDLKRUL]RQWDOLDL1XRDO\YRV
PDWXRNOĈVQXYDO\NLWHQHőYDUXPXV$O\YRVPDWXRNOH
SDWLNULQNLWHDO\YRVO\JĠ-HLJXUHLNLDLNLYLUőXWLQĈV
Ů\PĈVSULSLONLWHDO\YRV
3DY9DULNOLV
$O\YRVĠS\OLPDV
$O\YRVPDWXRNOĈ
3DWLNULQNLWHKLGUDXOLQĈVDO\YRVO\JĠ
1XőOXRVW\NLWHDO\YRVO\JLRPDWXRNOĠLUSDWLNULQNLWH
DUDO\YRVO\JLV\UDWLHVPDWXRNOLRYLGXULX-HLUHLNLD
ĠSLONLWHDO\YRV-HLJXO\JLVPDŮĈMDSDWLNULQNLWHDUQĈUD
QXRWĈNLR
3DY+LGUDXOLQĈVDO\YRVEDNDV
$O\YRVO\JLRPDWXRNOLV
,/3/7SGI
45
7HFKQLQĈSULHŮLśUDK
3DWLNULQNLWHGHJDOţO\JĠEDNH
ğGHJDOţEDNöNDVGLHQĠSLONLWHG\]HOLQR
DWLWLQNDQþLRőLXRVGXRPHQLV',1'.%6
$$$670,''
'ĈPHVLR*DLVURSDYRMXV
$WOLNGDPLGDUEXVVXGHJDOţVLVWHPDQHQDXGRNLWH
DWYLURVXJQLHVQHUśN\NLWHLUGHJDOţQHSLONLWH
DQNőWRVHYLHWRVH1HőYDUśVDUXŮWHUőWLGHJDODLJDOL
VXNHOWLNRNLöQRUVYDULNOLRWULNWĠDUEDJHGLPö
3DY'HJDOţEDNDV
%DNRGDQJWHOLV
2URYDO\WXYţWLNULQLPDV
3DWLNULQNLWHRURĠVLXUELPRDQJö-HLJXUHLNLD
LőYDO\NLWH
3DWLNULQNLWHDURURVUDXWDVSHUGXONLţLőWUDXNLPR
YRŮWXYöWHNDQHNOLXGRPDL.OLXYLQLXVSDőDOLQNLWH
VXVSDXVGDPLYRŮWXYö3DWLNULQNLWHMXQJLDPöVLDV
ŮDUQDVLUVöYDUŮDV
3DY2URILOWUDV
'XONLţLőWUDXNLPRYRŮWXYDV
3DWLNULQNLWHJUDQG\NOLţVXUHJXOLDYLPö
3DWLNULQNLWHDUJUDQG\NOĈVQHVLOLHþLDVXYROţ
NXPőWHOLDLV
-HLJXUHLNLDYDUŮWXQXVWDW\NLWHಥPPWDUSö
3DY*UDQG\NOĈ
9DUŮWDV
46
,/3/7SGI
7HFKQLQĈSULHŮLśUDK
7HFKQLQĈSULHŮLśUDK
-HLYDULNOLVYHLNLDXŮGDURMHSDWDOSRMHXŮWLNULQNLWH
JHUöYĈGLQLPöRURLőWUDXNLPö.\ODSDYRMXV
DSVLQXRG\WLDQJOLHVPRQRNVLGXVPDONĈPLV
9DULNOLQĈVDO\YRVLUDO\YRVILOWURNHLWLPDV
3UDőRPVNDLW\WLYDULNOLRLQVWUXNFLMţYDGRYö
9DULNOLQĊDO\YöLőOHLVNLWHWLNWDGDNDLYDULNOLV\UD
őLOWDV
,őVXNLWHDO\YRVLőOHLGLPRNDPőWĠLULőOHLVNLWHYLVö
DO\Yö
9ĈOĠVXNLWHLUXŮYHUŮNLWHLőOHLGLPRNDPőWĠ
