Professional Documents
Culture Documents
Mega Book About Delphi
Mega Book About Delphi
Mega Book About Delphi
9tWDP9iVQD'HOSKLVWUiQNDFK
GOKêIURQW
QLHIURQWD 3UHGQiãND3UiFDVELWPDSRX
UDG 3UHGQiãND-HGQRGXFKiDQLPiFLD
3UHGQiãND5LHãHQLH~ORK]RVN~ãN\
QDNRQLHFUDGX 7HVWNXVN~ãNH]PLQXOpKRURNX
QLHNRQLHFUDG\ 7HVWNXVN~ãNH
OHWQêVHPHVWHU FYLþHQLD
3UHGQiãND%LQiUQHV~ERU\
3UHGQiãND6SiMDQp]R]QDP\
3UHGQiãND3RXåLWLHVSiMDQêFK]R]QDPRY
3UHGQiãND%LQiUQHVWURP\
3UHGQiãND3RXåLWLHELQiUQ\FKVWURPRY
3UHGQiãND7ULHGHQLD
3UHGQiãND*UDI\
3UHGQiãND$OJRULWP\SUHKĐDGiYDQLDJUDIX
3UHGQiãND3UHKĐDGiYDQLHVQiYUDWRP
3UHGQiãND%DFNWUDFNLQJQDJUDIRFK
3UHGQiãND,QIRUPiFLHNXVN~ãNH
7HVWNXVN~ãNH
V~ERU\
SURJUDPRYiMHGQRWND.RU8QLWSDV
YHU]LD]PLQXOpKRURNX.RU8QLWSDVYLH]REUD]RYDĢWYDUNRU\WQDþN\
SURJUDPRYiMHGQRWND9HOD.RU8QLWSDV
>8åLWRþQpOLQN\@>7LS\DWULN\@>.9,@>)0),@>$QGUHM@
$%.9,
EODKR#IPSKXQLEDVN
Tipy a triky
QDVWUiQNHVDVWiOHSUDFXMH
WLS\
]GUåDQLHYêSRþWXSURFHG~UD&DNDMPLOLVHNXQG\
VS{VREDNRP{åHWHRGPHUDĢþDV
YORåHQLHQDUD]YLDFULDGNRYGR0HPR
]PHQLĢWYDUIRUPXOiUD
ĢDKDQLHIRUPXOiUD
DNRQDVWDYLĢSULHþLQRNYGLDOyJXQDRWYRUHQLHV~ERUX
$%.9,
EODKR#IPSKXQLEDVN
]GUåDQLHYêSRþWXSURFHG~UD&DNDMPLOLVHNXQG\
P{åHWHMXSRXåLĢQDSUYWHG\NHćSRWUHEXMHWHYQHMDNHMþDVWLSURJUDPXVSRPDOLĢYêSLV\
SURFHG~UDY\XåtYDãWDQGDUGQpXQLW\6\V8WLOV)RUPV
SURFHGXUH&DNDM0LOOL6HF/RQJLQW
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPH0LOOL6HFGLY0LOOL6HFGLYPRG0LOOL6HF
PRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
$%.9,
EODKR#IPSKXQLEDVN
VS{VREDNRP{åHWHRGPHUDĢþDV
QLHNHG\P{åHWHSRWUHERYDĢþRQDMSUHVQHMãLH]LVWLĢWUYDQLHQHMDNpKRYêSRþWXY\XåLMHPHUR]GLHOþDVXSR
YêSRþWHDSUHGYêSRþWRPIXQNFLD7LPH7R6WUXPRåQtWHQWRþDV]REUD]LĢ
Y\XåtYDVDãWDQGDUGQêXQLW6\V8WLOV
YDU
FDV7'DWH7LPH
EHJLQ
/RQJ7LPH)RUPDW
KPPVV]]]
FDV 1RZ
QHMDNêYêSRþHW
0HPR/LQHV$GG
FDV
7LPH7R6WU1RZFDV
QDVWDYHQLHSUHPHQQHM/RQJ7LPH)RUPDW]DEH]SHþtYêSLVþDVXDMYPLOLVHNXQGiFK
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM<>
UUWMPäJǬSJBELZEP.FNP
YORåHQLHQDUD]YLDFULDGNRYGR0HPR
YNODGDQLHYlþãLHKRPQRåVWYDULDGNRYGRNRPSRQHQWX0HPRP{åHQLHNHG\YHĐPLFLWHĐQH]GUåDĢYêSRþHW
OHERSRNDåGRPYORåHQtULDGNDVDFHOêNRPSRQHQWSUHNUHVOt
YNODGDQpULDGN\VLP{åHPHQDMSUYSULSUDYLĢGRMHGQpKRUHĢD]FDDSRWRPQDUD]LFKEXćSULGDĢQDNRQLHF
DOHER]DþLDWRNWH[WRYpKRRNQDDOHER~SOQHQDKUDGLĢREVDK0HPR
Y\XåLMHPHYODVWQRVĢSURSHUW\7H[W
SURFHG~UDY\XåtYDãWDQGDUGQêXQLW6\V8WLOV
YDU
ULDGN\VWULQJ
EHJLQ
0HPR/LQHV&OHDU0HPR/LQHV$GG
ãWDUW
ULDGN\
SULGiYDMULDGN\GRSUHPHQQHMULDGN\QDSU
IRUL WRGR
ULDGN\ ULDGN\,QW7R6WUL
0HPR/LQHV7H[W 0HPR/LQHV7H[WULDGN\
P{åHWHRWHVWRYDĢ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
/RQJ7LPH)RUPDW
KPPVV]]]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
ULDGN\VWULQJ
LLQWHJHU
FDV7'DWH7LPH
EHJLQ
0HPR/LQHV&OHDU0HPR/LQHV$GG
ãWDUW
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UUWMPäJǬSJBELZEP.FNP
FDV 1RZ
ULDGN\
IRUL WRGR
ULDGN\ ULDGN\,QW7R6WUL
0HPR/LQHV7H[W 0HPR/LQHV7H[WULDGN\
0HPR/LQHV$GG
FDV
7LPH7R6WU1RZFDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
FDV7'DWH7LPH
EHJLQ
0HPR/LQHV&OHDU0HPR/LQHV$GG
ãWDUW
FDV 1RZ
IRUL WRGR
0HPR/LQHV$GG,QW7R6WUL
0HPR/LQHV$GG
FDV
7LPH7R6WU1RZFDV
HQG
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UU[NFOJǬUWBSGPSNVMÈSB
DNR]PHQLĢWYDUIRUPXOiUD
SRPRFRX&UHDWH5RXQG5HFW5JQ]DGHILQXMHPHREODVĢNWRUiSRSLVXMHQRYêWYDUIRUPXOiUDYWRPWRSUtSDGH
MHWRREGĎåQLNVR]DREOHQêPLURKPL
Y\XåtYDVDãWDQGDUGQêXQLW:LQGRZV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP+5JQ
EHJLQ
)UP &UHDWH5RXQG5HFW5JQ:LGWK+HLJKW
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
REODVĢP{åHPHGHILQRYDĢDMSRPRFRXLQêFKIXQNFLt
&UHDWH5HFW5JQ[\[\REGĎåQLN
&UHDWH(OOLSWLF5JQ[\[\HOLSVD
&UHDWH3RO\JRQ5JQSROHBERGRYSRþHWBERGRYUHåLPSRO\JyQ
QDSU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP+5JQ
EHJLQ
)UP &UHDWH(OOLSWLF5JQ:LGWK+HLJKW
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
SRPRFRX&RPELQH5JQP{åHPHYêVOHGQ~REODVĢSRVNODGDĢ]YLDFHUêFK
SRVOHGQêSDUDPHWHUPXVtE\ĢMHGHQ]WêFKWR
5*1B$1'SULHQLNREODVWt
5*1B',))UR]GLHOREODVWt
5*1B25]MHGQRWHQLHREODVWt
5*1B;25YêOXþQp]MHGQRWHQLHREODVWt
QDSU
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UU[NFOJǬUWBSGPSNVMÈSB
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP7PS+5JQ
EHJLQ
)UP &UHDWH(OOLSWLF5JQ:LGWKGLY+HLJKW
7PS &UHDWH(OOLSWLF5JQ:LGWKGLY:LGWK+HLJKW
&RPELQH5JQ)UP)UP7PS5*1B25
'HOHWH2EMHFW7PS
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
SRPRFQ~REODVĢPXVtPHSRSRXåLWtY&RPELQH5JQ]UXãLĢSRPRFRX'HOHWH2EMHFW
WêPWRVS{VRERPP{åHPHY\URELĢIRUPXOiUVGLHURXQDSU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP7PS+5JQ
EHJLQ
)UP &UHDWH5HFW5JQ:LGWK+HLJKW
7PS &UHDWH5HFW5JQ:LGWK+HLJKW
&RPELQH5JQ)UP)UP7PS5*1B',))
'HOHWH2EMHFW7PS
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
QDVOHGXM~FLSUtNODGY\WYiUDSULHVYLWQêIRUPXOiUQDNWRURPRVWDQ~YLGLHĢOHQNRPSRQHQW\
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
)UP7PS+5JQ
U75HFW
LLQWHJHU
EHJLQ
,PDJH&DQYDV(OOLSVH
)UP
IRUL WR&RQWURO&RXQWGREHJLQ
U &RQWUROV>L@%RXQGV5HFW
2IIVHW5HFWU&OLHQW2ULJLQ;/HIW&OLHQW2ULJLQ<7RS
7PS &UHDWH5HFW5JQ,QGLUHFWU
LI)UP WKHQ)UP 7PS
HOVHEHJLQ
&RPELQH5JQ)UP)UP7PS5*1B25
'HOHWH2EMHFW7PS
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UU[NFOJǬUWBSGPSNVMÈSB
HQG
HQG
6HW:LQGRZ5JQ+DQGOH)UP7UXH
HQG
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM [
<>
UUǬBIBOJFGPSNVMÈSB
DNRĢDKDĢIRUPXOiU]DĐXERYRĐQ~REODVĢ
QLHNHG\VDQiPP{åHKRGLĢDE\VDIRUPXOiUPRKROĢDKDĢP\ãRXQLHOHQ]DPRGUêKRUQêWLWXOQêSUXKDOH]D
ĐXERYRĐQ~þDVĢRNUHPNRPSRQHQWRYNWRUpUHDJXM~QDNOLNQXWLHP\ãRXQDSUWODþLGOiWH[WRYpSORFK\0HPR
Y\XåtYDM~VDãWDQGDUGQpXQLW\:LQGRZVD0HVVDJHV
W\SH
7)RUP FODVV7)RUP
SXEOLF
SURFHGXUH:01&+LW7HVWYDU0VJ7:01&+LW7HVWPHVVDJH:0B1&+,77(67
HQG
SURFHGXUH7)RUP:01&+LW7HVWYDU0VJ7:01&+LW7HVW
EHJLQ
LQKHULWHG
LI0VJ5HVXOW KW&OLHQWWKHQ
0VJ5HVXOW KW&DSWLRQ
HQG
DNYRIRUPXOiULPiPHQDVWDYHQp%RUGHU6W\OHQDEV1RQHDOHERPRGUêSUXKQLHMHYLGLWHĐQêWDNWRWRMH
GREUêVS{VREDE\EROIRUPXOiUSRV~YDWHĐQêSRPRFRXP\ãL
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM<>
UUQSJFǁJOPLW50QFO%JBMPH
DNRQDVWDYLĢSULHþLQRNYGLDOyJXQDRWYRUHQLHV~ERUX
DNYãWDQGDUGQêFKGLDOyJRFKQHQDVWDYtPHYODVWQRVĢ,QLWLDO'LUWDNVDSUYêNUiWRWYRUtWHQWRGLDOyJSRGĐDWRKR
NGHERORWYRUHQêQHMDNêGLDOyJYR:LQGRZVþDVWRDOHSRWUHEXMHPHDE\VDQD]DþLDWNXRWYRULOWHQSULHþLQRNY
NWRURPVDQDFKiG]DQDãDDSOLNiFLD
SUYpULHãHQLHY\XåtYDJOREiOQXSUHPHQQ~)RUFH&XUUHQW'LUHFWRU\]XQLWX6\V8WLOVDNMXQDVWDYtPHQD
WUXHYãHWN\GLDOyJ\NWRUpQHPDM~QDVWDYHQp,QLWLDO'LUVDQDVWDYLDQDSULHþLQRNVDSOLNiFLRX
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
)RUFH&XUUHQW'LUHFWRU\ WUXH
HQG
ćDOãLHULHãHQLHXND]XMHDNRQDVWDYLĢ,QLWLDO'LUWHVQHSUHGYRODQtP2SHQ'LDORJ([HFXWH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
ILOHQDPHVWULQJ
EHJLQ
2SHQ'LDORJ,QLWLDO'LU ([WUDFW)LOH3DWK$SSOLFDWLRQ([H1DPH
LI2SHQ'LDORJ([HFXWHWKHQEHJLQ
ILOHQDPH 2SHQ'LDORJ)LOH1DPH
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLUUUUIUNM<>
1. Úvod do prostredia Delphi6
3RVOHGQi]PHQD
3UHþRLGHPHSURJUDPRYDĢY'HOSKL
Ɣ'HOSKLMHYL]XiOQHSURJUDPRYpSURVWUHGLHNWRUpVO~åLQDYêYRMDSOLNiFLtSUH26:LQGRZVSRGREQHDNR
9LVXDO%DVLF&%XLOGHUDSRGWDNpWRSURVWUHGLD]MHGQRGXãXM~SURJUDPRYDQLH:LQGRZVDSOLNiFLt
Y]KĐDGDSOLNiFLHSRG:LQGRZVP{åHPH]RVWDYRYDĢ]SRQXN\NRPSRQHQWRYSULþRPVDPRWQpYêYRMRYp
SURVWUHGLHQDSU'HOSKLSRPiKDSUL]DþOHĖRYDQt]RGSRYHGDM~FHKRNyGX
ƔWDNpWRPRGHUQpSURJUDPRYDFLHMD]\N\XPRåĖXM~]DþDĢSURJUDPRYDĢREMHNWRYêPSUtVWXSRP±MHWR
PHWRGROyJLDEH]NWRUHMVDYV~þDVQRVWLQH]DREtGHPHSULSUiFLYWtPHSULSUiFLVYHĐNêPLSURMHNWPLSUL
WYRUEH:LQGRZVDSOLNiFLtDNHćXåQLþLQpWDNSULSURJUDPRYDQtYURþQtNX
ƔY'HOSKLVDSURJUDPXMHPRGHUQêPSURJUDPRYDFtPMD]\NRPREMHNWRYêPSDVFDORPWHQWRY\FKiG]D]
7XUER3DVFDOXDOHSULWRPVLWUHEDXYHGRPLĢåH
❍SDVFDOVDYLQIRUPDWLFNHMNRPXQLWHSRYDåXMH]DHVSHUDQWRSURJUDPRYDFtFKMD]\NRY
❍MHLGHiOQ\MD]\NDNR~YRGQêSULY\XþRYDQtSURJUDPRYDQLDP{åHPHVDYĖRPQDXþLĢYHĐPL
HIHNWtYQHSURJUDPRYDĢPRGHUQêPLPHWyGDPL
❍NWRRYOiGDSDVFDOĐDKNRQHVN{USUHMGHQDLQpSURFHGXUiOQHSURJUDPRYDFLHMD]\N\
Ɣ'HOSKLSRVN\WXM~YHĐPLGREUpODGLDFHSURVWULHGN\
=þRKRVDVNODGiSURVWUHGLH'HOSKL
ƔKRUQêSDQHONWRUêREVDKXMHPHQXOLãWXSRYHORYDOLãWXNRPSRQHQWRY
Ɣ]ĐDYDMHLQãSHNWRUREMHNWRYVNWRUêPVDQDXþtPHSUDFRYDĢQHVN{UXPRåĖXMHPHQLĢU{]QHSDUDPHWUH
SRXåLWêFKNRPSRQHQWRYQDIRUPXOiUL
Ɣ]Y\ãRN]DEHUiIRUPXOiUDHGLWRYDFLHRNQR
$NRY\WYRUtPHQRYêSURMHNW
YR)LOHPHQX]YROtPH1HZDSRWRPY\EHULHPH$SSOLFDWLRQ
Ɣ'HOSKLY\WYRULDQRYêSURMHNWV~ERU3URMHFWGSU
ƔY\WYRUtVDSUi]GQ\IRUPXOiU)RUPNDåGêSURMHNWDSOLNiFLDREVDKXMHDVSRĖMHGHQIRUPXOiUMHWR
:LQGRZVRNQRNWRUpMH]DWLDĐSUi]GQHDOHQHVN{UVHPEXGHPHXNODGDĢU{]QHNRPSRQHQW\DNRWODþLGOi
REUi]N\WH[W\HGLWRYDFLHRNLHQNDDSRG1DIRUPXOiU'HOSKLSRXåLMHV~ERUVSUtSRQRXGIPQDSU
8QLWGIP
ƔY\WYRUtVDHãWHMHGHQYHĐPLG{OHåLWêV~ERUEXGHREVDKRYDĢVDPRWQêSRSLVSURJUDPXNWRUêEXGHQLHþR
URELĢVIRUPXOiURP1D]DþLDWNXWHQWRSURJUDPVNRURQLþQHREVDKXMHGHOSKLVHPDXWRPDWLFN\GDOR
PLQLPiOQXLQIRUPiFLXNWRUiMHSRWUHEQiDE\EROSURMHNWNRPSOHWQê6~ERUVSDVFDORYVNêPSURJUDPRP
PiSUtSRQXSDVQDSU8QLWSDV
ƔNHćNOLNQHPHQLHNDPGRHGLWRYDFLHKRRNQDWUþtSRGIRUPXOiURPREMDYtVDPRPHQWiOQ\REVDK
SURJUDPX
0RPHQWiOQHYãHWN\WULV~ERU\H[LVWXM~OHQYSDPlWLSRþtWDþDDWUHEDLFKXORåLĢQDGLVN
Ɣ 1DXNODGDQLHV~ERURY])LOHPHQX]YROtPH6DYH3URMHFW$VDXUþtPHDGUHViUNDPVDPiSURMHNW
XORåLĢ2GSRU~þDPHNDåGêSURMHNWXNODGDĢGRVDPRVWDWQpKRSRGDGUHViUD3ULXNODGDQtP{åHPH]PHQLĢ
PHQRSURMHNWXDMPHQRSURJUDPXNIRUPXOiUXPRPHQWiOQH8QLWSDVQDSUQDPRM7HVWSDV
3URMHNWVS~ãĢDPHSRYHORP5XQ]PHQX5XQDOHDVLVLUêFKOR]Y\NQHWHQDNOiYHVRY~VNUDWNX)
7HUD]SURMHNWEHåtREMDYtVDSUi]GQHRNQRSURMHNWXNRQþtPHNOiYHVRP$OW)DOHERX]DYUHWtPDSOLNiFLH
-HGQRGXFKiJUDILND
=DþQHPHYHĐPLMHGQRGXFKRXJUDILNRXYJUDILFNHMSORFKHYHĐNRVWLDVSRĖ[EXGHPHSRPRFRXJUDILFNpKR
SHUDNUHVOLĢQHMDNpJHRPHWULFNp~WYDU\1iãSUYêSURJUDPGRJUDILFNHMSORFK\QDNUHVOtREGĎåQLN
Ɣ 'RSUi]GQHKRIRUPXOiUDSRORåtPHJUDILFN~SORFKXDMHGQRWODþLGOR
ƔDNRJUDILFNiSORFKDQiPSRVO~åLNRPSRQHQW,PDJH]SDOHW\NRPSRQHQWRY$GGLWLRQDO
ƔSRGREQHY\EHULHPHWODþLGOR%XWWRQ]RâWDQGDUGQHMSDOHW\
ƔDNRP\ORPGRIRUPXOiUDYORåtWHNRPSRQHQWNWRUêWDPPDĢQHFKFHWHMHGQRGXFKRQDĖQDMSUYNOLNQLWH
P\ãRXDSRWRPKR]UXãtWHNOiYHVRP'HO
PRPHQWiOQ\REVDKHGLWRYDFLHKRRNQD
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV9DULDQWV&ODVVHV*UDSKLFV&RQWUROV)RUPV
'LDORJV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 GIP`
HQG
Ɣ'RSURJUDPXSULEXGOLGYDQRYpULDGN\NWRUpGHILQXM~GYDQRYpSUYN\YQDãRPRNQH,PDJHJUDILFNi
SORFKDD%XWWRQWODþLGOR
Ɣ7HUD]QDSURJUDPXMHPHDNRVDEXGHVSUiYDĢSURJUDPNHćNOLNQHPHQDWODþLGORFKFHOLE\VPHDE\VD
GRJUDILFNHMSORFK\QDNUHVOLOLQHMDNpJUDILFNp~WYDU\
Ɣ'YRMNOLNQHPHYRIRUPXOiULQDWODþLGOR%XWWRQDYWHG\VDQiPYHGLWRYDFRPRNQHSULSUDYt~VHNSURJUDPX
GRNWRUpKRP{åHPHStVDĢSRVWXSQRVĢSUtND]RY7iWRSRVWXSQRVĢVDEXGHY\NRQiYDĢSRþDVEHKX
SURJUDPXYåG\SR]DWODþHQtWODþLGODNOLNQXWtQDWODþLGOR
YVXQXODVDSUHGSULSUDYHQiþDVĢSURJUDPX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
HQG
Ɣ SULGDOLVPHMHGHQULDGRN
DE\VDQDNUHVOLOREGĎåQLN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV5HFWDQJOH
HQG
Ɣ DSURJUDPVSXVWtPHNOiYHVRP)3RNOLNQXWtQDWODþLGOR%XWWRQVDYELHOHMJUDILFNHMSORFKHREMDYt
REGĎåQLN
Ɣ $E\VPHVLGREXG~FQD]MHGQRGXãLOLDVSUHKĐDGQLOL]iSLVQDãLFKSURJUDPRYQDPLHVWR,PDJH&DQYDV
EXGHPHStVDĢMHGQRGXFKRJDNRJUDILFNiSORFKD]DNWRUêP]DERGNRXQDVOHGXMHPHQRSUtND]XNWRUê
FKFHPHY\NRQDĢ5HFWDQJOH]QDPHQiREGĎåQLN1DWRDOHPXVtPHNRPSLOiWRUXY\VYHWOLĢþREXGHWRJ
]QDPHQDĢ
❍GYRMNOLNQHPHGRIRUPXOiUDPLPR,PDJHDMPLPR%XWWRQDYWHG\VDYHGLWRYDFRPRNQHREMDYt
QRYê~VHNSURJUDPXWXEXGHPHGHILQRYDĢSUtND]\NWRUpVDPDM~Y\NRQDĢSULLQLFLDOL]iFLL
IRUPXOiUDWMVN{UDNRVDIRUPXOiUREMDYt
❍VHPGRStãHPHJ ,PDJH&DQYDVSRWRPVDYUiWLPHRQLHNRĐNRULDGNRYY\ããLHDGRStãHPH
MHGHQULDGRNDMGRGHILQtFLHIRUPXOiUDYDUJ7&DQYDV
WHUD]FHOêSURJUDPY\]HUiQDVOHGRYQH
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV9DULDQWV&ODVVHV*UDSKLFV&RQWUROV)RUPV
'LDORJV6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 GIP`
YDU
J7&DQYDV
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J5HFWDQJOH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
HQG
Ɣ REGĎåQLNRYP{åHPHQDNUHVOLĢDMYLDFQDSUREGĎåQLN\SRGVHERX
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
EHJLQ
J5HFWDQJOH
J5HFWDQJOH
J5HFWDQJOH
HQG
ƔSUtND]\QDY]iMRPRGGHĐXMHPHERGNRþLDUNRX
ƔYãHWN\REGĎåQLN\EROLQDNUHVOHQpWHQNêPþLHUQ\PSHURPDEROLY\SOQHQpELHORXIDUERXDWULE~W\SHUDDM
YêSOQHP{åHPHPHQLĢWDNêPLWRSULUDćRYDFtPLSUtND]PL
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
EHJLQ
J5HFWDQJOH
J3HQ&RORU FO5HG
J5HFWDQJOH
J3HQ&RORU FO%OXH
J3HQ:LGWK
J%UXVK&RORU FO<HOORZ
J5HFWDQJOH
HQG
Ɣ SUYêREGĎåQLNPiþLHUQ\REYRGGUXKêþHUYHQêDWUHWtPiKUXEêPRGUêREYRGDMHY\SOQHQêåOWRXIDUERX
ƔUH]HUYRYDQpVORYiEHJLQDHQGR]QDþXM~]DþLDWRNDNRQLHF~VHNXSDVFDORYVNpKRSURJUDPX
ƔćDOHMXNiåHPHSRXåLWLHMHGQRGXFKêFKSUHPHQQêFKDIRUF\NOX
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
YDU
LLQWHJHU
EHJLQ
IRUL WRGR
J5HFWDQJOHL
L
HQG
ƔWHQWRSURJUDPQDNUHVOtREGĎåQLNRY
ƔSUYêULDGRNYDULLQWHJHUGHILQXMHMHGQXFHORþtVHOQ~SUHPHQQ~
❍P{åHQDGRE~GDĢKRGQRW\]LQWHUYDOXWM
❍FHORþtVHOQiDULWPHWLNDSDVFDOXSR]QiWLHWRRSHUiFLH GLYDPRG
ƔFHORþtVHOQpSUHPHQQp]DEHUDM~YSDPlWLSRþtWDþDEDMW\WMELWRY
ƔSUtND]IRUF\NOXYSDVFDOHPiYãHREHFQêWYDU
IRUULDGLDFDBSUHPHQQi YêUD]WRYêUD]GRSUtND]
ƔSUHULDGLDFXSUHPHQQ~SUHPHQQ~F\NOXIRUSODWt
❍SULUDGtVDMHMKRGQRWDDN~QDGRE~GDYêUD]
❍YêUD]VDY\KRGQRWtQD]DþLDWNXF\NOX
❍DNMHMHKRKRGQRWDPHQãLDDNRKRGQRWDYêUD]F\NOXVVDQHY\NRQi
❍DNMHYêUD] YêUD]F\NOXVSUHEHKQHSUiYHUD]
❍LQDNULDGLDFDBSUHPHQQiSUHFKiG]DUR]VDKRPKRGQ{WPHG]LYêUD]DYêUD]
❍PXVtE\ĢRUGLQiOQHKRW\SX]DWLDĐSR]QiPHOHQFHORþtVHOQêRUGLQiOQ\W\SLQWHJHU
❍MHMKRGQRWXSURJUDPiWRUYSULHEHKXF\NOXQHVPLHPHQLĢWMQHVPLHE\ĢQDĐDYHMVWUDQHåLDGQHKR
SULUDćRYDFLHKRSUtND]XSRþDVSUHFKRGXIRUF\NOX
❍SRVNRQþHQtF\NOXPiQHGHILQRYDQ~KRGQRWXR]QDþXMHPH
"
❍3R]QiPND3RVNRQþHQtF\NOXULDGLDFDSUHPHQQiQHPiKRGQRWXNWRU~QDGRE~GDYêUD]DQL
åLDGQXLQ~MHMSRGREQ~
ƔćDOãtSURJUDPXND]XMHDNRP{åHPHYF\NOHRSDNRYDĢYLDFSUtND]RYX]DYULHPHLFKPHG]LEHJLQDHQG
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
YDU
LLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO%OXH
IRUL WRGREHJLQ
J0RYH7RL
J/LQH7R
LL
HQG
HQG
ƔYãLPQLWHVLQDIRUPiWRYDQLHEHJLQDHQGWHQWRVS{VREEXGHPHSRXåtYDĢYREMHNWRYRPSDVFDOHY
'HOSKL
ƔSRXåLOLVPHćDOãLHJUDILFNpSUtND]\0RYH7RD/LQH7RNWRUpGRVWiYDM~V~UDGQLFHERGRYYURYLQH
0RYH7RSUHVXQLHJUDILFNpSHURQD]DGDQ~SR]tFLXDSULWRPQHNUHVOtþLDUX/LQH7RWLHåSUHV~YDJUDILFNp
SHURDOH]DVHERXNUHVOtþLDUXPRPHQWiOQRXIDUERXDKU~ENRXWMSRGĐD3HQ&RORUD3HQ:LGWK
ƔGRSOQtPHYêSLVWH[WXGRJUDILFNHMSORFK\SUtND]RP7H[W2XWNWRUêGRVWDQHV~UDGQLFHDQHMDNêWH[W
]PHQLOLVPHSURFHG~UX7)RUP%XWWRQ&OLFN
YDU
LLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO*UHHQ
IRUL WRGREHJLQ
J7H[W2XWL
,QW7R6WUL
J0RYH7RL
J/LQH7R
LL
HQG
HQG
Ɣ SRXåLOLVPHãWDQGDUGQ~IXQNFLX,QW7R6WUNWRUi]FHOpKRþtVODY\UREtWH[WDE\VPHKRPRKOLY\StVDĢ
7H[W2XWYLHY\SLVRYDĢOHQ]QDNRYpUHĢD]FHQDSUJ7H[W2XW
$NRVDPiã"
=KUQXWLHJUDILFNêFKSUtND]RYDDWULE~WRY
P{åHPH]PHQLĢSULUDćRYDFtPLSUtND]PL
❍J3HQ&RORU FO5HGQDVWDYtIDUEXSHUDQDþHUYHQ~
ŶćDOãLHPHQiIDULHEQDSUFO%ODFNFO:KLWHFO5HGFO%OXHFO<HOORZFO*UHHQ
❍J3HQ:LGWK QDVWDYtKU~ENXSHUD
❍J3HQ6W\OH SV'DVKQDVWDYtãWêONUHVOHQLDþLDUQDþLDUNRYDQêLQpãWêO\DNRSV6ROLG
QRUPiOQHþLDU\IXQJXM~OHQSUHKU~ENX
ŶSV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
ƔREGĎåQLNNWRUêVPHNUHVOLOLQD]DþLDWNXVDQHVNODGiOHQ]RþLDUDOHMHY\SOQHQêELHORXIDUERX
3RGREQHDNRVPHPHQLOLQDVWDYHQLDJUDILFNpKRSHUDP{åHPHPHQLĢDMQDVWDYHQLDSUHY\SĎĖDQLH
❍J%UXVK&RORU FO<HOORZQDVWDYtIDUEXYêSOQH
❍J%UXVK6W\OH EV9HUWLFDOQDVWDYtãUDIRYDQLHEV6ROLGMHQRUPiOQHY\SĎĖDQLH
EV&OHDU]QDPHQiREGĎåQLNEH]Y\SOQHQpKRYQ~WUD
ŶćDOãLHãWêO\EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
ƔSRGREQHDNRREGĎåQLNVDNUHVOtDMHOLSVDQDVWDYHQpDWULE~W\SHUDSUHREU\VDSDUDPHWUHYêSOQHSUH
YQ~WUR
❍J(OOLSVH[\[\]DGiYDPHV~UDGQLFHRStVDQpKRREGĎåQLNDDNMHREGĎåQLNRP
ãWYRUHFQDNUHVOtVDNUXK
ƔYêSLVWH[WRYpKRUHĢD]FD
IXQNFLDNWRUiY\WYiUDWH[WRYêUHĢD]HFQDSU,QW7R6WU
ƔSUHStVPR
❍J)RQW&RORU IDUED
❍J)RQW+HLJKW YHĐNRVĢYêãNDWMYHĐNRVĢStVPD
❍J)RQW1DPH PHQRIRQWX
$ULDO
7LPHV1HZ5RPDQ
❍J)RQW6W\OH ãWêO
ŶKRGQRWRXMHQHMDNiSRGPQRåLQDPQRåLQ\>IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW@
❍EHULHVDGR~YDK\DMãWêOãWHWFDDNMHQDSUJ%UXVK6W\OH EV&OHDUWDNVDWH[WY\StãHQD
QLHNWRUpãWDQGDUGQpIXQNFLHY3DVFDOH
ƔVLQFRV
ƔURXQGWUXQFDEV
ƔUDQGRP
Ɣ,QW7R6WU
ĆDOãLHG{OHåLWpLQIRUPiFLH
Ɣ QH]DEXGQ~ĢSUHGVS~ãĢDQtPXNODGDĢV~ERU\QDGLVN±EHåLDFLSURMHNWP{åHYEXG~FQRVWL]KRGLĢ'HOSKL
DOHERV\VWpP
❍GiVDQDVWDYLĢ$XWRVDYHYPHQX7RROVSRORåND(QYLURQPHQW2SWLRQV
Ɣ6~ERU\SURMHNWX
❍'35WH[WRYêSDVFDORYVNêV~ERUSRSLVXMH]þRKRVDVNODGiSURMHNW
❍3$6SDVFDORYVNêSURJUDP
Ɣ3ULXORåHQtSURMHNWXDQHVN{UDMSRVS~ãĢDQtDSOLNiFLHVDþDVWREXG~DXWRPDWLFN\Y\WYiUDĢDMV~ERU\V
LQêPLSUtSRQDPL
❍5(6WHQWRV~ERUDNFKêEDWDNVDY\WYRUtDXWRPDWLFN\REVDKXMHOHQLNRQXDSOLNiFLH
❍'&8SUHORåHQiSURJUDPRYiMHGQRWND
❍(;(VSXVWLWHĐQêSURJUDP
Ɣ3R]RUSULSUHQiãDQtSURMHNWXGRLQpKRDGUHViUDDOHERQDLQêGLVNQHNRStUXMWHV~ERU\VSUtSRQRX'6.
SUDNWLFN\YiPVWDþtSUHQLHVĢ'35')03$6SUtSDGQH5(6YãHWNRRVWDWQpVDY\WYiUDNRPSLOiWRURP
SULþRPSUHQHVHQê'6.P{åHQDURELĢYHĐNpSUREOpP\
1HSRYLQQi'RPiFDÒORKD1'Ò
ƔãDFKRYQLFHSRPRFRX0RYH7RD/LQH7RUHVSSRPRFRX5HFWDQJOHY\SĎĖDQLHU{]Q\PLIDUEDPL
ƔS\UDPtGD]RãWYRUþHNRYWURMXKROQtNRY
ƔV~VWUHGQpNUXåQLFHPHG]LNUXåLDU{]Q\PLIDUEDPL
ƔSULHEHKIXQNFLHVLQUHVSLQêFKIXQNFLt
ƔQDSRþtWDþRFKY+D+MHQDLQãWDORYDQêDMGUXKêSURGXNWRG%RUODQGX&%XLOGHU±]MHGQRGXãHQHE\
VDGDORSRYHGDĢåHMHWR'HOSKLYNWRURPMHY\PHQHQê3DVFDO]D&3URVWUHGLHMHYHĐPLSRGREQp
'HOSKL3UHVN~PDMWH%XLOGHUD]LVWLWHNWRUpþDVWLV~WDNSRGREQpåHLPDVLUR]XPLHWH+ĐDGDMWHV~YLVORVWL
DMYSURJUDPRFK2EMHNWRYê3DVFDOD&
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
1DXþtPHVDSUDFRYDĢVREMHNWRPNRU\WQDþND
ƔNRU\WQDþNRXEXGHPHQD]êYDĢãSHFLiOQHJUDILFNpSHURNWRUpVDSRK\EXMHSRJUDILFNHMSORFKHSULþRP
P{åH]DVHERX]DQHFKiYDĢVWRSXþLDUX
ƔSRþtWDþVLRNRU\WQDþNHPXVtSDPlWDĢU{]QXLQIRUPiFLXQDSUNGHVDQDFKiG]DYSORFKHNWRUêP
VPHURPMHQDWRþHQiDNpPiQDVWDYHQpSHURþLMHSHUR]GYLKQXWp
ƔNRU\WQDþNDPiSUHGGHILQRYDQpU{]QHSRYHO\YlþãLQRXVO~åLDQD]PHQXSRORK\VPHUXDOHERQDVWDYHQt
SHUD
.HćEXGHPHFKFLHĢSUDFRYDĢVNRU\WQDþNRX
ƔQDMSUYPXVtPH]DGHILQRYDĢSUHPHQQ~W\SXNRU\WQDþNDQDSUYDUN7.RU
ƔSRWRPPXVtPHY\WYRULĢRåLYLĢW~WRNRU\WQDþNXãSHFLiOQ\P'HOSKLSUtND]RP
N 7.RU&UHDWH
ƔSRGREQHVDY'HOSKLY\WYiUDM~YãHWN\ZLQGRZVSUYN\QDSUJUDILFNiSORFKD7,PDJHWODþLGOR7%XWWRQ
DWć
ƔRGWRKRWRPRPHQWXJUDILFNpSHURH[LVWXMHDP{åHPHKRULDGLĢSUtND]PLQDSUSUtND]RP
NDERGNXSRGREQHDNRSUHSUtND]\SUHJUDILFN~SORFKXYPLQXOHMSUHGQiãNH
$NRY\WYRUtPHSURMHNWVNRU\WQDþNRX
SUDFRYDĢY'HOSKLPXVtPHGRQiãKRSURJUDPXSULGDĢULDGRN
XVHV.RU8QLW
ƔRNUHPWRKRPXVtPH]DGHNODURYDĢNRU\WQDþLXSUHPHQQ~QDSULGHQWLILNiWRUN
ƔSR]ULWHSURJUDPNWRUêSRPRFRXNRU\WQDþN\NUHVOtãWYRUHFVRVWUDQRX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
NRPSOHWQê8QLWSDV
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV9DULDQWV&ODVVHV*UDSKLFV&RQWUROV)RUPV
'LDORJV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
.RU8QLW
^5 GIP`
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
HQG
Ɣ WDNWRWREXGHY\]HUDĢYJUDILFNHMSORFKH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
.RU\WQDþLHSUtND]\
❍SHURMHVSXVWHQpDMHþLHUQHWHQNp
❍XKO\V~YVWXSĖRFKP{åXE\ĢDMQLHFHOpþtVOD
❍XKROMHQDVHYHURVWDWQpXKO\VDXUþXM~YVPHUHRWiþDQLDKRGUXþLþLHN
❍DQL[D\QHPXVLDE\ĢFHOpþtVOD
❍VNUiWHQêWYDUN 7.RU&UHDWHEH]SDUDPHWURY]QDPHQiåHNRU\WQDþNDVDY\WYRUtYVWUHGH
SORFK\
ƔN'RSUHGXGĎåNDBNURNX
❍QHPXVtE\ĢFHOpDQLNODGQpþtVOR
ƔN9SUDYRXKRO
ƔN9ODYRXKRO
ƔN=PHQ6PHUXKRO
❍NRU\WQDþNDQDVWDYtVYRMVPHUQDKRGQRWXXKRO
ƔN3+
❍SHURKRUH
ƔN3'
❍SHURGROH
ƔN=PHQ;<[\
❍DNMHSHURGROHWDNVDNUHVOtþLDUD
ƔN=PHQ)3IDUED
❍IDUHEQiNRQãWDQWDFO%ODFNFO5HGFO%OXH
!
ƔN=PHQ+3KU~END
❍ĐXERYRĐQpFHOpNODGQpþtVOR
*UDILFNiSORFKD
ƔSRGREQHDNRQDPLQXOHMSUHGQiãNHYHĐNRVĢJUDILFNHMSORFK\]iYLVtRGYHĐNRVWLNRPSRQHQWX,PDJHQD
IRUPXOiUL
ƔEXGHPHSUHGSRNODGDĢåHMHYHĐNiDVSRĖ[DNWXiOQXYHĐNRVĢVDP{åHPHGR]YHGLHĢ]
NODGQpKRGQRW\YSUDYRD\RYiRVPiNODGQpKRGQRW\QDGRURSDþQHDNRYPDWHPDWLNH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
Ɣ PiPHNGLVSR]tFLLSUtND]]PD]NWRUê]PDåHREVDKJUDILFNHMSORFK\SULþRPNRU\WQDþNDRVWiYDQDVYRMRP
PLHVWH]PD]QLHMHNRU\WQDþtSUtND]QHStãHPHSUHGQHKRN
.RU\WQDþLDSURJUDPRYiMHGQRWNDXQLW
ƔDE\VPHPRKOLSUDFRYDĢVNRU\WQDþRXJUDILNRXDGHILQRYDĢVLYODVWQpNRU\WQDþN\PXVtPHVLSURMHNWY
'HOSKLãSHFLiOQHSULSUDYLĢVWLDKQLWHVLSULSUDYHQ~SURJUDPRY~MHGQRWNXXQLWQDSUiFXVNRU\WQDþNDPL
.RU8QLWSDV
ƔNHćEXGHWHFKFLHĢSUDFRYDĢVNRU\WQDþtPXQLWRPQDMSUYPXVtWHSUHNRStURYDĢWHQWRV~ERUGRDGUHViUD
NGHVDQDFKiG]DYiãSURMHNWDSRWRPPXVtPHGRV~ERUX8QLWSDVV~ERUYNWRURPMHGHILQRYDQp
VSUiYDQLHIRUPXOiUDSULGDĢMHGHQULDGRNQDMOHSãLH]DULDGRNVRVORYRPLPSOHPHQWDWLRQ
XVHV.RU8QLW
Ɣ WHQWR]DEH]SHþtåH'HOSKLEXG~SR]QDĢNRU\WQDþLXJUDILNX3URJUDPRYiMHGQRWND.RU8QLWMHWLHå
SURJUDPYSDVFDOHDP{åHWHVLMXSUH]ULHĢDNMXRWYRUtWHSRPRFRX2SHQYPHQX)LOHQHVN{UVD
QDXþtPHSRUR]XPLHĢYlþãLQHNRQãWUXNFLtYWRPWRSURJUDPH
3UYpMHGQRGXFKpSURJUDP\
Ɣ 3UHGSRNODGiPHåHQDIRUPXOiULMHJUDILFNiSORFKDNRPSRQHQW,PDJHDWODþLGOR%XWWRQNWRUêPVD
EXGHVS~ãĢDĢQHMDNiDNFLDQDSUY\WYRUHQLHNRU\WQDþN\DQDNUHVOHQLHQHMDNpKRREUi]ND
SURJUDPNUHVOtãSLUiOX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGREHJLQ
NGRSUHGX
L
NYSUDYR
HQG
HQG
Ɣ ćDOãtSUtNODGY\XåLMHYQRUHQpF\NO\
SURJUDPQDNUHVOtRWRþHQêFKURYQRVWUDQQêFKWURMXKROQtNRY
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
YDU
N7.RU
LMLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUM WRGREHJLQ
IRUL WRGREHJLQ
NGRSUHGX
NYODYR
HQG
NYSUDYR
HQG
HQG
ƔSULHEHKNUHVOHQLDVPHQHPRKOLGREUHVOHGRYDĢOHERSUHEHKORYHĐPLUêFKOR
ƔYêSRþHWP{åHPHVSRPDĐRYDĢ
]QDPHQi]GUåDQLHVHNXQGX
ƔXKO\DMGĎåN\QHPXVLDE\ĢFHOpþtVODKRFLVDNRU\WQDþNDQDREUD]RYNH]REUD]XMHYQHMDNRPUDVWUL
SRPDOpNUHVOHQLHWURMXKROQtND
YDU
N7.RU
LMLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGREHJLQ
IRUM WRGRNGRSUHGX
IRUM WRGRNYODYR
HQG
HQG
9LDFNRU\WQDþLHN
Ɣ YSURJUDPHP{åHPHY\WYRULĢDDMULDGLĢQDUD]YLDFNRU\WQDþLHN
Ɣ GiPHLPU{]QHPHQiQDSUNNDSUHGNDåGêNRU\WQDþtSUtND]QDStãHPHSUtVOXãQpPHQRQDSU
NGRSUHGX
GYHNRU\WQDþN\NUHVOLDSDUDOHOQH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
YDU
NN7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
IRUL WRGREHJLQ
NGRSUHGXFDNDM
NGRSUHGXFDNDM
NYSUDYR
NYSUDYR
HQG
HQG
ĆDOãLH~ORK\
]DXMtPDYiãSLUiOD
YDU
N7.RU
GLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUG WRGREHJLQ
NGRSUHGX
NYSUDYRGY\VN~ãDMWHNYSUDYRG
FDNDM
HQG
HQG
NUXåQLFDDNRSUDYLGHOQêXKROQtNVRVWUDQRX
YDU
N7.RU
QLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUQ WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
OXSHĖNYHWXMHY\WYRUHQê]GYRFKãWYUĢNUXKRY
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
YDU
N7.RU
LMQLQWHJHU
EHJLQ
N 7.RU&UHDWH
N=PHQ+3N=PHQ)3FO5HG
IRUL WRGREHJLQ
IRUM WRGREHJLQ
IRUQ WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
NYSUDYR
HQG
NYSUDYR
HQG
HQG
SURJUDPNUHVOtYãHREHFQê1XKROQtN
FRQVW
1 VHPP{åHPHQDVWDYLĢĐXERYRĐQ~KRGQRWX1XKROQtND
YDU
N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WR1GREHJLQ
NGRSUHGX
NYSUDYR1
HQG
HQG
2EMHNWNRU\WQDþND
ƔVLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYêFKSUHPHQQêFKQDSUSR]tFLDIDUED
ƔPDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUêFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYpSUHPHQQp
WDNêPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQNRU\WQDþN\SUHPHQQpW\SX
7.RU
ƔPXVLDE\ĢY\WYRUHQpQLHGHNODURYDQpãSHFLiOQ\PVS{VRERP7.RU&UHDWHDNêPVDWDNWR
QHY\WYRULDQHVP~VDY{EHFSRXåtYDĢ
ƔWDNêPWRSUHPHQQêPKRYRUtPH2%-(.7DW\SRP]NWRUêFKY\WYiUDPHREMHNW\QDSU7.RUKRYRUtPH
NWRUiERODLQãWDQFLRXWULHG\7&DQYDV
Ɣ]DWLDĐVLRREMHNWRFKWUHED]DSDPlWDĢåHV~WRSUHPHQQpNWRUpP{åXYVHEHREVDKRYDĢYHĐDVWDYRYêFK
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
7ULHGDNRU\WQDþND7.RU
❍)3D+3QHV~LQIRUPiFLXRIDUEHSHUDDKU~ENHSHUD
VYRMHSHURVSXVWHQpGROH
ƔQLHNWRUp]WêFKWRSUHPHQQêFKP{åHPHYSURJUDPHQRUPiOQHSRXåtYDĢVSUtSRQRXNQDSU
N6PHU N6PHUMHWRWRLVWpDNRNYSUDYR
N+3
N)3 FO%OXH
Ɣ REVDKXMHćDOãLHPHWyG\QDSUY\SOQSLVVPHURP
ĆDOãLHNRU\WQDþLHSUtND]\
SRPRFQpSUtND]\
Ɣ3UHVXQ;<[\
❍SUHVXQLHNRU\WQDþNXGRERGX[\SULþRPQHNUHVOtþLDUXDMNHćPiVSXVWHQpSHUR
Ɣ9\SOQIDUED
❍Y\SOQtIDUHEQHRKUDQLþHQ~REODVĢSRGNRU\WQDþNRXGDQRXIDUERX
Ɣ3LVWH[W
❍Y\StãHGRSORFK\WH[W
❍Y\MDGUXMHDEVRO~WQ\XKROYVWXSĖRFKGRNWRUpKRE\VDPXVHODRWRþLĢNRU\WQDþNDDE\EROD
QDWRþHQiNERGX[\
❍QDMþDVWHMãLHVDSRXåLMHDNRN=PHQ6PHUN6PHURP[\
3UiFDVIDUEDPL
ƔXåVPHVD]R]QiPLOLVQLHNRĐNêPLVLWXiFLDPLNHćVPH]DGiYDOLQHMDN~IDUEXIDUEDSHUDIDUEDYêSOQH
IDUEDREU\VXGRWHUD]VPHSRXåtYDOLSUHGGHILQRYDQpNRQãWDQW\QDSUFO%ODFNFO5HGFO%OXHDSRG
ƔYR:LQGRZVVDIDUEDXUþXMHWURMLFRXþtVHONWRUpY\MDGUXM~YDNRPPQRåVWYHWUHEDQDPLHãDĢWUL]iNODGQp
IDUE\þHUYHQ~]HOHQ~DPRGU~DE\Y]QLNODåLDGDQiIDUEDPQRåVWYiWêFKWR]ORåLHNVD]DGiYDM~FHOêP
þtVORPRGGR
❍QDSUDNQDPLHãDPHþHUYHQHM]HOHQHMDPRGUHMY]QLNQHMDVQiPRGUiIDUED
❍þHUYHQHM]HOHQHMDPRGUHMMHþLHUQDYãHWN\]ORåN\SR]QDPHQiELHOX
❍þHUYHQHM]HOHQHMDPRGUHMY\UREtåOW~DSRG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
ƔYR:LQGRZVVDWLHWR]ORåN\QD]êYDM~5HG*UHHQ%OXHWHGD5*%DY'HOSKLP{åHPHIDUE\GHILQRYDĢDM
SRPRFRXIXQNFLH5*%NWRUiGRVWiYDþtVODSRSLVXM~FH]DVW~SHQLH]ORåLHN
ƔY\PHQXMHPHYãHWN\XåLWRþQpSUHGGHILQRYDQpIDUE\SRH[SHULPHQWXMWHVQLPLXYiG]DPHLFK5*%
KRGQRW\
PHQiQLHNWRUêFKSUHGGHILQRYDQêFK
IDULHE
FO%ODFN 5*%
FO0DURRQ 5*%
FO*UHHQ 5*%
FO2OLYH 5*%
FO1DY\ 5*%
FO3XUSOH 5*%
FO7HDO 5*%
FO*UD\ 5*%
FO6LOYHU 5*%
FO5HG 5*%
FO/LPH 5*%
FO<HOORZ 5*%
FO%OXH 5*%
FO)XFKVLD 5*%
FO$TXD 5*%
FO/W*UD\ 5*%
FO'N*UD\ 5*%
FO:KLWH 5*%
Ɣ QDVOHGXM~FLSURJUDPLOXVWUXMHSRXåLWLH5*%IXQNFLH
NUHVOHQLHU{]QRIDUHEQêFKSU~åNRY
YDU
N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWHN+3
IRUL WRGREHJLQ
N)3 5*%
L
NGRSUHGX
N3UHVXQ;<N;N<
HQG
N3UHVXQ;<
IRUL WRGREHJLQ
NIS 5*%
L
L
NGRSUHGX
N3UHVXQ;<N;N<
HQG
N3UHVXQ;<
IRUL WRGREHJLQ
NIS 5*%UDQGRPUDQGRPUDQGRP
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
NGRSUHGX
N3UHVXQ;<N;N<
HQG
HQG
)RUPiWRYDQLHSURJUDPRY
ƔYlþãLQDSURIHVLRQiOQ\FKSURJUDPiWRURYMHYHĐPLFLWOLYiQDQDIRUPiWRYDQLHSURJUDPRYDYHĐPLþDVWRSUYê
SRKĐDGQDSURJUDPSUH]UDGtþLMHSURJUDPiWRU]DþLDWRþQtNDPDWpUDOHERVN~VHQHMãtSURJUDPiWRU
ƔMHX]QiYDQêFKQLHNRĐNRVS{VRERYIRUPiWRYDQLDSDVFDORYVNêFKSURJUDPRYDMHQLHNRĐNRSUDYLGLHONWRUp
SODWLDVNRURSUHYãHWN\WLHWRãWêO\
ƔSUtND]\NWRUpV~QDURYQDNHM~URYQLYQRUHQLDV~EXćQDWRPLVWRPULDGNXDOHER]DþtQDM~YWRP
LVWRPVWĎSFL
Ɣ]iWYRUN\]ORåHQêFKSUtND]RYQDSUEHJLQDHQGDNQLHV~YMHGQRPULDGNX
ƔV~RGVDGHQpYWRPLVWRPVWĎSFL
ƔDOHEREHJLQMHQDNRQFLQDGUDGHQpKRSUtND]XDSUtVOXãQpHQGMH]DURYQDQpQD]DþLDWRN
QDGUDGHQpKRSUtND]XWDNWR]DSLVXMHPHYãHWN\SUtNODG\YSUHGQiãNDFK
ƔSRþHWPHG]LHURGVDGHQLHQD]DþLDWNXULDGNDE\PDOROLQHiUQHY\MDGURYDĢ~URYHĖYQRUHQLDSUtND]X
QDMþDVWHMãLHMHNDåGpćDOãLHYQRUHQLHRGVXQXWpRPHG]HU\
Ɣ]OpQDIRUPiWRYDQLHSURJUDPXVDSRYDåXMH]D]ORP\VHĐQRVĢDVO~åLOHQQDVNRPSOLNRYDQLHþLWDWHĐQRVWL
SURJUDPXSR]ULWHVLSUHIRUPiWRYDQêSUHGFKiG]DM~FLSURJUDP
~P\VHOQH]OHQDIRUPiWRYDQêSURJUDP
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN7.RULLQWHJHUEHJLQ
N 7.RU&UHDWH
N+3
IRUL WRGREHJLQ
N)3 5*%
LNGRSUHGX
WHQWRSURJUDPSRVSXVWHQtUREtSUHVQHWRLVWpDNRSUHGFKiG]DM~FLSUtNODGV5*%SUHNODGDþX'HOSKLMH
MHGQRDNRMHWRQDIRUPiWRYDQp
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
0CKFLU,PSZUOBǁLB
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
3. Podmienky a procedúry
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔRREMHNWRYRPSDVFDOH
ŶMHGQRGXFKpSUHPHQQpXYiG]DPHYGHNODUiFLLYDU]DWLDĐVPHLFKSRXåtYDOLDNRSUHPHQQpF\NORYQDSU
YDULMLQWHJHU
ŶSUtND]\]ORåHQêSUtND]EHJLQDHQGSUtND]F\NOXIRUQDSUIRUL WRGR
ŶGHNODURYDQLHREMHNWRYêFKSUHPHQQêFKQDSUJ7&DQYDVN7.RU
ƔRYL]XiOQRPSURVWUHGt'HOSKL
ŶDSOLNiFLDVDVNODGi]IRUPXOiUDQDNWRUêP{åHPHXPLHVWLĢU{]QHNRPSRQHQW\]SDOHW\NRPSRQHQWRYQDSU,PDJH
JUDILFNiSORFKDDOHER%XWWRQWODþLGOR
ŶSURFHG~UDPHWyGDSURFHGXUH7)RUP%XWWRQ&OLFNVO~åLQDWRNHćSRWUHEXMHPH]DGHILQRYDĢDNFLH
NWRUpVDY\NRQDM~SR]DWODþHQtWODþLGOD%XWWRQYEHåLDFHMDSOLNiFLL
ŶSURFHG~UDPHWyGDSURFHGXUH7)RUP)RUP&UHDWHVO~åLQDWRNHćSRWUHEXMHPHDE\VDQHMDNpDNFLH
Y\NRQDOLSULãWDUWHDSOLNiFLHHãWHSUHG]REUD]HQtPIRUPXOiUD
ŶJUDILFNiSORFKDSUHVQHMãLHMHM&DQYDVPiSUHGGHILQRYDQêFKYHĐDSUtND]RYSRPRFRXNWRUêFKP{åHPHGRQHM
NUHVOLĢDQDVWDYRYDĢU{]QHDWULE~W\SHUD
ƔRãSHFLiOQRPJUDILFNRPSHUHREMHNWHNRU\WQDþND
ŶPXVtPHKRQDMSUY]DGHNODURYDĢQDSUN7.RUDSRWRPKRY\WYRULĢQLHNGHYJUDILFNHMSORFKH
QDSUN 7.RU&UHDWH
ŶP{åHPHKRULDGLĢDQDVWDYRYDĢPXDWULE~W\SRPRFRXPQRåLQ\PHWyG'RSUHGX9ODYR=PHQ;<
ŶNRU\WQDþLHNP{åHPH]DGHILQRYDĢDSRXåtYDĢQDUD]DMYLDF
þRVDEXGHPHXþLĢGQHV
ƔćDOãLHSURJUDPRYpNRQãWUXNFLHSDVFDOXSRGPLHQHQêF\NOXVDSRGPLHQHQêSUtND]SULWRPVD]R]QiPLPHVORJLFNêPW\SRP
ƔSURFHG~U\DNRLFKGHILQXMHPHDQDDNRPSULQFtSHSRWRPSUDFXM~
ƔJOREiOQHORNiOQHSUHPHQQpDIRUPiOQHSDUDPHWUH]KUQLHPHMHGQRGXFKpW\S\LQWHJHUUHDODERROHDQ
ƔXNiåHPHSUiFXVYLDFWODþLGODPLYDSOLNiFLL
/RJLFNpKRGQRW\ORJLFNpYêUD]\
ƔQDMþDVWHMãLHVO~åLQDYHWYHQLHYêSRþWXF\NOXVVSRGPLHQNRXQD]DþLDWNXDOHERQDNRQFLZKLOHUHSHDW
DOHERSUHSRGPLHQHQêSUtND]LI
ƔYåG\MHEXćSUDYGLYêDOHERQHSUDYGLYêPiMHGQX]GYRFKORJLFNêFKKRGQ{WWUXHDOHERIDOVH
ƔORJLFNpRSHUiWRU\QRWRUDQG[RU
SUHFHQGHQFLHRSHUiWRURY]DWLDĐQLHV~YãHWN\
QRW XQiUQH
GLYPRGDQG PXOWLSOLNDWtYQH
±RU[RU DGLWtYQH
!! ! LQ UHODþQp
Ɣ NDåGêYêUD]VDY\KRGQRFXMH]ĐDYDGRSUDYD
Ɣ SUREOpPQDSUVG! DQGG
PiE\ĢG! DQGG
:KLOHF\NOXV F\NOXVVSRGPLHQNRXQD]DþLDWNX
Ɣ WiWRSURJUDPRYiNRQãWUXNFLDVO~åLQDRSDNRYDQLHSUtND]RYNêPMHVSOQHQiQHMDNiSRGPLHQND
Ɣ YãHREHFQêWYDUSUtND]XMH
ZKLOHSRGPLHQNDGRSUtND]
F\NORP
ƔDNSRGPLHQNDEXGHPDĢVWiOHKRGQRWXWUXHWDNY]QLNQHQHNRQHþQêF\NOXV
❍SRG:LQGRZVVWêPP{åXE\ĢREURYVNpSUREOpP\QLHNHG\WUHEDUHãWDUWRYDĢFHOêV\VWpP
QDSUZKLOHWUXHGR
❍DNQHNRQHþQêF\NOXVDOHERYHĐPLGOKRWUYDM~FLF\NOXVQHREVDKXMHãSHFLiOQXYVXYNXSUH:LQGRZV
WDNSRþDVF\NOXVDV\VWpPQHGRVWDQHNXVORYXDWêPVDQDSUQRUPiOQHQHGi]KRGLĢEHåLDFL
SURJUDP
❍DE\VD:LQGRZVGRVWDONXVORYXWHORF\NOXP{åHPHVSRPDOLĢSURFHG~URXFDNDM
❍LQêPULHãHQtPMHUD]]DþDVSRXåLĢYRODQLH$SSOLFDWLRQ3URFHVV0HVVDJHVNWRUpSXVWt:LQGRZVQD
FKYtĐXNXVORYXDWêPGRYROtSRXåtYDWHĐRYLXNRQþLĢDSOLNiFLXDOHER]DWODþLĢWODþLGORDSRGDMWRWR
YRODQLHDOHWURFKXVSRPDOtSULHEHKYêSRþWX
SRXåLWLHF\NOX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
GLQWHJHU
EHJLQ
N 7.RU&UHDWH
G
ZKLOHGGREHJLQ
NGRSUHGXGNYODYR
G G
FDNDM$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
HQG
SRXåLWLHQHNRQHþQpKRF\NOXZKLOHWUXHGR
YDU
N7.RU
GXKROLQWHJHU
EHJLQ
N 7.RU&UHDWH
ZKLOHWUXHGREHJLQ
]PD]XKRO UDQGRPQiKRGQpþtVORRGGR
G N3UHVXQ;<
ZKLOHGGREHJLQ
NGRSUHGXGNYODYRXKRO
G G
HQG
FDNDM
HQG
HQG
3R]QiPND
Ɣ SRVOHGQêSUtNODGMH]DXMtPDYêWêPåHWDNiWRDSOLNiFLDVDĢDåãLHXNRQþXMHDNFLDNWRUiVDVS~ãĢDSR
]DWODþHQtWODþLGODQDSU%XWWRQ&OLFNYćDNDQHNRQHþQpPXF\NOXQLNG\QHNRQþt
❍WDN~WRDSOLNiFLXP{åHPH]DVWDYLĢ]SURVWUHGLD'HOSKLSRPRFRXYRĐE\3URJUDP5HVHW&WUO)Y
PHQX5XQ
❍GUXKRXPRåQRVĢRXMHSRXåLWLHXGDORVWLRQ&ORVHQDIRUPXOiUL
ŶNOLNQHPHQDQHMDNpYRĐQpPLHVWRQDIRUPXOiUL)RUPWDNDE\VDY,QãSHNWRUHREMHNWRYY
KRUQHMþDVWLREMDYLOWH[W)RUP7)RUP
ŶNOLNQHPHQD]iORåNX(YHQWVDSRWRPGYRMNOLNQHPHQDYRĐQpSROtþNRYULDGNXRQ&ORVH
ŶYQDãRPSURJUDPHVDSULSUDYtSURFHG~UD)RUP&ORVHGRNWRUHMGRStãHPHSUtND]KDOW
DOHERY\XåLMHPHNRU\WQDþLXIXQNFLXY]GNWRUiY\SRþtWDY]GLDOHQRVĢNRU\WQDþN\RG]DGDQpKRERGXY
URYLQH
F\NOXVVNRQþtNHćVDNRU\WQDþNDSULYHĐPLY]GLDOLRGãWDUWRYpKRERGX
G N3UHVXQ;<
ZKLOHN9]GGREHJLQ
NGRSUHGXGNYODYRXKRO
G G
HQG
)RUF\NOXVYODVWQHQHSRWUHEXMHPHOHERVDGiSUHStVDĢSRPRFRXZKLOH
QDSU
IRUF\NOXV
IRUL WRGRNGRSUHGXL
P{åHPHSUHStVDĢSRPRFRXZKLOH
L
ZKLOHL GREHJLQ
NGRSUHGXL
L L
HQG
1iKRGQpSUHFKiG]N\
Ɣ 1HFKiPHNRU\WQDþNXGRQHNRQHþQDVDSUHFKiG]DĢSRREUD]RYNHQiKRGQHVDRWRþtRQHMDNêXKROD
Y\NURþtRQHMDN~NRQãWDQWQ~Y]GLDOHQRVĢ3RXåtYDPHãWDQGDUGQ~IXQNFLXUDQGRPþtVORNWRUi
]DNDåGêPYUiWLLQ~QiKRGQ~KRGQRWXRGDåSRþtVOR1HNRQHþQêF\NOXVUREtPHSRPRFRXVWiOH
SUDYGLYpKRORJLFNpKRYêUD]XWUXHP{åHPHKRDOHXNRQþLĢX]DYUHWtPSURMHNWX
QiKRGQiSUHFKiG]ND
YDU
N7.RU
EHJLQ
N 7.RU&UHDWH
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
HQG
Ɣ .RU\WQDþNDYHĐPLUêFKORXMGH]SORFK\SUHþ3RN~VLPHVDSUHWRVWUiåLĢNRU\WQDþNXDE\QHY\ãOD]QHMDNHM
REODVWLWMDNDMY\MGHWDNMXLKQHćYUiWLPHVSlĢ3RXåLMHPHQRYêSUtND]YHWYHQLDLIPiGYDYDULDQW\
]DWLDĐWHQMHGQRGXFKãt
❍ LISRGPLHQNDWKHQSUtND]
SRGREQHDNRZKLOHDNMHSRGPLHQNDVSOQHQiY\NRQiVDYQRUHQêSUtND]DNMHKRGQRWDSRGPLHQN\
QHSUDYGDWDNVDYQRUHQêSUtND]QHY\NRQiDOHSUHVNRþt
QiKRGQiSUHFKiG]NDNRU\WQDþNDXUREtNURNVSlĢNHćVDSULYHĐPLY]GLDOLRGãWDUWRYpKRERGX
YDU
N7.RU
EHJLQ
N 7.RU&UHDWH
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!WKHQ
NGRSUHGX
$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
HQG
Ɣ 9\VN~ãDMWHVLQLHNRĐNRYDULDQWRYSRGPLHQN\DWUpQXMWHVLDMNRPELQiFLHSRGPLHQRNSRPRFRXORJLFNêFK
RSHUiWRURYDQGDRUWUHEDVLXYHGRPLĢåHSRGPLHQNDYWêFKWRSUtNODGRFKY\MDGUXMHåHNRU\WQDþND
RSXVWLODVWUiåHQ~REODVĢWMåHMH]OHDWUHEDVDYUiWLĢ
❍NRVRãWYRUHF
LINY]G!DQGNY]G!DQGNY]G!WKHQ
VQHKXOLDNQDPLHVWR$SSOLFDWLRQ3URFHVV0HVVDJHVP{åHPHSRXåLĢ,PDJH5HSDLQW
YDU
N7.RU
EHJLQ
N 7.RU&UHDWH
N)3 FO:KLWH]PD]FO/W*UD\
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!DQGNY]G!DQGNY]G!WKHQ
NGRSUHGX
,PDJH5HSDLQW
HQG
HQG
YWRPWRSUtNODGHVPHY\KRGLOL$SSOLFDWLRQ3URFHVV0HVVDJHVDE\VPHY{EHFQLHþRYJUDILFNHMSORFKH
Ɣ
YLGHOLPXVtPHSULGDĢ]REUD]HQLHJUDILFNHMSORFK\QDSUSRPRFRX,PDJH5HSDLQWXYHGRPWHVLåH
WHUD]EXGHWURFKXNRPSOLNRYDQHMãLHXNRQþLĢWDNêWREHåLDFLSURMHNWOHERWXQiPQHSRP{åHDQLKDOWYR
)RUP&ORVH
1'Ò
ƔVWUiåHQ~QiKRGQ~SUHFKiG]NXRSUDYWHWDNDE\VDNRU\WQDþNDSRK\ERYDODOHQYREODVWL
❍PHVLDFDNRUR]GLHOGYRFKNUXåQtF
❍VORYHQVNêGYRMNUtåDNR]MHGQRWHQLHWURFKREGĎåQLNRY
❍HOLSVD
ƔSUHSURJUDPXMWHSUHGFKiG]DM~FHSUtNODG\WDNDE\NRU\WQDþNDQHY\VW~SLOD]RVWUiåHQHMREODVWLDWRWDNåH
VR]GYLKQXWêPSHURPRWHVWXMHNURNGRSUHGXDYUiWLVDVSlĢ$NWREROR2.WDNVSUDYtNURNVRVSXVWHQêP
SHURPLQDNQHUREtQLþDSRN~ãDVDtVĢLQêPVPHURP
ƔQDSURJUDPXMWHSDUDOHOQHNRU\WQDþN\NDåGiQHFKPiVYRMXFKUiQHQ~REODVĢP{åXNUHVOLĢDMLQRX
IDUERX
ƔQDSURJUDPXMWHSDUDOHOQHNRU\WQDþN\Y\WYRUHQpYVWUHGHSORFK\VFKUiQHQRXREODVĢRXNUXKRPV
SRORPHURPSULþRPNDåGiNRU\WQDþNDPiKUXEpSHURVIDUEDPLåOWiPRGUiD]HOHQiDSRK\EXM~VD
NURNRP
3URFHG~U\SRGSURJUDP\
ƔMHWRSRPHQRYDQLHQHMDNpKRDOJRULWPXQHMDNHMþDVWLSURJUDPXVPRåQRVĢRXY\YRODĢW~WRþDVĢSRPRFRX
SUtVOXãQpKRPHQD
ƔSRPRFRXSRGSURJUDPRYP{åHPHULHãLĢSUREOpPMHKRUR]GHOHQtPQDSRG~ORK\!ULHãHQLH]KRUDQDGRO
ƔYSDVFDOHP{åXE\ĢSRGSURJUDP\
❍SURFHG~U\
❍IXQNFLH±YUiWLDQHMDN~KRGQRWX
ƔPDM~YêKRGXåHV~YLDFQiVREQHSRXåLWHĐQp
ƔQHVN{UXYLGtPHDMUHNXU]LX
'HNODUiFLHSURFHG~U
SURFHGXUHPHQR
ORNiOQHGHNODUiFLHSUHSURFHG~UX
EHJLQ
WHORSURFHG~U\
HQG
3UtNODGY\WYRUtPHSURFHG~UXQDNUHVOHQLHãWYRUFD±YãLPQLPHVLåHYDUN7.RUPXVtE\ĢGHNODURYDQp
Ɣ
HãWHSUHGSURFHG~URXDE\WiWRPRKODSUDFRYDĢVNRU\WQDþNRX
SURFHG~UDVWYRUHFMHYQRUHQiY7)RUP%XWWRQ&OLFN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUHVWYRUHF
YDU
LLQWHJHU
EHJLQ
IRUL WRGREHJLQ
NGRSUHGXNYSUDYR
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
VWYRUHF
N3UHVXQ;<
VWYRUHF
N3UHVXQ;<
VWYRUHF
HQG
$NRSUDFXMHSRþtWDþSULYRODQtSURFHG~U\
SUHSDVFDOSODWt
ƔLGHQWLILNiWRUVDP{åHSRXåtYDĢDåNHćEROGHNODURYDQê
ƔãWDQGDUGQpGHNODUiFLHãWDQGDUGQpW\S\IXQNFLHSRGSURJUDP\±V~GHILQRYDQpDNRNHE\HãWHSUHG
SURJUDPRP ~URYHĖ
ƔSUHGHILQRYDQLHMH]DNi]DQpQDWHMLVWHM~URYQLDOHSRYROHQpYRYQRUHQêFK~URYQLDFK
ƔQDSUYDUUHDOLQWHJHU
ƔLGHQWLILNiWRUMHYLGLWHĐQêOHQQDVYRMHM~URYQLDQDYãHWNêFKYQRUHQêFK~URYQLDFKNGHQLHMHSUHGHILQRYDQê
ƔGHILQRYDQpSURFHG~U\V~QDY\ããtFK~URYQLDFKDNRQiãSURJUDP±RQLYLGLDGHNODUiFLHWRKRWRSURJUDPX
DNEROLSUHGLFKGHILQtFLRXDOHVDPRWQêSURJUDPQHYLGtGRYQ~WUDSURFHG~U
ƔSURFHG~UDVWYRUHFYLGtSUHPHQQ~NNRU\WQDþNXDOHSURJUDPQHYLGtSUHPHQQ~LGHILQRYDQ~YWHMWR
SURFHG~UHVWYRUHF
YGDQRPSURJUDPH
ƔQD~URYQLV~YãHWN\ãWDQGDUGQpLGHQWLILNiWRU\DXQLW.RU8QLWWHGDDMW\S7.RUSURFHG~UD]PD]DSRG
ƔQD~URYQLMHGHILQtFLDIRUPXOiUX7)RUPDOHDM
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
GRNWRUHMStãHPHQiãSURJUDP
ƔQD~URYQLMHSUHPHQQiNDSURFHG~UDVWYRUHF
ƔQD~URYQLMHORNiOQDSUHPHQQiL
)RUPiOQHSDUDPHWUH
Ɣ SULYRODQtSRGSURJUDPXPXP{åHPHSRVODĢQHMDNpKRGQRW\DE\VPHQHPXVHOLU{]QHãSHFLDOLW\
QDVWDYRYDĢYJOREiOQ\FKSUHPHQQêFKQDSUYHĐNRVĢNUHVOHQpKRãWYRUFDYSRGSURJUDPH]DGHILQXMHPH
ãSHFLiOQHORNiOQHSUHPHQQpW]YIRUPiOQHSDUDPHWUHGRNWRUêFKVDSUHGVDPRWQêPYRODQtPSULUDGLD
LQLFLDOL]XM~KRGQRW\VNXWRþQêFKSDUDPHWURY
SURFHG~UDVWYRUHFVSDUDPHWURPYHĐNRVĢVWUDQ\ãWYRUFD
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
YDU
MLQWHJHUPRKROE\WRE\ĢDMLGHQWLILNiWRUL
EHJLQ
N 7.RU&UHDWH
M
ZKLOHM GREHJLQ
VWYRUHFMKRGQRWDYêUD]XMMHVNXWRþQêSDUDPHWHU
NYODYR
M M
HQG
HQG
3RGSURJUDPP{åHPDĢDMYLDFSDUDPHWURYEXćURYQDNpKRDOHERU{]Q\FKW\SRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUHSRO\QGXLQWHJHU
YDU
LLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
EHJLQ
N 7.RU&UHDWH
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
HQG
1'Ò
ƔQDStãWHSURFHG~UXGRPVSDUDPHWURPYHONRVWNWRUiQDNUHVOtGRPþHN]ORåHQêVRãWYRUFDD
URYQRVWUDQQpKRWURMXKROQtNDOHQSRPRFRXYRODQtSURFHG~U\SRO\åLDGQHGRSUHGXDQLRWiþDQLD
ƔQDStãWHGRPWDNDE\]DþDOYĐDYRPGROQRPURKXDVNRQþLOYSUDYRPGROQRPDSRPRFRXGRP
QDSURJUDPXMWHXOLFDNWRUiQDNUHVOtQQiKRGQHYHĐNêFKGRPRYYHGĐDVHED
Ɣ]DGHILQXMWHSURFHG~UXOXSHQNWRUiQDNUHVOtOXSLHQRN]ORåHQê]GYRFKãWYUĢNUXåQtF]DNUXåQLFXP{åHPH
SRYDåRYDĢQDSUSUDYLGHOQêXKROQtNDćDOHMSURFHG~UXNYHWNWRUiQDNUHVOtNYHW]ORåHQê]QOXSLHQNRY
QHMDNHMYHĐNRVWLDIDUE\
=iNODGQpMHGQRGXFKpW\S\
ĆDOHMEXGHPHSRWUHERYDĢURELĢSRO\DMSUHLQpDNRFHOpKRGQRW\GĎåN\UHVSXKODQDSUSUHSUDYLGHOQê
XKROQtN
0XVtPHWHGDSRXåtYDĢQRYêW\S±UHDO3DVFDOMHSUtVQHW\SRYêMD]\N
ƔNDåGiSUHPHQQiPXVtPDĢGRSUHGXXUþHQêVYRMW\SQHGiVDSRþDVEHKXPHQLĢ
ƔNDåGiRSHUiFLDSUDFXMHOHQVXUþLWêPW\SRPQDSUGLY
ƔH[LVWXMHYêQLPNDDXWRPDWLFNiNRQYHU]LDLQWHJHU!UHDO
=KUĖPHGRWHUDMãLHSR]QDWN\RLQWHJHUDE\VPHOHSãLHSRFKRSLOLUHDO
,QWHJHU
ƔKRGQRW\V~]LQWHUYDOX
Ɣ]DEHUiEDMW\ ELWRYELW]QDPLHQNR
ƔGHILQRYDQpV~DULWPHWLFNpRSHUiFLH
GLYPRGRELGYDRSHUDQG\V~FHOpþtVOD
ƔSULUDćRYDFtSUtND]QDRERFKVWUDQiFKFHOpþtVOD
ƔUHODþQpRSHUiFLH
ƔSUHGVXFFIXQNFLH
ƔLQFGHFSUtND]\
ƔãWDQGDUGQpIXQNFLHQDSUVTUDEV
ƔãHVWQiVWNRYpNRQãWDQW\QDSUH
5HDO
ƔþtVODY\MDGUHQpGHVDWLQQêP]iSLVRPDMVH[SRQHQWRP
ƔREVDKXMHGHVERGNXH[SRQHQWSULEOLåQH
ƔXNiåN\UHiOQ\FKþtVHO((
ƔSUHNDåGpþtVORQHYLHPHXUþLĢQDVOHGRYQpUHiOQHþtVOR
WMPHG]LDPRåQRH[LVWXMHþtVORQHPi]P\VHOQDVOHGRYQtN
WMQHIXQJXMHSUHGDQLVXFF
þtVORQDSU
ƔDQDORJLFN\VUHODþQêPLDVSULUDGHQtPUHDO LQWHJHUDOHQLHLQWHJHU UHDO
ƔQHIXQJXMHDQLLQFGHF
ƔUHiOQHRSHUiFLHYHĐPLþDVWRPDM~FK\E\VS{VREHQpUHDOL]iFLRXYSRþtWDþL
ƔãWDQGDUGQpIXQNFLHQDSUVTUWVTUVLQFRVDEV
%RROHDQ
ƔNRQãWDQW\SUHGHILQRYDQpLGHQWLILNiWRU\NRQãWDQW\WUXHIDOVHDNRSUHGWêPGHILQRYDQpQDãHNRQãWDQW\
ƔYSDPlWL EDMW
ƔRSHUiFLHDQGRUQRW[RU
ƔYãHWN\UHOiFLH]SUHGFKiG]DM~FLFKW\SRYLFKYêVOHGNRPMHORJLFNiKRGQRWD
ƔUHOiFLH
ƔSULUDGHQLHQHH[LVWXMHNRQYHU]LD
ƔSUHGVXFF
RSUDYHQiSURFHG~UDSRO\VUHiOQ\PLSDUDPHWUDPL
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXGNYSUDYRXGHFQ
HQG
HQG
YDU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGR
SRO\LLUHiOQHGHOHQLH
HQG
9LDFWODþLGLHODWODþLGORVYLDFVWDYPL
Ɣ 9SUtNODGHYNWRURPVPHGHPRQãWURYDOLSRXåLWLHSURFHG~U\SRO\VPHYLDFNUiWYRODOLW~WRSURFHG~UX
P{åHPHWRXURELĢDM]DGHILQRYDQtPYLDFHUêFKWODþLGLHOSULþRPSRGNDåGêPWODþLGORPEXGHNUHVOHQLH
LQpKR~WYDUX
NRU\WQDþNDMHWXGHILQRYDQiDNRJOREiOQDSUHPHQQi
YDU
N7.RUNRU\WQDþNDMHWXJOREiOQDDE\MXYLGHOLYãHWN\SURFHG~U\
SURFHGXUHSRO\QGXLQWHJHU
YDU
LLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
Ɣ 3UREOpPNWRUêWXWUHEDY\ULHãLĢMHWHQåHE\VDQiPKRGLORDE\VDNRU\WQDþNDDXWRPDWLFN\Y\WYRULODSUL
ãWDUWHSURJUDPXDQLHDåSR]DWODþHQtWODþLGOD%XWWRQNDåGpWODþLGORE\PRKORPDĢVYRMXNRU\WQDþNXDOH
WRPiVYRMHQHYêKRG\
NRU\WQDþNDVDY\WYRUt
YDU
N7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N'RSUHGXN9SUDYR
HQG
Ɣ (ãWHXNiåHPHDNRY\XåLĢMHGLQpWODþLGORNWRUpSRVWXSQHEXGHPDĢU{]QHIXQNFLHSRVWXSQHVDEXGH
PHQLĢVWDYWRKRWRWODþLGOD
MHGQRWODþLGORY\NRQiYDU{]QHDNFLH
YDU
VWDYLQWHJHU SUHPHQQiVWDYMHLQLFLDOL]RYDQiQD
N7.RU
SURFHGXUHSRO\QGXLQWHJHU
YDU
LLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LIVWDY WKHQEHJLQ
N 7.RU&UHDWHVWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQGHOVHLIVWDY WKHQEHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
ãWYRUHF
HQGHOVHLIVWDY WKHQEHJLQ
]PD]SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PDå
HQGHOVHLIVWDY WKHQEHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQG
HQG
Ɣ YãLPQLWHVLVS{VREQDIRUPiWRYDQLDYQRUHQêFKSUtND]RYLIQLHNWRUtSURJUDPiWRULSUHIHUXM~SUiYHWDNpWR
IRUPiWRYDQLH
❍%XWWRQ&DSWLRQ
NUXåQLFD
]PHQtVDWH[WQDWODþLGOH
ƔVWODþLGORPE\VPHYEXG~FQRVWLPRKOLY\XåLĢQDSUDMWRWR
❍%XWWRQ(QDEOHG IDOVH]DEORNXMHVDWODþLGOR
❍%XWWRQ(QDEOHG WUXHWODþLGORVDRGEORNXMH]QRYXVDP{åHWODþLĢ
ƔWRLVWp]DStãHPHHOHJDQWQHMãLHSRPRFRX]ORåHQpKRSUtND]XFDVHSRGĐDQHMDNHMKRGQRW\VDY\NRQi
MHGHQ]PRåQêFKSUtND]RYDOHERåLDGQ\
SRXåLWLHYHWYHQLDFDVH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
FDVHVWDYRI
EHJLQ
N 7.RU&UHDWHVWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQG
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQG
EHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
ãWYRUHF
HQG
EHJLQ
]PD]SRO\VWDY
HQG
EHJLQ
SRO\VWDY
HQG
EHJLQ
SRO\VWDY
HQG
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PDå
HQG
EHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQG
HQG
HQG
Ɣ YãHREHFQêWYDUSUtND]XFDVHMH
FDVHYêUD]RI
NRQãWDQWDSUtND]
NRQãWDQWDSUtND]
HOVHSUtND]\
HQG
YHĐNêYê]QDPQHPiQHVN{UXYLGtPHDMLQpSUtSXVWQpW\S\
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVDEXGHPHGQHVXþLĢ
ƔQRYêMHGQRGXFKêW\SFKDUDQRYêNRPSOH[QHMãtW\SWH[WRYêV~ERU
ƔXNiåHPHDNRVDSUDFXMHVWH[WRYêPV~ERURPDNpWXSODWLDSUDYLGOiDNRVDULHãLDMHGQRGXFKp
~ORK\
ƔXNiåHPH]RSiU~ORKYNWRUêFKVDSUDFXMHVNRU\WQDþNDPLDVWH[WRYêPLV~ERUPL
7\S&+$5
Ɣ]QDNRYpNRQãWDQW\YDSRVWURIRFKDOHERNyG
ƔY3DVFDOHQLHV~åLDGQH]QDNRYpRSHUiFLHLEDUHOiFLH
ƔWUHEDVLSDPlWDĢ
$
%
=
D
E
]
Ɣ]QDNRYpIXQNFLHSUHGVXFFRUGFKDUYSDVFDOHIXQJXMHDMFKU
ƔWUHEDVLSDPlWDĢ
❍RUG
RUG
RUG
DOHER
❍RUG
$
RUG
D
RUG
$
WM
$
D
ƔDNFREVDKXMH]QDNFLIU\
WDNRUGFRUG
FLIUDSRGREQHSUHStVPHQi
ƔSUtND]\LQFGHFIXQJXM~DMSUH]QDN\QDSUF
$
LQFF
ƔW\SFKDUY\XåLMHPHQDMPlSULSUiFLVRV~ERUPL
SUtNODGIRUF\NOXSUHU{]QHW\S\
YDU
L[LQWHJHU
EERROHDQ
]FKDU
EHJLQ
IRUL WRGRF\NOXVSUHMGHNUiW
IRUE IDOVHWRWUXHGRF\NOXVSUHMGHNUiW
IRUE [ WR[ GRF\NOXVSUHMGHDOHERNUiW
IRU]
$
WR
=
GRF\NOXVSUHMGHNUiW
IRU] SUHG
WRVXFF
GRF\NOXVSUHMGHNUiW
7H[WRYiSORFKD
ƔDE\VPHPRKOLH[SHULPHQWRYDĢVR]QDNPLVWH[WRYRXLQIRUPiFLRXQDXþtPHVDY'HOSKLSUDFRYDĢV
WH[WRYRXSORFKRX
ƔGRSUi]GQHKRIRUPXOiUDSRORåtPHNRPSRQHQW0HPRWULHGD70HPRSRGREQHDNRJUDILFN~SORFKX
,PDJHEXGHPHĢDKDĢDMW~WRSORFKXY\WYRUtVDNRPSRQHQWVPHQRP0HPRYĐDYRPKRUQRPULDGNXVD
REMDYtWH[W0HPR
Ɣ]DWLDĐVDQDXþtPHOHQQLHNRĐNRSUtND]RYQDSUiFXVWH[WRYRXSORFKRXDUR]XPLHĢLPEXGHPHDåQHVN{U
3RGREQHDNRVPHStVDOL,PDJH&DQYDVD]DWêPSUtND]EXGHPHWHUD]StVDĢ0HPR/LQHVD]DWR
SUtND]
Ɣ0HPR/LQHV&OHDUY\þLVWtYãHWN\ULDGN\
Ɣ0HPR/LQHV$GG
QHMDNêWH[W
SULGićDOãtULDGRNVGDQêPWH[WRPQDNRQLHF
XNiåNDþDVWLSURJUDPXVMHGQêPNRPSRQHQWRP0HPRNWRUêY\SLVXMHNyG\StVPHQ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
]FKDU
EHJLQ
0HPR/LQHV&OHDU
IRU]
D
WR
]
GR
0HPR/LQHV$GG]
,QW7R6WURUG]
NStVPHQXSULOHStPHG]HUXDþtVHOQêNyG]QDNX
HQG
7H[WRYpV~ERU\7(;7
ƔSDVFDOXPRåĖXMHVHNYHQþQêSUtVWXSGRV~ERUXDOHDMSULDP\XYLGtPHQHVN{U
ƔVWH[WRYêPLV~ERUPLVDGiSUDFRYDĢOHQVHNYHQþQêPSUtVWXSRP
ƔPXVtVDUR]OLãRYDĢþL]RV~ERUXþtWDPHDOHERGRQHKR]DSLVXMHPH~GDMH
ƔYVWXSQêV~ERUOHQþtWDĢSULSUDYHQp~GDMH
ƔYêVWXSQêV~ERUOHQ]DSLVRYDĢQDNRQLHFV~ERUX
ƔGRWH[WRYpKRV~ERUXVDQHGiDM]DSLVRYDĢDMV~þDVQH]QHKRþtWDĢ
ƔQDYRQNDMãHMSDPlWLGLVNRYêV~ERU
ƔSRPRFQiYQ~WRUQiSDPlĢQDXþtPHVDQHVN{U
2SHUiFLHVRV~ERUPL
$NRSUDFXMHPHVWH[WRYêPV~ERURP
ƔGHNODURYDQLHSUHPHQQHMW\SXWH[WRYêV~ERU
YDUW7H[W)LOHSUHPHQQiWMHW\SXWH[WRYêV~ERU
ƔSULUDGHQLHI\]LFNpKRV~ERUXQDMþDVWHMãLHQDGLVNX
$VVLJQ)LOHW
PHQRBV~ERUX
ƔGiYDMWHVLSR]RUQDXYiG]DQLHSOQHMFHVW\QDGLVNXNQHMDNpPXV~ERUXDNVDWDNêWRSURJUDP
SUHQHVLHQDLQêSRþtWDþVYHĐNRXSUDYGHSRGREQRVĢRXWLHWRDEVRO~WQHFHVW\NV~ERURPQHEXG~
IXQJRYDĢSRXåtYDMWHUDGãHMUHODWtYQHFHVW\RGPRPHQWiOQHMDGUHV\SURMHNWXWDPNGHVD
QDFKiG]D(;(V~ERU
ƔRWYRUHQLHV~ERUX
ƔEXćQDþtWDQLHPXVtXåH[LVWRYDĢ
5HVHWW
ƔDOHER]iSLVDNXåH[LVWXMHWDNVDQDMSUYY\SUi]GQL
5HZULWHW
ƔSUiFDVRV~ERURPWMVDPRWQpþtWDQLHDOHER]DSLVRYDQLH
&ORVH)LOHW
ƔWH[WRYêV~ERU SRVWXSQRVĢULDGNRYDMSUi]GQD
$NPiPHQHMDNêV~ERU
YLGtPH YVNXWRþQRVWL
DE _D_E_(ROQ!__F_G_H_(ROQ!_I_
FGH A
I XND]RYDWHĐ
ýtWDQLH]RV~ERUX
7HVWRYDQLHNRQFDV~ERUXDNRQFDULDGND
ƔãWDQGDUGQiORJLFNiIXQNFLD(RIW VNUDWND](QG2I)LOH
ƔYUiWLWUXHDNMHXND]RYDWHĐQDVWDYHQê]DSRVOHGQêP]QDNRPV~ERUX
ƔãWDQGDUGQiORJLFNiIXQNFLD(ROQW VNUDWND](QG2I/L1H
ƔYUiWLWUXHDNMHXND]RYDWHĐQD]QDþNH(ROQ!DOHERDM]DSRVOHGQêP]QDNRPV~ERUXWMDNSODWt
V~ERUXQHUREtQLþ
Ɣ32=25SRPRFRXUHDGW]MHPRåQpþtWDĢDM]QDþNX(ROQ!OHQåHWiWRVDSRWRPFKiSHDNR
]QDN\DDQLHDNRQHMDNêãSHFLiOQ\]QDN
ƔSUtND]UHDGOQW]MHVNUiWHQêWYDUSUHUHDGW]UHDGOQW
ƔþtWDQLHQDNRQFLV~ERUXY\YROiYVWXSQRYêVWXSQ~FK\EX
9QDVOHGXM~FRPSUtNODGH]LVWtPHSRþHWPHG]LHUYWH[WRYRPV~ERUHPHG]HU\W[W
YDU
W7H[W)LOH
]FKDU
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
PHG]HU\W[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGREHJLQ
UHDGW]
LI]
WKHQLQFSRFHW
HQG
&ORVH)LOHW
0HPR/LQHV$GG
3RþHWPHG]LHUYV~ERUH
,QW7R6WUSRFHW
GRWH[WRYHMSORFK\
HQG
3UtNODG=LVWtPHSRþHWULDGNRYWH[WRYpKRV~ERUXWH[WW[W
YDU
W7H[W)LOH
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGREHJLQ
UHDGOQWLQFSRFHW
HQG
&ORVH)LOHW
0HPR/LQHV$GG
3RþHWULDGNRYYV~ERUH
,QW7R6WUSRFHW
HQG
3UtNODG=LVWtPHGĎåNXQDMGOKãLHKRULDGNDV~ERUXWH[WW[W
YDU
W7H[W)LOH
]FKDU
PD[GO]NDLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
PD[
ZKLOHQRW(RIWGREHJLQ
GO]ND
ZKLOHQRW(ROQWGREHJLQ
UHDGW]LQFGO]ND
HQG
UHDGOQWQHVPLHVDWX]DEXGQ~Ģ
LIGO]ND!PD[WKHQPD[ GO]ND
HQG
&ORVH)LOHW
0HPR/LQHV$GG
'ĎåNDQDMGOKãLHKRULDGND
,QW7R6WUPD[
HQG
=iSLVGRV~ERUX
ƔV~ERUWUHEDRWYRULĢSRPRFRX5HZULWHW
ƔDNV~ERUXåH[LVWRYDOWDNKQHćSR5HZULWHVD]UXãtMHKRREVDK
ƔDNV~ERUHãWHQHH[LVWRYDOY\WYRUtVDVSUi]GQ\PREVDKRP
ƔXND]RYDWHĐYV~ERUHMHYåG\QDVWDYHQêQDMHKRNRQLHF
ƔYQDVOHGXM~FRPSUtNODGHY\XåLMHPH
0HPR/LQHV/RDG)URP)LOHPHQRBV~ERUX
SRPRFRXNWRUpKR]DStãHPHREVDKFHOpKRV~ERUXGRWH[WRYHMSORFK\
3UtNODG9\WYRUtPHV~ERUWH[WW[W]StVPHQ
D
Då
]
DY\StãHPHMHKRREVDKGR7H[WRYHMSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
]]FKDU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
IRU]
D
WR
]
GREHJLQ
IRU] ]WR
]
GRZULWHW]
ZULWHOQW
HQG
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3UtNODG9\WYRUtPHNySLXV~ERUXXQLWSDVGRV~ERUXWH[WW[W
YDU
WW7H[W)LOH
]FKDU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
LI(ROQWWKHQEHJLQ
UHDGOQWZULWHOQW
HQG
HOVHEHJLQ
UHDGW]
VSUDFXMQDþtWDQê]QDN
ZULWHW]
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
LQêYDULDQWNRStURYDQLDV~ERUXQHYãtPDPHVLNRQFHULDGNRYDSUHUiEDPHPDOpStVPHQiQDYHĐNp
YDU
WW7H[W)LOH
]FKDU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGREHJLQ
UHDGW]
LI]!
D
DQG]
]
WKHQ
] FKDURUG]RUG
D
RUG
$
DOHERGHF]
ZULWHW]
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3R]Q
1'Ò
ƔSRVWXSQRVĢPHG]LHUQDKUDćPHG]HURX
ƔY\KRćOHQPHG]HURYpULDGN\
ƔY\KRćPHG]HU\QDNRQFLULDGNRY
ƔSRVWXSQRVĢ]QDNRY
HQG
QDKUDć
5HVHWD5HZULWHQDWHQLVWêV~ERUQDGLVNX
YDUIJ7H[W)LOH
$VVLJQ)LOHI
DW[W
5HVHWI
$VVLJQ)LOHJ
DW[W
5HZULWHJ
ýtWDQLHþtVHO
SRWRPSUHNRQYHUWXMH]QDN\]RYVWXSXQDþtVORDDNMHþtVORXNRQþHQpQHPHG]HURYêP]QDNRPQDSU
DOHER
WDNY\KOiVLFK\EX,QYDOLGQXPHULFIRUPDW
ƔþtWDQLHþtVODQDNRQFLV~ERUXWMSODWtHRIDOHDMDNV~WDPOHQPHG]HU\YUiWLKRGQRWXWUHEDVDWRKRWR
Y\YDURYDĢ
ƔSURIHVLRQiOQ\VRIWYpUWDNêWRUHDGQDþtWDQLHþtVHOQHSRXåtYDOHERFK\EDYV~ERUHVS{VREtFK\ERY~
3UtNODG3URJUDPQiMGHPD[LPiOQHþtVORYV~ERUHFHOêFKþtVHO
YDU
W7H[W)LOH
FLVORPD[LQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
PD[ PD[LQWSUHGGHILQRYDQiNRQãWDQWD
ZKLOHQRW(RIWGREHJLQY\VN~ãDMWH6HHN(RI
UHDGWFLVOR
LIFLVOR!PD[WKHQPD[ FLVOR
HQG
&ORVH)LOHW
LIPD[ PD[LQWWKHQ
0HPR/LQHV$GG
V~ERUMHSUi]GQ\
HOVH
0HPR/LQHV$GG
PD[LPiOQHþtVORYV~ERUHMH
,QW7R67UPD[
HQG
]QDN\IXQNFLD(RIW]DSRVOHGQêPþtVORPYUiWLIDOVHHãWHQLHMHNRQLHFV~ERUXDOHXåWDPQLHMH
åLDGQHþtVORWHGDQDþtWDVDKRGQRWD
ƔYWDNHMWRVLWXiFLLP{åHPHQDPLHVWR(RIWSRXåLĢãWDQGDUGQ~IXQNFLX6HHN(RIWNWRUiVN{UDNRRGSRYLH
QDVWDYV~ERUXRGILOWUXMHYãHWN\PHG]HURYp]QDN\
ƔSRGREQHH[LVWXMH6HHN(ROQWNWRUiWHVWXMHNRQLHFULDGNDDOHQDMSUYRGILOWUXMHPHG]HU\DWDEXOiWRU\
]QDN\VNyGRP
Ɣ3R]Q3ULSRXåLWtIXQNFLH6HHN(ROQWD6HHN(RIWVDRGLJQRUXM~YãHWN\PHG]HU\WDEXOiWRU\DYSUtSDGH
6HHN(RIWLNRQFHULDGNRY3UHWRWLHWRIXQNFLHQLHV~YHĐPLYKRGQpSULþtWDQt]QDNRYSRXåtYDPHLFK
KODYQHSULþtWDQtþtVHO]WH[WRYpKRV~ERUX
=iSLVþtVHO
3UtNODG=RV~ERUXWH[WW[WEXGHPHNRStURYDĢYãHWN\þtVODGRV~ERUXWH[WW[WSULþRPLFKEXGHPH
]DUDćRYDĢSRWURFKGRULDGND
YDU
WW7H[W)LOH
FLVORSRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
SRFHW
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGWFLVOR
LISRFHW WKHQEHJLQ
ZULWHOQWSRFHW
HQG
HOVHEHJLQ
LISRFHW!WKHQZULWHW
LQFSRFHW
HQG
ZULWHWFLVOR
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3UtNODG9V~ERUHV~UHiOQHþtVODPiPH]LVWLĢSRþHWþtVHONWRUpPDM~KRGQRWXPHQãLXDNRMH
SULHPHUYãHWNêFKþtVHOYV~ERUH
YDU
W7H[W)LOH
FLVORVXPDSULHPHUUHDO
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDþtWDQLH
VXPD SRFHW
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGWFLVOR
VXPD VXPDFLVORLQFSRFHW
HQG
5HVHWWQDVWDYHQLHSR]tFLHQD]DþLDWRNV~ERUX
SULHPHU VXPDSRFHWSRFHW
SRFHWXåQHSRWUHEXMHPH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGWFLVOR
LIFLVORSULHPHUWKHQLQFSRFHW
HQG
0HPR/LQHV$GG
SRþHWSRGSULHPHUQêFK
,QW7R67USRFHW
HQG
)RUPiWRYDFtSDUDPHWHUYRZULWH
Ɣ]D]QDNRPDOHER]QDNRYêPUHĢD]FRP
ZULWHW
R]QDþXMHåH]QDNVDY\StãHQDãtUNXWMQDMSUYPHG]LHUDSRWRP
ZULWHW
GHOSKL
QDNRĐNRUHĢD]HFMHGOKãtDNRIRUPiWRYDFtSDUDPHWHU]DStãHVDNRPSOHWQêUHĢD]HFWMLJQRUXMHVDIRUPiW
ƔIRUPiWRYDFtSDUDPHWHU]DFHOêPþtVORPR]QDþXMHãtUNXGRNWRUHMVDPi]DStVDĢþtVORDNE\QHYRãORGR
GDQHMãtUN\IRUPiWVDLJQRUXMH
ZULWHW
]DStãHGYHPHG]HU\]DNWRUpGiþtVOR
ƔIRUPiWRYDFtSDUDPHWHU]DUHiOQ\PþtVORPWLHåR]QDþXMHãtUNXþtVORVDY\StãHYVHPLORJDULWPLFNRP
WYDUHGUXKêIRUPiWRYDFtSDUDPHWHUR]QDþXMHSRþHWGHVDWLQQêFKPLHVW
ZULWHWVLQ
]DStãH(
ZULWHWFRV
]DStãH
7H[WRYpV~ERU\DNRU\WQDþN\
3ULSRPHĖPHSUtND]FDVHNWRUêSUHRUGLQiOQXKRGQRWX]DEH]SHþtY\NRQDQLHQHMDNHMYHWY\SRGĐDSUtVOXãQHM
NRQãWDQW\±YãHREHFQH
FDVHRUGLQiOQ\BYêUD]RI
NRQãWDQWDSUtND]
NRQãWDQWDSUtND]
HOVHSUtND]\WiWRYHWYDP{åHFKêEDĢ
HQG
Ɣ 3UtNODGGDQêMHV~ERUYNWRURPV~SUtND]\SUHNRU\WQDþNXGOSþtVORQDSU
GSGSG
SULþRPStVPHQiDþtVODV~QDY]iMRPRGGHOHQpDVSRĖMHGQRXPHG]HURXDOHERQRYêPULDGNRP
NRU\WQDþNDLQWHUSUHWXMHWHQWRV~ERU
YDU
W7H[W)LOH
N7.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N 7.RU&UHDWH
ZKLOHQRWHRIWGREHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]
LI]!
WKHQUHDGWS
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
Y\OHSãHQiYHU]LDVSRXåLWtP6HHN(RIW
YDU
W7H[W)LOH
N7.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N 7.RU&UHDWH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGW]S
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
3UtNODGYV~ERUHV~VORYiGRSUHGXYSUDYRYODYRSKSG]NDåGpKRDVSRĖStVPHQi±]D
QLHNWRUêPLQDVOHGXMHþtVOR
YDU
W7H[W)LOH
N7.RU
]]]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N 7.RU&UHDWH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGW]]] ]
ZKLOH]!
DQGQRWHROQWGRUHDGW]
LI]
G
DQG]
R
WKHQEHJLQ
UHDGWSNGRSUHGXS
HQG
HOVHLI]
Y
DQG]
S
WKHQEHJLQ
UHDGWSNYSUDYRS
HQG
HOVHLI]
Y
DQG]
O
WKHQEHJLQ
UHDGWSNYODYRS
HQG
HOVHLI]
S
DQG]
K
WKHQ
N3+
HOVHLI]
S
DQG]
G
WKHQ
N3'
HQG
&ORVH)LOHW
HQG
3R]Q
Ɣ ULHãHQLHWHMWR~ORK\P{åHPH]MHGQRGXãLĢDNVLEXGHPHYãtPDĢOHQStVPHQRVORYYWRPWRSUtSDGHE\
VDGDOSRXåLĢSUtND]FDVH
3UtNODG
Y\WYiUDQLHV~ERUXVSRVWXSQRVĢRXV~UDGQtF
YDU
W7H[W)LOH
N7.RU
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXG
ZULWHOQWN;
N<
NYSUDYRXGHFQ
HQG
HQG
YDU
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HZULWHW
N 7.RU&UHDWH
SRO\
IRUL WRGREHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
NRU\WQDþNDLQWHUSUHWXMHV~ERU]SUHGFKiG]DM~FHKRSUtNODGX
YDU
W7H[W)LOH
N7.RU
[\UHDO
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N 7.RU&UHDWH
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\
N=PHQ;<[\
HQG
&ORVH)LOHW
HQG
WRLVWpDOHGRV~ERUXVDXNODGDM~UHODWtYQHSRVXQ\NRU\WQDþN\
YDU
W7H[W)LOH
N7.RU
[\UHDO
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXG
ZULWHOQWN;[
N<\
[ N;\ N<
NYSUDYRXGHFQ
HQG
HQG
YDU
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HZULWHW
N 7.RU&UHDWH[ N;\ N<
SRO\
IRUL WRGREHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
NRU\WQDþNXY\JHQHUXMHPHQDQiKRGQ~SR]tFLXDXUþtPHQiKRGQ~YHĐNRVĢREUi]ND
UDQGRP
YDU
W7H[W)LOH
N7.RU
[\IUHDO
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
N 7.RU&UHDWH
UDQGRPL]H
IRUL WRGREHJLQ
5HVHWW
N3UHVXQ;<UDQGRPUDQGRP
I UDQGRPQiKRGQiYHĐNRVĢ
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\
N]PHQ[\N;[
IN<\
I
HQG
HQG
&ORVH)LOHW
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔSR]QiPHSURFHG~U\VSDUDPHWUDPLYLHPHPHFKDQL]PXVYRODQLDSRGSURJUDPX
❍RNUHPMHGQRGXFKêFKW\SRYLQWHJHUUHDOERROHDQDFKDUSR]QiPHDM]ORåHQêW\SWH[WRYêV~ERU
NWRUêMHUHSUH]HQWXMHSRVWXSQRVĢ]QDNRY
þRVDEXGHPHGQHVXþLĢ
Ɣ]R]QiPLPHVDVU{]Q\PLW\SPLIRUPiOQ\FKSDUDPHWURY
ƔQDXþtPHVDQRYê]ORåHQêW\S]QDNRYêUHĢD]HFNWRUêWLHåUHSUH]HQWXMHSRVWXSQRVĢ]QDNRY
3DUDPHWUHSURFHG~U
=DþQHPHWDNRXWR~ORKRXQDStãHPHSURJUDPYNWRURPVDNRU\WQDþN\EXG~VWiOHSRK\ERYDĢSRVYRMLFK
NUXKRFK6~þDVQHVQLPLVDWUHWLDNRU\WQDþNDEXGHVWiOHVQDåLĢE\ĢSUHVQHYVWUHGHPHG]LQLPLDNRNHE\EROD
YVWUHGHJXPHQHMQLWHNWRUiMHSULSHYQHQiQDWêFKWRGYRFKNRU\WQDþNiFK
Ɣ 9\WYRUtPHVLSRPRFQ~SURFHG~UXSRFLWDMBVWUHGNWRUi]GYRFKNRU\WQDþLHNNDNY\SRþtWDV~UDGQLFH
VWUHGX[\SUHWUHWLXNRU\WQDþNX
WUHWLDNRU\WQDþNDMHYåG\PHG]LćDOãtPLGYRPD
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NNN7NRU
[\UHDO
SURFHGXUHSRFLWDMBVWUHG
EHJLQ
[ N;N;
\ N<N<
HQG
EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
SRFLWDMBVWUHG
N 7.RU&UHDWH[\N)3 FO5HG
ZKLOHWUXHGREHJLQ
NGRSUHGXNYSUDYR
NGRSUHGXNYODYR
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
SRFLWDMBVWUHG
N=PHQ;<[\
FDNDM
HQG
HQG
9WRPWRSUtNODGHVPHY\WYRULOLSURFHG~UXSRFLWDMBVWUHGEH]IRUPiOQ\FKSDUDPHWURYOHERWiWRYLGtDMQD
NRU\WQDþN\NNDMQDSUHPHQQp[D\7LHWRSUHPHQQpV~SUHĖXJOREiOQHQLHV~WRMHMORNiOQHSUHPHQQp
7HQWRVS{VRENHćSURFHG~UDSRXåtYDJOREiOQHSUHPHQQpQLHMHYåG\SRXåLWHĐQêOHERQLHNHG\P{åHPH
SRWUHERYDĢY\SRþtWDĢVWUHGLQêFKGYRFKNRU\WQDþLHNDYêVOHGRNGDĢGRLQêFKGYRFKSUHPHQQêFKDOHER
VDPRWQ~SURFHG~UXFKFHPHPDĢJOREiOQXDWiWRQHEXGHYLGLHĢQDSRWUHEQpSUHPHQQpORNiOQHYQDãHM
SURFHG~UH%XWWRQ&OLFN
ÒORKXSUHSURJUDPXMHPHWDNDE\VDQHSRXåLOLJOREiOQHSUHPHQQpDOHIRUPiOQHSDUDPHWUH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHSRFLWDMBVWUHGNN7.RU[[\\UHDO
EHJLQ
[[ N;N;
\\ N<N<
HQG
YDU
NNN7.RU
[\UHDO
EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
SRFLWDMBVWUHGNN[\
N 7.RU&UHDWH[\N)3 FO5HG
ZKLOHWUXHGREHJLQ
NGRSUHGXNYSUDYR
NGRSUHGXNYODYR
SRFLWDMBVWUHGNN[\
N=PHQ;<[\
FDNDM
HQG
HQG
7DNWR]DStVDQêSURJUDPQHEXGHIXQJRYDĢOHERIRUPiOQHSDUDPHWUH[[D\\V~ORNiOQHSUHPHQQpNWRUpV~
LQLFLDOL]RYDQpKRGQRWDPLVNXWRþQêFKSDUDPHWURYDSRVNRQþHQtSURFHG~U\VDLFKKRGQRW\]DE~GDM~'RWHUD]
]QiP\PHFKDQL]PXVIRUPiOQ\FKSDUDPHWURYQiPYWRPWRSUtSDGHQHSRP{åHSRWUHEXMHPHQLHþRQRYp
)RUPiOQHSDUDPHWUHYSDVFDOH
([LVWXM~U{]QHSUtVWXS\NLQIRUPiFLiPSUHGVWDYPHVLQDSUGLiUSUHNWRUêPDM~U{]QHRVRE\U{]QHSUtVWXSRYp
SUiYD
Ɣ YODVWQtN]iSLVþtWDQLH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
ƔVHNUHWiUNDSUtVWXSNGXSOLNiWXþtWDQLHPRGLILNiFLDNySLH
ƔVHNUHWiUNDOHQþtWDQLH
ƔRVWDWQtåLDGQ\SUtVWXS
7\S\SUtVWXSRYNLQIRUPiFLiP
Ɣ~SOQêþtWDQLH]iSLV
ƔOHQþtWDQLH
ƔOHQ]iSLV
Ɣ~SOQêSUtVWXSNGXSOLNiWX
ƔåLDGHQ
3R]QiPHãWDQGDUGQpSURFHG~U\QDSUiFXVRV~ERUPL
ƔSURFHG~UDUHDGW[
ƔSUtVWXSNV~ERUXWQDþtWDQLH
ƔNSUHPHQQHM[QD]iSLVS{YRGQêREVDKSUHPHQQHMQiVQH]DXMtPD
ƔSURFHG~UDZULWHW[
ƔSUtVWXSNV~ERUXWQD]iSLV
ƔNSUHPHQQHM[QDþtWDQLH
W\S\SDUDPHWURYY3DVFDOH
ƔSUtVWXSNGXSOLNiWXKRGQRWRYpSDUDPHWUHYRODQLHKRGQRWRXPDOLVPHGRWHUD]
Ɣ~SOQêSUtVWXSSUHPHQQpSDUDPHWUHYRODQLHDGUHVRXYDUSDUDPHWUH
SDUDPHWUH
9SUHGFKiG]DM~FRPSUtNODGHVPHSURFHG~UHSRFLWDMBVWUHGSRVODOLYãHWN\SDUDPHWUHDNRKRGQRWRYpWMSRXåLOL
YRODQLHKRGQRWRXýRVDWHGDVWDQH
ƔY\SRþtWDM~VDKRGQRW\VNXWRþQêFKSDUDPHWURYVNWRUêPLMHSURFHG~UDYRODQiYWRPWRSUtSDGHNND
PRPHQWiOQHKRGQRW\[D\
ƔRGRY]GiVDULDGHQLHSURFHG~UHSULþRPVDSUHĖXY\WYRULDORNiOQHSUHPHQQpNN[[\\DGRWêFKWRVD
SULUDGLDKRGQRW\NWRUpVDSULYRODQtY\SRþtWDOL
ƔVNRU\WQDþNDPLJUDILFNêPLSHUDPLQHEXGHSUREOpPOHERQHSRWUHEXMHPHPHQLĢKRGQRW\NRU\WQDþLHN
SUREOpPEXGHVSUHPHQQêPL[D\
ƔWXE\VDQiPYLDFKRGLO~SOQêSUtVWXSNWêPWRSUHPHQQêPWMSRWUHERYDOLE\VPHYRODQLHDGUHVRX
ƔY3DVFDOHVDWR]DStãHUH]HUYRYDQêPVORYRPYDUSUHGSUtVOXãQêPSDUDPHWURP
NRUHNWQpULHãHQLHSUHGFKiG]DM~FHM~ORK\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHSRFLWDMBVWUHGNN7.RUYDU[[\\UHDO
EHJLQ
[[ N;N;
\\ N<N<
HQG
7HUD]]KUĖPHYãHWN\GRWHUDMãLHSR]QDWN\RWRPDNRSUDFXMHSRþtWDþSULYRODQtSURFHG~U\
ŶDMKRGQRWRYpIRUPiOQHSDUDPHWUHV~ORNiOQHSUHPHQQpOHQV~LQLFLDOL]RYDQpKRGQRWDPL
VNXWRþQêFKSDUDPHWURYGXSOLNiW
ŶSUHPHQQpSDUDPHWUHVDQLNGHQHY\WYiUDM~V~WROHQGRþDVQpQRYpPHQiSUHPHQQêFK
VNXWRþQêFKSDUDPHWURY
SUHQHVLHVDULDGHQLHSURJUDPXGRWHODSRGSURJUDPX
Y\NRQDM~VDYãHWN\SUtND]\SRGSURJUDPX
]UXãLDVDORNiOQHSUHPHQQpWHGDDMQRYpKRGQRW\KRGQRWRYêFKIRUPiOQ\FKSDUDPHWURY
ULDGHQLHVDYUiWL]DPLHVWRYSURJUDPHRGNLDĐEROSRGSURJUDPYRODQê
8NiåPHVLWHUD]LQ~YHU]LXWHMWR~ORK\NGHMHGQD]NRU\WQDþLHNFKRGtSRREYRGHãWYRUFDDGUXKiSRNUXåQLFL
9ãLPQLWHVLåHSURFHG~UXSRFLWDMBVWUHGVPHY\WLDKOLSUHG%XWWRQ&OLFNWDNåHVDVWDODJOREiOQRX
NHćMHGQD]NRU\WQDþLHNFKRGtSRREYRGHãWYRUFD
SURFHGXUHSRFLWDMBVWUHGNN7.RUYDU[[\\UHDO
EHJLQ
[[ N;N;
\\ N<N<
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NNN7.RU
[\UHDO
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
SRFLWDMBVWUHGNN[\
N 7.RU&UHDWH[\N)3 FO5HG
ZKLOHWUXHGREHJLQ
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
IRUL WRGREHJLQVN~VWHLQêSRþHWRSDNRYDQtQDSU
NGRSUHGX
NGRSUHGXNYODYR
SRFLWDMBVWUHGNN[\
N=PHQ;<[\
FDNDM
HQG
NYSUDYRVN~VWHLQpXKO\DSRG
HQG
HQG
)XQNFLH
PiPHSURFHG~UXNWRUiYUiWLSRPRFRXSDUDPHWUDPLQLPXP]GYRFKþtVHO
SURFHGXUHPLQDELQWHJHUYDUPLQWHJHU
EHJLQ
LIDEWKHQP DHOVHP E
HQG
Ɣ SRGSURJUDPP{åHPHGHILQRYDĢYWYDUHIXQNFLH
ƔYKODYLþNHSRGSURJUDPXPXVtPHRNUHPIRUPiOQ\FKSDUDPHWURY]DGDĢDMW\SIXQNFLH
ƔYWHOHIXQNFLHVDPXVtGRãSHFLiOQHMORNiOQHMSUHPHQQHM5HVXOWSULUDGLĢQHMDNiKRGQRWDWiWREXGH
YêVOHGNRPIXQNFLH
ƔORNiOQDSUHPHQQi5HVXOWMHDXWRPDWLFN\Xå]DGHNODURYDQiP\MXQHVPLHPHGHNODURYDĢDMH
URYQDNpKRW\SXDNRMHW\SIXQNFLH
Ɣ32=25WiWRSUHPHQQiPiQD]DþLDWNXQHGHILQRYDQ~KRGQRWXWMDNGRQHMQLþQHSULUDGtPH
YêVOHGNRPEXGHQH]P\VHO
DWHUD]PLQDNRIXQNFLD
3UtNODG\
/RJLFNiIXQNFLDMHFLIUDNWRUiYUDFLDWUXHDNMHYVWXSQêSDUDPHWHUFLIURX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
W~WRIXQNFLX]DStãHPHHOHJDQWQHMãLH
IXQNFLD]LVWtþLMHþtVORQHSiUQH
Ɣ )XQNFLDNWRUiYUDFLD]QDN]RYVWXSXSULþRPYUDFLD
DNEROHROQ
DNEROHRI]QDNRYiSUHPHQQi]MH
JOREiOQD
IXQNFLDVSUDFXMHMHGHQ]QDN]RYVWXSX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
YDU
]FKDU
HOVHLIHROQWWKHQEHJLQ]
UHDGOQWHQG
HOVHUHDGW]
5HVXOW ]
HQG
3R]QiPND
YãLPQLWHVLSRXåLWLHWH[WRYpKRV~ERUXDNRIRUPiOQHKRSDUDPHWUD]DSDPlWDMWHVLåHWH[WRYêV~ERUDNR
SDUDPHWHUPXVtE\ĢYåG\W\SXYDUSDUDPHWHU
Ɣ =DXMtPDYiMHSRWRPþDVĢSURJUDPXNWRUiSUHVNDNXMHYãHWN\PHG]HU\DNRQFHULDGNRY
ZKLOH]QDNW
GR
3UtNODGVSRþtWDQtPPRFQLQ\þtVOD
QDMSUYFK\EQpULHãHQLH
Ɣ 7iWRIXQNFLDREþDVYUiWLQHVSUiYQ\YêVOHGRNSULþRPP\QHYLHPHþLPRPHQWiOQ\YêVOHGRNMHGREUê
SUHWRYRYDUSDUDPHWULEXGHPHYUiWLPHLQIRUPiFLXþLQHSUHWLHNROYêVOHGRN
IXQNFLDSRþtWDPRFQLQXþtVOD
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
Ɣ PD[LQWMHSUHGGHILQRYDQiNRQãWDQWDNWRUiREVDKXMHPD[LPiOQHFHOpþtVORWM
)XQNFLDUDQGRP±QiKRGQpþtVOR]R]DGDQpKRLWHUYDOX
1'Ò
ƔFHORþtVHOQiIXQNFLDNWRUiSRþtWD16'GYRFKSULURG]HQêFKþtVHO(XNOLGRYêPDOJRULWPRP
ƔIXQNFLD]LVWtþLGDQpþtVORMHSUYRþtVOR
ST
ƔGYHSULURG]HQpþtVODVDQD]êYDM~SULDWHĐVNpDNMHNDåGp]QLFKURYQpV~þWXYãHWNêFKGHOLWHĐRYGUXKpKR
=QDNRYpUHĢD]FH
Ɣ~GDMRYêW\SNWRUêREVDKXMHSRVWXSQRVĢ]QDNRYFKDU
❍SRURYQDMWHV7H[W)LOH
Ɣ]QDN\YSRVWXSQRVWLV~RþtVORYDQpRGDåSRPRPHQWiOQXGĎåNXUHĢD]FD
ƔIXQNFLD/HQJWKYUiWLPRPHQWiOQXGĎåNX
Ɣ'HOSKLVLXFKRYiYDGĎåNXYEDMWRFKWMWHRUHWLFN\E\PD[LPiOQDGĎåNDPRKODE\ĢJLJDEDMWRYY
VNXWRþQRVWLMHREPHG]HQiPRåQRVĢDPL:LQGRZVPRåQROHQJLJDEDMWRWHVWXMWHQDYDãRP
SRþtWDþL
ƔGHNODUXMHPH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
YDUVVWULQJ
ƔSUHPHQQiVP{åHPDĢ]DWLDĐQHGHILQRYDQ~KRGQRWXPXVtPHQLHþRSULUDGLĢUHĢD]FRY~NRQãWDQWX
V
UHĢD]HF
ƔSUHPHQQiVREVDKXMHSRVWXSQRVĢ]QDNRYGĎåN\SUYê]QDNMH
U
GUXKê
H
DWć
Ɣ/HQJWKVMHWHUD]
ƔUHĢD]FRYpNRQãWDQW\V~X]DYUHWpURYQDNRDNR]QDNRYpNRQãWDQW\YDSRVWURIRFK
ƔSUi]GQ\UHĢD]HF
V
ƔSUHPHQQiVREVDKXMHSUi]GQXSRVWXSQRVĢ]QDNRYGĎåNDMH
ƔP{åHPHSUDFRYDĢVMHGQRWOLYêPLSUYNDPLSRVWXSQRVWLWMVRMHGQRWOLYêPL]QDNPLYUHĢD]FL
V
DEFGHI
V>@
ƔQDMSUYVPHGRVSULUDGLOL]QDNRYêUHĢD]HFDSRWRPVPHYĖRP]DPHQLOLWt]QDN]QDN
F
]D
KYLH]GLþNX
ƔQHVPLHPHVDRGYROiYDĢQD]QDN\PLPRUR]VDKXDPRPHQWiOQDGĎåNDQDSU
V>@
UHĢD]HFPi]DWLDĐGĎåNXOHQ
ƔVS{VREtFK\ERY~VSUiYX
ƔRNUHPSULUDGHQtP{åHPHUHĢD]FH]DSLVRYDĢGRWH[WRYpKRV~ERUXDWLHåLFKP{åHPH]RV~ERUXþtWDĢ
ƔRSHUiFLHVR]QDNRYêPLUHĢD]FDPL
❍QDSU
DEF
!
$%&
MDQD
MDQR
KRYRUtPHWRPXOH[LNRJUDILFNpXVSRULDGDQLH
ŶSRVWXSQHVDSRURYQiYD]QDN]D]QDNRPNêPV~URYQDNpYRERFKUHĢD]FRFKWDNVD
SRNUDþXMHYSRURYQiYDQtNHćVDQDUD]tQDUR]GLHOQH]QDN\WDNWLHWRVDSRURYQDM~DQDVWDYLD
YêVOHGRNSRURYQDQLD
ŶSRURYQiYDQLHVDPRWQêFK]QDNRYVDUREtSRGĐDSUDYLGLHOFKDUWMPHQãtMH]QDNVPHQãtP
DVFLLNyGRP
Ɣ]UHĢD]HQLHUHĢD]FRY
MHSRO\PRUIQêRSHUiWRU]iYLVtRGW\SXRSHUDQGRYQDSU
V
DEF
GHI
V
DEFGHI
V
IRUL WRGRV V
V
.UiWNH]QDNRYpUHĢD]FH
ƔY7XUERSDVFDOHVWHPRKOLSR]QDĢW\SVWULQJSULNWRURPVPHGRKUDQDWêFK]iWYRULHN]DSLVRYDOLQHMDNp
þtVORRGGRPD[LPiOQXGĎåNXUHĢD]FDQDSU
YDUVVWULQJ>@
ƔR]QDþXMHåHSUHPHQQiVEXGHP{åHPDĢPD[LPiOQXGĎåNX]QDNRYSULUDGHQLHGOKãLHKRUHĢD]FD
VS{VREtRGKRGHQLHYãHWNêFK]QDNRY]D]QDNRP
ƔDMY'HOSKLIXQJXM~WDNpWRUHĢD]FHP\LFKEXGHPHSRXåtYDĢYHĐPL]ULHGND
Ɣ]iSLV
YDUVVWULQJ
ƔR]QDþRYDOUHĢD]HFPD[LPiOQHMGĎåN\]QDNRYWRWRMH]UHMPHXåY'HOSKLLQDN
ƔSULSULUDćRYDQt DNMHĐDYiVWUDQDNUDWãLDDNRSUDYiWDNVDUHĢD]HFRUHåH
ƔQDSUV
DEFG
HIJK
LMNO
SUHVVWULQJ>@MHYêVOHGQpV
DEFGHIJKLM
ƔWHQWRW\SUHĢD]FRYEXGHPHSRXåtYDĢYHĐPL]ULHGNDOHQYãSHFLiOQ\FKSUtSDGRFK
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
Ɣ/HQJWKUHĢD]HF
ƔWiWRIXQNFLDYUiWLPRPHQWiOQXGĎåNXUHĢD]FD
Ɣ6HW/HQJWKUHĢD]FRYiBSUHPHQQiGĎåND
ƔWiWRSURFHG~UDQDVWDYtGĎåNXUHĢD]FD
ƔSUHNUiWNHUHĢD]FHQHVPLHSUHVLDKQXĢGHNODURYDQpPD[LPXP
ƔDNMHPHQãLDDNRPRPHQWiOQDGĎåND]QDN\QDNRQFLVDVWUiFDM~
Ɣ&RS\UHĢD]HFRGNRĐNR
ƔWiWRIXQNFLDYUiWLQRYêUHĢD]HFSRGUHĢD]HFS{YRGQpKR
ƔDNMHRGPLPRUR]VDKXYUiWLSUi]GQ\UHĢD]HFWM
QDSU
V FRS\
DEFGH
!V
EFG
V FRS\
DEFGH
!V
V FRS\
DEFGH
!V
FGH
ƔDNSRWUHEXMHPHSRGUHĢD]HFRGQHMDNpKRLQGH[XDåGRNRQFDQHPXVtPHY\SRþtWDĢSUHVQêSRþHW
DOHP{åHPHSRXåLĢNRQãWDQWXPD[,QWQDSU
V FRS\
DEFGH
PD[,QW
Ɣ3RVSRGUHĢD]HFUHĢD]HF
ƔWiWRIXQNFLDYUiWL]DþLDWRþQêLQGH[SUYpKRYêVN\WXSRGUHĢD]FDYUHĢD]FLDOHERDNVDYUHĢD]FL
SRGUHĢD]HFQHQDFKiG]DQDSU
L SRV
G
DEFGH
!L
L SRV
[
DEFGH
!L
L SRV
ED
DEDEDEDE
!L
3RGSURJUDP\QDUHĢD]FRFK
SURJUDP]LVWtSRþHWYãHWNêFKYêVN\WRYSRGUHĢD]FDYUHĢD]FL
YDU
VSVWULQJ
LMSRFLQWHJHU
EHJLQ
SRF M
UHSHDW
L SRVSFRS\VM0D[,QW
LIL!WKHQEHJLQLQFSRFM MLHQG
XQWLOL
HQG
3R]QiPND
ƔYãLPQLWHVLSRXåLWLHLQHMNRQãWUXNFLHF\NOXDWRF\NOXUHSHDW
ƔWHQWRF\NOXVRSDNRYDQHY\NRQiYDWHORF\NOXSUtND]\PHG]LVORYDPLUHSHDWDXQWLODSRNDåGRPWDNRPWR
ƔXYHGRPWHVLåHWHORF\NOXVDY\NRQiYåG\DVSRĖUD]DMNHćMHSRGPLHQNDKQHćQD]DþLDWNXVSOQHQi
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
SUtNODGYãHWN\YêVN\W\]QDNX
QDKUDć
UHSHDW
L SRV
V
LIL!WKHQV FRS\VL
FRS\VL0D[,QW
XQWLOL
1'Ò
Ɣ Y\ULHãWHDMSUHSUtSDGåHYãHWN\YêVN\W\
VDQDKUDGLD
YVXQXW~PHG]HUXXåQHQDKUiG]D
Ɣ XNiåHPHDNRE\VPHPRKOLVDPLQDSURJUDPRYDĢQDSUIXQNFLXSRV
XNiåNDIXQNFLHSRV
3R]QiPND
ƔYRZKLOHSRGPLHQNH]DþLDWRþQtFLĐ~ELD]DSLVRYDĢQDVLHO IDOVHMHWRãNDUHGpUDGãHM]DSLVXMHPHQRW
QDVLHO
ƔSULUDGHQLHQDVLHO S FRS\V5HVXOWOHQJWKS]DþLDWRþQtFLV~QLHNHG\VFKRSQt]DStVDĢ
)XQNFLDGHOHWHVRGNRONR
Ɣ ]PHQtUHĢD]HFVWDNåHY\SXVWtNRONR]QDNRY]S{YRGQpKRVRGSR]tFLHRG
XNiåNDIXQNFLHGHOHWH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
SURFHGXUHGHOHWHYDUVVWULQJRGNRONRLQWHJHU
EHJLQ
V FRS\VRGFRS\VRGNRONR0D[,QW
HQG
3URFHG~UDLQVHUWFRVRG
Ɣ YORåtSRGUHĢD]HFFRGRUHĢD]FDVRG]DGDQHMSR]tFLHRG
XNiåNDSURFHG~U\LQVHUW
SURFHGXUHLQVHUWFRQVWFRVWULQJYDUVVWULQJRGLQWHJHU
EHJLQ
V FRS\VRGFRFRS\VRG0D[,QW
HQG
3URFHG~UDVWUþtVORV
Ɣ SUHYRGþtVODQDUHĢD]HF
Ɣ QDSU
VWUV!V
QDãD]MHGQRGXãHQiYHU]LD
SURFHGXUHVWUFLQWHJHUYDUVVWULQJ
YDU
]QDPERROHDQ
EHJLQ
]QDP FLI]QDPWKHQF F
V
UHSHDW
V FKUFPRGRUG
V
F FGLY
XQWLOF
LI]QDPWKHQV
V
HQG
3URFHG~UDYDOVFLVORRN
Ɣ SUHYRGUHĢD]FDQDþtVOR
Ɣ QDSU
YDO
LRN!L RN SUHYRGEROYSRULDGNX
YDO
LRN!L "RN SR]tFLDYUHĢD]FLNGHERODFK\EDSULSUHYRGH
YDO
LRN!L "RN
YDO
LRN!L "RN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
QDãD]MHGQRGXãHQiYHU]LD
SURFHGXUHYDOFRQVWVVWULQJYDULRNLQWHJHU
YDU
SLQWHJHU
]QDPERROHDQ
EHJLQ
S L ]QDP V>@
LI]QDPWKHQS
ZKLOHS OHQJWKVDQGV>S@!
DQGV>S@
GREHJLQ
L L
RUGV>S@RUG
LQFS
HQG
LIS!OHQJWKVWKHQEHJLQRN LI]QDPWKHQL LHQG
HOVHRN S
HQG
1'Ò
Ɣ SUHSURJUDPXMWHVWUDMYDODE\SUDFRYDOLSUHUHiOQHþtVOD
3UtNODG=DNDåGê]QDNYUHĢD]FLSULGDM
QDMSUYFK\EQpULHãHQLH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
IRUL WROHQJWKVGR5HVXOW 5HVXOWV>L@
HQG
1'Ò
Ɣ1DStãWHIXQNFLX8S&DVH6WUNWRUiSUHUREtYUHĢD]FLPDOpStVPHQiQDYHĐNp
Ɣ1DStãWHSURFHG~UX&HQWHUNWRUiFHQWUXMHUHĢD]HFQDXGDQ~ãtUNX
SURFHGXUH&HQWHUYDUVVWULQJVLUNDE\WH
Ɣ1DStãWHIXQNFLXNWRUiSUHYVWXSQêUHĢD]HFVGYRPDVORYDPLRGGHOHQêPLPHG]HURXY\WYRUtUHĢD]HFNWRUê
PiWLHWRVORYiYRSDþQRPSRUDGtQDSUNUVWQpPHQRDSULH]YLVNR
'HOSKLPiSUHGGHILQRYDQpWLHWRXåLWRþQpIXQNFLHYSURJUDPHPXVtE\ĢXVHV
6\V8WLOV
RSODWtVDVQLPL]R]QiPLĢDSRXåtYDĢLFKP{åHWHVLLFKFYLþQHQDSURJUDPRYDĢDMVDPLDNR1'Ò
7LHå'HOSKLSRQ~NDM~WLHWRIXQNFLHQDSUiFXVRV~ERUPL
WLHWRIXQNFLHYUiWLDWUXHDNSUHEHKOLEH]FK\E\DNQiVFK\EQêYêVOHGRNQH]DXMtPDP{åHPHWLHWRIXQNFLH
YRODĢDNRNHE\WREROLSURFHG~U\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
'VOLDJF
[OBLPWÏSFǬB[DF
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
6. Polia
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔSR]QiPHQLHNWRUpMHGQRGXFKpW\S\LQWHJHUFKDUERROHDQDUHDO
❍SR]QiPHDMQLHNWRUp]ORåHQpW\S\VWULQJD7H[W)LOHSUDYGHSRGREQHDMREMHNWNRU\WQDþNDMH
]ORåHQêW\S
þRVDEXGHPHGQHVXþLĢ
Ɣ]R]QiPLPHVDVQRYêPMHGQRGXFKêPW\SRPLQWHUYDODVQRYêP]ORåHQêPW\SRPSROH
ƔQDXþtPHVDDNRVDSUDFXMHVSRĐRPNWRUpMHSDUDPHWURPSRGSURJUDPX
ƔXYLGtPHSUtNODG\QDSROHNRU\WQDþLHN
7\SLQWHUYDO
ƔLQWHUYDOMHRGYRGHQê]Ei]RYpKRW\SXWHQWRP{åHE\ĢOHQRUGLQiOQ\W\S
ƔQDSULQWHJHUDNRQãWDQW\Ei]RYpKRW\SX
ƔGHILQRYDQLHPLQPD[NGHPLQ PD[
ƔSUHEHUiYODVWQRVWLDRSHUiFLHEi]RYpKRW\SXLQWHUYDOMHRUGLQiOQ\W\S
ƔSUHPHQQiNWRUiMHWRKWRW\SXP{åHQDGRE~GDĢOHQKRGQRW\]LQWHUYDOX
ƔQHSULDPDGHILQtFLD
YDU[
ƔSULDPDGHILQtFLDYRGVHNXGHILQtFLHW\SRY
W\SH
LQWHUYDO W\SHLGHQWLILNiWRUBW\SX SRSLVBW\SX
FHOH LQWHJHU
PDOH E\WH
PSLV
D
]
FLIU\
Ɣ QLHNWRUpMHGQRGXFKpW\S\SUHGHILQRYDQpY3DVFDOH
W\SH
,QWHJHU
/RQJLQW NY{OLNRPSDWLELOLWHV7XUER
SDVFDORP
6PDOOLQW
6KRUWLQW
%\WH
:RUG
&DUGLQDO
,QW
&KDU
W\SHSROH DUUD\>W\SBLQGH[X@RIW\SBSUYNRY
ƔYãHWN\SUYN\SRĐDV~URYQDNpKRW\SX SROHVDVNODGi]YHĐDMHGQRGXFKãtFKSUHPHQQêFK
ƔWLHWRSUHPHQQpV~SUtVWXSQpFH]LQGH[VHOHNWRYDQLH
ƔW\SBLQGH[XĐXERYRĐQêRUGLQiOQ\W\S
ƔW\SBSUYNRYĐXERYRĐQêW\S
ƔXåQHSODWtåHFHOiãWUXNW~UDPXVt]DEHUDĢPHQHMDNR.%DNRWRERORY7XUERSDVFDOH
ƔREPHG]HQLHQDYHĐNRVĢMHOHQWDNpDE\WR]YOiGDO:LQGRZVDWHQEH]SUREOpPRY]YOiGQHGRVĢYHĐD0%
Ɣ'HOSKLGRYROt]DGHNODURYDĢPD[LPiOQH*%ãWUXNW~UXDOH:LQGRZVPiNGLVSR]tFLLSUHDSOLNiFLX
YlþãLQRXOHQQLHNRĐNR0%
DUUD\>LQWHJHU@RIE\WH]DEHUiSUHVQH*%WRMHXåYHĐD
DUUD\>E\WH@RILQWHJHU.%%
DUUD\>FKDU@RIERROHDQ.%%
]DSDPlWDMWHVL
EDMWRY
Ɣ*% JLJDEDMW 0%
.%
% EDMWRY
WURFKXYLDFDNRPLOLDUGDEDMWRY
ƔSRþHWSUYNRYSRĐDPXVtE\Ģ]QiP\SULNRPSLOiFLL
ƔYãHWN\SUYN\SRĐDVDQHGDM~QDUD]QDþtWDĢDQLY\StVDĢMHGLQêPSUtND]RPUHDGZULWHWUHEDWRUR]StVDĢ
QDSUSRPRFRXIRUF\NOX
Ɣ 3UtNODG3URJUDPNWRUêRNDåGRPSUYNXQDþtWDQpKRSRĐDY\StãHþLMHMHKRKRGQRWDQDGSULHPHURPDOHER
SRGSULHPHURPYãHWNêFKYVWXSQêFKSUYNRYUHVSþLMHWRSULHPHU
MHGQRGXFKiSUiFDVSRĐRPFHOêFKþtVHO
FRQVW
PD[
W\SH
LQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU
SSROH
LLQGH[
VLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
IRUL WRPD[GRUHDGWS>L@
&ORVH)LOHW
$VVLJQ)LOHW
Y\SLVW[W
5HZULWHW
V
IRUL WRPD[GRLQFVS>L@
ZULWHOQW
3ULHPHU
VPD[
IRUL WRPD[GR
LIS>L@VPD[WKHQZULWHOQWS>L@
SRG
HOVHLIS>L@!VPD[WKHQZULWHOQWS>L@
QDG
HOVHZULWHOQWS>L@
SULHPHU
&ORVH)LOHW
HQG
QLHNRĐNRY\OHSãHQt
ƔWLHWRIXQJXM~SUHW\SDOHERSUHPHQQ~W\SXSROHDOHDMSUHĐXERYRĐQpRUGLQiOQHW\S\DSUHPHQQp
ƔIXQNFLDKLJKYUiWLSUHSROHLQGH[PD[LPiOQHKRSUYNXSUHRUGLQiOQ\W\SYUiWLPD[LPiOQXKRGQRWX
ƔIXQNFLDORZYUiWLSUHSROHLQGH[PLQLPiOQHKRSUYNXSUHRUGLQiOQ\W\SYUiWLPLQLPiOQXKRGQRWX
ƔIXQNFLDOHQJWKIXQJXMHOHQSUHSROHDVWULQJSUHSROHYUiWLSRþHWSUYNRYSUHVWULQJPRPHQWiOQX
GĎåNX
ƔYãLPQLWHVLåHS>L@VPD[VPHQDKUDGLOLS>L@
OHQJWKSVWHQWRSRþtWDWRLVWpDOHSUDFXMHOHQY
FHOêFKþtVODFK
EH]SRXåLWLDUHiOQHMDULWPHWLN\
W\SH
SROH DUUD\>@RILQWHJHUSRþHWSUYNRYMH
YDU
SSROH
LVLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
IRUL ORZSWRKLJKSGRUHDGWS>L@
&ORVH)LOHW
$VVLJQ)LOHW
Y\SLVW[W
5HZULWHW
V
IRUL ORZSWRKLJKSGRLQFVS>L@
ZULWHOQW
3ULHPHU
VOHQJWKS
IRUL ORZSWRKLJKSGR
LIS>L@
OHQJWKSVWKHQZULWHOQWS>L@
SRG
HOVHLIS>L@
OHQJWKS!VWKHQZULWHOQWS>L@
QDG
HOVHZULWHOQWS>L@
SULHPHU
&ORVH)LOHW
HQG
3ROLDDNRSDUDPHWUHSRGSURJUDPRY
ƔIRUPiOQHSDUDPHWUHW\SXSROHP{åXE\ĢWURFKW\SRY
ƔYDUSDUDPHWHUQHY\KUDG]XMHVDåLDGQDQRYiSDPlĢDOHSRGSURJUDPSULDPRPDQLSXOXMHVR
VNXWRþQêPSDUDPHWURP
ƔFRQVWSDUDPHWHUSRGREQHDNRYDUSDUDPHWHUOHQVDQiPQHGRYROtYSRGSURJUDPHWRWDNpKRWR
SRĐDSULUDćRYDĢ
ƔKRGQRWRYêSDUDPHWHUSULYRODQtSRGSURJUDPXVDY\WYRUtGXSOLNiWFHOpKRSRĐDURYQDNHMYHĐNRVWLD
YêSRþHWYHĐPLPtĖDSDPlĢSUHORNiOQHSUHPHQQpDþDVWRSURJUDPQDWRPWRDMKOiVLFK\E\
ƔSULGHILQRYDQtIRUPiOQ\FKSDUDPHWURYQHVPLHPHQHSULDPRGHILQRYDĢQRYêW\SWMP{åHPHXYiG]DĢOHQ
LGHQWLILNiWRU\W\SRY
ƔY\KUDGLDVDYãHWN\ORNiOQHSUHPHQQpDMKRGQRWRYpIRUPiOQHSDUDPHWUH
ƔY\KUDGtVDMHGQDãSHFLiOQDORNiOQDSUHPHQQi5HVXOWNWRUiMHURYQDNpKRW\SXDNRW\S
IXQNFLHWHGDSROHWiWRSUHPHQQiPi]DWLDĐQHGHILQRYDQ~KRGQRWX
ƔSRVNRQþHQtYêSRþWXIXQNFLHVD]DEXGQ~XYROQLDYãHWN\ORNiOQHSUHPHQQpOHQKRGQRWD
5HVXOWVDVWDQHYêVOHGNRPFHOHMIXQNFLH
3UtNODGSURFHG~UDSUHVXQNWRUiSUHV~YDSUYN\SRĐDEGRSRĐDD
W\SH
LQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU
[\SROH
SURFHGXUHSUHVXQYDUDSROHESROH
EHJLQ
D E
HQG
EHJLQ
SUHVXQ[\
HQG
1DStãHPHSURJUDPNWRUê
ƔQiKRGQHJHQHUXMHGRSRĐD;SUYN\]LQWHUYDOXQ
ƔY\StãHSROH;
ƔSUHVXQLHSROH;GRSRĐD<]YêãLKRGQRW\YSROL<RDY\StãHSROH<
SURFHG~U\DIXQNFLHVSROLDPL
W\SH
SROH DUUD\>@RILQWHJHU
SURFHGXUHY\SLVYDUW7H[W)LOHFRQVWSSROH
YDU
LLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGRZULWHWS>L@
ZULWHOQW
HQG
SURFHGXUHSUHVXQYDUDSROHFRQVWESROH
EHJLQ
D E
HQG
SURFHGXUHLQFYDUDSROH
YDU
LLQWHJHU
EHJLQ
IRUL ORZDWRKLJKDGRD>L@ D>L@V\VWHPLQFD>L@
HQG
YDU
[\SROH
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
Y\SLVW[W
5HZULWHW
UDQGRPL]H
[ QDKRGQH
Y\SLVW[
SUHVXQ\[
LQF\
Y\SLVW\
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
FLVODW[W
HQG
Ɣ YãLPQLWHVLåHVPHY\WYRULOLIXQNFLXLQFQD]YêãHQLHKRGQ{WSUYNRYYSROLWêPVPHSUHNU\OLS{YRGQê
ãWDQGDUGQêLGHQWLILNiWRUIXQNFLHLQFDSUHWRKRXåYS{YRGQRPYê]QDPHSRXåtYDĢQHP{åHPHY
NRPHQWiULP{åHWHYLGLHĢDNRVDWHQWRSUREOpPDMWDNGiRGVWUiQLĢ
&K\EQpSRXåLWLHW\SRY
SURFHGXUHDEDUUD\>@RIFKDU
ӒW\SIRUPiOQHKRSDUDPHWUDEQLHMHLGHQWLILNiWRU
SURFHGXUH[\
ӒW\SIRUPiOQHKRSDUDPHWUD\QLHMHLGHQWLILNiWRU
ӒW\SIXQNFLHPXVtE\Ģ]DGDQêLGHQWLILNiWRURPW\SX
3ROH]QDNRY
W\SHSROH DUUD\>@RIFKDU
SROLD]QDNRYGR]QDNRYMHPRåQpY\StVDĢSRPRFRXZULWHOQ
YDUVSROH
EHJLQ
V
DEFGHIJKLM
SRYROHQpSULUDGHQLHSUHVQHMGĎåN\DNRMHGHNODURYDQi
LQDN7\SHPLVPDWFKQDSUV
DEF
Ɣ SROH]QDNRYVDQHGiQDUD]FHOpQDþtWDĢSRPRFRXUHDG
Ɣ YêQLPNDSROHDUUD\>Q@RIFKDU3DVFDOFKiSHDNR1XOOWHUPLQDWHGVWULQJDSRWRPUHDGYLH
þtWDĢDMVWULQJ\NWRUpV~NUDWãLHDXNRQþtLFKQHVN{UXYLGtPHSRXåLWLHDMWDNêFKWR]QDNRYêFKUHĢD]FRY
3ROLDNRU\WQDþLHN
ƔQNRU\WQDþLHNY\JHQHUXMHPHYHGĐDVHEDQDYRGRURYQHMSULDPNH
ƔNDåGHMQDVWDYtPHLQêXKRO
ƔYãHWN\QDUD]QDNUHVOLDNUXåQLFX
SRPDOiYHU]LD
FRQVW
Q
YDU
LMLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGR
N>L@ 7.RU&UHDWH
LL
IRUM WRGR
IRUL WRQGREHJLQ
N>L@'RSUHGXN>L@9SUDYR
FDNDM
HQG
HQG
]UêFKOHQLHSURJUDPX
FRQVW
Q
YDU
LMLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWH
LL
N>L@+3
HQG
IRUM WRGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
HQG
FDNDM
HQG
HQG
3R]QiPND
ƔQRYêSDVFDORYVNêSUtND]ZLWKYRYQ~WULQHKRVDSUHGQRVWQHSUDFXMHVGDQRXNRU\WQDþNRX
ƔþRVDVWDQHDNVDQDY]iMRPSUHKRGLDGYDIRUF\NO\VLDM"
Ɣ]YOiGQHWRDMQDSUNRU\WQDþLHNDOHWUHEDLFK]DKXVWLĢ7.RU&UHDWH
L
-HGQRGXFKiDQLPiFLDSRPRFRXNRU\WQDþLHN
Ɣ SUHGFKiG]DM~FLSUtNODGWDNWRMHGQRGXFKRSR]PHQtPH
ƔF\NOXVIRUQDKUDGtPHQHNRQHþQêPZKLOHWUXHGR
ƔVN{UDNRVDYãHWN\NRU\WQDþN\SRKQ~RPDOêNURNDRWRþLD]PDåHPHREUD]RYNXWMQDREUD]RYNH
RVWiYDOHQSRVOHGQiVWRSD
NU~åHQLHNRU\WQDþLHN
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWH
LL
N>L@+3
HQG
ZKLOHWUXHGREHJLQ
]PD]
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
HQG
FDNDM
HQG
HQG
Ɣ P{åHPHVWRXWRLGHRXU{]QHH[SHULPHQWRYDĢ
ƔNRU\WQDþN\RNUHPWRKRåHSUHMG~QHMDNêPDOêNURNP{åXSRSULWRPQLHþRNUHVOLĢ
ƔNDåGiNRU\WQDþNDVDP{åHRWiþDĢRLQêXKRO
ƔP{åHPHJUDILFNHMSORFKH]PHQLĢIDUEXSR]DGLD
]UêFKOHQiYHU]LD
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWH
LL
N>L@+3
N>L@)3 FO<HOORZ
HQG
ZKLOHWUXHGREHJLQ
]PD]FO1DY\
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX'RSUHGX9SUDYRLQ
HQG
FDNDM
HQG
HQG
ĆDOãtSUtNODG
ƔYWRPWRSUtNODGHNRU\WQDþN\QHY\JHQHUXMHPHQDMHGQHMSULDPNHDOHURYQRPHUQHQDNUXåQLFL
ƔQDMSUYLFKYãHWN\Y\WYRUtPHYVWUHGHSORFK\NDåG~QDWRþtPHLQêPVPHURPDSRWRPVR]GYLKQXWêP
SHURPSUHMG~QHMDN~URYQDN~Y]GLDOHQRVĢ
ƔSRXåLOLVPHYODVWQRVĢNRU\WQDþN\6PHUSRPRFRXNWRUHMP{åHPHQDVWDYRYDĢDEVRO~WQHQDWRþHQLH
NRU\WQDþN\
NRU\WQDþN\QDNUXåQLFL
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RI7.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWH
ZLWKN>L@GREHJLQ
+3 )3 FO%OXH
3+6PHU Q
L'RSUHGX3'
6PHU 6PHU
HQG
HQG
ZKLOHWUXHGREHJLQ
]PD]
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
HQG
FDNDM
HQG
HQG
1'Ò
ƔYSUHGFKiG]DM~FRPSUtNODGHNRU\WQDþN\QHEXG~NUHVOLĢPDOêNURNDOHQDNUHVOLD~VHþN\WDNDE\EROL
F\NOLFN\SRVSiMDQp
ƔH[SHULPHQWXMWHVU{]Q\PLQDVWDYHQLDPLSRþLDWRþQêFKVPHURYNRU\WQDþLHNQDPLHVWR6PHU 6PHU
NRU\WQDþN\VDQDKiĖDM~
Ɣ QNRU\WQDþLHNY\JHQHUXMHPHQDQiKRGQêFKSR]tFLiFK
Ɣ YNDåGRPNURNXVDNDåGiNRU\WQDþNDSRVXQLHRY]GLDOHQRVWLNVYRMHMQDVOHGRYQtþNHSRVOHGQiVD
SRVXQLHNSUYHM
QDKiĖDþND
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RI7.RU
[[\\UHDO
EHJLQ
UDQGRPL]H
]PD]QDVWDYLDVDSUHPHQQpVLUNDDY\VND
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWHUDQGRPVLUNDUDQGRPY\VND
N>L@+3
N>L@)3 UDQGRP
HQG
ZKLOHWUXHGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
[[ N>LPRGQ@;\\ N>LPRGQ@<
6PHU 6PHURP[[\\
'RSUHGX9]G[[\\
HQG
FDNDM
HQG
HQG
ƔYãLPQLWHVLSRXåLWHLPRGQ
ƔSRXåLOLVPHQRY~NRU\WQDþLXIXQNFLX6PHURPNWRUiY\SRþtWDDEVRO~WQ\XKRORGNRU\WQDþN\NQHMDNpPX
ERGXYURYLQH
ƔYWRPWRSUtNODGHE\ERODVLOHSãtNRQHþQêF\NOXVQDPLHVWRZKLOHWUXHGRNHćåHSRQHMDNRPþDVHVD
YãHWN\NRU\WQDþN\VWUHWQ~YMHGQRPERGH
ƔSURJUDPWURFKXXSUDYtPHNRU\WQDþN\RNUHPWRKRåHSUHMG~Y]GLDOHQRVWLNXVYRMHMQDVOHGRYQtþNH
QDNUHVOLDNQHMDMVSRMQLFX
NRU\WQDþN\NUHVOLD]DXMtPDYpREUD]FH
FRQVW
Q
YDU
LMLQWHJHU
NDUUD\>Q@RI7.RU
[[\\GUHDO
EHJLQ
]PD]FO%ODFN
UDQGRPL]H
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWHUDQGRPVLUNDUDQGRPY\VND
N>L@+3
N>L@)3 UDQGRP
HQG
IRUM WRGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
[[ N>LPRGQ@;\\ N>LPRGQ@<G 9]G[[\\
6PHU 6PHURP[[\\
GRSUHGXG'RSUHGXGG
HQG
FDNDM
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ ãWUXNW~URYDQêW\SSROHMH]ORåHQê]SUYNRYURYQDNpKRW\SXSULVWXSXMHPHNQLPSRPRFRXLQGH[X
þRVDEXGHPHGQHVXþLĢ
ƔNRPSRQHQWHGLWRYDFtULDGRN
ƔQRYê]ORåHQêW\S]i]QDPNWRUêVDP{åHVNODGDĢVSUYNRYU{]Q\FKW\SRYSULVWXSXMHPHNQLP
SRPRFRXPHQD
ƔU{]QHPHWyG\KĐDGDQLDLQIRUPiFLHYXWULHGHQHMQHXWULHGHQHMWDEXĐNH
.RPSRQHQW(GLWHGLWRYDFtULDGRNNRPSRQHQW(GLW]RãWDQGDUGQHMSDOHW\NRPSRQHQWRY
ƔVO~åLQDLQWHUDNWtYQH]DGiYDQLH]QDNRYpKRUHĢD]FDGRSURJUDPX
❍SRþDVEHKXSURJUDPXP{åHSRXåtYDWHĐGRWRKWRULDGNDStVDĢUHVSXSUDYRYDĢQHMDNêWH[W
❍SURJUDPP{åH]LVWLĢREVDKULDGNDUHVSKRPHQLĢ
ƔSUHQiVQDMG{OHåLWHMãRXVWDYRYRXSUHPHQQRXEXGH7H[WYQHMVDQDFKiG]DPRPHQWiOQ\REVDK
HGLWRYDFLHKRULDGND
❍MHW\SXVWULQJ
SRXåtYDWHĐNWRUêHGLWXMHWHQWRULDGRNVWODþtQHMDNêNOiYHVQDNOiYHVQLFLStVPHQiþtVOLFHãSHFLiOQH
]QDN\DNR(QWHU(VFDSRG
Ɣ P{åHPHRWHVWRYDĢSRPRFRX
ƔYRIRUPXOiULEXGHWH[WRYpRNQR0HPRWODþLGOR%XWWRQDHGLWRYDFtULDGRN(GLW
Ɣ ]DWODþHQLHWODþLGODSUHNRStUXMHREVDKHGLWRYDFLHKRULDGNDGRWH[WRYHMSORFK\HGLWRYDFtULDGRN
SRWRPY\þLVWt
WHVWHGLWRYDFLHKRULDGND
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR/LQHV$GG(GLW7H[W
(GLW7H[W
(GLW6HW)RFXV
HQG
ƔERORE\GREUHNHE\VPHSRNDåGRP]DGDQtWH[WXQHPXVHOLNOLNDĢQDWODþLGORDOHIXQJRYDORE\DM
]DWODþHQLHNOiYHVX(QWHU
ƔSULGiPHVSUDFRYDQLHXGDORVWLRQ.H\3UHVVSUH(GLW
GYRMNOLNQHPH2Q.H\3UHVVY\WYRUtVDPHWyGD(GLW.H\3UHVVWiWRPHWyGDVD]DYROiYåG\NHć
VDEXGHQLHþR]DSLVRYDĢGRHGLWRYDFLHKRULDGNDQiVYãDNEXGH]DXMtPDĢOHQNOiYHV(QWHU!V
NyGRP
SRVWODþHQt(QWHUVD]DWODþtWODþLGOR%XWWRQ
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
EHJLQ
LI.H\ WKHQ%XWWRQ&OLFN
HQG
7\S]i]QDPUHFRUG
ƔSUHPHQQiW\SX]i]QDPVDVNODGi]RVYRMLFKV~NURPQêFKSUHPHQQêFK
ƔSUtVWXSSRPRFRXPHQDSRORåN\VHOHNWRU
ƔVFHOêP]i]QDPRPQLHMHSRYROHQêDQLYVWXSDQLYêVWXSOHQSRSRORåNiFK
ƔSULUDGHQLHMHSRYROHQpOHQLGHQWLFNpKRW\SXDNRSUHSROLD
ƔP{åXE\ĢSRXåLWpDNRSDUDPHWUHSURFHG~UUHVSYêVOHGRNIXQNFLH
QDSU
W\SH
]D]QDP UHFRUG
PHQRDUUD\>@RIFKDUEDMWRY
URFQLNEDMW
SULHPHUUHDOEDMWRY
HQG
Ɣ YSDPlWLV~SRORåN\XORåHQpWHVQH]DVHERX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
DSUDFXMHPHVQLPLWDNWR
YDU
]]D]QDP
EHJLQ
]PHQR
-DQ+UDVNR
]URFQLN
]SULHPHU
HQG
W\SYHNWRU
W\SH
YHNWRU UHFRUG[\UHDOHQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
YYYHNWRU
UUHDO
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
EHJLQ
Y 6WU7R9HNWRU(GLW7H[W
0HPR/LQHV$GG
YHNWRU
YHNWRU7R6WUY
0HPR/LQHV$GG
GO]ND
)ORDW7R6WUGO]NDY
HQG
Ɣ YSURJUDPHSUHGSRNODGiPHåHYRIRUPXOiULMH(GLW(GLW0HPRD%XWWRQ9HNWRU]DGiPHGR(GLWD
XKROGR(GLWQDSU
1'Ò
Ɣ XUREWHNRPSOHWQ~YHNWRURY~DULWPHWLNXSRVXQ\]YlþãRYDQLH]PHQãRYDQLHVNDOiUQ\V~þLQ]LVWHQLHXKOD
PHG]LGYRPDYHNWRUPLDSRG
3UtNODG
3RVWXSQHQDQLHNRĐNRNURNRYEXGHPHULHãLĢWDNêWRSUtNODGYWH[WRYRPV~ERUHPiPH]DGDQpQHMDNp
LQIRUPiFLHRPHVWiFKQDPDSH=DWLDĐQiV]DXMtPDM~OHQSUYpWULKRGQRW\]NDåGpKRULDGNDDWRPHQR
UHĢD]HFXNRQþHQê
DV~UDGQLFH[D\QDREUD]RYNHRGGHOHQpPHG]HURX
1DMSUYSUHþtWDPHWLHWRLQIRUPiFLHGRSRĐD
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
ZKLOH]!
GREHJLQ
PHQR PHQR]UHDGW]
HQG
UHDGOQW[\
HQG
HQG
FRQVW
PD[
YDU
SDUUD\>PD[@RILQIR
SRFHWLQWHJHUSRþHWQDþtWDQêFKSUYNRYYSROLS
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWSRFHW
ZKLOHQRW6HHN(RIWGREHJLQ
LQFSRFHWS>SRFHW@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRSRFHWGR
ZLWKS>L@GR
0HPR/LQHV$GG,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
HQG
1'Ò
Ɣ RNUHPPHQDDV~UDGQtFMHYNDåGRPULDGNXV~ERUXDMLQIRUPiFLDRSRþWHRE\YDWHĐRYDþtVHOQêNyGãWiWX
GRNWRUpKRWRWRPHVWRSDWUtQDSUý5 65 «±GRSOĖWHWRGRGHNODUiFLHW\SXDDMGRSURJUDPX
ƔĆDOãLD~ORKDQDREUD]RYNHY\WYRUtPHNRU\WQDþN\QDSR]tFLiFKPLHVWY\StãHPHNXQLPLFKPHQiD
EXGHPHRþDNiYDĢ]DGiYDQLHGYRMtFPLHVW±DNWREXG~NRUHNWQpPHQiWDNLFKVSRMtPHþLDURX
Ɣ1DNRĐNREXGHPHćDOHMKĐDGDĢLQIRUPiFLHRPHVWHSRGĐDMHKRPHQDQDStãHPHVLSRPRFQ~IXQNFLXQD
KĐDGDQLH
YUiWLEXćLQGH[GRSRĐDQDOHERDNUHĢD]HFYSROLQHQiMGH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
Ɣ GRIRUPXOiUDXPLHVWQLPH,PDJH%XWWRQ(GLWD0HPR
Ɣ YSURJUDPHVLYãLPQLWHYQRUHQpSUtND]\ZLWK
WHUD]NRPSOHWQêSURJUDP
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
FRQVW
PD[
YDU
SDUUD\>PD[@RILQIR
SRFHWLQWHJHU
NDUUD\>PD[@RI7.RU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
LLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWSRFHW
ZKLOHQRW6HHN(RIWGREHJLQ
LQFSRFHWS>SRFHW@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRSRFHWGR
ZLWKS>L@GR
0HPR/LQHV$GG,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
IRUL WRSRFHWGREHJLQ
ZLWKS>L@GRN>L@ 7.RU&UHDWH[\
ZLWKN>L@GREHJLQ
+3 )3 FO*UHHQ'RSUHGX
+3 )3 FO%ODFN
,PDJH&DQYDV%UXVK6W\OH EV&OHDUWH[WPiSULHVYLWQpSR]DGLH
3LVS>L@PHQR
HQG
HQG
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
LLLLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W(GLW7H[W
L SRV
V
LIL!WKHQEHJLQ
L KODGDMFRS\VL
L KODGDMFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKN>L@GREHJLQ
ZLWKS>L@GR=PHQ;<[\
ZLWKS>L@GR=PHQ;<[\
HQG
HQG
HQG
ãWUXNW~UDWDEXĐND
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
FRQVW
PD[
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
WDEXOND UHFRUG
SRFHWPD[
SDUUD\>PD[@RILQIR
NDUUD\>PD[@RI7.RU
HQG
UHDGW]
ZKLOH]!
GREHJLQ
PHQR PHQR]UHDGW]
HQG
UHDGOQW[\
HQG
HQG
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
EHJLQ
ZLWKWDEGREHJLQ
LQFSRFHWS>SRFHW@ SS
HQG
HQG
YDU
WDEWDEXOND
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
W7H[W)LOH
EHJLQ
WDESRFHW LQLFLDOL]iFLDWDEXĐN\
$VVLJQ)LOHW
PHVWDW[W
5HVHWW
ZKLOHQRW6HHN(RIWGR
]DUDGWDE&LWDM5LDGRNW
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
&ORVH)LOHW
IRUL WRWDESRFHWGR
ZLWKWDES>L@GREHJLQN>L@WXHãWHQHH[LVWXMH
N>L@ 7.RU&UHDWH[\
ZLWKN>L@GREHJLQ
+3 )3 FO*UHHQ'RSUHGX
+3 )3 FO%ODFN
,PDJH&DQYDV%UXVK6W\OH EV&OHDU
3LVS>L@PHQR
HQG
HQG
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
LLLLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W
L SRV
V
LIL!WKHQEHJLQ
L KODGDMWDEFRS\VL
L KODGDMWDEFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKWDEN>L@GREHJLQ
ZLWKS>L@GR=PHQ;<[\
ZLWKS>L@GR=PHQ;<[\
HQG
HQG
(GLW6HO6WDUW
(GLW6HO/HQJWK /HQJWKV
HQG
ƔQDWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢV~ERUPHVWDW[WDDNRSRGNODGSUH,PDJHSRXåLWHELWPDSX
PDSDEPS
ƔMHYHĐPLG{OHåLWpVSUiYQHFKiSDĢDDMSRXåtYDĢSUtND]ZLWKYãLPQLWHVLULDGRNZLWKWDEN>L@GRWRWRMH
VNUiWHQêWYDUNRQãWUXNFLHZLWKWDEGRZLWKN>L@GRDNE\WXQHERODþLDUNDDOHERGNDZLWKWDEN>L@GR
WDNYRYQ~WULZLWKE\VPHPXVHOLNXS>L@DS>L@StVDĢWDEWMWDES>L@DWDES>L@
QDVOHGXM~FH]iSLV\]QDPHQDM~WRLVWp
ZLWKWDEN>L@GREHJLQ
ZLWKS>L@GR=PHQ;<[\
ZLWKS>L@GR=PHQ;<[\
HQG
DMWRWR
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
ZLWKWDEN>L@GREHJLQ
ZLWKWDES>L@GR=PHQ;<[\
ZLWKWDES>L@GR=PHQ;<[\
HQG
DMWRWR
ZLWKWDEGREHJLQ
N>L@=PHQ;<S>L@[S>L@\
N>L@=PHQ;<S>L@[S>L@\
HQG
DMWRWR
WDEN>L@=PHQ;<WDES>L@[WDES>L@\
WDEN>L@=PHQ;<WDES>L@[WDES>L@\
1'Ò
XNiåND]LVĢRYDQLDþDVXWUYDQLDSUtND]RY
YDU
WDEDUUD\>@RILQWHJHU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
FDV7'DWH7LPH
LLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
6FUHHQ&XUVRU FU+RXU*ODVV
FDV 1RZ]DSDPlWiVLPRPHQWiOQ\þDV
IRUL WRGRWHVWRYDQiþDVĢSURJUDPX
KODGDMUDQGRPPD[LQW
/DEHO&DSWLRQ &DV7R6WU1RZFDVY\StãHþDVWUYDQLDWHVWX
6FUHHQ&XUVRU FU'HIDXOW
HQG
ƔSRXåLOLVPHWXNRPSRQHQW/DEHONWRUêVO~åLOHQQDYêSLVMHGQRGXFKpKRWH[WXGRIRUPXOiUD
ƔWLHåVLP{åHWHYãLPQ~ĢåHIXQNFLXKODGDMVPHYRODOLDNRNHE\WRERODSURFHG~UDYWRPWRSUtSDGHVD
Y\YROiIXQNFLDDSRWRPVD]DKRGtMHMY\SRþtWDQêYêVOHGRN
ƔH[LVWXMHDMãWDQGDUGQiIXQNFLDSRGREQiQDãHM&DV7R6WUDWR7LPH7R6WUSRH[SHULPHQWXMWHVĖRX
ƔSRPRFRX6FUHHQ&XUVRUP{åHPHSRþDVGOKãLHWUYDM~FLFKYêSRþWRY]DSQ~ĢNXU]RUP\ãLQDWYDU
SUHVêSDFtFKKRGtQ
+ĐDGDQLHLQIRUPiFLtYWDEXĐNH
Ɣ $OJRULWPXVKĐDGDQLDP{åHPHY\OHSãLĢDNEXGHPHSUHGSRNODGDĢåHWDEXĐNDMHY]RVWXSQHXWULHGHQi
DEHFHGQHOH[LNRJUDILFN\
Y\OHSãHQpKĐDGDQLH
Ɣ]LVWLWHþREXGHIXQNFLDKODGDMY\KĐDGiYDĢDN]QHMY\KRGtPHSRGþLDUNQXW~þDVĢ
ƔXWULHGHQ~WDEXĐNXP{åHPHSUHKĐDGiYDĢDMRGNRQFD
KĐDGDQLHRGSRVOHGQpKRSUYNX
Ɣ 3UHGSRNODGDOLVPHåHWDEXĐNDMHXWULHGHQi±P{åHPHRSUDYLĢSURFHG~UX]DUDGQDSUWDNWR
]DUDćRYDQLHGRXVSRULDGDQHMWDEXĐN\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
YDU
LLQWHJHU
EHJLQ
ZLWKWDEGREHJLQ
L SRFHW
ZKLOHL!DQGS>L@PHQR!SSPHQRGREHJLQ
S>L@ S>L@GHFL
HQG
S>L@ SS
LQFSRFHW
HQG
HQG
Ɣ YQ~WRUQêZKLOHF\NOXVSRVXQLHSUYN\WDEXĐN\WDNDE\VDQRYiSRORåNDPRKOD]DVXQ~ĢQDVSUiYQHPLHVWR
Ɣ ]UHMPHSUHGSRNODGiPHåH]DUDćRYDQêSUYRNVDHãWHYWDEXĐNHQHQDFKiG]D
%LQiUQHY\KĐDGiYDQLH
Ɣ1DXþtPHVDQRYêW\SDOJRULWPXELQiUQHY\KĐDGiYDQLHSRGREQêDNRNHćKĐDGiPHYWHOHIyQQRP
]R]QDPH
ƔRWYRUtPHYVWUHGH]R]QDPXDNMHKĐDGDQpVORYRYDEHFHGHVN{UDNRVORYRYVWUHGHWDNEXGHPH
SRNUDþRYDĢYSUHGQHMSRORYLFL]R]QDPXLQDNYGUXKHMSRORYLFL
ƔRSlĢYRY\EUDQHMSRORYLFL]R]QDPXVDSR]ULHPHGRMHKRVWUHGXDSRURYQiPHVKĐDGDQêPVORYRP
ƔWDNWREXGHPHSRVWXSQHKĐDGDĢYPHQãRPDPHQãRP~VHNX]R]QDPXDåNêPQHQDUD]tPHQD
KĐDGDQpVORYR
ƔWUHEDVL]DSDPlWDĢåHWRIXQJXMHOHQDNMHSROHWDEXĐNDXWULHGHQi
DOJRULWPXVELQiUQHKRY\KĐDGiYDQLD
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
5ZQ[È[OBN
WZIǚBEÈWBOJF
Ɣ VQDåWHVDSRFKRSLĢUR]GLHO\PHG]LRERPDULHãHQLDPL
1'Ò
ƔSRGREQHDNRSUHGWêPRWHVWXMWHSULHPHUQêþDVQiMGHQLDSUYNX
ƔSRN~VWHVDPDWHPDWLFN\Y\SRþtWDĢPD[LPiOQ\þDVQDQiMGHQLHUHVSQD]LVWHQLHåHVDWDPSUYRN
QHQDFKiG]D
ƔYSUHGFKiG]DM~FRPSUtNODGHVPHVWDPLY\WYRUWHSURFHG~UXY\KRGNWRUiY\KRGt]WDEXĐN\GDQpPHVWR
]DFKRYiVDY]RVWXSQpXVSRULDGDQLHWDEXĐN\
ƔćDOHMY\WYRUWHY\KRGNWRUiY\KRGt]WDEXĐN\YãHWN\PHVWiPHG]LPDPYOH[LNRJUDILFNRP
XVSRULDGDQt
ƔSUHSURJUDPXMWH]DUDGWDNDE\VSUiYQXSR]tFLXQRYpKRPHVWDQDãLHOSRPRFRXELQiUQHKRY\KĐDGiYDQLD
WMQDPHQHMSRURYQDQtDDåSRWRPWDEXĐNXSRVXQXODWHGDY\WYRULOYRĐQpPLHVWRSUHQRYpPHVWR
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
8. Dvojrozmerné polia, obrázky
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔMHGQRUR]PHUQpSROLDSUYNRYURYQDNpKRW\SXQDSUMHGQRGXFKpW\S\DOHERNRU\WQDþN\
❍ãWUXNW~URYDQêW\S]i]QDP
þRVDEXGHPHGQHVXþLĢ
ƔXNiåHPHåHSUYNDPLSRĐDP{åXE\ĢUHĢD]FHDOHDMLQpSROLD
ƔXNiåHPHDNRVDSUDFXMHVREUi]NDPLYJUDILFNHMSORFKHEXGHPHSUDFRYDĢSRMHGQRWOLYêFK
SL[HORFKIDUHEQpERG\REUi]ND
ƔXYLGtPHQRYpYODVWQRVWLNRPSRQHQWRY
Ɣ0HPRSUiFDVULDGNDPLSRPRFRX6WULQJV>@
Ɣ,PDJHSUiFDVIDUHEQêPLERGNDPLSRPRFRX3L[HOV
Ɣ%XWWRQWH[WQDWODþLGOH7LWOH
ƔDWLHåVD]R]QiPLPHVQRYêPNRPSRQHQWRP(GLW
ƔXYLGtPHQLHNWRUpMHGQRGXFKpXGDORVWLRQ0RXVH0RYHRQ.H\3UHVV
3ROH]QDNRYêFKUHĢD]FRY
Ɣ~GDMRYiãWUXNW~UDSROHP{åHPDĢSUYN\ĐXERYRĐQpKRW\SXWHGDDM]QDNRYêUHĢD]HF
ƔVWDNêPLWRSUHPHQQêPLNWRUpV~SUYNDPLSRĐDVDSUDFXMHURYQDNRDNRVMHGQRGXFKêPLSUHPHQQêPLW\SX
UHĢD]HF
SURJUDPLOXVWUXMHSRXåLWLHSRĐD]QDNRYêFKUHĢD]FRY
YDU
W7H[W)LOH
SDUUD\>@RIVWULQJ
LMQLQWHJHU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
Q
ZKLOHQRWHRIWDQGQKLJKSGREHJLQ
LQFQUHDGOQWS>Q@
HQG
&ORVH)LOHW
IRUL WRQGR
IRUM WROHQJWKS>L@GR
LIM RUS>L@>M@
WKHQS>L@>M@ XSFDVHS>L@>M@
0HPR&OHDU
IRUL WRQGR
0HPR/LQHV$GGS>L@
HQG
Ɣ ]iSLVS>L@>M@R]QDþXMHMW\]QDNLWHKRUHĢD]FDP{åHPHWR]DStVDĢVNUiWHQHS>LM@
þDVĢSURJUDPXILOWUXMHPHG]HU\QD]DþLDWNXDNRQFLNDåGpKRUHĢD]FD
IRUL WRQGREHJLQ
M ZKLOHM /HQJWKS>L@DQGS>LM@
GRLQFM
GHOHWHS>L@M
M /HQJWKS>L@ZKLOHM! DQGS>LM@
GRGHFM
6HW/HQJWKS>L@M
HQG
Ɣ ]UHMPHWRWRLVWpE\VDGDORMHGQRGXFKãLH]UHDOL]RYDĢSRPRFRXãWDQGDUGQHMIXQNFLH7ULP
7H[WRYiSORFKD
Ɣ(ãWHVDYUiWLPHNXNRPSRQHQWXWH[WRYiSORFKD70HPR8åSR]QiPHPHWyG\
Ɣ0HPR/LQHV&OHDUY\þLVWtYãHWN\ULDGN\
Ɣ0HPR/LQHV$GG
QHMDNêWH[W
SULGićDOãtULDGRNVGDQêPWH[WRPQDNRQLHF
Ɣ0HPR/LQHV/RDG)URP)LOH
PHQRBV~ERUX
REVDKSORFK\QDKUDGtREVDKRP]DGDQpKR
V~ERUX
Ɣ1DULDGN\/LQHVWH[WRYHMSORFK\VDP{åHPHSR]HUDĢDNRQDMHGQRUR]PHUQpSROH]QDNRYêFKUHĢD]FRY
6WULQJV0HWyGD&OHDUWRWRSROHLQLFLDOL]XMHWM]UXãtYãHWN\SUYN\SRĐDDSUYêSUYRNVLQGH[RP
Y\SUi]GQL0HWyGD$GGSULGiQDNRQLHFWRKRWRSRĐDQRYêUHĢD]HF0RPHQWiOQ\SRþHWULDGNRY]LVWtPH
SRPRFRX0HPR/LQHV&RXQW3RPRFRX6WULQJVP{åHPHPRGLILNRYDĢNRQNUpWQHULDGN\WH[WRYHM
SORFK\QDSU
0HPR/LQHV6WULQJV>@
PPPPPP
]PHQtPHNDåGêULDGRNWH[WRYHMSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WR0HPR/LQHV&RXQWGR
0HPR/LQHV6WULQJV>L@
0HPR/LQHV6WULQJV>L@
!
HQG
Ɣ ORJLFNiVWDYRYiSUHPHQQi0HPR5HDG2QO\VO~åLQDWRDE\VPHSRXåtYDWHĐRYLPRKOLSRYROLĢ]DNi]DĢ
]DSLVRYDĢGRWH[WRYHMSORFK\QDSU0HPR5HDG2QO\ IDOVH]DNiåHSRXåtYDWHĐRYLPRGLILNRYDĢ
SORFKXSRPRFRXNOiYHVQLFHDP\ãLSUtND]PL]SURJUDPXMHWRVWiOHGRYROHQp
9LDFUR]PHUQpSROLD
=RYãHREHFQtPHSROLDSUYNDPLSRĐDP{åHE\ĢRSlĢSROHDNMHSUYNRPMHGQRUR]PHUQpSROHWDNYêVOHGQêW\S
MHGYRMUR]PHUQpSROH1DSUD>@>@R]QDþXMHGUXKêSUYRNYãWYUWRPSROLYlþãLQRXVLGYRMUR]PHUQp
SROHSUHGVWDYXMHPHDNRWDEXĐNXYNWRUHMNDåGêSUYRNOHåtYQHMDNRPULDGNXDQHMDNRPVWĎSFLQDSU
D>@>@P{åHR]QDþRYDĢSUYRNYWRPULDGNXDYRPVWĎSFLVNUiWHQHWRP{åHPH]DStVDĢD>@
Ɣ 3UtNODG-HGDQpGYRMUR]PHUQpSROH]QDNRYNWRUpMHXå]DSOQHQp1DStãWHSURJUDPNWRUêSUHVXQLHSUYê
ULDGRNGRGUXKpKRGUXKêGRWUHWLHKRDWćDåSRVOHGQêGRSUYpKRPRWLYiFLDURORYDQLHREUi]NDDNRYR
VYHWHOQêFKQRYLQiFK
1DMSUYQLHSHNQpULHãHQLH
YDU
DDUUD\>@RIDUUD\>@RIFKDU
UDUUD\>@RIFKDU
LMLQWHJHU
EHJLQ
]DSOQHQLHSRĐD
IRUL WRGRU>L@ D>L@
IRUL GRZQWRGR
IRUM WRGR
D>LM@ D>LM@
IRUL WRGRD>L@ U>L@
DWHUD]NUDMãLH
W\SH
ULDGRN DUUD\>@RIFKDU
SROH DUUD\>@RIULDGRN
YDU
DSROH
UULDGRN
LLQWHJHU
EHJLQ
U D>@
IRUL GRZQWRGRD>L@ D>L@
D>@ U
Ɣ Y\XåLOLVPHWRåHW\SNDåGpKRULDGNDSRĐDDMHURYQDNêDNRSUHPHQQiU
QLHQDMOHSãtVS{VREULHãHQLD
FRQVW
1
W\SH
SROH DUUD\>11@RILQWHJHU
YDU
DSROH
LMLQWHJHU
RNERROHDQ
EHJLQ
LQLFLDOL]iFLDSRĐD
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQEHJLQ
RN IDOVH
EUHDN
HQG
YRQ
LIRNWKHQMHV\PHWULFNi
HQG
ƔWRWRULHãHQLHVDVQDåtSRXåLĢSUtND]EUHDNNWRUêVS{VREtY\VNRþHQLH]QDMYQ~WRUQHMãLHKRF\NOXWRWRMH
QHGRVWDWRþQpOHERDMWDNVDEXG~NRQWURORYDĢHãWHYãHWN\QDVOHGXM~FHULDGN\SRĐD
ƔćDOãLHULHãHQLHMH]OpSRXåtYDSUtND]JRWRWHQWRSUtND]MHSUHQiVDEVRO~WQH]DNi]DQê
YHĐPL]OêVS{VREULHãHQLD
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQEHJLQ
RN IDOVH
JRWRYRQMHWRDEVRO~WQH]DNi]DQp
HQG
VSUiYQHULHãHQLH
RN WUXHL
ZKLOHRNDQGL 1GREHJLQ
M
ZKLOHRNDQGMLGREHJLQ
RN D>LM@ D>ML@
LQFM
HQG
LQFL
HQG
VSUiYQHULHãHQLHVY\XåLWtPH[LWYRIXQNFLL
Ɣ SUtND]H[LW]QDPHQiRNDPåLWpXNRQþHQLHSRGSURJUDPXDNRNHE\VDVNRþLORQDSRVOHGQpHQG
SRGSURJUDPX
.RStUXMHPHDPRGLILNXMHPHREUi]N\
$E\VDQiPOHSãLHQDWUpQRYDODSUiFDVGYRMUR]PHUQêPSRĐRPY\WYRUtPHVLY'HOSKLQRYêSURMHNWYNWRURP
EXG~GYHJUDILFNpSORFK\'RSUYHMQDþtWDPH]QHMDNpKRV~ERUXELWPDSXDW~WRSRWRPSUHNRStUXMHPHGR
GUXKHMSORFK\3ULNRStURYDQtMXP{åHPHU{]QHPHQLĢSUtSDGQHPHQLĢVS{VRE\NRStURYDQLD6REUi]NDPL
EXGHPHSUDFRYDĢDNRVGYRMUR]PHUQêPSRĐRPSULþRPSUYêLQGH[SRĐDEXGHY\MDGURYDĢ[RY~V~UDGQLFX
IDUHEQHMERGN\SL[HO%RGN\þtVOXMHPHRGGRãtUND
Ɣ1DMSUYVLSULSUDYPHQRYêSURMHNWGRIRUPXOiUDYORåtPHGYHJUDILFNpSORFK\,PDJHXSUDYtPHLP
UR]PHU\DE\EROLURYQDNRYHĐNp[
ƔGRIRUPXOiUDYORåtPHQLHNRĐNRWODþLGLHOSRVWXSQHLPEXGHPHSULUDćRYDĢU{]QHIXQNFLHGYRMNOLNQXWtPQD
SUtVOXãQpWODþLGORIRUPXOiUWHUD]Y\]HUiQHMDNRWDNWR
ƔSURMHNWXORåtPHGRQHMDNpKRDGUHViUDQDGLVNXDWLHåVHPSUHNRStUXMHPHQLHNRĐNRREUi]NRYV~ERURYV
SUtSRQRX%03P{åHWHVLVWLDKQXĢWLHWRV~ERU\REUD]N\]LS
ƔGYRMNOLNQHPHQD%XWWRQDSULUDGtPHPXDNFLXQDþtWDQLHELWPDS\QDSUWLJHUEPSGRSUYHMJUDILFNHM
SORFK\,PDJH
GRJUDILFNHMSORFK\VDQDþtWDREUi]RN]RV~ERUX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH3LFWXUH/RDG)URP)LOH
WLJHUEPS
HQG
ƔSRGREQHP{åHPHWODþLGOX%XWWRQSULUDGLĢQHMDN~LQ~ELWPDSX
ƔWODþLGOR%XWWRQEXGHVO~åLĢQDNRStURYDQLHREUi]ND],PDJHGRSORFK\,PDJH
IXQJXMHWRQDURYQDNRPSULQFtSHDNR6WULQJVYWH[WRYHMSORFKH0HPRWHGD3L[HOVMHDNRGYRMUR]PHUQp
SROHSUYNRYW\SX7&RORUIDUED
SRVWXSQpNRStURYDQLHSRULDGNRFK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
JJ7&DQYDV
[\LQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGR
J3L[HOV>[\@ J3L[HOV>[\@
,PDJH5HSDLQW
HQG
HQG
Ɣ,PDJH5HSDLQWSUHNUHVOtGUXK~JUDILFN~SORFKXSRSUHNRStURYDQtNDåGpKRULDGNDLQDNE\VD]REUD]LOD
Då]iYHUHþQi]PHQD
ƔćDOãtYDULDQWVDKUiVIDUEDPLFH]LFKSRORåN\5*%
SUiFDVR]ORåNDPLIDUE\ERGRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
JJ7&DQYDV
[\LQWHJHU
UJEE\WH
F7&RORU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGREHJLQ
F J3L[HOV>[\@
U *HW59DOXHFJ *HW*9DOXHFGLYE *HW%9DOXHF
J3L[HOV>[\@ 5*%UJE
HQG
,PDJH5HSDLQW
HQG
HQG
Ɣ IXQNFLD*HW59DOXHYUiWLþHUYHQ~]ORåNXIDUE\SRGREQH*HW*9DOXHD*HW%9DOXHYUiWLD]HOHQ~DPRGU~
]ORåNX
3UiFDVP\ãRX
Ɣ Y'HOSKLVDVP\ãRXSUDFXMHSRPRFRXXGDORVWtNWRUpDXWRPDWLFN\Y]QLNDM~SULNDåGRPSRK\EHP\ãLQD
REUD]RYNH
ƔSULSRK\EHP\ãLW~WRXGDORVĢGRVWiYDWHQNRPSRQHQWIRUPXOiUDQDGNWRUêPVDP\ãQDFKiG]D
ƔQDStãHPHSURFHG~UXNWRUiVD]DYROiYåG\NHćSRKQHPHNXU]RURPP\ãLQDGSORFKRX,PDJHWiWR
SURFHG~UDSUHNRStUXMHOHQMHGQXERGNX],PDJHDWRSUHVQH]SR]tFLHP\ãL
ƔQDMSUYYRIRUPXOiULNOLNQHPHQD,PDJHDSRWRPY,QãSHNWRUH2EMHNWRY)SUHSQHPH]iORåNXNDUWX
(YHQWVDGYRMNOLNQHPHQDSUDY~þDVĢULDGNDV2Q0RXVH0RYH
Ɣ SULSUDYtVDSURFHG~UD7)RUP,PDJH0RXVH0RYHGRNWRUHMQDStãHPH
VSUDFRYDQLHXGDORVWLSULNDåGRPSRKQXWtP\ãLQDGSORFKRX,PDJH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
YDU
JJ7&DQYDV
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
J3L[HOV>[\@ J3L[HOV>[\@
HQG
Ɣ SULþRP;D<V~V~UDGQLFHERGXQDGNWRUêPVDQDFKiG]DNXU]RUP\ãL
Ɣ SURFHG~UXY\OHSãtPHWDNåHVDSUHNRStUXMHDMPDOpRNROLHERGX;<
Y\OHSãHQiSURFHG~UD
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
FRQVW
G
YDU
JJ7&DQYDV
LMLQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRUL ;GWR;GGR
IRUM <GWR<GGR
J3L[HOV>LM@ J3L[HOV>LM@
HQG
Ɣ Y,QãSHNWRUH2EMHNWRYP{åHPHMHGQRGXFKR]PHQLĢDMSRSLV\WODþLGLHOQDSUWDNWRYRIRUPXOiULNOLNQHPH
QD%XWWRQWêPVDRVHOHNWXMHYLQãSHNWRUHSUHSQHPH]iORåNX3URSHUWLHVD]PHQtPHSUDY~þDVĢ
ULDGND&DSWLRQQDĐXERYRĐQêWH[WQDSU7LJHU
Ɣ P{åHVDYiPVWDĢåHJUDILFNiSORFKDSULNDåGRPSUHNUHVĐRYDQtYHĐPLEOLNiYWHG\SRP{åHULDGRNNWRUê
SULGiPHGRSURFHG~U\)RUP&UHDWHWiWRSURFHG~UDVDY\WYRUtGYRMNOLNQXWtPGRIRUPXOiUDQDSUi]GQH
PLHVWREH]NRPSRQHQWX
DE\JUDILFNpSORFK\QHEOLNDOL
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
HQG
1'Ò
ƔSULNRStURYDQtSL[HORYP{åHWHSRV~YDĢ]DþLDWRNNDåGpKRULDGNDRQHMDN~Y\SRþtWDQ~KRGQRWXQDSU
SRPRFRXIXQNFLHVLQ
ƔREUi]N\P{åHWHSUHNOiSDĢSRGĐDU{]Q\FKRVt
ƔREUi]RNVDGi]YlþãRYDĢ]PHQãRYDĢUHVSNRStURYDĢYLDFNUiWQDU{]QHSR]tFLHYQHMDNHMþDVWL
]DKXVĢRYDĢDSRG
ƔMH]DXMtPDYpSRKUDĢVDVIDUEDPLURELĢU{]QHMDV\VWPDYRYDĢREUi]RNNXRNUDMRPSORFK\]YêUD]ĖRYDĢ
OHQQHMDN~IDUHEQ~]ORåNXQDSUGR]HOHQD
Ɣ]REUi]NDSUHNRStURYDĢOHQWLHSL[HO\NWRUpV~RGQHMDNpKRERGXQDSUQLHćDOHMDNRQDSU
RVWDWQpSL[HO\]DIDUELĢQDELHOR
ƔRWRþLĢREUi]RN,PDJHRVWXSĖRY
GiWRYiãWUXNW~UDQDSUSRPRFQpSROH
3UtNODGVNRU\WQDþNRXDHGLWRYDFtPULDGNRP
Ɣ QDSURJUDPXMHPHWDNpWRVSUiYDQLH
ƔYJUDILFNHMSORFKHEXGHNRU\WQDþNDDW~WREXGHPHULDGLĢSUtND]PLNWRUpVD]DSLVXM~GR
HGLWRYDFLHKRULDGND
ƔY,QãSHNWRUHREMHNWRYVDQDVWDYtPHQDNRPSRQHQW(GLWSUHSQHPH8GDORVWL(YHQWVD
GYRMNOLNQHPH2Q.H\3UHVVY\WYRUtVDPHWyGD(GLW.H\3UHVVWiWRPHWyGDVD]DYROiYåG\NHć
VDEXGHQLHþR]DSLVRYDĢGRHGLWRYDFLHKRULDGNDQiVYãDNEXGH]DXMtPDĢOHQNOiYHV(QWHU!V
NyGRP
ƔSURJUDPEXGHUR]SR]QiYDĢW~WRPQRåLQXSUtND]RY
ƔGRSUHGXYODYRYSUDYRSKSG]PHQIS]PHQKS
ƔSDUDPHWHUSUtND]XMHRGQHKRRGGHOHQêDVSRĖMHGQRXPHG]HURX
Ɣ(GLW7H[WMHPRPHQWiOQ\REVDKHGLWRYDFLHKRULDGND
ƔãWDQGDUGQiIXQNFLD6WU7R,QW'HISUHYHGLHUHĢD]HFQDþtVORDDNUHĢD]HFQLHMHVSUiYQH]DGDQpFHOp
þtVORWDNYUiWLGUXKêSDUDPHWHUIXQNFLHW]YQiKUDGQ~KRGQRWXGHIDXOW
ƔSRPRFRXFRQVWP{åHPHGHILQRYDĢDMSROHNRQãWiQW]DLGHQWLILNiWRUNRQãWDQW\QDStãHPHGHILQtFLX
SRĐDD]D]QDPLHQNRURYQRVWLGR]iWYRULHNSRVWXSQHY\PHQXMHPHYãHWN\NRQãWDQW\
SURJUDP
YDU
N7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
(GLW7H[W
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
FRQVW
WDEDUUD\>@RIVWULQJ
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
IDUE\DUUD\>@RI7&RORU
FO%ODFNFO%OXHFO5HGFO*UHHQFO*UD\FO1DY\FO<HOORZFO:KLWH
YDU
VVWULQJ
LSLQWHJHU
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W
L SRV
V
S 6WU7R,QW'HIFRS\VL0D[,QW
V /RZHU&DVHFRS\VL
L ZKLOHL KLJKWDEDQGWDE>L@!VGRLQFL
ZLWKNGR
FDVHLRI
'RSUHGXS
9ODYRS
9SUDYRS
3+
3'
LIS! ORZIDUE\DQGS KLJKIDUE\WKHQ
=PHQ)3IDUE\>S@
=PHQ+3S
HOVHH[LW
HQG
(GLW7H[W
HQG
ƔSURJUDPY\OHSãtPHWDNåH]DEH]SHþtPHDE\ERORNRU\WQDþNXYLGLHĢQDNUHVOtPHMX]HOHQêP
WURMXKROQtNRPWURMXKROQtNEXGHQDWRþHQêYVPHUHQDWRþHQLDNRU\WQDþN\YåG\NHćVDNRU\WQDþNDSRKQH
DOHERRWRþtSUHNUHVOtVDFHOiJUDILFNiSORFKDQDMSUYEH]NRU\WQDþN\DQD]iYHUMXGRNUHVOtPHYQRYHM
SRORKHSRPRFQiSURFHG~UDNUHVOL
ƔEXGHPHVLSDPlWDĢSRVWXSQRVĢYãHWNêFKGRWHUDMãtFKSUtND]RYSROHSULND]\
ƔSUtND]]PD]Y\SUi]GQLW~WR]DSDPlWDQ~SRVWXSQRVĢ
SURJUDP
YDU
N7.RU
SULND]\DUUD\>@RIUHFRUGSULND]SDUDPLQWHJHUHQG
SRFHWLQWHJHU
SURFHGXUHNUHVOL
FRQVW
IDUE\DUUD\>@RI7&RORU
FO%ODFNFO%OXHFO5HGFO*UHHQFO*UD\FO1DY\FO<HOORZFO:KLWH
YDU
LLQWHJHU
EHJLQ
ZLWKNGREHJLQ
)3 FO%ODFN+3 =PHQ;<VLUNDY\VND6PHU 3'
]PD]
IRUL WRSRFHWGR
ZLWKSULND]\>L@GR
FDVHSULND]RI
'RSUHGXSDUDP
9ODYRSDUDP
9SUDYRSDUDP
3+
3'
LISDUDP! ORZIDUE\DQGSDUDP KLJKIDUE\WKHQ
=PHQ)3IDUE\>SDUDP@
=PHQ+3SDUDP
SRFHW
HQG
QDNUHVOtURYQRUDPHQQê]HOHQêWURMXKROQtN
)3 FO/LPH+3 3'
9SUDYR'RSUHGX9ODYR'RSUHGX
9ODYR'RSUHGX9ODYR'RSUHGX
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
(GLW7H[W
NUHVOL
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
FRQVW
WDEDUUD\>@RIVWULQJ
]PD]
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
YDU
VVWULQJ
LSLQWHJHU
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W
L SRV
V
S 6WU7R,QW'HIFRS\VL0D[,QW
V /RZHU&DVHFRS\VL
L ZKLOHL KLJKWDEDQGWDE>L@!VGRLQFL
LIL!KLJKWDEWKHQH[LW
LIL WKHQSRFHW SUtND]]PD]
HOVHEHJLQ
LQFSRFHWSULND]\>SRFHW@SULND] LSULND]\>SRFHW@SDUDP S
HQG
NUHVOL
(GLW7H[W
.H\ HGLWRYDFtULDGRNVPH~VSHãQHVSUDFRYDOL
HQG
1'Ò
Ɣ QDPLHVWRHGLWRYDFLHKRULDGNDSRXåLWHWH[WRY~SORFKXGRNWRUHMVD]DSLVXMHFHOiSRVWXSQRVĢNRU\WQDþtFK
SUtND]RYDFHOiVDVSUDFRYiYDDåGRNRQFDDOHERSRSUYêQHGRNRQþHQêUHVSQHVSUiYQ\SUtND]
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ ]iNODGQpRUGLQiOQHW\S\LQWHJHUFKDUDERROHDQDRGQLFKYLHPHRGYRGLĢQRYêW\SLQWHUYDO
þRVDEXGHPHGQHVXþLĢ
ƔQDXþtPHVDQRYêRUGLQiOQ\W\SY\PHQRYDQêW\S
ƔQDXþtPHVDSUDFRYDĢVSDVFDORYVNêPLPQRåLQDPL
ƔXNiåHPHDNRVLP{åHPHQDVLPXORYDĢDMYHĐNpPQRåLQ\
9\PHQRYDQêW\SHQXPHUDWHGW\SH
ƔMHRUGLQiOQ\W\SNWRUêGHILQXMHPHY\PHQRYDQtPYãHWNêFKSUtSXVWQêFKKRGQ{WGDQpKRW\SX
ƔY\PHQRYDQpKRGQRW\V~LGHQWLILNiWRU\NRQãWiQWLFKRUGLQiOQHKRGQRW\V~þtVODRGGRSRþHWQDSU
W\SHW\]GHQ SRQXWRVWUVWYSLDVREQHG
ƔGHILQXMHQRYêRUGLQiOQ\W\SSUHPHQQpWRKWRW\SXP{åXQDGRE~GDĢKRGQRWXOHQ]WRKWR]R]QDPX
NRQãWiQW
ƔY\PHQRYDQêW\SQDUR]GLHORGLQWHUYDOXQLHMHNRPSDWLELOQêVRåLDGQ\PLQêPW\SRPLQWHUYDOSUHEHUi
YãHWN\YODVWQRVWLDMNRQãWDQW\QDGUDGHQpKRW\SXDWLHåMHVQtPNRPSDWLELOQêGRYRĐXMHQDY]iMRPVD
SULUDćRYDĢPLHãDĢVDYRSHUiFLiFKDSRG
ƔGHNODUiFLDY\PHQRYDQpKRW\SXRNUHPVDPRWQpKRW\SXDXWRPDWLFN\GHILQXMHDMLGHQWLILNiWRU\NRQãWiQW
WRKWRW\SXWMVGHNODUiFLRXW\SXW\]GHQVD]DGHNODURYDORDMLGHQWLILNiWRURYDNRNHE\FRQVWSRQ
XWR VWU
ƔY\PHQRYDQêW\SMHRUGLQiOQ\DWHGDVQtPIXQJXM~YãHWN\ãWDQGDUGQpIXQNFLHDSURFHG~U\NWRUpSUDFXM~V
XNiåND
W\SH
W\]GHQ SRQXWRVWUVWYSLDVREQHG
YDU
GW\]GHQ
EHJLQ
G SRQ
G SUHGSLDG VWY
G VXFFVREG QHG
G XWR
LQFGG VWU
LQFGG VRE
L RUGSRQL SUYiNRQãWDQWDY\PHQRYDQpKRW\SXPiKRGQRWX
ƔSUiFDVY\PHQRYDQêPW\SRP
ƔãWDQGDUGQpIXQNFLHSURFHG~U\RUGSUHGVXFFORZKLJKLQFGHF
ƔP{åHPHKRSRXåLĢDNRLQGH[SUYNRYSRĐDUHVSULDGLDFDSUHPHQQiF\NOX
ƔDMW\SERROHDQMHY\PHQRYDQêW\SWMDNRNHE\W\SHERROHDQ IDOVHWUXH
ƔY\PHQRYDQêW\SVDQHGiY\StVDĢDQLSUHþtWDĢ
ƔRUGLQiOQDKRGQRWDMHGHILQRYDQiWDNåHSUYiNRQãWDQWDW\SXPiYQ~WRUQ~KRGQRWXDYãHWN\
SUDFXMHPHLEDVRUGLQiOQ\PLKRGQRWDPLDOHERVLY\WYRUtPHSRPRFQpSROHPLHQNRQãWiQWQDSU
SUHþtWDQLHDYêSLVY\PHQRYDQpKRW\SXSRPRFRXSRĐDPLHQNRQãWiQW
FRQVW
DDUUD\>W\]GHQ@RIVWULQJ
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDU
VVWULQJ
EHJLQ
V (GLW7H[W
G ORZW\]GHQ
ZKLOHGKLJKW\]GHQDQGD>G@!VGRLQFG
LID>G@!VWKHQ
0HPR/LQHV$GG
FK\ED
HOVH
0HPR/LQHV$GGD>VXFFG@VSDGQHDNG QHG
HQG
]LVWLWHYþRPMHFK\EQpWDNpWRULHãHQLH
FRQVW
DDUUD\>W\]GHQ@RIVWULQJ
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDU
VVWULQJ
EHJLQ
V (GLW7H[W
G ORZW\]GHQ
ZKLOHG KLJKW\]GHQDQGD>G@!VGRLQFG
LIG!KLJKW\]GHQWKHQ
0HPR/LQHV$GG
FK\ED
HOVH
0HPR/LQHV$GGD>VXFFG@
HQG
Ɣ Y\PHQRYDQêW\SVPHXåSRXåtYDOLQDSU
QDVOHGXM~FHW\S\V~XåSUHGGHILQRYDQp
W\SH
73HQ6W\OH SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
SV&OHDUSV,QVLGH)UDPH
7%UXVK6W\OH EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
EV)'LDJRQDOEV%'LDJRQDOEV&URVVEV'LDJ&URVV
DP\VPHPRKOLStVDĢ
J3HQ6W\OH SV'DVK
J%UXVK6W\OH EV9HUWLFDO
IXQNFLDYUiWLNRQãWDQWXY\PHQRYDQpKRW\SX
W\SH
SRU PHQVLURYQ\YDFVL
LQpPRåQRVWLGHILQRYDQLDY\PHQRYDQpKRW\SXY'HOSKL
Ɣ]DWLDĐVPHVDQDXþLOLåHSUYpNRQãWDQWDY\PHQRYDQpKRW\SXPiRUGLQiOQXKRGQRWXDSRVOHGQiSRþHW
ƔWRWRSUDYLGORP{åHPHSRGĐDSRWUHE\]PHQLĢSULGHILQRYDQtY\PHQRYDQpKRW\SXP{åHPH]iURYHĖ
ƔDNMH]DNRQãWDQWRXFHOpþtVORWRWRGHILQXMHMHKRRUGLQiOQXKRGQRWX
GRVWiYDRY\ããLXDNRSUHGFKiG]DM~FDNRQãWDQWD
ƔYLDFLGHQWLILNiWRURYNRQãWiQWP{åHPDĢURYQDNpRUGLQiOQHKRGQRW\
ƔPHG]LPLQLPiOQRXDPD[LPiOQRXKRGQRWRXQHPXVLDE\ĢYãHWN\RUGLQiOQHKRGQRW\SRPHQRYDQp
NRQãWDQWDPLQDSUYW\SHSRUPiNRQãWDQWDURYQ\KRGQRWXDKRGQRWXVPHQHSRPHQRYDOLDM
WDNP{åHSUHPHQQiWDNpKRWRY\PHQRYDQpKRW\SXQDGRE~GDĢDMQHSRPHQRYDQpKRGQRW\QDSU
YDUSSRU SRU
Ɣ]WRKRWRY\SOêYDåHSUHY\PHQRYDQêW\SMHG{OHåLWiPLQLPiOQDDPD[LPiOQDNRQãWDQWDWLHWRGYH
GHILQXM~LQWHUYDODYãHWN\RVWDWQpNRQãWDQW\OHQSRPHQ~YDM~QLHNWRUpKRGQRW\]GDQpKRLQWHUYDOXQDSU
GHILQRYDQiMHGQDNRQãWDQWDWRKRWRW\SXVSHFVRUGLQiOQRXKRGQRWRX
ƔDMSRPRFRXFRQVWP{åHPHGRGDWRþQH]DGHILQRYDĢćDOãLHNRQãWDQW\GRY\PHQRYDQpKRW\SXQDSU
FRQVWH[WUDFLVOR
ƔNWURPNRQãWDQWiPW\SXFLVORGRGHILQRYDOćDOãLXVRUGLQiOQRXKRGQRWRX
7\SPQRåLQD
ƔMHWDNê~GDMRYêW\SNWRUêXPRåĖXMHYSDVFDOHSUDFRYDĢVLVWRXWULHGRXPQRåtQSRGREQêPVS{VRERPDNR
MHWRREY\NOpYPDWHPDWLNH
ƔYSDVFDOHMHSRYROHQpY\WYiUDĢPQRåLQ\]ORåHQpOHQ]SUYNRYURYQDNpKRDWRRUGLQiOQHKRW\SXKRYRUtPH
ƔGHILQtFLDPQRåLQ\VDYåG\VNODGiDM]GHILQtFLHMHMEi]RYpKRW\SXQDSU]iSLVVHWRIGHILQXMH
QDSU
W\SH
P VHWRI
YDU
DEP
SUiFDVW\SRPPQRåLQD
ƔPQRåLQRYpNRQãWDQW\>@>@>@>@>@
ƔDOHDM>@>@>@
ƔRSHUiFLHREDRSHUDQG\PXVLDE\ĢNRPSDWLELOQpPQRåLQ\PDM~NRPSDWLELOQpEi]RYpW\S\
Ɣ]MHGQRWHQLHD DE
ƔSULHQLND D >@
ƔUR]GLHOD E>@
ƔSUtVOXãQRVĢSUYNXSUYêRSHUDQGMHEi]RYpKRW\SXGUXKêMHPQRåLQD
ƔþtVORMHSUYNRPPQRåLQ\DLILQDWKHQ
ƔUHOiFLH
ƔURYQRVĢQHURYQRVĢLID EWKHQLIF!>@WKHQ
SUtNODG\
YDU
]FKDU
LI]LQ>
$
=
D
]
@WKHQ
LIQRW]LQ>
@WKHQ
WHVWRYDQLHRGSRYHGHiQRQLH
FRQVW
DQR >
D
$
\
<
@QLH >
Q
1
@
V (GLW7H[W
LIV!
YDU
[VHWRI
[ >@
IRUL WRGR[ [>L@
[ >@
IRUL WRGR[ [>LL@
QDPQRåLQiFKQHIXQJXMHZULWHY\SLVXMHPHLFKSRPRFRXF\NOX
W\SH
ED]D
PQR]LQD VHWRIED]D
SURFHGXUHY\SLVFRQVWPPQR]LQD
YDU
LED]D
VVWULQJ
EHJLQ
V
>
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQV V,QW7R6WUL
0HPR/LQHV$GGV
@
HQG
YêSLVSUYNRYPQRåLQ\GRV~ERUXWDNDE\VD]DSRVOHGQ\PþtVORPQHY\SLVRYDODþLDUND
SURFHGXUHY\SLVFRQVWW7H[W)LOHFRQVWPPQR]LQD
YDU
LED]D
EHJLQ
ZULWHW
>
E IDOVH
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQEHJLQ
LIEWKHQZULWHW
ZULWHWLE WUXH
HQG
ZULWHW
@
HQG
1'Ò
ƔY\SLVRYDQLHPQRåLQ\DMVLQWHUYDOPLQDSU>@
ƔþtWDQLHPQRåLQ\]RYVWXSXQDYVWXSHP{åXE\ĢDMLQWHUYDO\
3UtNODG
ƔDYãHWNêFKãWXGHQWRY
ƔEGREUêFKãWXGHQWRYSULHPHUGRNWRUtPDM~LQWHUQiW
ƔFGREUêFKãWXGHQWRYNWRUtQHPDM~LQWHUQiW
SURJUDP
W\SH
ED]D
WDE DUUD\>ED]D@RIUHFRUG
PHQRVWULQJ
]QUHDO
LQWHUERROHDQ
HQG
PQ VHWRIED]D
SURFHGXUHFLWDM7DEYDUWWDEYDUQLQWHJHU
YDU
I7H[W)LOH
EELQWHJHU
]FKDU
EHJLQ
$VVLJQ)LOHI
VWXGW[W
5HVHWI
Q
ZKLOHQRWVHHNHRIIGREHJLQ
LQFQ
ZLWKW>Q@GREHJLQ
PHQR
UHSHDWUHDGI]LI]!
WKHQPHQR PHQR]XQWLO]
UHDGOQI]QEE
LQWHU EE
HQG
HQG
&ORVH)LOHI
HQG
SURFHGXUHY\SLVFRQVWWWDEPPQ
YDU
LED]D
EHJLQ
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ0HPR/LQHV$GGW>L@PHQR
HQG
YDU
WWDE
DEPQDLQGH[\GRWDEXĐN\WSUHNWRUêFK]Q
ELQGH[\GRWDEXĐN\WNWRUtPDM~LQWHUQiW
QLLQWHJHU
EHJLQ
FLWDM7DEWQþtWDQLHWDEXĐN\
D >@E >@
IRUL WRQGREHJLQ
LIW>L@]Q WKHQD D>L@
LIW>L@LQWHUWKHQE E>L@
HQG
0HPR/LQHV$GG
9VHWFL
Y\SLVW>Q@
0HPR/LQHV$GG
GREULPDMXLQWUDN
Y\SLVWD
E
0HPR/LQHV$GG
GREULQHPDMXLQWUDN
Y\SLVWDE
HQG
Ɣ DMãWêOIRQWXMHGHILQRYDQêDNRPQRåLQD
GHNODUiFLHYV\VWpPHGHOSKLY\]HUDM~SULEOLåQHWDNWR
W\SH
7)RQW6W\OH IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW
7)RQW6W\OHV VHWRI7)RQW6W\OH
SUHIRQWMHGHILQRYDQp
)RQW7)RQW6W\OHV
DSUHWRP{åHPH]DStVDĢ
J)RQW6W\OH >@
J)RQW6W\OH >IV%ROG@
J)RQW6W\OH J)RQW6W\OH>IV,WDOLF@
0HPR)RQW6W\OH >IV,WDOLFIV8QGHUOLQH@
3UtNODG
1DStãHPHSURJUDPNWRUêY\WYRUtSRGPQRåLQX0PQRåLQ\WDN~åH
ƔMH]PQRåLQ\
ƔDNLMH]PQRåLQ\WDNLDMLV~]PQRåLQ\
ULHãHQLH
YDU
PVHWRI
LLQWHJHU
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQEHJLQ
P P>
L@
LMHYåG\]
LI
L WKHQP P>
L@
DNMHDM
L]SULGiPHKRGRPQRåLQ\
HQG
HQG
2EPHG]HQLDSUHPQRåLQ\
QDSU
YDU
PDUUD\>PD[@RIVHWRI
SULGiYDPH[GRWDNHMWRPQRåLQ\
P>[GLY@ P>[GLY@>[PRG@
]LVWtPHþLMH[YPQRåLQH
LI>[PRG@LQP>[GLY@WKHQ
SRXåLWLHYHĐNHMPQRåLQ\
W\SH
PQR]LQD VHWRIE\WHWM
PQ DUUD\>@RIPQR]LQD
YDU
PPQ
LMLQWHJHU
EHJLQ
P>@ >@
IRUL WRGRP>L@ >@
IRUL WRGR
LILPRGLQP>LGLY@WKHQEHJLQ
M
L
P>MGLY@ P>MGLY@>MPRG@
M
L
LIMGLY WKHQ
P>MGLY@ P>MGLY@>MPRG@
HQG
Y\SLVSURFHG~UDNWRUiY\StãHþtVOD]PQRåLQ\
HQG
(UDWRVWHQRYHVLWR
QDMSUYVRE\þDMQRXPQRåLQRX
YDU
PVHWRIE\WH
LMLQWHJHU
VVWULQJ
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQEHJLQ
M
L
ZKLOHM GREHJLQ
P P>M@LQFML
HQG
HQG
V
IRUL WRGR
LILLQPWKHQ
V V,QW7R6WUL
0HPR/LQHV$GGV
HQG
9\WYRUtPHVLSRPRFQpSURFHG~U\DIXQNFLHQDSUiFXVYHĐNêPLPQRåLQDPLDSRXåLMHPHLFKSULULHãHQt~ORK\
(UDWRVWHQRYHVLWR
SRPRFQpSRGSURJUDP\SUHSUiFXVYHĐNêPLPQRåLQDPL
FRQVW
PD[PQ
W\SH
PQR]LQD UHFRUG
PDUUD\>PD[PQ@RIVHWRIE\WH
PD[LQWHJHUPD[LPiOQHþtVORYPQRåLQH
HQG
SURFHGXUHLQLF0QYDUPQPQR]LQDP[LQWHJHU
YDU
LLQWHJHU
EHJLQ
LIP[!PD[PQ
WKHQP[ PD[PQ
PQPD[ P[
IRUL WRP[GLYGRPQP>L@ >@
HQG
SURFHGXUHSULGDM0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
SURFHGXUHYVHWN\0QYDUPQPQR]LQD
YDU
LLQWHJHU
EHJLQ
ZLWKPQGREHJLQ
IRUL WRPD[GLYGRP>L@ >@
YãHWN\RNUHPSRVOHGQHM
P>PD[GLY@ >PD[PRG@
HQG
HQG
SURFHGXUHXEHU0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
ULHãHQLH~ORK\HUDWRVWHQRYHVLWR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
PQPQR]LQD
LMLQWHJHU
EHJLQ
LQLF0QPQYVHWN\0QPQXEHU0QPQXEHU0QPQ
IRUL WRPQPD[GLYGR
LIY0QPQLWKHQEHJLQ
M LL
ZKLOHM PQPD[GREHJLQ
XEHU0QPQMLQFML
HQG
HQG
0HPR/LQHV$GGY\SLV0QPQ
0HPR/LQHV$GG
SRþHWSUYNRY
,QW7R6WUSRFHW0QPQ
HQG
5HDOL]iFLDPQRåLQ\YSDPlWLSRþtWDþD
ƔSDVFDORYVNiPQRåLQD SRVWXSQRVĢELWRY
ƔQDSUSUHVHWRIMHY\KUDGHQêFKELWRYWMEDMWRY
ƔYNDåGRPELWHMHEXćSUYRNQHSDWUtGRPQRåLQ\DOHERSUYRNSDWUtGRPQRåLQ\
ƔD >@Y\QXOXMHYãHWN\ELW\
ƔD >@QDVWDYtLEDELW\RVWDWQpY\QXOXMH
ƔDELGHSRELWRFKDUREtRSHUiFLXELQiUQH25
ƔPQRåLQD]DEHUiEDMWRY
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
þRVDEXGHPHGQHVXþLĢ
ƔWH[WRYpV~ERU\VR]ORåLWHMãRXãWUXNW~URXMHQLHNHG\YêKRGQpSUHGVSUDFRYDĢOH[LNiOQRXDQDOê]RX
ƔYSURJUDPHP{åHPHPDQLSXORYDĢDMVREUi]NDPLP{åHPHLFKQDSUtNODGRSHþLDWNRYDĢGR
JUDILFNHMSORFK\
/H[LNiOQDDQDOê]DVNHQHUVFDQQHU
ƔDOJRULWPXVNWRUêVO~åLQDSUHGVSUDFRYDQLHWH[WRYpKRYVWXSXUR]ORåtWH[WQDORJLFNpþDVWLW]YOH[LNiOQH
MHGQRWN\OH[pP\
ƔQDMOHSãLHVDY\XåLMHSULVSUDFRYDQt]GURMRYêFKWH[WRYSURJUDPRYQDMþDVWHMãLHYSDVFDOH
NRQãWDQWDNRQãWDQWD]QDNRYêUHĢD]HFãSHFLiOQHV\PERO\QDSU]iWYRUN\ERGNRþLDUNDþLDUND
UHODþQpDDULWPHWLFNpRSHUiWRU\DSRG
ƔSRPRFRXWDNpKRWRDOJRULWPXP{åHPHYHĐPLMHGQRGXFKRVSUDFRYDĢLGHQWLILNiWRU\SUHPHQQêFK
DOHERSURFHG~UU{]Q\PVS{VRERPY\SLVRYDĢSDVFDORYVNêSURJUDPIDUHEQHY\]QDþRYDĢQLHNWRUp
þDVWLDSRG
ƔSULQFtSSUiFHMHWHQWRSURFHG~UDVNHQHUYåG\NHćMH]DYRODQi]DQDO\]XMHćDOãLXþDVĢWH[WXDY
JOREiOQ\FKSUHPHQQêFKYUiWLQDVOHGXM~FXOH[pPXW\SOH[pP\GRSOQNRYiLQIRUPiFLDOH[pP\
KRGQRWDSUHþtVORDOHERUHĢD]HFLGHQWLILNiWRU
ƔSRVSUDFRYDQtNDåGHMOH[pP\VNHQHUYWH[WRYRPV~ERUHVNRQþtQDVWDYHQêQD]QDNXWHVQH]D
OH[pPRXMHMDVQpåHYåG\NHćMH]DYRODQêXåPXVtSRþtWDĢVWêPåHMHPRåQRQDVWDYHQêQD
SUYRP]QDNXQHMDNHMOH[pP\DOHERQDSUQDPHG]HUHSUHGĖRX
ƔQLHNWRUpUHĢD]FHV~SULVSUDFRYiYDQtWH[WXQHG{OHåLWpDSUHWRLFKP{åHVNHQHUILOWURYDĢQDSU
ƔXUþtPHDNpU{]QHW\S\OH[pPEXGHPH]RV~ERUX]LVĢRYDĢ]DGHILQXMHPHJOREiOQXSUHPHQQ~
Y\PHQRYDQpKRW\SX
OH[NRQLHFLGHQWFLVORUHWD]HFV\PERO
ƔY\WYRUtPHSRPRFQ~SURFHG~UX]QDNNWRUiþtWDV~ERUDGRJOREiOQHM]QDNRYHMSUHPHQQHM]SULUDGt
QDþtWDQê]QDN
ƔNHćMHNRQLHFV~ERUXPRKROE\VDSRXåLĢDMLQê]QDNQDSU
ƔQDNRQFLULDGNDSULþRPVSUDFXMHWHQWRNRQLHFULDGNDDMWXE\PRKROE\ĢLQê]QDNQDSU
LQDNSUHþtWD]QDN]RV~ERUX
Ɣ
Ɣ]FKDUDMW7H[W)LOHV~JOREiOQHSUHPHQQp
SURFHG~UD]QDN
YDU
]FKDU
W7H[W)LOH
SURFHGXUH]QDNSURFHG~UDQDþtWDQLH]RV~ERUX
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
Ɣ Y\WYRUtPHSURFHG~UXVNHQHUNWRUiVSUDFRYiYD]QDN\DVWDUiVDRWLHSRVWXSQRVWL]QDNRYNWRUpWYRULD
QHMDNpOH[pP\NDåGpYRODQLH]LVWtQDVOHGXM~FXOH[pPX
SURFHG~UDVNHQHU
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
RN IDOVH
UHSHDW
FDVH]RI
XåMHNRQLHFV~ERUX
EHJLQ
OH[ NRQLHFRN WUXH
HQG
^
]DþtQDNRPHQWiU
EHJLQ
QiMGHPHNQHPXGUXK~]iWYRUNXDOHERSUtGHPHQDNRQLHFV~ERUX
HQG
]DþtQDUHĢD]HF
$
=
D
]
]DþtQDLGHQWLILNiWRU
HOVH
HQGFDVH
XQWLORN
HQG
YWHOHVDPRWQpKRSURJUDPXVDQDFKiG]DRWYRUHQLHV~ERUXLQLFLDOL]iFLDDKODYQêF\NOXV
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
VSUDFRYDQLHWêFKOH[pPNWRUpSRWUHEXMHPH
VNHQHU
HQG
3UtNODG
0iPHGDQêSDVFDORYVNêXQLWXQLWSDV]LVWtPHþLNXNDåGpPXEHJLQSULVO~FKDMHGHQHQGQDNRĐNRY
SURJUDPRFKP{åXE\ĢDMLQpNRQãWUXNFLHNWRUêFKV~þDVĢRXMHHQGPXVtPHSRþtWDĢDMVQLPLUHFRUGFDVHD
FODVVWDNWLHåQDNRQFLXQLWXMHMHGHQHQGQDY\ãH3RXåLMHPHWDNêWRDOJRULWPXVSULNDåGRPEHJLQUHFRUG
SULSRþtWDPHDSULHQGRGSRþtWDPHDNPRPHQWiOQ\V~þHWEXGHPHQãtDNR]QDPHQiåHSUiYHERORYLDF
HQGDNRRWYRUHQêFKEHJLQSRVNRQþHQtDQDOê]\PXVtE\ĢV~þHWOHERQD]iYHUMHMHGQRHQGVERGNRX
ƔVNHQHUQHSRWUHEXMHYUiWLĢYãHWN\W\S\OH[pPVWDþtQiPOHQLGHQWLGHQWLILNiWRU
ƔEXGHPHILOWURYDĢNRPHQWiUH^`DDWLHåNRQãWDQW\]QDNRYpUHĢD]FHOHERE\PRKOLREVDKRYDĢQDSU
VORYRHQGDWDNpWRE\VPHQHPDOL]DSRþtWDĢ
]MHGQRGXãHQêVNHQHU
YDU
OH[NRQLHFLGHQW
KRGQVWULQJ
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
RN IDOVH
UHSHDW
FDVH]RI
EHJLQ
OH[ NRQLHFRN WUXH
HQG
^
EHJLQ
UHSHDW]QDNXQWLO]LQ>
`
@
]QDN
HQG
EHJLQ
]QDN
LI]
WKHQEHJLQ
UHSHDW]QDNXQWLO]LQ>@
HQG
HQG
EHJLQ
]QDN
ZKLOHQRW]LQ>
@GR]QDN
LI]
WKHQ]QDN
HQG
$
=
D
]
B
EHJLQ
KRGQ
Ɣ SURJUDPNWRUêVSUDFRYiYDWH[WGRVWiYDRGVNHQHUDOHQW\S\OH[pPNRQLHFDLGHQWSUHWRYWHOHF\NOX
MHMDVQpåHOH[pPDMHLGHQW
VSUDFRYDQLHWH[WX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
SRFLQWHJHU
EHJLQ
0HPR/LQHV/RDG)URP)LOH
XQLWSDV
0HPR/LQHV$GG
$VVLJQ)LOHW
XQLWSDV
5HVHWW
]QDNVNHQHUSRF
ZKLOHOH[!NRQLHFGREHJLQ
KRGQ /RZHU&DVHKRGQ
LIKRGQ
EHJLQ
RUKRGQ
FDVH
RU
KRGQ
UHFRUG
RUKRGQ
FODVV
WKHQEHJLQ
LISRFWKHQ0HPR/LQHV$GG
]OHMH
LQFSRF
0HPR/LQHV$GG
KRGQ
,QW7R6WUSRF
HQG
HOVHLIKRGQ
HQG
WKHQEHJLQ
GHFSRF
0HPR/LQHV$GG
KRGQ
,QW7R6WUSRF
HQG
VNHQHU
HQG
&ORVH)LOHW
LISRF!WKHQ
0HPR/LQHV$GG
]OHMHSRFHW
,QW7R6WUSRF
HOVH
0HPR/LQHV$GG
RN
HQG
Ɣ SRXYDåXMWHQDGWêPþRE\ERORWUHED]PHQLĢDE\VPHYHGHOLKOiVLĢFK\EXSULĐXERYRĐQRPWH[WH]D
]iYHUHþQêPHQG]DNWRUêPMHERGND
3UtNODG
7H[WRYêV~ERUXQLWSDVREVDKXMHSDVFDORYVNêSURJUDPWUHEDYĖRPQDKUDGLĢYãHWN\YêVN\W\LGHQWLILNiWRUDU
UHĢD]FRPUVDPR]UHMPHåHQDKUiG]DĢVDQHEXGHDQLYUHĢD]FRFKDQLYNRPHQWiURFK
Ɣ ]DGHILQXMHPHSRPRFQ~SURFHG~UXSLVNWRUiY\StãH]QDN]GRYêVWXSQpKRV~ERUXW
SURFHG~UDSLV
YDU
W7H[W)LOH
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
SURFHG~UDVNHQHU
YDU
OH[NRQLHFLGHQW
KRGQVWULQJ
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
RN IDOVH
UHSHDW
FDVH]RI
EHJLQ
OH[ NRQLHFRN WUXH
HQG
^
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
EHJLQ
SLV]QDN
LI]
WKHQEHJLQ
UHSHDWSLV]QDNXQWLO]LQ>@
HQG
HQG
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
@
SLV]QDN
HQG
$
=
D
]
B
EHJLQ
KRGQ
Ɣ VDPRWQêSURJUDPQDþtWD]GYRFKNRPSRQHQWRYHGLWRYDFtULDGRNGYDUHĢD]FHLGHQWLILNiWRUNWRUê
QDKUiG]DPHDUHĢD]HFNWRUêPQDKUiG]DPH(GLWD(GLWYWH[WRYHMSORFKH0HPRVDY\StãHREVDK
V~ERUXSUHGDMSRQDKUiG]DQt
SURJUDPQDKUDGtLGHQWLILNiWRULQêPUHĢD]FRP
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
0HPR/LQHV/RDG)URP)LOH
XQLWSDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
UUVWULQJYãHWN\YêVN\W\U]PHQtQDU
EHJLQ
U /RZHU&DVH7ULP(GLW7H[W
U 7ULP(GLW7H[W
LIU
RUU
WKHQEHJLQ
6KRZ0HVVDJH
1DMSUY]DGDMREDUHĢD]FH
H[LW
HQG
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
XQLWDSDV
5HZULWHW
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
Ɣ SRXåLOLVPHGYHV\VWpPRYpSURFHG~U\'HOHWH)LOHD5HQDPH)LOHDE\VPHPRKOLSUHStVDĢS{YRGQê
REVDKV~ERUXXQLWSDVQRYêPRSUDYHQêPREVDKRP
3UtNODG
3URJUDPEXGHþtWDĢWH[WRYêV~ERUXQLWSDVYNWRURPVDQDFKiG]DQHMDNêSDVFDORYVNêSURJUDPDY\WYRUt
V~ERUXQLWDSDVNWRUêEXGHPD[LPiOQH]KXVWHQêQDQHMDN~]DGDQ~ãtUNXULDGNDQDSU]QDNRY9NDåGRP
ULDGNXEXGHPD[LPiOQ\SRþHW]QDNRYNWRUpVDVHP]PHVWLDDYV~ERUHEXGHPLQLPiOQ\SRþHWPHG]LHUWDNDE\
SURJUDPHãWHRVWDOIXQNþQê.RPHQWiUH]SURJUDPXY\QHFKiPH
ƔDE\EROSURJUDPURYQDNRIXQNþQêDNRRULJLQiOPXVtPHNRPHQWiUHNWRUp]DþtQDM~]QDNRPWLHå
SUHQLHVĢGRYêVWXSXEXGHWRSUHQiVãSHFLiOQ\V\PEROQDSU^5
GIP`
ƔQLHNWRUpSDVFDORYVNpYLDF]QDNRYpOH[pP\E\PRKOLURELĢSUREOpP\NHE\VDUR]GHOLOLGRGYRFKULDGNRY
QDMSUYGRVĢY\OHSãHQêVNHQHU
YDU
OH[NRQLHFLGHQWFLVORUHWD]HFV\PERO
KRGQVWULQJ
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQLHF
]QDPHQi]QDNWDEXOiWRU
EHJLQ
RN IDOVH]QDN
HQG
^
EHJLQ
KRGQ ]]QDNOH[ V\PERO
RN ]
QDSUSUH^5
GIP`
ZKLOHQRW]LQ>
`
@GREHJLQ
KRGQ KRGQ]]QDN
HQG
KRGQ KRGQ]]QDN
HQG
EHJLQ
]QDNKRGQ
OH[ UHWD]HF
UHSHDW
ZKLOHQRW]LQ>
@GREHJLQ
KRGQ KRGQ]]QDN
HQG
LI]
WKHQ]QDN
LI]
WKHQKRGQ KRGQ
XQWLO]!
