%%
9DULNOLV
&LOLQGURGDUELQLVWnjULVFP
3
33
&LOLQGURVNHUVPXRPP 36
6WnjPRNOLRHLJDPP
7XãþLRVLRVHLJRVJUHLWLVDSVPLQ ±
5HNRPHQGXRMDPDVPDNVWXãþLRVLRVHLJRVJUHLWLVDSVPLQ
*DOLRVDWLGDYLPRYHOHQRJUHLWLVDSVPLQ
'LGåLDXVLDYDULNOLRJDOLDSDJDO,62N:
'XVOLQWXYDVVXNDWDOL]DWRULXPL 7DLS
$SVLVXNLPǐVNDLþLXPLUHJXOLXRMDPDGHJLPRVLVWHPD 7DLS
8åGHJLPRVLVWHPD
8åGHJLPRåYDNơ 5&-<
7DUSDVWDUSHOHNWURGǐPPFRO
.XURWHSLPRVLVWHPD
'HJDOǐEDNRWDOSDFP
3
6YRULV
6YRULVEHNXURSMRYLPRƳUDQNLǐLUDSVDXJRVNJ
7ULXNãPRHPLVLMRVåUSDVWDEą
*DUVRJDOLRVO\JLVLãPDWXRWDV>G%$@
*DUVRVWLSUXPRO\JLVJDUDQWXRWDV>/
WA
GE$@
7ULXNãPRO\JLDLåUSDVWDEą
7RO\JXVJDUVRVOơJLRO\JLVWLHVQDXGRWRMRDXVLPLVLãPDWXRWDVSDJDO(1,62
LU,62>G%$@
6XRULJLQDOLXåROơVSMRYLPRSHLOLX 94
6XRULJLQDOLDåROLDSMRYơVJDOYXWH
9LEUDFLMRVO\JLDLåUSDVWDEą
(NYLYDOHQWLãNLUDQNHQǐYLEUDFLMRVO\JLDLD
KYHT
LãPDWXRWLSDJDO(1,62
LU,62PV
6XRULJLQDOLXNDLULXRMXGHãLQLXRMXåROơVSMRYLPRSHLOLX
6XRULJLQDOLDNDLULąMDGHãLQLąMDåROLDSMRYơVJDOYXWH
SDVWDED7ULXNãPDVVNOHLGåLDPDVƳDSOLQNąLãPDWXRWDVNDLSJDUVRJDOLD/
WA
SDJDO(%GLUHNW\Yą(%
3DWHLNWDVƳUHQJLQLRJDUVRVWLSUXPRO\JLVEXYRLãPDWXRWDVQDXGRMDQWGLGåLDXVLąJDUVąVXNHOLDQWƳRULJLQDOǐSMRYLPR
ƳWDLVą6NLUWXPDVWDUSJDUDQWXRMDPRVLRVLUPDWXRMDPRVLRVJDUVRJDOLRV\UDWDVNDGSDJDO'LUHNW\Yą(%
JDUDQWXRMDPRMLJDUVRJDOLDDSLPDLUPDWDYLPRUH]XOWDWǐVNODLGąEHLQXNU\SLPXVWDUSVNLUWLQJǐWRSDWLHVPRGHOLR
ƳUHQJLQLǐ
SDVWDED3DWHLNWXRVHGXRPHQ\VHDSLHHNYLYDOHQWLQƳƳUHQJLQLRJDUVRVOơJLRO\JƳ\UDG%$WLSLãNDVWDWLVWLQơ
VNODLGDVWDQGDUWLQLVQXRNU\SLV
SDVWDED3DWHLNWDVHNYLYDOHQWLQơVYLEUDFLMRVO\JLV\UDVXPV
WLSLãNDVWDWLVWLQHVNODLGDVWDQGDUWLQLXQXRNU\SLX
%%
Ɣ &HQWULQơSHLOLǐSMRYLPRGDQWXNǐNLDXU\PơPP
Ɣ ƲVULHJWDJHOHåWơVDãLV0
3DWYLUWLQWLSULHGDL 7LSDV
3MRYLPRƳWDLVRDSVDXJLQLV
VN\GDVGDOLHV1U
äROLDSMRYơVJDOYXWơ
PPO\QDV
0HWDOLQLVåROơVSMRYLPRSHLOLV
[[WULMǐSHLOLǐ
7(&+1,1,$,'820(1<6