3DY$O\YRVNHLWLPDV
$O\YRVLőOHLGLPDV
,/3/7SGI
47
7HFKQLQĈSULHŮLśUDK
-XRVWLQLXYHUŮOLDUDNþLXDWVXNLWHLULőLPNLWHDO\YRV
ILOWUö$O\YRVILOWUöYLVDGDSDNHLVNLWH
.UXRSőþLDLQXYDO\NLWHSDYLUőLXV
7UXSXWĠVXWHSNLWHQDXMRDO\YRVILOWURVDQGDULQLPR
ŮLHGö
ğVXNLWHDO\YRVILOWUöGDOLHV1ULUSULYHUŮNLWH
UDQND
3ULSLONLWHYDULNOLQĈVDO\YRV
$WOLNĊWUXPSöEDQGRPöMĠSDOHLGLPöSDWLNULQNLWHDULő
DO\YRVILOWURQHQXWHNDDO\YD-HLJXUHLNLDILOWUöGDU
NDUWöXŮYHUŮNLWH
'ĈPHVLR.DUőWDYDULNOLQĈDO\YDJDOLQXSOLN\WL
3DY9DULNOLQĈVDO\YRVNHLWLPDV
$O\YRVILOWUDV
$SOLQNLQLVSDYLUőLXV
6DQGDULQLPRŮLHGDV
9DULNOLRDXőLQLPRRUXVLVWHPRVDSŮLśUDLUYDO\PDV
ŐĠGDUEöDWOLNLWHWLNWDGDNDLYDULNOLVőDOWDV
'HPRQWXRNLWHYLVXVRURNUHLSLNOLXV
1XYDO\NLWHYLVXVRURNUHLSLNOLXVWDLSSDWYLVö
DXőLQLPRRUX]RQöĠVNDLWDQWFLOLQGUţJDOYXWĊFLOLQGUXV
LUDXőLQLPREULDXQDV3UDSśVNLWHVXVOĈJWXRMXRUX
3DWLNULQNLWHLUVXUHJXOLXRNLWHYDULNOLRYRŮWXYţWDUSXV
ŭUYDULNOLRLQVWUXNFLMţYDGRYö
'ĈPHVLR.DUőWDYDULNOLQĈDO\YDJDOLQXSOLN\WL
3DY9DULNOLRDXőLQLPREULDXQţYDO\PDV
48
,/3/7SGI
7HFKQLQĈSULHŮLśUDK
+LGUDXOLQLRDO\YRVILOWURNHLWLPDV
1XYDO\NLWHSDYLUőLţDSOLQNILOWURGDQJHOĠLUDWVXNLWH
GDQJWHOĠ3DNHLVNLWHILOWUDYLPRHOHPHQWöŐĠHOHPHQWö
JDOLPDQDXGRWLWLNYLHQöNDUWöWRGĈOSDQDXGRMXVMĠ
UHLNLDLőPHVWLODLNDQWLVDSOLQNRVDXJRVUHLNDODYLPţ
1DXMöILOWUöĠGĈNLWHĠNRUSXVöLUSDWLNULQNLWHGDQJWHOLR
VDQGDULQLPRŮLHGö
3ULVXNLWHGDQJWHOĠLUSDWLNULQNLWHDUQHODőDDO\YD
'ĈPHVLR.DUőWDDO\YDJDOLQXSOLN\WL
3DY+LGUDXOLQĈVDO\YRVILOWURNHLWLPDV
'DQJWHOLV
'HJDOţILOWURNHLWLPDV
1XRDELHMţILOWURSXVLţDWMXQNLWHŮDUQDV
1XőOXRVW\NLWHLőVLOLHMXVLXVGHJDOXV
3DVNXLSDNHLVNLWHILOWUöVXPRQWXRNLWHMĠVUDXWRWHNĈMLPR
NU\SWLPLNXULSDŮ\PĈWDURG\NOHW\VLXUEOLROLQN
'ĈPHVLR$WOLNGDPLGDUEXVVXGHJDOţVLVWHPD
QHUśN\NLWHLUQHQDXGRNLWHDWYLURVOLHSVQRV
1XőOXRVW\NLWHLőVLOLHMXVLXVGHJDOXV
3DY'HJDOţILOWURNHLWLPDV
'HJDOţILOWUDV
,/3/7SGI
49
7HFKQLQĈSULHŮLśUDK
9DQGHQVLőOHLGLPDVLőYDQGHQVőDOLQLPRILOWUR
$WVXNLWHYDQGHQVLőOHLGLPRYHUŮOĊILOWURDSDþLRMH
,őOHLVNLWHYLVöYDQGHQĠNDGGHJDOXRVHMRQHOLNWţŐĠ
VN\VWĠLőOHLVNLWHĠGHJDOţNDQLVWUö8ŮYHUŮNLWHYDQGHQV
LőOHLGLPRYHUŮOĊLURURLőOHLGLPRYDUŮWö
3XPSXRNLWHUDQNLQHSRPSDNROGHJDOXRVHQHOLNV
RURLUXŮYHUŮNLWHRURLőOHLGLPRYDUŮWö
3DY9DQGHQVLőOHLGLPDVLőILOWUR
9DQGHQVLőOHLGLPRYHUŮOĈ
2URLőOHLGLPRYDUŮWDV
9DULNOLRRURILOWURNHLWLPDV
)LOWUDYLPRHOHPHQWXVJDOLPDYDO\WLGXNDUWXVMXRV
EśWLQDSDNHLVWLQHYĈOLDXNDLSSRGYHMţHNVSORDWDYLPR
PHWţ
)LOWUDYLPRHOHPHQWţYDO\PDV
$WVXNLWHVSDUQXRWöMöYHUŮOĊLUQXLPNLWHGDQJWHOĠ
NDUWXVXGXONLţLőWUDXNLPRYRŮWXYX
$SŮLśUĈNLWHGDQJWHOĠLUGXONLţLőWUDXNLPRYRŮWXYö
SDWLNULQNLWHDUMLHQĈUDSUDUDGĊIRUPRVQHSDVHQĊLU
QHĠWUśNĊ-HLJXUHLNLDSDNHLVNLWH
3DY2URILOWUDV
6SDUQXRWRVLRVYHUŮOĈV
'DQJWHOLV
'XONLţLőWUDXNLPRYRŮWXYDV
9HUŮOĈ
)LOWUDYLPRHOHPHQWDV
6DQGDULNOLV
.UHLSLNOLV
)LOWURNRUSXVDV
$WVXNLWHEULDXQRWöMöYHUŮOĊ
$WVDUJLDLLőWUDXNLWHILOWUDYLPRHOHPHQWö
(OHPHQWRQHEHJDOLPDQDXGRWLMHLILOWUDVDUED
VDQGDULNOLV\UDDSJDGLQWDV
,őILOWURNRUSXVRLőWUDXNLWHNUHLSLNOĠ
9LVDVGDOLVQXYDO\NLWHVXVOĈJWXRMXRUXLőVN\UXV
ILOWUDYLPRHOHPHQWöMĠEśWLQDDSVDXJRWL1HSśVNLWHRUR
ĠYDULNOLRRURĠVLXUELPRDQJö
3DNHLVNLWHDUEDLőYDO\NLWHILOWUDYLPRHOHPHQWö
6XULQNLWHDWYLUNőWLQHWYDUND3DWLNULQNLWH
EULDXQRWRVLRVYHUŮOĈVVDQGDULQDPöMĠĠGĈNOö-HL
VDQGDULQDPRMRĠGĈNORQĈUDEULDXQRWöMöYHUŮOĊ
SDNHLVNLWH3DWLNULQNLWHDUGXONLţLőWUDXNLPRYRŮWXYDV
VXPRQWXRWDVWHLVLQJDLW\QXNUHLSWDVŮHP\Q