HQG
$
=
D
]
B
EHJLQ
KRGQ
OH[ LGHQW
ZKLOH]LQ>
$
=
D
]
B
@GREHJLQ
KRGQ KRGQ]]QDN
HQG
HQG
EHJLQ
KRGQ ]]QDNOH[ FLVOR
ZKLOH]LQ>
@GREHJLQ
KRGQ KRGQ]]QDN
HQG
HQG
EHJLQ
]QDN
LI]
WKHQEHJLQNRPHQWiU
UHSHDW]QDNXQWLO]LQ>@
RN IDOVH
HQG
HOVHEHJLQ
KRGQ
OH[ V\PERO
HQG
HQG
EHJLQ
KRGQ ]]QDNOH[ V\PERO
LI]
WKHQ
EHJLQKRGQ KRGQ]]QDNHQG
HQG
EHJLQ
KRGQ ]]QDNOH[ V\PERO
LI]
WKHQ
EHJLQKRGQ KRGQ]]QDNHQG
HQG
!
EHJLQ
KRGQ ]]QDNOH[ V\PERO
LI]
RUKRGQ
DQG]
!
WKHQ
EHJLQKRGQ KRGQ]]QDNHQG
HQG
HOVH
OH[ V\PEROKRGQ ]]QDN
HQG
XQWLORN
HQG
Ɣ VDPRWQêDOJRULWPXV]KXVĢRYDQLDWH[WXPHG]LQLHNWRUpGYRMLFH]DVHERXLG~FLFKOH[pPPXVtPHSULGiYDĢ
PHG]HUX
Y\WYiUDQLH]KXVWHQpKRSDVFDORYVNpKRSURJUDPX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
PD[VLU
YDU
W7H[W)LOH
LVLULQWHJHUVLUGRWHUDMãLDãtUNDULDGND
EEERROHDQþLYNODGDĢPHG]HU\PHG]LOH[pP\
VVWULQJ
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
XQLWDSDV
5HZULWHW
VLU E IDOVH
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
E OH[LQ>FLVORLGHQW@V KRGQ
LIOH[ UHWD]HFWKHQEHJLQ
V
IRUL WROHQJWKVGR
LIKRGQ>L@
WKHQV V
HOVHV VKRGQ>L@
V
KRGQ
HQG
LIEDQGEWKHQV
V
E E
LIVLU!DQGVLUOHQJWKV!PD[VLUWKHQEHJLQ
ZULWHOQWVLU
HQG
LIVLU DQGV>@
WKHQGHOHWHV
ZULWHWVLQFVLUOHQJWKV
VNHQHU
HQG
&ORVH)LOHW&ORVH)LOHW
HQG
1'Ò
%LWPDS\
YWHMWRþDVWLP{åHWHSRXåLĢV~ERU\]SUHGFKiG]DM~FLFKSUHGQiãRNREUD]N\]LSDOHDMQRYpV~ERU\VREUi]NDPL
REUD]N\]LS
SUHþtWDQLHREUi]ND]RV~ERUXGRJUDILFNHMSORFK\,PDJH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH3LFWXUH/RDG)URP)LOH
WLJHUEPS
HQG
ƔSRPRFRXWRKWRVS{VREXVDQLHNHG\]PHQtJUDILFNiSORFKDDWLHåEXGHQHSRXåLWHĐQêNHćSRWUHEXMHPH
ELWPDSXXPLHVWQLĢQLHGRĐDYpKRKRUQpKRURKXDOHQDQHMDNpNRQNUpWQHV~UDGQLFH
ƔEXGHPHSUDFRYDĢVQRYêPREMHNWRPELWPDSDP{åHPHVLYãLPQ~ĢLVW~SRGREQRVĢVREMHNWRP
NRU\WQDþND
ƔGHNODURYDQtPSUHPHQQHMEPS7%LWPDSREMHNWLQãWDQFLDHãWHQHY]QLNiQRYêREMHNWWUHEDHãWH
Y\WYRULĢ
ƔEPS 7%LWPDS&UHDWHY\WYRUtVDQRYiELWPDSDREUi]RNNWRUêMH]DWLDĐSUi]GQ\PiUR]PHU\
[
ƔGRH[LVWXM~FHKRREMHNWXELWPDSDP{åHPHSUHþtWDĢREUi]RN]RV~ERUXSRPRFRX/RDG)URP)LOHDN
XåELWPDSDPDODQHMDNêREVDKWHQWRVDVWUiFDDQDKUDGtVDSUHþtWDQêPREUi]NRP]PHQtVDMHM
YHĐNRVĢ
ƔWHUD]P{åHPHRSHþLDWNRYDĢQiãQRYêREMHNWELWPDSDGRJUDILFNHMSORFK\,PDJHSRPRFRX
PHWyG\'UDZ
ƔDPDOLE\VPHVLQD]iYHU]Y\NQ~ĢQDMHGQRG{OHåLWpSUDYLGORYåG\NHćVNRQþtPHSUDFRYDĢV
REMHNWRPELWPDSDWDNMXPXVtPHXYRĐQLĢ]RV\VWpPXSRPRFRXPHWyG\)UHHELWPDSDMHWRWLå
WDNêãSHFLiOQ\REMHNWNWRUêRGþHUSiYD]GURMH]:LQGRZVDDNWDNêFKWR]GURMRY:LQGRZVPLQLHPH
SULYHĐDV\VWpPVDP{åH]U~WLĢ
ELWPDSDGRSR]DGLDJUDILFNHMSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
WLJHUEPS
,PDJH&DQYDV'UDZEPS
EPS)UHH
HQG
ƔPHWyGD'UDZRSHþLDWNXMHELWPDSXGR&DQYDVXQDV~UDGQLFH]DGDQpGYRPDSUYêPLSDUDPHWUDPLWLHWR
XUþXM~ĐDYêKRUQêURKNODGHQpKRREUi]NDSULWRPP{åHQHMDNiþDVĢREUi]ND]SORFK\Y\SDGQ~ĢQLHNHG\
VDP{åXKRGLĢDM]iSRUQpV~UDGQLFHREUi]ND
ƔH[LVWXMHHãWHãSHFLiOQ\SUtSDGPHWyG\'UDZSRORåHQLHREUi]NDGRSORFK\VR]PHQRXYHĐNRVWL
6WUHWFK'UDZREUi]RNP{åHPHĐXERYRĐQH]PHQãLĢDOHER]YlþãLĢP{åHPHKRQDSUtNODGQDWLDKQXĢQD
FHO~JUDILFN~SORFKX
Ɣ6WUHWFK'UDZPiGYDSDUDPHWUHSUYêPMHREGĎåQLNUHFWDQJOHGRNWRUpKRWUHEDXPLHVWQLĢREUi]RND
QDWLDKQXWLHREUi]NDQDFHO~SORFKX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
WLJHUEPS
,PDJH&DQYDV6WUHWFK'UDZ5HFW,PDJH:LGWK,PDJH+HLJKWEPS
EPS)UHH
HQG
Ɣ XNiåHPHW\SLFN~SUiFXVELWPDSRXRSHþLDWNXMHPHREUi]RNYLDFNUiWYHGĐDVHEDDSRGVHEDWDNDE\
SUHVQHY\SOQLOFHOpSR]DGLHJUDILFNHMSORFK\
RNDFKOLþNRYDQLHSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
[\ZKLQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
SR]DGLHEPS
Z ,PDJH:LGWKK ,PDJH+HLJKW\
ZKLOH\KGREHJLQ
[
ZKLOH[ZGREHJLQ
,PDJH&DQYDV'UDZ[\EPS
LQF[EPS:LGWK
HQG
LQF\EPS+HLJKW
HQG
EPS)UHH
HQG
1'Ò
ƔY\FHQWUXMHWHELWPDSXGRJUDILFNHMSORFK\
ƔY\NDFKOLþNXMWHSORFKXGYRMQiVREQH]YlþãHQêP]PHQãHQêPREUi]NRP
ƔQDWLDKQLWHREUi]RNWDNDE\SRNU\OFHO~SORFKXDOHSULWRPDE\RVWDOSRPHUVWUiQREUi]ND]DFKRYDQê
SUDYGHSRGREQHREUi]RNYMHGQRPUR]PHUHP{åHY\SDGQ~Ģ]SORFK\
Ɣ SUHGSRNODGDMPHåHPiPHSULSUDYHQêFKV~ERURY%03ELWPiSPDOêFKREUi]NRYEPSEPS
EPSEPSSR]DWODþHQtWODþLGODVDQDQiKRGQRPPLHVWHSORFK\SRORåtQiKRGQHY\EUDQêMHGHQ]
REUi]NRY
QiKRGQêREUi]RNQDQiKRGQ~SR]tFLXSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPS
,QW7R6WUUDQGRP
EPS
,PDJH&DQYDV'UDZUDQGRP,PDJH:LGWKEPS:LGWK
UDQGRP,PDJH+HLJKWEPS+HLJKWEPS
EPS)UHH
HQG
Ɣ DNSRXåLMHREUi]N\]RV~ERUXREUD]N\]LSP{åHWHVLYãLPQ~ĢåHQLHNWRUpþDVWLREUi]NRYV~ELHOHDOH
ERORE\NUDMãLHNHE\EROLSULHVYLWQpELWPDSiPP{åHPHMHGQXIDUEXXUþLĢDNRSULHVYLWQ~DSRWRP
NODGHQLHREUi]NDGRSORFK\SRPRFRX'UDZDOHER6WUHWFK'UDZSRQHFKiSULHVYLWQpþDVWLQH]PHQHQp
ELWPDSHPXVtPH]DGHILQRYDĢGYHVWDYRYpSUHPHQQpYODVWQRVWL7UDQVSDUHQW&RORUD7UDQVSDUHQW
SUYRXGHILQXMHPHIDUEXNWRUiVDVWDQHSULHVYLWQRXDGUXKRX]DStQDPHP{åHPHDMY\SQ~ĢUHåLP
SULHVYLWQHMIDUE\QDSU
REUi]N\VSULHVYLWQêPLþDVĢDPL
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPS
,QW7R6WUUDQGRP
EPS
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
,PDJH&DQYDV'UDZUDQGRP,PDJH:LGWKEPS:LGWK
UDQGRP,PDJH+HLJKWEPS+HLJKWEPS
EPS)UHH
HQG
ƔP{åHPHSUDFRYDĢQLHOHQVELWPDSDPLNWRUpVPHSUHþtWDOL]RV~ERUXDOHELWPDSXVLP{åHPHQDNUHVOLĢDM
VDPLELWPDSDPiURYQDNê&DQYDVDNRJUDILFNiSORFKD,PDJHDWHGDGRQHMP{åHPHNUHVOLĢURYQDNêP
VS{VRERP
ƔDNQHEXGHPHGRSUiYHY\WYRUHQHMELWPDS\7%LWPDS&UHDWHþtWDĢV~ERUSRPRFRX/RDG)URP)LOHDOH
SURJUDPRPY\WYRUHQêREUi]RN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LLQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS:LGWK EPS+HLJKW
EPS&DQYDV%UXVK&RORU FO:KLWH
EPS&DQYDV)LOO5HFW5HFWEPS:LGWKEPS+HLJKW
IRUL GRZQWRGR
ZLWKEPS&DQYDVGREHJLQ
LIRGGLWKHQ%UXVK&RORU FO<HOORZ
HOVH%UXVK&RORU FO5HG
(OOLSVH
L
L
L
L
HQG
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
,PDJH&DQYDV'UDZUDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKWEPS
EPS)UHH
HQG
Ɣ GRELWPDS\P{åHPHRSHþLDWNRYDĢDMLQpELWPDS\Y\WYRUtPHELWPDSXVRåOWêPNUXKRPDGRQHM
RSHþLDWNXMHPHQiKRGQHY\EUDQ~ELWPDSXQDSU
SRXåLWLHGYRFKELWPiS
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPSEPS7%LWPDS
EHJLQ
EPS 7%LWPDS&UHDWH
EPS:LGWK EPS+HLJKW
EPS&DQYDV%UXVK&RORU FO:KLWH
EPS&DQYDV)LOO5HFW5HFWEPS:LGWKEPS+HLJKW
ZLWKEPS&DQYDVGREHJLQ
%UXVK&RORU FO<HOORZ
(OOLSVH
HQG
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPS
,QW7R6WUUDQGRP
EPS
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
EPS&DQYDV'UDZEPS:LGWKGLYEPS+HLJKWGLYEPS
EPS)UHH
Ɣ MHHãWHYHĐDLQêFKPRåQRVWtDNRSUDFRYDĢVELWPDSDPLQDSU
ƔQDPLHVWREPS/RDG)URP)LOH
EPSEPS
P{åHPHSRPRFRX
,PDJH3LFWXUH*UDSKLFRSHþLDWNXMHFHO~JUDILFN~SORFKXGR&DQYDVXELWPDS\Wi
þDVĢNWRUiVDQH]PHVWtEXGHRGUH]DQi]UHMPHELWPDSDXåPXVtPDĢSUHGWêPWRYRODQtP
QDVWDYHQ~YHĐNRVĢQDSUEPS:LGWK EPS+HLJKW SRGREQHE\VPHPRKOL
SRXåLĢDM6WUHWFK'UDZ
ƔPHWyGD&RS\5HFWMHSRGREQi6WUHWFK'UDZOHQP{åHPH]DGDĢQLHOHQREGĎåQLNNDPVDNRStUXMH
Ɣ&DQYDVREUi]NDSORFK\NWRUêVDNRStUXMHQDSUEPS&DQYDV,PDJH&DQYDV
ƔREGĎåQLNYêUH]XREUi]NDNWRUêVDEXGHNRStURYDĢQDSU5HFW
ƔSRXåLWLH&RS\5HFWQDMHGQRGXFKRPSUtNODGH]ELWPDS\WLJUDY\VWULKQHPHOHQKODYX
RSHþLDWNRYDQLHOHQþDVWLREUi]ND
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
[\[\ZKLQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
WLJHUEPS
[ UDQGRP,PDJH:LGWK\ UDQGRP,PDJH+HLJKWNDP
,PDJH&DQYDV&RS\5HFW5HFW[\[Z\KEPS&DQYDV5HFW[\[Z\K
EPS)UHH
HQG
DE\JUDILFNiSORFKDQHEOLNDOD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
HQG
%LWPDSDDNRJOREiOQDSUHPHQQi
ƔþDVWRVDQiPP{åHKRGLĢDE\VPHQHPXVHOLþDVWRSRXåtYDQ~ELWPDSXDOHDMYLDFELWPiSPRåQRDM
SROHELWPiSWHVQHSUHGSRXåLWtPY\WYRULĢDSUHþtWDĢ]RV~ERUXDSRSRXåLWtQDSUSR'UDZMXSRPRFRX
)UHHXYRĐQLĢ
ƔQDMMHGQRGXFKãtPVS{VRERPMHY\WYRUHQLHJOREiOQ\FKSUHPHQQêFKSULãWDUWHIRUPXOiUD)RUP&UHDWH
ƔSRWRPMHGREUHQH]DEXGQ~ĢXYRĐQLĢWDNpWRELWPDS\SULNRQFLDSOLNiFLH)RUP'HVWUR\
ELWPDSDDNRJOREiOQDSUHPHQQi
YDU
EPS7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
WLJHUEPS
'RXEOH%XIIHUHG WUXH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
[\ZKLQWHJHU
EHJLQ
Z UDQGRPK UDQGRP
[ UDQGRP,PDJH:LGWKZ\ UDQGRP,PDJH+HLJKWK
,PDJH&DQYDV6WUHWFK'UDZ5HFW[\[Z\KEPS
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
HQG
.ySLDELWPDS\
Ɣ DNSRWUHEXMHPHSUHNRStURYDĢREVDKMHGQHMELWPDS\GRGUXKHMQLNG\QHVPLHPHSRXåLĢRE\þDMQp
SULUDGHQLHQDSU
FK\EQpULHãHQLH
YDU
EE7%LWPDS
EHJLQ
E 7%LWPDS&UHDWHE 7%LWPDS&UHDWH
E/RDG)URP)LOH
PLULEPS
E EWiLVWiELWPDSDGRVWDODGUXKpPHQRE
SRåtYDQLHELWPDS\E
E)UHHE)UHH
Ɣ WiWRþDVĢSURJUDPXVSDGQHOHERSRE)UHHXåQHH[LVWXMHDQLEDWHGDVDQHGiXURELĢE)UHH
Ɣ SUYpVSUiYQHULHãHQLH
NRStURYDQLHMHGQHMELWPDS\GR&DQYDVXGUXKHMELWPDS\
YDU
EE7%LWPDS
EHJLQ
E 7%LWPDS&UHDWHE 7%LWPDS&UHDWH
E/RDG)URP)LOH
PLULEPS
Ɣ GUXKpVSUiYQHULHãHQLH
SRXåLWLHPHWyG\$VVLJQ
YDU
EE7%LWPDS
EHJLQ
E 7%LWPDS&UHDWHE 7%LWPDS&UHDWH
E/RDG)URP)LOH
PLULEPS
E$VVLJQE
SRåtYDQLHELWPDS\E
E)UHHE)UHH
=KUQXWLHWULHG\7%LWPDS
7%LWPDSMHSUHGGHILQRYDQiWULHGDNWRUiVO~åLQDPDQLSXOiFLXVREUi]NDPLP{åHPHVLMXSUHGVWDYLĢDNRREVDK
V~ERUXVSUtSRQRX%03GiVDVQtPSUDFRYDĢQDSUYSURJUDPH3DLQW6NLFiU7iWRWULHGDPiQLHNRĐNR
XåLWRþQêFKVWDYRYêFKSUHPHQQêFKYODVWQRVWLSURSHUW\DPHWyG
QLHNWRUpVWDYRYpSUHPHQQp
Ɣ:LGWK+HLJKWPRPHQWiOQDãtUNDDYêãNDREUi]NDP{åHPHMX]PHQLĢSULUDGHQtPQRYêFKKRGQ{WGR
WêFKWRSUHPHQQêFK
Ɣ&DQYDVJUDILFNiSORFKDREUi]ND
Ɣ7UDQVSDUHQWþLPiQHMDNpSULHVYLWQpþDVWLLQDNMHWRQHSULHVYLWQêREGĎåQLN
Ɣ7UDQVSDUHQW&RORUNWRUiIDUEDYREUi]NXMHSRYDåRYDQi]DSULHVYLWQ~
QLHNWRUpPHWyG\
ƔNRQãWUXNWRU&UHDWHY\WYRUt]DWLDĐSUi]GQ\REUi]RN
Ɣ)UHHXYRĐQtELWPDSX]SDPlWL:LQGRZV
Ɣ/RDG)URP)LOHQDþtWDREUi]RN]RV~ERUXYRIRUPiWH%03
Ɣ6DYH7R)LOHXORåtREUi]RNGRV~ERUXYRIRUPiWH%03
Ɣ$VVLJQXUREtNySLXREUi]ND]LQHMELWPDS\
7,PDJH
Ɣ&DQYDV)LOO5HFW
Ɣ&DQYDV3L[HOV>ULDGRNVWĎSHF@
Ɣ&DQYDV5HFWDQJOH(OOLSVH7H[W2XW
Ɣ&DQYDV0RYH7R/LQH7R3RO\JRQ3RO\OLQH)ORRG)LOO
DWHGDP{åHPHWêPWRPHWyGDPQDVWDYLĢSHURãWHWHFIRQWQDSU&DQYDV3HQ&RORU
Ɣ&DQYDV'UDZRSHþLDWNXMHLQ~ELWPDSX
Ɣ&DQYDV6WUHWFK'UDZRSHþLDWNXMHLQ~ELWPDSXSULþRPMXP{åH]YlþãLĢ]PHQãLĢ
Ɣ&DQYDV&RS\5HFWRSHþLDWNXMHYêUH]LQpKR&DQYDVXELWPDS\DOHERJUDILFNHMSORFK\
Ɣ&DQYDV%UXVK&RS\SRGREQê&RS\5HFWMHGQX]IDULHESULNRStURYDQtYLHQDKUDGLĢLQRX
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ SR]QiPHPHFKDQL]PXVYRODQLDSRGSURJUDPRY
Ŷ]DSDPlWiVDQiYUDWRYiDGUHVD
ŶY\KUDGtVDSDPlĢSUHORNiOQHSUHPHQQpDMKRGQRWRYpSDUDPHWUHWLHVDDMLQLFLDOL]XM~
ŶY\NRQiVDWHORSRGSURJUDPX
ŶXYROQtVDSDPlĢORNiOQ\FKSUHPHQQêFK]DEXGQ~VDLFKKRGQRW\
ŶSURJUDPSRNUDþXMHQD]DSDPlWDQHMQiYUDWRYHMDGUHVH
þRVDEXGHPHGQHVXþLĢ
1HNRQHþQiUHNXU]LD
ƔQDWHVWRYDQLHUHNXU]tYQ\FKSURFHG~UP{åHWHY\XåLĢSULSUDYHQê3URMHNWGRWRKRWRSURMHNWXP{åHWH
SULGiYDĢćDOãLHSURFHG~U\QDODGHQLH
ƔYWRPWRWHVWRYDFRPSURMHNWHVLYãLPQLWHDNRVDSRPRFRXGYRFKSRPRFQêFKSURFHG~USXVKDSRS
VLPXOXMHþLQQRVĢ]iVREQtND
ƔWHUD]VLXåSR]ULWHSUY~UHNXU]tYQXSURFHG~UX
SURFHG~UD[\YROiVDPXVHED
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUH[\VUHDO
EHJLQ
N'RSUHGXV
N9ODYR
FDNDM
[\V
HQG
EHJLQ
N 7.RU&UHDWH
[\
N)UHH
HQG
Ɣ WUDVXMHPHWHQWRSURJUDP
Ɣ]KODYQpKRSURJUDPXMHYRODQLHSURFHG~U\[\ !Y\WYRUtVDORNiOQDSUHPHQQiVNWRUHMKRGQRWDMH
ƔQDNUHVOtVDþLDUDGĎåN\VNRU\WQDþNDVDRWRþtGRĐDYDRVWXSĖRY
Ɣ]QRYXVDYROiSURFHG~UD[\VSDUDPHWURPV]PHQHQêPVWMY\WYRUtVDQRYiORNiOQDSUHPHQQi
V WiWRSUHPHQQiVDY\WYiUDQD]iVREQtNX
ƔIXQJXMHWX]QiP\PHFKDQL]PXVYRODQLDSRGSURJUDPRY
ƔWRWRVDUREtGRQHNRQHþQDDOHþDVRPVD]DSOQtSDPlĢSRþtWDþDNWRUiMHXUþHQiQDPHFKDQL]PXV
ƔRGREHUDQLH]YUFKX
ƔHãWHVLYãLPQLWHN)UHHQDNRQFLSURJUDPXWHQWRSUtND]SRGREQHDNRSULELWPDSiFKXYRĐĖXMHNRU\WQDþNX
KRFLYWRPWRNRQNUpWQRPSUtNODGHVDQDWHQWRULDGRNYêSRþHWQLNG\QHGRVWDQH
&KYRVWRYiUHNXU]LDQHSUDYi
ƔQLHNGHYWHOHUHNXU]tYQHMSURFHG~U\VDPXVtQDFKiG]DĢWHVWNWRUê]DEH]SHþtåHYQLHNWRUêFKSUtSDGRFK
UHNXU]LDVNRQþt
ƔQDMþDVWHMãLHWREXGHPHULHãLĢW]YWULYLiOQ\PSUtSDGRPQD]DþLDWRNSRGSURJUDPXXPLHVWQLPH
SRGPLHQHQêSUtND]LINWRUêRWHVWXMHWULYLiOQ\SUtSDGSUtSDGNHćXåQHEXGHUHNXU]tYQHYRODQLHULHãHQLH
WDNHMWR~ORK\MHXåWULYLiOQH
ƔYSUtSDGHåHLIQHPiVSOQHQ~SRGPLHQNXQLHMHWRWULYLiOQ\SUtSDGY\NRQDM~VDQDVOHGXM~FHSUtND]\
NWRUpXåEXG~REVDKRYDĢUHNXU]tYQHYRODQLHULHãHQLHWDNHMWR~ORK\MHQHWULYLiOQHY\åDGXMHVLUHNXU]LX
ãSLUiOD
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N7.RU
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQQLþQHUREOHQVNRQþL
HOVHEHJLQ
N'RSUHGXV
N9ODYR
FDNDM
VSLUV
HQG
HQG
EHJLQ
N 7.RU&UHDWH
VSLU
N)UHH
HQG
VQDSU
ƔYãLPQLPHVLåHUHNXU]tYQHYRODQLHSURFHG~U\MHLEDQDMHGQRPPLHVWH]DNWRUêPXåQHQDVOHGXM~ćDOãLH
SUtND]\SURFHG~U\ !WRWRYRODQLHVDGiĐDKNRSUHStVDĢF\NORPZKLOH
!KRYRUtPHWRPXFKYRVWRYiUHNXU]LDUHNXU]tYQHYRODQLHMHOHQQDNRQFLSURFHG~U\
SUHSLVSRPRFRXZKLOHF\NOX
ZKLOHV GREHJLQ
N'RSUHGXV
N9ODYR
FDNDM
V V
HQG
Ɣ UHNXU]LDIXQJXMHDMEH]JUDILN\
QDStãHPHSURFHG~UXNWRUiY\StãHþtVOD111
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQQLþQHUREOHQVNRQþL
HOVHEHJLQ
0HPR/LQHV$GG,QW7R6WUQ
Y\SLVQ
HQG
HQG
EHJLQ
Y\SLV
HQG
]LVWLWHDNRVD]PHQtYêVWXSDNVDY\PHQtYRODQLH0HPR/LQHV$GGDY\SLV"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQþL
HOVHEHJLQ
Y\SLVQ
0HPR/LQHV$GG,QW7R6WUQ
HQGXåWRQLHMHFKYRVWRYiUHNXU]LD
HQG
3UDYiUHNXU]LD
ãSLUiOD
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQN)3 FO5HGDVNRQþL
HOVHEHJLQ
N'RSUHGXVN9ODYR
FDNDM
VSLUV
N9SUDYRN'RSUHGXV
FDNDM
HQG
HQG
WUDVXMWHMHMYRODQLHSUH
VSLU
WDNpWRUHNXU]tYQHYRODQLHVDGiSUHStVDĢSRPRFRXGYRFKF\NORY
SRFHW
ZKLOHV GREHJLQþRVDGHMHSUHGUHNXU]tYQ\PYRODQtP
N'RSUHGXVN9ODYRV VLQFSRFHW
FDNDM
HQG
N)3 FO5HGWULYLiOQ\SUtSDG
ZKLOHSRFHW!GREHJLQþRVDGHMHSRY\QiUDQt]UHNXU]LH
V VN9SUDYRN'RSUHGXVGHFSRFHW
FDNDM
HQG
Ɣ ćDOãLHSUtNODG\
VSURFHG~URXY\SLVVPHVDXåKUDOL
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQþL
HOVHEHJLQ
0HPR/LQHV$GG,QW7R6WUQ
Y\SLVQ
0HPR/LQHV$GG,QW7R6WUQ
HQG
HQG
NGHVDY\StãXKYLH]GLþN\"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQ0HPR/LQHV$GG
HOVHEHJLQ
0HPR/LQHV$GG,QW7R6WUQ
Y\SLVQ
0HPR/LQHV$GG,QW7R6WUQ
HQG
HQG
Ɣ RSlĢVNRU\WQDþNRX
SULSRPtQDPH]QiPXSURFHG~UXSRO\
SURFHGXUHSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
N'RSUHGXV
N9ODYRX
GHFQ
HQG
FDNDM
HQG
Ɣ ]LVWLWHþRNUHVOLDSURFHG~U\VWYRUHFDVWYRUHF
SURFHG~UDVWYRUHF
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQQLþQHUREOHQVNRQþL
HOVHEHJLQ
SRO\D
VWYRUHFD
HQG
HQG
SURFHG~UDVWYRUHF
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQþL`N9ODYR
HOVHEHJLQ
SRO\D
VWYRUHFD
SRO\D
HQG
HQG
YêSRþHWIDNWRULiOXUHNXU]tYQRXIXQNFLRX
ƔWULYLiOQ\PSUtSDGRPMHWX~ORKDY\ULHãLĢQDSUYLHPHWRDMEH]UHNXU]LH
ƔUHNXU]tYQHSUtSDG\V~WDNpQHSODWtWULYLiOQ\SUtSDGNWRUpV~XåWDN]ORåLWpåHQDQHSRWUHEXMHPH
UHNXU]LX
ƔKRFLWRWRULHãHQLHQLHMHFKYRVWRYiUHNXU]LDSRUHNXU]tYQRPYRODQtIDNWVDPXVtHãWHQiVRELĢYLHPHKR
MHGQRGXFKRSUHStVDĢSRPRFRXF\NOX
1'Ò
Ɣ]DStãWHSRO\SRPRFRXUHNXU]LHEH]]iSLVXF\NOX
Ɣ]DStãWHILERQDFFLKRSRVWXSQRVĢUHNXU]tYQRXIXQNFLRX]LVWLWHNRĐNRNUiWVDUHNXU]tYQH]DYROiSUHGDQpQ
ƔULHãWHUHNXU]LRXLQp]QiPHPDWHPDWLFNpIXQNFLHQDSUQDMYlþãtVSRORþQêGHOLWHĐSRPRFRXHXNOLGRYKR
DOJRULWPXXPRFĖRYDQLHþtVODQDFHORþtVHOQêH[SRQHQWSRPRFRXQiVREHQLDYêSRþHWNRPELQDþQpKR
þtVODDSRG
%LQiUQHVWURP\
ƔQDNUHVOLPHSRPRFRXNRU\WQDþHMJUDILN\ELQiUQ\VWURP~URYQHQ
ƔSUHQ QDNUHVOtVDþLDUD
ƔYRYãHWNêFK~URYQLDFKV~NRQiUHURYQDNRGOKp
ELQiUQ\VWURPSRGVWURP\VDQHVNUDFXM~
SURFHGXUHVWURPQLQWHJHU
EHJLQ
LIQ WKHQEHJLQ
N'RSUHGX
N'RSUHGX
HQG
HOVH
ZLWKNGREHJLQ
'RSUHGX
9ODYRQDWRþVDQDNUHVOHQLHĐDYpKRSRGVWURPX
VWURPQQDNUHVOLĐDYêSRGVWURPQ~URYQH
9SUDYRQDWRþVDQDNUHVOHQLHSUDYpKRSRGVWURPX
VWURPQQDNUHVOLSUDYêSRGVWURPQ~URYQH
9ODYRQDWRþVDGRS{YRGQpKRVPHUX
'RSUHGXYUiĢVDQDS{YRGQpPLHVWR
HQG
FDNDM
HQG
ELQiUQ\VWURPWDNDE\VDYHWY\VWURPXVNUDFRYDOLQDSRORYLFXYRY\ããtFK~URYQLDFK
SURFHGXUHVWURPQLQWHJHUYUHDO
EHJLQ
ZLWKNGR
LIQ WKHQEHJLQVKUXEãtPLYHWYDPL
'RSUHGXY
9SUDYR'RSUHGX9ODYR
'RSUHGXY
HQG
HOVHEHJLQ
'RSUHGXY
9ODYR
VWURPQY
9SUDYR
VWURPQY
9ODYR
'RSUHGXY
HQG
FDNDM
HQG
Ɣ QDNRĐNRVDNRU\WQDþNDQHYUDFLDSUHVQHSRWHMLVWHMþLDUHDOHVPDORXRGFKêONRXDWiWRRGFKêONDVDVWiOH
]YlþãXMHY]QLNiWHQWR]DXMtPDYêHIHNW
1'Ò
ƔULHãHQLHEH]UHNXU]LHEXGHPHWRVSRORþQHULHãLĢQHVN{U
ƔGRNUHVOLĢVWURPXOtVWRþN\QDSRVOHGQêFKYHWYiFK
ƔQiKRGQHQDVWDYLĢYHĐNRVĢSRGVWURPXQiKRGQHQDVWDYLĢXKROYHWLHY
ƔSRGĐD~URYQHYQRUHQLDPHQLĢKU~ENXSHUD
Ɣ VWURPNWRUêVDUR]YHWYXMHQLHQDGYHDOHQDWULþDVWLVDQD]êYDWHUQiUQ\
WHUQiUQ\VWURP
SURFHGXUHVWURPQLQWHJHUDUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQ
SRO\D
HOVH
ZLWKNGREHJLQ
'RSUHGXD9ODYR
IRUL WRGREHJLQ
VWURPQD
9SUDYR
HQG
9ODYR'RSUHGXD
HQG
FDNDM
HQG
Ɣ 1DStãHPHSURFHG~UXNWRUiQDNUHVOtREUi]RNVVV~URYQH1YHĐNRVWLD
ƔQ QHUREtQLþ
ƔQ ãWYRUHFVRVWUDQRXGĎåN\D
ãWYRUFHYNDåGRPURKXãWYRUFD
SURFHGXUHVVVQLQWHJHUDUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQQHUREQLþOHQVNRQþL
HOVH
IRUL WRGREHJLQ
N'RSUHGXD
N9ODYR
FDNDM
VVVQDVN~VWHVVVQD
HQG
HQG
ƔYãLPQLWHVLåHWRQLHMHFKYRVWRYiUHNXU]LD
ƔREUi]RNY\]HUiWDNWRGUXKêMHSUHUHNXU]tYQHYRODQLHVVVQD
Ɣ NODVLFNiUHNXU]tYQDNULYND
VQHKRYiYORþND
YDU
N7.RU
SURFHGXUHYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQN'RSUHGXV
HOVHEHJLQ
YORFNDQV
N9SUDYR
YORFNDQV
N9ODYR
YORFNDQV
N9SUDYR
YORFNDQV
HQG
FDNDM
HQG
YDU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
IRUL WRGREHJLQ
YORFND
N9ODYR
HQG
N)UHH
HQG
N9SUDYR
)UDNWiO\
&NULYND
YDU
N7.RU
SURFHGXUHFNULYNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
FNULYNDQVNYODYR
FNULYNDQVNYSUDYR
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
FNULYNDVN~VWHFNULYND
N)UHH
HQG
Ɣ'UDþLDNULYNDVDVNODGi]GYRFK]UNDGORYêFKSURFHG~UOGUDNDSGUDN
ƔSUREOpPMHSULLFKY]iMRPQRPYRODQtP{åHPHWRY\ULHãLĢEXć
SRPRFRXGLUHNWtY\IRUZDUG
YDU
N7.RU
SURFHGXUHOGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYODYR
SGUDNQV
HQG
FDNDM
HQG
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYSUDYR
SGUDNQV
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
OGUDN
N)UHH
HQG
Y]iMRPQpYQRUHQLHSURFHG~U
YDU
N7.RU
SURFHGXUHOGUDNQLQWHJHUVUHDO
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYSUDYR
SGUDNQV
HQG
FDNDM
HQG
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYODYR
SGUDNQV
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
OGUDN
N)UHH
HQG
Ɣ YãLPQLWHVLåHNRU\WQDþNDSULNUHVOHQtNULYN\QHSUHMGHSRåLDGQHMþLDUHYLDFNUiW
Ɣ NULYNXP{åHPHNUHVOLĢOHQMHGQRXSURFHG~URXNWRUiPiRMHGHQSDUDPHWHUYLDFDWRþLMHĐDYiDOHER
SUDYi
GUDþLDNULYNDMHGQRXSURFHG~URX
YDU
N7.RU
SURFHGXUHGUDNQLQWHJHUVUHDOXLQWHJHU
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
GUDNQV
NYODYRX
GUDNQV
HQG
FDNDM
HQG
EHJLQ
N 7.RU&UHDWH
GUDN
N)UHH
HQG
Ɣ +LOEHUWRYDNULYND
+LOEHUWRYDNULYNDVDWLHåVNODGi]GYRFK]UNDGORYêFKþDVWt±GHILQXMHPHLFKMHGQRXSURFHG~URX
YDU
N7.RU
SURFHGXUHKLOEHUWQLQWHJHUVUHDOXLQWHJHU
EHJLQ
LIQ!WKHQEHJLQ
NYODYRX
KLOEHUWQVXNGRSUHGXVNYSUDYRX
KLOEHUWQVXNGRSUHGXV
KLOEHUWQVXNYSUDYRXNGRSUHGXV
KLOEHUWQVXNYODYRX
FDNDM
HQG
HQG
EHJLQ
N 7.RU&UHDWH
KLOEHUWVN~VWHKLOEHUW
N)UHH
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ GRJUDILFNHMSORFK\]DWLDĐYLHPHNUHVOLĢSRPRFRXDOJRULWPRY
þRVDEXGHPHGQHVXþLĢ
Ɣ DNRP{åHPHSRXåtYDWHĐRYLXPRåQLĢNUHVOLĢGRJUDILFNHMSORFK\SRPRFRXP\ãL
0\ã
ƔSULSUiFLV3L[HOVYJUDILFNHMSORFKHVPHWURFKXH[SHULPHQWRYDOLDMVP\ãRXSULSRK\ERFKP\ãRXQDG
JUDILFNRXSORFKRX,PDJHVPH]REUD]RYDOLSUtVOXãQpERGN\REUi]NDY\XåLOLVPHXGDORVĢ
RQ0RXVH0RYHNWRUiGRREVOXåQHMSURFHG~U\,PDJH0RXVH0RYHSRVLHODDMV~UDGQLFHP\ãLY
SDUDPHWURFK;D<
ƔQDXþtPHVDDNRVDSUDFXMHVP\ãRXJUDILFNiSORFKDPiU{]QHXGDORVWL
ƔRQ0RXVH'RZQ]DWODþLOLVPHQDGSORFKRXQLHNWRUpWODþLGORP\ãL
ƔRQ0RXVH0RYHP\ãVDKêEHQDGSORFKRX
ƔRQ0RXVH8SSXVWLOLVPHWODþLGORP\ãL
Ɣ]DþQHPHQDMMHGQRGXFKãtPSUtSDGRPYRIRUPXOiULPiPHJUDILFN~SORFKX,PDJHDSULUDGtPHMHMXGDORVĢ
RQ0RXVH0RYHGYRMNOLNQHPHQDULDGRNVRQ0RXVH0RYHY]iORåNH(YHQWVSUH,PDJHY,QãSHNWRUH
REMHNWRY
SRK\EP\ãLNUHVOtERGN\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
,PDJH&DQYDV3L[HOV>;<@ FO%ODFN
HQG
ƔSRK\ERPP\ãLQDSORFKRXVDQDSUtVOXãQêFKPLHVWDFK]REUD]XM~ERGN\
ƔXåVPHVLPRåQR]Y\NOLåHYHĐPLþDVWRNHćUREtPHVJUDILNRXDWiWREOLNiWUHEDGR)RUP&UHDWHSULGDĢ
ULDGRN
DE\JUDILFNiSORFKDQHEOLNDOD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
Ɣ NUHVOHQtPERGLHNVDYHĐPLĢDåNRQLHþRQDR]DMQDNUHVOtSUHWRVDP{åHPHSRN~VLĢQDPLHVWRERGN\
3L[HOVNUHVOLĢþLDU\/LQH7R
SRK\EP\ãLVSiMDþLDU\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
,PDJH&DQYDV/LQH7R;<
HQG
ƔWHUD]VDQDR]DMVSiMDM~þLDU\SRGĐDSRK\EXP\ãLOHQåHþLDU\VDNUHVOLDDMNHćVDWODþLGORP\ãLQH]DWODþt
ƔY\XåLMHPHSDUDPHWHU6KLIWMHW\SX76KLIW6WDWHDSUHWHQWRSODWt
W\SH76KLIW6WDWH VHWRI
VV6KLIWVV$OWVV&WUOVV/HIWVV5LJKWVV0LGGOHVV'RXEOH
ƔYWRPWRSDUDPHWULVDP{åHPHGR]YHGLHĢþLV~]DWODþHQpWODþLGOiQDP\ãLDOHERQLHNWRUpãSHFLiOQH
NOiYHV\QDNOiYHVQLFL
ƔY\XåLMHPHWRQDWRåHþLDU\VDNUHVOLĢOHQDNMH]DWODþHQpĐDYpWODþLGORP\ãL
NUHVOtVDOHQSUL]DWODþHQRPWODþLGOHP\ãL
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
,PDJH&DQYDV/LQH7R;<
HQG
Ɣ HãWHVWiOHWRQLHMHVSUiYQHULHãHQLHSR]DWODþHQtWODþLGODE\VDJUDILFNpSHURPDORSRVXQ~ĢGR
ãWDUWRYpKRERGXNUHVOHQLDDOHEH]VSRMHQLDVSUHGFKiG]DM~FLPERGRPY\XåLMHPHXGDORVĢ
RQ0RXVH'RZQYNWRUHMVDQDVWDYtPHGRãWDUWRYpKRERGXSRPRFRX0RYH7R
SULGiPH]DþLDWRNNUHVOHQHMþLDU\
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
,PDJH&DQYDV0RYH7R;<
HQG
SRXåLWLHSRPRFQHMSUHPHQQHM
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
YDU
GROHERROHDQ IDOVH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
GROH 6KLIW >VV/HIW@DOHERGROH VV/HIWLQ6KLIW
LIGROHWKHQ,PDJH&DQYDV0RYH7R;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIGROHWKHQ,PDJH&DQYDV/LQH7R;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
GROH IDOVH
HQG
NUHVOHQLHPDFK~Đ
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
YDU
ULQWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
ZLWK,PDJH&DQYDVGREHJLQ
U UDQGRP
3HQ&RORU UDQGRP5*%UDQGRP
%UXVK&RORU 3HQ&RORU
(OOLSVH;U<U;U<U
HQG
HQG
ƔYSURFHG~UHSUHXGDORVĢRQ0RXVH0RYHP{åHPHQDQHMDNpPLHVWRYRIRUPXOiULY\SLVRYDĢPRPHQWiOQX
SR]tFLXP\ãL
ƔQLHNDPGRIRUPXOiUDXPLHVWQLPHQRYêNRPSRQHQW/DEHOWH[WYRIRUPXOiULNHćEXGHPHPHQLĢMHKR
NRQWUROQpYêSLV\SRþDVSRK\EXP\ãLQDGJUDILFNRXSORFKRX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU;
,QW7R6WU<
HQG
6NLFiUNUHVOLDFDDSOLNiFLD
ćDOHMXNiåHPHSRVWXSQ~NRQãWUXNFLXMHGQRGXFKHMNUHVOLDFHMDSOLNiFLH
SUYiYHU]LDSURJUDPX
YDU
GROHERROHDQ IDOVH
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
%XWWRQ&OLFN]PDåHVDJUDILFNiSORFKD
/DEHO&DSWLRQ
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW&OLHQW5HFW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
GROH VV/HIWLQ6KLIW
LIGROHWKHQ,PDJH&DQYDV0RYH7R;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU;
,QW7R6WU<
LIGROHWKHQ,PDJH&DQYDV/LQH7R;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
EHJLQ
GROH IDOVH
HQG
3DOHWDIDULHE
Ɣ GUXKêPNURNRPEXGHSULGDQLHIDUHEQHMSDOHW\DE\VPHPRKOL]YROLĢIDUEXNUHVOHQLD
ƔQDGJUDILFN~SORFKXQDMSUYSRORåtPHPHQãLXJUDILFN~SORFKX,PDJHNWRUiEXGHREVDKRYDĢQHMDNê
DNWXiOQD]YROHQiIDUEDSULãWDUWHSURJUDPXþLHUQD
NOLNQXWtPGR,PDJHVD]YROtIDUEDNUHVOLDFHKRSHUDQDVWDYtVDIDUEDSHUDSUH,PDJHDWLHåVD]DIDUEt
Ɣ
,PDJH
VSUDFRYDQLHY\EUDQHMIDUE\SHUD
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
,PDJH&DQYDV3HQ&RORU ,PDJH&DQYDV3L[HOV>;<@
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU ,PDJH&DQYDV3HQ&RORU
)LOO5HFW&OLHQW5HFW
HQG
HQG
Ɣ DVLE\ERORGREUpNHE\EROR,PDJH]DIDUEHQpXåSULãWDUWHSURJUDPXGR)RUP&UHDWHSULGiPHMHKR
]DIDUEHQLH
LQLFLDOL]iFLD]REUD]HQLDDNWXiOQHMIDUE\
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU ,PDJH&DQYDV3HQ&RORU
)LOO5HFW&OLHQW5HFW
HQG
HQG
3RV~YDþSRVXYQiOLãWD
IRUPXOiUL
ƔHãWHPXVtPH]PHQLĢGYHVWDYRYpSUHPHQQpSURSHUW\0LQD0D[NWRUpY\MDGUXM~PLQLPiOQXD
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
PD[LPiOQXGRVLDKQXWHĐQ~KRGQRWXSUHSRV~YDþQDVWDYtPH0LQQDD0D[QDSUQD
ƔSUHWHQWRNRPSRQHQWY\XåLMHPHXGDORVĢRQ&KDQJHNWRUiMH]DYRODQiYåG\NHćSRXåtYDWHĐSRV~YD
EHåFDQDOLãWHSRGĐDPRPHQWiOQHMSR]tFLHEHåFDEXGHPHQDVWDYRYDĢKU~ENXSHUDJUDILFNHMSORFK\
ƔRQ&KDQJHSURFHG~UDVDDXWRPDWLFN\SULSUDYtGYRMNOLNRPQDNRPSRQHQWYRIRUPXOiUL
VSUDFRYDQLHQDVWDYRYDQLDKU~EN\SHUD
SURFHGXUH7)RUP7UDFN%DU&KDQJH6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV3HQ:LGWK 7UDFN%DU3RVLWLRQ
HQG
7ODþLGOiQiVWURMRYNUHVOHQLD
ƔNDåGêDMQDMMHGQRGXFKãtNUHVOLDFLSURJUDPXPRåĖXMHNUHVOLĢU{]Q\PLQiVWURMPLQDSUQLHOHQRGUXN\
SHURPDOHDM~VHþN\REGĎåQLN\HOLSV\DOHDMY\SĎĖDĢIDUERXQHMDNpREODVWL
ƔQDWR]DGHILQXMHPHPDOêFKWODþLGLHONRPSRQHQWRY6SHHG%XWWRQWLHWRPDM~QDUR]GLHORGNODVLFNpKR
%XWWRQYLDFY\OHSãHQt
ƔNHćQDQHNOLNQHPHP{åXRVWDĢ]DWODþHQpY\MDGUXMH]YROHQêQiVWURM
ƔRNUHPWH[WXP{åXREVDKRYDĢREUi]RNP{åHWHSRH[SHULPHQWRYDĢV*O\SK
ƔP{åHPHLFK]RVNXSLĢGRVNXSLQ\YNWRUHMLEDMHGQRWODþLGOREXGH]DWODþHQp]DWODþHQLHLQpKR
Ɣ]DGHILQXMHPHJOREiOQXSUHPHQQ~UH]LPNWRUiEXGHREVDKRYDĢPRPHQWiOQH]YROHQêQiVWURMWiWR
SUHPHQQiVDEXGHQDVWDYRYDĢYXGDORVWLRQ&OLFNSUHYãHWN\6SHHG%XWWRQ6SHHG%XWWRQ
QDSU
YDU
UH]LPSHURXVHFNDREGO]QLNHOLSVDY\SOQ SHUR
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP SHUR
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP XVHFND
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP REGO]QLN
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
ƔDVLE\ERORNUDMãLHNHE\VPHQHPXVHOLY\WYiUDĢSUHNDåGpWODþLGOR]YOiãĢSURFHG~UXYLQHMDSOLNiFLLE\LFK
PRKORE\ĢRYHĐDYLDFDOHQDStVDOLMHGQXXQLYHU]iOQXQDSU6SHHG%XWWRQ&OLFNE\PRKODE\ĢVSRORþQi
SUHYãHWN\
ƔSRWRPDNRMX]DGHILQXMHPHMXQDVWDYtPHYãHWNêPRVWDWQêPWODþLGOiPQiVWURMRYY]iORåNHXGDORVWL
(YHQWVLQãSHNWRUDREMHNWRYSUH6SHHG%XWWRQVDQDVWDYtPHQDULDGRNVXGDORVĢRXRQ&OLFND]SRQXN\
Y\EHULHPH6SHHG%XWWRQ&OLFNWRWRXUREtPHSUHYãHWN\WODþLGOiQiVWURMRYDNVPHVWLKOLY\WYRULĢ
6SHHG%XWWRQ&OLFN]UXãtPHLFKWDNåHY\SUi]GQLPHWHORSURFHG~UDSRXORåHQt6DYHXQLWXVD
NRUHNWQH]UXãLDFHOpSURFHG~U\
Ɣ6SHHG%XWWRQ&OLFNWHUD]QD]iNODGHSDUDPHWUD6HQGHU]LVWtNWRUêNRPSRQHQWMX]DYRODODQD]iNODGH
WRKRQDVWDYtSUHPHQQ~UH]LP
XQLYHU]iOQD6SHHG%XWWRQ&OLFNSURFHG~UD
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP SHUR
HOVHLI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP XVHFND
HOVHLI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP REGO]QLN
HOVHLI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP HOLSVD
HOVHLI6HQGHU 6SHHG%XWWRQWKHQ
UH]LP Y\SOQ
HQG
ƔVN{UDNRVDSXVWtPHGRXSUDYRYDQLDSURFHG~U,PDJH0RXVH'RZQD,PDJH0RXVH0RYHDE\]YOiGDOL
QRYpQiVWURMHPXVtPHY\VYHWOLĢDNREXG~SUDFRYDĢ
Ɣ~VHþNDREGĎåQLNDHOLSVDEXG~SUDFRYDĢQDYHĐPLSRGREQRPSULQFtSHSULãWDUWHQiVWURMDWHGD
]DWODþHQtP\ãRXVD]DSDPlWiPRPHQWiOQ\VWDYJUDILFNHMSORFK\YSRPRFQHMELWPDSHEPS
JOREiOQDSUHPHQQiW\SX7%LWPDSDSUHNDåGRPĢDKDQtQiVWURMDQDSU~VHþN\VDQDMSUYJUDILFNi
SORFKDYUiWLGRWRKRWRS{YRGQpKRVWDYXDSRWRPVDQDNUHVOtQRYi~VHþNDPXVtPHVLSULWRP
SDPlWDĢSRþLDWRþQêERGNUHVOHQLDQDSUYJOREiOQ\FKSUHPHQQêFK[D\
ƔSRPRFQiSUHPHQQiEPSVDPXVtLQLFLDOL]RYDĢY)RUP&UHDWH
ƔUHåLPY\SĎĖDQLDREODVWLMHHãWHMHGQRGXFKãtFHOêVD]UHDOL]XMHSUL]DWODþHQtWODþLGODP\ãLWMY
VSUDFRYDQLHYãHWNêFKUHåLPRY
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
YDU
GROHERROHDQ IDOVH
UH]LPSHURXVHFNDREGO]QLNHOLSVDY\SOQ SHUR
EPS7%LWPDS
[\LQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
%XWWRQ&OLFN]PDåHVDJUDILFNiSORFKD
/DEHO&DSWLRQ
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU ,PDJH&DQYDV3HQ&RORU
)LOO5HFW&OLHQW5HFW
HQG
EPS 7%LWPDS&UHDWH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
GROH VV/HIWLQ6KLIW
LIGROHWKHQ
ZLWK,PDJH&DQYDVGR
FDVHUH]LPRI
SHUR
0RYH7R;<
XVHFNDREGO]QLNHOLSVD
EHJLQ
EPS$VVLJQ,PDJH3LFWXUH
[ ;\ <
HQG
Y\SOQ
EHJLQ
%UXVK&RORU 3HQ&RORU
)ORRG)LOO;<3L[HOV>;<@IV6XUIDFH
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU;
,QW7R6WU<
LIGROHWKHQ
ZLWK,PDJH&DQYDVGR
FDVHUH]LPRI
SHUR
/LQH7R;<
XVHFND
EHJLQ
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
'UDZEPS
0RYH7R[\/LQH7R;<
HQG
REGO]QLN
EHJLQ
'UDZEPS
%UXVK&RORU 3HQ&RORU
%UXVK6W\OH EV&OHDU
5HFWDQJOH[\;<
HQG
HOLSVD
EHJLQ
'UDZEPS
%UXVK&RORU 3HQ&RORU
%UXVK6W\OH EV&OHDU
(OOLSVH[\;<
HQG
HQG
HQG
=DãNUWiYDFLHSROtþNR
ƔHãWHXUREtPHSRVOHGQpY\OHSãHQLHXPRåQtPHSRXåtYDWHĐRYLSURJUDPXDE\VLPRKRO]YROLĢþLREGĎåQLN
UHVSHOLSVDEXG~SULY\NUHVOHQtY\SOQHQpIDUERX]DWLDĐVPHLFKY\URELOLGHUDYpQDVWDYLOLVPH
%UXVK6W\OH EV&OHDU
ƔGRIRUPXOiUDYORåtPHHãWHMHGHQNRPSRQHQW]DãNUWiYDFLHSROtþNR&KHFN%R[QDVWDYtPHPXSRSLV
&DSWLRQQDSUQDSOQêDRSUDYtPHYPHWyGH,PDJH0RXVH0RYHNUHVOHQLHREGĎåQLNDDHOLSV\
SRXåLWLH&KHFN%R[X
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
REGO]QLN
EHJLQ
'UDZEPS
%UXVK&RORU 3HQ&RORU
LI&KHFN%R[&KHFNHGWKHQ
%UXVK6W\OH EV6ROLG
HOVH
%UXVK6W\OH EV&OHDU
5HFWDQJOH[\;<
HQG
HOLSVD
EHJLQ
'UDZEPS
%UXVK&RORU 3HQ&RORU
LI&KHFN%R[&KHFNHGWKHQ
%UXVK6W\OH EV6ROLG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
HOVH
%UXVK6W\OH EV&OHDU
(OOLSVH[\;<
HQG
HQG
HQG
Ɣ DSURMHNWMHKRWRYêUR]ORåHQLHNRPSRQHQWRYP{åHE\ĢWDNpWR
=KUQXWLH
ãtUNDWH[WEXEOLQNRYêKHOSDSRG
ƔY'HOSKLVDWDNêWRW\SVWDYRYêFKSUHPHQQêFKQD]êYD9ODVWQRVĢWM3URSHUW\
Y\XåLMHPHKODYQH]DEHKXSURJUDPXQLHNWRUpIXQJXM~OHQ]DEHKXDSUHWRYLQãSHNWRUHREMHNWRYQLHV~
ƔPHQRNRPSRQHQWX1DPHWUHED]PHQLĢKQHćDNRVDSRORåtGRIRUPXOiUDDNKRFKFHPHPHQLĢLQDN
QLHNWRUpVLWXiFLH'HOSKLQHPXVLDVSUiYQHXKiGQXĢDRSUDYLĢW~WR]PHQXNRUHNWQH
ƔQLHNWRUpXåLWRþQpYODVWQRVWLSURSHUW\QiP]QiP\FKNRPSRQHQWRY
❍IRUPXOiU7)RUP
Ŷ&DSWLRQUHĢD]HFWLWXORNRNQD
Ŷ&OLHQW:LGWK&OLHQW+HLJKWYHĐNRVĢYQ~WUDRNQDQLHREYRGXRNQDSUHWHQMHYHĐNRVĢ:LGWKD
+HLJKW
Ŷ/HIW7RS[RYiD\RYiV~UDGQLFDRNQDQDREUD]RYNHP{åHPHFHOpRNQRSRV~YDĢ
Ŷ9LVLEOHþLMHRNQRYLGLWHĐQp
Ŷ:LQGRZ6WDWHRNQRP{åHPH]PLQLPDOL]RYDĢ]PD[LPDOL]RYDĢ
2Q3DLQW
❍WODþLGOR7%XWWRQ
Ŷ&DSWLRQWH[WQDWODþLGOH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
Ŷ )RQWURYQDNRDNRYJUDILFNHMSORFKH
Ŷ+HLJKW:LGWKYHĐNRVĢ
Ŷ/HIW7RSSRORKDYRIRUPXOiUL
Ŷ9LVLEOHP{åHPHKRVNU\Ģ
Ŷ+LQW6KRZ+LQWVWULQJDERROHDQEXEOLQNRYêKHOSDþLVDPi]REUD]RYDĢ
Ŷ(QDEOHGP{åHPHKR]DEORNRYDĢIDOVH]QDPHQiåHWODþLGOREXGH]DãHGHQp
ƔYODVWQRVWL:LGWK+HLJKW/HIW7RS9LVLEOH+LQW6KRZ+LQW(QDEOHGIXQJXM~VNRURURYQDNRSUHVNRUR
YãHWN\W\S\NRPSRQHQWRY
❍JUDILFNiSORFKD7,PDJH
SRSLVXMHYHĐNRVĢSORFK\
❍PDOpWODþLGOR76SHHG%XWWRQYHĐPLSRGREQpRE\þDMQpPXWODþLGOXDOHWLHWRWODþLGOiP{åXWYRULĢ
Ŷ*URXS,QGH[SRUDGRYpþtVORVNXSLQ\WODþLGLHONWRUpVDQDY]iMRPY\OXþXM~
Ŷ'RZQþLMH]DWODþHQp
Ŷ*O\SKREUi]RN
❍SRVXYQiOLãWD77UDFN%DU
Ŷ0LQ0D[PLQLPiOQDDPD[LPiOQDKRGQRWD
Ŷ3RVLWLRQPRPHQWiOQDKRGQRWD
Ŷ2ULHQWDWLRQWU+RUL]RQWDOWU9HUWLFDO
❍]DãNUWiYDFLHSROtþNR7&KHFN%R[
Ŷ&DSWLRQWH[W]DSROtþNRP
Ŷ)RQWStVPRSUHWH[W
Ŷ&KHFNHGþLMH]DãNUWQXWp
❍WH[W7/DEHO
Ŷ&DSWLRQDNUHĢD]HFREVDKXMHEXGHYLDFULDGNRYê
Ŷ)RQWStVPRSUHWH[W
❍WH[WRYiSORFKD70HPR
Ŷ&RORUIDUEDSRGNODGX
Ŷ)RQWStVPR
Ŷ/LQHVREVDKWH[WRYHMSORFK\SROHUHĢD]FRY
Ŷ5HDG2QO\þLPiSRXåtYDWHĐ]DNi]DQpPHQLĢREVDK
❍HGLWRYDFtULDGRN7(GLWMHYHĐPLSRGREQê70HPR
Ŷ&RORUIDUEDSRGNODGX
Ŷ)RQWStVPR
Ŷ7H[WPRPHQWiOQ\REVDKULDGND
Ŷ5HDG2QO\þLPiSRXåtYDWHĐ]DNi]DQpPHQLĢREVDK
Ŷ3DVVZRUG&KDUDNREVDKXMHQDSU
WDNVDQDPLHVWR]DGiYDQêFK]QDNRYEXG~Y\SLVRYDĢ
KYLH]GLþN\SRXåtYDVDSUL]DGiYDQtKHVOD
SUtVOXãQiXGDORVĢQDSUNOLNQHVD]PHQtVDKêEHVDDSRG
ƔWLHWRSURFHG~U\GHILQXMHPHWDNåHY]iORåNH(YHQWVYULDGNXSULGDQHMXGDORVWLGYRMNOLNQHPHYSUDYRP
VWĎSFLDOHERVL]YROtPHSURFHG~UX]XåH[LVWXM~FHMSRQXN\SURFHG~U
ƔQHGRSLVXMWHPDQXiOQHåLDGQHQRYpSURFHG~U\QDVSUDFRYiYDQLHXGDORVWtYåG\SRXåLWHLQãSHNWRU
REMHNWRY
ƔDNSRWUHEXMHWHQHMDN~SURFHG~UXREVOXKXM~FXXGDORVĢ]UXãLĢQDMOHSãLHWRXUREtWHWDNåHY\þLVWtWHREVDK
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
SURFHG~U\QHFKiWHYQHMOHQSRþLDWRþQêEHJLQDNRQFRYêHQGDSULQDVOHGXM~FRPXORåHQtQDGLVNQDSU
&WUO6MX'HOSKLDXWRPDWLFN\Y\KRGt
0\ãDNRU\WQDþN\
ƔNRU\WQDþNDMHJUDILFNpSHURNWRUpGRNiåHQHMDNpYHFLQDY\ãHMHGQRGXFKRYLHQDWRþLĢV~UDGQLFRY~
V~VWDYXYJUDILFNHMSORFKHLFKP{åHPHGHILQRYDĢĐXERYRĐQêSRþHW
ƔSUYêSUtNODGLOXVWUXMHSRXåLWLHNRU\WQDþN\DNRRE\þDMQpKRJUDILFNpKRSHUD
NUHVOHQLHNRU\WQDþNRX
YDU
N7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWHN3+
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
N3'
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
N=PHQ;<;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
N3+
HQG
SULSRK\EHNRU\WQDþNDNUHVOt~VHþN\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
N6PHU N6PHURP;<
N3UHVXQ;<;<
N'RSUHGX
N'RSUHGX
HQG
P{åHPHSULGDĢ]PD]
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
]PD]
N6PHU N6PHURP;<
N3UHVXQ;<;<
N'RSUHGX
N'RSUHGX
HQG
DOHER
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
YDU
LLQWHJHU
EHJLQ
N6PHU N6PHURP;<
N3UHVXQ;<;<
IRUL WRGREHJLQ
N'RSUHGXN9SUDYR
HQG
HQG
DOHERIDUHEQpSDOLþN\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
N6PHU N6PHURP;<
N3UHVXQ;<;<
N+3 N)3 UDQGRP
N'RSUHGX
N+3 N'RSUHGXN+3
N'RSUHGXN'RSUHGX
HQG
DOHERURYQRVWUDQQêWURMXKROQtN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
EHJLQ
]PD]
N6PHU N6PHURP;<
N3UHVXQ;<;<
N+3 N)3 FO*UHHQ
N9SUDYRN'RSUHGXN9ODYRN'RSUHGX
N9ODYRN'RSUHGXN9ODYRN'RSUHGX
HQG
Ɣ ćDOãtSUtNODGXNiåHJHQHURYDQLHNRU\WQDþLHNSULNOLNDQtP\ãRXNOLNQXWLHQDYRĐQpPLHVWRY\JHQHUXMHQRY~
NRU\WQDþNXNOLNQXWLHQDXåH[LVWXM~FXNRU\WQDþNXMXPLHUQHRWRþt
NOLNDQLHQDNRU\WQDþN\
YDU
NDUUD\>@RI7.RU
QLQWHJHU DNWXiOQ\SRþHWNRU\WQDþLHN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
]PD]DE\VDJUDILFNiSORFKD]REUD]LODXåSULãWDUWH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
LLQWHJHU
EHJLQ
L ZKLOHL QDQGQRWN>L@%OL]NR;<GRLQFL
LIL QWKHQ
ZLWKN>L@GREHJLQ
9SUDYR'RSUHGX'RSUHGX
HQG
HOVHEHJLQ
LQFQN>Q@ 7.RU&UHDWH;<
ZLWKN>Q@GREHJLQ
+3 )3 UDQGRP
'RSUHGX'RSUHGX
HQG
HQG
HQG
1'Ò
Ɣ QRYpNRU\WQDþN\E\PRKOLY]QLNDĢQDNOLNQXWLHVR]DWODþHQêPSUDYêPWODþLGORPP\ãLQDĐDYpWODþLGOR
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
P{åHNRU\WQDþNDXURELĢQHMDN~DNFLXQDNUHVOLĢQHMDNêREUi]RNDOHERVDSULOHStQDP\ãDGR
QDVOHGXM~FHKRNOLNQXWLDSXWXMHVP\ãRX
ýDVRYDþ
Ɣ SUHGFKiG]DM~FX~ORKXYNWRUHMVPHNOLNDQtPY\WYiUDOLQRYpNRU\WQDþN\UHVSLFKRWiþDOLWURFKX
SR]PHQtPHNOLNQXWLHQDNRU\WQDþNXQDãWDUWXMHNUHVOHQLHNUXåQLFHDWRSRPDO\SRXåLPH]QiPX
SURFHG~UXFDNDM
NOLNQXWLHQDãWDUWXMHNUXåQLFX
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
LMLQWHJHU
EHJLQ
L ZKLOHL QDQGQRWN>L@%OL]NR;<GRLQFL
LIL!QWKHQEHJLQ
LQFQN>Q@ 7.RU&UHDWH;<
ZLWKN>Q@GREHJLQ+3 )3 UDQGRP
'RSUHGXHQG
HQG
HOVH
ZLWKN>L@GR
IRUM WRGREHJLQ
'RSUHGX9SUDYR
FDNDMVOHHS,PDJH5HSDLQW
HQG
HQG
ƔY]QLNi]DXMtPDYêHIHNWNOLNQXWLHQDNRU\WQDþNXMXUR]EHKQHSRþDVWRKRWRNOLNDQLDP{åHPHćDOHMNOLNDĢ
GRSORFK\QDLQpNRU\WQDþN\DVLĐDKNRRGKDOtWHåHNDåGpQRYpNOLNQXWLHQDNRU\WQDþNX]DVWDYt
SUHGFKiG]DM~FLSRK\EDQDãWDUWXMHQRYêSRK\ESRVNRQþHQtWRKRWRQRYpKRSRK\EXVDGRNRQþtDMWHQ
SR]DVWDYHQê
ƔDNQDPLHVWRFDNDMSRXåLMHPHV\VWpPRYêSRGSURJUDPVOHHS]DNRPHQWRYDQiþDVĢWDNVDWHQWRHIHNW
VWUDWtSRUR]EHKQXWtNRU\WQDþN\SURJUDPQHUHDJXMHDåNêPNRU\WQDþNDQHGREHKQHFHO~NUXåQLFX
❍FHOpMHWRVS{VREHQpWêPåHYSURFHG~UHFDNDMMHXNU\Wp$SSOLFDWLRQ3URFHVV0HVVDJHVWR
]QDPHQiåHSRþDVþDNDQLDPLOLVHN~QGGRYROtPH:LQGRZVUHDJRYDĢQDLQpXGDORVWLQDSUDMQD
NOLNQXWLHP\ãRXDWHGDXPRåQtPH]QRYXQDãWDUWRYDĢQRY~NUXåQLFXSRMHMVNRQþHQtVDSRNUDþXMHY
SUHUXãHQHMDNFLL
❍SURFHG~UDVOHHSQHPiYVHEH]DEXGRYDQpWDNpWRPHFKDQL]P\DSUHWRMHYHĐPLQHEH]SHþQi
ƔXNiåHPHLQêVS{VREDNRVDULHãLSUREOpPVRVSRPDĐRYDQtPDNFLtSRXåLMHPHQRYêNRPSRQHQWþDVRYDþ
7LPHU]SDOHW\NRPSRQHQWRY6\VWHPSRORåtPHKRQLHNDPGRSORFK\MHWRQHYL]XiOQ\NRPSRQHQWD
WHGDSRVSXVWHQtDSOLNiFLHQHEXGH]REUD]HQê
ƔþDVRYDþVLP{åHPHSUHGVWDYLĢDNRKRGLQ\NWRUpVQHMDNRXIUHNYHQFLRXWLNDM~SULNDåGRPWLNQXWtP{åX
Y\NRQDĢQHMDN~DNFLX
ƔIUHNYHQFLXWLNDQLDQDVWDYtPHYVWDYRYHMSUHPHQQHM,QWHUYDOSR]DVWDYHQLHQDãWDUWRYDQLHþDVRYDþD
P{åHPHXURELĢORJLFNRXVWDYRYRXSUHPHQQRX(QDEOHGWUXH]QDPHQiåHKRGLQ\EHåLDIDOVH]QDPHQi
åHVPHLFKSR]DVWDYLOL
ƔþDVRYDþPiMHGLQ~XGDORVĢRQ7LPHUNWRUiVDQDãWDUWXMHSRXSO\QXWtWLNDFLHKRLQWHUYDOXWM]RGSRYHGi
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
MHMSURFHG~UD7LPHU7LPHU
ƔYQDVOHGXM~FRPSUtNODGHSUHGSRNODGiPHþDVRYDþVRVHNXQGRYêPWLNDQtPWM,QWHUYDOMH
NRU\WQDþNDEXGHNUHVOLĢ~VHþNXGĎåN\DNDåG~VHNXQGXVDRWRþtRVWXSĖRY
VHNXQGRYiUXþLþND
YDU
N7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWHN+3
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
]PD]
N9SUDYR
N'RSUHGX
N'RSUHGX
HQG
Ɣ SUtNODGVNRU\WQDþNDPLNWRUpVDSRNOLNQXWtUR]EHKQ~SRNUXåQLFLSUHSURJUDPXMHPHSRPRFRXþDVRYDþD
SUHNDåG~NRU\WQDþNXVLEXGHPHSDPlWDĢYSROLNRONRNRĐNRNURNRYSRNUXåQLFLHãWHPXVtSUHEHKQ~Ģ
NRU\WQDþN\NU~åLDSRVYRMLFKNUXåQLFLDFK
YDU
NDUUD\>@RI7.RU
NRONRDUUD\>@RILQWHJHU
QLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
]PD]
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
LLQWHJHU
EHJLQ
L ZKLOHL QDQGQRWN>L@%OL]NR;<GRLQFL
LIL!QWKHQEHJLQ
LQFQN>Q@ 7.RU&UHDWH;<
ZLWKN>Q@GREHJLQ+3 'RSUHGX+3 HQG
NRONR>Q@
HQG
HOVHEHJLQ
N>L@)3 UDQGRP
NRONR>L@
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGR
LINRONR>L@!WKHQ
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
GHFNRONR>L@
HQG
HQG
Ɣ þDVRYDþX7LPHUVPHQDVWDYLOL,QWHUYDOQDPLOLVHN~QG
ƔQD]iYHUXNiåHPHSUtNODGSUiFHVþDVRYDþRPDELWPDSDPLQDQHMDNRPSR]DGtQDSUQDIRWRJUDILL
WLJHUEPSVDEXGHSRPDO\SRK\ERYDĢQHMDNêREUi]RNQDSURSLFDEPSWiWRVDEXGHRGUiåDĢRG
ERþQêFKVWLHQJUDILFNHMSORFK\DNRORSWDRGVWLHQPLHVWQRVWLYV~ERUHRSLFDWLJHU]LSV~RELGYHELWPDS\
ƔRNUHPJUDILFNHMSORFK\,PDJHXPLHVWQLPHþDVRYDþ7LPHUVSUHPHQQRX,QWUHYDOQDVWDYHQRXQD
MHGQRGXFKiDQLPiFLD
YDU
SR]DGLHREU7%LWPDS
[\G[G\[\LQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
SR]DGLH 7%LWPDS&UHDWH
SR]DGLH/RDG)URP)LOH
WLJHUEPS
REU 7%LWPDS&UHDWH
REU/RDG)URP)LOH
RSLFDEPS
REU7UDQVSDUHQW&RORU FO:KLWH
REU7UDQVSDUHQW WUXH
[ \ G[ G\
[ REU:LGWKGLY\ REU+HLJKWGLY
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV'UDZSR]DGLH
,PDJH&DQYDV6WUHWFK'UDZ,PDJH&OLHQW5HFWSR]DGLH
LQF[G[LI[[RU[! ,PDJH:LGWK[WKHQG[ G[
LQF\G\LI\\RU\! ,PDJH+HLJKW\WKHQG\ G\
,PDJH&DQYDV'UDZ[[\\REU
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
.ZÝBǁBTPWBǁ
Ɣ QDPLHVWR'UDZSULNUHVOHQtSR]DGLDP{åHPHSRXåLĢDMLQpSURVWULHGN\QDSUY\NDFKOLþNRYDQLHDOHER
6WUHWFK'UDZDOHWLHP{åXYêUD]QHVSRPDOLĢSULHEHKDQLPiFLH
1'Ò
Ɣ XPLHVWQLWHGRSORFK\YlþãtSRþHWNRU\WQDþLHNQDSUSUDYLGHOQHLFKUR]PLHVWQLWHQDSULDPNHDOHER
NUXåQLFLDQHFKDMWHVDLFKKêEDĢSRGĐDQHMDNêFKSUDYLGLHOQDSUU{]QRXUêFKORVĢRXSRNUXåQLFLDOHER
NPLWDĢKRUHGROXWLHåVU{]QRXUêFKORVĢRXQDSUSUYiQHFKPiUêFKORVĢGUXKiWUHWLD
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
13. Úvod do OOP
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ XåYLHPHSUDFRYDĢVQLHNWRUêPLGUXKPLREMHNWRYQDSUVNRU\WQDþNDPLELWPDSPLDWLHåVPQRKêPL
NRPSRQHQWPLNWRUpV~YODVWQHWLHåREMHNW\
þRVDEXGHPHGQHVXþLĢ
Ɣ ]iNODGQpSUDYLGOiSULGHILQRYDQtDMHGQRGXFKRPSRXåtYDQtREMHNWRY
Ɣ ]R]QiPLPHVDVSRMPDPLWULHGDLQãWDQFLDPHWyGDNRQãWUXNWRUGHGLþQRVĢ
ÒYRGGR2EMHNWRYR2ULHQWRYDQpKR3URJUDPRYDQLD
3ULSRPHĖPHVLDNpSRMP\VPH]DYLHGOLYSUHGQiãNHSULGHILQRYDQtNRU\WQDþN\
2EMHNWNRU\WQDþND
ƔVLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYêFKSUHPHQQêFKQDSUSR]tFLDIDUED
ƔPDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUêFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYpSUHPHQQp
WDNêPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQNRU\WQDþN\SUHPHQQpW\SX
7.RU
ƔPXVLDE\ĢY\WYRUHQpQLHGHNODURYDQpãSHFLiOQ\PVS{VRERP7.RU&UHDWHDNêPVDWDNWR
QHY\WYRULDQHVP~VDY{EHFSRXåtYDĢ
ƔWDNêPWRSUHPHQQêPKRYRUtPH2%-(.7DW\SRP]NWRUêFKY\WYiUDPHREMHNW\QDSU7.RUKRYRUtPH
NWRUiERODLQãWDQFLRXWULHG\7&DQYDV
Ɣ]DWLDĐVLRREMHNWRFKWUHED]DSDPlWDĢåHV~WRSUHPHQQpNWRUpP{åXYVHEHREVDKRYDĢYHĐDVWDYRYêFK
Ɣ =GRWHUDMãtFKVN~VHQRVWtYLHPHåHVREMHNWRPNRU\WQDþNDVDSUDFXMHYHĐPLSRGREQHDNRVRE\þDMQêP
]i]QDPRPUHFRUG3R]ULPHVDQDWLHWRGHNODUiFLHGHILQXMHPHPLHVWRERGYJUDILFNHMSORFKH
SRURYQDQLHGHNODUiFLt]i]QDPXDWLUHG\
W\SH W\SH
]0LHVWR UHFRUG 70LHVWR FODVV
[\LQWHJHU [\LQWHJHU
HQG HQG
YDU YDU
]P]0LHVWR RP70LHVWR
LQãWDQFLD WULHGD&UHDWHDOHER
LQãWDQFLD WULHGD&UHDWHSDUDPHWUH
QDSUPXVtPH]DStVDĢP 70LHVWR&UHDWH
❍VSRORåNDPL]i]QDPXDMREMHNWXSUDFXMHPH~SOQHURYQDNRQDSUP{åHPHSRXåLĢZLWK
❍]Y\NQHPHSRVNRQþHQtSUiFHVREMHNWRPWHQWR]UXãLĢSRPRFRX)UHHQDSURP)UHHMHWR
SRGREQpX]DWYRUHQLXV~ERUXSRPRFRX&ORVH)LOH
Ɣ$N]DGHILQXMHPH70LHVWRDNRWULHGXQDPLHVWR]i]QDPX]tVNDYDPHVLOQêQiVWURMREMHNWRYRRULHQWRYDQp
SURJUDPRYDQLH8NiåHPHQRY~YODVWQRVĢNWRU~SRVN\WXM~LEDREMHNW\
'HGHQLH
GHNODURYDQLHRGYRGHQHMWULHG\
W\SH
70LHVWR FODVV
[\LQWHJHU
HQG
YDU
P70LHVWR
E7%RG
Ɣ WULHGD7%RGMHY\WYRUHQiWDNåHPiYãHWN\YODVWQRVWLWULHG\70LHVWRDSULGDODVLQRY~VWDYRY~SUHPHQQ~
YLGWMWiWRWULHGDPiVWDYRYpSUHPHQQpQRYpSRMP\
❍WULHGD7%RGY]QLNODDNRSRWRPRNWULHG\70LHVWRGHVFHQGHQWW\SH>GL
VHQGHQW@
❍WULHGD70LHVWRMHSUHGRNWULHG\7%RGDQFHVWRUW\SH>DHQVHVWH@
❍WULHGD7%RG]GHGLODYãHWN\YODVWQRVWLWULHG\70LHVWRLQKHULW
❍NDåGiWULHGDP{åHPDĢĐXERYRĐQêSRþHWSRWRPNRYDOHOHQMHGLQpKRSUHGND
❍SRWRPNRYLDP{åXGRGHILQRYDĢQRYpVWDYRYpSUHPHQQpDOHP{åXDMSUHGHILQRYDĢXå]GHGHQp
SUtNODGGHPRQãWUXMHSRXåLWLHLQãWDQFLtWêFKWRWULHG
W\SH
70LHVWR FODVV
[\LQWHJHU
HQG
7%RG FODVV70LHVWR
YLGERROHDQ
HQG
YDU
P70LHVWR
E7%RG
EHJLQ
P 70LHVWR&UHDWH
E 7%RG&UHDWH
P[ P\
ZLWKEGREHJLQ
[ \ P\
HQG
P)UHH
E)UHH
HQG
0HWyG\REMHNWX
ƔV~WRSURFHG~U\DOHERIXQNFLHNWRUpVDGHNODUXM~YRYQ~WULREMHNWXDV~VQtPSHYQHVSRMHQp
ƔVO~åLDQDSUQDPRGLILNRYDQLHVWDYRYêFKSUHPHQQêFK]DEH]SHþXM~VSUiYDQLHREMHNWX
Ɣ]DGHILQXMHPHSURFHG~UXQDQDVWDYHQLHKRGQ{WVWDYRYêFKSUHPHQQêFK
GHILQRYDQLHWULHG\
SURFHGXUH70LHVWR=PHQ;<1RYH;1RYH<LQWHJHU
EHJLQ
[ 1RYH;\ 1RYH<
HQG
Ɣ DE\W~WRGHILQtFLXSDVFDOVSUiYQHSRFKRSLOWMåHSDWUtNWULHGH70LHVWRPXVtE\ĢMHMKODYLþND
]DGHILQRYDQiDMYGHILQtFLLWULHG\
GHNODURYDQLHPHWyG\
W\SH
70LHVWR FODVV
[\LQWHJHU
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU
HQG
ƔWLHWRGYHGHILQtFLHPHWyG\PXVLDE\ĢLGHQWLFNp
ƔYRYQ~WULPHWyG\VDSUDFXMHVRVWDYRYêPLSUHPHQQêPLPRPHQWiOQHMWULHG\DNRNHE\ERODRENORSHQi
QHYLGLWHĐQêPSUtND]RPZLWK
ƔQDNRĐNRWULHGD7%RGMHSRWRPNRPWULHG\70LHVWRWDN]GHGLODDMPHWyG\WULHG\70LHVWRDSUHWRDM
LQãWDQFLHWULHG\7%RGP{åXSRXåtYDĢWLHWRPHWyG\
GHGHQLHPHWyG\
YDU
E7%RG
EHJLQ
E 7%RG&UHDWH
E=PHQ;<YRODQLHPHWyG\
SUHNU\WiPHWyGD
W\SH
7%RG FODVV70LHVWR
YLGERROHDQ
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
HQG
SURFHGXUH7%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
[ 1RYH;\ 1RYH<YLG 1RY\9LG
HQG
Ɣ DOHERP{åHPHY\XåLĢSULGHILQRYDQtSUHNUêYDM~FHMPHWyG\DM]GHGHQ~PHWyGXQDSU
]GHGHQLHPHWyG\SULSUHNU\Wt
SURFHGXUH7%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
LQKHULWHG=PHQ;<1RYH;1RYH<
YLG 1RY\9LG
HQG
1DVOHGXM~FLSUtNODGXNiåHSRXåLWLHREMHNWRYNUXåQtF
Y\WYRUHQLHNUXKXY\NUHVOHQLHXNU\WLH]PHQXIDUE\DSRVXQREUi]NX
ƔSURFHG~UDNWRUiVSUDFRYiYDXGDORVĢ2Q)RUP&UHDWH7)RUP)RUP&UHDWHSULUDGtGRJOREiOQHM
SUHPHQQHMJ ,PDJH&DQYDV
ƔćDOHM]DGHILQXMHPHJOREiOQHSUHPHQQpW\SX7.UXK
ƔQDSUYpWODþLGORVDQLHNGHYSORFKHY\WYRUtNUXåQLFDQHMDNHMYHĐNRVWLDIDUE\
ƔSRGREQHDMQDDWODþLGORćDOãLHNUXåQLFH
SUtNODGVNUXåQLFDPL
YDU
J7&DQYDV
^WULHGD7.UXK`
W\SH
7.UXK FODVVSRWRPRN72EMHFW
[\ULQWHJHU
I7&RORU
YLGERROHDQ
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
LQKHULWHG&UHDWH
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUH7.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH7.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH7.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH7.UXKSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
YDU
DEF7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D 7.UXK&UHDWH
ZLWKDGREHJLQ=PHQ)DUEXFO*UHHQXND]HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 7.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F 7.UXK&UHDWHFXND]
HQG
.RQãWUXNWRUREMHNWX
ƔMHWRãSHFLiOQDSURFHG~UDNWRUiVDSRXåtYDLEDSUHY\WYRUHQLHQRYHMLQãWDQFLH
ƔMHMKODYQRX~ORKRXMHY\KUDGLĢYSRþtWDþLPLHVWRSUHVDPRWQêREMHNWDGRSUHPHQQHMLQãWDQFLHSULUDGLĢ
UHIHUHQFLXQDWRWRPLHVWR
ƔRNUHPWRKRP{åHWiWRSURFHG~UDNRQãWUXNWRUQDSUDMLQLFLDOL]RYDĢREVDK\VWDYRYêFKSUHPHQQêFK
SUtSDGQHURELĢLQpDNFLH
ƔQDPLHVWRSURFHGXUHPXVtPHGHNODURYDĢVORYRPFRQVWUXFWRU
ƔYãLPQLWHVLåHNRQãWUXNWRUVPHSRXåtYDOLDMYSUHGFKiG]DM~FRPSUtNODGHRWULHGH70LHVWR
P 70LHVWR&UHDWHDSULWRPVPHKRQLNGHQHGHNODURYDOLDQLQHGHILQRYDOLSODWtMHGQDG{OHåLWiYHF
NDåGiWULHGDNWRUHMQHXYHGLHPHSUHGNDMHRGYRGHQiMHSRWRPNRP]iNODGQHMWULHG\72EMHFWWHQWR
REMHNWPiGHILQRYDQêNRQãWUXNWRU&UHDWHNWRUêPiSUi]GQHWHORWM
SODWt
FRQVWUXFWRU72EMHFW&UHDWH
EHJLQ
HQG
ƔDSUHWRQHPi]P\VHOYQDPLGHILQRYDQRPNRQãWUXNWRUHWULHG\NWRUiQHPiSUHGNDStVDĢ
LQKHULWHG&UHDWH
ƔQDPLHVWR7.UXK FODVVE\VPHPRKOLGHNODURYDĢDM7NUXK FODVV72EMHFWERORE\WRWRLVWp
ƔNRQãWUXNWRURYP{åHE\ĢGHILQRYDQêFKDMYLDFPXVLDVDOtãLĢPHQRPQDSU
GUXKêNRQãWUXNWRU
W\SH
7.UXK FODVV
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
&UHDWH[[\\UU
8ND]
HQG
Ɣ]DGHILQRYDOLVPHGUXKêNRQãWUXNWRU&UHDWHNWRUêVDOtãLRGSUYpKRWêPåHREMHNWSRVNRQãWUXRYDQt
KQHć]REUD]t
Ɣ]UHMPHNHćMHGHILQRYDQêFKYLDFNRQãWUXNWRURYSULY\WYiUDQtQRYHMLQãWDQFLHVDPXVtPHUR]KRGQ~ĢNWRUê
]NRQãWUXNWRURYSRXåLMHPHYåG\P{åHPHSRXåLĢOHQMHGHQ
3RNUDþXMHPHYUR]UREHQRPSURMHNWH
Ɣ ãWYUWpWODþLGORUR]KêEHNUXK\WDNåHNDåGêVDSDUDOHOQHSRKQHQHMDNêPVPHURPNURNRY
Ɣ SRXåLMHPHQDWRþDVRYDþ7LPHUQDVWDYtPHPXYLQãSHNWRUH,QWHUYDOQDD(QDEOHGQD)DOVH
SRV~YDQLHNUXKRY
YDU
SRFLQWHJHU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
DSRVXQ
ESRVXQ
FSRVXQ
GHFSRF
LISRF WKHQ7LPHU(QDEOHG IDOVH
HQG
ƔOHQåHDNE\VPHVWODþLOLWRWRWODþLGORSUHGWêPDNRVPHY\URELOLYãHWN\NUXK\SURJUDPQiPVSDGQHQDXå
]QiPHMFK\EH$FFHVYLRODWLRQDWDGGUHVVSUHWRPXVtPH]DEH]SHþLĢåHSRV~YDĢEXGHPHOHQWHQ
NUXKNWRUêXåEROQDR]DMY\UREHQê$NR]LVWtPHþLERODLQãWDQFLDXåY\WYRUHQi&UHDWH"
ƔYVNXWRþQRVWLYSUHPHQQHMDQLHMHSULDPRREVDKREMHNWXVWDYRYpSUHPHQQpWDNDNRE\WRERORY
]i]QDPHDOHUHIHUHQFLDQDQHMDNpPLHVWRYSDPlWLSRþtWDþDNGHVDQDR]DMWHQWRREMHNWQDFKiG]D
ƔNêPQLHMHREMHNWY\WYRUHQêVNRQãWUXRYDQêWDNYSUHPHQQHMDQLHMHåLDGQDUHIHUHQFLDþRVDYSDVFDOH
R]QDþXMHVORYRPQLODWHGD
WHVWRYDQLHQDQLO
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF WKHQ7LPHU(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
D QLO
E QLO
F QLO
HQG
Ɣ GRKRGOLVPHVDåHNDåGêREMHNWPXVtPHSRVNRQþHQtXYRĐQLĢSRPRFRX)UHHYQDãRPSUtNODGHWR
XUREtPHYXGDORVWL2Q)RUP'HVWUR\
]iYHUHþQp]UXãHQLHLQãWDQFLt
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHHLID!QLOWKHQD'HVWUR\
E)UHH
F)UHH
HQG
NRUHNWQp]UXãHQLHLQãWDQFLH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQ
ZLWKDGREHJLQ
LIYLGWKHQVNU\
)UHH
D QLODE\DQHUHIHUHQFRYDORQDXåQHGHILQRYDQêREMHNW
HQG
LIE!QLOWKHQ
ZLWKEGREHJLQ
LIYLGWKHQVNU\
)UHHE QLO
HQG
LIF!QLOWKHQ
ZLWKFGREHJLQ
LIYLGWKHQVNU\
)UHHF QLO
HQG
HQG
9ODVWQRVWLREMHNWRY
ƔHQNDSVXOiFLDHQFDSVXODWLRQ]DSX]GUHQLH
❍QRYêGiWRYêW\SWULHGDFODVV
❍VSRMHQLHW\SXUHFRUGDSURFHG~U\IXQNFLHSUHPDQLSXOiFLXVRVWDYRYêPLSUHPHQQêPL
ƔGHGLþQRVĢLQKHULWDQFH
❍RGGHILQRYDQpKRREMHNWXP{åHPHRGYRGLĢFHO~KLHUDUFKLXREMHNWRY
❍WMSRWRPNRYNWRUtGHGLDSUtVWXSNGiWRYêPDMSURJUDPRYêP]ORåNiP
ƔSRO\PRUIL]PXV
❍]GLHĐDQLHDNFLtYKLHUDUFKLLREMHNWRY
❍EXGHPHVDXþLĢDåQHVN{U
1'Ò
Ɣ ]DþQLWHãWXGRYDĢV~ERU.RU8QLWSDVXåE\VWHGRVĢYHĐD]WRKRPRKOLUR]XPLHĢ
Ɣ ]DGHILQXMWHWULHGXSUHYHĐNpþtVODQDSU
WULHGDYHĐNpþtVOD
FRQVW
PD[
W\SH
79HONH&LVOR FODVV
FDUUD\>PD[@RIE\WH
SPD[SRþHWSODWQêFKFLILHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSULUDG[ORQJLQW
SURFHGXUHSULFLWDM[ORQJLQW
SURFHGXUHQDVRE[ORQJLQW
SURFHGXUHY\SLV
HQG
Ɣ DE\VDGDOQDSUY\SRþtWDĢYHĐNêIDNWRULiOQDSU
SRXåLWLHYHĐNêFKþtVHO
YDU
I79HONH&LVOR
EHJLQ
I 79HONH&LVOR&UHDWH
ISULUDG
IRUL WR1GRIQDVREL
IY\SLV
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔNHćGHILQXMHPHQHMDNêIRUPXOiU'HOSKLQDWRSULSUDYtV~ERU8QLWSDVYNWRURPMHVDPRWQê
SURJUDPYV~ERUH8QLWGIPMHLQIRUPiFLDRNRPSRQHQWRFKYRIRUPXOiUL
❍NHćSRWUHEXMHPHSUDFRYDĢVNRU\WQDþNDPLPXVtPH]DLPSOHPHQWDWLRQQDStVDĢXVHV.RU8QLW
DE\'HOSKLYHGHORNGHV~NRU\WQDþN\GHILQRYDQp
þRVDEXGHPHGQHVXþLĢ
ƔY\WYiUDĢYODVWQpSURJUDPRYpMHGQRWN\ãWUXNW~UXDYODVWQRVWLXQLWRY
ƔþRV~WRG\QDPLFNpSROLDDDNRVDVQLPLSUDFXMH
ƔþRV~WRSDUDPHWUHW\SXRWYRUHQpSROHDDNRLFKP{åHPHSRXåtYDĢ
3URJUDPRYpMHGQRWN\XQLW\
ƔEDOtNSUHGGHILQRYDQêFKSRGSURJUDPRYSUHPHQQêFKW\SRYDNRQãWiQW
ƔSRXåtYDM~VD
ƔDNRNQLåQLFHSRGSURJUDPRYNWRUpVDGDM~SULSRMLĢNU{]Q\PSURJUDPRPEH]VSUtVWXSQHQLD
]GURMRYpKRNyGXãWDQGDUGQiMHGQRWND6\VWHPREVDKXMHãWDQGDUGQpSDVFDORYVNpSURFHG~U\D
IXQNFLHQDSU$VVLJQ)LOH5HVHWZULWHFRS\LQVHUWFRVRUGRGGSLDOHDMWULHGX72EMHFW
ƔDNRSURJUDPRYêNyGNWRUêSRSLVXMHVSUiYDQLHIRUPXOiUDQDMþDVWHMãLHPiNDåGêIRUPXOiUYDSOLNiFLL
VYRMXMHGQRWNXQDSU8QLWSDVY\WYRUHQêMHDXWRPDWLFN\SURVWUHGtP'HOSKLSULY\WYiUDQtQRYpKR
IRUPXOiUDSRSLVNRPSRQHQWRYYRIRUPXOiULMHYV~ERUHVSUtSRQRX')0
ƔþDVWRKRP{åHPHSRXåLĢQDUR]þOHQHQLHUR]VLDKOHKRSURJUDPXGRORJLFN\V~YLVLDFLFKPHQãtFK
PRGXORYUHVSQDSRSLVQHMDNHMþDVWLKLHUDUFKLHREMHNWRY
ƔV~YV~ERURFKVSUtSRQRX3$6 !SRSUHNRPSLORYDQtMHLFKNyGYV~ERUHVSUtSRQRX'&8DE\
VPHPRKOLQHMDNêXQLWSRXåLĢYQDãRPSURJUDPHQHSRWUHEXMHPHMHKR]GURMRYêWYDU3$6DOHVWDþt
QiPV~ERU'&8
'HILQtFLDXQLWX
XQLWPHQR8QLWXPHQRXQLWXVDPXVt]KRGRYDĢVPHQRPV~ERUX
LQWHUIDFH
^YHUHMQpGHNODUiFLHDGHILQtFLHNRQãWiQWW\SRYDMWULHG
SUHPHQQêFKSURFHG~UDIXQNFLtOHQLFKKODYLþN\NDåGêNWR
MHGQRWNXSRXåtYDNQLPP{åHSULVWXSRYDĢDNRNVYRMLPYODVWQêP`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LPSOHPHQWDWLRQ
^GHILQtFLHYHUHMQêFKSURFHG~UDIXQNFLtLFKGHILQtFLHMHPRåQp
StVDĢEH]RKĐDGXQDSRUDGLHDY]iMRPQpRGND]\DMEH]IRUPiOQ\FK
SDUDPHWURYWMQDStVDQtPOHQQi]YXSRGSURJUDPXV~NURPQp
GHNODUiFLHDGHILQtFLHNRQãWiQWW\SRYSUHPHQQêFKSURFHG~U
DIXQNFLt`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LQLWLDOL]DWLRQWLHWRþDVWLP{åXFKêEDĢ
LQLFLDOL]iFLDXQLWX±VSXVWtVDWHVQHSUHGVSXVWHQtP
KODYQpKRSURJUDPX
ILQDOL]DWLRQ
ILQDOL]iFLDXQLWX±VSXVWtVDSRVNRQþHQtKODYQpKRSURJUDPX
HQG
Ɣ -HGQRWN\P{åHPHSRXåLĢYLQêFKSURJUDPRFKUHVSMHGQRWNiFKWDNåHGRþDVWLGHNODUiFLtXVHV
QDStãHPHPHQRMHGQRWN\DNVDMHGQRWNDQHQDFKiG]DYWRPLVWRPDGUHViULDNRVDPRWQêSURMHNW
PXVtPH]DStVDĢPHQRV~ERUXDMVFHVWRXPHQRV~ERUXVDDMWDNPXVt]KRGRYDĢVQi]YRPMHGQRWN\
QDSU
XVHV0HVVDJHV9HNWRU\LQ
?YHNWRU\SDV
3RPRFQ\8QLW
ƔSRUDGLHPLHQMHGQRWLHNYSRSLVHXVHVXUþXMHSRUDGLHLFKLQLFLDOL]iFLt
Ɣ SUtNODGGHPRQãWUXMHMHGQRGXFK~SURJUDPRYXMHGQRWNXVLQLFLDOL]iFLRXDILQDOL]iFLRX
XNiåNRYêXQLW
XQLW0RM8QLW
LQWHUIDFH
SURFHGXUH]DSLVVVWULQJ
LPSOHPHQWDWLRQ
YDU
W7H[W)LOH
SURFHGXUH]DSLVVVWULQJ
EHJLQ
ZULWHOQWV
HQG
LQLWLDOL]DWLRQ
$VVLJQ)LOHW
G?WHVWW[W
5HZULWHW
ILQDOL]DWLRQ
&ORVH)LOHW
HQG
3URJUDPRYiMHGQRWND6WDFN8QLW]iVREQtN
Ɣ~GDMRYiãWUXNW~UD]iVREQtNVWDFNMHSULSURJUDPRYDQtYHĐPLþDVWRSRXåtYDQiDSULWRPMHGRVĢ
MHGQRGXFKiQDWRDE\VPHQDQHMY\VYHWOLOLSRXåLWLHSURJUDPRYêFKMHGQRWLHN
ƔMHWR~GDMRYiãWUXNW~UDNWRUiVDSRGREiSRVWXSQRVWLSUYNRYOHQVS{VRESULGiYDQLDDXEHUDQLDSUYNRYMH
ãSHFLILFNê
❍SUYN\GRãWUXNW~U\P{åHPHSULGiYDĢOHQQDNRQLHFRSHUiFLRXSXVK
❍SUYN\]RãWUXNW~U\P{åHPHRGREHUDĢOHQ]NRQFDRSHUiFLDSRS
❍SRPRFQiRSHUiFLDHPSW\VO~åLQDRWHVWRYDQLHþLMHãWUXNW~UDSUi]GQD
]iVREQtN]UHDOL]XMHPHDNRWULHGX
XQLW6WDFN8QLW
LQWHUIDFH
FRQVW
PD[6WDFN
W\SH
73UYRN VWULQJ
76WDFN FODVV
VWDUUD\>PD[6WDFN@RI73UYRN
YUFKPD[VWDFN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKS73UYRN
SURFHGXUHSRSYDUS73UYRN
IXQFWLRQWRS73UYRN
IXQFWLRQIXOOERROHDQ
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJVREVDKXMH6KRZ0HVVDJH
SURFHGXUHFK\EDVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOWRNQRVRVSUiYRX
HQG
FRQVWUXFWRU76WDFN&UHDWH
EHJLQ
YUFK
HQG
SURFHGXUH76WDFNSXVKS73UYRN
EHJLQ
LIIXOOWKHQFK\ED
3OQê]iVREQtN
LQFYUFKVW>YUFK@ S
HQG
SURFHGXUH76WDFNSRSYDUS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
S VW>YUFK@GHFYUFK
HQG
IXQFWLRQ76WDFNWRS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
5HVXOW VW>YUFK@
HQG
IXQFWLRQ76WDFNIXOOERROHDQ
EHJLQ
5HVXOW YUFK PD[6WDFN
HQG
IXQFWLRQ76WDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
Ɣ QDMOHSãLHMHY\WYiUDĢQRYpXQLW\SRPRFRX1HZ!8QLWYPHQX)LOHY\WYRUtVDVNRURSUi]GQ\XQLWQDSU
QRYêXQLW
XQLW8QLW
LQWHUIDFH
LPSOHPHQWDWLRQ
HQG
ƔWHQWRSRPRFRX6DYH$VYPHQX)LOHP{åHPHSUHPHQRYDĢDWêPVD]PHQtDMKODYLþNDXQLWXQDSUQD
6WDFN8QLW
ƔWDNWRGHILQRYDQêXQLWWHGDWULHGX]iVREQtNP{åHPHSRXåLĢYRVYRMRPSURJUDPH
SRXåLWLH]iVREQtND
XVHV6WDFN8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN
YDU
WW7H[W)LOH
]76WDFN
VVWULQJ
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
[W[W
5HZULWHW
] 76WDFN&UHDWH
ZKLOHQRWHRIWGREHJLQ
UHDGOQWV]SXVKV
HQG
ZKLOHQRW]HPSW\GREHJLQ
]SRSVZULWHOQWV
HQG
])UHH
&ORVH)LOHW&ORVH)LOHW
HQG
ƔHãWHVLYãLPQLWHåHQD]iYHUSURJUDPXVPHSRXåLOL])UHHSRGREQHDNRSULELWPDSiFKMHGREUHQD]iYHU
QH]DEXGQ~ĢREMHNW]UXãLĢWMXYROQLĢ]SDPlWLSRþtWDþD
ƔSR]ULPHVDDNRY\]HUiKODYQêSURJUDPWM'HOSKLSURMHNWDSOLNiFLH3URMHFWGSU
KODYQêSURJUDP
SURJUDP3URMHFW
XVHV
)RUPV
8QLWLQ
8QLWSDV
^)RUP`
6WDFN8QLWLQ
6WDFN8QLWSDV
^5 UHV`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP7)RUP)RUP
$SSOLFDWLRQ5XQ
HQG
Ɣ WHQWRV~ERUMHWLHåSDVFDORYVNê]GURMRYêNyGDOHQDUR]GLHORGSURJUDPRYHMMHGQRWN\REVDKXMHOHQ
GHNODUiFLHDKODYQêSURJUDPWMWRþRVDVSXVWtSRãWDUWHSURJUDPXSRLQLFLDOL]iFLLXQLWRY]UHMPH
$SSOLFDWLRQMHQHMDNiãSHFLiOQDLQãWDQFLD]UHMPHMHGHNODURYDQiYXQLWH)RUPVRNWRU~VDVWDUi'HOSKL
DWHQWRKODYQêSURJUDPOHQ]DYROiQHMDNpPHWyG\WHMWRLQãWDQFLH
'\QDPLFNpSROLD
ƔGHNODUXMHPHLFK
YDU
DDUUD\RIW\SBSUYNX
Ɣ]QDPHQiWRåHSUHPHQQiDWRKRWRW\SX]DWLDĐQHPiXUþHQ~YHĐNRVĢWMSRþHWSUYNRY
ƔYHĐNRVĢSRĐDPXVtPH]DGHILQRYDĢSRPRFRX
WRWRMHWRLVWpDNR6HW/HQJWKD
ƔD FRS\LQpBSROHRGBSUYNXSRþHWURYQDNRDNRSUL]QDNRYêFKUHĢD]FRFK
ƔãWDQGDUGQiIXQNFLD/HQJWKYUDFLDPRPHQWiOQXYHĐNRVĢSRĐDSUHQLOMHWR
/HQJWKD
ƔDNXåSROHREVDKXMHQHMDNpSUYN\DPHQtPHMHKRYHĐNRVĢSRPRFRX6HW/HQJWKEXćQHMDNpSUYN\
VWUDWtPHDOHERSUL]YlþãRYDQtGĎåN\SULEXGQ~QDNRQLHFQRYpSUYN\]DWLDĐHãWHVQHGHILQRYDQRX
KRGQRWRX
]iVREQtN]UHDOL]XMHPHSRPRFRXG\QDPLFNpKRSRĐD
XQLW6WDFN8QLW
LQWHUIDFH
W\SH
73UYRN VWULQJ
76WDFN FODVV
VWDUUD\RI73UYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWS73UYRN
SURFHGXUHSRSYDUS73UYRN
IXQFWLRQWRS73UYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRU76WDFN&UHDWH
EHJLQ
VW QLO
HQG
SURFHGXUH76WDFNSXVKFRQVWS73UYRN
EHJLQ
6HW/HQJWKVW/HQJWKVWVW>+LJKVW@ S
HQG
SURFHGXUH76WDFNSRSYDUS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
S VW>+LJKVW@6HW/HQJWKVW/HQJWKVW
HQG
IXQFWLRQ76WDFNWRS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
5HVXOW VW>+LJKVW@
HQG
IXQFWLRQ76WDFNHPSW\ERROHDQ
EHJLQ
5HVXOW /HQJWKVW DOHER5HVXOW VW QLO
HQG
HQG
Ɣ 1DNRĐNRP{åHE\ĢRSHUiFLDQDIXNRYDQLDG\QDPLFNpKRSRĐDSRPHUQHGUDKiWMþDVRYRQiURþQi
P{åHPHSROH]YlþãRYDĢSRYlþãtFK~VHNRFKQDSU
G\QDPLFNpSROHVDQDIXNXMHSRYlþãtFKNURNRFK
XQLW6WDFN8QLW
LQWHUIDFH
W\SH
73UYRN VWULQJ
76WDFN FODVV
VWDUUD\RI73UYRN
YUFKLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWS73UYRN
SURFHGXUHSRSYDUS73UYRN
IXQFWLRQWRS73UYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRU76WDFN&UHDWH
EHJLQ
VW QLOYUFK
HQG
SURFHGXUH76WDFNSXVKFRQVWS73UYRN
EHJLQ
LQFYUFK
LIYUFK!+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
VW>YUFK@ S
HQG
SURFHGXUH76WDFNSRSYDUS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
S VW>YUFK@GHFYUFK
LIYUFK+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
HQG
IXQFWLRQ76WDFNWRS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
5HVXOW VW>YUFK@
HQG
IXQFWLRQ76WDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
]76WDFN
N7.RU
LLQWHJHU
UUHDO73UYRN
EHJLQ
N 7.RU&UHDWH
] 76WDFN&UHDWH
IRUL WRGREHJLQ
N'RSUHGXL
N9SUDYR]SXVKL
HQG
FDNDM
NIS FO5HG
ZKLOHQRW]HPSW\GREHJLQ
]SRSUNYODYRNGRSUHGXU
HQG
])UHH
HQG
3DUDPHWHURWYRUHQpSROH
Ɣ3RWUHEXMHPHSURFHG~UXNWRUiGRVWDQHSRVWXSQRVĢþtVHODQDMHM]iNODGHQDNUHVOtNULYNXWDNåH
SRVWXSQH]QHMEXGHEUDĢGĎåN\SUHSUtND]GRSUHGXD]DNDåGêPVDRWRþtRVWXSĖRYYSUDYR1DNRĐNR
QHSR]QiPHGĎåNXYVWXSQHMSRVWXSQRVWLWMSRĐDSRXåLMHPHW]YSDUDPHWHURWYRUHQpSROHWMVNXWRþQêP
SDUDPHWURPP{åHE\ĢĐXERYRĐQpMHGQRUR]PHUQpSROHNWRUpVD]KRGXMHVW\SRPSUYNRY=DSLVXMHPH
QDSU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
ƔWDNêWRIRUPiOQ\SDUDPHWHUQLHMHG\QDPLFNpSROH
SUtNODG
YDU
N7.RU
SURFHGXUHNUHVOLGDUUD\RIUHDO
YDU
LLQWHJHU
EHJLQ
IRUL ORZGWRKLJKGGREHJLQORZGMHYåG\
N'RSUHGXG>L@
N9SUDYR
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
GGDUUD\>@RIUHDO
EHJLQ
N 7.RU&UHDWH
NUHVOLGG
HQG
Ɣ 'HOSKLXPRåĖXM~SRVODĢDNRVNXWRþQêSDUDPHWHUW\SXRWYRUHQpSROHDMNRQãWDQWXRWYRUHQpSROHWM
SRVWXSQRVĢKRGQ{WURYQDNpKRW\SXDNRSUYN\RWYRUHQpKRSRĐDX]DYUHW~YKUDQDWêFK]iWYRUNiFKQDSU
SRXåLWLHNRQãWDQW\RWYRUHQpSROH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
NUHVOL>@
HQG
Ɣ XåSR]QiPHSURFHG~UX3RO\JRQNWRUiIXQJXMHY&DQYDVHJUDILFNHMSORFK\PiSDUDPHWHURWYRUHQpSROH
W\SX73RLQWDãWDQGDUGQiIXQNFLD3RLQWY\UiED]i]QDPW\SX73RLQWWMQLHþRDNR
ãWDQGDUGQiSURFHG~UD3RO\JRQ
W\SH
73RLQW UHFRUG[\LQWHJHUHQG
SURFHGXUH7&DQYDV3RO\JRQFRQVW3RLQWVDUUD\RI73RLQW
Ɣ P{åHPHMHGQRGXFKRYRODĢWDN~WRSURFHG~UXNRQãWDQWRXRWYRUHQpKRSRĐDQDSU
YRODQLHSURFHG~U\3RO\JRQ
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔWULHGD7.RUMHGHILQRYDQiYXQLWH.RU8QLW
❍GHILQXMHQLHNRĐNRVWDYRYêFKSUHPHQQêFK[\VPHU)3DQLHNRĐNRPHWyG&UHDWH'RSUHGX
þRVDEXGHPHGQHVXþLĢ
ƔDNRMHQDR]DMGHILQRYDQiWULHGD7.RUREVDKXMHV~NURPQpVWDYRYpSUHPHQQpDYHUHMQpVWDYRYp
SUHPHQQpW\SXYODVWQRVĢ
ƔSULQLHNWRUêFKPHWyGDFKMHSULSRMHQpUH]HUYRYDQpVORYRRYHUULGHRYHUORDGDOHERYLUWXDO
ƔXYLGtPHVS{VREDNRVDY\NUHVĐXM~QDREUD]RYNXWYDU\NRU\WQDþLHN
.RU8QLW
Ɣ SRGUREQHVDSR]ULHPHQDSURJUDPRY~MHGQRWNX.RU8QLW
GHNODUiFLDWULHG\7.RU
W\SH
7.RU FODVV
SULYDWH
);)<)6PHUUHDO
)'ROHERROHDQ
))37&RORU
)+3LQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHRYHUORDG
FRQVWUXFWRU&UHDWHQ[Q\UHDOXKROUHDO RYHUORDG
GHVWUXFWRU'HVWUR\RYHUULGH
SURSHUW\;UHDOUHDG);
SURSHUW\<UHDOUHDG)<
SURSHUW\6PHUUHDOUHDG)6PHUZULWH=PHQ6PHU
SURSHUW\'ROHERROHDQUHDG)'ROHZULWH=PHQ3HUR
SURSHUW\)37&RORUUHDG))3ZULWH=PHQ)3
SURSHUW\+3LQWHJHUUHDG)+3ZULWH=PHQ+3
HQG
ƔYlþãLQXYHFtEXćSR]QiPHDOHERVPHVQLPLXåSUDFRYDOLP{åHPHWXYLGLHĢQLHNRĐNRQRYLQLHN
❍YãHWN\VWDYRYpSUHPHQQpDPHWyG\V~UR]GHOHQpGRGYRFKYHĐNêFKVNXStQSULYDWHDSXEOLF
❍RNUHPNRQãWUXNWRUD&UHDWHMHWXGHILQRYDQêDMGHãWUXNWRU'HVWUR\VNĐ~þRYêPVORYRPRYHUULGH
❍VNRUR]DYãHWNêPLGHILQtFLDPLPHWyGMHNĐ~þRYpVORYRYLUWXDONWRUpKRYê]QDPVDEXGHPHXþLĢ
QHVN{U
❍NRQãWUXNWRU&UHDWHPiSUHGYROHQpSDUDPHWUHGHIDXOWKRGQRW\
YODVWQRVĢ
ƔSRVWXSQHVD]R]QiPLPHVWêPLWRQRYLQNDPL
3ULYiWQHGHILQtFLH
]DGHNODUXMHPHYLQWHIDFHþDVWLQHMDNpKRXQLWXWDNRVWDWQpXQLW\NWRUpW~WRGHNODUiFLXYLGLDP{åX
SUDFRYDĢOHQVSXEOLFGHNODUiFLDPLDOHYLPSOHPHQWDWLRQþDVWLVDPRWQpKRXQLWXV~YãHWN\
GHNODUiFLHURYQRFHQQp
ƔSULSUiFLVIRUPXOiURPQDSUYWULHGH7)RUPP{åHPHYLGLHĢåHQLHNWRUpSUYN\VWDYRYpSUHPHQQpD
PHWyG\QLHV~YDQLMHGQHM]WêFKWRVNXStQRNUHPWêFKWRGYRFKVNXStQMHDMćDOãLDSXEOLVKHGNWRUiMH
VNRURURYQDNiDNRSXEOLFDOH]DWLDĐSUHMHGQRGXFKRVĢSUHGSRNODGDMPHåHMX'HOSKLSRWUHEXM~SUH
NRPSRQHQW\DPHWyG\NWRUpV~]YLD]DQpVQHMDNêPIRUPXOiURP
3UHGYROHQpSDUDPHWUH
ƔNRU\WQDþNXP{åHPHVNRQãWUXRYDĢQDSUWDNWR
N 7.RU&UHDWH
N 7.RU&UHDWH[\
ƔSUHGYROHQêSDUDPHWHUMHDMYGHILQtFLLSURFHG~U\]PD]
9LDFYDULDQWRYMHGQHMSURFHG~U\
ƔMHWRVS{VRESRPRFRXNWRUpKRP{åHPHQD]YDĢU{]QHSURFHG~U\MHGQêPPHQRPUHVSNHćMHGQD
SURFHG~UDPiYLDFYDULDQWRYDE\SDVFDOSULYRODQtWDNHMWRSURFHG~U\VSUiYQHUR]KRGRONWRUêYDULDQWPi
SRXåLĢPXVLDVDWLHWRYDULDQW\OtãLĢEXćSRþWRPSDUDPHWURPDOHERW\SPLSDUDPHWURY
ƔYGHNODUiFLiFKWULHG\YGHNODUiFLLPHWyG\]DKODYLþNXSURFHG~U\]DStãHPHUH]HUYRYDQpVORYR
RYHUORDG
❍WRWRVORYR]DStãHPH]DYãHWN\YDULDQW\
ƔYLGtPHGYHGHILQtFLHSUH&UHDWHREDYDULDQW\VDOtãLDSRþWRPSDUDPHWURY
9ODVWQRVWLSURSHUW\
ƔVWDYRYpSUHPHQQpVNĐ~þRYêPVORYRPSURSHUW\V~ãSHFLiOQHDWULE~W\WULHG\QLHV~WRSDPlĢRYp
SRORåN\WULHG\DNRY]i]QDPH
ƔVNXWRþQêPVWDYRYêPSUHPHQQêPMHY\KUDGHQpQHMDNpSDPlĢRYpPLHVWRP{åHPH]LVWLĢMHMKRGQRWX
UHVSMXPHQLĢWRMHDQDOyJLDSRORåNiP]i]QDPRY
ƔYLUWXiOQDVWDYRYiSUHPHQQiYODVWQRVĢPXVtPDĢSULUDGHQpQHMDNpDNFLHQDþtWDQLHUHVS
PRGLILNRYDQLHWDNHMWRVWDYRYHMSUHPHQQHM
ƔSRPRFRXWRKRWRPHFKDQL]PXP{åHPHNRQWURORYDĢSUtVWXSNXVNXWRþQêPVWDYRYêPSUHPHQQêPDOHER
P{åHPHSUHWDNpWRVWDYRYpSUHPHQQpY\SRþtWDĢLFKKRGQRWXDåNHćEXG~SRåDGRYDQpþtWDQp
ƔV\QWD[
SURSHUW\PHQRW\SUHDGSRORåND_PHWyGDZULWHSRORåND_PHWyGD
ƔSRORåND_PHWyGDMHEXćRE\þDMQiSRORåNDVNXWRþQiVWDYRYiSUHPHQQiREMHNWXKRFLDMSULYiWQDDOHER
ƔSUHUHDGPHWyGDPXVtE\ĢEH]SDUDPHWURYiIXQNFLDURYQDNpKRW\SXDNRW\SYODVWQRVWL
ƔSUHZULWHPHWyGDPXVtE\ĢMHGQRSDUDPHWURYiSURFHG~UDVKRGQRWRYêPDOHERFRQVWSDUDPHWURP
URYQDNpKRW\SXDNRW\SYODVWQRVWL
ƔMHGQD]þDVWtUHDGDOHERZULWHP{åHFKêEDĢ !SRWRPWHQWRSUtVWXSQLHMHSRYROHQêQDSUQHGiVDPHQLĢ
KRGQRWDVWDYRYHMSUHPHQQHMLEDþtWDĢ
ƔYåG\NHćVDYSURJUDPHEXGHþtWDĢUHVSPHQLĢKRGQRWDWDNHMWRYLUWXiOQHMVWDYRYHMSUHPHQQHM
YODVWQRVWLWDNVDEXćSUHþtWDKRGQRWDUHVSSULUDGtGRSRORåN\DOHERVD]DYROiSUtVOXãQiPHWyGD
QDSUNRU\WQDþNDPiWLHWRYODVWQRVWL
SURSHUW\;UHDOUHDG);
SURSHUW\<UHDOUHDG)<
SURSHUW\6PHUUHDOUHDG)6PHUZULWH=PHQ6PHU
SURSHUW\)37&RORUUHDG))3ZULWH=PHQ)3
YWHG\GRVWDQHPHKRGQRWXV~NURPQHMSUHPHQQHM);
ƔYODVWQRVĢ<MHQDWRPURYQDNR
ƔYODVWQRVĢ6PHUP{åHPHþtWDĢDMPHQLĢSULþtWDQtWHMWRSUHPHQQHMVDYUiWLKRGQRWDV~NURPQHMSUHPHQQHM
Ɣ 9ćDOãRPSUtNODGHVWDYRYiSUHPHQQiYODVWQRVĢSUHPYVNXWRþQRVWLPDQLSXOXMHVRV~NURPQRX
SUHPHQQRXISUHPOHQSULMHMþtWDQtVDDXWRPDWLFN\]YêãLSRþtWDGORSRF
SRþtWDGORþtWDQLDSUHPHQQHM
W\SH
[[ FODVV
SULYDWH
ISUHPUHDO
SRFLQWHJHU
IXQFWLRQKRGQRWDUHDO
SXEOLF
SURSHUW\SUHPUHDOUHDGKRGQRWDZULWHISUHP
HQG
IXQFWLRQ[[KRGQRWDUHDO
IXQNFLDSRþtWDSRþHWSUtVWXSRYNXVWDYRYHMSUHPHQQHM
EHJLQ
5HVXOW ISUHPLQFSRF
HQG
Ɣ QHVN{UXYLGtPHDMćDOãLHPRåQRVWLVWDYRYêFKSUHPHQQêFKYODVWQRVWt
'HãWUXNWRU'HVWUR\
ƔMHSRGREQêNRQãWUXNWRUXDXWRPDWLFN\VD]DYROiSULPHWyGH)UHHWMNHćUXãtPHREMHNWP{åHPHQD
]iYHUY\NRQDĢQHMDNpXSUDWRYDFLHDNFLHQDSUXYROQLĢELWPDSXVNU\ĢNRU\WQDþNXDSRG
ƔYRODQLHPHWyG\REM)UHHQHMDNpKRREMHNWXREMVLP{åHPH]MHGQRGXãHQHSUHGVWDYLĢDNR
LIREM!QLOWKHQREM'HVWUR\
ƔWDNêWR)UHHIXQJXMHOHQVGHãWUXNWRURP'HVWUR\KRFLYRYãHREHFQRVWLE\VPHPRKOLPDĢYLDF
GHãWUXNWRURYVU{]Q\PLPHQDPL
.RQãWUXNWRUDGHãWUXNWRUNRU\WQDþLHN
JOREiOQHSUHPHQQp
YDU
NRU\DUUD\RI7.RU
PD[NRULQWHJHU
ƔYNWRUêFKVD]DSDPlWiYDM~YãHWN\Y\WYRUHQpNRU\WQDþN\WHQWRPHFKDQL]PXVVO~åLOHQDNRXNiåNDSUiFH
VG\QDPLFNêPSRĐRPDYWHMWRYHU]LLSURJUDPRYHMMHGQRWN\.RU8QLWQHPiYHĐNêYê]QDP
ƔG\QDPLFNpSROHNRU\VO~åLQD]DSDPlWDQLHVLYãHWNêFKGRWHUD]Y\WYRUHQêFKNRU\WQDþLHN
ƔSUHPHQQiPD[NRUREVDKXMHLQGH[PD[LPiOQHSULUDGHQHMNRU\WQDþN\YSROLNRU\SROHNRU\
QH]YlþãXMHPHSULNDåGHMQRYHMNRU\WQDþNHRDOHUD]]DþDV]YlþãtPHRDPD[NRU\MHYWHG\PHQãLH
DNR+LJKNRU\
ƔWRWRSROHNRU\VDDNWXDOL]XMHY7.RU&UHDWHDY7.RU'HVWUR\
Ɣ SUHPHQQiJ7&DQYDVVO~åLQDNUHVOHQLHGRJUDILFNHMSORFK\
Ɣ YãLPQLWHVLDNRNRQãWUXNWRU&UHDWHLQLFLDOL]XMHVWDYRYpSUHPHQQp
NRQãWUXNWRU
FRQVWUXFWRU7.RU&UHDWHQ[Q\XKROUHDO
YDU
LLQWHJHU
EHJLQ
,QLFLDOL]XM
); Q[)< Q\)6PHU XKRO
))3 FO%ODFN)+3
)'ROH WUXH
L ZKLOHL PD[NRUDQGNRU\>L@!QLOGRLQFL
LIL!KLJKNRU\WKHQ6HW/HQJWKNRU\/HQJWKNRU\
NRU\>L@ VHOILIL!PD[NRUWKHQPD[NRU L
HQG
Ɣ YãLPQLWHVLDNRGUXKêYDULDQWNRQãWUXNWRUDEH]SDUDPHWURYYROiVYRMSUYêYDULDQWVSDUDPHWUDPL
GUXKêYDULDQWNRQãWUXNWRUD
FRQVWUXFWRU7.RU&UHDWH
EHJLQ
,QLFLDOL]XM
&UHDWHVLUNDY\VND
HQG
Ɣ DMGHãWUXNWRU'HVWUR\SUDFXMHVSRĐRPNRU\
GHãWUXNWRU
GHVWUXFWRU7.RU'HVWUR\
YDU
LLQWHJHU
EHJLQ
L ZKLOHL PD[NRUDQGNRU\>L@!VHOIGRLQFL
LIL PD[NRUWKHQNRU\>L@ QLO
LQKHULWHG
HQG
Ɣ LQKHULWHGQD]iYHUPHWyG\MHXNiåNRXWRKRåHQHWUHED]DEXGQ~ĢVSXVWLĢXSUDWRYDFLHDNFLHDMSUH
WULHGXSUHGNDYQDãRPSUtSDGHMHWR]E\WRþQpOHERSUHGRNWULHG\7.RUPiSUi]GQ\GHãWUXNWRUWULHGD
7.RUMHSRWRPNRPWULHG\72EMHFW
9MHGQRWNH.RU8QLWV~RNUHPWULHG\7.RUYLQWHUIDFHþDVWLGHILQRYDQpDMQHMDNpNRQãWDQW\SUHPHQQpD
SURFHG~U\DWHGDV~YLGLWHĐQpSUHSURJUDP\NWRUpPDM~XVHV.RU8QLW
Ɣ=PD]PiMHGHQSUHGYROHQêSDUDPHWHUIDUEXSR]DGLDJUDILFNHMSORFK\EH]SDUDPHWUD]PDåHJUDILFN~
SORFKXQDELHOR
Ɣ&DNDMSR]GUåtY\NRQiYDQLHSURJUDPXR]DGDQêSRþHWPLOLVHN~QGSRþDVWRKRWRþDNDQLDVDY\NRQiYD
$SSOLFDWLRQ3URFHVV0HVVDJHV
ƔSUHPHQQpVLUNDDY\VNDREVDKXM~ãtUNXDYêãNXNRU\WQDþHMJUDILFNHMSORFK\
.RU8QLWQHPiDQLþDVĢLQLWLDOL]DWLRQDQLILQDOL]DWLRQOHERLQLFLDOL]iFLDSUHPHQQêFKVDUREtDåSULSUYRP
7.RU&UHDWHUHVSSUL1DVWDY3ORFKX
Ɣ SR]ULPHVLLQLFLDOL]iFLXNWRUiVDVSXVWtSUHGSUYêPY\YRODQtP7.RU&UHDWHMHMQDMG{OHåLWHMãRX~ORKRXMH
QiMVĢYQDãHMDSOLNiFLLQHMDN~JUDILFN~SORFKX7,PDJHQHPi]P\VHOVDVQDåLĢGRGHWDLORYSRFKRSLĢ
DNRWRIXQJXMH
LQLFLDOL]iFLD
SURFHGXUH,QLFLDOL]XM
YDU
LQLQWHJHU
I7)RUP
EHJLQ
LIJ!QLOWKHQH[LW
I $SSOLFDWLRQ0DLQ)RUP
LII QLOWKHQEHJLQ
Q $SSOLFDWLRQ&RPSRQHQW&RXQWL
ZKLOHLQDQGQRW$SSOLFDWLRQ&RPSRQHQWV>L@LV7)RUPGRLQFL
LIL QWKHQEHJLQ
6KRZ0HVVDJH
YDGQiDSOLNiFLDQHQDãLHOVRPIRUPXOiU
+DOW
HQG
I 7)RUP$SSOLFDWLRQ&RPSRQHQWV>L@
HQG
Q I&RQWURO&RXQWL
ZKLOHLQDQGQRWI&RQWUROV>L@LV7,PDJHGRLQFL
LIL! QWKHQEHJLQ
6KRZ0HVVDJH
YDGQiDSOLNiFLDQHQDãLHOVRPJUDILFN~SORFKX
KDOW
HQG
1DVWDY3ORFKX7,PDJHI&RQWUROV>L@
HQG
SRPRFQiSURFHG~UD1DVWDY3ORFKX
SURFHGXUH1DVWDY3ORFKXS7,PDJH
EHJLQ
LIJ!QLOWKHQH[LW
LIS2ZQHULV7)RUPWKHQ
7)RUPS2ZQHU'RXEOH%XIIHUHG WUXH
J S&DQYDV
VLUND S:LGWKY\VND S+HLJKW
HQG
Ɣ DNW~WRSURFHG~UX]DYROiPHVQHMDNRXJUDILFNRXSORFKRXSUHGSUYêPY\WYRUHQtPNRU\WQDþN\WDNWiWRVD
VWDQHSORFKRXSUHNRU\WQDþN\LQDNVDVS~ãĢDPHFKDQL]PXVDXWRPDWLFNpKRKĐDGDQLDSUYHMJUDILFNHM
SORFK\
SUtNODGVYODVWQRXWULHGRXPRM.RU
Ɣ 0DOiXNiåNDSRWRPNDWULHG\7.RUNWRUêGRGHILQXMHPHWyGXQDNUHVOHQLHELQiUQHKRVWURPX
RGYRGHQiWULHGDRG7.RU
XVHV
.RU8QLW
W\SH
70RMD.RU FODVV7.RU
SXEOLF
SURFHGXUHVWURPQLQWHJHUVUHDO
HQG
SURFHGXUH70RMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
GRSUHGXV
LIQ!WKHQEHJLQ
YODYR
VWURPQV
YSUDYR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N70RMD.RU
EHJLQ
N 70RMD.RU&UHDWH&UHDWHMH]GHGHQê
NVWURPVWURPMHPHWyGDWULHG\70RMD.RU
N)UHH
HQG
Ɣ ERORE\GREUHNHE\VWHVL]Y\NDOLGiYDĢGHILQtFLHQRYêFKWULHGGRVDPRVWDWQêFKSURJUDPRYêFKMHGQRWLHN
QDSUWiWRWULHGDE\ERODGHILQRYDQiYXQLWHPRMD.RU8QLWDYXQLWHVIRUPXOiURPE\VDLEDSRXåtYDOD
PRMD.RU8QLWSDV
XQLWPRMD.RU8QLW
LQWHUIDFH
XVHV
.RU8QLW
W\SH
70RMD.RU FODVV7.RU
SXEOLF
SURFHGXUHVWURPQLQWHJHUVUHDO
HQG
LPSOHPHQWDWLRQ
SURFHGXUH70RMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
GRSUHGXV
LIQ!WKHQEHJLQ
YODYR
VWURPQV
YSUDYR
VWURPQV
YODYR
HQG
GRSUHGXV
HQG
HQG
þDVĢ8QLWSDV
XVHV
PRMD.RU8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N70RMD.RU
EHJLQ
N 70RMD.RU&UHDWH&UHDWHMH]GHGHQê
NVWURPVWURPMHPHWyGDWULHG\70RMD.RU
N)UHH
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔSR]QiPH~GDMRY~ãWUXNW~UX]iVREQtNNWRUiPiGYH]iNODGQpRSHUiFLHSXVKDSRSYORåHQLHD
YêEHUKRGQRW\
ƔSULYRODQLDFKSURFHG~UDIXQNFLLSRþtWDþY\XåtYDPHFKDQL]PXV]iVREQtNDSULNDåGRPYRODQt
SRGSURJUDPXVDGR]iVREQtND]DSDPlWiQiYUDWRYiDGUHVDDWLHåVDQDĖRPY\WYRULDYãHWN\
ORNiOQHSUHPHQQpDMKRGQRWRYpIRUPiOQHSDUDPHWUH
þRVDEXGHPHGQHVXþLĢ
ƔXNiåHPHDNRVDGiDMYHĐPL]ORåLWiUHNXU]tYQDSURFHG~UDSUHStVDĢGRQHUHNXU]tYQHKRWYDUX
Y\XåLMHPHQDWR]iVREQtN
Ɣ]iVREQtNSRXåLMHPHDMQDVSUDFRYDQLHU{]Q\FKW\SRYDULWPHWLFNêFKYêUD]RYXYLGtPHþRV~YêUD]\
YLQIL[RYRPSUHIL[RYRPDSRVWIL[RYRPWYDUH
Ɣ]DGHILQXMHPHHãWHMHGQX~GDMRY~ãWUXNW~UXUDGIURQWSRGREiVDQD]iVREQtNVWêPUR]GLHORP
åHKRFLKRGQRW\YNODGiPHQDNRQLHFUDGXY\EHUiPHLFK]R]DþLDWNXUDGX
3UHSLVUHNXU]LHQDQHUHNXU]LX
0iPHUHNXU]tYQXNRU\WQDþLXPHWyGXNWRUiNUHVOtãSLUiOX
W\SH
70RMD.RU FODVV7.RU
SURFHGXUHVSLUQLQWHJHUVUHDO
HQG
SURFHGXUH70RMD.RUVSLUQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ9ODYR
HOVHEHJLQ
'RSUHGXV9ODYR
VSLUQV
9SUDYR'RSUHGXV
HQG
HQG
Ɣ SRPRFRX]iVREQtNDY\WYRUtPHQHUHNXU]tYQXPHWyGX
ƔQDMSUY]DGHILQXMHPHWULHGX]iVREQtNSUHQDãXNRQNUpWQX~ORKXSUYRN]iVREQtNDEXGH]i]QDPNWRUê
REVDKXMHSRORåN\YDGUHVDQDV]DSDPlWiYDQpKRGQRW\
ƔWLHåXSUDYtPHPHWyG\SXVKDSRSWDNDE\VDQiPVR]iVREQtNRPSUDFRYDORSRKRGOQHMãLH
SULVS{VREHQiWULHGD76WDFN
W\SH
73UYRN UHFRUGYQLQWHJHUVUHDOHQG
76WDFN FODVV
VWDUUD\RI73UYRN
SURFHGXUHSXVKYYQQLQWHJHUVVUHDO
SURFHGXUHSRSYDUYYQQLQWHJHUYDUVVUHDO
HQG
SURFHGXUH76WDFNSXVKYYQQLQWHJHUVVUHDO
EHJLQ
6HW/HQJWKVW/HQJWKVW
ZLWKVW>KLJKVW@GREHJLQ
Y YYQ QQV VV
HQG
HQG
SURFHGXUH76WDFNSRSYDUYYQQLQWHJHUYDUVVUHDO
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
ZLWKVW>KLJKVW@GREHJLQ
YY YQQ QVV V
HQG
6HW/HQJWKVW/HQJWKVW
HQG
SUHStãPHSURFHG~UXQDQHUHNXU]tYQXSRPRFRXQiãKRQRYpKR]iVREQtND
W\SH
70RMD.RU FODVV7.RU
SURFHGXUHVSLU1QLQWHJHUVUHDO
HQG
SURFHGXUH70RMD.RUVSLU1QLQWHJHUVUHDO
YDU
]76WDFN
YLQWHJHUQLHþRDNRQiYUDWRYiDGUHVD
EHJLQ
] 76WDFN&UHDWH
]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ9ODYR
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQVQiYUDWSRUHNXU]tYQRPYRODQt
]SXVKQVUHNXU]tYQHYRODQLH
HQG
EHJLQ
9SUDYR'RSUHGXV
HQG
HQG
HQG
])UHHPDOE\H[LVWRYDĢGHãWUXNWRU76WDFN'HVWUR\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N70RMD.RU
EHJLQ
N 70RMD.RU&UHDWH
NVSLU1
N)UHH
HQG
SURFHG~UDVDGiXSUDYLĢWDNDE\VDQHURELODRSHUiFLDSXVKDNWRQLHMHQHY\KQXWQp
SURFHGXUH70RMD.RUVSLU1QLQWHJHUVUHDO
YDU
]76WDFN
YLQWHJHU
EHJLQ
] 76WDFN&UHDWHY
ZKLOHY!GREHJLQ
FDVHYRI
LIQ WKHQEHJLQ
9ODYRY EXGHWUHEDURELĢSRS
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQV
Y Q QV V
HQG
EHJLQ
9SUDYR'RSUHGXVY EXGHWUHEDURELĢSRS
HQG
HQG
LIY DQGQRW]HPSW\WKHQ]SRSYQV
HQG
])UHH
HQG
3UtNODG
SUHStãHPHUHNXU]tYQXSURFHG~UXQDNUHVOHQLHVWURPXSRPRFRXNRU\WQDþHMJUDILN\QDQHUHNXU]tYQX
SURFHGXUH70RMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
þDVĢ
LIQ WKHQEHJLQ
'RSUHGXV'RSUHGXV
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
VWURPQV
þDVĢ
9SUDYR
VWURPQV
þDVĢ
9ODYR'RSUHGXV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUH70RMD.RUVWURP1QLQWHJHUVUHDO
YDU
]76WDFN
YLQWHJHU
EHJLQ
] 76WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQEHJLQ
'RSUHGXV'RSUHGXV
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9SUDYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9ODYR'RSUHGXV
HQG
HQG
HQG
])UHH
HQG
Ɣ 7RXWR]iVREQtNRYRXPHWyGRXQHYLHPHURELĢIXQNFLH9QDVOHGXM~FRPSUtNODGHVLWRXNiåHPHQD
)LERQDFFLKRSRVWXSQRVWL'HILQRYDQiMHUHNXUHQWQHWDNWR
) ) )1 )1)1SUH1!
UHNXU]tYQDSURFHG~UDNWRUiSRþtWD1Wp)LERQDFFLKRþtVOR
YDU
IILQWHJHUJOREiOQDSUHPHQQiYNWRUHMMHY\SRþtWDQiKRGQRWD
SURFHGXUHILEQLQWHJHU
YDU
ILQWHJHU
EHJLQ
þDVĢ
LIQWKHQII
HOVHEHJLQ
ILEQ
þDVĢ
I II
ILEQ
þDVĢ
II III
HQG
HQG
QHUHNXU]tYQ\WYDUSUHGFKiG]DM~FHMSURFHG~U\73UYRNY76WDFNMHXåWHUD]LQpKRW\SX
SURFHGXUHILE1QLQWHJHU
YDU
IYLQWHJHU
]76WDFN
EHJLQ
] 76WDFN&UHDWH]SXVKQI
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQI
FDVHYRI
LIQWKHQII
HOVHEHJLQ
]SXVKQIQiYUDW
]SXVKQIUHNXU]tYQHYRODQLH
HQG
EHJLQ
I II]SXVKQIQiYUDW
3UtNODG
QDStãHPHQHUHNXU]tYQ\YDULDQWSURFHG~U\QDNUHVOHQLHVQHKRYHMYORþN\
SURFHGXUH70RMD.RUYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ'RSUHGXV
HOVHEHJLQ
YORFNDQV
9SUDYR
YORFNDQV
9ODYR
YORFNDQV
9SUDYR
YORFNDQV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUH70RMD.RUYORFND1QLQWHJHUVUHDO
YDU
]76WDFN
YLQWHJHU
EHJLQ
] 76WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ'RSUHGXV
HOVHEHJLQ
]SXVKQV]SXVKQV
HQG
EHJLQ
9SUDYR]SXVKQV]SXVKQV
HQG
EHJLQ
9ODYR]SXVKQV]SXVKQV
HQG
EHJLQ
9SUDYR]SXVKQV
HQG
HQG
HQG
])UHH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N70RMD.RU
LLQWHJHU
EHJLQ
N 70RMD.RU&UHDWH
IRUL WRGREHJLQNYORFND1NYODYRHQG
N)UHH
HQG
$ULWPHWLFNpYêUD]\
ƔYPDWHPDWLNHDMYSURJUDPRYDQtMH]Y\NRPSRXåtYDĢW]YLQIL[RYê]iSLVDULWPHWLFNêFKYêUD]RYMH
GHILQRYDQêQDVOHGRYQH
❍RSHUDQGQDSUþtVORDOHERSUHPHQQiMHLQIL[RYêYêUD]
❍DN;D<V~LQIL[RYpYêUD]\WDNLQIL[RYêPLYêUD]PLV~DM
SUHYUiWHQê3RĐVNê]iSLV
3UHIL[
ƔRSHUiWRUMHSUHGRSHUDQGDPL
ƔQDSUP{åHPHSUHþtWDĢDNRVþtWDMD
3RVWIL[
ƔRSHUiWRUMH]DRSHUDQGDPL
ƔQDSUP{åHPHSUHþtWDĢDNR]REHUDSRWRPLFKVþtWDM
3RĐVNpIRUP\PDM~RSURWLLQIL[XW~YêKRGXåHQHSRWUHEXMHPH]iWYRUN\QDXUþHQLHSUHFHQGHQFLHRSHUiWRURY
YåG\MHMHGQR]QDþQHGDQpSRUDGLHY\KRGQRFRYDQLD
9ćDNDWRPXMHDMY\KRGQRFRYDQLHWDNêFKWRYêUD]RYYHĐPLMHGQRGXFKpSRPRFRX]iVREQtND
1DSU
ƔSUHLQIL[
ƔSUHIL[
^SRXåtYDVDYLQêFKMD]\NRFKQDSU/,63`
ƔSRVWIL[
3UREOpP\VXQiUQ\PRSHUiWRURPWUHEDKRUR]OtãLĢRGELQiUQHKR]Y\NQHVD]QDþLĢLQêP]QDPLHQNRP
QDSUVERGNRXDOHERB
SURJUDPQDY\KRGQRWHQLHSRVWIL[XQDþtWDQpKR]RYVWXSX
XVHV6WDFN8QLWW\SH73UYRN LQWHJHU
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
]76WDFN
[\LLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
] 76WDFN&UHDWH
V (GLW7H[W(GLW7H[W
L
ZKLOHL /HQJWKVGREHJLQ
FDVHV>L@RI
EHJLQ
[
ZKLOHV>L@LQ>
@GREHJLQ
[ [
RUGV>L@RUG
LQFL
HQG
]SXVK[GHFL
HQG
B
EHJLQ]SRS[]SXVK[HQGXQiUQHPtQXV
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\
[HQG
EHJLQ]SRS[]SRS\]SXVK\GLY[HQG
HQG
LQFL
HQG
]SRS[])UHH
0HPR/LQHV$GGV
,QW7R6WU[
HQG
1'Ò
ƔXSUDYWHSURJUDPQDSRVWIL[VUHiOQRXDULWPHWLNRX
ƔY\KRGQRWLĢSUHIL[
ƔSUHSLVLQIL[XGRSRVWIL[XUHVSSUHIL[XQLHMHWRWULYLiOQH
Ɣ~SOQHX]iWYRUNRYDQêYêUD]MHLQIL[YNWRURPMHNDåGiRSHUiFLDX]iWYRUNRYDQiQDSU
NY{OLSUHFHQGHQFLLRSHUiWRURY
ƔXUREWHSUHYRG\]GR~SOQHX]iWYRUNRYDQpKRGR]SUHSRVWIL[X
ƔY\KRGQRĢWH~SOQHX]iWYRUNRYDQêYêUD]
ƔSUHSLVSUHIL[XGRSRVWIL[XDQDRSDN
ƔY\KRGQRFXMWHYêUD]\VSUHPHQQêPLSUtSVXQiUQ\PLIXQNFLDPLVSUDFXM~VDURYQDNRDNRXQiUQHPtQXV
5$'48(8()5217),)2
ƔGiWRYiãWUXNW~UDSRVWXSQRVĢSRORåLHN]RUDGHQêFK]DVHERX
ƔDNSUtGHQRYiSRORåNDSULGiVDQDNRQLHFUDGXUHDUWDLOFKYRVW
ƔY\EHUDĢSRORåN\]R]DþLDWNXUDGXIURQWKHDGKODYLþND
ƔPHWyG\
ƔVHUYH REVO~å
ƔDSSHQG SULGDMQDNRQLHF
4XHXH8QLWSDV
XQLW4XHXH8QLW
LQWHUIDFH
W\SH
743UYRN VWULQJ
74XHXH FODVV
TDUUD\RI743UYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHVHUYHYDUS743UYRN
SURFHGXUHDSSHQGS743UYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRU74XHXH&UHDWH
EHJLQ
T QLO
HQG
SURFHGXUH74XHXHVHUYHYDUS743UYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
S T>@
T FRS\TPD[LQW
HQG
SURFHGXUH74XHXHDSSHQGS743UYRN
EHJLQ
6HW/HQJWKT/HQJWKT
T>+LJKT@ S
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
HQG
Ɣ 1DStãHPHSURJUDPNWRUêþtWDWH[WRYêV~ERULEDUD]DY\WYiUDQRYêV~ERUWDNåHYWRPWRV~ERUHV~
YãHWN\ULDGN\YVWXSQpKRV~ERUXD]DQLPLHãWHUD]WLHLVWpULDGN\
]GYRMHQêV~ERU
XVHV
4XHXH8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
T74XHXH
IJ7H[W)LOH
W743UYRN
EHJLQ
T 74XHXH&UHDWH
$VVLJQ)LOHI
8QLWSDV
5HVHWI
$VVLJQ)LOHJ
WHVWSDV
5HZULWHJ
ZKLOHQRWHRIIGREHJLQ
UHDGOQIWTDSSHQGWZULWHOQJW
HQG
ZKLOHQRWTHPSW\GREHJLQ
TVHUYHWZULWHOQJW
HQG
&ORVH)LOHJ&ORVH)LOHI
T)UHH
0HPR/LQHV$GG
KRWRYR
HQG
1'Ò
Ɣ SUHUREWHWULHGX74XHXHWDNDE\VDQLHSULNDåGHMRSHUiFLLDSSHQGDOHERVHUYHPXVHODPHQLĢYHĐNRVĢ
G\QDPLFNpKRSRĐDTDOHDE\VDSRGREQHDNRSUL]iVREQtNXSDPlWDODNWXiOQ\SRþHWD]PHQDYHĐNRVWL
SRĐDVDWHGDURELODPHQHMþDVWR
ƔUHSUH]HQWiFLDUDGXYSROL
ƔF\NOLFNpSROHWYiULPHVDåHVWDWLFNpSROHþRPiPHNGLVSR]tFLLMHF\NOLFNpWMNHćE\FKYRVW
SULãLHOQDNRQLHFSRĐDSUHVXQLHPHKR]QRYXQD]DþLDWRN
ƔSUREOpP\VUR]SR]QDQtPSUi]GQHKRDSOQpKRUDGXULHãHQLHSDPlWiPHVLSRþHWSRORåLHN
ƔSUHUREWHWULHGX74XHXHWDNDE\VWHY\XåLOLF\NOLFNpSROHPXVtWHGRGHILQRYDĢDMPHWyGXIXOO
ƔUR]PêãĐDĢRYLDF]iVREQtNRFKDUDGRFKQDSUY]iMRPQiVLPXOiFLDWULHGHQLHSRPRFRXGYRFK
]iVREQtNRY]DUiåNDYRIURQWH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔREMHNWRYpSURJUDPRYDQLHSUHQiV]QDPHQiåHP{åHPHGHILQRYDĢQRYpWULHG\DWLHåY\WYiUDĢLQãWDQFLH
WêFKWRWULHG
ƔWULHG\PDM~GYHYODVWQRVWL]DSX]GUHQLHYMHGQRPFHONXV~VWDYRYpSUHPHQQpDPHWyG\DGHGLþQRVĢ
þRVDEXGHPHGQHVXþLĢ
ƔEH]ćDOãHMYODVWQRVWLSRO\PRUIL]PXVE\ERODSUiFDVREMHNWPLYHĐPLREPHG]HQi
ƔSRO\PRUIL]PXVMHVLOQêPHFKDQL]PXV]GLHĐDQLDPHWyG
ƔYćDNDNRPSDWLELOLWHLQãWDQFLtP{åHPHSUDFRYDĢVSRO\PRUIQêPLREMHNWPLDMSRO\PRUIQêPLSDUDPHWUDPL
WULHGD7.UXKD76WYRUHF
1DSUHGQiãNH~YRGGRREMHNWRYpKRSURJUDPRYDQLDVPHURELOLSURMHNWYNWRURPVPH]DGHILQRYDOLWULHGX
7.UXK
Xå]QiPDGHILQtFLDWULHG\7.UXK
YDU
J7&DQYDV
W\SH
7.UXK FODVV
SULYDWH
[\ULQWHJHU
I7&RORU
YLGERROHDQ
SXEOLF
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUH7.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH7.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH7.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH7.UXKSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
Ɣ QDWULWODþLGOiVPHSULUDGLOLY\WYRUHQLHWURFKLQãWDQFLtWHMWRWULHG\ãWYUWpWODþLGORKêEDORVWêPLWRNUXKPLSLDWH
UXãLORYãHWN\LQãWDQFLH
DW~WRWULHGXVPHSRXåtYDOLQDSUWDNWR
YDU
DEF7.UXK
SRFLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D 7.UXK&UHDWH
ZLWKDGREHJLQ=PHQ)DUEXFO*UHHQXND]HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 7.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F 7.UXK&UHDWHFXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF WKHQ7LPHU(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQ
ZLWKDGREHJLQ
LIYLGWKHQVNU\
)UHHD QLO
HQG
LIE!QLOWKHQ
ZLWKEGREHJLQ
LIYLGWKHQVNU\
)UHHE QLO
HQG
LIF!QLOWKHQ
ZLWKFGREHJLQ
LIYLGWKHQVNU\
)UHHF QLO
HQG
HQG
GRGHILQXMHPHQRY~WULHGX76WYRUHFSRGWULHGX7.UXK
W\SH
76WYRUHF FODVV7.UXK
SXEOLF
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
SURFHGXUH76WYRUHFXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH76WYRUHFVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH76WYRUHF=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH76WYRUHFSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
MHGQD]SUHPHQQêFKLQãWDQFLtNUXKXEXGHWHUD]ãWYRUHF
YDU
D7.UXK
E76WYRUHF
F7.UXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 76WYRUHF&UHDWH
E=PHQ)DUEXFO5HG
EXND]
HQG
Ɣ WDNWRY\OHSãHQêSURMHNWIXQJXMHVSUiYQHGUXKpWODþLGORY\WYRUtãWYRUHFDãWYUWpWODþLGORUR]KêEHYãHWN\
~WYDU\
Ɣ DNSRURYQiPHPHWyG\=PHQ)DUEXDSRVXQYRERFKWULHGDFK]LVWtPHåHV~~SOQHLGHQWLFNpWDNåHVDLFK
SRN~VLPHYWULHGH76WYRUHFY\KRGLĢNRPSLOiWRUXWRQHYDGtSRFKRStåHVDPDM~]GHGLĢDOHSURMHNWXå
QHIXQJXMHVSUiYQH
6WDWLFNpPHWyG\
Ɣ DN]DYROiPH76WYRUHFSRVXQ]DYROiVD7.UXKVNU\DQLH76WYRUHFVNU\
7.UXKSRVXQ!7.UXKVNU\
A
_
76WYRUHFSRVXQ76WYRUHFVNU\
9LUWXiOQHPHWyG\
Ɣ SRWUHERYDOLE\VPHDE\7.UXKSRVXQSRFKRSLOåHERO]DYRODQê]SRWRPNDDWHGDQHEXGHYRODĢVYRM
7.UXKVNU\DOHSRWRPNRYXPHWyGXVNU\
7.UXKSRVXQ7.UXKVNU\VNU\MHYLUWXiOQD
A?
_?
76WYRUHFSRVXQ!76WYRUHFVNU\VNU\MHYLUWXiOQD
Ɣ ]UHMPHVDWRQHGiXURELĢSRþDVNRPSLOiFLHOHER7.UXKSRVXQQHP{åHWXãLĢåHQLHNHG\YEXG~FQRVWLVL
QLHNWRQLHNGHLQGHQDSURJUDPXMHYHĐDSRWRPNRYNWRUpEXG~YRODĢ7.UXKSRVXQ
3RO\PRUIL]PXV
Ɣ PHWyGDVD]GLHĐDYU{]Q\FKVWXSĖRFKREMHNWRYHMKLHUDUFKLH!
ƔQDSUYWHG\DNU{]QHWULHG\]GHGLDVSRORþQ~PHWyGXQDSUPHWyGXSRVXQDOHGHWDLO\SUHU{]QH
REMHNW\]RGSRYHGDM~LFK]YOiãWQRVWLDPQDSUPHWyGDVNU\
9þDVQiDQHVNRUiYl]ED
ƔNRPSLOiWRURNDPåLWpUR]KRGQXWLHSULVWDWLFNêFKPHWyGDFK
ƔRGORåHQpUR]KRGQXWLHSULYLUWXiOQ\FKPHWyGDFK
W\SXREMHNW
ƔSULVWDWLFNêFKPHWyGDFKNRPSLOiWRUKĐDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPNSUHGNRPRGGDQHM
~URYQHNGHMHGHILQRYDQiPHWyGD
ƔSULYLUWXiOQ\FKPHWyGDFKQLHNRPSLOiWRUDOHSRþDVEHKXVDKĐDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURP
NSUHGNRPDOHRG~URYQHLQãWDQFLH
ƔYþDVQiYl]ED HDUO\ELQGLQJSULVWDWLFNêFK
ƔQHVNRUiYl]ED ODWHELQGLQJSULYLUWXiOQ\FK
9LUWXiOQHPHWyG\
ƔYGHNODUiFLLREMHNWXYLUWXDO
ƔDNMHYQHMDNHMWULHGHYLUWXiOQDPHWyGD !YãHWFLSRWRPNRYLDDNPDM~PHWyGXWRKRWRPHQDPDOLE\PDĢ
ƔNRQãWUXNWRUREMHNWXLQLFLDOL]XMHQDSRMHQLHQDW~WRWDEXĐNX
]i]QDPH
ƔKRYRUtPHåHNRQãWUXNWRUP{åHE\ĢSRXåLWêDMQDLQLFLDOL]RYDQLHVWDYRYêFKSUHPHQQêFKMHKRKODYQi
IXQNFLDMHY\KUDGLĢSDPlĢSUHREMHNWDLQLFLDOL]RYDĢ907
.RQãWUXNWRU\DGHãWUXNWRU\
FRQVWUXFWRU&UHDWHĐXERYRĐQpPHQRP{åHPDĢDMSDUDPHWUH
GHVWUXFWRU'HVWUR\RYHUULGHY72EMHFWMH'HVWUR\YLUWXDO
.RPSDWLELOLWDWULHGREMHNWRYêFKW\SRY
Ɣ PHG]LLQãWDQFLDPL
Ɣ PHG]LIRUPiOQ\PLDVNXWRþQêPLSDUDPHWUDPL
3UtNODG\
PiPHGHNODUiFLH
YDU
DF7.UXK
E76WYRUHF
SRWRPMHSRYROHQp
SURFHGXUH]PHQN7.UXK
EHJLQ
N=PHQ)DUEXFO%OXH
NSRVXQ
HQG
DWLHåP{åHE\ĢYRODQp
]PHQE
!IRUPiOQ\SDUDPHWHUNMHSRO\PRUIQêREMHNWU{]QRURGê
!SRWRPRNP{åHNGHNRĐYHNQDKUDGLĢSUHGNDSUHGRNP{åH]DVWXSRYDĢSRWRPND
3RO\PRUIQêREMHNW
ƔNHćGRSURFHG~U\SUtGHDNRSDUDPHWHUQHMDNêREMHNWP{åHWRE\ĢYODVWQHĐXERYRĐQêSRWRPRNWRKRWRREMHNWX
]DWLDĐQHYLHPH]LVWLĢNWRUê
ƔXPRåĖXMHVSUDFRYDĢREMHNW\NWRUêFKW\SQLHMH]QiP\
ƔXPRåĖXMHY\XåLĢPHWyG\SUHGNRYVRãSHFLILFNêPL]PHQDPL~SUDYDPL
❍P{åHPHY\URELĢDMSUi]GQHYLUWXiOQHPHWyG\SUHSHUVSHNWtYQHUR]ãLURYDQLH
❍XPRåĖXMHPHQLĢQLHNWRUpþDVWLEH]]GURMRYêFKWH[WRY
❍YćDNDYLUWXiOQ\PPHWyGDPPRåQRPHQLĢþLQQRVĢQLHNWRUêFKSURFHG~U
SUtNODGVSRO\PRUIQêPãWYRUFRPE\PDOY\]HUDĢWDNWR
W\SH
7.UXK FODVV
SURFHGXUHXND]YLUWXDO
SURFHGXUHVNU\YLUWXDO
HQG
YDU
D7.UXK
E7.UXK
F7.UXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 76WYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SUtNODGQDSRO\PRUIQpSROH
]DGHILQXMHPHQRY~WULHGX77URMSRWRPRN7.UXK
^7URMXKROQLN`
W\SH
77URM FODVV7.UXK
SXEOLF
SURFHGXUHXND]RYHUULGH
SURFHGXUHVNU\RYHUULGH
HQG
SURFHGXUH77URMXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[U\@
YLG WUXH
HQG
SURFHGXUH77URMVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[U\@
YLG IDOVH
HQG
SROHSEXGHSRO\PRUIQpSROH
FRQVW
Q
YDU
SDUUD\>Q@RI7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
J ,PDJH&DQYDV
IRUL WRQGRS>L@ QLO
UDQGRPL]H
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
L[\ULQWHJHU
EHJLQ
IRUL WRQGREHJLQ
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
U UDQGRP
FDVHUDQGRPRI
S>L@ 7.UXK&UHDWH[\U
S>L@ 76WYRUHF&UHDWH[\U
S>L@ 77URM&UHDWH[\U
HQG
HQG
IRUL WRQGRS>L@XND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGR
LIS>L@!QLOWKHQ
ZLWKS>L@GREHJLQ
LIYLGWKHQVNU\
)UHH
S>L@ QLO
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRQGR
LIS>L@!QLOWKHQS>L@SRVXQLPRGLPRG
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRS>L@)UHH
HQG
3R]QiPN\
Ɣ]DWLDĐRSUYNRFKSRO\PRUIQpKRSRĐDSQHYLHPH]LVWLĢDNpKRV~QDR]DMW\SX
ƔYLHPHåHEXćV~WRLQãWDQFLHWULHG\NUXKDOHERMHKRSRWRPNRYLD
ƔNDåGêSUYRNViPVHEDYLHVSUiYQHXNi]DĢVNU\ĢD]DIDUELĢSRVXQ~Ģ
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ DNRIXQJXMHSRO\PRUIL]PXVþRV~WRYLUWXiOQHPHWyG\
þRVDEXGHPHGQHVXþLĢ
ƔDNRIXQJXMHSRO\PRUIL]PXVSUHNRU\WQDþN\DNRKRP{åHPHY\XåLĢDNRSUDFXMHPHVSRO\PRUIQêP
SRĐRPNRU\WQDþLHNWULHGD79HOD.RU
ƔLQGH[RYDQpYODVWQRVWLSURSHUW\
ƔSUHW\SRYDQLHUHVS]LVĢRYDQLHþLMHGDQiLQãWDQFLDQHMDNpKRW\SX
9LUWXiOQHPHWyG\WULHG\7.RU
'HILQtFLDWULHG\7.RUPiVNRURYãHWN\PHWyG\YLUWXiOQH7R]QDPHQiåHEXGHPHP{FĢYQDãLFKSURJUDPRFK
Y\XåtYDĢSRO\PRUIL]PXV2NUHPWRKRQLHNWRUpPHWyG\WULHG\7.RUY\XåtYDM~LQpNRU\WQDþLHPHWyG\DWHGDLFK
SUHGHILQRYDQLHPi]DQiVOHGRN]PHQXVSUiYDQLDDMWêFKWRPHWyG1DSUDNRSUDYtPH=PHQ;<SRWRPWREXGH
PDĢYSO\YDMQDPHWyGX'RSUHGX
PDOêSUtNODG
W\SH
7.RU FODVV7.RU
SURFHGXUH=PHQ;<Q[Q\UHDORYHUULGH
HQG
SURFHGXUH7.RU=PHQ;<Q[Q\UHDO
EHJLQ
LQKHULWHG=PHQ;<;Q\
HQG
SURFHGXUH7.RU=PHQ;<Q[Q\UHDO
EHJLQ
LQKHULWHG=PHQ;<Q[<
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
NNN7.RU
XLQWHJHU
EHJLQ
N 7.RU&UHDWHN+3 N)3 FO5HG
N 7.RU&UHDWHN+3 N)3 FO%OXH
N 7.RU&UHDWHN+3 N)3 FO*UHHQ
UHSHDW
]PD]
NGRSUHGXNGRSUHGXNGRSUHGX
FDNDM
X UDQGRP
NYSUDYRXNYSUDYRXNYSUDYRX
XQWLOIDOVH
HQG
ƔYWRPWRSUYRPSUtNODGHVDNRU\WQDþN\SRK\EXM~~SOQHURYQDNêPVS{VRERPDNE\EROLYãHWN\WUL
URYQDNHMWLHG\7.RUWDNE\VPHYLGHOLNUHVEXOHQMHGQHM]QLFKSRVOHGQHM]HOHQHM
ƔNDNPDM~]PHQHQpVSUiYDQLHWDNåHNPHQtLED<RY~V~UDGQLFXDNPHQtOHQ;RY~
ƔDNRGNRPHQWXMHWHSUtND]]PD]QDSULHEHåQp]PD]iYDQLHSORFK\WDNNRU\WQDþN\QHEXG~NUHVOLĢþLDU\DOH
EXG~VD]REUD]RYDĢNUiWN\PLSDOLþNDPL
Ɣ YQDVOHGXM~FRPSUtNODGH]DWLDĐQHY\XåtYDPHåLDGQHSUHGHILQRYDQLHPHWyGSRPRFRXGYRFKNRU\WQDþLHN
NUHVOtPHP\ãRXGRSORFK\
RE\þDMQpNUHVOHQLHP\ãRX
YDU
NN7.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWHN3+N)3 FO/W*UD\N+3
N 7.RU&UHDWHN3+
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
N3+N=PHQ;<;<N3'
N3+N=PHQ;<;<N3'
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;
<,QWHJHU
YDU
XYUHDO
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
X N6PHURP;<Y N9]G;<
N6PHU XN'RSUHGXY
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
N6PHU XN'RSUHGXY
HQG
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
N)UHHN)UHH
HQG
Ɣ GRGHILQXMHPHQRY~WULHGXNWRUHMSRRSUDYtPHPHWyGX=PHQ6PHUDE\QDVWDYRYDODXKROQDRSDþQê
WULHGD70RMD.RUPi]PHQHQê=PHQ6PHU
W\SH
70RMD.RU FODVV7.RU
SURFHGXUH=PHQ6PHUXKROUHDORYHUULGH
HQG
SURFHGXUH70RMD.RU=PHQ6PHUXKROUHDO
EHJLQ
LQKHULWHG=PHQ6PHUXKRO
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWHN3+N)3 FO/W*UD\N+3
N 70RMD.RU&UHDWHN3+
HQG
ƔWHUD]VDEXGHNRU\WQDþNDVSUiYDĢYHĐPLþXGQH
Ɣ]DXMtPDYêHIHNWY]QLNQHDMYWHG\NHćY,PDJH0RXVH'RZQY\KRGtPHSUtND]N3'
ƔYćDOãHMVpULLSUtNODGRYGHPRQãWUXMHPHU{]QHSR]PHQHQpGRSUHGX
ƔQDMSUY]iNODGQiYHU]LDEH]SR]PHQHQHMNRU\WQDþN\QDNOLNQXWLHGRSORFK\VDQDWRPPLHVWHQDNUHVOt
GRPþHN
GRPþHN\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SURFHGXUHGRPFHNN7.RUGUHDO
YDU
LLQWHJHU
EHJLQ
IRUL WRGREHJLQ
N'RSUHGXG
N9SUDYR
HQG
N9ODYR
IRUL WRGREHJLQ
N'RSUHGXG
N9SUDYR
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
N7.RU
EHJLQ
UDQGRPL]H
N 7.RU&UHDWH;<N)3 UDQGRP
GRPFHNN
N)UHH
HQG
Ɣ DNNRU\WQDþNDQHGRNiåHURELĢ~VHþN\SUHVQHMGĎåN\DOHVQHMDNRXSUDYGHSRGREQRVĢRXVDPêOLR
P{åXY]QLNDĢ]DXMtPDYpNUHVE\
QHSUHVQiGĎåND
W\SH
7.RU FODVV7.RU
SURFHGXUH'RSUHGXGO]NDUHDORYHUULGH
HQG
SURFHGXUH7.RU'RSUHGXGO]NDUHDO
EHJLQ
LQKHULWHG'RSUHGXGO]ND
UDQGRP
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
N7.RU
EHJLQ
UDQGRPL]H
N 7.RU&UHDWH;<N)3 UDQGRP
GRPFHNN
N)UHH
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
QHSUHVQpRWiþDQLHYSUDYR
W\SH
7.RU FODVV7.RU
SURFHGXUH9SUDYRXUHDORYHUULGH
HQG
SURFHGXUH7.RU9SUDYRXUHDO
EHJLQ
LQKHULWHG9SUDYRX
UDQGRP
HQG
Ɣ DNE\VPHRGYRGLOLWULHGX7.RU]7.RUGRVWDOLE\VPHNRU\WQDþNXNWRUiQHYLHURELĢDQLSUHVQp
'RSUHGXDQLSUHVQp9SUDYR
NRPELQRYDQiWULHGDSUHEHUiYODVWQRVWL]7.RU
W\SH
7.RU FODVV7.RU
Ɣ ćDOãLHGYHWULHG\LOXVWUXM~LQpYDULDQW\]PHQHQHMPHWyG\'RSUHGX
LQpYHU]LH'RSUHGX
W\SH
7.RU FODVV7.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
EHJLQ
9ODYRUDQGRP
LQKHULWHGWRMHWRLVWpDNRLQKHULWHG'RSUHGXG
9ODYRUDQGRP
LQKHULWHG
9ODYRUDQGRP
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
LQKHULWHG
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
EHJLQ
9ODYR
ZKLOHG! GREHJLQ
LQKHULWHG'RSUHGX
9SUDYR
LQKHULWHG'RSUHGX
9ODYR
G G
HQG
9SUDYR
LQKHULWHG'RSUHGXG
HQG
Ɣ RWHVWXMWHNUHVOHQLHGRPþHNDNRU\WQDþNRXNWRUiMHLQãWDQFLRXWêFKWRWULHG
Ɣ SRH[SHULPHQWXMWHVWêPDN7.RUUHVS7.RUEXGHRGYRGHQiQLH]7.RUDOH]7.RUDOHER7.RU
Ɣ QDVOHGXM~FLMHGQRGXFKêSUtNODGLOXVWUXMHSROHNRU\WQDþLHNNWRUpVDSRK\EXM~SRU{]QHYHĐNêFK
NUXåQLFLDFK
NRU\WQDþLHN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
NDUUD\>@RI7.RU
EHJLQ
IRUL WRGREHJLQ
N>L@ 7.RU&UHDWHN>L@+3
HQG
UHSHDW
]PD]
IRUL WRGREHJLQ
N>L@'RSUHGXLN>L@9SUDYR
HQG
FDNDM
XQWLOIDOVH
HQG
Ɣ DNWêPWRNRU\WQDþNiPRSUDYtPHPHWyGX=PHQ;<WDNEXGHPHYLGLHĢWHQWRSRK\ESRNUXåQLFLDFK]ERNX
SUHGHILQXMHPH=PHQ;<
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
W\SH
7.RU FODVV7.RU
SURFHGXUH=PHQ;<[[\\UHDORYHUULGH
HQG
SURFHGXUH7.RU=PHQ;<[[\\UHDO
EHJLQ
,QKHULWHG=PHQ;<;\\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
NDUUD\>@RI7.RU
EHJLQ
IRUL WRGREHJLQ
N>L@ 7.RU&UHDWHN>L@+3
HQG
Ɣ LQêFKNRU\WQDþLHNEXGHNUHVOLĢURYQDNRYHĐNêFKNUXåQtFNWRUpDOHEXG~U{]QHYHĐNp
URYQDNRYĐNêFKNUXåQtF
W\SH
70RMD.RU FODVV7.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH70RMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NDUUD\>@RI7.RU
LMLQWHJHU
EHJLQ
IRUL WRGR
LIUDQGRP WKHQ
N>L@ 70RMD.RU&UHDWHL
HOVH
N>L@ 7.RU&UHDWHL
IRUL WRGRN>L@+3
IRUL WRGR
LIN>L@LV70RMD.RUWKHQN>L@)3 FO5HG
IRUM WRGREHJLQWXVDNUHVOLDNUXåQLFH
IRUL WRGRN>L@'RSUHGX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
IRUL WRGRN>L@9SUDYR
FDNDM
HQG
IRUL WRGR
N>L@)UHH
HQG
ƔYãLPQLWHVLULDGRNYNWRURPVPH]DIDUELOLWLHNRU\WQDþN\NWRUpV~RGYRGHQp]70RMD.RUSRXåLOLVPHQD
WRRSHUiWRUDVNWRUêRWHVWXMHþLMHLQãWDQFLDGDQHMWULHG\DOHERWULHG\NWRUiMHSRWRPNRPWHMWRWULHG\
ƔþDVWRX]DþLDWRþQtFNRXFK\ERXMHWHVWLIN>L@LV7.RUWKHQWRWLåYãHWN\SUYN\N>L@V~RGYRGHQp]
7.RUDMNHćV~RGYRGHQp]QHMDNêFKWULHGNWRUpV~SRWRPNDPL7.RUWHGDWHQWRWHVWMHVSOQHQê
YåG\
ƔYWRPWRSUtNODGHVDQLHNWRUpNRU\WQDþLHPHWyG\þDVWRYRODM~SUHYãHWN\H[LVWXM~FHNRU\WQDþN\DVLE\VD
QiPWXKRGLODQHMDNiWULHGDNWRUi]DS~]GULSROHNRU\WQDþLHNDKURPDGQpPHWyG\SUHWRWRSROH
7ULHGDQDREVOXKXYLDFNRU\WQDþLHN79HOD.RU
ƔV~NURPQpG\QDPLFNpSROH)NNRU\WQDþLHNDLFKSRþHW)SNSRPRFRXYODVWQRVWtSURSHUW\XPRåQtPH
þtWDĢWLHWRVWDYRYpSUHPHQQpDOHQLHPRGLILNRYDĢ
ƔPHWyG\QDSULGiYDQLHGRWRKRWRSRĐD
ƔPHWyGD8URE.RUMHGHILQRYDQiYWURFKU{]Q\FKYHU]LiFKYHU]LDEH]SDUDPHWURYYHU]LDVWURPD
þtVHOQêPLSDUDPHWUDPL[\DXDYHU]LDVSRO\PRUIQRXNRU\WQDþNRXSRGĐDW\SXYRODQêFK
SDUDPHWURYVD'HOSKLUR]KRGQ~NWRU~]WêFKWRYHU]LtQDR]DM]DYRODM~SRXåLMHPHãSHFLILNiWRU
RYHUORDG
ƔVWDYRYpSUHPHQQpYODVWQRVWLSRPRFRXNWRUêFKSRYROtPHþtWDQLHV~NURPQêFKDWHGDFKUiQHQêFK
VWDYRYêFKSUHPHQQêFK
ƔYODVWQRVĢNNWRUiVSUtVWXSQtSROH)NMHLQGH[RYDQiVWDYRYiSUHPHQQiWR]QDPHQiåHPHWyGD
GDM.RUPXVtPDĢMHGHQSDUDPHWHUW\SXLQGH[DPXVtWRE\ĢIXQNFLDNWRUiYUDFLDSUtVOXãQ~KRGQRWX
VWDYRYHMSUHPHQQHM
GHNODUiFLHWULHG\
W\SH
79HOD.RU FODVV
SULYDWH
)NDUUD\RI7.RU
)SNLQWHJHU
IXQFWLRQGDM.RULLQWHJHU7.RU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH8URE.RURYHUORDG
SURFHGXUH8URE.RU[\UHDOXUHDO RYHUORDG
SURFHGXUH8URE.RUQN7.RURYHUORDG
SURFHGXUH=UXV.RULLQWHJHURYHUORDG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SURSHUW\N>LLQWHJHU@7.RUUHDGGDM.RU
SURSHUW\SNLQWHJHUUHDG)SN
HQG
UHDOL]iFLDNĐ~þRYêFKPHWyG
FRQVWUXFWRU79HOD.RU&UHDWH
EHJLQ
)SN
HQG
GHVWUXFWRU79HOD.RU'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WR)SNGR)N>L@)UHH
HQG
SURFHGXUH79HOD.RU8URE.RU
EHJLQ
8URE.RU7.RU&UHDWHWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH79HOD.RU8URE.RU[\XUHDO
EHJLQ
8URE.RU7.RU&UHDWH[\XWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH79HOD.RU8URE.RUQN7.RU
EHJLQ
LI)SN!KLJK)NWKHQ6HW/HQJWK)N/HQJWK)N
)N>)SN@ QN
LQF)SN
HQG
SURFHGXUH79HOD.RU=UXV.RULLQWHJHU
EHJLQ
LIL! DQGL)SNWKHQEHJLQ
)N>L@)UHH)N>L@ QLO
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
HQG
HQG
SURFHGXUH79HOD.RU=UXV.RUQN7.RU
YDU
LLQWHJHU
EHJLQ
L ZKLOHL)SNDQG)N>L@!QNGRLQFL
=UXV.RULDQLWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH79HOD.RU8SUDFY\KRGtQLONRU\WQDþN\]SRĐD
YDU
LMLQWHJHU
EHJLQ
M
IRUL WR)SNGR
LI)N>L@!QLOWKHQEHJLQ
)N>M@ )N>L@LQFM
HQG
)SN M
HQG
PHWyGD'RSUHGXSRVXQLHYãHWN\NRU\WQDþN\
SURFHGXUH79HOD.RU'RSUHGXGUHDO
YDU
LLQWHJHU
EHJLQ
IRUL WR)SNGR
LI)N>L@!QLOWKHQ
)N>L@'RSUHGXG
HQG
Ɣ QDURYQDNRPSULQFtSHDNRPHWyGD'RSUHGXSUDFXM~VNRURYãHWN\RVWDWQpPHWyG\
PHWyGD%Ot]NRYUiWLNRU\WQDþNXNWRUiMHGRVWDWRþQHEOt]NRRGERGX[\
3UtNODG
Ɣ WHUD]P{åHPHSUHStVDĢSUtNODGVNUXåQLFDPLVSRXåLWtPWULHG\79HOD.RU
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SRXåLWLHWULHG\79HOD.RU
XVHV
.RU8QLW9HOD.RU8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
Y79HOD.RU
LMLQWHJHU
EHJLQ
Y 79HOD.RU&UHDWH
IRUL WRGR
LIUDQGRP WKHQ
Y8URE.RU70RMD.RU&UHDWHL
HOVH
Y8URE.RUL
Y+3
IRUL WRYSNGR
LIYN>L@LV70RMD.RUWKHQYN>L@)3 FO5HG
IRUM WRGREHJLQ
Y'RSUHGX
Y9SUDYR
FDNDM
HQG
Y)UHH
HQG
]iSLVSRPRFRXSUtND]XZLWK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LMLQWHJHU
EHJLQ
ZLWK79HOD.RU&UHDWHGREHJLQ
IRUL WRGR
LIUDQGRP WKHQ
8URE.RU70RMD.RU&UHDWHL
HOVH
8URE.RUL
+3
IRUL WRSNGR
LIQRWN>L@LV70RMD.RUWKHQN>L@)3 FO5HG
IRUM WRGREHJLQ
]PD]'RSUHGX'RSUHGX
'RSUHGX
9SUDYR
FDNDM
HQG
)UHH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
HQG
HQG
ƔYWRPWRULHãHQtVPHQHSRWUHERYDOLSUHPHQQ~YW\SX79HOD.RUWHQWRREMHNWH[LVWRYDOOHQSRþDVSODWQRVWL
ZLWK
ƔSUtND]LIQRWN>L@LV70RMD.RUWKHQWHVWXMHWLHNRU\WQDþN\NWRUpQLHV~WULHG\70RMD.RUDWHGDV~WR
YãHWN\RVWDWQp
3UtNODG
NRU\WQDþN\QDNUHVOLDVtQXV
W\SH
70RMD.RU FODVV7.RU
SULYDWH
NUHDO
SXEOLF
FRQVWUXFWRU&UHDWH[\UHDOXUHDO
SURFHGXUH.RHINNUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
FRQVWUXFWRU70RMD.RU&UHDWH[\XUHDO
EHJLQ
LQKHULWHGN
HQG
SURFHGXUH70RMD.RU.RHINNUHDO
EHJLQ
N NN
HQG
SURFHGXUH70RMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
N
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
ZLWK79HOD.RU&UHDWHGREHJLQ
IRUL WR,PDJH:LGWKGLYGREHJLQ
8URE.RU70RMD.RU&UHDWH
L
70RMD.RUN>SN@NRHIVLQ
UDG
LSRVOHGQHXUREHQiNRU\WQDþND
HQG
'RSUHGX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
)UHHXYRĐQtLQãWDQFLX79HOD.RUSROHNRU\WQDþLHN
HQG
HQG
VLQXVRYpNRU\WQDþN\NPLWDM~
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
ZLWK79HOD.RU&UHDWHGREHJLQ
IRUL WR,PDJH:LGWKGLYGREHJLQ
8URE.RU70RMD.RU&UHDWH
L
N>SN@DV70RMD.RUNRHIVLQ
UDG
L
HQG
+3
'RSUHGX
UHSHDW
YSUDYR
IRUL WRGREHJLQ
]PD]
'RSUHGX
FDNDM
HQG
XQWLOIDOVH
HQG
HQG
Ɣ YGUXKRPSUtNODGHP{åHPHYLGLHĢLQêYDULDQWSUHW\SRYDQLDSRXåLOLVPHRSHUiWRUDVNWRUêPVD
SR]ULHPHQDQHMDN~LQãWDQFLXNRU\WQDþNXDNRE\ERODLQHMWULHG\VYRMSRWRPRN
3URMHNWNWRUêEROQDVN~ãNHY
]DGDQLH
1DStãWHSURJUDPNWRUêEXGHULHãLĢQDVOHGRYQ~~ORKXWH[WRYêV~ERUVXERUW[WREVDKXMH
SRVWXSQRVĢSUtND]RYSUHNRU\WQDþNXNWRUiSRSLVXMHQHMDNêREUi]RN1DMSUY]DGHILQXMHWHWULHGX
7.RUSRWRPNDWULHG\7.RUNWRUiEXGHREVDKRYDĢMHGLQ~PHWyGX
SURFHGXUHNUHVOLYDUI7H[W)LOH
7iWRPHWyGDVDQDVWDYtQD]DþLDWRNV~ERUXINRU\WQDþNH]GYLKQHSHURD]LQWHUSUHWXMHSUtND]\Y
V~ERUH1DNRĐNRWDNWRNUHVOHQêREUi]RNP{åHE\ĢEXćSUtOLãYHĐNêDOHERPDOêDOHERP{åH
SUHVDKRYDĢRNUDMHJUDILFNHMREUD]RYN\EXGHKRWUHED]PHQãLĢDOHER]YlþãLĢUHVSSULLQLFLDOL]RYDQt
NRU\WQDþN\QH]DþDĢNUHVOLĢYVWUHGHSORFK\DOH]YROLĢVLGRPRYVN~SR]tFLXYKRGQHMãLHDWRWDNDE\
QDãtUNXDOHERYêãNXEROPD[LPiOQHPRåQHYHĐNê
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
1DULHãHQLHWHMWR~ORK\]DGHILQXMHWHHãWHGYHSRGWULHG\WULHG\7.RUWULHGD7.RUEXGHVO~åLĢQD
]LVWHQLHUR]PHURYREUi]NDSRPRFRX]GHGHQHMPHWyG\NUHVOLSULþRPQDREUD]RYNHVDEXGH
SRK\ERYDĢVR]GYLKQXWêPSHURP7ULHGD7.RUWLHåSRGWULHGDWULHG\7.RUEXGHYHGLHĢQDNUHVOLĢ
GDQêREUi]RN]GHGHQRXPHWyGRXNUHVOLSULþRPSUHNU\MHYLUWXiOQXPHWyGX'RSUHGXWDNåH
REUi]RNEXGHSRåDGRYDQHMYHĐNRVWL
7H[WRYêV~ERUVXERUW[WVDVNODGi]WDNêFKWRYLHWSUYpþtVORNDåGHMYHW\MHW\SXRUGLQiOQD
KRGQRWD]
W\SH73ULN SGRSYOSYSSISSSKSSG
9iãSURJUDPWHGDQDMSUYSRStãHWULWULHG\7.RU7.RUD7.RU3RWRPSRPRFRXLQãWDQFLHWULHG\
7.RUVGRPRYVNRXSR]tFLRXY]LVWtUR]PHU\REUi]NDSRXåLMHPHQDWRVWDYRYpSUHPHQQp
PLQ;PLQ<PD[;DPD[<]UHMPHSUHGHILQXMHWHYLUWXiOQHPHWyG\'RSUHGX3+D3'1DNRQLHF
SRPRFRXLQãWDQFLHWULHG\7.RUNWRU~]LQLFLDOL]XMHYQHMDNHMQRYHMGRPRYVNHMSR]tFLLY\NUHVOtGDQê
REUi]RNVSUiYQHMYHĐNRVWL2EHNRU\WQDþN\PDM~URYQDNêSRþLDWRþQêVPHU]DGDQêNRQãWDQWRX
SURJUDPXQDSU
FRQVW8
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢV~ERU\VXERUW[WDOHERVXERUW[W
5LHãHQLH
QDMSUYOHQY\NUHVOtPHV~ERUSRPRFRXLQãWDQFLH.RUDE\VPHPRKOLYLGLHĢPRPHQWiOQ\REVDK
V~ERUX
W\SH
7.RU FODVV7.RU
SURFHGXUHNUHVOLYDUW7H[W)LOH
HQG
SURFHGXUH7.RUNUHVOLYDUW7H[W)LOH
W\SH
73ULN SGRSYOSYSSISSSKSSG
YDU
S73ULN
LLQWHJHU
EHJLQ
3+5HVHWW
ZKLOHQRWVHHN(RIWGREHJLQ
UHDGWLS 73ULNL
LIS SISWKHQUHDGWL
FDVHSRI
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SGR'RSUHGXL
SYO9ODYRL
SYS9SUDYRL
SIS=PHQ)3L
SSK3+
SSG3'
HQG
HQG
HQG
FRQVW
X
VXERU
VXERUW[W
WRWRVO~åLOHQQDRWHVWRYDQLHPHWyG\NUHVOL
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHWVXERU
ZLWK7.RU&UHDWHGREHJLQQHSRWUHEXMHPHSUHPHQQ~W\SX7.RU
6PHU X
NUHVOLW
)UHH
HQG
&ORVH)LOHW
HQG
WHUD]GRGHILQXMHPH.RUD.RU
W\SH
7.RU FODVV7.RU
ESERROHDQ
PLQ[PLQ\PD[[PD[\UHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
SURFHGXUH3+RYHUULGH
SURFHGXUH3'RYHUULGH
HQG
SURFHGXUH7.RU3+
EHJLQ
LQKHULWHGS IDOVH
HQG
SURFHGXUH7.RU3'
EHJLQ
S WUXH
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SURFHGXUH[\
EHJLQ
LIQRWSWKHQH[LWDNMHSHURKRUH
LIERU;PLQ[WKHQPLQ[ ;
LIERU;!PD[[WKHQPD[[ ;
LIERU<PLQ\WKHQPLQ\ <
LIERU<!PD[\WKHQPD[\ <
E IDOVH
HQG
EHJLQ
[\LQKHULWHG[\
HQG
WULHGD7.RU
W\SH
7.RU FODVV7.RU
UUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
U
HQG
WODþLGOR%XWWRQQDãWDUWXMHFHOêDOJRULWPXV
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
UUUUUHDO
EHJLQ
$VVLJQ)LOHWVXERU
ZLWK7.RU&UHDWHXGREHJLQ
E WUXHEXGHWUHEDLQLFLDOL]RYDĢPLQ[PD[[PLQ\PD[\
NUHVOLW7.RUQDR]DMQHNUHVOtOHQ]LVĢXMHREODVĢ
U VLUNDPD[[PLQ[VLUNDDY\VNDV~SUHPHQQH].RU8QLW
U Y\VNDPD[\PLQ\
LIUUWKHQUU UHOVHUU U
ZLWK7.RU&UHDWHUU
PLQ[UU
PLQ\XGREHJLQ
U UUQDVWDYtPLHUNXSUH'RSUHGX
NUHVOLW
)UHH
HQG
)UHH
HQG
&ORVH)LOHW
HQG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ SULSUiFLVNRPSRQHQWRP7(GLWVPHY\XåLOLXGDORVĢRQ.H\3UHVV
þRVDEXGHPHGQHVXþLĢ
ƔRYOiGDQLHSURJUDPXSRPRFRXNOiYHVQLFHQDSUNOiYHVRYãtSRN
ƔRWYRUHQLHćDOãLHKRIRUPXOiUD
.OiYHVQLFD
VNOiYHVQLFRXSUDFXMHPHSRPRFRXWURFKXGDORVWt
ƔRQ.H\'RZQSUiYHERO]DWODþHQêQHMDNêNOiYHV
ƔRQ.H\8SSUiYHEROSXVWHQêQHMDNêNOiYHV
ƔRQ.H\3UHVVVWODþLOLVPHRE\þDMQêNOiYHVNWRUêPiVYRM$6&,,NyG
SUYpGYHXGDORVWLR]QiPLDQLH$6&,,NyGNOiYHVXDOHYLUWXiOQ\NyGY+HOSHVLSR]ULWHLGHQWLILNiWRU\NRQãWiQW
DWLHåYSDUDPHWUL6KLIW]LVWtPHþLEROSULWRP]DWODþHQêQDSU6KLIWDOHER&WUOSRGREQHDNRSULXGDORVWLDFKSUL
SUiFLVP\ãRX
QDVOHGXM~FLSURJUDPXNiåHSRXåLWLHNOiYHVQLFHGRIRUPXOiUDXPLHVWQLPHNRPSRQHQW\/DEHOD7LPHU
QDVWDYtPHPXQHMDNêNUiWN\,QWHUYDOWHUD]P{åHPHQDNOiYHVQLFLV~þDVQHWODþLĢDMYLDFãtSRNDWêPULDGLĢ
SRK\EWH[WXSRSORFKHIRUPXOiUD
SRK\EWH[WXYRIRUPXOiUL
YDU
G[G\LQWHJHUP{åHPHSUHGSRNODGDĢåHV~LQLFLDOL]RYDQpQD
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
ZLWK/DEHOGREHJLQ
/HIW /HIWG[
QHGiVDXURELĢLQF/HIWG[OHER/HIWQLHMHSUHPHQQi
7RS 7RSG\
HQG
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
YNBHVFDSH&ORVH
HQG
HQG
SURFHGXUH7)RUP)RUP.H\8S6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIW
YNBULJKWG[
YNBXS
YNBGRZQG\
HQG
HQG
Ɣ SULSUiFLVNOiYHVQLFRXVLWUHEDGiYDĢSR]RUQDLQpNRPSRQHQW\NWRUpNUDGQ~LQIRUPiFLH]NOiYHVQLFH
QDSU0HPR%XWWRQ(GLWDSRGQDMMHGQRGXFKãLHULHãHQLHYSUtSDGHåHFKFHPHSUDFRYDĢV
NOiYHVQLFRXMHLFKQHSRXåtYDĢDOHERVSUDFRYiYDĢYVWXS]NOiYHVQLFHQDWêFKWRNRPSRQHQWRFK
3UtNODG
Ɣ WH[W]DGiYDQê]NOiYHVQLFHY\SLVXMHPHGRJUDILFNHMSORFK\,PDJH(QWHUSRVXQLHNXU]RURULDGRNQLåãLH
SUtNODGLOXVWUXMHSRXåLWLHRQ.H\3UHVV
SUYiMHGQRGXFKiYHU]LD
YDU
[\LQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
[ \
ZLWK,PDJH&DQYDV)RQWGREHJLQ
1DPH
$ULDO
+HLJKW 6W\OH >IV%ROG@
HQG
HQG
SURFHGXUH7)RUP)RUP.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
EHJLQ
LI.H\!
WKHQEHJLQ
,PDJH&DQYDV7H[W2XW[\.H\
LQF[
HQG
HOVHLI.H\ WKHQEHJLQ
[ LQF\
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
HQG
HQG
Ɣ GUXKiYHU]LDXND]XMHDNRP{åHPH]REUD]RYDĢWH[WRYêNXU]RU]iURYHĖSRXåtYDPHWyGX7H[W([WHQG
SRPRFRXNWRUHM]LVWtãtUNXDYêãNXY\SLVRYDQpKR]QDNX
GUXKiYHU]LDSURSRUþQpStVPRDNXU]RU
YDU
[\LQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
[ \
ZLWK,PDJH&DQYDV)RQWGREHJLQ
1DPH
$ULDO
+HLJKW 6W\OH >IV%ROG@
0RYH7R[\/LQH7R[\+HLJKW
HQG
HQG
SURFHGXUH7)RUP)RUP.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
V76L]H
EHJLQ
ZLWK,PDJH&DQYDVGREHJLQ]PDåHNXU]RU
3HQ&RORU FO:KLWH
0RYH7R[\/LQH7R[\)RQW+HLJKW
HQG
LI.H\!
WKHQZLWK,PDJH&DQYDVGREHJLQ
7H[W2XW[\.H\
V 7H[W([WHQW.H\LQF[VF[
LI[!,PDJH:LGWKWKHQ.H\
HQG
LI.H\ WKHQEHJLQ
V ,PDJH&DQYDV7H[W([WHQW
0
[ LQF\VF\
HQG
ZLWK,PDJH&DQYDVGREHJLQQDNUHVOtNXU]RU
3HQ&RORU FO%ODFN
0RYH7R[\/LQH7R[\)RQW+HLJKW
HQG
HQG
1'Ò
3UtNODG
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
Ɣ YćDOãRPSUtNODGHULDGLPHãtSNDPLYLDFNRU\WQDþLHNOHQMHGQD]QLFKMHDNWtYQD(QWHUSUHStQDDNWtYQRVĢ
QDQDVOHGXM~FXNRU\WQDþNX
YLDFNRU\WQDþLHN
YDU
N79HOD.RU
DNWLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H]PD]
N 79HOD.RU&UHDWH
IRUL WRUDQGRPGR
N8URE.RUUDQGRPVLUNDUDQGRPY\VND
N+3
NN>DNW@)3 FO5HG
N'RSUHGX
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
N)UHH
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWNN>DNW@9ODYR
YNBULJKWNN>DNW@9SUDYR
YNBXSZLWKNN>DNW@GREHJLQ
)3 FO%ODFN'RSUHGX)3 FO5HG'RSUHGX
HQG
YNBUHWXUQEHJLQ
ZLWKNN>DNW@GREHJLQ)3 FO%ODFN'RSUHGXHQG
DNW DNWPRGNSN
ZLWKNN>DNW@GREHJLQ)3 FO5HG'RSUHGXHQG
HQG
HQG
HQG
ƔGUXKiYHU]LDYL]XDOL]XMHDNWtYQXNRU\WQDþNXDMHMPRPHQWiOQ\VPHU
ƔY\XåtYDPHWXSRPRFQ~ELWPDSXQD]DSDPlWDQLHVLVWDYXSORFK\WHVQHSUHGY\NUHVOHQtPþHUYHQHMãtSN\
Ɣ]iURYHĖVRYOiGDQtPNOiYHVQLFHEHåtþDVRYDþNWRUêKêEHDNWtYQXNRU\WQDþNXSRPDOêFKNURNRFK
YLDFNRU\WQDþLHN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
YDU
N79HOD.RU
DNWLQWHJHU
EPS7%LWPDS
SURFHGXUHNUHVOL$NWLYQX
EHJLQ
EPS$VVLJQ)RUP,PDJH3LFWXUH
ZLWKNN>DNW@GREHJLQ
)3 FO5HG'RSUHGX
+3 'RSUHGX
+3 'RSUHGX
)3 FO%ODFN
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H]PD]
N 79HOD.RU&UHDWH
IRUL WRUDQGRPGR
N8URE.RUUDQGRPVLUNDUDQGRPY\VND
N+3
N'RSUHGX
EPS 7%LWPDS&UHDWH
NUHVOL$NWLYQX
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
N)UHHEPS)UHH
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
,PDJH&DQYDV'UDZEPS
FDVH.H\RI
YNBOHIWNN>DNW@9ODYR
YNBULJKWNN>DNW@9SUDYR
YNBXSNN>DNW@'RSUHGX
YNBUHWXUQDNW DNWPRGNSN
YNBHVFDSH&ORVH
HQG
NUHVOL$NWLYQX
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV'UDZEPS
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
ZLWKNN>DNW@GREHJLQ
'RSUHGX9ODYR
HQG
NUHVOL$NWLYQX
HQG
3UtNODG
Ɣ YSUtNODGH]DGHILQXMHPHMHGQRGXFKêREMHNWVELWPDSRXNWRUêVDSRWRPKêEHQLHNWRUêPVPHURPDRGUiåD
VDRGRNUDMRYSORFK\VPHUVDXUþXMHNOiYHVPLãtSRN
GHILQRYDQLHMHGQRGXFKpKRREMHNWXVELWPDSRX
W\SH
72EUD]RN FODVV
EPS7%LWPDS
[\G[G\LQWHJHU
FRQVWUXFWRU&UHDWHPHQRVWULQJ[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSRVXQVLUY\VLQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
HQG
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJ[[\\LQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOHPHQR
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
[ [[\ \\G[ G\
HQG
GHVWUXFWRU72EUD]RN'HVWUR\
EHJLQ
EPS)UHH
HQG
SURFHGXUH72EUD]RNSRVXQVLUY\VLQWHJHU
EHJLQ
LQF[G[LQF\G\
LI[RU[!VLUWKHQG[ G[
LI\RU\!Y\VWKHQG\ G\
HQG
SURFHGXUH72EUD]RNNUHVOLF7&DQYDV
EHJLQ
F'UDZ[EPS:LGWKGLY\EPS+HLJKWGLYEPS
HQG
SUiFDVREUi]NRYêPREMHNWRPDVNOiYHVQLFRX
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
YDU
D72EUD]RN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
UDQGRPL]H
D 72EUD]RN&UHDWH
RSLFDEPS
UDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKW
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV)LOO5HFW,PDJH&OLHQW5HFW
DSRVXQ,PDJH:LGWK,PDJH+HLJKW
DNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHH
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
ZLWKDGR
FDVH.H\RI
YNBOHIWGHFG[
YNBULJKWLQFG[
YNBXSGHFG\
YNBGRZQLQFG\
YNBKRPH
EHJLQ
G[ G\
HQG
HQG
HQG
P{åHPHH[SHULPHQWRYDĢVRGUiåDQtPREMHNWXQDKUDQLFLSORFK\
SURFHGXUH72EUD]RNSRVXQVLUY\VLQWHJHU
EHJLQ
LQF[G[LQF\G\
LI[WKHQEHJLQG[ DEVG[GLY[ HQG
LI[!VLUWKHQEHJLQG[ DEVG[GLY[ VLUHQG
LI\WKHQEHJLQG\ DEVG\GLY\ HQG
LI\!Y\VWKHQEHJLQG\ DEVG\GLY\ Y\VHQG
HQG
2WYRUHQLHćDOãLHKRIRUPXOiUD
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
ƔYQDãHMDSOLNiFLLP{åHPHSUDFRYDĢDMVYLDFHUêPLIRUPXOiUPL
ƔQLHNHG\VDQiPP{åHKRGLĢSUHćDOãLHYêSLV\JUDILNXDNRGLDOyJRYpRNQRSUH]DGiYDQLH
SDUDPHWURYDSRGWDNêWRIRUPXOiUP{åHIXQJRYDĢE\ĢRWYRUHQêSDUDOHOQHVKODYQêPIRUPXOiURP
ƔLQRNHG\SRWUHEXMHPHRWYRULĢQRYêIRUPXOiUWDNDE\EROKODYQêIRUPXOiU]DWLDĐEORNRYDQêDþDNDOR
VDNêPVDWHQWRQRYêQH]DYULHQDSUSUHLQIRUPiFLHRSURJUDPH
ƔYPHQX)LOH]YROtPH1HZD)RUPDXWRPDWLFN\VDY\WYRUtQRYêXQLW8QLWSDVGRWRKRWRQRYpKR
IRUPXOiUDP{åHPHSRXNODGDĢĐXERYRĐQpNRPSRQHQW\QDSUWH[WSRPRFRX/DEHODOHERWODþLGOR%XWWRQ
VWH[WRP2N
GR%XWWRQ&OLFNP{åHPHSULUDGLĢQDSUtNODG&ORVHX]DYUHWLHIRUPXOiUD
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
&ORVH
HQG
Ɣ DE\VPHWHQWRQRYêIRUPXOiUPRKOLRWYRULĢ]KODYQpKRRNQDPXVtPH]D,PSOHPHQWDWLRQYORåLĢULDGRN
XVHV8QLWDQDSUQDQHMDNpWODþLGORSULUDGLĢRWYRUHQLHIRUPXOiUD
QDSU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
)RUP6KRZ0RGDODOHER)RUP6KRZ
HQG
Ɣ6KRZ0RGDO]QDPHQiåHVDQRYpRNQRRWYRUtWDNåHVDþDNiQDMHKRX]DYUHWLHDåSRWRPVDSRNUDþXMH
YKODYQRPIRUPXOiUL
ƔDNE\VPHQDPLHVWRWRKRSRXåLOL6KRZWDNE\VDGUXKpRNQRRWYRULORDEROLE\DNWtYQHREHKODYQpDMWRWR
QRYp
VNRQãWUXRYDQLHQRYpKRIRUPXOiUD
QDSU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
I7)RUP
EHJLQ
LI6KLIW >VV5LJKW@WKHQEHJLQ
I 7)RUP&UHDWHVHOI
ZLWKIGREHJLQ
1DPH
PRMIRUPXODU
&DSWLRQ
2SURJUDPH
:LGWK
+HLJKW
%RUGHU6W\OH EV6LQJOH
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
,MÈWFTOJDB
DŽBMÝÓGPSNVMÈS
3RVLWLRQ SR6FUHHQ&HQWHU
ZLWK7/DEHO&UHDWHIGREHJLQ
1DPH
/DEHO
3DUHQW I
)RQW+HLJKW
)RQW1DPH
$ULDO
&DSWLRQ
1LHþRRPRMRPSURJUDPH
MHWRXNiåNRYêSURJUDP
QDSUiFXVU{]Q\PLNRPSRQHQWPL
/HIW
7RS
$XWR6L]H WUXH
HQG
ZLWK7%XWWRQ&UHDWHIGREHJLQ
1DPH
2N
3DUHQW I
&DSWLRQ
2N
/HIW
7RS
:LGWK
+HLJKW
0RGDO5HVXOW PU2.
HQG
6KRZ0RGDO]REUD]tQRYêIRUPXOiUDþDNiQDMHKR]DWYRUHQLH
)UHH]UXãtQRYêIRUPXOiU
HQG
HQG
HQG
3R]QiPND
Ɣ DNYSURVWUHGt'HOSKLSULY\WYiUDQtIRUPXOiUD]YROtPHFH]SUDYRNOLNRYpPHQX9LHZDV7H[W]REUD]tVD
WH[WRYiIRUPDGHILQtFLtNRPSRQHQWRYQDIRUPXOiULWRWRP{åHPHY\XåLĢSULNRQãWUXRYDQtIRUPXOiUDUHVS
NRPSRQHQWRYYQDãRPSURJUDPH
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQ[IUNM [
<>
20. Dynamické premenné
3RVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔSR]QiPHJOREiOQHDORNiOQHSUHPHQQp
ƔQLHNWRUpSUHPHQQpV~UHIHUHQFLDPLLQêFKSUHPHQQêFKQDSULQãWDQFLHREMHNWRY
þRVDEXGHPHGQHVXþLĢ
Ɣ DNRVDSUDFXMHVG\QDPLFNêPLSUHPHQQêPLDNRVDY\WYiUDM~DDNRVDUXãLD
Ɣ XNiåHPHSRXåLWHQHW\SRYpKRVPHUQtNDDQHW\SRYêFKIRUPiOQ\FKSDUDPHWURY
'\QDPLFNpSUHPHQQp
ƔPQRKpSUHPHQQpNWRUpVPHGRWHUD]SRXåtYDOLEROLVWDWLFNp
ƔLFKYHĐNRVĢDDGUHVDYSDPlWLERODXUþHQiXåSRþDVNRPSLOiFLH
ƔJOREiOQHSUHPHQQpSUHPHQQpKODYQpKRSURJUDPXUHVSYãHWNêFKXQLWRYVDY\KUDGLDYMHGQRP
GiWRYRPVHJPHQWH
ƔORNiOQHSUHPHQQpDMSDUDPHWUHSRGSURJUDPRYVDDXWRPDWLFN\Y\KUDGLDSULYRODQtSRGSURJUDPX
'HOSKLPiPHFKDQL]PXVQDY\WYiUDQLHG\QDPLFNêFKSUHPHQQêFK
ƔSUHPHQQpVDQHY\WYiUDM~DQLYGiWRYRPVHJPHQWHSURJUDPXDQLY]iVREQtNXDOHYãSHFLiOQRP
VHJPHQWHNWRUêMHXUþHQêSUHYãHWN\G\QDPLFNpSUHPHQQpKHDSKDOGD
ƔXåVPHSUDFRYDOLVRãSHFLiOQ\PLSUtSDGPLG\QDPLFNêFKSUHPHQQêFKG\QDPLFNpSROLDDUUD\RI
6PHUQtNRYpSUHPHQQp
ƔVPHUQtNRYiSUHPHQQi]DEHUiEDMW\DGUHV\YSRþtWDþLV~EDMWRYp
W\SXG\QDPLFNiSUHPHQQiP{åHE\ĢĐXERYRĐQpKRW\SXQDSUþtVORUHĢD]HFSROHPQRåLQD]i]QDP
WMDNDMHãWHQLHMHQHGHILQRYDQiYåG\SUHVQHYLHPHW\SG\QDPLFNHMSUHPHQQHMQDNWRU~RGND]XMH
ƔSULGHILQRYDQtW\SXVPHUQtNP{åHE\Ģ]QDNAOHQSUHGLGHQWLILNiWRURPW\SX
ƔEXćVPHUQtNXåH[LVWXM~FHMSUHPHQQHM
YDULLQWHJHU
VALQWHJHU
EHJLQ
V #LDGUHVDH[LVWXM~FHMSUHPHQQHM
6A
ƔDOHERP{åHPHY\WYRULĢQRY~G\QDPLFN~SUHPHQQ~DMHMDGUHVXSULUDGLĢGRVPHUQtNRYHMSUHPHQQHM
YDUVALQWHJHU
EHJLQ
QHZVDGUHVDQRYRY\WYRUHQHMG\QDPLFNHMSUHPHQQHM
VA
ƔVSUHPHQQRXQDNWRU~RGND]XMHVPHUQtNP{åHPHSUDFRYDĢURYQDNRDNRVRE\þDMQRXSUHPHQQRXNX
VPHUQtNRYHMSUHPHQQHMSULStãHPH]QDNAVWULHãND
ƔVPHUQtNRYpSUHPHQQpP{åHPHQDY]iMRPSULUDG]RYDĢUHVSSRURYQiYDĢQDURYQRVĢDOHERQHURYQRVĢ
MHGLQHDNV~LGHQWLFNpKRW\SX
âWDQGDUGQpSURFHG~U\QHZDGLVSRVH
QHZYDUSAW\S
SDUDPHWURPĐXERYRĐQiVPHUQtNRYiSUHPHQQi
]DEXGQHS{YRGQ~KRGQRWXS
DNERORSQHGHILQRYDQpWDNWR]UHMPHQHYDGt
DNSRGND]RYDODQDG\QDPLFN~SUHPHQQ~DQLNLQêWDNNQHMVWUiFDPHSUtVWXS
Y\KUDGtYRYRĐQHMþDVWLSDPlWLKHDSYHĐNRVĢVL]HRIW\S
YlþãLQRXMHWRWURFKXYLDF]iYLVtRGRUJDQL]iFLHVSUiY\SDPlWLNWRUiVDVWDUiRKHDS
GRSSULUDGtDGUHVXWHMWRQRYHMG\QDPLFNHMSUHPHQQHM
GLVSRVHSAW\S
.RQãWDQWQêVPHUQtN1,/
Ɣ XQLYHU]iOQDNRQãWDQWDSUHYãHWN\VPHUQtNRYpW\S\
Ɣ SRXåtYDVDYWHG\NHćSRWUHEXMHPHUR]OtãLĢSUtSDGåHVPHUQtNRYiSUHPHQQiRGND]XMHQDQHMDN~
G\QDPLFN~SUHPHQQ~DåHHãWHQHRGND]XMHQDåLDGQX
QDSU
LIS QLOWKHQQHZS
ƔVRVPHUQtNPLV~SRYROHQpOHQUHODþQpRSHUiFLH D!DMWROHQVRVPHUQtNPLURYQDNpKRW\SXUHVSV
QLO
1LHNWRUp]iVDG\VOXãQpKRSURJUDPRYDQLD
ƔVQDåtPHVDDE\YãHWN\VPHUQtNRYpSUHPHQQpPDOLEXćQLODOHERVNXWRþQHXND]RYDOLQDQHMDNp
SUHPHQQpWMQHEROLQHGHILQRYDQp
ƔDNS QLO !RGND]SAKOiVL]QiPXFK\EX$FFHVV9LRODWLRQDSUHWRVDYSURJUDPHþDVWRY\VN\WXMHRWi]ND
LIS QLOSUtSDGQHLIS!QLO«
ƔQLNG\QHRGND]XMHPHVPHUQtNRYRXSUHPHQQRXRNWRUHMQLHVPHSUHVYHGþHQtåHMHGHILQRYDQiD
U{]QDRGQLOUDGãHMEXćPHSHVLPLVWLDYãHWNRNRQWUROXMPH
3UtNODG\SUiFHVRVPHUQtNPL
G\QDPLFNiSUHPHQQiFHOpþtVOR
YDUVALQWHJHU
EHJLQ
QHZVVA
IRUL WRGRVA VAL
ZULWHOQWVA
GLVSRVHVV QLO
G\QDPLFNê]i]QDP
W\SH]D]QDP UHFRUG[\LQWHJHUHQG
YDU]A]D]QDP
EHJLQ
QHZ]]A[ ]A\
ZLWK]AGRJ0RYH7R[\
LQF]A[GHF]A\
J/LQH7R]A[]A\
G\QDPLFNpMHGQRUR]PHUQpSROH
W\SHSROH DUUD\>@RIUHDO
YDUSASROH
EHJLQ
QHZSIRUL WRGRUHDGWSA
IRUL GRZQWRGRSA>L@ SA>L@SA>L@
SUREOpPVYHĐNêPSRĐRPDNRORNiOQDSUHPHQQi
W\SHSROH DUUD\>@RILQWHJHU
SURFHGXUHWHVW
YDUSSROH
EHJLQ
S>@
HQG
Ɣ WDNpWRSROHFKFHY]QLNQ~ĢQD]iVREQtNXSRþDVYRODQLDWHMWRSURFHG~U\V\VWpPPiDOHSUREOpPVWDN
YHĐNêPSRĐRP
YHĐNpSROHDNRORNiOQDSUHPHQQi
W\SHSROH DUUD\>@RILQWHJHU
YDU
QLQWHJHU
SURFHGXUHWHVW
YDU
SASROH
EHJLQ
QHZS
LQFQSA>@ Q
)RUP0HPR/LQHV$GG,QW7R6WUSA>@
GLVSRVHS
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZKLOHWUXHGRWHVW
HQG
VPHUQtNQDREMHNW
W\SH
PQR]LQD VHWRIE\WHEDMWRY
SROH DUUD\>@RIAPQR]LQD
EDMWRYLQDNEH]AE\EROREDMWRY
YDU
GDWDSROH
LLQWHJHU
EHJLQ
IRUL WRGRQHZGDWD>L@
IRUL WRGRGDWD>L@A >UDQGRP@
IRUL WRGRGLVSRVHGDWD>L@
XYRĐQHQêKHDSP{åHVDćDOHMYWRPWRSURMHNWHSRXåtYDĢ
HQG
SUtNODG\MHGQRDGYRMUR]PHUQêFKSROtVPHUQtNRY
W\SH
SROH DUUD\>@RILQWHJHU
3SROH ASROH
SROH DUUD\>@RISROHRE\þDMQpUR]PHUQpSROH
3SROH ASROH
SROHSSROH DUUD\>@RI3SROH
YDU
DSROHSSROH
E3SROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZD>L@
IRUL WRGR
IRUM WRGR
D>L@A>M@ LM
QHZE
IRUL WRGR
IRUM WRGR
EA>L@>M@ LM
HQG
VPHUQtNQDSROH
W\SH
VSROH DUUD\>@RIALQWHJHUSROHVPHUQtNRYQDLQWHJHU
3VSROH AVSROH
VSSROH DUUD\>@RI3VSROH
3VSSROH AVSSROH
YDU
FVSSROH
G3VSSROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZF>L@VL]HRIF
IRUL WRGRVL]HRIF>L@
IRUM WRGREHJLQVL]HRIF>L@A
QHZF>L@A>M@
F>L@A>M@A LM
HQG
QHZG
IRUL WRGRQHZGA>L@VL]HRIG VL]HRIGA
IRUL WRGRVL]HRIGA>L@
IRUM WRGREHJLQVL]HRIGA>L@A
QHZGA>L@A>M@
GA>L@A>M@A LM
HQG
HQG
]i]QDP\SROLDDVPHUQtN\
W\SH
SROH DUUD\>@RILQWHJHU
3SROH ASROH
]D]Q UHFRUG
[SROH
\3SROH
]DUUD\>@RIALQWHJHU
HQG
3]D]Q A]D]Q
SROH3]D]Q DUUD\>@RI3]D]Q
3SROH3]D]Q ASROH3]D]Q
YDU
D3]D]Q
ESROH3]D]Q
F3SROH3]D]Q
LMLQWHJHU
EHJLQ
QHZD
IRUL WRGRQHZE>L@
QHZFIRUL WRGRQHZFA>L@
IRUL WRGREHJLQ
IRUM WRGRFA>L@A[>M@ LM
QHZFA>L@A\
IRUM WRGRFA>L@A\A>M@ LM
IRUM WRGRQHZFA>L@A]>M@
IRUM WRGRFA>L@A]>M@A LM
HQG
HQG
Ɣ
SRVWXSQpSUHþtWDQLHSUHPHQQHMFA>L@A\A>M@
F MHW\SX3SROH3]D]Q VPHUQtN
FA MHW\SXSROH3]D]Q DUUD\
FA>L@ MHW\SX3]D]Q VPHUQtN
FA>L@A MHW\SX]D]Q UHFRUG
FA>L@A\ MHW\SX3SROH VPHUQtN
FA>L@A\A MHW\SXSROH DUUD\
FA>L@A\A>M@ MHW\SXLQWHJHU
Ɣ ]iSLVVPHUQtNRYDQHMSUHPHQQHMP{åHPHVNUiWLĢ]QDNAY\QHFKiPHDNVLKRYHGLD'HOSKL
MHGQR]QDþQHGRP\VOLHĢWMDN]DAQDVOHGXMHERGNDDOHERKUDQDWi]iWYRUND>
6PHUQtNQDVPHUQtN
QDVOHGXM~FLSUtNODGOHQLOXVWUXMHQH]Y\þDMQpSRXåLWLHVPHUQtNRY
W\SH
3LQW ALQWHJHU
33LQW A3LQW
333LQW A33LQW
YDU
L3LQW
M33LQW
.333LQW
EHJLQ
QHZLLA
QHZMQHZMAMAA
QHZNQHZNAQHZNAANAAA
HQG
6SUiYDSDPlWL0HPRU\PDQDJHPHQW
Ɣ$OORF0HP&RXQWSRþHWSDPlĢRYêFKEORNRY
Ɣ$OORF0HP6L]HGĎåNDY\KUDGHQêFKSDPlĢRYêFKEORNRY
ƔIXQNFLD*HW+HDS6WDWXVYUiWLćDOãLHXåLWRþQpLQIRUPiFLHRVSUiYHSDPlWL
ƔUH]HUYRYDQpVORYRQLOMHãSHFLiOQDVPHUQtNRYiNRQãWDQWDYQ~WRUQHMHUHSUH]HQWRYDQiEDMWDPLV
KRGQRWRX
ƔVPHUQtNRYêRSHUiWRU#SUHPHQQiYUiWLVPHUQtNUHIHUHQFLXDGUHVXQDGDQ~SUHPHQQ~QHVN{U
XYLGtPHDMVPHUQtNQDSURFHG~UXYêVOHGNRPMHVPHUQtNW\SXAW\SDNMHW\SW\SRPSUHPHQQHM
ƔVPHUQtNRYiDULWPHWLNDSRPRFRXãWDQGDUGQêFKSURFHG~ULQFDGHFP{åHPHSRV~YDĢKRGQRWXVPHUQtND
RGĎåNXW\SXQDNWRUêRGND]XMH
PDOiXNiåNDVPHUQtNRYHMDULWPHWLN\
YDU
SALQWHJHU
DDUUD\>@RILQWHJHU
LLQWHJHU
EHJLQ
S #D>@
IRUL WRGREHJLQ
SA LGHFS
HQG
IRUL WRGR
0HPR/LQHV$GG,QW7R6WUD>L@
HQG
GUXKêSUtNODGVPHUQtNRYHMDULWPHWLN\
YDU
SSALQWHJHU
DDUUD\>@RILQWHJHU
LLQWHJHU
EHJLQ
IRUL WRGRD>L@ L
S #D>@S #D>@
IRUL WRGREHJLQ
SA SASASA SASASA SASA
LQFSGHFS
HQG
IRUL WRGR
0HPR/LQHV$GG,QW7R6WUD>L@
HQG
1HW\SRYêVPHUQtNW\S32,17(5
XQLYHU]iOQ\VPHUQtNSRGREQHDNRQLO
ƔNRPSDWLELOQêVRYãHWNêPLVPHUQtNPLP{åHPHKRSULUDGLĢGRVPHUQtNRYHMSUHPHQQHMĐXERYRĐQpKRW\SXD
QDRSDNP{åHWRE\ĢYHĐPLQHEH]SHþQpĐDKNRP{åHPHVWUDWLĢNRQWUROXQDGVPHUQtNPL
ƔQHP{åHPHSRPRFRXQHKRSUDFRYDĢVG\QDPLFNRXSUHPHQQRXQDNWRU~RGND]XMHEXćKRSULUDGtPHGR
W\SRYpKRVPHUQtNDDOHERKRSUHW\SXMHPH
ƔNHćVQtPFKFHPHSUDFRYDĢWDNEXćQDMSUYGRQHKRSULUDGtPHXåQHMDNêKRWRYêVPHUQtNQDG\QDPLFN~
SUHPHQQ~DOHERY\KUDGtPHQRY~G\QDPLFN~SDPlĢSRPRFRXãWDQGDUGQHMSURFHG~U\
*HW0HPSUHPHQQiBW\SXBSRLQWHUGĎåNDMHWRSRGREQp1HZ
Ɣ1HZS *HW0HPS6L]H2ISA
ƔWDNWRY\KUDGHQ~SDPlĢXYRĐQtPHãWDQGDUGQRXSURFHG~URX)UHH0HPSUHPHQQiBW\SXBSRLQWHUMHWR
SRGREQp'LVSRVH
Ɣ'LVSRVHS )UHH0HPS
ƔSRXåLWLHXYLGtPHSULQHW\SRYêFKIRUPiOQ\FKSDUDPHWURFK
1HW\SRYêIRUPiOQ\SDUDPHWHU
IRUPiOQ\SDUDPHWHUNWRUêQHPiXYHGHQêW\S
Ɣ YWHOHSURFHG~U\KRP{åHPHSRXåLĢQDVOHGXM~FLPLVS{VREPL
❍SUHW\SRYDQtPQDNRQNUpWQ\W\S
❍DOHERSRPRFRXGLUHNWtY\DEVROXWHMHWRSUHW\SRYDQLHSRþDVGHNODUiFLt
❍DOHERSRVODĢDNRQHW\SRYêSDUDPHWHUGRLQHMSURFHG~U\
ŶQDSUãWDQGDUGQiSURFHG~UD0RYHRGNLDĐNDPNRĐNRBEDMWRY
ŶDOHER]iSLVUHVSQDþtWDQLHGR]QHW\SRYpKRV~ERUX±EXGHPHYLGLHĢQHVN{U
SURFHGXUHY\PHQYDUDEGO]NDLQWHJHU
YDU
W3RLQWHU
EHJLQ
*HW0HPWGO]ND
0RYHDWAGO]ND0RYHEDGO]ND0RYHWAEGO]ND
)UHH0HPW
HQG
SRXåLWLHRSHUiWRUD#DVPHUQtNRYHMDULWPHWLN\LQF
S #D
ZKLOHGO]ND!GREHJLQ
5HVXOW 5HVXOW,QW7R+H[SA
LQFS
GHFGO]ND
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
VDUUD\>@RIFKDU
LLQWHJHU
EHJLQ
V
$KRM'HOSKL
/DEHO&DSWLRQ GXPSVVL]HRIV
L
/DEHO&DSWLRQ GXPSLVL]HRIL
HQG
'LUHNWtYD$%62/87(
LQiYHU]LDãHVWQiVWNRYpKRYêSLVXNXVXSDPlWL
LIGO]ND!WKHQGO]ND
IRUL WRGO]NDGR
5HVXOW 5HVXOW,QW7R+H[S>L@
HQG
'\QDPLFNpSROLD
ƔUHSUH]HQWRYDQpV~VPHUQtNRPQDMHGQRUR]PHUQpSROH
ƔGHNODUiFLDQHDORNXMHSDPlĢPDOLE\VPHSULUDGLĢQLO
VDDXWRPDWLFN\XYRĐQtQLHþRDNR)UHH0HP
ƔDN;D<V~SUHPHQQpURYQDNpKRW\SXG\QDPLFNpSROHSRWRP; <VS{VREtåH;UHIHUHQFXMHQDWRLVWp
YSUtNODGH
YDU
$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
$>@
% $WHUD]V~REHSROLDYSDPlWLLGHQWLFNp
%>@ DMKRGQRWRX$>@MH
6HW/HQJWK%WHUD]V~REHSROLDYSDPlWLQDU{]Q\FKPLHVWDFK
HQG
Ɣ SULSRURYQiYDQtSUHPHQQêFKW\SXG\QDPLFNpSROHVDSRURYQiYDM~LFKUHIHUHQFLHDQLHQLHKRGQRW\SROt
QDSU
YDU
$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
6HW/HQJWK%
$>@
%>@
LI$ %WKHQ
HQG
ƔSUHPHQQiW\SXG\QDPLFNpSROH]DEHUiEDMW\ VPHUQtNQDG\QDPLFN\DORNRYDQpSROH
EXćMHWRQLODOHERVPHUQtNQDEORNSDPlWLNWRUêMHREDMWRYGOKãtDNRYHĐNRVĢSRĐD
ƔEDMW\SRXåLWpQDSRþHWUHIHUHQFLt
ƔEDMW\QDSRþHWSUYNRYSRĐD/HQJWK
Ɣ]DWêPQDVOHGXM~SUYN\SRĐD
ƔYLDFUR]PHUQpG\QDPLFNpSROHMHUHSUH]HQWRYDQp~SOQHURYQDNRMHWRG\QDPLFNpSROHVPHUQtNRYQD
G\QDPLFNpSROLD
=QDNRYpUHĢD]FH6WULQJ
ƔV~SRGREQpG\QDPLFNêPSROLDPWLHåV~WRVPHUQtN\QDSROLD]QDNRY
ƔSRGREQHVDSDPlWiDMSRþHWUHIHUHQFLtDDNWXiOQDGĎåNDUHĢD]FD/HQJWK
XNRQþHQêUHĢD]HF
ƔSUi]GQ\UHĢD]HFMHXFKRYDQêDNRQLODOHGRVWULQJRYHMSUHPHQQHMVDQHP{åHSULUDGLĢQLO
ƔQHP{åHPHSRXåtYDĢDQL1HZDQL'LVSRVHDQLLQpSURFHG~U\VSUiY\SDPlWLQHP{åHPHSRXåtYDĢA
WHUD]E\VPHXåPRKOLSRFKRSLĢWHQWRSUtNODG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
VVWULQJ
EHJLQ
V
DKRM'HOSKL
ODEHO&DSWLRQ GXPSV>@/HQJWKV
QHIXQJXMHLEDGXPSV/HQJWKVVMHVPHUQtN
HQG
=QDNRYpUHĢD]FHXNRQþHQpQXOOWHUPLQDWHGVWULQJV
ƔV~SRGREQp]QDNRYêPUHĢD]FRPY&D&
ƔQLHNHG\LFKWUHEDSR]QDĢSULSUiFLVRV\VWpPRP:LQGRZVQDQLåãHM~URYQL
ƔMHWRSRVWXSQRVĢ]QDNRYXNRQþHQi]QDNRP
SDPlWL
ƔSUHGGHILQRYDQêW\S3&KDUVPHUQtNQDSRVWXSQRVĢ]QDNRYWMAFKDU
SUDFRYDĢVWDNêPLWRUHĢD]FDPLP{åHPH
ƔYãWDQGDUGQêFKSURFHG~UDFKDIXQNFLiFK5HDG5HDGOQ6WU9DO:ULWH:ULWHOQ9DO$VVLJQ)LOH
5HQDPH
ƔãWDQGDUGQHDNRVG\QDPLFNêPSRĐRP]QDNRY
ƔSRPRFRXYHĐNHMPQRåLQ\ãSHFLiOQ\FKIXQNFLtSUHWDNpWRUHĢD]FHQDSU
Ɣ6WU&DW]UHĢD]HQLH
Ɣ6WU&RPSSRURYQDQLH
Ɣ6WU&RS\VNRStURYDQLH
Ɣ6WU/HQGĎåNDUHĢD]FD
ƔP{åHPHY\XåLĢDMVPHUQtNRY~DULWPHWLNX
QDVOHGXM~FLSUtNODGLOXVWUXMHSUiFXVQXOOWHUPLQDWHGVWULQJV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
ST3&KDU
EHJLQ
*HW0HPSPRKOLE\VPHSRXåLĢDM6WU1HZDOHER6WU$OORF
6WU&RS\S
PLOXMHPGHOSKL
T S
ZKLOHTA!GREHJLQ
TA 8SFDVHTA
LQFTSRVXQQDQDVOHGXM~FL]QDNUHĢD]FD
HQG
/DEHO&DSWLRQ S
/DEHO&DSWLRQ GXPSS6WU/HQS
)UHH0HPS
HQG
,QãWDQFLHWULHG
ƔNDåGiSUHPHQQiREMHNWWMLQãWDQFLDQHMDNHMWULHG\MHVPHUQtNQDG\QDPLFN\DORNRYDQêEORNSDPlWL
ƔWUHEDQDWRP\VOLHĢSULSRURYQiYDQtDMSULUDćRYDQtQDSUJ ,PDJH&DQYDVDOHERLI
J3HQ )RUP&DQYDV3HQWKHQ
ƔYãHWN\VWDYRYpSUHPHQQpV~XFKRYDQpSRGREQHDNRYW\SH]i]QDP
ƔLQIRUPiFLHRPHWyGDFKVDXNODGDM~GRWDEXĐN\907YLUWXDOPHWKRGWDEOHMHMHGLQiSUHYãHWN\LQãWDQFLH
GDQHMWULHG\
ƔRNUHPPHWyGREVDKXMHDMLQpLQIRUPiFLHRLQãWDQFLLQDSULQIRUPiFLHRGĎåNHWULHGH
ƔMHMDVQpSUHþRMHQH]P\VHOQDPLHVWRN .RU&UHDWHSRXåLĢN&UHDWHNMHQHGHILQRYDQpDOHERQLO
DWHGDQtPQHP{åHPHUHIHUHQFRYDĢ
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔELWPDS\YLHPH]RV~ERUXSUHþtWDĢYLHPHLFKY\NUHVOLĢGRJUDILFNHMSORFK\DWLHåLFKYLHPH]DStVDĢ
GRV~ERUX
ƔSUiFDVIDUHEQêPLERGPLELWPDS\SRPRFRX3L[HOVMHþDVWRQHSRXåLWHĐQHSRPDOi
þRVDEXGHPHGQHVXþLĢ
ƔDNEXGHPHSUDFRYDĢVIDUHEQêPLERGPLELWPDS\SRPRFRX6FDQ/LQHSUiFDVDYHĐPL]UêFKOLD
NRQHþQHP{åHPHY\WYiUDĢYHĐPL]DXMtPDYpHIHNW\VREUi]NDPL
ƔY\NRQDQLHQLHNWRUêFKG{OHåLWêFKþDVWtSURJUDPXP{åHPHFKUiQLĢNRQãWUXNFLRXWU\ILQDOO\HQG
3UiFDVELWPDSRX
SULDP\SUtVWXSNMHGQpPXFHOpPXULDGNXELWPDS\DYHĐPLUêFKORP{åHPHIDUHEQp]ORåN\QLHOHQþtWDĢDOH
DMPRGLILNRYDĢ
ƔYêVOHGNRP6FDQ/LQH>\@W~WRYODVWQRVĢP{åHPHOHQþtWDĢMHQHW\SRYêVPHUQtNQDSRVWXSQRVĢWMSROH
5*%]ORåLHNWURMtFEDMWRY
WURMLFDIDUHEQêFK]ORåLHN5*%
W\SH
75*% UHFRUG
%*5E\WH
HQG
NSRVWXSQRVWLP{åHPHSULVWXSRYDĢQDSUWDNDNRVQXOOWHUPLQDWHGVWULQJ
W\SH
35*% A75*%
YDU
G35*%
G EPS6FDQ/LQH>\@
IRUL WREPS:LGWKGREHJLQ
GA5
LQFGQDVOHGXM~FLSL[HO
HQG
DOHERDNRVPHUQtNQDSROH
W\SH
75*%$UUD\ DUUD\>ZRUG@RI75*%GRVWDWRþQHYHĐNiKUDQLFD
35*%$UUD\ A75*%$UUD\
Ɣ YQDVOHGXM~FLFKSUtNODGRFKSUHGSRNODGiPHåHPiPHNGLVSR]tFLLJOREiOQXSUHPHQQ~EPSGRNWRUHMYR
)RUP&UHDWHSUHþtWDPHQHMDN~ELWPDSXYR)RUP'HVWUR\MXXYRĐQtPHDYRIRUPXOiULMHSRORåHQê,PDJH
YHĐNRVWL[
QDþtWDQLHD]REUD]HQLHELWPDS\
YDU
EPS7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
SDUURWVEPS
,PDJH&DQYDV'UDZEPS
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
HQG
]UNDGORYRRWRþtPHELWPDSX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
G EPS6FDQ/LQH>L@
IRUM WRZGR
G>M@ G>ZM@GA>M@ GA>ZM@
HQG
,PDJH&DQYDV'UDZEPS
EPS)UHH
HQG
&KUiQHQpSUtND]\
ƔSULSURJUDPRYDQtVDþDVWRVWUHWiYDPHVRVLWXiFLRXåHQLHNWRUpSUtND]\SRWUHEXMHPHEH]SRGPLHQHþQH
Y\NRQDĢDMNHćVD]QHMDNêFKG{YRGRYSUHUXãtYêSRþHWQDSUSUHYêVN\WFK\E\DOHERXNRQþHQLH
SURFHG~U\SRPRFRXH[LW
ƔQDSUYåG\NHćYSURFHG~UHY\WYRUtPHSRPRFQ~ELWPDSXSUHGXNRQþHQtPMXPXVtPH]UXãLĢ
SRGREQHYåG\NHćRWYRUtPHV~ERUQD]iYHUKRPXVtPH]DWYRULĢ
ƔP{åHPHSRXåLĢNRQãWUXNFLXWU\SRVWXSQRVĢ3UtND]RYILQDOO\SRVWXSQRVĢ3UtND]RYHQG
ƔDNSRþDVY\NRQiYDQLDSUYHMSRVWXSQRVWLSUtND]RYY]QLNQHQHMDNpSUHUXãHQLHH[LWEUHDNVSDGQXWLH
QDFK\EHWDNVDSRNUDþXMHYGUXKHMSRVWXSQRVWLSUtND]RY
ƔDNSUYiþDVĢVNRQþtEH]FK\E\WDNVDQRUPiOQHSRNUDþXMHYGUXKHMþDVWL
ƔWU\HQGVLP{åHWHSUHGVWDYLĢDNREHJLQHQGSULþRPDNYĖRPQDVWDQHQHMDNpSUHUXãHQLH
Y\NRQDM~VDHãWHXSUDWRYDFLHDNFLH
ƔNRQãWUXNFLHWU\HQGP{åXE\ĢQDY]iMRPYQRUHQpURYQDNRDNREHJLQHQG
ƔMHGQRGXFKpSUtNODG\QDWU\ILQDOO\HQG
WDNWRVOXãQHE\VPHPDOLSUDFRYDĢVRV~ERURP
$VVLJQ)LOHW
V~ERUW[W
5HZULWHWDOHER5HVHWW
WU\
SUiFDVRV~ERURP
ILQDOO\
&ORVH)LOHW
HQG
WDNWRVOXãQHE\VPHPDOLSUDFRYDĢVELWPDSDPL
EPS 7%LWPDS&UHDWH
WU\
SUiFDVELWPDSRX
ILQDOO\
EPS)UHH
HQG
]UNDGORYRRWRþtPHELWPDSXDMVWU\DILQDOO\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
G EPS6FDQ/LQH>L@
IRUM WRZGR
G>M@ G>ZM@GA>M@ GA>ZM@
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
RWRþHQLHRVWXSĖRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK K
EPS+HLJKW Z
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
IRUM WRZGREHJLQ
G EPS6FDQ/LQH>M@
G>L@ G>M@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
F\NOLFNêSRVXQFHOêFKULDGNRYRMHGHQUHVSYLDFVPHURPKRUH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>LPRGK@G EPS6FDQ/LQH>LKGLYPRGK@
G EPS6FDQ/LQH>L@
PRYHGAGAZ
VL]HRI75*%
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
DOHERP{åHPHY\JHQHURYDĢQHMDN~YODVWQ~ELWPDSX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<,QWHJHU
G35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
G>[@5 ;YODVWQHGA>[@5 ;
G>[@* <
G>[@% ;<GLY
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
YHĐPL]DXMtPDYêUR]PD]iYDFtHIHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;UDQGRP
LIV;WKHQV; V;LIV;!WKHQV; V;
V< <UDQGRP
LIV<WKHQV< V<LIV<!WKHQV< V<
G EPS6FDQ/LQH>V<@
G>;@ G>V;@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
SUtSDGQHHIHNWUR]ĢDKRYDQLDRGVWUHGXVPHURPNXRNUDMRP
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;
GLY
V< <
GLY
G EPS6FDQ/LQH>V<@
G>[@ G>V;@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
SRVOHGQêHIHNWY\OHSãtPHSULGiPHþDVRYDþSUHNWRUê(QDEOHG IDOVHDLQWHUYDO
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG QRW7LPHU(QDEOHG
HQG
ƔRGNRQãWDQW\Y5DQGRP]iYLVtDNRUêFKORVDEXGH~WYDUUR]PD]iYDĢ
ƔQD]iYHUGRVWUHGXELWPDS\GiYDPHVNRURQiKRGQH]DIDUEHQ~ERGNX
1'Ò
ƔSRGREQHDNRUR]PD]iYDQLHVþDVRYDþRP]UHDOL]XMWHDMF\NOLFNpURORYDQLHVþDVRYDþRP
ƔGRIRUPXOiUDSRORåWHDM7UDFN%DUSRPRFRXNWRUpKREXGHWHPHQLĢSRþHWRNRĐNRULDGNRYVDEXGH
SRV~YDĢWMUêFKORVĢSRV~YDQLD
Ɣ]UHDOL]XMWHþRQDMNUDMãLHRWiþDQLHELWPDS\RĐXERYRĐQêXKRO
ƔUR]PD]iYDQLHELWPDS\NDåGêSL[HOVDY\SRþtWDDNRSULHPHUVRVYRMLPLVXVHGPLVWDþtVXVHGRYYULDGNX
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ YLHPHNUHVOLĢDKêEDĢELWPDS\YJUDILFNHMSORFKH
þRVDEXGHPHGQHVXþLĢ
ƔDNR]DEH]SHþLĢVWULHGDQLHIi]QHMDNHMDQLPiFLH
ƔþRMHWRSOiQRYDFtNDOHQGiUDDNRVDGiSRXåLĢQDDQLPiFLH
0DOiDQLPDþQiDSOLNiFLD
3RVWXSQHEXGHPHY\WYiUDĢWDN~WRDSOLNiFLX
ƔYJUDILFNHMSORFKHMHDNRSRGNODGQHMDNiYHĐNiELWPDSD,PDJH]DEHUiFHO~SORFKXIRUPXOiUXQDVWDYLOL
VPHPX$OLJQQDDO&OLHQW
ƔNDåGêPNOLNQXWtPP\ãRXGRSORFK\VDQDWRPPLHVWHY\WYRUtDQLPRYDQêREUi]RNWLHWREXG~SRVWXSQH
VWULHGDĢVYRMHIi]\
ƔNDåGêREUi]RNVDEXGHSRPDO\SRK\ERYDĢQHMDNêPVPHURPSULþRPDNQDMHGQHMVWUDQHY\SDGQH]
SORFK\WDNVDREMDYtQDRSDþQRPNRQFL
ƔQHVN{U]DEH]SHþtPHDE\VDNDåGêREUi]RNPRKRODQLPRYDĢVU{]QRXIUHNYHQFLRXQLHNWRUpREUi]N\
EXG~VWULHGDĢIi]\þDVWHMãLHDNRLQp
YãHWN\REUi]N\]SURMHNWXVLP{åHWHVWLDKQXĢ]ELWPDS\]LS
7ULHGDDQLPRYDQêREUi]RN
Ɣ DQLPiFLXEXGHPH]DEH]SHþRYDĢF\NOLFNêPVWULHGDQtPIi]ELWPiS9SUYHMYHU]LLEXGHPHSUHGSRNODGDĢ
åHNDåG~Ii]XDQLPiFLHPiPHXORåHQ~YMHGQRPV~ERUHQDSU
Ɣ QDNRĐNRFKFHPH]DEH]SHþLĢDE\QLHNWRUpþDVWLELWPDS\EROLSULHVYLWQpSUHELWPDS\YQDãHMDSOLNiFLLVD
GRKRGQHPHåHSULHVYLWQiIDUEDMHIDUEDERGXYĐDYRPKRUQRPURKXSUYHMELWPDS\WM
ELWPDSD&DQYDV3L[HOV>@
]DGHILQXMHPHWULHGX
W\SH
72EUD]RN FODVV
EPDUUD\RI7%LWPDS
[\ILQWHJHU
FRQVWUXFWRU&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDVYLUWXDO
SURFHGXUHNURNYLUWXDO
HQG
DPHWyG\
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
YDU
LLQWHJHU
WF7&RORUSULHVYLWQiIDUED
EHJLQ
6HW/HQJWKEPSRFHW
IRUL WR+LJKEPGREHJLQ
EP>L@ 7%LWPDS&UHDWH
EP>L@/RDG)URP)LOHPHQR,QW7R6WUL
EPS
LIL WKHQWF EP>L@&DQYDV3L[HOV>@
EP>L@7UDQVSDUHQW&RORU WF
EP>L@7UDQVSDUHQW WUXH
HQG
[ [[\ \\
I SUYiIi]D
HQG
GHVWUXFWRU72EUD]RN'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKEPGR
EP>L@)UHH
HQG
SURFHGXUH72EUD]RNNUHVOLF7&DQYDV
EHJLQ
F'UDZ[EP>I@:LGWKGLY\EP>I@+HLJKWGLYEP>I@
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
HQG
Ɣ YRIRUPXOiULMH,PDJHD7LPHUNWRUêPiQDVWDYHQê,QWHUYDOQDKRGQRWX
VSUDFRYDQLHXGDORVWt
YDU
DDUUD\RI72EUD]RN
EJ7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EJ 7%LWPDS&UHDWH
EJ/RDG)URP)LOH
MD]HUREPS
,PDJH&DQYDV'UDZEJ
'RXEOH%XIIHUHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
EJ)UHH
IRUL WRKLJKDGRD>L@)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
6HW/HQJWKD/HQJWKD
D>+LJKD@ 72EUD]RN&UHDWH
YWDN
[\
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
LID QLOWKHQH[LW
,PDJH&DQYDV'UDZEJ
IRUL WRKLJKDGR
ZLWKD>L@GREHJLQ
NURN
NUHVOL,PDJH&DQYDV
HQG
HQG
Ɣ YćDNDQDVWDYHQLX'RXEOH%XIIHUHG]DEH]SHþtPHåHDQLPRYDQLHREUi]NRYQHEXGHEOLNDĢ
Ɣ YSUD[LVDþDVWRQDPLHVWRYLDFV~ERURYVELWPDSDPLSUHIi]\DQLPiFLHSRXåtYDMHGQDELWPDSDNWRUi
YHGĐDVHEDREVDKXMHYãHWN\Ii]\DSURJUDPVLW~WRYHĐN~ELWPDSXUR]VWULKiQDSUSUH
Y\WYRUtPHQRYêNRQãWUXNWRU
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
YDU
LZKLQWHJHU
WF7&RORU
E7%LWPDS
EHJLQ
6HW/HQJWKEPSRFHW
E 7%LWPDS&UHDWH
WU\
E/RDG)URP)LOHPHQR
EPS
WF E&DQYDV3L[HOV>@
Z E:LGWKGLYSRFHWK E+HLJKW
IRUL WR+LJKEPGREHJLQ
EP>L@ 7%LWPDS&UHDWH
ZLWKEP>L@GREHJLQ
:LGWK Z+HLJKW K
&DQYDV&RS\5HFW5HFWZKE&DQYDV5HFWL
ZL
ZK
7UDQVSDUHQW&RORU WF
7UDQVSDUHQW WUXH
HQG
HQG
ILQDOO\
E)UHH
HQG
[ [[\ \\I
HQG
DNOLNQXWLHP\ãRXGRSORFK\QDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
DD 72EUD]RN&UHDWH
YWDN
[\
DD 72EUD]RN&UHDWH
]DMR
[\
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
Ɣ SRXåLOLVPHWXPHWyGXWULHG\7&DQYDV
&RS\5HFWFRQVW'HVW75HFW&DQYDV7&DQYDVFRQVW6RXUFH75HFW
NWRUiNRStUXMHþDVĢ]LQpKRREUi]NDYGUXKRPSDUDPHWUL&DQYDVGRQDãHMJUDILFNHMSORFK\UHVS
ELWPDS\'HVWãSHFLILNXMHREGĎåQLN75HFW/HIW7RS5LJKW%RWWRPGRNWRUpKRVDEXGHNRStURYDĢD
6RXUFHãSHFLILNXMHREGĎåQLN]NWRUpKRVDEXGHNRStURYDĢ
8ORåHQLHELWPiSGRSURMHNWX
Ɣ XåYLDFNUiWE\VDQiPKRGLORNHE\VPHVQDãLPSURMHNWRPQDSU3URMHFWH[HQHPXVHOLQRVLĢQLHNHG\DM
YlþãLHPQRåVWYRELWPiSDDMLQêFKV~ERURYPRåQRVWtMHQLHNRĐNRQDSU
ƔGRIRUPXOiUDKRFLNDPSRORåtPHQLHNRĐNRNRPSRQHQWRY,PDJHDQDVWDYtPHLPYODVWQRVĢ9LVLEOHQD
XORåLĢGRSURMHNWX(;(WDNpWRV~ERU\QHEXGHPHþtWDĢSRPRFRX/RDG)URP)LOHDOHSRPRFRX
/RDG)URP5HVRXUFH1DPH
XNiåHPHGUXK~PRåQRVĢ
Ɣ QDMSUYSULSUDYtPHWH[WRYêV~ERU%LWPDS\UFVWêPWRREVDKRP
%LWPDS\UFMHRE\þDMQêWH[WRYêV~ERUP{åHPHKRY\WYRULĢDMY'HOSKLHGLWRUH
MD]HUR%,70$3MD]HUREPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
]DMR%,70$3]DMREPS
QDMSUYGR3URMHFWGSUSULGiPHMHGHQULDGRN
SURJUDP3URMHFW
^5
%LWPDS\UHV
%LWPDS\UF
`
XVHV
)RUPV
8QLWLQ
8QLWSDV
^)RUP`
^5 5(6`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP7)RUP)RUP
$SSOLFDWLRQ5XQ
HQG
DYãHWN\/RDG)URP)LOHSR]PHQtPHWDNWR
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
EP>L@ 7%LWPDS&UHDWH
EP>L@/RDG)URP5HVRXUFH1DPH+,QVWDQFHPHQR,QW7R6WUL
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPHQRVWULQJSRFHW[[\\LQWHJHU
WU\
E/RDG)URP5HVRXUFH1DPH+,QVWDQFHPHQR
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EJ 7%LWPDS&UHDWH
EJ/RDG)URP5HVRXUFH1DPH+,QVWDQFH
MD]HUR
Ɣ YãLPQLWHVLåHSRSUYHMNRPSLOiFLLVDDXWRPDWLFN\Y\WYRULOGRVĢYHĐNêV~ERU%LWPDS\UHVWHQWRXå
REVDKXMHYãHWN\ELWPDS\YêVOHGQiDSOLNiFLD3URMHFWH[HXåQHSRWUHEXMHQDVSXVWHQLHYHĐNp
PQRåVWYRELWPiSXåLFKPiXORåHQpYVHEH
3RK\EDQLPRYDQêFKREUi]NRY
SUtGiPHPHWyGX=PHQ';<DY\OHSãtPHPHWyGXNURN
SURFHGXUH72EUD]RN=PHQ';<G[[G\\LQWHJHUU75HFW
EHJLQ
G[ G[[G\ G\\REG U
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[ DQGG\ WKHQH[LW
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWWKHQLQF[ULJKWOHIW
LI[! ULJKWWKHQGHF[ULJKWOHIW
LI\WRSWKHQLQF\ERWWRPWRS
LI\! ERWWRPWKHQGHF\ERWWRPWRS
HQG
HQG
Ɣ ]UHMPHNRQãWUXNWRUEXGHLQLFLDOL]RYDĢG[DG\QD
SULY\WYRUHQtQRYpKRREUi]NDPXQDVWDYtPHSRK\EDMREGĎåQLNQDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
Ɣ DQLPRYDQpREUi]N\VDEXG~WHUD]KêEDĢ
$QLPRYDQêREUi]RNVLQêPSRK\ERP
Ɣ GRSURMHNWXSULGiPHQRYêREUi]RN]HPHJXĐXD]PHQtPHMHMVSUiYDQLH
QDRNUDMLSORFK\VDEXGHRGUiåDĢ
W\SH
72EUD]RN FODVV72EUD]RN
SURFHGXUHNURNRYHUULGH
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[ DQGG\ WKHQH[LW
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWRU[! ULJKWWKHQG[ G[
LI\WRSRU\! ERWWRPWKHQG\ G\
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]HPHJXOD
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
Ɣ QH]DEXGQHPHDM]HPHJXODEPSSULGDĢGR%LWPDS\UF
3OiQRYDþ
GHILQtFLDSOiQRYDþD
W\SH
74XHXH FODVV
TDUUD\RIUHFRUG
WLP7'DWH7LPH
RE72EMHFW
HQG
SURFHGXUHLQVHUWWLNLQWHJHURE72EMHFW
SURFHGXUHVHUYHYDURE72EMHFW
IXQFWLRQILUVW72EMHFW
IXQFWLRQWRSWLPH7'DWH7LPH
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUH74XHXHLQVHUWWLNLQWHJHURE72EMHFW
YDU
LLQWHJHU
WLP7'DWH7LPH
EHJLQ
WLP 1RZWLN06HFV3HU'D\
L ZKLOHL +LJKTDQGT>L@WLP WLPGRLQFL
6HW/HQJWKT/HQJWKT
PRYHT>L@T>L@/HQJWKTL
6L]H2IT>@
T>L@WLP WLP
T>L@RE RE
HQG
SURFHGXUH74XHXHVHUYHYDURE72EMHFW
EHJLQ
LIHPSW\WKHQRE QLO
HOVHEHJLQ
RE T>@RE
PRYHT>@T>@/HQJWKT
6L]H2IT>@
6HW/HQJWKT/HQJWKT
HQG
HQG
ILUVWMHDNRVHUYHOHQKRGQRWXYUiWLDNRYêVOHGRNIXQNFLH
IXQFWLRQ74XHXHILUVW72EMHFW
EHJLQ
LIHPSW\WKHQ5HVXOW QLO
HOVHEHJLQ
5HVXOW T>@RE
PRYHT>@T>@/HQJWKT
6L]H2IT>@
6HW/HQJWKT/HQJWKT
HQG
HQG
IXQFWLRQ74XHXHWRSWLPH7'DWH7LPH
EHJLQ
LIHPSW\WKHQ5HVXOW QRZþDVQLHNHG\YEXG~FQRVWL
HOVH5HVXOW T>@WLP
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
YDU
T74XHXH
ƔYãLPQLWHVLåHVPHQHY\WYRULOLNRQãWUXNWRU&UHDWHVSRĐDKOLVPHVDQDWRåH'HOSKLDXWRPDWLFN\
LQLFLDOL]XM~VWDYRYpSUHPHQQpNWRUpV~G\QDPLFNpSROLDUHĢD]FHDREMHNW\WLHWRPDM~KRGQRWXQLOUHVS
SUi]GQ\UHĢD]HF
ƔYãHWNêPREMHNWRPDQLPRYDQêREUi]RNSULGiPHQRY~VWDYRY~SUHPHQQ~WLNNWRUiEXGHREVDKRYDĢþDVY
PVQD]PHQXćDOãHMIi]\
SULGiPHWLN
W\SH
72EUD]RN FODVV
EPDUUD\RI7%LWPDS
[\IG[G\LQWHJHU
REG75HFW
WLNLQWHJHU
FRQVWUXFWRU&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
FRQVWUXFWRU&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH=PHQ';<G[[G\\LQWHJHUU75HFWYLUWXDO
SURFHGXUHNUHVOLF7&DQYDVYLUWXDO
SURFHGXUHNURNYLUWXDO
HQG
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHW[[\\LQWHJHU
WLN
HQG
FRQVWUXFWRU72EUD]RN&UHDWHPHQRVWULQJSRFHWLQWHJHU
WLN
HQG
GRPHWyG\NURNGRSOQtPHQDSOiQRYDQLHćDOãLHKRYRODQLDNURN
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[!RUG\!WKHQEHJLQ
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWWKHQLQF[ULJKWOHIW
LI[! ULJKWWKHQGHF[ULJKWOHIW
LI\WRSWKHQLQF\ERWWRPWRS
LI\! ERWWRPWKHQGHF\ERWWRPWRS
HQG
HQG
LIWLN!WKHQ
TLQVHUWWLNVHOI
HQG
SURFHGXUH72EUD]RNNURN
LIWLN!WKHQ
TLQVHUWWLNVHOI
HQG
DSULY\WYRUHQtREMHNWRYLPKQHćY\JHQHUXMHPHþDVRYêLQWHUYDO
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
DDWLN
UDQGRP
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
DDWLN
UDQGRP
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]HPHJXOD
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
DDWLN
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
TLQVHUWDDDE\VDQDãWDUWRYDO
HQG
HãWH7LPHU
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EERROHDQ
S72EMHFW
EHJLQ
E IDOVH
ZKLOHQRWTHPSW\DQGTWRSWLPH 1RZGREHJLQ
TVHUYHS72EUD]RNSNURN
72EUD]RNTILUVWNURN
E WUXH
HQG
LIEWKHQEHJLQ
,PDJH&DQYDV'UDZEJ
1'Ò
ƔREMHNWXP{åHPHQDSOiQRYDĢYLDFU{]Q\FKDNFLtYU{]Q\FKþDVRFKY\P\VOLWHDNRSOiQRYDþXWLPHUX
SRYHGDĢåHPiSUHU{]QHREMHNW\VS~ãĢDĢU{]QHDNFLHQLHOHQNURN
ƔVWDYRYiSUHPHQQiWLNNWRUiVDSRXåtYDDNRþDVQDSUHFKRGGRQDVOHGXM~FHMIi]\E\PRKODE\ĢEXć
(ãWHMHGHQSUtNODGQDSRXåLWLHUDGX
XNiåHPHULHãHQLHWDNHMWR~ORK\
ƔGRJUDILFNHMSORFK\P{åHPHNUHVOLĢþLHUQHþLDU\SRPRFRXĐDYpKRWODþLGODP\ãL
ƔNHćQLHNDPNOLNQHPHSUDYêPWODþLGORPP\ãLWDNVDRGWRKRWRERGX]DþQHQDYãHWN\VWUDQ\ãtULĢQHMDNi
IDUEDDWRWRY\SĎĖDQLHVD]DVWDYtDåQDþLHUQHMþLDUHDOHERQHMDNR]DIDUEHQHMREODVWL
ƔSUDYêPWODþLGORPP\ãLP{åHPHQDUD]QDãWDUWRYDĢYLDFY\SĎĖDFtFKDNFLt
ƔY\XåLMHPHRE\þDMQ~GiWRY~ãWUXNW~UXUDG
QDMSUYNODVLFNêUDGSDPlWiPHVLV~UDGQLFHERGXDIDUEX
W\SH
74XHXH FODVV
TDUUD\RIUHFRUG
[\LQWHJHU
FRO7&RORU
HQG
SURFHGXUHDSSHQG[\LQWHJHUFRO7&RORU
SURFHGXUHVHUYHYDU[\LQWHJHUYDUFRO7&RORU
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUH74XHXHDSSHQG[\LQWHJHUFRO7&RORU
EHJLQ
6HW/HQJWKT/HQJWKT
T>+LJKT@[ [T>+LJKT@\ \T>+LJKT@FRO FRO
HQG
SURFHGXUH74XHXHVHUYHYDU[\LQWHJHUYDUFRO7&RORU
EHJLQ
LIHPSW\WKHQEHJLQVKRZPHVVDJH
HPSW\
H[LWHQG
[ T>@[\ T>@\FRO T>@FRO
PRYHT>@T>@/HQJWKT
6L]HRIT>@
6HW/HQJWKT/HQJWKT
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
Ɣ Y\XåLMHPHNRPSRQHQW77LPHUVQDVWDYHQêP,QWHUYDOQDSUQD
PHWyGD7LPHU7LPHU
YDU
T74XHXH
J7&DQYDV
EERROHDQþLVDNUHVOtĢDKDQtPP\ãL
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
T 74XHXH&UHDWH
UDQGRPL]H
'RXEOH%XIIHUHG WUXH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
FRQVW
FRODUUD\>@RI7&RORU
FO5HGFO%OXHFO*UHHQFO<HOORZFO$TXDFO/LPH
EHJLQ
E 6KLIW >VV/HIW@
LIEWKHQJ0RYH7R[\
HOVHLI6KLIW >VV5LJKW@WKHQ
TDSSHQG[\FRO>UDQGRP/HQJWKFRO@
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LIEWKHQJ/LQH7R[\
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
E IDOVH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
[\LQWHJHU
FRO7&RORU
EHJLQ
LITHPSW\WKHQH[LW
TVHUYH[\FRO
LIJ3L[HOV>[\@!FO:KLWHWKHQH[LW
J3L[HOV>[\@ FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
HQG
Ɣ WDNpWRY\IDUERYDQLHSORFK\QHMDNêPLIDUEDPLMHYHĐPLSRPDOpDOHU{]Q\PLY\OHSãHQLDPLVDP{åHXUêFKOLĢ
$SSOLFDWLRQ(YHQWVRQ,GOH
Ɣ W~WR~ORKXP{åHPHULHãLĢWDNåHQDPLHVWR77LPHUSRXåLMHPHQRYêNRPSRQHQW7$SSOLFDWLRQ(YHQWV
Ɣ7LPHUY\KRGtPHDQDKUDGtPHKR7$SSOLFDWLRQ(YHQWV]SDOHW\$GGLWLRQDO
ƔURYQDNRDNR7LPHUMHWRQHYL]XiOQ\NRPSRQHQWWHGDKR]DEHKXSURJUDPXQHEXGHYLGLHĢ
ƔY\XåLMHPHMHKRXGDORVĢRQ,GOHNWRUêEXGH]DYRODQêSRGREQHDNRRQ7LPHUSUHþDVRYDþDOHYåG\
YWHG\NHć:LQGRZVQHPDM~þRURELĢWMNHćPRPHQWiOQHQLHV~]DĢDåRYDQpLQêPL~ORKDPL
KQHćDNRSUtGHQHMDNiLQiXGDORVĢQDSUSRKQHPHDOHERNOLNQHPHP\ãRXDOHERSULãLHOWLNRG
þDVRYDþDDSRGćDOãLHYRODQLHRQ,GOHVDXåQH]UHDOL]XMH
ƔWHGDGRRQ,GOHGiPHVSUDFRYDQLHMHGQpKRERGX]IURQWXþDNDM~FLFKERGRYDR]QiPLPHV\VWpPX
QDPLHVWRPHWyG\7LPHU7LPHUQDStãHPH$SSOLFDWLRQ(YHQWV,GOH
SURFHGXUH7)RUP$SSOLFDWLRQ(YHQWV,GOH6HQGHU72EMHFWYDU'RQH%RROHDQ
YDU
[\LQWHJHU
FRO7&RORU
EHJLQ
'RQH THPSW\LI'RQHWKHQH[LW
TVHUYH[\FRO
LIJ3L[HOV>[\@!FO:KLWHWKHQH[LW
J3L[HOV>[\@ FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
HQG
1'Ò
ƔXUêFKOLWHSUiFXVUDGRPSROH]YlþãXMWHQDSUVNURNRPSDPlWDMWHVL]DþLDWRNDSRþHWSUYNRYDSROH
SRV~YDMWHOHQYQXWQêFKSUtSDGRFK
ƔćDOãLHXUêFKOHQLHYPHWyGH7LPHU7LPHUUHVS$SSOLFDWLRQ(YHQWV,GOHVSUDFXMWHQLHOHQMHGHQERGDOH
QDSUYF\NOHQDUD]
ƔY\P\VOLWHLQpSUDYLGOiIDUEHQLDQLHOHQNHćMHELHODIDUEDDOHQDSUQLHþLHUQDDU{]QDRGDNWXiOQHMDSRG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
SUtNODGVNODGDQLHUR]VWULKDQpKRREUi]ND
Ɣ1DStãWHSURJUDPNWRUêQiPXPRåQtSRVNODGDĢUR]VWULKDQêREUD]1D]DþLDWNXKU\MHYSORFKH
UR]VWULKDQêQHMDNêYHĐNêREUi]RNQDU{]QHYHĐNpN~VN\REGĎåQLN\SULþRPVDWLHWRN~VN\Y{EHF
QHSUHNUêYDM~ÒORKRXKUiþDMHSRV~YDQtPWêFKWRN~VNRYĢDKDQtPP\ãRXSRVNODGDĢS{YRGQêREUD]
3URJUDPPXSULWRPQHGRYROtDE\åLDGHQN~VRNY\SDGRO]SORFK\RNUDMHKUDFHMSORFK\V~SULĢDKDQt
SUHNiåNRXDWHGDĢDKDQLHVDQDĖRP]DVWDYt.~VN\REUD]XVDP{åXYSULHEHKXKU\SUHNUêYDĢ
Ɣ9ãHWN\YVWXSQpLQIRUPiFLHV~YWH[WRYRPV~ERUHREUD]W[WNWRUêREVDKXMH
❍YSUYRPULDGNXMHPHQRELWPDSRYpKRV~ERUXVHãWHQHQDVWULKDQêPREUD]RP
❍YGUXKRPULDGNXV~ERUXV~GYHþtVODNWRUpGHILQXM~ãtUNXDYêãNXKUDFHMSORFK\QDSU
NRPSRQHQWXWULHG\7,PDJHYWHMWRSORFKHVDEXG~SRV~YDĢQDVWULKDQpN~VN\REUD]X
❍QDVOHGXM~FHULDGN\V~ERUXREVDKXM~SRFHOêFKþtVHOV~WRLQIRUPiFLHRUR]VWULKDQêFKN~VNRFK
REGĎåQLNRFKSUYpãW\ULþtVODSRSLVXM~REGĎåQLNYREUD]HDWRV~UDGQLFH[D\DYHĐNRVĢ
REGĎåQLNDãtUNXDYêãNXSRVOHGQpGYHþtVODV~V~UDGQLFHREGĎåQLNDXPLHVWQHQpKRYKUDFHM
SORFKH
❍P{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHDREUD]MHFHOêUR]VWULKDQêQDGLVMXQNWQp
REGĎåQLN\
❍QDY\VWULKQXWLHREGĎåQLND]REUD]XP{åHWHY\XåLĢPHWyGX&RS\5HFWDOHER'UDZ
Ɣ.~VN\REUD]XYSURJUDPHUHDOL]XMWHDNRLQãWDQFLHWULHG\7.XVRNQDSUVWDNRXWRGHNODUiFLRXP{åHWH
QLHþRSULGDĢDOHERPLHUQHSR]PHQLĢ
7.XVRN FODVV
EP7%LWPDS
[\VLUNDY\VNDLQWHJHU
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7FDQYDVQDNUHVOtKRDMVUiPLNRP
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ]LVWtþLVDGRĖNOLNOR
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
Ɣ 6DPRWQ~KUXUHDOL]XMWHWULHGRX7+UDNWRUHMGHNODUiFLDE\PDODY\]HUDĢSULEOLåQHWDNWR
7+UD FODVV
NDUUD\RI7.XVRN
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNN7.XVRNSULGiQRYêN~VRNGRSRĐD
SURFHGXUHNUHVOLF7FDQYDVQDNUHVOtYãHWN\N~VN\
SURFHGXUH0RXVH'RZQ[\LQWHJHU
SURFHGXUH0RXVH0RYH[\LQWHJHU
SURFHGXUH0RXVH8S
HQG
Ɣ7+UDVLPXVtSDPlWDĢNWRUêN~VRNVDPRPHQWiOQHĢDKiP\ãRX7HQWREXGHY\NUHVĐRYDQêDNR
SRVOHGQê]RYãHWNêFKDWHGDEXGHQDGYãHWNêPLRVWDWQêPLN~VNDPL1DY\ãHEXGHSRþDVĢDKDQLD
RUiPRYDQêþHUYHQêPUiPLNRPWRWR]DEH]SHþLDREHPHWyG\NUHVOL
Ɣ3URJUDPQHPXVt]LVĢRYDĢþLXåMHFHOêREUD]SRVNODGDQê
Ɣ6WDYRYpSUHPHQQpWULHG7.XVRND7+UDP{åHWHSRXåtYDĢOHQYPHWyGDFKWêFKWRWULHG
6~ERU\QDWHVWRYDQLHP{åHWHVWLDKQXĢ]VNXVND]LS
W\SH
7.XVRN FODVV
EP7%LWPDS
[\VLUNDY\VNDLQWHJHU
FRQVWUXFWRU&UHDWHEPS7%LWPDS[YEPS\YEPSQVLUNDQY\VNDQ[Q\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7FDQYDVVHOERROHDQ
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.XVRN&UHDWHEPS7%LWPDS[YEPS\YEPSQVLUNDQY\VNDQ[Q\LQWHJHU
EHJLQ
EP 7%LWPDS&UHDWH
VLUND QVLUNDY\VND QY\VND[ Q[\ Q\
EP:LGWK VLUNDEP+HLJKW Y\VND
^EP&DQYDV&RS\5HFW5HFWVLUNDY\VNDEPS&DQYDV
5HFW[YEPS\YEPS[YEPSVLUND\YEPSY\VND`
EP&DQYDV'UDZ[YEPS\YEPSEPS
HQG
GHVWUXFWRU7.XVRN'HVWUR\
EHJLQ
EP)UHH
HQG
SURFHGXUH7.XVRNNUHVOLF7FDQYDVVHOERROHDQ
EHJLQ
F'UDZ[\EP
LIVHOWKHQEHJLQ
F%UXVK6W\OH EV&OHDU
F3HQ&RORU FO5HG
F3HQ:LGWK
F5HFWDQJOH[\[VLUND\Y\VND
HQG
HQG
SURFHGXUH7.XVRNSRVXQG[G\LQWHJHU
EHJLQ
LQF[G[LQF\G\
HQG
W\SH
7+UD FODVV
NDUUD\RI7.XVRN
[\VLUND3ORFK\Y\VND3ORFK\VHOLQWHJHU
FRQVWUXFWRU&UHDWHVXERUVWULQJ
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNN7.XVRN
SURFHGXUHNUHVOLF7FDQYDV
SURFHGXUH0RXVH'RZQ[\LQWHJHU
SURFHGXUH0RXVH0RYH[\LQWHJHU
SURFHGXUH0RXVH8S
HQG
FRQVWUXFWRU7+UD&UHDWHVXERUVWULQJ
YDU
W7H[W)LOH
VVWULQJ
EPS7%LWPDS
[\VLUY\V[\LQWHJHU
EHJLQ
$VVLJQ)LOHWVXERU5HVHWW
UHDGOQWV
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOHV
UHDGOQWVLUND3ORFK\Y\VND3ORFK\
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\VLUY\V[\
SULGDM7.XVRN&UHDWHEPS[\VLUY\V[\
HQG
EPS)UHH
&ORVH)LOHW
VHO åLDGHQQLHMHRVHOHNWRYDQê
HQG
SURFHGXUH7+UDSULGDMNN7.XVRN
EHJLQ
6HW/HQJWKN/HQJWKN
N>+LJKN@ NN
HQG
GHVWUXFWRU7+UD'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKNGR
N>L@)UHH
HQG
SURFHGXUH7+UDNUHVOLF7FDQYDV
YDU
LLQWHJHU
EHJLQ
F%UXVK6W\OH EV6ROLG
F%UXVK&RORU FO/W*UD\
F)LOO5HFW5HFWVLUND3ORFK\Y\VND3ORFK\
IRUL WR+LJKNGR
LIL!VHOWKHQ
N>L@NUHVOLFIDOVH
LIVHO! WKHQDE\EROY\NUHVOHQêQDGYãHWNêPLRVWDWQêPL
N>VHO@NUHVOLFWUXH
HQG
SURFHGXUH7+UD0RXVH'RZQ[\LQWHJHU
EHJLQ
VHO +LJKN
ZKLOHVHO! DQGQRWN>VHO@NOLN[\GRGHFVHO
[ [\ \
HQG
SURFHGXUH7+UD0RXVH0RYH[\LQWHJHU
EHJLQ
LIVHO! WKHQEHJLQ
N>VHO@SRVXQ[[\\
LIN>VHO@[WKHQN>VHO@[
LIN>VHO@[N>VHO@VLUND!VLUND3ORFK\WKHQN>VHO@[ VLUND3ORFK\
N>VHO@VLUND
LIN>VHO@\WKHQN>VHO@\
LIN>VHO@\N>VHO@Y\VND!Y\VND3ORFK\WKHQN>VHO@\ Y\VND3ORFK\
N>VHO@Y\VND
[ [\ \
HQG
HQG
SURFHGXUH7+UD0RXVH8S
EHJLQ
VHO
HQG
YDU
KUD7+UD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
KUD 7+UD&UHDWH
REUD]W[W
,PDJH:LGWK KUDVLUND3ORFK\,PDJH+HLJKW KUDY\VND3ORFK\
KUDNUHVOL,PDJH&DQYDV
'RXEOH%XIIHUHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
KUD)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
KUD0RXVH'RZQ[\
KUDNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
KUD0RXVH0RYH[\
KUDNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
KUD0RXVH8S
KUDNUHVOL,PDJH&DQYDV
HQG
SUtNODGSUiFDVNRU\WQDþNDPL
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDWDN~WRKUX
Ɣ]RVSRGXJUDILFNHMSORFK\Y\OHWXM~VPHURPQDKRUU{]QRXUêFKORVĢRXU{]QH]DIDUEHQpEDOyQ\
Ɣ~ORKRXKUiþDMHWULDIDĢWLHWREDOyQ\ãtSNRXNDåGêWUDIHQêEDOyQSUDVNQHDQDMHKRPLHVWHVD
QDStãHWH[W%80
ƔEDOyQ\V~UHSUH]HQWRYDQpNRU\WQDþNDPLNWRUêFKWYDUMHIDUHEQêãHVĢXKROQtNVRVWUDQRX
SUHWRWR]DGHILQXMWHWULHGX7%DORQ
ƔVWDYRYiSUHPHQQiNVO~åLDNRNRHILFLHQWSUHPHWyGX'RSUHGXYćDNDWRPXWRNRHILFLHQWX
EXGHP{FĢNRU\WQDþNDFKRGLĢWURFKXSRPDOãLH
ƔNRQãWUXNWRU&UHDWHY\WYRUtNRU\WQDþNXQDQiKRGQHMSR]tFLLDOHQDGROQHMKUDQHSORFK\
QDVWDYtVWDYRY~SUHPHQQ~NQDQiKRGQ~KRGQRWX]LQWHUYDOX!
ƔYãHWN\WLHWREDOyQ\EXGHWHXFKRYiYDĢYSRO\PRUIQRPSROLWULHG\79HOD.RU
VPHURPQDYêFKRGREMDYtVDQDPLHVWHNOLNQXWLDP\ãRXDOHOHQDNVDNOLNORQLHYLDFDNR
RGĐDYpKRRNUDMDSORFK\.OLNQ~ĢP{åHPHNHG\NRĐYHNDNãtSNDHãWHQHRGOHWHODPLPR
SORFK\WDNVDSUHVXQLHQDPLHVWRNOLNQXWLD
ƔãtSNDVDVWiOHURYQRPHUQHSRK\EXMHVPHURPQDYêFKRGDDNSULVYRMRPSRK\EHSUHMGHFH]
QHMDNêEDOyQWDNWHQWRSUDVNQHD]DQHFKiQiSLV%80QHPXVtWHVLYãtPDĢVLWXiFLXDN
ãtSNDXOHWtYRQ]SORFK\]UHMPHQRYêPNOLNQXWtPVD]QRYXREMDYtYSORFKH
ƔYãHWN\EDOyQ\NWRUpSUDVNQ~DOHERY\OHWLD]SORFK\YRQE\VD]SRĐDNRU\WQDþLHNPDOL]UXãLĢ
PHWyGRX=UXV.RU
ƔYQiKRGQêFKþDVRYêFKLQWHUYDORFKDOH]DSRGPLHQN\åHEDOyQRYQLHMHYLDFDNRVDVWiOH
JHQHUXM~QRYpEDOyQ\
ƔSRK\EãtSN\SRK\EEDOyQRYDOHDMQiKRGQpJHQHURYDQLHEDOyQRYDDMUXãHQLHEDOyQRY
EXGHWHURELĢSRPRFRXþDVRYDþD77LPHU
W\SH
7%DORQ FODVV7.RU
NUHDO
FRQVWUXFWRU&UHDWH
SURFHGXUHGRSUHGXGUHDORYHUULGH
HQG
FRQVWUXFWRU7%DORQ&UHDWH
FRQVW
IDUUD\>@RI7&RORU FO5HGFO%OXHFO*UHHQFO<HOORZFO3XUSOH
FO%ODFN
EHJLQ
LQKHULWHG&UHDWHUDQGRPVLUNDY\VND
=PHQ7YDU>@
=PHQ)DUEX7YDUXI>UDQGRP/HQJWKI@
3+8ND]
N UDQGRP
HQG
SURFHGXUH7%DORQGRSUHGXGUHDO
EHJLQ
LQKHULWHGGRSUHGXG
N
HQG
YDU
VLS7.RU
EDORQ\79HOD.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
UDQGRPL]H]PD]
VLS 7.RU&UHDWHVLUND
VLS3+
VLS=PHQ7YDU>@
EDORQ\ 79HOD.RU&UHDWH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI;WKHQEHJLQ
VLS=PHQ;<;<VLS8ND]
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
VLS'RSUHGX
LIEDORQ\SNDQGUDQGRP WKHQ
EDORQ\8URE.RU7%DORQ&UHDWH
EDORQ\'RSUHGX
ZLWKEDORQ\GREHJLQ
IRUL WRSNGR
LIN>L@Y]GVLS;VLS<WKHQEHJLQ
=UXV.RUL
VLS3LV
%80
HQG
HOVHLIN>L@<WKHQ=UXV.RUL
8SUDF
HQG
,PDJH5HSDLQW
HQG
ĆDOãLH]DGDQLD]PLQXOpKRURNXQiMGHWHQDVWUiQNH=DGDQLD
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
7HVW]3URJUDPRYDQLDSUHURþQtNãNURN
'DQpV~WULDULWPHWLFNpYêUD]\YSRVWIL[RYRP]iSLVHDWULYSUHIL[RYRP]iSLVH
.DåGpPXSRVWIL[RYpPXYêUD]X]RGSRYHGiSUiYHMHGHQSUHIL[RYê]iSLV1iMGLWHWLHWRGYRMLFH
1DVOHGXM~FDSURFHG~UDY]RVWXSQHXWULHGLSUYN\UDGXTSULþRPYSDUDPHWULQGRVWiYDPRPHQWiOQXGĎåNX
UDGX
SURFHGXUHWULHGT4XHXHQLQWHJHU
YDU
SUSUYRN
LMLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
TVHUYHS
IRUM WRQLGREHJLQ
TVHUYHS
LISSWKHQTDSSHQGS
HOVHEHJLQTDSSHQGSS SHQG
HQG
TDSSHQGS
IRUM WRLGREHJLQ
TVHUYHSTDSSHQGS
HQG
HQG
HQG
2P\ORPVDYSURJUDPHQLHNWRUpLGHQWLILNiWRU\UQDKUDGLOLLGHQWLILNiWRURPS2SUDYWHSURJUDP
=DGHILQRYDOLVPHSRO\PRUIQpSROHSNWRUpP{åHREVDKRYDĢLQãWDQFLHWULHG\7%RGUHVSRGQHM
RGYRGHQêFKW\SRY76WYRUHFDOHER7.UXK7ULHGD7%RGREVDKXMHOHQGYHVWDYRYpSUHPHQQp[D\D
NRQãWUXNWRU&UHDWHVGYRPDFHORþtVHOQêPLSDUDPHWUDPLQDLQLFLDOL]RYDQLHVWDYRYêFKSUHPHQQêFK
1HGRSDWUHQtPV~YSROLQLHNWRUpLQãWDQFLHWULHG\7%RGLGHQWLFNpDSUHWRLFKFKFHPHQDKUDGLĢNySLRX
SUtVOXãQpKRREMHNWXDE\EROLYãHWN\LQãWDQFLHYSROLU{]QHSUHPHQQpYLHPHåHLQãWDQFLHV~YODVWQH
VPHUQtN\GRG\QDPLFNHMSDPlWL,QãWDQFLHRGYRGHQêFKWULHG76WYRUHFD7.UXKQiVQH]DXMtPDM~WLHWR
QHFKFHPHNRQWURORYDĢDQLPHQLĢ'RSOĖWHSURJUDP
YDU
SDUUD\RI7%RG
IRUL WRBBBBBBBBBBBBBGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQEHJLQ
M L
ZKLOHM KLJKSDQGBBBBBBBBBBBBBBBGR
LQFM
LIM KLJKSWKHQ
S>BBBBBB@ BBBBBBBBBBBBBBBBBBBBBBBB
HQG
'DQiMHUHNXU]tYQDUHĢD]FRYiIXQNFLD
D=LVWLWHNRĐNRNUiWVDREMDYtFLIUD
YRYêVOHGNXSUHWHVW
E9\KRGQRĢWHLQIL[RYêDULWPHWLFNêYêUD]NWRUêY]QLNQH]WHVW
=DGHILQRYDOLVPHWULHGXPQR]LQDNWRUiXPRåQtSUDFRYDĢVGiWRYRXãWUXNW~URXPQRåLQDPQRåtQ3UYNDPL
WDNHMWRPQRåLQ\EXG~OHQSRGPQRåLQ\PQRåLQ\>@9Q~WRUQHMHWiWRPDOiPQRåLQD0UHSUH]HQWRYDQi
þtVORP&RGGRWDNåHLW\ELWELQiUQHKR]iSLVX&KRYRUtRSUtWRPQRVWLþtVODLYPQRåLQH02SUDYWH
SURJUDP
W\SH
PQ VHWRI
PQR]LQD FODVV
PVHWRIE\WH
FRQVWUXFWRU&UHDWHRYHUULGH
SURFHGXUHSULGDMSPQYLUWXDORYHUULGH
SURFHGXUHY\KRGSPQ
IXQFWLRQMHSPQERROHDQ
SULYDWH
IXQFWLRQSUHURESPQE\WH
HQG
FRQVWUXFWRUPQR]LQD&UHDWHRYHUULGH
EHJLQ
P >@
HQG
SURFHGXUHPQR]LQDY\KRGSPQ
EHJLQ
BBBBBBBBBBBBBBBBBBBBBBBBB
HQG
SURFHGXUHNUHVOL[\YLQWHJHU
YDU
44XHXH
EHJLQ
4 4XHXH&UHDWH
UHSHDW
LIY!WKHQEHJLQ
J0RYH7R[\J/LQH7R[Y\Y
4DSSHQG[Y\YYGLY
J0RYH7R[\J/LQH7R[Y\Y
4DSSHQG[Y\YYGLY
HQG
LI4HPSW\WKHQEUHDN
4VHUYH[\Y
XQWLOY
4IUHH
HQG
3URFHG~UX]DYROiPHVWêPLWRSDUDPHWUDPLNUHVOL
D1DNUHVOLWHSULEOLåQêREUi]RNY\WYRUHQêWRXWRSURFHG~URX
E9\SRþtWDMWHFHONRY~GĎåNXYãHWNêFKQDNUHVOHQêFKþLDUYLHPHåHVDXUþLWHQHSUHNUêYDM~.Y{OL
MHGQRGXFKRVWLXYDåXMHPHGĎåNX~VHþN\Y\WYRUHQHMSUtND]PL0RYH7R[\/LQH7R[Y\Y]DY
MHGQRWLHNQDPLHVWRSUHVQHMKRGQRW\Y
VTUW
'ROH[LNiOQHMDQDOê]\VPHSULGDOLFHORþtVOHQpNRQãWDQW\]DGDQpYãHVWQiVWNRYHMV~VWDYH2SUDYWHþDVĢ
SURJUDPXDE\SUDFRYDONRUHNWQH
FDVH]RI
EHJLQ
OH[ FLVORKRG
ZKLOH]LQ>
$
I
@GREHJLQ
]QDN
LI]
WKHQKRG KRGRUG]
HOVHLI]
D
WKHQKRG KRGRUG]
HOVHKRG KRGRUG]
KRG KRG
HQG
HQG
1DVOHGXM~FDþDVĢSURJUDPXSUDFXMHVWH[WRYêPLV~ERUPL3UHGSRNODGiPHåHQD]DþLDWNXXåPDM~
YãHWN\SULUDGHQpQHMDNpI\]LFNpV~ERU\$VVLJQ)LOH9VWXSQêV~ERUNWRUêMHRWYRUHQêDNRW>@PiQD
]DþLDWNXULDGNRYSULþRPNDåGê]QLFKREVDKXMHSUiYHMHGQRþtVORSRUDGRYpþtVORULDGNDYV~ERUHWM
SRVWXSQHþtVOD=LVWLWHþREXGHREVDKRYDĢV~ERUW>@SRVNRQþHQtSURJUDPX
YDU
WDUUD\>@RI7H[W)LOH
UHVHWW>@IRUL WRGRUHZULWHW>L@
L Q
ZKLOHQRWHRIW>@GREHJLQ
UHDGOQW>@VZULWHOQW>L@V
L LPRGLQFQ
HQG
UHZULWHW>@IRUL WRGRUHVHWW>L@
L
ZKLOHQ!GREHJLQ
ZKLOHHRIW>L@GRL LPRG
UHDGOQW>L@VZULWHW>@V
GHFQ
HQG
YDU
DDUUD\RIDUUD\RILQWHJHU
EPS7%LWPDS
6HW/HQJWKDBBBBBBBBBBBBBB
IRUL WREPSBBBBBBBBBBBBBBGREHJLQ
D>L@ QLO
IRUM WREPSBBBBBBBBBBBBGR
LIEPSBBBBBBBBBBBBBB!FO:KLWHWKHQEHJLQ
6HW/HQJWKDBBBBBBBBBBBBBBBB
D>BBBBBBBBBBBBBB@ M
HQG
HQG
'DQpMHSUYNRYpSROHSVPHUQtNRYQDFHORþtVHOQpSROLDWiWRãWUXNW~UDWYRUtGYRMUR]PHUQ~WDEXĐNX
SROHULDGNRYSULþRPULDGN\P{åXPDĢQDY]iMRPU{]QXGĎåNX9NDåGRPULDGNXMHREVDKRPQXOWpKR
SUYNXþtVORNWRUpXGiYDSRþHW]Y\ãQêFKSUYNRYWRKWRULDGNDWHGDEH]QXOWpKR1DVOHGXM~FDþDVĢ
SURJUDPXSRVWXSQHSUHFKiG]DYãHWN\ULDGN\SRĐDD]NDåGpKRY\KDG]XMHYãHWN\SUYN\NWRUêFKKRGQRWD
MHPHQãLDDNR9\KRGHQLHSUYNX]QDPHQiåHVDULDGRNSUtVOXãQHVNUiWLDXSUDYtWDNDE\REVDKRYDO
OHQVSUiYQHSUYN\-HPRåQpåHQLHNWRYWRPWRSURJUDPHQHMDNpVWULHãN\XEUDOUHVSSULGDO9ORåWH
FKêEDM~FHDY\]QDþWHQHVSUiYQHXPLHVWQHQpVWULHãN\7LHVWULHãN\NWRUpQDGDQRPPLHVWHQLHV~
FK\ERXQHFKDMWHWDN'HNODUiFLHQHRSUDYXMWH
W\SH
ULDGRN DUUD\>ZRUG@RILQWHJHU
SULDGRN AULDGRN
YDU
SDUUD\>@RISULDGRN
SLSULDGRN
IRUL WRGR
LISA>L@!QLOWKHQEHJLQ
Q S>L@>@AQQ Q
IRUM WRQGR
LIS>L@A>M@WKHQGHFQQ
LIQQ!QWKHQEHJLQ
JHWPHPSLAQQ
VL]HRILQWHJHU
SLA>@ QQN
IRUM WRQGR
LIS>LM@! WKHQEHJLQ
LQFNSLA>N@ SA>LM@
HQG
IUHHPHPS>L@S>L@A SLA
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
7HVW]3URJUDPRYDQLDSUHURþQtN
0iPHGDQpWLHWRGHNODUiFLHWULHG
W\SH
7%RG FODVVSURFHGXUHXUREHQG
7.UXK FODVV7%RGULQWHJHUSURFHGXUHXUREHQG
7(OLSVD FODVV7.UXKSURFHGXUHXUREHQG
76WYRUHF FODVV7%RGDLQWHJHUSURFHGXUHXUREHQG
DSRO\PRUIQpSROH
YDUSDUUD\RI7%RG
QDSULHNWRPXåHPHWyGDXUREQLHMHYLUWXiOQDFKFHPHDE\VDSUHNDåGêREMHNWVSXVWLOVSUiYQ\YDULDQW
SUH7.UXKD7(OLSVDFKFHPHNUHVOLĢOHQDNU!UHVSSUH76WYRUHFD!
'RSOĖWHFKêEDM~FHþDVWLQHGRSĎĖDMWHåLDGQHEHJLQDHQG
0iPHGDQpSROHG\QDPLFNêFKSROtUHĢD]FRY
YDUWDUUD\>
D
]
@RIDUUD\RIVWULQJ
'RWRKRWRSRĐDSRWUHEXMHPHSULGiYDĢQRYpUHĢD]FHDWRWDNåHVDSR]ULHPHQDSUYpStVPHQR
SULGiYDQpKRUHĢD]FDDDNMHWRPDOpStVPHQRRG
D
GR
]
SULGiPHWHQWRUHĢD]HFGRSUtVOXãQpKRSUYNX
SRĐDWGRW>
D
@SULGiYDPHUHĢD]FH]DþtQDM~FHStVPHQRP
D
GRW>
E
@UHĢD]FH]DþtQDM~FHStVPHQRP
E
DWć.DåGêSUYRNSRĐDWREVDKXMHG\QDPLFNpSROHUHĢD]FRYQRYpUHĢD]FHSULGiYDPHGRWêFKWRSROtQD
NRQLHFDNRQRYêSUYRNWMSUYêUHĢD]HF]DþtQDM~FLStVPHQRP
D
EXGHYW>
D
@GUXKêYW>
D
@DWć0iPH
GDQ~SURFHG~UXNWRUiPiSULGiYDĢGRWRKRWRSRĐDQDUD]YLDFUHĢD]FRYSULþRPMHMYVWXSQêSDUDPHWHUMH
RWYRUHQpSROHUHĢD]FRYQDSUE\PDORIXQJRYDĢSULGDM>
DEF
[\]
DKRM
@=R]iSLVXSURFHG~U\VDVWUDWLOL
YãHWN\]iWYRUN\>@^`DMþLDUN\
SURFHGXUHSULGDMVDUUD\1RIVWULQJ
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKVLGR
LIQRWVL
DQGQRWVLLQ
D
]
WKHQEHJLQ
6HW/HQJWKWVL/HQJWKWVL
WVLKLJKWVL VL
HQG
HQG
6SUiYQHLFKGRSOĖWHDQLþQHãNUWDMWH
0iPHGDQpGHNODUiFLHWULHGYNWRUêFKV~QHMDNpFK\E\9DãRX~ORKRXMHRSUDYLĢYãHWN\FK\E\DOHþRQLH
MHFK\ERXVDRSUDYRYDĢQHVPLH
W\SH
FODVV 7=YHU
SULYDWH
IYHOLQWHJHU
HQG
'DQêYêUD]YSRVWIL[HNWRUêREVDKXMHþtVHOQpNRQãWDQW\DMLGHQWLILNiWRU\SUHPHQQêFKWUHEDSUHStVDĢGR
SUHIL[RYpKRWYDUXDOHWDNDE\VDSULWRPY\KRGQRWLOLYãHWN\NRQãWDQWQpSRGYêUD]\
0iPHGDQpSROHVPHUQtNRYQDFHOpþtVOD
YDUDDUUD\>@RIALQWHJHU
YSROLMHXåSULUDGHQêFKU{]Q\FKG\QDPLFNêFKSUHPHQQêFKWDNåHLW\SUYRNREVDKXMHKRGQRWXLPRG
=LVWLWHþREXGHYSROLDSRVNRQþHQtWRKRWRF\NOX"
UHSHDW
E WUXH
IRUL KLJKDGRZQWRGREHJLQ
M
ZKLOHD>L@!QLODQGM KLJKDGR
LID>M@!QLODQGD>L@AD>M@APRG WKHQEHJLQ
GLVSRVHD>L@D>L@ QLOE IDOVH
HQG
HOVH
LQFM
HQG
XQWLOE
'RSURJUDPXMWHPHWyG\SUHWULHGXNWRUiUHDOL]XMHPQRåLQXQHXVSRULDGDQêFKGYRMtFY\PHQRYDQpKRW\SX
7$EF7MWDNiWRPQRåLQDP{åHREVDKRYDĢQHXVSRULDGDQpGYRMLFHQDSUDED[FFDSRG7RåH
V~WRQHXVSRULDGDQpGYRMLFH]QDPHQiåHVLEXGHPHSUHNDåGêSUYRN[\DXWRPDWLFN\XFKRYiYDĢDM
\[
W\SH
7$EF DEFGHIJKLMNOPQRSTUVWXYZ[\]
701 FODVV
PQDUUD\>7$EF@RIVHWRI7$EF
SURFHGXUHSULGDMSS7$EF
SURFHGXUHY\KRGSS7$EF
IXQFWLRQMHSUYRNSS7$EFERROHDQ
IXQFWLRQSRFHWLQWHJHURYHUORDG
IXQFWLRQSRFHWS7$EFLQWHJHURYHUORDG
HQG
SURFHGXUH701SULGDMSS7$EF
EHJLQ
PQ>S@ PQ>S@>S@
PQ>S@ PQ>S@>S@
HQG
SURFHGXUH701Y\KRGSS7$EF
EHJLQ
PQ>S@
HQG
IXQFWLRQ701SRFHWLQWHJHUSRþHWYãHWNêFKGYRMtFYPQRåLQH
YDU
EHJLQ
5HVXOW
IRUGR
IRUGR
5HVXOW
HQG
3URFHG~UDERGNUHVOtþHUYHQ~ERGNXĆDOHMMHGDQiUHNXU]tYQDIXQNFLD
SURFHGXUHUREQLQWHJHU
EHJLQ
N'RSUHGX
LIQ WKHQERG
HOVHEHJLQ
N9ODYRUREQ
N9SUDYRUREQ
N9ODYR
HQG
N'RSUHGX
HQG
D.RĐNRERGLHNVDQDNUHVOtSUHYRODQLHURE"
E3UHDNHQDMPHQãLHQVDQDNUHVOtDVSRĖþHUYHQêFKERGLHN"
1iMGLWHDVSRĖU{]QHYVWXSQpUHĢD]FHGĎåN\QDNWRUêFKWiWRIXQNFLDYUiWLWUXHDSULWRPREVDKXMH
DVSRĖ]QDN\
D
DM
E
DM
F
YDUSLQWHJHUSMHSRþtWDGOR]iVDKRY
[\73RLQWVWUHGNUXåQLFH
J7&DQYDV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
/DEHO&DSWLRQ
S
J ,PDJH&DQYDV
J3HQ&RORU FO5HG
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP6HQGHU72EMHFW
EHJLQ
J)LOO5HFW,PDJH&OLHQW5HFW
[\ 3RLQWUDQGRPUDQGRP
J(OOLSVH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIWKHQH[LW
LQFS
ODEHO
HQG
1DVOHGXM~FD~ORKDVDXåYWHVWHSUHQHGRVWDWRNPLHVWDQHREMDYLOD
9QHMDNHMG\QDPLFNHMSDPlWLVDQDFKiG]DSRVWXSQRVĢ]QDNRYêFKUHĢD]FRYYWHMWRSRVWXSQRVWLMHSUHG
VDPRWQêPUHĢD]FRP]DGDQiGĎåNDYEDMWRYRPFHORPþtVOHD]DQtPQDVOHGXMHSUtVOXãQêSRþHW
]QDNRYYãHWN\UHĢD]FHV~YGDQHMSDPlWLWHVQH]DVHERX0iPHGDQ~IXQNFLXUR]NRGXMNWRUiYãHWN\
WLHWRUHĢD]FHY\WLDKQHGRG\QDPLFNpKRSRĐDUHĢD]FRY)XQNFLDGRVWiYDYMHGQRPSDUDPHWULVPHUQtNQD
G\QDPLFN~SDPlĢDWLHåGĎåNXWHMWRSDPlWL'RSOĖWHFKêEDM~FHþDVWL
W\SH
UHWD]FH DUUD\RIVWULQJ
$%.9,
EODKR#IPSKXQLEDVN
6N~ãND]SURJUDPRYDQLD
=DGDQLD~ORK
WHUPtQVN~ãN\ V~ERU\NXVN~ãNH
WHUPtQVN~ãN\ V~ERU\NXVN~ãNH
WHUPtQVN~ãN\ V~ERU\NXVN~ãNH
WHUPtQVN~ãN\ V~ERU\NXVN~ãNH
WHUPtQVN~ãN\ V~ERU\NXVN~ãNH
WHUPtQVN~ãN\ V~ERU\NXVN~ãNH
WHUPtQVN~ãN\ V~ERU\NXVN~ãNH
WHUPtQVN~ãN\ V~ERU\NXVN~ãNH
RSUDYQêWHUPtQVN~ãN\ V~ERU\NXVN~ãNH
%RGRYDFLDWDEXĐND]RVHPHVWUD
SRVOHGQi]PHQD
M~Q
FYLþHQLH
SUHGQiãNDÒYRGGRSURVWUHGLD'HOSKL
SUHGQiãND2EMHNW.RU\WQDþND.RU8QLWSDV.RU8QLW]LS
FYLþHQLH
SUHGQiãND3RGPLHQN\DSURFHG~U\
SUHGQiãND7H[WRYpV~ERU\
FYLþHQLH
SUHGQiãND3DUDPHWUHSURFHG~UDIXQNFLH
SUHGQiãND3ROLDD]QDNRYpUHĢD]FH
FYLþHQLH
SUHGQiãND3UiFDVUHĢD]FDPLYLDFUR]PHUQpSROLD
SUHGQiãND7\S]i]QDPWDEXĐN\Y\KĐDGiYDQLH
FYLþHQLH
SUHGQiãND9\PHQRYDQêW\SW\SPQRåLQDVNHQHU
SUHGQiãND5HNXU]LD
FYLþHQLH
SUHGQiãND3UiFDVP\ãRXDVQLHNWRUêPLNRPSRQHQWPL
SUHGQiãNDýDVRYDþWDEXĐNRYêNRPSRQHQWELWPDS\
FYLþHQLH
SUHGQiãNDÒYRGGR2EMHNWRYR2ULHQWRYDQpKR3URJUDPRYDQLD
SUHGQiãND3URJUDPRYpMHGQRWN\G\QDPLFNpDRWYRUHQpSROLD
FYLþHQLH
SUHGQiãND3URJUDPRYiMHGQRWND.RU8QLW
SUHGQiãND3RXåLWLH]iVREQtNDUDG
FYLþHQLH
SUHGQiãND3RO\PRUIL]PXV
SUHGQiãND3RO\PRUIQpNRU\WQDþN\
FYLþHQLH
SUHGQiãND.OiYHVQLFD'\QDPLFNpSUHPHQQp
SUHGQiãND6PHUQtN\3UiFDVELWPDSRX
FYLþHQLH
SUHGQiãND-HGQRGXFKiDQLPiFLD
FYLþHQLH
SUHGQiãND9]RURYpULHãHQLH~ORK]RVN~ãN\
7HVW]3URJUDPRYDQLDSUHURþQtN!!!9êVOHGN\WHVWX
V~ERUREUD]N\]LSNSUHGQiãNH.%
V~ERUELWPDS\]LSNSUHGQiãNH.%
>3UDYLGOi@>6N~ãND@>)DQDWLFL@>3URMHNW\@>%RGRYDQLH@
>+RPHSDJH@>(PDLO@>%RUODQG@>1HNUDGXF]@
*UDSKLFVE\+H\<RX
FYLþHQLH
~ORK\]SULMtPDþLHN
9DULDQW$
3ULMtPDFLHSRKRYRU\]LQIRUPDWLN\
'DQiþDVĢSURJUDPXSUDFXMHVQSUYNRYêPFHORþtVHOQRPSRĐRPDþtVHO]PQRåLQ\^`
N V P
IRUL WRQGR
EHJLQ
V VD>L@N N
ZKLOHV!GR
EHJLQN NV VD>LN@HQG
LIV WKHQ
LIN!PWKHQP N
HQG
ZULWHOQP
D=LVWLWHþRY\StãHWHQWRSURJUDPDNQ DSROHDPiKRGQRW\
E1DYUKQLWHSUYNRYpSROHþtVHO]PQRåLQ\^`WDNpDE\SURJUDPY\StVDOþtVOR
9P~]HXYêSRþWRYHMWHFKQLN\VPHREMDYLOLKLVWRULFN~FHORþtVHOQ~NDONXODþNXNWRUiDåQDGYHWODþLGOi
Y{EHFQHIXQJXMH-HGQRWODþLGORPiR]QDþHQLH>
@DSRMHKR]DWODþHQtVDþtVORQDGLSOHMLY\QiVREt
'UXKpWODþLGOR>@]QtåLþtVORQDGLVSOHMLRDOHLEDDNMHYlþãLHDNR
D1D]DþLDWNXMHQDGLVSOHMLþtVOR$NRGRVLDKQHPHQDþRQDMPHQãtSRþHWVWODþHQtþtVOR"
E1D]DþLDWNXMHQDGLVSOHMLþtVOR.RĐNRU{]Q\FKYêVOHGNRYVDGiGRVLDKQXĢQDGLVSOHMLDNSlĢNUiW
SRVWXSQHVWODþtPHQHMDNp]WODþLGLHO>
@DOHER>@GR~YDK\EHULHPHOHQþtVODNWRUpVDGRVLDKOLSR
SLDWRPVWODþHQtWODþLGOD"
9SR]QiPNDFKMHGQpKRSURJUDPiWRUDVDQDãLHO~U\YRNSURJUDPXY]DEXGQXWRPSURJUDPRYDFRP
MD]\NX$3RGDULORVDQiPUR]O~ãWLĢWLHWRSUDYLGOiMD]\NDYãHWN\LQãWUXNFLHVDVNODGDM~]WURFKþDVWt
❍NyGXRSHUiFLH SULUDGHQLH
FHORþtVHOQpGHOHQLH]Y\ãRNSRFHORþtVHOQRPGHOHQt!WHVW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFÞWPE
QDQXOX
❍SUHPHQQHMVNWRURXVDY\NRQiRSHUiFLD
VNRNX
1LHNWRUpLQãWUXNFLHQDY\ãH]DþtQDM~QiYHVWtPQDVNRNþtVOR]DNWRUêPMHGYRMERGNDR]QDþXMHPLHVWR
YSURJUDPHQDNWRUpEXGHPRåQpVNRþLĢLQãWUXNFLRXWHVWXQDQXOX
1DSU[]QDPHQiåHN[VDSULþtWD![]QDPHQiåHDN[VDQHURYQiWDNSURJUDPSRNUDþXMH
QDQiYHVWt
0iWHGDQêQDVOHGXM~FLSURJUDPYMD]\NX$
\ ][ X]X\X X]XX\X]!]\
D=LVWLWHþREXGHYSUHPHQQHM\DNYSUHPHQQHM[ERORQD]DþLDWNXþtVOR
E=LVWLWHNRĐNRH[LVWXMHU{]Q\FKSlĢFLIHUQêFKþtVHO[]ORåHQêFKOHQ]FLILHUNDåGiFLIUDVD
PXVtY\VN\WQ~ĢSUiYHUD]DE\SURJUDPVNRQþLOVKRGQRWRXYSUHPHQQHM\
3UHGSRNODGDMPHåHYSURJUDPRYDFRPMD]\NXPiPHGHILQRYDQ~SURFHG~UXGDMVWURPDSDUDPHWUDPLU
VDKNWRUiGRãSHFLiOQHMGYRMUR]PHUQHMWDEXĐN\FHOêFKþtVHO]DStãHGRUWpKRULDGNXDVWpKRVWĎSFD
MHGQRþtVORK5LDGN\DMVWĎSFHþtVOXMHPHRG9SURJUDPRYDFRPMD]\NXXåQHPiPHćDOãLXSURFHG~UX
QDSUHþtWDQLHKRGQRW\]RåLDGQHKRSROtþND
1DStãWHSURJUDPNWRUêW~WRWDEXĐNX]DSOQtþtVODPLOHQVSRXåLWtPSURFHG~U\GDMSRGĐDQDVOHGXM~FHKR
QiYRGX
DYSUYRPULDGNXDYSUYRPVWĎSFLEXG~RVWDWQpSROtþNDV~]DWLDĐSUi]GQH
ENDåGpLQpSROtþNRMHV~þWRPVXVHGQpKRSROtþNDQDGVHERXDVXVHGQpKRSROtþND]ĐDYD
=DSOĖWHSUYêFK1ULDGNRYD1VWĎSFRYWDEXĐN\SULþRPQHVPLHWHSRXåLĢåLDGQHSRPRFQpSROLD+RGQRWD
1MHNRQãWDQWDSURJUDPXQDSU1 3RP{FNDYWDEXĐNHV~]DStVDQpþtVODSDVFDORYKRWURMXKROQtND
WYRULDKRNRPELQDþQpþtVOD
0{åHWHSRXåLĢĐXERYRĐQêSURJUDPRYDFtMD]\NNWRUêVWHSRXåtYDOLQDVWUHGQHMãNROH
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
1. prednáška: Úvod do prostredia Delphi
SUHGQiãND
ÒYRGGRSURVWUHGLD'HOSKL
3UHþRLGHPHSURJUDPRYDĢY'HOSKL
ƔYHĐPLQiP]MHGQRGXãXM~SURJUDPRYDQLH:LQGRZVDSOLNiFLHQDVWDUp'26DSOLNiFLHE\VPHPDOL
]DEXGQ~ĢSRVN\WXM~W]YYL]XiOQHSURJUDPRYDQLHY]KĐDGDSOLNiFLHSRG:LQGRZVP{åHPH]RVWDYRYDĢ
]SRQXN\NRPSRQHQWRYSULþRP'HOSKLQiPYHĐPLSRPiKDM~SUL]DþOHĖRYDQtNyGX
ƔXPRåĖXM~QiP]DþDĢSURJUDPRYDĢREMHNWRYêPSUtVWXSRP±MHWRPHWRGROyJLDEH]NWRUHMVDYV~þDVQRVWL
QH]DREtGHPHSULSUiFLYWtPHSULSUiFLVYHĐNêPLSURMHNWPLSULWYRUEH:LQGRZVDSOLNiFLtDNHćXåQLþLQp
WDNSULSURJUDPRYDQtYURþQtNX
ƔQHPXVtPHPDĢREDY\åHSULREMHNWRYRPSURJUDPRYDQtEXGHNyG]E\WRþQHQHHIHNWtYQ\
❍SUHQDãHPDOpãNROVNpSURMHNW\GRULDGNRYWRDVLQHEXGHPDĢåLDGHQYê]QDP
❍SUHYlþãLHSURMHNW\VDSUDYGHSRGREQHYêUD]QH]YêãLSURGXNWLYLWDSURJUDPRYDQLDWDNåHWRPRåQp
VSRPDOHQLHVWRMt]DWR
❍QiãKODYQêFLHĐMHQDXþLĢVDHIHNWtYQHSURJUDPRYDĢPRGHUQêPLPHWyGDPLDQLHY\WYiUDĢþR
QDM~VSRUQHMãtNyG
ƔY'HOSKLVDSURJUDPXMHPRGHUQêPSURJUDPRYDFtPMD]\NRP2EMHNWRYê3DVFDOWHQWRY\FKiG]D]7XUER
3DVFDOXDOH
❍SDVFDOVDYLQIRUPDWLFNHMNRPXQLWHSRYDåXMH]DHVSHUDQWRSURJUDPRYDFtFKMD]\NRY
❍MHLGHiOQ\MD]\NDNR~YRGQêSULY\XþRYDQtSURJUDPRYDQLD
❍NWRRYOiGDSDVFDOĐDKNRQHVN{USUHMGHQDLQpSURFHGXUiOQHSURJUDPRYDFLHMD]\N\
Ɣ'HOSKLSRVN\WXM~YHĐPLGREUpODGLDFHSURVWULHGN\
=þRKRVDVNODGiSURVWUHGLH'HOSKL
WDNWR
DVNODGiVD]WêFKWRþDVWt
ƔKRUQêSDQHONWRUêREVDKXMHPHQXOLãWXSRYHORYDOLãWXNRPSRQHQWRY
Ɣ]ĐDYDMHLQãSHNWRUREMHNWRYVNWRUêPVDQDXþtPHSUDFRYDĢQHVN{UXPRåĖXMHPHQLĢU{]QHSDUDPHWUH
SRXåLWêFKNRPSRQHQWRYQDIRUPXOiUL
Ɣ]Y\ãRN]DEHUiIRUPXOiUDHGLWRYDFLHRNQR
$NRY\WYRUtPHQRYêSURMHNW
YR)LOHPHQX]YROtPH1HZ$SSOLFDWLRQ
Ɣ
❍'HOSKLY\WYRULDQRYêSURMHNWV~ERU3URMHFWGSU
:LQGRZVRNQRNWRUpMH]DWLDĐSUi]GQHDOHQHVN{UVHPEXGHPHXNODGDĢU{]QHNRPSRQHQW\DNR
WODþLGOiREUi]N\WH[W\HGLWRYDFLHRNLHQNDDSRG1DIRUPXOiU'HOSKLSRXåLMHV~ERUVSUtSRQRXGIP
QDSU8QLWGIP
❍9\WYRUtVDHãWHMHGHQYHĐPLG{OHåLWêV~ERUEXGHREVDKRYDĢVDPRWQêSRSLVSURJUDPXNWRUêEXGH
QLHþRURELĢVIRUPXOiURP1D]DþLDWNXWHQWRSURJUDPVNRURQLþQHREVDKXMHGHOSKLVHP
DXWRPDWLFN\GDORPLQLPiOQXLQIRUPiFLXNWRUiMHSRWUHEQiDE\EROSURMHNWNRPSOHWQê6~ERUV
SDVFDORYVNêPSURJUDPRPPiSUtSRQXSDVQDSU8QLWSDV
❍.HćNOLNQHPHQLHNDPGRHGLWRYDFLHKRRNQDWUþtSRGIRUPXOiURPREMDYtVDPRPHQWiOQ\REVDK
SURJUDPX
Ɣ0RPHQWiOQHYãHWN\WULV~ERU\H[LVWXM~OHQYSDPlWLSRþtWDþDDWUHEDLFKXORåLĢQDGLVN
❍1DXNODGDQLHV~ERURY])LOHPHQX]YROtPH6DYH3URMHFW$VDXUþtPHDGUHViUNDPVDPiSURMHNW
XORåLĢ2GSRU~þDPHNDåGêSURMHNWXNODGDĢGRVDPRVWDWQpKRSRGDGUHViUX3ULXNODGDQtP{åHPH
]PHQLĢPHQRSURMHNWXDMPHQRSURJUDPXNIRUPXOiUXPRPHQWiOQH8QLWSDVQDSUQDPRM7HVWSDV
Ɣ3URMHNWVS~ãĢDPHSRYHORP5XQ]PHQX5XQDOHDVLVLUêFKOR]Y\NQHWHQDNOiYHVRY~VNUDWNX)
Ɣ7HUD]SURMHNWEHåtREMDYtVDSUi]GQHRNQRSURMHNWXNRQþtPHNOiYHVRP$OW)DOHERX]DYUHWtPDSOLNiFLH
-HGQRGXFKiJUDILND
=DþQHPHYHĐPLMHGQRGXFKRXJUDILNRXYJUDILFNHMSORFKHYHĐNRVWLDVSRĖ[EXGHPHSRPRFRXJUDILFNpKR
SHUDNUHVOLĢQHMDNpJHRPHWULFNp~WYDU\1iãSUYêSURJUDPGRJUDILFNHMSORFK\QDNUHVOtREGĎåQLN
'RSUi]GQHKRIRUPXOiUXSRORåtPHJUDILFN~SORFKXDMHGQRWODþLGOR
Ɣ
ƔDNRJUDILFNiSORFKDQiPSRVO~åLNRPSRQHQW,PDJH]SDOHW\NRPSRQHQWRY$GGLWLRQDO
ƔSRGREQHY\EHULHPHWODþLGOR%XWWRQ]RâWDQGDUGQHMSDOHW\
❍DNRP\ORPGRIRUPXOiUXYORåtWHNRPSRQHQWNWRUêWDPPDĢQHFKFHWHMHGQRGXFKRQDĖQDMSUYNOLNQLWH
P\ãRXDSRWRPKR]UXãtWHNOiYHVRP'HO
Ɣ3R]ULPHVDWHUD]GRHGLWRYDFLHKRRNQD
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV
)RUPV
'LDORJV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 ')0`
HQG
Ɣ'RSURJUDPXSULEXGOLGYDQRYpULDGN\NWRUpGHILQXM~GYDQRYpSUYN\YQDãRPRNQH,PDJHJUDILFNi
SORFKDD%XWWRQWODþLGOR
Ɣ7HUD]QDSURJUDPXMHPHDNRVDEXGHVSUiYDĢSURJUDPNHćNOLNQHPHQDWODþLGORFKFHOLE\VPHDE\VDGR
JUDILFNHMSORFK\QDNUHVOLOLQHMDNpJUDILFNp~WYDU\
Ɣ'YRMNOLNQHPHYRIRUPXOiULQDWODþLGOR%XWWRQDYWHG\VDQiPYHGLWRYDFRPRNQHSULSUDYt~VHNSURJUDPX
GRNWRUpKRP{åHPHStVDĢSRVWXSQRVĢSUtND]RY7iWRSRVWXSQRVĢVDEXGHY\NRQiYDĢSRþDVEHKXSURJUDPX
YåG\SR]DWODþHQtWODþLGODNOLNQXWtQDWODþLGOR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
HQG
SULGiPHVHPMHGHQULDGRN
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV5HFWDQJOH
HQG
DSURJUDPVSXVWtPHNOiYHVRP)3RNOLNQXWtQDWODþLGOR%XWWRQVDYELHOHMJUDILFNHMSORFKHREMDYt
Ɣ
REGĎåQLN
Ɣ$E\VPHVLGREXG~FQD]MHGQRGXãLOLDVSUHKĐDGQLOL]iSLVQDãLFKSURJUDPRYQDPLHVWR,PDJH&DQYDV
QRYê~VHNSURJUDPXWXEXGHPHGHILQRYDĢSUtND]\NWRUpVDPDM~Y\NRQDĢSULLQLFLDOL]iFLL
IRUPXOiUXWMVN{UDNRVDIRUPXOiUREMDYt
❍VHPGRStãHPHJ ,PDJH&DQYDVSRWRPVDYUiWLPHRQLHNRĐNRULDGNRYY\ããLHDGRStãHPH
MHGHQULDGRNDMGRGHILQtFLHIRUPXOiUXJ7&DQYDV
Ɣ7HUD]FHOêSURJUDPY\]HUiQDVOHGRYQH
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV
)RUPV'LDORJV
6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SULYDWH
^3ULYDWHGHFODUDWLRQV`
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 ')0`
YDUJ7&DQYDV
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J5HFWDQJOH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
HQG
REGĎåQLNRYP{åHPHQDNUHVOLĢDMYLDFQDSUREGĎåQLN\SRGVHERX
Ɣ
EHJLQ
J5HFWDQJOH
J5HFWDQJOH
J5HFWDQJOH
HQG
ƔSUtND]\QDY]iMRPRGGHĐXMHPHERGNRþLDUNRX
ƔYãHWN\REGĎåQLN\EROLQDNUHVOHQpWHQNêPþLHUQ\PSHURPDEROLY\SOQHQpELHORXIDUERXDWULE~W\SHUDDM
YêSOQHP{åHPHPHQLĢWDNêPLWRSULUDćRYDFtPLSUtND]PL
EHJLQ
J5HFWDQJOH
J3HQ&RORU FO5HG
J5HFWDQJOH
J3HQ&RORU FO%OXH
J3HQ:LGWK
J%UXVK&RORU FO<HOORZ
J5HFWDQJOH
HQG
SUYêREGĎåQLNPiþLHUQ\REYRGGUXKêþHUYHQêDWUHWtPiKUXEêPRGUêREYRGDMHY\SOQHQêåOWRXIDUERX
Ɣ
ƔUH]HUYRYDQpVORYiEHJLQDHQGR]QDþXM~]DþLDWRNDNRQLHF~VHNXSDVFDORYVNpKRSURJUDPX
ƔćDOHMXNiåHPHSRXåLWLHMHGQRGXFKêFKSUHPHQQêFKDIRUF\NOX
YDULLQWHJHU
EHJLQ
IRUL WRGR
J5HFWDQJOHL
L
HQG
ƔWHQWRSURJUDPQDNUHVOtREGĎåQLNRY
ƔSUYêULDGRNYDULLQWHJHUGHILQXMHMHGQXFHORþtVHOQ~SUHPHQQ~P{åHQDGRE~GDĢKRGQRW\]
LQWHUYDOXWMFHORþtVHOQiDULWPHWLNDSDVFDOXSR]QiWLHWR
RSHUiFLH
GLYDPRG
ƔFHORþtVHOQpSUHPHQQp]DEHUDM~YSDPlWLSRþtWDþDEDMW\WMELWRY
ƔSUtND]IRUF\NOXYSDVFDOHPiYãHREHFQêWYDU
IRUULDGLDFDBSUHPHQQi YêUD]WRYêUD]GRSUtND]
ƔSUHULDGLDFXSUHPHQQ~SUHPHQQ~F\NOXIRUSODWt
❍SULUDGtVDMHMKRGQRWDDN~QDGRE~GDYêUD]
❍YêUD]VDY\KRGQRWtQD]DþLDWNXF\NOX
❍DNMHMHKRKRGQRWDPHQãLDDNRKRGQRWDYêUD]F\NOXVVDQHY\NRQi
❍DNMHYêUD] YêUD]F\NOXVSUHEHKQHSUiYHUD]
❍LQDNULDGLDFDBSUHPHQQiSUHFKiG]DUR]VDKRPKRGQ{WPHG]LYêUD]DYêUD]
❍PXVtE\ĢRUGLQiOQHKRW\SX]DWLDĐSR]QiPHOHQFHORþtVHOQêRUGLQiOQ\W\SLQWHJHU
❍MHMKRGQRWXSURJUDPiWRUYSULHEHKXF\NOXQHVPLHPHQLĢWMQHVPLHE\ĢQDĐDYHMVWUDQHåLDGQHKR
SULUDćRYDFLHKRSUtND]XSRþDVSUHFKRGXIRUF\NOX
❍SRVNRQþHQtF\NOXPiQHGHILQRYDQ~KRGQRWXR]QDþXMHPH
"
❍3R]QiPND3RVNRQþHQtF\NOXULDGLDFDSUHPHQQiQHPiKRGQRWXNWRU~QDGRE~GDYêUD]DQL
åLDGQXLQ~MHMSRGREQ~
ćDOãtSURJUDPXND]XMHDNRP{åHPHYF\NOHRSDNRYDĢYLDFSUtND]RYX]DYULHPHLFKPHG]LEHJLQDHQG
Ɣ
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO%OXH
IRUL WRGR
EHJLQ
J0RYH7RL
J/LQH7R
LL
HQG
HQG
W~WRþDVĢSURJUDPXP{åHPH]DStVDĢDMYLQRPQDIRUPiWRYDQtWHQWRVDEHåQHMãLHSRXåtYDY'HOSKL
Ɣ
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO%OXH
IRUL WRGREHJLQ
J0RYH7RL
J/LQH7R
LL
HQG
HQG
GRSOQtPHYêSLVWH[WXGRJUDILFNHMSORFK\SUtND]RP7H[W2XWNWRUêGRVWDQHV~UDGQLFHDQHMDNêWH[W
Ɣ
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO*UHHQ
IRUL WRGREHJLQ
J7H[W2XWL
,QW7R6WUL
J0RYH7RL
J/LQH7R
LL
HQG
HQG
SRXåLOLVPHãWDQGDUGQ~IXQNFLX,QW7R6WUNWRUi]FHOpKRþtVODY\UREtWH[WDE\VPHKRPRKOLY\StVDĢ
Ɣ
7H[W2XWYLHY\SLVRYDĢOHQ]QDNRYpUHĢD]FH
=KUQXWLHJUDILFNêFKSUtND]RYDDWULE~WRY
P{åHPH]PHQLĢSULUDćRYDFtPLSUtND]PL
❍J3HQ&RORU FO5HGQDVWDYtIDUEXSHUDQDþHUYHQ~
ŶćDOãLHPHQiIDULHEQDSUFO%ODFNFO:KLWHFO5HGFO%OXHFO<HOORZFO*UHHQ
❍J3HQ:LGWK QDVWDYtKU~ENXSHUD
❍J3HQ6W\OH SV'DVKQDVWDYtãWêONUHVOHQLDþLDUQDþLDUNRYDQêLQpãWêO\DNRSV6ROLG
QRUPiOQHþLDU\IXQJXM~OHQSUHKU~ENX
ŶSV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
ƔREGĎåQLNNWRUêVPHNUHVOLOLQD]DþLDWNXVDQHVNODGiOHQ]RþLDUDOHMHY\SOQHQêELHORXIDUERX3RGREQH
DNRVPHPHQLOLQDVWDYHQLDJUDILFNpKRSHUDP{åHPHPHQLĢDMQDVWDYHQLDSUHY\SĎĖDQLH
❍J%UXVK&RORU FO<HOORZQDVWDYtIDUEXYêSOQH
❍J%UXVK6W\OH EV9HUWLFDOQDVWDYtãUDIRYDQLHEV6ROLGMHQRUPiOQHY\SĎĖDQLH
EV&OHDU]QDPHQiREGĎåQLNEH]Y\SOQHQpKRYQ~WUD
ŶćDOãLHãWêO\EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
ƔSRGREQHDNRREGĎåQLNVDNUHVOtDMHOLSVDQDVWDYHQpDWULE~W\SHUDSUHREU\VDSDUDPHWUHYêSOQHSUHYQ~WUR
ãWYRUHFQDNUHVOtVDNUXK
ƔYêSLVWH[WRYpKRUHĢD]FD
DOHERIXQNFLDNWRUiY\WYiUDWH[WRYêUHĢD]HFQDSU,QW7R6WU
ƔSUHStVPR
❍J)RQW&RORU IDUED
❍J)RQW+HLJKW YHĐNRVĢYêãNDStVPHQ
❍J)RQW1DPH PHQRIRQWX
$ULDO
7LPHV1HZ5RPDQ
❍J)RQW6W\OH ãWêO
ŶKRGQRWRXMHQHMDNiSRGPQRåLQDPQRåLQ\>IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW@
QLHNRWUpãWDQGDUGQpIXQNFLHY3DVFDOH
ƔVLQFRV
ƔURXQGWUXQFDEV
ƔUDQGRP
Ɣ,QW7R6WU
ĆDOãLHG{OHåLWpLQIRUPiFLH
2GSRU~þDQpQDVWDYHQLDNRPSLOiWRUDPHQX3URMHFWSRORåND2SWLRQV
Ɣ
QH]DEXGQ~ĢSUHGVS~ãĢDQtPXNODGDĢVERU\QDGLVN±EHåLDFLSURMHNWP{åHYEXG~FQRVWL]KRGLĢ'HOSKLDOHER
Ɣ
V\VWpP
❍GiVDQDVWDYLĢ$XWRVDYHYPHQX7RROVSRORåND(QYLURQPHQW2SWLRQV
Ɣ6~ERU\SURMHNWX
❍'35WH[WRYêSDVFDORYVNêV~ERUSRSLVXMH]þRKRVDVNODGiSURMHNW
❍3$6SDVFDORYVNêSURJUDP
Ɣ3ULXORåHQtSURMHNWXDQHVN{UDMSRVS~ãĢDQtDSOLNiFLHVDþDVWREXG~DXWRPDWLFN\Y\WYiUDĢDMV~ERU\VLQêPL
SUtSRQDPL
❍5(6WHQWRV~ERUDNFKêEDWDNVDY\WYRUtDXWRPDWLFN\REVDKXMHOHQLNRQXDSOLNiFLH
❍'&8SUHORåHQiSURJUDPRYiMHGQRWND
❍(;(VSXVWLWHĐQêSURJUDP
Ɣ3R]RUSULSUHQiãDQtSURMHNWXGRLQpKRDGUHViUXDOHERQDLQêGLVNQHNRStUXMWHV~ERU\VSUtSRQRX'6.
SUDNWLFN\YiPVWDþtSUHQLHVĢ'35')03$6SUtSDGQH5(6YãHWNRRVWDWQpVDY\WYiUDNRPSLOiWRURP
SULþRPSUHQHVHQê'6.P{åHQDURELĢYHĐNpSUREOpP\
1HSRYLQQi'RPiFDÒORKD1'Ò
ƔãDFKRYQLFHSRPRFRX0RYH7RD/LQH7RUHVSSRPRFRX5HFWDQJOHY\SĎĖDQLHU{]Q\PLIDUEDPL
ƔS\UDPtGD]RãWYRUþHNRYWURMXKROQtNRY
ƔV~VWUHGQpNUXåQLFHPHG]LNUXåLDU{]Q\PLIDUEDPL
ƔSULHEHKIXQNFLHVLQUHVSLQêFKIXQNFLt
ƔQDSRþtWDþRFKY+D+MHQDLQãWDORYDQêDMGUXKêSURGXNWRG%RUODQGX&%XLOGHU±]MHGQRGXãHQHE\VD
GDORSRYHGDĢåHMHWR'HOSKLYNWRURPMHY\PHQHQê3DVFDO]D&3URVWUHGLHMHYHĐPLSRGREQp'HOSKL
3UHVN~PDMWH%XLOGHUD]LVWLWHNWRUpþDVWLV~WDNSRGREQpåHLPDVLUR]XPLHWH+ĐDGDMWHV~YLVORVWLDMY
SURJUDPRFK2EMHNWRYê3DVFDOD&
SRVOHGQi]PHQD
SUHGQiãND
2EMHNW.RU\WQDþND
1DXþtPHVDSUDFRYDĢVREMHNWRPNRU\WQDþNDEXGHPHSRXåtYDĢXQLW.RU8QLWSDV.RU8QLW]LS
ƔMHWRãSHFLiOQHJUDILFNpSHURNWRUpVDSRK\EXMHSRJUDILFNHMSORFKHSULþRPP{åH]DQHFKiYDĢ]DVHERX
VWRSXþLDUX
ƔNRU\WQDþNDVLRVHEHQHVLHQHMDN~LQIRUPiFLXQDSUNGHVDQDFKiG]DYURYLQHNWRUêPVPHURPMH
QDWRþHQiDNpPiQDVWDYHQpSHURþLMHSHUR]GYLKQXWp
ƔSRORKDNRU\WQDþN\P{åHE\Ģ]REUD]HQiQHMDNêPJHRPHWULFNêPWYDURPQDMþDVWHMãLH]HOHQêP
WURMXKROQtNRPWHQWRY\MDGUXMHMHMPRPHQWiOQXSRORKXDVPHUQDWRþHQLD
ƔNRU\WQDþNDPiSUHGGHILQRYDQpQHMDNpSRYHO\YlþãLQRXVO~åLDQD]PHQXSRORK\VPHUXDOHER
QDVWDYHQtSHUD
.HćEXGHPHFKFLHĢSUDFRYDĢVNRU\WQDþNRX
ƔQDMSUYPXVtPH]DGHILQRYDĢSUHPHQQ~W\SXNRU\WQDþNDQDSUYDUN.RU
ƔSRWRPPXVtPHY\WYRULĢRåLYLĢW~WRNRU\WQDþNXãSHFLiOQ\PGHOSKLSUtND]RP
N .RU&UHDWH
❍SRGREQHVDYGHOSKLY\WYiUDM~YãHWN\ZLQGRZVSUYN\QDSUJUDILFNiSORFKD7,PDJHWODþLGOR
7%XWWRQDWć
ƔRGWRKRWRPRPHQWXJUDILFNpSHURH[LVWXMHDP{åHPHKRULDGLĢSUtND]PLQDSUSUtND]RP
SUHPHQQHMNDERGNXSRGREQHDNRSUHSUtND]\SUHJUDILFN~SORFKXYPLQXOHMSUHGQiãNH
Ɣ3R]ULPHW~WRþDVĢSURJUDPXYNWRUHMNRU\WQDþNDQDNUHVOtãWYRUHFVRVWUDQRX
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWH
NXND]
IRUL WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
WDNWRWREXGHY\]HUDĢYJUDILFNHMSORFKH
Ɣ
.RU\WQDþLHSUtND]\
❍PiXNU\WêWYDUSHURMHVSXVWHQpDMHþLHUQHWHQNp
❍XKO\V~YVWXSĖRFKP{åXE\ĢDMQLHFHOpþtVOD
❍XKROMHQDVHYHURVWDWQpXKO\VDXUþXM~YVPHUHRWiþDQLDKRGUXþLþLHN
❍DQL[D\QHPXVLDE\ĢFHOpþtVOD
ƔN'RSUHGXGĎåNDBNURNX
❍QHPXVtE\ĢFHOpDQLNODGQpþtVOR
ƔN9SUDYRXKRO
ƔN9ODYRXKRO
ƔN=PHQ6PHUXKRO
❍NRU\WQDþNDQDVWDYtVYRMVPHUQDKRGQRWXXKRO
ƔN3+
❍SHURKRUH
ƔN3'
❍SHURGROH
ƔN=PHQ;<[\
❍DNMHSHURGROHWDNVDNUHVOtþLDUD
ƔN8ND]
❍NRU\WQDþNDVD]REUD]XMH]HOHQêPURYQRUDPHQQêPWURMXKROQtNRP
❍QHVN{UVDQDXþtPHPHQLĢMHMWYDUDMIDUEX
ƔN6NU\
ƔN=PHQ)3IDUED
❍IDUHEQiNRQãWDQWDFO%ODFNFO5HGFO%OXH
LQWHUYDOX!
ƔN=PHQ+3KU~END
❍ĐXERYRĐQpFHOpNODGQpþtVOR
*UDILFNiSORFKD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
ƔSRGREQHDNRQDPLQXOHMSUHGQiãNHYHĐNRVĢJUDILFNHMSORFK\]iYLVtRGYHĐNRVWLNRPSRQHQWX,PDJHQD
IRUPXOiUL
ƔEXGHPHSUHGSRNODGDĢåHMHYHĐNiDVSRĖ[
ƔQDUR]GLHORGãWDQGDUGQHMZLQGRZVJUDILN\PiNRU\WQDþLDJUDILNDLQDNQDVWDYHQpV~UDGQpRVL
KRGQRW\YSUDYRD\RYiRVPiNODGQpKRGQRW\QDKRUSUHVQHDNRYPDWHPDWLNH
❍WR]QDPHQiåH[RYpV~UDGQLFHYSORFKHV~]LQWHUYDOX!D\RYp]!
ƔPiPHNGLVSR]tFLLSUtND]]PD]NWRUê]PD]HREVDKJUDILFNHMSORFK\SULþRPNRU\WQDþNDRVWiYDQD
VYRMRPPLHVWH]PD]QLHMHNRU\WQDþtSUtND]QHStãHPHSUHGQHKRN
.RU\WQDþLDSURJUDPRYiMHGQRWNDXQLW
ƔDE\VPHPRKOLSUDFRYDĢVNRU\WQDþRXJUDILNRXDGHILQRYDĢVLYODVWQpNRU\WQDþN\PXVtPHVLSURMHNWY
'HOSKLãSHFLiOQHSULSUDYLĢVWLDKQLWHVLSULSUDYHQ~SURJUDPRY~MHGQRWNXXQLWQDSUiFXV
NRU\WQDþNDPL.RU8QLWSDV.RU8QLW]LS
ƔNHćEXGHWHFKFLHĢSUDFRYDĢVNRU\WQDþtPXQLWRPQDMSUYPXVtWHSUHNRStURYDĢWHQWRV~ERUGRDGUHViUD
NGHVDQDFKiG]DYiãSURMHNWDSRWRPPXVtPHGRV~ERUX8QLWSDVV~ERUYNWRURPMHGHILQRYDQp
VSUiYDQLHIRUPXOiUXSULGDĢMHGHQULDGRNQDMOHSãLH]DULDGRNVRVORYRPLPSOHPHQWDWLRQ
XVHV.RU8QLW
WHQWR]DEH]SHþtåH'HOSKLEXG~SR]QDĢNRU\WQDþLXJUDILNX3URJUDPRYiMHGQRWND.RU8QLWMHWLHå
SURJUDPYSDVFDOHDP{åHWHVLMXSUH]ULHĢDNMXRWYRUtWHSRPRFRX2SHQYPHQX)LOHQHVN{UVD
QDXþtPHSRUR]XPLHĢYlþãLQHNRQãWUXNFLtYWRPWRSURJUDPH
3UYpMHGQRGXFKpSURJUDP\
3UHGSRNODGiPHåHQDIRUPXOiULMHJUDILFNiSORFKDNRPSRQHQW,PDJHDWODþLGOR%XWWRQNWRUêPVD
Ɣ
EXGHVS~ãĢDĢQHMDNiDNFLDQDSUY\WYRUHQLHNRU\WQDþN\DQDNUHVOHQLHQHMDNpKRREUi]NX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WRGREHJLQ
NGRSUHGX
L
NYSUDYR
HQG
HQG
ćDOãtSUtNODGY\XåLMHYQRUHQpF\NO\
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
YDUN.RU
LMLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUM WRGREHJLQ
IRUL WRGREHJLQ
NGRSUHGX
NYODYR
HQG
NYSUDYR
HQG
HQG
ƔQDSULHNWRPXåHKQHćSRY\WYRUHQt&UHDWHNRU\WQDþN\VPHMX]REUD]LOLNXND]SULHEHKNUHVOHQLD
VPHQHPRKOLGREUHVOHGRYDĢOHERSUHEHKORYHĐPLUêFKOR
ƔYêSRþHWP{åHPHVSRPDĐRYDĢ
]QDPHQiSR]GUåDQLHVHNXQGX
❍DNQDĐXERYRĐQpPLHVWRSURJUDPXSULGiPHSULUDGHQLHVSRPDO þtVORþtVORPXVtE\ĢQHMDNp
FHOpþtVORWDNRGWRKRWRPRPHQWXVDY\NRQDQLHNDåGpKRNRU\WQDþLHKRSUtND]XSR]GUåt
SUtVOXãQêSRþHWPLOLVHN~QGWRWRþtVORP{åHPHSRþDVYêSRþWXPHQLĢ]QDPHQiEH]
SR]GUåDQLD
ƔXKO\DMGĎåN\QHPXVLDE\ĢFHOpþtVODKRFLVDNRU\WQDþNDQDREUD]RYNH]REUD]XMHYQHMDNRPUDVWUL
YDUN.RU
LMLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WRGREHJLQ
IRUM WRGRNGRSUHGX
IRUM WRGRNYODYR
HQG
HQG
9LDFNRU\WQDþLHN
ƔYSURJUDPHP{åHPHY\WYRULĢDULDGLĢDMQDUD]YLDFNRU\WQDþLHN
ƔGiPHLPU{]QHPHQiQDSUNNDSUHGNDåGêNRU\WQDþtSUtND]QDStãHPHSUtVOXãQpPHQRQDSU
NXND]QDSUtNODG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
YDUNN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
VSRPDO
IRUL WRGREHJLQ
NGRSUHGX
NGRSUHGX
NYSUDYR
NYSUDYR
HQG
HQG
ĆDOãLH~ORK\
]DXMtPDYiãSLUiOD
Ɣ
YDUN.RU
GLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUG WRGREHJLQ
NGRSUHGX
NYSUDYRGY\VN~ãDMWHNYSUDYRG
HQG
HQG
NUXåQLFDDNRSUDYLGHOQêXKROQtNVRVWUDQRX
Ɣ
YDUN.RU
QLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUQ WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
OXSHĖNYHWXMHY\WYRUHQê]GYRFKãWYUĢNUXKRY
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
YDUN.RU
LMQLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N=PHQ+3N=PHQ)3FO5HG
IRUL WRGREHJLQ
IRUM WRGREHJLQ
IRUQ WRGREHJLQ
NGRSUHGX
NYSUDYR
HQG
NYSUDYR
HQG
NYSUDYR
HQG
HQG
QDVOHGXM~FLSURJUDPNUHVOtYãHREHFQê1XKROQtN
Ɣ
FRQVW1
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WR1GREHJLQ
NGRSUHGX
NYSUDYR1
HQG
HQG
2EMHNWNRU\WQDþND
SUHPHQQpW\SX.RU\WQDþND7LHWRNRU\WQDþNRYpSUHPHQQpVDOtãLDRGRE\þDMQêFKSUHPHQQêFKWêP
åH
❍VLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYêFKSUHPHQQêFKQDSUSR]tFLDIDUED
WYDU
❍PDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUêFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYp
SUHPHQQpWDNêPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQ
NRU\WQDþN\SUHPHQQpW\SX.RU
❍PXVLDE\ĢY\WYRUHQpQLHGHNODURYDQpãSHFLiOQ\PVS{VRERP.RU&UHDWHDNêPVD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
WDNWRQHY\WYRULDQHVP~VDY{EHFSRXåtYDĢ
❍WDNêPWRSUHPHQQêPKRYRUtPH2%-(.7DW\SRP]NWRUêFKY\WYiUDPHREMHNW\QDSU.RU
SUHPHQQiJNWRUiERODLQãWDQFLRXWULHG\7&DQYDV
❍]DWLDĐVLRREMHNWRFKWUHED]DSDPlWDĢåHV~WRSUHPHQQpNWRUpP{åXYVHEHREVDKRYDĢYHĐD
VWDYRYpSUHPHQQp
Ŷ;6XU<VXUD6PHUXUþXM~PRPHQWiOQXSRORKXYSORFKHDQDWRþHQLHYVWXSĖRFK
Ŷ)3D+3QHV~LQIRUPiFLXRIDUEHSHUDDKU~ENHSHUD
PRPHQWiOQHVYRMHSHURVSXVWHQpGROH
❍QLHNWRUp]WêFKWRSUHPHQQêFKP{åHPHYSURJUDPHQRUPiOQHSRXåtYDĢVSUtSRQRXNQDSU
NVPHU NVPHUMHWRWRLVWpDNRNYSUDYR
NKS
NIS FO%OXH
❍VWDYRYpSUHPHQQp;6XUD<6XUP{åHPHPHQLĢOHQSRPRFRXPHWyGQDSU=PHQ;<DOHLFK
KRGQRWXP{åHPHSRXåtYDĢQDSU
=PHQ7YDU
ĆDOãLHNRU\WQDþLHSUtND]\
SRPRFQpSUtND]\
Ɣ3UHVXQ;<[\
❍SUHVXQLHNRU\WQDþNXGRERGX[\SULþRPQHNUHVOtþLDUXDMNHćPiVSXVWHQpSHUR
Ɣ9\SOQIDUED
❍Y\SOQtIDUHEQHRKUDQLþHQ~REODVĢSRGNRU\WQDþNRXGDQRXIDUERX
Ɣ3LVWH[W
❍Y\StãHGRSORFK\WH[W
❍Y\MDGUXMHDEVRO~WQ\XKROYVWXSĖRFKGRNWRUpKRE\VDPXVHODRWRþLĢNRU\WQDþNDDE\EROD
QDWRþHQiNERGX[\
❍QDMþDVWHMãLHVDSRXåLMHDNRN=PHQ6PHUN6PHURP[\
]PHQDWYDUX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
Ɣ=PHQ7YDUREU\V
❍REU\VMHSRVWXSQRVĢþtVHONWRUiSRSLVXMHSRVWXSQDNUHVOHQLHWYDUXNRU\WQDþN\
>XKROGĎåNDXKROGĎåNDXKROGĎåND@
❍SURJUDPVLSULNUHVOHQtREU\VXQDMSURWRþtYSUDYRRXKROQDNUHVOtþLDUXGĎåN\GĎåNDRSlĢVD
RWRþtRXKRODQDNUHVOtþLDUXGĎåN\GOåND
❍QDSU=PHQ7YDU>@ãWDQGDUGQêWURMXKROQtNRYêWYDU
❍Y\VN~ãDMWH=PHQ7YDU>@
Ɣ=PHQ)DUEX7YDUXIDUED
❍WYDUVDEXGHY\NUHVORYDĢ]DGDQRXIDUERX
Ɣ=PHQ+UXENX7YDUXKU~END
❍SUHKU~EN\!VDYêUD]QHVSRPDOtY\NUHVĐRYDQLHWYDUXNRU\WQDþN\
3UiFDVIDUEDPL
ƔXåVPHVD]R]QiPLOLVQLHNRĐNêPLVLWXiFLDPLNHćVPH]DGiYDOLQHMDN~IDUEXIDUEDSHUDIDUEDYêSOQH
IDUEDREU\VXGRWHUD]VPHSRXåtYDOLSUHGGHILQRYDQpNRQãWDQW\QDSUFO%ODFNFO5HGFO%OXHDSRG
ƔYR:LQGRZVVDIDUEDXUþXMHWURMLFRXþtVHONWRUpY\MDGUXM~YDNRPPQRåVWYHWUHEDQDPLHãDĢWUL
]iNODGQpIDUE\þHUYHQ~]HOHQ~DPRGU~DE\Y]QLNODåLDGDQiIDUEDPQRåVWYiWêFKWR]ORåLHNVD
]DGiYDM~FHOêPþtVORPRGGR
❍QDSUDNQDPLHãDPHþHUYHQHM]HOHQHMDPRGUHMY]QLNQHMDVQiPRGUiIDUED
❍þHUYHQHM]HOHQHMDPRGUHMMHþLHUQDYãHWN\]ORåN\SR]QDPHQiELHOX
❍þHUYHQHM]HOHQHMDPRGUHMY\UREtåOW~DSRG
ƔYR:LQGRZVVDWLHWR]ORåN\QD]êYDM~5HG*UHHQ%OXHWHGD5*%DY'HOSKDFKP{åHPHIDUE\
GHILQRYDĢDMSRPRFRXIXQNFLH5*%NWRUiGRVWiYDþtVODSRSLVXM~FH]DVW~SHQLH]ORåLHN
ƔY\PHQXMHPHYãHWN\XåLWRþQpSUHGGHILQRYDQpIDUE\SRH[SHULPHQWXMWHVQLPLXYiG]DPHLFK5*%
KRGQRW\
FO%ODFN 5*%
FO0DURRQ 5*%
FO*UHHQ 5*%
FO2OLYH 5*%
FO1DY\ 5*%
FO3XUSOH 5*%
FO7HDO 5*%
FO*UD\ 5*%
FO6LOYHU 5*%
FO5HG 5*%
FO/LPH 5*%
FO<HOORZ 5*%
FO%OXH 5*%
FO)XFKVLD 5*%
FO$TXD 5*%
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNKS
IRUL WRGREHJLQ
NIS 5*%
L
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
N3UHVXQ;<
IRUL WRGREHJLQ
NIS 5*%
L
L
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
N3UHVXQ;<
IRUL WRGREHJLQ
NIS 5*%UDQGRPUDQGRPUDQGRP
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
HQG
)RUPiWRYDQLHSURJUDPRY
ƔYlþãLQDSURIHVLRQiOQ\FKSURJUDPiWRURYMHYHĐPLFLWOLYiQDQDIRUPiWRYDQLHSURJUDPRYDYHĐPLþDVWR
SUYêSRKĐDGQDSURJUDPSUH]UDGtþLMHSURJUDPiWRU]DþLDWRþQtNDPDWpUDOHERVN~VHQHMãtSURJUDPiWRU
ƔMHX]QiYDQêFKQLHNRĐNRVS{VRERYIRUPiWRYDQLDSDVFDORYVNêFKSURJUDPRYDMHQLHNRĐNRSUDYLGLHO
NWRUpSODWLDVNRURSUHYãHWN\WLHWRãWêO\
❍SUtND]\NWRUpV~QDURYQDNHM~URYQLYQRUHQLDV~EXćQDWRPLVWRPULDGNXDOHER]DþtQDM~YWRP
LVWRPVWĎSFL
❍]iWYRUN\]ORåHQêFKSUtND]RYQDSUEHJLQDHQGDNQLHV~YMHGQRPULDGNX
ŶV~RGVDGHQpYWRPLVWRPVWĎSFL
ŶDOHEREHJLQMHQDNRQFLQDGUDGHQpKRSUtND]XDSUtVOXãQpHQGMH]DURYQDQpQD]DþLDWRN
QDGUDGHQpKRSUtND]XWDNWRV~StVDQpVNRURYãHWN\SUtNODG\YSUHGQiãNH
❍SRþHWPHG]LHURGVDGHQLHQD]DþLDWNXULDGNXE\PDOROLQHiUQHY\MDGURYDĢ~URYHĖYQRUHQLD
SUtND]XQDMþDVWHMãLHMHNDåGpćDOãLHYQRUHQLHRGVXQXWpRPHG]HU\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB0CKFLU,PSZUOBǁLB
]OpQDIRUPiWRYDQLHSURJUDPXVDSRYDåXMH]D]ORP\VHĐQRVĢDVO~åLOHQQDVNRPSLNRYDQLHþLWDWHĐQRVWL
Ɣ
SURJUDPXSR]ULWHVLSUHIRUPiWRYDQêSUHGFKiG]DM~FLSURJUDP
YDUN.RULLQWHJHUEHJLQ
N .RU&UHDWH
NKS
IRUL WRGREHJLQ
NIS 5*%
LNGRSUHGX
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
3. prednáška: Podmienky a procedúry
SUHGQiãND
3RGPLHQN\DSURFHG~U\
ORJLFNêYêUD]ORJLFNpKRGQRW\
ƔQDMþDVWHMãLHVO~åLQDYHWYHQLHYêSRþWXF\NOXVVSRGPLHQNRXQD]DþLDWNXDOHERQDNRQFLZKLOHUHSHDW
DOHERSUHSRGPLHQHQêSUtND]LI
ƔYåG\MHEXćSUDYGLYêDOHERQHSUDYGLYêPiMHGQX]GYRFKORJLFNêFKKRGQ{WWUXHDOHERIDOVH
ƔORJLFNpRSHUiWRU\QRWRUDQG[RU
ƔSUHFHQGHQFLHRSHUiWRURY]DWLDĐQLHV~YãHWN\
QRW XQiUQH
GLYPRGDQG PXOWLSOLNDWtYQH
±RU[RU DGLWtYQH
!! ! LQ UHODþQp
ƔNDåGêYêUD]VDY\KRGQRFXMH]ĐDYDGRSUDYD
:KLOHF\NOXV F\NOXVVSRGPLHQNRXQD]DþLDWNX
ƔYãHREHFQêWYDU
ZKLOHSRGPLHQNDGRSUtND]
ƔRWHVWXMHVDSRGPLHQNDDDNMHSUDYGLYiWUXHWDNVDY\NRQiSUtND]WMWHORF\NOXDFHOpVDWRRSDNXMH
F\NORP
ƔDNSRGPLHQNDEXGHPDĢVWiOHKRGQRWXWUXHWDNY]QLNQHQHNRQHþQêF\NOXV
ZKLOHWUXHGR
❍DNYWHOHF\NOXSRXåtYDPHQHMDNpNRU\WQDþLHSUtND]\WLHWRPDM~YVHEH]DEXGRYDQ~RFKUDQX
DE\XPRåQLOL:LQGRZVXNRQþLĢDM]DF\NOHQpSURJUDP\
❍DNQHNRQHþQêF\NOXVDOHERYHĐPLGOKRWUYDM~FLF\NOXVQHREVDKXMHãSHFLiOQXYVXYNXSUH
:LQGRZVWDNSRþDVF\NOXVDV\VWpPQHGRVWDQHNXVORYXDWêPVDQDSUQHGiDQL]KRGLĢEHåLDFL
SURJUDP
ŶP\Y.RU8QLWSDVSRXåtYDPHYRODQLH$SSOLFDWLRQ3URFHVV0HVVDJHV
ƔSRXåLWLHF\NOX
YDUN.RU
GLQWHJHU
EHJLQ
N .RU&UHDWH
NXND]
G
ZKLOHGGREHJLQ
NGRSUHGXGNYODYRY\VN~ãDMWHSUHU{]QHXKO\
G G
HQG
HQG
&KFHOLE\VPHY\OHSãLĢWHVWXNRQþHQLDF\NOXWDNDE\VNRQþLODNVDNRU\WQDþNDY]GLDOLRGDVSRĖR
Ɣ
N[VXUDN\VXUMHVS{VREDNR]LVWLĢMHMPRPHQWiOQHV~UDGQLFH
ZKLOHVTUWN[VXU
N[VXUN\VXU
N\VXUGR
ZKLOHVTUWVTUN[VXUVTUN\VXUGR
DOHERY\XåLMHPHNRU\WQDþLXIXQNFLXY]GNWRUiY\SRþtWDY]GLDOHQRVĢNRU\WQDþN\RG]DGDQpKRERGXY
URYLQH
G
ZKLOHNY]GGREHJLQ
NGRSUHGXGNYODYR
G G
HQG
)RUF\NOXVYODVWQHQHSRWUHEXMHPHOHERVDGiSUHStVDĢSRPRFRXZKLOH
QDSU
Ɣ
IRUL WRGRNGRSUHGXL
ƔP{åHPHSUHStVDĢSRPRFRXZKLOH
L
ZKLOHL GREHJLQ
NGRSUHGXL
L L
HQG
1iKRGQpSUHFKiG]N\
1HFKiPHNRU\WQDþNXGRQHNRQHþQDVDSUHFKiG]DĢSRREUD]RYNHQiKRGQHVDRWRþtRQHMDNêXKROD
Ɣ
YDUN.RU
EHJLQ
N .RU&UHDWHNXND]
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
HQG
HQG
.RU\WQDþNDYHĐPLUêFKORXMGH]SORFK\SUHþ3RN~VLPHVDSUHWRVWUiåLĢNRU\WQDþNXDE\QHY\ãOD]
Ɣ
QHMDNHMREODVWLWMDNDMY\MGHWDNMXLKQHćYUiWLPHVSlĢ3RXåLMHPHQRYêSUtND]YHWYHQLDLIPiGYD
YDULDQW\]DWLDĐWHQMHGQRGXFKãt
LISRGPLHQNDWKHQSUtND]
SRGREQHDNRZKLOHDNMHSRGPLHQNDVSOQHQiY\NRQiVDYQRUHQêSUtND]DNMHKRGQRWDSRGPLHQN\
QHSUDYGDWDNVDYQRUHQêSUtND]QHY\NRQiDOHSUHVNRþt
ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!WKHQNGRSUHGX
HQG
9\VN~ãDMWHVLQLHNRĐNRYDULDQWRYSRGPLHQN\DWUpQXMWHVLDMNRPELQiFLHSRGPLHQRNSRPRFRX
Ɣ
ORJLFNêFKRSHUiWRURYDQGDRUWUHEDVLXYHGRPLĢåHSRGPLHQNDYWêFKWRSUtNODGRFKY\MDGUXMHåH
NRU\WQDþNDRSXVWLODVWUiåHQ~REODVĢWMåHMH]OHDWUHEDVDYUiWLĢ
❍NRVRãWYRUHF
LINY]G!DQGNY]G!DQGNY]G!
WKHQ
1'Ò
ƔPHVLDFDNRUR]GLHOGYRFKNUXåQtF
ƔVORYHQVNêGYRMNUtåDNR]MHGQRWHQLHWURFKREGĎåQLNRY
ƔHOLSVX
ƔSUHSURJUDPXMWHSUHGFKiG]DM~FHSUtNODG\WDNDE\NRU\WQDþNDQHY\VW~SLOD]RVWUiåHQHMREODVWLDWRWDN
åHVR]GYLKQXWêPSHURPRWHVWXMHNURNGRSUHGXDYUiWLVDVSlĢ$NWREROR2.WDNVSUDYtNURNVR
VSXVWHQêPSHURPLQDNQHUREtQLþDSRN~ãDVDtVĢLQêPVPHURP
ƔQDSURJUDPXMWHSDUDOHOQHNRU\WQDþN\NDåGiQHFKPiVYRMXFKUiQHQ~REODVĢPRåXNUHVOLĢDMLQRX
IDUERX
SULþRPNDåGiPiKUXEpSHURVIDUEDPLåOWiPRGUiD]HOHQiDSRK\EXM~VDNURNRPSUtS
3URFHG~U\SRGSURJUDP\
ƔMHWRSRPHQRYDQLHQHMDNpKRDOJRULWPXQHMDNHMþDVWLSURJUDPXVPRåQRVĢRXY\YRODĢW~WRþDVĢ
SRPRFRXSUtVOXãQpKRPHQD
ƔSRPRFRXSRGSURJUDPRYP{åHPHULHãLĢSUREOpPMHKRUR]GHOHQtPQDSRG~ORK\!ULHãHQLH]KRUDQDGRO
ƔY3DVFDOHP{åXE\ĢSRGSURJUDP\
❍SURFHG~U\
❍IXQNFLH±YUiWLDQHMDN~KRGQRWX
ƔPDM~YêKRGXåHV~YLDFQiVREQHSRXåLWHĐQp
ƔQHVN{UXYLGtPHDMUHNXU]LX
'HNODUiFLHSURFHG~U
SURFHGXUHPHQR
ORNiOQHGHNODUiFLHSUHSURFHG~UX
EHJLQ
WHORSURFHG~U\
HQG
3UtNODGY\WYRUtPHSURFHG~UXQDNUHVOHQLHãWYRUFD±YãLPQLPHVLåHYDUNNRUPXVtE\ĢGHNODURYDQp
Ɣ
HãWHSUHGSURFHG~URXDE\WiWRPRKODSUDFRYDĢVNRU\WQDþNRX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN.RU
SURFHGXUHVWYRUHF
YDULLQWHJHU
EHJLQ
IRUL WRGREHJLQ
NGRSUHGXNYSUDYR
HQG
HQG
EHJLQ
N .RU&UHDWHNXND]
VWYRUHF
N3UHVXQ;<
VWYRUHF
N3UHVXQ;<
VWYRUHF
HQG
$NRSUDFXMHSRþtWDþSULYRODQtSURFHG~U\
❍NHćVDREMDYtYSURJUDPHPHQRSURFHG~U\PXVHODE\ĢGHILQRYDQiYGHNODUiFLiFKLGHR
YRODQLHWHMWRSURFHG~U\WM
]DSDPlWiVDQiYUDWRYiDGUHVDNDPVDEXGHWUHEDYUiWLĢ
Y\WYRULDVDORNiOQHSUHPHQQpSURFHG~U\VQHGHILQRYDQRXKRGQRWRX^QHVN{UDMIRUPiOQH
SDUDPHWUH`
SUHQHVLHVDULDGHQLHSURJUDPXGRWHODSRGSURJUDPX
Y\NRQDM~VDYãHWN\SUtND]\SRGSURJUDPX
]UXãLDVDORNiOQHSUHPHQQp
ULDGHQLHVDYUDWL]DPLHVWRYSURJUDPHRGNLDĐEROSRGSURJUDPYRODQê
SUH3DVFDOSODWt
❍LQGHQWLILNiWRUVDP{åHSRXåtYDĢDåNHćEROGHNODURYDQê
SUHGSURJUDPRP ~URYHĖ
❍SUHGHILQRYDQLHMH]DNi]DQpQDWHMLVWHM~URYQLDOHSRYROHQpYRYQRUHQêFK~URYQLDFK
QDSUYDUUHDOLQWHJHU
❍LGHQWLILNiWRUMHYLGLWHĐQêOHQQDVYRMHM~URYQLDQDYãHWNêFKYQRUHQêFK~URYQLDFKNGHQLHMH
SUHGHILQRYDQê
❍GHILQRYDQpSURFHG~U\V~QDY\ããtFK~URYQLDFKDNRQiãSURJUDP±RQLYLGLDGHNODUiFLHWRKRWR
GHILQRYDQ~YWHMWRSURFHG~UHVWYRUHF
YGDQRPSURJUDPH
❍QD~URYQLV~YãHWN\ãWDQGDUGQpLGHQWLILNiWRU\DXQLW.RU8QLWWHGDDMW\S.RUSUHPHQQi
VSRPDODSRG
❍QD~URYQLMHGHILQtFLDIRUPXOiUX7)RUPDOHDM
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
GRNWRUHMStãHPHQiãSURJUDP
❍QD~URYQLMHSUHPHQQiNDSURFHG~UDVWYRUHF
❍QD~URYQLMHORNiOQDSUHPHQQiL
)RUPiOQHSDUDPHWUH
SULYRODQtSRGSURJUDPXPXP{åHPHSRVODĢQHMDNpKRGQRW\DE\VPHQHPXVHOLU{]QHãSHFLDOLWN\
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN.RU
YDUMLQWHJHUPRKROE\WRE\ĢDMLGHQWLILNiWRUL
EHJLQ
N .RU&UHDWHNXND]
M
ZKLOHM GREHJLQ
VWYRUHFMKRGQRWDYêUD]XMMHVNXWRþQêSDUDPHWHU
NYODYR
M M
HQG
HQG
3RGSURJUDPP{åHPDĢDMYLDFSDUDPHWURYEXćURYQDNpKRDOHERU{]Q\FKW\SRY
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUN.RU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
EHJLQ
N .RU&UHDWH
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
N3UHVXQ;<
SRO\
HQG
1'Ò
ƔQDStãWHSURFHG~UXGRPVSDUDPHWURPYHONRVWNWRUiQDNUHVOtGRPþHN]ORåHQêVRãWYRUFDD
URYQRVWUDQQpKRWURMXKROQtNDOHQSRPRFRXYRODQtSURFHG~U\SRO\åLDGQHGRSUHGXDQLRWiþDQLD
ƔQDStãWHGRPWDNDE\]DþDOYĐDYRPGROQRPURKXDVNRQþLOYSUDYRPGROQRPDSRPRFRXGRP
QDSURJUDPXMWHXOLFDNWRUiQDNUHVOtQQiKRGQHYHĐNêFKGRPRYYHGĐDVHED
Ɣ]DGHILQXMWHSURFHG~UXOXSHQNWRUiQDNUHVOtOXSLHQRN]ORåHQê]GYRFKãWYUĢNUXåQtF]DNUXåQLFX
P{åHPHSRYDåRYDĢQDSUSUDYLGHOQêXKROQtNDćDOHMSURFHG~UXNYHWNWRUiQDNUHVOtNYHW]ORåHQê]
QOXSLHQNRYQHMDNHMYHĐNRVWLDIDUE\
=iNODGQpMHGQRGXFKpW\S\
ĆDOHMEXGHPHSRWUHERYDĢURELĢSRO\DMSUHQLHFHOpKRGQRW\GĎåN\UHVSXKODQDSUSUHSUDYLGHOQêXKROQtN
0XVtPHWHGDSRXåtYDĢQRYêW\S±UHDO3DVFDOMHSUtVQHW\SRYêMD]\N
ƔNDåGiSUHPHQQiPXVtPDĢGRSUHGXXUþHQêVYRMW\SQHGiVDSRþDVEHKXPHQLĢ
ƔNDåGiRSHUiFLDSUDFXMHOHQVXUþLWêPW\SRPQDSUGLY
ƔH[LVXMHYêQLPNDDXWRPDWLFNiNRQYHU]LDLQWHJHU!UHDO
=KUĖPHGRWHUDMãLHSR]QDWN\RLQWHJHUDE\VPHOHSãLHSRFKRSLOLUHDO
,QWHJHU
ƔKRGQRW\V~]LQWHUYDOX
Ɣ]DEHUiEDMW\ ELWRYELW]QDPLHQNR
ƔGHILQRYQpV~DULPHWLFNpRSHUiFLH GLYPRGRELGYDRSHUDQG\V~FHOpþtVOD
ƔSULUDćRYDFtSUtND]QDRERFKVWUDQiFKFHOpþtVOD
ƔUHODþQpRSHUiFLH
ƔSUHGVXFFIXQNFLH
ƔLQFGHFSUtND]\
ƔãWDQGDUGQpIXQNFLHQDSUVTUDEV
ƔãHVWQiVWNRYpNRQãWDQW\QDSUH
5HDO
ƔþtVODY\MDGUHQpGHVDWLQQêP]iSLVRPDMVH[SRQHQWRP
ƔREVDKXMHGHVERGNXH[SRQHQWSULEOLåQH
ƔXNiåN\UHiOQ\FKþtVHO((
ƔSUHNDåGpþtVORQHYLHPHXUþLĢQDVOHGRYQpUHiOQHþtVOR
WMPHG]LDPRåQRH[LVWXMHþtVORQHPi]P\VHOQDVOHGRQtN
WMQHIXQJXMHSUHGDQLVXFF
ƔRSHUiFLHY\]HUDM~URYQDNRDOHV~WRLQpRSHUiFLHURELDVUHiOQ\PLþtVODPL
REDRSHUDQG\V~
UHiOQH
ƔDXWRPDWLFNiNRQYHU]LDNHćVDSULUHiOQHMRSHUiFLLY\VN\WQHFHORþtVOHQêRSHUDQGNRQYHUWXMHVDQD
UHiOQHþtVORQDSU
ƔDQDORJLFN\VUHODþQêPLDVSULUDGHQtPUHDO LQWHJHUDOHQLHLQWHJHU UHDO
ƔQHIXQJXMHDQLLQFGHF
ƔUHiOQHRSHUiFLHYHĐPLþDVWRPDM~FK\E\VS{VREHQpUHDOL]iFLRXYSRþtWDþL
ƔãWDQGDUGQpIXQNFLHQDSUVTUWVTUVLQFRVDEV
%RROHDQ
ƔNRQãWDQW\SUHGHILQRYDQpLGHQWLILNiWRU\NRQãWDQW\WUXHIDOVHDNRSUHGWêPGHILQRYDQpQDãH
NRQãWDQW\
ƔYSDPlWL EDMW
ƔRSHUiFLHDQGRUQRW[RU
ƔYãHWN\UHOiFLH]SUHGFKiG]DM~FLFKW\SRYLFKYêVOHGNRPMHORJLFNiKRGQRWD
ƔUHOiFLH
ƔSUHGVXFF
RSUDYHQiSURFHG~UDSRO\VUHiOQ\PLSDUDPHWUDPL
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUNNRU
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXGNYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
N .RU&UHDWH
IRUL WRGR
SRO\LLUHiOQHGHOHQLH
HQG
9LDFWODþLGLHODWODþLGORVYLDFVWDYPL
9SUtNODGHYNWRURPVPHGHPRQãWURYDOLSRXåLWLHSURFHG~U\SRO\VPHYLDFNUiWYRODOLW~WRSURFHG~UX
Ɣ
P{åHPHWRXURELĢDM]DGHILQRYDQtPYLDFHUêFKWODþLGLHOSULþRPSRGNDåGêPWODþLGORPEXGHNUHVOHQLH
LQpKR~WYDUXQDSU
YDUN.RU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N .RU&UHDWHNXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRO\
HQG
Ɣ3UREOpPNWRUêWXWUHEDY\ULHãLĢMHWHQåHE\VDQiPKRGLORDE\VDNRU\WQDþNDDXWRPDWLFN\Y\WYRULOD
SULãWDUWHSURJUDPXDQLHDåSR]DWODþHQtWDOþLGOD%XWWRQNDåGpWODþLGORE\PRKORPDĢVYRMX
NRU\WQDþNXDOHWRPiVYRMHQHYêKRG\
Ɣ3URFHG~UD)RUP&UHDWHPiWHQSUREOpPåHKRFLSRþDVMHMY\NRQiYDQLDXåH[LVWXM~YRIRUPXOiULYãHWN\
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
1DVWDY3ORFKX)RUP,PDJH
N .RU&UHDWHNXND]
HQG
(ãWHXNiåHPHDNRY\XåLĢMHGLQpWODþLGORNWRUpSRVWXSQHEXGHPDĢU{]QHIXQNFLHSRVWXSQHVDEXGH
Ɣ
PHQLĢVWDYWRKRWRWODþLGOD
YDU
VWDYLQWHJHU SUHPHQQiVWDYMHLQLFLDOL]RYDQiQD
N.RU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
NGRSUHGXGNYSUDYRX
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
LIVWDY WKHQEHJLQ
N .RU&UHDWHNXND]VWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQGHOVHLIVWDY WKHQEHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
ãWYRUHF
HQGHOVHLIVWDY WKHQEHJLQ
]PD]SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
HQGHOVHLIVWDY WKHQEHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PDå
HQGHOVHLIVWDY WKHQEHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQG
%XWWRQ(QDEOHG WUXH
HQG
YãLPQLWHVLVS{VREQDIRUPiWRYDQLDYQRUHQêFKSUtND]RYLIQLHNWRUtSURJUDPiWRULSUHIHUXM~WDNpWR
Ɣ
IRUPiWRYDQLHDMWRWREXGHPHSRYDåRYDĢ]DVSUiYQHIRUPiWRYDQLHSURJUDPRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
LIVWDY WKHQ
EHJLQ
N .RU&UHDWHNXND]VWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQG
HOVHLIVWDY WKHQ
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQG
HOVHLIVWDY WKHQ
EHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
ãWYRUHF
HQG
HOVHLIVWDY WKHQ
EHJLQ
]PD]SRO\VWDY
HQG
HOVHLIVWDY WKHQ
EHJLQ
SRO\VWDY
HQG
HOVHLIVWDY WKHQ
EHJLQ
SRO\VWDY
HQG
HOVHLIVWDY WKHQ
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PDå
HQG
HOVHLIVWDY WKHQ
EHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQG
%XWWRQ(QDEOHG WUXH
HQG
ƔYãLPQLWHVLåHSUHPHQQpNDMVWDYPXVLDE\ĢJOREiOQHLQDNNHE\EROLQLHNGHORNiOQHE\VD]DE~GDOD
LFKSUHGFKiG]DM~FDKRGQRWD
ƔSRXåLOLVPHQRYLQN\
❍%XWWRQ(QDEOHG IDOVH]DEORNXMHVDWODþLGOR
❍%XWWRQ&DSWLRQ
NUXåQLFD
]PHQtVDWH[WQDWODþLGOH
❍%XWWRQ(QDEOHG WUXHWODþLGORVDRGEORNXMH]QRYXVDP{åHWODþLĢ
ƔWRLVWp]DStãHPHHOHJDQWQHMãLHSRPRFRX]ORåHQpKRSUtND]XFDVHSRGĐDQHMDNHMKRGQRW\VDY\NRQi
MHGHQ]PRåQêFKSUtND]RYDOHERåLDGQ\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
FDVHVWDYRI
EHJLQ
N .RU&UHDWHNXND]VWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQG
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
KYLH]GD
HQG
EHJLQ
]PD]SRO\VWDY
%XWWRQ&DSWLRQ
ãWYRUHF
HQG
EHJLQ
]PD]SRO\VWDY
HQG
EHJLQ
SRO\VWDY
HQG
EHJLQ
SRO\VWDY
HQG
EHJLQ
SRO\VWDY
%XWWRQ&DSWLRQ
]PDå
HQG
EHJLQ
]PD]VWDY
%XWWRQ&DSWLRQ
NUXåQLFD
HQG
HQG
%XWWRQ(QDEOHG WUXH
HQG
SRVOHGQi]PHQD
SUHGQiãND
7H[WRYpV~ERU\
7\S&+$5
Ɣ]QDNRYpNRQãWDQW\YDSRVWURIRFKDOHERNyG
ƔY3DVFDOHQLHV~åLDGQH]QDNRYpRSHUiFLHLEDUHOiFLH
ƔWUHEDVLSDPlWDĢ
$
%
=
D
E
]
Ɣ]QDNRYpIXQNFLHSUHGVXFFRUGFKUFKDU
ƔWUHEDVLSDPlWDĢ
❍RUG
RUG
RUG
DOHER
❍RUG
$
RUG
D
RUG
$
WM
$
D
ƔDNFREVDKXMH]QDNFLIU\
WDNRUGFRUG
FLIUDSRGREQHSUHStVPHQi
ƔSUtND]\LQFGHFIXQJXM~DMSUH]QDN\QDSUF
$
LQFF
ƔSRXåLMHQDMPlSUHSUiFXVRV~ERUPL
Ɣ)25F\NOXVIXQJXMHOHERFKDUMHRUGLQiOQ\QDSU
YDUFFKDU
EHJLQ
IRUF
$
WR
=
GR]DSLVF
]iSLVGRWH[WRYHMSORFK\
HQG
DOHER
Ɣ
YDUFFKDU
EHJLQ
IRUF
D
WR
]
GR]DSLVF
,QW7R6WURUGF
NStVPHQXSULOHStPHG]HUXDþtVHOQêNyG]QDNX
HQG
7H[WRYiSORFKD
ƔDE\VPHPRKOLH[SHULPHQWRYDĢVR]QDNPLVWH[WRYRXLQIRUPiFLRXQDXþtPHVDY'HOSKLSUDFRYDĢV
WH[WRYRXSORFKRX
ƔGRSUi]GQHKRIRUPXOiUXSRORåtPHNRPSRQHQW0HPRWULHGD70HPRSRGREQHDNRJUDILFN~SORFKX
,PDJHEXGHPHĢDKDĢDMW~WRSORFKXY\WYRUtVDNRPSRQHQWVPHQRP0HPRYĐDYRPKRUQRPULDGNX
VDREMDYtWH[W0HPR
Ɣ]DWLDĐVDQDXþtPHOHQQLHNRĐNRSUtND]RYQDSUiFXVWH[WRYRXSORFKRXDUR]XPLHĢLPEXGHPHDåQHVN{U
3RGREQHDNRVPHStVDOL,PDJH&DQYDVD]DWêPSUtND]EXGHPHWHUD]StVDĢ0HPR/LQHVD
]DWRSUtND]
❍0HPR/LQHV&OHDUY\þLVWtYãHWN\ULDGN\
❍0HPR/LQHV$GG
QHMDNêWH[W
SULGićDOãtULDGRNVGDQêPWH[WRPQDNRQLHF
ƔSRPRFQiSURFHG~UD]DSLVQDYêSLVWH[WXDKQHćDMXNiåNDþDVWLSURJUDPXVMHGQêPNRPSRQHQWRP
0HPRNWRUêY\SLVXMHNyG\StVPHQ
SURFHGXUH]DSLVVVWULQJ
EHJLQ
)RUP0HPR/LQHV$GGV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUFFKDU
EHJLQ
0HPR/LQHV&OHDU
IRUF
D
WR
]
GR
]DSLVF
,QW7R6WURUGF
HQG
7H[WRYpV~ERU\7(;7
ƔSDVFDOXPRåĖXMHVHNYHQþQêSUtVWXSGRV~ERUXDOHDMSULDP\XYLGtPHQHVN{U
ƔVWH[WRYêPLV~ERUPLVDGiSUDFRYDĢOHQVHNYHQþQêPSUtVWXSRP
ƔPXVtVDUR]OLãRYDĢþL]RV~ERUXþtWDPHDOHERGRQHKR]DSLVXMHPH~GDMH
❍YVWXSQêV~ERUOHQþtWDĢSULSUDYHQp~GDMH
❍YêVWXSQêV~ERUOHQ]DSLVRYDĢQDNRQLHFV~ERUX
❍GRWH[WRYpKRV~ERUXVDQHGiDM]DSLVRYDĢDMV~þDVQH]QHKRþtWDĢ
ƔQDYRQNDMãHMSDPlWLGLVNRYêV~ERU
ƔSRPRFQiYQ~WRUQiSDPlĢQDXþtPHVDQHVN{U
2SHUiFLHVRV~ERUPL
UHDG þtWDQLHQDVOHGXM~FHMKRGQRW\]RV~ERUX
Ɣ
$NRSUDFXMHPHVWH[WRYêPV~ERURP
ƔGHNODURYDQLHSUHPHQQHMW\SXWH[WRYêV~ERU
YDUW7H[W)LOHSUHPHQQiWMHW\SXWH[WRYêV~ERU
ƔSULUDGHQLHI\]LFNpKRV~ERUXQDMþDVWHMãLHQDGLVNX
$VVLJQ)LOHW
PHQRBV~ERUX
❍GiYDMWHVLSR]RUQDXYiG]DQLHSOQHMFHVW\QDGLVNXNQHMDNpPXV~ERUXDNVDWDNêWRSURJUDP
SUHQHVLHQDLQêSRþtWDþVYHĐNRXSUDYGHSRGREQRVĢRXWLHWRDEVRO~WQHFHVW\NV~ERURPQHEXG~
IXQJRYDĢSRXåtYDMWHUDGãHMUHODWtYQHFHVW\RGPRPHQWiOQHMDGUHV\SURMHNWX(;(V~ERUX
ƔRWYRUHQLHV~ERUX
❍EXćQDþtWDQLHPXVtXåH[LVWRYDĢ
5HVHWW
❍DOHER]iSLVDNXåH[LVWXMHWDNVDQDMSUYY\SUi]GQL
5HZULWHW
ƔSUiFDVRV~ERURPWMVDPRWQpþtWDQLHDOHER]DSLVRYDQLH
&ORVH)LOHW
ƔWH[WRYêV~ERU SRVWXSQRVĢULDGNRYDMSUi]GQDXNRQþHQi]QDþNRX(RI!
$NPiPHQHMDNêV~ERU
YLGtPH YVNXWRþQRVWL
DE _D_E_(ROQ!__F_G_H_(ROQ!_I_
FGH ↑
I XND]RYDWHĐ
XND]RYDWHĐ SR]tFLDYV~ERUHQD]DþLDWNXQD]QDNXSRUHDGSRVXQR]QDN
Ɣ
ýtWDQLH]RV~ERUX
MHKRKRGQRWDGRSUHPHQQHMDXND]RYDWHĐVDSRVXQLH
7HVWRYDQLHNRQFDV~ERUXDNRQFDULDGND
ãWDQGDUGQiORJLFNiIXQNFLD(RIW VNUDWND](QG2I)LOH
Ɣ
YUiWLWUXHDNMHXND]RYDWHĐYV~ERUHQDVWDYHQêQD]QDþNX(RI!DOHERQDNRQFLV~ERUXDNWDP
❍
]QDþNDFKêEDWDNVDQDNRQFLDXWRPDWLFN\JHQHUXMHV\VWpPRP
ƔãWDQGDUGQiORJLFNiIXQNFLD(ROQW VNUDWND](QG2I/L1H
❍YUiWLWUXHDNMHXND]RYDWHĐQD]QDþNH(ROQ!DOHERDM]QDþNH(RI!QDNRQFLV~ERUXVDV\VWpP
WYiULåHMHWDPNRQLHFULDGND
❍]QDþND(ROQ!VDYQ~WRUQHNyGXMHGYRPL]QDNPLDKRYRUtPHLP&5D/)
NRQFLV~ERUXQHUREtQLþ
❍32=25SRPRFRXUHDGW]MHPRåQpþtWDĢDM]QDþNX(ROQ!OHQåHWiWRVDSRWRPFKiSHDNR
]QDN\DDQLHDNRQHMDNêãSHFLiOQ\]QDN
Ɣ]QDþND(RI!P{åHYV~ERUHFKêEDĢIXQNFLD(RIWDMWDNYUiWLQDNRQFLV~ERUXWUXHþtWDQLHQD
NRQFLV~ERUXY\YROiYVWXSQRYêVWXSQ~FK\EX
9QDVOHGXM~FRPSUtNODGH]LVWtPHSRþHWPHG]LHUYWH[WRYRPV~ERUHPHG]HU\W[W
Ɣ
YDUW7H[W)LOH
FFKDU
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
PHG]HU\W[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGWF
LIF
WKHQSRFHW SRFHW
HQG
&ORVH)LOHW
]DSLV
3RFHWPHG]LHUYVXERUH
,QW7R6WUSRFHWGR
3R]QiPNRYHMSORFK\
HQG
3UtNODG=LVWtPHSRþHWULDGNRYWH[WRYpKRV~ERUXWH[WW[W
Ɣ
YDUW7H[W)LOH
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGOQWLQFSRFHW
HQG
&ORVH)LOHW
]DSLV
3RFHWULDGNRYYVXERUH
,QW7R6WUSRFHW
HQG
3UtNODG=LVWtPHGĎåNXQDMGOKãLHKRULDGNDV~ERUXWH[WW[W
Ɣ
YDUW7H[W)LOH
FFKDU
PD[GO]NDLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUSURMGSU
5HVHWW
PD[
ZKLOHQRW(RIWGR
EHJLQ
GO]ND
ZKLOHQRW(ROQWGR
EHJLQUHDGWFLQFGO]NDHQG
UHDGOQWQHVPLHVDWX]DEXGQ~Ģ
LIGO]ND!PD[WKHQPD[ GO]ND
HQG
&ORVH)LOHW
]DSLV
'O]NDQDMGOKVLHKRULDGND
,QW7R6WUPD[
HQG
=iSLVGRV~ERUX
ƔV~ERUWUHEDRWYRULĢSRPRFRX5HZULWHW
ƔDNV~ERUXåH[LVWRYDOWDNVDKQHćSR5HZULWHVD]UXãtMHKRREVDK
ƔDNV~ERUHãWHQHH[LVWRYDOY\WYRUtVDVSUi]GQ\PREVDKRP
ƔXND]RYDWHĐYV~ERUHMHYåG\QDVWDYHQêQDMHKRNRQLHF
UHĢD]HF
ƔSUtND]ZULWHOQW]DStãHGRV~ERUX]QDþNX(ROQ!WMUREtWRLVWpDNRZULWHW
3UtNODG9\WYRUtPHV~ERUWH[WW[W]StVPHQ
D
Då
]
DY\StãHPHMHKRREVDKGR7H[WRYHMSORFK\
Ɣ
SRPRFRX0HPR/LQHV/RDG)URP)LOHPHQRBV~ERUX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUW7H[W)LOH
FGFKDU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
IRUF
D
WR
]
GR
EHJLQ
IRUG FWR
]
GRZULWHWG
ZULWHOQW
HQG
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3UtNODG9\WYRUtPHNySLXV~ERUXXQLWSDVGRV~ERUXWH[WW[W
Ɣ
YDUWW7H[W)LOH
FFKDU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
LI(ROQWWKHQ
EHJLQ
UHDGOQWZULWHOQW
HQG
HOVH
EHJLQ
UHDGWF
VSUDFXMQDþtWDQê]QDN
ZULWHWF
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
LQêYDULDQWNRStURYDQLDV~ERUXQHYãtPDPHVLNRQFHULDGNRYDSUHUiEDPHPDOpStVPHQiQDYHĐNp
Ɣ
YDUWW7H[W)LOH
FFKDU
EHJLQ
$VVLJQ)LOHW
XQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGWF
LIF!
D
DQGF
]
WKHQ
F FKURUGFRUG
D
RUG
$
SUHUREHQLHPDOpKRStVPHQDQDYHĐNpF XSFDVHF
ZULWHWF
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
1'Ò
ƔSRVWXSQRVĢPHG]LHUQDKUDćPHG]HURX
ƔY\KRćOHQPHG]HURYpULDGN\
ƔY\KRćPHG]HU\QDNRQFLULDGNRY
ƔSRVWXSQRVĢ]QDNRY
HQG
QDKUDć
5HVHWD5HZULWHQDWHQLVWêV~ERUQDGLVNX
YDUIJ7H[W)LOH
$VVLJQ)LOHI
DW[W
5HVHWI
$VVLJQ)LOHJ
DW[W
5HZULWHJ
QHSUHGYtGDWHĐQpU{]QHYHU]LH3DVFDOXUHDJXM~U{]QH'HOSKLKOiVL,2FK\EX
ýtWDQLHþtVHO
SRWRPSUHNRQYHUWXMH]QDN\]RYVWXSXQDþtVORDDNMHþtVORXNRQþHQpQHPHG]HURYêP]QDNRP
QDSU
DOHER
WDNY\KOiVLFK\EX,QYDOLGQXPHULFIRUPDW
3UtNODG3URJUDPQiMGHPD[LPiOQHþtVORYV~ERUHFHOêFKþtVHO
YDUW7H[W)LOH
FLVORPD[LQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
PD[ PD[LQWSUHGGHILQRYDQiNRQãWDQWD
ZKLOHQRW(RIWGRY\VN~ãDMWH6HHN(RI
EHJLQ
UHDGWFLVOR
LIFLVOR!PD[WKHQPD[ FLVOR
HQG
&ORVH)LOHW
LIPD[ PD[LQWWKHQ
=DSLV
V~ERUMHSUi]GQ\
HOVH
=DSLV
PD[LPiOQHþtVORYV~ERUHMH
,QW7R67UPD[
HQG
ƔDNV~ERUREVDKRYDOQDSUOHQSUi]GQ\ULDGRNDOHEROHQPHG]HU\WDNSURJUDPY\StãHåHPD[LPXP
EROR
ƔWRWRLVWpVDVWDQHDNV~ERUREVDKXMHOHQ]iSRUQpþtVODD]DSRVOHGQêPþtVORPV~HãWHQHMDNpPHG]HURYp
]QDN\IXQNFLD(RIW]DSRVOHGQêPþtVORPYUiWLIDOVHHãWHQLHMHNRQLHFV~ERUXDOHXåWDPQLHMH
åLDGQHþtVORWHGDQDþtWDVDKRGQRWD
ƔYWDNHMWRVLWXiFLLP{åHPHQDPLHVWR(RIWSRXåLĢãWDQGDUGQ~IXQNFLX6HHN(RIWNWRUiVN{UDNR
RGSRYLHQDVWDYV~ERUXRGILOWUXMHYãHWN\PHG]HURYp]QDN\
ƔSRGREQHH[LVWXMH6HHN(ROQWNWRUiWHVWXMHNRQLHFULDGNDDOHQDMSUYRGILOWUXMHPHG]HU\DWDEXOiWRU\
]QDN\VNyGRP
Ɣ3R]Q3ULSRXåLWtIXQNFLH6HHN(ROQD6HHN(RIVDRGLJQRUXM~YãHWN\PHG]HU\WDEXOiWRU\DYSUtSDGH
6HHN(RILNRQFHULDGNRY7LHWRIXQFLHQLHV~YHĐPLYKRGQpSULþtWDQt]QDNRYSRXåtYDPHLFKKODYQHSUL
þtWDQtþtVHO]WH[WRYpKRV~ERUX
=iSLVþtVHO
UHiOQHþtVOD]DSLVXM~YVHPLORJDULWPLFNRPWYDUHVPHG]HURXSUHGþtVORP
Ɣ
3UtNODG=RV~ERUXWH[WW[WEXGHPHNRStURYDĢYãHWN\þtVODGRV~ERUXWH[WW[WSULþRPLFKEXGHPH
Ɣ
]DUDćRYDĢSRWURFKGRULDGND
YDUWW7H[W)LOH
FLVORSRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
SRFHW
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
LISRFHW WKHQ
EHJLQ
ZULWHOQWSRFHW
HQG
HOVH
EHJLQ
LISRFHW!WKHQZULWHW
LQFSRFHW
HQG
ZULWHWFLVOR
HQG
&ORVH)LOHW
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
WH[WW[W
HQG
3UtNODG9V~ERUHV~UHiOQHþtVODPiPH]LVWLĢSRþHWþtVHONWRUpPDM~KRGQRWXPHQãLXDNRMHSULHPHU
Ɣ
YãHWNêFKþtVHOYV~ERUH
YDUW7H[W)LOH
FLVORVXPDSULHPHUUHDO
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDþtWDQLH
VXPD SRFHW
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
VXPD VXPDFLVORLQFSRFHW
HQG
5HVHWW
QDVWDYHQLHSR]tFLHQD]DþLDWRNV~ERUX
SULHPHU VXPDSRFHWSRFHW
SRFHWXåQHSRWUHEXMHPH
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
LIFLVORSULHPHUWKHQLQFSRFHW
HQG
=DSLV
SRFHWSRGSULHPHUQ\FK
,QW7R67USRFHW
HQG
)RUPiWRYDFtSDUDPHWHUYRZULWH
Ɣ]D]QDNRPDOHER]QDNRYêPUHĢD]FRP
ZULWHW
R]QDþXMHåH]QDNVDY\StãHQDãtUNXWMQDMSUYPHG]LHUDSRWRP
ZULWHW
GHOSKL
QDNRĐNRUHĢD]HFMHGOKãtDNRIRUPiWRYDFtSDUDPHWHU]DStãHVDNRPSOHWQêUHĢD]HFWMLJQRUXMHVD
IRUPiW
ƔIRUPiWRYDFtSDUDPHWHU]DFHOêPþtVORPR]QDþXMHãtUNXGRNWRUHMVDPi]DStVDĢþtVORDNE\QHYRãORGR
GDQHMãtUN\IRUPiWVDLJQRUXMH
ZULWHW
]DStãHGYHPHG]HU\]DNWRUpGiþtVOR
ƔIRUPiWRYDFtSDUDPHWHU]DUHiOQ\PþtVORPWLHåR]QDþXMHãtUNXþtVORVDY\StãHYVHPLORJDULWPLFNRP
WYDUHGUXKêIRUPiWRYDFtSDUDPHWHUR]QDþXMHSRþHWGHVDWLQQêFKPLHVW
ZULWHWVLQ
]DStãH(
ZULWHWFRV
]DStãH
SRVOHGQi]PHQD
SUHGQiãND
3DUDPHWUHSURFHG~UDIXQNFLH
3DUDPHWUHSURFHG~U
=DþQHPHWDNRXWR~ORKRXQDStãHPHSURJUDPYNWRURPVDEXG~NRU\WQDþN\VWiOHSRK\ERYDĢSRVYRMLFK
NUXKRFK6~þDVQHVQLPLVDWUHWLDNRU\WQDþNDEXGHVWiOHVQDåLĢE\ĢSUHVQHYVWUHGHPHG]LQLPLDNRNHE\ERODY
VWUHGHJXPHQHMQLWHNWRUiMHSULSHYQHQiQDWêFKWRGYRFKNRU\WQDþNiFK
9\WYRUtPHVLSRPRFQ~SURFHG~UXSRFLWDMBVWUHGNWRUi]GYRFKNRU\WQDþLHNNDNY\SRþtWD
Ɣ
SURFHGXUHSRFLWDMBVWUHG
EHJLQ
[ N[VXUN[VXU
\ N\VXUN\VXU
HQG
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHG
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGREHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHG
N=PHQ;<[\
HQG
HQG
9WRPWRSUtNODGHVPHY\WYRULOLSURFHG~UXSRFLWDMBVWUHGEH]IRUPiOQ\FKSDUDPHWURYOHERWiWR
YLGtDMQDNRU\WQDþN\NNDMQDSUHPHQQp[D\7LHWRSUHPHQQpV~SUHĖXJOREiOQHQLHV~WR
MHMORNiOQHSUHPHQQp7HQWRVS{VRENHćSURFHG~UDSRXåtYDJOREiOQHSUHPHQQpQLHMHYåG\
SRXåLWHĐQêOHERQLHNHG\P{åHPHSRWUHERYDĢY\SRþtWDĢVWUHGLQêFKGYRFKNRU\WQDþLHND
YêVOHGRNGDĢGRLQêFKGYRFKSUHPHQQêFKDOHERVDPRWQ~SURFHG~UXFKFHPHPDĢJOREiOQXD
WiWRQHEXGHYLGLHĢQDSRWUHEQpSUHPHQQpORNiOQHYQDãHMSURFHG~UH%XWWRQ&OLFN
ÒORKXSUHSURJUDPXMHPHWDNDE\VDQHSRXåLOLJOREiOQHSUHPHQQpDOHIRUPiOQHSDUDPHWUH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHSRFLWDMBVWUHGNNNRU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
YDUNNNNRU
[\UHDO
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHGNN[\
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGREHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHGNN[\
N=PHQ;<[\
HQG
HQG
7DNWR]DStVDQêSURJUDPQHEXGHIXQJRYDĢOHERIRUPiOQHSDUDPHWUH[[D\\V~ORNiOQH
SUHPHQQpNWRUpV~LQLFLDOL]RYDQpKRGQRWDPLVNXWRþQêFKSDUDPHWURYDSRVNRQþHQtSURFHG~U\VD
LFKKRGQRW\]DE~GDM~'RWHUD]]QiP\PHFKDQL]PXVIRUPiOQ\FKSDUDPHWURYQiPYWRPWR
SUtSDGHQHSRP{åHSRWUHEXMHPHQLHþRQRYp
)RUPiOQHSDUDPHWUHYSDVFDOH
([LVWXM~U{]QHSUtVWXS\NLQIRUPiFLiPSUHGVWDYPHVLQDSUGLiUSUHNWRUêPDM~U{]QHRVRE\U{]QHSUtVWXSRYp
SUiYD
ƔYODVWQtN]iSLVþtWDQLH
ƔVHNUHWiUNDSUtVWXSNGXSOLNiWXþtWDQLHPRGLILNiFLDNySLH
ƔVHNUHWiUNDOHQþtWDQLH
ƔRVWDWQtåLDGQ\SUtVWXS
7\S\SUtVWXSRYNLQIRUPiFLiP
Ɣ~SOQêþtWDQLH]iSLV
ƔOHQþtWDQLH
ƔOHQ]iSLV
Ɣ~SOQêSUtVWXSNGXSOLNiWX
ƔåLDGHQ
3R]QiPHãWDQGDUGQpSURFHG~U\QDSUiFXVRV~ERUPL
SURFHG~UDUHDGW[
SUtVWXSNV~ERUXWQDþtWDQLH
NSUHPHQQHM[QD]iSLVS{YRGQêREVDKSUHPHQQHMQiVQH]DXMtPD
SURFHG~UDZULWHW[
SUtVWXSNV~ERUXWQD]iSLV
NSUHPHQQHM[QDþtWDQLH
W\S\SDUDPHWURYY3DVFDOH
ƔSUtVWXSNGXSOLNiWXKRGQRWRYpSDUDPHWUHYRODQLHKRGQRWRXPDOLVPHGRWHUD]
Ɣ~SOQêSUtVWXSSUHPHQQpSDUDPHWUHYRODQLHDGUHVRXYDUSDUDPHWUH
SDUDPHWUH
9SUHGFKiG]DM~FRPSUtNODGHVPHSURFHG~UHSRFLWDMBVWUHGSRVODOLYãHWN\SDUDPHWUHDNRKRGQRWRYpWMSRXåLOL
YRODQLHKRGQRWRXýRVDWHGDVWDQH
ƔY\SRþtWDM~VDKRGQRW\VNXWRþQêFKSDUDPHWURYVNWRUêPLMHSURFHG~UDYRODQiYWRPWRSUtSDGHNND
PRPHQWiOQHKRGQRW\[D\
ƔRGRY]GiVDULDGHQLHSURFHG~UHSULþRPVDSUHĖXY\WYRULDORNiOQHSUHPHQQpNN[[\\DGRWêFKWRVD
SULUDGLDKRGQRW\NWRUpVDSULYRODQtY\SRþtWDOL
ƔVNRU\WQDþNDPLJUDILFNêPLSHUDPLQHEXGHSUREOpPOHERQHSRWUHEXMHPHPHQLĢKRGQRW\NRU\WQDþLHN
SUREOpPEXGHVSUHPHQQêPL[D\
❍WXE\VDQiPYLDFKRGLO~SOQêSUtVWXSNWêPWRSUHPHQQêPWMSRWUHERYDOLE\VPHYRODQLHDGUHVRX
❍Y3DVFDOHVDWR]DStãHUH]HUYRYDQêPVORYRPYDUSUHGSUtVOXãQêPSDUDPHWURP
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
8NiåPHVLWHUD]LQ~YHU]LXWHMWR~ORK\NGHMHGQD]NRU\WQDþLHNFKRGtSRREYRGHãWYRUFDDGUXKiSR
Ɣ
NUXåQLFL9ãLPQLWHVLåHSURFHG~UXSRFLWDMBVWUHGVPHY\WLDKOLSUHG%XWWRQ&OLFNWDNåHVDVWDOD
JOREiOQRX
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUNNNNRU
[\UHDO
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHGNN[\
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGR
EHJLQ
IRUL WRGRVN~VWHLQêSRþHWRSDNRYDQtQDSU
EHJLQ
NGRSUHGXNGRSUHGX
NYODYR
SRFLWDMBVWUHGNN[\
N=PHQ6PHUN6PHURP[\
N=PHQ;<[\
HQG
NYSUDYRVN~VWHLQpXKO\DSRG
HQG
HQG
)XQNFLH
0DMPHSURFHG~UXNWRUiYUDFLDSRPRFRXSDUDPHWUDPLQLPXP]GYRFKþtVHO
Ɣ
SURFHGXUHPLQDELQWHJHUYDUPLQWHJHU
EHJLQ
LIDEWKHQP DHOVHP E
HQG
DWHUD]DNRIXQNFLD
Ɣ
3UtNODG\
/RJLFNiIXQNFLDNWRUiYUDFLDWUXHDNMHYVWXSQêSDUDPHWHUStVPHQRP
Ɣ
3R]QRGGMHXåSUHGGHILQRYDQiDNRãWDQGDUGQiIXQNFLD
IXQFWLRQRGG[LQWHJHUERROHDQ
EHJLQ
5HVXOW [PRG
HQG
&HORþtVHOQiIXQNFLDNWRUiYUDFLDV~þHWSUYêFK1FHOêFKþtVHO
Ɣ
)XQNFLDNWRUiYUDFLD]QDN]RYVWXSXSULþRPYUDFLD
DNEROHROQ
DNEROHRI]QDNRYi
Ɣ
SUHPHQQi]MHJOREiOQDDGHILQRYDQiQLHNGHY\ããLH
IXQFWLRQ]QDNYDUW7H[W)LOHFKDU
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ]
UHDGOQWHQG
HOVHUHDGW]
5HVXOW ]
HQG
=DXMtPDYiMHSRWRPþDVĢSURJUDPXNWRUiSUHVNDNXMHYãHWN\PHG]HU\DNRQFHULDGNRY
ZKLOH]QDNW
GR
)XQNFLDPRFQLQDFK\EQpULHãHQLH
Ɣ
SUHWRYRYDUSDUDPHWULYUiWLþLQHSUHWLHNROYêVOHGRN
IXQFWLRQPRFQLQD[.LQWHJHUYDURNERROHDQLQWHJHU
YDUKUDQLFDLQWHJHU
EHJLQ
5HVXOW KUDQLFD PD[LQWGLY[
ZKLOH.!DQG5HVXOW KUDQLFDGREHJLQ
5HVXOW 5HVXOW
[
GHF.
HQG
RN .
HQG
)XQNFLDUDQGRP±QiKRGQpþtVOR]R]DGDQpKRLWHUYDOX
Ɣ
1'Ò
ƔFHORþtVHOQiIXQNFLDNWRUiSRþtWD16'GYRFKSULURG]HQêFKþtVHO(XNOLGRYêPDOJRULWPRP
ƔIXQNFLD]LVWtþLGDQpþtVORMHSUYRþtVOR
WYDUST
ƔGYHSULURG]HQpþtVODVDQD]êYDM~SULDWHĐVNpDNMHNDåGp]QLFKURYQpV~þWXYãHWNêFKGHOLWHĐRYGUXKpKR
3UtNODG\QDWH[WRYpV~ERU\DNRU\WQDþN\
3ULSRPHĖPHSUtND]FDVHNWRUêSUHRUGLQiOQXKRGQRWX]DEH]SHþtY\NRQDQLHQHMDNHMYHWY\SRGĐDSUtVOXãQHM
NRQãWDQW\±YãHREHFQH
FDVHRUGLQiOQ\BYêUD]RI
NRQãWDQWDSUtND]
NRQãWDQWDSUtND]
HOVHSUtND]\WiWRYHWYDP{åHFKêEDĢ
HQG
3UtNODGGDQêMHV~ERUYNWRURPV~SUtND]\SUHNRU\WQDþNXGOSþtVORQDSU
Ɣ
GSGSG
SULþRPStVPHQiDþtVODV~QDY]iMRPRGGHOHQpDVSRĖMHGQRXPHG]HURXDOHERQRYêPULDGNRPNRU\WQDþND
PiLQWHUSUHWRYDĢWHQWRV~ERU
YDUW7H[W)LOH
N.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N .RU&UHDWH
ZKLOHQRWHRIWGREHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]
LI]!
WKHQUHDGWS
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
Y\OHSãHQiYHU]LDVSRXåLWtP6HHN(RIW
Ɣ
YDUW7H[W)LOH
N.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
5HVHWW
N .RU&UHDWH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGW]S
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
3UtNODGYV~ERUHV~VORYiGRSUHGXYSUDYRYODYRSKSG]NDåGpKRDVSRĖStVPHQi±]DQLHNWRUêPL
Ɣ
QDVOHGXMHþtVOR
YDUW7H[W)LOH
N.RU
]]]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRW6HHN(RIWGREHJLQ
UHDGW]]] ]
ZKLOH]!
DQGQRWHROQWGRUHDGW]
LI]
G
DQG]
R
WKHQEHJLQ
[\GRV~ERUX
YDUW7H[W)LOH
N.RU
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXG
ZULWHOQWN[VXU
N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHZULWHW
N .RU&UHDWH
SRO\
IRUL WRGREHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
NRU\WQDþNDLQWHUSUHWXMHV~ERU]SUHGFKiG]DM~FHKRSUtNODGX
Ɣ
YDUW7H[W)LOH
N.RU
[\UHDO
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\
N=PHQ;<[\
HQG
&ORVH)LOHW
HQG
WRLVWpDOHGRV~ERUXVDXNODGDM~UHODWtYQHSRVXQ\NRU\WQDþN\
Ɣ
YDUW7H[W)LOH
N.RU
[\UHDO
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GREHJLQ
NGRSUHGXG
ZULWHOQWN[VXU[
N\VXU\
[ N[VXU\ N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHZULWHW
N .RU&UHDWH[ N[VXU\ N\VXU
SRO\
IRUL WRGREHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
3UtNODGSUHGLQWHUSUHWRYDQtPY\JHQHUXMHPHNRU\WQDþNXQDQiKRGQ~SR]tFLXUDQGRPDXUþtPH
Ɣ
EHJLQ
$VVLJQ)LOHW
NRUW[W
N .RU&UHDWH
UDQGRPL]H
IRUL WRGREHJLQ
UHVHWW
N3UHVXQ;<UDQGRPUDQGRP
I UDQGRPQiKRGQiYHĐNRVĢ
ZKLOHQRWHRIWGREHJLQ
UHDGOQW[\
N]PHQ[\N[VXU[
IN\VXU\
I
HQG
HQG
&ORVH)LOHW
HQG
SRVOHGQi]PHQD
SUHGQiãND
3ROLDD]QDNRYpUHĢD]FH
7\SLQWHUYDO
ƔLQWHUYDOMHRGYRGHQê]Ei]RYpKRW\SXWHQWRP{åHE\ĢOHQRUGLQiOQ\W\S
❍QDSULQWHJHUDNRQãWDQW\Ei]RYpKRW\SX
❍GHILQRYDQLHPLQPD[NGHPLQ PD[
ƔSUHEHUiYODVWQRVWLDRSHUiFLHEi]RYpKRW\SXLQWHUYDOMHRUGLQiOQ\W\S
ƔSUHPHQQiNWRUiMHWRKWRW\SXP{åHQDGRE~GDĢOHQKRGQRW\]LQWHUYDOX
ƔQHSULDPDGHILQtFLD
YDU[
ƔSULDPDGHILQtFLDYRGVHNXGHILQtFLHW\SRY
W\SHLQWHUYDO W\SHLGHQWLILNiWRUBW\SX
SRSLVBW\SX
FHOH LQWHJHU
PDOH E\WH
PSLV
D
]
FLIU\
ƔQLHNWRUpMHGQRGXFKpW\S\SUHGHILQRYDQpY3DVFDOH
W\SH,QWHJHU
/RQJLQW NYROL
NRPSDWLELOLWHV7XUER3DVFDORP
6PDOOLQW
6KRUWLQW
%\WH
:RUG
&DUGLQDO
&KDU
W\SHSROH DUUD\>W\SBLQGH[X@RIW\SBSUYNRY
ƔYãHWN\SUYN\SRĐDV~URYQDNpKRW\SX SROHVDVNODGi]YHĐDMHGQRGXFKãtFKSUHPHQQêFK
ƔWLHWRSUHPHQQpV~SUtVWXSQpFH]LQGH[VHOHNWRYDQLH
W\SBLQGH[XĐXERYRĐQêRUGLQiOQ\W\S
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
W\SBSUYNRYĐXERYRĐQêW\S
ƔXåQHSODWtåHFHOiãWUXNW~UDPXVt]DEHUDĢPHQHMDNR.%DNRWRERORY7XUER3DVFDOH
ƔREPHG]HQLHQDYHĐNRVĢMHOHQWDNpDE\WR]YOiGDO:LQGRZVDWHQEH]SUREOpPRY]YOiGQHGRVĢYHĐD0%
Ɣ'HOSKLGRYROt]DGHNODURYDĢPD[LPiOQH*%ãWUXNW~UXDOH:LQGRZVPiNGLVSR]tFLLSUHDSOLNiFLX
YlþãLQRXOHQQLHNRĐNR0%
DUUD\>LQWHJHU@RIE\WH]DEHUiSUHVQH*%WRMHXåYHĐD
DUUD\>E\WH@RILQWHJHU.%%
DUUD\>FKDU@RIERROHDQ.%%
R]QDþXMHPH
Ɣ
WURFKXYLDFDNRPLOLyQEDMWRY
❍*% JLJDEDMW 0%
.%
%
EDMWRYWURFKXYLDFDNRPLOLDUGDEDMWRY
ƔSRþHWSUYNRYSRĐDPXVtE\Ģ]QiP\SULNRPSLOiFLL
ƔYãHWN\SUYN\SRĐDVDQHGDM~QDþtWDĢDQLY\StVDĢMHGLQêPSUtND]RPUHDGZULWH
3UtNODG3URJUDPNWRUêRNDåGRPSUYNXQDþtWDQpKRSRĐDY\StãHþLMHMHKRKRGQRWDQDGSULHPHURP
DOHERSRGSULHPHURPYãHWNêFKYVWXSQêFKSUYNRYUHVSþLMHWRSULHPHU
FRQVW
PD[
W\SH
LQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU
SSROH
LLQGH[
VLQWHJHU
WWH[W)LOH
EHJLQ
$VVLJQ)LOHW
5HVHWW
IRUL WRPD[GRUHDGS>L@
&ORVH)LOHW
$VVLJQ)LOHW
5HZULWHW
V
IRUL WRPD[GRLQFVS>L@
ZULWHOQW
3ULHPHU
VPD[
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
IRUL WRPD[GR
LIS>L@VPD[WKHQZULWHOQWS>L@
32'
HOVHLIS>L@!VPD[WKHQZULWHOQWS>L@
1$'
HOVHZULWHOQWS>L@
35,(0(5
&ORVH)LOHW
HQG
NUDMãLHE\ERORQDPLHVWRS>L@VPD[WHVWRYDĢS>L@
PD[V
Ɣ
3ROLDDNRSDUDPHWUHSRGSURJUDPRY
3UtNODG1DStãWHSURFHG~UXSUHVXQNWRUiSUHV~YDSUYN\SRĐDEGRSRĐDD
Ɣ
W\SH
LQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU
[\SROH
SURFHGXUHSUHVXQYDUDSROHESROH
W\SRPIRUPiOQ\FKSDUDPHWURYPXVtE\ĢLGHQWLILNiWRUW\SX
EHJLQ
D E
HQG
ƔWUHEDVLXYHGRPLĢUR]GLHOPHG]LSUHPHQQêPDKRGQRWRYêPIRUPiOQ\PSDUDPHWURP
ƔP{åHPHY\XåLĢDMFRQVWSDUDPHWUHWMSUtVWXSLEDQDþtWDQLHQHUREtVD]E\WRþQHGXSOLNiWSDUDPHWHUE
E\PDOE\ĢUDGãHMW\SXFRQVW
ƔW\SSROHP{åHE\ĢDMYêVOHGNRPIXQNFLHW\SIXQNFLHPXVtE\ĢYåG\]DGDQêLGHQWLILNiWRURPW\SX
ƔãWDQGDUGQpIXQNFLHORZDKLJKVSDUDPHWURPLGHQWLILNiWRUW\SXSROHDOHERSUHPHQQiW\SXSROHYUiWLD
GROQ~DOHERKRUQ~KUDQLFXLQGH[XSRĐD
ƔQHVN{UXYLGtPHDMSDUDPHWUHW\SXRWYRUHQpSROHRSHQDUUD\
1DStãHPHSURJUDPNWRUê
ƔQiKRGQHJHQHUXMHGRSRĐD;SUYN\]LQWHUYDOXPD[LPXP
ƔY\StãHSROH;
ƔSUHVXQLHSROH;GRSRĐD<DY\StãHSROH<
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
FRQVW
PD[
W\SH
SROH DUUD\>PD[@RILQWHJHU
SURFHGXUHY\SLVYDUW7H[W)LOHFRQVWSSROH
YDULLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGRZULWHWS>L@
ZULWHOQW
HQG
SURFHGXUHSUHVXQYDUDSROHFRQVWESROH
EHJLQ
D E
HQG
YDU
[\SROH
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HZULWHW
UDQGRPL]H
[ Y\UREBQDKRGQH
Y\SLVW[
SUHVXQ\[
Y\SLVW\
&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
FLVODW[W
HQG
&K\EQpSRXåLWLHW\SRY
SURFHGXUHDEDUUD\>@RIFKDU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
②W\SIRUPiOQHKRSDUDPHWUDEQLHMHLGHQWLILNiWRU
SURFHGXUH[\
②W\SIRUPiOQHKRSDUDPHWUD\QLHMHLGHQWLILNiWRU
IXQFWLRQI]FKDUDUUD\>@RIFKDU
②W\SIXQNFLHPXVtE\Ģ]DGDQêLGHQWLILNiWRURPW\SX
3ROH]QDNRY
W\SHSROH DUUD\>@RIFKDU
SROLD]QDNRYGR]QDNRYMHPRåQpY\StVDĢSRPRFRXZULWHOQ
YDUVSROH
EHJLQ
V
DEFGHIJKLM
SRYROHQpSULUDGHQLHSUHVQHMGĎåN\DNRMHGHNODURYDQi
LQDN7\SHPLVPDWFKQDSUV
DEF
ZULWHOQWVSRYROHQêYêSLVSRPRFRXZULWHWLGHQWLILNiWRU
HQG
ƔSROH]QDNRYVDQHGiQDUD]FHOpQDþtWDĢSRPRFRXUHDG
ƔYêQLPNDSROHDUUD\>Q@RIFKDU3DVFDOFKiSHDNR1XOOWHUPLQDWHGVWULQJDSRWRPUHDGYLH
QDþLWiYDĢVWULQJ\NWRUpDNV~NUDWãLHXNRQþLDVD
=QDNRYpUHĢD]FH
Y7XUER3DVFDOHEROUHĢD]FRYêW\S
Ɣ
VWULQJ>1@ DUUD\>1@RIFKDU
②FHORþtVHOQiNRQãWDQWDR]QDþXM~FDPD[LPiOQXGĎåNXUHĢD]FD GĎåND 1
1PRKORE\ĢPD[LPiOQH
ƔY'HOSKL3DVFDOHMHY\OHSãHQLH
VWULQJ DUUD\>PD[,QW@RIFKDUQDR]DMQHSODWtWRWRSULUDGHQLH
Ɣ3DVFDOVLXFKRYiYDQLHYEDMWHDNRY7XUER3DVFDOHPRPHQWiOQXGĎåNXEDMW\WMUHĢD]FHP{åX
E\ĢWHRUHWLFN\GOKpGRJLJDYVNXWRþQRVWLOHQQLHNRĐNRVWRPHJD]iYLVtWRRG:LQGRZV
ƔãWDQGDUGQiIXQNFLD/HQJWKYUiWLPRPHQWiOQXGĎåNXQLHY\KUDGHQpPLHVWRUHĢD]FD
Ɣ3DVFDOWDNpWRUHĢD]FHLQWHUSUHWXMHãSHFLiOQ\PVS{VRERPSUHGSRNODGiPHåHYDUVVWULQJ
❍SUi]GQ\UHĢD]HF
V
UHĢD]HFQXORYHMGĎåN\OHQJWKV
❍SULUDGHQLHNUDWãtFKUHĢD]FRY
V
DEF
V>@
D
V>@
E
V>@
F
DOHQJWKV
❍GiVDSRXåLĢDM
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
QDSU
DEF
!
$%&
MDQD
MDQR
^OH[LNRJUDILFNpXVSRULDGDQLH`
❍]UHĢD]HQLHUHĢD]FRY
MHSRO\PRUIQêRSHUiWRU]iYLVtRGW\SXRSHUDQGRY
QDSU
V
DEF
GHI
V
DEFGHI
V
IRUL WRGRV V
V
❍SULSULUDćRYDQt DNMHĐDYiVWUDQDNUDWãLDDNRSUDYiWDNVDUHĢD]HFRUHåH
QDSUV
DEFG
HIJK
LMNO
SUHVVWULQJ>@MHYêVOHGQpV
DEFGHIJKLM
/HQJWKUHĢD]HF
WiWRIXQNFLDYUDFLDPRPHQWiOQXGĎåNXUHĢD]FD
Ɣ
6HW/HQJWKUHĢD]FRYiBSUHPHQQiGĎåND
ƔWiWRSURFHG~UDQDVWDYtGĎåNXUHĢD]FD
ƔQHVPLHSUHVLDKQXĢGHNODURYDQpPD[LPXP
ƔDNMHPHQãLDDNRPRPHQWiOQDGĎåND]QDN\QDNRQFLVDVWUiFDM~
&RS\UHĢD]HFRGNRĐNR
ƔYUDFLDQRYêUHĢD]HFSRGUHĢD]HFS{YRGQpKR
ƔDNMHRGPLPRUR]VDKXYUiWLSUi]GQ\UHĢD]HFWM
QDSU
V FRS\
DEFGH
!V
EFG
V FRS\
DEFGH
!V
V FRS\
DEFGH
!V
FGH
ƔDNSRWUHEXMHPHSRGUHĢD]HFRGQHMDNpKRLQGH[XDåGRNRQFDQHPXVtPHY\SRþtWDĢSUHVQêSRþHWDOH
P{åHPHSRXåLĢNRQãWDQWXPD[,QWQDSU
V FRS\
DEFGH
PD[,QW
3RVSRGUHĢD]HFUHĢD]HF
YUDFLD]DþLDWRþQêLQGH[SUYpKRYêVN\WXSRGUHĢD]FDYUHĢD]FLDOHERDNVDYUHĢD]FLSRGUHĢD]HF
Ɣ
QHQDFKiG]DQDSU
L SRV
G
DEFGH
!L
L SRV
[
DEFGH
!L
L SRV
ED
DEDEDEDE
!L
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
3ROLDNRU\WQDþLHN
3UtNODG3URJUDPY\JHQHUXMH1NRU\WQDþLHNURYQRPHUQHQD[RYHMRVLVU{]Q\PLSRþLDWRþQêPL
VPHUPLQDWRþHQLD
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
LL
N>L@XND]
HQG
IRUM WRGR
IRUL WRQGR
ZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
HQG
3R]QiPND
ƔQRYêSDVFDORYVNêSUtND]ZLWKYRYQ~WULNWRUpKRVDSUDFXMHVGDQRXNRU\WQDþNRX
ƔþRVDVWDQHDNVDQDY]iMRPSUHKRGLDGYDIRUF\NO\VLDM"
,QpSUtNODG\
SUHNRU\WQDþLHNMHWRYHĐPLSRPDOpOHERREUD]RYNDVDSUHNUHVĐXMHSRNDåGHM]PHQHNDåGHMMHGQHM
Ɣ
NRU\WQDþN\
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
LL
ZLWKN>L@GREHJLQ
XND]SK
HQG
HQG
ZKLOHWUXHGR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
IRUL WRQGR
ZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
HQG
P{åHPHWRXUêFKOLĢSRXåLWtPNRU\WQDþHMSURFHG~U\1DUD]NWRUiSUHSQHNRU\WQDþLXJUDILNXGRUHåLPXY
Ɣ
NWRURPVDREUD]RYNDSUHNUHVOtDåSULQDVOHGRYQRP]DYRODQtWHMWRSURFHG~U\PHG]LYRODQLDPL1DUD]VD
VNRURQLþQHSUHNUHVĐXMHDWHGDVDYêVOHGRNY\NUHVOtYHĐPLUêFKOR
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
1DUD]
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
LL
ZLWKN>L@GREHJLQ
XND]SK
HQG
HQG
1DUD]
ZKLOHWUXHGREHJLQ
IRUL WRQGRZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
1DUD]
HQG
HQG
3UtNODGNRU\WQDþN\NPLWDM~KRUHGROXU{]QRXUêFKORVĢRX
Ɣ
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
1DUD]
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
L
ZLWKN>L@GREHJLQ
XND]SK
HQG
HQG
1DUD]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
ZKLOHWUXHGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
GRSUHGXLFKRGLDVR]GYLKQXWêPSHURP
LIDEV\VXU!WKHQEHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
YSUDYR
HQG
HQG
1DUD]
HQG
HQG
Y\OHSãHQpNPLWDQLHYãHWN\NRU\WQDþN\V~VWiOHRWRþHQpQDVHYHU
Ɣ
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
VDUUD\>Q@RIUHDO
EHJLQ
1DUD]
IRUL WRQGREHJLQ
N>L@ .RU&UHDWH
L
ZLWKN>L@GREHJLQ
XND]SK
V>L@ L
=PHQ+UXENX7YDUX
HQG
HQG
ZKLOHWUXHGREHJLQ
1DUD]
IRUL WRQGR
ZLWKN>L@GREHJLQ
GRSUHGXV>L@
LIDEV\VXU!WKHQEHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
V>L@ V>L@þHORPY]DG
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMJBB[OBLPWÏSFǬB[DF
HQG
3R]QYãHWN\NRU\WQDþN\V~VWiOHQDWRþHQpQDVHYHUSUHWRVLYV>L@PXVtPHSDPlWDĢVPHUMD]G\
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
SUHGQiãND
3UiFDVUHĢD]FDPLYLDFUR]PHUQp
SROLD
3RGSURJUDP\QDUHĢD]FRFK
3URJUDP]LVWtSRþHWYãHWNêFKYêVN\WRYSRGUHĢD]FDYUHĢD]FL
YDU
VSVWULQJ
LMSRFLQWHJHU
EHJLQ
SRF M
UHSHDW
L SRVSFRS\VM0D[,QW
LIL!WKHQEHJLQLQFSRFM MLHQG
XQWLOL
HQG
3UtNODG9ãHWN\YêVN\W\]QDNX
QDKUDć
UHSHDW
L SRV
V
LIL!WKHQV FRS\VL
FRS\VL0D[,QW
XQWLOL
1'Ò
Y\ULHãWHDMSUHSUtSDGåHYãHWN\YêVN\W\
VDQDKUDGLD
YVXQXW~PHG]HUXXåQHQDKUiG]D
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
]DSLVXMHPHQRWQDVLHO
❍SULUDGHQLHQDVLHO S FRS\V5HVXOWOHQJWKS]DþLDWRþQtFLV~QLHNHG\VFKRSQt
]DStVDĢ
SR]tFLHRG
SURFHGXUHGHOHWHYDUVVWULQJRGNRONRLQWHJHU
EHJLQ
V FRS\VRGFRS\VRGNRONR0D[,QW
HQG
LQVHUWFRVRG!YORåtSRGUHĢD]HFFRGRUHĢD]FDVRG]DGDQHMSR]tFLHRG
Ɣ
SURFHGXUHLQVHUWFRQVWFRVWULQJYDUVVWULQJRGLQWHJHU
EHJLQ
V FRS\VRGFRFRS\VRG0D[,QW
HQG
VWUþtVORV!]PHQDþtVODQDUHĢD]HF
Ɣ
QDSU
VWUV!V
VWUV!V
VWUV!V
VWUV!V
QDãD]MHGQRGXãHQiYHU]LD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
SURFHGXUHVWUFLQWHJHUYDUVVWULQJ
YDU]QDPERROHDQ
EHJLQ
]QDP FLI]QDPWKHQF F
V
UHSHDW
V FKUFPRGRUG
V
F FGLY
XQWLOF
LI]QDPWKHQV
V
HQG
YDOVFLVORRN!]PHQDUHĢD]FDQDþtVOR
Ɣ
QDSU
YDO
LRN!L RN SUHYRGEROYSRULDGNX
YDO
LRN!L "RN SR]tFLDYUHĢD]FLNGHERODFK\EDSULSUHYRGH
YDO
LRN!L "RN
YDO
LRN!L "RN
QDãD]MHGQRGXãHQiYHU]LD
SURFHGXUHYDOFRQVWVVWULQJYDULRNLQWHJHU
YDU
SLQWHJHU
]QDPERROHDQ
EHJLQ
S L ]QDP V>@
LI]QDPWKHQS
ZKLOHS OHQJWKVDQGV>S@!
DQGV>S@
GREHJLQ
L L
RUGV>S@RUG
LQFS
HQG
LIS!OHQJWKVWKHQEHJLQRN LI]QDPWKHQL LHQG
HOVHRN S
HQG
1'Ò
SUHSURJUDPXMWHVWUDMYDODE\SUDFRYDOLSUHUHiOQHþtVOD
❍
Ɣ3UtNODG=DNDåGê]QDNYUHĢD]FLSULGDM
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
IRUL WROHQJWKVGR5HVXOW 5HVXOWV>L@
HQG
1'Ò
Ɣ1DStãWHIXQNFLX8S&DVH6WUNWRUiSUHUREtYUHĢD]FLPDOpStVPHQiQDYHĐNp
Ɣ1DStãWHSURFHG~UX&HQWHUNWRUiFHQWUXMHUHĢD]HFQDXGDQ~ãtUNX
SURFHGXUH&HQWHUYDUVVWULQJVLUNDE\WH
Ɣ1DStãWHIXQNFLXNWRUiSUHYVWXSQêUHĢD]HFVGYRPDVORYDPLRGGHOHQêPLPHG]HURXY\WYRUtUHĢD]HF
NWRUêPiWLHWRVORYiYRSDþQRPSRUDGtQDSUNUVWQpPHQRDSULH]YLVNR
'HOSKLPiSUHGGHILQRYDQpWLHWRXåLWRþQpIXQNFLHYSURJUDPHPXVtE\ĢXVHV6\V8WLOV
ƔIXQFWLRQ8SSHU&DVHFRQVW6VWULQJVWULQJ
ƔIXQFWLRQ/RZHU&DVHFRQVW6VWULQJVWULQJ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
RSODWtVDVQLPL]R]QiPLĢDSRXåtYDĢLFKP{åHWHVLLFKFYLþQHQDSURJUDPRYDĢDMVDPLDNR1'Ò
7LHå'HOSKLSRQ~NDWLHWRIXQNFLHQDSUiFXVRV~ERUPL
WLHWRIXQNFLHYUDFDM~WUXHDNSUHEHKOLEH]FK\E\DNQiVFK\EQêYêVOHGRNQH]DXMtPDP{åHPHWLHWRIXQNFLH
YRODĢDNRNHE\WREROLSURFHG~U\
7H[WRYiSORFKD
(ãWHVDYUiWLPHNXNRPSRQHQWXWH[WRYiSORFKD70HPR8åSR]QiPHPHWyG\
Ɣ0HPR/LQHV&OHDUY\þLVWtYãHWN\ULDGN\
Ɣ0HPR/LQHV$GG
QHMDNêWH[W
SULGićDOãtULDGRNVGDQêPWH[WRPQDNRQLHF
Ɣ0HPR/LQHV/RDG)URP)LOH
PHQRBV~ERUX
REVDKSORFK\QDKUDGtREVDKRP]DGDQpKR
V~ERUX
0HPR/LQHV6WULQJV>@
PPPPPP
]PHQtPHNDåGêULDGRNWH[WRYHMSORFK\
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WR0HPR/LQHV&RXQWGR
0HPR/LQHV6WULQJV>L@
0HPR/LQHV6WULQJV>L@
!
HQG
ORJLFNiVWDYRYiSUHPHQQi0HPR5HDG2QO\VO~åLQDWRDE\VPHSRXåtYDWHĐRYLPRKOL
Ɣ
SRYROLĢ]DNi]DĢ]DSLVRYDĢGRWH[WRYHMSORFK\QDSU0HPR5HDG2QO\ IDOVH]DNiåH
SRXåtYDWHĐRYLPRGLILNRYDĢSORFKXSRPRFRXNOiYHVQLFHDP\ãLSUtND]PL]SURJUDPXMHWRVWiOH
GRYROHQp
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
9LDFUR]PHUQpSROLD
=RYãHREHFQtPHSROLDSUYNDPLSRĐDP{åHE\ĢRSlĢSROHDNMHSUYNRPMHGQRUR]PHUQpSROHWDNYêVOHGQêW\S
MHGYRMUR]PHUQpSROH
3UtNODG-HGDQpGYRMUR]PHUQpSROH]QDNRYNWRUpMHXå]DSOQHQp1DStãWHSURJUDPNWRUêSUHVXQLH
SUYêULDGRNGRGUXKpKRGUXKêGRWUHWLHKRDWćDåSRVOHGQêGRSUYpKRPRWLYiFLDURORYDQLH
REUi]NXDNRYRVYHWHOQêFKQRYLQiFK
1DMSUYQLHSHNQpULHãHQLH
YDU
DDUUD\>@RIDUUD\>@RIFKDU
UDUUD\>@RIFKDU
LMLQWHJHU
EHJLQ
]DSOQHQLHSRĐD
IRUL WRGRU>L@ D>L@
IRUL GRZQWRGR
IRUM WRGR
D>LM@ D>LM@
IRUL WRGRD>L@ U>L@
DWHUD]NUDMãLH
W\SH
ULDGRN DUUD\>@RIFKDU
SROH DUUD\>@RIULDGRN
YDU
DSROH
UULDGRN
LLQWHJHU
EHJLQ
U D>@
IRUL GRZQWRGRD>L@ D>L@
D>@ U
3UtNODG3URJUDP]LVĢXMHþLMHGYRMUR]PHUQpSROHV\PHWULFNpSRGĐDKODYQHMGLDJRQiO\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
FRQVW
1
W\SH
SROH DUUD\>11@RILQWHJHU
YDU
DSROH
LMLQWHJHU
RNERROHDQ
LQLFLDOL]iFLDSRĐD
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQEHJLQ
RN IDOVH
JRWRYRQMHWRDEVRO~WQH]DNi]DQp
HQG
YRQ
LIRNWKHQMHV\PHWULFNi
VSUiYQHULHãHQLH
RN WUXHL
ZKLOHRNDQGL 1GREHJLQ
M
ZKLOHRNDQGMLGREHJLQ
RN D>LM@ D>ML@
LQFM
HQG
LQFL
HQG
.RStUXMHPHDPRGLILNXMHPHREUi]N\
$E\VDQiPOHSãLHQDWUpQRYDODSUiFDVGYRMUR]PHUQêPSRĐRPY\WYRUtPHVLY'HOSKLQRYêSURMHNWYNWRURP
EXG~GYHJUDILFNpSORFK\'RSUYHMQDþtWDPH]QHMDNpKRV~ERUXELWPDSXDW~WRSRWRPSUHNRStUXMHPHGR
GUXKHMSORFK\3ULNRStURYDQtMXP{åHPHU{]QHPHQLĢSUtSDGQHPHQLĢVS{VRE\NRStURYDQLD6REUi]NDPL
EXGHPHSUDFRYDĢDNRVGYRMUR]PHUQêPSRĐRPSULþRPSUYêLQGH[SRĐDEXGHY\MDGURYDĢ[RY~V~UDGQLFX
IDUHEQHMERGN\SL[HO%RGN\þtVOXMHPHRGGRãtUND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
Ɣ1DMSUYVLSULSUDYPHQRYêSURMHNWGRIRUPXOiUXYORåtPHGYHJUDILFNpSORFK\,PDJHXSUDYtPHLP
UR]PHU\DE\EROLURYQDNRYHĐNpSULEOLåQH[
ƔGRIRUPXOiUXYORåtPHQLHNRĐNRWODþLGLHOSRVWXSQHLPEXGHPHSULUDćRYDĢU{]QHIXQNFLH
GYRMNOLNQXWtPQDSUtVOXãQpWODþLGORIRUPXOiUWHUD]Y\]HUiQHMDNRWDNWR
ƔSURMHNWXORåtPHGRQHMDNpKRDGUHViUDQDGLVNXDWLHåVHPSUHNRStUXMHPHQLHNRĐNRREUi]NRYV~ERURYV
SUtSRQRX%03P{åHWHVLVWLDKQXĢWLHWRV~ERU\REUD]N\]LS
ƔGYRMNOLNQHPHQD%XWWRQDSULUDGtPHPXDNFLXQDþtWDQLHELWPDS\QDSUWLJHUEPSGRSUYHMJUDILFNHM
SORFK\,PDJH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH3LFWXUH/RDG)URP)LOH
WLJHUEPS
HQG
ƔSRGREQHP{åHPHWODþLGOX%XWWRQSULUDGLĢQHMDN~LQ~ELWPDSX
ƔWODþLGOR%XWWRQEXGHVO~åLĢQDNRStURYDQLHREUi]ND],PDJHGRSORFK\,PDJH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
JJ7&DQYDV
[\LQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGR
J3L[HOV>[\@ J3L[HOV>[\@
,PDJH5HSDLQW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
HQG
HQG
Ɣ,PDJH5HSDLQWSUHNUHVOtGUXK~JUDILFN~SORFKXSRSUHNRStURYDQtNDåGpKRULDGNDLQDNE\VD]REUD]LOD
Då]iYHUHþQi]PHQD
ƔćDOãtYDULDQWVDKUiVIDUEDPLFH]LFKSRORåN\5*%
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
JJ7&DQYDV
[\LQWHJHU
UJEE\WH
F7&RORU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGREHJLQ
F J3L[HOV>[\@
U *HW59DOXHFJ *HW*9DOXHFE *HW%9DOXHF
J3L[HOV>[\@ 5*%UJE
HQG
,PDJH5HSDLQW
HQG
HQG
ƔIXQNFLD*HW59DOXHYUDFLDþHUYHQ~]ORåNX]IDUE\
ƔćDOHMP{åHPHQDStVDĢSURFHG~UXNWRUiVD]DYROiYåG\NHćSRKQHPHNXU]RURPP\ãLQDGSORFKRX
,PDJHQHFKWiWRSURFHG~UDSUHNRStUXMHOHQMHGQXERGNX],PDJHDWRSUHVQH]SR]tFLHP\ãL
ƔQDMSUYYRIRUPXOiULRVHOHNWXMHPH,PDJHVWDþtMHGQRGXFKêNOLNSRWRPY,QãSHNWRUH2EMHNWRY)
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
SULSUDYtVDSURFHG~UD7)RUP,PDJH0RXVH0RYHGRNWRUHMQDStãHPH
Ɣ
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
YDU
JJ7&DQYDV
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
J3L[HOV>[\@ J3L[HOV>[\@
HQG
ƔSULþRP;D<V~V~UDGQLFHERGXQDGNWRUêPVDQDFKiG]DNXU]RUP\ãL
ƔSURFHG~UXY\OHSãtPHWDNåHVDSUHNRStUXMHDMPDOpRNROLHERGX[\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
FRQVW
G
YDU
JJ7&DQYDV
LMLQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRUL GWRGGR
IRUM GWRGGR
J3L[HOV>[L\M@ J3L[HOV>[L\M@
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
Y,QãSHNWRUH2EMHNWRYP{åHPHMHGQRGXFKR]PHQLĢDMSRSLV\WODþLGLHOQDSUWDNWRYRIRUPXOiUL
Ɣ
NOLNQHPHQD%XWWRQWêPVDRVHOHNWXMHYLQãSHNWRUHSUHSQHPH]iORåNX3URSHUWLHVD]PHQtPH
SUDY~þDVĢULDGND&DSWLRQQDĐXERYRĐQêWH[WQDSU7LJHU
1'Ò
ƔSULNRStURYDQtSL[HORYP{åHWHSRV~YDĢQDSU]DþLDWN\ULDGNRYRQHMDN~IXQNFLXVLQ
ƔREUi]N\P{åHPHSUHNOiSDĢSRGĐDU{]Q\FKRVt
ƔREUi]RNVDGi]YlþãRYDĢ]PHQãRYDĢUHVSNRStURYDĢYLDFNUiWQDU{]QHSR]tFLHYQHMDNHMþDVWL
]DKXVĢRYDĢDSRG
ƔMH]DXMtPDYpSRKUDĢVDVIDUEDPLURELĢU{]QHMDV\VWPDYRYDĢREUi]RNNXRNUDMRPSORFK\]YêUD]ĖRYDĢ
OHQQHMDN~IDUHEQ~]ORåNXQDSUGR]HOHQD
Ɣ]REUi]NDSUHNRStURYDĢOHQWLHSL[HO\NWRUpV~RGQHMDNpKRERGXQDSUQLHćDOHMDNRQDSU
RVWDWQpSL[HO\]DIDUELĢQDELHOR
ƔRWRþLĢREUi]RN,PDJHRVWXSĖRYSULþRPQHSRXåLMHWH,PDJHDQLLQê7,PDJHDDQLLQ~GiWRY~
ãWUXNW~UXQDSUSRPRFQpSROH
3UtNODGVNRU\WQDþNRXDHGLWRYDFtPULDGNRP
NRPSRQHQW(GLW]RãWDQGDUGQHMSDOHW\NRPSRQHQWRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
ƔQDSURJUDPXMHPHWDNpWRVSUiYDQLH
❍YJUDILFNHMSORFKHEXGHNRU\WQDþNDDW~WREXGHPHULDGLĢSUtND]PLNWRUpVD]DSLVXM~GR
HGLWRYDFLHKRULDGND
❍Y,QãSHNWRUHREMHNWRYVDQDVWDYtPHQDNRPSRQHQW(GLWSUHSQHPH8GDORVWL(YHQWVD
GYRMNOLNQHPH2Q.H\3UHVVY\WYRUtVDPHWyGD(GLW.H\3UHVVWiWRPHWyGDVD]DYROiYåG\NHć
VDEXGHQLHþR]DSLVRYDĢGRHGLWRYDFLHKRULDGNDQiVYãDNEXGH]DXMtPDĢOHQNOiYHV(QWHU!
❍SURJUDPEXGHUR]SR]QiYDĢW~WRPQRåLQXSUtND]RY
GRSUHGXYODYRYSUDYRSKSG]PHQIS]PHQKS
❍SDUDPHWHUSUtND]XMHRGQHKRRGGHOHQêDVSRĖMHGQRXPHG]HURX
❍(GLW7H[WMHPRPHQWiOQ\REVDKHGLWRYDFLHKRULDGND
❍ãWDQGDUGQiIXQNFLD6WU7R,QW'HISUHYHGLHUHĢD]HFQDþtVORDDNUHĢD]HFQLHMHVSUiYQH]DGDQpFHOp
þtVORWDNYUiWLGUXKêSDUDPHWHUIXQNFLH
❍SRPRFRXFRQVWP{åHPHGHILQRYDĢDMSROHNRQãWiQW]DLGHQWLILNiWRUNRQãWDQW\QDStãHPH
GHILQtFLXSRĐDD]DURYQtWNRGR]iWYRULHNSRVWXSQHY\PHQXMHPHYãHWN\NRQãWDQW\
ƔSURJUDP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
YDUN.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
1DVWDY3ORFKX)RUP,PDJH
N .RU&UHDWHN8ND]
(GLW7H[W
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
FRQVWWDEDUUD\>@RIVWULQJ
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
YDU
VVWULQJ
LSLQWHJHU
EHJLQ
LI.H\ WKHQEHJLQ
V (GLW7H[W
L SRV
V
S 6WU7R,QW'HIFRS\VL0D[,QW
V FRS\VL
L KLJKWDEZKLOHL! ORZWDEDQGWDE>L@!VGRGHFL
ZLWKNGR
FDVHLRI
GRSUHGXS
YODYRS
YSUDYRS
SK
SG
]PHQISS
]PHQKSS
HQG
(GLW7H[W
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
SUHGQiãND
7\S]i]QDPWDEXĐN\
Y\KĐDGiYDQLH
7\S]i]QDPUHFRUG
=i]QDP
ƔSROH QWLFDSRORåLHNNWRUpPXVLDE\ĢURYQDNpKRW\SX
Ɣ]i]QDP QWLFDSUHPHQQêFKQHPXVLDE\ĢURYQDNpKRW\SX
ƔSUHPHQQiW\SX]i]QDPVDVNODGi]RVYRMLFKV~NURPQêFKSUHPHQQêFK
ƔSUtVWXSSRPRFRXPHQDSRORåN\VHOHNWRU
ƔVFHOêP]i]QDPRPQLHMHSRYROHQêDQLYVWXSDQLYêVWXSOHQSRSRORåNiFK
ƔSULUDGHQLHMHSRYROHQpOHQLGHQWLFNpKRW\SXDNRSUHSROLD
ƔP{åXE\ĢSRXåLWpDNRSDUDPHWUHSURFHG~UUHVSYêVOHGRNIXQNFLH
QDSU
W\SH
]D]QDP UHFRUG
PHQRDUUD\>@RIFKDUEDMWRY
URFQLNEDMW
SULHPHUUHDOEDMWRY
HQG
YSDPlWLV~SRORåN\XORåHQpWHVQH]DVHERX
PHQR URFQLN SULHPHU
DSUDFXMHPHVQLPLWDNWR
YDU]]D]QDP
EHJLQ
]PHQR
-DQ+UDVNR
]URFQLN
]SULHPHU
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
3RPRFRX]i]QDPXUHSUH]HQWXMHPHYHNWRUDNRGYRMLFXþtVHOV~UDGQtF
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
0HPR/LQHV&OHDU
0HPR/LQHV$GG
=DGDMYHNWRU
0HPR/LQHV$GG
"""
0HPR/LQHV$GG
=DGDMXKRO
0HPR/LQHV$GG
"""
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
W\SH
YHNWRU UHFRUG[\UHDOHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
HQG
YDU
YYYHNWRU
UUHDO
EHJLQ
Y 6WU7R9HNWRU0HPR/LQHV6WULQJV>@
0HPR/LQHV$GG
0HPR/LQHV$GG
YHNWRU
YHNWRU7R6WUY
0HPR/LQHV$GG
GO]ND
)ORDW7R6WUGO]NDY
1'Ò
XUREWHNRPSOHWQ~YHNWRURY~DULWPHWLNXSRVXQ\]YlþãRYDQLH]PHQãRYDQLHVNDOiUQ\V~þLQ]LVWHQLHXKOD
Ɣ
PHG]LGYRPDYHNWRUPLDSRG
3RVWXSQHEXGHPHULHãLĢWDNêWRSUtNODGYWH[WRYRPV~ERUHPiPH]DGDQpQHMDNpLQIRUPiFLHRPHVWiFKQD
PDSH=DWLDĐQiV]DXMtPDM~OHQSUYpWULKRGQRW\]NDåGpKRULDGNXDWRPHQRUHĢD]HFXNRQþHQê
D
V~UDGQLFH[D\QDREUD]RYNH1DMSUYQDþtWDPHWLHWRLQIRUPiFLHGRSRĐD
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
HQG
HQG
FRQVW
PD[
YDU
SDUUD\>PD[@RILQIR
QLLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWQ
ZKLOHQRW6HHN(RIWGREHJLQ
LQFQ
S>Q@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRQGR
ZLWKS>L@GR
0HPR/LQHV$GG,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
HQG
1'Ò
RNUHPPHQDDV~UDGQtFMHYNDåGRPULDGNXV~ERUXDMLQIRUPiFLDRSRþWHRE\YDWHĐRYDþtVHOQêNyGãWiWX
Ɣ
ĆDOãLD~ORKDQDREUD]RYNHY\WYRUtPHNRU\WQDþN\QDSR]tFLiFKPLHVWY\StãHPHNXQLPLFKPHQiDEXGHPH
RþDNiYDĢ]DGiYDQLHGYRMtFPLHVW±DNWREXG~NRUHNWQpPHQiWDNLFKVSRMtPHþLDURX
1DNRĐNREXGHPHćDOHMKĐDGDĢLQIRUPiFLHRPHVWHSRGĐDMHKRPHQDQDStãHPHVLSRPRFQ~IXQNFLXQD
KĐDGDQLHYUiWLEXćLQGH[GRSRĐDDOHERDNKRYSROLQHQiMGH
IXQFWLRQKODGDMFRQVWPVWULQJLQWHJHU
EHJLQ
5HVXOW Q
ZKLOH5HVXOW!DQGS>5HVXOW@PHQR!PGRGHF5HVXOW
HQG
WHUD]NRPSOHWQêSURJUDPYRIRUPXOiULMH,PDJH%XWWRQ(GLWD0HPR
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
FRQVW
PD[
YDU
SDUUD\>PD[@RILQIR
QLQWHJHUSRþHWSUYNRYWDEXĐN\
YDU
NDUUD\>PD[@RI.RU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWQ
ZKLOHQRW6HHN(RIWGREHJLQ
LQFQ
S>Q@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRQGR
ZLWKS>L@GR
0HPR/LQHV$GG,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
IRUL WRQGREHJLQ
ZLWKS>L@GRN>L@ .RU&UHDWH[\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
LLLLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W(GLW7H[W
L SRV
V
LIL!WKHQEHJLQ
L KODGDMFRS\VL
L KODGDMFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKN>L@GREHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
HQG
3URJUDPWURFKXY\OHSãtPHQDNRĐNRSROLDSDNDSUHPHQQiQSRþHWSUYNRYVSROXV~YLVLDY\WYRUtPH]
Ɣ
QLFKMHGLQ~GiWRY~ãWUXNW~UX±WDEXĐNX
FRQVW
PD[
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
WDEXOND UHFRUG
SRFHWPD[
SDUUD\>PD[@RILQIR
NDUUD\>PD[@RI.RU
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
EHJLQ
ZLWK5HVXOWGREHJLQ
PHQR
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
EHJLQ
ZLWKWDEGREHJLQ
LQFSRFHW
S>SRFHW@ SS
HQG
HQG
YDU
WDEWDEXOND
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
LLQWHJHU
EHJLQ
WDESRFHW LQLFLDOL]iFLDWDEXĐN\
$VVLJQ)LOHW
PHVWDW[W
5HVHWW
ZKLOHQRW6HHN(RIWGR
]DUDGWDE&LWDM5LDGRNW
&ORVH)LOHW
IRUL WRWDESRFHWGR
ZLWKWDES>L@GREHJLQN>L@WXHãWHQHH[LVWXMH
N>L@ .RU&UHDWH[\
ZLWKN>L@GREHJLQXND]SLVPHQRHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
HQG
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
LLLLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
V (GLW7H[W
L SRV
V
LIL!WKHQEHJLQ
L KODGDMWDEFRS\VL
L KODGDMWDEFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKWDEN>L@GREHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
(GLW6HO6WDUW
(GLW6HO/HQJWK /HQJWKV
HQG
-HYHĐPLG{OHåLWpVSUiYQHFKiSDĢDDMSRXåtYDĢSUtND]ZLWK
Ɣ
1'Ò
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
YDU
FDV7'DWH7LPH
EHJLQ
FDV 1RZ]DSDPlWiVLPRPHQWiOQ\þDV
WHVWRYDQiþDVĢSURJUDPX
0HPR/LQHV$GG&DV7R6WU1RZFDVY\StãHþDVWUYDQLD
WHVWX
HQG
H[LVWXMHDMSRGREQiIXQNFLD7LPH7R6WUSRH[SHULPHQWXMWHVĖRX
Ɣ
+ĐDGDQLHLQIRUPiFLtYWDEXĐNH
$OJRULWPXVKĐDGDQLDP{åHPHY\OHSãLĢDNEXGHPHSUHGSRNODGDĢåHWDEXĐNDMHY]RVWXSQHXWULHGHQi
Ɣ
DEHFHGQHOH[LNRJUDILFN\
IXQFWLRQKODGDMFRQVWWDEWDEXONDFRQVWPVWULQJLQWHJHU
EHJLQ
5HVXOW
ZKLOH5HVXOW WDESRFHWDQGWDES>5HVXOW@PHQRPGR
LQF5HVXOW
LI5HVXOW!WDESRFHWRUWDES>5HVXOW@PHQR!PWKHQ
5HVXOW
HQG
]LVWLWHþREXGHIXQNFLDKODGDMY\KĐDGiYDĢDN]QHMY\KRGtPHSRGþLDUNQXW~þDVĢ
Ɣ
GiVDQDSURJUDPRYDĢDMLQDN
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
3UHGSRNODGDOLVPHåHWDEXĐNDMHXWULHGHQi±P{åHPHRSUDYLĢSURFHG~UX]DUDGQDSUWDNWR
Ɣ
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
YDULLQWHJHU
EHJLQ
ZLWKWDEGREHJLQ
L SRFHW
ZKLOHL!DQGS>L@PHQR!SSPHQRGREHJLQ
S>L@ S>L@
GHFL
HQG
S>L@ SS
LQFSRFHW
HQG
HQG
ƔYQ~WRUQêZKLOHF\NOXVSRVXQLHSUYN\WDEXĐN\WDNDE\VDQRYiSRORåNDPRKOD]DVXQ~ĢQDVSUiYQHPLHVWR
Ɣ]UHMPHSUHGSRNODGiPHåH]DUDćRYDQêSUYRNVDHãWHYWDEXĐNHQHQDFKiG]D
%LQiUQHY\KĐDGiYDQLH
Ɣ1DXþtPHVDQRYêW\SDOJRULWPXELQiUQHY\KĐDGiYDQLHSRGREQêDNRNHćKĐDGiPHYWHOHIyQQRP
]R]QDPH
❍RWYRUtPHYVWUHGH]R]QDPXDNMHKĐDGDQpVORYRYDEHFHGHVN{UDNRVORYRYVWUHGHWDNEXGHPH
SRNUDþRYDĢYSUHGQHMSRORYLFL]R]QDPXLQDNYGUXKHMSRORYLFL
❍RSlĢYRY\EUDQHMSRORYLFL]R]QDPXVDSR]ULHPHGRMHKRVWUHGXDSRURYQiPHVKĐDGDQêPVORYRP
❍WDNWREXGHPHSRVWXSQHKĐDGDĢYPHQãRPDPHQãRP~VHNX]R]QDPXDåNêPQHQDUD]tPHQD
KĐDGDQpVORYR
ƔWUHEDVL]DSDPlWDĢåHWRIXQJXMHOHQDNMHSROHWDEXĐNDXWULHGHQi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB5ZQ[È[OBN
UBCVǚLZ
WZIǚBEÈWBOJF
DOHER
Ɣ
1'Ò
ƔSRGREQHDNRSUHGWêPRWHVWXMWHSULHPHUQêþDVQiMGHQLDSUYNX
ƔSRN~VWHVDPDWHPDWLFN\Y\SRþtWDĢPD[LPiOQ\þDVQDQiMGHQLHUHVSQD]LVWHQLHåHVDWDPSUYRN
QHQDFKiG]D
ƔYSUHGFKiG]DM~FRPSUtNODGHVPHVWDPLY\WYRUWHSURFHG~UXY\KRGNWRUiY\KRGt]WDEXĐN\GDQpPHVWR
]DFKRYiVDY]RVWXSQpXVSRULDGDQLHWDEXĐN\
ƔćDOHMY\WYRUWHY\KRGNWRUiY\KRGt]WDEXĐN\YãHWN\PHVWiPHG]LPDPYOH[LNRJUDILFNRP
XVSRULDGDQt
ƔSUHSURJUDPXMWH]DUDGWDNDE\VSUiYQXSR]tFLXQRYpKRPHVWDQDãLHOSRPRFRXELQiUQHKRY\KĐDGiYDQLD
WMQDPHQHMSRURYQDQtDDåSRWRPWDEXĐNXSRVXQXODWHGDY\WYRULOYRĐQpPLHVWRSUHQRYpPHVWR
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
9. prednáška: Vymenovaný typ, typ množina, skener
SUHGQiãND
9\PHQRYDQêW\SPQRåLQD
VNHQHU
9\PHQRYDQêW\S
ƔMHRUGLQiOQ\W\SNWRUêGHILQXMHPHY\PHQRYDQtPYãHWNêFKSUtSXVWQêFKKRGQ{WGDQpKRW\SX
ƔY\PHQRYDQpKRGQRW\V~LGHQWLILNiWRU\NRQãWiQWLFKRUGLQiOQHKRGQRW\V~þtVODRGGRSRþHW
ƔXNiåND
W\SH
W\]GHQ SRQXWRVWUVWYSLDVREQHG
]iURYHĖVD]DGHILQRYDORNRQãWiQWDNRNHE\
FRQVWSRQ XWR
YDU
GW\]GHQ
EHJLQ
G SRQ
G SUHGSLDG VWY
G VXFFVREG QHG
G XWR
LQFGG VWU
LQFGG VRE
L RUGSRQ
L SUYiNRQãWDQWDY\PHQRYDQpKRW\SXPiKRGQRWX
L RUGXWRL
G W\]GHQ
G SLDLGHQWLILNiWRUW\SXVDGiSRXåLĢDNRIXQNFLD
G ORZW\]GHQG SRQ
G KLJKGG QHGMHWRãNDUHGp
SUiFDVY\PHQRYDQêPW\SRPHQXPHUDWHGW\SH
ƔMHWRRUGLQiOQ\W\SIXQJXM~RUGSUHGVXFFORZKLJKLQFGHF
ƔP{åHPHKRSRXåLĢDNRLQGH[SUYNRYSRĐD
ƔDMW\SERROHDQMHY\PHQRYDQêW\SWMDNRNHE\W\SHERROHDQ IDOVHWUXH
ƔY\PHQRYDQêW\SVDQHGiY\StVDĢDQLQDþtWDĢ
QDþtWDQLHY\PHQRYDQpKRW\SXSRPRFRXSRĐDPLHQNRQãWiQW
Ɣ
FRQVW
DDUUD\>W\]GHQ@RIVWULQJ
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDU
VVWULQJ
V (GLW7H[W
G ORZW\]GHQ
ZKLOHGKLJKW\]GHQDQGD>G@!VGRLQFG
LID>G@!VWKHQ]DSLV
FK\ED
Y\PHQRYDQêW\SVPHXåSRXåtYDOLQDSUQDVOHGRYQpW\S\V~XåSUHGGHILQRYDQp
Ɣ
W\SH
73HQ6W\OH SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
SV&OHDUSV,QVLGH)UDPH
7%UXVK6W\OH EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
EV)'LDJRQDOEV%'LDJRQDOEV&URVV
EV'LDJ&URVV
DP\VPHPRKOLStVDĢ
Ɣ
J3HQ6W\OH SV'DVK
J%UXVK6W\OH EV9HUWLFDO
9QDVOHGXM~FRPSUtNODGHIXQNFLDSRURYQDMYUiWLMHGQX]KRGQ{WY\PHQRYDQpKRW\SXPHQVLURYQ\
Ɣ
YDFVLSRGĐDWRKRYDNHMUHOiFLLV~GYDUHĢD]FH
W\SH
SRU PHQVLURYQ\YDFVL
7\SPQRåLQD
W\SH
P VHWRI
YDU
DEP
SUiFDVW\SRPPQRåLQD
ƔPQRåLQRYpNRQãWDQW\>@>@>@>@>@
ƔRSHUiFLH
❍]MHGQRWHQLHD DE
❍SULHQLND D >@
❍UR]GLHOD E>@
❍SUtVOXãQRVĢSUYNXLILQDWKHQ
ƔUHOiFLH
❍URYQRVĢQHURYQRVĢLID EWKHQLIF!>@WKHQ
3UtNODG\
Ɣ
YDU
]FKDU
LI]LQ>
$
=
D
]
@WKHQ
LIQRW]LQ>
@WKHQ
WHVWRYDQLHRGSRYHGHiQRQLH
Ɣ
FRQVW
DQR >
D
$
\
<
@QLH >
Q
1
@
V (GLW7H[W
LIV!
YDU
[VHWRI
[ >@
IRUL WRGR[ [>L@
[ >@
IRUL WRGR[ [>LL@
QDPQRåLQiFKQHIXQJXMHZULWHY\SLVXMHPHLFKSRPRFRXF\NOX
Ɣ
W\SH
ED]D
PQR]LQD VHWRIED]D
SURFHGXUHY\SLVFRQVWPPQR]LQD
YDU
LED]D
VVWULQJ
EHJLQ
V
>
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQV V,QW7R6WUL
0HPR/LQHV$GGV
@
HQG
YêSLVSUYNRYPQRåLQ\GRV~ERUXWDNDE\VDQDNRQFLQHY\SLVRYDODþLDUND
Ɣ
SURFHGXUHY\SLVFRQVWW7H[W)LOHFRQVWPPQR]LQD
YDU
LED]D
EHJLQ
ZULWHW
>
E IDOVH
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ
EHJLQ
LIEWKHQZULWHW
ZULWHWLE WUXH
HQG
ZULWHW
@
HQG
1'Ò
ƔY\SLVRYDQLHPQRåLQ\DMVLQWHUYDOPLQDSU>@
ƔþtWDQLHPQRåLQ\]RYVWXSXQDYVWXSHP{åXE\ĢDMLQWHUYDO\
1DStãHPHSURJUDPNWRUê]WH[WRYpKRV~ERUX678'7;7QDþtWDPHQiãWXGHQWRYãWXGHQWRYMHPHQHMDNR
LFKSULHPHUQp]QiPN\DLQIRUPiFLXRWRPþLãWXGHQWGRVWDODOHERQHGRVWDOLQWHUQiWYWYDUHDOHER3URJUDP
SRWRPY\StãH
DYãHWNêFKãWXGHQWRY
EGREUêFKãWXGHQWRYSULHPHUGRNWRUtPDM~LQWHUQiW
FGREUêFKãWXGHQWRYNWRUtQHPDM~LQWHUQiW
W\SH
ED]D
WDE DUUD\>ED]D@RIUHFRUG
PHQRVWULQJ
]QUHDO
LQWHUERROHDQ
HQG
PQ VHWRIED]D
SURFHGXUHFLWDM7DEYDUWWDEYDUQLQWHJHU
YDU
I7H[W)LOH
EELQWHJHU
]FKDU
EHJLQ
$VVLJQ)LOHI
VWXGW[W
5HVHWI
Q
ZKLOHQRWVHHNHRIIGREHJLQ
LQFQ
ZLWKW>Q@GREHJLQ
PHQR
UHSHDWUHDGI]LI]!
WKHQPHQR PHQR]XQWLO]
UHDGOQI]QEE
LQWHU EE
HQG
HQG
&ORVH)LOHI
HQG
SURFHGXUHY\SLVFRQVWWWDEPPQ
YDU
LED]D
EHJLQ
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ0HPR/LQHV$GGW>L@PHQR
HQG
YDU
WWDE
DEPQDLQGH[\GRWDEXĐN\WSUHNWRUêFK]Q
ELQGH[\GRWDEXĐN\WNWRUtPDM~LQWHUQiW
QLLQWHJHU
EHJLQ
FLWDM7DEWQQDþtWDQLHWDEXĐN\
D >@E >@
IRUL WRQGREHJLQ
LIW>L@]Q WKHQD D>L@
LIW>L@LQWHUWKHQE E>L@
HQG
0HPR/LQHV$GG
9VHWFL
Y\SLVW>Q@
0HPR/LQHV$GG
GREULPDMXLQWUDN
Y\SLVWD
E
0HPR/LQHV$GG
GREULQHPDMXLQWUDN
Y\SLVWDE
HQG
0QRåLQXY\XåLMHPHDMSUL]PHQHãWêOXIRQWX
Ɣ
W\SH
7)RQW6W\OH IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW
7)RQW6W\OHV VHWRI7)RQW6W\OH
SUHIRQWMHGHILQRYDQp
)RQW7)RQW6W\OHV
J)RQW6W\OH >@
J)RQW6W\OH >IV%ROG@
J)RQW6W\OH J)RQW6W\OH>IV,WDOLF@
0HPR)RQW6W\OH >IV8QGHUOLQH@
QHVN{UXYLGtPHSRXåLWLHPQRåtQDMSULNUHVOHQtP\ãRXGRJUDILFNHMSORFK\NOLNDQLHĢDKDQLH
Ɣ
P\ãRX
1DStãHPHSURJUDPNWRUêY\WYRUtSRGPQRåLQX0PQRåLQ\WDN~åH
DMH]PQRåLQ\
EDNLMH]PQRåLQ\WDNLDMLV~]PQRåLQ\
YDU
PVHWRI
LLQWHJHU
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQEHJLQ
P P>
L@
LMHYåG\]
LI
L WKHQP P>
L@
DNMHDM
L]SULGiPHKRGRPQRåLQ\
HQG
HQG
2EPHG]HQLDSUHPQRåLQ\
ƔP{åHPHQDVLPXORYDĢYlþãLHPQRåLQ\SRPRFRXSRĐDPQRåtQ
YDUPDUUD\>PD[@RIVHWRI
ƔSULGiYDPH[GRWDNHMWRPQRåLQ\
P>[GLY@ P>[GLY@>[PRG@
Ɣ]LVWtPHþLMH[YPQRåLQH
LI>[PRG@LQP>[GLY@WKHQ
W\SH
PQR]LQD VHWRI
PQ DUUD\>@RIPQR]LQD
YDU
PPQ
LMLQWHJHU
EHJLQ
P>@ >@
IRUL WRGRP>L@ >@
IRUL WRGR
9ćDOãRPSUtNODGHVLQDSUiFXVYHĐNêPLPQRåLQDPLY\WYRUtPHSRPRFQpSURFHG~U\DIXQNFLHD
Ɣ
SRXåLMHPHLFKSULULHãHQt~ORK\(UDWRVWHQRYHVLWR
FRQVW
PD[PQ
W\SH
PQR]LQD UHFRUG
PDUUD\>PD[PQ@RIVHWRI
PD[PD[PQ
HQG
SURFHGXUHLQLF0QYDUPQPQR]LQDP[LQWHJHU
YDU
LLQWHJHU
EHJLQ
PQPD[ P[
IRUL WRP[GLYGRPQP>L@ >@
HQG
SURFHGXUHSULGDM0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
SURFHGXUHY\SLV0QFRQVWPQPQR]LQD
YDU
LLQWHJHU
EERROHDQ
VVWULQJ
EHJLQ
V
>
E IDOVH
IRUL WRPQPD[GR
LIY0QPQLWKHQEHJLQ
LIEWKHQV V
V V,QW7R6WULE WUXH
HQG
0HPR/LQHV$GGV
@
HQG
SURFHGXUHYVHWN\0QYDUPQPQR]LQD
YDU
LLQWHJHU
EHJLQ
ZLWKPQGREHJLQ
IRUL WRPD[GLYGRP>L@ >@
YãHWN\RNUHPSRVOHGQHM
P>PD[GLY@ >PD[PRG@
HQG
HQG
SURFHGXUHXEHU0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
YDU
PQPQR]LQD
LMLQWHJHU
EHJLQ
LQLF0QPQ
PD[PQYVHWN\0QPQXEHU0QPQ
XEHU0QPQ
IRUL WRPQPD[GLYGR
LIY0QPQLWKHQEHJLQ
M LL
ZKLOHM PQPD[GREHJLQ
XEHU0QPQMLQFML
HQG
HQG
Y\SLV0QPQ
0HPR/LQHV$GG
SRFHWSUYNRY
,QW7R6WUSRFHW0QPQ
HQG
5HDOL]iFLDPQRåLQ\YSDPlWLSRþtWDþD
SDVFDORYVNiPQRåLQD SRVWXSQRVĢELWRY
QDSUSUHVHWRIMHY\KUDGHQêFKELWRYWMEDMWRY
ƔYNDåGRPELWHMHEXćSUYRNQHSDWUtGRPQRåLQ\DOHERSUYRNSDWUtGRPQRåLQ\
ƔD >@Y\QXOXMYãHWN\ELW\
ƔD >@QDVWDYLEDELW\RVWDWQpY\QXOXM
ƔDELGHSRELWRFKDUREtRSHUiFLXELQiUQH25
ƔPQRåLQD]DEHUiEDMWRY
/H[LNiOQDDQDOê]DVNHQHUVFDQQHU
3UDYLGOiSUHY\WYRUHQLHVNHQHUD
ƔXUþtPHDNpU{]QHW\S\OH[pPEXGHPH]RV~ERUX]LVĢRYDĢOH[pPDSDVFDORYVNpKRSURJUDPXMHQDSU
LGHQWLILNiWRUþtVORUHĢD]HFNRPHQWiU
OH[NRQLGFLVOR
ƔY\WYRUtPHSURFHG~UX]QDNNWRUiþtWDV~ERUDYJOREiOQHMSUHPHQQHM]QDVWDYtKRGQRWX
NHćMHNRQLHFV~ERUX
❍
❍QDNRQFLULDGNDSULþRPVSUDFXMHWHQWRNRQLHFULDGND
❍LQDNSUHþtWD]QDN]RV~ERUX
]FKDUDMW7H[W)LOHV~JOREiOQHSUHPHQQp
Ɣ
SURFHGXUH]QDNSURFHG~UDQDþtWDQLH]RV~ERUX
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
QLHNHG\VDQiPKRGtSRPRFQiSURFHG~UDSLVNWRUi]DSLVXMHYWHG\NHćWUHEDDNDPWUHEDQDSUVNHQHU
Ɣ
P{åHYLVWêFKVLWXiFLiFK]DSLVRYDĢGRV~ERUX
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
Y\WYRUtPHSURFHG~UXVNHQHUNWRUiVSUDFRYiYD]QDN\DVWDUiVDRWLHOH[pP\NWRUpFKFHPH]LVWLĢNDåGp
Ɣ
YRODQLH]LVWtQDVOHGRYQ~OH[pPX
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
XåMHNRQLHFV~ERUX
EHJLQ
OH[ NRQRN WUXH
HQG
^
]DþtQDNRPHQWiU
EHJLQ
DNMHGREUêQiMGHPHNQHPXGUXK~]iWYRUNX
DOHERSUtGHPHQDNRQLHFV~ERUX
HQG
]DþtQDUHĢD]HF
$
=
D
]
]DþtQDLGHQWLILNiWRU
HOVH
HQGFDVH
XQWLORN
HQG
ƔRN]QDPHQiåHVPHQDãOLOH[pPXP{åHPHXNRQþLĢWRWRYRODQLH !YOH[MHW\SOH[pP\YLQêFK
SUHPHQQêFKMHćDOãLDLQIRUPiFLDQDSUUHĢD]HFLGHQWLILNiWRUDSUHPHQQHM
ƔYWHOHVDPRWQpKRSURJUDPXVDQDFKiG]DRWYRUHQLHV~ERUXLQLFLDOL]iFLDDKODYQêF\NOXV
]QDNVNHQHU
ZKLOHOH[!NRQGREHJLQ
VSUDFRYDQLHWêFKOH[pPNWRUpSRWUHEXMHPH
VNHQHU
HQG
Ɣ%XGHPHULHãLĢWDNêWRSUtNODG'DQêMHWH[WRYêV~ERUSURJUDPSDVNWRUêREVDKXMHQHMDNêSDVFDORYVNê
SURJUDP3URJUDPQDþtWD]GYRFKHGLWRYDFtFKULDGNRY(GLWD(GLWGYDUHĢD]FHUDUY\WYRUtV~ERU
SURJUDPSDVNWRUêMHNySLRXV~ERUXSURJUDPSDVSULþRPYãHWN\YêVN\W\LGHQWLILNiWRUDUV~
QDKUDGHQpLGHQWLILNiWRURPU
Ɣ9NRPHQWiURFKVWDþLDMHGQRGXFKp^`D]QDNRYêFKUHĢD]FRFKYêVN\W\UQHEXGHPHQDKUiG]DĢDN
KĐDGiPHLWDN]UHMPHQHY\KRYXM~LILLL
ƔSUHGSRNODGiPHåHYVSUDFRYiYDQRPWH[WRYRPV~ERUHSDVFDORYVNRPSURJUDPHQLHV~NRQãWDQW\UHiOQH
þtVOD
YDU
]FKDU
WW7H[W)LOH
OH[NRQLHFLGHQW
UVWULQJ
SURFHGXUH]QDN
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQLHFRN WUXHHQG
^
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
@
SLV]QDN
HQG
$
=
D
]
B
EHJLQ
U
ZKLOH]LQ>
$
=
D
]
B
@GREHJLQ
U U]]QDN
HQG
OH[ LGHQWRN WUXH
HQG
HOVH
SLV]QDN
HQGFDVH
XQWLORN
HQG
YDU
UUVWULQJ
EHJLQ
U 8SSHU&DVH7ULP(GLW7H[W
U 7ULP(GLW7H[W
LIU
RUU
WKHQEHJLQ
6KRZ0HVVDJH
1DMSUY]DGDMREDUHĢD]FH
H[LW
HQG
$VVLJQ)LOHW
SURJUDPSDV
UHVHWW
$VVLJQ)LOHW
SURJUDPSDV
UHZULWHW
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
LI8SSHU&DVHU UWKHQZULWHWU
HOVHZULWHWU
VNHQHU
HQG
&ORVH)LOHW&ORVH)LOHW
0HPR/LQHV/RDG)URP)LOH
SURJUDPSDV
HQG
XYHGRPWHVLåHDSRVWURIYNRQãWDQWiFK]QDNRYêUHĢD]HFPXVtPHStVDĢ]GYRMHQH
Ɣ
1'Ò
8SUDYWHSURJUDPWDNåHQDþtWDQLHNRĐNRLGHQWLILNiWRURYNWRUpWUHEDQDKUDGLĢDNQLPSUtVOXãQêSRþHW
Ɣ
LGHQWLILNiWRURYNWRUêPLLFKWUHEDQDKUDGLĢ
1DStãHPHSURJUDPNWRUêþtWDWH[WRYêV~ERUSURJUDPSDVYNWRURPVDQDFKiG]DQHMDNê
Ɣ
SDVFDORYVNêSURJUDPDY\WYRUtV~ERUSURJUDPSDVNWRUêEXGHPD[LPiOQH]KXVWHQêQD]DGDQ~
ãtUNXULDGNDWMYNDåGRPULDGNXEXGHPD[LPiOQ\SRþHW]QDNRYNWRUpVDVHP]PHVWLDDYV~ERUH
EXGHPLQLPiOQ\SRþHWPHG]LHUWDNDE\SURJUDPHãWHRVWDOIXQNþQê.RPHQWiUH]SURJUDPX
Y\QHFKiPH
FRQVW
PD[VLU
YDU
I7H[W)LOH
]FKDU
OH[NRQLHFFLVORUHWD]HFLGHQWLQH
VVWULQJKRGQRWDUHĢD]FDLGHQWLILNiWRUDDLQpKR]R
VNHQHUD
KRGQRWDLQWHJHUKRGQRWDþtVOD
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQUHDGOQI]
HQG
HOVHUHDGI]
HQG
SURFHGXUHVNHQHU
YDU
RNERROHDQ
SLQWHJHU
EHJLQ
UHSHDW
RN WUXH
FDVHXSFDVH]RI
OH[ NRQLHF
EHJLQ]QDNRN IDOVHHQG
^
EHJLQ
ZKLOHQRW]LQ>
`
@GR]QDN
]QDNRN IDOVH
HQG
EHJLQ
KRGQRWD OH[ FLVOR
ZKLOH]LQ>
@GREHJLQ
KRGQRWD
KRGQRWDRUG]RUG
]QDN
HQG
HQG
$
=
B
EHJLQ
V
OH[ LGHQW
ZKLOHXSFDVH]LQ>
$
=
B
@GREHJLQ
V V]]QDN
HQG
HQG
EHJLQ
S V
]QDNOH[ UHWD]HF
ZKLOH]!DQGSGR
LI]
WKHQ
LIS WKHQEHJLQS V V
]QDNHQG
HOVHEHJLQLQFS]QDNHQG
HOVHLIS WKHQEHJLQV V]]QDNHQG
HOVHLQFS
HQG
EHJLQ
]QDN
LI]
WKHQEHJLQ
RN IDOVH
UHSHDW
]QDN
LI]
WKHQEHJLQ
ZKLOH]
GR]QDN
RN ]
HQG
XQWLO] RURN
RN IDOVH]QDN
HQG
HOVHEHJLQOH[ LQHV
HQG
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
!
EHJLQ
OH[ LQHV ]]QDN
LIV
DQG]LQ>
!
@WKHQEHJLQ
V V]]QDN
HQG
HOVHLIV
!
DQG]
WKHQEHJLQ
V V]]QDN
HQG
HQG
HOVH
V ]OH[ LQH]QDN
HQG
XQWLORN
HQG
YDU
J7H[W)LOH
LVLULQWHJHUVLUGRWHUDMãLDãtUNDULDGND
EEERROHDQþLYNODGDĢPHG]HU\PHG]LOH[pP\
VVVWULQJ
EHJLQ
$VVLJQ)LOHI
SURJUDPSDV
5HVHWI
$VVLJQ)LOHJ
SURJUDPSDV
5HZULWHJ
VLU E IDOVH
]QDNVNHQHU
ZKLOHOH[!NRQLHFGREHJLQ
E OH[LQ>FLVORLGHQW@
FDVHOH[RI
FLVORVWUKRGQRWDV
UHWD]HF
EHJLQ
VV
IRUL WROHQJWKVGR
LIV>L@
WKHQVV VV
HOVHVV VVV>L@
V
VV
HQG
HOVHYãHWN\RVWDWQpOH[pP\V~YUHĢD]FLV
HQG
LIEDQGEWKHQV
V
E E
LIVLU!DQGVLUOHQJWKV!PD[VLUWKHQEHJLQ
ZULWHOQJVLU
HQG
LIVLU DQGV>@
WKHQGHOHWHV
ZULWHJVLQFVLUOHQJWKV
VNHQHU
HQG
&ORVH)LOHI&ORVH)LOHJ
0HPR/LQHV/RDG)URP)LOH
SURJUDPSDV
HQG
1'Ò
ƔGRUREWHGRVNHQHUDDMNRPHQWiUH
ƔNRPHQWiUHNWRUp]DþtQDM~]QDNRPPDM~YSDVFDOHãSHFLiOQ\Yê]QDPDSUHWRLFKWUHED]DFKRYDĢDQLH
RGILOWURYDĢGRUREWHWRVNHQHUD
ƔGRUREWHVNHQHUDMSUHUHiOQHþtVODãHVWQiVWNRYpNRQãWDQW\
D]QDNRYpNRQãWDQW\V
SRVOHGQi]PHQD
SUHGQiãND
5HNXU]LD
1HNRQHþQiUHNXU]LD
SURFHG~UD[\YROiVDPXVHED
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
N.RU
SURFHGXUH[\VUHDO
EHJLQ
N'RSUHGXV
N9ODYR
[\V
HQG
EHJLQ
N .RU&UHDWH
[\
HQG
WUDVXMHPHWHQWRSURJUDP
Ɣ]KODYQpKRSURJUDPXMHYRODQLHSURFHG~U\[\ !Y\WYRUtVDORNiOQDSUHPHQQiVNWRUHMKRGQRWDMH
ƔQDNUHVOtVDþLDUDGĎåN\VNRU\WQDþNDVDRWRþtGRĐDYDRVWXSĖRY
Ɣ]QRYXVDYROiSURFHG~UD[\VSDUDPHWUDPL]PHQHQêPVQDVWMY\WYRUtVDQRYiORNiOQDSUHPHQQi
V WiWRSUHPHQQiVDY\WYiUDQD]iVREQtNX
❍VSRPHĖPHVLQDPHFKDQL]PXVYRODQLDSURFHG~U]DSDPlWDQLHQiYUDWRYHMDGUHV\Y\KUDGHQLH
IRUPiOQ\FKSDUDPHWURYDORNiOQ\FKSUHPHQQêFK
ƔWRWRVDUREtGRQHNRQHþQDDOHþDVRPVD]DSOQtRSHUDþQiSDPlĢSRþtWDþDYWRPWRSUtSDGHSUHWHþLH
]iVREQtN6WDFNRYHUIORZ
ƔSULGiYDQLHQDYUFK
ƔRGREHUDQLH]YUFKX
&KYRVWRYiUHNXU]LDQHSUDYi
ãSLUiOD
Ɣ
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQQLþQHUREOHQVNRQþL
HOVHEHJLQ
N'RSUHGXV
N9ODYR
VSLUV
HQG
HQG
EHJLQ
N .RU&UHDWH
VSLU
HQG
ƔWUDVXMPHYRODQLHVRVLPXOiFLRXQD]iVREQtNXSUHWUDVRYDQLHMHGREUp]YROLĢYlþãLXSRþLDWRþQ~KRGQRWX
VQDSU
ƔYãLPQLPHVLåHUHNXU]tYQHYRODQLHSURFHG~U\MHLEDQDMHGQRPPLHVWHNWRUpMHSRVOHGQêPSUtND]RP
SURFHG~U\ !WRWRYRODQLHVDGiĐDKNRSUHStVDĢF\NORPZKLOH
!KRYRUtPHWRPXFKYRVWRYiUHNXU]LDUHNXU]tYQHYRODQLHMHOHQQDNRQFLSURFHG~U\
ƔSUHSLVSRPRFRXZKLOHF\NOX
ZKLOHV GREHJLQ
N'RSUHGXV
N9ODYR
V V
HQG
1DStãHPHSURFHG~UXNWRUiY\StãHþtVOD111
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQQLþQHUREOHQVNRQþL
HOVHEHJLQ
0HPR/LQHV$GG,QW7R6WUQ
Y\SLVQ
HQG
HQG
EHJLQ
Y\SLV
HQG
=LVWLWHDNRVD]PHQtYêVWXSDNVDY\PHQtYRODQLH0HPR/LQHV$GGDY\SLV"
Ɣ
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQþL
HOVHEHJLQ
Y\SLVQ
0HPR/LQHV$GG,QW7R6WUQ
HQGXåWRQLHMHFKYRVWRYiUHNXU]LD
HQG
3UDYiUHNXU]LD
ãSLUiOD
Ɣ
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQN=PHQ)3FO5HGDVNRQþL
HOVHEHJLQ
N'RSUHGXVN9ODYR
VSLUV
N9SUDYRN'RSUHGXV
HQG
HQG
WUDVXMWHMHMYRODQLHSUH
Ɣ
VSLU
Ɣ7DNpWRUHNXU]tYQHYRODQLHVDGiSUHStVDĢSRPRFRXGYRFKF\NORY
SRFLDWV V
ZKLOHV GREHJLQþRVDGHMHSUHGUHNXU]LRX
N'RSUHGXVN9ODYRV V
HQG
N=PHQ)3FO5HGUREtVDYSUtSDGHVNRQþLWULYLiOQ\
SUtSDG
ZKLOHV!SRFLDWVGREHJLQþRVDGHMHSRQiYUDWRFK]
UHNXU]LH
V VN9SUDYRN'RSUHGXV
HQG
3UH]QiPXSURFHG~UXSRO\]LVWLWHþRNUHVOLDSURFHG~U\VWYRUHFDVWYRUHF
Ɣ
SURFHGXUHSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
N'RSUHGXV
N9ODYRX
GHFQ
HQG
HQG
SURFHG~UDVWYRUHF
Ɣ
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQQLþQHUREOHQVNRQþL
HOVHEHJLQ
SRO\D
VWYRUHFD
HQG
HQG
SURFHG~UDVWYRUHF
Ɣ
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQþL`N9ODYR
HOVHEHJLQ
SRO\D
VWYRUHFD
SRO\D
HQG
HQG
&KFHPHY\SRþtWDĢIDNWRULiOSULURG]HQpKRþtVOD1SULþRPYLHPHåH Q Q
Q
Ɣ
❍SUHQ QDNUHVOtVDþLDUD
❍YRYãHWNêFK~URYQLDFKV~NRQiUHURYQDNRGOKp
SURFHGXUHVWURPQLQWHJHU
EHJLQ
LIQ WKHQEHJLQ
N'RSUHGX
N'RSUHGX
HQG
HOVHZLWKNGREHJLQ
'RSUHGX
9ODYRQDWRþVDQDNUHVOHQLHĐDYpKRSRGVWURPX
VWURPQQDNUHVOLĐDYêSRGVWURPQ~URYQH
9SUDYRQDWRþVDQDNUHVOHQLHSUDYpKRSRGVWURPX
VWURPQQDNUHVOLSUDYêSRGVWURPQ~URYQH
9ODYRQDWRþVDGRS{YRGQpKRVPHUX
'RSUHGXYUiĢVDQDS{YRGQpPLHVWR
HQG
HQG
%LQiUQ\VWURPWDNDE\VDYHWY\VWURPXVNUDFRYDOLQDSRORYLFXYRY\ããtFK~URYQLDFK
Ɣ
SURFHGXUHVWURPQLQWHJHUYUHDO
EHJLQ
ZLWKNGR
LIQ WKHQEHJLQ
'RSUHGXY
DMVKUXEãtPLYHWYDPL
9SUDYR'RSUHGX9ODYR
'RSUHGXY
HQG
HOVHEHJLQ
'RSUHGXY
9ODYRQDWRþVDQDNUHVOHQLHĐDYpKR
SRGVWURPX
VWURPQYQDNUHVOLĐDYêSRGVWURPQ~URYQH
9SUDYRQDWRþVDQDNUHVOHQLHSUDYpKR
SRGVWURPX
VWURPQYQDNUHVOLSUDYêSRGVWURPQ~URYQH
9ODYRQDWRþVDGRS{YRGQpKRVPHUX
'RSUHGXYYUiĢVDQDS{YRGQpPLHVWR
HQG
HQG
1'Ò
ƔULHãHQLHEH]UHNXU]LHEXGHPHWRVSRORþQHULHãLĢQHVN{U
ƔGRNUHVOLĢVWURPXOtVWRþN\QDSRVOHGQêFKYHWYiFK
ƔQiKRGQHQDVWDYLĢYHĐNRVĢSRGVWURPXQiKRGQHQDVWDYLĢXKROYHWLHY
ƔSRGĐD~URYQHYQRUHQLDPHQLĢKU~ENXSHUD
7HUQiUQ\VWURP
Ɣ
SURFHGXUHVWURPQLQWHJHUDUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQ
SRO\D
HOVHZLWKNGREHJLQ
'RSUHGXD9ODYR
IRUL WRGREHJLQ
VWURPQD
9SUDYR
HQG
9ODYR'RSUHGXD
HQG
HQG
1DStãHPHSURFHG~UXNWRUiQDNUHVOtREUi]RNVVV~URYQH1YHĐNRVWLD
Ɣ
ƔQ QHUREtQLþ
ƔQ ãWYRUHFVRVWUDQRXGĎåN\D
SURFHGXUHVVVQLQWHJHUDUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQQHUREQLþOHQVNRQþL
HOVH
IRUL WRGREHJLQ
N'RSUHGXD
N9ODYR
VVVQDVN~VWHVVVQD
HQG
HQG
1DStãHPHSURFHG~UXQDNUHVOHQLHVQHKRYHMYORþN\
Ɣ
YDU
N.RU
SURFHGXUHYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQN'RSUHGXV
HOVHEHJLQ
YORFNDQV
N9SUDYR
YORFNDQV
N9ODYR
YORFNDQV
N9SUDYR
YORFNDQV
HQG
HQG
YDU
LLQWHJHU
EHJLQ
N .RU&UHDWH
IRUL WRGREHJLQ
YORFND
N9ODYR
HQG
HQG
)UDNWiO\
&NULYND
Ɣ
YDU
N.RU
SURFHGXUHFNULYNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
FNULYNDQVNYODYR
FNULYNDQVNYSUDYR
HQG
HQG
EHJLQ
N .RU&UHDWH
FNULYNDVN~VWHFNULYND
HQG
'UDþLDNULYNDVDVNODGi]GYRFK]UNDGORYêFKSURFHG~UQDMSUYFK\EQpULHãHQLH
Ɣ
SURFHGXUHOGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYODYR
SGUDNQV
HQG
HQG
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYSUDYR
SGUDNQV
HQG
HQG
3UREOpPMHSULLFKY]iMRPQRPYRODQtP{åHPHWRY\ULHãLĢEXć
Ɣ
SRPRFRXGLUHNWtY\IRUZDUG
Ɣ
DOHERY]iMRPQêPYQRUHQtP
Ɣ
Y]iMRPQpYQRUHQLHSURFHG~U
YDU
N.RU
SURFHGXUHOGUDNQLQWHJHUVUHDO
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYSUDYR
SGUDNQV
HQG
HQG
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
OGUDNQV
NYODYR
SGUDNQV
HQG
HQG
EHJLQ
N .RU&UHDWH
OGUDN
HQG
YãLPQLWHVLåHNRU\WQDþNDSULNUHVOHQtNULYN\QHSUHMGHSRåLDGQHMþLDUHYLDFNUiW
Ɣ
Ɣ.ULYNXP{åHPHNUHVOLĢOHQMHGQRXSURFHG~URXNWRUiPiRMHGHQSDUDPHWHUYLDFDWRþLMHĐDYi
DOHERSUDYi
YDU
N.RU
SURFHGXUHGUDNQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ WKHQNGRSUHGXV
HOVHEHJLQ
GUDNQV
NYODYRS
GUDNQV
HQG
HQG
EHJLQ
N .RU&UHDWH
GUDN
HQG
+LOEHUWRYDNULYNDVDWLHåVNODGi]GYRFK]UNDGORYêFKþDVWt±GHILQXMHPHLFKMHGQRXSURFHG~URX
Ɣ
YDU
N.RU
SURFHGXUHKLOEHUWQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ!WKHQEHJLQ
NYODYRS
KLOEHUWQVSNGRSUHGXVNYSUDYRS
KLOEHUWQVSNGRSUHGXV
KLOEHUWQVSNYSUDYRS
NGRSUHGXV
KLOEHUWQVSNYODYRS
HQG
HQG
EHJLQ
N .RU&UHDWH
KLOEHUWVN~VWHKLOEHUW
HQG
SRVOHGQi]PHQD
SUHGQiãND
3UiFDVP\ãRXDVQLHNWRUêPL
NRPSRQHQWPL
3UiFDVP\ãRX
3RVWXSQHEXGHPHY\WYiUDĢMHGQRGXFK~DSOLNiFLXNUHVOLDFLSURJUDPSDLQW
ƔFLHĐRPMHYLGLHĢSRVWXSQ~WYRUEXMHGQRGXFKHMDSOLNiFLH
ƔPDĢRGYDKXVN~ãDĢSUDFRYDĢVU{]Q\PLDMQH]QiP\PLNRPSRQHQWPL
❍6SHHG%XWWRQ7UDFN%DU&KHFN%R[
Ɣ]tVNDĢQHMDNpVN~VHQRVWLVSRMPDPLSURSHUW\DHYHQW
YêVOHGQêWYDUQDãHMDSOLNiFLHEXGHSULEOLåQHWDNêWR
Ɣ
7&DQYDVQDMHM&DQYDV
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDVJUDILFNiSORFKD
HQG
GYRMNOLNRPGR]iORåN\(9(176YLQãSHNWRUHREMHNWRYPiPHQDVWDYHQêNRPSRQHQW,PDJHQDULDGRN
Ɣ
2Q0RXVH0RYHVDSULSUDYtSUi]GQDSURFHG~UDGRNWRUHMGRStãHPH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
J3L[HOV>[\@ FO%ODFN
HQG
ƔWHUD]P{åHPHWHQWRSURMHNWVSXVWLĢSULSRK\EHP\ãRXQDGSORFKRXVD]DQHFKiYDM~ERGN\DOHOHQSUL
SRPDORPSRK\EHP\ãRXVDQDNUHVOtVSRMLWiþLDUD
ƔSURFHG~UXY\OHSãtPHNUHVOHQtPþLDU
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
J/LQH7R[\
HQG
SDUDPHWHU6KLIWMHW\SX76KLIW6WDWHSUHNWRUêSODWt
Ɣ
ƔY\XåLMHPHWRQDWRåHEXGHPHNUHVOLĢOHQDNEXGH]DWODþHQpĐDYpWODþLGORP\ãL
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQLIVV/HIWLQ6KLIWWKHQ
J/LQH7R[\
HQG
XåMHWRRWURFKXOHSãLHþLDU\VDNUHVOLDLEDSUL]DWODþHQRPWODþLGOHP\ãLNHćWODþLGORSXVWtPHDQDLQRP
Ɣ
PLHVWHRSlĢ]DWODþtPHWDNVDDMWLHWRGYDERG\VSRMDþLDURX
ƔREVO~åLPHDMW~WRVLWXiFLXSUL]DWODþHQtĐDYpKRWODþLGODP\ãLVN{UDNREXGHPHVSiMDĢþLDU\SUHVXQLHPH
JUDILFNpSHURQDW~WRQRY~SR]tFLXSRXåLMHPHXGDORVĢRQ0RXVH'RZQ
ƔYLQãSHNWRUHREMHNWRYGYRMNOLNQDULDGRN2Q0RXVH'RZQDGRStãHPH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WXE\VDGDORWHVWRYDĢVWODþHQLHĐDYpKRWODþLGODP\ãL
J0RYH7R[\
HQG
SULGiPHWODþLGOR%XWWRQNWRUp]PDåHJUDILFN~SORFKX
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J%UXVK&RORU FO:KLWH
J%UXVK6W\OH EV6ROLG
J)LOO5HFW,PDJH&OLHQW5HFW
HQG
ćDOHMGRIRUPXOiUDP{åHPHSRORåLĢĐXERYRĐQpWH[W\WLHWRP{åHPH]DEHKXPHQLĢ
Ɣ
]RãWDQGDUGQHMSDOHW\Y\EHULHPHNRPSRQHQW/DEHODSRORåtPHKRQDYRĐQpPLHVWRQDIRUPXOiUVHP
Ɣ
EXGHPHStVDĢV~UDGQLFHP\ãLDNVDMHMNXU]RUEXGHSRK\ERYDĢQDGJUDILFNRXSORFKRXSULGiPHGR
,PDJH0RXVH0RYH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LI6KLIW >VV/HIW@WKHQ
J/LQH7R[\
HQG
3DOHWDćDOãLDJUDILFNiSORFKD
&KFHPHY\WYRULĢSDOHWXIDULHEDE\VPHPRKOLNUHVOLĢU{]Q\PLIDUEDPLGRIRUPXOiUDSRORåtPHćDOãLXJUDILFN~
SORFKX,PDJHDGRQHMQDNUHVOtPHQDSUIDUHEQêFKREGĎåQLNRY9ORåPHGRIRUPXOiUDHãWHMHGQXPHQãt
JUDILFN~SORFKX,PDJHNWRUiEXGHREVDKRYDĢPRPHQWiOQHY\EUDQ~IDUEX
IDUHEQpREGĎåQLN\QDNUHVOtPHYPHWyGH)RUP&UHDWH
Ɣ
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
FRQVW
SDUUD\>@RI7&RORU
FO%ODFNFO5HGFO%OXHFO*UHHQFO<HOORZ
FO:KLWHFO*UD\FO1DY\
YDU
LMZKLQWHJHU
EHJLQ
J ,PDJH&DQYDV
SDOHWD ,PDJH&DQYDV
IDUED ,PDJH&DQYDV
Z ,PDJH:LGWKGLYK ,PDJH+HLJKWGLY
SDOHWD%UXVK6W\OH EV6ROLG
IRUL WRGR
IRUM WRGREHJLQ
SDOHWD%UXVK&RORU S>L
M@
SDOHWD)LOO5HFW5HFWL
ZM
KL
ZZM
KK
HQG
IDUED%UXVK6W\OH EV6ROLG
IDUED%UXVK&RORU J3HQ&RORU
IDUED)LOO5HFW,PDJH&OLHQW5HFW
HQG
DE\WRIXQJRYDOREXGHPHPHQLĢIDUEXSHUDJUDILFNHMSORFK\JSRGĐDNOLNQXWpKRPLHVWDYSDOHWH
Ɣ
SDOHWD(9(172Q0RXVH'RZQSUH,PDJH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
J3HQ&RORU SDOHWD3L[HOV>[\@
IDUED%UXVK&RORU J3HQ&RORU
IDUED)LOO5HFW,PDJH&OLHQW5HFW
HQG
3RVXYQiOLãWD
3UHQDVWDYRYDQLHKU~EN\SHUDSRXåLMHPHNRPSRQHQW7UDFN%DUY\EHULHPHKR]SDOHW\NRPSRQHQWRY:LQ
3RORåtPHKRGRIRUPXOiUDDQDVWDYtPHMHKRYHĐNRVĢSRV~YDQtPþLHUQ\FKãWYRUþHNRY
-HWRSRVXYQiOLãWDSULSRV~YDQtNWRUHMY]QLNiXGDORVĢ2Q&KDQJHNRQNUpWQXKRGQRWXP{åHPH]LVWLĢ
RWHVWRYDQtPVWDYRYHMSUHPHQQHM3RVLWLRQ3ULY]QLNXSRVXYQHMOLãW\MHMPD[LPXPMHDPLQLPXP9
LQãSHNWRUHREMHNWRY]PHQtPHPLQLPXP0LQQD
YXGDORVWLRQ&KDQJHSUH7UDFN%DUEXGHPHPHQLĢKU~ENXSHUDYJUDILFNHMSORFKH
Ɣ
SURFHGXUH7)RUP7UDFN%DU&KDQJH6HQGHU72EMHFW
EHJLQ
J3HQ:LGWK 7UDFN%DU3RVLWLRQ
HQG
ƔWHUD]P{åHWHY\VN~ãDĢNUHVOLĢþLDU\VĐXERYRĐQRXKU~ENRXRGGR
ƔP{åHWHQDPLHVWRNRPSRQHQWX7UDFN%DUSRXåLĢNRPSRQHQW6FUROO%DUY\VN~ãDMWHDSRURYQDMWHLFK
7ODþLGOiUHåLPRY
%XGHPHNUHVOLĢYU{]Q\FKUHåLPRFKQDSUSHURY\SĎĖDQLHREODVWLNUHVOHQLH~VHþN\REGĎåQLNDHOLSV\DSRG
5HåLP\EXGHPHSUHStQDĢWM]RYãHWNêFKWODþLGLHOQDUHåLP\EXGHYåG\SUiYHMHGQRWODþLGOR]DWODþHQp0DOp
WODþLGOiQDSUHStQDQLHUHåLPRYXUREtPHSRPRFRXNRPSRQHQWX6SHHG%XWWRQYGRSOQNRYHMSDOHWH$GGLWLRQDO
ƔSRORåtPHWêFKWRWODþLGLHOGRIRUPXOiUDWHVQHYHGĐDVHEDDQDStãHPHLPWH[W\]DStãHPHLFKYLQãSHNWRUH
REMHNWRYGRVWDYRYHMSUHPHQQHM&DSWLRQSRGREQHP{åHPH]PHQLĢDMIRQWDYHĐNRVĢStVPDQDWODþLGOiFK
ƔDE\]QLFKEROR]DWODþHQpYåG\LEDMHGQRWODþLGORY\WYRUtPH]QLFKMHGQXJUXSXDWêPVD]DEH]SHþtåH
YåG\NHćVDMHGQRWODþLGOR]DWODþtWDNGRYWHG\]DWODþHQpVD]GYLKQH
ƔGRSOQtPHQRY~SUHPHQQ~UH]LPY\PHQRYDQpKRW\SXGYRMNOLNRPQDNDåGp]WêFKWRWODþLGLHOVDY\WYRULD
SUi]GQHSURFHG~U\QDSU6SHHG%XWWRQ&OLFNDGRNDåGHM]QLFKGRStãHPHSULUDGHQLHSUtVOXãQpKRUHåLPX
YLQLFLDOL]iFLL)RUP&UHDWHVPH]DWODþLOLSUYpWODþLGORDWHGDVDQDVWDYLOSUYêUHåLPSHUR
W\SH
W5H]LP SHURY\SOQXVHFNDREGO]QLNHOLSVD
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
UH]LPW5H]LP
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
6SHHG%XWWRQ'RZQ WUXH
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP SHUR
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP Y\SOQ
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP XVHFND
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP REGO]QLN
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP HOLSVD
HQG
DE\DMSHURUHDJRYDORQDWHQWRUHåLPRSUDYtPH,PDJH0RXVH'RZQD,PDJH0RXVH0RYHQDMSUYOHQ
Ɣ
SUYpGYDUHåLP\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHUR
J/LQH7R[\
Y\SOQ
^QHUREQLþ`
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHUR
J0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
HQG
HQG
ƔNUHVOLDFHSHURSUHSQHPHGRãSHFLiOQHKRUHåLPXNWRUêQHNUHVOtIDUERXDOHWDNåHNDåGHMERGNH
]LQYHUWXMHIDUEXQDSUGRSOQNRYiNXELHOHMMHþLHUQDNþHUYHQHMMHEOHGRPRGUiDSRG
ƔYćDNDWRPXWRDNYWRPWRUHåLPHQDNUHVOtPHGYDNUiWWHQLVWê~WYDUWDNVDYUiWLS{YRGQêVWDYJUDILFNHM
SORFK\
ĢDKDĢNUHVOHQê~WYDU
ƔYSUHPHQQêFK[D\VLSDPlWiPHV~UDGQLFHQDSRVOHG\QDNUHVOHQpKR~WYDUX
GRSOQtPHVSUDFRYDQLHXGDORVWt2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8SQDMSUYOHQSUHNUHVOHQLH
Ɣ
JXPHQêFKþLDUUHåLPXVHFND
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
UH]LPW5H]LP
[\[\LQWHJHU
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHUR
J0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
XVHFND
EHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
[ [\ \[ [\ \
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHUR
J/LQH7R[\
Y\SOQ
^QHUREQLþ`
XVHFND
EHJLQ
J0RYH7R[\J/LQH7R[\
[ [\ \
J0RYH7R[\J/LQH7R[\
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIUH]LP XVHFNDWKHQEHJLQ
J0RYH7R[\J/LQH7R[\
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
J0RYH7R[\J/LQH7R[\
HQG
HQG
Ɣ.UHVOHQLHREGĎåQLNDDHOLSV\IXQJXMHQDWRPWRLVWRPSULQFtSH8UREtPHSRPRFQ~SURFHG~UX.UHVOLNWRUi
QDNUHVOt~WYDUSRGĐDKRGQRW\SUHPHQQHMUH]LPDWLHå]DSQHY\SQHJXPHQêUHåLPSHUDSRGĐDWRKRþL
]DþtQDPHDOHERNRQþtPHĢDKDQLH
Ɣ.UHVOLEXGHPDĢSDUDPHWHUPW\SX70RGHY\PHQRYDQêW\SVWURPDKRGQRWDPLGRZQPRYHDXSY
2Q0RXVH0RYHD2Q0RXVH8SQHP{åHE\ĢYQLFKYQRUHQiDOHPXVtE\ĢGHILQRYDQiQDJOREiOQHM~URYQL
PXVtPHMHMKODYLþNXXYLHVĢYGHNODUiFLiFK7)RUP]DQDãHSRPRFQpSUHPHQQpJSDOHWD
W\SH
W0RGH GRZQPRYHXS
SURFHGXUH7)RUP.UHVOL[\LQWHJHUPW0RGH
SURFHGXUHXWYDU[\LQWHJHU
EHJLQ
FDVHUH]LPRI
XVHFND
J3RO\/LQH>3RLQW[\3RLQW[\@
REGO]QLN
J5HFWDQJOH[\[\
HOLSVD
J(OOLSVH[\[\
HQG
HQG
EHJLQ
LIP GRZQWKHQEHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
J%UXVK&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
[ [\ \
HQG
HOVHXWYDU[\
LIP XSWKHQEHJLQ
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
HQG
XWYDU[\
[ [\ \
HQG
WêPVD]PHQLDDMSURFHG~U\NWRUpREVOXKXM~XGDORVWL2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8S
Ɣ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHUR
J0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
HOVH
NUHVOL[\GRZQ
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHUR
J/LQH7R[\
Y\SOQ
^QHUREQLþ`
HOVH
NUHVOL[\PRYH
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIUH]LPLQ>XVHFNDREGO]QLNHOLSVD@WKHQ
NUHVOL[\XS
HQG
Ɣ
=DãNUWiYDFLHSROtþNR
1DXþtPHVDSUDFRYDĢVR]DãNUWiYDFtPSROtþNRP&KHFN%R[
ƔSUHUHåLP\REGĎåQLNDHOLSVDE\VDQLHNHG\KRGLORNUHVOLĢDMY\SOQHQê~WYDUWMQDVWDYLĢIDUEXDãWêOãWHWFD
J%UXVK&RORUDJ%UXVK6W\OH
Ɣ]DStQDĢDY\StQDĢWHQWRUHåLPEXGHPHSRPRFRX]DãNUWiYDFLHKRSROtþNDNRPSRQHQW&KHFN%R[Y
ãWDQGDUGQHMSDOHWH
ƔXPLHVWQLPHKRGRIRUPXOiUDDSUHStãHPHPX&DSWLRQQDSUQD=DIDUEL
&KHFNHGR]QDþXMHþLMH]DãNUWiYDFLHSROtþNR]DãNUWQXWpWMDN&KHFN%R[&KHFNHGMHWUXHWDNMH
]DãNUWQXWp
ƔRSUDYtPHSURFHG~UX.UHVOL
SURFHGXUH7)RUP.UHVOL[\LQWHJHUPW0RGH
SURFHGXUHXWYDU[\LQWHJHU
EHJLQ
FDVHUH]LPRI
XVHFND
J3RO\/LQH>3RLQW[\3RLQW[\@
REGO]QLN
J5HFWDQJOH[\[\
HOLSVD
J(OOLSVH[\[\
HQG
HQG
EHJLQ
LIP GRZQWKHQEHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
J%UXVK&RORU FO:KLWH
LI&KHFN%R[&KHFNHGWKHQ
J%UXVK6W\OH EV6ROLG
HOVH
J%UXVK6W\OH EV&OHDU
[ [\ \
HQG
HOVHXWYDU[\
LIP XSWKHQEHJLQ
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
J%UXVK&RORU J3HQ&RORU
LI&KHFN%R[&KHFNHGWKHQ
J%UXVK6W\OH EV6ROLG
HOVH
J%UXVK6W\OH EV&OHDU
HQG
XWYDU[\
[ [\ \
HQG
=KUQXWLH
ãtUNDWH[WEXEOLQNRYêKHOSDSRG
ƔY'HOSKLVDWDNêWRW\SVWDYRYêFKSUHPHQQêFKQD]êYD9ODVWQRVĢWM3URSHUW\
Y\XåLMHPHKODYQH]DEHKXSURJUDPXQLHNWRUpIXQJXM~OHQ]DEHKXDSUHWRYLQãSHNWRUHREMHNWRYQLHV~
ƔPHQRNRPSRQHQWX1DPHWUHED]PHQLĢKQHćDNRVDSRORåtGRIRUPXOiUDDNKRFKFHPHPHQLĢLQDN
QLHNWRUpVLWXiFLH'HOSKLQHPXVLDVSUiYQHXKiGQXĢDRSUDYLĢW~WR]PHQXNRUHNWQH
ƔQLHNWRUpXåLWRþQpYODVWQRVWLSURSHUW\QiP]QiP\FKNRPSRQHQWRY
❍IRUPXOiU7)RUP
Ŷ&DSWLRQUHĢD]HFWLWXORNRNQD
Ŷ&OLHQW:LGWK&OLHQW+HLJKWYHĐNRVĢYQ~WUDRNQDQLHREYRGXRNQDSUHWHQMHYHĐNRVĢ
:LGWKD+HLJKW
Ŷ/HIW7RS[RYiD\RYiV~UDGQLFDRNQDQDREUD]RYNHP{åHPHFHOpRNQRSRV~YDĢ
Ŷ9LVLEOHþLMHRNQRYLGLWHĐQp
Ŷ:LQGRZ6WDWHRNQRP{åHPH]PLQLPDOL]RYDĢ]PD[LPDOL]RYDĢRNQR
2Q3DLQW
❍WODþLGOR7%XWWRQ
Ŷ&DSWLRQWH[WQDWODþLGOH
Ŷ)RQWURYQDNRDNRYJUDILFNHMSORFKH
Ŷ+HLJKW:LGWKYHĐNRVĢ
Ŷ/HIW7RSSRORKDYRIRUPXOiUL
Ŷ9LVLEOHP{åHPHKRVNU\Ģ
Ŷ+LQW6KRZ+LQWVWULQJDERROHDQEXEOLQNRYêKHOSDþLVDPi]REUD]RYDĢ
Ŷ(QDEOHGP{åHPHKR]DEORNRYDĢIDOVH]QDPHQiåHWODþLGOREXGH]DãHGHQp
ƔYODVWQRVWL:LGWK+HLJKW/HIW7RS9LVLEOH+LQW6KRZ+LQW(QDEOHGIXQJXM~VNRURURYQDNRSUHVNRUR
YãHWN\W\S\NRPSRQHQWRY
❍JUDILFNiSORFKD7,PDJH
SRSLVXMHYHĐNRVĢSORFK\
❍PDOpWODþLGOR76SHHG%XWWRQYHĐPLSRGREQpRE\þDMQpPXWODþLGOXDOHWLHWRWODþLGOiP{åXWYRULĢ
Ŷ*URXS,QGH[SRUDGRYpþtVORVNXSLQ\WODþLGLHONWRUpVDQDY]iMRPY\OXþXM~
Ŷ'RZQþLMH]DWODþHQp
Ŷ*O\SKREUi]RNXYLGtPHQHVN{U
❍SRVXYQiOLãWD77UDFN%DU
Ŷ0LQ0D[PLQLPiOQDDPD[LPiOQDKRGQRWD
Ŷ3RVLWLRQPRPHQWiOQDKRGQRWD
Ŷ2ULHQWDWLRQWU+RUL]RQWDOWU9HUWLFDO
❍]DãNUWiYDFLHSROtþNR7&KHFN%R[
Ŷ&DSWLRQWH[W]DSROtþNRP
Ŷ)RQWStVPRSUHWH[W
Ŷ&KHFNHGþLMH]DãNUWQXWp
❍WH[W7/DEHO
Ŷ&DSWLRQDNUHĢD]HFREVDKXMHEXGHYLDFULDGNRYê
Ŷ)RQWStVPRSUHWH[W
❍WH[WRYiSORFKD70HPR
Ŷ&RORUIDUEDSRGNODGX
Ŷ)RQWStVPR
Ŷ/LQHVREVDKWH[WRYHMSORFK\SROHUHĢD]FRY
Ŷ5HDG2QO\þLPiSRXåtYDWHĐ]DNi]DQpPHQLĢREVDK
❍HGLWRYDFtULDGRN7(GLWMHYHĐPLSRGREQê70HPR
Ŷ&RORUIDUEDSRGNODGX
Ŷ)RQWStVPR
Ŷ7H[WPRPHQWiOQ\REVDKULDGND
Ŷ5HDG2QO\þLPiSRXåtYDWHĐ]DNi]DQpPHQLĢREVDK
Ŷ3DVVZRUG&KDUDNREVDKXMHQDSU
WDNVDQDPLHVWR]DGiYDQêFK]QDNRYEXG~Y\SLVRYDĢ
KYLH]GLþN\SRXåtYDVDSUL]DGiYDQtKHVOD
SUtVOXãQiXGDORVĢQDSUNOLNQHVD]PHQtVDKêEHVDDSRG
ƔWLHWRSURFHG~U\GHILQXMHPHWDNåHY]iORåNH(YHQWVYULDGNXSULGDQHMXGDORVWLGYRMNOLNQHPHYSUDYRP
VWĎSFL
ƔQHGRSLVXMWHPDQXiOQHåLDGQHQRYpSURFHG~U\QDVSUDFRYiYDQLHXGDORVWtYåG\SRXåLWHLQãSHNWRUREMHNWRY
ƔDNSRWUHEXMHWHQHMDN~SURFHG~UXREVOXKXM~FXXGDORVĢ]UXãLĢQDMOHSãLHWRXUREtWHWDNåHY\þLVWtWHREVDK
SURFHG~U\QHFKiWHYQHMOHQSRþLDWRþQêEHJLQDNRQFRYêHQGDSULQDVHOGXM~FHMNRPSLOiFLLMX'HOSKL
DXWRPDWLFN\Y\KRGt
SRVOHGQi]PHQD
SUHGQiãND
ýDVRYDþWDEXĐNRYê
NRPSRQHQWELWPDS\
0\ãDNRU\WQDþND
Ɣ~SOQHURYQDNêPPHFKDQL]PRPDNRVPHQDPLQXOHMSUHGQiãNHNOLNDOLDNUHVOLOLGRJUDILFNHMSORFK\
P{åHPHSUDFRYDĢDMVJUDILFNêPSHURPNRU\WQDþNRX
ƔQDMSUYXNiåHPHY\WYiUDQLHNRU\WQDþLHNSRPRFRXNOLNQXWLDSUDYêPWODþLGORPP\ãLDVSXVWHQLHQHMDNHM
SUHPHQQpGHILQRYDQpY.RU8QLW
FRQVW
PD[
YDU
NDUUD\>PD[@RI.RU
SRFLQWHJHUSRþHWNRU\WQDþLHNYSROL
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SRF
1DVWDY3ORFKX)RUP,PDJH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
NOLNLLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQEHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<N>SRF@8ND]
HQG
HOVHLI6KLIW >VV/HIW@WKHQEHJLQ
NOLN SRF
ZKLOHNOLN!DQGQRWN>NOLN@%OL]NR;[\<GR
GHFNOLN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
LINOLN!WKHQZLWKN>NOLN@GR
IRUL WRGREHJLQ
GRSUHGXYSUDYRFDNDM
HQG
HQG
HQG
ƔNRU\WQDþLDIXQNFLD%OL]NR]LVWtþLVDQHMDNêERGQDFKiG]DEOt]NRNRU\WQDþN\
ƔýRVLHãWHWUHEDYãLPQ~ĢQDWRPWRSURMHNWH
NUHVOLOD]DVWDQHDNUXåQLFX]DþQHNUHVOLĢGUXKi
❍SRVNRQþHQtNUHVOHQLDGUXKHMNRU\WQDþN\SRNUDþXMHSUYiDGRNUHVOtNUXåQLFX
❍WDNWRP{åHPHSRVWXSQHQDNOLNDĢYLDFNRU\WQDþLHNDNDåGiPiUR]UREHQ~VYRMXNUXåQLFX
P{åHPHNOLNQ~ĢDMYLDFNUiWQDW~LVW~DWLHGRNRQþLDVYRMHNUXåQLFHYRSDþQRPSRUDGtDNR
]DþDOL
❍ !!!DNSRþDVVSUDFRYiYDQLDQHMDNHMXGDORVWLQDSU2Q0RXVH'RZQY]QLNQHQRYiXGDORVĢ
NWRU~WUHEDVSUDFRYDĢWDNVSUDFRYiYDQLHS{YRGQHMSURFHG~U\VDSUHUXãtDSRNUDþXMHVDY
SURFHG~UHSUHQRY~XGDORVĢNHćWiWRQRYiSURFHG~UDVNRQþtWDNVDSRNUDþXMHYWHMVWDUHM
]UHMPHQDWRSRþtWDþY\XåtYDSRGREQêPHFKDQL]PXVYRODQtDNRSULUHNXU]LL
ŶWHQWRPHFKDQL]PXVSUHUXãHQLDPRPHQWiOQHKRY\NRQiYDQLDSURFHG~U\QHMDNRX
XGDORVĢRXIXQJXMHOHQYćDNDWRPXåHYNDåGRPNRU\WQDþRPSUtND]HMH]DEXGRYDQp
SRYROHQLHDWHGDVSUDFRYDQLHćDOãtFKSUHUXãHQt$SSOLFDWLRQ3URFHVV0HVVDJHV
1'Ò
QDSURJUDPXMWHĢDKDQLHNRU\WQDþN\P\ãRX
Ɣ
❍SULRQ0RXVH'RZQ]LVWtWHQDNWRU~NRU\WQDþNXVDNOLNORP{åHWHQDSU]PHQLĢMHMWYDU
❍SULRQ0RXVH0RYHVDNOLNQXWiNRU\WQDþNDEXGHKêEDĢ]DP\ãRX
❍SULRQ0RXVH8SVDĢDKDQHMNRU\WQDþNHYUiWLS{YRGQêWYDU
ýDVRYDþ7LPHU
ƔþDVRYDþMHãSHFLiOQ\NRPSRQHQWNWRUêNHćSRORåtPHGRIRUPXOiUDWDNSRþDVEHKXSURJUDPXQLHMH
YLGLHĢQLHMHWRYL]XiOQ\NRPSRQHQWDOHWHQWRNRPSRQHQWYLHJHQHURYDĢXGDORVWLYQHMDNêFK
þDVRYêFKLQWHUYDORFKWRMHMHKRKODYQi~ORKD
ƔNRPSRQHQW77LPHUVDQDFKiG]DYSDOHWHNRPSRQHQWRY6\VWHP
ƔþDVRYDþP{åHPHSRORåLĢGRIRUPXOiUDQDĐXERYRĐQpPLHVWRSRþDVEHKXSURJUDPXYãDNQLHMHYLGLHĢ
QLHMHWRYL]XiOQ\NRPSRQHQW
ƔMHKRQDMG{OHåLWHMãRXXGDORVĢRXMH2Q7LPHUP{åHPHQDĖGYRMNOLNQ~ĢDRWYRUtVDSURFHG~UDQD
VSUDFRYDQLHWHMWRXGDORVWLQDSU7)RUP7LPHU7LPHU
ƔþDVRYDþPiGYHG{OHåLWpVWDYRYpSUHPHQQpSURSHUW\
❍,QWHUYDOWXQDSOiQXMHPHþDVNHG\VDY\JHQHUXMHQDVOHGXM~FDXGDORVĢ2Q7LPHUY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
PLOLVHNXQGiFKSUHQiãSURJUDPVHPQDVWDYtPHQDSUWMMHGQXVWRWLQXVHNXQG\
❍(QDEOHGQDVWDYXMHþLVDPiJHQHURYDĢQDVOHGXM~FDXGDORVĢSR,QWHUYDOPLOLVHNXQGiFK
DOHERVDþDNiNêPQLHNWRQHQDVWDYt(QDEOHGQD7UXHDWêPVD]DþQHRGSRþtWDYDĢþDV
ƔSUHGFKiG]DM~FLSURMHNWSR]PHQtPHWDNåHĐDYêNOLNP\ãRXY\WYiUDQRYpNRU\WQDþN\DYãHWN\GRWHUD]
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SRF
1DVWDY3ORFKX)RUP,PDJH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQDOHERVV5LJKW
LQFSRFN>SRF@ .RU&UHDWH;[\<N>SRF@8ND]
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRSRFGR
ZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
HQG
$MYWRPWRSURMHNWHMHVNU\WêFKQLHNRĐNR]iNHUQRVWt
Ɣ
SURJUDPVSDGQ~ĢQDFK\EH$FFHVVYLRODWLRQDWDGGUHVVNWRUiYlþãLQRX]QDPHQiåHFKFHPH
SUDFRYDĢVLQãWDQFRLXWULHG\.RUNWRUiHãWHQHERODY\WYRUHQi&UHDWH
❍DNRMHWRPRåQpYHćQLNGHYWRPWRSURJUDPHQLHMHPLHVWRNGHE\EROSRNXVRSUiFXVHãWH
QHGHILQRYDQRXNRU\WQDþNRX"
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
SUREOpPRYêPPLHVWRPMHIRUF\NOXVY7LPHU7LPHURGGRSRFWRWLåXGDORVĢ2Q7LPHU
❍
NDåG~VWRWLQXVHNXQG\P{åHY]QLNQ~ĢKRFLNHG\DMSRþDVY\NRQiYDQLDSURFHG~U\
3ORFKD0RXVH'RZQWMKRFLDMSRSUtND]HLQFSRFDSRþDV.RU&UHDWH
❍YWRPWRPLHVWHVDP{åHWiWRSURFHG~UDSUHUXãLĢDVSXVWLĢF\NOXVRGGRSRFSRFMHDOHXåR
YLDFDNRSRþHWGHILQRYDQêFKNRU\WQDþLHN
ƔRSUDYtPHVSUDFRYDQLHXGDORVWL2Q0RXVH'RZQQDSUWDNWR
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
N>SRF@ .RU&UHDWH;[\<LQFSRFN>SRF@8ND]
HQG
HQG
ƔćDOãtSUREOpPMHVNU\WêYWRPåHDNH[LVWXMHXåYHĐDNRU\WQDþLHNSURFHG~UD7LPHU7LPHUQHPXVtGR
MHGQHMVWRWLQ\VHNXQG\VWLKQ~ĢVNRQþLĢVYRMXSUiFXHãWHSUHGY\NRQDQtPYãHWNêFKSUtND]RYEXGH
]QRYX]DYRODQiSUYpNRU\WQDþN\VDSHNQHKêEXSRVOHGQpEXćVWRMDDOHERVDSRKQ~OHQUD]]DþDV
ƔWRWRVD]Y\NQHULHãLĢWDNåHYWHMWRSURFHG~UHQD]DþLDWNX]DEORNXMHPHQDVOHGXM~FHJHQHURYDQLH
SURFHG~URX1DUD]
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRSRFGR
ZLWKN>L@GREHJLQ
GRSUHGXYSUDYR
HQG
1DUD]
7LPHU(QDEOHG WUXH
HQG
%LWPDS\
ƔYMHGQHM]PLQXOêFKSUHGQiãRNVPHSUDFRYDOLVELWPDSRXYV~ERUHWLJHUEPSVPHPDOLSULSUDYHQê
REUi]RNDWHQWRVPH]REUD]LOLYJUDILFNHMSORFKH
ƔWHUD]XNiåHPHDNRP{åHPHREUi]RNSULUDGLĢDNRWYDUNRU\WQDþN\
ƔQDMSUYOHQSR]PHQtPHSUHGFKiG]DM~FLSUtNODGWDNDE\SRSORFKHOLHWDORQLHNRĐNRNRU\WQDþLHN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
FRQVW
PD[
YDU
NDUUD\>PD[@RI.RU
SRFLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SRF
1DVWDY3ORFKX)RUP,PDJH
UDQGRPL]H
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
N>SRF@ .RU&UHDWH;[\<UDQGRPLQFSRF
N>SRF@8ND]N>SRF@SK
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRSRFGR
ZLWKN>L@GREHJLQ
YSUDYRUDQGRP
GRSUHGX
LI;VXU[WKHQ=PHQ;<[<VXU
LI;VXU![WKHQ=PHQ;<[<VXU
LI<VXU!\WKHQ=PHQ;<;VXU\
LI<VXU\WKHQ=PHQ;<;VXU\
HQG
1DUD]
7LPHU(QDEOHG WUXH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
ƔYLHPHåHNRU\WQDþNHP{åHPH]PHQLĢWYDUSRPRFRXPHWyG\=PHQ7YDUWHMWRPHWyGHDOHP{åHPH
DNRSDUDPHWHUGDĢQLHOHQSRSLVNUHVE\WYDUXNRU\WQDþN\DOHDMREUi]RNELWPDSX
ƔNHćåHFKFHPHSUDFRYDĢVELWPDSDPLSRWUHEXMHPHQDMSUYSULSUDYLĢSUHPHQQ~W\SX7%LWPDSREMHNW
FRQVW
PD[
YDU
NDUUD\>PD[@RI.RU
SRFLQWHJHU
EPSDUUD\>@RI7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
SRF
1DVWDY3ORFKX)RUP,PDJH
UDQGRPL]H
IRUL WRGREHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
EPS>L@ 7%LWPDS&UHDWH
EPS>L@/RDG)URP)LOH
EPS
FKUL
EPS
EPS>L@7UDQVSDUHQW&RORU FO:KLWH
EPS>L@7UDQVSDUHQW WUXH
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
N>SRF@ .RU&UHDWH;[\<UDQGRPLQFSRF
N>SRF@=PHQ7YDUEPS>UDQGRP@
N>SRF@8ND]N>SRF@SK
HQG
HQG
ƔQDVOHGXM~FLSUtNODGLOXVWUXMHĢDKDQLHGUDJRYDQLHELWPDS\SRSORFKH
ƔSRþDVĢDKDQLDMHWiWRELWPDSDRUiPLNRYDQi
ƔNHćåHYLHPHåHREUi]RNYELWPDSHPiELHOHRNROLHR]QDþtPHW~WRIDUEXDNRSULHVYLWQ~DWêPVDVWDQ~
WLHWRþDVWLSULHVYLWQp
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SULYDWH
EPS7%LWPDS
EJ7%LWPDS
J7&DQYDV
EERROHDQþLĢDKiPELWPDSXSRSORFKH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
RSLFDEPS
EPS7UDQVSDUHQW WUXH
EPS7UDQVSDUHQW&RORU FO:KLWH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
EJ 7%LWPDS&UHDWH
E IDOVH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
EJ)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
E WUXH
]DSDPlWiPHVLPRPHQWiOQ\REVDKFHOHM
SORFK\
EJ$VVLJQ,PDJH3LFWXUH
J'UDZ;<EPS
J%UXVK6W\OH EV&OHDU
J3HQ6W\OH SV'DVK
J5HFWDQJOH[\[EPSZLGWK\EPSKHLJKW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIEWKHQEHJLQ
J'UDZEJQDNUHVOtPHS{YRGQpSR]DGLH
SORFK\
J'UDZ;<EPS
J%UXVK6W\OH EV&OHDU
J3HQ6W\OH SV'DVK
J5HFWDQJOH[\[EPSZLGWK\EPSKHLJKW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIEWKHQEHJLQ
J'UDZEJQDNUHVOtPHS{YRGQpSR]DGLH
SORFK\
J'UDZ;<EPS
E IDOVH
HQG
HQG
ELWPDSDEJMHSRPRFQi]DSDPlWiPHVLYQHMVWDYJUDILFNHMSORFK\WHVQHSUHGWêPDNR]DþQHPHĢDKDĢ
Ɣ
ELWPDSXSRSORFKH
=KUQXWLHWULHG\7%LWPDS
7%LWPDSMHSUHGGHILQRYDQiWULHGDNWRUiVO~åLQDPDQLSXOiFLXVREUi]NDPLP{åHPHVLMXSUHGVWDYLĢDNR
REVDKV~ERUXVSUtSRQRX%03GiVDVQtPSUDFRYDĢQDSUYSURJUDPH3DLQW6NLFiU7iWRWULHGDPiQLHNRĐNR
XåLWRþQêFKVWDYRYêFKSUHPHQQêFKYODVWQRVWLSURSHUW\DPHWyG
QLHNWRUpVWDYRYpSUHPHQQp
Ɣ:LGWK+HLJKWPRPHQWiOQDãtUNDDYêãNDREUi]NDP{åHPHMX]PHQLĢSULUDGHQtPQRYêFKKRGQ{WGR
WêFKWRSUHPHQQêFK
Ɣ&DQYDVJUDILFNiSORFKDREUi]ND
Ɣ7UDQVSDUHQWþLPiQHMDNpSULHVYLWQpþDVWLLQDNMHWRQHSULHVYLWQêREGĎåQLN
Ɣ7UDQVSDUHQW&RORUNWRUiIDUEDYREUi]NXMHSRYDåRYDQi]DSULHVYLWQ~
QLHNWRUpPHWyG\
ƔNRQãWUXNWRU&UHDWHY\WYRUt]DWLDĐSUi]GQ\REUi]RN
Ɣ)UHHXYRĐQtELWPDSX]SDPlWL:LQGRZV
Ɣ/RDG)URP)LOHQDþtWDREUi]RN]RV~ERUXYRIRUPiWH%03
Ɣ6DYH7R)LOHXORåtREUi]RNGRV~ERUXYRIRUPiWH%03
7%LWPDSQH]QDPHQiXURELĢNySLXELWPDS\DOHNySLXUHIHUHQFLHQDELWPDSXWMSRWRPLQãWDQFLH
RGND]XM~QDW~LVW~ELWPDSXSRXåLWLHYLGtPHSUL=PHQ7YDUGRNWRUpPXVPHDNRSDUDPHWHUSRVODOL
EPS>LQGH[@
Ɣ&DQYDV)LOO5HFW
Ɣ&DQYDV3L[HOV>ULDGRNVWĎSHF@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
Ɣ&DQYDV5HFWDQJOH(OOLSVH7H[W2XW
Ɣ&DQYDV0RYH7R/LQH7R3RO\JRQ3RO\OLQH)ORRG)LOO
ƔDWHGDP{åHPHWêPWRPHWyGDPQDVWDYLĢSHURãWHWHFIRQWQDSU&DQYDV3HQ&RORU
Ɣ&DQYDV'UDZRSHþLDWNXMHLQ~ELWPDSX
Ɣ&DQYDV6WUHWFK'UDZRSHþLDWNXMHLQ~ELWPDSXSULþRPMXP{åH]YlþãLĢ]PHQãLĢ
7DEXĐNRYêNRPSRQHQW6WULQJ*ULG
7DEXĐNRYêNRPSRQHQWMHWDNiJUDILFNiSORFKDNWRUiMHUR]GHOHQiQDQLHNRĐNRULDGNRYDQLHNRĐNRVWĎSFRY
WYRULDWDEXĐNX'HOSKLYHGLDGRMHGQRWOLYêFKSROtþRNWDEXĐN\DXWRPDWLFN\]DSLVRYDĢQHMDNpUHĢD]FHMHWR
GYRMUR]PHUQiWDEXĐNDUHĢD]FRYUHVSXPRåĖXM~SRXåtYDWHĐRYLSRþDVEHKXDSOLNiFLHHGLWRYDĢMHGQRWOLYp
SROtþND3RþHWULDGNRYDVWĎSFRYVDGiPHQLĢQLHOHQSRþDV]RVWDYRYDQLDIRUPXOiUXYLQãSHNWRUHREMHNWRYDOH
DMSRþDVEHKXSURJUDPX
=DþQHPHVQRYêPSURMHNWRPSRORåtPH6WULQJ*ULGYGRSOQNRYHM$GGLWLRQDOSDOHWHNRPSRQHQWRYGR
IRUPXOiUXDUR]WLDKQHPHKRWDNDE\QHPDOSRVXYQpOLãW\VFUROOEDU
ƔSUYêULDGRNUHVSVWĎSHFP{åHE\ĢIL[Qê
❍WLHWRPDM~ãHGêSRGNODG
ƔYORåHQiWDEXĐNDPiSUHGYROHQêFK
❍ULDGNRY[VWĎSFRYSULþRPSUYêULDGRNDMVWĎSHFV~IL[Qp
❍]UXãtPHIL[RYDQLHSUYpKRVWĎSFDGR)L[HG&ROVGiPH
❍]DKXVWtPHULDGN\GR'HIDXOW5RZ+HLJKWGiPH
❍GYRMNOLNQHPHGR2SWLRQVDUR]EDOtVDYHĐDULDGNRYGRNWRUêFKVD]DGiYDWUXHIDOVHV~WRSUYN\
PQRåLQ\7*ULG2SWLRQ]PHĖPHJR5DQJH6HOHFWQD)DOVH
❍]PHĖPHSRþHWULDGNRYQDPHQHMVDQHGiOHERMHGHQMHIL[QêDQHIL[QêFKPXVtE\ĢDVSRĖ
GR5RZ&RXQWGiPH
ƔćDOHMGRIRUPXOiUDSRORåtPHHãWHGYHWODþLGOiDQDSURJUDPXMHPHQDþtWDQLHD]PD]DQLHWDEXĐN\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
VVWULQJ
]FKDU
QPLQWHJHU
EHJLQ
$VVLJQ)LOHW
WHVWW[W
5HVHWW
ZKLOHQRWVHHNHRIWGR
ZLWK6WULQJ*ULGGREHJLQ
Q 5RZ&RXQWP SRUDGRYpþtVORSRVOHGQpKR
ULDGND
SRþHWVWĎSFRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
UHDGW]
SRORåN\YULDGNXV~RGGHOHQp
ZKLOHQRWHROQWDQG]!
GREHJLQ
V V]UHDGW]
HQG
LI]!
WKHQV V]
&HOOV>PQ@ VPWêVWĎSHFDQWêULDGRN
LQFP
HQG
UHDGOQW
5RZ&RXQW 5RZ&RXQWSULGDMQDNRQLHFMHGHQULDGRN
HQG
&ORVH)LOHW
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZLWK6WULQJ*ULGGREHJLQ
5RZ&RXQW QDVWDYPLQSRþHWULDGNRYWM
5RZV>@&OHDUY\PDåREVDKULDGNX
HQG
HQG
ƔSRPRFRX&HOOV>VWĎSFHULDGN\@P{åHPHPDQLSXORYDĢVSUYNDPLWDEXĐN\]QDNRYêPLUHĢD]FDPL
ƔVWDYRYiSUHPHQQi5RZV>ULDGRN@REVDKXMHNRPSOHWQêULDGRNYNWRURPV~SUYN\RGGHOHQp
ƔP{åHPHLQLFLDOL]RYDĢSUYêIL[QêULDGRN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SULUDGtPHFHOêULDGRNQDUD]
6WULQJ*ULG5RZV>@7H[W
0HQR
8OLFD
0HVWR
'DWXP
+REE\
HQG
'HOSKLQiPGiYDPRåQRVĢDE\VPHVDPLY\NUHVĐRYDOLREVDKNDåGHMEXQN\WDEXĐN\XGDORVĢ
Ɣ
2Q'UDZ&HOOWUHEDVLGDĢSR]RUDNUHVOLĢOHQGRY\]QDþHQpKRREGĎåQLNDSDUDPHWHU5HFW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ,QWHJHU5HFW75HFW6WDWH
7*ULG'UDZ6WDWH
YDU
KVWULQJ
EHJLQ
K 6WULQJ*ULG&HOOV>$&RO$5RZ@
LI$5RZ WKHQWH[W\YIL[QRPULDGNXEXG~
PRGUp
6WULQJ*ULG&DQYDV)RQW&RORU FO%OXH
HOVHLISRV
R
K!WKHQWH[W\NWRUpREVDKXM~StVPHQR
R
6WULQJ*ULG&DQYDV)RQW&RORU FO5HGEXG~þHUYHQp
6WULQJ*ULG&DQYDV%UXVK&RORU FO<HOORZEXG~QDåOWRP
SR]DGt
6WULQJ*ULG&DQYDV7H[W5HFW5HFW5HFW/HIW5HFW7RSK
SRGREQpDNR7H[W2XWDOHDMRKUDQLþXM~FL
REGĎåQLN
HQG
DE\EROLMHGQRWOLYpSRORåN\WDEXĐN\SRþDVEHKXSURJUDPXHGLWRYDWHĐQpWUHED]DSQ~ĢY2SWLRQYRĐEX
Ɣ
3UtNODGYNWRURPXNiåHPHSRXåLWLHWDEXĐNRYpKRNRPSRQHQWXDNRKUDFHMSORFK\SUHSLãNYRUN\
ƔKUDFLDSORFKD6WULQJ*ULG[EH]IL[QêFKULDGNRYDVWĎFSRYãtUNDDMYêãNDãWYRUþHNRYMHIRQW
VPHQDVWDYLOLQD$ULDO%ROGYHĐNRVWL6L]HSULNOLNDQtGRSROtþRNVDVWULHGDYREXG~]DSĎĖDĢ
]DSLVRYDĢ]QDN\
[
D
R
ƔXGDORVĢRQ6HOHFW&HOOY]QLNQHYWHG\NHćVDNOLNQHGRQHMDNpKRSROtþNDWDEXĐN\
YDU
KUDFERROHDQ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
KUDF WUXH
HQG
SURFHGXUH7)RUP6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW
$&RO$5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
YDU
KFKDU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
EHJLQ
LI6WULQJ*ULG&HOOV>$&RO$5RZ@
WKHQEHJLQ
LIKUDFWKHQK
[
HOVHK
R
6WULQJ*ULG&HOOV>$&RO$5RZ@ K
KUDF QRWKUDF
HQG
&DQ6HOHFW IDOVHQHRVHOHNWXMWRWRSROtþNR
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ/RQJLQW5HFW75HFW6WDWH7*ULG'UDZ6WDWH
EHJLQ
LIJG6HOHFWHGLQ6WDWHWKHQ
6WULQJ*ULG&DQYDV'UDZ)RFXV5HFW5HFW
DNVDPiY\NUHVOLĢVHOHNFLDSROtþND
WDNVD]PDåHSRPRFRX;25NUHVOHQLD
HQG
Ɣ1LHNHG\SULSURJUDPRYDQtSRWUHEXMHPHDE\VDSRY\NRQiYDQtQHMDNHMSRVWXSQRVWLSUtND]RYYåG\QD
]iYHUY\NRQDOLQHMDNpXNRQþRYDFLHSUtND]\1DSUY\WYRUtPHELWPDSXQLHþRVĖRXUREtPHQDSU
RSHþLDWNXMHPHGRSORFK\DQD]iYHUMXEH]SRGPLHQHþQHSRWUHEXMHPHXYRĐQLĢ]SDPlWH)UHHDMNHE\
SURJUDPVSDGROQDQHMDNRPFK\EQRPSUtND]H
Ɣ'HOSKLXPRåĖXM~WDN~WRSRVWXSQRVĢSUtND]RYY\KOiVLĢ]DFKUiQHQiSRVWXSQRVĢMHX]DYUHWiPHG]L
UH]HUYRYDQêPLVORYDPLWU\ILQDOO\3RWRPSUtND]\PHG]LILQDOO\DHQGVDY\NRQDM~DMNHE\
FKUiQHQiSRVWXSQRVĢVSDGODDOHERREVDKRYDODQDSUDMH[LW
ƔQDVOHGXM~FLSUtNODGXND]XMHSRXåLWLHELWPiSYWDEXĐNRYRPNRPSRQHQWHDSRXåLWLHNRQãWUXNFLH
WU\ILQDOO\HQGSRR]QDþHQtSROtþNDWDEXĐN\VHPEXGHPHY\NUHVĐRYDĢMHGQX]ELWPiS
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ,QWHJHU5HFW75HFW6WDWH7*ULG'UDZ6WDWH
YDU
EP7%LWPDS
EHJLQ
OHQWHQMHGHQNWRUêMH
RVHOHNWRYDQê
LIJG6HOHFWHGLQ6WDWHWKHQEHJLQ
EP 7%LWPDS&UHDWH
WU\
EP/RDG)URP)LOH
EPS
LQWWRVWU$&RO$5RZPRG
EPS
6WULQJ*ULG&DQYDV'UDZ5HFW/HIW5HFW7RSEP
ILQDOO\
EP)UHH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
HQG
HQG
HQG
1'Ò
QDSURJUDPXMWHSDOHWX]SUHGFKiG]DM~FHMSUHGQiãN\SRPRFRXWDEXĐNRYpKRNRPSRQHQWX
Ɣ
❍SR]DGLHNDåGpKRSROtþNDMH]DIDUEHQpU{]Q\PLIDUEDPL
❍GRR]QDþHQpKRSROtþND]DStãHPHQHMDN~]QDþNXQDSU
DOHERKRLQDNR]QDþtPH
❍SULXGDORVWLRQ6HOHFW&HOOVD]PHQtIDUEDSHUDJUDILFNHMSORFK\NUHVOLDFHKRSURJUDPX
=KUQXWLHNRPSRQHQWX6WULQJ*ULG
ƔXåLWRþQpVWDYRYpSUHPHQQpSURSHUW\
❍5RZ&RXQW&RO&RXQW)L[HG&ROV)L[HG5RZV
❍&HOOV>D&ROD5RZ@&ROV>,QGH[@5RZV>,QGH[@
❍'HIDXOW5RZ+HLJKW'HIDXOW5RZ+HLJKWSRþLDWRþQiYHĐNRVĢSROtþRN
❍&RO:LGWKV>,QGH[@5RZ+HLJKWV>,QGH[@PRPHQWiOQDYHĐNRVĢSROtþRNSRþDV
EHKXPRåQRPHQLĢ
❍SRþDVGL]DMQX6FUROO%DUV$OLJQ
❍:LGWK+HLJKW
❍&DQYDV
❍2SWLRQVVHWRIJR)L[HG9HUW/LQHJR)L[HG+RU]/LQHJR9HUW/LQH
JR+RU]/LQHJR5DQJH6HOHFWJR'UDZ)RFXV6HOHFWHGJR5RZ6L]LQJ
JR&RO6L]LQJJR5RZ0RYLQJJR&RO0RYLQJJR(GLWLQJJR7DEV
JR5RZ6HOHFWJR$OZD\V6KRZ(GLWRUJR7KXPE7UDFNLQJ
ƔPHWyG\
SROtþNXWDEXĐN\VDQDFKiG]DERG;<
ƔXGDORVWL
❍2Q0RXVH'RZQSDUDPHWUH;D<V~V~UDGQLFHP\ãL !P{åHPHSRXåLĢ
0RXVH7R&HOO
❍2Q6HOHFW&HOOSDUDPHWUH&RO5RZ/RQJLQWDYDU&DQ6HOHFW%RROHDQ
❍2Q'UDZ&HOOSDUDPHWUH
&RO5RZ/RQJLQW5HFW75HFW6WDWH7*ULG'UDZ6WDWH
ŶNGH7*ULG'UDZ6WDWH VHWRIJG6HOHFWHGJG)RFXVHGJG)L[HG
ŶSRXåLWLHQDSU
6WULQJ*ULG&DQYDV7H[W5HFW5HFW5HFW/HIW5HFW7RS
6WULQJ*ULG&HOOV>&RO5RZ@
ŶDOHERDM6WULQJ*ULG&DQYDV'UDZ)RFXV5HFW5HFW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLBƀBTPWBǁ
UBCVǚLPWâLPNQPOFOU
CJUNBQZ
ćDOãLHSRXåLWLHWDEXĐNRYpKRNRPSRQHQWX6WULQJ*ULG
ƔH[SORUHUV~ERURYSRGREQHDNRYR:LQNHć]REUD]XMHDMGHWDLO\
ƔH[FHORYVNiWDEXĐND
ƔNDOHQGiU
ƔKUDPtQ\
ƔKU\QDãDFKRYQLFL
ƔSH[HVR
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
13. prednáška: Úvod do Objektovo Orientovaného Programovania
SUHGQiãND
ÒYRGGR2EMHNWRYR
2ULHQWRYDQpKR3URJUDPRYDQLD
3ULSRPHĖPHVLDNpSRMP\VPH]DYLHGOLYSUHGQiãNHSULGHILQRYDQtNRU\WQDþN\
2EMHNWNRU\WQDþND
ƔVLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYêFKSUHPHQQêFKQDSUSR]tFLDIDUEDWYDU
ƔPDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUêFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYpSUHPHQQp
WDNêPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQNRU\WQDþN\SUHPHQQpW\SX
.RU
ƔPXVLDE\ĢY\WYRUHQpQLHGHNODURYDQpãSHFLiOQ\PVS{VRERP.RU&UHDWHDNêPVDWDNWR
QHY\WYRULDQHVP~VDY{EHFSRXåtYDĢ
ƔWDNêPWRSUHPHQQêPKRYRUtPH2%-(.7DW\SRP]NWRUêFKY\WYiUDPHREMHNW\QDSU.RUKRYRUtPH
NWRUiERODLQãWDQFLRXWULHG\7&DQYDV
Ɣ]DWLDĐVLRREMHNWRFKWUHED]DSDPlWDĢåHV~WRSUHPHQQpNWRUpYVHEHP{åXREVDKRYDĢYHĐDVWDYRYêFK
=GRWHUDMãtFKVN~VHQRVWtYLHPHåHVREMHNWRPNRU\WQDþNDVDSUDFXMHYHĐPLSRGREQHDNRVRE\þDMQêP
Ɣ
YDU YDU
]P]0LHVWR RPR0LHVWR
GUXKiGHILQtFLDGHNODUXMHWULHGXDWHGDSUHPHQQiRPMHREMHNWDSUHSRXåtYDWHĐDSULWRPY]QLNDM~WLHWR
Ɣ
UR]GLHO\
SUHPHQQi]PW\SX]0LHVWRXåSRVYRMRP]DGHNODURYDQtH[LVWXMHD]DWLDĐPiQHGHILQRYDQ~KRGQRWX
Ɣ
SUHPHQQiRPW\SXR0LHVWRWMLQãWDQFLDWULHG\R0LHVWR]DWLDĐHãWHQLHMHY\WYRUHQiDSUHWRVĖRX
Ɣ
LQãWDQFLD WULHGD&UHDWHDOHER
LQãWDQFLD WULHGD&UHDWHSDUDPHWUH
QDSUPXVtPH]DStVDĢRP R0LHVWR&UHDWH
ƔVSRORåNDPL]i]QDPXDMREMHNWXSUDFXMHPH~SOQHURYQDNRQDSUP{åHPHSRXåLĢZLWK
Ɣ]Y\NQHPHSRVNRQþHQtSUiFHVREMHNWRPWHQWR]UXãLĢSRPRFRX)UHHQDSURP)UHHMHWRSRGREQp
X]DWYRUHQLXV~ERUXSRPRFRX&ORVH
$N]DGHILQXMHPH0LHVWRDNRWULHGXQDPLHVWR]i]QDPX]tVNDYDPHVLOQêQiVWURMREMHNWRYRRULHQWRYDQp
SURJUDPRYDQLH8NiåPHVLQRY~YODVWQRVĢNWRU~SRVN\WXM~LEDREMHNW\
'HGHQLH
]KRWRYHMWULHG\P{åHPHY\WYRULĢćDOãLHRGYRGHQpWULHG\WDNåH'HOSKiPMD]\NXSDVFDO
Ɣ
R]QiPLPHåHFKFHPHSRQHFKDĢYãHWNRþRXåEROR]DGHILQRYDQpGRWHUD]DSULGiPHQHMDNpQRYp
SRORåN\VWDYRYpSUHPHQQp
W\SH
R0LHVWR FODVV
[\LQWHJHU
HQG
YDU
RPR0LHVWR
RER%RG
7ULHGDR%RGMHY\WYRUHQiWDNåHPiYãHWN\YODVWQRVWLWULHG\R0LHVWRDSULGDODVLQRY~VWDYRY~
Ɣ
SUHPHQQ~YLGWMWiWRWULHGDPiVWDYRYpSUHPHQQp
1RYpSRMP\
ƔWULHGDR%RGY]QLNODDNRSRWRPRNWULHG\R0LHVWRGHVFHQGHQWW\SH>GL
VHQGHQW@
ƔWULHGDR0LHVWRMHSUHGRNWULHG\R%RGDQFHVWRUW\SH>DHQVHVWH@
ƔWULHGDR%RG]GHGLODYãHWN\YODVWQRVWLWULHG\R0LHVWRLQKHULW
ƔNDåGiWULHGDP{åHPDĢĐXERYRĐQêSRþHWSRWRPNRYDOHOHQMHGLQpKRSUHGND
ƔSRWRPNRYLDP{åXGRGHILQRYDĢQRYpVWDYRYpSUHPHQQpDOHP{åXDMSUHGHILQRYDĢXå
]GHGHQp
SUtNODGGHPRQãWUXMHSRXåLWLHLQãWDQFLtWêFKWRWULHG
Ɣ
W\SH
R0LHVWR FODVV
[\LQWHJHU
HQG
YDU
RPR0LHVWR
RER%RG
EHJLQ
RP R0LHVWR&UHDWH
RE R%RG&UHDWH
RP[ RP\
ZLWKREGREHJLQ
[ \ RP\
HQG
RP)UHH
RE)UHH
HQG
0HWyG\REMHNWX
ƔV~WRSURFHG~U\DOHERIXQNFLHNWRUpVDGHNODUXM~YRYQ~WULREMHNWXDV~VQtPSHYQHVSRMHQp
ƔVO~åLDQDSUQDPRGLILNRYDQLHVWDYRYêFKSUHPHQQêFK]DEH]SHþXM~VSUiYDQLHREMHNWX
Ɣ]DGHILQXMHPHSURFHG~UXQDQDVWDYHQLHKRGQ{WVWDYRYêFKSUHPHQQêFK
SURFHGXUHR0LHVWR=PHQ;<1RYH;1RYH<LQWHJHU
EHJLQ
[ 1RYH;\ 1RYH<
HQG
DE\W~WRGHILQtFLXSDVFDOVSUiYQHSRFKRSLOWMåHSDWUtNWULHGHR0LHVWRPXVtE\ĢMHMKODYLþND
Ɣ
]DGHILQRYDQiDMYGHILQtFLLWULHG\
W\SH
R0LHVWR FODVV
[\LQWHJHU
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU
HQG
ƔWLHWRGYHGHILQtFLHPHWyG\PXVLDE\ĢLGHQWLFNp
ƔYRYQ~WULPHWyG\VDSUDFXMHVRVWDYRYêPLSUHPHQQêPLPRPHQWiOQHMWULHG\DNRNHE\ERODRENORSHQi
QHYLGLWHĐQêPSUtND]RPZLWK
ƔQDNRĐNRWULHGDR%RGMHSRWRPNRPWULHG\R0LHVWRWDN]GHGLODDMPHWyG\WULHG\R0LHVWRDSUHWRDM
LQãWDQFLHWULHG\R%RGP{åXSRXåtYDĢWLHWRPHWyG\
YDU
RER%RG
EHJLQ
RE R%RG&UHDWH
RE=PHQ;<YRODQLHPHWyG\
SRWRPRNP{åHSUHNU\ĢPHWyGXVYRMKRKRFLNWRUpKRSUHGNDP{åHKRFLDM]PHQLĢW\SDSRþHW
Ɣ
SDUDPHWURYQDSU
W\SH
R%RG FODVVR0LHVWR
YLGERROHDQ
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
HQG
SURFHGXUHR%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
[ 1RYH;\ 1RYH<YLG 1RY\9LG
HQG
DOHERP{åHPHY\XåLĢSULGHILQRYDQtSUHNUêYDM~FHMPHWyG\DM]GHGHQ~PHWyGXQDSU
Ɣ
SURFHGXUHR%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
LQKHULWHG=PHQ;<1RYH;1RYH<
YLG 1RY\9LG
HQG
1DVOHGXM~FLSUtNODGXNiåHSRXåLWLHREMHNWRYNUXåQtF
Y\WYRUHQLHNUXKXY\NUHVOHQLHXNU\WLH]PHQXIDUE\DSRVXQREUi]NX
ƔSURFHG~UDNWRUiVSUDFRYiYDXGDORVĢ2Q)RUP&UHDWH7)RUP)RUP&UHDWHSULUDGtGRJOREiOQHMSUHPHQQHM
J ,PDJH&DQYDV
ƔćDOHM]DGHILQXMHPHJOREiOQHSUHPHQQpW\SX7.UXK
ƔQDSUYpWODþLGORVDQLHNGHYSORFKHY\WYRUtNUXåQLFDQHMDNHMYHĐNRVWLDIDUE\
ƔSRGREQHDMQDDWODþLGORLQpNUXåQLFH
W\SH
7)RUP FODVV7)RUP
SULYDWH
SRFLQWHJHU
HQG
YDU
)RUP7)RUP
J7&DQYDV
^WULHGD7.UXK`
W\SH
7.UXK FODVVSRWRPRN72EMHFW
[\ULQWHJHU
I7&RORU
YLGERROHDQ
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
LQKHULWHG&UHDWH
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUH7.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH7.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH7.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH7.UXKSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
YDU
DEF7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D 7.UXK&UHDWH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 7.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F 7.UXK&UHDWHFXND]
HQG
YWRPWRSUtNODGHVPHSUHGHILQRYDOLDMNRQãWUXRYDQLHREMHNWX&UHDWH
Ɣ
.RQãWUXNWRUREMHNWX
ƔMHWRãSHFLiOQDSURFHG~UDNWRUiVDSRXåtYDLEDSUHY\WYRUHQLHQRYHMLQãWDQFLH
ƔMHMKODYQRX~ORKRXMHY\KUDGLĢYSRþtWDþLPLHVWRSUHVDPRWQêREMHNWDGRSUHPHQQHMLQãWDQFLHSULUDGLĢ
UHIHUHQFLXQDWRWRPLHVWR
ƔRNUHPWRKRP{åHWiWRSURFHG~UDNRQãWUXNWRUQDSUDMLQLFLDOL]RYDĢREVDK\VWDYRYêFKSUHPHQQêFK
SUtSDGQHURELĢLQpDNFLH
ƔQDPLHVWRSURFHGXUHPXVtPHGHNODURYDĢVORYRPFRQVWUXFWRU
ƔYãLPQLWHVLåHNRQãWUXNWRUVPHSRXåtYDOLDMYSUHGFKiG]DM~FRPSUtNODGHRWULHGHR0LHVWR
LQKHULWHG&UHDWH
ƔQDPLHVWR7.UXK FODVVE\VPHPRKOLGHNODURYDĢDM7NUXK FODVV72EMHFWERORE\WRWR
LVWp
SRNUDþXMHPHYUR]UREHQRPSURMHNWH
ƔãWYUWpWODþLGORUR]KêEHNUXK\WDNåHNDåGêVDSDUDOHOQHSRKQHQHMDNêPVPHURPNURNRY
ƔSRXåLMHPHQDWRþDVRYDþ7LPHUQDVWDYtPHPXYLQãSHNWRUH,QWHUYDOQDD(QDEOHGQD)DOVH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF VWDYRYiSUHPHQQiY7)RUP
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
DSRVXQ
ESRVXQ
FSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
ƔOHQåHDNE\VPHVWODþLOLWRWRWODþLGORSUHGWêPDNRVPHY\URELOLYãHWN\NUXK\SURJUDPQiPVSDGQHQDXå
]QiPHMFK\EH$FFHVYLRODWLRQDWDGGUHVVSUHWRPXVtPH]DEH]SHþLĢåHSRV~YDĢEXGHPHOHQWHQNUXK
NWRUêXåEROQDR]DMY\UREHQê$NR]LVWtPHþLERODLQãWDQFLDXåY\WYRUHQi&UHDWH"
ƔYVNXWRþQRVWLYSUHPHQQHMDQLHMHSULDPRREVDKREMHNWXVWDYRYpSUHPHQQpWDNDNRE\WRERORY
]i]QDPHDOHUHIHUHQFLDQDQHMDNpPLHVWRYSDPlWLSRþtWDþDNGHVDQDR]DMWHQWRREMHNWQDFKiG]D
ƔNêPQLHMHREMHNWY\WYRUHQêVNRQãWUXRYDQêWDNYSUHPHQQHMDQLHMHåLDGQDUHIHUHQFLDþRVDYSDVFDOH
R]QDþXMHVORYtþNRPQLODWHGD
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
D QLO
E QLO
F QLO
HQG
ERORE\GREUp]Y\NQ~ĢVLQD]DþLDWRNSURJUDPXQDSUGR)RUP&UHDWHGDĢSULUDGHQLD
Ɣ
D QLOE QLO
ƔGRKRGOLVPHVDåHNDåGêREMHNWPXVtPHSRVNRQþHQtXYRĐQLĢSRPRFRX)UHHYQDãRPSUtNODGHWR
XUREtPHYXGDORVWL2Q)RUP'HVWUR\
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHHLID!QLOWKHQD'HVWUR\
E)UHH
F)UHH
HQG
SLDWHWODþLGORXYRĐQtYãHWN\LQãWDQFLHDEF
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQZLWKDGREHJLQ
LIYLGWKHQVNU\
)UHH
D QLODE\DQHUHIHUHQFRYDORQDXåQHGHILQRYDQê
REMHNW
HQG
LIE!QLOWKHQZLWKEGREHJLQ
LIYLGWKHQVNU\
)UHHE QLO
HQG
LIF!QLOWKHQZLWKFGREHJLQ
LIYLGWKHQVNU\
)UHHF QLO
HQG
HQG
9ODVWQRVWLREMHNWRY
ƔHQNDSVXOiFLDHQFDSVXODWLRQ]DSX]GUHQLH
❍QRYêGiWRYêW\SWULHGDFODVV
❍VSRMHQLHW\SXUHFRUGDSURFHG~U\IXQNFLHSUHPDQLSXOiFLXVRVWDYRYêPLSUHPHQQêPL
ƔGHGLþQRVĢLQKHULWDQFH
❍RGGHILQRYDQpKRREMHNWXP{åHPHRGYRGLĢFHO~KLHUDUFKLXREMHNWRY
❍WMSRWRPNRYNWRUtGHGLDSUtVWXSNGiWRYêPDMSURJUDPRYêP]ORåNiP
ƔSRO\PRUIL]PXV
❍]GLHĐDQLHDNFLtYKLHUDUFKLLREMHNWRY
❍EXGHPHVDXþLĢDåQHVN{U
1'Ò
Ɣ]DþQLWHãWXGRYDĢV~ERU.RU8QLWSDVXåE\VWHGRVĢYHĐD]WRKRPRKOLUR]XPLHĢ
Ɣ]DGHILQXMWHWULHGXSUHYHĐNpþtVODQDSU
FRQVW
PD[
W\SH
YHONHBFLVOR FODVV
FDUUD\>PD[@RIE\WH
SPD[SRþHWSODWQêFKFLILHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSULUDG[ORQJLQW
SURFHGXUHSULFLWDM[ORQJLQW
SURFHGXUHQDVRE[ORQJLQW
SURFHGXUHY\SLV
HQG
DE\VDGDOQDSUY\SRþtWDĢYHĐNêIDNWRULiOQDSU
Ɣ
YDU
IYHONHBFLVOR
EHJLQ
I YHONHBFLVOR&UHDWH
ISULUDG
IRUL WR1GRIQDVREL
IY\SLV
HQG
SRVOHGQi]PHQD
SUHGQiãND
3URJUDPRYpMHGQRWN\G\QDPLFNp
DRWYRUHQpSROLD
3URJUDPRYpMHGQRWN\XQLW\
ƔEDOtNSUHGGHILQRYDQêFKSRGSURJUDPRYSUHPHQQêFKW\SRYDNRQãWiQW
ƔSRXåtYDM~VD
❍DNRNQLåQLFHSRGSURJUDPRYNWRUpVDGDM~SULSRMLĢNU{]Q\PSURJUDPRPEH]VSUtVWXSQHQLD
]GURMRYpKRNyGXãWDQGDUGQiMHGQRWND6\VWHPREVDKXMHãWDQGDUGQpSDVFDORYVNpSURFHG~U\D
IXQNFLHQDSU$VVLJQ)LOH5HVHWZULWHFRS\LQVHUWFRVRUGRGGSLDOHDMWULHGX72EMHFW
❍DNRSURJUDPRYêNyGNWRUêSRSLVXMHVSUiYDQLHIRUPXOiUDQDMþDVWHMãLHPiNDåGêIRUPXOiUY
DSOLNiFLLVYRMXMHGQRWNXQDSU8QLWSDVY\WYRUHQêMHDXWRPDWLFN\SURVWUHGtP'HOSKLSUL
Y\WYiUDQtQRYpKRIRUPXOiUDSRSLVNRPSRQHQWRYYRIRUPXOiULMHYV~ERUHVSUtSRQRX')0
❍þDVWRKRP{åHPHSRXåLĢQDUR]þOHQHQLHUR]VLDKOHKRSURJUDPXGRORJLFN\V~YLVLDFLFKPHQãtFK
PRGXORYUHVSQDSRSLVQHMDNHMþDVWLKLHUDUFKLHREMHNWRY
❍V~YV~ERURFKVSUtSRQRX3$6 !SRSUHNRPSLORYDQtMHLFKNyGYV~ERUHVSUtSRQRX'&8DE\
VPHPRKOLQHMDNêXQLWSRXåLĢYQDãRPSURJUDPHQHSRWUHEXMHPHMHKR]GURMRYêWYDU3$6DOHVWDþt
QiPV~ERU'&8
'HILQtFLDXQLWX
XQLWPHQR8QLWXPHQRXQLWXVDPXVt]KRGRYDĢVPHQRPV~ERUX
LQWHUIDFH
^YHUHMQpGHNODUiFLHDGHILQtFLHNRQãWiQWW\SRYDMWULHG
SUHPHQQêFKSURFHG~UDIXQNFLtOHQLFKKODYLþN\NDåGêNWR
MHGQRWNXSRXåtYDNQLPP{åHSULVWXSRYDĢDNRNVYRMLPYODVWQêP
`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LPSOHPHQWDWLRQ
^GHILQtFLHYHUHMQêFKSURFHG~UDIXQNFLtLFKGHILQtFLHMHPRåQp
StVDĢEH]RKĐDGXQDSRUDGLHDY]iMRPQpRGND]\DMEH]
IRUPiOQ\FK
SDUDPHWURYWMQDStVDQtPOHQQi]YXSRGSURJUDPXV~NURPQp
GHNODUiFLHDGHILQtFLHNRQãWiQWW\SRYSUHPHQQêFKSURFHG~U
DIXQNFLt`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LQLWLDOL]DWLRQWLHWRþDVWLP{åXFKêEDĢ
LQLFLDOL]iFLDXQLWX±VSXVWtVDWHVQHSUHGVSXVWHQtP
KODYQpKRSURJUDPX
ILQDOL]DWLRQ
ILQDOL]iFLDXQLWX±VSXVWtVDSRVNRQþHQtKODYQpKRSURJUDPX
HQG
-HGQRWN\P{åHPHSRXåLĢYLQêFKSURJUDPRFKUHVSMHGQRWNiFKWDNåHGRþDVWLGHNODUiFLtXVHV
Ɣ
QDStãHPHPHQRMHGQRWN\DNVDMHGQRWNDQHQDFKiG]DYWRPLVWRPDGUHViULDNRVDPRWQêSURMHNW
PXVtPH]DStVDĢPHQRV~ERUXDMVFHVWRXPHQRV~ERUXVDDMWDNPXVt]KRGRYDĢVQi]YRP
MHGQRWN\QDSU
XVHV0HVVDJHV9HNWRU\LQ
?YHNWRU\SDV
3RPRFQ\8QLW
ƔSRUDGLHPLHQMHGQRWLHNYSRSLVHXVHVXUþXMHSRUDGLHLFKLQLFLDOL]iFLt
3URJUDPRYiMHGQRWND6WDFN8QLW]iVREQtN
Ɣ~GDMRYiãWUXNW~UD]iVREQtNVWDFNMHSULSURJUDPRYDQtYHĐPLþDVWRSRXåtYDQiDSULWRPMHGRVĢ
MHGQRGXFKiQDWRDE\VPHQDQHMY\VYHWOLOLSRXåLWLHSURJUDPRYêFKMHGQRWLHN
ƔMHWR~GDMRYiãWUXNW~UDNWRUiVDSRGREiSRVWXSQRVWLSUYNRYOHQVS{VRESULGiYDQLDDXEHUDQLD
SUYNRYMHãSHFLILFNê
ƔSUYN\GRãWUXNW~U\P{åHPHSULGiYDĢOHQQDNRQLHFRSHUiFLRXSXVK
ƔSUYN\]RãWUXNW~U\P{åHPHRGREHUDĢOHQ]NRQFDRSHUiFLDSRS
ƔSRPRFQiRSHUiFLDHPSW\VO~åLQDRWHVWRYDQLHþLMHãWUXNW~UDSUi]GQD
XQLW6WDFN8QLW
LQWHUIDFH
FRQVW
PD[VWDFN
W\SH
SUYRN VWULQJ
VWDFN FODVV
VWDUUD\>PD[VWDFN@RISUYRN
YUFKPD[VWDFN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQIXOOERROHDQ
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJVREVDKXMH6KRZ0HVVDJH
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOWRNQRVRVSUiYRX
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
YUFK
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
3OQê]iVREQtN
HOVHEHJLQ
LQFYUFKVW>YUFK@ S
HQG
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVHEHJLQ
S VW>YUFK@GHFYUFK
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>YUFK@
HQG
IXQFWLRQVWDFNIXOOERROHDQ
EHJLQ
5HVXOW YUFK PD[VWDFN
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
QDMOHSãLHMHY\WYiUDĢQRYpXQLW\SRPRFRX1HZYPHQX)LOHYWRPWRGLDOyJXY\EHULHPH8QLW
Ɣ
Y\WYRUtVDVNRURSUi]GQ\XQLWQDSU
XQLW8QLW
LQWHUIDFH
LPSOHPHQWDWLRQ
HQG
ƔWHQWRSRPRFRX6DYH$VYPHQX)LOHP{åHPHSUHPHQRYDĢDWêPVD]PHQtDMKODYLþNDXQLWX
ƔSR]ULPHVDDNRY\]HUiKODYQêSURJUDPWM'HOSKLSURMHNWDSOLNiFLH3URMHFWGSU
SURJUDP3URMHFW
XVHV
)RUPV
8QLWLQ
8QLWSDV
^)RUP`
8QLWLQ
8QLWSDV
^5 5(6`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP7)RUP)RUP
$SSOLFDWLRQ5XQ
HQG
WHQWRV~ERUMHWLHåSDVFDORYVNê]GURMRYêNyGDOHQDUR]GLHORGSURJUDPRYHMMHGQRWN\REVDKXMHOHQ
Ɣ
'\QDPLFNpSROLD
ƔGHNODUXMHPHLFK
YDU
DDUUD\RIW\SBSUYNX
Ɣ]QDPHQiWRåHSUHPHQQiDWRKRWRW\SX]DWLDĐQHPiXUþHQ~YHĐNRVĢWMSRþHWSUYNRY
ƔYHĐNRVĢSRĐDPXVtPH]DGHILQRYDĢSRPRFRX
WRWRMHWRLVWpDNR6HW/HQJWKD
❍D FRS\LQpBSROHRGBSUYNXSRþHWURYQDNRDNRSUL]QDNRYêFKUHĢD]FRFK
ƔãWDQGDUGQiIXQNFLD/HQJWKYUDFLDPRPHQWiOQXYHĐNRVĢSRĐDSUHQLOMHWR
DOHERSUL]YlþãRYDQtGĎåN\SULEXGQ~QDNRQLHFQRYpSUYN\]DWLDĐHãWHVQHGHILQRYDQRXKRGQRWRX
]iVREQtN]UHDOL]XMHPHSRPRFRXG\QDPLFNpKRSRĐD
Ɣ
XQLW6WDFN8QLW
LQWHUIDFH
W\SH
SUYRN VWULQJ
VWDFN FODVV
VWDUUD\RISUYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
VW QLO
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
6HW/HQJWKVW/HQJWKVWVW>+LJKVW@ S
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVHEHJLQ
S VW>+LJKVW@6HW/HQJWKVW/HQJWKVW
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>+LJKVW@
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW /HQJWKVW DOHER5HVXOW VW QLO
HQG
HQG
1DNRĐNRP{åHE\ĢRSHUiFLDQDIXNRYDQLDG\QDPLFNpKRSRĐDSRPHUQHGUDKiWMþDVRYRQiURþQi
Ɣ
P{åHPHSROH]YlþãRYDĢSRYlþãtFK~VHNRFKQDSU
XQLW6WDFN8QLW
LQWHUIDFH
W\SH
SUYRN VWULQJ
VWDFN FODVV
VWDUUD\RISUYRN
YUFKLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
VW QLOYUFK
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
LQFYUFK
LIYUFK!+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
VW>YUFK@ S
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVHEHJLQ
S VW>YUFK@GHFYUFK
LIYUFK+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>YUFK@
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
SUtNODGYNWRURPSRXåLMHPH]iVREQtNVSROXVNRU\WQDþNRXSUHGSRNODGiPHåHSUYN\]iVREQtNDV~þtVOD
Ɣ
QDSUW\SHSUYRN UHDO
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VVWDFN
N.RU
LLQWHJHU
UUHDO
EHJLQ
N .RU&UHDWH
V VWDFN&UHDWH
IRUL WRGREHJLQ
NGRSUHGXL
NYSUDYRVSXVKL
HQG
FDNDM
NIS FO5HG
ZKLOHQRWVHPSW\GREHJLQ
VSRSUNYODYRNGRSUHGXU
HQG
V)UHH
HQG
3DUDPHWHURWYRUHQpSROH
3RWUHEXMHPHSURFHG~UXNWRUiGRVWDQHSRVWXSQRVĢþtVHODQDMHM]iNODGHQDNUHVOtNULYNXWDNåHSRVWXSQHEXGH]
QHMEUDĢGĎåN\SUHSUtND]GRSUHGXD]DNDåGêPVDRWRþtRVWXSĖRYYSUDYR1DNRĐNRQHSR]QiPHGĎåNXYVWXSQHM
SRVWXSQRVWLWMSRĐDSRXåLMHPHW]YSDUDPHWHURWYRUHQpSROHWMVNXWRþQêPSDUDPHWURPP{åHE\ĢĐXERYRĐQp
MHGQRUR]PHUQpSROHNWRUpVD]KRGXMHVW\SRPSUYNRY=DSLVXMHPHQDSU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
WDNêWRIRUPiOQ\SDUDPHWHUQLHMHG\QDPLFNpSROH
9RYQ~WULSURFHG~U\SULVWXSXMHPHNSUYNRPSRĐDVLQGH[PLRG/RZGDåSR+LJKGSULþRP/RZGMHYåG\D
+LJKGMHYåG\/HQJWKG1HP{åHPHSRXåLĢ6HW/HQJWKDQLFRS\
1DSU
YDU
N.RU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKGGREHJLQ
N'RSUHGXG>L@
N9SUDYR
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
GGDUUD\>@RIUHDO
EHJLQ
N .RU&UHDWH
NUHVOLGG
HQG
'HOSKLXPRåĖXM~SRVODĢDNRVNXWRþQêSDUDPHWHUW\SXRWYRUHQpSROHDMNRQãWDQWXRWYRUHQpSROHWM
Ɣ
SRVWXSQRVĢKRGQ{WURYQDNpKRW\SXDNRSUYN\RWYRUHQpKRSRĐDX]DYUHW~YKUDQDWêFK]iWYRUNiFK
QDSU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
N .RU&UHDWH
NUHVOL>@
HQG
$NYLHPHåHSURFHG~UD3RO\JRQNWRUiIXQJXMHY&DQYDVHJUDILFNHMSORFK\PiSDUDPHWHURWYRUHQp
Ɣ
SROHW\SX7SRLQWDãWDQGDUGQiIXQNFLD3RLQWY\UiED]i]QDPW\SX73RLQWWMQLHþRDNR
W\SH
73RLQW UHFRUG[\/RQJLQWHQG
SURFHGXUH7&DQYDV3RO\JRQFRQVW3RLQWVDUUD\RI73RLQW
SRVOHGQi]PHQD
SUHGQiãND
3URJUDPRYiMHGQRWND.RU8QLW
.RU8QLW
SRGUREQHVDSR]ULHPHQDSURJUDPRY~MHGQRWNX.RU8QLWQDMSUYGHNODUiFLDWULHG\.RU
Ɣ
W\SH
.RU FODVV
SULYDWH
;6XU<6XU6PHUUHDO
'ROHERROHDQ
)37&RORU
+3LQWHJHU
8ND]DQDERROHDQ
SREU\VDUUD\RIUHDO
IREU\V7&RORU
KREU\VLQWHJHU
WYDU7%LWPDS
SURFHGXUH8ND]F7&DQYDV
SXEOLF
FRQVWUXFWRU&UHDWH[UHDO \UHDO XUHDO
GHVWUXFWRU'HVWUR\RYHUULGH
YLUWXDO
SURFHGXUH=PHQ7YDUW7%LWPDSRYHUORDGYLUWXDO
SURFHGXUH=PHQ)DUEX7YDUXI7&RORUYLUWXDO
SURFHGXUH=PHQ+UXENX7YDUXKLQWHJHUYLUWXDO
SURSHUW\;6XUUHDOUHDG;6XU
SURSHUW\<6XUUHDOUHDG<6XU
SURSHUW\6PHUUHDOUHDG6PHUZULWH=PHQ6PHU
SURSHUW\'ROHERROHDQUHDG'ROHZULWH=PHQ3HUR
SURSHUW\)37&RORUUHDG)3ZULWH=PHQ)3
SURSHUW\+3LQWHJHUUHDG+3ZULWH=PHQ+3
SURSHUW\)DUED7YDUX7&RORUUHDGIREU\VZULWH=PHQ)DUEX7YDUX
SURSHUW\+UXEND7YDUXLQWHJHUUHDGKREU\VZULWH
=PHQ+UXENX7YDUX
HQG
YlþãLQXYHFtEXćSR]QiPHDOHERVPHVQLPLXåSUDFRYDOL
Ɣ
ƔWULHGDREVDKXMHQLHNRĐNRVWDYRYêFKSUHPHQQêFKDXå]LFKQi]YXMHMDVQpQDþRVO~åLD
ƔVWDYRYiSUHPHQQiSREU\VMHW\SXG\QDPLFNpSROHDVO~åLQDSRSLVREU\VXNRU\WQDþN\
QDSUWURMXKROQtND
ƔVWDYRYiSUHPHQQiWYDUEXGHREVDKRYDĢEXćELWPDSXNWRUiMHWYDURPNRU\WQDþN\DOHER
QLODNMHMQLHMHSULUDGHQêåLDGHQELWPDSRYêWYDU
ƔPHWyGD=PHQ7YDUPiSDUDPHWHURWYRUHQpSROHNWRUpVDSRGREiQDG\QDPLFNpSROH
SUHPHQQHMSREU\V
ƔP{åHPHWXYLGLHĢQLHNRĐNRQRYLQLHN
❍YãHWN\VWDYRYpSUHPHQQpDPHWyG\V~UR]GHOHQpGRGYRFKYHĐNêFKVNXStQSULYDWHDSXEOLF
❍RNUHPNRQãWUXNWRUD&UHDWHMHWXGHILQRYDQêDMGHãWUXNWRU'HVWUR\VNĐ~þRYêPVORYRP
RYHUULGH
❍VNRUR]DYãHWNêPLGHILQtFLDPLPHWyGMHNĐ~þRYpVORYRYLUWXDONWRUpVDEXGHPHXþLĢQHVN{U
❍NRQãWUXNWRU&UHDWHPiSUHGYROHQpSDUDPHWUHGHIDXOWKRGQRW\
SURSHUW\YODVWQRVĢ
❍PHWyGD=PHQ7YDUPiRNUHPYLUWXDOSULGDQpDMNĐ~þRYpVORYRRYHUORDG
ƔSRVWXSQHVD]R]QiPLPHVWêPLWRQRYLQNDPL
3ULYiWQHGHILQtFLH
PHWyG\QLHV~YDQLMHGQHM]WêFKWRVNXStQRNUHPWêFKWRGYRFKVNXStQMHDMćDOãLDSXEOLVKHGNWRUi
MHVNRURURYQDNiDNRSXEOLFDOH]DWLDĐSUHMHGQRGXFKRVĢSUHGSRNODGDMPHåHMX'HOSKLSRWUHEXM~SUH
NRPSRQHQW\DPHWyG\NWRUpV~]YLD]DQpVQHMDNêPIRUPXOiURP
3UHGYROHQpSDUDPHWUH
LFKWêPLWRKRGQRWDPL]DQiV
ƔOHQKRGQRWRYpDOHERFRQVWSDUDPHWUHP{åXE\ĢSUHGYROHQpGHIDXOWQLHYDUSDUDPHWUH
ƔNRU\WQDþNXP{åHPHVNRQãWUXRYDĢQDSUWDNWR
N .RU&UHDWH
N .RU&UHDWH
N .RU&UHDWH[\
ƔYãLPQLWHVLåHNRQãWUXNWRU&UHDWHKODYQHLQLFLDOL]XMHVWDYRYpSUHPHQQp
FRQVWUXFWRU.RU&UHDWH[\XUHDO
YDU
LLQWHJHU
EHJLQ
,QLFLDOL]XM
;6XU [<6XU \6PHU X
)3 FO%ODFN+3
'ROH WUXH8ND]DQD IDOVH
SREU\V QLOKREU\V
=PHQ7YDU>@IREU\V FO*UHHQ
'HãWUXNWRU'HVWUR\
ƔMHSRGREQêNRQãWUXNWRUXDXWRPDWLFN\VD]DYROiSULPHWyGH)UHHWMNHćUXãtPHREMHNWP{åHPHQD
]iYHUY\NRQDĢQHMDNpXSUDWRYDFLHDNFLH
ƔYRODQLHPHWyG\)UHHQHMDNpKRREMHNWXREMVLP{åHPH]MHGQRGXãHQHSUHGVWDYLĢDNR
LIREM!QLOWKHQREM'HVWUR\
ƔDMGHãWUXNWRU'HVWUR\SUDFXMHVSRĐRPNRU\
GHVWUXFWRU.RU'HVWUR\
YDU
LLQWHJHU
EHJLQ
LI8ND]DQDWKHQGHFSXND]
SREU\V QLO
L ZKLOHL PD[NRUDQGNRU\>L@!VHOIGRLQFL
LIL PD[NRUWKHQNRU\>L@ QLO
WHVW
LQKHULWHG
HQG
LQKHULWHGQD]iYHUPHWyG\MHXNiåNRXWRKRåHQHWUHED]DEXGQ~ĢVSXVWLĢXSUDWRYDFLHDNFLHDMSUH
Ɣ
WULHGXSUHGNDYQDãRPSUtSDGHMHWR]E\WRþQpOHERSUHGRNWULHG\.RUPiSUi]GQ\GHãWUXNWRUWULHGD
.RUMHSRWRPNRPWULHG\72EMHFW
9ODVWQRVWLSURSHUW\
ƔVWDYRYpSUHPHQQpVNĐ~þRYêPVORYRPSURSHUW\V~ãSHFLiOQHDWULE~W\WULHG\QLHV~WRSDPlĢRYp
SRORåN\WULHG\DNRY]i]QDPH
ƔRE\þDMQêPVWDYRYêPSUHPHQQêPMHY\KUDGHQpQHMDNpSDPlĢRYpPLHVWRP{åHPH]LVWLĢMHMKRGQRWX
UHVSMXPHQLĢWRMHDQDOyJLDSRORåNiP]i]QDPRY
ƔDNRåHVWDYRYiSUHPHQQiYODVWQRVĢPXVtPDĢSULUDGHQpQHMDNpDNFLHQDþtWDQLHUHVSPRGLILNRYDQLH
WDNHMWRVWDYRYHMSUHPHQQHM
ƔSRPRFRXWRKRWRPHFKDQL]PXP{åHPHNRQWURORYDĢSUtVWXSNXVNXWRþQêPVWDYRYêPSUHPHQQêP
DOHERP{åHPHSUHWDNpWRVWDYRYpSUHPHQQpY\SRþtWDĢLFKKRGQRWXDåNHćEXG~SRåDGRYDQpþtWDQp
ƔV\QWD[
SURSHUW\PHQRW\SUHDGSRORåND_PHWyGDZULWHSRORåND_PHWyGD
ƔSRORåND_PHWyGDMHEXćRE\þDMQiSRORåNDVNXWRþQiVWDYRYiSUHPHQQiREMHNWXKRFLDMSULYiWQDDOHER
ƔSUHUHDGPHWyGDPXVtE\ĢEH]SDUDPHWURYiIXQNFLDURYQDNpKRW\SX
ƔSUHZULWHPHWyGDPXVtE\ĢMHGQRSDUDPHWURYiSURFHG~UDVKRGQRWRYêPDOHERFRQVWSDUDPHWURP
URYQDNpKRW\SX
ƔMHGQD]þDVWtUHDGDOHERZULWHP{åHFKêEDĢ !SRWRPWHQWRSUtVWXSQLHMHSRYROHQêQDSUQHGiVD
PHQLĢKRGQRWDVWDYRYHMSUHPHQQHMLEDþtWDĢ
ƔYåG\NHćVDYSURJUDPHEXGHþtWDĢUHVSPHQLĢKRGQRWDWDNHMWRDNRåHVWDYRYHMSUHPHQQHM
YODVWQRVWLWDNVDEXćSUHþtWDKRGQRWDUHVSSULUDGtGRSRORåN\DOHERVD]DYROiSUtVOXãQiPHWyGD
QDSUNRU\WQDþNDPiDMWLHWRYODVWQRVWL
Ɣ
SURSHUW\;6XUUHDOUHDG;6XU
SURSHUW\6PHUUHDOUHDG6PHUZULWH=PHQ6PHU
þR]QDPHQiåHWDN~WRVWDYRY~SUHPHQQ~;6XUQHP{åHPHPHQLĢQDSUSULUDćRYDFtPSUtND]RPOHQ
Ɣ
þtWDĢYWHG\GRVWDQHPHKRGQRWXV~NURPQHMSUHPHQQHM;6XU
Ɣ9ćDOãRPSUtNODGHVWDYRYiSUHPHQQiYODVWQRVĢSUHPYVNXWRþQRVWLPDQLSXOXMHVRV~NURPQRX
SUHPHQQRX[SUHPOHQSULMHMþtWDQtVDDXWRPDWLFN\]YêãLSRþtWDGORSRF
W\SH
[[ FODVV
SULYDWH
[SUHPUHDO
SRFLQWHJHU
IXQFWLRQKRGQRWDUHDO
SXEOLF
SURSHUW\SUHPUHDOUHDGKRGQRWDZULWH[SUHP
HQG
IXQFWLRQ[[KRGQRWDUHDO
IXQNFLDSRþtWDSRþHWSUtVWXSRYNXVWDYRYHM
SUHPHQQHM
EHJLQ
5HVXOW [SUHPLQFSRF
HQG
QHVN{UXYLGtPHDMćDOãLHPRåQRVWLVWDYRYêFKSUHPHQQêFKYODVWQRVWt
Ɣ
9\NUHVĐRYDQLHWYDURYNRU\WQDþLHN
-HGQRWND.RU8QLWPi]DGHILQRYDQpQLHNWRUpG{OHåLWpV~NURPQpSUHPHQQpV~GHNODURYDQpLEDY
LPSOHPHQWDWLRQþDVWL
NRU\DUUD\RINRU
Ɣ
PD[NRULQWHJHU
❍ G\QDPLFNpSROHNRU\VO~åLQDV~NURPQp]DSDPlWDQLHVLYãHWNêFKGRWHUD]Y\WYRUHQêFK
NRU\WQDþLHNSRWUHEXMHPHWRQDY\NUHVĐRYDQLHWYDURYNRU\WQDþLHNWURMXKROQtNRYSULNDåGHM
]PHQHJUDILFNHMSORFK\SURFHG~UDWREM0\0HVVDJHMH]DYRODQiRSHUDþQêPV\VWpPRP
:LQGRZVWHVQHSUHGWêPDNRWUHEDSUHNUHVOLĢW~WRJUDILFN~SORFKXYRIRUPXOiULQDSUNHćVDY
SORFKHQLHþR]PHQLORWiWRSURFHG~UDYROiSUHNDåG~NRU\WQDþNXV~NURPQ~PHWyGX8ND]
❍SUHPHQQiPD[NRUREVDKXMHLQGH[PD[LPiOQHSULUDGHQHMNRU\WQDþN\YSROLNRU\SROHNRU\
QH]YlþãXMHPHSULNDåGHMQRYHMNRU\WQDþNHRDOHUD]]DþDV]YlþãtPHRDPD[NRU\MHYWHG\
PHQãLHDNR+LJKNRU\
7RWRSROHNRU\VDDNWXDOL]XMHY.RU&UHDWHDY.RU'HVWUR\
ƔSXND]LQWHJHUSRþHWNRU\WQDþLHNYJUDILFNHMSORFKHNWRUpQHPDM~VNU\WêWYDUV~XNi]DQp
ƔEORNERROHDQþLMHEORNRYDQiDNWXDOL]iFLDJUDILFNHMSORFK\SRPRFRX1DUD]
ƔSUHPHQQpJ7&DQYDVPHPELWPDS7%LWPDSDP\)RUP7)RUPVO~åLDQDNUHVOHQLHGRJUDILFNHM
SORFK\DQD]REUD]RYDQLHWYDURYNRU\WQDþLHN
9MHGQRWNH.RU8QLWV~RNUHPWULHG\.RUYLQWHUIDFHþDVWLGHILQRYDQpDMQHMDNpNRQãWDQW\SUHPHQQpD
SURFHG~U\DWHGDV~YLGLWHĐQpSUHSURJUDP\NWRUpPDM~XVHV.RU8QLW
Ɣ=PD]PiMHGHQSUHGYROHQêSDUDPHWHUIDUEXSR]DGLDJUDILFNHMSORFK\EH]SDUDPHWUD]PDåH
JUDILFN~SORFKXQDELHOR
Ɣ1DUD]WLHåPiSUHGYROHQêSDUDPHWHUDNMHWHQWRSRGSURJUDP]DYRODQêVSDUDPHWURPIDOVHWDNVD
Y\SQHEORNRYDFtUHåLP
❍YãLPQLWHVLåH1DUD]MHIXQNFLRXNWRUiYUDFLDS{YRGQêUHåLPEORNRYDQLDDNMHYRODQiDNR
SURFHG~UDWDNYêVOHGQiKRGQRWDVDVWUiFD
ƔSUHPHQQp[D\REVDKXM~V~UDGQLFHVWUHGXNRU\WQDþHMJUDILFNHMSORFK\
ƔSRPRFQiSURFHG~UDWHVWVO~åLQDWRDE\VDDXWRPDWLFN\SRNDåGRPNRU\WQDþRPSUtND]H'RSUHGX
9SUDYR=PHQ)3DSRGXPRåQLOR:LQGRZVDE\XURELORYãHWN\DNFLHNWRUpVD]DWLDĐQD]ELHUDOL
$SSOLFDWLRQ3URFHVV0HVVDJHVDWLHåVDYJUDILFNHMSORFKHSUHNUHVOLDYãHWN\NRWU\WQDþN\]DYROiVD
WREMP\0HVVDJH
❍YãLPQLWHVLåHMHYRODQiQD]iYHUNDåGHMNRU\WQDþHMPHWyG\
❍W~WRSURFHG~UXP{åHPHYRODĢDM]QiãKRSURJUDPXDNFKFHPHQDSUtNODG]DEH]SHþLĢ
SUHNUHVOHQLHNRU\WQDþLHNYSORFKH
❍WHQWRPHFKDQL]PXVYHĐPLVSRPDĐXMHSULHEHKYêSRþWXSUiFXNRU\WQDþLHN !]UêFKĐRYDFt
SURFHGXUHWHVW
EHJLQ
LIP\)RUP!QLOWKHQ
,QYDOLGDWH5HFWP\)RUP+DQGOHQLOIDOVH
LIVSRPDO!WKHQFDNDMVSRPDO
HOVH$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUHWHVW
EHJLQ
LIQRWEORNWKHQWHVW
HQG
SRĐDQHGiVDWRMHGQRGXFKêPSULUDGHQtPDQLFRS\
SURFHGXUH.RU=PHQ7YDUFRQVWREU\VDUUD\RIUHDO
YDU
LLQWHJHU
EHJLQ
WYDU QLO
6HW/HQJWKSREU\V/HQJWKREU\V
IRUL WRKLJKREU\VGRSREU\V>L@ REU\V>L@
WHVW
HQG
PHWyGD=PHQ7YDUPiHãWHMHGHQYDULDQWNHćGHILQXMHPHWYDUNRU\WQDþN\DNRELWPDSX
Ɣ
YGHNODUiFLiFKWULHG\MHUH]HUYRYDQpVORYRRYHUORDGWR]QDPHQiåHGHILQtFLDPiYLDFYDULDQWRY
YDULDQW\VDPXVLDQDY]iMRPOtãLĢSRþWRPDOHERW\SPLSDUDPHWURYDE\'HOSKLYHGHOLMHGQR]QDþQH
XUþLĢNWRUêYDULDQWMHYRODQê
SURFHGXUH.RU=PHQ7YDUW7%LWPDS
EHJLQ
WYDU W
WHVW
HQG
ƔSULYiWQDPHWyGD8ND]]DEHSHþXMH]REUD]HQLHNRU\WQDþN\GRSUtVOXãQpKR&DQYDVX
ƔDNWRQLHMHELWPDSRYiNRU\WQDþNDWYDU QLOWDNVDEXGHLQWHUSUHWRYDĢ]R]QDPþtVHOYG\QDPLFNRP
SROLSREU\VDNRSRVWXSQRVĢRWRþHQtDþLDUSULNUHVOHQtWYDUX
SURFHGXUH.RU8ND]F7&DQYDV
YDU
LLQWHJHU
[\VUHDO
EHJLQ
LIQRW8ND]DQDWKHQH[LW
LIWYDU!QLOWKHQ
F'UDZURXQG;6XU;WYDU:LGWKGLY
<URXQG<6XUWYDU+HLJKWGLYWYDU
HOVHLISREU\V!QLOWKHQEHJLQ
F0RYH7RURXQG;6XU;<URXQG<6XU
F3HQ&RORU IREU\V
F3HQ:LGWK KREU\V
F3HQ6W\OH SV6ROLG
[ ;6XU\ <6XUV 6PHU
IRUL ORZSREU\VWRKLJKSREU\VGREHJLQ
LIQRWRGGLWKHQV VSREU\V>L@
HOVHLISREU\V>L@!WKHQEHJLQ
[ [VLQV
UDG
SREU\V>L@
\ \FRVV
UDG
SREU\V>L@
F/LQH7RURXQG[;<URXQG\
HQG
HQG
HQG
HQG
ƔSRPRFQ~PHWyGXP\0HVVDJHWXXYiG]DPHOHQSUHWRDE\VWHPDOLPRåQRVĢYLGLHĢDNRVDQDR]DM
]REUD]LDNRU\WQDþN\
❍NRU\WQDþN\VDQHNUHVOLDSULDPRGRJUDILFNHMSORFK\DOHYWRPPRPHQWHNHć:LQGRZVFKF~
SUHNUHVĐRYDQLH
ƔQD]DþLDWNXP\0HVVDJHVDRWHVWXMHþLVDLGHSUHNUHVĐRYDĢQiãIRUPXOiUVJUDILFNRXSORFKRX
SURFHGXUHWREMP\0HVVDJHYDU0VJ70VJYDU+DQGOHG%RROHDQ
YDU
'&KGF
3673DLQW6WUXFW
L6DYH,QGH[LQWHJHU
EHJLQ
LIIODQG0VJPHVVDJH :0B3DLQWDQG0VJKZQG P\)RUP+DQGOH
WKHQ
EHJLQ
IO IDOVH
LISXND]!WKHQEHJLQ
ZLWKPHPELWPDSGR
%LW%OW&DQYDV+DQGOHZLGWKKHLJKWJ+DQGOH65&&23<
IRUL WRPD[NRUGR
LINRU\>L@!QLOWKHQNRU\>L@8ND]PHPELWPDS&DQYDV
'& %HJLQ3DLQWP\)RUP+DQGOH36
WU\
6DYH,QGH[ 6DYH'&'&
ZLWKPHPELWPDSGR
%LW%OW'&/HIW7RSZLGWKKHLJKW&DQYDV+DQGOH65&&23<
5HVWRUH'&'&6DYH,QGH[
ILQDOO\
(QG3DLQWP\)RUP+DQGOH36
HQG
HQG
IO WUXH
HQG
HQG
QHPi]P\VHOVDVQDåLĢGRGHWDLORYSRFKRSLĢDNRWRIXQJXMH
Ɣ
.RU8QLWQHPiDQLþDVĢLQLWLDOL]DWLRQDQLILQDOL]DWLRQOHERLQLFLDOL]iFLDSUHPHQQêFKVDUREtDåSUL
Ɣ
SUYRP.RU&UHDWHUHVSSUL1DVWDY3ORFKX
SUtNODGVYODVWQRXWULHGRXPRM.RU
0DOiXNiåNDSRWRPNDWULHG\.RUNWRUêGRGHILQXMHPHWyGXQDNUHVOHQLHELQiUQHKRVWURP
W\SH
PRM.RU FODVV.RU
SXEOLF
SURFHGXUHVWURPQLQWHJHUVUHDO
HQG
SURFHGXUHPRM.RUVWURPQLQWHJHUVUHDO
EHJLQ
GRSUHGXV
LIQ!WKHQ
EHJLQ
YODYR
VWURPQV
YSUDYR
VWURPQV
YODYR
HQG
GRSUHGXV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUNPRM.RU
EHJLQ
N PRM.RU&UHDWH
NVWURP
HQG
SRVOHGQi]PHQD
SUHGQiãND
3RXåLWLH]iVREQtNDUDG
3UHSLVUHNXU]LHQDQHUHNXU]LX
0iPHUHNXU]tYQXNRU\WQDþLXPHWyGXNWRUiNUHVOtãSLUiOX
Ɣ
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVSLUQLQWHJHUVUHDO
HQG
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ9ODYR
HOVHEHJLQ
'RSUHGXV9ODYR
VSLUQV
9SUDYR'RSUHGXV
HQG
HQG
SRPRFRX]iVREQtNDY\WYRUtPHQHUHNXU]tYQXPHWyGX
Ɣ
QDMSUY]DGHILQXMHPHWULHGX]iVREQtNSUHQDãXNRQNUpWQX~ORKXSUYRN]iVREQtNDEXGH]i]QDPNWRUê
Ɣ
REVDKXMHSRORåN\YDGUHVDQDV]DSDPlWiYDQpKRGQRW\
W\SHSUYRN UHFRUGYQLQWHJHUVUHDOHQG
WLHåXSUDYtPHPHWyG\SXVKDSRSWDNDE\VDQiPVR]iVREQtNRPSUDFRYDORSRKRGOQHMãLH
Ɣ
W\SH
VWDFN FODVV
VWDUUD\RISUYRN
SURFHGXUHSXVKYYQQLQWHJHUVVUHDO
SURFHGXUHSRSYDUYYQQLQWHJHUYDUVVUHDO
HQG
SURFHGXUHVWDFNSXVKYYQQLQWHJHUVVUHDO
EHJLQ
LQFYUFK
SURFHGXUHVWDFNSRSYDUYYQQLQWHJHUYDUVVUHDO
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVHEHJLQ
ZLWKVW>YUFK@GREHJLQ
YY YQQ QVV V
HQG
GHFYUFK
LIYUFK+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
HQG
HQG
SUHStãPHSURFHG~UXQDQHUHNXU]tYQXSRPRFRXQiãKRQRYpKR]iVREQtND
Ɣ
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVSLU1QLQWHJHUVUHDO
HQG
SURFHGXUHPRMD.RUVSLU1QLQWHJHUVUHDO
YDU
]VWDFN
YLQWHJHUQLHþRDNRQiYUDWRYiDGUHVD
EHJLQ
] 6WDFN&UHDWH
]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ9ODYR
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQVQiYUDWSRUHNXU]tYQRPYRODQt
]SXVKQVUHNXU]tYQHYRODQLH
HQG
EHJLQ
9SUDYR'RSUHGXV
HQG
HQG
HQG
])UHHPDOE\H[LVWRYDĢGHãWUXNWRU
VWDFN'HVWUR\
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NPRMD.RU
EHJLQ
N PRMD.RU&UHDWH
NVSLU1
N)UHH
HQG
SURFHG~UDVDGiXSUDYLĢWDNDE\VDQHURELODRSHUiFLDSXVKDNWRQLHMHQHY\KQXWQp
Ɣ
SURFHGXUHPRMD.RUVSLU1QLQWHJHUVUHDO
YDU
]VWDFN
YLQWHJHU
EHJLQ
] 6WDFN&UHDWHY
ZKLOHY!GREHJLQ
FDVHYRI
LIQ WKHQEHJLQ
9ODYRY EXGHWUHEDURELĢ
SRS
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQV
Y Q QV V
HQG
EHJLQ
9SUDYR'RSUHGXVY EXGHWUHEDURELĢ
SRS
HQG
HQG
LIY DQGQRW]HPSW\WKHQ]SRSYQV
HQG
])UHH
HQG
3UtNODGSUHStãHPHUHNXU]tYQXSURFHG~UXQDNUHVOHQLHVWURPXSRPRFRXNRU\WQDþHMJUDILN\QD
Ɣ
QHUHNXU]tYQX
SURFHGXUHPRMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
þDVĢ
LIQ WKHQEHJLQ
'RSUHGXV'RSUHGXV
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
VWURPQV
þDVĢ
9SUDYR
VWURPQV
þDVĢ
9ODYR'RSUHGXV
HQG
HQG
QHUHNXU]tYQDYHU]LD
Ɣ
SURFHGXUH0RMD.RUVWURP1QLQWHJHUVUHDO
YDU
]VWDFN
YLQWHJHU
EHJLQ
] 6WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQEHJLQ
'RSUHGXV'RSUHGXV
HQG
HOVHEHJLQ
'RSUHGXV9ODYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9SUDYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9ODYR'RSUHGXV
HQG
HQG
HQG
])UHH
HQG
Ɣ7RXWR]iVREQtNRYRXPHWyGRXQHYLHPHURELĢIXQNFLH9QDVOHGXM~FRPSUtNODGHVLWRXNiåHPHQD
)LERQDFFLKRSRVWXSQRVWL'HILQRYDQiMHUHNXUHQWQHWDNWR
) ) )1 )1)1SUH1!
Ɣ1DStãHPHUHNXU]tYQXSURFHG~UXNWRUiSRþtWD1Wp)LERQDFFLKRþtVOR
YDU
IILQWHJHUJOREiOQDSUHPHQQiYNWRUHMMHY\SRþtWDQi
KRGQRWD
SURFHGXUHILEQLQWHJHU
YDU
ILQWHJHU
EHJLQ
þDVĢ
LIQWKHQII
HOVHEHJLQ
ILEQ
þDVĢ
I II
ILEQ
þDVĢ
II III
HQG
HQG
QHUHNXU]tYQ\WYDUSUHGFKiG]DM~FHMSURFHG~U\SUYRNYVWDFNMHXåWHUD]LQpKRW\SX
Ɣ
SURFHGXUHILE1QLQWHJHU
YDU
IYLQWHJHU
]VWDFN
EHJLQ
] 6WDFN&UHDWH]SXVKQI
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQI
FDVHYRI
LIQWKHQII
HOVHEHJLQ
]SXVKQIQiYUDW
]SXVKQIUHNXU]tYQHYRODQLH
HQG
EHJLQ
I II]SXVKQIQiYUDW
]SXVKQIILEQ
HQG
II III
HQG
HQG
])UHH
HQG
3UtNODGQDStãHPHQHUHNXU]tYQ\YDULDQWSURFHG~U\QDNUHVOHQLHVQHKRYHMYORþN\
Ɣ
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ'RSUHGXV
HOVHEHJLQ
YORFNDQV
9SUDYR
YORFNDQV
9ODYR
YORFNDQV
9SUDYR
YORFNDQV
HQG
HQG
QHUHNXU]tYQDYHU]LD
Ɣ
SURFHGXUHPRMD.RUYORFND1QLQWHJHUVUHDO
YDU
]VWDFN
YLQWHJHU
EHJLQ
] 6WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GREHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ'RSUHGXV
HOVHEHJLQ
]SXVKQV]SXVKQV
HQG
EHJLQ
9SUDYR]SXVKQV]SXVKQV
HQG
EHJLQ
9ODYR]SXVKQV]SXVKQV
HQG
EHJLQ
9SUDYR]SXVKQV
HQG
HQG
HQG
])UHH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NPRMD.RU
LLQWHJHU
EHJLQ
N PRMD.RU&UHDWH
IRUL WRGREHJLQNYORFND1NYODYRHQG
N)UHH
HQG
$ULWPHWLFNpYêUD]\
ƔYPDWHPDWLNHDMYSURJUDPRYDQtMH]Y\NRPSRXåtYDĢW]YLQIL[RYê]iSLVDULWPHWLFNêFKYêUD]RYMH
GHILQRYDQêQDVOHGRYQH
❍RSHUDQGQDSUþtVORDOHERSUHPHQQiMHLQIL[RYêYêUD]
❍DN;D<V~LQIL[RYpYêUD]\WDNLQIL[RYêPLYêUD]PLV~DM
SUHYUiWHQê3RĐVNê]iSLV
3UHIL[
RSHUiWRUMHSUHGRSHUDQGDPL
Ɣ
QDSUP{åHPHSUHþtWDĢDNRVþtWDMD
Ɣ
3RVWIL[
RSHUiWRUMH]DRSHUDQGDPL
Ɣ
QDSUP{åHPHSUHþtWDĢDNR]REHUDSRWRPLFKVþtWDM
Ɣ
3RĐVNpIRUP\PDM~RSURWLLQIL[XW~YêKRGXåHQHSRWUHEXMHPH]iWYRUN\QDXUþHQLHSUHFHQGHQFLHRSHUiWRURY
YåG\MHMHGQR]QDþQHGDQpSRUDGLHY\KRGQRFRYDQLD
9ćDNDWRPXMHDMY\KRGQRFRYDQLHWDNêFKWRYêUD]RYYHĐPLMHGQRGXFKpSRPRFRX]iVREQtND
1DSU
ƔSUHLQIL[
ƔSUHIL[
^SRXåtYDVDYLQêFKMD]\NRFKQDSU/,63`
ƔSRVWIL[
3UREOpP\VXQiUQ\PRSHUiWRURPWUHEDKRUR]OtãLĢRGELQiUQHKR]Y\NQHVD]QDþLĢLQêP]QDPLHQNRP
QDSUVERGNRXDOHERB
SURJUDPQDY\KRGQRWHQLHSRVWIL[XQDþtWDQpKR]RYVWXSX
Ɣ
XVHV6WDFN8QLWSUYRN LQWHJHU
SURFHGXUH7)RUP(GLW.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
YDU
]VWDFN
[\LLQWHJHU
VVWULQJ
EHJLQ
LI.H\!WKHQH[LW
] VWDFN&UHDWH
V (GLW7H[W(GLW7H[W
L
ZKLOHL /HQJWKVGREHJLQ
FDVHV>L@RI
EHJLQ
[
ZKLOHV>L@LQ>
@GREHJLQ
[ [
RUGV>L@RUG
LQFL
HQG
]SXVK[GHFL
HQG
B
EHJLQ]SRS[]SXVK[HQGXQiUQH
PtQXV
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\
[HQG
EHJLQ]SRS[]SRS\]SXVK\GLY[HQG
HQG
LQFL
HQG
]SRS[])UHH
0HPR/LQHV$GGV
,QW7R6WU[
HQG
1'Ò
XSUDYWHSURJUDPQDSRVWIL[VUHiOQRXDULWPHWLNRX
Ɣ
ƔY\KRGQRWLĢSUHIL[
ƔSUHSLVLQIL[XGRSRVWIL[XUHVSSUHIL[XQLHMHWRWULYLiOQH
Ɣ~SOQHX]iWYRUNRYDQêYêUD]MHLQIL[YNWRURPMHNDåGiRSHUiFLDX]iWYRUNRYDQiQDSU
❍Y\KRGQRĢWH~SOQHX]iWYRUNRYDQêYêUD]
ƔSUHSLVSUHIL[XGRSRVWIL[XDQDRSDN
ƔY\KRGQRFXMWHYêUD]\VSUHPHQQêPLSUtSVXQiUQ\PLIXQNFLDPLVSUDFXM~VDURYQDNRDNRXQiUQHPtQXV
5$'48(8()5217),)2
GiWRYiãWUXNW~UDSRVWXSQRVĢSRORåLHN]RUDGHQêFK]DVHERX
❍
DNSUtGHQRYiSRORåNDSULGiVDQDNRQLHFUDGXUHDUWDLOFKYRVW
❍
❍Y\EHUDĢSRORåN\]R]DþLDWNXUDGXIURQWKHDGKODYLþND
❍PHWyG\
ŶVHUYH REVO~å
ŶDSSHQG SULGDMQDNRQLHF
Ɣ4XHXH8QLWSDV
XQLW4XHXH8QLW
LQWHUIDFH
W\SH
TSUYRN VWULQJ
TXHXH FODVV
TDUUD\RITSUYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHVHUYHYDUSTSUYRN
SURFHGXUHDSSHQGSTSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV
'LDORJV
SURFHGXUHFK\EDFRQVWVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUTXHXH&UHDWH
EHJLQ
T QLO
HQG
SURFHGXUHTXHXHVHUYHYDUSTSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVHEHJLQ
S T>@
T FRS\T/HQJWKT
HQG
HQG
SURFHGXUHTXHXHDSSHQGSTSUYRN
EHJLQ
6HW/HQJWKT/HQJWKT
T>+LJKT@ S
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
HQG
1DStãHPHSURJUDPNWRUêþtWDWH[WRYêV~ERULEDUD]DY\WYiUDQRYêV~ERUWDNåHYWRPWRV~ERUHV~YãHWN\
Ɣ
ULDGN\YVWXSQpKRV~ERUXD]DQLPLHãWHUD]WLHLVWpULDGN\
XVHV
4XHXH8QLW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
T4XHXH
IJ7H[W)LOH
WSUYRN
EHJLQ
T 4XHXH&UHDWH
$VVLJQ)LOHI
8QLWSDV
5HVHWI
$VVLJQ)LOHJ
WHVWSDV
5HZULWHJ
ZKLOHQRWHRIIGREHJLQ
UHDGOQIWTDSSHQGWZULWHOQJW
HQG
ZKLOHQRWTHPSW\GREHJLQ
TVHUYHWZULWHOQJW
HQG
&ORVH)LOHJ&ORVH)LOHI
T)UHH
0HPR/LQHV$GG
KRWRYR
HQG
1'Ò
ƔSUHUREWHWULHGX4XHXHWDNDE\VDQLHSULNDåGHMRSHUiFLLDSSHQGDOHERVHUYHPXVHODPHQLĢYHĐNRVĢ
G\QDPLFNpKRSRĐDTDOHDE\VDSRGREQHDNRSUL]iVREQtNXSDPlWDODNWXiOQ\SRþHWD]PHQDYHĐNRVWLSRĐD
VDWHGDURELODPHQHMþDVWR
ƔUHSUH]HQWiFLDUDGXYSROL
❍F\NOLFNpSROHWYiULPHVDåHVWDWLFNpSROHþRPiPHNGLVSR]tFLLMHF\NOLFNpWMNHćE\FKYRVW
SULãLHOQDNRQLHFSRĐDSUHVXQLHPHKR]QRYXQD]DþLDWRN
❍SUREOpP\VUR]SR]QDQtPSUi]GQHKRDSOQpKRUDGXULHãHQLHSDPlWiPHVLSRþHWSRORåLHN
ƔSUHUREWHWULHGX4XHXHWDNDE\VWHY\XåLOLF\NOLFNpSROHPXVtWHGRGHILQRYDĢDMPHWyGXIXOO
ƔUR]PêãĐDĢRYLDF]iVREQtNRFKDUDGRFKQDSUY]iMRPQiVLPXOiFLDWULHGHQLHSRPRFRXGYRFK]iVREQtNRY
]DUiåNDYRIURQWH
SRVOHGQi]PHQD
SUHGQiãND
3RO\PRUIL]PXV
1DSUHGQiãNH~YRGGRREMHNWRYpKRSURJUDPRYDQLDVPHURELOLSURMHNWYNWRURPVPH]DGHILQRYDOLWULHGX
7.UXKDQDWULWODþLGOiVPHSULUDGLOLY\WYRUHQLHWURFKLQãWDQFLtWHMWRWULHG\ãWYUWpWODþLGORKêEDORVWêPLWR
NUXKPLSLDWHUXãLORYãHWN\LQãWDQFLH
KODYQiþDVĢSURMHNWX
Ɣ
W\SH
7.UXK FODVV
SULYDWH
[\ULQWHJHU
I7&RORU
YLGERROHDQ
SXEOLF
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRU7.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUH7.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH7.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH7.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH7.UXKSRVXQG[G\LQWHJHU
YDU
EERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
YDU
DEF7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D 7.UXK&UHDWH
ZLWKDGREHJLQ=PHQ)DUEXFO*UHHQXND]HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 7.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F 7.UXK&UHDWHFXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQZLWKDGREHJLQ
LIYLGWKHQVNU\
)UHHD QLO
HQG
LIE!QLOWKHQZLWKEGREHJLQ
LIYLGWKHQVNU\
)UHHE QLO
HQG
LIF!QLOWKHQZLWKFGREHJLQ
LIYLGWKHQVNU\
)UHHF QLO
HQG
HQG
GRGHILQXMHPHQRY~WULHGX76WYRUHFSRGWULHGX7.UXK
Ɣ
W\SH
76WYRUHF FODVV7.UXK
SXEOLF
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
SURFHGXUH76WYRUHFXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG WUXH
HQG
SURFHGXUH76WYRUHFVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUH76WYRUHF=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUH76WYRUHFSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
MHGQD]SUHPHQQêFKLQãWDQFLtNUXKXEXGHWHUD]ãWYRUHF
Ɣ
YDU
D7.UXK
E76WYRUHF
F7.UXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 76WYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
WDNWRY\OHSãHQêSURMHNWIXQJXMHVSUiYQHGUXKpWODþLGORY\WYRUtãWYRUHFDãWYUWpWODþLGORUR]KêEH
Ɣ
YãHWN\~WYDU\
$NSRURYQiPHPHWyG\=PHQ)DUEXDSRVXQYRERFKWULHGDFK]LVWtPHåHV~~SOQHLGHQWLFNpWDNåHVDLFK
SRN~VLPHYWULHGH76WYRUHFY\KRGLĢ.RPSLOiWRUXWRQHYDGtSRFKRStåHVDPDM~]GHGLĢDOHSURMHNWXå
QHIXQJXMHVSUiYQH9\VN~ãDMWHWR
6WDWLFNpPHWyG\
DN]DYROiPH76WYRUHFSRVXQ]DYROiVD7.UXKVNU\DQLH76WYRUHFVNU\
Ɣ
7.UXKSRVXQ!7.UXKVNU\
A
_
76WYRUHFSRVXQ76WYRUHFVNU\
9LUWXiOQHPHWyG\
ƔSRWUHERYDOLE\VPHDE\7.UXKSRVXQSRFKRSLOåHERO]DYRODQê]SRWRPNDDWHGDQHEXGHYRODĢVYRM
7.UXKVNU\DOHSRWRPNRYXPHWyGXVNU\
7.UXKSRVXQ7.UXKVNU\YLUWXiOQD
A?
_?
76WYRUHFSRVXQ!76WYRUHFVNU\YLUWXiOQD
Ɣ]UHMPHVDWRQHGiXURELĢSRþDVNRPSLOiFLHOHER7.UXKSRVXQQHP{åHWXãLĢåHQLHNHG\YEXG~FQRVWLVL
QLHNWRQLHNGHLQGHQDSURJUDPXMHYHĐDSRWRPNRYNWRUpEXG~YRODĢ7.UXKSRVXQ
3RO\PRUIL]PXV
PHWyGDVD]GLHĐDYU{]Q\FKVWXSĖRFKREMHNWRYHMKLHUDUFKLH!
Ɣ
9þDVQiDQHVNRUiYl]ED
ƔNRPSLOiWRURNDPåLWpUR]KRGQXWLHSULVWDWLFNêFKPHWyGDFK
ƔRGORåHQpUR]KRGQXWLHSULYLUWXiOQ\FKPHWyGDFK
W\SXREMHNW
ƔSULVWDWLFNêFKPHWyGDFKNRPSLOiWRUKĐDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPNSUHGNRPRGGDQHM
~URYQHNGHMHGHILQRYDQiPHWyGD
ƔSULYLUWXiOQ\FKPHWyGDFKQLHNRPSLOiWRUDOHSRþDVEHKXVDKĐDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLL
VPHURPNSUHGNRPDOHRG~URYQHLQãWDQFLH
ƔYþDVQiYl]ED HDUO\ELQGLQJSULVWDWLFNêFK
ƔQHVNRUiYl]ED ODWHELQGLQJSULYLUWXiOQ\FK
9LUWXiOQHPHWyG\
ƔYGHNODUiFLLREMHNWXYLUWXDO
ƔDNMHYQHMDNHMWULHGHYLUWXiOQDPHWyGD !YãHWFLSRWRPNRYLDDNPDM~PHWyGXWRKRWRPHQDPDOLE\PDĢ
❍NRQãWUXNWRUREMHNWXLQLFLDOL]XMHQDSRMHQLHQDW~WRWDEXĐNX
❍KRYRUtPHåHNRQãWUXNWRUP{åHE\ĢSRXåLWêDMQDLQLFLDOL]RYDQLHVWDYRYêFKSUHPHQQêFKMHKR
KODYQiIXQNFLDMHY\KUDGLĢSDPlĢSUHREMHNWDLQLFLDOL]RYDĢ907
.RQãWUXNWRU\DGHãWUXNWRU\
ƔFRQVWUXFWRU&UHDWHĐXERYRĐQpPHQRP{åHPDĢDMSDUDPHWUH
ƔGHVWUXFWRU'HVWUR\RYHUULGHY72EMHFWMH'HVWUR\YLUWXDO
.RPSDWLELOLWDWULHGREMHNWRYêFKW\SRY
ƔPHG]LLQãWDQFLDPL
ƔPHG]LIRUPiOQ\PLDVNXWRþQêPLSDUDPHWUDPL
3UtNODG\
YDU
DF7.UXK
E76WYRUHF
3RYROHQp
SURFHGXUH]PHQN7.UXK
EHJLQN=PHQ)DUEXFO%OXHNSRVXQHQG
P{åHE\ĢYRODQp
!SRWRPRNP{åHNGHNRĐYHNQDKUDGLĢSUHGNDSUHGRNP{åH]DVWXSRYDĢSRWRPND
3RO\PRUIQêREMHNW
ƔNHćGRSURFHG~U\SUtGHDNRSDUDPHWHUQHMDNêREMHNWP{åHWRE\ĢYODVWQHĐXERYRĐQêSRWRPRNWRKRWR
REMHNWX]DWLDĐQHYLHPH]LVWLĢNWRUê
ƔXPRåĖXMHVSUDFRYDĢREMHNW\NWRUêFKW\SQLHMH]QiP\
ƔXPRåĖXMHY\XåLĢPHWyG\SUHGNRYVRãSHFLILFNêPL]PHQDPL~SUDYDPL
❍SUHEXG~FHKRSRXåtYDWHĐDXPRåQtPHUR]ãLURYDQLHPHWyG
❍P{åHPHY\URELĢDMSUi]GQHYLUWXiOQHPHWyG\SUHSHUVSHNWtYQHUR]ãLURYDQLH
❍XPRåĖXMHPHQLĢQLHNWRUpþDVWLEH]]GURMRYêFKWH[WRY
❍YćDNDYLUWXiOQ\PPHWyGDPPRåQRPHQLĢþLQQRVĢQLHNWRUêFKSURFHG~U
3UtNODGVSRO\PRUIQêPãWYRUFRPE\PDOY\]HUDĢWDNWR
Ɣ
W\SH
7.UXK FODVV
SURFHGXUHXND]YLUWXDO
SURFHGXUHVNU\YLUWXDO
HQG
YDU
D7.UXK
E7.UXK
F7.UXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E 76WYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
1DVOHGXM~FLSUtNODGGHPRQãWUXMHSRO\PRUIQpSROH
Ɣ
^7URMXKROQLN`
W\SH
77URM FODVV7.UXK
SXEOLF
SURFHGXUHXND]RYHUULGH
SURFHGXUHVNU\RYHUULGH
HQG
SURFHGXUH77URMXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[
U\@
YLG WUXH
HQG
SURFHGXUH77URMVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[
U\@
YLG IDOVH
HQG
FRQVW
Q
YDU
SDUUD\>Q@RI7.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
J ,PDJH&DQYDV
IRUL WRQGRS>L@ QLO
UDQGRPL]H
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
L[\ULQWHJHU
EHJLQ
IRUL WRQGREHJLQ
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGR
LIS>L@!QLOWKHQ
ZLWKS>L@GREHJLQ
LIYLGWKHQVNU\
)UHH
S>L@ QLO
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRQGR
LIS>L@!QLOWKHQS>L@SRVXQLPRGLPRG
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRS>L@)UHH
HQG
3R]QiPN\
Ɣ]DWLDĐRSUYNRFKSRO\PRUIQpKRSRĐDSQHYLHPH]LVWLĢDNpKRV~QDR]DMW\SX
ƔYLHPHåHEXćV~WRLQãWDQFLHWULHG\NUXKDOHERMHKRSRWRPNRYLD
ƔNDåGêSUYRNViPVHEDYLHVSUiYQHXNi]DĢVNU\ĢD]DIDUELĢSRVXQ~Ģ
SRVOHGQi]PHQD
SUHGQiãND
3RO\PRUIQpNRU\WQDþN\
9LUWXiOQHPHWyG\WULHG\.RU
'HILQtFLDWULHG\.RUPiVNRURYãHWN\PHWyG\YLUWXiOQH7R]QDPHQiåHEXGHPHP{FĢYQDãLFKSURJUDPRFK
Y\XåtYDĢSRO\PRUIL]PXV2NUHPWRKRQLHNWRUpPHWyG\WULHG\.RUY\XåtYDM~LQpNRU\WQDþLHPHWyG\DWHGDLFK
SUHGHILQRYDQLHPi]DQiVOHGRN]PHQXVSUiYDQLDDMWêFKWRPHWyG1DSUDNRSUDYtPH=PHQ;<SRWRPWREXGH
PDĢYSO\YDMQDPHWyGX'RSUHGX
0DOêSUtNODG
Ɣ
W\SH
.RU FODVV.RU
SURFHGXUH=PHQ;<[\UHDORYHUULGH
HQG
W\SH
.RU FODVV.RU
SURFHGXUH=PHQ;<[\UHDORYHUULGH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
NNN.RU
XLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
UHSHDW
NGRSUHGXNGRSUHGXNGRSUHGX
X UDQGRP
NYSUDYRXNYSUDYRXNYSUDYRX
XQWLOIDOVH
HQG
%XGHPHULHãLĢYlþãtSURMHNWNWRUêEROQDVN~ãNHY
1DStãWHSURJUDPNWRUêEXGHULHãLĢQDVOHGRYQ~~ORKXWH[WRYêV~ERUVXERUW[WREVDKXMHSRVWXSQRVĢSUtND]RY
SUHNRU\WQDþNXNWRUiSRSLVXMHQHMDNêREUi]RN1DMSUY]DGHILQXMHWHWULHGX.RUSRWRPNDWULHG\.RUNWRUi
EXGHREVDKRYDĢMHGLQ~PHWyGX
SURFHGXUHNUHVOLYDUI7H[W)LOH
7iWRPHWyGDVDQDVWDYtQD]DþLDWRNV~ERUXINRU\WQDþNH]GYLKQHSHURD]LQWHUSUHWXMHSUtND]\YV~ERUH
1DNRĐNRWDNWRNUHVOHQêREUi]RNP{åHE\ĢEXćSUtOLãYHĐNêDOHERPDOêDOHERP{åHSUHVDKRYDĢRNUDMH
JUDILFNHMREUD]RYN\EXGHKRWUHED]PHQãLĢDOHER]YlþãLĢUHVSSULLQLFLDOL]RYDQtNRU\WQDþN\QH]DþDĢNUHVOLĢ
YERGHDOH]YROLĢVLGRPRYVN~SR]tFLXYKRGQHMãLHDWRWDNDE\QDãtUNXDOHERYêãNXEROPD[LPiOQH
PRåQHYHĐNê
1DULHãHQLHWHMWR~ORK\]DGHILQXMHWHHãWHGYHSRGWULHG\WULHG\.RUWULHGD.RUEXGHVO~åLĢQD]LVWHQLH
UR]PHURYREUi]NXSRPRFRX]GHGHQHMPHWyG\NUHVOLSULþRPQDREUD]RYNHVDEXGHSRK\ERYDĢVR]GYLKQXWêP
SHURP7ULHGD.RUWLHåSRGWULHGDWULHG\.RUEXGHYHGLHĢQDNUHVOLĢGDQêREUi]RN]GHGHQRXPHWyGRX
NUHVOLSULþRPSUHNU\MHYLUWXiOQXPHWyGX'RSUHGXWDNåHREUi]RNEXGHSRåDGRYDQHMYHĐNRVWL
7H[WRYêV~ERUVXERUW[WVDVNODGi]WDNêFKWRYLHWSUYpþtVORNDåGHMYHW\MHW\SXRUGLQiOQDKRGQRWD]
W\SHSULN SGRSYOSYSSISSSKSSG
9iãSURJUDPWHGDQDMSUYSRStãHWULWULHG\.RU.RUD.RU3RWRPSRPRFRXLQãWDQFLHWULHG\.RUV
GRPRYVNRXSR]tFLRXY]LVWtUR]PHU\REUi]NXSRXåLMHPHQDWRVWDYRYpSUHPHQQpPLQ;PLQ<PD[;D
PD[<]UHMPHSUHGHILQXMHWHYLUWXiOQHPHWyG\'RSUHGX3+D3'1DNRQLHFSRPRFRXLQãWDQFLHWULHG\
.RUNWRU~]LQLFLDOL]XMHYQHMDNHMQRYHMGRPRYVNHMSR]tFLLY\NUHVOtGDQêREUi]RNVSUiYQHMYHĐNRVWL2EH
NRU\WQDþN\PDM~URYQDNêGRPRYVNêVPHU]DGDQêNRQãWDQWRXSURJUDPXQDSU
FRQVW8
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
5LHãHQLH1DMSUYOHQY\NUHVOtPHV~ERUSRPRFRXLQãWDQFLH.RUDE\VPHPRKOLYLGLHĢ
Ɣ
PRPHQWiOQ\REVDKV~ERUX
W\SH
.RU FODVV.RU
SURFHGXUHNUHVOLYDUW7H[W)LOH
HQG
SURFHGXUH.RUNUHVOLYDUW7H[W)LOH
W\SH
SULN SGRSYOSYSSISSSKSSG
YDU
SSULN
LLQWHJHU
EHJLQ
3+5HVHWW
ZKLOHQRWVHHN(RIWGREHJLQ
UHDGWLS SULNL
LIS SISWKHQUHDGWL
FDVHSRI
SGR'RSUHGXL
SYO9ODYRL
SYS9SUDYRL
SIS=PHQ)3L
SSK3+
SSG3'
HQG
HQG
HQG
FRQVW
X
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
VXERUW[W
1DVWDY3ORFKX)RUP,PDJH
.RU&UHDWHXNUHVOLWQHSRWUHEXMHPHSUHPHQQ~W\SX
.RU
&ORVH)LOHW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
HQG
WHUD]GRGHILQXMHPH.RUD.RU
Ɣ
W\SH
.RU FODVV.RU
ESERROHDQ
PLQ[PLQ\PD[[PD[\UHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
SURFHGXUH3+RYHUULGH
SURFHGXUH3'RYHUULGH
HQG
SURFHGXUH.RU3+
EHJLQ
LQKHULWHGS IDOVH
HQG
SURFHGXUH.RU3'
EHJLQ
S WUXH
HQG
SURFHGXUH.RU'RSUHGXGUHDO
SURFHGXUH[\
EHJLQ
LIQRWSWKHQH[LW
LIERU;6XUPLQ[WKHQPLQ[ ;6XU
LIERU;6XU!PD[[WKHQPD[[ ;6XU
LIERU<6XUPLQ\WKHQPLQ\ <6XU
LIERU<6XU!PD[\WKHQPD[\ <6XU
E IDOVH
HQG
EHJLQ
[\LQKHULWHG[\
HQG
W\SH
.RU FODVV.RU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
UUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
U
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
W7H[W)LOH
UUUUUHDO
VLUY\VLQWHJHU
EHJLQ
$VVLJQ)LOHW
VXERUW[W
VLU ,PDJH:LGWKY\V ,PDJH+HLJKW
ZLWK.RU&UHDWHXGREHJLQ
E WUXHWUHEDLQLFLDOL]RYDĢPLQ[PD[[PLQ\PD[\
NUHVOLW
U VLUPD[[PLQ[
U Y\VPD[\PLQ\
LIUUWKHQUU UHOVHUU U
ZLWK.RU&UHDWHVLUUU
PLQ[Y\VUU
PLQ\XGREHJLQ
U UUQDVWDYtPLHUNXSUH'RSUHGX
NUHVOLW
HQG
HQG
&ORVH)LOHW
HQG
7ULHGDQDREVOXKXYLDFNRU\WQDþLHN9HOD.RU
ƔV~NURPQpG\QDPLFNpSROHNNRU\WQDþLHNDLFKSRþHWSNSRPRFRXYODVWQRVWtSURSHUW\XPRåQtPHþtWDĢ
WLHWRVWDYRYpSUHPHQQpDOHQLHPRGLILNRYDĢ
ƔPHWyG\QDSULGiYDQLHGRWRKRWRSRĐD
❍PHWyGD8URE.RUMHGHILQRYDQiYGYRFKU{]Q\FKYHU]LiFKYHU]LDVWURPDþtVHOQêPLSDUDPHWUDPL[
\DXDYHU]LDVSRO\PRUIQRXNRU\WQDþNRXSRGĐDW\SXYRODQêFKSDUDPHWURYVD'HOSKLUR]KRGQ~
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
NWRU~]WêFKWRYHU]LtQDR]DM]DYRODM~SRXåLMHPHãSHFLILNiWRURYHUORDG
ƔVWDYRYpSUHPHQQpYODVWQRVWLSRPRFRXNWRUêFKSRYROtPHþtWDQLHV~NURPQêFKDWHGDFKUiQHQêFK
VWDYRYêFKSUHPHQQêFK
❍YODVWQRVĢNNWRUiVSUtVWXSQtSROHNMHLQGH[RYDQiVWDYRYiSUHPHQQiWR]QDPHQiåHPHWyGD
GDM.RUPXVtPDĢMHGHQSDUDPHWHUW\SXLQGH[DPXVtWRE\ĢIXQNFLDNWRUiYUDFLDSUtVOXãQ~KRGQRWX
VWDYRYHMSUHPHQQHM
'HNODUiFLHWULHG\
Ɣ
W\SH
9HOD.RU FODVV
SULYDWH
NDUUD\RI.RU
SNLQWHJHU
IXQFWLRQGDM.RULLQWHJHU.RU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH8URE.RU[UHDO \UHDO XUHDO
RYHUORDG
SURFHGXUH8URE.RUQN.RURYHUORDG
SURFHGXUH=UXV.RULLQWHJHURYHUORDG
SURFHGXUH=UXV.RUQN.RURYHUORDG
SURFHGXUH8SUDF
SURFHGXUH'RSUHGXGUHDO
SURFHGXUH9\SOQIY7&RORU
IXQFWLRQ%OL]NR[\UHDO.RU
SURSHUW\N>LLQWHJHU@.RUUHDGGDM.RU
SURSHUW\SNLQWHJHUUHDGSN
HQG
UHDOL]iFLDNĐ~þRYêFKPHWyG
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
FRQVWUXFWRU9HOD.RU&UHDWH
EHJLQ
SN
HQG
GHVWUXFWRU9HOD.RU'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WRSNGRN>L@)UHH
LQKHULWHG
HQG
SURFHGXUH9HOD.RU8URE.RU[\XUHDO
EHJLQ
8URE.RU.RU&UHDWH[\XWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH9HOD.RU8URE.RUQN.RU
EHJLQ
LISN!KLJKNWKHQ6HW/HQJWKN/HQJWKN
N>SN@ QN
LQFSN
HQG
SURFHGXUH9HOD.RU=UXV.RULLQWHJHU
EHJLQ
LILRUL! SNWKHQH[LW
N>L@)UHHN>L@ QLO
HQG
SURFHGXUH9HOD.RU=UXV.RUQN.RU
YDU
LLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
SURFHGXUH9HOD.RU8SUDFY\KRGtQLONRU\WQDþN\]SRĐD
YDU
LMLQWHJHU
EHJLQ
M
IRUL WRSNGR
LIN>L@!QLOWKHQEHJLQ
N>M@ N>L@LQFM
HQG
SN M
HQG
SURFHGXUH9HOD.RU'RSUHGXGUHDO
YDU
LLQWHJHU
EERROHDQ
EHJLQ
E 1DUD]WUXH]DSDPlWiVLUHåLP
IRUL WRSNGR
LIN>L@!QLOWKHQ
N>L@'RSUHGXG
1DUD]E
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
9QDVOHGXM~FRPSUtNODGHNDåGiãWYUWiNRU\WQDþNDEXGHWURFKXLQi
Ɣ
LPSOHPHQWDWLRQ
XVHV
.RU8QLW9HOD.RU8QLW
^5 ')0`
W\SH
PRMD.RU FODVV.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUHPRMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
Y9HOD.RU
LLQWHJHU
EHJLQ
Y 9HOD.RU&UHDWH
ZLWKYGREHJLQ
IRUL WRGR
LILPRG WKHQEHJLQ
8URE.RUPRMD.RU&UHDWHL
N>SN@=PHQ)3FO5HG
HQG
HOVH
8URE.RUL
PRKORE\E\ĢDM
8URE.RU.RU&UHDWHL
XND]
IRUL WRGREHJLQ
'RSUHGX9ODYRYãHWN\NUHVOLDNUXåQLFX
HQG
IRUL WRSNGR
LIN>L@LVPRMD.RUWKHQN>L@9SUDYR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
OHQDNMHWRPRMD.RURWRþtVDþHORPY]DG
HQG
Y)UHH
HQG
SRXåLOLVPHUHODþQêRSHUiWRULVSRPRFRXNWRUpKRYLHPH]LVWLĢþLMHGDQêREMHNWLQãWDQFLRXGDQHMWULHG\
Ɣ
DOHERSRWRPNRPWHMWRWULHG\
Ɣ1DVOHGXM~FLSUtNODGGHPRQãWUXMHQXWQRVĢSUHW\SRYDĢLQãWDQFLXDNSRWUHEXMHPHY\YRODĢPHWyGXDOHERDM
FRQVWUXFWRUPRMD.RU&UHDWH[\XUHDO
EHJLQ
LQKHULWHGN
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
Y Y]GLDOHQRVĢPHG]LNRU\WQDþNDPL
YDU
LQVLULQWHJHU
EHJLQ
VLU ,PDJH:LGWK
Q VLUGLYY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
ZLWK9HOD.RU&UHDWHGREHJLQ
IRUL WRQGREHJLQ
8URE.RUPRMD.RU&UHDWHY
LVLUGLY
PRMD.RUN>SN@NRHIVLQY
UDG
L
HQG
'RSUHGX
)UHH
HQG
HQG
ĆDOãtSUtNODGY\XåtYDWULHGXPRMD.RU]SUHGFKiG]DM~FHKRSUtNODGXNRU\WQDþN\WXNPLWDM~WDNåHLFK
Ɣ
PD[LPiWYRULDVtQXV
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
Y Y]GLDOHQRVĢPHG]LNRU\WQDþNDPL
U GĎåNDNURNX
QU GLYUSRþHWNURNRYSUHSRONUXåQLFX
YDU
LQVLULQWHJHU
EHJLQ
VLU ,PDJH:LGWK
Q VLUGLYY
ZLWK9HOD.RU&UHDWHGREHJLQ
IRUL WRQGREHJLQ
8URE.RUPRMD.RU&UHDWHY
LVLUGLY
N>SN@DVPRMD.RUNRHIVLQY
UDG
L
HQG
3+8ND]
UHSHDW
IRUL WRQUGR'RSUHGXU
IRUL WR
QUGR'RSUHGXU
IRUL WRQUGR'RSUHGXU
XQWLOIDOVH
HQG
HQG
2SlĢVPHSUHW\SRYDOLDOHSRXåLOLVPHRSHUiWRUDVNWRUêPVDSR]ULHPHQDQHMDN~LQãWDQFLXNRU\WQDþNX
Ɣ
DNRE\ERODLQHMWULHG\VYRMSRWRPRN
ƔĆDOãtSUtNODGXND]XMHQiKRGQpSUHFKiG]N\YLDFHUêFKNRU\WQDþLHN9WRPWRULHãHQtV~PDOpFK\E\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
IDUUD\>@RI7&RORU
FO%ODFNFO5HGFO%OXHFO<HOORZ
FO*UHHQFO3XUSOHFO/LPHFO)XFKVLD
YDU
Y9HOD.RU
LLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWH
ZLWKYGREHJLQ
IRUL WRUDQGRPGR
8URE.RUUDQGRPUDQGRP
IRUL WRSNGRN>L@=PHQ)3I>UDQGRP/HQJWKI@
ZKLOHWUXHGREHJLQ
'RSUHGX
9SUDYRUDQGRPWHQWRUDQGRPWXMHSRGUD]
IRUL WRSNGRZLWKN>L@GR
LI9]G!WKHQ=PHQ6PHU6PHURP
HQG
HQG
Y)UHHVHPVDQLNG\QHGRVWDQH
HQG
ƔSRGUD]RPYSUHGFKiG]DM~FRPULHãHQtMHWRåHYãHWN\NRU\WQDþN\GRVWiYDM~DNRQiKRGQêXKROWRLVWp
þtVOR
ƔVSUiYQHULHãHQLHSULþRPVPHVHPSULGDOLDMSRVWXSQpQiKRGQpPL]QXWLHNRU\WQDþLHN=UXV.RU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
FRQVW
IDUUD\>@RI7&RORU
FO%ODFNFO5HGFO%OXHFO<HOORZ
FO*UHHQFO3XUSOHFO/LPHFO)XFKVLD
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H
1DUD]
ZLWK9HOD.RU&UHDWHGREHJLQ
IRUL WRUDQGRPGR8URE.RU
IRUL WRSNGRN>L@=PHQ)3I>UDQGRP/HQJWKI@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
ZKLOHWUXHGREHJLQ
LIUDQGRP WKHQEHJLQ
=UXV.RUUDQGRPSN
XSUDFDNE\QHEROXSUDFVSDGQHYćDOãRPIRU
F\NOH
HQG
'RSUHGX
IRUL WRSNGRN>L@9SUDYRUDQGRP
IRUL WRSNGRZLWKN>L@GR
LI9]G!WKHQ=PHQ6PHU6PHURP
HQG
HQG
HQG
1DNOLNDQLHQDNRU\WQDþN\P{åHPHSRXåLĢPHWyGX%OL]NR
Ɣ
YDU
Y9HOD.RU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H
1DVWDY3ORFKX)RUP,PDJH
Y 9HOD.RU&UHDWH
ZLWKYGREHJLQ
IRUL WRUDQGRPGR
8URE.RUUDQGRPUDQGRPUDQGRP
XND]
HQG
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
Y)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
YDU
N.RU
MLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
QSFEOÈÝLB1PMZNPSGOÏLPSZUOBǁLZ
EHJLQ
LIVV/HIWLQ6KLIWWKHQEHJLQ
N Y%OL]NR[[\\
LIN!QLOWKHQZLWKNGR
IRUM WRGREHJLQ
'RSUHGX9ODYR
HQG
HQG
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TEJOEFYIUNM [
<>
19. prednáška: Klávesnica. Dynamické premenné
SUHGQiãND
.OiYHVQLFD'\QDPLFNpSUHPHQQp
.OiYHVQLFD
VNOiYHVQLFRXSUDFXMHPHSRPRFRXWURFKXGDORVWt
ƔRQ.H\'RZQSUiYHERO]DWODþHQêQHMDNêNOiYHV
ƔRQ.H\8SSUiYHEROSXVWHQêQHMDNêNOiYHV
ƔRQ.H\3UHVVVWODþLOLVPHRE\þDMQêNOiYHVNWRUêPiVYRM$6&,,NyG
SUYpGYHXGDORVWLR]QiPLDQLH$6&,,NyGNOiYHVXDOHYLUWXiOQ\NyGY+HOSHVLSR]ULWHLGHQWLILNiWRU\NRQãWiQW
DWLHåYSDUDPHWUL6KLIW]LVWtPHþLEROSULWRP]DWODþHQêQDSU6KLIWDOHER&WUOSRGREQHDNRSULXGDORVWLDFKSUL
SUiFLVP\ãRX
QDVOHGXM~FLSURJUDPXNiåHSRXåLWLHNOiYHVQLFHGRIRUPXOiUDXPLHVWQtPHNRPSRQHQW\/DEHOD7LPHU
QDVWDYtPHPXQHMDNêNUiWN\,QWHUYDOWHUD]P{åHPHQDNOiYHVQLFLV~þDVQHWODþLĢDMYLDFãtSRNDWêP
ULDGLĢSRK\EWH[WXSRSORFKHIRUPXOiUD
YDU
G[LQWHJHU
G\LQWHJHU
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
ZLWK/DEHOGREHJLQ
/HIW /HIWG[
QHGiVDXURELĢLQF/HIWG[OHER/HIWQLHMH
SUHPHQQi
7RS 7RSG\
HQG
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
YNBHVFDSH&ORVH
HQG
HQG
SURFHGXUH7)RUP)RUP.H\8S6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
HQG
HQG
3ULSUiFLVNOiYHVQLFRXVLWUHEDGiYDĢSR]RUQDLQpNRPSRQHQW\NWRUpNUDGQ~LQIRUPiFLH]NOiYHVQLFH
Ɣ
QDSU0HPR%XWWRQ(GLWDSRGQDMMHGQRGXFKãLHULHãHQLHYSUtSDGHåHFKFHPHSUDFRYDĢVNOiYHVQLFRX
MHLFKQHSRXåtYDĢ
ƔQDVOHGXM~FLSUtNODGLOXVWUXMHV~þDVQpSRXåLWLHRQ.H\'RZQSUHãtSN\DLQpãSHFLiOQHNOiYHV\D
RQ.H\3UHVVSUHRE\þDMQpNOiYHV\StVPHQDþtVOLF
YDU
Y9HOD.RU
N.RUSRPRFQiNRU\WQDþND
VVWULQJ
DFWLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWH
1DVWDY3ORFKX)RUP,PDJH
N .RU&UHDWH
ZLWKYGREHJLQ
IRUL WRUDQGRPGR
8URE.RUUDQGRPUDQGRP
UDQGRP
XND]
HQG
DFW
YN>DFW@=PHQ)DUEX7YDUXFO5HG
V
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVHNH\RI
YNBEDFN
EHJLQ
N=PHQ)3FO:KLWHN3LVV
GHOHWHVOHQJWKV
N=PHQ)3FO%ODFNN3LVV
HQG
YNBHVFDSH&ORVH
YNBOHIWYN>DFW@YODYR
YNBXSYN>DFW@GRSUHGX
YNBULJKWYN>DFW@YSUDYR
YNBGRZQYN>DFW@GRSUHGX
YNBUHWXUQ
EHJLQ
YN>DFW@=PHQ)DUEX7YDUXFO*UHHQ
DFW DFWPRGYSN
YN>DFW@=PHQ)DUEX7YDUXFO5HG
HQG
HQG
HQG
SURFHGXUH7)RUP)RUP.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
EHJLQ
LI.H\!
WKHQEHJLQ
V V.H\N3LVV
HQG
HQG
QDVOHGXM~FLSUtNODGGHPRQãWUXMHQLHOHQSUiFXVNOiYHVQLFRXDOHDMGHILQRYDQLHMHGQRGXFKpKRREMHNWXV
Ɣ
ELWPDSRX
W\SH
72EUD]RN FODVV
EP7%LWPDS
[\G[G\LQWHJHU
FRQVWUXFWRU&UHDWHFRQVWPVWULQJ[[\\G[[G\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSRVXQVLUY\VLQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
HQG
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPVWULQJ
[[\\G[[G\\LQWHJHU
EHJLQ
EP 7%LWPDS&UHDWH
EP/RDG)URP)LOHP
EP7UDQVSDUHQW&RORU FO:KLWH
EP7UDQVSDUHQW WUXH
[ [[\ \\G[ G[[G\ G\\
HQG
GHVWUXFWRU72EUD]RN'HVWUR\
EHJLQ
EP)UHH
HQG
SURFHGXUH72EUD]RNSRVXQVLUY\VLQWHJHU
EHJLQ
LQF[G[LQF\G\
LI[RU[!VLUWKHQG[ G[
LI\RU\!Y\VWKHQG\ G\
HQG
SURFHGXUH72EUD]RNNUHVOLF7&DQYDV
EHJLQ
F'UDZ[EP:LGWKGLY\EP+HLJKWGLYEP
HQG
YDU
D72EUD]RN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
UDQGRPL]H
D 72EUD]RN&UHDWH
RSLFDEPS
UDQGRP,PDJH:LGWK
UDQGRP,PDJH+HLJKW
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV)LOO5HFW,PDJH&OLHQW5HFW
DSRVXQ,PDJH:LGWK,PDJH+HLJKW
DNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHH
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
ZLWKDGR
FDVH.H\RI
YNBOHIWGHFG[
YNBULJKWLQFG[
YNBXSGHFG\
YNBGRZQLQFG\
YNBKRPH
EHJLQ
G[ G\
HQG
HQG
HQG
2WYRUHQLHćDOãLHKRIRUPXOiUD
QDMMHGQRGXFKãtPULHãHQtPNWRUpVWHVLXåLVWHY\VN~ãDOLMHY\WYRUHQLHQRYpKRIRUPXOiUDPHQX)LOH
Ɣ
SRORåND1HZ)RUPGRNWRUpKRSRXNODGiPHSRWUHEQpNRPSRQHQW\DQDSU]QiãKRKODYQpKRIRUPXOiUD
WHQWRQRYêRWYRUtPHEXćSRPRFRX)RUP6KRZDOHER)RUP6KRZ0RGDOQH]DEXGQLPHGR]R]QDPX
SRXåLWêFKXQLWRYSULGDW8QLWQDSUXVHV8QLW
ƔQRYêIRUPXOiUQDSURNQRVLQIRUPiFLDPLRSURJUDPHP{åHPHY\WYRULĢDMSULDPRYSURJUDPHQDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
I7)RUP
EHJLQ
LI6KLIW >VV5LJKW@WKHQEHJLQ
7LPHU(QDEOHG IDOVH
I 7)RUP&UHDWHVHOI
ZLWKIGREHJLQ
1DPH
PRMIRUPXODU
&DSWLRQ
2SURJUDPH
:LGWK
+HLJKW
%RUGHU6W\OH EV6LQJOH
3RVLWLRQ SR6FUHHQ&HQWHU
ZLWK7/DEHO&UHDWHIGREHJLQ
1DPH
/DEHO
3DUHQW I
)RQW+HLJKW
)RQW1DPH
$ULDO
&DSWLRQ
1LHþRRPRMRPSURJUDPH
MHWRXNiåNRYêSURJUDP
QDSUiFXVU{]Q\PLNRPSRQHQWPL
/HIW
7RS
$XWR6L]H WUXH
HQG
ZLWK7%XWWRQ&UHDWHIGREHJLQ
1DPH
2N
3DUHQW I
&DSWLRQ
2N
/HIW
7RS
:LGWK
+HLJKW
0RGDO5HVXOW PU2.
HQG
6KRZ0RGDOLED6KRZE\QHPDOR]P\VHO
)UHH
HQG
7LPHU(QDEOHG WUXH
HQG
HQG
'\QDPLFNpSUHPHQQp
6NRURYãHWN\SUHPHQQpNWRUpVPHGRWHUD]SRXåtYDOLEROLVWDWLFNp
ƔLFKYHĐNRVĢDDGUHVDYSDPlWLERODXUþHQiXåSRþDVNRPSLOiFLH
ƔJOREiOQHSUHPHQQpSUHPHQQpKODYQpKRSURJUDPXUHVSYãHWNêFKXQLWRYVDY\KUDGLDYMHGQRPGiWRYRP
VHJPHQWH
ƔORNiOQHSUHPHQQpDMSDUDPHWUHSRGSURJUDPRYVDDXWRPDWLFN\Y\KUDGLDSULYRODQtSRGSURJUDPX
'HOSKLPiPHFKDQL]PXVQDY\WYiUDQLHG\QDPLFNêFKSUHPHQQêFK
ƔSUHPHQQpVDQHY\WYiUDM~DQLYGiWRYRPVHJPHQWHSURJUDPXDQLY]iVREQtNXDOHYãSHFLDOQRPVHJPHQWH
NWRUêMHXUþHQêSUHYãHWN\G\QDPLFNpSUHPHQQpKHDSKDOGD
6PHUQtNRYpSUHPHQQp
ƔV~SUHPHQQpNWRUpVDSRXåtYDM~QDSUtVWXSNG\QDPLFNêPSUHPHQQêP
ƔþDVWRV~WRVWDWLFNpSUHPHQQp
ƔSULãWDUWHSURJUDPXPDM~QHGHILQRYDQ~KRGQRWX
ƔSULY\KUDGHQtSDPlWLSUHG\QDPSUHPHQQ~VDGRVPHUQtNRYHMSUHPHQQHMGRVWDQHDGUHVD VPHUQtNQDW~WR
G\QDPLFN~SUHPHQQ~
ƔVPHUQtNRYiSUHPHQQi]DEHUiEDMW\DGUHV\YSRþtWDþLV~EDMWRYp
NRQNUpWQHKRW\SXG\QDPLFNiSUHPHQQiP{åHE\ĢĐXERYRĐQpKRW\SXQDSUþtVORUHĢD]HFSROHPQRåLQD
]i]QDPWMDNDMHãWHQLHMHQHGHILQRYDQiYåG\SUHVQHYLHPHW\SG\QDPLFNHMSUHPHQQHMQDNWRU~
RGND]XMH
ƔSULGHILQRYDQtW\SXVPHUQtNP{åHE\Ģ]QDNAOHQSUHGLGHQWLILNiWRURPW\SX
RE\þDMQRXSUHPHQQRX
ƔVPHUQtNRYpSUHPHQQpP{åHPHQDY]iMRPSULUDG]RYDĢUHVSSRURYQiYDĢQDURYQRVĢDOHERQHURYQRVĢ
MHGLQHDNV~LGHQWLFNpKRW\SX
.RQãWDQWQêVPHUQtN1,/
ƔXQLYHU]iOQDNRQãWDQWDSUHYãHWN\VPHUQtNRYpW\S\
ƔSRXåtYDVDYWHG\NHćSRWUHEXMHPHUR]OtãLĢSUtSDGåHVPHUQtNRYiSUHPHQQiRGND]XMHQDQHMDN~
G\QDPLFN~SUHPHQQ~DåHHãWHQHRGND]XMHQDåLDGQX
ƔY'HOKSLVDWRWLåQHGi]LVWLĢþLPiQHMDNiQLHOHQVPHUQtNRYiSUHPHQQiQHGHILQRYDQ~KRGQRWX
S QLO
ƔSXåQHPiQHGHILQRYDQ~KRGQRWXDSULWRPVDEXGHGDĢRWHVWRYDĢåHQHRGND]XMHQDåLDGQXG\QDPLFN~
QDSU
LIS QLOWKHQQHZS
ƔVRVPHUQtNPLV~SRYROHQpOHQUHODþQpRSHUiFLH D!DMWROHQVRVPHUQtNPLURYQDNpKRW\SXUHVSVQLO
âWDQGDUGQpSURFHG~U\QHZDGLVSRVH
QHZYDUSAW\S
SDUDPHWURPĐXERYRĐQiVPHUQtNRYiSUHPHQQi
]DEXGQHS{YRGQ~KRGQRWXS
DNERORSQHGHIHILQRYDQpWDNWR]UHMPHQHYDGt
DNSRGND]RYDODQDG\QDPSUHPHQQ~DQLNLQêWDNNQHMVWUiFDPHSUtVWXS
Y\KUDGtYRYRĐQHMþDVWLSDPlWLKHDSYHĐNRVĢVL]HRIW\S
YlþãLQRXMHWRWURFKXYLDF]iYLVtRGRUJDQL]iFLHVSUiY\SDPlWLNWRUiVDVWDUiRKHDS
S DGUHVDY\KUDGHQiYRYRĐQHMSDPlWL
GLVSRVHSAW\S
SR]ULWHVLY+HOSHãWDQGDUGQ~IXQNFLX*HW+HDS6WDWXVNWRUiYUiWLLQIRUPiFLHRDNWXiOQRPVWDYHKHDS
ĆDOãLH]iVDG\VOXãQpKRSURJUDPRYDQLD
ƔVQDåtPHVDDE\YãHWN\VPHUQtNRYpSUHPHQQpPDOLEXć1,/DOHERVNXWRþQHXND]RYDOLQDY\WYRUHQp
SUHPHQQpWMQHEROLQHGHILQRYDQp
ƔDNS 1,/ !RGND]SAKOiVL]QiPXFK\EX$FFHVV9LRODWLRQDSUHWRVDYSURJUDPHþDVWRY\VN\WXMH
RWi]ND
LIS 1,/SUtSDGQHLIS!1,/«
QLNG\QHRGND]XMHPHVPHUQtNRYRXSUHPHQQRXRNWRUHMQLHVPHSUHVYHGþHQtåHMHGHILQRYDQiD
U{]QDRG1,/UDGãHMEXćPHSHVLPLVWLDYãHWNRNRQWUROXMPH
3UtNODG\SUiFHVRVPHUQtNPL
-HGQRUR]PHUQpSROHVPHUQtNRY
Ɣ
W\SH
PQR]LQD VHWRIE\WHEDMWRY
SROH DUUD\>@RIAPQR]LQD
EDMWRYLQDNEH]AE\EROR
EDMWRY
YDU
GDWDSROH
LLQWHJHU
EHJLQ
IRUL WRGRQHZGDWD>L@
IRUL WRGRGDWD>L@A >UDQGRP@
IRUL WRGRGLVSRVHGDWD>L@
XYRĐQHQêKHDSP{åHVDćDOHMYWRPWRSURMHNWHSRXåtYDĢ
HQG
3UtNODG\MHGQRDGYRMUR]PHUQêFKSROtVPHUQtNRY
Ɣ
W\SH
SROH DUUD\>@RILQWHJHU
3SROH ASROH
SROH DUUD\>@RISROHRE\þDMQpUR]PHUQpSROH
3SROH ASROH
SROHSSROH DUUD\>@RI3SROH
YDU
DSROHSSROH
E3SROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZD>L@
IRUL WRGR
IRUM WRGR
D>L@A>M@ LM
QHZE
IRUL WRGR
IRUM WRGR
EA>L@>M@ LM
HQG
VPHUQtNQDSROH
Ɣ
W\SH
VSROH DUUD\>@RIALQWHJHUSROHVPHUQtNRYQDLQWHJHU
3VSROH AVSROH
VSSROH DUUD\>@RI3VSROH
3VSSROH AVSSROH
YDU
FVSSROH
G3VSSROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZF>L@VL]HRIF
IRUL WRGRVL]HRIF>L@
IRUM WRGREHJLQVL]HRIF>L@A
QHZF>L@A>M@
F>L@A>M@A LM
HQG
QHZG
IRUL WRGRQHZGA>L@VL]HRIG VL]HRIGA
W\SH
SROH DUUD\>@RILQWHJHU
3SROH ASROH
]D]Q UHFRUG
[SROH
\3SROH
]DUUD\>@RIALQWHJHU
HQG
3]D]Q A]D]Q
SROH3]D]Q DUUD\>@RI3]D]Q
3SROH3]D]Q ASROH3]D]Q
YDU
D3]D]Q
ESROH3]D]Q
F3SROH3]D]Q
LMLQWHJHU
EHJLQ
QHZD
IRUL WRGRQHZE>L@
QHZFIRUL WRGRQHZFA>L@
IRUL WRGREHJLQ
IRUM WRGRFA>L@A[>M@ LM
QHZFA>L@A\
IRUM WRGRFA>L@A\A>M@ LM
IRUM WRGRQHZFA>L@A]>M@
IRUM WRGRFA>L@A]>M@A LM
HQG
HQG
3RVWXSQpSUHþtWDQLHSUHPHQQHMFA>L@A\A>M@
VNUDFRYDQLH]iSLVXRVPHUQtNRYDQHMSUHPHQQHM]QDNAP{åHPHY\QHFKDĢDNVLKRYHGLD'HOSKLMHGQR]QDþQH
GRP\VOLHĢ
SRVOHGQi]PHQD
SUHGQiãND
6PHUQtN\3UiFDVELWPDSRX
6PHUQtNQDVPHUQtN
QDVOHGXM~FLSUtNODGOHQLOXVWUXMHQH]Y\þDMQpSRXåLWLHVPHUQtNRY
Ɣ
W\SH
3LQW ALQWHJHU
33LQW A3LQW
333LQW A33LQW
YDU
L3LQW
M33LQW
.333LQW
EHJLQ
QHZLLA
QHZMQHZMAMAA
QHZNQHZNAQHZNAANAAA
HQG
6SUiYDSDPlWL0HPRU\PDQDJHPHQW
ƔWiWRVSUiYDVDVWDUiRXGUåLDYDQLHREVDGHQêFKDXYROQHQêFKþDVWtG\QDPLFNHMSDPlWLKHDS
ƔãWDQGDUGQpSURFHGU\1HZ'LVSRVH*HW0HP5HDOORF0HPD)UHH0HPY\XåtYDM~VSUiYXSDPlWL
REVDKXMHHãWHEDMWRY~KODYLþNXGĎåNXEORNXDLQpVWDWYRYpLQIRUPiFLH
ƔVSUiYDXGUåLDYDWLHWRGYHSUHPHQQp
❍$OORF0HP&RXQWSRþHWSDPlĢRYêFKEORNRY
❍$OORF0HP6L]HGĎåNDY\KUDGHQêFKSDPlĢRYêFKEORNRY
ƔIXQNFLD*HW+HDS6WDWXVYUiWLćDOãLHXåLWRþQpLQIRUPiFLHRVSUiYHSDPlWL
5H]HUYRYDQpVORYRQLOMHãSHFLiOQDVPHUQtNRYiNRQãWDQWDYQ~WRUQHMHUHSUH]HQWRYDQiEDMWDPLVKRGQRWRX
1HW\SRYêVPHUQtNW\S32,17(5
XQLYHU]iOQ\VPHUQtNSRGREQHDNRQLO
ƔNRPSDWLELOQêVRYãHWNêPLVPHUQtNPLP{åHPHKRSULUDGLĢGRVPHUQtNRYHMSUHPHQQHMĐXERYRĐQpKRW\SXD
QDRSDNP{åHWRE\ĢYHĐPLQHEH]SHþQpĐDKNRP{åHPHVWUDWLĢNRQWUROXQDGVPHUQtNPL
ƔQHP{åHPHSRPRFRXQHKRSUDFRYDĢVG\QDPLFNRXSUHPHQQRXQDNWRU~RGND]XMHEXćKRSULUDGtPHGR
W\SRYpKRVPHUQtNDDOHERKRSUHW\SXMHPH
ƔNHćVQtPFKFHPHSUDFRYDĢWDNEXćQDMSUYGRQHKRSULUDGtPHXåQHMDNêKRWRYêVPHUQtNQDG\QDPLFN~
SUHPHQQ~DOHERY\KUDGtPHQRY~G\QDPLFN~SDPlĢSRPRFRXãWDQGDUGQHMSURFHG~U\
*HW0HPSUHPHQQiBW\SXBSRLQWHUGĎåNDMHWRSRGREQp1HZ
❍1HZS *HW0HPS6L]H2ISA
ƔWDNWRY\KUDGHQ~SDPlĢXYROQtPHãWDQGDUGQRXSURFHG~URX)UHH0HPSUHPHQQiBW\SXBSRLQWHUMHWR
SRGREQp'LVSRVH
❍'LVSRVHS )UHH0HPS
ƔSRXåLWLHXYLGtPHSULQHW\SRYêFKIRUPiOQ\FKSDUDPHWURFK
1HW\SRYêIRUPiOQ\SDUDPHWHU
IRUPiOQ\SDUDPHWHUNWRUêQHPiXYHGHQêW\S
YWHOHSURFHG~U\KRP{åHPHSRXåLĢQDVOHGRYQêPLVS{VREPL
Ɣ
❍SUHW\SRYDQtPQDNRQNUpWQ\W\S
❍DOHERSRPRFRXGLUHNWtY\DEVROXWHMHWRSUHW\SRYDQLHSRþDVGHNODUiFLt
❍DOHERSRVODĢDNRQHW\SRYêSDUDPHWHUGRLQHMSURFHG~U\
ŶQDSUãWDQGDUGQiSURFHG~UD0RYHRGNLDĐNDPNRĐNRBEDMWRY
ŶDOHER]iSLVUHVSQDþtWDQLHGR]QHW\SRYpKRV~ERUX±EXGHPHYLGLHĢQHVN{U
SURFHGXUHY\PHQYDUDEGO]NDLQWHJHU
DEP{åXE\ĢĐXERYRĐQêFKW\SRY
YDU
W3RLQWHU
EHJLQ
*HW0HPWGO]ND
0RYHDWAGO]ND0RYHEDGO]ND0RYHWAEGO]ND
)UHH0HPW
HQG
SRXåLWLHRSHUiWRUD#DVPHUQtNRYHMDULWPHWLN\
Ɣ
S #D
ZKLOHGO]ND!GREHJLQ
5HVXOW 5HVXOW,QW7R+H[SA
LQFSS S
GHFGO]ND
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
VDUUD\>@RIFKDU
LLQWHJHU
EHJLQ
V
$KRM'HOSKL
/DEHO&DSWLRQ GXPSVVL]HRIV
L
/DEHO&DSWLRQ GXPSLVL]HRIL
HQG
YãLPQLWHVLRSHUiWRUURYQDNRIXQJXMHDMNWRUêPVDNDGUHVHSULSRþtWDVL]HRIEi]RpKRW\SXWMVD
Ɣ
VPHUQtN
'LUHNWtYD$%62/87(
LQiYHU]LDãHVWQiVWNRYpKRYêSLVXNXVXSDPlWL
Ɣ
LIGO]ND!WKHQGO]ND
IRUL WRGO]NDGR
5HVXOW 5HVXOW,QW7R+H[S>L@
HQG
'\QDPLFNpSROLD
ƔUHSUH]HQWRYDQpV~VPHUQtNRPQDMHGQRUR]PHUQpSROH
ƔGHNODUiFLDQHDORNXMHSDPlĢPDOLE\VPHSULUDGLĢQLO
DXWRPDWLFN\XYRĐQtQLHþRDNR)UHH0HP
ƔDN;D<V~SUHPHQQpURYQDNpKRW\SXG\QDPLFNpSROHSRWRP; <VS{VREtåH;UHIHUHQFXMHQDWRLVWp
YSUtNODGH
Ɣ
YDU
$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
$>@
% $
%>@
HQG
KRGQRWRX$>@MH
Ɣ
ƔSULSRURYQiYDQtSUHPHQêFKW\SXG\QDPLFNpSROHVDSRURYQiYDM~LFKUHIHUHQFLHDQLHQLHKRGQRW\
SROtQDSU
YDU
$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
6HW/HQJWK%
$>@
%>@
LI$ %WKHQ
HQG
$ %YUiWL)$/6(DOH$>@ %>@YUiWL758(
Ɣ
SUHPHQQiW\SXG\QDPLFNpSROH]DEHUiEDMW\ VPHUQtNQDG\QDPLFN\DORNRYDQpSROH
EXćMHWRQLODOHERVPHUQtNQDEORNSDPlWLNWRUêMHREDMWRYGOKãtDNRYHĐNRVĢSRĐD
ƔEDMW\SRXåLWpQDSRþHWUHIHUHQFLt
ƔEDMW\QDSRþHWSUYNRYSRĐD/HQJWK
Ɣ]DWêPQDVOHGXM~SUYN\SRĐD
9LDFUR]PHUQpG\QDPLFNpSROHMHUHSUH]HQWRYDQp~SOQHURYQDNRMHWRG\QDPLFNpSROHVPHUQtNRYQDG\QDPLFNp
SROLD
=QDNRYpUHĢD]FH6WULQJ
ƔV~SRGREQpG\QDPLFNêPSROLDPWLHåV~WRVPHUQtN\QDSROLD]QDNRY
ƔSRGREQHVDSDPlWiDMSRþHWUHIHUHQFLtDDNWXiOQDGĎåNDUHĢD]FD/HQJWK
Ɣ]DSRVOHGQêP]QDNRPYSROLMHYåG\QHGiVDLQGH[RYDĢYćDNDWRPXMHSRXåLWHĐQêDMDNR
XNRQþHQêUHĢD]HF
ƔSUi]GQ\UHĢD]HFMHXFKRYDQêDNRQLODOHGRVWULQJRYHMSUHPHQQHMQHP{åHSULUDGLĢQLO
ƔQHP{åHPHSXåtYDĢDQL1HZDQL'LVSRVHDQLLQpSURFHG~U\VSUiY\SDPlWLQHP{åHPHSRXåtYDĢA
WHUD]E\VPHXåPDOLSRFKRSLĢWHQWRSUtNODG
Ɣ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
VVWULQJ
EHJLQ
V
DKRM'HOSKL
ODEHO&DSWLRQ GXPSV>@/HQJWKV
QHIXQJXMHLEDGXPSV/HQJWKVVMHVPHUQtN
HQG
=QDNRYpUHĢD]FHXNRQþHQpQXOOWHUPLQDWHGVWULQJV
ƔV~SRGREQp]QDNRYêPUHĢD]FRPY&D&
ƔQLHNHG\LFKWUHEDSR]QDĢSULSUiFLVRV\VWpPRP:LQGRZVQDQLåãHM~URYQL
ƔMHWRSRVWXSQRVĢ]QDNRYXNRQþHQi]QDNRP
G\QDPLFNHMSDPlWL
ƔSUHGGHILQRYDQêW\S3&KDUVPHUQtNQDSRVWXSQRVĢ]QDNRYWMAFKDU
SUDFRYDĢVWDNêPLWRUHĢD]FDPLP{åHPH
ƔYãWDQGDUGQêFKSURFHG~UDFKDIXQNFLDFK5HDG5HDGOQ6WU9DO:ULWH:ULWHOQ
9DO$VVLJQ)LOH5HQDPH
ƔãWDQGDUGQHDNRVG\QDPLFNêPSRĐRP]QDNRY
ƔSRPRFRXYHĐNHMPQRåLQ\ãSHFLiOQ\FKIXQNFLtSUHWDNpWRUHĢD]FHQDSU
❍6WU&DW]UHĢD]HQLH
❍6WU&RPSSRURYQDQLH
❍6WU&RS\VNRStURYDQLH
❍6WU/HQGĎåNDUHĢD]FD
ƔP{åHPHY\XåLĢDMVPHUQtNRY~DULWPHWLNX
QDVOHGXM~FLSUtNODGLOXVWUXMHSUiFXVQXOOWHUPLQDWHGVWULQJV
Ɣ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
ST3&KDU
EHJLQ
*HW0HPSPRKOLE\VPHSRXåLĢDM6WU1HZDOHER
6WU$OORF
6WU&RS\S
PLOXMHPGHOSKL
T S
ZKLOHTA!GREHJLQ
TA 8SFDVHTA
LQFTSRVXQQDQDVOHGXM~FL]QDNUHĢD]FD
HQG
/DEHO&DSWLRQ S
/DEHO&DSWLRQ GXPSS6WU/HQS
)UHH0HPS
HQG
,QãWDQFLHWULHG
NDåGiSUHPHQQiREMHNWWMLQãWDQFLDQHMDNHMWULHG\MHVPHUQtNQDG\QDPLFN\DORNRYDQêEORNSDPlWL
Ɣ
ƔLQIRUPiFLHRPHWyGDFKVDXNODGDM~GRWDEXĐN\907YLUWXDOPHWKRGWDEOHMHMHGLQiSUHYãHWN\LQãWDQFLH
GDQHMWULHG\
❍RNUHPPHWyGREVDKXMHDMLQpLQIRUPiFLHRLQãWDQFLLQDSULQIRUPiFLHRGĎåNHWULHGH
ƔMHMDVQpSUHþRMHQH]P\VHOQDPLHVWRN .RU&UHDWHSRXåLĢN&UHDWHNMH]UHMPHQLODQHP{åHPH
UHIHUHQFRYDĢQLORP
3UiFDVELWPDSRX
SUtVWXSNMHGQpPXFHOpPXULDGNXELWPDS\DYHĐPLUêFKORP{åHPHIDUHEQp]ORåN\QLHOHQþtWDĢDOHDM
PRGLILNRYDĢ
W\SH
35*% A75*%
YDU
G35*%
G EPS6FDQ/LQH>\@
IRUL WREPS:LGWKGREHJLQ
GA5
LQFGQDVOHGXM~FLSL[HO
HQG
DOHERDNRVPHUQtNQDSROH
Ɣ
W\SH
75*%$UUD\ DUUD\>ZRUG@RI75*%GRVWDWRþQHYHĐNiKUDQLFD
35*%$UUD\ A75*%$UUD\
YQDVOHGXM~FLFKSUtNODGRFKSUHGSRNODGiPHåHPiPHNGLVSR]tFLLJOREiOQXSUHPHQQ~EPSGRNWRURHMYR
Ɣ
)RUP&UHDWHQDþtWDPHQHMDN~ELWPDSXYR)RUP'HVWUR\MXXYRĐQtPHDYRIRUPXOiULMHSRORåHQê,PDJH
YHĐNRVWL[
W\SH
7)RUP FODVV7)RUP
SULYDWH
EPS7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
SDUURWVEPS
,PDJH&DQYDV'UDZEPS
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
HQG
]UNDGORYRRWRþtPHELWPDSX
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
G EPS6FDQ/LQH>L@
IRUM WRZGR
G>M@ G>ZM@GA>M@ GA>ZM@
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
RWRþHQLHRVWXSĖRY
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LMZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK K
EPS+HLJKW Z
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>L@
IRUM WRZGREHJLQ
G EPS6FDQ/LQH>M@
G>L@ G>M@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
F\NOLFNêSRVXQFHOêFKULDGNRYRMHGHQUHVSYLDFVPHURPKRUH
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
LZKLQWHJHU
GG35*%DUUD\
EHJLQ
Z EPS:LGWKK EPS+HLJKW
EPS 7%LWPDS&UHDWH
WU\
EPS:LGWK Z
EPS+HLJKW K
EPS3L[HO)RUPDW SIELW
IRUL WRKGREHJLQ
G EPS6FDQ/LQH>LPRGK@
G EPS6FDQ/LQH>LKGLYPRGK@
G EPS6FDQ/LQH>L@
PRYHGAGAZ
VL]HRI75*%
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
DOHERP{åHPHY\JHQHURYDĢQHMDN~YODVWQ~ELWPDSX
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<,QWHJHU
G35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
G>[@5 ;YODVWQHGA>[@5 ;
G>[@* <
G>[@% ;<GLY
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
YHĐPL]DXMtPDYêUR]PD]iYDFtHIHNW
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;UDQGRP
LIV;WKHQV; V;LIV;!WKHQV; V;
V< <UDQGRP
LIV<WKHQV< V<LIV<!WKHQV< V<
G EPS6FDQ/LQH>V<@
G>;@ G>V;@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
SUtSDGQHHIHNWUR]ĢDKRYDQLDRGVWUHGXVPHURPNXRNUDMRP
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;
GLY
V< <
GLY
G EPS6FDQ/LQH>V<@
G>[@ G>V;@
HQG
HQG
,PDJH&DQYDV'UDZEPS
ILQDOO\
EPS)UHH
HQG
HQG
SRVOHGQêHIHNWY\OHSãtPHSULGiPHþDVRYDþSUHNWRUê(QDEOHG IDOVHDLQWHUYDO
Ɣ
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
EPS7%LWPDS
;<V;V<,QWHJHU
GG35*%$UUD\
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS3L[HO)RUPDW SIELW
EPS:LGWK
EPS+HLJKW
IRU< WRGREHJLQ
G EPS6FDQ/LQH><@
IRU; WRGREHJLQ
V; ;
GLY5DQGRPVN~VWHQDSU
V< <
GLY5DQGRPVN~VWHQDSU
G EPS6FDQ/LQH>V<@
G>[@ G>V;@
HQG
HQG
G EPS6FDQ/LQH>@
G>@5 5DQGRPG>@5GLY
G>@* 5DQGRPG>@*GLY
G>@% 5DQGRPG>@%GLY
EPS)UHH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG QRW7LPHU(QDEOHG
HQG
ƔRGNRQãWDQW\Y5DQGRP]DYLVtDNRUêFKORVDEXGH~WYDUUR]PD]iYDĢ
ƔQD]iYHUGRVWUHGXELWPDS\GiYDPHVNRURQiKRGQH]DIDUEHQ~ERGNX
1'Ò
ƔSRGREQHDNRUR]PD]iYDQLHVþDVRYDþRP]UHDOL]XMWHDMF\NOLFNpURORYDQLHVþDVRYDþRP
❍GRIRUPXOiUXSRORåWHDM7UDFN%DUSRPRFRXNWRUpKREXGHWHPHQLĢSRþHWRNRĐNRULDGNRYVDEXGH
SRV~YDĢWMUêFKORVĢSRV~YDQLD
Ɣ]UHDOL]XMWHþRQDMNUDMãLHRWiþDQLHELWPDS\RĐXERYRĐQêXKRO
ƔUR]PD]iYDQLHELWPDS\NDåGêSL[HOVDY\SRþtWDDNRSULHPHUVRVYRMLPLVXVHGPLVWDþtVXVHGRYYULDGNX
SRVOHGQi]PHQD
SUHGQiãND
-HGQRGXFKiDQLPiFLD
3RVWXSQHEXGHPHY\WYiUDĢWDN~WRDSOLNiFLX
ƔYJUDILFNHMSORFKHMHDNRSRGNODGQHMDNiYHĐNiELWPDSD,PDJH]DEHUiFHO~SORFKXIRUPXOiUXQDVWDYLOL
VPHPX$OLJQQDDO&OLHQW
ƔNDåGêPNOLNQXWtPP\ãRXGRSORFK\VDQDWRPPLHVWHY\WYRUtDQLPRYDQêREUi]RNWLHWREXG~SRVWXSQH
VWULHGDĢVYRMHIi]\
ƔNDåGêREUi]RNVDEXGHSRPDO\SRK\ERYDĢQHMDNêPVPHURPSULþRPDNQDMHGQHMVWUDQHY\SDGQH]
SORFK\WDNVDREMDYtQDRSDþQRPNRQFL
ƔQHVN{U]DEH]SHþtPHDE\VDNDåGêREUi]RNPRKRODQLPRYDĢVU{]QRXIUHNYHQFLRXQLHNWRUpREUi]N\EXG~
VWULHGDĢIi]\þDVWHMãLHDNRLQp
YãHWN\REUi]N\]SURMHNWXVLP{åHWHVWLDKQXĢ]ELWPDS\]LS
7ULHGDDQLPRYDQêREUi]RN
$QLPiFLXEXGHPH]DEH]SHþRYDĢF\NOLFNêPVWULHGDQtPIi]ELWPiS9SUYHMYHU]LLEXGHPHSUHGSRNODGDĢåH
NDåG~Ii]XDQLPiFLHPiPHXORåHQ~YMHGQRPV~ERUHQDSU
1DNRĐNRFKFHPH]DEH]SHþLĢDE\QLNHNWRUpþDVWLELWPDS\EROLSULHVYLWQpSUHELWPDS\YQDãHMDSOLNiFLLVD
GRKRGQHPHåHSULHVYLWQiIDUEDMHIDUEDERGXYĐDYRPKRUQRPURKXSUYHMELWPDS\WM
ELWPDSD&DQYDV3L[HOV>@
]DGHILQXMHPHWULHGX
Ɣ
W\SH
72EUD]RN FODVV
EPDUUD\RI7%LWPDS
[\ILQWHJHU
FRQVWUXFWRU&UHDWHFRQVWPHQRVWULQJSRFHW[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDVYLUWXDO
SURFHGXUHNURNYLUWXDO
HQG
DPHWyG\
Ɣ
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPHQRVWULQJ
SRFHW[[\\LQWHJHU
YDU
LLQWHJHU
WF7&RORUSULHVYLWQiIDUED
EHJLQ
6HW/HQJWKEPSRFHW
IRUL WR+LJKEPGREHJLQ
EP>L@ 7%LWPDS&UHDWH
EP>L@/RDG)URP)LOHPHQR,QW7R6WUL
EPS
LIL WKHQWF EP>L@&DQYDV3L[HOV>@
EP>L@7UDQVSDUHQW&RORU WF
EP>L@7UDQVSDUHQW WUXH
HQG
[ [[\ \\
I SUYiIi]D
HQG
GHVWUXFWRU72EUD]RN'HVWUR\
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKEPGR
EP>L@)UHH
HQG
SURFHGXUH72EUD]RNNUHVOLF7&DQYDV
EHJLQ
F'UDZ[EP>I@:LGWKGLY\EP>I@+HLJKWGLYEP>I@
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
HQG
YRIRUPXOiULMH,PDJHD7LPHUNWRUêPiQDVWDYHQê,QWHUYDOQDKRGQRWX
Ɣ
YDU
DDUUD\RI72EUD]RN
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EJ 7%LWPDS&UHDWH
EJ/RDG)URP)LOH
MD]HUREPS
,PDJH&DQYDV'UDZEJ
SRP 7%LWPDS&UHDWH
SRP:LGWK EJ:LGWK
SRP+HLJKW EJ+HLJKW
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
EJ)UHHSRP)UHH
IRUL WRKLJKDGRD>L@)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
6HW/HQJWKD/HQJWKD
D>+LJKD@ 72EUD]RN&UHDWH
YWDN
[\
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
LID QLOWKHQH[LW
7LPHU(QDEOHG IDOVH
SRP&DQYDV'UDZEJ
YSUD[LVDþDVWRQDPLHVWRYLDFV~ERURYVELWPDSDPLSUHIi]\DQLPiFLHSRXåtYDMHGQDELWPDSDNWRUiYHGĐD
Ɣ
VHEDREVDKXMHYãHWN\Ii]\DSURJUDPVLW~WRYHĐN~ELWPDSXUR]VWULKiQDSUSUH
Y\WYRUtPHQRYêNRQãWUXNWRU
Ɣ
FRQVWUXFWRU72EUD]RN&UHDWHFRQVW
PHQRVWULQJSRFHW[[\\LQWHJHU
YDU
LZKLQWHJHU
WF7&RORU
E7%LWPDS
EHJLQ
6HW/HQJWKEPSRFHW
E 7%LWPDS&UHDWH
WU\
E/RDG)URP)LOHPHQR
EPS
WF E&DQYDV3L[HOV>@
Z E:LGWKGLYSRFHWK E+HLJKW
IRUL WR+LJKEPGREHJLQ
EP>L@ 7%LWPDS&UHDWH
ZLWKEP>L@GREHJLQ
:LGWK Z+HLJKW K
&DQYDV&RS\5HFW5HFWZK
E&DQYDV
5HFWL
ZL
ZK
7UDQVSDUHQW&RORU WF
7UDQVSDUHQW WUXH
HQG
HQG
ILQDOO\
E)UHH
HQG
[ [[\ \\
I
HQG
DNOLNQXWLHP\ãRXGRSORFK\QDSU
Ɣ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
DD 72EUD]RN&UHDWH
YWDN
[\
DD 72EUD]RN&UHDWH
]DMR
[\
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
8ORåHQLHELWPiSGRSURMHNWX
ƔXåYLDFNUiWE\VDQiPKRGLORNHE\VPHVQDãLPSURMHNWRPQDSU3URMHFWH[HQHPXVHOLQRVLĢQLHNHG\DM
YlþãLHPQRåVWYRELWPiSDDMLQêFKV~ERURYPRåQRVWtMHQLHNRĐNRQDSU
❍GRIRUPXOiUDKRFLNDPSRORåtPHQLHNRĐNRNRPSRQHQWRY,PDJHDQDVWDYtPHLPYODVWQRVĢ9LVLEOHQD
XORåLĢGRSURMHNWX(;(WDNpWRV~ERU\QHEXGHPHþtWDĢSRPRFRX/RDG)URP)LOHDOHSRPRFRX
/RDG)URP5HVRXUFH1DPH
ƔXNiåHPHGUXK~PRåQRVĢQDMSUSULSUDYtPHWH[WRYêV~ERU%LWPDS\UFVWêPWRREVDKRP
MD]HUR%,70$3MD]HUREPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
YWDN%,70$3YWDNEPS
]DMR%,70$3]DMREPS
ƔSRPRFRXLGHQWLILNiWRUDSUHGVORYRP%,70$3VDEXGHPHYSURJUDPHRGYROiYDĢQDGDQ~ELWPDSX
ƔQDMSUYGR3URMHFWGSUSULGiPHMHGHQULDGRN
SURJUDP3URMHFW
^5
%LWPDS\UHV
%LWPDS\UF
`
XVHV
)RUPV
8QLWLQ
8QLWSDV
^)RUP`
^5 5(6`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP7)RUP)RUP
$SSOLFDWLRQ5XQ
HQG
DYãHWN\/RDG)URP)LOHSR]PHQtPHWDNWR
Ɣ
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPHQRVWULQJ
SRFHW[[\\LQWHJHU
EP>L@ 7%LWPDS&UHDWH
EP>L@/RDG)URP5HVRXUFH1DPH+,QVWDQFHPHQR,QW7R6WUL
FRQVWUXFWRU72EUD]RN&UHDWHFRQVW
PHQRVWULQJSRFHW[[\\LQWHJHU
WU\
E/RDG)URP5HVRXUFH1DPH+,QVWDQFHPHQR
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EJ 7%LWPDS&UHDWH
EJ/RDG)URP5HVRXUFH1DPH+,QVWDQFH
MD]HUR
YãLPQLWHVLåHSRSUYHMNRPSLOiFLLVDDXWRPDWLFN\Y\WYRULOGRVĢYHĐNêV~ERU%LWPDS\UHVWHQWRXå
Ɣ
REVDKXMHYãHWN\ELWPDS\
3RK\EDQLPRYDQêFKREUi]NRY
SURFHGXUH72EUD]RN=PHQ';<G[[G\\LQWHJHUU75HFW
EHJLQ
G[ G[[G\ G\\REG U
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[ DQGG\ WKHQH[LW
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWWKHQLQF[ULJKWOHIW
LI[! ULJKWWKHQGHF[ULJKWOHIW
LI\WRSWKHQLQF\ERWWRPWRS
LI\! ERWWRPWKHQGHF\ERWWRPWRS
HQG
HQG
Ɣ]UHMPHNRQãWUXNWRUEXGHLQLFLDOL]RYDĢG[DG\QD
ƔSULY\WYRUHQtQRYpKRREUi]NDPXQDVWDYtPHSRK\EDMREGĎåQLNQDSU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
DQLPRYDQpREUi]N\VDEXG~WHUD]KêEDĢ
Ɣ
$QLPRYDQêREUi]RNVLQêPSRK\ERP
GRSURMHNWXSULGiPHQRYêREUi]RN]HPHJXOXD]PHQtPHMHMVSUiYDQLHQDRNUDMLSORFK\VDEXGHRGUiåDĢ
Ɣ
W\SH
72EUD]RN FODVV72EUD]RN
SURFHGXUHNURNRYHUULGH
HQG
SURFHGXUH72EUD]RNNURN
EHJLQ
I IPRG/HQJWKEP
LIG[ DQGG\ WKHQH[LW
LQF[G[LQF\G\
ZLWKREGGREHJLQ
LI[OHIWRU[! ULJKWWKHQG[ G[
LI\WRSRU\! ERWWRPWKHQG\ G\
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]HPHJXOD
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
HQG
3OiQRYDþ
SOiQRYDþRPEXGHãSHFLiOQ\IURQWGRNWRUpKRVDSULGiYDQLHQDNRQLHFDOHQDVSUiYQHPLHVWRSRGĐDþDVX
Ɣ
PHWyGDLQFOXGH
SOiQRYDþ
W\SH
74XHXH FODVV
TDUUD\RIUHFRUG
WLP7'DWH7LPH
RE72EMHFW
HQG
SURFHGXUHLQFOXGHWLNLQWHJHURE72EMHFW
SURFHGXUHVHUYHYDURE72EMHFW
IXQFWLRQILUVW72EMHFW
IXQFWLRQWRSWLPH7'DWH7LPH
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUH74XHXHLQFOXGHWLNLQWHJHURE72EMHFW
YDU
LLQWHJHU
WLP7'DWH7LPH
EHJLQ
WLP 1RZWLN06HFV3HU'D\
L ZKLOHL +LJKTDQGT>L@WLP WLPGRLQFL
6HW/HQJWKT/HQJWKT
PRYHT>L@T>L@/HQJWKTL
6L]H2IT>@
T>L@WLP WLP
T>L@RE RE
HQG
SURFHGXUH74XHXHVHUYHYDURE72EMHFW
EHJLQ
LIHPSW\WKHQRE QLO
HOVHEHJLQ
RE T>@RE
PRYHT>@T>@/HQJWKT
6L]H2IT>@
6HW/HQJWKT/HQJWKT
HQG
HQG
IXQFWLRQ74XHXHILUVW72EMHFW
EHJLQ
LIHPSW\WKHQ5HVXOW QLO
HOVHEHJLQ
5HVXOW T>@RE
PRYHT>@T>@/HQJWKT
6L]H2IT>@
6HW/HQJWKT/HQJWKT
HQG
HQG
IXQFWLRQ74XHXHWRSWLPH7'DWH7LPH
EHJLQ
LIHPSW\WKHQ5HVXOW QRZþDVQLHNHG\YEXG~FQRVWL
HOVH5HVXOW T>@WLP
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
YDU
T74XHXH
YãHWNêPREMHNWRPDQLPRYDQêREUi]RNSULGiPHQRY~VWDYRY~SUHPHQQ~WLNNWRUiEXGHREVDKRYDĢþDVY
Ɣ
PVQD]PHQXćDOãHMIi]\
W\SH
72EUD]RN FODVV
EPDUUD\RI7%LWPDS
[\IG[G\LQWHJHU
REG75HFW
WLNLQWHJHU
FRQVWUXFWRU&UHDWHFRQVWPHQRVWULQJSRFHWLQWHJHU
FRQVWUXFWRU&UHDWHFRQVWPHQRVWULQJSRFHWLQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH=PHQ;<[[\\LQWHJHUYLUWXDO
SURFHGXUH=PHQ';<G[[G\\LQWHJHUU75HFWYLUWXDO
SURFHGXUHNUHVOLF7&DQYDVYLUWXDO
SURFHGXUHNURNYLUWXDO
HQG
FRQVWUXFWRU72EUD]RN&UHDWHFRQVWPHQRVWULQJSRFHWLQWHJHU
WLN
HQG
QDNRQLHFPHWyG\NURNGRSOQtPH
Ɣ
SURFHGXUH72EUD]RNNURN
LIWLN!WKHQ
TLQFOXGHWLNVHOI
HQG
DSULY\WYRUHQtREMHNWRYLPKQHćY\JHQHUXMHPHþDVRYêLQWHUYDO
Ɣ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
YDU
DD72EUD]RN
EHJLQ
FDVHUDQGRPRI
EHJLQ
DD 72EUD]RN&UHDWH
YWDN
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
DDWLN
UDQGRP
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]DMR
[\
DD=PHQ';<UDQGRPUDQGRP,PDJH&OLHQW5HFW
DDWLN
UDQGRP
HQG
EHJLQ
DD 72EUD]RN&UHDWH
]HPHJXOD
[\
DD=PHQ';<UDQGRPUDQGRP
5HFW,PDJH&OLHQW:LGWK,PDJH&OLHQW+HLJKW
DDWLN
HQG
HQG
6HW/HQJWKD/HQJWKDD>+LJKD@ DD
TLQFOXGHDD
HQG
HãWH7LPHU
Ɣ
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EERROHDQ
S72EMHFW
EHJLQ
LITHPSW\WKHQH[LW
7LPHU(QDEOHG IDOVHE IDOVH
ZKLOHTWRSWLPH 1RZGREHJLQ
TVHUYHS72EUD]RNSNURN
72EUD]RNTILUVWNURN
E WUXH
HQG
LIEWKHQEHJLQ
SRP&DQYDV'UDZEJ
IRUL WRKLJKDGR
D>L@NUHVOLSRP&DQYDV
,PDJH&DQYDV'UDZSRP
HQG
7LPHU(QDEOHG WUXH
HQG
SORFKXSUHNUHVĐXMHPHOHQDNVDQDQHMQLHþR]PHQLORSUHPHQQiE
Ɣ
1'Ò
ƔREMHNWXP{åHPHQDSOiQRYDĢYLDFU{]Q\FKDNFLtYU{]Q\FKþDVRFKY\P\VOLWHDNRSOiQRYDþXWLPHUX
SRYHGDĢåHPiSUHU{]QHREMHNW\VS~ãĢDĢUR]QHDNFLHQLHOHQNURN
ƔVWDYRYiSUHPHQQiWLNNWRUiVDSRXåtYDDNRþDVQDSUHFKRGGRQDVOHGXM~FHMIi]\E\PRKODE\ĢEXć
(ãWHMHGHQSUtNODGQDSRXåLWLHUDGX
ƔXNiåHPHULHãHQLHWDNHMWR~ORK\
❍GRJUDILFNHMSORFK\P{åHPHNUHVOLĢþLHUQHþLDU\SRPRFRXĐDYpKRWODþLGODP\ãL
❍NHćQLHNDPNOLNQHPHSUDYêPWODþLGORPP\ãLWDNVDRGWRKRWRERGX]DþQHQDYãHWN\VWUDQ\ãtULĢ
QHMDNiIDUEDDWRWRY\SĎĖDQLHVD]DVWDYtDåQDþLHUQHMþLDUHDOHERQHMDNR]DIDUEHQHMREODVWL
❍SUDYêPWODþLGORPP\ãLP{åHPHQDUD]QDãWDUWRYDĢYLDFY\SĎĖDFtFKDNFLt
❍Y\XåLMHPHRE\þDMQ~GiWRY~ãWUXNW~UXUDG
ƔQDMSUYNODVLFNêUDGSDPlWiPHVLV~UDGQLFHERGXDIDUEX
W\SH
74XHXH FODVV
TDUUD\RIUHFRUG
[\LQWHJHU
FRO7&RORU
HQG
SURFHGXUHDSSHQG[\LQWHJHUFRO7&RORU
SURFHGXUHVHUYHYDU[\LQWHJHUYDUFRO7&RORU
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUH74XHXHDSSHQG[\LQWHJHUFRO7&RORU
EHJLQ
6HW/HQJWKT/HQJWKT
T>+LJKT@[ [T>+LJKT@\ \T>+LJKT@FRO FRO
HQG
SURFHGXUH74XHXHVHUYHYDU[\LQWHJHUYDUFRO7&RORU
EHJLQ
LIHPSW\WKHQEHJLQVKRZPHVVDJH
HPSW\
H[LWHQG
[ T>@[\ T>@\FRO T>@FRO
PRYHT>@T>@/HQJWKT
6L]HRIT>@
6HW/HQJWKT/HQJWKT
HQG
IXQFWLRQ74XHXHHPSW\ERROHDQ
EHJLQ
5HVXOW T QLO
HQG
Y\XåLMHPHNRPSRQHQW7$SSOLFDWLRQ(YHQWV]SDOHW\NRPSRQHQWRY$GGLWLRQDOSRGREQHDNR7LPHUMHWR
Ɣ
QHYL]XiOQ\NRPSRQHQWDSUHWRKRP{åHPHSRORåLĢKRFLNDPGRIRUPXOiUDQiVEXGH]DXMtPDĢMHGLQi
XGDORVĢRQ,GOHWMPHWyGD$SSOLFDWLRQ(YHQWV,GOH
YDU
T74XHXH
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
T 74XHXH&UHDWH
UDQGRPL]H
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
FRQVW
FRODUUD\>@RI7&RORU
FO5HGFO%OXHFO*UHHQFO<HOORZFO$TXDFO/LPH
EHJLQ
E 6KLIW >VV/HIW@
LIEWKHQ
J0RYH7R[\
HOVHLI6KLIW >VV5LJKW@WKHQ
TDSSHQG[\FRO>UDQGRP/HQJWKFRO@
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIEWKHQJ/LQH7R[\
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
E IDOVH
HQG
SURFHGXUH7)RUP$SSOLFDWLRQ(YHQWV,GOH6HQGHU72EMHFW
YDU'RQH%RROHDQ
YDU
[\LQWHJHU
FRO7&RORU
EHJLQ
LITHPSW\WKHQH[LW
'RQH IDOVH
TVHUYH[\FRO
LIJ3L[HOV>[\@!FO:KLWHWKHQH[LW
J3L[HOV>[\@ FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
TDSSHQG[\FRO
HQG
WiWRXGDORVĢVDVSXVWtYåG\YWHG\NHćV\VWpPQHPiþRURELĢQDSUSUiYHQHNUHVOtPHP\ãRX
Ɣ
1'Ò
ƔXUêFKOLWHSUiFXVUDGRPSROH]YlþãXMWHQDSUVNURNRPSDPlWDMWHVL]DþLDWRNDSRþHWSUYNRYDSROH
SRV~YDMWHOHQYQXWQêFKSUtSDGRFK
ƔćDOãLHXUêFKOHQLHYPHWyGH$SSOLFDWLRQ(YHQWV,GOHVSUDFXMWHQLHOHQMHGHQERGDOHQDSUYF\NOH
QDUD]
ƔY\P\VOLWHLQpSUDYLGOiIDUEHQLDQLHOHQNHćMHELHODIDUEDDOHQDSUQLHþLHUQDDU{]QDRGDNWXiOQHMDSRG
SRVOHGQi]PHQD
SUHGQiãND
9]RURYpULHãHQLH~ORK]RVN~ãN\
~ORKD]PLQXOpKRãNROVNpKRURNX
=DGDQLH
)DUDyQ]DGDO$EGXORYLY\þLVWLĢYãHWN\NYiGUHMHKRQRYHMS\UDPtG\=DþDĢPiQDĐXERYRĐQRPNYiGULYVSRGQRP
UDGHDSRVWXSQHPiY\þLVWLĢYãHWN\NYiGUH3\UDPtGDPiYVSRGQRPUDGH1NYiGURYYUDGHQDGQLPLMH1
NYiGURYDWćDåYQDMY\ããRP1WRPUDGHMHXåOHQMHGHQ$E\WRSUH$EGXODQHERODWDNiMHGQRWYiUQDURERWDIDUDyQ
PXY\P\VOHOHãWHGYHSUDYLGOi
Ɣ SULSUHFKiG]DQt]MHGQpKRNYiGUXQDVXVHGQêQLNG\QHVPLHtVĢQDNYiGHUYWRPLVWRPUDGHDOHQDVXVHGQêYR
Y\ããRPDOHERQLåãRPDNH[LVWXMHDSULWRPXåQHVPLH]S\UDPtG\RGtVĢ
ƔDNQDQHMDNêNYiGHUVW~SLGUXKêNUiWWDNVDWHQWRRGMHKRQ{K]DãSLQtDWUHEDVHPSUtMVĢQLHNHG\]QRYXWUHWtNUiWD
]QRYXKRY\þLVWLĢGUXKpVW~SHQLHQDWHQLVWêNYiGHUKR]D]QDþt]DHãWHQHþLVWHQp
1DStãWHSURJUDPSRPRFRXNWRUpKRVDSRN~VLWHSUHMVĢYãHWN\SROtþNDS\UDPtG\NDåGpQHSiUQ\SRþHWNUiW.YiGUH
S\UDPtG\]REUD]XMWHSRPRFRXELWPiSNDPHQEPSãSLQDYêDNDPHQEPSþLVWêDKUiþDELWPDSRXKUDFEPSELHOX
IDUEXXUREWHSULHVYLWQRX
+UiþVDEXGHRYOiGDĢNOLNDQtPĐDYêPWODþLGORPP\ãLQDNYiGUH3ULãWDUWHSURJUDPXKUiþHãWHQLHMH]REUD]HQêDOHþDNiVD
QDSUYpNOLNQXWLHGRVSRGQpKRUDGX
1D]DþLDWNXKU\P{åXE\ĢQLHNWRUpNYiGUHS\UDPtG\XåþLVWp3RþLDWRþQ~LQIRUPiFLXQDþtWDWH]WH[WRYpKRV~ERUXYVWXSW[W
ƔSUYêULDGRNREVDKXMHþtVOR1WRWRQLHMHYlþãLHDNR
ƔYćDOãtFKULDGNRFKP{åXQDVOHGRYDĢV~UDGQLFHþLVWêFKNYiGURYYS\UDPtGHRGGHOHQpV~PHG]HUDPLDQRYêPL
ULDGNDPLV~UDGQLFHV~]DGDQpDNRGYRMLFHþtVHOULDGRNDVWĎSHFWLHWRGYHþtVODV~QDY]iMRP]UHĢD]HQpDPDM~
PHG]LVHERX]QDN
ƔP{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQH
1DULHãHQLH~ORK\]DGHILQXMWHWLHWRWULHG\VDVSRĖWêPLWRPHWyGDPL
Ɣ7.DPHQ&UHDWHNRQãWUXNWRUNUHVOLGRFDQYDVXDNOLNIXQNFLD]LVWtþLVDQDĖNOLNOR
SRVXQKUiþDDSUHIDUEHQLHNDPHĖD
3\UDPLGXUHSUH]HQWXMWHDNRG\QDPLFNpSROHG\QDPLFNêFKSROtNDPHĖRYSULþRPNDåGêULDGRNLFKPiLQêSRþHW
5LHãHQLH
WULHGD7.DPHQ
Ɣ
W\SH
7.DPHQ FODVV
VWDYERROHDQ
[\LQWHJHU
EDUUD\>ERROHDQ@RI7%LWPDS
FRQVWUXFWRU&UHDWH[[\\LQWHJHUEE7%LWPDS
SURFHGXUHNUHVOLF7&DQYDV
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ
HQG
FRQVWUXFWRU7.DPHQ&UHDWH[[\\LQWHJHUEE7%LWPDS
EHJLQ
[ [[\ \\E>IDOVH@ EE>WUXH@ EVWDY IDOVH
HQG
SURFHGXUH7.DPHQNUHVOLF7&DQYDV
EHJLQ
FGUDZ[\E>VWDY@
HQG
W\SH
7+UDF FODVV
UVLQWHJHU
E7%LWPDS
FRQVWUXFWRU&UHDWHEE7%LWPDS
SURFHGXUHNUHVOL[\LQWHJHUF7&DQYDV
IXQFWLRQWHVWUUVVLQWHJHUERROHDQ
HQG
FRQVWUXFWRU7+UDF&UHDWHEE7%LWPDS
EHJLQ
U V E EEHãWHQLHMHQDåLDGQRPNDPHQL
HQG
SURFHGXUH7+UDFNUHVOL[\LQWHJHUF7&DQYDV
EHJLQ
FGUDZ[\E
HQG
W\SH
73\UDPLGD FODVV
QLQWHJHU
SDUUD\RIDUUD\RI7.DPHQ
K7+UDF
FRQVWUXFWRU&UHDWHQQLQWHJHUEEEK7%LWPDS
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHFLWDMYDUW7H[W)LOH
IXQFWLRQNOLN[\LQWHJHUERROHDQ
HQG
FRQVWUXFWRU73\UDPLGD&UHDWHQQLQWHJHUEEEK7%LWPDS
YDU
LMVLUVLUY\V[\LQWHJHU
EHJLQ
VLU E:LGWKVLU VLUGLYY\V E+HLJKW
[ \ QQ
Y\V
Q QQ6HW/HQJWKSQ
IRUL WR+LJKSGREHJLQ
6HW/HQJWKS>L@QL
IRUM WR+LJKS>L@GR
S>LM@ 7.DPHQ&UHDWH[M
VLUL
VLU\L
Y\VEE
HQG
K 7+UDF&UHDWHEK
HQG
SURFHGXUH73\UDPLGDFLWDMYDUW7H[W)LOH
YDU
VVWULQJ
LLQWHJHU
FFKDU
EHJLQ
V
UHSHDW
LIHROQWWKHQEHJLQF
UHDGOQWHQG
HOVHUHDGWF
LIF!
WKHQV VF
HOVHLIV!
WKHQEHJLQ
L SRV
V
S>6WU7R,QWFRS\VL
6WU7R,QWFRS\VLPD[LQW@VWDY WUXH
V
HQG
XQWLOHRIW
HQG
SURFHGXUH73\UDPLGDNUHVOLF7&DQYDV
YDU
LMLQWHJHU
EHJLQ
IRUL WR+LJKSGR
IRUM WR+LJKS>L@GR
S>LM@NUHVOLF
LIKU! WKHQZLWKKS>UV@GR
KNUHVOL[\F
HQG
HQG
YRIRUPXOiULMHMHGLQê,PDJHNWRUpPXVPHQDVWDYLOLSURSHUW\$OLJQQDDO&OLHQW
Ɣ
YDU
S\U73\UDPLGD
EKEE7%LWPDS
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
W[7H[W)LOH
QLQWHJHU
EHJLQ
EK 7%LWPDS&UHDWHEK/RDG)URP)LOH
KUDFEPS
EK7UDQVSDUHQW&RORU FO:KLWH
EK7UDQVSDUHQW WUXH
E 7%LWPDS&UHDWHE/RDG)URP)LOH
NDPHQEPS
E 7%LWPDS&UHDWHE/RDG)URP)LOH
NDPHQEPS
$VVLJQ)LOHW[
YVWXSW[W
5HVHWW[
UHDGOQW[Q
S\U 73\UDPLGD&UHDWHQEEEK
S\UFLWDMW[
&ORVH)LOHW[
S\UNUHVOL,PDJH&DQYDV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EK)UHH
E)UHH
E)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIVV/HIWLQ6KLIWWKHQ
LIS\UNOLN;<WKHQS\UNUHVOL,PDJH&DQYDV
HQG
ELWPDS\DWHVWRYDFtWH[WRYêV~ERUP{åHWHVWLDKQXĢ]NDPHQ]LS
Ɣ
~ORKD]PLQXOpKRãNROVNpKRURNX
=DGDQLH
1DStãWHSURJUDPNWRUêEXGHSRPRFRXNRU\WQDþLHNVLPXORYDĢSRK\EþHUYtNDQDREUD]RYNHýHUYtNVDVNODGi]
QLHNRĐNêFKGLHOLNRYNDåGêGLHOLNMHMHGQDNRU\WQDþNDVWURMXKROQtNRYêPWYDURPSULþRPSUYiKODYDMH]HOHQiD
RVWDWQpV~ãHGpDSRK\EXMHVDSRGĐDWêFKWRSUDYLGLHO
Ɣ KODYDVDYlþãLQRXSRK\EXMHQiKRGQHWMQDMSUYVDRWRþtRQiKRGQêXKRO]LQWHUYDOXXX!DSUHMGHY]GLDOHQRVĢG
ƔDNþHUYtNY\ãLHO]REUD]RYN\MHKRKODYDVDQDWRþtNERGXDQLHRQiKRGQêXKRO
ƔDNNOLNQHPHP\ãRXQLHNGHGRSORFK\þHUYtNVDRWRþtVPHURPNP\ãLDSRNUDþXMHYRVYRMRPSRK\EH
ƔRVWDWQpGLHOLN\þHUYtNDVDSRK\EXM~WDNåHYNDåGRPNURNXVDQDMSUYNDåGêGLHOLNQDWRþtNXVYRMPXSUHGFKRGFRYLD
DNMHRGQHKRY]GLDOHQêDVSRĖGĎåNXGGWDNSUHMGHWDN~GĎåNXDE\EROY]GLDOHQêSUHVQHGGLQDNVWRMtQDPLHVWH
ýHUYtNPiQD]DþLDWNXGĎåNXGLHOLNRY
2NUHPþHUYtNDVDYSORFKHQDFKiG]D1N~VNRYSRWUDY\QD]DþLDWNXKU\V~QiKRGQHUR]KiG]DQpSRSORFKHDMWLHWRV~
]REUD]HQpNRU\WQDþNDPLVWYDURPþHUYHQêNUtåLN$NKODYDþHUYtNDSUHMGHEOt]NRQHMDNHMSRWUDY\SRXåLWHPHWyGXEOt]NR
WDNWHQWRN~VRNSRWUDY\]PL]QH]UXãtVDSUtVOXãQiNRU\WQDþNDDþHUYtNVDQDNRQFLSUHGĎåLRMHGHQGLHOLNSULEXGQHMHGQD
NRU\WQDþNDQDSR]tFLLSRVOHGQpKRGLHOLND
ýHUYtNDDM]R]QDPN~VNRYSRWUDY\UHSUH]HQWXMWHGYRPDWULHGDPLQDSU
7&HUYLN FODVV 73RWUDYD FODVV
Y9HOD.RU Y9HOD.RU
FRQVWUXFWRU&UHDWHQLQWHJHU FRQVWUXFWRU&UHDWHQLQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNURNþHUYtNXUREtMHGHQNURN HQG
SURFHGXUHSULGDMSULGiGLHOLNQDNRQLHF
þHUYtND
HQG
0HWyGDSULGDMSULGiQRY~NRU\WQDþNXQDSR]tFLXGRWHUD]SRVOHGQHMY]R]QDPHNRU\WQDþLHN
1DSRK\EþHUYtNDWUHEDþDVRYDþKQHćSRMHKRSUYRPQDãWDUWRYDQtVD]DEORNXMHDćDOHMUREtQHNRQHþQêF\NOXVYNWRURPVD
KêEHþHUYtNDNRQWUROXMHSRWUDYD
9SURJUDPH]DGHILQXMWHNRQãWDQW\SUHGĎåN\DXKROQDSUWDNWR
FRQVW
G X GG 1
5LHãHQLH
WULHGD7&HUYLN
Ɣ
W\SH
7&HUYLN FODVV
Y9HOD.RU
FRQVWUXFWRU&UHDWHQLQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNURNþHUYtNXUREtMHGHQNURN
SURFHGXUHSULGDMSULGiGLHOLNQDNRQLHFþHUYtND
HQG
FRQVWUXFWRU7&HUYLN&UHDWHQLQWHJHU
EHJLQ
Y 9HOD.RU&UHDWH
Y8URE.RU
ZLWKYN>@GREHJLQ
=PHQ7YDU>@
=PHQ+UXENX7YDUX
3+8ND]
HQG
ZKLOHQ!GREHJLQ
SULGDM
GHFQ
HQG
HQG
GHVWUXFWRU7&HUYLN'HVWUR\
EHJLQ
Y)UHH
HQG
SURFHGXUH7&HUYLNNURN
YDU
LLQWHJHU
Y]UHDO
EHJLQ
ZLWKYN>@GREHJLQ
9SUDYRUDQGRP
XX'RSUHGXG
LIDEV[VXU![RUDEV\VXU!\WKHQ
=PHQ6PHU6PHURP
HQG
IRUL WRYSNGR
ZLWKYN>L@GREHJLQ
SURFHGXUH7&HUYLNSULGDM
EHJLQ
Y8URE.RUYN>YSN@[VXUYN>YSN@\VXU
ZLWKYN>YSN@GREHJLQ
=PHQ)DUEX7YDUXFO'N*UD\
3+8ND]
HQG
HQG
WULHGD73RWUDYD
Ɣ
W\SH
73RWUDYD FODVV
Y9HOD.RU
FRQVWUXFWRU&UHDWHQLQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
FRQVWUXFWRU73RWUDYD&UHDWHQLQWHJHU
EHJLQ
Y 9HOD.RU&UHDWH
ZKLOHQ!GREHJLQ
Y8URE.RUUDQGRP
[[UDQGRP
\\
YN>YSN@=PHQ)DUEX7YDUXFO5HG
YN>YSN@=PHQ7YDU>@
GHFQ
HQG
Y8ND]
HQG
GHVWUXFWRU73RWUDYD'HVWUR\
EHJLQ
Y)UHH
HQG
QD]DþLDWRNSULGiPHQDSU
Ɣ
XVHV
.RU8QLW9HOD.RU8QLW
FRQVW
G X GG 1
DVSUDFRYDQLHXGDORVWt
Ɣ
YDU
FHUY7&HUYLN
SRWU73RWUDYD
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
N.RU
EHJLQ
7LPHU(QDEOHG IDOVHVSXVWtVDOHQSUYêNUiW
1DUD]5DQGRPL]H
FHUY 7&HUYLN&UHDWH
SRWU 73RWUDYD&UHDWH1
ZKLOHWUXHGREHJLQ
FHUYNURN
ZLWKFHUYYN>@GRN SRWUYEOL]NR[VXU\VXU
LIN!QLOWKHQEHJLQ
FHUYSULGDM
SRWUY=UXV.RUN
HQG
1DUD]
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
ZLWKFHUYYN>@GR
=PHQ6PHU6PHURP;[\<
HQG
Y\WYRUHQLHLQãWDQFLtFHUYDSRWUPRKORE\ĢDMYR)RUP&UHDWHDOHSRWRPE\WDPPXVHORSULEXGQ~Ģ
MDYRODQLH1DWDY3ORFKX
SRVOHGQi]PHQD
7HVW]3URJUDPRYDQLDSUH
URþQtN
'DQpV~WULDULWPHWLFNpYêUD]\YSRVWIL[RYRP]iSLVHDWULYSUHIL[RYRP]iSLVH
D
E
F
[
\
]
.DåGpPXSRVWIL[RYpPXYêUD]X]RGSRYHGiSUiYHMHGHQSUHIL[RYê]iSLV1iMGLWHWLHWRGYRMLFH
1DVOHGXM~FDSURFHG~UDY]RVWXSQHXWULHGLSUYN\UDGXTSULþRPYSDUDPHWULQGRVWiYDPRPHQWiOQX
GĎåNXUDGX
SURFHGXUHWULHGT4XHXHQLQWHJHU
YDU
SUSUYRN
LMLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
TVHUYHS
IRUM WRQLGREHJLQ
TVHUYHS
LISSWKHQTDSSHQGS
HOVHEHJLQTDSSHQGSS SHQG
HQG
TDSSHQGS
IRUM WRLGREHJLQ
TVHUYHSTDSSHQGS
HQG
HQG
HQG
2P\ORPVDYSURJUDPHQLHNWRUpLGHQWLILNiWRU\UQDKUDGLOLLGHQWLILNiWRURPS2SUDYWHSURJUDP
=DGHILQRYDOLVPHSRO\PRUIQpSROHSNWRUpP{åHREVDKRYDĢLQãWDQFLHWULHG\7%RGUHVSRGQHM
RGYRGHQêFKW\SRY76WYRUHFDOHER7.UXK7ULHGD7%RGREVDKXMHOHQGYHVWDYRYpSUHPHQQp[D\D
NRQãWUXNWRU&UHDWHVGYRPDFHORþtVHOQêPLSDUDPHWUDPLQDLQLFLDOL]RYDQLHVWDYRYêFKSUHPHQQêFK
1HGRSDWUHQtPV~YSROLQLHNWRUpLQãWDQFLHWULHG\7%RGLGHQWLFNpDSUHWRLFKFKFHPHQDKUDGLĢNySLRX
SUtVOXãQpKRREMHNWXDE\EROLYãHWN\LQãWDQFLHYSROLU{]QHSUHPHQQpYLHPHåHLQãWDQFLHV~YODVWQH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
VPHUQtN\GRG\QDPLFNHMSDPlWL,QãWDQFLHRGYRGHQêFKWULHG76WYRUHFD7.UXKQiVQH]DXMtPDM~
WLHWRQHFKFHPHNRQWURORYDĢDQLPHQLĢ'RSOĖWHSURJUDP
YDU
SDUUD\RI7%RG
IRUL WRBBBBBBBBBBGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQEHJLQ
M L
ZKLOHM KLJKSDQGBBBBBBBBBBBBGR
LQFM
LIM KLJKSWKHQ
S>BBB@ BBBBBBBBBBBBBBBBBBBB
HQG
'DQiMHUHNXU]tYQDUHĢD]FRYiIXQNFLD
IXQFWLRQWHVWQLQWHJHUVWULQJ
EHJLQ
LIQWKHQ5HVXOW
HOVH5HVXOW ,QW7R6WUQWHVWQ
,QW7R6WUQWHVWQ,QW7R6WUQ
HQG
D=LVWLWHNRĐNRNUiWVDREMDYtFLIUD
YRYêVOHGNXSUHWHVW
E9\KRGQRĢWHLQIL[RYêDULWPHWLFNêYêUD]NWRUêY]QLNQH]WHVW
=DGHILQRYDOLVPHWULHGXPQR]LQDNWRUiXPRåQtSUDFRYDĢVGiWRYRXãWUXNW~URXPQRåLQDPQRåtQ
3UYNDPLWDNHMWRPQRåLQ\EXG~OHQSRGPQRåLQ\PQRåLQ\>@9Q~WRUQHMHWiWRPDOiPQRåLQD0
UHSUH]HQWRYDQiþtVORP&RGGRWDNåHLW\ELWELQiUQHKR]iSLVX&KRYRUtRSUtWRPQRVWLþtVODLY
PQRåLQH02SUDYWHSURJUDP
W\SH
PQ VHWRI
PQR]LQD FODVV
PVHWRIE\WH
FRQVWUXFWRU&UHDWHRYHUULGH
SURFHGXUHSULGDMSPQYLUWXDORYHUULGH
SURFHGXUHY\KRGSPQ
IXQFWLRQMHSPQERROHDQ
SULYDWH
IXQFWLRQSUHURESPQE\WH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
FRQVWUXFWRUPQR]LQD&UHDWHRYHUULGH
EHJLQ
P >@
HQG
SURFHGXUHPQR]LQDY\KRGSPQ
EHJLQ
BBBBBBBBBBBBBBBBBBBBBBBBB
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
SURFHGXUHNUHVOL[\YLQWHJHU
YDU
44XHXH
EHJLQ
4 4XHXH&UHDWH
UHSHDW
LIY!WKHQEHJLQ
J0RYH7R[\J/LQH7R[Y\Y
4DSSHQG[Y\YYGLY
J0RYH7R[\J/LQH7R[Y\Y
4DSSHQG[Y\YYGLY
HQG
LI4HPSW\WKHQEUHDN
4VHUYH[\Y
XQWLOY
4IUHH
HQG
3URFHG~UX]DYROiPHVWêPLWRSDUDPHWUDPLNUHVOL
D1DNUHVOLWHSULEOLåQêREUi]RNY\WYRUHQêWRXWRSURFHG~URX
E9\SRþtWDMWHFHONRY~GĎåNXYãHWNêFKQDNUHVOHQêFKþLDUYLHPHåHVDXUþLWHQHSUHNUêYDM~.Y{OL
MHGQRGXFKRVWLXYDåXMHPHGĎåNX~VHþN\Y\WYRUHQHMSUtND]PL0RYH7R[\/LQH7R[Y\
Y]DYMHGQRWLHNQDPLHVWRSUHVQHMKRGQRW\Y
VTUW
'ROH[LNiOQHMDQDOê]\VPHSULGDOLFHORþtVOHQpNRQãWDQW\]DGDQpYãHVWQiVWNRYHMV~VWDYH2SUDYWHþDVĢ
SURJUDPXDE\SUDFRYDONRUHNWQH
FDVH]RI
EHJLQ
OH[ FLVORKRG
ZKLOH]LQ>
$
I
@GREHJLQ
]QDN
LI]
WKHQKRG KRGRUG]
HOVHLI]
D
WKHQKRG KRGRUG]
HOVHKRG KRGRUG]
KRG KRG
HQG
HQG
1DVOHGXM~FDþDVĢSURJUDPXSUDFXMHVWH[WRYêPLV~ERUPL3UHGSRNODGiPHåHQD]DþLDWNXXåPDM~
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
'DQpMHSUYNRYpSROHSVPHUQtNRYQDFHORþtVHOQpSROLDWiWRãWUXNW~UDWYRUtGYRMUR]PHUQ~WDEXĐNX
SROHULDGNRYSULþRPULDGN\P{åXPDĢQDY]iMRPU{]QXGĎåNX9NDåGRPULDGNXMHREVDKRPQXOWpKR
SUYNXþtVORNWRUpXGiYDSRþHW]Y\ãQêFKSUYNRYWRKWRULDGNDWHGDEH]QXOWpKR1DVOHGXM~FDþDVĢ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
SURJUDPXSRVWXSQHSUHFKiG]DYãHWN\ULDGN\SRĐDD]NDåGpKRY\KDG]XMHYãHWN\SUYN\NWRUêFK
KRGQRWDMHPHQãLDDNR9\KRGHQLHSUYNX]QDPHQiåHVDULDGRNSUtVOXãQHVNUiWLDXSUDYtWDNDE\
REVDKRYDOOHQVSUiYQHSUYN\-HPRåQpåHQLHNWRYWRPWRSURJUDPHQHMDNpVWULHãN\XEUDOUHVSSULGDO
9ORåWHFKêEDM~FHDY\]QDþWHQHVSUiYQHXPLHVWQHQpVWULHãN\7LHVWULHãN\NWRUpQDGDQRPPLHVWHQLHV~
FK\ERXQHFKDMWHWDN'HNODUiFLHQHRSUDYXMWH
W\SH
ULDGRN DUUD\>ZRUG@RILQWHJHU
SULDGRN AULDGRN
YDU
SDUUD\>@RISULDGRN
SLSULDGRN
IRUL WRGR
LISA>L@!QLOWKHQEHJLQ
Q S>L@>@AQQ Q
IRUM WRQGR
LIS>L@A>M@WKHQGHFQQ
LIQQ!QWKHQEHJLQ
JHWPHPSLAQQ
VL]HRILQWHJHU
SLA>@ QQN
IRUM WRQGR
LIS>LM@! WKHQEHJLQ
LQFNSLA>N@ SA>LM@
HQG
IUHHPHPS>L@S>L@A SLA
HQG
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TUFTUJOEFYIUNM [
<>
DWJǁFOJFHSBGJDLÏBLPSZUOBǁJFQSÓLB[Z
FYLþHQLH
*UDILFNpDNRU\WQDþLHSUtND]\
*UDILND
9\StãWHþtVODQDXKORSULHþNX]DGHILQRYDQHMJUDILFNHMSORFK\
YDU
LLQWHJHU
EHJLQ
IRUL WRGR
J7H[W2XWL
L
,QW7R6WUL
HQG
9\StãWHþtVODGRULDGNRYDVWĎSFRYWêPLWRGYRPDVS{VREPL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFHSBGJDLÏBLPSZUOBǁJFQSÓLB[Z
YDU
LMFLQWHJHU
EHJLQ
F
IRUM WRGR
IRUL WRGREHJLQ
F F
J7H[W2XWM
L
,QW7R6WUF
J7H[W2XWL
M
,QW7R6WUF
HQG
HQG
1DNDåGpVWODþHQLHWODþLGODVDQDStãHQDQiKRGQHMSR]tFLLPRGUpVORYR3DVFDODþHUYHQp'HOSKL%H]
UDQGRPL]HVDSURJUDPVSUiYDVWiOHURYQDNRWMVORYiVDYåG\SRVSXVWHQtSURJUDPXY\SLVXM~QD
URYQDNêFKSR]tFLiFK
EHJLQ
UDQGRPL]H
J)RQW+HLJK
J)RQW&RORU FO5HG
J7H[W2XWUDQGRPUDQGRP¶'HOSKL¶
J)RQW&RORU FO%OXH
J7H[W2XWUDQGRPUDQGRP¶3DVFDO¶
HQG
9\StãWHPRGUpVORYi
,ORYH'HOSKL
VRVLYêPWLHĖRP9\WYRUWHNRQãWDQWXFRQVWYHWD
,ORYH'HOSKL
QH]DEXGQLWHXURELĢSULHVYLWQpSR]DGLHStVPHQ3UHGĎåWHWLHĖ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFHSBGJDLÏBLPSZUOBǁJFQSÓLB[Z
1DNUHVOLWHWURMXKROQtNDSRWRPIDUHEQ~S\UDPtGX]PDOêFKWURMXKROQtNRY3RþHWWURMXKROQtNRYY
GROQRPUDGHDYHĐNRVĢVWUDQ\PDOpKRWURMXKROQtND]YRĐWHRSlĢDNRNRQãWDQW\FRQVWD 1
3RXåLWHQRYêSUtND]3RO\JRQ
3RO\JRQ>3RLQW[\3RLQW[\3RLQW[\@NWRUêSRVSiMD]DGDQpERG\D
Y\SOQt~WYDUXUþHQRXIDUERX
3RVWODþHQtWODþLGODQDQiKRGQêFKSR]tFLiFKDOHYãWYRUFRYHMVLHWLXUþHQHMYHĐNRVĢRXNRQãWDQW\D±
VWUDQ\ãWYRUFDWURMXKROQtNDDSRORPHUXNUXåQLFHY\NUHVĐXMWHþHUYHQêãWYRUHFåOWêWURMXKROQtNDPRGU~
NUXåQLFX
1DNUHVOLWHV~VWUHGQpNUXåQLFH8YHGRPWHVLþR]QDPHQiåHNUXåQLFHV~Y\SOQHQp9\P\VOLWHWDNê
VS{VRENUHVOHQLDDE\WRQHYDGLORDQDNUHVOLWHLFKWDNDE\ERODNDåGi]QLFKU{]QHMIDUE\=RSDNXMWHVL
SULWRPSUtND]GRZQWR
1DStãWHSURJUDPNWRUêY\NUHVOtQDREUD]RYNXNUXKRYQiKRGQHMIDUE\±REYRGDMYêSOĖPDM~
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFHSBGJDLÏBLPSZUOBǁJFQSÓLB[Z
URYQDNpDOHQiKRGQHY\EUDQpIDUE\NUXK\PDM~YHĐNRVWLDå
.RU\WQDþN\
1DNUHVOLWHWHUþNUtåWDEOHWNXVOQNRSRPRFRX=PHQ+3
3RPRFRXNRU\WQDþLHNQDNUHVOLWHWURMXKROQtNRY~DSlĢXKROQtNRY~ãSLUiOXVVWUDQDPLWDNDE\VD
NUHVOLOLQDUD]
1DNUHVOLWHQDVOHGXM~FLREUi]RN
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFDZLMZ
QSPDFEÞSZBUFYUPWÏTÞCPSZ
FYLþHQLH
&\NO\SURFHG~U\DWH[WRYp
V~ERU\
.RU\WQDþLDJHRPHWULDF\NO\DSURFHG~U\
1DStãWHSURFHG~U\NWRUpEXG~SRPRFRXNRU\WQDþHMJUDILN\NUHVOLĢQDVOHGXM~FHREUi]N\.GHMHWR
YKRGQpY\XåLWHSURFHG~UX32/<
SURFHGXUH8OLN\SRFHWLQWHJHU
VWUDQDUHDO
SURFHGXUH6WYRUFHQLQWHJHUVGVUHDO
QSRþHWãWYRUFRYVGĎåNDVWUDQ\GV
SUHNU\YQDYêãNX1DNUHVOLWHMHGQêP
ĢDKRP
1DSURJUDPXMWHVLPXOiFLXSRK\EXGYRFKW~ODYêFKNRU\WQDþLHNNWRUpPDM~QDFKUEWRFKPDJQHW\
.RU\WQDþN\VDKêEXQiKRGQHSRREUD]RYNHDNHćVDGRVWDQ~GRY]iMRPQHMEOt]NRVWLY]GLDOHQRVĢG
RWRþLDVDR
1DStãWHSURJUDPYNWRURPNRU\WQDþNDQiKRGQRXSUHFKiG]NRXQDNUHVOtNYHWLQNXVWUHG\OXSHĖRYWYRULD
YUFKRO\SUDYLGHOQpKRSlĢXKROQtND$NVDNRU\WQDþNDQDFKiG]DYRYQ~WRUQRPNUXKXNUHVOtåOWêP
SHURPDNMHPLPRYQ~WRUQpKRNUXKXYQLHNWRURP]OXSHĖRYNUHVOtþHUYHQêPSHURP
D1HGRYRĐWHNRU\WQDþNHNUHVOLĢPLPRNYHWLQ\
E0LPRNYHWLQ\NRU\WQDþNDNUHVOtYQHMDNHMRKUDQLþHQHMREODVWL]HOHQêPSHURPWUiYX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFDZLMZ
QSPDFEÞSZBUFYUPWÏTÞCPSZ
7H[WRYpV~ERU\
6FKpPDQDVSUDFRYDQLHV~ERUX
ZKLOHQRWHRIIGR
LIHROQIWKHQEHJLQ
UHDGOQIVSUDFXMNRQLHFULDGNXYVWXSQpKRV~ERUX
HQGHOVHEHJLQ
UHDGIFKVSUDFXM]QDN
HQG
1DStãWHSURJUDPNWRUêSUHNRStUXMHYVWXSQêWH[WRYêV~ERUYVWXSW[WGRYêVWXSQpKRV~ERUXY\VWXSW[WWDN
åH
DYêVWXSQêV~ERUQHEXGHREVDKRYDĢPHG]HU\NWRUpVDQDFKiG]DOLYRYVWXSQRPV~ERUHQDNRQFLULDGNRY
ESRVWXSQRVĢPHG]LHUYRYVWXSQRPWH[WRYRPV~ERUHEXGHQDKUDGHQiLEDMHGQRXPHG]HURX
6~ERUJJJW[[E\EROQRUPiOQ\WH[WRYêNHE\]DNDåGêP]QDNRPERODM]QDN]DQLHNWRUêPL
FKêEDM~9\WYRUWHQRUPiOQ\WH[WRYêV~ERUJJJW[W3RXåLMHPHQRYpSUtND]\
5HQDPH)LOH2OG1HZVWULQJ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFDZLMZ
QSPDFEÞSZBUFYUPWÏTÞCPSZ
'HOHWH)LOH1DPHVWULQJ
)LOH([LVWVQDPHVWULQJ%RROHDQ
1DStãWHSURJUDPNWRUêVSRþtWDDY\StãHSRGVHEDSRþHWVORYYNDåGHMYHWHYVWXSQpKRWH[WRYpKRV~ERUX
9HWDMHSRVWXSQRVĢVORYXNRQþHQiERGNRX6ORYiV~RGGHOHQpMHGQRXPHG]HURXDOHERNRQFRPULDGNX
6~ERUMHNRUHNWQê
9WH[WRYRPV~ERUHVORYDW[WMHYNDåGRPULDGNXMHGQRVORYR1DStãWHSURJUDPNWRUêY\WYRUtV~ERU
QDMGOKVLW[WYNWRURPEXG~YãHWN\VORYi]RYVWXSQpKRV~ERUXNWRUpPDM~GĎåNXDNRQDMGOKãLHVORYR
YVWXSQpKRV~ERUXQHKĐDGDMWHQDMSUYGĎåNXQDMGOKãLHKRVORYD]RYVWXSQpKRV~ERUX
1DStãWHSURJUDPNWRUêYSDVFDORYVNRPV~ERUHXSUDYtULDGN\REVDKXM~FH]QDNWDNWRPHG]HU\]D
Y\KRGt]R]Y\ãNXULDGNXDNMHQHSUi]GQ\Y\UREtQRYêULDGRNWDNåHWHQWREXGH]DþtQDĢURYQDNêP
SRþWRPPHG]LHUDNêERO]DERGNRþLDUNRXLQiYHU]LDQRYêULDGRNEXGH]DþtQDĢYåG\SRGSUYêPVORYRP
S{YRGQpKRULDGNX±³SDVFDORYVN\´
1DStãWHSURJUDPNWRUêSUHNRStUXMHMHGHQV~ERUGRGUXKpKRDOHWDNåHYãHWN\ULDGN\EXG~PDĢGĎåNX
]QDNRYWMYORåtPHG]LVORYiURYQRPHUQHWRĐNRPHG]LHUDE\VDULDGRNQDWLDKROQD]QDNRY
'DQêMHV~ERUFHOêFKþtVHOQDY]iMRPRGGHOHQêFKPHG]HUDPLDNRQFDPLULDGNRY1DStãWHSURJUDPY
NWRURPEXGHNRU\WQDþNDLQWHUSUHWRYDĢWHQWRV~ERUQDVOHGRYQH
❍DNVDYULDGNXQDFKiG]DOHQMHGQRþtVOR]QDPHQiGĎåNXNURNXGRSUHGX
❍DNVDYULDGNXQDFKiG]DM~GYHþtVODV~WRGĎåN\VWUiQREGĎåQLNDNWRUêPiNRU\WQDþNDQDNUHVOLĢQD
SR]tFLLNGHVDSUiYHQDFKiG]D
❍DNVDYULDGNXQDFKiG]DM~WULþtVODV~WRSDUDPHWUHSURFHG~U\SRO\
0{åHWHSUHGSRNODGDĢåHVDYåLDGQRPULDGNXV~ERUXQHQDFKiG]DYLDFþtVHODNRWUL
'DQêMHV~ERUFHOêFKþtVHORGGHOHQêFKQDY]iMRP
DPHG]HUDPLDNRQFDPLULDGNRY
EERGNRþLDUNDPLDNRQFDPLULDGNRY
1iMGLWHGUXKpQDMPHQãLHþtVOR
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBǁJFL
FYLþHQLH
)XQNFLHSROLDDSROLD
NRU\WQDþLHN
)XQNFLH
1DStãWHFHORþtVHOQ~IXQNFLXNWRUiSUHYVWXSQêSDUDPHWHU1Y\SRþtWD1Wp)LERQDFFLKRþtVOR
IXQFWLRQ)LERQDFFLQLQWHJHULQWHJHU
YDU
IILLQWHJHUPLQLPDOL]XMWHSRþHWORNiOQ\FK
SUHPHQQêFK
EHJLQ
I I 5HVXOW I
IRUL WRQGREHJLQ
5HVXOW II
I II 5HVXOW
HQG
HQG
1DStãWHSURJUDPNWRUêKĐDGiYãHWN\VSULDWHOHQpþtVODPHQãLHDNR]DGDQp16SULDWHOHQêPLVDQD]êYDM~
GYHSULURG]HQpþtVODDNRNDåGRP]QLFKSODWtåHMHV~þWRPYãHWNêFKGHOLWHĐRYGUXKpKRþtVODEH]QHKR
VDPpKR8UREWHVLIXQNFLXQDV~þHWGHOLWHĐRYþtVOD
IXQFWLRQ6XFHW'HOLWHORYQLQWHJHULQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL WRQGLYGR
LIQPRGL WKHQLQF5HVXOWL
HQG
SURFHGXUH6SULDWHOHQH&LVODQLQWHJHU
YDU
LMLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBǁJFL
IRUL WRQGR
IRUM WRQGR
LI6XFHW'HOLWHORYL MDQG6XFHW'HOLWHORYM LWKHQ
0HPR/LQHV$GG,QW7R6WUL
,QW7R6WUM
HQG
1DStãWHFHORþtVHOQ~IXQNFLXVWURPLSDUDPHWUDPL&.D1NWRUiYVXQLHFLIUX&QD.WHPLHVWRVSUDYD
YþtVOH1WHGDYUiWL]PRGLILNRYDQpþtVOR1$NVDWRXURELĢQHGi.MHYlþãLHDNRSRþHWFLILHUþtVOD
1YUiWLQH]PHQHQpþtVOR1
3ROLD
0iPHSROHFLILHUDUUD\>@RIUHSUH]HQWXM~FHGHVDĢFLIHUQpþtVOD9\WYRUWHIXQNFLH
NWRUp]WDNpKRWRW\SXY\WYRULDLQWHJHUDQDVSlĢ±]LQWHJHUXGDQêW\S
1'ÒY\WYRULĢIXQNFLXQDVþtWDQLHGYRFKWDNêFKWRþtVHO
1DStãWHSURJUDPNWRUêSUHþtWD]RYVWXSQpKRV~ERUXWH[WDåSRDY\StãHYDEHFHGQRPSRUDGt
StVPHQiNWRUpVDYĖRPY\VN\WOLSUiYHUD]
YDU
SDUUD\>
$
=
@RILQWHJHU
]FKDU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
IRU]
$
WR
=
GRS>]@
UHDGW]
ZKLOH]!
GREHJLQ
LI8SFDVH]
=
DQG8SFDVH]!
$
WKHQ
LQFS>8SFDVH]@
UHDGW]
HQG
IRU]
$
WR
=
GR
LIS>]@ WKHQ0HPR/LQHV$GG]
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBǁJFL
9SROL$V~OHQDOHER1DStãWHSURJUDPNWRUêPKRXWULHGLWH6NDåGêPSUYNRPPDQLSXOXMWHOHQ
UD]
1'ÒDNV~SUYNDPLSRĐDD
3ROLDNRU\WQDþLHN
LQêYDULDQWNRU\WQDþN\PDM~SHURKRUHDYåG\NHćVDSUHVXQ~Y\ããLHXYHGHQêPVS{VRERPQDNUHVOLD
VDVSRMQLFHPHG]LLRXDLRXNRU\WQDþNRX±WDNWREXG~Y]QLNDĢ]DXMtPDYpGSDYXþLQN\
FRQVW
Q
YDU
LLQWHJHU
NDUUD\>Q@RINRU
EHJLQ
IRUL WRQGREHJLQ
N>L@ .RU&UHDWHUDQGRPUDQGRP
N>L@SGN>L@XND]
HQG
ZKLOHWUXHGREHJLQ
IRUL WRQGREHJLQ
N>L@]PHQVPHUN>L@VPHURPN>L@[VXUN>L@\VXU
N>L@GRSUHGXN>L@Y]GN>L@[VXUN>L@\VXU
HQG
ZLWKN>Q@GREHJLQ
]PHQVPHUVPHURPN>@[VXUN>@\VXU
GRSUHGXY]GN>@[VXUN>@\VXU
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBǁJFL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFGVOLDJF
QPMJBBQPMJBLPSZUOBǁJFL
HQG
IRUL QWRSRFGR
N>L@GRSUHGXGO>L@
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF3FǬB[DF
WJBDSP[NFSOÏQPMJBBUZQ[È[OBN
FYLþHQLH
5HĢD]FHYLDFUR]PHUQpSROLDD
W\S]i]QDP
5HĢD]FH
1DStãWHIXQNFLXNWRUiYUiWL758(DNUHĢD]HFNWRUêMHMHMSDUDPHWURPMHSDOLQGURPLQDNYUiWL
)$/6(3UHGSRNODGDMWHåH
DUHĢD]HFREVDKXMHMHGQRVORYR
EUHĢD]HFREVDKXMHYHWX1HEHUWHGR~YDK\PHG]HU\DQLUR]GLHOPHG]LPDOêPLDYHĐNêPLStVPHQDPL
DIXQNFLDMH3DOLQGURP"VMHQ\PVORYRP
IXQFWLRQMH3FRQVWVVWULQJERROHDQ
YDU
LLQWHJHU
EHJLQ
L
5HVXOW WUXH
ZKLOH5HVXOWDQGL OHQJWKVGLYGREHJLQ
5HVXOW XSFDVHV>L@ XSFDVHV>OHQJWKVL@
LQFL
HQG
HQG
EIXQNFLDMH3DOLQGURP"VYHWRX
IXQFWLRQMH33VVWULQJERROHDQ
EHJLQ
5HVXOW WUXH
ZKLOH5HVXOWDQGOHQJWKV!GR
LIV>@
WKHQV FRS\VOHQJWKV
HOVHLIV>OHQJWKV@
WKHQ6HW/HQJWKV/HQJWKV
HOVHEHJLQ
5HVXOW XSFDVHV>@ XSFDVHV>OHQJWKV@
V FRS\VOHQJWKV
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF3FǬB[DF
WJBDSP[NFSOÏQPMJBBUZQ[È[OBN
3UHNRStUXMWHYVWXSQêWH[WRYêV~ERUYVWXSW[WGRYêVWXSQpKRWH[WRYpKRV~ERUXY\VWXSW[WWDNåHQD
]iSLVGRYêVWXSQpKRV~ERUXSRXåLMHWHOHQMHGLQêSUtND]ZULWHQLHYF\NOH
YDU
VUVWULQJ
EHJLQ
V
ZKLOHQRWHRILGREHJLQ
UHDGOQLU
V VUDNFK\EDORQDNRQFLVXERUX&5/)
WDNKRWDPSULGDDOHWRMHRN
HQG
ZULWHRV
HQG
1DStãWHSURFHG~UXNWRUiYRYVWXSQRPUHĢD]FLQDKUDGtYãHWN\YêVN\W\
VDQDKUDGLD
±
YVXQXW~PHG]HUXXåQHQDKUiG]DMWH
VS{VRESDPlWiPVLLQGH[DWHQ]YlþãXMHPSULSRV~YDQt
VS{VREWYRUtPNySLXVWULQJX
9LFUR]PHUQpSROH
9\WODþWHSUYN\REGĎåQLNRYHMPDWLFH0[1YSRUDGtYDNRPOHåLDQDãSLUiOHYHG~FHM]ĐDYpKRKRUQpKR
URKXGRVWUHGXWRLVWpDOHMHPRåQp]DGDĢãWDUWRYêERGDVPHUWRþHQLD
9JUDILFNHMSORFKH,PDJHPiPHãWYRUFRYêREUi]RN2WRþWHWHQWRREUi]RNRVWEH]SRPRFQHM
ELWPDS\DSRĐD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF3FǬB[DF
WJBDSP[NFSOÏQPMJBBUZQ[È[OBN
YH]PHPHVLERG\]MHGQpKRNYDGUDQWX
QDUD]RWRþtPHV\PHWULFNpERG\
YDU
J7&DQYDV
S7FRORU
[\LQWHJHU
EHJLQ
J ,PDJH&DQYDV
IRU[ WR,PDJH:LGWKGLYGR
IRU\ WR,PDJH+HLJKWGLYGREHJLQ
S J3L[HOV>[\@
J3L[HOV>[\@ J3L[HOV>,PDJH:LGWK\[@
J3L[HOV>,PDJH:LGWK\[@
J3L[HOV>,PDJH:LGWK[,PDJH:LGWK
\@
J3L[HOV>,PDJH:LGWK[,PDJH:LGWK\@
J3L[HOV>\,PDJH:LGWK[@
J3L[HOV>\,PDJH:LGWK[@ S
HQG
HQG
3RWUHEXMHPH]PHQãLĢREUi]RNQDSRORYLþQ~ãtUNXDSRORYLþQ~YêãNX0RKOLE\VPHWRURELĢWDNåH]
NDåGpKRGUXKpKRULDGNDYåG\]REHULHPHNDåGêGUXKêERG7DNWRE\VDYãDNPRKORVWDĢåHVWUDWtPH
QHMDNpLQIRUPiFLH3UHGVWDYWHVLþLHUQR±ELHOXPULHåNX]NWRUHME\VPHSULWDNRPVS{VREH
]PHQãRYDQLDPRKOLGRVWDĢþLVWRþLHUQ\DOHERþLVWRELHO\REUi]RN9\WYRUWHWHGD]REUi]ND]PHQãHQp
REUi]N\DE\VPHLFKSUtSPRKOLSRURYQDĢDQHVWUDWLOLWDNLQIRUPiFLH
±REUi]RN]REHULHP]ULDGNDERG]ULDGNDERG]ULDGND
±REUi]RN]REHULHP]ULDGNDERG]ULDGNDERG]ULDGND
±REUi]RN]REHULHP]ULDGNDERG]ULDGNDERG]ULDGND
±REUi]RN]REHULHP]ULDGNDERG]ULDGNDERG]ULDGND
7\S]i]QDP
=SUHGQiãN\PiPH]DGHILQRYDQêW\SW\SHYHNWRU UHFRUG[\UHDOHQG'RUREWHćDOãLH
IXQNFLHYHNWRURYHMDULWPHWLN\SRVXQ\]YlþãRYDQLH]PHQãRYDQLHVNDOiUQ\V~þLQ]LVWHQLHXKODPHG]L
GYRPDYHNWRUPLDSRG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF3FǬB[DF
WJBDSP[NFSOÏQPMJBBUZQ[È[OBN
1'Ò=DGHILQXMWHW\SNRPSOH[QpþtVORVUHiOQRXDLPDJLQiUQRXþDVĢRXDY\WYRUWHSURFHG~U\DIXQNFLH
SUHY\StVQLHVþtWDQLHRGþtWDQLHQiVREHQLH
.UVWQpPHQiVLXGUåLDYDMWHYGiWRYHMãWUXNW~UHXWULHGHQpSRGĐDDEHFHG\SUL]DUDćRYDQtSRXåLWHELQiUQH
Y\KĐDGiYDQLH
FRQVW
PD[ V~ERUPiPD[ULDGNRYPD[U{]Q\FK
PLHQ
W\SH
PHQR UHFRUG
PHQRVWULQJ
NRONRZRUG
HQG
YDU
SROHDUUD\>PD[@RIPHQR
W7H[W)LOH
VVWULQJ
SPLHQLQWHJHU
SURFHGXUHSRVXQBRGRGLQWHJHU
YDU
LLQWHJHU
EHJLQ
IRUL SPLHQGRZQWRRGGRSROH>L@ SROH>L@
HQG
SURFHGXUH]DUDGPVWULQJ
YDU
]NVSR]LFHLQWHJHU
ERORERROHDQ
EHJLQ
LISPLHQ WKHQEHJLQ
SROH>@PHQR P
SROH>@NRONR
LQFSPLHQ
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF3FǬB[DF
WJBDSP[NFSOÏQPMJBBUZQ[È[OBN
HOVHEHJLQ
ELQiUQHY\KĐDGiYDQLH
] N SPLHQ
ZKLOH]NGREHJLQ
V ]NGLY
LISROH>V@PHQRPWKHQ] V
HOVHLISROH>V@PHQR!PWKHQN V
HOVHEHJLQ] VN VHQG
HQG
QDVWDYHQLHSR]tFLH
LI] NDQGSROH>]@PHQR PWKHQEHJLQ
SR]LFH ]EROR WUXH
HQG
HOVHEHJLQ
EROR IDOVH
LI] NWKHQ
LISROH>]@PHQR!PWKHQSR]LFH ]
HOVHSR]LFH ]
HOVHEHJLQ
LIN WKHQSR]LFH
LIN!DQGPSROH>N@PHQRWKHQSR]LFH N
LIPSROH>]@PHQRWKHQSR]LFH ]
LIP!SROH>]@PHQRWKHQSR]LFH ]
HQG
HQG
]DUDGHQLHPHQD
LIERORWKHQLQFSROH>SR]LFH@NRONR
HOVHEHJLQ
SRVXQBRGSR]LFH
LQFSPLHQ
SROH>SR]LFH@PHQR P
SROH>SR]LFH@NRONR
HQG
HQG
HQG
SURFHGXUHY\SLVBPHQD
YDU
LLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF3FǬB[DF
WJBDSP[NFSOÏQPMJBBUZQ[È[OBN
IRUL WRSPLHQGR
0HPR/LQHV$GGSROH>L@PHQR
LQWWRVWUSROH>L@NRONR
HQG
EHJLQ
$VVLJQ)LOHW
PLILW[W
5HVHWW
SPLHQ
ZKLOHQRWHRIWGREHJLQ
UHDGOQWV
V FRS\VSRV
V
]DUDGV
HQG
&ORVH)LOHW
Y\SLVBPHQD
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
FYLþHQLH
6NHQHUUHNXU]LD
6NHQHU
YDU
]FKDU
WW7H[W)LOH
SURFHGXUH]QDNSURFHG~UDQDþtWDQLH]RV~ERUX
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
'DQêMHWH[WRYêV~ERUSURJUDPSDVNWRUêREVDKXMHQHMDNêSDVFDORYVNêSURJUDP6NRStUXMWHREVDKWRKWR
V~ERUXGRWH[WRYpKRV~ERUXSURJUDPSDVSULþRPYNySLLEXG~]QHJRYDQpUHODþQpRSHUiWRU\
]DPHQt]D! DQDRSDN
!]DPHQt]D DQDRSDN
]DPHQt]D!DQDRSDN
'DMWHSR]RUQDSULUDGHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
YDU
OH[NRQUHO
UVWULQJ
SURFHGXUHVNHQHU
YDU
RNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
XåMHNRQLHFV~ERUX
EHJLQ
OH[ NRQRN WUXH
HQG
^
EHJLQLJQRUXMHPHNRPHQWiUH
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
!
EHJLQ
U
UHSHDWU U]]QDNXQWLOQRW]LQ>
!
@
OH[ UHORN WUXH
HQG
EHJLQP{åHE\ĢSULUDGHQLH
SLV]QDN
LI]
WKHQEHJLQSLV]QDNHQG
HQG
HOVH
SLV]QDN
HQGFDVH
XQWLORN
HQG
EHJLQ
$VVLJQ)LOHW
SURJUDPSDV
5HVHWW
$VVLJQ)LOHW
SURJUDPSDV
5HZULWHW
]QDNVNHQHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
ZKLOHOH[!NRQGREHJLQ
LIU
WKHQZULWHW
!
HOVHLIU
WKHQZULWHW
!
HOVHLIU
WKHQZULWHW
!
HOVHLIU
!
WKHQZULWHW
HOVHLIU
!
WKHQZULWHW
HOVHLIU
!
WKHQZULWHW
VNHQHU
HQG
&ORVH)LOHW&ORVH)LOHW
HQG
'DQêMHWH[WRYêV~ERUDSDVNWRUêREVDKXMHQHMDNêSDVFDORYVNêSURJUDP1DStãWHSURJUDPNWRUê
❍SUHþtWDWHQWRV~ERUQiMGHYĖRPYãHWN\YêVN\W\FHORþtVHOQêFKNRQãWiQW
❍DY\StãHIUHNYHQþQ~WDEXĐNXWêFKWRYêVN\WRYXVSRULDGDQ~Y]RVWXSQH
YDU
OH[NRQFFLVOR
FSRFBWLLQWHJHU
WDEXONDDUUD\>@RIUHFRUGFLVORSRFHWLQWHJHUHQG
SURFHGXUHVNHQHU
YDU
RNERROHDQ
]]FKDU
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQXåMHNRQLHFV~ERUX
OH[ NRQRN WUXH
HQG
^
EHJLQLJQRUXMHPHNRPHQWiUH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
UHSHDW]QDNXQWLO]LQ>
`
@
]QDN
HQG
EHJLQ
]QDN
LI]
WKHQEHJLQNRPHQWiU
UHSHDW
] ]]QDN] ]
XQWLO] RU]
DQG]
]QDN
HQG
HQG
EHJLQ
]QDN
LI]
WKHQ
UHSHDW]QDNXQWLO]LQ>@
HQG
EHJLQ
UHSHDW]QDNXQWLO]LQ>
@
]QDN
HQG
D
]
$
=
B
ZKLOHXSFDVH]LQ>
$
=
B
@GR]QDN
EHJLQ
U ]]QDN
ZKLOH]LQ>
@GREHJLQU U]]QDNHQG
LISRV
U WKHQEHJLQOH[ FFLVORRN WUXHHQG
HQG
EHJLQ
U ]]QDN
LI]LQ>
@WKHQEHJLQ
ZKLOH]LQ>
@GREHJLQU U]]QDNHQG
LISRV
U WKHQEHJLQOH[ FFLVORRN WUXHHQG
HQG
HQG
HOVH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
]QDN
HQGFDVH
XQWLORN
HQG
EHJLQ
$VVLJQ)LOHW
DSDV
5HVHWW
]QDNVNHQHU
SRFBW
ZKLOHOH[!NRQGREHJLQ
F 6WU7R,QWU
L
ZKLOHL SRFBWDQGWDEXOND>L@FLVOR!FGRLQFL
LIL SRFBWWKHQ
LQFWDEXOND>L@SRFHW
HOVHEHJLQ
LQFSRFBW
WDEXOND>SRFBW@FLVOR F
WDEXOND>SRFBW@SRFHW
HQG
VNHQHU
HQG
&ORVH)LOHW
$VVLJQ)LOHW
Y\VWXSW[W
5HZULWHW
IRUL WRSRFBWGR
ZLWKWDEXOND>L@GR
ZULWHOQWFLVOR
SRFHW
&ORVH)LOHW
HQG
❍WHVWSDVEXGHREVDKRYDĢ]S{YRGQpKRV~ERUXOHQNRPHQWiUH
❍]QDN\YRERFKV~ERURFKPXVLDE\Ģ]DStVDQpWDNåHNHE\VPHYêSLV\RERFKV~ERURYXURELOLQD
SULHVYLWQpIyOLHDWLHWRSUHVQHQDVHEDSRORåLOLGRVWDOLE\VPHS{YRGQêV~ERUWHVWSDV
3R]QYSURJUDPHQHSRXåtYDMWHåLDGQHSROLDDQLUHĢD]FH2EDYêVWXSQpV~ERU\WHVWSDVDWHVWSDVQHVP~
REVDKRYDĢQDNRQFLULDGNRYåLDGQHPHG]HU\9VWXSQêV~ERUWHVWSDVP{åHWHþtWDĢOHQUD]0DOLE\VWH
SRþtWDĢVWêPåHV\PERO^VDP{åHQDFKiG]DĢDMYUHĢD]FRYêFKNRQãWDQWiFK8YDåXMWHOHQNRPHQWiUHY^`
]iWYRUNiFKDQLHY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
5HNXU]LD
9\WYRUWHþtVHOQpIXQNFLHNWRUpUHNXU]LRXY\SRþtWDM~
❍QW~PRFQLQDþtVOD
❍QWp)LERQDþLKRþtVOR
❍NRPELQDþQpþtVOREH]IDNWRULiORYFH]3DVFDORYWURMXKROQtN
RYHĐDNUDMãLHULHãHQLH
EHJLQ
LIQWKHQ5HVXOW
HOVH5HVXOW )LEQ
HQG
&Q &QQ &QP &QP&QP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
9\WYRUWHIXQNFLXNWRUiUHNXU]LRX
❍]LVWtþLMH]DGDQêVWULQJSDOLQGURP
❍REUiWLVWULQJ
❍REUiWLULDGN\YV~ERUHSRULDGNRFKSR]QDNRFK
EHJLQ
5HVXOW V\PVOHQJWKV
HQG
WKHQ5HVXOW
HOVH5HVXOW SUHYUDWFRS\VOHQJWKVV>@
HQG
SUHYUDWLWH[WRY\VXERUSRULDGNRFK
SURFHGXUHSUHYUDWBVXERU
EHJLQ
$VVLJQ)LOHW
YVWXSW[W
5HVHWW
$VVLJQ)LOHW
Y\VWXSW[W
5HZULWHW
SUHYUDWBVXE
&ORVH)LOHW
HQG
SURFHGXUHSUHYUDWBVXE
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
YDU
VVWULQJ
EHJLQ
LIQRWHRIWWKHQEHJLQ
UHDGOQWV
SUHYUDWBVXE
ZULWHOQWV
HQG
HQG
SUHYUDWLWH[WRY\VXERUSR]QDNRFK
SURFHGXUHSUHYUDWBVXERU
EHJLQ
$VVLJQ)LOHW
YVWXSW[W
5HVHWW
$VVLJQ)LOHW
Y\VWXSW[W
5HZULWHW
SUHYUDWBVXE
&ORVH)LOHW
HQG
SURFHGXUHSUHYUDWBVXE
YDU
VVWULQJ
EHJLQ
LIQRWHRIWWKHQEHJLQ
UHDGOQWV
V SUHYUDWV
SUHYUDWBVXE
ZULWHOQWV
HQG
HQG
.RU\WQDþNRXQDNUHVOLWHWLHWRUHNXU]tYQHREUi]N\.WRUp]QLFKVDGDM~QDNUHVOLĢEH]UHNXU]LHOHQSRPRFRX
F\NOXZKLOH".WRUpVDGDM~QDNUHVOLĢMHGQêPĢDKRPVUHNXU]LRXLEH]"
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
SURFHGXUH7URMXKROQLQWHJHUVUHDO
YDU
LLQWHJHU
EHJLQ
LIQWKHQQLþ
HOVH
IRUL WRGREHJLQ
7URMXKROQV
N'RSUHGXV
N9ODYR
HQG
HQG
SURFHGXUH7URMXKROQLQWHJHUVUHDO
EHJLQ
LIQWKHQQLþ
HOVHEHJLQ
N'RSUHGXV
N9ODYR
7URMXKROQV
N9SUDYR
N'RSUHGXV
N9ODYR
N'RSUHGXV
N9ODYR
N'RSUHGXV
N9ODYR
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFTLFOFS
SFLVS[JB
SURFHGXUH7URMXKROQLQWHJHUVUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQN'RSUHGXV
HOVHEHJLQ
N'RSUHGXV
N9ODYR
IRUL WRGREHJLQ
7URMXKROQV
N9SUDYR
HQG
N9SUDYR
N'RSUHGXV
HQG
HQG
SURFHGXUH9ORFNDQLQWHJHUVUHDO
YDU
LLQWHJHU
EHJLQ
LIQWKHQQLþ
HOVH
IRUL WRGREHJLQ
N'RSUHGXV
9ORFNDQV
N'RSUHGXV
N9SUDYR
HQG
HQG
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
FYLþHQLH
3UiFDVP\ãRXþDVRYDþ
WDEXĐNRYêNRPSRQHQW
3UiFDVP\ãRX
SUDFXMHPHVSURFHG~UDPL
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW
6KLIW76KLIW6WDWH;<,QWHJHU
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
NGH
W\SH
70RXVH%XWWRQ PE/HIWPE5LJKWPE0LGGOH
76KLIW6WDWH VHWRIVV6KLIWVV$OWVV&WUO
VV/HIWVV5LJKWVV0LGGOHVV'RXEOH
1DStãWHSURJUDPNWRUêSRNOLNQXWtĐDYêPWODþLGORPP\ãLGRJUDILFNHMSORFK\QDNUHVOtQDGDQHMSR]tFLL
REGĎåQLNQiKRGQêFKUR]PHURYDSRNOLNQXWtSUDYêPWODþLGORPP\ãLQDNUHVOtHOLSVXQiKRGQêFK
UR]PHURY$NMHSULNOLNDQtVWODþQHQêNOiYHV6KLIWNUHVOtPHãWYRUHFDNUXåQLFX
❍GDMWHVLSR]RUQDY\SĎĖDQLHWUHEDQDVWDYLĢJ%UXVK6W\OH EV&OHDU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDUULQWHJHU
EHJLQ
J%UXVK6W\OH EV&OHDU
U UDQGRP
LI6KLIW >VV/HIW@WKHQ
J5HFWDQJOH[\[U\5DQGRP
HOVHLI6KLIW >VV5LJKW@WKHQ
J(OOLSVH[\[U\5DQGRP
HOVHLI6KLIW >VV6KLIWVV/HIW@WKHQ
J5HFWDQJOH[\[U\U
HOVHLI6KLIW >VV6KLIWVV5LJKW@WKHQ
J(OOLSVH[\[U\U
HQG
1DStãWHSURJUDPNWRUêEXGHNUHVOLĢQDJUDILFN~SORFKXREGĎåQLN\VWODþHQLHĐDYpKRWODþLGODP\ãL
GHILQRYDQLHĐDYpKRKRUQpKRYUFKRODREGĎåQLNDĢDKDQtPDSXVWHQtPQDVWDYHQLHSURWLĐDKOpKRYUFKROD
GDMWHVLSR]RUQDY\SĎĖDQLHDQDSUHNUHVĐRYDQLHWUHEDQDVWDYLĢ
J3HQ0RGH SP;RU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
[ [\ \
[ [\ \
J3HQ&RORU FO:KLWH
J3HQ0RGH SP;RU
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[\[\DMWDNMHWRQXORYêREGĎåQLN
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
J5HFWDQJOH[\[\
[ [\ \
J5HFWDQJOH[\[\
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
J5HFWDQJOH[\[\
J3HQ&RORU FO%ODFNUHVSLQiIDUED
J3HQ0RGH SP&RS\
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[\[\
HQG
.RU\WQDþN\DP\ã
1DStãWHSURJUDPYNWRURPNRU\WQDþNDYåG\SULVWODþHQtWODþLGODP\ãLNUHVOtSRGĐDSRK\EXP\ãN\
6~þDVQHVWRXWRNRU\WQDþNRXY\WYRUWHMHMNySLHSRGĐDRVt[D\NWRUpEXG~NUHVOLĢ]UNDGORYRSRGĐD
SUtVOXãQHMRVL
YDU
NDUUD\>@RINRU
WDKDWERROHDQ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDULLQWHJHU
EHJLQ
WDKDW 6KLIW >VV/HIW@
LIWDKDWWKHQEHJLQ
N>@ .RU&UHDWH;[\<
N>@ .RU&UHDWH;[\<
N>@ .RU&UHDWH;[\<
N>@ .RU&UHDWH;[\<
IRUL WRGREHJLQN>L@SGN>L@XND]HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LIWDKDWWKHQEHJLQ
N>@]PHQ[\;[\<
N>@]PHQ[\;[\<
N>@]PHQ[\;[\<
N>@]PHQ[\;[\<
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
HQG
1DUD]
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
YDU
LLQWHJHU
EHJLQ
LIWDKDWWKHQEHJLQ
IRUL WRGRN>L@)UHH
WDKDW IDOVH
HQG
HQG
1DStãWHSURJUDPYNWRURPVDSULNOLNQXWtGRSORFK\YåG\Y\JHQHUXMHNRU\WQDþNDDSRNOLNQXWtQD
WODþLGOR]DþQ~NRU\WQDþN\Y\NUHVĐRYDĢQDVYRMRPPLHVWHYåG\YlþãtDYlþãtELQiUQ\VWURPDNRNHE\
UiVWROQRYêVWURPEXGHPDĢGOKãLHNRQiUHDEXGHPDĢYLDF~URYQtDåSRVWURP~URYQH0D[8URYHQ
.RU\WQDþN\VLXGUåLDYDMWHYSROLDYåG\NHćQLHNWRUiNRU\WQDþNDVNRQþtNUHVOHQLHY\KRćWHMX]SRĐD
QDKUDćWHMXSRVOHGQRXDVNUiĢWHSROH3RXåLWH7LPHU
FRQVW
0D[
0D[8URYHQ
W\SH
SROHNRU DUUD\>0D[@RIUHFRUG
XURYHQGOLQWHJHU
N.RU
HQG
YDU
SSROHNRU
SRFLQWHJHU
SRF
7LPHU(QDEOHG IDOVH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<
,QWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
S>SRF@N .RU&UHDWH;[\<
LQFSRF
S>SRF@N8ND]
S>SRF@NSG
S>SRF@XURYHQ
S>SRF@GO
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG WUXH
HQG
SURFHGXUHVWURPNNRUQLQWHJHUYUHDO
EHJLQ
ZLWKNGREHJLQ
'RSUHGXY
LIQ!WKHQEHJLQ
9ODYRQDWRþVDQDNUHVOHQLHĐDYpKRVWURPX
VWURPNQYQDNUHVOLĐDYêVWURPQ~URYQH
9SUDYRQDWRþVDQDNUHVOHQLHSUDYpKRVWURPX
VWURPNQYQDNUHVOLSUDYêSRGVWURPQ~URYQH
9ODYRQDWRþVDGRS{YRGQpKRVPHUX
HQG
'RSUHGXYYUiĢVDQDS{YRGQpPLHVWR
HQG
HQG
SURFHGXUH72NQR7LPHU7LPHU6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
LISRF!WKHQEHJLQ
1DUD]
IRUL WRSRFGR
ZLWKS>L@GREHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
N=PHQ)3FO:KLWH
VWURPNXURYHQGO
LQFXURYHQ
LQFGO
N=PHQ)3FO%ODFN
VWURPNXURYHQGO
HQG
FDNDM
L
ZKLOHL SRFGR
ZLWKS>L@GR
LIXURYHQ! 0D[8URYHQWKHQEHJLQ
N=PHQ)3FO:KLWH
VWURPNXURYHQGO
N)UHH
S>L@ S>SRF@
GHFSRF
HQG
HOVHLQFL
HQG
7LPHU(QDEOHG WUXH
HQG
7DEXĐNRYêNRPSRQHQW
1DStãWHSURJUDPNWRUêXPRåQtGYRPKUiþRPKUDĢSH[HVR+UDFLXSORFKXY\NUHVOLWHSRPRFRX
NRPSRQHQWX6WULQJ*ULG.DUWLþN\EXG~QDPLHVWRREUi]NRYREVDKRYDĢVORYi1HRWRþHQiNDUWLþNDEXGH
]Qi]RUQHQiQDSUDNRãWYRUHFPRGUHMIDUE\RWRþHQiNDUWLþNDEXGHãWYRUHFQDSUþHUYHQHMIDUE\V
ELHO\PQiSLVRP$NV~RWRþHQpGYHNDUWLþN\VURYQDNêPVORYRP]PL]Q~]KUDFHMSORFK\YSUtVOXãQHM
EXQNHVDQHEXGHY\NUHVĐRYDĢQLþ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
FRQVW
SULDG
SVWOS
SRFHW SULDG
SVWOSPXVtE\ĢSiUQH
SRFHW SRFHWGLY
VORYRDUUD\>SRFHW@RIVWULQJ
VNROD
VWURP
URERW
SRKDU
PRELO
VOQNR
NOXFH
DWODV
W\SH
7)RUP FODVV7)RUP
6WULQJ*ULG76WULQJ*ULG
7LPHU77LPHU
SURFHGXUH
SULYDWH
WDKE\WH ]DþLDWRN XåRGRNU\Wp
XåRGRNU\Wp !þDNDVDQDWLPHU
VWOSHFULDGRNUVE\WH
VWDYDUUD\>SVWOSSULDG@RI
XKiGQXWp ]DNU\Wp RGRNU\Wp
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
LMLQWHJHU
SROHDUUD\>SRFHW@RIVWULQJ
VVVWULQJ
EHJLQ
7LPHU(QDEOHG IDOVH
ZLWK6WULQJ*ULGGREHJLQPRåQRQHWUHEDDN
&RO&RXQW SVWOS
:LGWK 'HIDXOW&RO:LGWK*ULG/LQH:LGWK
SVWOS
5RZ&RXQW SULDG
+HLJKW 'HIDXOW5RZ+HLJKW*ULG/LQH:LGWK
SULDG
HQG
UDQGRPL]H
WDK
IRUL WRSRFHWGREHJLQ
SROH>L@ VORYR>L@
SROH>LSRFHW@ VORYR>L@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
HQG
IRUL SRFHWGRZQWRGREHJLQPLHãDQLHSRĐD
M UDQGRPL
VV SROH>M@
SROH>M@ SROH>L@
SROH>L@ VV
HQG
IRUL WRSVWOSGR
IRUM WRSULDGGREHJLQ
VWDY>LM@
6WULQJ*ULG&HOOV>LM@ SROH>L
SULDGM@
HQG
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ/RQJLQW5HFW75HFW6WDWH7*ULG'UDZ6WDWH
EHJLQ
LIVWDY>$&RO$5RZ@WKHQEHJLQQLHMHWH[W
LIVWDY>$&RO$5RZ@ WKHQ
6WULQJ*ULG&DQYDV%UXVK&RORU FO:KLWH
HOVH6WULQJ*ULG&DQYDV%UXVK&RORU FO%OXH
6WULQJ*ULG&DQYDV)LOO5HFW5HFW
HQG
HOVHEHJLQ
6WULQJ*ULG&DQYDV%UXVK&RORU FO5HG
6WULQJ*ULG&DQYDV)RQW&RORU FO:KLWH
6WULQJ*ULG&DQYDV7H[W5HFW
5HFW5HFW/HIW5HFW7RS6WULQJ*ULG&HOOV>$&RO$5RZ@
HQG
HQG
SURFHGXUH7)RUP6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW
$&RO$5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
EHJLQ
LIWDK RUVWDY>$&RO$5RZ@!WKHQH[LW
LQFWDKVWDY>$&RO$5RZ@
FDVHWDKRI
EHJLQVWOSHF $&ROULDGRN $5RZHQG
EHJLQU $5RZV $&RO7LPHU(QDEOHG WUXHHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJFQSÈDBTNZÝPV
ǁBTPWBǁ
UBCVǚLPWâLPNQPOFOU
HQG
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDU
EE\WH
EHJLQ
7LPHU(QDEOHG IDOVH
ZLWK6WULQJ*ULGGREHJLQ
E RUG&HOOV>VWOSHFULDGRN@!&HOOV>VU@
VWDY>VWOSHFULDGRN@ E
VWDY>VU@ E
WDK
5HSDLQWSUHNUHVOtYãHWN\SROtþND
!]DNU\MHDOHER]UXãtRGRNU\Wp
HQG
HQG
1'Ò
RSUDYWHWHQWRSURJUDPWDNDE\VSUiYQHIXQJRYDODMSUHQHSiUQ\SRþHWNDUWLþLHNQDSUSUHSRþHW
Ɣ
NDUWLþLHN[Y\JHQHUXMHGYRMtFDMHGQDNDUWLþNDXåSULãWDUWHEXGHYVWDYHWMDNRNHE\XåEROD
XKiGQXWi
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
FYLþHQLH
223DG\QDPLFNpSROLD
223
1DStãWHSURJUDPNWRUêSRþtWD1IDNWRULiO1Wp)LEþtVOR
FRQVW
PD[
W\SH
9HONH&LVOR FODVV
FDUUD\>PD[@RIE\WH
SPD[SRþHWSODWQêFKFLILHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSULUDG[LQWHJHURYHUORDG
SURFHGXUHSULUDG[9HONH&LVORRYHUORDG
SURFHGXUHSULFLWDM[LQWHJHURYHUORDG
SURFHGXUHSULFLWDM[9HONH&LVORRYHUORDG
SURFHGXUHQDVRE[LQWHJHU
IXQFWLRQY\SLVVWULQJ
HQG
FRQVWUXFWRU9HONH&LVOR&UHDWH
YDU
LLQWHJHU
EHJLQ
S
IRUL WRPD[GRF>L@
HQG
SURFHGXUH9HONH&LVORSULUDG[LQWHJHU
EHJLQ
S
UHSHDW
LQFS
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
F>S@ [PRG
[ [GLY
XQWLO[
HQG
SURFHGXUH9HONH&LVORSULUDG[9HONH&LVOR
EHJLQ
S [SF [F
HQG
SURFHGXUH9HONH&LVORSULFLWDM[LQWHJHU
YDU
LVXFLQWHJHU
EHJLQ
L
ZKLOH[!DQGL PD[GREHJLQ
LIL!SWKHQEHJLQ
S LF>L@
HQG
VXF F>L@[
F>L@ VXFPRG
[ VXFGLY
LQFL
HQG
HQG
SURFHGXUH9HONH&LVORSULFLWDM[9HONH&LVOR
YDU
LVXFSUHQRVLQWHJHU
EHJLQ
L SUHQRV
ZKLOHSUHQRV!RUL SDQGL [SDQGL PD[GREHJLQ
LIL!SWKHQEHJLQ
S LF>L@
HQG
LIL![SWKHQEHJLQ
[S L[F>L@
HQG
VXF F>L@[F>L@SUHQRV
F>L@ VXFPRG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
SUHQRV VXFGLY
LQFL
HQG
HQG
SURFHGXUH9HONH&LVORQDVRE[LQWHJHU
YDU
LVXFSUHQRVLQWHJHU
EHJLQ
L SUHQRV
ZKLOHSUHQRV!RUL SDQGL PD[GREHJLQ
LIL!SWKHQEHJLQ
S LF>L@
HQG
VXF F>L@
[SUHQRV
F>L@ VXFPRG
SUHQRV VXFGLY
LQFL
HQG
HQG
IXQFWLRQ9HONH&LVORY\SLVVWULQJ
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL SGRZQWRGR
5HVXOW 5HVXOWFKUF>L@RUG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
IQDVREL
0HPR/LQHV$GG,QW7R6WUL
IY\SLV
HQG
I)UHH
HQG
1'Ò
❍]DGHILQXMWHPHWyG\QDUR]GLHOSRGLHOQiVREHQLHVYHĐNêPþtVORPDSRG
❍XUREWHFODVV9HONH&LVORSRPRFRXG\QDPLFNpKRSRĐD
1'Ò
]DGHILQXMWHWULHGXQDSUiFXVYHNWRUPL
❍
=DGHILQXMWHWULHGX2VREDVRVWDYRYêPLSUHPHQêPLPHQRYHNDGUHVDDVPHWyGDPLQDLQLFLDOL]iFLX
SUHGVWDYHQLHVDD]LVWHQLHþLGDQiRVREDMHDOHERQLHMHPODGtNRP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
=DGHILQXMWHćDOHMSRWRPNDWHMWRWULHG\2VRED3VQRYRXVWDYRYRXSUHPHQQRXSRKODYLHDQRYRX
PHWyGRX2VORYHQLHSUHGNRYDPHWyGDERODYPXåVNRPURGH
W\SH
2VRED FODVV
PHQRVWULQJ
YHNE\WH
DGUHVDVWULQJ
FRQVWUXFWRU&UHDWHFRQVWPDVWULQJYE\WH
IXQFWLRQ3UHGVWDY6DVWULQJRYHUORDG
SURFHGXUH3UHGVWDY6DNDP76WULQJVRYHUORDG
IXQFWLRQ0ODGLNERROHDQ
IXQFWLRQ2VORYHQLHVWULQJ
HQG
FRQVWUXFWRU2VRED&UHDWHFRQVWPDVWULQJYE\WH
EHJLQ
PHQR PDGUHVD DYHN Y
HQG
SURFHGXUH2VRED3UHGVWDY6DNDP76WULQJV
EHJLQ
NDP$GG
0HQR
PHQR
NDP$GG
$GUHVD
DGUHVD
NDP$GG
9HN
,QW7R6WUYHN
LIPODGLNWKHQNDP$GG
MHPODGtN
HOVHNDP$GG
QLHMHPODGtN
HQG
IXQFWLRQ2VRED3UHGVWDY6DVWULQJ
EHJLQ
5HVXOW
9ROiPVD
PHQR
EêYDPY
DGUHVD
DPiP
,QW7R6WUYHN
URNRY
HQG
IXQFWLRQ2VRED0ODGLNERROHDQ
EHJLQ
5HVXOW YHN
HQG
IXQFWLRQ2VRED2VORYHQLHVWULQJ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
EHJLQ
5HVXOW
9iåHQêSiQ
PHQR
HQG
W\SH
2VRED3 FODVV2VRED
SRKODYLHERROHDQWUXH åHQD
FRQVWUXFWRU&UHDWHFRQVWPDVWULQJYE\WHSERROHDQ
IXQFWLRQ2VORYHQLHVWULQJ
HQG
FRQVWUXFWRU2VRED3&UHDWHFRQVWPDVWULQJYE\WHSERROHDQ
EHJLQ
LQKHULWHG&UHDWHPDY
SRKODYLH S
HQG
IXQFWLRQ2VRED32VORYHQLHVWULQJ
EHJLQ
LISRKODYLHWKHQ5HVXOW
9iåHQiSDQL
PHQR
HOVH5HVXOW LQKHULWHG2VORYHQLH
HQG
'\QDPLFNpSROLD
=DGHILQXMWHWULHGX7DE9HNRYYNWRUHMEXGHPHXGUåLDYDĢGDWDEi]XĐXGt]RUDGHQêFKSRGĐDYHNX
SRXåLMHPHWULHGX2VRED]SUHGFKSUtNODGX
'RQHMDNHMLQãWDQFLHWULHG\7DE9HNRYQDþtWDMWHLQIRUPiFLH]RYVWXSXRMHGQRWOLYêFKĐXćRFKDY\StãWH
YãHWNêFKPODGtNRY]WHMWRWDEXĐN\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
W\SH
7DE9HNRY FODVV
WDUUD\RIRVRED
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMFRQVWPDVWULQJYE\WH
SURFHGXUHY\SLVBPODGLNRYNDP76WULQJV
HQG
FRQVWUXFWRU7DE9HNRY&UHDWH
EHJLQ
W QLO
HQG
SURFHGXUH7DE9HNRYSULGDMFRQVWPDVWULQJYE\WH
YDU
RRRVRED
LLQWHJHU
EHJLQ
RR 2VRED&UHDWHPDY
6HW/HQJWKW/HQJWKW
L +LJKW
ZKLOHL! DQGW>L@YHN!YGREHJLQ
W>L@ W>L@
GHFL
HQG
W>L@ RR
HQG
SURFHGXUH7DE9HNRYY\SLVBPODGLNRYNDP76WULQJV
YDU
LLQWHJHU
EHJLQ
L
ZKLOHL +LJKWDQGW>L@PODGLNGREHJLQ
NDP$GGW>L@PHQR
LQFL
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
YDU
WY7DE9HNRY
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
WY 7DE9HNRY&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
YLQWHJHU
EHJLQ
Y 6WU7R,QW'HI(GLW7H[W
LIY!WKHQ
WYSULGDM(GLW7H[W(GLW7H[WY
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
WYY\SLVBPODGLNRY0HPR/LQHV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
0HPR&OHDU
ZLWKWYGR
IRUL WR+LJKWGR
W>L@3UHGVWDY6D0HPR/LQHV
HQG
=DGHILQXMWHWLHGX32/<1Ï029
DSRO\QyPUHSUH]HQWXMWHG\QDPLFNêPSRĐRPNRHILFLHQWRYSUHQHH[LVWXM~FHPRFQLQ\MHNRHI
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
NRHILFLHQW\QDSUW\SX,QWHJHU
ESRO\QyPUHSUH]HQWXMWHG\QSRĐRPUHNRUGRYNRHILFLHQWDVWXSHĖNWRUpEXGHREVDKRYDĢOHQ
þOHQ\VQHQXORYêPNRHILFLHQWRPXVSRULDGDQpSRGĐDVWXSĖD
F]DGHILQXMWHQDMSUYWULHGX7&OHQNRHILFLHQWVWXSHĖDPHWyG\QDLQLFLDOL]iFLXDY\StVDQLHD
73RO\QRPSRWRPEXGHREVDKRYDWG\QDPLFNpSROH7&OHQRY
QDMMHGQRGXFKãLDYHU]LD
W\SH
73RO\QRP FODVVSUHQHH[LVWXM~FHPRFQLQ\MHNRHI
NRHIDUUD\RILQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHQDFLWDMVVWULQJ
SURFHGXUHY\SLVNDP76WULQJV
SURFHGXUHSULFLWDMS73RO\QRP
HQG
FRQVWUXFWRU73RO\QRP&UHDWH
EHJLQ
NRHI QLO
HQG
SURFHGXUH73RO\QRPQDFLWDMVVWULQJ
YVVXNRHILFLHQW\SRO\QRPXRGQDMPHQãHMPRFQLQ\RGGHOHQp
EHJLQ
V V
NRHI QLO
ZKLOHV!
GREHJLQ
6HW/HQJWKNRHI/HQJWKNRHI
NRHI>+LJKNRHI@ 6WU7R,QWFRS\VSRV
V
GHOHWHVSRV
V
HQG
HQG
SURFHGXUH73RO\QRPY\SLVNDP76WULQJV
YDU
LORQJLQW
VVWULQJ
EHJLQ
L KLJKNRHIV
ZKLOHL! GREHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF001BEZOBNJDLÏQPMJB
LINRHI>L@!WKHQEHJLQ
LIL!KLJKNRHIWKHQV V
V V,QW7R6WUNRHI>L@
LIL!WKHQV V
[A
,QW7R6WUL
HQG
GHFL
HQG
NDPDGGV
HQG
SURFHGXUH73RO\QRPSULFLWDMS73RO\QRP
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKSNRHIGREHJLQ
LIL!+LJKNRHIWKHQEHJLQ
6HW/HQJWKNRHI/HQJWKNRHI
NRHI>L@
HQG
LQFNRHI>L@SNRHI>L@
HQG
HQG
1'Ò
=DGHILQXMWHWULHGX9(.725SRPRFRXG\QDPLFNpKRSRĐDSUHĐXERYRĐQHiUQHYHNWRU\$N
❍
EXGHPHFKFLHĢQDSUVþtWDYDĢGYDYHNWRU\U{]QHMiUQRVWLWDNVDEXćY\KOiVLFK\EDDOHERVDWHQ
NUDWãtGRSOQtQXODPL
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF[ÈTPCOÓL
SBE
BSJUNWâSB[Z
FYLþHQLH
=iVREQtNUDGDULWPYêUD]\
=iVREQtN
PHG]LPHWyG\QDSUiFXVR]iVREQtNRPVPHSULGDOLQRY~IXQNFLXWRSNWRUiYUiWLKRGQRWXQD
YUFKX]iVREQtNDSULþRPY]iVREQtNXMXSRQHFKi
W\SH
SUYRN FKDU
VWDFN FODVV
VWDUUD\RISUYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>+LJKVW@
HQG
9QDVOHGXM~FLFK~ORKiFKSUHGSRNODGiPHåHPiPHNGLVSR]tFLLMHGQX]QDNRY~SUHPHQQ~MHGHQ]QDNRYê
]iVREQtNDþtWDPHMHGHQULDGRNWH[WRYpKRV~ERUXXNRQþHQêQDSU]QDNRPÒORKRXMHQDStVDĢIXQNFLX
NWRUi]LVWtþLYVWXSQêULDGRNV~ERUXMHQHMDNpKRNRQNUpWQHKRWYDUX
DQEQ Q
DQEP Q P
ZFZUNGHZMH]DEHFHG\^DE`DZUMH]UNDGORYêREUD]VORYDZ
DQELFDEVQL
D EURYQDNêSRþHWDþRNDMEþRN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF[ÈTPCOÓL
SBE
BSJUNWâSB[Z
DQEQ Q
IXQFWLRQWHVWYDUW7H[W)LOHERROHDQ
YDU
VVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWH
UHDGWF
ZKLOHF
D
GREHJLQ
VSXVKFUHDGWF
HQG
ZKLOHF
E
DQGQRWVHPSW\GREHJLQ
VSRSFUHDGWF
HQG
5HVXOW F DQGVHPSW\
V)UHH
HQG
DQEP Q P
IXQFWLRQWHVWYDUW7H[W)LOHERROHDQ
YDU
VVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWH
UHDGWF
ZKLOHF
D
GREHJLQ
VSXVKFUHDGWF
HQG
ZKLOHF
E
GREHJLQ
LIQRWVHPSW\WKHQVSRSF
UHDGWF
HQG
5HVXOW F DQGVHPSW\
V)UHH
HQG
ZFZUNGHZMH]DEHFHG\^DE`DZUMH]UNDGORYêREUD]VORYD
Z
IXQFWLRQWHVWYDUW7H[W)LOHERROHDQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF[ÈTPCOÓL
SBE
BSJUNWâSB[Z
YDU
VVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWH
UHDGWF
ZKLOHFLQ>
D
E
@GREHJLQ
VSXVKFUHDGWF
HQG
LIF
F
WKHQEHJLQ
UHDGWF
ZKLOHQRWVHPSW\DQGF VWRSGREHJLQ
VSRSFUHDGWF
HQG
5HVXOW F DQGVHPSW\
HQG
HOVH5HVXOW IDOVH
V)UHH
HQG
D EURYQDNêSRþHWDþRNDMEþRN
IXQFWLRQWHVWYDUW7H[W)LOHERROHDQ
YDU
VVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWH
UHDGWF
ZKLOHFLQ>
D
E
@GREHJLQ
LIVHPSW\RUF VWRSWKHQVSXVKF
HOVHVSRSF
UHDGWF
HQG
5HVXOW F DQGVHPSW\
V)UHH
HQG
0iPH]iVREQtNWYRUHQê]SUYNRYW\SXLQWHJHU3RPRFRXSRPRFQpKR]iVREQtNDVSUDFXMWHþtVODY
]iVREQtNXWDNåH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF[ÈTPCOÓL
SBE
BSJUNWâSB[Z
DY\KiGåHWHYãHWN\QXORYpSUYN\
EYãHWN\QXORYpSUYN\SUHPLHVWQLWHQDVSRGRN]iVREQtND
SURFHGXUHY\KRGVVWDFN
YDU
SVWDFN
LLQWHJHU
EHJLQ
S VWDFN&UHDWH
ZKLOHQRWVHPSW\GREHJLQ
VSRSL
LIL!WKHQSSXVKL
HQG
ZKLOHQRWSHPSW\GREHJLQ
SSRSLVSXVKL
HQG
S)UHH
HQG
SURFHGXUHSUHVXQVVWDFN
YDU
SVWDFN
LMLQWHJHU
EHJLQ
S VWDFN&UHDWHM
ZKLOHQRWVHPSW\GREHJLQ
VSRSL
LIL!WKHQSSXVKL
HOVHLQFM
HQG
ZKLOHM!GREHJLQ
VSXVKGHFM
HQG
ZKLOHQRWSHPSW\GREHJLQ
SSRSLVSXVKL
HQG
S)UHH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF[ÈTPCOÓL
SBE
BSJUNWâSB[Z
1DStãWHORJLFN~IXQNFLXDEFNWRUiYUiWLWUXHDNMHYRYVWXSQRPULDGNXURYQDNêSRþHWDþRNEþRNDF
þRN9\XåLWHGYHLQãWDQFLHVWDFN2NUHPGYRFK]iVREQtNRYP{åHWHSRXåLĢXåOHQMHGQX]QDNRY~
SRPRFQ~SUHPHQQ~
3RUR]PêãĐDMWHþLE\VWHYHGHOLY\ULHãLĢW~WR~ORKXOHQSRPRFRXMHGQpKR]iVREQtNDDNSULWRP
❍
Y\XåLMHWHUHNXU]LXWDNVWHYODVWQHSRXåLOLGUXKê]iVREQtNP{åHWHDMWRWRY\VN~ãDĢ
IXQFWLRQDEFYDUW7H[W)LOHERROHDQ
YDU
VVVWDFN
FFKDU
EHJLQ
V VWDFN&UHDWHV VWDFN&UHDWH
UHDGWF
ZKLOHFLQ>
D
E
F
@GREHJLQ
FDVHFRI
D
EHJLQ
LIVHPSW\RU
D
VWRSWKHQVSXVK
D
HOVHVSRSF
LIVHPSW\RU
D
VWRSWKHQVSXVK
D
HOVHVSRSF
HQG
E
LIVHPSW\RU
E
VWRSWKHQVSXVK
E
HOVHVSRSF
F
LIVHPSW\RU
F
VWRSWKHQVSXVK
F
HOVHVSRSF
HQG
UHDGWF
HQG
5HVXOW F DQGVHPSW\DQGVHPSW\
V)UHHV)UHH
HQG
1'Ò
3RPRFRXGYRFK]iVREQtNRY]UHDOL]XMWHWDNpWRWULHGHQLH
Ɣ
❍1D]DþLDWNXPiPHþtVODYSUYRP]iVREQtNX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
DWJǁFOJF[ÈTPCOÓL
SBE
BSJUNWâSB[Z
9\EHULHPHSUYpGYHþtVODSRURYQiPHLFK0HQãLH]QLFKYORåtPHGRGUXKpKR]iVREQtND
❍
❍9\EHULHPHćDOãLHþtVOR]SUYpKR]iVREQtND3RURYQiPHKRVþtVORPNWRUpQiPRVWDORSUL
SUHGFKiG]DM~FRPSRURYQiYDQt0HQãLHþtVORYORåtPHGRGUXKpKR]iVREQtND
❍2SDNXMHPHDåNêPSUYê]iVREQtNQLHMHSUi]GQ\3ULWRPWRSUHVêSDQtVPHPRKOLVSRþtWDĢSRþHW
WULHGHQêFKþtVHO
❍7HUD]PiPHYGUXKRP]iVREQtNXYãHWN\þtVODSULWRPQDYUFKXMHQDMYlþãLH]QLFK
❍3RGREQHSUHV\SHPHþtVOD]GUXKpKR]iVREQtNDGRSUYpKRDOHWHUD]YNODGiPHGRSUYpKR
]iVREQtNDYlþãLH]SRURYQiYDQêFKþtVHO
❍3RGRVWDWRþQRPRSDNRYDQtWRKWRDOJRULWPXEXG~þtVODY]iVREQtNXXWULHGHQp
Ɣ3RXYDåXMWHDNRSRPRFRX]iVREQtNDQDVLPXORYDĢUDGDQDRSDN
$ULWPHWLFNpYêUD]\
1'Ò
1DYUKQLWHDOJRULWPXVQDSUHSLVDULWPHWLFNpKRYêUD]X]SUHIL[RYpKRWYDUXGRSRVWIL[RYpKRWYDUX
Ɣ
SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[TDWJOEFYIUNM [
<>
1. termín skúšky
WHUPtQVN~ãN\] GR
SURJUDPRYDQLD
SUtNODGVNODGDQLHUR]VWULKDQpKRREUi]NX
Ɣ1DStãWHSURJUDPNWRUêQiPXPRåQtSRVNODGDĢUR]VWULKDQêREUD]1D]DþLDWNXKU\MHYSORFKH
UR]VWULKDQêQHMDNêYHĐNêREUi]RNQDU{]QHYHĐNpN~VN\REGĎåQLN\SULþRPVDWLHWRN~VN\Y{EHF
QHSUHNUêYDM~ÒORKRXKUiþDMHSRV~YDQtPWêFKWRN~VNRYĢDKDQtPP\ãRXSRVNODGDĢS{YRGQêREUD]
3URJUDPPXSULWRPQHGRYROtDE\åLDGHQN~VRNY\SDGRO]SORFK\RNUDMHKUDFHMSORFK\V~SULĢDKDQt
SUHNiåNRXDWHGDĢDKDQLHVDQDĖRP]DVWDYt.~VN\REUD]XVDP{åXYSULHEHKXKU\SUHNUêYDĢ
Ɣ9ãHWN\YVWXSQpLQIRUPiFLHV~YWH[WRYRPV~ERUHREUD]W[WNWRUêREVDKXMH
❍YSUYRPULDGNXMHPHQRELWPDSRYpKRV~ERUXVHãWHQHQDVWULKDQêPREUD]RP
❍YGUXKRPULDGNXV~ERUXV~GYHþtVODNWRUpGHILQXM~ãtUNXDYêãNXKUDFHMSORFK\QDSU
NRPSRQHQWXWULHG\7,PDJHYWHMWRSORFKHVDEXG~SRV~YDĢQDVWULKDQpN~VN\REUD]X
❍QDVOHGXM~FHULDGN\V~ERUXREVDKXM~SRFHOêFKþtVHOV~WRLQIRUPiFLHRUR]VWULKDQêFK
N~VNRFKREGĎåQLNRFKSUYpãW\ULþtVODSRSLVXM~REGĎåQLNYREUD]HDWRV~UDGQLFH[D\D
YHĐNRVĢREGĎåQLNDãtUNXDYêãNXSRVOHGQpGYHþtVODV~V~UDGQLFHREGĎåQLNDXPLHVWQHQpKRY
KUDFHMSORFKH
❍P{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHDREUD]MHFHOêUR]VWULKDQêQDGLVMXQNWQp
REGĎåQLN\
❍QDY\VWULKQXWLHREGĎåQLND]REUD]XP{åHWHY\XåLĢPHWyGX&RS\5HFW
Ɣ.~VN\REUD]XYSURJUDPHUHDOL]XMWHDNRLQãWDQFLHWULHG\7.XVRNQDSUVWDNRXWRGHNODUiFLRXP{åHWH
QLHþRSULGDĢDOHERPLHUQHSR]PHQLĢ
7.XVRN FODVV
EP7%LWPDS
[\VLUNDY\VNDLQWHJHU
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7FDQYDVQDNUHVOtKRDMVUiPLNRP
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ]LVWtþLVDGRĖ
NOLNOR
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
Ɣ6DPRWQ~KUXUHDOL]XMWHWULHGRX7+UDNWRUHMGHNODUiFLDE\PDODY\]HUDĢSULEOLåQHWDNWR
7+UD FODVV
NDUUD\RI7.XVRN
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNN7.XVRNSULGiQRYêN~VRNGRSRĐD
SURFHGXUHNUHVOLF7FDQYDVQDNUHVOtYãHWN\N~VN\
SURFHGXUH0RXVH'RZQ[\LQWHJHU
SURFHGXUH0RXVH0RYH[\LQWHJHU
SURFHGXUH0RXVH8S
HQG
Ɣ7+UDVLPXVtSDPlWDĢNWRUêN~VRNVDPRPHQWiOQHĢDKiP\ãRX7HQWREXGHY\NUHVĐRYDQêDNR
SRVOHGQê]RYãHWNêFKDWHGDEXGHQDGYãHWNêPLRVWDWQêPLN~VNDPL1DY\ãHEXGHSRþDVĢDKDQLD
RUiPRYDQêþHUYHQêPUiPLNRPWRWR]DEH]SHþLDREHPHWyG\NUHVOL
Ɣ3URJUDPQHPXVt]LVĢRYDĢþLXåMHFHOêREUD]SRVNODGDQê
Ɣ6WDYRYpSUHPHQQpWULHG7.XVRND7+UDP{åHWHSRXåtYDĢOHQYPHWyGDFKWêFKWRWULHG
SUtNODGSUiFDVNRU\WQDþNDPL
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDWDN~WRKUX
Ɣ
❍]RVSRGXJUDILFNHMSORFK\Y\OHWXM~VPHURPQDKRUU{]QRXUêFKORVĢRXU{]QH]DIDUEHQpEDOyQ\
❍~ORKRXKUiþDMHWULDIDĢWLHWREDOyQ\ãtSNRXNDåGêWUDIHQêEDOyQSUDVNQHDQDMHKRPLHVWHVD
QDStãHWH[W%80
❍EDOyQ\V~UHSUH]HQWRYDQpNRU\WQDþNDPLNWRUêFKWYDUMHIDUHEQêãHVĢXKROQtNVRVWUDQRXSUH
WRWR]DGHILQXMWHWULHGX7%DORQ
7%DORQ FODVV.RU
NUHDO
FRQVWUXFWRU&UHDWH
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
❍VWDYRYiSUHPHQQiNVO~åLDNRNRHILFLHQWSUHPHWyGX'RSUHGXYćDNDWRPXWRNRHILFLHQWXEXGH
P{FĢNRU\WQDþNDFKRGLĢWURFKXSRPDOãLH
❍NRQãWUXNWRU&UHDWHY\WYRUtNRU\WQDþNXQDQiKRGQHMSR]tFLLDOHQDGROQHMKUDQHSORFK\
VPHURPQDYêFKRGREMDYtVDQDPLHVWHNOLNQXWLDP\ãRXDOHOHQDNVDNOLNORQLHYLDFDNR
RGĐDYpKRRNUDMDSORFK\.OLNQ~ĢP{åHPHNHG\NRĐYHNDNãtSNDHãWHQHRGOHWHODPLPRSORFK\
WDNVDSUHVXQLHQDPLHVWRNOLNQXWLD
❍ãtSNDVDVWiOHURYQRPHUQHSRK\EXMHVPHURPQDYêFKRGDDNSULVYRMRPSRK\EHSUHMGHFH]
QHMDNêEDOyQWDNWHQWRSUDVNQHD]DQHFKiQiSLV%80QHPXVtWHVLYãtPDĢVLWXiFLXDNãtSND
XOHWtYRQ]SORFK\]UHMPHQRYêPNOLNQXWtPVD]QRYXREMDYtYSORFKH
❍YãHWN\EDOyQ\NWRUpSUDVNQ~DOHERY\OHWLD]SORFK\YRQE\VD]SRĐDNRU\WQDþLHNPDOL]UXãLĢ
PHWyGRX=UXV.RU
❍YQiKRGQêFKþDVRYêFKLQWHUYDORFKDOH]DSRGPLHQN\åHEDOyQRYQLHMHYLDFDNRVDVWiOH
JHQHUXM~QRYpEDOyQ\
❍SRK\EãtSN\SRK\EEDOyQRYDOHDMQiKRGQpJHQHURYDQLHEDOyQRYDDMUXãHQLHEDOyQRYEXGHWH
URELĢSRPRFRXþDVRYDþD77LPHU
WHUPtQVN~ãN\] SR
SURJUDPRYDQLD
SUtNODGKĐDGDQLHGYRMtFREUi]NRY
Ɣ1DStãWHSURJUDPNWRUêXPRåQtKUDĢKUX.DUWLþN\1DKUDFHMSORFKHV~UR]PLHVWQHQpGYRMLFHNDUWLþLHN
NWRUpVDRGOLãXM~REUi]NDPL1LHNWRUpGYRMLFHVDP{åXY\VN\WRYDĢDMYLDFNUiW.DUWLþN\VDP{åX
QDY]iMRPSUHNUêYDĢÒORKRXKUiþDMH]R]ELHUDĢGYRMLFHURYQDNêFKNDUWLþLHNDY\SUi]GQLĢWêPKUDFLX
SORFKX+UiþP{åHRGREHUDĢOHQWDN~GYRMLFXURYQDNêFKNDUWLþLHNNWRUpQLHV~SUHNU\WpåLDGQ\PL
LQêPLNDUWLþNDPL3RþLDWRþQpUR]ORåHQLHNDUWLþLHNMH]DGDQpYWH[WRYRPV~ERUHKUDW[WNWRUêY
NDåGRPULDGNXREVDKXMHWURMLFXFHOêFKþtVHOSRSLVXM~FLFKMHGQXNDUWLþNX
❍SUYpþtVORMH]LQWHUYDOXDR]QDþXMHSRUDGRYpþtVORREUi]NXU{]Q\FKW\SRYNDUWLþLHNMH
DLFKELWPDS\V~YV~ERURFKKEPSKEPSKEPS
❍ćDOãLHGYHþtVODV~V~UDGQLFHNDUWLþN\YSORFKHSULþRPSUHGSRNODGiPHåHKUDFLDSORFKDMH
YHĐNiDVSRĖ[ERGRY
❍SUHGSRNODGiPHåHNDUWLþN\EXG~SRORåHQpYSORFKHYSRUDGtDNRV~YV~ERUHWMSUYiNDUWLþND
]RV~ERUXMHQDMVSRGQHMãLDQDSORFKH
Ɣ3UYêPNOLNQXWtPQDQHMDN~NDUWLþNXNWRUiQLHMHSUHNU\WiLQRXVDWiWRRUiPLNXMHþHUYHQêPKUXEêP
UiPLNRP3URJUDPWHUD]þDNiQDNOLNQXWLHQDNDUWLþNXVURYQDNêPREUi]NRP$QLWiWRGUXKiNDUWLþND
QHVPLHE\ĢSUHNU\WiåLDGQRXLQRX$NVD~VSHãQHQDãODGYRMLFDURYQDNêFKREUi]NRYREHNDUWLþN\VD]
SORFK\RGVWUiQLD$NGUXKiNOLNQXWiNDUWLþNDQH]RGSRYHGiREUi]NXDOHERMHSUHNU\WiQHMDNRXLQRX
NDUWLþNRXSURJUDPQHPXVtXURELĢQLþP{åHStSQXĢ
Ɣ2SlWRYQpNOLNQXWLHQDR]QDþHQ~NDUWLþNXMXRG]QDþt
Ɣ.DåG~NDUWLþNXUHSUH]HQWXMWHYSURJUDPHLQãWDQFLRXWULHG\7.DUWLFNDNWRUiE\PDODY\]HUDĢWDNWR
P{åHWHQLHþRSULGDĢUHVSPLHUQHSR]PHQLĢ
7.DUWLFND FODVV
EP7%LWPDS
[\LQWHJHU
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDV
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ
IXQFWLRQSUHNU\YD[[\\LQWHJHUERROHDQ
HQG
Ɣ6DPRWQiKUDEXGHYSURJUDPHWLHåUHSUH]HQWRYDQiWULHGRX7+UD
7+UD FODVV
NDUUD\RI7.DUWLFND
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDV
SUtNODG+DQRMVNpNRU\WQDþN\
1DStãWHSURJUDPNWRUêXPRåQtKUiþRYLULHãLĢKODYRODP+DQRMVNpYHåH1DSUYRP]WURFKNROtNRYMH
Ɣ
QDYOHþHQêFKQU{]QHYHĐNêFKGLVNRYV~XVSRULDGDQpWDNåHQDMYlþãt]QLFKMHQDVSRGXNRS\QDSU
SUHQ
Ɣ~ORKRXKUiþDMHSUHQLHVĢYãHWN\GLVN\QDGUXKêUHVSQDWUHWtNROtNSULþRPSUHQiãDĢVDGiOHQSR
MHGQRPDWRYåG\OHQQDMY\ããtGLVN]GDQHMNRS\
ƔSUHQiãDQêGLVNVDP{åHQDYOLHFĢEXćQDSUi]GQ\NROtNDOHERQDYUFKNRS\YNWRUHMQDMY\ããtGLVNMH
YlþãtDNRPRPHQWiOQHSUHQiãDQê
Ɣ3URJUDPVDEXGHRYOiGDĢP\ãRX
❍DNVDNOLNQHQDVWĎSHFVGLVNPLWDNQDMY\ããt]QLFKVDY\VXQLHQDGNROtN
❍DNMHQHMDNêGLVNY\VXQXWêDNOLNQHVDQDQHMDNêLQêVWĎSHFWDNVDY\VXQXWêGLVNSUHVXQLHQDG
WHQWRVWĎSHF
❍DNMHQHMDNêGLVNY\VXQXWêQDGQHMDNêPVWĎSFRPDNOLNQHVDQDWHQWRVWĎSHFWDNGLVNVDVSXVWtQD
YUFKWHMWRNRS\VDPR]UHMPHOHQDNV~VSOQHQpSUDYLGOiKU\
❍NOLNQXWLHQD]OHY\EUDQêVWĎSHFQHXUREtQLþP{åHStSQXĢ
Ɣ.DåGêGLVNUHSUH]HQWXMWHNRU\WQDþNRXWULHG\7'LVN
VD]DþtQDYVWUHGHGROQHMVWUDQ\REGĎåQLND
ƔPHWyGDSRVXQSUHQHVLHNRU\WQDþNXQDGSUtVOXãQêVWĎSHFDPHWyGDSROR]SRVXQLHNRU\WQDþNXQDG
PRPHQWiOQHQDMY\ããtGLVNYGDQRPVWĎSFL
Ɣ9ãHWN\NRU\WQDþN\YSURMHNWHPXVLDE\ĢSUYNDPLSRO\PRUIQpKRSRĐDWULHG\9HOD.RU
WHUPtQVN~ãN\] GR
SURJUDPRYDQLD
SUtNODGNODXQLQDFKRGQtNX
Ɣ1DStãWHSURJUDPNWRUêEXGHGHPRQãWURYDĢMHGQRGXFKêDQLPRYDQêSRK\EYLDFHUêFKREMHNWRYQD
QDNUHVOHQHMNĐXNDWHMþLDUHFKRGQtNXREMHNWPLEXG~ELWPDS\PDOpKRNODXQDQDELF\NOLDQDNUHVOHQi
þLDUDVDSUHþtWD]WH[WRYpKRV~ERUXGUDKDW[W7HQWRV~ERUYNDåGRPULDGNXREVDKXMHGYRMLFXFHOêFK
þtVHOV~UDGQLFHERGXQDþLDUH7LHWRERG\V~]DGDQpGRVWDWRþQHKXVWRDE\VDREMHNW\PRKOL
SRK\ERYDĢVNRNPLRGMHGQpKRERGXNQDVOHGRYQpPXýLDUDMH]DF\NOHQiSRVOHGQêERGMHEOt]NR
SUYpKRDWHGDREMHNWP{åHSRNUDþRYDĢRG]DþLDWNX
Ɣ$QLPiFLDREMHNWXMHWYRUHQiELWPDSDPLEEPSEEPSEEPSEEPSSULþRPSL[HOYĐDYRP
SDUDPHWUHG\QDPLFNpSROLDR]QDþXM~VPHUQtN\QDWLHWRSROLD
GUDKD DUUD\RI73RLQW
REUD]N\ DUUD\RI7%LWPDS
7.ODXQ FODVV
SGUDKD
EREUD]N\
FRQVWUXFWRU&UHDWHSSGUDKDEEREUD]N\
SURFHGXUH.UHVOLF7&DQYDV
SURFHGXUHSRVXQYRODQi]7+UDPHWyG\SRK\E
HQG
Ɣ=UHMPHVLPXVtWHYWHMWRWULHGHXFKRYDĢDMPRPHQWiOQHþtVORIi]\DQLPiFLHSR]tFLXQDGUiKHUêFKORVĢ
SRK\EXDHãWHćDOãLHLQIRUPiFLH
Ɣ6DPRWQ~KUXUHSUH]HQWXMWHDNRREMHNWWULHG\7+UD
7+UD FODVV
NDUUD\RI7.ODXQ
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNOLN[\LQWHJHUYRODQpQDSU],PDJH0RXVH'RZQ
SURFHGXUHSRK\EF7&DQYDV
HQG
Ɣ0HWyGDSRK\EEXGH]UHMPHYRODQi]þDVRYDþDY\NUHVOtYãHWNêFKNODXQRYDWLHåLFKSRVXQLHPHWyGD
SRVXQQDćDOãLXIi]XDQLPiFLHDćDOãtERGGUiK\
Ɣ6WDYRYpSUHPHQQpWULHG7.ODXQD7+UDP{åHWHSRXåtYDĢOHQYPHWyGDFKWêFKWRWULHG
SUtNODGKODYRODPNRU\WQDþNLHN
Ɣ1DStãWHSURJUDPNWRUêQiPXPRåQtSRPRFRXNRU\WQDþLHN]DKUDĢVDVKODYRODPRPYãWYRUFRYHM
VLHWL[MHNDUWLþLHNNWRUpV~SRVWXSQHRþtVORYDQpRGGRDćDOHMRG$GR)QDPLHVWRþtVHO
DåMHGQRSROtþNRMHSULWRPYRĐQp+UiþP{åHQDWRWRSROtþNRSUHVXQ~ĢĐXERYRĐQ~VXVHGQ~
NDUWLþNXDWDNWRXYRĐQLĢLQpSROtþNRWDNWRP{åHSUHV~YDĢNDUWLþN\GRU{]Q\FKSR]tFLt&LHĐRPMH
SRSUHV~YDĢNDUWLþN\WDNDE\EROLXVSRULDGDQpY]RVWXSQHRGDåGR)DSRVOHGQpSROtþNRERORYRĐQp
ƔâWYRUFRYiVLHĢ[MHYSORFKHQDNUHVOHQiDOHVDPRWQpþtVODEXG~WYDU\NRU\WQDþLHNSULþRPVDEXG~
SUDYGHSRGREQHY\XåLMHWHDMGYRMUR]PHUQpSROHLQGH[RYNRU\WQDþLHN
DUUD\>@RIDE\VWHYHGHOLQDNWRURPSROtþNXKUDFHMSORFK\VD
QDFKiG]DNWRUiNRU\WQDþND
Ɣ9WH[WRYRPV~ERUHWYDUW[WV~XFKRYDQpWYDU\SUHNRU\WQDþLHNYNDåGRPULDGNXMHMHGQD
SRVWXSQRVĢþtVHOSUHPHWyGX=PHQ7YDUP{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQê
Ɣ6DPRWQpNRU\WQDþN\þtVODGHILQXMWHDNRLQãWDQFLHWULHG\7&LVORNWRUpKRGHNODUiFLDE\PDODY\]HUDĢ
SULEOLåQHWDNWR
7&LVOR FODVV.RU
FRQVWUXFWRU&UHDWHYDUW7H[W)LOHQDþtWDULDGRN]RV~ERUX
SURFHGXUHKRUH
SURFHGXUHGROH
SURFHGXUHYODYRUHLQWURGXFH
SURFHGXUHYSUDYRUHLQWURGXFH
HQG
ƔUHLQWURGXFHMHWXOHQSUHWRDE\'HOSKLQHKOiVLOLFK\EXåHVPHSUHNU\OLYLUWXiOQHPHWyG\VWDWLFNêPL
Ɣ+êEDĢVWêPLWRNRU\WQDþNDPLP{åHPHOHQSRPRFRXWêFKWRãW\URFKPHWyGKRUHGROHYODYRYSUDYR
NDåGi]QLFKSRVXQLHNRU\WQDþNXRYGDQRPVPHUHQHPDOE\VDDOHPHQLĢVPHUQDWRþHQLD
NRU\WQDþN\
ƔâWYRUFRYiVLHĢPiãWYRUFHYHĐNRVWL[SULþRPĐDYêKRUQêURKQDMĐDYHMãLHKRKRUQpKRãWYRUFDMH
DE\EROLNRU\WQDþN\þRQDMOHSãLHYWêFKWRãWYRUFRFKXORåHQpV~QD[RYêFKV~UDGQLFLDFK
D\RYêFKV~UDGQLFLDFK
Ɣ3URJUDPSULãWDUWHQiKRGQHSRPLHãDSR]tFLHNRU\WQDþLHNYKUDFHMSORFKH]UHMPHYNDåGRPSROtþNX
ãWYRUFRYHMVLHWHEXGHMHGQDNRU\WQDþNDRNUHPMHGQpKRSROtþNDNWRUpEXGHSUi]GQH
WHUPtQVN~ãN\] SR
SURJUDPRYDQLD
SUtNODGURERW]DIDUEXMHãWYRUþHN\
Ɣ1DStãWHSURJUDPSRPRFRXNWRUpKRVDEXGHGDĢULDGLĢPDOêURERWYãWYRUFRYHMVLHWL[ãWYRUþHNRY
âWYRUþHN\VLHWHPDM~YHĐNRVĢ[3RVWDYLþNDURERWDMHDQLPRYDQiãW\UPLSRVWXSQRVĢDPLELWPiSY
]iYLVORVWLRGVPHUXMHKRQDWRþHQLDYVPHUHQDVHYHUV~WRELWPDS\UEPSUEPSUEPSY
VPHUHQDYêFKRGV~WRELWPDS\UEPSUEPSELWPDS\SUHVPHUMXKV~UEPSDåUEPS
SUHVPHU]iSDGUEPSDåUEPS9ãHWN\WLHWRELWPDS\PDM~SULHVYLWQ~IDUEXXUþHQ~ĐDYêP
KRUQêPSL[HORPDWUHEDLFKQDV~UDGQLFX[\Y\NUHVĐRYDĢWDNåHVWUHGELWPDS\EXGHYWRPWRERGH
Ɣ1D]DþLDWNXEXGHãWYRUFRYiVLHĢSUi]GQDYãHWN\MHMãWYRUþHN\V~ELHOH5RERWVDSULãWDUWHEXGH
QDFKiG]DĢYĐDYRPKRUQRPãWYRUþHNXQDWRþHQêQDYêFKRG3RþDVKU\EXGHURERWVWiOHNUiþDĢEXćQD
PLHVWHDOHERYPRPHQWiOQRPVPHUHQDWRþHQLDGRSUHGXWMEXGHVWULHGDĢVYRMHIi]\DQLPiFLH3RXåLWH
QDWRþDVRYDþVLQWHUYDORP
Ɣ5RERWDYSURJUDPHUHSUH]HQWXMWHDNRLQãWDQFLXWULHG\75RERW
75RERW FODVV
EPDUUD\>@RI7%LWPDS
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHGDOVLDBID]DćDOãLDIi]DDQLPiFLH
SURFHGXUHYSUDYR
SURFHGXUHYODYR
SURFHGXUHNURNYGDQRPVPHUHGRSUHGXSL[HORY
HQG
Ɣ6DPRWQ~KUXUHSUH]HQWXMWHWLHåDNRLQãWDQFLXWULHG\7+UDQDSUWDNWR
7+UD FODVV
U75RERW
SDUUD\>@RILQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHGRSUHGXQDãWDUWXMURERWDGRSUHGX
SURFHGXUHNURN
HQG
Ɣ0HWyGDNURNWULHG\7+UDVDEXGHYRODĢYþDVRYDþL]DNDåGêPURERWRYLQDVWDYtQDVOHGXM~FXIi]X
DQLPiFLHDDNMHQDãWDUWRYDQpGRSUHGXWDNURERWHãWHXUREtYVYRMRPVPHUHPDOêNURN
Ɣ1LHNGHYRIRUPXOiULEXG~HãWHXPLHVWQHQpWULWODþLGOi'RSUHGX9ĐDYRD9SUDYR3RPRFRX
WêFKWRWODþLGLHOEXGHPHRYOiGDĢURERWD7ODþLGOi9ĐDYRD9SUDYRRWRþLDURERWDSUtVOXãQêP
VPHURPWODþLGOR'RSUHGXQDãWDUWXMHURERWDDE\VDGRVWDOGRVXVHGQpKRãWYRUFDVLHWHDNQLHMHQD
RNUDMLVLHWHRWRþHQêVPHURPYRQWMSRPRFRXþDVRYDþDVDURERWGRVWDQHQDVXVHGQpSROtþNRDWDP
EXGH]DVHNUiþDĢQDPLHVWH3RþDVNUiþDQLDQDVXVHGQpSROtþNRURERWQHSRVO~FKDDQLQDRWiþDQLDDQLQD
ćDOãLH'RSUHGX
Ɣ5RERWYåG\NHćSUtGHQDQHMDNpSROtþNR]PHQtMHKRIDUEXQDMHGQX]WêFKWRWURFKPRGUiþHUYHQi
ELHODNHćYRMGHQDELHOHSROtþNR]DIDUEtKRQDPRGUpNHćQHVN{UYRMGHQDPRGUp]DIDUEtKRQD
þHUYHQpDþHUYHQp]DVHQDELHOH
SUtNODGSHþLDWNRYDQLHNRU\WQDþLHN
Ɣ1DStãWHSURJUDPNWRUêQDREUD]RYNH]REUD]tQLHNRĐNRNRU\WQDþLHNNDåGi]QLFKPiSUHGGHILQRYDQê
QHMDNêWYDUDXPRåQtVQLPLLQWHUDNWtYQHSUDFRYDĢSRPRFRXP\ãL.RU\WQDþN\PRåQRĢDKDĢVR
VWODþHQêPĐDYêPWODþLGORPDSUDYêPWODþLGORPRWiþDĢQDPLHVWHVPHURPNP\ãLY
,0DJH0RXVH0RYHQDPLHVWR=PHQ;<YROiPH=PHQ6PHU6N{UDNRVDNRU\WQDþND]DþQHĢDKDĢ
QDQRYpPLHVWRDOHERRWiþDĢQDMSUY]DQHFKiQDWRPWRS{YRGQRPPLHVWHRWODþRNVYRMKRWYDUX
Ɣ7YDU\NRU\WQDþLHNV~]DGDQpYV~ERUHWYDU\W[WDNRSRVWXSQRVĢþtVHOVWULHGDVDRWRþHQLHYSUDYRD
SUHVXQGRSUHGX9NDåGRPULDGNXWRKWRV~ERUXMHGHILQRYDQêREU\VSUHMHGQXNRU\WQDþNX
Ɣ1D]DþLDWNXSURJUDPY\JHQHUXMHSUtVOXãQêSRþHWNRU\WQDþLHNSRGĐDSRþWXULDGNRYYV~ERUHQD
QiKRGQêFKSR]tFLiFKRWRþHQpQDVHYHU.DåGiNRU\WQDþNDGRVWiYDSUtVOXãQêWYDU]RV~ERUX
.RU\WQDþN\Y\WYRUWHDNRLQãWDQFLHWULHG\PRMD.RU
PRMD.RU FODVV.RU
FRQVWUXFWRU&UHDWHYDUW7H[W)LOHQDþtWDULDGRN]RV~ERUX
SURFHGXUHSHFLDWNDRSHþLDWNXMHVYRMWYDUGRSORFK\
HQG
Ɣ.DåGiNRU\WQDþNDVL]DSDPlWiDMSRVWXSQRVĢNWRUiGHILQXMHMHMWYDUDPHWyGRXSHFLDWNDYLHW~WR
SRVWXSQRVĢY\NUHVOLĢ
Ɣ9ãHWN\NRU\WQDþN\PDMWHXORåHQpYSRO\PRUIQRPSROLWULHG\9HOD.RU
WHUPtQVN~ãN\] GR
SURJUDPRYDQLD
SUtNODGU\E\YU\EQtNX
Ɣ1DStãWHSURJUDPNWRUêXPRåQtVOHGRYDĢSRK\EUêEYU\EQtNXYNWRURPVDQDFKiG]DM~DWLHåSRK\EXM~
U{]QHW\S\YRGQpKRKP\]XQLHNWRUêKP\]MHRWUiYHQêDU\E\SRĖRPNDS~LQêKP\]U\EiPFKXWtD
QHãNRGtLP6SROXYãHWNêFKW\SRYKP\]XMHYU\EQtNXVWiOHSULEOLåQHWMYåG\NHćMHQHMDNê
]RåUDWêU\ERXDOHERSRþDVHViPXPULHSRWLNRFKþDVRYDþDQDLQRPPLHVWHU\EQtNDVDP{åH
QiKRGQHREMDYLĢQRYêNXVQiKRGQpKRW\SXMHGRYDWêDOHERMHGOê
Ɣ5\E\VWiOHSOiYDM~U{]QRXUêFKORVĢRXYU{]QHMKĎENH]ĐDYDGRSUDYDDVSlĢQDRNUDMLU\EQtNDVDRWRþLD
PHQtVPHU
Ɣ%LWPDSDSR]DGLDU\EQtNDMHYV~ERUHSR]DGLHEPSDMHYHĐNRVWL[%LWPDS\SUHU\E\V~Y
V~ERURFKU\EDEPSDU\EDEPSMHGQXSRXåLWHSUHSOiYDQLHMHGQêPVPHURPGUXK~SUHRSDþQê
VPHUDPHQiV~ERURYSUHELWPDS\KP\]XV~YWH[WRYRPV~ERUHKP\]W[WYNDåGRPULDGNXWRKWR
V~ERUXMHMHGQRPHQRELWPDS\SUHGNWRUêPMH]QDN
DOHER
=QDPLHQNRSOXVR]QDþXMHMHGOêKP\]D
]QDPLHQNRPtQXVMHGRYDWê%LHODIDUEDMHSULHVYLWQiELWPDSDNWRU~SRWUHEXMHPHY\NUHVOLĢQD
V~UDGQLFH[\EXGHPDĢQDWHMWRV~UDGQLFLVYRMVWUHG
Ɣ$NQDSOiYDM~FXU\EXNOLNQHPHP\ãRXWDNWiWRVDRWRþtþHORPY]DGDSOiYDRSDþQêPVPHURPWDNWR
QLHNHG\P{åHPH]DFKUiQLĢU\EXSUHGMHGRYDWêPKP\]RP
Ɣ5\E\DKP\]UHDOL]XMWHQDSUWDNêPLWRWULHGDPL
75\ED FODVV
[\VPHUG[LQWHJHU
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHSRVXQ
HQG
7+P\] FODVV
[\W\SG[G\]LYRWLQWHJHU
FRQVWUXFWRU&UHDWHWW\S[[\\LQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHSRVXQ
HQG
ƔDVDPRWQ~KUXWULHGRX
7+UD FODVV
U\E\DUUD\RI75\ED
KP\]DUUD\RI7+P\]
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHSRVXQ
SURFHGXUHNOLN[\LQWHJHU
SURFHGXUHSULGDMBU\EX[\LQWHJHU
SURFHGXUH]UXVBU\EXLLQWHJHU
HQG
Ɣ6RVWDYRYêPLSUHPHQQêPLWêFKWRWULHGSUDFXMWHOHQYPHWyGDFKWêFKWRWULHG
SUtNODGELQiUQ\VWURP
Ɣ1DStãWHSURJUDPNWRUêXPRåQtWDNWRH[SHULPHQWRYDĢVELQiUQ\PVWURPRP
❍YJUDILFNHMSORFKHMHQDNUHVOHQêELQiUQ\VWURP
❍RNUHPWRKRVDWXQDFKiG]DM~SRVXYQpOLãW\SRPRFRXNWRUêFKP{åHPHPHQLĢSDUDPHWUH
Y\NUHVOHQpKRVWURPXWDNWRSRV~YDQtPSUYHMOLãW\VDPHQt~URYHĖYQRUHQLDVWURPXRGGR
SRV~YDQtPGUXKHMOLãW\VDPHQtSRþLDWRþQiYHĐNRVĢVWURPXRGGRSRV~YDQtPWUHWHMOLãW\
VDPHQtXKRORNWRUêVDRGFK\ĐXMHĐDYêDMSUDYêSRGVWURPRG]YLVOpKRVPHUXDWR]LQWHUYDOXRG
GRVWXSĖRY
❍SRV~YDQtPĐXERYRĐQHM]OtãWVDFHOêVWURPSUHNUHVOtVQRYêPLSDUDPHWUDPLSULþRPVDJUDILFNi
SORFKDQDMSUY]PDåHSURFHG~URX]PD]
❍ELQiUQ\VWURPVDNUHVOtNODVLFNRXUHNXU]tYQRXIXQNFLRXVWURPDSDUDPHWUDPL~URYHĖYQRUHQLD
YHĐNRVĢDXKROSULþRPYHĐNRVĢĐDYpKRSRGVWURPXMHPRPHQWiOQHMYHĐNRVWLDSUDYpKR
SRGVWURPXPRPHQWiOQHMYHĐNRVWLXKROYUHNXU]tYQ\FKYRODQLDFKRVWiYDQH]PHQHQê
Ɣ3RVXYQpOLãW\UHDOL]XMWHWULHGRX7/LVWDNWRUiMHRGYRGHQiRGWULHG\.RU
NRU\WQDþNHKUXEêWYDUDSRPRFRXPHWyG\WYDULQLFLDOL]XMHKRGQRWXVWDYRYHMSUHPHQQHMKQD
0HWyGDWYDU]PHQtWYDUNRU\WQDþNHQD
SULþRPNRU\WQDþNDMHQDWRþHQiQDVHYHU]DþtQDNUHVOLĢYSULHVHþQtNXĐDYpUDPHQRPiGĎåNXKDREH
UDPHQiVSROXV~GOKp=iURYHĖVR]PHQRXWYDUXWiWRPHWyGD]PHQtNRU\WQDþNH[RY~V~UDGQLFX
WDNDE\ĐDYêNRQLHFUDPHQDEROQDREUD]RYNHVWiOHQDWRPLVWRPPLHVWH
Ɣ0HWyGDSRVXQVDEXGHYRODĢ],PDJH0RXVH0RYHDVO~åLQDSRV~YDQLHOLãW\SRPRFRXP\ãLDNR
SDUDPHWHUMHMSRVLHODPH[RY~V~UDGQLFXP\ãL
Ɣ9ãHWN\NRU\WQDþN\OLãW\XFKRYiYDMWHYSRO\PRUIQRPSROLWULHG\9HOD.RU
Ɣ9\XåLWHSURFHG~UX1DUD]NWRUiYêUD]QHXUêFKOLNUHVOHQLHVWURPX
WHUPtQVN~ãN\] SR
SURJUDPRYDQLD
SUtNODG]DþDURYDQêU\EQtN
Ɣ1DStãWHSURJUDPNWRUêQiPXPRåQt]DKUDĢVDKUX]DþDURYDQêU\EQtN
❍9U\EQtNXVDQDFKiG]DRVWURYþHNRYNWRUpV~UR]PLHVWQHQpYVLHWL[
❍1DVSRGQRPEUHKXU\EQtNDVDQDFKiG]DURERWNWRUpKRP{åHPHULDGLĢSRPRFRXNOiYHVRY
ãW\URFKãtSRNWHQWRVDSRK\EXMHYP\VOHQHMVLHWL[YNWRUHMSUYêULDGRN]RGSRYHGiKRUQpPX
EUHKXU\EQtNDãLHVW\ULDGRN]RGSRYHGiGROQpPXEUHKXU\EQtNDDVWUHGQpãW\ULULDGN\SUHVQH
]RGSRYHGDM~SR]tFLiPRVWURYRY5RERWVDQDRERFKEUHKRFKP{åHSRK\ERYDĢYRGRURYQH
VWiOHVDQDFKiG]DYQHMDNHMSR]tFLLVLHWHDOHP{åHVW~SLĢDMQDRVWURY\DSUHVNDNRYDĢQD
VXVHGQp
❍2VWURY\V~]DþDURYDQpDYSUHVQêFKþDVRYêFKLQWHUYDORFKVDSRQiUDM~DY\QiUDM~DQHMDNêþDV
V~~SOQHSRGYRGRX$NURERWVW~SLQDSRQRUHQêRVWURYDOHERVDRVWURYSRGQtPSRQRUt
SURJUDPStSQHDURERWVDREMDYtQDGROQRPEUHKXU\EQtND
Ɣ5\EQtNMHYELWPDSHU\EQLNEPSDPiUR]PHU\[9V~ERURFKRVWURYEPSDåRVWURYEPS
MHIi]Y\QiUDQLDDSRQiUDQLDRVWURYX~SOQHSRQRUHQêRVWURY]QDPHQiåHVDQHY\NUHVOtåLDGQD
ELWPDSD9V~ERUHURERWEPSMHREUi]RNURERWD7H[WRYêV~ERURVWURY\W[WREVDKXMHLQIRUPiFLHR
RVWURYRFK9NDåGRPULDGNXMHSRStVDQêMHGHQRVWURYSUYpGYHþtVODV~V~UDGQLFHRVWURYDYSORFKHV~
WRV~UDGQLFHVWUHGXELWPDS\QDVOHGXMHþtVORNWRUpY\MDGUXMHUêFKORVĢVWULHGDQLDIi]Y\QiUDQLDD
SRQiUDQLDUêFKORVĢVWULHGDQLDELWPiSDSRVOHGQpþtVORYULDGNXY\MDGUXMHþDVNWRUêMHRVWURY
SRQRUHQê
Ɣ9SURJUDPHSRXåLWHMHGHQþDVRYDþNWRUêEXGHPDĢQDVWDYHQêLQWHUYDOQDDþtVODNWRUpY\MDGUXM~
UêFKORVĢVWULHGDQLDELWPiSUHVSþDVSRQRUHQLDRVWURYXV~YODVWQHSRþW\WLNRYWRKRWRþDVRYDþDQDSU
UêFKORVĢR]QDþXMHåHPHG]LNDåGRXIi]RXRVWURYDGYDWLN\VDQLþQHPHQtR]QDþXMHåHRVWURYPHQt
Ii]\NDåGêWLN3UHRVWURYVþDVRPSRQRUHQLD]QDPHQiåHSRSRVWXSQRP]REUD]HQtIi]RVWURYD
VDQDWLNRYRVWURYQH]REUD]XMHMHSRQRUHQê
Ɣ2VWURY\DMVDPRWQ~KUXUHSUH]HQWXMWHWULHGDPLNWRUêFKGHNODUiFLHE\PDOLY\]HUDĢSULEOLåQHWDNWR
72VWURY FODVV
[\LQWHJHU
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHNURNRVWURYXUREtMHGHQWLN
HQG
7+UD FODVV
EJEU7%LWPDSELWPDSDSR]DGLDDURERWD
SDUUD\>@RI72VWURY
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHNURNYãHWN\RVWURY\XURELDMHGHQWLN
HQG
6RVWDYRYêPLSUHPHQQêPLWêFKWRWULHGSUDFXMWHOHQYLFKPHWyGDFK
Ɣ
SUtNODGNRU\WQDþtVWURP
Ɣ1DStãWHSURJUDPNWRUêSRPRFRXNRU\WQDþLHNY\WYRUtELQiUQ\VWURP7HQWRVWURPQHEXGHQDNUHVOHQêY
SORFKHDOHEXGHSRVNODGDQêOHQ]WYDURYNRU\WQDþLHNYSORFKHVDEXGHQDFKiG]DĢQLHNRĐNR
NRU\WQDþLHNNWRUêFKWYDURPQHEXGHWURMXKROQtNDOHOHQU{]QHGOKiKUXEiþLHUQDþLDUD7LHWR
NRU\WQDþN\EXG~UR]PLHVWQHQpWDNåH]RVYRMLFKWLHOY\WYRULDVNXWRþQêELQiUQ\VWURP
Ɣ$E\VPHPRKOLSUHYHULĢåHQDR]DMYSORFKHQLHMHQLþNUHVOHQpDV~WROHQNRU\WQDþN\YRIRUPXOiUL
EXGHWODþLGORSR]DWODþHQtNWRUpKRVDYãHWN\NRU\WQDþN\RWRþLDRVWXSĖRYYSUDYR
Ɣ9ãHWN\NRU\WQDþN\V~WULHG\YHWYDNWRUiMHRGYRGHQiRG.RUDGHNODURYDQiQDVOHGRYQH
MHMWYDU
Ɣ0HWyGDSRVXQUHODWtYQHSRVXQLHNRU\WQDþNXRG[DG\
Ɣ9ãHWN\NRU\WQDþN\YSURJUDPHXFKRYiYDMWHYSRO\PRUIQRPSROLWULHG\9HOD.RU
ƔĆDOHM]DGHILQXMWHUHNXU]tYQXSURFHG~UXVWURPNWRUiY\WYRUtELQiUQ\VWURPJHQHURYDQtPQRYêFK
NRU\WQDþLHNWULHG\YHWYD
❍SURFHG~UDEXGHPDĢSDUDPHWUHNRU\WQDþNXYNRUHQLVWURPX~URYHĖYQRUHQLDDYHĐNRVĢ
VWURPXGĎåNDNPHĖDVWURPX
❍GDQiNRU\WQDþNDSUHMGHGRSUHGXVR]GYLKQXWêPSHURPGDQ~Y]GLDOHQRVĢRWRþtVDQDMSUY
NRU\WQDþNXWULHG\YHWYDDOHVNRHILFLHQWRPDSUHĖXDMSUDYêSRGVWURP
❍QD]iYHUVDNRU\WQDþNDYNRUHQLVWURPXYUiWLQDVYRMHS{YRGQpPLHVWR
Ɣ3RãWDUWHSURJUDPXVD]NRU\WQDþLHNY\JHQHUXMHVWURP~URYQHDYHĐNRVWL=DWODþHQtPQDWODþLGOR
P{åHPHYHWY\RWiþDĢ
Ɣ$NNOLNQHPHP\ãRXQLHNGHGRSORFK\WDNFHOêVWURPVDSUHVĢDKXMHQDW~WRQRY~SR]tFLXWMQDW~WR
QRY~SR]tFLXVDSUHVXQLHOHQNRU\WQDþNDNWRUiWYRUtNPHĖDYãHWN\RVWDWQpVDSRVXQ~UHODWtYQHNXQHM
QDWHQWRSRVXQSRXåLWHSULSUDYHQ~PHWyGXSRVXQ
WHUPtQVN~ãN\]
SURJUDPRYDQLD
SUtNODGKUiPHVDVSDY~NRP
Ɣ1DStãWHSURJUDPNWRUêQiPXPRåQtSR]RURYDĢVSUiYDQLHSDY~ND
❍YPLHVWQRVWLQDGOiåNHVDSRK\EXMHSDY~NSULþRPDNQDUD]tQDRNUDMPLHVWQRVWLDOHERQDQHMDNp
SUHNiåN\WDNQHMDNR]PHQtVPHUDSRNUDþXMHćDOHM
❍QDGOiåNHP{åHPHSUHSDY~NDY\WYiUDĢSUHNiåN\GUHYHQêPLNRFNDPLSRPRFRXP\ãLP{åHPH
SR]tFLRXSDY~ND
❍VDPRWQiPLHVWQRVĢMHYHĐNiSUHVQH[DSRNU\WiMHELWPDSRXGOD]NDEPSQDNRĐNRP{åH
E\ĢWiWRELWPDSDPHQãLDDNRPLHVWQRVĢWUHEDĖRXSRNU\ĢFHO~PLHVWQRVĢ
❍SDY~NVDRWiþDGRMHGQpKR]VPHURYVHYHUVHYHURYêFKRGYêFKRGDDMELWPiSQDMHKR
SUDYGHSRGREQRVĢRX]PHQtVPHURVWXSĖRYDNPiSUHGVHERXSUHNiåNXWDNVD
SRVWXSQHRWiþDYSUDYRDKĐDGiSUYêYRĐQêVPHU
❍YHĐNRVĢNURNXSDY~NDMHSL[HORYDDNLGHãLNPRWDNRSL[HORYYRERFKV~UDGQLFLDFK
þDVRYDþNWRUêEXGHKêEDĢSDY~NRPQDVWDYWHQDSUQDLQWHUYDO
Ɣ3DY~NDYSURJUDPHUHSUH]HQWXMWHREMHNWRPWULHG\73DYXNDVDPRWQ~KUXREMHNWRPWULHG\7+UD
'HNODUiFLHWêFKWRWULHGE\PDOLY\]HUDĢQHMDNRWDNWRP{åHWHLFKGRSOQLĢRQRYpVWDYRYpSUHPHQQpD
PHWyG\DWLHåPLHUQH]PHQLĢ
73DYXN FODVV
EPDUUD\>@RI7%LWPDS
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7FDQYDV
SURFHGXUHNURN
IXQFWLRQSUHND]NDLMLQWHJHUERROHDQ
HQG
7+UD FODVV
EJEN7%LWPDSELWPDS\SR]DGLDDNRFN\
S73DYXN
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
SURFHGXUHNURN
SURFHGXUHSROR][\LQWHJHUEERROHDQSRORåtRGREHULH
NRFNX
HQG
Ɣ0HWyGDSUHND]NDE\PRKOD]LVĢRYDĢþLMHSUHSDY~NDSUHNiåNRXNRFNDYLWRPULDGNXDLWRPVWĎSFL
Ɣ1HSRXåtYDMWHVWDYRYpSUHPHQQpWêFKWRGYRFKWULHGPLPRPHWyGWêFKWRWULHG
SUtNODGNRU\WQDþNRYiDXWRVWUiGD
Ɣ1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDKUXDXWRVWUiGD
❍1DREUD]RYNHVDSRK\EXM~DXWiQLHNWRUp]ĐDYDGRSUDYDQLHNWRUpYRSDþQRPVPHUHÒORKRX
KUiþDMHSUHEHKQ~ĢPHG]LDXWDPL]RVSRGXREUD]RYN\QDYUFKWDNDE\KRSULWRPQH]UD]LOR
åLDGQHDXWR
❍$XWiDMKUiþV~UHDOL]RYDQpSRPRFRXNRU\WQDþLHNDXWiXGUåXMWHYSRO\PRUIQRPSROLWULHG\
9HOD.RU7YDUNRU\WQDþLHNVDSUHþtWD]RV~ERUXDXWDW[WSUYêULDGRNV~ERUXSUHDXWiLG~FH
YĐDYRDGUXKêULDGRNSUHLG~FHYSUDYR
❍$XWiMD]GLDYMD]GQêFKSUXKRFKSULþRPQDREUD]RYNHVDVWULHGDM~MD]GQpSUXK\YNWRUêFKLG~
DXWi]ĐDYDGRSUDYDDRSDþQHNDåGêGUXKêLGHRSDþQHDXWiV~QDWRþHQpGRSUtVOXãQpKRVPHUX
9NDåGRPMD]GQRPSUXKXP{åHtVĢ]DVHERXDMYLDFiXWGRNRQFDVDP{åXSUHGELHKDĢQHYDGt
åHVDSULWRPSUHNUêYDM~
❍$XWiV~QiKRGQHJHQHURYDQpYQHMDNêFKþDVRYêFKLQWHUYDORFKVSUDYGHSRGREQRVĢRXWM
SORFK\.RU\WQDþNDKUiþDMHVWiOHRWRþHQiQDVHYHU-HMWYDUMHYWUHĢRPULDGNXV~ERUXDXWDW[W
ƔýDVRYDþNWRUêKêEHYãHWNêPLDXWDPLQDVWDYWHQDLQWHUYDO
Ɣ9SURJUDPHSRXåLWHNRQãWDQW\QDSRþHWMD]GQêFKSUXKRYY]GLDOHQRVĢPHG]LSUXKPLHOHPHQWiUQ\NURN
SUHKUiþDQDSU
FRQVWSUXK\ Y]GLDO NURN
DE\VD]PHQRXWêFKWRNRQãWiQWGDOLĐDKNRQDVWDYRYDĢSDUDPHWUHKU\
Ɣ$XWi]DGHILQXMWHDNRLQãWDQFLHWULHG\7$XWDRGYRGHQpRG.RU
WURFKXSUHNU\M~LFKWYDU\3RNROt]LLDXWDVKUiþRPVDSUHIDUEtWYDUDXWDþHUYHQRXIDUERXDKUD
SRNUDþXMH
WHUPtQVN~ãN\]
SURJUDPRYDQLD
SUtNODGKUDSDGDM~FHåHWyQ\
Ɣ1DStãWHSURJUDPNWRUêQiPXPRåQtKUDĢQDVOHGXM~FXKUX
❍+UDFLXSORFKXWYRUtãWYRUFRYiVLHĢVWĎSFRYSRULDGNRY
❍1LHNGHQDGKUDFRXSORFKRXVDQiPSRVWXSQH]REUD]XMHYåG\MHGHQQiKRGQHY\EUDQêåHWyQ]
GHVLDWLFKPRåQêFKGUXKRYåHWyQRYDNRE\ULDGRN
❍äHWyQVDSRþDV]DGDQpKRþDVRYpKRLQWHUYDOXNRQãWDQWDYSURJUDPHQDSUWLNRYþDVRYDþD
SRPDO\SUHV~YDQDGKUDFRXSORFKRXRGMHMĐDYpKRRNUDMDNSUDYpPXDQDVSlĢSULþRPVDRWiþD
DQLPXMH
❍$NSRþDVWRKWRþDVRYpKRLQWHUYDOXNOLNQHPHĐDYêPWODþLGORPP\ãLGRQLHNWRUpKRVWĎSFDKUDFHM
SORFK\åHWyQ]DþQHSDGDĢYWRPWRVWĎSFLQDGRO
❍$NQHNOLNQHPHGRåLDGQHKRVWĎSFDKUDFHMSORFK\SRXSO\QXWtGDQpKRþDVRYpKRLQWHUYDOXåHWyQ
]DþQHSDGDĢYVWĎSFLQDGNWRUêPVDSUiYHQDFKiG]D
❍$MSRþDVSDGDQLDåHWyQXYKUDFHMSORFKHP{åHPHNOLNQXWtP]PHQLĢVWĎSHFåHWyQSUHVNRþtGR
QRYRR]QDþHQpKRVWĎSFDDćDOHMSDGiYĖRPSUHVNRþtGRWRKRLVWpKRULDGNXDWRLEDDNMH
SUtVOXãQpSROtþNRKUDFHMSORFK\YRĐQp
❍3ULSDGDQtVDåHWyQWLHåRWiþDDQLPXMHDQDNRQLHFVDXPLHVWQLQDQDMVSRGQHMãLHYRĐQpSROtþNRY
GDQRPVWĎSFL
❍$NVDSRXPLHVWQHQtåHWyQXQDFKiG]DM~YVWĎSFLHãWHćDOãLHURYQDNpåHWyQ\PHG]LQLPLVD
P{åXQDFKiG]DĢåHWyQ\DMLQêFKGUXKRYFHOêVWĎSHFVDY\SUi]GQL
❍+UDVNRQþtDNMHYMHGQRPVWĎSFLåHWyQRYDVWĎSHFVDQHGiY\SUi]GQLĢ
❍3RþDVKU\VDSRþtWDVNyUH]DXORåHQêåHWyQVDVNyUH]YêãLR=DY\SUi]GQHQLHVWĎSFDVDNX
VNyUHSULSRþtWDWRĐNRERGRYNRĐNRåHWyQRYERORYWRPWRVWĎSFL
Ɣ*UDILFNiSORFKDEXGHYHĐNRVWLDVSRĖ[9QHMEXGHSRORåHQiKUDFLDSORFKDYHĐNRVWL[
WDNDE\QDGĖRXERORHãWHGRVĢPLHVWDNGHVDEXG~REMDYRYDĢåHWyQ\+UDFLDSORFKDEXGH]REUD]HQi
ELWPDSRX]RV~ERUXSORFKDEPS
Ɣ%LWPDS\SUHåHWyQ\V~XORåHQpYGHVLDWLFKV~ERURFKDEPSEEPSFEPSMEPSSULþRPYNDåGHM
WHMWRELWPDSHMHYHGĐDVHEDXORåHQêFKIi]DQLPiFLHWRKRLVWpKRåHWyQX9DãRX~ORKRXEXGHDM
UR]VWULKDĢFHO~W~WRELWPDSXQDELWPiSMHGQRWOLYêFKIi]åHWyQX9HĐNRVĢMHGQHMPDOHMELWPDS\MH
[%LHODIDUEDYWêFKWRELWPDSiFKMHSULHVYLWQi
ƔäHWyQYSURJUDPHUHSUH]HQWXMWHREMHNWRPWULHG\7=HWRQDVDPRWQ~KUXREMHNWRPWULHG\7+UD
'HNODUiFLHWêFKWRWULHGE\PRKOLY\]HUDĢQHMDNRWDNWRP{åHWHLFKGRSOQLĢRQRYpVWDYRYpSUHPHQQpD
PHWyG\DWLHåLFKPLHUQHSR]PHQLĢ
7$QLP%LWPDSD DUUD\>@RI7%LWPDS
7=HWRQ FODVV
EPS7$QLP%LWPDSD
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
SURFHGXUHSRVXQKêEHVDDOHERSDGi
SURFHGXUHSDGDMVWOSHFLQWHJHU]DKiMLSDGDQLH
HQG
7+UD FODVV
EDUUD\>@RI7$QLP%LWPDSD
SDUUD\>@RI7=HWRQ
]7=HWRQKêEDM~FLVDåHWyQ
FRQVWUXFWRU&UHDWH
SURFHGXUHQRY\=HWRQJHQHUXMHQRYêåHWyQ
SURFHGXUHNUHVOLFHO~SORFKXVRåHWyQPL
SURFHGXUHNURNYRODQp]þDVRYDþDKêEHWHVWXMH
SURFHGXUHNOLN[LQWHJHUNOLNORVDGRSORFK\QD[
V~UDGQ
HQG
Ɣ1HSRXåtYDMWHVWDYRYpSUHPHQQpWêFKWRGYRFKWULHGPLPRPHWyGWêFKWRWULHG
SUtNODGNRUiON\RG1DWiON\
Ɣ1DSURJUDPXMWHMHGQRGXFK~KUX.RUiON\RG1DWiON\YNWRUHMMH~ORKRXKUiþDSR]ELHUDĢUR]V\SDQp
NRUiOLN\
Ɣ1DWiONHVDUR]WUKRONRUiOLNRYêQiKUGHOQtNDYãHWN\NRUiOLN\VDUR]V\SDOLSR]HPL3ULãWDUWHSURJUDPX
VDYJUDILFNHMSORFKHQDQiKRGQêFKSR]tFLiFKY\JHQHUXMHU{]QRIDUHEQêFKJXĐ{þRNNRUiOLNRY
Ɣ+UiþPiNGLVSR]tFLLQHNRQHþQ~QLĢ7iWRVD]DþQHRGYtMDĢSR]DWODþHQtĐDYpKRWODþLGODP\ãLDRGYtMDVD
SRþDVĢDKDQLDP\ãLYJUDILFNHMSORFKHVDQLĢ]REUD]XMHWHQNRXþLDURX$NVDMHMPRPHQWiOQ\]DþLDWRN
QDSR]tFLLP\ãLRFLWQHQDGQHMDNêPNRUiOLNRPWHQWRVDQDYOHþLHQDQDNUHVOHQ~QLĢWDNåHSRSXWXMH]R
VYRMHMPRPHQWiOQHMSR]tFLHSRGUiKHQLWLDåQDMHMYRĐQêNRQLHF1DYOLHNDĢVDP{åXDMYLDFHUpNRUiOLN\
QDUD]DSRþDVWRKRMHPRåQpĢDKDĢQLĢćDOHM
Ɣ.HćXNRQþtPHĢDKDQLHQLWHWMSXVWtPHĐDYpWODþLGORP\ãLQDYOHþHQpNRUiOLN\HãWHGRSXWXM~QDVYRMH
SR]tFLHDP\XåP{åHPH]DþDĢĢDKDĢQRY~QLĢDQDYOLHNDĢćDOãLHNRUiOLN\5D]QDYOHþHQêNRUiOLNQD
QHMDN~QLĢVDXå]QRYXQDYOLHNDĢQHGi
Ɣ1LĢYSURJUDPHUHSUH]HQWXMWHG\QDPLFNêPSRĐRPERGRYDUUD\RI73RLQWSULþRPSRþDV
ĢDKDQLDQLWHVLGRĖKR]DSDPlWiYDMWHLEDWLHERG\NWRUpV~RGVYRMKRSUHGFKiG]DM~FHKRVXVHGD
Y]GLDOHQpDVSRĖJUDILFNêFKERGRY1DYOLHNDM~FHVDNRUiOLN\SRWRPVNiþXSRWêFKWRERGRFKY
RSDþQRPSRUDGtSULþRPSUYêNRUiOLNQLWHSXWXMHGRSRVOHGQpKRERGXGRPLHVWDNGHVPH]DþDOLĢDKDĢ
P\ãGUXKêGRSUHGSRVOHGQpKRPLHVWDWUHWtGRSUHGSUHGSRVOHGQpKRDWć=UHMPHQDćDOãLXQLĢRSlĢ
SXWXM~NRUiOLN\DåQDMHMNRQLHF
Ɣ.RUiOLN\YSURJUDPHUHSUH]HQWXMWHNRU\WQDþNDPLWULHG\7.RUDOLNRGYRGHQHMRG.RUSULþRPYãHWN\
V~XORåHQpYSRO\PRUIQRPSROLNWULHG\9HOD.RU7YDURPWêFKWRNRU\WQDþLHNMHãHVĢXKROQtNVR
VWUDQRXSULþRPNRU\WQDþNDMHYVWUHGHWRKRWRãHVĢXKROQtND,FKWYDU\V~QiKRGQH]DIDUEHQpDVSRĖ
ãW\UPLU{]Q\PLIDUEDPL7ULHGX7.RUDOLNE\VWHPDOL]DGHILQRYDĢSULEOLåQHWDNWR
7.RUDOLN FODVV.RU
SROHERGRY
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUWSROH
SURFHGXUHSRKQL
HQG
ƔSULþRPNDåGiNRU\WQDþNDE\VLPDODSDPlWDĢVYRMHSROHERGRYSRSLVXM~FHþDVĢQLWHSRNWRUHMSXWXMH
RSUDYQêWHUPtQ]
SURJUDPRYDQLD
SUtNODGPUDYHFXSUDWXMHPUDYHQLVNR
Ɣ9PUDYHQLVNXYWYDUHODE\ULQWXV~SRUR]KDG]RYDQpJXPRYpFXNUtN\0UDYHFXSUDWRYDþVDLFKVQDåt
WODþHQtPSUHVXQ~ĢGRPLHVWNGHQDQHþDNDM~GHWLþN\PUDYþHN\1DStãWHSURJUDPNWRUêXPRåQt
PUDYFRYLSRXSUDWRYDĢPUDYHQLVNRDGRWODþLĢJXPRYpFXNUtN\GRFLHĐRYêFKPLHVWWDNDE\YNDåGRP
FLHĐRYRPPLHVWHEROFXNUtNFXNUtNRYP{åHE\ĢYLDFDNRFLHĐRYêFKPLHVW
Ɣ1D]DþLDWNXVDY\NUHVOtPUDYHQLVNRDYĖRPPUDYHFFXNUtN\DFLHĐRYpPLHVWD+UiþRYOiGDPUDYFD
VWOiþDQtPNOiYHVRYãtSRNP{åHVDSRKQ~ĢQDVXVHGQpSROtþNROHQDNMHWRWRYRĐQpDOHERP{åH
SRWODþLĢMHGHQFXNUtNSUtVOXãQêPVPHURP&XNUtNP{åHSRWODþLĢOHQQDYRĐQpSROtþNR9RĐQpSROtþNR
MHEXćSUi]GQHDOHERFLHĐRYp
Ɣ,QIRUPiFLHREOXGLVNXV~YWH[WRYRPV~ERUHDQWKLOOW[WNWRUêREVDKXMH
❍YSUYRPULDGNXV~GYHFHOpþtVODUR]PHU\PUDYHQLVNDSRþHWVWĎSFRYDSRþHWULDGNRY
❍QDVOHGXM~FHULDGN\V~ERUXSRSLVXM~MHGQRWOLYpSROtþNDPUDYHQLVNDNWRUpV~REVDGHQpQHMDNêP
REMHNWRP.DåGêULDGRNREVDKXMHMHGHQ]QDNDGYHFHOpþtVOD=QDNKRYRUtRDNêREMHNWLGH
D
DQWPUDYHF
Z
ZDOOVWHQD
F
FDQG\FXNUtND
W
WDUJHWFLHĐýtVODKRYRULDSR]tFLX
REMHNWXYEOXGLVNXVWĎSHFDULDGRNþtVOXMHPHLFKRG
❍P{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQH
Ɣ-HGQRWOLYpREMHNW\YPUDYHQLVNXVDEXG~Y\NUHVĐRYDĢDNRELWPDS\6~XORåHQpYV~ERURFKZDOOEPS
FDQG\EPSDWDUJHWEPS0UDYHFP{åHE\ĢRWRþHQêãW\UPLVPHUPLSUHWRQDMHKRY\NUHVOHQLHPiWH
ãW\ULELWPDS\DQWEPSDQWEPSYNWRUêFKELHODIDUEDR]QDþXMHSULHVYLWQ~5R]PHUYãHWNêFK
ELWPiSDWHGDDMYHĐNRVĢSROtþNDPUDYHQLVNDMH[SL[HORY
Ɣ8YHGRPWHVLåHSRþDVKU\P{åHE\ĢQDMHGQRPSROtþNXDMFXNUtNDMFLHĐRYpPLHVWRYLGLHĢMHOHQ
FXNUtNDWHGDNHćFXNUtN]WRKRWRPLHVWDRGWODþtPHREMDYtVDFLHĐRYpPLHVWR
Ɣ.HćPUDYHFGRWODþtQDNDåGpFLHĐRYpPLHVWRQHMDNêFXNUtNSURJUDPY\StãHVSUiYX+85È
Ɣ9SURJUDPHSRXåLWHWLHWRWULHG\GHILQtFLHP{åHWHPLHUQHPRGLILNRYDĢ
70UDYHF FODVV
[\VLQWHJHU
E$QWDUUD\>@RI7%LWPDS
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
SURFHGXUHNUHVOLF7&DQYDV
HQG
7+UD FODVV
SDUUD\>@RIHPSW\ZDOOWDUJHWFDQG\FDQG\WDUJHW
P70UDYHF
E:DOOE7DUJHWE&DQG\7%LWPDS
VLUY\VLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
SURFHGXUHSRVXQ
HQG
9SURJUDPHUHSUH]HQWXMWHPUDYHQLFNRKUDFLXSORFKXGYRMUR]PHUQêPSRĐRPSQHEXGHYlþãLHDNR
Ɣ
[SULþRP]RYãHWNêFKãW\URFKVWUiQEXGHRENROHVHQpVWHQDPL
SUtNODGNYHWLQNRYiKUD
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDQDSRþtWDþLW~WRKUX
Ɣ
❍ QDREUD]RYNXVDSRPRFRXNRU\WQDþHMJUDILN\QDNUHVOtUDGRYSRNYHWLQNiFKQiKRGQH
]DIDUEHQêFKþHUYHQRXD]HOHQRXIDUERX
❍KUiþSRWRPSRPRFRXãtSRNYĐDYRYSUDYRKRUHGROHSRK\EXMHNXU]RURPYRGRURYQiPRGUi
DSURJUDPXåćDOHMQHUHDJXMHQDãtSN\
Ɣ1DNUHVOHQLHNYHWLQN\]DGHILQXMWHWULHGXPRMD.RU
VSRMHQpãWYUĢNUXåQLFHSULþRPSUHGSRNODGiPHåHNUXKMHXKROQtNVRVWUDQRX0HWyGDNYHWNUHVOt
NYHWNWRUêVDVNODGi]RVWRQN\GĎåN\QDNWRUHMV~GYDOtVWRþN\URYQDNpKRWYDUXDNROXSHQHD
VDPRWQpRNYHWLHVDVNODGi]ROXSLHQNRYNWRUpV~URYQRPHUQHUR]RVWDYHQp0HWyGD]PHQ]PHQt
IDUEXNYHWXSUHPHQQiIDUEDDSUHNUHVOtNYHWQRYRXIDUERX9ãHWNêFKNRU\WQDþLHNNYHWRYMH
SUYNDPLYHOD.RU.XU]RUUHDOL]XMWHDNRćDOãLXNRU\WQDþNXNWRUHMWYDUMHPRGUiKUXEiYRGRURYQi
þLDUD
SULHEHK]LPQpKRVHPHVWUD
&9,ý(1,$
ƔFYLHQLDV~KRGLQ\WêåGHQQHVSRORþQpULHãHQLH~ORKSULWDEXOL
ƔFYLþHQLH]DþtQDPLQ~WRYRXSURJUDPiWRUVNRXUR]FYLþNRXQDMþDVWHMãLHVDULHãLSUtNODG
SRGREQê]SUHGFKiG]DM~FHKRFYLþHQLDP{åHWHQDĖRPSRXåtYDĢĐXERYRĐQpVYRMH
PDWHULiO\]RãLW\NQLK\
ƔUR]FYLþN\VDERGXM~ERGRY]DVHPHVWHUVDStãHUR]FYLþLHND]QLFKVDNXVN~ãNH
Y\EHULHQDMOHSãtFKWMPD[LPiOQHERGRY
Ɣ~þDVĢQDFYLþHQLDFKMHSRYLQQiDNSRWUHEXMHWHRGtVĢSRUR]FYLþNHRVSUDYHGOQtWHVD
FYLþLDFHPXSUHG]DþLDWNRPLQDNVDYDãDUR]FYLþNDQH]DSRþtWD
ƔSRþDVVHPHVWUDP{åHWH]tVNDYDĢRGFYLþLDFHKRSUpPLRYpERG\]DU{]QHQiURþQHMãLH~ORK\
NXVN~ãNHPD[LPiOQHERGRY
35('1Èâ.<
ƔV~NUiWSRKRGLQ\WêåGHQQH~þDVĢMHQHSRYLQQi
ƔVWUXþQiRVQRYDSUHGQiãN\EXGHYSULHEHKXQLHNRĐNêFKGQtXYHUHMQHQiQD:HEHQiMGHWHQD
VHUYHUL.9,ZZZHGLIPSKXQLEDVN
6(0(675È/1<352-(.7
ƔSRþDVVHPHVWUDVDPRVWDWQHY\SUDFXMHWHSURMHNWSRGĐD]DGDQLDGRVWDQHKRYSULHEHKX
VHPHVWUDRGVYRMKRFYLþLDFHKRWHQWRYiPR]QiPLDMWHUPtQQDRGRY]GDQLHSURMHNWXEXGH
WRQDMQHVN{UGRWHUPtQXSUDNWLFNHMVN~ãN\
ƔDNSURMHNWRGRY]GiWHFYLþLDFHPXGRWHUPtQXP{åH]DĖ]tVNDĢPD[LPiOQHERGRY
ƔPD[LPiOQHERGRY]tVNDYDWH]DSUHVQ~UHDOL]iFLX]DGDQLDDćDOãtFKERGRYP{åHWH]tVNDĢ
]DYHFLQDY\ãH
=È9(5(ý1é7(67
QDNRQFLVHPHVWUDSUHEHKQH]iYHUHþQêStVRPQêWHVWNWRUêEXGHWUYDĢPLQ~WDREVDKRYDĢ
Ɣ
~ORKQLHMHSRYROHQpSRXåtYDQLHåLDGQ\FKSRPRFQêFKPDWHULiORYNQLK\]RãLW\
ĢDKiN\
ƔP{åHWHQDĖRP]tVNDĢPD[LPiOQHERGRY
Ɣ]iYHUHþQêWHVWQLHMHSRYLQQêDQLHMHPRåQpVLKRQDKUDGLĢYLQRPWHUPtQH
35$.7,&.È6.Òâ.$35,32ýË7$ý,
ƔSRþDVVN~ãREQpKRREGRELDPXVtWHDEVROYRYDĢSUDNWLFN~VN~ãNXSULSRþtWDþLY
SRþtWDþRYêFKXþHEQLDFK+D+
ƔYSULHEHKXKRGLQ\EXGHWHULHãLĢGYH~ORK\]DNWRUpP{åHWH]tVNDĢPD[LPiOQHERGRY
ERGRY]DNDåG~
ƔSULSRþtWDþLQHVPLHWHSRXåtYDĢåLDGQHSRPRFQpPDWHULiO\RNUHPVYRMKRMHGQRVWUiQNRYpKR
ĢDKiNXPD[LPiOQHUR]PHUX$
+2'127(1,(
YêVOHGQpKRGQRWHQLHSUHGPHWXMH]QiPNRX$(UHVS);Y\SRþtWDVD]RV~þWXERGRY]R
Ɣ
VHPHVWUDERGRY]DSURMHNWWHVWXDSUDNWLFNHMVN~ãN\SULSRþtWDþL
UR]FYLþN\
SURMHNW
WHVW
SULSRþtWDþL
V~þHW
ƔPD[LPiOQHP{åHWHWDNWR]tVNDĢERGRYDNSRþtWDPHDMSUpPLRYpERG\WDNPD[
ƔYULDGQRPWHUPtQHGRVWDQHWH]QiPNXOHQDNVWH]DSUDNWLFN~VN~ãNX]tVNDOLDVSRĖERGRY
DWRSRGĐDWHMWRWDEXĐN\
]QiPND$
]QiPND%
]QiPND&
]QiPND'
]QiPND(
ƔDNVWHGRVWDOLPHQHMDNRERGRYDOHERQDSUDNWLFNHMVN~ãNHVWHPDOLPHQHMDNRERGRY
EXGHWHKRGQRWHQt]QiPNRX);WMQHY\KRYHO
ƔDNVWHQHSURVSHOLQDULDGQRPWHUPtQHP{åHWHSRåLDGDĢRRSUDYQêWHUPtQVN~ãN\SUYi
RSUDYQiVN~ãNDVDVNODGiOHQ]SUDNWLFNHMþDVWLSULSRþtWDþLDQLHMHSULQHMSRGPLHQND
PLQLPiOQHKRSRþWXERGRYSUYêRSUDYQêWHUPtQVN~ãN\PXVtSUHEHKQ~ĢSRþDV
VN~ãREQpKRREGRELD
ƔGUXKêRSUDYQêWHUPtQDNVWHQHY\KRYHOLDQLQDRSUDYQRPWHUPtQHVDP{åHNRQDĢDMSR
VNRQþHQtVN~ãREQpKRREGRELDDRNUHPSUDNWLFNHMþDVWLSULSRþtWDþLREVDKXMHDM~VWQH
SUHVN~ãDQLH
352*5$029$1,(35()$1$7,.29
ƔQLHNWRUêPSUYiNRPNWRUtV~XåSRNURþLOHMãtYSURJUDPRYDQtP{åHE\ĢRGSXVWHQi~þDVĢQD
FYLþHQLDFK
ƔYSULHEHKXWêåGĖDVHPHVWUDSUHEHKQHW]Y7HVWSUHIDQDWLNRY]~þDVWQLĢVDKRP{åH
ĐXERYRĐQêSUYiNNWRUêVLP\VOtåH]YOiGDXþLYR]LPQpKRVHPHVWUDQDWHVWVDEXGHWUHED
GRSUHGXSULKOiVLĢ
ƔWHVWEXGHWUYDĢPLQ~WDEXGHVDVNODGDĢ]R~ORK
ƔQDWHVWHVDGR]YLHWHPLQLPiOQHNULWpULiNWRUpPXVtWHVSOQLĢDE\VWHVDVWDOLIDQDWLNPL
ƔSRþDVVHPHVWUDIDQDWLFLQHPXVLDQDYãWHYRYDĢFYLþHQLDStVDĢUR]FYLþN\
ƔMHGLQHþRPXVLDMHULHãLĢQiURþQHMãtVHPHVWUiOQ\SURMHNW]DNWRUêP{åX]tVNDĢERGRY
SUHGSRNODGiPHåHSURMHNWEXGHIUHHZDUHVRSHQVRXUFHQD~URYQLMHGQRGXFKãtFK
VKDUHZDUHXWLOtWQD,QWHUQHWHDEXGHSXEOLNRYDQêQD:HEH
ƔWDNWLHåP{åXULHãLĢ]iYHUHþQêWHVW]DERGRYD]UHMPHVD]~þDVWQLDSUDNWLFNHMVN~ãN\SUL
SRþtWDþL
SURMHNW
WHVW
SULSRþtWDþL
V~þHW
352*5$029$1,(9'(/3+,
ƔYSUYRPURþQtNXEXGHPHSURJUDPRYDĢYMD]\NXREMHNWRYêSDVFDOYRYêYRMRYRPSURVWUHGt
'HOSKLãWDQGDUGQiYHU]LD
ƔQD0))MH'HOSKLQDLQãWDORYDQpYSRþtWDþRYêFKXþHEQLDFK+D+DNFKFHWHSUDFRYDĢY
'HOSKLDMPLPRãNRO\ERORE\GREUHDE\VWHVL]DN~SLOLULDGQXYHU]LX
❍FHQ\V~SULEOLåQHWDNpWRSR]ULZZZLQSULVHF]
ŶVWDQGDUG
ŶSURIHVVLRQDO
ŶHQWHUSULVH
ƔDNPiWHPRPHQWiOQHYLDFVN~VHQRVWtVLQêPSURJUDPRYDFtPMD]\NRPDNRSDVFDOQDSU
&-DYDDOHER9%VWHYRYHĐNHMYêKRGHOHERSUHFKRGQDSDVFDOEXGHSUHYiVYHĐPL
SULURG]HQêDSUtMHPQêDSURVWUHGLH'HOSKLYiVLVWHSRWHãt
ƔDNE\VWHUDGãHMSURJUDPRYDOLYLQRPSURJUDPRYDFRPMD]\NXDNRSDVFDOQDSU&-DYD
P{åHWHVDWHãLĢQDWRåHYRY\ããtFKURþQtNRFKVDVWUHWQHWHVWêPLWRMD]\NPLYU{]Q\FK
LQêFKSUHGPHWRFK
7HVW]SURJUDPRYDQLDSUHIDQDWLNRY VHSW
=DStãWHWULHGX7%RGNWRUiGHILQXMHIDUHEQ~ERGNXYQHMDNHMJUDILFNHMSORFKH7ULHGDREVDKXMH
VWDYRYpSUHPHQQp[D\V~UDGQLFHSRORK\ERGXGYHFHOpþtVODDVWDYRY~SUHPHQQ~IYNWRUHMVD
SDPlWiIDUEDERGN\W\SX7&RORU1DStãWHNRQãWUXNWRU&LWDMVMHGQêPSDUDPHWURPW\SXWH[WRYê
V~ERU7H[W)LOHMHXåRWYRUHQêQDþtWDQLHDQDVWDYHQêMHQD]DþLDWNXSUtVOXãQpKRULDGNDNWRUê
QDþtWDVWDYRYpSUHPHQQp]MHGQpKRULDGNDV~ERUXV~ERUREVDKXMHYNDåGRPULDGNXDVSRĖFHOp
þtVODRGGHOHQp]QDNRP
SUYpGYHV~V~UDGQLFHWUHWLHþtVORMHIDUEDćDOãLHþtVODYULDGNXEXGHWH
LJQRURYDĢ3UHGSRNODGDMWHåHV~ERUMHNRUHNWQêĆDOHMQDStãWHGHãWUXNWRU'HVWUR\DYLUWXiOQX
PHWyGX.UHVOLVMHGQêPSDUDPHWURPW\SX7&DQYDVNWRUiQDNUHVOtGRGDQpKR&DQYDVXQDGDQp
V~UDGQLFHIDUHEQ~ERGNX
=DGHILQXMWHWULHGX78WYDUNWRUiREVDKXMHG\QDPLFNpSROHLQãWDQFLtWULHG\7%RGVWDYRYi
SUHPHQQiS1DStãWHNRQãWUXNWRU&UHDWHLQLFLDOL]XMHSDNRSUi]GQHSROHGHãWUXNWRU'HVWUR\
XYRĐQtYãHWN\REMHNW\YSROLDPHWyG\3ULGDM.UHVOLD6SDMDM0HWyGD3ULGDMVMHGQêP
SDUDPHWURPW\SX7%RGSULGiQDNRQLHFSRĐDS]DGDQêERGDOHOHQDNWHQWRQLHMHSUtOLãEOt]NR
GRWHUD]SRVOHGQpPXERGXYSROL3UtOLãEOt]NR]QDPHQiåHWHQWRERGPiY]GLDOHQRVĢRG
SUHGFKiG]DM~FHKRPHQãLX3UtOLãEOt]N\ERGQH]DUDGtGRSRĐDDOHKRXYRĐQtSRXåLWtP
GHãWUXNWRUD0HWyGD.UHVOLY\NUHVOtYãHWN\ERGN\YSROLPHWyGD6SDMDMLFKWDNWLHåY\NUHVOtD
QDY\ãHLFKSRVWXSQHSRVSiMDþLHUQ\PL~VHþNDPLOHQSRVHEHLG~FHERG\YSROL2EHWLHWRPHWyG\
PDM~SDUDPHWHUW\SX7&DQYDV
=DGHILQXMWHWULHGX7%RGNWRUiMHSRWRPNRPWULHG\7%RG7iWREXGHPDĢGRGHILQRYDQ~QRY~
VWDYRY~SUHPHQQ~YHOYNWRUHMVDXFKRYiYDYHĐNRVĢERGN\FHOpþtVOR7HMWRWULHGHSUHGHILQXMWH
YLUWXiOQXPHWyGX.UHVOLSRPRFRXNWRUHMVDQDNUHVOtERGNDSUtVOXãQHMYHĐNRVWLDWLHåNRQãWUXNWRU
&LWDM]WH[WRYpKRV~ERUXP{åHQDþtWDĢDMãWYUWpþtVORY\MDGUXM~FHYHĐNRVĢDNYSUtVOXãQRP
ULDGNXãWYUWpþtVORFKêEDQDVWDYtVDYHĐNRVĢ=DEH]SHþWHDE\DMWULHGD78WYDUVSUiYQH
SUDFRYDODQLHOHQVREMHNWDPL7%RGDOHDMVREMHNWDPL7%RGWMDE\SROHPRKORREVDKRYDĢ
REMHNW\MHGQHMDMGUXKHMWULHG\
SR]ULWHVLPLQXORURþQêWHVWSUHIDQDWLNRY
]iXMHPFRYLDRWHVWQH]DEXGQLWHVD]DStVDĢGRKiUNXSUHGPLHVWQRVĢRX
Ɣ
,
WHVWDVLEXGHSRþDVSUHGQiãN\YSRVOXFKiUQL$
Ɣ
7HVW]SURJUDPRYDQLDSUHIDQDWLNRY VHSW
❍PHQRXNRQþHQp]QDNRP
❍URNQDURGHQLDXNRQþHQê
❍PD[LPiOQHSUYNRY~SRVWXSQRVĢFHOêFKþtVHOQDY]iMRPRGGHOHQêFKPHG]HURXNWRUiMH
XNRQþHQiNRQFRPULDGNXDNWXiOQHQDþtWDQêSRþHWSUYNRYWUHEDXORåLĢGRSRORåN\SRFHW
5LDGRNP{åHY\]HUDĢQDSUWDNWR-DQNR+UDãNR±
3UHW~WRWULHGX]DGHILQXMWHDMGHãWUXNWRU8YROQL
0{åHWHSUHGSRNODGDĢåHWH[WRYêV~ERUSDUDPHWHUNRQãWUXNWRUDMHXåRWYRUHQêQDþtWDQLHDMH
NRUHNWQê
1DStãWHIXQNFLX3RURYQDMVGYRPDSDUDPHWUDPLW\SX76NDXWNWRUiYUiWLMHGQX]KRGQ{W
Y\PHQRYDQpKRW\SXPHQVLURYQ\YDFVLSRGĐDWRKRYDNHMUHOiFLLV~SRORåN\PHQRSUtVOXãQêFK
LQãWDQFLt
=DGHILQXMWHWULHGX72GGLHONWRUiREVDKXMHSUYNRYpMHGQRUR]PHUQpSROHLQãWDQFLtWULHG\
76NDXWY7XUER3DVFDOHVPHUQtNRYQDLQãWDQFLHDSRþtWDGORDNWXiOQHKRSRþWXSUYNRY2NUHP
NRQãWUXNWRUDNWRUêLQLFLDOL]XMHSROHQDStãWHPHWyGX=DUDGNWRUiDNRSDUDPHWHUGRVWDQHMHGHQ
REMHNW76NDXWY7XUER3DVFDOHVPHUQtNQDĖKRD]DUDGtKRGRSRĐDWDNDE\SUYN\YSROLEROL
VWiOHXWULHGHQpY]RVWXSQHSRGĐDPHQD1DSRURYQiYDQLHGYRFKREMHNWRYSRXåLWHIXQNFLX
3RURYQDM]GUXKpKRSUtNODGX$NVDYSROLQDFKiG]DREMHNWVURYQDNêPPHQRPWDNKRWUHED
SUHStVDĢQRYêPREVDKRPVWDUêREMHNWWUHEDXYRĐQLĢSUtVOXãQêPGHãWUXNWRURP
3UHWULHGX72GGLHOQDStãWHPHWyGXIXQNFLX+ODGDMVMHGQêPSDUDPHWURP]QDNRYêP
UHĢD]FRPNWRUiYRVYRMRPSROLLQãWDQFLt76NDXWQiMGHREMHNWVKĐDGDQêPPHQRPDYUiWLMHKR
LQGH[YWRPWRSROL$NWDNêSUYRNQHQiMGHYUiWL+ĐDGDQLHUHDOL]XMWHELQiUQ\PY\KĐDGiYDQtP
SROHMHXWULHGHQpSRPRFRXUHNXU]LHWMQHSRXåLWHF\NOXV
7pP\SURMHNWRY QRY
3UDYLGOiSUHVHPHVWUiOQ\SURMHNW
Ŷ'HOSKLãWDQGDUG
ŶSRXåtYDĢOHQNRPSRQHQW\]'HOSKL
ŶQHGHILQRYDĢåLDGQHYODVWQp
]GURMRYRPWYDUH
ŶKUDFLDGRVNDDMKUDFLHNDPHQHPXVLDE\ĢREMHNW\
ŶSRXåLWLHWH[WRYpKRV~ERUXQD]DSDPlWDQLHQDVWDYHQtVLWXiFLH
ŶG{UD]QDQDIRUPiWRYDQLHSURJUDPX
ŶPD[ERGRY]DPLQLPiOQXYHU]LXSRGĐD]DGDQLD
ŶQDY\ãHERG\GRERGRY]DXPHOHFNêGRMHPDSURJUDPiWRUVN~QiURþQRVĢ
ŶWpPXVLYROtWH]SRQ~NDQHMPQRåLQ\DOHERVLY\P\VOtWHVYRMXYODVWQ~DOHER]PRGLILNXMHWHQLHNWRU~SRQ~NDQ~PDOE\MX
VFKYiOLĢFYLþLDFL
ŶWpPDPXVtE\ĢGRVNRYiKUDEXćSUHKUiþDVROLWpUDOHERSUHYLDFKUiþRYNWRUtVDVWULHGDM~YĢDKDQt
ŶSRþtWDþQLHMHSURWLKUiþDOHLQWHOLJHQWQiKUDFLDGRVNDD]iURYHĖUR]KRGFD
'LDĐQLFD
+UXKUDM~KUiþLQDãWYRUFRYRPSROL[[Då[3UYêKUiþVL
]YROtQLHNWRUê]RV\PERORY DSRORåtKRQDKRUQpĐDYp
SROtþNR3RWRPVLMHGHQ]WêFKWRV\PERORYY\EHULHGUXKêKUiþDSRORåt
KRQDYHGĐDMãLHSROtþNRWDNDE\GLDĐQLFDSRNUDþRYDODćDOHM+UDNRQþt
DNVDSRGDUtMHGQpPX]KUiþRYXPLHVWQLĢV\PEROQDVSRGQpSUDYp
SROtþNRYWHG\Y\KUiYDDOHERMHGRQ~WHQêXPLHVWQLĢV\PEROQDNUDM
KUDFLHKRSRĐDWDNåHVDXåQHGiSRNUDþRYDĢYWHG\SUHKUiYD
%ORN\
+UXKUDM~KUiþLQDãWYRUFRYRPSROL[+UiþLVDVWULHGDM~YR
Y\SOĖRYDQtYåG\GYRFKSULĐDKOêFKYRGRURYQHDOHER]YLVOHãWYRUþHNRY
NWRUpHãWHQLHV~Y\SOQHQp3UYêNWRUêWDNQHP{åHVSUDYLĢ]iSDV
SUHKUiYD
+H[
+UXKUDM~KUiþLQDKUDFHMSORFKHNWRUiPiSRGREX[
ãHVĢXKRĐQtNRYêFKSROtþRN.DåGê]KUiþRYPiVYRMXIDUEXDMHKR
~ORKRXMHVSRMLĢV~YLVORXUHĢD]RXVYRMLFK]QDþLHNSUtVOXãQpSURWLĐDKOp
VWUDQ\+UiþLVDVWULHGDM~DSULNDåGRPĢDKXSRORåLDQDMHGQRYRĐQp
SROtþNRSORFK\VYRMX]QDþNX9\KUiYDKUiþNWRUêSUHSRMtVYRMH
SURWLĐDKOpVWUDQ\DNRSUYê
6NRURKH[
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKH1[1+UiþLVWULHGDYR
]DIDUEXM~VYRMRXIDUERXMHGQXVWUDQXQLHNWRUpKRPDOpKRãWYRUþHND
SULþRPNULåRYDQLHFLHVWU{]QHMIDUE\QLHMHSRYROHQp9\KUiYDKUiþ
NWRUêSUYêVSRMtVYRMHGYHYRSUHGXUþHQpVWUDQ\V~YLVORXFHVWRX
%ULGJHLW
+UXKUDM~KUiþLQDãSHFLiOQHMKUDFHMSORFKH.DåGê]KUiþRYPiVYRMX
IDUEXDMHKR~ORKRXMHVSRMLĢV~YLVORXSRVWXSQRVĢRXVYRMLFKþLDURN
SUtVOXãQpSURWLĐDKOpVWUDQ\+UiþLVDVWULHGDM~DSULNDåGRPĢDKXVSRMD
]YLVORXDOHERYRGRURYQRXþLDURXGYDVXVHGLDFHERG\VYRMHMIDUE\
QHVP~SUHWQ~ĢåLDGQXV~SHURYXþLDUX9\KUiYDKUiþNWRUêSUHSRMt
VYRMHSURWLĐDKOpVWUDQ\DNRSUYê
&HVWD
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKH[.DåGê]KUiþRYPi
VYRMXIDUEXDMHKR~ORKRXMHVSRMLĢV~YLVORXSRVWXSQRVĢRXVYRMLFKþLDURN
XKORSULHþRNSUtVOXãQpSURWLĐDKOpVWUDQ\+UiþLVDVWULHGDM~SUL
Y\]QDþRYDQtXKORSULHþRNGRãWYRUþHNRY1LHMHGRYROHQpY\]QDþRYDĢ
XKORSULHþN\YRãWYRUþHNRFKNWRUpXåEROLSRXåLWpDQLGRVYRMLFKDQLGR
V~SHURYêFK8KORSULHþN\RERFKV~SHURYVDQHVP~VYRMLPLNRQFDPL
GRWêNDĢ9\KUiYDKUiþNWRUêSUHSRMtVYRMHSURWLĐDKOpVWUDQ\DNRSUYê
0RVW
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKH[.DåGêPi
ILJ~URNIDUHEQHRGOtãHQêFKRGV~SHURYêFK3RþLDWRþQ~SRORKX]DGiYD
REUi]RN=DþtQDM~FHKRXUþtOyV.WRMHQDĢDKXP{åHSUHVXQ~ĢQLHNWRUê
]RVYRMLFKNDPHĖRYYRGRURYQHDOHER]YLVOHRĐXERYRĐQêSRþHWSROt
3UHVNDNRYDĢSULWRPLQpNDPHQHQLHMHGRYROHQp9\KUiYDKUiþNWRUê
DNRSUYêY\EXGXMHPRVWWMXPLHVWQLYãHWN\NDPHQHGRMHGQpKR
YRGRURYQpKRUDGX
3LãNYRUN\
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKH[SUtSDGQHDMLQp
UR]PHU\+UiþLVDVWULHGDM~SUL]DNUHVĐRYDQtVYRMLFK]QDþLHNGR
SROtþRNNWRUpV~HãWHSUi]GQH3UYêNRPXVDSRGDUtY\]QDþLĢVpULX
URYQDNêFK]QDþLHNYRGRURYQH]YLVORDOHERXKORSULHþQHY\KUiYD
6WĎSFRYpSLãNYRUN\
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKH[SUtSDGQHDMLQp
UR]PHU\+UiþLVLVWULHGDYRY\EHUDM~VWĎSHFNDPVYRMX]QDþNX
XPLHVWQLDQLHYãDNULDGRN=QDþNDSDGQHQDSUYpYRĐQpSROtþNR
]YROHQpKRVWĎSFD]GROD3UYêNRPXVDSRGDUtY\]QDþLĢVpULX
URYQDNêFK]QDþLHNYRGRURYQH]YLVORDOHERXKORSULHþQHY\KUiYD
3ULHVWRURYpSLãNYRUN\
+UXKUDM~KUiþL+UDFtPSRĐRPMHNRFND[[NWRUiMHQDNUHVOHQi
SRSRVFKRGLDFKDNRãWYRUFH[.DåGêãWYRUHFUHSUH]HQWXMHMHGQX
YUVWYXNRFN\+UiþLVWULHGDYRXPLHVWĖXM~VYRMH]QDN\NUtåLN\D
NROLHVNDGRSUi]GQ\FKSROtãW\URFKãWYRUFRY&LHĐRPNDåGpKRKUiþDMH
XPLHVWQLĢVYRMH]QDN\YHGĐDVHEDQDSULDPNXYVPHUHURYQREHåQRP
VKUDQDPLNRFN\DOHERYVPHUHMHMVWHQRYHMþLWHOHVRYHMXKORSULHþN\
9\KUiYDKUiþNWRUpPXVDWRSRGDUt$NVD]DSOQLDYãHWN\SROtþNDD
QLNWRQHGRVLDKQHFLHĐKUDVDNRQþtUHPt]RX1DREUi]NXMHSUtNODG
UHPt]\
âYiE
+UXKUDM~KUiþLQDĐXERYRĐQHYHĐNHMãWYRUFRYHMKUDFHMSORFKH1D
]DþLDWNXKU\VDY\JHQHUXMHU{]Q\FKEDULpUYLćREUi]RNWLHWRSROtþND
QHP{åHY\XåtYDĢDQLMHGHQKUiþ+UiþLVDVWULHGDM~SUL]DNUHVĐRYDQt
VYRMLFK]QDþLHNGRĐXERYRĐQêFKSROtþRN9åG\NHćMHGHQKUiþY\WYRUt
V~YLVOêUDGVYRMLFK]QDþLHN]YLVOHYRGRURYQHXKORSULHþQH]DStãHVL
ERG7LHWR]QDþN\VDXåQHP{åXćDOHMSRXåtYDĢ.HćMHSULHVWRU
Y\þHUSDQêYtĢD]RPVDVWiYDWHQNWRGRVLDKROYlþãtSRþHW+UXPRåQR
REPHG]LĢDMþDVRYR
8OXOR
+UXKUDM~KUiþLQDĐXERYRĐQHYHĐNHMãWYRUFRYHMKUDFHMSORFKH+UiþL
VDVWULHGDM~SULNODGHQtVYRMLFKStVPHQQDĐXERYRĐQpSROtþNDSORFK\
SUYêKUiþPiStVPHQNi8/2DGUXKê$0,3UYêKUiþY\KUiYDDN
VDPXSRGDUt]RVWDYLĢVORYR8/8/2YĐXERYRĐQRP]{VPLFKVPHURY
'UXKêKUiþY\KUiYDDNVDPXSRGDUt]RVWDYLĢVORYR$0$0,WDNLVWRY
ĐXERYRĐQRPVPHUH
=iNODGQH
+UXKUDM~KUiþLQDãWYRUþHNRYHMKUDFHMSORFKH[+UiþLVWULHGDYR
XPLHVWĖXM~VYRM]QDNQDYRĐQpSROtþNRSORFK\6QDåLDVDXPLHVWĖRYDĢ
VYRMH]QDN\GR]iNODGQt +UDNRQþtDNV~YãHWN\SROtþND
REVDGHQp9\KUiYDWHQNWRPiQDNRQLHFYLDF]iNODGQtSULþRPYLDFHUp
]iNODGQHP{åXPDĢVSRORþQp]QDN\
/RN
+UXKUDM~KUiþLQDãWYRUþHNRYHMKUDFHMSORFKHPLQLPiOQH[+UiþL
VWULHGDYRXPLHVWĖXM~VYRMH]QDN\GRY\]QDþHQpKRãWYRUFD9SUtSDGHåH
PHG]LGYRPD]QDNPLDMU{]Q\PLXPLHVWQHQêPLYULDGNXDOHERVWĎSFLMH
SUiYHMHGQRSROtþNRYRĐQpP{åHKUiþNWRUêWDN~WRSR]tFLXY\WYRULO
XPLHVWQLĢVYRM]QDNGRWHMWRPHG]HU\7RWRP{åHURELĢGRYWHG\SRNLDĐ
MHWRPRåQp+UDSRNUDþXMHDåNêPVDQH]DSOQtFHOêãWYRUHF9\KUiYD
KUiþNWRUêYĖRPXPLHVWQLOYLDFVYRMLFK]QDNRY1DREUi]NXV~
MHGQRWOLYpĢDK\KUiþRYR]QDþHQpþtVODPLþtVODVKYLH]GLþNRXV~WLHĢDK\
NWRUpY]QLNOLSRORåHQtPSUYHM]QDþN\YĢDKX
âWYRUFRYiPDSD
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKHPLQLPiOQH[SRþHW
SROtþRNPXVtE\ĢSiUQ\+UiþLPDM~NGLVSR]tFLLIDUE\6WULHGDYR
Y\SĎĖDM~SRMHGQRPSROtþNXDNVXVHGtWRWRSROtþNRVWUDQRXDOHERDM
URKRPVSROtþNRPY\IDUEHQêPURYQDNRXIDUERX]DStãHVLKUiþ]D
NDåGpWDNpWRSROtþNRWUHVWQêERG+UDNRQþtDNV~YãHWN\SROtþND
Y\IDUEHQp9\KUiYDKUiþNWRUêQD]ELHUDOQDMPHQãtSRþHWWUHVWQêFK
ERGRY
âWYRUþHN\
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKHVYHĐNRVĢRXPLQLPiOQH
[+UiþLVWULHGDYRY\]QDþXM~YåG\MHGQXVWUDQXĐXERYRĐQpKR
ãWYRUþHND.WRY\]QDþtSRVOHGQ~VWUDQXãWYRUþHNDQDNUHVOtGRQHKR
VYRMX]QDþNXDLGHHãWHUD]9\KUiYDKUiþNWRUêPiQDKUDFRPSROL
]D]QDþHQêFKYLDF]QDþLHN
7URMXKROQtþN\
+UXKUDM~KUiþLQDWURMXKROQtNRYHMKUDFHMSORFKHVR]iNODGĖRX
PLQLPiOQHERGLHN+UiþLVDVWULHGDM~YVSiMDQtYåG\ERGLHN.WR
VYRMRXþLDURXX]DYULHMHGQRWNRYêWURMXKROQtN]DNUHVOtGRQHKRVYRMX
]QDþNXDSRNUDþXMHYKUH9\KUiYDWHQNWRY\WYRUtYLDFWURMXKROQtNRY
1D]DUpQ
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKHYHĐNRVWLPLQLPiOQH
[+UiþLVDVWULHGDM~YRY\]QDþRYDQtMHGQHMDOHERYLDFVWUiQ
MHGQRWOLYêFKãWYRUþHNRYWDNåHGRSORFK\]DNUHVOLDURYQ~þLDUX
ĐXERYRĐQHMGĎåN\ýLDUDQHVPLHSUHFKiG]DĢFH]þLDU\NWRUpEROL
Y\]QDþHQp+UiþP{åHYMHGQRPNROH]DNUHVOLĢOHQþLDUX.WRY\]QDþt
SRVOHGQ~VWUDQXDNpKRNRĐYHNãWYRUþHNDNWRUpKRRVWDWQpVWUDQ\V~Xå
Y\]QDþHQpDWêPKRGRNRQþtY\]QDþtGRãWYRUþHNDVYRMX]QDþNX
9\KUiYDWHQKUiþNWRUêPiYLDF]QDþLHN
+DYDQD
+UXKUDM~KUiþLQDãSHFLiOQHMKUDFHMSORFKH+UiþLVDVWULHGDM~Y
XNODGDQtåHWyQRYVYRMHMIDUE\YåG\QDMHGHQSULHVHþQtNKUDFLHKRSOiQX
9\KUiYDWHQNRPXVDDNRSUYpPXSRGDUtY\WYRULĢMHGHQ]QDVOHGXM~FLFK
REUD]FRY
ƔPRVWV~YLVOiVpULDåHWyQRYNWRUpVSiMDM~DNpNRĐYHNURK\
KUDFLHKRSOiQX
ƔSUVWHQHFV~YLVOiX]DYUHWiVpULDåHWyQRYYMHMYQ~WULPXVtE\Ģ
DVSRĖMHGHQSULHVHþQtNKUDFHMSORFK\
ƔKRUVNpVHGORV~YLVOiVpULDåHWyQRYVSiMDM~FDDNpNRĐYHN
VWUDQ\KUDFLHKRSOiQXURK\KUDFLHKRSOiQXQHSDWULDåLDGQHM
VWUDQH
9HĐNêKDG
+UXKUDM~DVSRĖGYDMDKUiþLQDãSHFLiOQHMKUDFHMSORFKH.DåGêKUiþVL
QD]DþLDWNX]YROtãWDUWRYDQLHSROtþNRQDNWRUpSRORåtVYRMX]QDþNX
+UiþLVDVWULHGDM~SRVWXSQH]DNUHVĐXM~VYRMX]QDþNXGRYRĐQpKRSROtþND
VXVHGLDFHKRQLHYãDNURKRPVRãWYRUþHNRPGRNWRUpKRVYRMX]QDþNX
SRORåLOLYSUHGFKiG]DM~FRPNROH3ROtþNRVERGNRXR]QDþXMHSRVOHGQê
ĢDK+UiþNWRUêXåQHP{åHSRORåLĢVYRMX]QDþNXSUHKUiYD
$QJOLFNêVROLWDLUH
+UDSUHKUiþD+UDVDKUiQDãSHFLiOQHMSORFKHQDNWRUHMV~
UR]PLHVWQHQpILJ~UN\RNUHPVWUHGQpKRSROtþNDÒORKRXMHDE\QD
SORFKH]RVWDORþRQDMPHQHMILJ~URN$E\KUiþPRKRORGVWUiQLĢMHGQX
ILJ~UNXPXVtMXSUHVNRþLĢVXVHGLDFRXILJ~UNRXQDSUi]GQHSROtþNR
NWRUpVDQDFKiG]DYURYQDNRPUDGHVWĎSFLDNRY\SDGiYDM~FDILJ~UND
)LJ~UN\PXVLDSULDPRVXVHGLĢ+UDVDNRQþtDNVDQHGiXURELĢåLDGHQ
ćDOãtĢDK
6PHU\
+UXP{åXKUDĢGYDMDDåãW\ULDKUiþLQDãSHFLiOQHMKUDFHMSORFKH1D
]DþLDWNXVLUR]PLHVWQLDVYRMHILJ~UN\GRURKRYKUDFLHKRSOiQX,FK
FLHĐRPMHSULYLHVĢVYRMXILJ~UNXGRVWUHGRYpKRSRĐD.RPXVDWRSRGDUt
DNRSUYpPXY\KUiYD+UiþLVDVWULHGDM~YKiG]DQtNRFNRXQDNWRUHM
V~VPHU\ 3RGĐDVPHUXQDNRFNHVDKUiþ
SRVXQLHQDćDOãtSULHVHþQtN$NMHQDNRFNHVPHUNWRUêPQLHMHPRåQp
SRVWXSRYDĢSRNUDþXMHćDOãtKUiþ1DMHGQRPSULHVHþQtNXVDP{åH]tVĢ
DMYLDFHURILJ~URN
3DOþHN
+UXKUDM~GYDMDDåãW\ULDKUiþLQDãWYRUþHNRYHMKUDFHMSORFKH1D
]DþLDWNXV~ILJ~UN\QDVWUHGRYRPSROtþNX.DåGêKUiþNWRUêMHQDUDGH
KRGtIDUHEQRXNRFNRX DSRVWXSXMHVYRMRX
ILJ~UNRXQDćDOãtSULHVHþQtNNXIDUEHNWRUiERODQDNRFNH$NSDGQH
þLHUQDIDUEDLGHćDOãtKUiþ.WRVDSUYêGRVWDQHQDQLHNWRU~IDUHEQ~
FHVWXY\KUiYD
7ULKH[
+UXKUDM~KUiþLQDãSHFLiOQHMKUDFHMSORFKH.DåGê]KUiþRYPiN
GLVSR]tFLLKUDFLHNDPHQHRGOtãHQpRGV~SHURYêFK+UiþLLFK
VWULHGDYRNODG~QDERG\KUDFHMSORFK\9\KUiYDKUiþNWRUpPXVD
SUYpPXSRGDUtXPLHVWQLĢVYRMHNDPHQHQDSULDPNX
5HYHUVL
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKHPLQLPiOQH[
5R]ORåHQLHILJ~URNQD]DþLDWNXKU\MHQDREUi]NX+UiþNWRUêMHQD
ĢDKXXPLHVWQLVYRMXILJ~UNXQDYRĐQpSROtþNRWDNDE\PHG]LWRXWRD
ćDOãRXMHKRILJ~UNRXYRGRURYQH]YLVORXKORSULHþQHERODDVSRĖMHGQD
V~SHURYDDåLDGQHYRĐQpSROtþNR9ãHWN\V~SHURYHILJ~UN\NWRUpWDNWR
]DMPHVDVWDQ~MHKRSUHIDUELDVDQDMHKRIDUEX+UDNRQþtNHćV~
YãHWN\SROtþND]DSOQHQpDOHERRVWDOLILJ~UN\OHQMHGQHMIDUE\9\KUiYD
KUiþNWRUêPiSRVNRQþHQtKU\YLDFILJ~URNQDSORFKH
6NLS
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKHPLQLPiOQH[QHSiUQ\
SRþHW.DåGêKUiþPiVYRM]QDN3UYêKUiþXPLHVWQLVYRM]QDNGR
ĐXERYRĐQpKRãWYRUþHNDDOHQLHQDNUDMLãWYRUFD3RWRPVWULHGDYR
XPLHVWĖXM~VYRMH]QDN\GRĐXERYRĐQpKRYRĐQpKRãWYRUþHNDXåP{åH
E\ĢQDNUDML3RNLDĐWêPY]QLNQHVLWXiFLDåHQDQLHNWRURP]R
VXVHGQêFKãWYRUþHNRYVXVHGQpãWYRUFHPDM~VSRORþQ~VWUDQXDOHER
YUFKROMHĐXERYRĐQê]QDND]DQtPMHYRĐQêãWYRUþHNP{åHKUiþ
QDNUHVOLĢVYRM]QDNDMGRWRKWRYRĐQpKRãWYRUþHNDDNRNHE\ERO]QDN
SUHVNRþLO3ULWRP]QDN]RVWiYDDMQDSROtþNXRGNLDĐVNiNDO9
SUtSDGHåHVDSRSUHVNRþHQtQDVN\WQHćDOãLDPRåQRVĢVNRNXVPLHKUiã
SRNUDþRYDĢ0{åHVDVWDĢåHSRXPLHVWQHQt]QDNXPiKUiþPRåQRVĢ
VNiNDĢYLDFHUêPLVPHUPL9WHG\VDPXVtUR]KRGQ~ĢLEDSUHMHGHQ]
QLFK+UDVDNRQþtSR]DSOQHQtYãHWNêFKãWYRUþHNRYYHĐNpKRãWYRUFD
9\KUiYDKUiþNWRUêXPLHVWQLOYLDFVYRMLFK]QDNRYUHPt]DQLHMH
PRåQi
ýDMRYiKUD
+UXKUDM~KUiþLQDãSHFLiOQHMKUDFHMSORFKH.DåGê]KUiþRYPiN
GLVSR]tFLLKUDFtFKNDPHĖRYRGOtãHQêFKRGV~SHURYêFK+UiþL
VWULHGDYRNODG~NDPHQHQDERG\KUDFHMSORFK\VFLHĐRPDE\YODVWQp
XORåHQpNDPHQHY\WYiUDOLþRQDMYLDFãWYRUFRYâW\ULNDPHQHY\WYiUDM~
ãWYRUHFDNVDQDFKiG]DM~YRYUFKRORFKĐXERYRĐQpKRDMãLNPR
XPLHVWQHQpKRP\VOHQpKRãWYRUFDâWYRUFHP{åXPDĢQLHNWRUpYUFKRO\
VSRORþQp3RXORåHQtYãHWNêFKKUDFtFKNDPHĖRYVDVSRþtWDNWRUêKUiþ
Y\WYRULOYlþãtSRþHWãWYRUFRYLFKYHĐNRVĢQHUR]KRGXMHDWHQVDVWiYD
YtĢD]RP
âWYRUFRIyELD
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKH[6WULHGDYRXPLHVWĖXM~
GRMHKRYRĐQêFKSROtþRNVYRMH]QDN\QDSUNUtåLNNROLHVNR3UHKUiYD
KUiþNWRUpKRQLHNWRUp]QDN\Y\WYRULDYUFKRO\P\VOHQpKRãWYRUFDKRFL
DMãLNPRXPLHVWQHQpKR
.RQR
+UXKUDM~KUiþLQDãWYRUFRYHMKUDFHMSORFKH[3RþLDWRþQp
UR]RVWDYHQLHILJ~URNMHQDREUi]NX2]DþLDWNXVDUR]KRGQHOyVRP+Uiþ
NWRUêMHQDĢDKXVPLHSUHPLHVWQLĢNWRU~NRĐYHN]RVYRMLFKILJ~URNãLNPR
RMHGQRSROHġDKDĢMHPRåQpGRSUHGXDMGR]DGXQHPRåQRVDĢDKX
Y]GDĢ9\KUiYDKUiþNWRUêDNRSUYêSUHPLHVWQLYãHWN\VYRMHILJ~UN\GR
SRVWDYHQLDNWRUpQD]DþLDWNX]DXMtPDOLILJ~UN\V~SHUD
/RJLN
+UDSUHKUiþD
3H[HVR
+UXKUDM~KUiþL
'iPD
+UXKUDM~KUiþL
0O\Q
+UXKUDM~KUiþL
3DVLDQV
+UDSUHKUiþD
ýORYHþHQHKQHYDMVD
+UDSUHDYLDFKUiþRY
3RXåLWiOLWHUDW~UD
$QGUHD$QJLROLQR+U\VþWYHUHþNRYDQêPSDStUHPDWXåNRX3RUWiO3UDKD
'HQLVH&KDXYHORYi9LYLDQH0LFKHORYi1iPČW\SURVWROQtKU\GČWt3RUWiO3UDKD
9ODGLPtU%XUMDQďXGPLOD%XUMDQRYi0DWHPDWLFNpKU\3<7$*25$6%UDWLVODYD
3RVOHGQi]PHQD
JUDILND
*UDILFNiSORFKD
ƔYRYãHWNêFK~ORKiFKSUHGSRNODGiPHåHYJOREiOQHMSUHPHQQHMJMHSULUDGHQê&DQYDVJUDILFNHMSORFK\
,PDJHWMSODWtJ ,PDJH&DQYDV
ƔćDOHMSUHGSRNODGiPHåHQDIRUPXOiULMHWODþLGOR%XWWRQDYlþãLQD~ORKMHREVDKRPSURFHG~U\
7)RUP%XWWRQ&OLFN
ƔYQLHNWRUêFKSUtNODGRFKVDY\XåtYDQRYêJUDILFNêSUtND]3RO\JRQNWRUêPiWDNpWRYRODQLH
YêSLVþtVHO
Y\StãWHþtVODQDXKORSULHþNX YDU
]DGHILQRYDQHMJUDILFNHMSORFK\ LLQWHJHU
EHJLQ
IRUL WRGR
J7H[W2XWL
L
,QW7R6WUL
HQG
YêSLVþtVHO
Y\StãWHþtVODGRãWYRUFD YDU
[ LMFLQWHJHU
EHJLQ
ƔSRVWĎSFRFK F
ƔSRULDGNRFK IRUM WRGR
IRUL WRGREHJLQ
F F
J7H[W2XWM
L
,QW7R6WUF
J7H[W2XWL
M
,QW7R6WUF
HQG
HQG
YêSLVWH[WRYQDQiKRGQpSR]tFLH
QDNDåGpVWODþHQLHWODþLGODVD EHJLQ
QDStãHQDQiKRGQHMSR]tFLLPRGUp UDQGRPL]H
VORYR3DVFDODþHUYHQp'HOSKL J)RQW+HLJK
J)RQW&RORU FO5HG
EH]UDQGRPL]HVDSURJUDPVSUiYD J7H[W2XWUDQGRPUDQGRP¶'HOSKL¶
VWiOHURYQDNRWMVORYiVDYåG\SR J)RQW&RORU FO%OXH
VSXVWHQtSURJUDPXY\SLVXM~QD J7H[W2XWUDQGRPUDQGRP¶3DVFDO¶
URYQDNêFKSR]tFLiFK HQG
YêSLVWH[WXVWLHĖRP
Y\StãWHPRGUpVORYi
,ORYH'HOSKL
FRQVW
VRVLYêPWLHĖRPY\WYRUWH YHWD
,ORYH'HOSKL
NRQãWDQWX YDU
FRQVWYHWD
,ORYH'HOSKL
L[\LQWHJHU
QH]DEXGQLWHXURELĢSULHVYLWQp EHJLQ
SR]DGLHStVPHQ [ \
J%UXVK6W\OH EV&OHDU
SUHGĎåWHWLHĖ J)RQW+HLJKW
J)RQW1DPH
$ULDO
J)RQW6W\OH >IV%ROG@
J)RQW&RORU FO/W*UD\
J7H[W2XW[\YHWD
^IRUL WRGR
J7H[W2XW[L\
LYHWD`
J)RQW&RORU FO%OXH
J7H[W2XW[\YHWD
HQG
URYQRVWUDQQêWURMXKROQtN
QDNUHVOLĢURYQRVWUDQQêWURMXKROQtN FRQVW
VRVWUDQRXDWUHEDSRXåLĢ0RYH7RD Y\VND URXQGD
D/LQH7R YDU
[\LQWHJHU
EHJLQ
[ \
J0RYH7R[\J/LQH7R[DGLY\Y\VND
J/LQH7R[D\
J/LQH7R[\
HQG
Y\IDUEHQêURYQRVWUDQQêWURMXKROQtN
QDNUHVOLĢY\IDUEHQêURYQRVWUDQQê FRQVW
WURMXKROQtNVRVWUDQRXDWUHED D Y\VND URXQGD
SRXåLĢ3RO\JRQ YDU
[\LQWHJHU
EHJLQ
[ \
J%UXVK&RORU FO%OXH
J3RO\JRQ>3RLQW[\3RLQW[DGLY\Y\VND
3RLQW[D\@
HQG
S\UDPtGD
QDNUHVOLĢQSRVFKRGRY~ FRQVW
WURMXKROQtNRY~S\UDPtGX Q D Y\VND URXQGD
SRPRFRX0RYH7RD/LQH7R YDU
LM[[[\LQWHJHU
YHĐNRVĢVWUDQ\WURMXKROQtNDMHD EHJLQ
\ ,PDJH+HLJKW[
ƔNUHVOtVDPHWyGRXFLNFDNSR
IRUL QGRZQWRGREHJLQ
SRVFKRGLDFK J0RYH7R[\[[ [
IRUM WRLGREHJLQ
J/LQH7R[[DGLY\Y\VND
[[ [[DJ/LQH7R[[\
HQG
J/LQH7R[\\ \Y\VND[ [DGLY
HQG
HQG
GYRMIDUHEQiS\UDPtGD
QDNUHVOLĢQSRVFKRGRY~ FRQVW
WURMXKROQtNRY~S\UDPtGXIDUHEQp Q D Y\VND URXQGD
WURMXKROQtN\NUHVOLWHSRPRFRX YDU
3RO\JRQ LM[[[\LQWHJHU
EHJLQ
\ ,PDJH+HLJKW[
J%UXVK&RORU FO<HOORZ
J3RO\JRQ>3RLQW[\
3RLQW[Q
DGLY\Q
Y\VND
3RLQW[Q
D\@
J%UXVK&RORU FO%OXH
IRUL QGRZQWRGREHJLQ
[[ [
IRUM WRLGREHJLQ
J3RO\JRQ>3RLQW[[\
3RLQW[[DGLY\Y\VND
3RLQW[[D\@
[[ [[D
HQG
\ \Y\VND[ [DGLY
HQG
HQG
U{]QHIDUHEQp~WYDU\
]DGHILQRYDĢWULWODþLGOiNWRUpQD FRQVW
QiKRGQpSR]tFLHQDNUHVOLD D
þHUYHQêãWYRUHF
Ɣ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
ƔåOWêURYQRVWUDQQêWURMXKROQtN
YDU
ƔPRGUêNUXK
[\LQWHJHU
EHJLQ
YãHWN\~WYDU\V~YHĐNpSRGĐDD [ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
J%UXVK&RORU FO5HG
J5HFWDQJOH[\[D\D
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
[\LQWHJHU
EHJLQ
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
J%UXVK&RORU FO<HOORZ
J3RO\JRQ>3RLQW[\
3RLQW[DGLY\URXQGD
3RLQW[D\@
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
[\LQWHJHU
EHJLQ
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
J%UXVK&RORU FO%OXH
J(OOLSVH[\[D\D
HQG
QiKRGQpIDUHEQp~WYDU\YãWYRUFRYHMVLHWL
SULHEHKIXQNFLH
SURJUDPQDNUHVOtSULHEHKIXQNFLH YDU
VLQXV LLQWHJHU
EHJLQ
J0RYH7R
IRUL WR,PDJH:LGWKGR
J/LQH7RLURXQG
VLQL
SL
HQG
NUXåQLFD
SRPRFRXIXQNFLtVLQDFRVD YDU
SUtND]RY0RYH7RD/LQH7R [\ULLQWHJHU
QDNUHVOLWHNUXåQLFX EHJLQ
[ \ U
J0RYH7R[U\
IRUL WRGR
J/LQH7R[URXQGU
FRVL
SL
\URXQGU
VLQL
SL
HQG
V~VWUHGQpNUXK\
QDNUHVOLĢV~VWUHGQêFKNUXKRYV YDU
SRORPHUPL LLQWHJHU
EHJLQ
ƔNDåGêNUXKEXGHY\IDUEHQê IRUL GRZQWRGREHJLQ
QiKRGQRXIDUERX J%UXVK&RORU
5*%UDQGRPUDQGRPUDQGRP
J(OOLSVH
L
L
L
L
HQG
HQG
PDFKXOH
Y\NUHVOLĢQDREUD]RYNXNUXKRY YDU
QiKRGQHMIDUE\±REYRGDMYêSOĖ [\ULLQWHJHU
PDM~URYQDNpNUXK\PDM~YHĐNRVWL EHJLQ
Då IRUL WRGREHJLQ
J3HQ&RORU
5*%UDQGRPUDQGRPUDQGRP
J%UXVK&RORU J3HQ&RORU
[ UDQGRP,PDJH:LGWK
\ UDQGRP,PDJH+HLJKW
U UDQGRP
J(OOLSVH[U\U[U\U
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
NRU\WQDþND
.RU\WQDþLDJUDILND
YHĐNpERGN\
SR]DWODþHQtWODþLGODVDQD YDU
QiKRGQHMSR]tFLLY\WYRUt N7.RU
NRU\WQDþNDDWiQDNUHVOtQiKRGQH EHJLQ
YHĐN~IDUHEQ~ERGNX N 7.RU&UHDWHUDQGRP,PDJH:LGWK
UDQGRP,PDJH+HLJKW
Ɣ Y\XåLWHåH'RSUHGX N)3 5*%UDQGRPUDQGRPUDQGRP
QDNUHVOtERGERGNX N+3 UDQGRP
N'RSUHGX
HQG
WHUþ
SRPRFXYHĐNêFKIDUHEQêFKERGLHN YDU
QDNUHVOLĢV~VWUHGQêFKNUXKRY N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWHUDQGRPL]H
IRUL GRZQWRGREHJLQ
N)3 5*%UDQGRPUDQGRPUDQGRP
N+3 L
N'RSUHGX
HQG
HQG
GYRMIDUHEQêWHUþ
WHUþ]RV~VWUHGQêFKNUXKRYY YDU
NWRURPVDVWULHGDM~OHQIDUE\ N7.RU
LLQWHJHU
Ɣ QHSRXåtYDMWHLI EHJLQ
N 7.RU&UHDWHUDQGRPL]H
IRUL GRZQWRGREHJLQ
N)3 FO5HG
N+3 L
N'RSUHGX
N)3 FO<HOORZ
N+3 L
N'RSUHGX
HQG
HQG
GYRMIDUHEQêWHUþ
WRLVWpLQêPVS{VRERP FRQVW
I LQWHJHUFO5HGI LQWHJHUFO<HOORZ
YãLPQLWHVLNRQãWDQW\IDINWRUp YDU
V~FHORþtVHOQpDY]QLNOL]NyGRY N7.RU
GYRFKIDULHEWLHåVLYãLPQLWH LIDUEDLQWHJHU
ULDGRNYNWRURPVDSULUDćXMH EHJLQ
IDUED 7&RORUIWXVPHFHOp N 7.RU&UHDWH
þtVORSUHW\SRYDOLQD7&RORU IDUED 7&RORUI
IRUL GRZQWRGREHJLQ
WLHWRSUHW\SRYiYDQLDVDURELDOHQ] N)3 7&RORUIDUED
SURJUDPiWURVNHMVOXãQRVWLY N+3 L
VNXWRþQRVWLMH7&RORUFHORþtVHOQê N'RSUHGX
W\SWDNåHSUHW\SRYiYDþN\P{åHWH IDUED IIIDUED
Y\QHFKDĢ HQG
HQG
NUtå
SRPRFRXKUXEêFKU{]QH YDU
]DIDUEHQêFKþLDUQDNUHVOLĢNUtå N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH
N+3
IRUL WRGREHJLQ
N'RSUHGXN'RSUHGXN9SUDYR
HQG
N+3 N)3 FO:KLWH
IRUL WRGREHJLQ
N'RSUHGXN'RSUHGXN9SUDYR
HQG
HQG
VOQNR
QDNUHVOLĢåOWpVOQNRQDPRGURP YDU
SRGNODGH N7.RU
LLQWHJHU
EHJLQ
N 7.RU&UHDWH]PD]FO%OXH
N)3 FO<HOORZN+3
IRUL WRGREHJLQ
N'RSUHGX
N'RSUHGX
N9SUDYR
HQG
N+3
N'RSUHGX
HQG
GYHãSLUiO\
SRPRFRXNRU\WQDþLHNQDNUHVOLWH YDU
WURMXKROQtNRY~DSlĢXKROQtNRY~ NN7.RU
ãSLUiOXVVWUDQDPLWDNDE\VD LLQWHJHU
NUHVOLOLQDUD] EHJLQ
N 7.RU&UHDWH
N 7.RU&UHDWH
IRUL WRGREHJLQ
N'RSUHGXL
N9ODYR
N'RSUHGXL
N9SUDYR
FDNDM
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
SRGPLHQN\DSURFHG~U\
.RU\WQDþN\NUHVOLDSRPRFRXSURFHG~U
ƔYRYãHWNêFK~ORKiFKSUHGSRNODGiPHåHYJOREiOQDSUHPHQQiNW\SX7.RUMHXåLQLFLDOL]RYDQiWM
NRU\WQDþNDXåH[LVWXMHQLHNGHYSORFKH
ƔY~ORKiFKP{åHWHSUHGSRNODGDĢåHH[LVWXMHSUHGGHILQRYDQiSURFHG~UDSRO\VWURPLSDUDPHWUDPLSRþHW
RSDNRYDQtGĎåNDNURNXDXKRO
ãHVĢXKROQtN\
QDStãWHSURFHG~UX YDU
XOHQLQWHJHUDUHDO N7.RU
QDNUHVOtYHGĐDVHEDQãHVĢXKROQtNRY
VRVWUDQRXD SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GREHJLQ
N'RSUHGXG
N9SUDYRX
GHFQ
HQG
HQG
SURFHGXUHXOHQLQWHJHUDUHDO
EHJLQ
ZKLOHQ!GREHJLQ
SRO\D
N9SUDYR
GHFQ
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
N 7.RU&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
]PD]N3UHVXQ;<
XOH
HQG
VOQNR
ãWYRUFH
VFKRG\
1iKRGQpSUHFKiG]N\
PHVLDF
PHWyGRXVWUiåHQHMQiKRGQHM EHJLQ
SUHFKiG]N\]DEH]SHþWHDE\ ]PD]N3UHVXQ;<
NRU\WQDþNDQHY\ãOD]REODVWL ZKLOHWUXHGREHJLQ
PHVLDF N9SUDYRUDQGRPN'RSUHGX
PXVtE\ĢYSUYHMNUXåQLFLV LIN9]G!RUN9]GWKHQ
SRORPHURPDVWUHGRP N'RSUHGX
FDNDM
QHVPLHE\ĢYGUXKHMNUXåQLFL HQG
VSRORPHURPDVWUHGRP HQG
IDUHEQpV~VWUHGQpNUXK\
PHWyGRXVWUiåHQHMQiKRGQHM EHJLQ
SUHFKiG]N\Y\IDUELWHGYD ]PD]N3UHVXQ;<
V~VWUHGQpNUXK\ ZKLOHWUXHGREHJLQ
YQ~WRUQêåOWRXSRORPHU N9SUDYRUDQGRPN'RSUHGX
YRQNDMãtþHUYHQRXSRORPHU LIN9]GWKHQN)3 FO<HOORZ
HOVHLIN9]GWKHQN)3 FO5HG
HOVHN'RSUHGX
FDNDM
HQG
HQG
IDUHEQêPHVLDF
PHWyGRXVWUiåHQHMQiKRGQHM EHJLQ
SUHFKiG]N\Y\IDUELWHPHVLDF ]PD]FO%ODFNN3UHVXQ;<
åOWRXSULHQLNNUXKRY ZKLOHWUXHGREHJLQ
WPDYRPRGURXFHOpQD N9SUDYRUDQGRPN'RSUHGX
þLHUQRPSR]DGt LIN9]G!WKHQN'RSUHGX
PXVtE\ĢYSUYHMNUXåQLFLV HOVHLIN9]G!WKHQN)3 FO<HOORZ
SRORPHURPDVWUHGRP HOVHN)3 FO1DY\
FDNDM
QHVPLHE\ĢYGUXKHMNUXåQLFL HQG
VSRORPHURPDVWUHGRP HQG
]HPHJXĐD
1DSURJUDPXMWHQiKRGQ~ YDU
SUHFKiG]NXNRU\WQDþLHN NNN7.RU
NWRUpV~Y\WYRUHQpYVWUHGH [\UHDO
SORFK\VFKUiQHQRXREODVĢRX EHJLQ
NUXKRPVSRORPHURP N 7NRU&UHDWHN)3 FO%OXHN+3
SULþRPNDåGiNRU\WQDþNDPi N 7NRU&UHDWHN)3 FO*UHHQN+3
KUXEpSHURVIDUEDPLåOWi N 7NRU&UHDWHN)3 FO<HOORZN+3
PRGUiD]HOHQiDSRK\EXMHVD [ N;\ N<
NURNRP ZKLOHWUXHGREHJLQ
NYSUDYRUDQGRPN'RSUHGX
NYSUDYRUDQGRPN'RSUHGX
NYSUDYRUDQGRPN'RSUHGX
LINY]G[\!WKHQN'RSUHGX
LINY]G[\!WKHQN'RSUHGX
LINY]G[\!WKHQN'RSUHGX
FDNDM
HQG
HQG
.RU\WQDþN\VDQDY]iMRPYLGLD
VtQXV
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
WH[WRYpV~ERU\
7H[WRYpV~ERU\
ƔYRYãHWNêFK~ORKiFKVLWUHEDGiYDĢSR]RUQDþtWDQLH]DNRQFRPV~ERUX
ƔSULULHãHQt~ORKVDQHVP~SRXåtYDĢDQLUHĢD]FHDQLSROLD
NRStURYDQLHV~ERUXEH]PHG]LHUQDNRQFLULDGNRY
1DStãWHSURJUDPNWRUê YDU
SUHNRStUXMHYVWXSQêWH[WRYê WW7H[W)LOH
V~ERUYVWXSW[WGRYêVWXSQpKR ]FKDU
V~ERUXY\VWXSW[WWDNåH SLQWHJHU
EHJLQ
DYêVWXSQêV~ERUQHEXGH $VVLJQ)LOHW
WHVWW[W
5HVHWW
REVDKRYDĢPHG]HU\NWRUpVD $VVLJQ)LOHW
WHVWW[W
5HZULWHW
QDFKiG]DOLYRYVWXSQRPV~ERUH S
QDNRQFLULDGNRY ZKLOHQRWHRIWGR
LIHROQWWKHQEHJLQ
ESRVWXSQRVĢPHG]LHUYR UHDGOQWZULWHOQWS
YVWXSQRPWH[WRYRPV~ERUHEXGH HQG
QDKUDGHQiLEDMHGQRXPHG]HURX HOVHEHJLQ
YULHãHQtWUHEDLQFQDKUDGLĢ UHDGW]
SULUDGHQtPYNRPHQWiUL LI]
WKHQLQFSS
HOVHEHJLQ
ZULWHW]SS
HQG
HQG
&ORVH)LOHW&ORVH)LOHW
HQG
SRXåLWLHSRPRFQpKRV~ERUX
6~ERUJJJW[WE\EROQRUPiOQ\ FRQVW
WH[WRYêNHE\]DNDåGêP]QDNRP PHQR
JJJW[W
ERODM]QDN]D YDU
QLHNWRUêPLFKêEDM~9\WYRUWH WW7H[W)LOH
QRUPiOQ\WH[WRYêV~ERUJJJW[W WPSLQWHJHU
3RXåLMHPHQRYpSUtND]\ ]FKDU
EHJLQ
5HQDPH)LOH2OG1HZVWULQJ WPS ZKLOH)LOH([LVWV,QW7R6WUWPSGRLQFWPS
5HQDPH)LOHPHQR,QW7R6WUWPS
'HOHWH)LOH1DPHVWULQJ $VVLJQ)LOHW,QW7R6WUWPS5HVHWW
$VVLJQ)LOHWPHQR5HZULWHW
)LOH([LVWVQDPHVWULQJ%RROHDQ ZKLOHQRWHRIWGREHJLQ
UHDGW]
LI] WKHQZULWHW
%XGHPHPXVLHĢSRXåLĢSRPRFQê
HOVHLI]!WKHQZULWHW]
V~ERUNWRUêQD]iYHU]UXãtPH
HQG
0HQRSRPRFQpKRV~ERUX
&ORVH)LOHW&ORVH)LOHW
PXVtPHY\P\VOLHĢWDNpSUHNWRUp
'HOHWH)LOH,QW7R6WUWPS
HãWHQHH[LVWXMHåLDGHQV~ERU
HQG
3R]QQDJHQHURYDQLHPHQDSRPRFQpKRV~ERUX
H[LVWXM~ãSHFLDOL]RYDQpV\VWpPRYp
IXQNFLH*HW7HPS)LOH1DPH*HW7HPS'ULYH
Y\KRGHQLHNRPHQWiURY]SDVFDORYVNpKRSURJUDPX
3URJUDP]SDVFDORYVNpKR YDU
SURJUDPXY\KRGtYãHWN\ WW7H[W)LOH
NRPHQWiUHY^`]iWYRUNiFK ]FKDU
3UHGSRNODGiPHåHWLHWRV\PERO\ NRPERROHDQ
VDQHY\VN\WXM~YåLDGQ\FK EHJLQ
UHĢD]FRFKYV~ERUH $VVLJQ)LOHW
WHVWSDV
5HVHWW
$VVLJQ)LOHW
WHVWSDV
5HZULWHW
NRP IDOVH
ZKLOHQRWHRIWGREHJLQ
UHDGW]
LI]
^
WKHQNRP WUXH
LIQRWNRPWKHQZULWHW]
LI]
`
WKHQNRP IDOVH
HQG
&ORVH)LOHW&ORVH)LOHW
PHPROLQHV/RDG)URP)LOH
WHVWSDV
HQG
NRU\WQDþN\DV~ERU
'DQêMHV~ERUFHOêFKþtVHO YDU
QDY]iMRPRGGHOHQêFK N7.RU
PHG]HUDPLDNRQFDPLULDGNRY
1DStãWHSURJUDPYNWRURPEXGH SURFHGXUHSRO\QGXLQWHJHU
NRU\WQDþNDLQWHUSUHWRYDĢWHQWR EHJLQ
V~ERUQDVOHGRYQH ZKLOHQ!GREHJLQ
N'RSUHGXG
DNVDYULDGNXQDFKiG]DOHQ N9SUDYRX
MHGQRþtVOR]QDPHQiGĎåNXNURNXGHFQ
GRSUHGX HQG
DNVDYULDGNXQDFKiG]DM~GYH HQG
þtVODV~WRGĎåN\VWUiQREGĎåQLND
YDU
NWRUêPiNRU\WQDþNDQDNUHVOLĢQD
W7H[W)LOH
SR]tFLLNGHVDSUiYHQDFKiG]D
[[[LLQWHJHU
DNVDYULDGNXQDFKiG]DM~WUL
EHJLQ
þtVODV~WRSDUDPHWUHSURFHG~U\
$VVLJQ)LOHW
NRUW[W
5HVHWW
SRO\
N 7.RU&UHDWH
ZKLOHQRWVHHNHRIWGREHJLQ
0{åHWHSUHGSRNODGDĢåHVDY
UHDGW[
åLDGQRPULDGNXV~ERUX
LIVHHNHROQWWKHQ
QHQDFKiG]DYLDFþtVHODNRWUL
N'RSUHGX[
HOVHEHJLQ
UHDGW[
LIVHHNHROQWWKHQ
IRUL WRGREHJLQ
N'RSUHGX[N9SUDYR
N'RSUHGX[N9SUDYR
HQG
HOVHEHJLQ
UHDGW[
SRO\[[[
HQG
HQG
HQG
&ORVH)LOHW
HQG
þtVODYV~ERUHRGGHOHQp
'DQêMHV~ERUFHOêFKþtVHO YDU
RGGHOHQêFKQDY]iMRP W7H[W)LOH
ERGNRþLDUNDPLDNRQFDPL VXFHW[LQWHJHU
ULDGNRY=LVWLWHV~þHWYãHWNêFK ]FKDU
þtVHO EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HVHWW
VXFHW
ZKLOHQRWVHHNHRIWGREHJLQ
[
UHSHDW
LIQRWHROQWWKHQUHDGW]
HOVH]
LI]!
DQG]
WKHQ
[ [
RUG]RUG
XQWLO]
LQFVXFHW[
HQG
&ORVH)LOHW
0HPR/LQHV$GG
V~þHW
,QW7R6WUVXFHW
HQG
PD[LPXP]þtVHOYV~ERUH
'DQêMHV~ERUFHOêFKþtVHO YDU
RGGHOHQêFKQDY]iMRP W7H[W)LOH
PHG]HUDPLDNRQFDPLULDGNRY PD[[LQWHJHU
1iMGLWHQDMYlþãLHþtVOR EROERROHDQ
EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HVHWW
ERO IDOVH
ZKLOHQRWVHHNHRIWGREHJLQ
UHDGW[
LIQRWERORU[!PD[WKHQEHJLQ
PD[ [ERO WUXH
HQG
HQG
&ORVH)LOHW
LIEROWKHQ
0HPR/LQHV$GG
PD[LPXP
,QW7R6WUPD[
HOVH
0HPR/LQHV$GG
åLDGQHþtVORYV~ERUH
HQG
GUXKpPLQLPXPYV~ERUH
'DQêMHV~ERUFHOêFKþtVHO YDU
RGGHOHQêFKQDY]iMRP W7H[W)LOH
PHG]HUDPLDNRQFDPLULDGNRY PLQPLQ[EROLQWHJHU
1iMGLWHGUXKpQDMPHQãLHþtVOR EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HVHWWERO
ZKLOHQRWVHHNHRIWGREHJLQ
UHDGW[
LIERO RU[PLQWKHQEHJLQ
PLQ PLQPLQ [
LIEROWKHQLQFERO
HQG
HOVHLIERO DQG[!PLQWKHQEHJLQ
PLQ [ERO
HQG
HOVHLIERO DQG[PLQDQG[!PLQWKHQ
PLQ [
HQG
&ORVH)LOHW
LIERO WKHQ
0HPR/LQHV$GG
PLQLPXP
,QW7R6WUPLQ
HOVH
0HPR/LQHV$GG
PiORþtVHOYV~ERUH
HQG
ĆDOãLH~ORK\
Ɣ9WH[WRYRPV~ERUHVORYDW[WMHYNDåGRPULDGNXMHGQRVORYR1DStãWHSURJUDPNWRUêY\WYRUtV~ERU
QDMGOKVLW[WYNWRURPEXG~YãHWN\VORYi]RYVWXSQpKRV~ERUXNWRUpPDM~GĎåNXDNRQDMGOKãLHVORYR
YVWXSQpKRV~ERUXQHKĐDGDMWHQDMSUYGĎåNXQDMGOKãLHKRVORYD]RYVWXSQpKRV~ERUX
Ɣ1DStãWHSURJUDPNWRUêYSDVFDORYVNRPV~ERUHXSUDYtULDGN\REVDKXM~FH]QDNWDNWRPHG]HU\]D
9HWDMHSRVWXSQRVĢVORYXNRQþHQiERGNRX6ORYiV~RGGHOHQpMHGQRXPHG]HURXDOHERNRQFRPULDGNX
6~ERUMHNRUHNWQêýtVHOQpIXQNFLH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
IXQNFLHD]QDNRYpUHĢD]FH
ýtVHOQpIXQNFLH
)LERQDFFLKRþtVOD
ĆDOãLH~ORK\
Ɣ 1DStãWHFHORþtVHOQ~IXQNFLXVWURPLSDUDPHWUDPLFNDQNWRUiYVXQLHFLIUXFQDNWHPLHVWRVSUDYDY
EOtåHQFDPL%OtåHQFDPLVDQD]êYDM~GYHSUYRþtVODNWRUêFKUR]GLHOMHQDSUDV~EOtåHQFL
=QDNRYpUHĢD]FH
SDOLQGURP\
UHĢD]HF ZKLOHQRWHRIWGREHJLQ
UHDGOQWU5HVXOW 5HVXOWU
HQG
&ORVH)LOHW
HQG
ĆDOãLH~ORK\
Ɣ9\OHSãLWHIXQNFLXSDOLQGRUPWDNåHLJQRUXMHPHG]HU\DQHUR]OLãXMHPDOpDYHĐNpStVPHQi1DSUDMWRWR
V~SDOLQGURP\-HOHQRYLSLYRQHOHMDOHER.RE\OD0D0DO\%RN
Ɣ1DStãWHSURFHG~UXNWRUiYRYVWXSQRPUHĢD]FLQDKUDGtYãHWN\YêVN\W\
VDQDKUDGLD
±YVXQXW~
PHG]HUXXåQHQDKUiG]DMWH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
SROLD
3ROLD
HUDWRVWHQRYHVLWR
1DStãWHSURFHG~UXNWRUiPHWyGRX SURFHGXUHHVLWR
HUDWRVWHQRYKRVLWDQiMGHDY\StãHGR FRQVW
0HPRYãHWN\SUYRþtVODGRQ Q
NRQãWDQWD YDU
HDUUD\>Q@RIERROHDQ
LMLQWHJHU
VVWULQJ
EHJLQ
0HPR/LQHV&OHDUV
IRUL WRQGRH>L@ WUXH
IRUL WRQGR
LIH>L@WKHQEHJLQ
V V,QW7R6WUL
M LL
ZKLOHM QGREHJLQ
H>M@ IDOVHLQFML
HQG
HQG
0HPR/LQHV$GGV
HQG
IUHNYHQþQiWDEXĐNDStVPHQYV~ERUH
1DStãWHSURJUDPNWRUêSUHþtWD]R YDU
YVWXSQpKRV~ERUXWH[WDåSR
D W7H[W)LOH
Y\StãHYDEHFHGQRPSRUDGtPDOp SDUUD\>
D
]
@RILQWHJHU
StVPHQiNWRUpVDYĖRPY\VN\WOLSUiYH]FKDU
UD] EHJLQ
$VVLJQ)LOHW
WHVWW[W
5HVHWW
GRUREWHWDNDE\VDQHUR]OLãRYDOL IRU] ORZSWRKLJKSGRS>]@
PDOpDYHĐNpStVPHQi ]
ZKLOHQRWHRIWDQG]!
GREHJLQ
UHDGW]
LI]!
D
DQG]
]
WKHQLQFS>]@
HQG
&ORVH)LOHW
IRU] ORZSWRKLJKSGR
LIS>]@ WKHQ0HPR/LQHV$GG]
HQG
F\NOLFNêSRVXQSRĐD
3URFHG~UDSRVXQF\NOLFN\SRVXQLHSUYN\ W\SH
SRĐDRMHGHQYSUDYRQHSRXåLMHSRPRFQp SROH DUUD\>@RILQWHJHU
SROH
SURFHGXUHSRVXQYDUSSROH
YDU
LSLQWHJHU
EHJLQ
S S>KLJKS@
IRUL KLJKSGRZQWRORZSGR
S>L@ S>L@
S>ORZS@ S
HQG
SROHþtVHOGRUHĢD]FD
)XQNFLD3ROH7R6WUY\WYRUtUHĢD]HF] W\SH
SUYNRYFHORþtVHOQHKRSRĐDSULSUDYHQê SROH DUUD\>@RILQWHJHU
QDYêSLV
IXQFWLRQ3ROH7R6WUYDUSSROHVWULQJ
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL ORZSWRKLJKSGR
5HVXOW 5HVXOW,QW7R6WUS>L@
HQG
ĆDOãLH~ORK\
Ɣ0iPHSROHFLILHUDUUD\>@RIUHSUH]HQWXM~FHGHVDĢFLIHUQpþtVOD9\WYRUWHIXQNFLHNWRUp]
WDNpKRWRW\SXY\WYRULDLQWHJHUDQDVSlĢ±]LQWHJHUXGDQêW\S9\WYRULĢIXQNFLXQDVþtWDQLHGYRFKWDNêFKWR
þtVHO
Ɣ9SROL$V~OHQDOHER1DStãWHSURFHG~UXNWRUiKRXWULHGLY]RVWXSQH1LHMHSRYROHQpQDMSUYVSRþtWDĢ
SRþHWDSRWRPWHQWRSRþHWSULUDGLĢGRSUYêFKSUYNRYSRĐDD]Y\ãRNGRSOQLĢ0{åHWHSUYRNSRĐD
XFKRYDĢGRQHMDNHMSUHPHQQHMDSRWRPKRSULUDGLĢGRLQpKRSUYNXUHVSY\PHQLĢREVDK\GYRFK
SUHPHQQêFK5LHãWHW~WR~ORKXDNV~SUYNDPLSRĐDD
Ɣ3URFHG~UDSRVXQ.F\NOLFN\SRVXQLHSUYN\SRĐDRNSUYNRYYSUDYRQHSRXåLMHSRPRFQpSROHDQLYF\NOH
NNUiWQHSRV~YDMWHRSUYRN
3ROHNRU\WQDþLHN
QXKROQtN
1DMSUYXPLHVWQLPHQ FRQVW
NRU\WQDþLHNYRYUFKRORFK Q G S
SUDYLGHOQpKRQXKROQtNDQD YDU
NUXåQLFLVSRORPHURPG NDUUD\>Q@RI7.RU
LMYLQWHJHU
3RWRPVDQDWRþLDWDNåHNDåGi EHJLQ
MHVPHURPNVYRMHM IRUL WRQGREHJLQ
QDVOHGXM~FHM.RQãWDQWDS N>L@ 7.RU&UHDWH
XUþXMHRNRĐNRMHQDVOHGXM~FD ZLWKN>L@GREHJLQ
NRU\WQDþNDQDSUS 3+6PHU L
Q'RSUHGXG
]QDPHQiåHQDVOHGXM~FRXMH HQG
HQG
IRUL WRQGR
1D]iYHUYãHWN\QDUD]SUHMG~ ZLWKN>L@GREHJLQ
Y]GLDOHQRVĢNVYRYHM M LSPRGQ
QDVOHGXM~FHMNURNRP 6PHU 6PHURPN>M@;N>M@<
3'
HQG
Y URXQGN>SPRGQ@9]GN>@;N>@<
IRUM WRYGREHJLQ
IRUL WRQGR
N>L@'RSUHGX
FDNDM
HQG
HQG
NU~åHQLHQNRU\WQDþLHN
8PLHVWQLWHURYQRPHUQHQ FRQVW
NRU\WQDþLHNQDYRGRURYQHM Q
SULDPNHDNDåG~SRVWXSQH YDU
QDWRþWHRVWXSĖRY3RWRPVD LLQWHJHU
EXGHNDåGiSRK\ERYDĢSR NDUUD\>Q@RI7.RU
VYRMHMNUXåQLFL'RSUHGXD [[\\UHDO
9SUDYRSULþRPYNDåGRP EHJLQ
NURNXY\NUHVOtPH~VHþN\NWRUp IRUL WRQGREHJLQ
VSiMDM~GYHVXVHGQp N>L@ 7.RU&UHDWH
LL
NRU\WQDþN\ N>L@+3
HQG
ZKLOHWUXHGREHJLQ
IRUL WRQGR
ZLWKN>L@GREHJLQ
'RSUHGX9SUDYR
HQG
]PD]
IRUL WRQGR
ZLWKN>L@GREHJLQ
[[ [\\ \=PHQ;<N>L@;N>L@<
=PHQ;<[[\\
HQG
FDNDM
HQG
HQG
QSRĐRYQtNRYQDKiĖDMHGQXNRU\WQDþNX
QQiKRGQHUR]PLHVWQHQêFK FRQVW
NRU\WQDþLHNQDKiĖDMHGQX Q G NRHI VWYRUHF
NRU\WQDþNXNWRUiFKRGtSR YDU
REYRGHãWYRUFDVNRQãWDQWQêP NDUUD\>Q@RI7.RU
NURNRPGQDKiĖDM~FH LMLQWHJHU
NRU\WQDþN\VDKêEXVNURNRP EHJLQ
]PD]
NRHI
G3RGĐDNRHILFLHQWXNRHI
EXG~Y]QLNDĢU{]QHNULYN\ N>@ 7.RU&UHDWH
IRUL WRQGREHJLQ
N>L@ 7.RU&UHDWHUDQGRPVLUNDUDQGRPY\VND
N>L@)3 UDQGRP
YãLPQLWHVLåHSUL N>L@+3
QDVWDYHQtQiKRGQHMIDUE\VPH HQG
SRXåLOL IRUM WRGREHJLQSRþHWNURNRYQDKiĖDþN\
ZLWKN>@GREHJLQ
UDQGRP 'RSUHGXG
LIMPRGVWYRUHF WKHQ9SUDYR
QDPLHVWR HQG
IRUL WRQGR
5*%UDQGRP ZLWKN>L@GREHJLQ
UDQGRP 6PHU 6PHURPN>@;N>@<
UDQGRP 'RSUHGXG
NRHI
HQG
YWRPWRSUtSDGHWRGiYD FDNDM
URYQDNpYêVOHGN\ HQG
HQG
ĆDOãLH~ORK\
Ɣ1NRU\WQDþLHNMHQD]DþLDWNXURYQRPHUQHUR]RVWDYHQêFKQDYRGRURYQHMSULDPNHYãHWN\V~QDWRþHQpQD
VHYHUNRU\WQDþN\EXG~VWiOHFKRGLĢQHMDNRXUêFKORVĢRXQDSUSUYiNURNRPGUXKiNURNRP$N
SUHNURþLDKUDQLFXDOHERWDNVDRWRþLDDLG~RSDþQêPVPHURP=DEH]SHþWHDE\NRU\WQDþN\
QLNG\QHY\ãOL]KUDQtFD
Ɣ1DSORFKHMH1QiKRGQHUR]RVWDYHQêFKNRU\WQDþLHN3UYi]QLFKFKRGtVWiOHURYQROHQQDRNUDMLSORFK\VD
RGUD]tDNRJXOHþQtNRYiJXĐDQDRNUDMLVWROD9ãHWN\RVWDWQpVDQDY]iMRPQDKiĖDMXGUXKiLGHVWiOH]D
SUYRXWUHWLD]DGUXKRX
ƔSRPRFRXSRĐDNRU\WQDþLHNQDNUHVOLWHSUDYLGHOQê1XKROQtNVRYãHWNêPLXKORSULHþNDPLWDNåHXKORSULHþN\
VDEXG~Y\NUHVĐRYDĢQDUD]NDåG~XKORSULHþNXEXGHNUHVOLĢMHGQDNRU\WQDþND]DEH]SHþWHDE\MX
NUHVOLODQDNURNRYYåG\GĎåN\
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
]i]QDP\
7\S=i]QDP
NRPSOH[QpþtVOR
SUHW\SNRPSOH[QpþtVORY\WYRUWHWLHWR W\SH
IXQNFLH NRPSOH[ UHFRUGULUHDOHQG
LIDU!WKHQ
5HVXOW )ORDW7R67UDU
LIDL!WKHQEHJLQ
LIDL WKHQ5HVXOW 5HVXOW
L
HOVHLIDLWKHQ
5HVXOW 5HVXOW)ORDW7R67UDL
L
HOVHEHJLQ
LI5HVXOW!
WKHQ5HVXOW 5HVXOW
LIDL WKHQ5HVXOW 5HVXOW
L
WKHQ5HVXOW
HQG
IUHNYHQþQiWDEXĐNDNUVQêFKPLHQ
GHNODUiFLH
GHILQXMWHSROH]i]QDPRYNWRUp FRQVW
REVDKXM~PHQRDSRþHWYêVN\WRY PD[
W\SH
]D]QDP UHFRUG
PHQRVWULQJ
NRONRLQWHJHU
HQG
YDU
SROHDUUD\>PD[@RI]D]QDP
QLQWHJHUSRþHWPLHQYWDEXĐNH
KĐDGDM
SURFHGXUHY\SLV
YDU
LLQWHJHU
EHJLQ
IRUL WRQGR
0HPR/LQHV$GGSROH>L@PHQR
,QW7R6WUSROH>L@NRONR
HQG
ĆDOãLH~ORK\
Ɣ Y\OHSãHQiYHU]LDXWULHGHQiWDEXĐNDSUL]DUDćRYDQtELQiUQHY\KĐDGiYDQLH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
GYRMUR]PHUQpSROLDREUi]N\
'YRMUR]PHUQpSROLD
YêSLVGYRMUR]PHUQpKRþtVOHQpKRSRĐD
SURFHG~UDY\SLVNWRUiGRWH[WRYHMSORFK\ FRQVW
Y\StãHREVDKGYRMUR]PHUQpKRSRĐDFHOêFK P Q VLUND
þtVHOP[QGUXKêPSDUDPHWURPSURFHG~U\MH
SUHPHQiW\SX76WULQJVDE\VPHMXPRKOL W\SH
YRODĢQDSUSUH0HPR/LQHV SROH DUUD\>PQ@RILQWHJHU
IRUM WRQGREHJLQ
V
,QW7R6WUS>LM@
V VFRS\VOHQJWKVVLUNDPD[LQW
HQG
W$GGV
HQG
HQG
RþtVORYDQLHSUYNRYSRĐD
]DSOĖWHGYRMUR]PHUQpSROHP[QSRVWXSQHSR YDU
ULDGNRFKþtVODPLP
Q SSROH
LMNLQWHJHU
EHJLQ
N
IRUL WRPGR
IRUM WRQGREHJLQ
S>LM@ NLQFN
HQG
Y\SLVS0HPR/LQHV
HQG
QiKRGQpKRGQRW\
]DSOĖWHGYRMUR]PHUQpSROHP[QQiKRGQH YDU
þtVODPLP
QWDNDE\YĖRPNDåGpþtVOR SSROH
ERORSUiYHUD] LMNSRFHWLQWHJHU
KDUUD\>P
Q@RILQWHJHU
EHJLQ
IRUL WRP
QGRK>L@ L
SRFHW P
Q
IRUL WRPGR
IRUM WRQGREHJLQ
N UDQGRPSRFHW
S>LM@ K>N@
K>N@ K>SRFHW@GHFSRFHW
HQG
Y\SLVS0HPR/LQHV
HQG
]DSĎĖDQLHãLNPR
]DSOĖWHGYRMUR]PHUQpSROHP[QSRVWXSQH YDU
þtVODPLP
QãLNPRQDSU SSROH
LMNLQWHJHU
EHJLQ
N
IRUL WRPQGR
IRUM WRLGR
LIM PDQGLM QWKHQEHJLQ
S>MLM@ NLQFN
HQG
Y\SLVS0HPR/LQHV
HQG
ĆDOãLH~ORK\
Ɣ ]DSOĖWHSUYN\REGĎåQLNRYHMWDEXĐN\0[1þtVODPLP[QYSRUDGtYDNRPOHåLDQDãSLUiOHYHG~FHM]
ĐDYpKRKRUQpKRURKXGRVWUHGX
2EUi]RNDNRGYRMUR]PHUQpSROHIDUHEQêFKERGRYSL[HORY
ƔYRIRUPXOiULPiPHGYHJUDILFNpSORFK\,PDJHD,PDJHV~URYQDNRYHĐNpãWYRUFRYpQDSU[
ƔY,PDJHXåPiPHQDþtWDQ~QHMDN~ELWPDSXQDSUSRPRFRX,PDJH3LFWXUH/RDG)URP)LOHWLJHUEPS
RWRþHQLHYSUDYR
GR,PDJHVDSUHNRStUXMH,PDJH YDU
RWRþHQêRVWXSĖRYYSUDYRY JJ7&DQYDV
VPHUHRWiþDQLDKRGLQRYêFKUXþLþLHN [\ZLQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
Z ,PDJH:LGWK
IRU\ WRZGREHJLQ
IRU[ WRZGR
J3L[HOV>Z\[@ J3L[HOV>[\@
J3L[HOV>\Z[@ J3L[HOV>[\@RWRþYĐDYR
,PDJH5HSDLQW
HQG
HQG
RWiþDQLHQDPLHVWH
RWRþWH,PDJHQDPLHVWHEH] YDU
SRPRFQpKR,PDJHDEH]SRĐD J7&DQYDV
[\ZLQWHJHU
REUi]RNUR]GHOtPH F7&RORU
XKORSULHþNDPLQDãW\UL EHJLQ
NYDGUDQW\ J ,PDJH&DQYDVZ ,PDJH:LGWK
IRU\ WRZGLYGREHJLQ
NDåGêERG]MHGQpKR IRU[ \WRZ\GREHJLQ
NYDGUDQWXSRVWXSQH F J3L[HOV>[\@
RWRþtPHRVWXSĖRY J3L[HOV>[\@ J3L[HOV>Z\[@
WMQDUD]RWRþtPH J3L[HOV>Z\[@ J3L[HOV>Z[Z\@
V\PHWULFNpERG\ J3L[HOV>Z[Z\@ J3L[HOV>\Z[@
J3L[HOV>\Z[@ F
HQG
,PDJH5HSDLQW
HQG
HQG
]YOQHQêREUi]RN
SUHNRStUXMWHREUi]RN],PDJHGR YDU
,PDJHWDNåHNDåGêULDGRNMH JJ7&DQYDV
SRVXQXWêRXSUDYHQ~IXQNFLXVtQXV [\SRVXQZLQWHJHU
QDSU EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
Z ,PDJH:LGWK
IRU\ WRZGREHJLQ
SRVXQ URXQG
VLQ\
SL
IRU[ WRZGR
J3L[HOV>[SRVXQ\@ J3L[HOV>[\@
,PDJH5HSDLQW
HQG
HQG
REUi]RNGRWH[WRYpKRV~ERUX
Y\WYRUWHWH[WRYêV~ERUNWRUêEXGHY YDU
NDåGRPULDGNXREVDKRYDĢIDUE\ J7&DQYDV
ERGRYULDGNDREUi]NX7&RORUV~ [\LQWHJHU
YODVWQHLQWHJHU W7H[W)LOH
EHJLQ
J ,PDJH&DQYDV
$VVLJQ)LOHW
WLJHUW[W
5HZULWHW
IRU\ WR,PDJH+HLJKWGREHJLQ
IRU[ WR,PDJH:LGWKGR
ZULWHWJ3L[HOV>[\@
ZULWHOQW
HQG
&ORVH)LOHW
HQG
REUi]RN]WH[WRYpKRV~ERUX
]REUD]WHREUi]RNXORåHQêYWH[WRYRP YDU
V~ERUH J7&DQYDV
[\ILQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
WLJHUW[W
5HVHWW
J ,PDJH&DQYDV\
ZKLOHQRWVHHNHRIWGREHJLQ
[
ZKLOHQRWVHHNHROQWGREHJLQ
UHDGWIJ3L[HOV>[\@ ILQF[
HQG
UHDGOQW,PDJH5HSDLQWLQF\
HQG
&ORVH)LOHW
HQG
UR]ãWYUWHQLHREUi]ND
REUi]RN],PDJH]PHQãtPHQD YDU
ãWYUWLQXDãW\ULNUiWSUHNRStUXMHPHGR JJ7&DQYDV
,PDJHNDåGiWDNiWRãWYUWLQDEXGH [\[[\\ZZLQWHJHU
REVDKRYDĢLQpERGN\]S{YRGQpKR EHJLQ
REUi]NDWM]S{YRGQpKRREUi]ND J ,PDJH&DQYDVJ ,PDJH&DQYDV
]REHULHPHãWYRULFHERGRY[D Z ,PDJH:LGWKZ ZGLY
NDåG~]WêFKWRERGLHNUR]GHOtPHGR IRU\ WRZGREHJLQ
LQHMãWYUWLQ\QDSU IRU[ WRZGREHJLQ
[[ [GLY[PRG
Z
\\ \GLY\PRG
Z
J3L[HOV>[[\\@ J3L[HOV>[\@
HQG
,PDJH5HSDLQW
HQG
HQG
~SUDYD5*%
SUHNRStUXMWHREUi]RN],PDJHGR YDU
,PDJHWDNåHSULWRPVD]IDUE\ JJ7&DQYDV
NDåGHMERGN\QDMSUYY\UREtWURMLFD [\ZLQWHJHU
]ORåLHN5*%DSRWRPVDYNDåGHM UJEE\WH
]ORåNHY\QXOXM~VSRGQpELW\QDSUU I7&RORU
GLY
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
YL]XiOQHSRURYQDMWHRED Z ,PDJH:LGWK
REUi]N\ IRU\ WRZGREHJLQ
IRU[ WRZGREHJLQ
I J3L[HOV>[\@U *HW59DOXHI
J *HW*9DOXHIE *HW%9DOXHI
U UGLY
J JGLY
E EGLY
J3L[HOV>[\@ 5*%UJE
HQG
,PDJH5HSDLQW
HQG
HQG
ĆDOãLH~ORK\
ƔSRVOHGQêSUtNODGP{åHWHY\XåLĢWDNåHGRREUi]ND]DNyGXMHWHQHMDNêWH[WRYêV~ERUYNDåGHM]ORåNH5*%
QDMSUYY\QXOXMHWHVSRGQpELW\DSRWRPVHPYORåtWHELW\]WH[WRYpKRV~ERUXNDåGêEDMWV~ERUXVD
SRVWXSQHUR]GHOtQDGYDSROEDMW\EDMW\EDMWGLYDEDMWPRG
ƔSRGREQHVDGi]DNyGRYDĢGRYRĐQêFKSROEDMWRYDM~SOQHLQêREUi]RNGRNDåGpKR5*%GRMHKR
VSRGQêFKSROEDMWRYNDåGpKRSL[HOXYORåtPHKRUQpELW\REUi]NDQDMOHSãLHURYQDNpKRUR]PHUX
SRN~VWHVDWRXWRPHWyGRXRGKDOLĢDNêREUi]RNMHXNU\WêYWLJHUEPS
ƔDMLGHXUR]ãWYUWHQLDREUi]NDQLHNHG\P{åHPHSRYDåRYDĢ]D]DNyGRYDQLHQDSURJUDPXMWHRSDþQ~PHWyGX
NUR]ãWYUĢRYDQLX]NDåGHMãWYUWLQ\VDSRVWXSQHVNODGDM~]RGSRYHGDM~FHSL[HO\DNE\VPHDOHQHPDOL
UR]ãWYUWHQêMHGHQREUi]RNDOHQDSUãW\ULU{]QHWDNWDNpWRVNODGDQLHãWYUWtQQiPWLHWRãWYUWLQRYpREUi]N\
SRPLHãDSR]ULWHQDSUV~ERUVW\ULEPSRE\þDMQpUR]ãWYUĢRYDQLHQiPWHUD]YUiWLS{YRGQêVWDY
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
PQRåLQ\
0QRåLQ\
Ɣ QDVOHGXM~~ORK\QDPQRåLQXþtVHOSUHYãHWN\SUHGSRNODGiPHWLHWRGHNODUiFLH
W\SH
ED]D
PQR]LQD VHWRIED]D
IXQNFLDY\WYRUt]PQRåLQ\UHĢD]HF
QiKRGQpJHQHURYDQLHPQRåLQ\ IXQFWLRQJHQHUXMPQR]LQD
YDU
SUHNDåGêSUYRNKRGtPHPLQFX LED]D
SRGĐDYêVOHGNX]DUDGtPHQH]DUDGtPHEHJLQ
GRYêVOHGNX 5HVXOW >@
IRUL ORZED]DWRKLJKED]DGR
LIUDQGRP WKHQ5HVXOW 5HVXOW>L@
HQG
SRþHWSUYNRYPQRåLQ\
Ɣ ćDOãLH~ORK\V~QDPQRåLQX]QDNRYSUHYãHWN\SUHGSRNODGiPHWLHWRGHNODUiFLH
W\SH
]PQR]LQD VHWRIFKDU
StVPHQiYUHĢD]FL
]
5HVXOW 5HVXOW
@
LI5HVXOW>@
WKHQGHOHWH5HVXOW
HQG
]PQRåLQ\UHĢD]H
IRU]
WRGR
LI]LQPQWKHQ
5HVXOW 5HVXOW]
HQG
SRþHWSUYNRY
ĆDOãLH~ORK\
ƔIXQNFLDSUH]DGDQpQY\WYRUtPQRåLQXYãHWNêFKGHOLWHĐRYQNWRUpV~PHQãLHDNR
ƔY\WYRULĢPQRåLQXYãHWNêFKþtVHOGRNWRUpREVDKXM~FLIUX
ƔY\WYRULĢPQRåLQXYãHWNêFKþtVHOGRYNWRUHMSUHYãHWN\SUYN\SODWtåHYLFKGYRMNRYRP]iSLVHMH
SiUQ\SRþHWFLILHUDMY\P\VOLWHVLDMLQpSRGPLHQN\QDSUURYQDNêSRþHWDDSRG
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
ELWPDS\
%LWPDS\
FHQWURYDQLH
Y\FHQWURYDQLHREUi]ND YDU
REUD]RNEPSGR,PDJH EPS7%LWPDS
[\LQWHJHU
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
REUD]RNEPS
[ ,PDJH:LGWKEPS:LGWKGLY
\ ,PDJH+HLJKWEPS+HLJKWGLY
,PDJH&DQYDV'UDZ[\EPS
EPS)UHH
HQG
RSHþLDWNXMREUi]RNDNV~]QiPHV~UDGQLFHMHKRVWUHGX
QDWLDKQXWLHVR]DFKRYDQtPSRPHUXVWUiQ
PD[SRXåLMHPHPLQ
REUi]RNYPULHåNHYJULGH
GYHELWPDS\EPSEPSD YDU
EPSEPSV~URYQDNRYHĐNp EPSEPS7%LWPDS
Y\NDFKOLþNRYDĢãDFKRYQLFRYR [\LQWHJHU
EEERROHDQ
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPSEPS
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
EPSEPS
\ E WUXH
ZKLOH\,PDJH+HLJKWGREHJLQ
[ E E
ZKLOH[,PDJH:LGWKGREHJLQ
LIEWKHQ,PDJH&DQYDV'UDZ[\EPS
HOVH,PDJH&DQYDV'UDZ[\EPS
LQF[EPS:LGWKE QRWE
HQG
LQF\EPS+HLJKWE QRWE
HQG
EPS)UHHEPS)UHH
HQG
QDMYlþãLDELWPDSD
PiPHELWPiSEEPS YDU
EEPSEEPS EPS7%LWPDS
LLPD[VXFPD[LQWHJHU
QDMYlþãLX]WêFKWRELWPiS EHJLQ
WUHEDY\NUHVOLĢGR,PDJH EPS 7%LWPDS&UHDWH
PD[
QDMYlþãLDQHFKMHQDSUV IRUL WRGREHJLQ
QDMYlþãtPV~þLQRPãLUN\D EPS/RDG)URP)LOH
E
,QW7R6WUL
EPS
YêãN\ VXF EPS:LGWK
EPS+HLJKW
LIVXF!PD[WKHQEHJLQ
PD[ VXFLPD[ L
HQG
HQG
EPS/RDG)URP)LOH
E
,QW7R6WULPD[
EPS
ZLWK,PDJH&DQYDVGREHJLQ
'UDZEPS
)RQW&RORU FO5HG
7H[W2XW
,QW7R6WUEPS:LGWK
[
,QW7R6WUEPS+HLJKW
HQG
EPS)UHH
HQG
ĆDOãLH~ORK\
Ɣ GDQpV~ELWPDS\EEPSEEPSE1EPS]LVWLĢQDMYlþãLXãtUNXDQDMYlþãLXYêãNXDSRWRPYWDNRPWR
JULGHY\NUHVOLĢYãHWN\ELWPDS\GR,PDJHQDSU,PDJHMH[PD[LPiOQDãtUNDERODDYêãND
WMJULGMH[SRWULELWPDS\YMHGQRPULDGNXGRSUYpKRULDGNDVDY\NUHVOLDEEPSEEPS
GRGUXKpKRRG\V~UDGQLFHEEPSEEPS
3UpPLRYiGRPiFD~ORKD
ƔQDStãWHSURJUDPNWRUêY\StãHĐXERYRĐQêSDVFDORYVNêSURJUDPVY\VYLHWHQtPOH[pP
ƔYãHWN\UH]HUYRYDQpVORYiEXG~WXþQêPStVPRPEROG
þHUYHQpQDSUDM
DEFG
HIJK
Ɣ]UHMPHSRXåLMHWHVNHQHU]SUHGQiãN\GRNWRUpKRGRSOQtWHFKêEDM~FHþDVWL
ƔYêSLVEXGHYQHSURSRUþQRPIRQWHQDSU&RXULHU1HZ
ƔYêVWXSP{åHE\Ģ
ƔGR&DQYDVXQHMDNHMJUDILFNHMSORFK\WRWREXGHQDMPHQHMKRGQRWHQpULHãHQLH
ƔGRNRPSRQHQWX5LFK(GLWSRGREQê0HPRDOHXPRåĖXMHQDVWDYRYDĢãWêOIRQWXDIDUE\
ƔGRV~ERUXYRIRUPiWH+70/
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
UHNXU]LD
UHNXU]tYQHþtVHOQpIXQNFLH
Ɣ YãHWN\WLHWRUHNXU]tYQHIXQNFLHE\VDGDOL]DStVDĢDMEH]UHNXU]LHQDSUSRPRFRXF\NORYQDãRX~ORKRXMH
QDFYLþLĢVDULHãLĢWLHWR~ORK\UHNXU]tYQHKRFLPQRKRNUiWV~WRYHĐPLQHHIHNWtYQHULHãHQLD
NWDPRFQLQDþtVODQ
ĆDOãLH~ORK\
ƔUHNXU]tYQHQiVREHQLHGYRFKFHOêFKþtVHOSRPRFRXV~þWX
ƔYUHNXU]tYQRPDOJRULWPHNWHMPRFQLQ\PLQLPDOL]XMWHSRþHWQiVREHQtQDSUSUHYêSRþHWVWDþLD
QiVREHQLDOHER[VDGiXURELĢQDQiVREHQLHDWHGD
ƔSRGREQHVDGiRSWLPDOL]RYDĢDMV~þHW
UHNXU]LDD]QDNRYpUHĢD]FH
Ɣ VUHĢD]FDPLVDYHĐPL]ULHGNDSUDFXMHSRPRFRXUHNXU]LHYlþãLQRXYSUD[LVDSRXåtYDM~QHUHNXU]tYQH
DOJRULWP\SRPRFRXF\NORY
SDOLQGRUP
SUHYUiWHQLHUHĢD]FD
SUHYUiWHQLHSRUDGLDULDGNRYYV~ERUH
EHJLQ
$VVLJQ)LOHWPHQR5HVHWW
$VVLJQ)LOHW
[
PHQR5HZULWHW
SUHYUDW
&ORVH)LOHW&ORVH)LOHW
HQG
SUHYUiWHQLHREVDKXV~ERUXYHU]LD
YSUHGFKiG]DM~FRPSUtNODGH SURFHGXUHSUHYUDW
EXGHPHPHQLĢOHQYQRUHQ~ YDU
SURFHG~UXSUHYUDW ]FKDU
EHJLQ
YHU]LDULHãHQLDMHYHĐPLSRGREQiLIHRIWWKHQQLþ
SUHYUDFDQLXSRUDGLDULDGNRYOHQ HOVHEHJLQ
VDþtWDD]DSLVXMHSRMHGQRP UHDGW]
]QDNXSUREOpPY]QLNiVGYRMLFRX SUHYUDW
]QDNRY LI] WKHQZULWHOQW
HOVHLI]!WKHQZULWHW]
HQG
HQG
SUHYUiWHQLHREVDKXV~ERUXYHU]LD
YHU]LDY\XåtYDUHĢD]FRY~ SURFHGXUHSUHYUDW
IXQNFLXSUHYUDWNWRUiSUHYUDFLD YDU
]QDNRYêUHĢD]HF VVWULQJ
EHJLQ
LIHRIWWKHQQLþ
HOVHEHJLQ
UHDGOQWV
SUHYUDW
ZULWHOQWSUHYUDWV
HQG
HQG
ĆDOãLH~ORK\
ƔQDStãWHUHNXU]tYQXIXQNFLXNWRUiY\JHQHUXMH]QDNRYêUHĢD]HFQKYLH]GLþLHNQDSUKY
ƔQDStãWHUHNXU]tYQXIXQNFLXNWRUiSUHGDQpQYUiWL]QDNRYêUHĢD]HF]ORåHQê]WRĐNêFKKYLH]GLþLHN
DNRMHQWpILERQDFFLKRþtVORYRIXQNFLLQHSRXåtYDMWHLQpþtVOHQpSUHPHQQpRNUHPIRUPiOQHKR
SDUDPHWUDQ
UHNXU]tYQHNULYN\
ƔYãHWN\NULYN\NUHVOtPHSRPRFRXNRU\WQDþN\NWRUiMH]DGHILQRYDQiYJOREiOQHMSUHPHQQHMNDMH
Y\WYRUHQiQLHNGHYVWUHGHSORFK\
ƔSULULHãHQt~ORKVDVQDåWHY~WYDUH~URYQHQQiMVĢ~WYDU~URYQHQDWLHåSRVWXSDNRWRY\XåLMHWH
WURMXKROQtN\
HOVHEHJLQ
N'RSUHGXV
N9ODYR
WURMXKROQV
N9SUDYR
N'RSUHGXV
N9ODYR
N'RSUHGXV
N9ODYR
N'RSUHGXV
N9ODYR
HQG
HQG
WURMXKROQtNRYiS\UDPtGD
SURFHGXUHWURMXKROQLQWHJHUVUHDO
YDU
LLQWHJHU
EHJLQ
LIQ WKHQN'RSUHGXV
HOVHEHJLQ
N'RSUHGXV
XYHGRPWHVLåHWHQWRREUi]RNY]QLNRO N9ODYR
MHGQêPĢDKRP IRUL WRGREHJLQ
WURMXKROQV
DNRE\VWHPRKOLY\XåLĢWHQWR N9SUDYR
DOJRULWPXVQDQDNUHVOHQLH HQG
UHNXU]tYQHKRREUi]NDWURMXKRO N9SUDYR
MHGQêPĢDKRP" N'RSUHGXV
HQG
HQG
WURMXKROQtNRYiS\UDPtGD
HOVH
IRUL WRGREHJLQ
N'RSUHGXV
YORFNDQV
N'RSUHGXV
N9SUDYR
HQG
HQG
ĆDOãLH~ORK\
ƔSRN~VWHVDQLHNWRU~]WêFKWR~ORKY\ULHãLĢEH]NRU\WQDþN\OHQãWDQGDUGQêPLSUtND]PLJUDILFNHM
SORFK\0RYH7RD/LQH7R
ƔQiMGLWHSRVWXSSUH
Ɣ QDVOHGXM~FLUHNXU]tYQ\REUi]RNY]QLNROURYQDNêPSRVWXSRPOHQQDPLHVWR]DWRþHQLDYĐDYRUHVS
YSUDYRRVWXSĖRYVDQDMSUYRWRþtRSRWRPXUREtPDOêNURNDSRWRPRSlĢR
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
P\ãþDVRYDþ
P\ã
QiKRGQpREGĎåQLN\DHOLSV\
SURJUDPNWRUêSRNOLNQXWtĐDYêP YDU
WODþLGORPP\ãLGRJUDILFNHMSORFK\ J7FDQYDV
QDNUHVOtQDGDQHMSR]tFLLREGĎåQLN
QiKRGQêFKUR]PHURYDSRNOLNQXWt SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
SUDYêPWODþLGORPP\ãLQDNUHVOtHOLSVX EHJLQ
QiKRGQêFKUR]PHURY 'RXEOH%XIIHUHG WUXH
J ,PDJH&DQYDV
DNMHSULNOLNDQtVWODþQHQêNOiYHV6KLIW J%UXVK6W\OH EV&OHDU
NUHVOtPHãWYRUHFDNUXåQLFX HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
DELQWHJHU
EHJLQ
D UDQGRP
LIVV6KLIWLQ6KLIWWKHQE D
HOVHE UDQGRP
LIVV/HIWLQ6KLIWWKHQ
J5HFWDQJOH[D\E[D\E
HOVHLIVV5LJKWLQ6KLIWWKHQ
J(OOLSVH[D\E[D\E
HQG
REGĎåQLN
ĢDKDQtPP\ãLVDQDĢDKXMHREGĎåQLN YDU
EPS7%LWPDS
[\LQWHJHU
WDKDPERROHDQ IDOVH
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
,PDJH&DQYDV%UXVK6W\OH EV&OHDU
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
EPS 7%LWPDS&UHDWH
EPS$VVLJQ,PDJH3LFWXUH
[ ;\ <
WDKDP WUXH
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LIWDKDPWKHQEHJLQ
,PDJH&DQYDV'UDZEPS
,PDJH&DQYDV5HFWDQJOH[\;<
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
EPS)UHH
WDKDP IDOVH
HQG
ĆDOãLH~ORK\
ƔĢDKDQtPVDNUHVOtNUXåQLFDVRVWUHGRPYSRþLDWRþQRPERGHĢDKDQLD
ƔNUHVOHQLHQDVOHSRNêPVDQLHþRNUHVOtGRSORFK\ĢDKDQtPP\ãRXYJUDILFNHMSORFKHVDQLþQHPHQtDå
SRSXVWHQtWODþLGODP\ãLVDQDR]DMQDNUHVOt]DGDQiNUHVED
ƔSRGREQêPPHFKDQL]PRPVDGi]DEH]SHþLĢGRGDWRþQpSUHIDUEHQLHQDNUHVOHQHMþLDU\LQRXIDUERXUHVS
LQRXKU~ENRX
P\ãDNRU\WQDþND
þLDUDVKYLH]GLþNDPL
ĢDKDQLHP\ãRXNUHVOtPDOpKYLH]GLþN\ YDU
QiKRGQiYHĐNRVĢRGGRSULþRP N7.RU
QRYiKYLH]GLþNDVDQDNUHVOtDåNHćMHM NUHVOLERROHDQ
Y]GLDOHQRVĢRGSUHGFKiG]DM~FHMMH
DVSRĖ SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SRUR]PêãĐDMWHþRE\VDPXVHOR N 7.RU&UHDWH
]PHQLĢDE\VDNRU\WQDþNDKêEDOD NUHVOL IDOVH
VSROXVP\ãRXDSULWRPE\VDNUHVOLOL HQG
KYLH]GLþN\
SURFHGXUHKYLH]GLFNDV[\LQWHJHU
YDU
LLQWHJHU
EHJLQ
N3UHVXQ;<[\
SRO\V
IRUL WRGREHJLQ
N'RSUHGXVN9SUDYR
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
NUHVOL 6KLIW >VV/HIW@
LINUHVOLWKHQ
KYLH]GLFNDUDQGRP;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LINUHVOLDQGNY]G;<! WKHQ
KYLH]GLFNDUDQGRP;<
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
NUHVOL IDOVH
HQG
Ɣ SURJUDPYNWRURPNRU\WQDþNDYåG\SULVWODþHQtWODþLGODP\ãLNUHVOtSRGĐDSRK\EXP\ãL6~þDVQHVWRXWR
NRU\WQDþNRXY\WYRUWHMHMNySLHSRGĐDRVt[D\NWRUpEXG~NUHVOLĢ]UNDGORYRSRGĐDSUtVOXãQHMRVL
LQLFLDOL]iFLD
YDU
NDUUD\>@RI7.RU
NUHVOLERROHDQ
ZKLQWHJHUãLUNDDYêãNDSORFK\
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
]PD]
Z ,PDJH:LGWKK ,PDJH+HLJKW
NUHVOL IDOVH
HQG
]DWODþHQLHĐDYpKRWODþLGODP\ãLY\WYRUtNRU\WQDþN\
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
NUHVOL 6KLIW >VV/HIW@
LINUHVOLWKHQEHJLQ
N>@ 7.RU&UHDWH;<
N>@ 7.RU&UHDWHZ;K<
N>@ 7.RU&UHDWHZ;<
N>@ 7.RU&UHDWH;K<
HQG
HQG
ĢDKDQLHP\ãLSRV~YDYãHWN\NRU\WQDþN\
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LINUHVOLWKHQEHJLQ
N>@=PHQ;<;<
N>@=PHQ;<Z;K<
N>@=PHQ;<Z;<
N>@=PHQ;<;K<
HQG
HQG
SXVWHQLHP\ãLXYROQtYãHWN\NRU\WQDþN\
SURFHGXUH7)RUP,PDJH0RXVH8S
EHJLQ
LINUHVOLWKHQEHJLQ
N>@)UHHN>@)UHHN>@)UHHN>@)UHH
NUHVOL IDOVH
HQG
HQG
ĆDOãLH~ORK\
Ɣ NOLNQXWLHQDSUi]GQHPLHVWRY\WYRUtQRY~NRU\WQDþNXDQDWRPWRPLHVWHWiWRQDNUHVOtYHĐN~ERGNX]NWRUHM
WUþt~VHþNDY\MDGUXM~FDVPHQDWRþHQLDNRU\WQDþN\WDNWR]REUD]HQiNRU\WQDþNDYSORFKHVDGiSUHV~YDĢ
QDLQ~SR]tFLXĢDKDQtP]DYHĐN~ERGNXĢDKDQtP]D~VHþNXNRU\WQDþNDLEDPHQtVPHU]UHMPHSUL
SUHNUHVĐRYDQtWYDUXNRU\WQDþN\SUHSUHV~YDQtDRWiþDQtE\VDPRKODFHOiJUDILFNiSORFKD]PD]iYDĢD
YãHWN\NRU\WQDþN\QDNUHVOLĢRG]QRYD
þDVRYDþ
EOLNDQLHWH[WX
YSROVHNXQGRYêFKLQWHUYDORFK YDU
PiYJUDILFNHMSORFKHEOLNDĢ W\SLQWHJHU
QHMDNêWH[WQDSU'HOSKLEXGH
VDVWULHGDĢPRGUiDþHUYHQi SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
IDUEDStVPD EHJLQ
LIW\S WKHQ
7LPHUPiQDVWDYHQp ,PDJH&DQYDV)RQW&RORU FO5HG
HOVH
Ɣ(QDEOHG 7UXH
,PDJH&DQYDV)RQW&RORU FO%OXH
Ɣ,QWHUYDO
,PDJH&DQYDV)RQW6L]H
,PDJH&DQYDV7H[W2XW
'HOSKL
W\S W\S
HQG
SUXKRYDQiSORFKD
SULãWDUWHSURJUDPXVDSRVWXSQH YDU
QDNUHVOLDPRGUpREGĎåQLN\ãtUN\ [LQWHJHU
YêãN\VNRURQDYêãNXSORFK\
]DSOQLDVPHG]HUDPLFHO~ SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
SORFKX EHJLQ
'RXEOH%XIIHUHG WUXH
SR]DSOQHQtFHOHMSORFK\ ,PDJH&DQYDV%UXVK&RORU FO%OXH
þDVRYDþ]DVWDQH [
HQG
7LPHUPiQDVWDYHQp
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
Ɣ (QDEOHG 7UXH ,PDJH&DQYDV5HFWDQJOH[[,PDJH+HLJKW
Ɣ ,QWHUYDO LQF[
LI[!,PDJH:LGWKWKHQ7LPHU(QDEOHG IDOVH
HQG
V~VWUHGQpNUXåQLFH
QDPLHVWHNOLNQXWLDVD]DþQ~ YDU
SRVWXSQHNUHVOLĢV~VWUHGQp [[\\ULQWHJHU
NUXåQLFHVSRORPHURPRGV
NURNRPQLHYlþãLHDNR SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
SULNOLNQXWtSRþDVNUHVOHQLDVD 'RXEOH%XIIHUHG WUXH
]UXãtPRPHQWiOQHNUHVOHQLHD ,PDJH&DQYDV%UXVK6W\OH EV&OHDU
]DþQHQRYpQDQRYRPPLHVWH HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
7LPHUPiQDVWDYHQp
EHJLQ
[[ ;\\ <U 7LPHU(QDEOHG WUXH
Ɣ (QDEOHG )DOVH HQG
Ɣ ,QWHUYDO
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
,PDJH&DQYDV(OOLSVH[[U\\U[[U\\U
LQFU
LIU!WKHQ7LPHU(QDEOHG IDOVH
HQG
VHPDIRU
YJUDILFNHMSORFKHVDQDMSUY YDU
QDNUHVOtþHUYHQêNUXKWHQVDR VWDYLQWHJHU
VHN~QGSUHIDUEtQDåOWRDR
ćDOãLHVHNXQG\QD]HOHQR SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
]HOHQiIDUEDY\GUåtVHN~QG YDU
RSlĢVDQDVHNXQGXREMDYt F7&RORU
åOWiDFHOpVDWRRSDNXMH EHJLQ
FDVHVWDYRI
WDNêWRVHPDIRUVDQDãWDUWXMH EHJLQ
SUYêPNOLNQXWtPQLHNGHGR F FO5HG7LPHU,QWHUYDO
SORFK\NDåGpćDOãLHNOLNQXWLH HQG
EXćVHPDIRU]DVWDYtDOHER EHJLQ
]QRYXQDãWDUWXMH F FO<HOORZ7LPHU,QWHUYDO
HQG
EHJLQ
F FO*UHHQ7LPHU,QWHUYDO
HQG
EHJLQ
F FO<HOORZ7LPHU,QWHUYDO
HQG
HQG
VWDY VWDYPRG
ZLWK,PDJH&DQYDVGREHJLQ
%UXVK&RORU F
(OOLSVH
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
7LPHU(QDEOHG QRW7LPHU(QDEOHG
HQG
ĆDOãLH~ORK\
Ɣ SRGREQi~ORKDSUHGFKiG]DM~FHMVNOLNDQtPDSRVWXSQêPNUHVOHQtPV~VWUHGQêFKNUXåQtFDNVDNOLNQH
SRþDVNUHVOHQLDNUXåQtFWRWRNUHVOHQLHVDSUHUXãtQDQRYRPPLHVWHVDSRVWXSQHQDNUHVOLDQRYpNUXåQLFH
DSRVNRQþHQtWRKRWRNUHVOHQLDVDSRNUDþXMHYSUHUXãHQRPNUHVOHQt
þDVRYDþDNRU\WQDþN\
VHPDIRU
SUHGFKiG]DM~FX~ORKXULHãWH YDU
SRPRFRXNRU\WQDþN\SULNOLNQXWt VWDYLQWHJHU
GRSORFK\QDGDQRPPLHVWH N7.RU QLO
Y]QLNQHNRU\WQDþNDWiEOLNiDNR
VHPDIRUERGNDVKU~ENRXSHUD SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
DćDOãLHNOLNQXWLHMX]UXãt EHJLQ
FDVHVWDYRI
EHJLQ
N)3 FO5HG7LPHU,QWHUYDO
HQG
EHJLQ
N)3 FO<HOORZ7LPHU,QWHUYDO
HQG
EHJLQ
N)3 FO*UHHQ7LPHU,QWHUYDO
HQG
EHJLQ
N)3 FO<HOORZ7LPHU,QWHUYDO
HQG
HQG
VWDY VWDYPRG
N'RSUHGX
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ;<,QWHJHU
EHJLQ
LIN!QLOWKHQEHJLQ
N)UHHN QLO7LPHU(QDEOHG IDOVH]PD]
HQG
HOVHEHJLQ
N 7.RU&UHDWH;<N+3
7LPHU(QDEOHG WUXH
VWDY
HQG
HQG
Ɣ SURJUDPYNWRURPVDSULNOLNQXWtGRSORFK\Y\JHQHUXMHNRU\WQDþNDDKQHćNRU\WQDþND]DþQHY\NUHVĐRYDĢ
QDVYRMRPPLHVWHYåG\YlþãtDYlþãtELQiUQ\VWURPDNRNHE\UiVWROQRYêVWURPEXGHPDĢGOKãLHNRQiUH
DEXGHPDĢYLDF~URYQtDåSRVWURP~URYQH0D[8URYHQNRU\WQDþN\VLXGUåLDYDMWHYSROLDYåG\NHć
QLHNWRUiNRU\WQDþNDVNRQþtNUHVOHQLHY\KRćWHMX]SRĐDQDKUDćWHMXSRVOHGQRXDVNUiĢWHSROH
ELQiUQ\VWURP
Y\WYRUtPHSROHNRU\WQDþLHN FRQVW
]i]QDPRYNWRUpREVDKXM~DM 0D[8URYHQ
LQIRUPiFLHRPRPHQWiOQHM~URYQLD
YHĐNRVWLVWURPX W\SH
SROHNRU DUUD\>@RIUHFRUG
XURYHQLQWHJHU
GOUHDO
N7.RU
HQG
YDU
SSROHNRU
SRFLQWHJHU SRþHWNRU\WQDþLHN
NOLNQXWLH
ĆDOãLH~ORK\
Ɣ XSUDYWHSURJUDPVUDVWRPVWURPRYWDNDE\VD~URYHĖVWURPXYþDVRYDþL]Y\ãRYDODQDSURDOH
GRSURFHG~U\VWURPVDSRãOH]DRNU~KOHQiKRGQRWD
ƔNRU\WQDþNDVDSRPDO\SRK\EXMH]DNXU]RURPP\ãLYåG\VDRWRþtVPHURPNXNXU]RUXDSUHMGHGRSUHGX
GĎåNXUHVSNUDWãLXDNMHEOt]NR
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
REMHNW\
2EMHNW\
WULHGD9HĐNpþtVOR
]DGHILQXMWHWULHGX79HONH&LVOR FRQVW
NWRUiEXGHUHDOL]RYDĢYHĐDFLIHUQp PD[ PD[LPiOQ\SRþHWFLILHU
QDSUFHOpþtVODDMV
DULWPHWLNRX W\SH
79HONH&LVOR FODVV
ƔSROHEDMWRY FDUUD\>PD[@RI
ƔPHWyG\QDSULUDGHQLH SPD[SRþHWSODWQêFKFLILHU
SULþtWDQLHQiVREHQLHFHOêP FRQVWUXFWRU&UHDWH
þtVORP SURFHGXUHSULUDG[LQWHJHU
ƔYêSLVYUiWLUHĢD]HF SURFHGXUHSULUDG6WU[VWULQJ
SURFHGXUHSULFLWDM[LQWHJHU
QDMSUYULHãWHEH]VWDYRYHM SURFHGXUHQDVRE[LQWHJHU
SUHPHQQHMSSRþHWSODWQêFKFLILHU IXQFWLRQY\SLVVWULQJ
WMSUDFXMWHVRYãHWNêPLFLIUDPLRG HQG
GRPD[
NRQãWUXNWRU
FRQVWUXFWRU79HONH&LVOR&UHDWH
YDU
LLQWHJHU
EHJLQ
S
IRUL WRPD[GRF>L@
HQG
SULUDGtFHOpþtVOR
GREHJLQ
LQFS
F>S@ RUG[>/HQJWK[@
6HW/HQJWK[/HQJWK[
HQG
HQG
V~þHWDV~þLQ
SURFHGXUH79HONH&LVORSULFLWDM[LQWHJHU
YDU
QDMSUY]MHGQRGXãHQiYHU]LDEH]S LLQWHJHU
SRþWXSODWQêFKFLILHU EHJLQ
L
SULFLWDM[LQWHJHU ZKLOH[!DQGL PD[GREHJLQ
YDU LIL!SWKHQEHJLQ
LLQWHJHU S LF>L@
EHJLQ HQG
IRUL WRPD[GREHJLQ [ F>L@[
[ F>L@[ F>L@ [PRG
F>L@ [PRG [ [GLY
[ [GLY LQFL
HQG HQG
HQG HQG
SURFHGXUH79HONH&LVORQDVRE[LQWHJHU
YDU
LVXFSUHQRVLQWHJHU
EHJLQ
L SUHQRV
ZKLOHSUHQRV!RUL SDQGL PD[GREHJLQ
LIL!SWKHQEHJLQ
S LF>L@
HQG
VXF F>L@
[SUHQRV
F>L@ VXFPRG
SUHQRV VXFGLY
LQFL
HQG
HQG
SUHYRGQDUHĢD]HF
IXQFWLRQ79HONH&LVORY\SLVVWULQJ
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL SGRZQWRGR
5HVXOW 5HVXOWFKUF>L@RUG
HQG
IDNWRULiO
YDU
I79HONH&LVOR
LLQWHJHU
EHJLQ
I 79HONH&LVOR&UHDWH
ISULUDG
IRUL WRGREHJLQ
IQDVREL
0HPR/LQHV$GG,QW7R6WUL
IY\SLV
HQG
I)UHH
HQG
ĆDOãLH~ORK\
ƔGRStãWHPHWyGXQDSULþtWDQLHYHĐNpKRþtVODDSRPRFRXQHMY\SRþtWDMWHQLHNWRUpYHĐNpILERQDFFLKRþtVOR
ƔQDYUKQLWHDULWPHWLNXSUHSUiFXVUDFLRQiOQêPLþtVODPLGRYHĐNêFKþtVHODMGHVDWLQQ~þDVĢDY\SRþtWDMWHQD
QHMDN~SUHVQRVĢH]iNODGSULURG]HQêFKORJDULWPRYDSL
Ɣ]DGHILQXMWHWULHG\QDSUiFXVYHNWRUPLDVNRPSOH[QêPLþLVODPL
WULHGD2VRED
VWDYRYpSUHPHQQp W\SH
72VRED FODVV
ƔPHQRYHNDGUHVD PHQRVWULQJ
YHNE\WH
PHWyG\ DGUHVDVWULQJ
FRQVWUXFWRU&UHDWHPDVWULQJYE\WH
ƔLQLFLDOL]iFLD
IXQFWLRQ3UHGVWDY6DVWULQJ
ƔSUHGVWDYHQLHVD
IXQFWLRQ0ODGLNERROHDQ
Ɣ]LVWHQLHþLGDQiRVREDMH
IXQFWLRQ2VORYHQLHVWULQJ
DOHERQLHMHPODGtNRP HQG
ƔRVORYHQLH
FRQVWUXFWRU72VRED&UHDWHPDVWULQJYE\WH
EHJLQ
PHQR PDGUHVD DYHN Y
HQG
IXQFWLRQ72VRED3UHGVWDY6DVWULQJ
EHJLQ
5HVXOW
9ROiPVD
PHQR
EêYDPY
DGUHVD
DPiP
,QW7R6WUYHN
URNRY
HQG
IXQFWLRQ72VRED0ODGLNERROHDQ
EHJLQ
5HVXOW YHN
HQG
IXQFWLRQ72VRED2VORYHQLHVWULQJ
EHJLQ
5HVXOW
9iåHQêSiQ
PHQR
HQG
SRWRPRNWULHG\72VRED
WULHGD72VRED3 W\SH
72VRED3 FODVV72VRED
ƔVQRYRXVWDYRYRX SRKODYLHERROHDQWUXH åHQD
SUHPHQQRXSRKODYLH FRQVWUXFWRU&UHDWHFRQVWPDVWULQJYE\WH
ƔVQRYRXPHWyGRX SERROHDQ
2VORYHQLHSUHGNRYD IXQFWLRQ0ODGLNERROHDQ
PHWyGDERODYPXåVNRP IXQFWLRQ2VORYHQLHVWULQJ
URGH HQG
ƔIXQNFLDPODGLNDNMHWR
IXQFWLRQ72VRED32VORYHQLHVWULQJ
EHJLQ
LISRKODYLHWKHQ5HVXOW
9iåHQiSDQL
PHQR
HOVH5HVXOW LQKHULWHG2VORYHQLH
HQG
IXQFWLRQ72VRED30ODGLNERROHDQ
EHJLQ
5HVXOW YHN RUSRKODYLHDQGYHN
HQG
ĆDOãLH~ORK\
Ɣ SUHGSRNODGDMWHåHYV~ERUH]R]QDPW[WMHSULSUDYHQê]R]QDPĐXGtNRWUêPVDEXGHSRVLHODĢOLVW]R
V~ERUXOLVWW[W]R]QDPĐXGtREVDKXMHWLHWRLQIRUPiFLHPHQRYHNDGUHVDDSRKODYLHGROLVWXEXGHWUHED
SULGDĢSUYêULDGRNDGUHVXGUXKêULDGRNRVORYHQLHDDNRSRVOHGQêULDGRNEXć$KRMDNWREROPODGtND
LQDN'RYLGHQLD3URJUDPQDþtWDREDV~ERU\Y\WYRUt]QLFKSROHRV{EW\SX72VRED3DSUHNDåG~RVREX
Y\WYRUtOLVWVGDQêPLGRSOQHQêPLþDVĢDPLOLVW\P{åHWHY\StVDĢGR0HPR
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
G\QDPLFNpSROLD
%DQQHU
7H[W
'\QDPLFNpSROHFHOêFKþtVHO
Ɣ SUHGSRNODGiPHGHNODUiFLX
W\SH73ROH DUUD\RILQWHJHU
QiKRGQêREVDKSRĐD
YêSLVSRĐD
ƔVWDWLFNpSROH
IRUL WRKLJKSGR
ƔG\QDPLFNpSROH
5HVXOW 5HVXOW
,QW7R6WUS>L@
HQG
V~þHWSUYNRYSRĐD
VSRMHQLHGYRFKSROt
DOHER
ĆDOãLH~ORK\
Ɣ]DGHILQXMWHSRGREQpSURFHG~U\SUHG\QDPLFNpSROH]QDNRYêFKUHĢD]FRYDWLHåIXQNFLHYDSR]NWRUp]LVWLD
þLVDQHMDNêUHĢD]HFQiFKDG]DYSROLUHĢD]FRYUHVSQDNWRUHMSR]tFLLQDSU
LIYVORYR>
GRSUHGX
YODYR
YSUDYR
]PD]
SK
@WKHQ
FDVHSR]VORYR>
GRSUHGX
YODYR
YSUDYR
]PD]
SK
@RI
ƔQDYUKQLWHWULHG\QDSUiFXVSRVWXSQRVĢRXþtVHOUHVSUHĢD]FRY
VORYQtNG\QDPLFNpSROHGYRMtFUHĢD]FRY
Ɣ SUHGSRNODGiPHGHNODUiFLH
W\SH
7=D]QDP UHFRUGDEVWULQJHQG
73ROH DUUD\RI7=D]QDP
SRPRFQpIXQNFLH
QDSUtNODG
YDU
D73ROH
EHJLQ
D Y\URE>]D]QDP
GRJ
SHV
]D]QDP
FDW
PDFND
]D]QDP
FRZ
NUDYD
@
YêSLVWDEXĐN\
IRUL WRKLJKSGR
5HVXOW 5HVXOWS>L@D
S>L@E
HQG
KĐDGDĢYWDEXĐNH
SURFHGXUHY\KRG[VWULQJYDUS73ROH
YDU
LLQWHJHU
EHJLQ
L SR][SLILWKHQH[LW
S>L@ S>KLJKS@
6HW/HQJWKS/HQJWKS
HQG
]DStãGRV~ERUX
SURFHGXUH]DSLVVXERUVWULQJSDUUD\RI7=D]QDP
YDU
W7H[W)LOH
LLQWHJHU
EHJLQ
$VVLJQ)LOHWVXERU5HZULWHW
IRUL WRKLJKSGR
ZULWHOQWS>L@D
S>L@E
&ORVH)LOHW
HQG
SUHþtWDM]RV~ERUX
SURFHGXUHFLWDMVXERUVWULQJYDUS73ROH
YDU
W7H[W)LOH
VVVWULQJ
LLQWHJHU
EHJLQ
S QLO
$VVLJQ)LOHWVXERU5HVHWW
ZKLOHQRWVHHNHRIWGREHJLQ
UHDGOQWVL SRV
V
LIL WKHQV V
HOVHEHJLQ
ĆDOãLH~ORK\
Ɣ QDYUKQLWHWULHGXQDSUiFXVRVORYQtNRP
GYRMUR]PHUQpG\QDPLFNpSROH
Ɣ SUHGSRNODGiPHGHNODUiFLX
W\SH73ROH DUUD\RIDUUD\RILQWHJHU
SULGDMQRYêULDGRN
YêSLVSRĐD
IRUL WRKLJKSGREHJLQ
IRUM WRKLJKS>L@GR
5HVXOW 5HVXOW,QW7R6WUS>LM@
5HVXOW 5HVXOW
HQG
HQG
]iSLVGRV~ERUX
SURFHGXUH]DSLVVXERUVWULQJS73ROH
YDU
W7H[W)LOH
LMLQWHJHU
EHJLQ
$VVLJQ)LOHWVXERU5HZULWHW
IRUL WRKLJKSGREHJLQ
IRUM WRKLJKS>L@GR
ZULWHWS>LM@
ZULWHOQW
HQG
&ORVH)LOHW
HQG
þtWDQLH]RV~ERUX
SURFHGXUHFLWDMVXERUVWULQJYDUS73ROH
YDU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHWVXERU5HVHWW
S QLO
ZKLOHQRWHRIWGREHJLQ
6HW/HQJWKS/HQJWKS
S>KLJKS@ QLO
ZKLOHQRW6HHN(ROQWGREHJLQ
6HW/HQJWKS>KLJKS@/HQJWKS>KLJKS@
UHDGWS>KLJKSKLJKS>KLJKS@@
HQG
UHDGOQW
HQG
&ORVH)LOHW
HQG
þtWDQLH]RV~ERUXYHU]LD
&ORVH)LOHW
HQG
ĆDOãLH~ORK\
Ɣ QDYUKQLWHWULHGXQDSUiFXVGYRMUR]PHUQêPLSROLDPLþtVHOGRSOĖWHPHWyG\QDSUV~þHWGYRFKSROtRWRþHQLH
SRGĐDKODYQHMXKORSULHþN\FKêEDM~FHSUYN\QDKUDćWH
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
WULHG\VG\QDPLFNêPSRĐRP
%DQQHU
7H[W
WDEXĐNDRV{E
Ɣ WULHGD77DE2VREDYNWRUHMEXGHPHXGUåLDYDĢGDWDEi]XĐXGt]RUDGHQêFKSRGĐDYHNXSRXåLMHPHWULHGX
72VRED]SUHGFKFYLþHQt
WULHGD2VRED
VWDYRYpSUHPHQQp W\SH
72VRED FODVV
ƔPHQRYHNDGUHVD PHQRVWULQJ
YHNE\WH
PHWyG\ DGUHVDVWULQJ
FRQVWUXFWRU&UHDWHPDVWULQJYE\WH
ƔLQLFLDOL]iFLD
IXQFWLRQ3UHGVWDY6DVWULQJ
ƔSUHGVWDYHQLHVD
IXQFWLRQ0ODGLNERROHDQ
Ɣ]LVWHQLHþLGDQiRVREDMHDOHER
IXQFWLRQ2VORYHQLHVWULQJ
QLHMHPODGtNRP HQG
Ɣ RVORYHQLH
FRQVWUXFWRU72VRED&UHDWHPDVWULQJYE\WH
EHJLQ
PHQR PDGUHVD DYHN Y
HQG
IXQFWLRQ72VRED3UHGVWDY6DVWULQJ
EHJLQ
5HVXOW
9ROiPVD
PHQR
EêYDPY
DGUHVD
DPiP
,QW7R6WUYHN
URNRY
HQG
IXQFWLRQ72VRED0ODGLNERROHDQ
EHJLQ
5HVXOW YHN
HQG
IXQFWLRQ72VRED2VORYHQLHVWULQJ
EHJLQ
5HVXOW
9iåHQêSiQ
PHQR
HQG
GHNODUiFLDWULHG\SUHWDEXĐNXRV{E
W\SH
77DE2VRED FODVV
WDUUD\RI72VRED
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMPDVWULQJYE\WH
SURFHGXUHY\SLVBPODGLNRYNDP76WULQJV
HQG
FRQVWUXFWRU77DE2VRED&UHDWH
EHJLQ
W QLO
HQG
SULGDĢSUYRNGRWDEXĐN\
GRLQãWDQFLHWULHG\77DE2VRED YDU
QDþtWDMWHLQIRUPiFLH]RYVWXSXR WY77DE2VRED
MHGQRWOLYêFKĐXćRFKDY\StãWH
YãHWNêFKPODGtNRY]WHMWRWDEXĐN\ SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
WY 77DE2VRED&UHDWH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
YLQWHJHU
EHJLQ
Y 6WU7R,QW'HI(GLW7H[W
LIY!WKHQ
WYSULGDM(GLW7H[W(GLW7H[WY
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
WYY\SLVBPODGLNRY0HPR/LQHV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
0HPR&OHDU
ZLWKWYGR
IRUL WR+LJKWGR
W>L@3UHGVWDY6D0HPR/LQHV
HQG
3RO\QRP\
WULHGD73RO\QRP
SRO\QyPUHSUH]HQWXMWH W\SH
G\QDPLFNêPSRĐRP 73RO\QRP FODVV
NRHILFLHQWRYSUH NRHIDUUD\RILQWHJHU
QHH[LVWXM~FHPRFQLQ\MHNRHIFRQVWUXFWRU&UHDWH
NRHILFLHQW\V~W\SX SURFHGXUHQDFLWDMVVWULQJ
,QWHJHU SURFHGXUHY\SLVNDP76WULQJV
SURFHGXUHSULFLWDMS73RO\QRP
HQG
FRQVWUXFWRU73RO\QRP&UHDWH
EHJLQ
NRHI QLO
HQG
QDþtWDQLH]UHĢD]FD
GREHJLQ
6HW/HQJWKNRHI/HQJWKNRHI
NRHI>+LJKNRHI@ 6WU7R,QWFRS\VSRV
V
GHOHWHVSRV
V
HQG
HQG
YêSLVSRO\QRPXGRMHGQpKRULDGND0HPR
SURFHGXUH73RO\QRPY\SLVNDP76WULQJV
YDU
LORQJLQW
VVWULQJ
EHJLQ
L KLJKNRHIV
ZKLOHL! GREHJLQ
LINRHI>L@!WKHQEHJLQ
LIL!KLJKNRHIWKHQV V
V V,QW7R6WUNRHI>L@
LIL!WKHQV V
[A
,QW7R6WUL
HQG
GHFL
HQG
NDPDGGV
HQG
V~þHWGYRFKSRO\QRPRY
SURFHGXUH73RO\QRPSULFLWDMS73RO\QRP
YDU
LLQWHJHU
EHJLQ
IRUL WR+LJKSNRHIGREHJLQ
LIL!+LJKNRHIWKHQEHJLQ
6HW/HQJWKNRHI/HQJWKNRHI
NRHI>L@
HQG
LQFNRHI>L@SNRHI>L@
HQG
HQG
ĆDOãLH~ORK\
73RO\QRPSRWRPEXGHREVDKRYDWG\QDPLFNpSROH7&OHQRY
Ɣ]DGHILQXMWHWULHGX79HNWRUSRPRFRXG\QDPLFNpKRSRĐDSUHĐXERYRĐQHiUQHYHNWRU\$NEXGHPHFKFLHĢ
QDSUVþtWDĢGYDYHNWRU\U{]QHMiUQRVWLWDNVDEXćY\KOiVLFK\EDDOHERVDWHQNUDWãtGRSOQtQXODPL
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
]iVREQtNDULWPHWLFNpYêUD]\
%DQQHU
7H[W
=iVREQtN]QDNRY
PHWyGDWRS
PHG]LPHWyG\QDSUiFXVR W\SH
]iVREQtNRPSULGiPHQRY~IXQNFLX 73UYRN FKDU
WRSNWRUiYUiWLKRGQRWXQDYUFKX 76WDFN FODVV
]iVREQtNDSULþRPY]iVREQtNXMX VWDUUD\RI73UYRN
SRQHFKi FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKS73UYRN
SURFHGXUHSRSYDUS73UYRN
IXQFWLRQWRS73UYRN
IXQFWLRQHPSW\ERROHDQ
HQG
IXQFWLRQVWDFNWRS73UYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
5HVXOW VW>+LJKVW@
HQG
Ɣ YQDVOHGXM~FLFK~ORKiFKSUHGSRNODGiPHåHPiPHNGLVSR]tFLLMHGQX]QDNRY~SUHPHQQ~MHGHQ]QDNRYê
]iVREQtNDþtWDPHMHGHQULDGRNWH[WRYpKRV~ERUXXNRQþHQêQDSU]QDNRPÒORKRXMHQDStVDĢ
IXQNFLXNWRUi]LVWtþLYVWXSQêULDGRNV~ERUXMHQHMDNpKRNRQNUpWQHKRWYDUX
QDMSUYOHQDSRWRPURYQDNêSRþHWOHQE
ĆDOãLH~ORK\
GUXKê]iVREQtN
❍P{åHWHY\VN~ãDĢSRXåLWLHMHGQpKR]iVREQtNDDUHNXU]LH
=iVREQtNFHOêFKþtVHO
Y\KRćYãHWN\QXORYpSUYN\
ĆDOãLH~ORK\
Ɣ QDSURJUDPXMWHWDNpWRWULHGHQLHNWRUpY\XåLMHGYD]iVREQtN\
❍QD]DþLDWNXPiPHþtVODYSUYRP]iVREQtNX
❍Y\EHULHPHSUYpGYHþtVODSRURYQiPHLFKPHQãLH]QLFKYORåtPHGRGUXKpKR]iVREQtND
❍Y\EHULHPHćDOãLHþtVOR]SUYpKR]iVREQtNDSRURYQiPHKRVþtVORPNWRUpQiPRVWDORSUL
SUHGFKiG]DM~FRPSRURYQiYDQtPHQãLHþtVORYORåtPHGRGUXKpKR]iVREQtND
❍RSDNXMHPHDåNêPSUYê]iVREQtNQLHMHSUi]GQ\SULWRPWRSUHVêSDQtVPHPRKOLVSRþtWDĢSRþHW
WULHGHQêFKþtVHO
❍WHUD]PiPHYGUXKRP]iVREQtNXYãHWN\þtVODSULWRPQDYUFKXMHQDMYlþãLH]QLFK
❍SRGREQHSUHV\SHPHþtVOD]GUXKpKR]iVREQtNDGRSUYpKRDOHWHUD]YNODGiPHGRSUYpKR
]iVREQtNDYlþãLH]SRURYQiYDQêFKþtVHO
❍SRGRVWDWRþQRPRSDNRYDQtWRKWRDOJRULWPXEXG~þtVODY]iVREQtNXXWULHGHQp
$ULWPHWLFNpYêUD]\
SRVWIL[RYê]iSLV
ĆDOãLH~ORK\
ƔQDYUKQLWHDOJRULWPXVQDY\KRGQRFRYDQLHYêUD]RYYSUHIL[RYRPWYDUHDVLVDSRXåLMHMHGHQDOHERDMYLDF
]iVREQtNRY
ƔQDYUKQLWHDOJRULWPXVQDY\KRGQRFRYDQLHYêUD]XYWYDUH~SOQHX]iWYRUNRYDQpKRLQIL[XQDSUQiMGHPH
SUY~SUDY~]iWYRUNXSRWRPKĐDGiPHNXQHMSULVO~FKDM~FXĐDY~Y\KRGQRWtPHSRGYêUD]PHG]L]iWYRUNDPL
DQDKUDGtPHKRYêVOHGNRP
ƔQDYUKQLWHDOJRULWPXVQDSUHSLVDULWPHWLFNpKRYêUD]X]SUHIL[RYpKRWYDUXGRSRVWIL[RYpKRWYDUX
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
SRO\PRUIL]PXV
%DQQHU
7H[W
3RO\PRUIL]PXV
V~NURPQiNRU\WQDþND
=DGHILQXMWH70RMD.RUNWRUi W\SH
EXGHREVDKRYDĢVYRMX 70RMD.RU FODVV7.RU
V~NURPQ~NRU\WQDþNX7iWRVD SULYDWH
EXGHSRK\ERYDĢV~þDVQHV NN7.RU
S{YRGQRXDOHEXGHPDĢ SXEOLF
QDVWDYHQpKUXEpãHGpSHUR FRQVWUXFWRU&UHDWH[[\\UHDOXXUHDO
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH=PHQ;<[[\\UHDORYHUULGH
7UHEDVLGiYDĢSR]RUQD3+D HQG
3'
FRQVWUXFWRU70RMD.RU&UHDWH[[\\XXUHDO
EHJLQ
LQKHULWHG
NN 7.RU&UHDWH[[\\XX
NN+3 NN)3 FO/W*UD\
HQG
GHVWUXFWRU70RMD.RU'HVWUR\
EHJLQ
NN)UHH
LQKHULWHG
HQG
SURFHGXUH70RMD.RU=PHQ;<[[\\UHDO
EHJLQ
LI'ROHWKHQNN=PHQ;<[[\\
HOVHNN3UHVXQ;<[[\\
LQKHULWHG
HQG
]LVWHQLHGĎåN\FHVW\
.RU\WQDþNDEXGHPDĢVYRMX W\SH
V~NURPQ~SUHPHQQ~YNWRUHMVL 70RMD.RU FODVV7.RUDOHER70RMD.RU
EXGHSRþtWDĢSUHMGHQ~GĎåNX SULYDWH
1DMSUYWRY\ULHãWHSRPRFRX GO]UHDOQHWUHEDLQLFLDOL]RYDQD
'RSUHGXDSRWRP=PHQ;< SXEOLF
0RPHQWiOQHSUHMGHQiGĎåND SURFHGXUH'RSUHGXGUHDORYHUULGHEXć
EXGHSUtVWXSQiSRPRFRX
SURFHGXUH=PHQ;<[[\\UHDORYHUULGHDOHER
SURSHUW\GO]NDXPRåQtSUtVWXS
SURSHUW\GO]NDUHDOUHDGGO]
OHQQDþtWDQLH
HQG
7UHEDVLGiYDĢSR]RUQDWRþLMH SURFHGXUH70RMD.RU'RSUHGXGUHDO
SHURKRUHDOHERGROH EHJLQ
LQKHULWHG
LI'ROHWKHQGO] GO]G
HQG
DOHER
SURFHGXUH70RMD.RU=PHQ;<[[\\UHDO
EHJLQ
LI'ROHWKHQGO] GO]Y]G[[\\
LQKHULWHG
HQG
SRXåLWLH]LVĢRYDQLDGĎåN\FHVW\
.RU\WQDþNX]DGHILQXMWH YDU
SRPRFRXSUHPHQQHMWULHG\ N7.RU
7.RUDE\ERORWUHED EHJLQ
SUHW\SRYiYDĢ N 70RMD.RU&UHDWH
/DEHO&DSWLRQ )ORDW7R6WU70RMD.RUNGO]ND
N)UHH
HQG
+LHUDUFKLDNRU\WQDþLHN
ãWYRUOtVWRN
7ULHGD7.RUPiGHILQRYDQ~PHWyGX W\SH
VWYRUOLVWRNQDNUHVOHQLHãWYRUOtVWND 7.RU FODVV7.RU
YHĐNRVWLGURYQRVWUDQQp SURFHGXUHVWYRUOLVWRNGUHDO
WURMXKROQtN\ HQG
SURFHGXUH7.RUVWYRUOLVWRNGUHDO
YDU
LLQWHJHU
EHJLQ
IRUL WRGREHJLQ
'RSUHGXG
LILPRG WKHQ9SUDYR
HOVH9SUDYR
HQG
HQG
SUHUXãRYDQp'RSUHGX
7ULHGD7.RUSRWRPRN7.RU W\SH
NUHVOtSUHUXãRYDQp'RSUHGX 7.RU FODVV7.RU
SUHMGHQiGĎåNDVDUR]GHOtQDWUHWLQ\D SURFHGXUH'RSUHGXGUHDORYHUULGH
VWUHGQ~SUHMGHVR]GYLKQXWêPSHURP HQG
SURFHGXUH7.RU'RSUHGXGUHDO
YDU
EERROHDQ
EHJLQ
E 'ROH
LQKHULWHG'RSUHGXG
3+
LQKHULWHG'RSUHGXG
LIEWKHQ3'
LQKHULWHG'RSUHGXG
HQG
WLHĖRYDQp'RSUHGX
W\SH
7.RU FODVV7.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
YDU
I7FRORU
EHJLQ
I )3)3 FO/W*UD\+3 +3
LQKHULWHG'RSUHGXG
LQKHULWHG'RSUHGXG
)3 I+3 +3
LQKHULWHG'RSUHGXG
HQG
SRXåLWLH
.UHVOHQLHNRU\WQDþNRX
]UNDGORYiNRU\WQDþND
7ULHGD70RMD.RUEXGHSUHNOiSDĢ W\SH
V~UDGQLFHWDNDE\SRK\ENRU\WQDþN\ 70RMD.RU FODVV7.RU
EROV\PHWULFNêSRGĐDP\VOHQHM\RYHM SURFHGXUH=PHQ;<[[\\UHDORYHUULGH
RVLSUHFKiG]DM~FHMVWUHGRPSORFK\ HQG
SURFHGXUH70RMD.RU=PHQ;<[[\\UHDO
EHJLQ
LQKHULWHG=PHQ;<VLUND[[\\
HQG
NUHVOHQLHUXNRX
ýDVĢSURJUDPXY\XåLMH70RMD.RUD YDU
]DEH]SHþtNUHVOHQLHGYRPL NN7.RU
NRU\WQDþNDPLRE\þDMQRXD
]UNDGORYRX SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
=DP\VOLWHVDSUHþRY N 7.RU&UHDWH
,PDJH0RXV'RZQNRU\WQDþNDN N 70RMD.RU&UHDWH
QHP{åHURELĢ3UHVXQ;<DNR HQG
NRU\WQDþNDNDOHPXVtSRXåLĢ
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
=PHQ;<VR]GYLKQXWêPSHURP
EHJLQ
N)UHHN)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
N3UHVXQ;<;<
N3+N=PHQ;<;<N3'
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH
EHJLQ
LI6KLIW >VV/HIW@WKHQEHJLQ
N=PHQ;<;<
N=PHQ;<;<
HQG
HQG
QG~
'RSOĖWHULHãHQLHRćDOãLHGYH
]UNDGORYpNRU\WQDþN\SRGĐDRVL[D
SRGĐDRERFK
$%.9,
EODKR#IPSKXQLEDVN
3RVOHGQi]PHQD
79HOD.RU
%DQQHU
7H[W
QRYpNRU\WQDþN\NOLNDQtPP\ãRX
NOLNDQLH
1DNDåGpNOLNQXWLHGRSORFK\VDQD YDU
WRPWRPLHVWHY\WYRUtQRYiNRU\WQDþND Y79HOD.RU
VQiKRGQêPXKORPKU~EN\D
QiKRGQHMIDUE\ SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
Y 79HOD.RU&UHDWH]PD]
HQG
8YHGRPWHVLåHNSUiYHY\WYRUHQHM
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
NRU\WQDþNHPiPHSUtVWXSFH]YN>YSN
EHJLQ
@ Y)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
EHJLQ
Y8URE.RU;<UDQGRP
ZLWKYN>YSN@GREHJLQ
+3 )3 UDQGRP
HQG
HQG
þDVRYDþ
1iKRGQiSUHFKiG]ND
7.RU
,QãWDQFLHWULHG\7.RUVLEXG~ W\SH
SDPlWDĢPLHVWRNGHVDQDURGLOL 7.RU FODVV7.RU
VWUHGDWLHåSRPRFQ~SUHPHQQ~U [\UUHDO
SRORPHUNUXKX3ULNDåGRP'RSUHGX FRQVWUXFWRU&UHDWH[[\\UUUHDO
NRU\WQDþND]LVWtþLVDRGVYRMKRVWUHGX SURFHGXUH'RSUHGXGUHDORYHUULGH
QHY]GLDOLODYLDFDNRUDDNiQRYUiWLVD HQG
RSUHMGHQ~Y]GLDOHQRVĢ
FRQVWUXFWRU7.RU&UHDWH[[\\UUUHDO
EHJLQ
LQKHULWHG&UHDWH[[\\
[ [[\ \\U UU
HQG
SURFHGXUH7.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG
LIY]G[\!UWKHQLQKHULWHG'RSUHGXG
HQG
Y\WYRUHQLHNRU\WQDþLHN
LQWHUSUHWRYDQLHWH[WRYpKRV~ERUXNRU\WQDþNRX
ƔYWH[WRYRPV~ERUHNUHVOLW[WMHSRStVDQêQHMDNêREUi]RNNWRUêEXGHWUHEDQDNUHVOLĢQLHNRĐNêPL
NRU\WQDþNDPL
ƔNDåGêULDGRNSRSLVXMHQHMDN~þDVĢREUi]NDSUHMHGQXNRU\WQDþNXDPiQDVOHGRYQ~ãWUXNW~UXYãHWN\þtVOD
YV~ERUHV~FHOp
Ɣ]DþtQDWURPLþtVODPL[\DXNWRUpSUHW~WRNRU\WQDþNXGHILQXM~SRþLDWRþQ~SRORKXDVPHU
QDWRþHQLDYURYLQH
Ɣ]DWêPQDVOHGXMHSRVWXSQRVĢþtVHONWRUiSRSLVXMHSRVWXSQRVĢYRODQtPHWyGGRSUHGXDYSUDYR
EXG~YRODQpVWULHGDYR±QDMSUYGRSUHGXDSRWRPYSUDYR
ƔWiWRSRVWXSQRVĢP{åHE\ĢSiUQHMDMQHSiUQHMGĎåN\
ƔWDNWRV~SRStVDQpYãHWN\ULDGN\±NDåGêSUHMHGQXNRU\WQDþNX
SUYNRYpFHORþtVHOQpSROHSUHSRVWXSQRVĢDQHMDNpVWDYRYpSUHPHQQpSUHGĎåNXDLQGH[GRWHMWR
SRVWXSQRVWL
ƔćDOHM]DGHILQXMHWHPHWyGXURENWRUiDNVDGi]UHDOL]XMHMHGHQNURNSRVWXSQRVWLWMMHGQXGYRMLFX
VWOiþDQtQHMDNpKRWODþLGODY\NRQiMHGHQNURNSUHNDåG~H[LVWXM~FXNRU\WQDþNXDNQLHNWRUiNRU\WQDþND
XåY\NRQDODYãHWN\VYRMHSUtND]\]DQLNQH]UXãtVD
GHILQtFLDWULHG\70RMD.RU
VWDYRYpSUHPHQQp W\SH
70RMD.RU FODVV7.RU
ƔSROHSSDUDPHWUHSUtND]RY SDUUD\>@RILQWHJHU
ƔSSSRþHWSUtND]RY SSL[LQWHJHU
ƔL[LQGH[PRPHQWiOQHKRSUtND]X FRQVWUXFWRU&UHDWHYDUW7H[W)LOH
IXQFWLRQUREERROHDQ
HQG
FRQVWUXFWRU70RMD.RU&UHDWHYDUW7H[W)LOH
YDU
[\XLQWHJHU
EHJLQ
UHDGW[\X
LQKHULWHG&UHDWH[\X
SS L[
ZKLOHQRW6HHN(ROQWGREHJLQ
LQFSSUHDGWS>SS@
HQG
UHDGOQW
HQG
IXQFWLRQ70RMD.RUUREERROHDQ
EHJLQ
5HVXOW L[ SS
LI5HVXOWWKHQEHJLQ
'RSUHGXS>L[@LQFL[
LIL[ SSWKHQEHJLQ
9SUDYRS>L[@LQFL[
HQG
HQG
HQG
VDPRWQêSURJUDP
~ORKXQDMSUYY\ULHãLPHSRPRFRX YDU
79HOD.RU Y79HOD.RU
WHUD]MXSUHSURJUDPXMHPHSRPRFRX W\SH
70RM9HOD.RU 70RM9HOD.RU FODVV79HOD.RU
SURFHGXUH1DFLWDMPHQRVWULQJ
ƔMHWRRGYRGHQiWULHGDRG SURFHGXUH5RE
79HOD.RU HQG
ƔPiPHWyGX1DFLWDMQDþtWD
SURFHGXUH70RM9HOD.RU5RE
YDU
LLQWHJHU
EHJLQ
IRUL WRSNGR
LIQRW70RMD.RUN>L@UREWKHQ
=UXV.RUL
8SUDF
HQG
SURJUDP
SURJUDPSUH7PRM9HOD.RU YDU
)RUP&UHDWHD%XWWRQ&OLFNYRODM~ Y70RM9HOD.RU
PHWyG\1DFLWDMD5RE
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
Y 70RM9HOD.RU&UHDWH
Y1DFLWDM
NUHVOLW[W
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZLWKYGREHJLQ
5RE
LISN WKHQEHJLQ
%XWWRQ(QDEOHG IDOVH
)UHH
,PDJH5HSDLQW
HQG
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ WH[WRYpV~ERU\
ŶSRVWXSQRVĢ]QDNRYNWRUiP{åHREVDKRYDĢãSHFLiOQ\]QDNNRQFDULDGNDMHULDGNRYR
RULHQWRYDQê
ŶþtWDĢVDGiOHQSRVWXSQHRG]DþLDWNXGRNRQFDSRGREQH]DSLVRYDĢVDGiOHQQDNRQLHF
V~ERUXVHNYHQþQêSUtVWXS
ŶSUHþtWDQLHVDGiQDVWDYLĢQD]DþLDWRNV~ERUX
ŶDXWRPDWLFNpNRQYHU]LHSULþtWDQt]DSLVRYDQtLQêFKW\SRYDNR]QDN
ŶSULRWYRUHQtV~ERUXPXVtPHXUþLĢþLMHV~ERUOHQQD]iSLVDOHEROHQQDþtWDQLH
þRVDEXGHPHGQHVXþLĢ
ƔGYDW\S\ELQiUQ\FKV~ERURYW\SRYpDQHW\SRYp
Ɣ~GDMRYêSU~GVWUHDP
7\S\V~ERURY
9'HOSKLP{åHPHVRV~ERUPLSUDFRYDĢU{]Q\PLVS{VREPL
1DMSUYVD]R]QiPLPHVRVWDUêPãWêORPSRWRPSUHMGHPHQDQRYêãWêOSU~G\
%LQiUQHV~ERU\
ƔSRVWXSQRVĢYLHWEXćURYQDNpKRW\SXDOHERU{]Q\FKW\SRYKRYRUtPHRV~ERURFKVSHYQRXD
SUHPHQOLYRXGĎåNRXYLHW
ƔMHGQRXRSHUiFLRX5HDGDOHER:ULWHP{åHPHQDUD]SUHþtWDĢDOHER]DStVDĢYLDFYLHW
Ɣ]RV~ERUXP{åHPHV~þDVQHþtWDĢDMGRQHKR]DSLVRYDĢEH]WRKRDE\VPHPXVHOLQLHþRSUHStQDĢ
]DSLVRYDĢSULDP\SUtVWXS
ƔXND]RYDWHĐYV~ERUHSR]tFLDVDSRNDåGHMRSHUiFLLþtWDQLH]iSLVDXWRPDWLFN\SRV~YDQDQDVOHGXM~FX
YHWXP{åHPHVRV~ERURPSUDFRYDĢVHNYHQþQH
Y3DVFDOHV~WRGYDW\S\SUiFHVELQiUQ\PLV~ERUPL
Ɣ W\SRYpELQiUQHV~ERU\XåSULGHNODURYDQtV~ERUXXUþtPHW\SYHW\DWêPDMGĎåNXYHW\GRV~ERUX
P{åHPH]DSLVRYDĢOHQYHW\WRKWRW\SXDWLHå]QHKRþtWDĢOHQGRSUHPHQQêFKWRKWRW\SXSR]tFLDYHW\Y
V~ERUHVDY\MDGUXMHSRþWRPYLHWNWRUpV~SUHGGDQRXYHWRXþtVORYDQLHRGGR)LOH6L]H
ƔQHW\SRYpELQiUQHV~ERU\P{åHPHGRQHKR]DSLVRYDĢĐXERYRĐQp~GDMHSUHPHQQpDWLHå]QHKRþtWDĢ
GRSUHPHQQêFKĐXERYRĐQêFKW\SRYSULRWYiUDQtPXVtPHXUþLĢYHĐNRVĢHOHPHQWiUQHKREORNXDSRWRP
YãHWN\SR]tFLHYV~ERUHDGĎåN\EXG~XUþRYDQpYWêFKWREORNRFKGHIDXOWMH
7\SRYpELQiUQHV~ERU\
W\SHV~ERU ILOHRILGHQWLILNiWRUBW\SXW\SYHW\
ƔSR]RUYHWDQHVPLHREVDKRYDĢåLDGQHþDVWLVQLHSHYQRXGĎåNRXQDSUG\QDPLFNpSROLDVWULQJ\V~ERU\
VPHUQtN\DLQpG\QDPLFNpSUHPHQQp
Ɣ$VVLJQ)LOH5HVHW5HZULWH&ORVH)LOHURYQDNpDNRSUHWH[WRYpV~ERU\
Ɣ5HDG:ULWHPDM~WURFKXLQpSUDYLGOiQDSUSUH
YDUIVXERU
5HDGISUHPHQQiBW\SXBYHWDBV~ERUX
:ULWHISUHPHQQiBW\SXBYHWDBV~ERUX
SUHUHDGDMZULWHP{åHE\ĢDMYLDFSUHPHQQêFKRGGHOHQêFKþLDUNDPL
Ɣ(RIIDNRSUHWH[WRYêV~ERU
Ɣ)LOH6L]HISRþHWYLHWV~ERUX
ILOHSRVI
SUtNODG
YDU
I)LOHRILQWHJHU
LMLQWHJHU
EHJLQ
$VVLJQ)LOHI
FLVODGDW
5HZULWHI
IRUL WRGR:ULWHILEDMWRY
&ORVH)LOHIQHWUHEDDNQDVOHGXMH5HVHW
5HVHWIþtWDQLHRG]DþLDWNX
IRUL WRGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUMVHNYHQþQpþtWDQLH
HQG
VOXãQHMãLHSRNRQLHFV~ERUX
5HVHWI
ZKLOHQRW(RIIGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUM
HQG
QHVPLHVDSRXåLĢUHDGOQDQLZULWHOQQHH[LVWXMH]QDþNDNRQFDULDGND
YêSLVV~ERUXRG]DGX
IRUL )LOH6L]HIGRZQWRGREHJLQ
6HHNIL5HDGIMSULDPHþtWDQLH
0HPR/LQHV$GG,QW7R6WUM
HQG
SULGDMYHWXQDNRQLHFV~ERUX
6HHNI)LOH6L]HI
KRFLVDDNRSRVOHGQêURELOUHVHWQHYDGtWRDGRV~ERUXVDGiDM]DSLVRYDĢ
UHVHWDUHZULWHVDQDY]iMRPQHEORNXM~ !NDåGêRWYRUHQêV~ERUMH
DXWRPDWLFN\DMQDþtWDQLHDMQD]iSLV
IRUL WRGR:ULWHIL
VNUDFRYDQLHV~ERUX
6HHNI7UXQFDWHIV~ERUPiWHUD]YHW\
&ORVH)LOHI
HQG
SURFHG~UDY\KRGY\KRGttWXYHWXWDNåHMXQDKUDGtSRVOHGQRXDSRVOHGQ~]UXãt
W\SH
YHWD LQWHJHU
76XERU ILOHRIYHWD
SURFHGXUHY\KRGYDUI76XERULLQWHJHU
YDU
YYHWD
EHJLQ
6HHNI)LOH6L]HIUHDGIYQDþtWDQLHSRVOHGQHM
6HHNILZULWHIY]iSLVDNRLWHM
6HHNI)LOH6L]HI7UXQFDWHIY\KRGHQLHSRVOHGQHM
HQG
Y\KRGIY\KRGIY\KRGIYHWDQDSR]tFLLREVDKXMHþtVOR
0HPR/LQHV$GG
SRY\KRGHQt
5HVHWI
ZKLOHQRW(RIIGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUM
HQG
7DNêWRSUtNODGERONHG\VLQDVN~ãNH
QHH[LVWXMH
þDVĢULHãHQLD
YDU
IILOHRILQWHJHU
F7&DQYDV
SURFHGXUHVWURP[\YLQWHJHU
YDU
[\OSLQWHJHU
EHJLQ
LIYWKHQH[LW
VHHNIY
UHDGI[\OS
F0RYH7R[\
F/LQH7R[\
VWURP[\O
VWURP[\S
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN
YDU
[\YLQWHJHU
EHJLQ
F ,PDJH&DQYDV
$VVLJQ)LOHI
VWURPGDW
5HVHWI
UHDGI[\Y
VWURP[\Y
&ORVH)LOHI
HQG
SUHW\SRYpELQiUQHV~ERU\VDDXWRPDWLFN\SUHSRþtWDYD6HHN)LOH3RV)LOH6L]HSRGĐDGĎåN\YHW\QDSU
1HW\SRYêELQiUQ\V~ERU
YDUIILOH
Ɣ3DVFDOXQHSUH]UDGtPHW\SYHW\WHGDQHUREtVDåLDGQDNRQWURODQDW\S]DSLVRYDQHMþtWDQHMSUHPHQQHM
ƔQHIXQJXMHUHDGZULWHPXVtVDWRURELĢLQDN
%ORFN5HDGYDU))LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
Ɣ)SUHPHQQiSUHQHW\SRYêV~ERU
Ɣ%XIQHMDNiSUHPHQQiQHW\SRYêSDUDPHWHU]QDPHQiĐXERYRĐQêW\S
ƔSRFHWSRþHWþtWDQêFKEORNRYW\SXLQWHJHU
ƔY\VOHGRNVNXWRþQHQDþtWDQêSRþHWEORNRY
DNVDWHQWRSDUDPHWHUQHXYHGLHDQDVWDQHQHMDNiFK\EDWDNSURJUDPVSDGQHQDYVWXSQR
YêVWXSQHMFK\EHLQDNSRNUDþXMHDP{åHPHRWHVWRYDĢþLQDVWDODFK\ED
Ɣ%ORFN:ULWHYDUI)LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
Ɣ)SUHPHQQiSUHQHW\SRYêV~ERU
Ɣ%XIQHMDNiSUHPHQQiĐXERYRĐQpKRW\SX
ƔSRFHWYêUD]XGiYDM~FLSRþHW]DStVDQêFKEORNRYW\SXLQWHJHU
ƔY\VOHGRNVNXWRþQH]DStVDQêSRþHWEORNRYURYQDNRDNRSUH%ORFN5HDG
ƔDNVDQHXYHGLHGĎåNDBEORNXWDNVDSUHGSRNODGi
Ɣ6HHN)LOH3RV)LOH6L]HSUDFXM~Y]iYLVORVWLQDGĎåNHEORNX
3UtNODG
NRStURYDQLHV~ERUXSRPRFRXW\SRYpKRV~ERUX
YDU
DEILOHRIE\WH
[E\WH
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWD
$VVLJQ)LOHE
EGDW
5HZULWHE
ZKLOHQRW(RIDGREHJLQ
5HDGD[
:ULWHE[
HQG
&ORVH)LOHD
&ORVH)LOHE
HQG
NRStURYDQLHSRPRFRXQHW\SRYpKRV~ERUXSRMHGQRPEDMWH
YDU
DEILOH
[E\WH
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWDEDMW YHĐNRVĢEORNX
$VVLJQ)LOHE
EGDW
5HZULWHE
ZKLOH)LOH3RVD)LOH6L]HDGREHJLQQRW(RID
%ORFN5HDGD[
%ORFN:ULWHE[
HQG
&ORVH)LOHD
&ORVH)LOHE
HQG
NRStURYDQLHSRPRFRXQHW\SRYpKRV~ERUXSRXåLWtPSRPRFQHMSDPlWH
FRQVW
GO]ND
YDU
DEILOH
[DUUD\>GO]ND@RIE\WHN%EXIIHU NUDMãLHE\ERORSRPRFRX
SRLQWUD
GDGELQWHJHU
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWDEDMW YHĐNRVĢEORNX
$VVLJQ)LOHE
EGDW
5HZULWHE
UHSHDW
%ORFN5HDGD[GO]NDGD
%ORFN:ULWHE[GDGE
XQWLOGD RUGD!GEDNGD!GEWDNQDVWDODFK\EDSUL]iSLVH
LIGD!WKHQ6KRZ0HVVDJH
FK\EDSUL]iSLVH
&ORVH)LOHD
&ORVH)LOHE
HQG
9ODVWQiWULHGD76XERU
YODVWQiWULHGXNWRUiREDOtQHW\SRYêV~ERU
W\SH
76XERU FODVV
SULYDWH
IILOH
IXQFWLRQJHWSRVLQWHJHU
SURFHGXUHVHWSRVSLQWHJHU
IXQFWLRQJHWVL]HLQWHJHU
SURFHGXUHVHWVL]HSLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJQRY\ERROHDQ
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHUHDGYDUEGLQWHJHUYLUWXDO
SURFHGXUHZULWHYDUEGLQWHJHUYLUWXDO
SURSHUW\SRVLWLRQLQWHJHUUHDGJHWSRVZULWHVHWSRV
SURSHUW\VL]HLQWHJHUUHDGJHWVL]HZULWHVHWVL]H
HQG
FRQVWUXFWRU76XERU&UHDWHPVWULQJQRY\ERROHDQ
EHJLQ
$VVLJQ)LOHIP
LIQRY\WKHQ5HZULWHIHOVH5HVHWI
HQG
GHVWUXFWRU76XERU'HVWUR\
EHJLQ
&ORVH)LOHI
HQG
SURFHGXUH76XERUUHDGYDUEGLQWHJHU
EHJLQ
%ORFN5HDGIEG
HQG
SURFHGXUH76XERUZULWHYDUEGLQWHJHU
EHJLQ
%ORFN:ULWHIEG
HQG
IXQFWLRQ76XERUJHWSRVLQWHJHU
EHJLQ
5HVXOW )LOH3RVI
HQG
SURFHGXUH76XERUVHWSRVSLQWHJHU
EHJLQ
6HHNIS
HQG
IXQFWLRQ76XERUJHWVL]HLQWHJHU
EHJLQ
5HVXOW )LOH6L]HI
HQG
SURFHGXUH76XERUVHWVL]HSLQWHJHU
YDU
SSLQWHJHU
EHJLQ
SS )LOH3RVI
6HHNIS7UXQFDWHI
LISS!SWKHQSS S
VHHNISS
HQG
DP{åHPHWRSRXåLĢ
YDU
I76XERU
LLQWHJHU
EHJLQ
I 76XERU&UHDWH
VXERUGDW
WUXH
WU\
IRUL WRGR
IZULWHLVL]HRIL
ISRVLWLRQ
ZKLOHISRVLWLRQIVL]HGREHJLQHRI
IUHDGLVL]HRIL
0HPR/LQHV$GGLQWWRVWUL
HQG
ILQDOO\
I)UHHQDPLHVWR&ORVH)LOH
HQG
HQG
'iWRYêSU~GWULHGD76WUHDP
9'HOSKLH[LWXMH]iNODGQiWULHGD7VWUHDPNWRUi]RYãHREHFĖXMHPHWyG\QD]DSLVRYDQLHDþtWDQLH~GDMRY]
QHMDNpKR]i]QDPRYpKRPpGLD7iWRWULHGD]DNU\MHLPSOHPHQWiFLXI\]LFNpKRV~ERUX
76WUHDPMHDEVWUDNWQiWULHGDSUDFXMHPHEXćVMHMNRQNUpWQ\PLSRGWULHGDPLQDSU7)LOH6WUHDPDOHERVL
]UHDOL]XMHPHYODVWQ~SRGWULHGX76WUHDPXYHGHQpPHWyG\DEVWUDFWQHPiGHILQRYDQpOHQGHNODURYDQp
YODVWQRVWLSURSHUW\
Ɣ3RVLWLRQ
Ɣ6L]H
PHWyG\
ƔNGH2ULJLQ VR)URP%HJLQQLQJVR)URP&XUUHQWVR)URP(QG
Ɣ:ULWHFRQVW%XIIHU&RXQWLQWHJHULQWHJHU
Ɣ:ULWH%XIIHUFRQVW%XIIHU&RXQWLQWHJHU
G{OHåLWpV~RGYRGHQpWULHG\QDSU
Ɣ7)LOH6WUHDP
❍FRQVWUXFWRU&UHDWHFRQVW)LOH1DPHVWULQJ0RGH:RUG
❍NGH0RGH
ŶIP&UHDWHY\WYRUtV~ERU
ŶIP2SHQ5HDGOHQþtWDQLH
ŶIP2SHQ:ULWHOHQ]iSLV
ŶIP2SHQ5HDG:ULWHDM]iSLVDMþtWDQLH
Ɣ70HPRU\6WUHDP
❍/RDG)URP)LOHFRQVW)LOH1DPHVWULQJ
❍/RDG)URP6WUHDP6WUHDP76WUHDP
❍6DYH7R)LOHFRQVW)LOH1DPHVWULQJ
❍6DYH7R6WUHDP6WUHDP76WUHDP
DSRVOHGQêSUtNODGP{åHPHSUHStVDĢSRPRFRX76WUHDPXWDNWR
YDU
I76WUHDP
LLQWHJHU
EHJLQ
I 7)LOH6WUHDP&UHDWH
VXERUGDW
IP&UHDWH
WU\
IRUL WRGR
IZULWHLVL]HRIL
ISRVLWLRQ
ZKLOHISRVLWLRQIVL]HGREHJLQ
IUHDGLVL]HRIL
0HPR/LQHV$GGLQWWRVWUL
HQG
ILQDOO\
I)UHH
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔQLHNWRUpRSHUiFLHVDVQLPLURELDĢDåãLHOHERV~PHQHMHIHNWtYQHQDSUSULGiYDĢSUYRNGRVWUHGX
SRĐD]QDPHQiåHQDMSUYSROHRSUHGĎåLPHSRWRPQHMDN~þDVĢSUYNRYYSDPlWLSRVXQLHPHDQD
YRĐQpPLHVWRYORåtPHQRYêSUYRN
ƔSRGREQHIXQJXMHDMWULHGD7/LVWSUHEHUiVDQDFYLþHQLDFKMH]DORåHQiQDG\QDPLFNRPSROL
þRVDEXGHPHGQHVXþLĢ
ƔXNiåHPHVSiMDQp]R]QDP\]R]QDPSUYNRYYNWRURPVLNDåGêSUYRNSDPlWiVYRMKRQDVOHGRYQtND
ƔYNODGDĢDY\KDG]RYDĢSUYN\]R]R]QDPXMHYHĐPLMHGQRGXFKp
ƔLQGH[RYDĢSUYN\]R]QDPXMHGRVĢþDVRYRQHHIHNWtYQDRSHUiFLD
6SiMDQp]R]QDP\OLQNHGOLVW
6SiMDQp]R]QDP\EXGHPHSRXåtYDĢQDMPlDNRWUpQLQJSUHG\QDPLFNp~GDMRYpãWUXNW~U\UHDOL]RYDQpSRPRFRX
VPHUQtNRY
3UYiYHU]LDVWDUêãWêO
]R]QDPSRPRFRXVPHUQtNRYQD]i]QDP
W\SH
SUYRN LQWHJHU
39UFKRO A79UFKRO
79UFKRO UHFRUG
LQIRSUYRN
QH[W39UFKRO
HQG
YDU
]S39UFKRO
EHJLQ
] QLO]MHSUi]GQ\]R]QDP
/DEHO&DSWLRQ
]R]QDP
S ]
ZKLOHS!QLOGREHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WUSALQIR
S SAQH[W
HQG
XYRĐQHQLHSUYNRY]R]QDPXFK\EQpULHãHQLH
ZKLOH]!QLOGREHJLQ
GLVSRVH]
] ]AQH[W
HQG
XYRĐQHQLHSUYNRY]R]QDPXVSUiYQHULHãHQLH
ZKLOH]!QLOGREHJLQ
S ]AQH[W
GLVSRVH]
] S
HQG
3R]QiPND
ƔDNMHLQIRþDVĢQHMDNiG\QDPLFNiSUHPHQQiQDSUVWULQJG\QDPLFNpSROHREMHNWDOHERVPHUQtNQD
QHMDN~ãWUXNW~UXWDNGLVSRVHYUFKROXDXWRPDWLFN\QHXYRĐĖXMHDMWLHWRSUHPHQQpWLHWREXG~QDćDOHM
XGUåLDYDQpYKHDS
ƔWRWRP{åHQLHNHG\VS{VRELĢSUREOpP\VG\QDPLFNRXSDPlĢRX]UHMPHSUHPDOpãNROVNp~ORK\QLHDOHY
EXG~FQRVWLSULQHMDNêFK]ORåLWHMãtFK~ORKiFKP{åHPHQDWRWRQDWUDILĢ
ƔWDNpLVWpG{VOHGN\WRPiDMYWHG\NHćLQIRþDVĢMH]i]QDPNWRUêYVHEHREVDKXMHQLHþRG\QDPLFNp
ƔSUHWRQLHNHG\SUHGVDPRWQêPGLVSRVHVDXYRĐĖXMHDMSDPlĢG\QDPLFNpKRLQIRQDSUSUHVWULQJWRP{åH
E\Ģ]ALQIR
DOHERSUHG\QDPLFNpSROH]ALQIR QLODDåSRWRPVDUREtGLVSRVH]
3RVWXSQpSULGiYDQLHSUYNRYGR]R]QDPX
Y\WYiUDPH]R]QDPSULGiYDQtPYãLPQLWHVLåHVPHSUHVWDOLSRXåtYDĢVWULHãNXA
] QLO
IRUL WRGREHJLQ
QHZSSLQIR LSQH[W ]
] S
HQG
SUYN\VDSULGiYDOLQD]DþLDWRNY]R]QDPHV~YRSDþQRPSRUDGt
SULGiYDQLHSUYNRYQDNRQLHF]R]QDPXWUHEDQiMVĢSRVOHGQêSUYRNY]R]QDPHD]DĖQDSRMLĢQRYê
SUYRN
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLO
ZKLOHQRWVHHNHRIWGREHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHEHJLQ
N ]
ZKLOHNQH[W!QLOGRN NQH[WQiMGHSRVOHGQêSUYRNY]R]QDPH
NQH[W S
HQG
HQG
&ORVH)LOHW
HIHNWtYQHMãLHULHãHQLHRSODWtVDSDPlWDĢVLSRVOHGQêSUYRNY]R]QDPHQHEXGHKRWUHEDVWiOH
KĐDGDĢ
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLON QLO
ZKLOHQRWVHHNHRIWGREHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
&ORVH)LOHW
QLHNHG\EXGHPHSRXåtYDĢZLWK
S ]
ZKLOHS!QLOGR
ZLWKSAGREHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WULQIR
S QH[W
HQG
9UFKRO]R]QDPXEXGHREMHNW
=DGHILQXMHPHWULHGX7=R]QDPNWRUi]DEH]SHþt]iNODGQpRSHUiFLHQDG]R]QDPRPEXGHPDĢGYHVWDYRYp
SUHPHQQp]DþLDWRNDNRQLHF]R]QDPX
SUYN\]R]QDPXEXG~REMHNW\WMV~WRVPHUQtN\
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
QH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQ79UFKRO
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNQ79UFKRO
EHJLQ
LQIR LQH[W Q
HQG
GHVWUXFWRU79UFKRO'HVWUR\
EHJLQ
QH[W)UHH!UHNXU]LDQDSUSUHGOKp]R]QDP\SUREOpPVR]iVREQtNRP
QH[W QLOYVNXWRþQRVWLWRWRSULUDGHQLHQLHMHSRWUHEQp
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
3R]QiPND
QHXYRĐĖXM~DPXVtWR]DEH]SHþLĢSURJUDPiWRU
SRXåLWH]R]QDPX]YUFKRORYNWRUpV~REMHNW\
YDU
S79UFKRO
EHJLQ
S 79UFKRO&UHDWH79UFKRO&UHDWH79UFKRO&UHDWHQLO
/DEHO&DSWLRQ SY\SLVSQH[WY\SLVSQH[WQH[WY\SLV
SQH[WQH[W)UHH
SQH[W)UHH
S)UHH
WULHGD7=R]QDP
QDMSUYOHQQDMMHGQRGXFKãLHPHWyG\WULHG\7=R]QDP
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO]DþLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
HQG
FRQVWUXFWRU7=R]QDP&UHDWH
EHJLQ
] QLON QLOYVNXWRþQRVWLWRWRXUREtDXWRPDWLFN\NRQãWUXNWRU
HQG
GHVWUXFWRU7=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
ZKLOH]!QLOGREHJLQ
S ]QH[W])UHH] S
HQG
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
YDU
S79UFKRO
EHJLQ
5HVXOW
S ]
ZKLOHS!QLOGREHJLQ
5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
SURFHGXUH7=R]QDPSULGDM=LSUYRN
EHJLQ
] 79UFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM.LSUYRN
YDU
S79UFKRO
EHJLQ
S 79UFKRO&UHDWHLQLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
SURFHGXUH7=R]QDPYVXQSUHGLQWHJHULSUYRN
YDU
ST79UFKRO
EHJLQ
LISUHGWKHQSULGDM=L
HOVHEHJLQ
T ]
ZKLOHT!QLODQGSUHG!GREHJLQ
GHFSUHG
T TQH[W
HQG
S 79UFKRO&UHDWHLQLO
LIT QLOWKHQNQH[W S
HOVHEHJLQ
SQH[W TQH[W
TQH[W S
HQG
LISQH[W QLOWKHQN S
HQG
HQG
1'Ò
Ɣ GRWULHG\7=R]QDPGRSOĖWHPHWyG\
ƔIXQFWLRQSRFHWLQWHJHU
ƔSURFHGXUHY\KRG=Y\KRGtSUYêSUYRN
ƔSURFHGXUHY\KRG.Y\KRGtSRVOHGQêSUYRN
ƔSURFHGXUHSUHYUDWSUHYUiWLSRUDGLHSUYNRYY]R]QDPH
ƔSURFHGXUHXWULHG
QiMGHPLQLPXPGiKRQD]DþLDWRN
]QRYXQiMGHPLQLPXP]R]Y\ãNXGiKR]DPLQLPXP
ƔSURFHGXUH]DUDGLSUYRN
]DUDGtSUYRNGR]R]QDPXDE\RVWDO]R]QDPXWULHGHQê
ƔSURFHGXUHY\KRG'XSOLNDW\
Y\KRGtYUFKRO\VURYQDNêPLQIRQHFKiOHQSUYê]QLFK
ƔIXQFWLRQLW\LLQWHJHU79UFKROYUiWLtW\SUYRN
ƔSUHGSRNODGDMWHåHVWDYRYpSUHPHQQpLQIRDQH[WV~V~NURPQpDP{åXVDLQLFLDOL]RYDĢOHQY
3RO\PRUIQê]R]QDP
SUYNDPL]R]QDPXP{åXE\ĢQLHOHQLQãWDQFLHWULHG\79UFKRODOHDMĐXERYRĐQpRGYRGHQpWULHG\
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO]DþLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=S79UFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.S79UFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRNRYHUORDG
SURFHGXUHYVXQSUHGLQWHJHUS79UFKRORYHUORDG
HQG
SURFHGXUH7=R]QDPSULGDM=LSUYRN
EHJLQ
] 79UFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
SQH[W ]] S
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM.LSUYRN
EHJLQ
SURFHGXUH7=R]QDPSULGDM.S79UFKRO
EHJLQ
SQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
WHVWSRO\PRUIQpKR]R]QDPX
W\SH
79UFKRO FODVV79UFKRO
LQIRVWULQJ
FRQVWUXFWRU&UHDWHLVWULQJQ79UFKROSR]RUQLHQ79UFKRO
IXQFWLRQY\SLVVWULQJRYHUULGH
HQG
FRQVWUXFWRU79UFKRO&UHDWHLVWULQJQ79UFKRO
EHJLQ
LQIR LQIR LQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
LQIR
HQG
YDU
]7=R]QDP
LLQWHJHU
EHJLQ
] 7=R]QDP&UHDWH
IRUL WRGR
LIUDQGRP WKHQ
]SULGDM=LLQãWDQFLDWULHG\79UFKRO
þRMHWRLVWpDNR]SULGDM=79UFKRO&UHDWHLQLO
HOVH
]SULGDM=79UFKRO&UHDWH,QW7R6WUL
[
QLO
/DEHO&DSWLRQ ]Y\SLV
HQG
3RXåLWLHYODVWQRVWt
W\SH
7=R]QDP FODVV
IXQFWLRQLW\LLQWHJHU79UFKRO
SURFHGXUH]PHQLLQWHJHUS79UFKRO
SURSHUW\SUY\79UFKROUHDG]
SURSHUW\SRVOHGQ\79UFKROUHDGN
SURSHUW\SUYN\>LLQWHJHU@79UFKROUHDGLW\ZULWH]PHQGHIDXOW
HQG
SURFHGXUH7=R]QDP]PHQLLQWHJHUS79UFKRO
YDU
TU79UFKRO
EHJLQ
LILWKHQSULGDM=S
HOVHEHJLQ
T LW\L
LIT QLORUTQH[W QLOWKHQSULGDM.S
HOVHEHJLQ
U TQH[WTQH[W SSQH[W UQH[W
U)UHH
HQG
HQG
HQG
YćDNDYODVWQRVWLSUYN\P{åHPHNXSUYNRP]R]QDPXSULVWXSRYDĢDNRNXSUYNRPSRĐDQDSU
IRUL WRGR
]SUYN\>L@ 79UFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]SUYN\>L@Y\SLV
QDSU
IRUL WRGR
]>L@ 79UFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]>L@Y\SLV
1'Ò
]LVWLWHSUHþRQHEXGHIXQJRYDĢWDNiWRYêPHQDSUYNRY]R]QDPX
YDU
W79UFKRO
W ]>L@
]>L@ ]>L@
]>L@ W
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ Y\WYRULOLVPHWULHGX7=R]QDPSRPRFRXNWRUHMP{åHPHYHĐPLSRKRGOQHSUDFRYDĢVMHGQRVPHUQêP
VSiMDQêP]R]QDPRP
þRVDEXGHPHGQHVXþLĢ
Ɣ SURFHGXUiOQ\W\SDMHKRY\XåLWLHSULSUiFLVRVSiMDQêP]R]QDPRP
Ɣ ãSHFLiOQHW\S\VSiMDQêFK]R]QDPRYGYRMVPHUQêVSiMDQê]R]QDPF\NOLFNêVSiMDQê]R]QDPD
VSiMDQê]R]QDPVILNWtYQ\PYUFKRORP
(YLGRYDQLH]PHQ\Y]R]QDPH
QDSUtNODG
W\SH
7$NFLD D3ULGDMD=PHQD=UXV
7=R]QDP FODVV
SXEOLF
SURFHGXUHR]QDPLWS79UFKRODNFLD7$NFLDYLUWXDO
HQG
SURFHGXUH7=R]QDPR]QDPLWS79UFKRODNFLD7$NFLD
EHJLQ
HQG
SURFHGXUH7=R]QDP]PHQLLQWHJHUS79UFKRO
EHJLQ
R]QDPLWSD=PHQ
HQG
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
R]QDPLWSD3ULGDM
HQG
SURFHGXUH7=R]QDP]UXVS79UFKRO
EHJLQ
R]QDPLWSD=UXV
HQG
$NE\VPHQLHNHG\YEXG~FQRVWLSRWUHERYDOLQDSUY\SLVRYDĢLQIRUPiFLHRYãHWNêFK]PHQiFKY]R]QDPH
GRQHMDNpKR0HPRVWDþtSUHGHILQRYDĢYLUWXiOQHR]QDPLWDKQHćXYLGtPHYãHWN\]PHQ\
QDSUtNODG
W\SH
70RM=R]QDP FODVV7=R]QDP
SXEOLF
SURFHGXUHR]QDPLWS79UFKRODNFLD7$NFLDRYHUULGH
HQG
SURFHGXUH70RM=R]QDPR]QDPLWS79UFKRODNFLD7$NFLD
FRQVW
DDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
7HQWRSUtVWXSPiQDSUWDN~QHYêKRGXåHQLHNHG\EXGHWUHEDY\UiEDĢQRYpSRGWULHG\DNFKFHPHPHQLĢ
VSUiYDQLHPHWyG\R]QDPLW1LHNHG\WR]E\WRþQHVNRPSOLNXMHQiYUKSURMHNWX,QêVS{VRENWRUêQiP
XPRåQtURELĢWRLVWpDOHLQDNMHSRPRFRXSURFHGXUiOQHKRW\SX
3URFHGXUiOQ\W\S
QDSUtNODG
ƔSURFHGXUiOQ\W\SP{åHPH]DGHILQRYDĢDMWDNåHKRGQRWDPLP{åXE\ĢOHQPHWyG\QHMDNHMWULHG\]D
GHILQtFLXPXVtPHXYLHVĢRIREMHFW
QDSUtNODG
Ɣ VSUHPHQRXW\SXSURFHGXUDP{åHPHSUDFRYDĢWDNWR
QDSUtNODG
SURFHGXUHSS79UFKROD7$NFLD
EHJLQ
VSUDFXMYUFKRO
HQG
W\SH
SURFHGXUD SURFHGXUHS79UFKROD7$NFLD
YDU
SUSURFHGXUD
EHJLQ
SU S
SUYD3ULGDMMHWRLVWpDNRSYD3ULGDM
SU QLOWHUD]XåSUYRODĢQHVPLHPH
Ɣ DNPiPHGYHJOREiOQHSURFHG~U\SDSNWRUpPDM~URYQDNpIRUPiOQHSDUDPHWUHDNRGHILQtFLDW\SX
SURFHGXUD
WDNP{åHPHDM
YDU
SUDUUD\>@RISURFHGXUD SS
SU>@YD3ULGDM]DYROiSURFHG~UXS
SU>@YQH[WD=PHQ]DYROiSURFHG~UXS
ƔþLMHKRGQRWRXSUHPHQQHMSURFSURFHGXUiOQHKRW\SXQLODOHERQLHQHP{åHPHWHVWRYDĢWDNWR
LISURF!QLOWKHQ
ƔKOiVLODE\VDFK\EDåHYRODQLHSURFPiPiORSDUDPHWURY
ƔSRXåLMHPHãWDQGDUGQ~IXQNFLX$VVLJQHGNWRUi]LVWtþLMHYSURFHGXUiOQHMSUHPHQQHMSULUDGHQiQHQLORYi
KRGQRWDQDSU
LI$VVLJQHGSURFWKHQSURFYD=PHQ
Ɣ 1DVOHGXM~FLSUtNODGXNiåHDNRP{åHPHYLUWXiOQXPHWyGXR]QDPLWQDKUDGLĢSURFHGXUiOQRXVWDYRYRX
SUHPHQQRXDN=PHQD2Q&KDQJH
QDSUtNODG
W\SH
SURFHGXUD SURFHGXUHS79UFKROD7$NFLD
7=R]QDP FODVV
SULYDWH
WDN=PHQDSURFHGXUD
WDN=PHQDMHV~NURPQiSRXåtYDWHĐMXP{åHPHQLĢOHQSRPRFRXSURSHUW\
SXEOLF
SURSHUW\DN=PHQDSURFHGXUD^UHDGWDN=PHQD`ZULWHWDN=PHQD
HQG
9ãDGHWDPNGHERORYRODQLHR]QDPLWSUtGHYRODQLHDN=PHQDQDSU
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
LI$VVLJQHGWDN=PHQDWKHQWDN=PHQDSD3ULGDM
HQG
3UtNODGSRXåLWLD
QDSUtNODG
SURFHGXUH]PHQDS79UFKRODNFLD7$NFLD
FRQVW
DDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
] 7=R]QDP&UHDWH
]DN=PHQD ]PHQD
]DN=PHQD QLOKRFLNHG\P{åHPH]PHQLĢREVDKSUHPHQQHMDN=PHQD
3RXåLWLHSURFHGXUiOQ\FKW\SRYXNiåHPHDMQDLQêFKSUtNODGRFK
0HWyGDYVHWN\
6SXVWtQHMDN~DNFLXQDNDåGRPYUFKROHVSiMDQpKR]R]QDPXQDSU
W\SH
SULND] SURFHGXUHS79UFKRO
7=R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]
HQG
SURFHGXUH7=R]QDPYVHWN\SUSULND]
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
SUS
S SQH[W
HQG
HQG
)LOWURYDQêYêSLV
9\StãHOHQWLHYUFKRO\]R]QDPXNWRUpVSĎĖDM~QHMDN~SRGPLHQNXQDSU
W\SH
ILOWHU IXQFWLRQS79UFKROERROHDQ
7=R]QDP FODVV
SXEOLF
IXQFWLRQY\SLVVWULQJRYHUORDG
IXQFWLRQY\SLVIILOWHUVWULQJRYHUORDG
HQG
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQ5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
EHJLQ
5HVOXW Y\SLVQLOYêSLVEH]SRGPLHQN\WMYãHWN\
HQG
0HWyGDYVHWN\VILOWURPUHVSVYLDFHUêPLSUtND]PLNWRUpVDY\NRQDM~VNDåGêPY\KRYXM~FLP
YUFKRORP
W\SH
SULND] SURFHGXUHS79UFKRO
ILOWHU IXQFWLRQS79UFKROERROHDQ
7=R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUDUUD\RISULND]RYHUORDG
HQG
SURFHGXUH7=R]QDPYVHWN\IILOWHUSUSULND]
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQSUS
S SQH[W
HQG
HQG
SURFHGXUH7=R]QDPYVHWN\IILOWHUSUDUUD\RISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQ
IRUL ORZSUWRKLJKSUGRSU>L@S
S SQH[W
HQG
HQG
Ɣ YQDVOHGXM>FRPSUtNODGHSUHGSRNODGiPHåH79UFKROMHRGYRGHQê]79UFKRODREVDKXMHVWULQJRY~
SUHPHQQ~LQIR]SUHGFKiG]DM~FHMSUHGQiãN\
SUtNODG
SURFHGXUHSUS79UFKRO
EHJLQ
LISLV79UFKROWKHQ79UFKROSLQIR>@ XSFDVH79UFKROSLQIR>@
HOVHLQFSLQIR
HQG
SURFHGXUHSUS79UFKRO
EHJLQ
LISLV79UFKROWKHQ79UFKROSLQIR
[
79UFKROSLQIR
HOVHLQFSLQIR
HQG
0HPR/LQHV$GG]Y\SLVQLO
0HPR/LQHV$GG]Y\SLVI
0HPR/LQHV$GG]Y\SLVI
]YVHWN\ISU
0HPR/LQHV$GG]Y\SLV
]YVHWN\QLO>SUSUSU@
0HPR/LQHV$GG]Y\SLV
3RO\QyP\
7ULHGD73RO\QRPMHXNiåNDSRXåLWLDVSiMDQêFK]R]QDPRY3RO\QyPMHUHDOL]RYDQêVSiMDQêP]R]QDPRP
SULþRPNDåGêYUFKRO]R]QDPXREVDKXMHMHGHQþOHQSRO\QyPXDNRGYRMLFXNRHILFLHQWUHDODH[SRQHQWLQWHJHU
'RKRGQHPHVDåHþOHQ\SRO\QyPXV~XVSRULDGDQp]RVWXSQHSRGĐDH[SRQHQWRYD]R]QDPQHREVDKXMHþOHQ\V
QXORYêPNRHILFLHQWRP
GHNODUiFLH
W\SH
79UFKRO FODVV
NRHIUHDO
H[SRLQWHJHU
QH[W79UFKRO
FRQVWUXFWRU&UHDWHNUHDOHLQWHJHUQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHNUHDOHLQWHJHUQ79UFKRO
EHJLQ
NRHI NH[SR HQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW )ORDW7R6WUNRHI
[A
,QW7R6WUH[SR
HQG
W\SH
SURF SURFHGXUHY79UFKRO
73RO\QRP FODVV
SULYDWH
]79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURFHGXUHYVHWN\SUSURF
IXQFWLRQY\SLVVWULQJ
SURFHGXUHGHULY
SURFHGXUHSULFLWDMS73RO\QRP
SURFHGXUHRGFLWDMS73RO\QRP
SURFHGXUHY\QDVRES73RO\QRP
SURFHGXUHY\GHOS73RO\QRP
SURFHGXUHY\QDVRE.NUHDO
IXQFWLRQKODGDMHLQWHJHU79UFKRO
HQG
SURFHGXUH73RO\QRPSULGDMNUHDOHLQWHJHU
YDU
S79UFKRO
EHJLQ
S KODGDMH
LIS QLOWKHQ] 79UFKRO&UHDWHNH]
HOVHLISH[SR HWKHQEHJLQ
SNRHI SNRHIN
LISNRHI WKHQY\KRGH
HQG
HOVHSQH[W 79UFKRO&UHDWHNHSQH[W
HQG
SURFHGXUH73RO\QRPY\KRGHLQWHJHU
YDU
ST79UFKRO
EHJLQ
LI]!QLOWKHQ
LI]H[SR HWKHQEHJLQ
T ]] ]QH[WT)UHH
HQG
HOVHEHJLQ
S KODGDMH
LIS!QLODQGSQH[W!QLODQGSQH[WH[SR HWKHQEHJLQ
T SQH[WSQH[W SQH[WQH[WT)UHH
HQG
HQG
HQG
SURFHGXUH73RO\QRPYVHWN\SUSURF
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
SUS
S SQH[W
HQG
HQG
SURFHGXUHGHULYY79UFKRO
EHJLQ
ZLWKYGREHJLQ
NRHI NRHI
H[SR
GHFH[SR
HQG
HQG
YDU
VWUVWULQJ
SURFHGXUHY\SLVY79UFKRO
EHJLQ
VWU VWUYY\SLV
HQG
SURFHGXUH73RO\QRPGHULY
EHJLQ
Y\KRG
YVHWN\GHULY
HQG
IXQFWLRQ73RO\QRPY\SLVVWULQJ
EHJLQ
VWU
YVHWN\Y\SLV
LIVWU!
1'Ò
ƔGRGHILQXMWHFKêEDM~FHPHWyG\
Ɣ]DGHILQXMWHćDOãLHPHWyG\QD
ƔXORåHQLHþtWDQLHSRO\QyPXGR]R6WUHDPX
ƔY\KRGQRWHQLHSRO\QyPXSUHQHMDN~NRQNUpWQXKRGQRWX[
ƔY\WYRUHQLHWDEXĐN\KRGQ{WSUHQHMDNp[]GDQpKRLQWHUYDOXDSUHGDQêNURNWDEXĐNXKRGQ{WWUHED
]DStVDĢGR6WUHDPDOHERQDNUHVOLĢJUDI
'YRMVPHUQêVSiMDQê]R]QDP
.DåGêYUFKROVLSDPlWiDMVYRMKRSUHGFKRGFXVWDYRYiSUHPHQQiSUHY
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
SUHYQH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNSQ79UFKRO
EHJLQ
LQIR LSUHY SQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO
N79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDM=Y79UFKRO
SURFHGXUHSULGDM.Y79UFKRO
SURFHGXUHYVXQ3UHGSUHGY79UFKRO
SURFHGXUHYVXQ=D]DY79UFKRO
SURFHGXUHY\KRGY79UFKRO
SURSHUW\SUY\79UFKROUHDG]
SURSHUW\SRVOHGQ\79UFKROUHDGN
HQG
FRQVWUXFWRU7=R]QDP&UHDWH
EHJLQ
] QLON QLO
HQG
GHVWUXFWRU7=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
ZKLOH]!QLOGREHJLQ
S ]QH[W])UHH] S
HQG
HQG
SURFHGXUH7=R]QDPSULGDM=Y79UFKRO
EHJLQ
YSUHY QLOYQH[W ]
LIN QLOWKHQN Y
HOVH]SUHY Y
] Y
HQG
SURFHGXUH7=R]QDPSULGDM.Y79UFKRO
EHJLQ
YSUHY NYQH[W QLO
LIN QLOWKHQ] Y
HOVHNQH[W Y
N Y
HQG
SURFHGXUH7=R]QDPYVXQ3UHGSUHGY79UFKRO
EHJLQ
LISUHG ]WKHQSULGDM=Y
HOVHLISUHG QLOWKHQSULGDM.Y
HOVHEHJLQ
SURFHGXUH7=R]QDPYVXQ=D]DY79UFKRO
EHJLQ
LI]D QLOWKHQSULGDM=Y
HOVHLI]D NWKHQSULGDM.Y
HOVHEHJLQ
YQH[W ]DQH[W]DQH[W YYSUHY ]D
YQH[WSUHY Y
HQG
HQG
SURFHGXUH7=R]QDPY\KRGY79UFKRO
EHJLQ
LIY QLOWKHQQLþ
HOVHLI] YWKHQEHJLQ
] ]QH[W
LI]!QLOWKHQ]SUHY QLOHOVHN QLO
Y)UHH
HQG
HOVHEHJLQ
YSUHYQH[W YQH[W
LIYQH[W!QLOWKHQYQH[WSUHY YSUHY
HOVHN YSUHY
Y)UHH
HQG
HQG
=DF\NOHQê]R]QDP
Ɣ 6SRPHĖPHVLQDSRVOHGQ~~ORKX]SUHGFKiG]DM~FHMSUHGQiãN\
SUHþRQLHMHNRUHNWQêWDNêWRY\PHQSUHRE\þDMQê]R]QDP
SURFHGXUH7=R]QDPY\PHQLLLQWHJHU
YDU
W79UFKRO
EHJLQ
W SUYN\>L@
SUYN\>L@ SUYN\>L@
SUYN\>L@ W
HQG
1'Ò
Ɣ Y\ULHãWHPHWyGXY\PHQNRUHNWQH
&\NOLFNê]R]QDP
ƔSRVOHGQêSUYRNRGND]XMHQDSUYê
ƔDNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
ƔWUHEDVSUiYQHUR]SR]QDĢNRQLHF]R]QDPXQDSUSUHYêSLVYãHWN\KĐDGDQLHKRGQRW\DSRG
ƔP{åHPHSRXåLĢOHQMHGLQêVPHUQtNDWRQDSRVOHGQêSUYRNSUHPHQQiNQDVOHGRYQtNRPNMH]DþLDWRN
]R]QDPXWHGDQHWUHEDSRWRPXGUåLDYDĢGYDVPHUQtN\
ƔQDSURJUDPXMWHPHWyG\SULGDM=SULGDM.SRFHWLW\DSRG
=R]QDPVILNWtYQ\PYUFKRORP
SUi]GQ\]R]QDP
ƔSUHSURJUDPXMWHSULGDM=DOHDMLQpPHWyG\
ƔUR]P\VOLWHVLDNRVD]PHQtF\NOLFNê]R]QDPVILNWtYQ\PYUFKRORPGYRMVPHUQê]R]QDPVILNWtYQ\P
YUFKRORPF\NOLFNêGYRMVPHUQê
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ SR]QiPHU{]QHW\S\VSiMDQêFK]R]QDPRYV~WRQDMMHGQRGXFKãLHG\QDPLFNpãWUXNW~U\
þRVDEXGHPHGQHVXþLĢ
ƔćDOãLDG\QDPLFNiãWUXNW~UDMHVWURPQDMMHGQRGXFKãtW\SMHELQiUQ\VWURP
ƔVRVWURPRPVDQDMþDVWHMãLHSUDFXMHSRPRFRXUHNXU]LH
ƔELQiUQ\Y\KĐDGiYDFtVWURP
=iNODGQpSRMP\
*UDIMHPQRåLQDYUFKRORYSRVSiMDQêFKKUDQDPL9RULHQWRYDQRPJUDIHV~KUDQ\XVSRULDGDQpGYRMLFHYUFKRORY
XUþXM~DMVPHUSUHSRMHQLDYUFKRORY
6WURPMHWDNêRULHQWRYDQêJUDIYNWRURP
ƔMHMHGHQYUFKROãSHFLiOQ\NRUHĖGRWRKWRYUFKROXQHYHGLHåLDGQDKUDQDãtSND
ƔGRYãHWNêFKRVWDWQêFKYUFKRORYYHGLHSUiYHMHGQDKUDQD
ƔJUDIMHV~YLVOê
7HUPLQROyJLD
ƔDNQHMDNêYUFKROQHPiåLDGQ\FKV\QRYKRYRUtPHPXOLVWLQDNMHWRYQ~WRUQêYUFKROVWURPX
ƔSRGVWURPQHMDNêYUFKROSRYDåXMHPH]DNRUHĖDYãtPDPHVLOHQMHKRV\QRYDLFKV\QRYDWć
ƔFHVWDSRVWXSQRVĢYUFKRORYVSRMHQêFKKUDQDPLOHQMHGQêPVPHURP
ƔELQiUQ\VWURPNDåGêYUFKROPiPD[LPiOQHV\QRY
5HSUH]HQWiFLDVWURPRY
ƔDNRYKDOGHYMHGQRUR]PHUQRPSROL
ƔNDåGêSUYRNUHSUH]HQWXMHMHGHQYUFKROVWURPX
ƔSUYêSUYRNMHNRUHĖ
ƔWUHEDHYLGRYDĢGLHU\PLHVWDNWRUpQHUHSUH]HQWXM~YUFKRO\
ƔSROHYUFKRORYNGHYUFKROREVDKXMHLQIRDLQGH[\GRSRĐDSUHĐDYpKRDSUDYpKRV\QD
1'Ò
Ɣ Y\VN~ãDMWHWLHWRUHSUH]HQWiFLH
'\QDPLFNiãWUXNW~UDSUHELQiUQ\VWURP
GHILQtFLDELQiUQHKRVWURPX
W\SH
76WURP FODVV
LQIRSUYRN
OS76WURP
FRQVWUXFWRU&UHDWHLSUYRNQOQS76WURP
IXQFWLRQWH[WVWULQJYLUWXDO
HQG
FRQVWUXFWRU76WURP&UHDWHLSUYRNQOQS76WURP
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQ76WURPWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
YDUV76WURP
V QLOSUi]GQ\VWURP
1'Ò
Ɣ ]LVWLWHNRĐNRH[LVWXMHU{]Q\FKVWURPRY]ORåHQêFK]1YUFKRORY"
=iNODGQpDOJRULWP\
SUHFKiG]DQLDYUFKROPLVWURPRY
Ɣ3UHRUGHUQDMSUYLQIRUPiFLXYRYUFKROHSRWRPYĐDYRPSRGVWURPHDQD]iYHUYSUDYRP
Ɣ,QRUGHUQDMSUYVSUDFXMHĐDYêSRGVWURPSRWRPLQIRYRYUFKROHDQD]iYHUYSUDYRPSRGVWURPH
Ɣ3RVWRUGHUQDMSUYVSUDFXMHĐDYêSRWRPSUDYêSRGVWURPDQD]iYHULQIRYVDPRWQRPYUFKROH
ƔQDSURJUDPXMHPHPHWyG\SUHRUGHULQRUGHUSRVWRUGHUWLHWRSRVWXSQHVSUDFXM~YãHWN\YUFKRO\SRGĐD
ãSHFLILFNpKRSRUDGLD
SURFHGXUH76WURPY\SLVY\StãHOHQMHGHQYUFKRO NRUHĖ
EHJLQ
)RUP0HPR/LQHV$GGWH[W
HQG
SURFHGXUH76WURPSUHRUGHU
EHJLQ
Y\SLV
LIO!QLOWKHQOSUHRUGHU
LIS!QLOWKHQSSUHRUGHU
HQG
SURFHGXUH76WURPLQRUGHU
EHJLQ
LIO!QLOWKHQOLQRUGHU
Y\SLV
LIS!QLOWKHQSLQRUGHU
HQG
SURFHGXUH76WURPSRVWRUGHU
EHJLQ
LIO!QLOWKHQOSRVWRUGHU
LIS!QLOWKHQSSRVWRUGHU
Y\SLV
HQG
1'Ò
ƔQDXþWHVDUXþQHY\WYRULĢSRVWXSQRVWLKRGQ{WYUFKRORYSRGĐDYãHWNêFKWURFKDOJRULWPRY
ƔV~GDQpGYHSRVWXSQRVWLþtVHONWRUpUHSUH]HQWXM~QDSULQRUGHUDSRVWRUGHUYêSLVQHMDNpKRVWURPX
ƔQDNUHVOLWHWHQWRVWURP
ƔQDYUKQLWHDOJRULWPXVNWRUêVNRQãWUXXMHVWURPQD]iNODGHQHMDNêFKGYRFKSRVWXSQRVWtþtVHO
0HWyGDQDSULGiYDQLHYUFKROXQDQiKRGQpPLHVWRGRVWURPXP{åHPHY\XåLĢSULODGHQtDOJRULWPRYVR
VWURPDPL
SULGiOLVWQDQiKRGQpPLHVWRYVWURPH
SURFHGXUH76WURPQDKRGQH3ULGDMLSUYRN
EHJLQ
LIUDQGRP WKHQ
LIO QLOWKHQO 76WURP&UHDWHLQLOQLO
HOVHOQDKRGQH3ULGDML
HOVH
LIS QLOWKHQS 76WURP&UHDWHLQLOQLO
HOVHSQDKRGQH3ULGDML
HQG
V 76WURP&UHDWHQLOQLO
IRUL WRGRVQDKRGQH3ULGDML
Ɣ XYHGRPWHVLåHSULGiYDĢYUFKROSRPRFRXWRKWRDOJRULWPXP{åHPHOHQYWHG\DNMHVWURPQHSUi]GQ\
3RXåLWLHSURFHGXUiOQHKRSDUDPHWUDSUHVWURP
PHWyGDYãHWN\
W\SH
76WURP FODVV
QLHþRDNRIRUZDUG VĐXEXMHPåHRFKYtĐXVDREMDYtGHNODUiFLD
76WURP
SULND] SURFHGXUHV76WURP
SUYRN LQWHJHU
76WURP FODVV
SURFHGXUHYVHWN\SUSULND]
HQG
SURFHGXUH76WURPYVHWN\SUSULND]
EHJLQ
SUVHOI
LIO!QLOWKHQOYVHWN\SU
LIS!QLOWKHQSYVHWN\SU
HQG
3RXåLWLHSURFHGXUiOQHKRSDUDPHWUD
YDU
VWUVWULQJ
SURFHGXUHWHVWV76WURP
EHJLQ
VWU VWU
VWH[W
HQG
EHJLQ
VWU
WHVW
LIV!QLOWKHQVYVHWN\WHVW
)RUP0HPR/LQHV$GGVWU
HQG
ĆDOãLHDOJRULWP\QDVWURPRFK
SRþHWOLVWRYVWURPX
IXQFWLRQ76WURPSRFHWOLVWRYLQWHJHU
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
HOVHEHJLQ
5HVXOW
LIO!QLOWKHQLQF5HVXOWOSRFHWOLVWRY
LIS!QLOWKHQLQF5HVXOWSSRFHWOLVWRY
HQG
HQG
7ULYHU]LHIXQNFLHQDYêSRþHWV~þWXKRGQ{WYVWURPHUHNXU]tYQDPHWyGDQHUHNXU]tYQDPHWyGDUHNXU]tYQD
JOREiOQDIXQNFLD
V~þHW
IXQFWLRQ76WURPVXFHWLQWHJHU
EHJLQ
5HVXOW LQIR
LIO!QLOWKHQLQF5HVXOWOVXFHW
LIS!QLOWKHQLQF5HVXOWSVXFHW
HQG
IXQFWLRQ76WURP15VXFHWLQWHJHUQHUHNXU]tYQDYHU]LD
YDU
VWDFNDUUD\>@RI76WURP
VSLQWHJHUVWDFNSRLQWHU XND]RYDWHĐQDYUFK
]iVREQtND
V76WURP
EHJLQ
5HVXOW
VS VWDFN>VS@ VHOI
UHSHDW
LIVWDFN>VS@ QLOWKHQGHFVS
HOVHEHJLQ
V VWDFN>VS@
LQF5HVXOWVLQIR
VWDFN>VS@ VO
LQFVS
VWDFN>VS@ VS
HQG
XQWLOVS
HQG
'YHYHU]LHDOJRULWPXQD]LVWHQLHKĎEN\VWURPXDNRPHWyGDDDNRJOREiOQDIXQNFLD
KĎENDVWURPX
IXQFWLRQ76WURPKOENDLQWHJHU
EHJLQ
LIO!QLOWKHQ
LIS!QLOWKHQ5HVXOW PD[OKOENDSKOENDPD[MH]XQLWX0DWK
HOVH5HVXOW OKOEND
HOVHLIS!QLOWKHQ5HVXOW SKOEND
HOVH5HVXOW
HQG
1'Ò
ƔQHUHNXU]tYQHKĎENDSRþHWYUFKRORYSUHRUGHU
ƔY]GLDOHQRVĢQDMEOLåãLHKROLVWXRGNRUHĖDSO\WþLQD
ĆDOãLHSRMP\
ƔMHGHQVWURPMHNySLRXGUXKpKRDNV~SRGREQpDPDM~URYQDNêREVDKYUFKRORY
Ɣ~URYQHNDåGêYUFKROYVWURPHPiVYRMX~URYHĖOHYHO
❍NRUHĖMHY~URYQL
❍MHKRV\QRYLDV~~URYQH
❍V\QRYLDYUFKROX~URYQH8PDM~~URYHĖ8
❍YNDåGHM~URYQL8MHPD[8YUFKRORY
ƔãtUNDVWURPX QDMYlþãtSRþHWYUFKRORYQDMHGQHM~URYQL
ãtUNDVWURPXSR]RUDOJRULWPXVMHYHĐPLQHHIHNWtYQ\
IXQFWLRQ76WURPVLUNDLQWHJHU
YDU
QSLQWHJHU
EHJLQ
Q 5HVXOW
UHSHDW
S SRFHWQDXURYQLQ
LIS!5HVXOWWKHQ5HVXOW S
LQFQ
XQWLOS
HQG
1'Ò
Ɣ Y\P\VOLWHHIHNWtYQHMãtDOJRULWPXVQD]LVWHQLHãtUN\VWURPX
0HWyGDNUHVOLQDNUHVOtVWURPGRJUDILFNHMSORFK\GRQHMDNpKRFDQYDVX
NUHVOLVWURP
SURFHGXUH76WURP.UHVOLJ7&DQYDVVLU[\LQWHJHU
EHJLQ
VLU VLUGLY
LIO!QLOWKHQEHJLQ
J0RYH7R[\J/LQH7R[VLU\
O.UHVOLJVLU[VLU\
HQG
LIS!QLOWKHQEHJLQ
J0RYH7R[\J/LQH7R[VLU\
S.UHVOLJVLU[VLU\
HQG
J7H[W2XW[\WH[W
HQG
1'Ò
ƔJHQHURYDQLH~SOQpKRVWURPX
ƔRþtVOXMWHVWURPSR~URYQLDFKYMHGQHM~URYQL]ĐDYDGRSUDYD
ƔY\StãWHYUFKRO\SR~URYQLDFK
ƔSULGDMYUFKROQDQiKRGQpPLHVWRVURYQDNRXSUDYGHSRGREQRVĢRXSUHĐXERYRĐQpPLHVWR
%LQiUQ\Y\KĐDGiYDFtVWURP
ƔYãHWN\KRGQRW\QDĐDYRRGRWFDV~PHQãLHDNRRWHF
ƔYãHWN\KRGQRW\QDSUDYRRGRWFDV~YlþãLHDNRRWHF
ƔYãHWN\SRGVWURP\V~WLHå%96
ƔYêSLVSRPRFRXDOJRULWPXLQRUGHUY\StãHXWULHGHQ~SRVWXSQRVĢ
GHILQtFLXVWURPXUR]GHOtPHQDGHILQtFLXYUFKROXVWURPX
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
OS79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQOQS79UFKRO
IXQFWLRQWH[WVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNQOQS79UFKRO
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQ79UFKROWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
DWULHGDVWURPREVDKXMHOHQVPHUQtNQDNRUHĖVWURPX
W\SH
7%96WURP FODVV
SULYDWH
NRUHQ79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHY\SLV
IXQFWLRQKODGDMLSUYRN79UFKRO
SURFHGXUHYOR]LSUYRN
SURFHGXUH]UXVLSUYRN
HQG
FRQVWUXFWRU7%96WURP&UHDWH
EHJLQ
NRUHQ QLO
HQG
SURFHGXUH7%96WURPY\SLV
SURFHGXUHY\SLVV79UFKRO
EHJLQ
LIV QLOWKHQH[LW
)RUP0HPR/LQHV$GGVWH[W
Y\SLVVO
Y\SLVVS
HQG
EHJLQ
Y\SLVNRUHQ
HQG
+ĐDGDQLHYELQiUQRPY\KĐDGiYDFRPVWURPH
ƔDOJRULWPXVVDSRVWXSQHYQiUDGRVWURPXSULþRPQD]iNODGHKRGQRW\YRYUFKROHVDUR]KRGXMHþL
SRNUDþXMHYĐDYRDOHERYSUDYR
ƔNHćQHQiMGHYUFKROYUiWLQLO
KĐDGDQLHY%96
1'Ò
Ɣ SUHSURJUDPXMWHPHWyGXKODGDMUHNXU]tYQ\PDOJRULWPRP
Ɣ QDStãWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
9ORåHQLHQRYpKRSUYNXWDNDE\VWURPRVWDO%96
YORåHQLHQRYHMKRGQRW\GR%96
SURFHGXUH7%96WURPYOR]LSUYRN
SURFHGXUHYOR]YDUV79UFKRO
EHJLQ
LIV QLOWKHQV 79UFKRO&UHDWHLQLOQLO
HOVHLIVLQIR LWKHQQLþOHERVDQDãLHO
HOVHLIVLQIR!LWKHQYOR]VO
HOVHYOR]VS
HQG
EHJLQ
YOR]NRUHQ
HQG
1'Ò
Ɣ PHWyGXYOR]SUHSURJUDPXMWHQHUHNXU]tYQ\PDOJRULWPRP
5XãHQLHYUFKROXWDNDE\RVWDOVWURP%96
Ɣ SUREOpPMHLEDVUXãHQtPYUFKROXNWRUêPiRERFKV\QRYGDQêDOJRULWPXVQiMGHPLQLPXPYSUDYRP
SRGVWURPHYUFKROXWRWRPLQLPXPY\KRGtDMHKRKRGQRWXGiQDPLHVWRUXãHQpKRYUFKROX
Y\KRGHQLHYUFKROX]%96
SURFHGXUH7%96WURP]UXVLSUYRN
SURFHGXUH]UXVYDUV79UFKRO
EHJLQ
LIV QLOWKHQQLþ
HOVHLIVLQIR!LWKHQ]UXVVO
HOVHLIVLQIRLWKHQ]UXVVS
HOVHLIVO QLODQGVS QLOWKHQEHJLQV)UHHV QLOHQG
HOVHLIVO QLOWKHQV VS
HOVHLIVS QLOWKHQV VO
HOVHVLQIR ]UXVPLQVS]SUDYpKRSRGVWURPXPLQLPiOQ\SUYRN
HQG
EHJLQ
]UXVNRUHQ
HQG
1'Ò
ƔUHDOL]RYDĢEH]UHNXU]LHQHWUHEDVWDFN
ƔRSUDYWHDOJRULWPXVWDNDE\VDQHXYRĐĖRYDOPLQLPiOQ\DOHUXãHQêYUFKRODPLQLPiOQ\YUFKROVD
SUHVPHUQtNRYDOQDPLHVWRUXãHQpKRYUFKROX
ƔSUREOpPVGHJHQHURYDQêPLVWURPDPL]iYLVtRGSRUDGLDYOR]
ƔGDQiXWULHGHQiSRVWXSQRVĢY\WYRULĢþRQDMY\YiåHQHMãt%96
ƔGDQê%96WUHEDSUHXVSRULDGDĢWDNDE\YêVOHGQê%96PDOPLQLPiOQHPRåQ~KĎENX
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
ƔELQiUQHVWURP\
ƔELQiUQ\Y\KĐDGiYDFtVWURP
þRVDEXGHPHGQHVXþLĢ
Ɣ ćDOãLHW\S\VWURPRYDULWPHWLFNêVWURPYãHREHFQêVWURPYãHREHFQê]R]QDPOH[LNRJUDILFNêVWURP
Ɣ NRPSRQHQW77UHH9LHZ
$ULWPHWLFNpVWURP\
ƔELQiUQ\VWURP
ƔYRYQ~WRUQêFKYUFKRORFKV~ELQiUQHRSHUiFLH
ƔYOLVWRFKV~RSHUDQG\QDSUþtVODDOHERLGHQWLILNiWRU\SUHPHQQêFK
ƔG{OHåLWiYODVWQRVĢNDåGêYUFKROPiDOHERV\QRYQHP{åHPDĢLED
ƔDNVDVWURPY\StãHSRVWRUGHU!Y]QLNQHSRVWIL[]iSLVQDSU
VWURPVDVNODGi]GYRFKW\SRYYUFKRORY7$2SHUDFLDD7$2SHUDQG
W\SH
73UYRN LQWHJHU
7$6WURP FODVV
IXQFWLRQKRGQRWD73UYRNYLUWXDODEVWUDFW
IXQFWLRQSUHIL[VWULQJYLUWXDODEVWUDFW
HQG
FRQVWUXFWRU7$2SHUDFLD&UHDWH]FKDUOOSS7$6WURP
EHJLQ
RS ]O OOS SS
HQG
IXQFWLRQ7$2SHUDFLDKRGQRWD73UYRN
EHJLQ
FDVHRSRI
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWD
SKRGQRWD
5HVXOW OKRGQRWDGLYSKRGQRWD
HOVHUDLVH([FHSWLRQ&UHDWH
QHUR]XPLHP
RS
HQG
HQG
IXQFWLRQ7$2SHUDFLDSUHIL[VWULQJ
EHJLQ
5HVXOW
RSOSUHIL[SSUHIL[
HQG
FRQVWUXFWRU7$2SHUDQG&UHDWHK73UYRN
EHJLQ
KRG K
HQG
IXQFWLRQ7$2SHUDQGKRGQRWD73UYRN
EHJLQ
5HVXOW KRG
HQG
IXQFWLRQ7$2SHUDQGSUHIL[VWULQJ
EHJLQ
5HVXOW
,QW7R6WUKRG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
D7$6WURP
EHJLQ
D 7$2SHUDFLD&UHDWH
7$2SHUDFLD&UHDWH
7$2SHUDQG&UHDWH
7$2SHUDQG&UHDWH
7$2SHUDFLD&UHDWH
7$2SHUDQG&UHDWH
7$2SHUDQG&UHDWH
0HPR/LQHV$GG
SUHIL[
DSUHIL[
0HPR/LQHV$GG
KRGQRWD
LQWWRVWUDKRGQRWD
HQG
3R]Q
ƔGLUHNWtYDDEVWUDFW
Ɣ]DEH]SHþtåHEi]RYiWULHGDGHILQXMHYLUWXiOQHPHWyG\
ƔWLHWRPHWyG\VDQHVP~YRODĢSULDPRVS{VREtWRFK\ERY~VSUiYXP{åXVDYRODĢOHQMHMSUHNU\Wp
RYHUULGHPHWyG\
ƔYćDNDWRPXWRP{åHPHGHILQRYDĢDEVWUDNWQ~ED]RY~WULHGX
ƔQDSUDM76WUHDPPiQLHNWRUpPHWyG\DEVWUDFWUHDGZULWHDVHHN
ƔSUtND]UDLVH([FHSWLRQ&UHDWH
WH[WFK\E\
VS{VREtSUHUXãHQLHYêSRþWXVGDQRXFK\ERYRXVSUiYRX
1'Ò
Ɣ]UHDOL]XMWHSRVWIL[RYêD~SOQHX]iWYRUNRYDQêLQIL[RYêYêSLVDULWPHWLFNpKRVWURPX
ƔVNRQãWUXXMWHDULWPHWLFNêVWURP]SUHIL[RYpKRSRVWIL[RYpKR~SOQHX]iWYRUNRYDQpKR]iSLVX
ƔQDYUKQLWHWUHWtW\SYUFKROXSUHPHQQi
ƔKRGQRWDYUiWLKRGQRWXSUHPHQQHM]WDEXĐN\WDEXĐNDMHGYRMVWĎSFRYpSROHLGHQWLILNiWRUSUHPHQQHMD
KRGQRWDSUHPHQQHM
ƔDULWPHWLFNêVWURPVDGiUHSUH]HQWRYDĢMHGLQêPW\SRPYUFKROXNWRUêREVDKXMH]O~þHQpVWDYRYpSUHPHQQp
]RYãHWNêFKW\SRYYUFKRORYDWLHåVWDYRY~SUHPHQQ~NWRUiY\MDGUXMHW\SYUFKROXQDSURSHUDQG
RSHUiWRUQDSURJUDPXMWHPHWyG\SUHWDN~WRUHSUH]HQWiFLX
QDSUtNODG
W\SH
7$6WURP FODVV
W\SRSHUDQGRSHUDFLD
KRGLQWHJHU
RSFKDU
OS7$6WURP
FRQVWUXFWRU&UHDWH2SHUDQGKLQWHJHU
FRQVWUXFWRU&UHDWH2SHUDFLX]FKDUOOSS7$VWURP
HQG
9ãHREHFQpVWURP\
Ɣ NDåGêYUFKROPiĐXERYRĐQêSRþHWV\QRY
DNMH1iUQ\WM]NDåGpKRYUFKROXPD[1YUFKRORYP{åHPHKRUHSUH]HQWRYDĢWDNWR
W\SH
76WURP FODVV
LQIR73UYRN
V\QDUUD\>1@RI76WURP
HQG
DOHERQHRKUDQLþHQêG\QDPLFNêSRþHWV\QRY
W\SH
76WURP FODVV
LQIR73UYRN
V\QDUUD\RI76WURP
HQG
ýDVWRVDYSUD[LSRXåtYDDMLQiUHSUH]HQWiFLDY\FKiG]D]ELQiUQHKRVWURPXEXGHPHMXYRODĢV\QEUDW
ƔYNDåGRPYUFKROHLQIRUPiFLD
ƔVPHUQtNSUYêQDMĐDYHMãtQDMVWDUãtSUYRURGHQêV\Q
ƔVPHUQtNEUDWWMQDVOHGXM~FLYUFKROVRVSRORþQêPRWFRP
ƔUHĢD]YUFKRORYVSRMHQêFKVPHUQtNRPEUDWWYRUtMHGQRVPHUQêVSiMDQê]R]QDPV\QRYQHMDNpKR
YUFKROX
VWURPYĐDYRMHUHSUH]HQWRYDQêSRPRFRXV\QEUDWYSUDYR
UHSUH]HQWiFLDYãHREHFQpKRVWURPXSRPRFRXV\QEUDW
W\SH
76WURP FODVV
LQIR73UYRN
V\QEUDW76WURP
HQG
3R]QNRUHĖYlþãLQRXQHPiEUDWRYDNE\PDOYROiPHW~WRãWUXNW~UXOHV
1'Ò
YRYãHWNêFKWURFKUHSUH]HQWiFLiFK
ƔKĎENDãtUNDV~þHWKRGQ{W
ƔYêSLVDNRUHĢD]HFDOHERQDNUHVOHQLHGR&DQYDVX
Ɣ]LVWLĢþLMHVWURPELQiUQ\SRþHWOLVWRY
ƔSUHNyGRYDĢELQiUQ\VWURPGRWHMWRUHSUH]HQWiFLHWUHEDVLXYHGRPLĢåDVDVWUDWtLQIRUPiFLDRWRPåH
QDSUĐDYêV\QQHH[LVWXMHDOHSUDYêiQR
ƔSULGDMLMSUYRNSULGDĢQRYpKRV\QDtWHPXYUFKROXY~URYQLM
ƔY\WYRULĢDOHERQDþtWDĢWH[WRYêV~ERUSRSLVXM~FLVWURPNDåGêULDGRNMHGHQYUFKROSRþHWPHG]LHUQD
]DþLDWNXULDGNDR]QDþXMH~URYHĖYQRUHQLDNRUHĖSUYêULDGRN]DþtQDYVWĎSFLMHKRV\QRYLD]DþtQDM~QD
GUXKêFKVWĎSFRFK
9ãHREHFQp]R]QDP\
9ãHREHFQê]R]QDPMH
ƔDWyPQDSUVWULQJþtVOR
ƔSRVWXSQRVĢDWyPRYD]R]QDPRYDMSUi]GQDX]DYUHWiYRNU~KO\FK]iWYRUNiFK
3RXåLMHPHSRGREQ~UHSUH]HQWiFLXDNRSUHDULWPHWLFNpVWURP\DEVWUDNWQiEi]RYiWULHGDDRGQHMRGYRGHQpGYD
W\S\YUFKRORYSULþRPãWUXNW~UDVDSRGREiYãHREHFQpPXVWURPXW\SXV\QEUDWQDSU
GHILQtFLDKLHUDUFKLHWULHG
W\SH
73UYRN VWULQJ
79VHRE=R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\79VHRE=R]QDPYLUWXDO
HQG
3UtNODGLOXVWUXMHþtWDQLHGREUpKRYãHREHFQpKR]R]QDPXGR]DGDQHMGiWRYHMãWUXNW~U\DMHKRYêSLVYURYQDNRP
WYDUH
SUtNODG
W\SH
73UYRN VWULQJ
YDU
OH[NRQO]S]DWXUREtPHVLVNHQHUNWRUêEXGHUR]SR]QiYDĢ
KRGQRWD73UYRNYJOREiOQHMSUHPHQQHMKRGQRWDþDNiPHKRGQRWXDWyPX
]FKDU
YVWXSVWULQJYVWXSQêDQDO\]RYDQêUHĢD]HF
SURFHGXUHVNHQHUãWDQGDUGQêVNHQHU
YDU
RNERROHDQ
SURFHGXUH]QDN
EHJLQ
LIYVWXS
WKHQ]
HOVHEHJLQ] YVWXS>@GHOHWHYVWXSHQG
HQG
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQ
EHJLQOH[ O]]QDNHQG
EHJLQOH[ S]]QDNHQG
D
]
$
=
EHJLQ
KRGQRWD
ZKLOH]LQ>
D
]
$
=
@GREHJLQ
KRGQRWD KRGQRWD]]QDN
HQG
OH[ DW
HQG
HOVH
EHJLQ]QDNRN IDOVHHQG
HQG
XQWLORN
HQG
W\SH
79VHRE=R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\79VHRE=R]QDPYLUWXDO
HQG
IXQFWLRQY\SLVVWULQJRYHUULGH
HQG
FRQVWUXFWRU7$WRP&UHDWHK73UYRN
EHJLQ
KRGQ K
HQG
IXQFWLRQ7$WRPY\SLVVWULQJ
EHJLQ
5HVXOW KRGQ
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
YDU
V7=R]QDP
EHJLQ
5HVXOW
V VHOI
UHSHDW
LIVV\Q!QLOWKHQ5HVXOW 5HVXOWVV\QY\SLV
V VGDOVL
XQWLOV QLO
5HVXOW 5HVXOW
HQG
IXQFWLRQ79VHRE=R]QDPSUY\79VHRE=R]QDP
EHJLQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXURELĢ359<
PRKORE\ĢDMDEVWUDFW
HQG
IXQFWLRQ7=R]QDPSUY\79VHRE=R]QDP
EHJLQ
5HVXOW V\Q
LI5HVXOW QLOWKHQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXURELĢ359<]SUi]GQHKR]R]QDPX
HQG
IXQFWLRQFLWDM79VHRE=R]QDP
IXQFWLRQFLWDMFKYRVW7=R]QDP
EHJLQ
LIOH[ S]WKHQEHJLQ
5HVXOW QLOVNHQHU
HQG
HOVHLIOH[ NRQWKHQ5HVXOW QLO
HOVHEHJLQ
5HVXOW 7=R]QDP&UHDWH
7=R]QDP5HVXOWV\Q FLWDM
7=R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HQG
EHJLQ
LIOH[ DWWKHQEHJLQ
5HVXOW 7$WRP&UHDWHKRGQRWD
VNHQHU
HQG
HOVHLIOH[ O]WKHQEHJLQ
VNHQHU
5HVXOW 7=R]QDP&UHDWH
7=R]QDP5HVXOWV\Q FLWDM
7=R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HOVH5HVXOW QLO
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
V79VHRE=R]QDP
EHJLQ
YVWXS (GLW7H[W]
VNHQHUV FLWDM
LIV QLOWKHQ
0HPR/LQHV$GG
SUi]GQ\]R]QDPQLO
HOVH
0HPR/LQHV$GGVY\SLV
HQG
1'Ò
WHVWRYDFtSURJUDPQHREVDKXMHXYRĐĖRYDQLHSDPlWLPHWyGD'HVWUR\GRSURJUDPXMWHMX
ƔIXQNFLHNWRUpYUiWLDtW\SRVOHGQêSUYRN]R]QDPX]R]QDPEH]SUYpKRSUYNXEH]SRVOHGQpKREH]t
WHKRSUYNX
ƔNySLDYãHREHFQpKR]R]QDPXSRþHWDWyPRYSRþHWYêVN\WRY
ƔSRURYQDQLHGYRFK]R]QDPRY
ƔSUHYUDWSULSRM]79VHRE=R]QDP
Ɣ]PHĖWHUHSUH]HQWiFLXYãHREHFQpKR]R]QDPXWDNåHYUFKROMHEXćDWyPDOHERREVDKXMHG\QDPLFNpSROH
VYRMLFKSUYNRY
ƔUHDOL]XMWHQDþtWDQLHYêSLVDDMRVWDWQpPHWyG\
/H[LNRJUDILFNpVWURP\
Ɣ YELQiUQRPVWURPHNDåGiFHVWDRGNRUHĖDGRĐXERYRĐQpKRYUFKROXMHGQR]QDþQHUHSUH]HQWXMHWHQWR
YUFKROQDSU//3///33/R]QDþXMHYUFKROVOOSOOOSSOSRGREQHVDGiR]QDþRYDĢ
ĐXERYRĐQêYUFKRODMY1iUQRPVWURPHSRXåLMHPH1StVPHQDEHFHG\QDSU
D
N
ƔOH[LNRJUDILFNpVWURP\V~1iUQHVWURP\
ƔNDåGêYUFKROUHSUH]HQWXMHSUYêFK.]QDNRY]RVORYD.MHY]GLDOHQRVĢRGNRUHĖD
ƔNRUHĖUHSUH]HQWXMHSUi]GQHVORYR
ƔV\QRYLDNRUHĖDUHSUH]HQWXM~MHGQR]QDNRYpVORYiDWć
ƔYLQIRSRORåNHP{åHPHUHSUH]HQWRYDĢLQIRUPiFLXU{]QHKRW\SXQDSUSRþHWYêVN\WRYGDQpKRVORYD
UHĢD]HFUHSUH]HQWXM~FLSUHNODGNyGSUHNODGXYHQF\NORSpGLL
3UtNODG
Ɣ =LVWLWHIUHNYHQþQ~WDEXĐNXVORYQDYVWXSH]DEHFHG\^DE`
ƔQDMSUYY\WYRUtPHOH[LNRJUDILFNêVWURPGRLQIRSRþHWYêVN\WRY
ƔY\StãHPHFHVWXNQHQXORYêPYUFKRORPDMVKRGQRWRX
ULHãHQLH
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
E
@RI7/H[6WURP
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMFRQVWVVWULQJ
SURFHGXUHY\SLVW76WULQJVFRQVWVVWULQJ
HQG
FRQVWUXFWRU7/H[6WURP&UHDWH
EHJLQ
SRFHW S>
D
@ QLOS>
E
@ QLO
HQG
SURFHGXUH7/H[6WURPSULGDMFRQVWVVWULQJ
EHJLQ
LIV
WKHQLQFSRFHW
HOVHLIV>@LQ>
D
E
@WKHQEHJLQ
LIS>V>@@ QLOWKHQS>V>@@ 7/H[6WURP&UHDWH
S>V>@@SULGDMFRS\VPD[LQW
HQG
HOVH
SURFHGXUH7/H[6WURPY\SLVW76WULQJVFRQVWVVWULQJ
EHJLQ
LISRFHW!WKHQW$GG,QW7R6WUSRFHW
V
LIS>
D
@!QLOWKHQS>
D
@Y\SLVWV
D
LIS>
E
@!QLOWKHQS>
E
@Y\SLVWV
E
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
O7/H[6WURP
EHJLQ
O 7/H[6WURP&UHDWH
OSULGDM
DEDD
OSULGDM
EE
OSULGDM
OSULGDM
DDDDDDDDDDDDDDDDDDDDDDDDDDDD
OSULGDM
DEDDEED
OSULGDM
DEDDEDE
OSULGDM
DDEE
OSULGDM
DEDE
OSULGDM
DDEE
OSULGDM
DEDD
OY\SLV0HPR/LQHV
HQG
3R]Q
Ɣ SRXåLOLVPHSUHGGHILQRYDQ~WULHGX76WULQJVSRVWXSQRVĢUHĢD]FRYQDSU0HPR/LQHVMHW\SX76WULQJV
ƔXåPiPHVN~VHQRVWLåHSUH76WULQJVH[LVWXM~PHWyG\&OHDUD$GGDOHV~GHILQRYDQpDMPHWyG\
'HOHWH,QVHUW/RDG)URP6WUHDP/RDG)URP)LOH
ƔXåLWRþQpYODVWQRVWLSURSHUW\WULHG\&RXQW6WULQJV>LQGH[@7H[W
1'Ò
ƔSULGDMDMY\SLVV~UHNXU]tYQH !P{åHSUHWLHFĢ]iVREQtNSUHUREWHEH]UHNXU]LH
ƔYWHVWRYDFRPSURJUDPHY\StãWHDMSRþHWYUFKRORYVWURPXKĎENXVWURPXSRþHWU{]Q\FKVORYGĎåN\
ƔPHWyGDKODGDMQiMGHYUFKROYVWURPHSUHGDQpVORYRUHDOL]XMWHUHNXU]tYQHDMQHUHNXU]tYQH
ƔGRURELĢSUH1SUYNRY~DEHFHGX
ƔQDSU
D
M
iUQ\VWURP
ƔQDSUOHQStVPHQi
D
H
L
R
X
\
iUQ\VWURP
ƔPHWyG\WULHG\NWRUpQiMGX
ƔVORYiGDQHMGĎåN\
ƔQDMNUDWãLHQDMGOKãLHVORYi
ƔQDMNUDWãLHVORYR]DþtQDM~FHGDQêPUHĢD]FRP
ƔGĎåNDQDMGOKãLHKRVORYD KĎENDVWURPX
ƔQDYUKQLWHPHWyG\QDUXãHQLHVORYDDOHERYãHWNêFKVORYNWRUp]DþtQDM~QHMDNêPUHĢD]FRP
SUHPHQQHMSRFHWEXGHLQIRUPiFLDRWRPþLSDWUtGRPQRåLQ\ !]UHDOL]XMWHRSHUiFLH]MHGQRWHQLD
SULHQLNX
.RPSRQHQW77UHH9LHZ
7HQWR'HOSKLNRPSRQHQWXPRåĖXMH]REUD]LĢ~GDMHNWRUpPDM~VWURPRY~ãWUXNW~UXYRYL]XiOQHMIRUPHQDSU
.RPSRQHQW77UHH9LHZMHGRVĢNRPSOH[QêWXSRStãHPHOHQQLHNRĐNRVWDYRYêFKSUHPHQQêFKDPHWyG
ƔYUFKROPLVWURPXV~LQãWDQFLHWULHG\77UHH1RGH
Ɣ,WHPV>L@YUiWLtW\YUFKRO
Ɣ,WHPV&RXQWSRþHWV\QRY
$GG&KLOG)LUVW
Ɣ/RDG)URP)LOHPHQRBV~ERUX]WH[WRYpKRV~ERUXQDþtWDNRPSOHWQêVWURPNDåGêULDGRNSRSLVXMH
MHGHQYUFKROVWURPXSRþHWPHG]LHUUHVSWDEXOiWRURYQD]DþLDWNXULDGNDY\MDGUXMHYQRUHQLHYUFKROX
Ɣ6DYH7R)LOHPHQRBV~ERUXY\WYRUtWH[WRYêV~ERUNWRUêSRSLVXMHNRPSOHWQêVWURP
Ɣ&RXQWSRþHWV\QRY
Ɣ,WHP>L@VPHUQtNQDtWHKRV\QD
Ɣ3DUHQWVPHUQtNQDRWFD
Ɣ6HOHFWHGþLMHPiE\ĢR]QDþHQêR]QDþHQêP{åHE\ĢPD[LPiOQHMHGHQYUFKROYFHORPVWURPH
Ɣ,QGH[NRĐNêMHWRV\QVYRMKRRWFD
Ɣ/HYHOYDNHM~URYQLVWURPXMHWHQWRYUFKRO
Ɣ7H[WWH[WRYêUHĢD]HFYGDQRPYUFKROH
DQLHNWRUpG{OHåLWpPHWyG\QDSU
Ɣ'HOHWH]UXãtYUFKRO
Ɣ'HOHWH&KLOGUHQ]UXãtYãHWN\GHWL
Ɣ*HW1H[W6LEOLQJQDVOHGXM~FLEUDW
Ɣ*HW3UHY6LEOLQJSUHGFKiG]DM~FLEUDW
Ɣ*HW)LUVW&KLOGSUYêV\Q
QDSUWiWRþDVĢSURJUDPXY\WYRUtVWURPVYUFKROPL
YDU
NYY77UHH1RGH
EHJLQ
N 7UHH9LHZ,WHPV$GGQLO
NRUHĖVWURPX
Y 7UHH9LHZ,WHPV$GG&KLOGN
GUXKêYUFKRO
Y 7UHH9LHZ,WHPV$GGY
WUHWtYUFKRO
Y 7UHH9LHZ,WHPV$GG&KLOGN
WUHWtYUFKRO
WRMHWRLVWpDNRSUHGFKiG]DM~FLULDGRN
0DOêWHVWRYDFtSURMHNW
Ɣ QDIRUPXOiUSRORåWHNRPSRQHQW\
Ɣ77UHH9LHZ]SDOHW\:LQ
Ɣ7(GLW
Ɣ7%XWWRQVSRSLVPL3ULGDMD3ULGDMV\QD
Ɣ7&KHFN%R[VSRSLVRP3ULGiYDMQD]DþLDWRN
SURMHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG&KLOG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GG&KLOGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
7UHH9LHZ6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
LI)LOH([LVWV
VWURPW[W
WKHQ
7UHH9LHZ/RDG)URP)LOH
VWURPW[W
HQG
SURFHGXUH7)RUP)RUP&ORVH6HQGHU72EMHFWYDU$FWLRQ7&ORVH$FWLRQ
EHJLQ
7UHH9LHZ6DYH7R)LOH
VWURPW[W
HQG
1'Ò
Ɣ Y\WYRUWH7UHH9LHZ]RãWUXNW~U\DGUHViURY
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVDEXGHPHGQHVXþLĢ
ƔU{]QHDOJRULWP\WULHGHQt
ƔVS~ãĢDQLHSDUDOHOQpKRSURFHVXYOiNQD
7ULHGHQLD
VSRORþQpGHNODUiFLHSUHćDOãLHWULHGHQLD
YDU
SDUUD\>1@RILQWHJHU
SURFHGXUHY\PHQLMLQWHJHU
YDU
WLQWHJHU
EHJLQ
W S>L@S>L@ S>M@S>M@ W
HQG
3ULU{]Q\FKDOJRULWPRFKWULHGHQtQiVEXGH]DXMtPDĢDNRHIHNWtYQHWHQWRSUDFXMH3UHPDOêSRþHWSUYNRYDVLQLH
MHYHĐPLSRGVWDWQpþLDOJRULWPXVEHåDODOHERPLOLVHN~QGDOHSUHYlþãLHSRVWXSQRVWLKRGQ{WQDSUPLOLyQ
XåP{åH]DYiåLĢþLWULHGHQLHSREHåtDOHERVHN~QG9]KĐDGRPQDHIHNWtYQRVĢDOJRULWPXV~
G{OHåLWpLQIRUPiFLHQDSURSRþWHSRURYQiYDQtDSRþWHYêPHQPHG]LSUYNDPL
0{åHWHVLVWLDKQXĢGHPRQãWUDþQêSURMHNWQDYL]XDOL]iFLXSULHEHKXWULHGHQtYSURMHNWHP{åHWHQDVWDYRYDĢ
NRQãWDQW\VLUERGDFDVDRGNRPHQWRYDQtPQLHNWRUpKR]WULHGHQtKRP{åHWHRWHVWRYDĢ
%XEOLQNRYpWULHGHQLH%XEEOH6RUW
VNRURQDMKRUãLHDNpP{åHE\ĢP{åHPHKRSRXåLĢOHQSUHPDOpSROLDYVLWXiFLLNHćQH]iOHåtQDUêFKORVWL
3RURYQiYDQLHGYRFKSUYNRYYHGĐDVHEDGRSUYNXSRĐDVPHQãtPLQGH[RPLGHPHQãt]QLFK3RMHGQRP
SUHFKRGHSRĐRPVDXUþLWHPD[LPiOQ\SUYRNGRVWDQHQDNRQLHFSRĐD3RWRPRVWiYDXWULHGLĢ1SUYNRYSRĐD
SRVOHGQêMHXåQDVYRMRPPLHVWH
EXEOLQNRYpWULHGHQLH
SURFHGXUH%XEEOH6RUW
YDU
LMLQWHJHU
EHJLQ
IRUL 1GRZQWRGR
IRUM WRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
3R]Q
0LQ6RUW
1iMGHY~VHNXSRĐDPLQLPiOQ\SUYRNY\PHQtKRVSUYêPSUYNRP~VHNXDSRVXQLHGROQ~KUDQLFXWULHGHQpKR
~VHNXRWMWULHGHQê~VHNSRĐDVDVNUiWLRDWć
WULHGHQLHPLQVRUW
SURFHGXUH0LQ6RUW
YDU
LMPLQLQWHJHU
EHJLQ
IRUL WR1GREHJLQ
PLQ L
IRUM LWR1GR
LIS>M@S>PLQ@WKHQPLQ M
Y\PHQLPLQ
HQG
HQG
3R]Q
7ULHGHQLHYV~YDQtP,QVHUW6RUW
,VWiþDVĢSRĐDMHXåXWULHGHQi]DUDGtQRYêSUYRNQDVYRMHPLHVWRDSUHGĎåLXWULHGHQê~VHNR
WULHGHQLHYV~YDQtP
SURFHGXUH,QVHUW6RUW
YDU
LMWLQWHJHU
EHJLQ
SUHGSRNODGYF\NOH
LMHXWULHGHQê~VHNYVXĖS>L@WDNDE\RVWDOXWULHGHQê
IRUL WR1GREHJLQ
M LW S>L@
ZKLOHM! DQGS>M@!WGREHJLQKĐDGDQLHYKRGQpKRPLHVWDSUHSUYRN
S>L@
S>M@ S>M@
GHFM
HQG
S>M@ W
HQG
HQG
3R]Q
Ɣ RSlĢMHWRYHĐPLSRPDOêDOJRULWPXVSRURYQDWHĐQêV%XEEOH6RUWRP
7ULHGHQLH]OXþRYDQtP0HUJH6RUW
ƔPHWyGDUR]GHĐXMDSDQXMWMĐDKãLHVDXWULHGLPHQHMSRORåLHNDNRYHĐD
ƔDOJRULWPXV
ƔSROHUR]GHOtPHQDGYHSULEOLåQHURYQDNRYHĐNpþDVWLSULQHSiUQRPSRþWHMHMHGQDþDVĢYlþãLD
ƔSRWRPVD]DREHUDMPHVNDåGRX]WêFKWRGYRFKþDVWt]YOiãĢDWRWDNêPLVWêPVS{VRERPWM
UR]GHOtPHMXQDGYHþDVWL
Ɣ]QRYXYH]PLPHSUY~]QLFKDUR]GHĐPHMXQDGYHDWćDåNêPQHGRVWDQHPHMHGQRSUYNRYp
~VHN\
ƔMH]UHMPpåHMHGQDSRORåNDMHXWULHGHQiDWHGDPiPHGYHXWULHGHQpþDVWL
ƔWHUD]SRXåLMHPHGUXK~þDVĢDOJRULWPX]O~þHQLHGYRFKXWULHGHQêFKþDVWtWDNDE\DMQRYRY]QLNQXWi
þDVĢERODXWULHGHQiWMGRVWiYDPHþDVĢVGYRPDSRORåNDPL
ƔSRGREQHVDUR]GHOtD]O~þLDMGUXKiþDVĢ]UR]GHOHQLDDGRVWiYDPHXWULHGHQ~GUXK~GYRMSUYNRY~
þDVĢ
ƔWHQLVWêDOJRULWPXV]O~þHQLDGYRFKXWULHGHQêFKþDVWtSRXåLMHPHDMWHUD]DGRVWiYDPHXWULHGHQ~
ãWYRUSUYNRY~þDVĢ
ƔDOJRULWPXVVDEXGHRSDNRYDĢDåNêPQHEXGHXWULHGHQpFHOpSROH
ƔWRWRWULHGHQLHVDSRXåtYDQDMPlSULWULHGHQtSUYNRYVSiMDQêFK]R]QDPRY]OXþRYDQLHGYRFKSROtEH]
SRPRFQpKRSRĐDMHYHĐPLQiURþQiRSHUiFLDDP{åHSRND]LĢHIHNWtYQRVĢFHOpKRDOJRULWPX
ƔWRWRWULHGHQLHSDWUtPHG]LW]YUêFKOHWULHGHQLDHIHNWtYQRVĢMHUiGRYR1
ORJ1
WULHGHQLHVSiMDQpKR]R]QDPX
W\SH
7=R]QDP FODVV
KLQWHJHU
QH[W7=R]QDP
HQG
SURFHGXUH0HUJH6RUWYDU]7=R]QDP
SURFHGXUHUR]GHOS7=R]QDPYDUGS7=R]QDP
YDU
VWUHGSRP7=R]QDP
EHJLQ
LIS QLOWKHQGS QLOQHERORþRGHOLĢ
HOVHEHJLQ
VWUHG S
SRP VWUHGQH[W
ZKLOHSRP!QLOGREHJLQSRNLDĐQLHMHQDNRQFL]R]QDPX
SRP SRPQH[WSRVXĖVDRMHGHQNURN
LISRP!QLOWKHQEHJLQHãWHQLHVRPQDNRQFL
VWUHG VWUHGQH[WSRVXĖVWUHGRMHGHQNURN
SRP SRPQH[WSRVXĖVDRGUXKêNURN
HQG
HQG
GS VWUHGQH[WYUiĢVPHUQtNQDSUYRNNWRUêMHVWUHGQê
VWUHGQH[W QLO]PRGLILNXMS{YRGQêGOKê]R]QDPQD
SRORYLþQê
HQG
HQG
SURFHGXUH]OXFSS7=R]QDPYDUS7=R]QDP
YDU
N7=R]QDP
EHJLQ
LIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHLIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHEHJLQRED]R]QDP\V~QHSUi]GQH
LISK SKWKHQEHJLQY\ULHãPHSUYêSUYRNQRYpKR]R]QDPX
S S
S SQH[W
HQG
HOVHEHJLQ
S S
S SQH[W
HQG
N SY\WYiUDPH]R]QDPSSULGiYDQtPQDNRQLHFSRPRFRXSRPRFVPHUQtND
N
ZKLOHS!QLODQGS!QLOGR
LISK SKWKHQEHJLQ
NQH[W SN SS SQH[W
HQG
HOVHEHJLQ
NQH[W SN SS SQH[W
HQG
LIS QLOWKHQNQH[W SY\SUi]GQLOVD]R]QDPS
HOVHNQH[W SY\SUi]GQLOVD]R]QDPS
HQG
HQG
YDU
GUXKDSRO7=R]QDP
EHJLQ
LI]!QLODQG]QH[W!QLOWKHQEHJLQDVSRĖSUYN\
UR]GHO]GUXKDSRO
0HUJH6RUW]
0HUJH6RUWGUXKDSRO
]OXF]GUXKDSRO]
HQG
HQG
3R]Q
ƔUHNXU]tYQDSURFHG~UD0HUJH6RUWVSUDFXMHFHOê]R]QDPWDNåHKRUR]GHOtQDGYHþDVWLVSULEOLåQH
URYQDNêPSRþWRPSUYNRYQDWLHWR]DYROiW~LVW~SURFHG~UXSRNLDĐV~]R]QDP\YLDFDNRMHGQRSUYNRYpD
SRWRPWDNWRY]QLNQXWp]R]QDP\]O~þL
ƔSURFHG~UDUR]GHOVDEXGHVQDåLĢQiMVĢSRORYLFXFHOpKR]R]QDPXNWRUêGRVWiYDFH]VPHUQtNSDYUiWL
GYD]R]QDP\VSULEOLåQHURYQDNêPSRþWRPSUYNRYVWUHGVDEXGHKĐDGDĢWDNåHSR]R]QDPHEXG~
SXWRYDĢGYDVPHUQtN\MHGHQSRMHGQRPNURNXDGUXKêSRGYRFKDDNVDGUXKêVPHUQtNSUHSUDFXMHQD
NRQLHF]R]QDPX]UHMPHSUYêNWRUêãLHOSRNURNXEXGHSUiYHYSRORYLFL]R]QDPX
ƔDNPiPHGREUHUR]GHOHQê]R]QDPQDGYHþDVWLDYUDFLDPHVD]UHNXU]LHRVWiYDQiPLEDGREUHWLHWRGYH
þDVWL]O~þLĢDWRWDNDE\DMQRYêGOKãt]R]QDPRVWDOXWULHGHQêSURFHG~UD]OXFWHGDSUHFKiG]DRERPD
]R]QDPDPLDY\WYiUD]QLFKQRYê
1'Ò
ƔXVSRULDGDĢYSROLSRPRFRXSRPRFQpKRSRĐD
ƔXVSRULDGDĢYSROLEH]SRPRFQpKRSRĐDDVLEXGHSULYHĐDSRVXQRYSRĐD
ƔWULHGLĢELQiUQ\V~ERUVGYRPDSRPRFQêPLV~ERUPL
5êFKOHWULHGHQLH4XLFN6RUW
ƔYSUHGFKiG]DM~FRPWULHGHQtVPHPXVHOL]R]QDP\GREUH]O~þLĢ
ƔWULHGHQLH4XLFN6RUWY\WYiUDGYHþDVWLSRĐDWDNDE\LFKQHERORWUHED]OXþRYDĢDOHDE\LFKVWDþLORLED
SRORåLĢ]DVHED
ƔYSUYRPNURNXVDMHGHQSUYRNY\EHULH]DSLYRWDYSULQFtSHWRP{åHE\ĢĐXERYRĐQêSUYRNP\
Y\EHUPHSUYêSUYRN]GDQHMSRVWXSQRVWL
ƔSRGĐDWRKWRSLYRWDUR]GHĐPHYVWXSQ~SRVWXSQRVĢSUYNRYQDGYHþDVWLSULþRPYSUYHM]QLFKEXG~
þtVODPHQãLHDNRSLYRWDYGUXKHMþtVODYlþãLHDURYQpDNRSLYRWYQDMOHSãRP]SUtSDGRYVD
SRVWXSQRVĢUR]GHOtQDGYHþDVWLVSULEOLåQHURYQDNêPSRþWRPSUYNRYYQDMKRUãRPSUtSDGHYãDN
]UHMPHQDQXODSUYNRYNWRUpEXGHWYRULĢSUY~þDVĢDQDYãHWN\RVWDWQpSUYN\
ƔSRWDNRPWRUR]GHOHQtSRVWXSQRVWLGRVWiYDPHWULþDVWLþDVĢVMHGLQêPSUYNRPNWRUêPMHSLYRW
þDVĢYNWRUHMV~SUYN\PHQãLHDNRSLYRWDþDVĢVSUYNDPLYlþãtPLDOHERURYQêPLDNRMHSLYRW
ƔSRWRPURYQDNêPVS{VRERPXWULHGLPHGUXK~þDVĢSUYN\PHQãLHDNRSLYRWDWUHWLXþDVĢSUYN\
YlþãLHDNRSLYRW
ƔSRLFKXWULHGHQtGUXK~DWUHWLXþDVĢSRORåtPHYHGĐDVHEDSULþRPSLYRWGiPHQDVSUiYQHPLHVWR
UêFKOHWULHGHQLH
SURFHGXUH4XLFN6RUW
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDU
SLYRWLQWHJHU
LLQWHJHU
EHJLQ
SLYRW S>]@LS ]SLYRWMHSUYêSUYRN
IRUL ]WRNGRSUHMGLYãHWN\SUYN\PHG]L]DN
LIS>L@SLYRWWKHQEHJLQSR]HUDQêSUYRNSDWUtGRSUYHMþDVWLSRĐD
MHRMHGHQYLDFWDNêFKþRV~PHQãLHDNR
SLYRW
LQFLSY\PHQLSL
HQG
Y\PHQ]LSGDMSLYRWQDVSUiYQHPLHVWR
YLSMHLQGH[QDNWRURPMHXPLHVWQHQêSLYRW
HQG
SURFHGXUHTXLFN]NLQWHJHU
YDU
LSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRW
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
EHJLQ
TXLFN1
HQG
3R]Q
ƔSURFHG~UDTXLFNMHUHNXU]tYQDDWULHGLþDVĢSRĐDPHG]LLQGH[PL]DNSULþRPQDMSUYYROiSURFHG~UX
UR]GHOQDUR]GHOHQLHWHMWRþDVWLD]LVWHQLHLQGH[XSLYRWDSRWRPDSOLNXMHWHQLVWêDOJRULWPXVQDþDVĢSRĐD
SUHGLQGH[RPQDNWRURPMHSLYRWDQDþDVĢSRĐD]DSLYRWRP
ƔSURFHG~UDUR]GHOGiYDSUYN\PHQãLHDNRSLYRWQD]DþLDWRNSRĐDSUYN\YlþãLHDOHERURYQpDNRSLYRWQD
NRQLHFSRĐDDSRVNRQþHQtWRKWRXSUDWRYDQLDGiHãWHSLYRWQDVSUiYQHPLHVWRDYUiWLMHKRLQGH[
ƔDNERORSROHXWULHGHQpHãWHSUHGVDPRWQêPWULHGHQtPWDNMH]YROHQêQDMKRUãtPRåQêSLYRWSUHWRVDQD
]DþLDWNXUR]GHO]Y\NQHSULGDĢ
Y\PHQ]]NGLY
1'Ò
ƔYSUD[LVDYlþãLQRXSRXåtYDEH]UHNXU]LHSUHSURJUDPXMWHWRWRWULHGHQLHEH]UHNXU]LH
ƔWULHGLĢVSiMDQê]R]QDP
ƔWULHGLĢELQiUQ\V~ERU
7ULHGHQLHKDOGRX+HDS6RUW
ƔEXGHPHWULHGLĢSROH
ƔKDOGDMHGiWRYiãWUXNW~UDNWRUi
ƔPiWYDUVNRUR~SOQpKRELQiUQHKRVWURPXOHQQDSRVOHGQHM~URYQLELQiUQHKRVWURPXP{åXFKêEDĢ
H[LVWXM~
Ɣ]UHMPHYNRUHQLKDOG\MHYåG\PD[LPiOQ\SUYRN
ƔKDOGXEXGHPHUHSUH]HQWRYDĢYMHGQRUR]PHUQRPSROLLQGH[RYDQRPRGWDNåHNRUHĖVWURPXMHQD
ƔY\WYRUHQLHKDOG\
QDMYlþãLHSUYN\
WULHGHQLHKDOGRX
SURFHGXUH+HDS6RUW
SURFHGXUHSRVXQYDULLQWHJHUPLQWHJHU
EHJLQDNH[LVWXMHV\Q!QDVWDYtVDQDYlþãLHKR]QLFK
LI
L PWKHQEHJLQDVSRĖMHGHQV\QH[LVWXMH
L
LYLMHĐDYêV\Q
LILPDQGS>L@!S>L@WKHQL L
SUDYêV\QEROYlþãtDSUHWRMHYLSUDYêV\QLQDNRVWiYDYLĐDYê
V\Q
HQG
HQG
SURFHGXUHXSUDFBKDOGXNPLQWHJHU
YDU
LLQWHJHUSUHGSRNODGiPHåHRGNGRPWRXåKDOGDMHSULGiPHNW\
EHJLQ
L NSRVXQLP
ZKLOHS>N@S>L@GREHJLQ
Y\PHQNL
N L
SRVXQLPYLMHQRYêYlþãtV\Q
HQG
HQG
SURFHGXUHY\WYRUBKDOGX
YDU
LLQWHJHU
EHJLQ
IRUL 1GLYGRZQWRGRXSUDFBKDOGXL1
HQG
YDU
LLQWHJHU
EHJLQ
Y\WYRUBKDOGX
L 1EHUSRVWXSQHYãHWN\SUYN\
ZKLOHL!GREHJLQ
Y\PHQLY\PHĖNRUHĖDSRVOHGQê]DWLDĐQHXWULHGHQêtW\
SUYRN
GHFL]PHQãLUR]PHUVWURPX
XSUDFBKDOGXLRSUDYVWURPNRUHĖMHDVL]Oê
HQG
HQG
3R]Q
ƔSURFHG~UDXSUDFBKDOGXY\WYiUDKDOGXYSROLPHG]L]DGDQêPLGYRPDLQGH[PLSRĐDWMSRMHMVNRQþHQtMH
þDVĢSRĐD.Då0KDOGRXSULþRPSURFHG~UDSUHGSRNODGiåHþDVĢ.Då0MHKDOGDDOHWêPåHVPH
SULGDOLSUYRNQDPLHVWR.PRKODVDKDOGD.Då0SRND]LĢDSUHWRWUHEDSROH]QRYXXKDOGRYDĢWM
]DEH]SHþLĢDE\DMSUH.SODWLORåHPiRERFKV\QRYPHQãtFKDNRRQViPDNWRWDNQLHMHWUHEDKR
]UHMPHY\PHQLĢVYlþãtP]RV\QRYDSRVWXSRSDNRYDĢSUHWRKWRV\QDDSUtVOXãQêSRGVWURP
ƔSRPRFQiSURFHG~UDSRVXQSRV~YDSUYêSDUDPHWHUQDYlþãLHKRV\QD
1'Ò
ƔQDPLHVWRWULHGHQLDSUYNRYSRĐDSUHKDG]RYDQtPKRGQ{WUHDOL]XMWHWULHGHQLHOHQSRPRFRXWULHGHQLDLQGH[RY
SRĐDWMY\WYRUtWHSROHþtVHORGORZSDåGRKLJKSLQGH[RYpSROHDWRWRSROHSUHXVSRULDGDWHWDN
Y\WYRUtWHMHKRSHUPXWiFLXåHQDSUMHKRYêSLVYSRUDGtLQGH[RYYWRPWRSROLY\StãHXVSRULDGDQpSROH
ƔWDNpWRWULHGHQLHUHDOL]XMWHSUHYãHWN\GRWHUD]]QiPHWULHGHQLD
ƔQDStãWHSURJUDPNWRUêSRURYQiUêFKORVĢU{]Q\FKWULHGLDFLFKDOJRULWPRYSUHWRLVWpSROHFHOêFKþtVHO
P{åHWHSRXåLĢQDSUIXQNFLX7LPHNWRUiYUDFLDPRPHQWiOQ\þDVWHVWXMWHWRSUHU{]QHYHĐNpSROLD
QiKRGQêFKþtVHOQDSUDåSUYNRY
5DGL[6RUW
Ɣ WULHGHQLHSRFLIUiFK
ƔSULSUDYtPH.SRPRFQêFKN{SRNGRNWRUêFKEXGHPHSUHKDG]RYDĢKRGQRW\]RYVWXSQHMSRVWXSQRVWL
Ɣ.SRþHWU{]Q\FKKRGQ{WNWRUpP{åXQDGRE~GDĢMHGQRWOLYpFLIU\QDSUSUHþtVODSUH]QDN\D
SRG
YSUYRPSUHFKRGHSRVWXSQHSUHKDG]XMHPHYãHWN\KRGQRW\GRSUtVOXãQHMN{SN\SRGĐDSRVOHGQHM
Ɣ
FLIU\
ƔSRWRPYãHWN\N{SN\VSRMtPH]RUDGtPHRSlĢGRMHGQHMSRVWXSQRVWL
ƔYGUXKRPSUHFKRGHSUHKDG]XMHPHKRGQRW\GRN{SRNSRGĐDSUHGSRVOHGQHMFLIU\
ƔRSlĢLFKSRWRPVSRMtPHGRMHGQHMSRVWXSQRVWL
ƔWRWRSRVWXSQHRSDNXMHPHSUHYãHWN\FLIU\QD]iYHUMHFHOiSRVWXSQRVĢXWULHGHQiY]RVWXSQH
ƔWDNWRVDGREUHWULHGLDVSiMDQp]R]QDP\
ƔSULSUiFLVSROLDPLVLWHQWRDOJRULWPXVY\åDGXMHYHĐDSRPRFQêFKSROt
1'Ò
Ɣ QDSURJUDPXMWHWRWRWULHGHQLHSUHVSiMDQp]R]QDP\SROHELQiUQ\V~ERU
7KUHDGYOiNQD
ƔRSHUDþQêV\VWpP:LQGRZVGRYROtVSXVWLĢGYHDOHERYLDFSURFHG~UQDUD]DWLHåQiPXPRåĖXMHDE\WRWR
ULDGLOQiãSURJUDPWRPXWRVDKRYRUtPXOWLWKUHDGLQJYLDFYOiNHQ
ƔWULHGD77KUHDGYOiNQRXPRåĖXMHStVDQLHSDUDOHOQêFKDSOLNiFLt
ƔNHćFKFHPHDE\QLHþREHåDORSDUDOHOQHY\UREtPHWRPXLQãWDQFLXWULHG\NWRUiMHSRWRPNRP77KUHDG
VDPRWQiWULHGD77KUHDGMHDEVWUDNWQiDQHYLHURELĢQLþNRQNUpWQH
ƔNRQãWUXNWRU77KUHDGPiORJLFNêSDUDPHWHUNWRUêPR]QiPLPHþLVDPiYOiNQRWKUHDGVSXVWLĢKQHćSUL
Y\WYRUHQtDOHERDåQHVN{U]DYRODQtPPHWyG\5HVXPHWUXH]QDPHQiåHSURFHVMHYSR]DVWDYHQRP
VWDYH6XVSHQGDWUHEDKRRåLYLĢPHWyGRX5HVXPH
ƔVSXVWHQLHYOiNQDWKUHDGX]QDPHQiåHVDVSXVWtWHORPHWyG\([HFXWHWiWRMHY77KUHDGGHILQRYDQi
DNRYLUWXDODDEVWUDFW
ƔNHćYOiNQRWKUHDGSRWUHEXMHSUDFRYDĢVIRUPXOiURPY\NUHVOLĢQLHþRQDVWDYLĢNRPSRQHQWPXVtE\Ģ
MHGQRGXFKêSUtNODGSRXåLWLDWULHG\7KUHDG
W\SH
7)RUP FODVV7)RUP
6WDUW7%XWWRQYRIRUPXOiULV~GYHWODþLGOi67$57D6723
6WRS7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SURFHGXUH6WRS&OLFN6HQGHU72EMHFW
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
^5 GIP`
W\SH
7%RGNXM7KUHDG FODVV77KUHDG
SULYDWH
SURFHGXUHFRVL
SURWHFWHG
SURFHGXUH([HFXWHRYHUULGH
HQG
SURFHGXUH7%RGNXM7KUHDGFRVL
EHJLQ
ZLWK)RUPGR
&DQYDV3L[HOV>UDQGRP&OLHQW:LGWKUDQGRP&OLHQW+HLJKW@ FO5HG
HQG
SURFHGXUH7%RGNXM7KUHDG([HFXWH
EHJLQ
UHSHDW
6\QFKURQL]HFRVL
XQWLO7HUPLQDWHG
HQG
YDU
ERGNRYDQLH77KUHDGPRKORE\ĢDMERGNRYDQLH7%RGNXM7KUHDG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG IDOVH
VWRS(QDEOHG WUXH
ERGNRYDQLH 7%RGNXM7KUHDG&UHDWHIDOVHKQHćVDDMVSXVWt
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG WUXH
VWRS(QDEOHG IDOVH
ERGNRYDQLH)UHH
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV3HQ:LGWK
&DQYDV3HQ&RORU FO%OXH
&DQYDV0RYH7R[\
&DQYDV/LQH7R[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV/LQH7R[\
HQG
3R]Q
ƔPHWyG\)RUP0RXVH'RZQDM)RUP0RXVH0RYHXPRåĖXM~NUHVOLĢGRIRUPXOiUDDMSRþDVERGNRYDQLD
SDUDOHOQêPSURFHVRP
ƔYãLPQLWHVLåHYLUWXiOQDPHWyGD([HFXWHQLHMHDQLSULYDWHDQLSXEOLFMHYþDVWLSURWHFWHGWR
]QDPHQiåHMHQLHþRDNRSULYDWHDOHSUHSURJUDPiWRURYNWRUtEXG~SURJUDPRYDĢRGYRGHQpWULHG\]
77KUHDGMHWRQRUPiOQHSUtVWXSQiPHWyGDDSUHYãHWNêFKRVWDWQêFKMHWRSULYDWH
$SSOLFDWLRQRQ,GOH
7DNêWRLVWêHIHNWVDGiXURELĢDMEH]YOiNQDSRPRFRXXGDORVWLRQ,GOHY\XåLWLHþDVXNHćDSOLNiFLDQLþQHUREt
Y\XåLWLHXGDORVWLRQ,GOH
W\SH
7)RUP FODVV7)RUP
6WDUW7%XWWRQ
6WRS7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SURFHGXUH6WRS&OLFN6HQGHU72EMHFW
SULYDWH
SURFHGXUHERGNXM6HQGHU72EMHFWYDU'RQH%RROHDQ
HQG
SURFHGXUH7)RUPERGNXM6HQGHU72EMHFWYDU'RQH%RROHDQ
EHJLQ
&DQYDV3L[HOV>UDQGRP&OLHQW:LGWKUDQGRP&OLHQW+HLJKW@ FO5HG
'RQH IDOVH
HQG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG IDOVH
VWRS(QDEOHG WUXH
$SSOLFDWLRQ2Q,GOH ERGNXM
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG WUXH
VWRS(QDEOHG IDOVH
$SSOLFDWLRQ2Q,GOH QLO
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV3HQ:LGWK
&DQYDV3HQ&RORU FO%OXH
&DQYDV0RYH7R[\
&DQYDV/LQH7R[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV/LQH7R[\
HQG
3UHWHN\WULHGHQt
.HćXåYLHPHY\WYiUDĢDVS~ãĢDĢSDUDOHOQpSURFHG~U\P{åHPH]UHDOL]RYDĢSUHWHN\U{]Q\FKWULHGHQtSULþRP
EXGHPHWLHWRWULHGHQLDYL]XDOL]RYDĢ.DåGiKRGQRWDYSROLEXGHYJUDILFNHMSORFKH,PDJH]REUD]HQiEXć
IDUHEQRXERGNRXDOHER~VHþNRXDNRYKLVWRJUDPH9êPHQDGYRFKSUYNRYYSROLDOHERSULUDGHQLHQHMDNHM
KRGQRW\GRSUYNXSRĐDVDEXGHUHDOL]RYDĢSRPRFQêPLPHWyGDPLY\PHQUHVSSULUDGNWRUpEXG~]iURYHĖ
SUHNUHVĐRYDĢJUDILFN~SORFKX
IRUPXOiU
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
6WDUW7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SULYDWH
VDUUD\>@RI77KUHDG
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
6RUW7KUHDGEXEEOHVRUWPLQVRUWLQVHUWVRUWPHUJHVRUWTXLFNVRUWKHDSVRUW
^5 ')0`
SURFHGXUH7)RUP6WDUW&OLFN6HQGHU72EMHFW
YDU
SSROH
LLQWHJHU
EHJLQ
'RXEOH%XIIHUHG WUXH
VWDUW(QDEOHG IDOVH
6HW/HQJWKS,PDJH:LGWK
UDQGRPL]H
IRUL WRKLJKSGRS>L@ UDQGRP,PDJH+HLJKW
V>@ 7%XEEOH6RUW&UHDWHS,PDJH
V>@ 70LQ6RUW&UHDWHS,PDJH
V>@ 7,QVHUW6RUW&UHDWHS,PDJH
V>@ 70HUJH6RUW&UHDWHS,PDJH
V>@ 74XLFN6RUW&UHDWHS,PDJH
V>@ 7+HDS6RUW&UHDWHS,PDJH
IRUL WRGRV>L@5HVXPHDåWXVDWRQDUD]YãHWNR
RGãWDUWXMH
HQG
9ãHWN\W\S\WULHGHQtY\WYRUtPHDNRSRWRPNDDEVWUDNWQHMWULHGLDFHMWULHG\76RUW7KUHDGWiWRREVDKXMHYãHWNR
þRSRWUHEXMHSDUDOHOQHY\NRQiYDQpWULHGHQLHQDSU]REUD]RYDQLHY\PLHĖDQLHSUYNRYLQLFLDOL]iFLXDSRG
RNUHPVDPRWQpKRWULHGHQLDPHWyG\VRUWWiWREXGHGRGHILQRYDQiDåYSRWRPNRFKWHMWRWULHG\
1DMOHSãLHVDUREtQRYiWKUHDGWULHGDWDNåHFH]PHQX)LOH1HZ]YROtPH7KUHDG2EMHFW!Y\WYRUtVDXQLW
NWRUêREVDKXMHVFKpPXWKUHDGXW~WRćDOHMGRUREtPH
DEVWUDNWQiWULHGLDFDWULHGD76RUW7KUHDG
XQLW6RUW7KUHDG
LQWHUIDFH
XVHV
&ODVVHV*UDSKLFV([W&WUOV
W\SH
SROH DUUD\RILQWHJHUDUUD\>1@RILQWHJHU
SURFHGXUHV\QFKURSULUDG
SURFHGXUH.UHVOLI7&RORU
SURFHGXUHV\QFKUR.UHVOL
SURWHFWHGP{åXE\ĢSRXåtYDQpOHQYSRWRPNRFK
76RUW7KUHDG
SURFHGXUHY\PHQLMLQWHJHU
SURFHGXUH6RUWYLUWXDODEVWUDFW
SURFHGXUH([HFXWHRYHUULGH
SURSHUW\S>L[LQWHJHU@LQWHJHUUHDGGDMSZULWHSULUDG
SURSHUW\1LQWHJHUUHDGGDM1
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWQSSROHLP7,PDJH
HQG
LPSOHPHQWDWLRQ
^76RUW7KUHDG`
FRQVWUXFWRU76RUW7KUHDG&UHDWHFRQVWQSSROHLP7,PDJH
EHJLQ
LQKHULWHG&UHDWHWUXHYOiNQRVDKQHćQHVSXVWtEXGHWUHED5HVXPH
SS FRS\QS/HQJWKQS
Y\V LP+HLJKW
J LP&DQYDV
.UHVOLFO%OXH
3ULRULW\ WS/RZHVW
)UHH2Q7HUPLQDWH WUXHREMHNWVDDXWRPDWLFN\XYRĐQtSRVNRQþHQt
([HFXWH
HQG
IXQFWLRQ76RUW7KUHDGGDM1LQWHJHU
EHJLQ
5HVXOW /HQJWKSS
HQG
SURFHGXUH76RUW7KUHDG.UHVOL3UYRNLLQWHJHUI7&RORU
EHJLQ
J3L[HOV>LY\VSS>L@@ INHćFKFHPHY\NUHVĐRYDĢLEDERGN\
J3HQ&RORU IJ0RYH7RLY\VJ/LQH7RLY\VSS>L@
HQG
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
YDU
WLQWHJHU
EHJLQ
LIL MWKHQH[LW
W SS>L@S>L@ SS>M@S>M@ W
HQG
SURFHGXUH76RUW7KUHDGSULUDGLKRGQLQWHJHU
EHJLQ
LISS>L@ KRGQWKHQH[LW
YL LYM KRGQ
6\QFKURQL]HV\QFKURSULUDG
HQG
SURFHGXUH76RUW7KUHDGV\QFKURSULUDG
EHJLQ
.UHVOL3UYRNYLFO:KLWH
SS>YL@ YM
.UHVOL3UYRNYLFO%OXH
HQG
SURFHGXUH76RUW7KUHDG([HFXWH
EHJLQ
6RUW
.UHVOLFO5HG
HQG
SURFHGXUH76RUW7KUHDG.UHVOLI7&RORU
EHJLQ
II I
6\QFKURQL]HV\QFKUR.UHVOL
HQG
SURFHGXUH76RUW7KUHDGV\QFKUR.UHVOL
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKSSGR
.UHVOL3UYRNLII
HQG
HQG
WULHGD7%XEEOH6RUWP{åHE\ĢGHILQRYDQiWDNWR
XQLWEXEEOHVRUW
LQWHUIDFH
XVHV
6RUW7KUHDG
W\SH
7%XEEOH6RUW FODVV76RUW7KUHDG
SURWHFWHG
SURFHGXUH6RUWRYHUULGH
HQG
LPSOHPHQWDWLRQ
SURFHGXUH7%XEEOH6RUW6RUW
YDU
LMLQWHJHU
EHJLQ
IRUL 1GRZQWRGR
IRUM WRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
HQG
0HUJH6RUWP{åHPHSUHURELĢWDNDE\VDGDOYL]XDOL]RYDĢWMEH]VSiMDQpKR]R]QDPXSRXåLOLVPHWXSRPRFQp
SROH
SUHUREHQê0HUJH6RUWSUHYL]XDOL]iFLX
SURFHGXUH70HUJH6RUW6RUW
SURFHGXUH]OXF]VNLQWHJHU
YDU
SRPSROH
LLLLQWHJHU
EHJLQ
6HW/HQJWKSRPN]
IRUL WRN]GRSRP>L@ S>]L@
SURFHGXUHPHUJH]NLQWHJHU
YDU
VWUHGLQWHJHU
EHJLQ
LI]! NWKHQH[LW
VWUHG ]NGLYUR]GHĐ
PHUJH]VWUHG
PHUJHVWUHGN
]OXF]VWUHGN
HQG
EHJLQ
PHUJH1
HQG
1'Ò
ƔVNRPSOHWL]XMWHSURJUDPQDSUHWHN\WULHGHQt
ƔSRN~VWHVDQDYUKQ~ĢVS{VRE]REUD]HQLDSUYNRYYSROLDNLFKEXGHYLDFDNRãtUNDSUtVOXãQpKR,PDJH
QDSUYMHGQRPVWĎSFLEXGHYLDFSUYNRY
ƔSRN~VWHVDQDYUKQ~ĢSURJUDPWDNDE\VDGDOR]YROLĢNWRUpWULHGHQLHEXGHYNWRUHM,PDJHSORFKHUHVS
DNpSROHVDEXGHWULHGLĢQDSUQiKRGQHJHQHURYDQpY]RVWXSQHXVSRULDGDQp]RVWXSQHXVSRULDGDQp
SROHVURYQDNêPLSUYNDPLDSRG
ƔDNGRPHWyG\([HFXWH]DY\YRODQLHPHWyG\6RUWGiWHQHMDNpSUtND]\WLHWRVDY\NRQDM~DåSRVNRQþHQt
WULHGHQLDPLQDSU5DGL[6RUW7UHH6RUW6KDNHU6RUW
3R]Q
Ɣ Y\NUHVĐRYDQLHSULHEHKXP{åHPHXUêFKOLĢWDNåHDMPHWyGXY\PHQWULHG\76RUW7KUHDG]UHDOL]XMHPH
MHGLQêPV\QFKURQL]RYDQtPWMQHEXGHVDYQHMGYDNUiWYRODĢSULUDGQDSU
XUêFKOHQêY\PHQ
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
EHJLQ
LIL MWKHQH[LW
YL LYM M
6\QFKURQL]HV\QFKURY\PHQ
HQG
SURFHGXUH76RUW7KUHDGV\QFKURY\PHQ
YDU
WLQWHJHU
EHJLQ
.UHVOL3UYRNYLFO:KLWH
.UHVOL3UYRNYMFO:KLWH
W SS>YL@SS>YL@ SS>YM@SS>YM@ W
.UHVOL3UYRNYLFO%OXH
.UHVOL3UYRNYMFO%OXH
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ G\QDPLFNpãWUXNW~U\~GDMRY]R]QDP\DVWURP\
þRVDEXGHPHGQHVXþLĢ
Ɣ U{]QHUHSUH]HQWiFLH~GDMRYHMãWUXNW~U\JUDI
*UDI\
ƔJUDIVDVNODGi
Ɣ]PQRåLQ\YUFKRORY9 ^99`
ƔDNMHGYRMLFDQHXVSRULDGDQi !QHRULHQWRYDQêJUDI
ƔDNMHGYRMLFDXVSRULDGDQi !RULHQWRYDQêJUDI
Ɣ]Qi]RUQHQLHJUDIX
ƔYUFKRO\V~NROLHVND
ƔKUDQ\V~VSRMRYQtN\DNMHJUDIRULHQWRYDQêWDNãtSN\
ƔDSOLNiFLH
ƔPHVWiVSRMHQpFHVWDPLQHRULHQWRYDQêJUDI
ƔVXVHGLDFHãWiW\REODVWL
ƔVNXSLQDĐXGtNWRUtVDQDY]iMRPSR]QDM~
ƔQHV~YLVOêEH]F\NORYDF\NOLFNê
ƔQHV~YLVOêVF\NORP
ƔQRUPiOQ\VWURP DF\NOLFNêRULHQWRYDQêJUDIGRNDåGpKRYUFKROXYHGLHKUDQD
ƔRNUHPNRUHĖD]QHKRH[LVWXMHFHVWDGRYãHWNêFKRVWDWQêFKYUFKRORY
ƔRULHQWRYDQêJUDIMH
ƔVLOQHV~YLVOêDN]NDåGpKRH[LVWXMHFHVWDGRNDåGpKR
ƔVODERV~YLVOêDNE\EH]RULHQWiFLHEROV~YLVOê
ƔLQIRUPiFLHYJUDIH
ƔYNDåGRPYUFKROHSRGREQHDNRYVWURPH
ƔQDSUY]GLDOHQRVĢPLHVWFHQDFHVWRYQpKROtVWND
ƔNRPSRQHQWV~YLVOêSRGJUDIGLVMXQNWQêVR]Y\ãNRPJUDIX
5HSUH]HQWiFLHJUDIX
D3ROHPQRåtQVXVHGRY
*UDIMHPQRåLQDYUFKRORY9SUHNDåGêYUFKROY∈ 9H[LVWXMHPQRåLQD$YPQRåLQDVXVHGRYNGH$YMH
SRGPQRåLQRX9
SROHPQRåtQVXVHGRY
W\SH
79UFKRO\ PD[
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RIVHWRI79UFKRO\
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM+UDQXDE79UFKRO\
SURFHGXUH]UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
L79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GRJ>L@ >@
HQG
SURFHGXUH7*UDISULGDM+UDQXDE79UFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQêJUDI
HQG
SURFHGXUH7*UDI]UXV+UDQXDE79UFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQêJUDI
HQG
W\SH
7*UDI FODVV
JDUUD\>79UFKRO\@RI
UHFRUGFODVV
VXVVHWRI79UFKRO\
PHQRVWULQJ
[\LQWHJHU
HQG
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM+UDQXDE79UFKRO\
SURFHGXUH]UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
3R]Q
Ɣ SUHQHRULHQWRYDQêJUDIPXVtSODWLĢåHDNZ∈J>Y@SRWRPDMY∈J>Z@
SUREOpP\
ƔOHQGRYUFKRORY
ƔQHGDM~VDWDNWRUHSUH]HQWRYDĢRKRGQRWHQpJUDI\WMQHMDNiLQIRUPiFLDQDKUDQiFK
E7DEXĐNDVXVHGQRVWt
KRGQRWRX
WDEXĐNDVXVHGQRVWt]QDPHQiGYRMUR]PHUQ~PDWLFXKUiQ
W\SH
79UFKRO\ PD[
79DKD LQWHJHU
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\79UFKRO\@RI79DKDERROHDQSUHQHRKRGQRWHQê
JUDI
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM+UDQXDE79UFKRO\Y79DKD
SURFHGXUH]UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
LM79UFKRO\
EHJLQ
SURFHGXUH7*UDISULGDM+UDQXDE79UFKRO\Y79DKD
EHJLQ
J>DE@ Y
J>ED@ YSUHQHRULHQWRYDQêJUDI
HQG
SURFHGXUH7*UDI]UXV+UDQXDE79UFKRO\
EHJLQ
J>DE@
J>ED@ SUHQHRULHQWRYDQêJUDI
HQG
F3ROHVSiMDQêFK]R]QDPRYVXVHGRY
-HGQRUR]PHUQpSROHMHGQRVPHUQêFKVSiMDQêFK]R]QDPRY
W\SH
79UFKRO\ PD[
7+UDQD FODVV
FLVOR79UFKRO\
QH[W7+UDQD
YDKDLQWHJHUSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHF79UFKRO\YLQWHJHUQ7+UDQD
HQG
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RI7+UDQD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM+UDQXDE79UFKRO\YLQWHJHU
SURFHGXUH]UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7+UDQD&UHDWHF79UFKRO\YLQWHJHUQ7+UDQD
EHJLQ
FLVOR FYDKD YQH[W Q
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
L79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GRJ>L@ QLO
HQG
SURFHGXUH7*UDISULGDM+UDQXDE79UFKRO\YLQWHJHU
EHJLQ
]UXV+UDQXDE
J>D@ 7+UDQD&UHDWHEYJ>D@
]UXV+UDQXEDSUHQHRULHQWRYDQêJUDI
J>E@ 7+UDQD&UHDWHDYJ>E@
HQG
SURFHGXUH7*UDI]UXV+UDQXDE79UFKRO\
YDU
VW7+UDQD
EHJLQ
LIJ>D@!QLOWKHQEHJLQ
V J>D@
LIVFLVOR EWKHQEHJLQ
J>D@ VQH[WV)UHH
HQG
HOVHEHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!EGRV VQH[W
LIVQH[W!QLOWKHQEHJLQ
W VQH[WVQH[W WQH[WW)UHH
HQG
HQG
HQG
LIJ>E@!QLOWKHQEHJLQ
V J>E@
LIVFLVOR DWKHQEHJLQ
J>E@ VQH[WV)UHH
HQG
HOVHEHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!DGRV VQH[W
LIVQH[W!QLOWKHQEHJLQ
W VQH[WVQH[W WQH[WW)UHH
HQG
HQG
HQG
HQG
5HVXOW V!QLO
HQG
3R]Q
Ɣ DNSRWUHEXMHPHPDĢYRYUFKRORFKćDOãLHLQIRUPiFLHWDNYWULHGH7*UDIY\WYRUtPHQRYpSROHDOHERSROHJ
EXGHSROHYUFKRORYUHFRUGDOHERFODVVSULþRPNDåGêYUFKRORNUHP]R]QDPXKUiQREVDKXMHDMQHMDN~
VYRMXLQIRUPiFLXQDSUPHQR[\SRORKDSULY\NUHVOHQtGRSORFK\DSRG
G=R]QDP]R]QDPRYYUFKRORY
Ɣ *UDIDNRMHGQRVPHUQêVSiMDQê]R]QDPYãHWNêFKYUFKRORYJUDIXSULþRPYNDåGRPYUFKROHMH]DþLDWRN
VSiMDQpKR]R]QDPXKUiQNWRUpY\FKiG]DM~]WRKWRYUFKROXNDåGiKUDQDREVDKXMHVPHUQtNQDYUFKRO
GRSUYpKR]R]QDPXVNWRUêPMHGDQêYUFKROVSRMHQêWRXWRKUDQRX
]R]QDP]R]QDPRY
W\SH
7+UDQD FODVVNDåGê]i]QDPUHSUH]HQWXMHMHGQXKUDQX
S79UFKROQLHNWRUêYUFKROJUDIX
79DKDLQWHJHU
QH[W7+UDQD
HQG
79UFKRO FODVV
VXV7+UDQD]R]QDPVXVHGRY ]R]QDPKUiQ]GDQpKRYUFKROX
PHQR[\LQIRUPiFLDRYUFKROH
QH[W79UFKRO
HQG
7*UDI 79UFKROSUYêYUFKROYVSiMDQRP]R]QDPHYãHWNêFKYUFKRORY
H'\QDPLFNpSROHG\QDPLFNêFKSROt
Ɣ *UDIMHSROHYUFKRORYSULþRPNDåGêYUFKROREVDKXMHSROHKUiQ]R]QDPVYRMLFKVXVHGLDFLFKYUFKRORY
G\QDPLFNpSROHG\QDPLFNêFKSROt
W\SH
79DKD LQWHJHU
7+UDQD FODVV
FLVORLQWHJHUSRUDGRYpþtVORYUFKROXGRNWRUpKRYHGLHKUDQD
YDKD79DKDSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHFLQWHJHUY79DKD
HQG
79UFKRO FODVV
SULYDWH
PHQRVWULQJ
[\LQWHJHU
VXVDUUD\RI7+UDQD
IXQFWLRQLQGH[+UDQ\FLQWHJHULQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJ[[\\LQWHJHU
SURFHGXUHSULGDM+UDQXFLQWHJHUY79DKD
SURFHGXUH]UXV+UDQXFLQWHJHU
SURFHGXUH]PHQ9DKX+UDQ\FLQWHJHUY79DKDRYHUORDG
SURFHGXUH]PHQ9DKX+UDQ\V7+UDQDY79DKDRYHUORDG
IXQFWLRQMH+UDQDFLQWHJHUERROHDQ
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM9UFKROPVWULQJ[[\\LQWHJHU
SURFHGXUH]UXV9UFKROFLQWHJHU
SURFHGXUHSULGDM+UDQXFFLQWHJHUY79DKDRYHUORDG
SURFHGXUHSULGDM+UDQXYY79UFKROY79DKDRYHUORDG
SURFHGXUH]UXV+UDQXFFLQWHJHU
SURFHGXUH]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
IXQFWLRQMH+UDQDFFLQWHJHUERROHDQ
HQG
^7+UDQD`
FRQVWUXFWRU7+UDQD&UHDWHFLQWHJHUY79DKD
EHJLQ
FLVOR FYDKD Y
HQG
^79UFKRO`
FRQVWUXFWRU79UFKRO&UHDWHPVWULQJ[[\\LQWHJHU
EHJLQ
PHQR P
[ [[\ \\
VXV QLO
HQG
SURFHGXUH79UFKROSULGDM+UDQXFLQWHJHUY79DKD
EHJLQ
LIQRWMH+UDQDFWKHQEHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ 7+UDQD&UHDWHFY
HQG
HQG
SURFHGXUH79UFKRO]UXV+UDQXFLQWHJHU
YDU
LLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQEHJLQ
VXV>L@)UHHVXV>L@ VXV>KLJKVXV@
6HW/HQJWKVXVKLJKVXV
HQG
HQG
SURFHGXUH79UFKRO]PHQ9DKX+UDQ\FLQWHJHUY79DKD
YDU
LLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQVXV>L@YDKD Y
HQG
SURFHGXUH79UFKRO]PHQ9DKX+UDQ\V7+UDQDY79DKD
YDU
LLQWHJHU
EHJLQ
L
ZKLOHL KLJKVXVDQGVXV>L@!VGRLQFL
LIL KLJKVXVWKHQVXV>L@YDKD Y
HQG
^7*UDI`
FRQVWUXFWRU7*UDI&UHDWH
EHJLQ
J QLO
HQG
SURFHGXUH7*UDISULGDM9UFKROPVWULQJ[[\\LQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
J>KLJKJ@ 79UFKRO&UHDWHP[[\\
HQG
SURFHGXUH7*UDI]UXV9UFKROFLQWHJHU
YDU
LMLQWHJHU
EHJLQ
LIF KLJKJWKHQEHJLQ
IRUL WRKLJKJGR]UXV+UDQXLF
J>F@)UHH
IRUL FWRKLJKJGRJ>L@ J>L@
6HW/HQJWKJKLJKJ
IRUL WRKLJKJGR
IRUM WRKLJKJ>L@VXVGR
LIJ>L@VXV>M@FLVOR!FWKHQGHFJ>L@VXV>M@FLVOR
HQG
HQG
SURFHGXUH7*UDISULGDM+UDQXFFLQWHJHUY79DKD
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
LIQRWMH+UDQDFFWKHQEHJLQ
J>F@SULGDM+UDQXFY
J>F@SULGDM+UDQXFYSUHQHRULHQWRYDQ\JUDI
HQG
HOVH
]PHQ9DKX+UDQ\FFY
HQG
SURFHGXUH7*UDISULGDM+UDQXYY79UFKROY79DKD
YDU
LMLQWHJHU
EHJLQ
L ZKLOHL KLJKJDQGJ>L@!YGRLQFL
M ZKLOHM KLJKJDQGJ>M@!YGRLQFM
LIL KLJKJDQGM KLJKJWKHQ
SULGDM+UDQXLMY
HQG
SURFHGXUH7*UDI]UXV+UDQXFFLQWHJHU
EHJLQ
LIF KLJKJDQGF KLJKJWKHQEHJLQ
J>F@]UXV+UDQXF
J>F@]UXV+UDQXFSUHQHRULHQWRYDQHJUDI\
HQG
HQG
SURFHGXUH7*UDI]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
J>F@]PHQ9DKX+UDQ\FY
HQG
Y\NUHVOHQLHJUDIXGRJUDILFNHMSORFK\
W\SH
79UFKRO FODVV
SURFHGXUH.UHVOLF7&DQYDV
HQG
7*UDI FODVV
SURFHGXUH.UHVOLF7&DQYDV
HQG
SURFHGXUH79UFKRO.UHVOLF7&DQYDV
EHJLQ
F(OOLSVH[\[\
F7H[W2XW[\PHQR
HQG
SURFHGXUH7*UDI.UHVOLF7&DQYDV
YDU
LM[[\\LQWHJHU
EHJLQ
ZLWKFGREHJLQ
%UXVK6W\OH EV&OHDU
IRUL WRKLJKJGR
ZLWKJ>L@GREHJLQ
3HQ&RORU FO%OXH
.UHVOLFY\NUHVOtYUFKRODNRNUXåQLFX
3HQ&RORU FO*UHHQ
7DNêWRJUDIP{åHPHRWHVWRYDĢQDSUtNODGWDNWR
MHGQRGXFKêWHVW
YDU
J7*UDI
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
UDQGRPL]H
J 7*UDI&UHDWH
JSULGDM9UFKRO
SUY\
UDQGRPUDQGRP
JSULGDM9UFKRO
GUXK\
UDQGRPUDQGRP
JSULGDM9UFKRO
WUHWL
UDQGRPUDQGRP
JSULGDM+UDQX
JSULGDM+UDQX
JSULGDM+UDQX
J.UHVOL,PDJH&DQYDV
HQG
1DVOHGXM~FLSUtNODGLOXVWUXMHSULGiYDQLHYUFKRORYDKUiQGRJUDIX
VSUDFRYDQLHNOLNQXWLDGRJUDILFNHMSORFK\
YDU
J7*UDI
SRFHWLQWHJHU
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
UDQGRPL]H
J 7*UDI&UHDWH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
LLQWHJHU
EHJLQ
JSULGDM9UFKRO,QW7R6WUSRFHW;<
IRUL WRSRFHWGR
LIUDQGRP WKHQ
J3ULGDM+UDQXLSRFHWUDQGRP
J.UHVOL,PDJH&DQYDV
LQFSRFHW
HQG
3R]Q
ƔWHQWRSUtNODGQHJHQHUXMH~SOQêJUDIDOHVSUDYGHSRGREQRVĢRXVSRMtQRYêYUFKROVXåH[LVWXM~FLPL
ƔYWRPWRSUtNODGHVLYãLPQLWHåHSRWUHEXMHPHSRPRFQ~SUHPHQQ~SRFHWQD]DSDPlWDQLHVLSRþWX
1'Ò
ƔNDåGpGYDYUFKRO\V~VSRMHQpKUDQRX
ƔMHSUiYH.QiKRGQHY\JHQHURYDQêFKKUiQ
ƔGDQêJUDIY\NUHVOLWHWDNåHYNDåGRPYUFKROHY\StãHWHþtVORSRþHWKUiQNWRUi]QHKRY\FKiG]DM~W]Y
iUQRVĢYUFKROX
ƔSUHGDQêJUDI]LVWLWHSRþHWL]RORYDQêFKYUFKRORY
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ H[LVWXM~U{]QHUHSUH]HQWiFLHJUDIRYJUDIYLHPHY\WYRULĢDMY\NUHVOLĢGRJUDILFNHMSORFK\
Ɣ ãWUXNW~UX~GDMRYVWURPYLHPHSUHFKiG]DĢDOJRULWPDPLW\SXLQRUGHUSUHRUGHUSRVWRUGHU
þRVDEXGHPHGQHVXþLĢ
Ɣ]iNODGQpQDMMHGQRGXFKãLHDOJRULWP\QDSUHFKiG]DQLHYUFKRORYYJUDIH
Ɣ]LVWHQLHSRþWXNRPSRQHQWRYJUDIXDWêPDMV~YLVORVĢJUDIX
ƔQiMGHQLHQDMNUDWãHMFHVW\YJUDIHSRPRFRXDOJRULWPXGRKĎEN\
3UHKĐDGiYDQLHJUDIRY
Ɣ%XGHPHULHãLĢ~ORK\YNWRUêFKEXGHPHSRVWXSQHSUHFKiG]DĢYãHWN\YUFKRO\JUDIX
ƔSUHKĐDGiYDQLHVD]DþQH]QHMDNpKRĐXERYRĐQpKRYUFKROX
ƔNDåGêYUFKROQDYãWtYLPHPD[LPiOQHUD]DPRåQRSUiYHUD]]iYLVtRGDSOLNiFLH
Ɣ3RVWXSXMHPHGYRPDVS{VREPL
ƔGRKĎEN\SRGREQHDNRSUHRUGHUYVWURPRFK
ƔGRãtUN\DNRSR~URYQLDFKYVWURPRFK
Ɣ=DGHILQXMHPHSRPRFQpSROHQDSUHKĐDGiYDQLHYNWRURPVDSDPlWiVDþLEROYUFKROXåQDYãWtYHQê
þDVWRWREêYDVWDYRYiSUHPHQQiWULHG\7*UDI
ƔYDUYLVLWHGDUUD\>YUFKRO\@RIERROHDQ
ƔP{åHVDURELĢDMDNR
ƔYDUYLVLWHGVHWRIYUFKRO\
$OJRULWPXVGRKĎEN\
YãHREHFQH
SURFHGXUHGRKOEN\Y
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YãHWNêFKVXVHGRYYGR
LIQRWZLQYLVLWHGWKHQGRKOEN\Z
HQG
%XGHPHSUHGSRNODGDĢåHPiPHGHILQRYDQpPHWyG\QD]LVWHQLHKUDQ\]DIDUEHQLHYUFKROXDKUDQ\
QDSUSUHJUDIUHSUH]HQWRYDQêSRĐRPPQRåtQ
W\SH
7*UDI FODVV
JDUUD\RIUHFRUG
[\LQWHJHU
PVHWRIE\WH
HQG
YLVLWHGVHWRIE\WHPQRåLQDQDYãWtYHQêFKYUFKRORY
HQG
SURFHGXUH7*UDI]DIDUEL9UFKROYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF(OOLSVH[U\U[U\U
HQG
SURFHGXUH7*UDI]DIDUEL+UDQXYYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF0RYH7R[\
ZLWKJ>Y@GRF/LQH7R[\
HQG
DOHDMSUHG\QDPLFNpSROHG\QDPLFNêFKSROt
W\SH
7+UDQD FODVV
FLVORLQWHJHU
FRQVWUXFWRU&UHDWHYLQWHJHU
HQG
79UFKRO FODVV
[\LQWHJHU
VXVDUUD\RI7+UDQD
HQG
7*UDI FODVV
JDUUD\RI79UFKRO
YLVLWHGVHWRIE\WH
HQG
YDU
LLQWHJHU
EHJLQ
L KLJKJ>Y@VXVZKLOHL! DQGJ>Y@VXV>L@FLVOR!YGRGHFL
5HVXOW L!
HQG
$WHUD]NRQNUpWQHDOJRULWPXVSUHKĐDGiYDQLDGRKĎEN\
]DIDUEXMHQDYãWtYHQpYUFKRO\DMKUDQ\SRNWRUêFKSUHFKiG]D
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYFO5HGVSUDFXMYUFKRO
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLFO5HGVSUDFXMKUDQX
GRKOEN\L
HQG
HQG
2WHVWXMPHWHQWRDOJRULWPXVQDWDNRPWRJUDIH
ƔSUHGSRNODGDMPHåHSUHKĐDGiYDQLHãWDUWXMHPHYR
YUFKROH
ƔWHQWRYUFKROVD]DIDUEtQDþHUYHQR
ƔYRIRUF\NOHVDQiMGHSUYêHãWHQHQDYãWtYHQêVXVHG
YUFKROXYUFKRO]DIDUEtVDKUDQDDUHNXU]tYQHVD
YROiGRKOEN\SUH
ƔDMWHQWRYUFKROVD]DIDUEtQDþHUYHQRDQiMGHVDMHKR
VXVHG
Ɣ]DIDUEtVDKUDQDDRSlĢYUHNXU]tYQRPYRODQtVD]DIDUEt
DM
ƔSUYêHãWHQHQDYãWtYHQêVXVHGMH]DIDUEtVDNQHPX
KUDQDDUHNXU]tYQHVDYROiGRKOEN\SUHYUFKRO
QDNRĐNRXåQHPiQHQDYãWtYHQêFKVXVHGRYWRWR
YRODQLHOHQ]DIDUEtDNRQþt
ƔSRNUDþXMHF\NOXVSUHYUFKROQiMGHVDVXVHGD
]DIDUEtVDKUDQD
ƔDOJRULWPXVNRQþtDWHUD]P{åHPHYLGLHĢNWRUpKUDQ\VD
]DIDUELOL
1HUHNXU]tYQ\DOJRULWPXVNWRUêLEDGRPQRåLQ\QDYãWtYHQêFKYUFKRORYSULGiYãHWN\WLHNWRUpV~GRVLDKQXWHĐQp]
QHMDNpKRSRþLDWRþQpKRYUFKROX
QHUHNXU]tYQ\DOJRULWPXVGRKĎEN\
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
V76WDFN
EHJLQ
V 76WDFN&UHDWHVSXVKY
UHSHDW
VSRSY
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
XQWLOVHPSW\
V)UHH
HQG
+RFLWHQWRDOJRULWPXVY\]HUiYSRULDGNXDNKRRWHVWXMHPHQDURYQDNRPMHGQRGXFKRPJUDIH]LVWtPHåH
QLHNWRUêYUFKROVDEXGHVSUDFRYiYDĢ]DIDUERYDĢGYDNUiWDWRP{åHE\ĢYQLHNWRUêFKVLWXiFLiFKQHSULMDWHĐQp
ƔRSlĢ]DþQHPHVYUFKRORPQDMSUYVDYORåtGRSUi]GQHKR]iVREQtNDQD]DþLDWNXUHSHDWF\NOXVD
Y\EHULHDVSUDFXMH]DHYLGXMHDPRåQRDM]DIDUEt
ƔYRIRUF\NOHVDGRWHUD]SUi]GQHKR]iVREQtNDYORåLDVXVHGLDWMGR]iVREQtNDSULEXGQ~
ƔQD]DþLDWNXUHSHDWF\NOXVD]YUFKX]iVREQtNDY\EHULH]DHYLGXMHDYãHWN\HãWHQHQDYãWtYHQpYUFKRO\
VNWRUêPLVXVHGtVDSULGDM~GR]iVREQtNDGR]iVREQtNDSULEXGQHWMMHWDP
Ɣ]YUFKX]iVREQtNDVDY\EHULH]DHYLGXMHVDDYORåLDVDQDYUFK]iVREQtNDQHQDYãWtYHQtVXVHGLDWMY
VSUiYQHE\PDOQHUHNXU]tYQ\DOJRULWPXVY\]HUDĢWDNWR
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
V76WDFN
EHJLQ
V 76WDFN&UHDWHVSXVKY
UHSHDW
VSRSY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
HQG
XQWLOVHPSW\
V)UHH
HQG
IDUEHQLHYãHWNêFKKUiQDYUFKRORY
SURFHGXUH7*UDIGRKOEN\YLQWHJHUI7&RORU
YDU
LLQWHJHU
V76WDFN
EHJLQ
V 76WDFN&UHDWHVSXVKY
UHSHDW
VSRSY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI
IRUL WRKLJKJGR
LIMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLI
LIQRWLLQYLVLWHGWKHQVSXVKL
HQG
HQG
XQWLOVHPSW\
V)UHH
HQG
3R]Q
Ɣ =UHMPHSUHGNDåGêPYRODQtPDOJRULWPXGRKOEN\E\ERORWUHEDQHMDNRQDVWDYLĢPQRåLQXQDYãWtYHQêFK
YUFKRORYYLVLWHGQDSUi]GQX
DOJRULWPXVGRKĎEN\P{åHPHSRXåLĢQD
Ɣ]LVWHQLHSRþWXNRPSRQHQWRYJUDIXUHVSþLMHJUDIV~YLVOê
ƔQiMGHQLHQHMDNHMFHVW\PHG]LGYRPDYUFKROPL
Ɣ]LVWHQLHþLV~GYDYUFKRO\YWRPLVWRPNRPSRQHQWH
Ɣ]DIDUERYDQLHYUFKRORYDKUiQ
]DIDUEtYãHWN\NRPSRQHQW\DYUiWLLFKSRþHW
FRQVW
IDUUD\>PD[@RI7&RORU
IXQFWLRQ7*UDINRPSRQHQW\LQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW YLVLWHG >@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
GRKOEN\LI>5HVXOW@
LQF5HVXOW
HQG
HQG
$OJRULWPXVGRãtUN\
QDMSUYYãHREHFQH
SURFHGXUHGRVLUN\Y
YDU
T74XHXH
ZLQWHJHU
EHJLQ
T 74XHXH&UHDWHTDSSHQGY
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YãHWNêFKVXVHGRYYGR
IRUZ WRKLJKJGRLIMH+UDQDYZWKHQ
LIQRWZLQYLVLWHGWKHQ
TDSSHQGZ
HQG
XQWLOTHPSW\
T)UHH
HQG
.RQNUpWQHSRXåLMHPHDOJRULWPXVSUHKĐDGiYDQLDGRãtUN\QD]DIDUERYDQLHYUFKRORYSRGĐDWRKRDNRćDOHNRV~
RGSRþLDWRþQpKRYUFKROXY
DOJRULWPXVGRãtUN\
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
LXLQWHJHU
T74XHXHYRIURQWHVLSUHNDåGêYUFKROSDPlWiPHMHKR~URYHĖ
Y]GLDOHQRVĢ
EHJLQ
T 74XHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI>X@IMHQHMDNpSROHIDULHE
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
TDSSHQGLX
HQG
XQWLOTHPSW\
T)UHH
HQG
3R]Q
ƔSRURYQDMWHWHQWRDOJRULWPXVVQHUHNXU]tYQ\PSUHKĐDGiYDQtPGRKĎEN\
ƔSRXåtYDPHUDGGRNWRUpKRYNODGiPHDMY\EHUiPHYåG\GYHFHORþtVHOQpKRGQRW\
ƔYV~ERUHJUDI]LSMHMHGQRGXFKêXNiåNRYêSURMHNWVDOJRULWPRPGRãtUN\
]DIDUEtOHQKUDQ\JUDIXSRGĐDWRKRDNRćDOHNRV~GRGDQpKRYUFKROX
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
LXLQWHJHU
T74XHXH
EHJLQ
T 74XHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLI>X@
TDSSHQGLX
HQG
HQG
XQWLOTHPSW\
T)UHH
HQG
PHWyGDSRþtWDY]GLDOHQRVĢGYRFKYUFKRORY
Ɣ IXQNFLDYUiWLDNQHH[LVWXMHFHVWD]YGRY
5R]ãtULPHWHQWRDOJRULWPXVQLHOHQQD]LVWHQLHY]GLDOHQRVWLGYRFKYUFKRORYDOHDMQD]DSDPlWDQLHWHMWR
QDMNUDWãHMFHVW\3RXåLMHPHWDN~WRLGHXY\WYRUtPHSRPRFQpSROHYNWRURPVLEXGHPHSUHNDåGêYUFKRO
SDPlWDĢMHKRSUHGFKRGFXYFHVWHWMYåG\NHćVLYUDGH]DSDPlWiPHYUFKRODSSHQGNWRUêSOiQXMHPHY
EXG~FQRVWLSUHVN~PDĢ]DSDPlWiPHVLVQtPDMMHKRSUHGFKRGFXRGNLDĐVPHNQHPXSULãOL.HćYUFKRO]
IURQWXY\EHULHPHVHUYHWDNYLHPHDMMHKRSUHGFKRGFXQDFHVWHDP{åHPHVLKR]DHYLGRYDĢYSRPRFQRPSROL
1D]iYHUNHćVPHGRUD]LOLGRFLHĐDSRPRFRXSUHGFKRGFRYXORåHQêFKYSRPRFQRPSROLVDYLHPHSRVWXSQH
YUDFDĢVSlĢDWHGDYLHPHVNRQãWUXRYDĢYêVOHGQpG\QDPLFNpSROHKRGQRWDYSROL]QDPHQiåHYUFKROQHPi
SUHGFKRGFXMHSUYêQDFHVWH
KĐDGDQLHQDMNUDWãHMFHVW\YJUDIH
W\SH
SRVWXSQRVW DUUD\RILQWHJHU
3R]Q
]KUĖPHSRXåLWLHDOJRULWPXGRãtUN\
ƔSRGREQHDNRGRKĎEN\YLHPH]LVWLĢYUFKRO\NWRUpSDWULDGRMHGQpKRNRPSRQHQWXDWHGDDM]LVWLĢSRþHW
NRPSRQHQWRY
ƔYLHPH]LVWLĢ]DIDUELĢYUFKRO\KUDQ\URYQDNRY]GLDOHQpRGGDQpKRYUFKROX
ƔYLHPH]LVWLĢY]GLDOHQRVĢUHVSQDMNUDWãLXFHVWXPHG]LGYRPDYUFKROPLYJUDIH
1'Ò
ƔRGODćWHWLHWRDOJRULWP\YU{]Q\FKUHSUH]HQWiFLiFKJUDIX
Ɣ]UHDOL]XMWHSUHYRG\PHG]LU{]Q\PLUHSUH]HQWiFLDPLJUDIRYQDSUJUDIUHSUH]HQWRYDQêSRĐRPPQRåtQ
SUHNRQYHUWXMWHGRG\QDPLFNpKRSRĐDG\QDPLFNêFKSROt
ƔSUHYRGELQiUQHKR1iUQHKRYãHREHFQpKRVWURPXGRRULHQWRYDQpKRQHRULHQWRYDQpKRJUDIX
ƔY\JHQHURYDĢJUDIQDSUãDFKRYQLFX1[1
ƔYUFKRO\V~VXVHGQpSRGĐDSRK\EXNUiĐDNRĖD
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ DOJRULWP\SUHKĐDGiYDQLDJUDIXGRKĎEN\DGRãtUN\
þRVDEXGHPHGQHVXþLĢ
Ɣ KĐDGDQLHULHãHQLDQHMDNHM~ORK\SRVWXSQêPNRQãWUXRYDQtPWRKRWRULHãHQLD
Ɣ SULWRPVDVQDåtPHþtPVN{URGKDGQ~ĢþL]DWLDĐNRQãWUXRYDQpULHãHQLHPiSHUVSHNWtYXDOHERWR
WUHEDVN~VLĢLQDN
3UHKODGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
5LHãLPH~ORK\W\SX
3RGREQHDNRSUHKĐDGiYDQLHJUDIXGRKĎEN\
ƔHYLGXMHPHNGHVPHXåEROLPRåQRSRVWXSQHNRQãWUXXMHPHULHãHQLH
ƔþtPVN{UWUHEDUR]SR]QDĢåHVPHVDY\GDOL]OêPVPHURPDYUiWLĢVDQDQDMEOLåãLXRGERþNX !Y\VN~ãDĢ
LQêVPHU
ƔSULQiYUDWHYSUHKĐDGiYDQtWUHEDYUiWLĢ]DHYLGRYDQêVWDYGRS{YRGQpKRVWDYXDNRE\VPHDQLQHYRãOLGR
VOHSHMXOLþN\
ÒORK\EXGHPHULHãLĢWDNåHNRPSOHWQp~GDMRYpãWUXNW~U\DYãHWN\DOJRULWP\X]DYULHPHGRWULHG\QDSU
78ORKDDRGGHOtPHRGIRUPXOiUDGRVDPRVWDWQpKRXQLWXQDSUXQLW8ORKD
GiPQDãDFKRYQLFL[
DOJRULWPXVSUHKODGiYDQLD
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
SURFHGXUHKODGDMWDK
EHJLQ
]D]QDFBWDK
LINRQLHFWKHQY\SLV
HOVH
Y\VN~ãDMQDVOHGXM~FLĢDK±YãHWN\PRåQRVWL
KODGDMQDVOHGXM~FLBĢDK
RG]QDFBWDK
HQG
XSUHVQtPHSUH~ORKX1GiP
SURFHGXUHKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHUVPXVtE\ĢORNiOQDþDVWiFK\EDĢDåNRVDODGt
EHJLQ
]D]QDFBWDKQDSUG>ULDGVWOS@ WUXH
LIULDG 1WKHQY\SLV
HOVHSUHULDGULDGRNYãHWN\PRåQRVWLVWĎSFD
IRUV WR1GR
LIPR]HULDGVWKHQKODGDMULDGV
RG]QDFBWDKQDSUG>ULDGVWOS@ IDOVH
HQG
9\OHSãtPHHYLGRYDQLHĢDKRY
ƔKODYQêSUREOpPMHHYLGRYDQLHXKORSULHþRNYUR]PHUQRPSROLMHWR]E\WRþQHNRPSOLNRYDQp
ƔY\WYRUtPHORJLFNpSROLDYRĐQêVWĎSHFYRĐQpãLNPpXKORSULHþN\YRĐQpRSDþQpXKORSULHþN\
ƔXKORSULHþNRYpSROLD
ULDGVWOS
ƔXV~þWRYpXKORSULHþN\DUUD\>
Q@
ƔX±UR]GLHORYpXKORSULHþN\DUUD\>QQ@
ƔVWDUUD\>Q@RILQWHJHU
SURJUDP
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
XQLW8QLWGDP
LQWHUIDFH
XVHV
*UDSKLFV
FRQVW
Q
W\SH
78ORKD FODVV
SULYDWH
VWDUUD\>Q@RIERROHDQYRĐQpVWĎSFH
XDUUD\>
Q@RIERROHDQYRĐQpXKORSULHþN\W\SX
XDUUD\>QQ@RIERROHDQYRĐQpXKORSULHþN\W\SX
ULHVHQLHDUUD\>Q@RILQWHJHUULHãHQtPMHQWLFDþtVHO
F7&DQYDV
SURFHGXUHKODGDMULDGVWOSLQWHJHU
SURFHGXUHY\SLV
SXEOLF
FRQVWUXFWRU&UHDWHFF7&DQYDV
SURFHGXUHULHV
HQG
LPSOHPHQWDWLRQ
XVHV
7\SHV6\V8WLOV
FRQVWUXFWRU78ORKD&UHDWHFF7&DQYDV
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
F FF
HQG
SURFHGXUH78ORKDULHV
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRKODGDML
HQG
SURFHGXUH78ORKDKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
]DSDPlWiPVLĢDKNY{OLYêSLVX
ULHVHQLH>ULDG@ VWOS
]D]QDþtPREVDGHQpSROtþND
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG 1WKHQY\SLV
HOVH
SUHULDGULDGRNYãHWN\PRåQRVWLVWĎSFD
IRUV WRQGR
LIP{åHWKHQ
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
XYRĐQtPVWĎSHFDXKORSULHþN\ !RG]QDþtPĢDK
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
SURFHGXUH78ORKDY\SLV
FRQVW
VLU
YDU
LMLQWHJHU
EHJLQ
ZLWKFGREHJLQ
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW5HFW
%UXVK6W\OH EV&OHDU
3HQ&RORU FO%ODFN
IRUL WRQGREHJLQ
5HFWDQJOHL
VLUVLUL
VLUVLUQ
VLUVLU
5HFWDQJOHVLUL
VLUQ
VLUVLUL
VLUVLU
HQG
%UXVK6W\OH EV6ROLG
%UXVK&RORU FO5HG
IRUL WRQGREHJLQ
M ULHVHQLH>L@
(OOLSVHM
VLUL
VLUM
VLUVLUL
VLUVLU
HQG
HQG
HQG
D]IRUPXOiUDWRQDãWDUWXMHPHQDSUWDNWR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
ZLWK78ORKD&UHDWH,PDJH&DQYDVGREHJLQ
ULHV
)UHH
HQG
HQG
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
Ɣ þDVWREXGHPHSRWUHERYDĢ]REUD]RYDĢSULHEHKEDFNWUDFNLQJX
ƔSRPRFQiPHWyGDNUHVOL'DPXYLHQDNUHVOLĢUHVS]PD]DĢGiPXQDãDFKRYQLFL
❍SRNDåGRPQDNUHVOHQtGiP\VDYêSRþHWQDFKYtĐX]GUåtSRPRFQRXSURFHG~URXFDNDM
❍SRQiMGHQtSUYpKRULHãHQLDVDQDVWDYtSUHPHQQiRNQDWUXHWRWRQiPXPRåQtY\VNRþLĢ]
UHNXU]tYQHKREDFNWUDFNLQJX
]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
XQLW8QLWGDP
LQWHUIDFH
XVHV
*UDSKLFV
FRQVW
Q
W\SH
78ORKD FODVV
SULYDWH
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
ULHVHQLHDUUD\>Q@RILQWHJHU
F7&DQYDV
RNERROHDQ
SURFHGXUHKODGDMULDGVWOSLQWHJHU
SURFHGXUHNUHVOL'DPXLMLQWHJHUEERROHDQ
SXEOLF
FRQVWUXFWRU&UHDWHFF7&DQYDV
SURFHGXUHULHV
HQG
LPSOHPHQWDWLRQ
XVHV
7\SHV6\V8WLOV)RUPV
SURFHGXUHFDNDM0LOOL6HF/RQJLQW
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPH0LOOL6HFGLY
0LOOL6HFGLYPRG0LOOL6HFPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
FRQVWUXFWRU78ORKD&UHDWHFF7&DQYDV
YDU
LLQWHJHU
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
F FF
HQG
FRQVW
VLU
SURFHGXUH78ORKDULHV
YDU
LLQWHJHU
EHJLQ
RN IDOVH
ZLWKFGREHJLQSULSUDYtPHSUi]GQXãDFKRYQLFX
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW5HFW
%UXVK6W\OH EV&OHDU
3HQ&RORU FO%ODFN
IRUL WRQGREHJLQ
5HFWDQJOHL
VLUVLUL
VLUVLUQ
VLUVLU
5HFWDQJOHVLUL
VLUQ
VLUVLUL
VLUVLU
HQG
HQG
IRUL WRQGRKODGDML
HQG
SURFHGXUH78ORKDKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHU
EHJLQ
LIRNWKHQH[LW
ULHVHQLH>ULDG@ VWOS
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
NUHVOL'DPXULDGVWOSWUXHFDNDMQDNUHVOtGiPX
LIULDG 1WKHQRN WUXH
HOVH
IRUV WRQGR
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
LIRNWKHQH[LW
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
NUHVOL'DPXULDGVWOSIDOVH]PDåHGiPX
HQG
SURFHGXUH78ORKDNUHVOL'DPXLMLQWHJHUEERROHDQ
EHJLQ
ZLWKFGREHJLQ
%UXVK6W\OH EV6ROLG
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
3HQ&RORU FO%ODFN
LIEWKHQEHJLQ
%UXVK&RORU FO5HG
(OOLSVHM
VLUL
VLUM
VLUVLUL
VLUVLU
HQG
HOVHEHJLQ
%UXVK&RORU FO:KLWH
5HFWDQJOHM
VLUL
VLUM
VLUVLUL
VLUVLU
HQG
HQG
HQG
1'Ò
ƔYãHWNêFKULHãHQtSUH[MHDOH]QLFKV~PQRKpOHQRWRþHQLHãDFKRYQLFHUHVS]UNDGORQiMGLWH
YãHWN\U{]QHULHãHQLD
ƔUR]RVWDYWHPLQLPiOQ\SRþHWGiPQDãDFKRYQLFL1[1DE\RKUR]RYDOLYãHWN\SROtþNDãDFKRYQLFH
'UXKêYDULDQWULHãHQLDGiPSRPRFRXEDFNWUDFNLQJX
ƔEDFNWUDFNLQJRYiSURFHG~UDQHGRVWDQHSUHVQ~SR]tFLXNGHSRORåLĢGiPXDOHOHQULDGRNDVDPDMX
Y\VN~ãDSRORåLĢGRYãHWNêFKVWĎSFRYMHWRVNRURWRLVWpDNRSUHGWêP
ƔQDMSUYYRYãHREHFQRVWLSDUDPHWURPKODGDMEXGHQLHQRYêĢDKDOHOHQ~URYHĖYNWRUHMKĐDGiPHQRYê
ĢDKKODGDMSRVWXSQHVN~ãDYãHWN\PRåQpĢDK\YGDQHM~URYQL
YãHREHFQH
SURFHGXUHKODGDM~URYHQ
YDU
EHJLQ
IRUWDK YPRPHQWiOQHM~URYQLGR
LIPR]HWDKWKHQEHJLQ
]D]QDFBWDK
LINRQLHFWKHQY\SLV
HOVHKODGDMQDVOHGXM~FDB~URYHĖ
RG]QDFBWDK
HQG
HQG
DSUHSUREOpPGiP
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
SURFHGXUH78ORKDKODGDMULDGLQWHJHU
YDU
VWOSLQWHJHU
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQEHJLQ
ULHVHQLH>ULDG@ VWOS
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG QWKHQY\SLV
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUH78ORKDULHV
EHJLQ
KODGDM
HQG
Ɣ ULHãHQLHGRSOQtPHRWRWR
ƔQDMSUYVDYãHWN\ULHãHQLDY\StãXGR/LVW%R[X
ƔSRWRPNOLNQXWLHQDQLHNWRUpULHãHQLHY/LVW%R[HKR]REUD]tGRJUDILFNHMSORFK\,PDJH&DQYDV
WULHGX]DGHILQXMHPHGRXQLWX
XQLW8QLWGDP
LQWHUIDFH
XVHV
*UDSKLFV6WG&WUOV
FRQVW
Q
W\SH
78ORKD FODVV
SULYDWH
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
ULHVHQLHDUUD\>Q@RILQWHJHU
O7/LVW%R[
SRFHWLQWHJHU
SURFHGXUHKODGDMULDGLQWHJHU
SURFHGXUHQRYH5LHVHQLH
SXEOLF
FRQVWUXFWRU&UHDWHOO7/LVW%R[
SURFHGXUHULHV
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
SURFHGXUHY\SLVF7&DQYDVVVWULQJ
HQG
LPSOHPHQWDWLRQ
XVHV
7\SHV6\V8WLOV
FRQVWUXFWRU78ORKD&UHDWHOO7/LVW%R[
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
O OO
HQG
SURFHGXUH78ORKDULHV
EHJLQ
SRFHW O,WHPV&OHDU
KODGDM
HQG
SURFHGXUH78ORKDKODGDMULDGLQWHJHU
YDU
VWOSLQWHJHU
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQEHJLQ
ULHVHQLH>ULDG@ VWOS
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG QWKHQQRYH5LHVHQLH
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUH78ORKDQRYH5LHVHQLH
YDU
LLQWHJHU
VVWULQJ
EHJLQ
LQFSRFHW
V ,QW7R6WUSRFHW
IRUL WRQGRV V,QW7R6WUULHVHQLH>L@
O,WHPV$GGV
HQG
SURFHGXUH78ORKDY\SLVF7&DQYDVVVWULQJ
FRQVW
VLU
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
YDU
LMLQWHJHU
EHJLQ
GHOHWHVSRV
V
ZLWKFGREHJLQ
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW5HFW
%UXVK6W\OH EV&OHDU
IRUL WRQGREHJLQ
5HFWDQJOHL
VLUVLUL
VLUVLUQ
VLUVLU
5HFWDQJOHVLUL
VLUQ
VLUVLUL
VLUVLU
HQG
%UXVK6W\OH EV6ROLG
%UXVK&RORU FO5HG
IRUL WRQGREHJLQ
M RUGV>L@RUG
(OOLSVHM
VLUL
VLUM
VLUVLUL
VLUVLU
HQG
HQG
HQG
DIRUPXOiU
YDU
X78ORKD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
X 78ORKD&UHDWH/LVW%R[
XULHV
/LVW%R[6HOHFWHG>@ WUXH
XY\SLV,PDJH&DQYDV/LVW%R[,WHPV6WULQJV>@
HQG
SURFHGXUH7)RUP/LVW%R[&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
L /LVW%R[,WHPV&RXQW
ZKLOHL! DQGQRW/LVW%R[6HOHFWHG>L@GRGHFL
LIL! WKHQ
XY\SLV,PDJH&DQYDV/LVW%R[,WHPV6WULQJV>L@
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
X)UHH
HQG
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
3R]Q
ƔY\JHQHURYDQLHYãHWNêFKULHãHQtQLHMHQDMOHSãLHURELĢYR)RUP&UHDWHYQLHNWRUêFK~ORKiFKWRSRWRP
P{åHWUYDĢGRVĢGOKRNêPVDREMDYtIRUPXOiU
ƔQDY\NUHVOHQLHULHãHQLDY\XåtYDPHUHĢD]FH]/LVW%R[XWRWRP{åHQLHNHG\URELĢSUREOpP\QDSUSUH1
YlþãLHDNRSUHUREWHWRQHMDNR
'RPþHNMHGQêPĢDKRP
Ɣ GRPþHNMHQHRULHQWRYDQêJUDIVYUFKROPL
EXGHPHKRUHSUH]HQWRYDĢWDEXĐNRXVXVHGQRVWtWULHGX]DGHILQXMHPHYVDPRVWDWQRPXQLWH
XQLW8QLW'RPFHN
LQWHUIDFH
XVHV
*UDSKLFV
W\SH
77DEXOND DUUD\>@RIERROHDQ
78ORKD FODVV
SULYDWH
E77DEXONDJUDIDNRWDEXĐNDVXVHGQRVWt
GDUUD\>@RILQWHJHUSRVWXSQRVĢYUFKRORYPRPHQWiOQHULHãHQLH
SRFHWLQWHJHUSRþHWULHãHQt
F7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHJHQHUSLLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFF7&DQYDV
SURFHGXUHVWDUW
HQG
LPSOHPHQWDWLRQ
XVHV
7\SHV6\V8WLOV
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
FRQVW
W WUXHI IDOVH
FRQVWUXFWRU78ORKD&UHDWHFF7&DQYDV
FRQVW
WDE77DEXOND
IWWWIWIWWIWWIWWWWWIWIIWWI
EHJLQ
E WDESRFHW F FF
HQG
SURFHGXUH78ORKDVWDUW
YDU
LLQWHJHU
EHJLQ
ZLWKFGREHJLQ
%UXVK&RORU FO:KLWH
%UXVK6W\OH EV6ROLG
)LOO5HFW5HFW
HQG
IRUL WRGREHJLQ]DþDĢP{åHPHYĐXERYRĐQRPYUFKROH
G>@ L
JHQHUL
HQG
WHUD]XåPiPHYãHWN\ULHãHQLD
HQG
SURFHGXUH78ORKDNUHVOL
FRQVW
[\DUUD\>@RI73RLQW
[\[\[\[\[\
EHJLQ
LQFSRFHW
QDNUHVOHQLHGRPþHNDGR&DQYDVX
GRPþHN\WUHED]YlþãLĢDNDåGêQHMDNRSRVXQ~Ģ
F0RYH7R[\>G>@@[[\>G>@@\
IRUL WRGREHJLQ
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
F/LQH7R[\>G>L@@[[\>G>L@@\
HQG
HQG
ULHãHQLH~ORK\P{åHPH]IRUPXOiUD]DYRODĢQDSUWDNWR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
ZLWK78ORKD&UHDWH,PDJH&DQYDVGREHJLQ
VWDUW
)UHH
HQG
HQG
1'Ò
ƔSURFHG~UDNUHVOLY\NUHVOtSRVWXSQHYãHWNêFKULHãHQtIDUHEQHUR]OtãWHSRUDGLHKUiQDOHERY\SLVXMWH
SRUDGRYpþtVORKUDQ\
Ɣ]REUD]XMWHSULHEHKEDFNWUDFNLQJX
Ɣ]PHĖWHSURJUDPWDNDE\QDãLHOOHQSUYpULHãHQLHDDE\UHNXU]LDNRUHNWQHVNRQþLODDE\VDSRNUDþRYDOR
]DJHQHUY78ORKDVWDUW
WLDYQDS~ãWL
+ODYRODPWLDYQDS~ãWL
ƔWLDYS{MGHYNDUDYiQHGQt
ƔYHGHFN\VDXNi]DORåHDNĢDYDSR]HUiQDGRSUDYQ~]QDþNXFHOêGHĖWDNVDMXQDXþt
ƔSUHWRQDPDĐRYDOLQD]DGN\WLDYU{]Q\FK]QDþLHN
]QDþLHNNDåGêGHĖMHMHGQDĢDYDYHG~FDDWiVDQLþQHXþt
ƔĢDY\RþtVOXMHPHDP{åHPHSUHGSRNODGDĢåHSUYêGHĖLG~YSRUDGtMHYHG~FD
ƔGUXKêGHĖP{åHE\ĢGUXKiYHG~FDDWć
ƔĢDY\YNDUDYiQDFKEXGHPH]QDþLĢGRSRĐD3DUUD\>@RILQWHJHU3>@SUYêGHĖ
ƔYSROL%>LM@VL]DSDPlWiPHþLVDMWDĢDYDPiHãWHQDXþLĢ]QDþNXQD]DGNXLWHMWUXH]QDPHQiåHHãWH
MXQHYLHDWHGDP{åHtVĢ]DĖRX
XQLWNWRUêREVDKXMHGHILQtFLXWULHG\
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
XQLW8QLW7DY\
LQWHUIDFH
XVHV
&ODVVHV
FRQVW
1
W\SH
78ORKD FODVV
SULYDWH
3DUUD\>11@RILQWHJHU
%DUUD\>11@RIERROHDQ
%5VHWRI1
SRFHWLQWHJHUSRþHWQiMGHQêFKULHãHQt
P76WULQJV0HPRGRNWRUpKR]DSLVXMHPHQiMGHQpULHãHQLD
SURFHGXUHEDFNWUDFNLQJUVLQWHJHU
SURFHGXUHY\SLV
SXEOLF
FRQVWUXFWRU&UHDWHPP76WULQJV
SURFHGXUHULHV
HQG
LPSOHPHQWDWLRQ
XVHV
6\V8WLOV
SURFHGXUH78ORKDULHV
YDU
LMLQWHJHU
EHJLQ
IRUL WR1GR
IRUM WR1GR
%>LM@ WUXH
3>@
IRUL WR1GREHJLQ
3>L@ L3>L@ L%>LL@ IDOVH
HQG
SRFHW P&OHDU
EDFNWUDFNLQJ
HQG
SURFHGXUH78ORKDY\SLV
YDU
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
LMLQWHJHU
VVWULQJ
EHJLQ
LQFSRFHW
P$GG,QW7R6WUSRFHW
IRUL WR1GREHJLQ
V
IRUM WR1GRV V,QW7R6WU3>LM@
P$GGV
HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
ZLWK78ORKD&UHDWH0HPR/LQHVGREHJLQ
ULHV
)UHH
HQG
HQG
1'Ò
ƔY\OHSãLWHDOJRULWPXVWDNDE\VLRNUHP%5SDPlWDOY%3NWRUpXåEROLSRVOHGQpDWHGDXåQHP{åXE\Ģ
SRVOHGQp^WHVWP{åH` !YêUD]QHWRXUêFKOLSURJUDP
ƔGRUREWH]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
Ɣ]LVWLWHSRþHWULHãHQtSUH1
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN
$%.9,
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLQMIUNM [
<>
http://www.delphi.input.sk/pl35.html
SRVOHGQi]PHQD
þRVPHVDGRWHUD]QDXþLOL
Ɣ ]R]QiPLOLVPHVDVULHãHQtPQLHNWRUêFK~ORKQDNWRUpVDGiSRXåLĢPHFKDQL]PXVSUHKĐDGiYDQLDV
QiYUDWRPQDSUV~WRU{]QHPDWHPDWLFNpKODYRODP\
þRVDEXGHPHGQHVXþLĢ
Ɣ QDWURFKSUtNODGRFKXYLGtPHY\XåLWLHEDFNWUDFNLQJDMSUH~ORK\VJUDIPL
3UHKĐDGiYDQLHJUDIXVQiYUDWRPEXGHPHLOXVWURYDĢQDSUtNODGRFK]RVN~ãRN]PLQXOêFKURNRY9lþãLQD
VN~ãNRYêFKSUtNODGRYPiWDN~WRVFKpPX
ƔWUHED]DGHILQRYDĢWULHGX7*UDINWRUiEXGHþDVWRREVDKRYDĢPHWyGXEDFNWUDFNLQJ
ƔWiWRWULHGDPXVtE\ĢGHILQRYDQiYVDPRVWDWQRPXQLWHQDSU8QLW*UDISDVXQLWQHVPLHREVDKRYDĢåLDGQH
JOREiOQHSUHPHQQpDQLVDRGYROiYDĢQDXQLWVIRUPXOiURPQDSU8QLWSDV
ƔYWULHGH7*UDIV~YãHWN\VWDYRYpSUHPHQQpV~NURPQpSULYDWHDYHUHMQpP{åXE\ĢOHQQLHNWRUpPHWyG\
QDSU&UHDWHD6WDUWQDRGãWDUWRYDQLHSUHKĐDGiYDQLD
ƔYlþãLQRXP{åHWHSRXåLĢĐXERYRĐQ~YQ~WRUQ~UHSUH]HQWiFLXJUDIXVDPR]UHMPHPXVtVSĎĖDĢSRGPLHQN\
]DGDQLDQDSURKRGQRWHQêJUDIJUDIVYLDFDNRYUFKROPLDSRG
ƔSRSLVJUDIXMHYQHMDNRPELQiUQRPV~ERUHNWRUêWUHEDþtWDĢSRPRFRX76WUHDP
ƔJUDIEXGHWUHEDY\NUHVOLĢGRJUDILFNHMSORFK\QDSUGR,PDJH&DQYDVSUHWRSULMHKRLQLFLDOL]RYDQtVD
þDVWRSRVLHODWHQWR&DQYDVDNRSDUDPHWHUNRQãWUXNWRUD
ƔJUDIVDQDMþDVWHMãLHY\WYiUDSRþDV)RUP&UHDWHDOHSUHKĐDGiYDQLHVDVS~ãĢDEXćFH]QHMDNpWODþLGOR
PDĢQDĢDKiNX
ƔþDVWREXGHPHSRWUHERYDĢEDFNWUDFNLQJSUHGþDVQHXNRQþLĢXYHGRPWHVLåHMHWRUHNXU]tYQDSURFHG~UD
]NWRUHMVDQHGiMHGQRGXFKRY\VNRþLĢSRPRFRXH[LWSRXåLWHQDWRSRPRFQpORJLFNpSUHPHQQp
9\WYiUDQLHRKRGQRWHQLDKUiQJUDIX
9êVNXPQê~VWDYGRSUDYQHMSROtFLHY\SUDFRYDOãW~GLXSUHĢDåHQRVWLQLHNRĐNêFKXOtFDNULåRYDWLHNYPHVWH8OLFH
GRVWDOLFHORþtVHOQpNODGQpRKRGQRWHQLDDKRGQRW\NULåRYDWLHNVDSRWRPY\SRþtWDOLDNRV~þW\KRGQ{WXOtFNWRUp
YFKiG]DM~GRNULåRYDWN\1HGRSDWUHQtPVDSRãNRGLOLQLHNWRUp~GDMHYFHQWUiOQRPSRþtWDþLSULþRPVD]PDS\
RKRGQRWHQt]DFKRYDOLOHQKRGQRW\NULåRYDWLHN9DãRX~ORKRXEXGHQDStVDĢSURJUDPNWRUêVDSRN~VLQiMVĢWDNp
RKRGQRWHQLHFLHVW]NWRUpKRVDSUHGWêPPRKOLSRþtWDĢKRGQRW\NULåRYDWLHN
3UHGSRNODGiPHåHSOiQPHVWDMHRKRGQRWHQêQHRULHQWRYDQêJUDIYNWRURPKUDQ\V~XOLFHDYUFKRO\V~
NULåRYDWN\7HQWRJUDIMH]DGDQêYV~ERUHNUL]RYDWGDWVSUHPHQOLYRXGĎåNRXYLHWYNWRURPNDåGiYHWDSRSLVXMH
MHGQXNULåRYDWNX
ƔYHWD]DþtQDRKRGQRWHQtPNULåRYDWN\LQWHJHU
ƔćDOHMQDVOHGXM~FHOpþtVODLQWHJHU[RYiD\RYiV~UDGQLFDXPLHVWQHQLHNULåRYDWN\YSORFKH
Ɣ]DWêPQDVOHGXMH]R]QDPSRUDGRYêFKþtVHONULåRYDWLHNVNWRUêPLMHWiWRSULDPRVSRMHQiXOLFRX]R]QDP
EDMWRYXNRQþHQêQXORYRXKRGQRWRX±SUYiNULåRYDWNDYV~ERUHPiSRUDGRYpþtVOR
0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHDQHREVDKXMHYLDFDNRNULåRYDWLHN6~ERUQDþtWDMWH
SRPRFRX76WUHDP
*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VD9iPVQtPSUDFRYDORþRQDMSRKRGOQHMãLH1DREUD]RYNHKRY\NUHVOLWH
WDNåHYUFKRO\VDQDNUHVOLDPDOêPNU~åNRPVþtVHOQêPRKRGQRWHQtPDYVWUHGHKUiQVDEXGH]DSLVRYDĢ
þtVHOQpRKRGQRWHQLHXOLFH+UDQ\QDNUHVOLWHãHGRXIDUERX9RYDãRPSURJUDPH]DGHILQXMWHWULHGX7*UDIY
VDPRVWDWQHMSURJUDPRYHMMHGQRWNHQDSU8QLW*UDISDVSULþRPVDWHQWRXQLWP{åHRGYROiYDĢXVHVOHQQD
ãWDQGDUGQpGHOSKLXQLW\QHVPLHVDYĖRPSRXåLĢQDSUXVHV8QLWDQHVP~YĖRPE\ĢGHILQRYDQpåLDGQH
JOREiOQHSUHPHQQp9ãHWN\VWDYRYpSUHPHQQpWULHG\7*UDIE\PDOLE\ĢSULYiWQH
$NSURJUDPQiMGHULHãHQLHWDNY\StãHRWRPVSUiYX$NSURJUDPQHQiMGHåLDGQHULHãHQLHWLHåRWRPY\StãH
VSUiYX
*UDILFN~SORFKXP{åHWHUHDOL]RYDĢNRPSRQHQWRP7,PDJHYHĐNRVWLPLQLPiOQH[2NUHP7,PDJHSRXåLWH
WODþLGORNRPSRQHQW7%XWWRQNWRUpQDãWDUWXMHVDPRWQpULHãHQLH~ORK\
3R]QiPN\NULHãHQLX
ƔRKRGQRWHQêJUDIEXGHPHUHSUH]HQWRYDĢWDEXĐNRXVXVHGQRVWt
ƔORJLFNiIXQNFLDRN]LVĢXMHþLH[LVWXMHYUFKROSUHNWRUê
ƔEXćQHPiYRĐQ~KUDQXDKRGQRWDYUFKROX!
ƔDOHERH[LVWXMHYRĐQiKUDQDDKRGQRWDYUFKROX
ƔYWHG\YUiWLKRGQRWXIDOVHþR]QDPHQiåHWRQHY\KRYXMHULHãHQLX
ƔEDFNWUDFNLQJSRVWXSQHSUHFKiG]DYãHWN\YRĐQpKUDQ\JUDIXDSRN~ãDVDLFKRKRGQRFRYDĢU{]Q\PL
KRGQRWDPL
ƔSRXåtYDPHIXQNFLXPLQNWRUiMHYGHILQRYDQiXQLWH0DWK
ƔYãLPQLWHVLW~WRKUXE~VFKpPXSUHKĐDGiYDQLDVQiYUDWRP
]iNODGQiVFKpPDULHãHQLD
YDU
QLQWHJHUSRþHWYUFKRORYJUDIX
JDUUD\>@RIUHFRUG
[\LQWHJHU
KLQWHJHUþtVORYRYUFKROH
VDUUD\>@RILQWHJHUþtVODQDKUDQiFK
HQG
IXQFWLRQRNERROHDQ
YDU
LMLQWHJHU
EHJLQ
5HVXOW IDOVH
IRUL WRQGREHJLQ
M ZKLOHM QDQGJ>L@V>M@!YROQHGRLQFM
LIM Q J>L@K WKHQH[LW
HQG
5HVXOW WUXH
HQG
SURFHGXUHEDFNWUDFNLQJ
YDU
LMNLQWHJHU
EHJLQ
KĐDGiĐXERYRĐQ~HãWHQHRKRGQRWHQ~KUDQX
L M
UHSHDW
LQFMLIM!QWKHQEHJLQLQFLM LHQG
XQWLOL QRUJ>L@V>M@ YROQH
LIL QWKHQEHJLQQDãLHOULHãHQLH
PDP WUXHH[LW
HQG
Y\VN~ãDMYãHWN\PRåQRVWLRKRGQRWHQLDWHMWRKUDQ\
IRUN PLQJ>L@KJ>M@KGRZQWRGREHJLQ
]D]QDþĢDK
J>L@V>M@ NJ>M@V>L@ N
GHFJ>L@KNGHFJ>M@KN
SLVLMNFDNDMQDStãþtVORNPHG]LYUFKRO\LDM
LIRNWKHQEHJLQ
EDFNWUDFNLQJ
LIPDPWKHQH[LWVWDþtOHQSUYpULHãHQLH
HQG
RG]QDþĢDK
SLVLM]PDåþtVORQDKUDQHPHG]LYUFKROPLLDM
J>L@V>M@ YROQHJ>M@V>L@ YROQH
LQFJ>L@KNLQFJ>M@KN
HQG
HQG
VNRURNRPSOHWQê8QLW*UDISDV
FRQVW
PD[
W\SH
7*UDI FODVV
SULYDWH
QLQWHJHU
JDUUD\>PD[@RIUHFRUG
K[\LQWHJHU
VDUUD\>PD[@RILQWHJHU
HQG
F7&DQYDV
PDPERROHDQXåPiPULHãHQLH
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDV
SURFHGXUHKODGDM
HQG
FRQVW
QLHMHVSRM YROQH
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDV
YDU
LMLQWHJHU
SE\WH
W76WUHDP
EHJLQ
F FF
IRUL WRPD[GR
IRUM WRPD[GRJ>L@V>M@ QLHMHVSRM
Q
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
ZKLOHW3RVLWLRQW6L]HGREHJLQ
LQFQ
ZLWKJ>Q@GREHJLQ
W5HDGKW5HDG[W5HDG\
UHSHDW
W5HDGS
LIS!WKHQEHJLQ
V>S@ YROQHJ>S@V>Q@ YROQHMHKUDQD]DWLDĐEH]KRGQRW\
HQG
XQWLOS
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ&RORU FO/W*UD\
IRUL WRQGR
IRUM LWRQGR
LIJ>L@V>M@!QLHMHVSRMWKHQEHJLQ
ZLWKJ>L@GRF0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
F3HQ&RORU FO%ODFN
F%UXVK6W\OH EV6ROLG
IRUL WRQGR
ZLWKJ>L@GREHJLQ
F(OOLSVH[\[\
F7H[W2XW[\,QW7R6WUK
HQG
HQG
SURFHGXUH7*UDIKODGDM
EHJLQ
PDP IDOVH
EDFNWUDFNLQJ
F)RQW+HLJKW
LIPDPWKHQ
F7H[W2XW
1DãLHOVRPULHãHQLH
HOVH
F7H[W2XW
1HQDãLHOVRPULHãHQLH
HQG
SURFHGXUHFDNDMPVLQWHJHU
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ
SURFHGXUHSLVLMFLVLQWHJHU
YDU
[\LQWHJHU
EHJLQ
[ J>L@[J>M@[GLY\ J>L@\J>M@\GLY
F)LOO5HFW5HFW[\[\
LIFLV!WKHQF7H[W2XW[\,QW7R6WUFLV
HQG
IXQFWLRQRNERROHDQ
YDU
LMLQWHJHU
EHJLQ
5HVXOW IDOVH
IRUL WRQGREHJLQ
M ZKLOHM QDQGJ>L@V>M@!YROQHGRLQFM
LIM Q J>L@K WKHQH[LW
HQG
5HVXOW WUXH
HQG
YDU
LMNLQWHJHU
EHJLQ
L M
UHSHDW
LQFMLIM!QWKHQEHJLQLQFLM LHQG
XQWLOL QRUJ>L@V>M@ YROQH
LIL QWKHQEHJLQPDP WUXHH[LWHQG
IRUN PLQJ>L@KJ>M@KGRZQWRGREHJLQ
J>L@V>M@ NJ>M@V>L@ NGHFJ>L@KNGHFJ>M@KN
SLVLMNFDNDM
LIRNWKHQEHJLQ
EDFNWUDFNLQJLIPDPWKHQH[LW
HQG
SLVLM
J>L@V>M@ YROQHJ>M@V>L@ YROQHLQFJ>L@KNLQFJ>M@KN
HQG
HQG
ƔVWLDKQLWHVLWHVWRYDFLH~GDMRYpV~ERU\
ƔP{åHWHVLVWLDKQXĢNRPSOHWQêSURMHNW
+ĐDGDQLHþRQDMGOKãHMFHVW\YJUDIH
+DODYNWRUHMV~VNODGRYpSULHVWRU\PiREGĎåQLNRYêS{GRU\VYHĐNRVWL0[1MHGQRWNRYêFKãWYRUFRY9WHMWRKDOH
VDQDFKiG]DM~U{]QHVNULQHSROLFHVWURMHDLQpSUHNiåN\NWRUpYåG\]DEHUDM~QHMDN~REGĎåQLNRY~REODVĢY
]iNODGQHMVLHWLKDO\3RGQLNN~SLOþLVWLDFHKRURERWDNWRUêPiREFKiG]DĢKDOXDSULWRPþLVWLĢQHREVDGHQpþDVWL
KDO\.HćåHURERWMHFLWOLYêQDYOKN~GOiåNXNWRU~SRVHEH]DQHFKiYDSULþLVWHQtYSRGQLNXVDUR]KRGOLåHNêP
VDWiWRSRUXFKDQHRGVWUiQLSRN~VLDVDSUHURERWDQDYUKQ~ĢWDN~WUDVXDE\Y\þLVWLOPD[LPiOQ\SULHVWRUDSULWRP
GYDNUiWQHYVW~SLOQDWHQLVWêãWYRUHF
+DODDMREVDGHQpSULHVWRU\V~SRStVDQpYV~ERUHKDODGDWP{åHWHSUHGSRNODGDĢåHMH]DGDQêNRUHNWQH
V~ERUVSUDFXMWHSRPRFRX76WUHDP3UYpGYDEDMW\REVDKXM~YHĐNRVĢKDO\SRþHWULDGNRYDVWĎSFRYãWYRUFRYHM
VLHWHQLHV~YlþãLHDNR=DWêPQDVOHGXM~YHW\DåGRNRQFDV~ERUXNWRUpSRSLVXM~SUHNiåN\YGYRFK
EDMWRFKV~UDGQLFDĐDYpKRKRUQpKRãWYRUFDSUHNiåN\ULDGRNVWĎSHFDYćDOãtFKGYRFKEDMWRFKYHĐNRVĢ
SUHNiåN\SRþHWULDGNRYDVWĎSFRY
9iãSURJUDPQDMSUYQDþtWDDY\NUHVOtKDOXQDREUD]RYNXWDNåHVDQDNUHVOtãWYRUFRYiVLHĢYHĐNRVĢ
MHGQRWNRYpKRãWYRUFDMHYNRQãWDQWHSURJUDPX9DREVDGHQpSROtþNDVDY\IDUELDWPDYRãHGRXIDUERXĆDOHMVD
þDNiåHSRXåtYDWHĐP\ãRX]DGiãWDUWRY~SR]tFLXURERWD3ULNOLNQXWtPLPRVLHWHDOHERQDREVDGHQpSROtþNR
SURJUDPþDNiQRYpNOLNQXWLHâWDUWRY~SR]tFLXQHMDNRIDUHEQHY\]QDþWH
/DE\ULQWYSURJUDPHUHSUH]HQWXMWHSRPRFRXQHRULHQWRYDQpKRJUDIXYNWRURPNDåGêãWYRUHFMHMHGHQYUFKRO
JUDIX'YDYUFKRO\V~VSRMHQpKUDQRXDNSUtVOXãQpSROtþNDVXVHGLD1HMDNRVL]DHYLGXMWHREVDGHQpYUFKRO\
NWRUpEXG~REFKiG]DQpDOJRULWPRPKĐDGDQLD*UDIUHSUH]HQWXMWHQDSUSRĐRP]R]QDPRYVXVHGRYNGHSROH
P{åHE\ĢDMGYRMUR]PHUQpD]R]QDPVXVHGRYP{åHE\ĢUHDOL]RYDQêãWYRUSUYNRYêPSRĐRPNDåGêYUFKROPi
PD[LPiOQHVXVHGRY9RYDãRPSURJUDPH]DGHILQXMWHWULHGX7*UDIYVDPRVWDWQHMSURJUDPRYHMMHGQRWNH
QDSU8QLW*UDISDVSULþRPVDWHQWRXQLWP{åHRGYROiYDĢXVHVOHQQDãWDQGDUGQpGHOSKLXQLW\QHVPLHVDY
ĖRPSRXåLĢQDSUXVHV8QLWDQHVP~YĖRPE\ĢGHILQRYDQpåLDGQHJOREiOQHSUHPHQQp9ãHWN\VWDYRYp
SUHPHQQpWULHG\7*UDIE\PDOLE\ĢSULYiWQH
9MHNRQãWDQWDSURJUDPXQDSUFRQVW9
3R]QiPN\NULHãHQLX
ƔJUDIEXGHPHUHSUH]HQWRYDĢPHWyGRXSROHSROtYUFKRORYWMSUHNDåGêYUFKROEXGHLFKPD[LPiOQH
[VLEXGHPHSDPlWDĢSROHPD[LPiOQHSUYNRYpYãHWNêFKVXVHGRYY\XåLMHPHSUHGGHILQRYDQ~
ãWUXNW~UX73RLQWWRMHUHFRUG[\LQWHJHU
ƔSROtþNDVSUHNiåNDPL]D]QDþtPHWDNåHLPQDVWDYtPHåHXåEROLQDYãWtYHQp
ƔEXGRYDQ~FHVWXEXGHPHXNODGDĢGRG\QDPLFNpKRSRĐDFHVWDDYSROLPD[FHVWDVLEXGHPHSDPlWDĢ
PRPHQWiOQHQDMGOKãLHULHãHQLH
ƔEDFNWUDFNLQJEXGHPHYL]XDOL]RYDĢWDNåHGRQDYãWtYHQêFKYUFKRORYJUDIXWMGRVWUHGRYSROtþRN
ãWYRUFRYHMVLHWHGiYDPHþLHUQHERGN\P{åHSURJUDPY\OHSãLĢWDNåHEXGHWHQDPLHVWRERGLHNNUHVOLĢ
FHO~FHVWXSRPRFRXþLDU
ƔYãLPQLWHVLW~WRKUXE~VFKpPXSUHKĐDGiYDQLDVQiYUDWRP
]iNODGQiVFKpPDULHãHQLD
YDU
JDUUD\>@RIUHFRUG
SVSRþHWVXVHGRY
VXVDUUD\>@RI73RLQW
YLVERROHDQQDYãWtYHQpSROtþNRDOHERSUHNiåND
HQG
SURFHGXUHEDFNWUDFNLQJ[\LQWHJHU
YDU
NLQWHJHU
EHJLQ
DNPiãULHãHQLHVNRQþL
LIVWRSRU/HQJWKPD[FHVWD PD[GO]NDWKHQH[LW
]D]QDþĢDK
J>[\@YLV WUXHF3L[HOV>[
YY\
YY@ FO%ODFN
6HW/HQJWKFHVWD/HQJWKFHVWDFHVWD>+LJKFHVWD@ 3RLQW[\
LI/HQJWKFHVWD!/HQJWKPD[FHVWDWKHQPD[FHVWD FHVWD
FDNDM
Y\VN~ãDMYãHWN\PRåQRVWLSRNUDþRYDQLDFHVW\
ZLWKJ>[\@GR
IRUN WRSVGR
LIQRWJ>VXV>N@[VXV>N@\@YLVWKHQ
EDFNWUDFNLQJVXV>N@[VXV>N@\
RG]QDþĢDK
J>[\@YLV IDOVHF3L[HOV>[
YY\
YY@ FO:KLWH
6HW/HQJWKFHVWD/HQJWKFHVWD
HQG
VNRURNRPSOHWQê8QLW*UDISDV
W\SH
7*UDI FODVV
SULYDWH
PD[\PD[[E\WH
JDUUD\>@RIUHFRUG
SV
VXVDUUD\>@RI73RLQW
YLVERROHDQ
HQG
PD[FHVWDFHVWDDUUD\RI73RLQW
PD[GO]NDLQWHJHU
FDNDM0\VERROHDQ
VWRSERROHDQ
F7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ[\LQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDV
SURFHGXUHVWDUW[\LQWHJHU
SURFHGXUH]DVWDY
HQG
FRQVW
Y Y YGLYYHĐNRVĢSROtþNDãWYRUFRYHMSORFK\
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDV
SURFHGXUHSULGDMLMLLMMLQWHJHU
EHJLQ
LILLRULL!PD[\RUMMRUMM!PD[[WKHQH[LW
ZLWKJ>ML@GREHJLQ
LQFSVVXV>SV@ 3RLQWMMLL
HQG
HQG
YDU
W76WUHDP
[\LQWHJHU
[[\\Y\VVLUE\WH
EHJLQ
F FF
LQLFLDOL]XMJUDI
IRU\ WRPD[\GR
IRU[ WRPD[[GR
ZLWKJ>[\@GREHJLQ
SV YLV IDOVH
HQG
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
W5HDGPD[\W5HDGPD[[
JHQHUXM~SOQêJUDI
IRU\ WRPD[\GR
IRU[ WRPD[[GREHJLQ
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
HQG
]DNiå]DEORNRYDQpSROtþND
ZKLOHW3RVLWLRQW6L]HGREHJLQ
W5HDG\\W5HDG[[W5HDGY\VW5HDGVLU
IRU\ WRY\VGR
IRU[ WRVLUGR
J>[[[\\\@YLV WUXH
HQG
W)UHH
]LVWLSRþHWYRĐQêFKSROtþRN
PD[GO]ND
IRU\ WRPD[\GR
IRU[ WRPD[[GR
LIQRWJ>[\@YLVWKHQLQFPD[GO]ND
NUHVOL
FDNDM0\V WUXH
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F%UXVK6W\OH EV6ROLG
IRUL WRPD[\GR
IRUM WRPD[[GREHJLQ
LIJ>ML@YLVWKHQ
F%UXVK&RORU FO*UD\
HOVH
F%UXVK&RORU FO:KLWH
F5HFWDQJOHM
YYL
YYM
YL
Y
HQG
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ[\LQWHJHU
YDU
NLQWHJHU
EHJLQ
DNPiãULHãHQLHVNRQþL
LIVWRSRU/HQJWKPD[FHVWD PD[GO]NDWKHQH[LW
]D]QDþĢDK
J>[\@YLV WUXHF3L[HOV>[
YY\
YY@ FO%ODFN
6HW/HQJWKFHVWD/HQJWKFHVWDFHVWD>+LJKFHVWD@ 3RLQW[\
LI/HQJWKFHVWD!/HQJWKPD[FHVWDWKHQPD[FHVWD FHVWD
FDNDM
Y\VN~ãDMYãHWN\PRåQRVWLSRNUDþRYDQLDFHVW\
ZLWKJ>[\@GR
IRUN WRSVGR
LIQRWJ>VXV>N@[VXV>N@\@YLVWKHQ
EDFNWUDFNLQJVXV>N@[VXV>N@\
RG]QDþĢDK
J>[\@YLV IDOVHF3L[HOV>[
YY\
YY@ FO:KLWH
6HW/HQJWKFHVWD/HQJWKFHVWD
HQG
SURFHGXUH7*UDIVWDUW[\LQWHJHU
YDU
L[[\\LQWHJHU
EHJLQ
LIQRWFDNDM0\VWKHQH[LW
[ [GLYY\ \GLYY
LI[!PD[[RU\!PD[\RUJ>[\@YLVWKHQH[LW
FDNDM0\V IDOVH
VWRS IDOVH
FHVWD QLOPD[FHVWD QLO
[[ [
YY\\ \
YY
F3HQ&RORU FO5HG
F0RYH7R[[\\F/LQH7R[[\\
F0RYH7R[[\\F/LQH7R[[\\
EDFNWUDFNLQJ[\
Y\NUHVOLULHãHQLH
F0RYH7R[
YY\
YY
IRUL WR+LJKPD[FHVWDGR
ZLWKPD[FHVWD>L@GRF/LQH7R[
YY\
YY
HQG
SURFHGXUH7*UDI]DVWDY
EHJLQR]QiPEDFNWUDFNLQJXDE\VNRQþLO
VWRS WUXH
HQG
ƔVWLDKQLWHVLWHVWRYDFLH~GDMRYpV~ERU\
ƔP{åHWHVLVWLDKQXĢNRPSOHWQêSURMHNW
+ĐDGDQLHL]RPRUIL]PX
1DKĐDGDQLHMHGQR]QDþQpKRSULUDGHQLDPHG]LYUFKROPLJUDIXSRXåLWHDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUêE\PRKROSUDFRYDĢQDSUWDNWRSRN~VLPHVDSUYpPXYUFKROX*SULUDGLĢQHMDNêYUFKRO]
*PXVtPDĢURYQDNêSRþHWVXVHGRYSRWRPGUXKpPXYUFKROX*QHMDNê]*NWRUêHãWHQHEROSULUDGHQêD
PiURYQDNêSRþHWVXVHGRYDWć3ULWRPSRNDåGRPNURNXEDFNWUDFNLQJXWUHEDNRQWURORYDĢþLSRGJUDI\
REVDKXM~FHY*DY*XåY\EUDQpYUFKRO\V~L]RPRUIQpPQRåLQ\LFKVXVHGRYV~]KRGQp
3URJUDPQDMSUYQDþtWDGYDV~ERU\LFKPHQiEXG~GHILQRYDQpYNRQãWDQWiFKSURJUDPXVXERUDVXERU
Y\NUHVOtLFKQDREUD]RYNXDVSXVWtDOJRULWPXVEDFNWUDFNLQJ3ULHEHKDOJRULWPX]Qi]RUĖXMWHQDREUD]RYNH
PRPHQWiOQHSULUDGHQpYUFKRO\VSRMWHQDY]iMRP~VHþNDPLQHMDNHMIDUE\3RVNRQþHQtDOJRULWPXSURJUDPY\StãH
VSUiYXEXć*UDI\V~L]RPRUIQpDOHER*UDI\QLHV~L]RPRUIQp9SUtSDGHåHSURJUDPQDãLHOL]RPRUIL]PXV
SRQHFKiSUtVOXãQpGYRMLFHYUFKRORYVSRMHQp~VHþNDPLVWDþtQiMVĢMHGQRULHãHQLH
%LQiUQHV~ERU\JUDI[GDWV~VSUHPHQOLYRXGĎåNRXYLHWDPDM~QDVOHGRYQ~ãWUXNW~UX
ƔNDåGiYHWDSRSLVXMHMHGHQYUFKROJUDIX
ƔYHWD]DþtQDGYRMLFRXFHOêFKþtVHOLQWHJHUV~UDGQtFYUFKROXQDREUD]RYNH
Ɣ]DWêPQDVOHGXMHSRþHWVXVHGQêFKYUFKRORYE\WH
YUFKROJUDIXPiþtVORDYUFKRORYQLHMHYLDFDNR
;RYpV~UDGQLFHYUFKRORYJUDIRYV~PHQãLHDNRDWHGDDNEXGHJUDILFNiSORFKDãLURNiDVSRĖFHOê
REUi]RNJUDIXYRMGHQDSRORYLFXSORFK\3UYêQDþtWDQêJUDIY\NUHVOLWHQDS{YRGQêFKV~UDGQLFLDFKYUFKRORY
GUXKêJUDISRVXĖWHRGRSUDYD9UFKRO\JUDIRY]REUD]WHPDOêPLNROLHVNDPLKUDQ\~VHþNDPLQDSUELHOHM
IDUE\*UDI\UHSUH]HQWXMWHYSDPlWLWDNDE\VDYiPVQLPLGREUHSUDFRYDOR9RYDãRPSURJUDPH]DGHILQXMWH
WULHG\7*UDID78ORKDYVDPRVWDWQêFKSURJUDPRYêFKMHGQRWNiFKQDSU8QLW8ORKDSDVD8QLW*UDISDVSULþRP
VDWLHWRXQLW\P{åXRGYROiYDĢXVHVOHQQDãWDQGDUGQpGHOSKLXQLW\QHVPLHVDYQLFKSRXåLĢQDSUXVHV8QLW
DQHVP~YQLFKE\ĢGHILQRYDQpåLDGQHJOREiOQHSUHPHQQp9ãHWN\VWDYRYpSUHPHQQpWULHG\78ORKDE\PDOLE\Ģ
SULYiWQHP{åHWHMX]DGHILQRYDĢQDSUWDNWR
W\SH
78ORKD FODVV
SULYDWH
**7*UDI
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWHPPVWULQJ
SURFHGXUHVWDUW
HQG
9V~ERUHQHPXVLDE\ĢYãHWN\KUDQ\XYHGHQpYRERFKVPHURFKDQDNRĐNRPiE\ĢJUDIQHRULHQWRYDQê
]DEH]SHþWHVSUiYQXUHSUH]HQWiFLX0{åHWHSUHGSRNODGDĢåHV~ERU\V~NRUHNWQp6SUDFXMWHLFKSRPRFRX
76WUHDP
3R]QiPN\NULHãHQLX
ƔJUDI\EXGHPHUHSUH]HQWRYDĢSRĐRPPQRåtQVXVHGRYSULþRPGRVWDYRYHMSUHPHQQHMVWXSHQSUHNDåGê
YUFKROSUHGY\SRþtWDPHMHKRVWXSHĖWMSRþHWKUiQNWRUp]QHKRY\FKiG]DM~
ƔYãLPQLWHVLW~WRKUXE~VFKpPXSUHKĐDGiYDQLDVQiYUDWRP
]iNODGQiVFKpPDULHãHQLD
YDU
QLQWHJHU
**
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VVHWRIE\WH
VWXSHQLQWHJHU
HQG
þLVDSULGDQtPLWHKRYUFKROXQHSRND]LOGRWHUDMãtL]RPRUIL]PXV
IXQFWLRQWHVWLMLQWHJHUERROHDQ
YDU
NLQWHJHU
EHJLQ
5HVXOW IDOVH
LIMLQYWKHQH[LW
LI*J>L@VWXSHQ!*J>M@VWXSHQWKHQPXVtVHGLHĢVWXSHĖRERFK
YUFKRORY
H[LW
IRUN WRLGR
LINLQ*J>L@V!W>N@LQ*J>M@VWKHQH[LW
5HVXOW WUXH
HQG
HOVHEDFNWUDFNLQJL
LIPDPWKHQH[LWDNPiPULHãHQLHQHFKFHPSRND]LĢYêVOHGQp
þLDU\
RG]QDþĢDK
FLDUDLMLQYHU]QiþLDUDPHG]LYUFKROPL]*D*
Y Y>M@
HQG
HQG
VNRURNRPSOHWQê8QLW*UDISDV
W\SH
7*UDI FODVV
SXEOLF
QLQWHJHU
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VVHWRIE\WH
VWXSHQLQWHJHU
HQG
F7&DQYDV
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDVSRVXQLQWHJHU
SURFHGXUHNUHVOL
HQG
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDVSRVXQLQWHJHU
YDU
W76WUHDP
LNLQWHJHU
SE\WH
SROHDUUD\>E\WH@RIE\WH
EHJLQ
F FF
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
Q
ZKLOHW3RVLWLRQW6L]HGR
ZLWKJ>Q@GREHJLQ
LQFQ
W5HDG[W5HDG\LQF[SRVXQ
W5HDGSW5HDGSROH>@S
IRUL WRSGREHJLQ
V V>SROH>L@@J>SROH>L@@V J>SROH>L@@V>Q@
HQG
HQG
W)UHH
SUHNDåGêYUFKROY\SRþtWDMVWXSHĖ
IRUL WRQGR
ZLWKJ>L@GREHJLQ
VWXSHQ
IRUN WRQGR
LINLQVWKHQLQFVWXSHQ
HQG
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ&RORU FO%ODFN
F%UXVK6W\OH EV&OHDU
IRUL WRQGR
ZLWKJ>L@GREHJLQ
F(OOLSVH[\[\
IRUM LWRQGR
LIMLQVWKHQEHJLQ
F0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
HQG
HQG
VNRURNRPSOHWQê8QLW8ORKDSDV
W\SH
78ORKD FODVV
SULYDWH
QLQWHJHU
**7*UDI
WDUUD\>E\WH@RILQWHJHUWUDQVIRUPiFLD]*GR*
YVHWRIE\WHPQRåLQDXåSULUDGHQêFKYUFKRORY]*
PDPERROHDQXåPiPULHãHQLH
F7&DQYDV
SURFHGXUHEDFNWUDFNLQJLLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPPVWULQJFF7&DQYDVVLUNDLQWHJHU
SURFHGXUHVWDUW
HQG
FRQVWUXFWRU78ORKD&UHDWHPPVWULQJFF7&DQYDVVLUNDLQWHJHU
EHJLQ
F FF
* 7*UDI&UHDWHPF
* 7*UDI&UHDWHPFVLUNDGLY
F)RQW&RORU FO5HG
F)RQW+HLJKW
Q *Q
PDP Q!*Q
LIPDPWKHQ
F7H[W2XW
1HVHGtSRþHWYUFKRORY*UDI\QLHV~L]RPRUIQp
HQG
SURFHGXUH78ORKDVWDUW
EHJLQ
LIPDPWKHQH[LW
Y >@
EDFNWUDFNLQJ
LIPDPWKHQ
F7H[W2XW
*UDI\V~L]RPRUIQp
HOVH
F7H[W2XW
*UDI\QLHV~L]RPRUIQp
HQG
SURFHGXUH78ORKDEDFNWUDFNLQJLLQWHJHU
SURFHGXUHFLDUDLMLQWHJHU
EHJLQ
F3HQ0RGH SP;RU
F3HQ&RORU FO5HG
F0RYH7R*J>L@[*J>L@\
F/LQH7R*J>M@[*J>M@\
FDNDM
HQG
YDU
MLQWHJHU
EHJLQ
IRUM WRQGR
LIWHVWLMWKHQEHJLQ
W>L@ MY Y>M@FLDUDLM
LIL QWKHQPDP WUXH
HOVHEDFNWUDFNLQJL
LIPDPWKHQH[LW
FLDUDLMY Y>M@
HQG
HQG
Ɣ VWLDKQLWHVLWHVWRYDFLH~GDMRYpV~ERU\
Ɣ P{åHWHVLVWLDKQXĢNRPSOHWQêSURMHNW
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
%RGRYDQLH
UR]FYLþN\
SUpPLD
SURMHNW
WHVW
SULSRþtWDþL
V~þHW
9êVOHGQi]QiPND
]QiPND$
]QiPND%
]QiPND&
]QiPND'
]QiPND(
]QiPND)[
7HVWNXVN~ãNHSUHEHKQHYVWUHGXRGYSRVOXFKiUĖDFK$%D)
7HUPtQ\SUDNWLFNHMVN~ãN\EXG~YGĖRFKDYåG\RGYKDOiFK
+D+
ƔQDVN~ãNXVDSULKOiVWHFH]ZHERY~VWUiQNX6N~ãN\SULKODVRYDĢVDP{åHWHGRSRWRPWRGiWXPH
YiPEXGHQLHNWRUêWHUPtQSULGHOHQê
ƔQDVN~ãNXP{åHWHSUtVĢXåRGYWHG\PiWHPLQ~WQDY\ãH
ƔP{åHWHSRXåtYDĢYODVWQêĢDKiNIRUPiWX$
ƔSUYêFKPLQ~WVN~ãN\P{åHWHY]iMRPQHVSROXSUDFRYDĢWRWRVDWêNDOHQWêFKNWRUtQDVN~ãNXSUtGX
V~þDVQH
3UHULHãWHVL~ORK\]PLQXORURþQpKRWHVWX
QD]DþLDWNXNDåGpKRSUtNODGXXYiG]DPHSRþHWERGRYNWRUpVDGDOL]tVNDĢ]DSUtNODGSULHPHUQH]tVNDQêSRþHWERGRY
YDU
JDUUD\>
D
G
D
G
@RIE\WH
SRFHWLQWHJHU
SURFHGXUHEDFNYFKDU
YDU
LFKDU
MERROHDQ
EHJLQ
M WUXH
IRUL
D
WR
G
GR
LIJ>YL@!WKHQEHJLQ
GHFJ>YL@GHFJ>LY@M IDOVH
EDFNL
LQFJ>YL@LQFJ>LY@
HQG
LIMWKHQLQFSRFHW
HQG
=LVWLWHþREXGHYSUHPHQQHMSRFHWSR]DYRODQtEDFN
D
SURFHGXUHNRSLUXMVVVWULQJPD[LQWHJHU
YDU
WW76WUHDP
EXISRLQWHU
EHJLQ
W 7)LOH6WUHDPBBBBBBBBBBBBBBBBBBB
WU\
W 7)LOH6WUHDPBBBBBBBBBBBBBBBBBBB
BBBBBBBBBEXIBBBBBBBBBB
WU\
ZKLOHW3RVLWLRQW6L]HGR
W:ULWHBBBBBBBBBW5HDGBBBBBBBBBB
ILQDOO\
BBBBBBBBBEXIBBBBBBBBBB
WBBBBBBBBBBBBBBBBBBB]DWYRULĢ
HQG
ILQDOO\
WBBBBBBBBBBBBBBBBBBB]DWYRULĢ
HQG
HQG
'RSOĖWHFKêEDM~FHþDVWLSURJUDPX
DDNE\VPHYUFKRO\Y\StVDOLSUHRUGHURPGRVWDOLE\VPHY]RVWXSQHXVSRULDGDQ~SRVWXSQRVĢU{]Q\FK
þtVHOĆDOHMYLHPHåHYãHWN\YUFKRO\NWRUpV~URYQDNRY]GLDOHQpRGNRUHĖDPDM~VYRMXþtVHOQ~KRGQRWX
]ORåHQ~OHQ]URYQDNêFKFLILHUQDSUVDPpWM2þtVOXMWHVWURP
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>@RI7/H[6WURP
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMLLQWHJHU
IXQFWLRQY\SLVLMLQWHJHUVWULQJ
HQG
FRQVWUXFWRU7/H[6WURP&UHDWH
EHJLQ
SRFHW S>@ QLOS>@ QLO
HQG
SURFHGXUH7/H[6WURPSULGDMLLQWHJHU
EHJLQ
LIL WKHQLQFSRFHW
HOVHEHJLQ
LIS>LPRG@ QLOWKHQS>LPRG@ 7/H[6WURP&UHDWH
S>LPRG@SULGDMLGLY
HQG
HQG
HOVH5HVXOW
LIS>@!QLOWKHQ5HVXOW 5HVXOWS>@Y\SLVLM
M
LIS>@!QLOWKHQ5HVXOW 5HVXOWS>@Y\SLVL
M
HQG
O 7/H[6WURP&UHDWH
IRUL WRGROSULGDML
/DEHO&DSWLRQ OY\SLV
9SURJUDPHMHFK\EDDSUHWRQiPYêSLVQHGiVSUiYQHYêVOHGN\
D=LVWLWHþRVDSUHVQHY\StãH
E2SUDYWHFK\EX
F=LVWLWHþRVDY\StãHSRRSUDYHFK\E\
9\StãWHREVDKSRĐDSRVNRQþHQtSURFHG~U\
W\SH
7*UDI FODVV
JDUUD\RIVHWRIE\WH
SURFHGXUHSULGDM9UFKRO
SURFHGXUHSULGDM+UDQXLMLQWHJHU
HQG
SURFHGXUH7*UDISULGDM+UDQXLMLQWHJHU
EHJLQ
LIL!MWKHQEHJLQ
J>L@ J>L@>M@J>M@ J>M@>L@
HQG
HQG
SURFHGXUH7*UDISULGDM9UFKRO
YDU
LMLQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
L KLJKJJ>L@ >@M LGLY
ZKLOHM!GREHJLQ
SULGDM+UDQXLM
M MGLY
HQG
HQG
3R]DYRODQt
J 7*UDI&UHDWH
IRUL WRGRJSULGDM9UFKRO
VDY\WYRUtJUDIVYUFKROPL
D1DNUHVOLWHWHQWRJUDI
E1DYUKQLWHGRJUDIXPLQLPiOQ\SRþHWQRYêFKKUiQWDNDE\VDWHQWRJUDIVWDOV~YLVOê
ýDVĢDOJRULWPXY\]HUiWDNWR
YDU
SDUUD\>@RILQWHJHU
SRFHWLQWHJHU
SURFHGXUHPHUJH6RUW]NLQWHJHU
YDU
VLQWHJHU
EHJLQ
LQFSRFHW
LI]NWKHQEHJLQ
V ]NGLY
PHUJH6RUW]V
PHUJH6RUWVN
]OXF]VN
HQG
HQG
3RPRFQiSURFHG~UD]OXF]O~þLXWULHGHQpþDVWL
=LVWLWHNRĐNRNUiWVD]DYROiWiWRUHNXU]tYQDSURFHG~UDPHUJH6RUWSUHGDQpSROHDNMHSUYpYRODQLH
PHUJH6RUWWM]DXMtPDQiVKRGQRWDSUHPHQQHMSRFHW
YDU
SDUUD\>@RILQWHJHU
V 7%96&UHDWH
L M
ZKLOHLGREHJLQ
VYOR]S>L@VYOR]S>L@LQFL
V]UXVS>M@LQFM
HQG
1DNUHVOLWHYêVOHGQêVWURP3UHGSRNODGiPHåHPHWyGD]UXVNHćWUHED]DPLHĖDY\KDG]RYDQêYUFKROV
PLQLPiOQ\PYUFKRORP]SUDYpKRSRGVWURPX
W\SH
SULND] BBBBBBBBBBBBBBBBBBBBBBBBB
ILOWHU BBBBBBBBBBBBBBBBBBBBBBBBB
ISULND] UHFRUGIILOWHUSUSULND]HQG
7=R]QDP FODVV
]N79UFKRO
SURFHGXUHYVHWN\ISDUUD\RIISULND]
HQG
SURFHGXUH7=R]QDPYVHWN\ISDUUD\RIISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
IRUL ORZISWRKLJKISGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQ
BBBBBBBBBBBBBBBBBBBBBBBBB
S SQH[W
HQG
HQG
$NYSROLISMHQDPLHVWRILOWUDQLO]QDPHQiWRåHSUtVOXãQêSUtND]VDPiY\NRQDĢ
5LHãHQLHSUtNODGXSUDNWLFNHMVN~ãN\]PLQXOpKRURNX
$JHQW-DPHV%RQGGRVWDOPDSXQHSULDWHĐVNpKR~]HPLD3RWUHEXMHVDGRVWDĢ]YêFKRGLVNRYpKR
PLHVWDERG$GRFLHĐRYpKRPLHVWDERG%DE\PRKROVSOQLĢWDMQpSRVODQLHRGRY]GDĢãLIURYDQ~GHSHãX
DJHQWNH-DQH%RQGRYHM$QDO\WLFNpãSLRQiåQHVWUHGLVNR]D]QDþLOR-DPHVRYLGRPDS\QDYãHWN\FHVW\
EH]SHþQRVĢSUHFKRGXSRWHMWRFHVWHYEH]SHþQRVĢR]QDþXMHåHEXGHQDQHMXUþLWH]QHãNRGQHQê
R]QDþXMHDEVRO~WQXEH]SHþQRVĢEH]DNpKRNRĐYHNQHEH]SHþLD
1DYUKQLWH-DPHVRYLþRQDMEH]SHþQHMãLXWUDVXDY\SRþtWDMWHMHMFHONRY~EH]SHþQRVĢ8YHGRPWHVLåHDN
MHQDWUDVHDVSRĖMHGHQ~VHNVEH]SHþQRVĢRXWDNFHOiWUDVDPiW~WREH]SHþQRVĢ$OH~VHN
QH]QDPHQiåHFHOiWUDVDPi&HONRYiEH]SHþQRVĢWUDV\MHWHGDGHILQRYDQiDNRV~þLQ
SUDYGHSRGREQRVWtMHGQRWOLYêFKFLHVWQDWUDVH
ƔJUDIMHMHGQRUR]PHUQpSROHYUFKRORY
ƔSUHNDåGêYUFKROVLSDPlWiVYRMHV~UDGQLFHQDREUD]RYNHDMHGQRUR]PHUQpEDMWRYpSROHYNWRURP
V~XFKRYDQpYiK\UHVSLQIRUPiFLDRWRPåHYUFKROQHPiVSRMHQLHVLQêPYUFKRORP
-HWRYODVWQH]PRGLILNRYDQiWDEXĐNDVXVHGQRVWt7RåHQHMDNpGYDYUFKRO\QLHV~VSRMHQpFHVWRXEXGHWH
UHSUH]HQWRYDĢLQRXKRGQRWRXDNRR]QDþXMHDEVRO~WQHQHEH]SHþQ~FHVWX*UDI]DGHILQXMWHDNRWULHGX
7*UDIYVDPRVWDWQRPXQLWHQDSU8QLW*UDISDVSULþRPYãHWN\VWDYRYpSUHPHQQpDYlþãLQXPHWyG
GHILQXMWHDNRSULYDWHRNUHPNRQãWUXNWRUDDPHWyGNWRUpRGãWDUWXM~UHVS]DVWDYLDEDFNWUDFNLQJ7HQWR
XQLWVDP{åHRGYROiYDĢXVHVOHQQDãWDQGDUGQpGHOSKLXQLW\QHVPLHVDYĖRPSRXåLĢQDSUXVHV8QLW
DQHVP~YĖRPE\ĢGHILQRYDQpåLDGQHJOREiOQHSUHPHQQp
$QDO\WLFNpVWUHGLVNRLQIRUPiFLHRPDSHSULSUDYLORGRELQiUQHKRV~ERUXERQGGDWYNWRURPMHNDåGiYHWD
SUHPHQOLYHMGĎåN\DRSLVXMHMHGHQYUFKROJUDIX.DåGêYUFKROPiVYRMHSRUDGRYpþtVORRGGRQLHMH
WRþtVORYHW\YV~ERUHSULþRPWLHWRSRUDGRYpþtVODQHPXVLDWYRULĢV~YLVO~SRVWXSQRVĢ7LHWRSRUDGRYp
þtVODEXG~LQGH[PLYRYDãHMGiWRYHMãWUXNW~UHJUDI.DåGiYHWDV~ERUXREVDKXMHWLHWRLQIRUPiFLH
ƔSRUDGRYpþtVORYUFKROX
ƔV~UDGQLFHYPDSHGYHFHOpþtVOD[D\
FHVW\
ƔSRVWXSQRVĢMHXNRQþHQiFHOêPþtVORP
3URJUDPXORåtWLHWR~GDMHGRãWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDQDNDåG~KUDQX
]DStãHMHMEH]SHþQRVĢ9êFKRGLVNRYpDMFLHĐRYpPLHVWRYJUDIHQHMDNRY\]QDþWH3RVWODþHQtWODþLGODâWDUW
VDQDĖRPVSXVWtDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQKĐDGiQDMOHSãLXFHVWXSRþDV
EDFNWUDFNLQJXVD]DIDUEXMHPRPHQWiOQDFHVWDSULþRPQLHNGHQDREUD]RYNHVDY\SLVXMHMHMPRPHQWiOQD
EH]SHþQRVĢFHOHMWUDV\$NVDSRþDVEDFNWUDFNLQJXVWODþtWODþLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOt
GRWHUD]QDMOHSãLHULHãHQLH$NQHH[LVWXMHåLDGQDWUDVDDOHERYãHWN\WUDV\PDM~EH]SHþQRVĢSURJUDP
RWRPY\StãHVSUiYX
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\ERQG]LS
XQLW8QLW*UDI
LQWHUIDFH
XVHV
*UDSKLFV
FRQVW
PD[
W\SH
79UFKRO FODVV
[\LQWHJHU
VDUUD\>PD[@RILQWHJHU
YLVLWHGERROHDQ
FRQVWUXFWRU&UHDWH
HQG
7*UDI FODVV
SULYDWH
JDUUD\>PD[@RI79UFKRO
]DFNRQLQWHJHU
FHVWDPD[FHVWDDUUD\RILQWHJHU
PD[KUHDO
VWRSERROHDQ
F7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJLLQWHJHUKUHDO
SURFHGXUHFLDUDLMLQWHJHUFRO7&RORU
SXEOLF
FRQVWUXFWRU&UHDWHPHQRVWULQJFF7&DQYDV
SURFHGXUHVWDUW
SURFHGXUH]DVWDY
HQG
LPSOHPHQWDWLRQ
XVHV
&ODVVHV6\V8WLOV)RUPV
FRQVW
QLH
FRQVWUXFWRU79UFKRO&UHDWH
YDU
LLQWHJHU
EHJLQ
IRUL WRPD[GRV>L@ QLH
YLVLWHG IDOVH
HQG
FRQVWUXFWRU7*UDI&UHDWHPHQRVWULQJFF7&DQYDV
YDU
W76WUHDP
LMNLQWHJHU
EHJLQ
F FF
W 7)LOH6WUHDP&UHDWHPHQRIP2SHQ5HDG
N
ZKLOHW3RVLWLRQW6L]HGREHJLQ
W5HDGL
J>L@ 79UFKRO&UHDWH
LIN WKHQ]DF L
HOVHLIN WKHQNRQ L
LQFN
ZLWKJ>L@GREHJLQ
W5HDG[W5HDG\
UHSHDW
W5HDGMLIM!WKHQW5HDGV>M@
XQWLOM
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ:LGWK
IRUL WRPD[GR
LIJ>L@!QLOWKHQ
ZLWKJ>L@GREHJLQ
IRUM LWRPD[GR
LIV>M@!QLHWKHQEHJLQ
FLDUDLMFO'N*UD\
F7H[W2XW[J>M@[GLY\J>M@\GLY,QW7R6WUV>M@
HQG
HQG
F3HQ:LGWK
F%UXVK&RORU FO%OXHZLWKJ>]DF@GRF(OOLSVH[\[\
F%UXVK&RORU FO5HGZLWKJ>NRQ@GRF(OOLSVH[\[\
HQG
SURFHGXUH7*UDIVWDUW
YDU
LLQWHJHU
EHJLQ
VWRS IDOVHPD[K
EDFNWUDFNLQJ]DF
SURFHGXUH7*UDIFLDUDLMLQWHJHUFRO7&RORU
EHJLQ
F3HQ&RORU FRO
ZLWKJ>L@GRF0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
SURFHGXUHFDNDMPV/RQJLQW
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJLLQWHJHUKUHDO
YDU
MLQWHJHU
EHJLQ
LIK RUKPD[KWKHQH[LW
J>L@YLVLWHG WUXH6HW/HQJWKFHVWD/HQJWKFHVWDFHVWD>KLJKFHVWD@ L
LIL NRQWKHQEHJLQ
LIK!PD[KWKHQEHJLQ
PD[K KPD[FHVWD FHVWD
HQG
HQG
HOVH
IRUM WRPD[GR
LIJ>M@!QLODQGQRWJ>M@YLVLWHGDQGJ>L@V>M@!QLHWKHQEHJLQ
FLDUDLMFO5HGFDNDM
EDFNWUDFNLQJMK
J>L@V>M@
FLDUDLMFO'N*UD\
LIVWRSWKHQH[LW
HQG
J>L@YLVLWHG IDOVH6HW/HQJWKFHVWD/HQJWKFHVWD
HQG
SURFHGXUH7*UDI]DVWDY
EHJLQ
VWRS WUXH
HQG
HQG
XQLWVIRUPXOiURP
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV
6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
%XWWRQ7%XWWRQ
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
8QLW*UDI
^5 ')0`
YDU
J7*UDI
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
'RXEOH%XIIHUHG WUXH
J 7*UDI&UHDWH
ERQGGDW
,PDJH&DQYDV
%XWWRQ(QDEOHG WUXH
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
%XWWRQ(QDEOHG WUXH
JVWDUW
%XWWRQ(QDEOHG IDOVH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
J]DVWDY
HQG
HQG
$%.9,
EODKR#IPSKXQLEDVN
SRVOHGQi]PHQD
9SUYNRYRPFHORþtVHOQRPSROLPiPHWLHWRþtVOD
'RSOĖWHWDEXĐNXSRGĐDWRKRDNêEXGHREVDKSRĐDSRVNRQþHQtYRODQLDSURFHG~U\Y\WYRUBKDOGX
1DVOHGXM~FDPHWyGDY\SLVXMHYUFKRO\QHRULHQWRYDQpKRJUDIXPHWyGRXGRãtUN\
SURFHGXUHJUDIGRVLUN\YLQWHJHU
YDULLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
Y\StãKRGQRWXYUFKROXY
IRUL WRGR
LIMH+UDQDYLWKHQ
TDSSHQGL
HQG
XQWLOTHPSW\
T)UHH
HQG
$'(*,&%)+
YQ~WRUQHYGiWRYHMãWUXNW~UHSODWtPiVXVHGRYPiVXVHGRYPiVXVHGDPiVXVHGRY
PiVXVHGRYPiVXVHGRYPiVXVHGRYPiVXVHGRYPiVXVHGRY
ýtVODVDSRVWXSQHSULGiYDOLGRSUi]GQHKRELQiUQHKRY\KĐDGiYDFLHKRVWURPXWDNåHSUHNDåGê
YUFKROVWURPXSODWLORKĎENDĐDYpKRDSUDYpKRSRGVWURPXVDOtãLPD[LPiOQHRDSULWRPKĎENDĐDYpKR
QHERODQLNG\YlþãLDDNRKĎENDSUDYpKRSRGVWURPX1DYUKQLWHSRUDGLHþtVHOYDNRPVDSULGiYDOLGR
VWURPX
.RĐNROLVWRYPiOH[LNRJUDILFNêVWURPGRNWRUpKRVPHYORåLOLYãHWN\VORYiGĎåN\]ORåHQpOHQ]StVPHQ
^DEF`SULþRPWLHWRREVDKXM~URYQDNêSRþHWStVPHQDDME"
SURFHGXUHXUREYDUDDUUD\RIAUHDO
YDU
LMLQWHJHU
EHJLQ
IRUL ORZDWRKLJKDGREHJLQ
M L
UHSHDWLQFMXQWLOM KLJKDDQGD>L@ D>M@
LIM KLJKDWKHQEHJLQ
GLVSRVHD>M@AD>M@A D>L@A
HQG
HQG
HQG
=LVWLWHNRĐNRH[LVWXMHU{]Q\FKDULWPHWLFNêFKVWURPRYNWRUpREVDKXM~SUiYHWLHWRU{]QHRSHUiWRU\
D
ãW\ULU{]QHRSHUDQG\]PQRåLQ\^`
SURFHGXUHNRG\YDUW76WUHDP
YDU
WDEDUUD\>@RIUHFRUGSSRLQWHUGLQWHJHUHQG
VVWULQJ
N
GLQWHJHU
EHJLQ
IRUN WRGRWDE>N@S QLO
ZKLOHW3RVLWLRQW6L]HGREHJLQ
W5HDGNVL]HRIN
W5HDGGVL]HRIG
6HW/HQJWKVG
W5HDGV>@G
LIWKHQEHJLQ
6HW/HQJWKV
0RYHWDE>N@G
)UHH0HP
HQG
*HW0HPWDE>N@S
WDE>N@G /HQJWKV
0RYHV>@
HQG
HQG
$NY\StãHPHYãHWN\KRGQRW\]ELQiUQHKRY\KĐDGiYDFLHKRVWURPXDOJRULWPRPSRVWRUGHUGRVWDQHPH
WDN~WRSRVWXSQRVĢþtVHO
D9\StãWHSRVWXSQRVĢYUFKRORYDOJRULWPRPSUHRUGHU
E=WRKWRVWURPXVPHY\KRGLOLYãHWN\OLVW\9\StãWHSRVWXSQRVĢYUFKRORYWRKWRVWURPXDOJRULWPRP
LQRUGHU
'DQiSURFHG~UDVRUWMHKODYQRXSURFHG~URXTXLFNVRUWXSULþRPYROiSRPRFQ~SURFHG~UXUR]GHONWRUi
DNRSLYRWDY\EHULHSUYRNVLQGH[RP]NGLYDSRGĐDQHKRUR]GHOtSUYN\SRĐD3UHGSRNODGDMWHåH
UR]GHO]DFKRYiUHODWtYQHSRUDGLHSUYNRYYUR]GHOHQêFKGYRFKþDVWLDFK
SURFHGXUHVRUW]NLQWHJHU
YDU
SLYRWLQWHJHU
EHJLQ
LI]NWKHQEHJLQ
ZULWH
UR]GHO]NSLYRW
VRUW]SLYRWVRUWSLYRWN
HQG
HQG
.RĐNRKYLH]GLþLHNVDY\StãHDNVPHQDWULHGHQLH]DGDOLSUYNRYpSROHþtVHOVKRGQRWDPLSRVWXSQHRG
GR
3UHMHGQRVPHUQêVSiMDQê]R]QDPSRWUHEXMHPH]DGHILQRYDĢPHWyGXYVHWN\NWRUiEXGHSRVWXSQH
WHVWRYDĢU{]QHILOWURYDFLHIXQNFLHDDNMHQHMDNi]QLFKVSOQHQiWDNVDVSXVWtSUtVOXãQêSUtND])LOWHUDM
SUtND]]DGHNODUXMWHDNRSURFHGXUiOQHW\S\VMHGQêPSDUDPHWURPW\SX79UFKRO
W\SH
SULND] BBBBBBBBBBBBBBBBBBBBBBBBB
ILOWHU BBBBBBBBBBBBBBBBBBBBBBBBB
ISULND] UHFRUGIILOWHUSUSULND]HQG
7=R]QDP FODVV
]N79UFKRO
SURFHGXUHYVHWN\ISDUUD\RIISULND]
HQG
SURFHGXUH7=R]QDPYVHWN\ISDUUD\RIISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
IRUL ORZISWRKLJKISGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQ
BBBBBBBBBBBBBBBBBBBBBBBBB
S SQH[W
HQG
HQG
$NYSROLISMHQDPLHVWRILOWUDQLO]QDPHQiWRåHSUtVOXãQêSUtND]VDPiY\NRQDĢ
$%.9,
EODKR#IPSKXQLEDVN
3UHGQiãN\DFYLþHQLDYOHWQRPVHPHVWUL
SUHGQiãND%LQiUQHV~ERU\
FYLþHQLH
SUHGQiãND6SiMDQp]R]QDP\
FYLþHQLH
SUHGQiãND3RXåtYDQLHVSiMDQêFK]R]QDPRY
FYLþHQLH
SUHGQiãND%LQiUQHVWURP\
FYLþHQLH
SUHGQiãND3RXåLWLHELQiUQ\FKVWURPRY
FYLþHQLH
SUHGQiãND7ULHGHQLD
FYLþHQLH
SUHGQiãND*UDI\
FYLþHQLH
SUHGQiãND$OJRULWP\SUHKĐDGiYDQLDJUDIX
FYLþHQLH
SUHGQiãND3UHKĐDGiYDQLHVQiYUDWRP
FYLþHQLH
SUHGQiãND%DFNWUDFNLQJQDJUDIRFK
FYLþHQLH
SUHGQiãND,QIRUPiFLHNXVN~ãNH
FYLþHQLH
7HVWNXVN~ãNH !!!YêVOHGN\WHVWX
6N~ãND
6N~ãND
6N~ãND
6N~ãND
6N~ãND
6N~ãND
6N~ãND
6N~ãND
>3UDYLGOi@>)DQDWLFL@>3URMHNW\@>%RGRYDQLH@>+RPH@>'HOSKL@>1HNUDGXF]@>(PDLO@
*UDSKLFVE\.HOO\
SUHGQiãND%LQiUQHV~ERU\ IHE
7\S\V~ERURY
9'HOSKLP{åHPHVRV~ERUPLSUDFRYDĢU{]Q\PLVS{VREPL
Ɣ'HOSKLãWêOWULHGD76WUHDP GiWRYêSU~G
1DMSUYVD]R]QiPLPHVRVWDUêPãWêORPSRWRPSUHMGHPHQDQRYêãWêOSU~G\
7H[WRYpV~ERU\
ƔSRVWXSQRVĢ]QDNRYNWRUiP{åHREVDKRYDĢãSHFLiOQ\]QDNNRQFDULDGNDMHULDGNRYRRULHQWRYDQê
ƔþtWDĢVDGiOHQSRVWXSQHRG]DþLDWNXGRNRQFDSRGREQH]DSLVRYDĢVDGiOHQQDNRQLHFV~ERUXVHNYHQþQêSUtVWXS
ƔSUHþtWDQLHVDGiQDVWDYLĢQD]DþLDWRNV~ERUX
ƔDXWRPDWLFNpNRQYHU]LHSULþtWDQt]DSLVRYDQtLQêFKW\SRYDNR]QDN
ƔSULRWYRUHQtV~ERUXPXVtPHXUþLĢþLMHV~ERUOHQQD]iSLVDOHEROHQQDþtWDQLH
%LQiUQHV~ERU\
ƔSRVWXSQRVĢYLHWEXćURYQDNpKRW\SXDOHERU{]Q\FKW\SRYKRYRUtPHRV~ERURFKVSHYQRXDSUHPHQOLYRXGĎåNRX
YLHW
ƔMHGQRXRSHUiFLRX5HDGDOHER:ULWHP{åHPHQDUD]SUHþtWDĢDOHER]DStVDĢYLDFYLHW
Ɣ]RV~ERUXP{åHPHV~þDVQHþtWDĢDMGRQHKR]DSLVRYDĢEH]WRKRDE\VPHPXVHOLQLHþRSUHStQDĢ
SUtVWXS
ƔXND]RYDWHĐYV~ERUHSR]tFLDVDSRNDåGHMRSHUiFLLþtWDQLH]iSLVDXWRPDWLFN\SRV~YDQDQDVOHGRYQ~YHWXP{åHPH
VRV~ERURPSUDFRYDĢVHNYHQþQH
Y3DVFDOHV~WRGYDW\S\SUiFHVELQiUQ\PLV~ERUPL
ƔW\SRYpELQiUQHV~ERU\XåSULGHNODURYDQtV~ERUXXUþtPHW\SYHW\DWêPDMGĎåNXYHW\GRV~ERUXP{åHPH
]DSLVRYDĢOHQYHW\WRKWRW\SXDWLHå]QHKRþtWDĢOHQGRSUHPHQQêFKWRKWRW\SXSR]tFLDYHW\YV~ERUHVDY\MDGUXMH
SRþWRPYLHWNWRUpV~SUHGGDQRXYHWRXþtVORYDQLHRGGR)LOH6L]H
ƔQHW\SRYpELQiUQHV~ERU\P{åHPHGRQHKR]DSLVRYDĢĐXERYRĐQp~GDMHSUHPHQQpDWLHå]QHKRþtWDĢGR
SUHPHQQêFKĐXERYRĐQêFKW\SRYSULRWYiUDQtPXVtPHXUþLĢYHĐNRVĢHOHPHQWiUQHKREORNXDSRWRPYãHWN\SR]tFLHY
V~ERUHDGĎåN\EXG~XUþRYDQpYWêFKWREORNRFKGHIDXOWMH
7\SRYpELQiUQHV~ERU\
W\SHV~ERU ILOHRILGHQWLILNiWRUBW\SXW\SYHW\
Ɣ SR]RUYHWDQHVPLHREVDKRYDĢåLDGQHþDVWLVQLHSHYQRXGĎåNRXQDSUG\QDPLFNpSROLDVWULQJ\V~ERU\VPHUQtN\D
LQpG\QDPLFNpSUHPHQQp
Ɣ$VVLJQ)LOH5HVHW5HZULWH&ORVH)LOHURYQDNpDNRSUHWH[WRYpV~ERU\
Ɣ5HDG:ULWHPDM~WURFKXLQpSUDYLGOiQDSUSUH
YDUIVXERU
5HDGISUHPHQQiBW\SXBYHWDBV~ERUX
:ULWHISUHPHQQiBW\SXBYHWDBV~ERUX
SUHUHDGDMZULWHP{åHE\ĢDMYLDFSUHPHQQêFKRGGHOHQêFKþLDUNDPL
Ɣ(RIIDNRSUHWH[WRYêV~ERU
Ɣ)LOH6L]HISRþHWYLHWV~ERUX
VSDGQH
❍DOH]iSLV]DNRQLHFV~ERUXQDSUSUHVHHNIILOHVL]HIZULWHISUHP !MH2.
ILOHSRVI
UHZULWHI VHHNIWUXQFDWHI
3UtNODG
YDU
I)LOHRILQWHJHU
LMLQWHJHU
EHJLQ
$VVLJQ)LOHI
FLVODGDW
5HZULWHI
IRUL WRGR:ULWHILEDMWRY
&ORVH)LOHIQHWUHEDDNQDVOHGXMH5HVHW
5HVHWIþtWDQLHRG]DþLDWNX
IRUL WRGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUMVHNYHQþQpþtWDQLH
HQG
VOXãQHMãLHSRNRQLHFV~ERUX
5HVHWI
ZKLOHQRW(RIIGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUM
HQG
QHVPLHVDSRXåLĢUHDGOQDQLZULWHOQQHH[LVWXMH]QDþNDNRQFDULDGNX
YêSLVV~ERUXRG]DGX
IRUL )LOH6L]HIGRZQWRGREHJLQ
6HHNIL5HDGIMSULDPHþtWDQLH
0HPR/LQHV$GG,QW7R6WUM
HQG
SULGDMYHWXQDNRQLHFV~ERUX
6HHNI)LOH6L]HI
KRFLVDDNRSRVOHGQêURELOUHVHWQHYDGtWRDGRV~ERUXVDGiDM]DSLVRYDĢ
UHVHWDUHZULWHVDQDY]iMRPQHEORNXM~ !NDåGêRWYRUHQêV~ERUMH
DXWRPDWLFN\DMQDþtWDQLHDMQD]iSLV
IRUL WRGR:ULWHIL
VNUDFRYDQLHV~ERUX
6HHNI7UXQFDWHIV~ERUPiWHUD]YHW\
&OR6H)LOHI
HQG
SURFHG~UDY\KRGY\KRGtLWXYHWXWDNåHMXQDKUDGtSRVOHGQRXDSRVOHGQ~]UXãt
W\SH
YHWD LQWHJHU
76XERU ILOHRIYHWD
SURFHGXUHY\KRGYDUI76XERULLQWHJHU
YDU
MYHWD
EHJLQ
6HHNI)LOH6L]HIUHDGIMQDþtWDQLHSRVOHGQHM
6HHNILZULWHIM]iSLVDNRLWHM
6HHNI)LOH6L]HI7UXQFDWHIY\KRGHQLHSRVOHGQHM
HQG
Y\KRGIY\KRGIY\KRGIYHWDQDSR]tFLLREVDKXMHþtVOR
0HPR/LQHV$GG
SRY\KRGHQL
5HVHWI
ZKLOHQRW(RIIGREHJLQ
5HDGIM
0HPR/LQHV$GG,QW7R6WUM
HQG
3RGREQêSUtNODGERONHG\VLQDVN~ãNH
DþDVĢULHãHQLD
YDU
IILOHRILQWHJHU
F7&DQYDV
SURFHGXUHVWURP[\YLQWHJHU
YDU
[\OSLQWHJHU
EHJLQ
LIYWKHQH[LW
VHHNIY
UHDGI[\OS
F0RYH7R[\
F/LQH7R[\
VWURP[\O
VWURP[\S
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN
YDU
[\YLQWHJHU
EHJLQ
F ,PDJH&DQYDV
$VVLJQ)LOHI
VWURPGDW
5HVHWI
UHDGI[\Y
VWURP[\Y
&ORVH)LOHI
HQG
SUHW\SRYpELQiUQHV~ERU\VDDXWRPDWLFN\SUHSRþtWDYD6HHN)LOH3RV)LOH6L]HSRGĐDGĎåN\YHW\QDSU
1HW\SRYêELQiUQ\V~ERU
YDUIILOH
Ɣ3DVFDOXQHSUH]UDGtPHW\SYHW\WHGDQHUREtVDåLDGQDNRQWURODQDW\S]DSLVRYDQHMþtWDQHMSUHPHQQHM
ƔQHIXQJXMHUHDGZULWHPXVtVDWRURELĢLQDN
%ORFN5HDGYDU))LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
❍)SUHPHQQiSUHQHW\SRYêV~ERU
❍%XIQHMDNiSUHPHQQiQHW\SRYêSDUDPHWHU]QDPHQiĐXERYRĐQêW\S
❍SRFHWSRþHWþtWDQêFKEORNRYW\SXLQWHJHU
❍Y\VOHGRNVNXWRþQHQDþtWDQêSRþHWEORNRY
DNVDWHQWRSDUDPHWHUQHXYHGLHDQDVWDQHQHMDNiFK\EDWDNSURJUDPVSDGQHQDYVWXSQRYêVWXSQHMFK\EH
LQDNSRNUDþXMHDP{åHPHRWHVWRYDĢþLQDVWDODFK\ED
%ORFN:ULWHYDUI)LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
❍)SUHPHQQiSUHQHW\SRYêV~ERU
❍%XIQHMDNiSUHPHQQiĐXERYRĐQpKRW\SX
❍SRFHWYêUD]XGiYDM~FLSRþHW]DStVDQêFKEORNRYW\SXLQWHJHU
❍Y\VOHGRNVNXWRþQH]DStVDQêSRþHWEORNRYURYQDNRDNRSUH%ORFN5HDG
❍DNVDQHXYHGLHGĎåNDBEORNXWDNVDSUHGSRNODGi
ƔVHHNILOHSRVILOHVL]HSUDFXM~Y]iYLVORVWLQDGĎåNHEORNX
3UtNODG
NRStURYDQLHV~ERUXSRPRFRXW\SRYpKRV~ERUX
YDU
DEILOHRIE\WH
[E\WH
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWD
$VVLJQ)LOHE
EGDW
5HZULWHE
ZKLOHQRW(RIDGREHJLQ
5HDGD[
:ULWHE[
HQG
&ORVH)LOHD
&ORVH)LOHE
HQG
NRStURYDQLHSRPRFRXQHW\SRYpKRV~ERUX
FRQVW
GO]ND
YDU
DEILOH
[DUUD\>GO]ND@RIE\WHN%EXIIHU NUDMãLHE\ERORSRPRFRX
SRLQWUD
ODOELQWHJHU
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWDEDMW YHĐNRVĢEORNX
$VVLJQ)LOHE
EGDW
5HZULWHE
UHSHDW
EORFNUHDGD[GO]NDOD
EORFNZULWHE[ODOE
XQWLOOD RUOD!OEDNOD!OEWDNQDVWDODFK\EDSUL]iSLVH
LIOD!WKHQ6KRZ0HVVDJH
FK\EDSUL]iSLVH
&ORVH)LOHD
&ORVH)LOHE
HQG
9\WYRUPHVLYODVWQ~WULHGXNWRUiREDOtQHW\SRYêV~ERU
W\SH
76XERU FODVV
SULYDWH
IILOH
IXQFWLRQJHWSRVLQWHJHU
SURFHGXUHVHWSRVSLQWHJHU
IXQFWLRQJHWVL]HLQWHJHU
SURFHGXUHVHWVL]HSLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJQRY\ERROHDQ
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHUHDGYDUEGLQWHJHUYLUWXDO
SURFHGXUHZULWHYDUEGLQWHJHUYLUWXDO
SURSHUW\SRVLWLRQLQWHJHUUHDGJHWSRVZULWHVHWSRV
SURSHUW\VL]HLQWHJHUUHDGJHWVL]HZULWHVHWVL]H
HQG
FRQVWUXFWRU76XERU&UHDWHFRQVWPVWULQJQRY\ERROHDQ
EHJLQ
$VVLJQ)LOHIP
LIQRY\WKHQ5HZULWHIHOVH5HVHWI
HQG
GHVWUXFWRU76XERU'HVWUR\
EHJLQ
&ORVH)LOHI
HQG
SURFHGXUH76XERUUHDGYDUEGLQWHJHU
EHJLQ
%ORFN5HDGIEG
HQG
SURFHGXUH76XERUZULWHYDUEGLQWHJHU
EHJLQ
%ORFN:ULWHIEG
HQG
IXQFWLRQ76XERUJHWSRVLQWHJHU
EHJLQ
5HVXOW )LOH3RVI
HQG
SURFHGXUH76XERUVHWSRVSLQWHJHU
EHJLQ
VHHNIS
HQG
IXQFWLRQ76XERUJHWVL]HLQWHJHU
EHJLQ
5HVXOW )LOH6L]HI
HQG
SURFHGXUH76XERUVHWVL]HSLQWHJHU
YDUSSLQWHJHU
EHJLQ
SS )LOH3RVI
VHHNIS7UXQFDWHI
LISS!SWKHQSS S
VHHNISS
HQG
DP{åHPHWRSRXåLĢ
YDU
I76XERU
LLQWHJHU
EHJLQ
I 76XERU&UHDWH
VXERUGDW
WUXH
WU\
IRUL WRGR
IZULWHLVL]HRIL
ISRVLWLRQ
ZKLOHISRVLWLRQIVL]HGREHJLQHRI
IUHDGLVL]HRIL
PHPROLQHVDGGLQWWRVWUL
HQG
ILQDOO\
I)UHH
HQG
HQG
'iWRYêSU~GWULHGD76WUHDP
9'HOSKLH[LWXMH]iNODGQiWULHGD7VWUHDPNWRUi]RYãHREHFĖXMHPHWyG\QD]DSLVRYDQLHDþtWDQLH~GDMRY]QHMDNpKR
]i]QDPRYpKRPpGLD7iWRWULHGD]DNU\MHLPSOHPHQWiFLXI\]LFNpKRV~ERUX
76WUHDPMHDEVWUDNWQiWULHGDSUDFXMHPHEXćVMHMNRQNUpWQ\PLSRGWULHGDPLQDSU7)LOH6WUHDPDOHERVL]UHDOL]XMHPH
YODVWQ~SRGWULHGX76WUHDPXYHGHQpPHWyG\DEVWUDFWQHPiGHILQRYDQpOHQGHNODURYDQp
YODVWQRVWLSURSHUW\
Ɣ3RVLWLRQ
Ɣ6L]H
PHWyG\
❍NGH2ULJLQ VR)URP%HJLQQLQJVR)URP&XUUHQWVR)URP(QG
Ɣ:ULWHFRQVW%XIIHU&RXQWLQWHJHULQWHJHU
Ɣ:ULWH%XIIHUFRQVW%XIIHU&RXQWLQWHJHU
G{OHåLWpV~RGYRGHQpWULHG\QDSU
Ɣ7)LOH6WUHDP
❍FRQVWUXFWRU&UHDWHFRQVW)LOH1DPHVWULQJ0RGH:RUG
❍NGH0RGH
ŶIP&UHDWHY\WYRUtV~ERU
ŶIP2SHQ5HDGOHQþtWDQLH
ŶIP2SHQ:ULWHOHQ]iSLV
ŶIP2SHQ5HDG:ULWHDM]iSLVDMþtWDQLH
Ɣ70HPRU\6WUHDP
❍/RDG)URP)LOHFRQVW)LOH1DPHVWULQJ
❍/RDG)URP6WUHDP6WUHDP76WUHDP
❍6DYH7R)LOHFRQVW)LOH1DPHVWULQJ
❍6DYH7R6WUHDP6WUHDP76WUHDP
'HOSKL SRVOHGQi]PHQD !
SUHGQiãND6SiMDQp]R]QDP\ IHE
6SiMDQp]R]QDP\
ƔFYLþQHVPHURELOLWULHGX7/LVW
❍G\QDPLFNpSROHVPHUQtNRYDOHERKRGQ{WQHMDNpKRW\SXNWRUpVDDXWRPDWLFN\SRGĐDSRWUHE\QDIXNXMH
UHVS]PHQãXMH
❍P{åHPHGRQHKRSULGiYDĢSUYN\KRFLNDPY\KDG]RYDĢ]QHKRDSRG
ƔDNDOHSULþDVWRPHQtPHãWUXNW~UXSUHKDG]XMHPHSUYN\YV~YDPHY\KDG]XMHPHDSROHMHGRVĢYHĐNpP{åHWR
YêUD]QHVSRPDĐRYDĢYêSRþHWOHER7/LVWPXVtSRV~YDĢKRUHGROHYHĐNpNXV\SRĐD
ƔLQêPPRåQêPULHãHQtPE\EROVSiMDQê]R]QDP]R]QDPSUYNRYUHDOL]RYDQêWDNåHNDåGêSUYRNVLSDPlWiVYRMKR
6SiMDQp]R]QDP\EXGHPHSRXåtYDĢQDMPlDNRWUpQLQJSUHG\QDPLFNpGiWRYpãWUXNW~U\UHDOL]RYDQpSRPRFRXVPHUQtNRY
W\SH
SUYRN LQWHJHU
3YUFKRO A79UFKRO
79UFKRO UHFRUG
LQIRSUYRN
QH[W3YUFKRO
HQG
YDU
]S3YUFKRO
EHJLQ
] QLO]MHSUi]GQ\]R]QDP
QHZ]]ALQIR ]AQH[W QLO]MHMHGQRSUYNRYê]R]QDP
QHZSSALQIR SAQH[W QLOSMHMHGQRSUYNRYê]R]QDP
]AQH[W S]MHGYRMSUYNRYê]R]QDP
QHZSSALQIR SAQH[W QLOSMHMHGQRSUYNRYê]R]QDP
]AQH[WAQH[W S]MHWURMSUYNRYê]R]QDP
HQG
YêSLVSUYNRY]R]QDPX
XYRĐQHQLHSUYNRY]R]QDPX
FK\EQpULHãHQLH
ZKLOH]!QLOGREHJLQ
GLVSRVH]
] ]AQH[W
HQG
VSUiYQHULHãHQLH
ZKLOH]!QLOGREHJLQ
S ]AQH[W
GLVSRVH]
] S
HQG
3R]QiPND
ƔDNMHLQIRþDVĢQHMDNiG\QDPLFNiSUHPHQQiQDSUVWULQJG\QDPLFNpSROHREMHNWDOHERVPHUQtNQDQHMDN~ãWUXNW~UX
WDNGLVSRVHYUFKROXDXWRPDWLFN\QHXYRĐQtDMWLHWRSUHPHQQpDWLHWREXG~QDćDOHMXGUåLDYDQpYKHDS
ƔWRWRP{åHQLHNHG\VS{VRELĢSUREOpP\VG\QDPLFNRXSDPlĢRX]UHMPHSUHPDOpãNROVNp~ORK\QLHDOHYEXG~FQRVWL
SULQHMDNêFK]ORåLWHMãtFK~ORKiFKP{åHPHQDWRWRQDWUDILĢ
ƔWDNpLVWpG{VOHGN\WRPiDMYWHG\NHćLQIRþDVĢMH]i]QDPNWRUêYVHEHREVDKXMHQLHþRG\QDPLFNp
ƔSUHWRQLHNHG\SUHGVDPRWQêPGLVSRVHVDXYRĐĖXMHDMSDPlĢG\QDPLFNpKRLQIRQDSUSUHVWULQJWRP{åHE\Ģ
]ALQIR
DOHERSUHG\QDPLFNpSROH]ALQIR QLODDåSRWRPVDUREtGLVSRVH]
SRVWXSQpSULGiYDQLHSUYNRYGR]R]QDPXYãLPQLWHVLåHVPHSUHVWDOLSRXåtYDĢVWULHãNXA
] QLO
IRUL WRGREHJLQ
QHZSSLQIR LSQH[W ]
] S
HQG
SUYN\VDSULGiYDOLQD]DþLDWRNY]R]QDPHV~YRSDþQRPSRUDGt
SULGiYDQLHSUYNRYQDNRQLHF]R]QDPXWUHEDQiMVĢSRVOHGQêSUYRNY]R]QDPHD]DĖQDSRMLĢQRYêSUYRN
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLO
ZKLOHQRWVHHNHRIWGREHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHEHJLQ
N ]
ZKLOHNQH[W!QLOGRN NQH[WQiMGHSRVOHGQêSUYRNY]R]QDPH
NQH[W S
HQG
HQG
&ORVH)LOHW
HIHNWtYQHMãLHULHãHQLHRSODWtVDSDPlWDĢVLSRVOHGQêSUYRNY]R]QDPHQHEXGHKRWUHEDVWiOHKĐDGDĢ
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLON QLO
ZKLOHQRWVHHNHRIWGREHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
&ORVH)LOHW
QLHNHG\EXGHPHSRXåtYDĢZLWK
S ]
ZKLOHS!QLOGR
ZLWKSAGREHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WULQIR
S QH[W
HQG
9UFKRO]R]QDPXEXGHREMHNW
=DGHILQXMHPHWULHGX7=R]QDPNWRUi]DEH]SHþt]iNODGQpRSHUiFLHQDG]R]QDPRPEXGHPDĢGYHVWDYRYpSUHPHQQp
]DþLDWRNDNRQLHF]R]QDPX3UYN\]R]QDPXEXG~REMHNW\WMV~WRVPHUQtN\
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
QH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQ79UFKRO
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNQ79UFKRO
EHJLQ
LQIR LQH[W Q
HQG
GHVWUXFWRU79UFKRO'HVWUR\
EHJLQ
QH[W)UHH!UHNXU]LDQDSUSUHGOKp]R]QDP\SUREOpPVR]iVREQtNRP
QH[W QLO
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
3R]QiPND
PXVtWR]DEH]SHþLĢSURJUDPiWRU
VN{UDNRVDSXVWtPHGRWULHG\7=R]QDP
YDU
S79UFKRO
EHJLQ
S 79UFKRO&UHDWH79UFKRO&UHDWH79UFKRO&UHDWHQLO
/DEHO&DSWLRQ SY\SLVSQH[WY\SLVSQH[WQH[WY\SLV
SQH[WQH[W)UHHSQH[W)UHHS)UHH
QDMSUYOHQQDMMHGQRGXFKãLHPHWyG\WULHG\7=R]QDP
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO]DþLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
HQG
FRQVWUXFWRU7=R]QDP&UHDWH
EHJLQ
] QLON QLO
HQG
GHVWUXFWRU7=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
ZKLOH]!QLOGREHJLQ
S ]QH[W])UHH] S
HQG
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
YDU
S79UFKRO
EHJLQ
5HVXOW
S ]
ZKLOHS!QLOGREHJLQ
5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
SURFHGXUH7=R]QDPSULGDM=LSUYRN
EHJLQ
] 79UFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM.LSUYRN
YDU
S79UFKRO
EHJLQ
S 79UFKRO&UHDWHLQLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
SURFHGXUH7=R]QDPYVXQSUHGLQWHJHULSUYRN
YDU
ST79UFKRO
EHJLQ
LISUHGWKHQSULGDM=L
HOVHEHJLQ
T ]
ZKLOHT!QLODQGSUHG!GREHJLQ
GHFSUHG
T TQH[W
HQG
S 79UFKRO&UHDWHLQLO
LIT QLOWKHQNQH[W S
HOVHEHJLQ
SQH[W TQH[W
TQH[W S
HQG
LISQH[W QLOWKHQN S
HQG
HQG
1'Ò
Ɣ GRWULHG\7=R]QDPGRSOĖWHPHWyG\
❍IXQFWLRQSRFHWLQWHJHU
❍SURFHGXUHY\KRG=Y\KRGtSUYêSUYRN
❍SURFHGXUHY\KRG.Y\KRGtSRVOHGQêSUYRN
❍SURFHGXUHSUHYUDWSUHYUiWLSRUDGLHSUYNRYY]R]QDPH
❍SURFHGXUHXWULHG
QiMGHPLQLPXPGiKRQD]DþLDWRN
]QRYXQiMGHPLQLPXP]R]Y\ãNXGiKR]DPLQLPXP
❍SURFHGXUH]DUDGLSUYRN
]DUDGtSUYRNGR]R]QDPXDE\RVWDO]R]QDPXWULHGHQê
❍ SURFHGXUHY\KRG'XSOLNDW\
Y\KRGtYUFKRO\VURYQDNêPLQIRQHFKiOHQSUYê]QLFK
❍IXQFWLRQLW\LLQWHJHU79UFKROYUiWLLW\SUYRN
ƔSUHGSRNODGDMWHåHVWDYRYpSUHPHQQpLQIRDQH[WV~V~NURPQpDP{åXVDLQLFLDOL]RYDĢOHQYNRQãWUXNWRUHSUHWULHGX
3RO\PRUIQê]R]QDP
3UYNDPL]R]QDPXP{åXE\ĢQLHOHQLQãWDQFLHWULHG\SUYRNDOHDMĐXERYRĐQpRGYRGHQpWULHG\
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO]DþLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=S79UFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.S79UFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRNRYHUORDG
SURFHGXUHYVXQSUHGLQWHJHUS79UFKRORYHUORDG
HQG
SURFHGXUH7=R]QDPSULGDM=LSUYRN
EHJLQ
] 79UFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
SQH[W ]] S
LIN QLOWKHQN ]
HQG
SURFHGXUH7=R]QDPSULGDM.LSUYRN
EHJLQ
SULGDM.79UFKRO&UHDWHLQLO
HQG
SURFHGXUH7=R]QDPSULGDM.S79UFKRO
EHJLQ
SQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
WHVWSRO\PRUIQpKR]R]QDPX
W\SH
79UFKRO FODVV79UFKRO
LQIRVWULQJ
FRQVWUXFWRU&UHDWHLVWULQJQ79UFKROSR]RUQLHQ79UFKRO
IXQFWLRQY\SLVVWULQJRYHUULGH
HQG
FRQVWUXFWRU79UFKRO&UHDWHLVWULQJQ79UFKRO
EHJLQ
LQIR LQIR LQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
LQIR
HQG
FRQVW
VDUUD\>@RIVWULQJ
SUY\
GUXK\
WUHWL
VWYUW\
SLDW\
YDU
]7=R]QDP
LLQWHJHU
EHJLQ
] 7=R]QDP&UHDWH
IRUL WRGREHJLQ
LIUDQGRP WKHQ
]SULGDM=L
HOVH
]SULGDM.L
]SULGDM.79UFKRO&UHDWHV>L@QLO
HQG
/DEHO&DSWLRQ ]Y\SLV
HQG
3RXåLWLHYODVWQRVWt
SURFHGXUH7=R]QDP]PHQLLQWHJHUS79UFKRO
YDU
TU79UFKRO
EHJLQ
LILWKHQSULGDM=S
HOVHEHJLQ
T LW\L
LIT QLORUTQH[W QLOWKHQSULGDM.S
HOVHEHJLQ
U TQH[WTQH[W SSQH[W UQH[W
U)UHH
HQG
HQG
HQG
9ćDNDYODVWQRVWLSUYN\P{åHPHNXSUYNRP]R]QDPXSULVWXSRYDĢDNRNXSUYNRPSRĐDQDSU
IRUL WRGR
]SUYN\>L@ 79UFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]SUYN\>L@Y\SLV
IRUL WRGR
]>L@ 79UFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]>L@Y\SLV
1'Ò
=LVWLWHSUHþRQHEXGHIXQJRYDĢWDNiWRYêPHQDSUYNRY]R]QDPX
YDUW79UFKRO
W ]>L@
]>L@ ]>L@
]>L@ W
'HOSKL SRVOHGQi]PHQD !
SUHGQiãND3RXåtYDQLHVSiMDQêFK IHE
]R]QDPRY
(YLGRYDQLH]PHQ\Y]R]QDPH
7=R]QDP FODVV
SXEOLF
SURFHGXUHR]QDPLWS79UFKRODNFLD7$NFLDYLUWXDO
HQG
SURFHGXUH7=R]QDPR]QDPLWS79UFKRODNFLD7$NFLD
EHJLQ
HQG
SURFHGXUH7=R]QDP]PHQLLQWHJHUS79UFKRO
EHJLQ
R]QDPLWSD=PHQ
HQG
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
R]QDPLWSD3ULGDM
HQG
SURFHGXUH7=R]QDP]UXVS79UFKRO
EHJLQ
R]QDPLWSD=UXV
HQG
$NE\VPHQLHNHG\YEXG~FQRVWLSRWUHERYDOLQDSUY\SLVRYDĢLQIRUPiFLHRYãHWNêFK]PHQiFKY]R]QDPHGRQHMDNpKR
0HPRVWDþtSUHGHILQRYDĢYLUWXiOQHR]QDPLWDKQHćXYLGtPHYãHWN\]PHQ\QDSU
W\SH
70RM=R]QDP FODVV7=R]QDP
SXEOLF
SURFHGXUHR]QDPLWS79UFKRODNFLD7$NFLDRYHUULGH
HQG
SURFHGXUH70RM=R]QDPR]QDPLWS79UFKRODNFLD7$NFLD
FRQVW
DDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
7HQWRSUtVWXSPiQDSUWDN~QHYêKRGXåHQLHNHG\EXGHWUHEDY\UiEDĢQRYpSRGWULHG\DNFKFHPHPHQLĢVSUiYDQLHPHWyG\
R]QDPLW1LHNHG\WR]E\WRþQHVNRPSOLNXMHQiYUKSURMHNWX,QêVS{VRENWRUêQiPXPRåQtURELĢWRLVWpDOHLQDNMH
SRPRFRXSURFHGXUiOQHKRW\SX
3URFHGXUiOQ\W\S
SDUDPHWUHGDQêFKW\SRY
ƔKRGQRWRXP{åHE\ĢOHQJOREiOQDSURFHG~UDQHVPLHWRE\ĢORNiOQDSURFHG~UDDQLPHWyGDQHMDNHMWULHG\
ƔSURFHGXUiOQ\W\SP{åHPH]DGHILQRYDĢDMWDNåHKRGQRWDPLP{åXE\ĢOHQPHWyG\QHMDNHMWULHG\]DGHILQtFLX
PXVtPHXYLHVĢRIREMHFWQDSU
SURFHGXUDWDNP{åHPHDM
YDU
SUDUUD\>@RISURFHGXUD SS
SU>@YD3ULGDM]DYROiSURFHG~UXS
SU>@YQH[WD=PHQ]DYROiSURFHG~UXS
ƔþLMHKRGQRWRXSUHPHQQHMSURFSURFHGXUiOQHKRW\SXQLODOHERQLHQHP{åHPHWHVWRYDĢWDNWR
LISURF!QLOWKHQ
ƔKOiVLODE\VDFK\EDåHYRODQLHSURFPiPiORSDUDPHWURYSRXåLMHPHãWDQGDUGQ~IXQNFLX$VVLJQHGNWRUi]LVWtþLMHY
SURFHGXUiOQHMSUHPHQQHMSULUDGHQiQHQLORYiKRGQRWDQDSU
1DVOHGXM~FLSUtNODGXNiåHDNRP{åHPHYLUWXiOQXPHWyGXR]QDPLWQDKUDGLĢSURFHGXUiOQRXVWDYRYRXSUHPHQQRXDN=PHQD
2Q&KDQJH
W\SH
SURFHGXUD SURFHGXUHS79UFKROD7$NFLD
7=R]QDP FODVV
SULYDWH
WDN=PHQDSURFHGXUDMHV~NURPQiSRXåtYDWHĐMXP{åHPHQLĢOHQSRPRFRX
SURSHUW\
SXEOLF
SURSHUW\DN=PHQDSURFHGXUDUHDGWDN=PHQDZULWHWDN=PHQD
HQG
9ãDGHWDPNGHERORYRODQLHR]QDPLWSUtGHYRODQLHDN=PHQDQDSU
SURFHGXUH7=R]QDPSULGDM=S79UFKRO
EHJLQ
LI$VVLJQHGDN=PHQDWKHQDN=PHQDSD3ULGDM
HQG
0{åHPHWRSRXåLĢQDSUWDNWR
]DGHILQXMHPHVLVYRMXSURFHG~UXVSUiYQHKRW\SX
SULUDGtPHGRDN=PHQD
SURFHGXUH]PHQDS79UFKRODNFLD7$NFLD
FRQVW
DDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
] 7=R]QDP&UHDWH
]DN=PHQD ]PHQD
]DN=PHQD QLOKRFLNHG\P{åHPH]PHQLĢREVDKSUHPHQQHMDN=PHQD
3RXåLWLHSURFHGXUiOQ\FKW\SRYXNiåHPHDMQDLQêFKSUtNODGRFK
0HWyGDYVHWN\
6SXVWtQHMDN~DNFLXQDNDåGRPYUFKROHVSiMDQpKR]R]QDPXQDSU
W\SH
SULND] SURFHGXUHS79UFKRO
7=R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]
HQG
SURFHGXUH7=R]QDPYVHWN\SUSULND]
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
SUS
S SQH[W
HQG
HQG
)LOWURYDQêYêSLV
9\StãHOHQWLHYUFKRO\]R]QDPXNWRUpVSĎĖDM~QHMDN~SRGPLHQNXQDSU
W\SH
ILOWHU IXQFWLRQS79UFKROERROHDQ
7=R]QDP FODVV
SXEOLF
IXQFWLRQY\SLVVWULQJRYHUORDG
IXQFWLRQY\SLVIILOWHUVWULQJRYHUORDG
HQG
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQ5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
EHJLQ
5HVOXW Y\SLVQLOYêSLVEH]SRGPLHQN\WMYãHWN\
HQG
0HWyGDYVHWN\VILOWURPUHVSVYLDFHUêPLSUtND]PLNWRUpVDY\NRQDM~VNDåGêPY\KRYXM~FLPYUFKRORP
W\SH
SULND] SURFHGXUHS79UFKRO
ILOWHU IXQFWLRQS79UFKROERROHDQ
7=R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUDUUD\RISULND]RYHUORDG
HQG
SURFHGXUH7=R]QDPYVHWN\IILOWHUSUSULND]
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQSUS
S SQH[W
HQG
HQG
SURFHGXUH7=R]QDPYVHWN\IILOWHUSUDUUD\RISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
LIQRW$VVLJQHGIRUISWKHQ
IRUL ORZSUWRKLJKSUGRSU>L@S
S SQH[W
HQG
HQG
SURFHGXUHSUS79UFKRO
EHJLQ
LISLV79UFKROWKHQ79UFKROSLQIR>@ XSFDVH79UFKROSLQIR>@
HOVHLQFSLQIR
HQG
SURFHGXUHSUS79UFKRO
EHJLQ
LISLV79UFKROWKHQ79UFKROSLQIR
[
79UFKROSLQIR
HOVHLQFSLQIR
HQG
/DEHO&DSWLRQ ]Y\SLVQLO
/DEHO&DSWLRQ ]Y\SLVI
/DEHO&DSWLRQ ]Y\SLVI
]YVHWN\ISU
/DEHO&DSWLRQ ]Y\SLV
]YVHWN\QLO>SUSUSU@
/DEHO&DSWLRQ ]Y\SLV
YSUtNODGHSUHGSRNODGiPHåH79UFKROMHRGYRGHQê]79UFKRODREVDKXMHVWULQJRY~SUHPHQQ~LQIR]SUHGFKiG]DM~FHM
SUHGQiãN\
3RO\QyP\
7ULHGD73RO\QRPMHXNiåNDSRXåLWLDVSiMDQêFK]R]QDPRY3RO\QyPMHUHDOL]RYDQêVSiMDQêP]R]QDPRPSULþRPNDåGê
YUFKRO]R]QDPXREVDKXMHMHGHQþOHQSRO\QyPXDNRGYRMLFXNRHILFLHQWUHDODH[SRQHQWLQWHJHU'RKRGQHPHVDåHþOHQ\
SRO\QyPXV~XVSRULDGDQp]RVWXSQHSRGĐDH[SRQHQWRYD]R]QDPQHREVDKXMHþOHQ\VQXORYêPNRHILFLHQWRP
W\SH
79UFKRO FODVV
NRHIUHDO
H[SRLQWHJHU
QH[W79UFKRO
FRQVWUXFWRU&UHDWHNUHDOHLQWHJHUQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHNUHDOHLQWHJHUQ79UFKRO
EHJLQ
NRHI NH[SR HQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW )ORDW7R6WUNRHI
[A
,QW7R6WUH[SR
HQG
W\SH
SURF SURFHGXUHY79UFKRO
73RO\QRP FODVV
SULYDWH
]79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURFHGXUHYVHWN\SUSURF
IXQFWLRQY\SLVVWULQJ
SURFHGXUHGHULY
SURFHGXUHSULFLWDMS73RO\QRP
SURFHGXUHRGFLWDMS73RO\QRP
SURFHGXUHY\QDVRES73RO\QRP
SURFHGXUHY\GHOS73RO\QRP
SURFHGXUHY\QDVRE.NUHDO
SURFHGXUH73RO\QRPSULGDMNUHDOHLQWHJHU
YDU
S79UFKRO
EHJLQ
S KODGDMH
LIS QLOWKHQ] 79UFKRO&UHDWHNH]
HOVHLISH[SR HWKHQEHJLQ
SNRHI SNRHIN
LISNRHI WKHQY\KRGH
HQG
HOVHSQH[W 79UFKRO&UHDWHNHSQH[W
HQG
SURFHGXUH73RO\QRPY\KRGHLQWHJHU
YDU
ST79UFKRO
EHJLQ
LI]!QLOWKHQ
LI]H[SR HWKHQEHJLQ
T ]] ]QH[WT)UHH
HQG
HOVHEHJLQ
S KODGDMH
LIS!QLODQGSQH[W!QLODQGSQH[WH[SR HWKHQEHJLQ
T SQH[WSQH[W SQH[WQH[WT)UHH
HQG
HQG
HQG
SURFHGXUH73RO\QRPYVHWN\SUSURF
YDU
S79UFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
SUS
S SQH[W
HQG
HQG
SURFHGXUHGHULYY79UFKRO
EHJLQ
ZLWKYGREHJLQ
NRHI NRHI
H[SR
GHFH[SR
HQG
HQG
YDU
VWUVWULQJ
SURFHGXUHY\SLVY79UFKRO
EHJLQ
VWU VWUYY\SLV
HQG
SURFHGXUH73RO\QRPGHULY
EHJLQ
Y\KRG
YVHWN\GHULY
HQG
IXQFWLRQ73RO\QRPY\SLVVWULQJ
EHJLQ
VWU
YVHWN\Y\SLV
LIVWU!
1'Ò
ƔGRGHILQXMWHFKêEDM~FHPHWyG\
Ɣ]DGHILQXMWHćDOãLHPHWyG\QD
❍XORåHQLHþtWDQLHSRO\QyPXGR]R6WUHDPX
❍Y\KRGQRWHQLHSRO\QyPXSUHQHMDN~NRQNUpWQXKRGQRWX[
❍Y\WYRUHQLHWDEXĐN\KRGQ{WSUHQHMDNp[]GDQpKRLQWHUYDOXDSUHGDQêNURNWDEXĐNXKRGQ{WWUHED]DStVDĢGR
6WUHDPDOHERQDNUHVOLĢJUDI
'YRMVPHUQêVSiMDQê]R]QDP
.DåGêYUFKROVLSDPlWiDMVYRMKRSUHGFKRGFXVWDYRYiSUHPHQQiSUHY
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
SUHYQH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRU79UFKRO&UHDWHLSUYRNSQ79UFKRO
EHJLQ
LQIR LSUHY SQH[W Q
HQG
IXQFWLRQ79UFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
W\SH
7=R]QDP FODVV
SULYDWH
]79UFKRO
N79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDM=Y79UFKRO
SURFHGXUHSULGDM.Y79UFKRO
SURFHGXUHYVXQ3UHGSUHGY79UFKRO
SURFHGXUHYVXQ=D]DY79UFKRO
SURFHGXUHY\KRGY79UFKRO
SURSHUW\SUY\79UFKROUHDG]
SURSHUW\SRVOHGQ\79UFKROUHDGN
HQG
FRQVWUXFWRU7=R]QDP&UHDWH
EHJLQ
] QLON QLO
HQG
GHVWUXFWRU7=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
ZKLOH]!QLOGREHJLQ
S ]QH[W])UHH] S
HQG
HQG
SURFHGXUH7=R]QDPSULGDM=Y79UFKRO
EHJLQ
YSUHY QLOYQH[W ]
LIN QLOWKHQN Y
HOVH]SUHY Y
] Y
HQG
SURFHGXUH7=R]QDPSULGDM.Y79UFKRO
EHJLQ
YSUHY NYQH[W QLO
LIN QLOWKHQ] Y
HOVHNQH[W Y
N Y
HQG
SURFHGXUH7=R]QDPYVXQ3UHGSUHGY79UFKRO
EHJLQ
LISUHG ]WKHQSULGDM=Y
HOVHLISUHG QLOWKHQSULGDM.Y
HOVHEHJLQ
YSUHY SUHGSUHYSUHGSUHY YYQH[W SUHG
YSUHYQH[W Y
HQG
HQG
SURFHGXUH7=R]QDPYVXQ=D]DY79UFKRO
EHJLQ
LI]D QLOWKHQSULGDM=Y
HOVHLI]D NWKHQSULGDM.Y
HOVHEHJLQ
YQH[W ]DQH[W]DQH[W YYSUHY ]D
YQH[WSUHY Y
HQG
HQG
SURFHGXUH7=R]QDPY\KRGY79UFKRO
EHJLQ
LIY QLOWKHQQLþ
HOVHLI] YWKHQEHJLQ
] ]QH[W
LI]!QLOWKHQ]SUHY QLOHOVHN QLO
Y)UHH
HQG
HOVHEHJLQ
YSUHYQH[W YQH[W
LIYQH[W!QLOWKHQYQH[WSUHY YSUHY
HOVHN YSUHY
Y)UHH
HQG
HQG
&\NOLFNê]R]QDP
6SRPHĖPHVLQDSRVOHGQ~~ORKX]SUHGFKiG]DM~FHMSUHGQiãN\SUHþRQLHMHNRUHNWQêWDNêWRY\PHQSUHRE\þDMQê]R]QDP
SURFHGXUH7=R]QDPY\PHQLLLQWHJHU
YDU
W79UFKRO
EHJLQ
W SUYN\>L@
SUYN\>L@ SUYN\>L@
SUYN\>L@ W
HQG
1'Ò
Ɣ Y\ULHãWHPHWyGXY\PHQNRUHNWQH
&\NOLFNê]R]QDP
ƔSRVOHGQêSUYRNRGND]XMHQDSUYê
ƔDNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
ƔWUHEDVSUiYQHUR]SR]QDĢNRQLHF]R]QDPXQDSUSUHYêSLVYãHWN\KĐDGDQLHKRGQRW\DSRG
ƔP{åHPHSRXåLĢOHQMHGLQêVPHUQtNDWRQDSRVOHGQêSUYRNSUHPHQQiNQDVOHGRYQtNRPNMH]DþLDWRN]R]QDPX
WHGDQHWUHEDSRWRPXGUåLDYDĢGYDVPHUQtN\
ƔQDSURJUDPXMWHPHWyG\SULGDM=SULGDM.SRFHWLW\DSRG
=R]QDPVILNWtYQ\PYUFKRORP
ƔWDNêWR]R]QDPQLNG\QHEXGHSUi]GQ\ !]MHGQRGXãLDVDYãHWN\PHWyG\OHERQHPXVLDWHVWRYDĢQDSUi]GQ\]R]QDP
ƔSUHSURJUDPXMWHSULGDM=DOHDMLQpPHWyG\
ƔUR]P\VOLWHVLDNRVD]PHQtF\NOLFNê]R]QDPVILNWtYQ\PYUFKRORPGYRMVPHUQê]R]QDPVILNWtYQ\PYUFKRORP
F\NOLFNêGYRMVPHUQê
'HOSKL SRVOHGQi]PHQD !
SUHGQiãND%LQiUQHVWURP\ PDU
3RGJUDIRPUR]XPLHPHPQRåLQXYUFKRORYSRVSiMDQêFKKUDQDPL9RULHQWRYDQRPJUDIHV~KUDQ\XVSRULDGDQpGYRMLFH
YUFKRORYXUþXM~DMVPHUSUHSRMHQLDYUFKRORY
6WURPMHWDNêRULHQWRYDQêJUDIYNWRURPMHMHGHQYUFKROãSHFLiOQ\
ƔNRUHĖGRWRKWRYUFKROXQHYHGLHåLDGQDKUDQDãtSND
ƔGRYãHWNêFKRVWDWQêFKYUFKRORYYHGLHSUiYHMHGQDKUDQD
ƔJUDIMHV~YLVOê
7HUPLQROyJLD
ƔDNQHMDNêYUFKROQHPiåLDGQ\FKV\QRYKRYRUtPHPXOLVWLQDNMHWRYQ~WRUQêYUFKROVWURPX
ƔSRGVWURPQHMDNêYUFKROSRYDåXMHPH]DNRUHĖDYãtPDPHVLOHQMHKRV\QRYDLFKV\QRYDWć
ƔFHVWDSRVWXSQRVĢYUFKRORYVSRMHQêFKKUDQDPLOHQMHGQêPVPHURP
ƔELQiUQ\VWURPNDåGêYUFKROPiPD[V\QRY
5HSUH]HQWiFLDVWURPRY
ƔDNRYKDOGHYMHGQRUR]PHUQRPSROL
❍NDåGêSUYRNUHSUH]HQWXMHMHGHQYUFKROVWURPX
❍SUYêSUYRNMHNRUHĖ
❍WUHEDHYLGRYDĢGLHU\PLHVWDNWRUpQHUHSUH]HQWXM~YUFKRO\
ƔSROHYUFKRORYNGHYUFKROREVDKXMHLQIRDLQGH[\GRSRĐDSUHĐDYpKRDSUDYpKRV\QD
ƔSROHYUFKRORYNDåGêYUFKROPiVSiMDQê]R]QDPV\QRY
1'ÒY\VN~ãDMWHWLHWRUHSUH]HQWiFLH
'\QDPLFNiãWUXNW~UDSUHELQiUQ\VWURP
W\SH
76WURP FODVV
LQIRSUYRN
OS76WURP
FRQVWUXFWRU&UHDWHLSUYRNQOQS76WURP
IXQFWLRQWH[WVWULQJYLUWXDO
HQG
FRQVWUXFWRU76WURP&UHDWHLSUYRNQOQS76WURP
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQ76WURPWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
YDUV76WURP
V QLOSUi]GQ\VWURP
V 76WURP&UHDWHQLOQLO
V 76WURP&UHDWH76WURP&UHDWHQLOQLO76WURP&UHDWHQLOQLO
V 76WURP&UHDWH76WURP&UHDWH76WURP&UHDWHQLOQLO
76WURP&UHDWHQLOQLO
76WURP&UHDWH76WURP&UHDWHQLOQLO
76WURP&UHDWHQLOQLO
1'Ò
Ɣ NRĐNRH[LVWXMHU{]Q\FKVWURPRY]ORåHQêFK]1YUFKRORY"
=iNODGQpDOJRULWP\
QDQDYãWtYHQLHSRVWXSQHYãHWNêFKYUFKRORYQDSUYêSLVKRGQ{W
ƔSUH1YUFKRORYêELQiUQ\VWURP1PRåQêFKSUHFKRGRYOHQQLHNWRUp]QLFKV~UR]XPQp !DOJRULWP\SUHFKiG]DQLD
YUFKROPLVWURPRY
❍3UHRUGHUQDMSUYLQIRUPiFLXYRYUFKROHSRWRPYĐDYRPSRGVWURPHDQD]iYHUYSUDYRP
❍,QRUGHUQDMSUYVSUDFXMHĐDYêSRGVWURPSRWRPLQIRYRYUFKROHDQD]iYHUYSUDYRPSRGVWURPH
❍3RVWRUGHUQDMSUYVSUDFXMHĐDYêSRWRPSUDYêSRGVWURPDQD]iYHULQIRYVDPRWQRPYUFKROH
ƔQDSURJUDPXMHPHPHWyG\SUHRUGHULQRUGHUSRVWRUGHUWLHWRSRVWXSQHVSUDFXM~YãHWN\YUFKRO\SRGĐDãSHFLILFNpKR
SRUDGLD
SURFHGXUH76WURPSUHRUGHU
EHJLQ
Y\SLV
LIO!QLOWKHQOSUHRUGHU
LIS!QLOWKHQSSUHRUGHU
HQG
SURFHGXUH76WURPLQRUGHU
EHJLQ
LIO!QLOWKHQOLQRUGHU
Y\SLV
LIS!QLOWKHQSLQRUGHU
HQG
SURFHGXUH76WURPSRVWRUGHU
EHJLQ
LIO!QLOWKHQOSRVWRUGHU
LIS!QLOWKHQSSRVWRUGHU
Y\SLV
HQG
1'Ò
Ɣ QDXþWHVDUXþQHY\WYRULĢSRVWXSQRVWLKRGQ{WYUFKRORYSRGĐDYãHWNêFKWURFKDOJRULWPRY
Ɣ V~GDQpGYHSRVWXSQRVWLþtVHONWRUpUHSUH]HQWXM~QDSULQRUGHUDSRVWRUGHUYêSLVQHMDNpKRVWURPX
❍QDNUHVOLWHWHQWRVWURP
❍QDYUKQLWHDOJRULWPXVNWRUêVNRQãWUXXMHVWURPQD]iNODGHQHMDNêFKGYRFKSRVWXSQRVWtþtVHO
V 76WURP&UHDWHQLOQLO
IRUL WRGRVQDKRGQH3ULGDML
3RXåLWLHSURFHGXUiOQHKRSDUDPHWUDSUHVWURP
SURFHGXUH76WURPYVHWN\SUSURF
EHJLQ
SUVHOI
LIO!QLOWKHQOYVHWN\SU
LIS!QLOWKHQSYVHWN\SU
HQG
3RXåLWLHSURFHGXUiOQHKRSDUDPHWUD
YDU
VWUVWULQJ
SURFHGXUHWHVWV76WURP
EHJLQ
VWU VWU
VWH[W
HQG
EHJLQ
VWU
WHVW
LIV!QLOWKHQVYVHWN\WHVW
)RUP0HPR/LQHV$GGVWU
HQG
ĆDOãLHDOJRULWP\QDVWURPRFK
3RþHWOLVWRYVWURPX
IXQFWLRQ76WURPSRFHWOLVWRYLQWHJHU
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
HOVHEHJLQ
5HVXOW
LIO!QLOWKHQLQF5HVXOWOSRFHWOLVWRY
LIS!QLOWKHQLQF5HVXOWSSRFHWOLVWRY
HQG
HQG
7ULYHU]LHIXQNFLHQDYêSRþHWV~þWXKRGQ{WYVWURPHUHNXU]tYQDPHWyGDQHUHNXU]tYQDPHWyGDUHNXU]tYQDJOREiOQDIXQNFLD
IXQFWLRQ76WURPVXFHWLQWHJHU
EHJLQ
5HVXOW LQIR
LIO!QLOWKHQLQF5HVXOWOVXFHW
LIS!QLOWKHQLQF5HVXOWSVXFHW
HQG
IXQFWLRQ76WURP15VXFHWLQWHJHUQHUHNXU]tYQDYHU]LD
YDU
VWDFNDUUD\>@RI76WURP
VSLQWHJHUVWDFNSRLQWHU XND]RYDWHĐQDYUFK]iVREQtND
V76WURP
EHJLQ
5HVXOW
VS VWDFN>VS@ VHOI
UHSHDW
LIVWDFN>VS@ QLOWKHQGHFVS
HOVHEHJLQ
V VWDFN>VS@
LQF5HVXOWVLQIR
VWDFN>VS@ VO
LQFVS
VWDFN>VS@ VS
HQG
XQWLOVS
HQG
HQG
'YHYHU]LHDOJRULWPXQD]LVWHQLHKĎEN\VWURPXDNRPHWyGDDDNRJOREiOQDIXQNFLD
IXQFWLRQ76WURPKOENDLQWHJHU
EHJLQ
LIO!QLOWKHQ
LIS!QLOWKHQ5HVXOW PD[OKOENDSKOENDPD[MH]XQLWX0DWK
HOVH5HVXOW OKOEND
HOVHLIS!QLOWKHQ5HVXOW SKOEND
HOVH5HVXOW
HQG
1'Ò
ƔQHUHNXU]tYQHKĎENDSRþHWYUFKRORYSUHRUGHU
ƔY]GLDOHQRVĢQDMEOLåãLHKROLVWXRGNRUHĖDSO\WþLQD
ĆDOãLHSRMP\
ƔMHGHQVWURPMHNySLRXGUXKpKRDNV~SRGREQpDPDM~URYQDNêREVDKYUFKRORY
Ɣ~URYQHNDåGêYUFKROYVWURPHPiVYRMX~URYHĖOHYHO
❍NRUHĖMHY~URYQL
❍MHKRV\QRYLDV~~URYQH
❍V\QRYLDYUFKROX~URYQH8PDM~~URYHĖ8
❍YNDåGHM~URYQL8MHPD[8YUFKRORY
Ɣ~SOQêVWURP~URYQH8PiYNDåGHM]~URYQtDå8PD[LPiOQ\SRþHWYUFKRORY
IXQFWLRQ76WURPVLUNDLQWHJHU
YDU
QSLQWHJHU
EHJLQ
Q 5HVXOW
UHSHDW
S SRFHWQDXURYQLQ
LIS!5HVXOWWKHQ5HVXOW S
LQFQ
XQWLOS
HQG
0HWyGDNUHVOLQDNUHVOtVWURPGRJUDILFNHMSORFK\GRQHMDNpKRFDQYDVX
SURFHGXUH76WURP.UHVOLJ7&DQYDVVLU[\LQWHJHU
EHJLQ
VLU VLUGLY
LIO!QLOWKHQEHJLQ
J0RYH7R[\J/LQH7R[VLU\
O.UHVOLJVLU[VLU\
HQG
LIS!QLOWKHQEHJLQ
J0RYH7R[\J/LQH7R[VLU\
S.UHVOLJVLU[VLU\
HQG
J7H[W2XW[\WH[W
HQG
HQG
1'Ò
ƔRþtVOXMWHVWURPSR~URYQLDFKYMHGQHM~URYQL]ĐDYDGRSUDYD
ƔY\StãWHYUFKRO\SR~URYQLDFK
ƔSULGDMYUFKROQDQiKRGQpPLHVWRVURYQDNRXSUDYGHSRGREQRVĢRXSUHĐXEPLHVWR
%LQiUQ\Y\KĐDGiYDFtVWURP
ƔYãHWN\KRGQRW\QDĐDYRRGRWFDV~PHQãLHDNRRWHF
ƔYãHWN\KRGQRW\QDSUDYRRGRWFDV~YlþãLHDNRRWHF
ƔYãHWN\SRGVWURP\V~WLHå%96
ƔYêSLVLQRUGHURPY\StãHXWULHGHQ~SRVWXSQRVĢ
GHILQtFLXVWURPXUR]GHOtPHQDGHILQtFLXYUFKROXVWURPX
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
OS79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQOQS79UFKRO
IXQFWLRQWH[WVWULQJYLUWXDO
SURFHGXUH.UHVOLJ7&DQYDVVLU[\LQWHJHU
HQG
FRQVWUXFWRUYUFKRO&UHDWHLSUYRNQOQS79UFKRO
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQYUFKROWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
SURFHGXUH79UFKRO.UHVOLJ7&DQYDVVLU[\LQWHJHU
DWULHGDVWURPREVDKXMHOHQVPHUQtNQDNRUHĖVWURPX
W\SH
7%96WURP FODVV
SULYDWH
NRUHQ79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHY\SLV
IXQFWLRQKODGDMLSUYRN79UFKRO
SURFHGXUHYOR]LSUYRN
SURFHGXUH]UXVLSUYRN
HQG
FRQVWUXFWRU7%96WURP&UHDWH
EHJLQ
NRUHQ QLO
HQG
SURFHGXUH7%96WURPY\SLV
SURFHGXUHY\SLVV79UFKRO
EHJLQ
LIV QLOWKHQH[LW
)RUP0HPR/LQHV$GGVWH[W
Y\SLVVO
Y\SLVVS
HQG
EHJLQ
Y\SLVNRUHQ
HQG
+ĐDGDQLHYELQiUQRPY\KĐDGiYDFRPVWURPH
DOJRULWPXVVDSRVWXSQHYQiUDGRVWURPXSULþRPQD]iNODGHKRGQRW\YRYUFKROHVDUR]KRGXMHþLSRNUDþXMHYĐDYRDOHER
YSUDYR
NHćQHQiMGHYUFKROYUiWLQLO
IXQFWLRQ7%96WURPKODGDMLSUYRN79UFKRO
EHJLQ
5HVXOW NRUHQ
ZKLOH5HVXOW!QLODQG5HVXOWLQIR!LGR
LI5HVXOWLQIR!LWKHQ5HVXOW 5HVXOWO
HOVH5HVXOW 5HVXOWS
HQG
1'Ò
Ɣ SUHSURJUDPXMWHPHWyGXKODGDMUHNXU]tYQ\PDOJRULWPRP
Ɣ QDStãWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
9ORåHQLHQRYpKRSUYNXWDNDE\VWURPRVWDO%96
SURFHGXUHYOR]YDUV79UFKRO
EHJLQ
LIV QLOWKHQV YUFKRO&UHDWHLQLOQLO
HOVHLIVLQIR LWKHQQLþOHERVDQDãLHO
HOVHLIVLQIR!LWKHQYOR]VO
HOVHYOR]VS
HQG
EHJLQ
YOR]NRUHQ
HQG
1'Ò
Ɣ PHWyGXYOR]SUHSURJUDPXMWHQHUHNXU]tYQ\PDOJRULWPRP
5XãHQLHYUFKROXWDNDE\RVWDOVWURP%96
SUREOpPMHLEDVUXãHQtPYUFKROXNWRUêPiRERFKV\QRYGDQêDOJRULWPXVQiMGHPLQLPXPYSUDYRPSRGVWURPHYUFKROX
WRWRPLQLPXPY\KRGtDMHKRKRGQRWXGiQDPLHVWRUXãHQpKRYUFKROX
SURFHGXUH7%96WURP]UXVLSUYRN
SURFHGXUH]UXVYDUV79UFKRO
EHJLQ
LIV QLOWKHQQLþ
HOVHLIVLQIR!LWKHQ]UXVVO
HOVHLIVLQIRLWKHQ]UXVVS
HOVHLIVO QLODQGVS QLOWKHQEHJLQV)UHHV QLOHQG
HOVHLIVO QLOWKHQV VS
HOVHLIVS QLOWKHQV VO
HOVHVLQIR ]UXVPLQVS]SUDYpKRSRGVWURPXPLQLPiOQ\SUYRN
HQG
EHJLQ
]UXVNRUHQ
HQG
1'Ò
ƔUHDOL]RYDĢEH]UHNXU]LHQHWUHEDVWDFN
ƔRSUDYWHDOJRULWPXVWDNDE\VDQHXYRĐĖRYDOPLQLPiOQ\DOHUXãHQêYUFKRODPLQLPiOQ\YUFKROVDSUHVPHUQtNRYDOQD
PLHVWRUXãHQpKRYUFKROX
ƔSUREOpPVGHJHQHURYDQêPLVWURPDPL]iYLVtRGSRUDGLDYOR]
❍GDQiXWULHGHQiSRVWXSQRVĢY\WYRULĢþRQDMY\YiåHQHMãt%96
ƔGDQê%96WUHEDSUHXVSRULDGDĢWDNDE\YêVOHGQê%96PDOPLQLPiOQHPRåQ~KĎENX
'HOSKL SRVOHGQi]PHQD !
SUHGQiãND PDU
3RXåLWLHELQiUQ\FKVWURPRY
$OJHEUDLFNpVWURP\
ƔELQiUQ\VWURP
❍YRYQ~WRUQêFKYUFKRORFKV~ELQiUQHRSHUiFLH
❍YOLVWRFKV~RSHUDQG\QDSUþtVODDOHERLGHQWLILNiWRU\SUHPHQQêFK
ƔG{OHåLWiYODVWQRVĢNDåGêYUFKROPiDOHERV\QRYQHP{åHPDĢLED
ƔDNVDVWURPY\StãHSUHRUGHU!Y]QLNQHSUHIL[]iSLV
ƔDNVDVWURPY\StãHSRVWRUGHU!Y]QLNQHSRVWIL[]iSLV
6WURPVDVNODGi]GYRFKW\SRYYUFKRORY7$OJ2SHUDFLDD7$OJ2SHUDQG
W\SH
73UYRN LQWHJHU
7$OJ6WURP FODVV
IXQFWLRQKRGQRWD73UYRNYLUWXDODEVWUDFW
IXQFWLRQSUHIL[VWULQJYLUWXDODEVWUDFW
HQG
FRQVWUXFWRU7$OJ2SHUDFLD&UHDWH]FKDUOOSS7$OJ6WURP
EHJLQ
RS ]O OOS SS
HQG
IXQFWLRQ7$OJ2SHUDFLDKRGQRWD73UYRN
EHJLQ
FDVHRSRI
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWD
SKRGQRWD
5HVXOW OKRGQRWDGLYSKRGQRWD
HOVHUDLVH([FHSWLRQ&UHDWH
QHUR]XPLHP
RS
HQG
HQG
IXQFWLRQ7$OJ2SHUDFLDSUHIL[VWULQJ
EHJLQ
5HVXOW
RSOSUHIL[SSUHIL[
HQG
FRQVWUXFWRU7$OJ2SHUDQG&UHDWHK73UYRN
EHJLQ
KRG K
HQG
IXQFWLRQ7$OJ2SHUDQGKRGQRWD73UYRN
EHJLQ
5HVXOW KRG
HQG
IXQFWLRQ7$OJ2SHUDQGSUHIL[VWULQJ
EHJLQ
5HVXOW
,QW7R6WUKRG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
D7$OJ6WURP
EHJLQ
D 7$OJ2SHUDFLD&UHDWH
7$OJ2SHUDFLD&UHDWH
7$OJ2SHUDQG&UHDWH
7$OJ2SHUDQG&UHDWH
7$OJ2SHUDFLD&UHDWH
7$OJ2SHUDQG&UHDWH
7$OJ2SHUDQG&UHDWH
0HPR/LQHV$GG
SUHIL[
DSUHIL[
0HPR/LQHV$GG
KRGQRWD
LQWWRVWUDKRGQRWD
HQG
3R]Q
ƔGLUHNWtYDDEVWUDFW
❍]DEH]SHþtåHEi]RYiWULHGDGHILQXMHYLUWXiOQHPHWyG\
❍WLHWRPHWyG\VDQHVP~YRODĢSULDPRVS{VREtWRFK\ERY~VSUiYXP{åXVDYRODĢOHQMHMSUHNU\WpRYHUULGH
PHWyG\
❍YćDNDWRPXWRP{åHPHGHILQRYDĢDEVWUDNWQ~ED]RY~WULHGX
❍QDSUDM76WUHDPPiQLHNWRUpPHWyG\DEVWUDFWUHDGZULWHDVHHN
ƔSUtND]UDLVH([FHSWLRQ&UHDWH
WH[WFK\E\
VS{VREtSUHUXãHQLHYêSRþWXVGDQRXFK\ERYRXVSUiYRX
1'Ò
Ɣ]UHDOL]XMWHSRVWIL[RYêD~SOQHX]iWYRUNRYDQêLQIL[RYêYêSLVDOJHEUDLFNpKRVWURPX
ƔVNRQãWUXXMWHDOJHEUDLFNêVWURP]SUHIL[RYpKRSRVWIL[RYpKR~SOQHX]iWYRUNRYDQpKR]iSLVX
ƔQDYUKQLWHWUHWtW\SYUFKROXSUHPHQQi
❍KRGQRWDYUiWLKRGQRWXSUHPHQQHM]WDEXĐN\WDEXĐNDMHGYRMVWĎSFRYpSROHLGHQWLILNiWRUSUHPHQQHMDKRGQRWD
SUHPHQQHM
ƔDOJHEUDLFNêVWURPVDGiUHSUH]HQWRYDĢMHGLQêPW\SRPYUFKROXNWRUêREVDKXMH]O~þHQpVWDYRYpSUHPHQQp]R
9ãHREHFQpVWURP\
NDåGêYUFKROPiĐXERYRĐQêSRþHWV\QRY
$NMH1iUQ\WM]NDåGpKRYUFKROXPD[1YUFKRORYP{åHPHKRUHSUH]HQWRYDĢ
W\SH
76WURP FODVV
LQIR73UYRN
V\QDUUD\>1@RI76WURP
HQG
W\SH
76WURP FODVV
LQIR73UYRN
V\QDUUD\RI76WURP
HQG
ýDVWRVDYSUD[LSRXåtYDDMLQiUHSUH]HQWiFLDY\FKiG]D]ELQiUQHKRVWURPXEXGHPHMXYRODĢV\QEUDW
ƔYNDåGRPYUFKROHLQIRUPiFLD
ƔVPHUQtNSUYêQDMĐDYHMãtQDMVWDUãtSUYRURGHQêV\Q
ƔVPHUQtNEUDWWMQDVOHGXM~FLYUFKROVRVSRORþQêPRWFRP
❍UHĢD]YUFKRORYVSRMHQêFKVPHUQtNRPEUDWWYRUtMHGQRVPHUQêVSiMDQê]R]QDPV\QRYQHMDNpKRYUFKROX
5HSUH]HQWiFLDYãHREHFQpKRVWURPXSRPRFRXV\QEUDW
W\SH
76WURP FODVV
LQIR73UYRN
V\QEUDW76WURP
HQG
3R]QNRUHĖYlþãLQRXQHPiEUDWRYDNE\PDOYROiPHW~WRãWUXNW~UXOHV
1'ÒYRYãHWNêFKWURFKUHSUH]HQWiFLiFK
ƔKĎENDãtUNDV~þHWKRGQ{W
ƔYêSLVDNRUHĢD]HFDOHERQDNUHVOHQLHGR&DQYDVX
Ɣ]LVWLĢþLMHVWURPELQiUQ\SRþHWOLVWRY
ƔSUHNyGRYDĢELQiUQ\VWURPGRWHMWRUHSUH]HQWiFLH
ƔY\WYRULĢDOHERQDþtWDĢWH[WRYêV~ERUSRSLVXM~FLVWURPNDåGêULDGRNMHGHQYUFKROSRþHWPHG]LHUQD]DþLDWNXULDGND
R]QDþXMH~URYHĖYQRUHQLDNRUHĖSUYêULDGRN]DþtQDYVWĎSFLMHKRV\QRYLD]DþtQDM~QDGUXKêFKVWĎSFRFK
9ãHREHFQp]R]QDP\
9ãHREHFQê]R]QDPMH
ƔDWyPQDSUVWULQJþtVOR
ƔSRVWXSQRVĢDWyPRYD]R]QDPRYDMSUi]GQDX]DYUHWiYRNU~KO\FK]iWYRUNiFK
3RXåLMHPHSRGREQ~UHSUH]HQWiFLXDNRSUHDOJHEUDLFNpVWURP\DEVWUDNWQiEi]RYiWULHGDDRGQHMRGYRGHQpGYDW\S\
YUFKRORYSULþRPãWUXNW~UDVDEXGHSRGREDĢYãHREHFQpPXVWURPXW\SXV\QEUDW
W\SH
73UYRN VWULQJ
79VHRE=R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\79VHRE=R]QDPYLUWXDO
HQG
GDOVL7=R]QDP
IXQFWLRQY\SLVVWULQJRYHUULGH
IXQFWLRQSUY\79VHRE=R]QDPRYHUULGH
HQG
3UtNODGLOXVWUXMHþtWDQLHGREUpKRYãHREHFQpKR]R]QDPXGR]DGDQHMGiWRYHMãWUXNW~U\DMHKRYêSLVYURYQDNRPWYDUH
W\SH
73UYRN VWULQJ
YDU
OH[NRQO]S]DWXUREtPHVLVFDQHUNWRUêEXGHUR]SR]QiYDĢ
KRGQRWD73UYRNYJOREiOQHMSUHPHQQHMKRGQRWDþDNiPHKRGQRWXDWyPX
]FKDU
YVWXSVWULQJYVWXSQêDQDO\]RYDQêUHĢD]HF
SURFHGXUHVFDQãWDQGDUGQêVFDQHU
YDU
RNERROHDQ
SURFHGXUH]QDN
EHJLQ
LIYVWXS
WKHQ]
HOVHEHJLQ] YVWXS>@GHOHWHYVWXSHQG
HQG
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQ
EHJLQOH[ O]]QDNHQG
EHJLQOH[ S]]QDNHQG
D
]
$
=
EHJLQ
KRGQRWD
ZKLOH]LQ>
D
]
$
=
@GREHJLQ
KRGQRWD KRGQRWD]]QDN
HQG
OH[ DW
HQG
EHJLQ]QDNRN IDOVHHQG
HQG
XQWLORN
HQG
W\SH
79VHRE=R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\79VHRE=R]QDPYLUWXDO
HQG
FRQVWUXFWRU7$WRP&UHDWHK73UYRN
EHJLQ
KRGQ K
HQG
IXQFWLRQ7$WRPY\SLVVWULQJ
EHJLQ
5HVXOW KRGQ
HQG
IXQFWLRQ7=R]QDPY\SLVVWULQJ
YDU
V7=R]QDP
EHJLQ
5HVXOW
V VHOI
UHSHDW
LIVV\Q!QLOWKHQ5HVXOW 5HVXOWVV\QY\SLV
V VGDOVL
XQWLOV QLO
5HVXOW 5HVXOW
HQG
IXQFWLRQ79VHRE=R]QDPSUY\79VHRE=R]QDP
EHJLQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXURELĢ359<
PRKORE\ĢDMDEVWUDFW
HQG
IXQFWLRQ7=R]QDPSUY\79VHRE=R]QDP
EHJLQ
5HVXOW V\Q
LI5HVXOW QLOWKHQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXURELĢ359<]SUi]GQHKR]R]QDPX
HQG
IXQFWLRQFLWDM79VHRE=R]QDP
IXQFWLRQFLWDMFKYRVW7=R]QDP
EHJLQ
LIOH[ S]WKHQEHJLQ
5HVXOW QLOVFDQ
HQG
HOVHLIOH[ NRQWKHQ5HVXOW QLO
HOVHEHJLQ
5HVXOW 7=R]QDP&UHDWH
7=R]QDP5HVXOWV\Q FLWDM
7=R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HQG
EHJLQ
LIOH[ DWWKHQEHJLQ
5HVXOW 7$WRP&UHDWHKRGQRWD
VFDQ
HQG
HOVHLIOH[ O]WKHQEHJLQ
VFDQ
5HVXOW 7=R]QDP&UHDWH
7=R]QDP5HVXOWV\Q FLWDM
7=R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HOVH5HVXOW QLO
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
V79VHRE=R]QDP
EHJLQ
YVWXS (GLW7H[W]
VFDQV FLWDM
LIV QLOWKHQ
0HPR/LQHV$GG
SUi]GQ\]R]QDPQLO
HOVH
0HPR/LQHV$GGVY\SLV
HQG
1'Ò
ƔWHVWRYDFtSURJUDPQHREVDKXMHXYRĐĖRYDQLHSDPlWLPHWyGD'HVWUR\GRSURJUDPXMWHMX
ƔIXQNFLHNWRUpYUiWLDLW\SRVOHGQêSUYRN]R]QDPX]R]QDPEH]SUYpKRSUYNXEH]SRVOHGQpKREH]LWHKRSUYNX
ƔNySLDYãHREHFQpKR]R]QDPXSRþHWDWyPRYSRþHWYêVN\WRY
ƔSRURYQDQLHGYRFK]R]QDPRY
ƔSUHYUDWSULSRM]79VHRE=R]QDP
Ɣ ]PHĖWHUHSUH]HQWiFLXYãHREHFQpKR]R]QDPXWDNåHYUFKROMHEXćDWyPDOHERREVDKXMHG\QDPLFNpSROHVYRMLFK
SUYNRY
❍UHDOL]XMWHQDþtWDQLHYêSLVDDMRVWDWQpPHWyG\
/H[LNRJUDILFNpVWURP\
ƔYELQiUQRPVWURPHNDåGiFHVWDRGNRUHĖDGRĐXERYRĐQpKRYUFKROXMHGQR]QDþQHUHSUH]HQWXMHWHQWRYUFKROQDSU
//3///33/R]QDþXMHYUFKROVOOSOOOSSOSRGREQHVDGiR]QDþRYDĢĐXERYRĐQêYUFKRODMY1
iUQRPVWURPHSRXåLMHPH1StVPHQDEHFHG\QDSU
D
N
❍OH[LNRJUDIVWURP\V~1iUQHVWURP\
❍NDåGêYUFKROUHSUH]HQWXMHSUYêFK.]QDNRY]RVORYD.MHY]GLDOHQRVĢRGNRUHĖD
ƔNRUHĖUHSUH]HQWXMHSUi]GQHVORYR
ƔV\QRYLDNRUHĖDUHSUH]HQWXM~MHGQR]QDNRYpVORYiDWć
ƔYLQIRSRORåNHP{åHPHUHSUH]HQWRYDĢLQIRUPiFLXU{]QHKRW\SXQDSUSRþHWYêVN\WRYGDQpKRVORYDUHĢD]HF
UHSUH]HQWXM~FLSUHNODGNyGSUHNODGXYHQF\NORSpGLL
3UtNODG
=LVWLWHIUHNYHQþQ~WDEXĐNXVORYQDYVWXSH]DEHFHG\^DE`
❍QDMSUYY\WYRUtPHOH[LNRJUDILFNêVWURPGRLQIRSRþHWYêVN\WRY
❍Y\StãHPHFHVWXNQHQXORYêPYUFKRORPDMVKRGQRWRX
ULHãHQLH
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
E
@RI7/H[6WURP
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMFRQVWVVWULQJ
SURFHGXUHY\SLVW76WULQJVFRQVWVVWULQJ
HQG
FRQVWUXFWRU7/H[6WURP&UHDWH
EHJLQ
SRFHW S>
D
@ QLOS>
E
@ QLO
HQG
SURFHGXUH7/H[6WURPSULGDMFRQVWVVWULQJ
EHJLQ
LIV
WKHQLQFSRFHW
HOVHLIV>@LQ>
D
E
@WKHQEHJLQ
LIS>V>@@ QLOWKHQS>V>@@ 7/H[6WURP&UHDWH
S>V>@@SULGDMFRS\VPD[LQW
HQG
HOVH
SULGDMFRS\VPD[LQWUDLVH([FHSWLRQ&UHDWH
FK\EQ\]QDN
V>@
HQG
SURFHGXUH7/H[6WURPY\SLVW76WULQJVFRQVWVVWULQJ
EHJLQ
LISRFHW!WKHQW$GG,QW7R6WUSRFHW
V
LIS>
D
@!QLOWKHQS>
D
@Y\SLVWV
D
LIS>
E
@!QLOWKHQS>
E
@Y\SLVWV
E
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDU
O7/H[6WURP
EHJLQ
O 7/H[6WURP&UHDWH
OSULGDM
DEDD
OSULGDM
EE
OSULGDM
OSULGDM
DDDDDDDDDDDDDDDDDDDDDDDDDDDD
OSULGDM
DEDDEED
OSULGDM
DEDDEDE
OSULGDM
DDEE
OSULGDM
DEDE
OSULGDM
DDEE
OSULGDM
DEDD
OY\SLV0HPR/LQHV
HQG
3R]Q
Ɣ SRXåLOLVPHSUHGGHILQRYDQ~WULHGX76WULQJVSRVWXSQRVĢUHĢD]FRYQDSU0HPR/LQHVMHW\SX76WULQJV
❍XåPiPHVN~VHQRVWLåHSUH76WULQJVH[LVWXM~PHWyG\&OHDUD$GGDOHV~GHILQRYDQpDMPHWyG\'HOHWH
,QVHUW/RDG)URP6WUHDP/RDG)URP)LOH
❍XåLWRþQpYODVWQRVWLSURSHUW\WULHG\&RXQW6WULQJV>LQGH[@7H[W
1'Ò
ƔSULGDMDMY\SLVV~UHNXU]tYQH !P{åHSUHWLHFĢ]iVREQtNSUHUREWHEH]UHNXU]LH
ƔYWHVWRYDFRPSURJUDPHY\StãWHDMSRþHWYUFKRORYVWURPXKĎENXVWURPXSRþHWU{]Q\FKVORYGĎåN\
ƔPHWyGDKODGDMQiMGHYUFKROYVWURPHSUHGDQpVORYRUHDOL]XMWHUHNXU]tYQHDMQHUHNXU]tYQH
ƔGRURELĢSUH1SUYNRY~DEHFHGX
❍QDSU
D
M
iUQ\VWURP
❍QDSUOHQStVPHQi
D
H
L
R
X
\
iUQ\VWURP
ƔPHWyG\WULHG\NWRUpQiMGX
❍VORYiGDQHMGĎåN\
❍QDMNUDWãLHQDMGOKãLHVORYi
❍QDMNUDWãLHVORYR]DþtQDM~FHGDQêPUHĢD]FRP
❍GĎåNDQDMGOKãLHKRVORYD KĎENDVWURPX
ƔQDYUKQLWHPHWyG\QDUXãHQLHVORYDDOHERYãHWNêFKVORYNWRUp]DþtQDM~QHMDNêPUHĢD]FRP
ƔSRPRFRXOH[LNiOQHKRVWURPXUHSUH]HQWXMWHPQRåLQ\VORY]QHMDNHMDEHFHG\QDPLHVWRVWDYRYHMSUHPHQQHMSRFHWEXGH
LQIRUPiFLDRWRPþLSDWUtGRPQRåLQ\ !]UHDOL]XMWHRSHUiFLH]MHGQRWHQLDSULHQLNX
.RPSRQHQW77UHH9LHZ
7HQWR'HOSKLNRPSRQHQWXPRåĖXMH]REUD]LĢ~GDMHNWRUpPDM~VWURPRY~ãWUXNW~UXYRYL]XiOQHMIRUPHQDSU
.RPSRQHQW77UHH9LHZMHGRVĢNRPSOH[QêWXSRStãHPHOHQQLHNRĐNRVWDYRYêFKSUHPHQQêFKDPHWyG
ƔYUFKROPLVWURPXV~LQãWDQFLHWULHG\77UHH1RGH
Ɣ,WHPV>L@YUiWLLW\YUFKRO
Ɣ,WHPV&RXQWSRþHWV\QRY
$GG&KLOG)LUVW
Ɣ/RDG)URP)LOHPHQRBV~ERUX]WH[WRYpKRV~ERUXQDþtWDNRPSOHWQêVWURPNDåGêULDGRNSRSLVXMHMHGHQYUFKRO
VWURPXSRþHWPHG]LHUUHVSWDEXOiWRURYQD]DþLDWNXULDGNDY\MDGUXMHYQRUHQLHYUFKROX
Ɣ6DYH7R)LOHPHQRBV~ERUXY\WYRUtWH[WRYêV~ERUNWRUêSRSLVXMHNRPSOHWQêVWURP
Ɣ&RXQWSRþHWV\QRY
Ɣ,WHP>L@VPHUQtNQDLWHKRV\QD
Ɣ3DUHQWVPHUQtNQDRWFD
Ɣ6HOHFWHGþLMHPiE\ĢR]QDþHQêR]QDþHQêP{åHE\ĢPD[LPiOQHMHGHQYUFKROYFHORPVWURPH
Ɣ,QGH[NRĐNêMHWRV\QVYRMKRRWFD
Ɣ/HYHOYDNHM~URYQLVWURPXMHWHQWRYUFKRO
Ɣ7H[WWH[WRYêUHĢD]HFYGDQRPYUFKROH
DQLHNWRUpG{OHåLWpPHWyG\QDSU
Ɣ'HOHWH]UXãtYUFKRO
Ɣ'HOHWH&KLOGUHQ]UXãtYãHWN\GHWL
Ɣ*HW1H[W6LEOLQJQDVOHGXM~FLEUDW
Ɣ*HW3UHY6LEOLQJSUHGFKiG]DM~FLEUDW
Ɣ*HW)LUVW&KLOGSUYêV\Q
1DSUWiWRþDVĢSURJUDPXY\WYRUtVWURPVYUFKROPL
YDU
NYY77UHH1RGH
EHJLQ
N 7UHH9LHZ,WHPV$GGQLO
NRUHĖVWURPX
Y 7UHH9LHZ,WHPV$GG&KLOGN
GUXKêYUFKRO
Y 7UHH9LHZ,WHPV$GGY
WUHWtYUFKRO
Y 7UHH9LHZ,WHPV$GG&KLOGN
WUHWtYUFKRO
WRMHWRLVWpDNRSUHGFKiG]DM~FLULDGRN
0DOêWHVWRYDFtSURMHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
VHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG&KLOG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GG&KLOGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
7UHH9LHZ6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
LI)LOH([LVWV
VWURPW[W
WKHQ
7UHH9LHZ/RDG)URP)LOH
VWURPW[W
HQG
SURFHGXUH7)RUP)RUP&ORVH6HQGHU72EMHFWYDU$FWLRQ7&ORVH$FWLRQ
EHJLQ
7UHH9LHZ6DYH7R)LOH
VWURPW[W
HQG
1'Ò
Ɣ Y\WYRUWH7UHH9LHZ]RãWUXNW~U\DGUHViURY
'HOSKL SRVOHGQi]PHQD !
SUHGQiãND7ULHGHQLD PDU
7ULHGHQLD
SURFHGXUHY\PHQLMLQWHJHU
YDU
WLQWHJHU
EHJLQ
W S>L@S>L@ S>M@S>M@ W
HQG
3ULU{]Q\FKDOJRULWPRFKWULHGHQtQiVEXGH]DXMtPDĢDNRHIHNWtYQHWHQWRSUDFXMH3UHPDOêSRþHWSUYNRYDVLQLHMHYHĐPL
SRGVWDWQpþLDOJRULWPXVEHåDODOHERPLOLVHN~QGDOHSUHYlþãLHSRVWXSQRVWLKRGQ{WQDSUPLOLyQXåP{åH]DYiåLĢþL
WULHGHQLHSREHåtDOHERVHN~QG9]KĐDGRPQDHIHNWtYQRVĢDOJRULWPXV~G{OHåLWpLQIRUPiFLHQDSURSRþWH
SRURYQiYDQtDSRþWHYêPHQPHG]LSUYNDPL
%XEOLQNRYpWULHGHQLH%XEEOH6RUW
Ɣ VNRURQDMKRUãLHDNpP{åHE\ĢP{åHPHKRSRXåLĢOHQSUHPDOpSROLDYVLWXiFLLNHćQH]iOHåtQDUêFKORVWL
3RURYQiYDQLHGYRFKSUYNRYYHGĐDVHEDGRSUYNXSRĐDVPHQãtPLQGH[RPLGHPHQãt]QLFK3RMHGQRPSUHFKRGHSRĐRPVD
XUþLWHPD[LPiOQ\SUYRNGRVWDQHQDNRQLHFSRĐD3RWRPRVWiYDXWULHGLĢ1SUYNRYSRĐDSRVOHGQêMHXåQDVYRMRPPLHVWH
SURFHGXUH%XEEOH6RUW
YDU
LMLQWHJHU
EHJLQ
IRUL 1GRZQWRGR
IRUM WRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
3R]Q
0LQ6RUW
1iMGHY~VHNXSRĐDPLQLPiOQ\SUYRNY\PHQtKRVSUYêPSUYNRP~VHNXDSRVXQLHGROQ~KUDQLFXWULHGHQpKR~VHNXRWM
WULHGHQê~VHNSRĐDVDVNUiWLRDWć
SURFHGXUH0LQ6RUW
YDU
LMPLQLQWHJHU
EHJLQ
IRUL WR1GREHJLQ
PLQ L
IRUM LWR1GR
LIS>M@S>PLQ@WKHQPLQ M
Y\PHQLPLQ
HQG
HQG
3R]Q
7ULHGHQLHYV~YDQtP,QVHUW6RUW
,VWiþDVĢSRĐDMHXåXWULHGHQi]DUDGtQRYêSUYRNQDVYRMHPLHVWRDSUHGĎåLXWULHGHQê~VHNR
SURFHGXUH,QVHUW6RUW
YDU
LMWLQWHJHU
EHJLQ
SUHGSRNODGYF\NOHLMHXWULHGHQê~VHNYVXĖS>L@WDNDE\RVWDO
XWULHGHQê
IRUL WR1GREHJLQ
M LW S>L@
ZKLOHM! DQGS>M@!WGREHJLQKĐDGDQLHYKRGQpKRPLHVWDSUHSUYRNS>L@
S>M@ S>M@
GHFM
HQG
S>M@ W
HQG
HQG
3R]Q
Ɣ RSlĢMHWRYHĐPLSRPDOêDOJRULWPXVSRURYQDWHĐQêV%XEEOH6RUWRP
7ULHGHQLH]OXþRYDQtP0HUJH6RUW
Ɣ PHWyGDUR]GHĐXMDSDQXMWMĐDKãLHVDXWULHGLPHQHMSRORåLHNDNRYHĐD
ƔDOJRULWPXV
❍SROHUR]GHOtPHQDGYHSULEOLåQHURYQDNRYHĐNpþDVWLSULQHSiUQRPSRþWHMHMHGQDþDVĢYlþãLD
❍SRWRPVD]DREHUDMPHVNDåGRX]WêFKWRGYRFKþDVWt]YOiãĢDWRWDNêPLVWêPVS{VRERPWMUR]GHOtPHMXQDGYH
þDVWL
❍]QRYXYH]PLPHSUY~]QLFKDUR]GHĐPHMXQDGYHDWćDåNêPQHGRVWDQHPHMHGQRSUYNRYp~VHN\
❍MH]UHMPpåHMHGQDSRORåNDMHXWULHGHQiDWHGDPiPHGYHXWULHGHQpþDVWL
❍WHUD]SRXåLMHPHGUXK~þDVĢDOJRULWPX]O~þHQLHGYRFKXWULHGHQêFKþDVWtWDNDE\DMQRYRY]QLNQXWiþDVĢEROD
XWULHGHQiWMGRVWiYDPHþDVĢVGYRPDSRORåNDPL
❍SRGREQHVDUR]GHOtD]O~þLDMGUXKiþDVĢ]UR]GHOHQLDDGRVWiYDPHXWULHGHQ~GUXK~GYRMSUYNRY~þDVĢ
❍WHQLVWêDOJRULWPXV]O~þHQLDGYRFKXWULHGHQêFKþDVWtSRXåLMHPHDMWHUD]DGRVWiYDPHXWULHGHQ~ãWYRUSUYNRY~
þDVĢ
❍DOJRULWPXVVDEXGHRSDNRYDĢDåNêPQHEXGHXWULHGHQpFHOpSROH
ƔWRWRWULHGHQLHVDSRXåtYDQDMPlSULWULHGHQtSUYNRYVSiMDQêFK]R]QDPRY]OXþRYDQLHGYRFKSROtEH]SRPRFQpKR
SRĐDMHYHĐPLQiURþQiRSHUiFLDDP{åHSRND]LĢHIHNWtYQRVĢFHOpKRDOJRULWPX
ƔWRWRWULHGHQLHSDWUtPHG]LW]YUêFKOHWULHGHQLDHIHNWtYQRVĢMHUiGRYR1
ORJ1
WULHGHQLHVSiMDQpKR]R]QDPX
W\SH
7=R]QDP FODVV
KLQWHJHU
QH[W7=R]QDP
HQG
SURFHGXUH0HUJH6RUWYDU]7=R]QDP
SURFHGXUHUR]GHOS7=R]QDPYDUGS7=R]QDP
YDU
VWUHGSRP7=R]QDP
EHJLQ
LIS QLOWKHQGS QLOQHERORþRGHOLĢ
HOVHEHJLQ
VWUHG S
SRP VWUHGQH[W
ZKLOHSRP!QLOGREHJLQSRNLDĐQLHMHQDNRQFL]R]QDPX
SRP SRPQH[WSRVXĖVDRMHGHQNURN
LISRP!QLOWKHQEHJLQHãWHQLHVRPQDNRQFL
VWUHG VWUHGQH[WSRVXĖVWUHGRMHGHQNURN
SRP SRPQH[WSRVXĖVDRGUXKêNURN
HQG
HQG
GS VWUHGQH[WYUiĢVPHUQtNQDSUYRNNWRUêMHVWUHGQê
VWUHGQH[W QLO]PRGLILNXMS{YRGQêGOKê]R]QDPQDSRORYLþQê
HQG
HQG
SURFHGXUH]OXFSS7=R]QDPYDUS7=R]QDP
YDU
N7=R]QDP
EHJLQ
LIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHLIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHEHJLQRED]R]QDP\V~QHSUi]GQH
LISK SKWKHQEHJLQY\ULHãPHSUYêSUYRNQRYpKR]R]QDPX
S S
S SQH[W
HQG
HOVHEHJLQ
S S
S SQH[W
HQG
N SY\WYiUDPH]R]QDPSSULGiYDQtPQDNRQLHFSRPRFRXSRPRFVPHUQtND
N
ZKLOHS!QLODQGS!QLOGR
LISK SKWKHQEHJLQ
NQH[W SN SS SQH[W
HQG
HOVHEHJLQ
NQH[W SN SS SQH[W
HQG
LIS QLOWKHQNQH[W SY\SUi]GQLOVD]R]QDPS
HOVHNQH[W SY\SUi]GQLOVD]R]QDPS
HQG
HQG
YDU
GUXKDSRO7=R]QDP
EHJLQ
LI]!QLODQG]QH[W!QLOWKHQEHJLQDVSRĖSUYN\
UR]GHO]GUXKDSRO
0HUJH6RUW]
0HUJH6RUWGUXKDSRO
]OXF]GUXKDSRO]
HQG
HQG
3R]Q
ƔUHNXU]tYQDSURFHG~UD0HUJH6RUWVSUDFXMHFHOê]R]QDPWDNåHKRUR]GHOtQDGYHþDVWLVSULEOLåQHURYQDNêPSRþWRP
SUYNRYQDWLHWR]DYROiW~LVW~SURFHG~UXSRNLDĐV~]R]QDP\YLDFDNRMHGQRSUYNRYpDSRWRPWDNWRY]QLNQXWp
]R]QDP\]O~þL
ƔSURFHG~UDUR]GHOVDEXGHVQDåLĢQiMVĢSRORYLFXFHOpKR]R]QDPXNWRUêGRVWiYDFH]VPHUQtNSDYUiWLGYD
]R]QDP\VSULEOLåQHURYQDNêPSRþWRPSUYNRYVWUHGVDEXGHKĐDGDĢWDNåHSR]R]QDPHEXG~SXWRYDĢGYD
VPHUQtN\MHGHQSRMHGQRPNURNXDGUXKêSRGYRFKDDNVDGUXKêVPHUQtNSUHSUDFXMHQDNRQLHF]R]QDPX]UHMPH
SUYêNWRUêãLHOSRNURNXEXGHSUiYHYSRORYLFL]R]QDPX
ƔDNPiPHGREUHUR]GHOHQê]R]QDPQDGYHþDVWLDYUDFLDPHVD]UHNXU]LHRVWiYDQiPLEDGREUHWLHWRGYHþDVWL]O~þLĢD
WRWDNDE\DMQRYêGOKãt]R]QDPRVWDOXWULHGHQêSURFHG~UD]OXFWHGDSUHFKiG]DRERPD]R]QDPDPLDY\WYiUD]
QLFKQRYê
1'Ò
ƔXVSRULDGDĢYSROLSRPRFRXSRPRFQpKRSRĐD
ƔXVSRULDGDĢYSROLEH]SRPRFQpKRSRĐDDVLEXGHSULYHĐDSRVXQRYSRĐD
ƔWULHGLĢELQiUQ\V~ERUVGYRPDSRPRFQêPLV~ERUPL
5êFKOHWULHGHQLH4XLFN6RUW
Ɣ YSUHGFKiG]DM~FRPWULHGHQtVPHPXVHOL]R]QDP\GREUH]O~þLĢ
Ɣ WULHGHQLH4XLFN6RUWY\WYiUDGYHþDVWLSRĐDWDNDE\LFKQHERORWUHED]OXþRYDĢDOHDE\LFKVWDþLORLEDSRORåLĢ]DVHED
❍YSUYRPNURNXVDMHGHQSUYRNY\EHULH]DSLYRWDYSULQFtSHWRP{åHE\ĢĐXERYRĐQêSUYRNP\Y\EHUPHSUYê
SUYRN]GDQHMSRVWXSQRVWL
❍SRGĐDWRKWRSLYRWDUR]GHĐPHYVWXSQ~SRVWXSQRVĢSUYNRYQDGYHþDVWLSULþRPYSUYHM]QLFKEXG~þtVODPHQãLH
DNRSLYRWDYGUXKHMþtVODYlþãLHDURYQpDNRSLYRWYQDMOHSãRP]SUtSDGRYVDSRVWXSQRVĢUR]GHOtQDGYHþDVWL
VSULEOLåQHURYQDNêPSRþWRPSUYNRYYQDMKRUãRPSUtSDGHYãDN]UHMPHQDQXODSUYNRYNWRUpEXGHWYRULĢSUY~
þDVĢDQDYãHWN\RVWDWQpSUYN\
❍SRWDNRPWRUR]GHOHQtSRVWXSQRVWLGRVWiYDPHWULþDVWLþDVĢVMHGLQêPSUYNRPNWRUêPMHSLYRWþDVĢYNWRUHM
V~SUYN\PHQãLHDNRSLYRWDþDVĢVSUYNDPLYlþãtPLDOHERURYQêPLDNRMHSLYRW
❍SRWRPURYQDNêPVS{VRERPXWULHGLPHGUXK~þDVĢSUYN\PHQãLHDNRSLYRWDWUHWLXþDVĢSUYN\YlþãLHDNR
SLYRW
❍SRLFKXWULHGHQtGUXK~DWUHWLXþDVĢSRORåtPHYHGĐDVHEDSULþRPSLYRWGiPHQDVSUiYQHPLHVWR
5êFKOHWULHGHQLH
SURFHGXUH4XLFN6RUW
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDU
SLYRWLQWHJHU
LSPLQLQWHJHU
EHJLQ
SLYRW S>]@SPLQ ]SLYRWMHSUYêSUYRN
IRUL ]WRNGRSUHMGLYãHWN\SUYN\PHG]L]DN
LIS>L@SLYRWWKHQEHJLQSR]HUDQêSUYRNSDWUtGRSUYHMþDVWLSRĐD
MHRMHGHQYLDFWDNêFKþRV~PHQãLHDNRSLYRW
LQFSPLQY\PHQSPLQL
HQG
Y\PHQ]SPLQGDMSLYRWQDVSUiYQHPLHVWR
LS SPLQYUiĢLQGH[QDNWRURPMHXPLHVWQHQêSLYRW
HQG
SURFHGXUHTXLFN]NLQWHJHU
YDU
LSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRW
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
EHJLQ
TXLFN1
HQG
3R]Q
ƔSURFHG~UDTXLFNMHUHNXU]tYQDDWULHGLþDVĢSRĐDPHG]LLQGH[PL]DNSULþRPQDMSUYYROiSURFHG~UXUR]GHOQD
UR]GHOHQLHWHMWRþDVWLD]LVWHQLHLQGH[XSLYRWDSRWRPDSOLNXMHWHQLVWêDOJRULWPXVQDþDVĢSRĐDSUHGLQGH[RPQD
NWRURPMHSLYRWDQDþDVĢSRĐD]DSLYRWRP
ƔSURFHG~UDUR]GHOGiYDSUYN\PHQãLHDNRSLYRWQD]DþLDWRNSRĐDSUYN\YlþãLHDOHERURYQpDNRSLYRWQDNRQLHFSRĐDD
SRVNRQþHQtWRKWRXSUDWRYDQLDGiHãWHSLYRWQDVSUiYQHPLHVWRDYUiWLMHKRLQGH[
ƔDNERORSROHXWULHGHQpHãWHSUHGVDPRWQêPWULHGHQtPWDNMH]YROHQêQDMKRUãtPRåQêSLYRWSUHWRVDQD]DþLDWNX
UR]GHO]Y\NQHSULGDĢ
Y\PHQ]]NGLY
1'Ò
ƔWULHGLĢSROHEH]UHNXU]LH
ƔWULHGLĢVSiMDQê]R]QDP
ƔWULHGLĢELQiUQ\V~ERU
7ULHGHQLHKDOGRX+HDS6RUW
ƔEXGHPHWULHGLĢSROH
ƔKDOGDMHGiWRYiãWUXNW~UDNWRUi
❍PiWYDUVNRUR~SOQpKRELQiUQHKRVWURPXOHQQDSRVOHGQHM~URYQLELQiUQHKRVWURPXP{åXFKêEDĢV\QRYLD
YUFKRORYSUHGSRVOHGQHM~URYQHDWRWDNåHDNFKêEDQHMDNêV\QWDNEXG~FKêEDĢDMYãHWFLV\QRYLDYSUDYRQD
QDMQLåãHM~URYQL
❍SUHYãHWN\YUFKRO\VWURPXSODWtåHRWHFPiYlþãLXDOHERURYQ~KRGQRWXDNRMHKRV\QRYLDDNH[LVWXM~
Ŷ]UHMPHYNRUHQLKDOG\MHYåG\PD[LPiOQ\SUYRN
❍KDOGXEXGHPHUHSUH]HQWRYDĢYMHGQRUR]PHUQRPSROLLQGH[RYDQRPRGWDNåHNRUHĖVWURPXMHQDLQGH[HDL
❍Y\WYRUHQLHKDOG\
QHXWULHGHQpKRSRĐDDQRYpXKDOGRYDQLHWMRSUDYDKDOG\
❍]DNDåGêPSUDFXMHPHVRNUDWãtPSRĐRPKDOGRX!QDMHKRNRQFLVDSRVWXSQHV~VWUHćXM~QDMYlþãLHSUYN\
7ULHGHQLHKDOGRX
SURFHGXUH+HDS6RUW
SURFHGXUHSRVXQYDULLQWHJHUPLQWHJHU
EHJLQDNH[LVWXMHV\Q!QDVWDYtVDQDYlþãLHKR]QLFK
LI
L PWKHQEHJLQDVSRĖMHGHQV\QH[LVWXMH
L
LYLMHĐDYêV\Q
LILPDQGS>L@!S>L@WKHQL L
SUDYêV\QEROYlþãtDSUHWRMHYLSUDYêV\QLQDNRVWiYDYLĐDYêV\Q
HQG
HQG
SURFHGXUHXSUDFBKDOGXNPLQWHJHU
YDU
LLQWHJHUSUHGSRNODGiPHåHRGNGRPWRXåKDOGDMHSULGiPHNW\
EHJLQ
L NSRVXQLP
ZKLOHS>N@S>L@GREHJLQ
Y\PHQNL
N L
SRVXQLPYLMHQRYêYlþãtV\Q
HQG
HQG
SURFHGXUHY\WYRUBKDOGX
YDU
LLQWHJHU
EHJLQ
IRUL 1GLYGRZQWRGRXSUDFBKDOGXL1
HQG
YDU
LLQWHJHU
EHJLQ
Y\WYRUBKDOGX
L 1EHUSRVWXSQHYãHWN\SUYN\
ZKLOHL!GREHJLQ
Y\PHQLY\PHĖNRUHĖDSRVOHGQê]DWLDĐQHXWULHGHQêWMLW\
SUYRN
GHFL]PHQãLUR]PHUVWURPX
XSUDFBKDOGXLRSUDYVWURPNRUHĖMHDVL]Oê
HQG
HQG
3R]Q
ƔSURFHG~UDXSUDFBKDOGXY\WYiUDKDOGXYSROLPHG]L]DGDQêPLGYRPDLQGH[PLSRĐDWMSRMHMVNRQþHQtMHþDVĢSRĐD
.Då0KDOGRXSULþRPSURFHG~UDSUHGSRNODGiåHþDVĢ.Då0MHKDOGDDOHWêPåHVPHSULGDOLSUYRNQDPLHVWR
.PRKODVDKDOGD.Då0SRND]LĢDSUHWRWUHEDSROH]QRYXXKDOGRYDĢWM]DEH]SHþLĢDE\DMSUH.SODWLORåHPi
RERFKV\QRYPHQãtFKDNRRQViPDNWRWDNQLHMHWUHEDKR]UHMPHY\PHQLĢVYlþãtP]RV\QRYDSRVWXSRSDNRYDĢSUH
WRKWRV\QDDSUtVOXãQêSRGVWURP
ƔSRPRFQiSURFHG~UDSRVXQSRV~YDSUYêSDUDPHWHUQDYlþãLHKRV\QD
1'Ò
ƔQDPLHVWRWULHGHQLDSUYNRYSRĐDSUHKDG]RYDQtPKRGQ{WUHDOL]XMWHWULHGHQLHOHQSRPRFRXWULHGHQLDLQGH[RYSRĐDWM
Y\WYRUtWHSROHþtVHORGORZSDåGRKLJKSLQGH[RYpSROHDWRWRSROHSUHXVSRULDGDWHWDNY\WYRUtWHMHKR
SHUPXWiFLXåHQDSUMHKRYêSLVYSRUDGtLQGH[RYYWRPWRSROLY\StãHXVSRULDGDQpSROH
ƔWDNpWRWULHGHQLHUHDOL]XMWHSUHYãHWN\GRWHUD]]QiPHWULHGHQLD
ƔQDStãWHSURJUDPNWRUêSRURYQiUêFKORVĢU{]Q\FKWULHGLDFLFKDOJRULWPRYSUHWRLVWpSROHFHOêFKþtVHOP{åHWHSRXåLĢ
QDSUIXQNFLX7LPHNWRUiYUDFLDPRPHQWiOQ\þDVWHVWXMWHWRSUHU{]QHYHĐNpSROLDQiKRGQêFKþtVHOQDSUDå
SUYNRY
7KUHDGYOiNQD
ƔRSHUDþQêV\VWpP:LQGRZVGRYROtVSXVWLĢGYHDOHERYLDFSURFHG~UQDUD]DWLHåQiPXPRåĖXMHDE\WRWRULDGLOQiã
SURJUDPWRPXWRVDKRYRUtPXOWLWKUHDGLQJYLDFYOiNHQ
ƔWULHGD77KUHDGYOiNQRXPRåĖXMHStVDQLHSDUDOHOQêFKDSOLNiFLt
ƔNHćFKFHPHDE\QLHþREHåDORSDUDOHOQHY\UREtPHWRPXLQãWDQFLXWULHG\NWRUiMHSRWRPNRP77KUHDGVDPRWQi
WULHGD77KUHDGMHDEVWUDNWQiDQHYLHURELĢQLþNRQNUpWQH
ƔNRQãWUXNWRU77KUHDGPiORJLFNêSDUDPHWHUNWRUêPR]QiPLPHþLVDPiYOiNQRWKUHDGVSXVWLĢKQHćSULY\WYRUHQt
DOHERDåQHVN{U]DYRODQtPPHWyG\5HVXPH
ƔVSXVWHQLHYOiNQDWKUHDGX]QDPHQiåHVDVSXVWtWHORPHWyG\([HFXWHWiWRMHY77KUHDGGHILQRYDQiDNRYLUWXDOD
DEVWUDFW
ƔNHćYOiNQRWKUHDGSRWUHEXMHSUDFRYDĢVIRUPXOiURPY\NUHVOLĢQLHþRQDVWDYLĢNRPSRQHQWPXVtE\Ģ
XQLW%RGNXM
LQWHUIDFH
XVHV
&ODVVHV
W\SH
7%RGNXM7KUHDG FODVV77KUHDG
SULYDWH
SURFHGXUHFRVL
SURWHFWHG
SURFHGXUH([HFXWHRYHUULGH
HQG
LPSOHPHQWDWLRQ
XVHV
*UDSKLFV8QLW
SURFHGXUH7%RGNXM7KUHDGFRVL
EHJLQ
)RUP&DQYDV3L[HOV>UDQGRP)RUP&OLHQW:LGWKUDQGRP)RUP&OLHQW+HLJKW@ FO5HG
HQG
SURFHGXUH7%RGNXM7KUHDG([HFXWH
EHJLQ
UHSHDW
6\QFKURQL]HFRVL
XQWLO7HUPLQDWHG
HQG
HQG
VDPRWQê8QLW
W\SH
7)RUP FODVV7)RUP
6WDUW7%XWWRQYRIRUPXOiULV~GYHWODþLGOi67$57D6723
6WRS7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SURFHGXUH6WRS&OLFN6HQGHU72EMHFW
SULYDWH
ERGNRYDQLH77KUHDG
HQG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG IDOVH
VWRS(QDEOHG WUXH
ERGNRYDQLH 7%RGNXM7KUHDG&UHDWHIDOVHKQHćVDDMVSXVWt
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG WUXH
VWRS(QDEOHG IDOVH
ERGNRYDQLH)UHH
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV3HQ:LGWK
&DQYDV3HQ&RORU FO%OXH
&DQYDV0RYH7R[\
&DQYDV/LQH7R[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV/LQH7R[\
HQG
0HWyG\)RUP0RXVH'RZQDM)RUP0RXVH0RYHXPRåĖXM~NUHVOLĢGRIRUPXOiUDDMSRþDVERGNRYDQLDSDUDOHOQêP
SURFHVRP
$SSOLFDWLRQRQ,GOH
7DNêWRLVWêHIHNWVDGiXURELĢDMEH]YOiNQDSRPRFRXXGDORVWLRQ,GOHY\XåLWLHþDVXNHćDSOLNiFLDQLþQHUREt
W\SH
7)RUP FODVV7)RUP
6WDUW7%XWWRQ
6WRS7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SURFHGXUH6WRS&OLFN6HQGHU72EMHFW
SULYDWH
SURFHGXUHERGNXM6HQGHU72EMHFWYDU'RQH%RROHDQ
HQG
SURFHGXUH7)RUPERGNXM6HQGHU72EMHFWYDU'RQH%RROHDQ
EHJLQ
&DQYDV3L[HOV>UDQGRP&OLHQW:LGWKUDQGRP&OLHQW+HLJKW@ FO5HG
'RQH IDOVH
HQG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG IDOVH
VWRS(QDEOHG WUXH
$SSOLFDWLRQ2Q,GOH ERGNXM
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUW(QDEOHG WUXH
VWRS(QDEOHG IDOVH
$SSOLFDWLRQ2Q,GOH QLO
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV3HQ:LGWK
&DQYDV3HQ&RORU FO%OXH
&DQYDV0RYH7R[\
&DQYDV/LQH7R[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
&DQYDV/LQH7R[\
HQG
3UHWHN\WULHGHQt
.HćXåYLHPHY\WYiUDĢDVS~ãĢDĢSDUDOHOQpSURFHG~U\P{åHPH]UHDOL]RYDĢSUHWHN\U{]Q\FKWULHGHQtSULþRPEXGHPHWLHWR
WULHGHQLDYL]XDOL]RYDĢ.DåGiKRGQRWDYSROLEXGHYJUDILFNHMSORFKH,PDJH]REUD]HQiEXćIDUHEQRXERGNRXDOHER
~VHþNRXDNRYKLVWRJUDPH9êPHQDGYRFKSUYNRYYSROLDOHERSULUDGHQLHQHMDNHMKRGQRW\GRSUYNXSRĐDVDEXGH
UHDOL]RYDĢSRPRFQêPLPHWyGDPLY\PHQUHVSSULUDGNWRUpEXG~]iURYHĖSUHNUHVĐRYDĢJUDILFN~SORFKX
'RIRUPXOiUDXPLHVWQLPHURYQDNRYHĐNêFK,PDJHQDSU[DãWDUWRYDFLHWODþLGOR
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
6WDUW7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SULYDWH
VDUUD\>@RI77KUHDG
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
6RUW7KUHDGEXEEOHVRUWPLQVRUWLQVHUWVRUWPHUJHVRUWTXLFNVRUWKHDSVRUW
^5 ')0`
SURFHGXUH7)RUP6WDUW&OLFN6HQGHU72EMHFW
YDU
SSROH
LLQWHJHU
EHJLQ
VWDUW(QDEOHG IDOVH
6HW/HQJWKS,PDJH:LGWK
UDQGRPL]H
IRUL WRKLJKSGRS>L@ UDQGRP,PDJH+HLJKW
V>@ 7%XEEOH6RUW&UHDWHS,PDJH
V>@ 70LQ6RUW&UHDWHS,PDJH
V>@ 7,QVHUW6RUW&UHDWHS,PDJH
V>@ 70HUJH6RUW&UHDWHS,PDJH
V>@ 74XLFN6RUW&UHDWHS,PDJH
V>@ 7+HDS6RUW&UHDWHS,PDJH
IRUL WRGRV>L@5HVXPHDåWXVDWRQDUD]YãHWNRRGãWDUWXMH
HQG
9ãHWN\W\S\WULHGHQtY\WYRUtPHDNRSRWRPNDDEVWUDNWQHMWULHGLDFHMWULHG\76RUW7KUHDGWiWRREVDKXMHYãHWNRþRSRWUHEXMH
SDUDOHOQHY\NRQiYDQpWULHGHQLHQDSU]REUD]RYDQLHY\PLHĖDQLHSUYNRYLQLFLDOL]iFLXDSRGRNUHPVDPRWQpKRWULHGHQLD
PHWyG\VRUWWiWREXGHGRGHILQRYDQiDåYSRWRPNRFKWHMWRWULHG\
XQLW6RUW7KUHDG
LQWHUIDFH
XVHV
&ODVVHV*UDSKLFV([W&WUOV
W\SH
SROH DUUD\RILQWHJHUDUUD\>1@RILQWHJHU
SURSHUW\1LQWHJHUUHDGGDM1
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWQSSROHLP7,PDJH
HQG
LPSOHPHQWDWLRQ
^76RUW7KUHDG`
FRQVWUXFWRU76RUW7KUHDG&UHDWHFRQVWQSSROHLP7,PDJH
EHJLQ
LQKHULWHG&UHDWHWUXHYOiNQRVDKQHćQHVSXVWtEXGHWUHED5HVXPH
SS FRS\QS/HQJWKQS
Y\V LP+HLJKW
J LP&DQYDV
.UHVOLFO%OXH
3ULRULW\ WS/RZHVW
)UHH2Q7HUPLQDWH WUXHREMHNWVDDXWRPDWLFN\XYRĐQtSRVNRQþHQt([HFXWH
HQG
IXQFWLRQ76RUW7KUHDGGDM1LQWHJHU
EHJLQ
5HVXOW /HQJWKSS
HQG
SURFHGXUH76RUW7KUHDG.UHVOL3UYRNLLQWHJHUI7&RORU
EHJLQ
J3L[HOV>LY\VSS>L@@ INHćFKFHPHY\NUHVĐRYDĢLEDERGN\
J3HQ&RORU IJ3RO\OLQH>3RLQWLY\V3RLQWLY\VSS>L@@
HQG
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
YDU
WLQWHJHU
EHJLQ
LIL MWKHQH[LW
W SS>L@S>L@ SS>M@S>M@ W
HQG
SURFHGXUH76RUW7KUHDGSULUDGLKRGQLQWHJHU
EHJLQ
LISS>L@ KRGQWKHQH[LW
YL LYM KRGQ
6\QFKURQL]HV\QFKURSULUDG
HQG
SURFHGXUH76RUW7KUHDGV\QFKURSULUDG
EHJLQ
.UHVOL3UYRNYLFO:KLWH
SS>YL@ YM
.UHVOL3UYRNYLFO%OXH
HQG
SURFHGXUH76RUW7KUHDG([HFXWH
EHJLQ
6RUW
.UHVOLFO5HG
HQG
SURFHGXUH76RUW7KUHDG.UHVOLI7&RORU
EHJLQ
II I
6\QFKURQL]HV\QFKUR.UHVOL
HQG
SURFHGXUH76RUW7KUHDGV\QFKUR.UHVOL
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKSSGR
.UHVOL3UYRNLII
HQG
HQG
3RWRPWULHGD7%XEEOH6RUWP{åHE\ĢGHILQRYDQiWDNWR
XQLWEXEEOHVRUW
LQWHUIDFH
XVHV
6RUW7KUHDG
W\SH
7%XEEOH6RUW FODVV76RUW7KUHDG
SURWHFWHG
SURFHGXUH6RUWRYHUULGH
HQG
LPSOHPHQWDWLRQ
SURFHGXUH7%XEEOH6RUW6RUW
YDU
LMLQWHJHU
EHJLQ
IRUL 1GRZQWRGR
IRUM WRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
HQG
0HUJH6RUWP{åHPHSUHURELĢWDNDE\VDGDOYL]XDOL]RYDĢWMEH]VSiMDQpKR]R]QDPXSRXåLOLVPHWXSRPRFQpSROH
SURFHGXUH70HUJH6RUW6RUW
SURFHGXUH]OXF]VNLQWHJHU
YDU
SRPSROH
LLLLQWHJHU
EHJLQ
6HW/HQJWKSRPN]
IRUL WRN]GRSRP>L@ S>]L@
SURFHGXUHPHUJH]NLQWHJHU
YDU
VWUHGLQWHJHU
EHJLQ
LI]! NWKHQH[LW
VWUHG ]NGLYUR]GHĐ
PHUJH]VWUHG
PHUJHVWUHGN
]OXF]VWUHGN
HQG
EHJLQ
PHUJH1
HQG
1'Ò
ƔVNRPSOHWL]XMWHSURJUDPQDSUHWHN\WULHGHQt
ƔSRN~VWHVDQDYUKQ~ĢVS{VRE]REUD]HQLDSUYNRYYSROLDNLFKEXGHYLDFDNRãtUNDSUtVOXãQpKR,PDJHQDSUYMHGQRP
VWĎSFLEXGHYLDFSUYNRY
ƔSRN~VWHVDQDYUKQ~ĢSURJUDPWDNDE\VDGDOR]YROLĢNWRUpWULHGHQLHEXGHYNWRUHM,PDJHSORFKHUHVSDNpSROHVD
EXGHWULHGLĢQDSUQiKRGQHJHQHURYDQpY]RVWXSQHXVSRULDGDQp]RVWXSQHXVSRULDGDQpSROHVURYQDNêPLSUYNDPLD
SRG
ƔDNGRPHWyG\([HFXWH]DY\YRODQLHPHWyG\6RUWGiWHQHMDNpSUtND]\WLHWRVDY\NRQDM~DåSRVNRQþHQtSUtVOXãQpKR
QDSU5DGL[6RUW7UHH6RUW6KDNHU6RUW
3R]QY\NUHVĐRYDQLHSULHEHKXP{åHPHXUêFKOLĢWDNåHDMPHWyGXY\PHQWULHG\76RUW7KUHDG]UHDOL]XMHPHMHGLQêP
V\QFKURQL]RYDQtPWMQHEXGHVDYQHMGYDNUiWYRODĢSULUDGQDSU
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
EHJLQ
LIL MWKHQH[LW
YL LYM M
6\QFKURQL]HV\QFKURY\PHQ
HQG
SURFHGXUH76RUW7KUHDGV\QFKURY\PHQ
YDU
WLQWHJHU
EHJLQ
.UHVOL3UYRNYLFO:KLWH
.UHVOL3UYRNYMFO:KLWH
W SS>YL@SS>YL@ SS>YM@SS>YM@ W
.UHVOL3UYRNYLFO%OXH
.UHVOL3UYRNYMFO%OXH
HQG
'HOSKL SRVOHGQi]PHQD !
SUHGQiãND*UDI\ PDU
*UDI\
ƔJUDIVDVNODGi
❍]PQRåLQ\YUFKRORY9 ^99`
ŶDNMHGYRMLFDQHXVSRULDGDQi !QHRULHQWRYDQêJUDI
ŶDNMHGYRMLFDXVSRULDGDQi !RULHQWRYDQêJUDI
Ɣ]Qi]RUQHQLHJUDIX
❍YUFKRO\V~NROLHVND
❍KUDQ\V~VSRMRYQtN\DNMHJUDIRULHQWRYDQêWDNãtSN\
ƔDSOLNiFLH
❍PHVWiVSRMHQpFHVWDPLQHRULHQWRYDQêJUDI
❍VXVHGLDFHãWiW\REODVWL
❍VNXSLQDĐXGtNWRUtVDQDY]iMRPSR]QDM~
❍QHV~YLVOêEH]F\NORYDF\NOLFNê
❍QHV~YLVOêVF\NORP
ƔQRUPiOQ\VWURP DF\NOLFNêRULHQWRYDQêJUDIGRNDåGpKRYUFKROXYHGLHKUDQD
❍RNUHPNRUHĖD]QHKRH[LVWXMHFHVWDGRYãHWNêFKRVWDWQêFKYUFKRORY
ƔRULHQWRYDQêJUDIMH
❍VLOQHV~YLVOêDN]NDåGpKRH[LVWXMHFHVWDGRNDåGpKR
❍VODERV~YLVOêDNE\EH]RULHQWiFLHEROV~YLVOê
ƔLQIRUPiFLHYJUDIH
❍YNDåGRPYUFKROHSRGREQHDNRYVWURPH
ŶQDSUY]GLDOHQRVĢPLHVWFHQDFHVWRYQpKROtVWND
ƔNRPSRQHQWV~YLVOêSRGJUDIGLVMXQNWQêVR]Y\ãNRPJUDIX
5HSUH]HQWiFLHJUDIX
D3ROHPQRåtQVXVHGRY
*UDIMHPQRåLQDYUFKRORY9SUHNDåGêYUFKROY∈9H[LVWXMHPQRåLQD$YPQRåLQDVXVHGRYNGH$YMHSRGPQRåLQRX9
W\SH
79UFKRO\ PD[DOHERPD[
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RIVHWRI79UFKRO\
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDE79UFKRO\
SURFHGXUH=UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
L79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GRJ>L@ >@
HQG
SURFHGXUH7*UDI3ULGDM+UDQXDE79UFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQêJUDI
HQG
SURFHGXUH7*UDI=UXV+UDQXDE79UFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQêJUDI
HQG
$NVLWUHEDRNDåGRPYUFKROHSDPlWDĢQHMDN~LQIRUPiFLXWDN]DGHNODUXMHPHQDSU
W\SH
7*UDI FODVV
JDUUD\>79UFKRO\@RI
UHFRUGFODVV
VXVVHWRI79UFKRO\
PHQRVWULQJ
[\LQWHJHU
HQG
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDE79UFKRO\
SURFHGXUH=UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
3R]Q
Ɣ SUHQHRULHQWRYDQêJUDIPXVtSODWLĢåHDNZ∈J>Y@SRWRPDMY∈J>Z@
SUREOpP\
ƔOHQGRYUFKRORY
ƔQHGDM~VDWDNWRUHSUH]HQWRYDĢRKRGQRWHQpJUDI\WMQHMDNiLQIRUPiFLDQDKUDQiFK
E7DEXĐNDVXVHGQRVWt
7DEXĐNDVXVHGQRVWt]QDPHQiGYRMUR]PHUQ~PDWLFXKUiQ
W\SH
79UFKRO\ PD[DOHERPD[
79DKD LQWHJHU
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\79UFKRO\@RI79DKDERROHDQSUHQHRKRGQRWHQêJUDI
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDE79UFKRO\Y79DKD
SURFHGXUH=UXV+UDQXDE79UFKRO\
IXQFWLRQMH+UDQDDE79UFKRO\ERROHDQ
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
LM79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GR
IRUM ORZ79UFKRO\WRKLJK79UFKRO\GR
J>LM@
DOHERILOOFKDUJVL]HRIJ
HQG
SURFHGXUH7*UDI3ULGDM+UDQXDE79UFKRO\Y79DKD
EHJLQ
J>DE@ Y
J>ED@ YSUHQHRULHQWRYDQêJUDI
HQG
SURFHGXUH7*UDI=UXV+UDQXDE79UFKRO\
EHJLQ
J>DE@
J>ED@ SUHQHRULHQWRYDQêJUDI
HQG
F3ROHVSiMDQêFK]R]QDPRYVXVHGRY
-HGQRUR]PHUQpSROHMHGQRVPHUQêFKVSiMDQêFK]R]QDPRY
W\SH
79UFKRO\ PD[
7+UDQD FODVV
FLVOR79UFKRO\
QH[W7+UDQD
YDKDLQWHJHUSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHF79UFKRO\YLQWHJHUQ7+UDQD
HQG
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RI7+UDQD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDE79UFKRO\YLQWHJHU
SURFHGXUH=UXV+UDQXDE79UFKRO\
FRQVWUXFWRU7+UDQD&UHDWHF79UFKRO\YLQWHJHUQ7+UDQD
EHJLQ
FLVOR FYDKD YQH[W Q
HQG
FRQVWUXFWRU7*UDI&UHDWH
YDU
L79UFKRO\
EHJLQ
IRUL ORZ79UFKRO\WRKLJK79UFKRO\GRJ>L@ QLO
HQG
SURFHGXUH7*UDI3ULGDM+UDQXDE79UFKRO\YLQWHJHU
EHJLQ
=UXV+UDQXDE
J>D@ 7+UDQD&UHDWHEYJ>D@
=UXV+UDQXEDSUHQHRULHQWRYDQêJUDI
J>E@ 7+UDQD&UHDWHDYJ>E@
HQG
SURFHGXUH7*UDI=UXV+UDQXDE79UFKRO\
YDU
VW7+UDQD
EHJLQ
LIJ>D@!QLOWKHQEHJLQ
V J>D@
LIVFLVOR EWKHQEHJLQ
J>D@ VQH[WV)UHH
HQG
HOVHEHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!EGRV VQH[W
LIVQH[W!QLOWKHQEHJLQ
W VQH[WVQH[W WQH[WW)UHH
HQG
HQG
HQG
LIJ>E@!QLOWKHQEHJLQ
V J>E@
LIVFLVOR DWKHQEHJLQ
J>E@ VQH[WV)UHH
HQG
HOVHEHJLQ
3R]Q
Ɣ DNSRWUHEXMHPHPDĢYRYUFKRORFKćDOãLHLQIRUPiFLHWDNYWULHGH7*UDIY\WYRUtPHQRYpSROHDOHERSROHJEXGHSROH
YUFKRORYUHFRUGDOHERFODVVSULþRPNDåGêYUFKRORNUHP]R]QDPXKUiQREVDKXMHDMQHMDN~VYRMXLQIRUPiFLXQDSU
PHQR[\SRORKDSULY\NUHVOHQtGRSORFK\DSRG
G=R]QDP]R]QDPRYYUFKRORY
*UDIDNRMHGQRVPHUQêVSiMDQê]R]QDPYãHWNêFKYUFKRORYJUDIXSULþRPYNDåGRPYUFKROHMH]DþLDWRNVSiMDQpKR]R]QDPX
KUiQNWRUpY\FKiG]DM~]WRKWRYUFKROXNDåGiKUDQDREVDKXMHVPHUQtNQDYUFKROGRSUYpKR]R]QDPXVNWRUêPMHGDQê
YUFKROVSRMHQêWRXWRKUDQRX
W\SH
7+UDQD FODVVNDåGê]i]QDPUHSUH]HQWXMHMHGQXKUDQX
S79UFKROQLHNWRUêYUFKROJUDIX
79DKDLQWHJHU
QH[W7+UDQD
HQG
79UFKRO FODVV
VXV7+UDQD]R]QDPVXVHGRY ]R]QDPKUiQ]GDQpKRYUFKROX
PHQR[\LQIRUPiFLDRYUFKROH
QH[W79UFKRO
HQG
7*UDI 79UFKROSUYêYUFKROYVSiMDQRP]R]QDPHYãHWNêFKYUFKRORY
H'\QDPLFNpSROHG\QDPLFNêFKSROt
*UDIMHSROHYUFKRORYSULþRPNDåGêYUFKROREVDKXMHSROHKUiQ]R]QDPVYRMLFKVXVHGLDFLFKYUFKRORY
-HGQRGXFKãLDYHU]LD
W\SH
79DKD LQWHJHU
7+UDQD FODVV
FLVORLQWHJHUSRUDGRYpþtVORYUFKROXGRNWRUpKRYHGLHKUDQD
YDKD79DKDSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHFLQWHJHUY79DKD
HQG
79UFKRO FODVV
SULYDWH
PHQRVWULQJ
[\LQWHJHU
VXVDUUD\RI7+UDQD
IXQFWLRQLQGH[+UDQ\FLQWHJHULQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
SURFHGXUH.UHVOLF7&DQYDV
SURFHGXUH3ULGDM+UDQXFLQWHJHUY79DKD
SURFHGXUH=UXV+UDQXFLQWHJHU
SURFHGXUH]PHQ9DKX+UDQ\FLQWHJHUY79DKDRYHUORDG
SURFHGXUH]PHQ9DKX+UDQ\V7+UDQDY79DKDRYHUORDG
IXQFWLRQMH+UDQDFLQWHJHUERROHDQ
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM9UFKROFRQVWPVWULQJ[[\\LQWHJHU
SURFHGXUH]UXV9UFKROFLQWHJHU
SURFHGXUH3ULGDM+UDQXFFLQWHJHUY79DKDRYHUORDG
SURFHGXUH3ULGDM+UDQXYY79UFKROY79DKDRYHUORDG
SURFHGXUH=UXV+UDQXFFLQWHJHU
SURFHGXUH.UHVOLLP7,PDJH
SURFHGXUH]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
IXQFWLRQMH+UDQDFFLQWHJHUERROHDQ
HQG
^7+UDQD`
FRQVWUXFWRU7+UDQD&UHDWHFLQWHJHUY79DKD
EHJLQ
FLVOR FYDKD Y
HQG
^79UFKRO`
FRQVWUXFWRU79UFKRO&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
EHJLQ
PHQR P
[ [[\ \\
VXV QLO
HQG
SURFHGXUH79UFKRO.UHVOLF7&DQYDV
EHJLQ
F(OOLSVH[\[\
F7H[W2XW[\PHQR
HQG
SURFHGXUH79UFKRO3ULGDM+UDQXFLQWHJHUY79DKD
EHJLQ
LIQRWMH+UDQDFWKHQEHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ 7+UDQD&UHDWHFY
HQG
HQG
SURFHGXUH79UFKRO=UXV+UDQXFLQWHJHU
YDU
LLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQEHJLQ
VXV>L@)UHHVXV>L@ VXV>KLJKVXV@
6HW/HQJWKVXVKLJKVXV
HQG
HQG
SURFHGXUH79UFKRO]PHQ9DKX+UDQ\FLQWHJHUY79DKD
YDU
LLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQVXV>L@YDKD Y
HQG
SURFHGXUH79UFKRO]PHQ9DKX+UDQ\V7+UDQDY79DKD
YDU
LLQWHJHU
EHJLQ
L
ZKLOHL KLJKVXVDQGVXV>L@!VGRLQFL
LIL KLJKVXVWKHQVXV>L@YDKD Y
HQG
^*UDI`
FRQVWUXFWRU7*UDI&UHDWH
EHJLQ
J QLO
HQG
SURFHGXUH7*UDISULGDM9UFKROFRQVWPVWULQJ[[\\LQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
J>KLJKJ@ 79UFKRO&UHDWHP[[\\
HQG
SURFHGXUH7*UDI]UXV9UFKROFLQWHJHU
YDU
LMLQWHJHU
EHJLQ
LIF KLJKJWKHQEHJLQ
IRUL WRKLJKJGR]UXV+UDQXLF
J>F@)UHH
IRUL FWRKLJKJGRJ>L@ J>L@
6HW/HQJWKJKLJKJ
SURFHGXUH7*UDI3ULGDM+UDQXFFLQWHJHUY79DKD
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
LIQRWMH+UDQDFFWKHQEHJLQ
J>F@3ULGDM+UDQXFY
J>F@3ULGDM+UDQXFYSUHQHRULHQWRYDQ\JUDI
HQG
HOVH
]PHQ9DKX+UDQ\FFY
HQG
SURFHGXUH7*UDI3ULGDM+UDQXYY79UFKROY79DKD
YDU
LMLQWHJHU
EHJLQ
L ZKLOHL KLJKJDQGJ>L@!YGRLQFL
M ZKLOHM KLJKJDQGJ>M@!YGRLQFM
LIL KLJKJDQGM KLJKJWKHQ
3ULGDM+UDQXLMY
HQG
SURFHGXUH7*UDI=UXV+UDQXFFLQWHJHU
EHJLQ
LIF KLJKJDQGF KLJKJWKHQEHJLQ
J>F@=UXV+UDQXF
J>F@=UXV+UDQXFSUHQHRULHQWRYDQHJUDI\
HQG
HQG
SURFHGXUH7*UDI]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
J>F@]PHQ9DKX+UDQ\FY
HQG
HOVH5HVXOW IDOVH
HQG
SURFHGXUH7*UDI.UHVOLLP7,PDJH
YDU
LM[[\\LQWHJHU
EHJLQ
ZLWKLP&DQYDVGREHJLQ
)LOO5HFWLP&OLHQW5HFW
IRUL WRKLJKJGR
ZLWKJ>L@GREHJLQ
3HQ&RORU FO%OXH
.UHVOLLP&DQYDV
3HQ&RORU FO*UHHQ
IRUM WRKLJKVXVGREHJLQ
ZLWKJ>VXV>M@FLVOR@GREHJLQ[[ [\\ \HQG
0RYH7R[\
/LQH7R[[\\
7H[W2XW[[[GLY\\\GLY,QW7R6WUVXV>M@YDKD
HQG
HQG
HQG
HQG
'RWDNpKRWRJUDIXSULGiPHQLHNRĐNRSRPRFQêFKPHWyGNWRUpXPRåQLD]RYãHREHFQLĢSUiFXVYUFKROPLDKUDQDPLLOXVWUXMH
WRćDOãtQDVOHGXM~FLSUtNODG
W\SH
79UFKRO FODVV
SULYDWH
PHQRVWULQJ
[\LQWHJHU
VXVDUUD\RI7+UDQD
DNWXDOQD+UDQDLQWHJHU
IXQFWLRQGDM3UYX7+UDQD
IXQFWLRQLQGH[+UDQ\FLQWHJHULQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
SURFHGXUH.UHVOLF7&DQYDV
SURFHGXUH3ULGDM+UDQXFLQWHJHUY79DKD
SURFHGXUH=UXV+UDQXFLQWHJHU
SURFHGXUH]PHQ9DKX+UDQ\FLQWHJHUY79DKDRYHUORDG
SURFHGXUH]PHQ9DKX+UDQ\V7+UDQDY79DKDRYHUORDG
IXQFWLRQMH+UDQDFLQWHJHUERROHDQ
IXQFWLRQSRVO+UDQD7+UDQD
IXQFWLRQGDOVLD+UDQD7+UDQD
SURSHUW\SUYD+UDQD7+UDQDUHDGGDM3UYX
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
DNWXDOQ\YUFKLQWHJHU
IXQFWLRQGDMSUY\YUFK79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM9UFKROFRQVWPVWULQJ[[\\LQWHJHU
SURFHGXUH]UXV9UFKROFLQWHJHU
SURFHGXUH3ULGDM+UDQXFFLQWHJHUY79DKDRYHUORDG
SURFHGXUH3ULGDM+UDQXYY79UFKROY79DKDRYHUORDG
SURFHGXUH=UXV+UDQXFFLQWHJHU
SURFHGXUH.UHVOLLP7,PDJH
SURFHGXUH]PHQ9DKX+UDQ\FFLQWHJHUY79DKD
IXQFWLRQMH+UDQDFFLQWHJHUERROHDQ
IXQFWLRQGDOVLYUFKRO79UFKRO
IXQFWLRQSRVOYUFKRO79UFKRO
SURSHUW\SUY\9UFKRO79UFKROUHDGGDMSUY\YUFK
HQG
^79UFKRO`
FRQVWUXFWRU79UFKRO&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
EHJLQ
DNWXDOQD+UDQD
HQG
SURFHGXUH79UFKRO=UXV+UDQXFLQWHJHU
EHJLQ
DNWXDOQD+UDQD
HQG
IXQFWLRQ79UFKROGDM3UYX7+UDQD
EHJLQ
LIVXV!QLOWKHQEHJLQ
DNWXDOQD+UDQD
5HVXOW VXV>@
HQG
HOVHEHJLQ
DNWXDOQD+UDQD
5HVXOW QLO
HQG
HQG
IXQFWLRQ79UFKROSRVO+UDQD7+UDQD
EHJLQ
LIVXV!QLOWKHQ5HVXOW VXV>KLJKVXV@
HOVH5HVXOW QLO
HQG
IXQFWLRQ79UFKROGDOVLD+UDQD7+UDQD
EHJLQ
LIDNWXDOQD+UDQDKLJKVXVWKHQEHJLQ
LQFDNWXDOQD+UDQD
5HVXOW VXV>DNWXDOQD+UDQD@
HQG
HOVHEHJLQ
DNWXDOQD+UDQD
5HVXOW QLO
HQG
HQG
^*UDI`
FRQVWUXFWRU7*UDI&UHDWH
EHJLQ
DNWXDOQ\YUFK
HQG
SURFHGXUH7*UDI]UXV9UFKROFLQWHJHU
EHJLQ
DNWXDOQ\YUFK
HQG
IXQFWLRQ7*UDIGDMSUY\YUFK79UFKRO
EHJLQ
LIJ!QLOWKHQEHJLQ
DNWXDOQ\YUFK
5HVXOW J>@
HQG
HOVHEHJLQ
DNWXDOQ\YUFK
5HVXOW QLO
HQG
HQG
IXQFWLRQ7*UDISRVOYUFKRO79UFKRO
EHJLQ
LIJ!QLOWKHQ5HVXOW J>KLJKJ@
HOVH5HVXOW QLO
HQG
IXQFWLRQ7*UDIGDOVLYUFKRO79UFKRO
EHJLQ
LIDNWXDOQ\YUFKKLJKJWKHQEHJLQ
LQFDNWXDOQ\YUFK
5HVXOW J>DNWXDOQ\YUFK@
HQG
HOVHEHJLQ
DNWXDOQ\YUFK
5HVXOW QLO
HQG
HQG
9\JHQHURYDQLH~SOQpKRJUDIXP{åHPHXURELĢSRWRPQDSUWDNWR
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J 7*UDI&UHDWH
UDQGRPL]H
HQG
YDU
FBYUFKROXLQWHJHU
HQG
=PHQDKRGQ{WYiKYãHWNêFKKUiQYJUDIH
'HOSKL SRVOHGQi]PHQD !
SUHGQiãND DSU
$OJRULWP\SUHKĐDGiYDQLDJUDIX
3UHKĐDGiYDQLHJUDIRY
%XGHPHULHãLĢ~ORK\YNWRUêFKEXGHPHSRVWXSQHSUHFKiG]DĢYãHWN\YUFKRO\JUDIX
3RVWXSXMHPHGYRPDVS{VREPL
ƔGRKĎEN\SRGREQHDNRSUHRUGHUYVWURPRFK
ƔGRãtUN\DNRSR~URYQLDFKYVWURPRFK
=DGHILQXMHPHSRPRFQpSROHQDSUHKĐDGiYDQLHYNWRURPVDSDPlWiVDþLEROYUFKROXåQDYãWtYHQêþDVWRWREêYDVWDYRYi
SUHPHQQiWULHG\7*UDI
YDUYLVLWHGDUUD\>YUFKRO\@RIERROHDQ
Ɣ P{åHVDURELĢDMDNR
YDUYLVLWHGVHWRIYUFKRO\
$OJRULWPXVGRKĎEN\
YãHREHFQH
SURFHGXUHGRKOEN\Y
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YãHWNêFKVXVHGRYYGR
LIQRWZLQYLVLWHGWKHQGRKOEN\Z
HQG
%XGHPHSUHGSRNODGDĢåHPiPHGHILQRYDQpPHWyG\QD]LVWHQLHKUDQ\]DIDUEHQLHYUFKROXDKUDQ\QDSUSUHJUDI
UHSUH]HQWRYDQêSRĐRPPQRåtQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
W\SH
7*UDI FODVV
JDUUD\RIUHFRUG
[\LQWHJHU
PVHWRIE\WH
HQG
YLVLWHGVHWRIE\WHPQRåLQDQDYãWtYHQêFKYUFKRORY
HQG
SURFHGXUH7*UDI]DIDUEL9UFKROYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF(OOLSVH[U\U[U\U
HQG
SURFHGXUH7*UDI]DIDUEL+UDQXYYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF0RYH7R[\
ZLWKJ>Y@GRF/LQH7R[\
HQG
DOHDMSUHG\QDPLFNpSROHG\QDPLFNêFKSROt
W\SH
7+UDQD FODVV
FLVORLQWHJHU
FRQVWUXFWRU&UHDWHYLQWHJHU
HQG
79UFKRO FODVV
[\LQWHJHU
VXVDUUD\RI7+UDQD
HQG
7*UDI FODVV
JDUUD\RI79UFKRO
YLVLWHGVHWRIE\WH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
EHJLQ
L KLJKJ>Y@VXVZKLOHL! DQGJ>Y@VXV>L@FLVOR!YGRGHFL
5HVXOW L!
HQG
$WHUD]NRQNUpWQHDOJRULWPXVSUHKĐDGiYDQLDGRKĎEN\]DIDUEXMHQDYãWtYHQpYUFKRO\DMKUDQ\SRNWRUêFKSUHFKiG]D
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYFO5HGVSUDFXMYUFKRO
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLFO5HGVSUDFXMKUDQX
GRKOEN\L
HQG
HQG
2WHVWXMPHWHQWRDOJRULWPXVQDWDNRPWRJUDIH
ƔSUHGSRNODGDMPHåHSUHKĐDGiYDQLHãWDUWXMHPHYRYUFKROH
ƔWHQWRYUFKROVD]DIDUEtQDþHUYHQR
ƔYRIRUF\NOHVDQiMGHSUYêHãWHQHQDYãWtYHQêVXVHGYUFKROXYUFKRO
]DIDUEtVDKUDQDDUHNXU]tYQHVDYROiGRKOEN\SUH
ƔDMWHQWRYUFKROVD]DIDUEtQDþHUYHQRDQiMGHVDMHKRVXVHG
Ɣ]DIDUEtVDKUDQDDRSlĢYUHNXU]tYQRPYRODQtVD]DIDUEtDM
ƔSUYêHãWHQHQDYãWtYHQêVXVHGMH]DIDUEtVDNQHPXKUDQDDUHNXU]tYQH
VDYROiGRKOEN\SUHYUFKROQDNRĐNRXåQHPiQHQDYãWtYHQêFK
VXVHGRYWRWRYRODQLHOHQ]DIDUEtDNRQþt
ƔSRNUDþXMHF\NOXVSUHYUFKROQiMGHVDVXVHGD]DIDUEtVDKUDQD
ƔDOJRULWPXVNRQþtDWHUD]P{åHPHYLGLHĢNWRUpKUDQ\VD]DIDUELOL
1HUHNXU]tYQ\DOJRULWPXVNWRUêLEDGRPQRåLQ\QDYãWtYHQêFKYUFKRORYSULGiYãHWN\WLHNWRUpV~GRVLDKQXWHĐQp]QHMDNpKR
SRþLDWRþQpKRYUFKROX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
XQWLOVHPSW\
V)UHH
HQG
+RFLWHQWRDOJRULWPXVY\]HUiYSRULDGNXDNKRRWHVWXMHPHQDURYQDNRPMHGQRGXFKRPJUDIH]LVWtPHåHQLHNWRUêYUFKROVD
EXGHVSUDFRYiYDĢ]DIDUERYDĢGYDNUiWDWRP{åHE\ĢYQLHNWRUêFKVLWXiFLiFKQHSULMDWHĐQp
ƔRSlĢ]DþQHPHVYUFKRORPQDMSUYVDYORåtGRSUi]GQHKR]iVREQtNDQD]DþLDWNXUHSHDWF\NOXVDY\EHULHDVSUDFXMH
]DHYLGXMHDPRåQRDM]DIDUEt
ƔYRIRUF\NOHVDGRWHUD]SUi]GQHKR]iVREQtNDYORåLDVXVHGLDWMGR]iVREQtNDSULEXGQ~
ƔQD]DþLDWNXUHSHDWF\NOXVD]YUFKX]iVREQtNDY\EHULH]DHYLGXMHDYãHWN\HãWHQHQDYãWtYHQpYUFKRO\VNWRUêPL
VXVHGtVDSULGDM~GR]iVREQtNDGR]iVREQtNDSULEXGQHWMMHWDP
Ɣ]YUFKX]iVREQtNDVDY\EHULH]DHYLGXMHVDDYORåLDVDQDYUFK]iVREQtNDQHQDYãWtYHQtVXVHGLDWMY]iVREQtNX
6SUiYQHE\PDOQHUHNXU]tYQ\DOJRULWPXVY\]HUDĢWDNWR
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
LLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
HQG
XQWLOVHPSW\
V)UHH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
NRPSRQHQWX
SURFHGXUH7*UDIGRKOEN\YLQWHJHUI7&RORU
YDU
LLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI
IRUL WRKLJKJGR
LIMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLI
LIQRWLLQYLVLWHGWKHQVSXVKL
HQG
HQG
XQWLOVHPSW\
V)UHH
HQG
3R]Q
=UHMPHSUHGNDåGêPYRODQtPDOJRULWPXGRKOEN\E\ERORWUHEDQHMDNRQDVWDYLĢPQRåLQXQDYãWtYHQêFKYUFKRORYYLVLWHGQD
SUi]GQX
DOJRULWPXVGRKĎEN\P{åHPHSRXåLĢQD
Ɣ]LVWHQLHSRþWXNRPSRQHQWRYJUDIXUHVSþLMHJUDIV~YLVOê
ƔQiMGHQLHQHMDNHMFHVW\PHG]LGYRPDYUFKROPL
Ɣ]LVWHQLHþLV~GYDYUFKRO\YWRPLVWRPNRPSRQHQWH
Ɣ]DIDUERYDQLHYUFKRORYDKUiQ
IXQFWLRQ7*UDINRPSRQHQW\LQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW YLVLWHG >@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
GRKOEN\LI>5HVXOW@
LQF5HVXOW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
HQG
HQG
$OJRULWPXVGRãtUN\
.RQNUpWQHSRXåLMHPHDOJRULWPXVSUHKĐDGiYDQLDGRãtUN\QD]DIDUERYDQLHYUFKRORYSRGĐDWRKRDNRćDOHNRV~RG
SRþLDWRþQpKRYUFKROXY
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
LXLQWHJHU
TTXHXHYRIURQWHVLSUHNDåGêYUFKROSDPlWiPHMHKR~URYHĖY]GLDOHQRVĢ
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI>X@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
TDSSHQGLX
HQG
XQWLOTHPSW\
T)UHH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
SRURYQDMWHWHQWRDOJRULWPXVVQHUHNXU]tYQ\PSUHKĐDGiYDQtPGRKĎEN\
3R]Q
SRXåtYDPHUDGGRNWRUpKRYNODGiPHDMY\EHUiPHYåG\GYHFHORþtVHOQpKRGQRW\
1DVOHGXM~FDYHU]LD]DIDUEtOHQKUDQ\JUDIXSRGĐDWRKRDNRćDOHNRV~GRGDQpKRYUFKROX
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
LXLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQEHJLQ
]DIDUEL+UDQXYLI>X@
TDSSHQGLX
HQG
HQG
XQWLOTHPSW\
T)UHH
HQG
1DVOHGXM~FDPHWyGDSRþtWDOHQY]GLDOHQRVĢGYRFKYUFKRORY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
HQG
HQG
)XQNFLDYUiWLDNQHH[LVWXMHFHVWD]YGRY
5R]ãtULPHWHQWRDOJRULWPXVQLHOHQQD]LVWHQLHY]GLDOHQRVWLGYRFKYUFKRORYDOHDMQD]DSDPlWDQLHWHMWRQDMNUDWãHM
FHVW\3RXåLMHPHWDN~WRLGHXY\WYRUtPHSRPRFQpSROHYNWRURPVLEXGHPHSUHNDåGêYUFKROSDPlWDĢMHKRSUHGFKRGFXY
FHVWHWMYåG\NHćVLYUDGH]DSDPlWiPHYUFKRODSSHQGNWRUêSOiQXMHPHYEXG~FQRVWLSUHVN~PDĢ]DSDPlWiPHVLVQtP
DMMHKRSUHGFKRGFXRGNLDĐVPHNQHPXSULãOL.HćYUFKRO]IURQWXY\EHULHPHVHUYHWDNYLHPHDMMHKRSUHGFKRGFXQD
FHVWHDP{åHPHVLKR]DHYLGRYDĢYSRPRFQRPSROL1D]iYHUNHćVPHGRUD]LOLGRFLHĐDSRPRFRXSUHGFKRGFRYXORåHQêFK
YSRPRFQRPSROLVDYLHPHSRVWXSQHYUDFDĢVSlĢDWHGDYLHPHVNRQãWUXRYDĢYêVOHGQpG\QDPLFNpSROHKRGQRWDYSROL
]QDPHQiåHYUFKROQHPiSUHGFKRGFXMHSUYêQDFHVWH
W\SH
SRVWXSQRVW DUUD\RILQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
3R]Q
KLJKQDMNUDWVLD&HVWDYYYUiWLGĎåNXFHVW\
]KUĖPHSRXåLWLHDOJRULWPXGRãtUN\
ƔSRGREQHDNRGRKĎEN\YLHPH]LVWLĢYUFKRO\NWRUpSDWULDGRMHGQpKRNRPSRQHQWXDWHGDDM]LVWLĢSRþHWNRPSRQHQWRY
ƔYLHPH]LVWLĢ]DIDUELĢYUFKRO\KUDQ\URYQDNRY]GLDOHQpRGGDQpKRYUFKROX
ƔYLHPH]LVWLĢY]GLDOHQRVĢUHVSQDMNUDWãLXFHVWXPHG]LGYRPDYUFKROPLYJUDIH
1'Ò
ƔRGODćWHWLHWRDOJRULWP\YU{]Q\FKUHSUH]HQWiFLiFKJUDIX
Ɣ]UHDOL]XMWHSUHYRG\PHG]LU{]Q\PLUHSUH]HQWiFLDPLJUDIRYQDSUJUDIUHSUH]HQWRYDQêSRĐRPPQRåtQSUHNRQYHUWXMWH
GRG\QDPLFNpKRSRĐDG\QDPLFNêFKSROt
ƔSUHYRGELQiUQHKR1iUQHKRYãHREHFQpKRVWURPXGRRULHQWRYDQpKRQHRULHQWRYDQpKRJUDIX
Ɣ Y\JHQHURYDĢJUDIQDSUãDFKRYQLFX1[1
❍YUFKRO\V~VXVHGQpSRGĐDSRK\EXNUiĐDNRĖD
'HOSKL SRVOHGQi]PHQD !
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
SUHGQiãND DSU
3UHKĐDGiYDQLHVQiYUDWRP
3UHKĐDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
5LHãLPH~ORK\W\SX
ƔPDWHPDWLFNpKODYRODP\
GiPQDãDFKRYQLFLGRPþHNMHGQêPĢDKRPWLDYN{ĖQDãDFKRYQLFL
ƔU{]QHSUREOpP\QDJUDIRFK
QiMVĢFHVWXVQDMPHQãtPRKRGQRWHQtP]$GR%Y\KRGLĢPD[SRþHWKUiQDE\
3RGREQHDNRSUHKĐDGiYDQLHJUDIXGRKĎEN\
ƔHYLGXMHPHNGHVPHXåEROLPRåQRSRVWXSQHNRQãWUXXMHPHULHãHQLH
ƔþtPVN{UWUHEDUR]SR]QDĢåHVPHVDY\GDOL]OêPVPHURPDYUiWLĢVDQDQDMEOLåãLXRGERþNX !Y\VN~ãDĢLQêVPHU
ƔSULQiYUDWHYSUHKĐDGiYDQtWUHEDYUiWLĢ]DHYLGRYDQêVWDYGRS{YRGQpKRVWDYXDNRE\VPHDQLQHYRãOLGRVOHSHM
XOLþN\
GiPQDãDFKRYQLFL[
DOJRULWPXVSUHKĐDGiYDQLD
SURFHGXUHKODGDMWDK
EHJLQ
]D]QDþBĢDK
LINRQLHFWKHQY\SLV
HOVH
Y\VN~ãDMQDVOHGRYQêĢDK±YãHWN\PRåQRVWL
KODGDMQDVOHGRYQêBĢDK
RG]QDþBĢDK
HQG
XSUHVQtPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
SURFHGXUHKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHUVPXVtE\ĢORNiOQDþDVWiFK\EDĢDåNRVDODGt
EHJLQ
]D]QDþBĢDKQDSUG>ULDGVWOS@ WUXH
LIULDG 1WKHQY\SLV
HOVHSUHULDGULDGRNYãHWN\PRåQRVWLVWĎSFD
IRUV WR1GR
LIPR]HULDGVWKHQKODGDMULDGV
RG]QDþBĢDKQDSUG>ULDGVWOS@ IDOVH
HQG
9\OHSãtPHHYLGRYDQLHĢDKRY
ƔKODYQêSUREOpPMHHYLGRYDQLHXKORSULHþRNYUR]PHUQRPSROLMHWR]E\WRþQHNRPSOLNRYDQp
ƔY\WYRUtPHORJLFNpSROLDYRĐQêVWĎSHFYRĐQpãLNPpXKORSULHþN\YRĐQpRSDþQpXKORSULHþN\
ƔXKORSULHþNRYpSROLD
VWDUUD\>Q@RILQWHJHU
SURJUDP
FRQVW
Q
W\SH
XORKD FODVV
VWDUUD\>Q@RIERROHDQYRĐQpVWĎSFH
XDUUD\>
Q@RIERROHDQYRĐQpXKORSULHþN\W\SX
XDUUD\>QQ@RIERROHDQYRĐQpXKORSULHþN\W\SX
VWOSHFDUUD\>Q@RILQWHJHUULHãHQtPMHQWLFDþtVHO
J76WULQJ*ULG
FRQVWUXFWRU&UHDWHJJ76WULQJ*ULG
SURFHGXUHULHV
SURFHGXUHKODGDMULDGVWOSLQWHJHU
SURFHGXUHY\SLV
HQG
FRQVWUXFWRUXORKD&UHDWHJJ76WULQJ*ULG
YDU
LLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
SURFHGXUHXORKDULHV
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRKODGDML
HQG
SURFHGXUHXORKDKODGDMULDGVWOSLQWHJHU
YDU
VLQWHJHU
EHJLQ
]DSDPlWiPVLĢDKNY{OLYêSLVX
VWOSHF>ULDG@ VWOS
]D]QDþtPREVDGHQpSROtþND
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG 1WKHQY\SLV
HOVH
SUHULDGULDGRNYãHWN\PRåQRVWLVWĎSFD
IRUV WRQGR
LIP{åHWKHQ
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
XYRĐQtPVWĎSHFDXKORSULHþN\ !RG]QDþtPĢDK
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
SURFHGXUHXORKDY\SLV
YDU
LMLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
IRUM WRQGRJ&HOOV>ML@
J&HOOV>VWOSHF>L@L@
2
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
ZLWKXORKD&UHDWH6WULQJ*ULGGREHJLQ
ULHV
)UHH
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
1'Ò
ƔSURJUDPQHFKQiMGHOHQULHãHQLHDSUHKĐDGiYDQLHVNRQþt
Ɣ]Qi]RUĖXMWHSULHEHKEDFNWUDFNLQJX
❍Y6WULQJ*ULGH]REUD]XMWHNODGHQLHDXEHUDQLHGiP
ƔYãHWNêFKULHãHQtSUH[MHDOH]QLFKV~PQRKpOHQRWRþHQLHãDFKRYQLFHUHVS]UNDGORQiMGLWHYãHWN\U{]QH
ULHãHQLD
ƔUR]RVWDYWHPLQLPiOQ\SRþHWGiPQDãDFKRYQLFL1[1DE\RKUR]RYDOLYãHWN\SROtþNDãDFKRYQLFH
'UXKêYDULDQWULHãHQLDGiPSRPRFRXEDFNWUDFNLQJX
ƔEDFNWUDFNLQJRYiSURFHG~UDQHGRVWDQHSUHVQ~SR]tFLXNGHSRORåLĢGiPXDOHOHQULDGRNDVDPDMXY\VN~ãDSRORåLĢGR
YãHWNêFKVWĎSFRYMHWRVNRURWRLVWpDNRSUHGWêP
ƔQDMSUYYRYãHREHFQRVWLSDUDPHWURPKODGDMEXGHQLHQRYêĢDKDOHOHQ~URYHĖYNWRUHMKĐDGiPQRYêĢDKKODGDM
SRVWXSQHVN~ãDYãHWN\PRåQpĢDK\YGDQHM~URYQL
YãHREHFQH
SURFHGXUHKODGDM~URYHĖ
YDU
EHJLQ
IRUĢDKYPRPHQWiOQHM~URYQLGR
LIPR]HĢDKWKHQEHJLQ
]D]QDþBĢDK
LINRQLHFWKHQY\SLV
HOVHKODGDMQDVOHGXM~FDB~URYHĖ
RG]QDþBĢDK
HQG
HQG
DSUHSUREOpPGiP
SURFHGXUHXORKDKODGDMULDGLQWHJHU
YDU
VWOSLQWHJHU
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQEHJLQ
VWOSHF>ULDG@ VWOS
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQY\SLV
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
SURFHGXUHXORKDULHV
EHJLQ
KODGDM
HQG
1DMSUYVDYãHWN\ULHãHQLDY\StãXGR/LVW%R[XDSRWRPNOLNQXWLHQDQLHNWRUpULHãHQLHY/LVW%R[HKR]REUD]tY6WULQJ*ULGH
FRQVW
Q
W\SH
XORKD FODVV
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
VWOSHFDUUD\>Q@RILQWHJHU
J76WULQJ*ULG
O7/LVW%R[
SRFLQWHJHU
FRQVWUXFWRU&UHDWHJJ76WULQJ*ULGOO7/LVW%R[
SURFHGXUHULHV
SURFHGXUHKODGDMULDGLQWHJHU
SURFHGXUHQRYH5LHVHQLH
SURFHGXUHY\SLVVVWULQJ
HQG
FRQVWUXFWRUXORKD&UHDWHJJ76WULQJ*ULGOO7/LVW%R[
YDU
LLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
J JJO OO
SRF
HQG
SURFHGXUHXORKDULHV
EHJLQ
KODGDM
HQG
SURFHGXUHXORKDKODGDMULDGLQWHJHU
YDU
VWOSLQWHJHU
EHJLQ
LISRF!WKHQH[LWDNQiPVWDþtOHQULHãHQLH
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQEHJLQ
VWOSHF>ULDG@ VWOS
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQQRYH5LHVHQLH
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUHXORKDQRYH5LHVHQLH
YDU
LLQWHJHU
VVWULQJ
EHJLQ
LQFSRF
V ,QW7R6WUSRF
IRUL WRQGRV V,QW7R6WUVWOSHF>L@
O,WHPV$GGV
HQG
SURFHGXUHXORKDY\SLVVVWULQJ
YDU
LMLQWHJHU
EHJLQ
GHOHWHVSRV
V
IRUL WRQGREHJLQ
IRUM WRQGRJ&HOOV>ML@
J&HOOV>RUGV>L@RUG
L@
2
HQG
HQG
YDU
XXORKD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
X XORKD&UHDWH6WULQJ*ULG/LVW%R[
XULHV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
X)UHH
HQG
SURFHGXUH7)RUP/LVW%R[&OLFN6HQGHU72EMHFW
YDU
LLQWHJHU
EHJLQ
L /LVW%R[,WHPV&RXQW
ZKLOHL! DQGQRW/LVW%R[6HOHFWHG>L@GRGHFL
LIL! WKHQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
XY\SLV/LVW%R[,WHPV6WULQJV>L@
HQG
'RPþHNMHGQêPĢDKRP
ÒORKRXMHQDNUHVOLĢGRPþHNMHGQêPĢDKRPD]LVWLĢYãHWN\ULHãHQLDQDNUHVOLĢQDREUD]RYNH
'RPþHNMHQHRULHQWRYDQêJUDIVYUFKROPL%XGHPHKRUHSUH]HQWRYDĢWDEXĐNRXVXVHGQRVWt
W\SH
WDEXOND DUUD\>@RIERROHDQ
XORKD FODVV
EWDEXOND
GDUUD\>@RILQWHJHU
SLQWHJHU
SRFLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHNUHVOL
SURFHGXUHJHQHUSLLQWHJHU
HQG
FRQVW
W WUXHI IDOVHYHO
FRQVWUXFWRUXORKD&UHDWH
FRQVW
WDEWDEXOND
IWWWIWIWWIWWIWW
WWWIWIIWWI
EHJLQ
E WDES SRF
HQG
SURFHGXUHXORKDNUHVOL
FRQVW
[\DUUD\>@RI73RLQW
[\[\[\[\[\
YDU
L[\SLQWHJHU
VVWULQJ
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
QDNUHVOHQLHGR&DQYDVX,PDJH
LQFSRFV ,QW7R6WUSRF
IRUL WRGRV V,QW7R6WUG>L@
)RUP0HPR/LQHV$GGV
HQG
SURFHGXUHXORKDVWDUW
EHJLQ
JHQHU
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
ZLWKXORKD&UHDWHGREHJLQ
VWDUW
)UHH
HQG
HQG
1'Ò
ƔSURFHG~UDNUHVOLY\NUHVOtSRVWXSQHYãHWNêFKULHãHQtIDUHEQHUR]OtãWHSRUDGLHKUiQDOHERY\SLVXMWHSRUDGRYpþtVOR
KUDQ\
Ɣ]REUD]XMWHSULHEHKEDFNWUDFNLQJX
Ɣ]PHĖWHSURJUDPWDNDE\QDãLHOOHQSUYpULHãHQLHDUHNXU]LDNRUHNWQHVNRQþLODDE\VDSRNUDþRYDOR]DJHQHUY
XORKDVWDUW
WLDYQDS~ãWL
+ODYRODPWLDYQDS~ãWL
ƔWLDYS{MGHYNDUDYiQHGQt
ƔYHGHFN\VDXNi]DORåHDNĢDYDSR]HUiQDGRSUDYQ~]QDþNXFHOêGHĖWDNVDMXQDXþt
ƔSUHWRQDPDĐRYDOLQD]DGN\WLDYU{]Q\FK]QDþLHN
MHMHGQDĢDYDYHG~FDDWiVDQLþQHXþt
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
ƔĢDY\RþtVOXMHPHDP{åHPHSUHGSRNODGDĢåHSUYêGHĖLG~YSRUDGt
MHYHG~FD
ƔGUXKêGHĖP{åHE\ĢGUXKiYHG~FDDWć
ƔĢDY\YNDUDYiQDFKEXGHPH]QDþLĢGRSRĐD3DUUD\>@RILQWHJHU
3>@SUYêGHĖ
ƔYSROL%>LM@VL]DSDPlWiPHþLVDMWDĢDYDPiHãWHQDXþLĢ]QDþNXQD]DGNXLWHMWUXH]QDPHQiåHHãWHMXQHYLHDWHGD
P{åHtVĢ]DĖRX
SURJUDP
FRQVW
1
YDU
3DUUD\>11@RILQWHJHU
%DUUD\>11@RIERROHDQ
%5%3VHWRI1
SRFLQWHJHU
SURFHGXUHY\SLV
YDU
LMLQWHJHU
VVWULQJ
EHJLQ
LQFSRFLISRF!WKHQH[LW
)RUP0HPR/LQHV$GG,QW7R6WUSRF
IRUL WR1GREHJLQ
V
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
QSFEOÈÝLB1SFIǚBEÈWBOJFTOÈWSBUPN
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDU
LMLQWHJHU
WLP7'DWH7LPH
EHJLQ
%XWWRQ(QDEOHG IDOVH
IRUL WR1GRIRUM WR1GR%>LM@ WUXH
3>@
IRUL WR1GREHJLQ
3>L@ L3>L@ L%>LL@ IDOVH
HQG
/RQJ7LPH)RUPDW
KPPVV]]]
WLP 1RZ
WDY\
)RUP0HPR/LQHV$GG
FDV
7LPH7R6WU1RZWLP
)RUP0HPR/LQHV$GG
SRFHW
,QW7R6WUSRF
HQG
1'Ò
ƔY\OHSãLWHDOJRULWPXVWDNDE\VLRNUHP%5SDPlWDOY%3NWRUpXåEROLSRVOHGQpDWHGDXåQHP{åXE\ĢSRVOHGQp^WHVW
P{åH` !YêUD]QHWRXUêFKOLSURJUDP
ƔGRUREWH]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
Ɣ]LVWLWHSRþHWULHãHQtSUH1
'HOSKL SRVOHGQi]PHQD !
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTEJOEFYIUNM [
<>
10. prednáška: Backtracking na grafoch
SUHGQiãND%DFNWUDFNLQJQDJUDIRFK DSU
3UHKĐDGiYDQLHJUDIXVQiYUDWRPLOXVWUXMHPHQDSUtNODGRFK]RVN~ãRN
9\WYiUDQLHRKRGQRWHQLDKUiQJUDIX
9êVNXPQê~VWDYGRSUDYQHMSROtFLHY\SUDFRYDOãW~GLXSUHĢDåHQRVWLQLHNRĐNêFKXOtFDNULåRYDWLHNYPHVWH8OLFHGRVWDOLFHORþtVHOQp
NODGQpRKRGQRWHQLDDKRGQRW\NULåRYDWLHNVDSRWRPY\SRþtWDOLDNRV~þW\KRGQ{WXOtFNWRUpYFKiG]DM~GRNULåRYDWN\1HGRSDWUHQtP
VDSRãNRGLOLQLHNWRUp~GDMHYFHQWUiOQRPSRþtWDþLSULþRPVD]PDS\RKRGQRWHQt]DFKRYDOLOHQKRGQRW\NULåRYDWLHN9DãRX~ORKRX
EXGHQDStVDĢSURJUDPNWRUêVDSRN~VLQiMVĢWDNpRKRGQRWHQLHFLHVW]NWRUpKRVDSUHGWêPPRKOLSRþtWDĢKRGQRW\NULåRYDWLHN
3UHGSRNODGiPHåHSOiQPHVWDMHRKRGQRWHQêQHRULHQWRYDQêJUDIYNWRURPKUDQ\V~XOLFHDYUFKRO\V~NULåRYDWN\7HQWRJUDIMH
]DGDQêYV~ERUHNUL]RYDWGDWVSUHPHQOLYRXGĎåNRXYLHWYNWRURPNDåGiYHWDSRSLVXMHMHGQXNULåRYDWNX
ƔYHWD]DþtQDRKRGQRWHQtPNULåRYDWN\LQWHJHU
ƔćDOHMQDVOHGXM~FHOpþtVODLQWHJHU[RYiD\RYiV~UDGQLFDXPLHVWQHQLHNULåRYDWN\YSORFKH
Ɣ]DWêPQDVOHGXMH]R]QDPSRUDGRYêFKþtVHONULåRYDWLHNVNWRUêPLMHWiWRSULDPRVSRMHQiXOLFRX]R]QDPEDMWRYXNRQþHQê
QXORYRXKRGQRWRX±SUYiNULåRYDWNDYV~ERUHPiSRUDGRYpþtVOR
0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHDQHREVDKXMHYLDFDNRNULåRYDWLHN6~ERUQDþtWDMWHSRPRFRX76WUHDP
*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VD9iPVQtPSUDFRYDORþRQDMSRKRGOQHMãLH1DREUD]RYNHKRY\NUHVOLWHWDNåHYUFKRO\VD
QDNUHVOLDPDOêPNU~åNRPVþtVHOQêPRKRGQRWHQtPDYVWUHGHKUiQVDEXGH]DSLVRYDĢþtVHOQpRKRGQRWHQLHXOLFH+UDQ\QDNUHVOLWH
ãHGRXIDUERX
*UDILFN~SORFKXP{åHWHUHDOL]RYDĢNRPSRQHQWRP7,PDJHYHĐNRVWLPLQLPiOQH[2NUHP7,PDJHSRXåLWHWODþLGORNRPSRQHQW
7%XWWRQNWRUpQDãWDUWXMHVDPRWQpULHãHQLH~ORK\
3R]QiPN\
ƔRKRGQRWHQêJUDIEXGHPHUHSUH]HQWRYDĢWDEXĐNRXVXVHGQRVWt
ƔORJLFNiIXQNFLDRN]LVĢXMHþLH[LVWXMHYUFKROSUHNWRUê
❍EXćQHPiYRĐQ~KUDQXDKRGQRWDYUFKROX!
❍DOHERH[LVWXMHYRĐQiKUDQDDKRGQRWDYUFKROX
ƔEDFNWUDFNLQJSRVWXSQHSUHFKiG]DYãHWN\YRĐQpKUDQ\JUDIXDSRN~ãDVDLFKRKRGQRFRYDĢU{]Q\PLKRGQRWDPL
ƔQDVSRPDOHQLH]REUD]RYDQLDSULHEHKXEDFNUDFNLQJXSRXåtYDPHSRPRFQ~SURFHG~UXFDNDM
þDVĢULHãHQLD
FRQVW
QLHMHVSRM YROQH PD[
W\SH
7*UDI FODVV
QLQWHJHU
JDUUD\>PD[@RIUHFRUG
K[\LQWHJHU
VDUUD\>PD[@RILQWHJHU
HQG
F7&DQYDV
PDPERROHDQ
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJLMLQWHJHU
SURFHGXUHKODGDM
HQG
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDV
YDU
LMLQWHJHU
SE\WH
W76WUHDP
EHJLQ
F FF
IRUL WRPD[GR
IRUM WRPD[GRJ>L@V>M@ QLHMHVSRM
Q
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
ZKLOHW3RVLWLRQW6L]HGREHJLQ
LQFQ
ZLWKJ>Q@GREHJLQ
W5HDGKW5HDG[W5HDG\
UHSHDW
W5HDGS
LIS!WKHQEHJLQ
V>S@ YROQHJ>S@V>Q@ YROQH
HQG
XQWLOS
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ&RORU FO/W*UD\
IRUL WRQGR
IRUM LWRQGR
LIJ>L@V>M@!QLHMHVSRMWKHQEHJLQ
ZLWKJ>L@GRF0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
F3HQ&RORU FO%ODFN
F%UXVK6W\OH EV6ROLG
IRUL WRQGR
ZLWKJ>L@GREHJLQ
F(OOLSVH[\[\
F7H[W2XW[\,QW7R6WUK
HQG
HQG
SURFHGXUH7*UDIKODGDM
EHJLQ
PDP IDOVH
EDFNWUDFNLQJ
F)RQW+HLJKW
LIPDPWKHQ
F7H[W2XW
1DãLHOVRPULHãHQLH
HOVH
F7H[W2XW
1HQDãLHOVRPULHãHQLH
HQG
SURFHGXUHFDNDMPVLQWHJHU
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJLMLQWHJHU
SURFHGXUHSLVLMFLVLQWHJHU
YDU
[\LQWHJHU
EHJLQ
[ J>L@[J>M@[GLY\ J>L@\J>M@\GLY
F)LOO5HFW5HFW[\[\
LIFLV!WKHQF7H[W2XW[\,QW7R6WUFLV
HQG
IXQFWLRQRNERROHDQ
YDU
LMLQWHJHU
EHJLQ
IRUL WRQGREHJLQ
M ZKLOHM QDQGJ>L@V>M@!YROQHGRLQFM
LIM Q J>L@K WKHQEHJLQ
5HVXOW IDOVHH[LW
HQG
HQG
5HVXOW WUXH
HQG
YDU
NLQWHJHU
EHJLQ
UHSHDWKĐDGiHãWHQHRKRGQRWHQ~KUDQX
LQFMLIM!QWKHQEHJLQLQFLM LHQG
XQWLOL QRUJ>L@V>M@ YROQH
LIL QWKHQEHJLQQDãLHOULHãHQLH
PDP WUXHH[LW
HQG
IRUN PLQJ>L@KJ>M@KGRZQWRGREHJLQPLQMHYXQLWH0DWK
J>L@V>M@ NJ>M@V>L@ NGHFJ>L@KNGHFJ>M@KN
LIRNWKHQEHJLQ
SLVLMN&DNDM
EDFNWUDFNLQJLMLIPDPWKHQH[LWVWDþtOHQSUYpULHãHQLH
SLVLM&DNDM
HQG
J>L@V>M@ YROQHJ>M@V>L@ YROQHLQFJ>L@KNLQFJ>M@KN
HQG
HQG
WHVWRYDFLH~GDMRYpV~ERU\
+ĐDGDQLHþRQDMGOKãHMFHVW\YJUDIH
+DODYNWRUHMV~VNODGRYpSULHVWRU\PiREGĎåQLNRYêS{GRU\VYHĐNRVWL0[1MHGQRWNRYêFKãWYRUFRY9WHMWRKDOHVDQDFKiG]DM~U{]QH
VNULQHSROLFHVWURMHDLQpSUHNiåN\NWRUpYåG\]DEHUDM~QHMDN~REGĎåQLNRY~REODVĢY]iNODGQHMVLHWLKDO\3RGQLNN~SLOþLVWLDFHKR
URERWDNWRUêPiREFKiG]DĢKDOXDSULWRPþLVWLĢQHREVDGHQpþDVWLKDO\.HćåHURERWMHFLWOLYêQDYOKN~GOiåNXNWRU~SRVHEH
]DQHFKiYDSULþLVWHQtYSRGQLNXVDUR]KRGOLåHNêPVDWiWRSRUXFKDQHRGVWUiQLSRN~VLDVDSUHURERWDQDYUKQ~ĢWDN~WUDVXDE\
Y\þLVWLOPD[LPiOQ\SULHVWRUDSULWRPGYDNUiWQHYVW~SLOQDWHQLVWêãWYRUHF
+DODDMREVDGHQpSULHVWRU\V~SRStVDQpYV~ERUHKDODGDWP{åHWHSUHGSRNODGDĢåHMH]DGDQêNRUHNWQHV~ERUVSUDFXMWHSRPRFRX
76WUHDP3UYpGYDEDMW\REVDKXM~YHĐNRVĢKDO\SRþHWULDGNRYDVWĎSFRYãWYRUFRYHMVLHWHQLHV~YlþãLHDNR=DWêPQDVOHGXM~
YHW\DåGRNRQFDV~ERUXNWRUpSRSLVXM~SUHNiåN\YGYRFKEDMWRFKV~UDGQLFDĐDYpKRKRUQpKRãWYRUFDSUHNiåN\ULDGRNVWĎSHFD
YćDOãtFKGYRFKEDMWRFKYHĐNRVĢSUHNiåN\SRþHWULDGNRYDVWĎSFRY
9iãSURJUDPQDMSUYQDþtWDDY\NUHVOtKDOXQDREUD]RYNXWDNåHVDQDNUHVOtãWYRUFRYiVLHĢYHĐNRVĢMHGQRWNRYpKRãWYRUFDMHY
NRQãWDQWHSURJUDPX9DREVDGHQpSROtþNDVDY\IDUELDWPDYRãHGRXIDUERXĆDOHMVDþDNiåHSRXåtYDWHĐP\ãRX]DGiãWDUWRY~SR]tFLX
URERWD3ULNOLNQXWtPLPRVLHWHDOHERQDREVDGHQpSROtþNRSURJUDPþDNiQRYpNOLNQXWLHâWDUWRY~SR]tFLXQHMDNRIDUHEQHY\]QDþWH
þDVĢULHãHQLD
FRQVW
Y Y YGLYYHĐNRVĢSROtþNDãWYRUFRYHMSORFK\
W\SH
7*UDI FODVV
PD[\PD[[E\WH
JDUUD\>@RIUHFRUG
SVSRþHWVXVHGRY
VXVDUUD\>@RI73RLQW
YLVERROHDQ
HQG
PD[FFDUUD\RI73RLQWPD[LPiOQDDPRPHQWiOQDFHVWD
PPSLQWHJHUPD[LPiOQHPRåQiFHVWD SRþHWQHREVDGHQêFKSROtþRN
VWRSFDNDM0\VERROHDQ
JU7&DQYDV
FRQVWUXFWRU&UHDWHPVWULQJJUU7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ[\LQWHJHU
SURFHGXUHVWDUW[\LQWHJHU
HQG
FRQVWUXFWRU7*UDI&UHDWHPVWULQJJUU7&DQYDV
SURFHGXUHSULGDMLMLLMMLQWHJHU
EHJLQ
LILLRULL!PD[\RUMMRUMM!PD[[WKHQH[LW
ZLWKJ>ML@GREHJLQ
LQFSVVXV>SV@ 3RLQWMMLL
HQG
HQG
YDU
W76WUHDP
[\LQWHJHU
[[\\Y\VVLUE\WH
EHJLQ
JU JUU
IRU\ WRPD[\GR
IRU[ WRPD[[GR
ZLWKJ>[\@GREHJLQ
SV YLV IDOVH
HQG
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
W5HDGPD[\W5HDGPD[[
IRU\ WRPD[\GR
IRU[ WRPD[[GREHJLQ
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
HQG
ZKLOHW3RVLWLRQW6L]HGREHJLQ
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
JU%UXVK6W\OH EV6ROLG
IRUL WRPD[\GR
IRUM WRPD[[GREHJLQ
LIJ>ML@YLVWKHQ
JU%UXVK&RORU FO*UD\
HOVH
JU%UXVK&RORU FO:KLWH
JU5HFWDQJOHM
YYL
YYM
YL
Y
HQG
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ[\LQWHJHU
YDU
NLQWHJHU
EHJLQ
LIVWRSRU/HQJWKPD[F PPSWKHQH[LW
J>[\@YLV WUXHJU3L[HOV>[
YY\
YY@ FO%ODFN]D]QDþĢDK
6HW/HQJWKF/HQJWKFF>+LJKF@ 3RLQW[\
LI/HQJWKF!/HQJWKPD[FWKHQPD[F F
FDNDM
ZLWKJ>[\@GR
IRUN WRSVGR
LIQRWJ>VXV>N@[VXV>N@\@YLVWKHQ
EDFNWUDFNLQJVXV>N@[VXV>N@\
SURFHGXUH7*UDIVWDUW[\LQWHJHU
YDU
L[[\\LQWHJHU
EHJLQ
LIQRWFDNDM0\VWKHQH[LW
EDFNWUDFNLQJ[\
YDU
J7*UDI
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J 7*UDI&UHDWH
KDODGDW
,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
JVWDUW;GLYY<GLYY
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LIJFDNDM0\VWKHQH[LW
%XWWRQ(QDEOHG IDOVH
JVWRS WUXH
HQG
WHVWRYDFLH~GDMRYpV~ERU\
+ĐDGDQLHL]RPRUIL]PX
%LQiUQHV~ERU\JUDI[GDWV~VSUHPHQOLYRXGĎåNRXYLHWDPDM~QDVOHGRYQ~ãWUXNW~UX
ƔNDåGiYHWDSRSLVXMHMHGHQYUFKROJUDIX
ƔYHWD]DþtQDGYRMLFRXFHOêFKþtVHOLQWHJHUV~UDGQtFYUFKROXQDREUD]RYNH
Ɣ]DWêPQDVOHGXMHSRþHWVXVHGQêFKYUFKRORYE\WH
þtVORDYUFKRORYQLHMHYLDFDNR
;RYpV~UDGQLFHYUFKRORYJUDIRYV~PHQãLHDNRDWHGDDNEXGHJUDILFNiSORFKDãLURNiDVSRĖFHOêREUi]RNJUDIXYRMGHQD
SRORYLFXSORFK\3UYêQDþtWDQêJUDIY\NUHVOLWHQDS{YRGQêFKV~UDGQLFLDFKYUFKRORYGUXKêJUDISRVXĖWHRGRSUDYD9UFKRO\
JUDIRY]REUD]WHPDOêPLNROLHVNDPLKUDQ\~VHþNDPLQDSUELHOHMIDUE\*UDI\UHSUH]HQWXMWHYSDPlWLWDNDE\VDYiPVQLPLGREUH
SUDFRYDOR
9V~ERUHQHPXVLDE\ĢYãHWN\KUDQ\XYHGHQpYRERFKVPHURFKDQDNRĐNRPiE\ĢJUDIQHRULHQWRYDQê]DEH]SHþWHVSUiYQX
UHSUH]HQWiFLX0{åHWHSUHGSRNODGDĢåHV~ERU\V~NRUHNWQp6SUDFXMWHLFKSRPRFRX76WUHDP
þDVĢULHãHQLD
W\SH
7*UDI FODVV
QLQWHJHU
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VVHWRIE\WH
HQG
F7&DQYDV
FRQVWUXFWRU&UHDWHPVWULQJFF7&DQYDV[LQWHJHU
SURFHGXUHNUHVOL
IXQFWLRQVWXSHQLLQWHJHULQWHJHU
HQG
FRQVWUXFWRU7*UDI&UHDWHPVWULQJFF7&DQYDV[LQWHJHU
YDU
W76WUHDP
LLQWHJHU
SE\WH
VVDUUD\>E\WH@RIE\WH
EHJLQ
F FF
W 7)LOH6WUHDP&UHDWHPIP2SHQ5HDG
Q
ZKLOHW3RVLWLRQW6L]HGR
ZLWKJ>Q@GREHJLQ
LQFQ
W5HDG[W5HDG\LQF[[
W5HDGSW5HDGVV>@S
IRUL WRSGREHJLQ
V V>VV>L@@J>VV>L@@V J>VV>L@@V>Q@
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDINUHVOL
YDU
LMLQWHJHU
EHJLQ
F3HQ&RORU FO%ODFN
IRUL WRQGR
ZLWKJ>L@GREHJLQ
F(OOLSVH[\[\
IRUM LWRQGR
LIMLQVWKHQEHJLQ
F0RYH7R[\
ZLWKJ>M@GRF/LQH7R[\
HQG
HQG
HQG
W\SH
78ORKD FODVV
JDUUD\>@RI7*UDI
WDUUD\>E\WH@RILQWHJHU
YVHWRIE\WHPQRåLQDXåSULUDGHQêFKYUFKRORY]*
PDPERROHDQXåPiPULHãHQLH
F7&DQYDV
FRQVWUXFWRU&UHDWHPPVWULQJLP7,PDJH
SURFHGXUHVWDUW
SURFHGXUHEDFNWUDFNLQJLLQWHJHU
HQG
FRQVWUXFWRU78ORKD&UHDWHPPVWULQJLP7,PDJH
EHJLQ
F LP&DQYDV
J>@ 7*UDI&UHDWHPF
J>@ 7*UDI&UHDWHPFLP:LGWKGLY
F)RQW&RORU FO5HG
F)RQW+HLJKW
PDP J>@Q!J>@Q
LIPDPWKHQ
F7H[W2XW
1HVHGtSRþHWYUFKRORY*UDI\QLHV~L]RPRUIQp
HQG
SURFHGXUH78ORKDVWDUW
EHJLQ
LIPDPWKHQH[LW
Y >@
EDFNWUDFNLQJ
LIPDPWKHQ
F7H[W2XW
*UDI\V~L]RPRUIQp
HOVH
F7H[W2XW
*UDI\QLHV~L]RPRUIQp
HQG
þLVDSULGDQtPLWHKRYUFKROXQHSRND]LOGRWHUDMãtL]RPRUIL]PXV
IXQFWLRQWHVWLMLQWHJHUERROHDQ
YDU
NLQWHJHU
EHJLQ
5HVXOW IDOVH
LIJ>@VWXSHQL!J>@VWXSHQMWKHQH[LWPXVtVHGLHĢVWXSHĖRERFKYUFKRORY
IRUN WRLGR
LINLQJ>@J>L@V!W>N@LQJ>@J>M@VWKHQH[LW
5HVXOW WUXH
HQG
YDU
MLQWHJHU
EHJLQ
IRUM WRJ>@QGR
LIQRWMLQYDQGWHVWLMWKHQEHJLQ
YDU
X78ORKD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
X 78ORKD&UHDWH
JUDIGDW
JUDIGDW
,PDJH
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
XVWDUW
HQG
WHVWRYDFLH~GDMRYpV~ERU\
'HOSKL SRVOHGQi]PHQD !
SUHGQiãND,QIRUPiFLHNXVN~ãNH DSU
%RGRYDQLH
%RG\SRþDVVHPHVWUDDYVN~ãREQRPREGREt
UR]FYLþN\SRþDVVHPHVWUD
SURMHNW
WHVWNXVN~ãNH
SUDNWLFNiVN~ãND
VSROX
6SROXP{åHWH]tVNDĢPD[LPiOQHSUpPLRYêFKERGRY
9êVOHGQi]QiPND
3RDEVROYRYDQtSUDNWLFNHMVN~ãN\VD]QiPNDY\SRþtWDWDNWR
$
%
&
'
(
)[
$NVDQDSUDNWLFNHMVN~ãNH]tVNDORPHQHMDNRERGRY]QiPNDMH)[
7HVWNXVN~ãNHSUHEHKQHYVWUHGXRGYSRVOXFKiUĖDFK$%D&
7HUPtQ\SUDNWLFNHMVN~ãN\EXG~YGĖRFKDYåG\RGYKDOiFK+
D+
3UHULHãWHVL~ORK\]PLQXORURþQpKRWHVWX
7HVW]3URJUDPRYDQLDSUHURþQtN PiM
QD]DþLDWNXNDåGpKRSUtNODGXXYiG]DPHSRþHWERGRYNWRUpVDGDOL]tVNDĢ]DSUtNODGSULHPHUQH]tVNDQêSRþHWERGRY
3R]QSRGUXKRPNURNXE\PDOLE\ĢYSRVOHGQêFKGYRFKSUYNRFKSRĐDGYHPD[LPiOQHKRGQRW\
SURFHGXUHJUDIGRVLUN\YLQWHJHU
YDU
LLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGY
YLVLWHG >@
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
Y\StãKRGQRWXYUFKROXY
IRUL WRSRFBYUFKRORYGR
LIMH+UDQDYLWKHQ
TDSSHQGL
HQG
XQWLOTHPSW\
T)UHH
HQG
0HWyGXGRVLUN\VPH]DYRODOLVSRþLDWRþQêPYUFKRORP$'RStãWHGRJUDIXRVWDWQp]QDN\WDNDE\VDYUFKRO\Y\StVDOLY
SRUDGt
$'(*,&%)+
YQ~WRUQHYGiWRYHMãWUXNW~UHV~YUFKRO\YSRUDGt]ĐDYDGRSUDYD]KRUDQDGRO
SURFHGXUHXUREYDUDDUUD\RIAUHDO
YDU
LMLQWHJHU
EHJLQ
IRUL ORZDWRKLJKDGREHJLQ
M LUHSHDWLQFMXQWLOM KLJKDDQGD>L@ D>M@
LIM KLJKDWKHQEHJLQGLVSRVHD>M@AD>M@A D>L@AHQG
HQG
HQG
SURFHGXUHNRG\YDUWWH[WILOH
YDU
WDEDUUD\>@RI
UHFRUGSSRLQWHUGLQWHJHUHQG
VVWULQJ
N
EHJLQ
IRUN WRGRWDE>N@S QLO
ZKLOHQRWHRIWGREHJLQ
UHDGOQWNV
LIWKHQEHJLQ
VHWOHQJWKV
PRYHWDE>N@G
IUHHPHP
HQG
JHWPHPWDE>N@S
WDE>N@G OHQJWKV
PRYHV>@
HQG
HQG
SURFHGXUHVRUW]NLQWHJHU
YDU
SLYRWLQWHJHU
EHJLQ
LI]NWKHQEHJLQ
ZULWH
UR]GHO]NSLYRW
VRUW]SLYRWVRUWSLYRWN
HQG
HQG
9\P\VOLWHVHGHPSUYNRYpSROHU{]Q\FKþtVHOSUHNWRUpVDY\StãHKYLH]GLþLHN
W\SH
7$WRP LQWHJHU
Y]R]QDP FODVVHQG
D6ORYQHSRStãWHþRY\SRþtWDIXQNFLDOLVS
E1DYUKQLWHYVWXSQêYãHREHFQê]R]QDPNWRUêREVDKXMHOHQDWyP\DåNDåGpþtVORSUiYHUD]WDNDE\
YêVOHGNRPIXQNFLHERORþtVOR
7HRUHWLFN\VDGDOR]tVNDĢERGRY]WRKRVDEUDORPD[LPiOQHSULHPHUEROERGX
8NiåNRYêSUtNODG]RVN~ãN\
.RPSOHWQpULHãHQLHMHGQpKRSUtNODGX]PLQXORURþQHMVN~ãN\1DMSUY]DGDQLH
9UiPFLDNFLHþLVWpUXN\VDYOiGDUR]KRGODGRNDåGpKRRNUHVXQDVDGLĢMHGQpKRDJHQWDNWRUêEXGHGEDĢQDþLVWRWX1DNRĐNRVD
NRDOtFLDVNODGi]RãW\URFKVWUiQDE\ERODþRQDMYLDF]DEH]SHþHQiNRUHNWQRVĢNRQWUROYOiGDVDX]QLHVODåHYNDåGêFKGYRFK
VXVHGLDFLFKRNUHVRFKPXVtE\ĢNRQWUROyUQRPLQRYDQêLQRXSROLWLFNRXVWUDQRX2NUHPWRKRVLSUHPLpUY\KUDGLOSUiYRGRQLHNWRUêFK
QDMVNRUXPSRYDQHMãtFKRNUHVRYGRVDGLĢDJHQWRY]RVYRMHMVWUDQ\VDPR]UHMPHåHWLHWRRNUHV\QHP{åXE\ĢQDY]iMRPVXVHGLDFH
SUHGSRNODGiPHåHSUHPLpUMHþOHQRPMHGQHM]NRDOLþQêFKVWUiQ
1DStãWHSURJUDPNWRUêSRP{åH~UDGXYOiG\QDYUKQ~ĢUR]ORåHQLHSUHGVWDYLWHĐRYVWUiQNRDOtFLHGRMHGQRWOLYêFKRNUHVRYSULþRPVD
EXGHUHãSHNWRYDĢSUHPLpURYQiYUKQDQLHNWRUpRNUHV\3URJUDPQDMSUYQDþtWDLQIRUPiFLHRRNUHVRFK]RV~ERUXRNUHV\GDWSRWRPY
JUDILFNHMSORFKH]REUD]t]DWLDĐQH]DIDUEHQ~PDSX7HUD]VDþDNiQDQLHNRĐNRNOLNQXWtGRQLHNWRUêFKRNUHVRYNWRUpVD]DIDUELDIDUERX
SUHPLpURYHMVWUDQ\3RNOLNQXWtQDWODþLGORâ7$57VDVSXVWtDOJRULWPXVNWRUêEXGHKĐDGDĢUR]GHOHQLHRNUHVRYSUHMHGQRWOLYpVWUDQ\
.DåGiVWUDQDEXGHPDĢXUþHQ~MHGQXIDUEXDWRXIDUERXVD]DIDUELDQDPDSHMHMSULGHOHQpRNUHV\
6~ERURNUHV\GDWPiQDVOHGXM~FXãWUXNW~UX
ƔNDåGêRNUHVMHSRStVDQêMHGQêPEORNRP~GDMRY
ƔEORN]DþtQDSR]tFLRXRNUHVQpKRPHVWDYJUDILFNHMSORFKHV~WRGYHãWYRUEDMWRYpFHOpþtVOD
ƔćDOHMQDVOHGXMHPQRåLQDSRUDGRYêFKþtVHOVXVHGLDFLFKRNUHVRYRNUHV\þtVOXMHPHRGYV~ERUHMHWRXORåHQpDNRW\SVHWRI
E\WH
Ɣ]DWêPLGHSRVWXSQRVĢERGRYREU\VXRNUHVXWHGDQDMSUYSRþHWWêFKWRERGRYEDMWDSRWRPWHQWRSRþHWGYRMtFFHOêFKþtVHO[
RYiD\RYiV~UDGQLFDRSlĢãWYRUEDMWRYpFHOpþtVOD
3UHGSRNODGDMWHåHV~ERUMH]DGDQêNRUHNWQHDQHREVDKXMHYLDFDNRRNUHVRYDLFKREU\V\QHEXG~SR]RVWiYDĢ]YLDFDNR
ERGRY6~ERUVSUDFXMWHOHQSRPRFRX76WUHDP
ÒORKXULHãWHSRPRFRXDOJRULWPXSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJSULþRPSULHEHåQH]DIDUEXMWHRGIDUEXMWHSULUDGHQpRNUHV\
*UDI]DGHILQXMWHSRPRFRXWULHG\DUHSUH]HQWXMWHWDNDE\VDYiPVQtPþRQDMOHSãLHSUDFRYDOR7ULHGXGHILQXMWHYRGGHOHQHM
SURJUDPRYHMMHGQRWNHQDSU*UDI8QLWSULþRPRNUHPQLHNRĐNêFKYHUHMQêFKPHWyGYãHNWRRVWDWQpGHILQXMWHDNRSULYiWQHSUHPHQQpD
PHWyG\
.RPSOHWQpULHãHQLHQDMSUYXQLWNWRUêGHILQXMHWULHGX
XQLW*UDI8QLW
LQWHUIDFH
XVHV
:LQGRZV&ODVVHV*UDSKLFV
W\SH
79UFKRO FODVV
PVHWRIE\WHPQRåLQDVXVHGRY
S73RLQWSR]tFLDRNUHVQpKRPHVWD
REDUUD\RI73RLQWREU\V
ILQWHJHUIDUED
FRQVWUXFWRU&UHDWHW76WUHDP
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
H[ERROHDQþLXåPiULHãHQLH
JU7&DQYDV
SURFHGXUHSULGDM2NUHVW76WUHDP
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWHPHQRVWULQJJJU7&DQYDV
SURFHGXUH]DIDUEL.OLN[\LQWHJHU
SURFHGXUHVWDUW
HQG
LPSOHPHQWDWLRQ
XVHV
6\V8WLOV)RUPV
FRQVW
IDUEDDUUD\>@RI7&RORU FO:KLWHFO%OXHFO5HGFO<HOORZFO*UHHQ
FRQVWUXFWRU79UFKRO&UHDWHW76WUHDP
YDU
EE\WH
LLQWHJHU
EHJLQ
I
W5HDGS6L]H2IS
W5HDGP6L]H2IP
W5HDGE6L]H2IE6HW/HQJWKREE
IRUL WREGRW5HDGRE>L@6L]H2IRE>L@
HQG
FRQVWUXFWRU7*UDI&UHDWHPHQRVWULQJJJU7&DQYDV
YDU
W76WUHDP
EHJLQ
JU JJU
W 7)LOH6WUHDP&UHDWHPHQRIP2SHQ5HDG
WU\
ZKLOHW3RVLWLRQW6L]HGRSULGDM2NUHVW
ILQDOO\
W)UHH
HQG
NUHVOL
HQG
SURFHGXUH7*UDISULGDM2NUHVW76WUHDP
EHJLQ
6HW/HQJWKJ/HQJWKJ
J>+LJKJ@ 79UFKRO&UHDWHW
HQG
SURFHGXUH7*UDINUHVOL
YDU
LLQWHJHU
EHJLQ
IRUL WRKLJKJGR
ZLWKJ>L@GREHJLQ
JU%UXVK&RORU IDUED>I@
JU3RO\JRQRE
JU7H[W2XWS[S\,QW7R6WUL
HQG
HQG
SURFHGXUH7*UDI]DIDUEL.OLN[\LQWHJHU
YDU
LMLQWHJHU
EHJLQ
L +LJKJZKLOHL! DQGVTUJ>L@S[[VTUJ>L@S\\!GRGHFL
LILWKHQH[LW
ZLWKJ>L@GREHJLQ
LII!WKHQEHJLQI NUHVOLHQGXåERO]DIDUEHQêRGIDUEL
HOVHEHJLQ
M +LJKJZKLOHM! DQGQRWMLQPRUJ>M@I GRGHFM
LIMWKHQEHJLQI INUHVOLHQG
HQG
HQG
HQG
SURFHGXUH7*UDIVWDUW
EHJLQ
H[ IDOVH
EDFNWUDFNLQJ
JU%UXVK&RORU FO:KLWH
JU)RQW+HLJKW
LIH[WKHQEHJLQ
JU)RQW&RORU FO*UHHQ
JU7H[W2XW
QDãLHOVRPULHãHQLH
HQG
HOVHEHJLQ
JU)RQW&RORU FO5HG
JU7H[W2XW
~ORKDQHPiULHãHQLH
HQG
HQG
SURFHGXUH&DNDMPV/RQJLQW
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ
YDU
LMIILQWHJHU
EHJLQ
WUHEDKĐDGDĢHãWHQH]DIDUEHQêYUFKROQLHNWRUpEROL]DIDUEHQpNOLNDQtP
L +LJKJZKLOHL! DQGJ>L@I!GRGHFL
LILWKHQEHJLQ
H[ WUXHH[LWKXUiYãHWN\YUFKRO\JUDIXV~Xå]DIDUEHQp
HQG
IRUII WRGREHJLQ
M +LJKJZKLOHM! DQGQRWMLQJ>L@PRUJ>M@I!IIGRGHFM
LIMWKHQEHJLQ
J>L@I IINUHVOLR]QDþ
FDNDMNYROLVSRPDOHQLXY\NUHVĐRYDQLDSULHEHKXEDFNWUDFNLQJX
EDFNWUDFNLQJSRNUDþXMHPHYQDVOHGXM~FRPYUFKROH
LIH[WKHQH[LWXåMHQiMGHQpQHMDNpULHãHQLH
J>L@I NUHVOLRG]QDþ
HQG
HQG
J>L@I NUHVOL
HQG
HQG
XQLWVIRUPXOiURP
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV
6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
*UDI8QLW
^5 ')0`
YDU
J7*UDI
VWDUWERROHDQ IDOVHþLMHXåVSXVWHQêEDFNWUDFNLQJEORNRYDQpNOLNDQLHP\ãRX
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J 7*UDI&UHDWH
RNUHV\GDW
,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIQRWVWDUWWKHQEDFNWUDFNLQJHãWHQHEHåtP{åHã]DIDUELĢ
J]DIDUEL.OLN;<
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
%XWWRQ(QDEOHG IDOVH
VWDUW WUXH
JVWDUW
HQG
HQG
WHVWRYDFt~GDMRYêV~ERU
'HOSKL SRVOHGQi]PHQD !
7HVWNXVN~ãNH PiM
1HRULHQWRYDQêRKRGQRWHQêJUDIMH]DGDQêWDEXĐNRXVXVHGQRVWt3URFHG~UDEDFNMHQHMDNêDOJRULWPXVSUHKĐDGiYDQLD
VQiYUDWRPQDJUDIH
YDU
JDUUD\>
D
G
D
G
@RIE\WH
SRFHWLQWHJHU
SURFHGXUHEDFNYFKDU
YDU
LFKDU
MERROHDQ
EHJLQ
M WUXH
IRUL
D
WR
G
GR
LIJ>YL@!WKHQEHJLQ
GHFJ>YL@GHFJ>LY@M IDOVH
EDFNL
LQFJ>YL@LQFJ>LY@
HQG
LIMWKHQLQFSRFHW
HQG
=LVWLWHþREXGHYSUHPHQQHMSRFHWSR]DYRODQtEDFN
D
3URFHG~UDNRSLUXMSUHNRStUXMHREVDKV~ERUXVPHQRPVGRV~ERUXVPHQRPV3UL
NRStURYDQtSRXåLMHSRPRFQêEXIHUYHĐNRVWLPD[
SURFHGXUHNRSLUXMVVVWULQJPD[LQWHJHU
YDU
WW76WUHDP
EXISRLQWHU
EHJLQ
W 7)LOH6WUHDPBBBBBBBBBBBBBBBBBBB
WU\
W 7)LOH6WUHDPBBBBBBBBBBBBBBBBBBB
BBBBBBBBBEXIBBBBBBBBBB
WU\
ZKLOHW3RVLWLRQW6L]HGR
W:ULWHBBBBBBBBBW5HDGBBBBBBBBBB
ILQDOO\
BBBBBBBBBEXIBBBBBBBBBB
WBBBBBBBBBBBBBBBBBBB]DWYRULĢ
HQG
ILQDOO\
WBBBBBBBBBBBBBBBBBBB]DWYRULĢ
HQG
HQG
'RSOĖWHFKêEDM~FHþDVWLSURJUDPX
=LVWLWHNRĐNRH[LVWXMHU{]Q\FKDOJHEUDLFNêFKVWURPRYNWRUêFKLQRUGHUMH
3UHELQiUQ\VWURPQHSR]QiPHKRGQRW\YRYUFKRORFKDOHYLHPHåHPiWHQWRWYDU
DDNE\VPHYUFKRO\Y\StVDOLSUHRUGHURPGRVWDOLE\VPHY]RVWXSQHXVSRULDGDQ~
SRVWXSQRVĢU{]Q\FKþtVHOĆDOHMYLHPHåHYãHWN\YUFKRO\NWRUpV~URYQDNR
Y]GLDOHQpRGNRUHĖDPDM~VYRMXþtVHOQ~KRGQRWX]ORåHQ~OHQ]URYQDNêFKFLILHU
QDSUVDPpWM2þtVOXMWHVWURP
,GHXOH[LNRJUDILFNpKRVWURPXY\XåLMHPHQD]LVWHQLHIUHNYHQþQHMWDEXĐN\]FHOêFKþtVHO
SULþRPWLHWRþtVODEXGHPHUR]REHUDĢSRELWRFKD]WRKRWRVDEXGHPHUR]KRGRYDĢNDP
SRNUDþRYDĢYVWURPH
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>@RI7/H[6WURP
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMLLQWHJHU
IXQFWLRQY\SLVLMLQWHJHUVWULQJ
HQG
FRQVWUXFWRU7/H[6WURP&UHDWH
EHJLQ
SRFHW S>@ QLOS>@ QLO
HQG
SURFHGXUH7/H[6WURPSULGDMLLQWHJHU
EHJLQ
LIL WKHQLQFSRFHW
HOVHEHJLQ
LIS>LPRG@ QLOWKHQS>LPRG@ 7/H[6WURP&UHDWH
S>LPRG@SULGDMLGLY
HQG
HQG
HOVH5HVXOW
LIS>@!QLOWKHQ5HVXOW 5HVXOWS>@Y\SLVLM
M
LIS>@!QLOWKHQ5HVXOW 5HVXOWS>@Y\SLVL
M
HQG
O 7/H[6WURP&UHDWH
IRUL WRGROSULGDML
/DEHO&DSWLRQ OY\SLV
9SURJUDPHMHFK\EDDSUHWRQiPYêSLVQHGiVSUiYQHYêVOHGN\
D=LVWLWHþRVDSUHVQHY\StãH
E2SUDYWHFK\EX
F=LVWLWHþRVDY\StãHSRRSUDYHFK\E\
3UHGY\NRQDQtPSURFHG~U\9\WYRU+DOGXY\]HUiSROH]NWRUpKRFKFHPHY\WYRULĢKDOGX
WDNWR
9\StãWHREVDKSRĐDSRVNRQþHQtSURFHG~U\
1HRULHQWRYDQêJUDIMHUHSUH]HQWRYDQêSRĐRPPQRåtQVXVHGRY
W\SH
7*UDI FODVV
JDUUD\RIVHWRIE\WH
SURFHGXUHSULGDM9UFKRO
SURFHGXUHSULGDM+UDQXLMLQWHJHU
HQG
SURFHGXUH7*UDISULGDM+UDQXLMLQWHJHU
EHJLQ
LIL!MWKHQEHJLQ
J>L@ J>L@>M@J>M@ J>M@>L@
HQG
HQG
SURFHGXUH7*UDISULGDM9UFKRO
YDU
LMLQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
L KLJKJJ>L@ >@M LGLY
ZKLOHM!GREHJLQ
SULGDM+UDQXLM
M MGLY
HQG
HQG
3R]DYRODQt
J 7*UDI&UHDWH
IRUL WRGRJSULGDM9UFKRO
VDY\WYRUtJUDIVYUFKROPL
D1DNUHVOLWHWHQWRJUDI
E1DYUKQLWHGRJUDIXPLQLPiOQ\SRþHWQRYêFKKUiQWDNDE\VDWHQWRJUDI
VWDOV~YLVOê
3RPRFRXWULHGHQLD]OXþRYDQtPFKFHPHXWULHGLĢSUYNRYpSROH
ýDVĢDOJRULWPXY\]HUiWDNWR
YDU
SDUUD\>@RILQWHJHU
SRFHWLQWHJHU
SURFHGXUHPHUJH6RUW]NLQWHJHU
YDU
VLQWHJHU
EHJLQ
LQFSRFHW
LI]NWKHQEHJLQ
V ]NGLY
PHUJH6RUW]V
PHUJH6RUWVN
]OXF]VN
HQG
HQG
3RPRFQiSURFHG~UD]OXF]O~þLXWULHGHQpþDVWL
=LVWLWHNRĐNRNUiWVD]DYROiWiWRUHNXU]tYQDSURFHG~UDPHUJH6RUWSUHGDQpSROHDN
MHSUYpYRODQLHPHUJH6RUWWM]DXMtPDQiVKRGQRWDSUHPHQQHMSRFHW
0iPHGDQ~SRVWXSQRVĢþtVHONWRU~EXGHPHSRVWXSQHSULGiYDĢGRELQiUQHKR
Y\KĐDGiYDFLHKRVWURPXSRPRFRXQDVOHGRYQpKRSRVWXSX
YDU
SDUUD\>@RILQWHJHU
V 7%96&UHDWH
L M
ZKLOHLGREHJLQ
VYOR]S>L@VYOR]S>L@LQFL
V]UXVS>M@LQFM
HQG
1DNUHVOLWHYêVOHGQêVWURP3UHGSRNODGiPHåHPHWyGD]UXVNHćWUHED]DPLHĖD
Y\KDG]RYDQêYUFKROVPLQLPiOQ\PYUFKRORP]SUDYpKRSRGVWURPX
3UHMHGQRVPHUQêVSiMDQê]R]QDPSRWUHEXMHPH]DGHILQRYDĢPHWyGXYVHWN\NWRUiEXGH
SRVWXSQHWHVWRYDĢU{]QHILOWURYDFLHIXQNFLHDDNMHQHMDNi]QLFKVSOQHQiWDNVDVSXVWt
SUtVOXãQêSUtND])LOWHUDMSUtND]]DGHNODUXMWHDNRSURFHGXUiOQHW\S\VMHGQêPSDUDPHWURP
W\SX79UFKRO
W\SH
SULND] BBBBBBBBBBBBBBBBBBBBBBBBB
ILOWHU BBBBBBBBBBBBBBBBBBBBBBBBB
ISULND] UHFRUGIILOWHUSUSULND]HQG
7=R]QDP FODVV
]N79UFKRO
SURFHGXUHYVHWN\ISDUUD\RIISULND]
HQG
SURFHGXUH7=R]QDPYVHWN\ISDUUD\RIISULND]
YDU
S79UFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGREHJLQ
IRUL ORZISWRKLJKISGR
LIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKHQ
BBBBBBBBBBBBBBBBBBBBBBBBB
S SQH[W
HQG
HQG
$NYSROLISMHQDPLHVWRILOWUDQLO]QDPHQiWRåHSUtVOXãQêSUtND]VDPiY\NRQDĢ
'HOSKL SRVOHGQi]PHQD !
FYLþHQLH
6PHUQtN\
0DMPHSROH
YDUDDUUD\RIALQWHJHU
QLHNWRUpSUYN\V~QLOLQpV~VPHUQtNPLQDLQWHJHU
9SROLP{åHPHPDĢXORåHQpLQIRUPiFLHRY\PHãNDQêFKKRGLQiFKãWXGHQWRY6â9\WYRUWHSUtND]\SUH
❍]DUDGHQLHQRYpKRãWXGHQWDVKRGLQDPLKQDNRQLHFSRĐDDNQHPiY\PHãNDQpKRGLQ\SROtþNRPiKRGQRWXQLO
❍Y\SRþtWDQLHV~þWXY\PHãNDQêFKKRGtQFHOHMWULHG\SUtSSULHPHUX
❍]YêãHQLHY\PHãNDQêFKKRGtQSUHãWXGHQWDVþtVORPL
YDU
DDUUD\RIALQWHJHU
QRYêVKRGQRWRXK
VHWOHQJWKD/HQJWKD
LIK WKHQD>L@ QLO
HOVHEHJLQ
QHZD>L@
D>L@A K
HQG
V~þHW
VXFHW
IRUL WR+LJKDGR
LID>L@!QLOWKHQ
VXFHW VXFHWD>L@A
]YêãLWHKR
LID>L@!QLOWKHQLQFD>L@A
HOVHEHJLQ
QHZD>L@
D>L@A
HQG
7~LVW~~ORKXULHãWHSUHSROHQHW\SRYêFKVPHUQtNRY
YDUDDUUD\RISRLQWHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
YDU
DDUUD\RISRLQWHU
QRYêVKRGQRWRXK
VHWOHQJWKD/HQJWKD
LIK WKHQD>L@ QLO
HOVHEHJLQ
JHWPHPD>L@VL]HRILQWHJHU
PRYHKD>L@AVL]HRILQWHJHU
HQG
V~þHW
VXFHW
IRUL WR+LJKDGR
LID>L@!QLOWKHQ
VXFHW VXFHWLQWHJHUD>L@A
]YêãLWHKR
LID>L@!QLOWKHQLQFLQWHJHUD>L@A
HOVHEHJLQ
JHWPHPD>L@VL]HRILQWHJHU
LQWHJHUD>L@A U PRYHUD>L@AVL]HRILQWHJHU
HQG
7ULHGD7/LVW
9'HOSKLMHSUHGGHILQRYDQiWULHGD7/LVW XGUåLDYDG\QDPLFNpSROHSRLQWURYýDVWRVDSRXåtYDQDSUiFXVR]R]QDPRP
REMHNWRY3RN~VLPHVDQDSURJUDPRYDĢMHKRPHWyG\
W\SH
P\7/LVW FODVV
SULYDWH
)/LVWDUUD\RISRLQWHU
)&RXQW,QWHJHU
SURFHGXUH6HW&RXQW1HZ&RXQW,QWHJHU
IXQFWLRQ*HW,QGH[,QWHJHU3RLQWHU
SURFHGXUH3XW,QGH[,QWHJHU,WHP3RLQWHU
SXEOLF
IXQFWLRQ$GG,WHP3RLQWHU,QWHJHU
SURFHGXUH'HOHWH,QGH[,QWHJHU
SURSHUW\&RXQW,QWHJHUUHDG)&RXQWZULWH6HW&RXQW
SURSHUW\,WHPV>,QGH[,QWHJHU@3RLQWHUUHDG*HWZULWH3XW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH'HOHWH,QGH[,QWHJHU
SURFHGXUHP\7/LVW'HOHWH,QGH[,QWHJHU
EHJLQ
LI,QGH[RU,QGH[! )&RXQWWKHQ(UURU
P\7/LVWLQGH[PLPR
'HF)&RXQW
LI,QGH[)&RXQWWKHQ
6\VWHP0RYH)/LVW>,QGH[@)/LVW>,QGH[@)&RXQW,QGH[
6L]H2I3RLQWHU
HQG
SURSHUW\&RXQW,QWHJHUUHDG)&RXQWZULWH6HW&RXQW
SURFHGXUHP\7/LVW6HW&RXQW1HZ&RXQW,QWHJHU
YDU
,,QWHJHU
EHJLQ
LI1HZ&RXQWWKHQ(UURU
P\7/LVWLQGH[PLPR
LI1HZ&RXQW!/HQJWK)/LVWWKHQ6HW&DSDFLW\1HZ&RXQWSROHHãWHQHERORWDNp
GOKp
LI1HZ&RXQW!)&RXQWWKHQ]YlþãtPH
)LOO&KDU)/LVW>)&RXQW@1HZ&RXQW)&RXQW
6L]H2I3RLQWHU
HOVHPDåHPH
IRU, )&RXQWGRZQWR1HZ&RXQWGR'HOHWH,
)&RXQW 1HZ&RXQW
HQG
SURSHUW\,WHPV>,QGH[,QWHJHU@3RLQWHUUHDG*HWZULWH3XW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUHP\7/LVW3XW,QGH[,QWHJHU,WHP3RLQWHU
EHJLQ
LI,QGH[RU,QGH[! )&RXQWWKHQ(UURU
P\7/LVWLQGH[PLPR
)/LVW>,QGH[@ ,WHP
HQG
ćDOãLHPHWyG\DNR
1'Ò
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
ELQiUQHV~ERU\
9\VYHWOLĢ
Ɣ W\SVWULQJ>@QDUR]GLHORGVWULQJQLHMHVPHUQtNDOHVWDWLFN\Y\KUDGHQiSDPlĢYHĐNRVWLRYLDFDNRþtVORY>@
Ɣ YUHFRUGNWRUpVD]DSLVXM~GRV~ERUXþtWDM~]RV~ERUXVDQHP{åHSRXåLĢVWULQJDOHP{åHVWULQJ>þtVOR@
1DVOHGXM~FLSUtNODGULHãLĢ
ƔDNRW\SRYê
ƔDNRQHW\SRYêVGĎåNRXEORNXVL]HRIYHWD
ƔDNRQHW\SRYêVGĎåNRXEORNXEH]SUHPHQQHMW\SXYHWDDOHVSUHPHQQêPLW\SXVWULQJ>@E\WH
ƔSRPRFRX76WUHDP
'DQêMHELQiUQ\V~ERUVWXGHQWLGDWNWRUêREVDKXMHLQIRUPiFLHRãWXGHQWRFKãWXGXM~FLFKQDRGERUHLQIRUPDWLNDYSUYRP
URþQtNX9HWDYV~ERUHMHW\SX
W\SH
YHWD UHFRUG
PHQRVWULQJ>@
VSROX]LDNE\WH
HQG
NGHSRORåNDVSROXåLDNREVDKXMHþtVORYHW\YV~ERUHYNWRUHMMHPHQRćDOãLHKRVSROXåLDND]URYQDNpKRNU~åNXSRVOHGQê]
NU~åNXY]R]QDPHRGND]XMHQDSUYpKR]URYQDNpKRNU~åNX1DStãWHSURJUDPNWRUêY\WYRUtELQiUQ\V~ERUNUX]RNGDW
7HQWRV~ERUE\PDOREVDKRYDĢYãHWNêFKãWXGHQWRYNWRUtSDWULDGRURYQDNpKRNU~åNXDNRSUYêãWXGHQWYV~ERUH
VWXGHQWLGDW
SRPRFRXW\SRYpKRV~ERUX
YDU
IIIILOHRIYHWD
YYHWD
EHJLQ
$VVLJQ)LOHII
VWXGHQWLGDW
5HVHWII
$VVLJQ)LOHI
NUX]RNGDW
5HZULWHI
LIQRW(RIIIWKHQEHJLQ
5HDGIIY
:ULWHIY
ZKLOHYVSROX]LDN!GREHJLQ
VHHNIIYVSROX]LDN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
5HDGIIY
:ULWHIY
HQG
HQG
&ORVH)LOHII
&ORVH)LOHI
HQG
QHW\SRYêVGĎåNRXYHW\VL]HRIYHWD
YDU
IIIILOH
YYHWD
LLQWHJHU
EHJLQ
$VVLJQ)LOHII
VWXGHQWLGDW
5HVHWIIVL]HRIY
$VVLJQ)LOHI
NUX]RNGDW
5HZULWHIVL]HRIY
LIQRW(RIIIWKHQEHJLQ
%ORFN5HDGIIYL
%ORFN:ULWHIYL
ZKLOHYVSROX]LDN!GREHJLQ
VHHNIIYVSROX]LDN
%ORFN5HDGIIYL
%ORFN:ULWHIYL
HQG
HQG
&ORVH)LOHII
&ORVH)LOHI
HQG
QHW\SRYêVGĎåNRXYHW\EH]SUHPHQQHMW\SXYHWD
YDU
IIIILOH
PVWULQJ>@
VE\WH
LLQWHJHU
EHJLQ
$VVLJQ)LOHII
VWXGHQWLGDW
5HVHWII
$VVLJQ)LOHI
NUX]RNGDW
5HZULWHI
LIQRW(RIIIWKHQEHJLQ
%ORFN5HDGIIPVL]HRIPL
%ORFN:ULWHIPVL]HRIPL
%ORFN5HDGIIVVL]HRIVL
%ORFN:ULWHIVVL]HRIVL
ZKLOHV!GREHJLQ
VHHNIIV
VL]HRIPVL]HRIV
%ORFN5HDGIIPVL]HRIPL
%ORFN:ULWHIPVL]HRIPL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
%ORFN5HDGIIVVL]HRIVL
%ORFN:ULWHIVVL]HRIVL
HQG
HQG
&ORVH)LOHII
&ORVH)LOHI
HQG
SRPRFRX6WUHDP
YDU
III7)LOH6WUHDP
YYHWD
EHJLQ
II 7)LOH6WUHDP&UHDWH
VWXGHQWLGDW
IP2SHQ5HDG
I 7)LOH6WUHDP&UHDWH
NUX]RNGDW
IP&UHDWH
LIII3RVLWLRQ!II6L]HWKHQEHJLQ
II5HDGYVL]HRIY
I:ULWHYVL]HRIY
ZKLOHYVSROX]LDN!GREHJLQ
IIVHHNYVSROX]LDN
VL]HRIYVR)URP%HJLQQLQJ
II5HDGYVL]HRIY
I:ULWHYVL]HRIY
HQG
HQG
II'HVWUR\
I'HVWUR\
HQG
'DQpGHNODUiFLH
W\SH
6WXGHQW UHFRUG
PHQRSULH]YVWULQJ
URFQLNE\WH
NUX]RNVWULQJ
DGUHVDVWULQJ
HQG
36WXGHQW A6WXGHQW
3ROH6WXG DUUD\RI36WXGHQW
6W9HWD UHFRUG
PHQRSULH]YVWULQJ>@
URFQLNE\WH
NUX]RNVWULQJ>@
VWSULHPUHDO
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
1DStãWHSURFHG~UXDNWXDOVSDUDPHWURP33ROH6WXGNWRUiEXGHDNWXDOL]RYDĢ3SRGĐD~GDMRYYELQiUQRPV~ERUH
QHY\KRYHOLGDWSHYQiGĎåNDYLHWWDNåHXYRĐQtPLHVWDYSDPlWLNWRUp]DEHUDM~]i]QDP\RãWXGHQWRFKXYHGHQêFKYWRPWR
V~ERUH9HW\YV~ERUHV~W\SX6W9HWD
~ORKXULHãLĢW\SRYêPV~ERURPDMSRPRFRX76WUHDP
1DStãWHSURJUDPNWRUêLQWHUSUHWXMHELQiUQ\V~ERUNRUGDWYNWRURPVDQDFKiG]DM~SUtND]\NRU\WQDþHMJUDILN\9NDåGHM
YHWHV~ERUXMHMHGHQSUtND]9HW\YV~ERUHV~U{]QHMGĎåN\DV~YĖRPWHVQH]DVHERX.DåGiYHWD]DþtQDEDMWRYêPNyGRP
SUtND]X
W\SHSULND] R'RSUHGXR9ODYRR9SUDYRR=PHQ)3R3+R3'
=DSUtND]PLR'RSUHGXR9ODYRR9SUDYRQDVOHGXMHYV~ERUHLFKSDUDPHWHUUHiOQHþtVOR]DSUtND]RPR=PHQ)3QDVOHGXMH
MHKRSDUDPHWHUFHOpþtVORDSUtND]\R3+DR3'QHPDM~SDUDPHWUH
~ORKXULHãWHSRPRFXQHW\SRYpKRV~ERUXD76WUHDP
'DQêMHELQiUQ\V~ERUVORYQLNGDWYNWRURPV~VORYiXORåHQpWDNWREDMWXUþXMHGĎåNXVORYD]DQtPQDVOHGXMHVORYR
SUtVOXãQêSRþHWEDMWRY6ORYiV~XVSRULDGDQpOH[LNRJUDILFN\1DStãWHERROHRYVN~IXQNFLX%LQBMHVVWULQJERROHDQNWRUi
]LVWtþLVDGDQpVORYRVQDFKiG]DYVORYQtNX3RXåLWHELQiUQHY\KĐDGiYDQLH
SRPRFQpIXQNFLHSRFHW6ORYDLWH6ORYRLLQWHJHU
SRXåLWH76WUHDP
'DQiGHNODUiFLDYHW\V~ERUX
W\SH
YHWD UHFRUG
PHQRVWULQJ>@
SULHPHUUHDO
LQWHUQDWERROHDQ
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
6SiMDQp]R]QDP\
0iPH]DGHILQRYDQpWULHG\SUHSUiFXVRVSiMDQêP]R]QDPRPLFKPHWyG\P{åHPHY\XåLĢSULGHILQRYDQtćDOãtFKPHWyG
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
QH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
7=R]QDP FODVV
SULYDWH
]79UFKRO]DþLDWRN]R]QDPX
N79UFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=S79UFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.L79UFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
SURSHUW\]DFLDWRN79UFKROUHDG]
SURSHUW\NRQLHF79UFKROUHDGN
HQG
SRVWXSQHGRGHILQXMWHPHWyG\
FRQVWUXFWRU&UHDWHQLQWHJHU
KQHćY\WYRUtQSUYNRYêFHORþtVOHQê]R]QDPVþtVODPLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FRQVWUXFWRU7=R]QDP&UHDWHQLQWHJHU
EHJLQ
] QLON QLODOHER&UHDWH
ZKLOHQ!GREHJLQ
] 79UFKRO&UHDWHQ]
LIN QLOWKHQN ]
GHFQ
HQG
HQG
DOHER
FRQVWUXFWRU7=R]QDP&UHDWHQLQWHJHU
EHJLQ
] QLON QLO
ZKLOHQ!GREHJLQ
SULGDM=Q
GHFQ
HQG
HQG
IXQFWLRQSRFHWLQWHJHU
IXQFWLRQ7=R]QDPSRFHWLQWHJHU
YDU
S79UFKRO
EHJLQ
5HVXOW S ]
ZKLOHS!QLOGREHJLQ
LQF5HVXOW
S SQH[W
HQG
HQG
SURFHGXUH]UXV=
]UXãtSUYêYUFKRO
SURFHGXUH]UXV.
]UXãtSRVOHGQêYUFKRO
SURFHGXUH]UXVSYUFKRO
]UXãtYUFKROSSR]RUDNSY]R]QDPHQHH[LVWXMH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH7=R]QDP]UXV=
YDU
S79UFKRO
EHJLQ
LI]!QLOWKHQEHJLQ
S ]] ]QH[WS)UHH
LI] QLOWKHQN QLO
HQG
HQG
SURFHGXUH7=R]QDP]UXV.
YDU
S79UFKRO
EHJLQ
LI] QLOWKHQH[LW
LI] NWKHQEHJLQ
])UHH] QLON QLO
HQG
HOVHEHJLQ
S ]ZKLOHSQH[W!NGRS SQH[WQiMGHSUHGSRVOHGQê
N)UHHN SNQH[W QLO
HQG
HQG
SURFHGXUH7=R]QDP]UXVSYUFKRO
YDU
T79UFKRO
EHJLQ
LI] QLOWKHQH[LW
LIS ]WKHQ=UXV=
HOVHEHJLQ
T ]ZKLOHT!QLODQGTQH[W!SGRT TQH[W
LIT!QLOWKHQEHJLQ
TQH[W SQH[W
LITQH[W QLOWKHQN T
S)UHH
HQG
HQG
HQG
SURFHGXUHSUHYUDW
SUHYUiWLSRUDGLHYUFKRORYY]R]QDPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH]R]QDPSUHYUDW
YDU
ST79UFKRO
EHJLQ
LI] NWKHQH[LW]R]QDPMHSUi]GQ\DOHERMHGQRSUYNRYê
N ]S ]
ZKLOHS!QLOGREHJLQ
T SQH[W
SQH[W ]
] S
S T
HQG
NQH[W QLO
HQG
FRQVWUXFWRUNRSLDS7=R]QDP
XUREtSRVWXSQHNySLXYãHWNêFKYUFKRORY
SR]RUQDWRåHSUHSV~SUHPHQQp]DNSULYiWQHQHYDGtYPHWyGH7=R]QDPX
XURELĢNRSLDDMDNRRE\þDMQ~PHWyGXQDMSUYPXVtXYRĐQLĢS{YRGQêREVDKVYRMKR]R]QDPX
FRQVWUXFWRU7=R]QDPNRSLDS7=R]QDP
YDU
T79UFKRO
EHJLQ
&UHDWH] QLON QLO
T S]
ZKLOHT!QLOGREHJLQ
SULGDM.TLQIR
T TQH[W
HQG
HQG
SURFHGXUH]DUDGLSUYRN
SUHGSRNODGiPHåH]R]QDPMHY]RVWXSQHXWULHGHQêSRGĐDLQIR
]DUDGtQDVSUiYQHPLHVWR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH7=R]QDP]DUDGLSUYRN
YDU
SYUFKRO
EHJLQ
LI] QLORU]LQIR!LWKHQ3ULGDM=L
HOVHEHJLQ
S ]
ZKLOHSQH[W!QLODQGSQH[WLQIRLGRS SQH[W
LISQH[W QLOWKHQ3ULGDM.L
HOVHSQH[W 79UFKRO&UHDWHLSQH[W
HQG
HQG
SURFHGXUHXWULHG
QiMGHPLQLPXPGiKRQD]DþLDWRN]QRYXQiMGHPLQLPXP]R]Y\ãNXGiKR]DPLQLPXPDWć
SURFHGXUHY\KRG'XSO
NWRUiY\KRGtYãHWN\SUYN\VURYQDNRXKRGQRWRXQHFKiOHQMHGHQSUYêYêVN\W
SURFHGXUHY\KRGLFLQWHJHU
]R]R]QDPXY\KRGtRGLWHKRSUYNXFSUYNRYSRGREQHDNRGHOHWHSUHUHĢD]FH
1'Ò
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
'YRMVPHUQêVSiMDQê]R]QDP
6~GDQpGHNODUiFLHSUHGYRMVPHUQêVSiMDQê]R]QDP
W\SH
SUYRN LQWHJHU
79UFKRO FODVV
LQIRSUYRN
SUHYQH[W79UFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQ79UFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
7=R]QDP FODVV
SULYDWH
]79UFKRO
N79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
1DStãWHPHWyG\SUHGYRMVPHUQêVSiMDQê]R]QDP
GYRMNWRUi]GYRMVPHUQpKRVSiMDQpKR]R]QDPXNWRUêPi]DWLDĐYãHWNêFKSUHY QLOY\WYRUtSRVSiMDQêGYRMVPHUQê
VSiMDQê]R]QDP
SURFHGXUH7=R]QDPGYRM
YDU
S79UFKRO
EHJLQ
LI] QLOWKHQH[LW
HOVHEHJLQ
S ]
ZKLOHSQH[W!QLOGREHJLQ
SQH[WSUHY S
S SQH[W
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
HQG
HQG
PHWyG\SULGDM=YVXQ3UHGY\KRG
RWRFNWRUiRWiþDGYRMVPHUQêVSiMDQê]R]QDPDMUHNXU]tYQH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH7=R]QDPRWRF
YDU
ST79UFKRO
EHJLQ
LI]!QLOWKHQEHJLQ
N ]
S ]
ZKLOHS!QLOGREHJLQ
T SQH[W
SQH[W SSUHY
SSUHY T
] S
S T
HQG
HQG
HQG
IXQFWLRQPLQ79UFKROYUiWLPLQLPiOQ\YUFKRO
PLQVRUWQDGYRMVPHUQRPVSiMDQRP]R]QDPH
&\NOLFNê]R]QDP
=DGHILQXMPHWULHGXSUHF\NOLFNê]R]QDPYNWRURP
ƔSRVOHGQêSUYRNRGND]XMHQDSUYê
ƔDNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
ƔWUHEDVSUiYQHUR]SR]QDĢNRQLHF]R]QDPXQDSUSUHYêSLVYãHWN\KĐDGDQLHKRGQRW\DSRG
ƔP{åHPHSRXåLĢOHQMHGLQêVPHUQtNDWRQDSRVOHGQêSUYRNSUHPHQQiNQDVOHGRYQtNRPNMH]DþLDWRN]R]QDPX
WHGDQHWUHEDSRWRPXGUåLDYDĢGYDVPHUQtN\
W\SH
7&\NO=R]QDP FODVV
SULYDWH
N79UFKRONRQLHF]R]QDPXNQH[WMH]DFLDWRN
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
IXQFWLRQSRFHWLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FRQVWUXFWRU7&\NO=R]QDP&UHDWH
EHJLQ
N QLO
HQG
GHVWUXFWRU7&\NO=R]QDP'HVWUR\
YDU
S79UFKRO
EHJLQ
LIN!QLOWKHQEHJLQ
ZKLOHNQH[W!NGREHJLQ
S NQH[WNQH[W SQH[WS)UHH
HQG
N)UHH
HQG
HQG
IXQFWLRQ7&\NO=R]QDPY\SLVVWULQJ
YDU
S79UFKRO
EHJLQ
5HVXOW
LIN!QLOWKHQEHJLQ
S NQH[W
UHSHDW
5HVXOW 5HVXOWSY\SLV
S SQH[W
XQWLOS NQH[W
HQG
HQG
SURFHGXUH7&\NO=R]QDPSULGDM=LSUYRN
EHJLQ
LIN QLOWKHQEHJLQ
N 79UFKRO&UHDWHLQLO
NQH[W N
HQG
HOVHNQH[W 79UFKRO&UHDWHLNQH[W
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH7&\NO=R]QDPSULGDM.LSUYRN
EHJLQ
LIN QLOWKHQEHJLQ
N 79UFKRO&UHDWHLQLO
NQH[W N
HQG
HOVHEHJLQ
NQH[W 79UFKRO&UHDWHLNQH[WSULGDM=
N NQH[W
HQG
HQG
IXQFWLRQ7&\NO=R]QDPSRFHWLQWHJHU
YDU
S79UFKRO
EHJLQ
5HVXOW
LIN!QLOWKHQEHJLQ
S NQH[W
UHSHDW
LQF5HVXOW
S SQH[W
XQWLOS NQH[W
HQG
HQG
SURFHGXUH7&\NO=R]QDPYVXQSUHGLQWHJHULSUYRN
YDU
ST79UFKRO
EHJLQ
LISUHGRUN QLOWKHQSULGDM=L
HOVHEHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
T NQH[W
ZKLOHT!NDQGSUHG!GREHJLQ
GHFSUHG
T TQH[W
HQG
LIT NWKHQSULGDM.L
HOVHEHJLQ
S 79UFKRO&UHDWHLQLO
SQH[W TQH[W
TQH[W S
HQG
HQG
HQG
SURFHGXUH7&\NO=R]QDP]UXV=
YDU
S79UFKRO
EHJLQ
LIN!QLOWKHQ
LIN NQH[WWKHQEHJLQNIUHHN QLOHQG
HOVHEHJLQ
S NQH[WNQH[W SQH[WS)UHH
HQG
HQG
SURFHGXUH7&\NO=R]QDP]UXV.
YDU
S79UFKRO
EHJLQ
LIN!QLOWKHQ
LIN NQH[WWKHQEHJLQNIUHHN QLOHQG
HOVHEHJLQ
S NQH[WZKLOHSQH[W!NGRS SQH[WQiMGHSUHGSRVOHGQê
SQH[W NQH[WN)UHHN S
HQG
HQG
SURFHGXUH7&\NO=R]QDPY\KRGS79UFKRO
YDU
T79UFKRO
EHJLQ
LIN QLOWKHQH[LW
LIS NQH[WWKHQ=UXV=
HOVHEHJLQ
T NQH[WZKLOHT!NDQGTQH[W!SGRT TQH[W
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
LIT!NWKHQEHJLQ
TQH[W SQH[W
LITQH[W NQH[WWKHQN T
S)UHH
HQG
HQG
HQG
1'Ò
Ɣ =DGHILQXMWHćDOãLHPHWyG\WULHG\F\NOLFNê]R]QDP3RUR]PêãĐDMWHQDGGYRMVPHUQêPF\NO]R]QDPRP
=R]QDPVILNWtYQ\PYUFKRORP
ƔSUHSURJUDPXMWHSULGDM=DLQpPHWyG\
ƔUR]P\VOLWHVLDNRVD]PHQtF\NOLFNê]R]QDPVILNWtYQ\PYUFKRORPGYRMVPHUQê]R]QDPVILNWtYQ\PYUFKRORP
F\NOLFNêGYRMVPHUQê
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
%LQiUQHVWURP\
-HGDQêW\S
W\SH
73UYRN LQWHJHU
76WURP FODVV
LQIR73UYRN
OS76WURP
FRQVWUXFWRU&UHDWHL73UYRNQOQS76WURP
IXQFWLRQWH[WVWULQJYLUWXDOUHĢD]FRYpY\MDGUHQLHYUFKROD
HQG
QDNUHVOLWHVLQH~SOQêVWURPKĎEN\DVSRĖWULUXþQHKRY\StãWHSUHRUGHURPLQRUGHURPSRVWRUGHURP
SUHRUGHU
LQRUGHU
SRVWRUGHU
ƔRSDþQi~ORKDQHMDNêQH~SOQêVWURPVYUFKROPLWUHED]DSOQLĢStVPHQNDPL
SURJUDPRYDQLH
WDNDE\SUHRUGHU
LQRUGHUSRVWRUGHUY\StVDOWRWRVORYRQ
ƔQDNUHVOLWHVWURPNWRUpKRSRVWRUGHUMH
IGHDFE
DLQRUGHUMH
EIFGDH
'RGHILQXMWHPHWyG\WULHG\76WURPDOHERSRGSURJUDP\SUDFXM~FHVELQiUQ\PVWURPRP
Y\StVDĢOLVW\VWURPX
DNRJOREDOQDIXQNFLD
IXQFWLRQY\SLVOLVWRYV76WURPVWULQJ
EHJLQ
LIV QLOWKHQ5HVXOW
HOVHLIVO QLODQGVS QLOWKHQ5HVXOW
VWH[W
HOVH5HVXOW Y\SLVOLVWRYVOY\SLVOLVWRYVS
HQG
DNRPHWyGDWULHG\
IXQFWLRQ76WURPY\SLVOLVWRYVWULQJ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
WH[WWULYLiOQ\SUtSDG
HOVHEHJLQ
LIO!QLOWKHQ5HVXOW OY\SLVOLVWRYHOVH5HVXOW
LIS!QLOWKHQ5HVXOW 5HVXOWSY\SLVOLVWRY
HQG
HQG
JHQHURYDQLH~SOQpKRVWURPXKĎEN\1
þtVOXMHPHYUFKRO\SR~URYQLDFKNRUHĖMHQMHKRSRGVWURP\V~QDåOLVW\V~
DNRJOREiOQDIXQNFLD
IXQFWLRQ*HQHUQLQWHJHU76WURP
EHJLQ
LIQWKHQ5HVXOW QLO
HOVH5HVXOW 76WURP&UHDWHQJHQHUQJHQHUQ
HQG
DNRNRQãWXNWRUWULHG\
FRQVWUXFWRU76WURP8SOQ\QLQWHJHU
EHJLQ
LQIR QO QLOS QLO
LIQ!WKHQEHJLQ
WXWUHEDXYLHVĢDMPHQRWULHG\76WURPLQDNVDWRY\WYRUt]OH
O 76WURP8SOQ\Q
S 76WURP8SOQ\Q
HQG
HQG
YDU[LQWHJHU JOREiOQDSUHPHQQi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
VSUiYQHQDSUWDNWR
IXQFWLRQJHQHUQLQWHJHU76WURP
YDU
LLLQWHJHU
OOSS76WURP
EHJLQ
LIQWKHQ5HVXOW QLO
HOVHEHJLQ
LQF[
LL [OO JHQHUQSS JHQHUQ5HVXOW 76WURP&UHDWHLLOOSS
DOHER
LL [5HVXOW 76WURP&UHDWHLLJHQHUQJHQHUQ
HQG
HQG
1'ÒEH]JOREiOQHMSUHPHQQHM
þtVOXMHPHYUFKRO\SRVWXSQHSR~URYQLDFKNRUHĖMHMHKRSRGVWURP\LFKSRGVWURP\
NySLDVWURPXDNRJOREiOQDIXQNFLDPHWyGDWULHG\DNRQãWUXNWRUWULHG\
JOREiOQDIXQNFLD
IXQFWLRQ.RSLDV76WURP76WURP
EHJLQ
LIV QLOWKHQ5HVXOW QLO
HOVH5HVXOW 76WURP&UHDWHVLQIR.RSLDVO.RSLDVS
HQG
DNRPHWyGDWULHG\76WURP
IXQFWLRQ76WURPNRSLUXM76WURP
EHJLQ
5HVXOW 76WURP&UHDWHLQIRQLOQLO
LIO!QLOWKHQ5HVXOWO ONRSLUXM
LIS!QLOWKHQ5HVXOWS SNRSLUXM
HQG
DNRUHNXU]tYQ\NRQãWUXNWRU
FRQVWUXFWRU76WURP.RSLDV76WURP
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
GHVWUXFWRU76WURP'HVWUR\
EHJLQ
O)UHHLIO!QLOWKHQO'HVWUR\
S)UHH
HQG
IXQFWLRQ76WURPQDMSO\WVLBOLVW76WURPYUiWLOLVWYVWURPHVQDMPHQãRXKĎENRX QDMSO\Wãt
EXGHPDĢYDUSDUDPHWHUYNWRURPYUiWLKĎENXQiMGHQpKRYUFKROD
1'Ò
ƔSR]PHĖWHQDMSOWDNDE\PHWyGDYUiWLODQDMY\ããtD]iURYHĖQDMĐDYHMãtQH~SOQêYUFKROQHPiRERFKV\QRY
ƔPHWyGDY\PHQNWRUiSUHNDåGêYUFKROY\PLHĖDMHKRĐDYêDSUDYêSRGVWURP
ƔIXQNFLDSRFHWVSDUDPHWURPSW\SX73UYRNNWRUiYUiWLSRþHWYêVN\WRYSUYNXSYVWURPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH76WURPY\SLVVWULQJ
YDU
TTXHXH
V76WURP
EHJLQ
T TXHXH&UHDWHTDSSHQGVHOI5HVXOW
UHSHDW
TVHUYHV5HVXOW 5HVXOWVWH[W
LIVO!QLOWKHQTDSSHQGVO
LIVS!QLOWKHQTDSSHQGVS
XQWLOTHPSW\
HQG
1'Ò
PiMHGQpKRDOHERåLDGQHKRV\QD
ƔQDStãWHþtVHOQ~IXQNFLX=,67,VMHGQêPSDUDPHWURPW\SXVWURPNWRUi]LVWtSRþHWYUFKRORYYVWURPHNWRUpV~Y
%LQiUQHY\KĐDGiYDFLHVWURP\
Ɣ $NRY\]HUi%96DNGRQHKRSRVWXSQHYNDGiPHYUFKRO\VLQIRP"$NR]RVWURPXY\PDåHPH
YUFKROVLQIRPDOHER"
GHNODUiFLH
W\SH
79UFKRO FODVV
LQIR73UYRN
OS79UFKRO
FRQVWUXFWRU&UHDWHL73UYRNQOQS79UFKRO
HQG
7%96WURP FODVV
SULYDWH
NRUHQ79UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
QDStãWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
IXQFWLRQ7%96WURPPLQ79UFKRO
EHJLQ
5HVXOW PLQNRUHQ
HQG
IXQFWLRQ7%96WURPQHUHNBPLQ79UFKRO
EHJLQ
5HVXOW NRUHQ
ZKLOH5HVXOW!QLODQG5HVXOWO!QLOGR
5HVXOW 5HVXOWO
HQG
QHUHNXU]tYQ\DUHNXU]tYQ\KODGDM
EHJLQ
5HVXOW UHNBKODGDMNRUHQL
HQG
QHUHNXU]tYQ\YOR]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH7%96WURPYOR]L73UYRN
YDU
Y79UFKRO
EHJLQ
LINRUHQ QLOWKHQNRUHQ 79UFKRO&UHDWHLQLOQLO
HOVHEHJLQ
Y NRUHQ
ZKLOHYLQIR!LGR
LILYLQIRWKHQEHJLQ
LIYO QLOWKHQYO 79UFKRO&UHDWHLQLOQLO
Y YO
HQG
HOVHEHJLQ
LIYS QLOWKHQYS 79UFKRO&UHDWHLQLOQLO
Y YS
HQG
HQG
HQG
1'Ò
Ɣ RSUDYWHDOJRULWPXVUXãHQLDYUFKROXWDNDE\VDQHXYROĖRYDOPLQLPiOQ\YUFKRODOHUXãHQêDPLQLPiOQ\YUFKROVD
SUHVPHUQtNRYDOQDPLHVWRUXãHQpKRYUFKROX
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
$OJHEUDLFNpVWURP\
❍YSRVWIL[H
❍DQDNUHVOLWHSUHQHKRDOJHEUDLFNêVWURP
Ɣ'DQêMHDULWPHWLFNêYêUD]]DStVDQêYLQIL[RYRPWYDUH
1DNRĐNRYĖRPFKêEDM~RNU~KOH]iWYRUN\DQHSRþtWDPHVSULRULWRXRSHUiWRURYPRåQRWHQWRDULWPHWLFNêYêUD]
LQWHUSUHWRYDĢU{]Q\PLVS{VREPLMHPRåQp]QHKRY\WYRULĢYLDFU{]Q\FKDULWPHWLFNêFKVWURPRYNWRUêFKYêSLV
LQRUGHURPYUiWL]DGDQêYêUD]1DStãWHYãHWN\YêUD]\YSUHIL[RYRPWYDUHNWRUp]RGSRYHGDM~YãHWNêPPRåQêP
LQWHUSUHWiFLiPGDQpKRLQIL[RYpKRYêUD]X
$OJHEUDLFNêVWURPVPH]DGHILQRYDOLDNRDEVWUDNWQ~Ei]RY~WULHGXVDEVWUDNWQêPLPHWyGDPLDGYDW\S\SRWRPNRYWHMWR
WULHG\7$OJ2SHUDFLDD7$OJ2SHUDQG
W\SH
7$OJ6WURP FODVV
HQG
7$OJ2SHUDFLD FODVV7$OJ6WURP
RSFKDU
OSDVWURP
FRQVWUXFWRU&UHDWH]FKDUOOSS7$OJ6WURP
HQG
7$OJ2SHUDQG FODVV7$OJ6WURP
KRGSUYRN
FRQVWUXFWRU&UHDWHKSUYRN
HQG
9\WYRUWHPHWyGXQDY\StVDQLH~SOQHX]iWYRUNRYDQpKRDOJUHEUDLFNpKRVWURPX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
W\SH
7$OJ6WURP FODVV
IXQFWLRQX]DWYRUNXMVWULQJYLUWXDODEVWUDFW
HQG
7$OJ2SHUDFLD FODVV
IXQFWLRQX]DWYRUNXMVWULQJRYHUULGH
HQG
7$OJ2SHUDQG FODVV
IXQFWLRQX]DWYRUNXMVWULQJRYHUULGH
HQG
IXQFWLRQ7$OJ2SHUDFLDX]DWYRUNXMVWULQJ
EHJLQ
5HVXOW
OX]DWYRUNXMRSSX]DWYRUNXM
HQG
IXQFWLRQ7$OJ2SHUDQGX]DWYRUNXMVWULQJ
EHJLQ
5HVXOW
,QW7R6WUKRG
HQG
9\WYRUWHIXQNFLXQDVNRQãWUXRYDQLHDOJHEUDLFNpKRVWURPX]SUHIL[RYpKR]iSLVXSUHIL[GRVWDQHPHYUDGHVWULQJRY
YDU
TTXHXHUDGVWULQJRY
IXQFWLRQVNRQVWUXXM7$OJ6WURP
YDU
VVWULQJ
EHJLQ
TVHUYHV
LIOHQJWKV!RUQRWV>@LQ>
@WKHQ
5HVXOW 7$OJ2SHUDQG&UHDWHVWUWRLQWV
HOVHEHJLQ
5HVXOW 7$OJ2SHUDFLD&UHDWHV>@QLOQLO
7$OJ2SHUDFLD5HVXOWO VNRQVWUXXM
7$OJ2SHUDFLD5HVXOWS VNRQVWUXXM
HQG
HQG
9ãHREHFQpVWURP\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
6~UHSUH]HQWRYDQpMHGQRX]QDVOHGXM~FLFKãWUXNW~U
DNRSROHV\QRY
W\SH
7VWURP FODVV
LQIRSUYRN
V\QDUUD\>1@RI7VWURP
HQG
DOHERG\QDPLFNpSROHV\QRY
W\SH
7VWURP FODVV
LQIRSUYRN
V\QDUUD\RI7VWURP
HQG
DOHERV\QEUDWUHSUH]HQWiFLD
W\SH
7VWURP FODVV
LQIRSUYRN
V\QEUDW7VWURP
HQG
9RYãHWNêFKWURFKUHSUH]HQWiFLiFKUHDOL]XMWHIXQNFLHQDYêSRþHWKĎEN\VWURPXDIXQNFLHQDV~þHWKRGQ{W
KĎENDVWURPX
IXQFWLRQ76WURPKOENDLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL WR1GR
LIV\Q>L@!QLOWKHQ5HVXOW PD[5HVXOWV\Q>L@KOEND
LQF5HVXOW
HQG
IXQFWLRQ76WURPKOENDLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL WRKLJKV\QGR
LIV\Q>L@!QLOWKHQ5HVXOW PD[5HVXOWV\Q>L@KOEND
LQF5HVXOW
HQG
IXQFWLRQ76WURPKOENDLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
YDU
V76WURP
EHJLQ
5HVXOW V V\Q
ZKLOHV!QLOGREHJLQ
5HVXOW PD[5HVXOWVKOEND
V VEUDW
HQG
LQF5HVXOW
HQG
V~þHWKRGQ{W
IXQFWLRQ76WURPVXFHWLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW LQIR
IRUL WR1GR
LIV\Q>L@!QLOWKHQLQF5HVXOWV\Q>L@VXFHW
HQG
IXQFWLRQ76WURPVXFHWLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW LQIR
IRUL WRKLJKV\QGR
LIV\Q>L@!QLOWKHQLQF5HVXOWV\Q>L@VXFHW
HQG
IXQFWLRQ76WURPVXFHWLQWHJHU
EHJLQ
5HVXOW LQIR
LIV\Q!QLOWKHQLQF5HVXOWV\QVXFHW
LIEUDW!QLOWKHQLQF5HVXOWEUDWVXFHW
HQG
ĆDOãLHSUtNODG\
ƔãtUNDSRþHWOLVWRY
ƔþLMHVWURPELQiUQ\
ƔSUHNyGRYDĢELQiUQ\VWURPGRYãHREHFQpKRVWURPX
/H[LNRJUDILFNpVWURP\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
Ɣ 'DQiMHSRVWXSQRVĢVORY
PDPDPDHPXDHPDPDPDPXXPPHPXPHDPPHPHPH
1DNUHVOLWHSUtVOXãQêOH[LNRJUDILFNêVWURPSUHDEHFHGX^DHPX`QDKUDQ\VWURPX]DStãWHSUtVOXãQpStVPHQRGR
YUFKRORYSRþHWYêVN\WRYSUtVOXãQpKRSRGUHĢD]FD
Ɣ.RĐNROLVWRYPiOH[LNRJUDILFNêVWURPGRNWRUpKRVPHYORåLOLYãHWN\VORYiGĎåN\PD[LPiOQHDM]ORåHQpOHQ]
StVPHQ^DEF`SULþRPREVDKXM~URYQDNêSRþHWStVPHQDDME"
/H[LNRJUDILFNêVWURPMHSRStVDQ\WULHGRX
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
]
@RI7/H[6WURP
SURFHGXUHSULGDMFRQVWVVWULQJ
HQG
SURFHGXUH7/H[6WURPY\SLVNLQWHJHUFRQVWVVWULQJW76WULQJV
YDU
LFKDU
EHJLQ
LIN WKHQ
LISRFHW!WKHQW$GGV
HOVH
HOVH
IRUL ORZSWRKLJKSGR
LIS>L@!QLOWKHQS>L@Y\SLVNVLW
HQG
PHWyGDKODGDMQiMGHYUFKROYVWURPHSUHGDQpVORYRUHDOL]XMWHUHNXU]tYQHDMQHUHNXU]tYQH
WKHQ5HVXOW VHOI
HOVH5HVXOW S>V>@@KODGDMFRS\VPD[LQW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
5HVXOW 5HVXOWS>V>L@@
HQG
HQG
1'Ò
ƔIXQNFLDNWRUi]LVWtNRĐNRU{]Q\FKVORYMHUHSUH]HQWRYDQêFKYVWURPH
ƔIXQNFLDYUiWLQDMIUHNYHQWRYDQHMãLHVORYR
ƔIXQNFLD]LVWtIUHNYHQFLXVORYDVVWULQJNWRUpGRVWDQHDNRSDUDPHWHU
9ãHREHFQê]R]QDP
W\SH
73UYRN VWULQJ
79VHRE=R]QDP FODVV
HQG
7$WRP FODVV79VHRE=R]QDP
KRGQ73UYRN
FRQVWUXFWRU&UHDWHK73UYRN
HQG
7=R]QDP FODVV79VHRE=R]QDP
V\Q79VHRE=R]QDP
GDOVL7=R]QDP
FRQVWUXFWRU&UHDWHV79VHRE=R]QDPG7=R]QDP
HQG
1DStãWHSURFHG~U\DIXQNFLHSUHSUiFXVRYãHREHFQêP]R]QDPRP
IXQFWLRQOHQJWKLQWHJHUNWRUiYUDFLDGĎåNXYãHREHFQpKR]R]QDPXSRþHWSUYNRYQDQDMY\ããHM~URYQL
IXQFWLRQ79VHRE=R]QDPOHQJWKLQWHJHUYLUWXDODEVWUDFW
IXQFWLRQ7=R]QDPOHQJWKLQWHJHURYHUULGH
IXQFWLRQ7$WRPOHQJWKLQWHJHURYHUULGH
IXQFWLRQ7=R]QDPOHQJWKLQWHJHU
YDU
V7=R]QDP
EHJLQ
V VHOI5HVXOW
ZKLOHV!QLOGREHJLQ
LQF5HVXOW
V VGDOVL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
HQG
HQG
IXQFWLRQ7$WRPOHQJWKLQWHJHU
EHJLQ
5HVXOW
HQG
7HVWRYêSUtNODG3UHYãHREHFQê]R]QDPPiPHGDQ~QDVOHGXM~FXIXQNFLX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
D6ORYQHSRStãWHþRY\SRþtWDIXQNFLDOLVS
E1DYUKQLWHYVWXSQêYãHREHFQê]R]QDPNWRUêREVDKXMHOHQDWyP\DåNDåGpþtVORSUiYHUD]WDNDE\YêVOHGNRP
IXQNFLHERORþtVOR
1'Ò
ƔIXQFWLRQEH]SUY\79VHRE=R]QDPYUDFLDVPHUQtNQD]R]QDPEH]SUYpKRSUYNX
ƔIXQFWLRQSRVO79VHRE=R]QDPNWRUiYUDFLDVPHUQtNQDSRVOHGQêSUYRN
ƔIXQFWLRQEH]SRVO79VHRE=R]QDPNWRUiYUDFLDNySLXYãHREHFQpKR]R]QDPXEH]SRVOHGQpKRSUYNX
OHQQDQDMY\ããHM~URYQLDNWDNêQHH[LVWXMHYUDFLD1,/
ƔFRQVWUXFWRUFRQV[\79VHRE=R]QDPNWRUêVSiMDGYD]R]QDP\[D\GRQRYpKR]R]QDPXWDNåH[MH
V\QD\MHćDOãt
ƔSURFHGXUHSUHYUDWRWRþtYãHREHFQê]R]QDP
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
6WURP\
SUtNODG\QDYãHREHFQêVWURP
W\SH
76WURP FODVV
LQIRSUYRN
V\QEUDW76WURP
HQG
KĎENDYãHREHFQpKRVWURPX
PHWyGDIXQNFLDDUQRVWLQWHJHUNWRUiYUiWLPD[LPiOQ\SRþHWV\QRYY\VN\WXM~FLFKVDYVWURPH
IXQFWLRQ76WURPDUQRVWLQWHJHU
YDU
SRP76WURP
EHJLQ
LIV\Q QLOWKHQ5HVXOW
HOVHEHJLQ
5HVXOW
SRP V\QEUDW
ZKLOHSRP!QLOGREHJLQLQF5HVXOWSRP SRPEUDWHQG
HQG
LIV\Q!QLOWKHQ5HVXOW PD[5HVXOWV\QDUQRVW
LIEUDW!QLOWKHQ5HVXOW PD[5HVXOWEUDWDUQRVW
HQG
7ULHGHQLD
Ɣ 9SROLUHDOL]XMWHQLHNRĐNRSUHFKRGRYWULHGHQt%XEEOH6RUW0LQ6RUWD,QVHUW6RUW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
DOJRULWPXVWULHGHQLD5DGL[6RUW
Ɣ0DMPHYVWXSQ~SRVWXSQRVĢ1þtVHOþtVODPDM~URYQDNêSRþHWFLILHUP{åXDOHQHPXVLDPDĢ
ƔY\WYRUPHVLYHGLHUNDVQi]YDPLGRNWRUêFKEXGHPHGRþDVQHYNODGDĢþtVODSRGĐDQLHNWRUêFKFLILHU
ƔWULHGLPHWDNWR
❍SRVWXSQHEHULHPHYãHWN\þtVODDKiGåHPHLFKGRYHGLHURNSRGĐDSRVOHGQHMFLIU\GRYHGLHUNDSULGiYDPH
QRYpþtVORYåG\QDYUFK
❍YRYHGLHUNDFKY]QLNQ~NUiWNHSRVWXSQRVWLþtVHOQLHNWRUpP{åXE\ĢDMSUi]GQHSRVWXSQRVWL
❍WLHWRSRVWXSQRVWLSRWRPRSlĢVSRMtPH]UHĢD]tPHDWRWDNDE\]DþtVORPNWRUpMHQDYUFKXYHGLHUNDVQLåãtP
Qi]YRPQDVOHGRYDORþtVORNWRUpVDQDFKiG]DQDGQHYHGLHUNDVY\ããtPQi]YRP
❍WDNWRSRNUDþXMHPHSUHćDOãLHFLIU\RGNRQFDSUHYãHWN\FLIU\
3UHYHGLHUNDP{åHWHSRXåLĢGiWRY~ãWUXNW~UXSROHVSiMDQêFK]R]QDPRYþtVHONWRUpGRGDQpKRYHGLHUNDSDWULD
$OJRULWPXVQDMSUYSUHFYLþWHUXþQHQDSUVWêPLWRKRGQRWDPL
W\SH
YHGLHUND DUUD\>@RI7=R]QDP
SURFHGXUH7]R]QDP5DGL[6RUW
YDU
YYHGLHUND
RLQGH[ME\WH
LLQWHJHU
EHJLQ
L
SFLI PD[SRþHWFLILHUþtVHO
IRUR WRSFLIGREHJLQ
IRUM WRGRY>M@ 7]R]QDPFUHDWH
ZKLOH]!QLOGREHJLQUR]KiGåGRYHGLHURN
LQGH[ ]LQIRGLYLPRG
Y>LQGH[@SULGDM.]LQIR
]UXV=
HQG
IRUM WRGREHJLQ]UHĢD]YHGLHUND
SULOHS.Y>M@
Y>M@GHVWUR\
HQG
L L
HQG
HQG
0HUJH6RUW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
5êFKOHWULHGHQLH4XLFN6RUW
SURFHGXUHTXLFN]NLQWHJHU
YDU
LSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRWYLSLYRWGRVWDQHPHQRYêLQGH[SLYRWD
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
9\WYRUWHSURFHG~UXUR]GHOWDNDE\SUHKĐDGiYDODSROHGYRPDVPHUPL]R]DþLDWNXDRGNRQFDDQDY]iMRPY\PLHĖDODGYD
Y\PLHĖDQLDKRGQpSUYN\
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDU
SLYRWLQWHJHU
LSPLQLQWHJHU
EHJLQ
SLYRW S>]@SPLQ ]SLYRWMHSUYêSUYRN
L ]
M N
ZKLOHLMGREHJLQ
ZKLOHS>L@SLYRWDQGLNGRLQFL
ZKLOHS>M@! SLYRWDQGM!]GRGHFM
LILMWKHQEHJLQ
Y\PHQLM
SPLQ L
HQG
HQG
Y\PHQ]SPLQ
LS SPLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
HQG
7ULHGHQLHKDOGRX+HDS6RUW
KDOGDMHGiWRYiãWUXNW~UDNWRUi
ƔPiWYDUVNRUR~SOQpKRELQiUQHKRVWURPX
ƔSUHYãHWN\YUFKRO\VWURPXSODWtåHRWHFPiYlþãLXDOHERURYQ~KRGQRWXDNRMHKRV\QRYLDDNH[LVWXM~]UHMPHY
NRUHQLKDOG\MHYåG\PD[LPiOQ\SUYRN
ƔKDOGXEXGHPHUHSUH]HQWRYDĢYMHGQRUR]PHUQRPSROLLQGH[RYDQRPRGWDNåHNRUHĖVWURPXMHQDLQGH[HDLW\
7HVWRYêSUtNODG91SUYNRYRPFHORþtVHOQRPSROLPiPHXORåHQ~KDOGX1HGRSDWUHQtPVDGYDSUYN\QDY]iMRPY\PHQLOL
9\PHĖWHLFK
SURFHGXUH+HDS6RUW
YDU
LLQWHJHU
EHJLQ
Y\WYRUBKDOGX
L 1EHUSRVWXSQHYãHWN\SUYN\
ZKLOHL!GREHJLQ
Y\PHQLY\PHĖNRUHĖDSRVOHGQê]DWLDĐQHXWULHGHQêWMLW\
SUYRN
GHFL]PHQãLUR]PHUVWURPX
XSUDFBKDOGXLRSUDYVWURPNRUHĖMHDVL]Oê
HQG
HQG
=UHDOL]XMWHUXþQHGYDNURN\WRKRWRWULHGHQLD
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
*UDI\
SROHPQRåtQVXVHGRY
W\SH
79UFKRO\ PD[DOHERPD[
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RIVHWRI79UFKRO\
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
OHQGRYUFKRORYQHGDM~VDWDNWRUHSUH]HQWRYDĢRKRGQRWHQpJUDI\WMQHMDNiLQIRUPiFLDQDKUDQiFK
WDEXĐNDVXVHGQRVWt
GYRMUR]PHUQiPDWLFDKUiQP{åHPHRKRGQRWLĢKUDQ\
W\SH
79UFKRO\ PD[DOHERPD[
79DKD LQWHJHU
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\79UFKRO\@RI79DKDERROHDQSUHQHRKRGQRWHQêJUDI
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
SROHVSiMDQêFK]R]QDPRYVXVHGRY
DNRVLSDPlWDĢQHMDNpLQIRYRYUFKROH"QRYpSROHDOHERJDNRSROH]i]QDPRYDOHERWULHGVWêPLWRLQIRUPiFLDPL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
W\SH
79UFKRO\ PD[
7+UDQD FODVV
FLVOR79UFKRO\
QH[W7+UDQD
FRQVWUXFWRU&UHDWHF79UFKRO\Q7+UDQD
HQG
7*UDI FODVV
SULYDWH
JDUUD\>79UFKRO\@RI7+UDQD
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
]R]QDP]R]QDPRYYUFKRORY
W\SH
7+UDQD FODVVNDåGê]i]QDPUHSUH]HQWXMHMHGQXKUDQX
S79UFKROQLHNWRUêYUFKROJUDIX
QH[W7+UDQD
HQG
79UFKRO FODVV
VXV7+UDQD]R]QDPVXVHGRY ]R]QDPKUiQ]GDQpKRYUFKROX
QH[W79UFKRO
HQG
7*UDI 79UFKROSUYêYUFKROYVSiMDQRP]R]QDPHYãHWNêFKYUFKRORY
G\QDPLFNpSROHG\QDPLFNêFKSROt
W\SH
7+UDQD FODVV
FLVORLQWHJHUSRUDGRYpþtVORYUFKROXGRNWRUpKRYHGLHKUDQD
FRQVWUXFWRU&UHDWHFLQWHJHU
HQG
79UFKRO FODVV
SULYDWH
[\LQWHJHU
VXVDUUD\RI7+UDQD
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJ[[\\LQWHJHU
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
Ɣ 0iPHJUDINWRUêMHRULHQWRYDQê8UREWH]QHKRQHRULHQWRYDQêJUDIWMDNLGHKUDQD]$GR%QHFKLGHDM]%GR$
JUDI
JUDI
JUDI
ýtWDQLHD]iSLVGRV~ERUX
$NRPRåQR]DGDĢJUDIYV~ERUH
Ɣ MHGQDYHWDSUHNDåGêYUFKRO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
PHQRYUFKROX
❍
❍SR]tFLDYUFKROX
]QDNRPDOHER]DGiPHDNRSUY~LQIRUPiFLXSRþHWVXVHGRYDOHERLQêVS{VRE
ƔYUFKRO PHQRDSR]tFLDKUDQD GYRMLFDPLHQ
ƔYV~ERUHLEDKUDQ\DNR~VHþN\V~UDGQLFHGYRFKERGRY
❍ERGNWRUêVD]DWLDĐQHY\VN\WROUHSUH]HQWXMHQRYêYUFKRO
❍QHH[LVWXMHL]RORYDQêYUFKRO
Ɣ]DGDQpKUDQ\NWRUpYJUDIHQLHV~
=iNODGQpGHNODUiFLHJUDIRYDVLSRWUHEXMHPH]PRGLILNRYDĢDE\VPHVLYHGHOLSDPlWDĢćDOãLHLQIRUPiFLHRYUFKRORFKDOHER
KUDQiFK
Ɣ *UDIMHSRStVDQêYV~ERUHPDSDGDWNWRUpKRYHW\SRSLVXM~UR]ORåHQLHRViGQDPDSHDWLHåFHVW\PHG]LRVDGDPL
.DåGiYHWDREVDKXMH
V~UDGQLFHRVDG\QDREUD]RYNH±GYHFHOpþtVODLQWHJHU
SRVWXSQRVĢþtVHOE\WHVXVHGLDFLFKRViGXNRQþHQiKRGQRWRXRVDG\V~RþtVORYDQpYSRUDGtYLHWYV~ERUH
*UDIUHSUH]HQWXMWHYSDPlWLDNRSROHPQRåtQVXVHGRYWDEXĐNXVXVHGQRVWtDOHERG\QDPLFNpSROHG\QDPLFNêFKSROt
VXVHGRY
]PRGLILNRYDQpSROHPQRåtQVXVHGRY
W\SH
72VDGD UHFRUG
[\LQWHJHU
VXVVHWRI79UFKRO\
HQG
7*UDI FODVV
JDUUD\>79UFKRO\@RI72VDGD
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
HQG
HQG
G\QDPLFNpSROHG\QDPLFNêFKSROtVXVHGRY
FRQVWUXFWRU7*UDI&UHDWHYDUI76WUHDP
YDU
[\LQWHJHU
EE\WH
EHJLQ
J QLO
ZKLOHI3RVLWLRQI6L]HGREHJLQ
IUHDG[VL]HRILQWHJHU
IUHDG\VL]HRILQWHJHU
6HW/HQJWKJ/HQJWKJP{åHPHGHILQRYDĢDNR
J>KLJKJ@ 79UFKRO&UHDWH[\PHWyGX7*UDISULGDM9UFKRO
IUHDGE
ZKLOHE!GREHJLQ
J>KLJKJ@SULGDM+UDQXE
IUHDGEVL]HRIE
HQG
HQG
HQG
SURFHGXUH79UFKROSULGDM+UDQXFKUDQ\
EHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ 7+UDQD&UHDWHF
HQG
Ɣ ÒGDMHYELQiUQRPV~ERUHV~XORåHQpQDVOHGRYQH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
WDEXĐNDVXVHGQRVWt
FRQVW
PD[
W\SH
7*UDI FODVV
SRFHWLQWHJHUSRþHWYUFKRORYREFt
SR]DUUD\>PD[@RI73RLQW
JDUUD\>PD[PD[@RILQWHJHU
Y]GLDOHQRVĢPHG]LREFDPLUHVSþLH[LVWXMHPHG]LQLPL
FHVWD
HQG
9\NUHVOHQLHJUDIX
Ɣ 9V~ERUHSULEXGROćDOãt~GDMSUHFHVWXPHG]LRVDGDPLMHMGĎåNDDNYDOLWDSRĐQiFHVWDFHVWDWULHG\GLDĐQLFD
9\NUHVOLWHJUDIVRKRGQRWHQêPLKUDQDPLWDNåHKRGQRWDKUDQ\EXGHXUþRYDĢKU~ENXY\NUHVĐRYDQHMþLDU\FHVW\
SUH*UDI
W\SH
7+UDQD FODVV
FLVORLQWHJHUSRUDGRYpþtVORYUFKROXGRNWRUpKRYHGLHKUDQD
Y]GNDWLQWHJHUY]GLDOHQRVĢDNDWHJyULDFHVW\
FRQVWUXFWRU&UHDWHFYNLQWHJHU
HQG
79UFKRO FODVV
[\LQWHJHU
VXVDUUD\RI7+UDQD
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
HQG
7*UDI FODVV
JDUUD\RI79UFKRO
FRQVWUXFWRU&UHDWH
HQG
SURFHGXUH7*UDI.UHVOLF7&DQYDV
YDU
LM[[\\LQWHJHU
EHJLQ
ZLWKFGREHJLQ
IRUL WRKLJKJGR
ZLWKJ>L@GREHJLQ
.UHVOLLP&DQYDVY\NUHVOtYUFKRODNRNUXåQLFX
IRUM WRKLJKVXVGREHJLQ
ZLWKJ>VXV>M@FLVOR@GREHJLQ[[ [\\ \HQG
0RYH7R[\
3HQ:LGWK VXV>M@NDW
/LQH7R[[\\
7H[W2XW[[[GLY\\\GLY,QW7R6WUVXV>M@Y]G
HQG
HQG
HQG
HQG
2Wi]ND$NRY\NUHVOLĢRULHQWRYDQpJUDI\"1DSUVRãtSNDPL$NR]UHDOL]RYDĢDE\ãtSN\QHY\FKiG]DOL]RVWUHGXNUXåQLFHDOH
RGNUDMD"
*UDI\DP\ã
Ɣ =UHDOL]XMWHSULGiYDQLHYUFKRORYDKUiQGRJUDIX
.OLNQXWtPGRSORFK\Y\WYRUWHQDGDQRPPLHVWHQRYêYUFKROJUDIX]DWLDĐVDPRVWDWQêYUFKROEH]KUiQ
.OLNQXWtPGRSORFK\EOt]NRH[LVWXM~FHKRYUFKROXR]QDþWHWHQWRYUFKROSUHNUHVOLWHKRLQRXIDUERXDćDOãtP
NOLNQXWtPQDH[LVWXM~FLYUFKROY\WYRUWHKUDQXPHG]LWêPLWRGYRPDYUFKROPLR]QDþHQLHSUYpKRYUFKROX]PL]QH
1DMSUYY\WYRUWHPHWyGXWULHG\JUDINWRUiYUiWLLQGH[YUFKROXQDNWRUêVPHNOLNOLDOHERDNVPHQHNOLNOLQDåLDGQ\YUFKRO
IXQFWLRQJUDINOLN[\LQWHJHULQWHJHUSUH*UDI
EHJLQ
5HVXOW KLJKJ
ZKLOH5HVXOW! DQGVTU[J>5HVXOW@[VTU\J>5HVXOW@\!U
UGR
GHF5HVXOW
HQG
ĆDOHM]DGHILQXMHWHSURFHG~UX0RXVH'RZQNWRUiUHDOL]XMHSULGiYDQLHR]QDþRYDQLHYUFKRORYDSULGiYDQLHKUiQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
YDU
YLQWHJUHUSUHPHQQiYNWRUHMVLSDPlWiPHSUYêR]QDþHQêYUFKRO
]QDPHQiåH]DWLDĐQHEROR]QDþHQêåLDGQ\YUFKRO
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDU
LLQWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
L JNOLN[\
LILWKHQEHJLQJSULGDM9UFKRO[\Y HQG
HOVHLIYWKHQEHJLQY LJ]DIDUEL9UFKROLFO5HGHQG
HOVHEHJLQJSULGDM+UDQXYLY HQG
HQG
GRSULGDM9UFKRODSULGDM+UDQXVPHSULGDOLNUHVOLQDSUHNUHVOHQLHJUDIX
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
$OJRULWP\QDJUDIRFK
6~GDQpGHNODUiFLH
W\SH
YUFKRO\ Q
7*UDI FODVV
JDUUD\RIVHWRIE\WH
FRQVWUXFWRU&UHDWH
IXQFWLRQMH+UDQDYYLQWHJHUERROHDQ
HQG
7*UDI FODVV
JDUUD\>YUFKRO\YUFKRO\@RIERROHDQ
FRQVWUXFWRU&UHDWH
IXQFWLRQMH+UDQDYYLQWHJHUERROHDQ
HQG
7+UDQD FODVV
FLVORLQWHJHUþtVORVXVHGQpKRYUFKROX
FRQVWUXFWRU&UHDWHYLQWHJHU
HQG
79UFKRO FODVV
VXVDUUD\RI7+UDQD
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXYLQWHJHU
HQG
7*UDI FODVV
JDUUD\RI79UFKRO
FRQVWUXFWRU&UHDWH
IXQFWLRQMH+UDQDYYLQWHJHUERROHDQ
SURFHGXUH3ULGDM9UFKRO
SURFHGXUH=UXV9UFKROYLQWHJHU
SURFHGXUH3ULGDM+UDQXYYLQWHJHU
SURFHGXUH=UXV+UDQXYYLQWHJHU
HQG
DOJRULWP\GRKĎEN\DGRãtUN\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
SURFHGXUH7*UDIGRKOEN\YLQWHJHU
YDU
ZLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ WRKLJKJGR
LIMH+UDQDYZDQGQRWZLQYLVLWHGWKHQGRKOEN\Z
HQG
SURFHGXUH7*UDIGRVLUN\YLQWHJHU
YDU
TTXHXH
ZLQWHJHU
EHJLQ
T TXHXH&UHDWHTDSSHQGY
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQEHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ WRKLJKJGR
LIMH+UDQDYZDQGQRWZLQYLVLWHGWKHQ
TDSSHQGZ
HQG
XQWLOTHPSW\
T)UHH
HQG
QDStãWHPHWyG\7*UDIXNWRUpYUiWLDSRþHWYUFKRORYGRNWRUêFKVDP{åHPGRVWDĢ]GDQpKRYUFKROX]PRGLILNXMWH
SUHGFKiG]DM~FHPHWyG\
GRKĎEN\
IXQFWLRQ7*UDIGRNRONRYLQWHJHULQWHJHU
YDU
ZLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
5HVXOW
IRUZ WRKLJKJGR
LIMH+UDQDYZDQGQRWZLQYLVLWHGWKHQ
LQF5HVXOWGRNRONRZ
HQG
GRãtUN\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
]LVWLĢþLMHQHRULHQWRYDQêJUDIV~YLVOêY\XåLPHSUHGFKiG]DM~FXIXQNFLXVWDþtDNVDSRþHWYUFKRORYGRNWRUêFKVDGi
GRVWDĢ]MHGQpKRYUFKROXURYQi1NGH1MHSRþHWYãHWNêFKYUFKRORY
IXQFWLRQ7*UDIVXYLVO\ERROHDQ
EHJLQ
LIJ QLORU/HQJWKJ WKHQ5HVXOW WUXH
HOVH5HVXOW GRNRONR /HQJWKJ
HQG
PHWyGDNWRUiYUiWLSRþHWNRPSRQHQWRY
IXQFWLRQ7*UDI3RFHW.RPSLQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW YLVLWHG >@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
GRKOEN\LDOHERGRVLUN\
LQF5HVXOW
HQG
HQG
0iPHQHRULHQWRYDQêJUDI1DStãWHIXQNFLXIXQFWLRQ7*UDI1DMGL$UWLNXODFLXLQWHJHUNWRUi]LVWtþLJUDI
REVDKXMHWDNêYUFKROåHSRMHKRRGVWUiQHQtVD]YêãLSRþHWNRPSRQHQWRYYUiWLEXćþtVORYUFKROXDOHERDNWDNê
QHH[LVWXMH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
PHWyGX3RFHW.RPS]DGHNODUXMHPHDNRRYHUORDG
IXQFWLRQ7*UDI3RFHW.RPSYLQWHJHULQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW YLVLWHG >Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
GRKOEN\L
LQF5HVXOW
HQG
HQG
IXQFWLRQ7*UDI1DMGL$UWLNXODFLXLQWHJHU
YDU
SNLLQWHJHU
EHJLQ
SN 3RFHW.RPS5HVXOW
L
ZKLOHL KLJKJDQG5HVXOWGREHJLQ
LISN3RFHW.RPSLWKHQ5HVXOW L
LQFL
HQG
HQG
JUDIVDVNODGiSUiYH]GYRFKNRPSRQHQWRYPHWRGDSULGDM0RVWGRSOQtWDN~KUDQXPRVWåHJUDIVDVWDQHV~YLVOê
SURFHGXUH7*UDISULGDM0RVW
YDU
LLQWHJHU
EHJLQ
YLVLWHG >@GRKOEN\YRYLVLWHGV~OHQYUFKRO\NRPSRQHQWX
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQEHJLQ
3ULGDM+UDQXLH[LW
HQG
HQG
]RYãHREHFQLĢSUHGFKiG]DM~FLSUtNODGSULGDM0RVW\QHYLHPHNRĐNRNRPSRQHQWRYJUDIREVDKXMHWUHEDSULGDĢ
PLQLPiOQ\SRþHWKUiQDE\VDVWDOV~YLVOê
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
0iPHQHRULHQWRYDQêV~YLVOêJUDI1DStãWHSURFHG~UXNWRUi]QHKRY\KRGtWDNpKUDQ\EH]NWRUêFKJUDIRVWiYDV~YLVOêWM
QLHV~PRVWRP9\WYRUtPH]JUDIXW]YNRVWUXSRVWXSQHUXãtPHKUDQ\DNVPHSRUXãLOLV~YLVORVĢJUDIXWDNMXYUiWLPHVSlĢ
SURFHGXUH7*UDINRVWUD
YDU
LMSNLQWHJHU
EHJLQ
SN 3RFHW.RPSSRþHWNRPSRQHQWRYJUDIX
IRUL WRKLJKJGR
IRUM LWRKLJKJGR
LIMH+UDQDLMWKHQEHJLQ
=UXV+UDQXLM
LI3RFHW.RPS!SNWKHQ
3ULGDM+UDQXLM
HQG
HQG
1DMSUYSRPRFQ~PHWyGXQDYêSRþHWVWXSĖDYUFKROX
IXQFWLRQ7*UDIVWXSHQYLQWHJHULQWHJHU
YDU
LLQWHJHU
EHJLQ
5HVXOW
IRUL WRKLJKJGR
LIMH+UDQDYLWKHQLQF5HVXOW
HQG
IXQNFLDGDVD
IXQFWLRQ7*UDIGDVDERROHDQ
YDU
LSLQWHJHU
EHJLQ
5HVXOW IDOVH
LI3RFHW.RPS!WKHQH[LW
S
IRUL WRKLJKJGR
LIRGGVWXSHQLWKHQEHJLQ
LQFSLIS!WKHQH[LW
HQG
5HVXOW S!H[LVWXMHJUDINWRUêPiSUiYHQHSiUQ\YUFKRO"
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
9\O~þLĢ]JUDIXYãHWN\YUFKRO\NWRUpPDM~QHSiUQ\VWXSHĖ
ƔQDMSUYWUHED]LVWLĢPQRåLQXUXãHQêFKYUFKRORYDSRWRPLFKQDUD]YãHWN\]UXãLĢ
Ɣ~YDK\SUHU{]QHUHSUH]HQWiFLHSUREOpPP{åHQDURELĢPHWyGD=UXV9UFKRONWRUiSRVXQLHYVHWN\QDVOHGXM~FHYUFKRO\
IXQJXMHOHQDNMHSRþHWYUFKRORYPHQãtDNR
SURFHGXUHJUDI]UXVNNLQWHJHU
YDU
LLQWHJHU
PVHWRIE\WH
EHJLQ
P >@
IRUL WRKLJKJGR
LIRGGVWXSHQLWKHQP P>L@
IRUL WRKLJKJGR
LILLQPWKHQ=UXV9UFKROL
HQG
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
%DFNWUDFNLQJ
-HGDQiPHWyGDWULHG\~ORKD
YDU
LLQWHJHU
XORKDEDFNWUDFNLQJV]VWULQJ
EHJLQ
LI]
WKHQY\SLVV
HOVH
IRUL WROHQJWK]GR
EDFNWUDFNLQJV]>L@FRS\]LFRS\]L
HQG
D2SUDYWHGUREQ~FK\ELþNXNY{OLNWRUHMVDSURJUDP]DF\NOt
E3UHVQHY\StãWHWRþRY\StãHWHQWRRSUDYHQêSURJUDPSRYRODQtXORKDEDFNWUDFNLQJ
[\]
-HGDQiWULHGD
FRQVW
1
W\SH
XORKD FODVV
DDUUD\>11@RIE\WH
SLQWHJHU
FRQVWUXFWRUFUHDWH
SURFHGXUHEDFNLMLQWHJHU
SURFHGXUHVWDUW
HQG
FRQVWUXFWRUXORKDFUHDWH
EHJLQ
ILOOFKDUDVL]HRIDS
HQG
SURFHGXUHXORKDEDFNLMLQWHJHU
EHJLQ
LILLQ>Q@DQGMLQ>Q@DQGD>LM@ WKHQ
LIL 1DQGM 1WKHQLQFS
HOVHEHJLQ
D>LM@
EDFNLMEDFNLMEDFNLM
D>LM@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
HQG
HQG
SURFHGXUHXORKDVWDUW
EHJLQ
EDFN
Y\SLVS
HQG
=LVWLWHDN~~ORKXULHãLKRGQRWXSUHPHQQHMS
'DQêSURJUDPQLHþR]LVĢXMHQDQHRULHQWRYDQRPRKRGQRWHQRPJUDIHSRPRFRXSUHKĐDGiYDQLDVQiYUDWRP
YDU
JDUUD\>QQ@RIFKDU
LSLQWHJHU
SURFHGXUHEDFNWUDFNLLQWHJHUVVWULQJ
YDU
MLQWHJHU
EHJLQ
LIV
WKHQLQFS
HOVH
IRUM WRQGR
LIJ>LM@ V>@WKHQEHJLQ
J>LM@
J>ML@
EDFNWUDFNMFRS\V
J>LM@ V>@J>ML@ V>@
HQG
HQG
SURFHGXUHVWDUW
EHJLQ
QDþtWDQLHJUDIX
S
IRUL WRQGREDFNWUDFNL
DDEDFF
Y\SLVS
HQG
1DNUHVOLWHJUDIVSLDWLPLYUFKROPLDþRQDMPHQãtPSRþWRPKUiQWDNDE\SURFHG~UDVWDUWY\StVDODþtVOR
'DQêMHV~YLVOêJUDIUHSUH]HQWRYDQêSRĐRPPQRåtQVXVHGRYDYUFKRO\[D\1DStãWHSURJUDPNWRUêY\StãHYãHWN\FHVW\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
YHG~FH]YUFKROD[GRYUFKROD\YGDQRPJUDIH
SURFHGXUHEDFN[\LQWHJHUFVWULQJ
YDU
LLQWHJHU
EHJLQ
LI[ \WKHQY\SLVF
HOVHEHJLQ
YLVLWHG YLVLWHG>[@
IRUL WR+LJKJGR
LILLQJ>[@DQGQRWLLQYLVLWHGWKHQ
EDFNL\FLQWWRVWUL
YLVLWHG YLVLWHG>[@
HQG
-HGDQiþtVHOQiãDFKRYQLFD[SROtþRN9NDåGRPSROtþNXVDQDFKiG]DM~QHMDNpFHOpþtVOD1DStãWHSURJUDPNWRUê]LVWt
YãHWN\FHVW\]ď+GR3'URKXWDNDE\VXþHWYãHWNêFKþtVHOQDSROtþNDFKFHVW\EROSUiYH1.DåGpSROtþNRVDP{åHQDYãWtYLĢ
OHQUD]DPiPD[LPiOQHVXVHGRYFH]VWUDQ\
W\SH
YUFKRO FODVV
FLVORLQWHJHU
VXVDUUD\RILQWHJHU
YLVERROHDQ
HQG
XORKD FODVV
JDUUD\>@RIYUFKRO
QLQWHJHU
VXFHWLQWHJHU
FDUUD\RILQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHEDFNLLQWHJHU
SURFHGXUHVWDUWLLQWHJHU
HQG
SURFHGXUHXORKDVWDUWLLQWHJHU
EHJLQ
F QLO
EDFN
HQG
SURFHGXUHXORKDEDFNLLQWHJHU
YDU
NLQWHJHU
EHJLQ
]D]QDþĢDK
J>L@YLV WUXH
VXFHW VXFHWJ>L@FLVOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
RG]QDþĢDK
J>L@YLV IDOVH
VXFHW VXFHWJ>L@FLVOR
6HW/HQJWKF/HQJWKF
HQG
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
FYLþHQLH
5LHãHQLHSUtNODGX]PLQXORURþQHMVN~ãN\
=DGDQLH
3DUODPHQWRGKODVRYDOåHMHSRWUHEQpY\NRQDĢSRVODQHFNêSULHVNXPQDQLHNWRUêFKPLQLVWHUVWYiFKDLQêFKãWiWQ\FKLQãWLW~FLiFK
3RGĐDSUHGSLVRYQDNDåG~LQãWLW~FLXPXVtSUtVĢWURMLFDSRVODQFRYDQDNRĐNRVDSULHVNXPY\NRQiQDUD]YRYãHWNêFK1LQãWLW~FLiFK
YSDUODPHQWHXUþLOL
1SRVODQFRYNWRUtVD]~þDVWQLDWRKRWRSULHVNXPX-H]QiPHåHQLHNWRUtSRVODQFLQHPDM~NXVHEHQDMOHSãt
SUDFRYQêY]ĢDKDQHERORE\SUHWRGREUHNHE\YMHGQHMWURMLFLEROLWDNtGYDMDNWRUtPDM~Y]iMRPQpNRQIOLNW\.DQFHOiULD
SDUODPHQWX]LVĢRYDODPHG]LSRVODQFDPLLFKY]ĢDK\WMRGNDåGpKRVLY\SêWDOD]R]QDPNROHJRYDNROHJêĖVNWRUêPLV~RFKRWQt
VSROXSUDFRYDĢYMHGQHMWURMLFL3ULWRPDNSRVODQHF$XYLHGROSRVODQFD%åHMHVQtPRFKRWQêVSROXSUDFRYDĢDOHSRVODQHF%
]DEXGROQDVYRMRP]R]QDPHXYLHVĢSRVODQFD$WDNSUHGSRNODGiPHåHGYRMLFD$%MHYSRULDGNX1DStãWHSURJUDPNWRUêSRP{åH
NDQFHOiULLSDUODPHQWXXUþLĢWURMLFHSUHSDUODPHQWQêSULHVNXPWDNDE\YåLDGQHMWURMLFLQHY]QLNRONRQIOLNW
9V~ERUHWURMN\GDWV~YãHWN\LQIRUPiFLHQDWRDE\VPHPRKOLULHãLĢ~ORKX
ƔRNDåGRPSRVODQFRYLMHYV~ERUHMHGHQ~GDMRYêEORN
❍EORN]DþtQDPHQRPSRVODQFD
❍]DQtPV~V~UDGQLFHYJUDILFNHMSORFKHDE\VPHULHãHQLHPRKOL]DNUHVOLĢGRJUDIX
❍SRWRPQDVOHGXMH]R]QDPPLHQNROHJRYNWRUêMHXNRQþHQêSUi]GQ\PUHĢD]FRP
ƔPHQRNDåGpKRSRVODQFDMHYV~ERUHXORåHQpWDNåHQDMSUYMHYMHGQRPEDMWHGĎåNDUHĢD]FDD]DĖRXQDVOHGXMHVDPRWQi
SRVWXSQRVĢ]QDNRYWHMWRGĎåN\
ƔV~UDGQLFH[D\V~YV~ERUHXORåHQpDNRãWYRUEDMWRYpFHOpþtVOD
6RV~ERURPSUDFXMWHOHQSRPRFRX76WUHDP0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDSRVODQFRYQLHMHYLDFDNR7LHå
P{åHWHSUHGSRNODGDĢåHNDåGêSRVODQHFPiDVSRĖGYRFKNROHJRYVNWRUêPLMHRFKRWQêVSROXSUDFRYDĢDNHćQDSUtNODGYVYRMRP
]R]QDPHQHXYLHGROQLNRKR]UHMPHVDREMDYLODVSRĖQDGYRFK]R]QDPRFKVYRMLFKNROHJRY
9]ĢDK\PHG]LSRVODQFDPLUHSUH]HQWXMWHQHRULHQWRYDQêPJUDIRPYNWRURPYUFKRO\R]QDþXM~SRVODQFRYDKUDQ\R]QDþXM~RFKRWX
VSROXSUDFRYDĢYQ~WRUQHJUDIUHSUH]HQWXMWHSRĐRPPQRåtQ]DGHILQXMWHKRYWULHGH7*UDI7ULHGXGHILQXMWHYRGGHOHQHM
SURJUDPRYHMMHGQRWNHQDSU*UDI8QLWSULþRPRNUHPQLHNRĐNêFKYHUHMQêFKPHWyGYãHNWRRVWDWQpGHILQXMWHDNRSULYiWQH
SUHPHQQpDPHWyG\3URJUDPKQHćSRãWDUWHQDþtWDV~ERUY\WYRUt]QHKRJUDIDY\NUHVOtKRGRJUDILFNHMSORFK\QDSUãHGêPL
þLDUDPLYUFKRO\JUDIXQHPXVtWH]REUD]RYDĢNU~åNDPLDQLStVDĢNXQtPPHQiSRVODQFRY3RNOLNQXWtQDWODþLGORâ7$57VD]DþQH
KĐDGDĢULHãHQLH~ORK\DSRþDVWRKRWRKĐDGDQLDVDWRWRWODþLGOR]DEORNXMH(QDEOHGQDVWDYtQDIDOVH
.RPSOHWQpULHãHQLHQDMSUYXQLWNWRUêGHILQXMHWULHGX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
XQLW*UDI8QLW
LQWHUIDFH
XVHV
*UDSKLFVVWGFWUOV
W\SH
79UFKRO FODVV
VVHWRIE\WH
[\LQWHJHU
PHQRVWULQJ
FRQVWUXFWRU&UHDWHVWVWULQJ
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
QDVLHOERROHDQ
YVHWRIE\WHQDYãWtYHQpYUFKRO\
JU7&DQYDV
EXWWRQ7%XWWRQ
IXQFWLRQKODGDMVWVWULQJLQWHJHU
SURFHGXUHSULGDM+UDQXLMLQWHJHU
SURFHGXUHNUHVOL
SURFHGXUHNUHVOL+UDQXLMLQWHJHU
SURFHGXUHEDFNWUDFNLQJ
SURFHGXUHNUHVOL7URMLMSLQWHJHUF7&RORU
SXEOLF
FRQVWUXFWRU&UHDWHJJU7&DQYDVVXERUVWULQJ
SURFHGXUHVSXVWLD%XWWRQ7%XWWRQ
HQG
LPSOHPHQWDWLRQ
XVHV
&ODVVHV6\V8WLOV)RUPV
FRQVWUXFWRU79UFKRO&UHDWHVWVWULQJ
EHJLQ
PHQR VWV >@[ \
HQG
FRQVWUXFWRU7*UDI&UHDWHJJU7&DQYDVVXERUVWULQJ
YDU
W76WUHDP
IXQFWLRQFLWDM6WULQJVWULQJ
YDU
EE\WH
EHJLQ
W5HDGE6HW/HQJWK5HVXOWE
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
YDU
LLQWHJHU
VWVWULQJ
EHJLQ
JU JJUQDVLHO IDOVH
W 7)LOH6WUHDP&UHDWHVXERUIP2SHQ5HDG
ZKLOHW3RVLWLRQW6L]HGREHJLQ
L KODGDMFLWDM6WULQJ
ZLWKJ>L@GREHJLQ
W5HDG[W5HDG\
UHSHDW
VW FLWDM6WULQJ
LIVW!
WKHQSULGDM+UDQXLKODGDMVW
XQWLOVW
HQG
HQG
W)UHH
NUHVOL
HQG
SURFHGXUH7*UDISULGDM+UDQXLMLQWHJHU
EHJLQ
J>L@V J>L@V>M@
J>M@V J>M@V>L@
HQG
SURFHGXUH7*UDIVSXVWLD%XWWRQ7%XWWRQ
EHJLQ
EXWWRQ D%XWWRQ
EXWWRQ(QDEOHG IDOVH
LIQDVLHOWKHQQDVLHO IDOVH
HOVHEHJLQ
Y >@
EDFNWUDFNLQJ
JU)RQW+HLJKW
JU7H[W2XW
WRMHYãHWNR
HQG
HQG
SURFHGXUH&DNDMPV/RQJLQW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
YDU
SRWRP7'DWH7LPH
EHJLQ
SRWRP 1RZ(QFRGH7LPHPVGLYPVGLYPRGPVPRG
ZKLOH1RZSRWRPGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUH7*UDIEDFNWUDFNLQJ
YDU
LMNLQWHJHU
EHJLQ
L ZKLOHL KLJKJDQGLLQYGRLQFL
LIL!KLJKJWKHQEHJLQ
QDVLHO WUXHEXWWRQ(QDEOHG WUXH
ZKLOHQDVLHOGR$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
HOVHEHJLQ
Y Y>L@
IRUM LWRKLJKJGR
LIQRWMLQYDQGMLQJ>L@VWKHQEHJLQ
Y Y>M@
IRUN MWRKLJKJGR
LIQRWNLQYDQGNLQJ>L@VDQGNLQJ>M@VWKHQEHJLQ
Y Y>N@
NUHVOL7URMLMNFO*UHHQ&DNDM
EDFNWUDFNLQJ
NUHVOL7URMLMNFO/W*UD\&DNDM
Y Y>N@
HQG
Y Y>M@
HQG
Y Y>L@
HQG
HQG
SURFHGXUH7*UDINUHVOL7URMLMSLQWHJHUF7&RORU
EHJLQ
JU3HQ&RORU F
NUHVOL+UDQXLM
NUHVOL+UDQXMS
NUHVOL+UDQXSL
HQG
SURFHGXUH7*UDINUHVOL+UDQXLMLQWHJHU
EHJLQ
JU3HQ:LGWK
JU0RYH7RJ>L@[J>L@\
JU/LQH7RJ>M@[J>M@\
HQG
SURFHGXUH7*UDINUHVOL
YDU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
LMLQWHJHU
EHJLQ
JU3HQ&RORU FO/W*UD\
IRUL WRKLJKJGRZLWKJ>L@GR
IRUM LWRKLJKJGR
LIMLQVWKHQNUHVOL+UDQXLM
JU3HQ:LGWK
JU3HQ&RORU FO%ODFN
IRUL WRKLJKJGRZLWKJ>L@GRJU(OOLSVH[\[\
HQG
HQG
XQLWVIRUPXOiURP
XQLW8QLW
LQWHUIDFH
XVHV
:LQGRZV0HVVDJHV6\V8WLOV&ODVVHV*UDSKLFV&RQWUROV)RUPV'LDORJV
6WG&WUOV([W&WUOV
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
%XWWRQ7%XWWRQ
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH%XWWRQ&OLFN6HQGHU72EMHFW
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV
*UDI8QLW
^5 ')0`
YDU
J7*UDI
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J 7*UDI&UHDWH,PDJH&DQYDV
WURMN\GDW
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
DWJǁFOJF
JVSXVWL%XWWRQ
HQG
HQG
WHVWRYDFt~GDMRYêV~ERU
'HOSKL SRVOHGQi]PHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTDWJOEFYIUNM [
<>
Skúška z programovania
6N~ãND]SURJUDPRYDQLDSUHURþQtN
$JHQW-DPHV%RQGGRVWDOPDSXQHSULDWHĐVNpKR~]HPLD3RWUHEXMHVDGRVWDĢ]YêFKRG]LHKRPLHVWD
ERG$GRFLHĐRYpKRPLHVWDERG%DE\PRKROVSOQLĢWDMQpSRVODQLHRGRY]GDĢãLIURYDQ~GHSHãX
DJHQWNH-DQH%RQGRYHM$QDO\WLFNpãSLRQiåQHVWUHGLVNR]D]QDþLOR-DPHVRYLGRPDS\QDYãHWN\FHVW\
EH]SHþQRVĢSUHFKRGXSRWHMWRFHVWHYEH]SHþQRVĢR]QDþXMHåHEXGHQDQHMXUþLWH]QHãNRGQHQê
R]QDþXMHDEVRO~WQXEH]SHþQRVĢEH]DNpKRNRĐYHNQHEH]SHþLD
1DYUKQLWH-DPHVRYLþRQDMEH]SHþQHMãLXWUDVXDY\SRþtWDMWHMHMFHONRY~EH]SHþQRVĢ8YHGRPWHVLåHDN
MHQDWUDVHDVSRĖMHGHQ~VHNVEH]SHþQRVĢRXWDNFHOiWUDVDPiW~WREH]SHþQRVĢ$OH~VHN
QH]QDPHQiåHFHOiWUDVDPi&HONRYiEH]SHþQRVĢWUDV\MHWHGDGHILQRYDQiDNRV~þLQ
SUDYGHSRGREQRVWtMHGQRWOLYêFKFLHVWQDWUDVH
ƔJUDIMHMHGQRUR]PHUQpSROHYUFKRORY
ƔSUHNDåGêYUFKROVLSDPlWiVYRMHV~UDGQLFHQDREUD]RYNHDMHGQRUR]PHUQpEDMWRYpSROHYNWRURP
V~XFKRYDQpYiK\UHVSLQIRUPiFLDRWRPåHYUFKROQHPiVSRMHQLHVLQêPYUFKRORP
-HWRYODVWQH]PRGLILNRYDQiWDEXĐNDVXVHGQRVWt7RåHQHMDNpGYDYUFKRO\QLHV~VSRMHQpFHVWRXEXGHWH
UHSUH②]HQ②WRYDĢLQRXKRGQRWRXDNRR]QDþXMHDEVRO~WQHQHEH]SHþQ~FHVWX*UDI]DGHILQXMWHDNR
WULHGXVPHWyGDPLQDþtWDQLH]RV~ERUXY\NUHVOHQLHVSXVWHQLHEDFNWUDFNLQJXDSRG
$QDO\WLFNpVWUHGLVNRLQIRUPiFLHRPDSHSULSUDYLORGRELQiUQHKRV~ERUXERQGGDWYNWRURPMHNDåGi
YHWDSUHPHQOLYHMGĎåN\DRSLVXMHMHGHQYUFKROJUDIX.DåGêYUFKROPiVYRMHSRUDGRYpþtVORRGGR
QLHMHWRþtVORYHW\YV~ERUHSULþRPWLHWRSRUDGRYpþtVODQHPXVLDWYRULĢV~YLVO~SRVWXSQRVĢ7LHWR
SRUDGRYpþtVODEXG~LQGH[PLYRYDãHMGiWRYHMãWUXNW~UHJUDI.DåGiYHWDV~ERUXREVDKXMHWLHWR
LQIRUPiFLH
ƔSRUDGRYpþtVORYUFKROX
ƔV~UDGQLFHYPDSHGYHFHOpþtVOD[D\
FHVW\
ƔSRVWXSQRVĢMHXNRQþHQiFHOêPþtVORP
YUFKROYSUYHMYHWHV~ERUXFLHĐRYpPLHVWRMHYRYUFKROHYGUXKHMYHWHV~ERUX
3URJUDPXORåtWLHWR~GDMHGRãWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDQDNDåG~KUDQX
]DStãHMHMEH]SHþQRVĢ9êFKRG]LHDMFLHĐRYpPLHVWRYJUDIHQHMDNRY\]QDþWH3RVWODþHQtWODþLGODâWDUWVD
QDĖRPVSXVWtDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQKĐDGiQDMOHSãLXFHVWXSRþDV
EDFNWUDFNLQJXVD]DIDUEXMHPRPHQWiOQDFHVWDSULþRPQLHNGHQDREUD]RYNHVDY\SLVXMHMHMPRPHQWiOQD
EH]SHþQRVĢFHOHMWUDV\$NVDSRþDVEDFNWUDFNLQJXVWODþtWODþLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOt
GRWHUD]QDMOHSãLHULHãHQLH$NQHH[LVWXMHåLDGQDWUDVDDOHERYãHWN\WUDV\PDM~EH]SHþQRVĢSURJUDPR
WRPY\StãHVSUiYX
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\ERQG]LS
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHURþQtN
8VLORYQêNUWNR]DþtQDPDĢY]iKUDGNHYHĐNpSUREOpP\QLHNWRUpMHKRSUDFQHY\EXGRYDQpFKRGELþN\VD
SRVWXSQH]DYDĐXM~KOLQRXDRQLFKQHVWtKDYãHWN\]QRYXD]QRYXSUHEXGRYiYDĢ6XVHGNDP\ãNDPX
SRUDGLODåHDNPi1NRP{URNNWRUpV~SRVSiMDQpFKRGELþNDPLPDORE\PXVWDþLĢ1FKRGELþLHNDE\
VD]NDåGHMNRP{UN\PRKROGRVWDĢGRNDåGHM$NE\VDVSUiYQHUR]KRGRONWRUpFKRGELþN\VDPXRSODWt
XGUåLDYDĢDNWRUpXåQHSRWUHEXMHXãHWULORE\PXWRYHĐDQiPDK\1DYUKQLWHSURJUDPNWRUêNUWNRYL
SRP{åHY\EUDĢWDNêPLQLPiOQ\SRþHWFKRGELþLHNSULNWRURPVDVWiOHGRVWDQHGRYãHWNêFKVYRMLFK
NRP{URNDSULWRPFHONRYiGĎåNDWêFKWRFKRGELþLHNEXGHPLQLPiOQD
9UHþLJUDIRYP{åHPHQDãX~ORKXSUHUR]SUiYDĢWDNWRGDQêMHQHRULHQWRYDQêRKRGQRWHQêJUDI~ORKRXMH
QiMVĢPLQLPiOQXPQRåLQXKUiQWDN~DE\JUDIRVWDOV~YLVOêDSULWRPV~þHWRKRGQRWHQtWêFKWRY\EUDQêFK
KUiQEROPLQLPiOQ\7DNpPXWRSRGJUDIXKRYRUtPHPLQLPiOQDNRVWUDJUDIX3UHNRVWUXJUDIXV1
YUFKROPLSODWtåHPi1KUiQ1DULHãHQLHWHMWR~ORK\Y\XåLWHDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJYNWRURPVDEXG~SRVWXSQHRGVWUDĖRYDĢKUDQ\D]LVĢRYDĢþLMHVWiOHHãWHV~YLVOê
*UDIUHSUH]HQWXMWHWDEXĐNRXVXVHGQRVWtYNWRURPRKRGQRWHQLH]QDPHQiåHSUtVOXãQpGYDYUFKRO\QLH
V~VSRMHQp0{åHWHSUHGSRNODGDĢåHYUFKRORYQLHMHYLDFDNR*UDI]DGHILQXMWHDNRWULHGXY
VDPRVWDWQRPXQLWHSULþRPYãHWN\VWDYRYpSUHPHQQpDYlþãLQXPHWyGGHILQXMWHDNRSULYDWHRNUHP
NRQãWUXNWRUDDPHWyG\QDRGãWDUWRYDQLHEDFNWUDFNLQJX
ƔV~UDGQLFHSUYpKRYUFKROXGYHFHOpþtVOD[D\
ƔV~UDGQLFHGUXKpKRYUFKROXGYHFHOpþtVOD[D\
ƔRKRGQRWHQLHKUDQ\UHiOQHþtVORW\SUHDO
9ãHWN\FHOpþtVODYV~ERUHV~W\SXLQWHJHU6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{åHWH
SUHGSRNODGDĢåHV~ERUMHNRUHNWQê1H]DEXGQLWHåHJUDIMHQHRULHQWRYDQêDWHGDåHRKRGQRWHQLHVLWUHED
]D]QDþLĢDMQDKUDQXYRSDþQRPVPHUH
3URJUDPXORåtWLHWR~GDMHGRãWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDQDNDåG~KUDQX
]DStãHMHMRKRGQRWHQLH.DåGêYUFKRO]DNUHVOLWHPDOêPNU~åNRP3RVWODþHQtWODþLGODâWDUWVDVSXVWt
DOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQHSRN~ãDRGVWUDĖRYDĢQLHNWRUp
KUDQ\]DNDåGêP]LVĢXMHþLMHJUDIVWiOHV~YLVOêDDNRVWDQHLED1KUiQ]DSDPlWiYDVLQDMOHSãLH
ULHãHQLHVPLQLPiOQ\PV~þWRPRKRGQRWHQtWRWREXGHSRWUHERYDĢQDWRDE\QD]iYHUYHGHOWRWR
QDMOHSãLHULHãHQLH]REUD]LĢ3RþDVEDFNWUDFNLQJXVDRGIDUEXM~PRPHQWiOQH]UXãHQpKUDQ\QDSU
VYHWORãHGRXIDUERXSULþRPQLHNGHQDREUD]RYNHVDY\SLVXMHV~þHWRKRGQRWHQtPRPHQWiOQHQDMOHSãLHKR
ULHãHQLD$NVDSRþDVEDFNWUDFNLQJXVWODþtWODþLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]
QDMOHSãLHULHãHQLH$NVDULHãHQLHQHSRGDULORQiMVĢSURJUDPRWRPY\StãHVSUiYX
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\NUWNR]LS
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHURþQtN
'HWLþN\YPDWHUVNHMãNROHVDYHĐPLSRWHãLOLNHćGRVWDOLYHĐN~NUDELFXVQRYêPREUi]NRYêPGRPLQRP
3RWêåGQLUDGRVWtVQRYRXKURXVD]LVWLORåHVDQLHNRĐNRNDPHĖRYVWUDWLOR1LHNWRUpGHWLVD]WRKRWDN
UR]Đ~WRVWLOLDåVDUR]SODNDOLP\VOHOLVLåHVD]R]Y\ãQêFKNDPHĖRYXåQHGiSRVNODGDĢQDYl]XM~FD
SRVWXSQRVĢNDPHĖRY
1DStãWHSURJUDPNWRUêGHWLþNiPSRP{åH]GRPLQRYêFKNDPHĖRY]RVWDYLĢþRQDMGOKãLXSRVWXSQRVĢY
NWRUHMGYDVXVHGQpNDPHQHPDM~URYQDNêREUi]RN0\XåYLHPHåHWDN~WR~ORKXP{åHPHSUHIRUPXORYDĢ
GRWHUPLQROyJLHJUDIRY
ƔVNRQãWUXXMHPHJUDIYNWRURPYNDåGRPYUFKROHEXGHMHGHQKUDFtNDPHĖWMGYRMLFDREUi]NRY
ƔGYDYUFKRO\VSRMtPHKUDQRXOHQDNPDM~VSRORþQêDVSRĖMHGHQREUi]RN
ƔYWDNRPWRJUDIHEXGHPHKĐDGDĢþRQDMGOKãLXFHVWXSULþRPEXGHPHGiYDĢSR]RUQDWRDE\
1DULHãHQLHWHMWR~ORK\Y\XåLWHDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ
*UDIUHSUH]HQWXMWHSRĐRPYUFKRORY
W\SH
79UFKRO FODVV
EE7%LWPDSREUi]N\
[\LQWHJHUV~UDGQLFHYUFKROXYSORFKH
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOLF7&DQYDV
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
F7&DQYDV
NRQLHFERROHDQ
SURFHGXUHNUHVOL
IXQFWLRQMH+UDQDLMLQWHJHUERROHDQ
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHVWRS
HQG
*UDI]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULþRPYãHWN\VWDYRYpSUHPHQQpDYlþãLQXPHWyG
GHILQXMWHDNRSULYDWHRNUHPNRQãWUXNWRUDDPHWyG\QDRGãWDUWRYDQLHUHVS]DVWDYHQLHEDFNWUDFNLQJX
6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQê
3URJUDPXORåtWLHWR~GDMHGRãWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXWDNåHYUFKRO\
URYQRPHUQHUR]PLHVWQLQDP\VOHQHMNUXåQLFLVRVWUHGRPYVWUHGHSORFK\DVUR]XPQêPSRORPHURP
KUDQ\QDNUHVOLWHVYHWORãHGRXIDUERX'RNDåGpKRYUFKROX]DNUHVOLWHREDREUi]N\]RGSRYHGDM~FHNDPHĖX
3RVWODþHQtWODþLGODâWDUWVDVSXVWtDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQH
SRN~ãDQiMVĢYãHWN\FHVW\YJUDIHDSRVNRQþHQt]DNUHVOtQiMGHQ~QDMGOKãLXFHVWX3ULHEHKEDFNWUDFNLQJX
]Qi]RUĖXMWH]DIDUERYDQtPDRGIDUERYDQtPKUiQ$NVDSRþDVEDFNWUDFNLQJXVWODþtWODþLGOR6WRSWDN
DOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]QDMOHSãLHULHãHQLH3RþDVSULHEHKXSUHKĐDGiYDQLDNRQãWUXRYDQLD
FHVW\DDMQD]iYHUVDYVSRGQHMþDVWLSORFK\SRVWXSQH]RVWDYXMHNRUHNWQiSRVWXSQRVĢNDPHĖRY
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\GRPLQR]LS
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHURþQtN
0DOêOHQLYêNUWNR,,VSDOYEUO{åNXDåGRYHþHUH-HKRPDPLþNXWRQD]ORVWLORDWDNVLSRYHGDODýR]
P{MKRV\QþHNDY\UDVWLHNHćEXGHWDNêOHQLYêDXåKRDMLãODEXGLĢ9VWiYDMNUWNR,,Ui]QHVDPX
SULKRYRULODDNGQHVNDQHSRFK\WiãFKUREiþLNRYYRYãHWNêFKQDãLFKEUO{åNRFKWDNĢDQDVNXWNXSDOLþNRX
Y\REãtYDPýRPDOFKXGiNNUWNR,,URELĢQHFKFHORVDPXDOHPXVHOYVWDĢ
.UWLDURGLQDPDODY\EXGRYDQêFKQLHNRĐNREUO{åNRY]NWRUêFKYlþãLQDERODVSRMHQiWXQHOPL.DåGêGHĖ
NUWLFDVNUWRPSUHOLH]DOLYãHWN\EUO{åN\D]ELHUDOLWRþRPDM~QDMUDGãHMFKUREiþLN\7HUD]PDODMPDOê
OHQLYêNUWNR,,]ELHUDĢ$OHNHćåHEROFHONRPLQWHOLJHQWQêQDMSUYSRXYDåRYDO1DMOHSãLHNHćFH]
NDåGêEUO{åWHNSUHMGHPSUiYHUD]DS{MGHPSRWDNêFKFKRGEiFKåHV~þHWLFKGĎåRNEXGHQDMPHQãt
6DPR]UHMPHåHPDOêOHQLYêNUWNR,,FKFHOVYRMXFHVWXVNRQþLĢRSlĢYRVYRMRPEUO{åNXDE\PRKROVSDĢ
DåGRćDOãHMYHþHUH
ÒORKD1DStãWHSURJUDPNWRUêQDþtWDLQIRUPiFLHREUO{åNRFKDWXQHORFKDQiMGHSUHPDOpKROHQLYpKR
NUWND,,QDMNUDWãtF\NOXVSUHFKiG]DM~FLFH]YãHWN\EUO{åN\
9UHþLJUDIRYP{åHPHQDãX~ORKXSUHUR]SUiYDĢWDNWRGDQêMHQHRULHQWRYDQêRKRGQRWHQêJUDI~ORKRXMH
QiMVĢF\NOXVNWRUêSUHFKiG]DNDåGêPYUFKRORPSUiYHUD]DSULWRPV~þHWRKRGQRWHQtKUiQQDWHMWRFHVWH
EXGHPLQLPiOQ\1DULHãHQLHWHMWR~ORK\Y\XåLWHDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJY
NWRURPVDEXG~SRVWXSQHJHQHURYDĢYãHWN\F\NO\SUHFKiG]DM~FHYãHWNêPLYUFKROPL
*UDIUHSUH]HQWXMWHWDEXĐNRXVXVHGQRVWt0{åHWHSUHGSRNODGDĢåHYUFKRORYQLHMHYLDFDNR*UDI
]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULþRPYãHWN\VWDYRYpSUHPHQQpDYlþãLQXPHWyGGHILQXMWH
DNRSULYDWHRNUHPNRQãWUXNWRUDDPHWyG\QDRGãWDUWRYDQLHUHVS]DVWDYHQLHEDFNWUDFNLQJX
6FKpPDWXQHORYPDOpKROHQLYpKRNUWND,,MHSRStVDQiYELQiUQRPV~ERUHNUWNR,,GDWUHVS
NUWNR,,GDW.DåGiYHWDV~ERUXSRSLVXMHMHGHQWXQHOWMMHGQXKUDQXJUDIX
ƔWXQHOMHEXćMHGQD~VHþNDDOHERVDVNODGi]SRVWXSQRVWLQDYl]XM~FLFK~VHþLHN
ƔSRVWXSQRVĢ~VHþLHNMHYV~ERUHGHILQRYDQiSRVWXSQRVĢRXV~UDGQtFERGRYQDSU[\[\[
\]QDPHQiåHKUDQDYHGLH]YUFKROX[\GRYUFKROX[\DSUHFKiG]DERGRP[\NWRUê
DOHQLHMHYUFKRORPJUDIX
ƔV~UDGQLFHYãHWNêFKERGRYV~GYHFHOpQHQXORYpþtVOD[D\
ƔNDåGiSRVWXSQRVĢV~UDGQtFMHXNRQþHQiQXORXMHGQRFHOpþtVOR
9ãHWN\FHOpþtVODYV~ERUHV~W\SXLQWHJHU6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{åHWH
SUHGSRNODGDĢåHV~ERUMHNRUHNWQê1H]DEXGQLWHåHJUDIMHQHRULHQWRYDQêDWHGDåHGHILQtFLDWXQHOXSODWt
DMSUHKUDQXYRSDþQRPVPHUH2KRGQRWHQLHNDåGHMKUDQ\JUDIXY\SRþtWDMWHDNRV~þHWGĎåRN~VHþLHN]
NWRUêFKVDKUDQDVNODGiGĎåN\VWDþt]DRNU~KĐRYDĢQDFHOpþtVOD
*UDIP{åHWHUHSUH]HQWRYDĢQDSUWDNWR
W\SH
SROH DUUD\RI73RLQW
W+UDQD FODVV
KLQWHJHURKRGQRWHQLHKUDQ\V~þHWGĎåRN~VHþLHN
SSROHSRVWXSQRVĢV~UDGQtFERGRY
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
HQG
7*UDI FODVV
SULYDWH
YDUUD\>E\WH@RI73RLQWV~UDGQLFHYUFKRORYJUDIX
JDUUD\>E\WHE\WH@RI7+UDQDWDEXĐNDVXVHGQRVWt
QLQWHJHUSRþHWYUFKRORYJUDIX
F7&DQYDV
SURFHGXUHEDFNWUDFNLQJ
SURFHGXUHNUHVOL
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHVWRS
HQG
3URJUDPXORåtWLHWR~GDMHGRãWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDIDUHEQHY\]QDþt
YUFKRO\PDOêPNU~åNRP3RVWODþHQtWODþLGODâWDUWVDVSXVWtDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJ7HQVDSRVWXSQHSRN~ãDJHQHURYDĢYãHWN\F\NO\D]DSDPlWiYDVLQDMOHSãLHULHãHQLHV
PLQLPiOQ\PV~þWRPRKRGQRWHQtWRWREXGHSRWUHERYDĢQDWRDE\QD]iYHUYHGHOWRWRQDMOHSãLHULHãHQLH
]REUD]LĢ3RþDVEDFNWUDFNLQJXVD]DIDUEXM~PRPHQWiOQHSRXåLWpKUDQ\$NVDSRþDVEDFNWUDFNLQJXVWODþt
WODþLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]QDMOHSãLHULHãHQLH$NVDULHãHQLHQHSRGDULOR
QiMVĢSURJUDPRWRPY\StãHVSUiYX
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\NUWNR,,]LS
3R]QWiWR~ORKDMHSUHEUDWi]URþQtNDNRUHãSRQGHQþQpKRVHPLQiUD]SURJUDPRYDQLD
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHURþQtN
%UXFH:LOOLVSULFHVWXMHGR%UDWLVODY\DE\WXQDWRþLOVYRMQDMQRYãtILOP3UHWRåHE\VDFHVWRX]OHWLVNDQD
PLHVWRQDWiþDQLDQHUiG]GUåRYDOILOPRYêãWiESRåLDGDOPLHVWQXGRSUDYQ~SROtFLXDE\PXQDãODWUDVX
NWRUiEXGHQDMUêFKOHMãLD1LHNWRUpNULåRYDWN\Y%UDWLVODYHEêYDM~GRVĢ]DSFKDWpDGiVDSUHGSRNODGDĢåH
QDGãHQtIDQ~ãLNRYLDE\VYRMLGROOHQWDNĐDKNRQHSXVWLOL3UHWRVDGRSUDYQiSROtFLDVQDåtQiMVĢWUDVX]
OHWLVNDQDPLHVWRQDWiþDQLDNWRUiMHþRPRåQRQDMSULHSXVWQHMãLD3ULHSXVWQRVĢNULåRYDWLHNVDY\MDGUXMHY
SHUFHQWiFKDSULHSXVWQRVĢFHOHMWUDV\VDSRþtWDDNRV~þLQSULHSXVWQRVWtNULåRYDWLHNNWRUêPLWUDVD
SUHFKiG]D
1DStãWHSURJUDPNWRUêGRSUDYQHMSROtFLLSRP{åH]RVWDYLĢþRQDMSULHSXVWQHMãLXWUDVX]OHWLVNDQDPLHVWR
QDWiþDQLDILOPX
9WHUPLQROyJLLJUDIRYPRåQRW~WR~ORKXSUHIRUPXORYDĢWDNWR.ULåRYDWN\EXG~UHSUH]HQWRYDQpYUFKROPL
QHRULHQWRYDQpKRJUDIX.DåGêYUFKROEXGHPDĢSULUDGHQ~KRGQRWXSULHSXVWQRVĢNULåRYDWN\'YD
YUFKRO\V~VSRMHQpKUDQRXDNV~SUtVOXãQpNULåRYDWN\VSRMHQpFHVWRX9WDNRPWRJUDIHEXGHWHKĐDGDĢ
FHVWX]SRþLDWRþQpKRYUFKROXGRNRQFRYpKRYUFKROXQDNWRUHMMHV~þLQKRGQ{WYRYUFKRORFKNWRUêPL
SUHFKiG]DþRQDMYlþãt1DULHãHQLHWHMWR~ORK\Y\XåLWHDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJ
W\SH
FKDU DUUD\>@RIFKDU
79UFKRO FODVV
PHQRFKDU
[\LQWHJHU
SE\WHSHUFHQWi
VXVVHWRIE\WHPQRåLQDVXVHGRY
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
F7&DQYDV
NRQLHFERROHDQ
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHVWRS
SURFHGXUHNOLN[\LQWHJHU
HQG
*UDI]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULþRPYãHWN\VWDYRYpSUHPHQQpDYlþãLQXPHWyG
GHILQXMWHDNRSULYDWHRNUHPNRQãWUXNWRUDDPHWyG\QDNOLNDQLHGRJUDIXP\ãRXD]DVWDYHQLH
EDFNWUDFNLQJX
ƔDNYHWD]DþtQD]QDNRP
N
]QDPHQiWRåHSRSLVXMHNULåRYDWNX]DWêPWR]QDNRPQDVOHGXMH
GYRMStVPHQRYpPHQRNULåRYDWN\ćDOHMV~UDGQLFHNULåRYDWN\YJUDILFNHMSORFKHGYHFHOpþtVOD
LQWHJHUDSULHSXVWQRVĢNULåRYDWN\YSHUFHQWiFKE\WH
ƔDNYHWD]DþtQD]QDNRP
X
YHWDSRSLVXMHMHGQXXOLFX]DWêPWR]QDNRPQDVOHGXM~GYH
GYRMStVPHQRYpPHQiNULåRYDWLHN
ƔGDMWHSR]RUQDWRåHGHILQtFLHXOtFDNULåRYDWLHNP{åXE\ĢYV~ERUHSRPLHãDQp
6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQê
3URJUDPXORåtWLHWR~GDMHGRãWUXNW~U\JUDIDY\NUHVOtWHQWRJUDIQDREUD]RYNXKUDQ\QDNUHVOt
VYHWORãHGRXIDUERX'RNDåGpKRYUFKROXY\StãHMHKRSULHSXVWQRVĢ3RWRPSURJUDPþDNiQDNOLNQXWLH
NWRUêPVDIDUHEQHR]QDþtãWDUWRYêYUFKRODGUXKpNOLNQXWLHNWRUêPVDIDUHEQHR]QDþtFLHĐRYêYUFKRO$N
VDNOLNQHQDR]QDþHQêYUFKROWHQWRVDRG]QDþt+QHćSRXUþHQtãWDUWRYpKRDFLHĐRYpKRYUFKROXVDVSXVWt
DOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQHSRN~ãDQiMVĢYãHWN\FHVW\YJUDIH
]RãWDUWRYpKRGRFLHĐRYpKRYUFKROXDSRVNRQþHQt]DNUHVOtQiMGHQ~QDMSULHSXVWQHMãLXFHVWX3ULHEHK
EDFNWUDFNLQJX]Qi]RUĖXMWHSULHEHåQêP]DIDUERYDQtPDRGIDUERYDQtPKUiQ$NVDSRþDVEDFNWUDFNLQJX
VWODþtWODþLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]QDMOHSãLHULHãHQLH$NDOJRULWPXVULHãHQLH
QHQiMGHY\StãHRWRPVSUiYX3RQDNUHVOHQtULHãHQLDSURJUDPRSlĢþDNiQDXUþHQLHGYRMLFHãWDUWRYpKRD
FLHĐRYpKRYUFKROXNOLNQXWtPP\ãRX3UYpWDNpWRNOLNQXWLH]PDåHGRWHUDMãLHULHãHQLHDIDUHEQHR]QDþt
ãWDUWRYêYUFKRO
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\PHVWR]LS
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHURþQtN
0HVWVNiK\JLHQLþNDSULãODQDNRQWUROXQLHNWRUêFKG{OHåLWêFKSULHVWRURYQDQDãHMIDNXOWH=GiVDDOHåHMH
WURFKXSRSOHWHQiDåHSRþDVVYRMHMREFK{G]N\VWiOHFKRGtQDWLHLVWpPLHVWDDQHYLHVDY\PRWDĢ]EXGRY\
YRQWHGDWDGHNDGLDĐYRãODGREXGRY\7UHEDMHMSRP{FĢY\SUDFRYDĢWDNêSOiQREFK{G]N\SRPRFRX
NWRUpKRREtGHYãHWN\QDSOiQRYDQpG{OHåLWpSULHVWRU\GRåLDGQHMPLHVWQRVWLQHYVW~SLYLDFNUiWD~VSHãQHVD
YUiWLQDYUiWQLFXWDPNGH]DþDODREFK{G]NX3ULWRPWUHEDPLQLPDOL]RYDĢSRþHW]E\WRþQHQDYãWtYHQêFK
SULHVWRURY
9WHUPLQROyJLLJUDIRYPRåQRW~WR~ORKXSUHIRUPXORYDĢWDNWR9ãHWN\PLHVWQRVWLEXG~UHSUH]HQWRYDQp
YUFKROPLQHRULHQWRYDQpKRJUDIX2NDåGRPYUFKROHVLSDPlWiPHþLMHWRG{OHåLWêYUFKRO$NV~GYH
PLHVWQRVWLVSRMHQpFKRGERXWDNYJUDIHV~SUtVOXãQpYUFKRO\VSRMHQpKUDQRX9WDNRPWRJUDIHEXGHWH
KĐDGDĢF\NOXV]GDQpKRSRþLDWRþQpKRYUFKROXNWRUêEXGHSUHFKiG]DĢþRQDMYlþãtPSRþWRPG{OHåLWêFK
YUFKRORYDNWDNêFKF\NORYH[LVWXMHYLDFY\EHULHWHQDMNUDWãt1DULHãHQLHWHMWR~ORK\Y\XåLWHDOJRULWPXV
SUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ
W\SH
79UFKRO FODVV
FLVORþtVORPLHVWQRVWL
[\LQWHJHU
GROH]LW\ERROHDQ
VXVVHWRIE\WH
FRQVWUXFWRU&UHDWH
SURFHGXUHNUHVOL
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
F7&DQYDV
NRQLHFERROHDQ
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHNOLN[\LQWHJHU
HQG
*UDI]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULþRPYãHWN\VWDYRYpSUHPHQQpDYlþãLQXPHWyG
GHILQXMWHDNRSULYDWHRNUHPNRQãWUXNWRUDDPHWyG\QDNOLNDQLHGRJUDIXP\ãRX
0LHVWQRVWLIDNXOW\V~SRStVDQpYELQiUQRPV~ERUHIDNXOWDGDWUHVSIDNXOWDGDWIDNXOWDGDW
.DåGiYHWDV~ERUXSRSLVXMHMHGQXPLHVWQRVĢ
ƔYHWD]DþtQDþtVORPPLHVWQRVWLEDMW\SUH
ƔćDOHMQDVOHGXM~V~UDGQLFHPLHVWQRVWLYJUDILFNHMSORFKHGYHFHOpþtVODLQWHJHU
ƔYćDOãRPEDMWHMHDOHERSULþRPR]QDþXMHåHPLHVWQRVĢMHG{OHåLWiDåHPLHVWQRVĢQLHMH
G{OHåLWi
ƔSRWRPQDVOHGXMH]R]QDPþtVHOVXVHGQêFKPLHVWQRVWtSUHNDåGpþtVOREDMW\XNRQþHQêþtVORP
ƔNHćåHMHJUDIQHRULHQWRYDQêDNMHYV~ERUHGHILQRYDQiKUDQD]$GR%WDNDXWRPDWLFN\WR
]QDPHQiDM]%GR$
6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQê
3URJUDPXORåtWLHWR~GDMHGRãWUXNW~U\JUDIDY\NUHVOtWHQWRJUDIQDREUD]RYNXSULþRPIDUHEQHRGOtãL
G{OHåLWpYUFKRO\'RNDåGpKRYUFKROXY\StãHþtVORPLHVWQRVWLNWRU~YUFKROUHSUH]HQWXMH3RWRPSURJUDP
þDNiQDNOLNQXWLHP\ãRXQDQHMDNêYUFKROWêPWRVDR]QDþtãWDUWRYêYUFKROWUHEDKRY\]QDþLĢIDUHEQH
WHVWXMWHNOLNQXWLHYQHMDNHMEOt]NRVWLSRORK\YUFKROX+QHćSRXUþHQtãWDUWRYpKRYUFKROXVDVSXVWt
DOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQHSRN~ãDQiMVĢYãHWN\F\NO\YJUDIH
]RãWDUWRYpKRYUFKROXNWRUpSUHFKiG]DM~G{OHåLWêPLYUFKROPL3RVNRQþHQt]DNUHVOtQDMNUDWãtQiMGHQê
F\NOXVVþRQDMYLDFG{OHåLWêPLYUFKROPL3ULHEHKEDFNWUDFNLQJX]Qi]RUĖXMWHSULHEHåQêP]DIDUERYDQtPD
RGIDUERYDQtPKUiQ$NVDSRþDVEDFNWUDFNLQJXNOLNQHP\ãRXGRJUDILFNHMSORFK\WDNDOJRULWPXV]DVWDQH
$NDOJRULWPXVQHQiMGHRSWLPiOQHULHãHQLHUHVSDNERO]DVWDYHQêNOLNQXWtPHãWHSUHGVNRQþHQtP
Y\NUHVOtULHãHQLHNWRUpSUHFKiG]DþRPRåQRQDMYlþãtPSRþWRPG{OHåLWêFKYUFKRORYQLHQXWQHYãHWNêPL
3RQDNUHVOHQtULHãHQLDSURJUDPRSlĢþDNiQDXUþHQLHãWDUWRYpKRYUFKROXNOLNQXWtPP\ãRX7DNpWR
NOLNQXWLH]PDåHGRWHUDMãLHULHãHQLHDIDUHEQHR]QDþtQRYêãWDUWRYêYUFKRODRSlĢVSXVWtSUHKĐDGiYDQLH
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\IDNXOWD]LS
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHURþQtN
2NUHV.RF~UNRYRVDVNODGi]1PDOêFKGHGLQLHN1LHNWRUp]WêFKWRGHGLQLHNV~SRVSiMDQpFHVWDPLDOH
åLDĐYHĐPLQt]NHMNYDOLW\6WDURVWD.RF~UNRYDVDUR]KRGROLQYHVWRYDĢGRRSUDY\FLHVWDOHNY{OL
REPHG]HQêPILQDQFLiPYSUYHMHWDSHRSUDYtOHQLFKPLQLPiOQ\SRþHW0DOWDN~SUHGVWDYXåHSR
RSUDYiFKFLHVWVDEXGHPRåQpGRVWDĢ]NDåGHMGHGLQN\GRNDåGHMOHQSRRSUDYHQêFKKRFLQLHNHG\WR
QHPXVtE\ĢQDMNUDWãLDFHVWD1HFKDOVLY\KRWRYLĢãW~GLXSRGĐDNWRUHMVDRKRGQRWLODG{OHåLWRVĢNDåGHM
FHVW\þtVORPRGGRþtPYlþãLHWêPG{OHåLWHMãLD$VDPR]UHMPHåHEXGHKĐDGDĢPQRåLQXFLHVWV
þRQDMYlþãRXG{OHåLWRVĢRX]UHMPHWDNêFKFLHVWY\EHULHSUHVQH1
9UHþLJUDIRYP{åHPHQDãX~ORKXSUHUR]SUiYDĢWDNWRGDQêMHQHRULHQWRYDQêRKRGQRWHQêJUDI~ORKRXMH
QiMVĢPLQLPiOQXPQRåLQXKUiQWDN~DE\JUDIRVWDOV~YLVOêDSULWRPV~þHWRKRGQRWHQtWêFKWRY\EUDQêFK
KUiQEROPD[LPiOQ\7DNpPXWRSRGJUDIXKRYRUtPHPD[LPiOQDNRVWUDJUDIX3UHNRVWUXJUDIXV1
YUFKROPLSODWtåHPi1KUiQ1DULHãHQLHWHMWR~ORK\Y\XåLWHDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJYNWRURPVDEXG~SRVWXSQHRGVWUDĖRYDĢKUDQ\D]LVĢRYDĢþLMHVWiOHHãWHV~YLVOê
*UDIUHSUH]HQWXMWHWDEXĐNRXVXVHGQRVWtYNWRURPRKRGQRWHQLH]QDPHQiåHSUtVOXãQpGYDYUFKRO\QLH
V~VSRMHQp0{åHWHSUHGSRNODGDĢåHYUFKRORYQLHMHYLDFDNR*UDI]DGHILQXMWHDNRWULHGXY
VDPRVWDWQRPXQLWHSULþRPYãHWN\VWDYRYpSUHPHQQpDYlþãLQXPHWyGGHILQXMWHDNRSULYDWHRNUHP
NRQãWUXNWRUDDPHWyGQDRGãWDUWRYDQLHD]DVWDYHQLHEDFNWUDFNLQJXQDSUWDNWR
7*UDI FODVV
SULYDWH
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VXVDUUD\>E\WH@RIE\WH
HQG
F7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHVWRS
HQG
ƔV~UDGQLFHSUYpKRYUFKROXGYHFHOpþtVOD[D\
ƔV~UDGQLFHGUXKpKRYUFKROXGYHFHOpþtVOD[D\
ƔRKRGQRWHQLHKUDQ\FHOpþtVORW\SEDMW
9ãHWN\V~UDGQLFHV~W\SXLQWHJHU6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{åHWHSUHGSRNODGDĢ
åHV~ERUMHNRUHNWQê1H]DEXGQLWHåHJUDIMHQHRULHQWRYDQêDWHGDåHRKRGQRWHQLHVLWUHED]D]QDþLĢDMQD
KUDQXYRSDþQRPVPHUH
3URJUDPXORåtWLHWR~GDMHGRãWUXNW~U\JUDI3RWRPY\NUHVOtWHQWRJUDIQDREUD]RYNXDQDNDåG~KUDQX
]DStãHMHMRKRGQRWHQLH.DåGêYUFKRO]DNUHVOLWHPDOêPNU~åNRP3RVWODþHQtWODþLGODâWDUWVDVSXVWt
DOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ7HQVDSRVWXSQHSRN~ãDRGVWUDĖRYDĢQLHNWRUp
KUDQ\]DNDåGêP]LVĢXMHþLMHJUDIVWiOHV~YLVOêDDNRVWDQHLED1KUiQ]DSDPlWiYDVLQDMOHSãLH
ULHãHQLHVPD[LPiOQ\PV~þWRPRKRGQRWHQtWRWREXGHSRWUHERYDĢQDWRDE\QD]iYHUYHGHOWRWR
QDMOHSãLHULHãHQLH]REUD]LĢ3RþDVEDFNWUDFNLQJXVDRGIDUEXM~PRPHQWiOQH]UXãHQpKUDQ\QDSU
VYHWORãHGRXIDUERXSULþRPQLHNGHQDREUD]RYNHVDY\SLVXMHV~þHWRKRGQRWHQtPRPHQWiOQHQDMOHSãLHKR
ULHãHQLD$NVDSRþDVEDFNWUDFNLQJXVWODþtWODþLGOR6WRSWDNDOJRULWPXV]DVWDQHDY\NUHVOtGRWHUD]
QDMOHSãLHULHãHQLH$NVDULHãHQLHQHSRGDULORQiMVĢSURJUDPRWRPY\StãHVSUiYX
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\NRFXU]LS
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHURþQtN
1DStãWHSURJUDPNWRUêEXGHKĐDGDĢFHVWXYREGĎåQLNRYRPODE\ULQWH/DE\ULQWVDVNODGi]0[1SROtþRN0
ULDGNRY[1VWĎSFRYSULþRPPHG]LQLHNWRUêPLVXVHGQêPLSROtþNDPLV~VWHQ\/DE\ULQWMHSRStVDQêYELQiUQRP
V~ERUHODE\ULQWGDWNWRUêREVDKXMH
YHWDREVDKXMHSR]tFLHGYRFKVXVHGQêFKSROtþRNWMþtVORULDGNDDþtVORVWĎSFDSUYpKRSROtþNDDWLHåþtVOR
ULDGNDDVWĎSFDGUXKpKRSROtþND
9ãHWN\þtVODYV~ERUHV~EDMW\6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{åHWHSUHGSRNODGDĢåHV~ERUMH
NRUHNWQê
/DE\ULQWYSURJUDPHUHSUH]HQWXMWHSRPRFRXQHRULHQWRYDQpKRJUDIXYNWRURPNDåGpSROtþNRMHMHGHQYUFKROJUDIX
'YDYUFKRO\V~VSRMHQpKUDQRXDNSUtVOXãQpSROtþNDVXVHGLDDQLHMHPHG]LQLPLVWHQD*UDIUHSUH]HQWXMWHWDNDE\
VD9iPVQtPGREUHSUDFRYDORQDSUSRĐRPSROtVXVHGRYNGHSROHP{åHE\ĢDMGYRMUR]PHUQpXYHGRPWHVLåH
NDåGêYUFKROPiPD[LPiOQHVXVHGRY*UDI]DGHILQXMWHDNRWULHGXYVDPRVWDWQRPXQLWHSULþRPYãHWN\VWDYRYp
SUHPHQQpDYlþãLQXPHWyGGHILQXMWHDNRSULYDWHRNUHPNRQãWUXNWRUDDPHWyGNWRUpVSUDFXM~NOLNQXWLHP\ãRXD
]UHMPHRGãWDUWXM~UHVS]DVWDYLDEDFNWUDFNLQJQDSUWDNWR
79UFKRO FODVV
VXVDUUD\VXVHGLD
YLVERROHDQþLEROQDYãWtYHQê
FRQVWUXFWRU&UHDWH
IXQFWLRQNOLN[[\\LQWHJHUERROHDQþLVDGRQHKRNOLNOR
SURFHGXUH]QDFNDF7&DQYDVI7&RORUQDNUHVOt]QDþNXQHMDNHMIDUE\
HQG
7*UDI FODVV
SULYDWH
JDUUD\RI79UFKRO
F7&DQYDV
SURFHGXUHEDFNWUDFNLQJ
SXEOLF
FRQVWUXFWRU&UHDWHFF7&DQYDVPVWULQJQDþtWDQLHJUDIX]RV~ERUX
SURFHGXUHNOLN[\LQWHJHUNOLNORVDQLHNDPGR,PDJH
HQG
/DE\ULQWQDREUD]RYNHY\NUHVOLWHWDNåHYãWYRUFRYHMVLHWLYHĐNRVWL0[1NGHMHGQRSROtþNRMHYHĐNRVWL9HO[9HO
QDNUHVOLWHVWHQ\KUXEãRXþLDURX
.OLNQXWtPQDQLHNWRUp]SROtþRNODE\ULQWXXUþtWHãWDUWRYpSROtþNRĆDOãtPNOLNQXWtPQDQHR]QDþHQpSROtþNR
ODE\ULQWXVDXUþtFLHĐRYpSROtþNRDWêPVDVSXVWtDOJRULWPXVKĐDGDQLDFHVW\âWDUWRYpDMFLHĐRYpSROtþNRIDUHEQH
RGOtãWH
1DWHVWRYDQLHSURJUDPXP{åHWHSRXåLĢ~GDMRYpV~ERU\ODE\ULQW]LS
$% 6N~ãND/
WHVWSUHIDQDWLNRYSUHEHKROP{åHWHVLSR]ULHