=DEORNRZDQLHSU]\FLVNZ
REVXJRZ\FK
0RQDQDVWDZLÎSLORWHP5
$E\XQLHPROLZLÎRVRERPQLHSRZRDQ\P
PDQLSXORZDQLHSU]\FLVNDPLREVXJRZ\PL
]QDMGXM¢F\PLVL}QDSRPSLHPROLZHMHVW
]DEORNRZDQLHIXNFMLW\FKSU]\FLVNZ
0DJLVWUDODNRPXQLNDF\MQD%86
3RPSDXPROLZLDNRPXQLNDFM}V]HUHJRZ¢
SRSU]H]]¢F]H56.RPXQLNDFMDRGE\ZDVL}
ZJSURWRNRX*581')26%86*(1,EXVL
XPROLZLDVSU]}HQLH]*581')263XPS
0DQDJHPHQW6\VWHPDXWRPDW\N¢EXG\QNX
OXESRGREQ\PV\VWHPHPDXWRPDW\NL]
RGSRZLHGQLPLQWHUIHMVHP
3RSU]H]PDJLVWUDO}NRPXQLNDF\MQ¢PRQD]GDOQLH
XVWDZLDÎSDUDPHWU\URERF]HSRPS\WDNLHMDN
SR¢GDQDZ\VRNRÎSRGQRV]HQLDSURZDG]HQLH
WHPSHUDWXU¢WU\ESUDF\LWS5ZQRF]HQLH
SRSU]H]PDJLVWUDO}SRPSDPRHGRVWDUF]DÎ
LQIRUPDFMLRVWDQLHZDQ\FKSDUDPHWUZ
URERF]\FKMDNDNWXDOQDZ\VRNRÎSRGQRV]HQLD
DNWXDOQDZ\GDMQRÎSREUPRF\NRPXQLNDW\
]DNFH°LWG
'DOV]HLQIRUPDFMHPRQDRGV]XNDÎZLQVWUXNFML
3XPS0DQDJHPHQW6\VWHPOXEX]\VNDÎ
EH]SRUHGQLRZILUPLH*581')26
3U]\VWHURZDQLXSRPS\SRSU]H]
PDJLVWUDO}XOHJDRJUDQLF]HQLX
RADA
PROLZRÎQDVWDZSU]\FLVNDPLQD
SRPSLHZ]JOSLORWHP5
8VWDZLDQLHZ\VRNRFLSRGQRV]HQLDLURG]DMX
UHJXODFMLPROLZHMHVWW\ONRSU]H]PDJLVWUDO}
3U]\FLVNDPLQDSRPSLHLSLORWHP5PRQD
QDVWDZLÎSRPS}W\ONRQDFKDUDNWHU\VW\N}0$;L
67231DWRPLDVWQXPHUDGUHVRZ\PRQD
SU]\G]LHOLÎSRPSLHW\ONRSU]\SRPRF\SLORWD
53DWU]UZQLHUR]G]LD3ULRU\WHWQDVWDZ
%H]SU]HZRGRZDREVXJD]GDOQD
'REH]SU]HZRGRZHM]GDOQHMREVXJLLRGF]\WX
GDQ\FKURERF]\FKSRPS\PRQDVWRVRZDÎSLORW\
]GDOQHMREVXJL*581')265
)XQNFMHSLORWZ5RSLVDQRZUR]G]LDDFK
5
1DVWDZLHQLHSRPS\
'RQDVWDZLHQLDSRPS\PRQDX\ZDÎ
QDVW}SXM¢F\FKHOHPHQWZREVXJL
SU]\FLVNZQDSRPSLH
SLORWD5
PDJLVWUDOLNRPXQLNDF\MQHMQLHMHVWRSLVDQD
EOLHMZQLQLHMV]HMLQVWUXNFMLSURVLP\RNRQWDNW
]SU]HGVWDZLFLHOVWZHP*581')26
3RQLV]DWDEHODSRGDMHIXQNFMHZ\ELHUDQH
SRV]F]HJOQ\PLHOHPHQWDPLREVXJLRUD]
UR]G]LD\ZNWU\FKIXQNFMHWHV¢RSLVDQH
)XQNFMD
5HJXODFMDFLQLHQLD
SURSRUFMRQDOQHJR
5HJXODFMDFLQLHQLD
VWDHJR
1DVWDZLHQLHZ\VRNRFL
SRGQRV]HQLD
3UDFDQDFKDUDNWHU\VW\FH
0$;
3UDFDQDFKDUDNWHU\VW\FH
0,1
3UDFDQDVWDHM
FKDUDNWHU\VW\FH
3URZDG]HQLHWHPSHUDWXU¢
.DVRZDQLHV\JQDOL]DFML
]DNFH°
$NW\ZDFMDEORNRZDQLH
SU]\FLVNZQDSRPSLH
1XPHUSRPS\
:\ZR\ZDQLHUQ\FK
GDQ\FK
=$Ê:<Ê
Ùܵ QLHPROLZHW\PHOHPHQWHPREVXJL
1DVWDZ\IDEU\F]QH
83([[
5RG]DM
&LQLHQLH
UHJXODFML
SURSRUFMRQDOQH
PSU]\
:\VRNRÎ
Z\GDMQRFL
SRGQRV]HQLD
PD[SDWU]U\V
83([[
&LQLHQLH
SURSRUFMRQDOQH
PSU]\
Z\GDMQRFL
PD[SDWU]U\V