50
,/3/7SGI
7HFKQLQĈSULHŮLśUDK
2URILOWURILOWUDYLPRHOHPHQWRYDO\PDV
)LOWUDYLPRHOHPHQWöWDSőQRNLWHĠGHOQRNDXEXUĈOĠNRO
GXONĈVQHEHE\UĈV1HGDXŮ\NLWHILOWUDYLPRHOHPHQWRĠ
NLHWXVGDLNWXV
(OHPHQWöSUDSśVNLWHLőYLGDXVSXVĈVVDXVX
VXVOĈJWXRMXRUXRURDQWJDOĠMXGLQGDPLSLUP\QNRO
QHEXVPDW\WLMRNLţGXONLţ6OĈJLVQHWXULYLUő\WLEDU-HL
ILOWUDYLPRHOHPHQWDVPLQNőWDVDUEDWHSDOXRWDVMĠ
SDNHLVNLWH
3DY)LOWUDYLPRHOHPHQWRYDO\PDV
$NXPXOLDWRULDXVJQ\EWţWLNULQLPDV
1XYDO\NLWHDNXPXOLDWRULDXVJQ\EWXVLUNDEHOLţ
DQWJDOLXVMXRVVXWHSNLWHWHSDOXNXULRVXGĈW\MHQĈUD
UśJőWLHVYD]HOLQX
3ULYHŮNLWHDNXPXOLDWRULDXVMXQJWLV
3DWLNULQNLWHDNXPXOLDWRULDXVODLNLNOĠ
3DY$NXPXOLDWRULDXVPRQWDYLPR
YLHWD
'ĈPHVLR$WOLNGDPLGDUEXVVXDNXPXOLDWRULXPL
QHUśN\NLWHLUQHQDXGRNLWHDWYLURVOLHSVQRV
6DXJRNLWĈVNDGDNXPXOLDWRULDXVHOHNWUROLWR
QHXŮWLNőWţDQWGUDEXŮLţDURGRV$QWDNXPXOLDWRULDXV
QHGĈNLWHMRNLţĠUDQNLţ3ULHőĠNUDXGDPLDNXPXOLDWRULţ
LőVXNLWHNDPőWHOLXVNDGQHVXVLNDXSWţVSURJLţMţGXMţ
1HWLQNDPXVQDXGRWLDNXPXOLDWRULXVLőPHVNLWH
ODLN\GDPLHVLDSOLQNRVDXJRVUHLNDODYLPţ
,/3/7SGI
51
7HFKQLQĈSULHŮLśUDK
9DULNOLRVNHþLDPţMţYDUŮWţWLNULQLPDV
3DWLNULQNLWHDUYDULNOLRVNHþLDPLHMLYDUŮWDL
SDNDQNDPDLVWLSULDLXŮYHUŮWL
3DY9DULNOLRPD]JDV
9DULNOLRVNHþLDPLHMLYDUŮWDL
52
,/3/7SGI
7HFKQLQĈSULHŮLśUDK
7HFKQLQĈSULHŮLśUDK
-HLYDULNOLVYHLNLDXŮGDURMHSDWDOSRMHXŮWLNULQNLWH
JHUöYĈGLQLPöRURLőWUDXNLPö.\ODSDYRMXV
DSVLQXRG\WLDQJOLHVPRQRNVLGXVPDONĈPLV
3DNHLVNLWHKLGUDXOLQĊDO\YöLUKLGUDXOLQĈVDO\YRV
ILOWUö
3RKLGUDXOLQĈVDO\YRVEDNXSDNLőNLWHQHPDŮHVQĈV
QHLOLWUţWDOSRVLQGö1XYDO\NLWHDSOLQNLQĠSDYLUőLţLU
LőVXNLWHDO\YRVLőOHLGLPRDQJRVNDPőWĠ
$WVXNLWHKLGUDXOLQĈVDO\YRVEDNRGDQJWHOĠLU
QXYDO\NLWHMRYLGLQLXVSDYLUőLXV
9ĈOĠVXNLWHDO\YRVLőOHLGLPRDQJRVNDPőWĠVXQDXMX
VDQGDULNOLX
3DY+LGUDXOLQĈVDO\YRVNHLWLPDV
$O\YRVLőOHLGLPRDQJRVNDPőWLV
3DNHLVNLWHILOWUDYLPRHOHPHQWö
3ULSLONLWHKLGUDXOLQĈVDO\YRV
3DWLNULQNLWHDO\YRVNLHNĠSDJDODO\YRVO\JLRPDWXRNOĠ
ŭUVN\ULţರ7HFKQLQĈSULHŮLśUDಥNDVHNVSORDWDYLPR
YDODQGţಮ
3DY+LGUDXOLQĈVDO\YRVNHLWLPDV
'DQJWHOLV
)LOWUDYLPRHOHPHQWDV
,/3/7SGI
53
7HFKQLQĈSULHŮLśUDK
'HJDOţEDNRSORYLPDV
3RGHJDOţEDNXNDLUĈMHPDőLQRVSXVĈMHSDNLőNLWH
QHPDŮHVQĈVQHLOLWUţWDOSRVLQGö1XYDO\NLWH
DSOLQNLQĠSDYLUőLţLULőVXNLWHLőOHLGLPRDQJRVNDPőWĠ
,őEDNRLőOHLVNLWHYLVXVGHJDOXVLUMĠLőSODXNLWH9ĈO
ĠVXNLWHLőOHLGLPRDQJRVNDPőWĠVXQDXMXVDQGDULNOLX
ğEDNöSULSLONLWHGHJDOţ3DWLNULQNLWHDUQĈUDGHJDOţ
QXRWĈNLR
3DY'HJDOţEDNDV
'HJDOţEDNDV
54
,/3/7SGI
7HFKQLQĈSULHŮLśUDಥNLWD
7HFKQLQĈSULHŮLśUDಥNLWD
9RORNHLWLPDV
1P
ರ/RFWLWHಮ
1P
ರ/RFWLWHಮ 35,(.,1,6
8ŭ3$.$/,1,6
ರ/RFWLWH
ಮ
1P
ರ/RFWLWHಮ
1Pರ/RFWLWHಮ
3ULVXNWDVYDUŮWDLVWLNLő
őLRVSXVĈV
,/3/7SGI
55
7HFKQLQĈSULHŮLśUDಥNLWD
3DNHONLWHYLHQöPDőLQRVJDOö
'HPRQWXRNLWHJUDQG\NOHVVXYDUŮWX
$WVXNLWHYDUŮWXVDELHMRVHSXVĈVHLUQXLPNLWH
GDQJWĠ
$WVXNLWHYDUŮWöLUGHPRQWXRNLWHYROö
.UXRSőþLDLQXYDO\NLWHYLVXVNRQWDNWLQLXVSDYLUőLXV
8ŮGĈNLWHQDXMöYROöLUSULYHUŮNLWHMĠYDUŮWX
8ŮYHUŮNLWHLNLUHLNLDPRVśNLRPRPHQWRLUVXWHSNLWH
ILNVDYLPRVN\VþLX
3ULWYLUWLQNLWHGDQJWĠ
6XPRQWXRNLWHJUDQG\NOHVLU
8ŮYHUŮNLWHLNLUHLNLDPRVśNLRPRPHQWRLUVXWHSNLWH
ILNVDYLPRVN\VþLX
56
,/3/7SGI
0RQWXRGDPLYRORYDULNOLXVSDNHLVNLWH
VDQGDULQLPRŮLHGXV9RORYDULNOLXVLő
DELHMţSXVLţSULYHUŮNLWHYDUŮWXVX
SRYHUŮOH3DVNXLSULYHUŮNLWHYDUŮWX
LUYHUŮOHRJDOLDXVLDLXŮYHUŮNLWH
LNL1PVśNLRPRPHQWRNU\ŮPLQH
WYDUND
'\QDSDF&RPSDFWLRQ(TXLSPHQW$%
%R[6(.DUOVNURQD6ZHGHQ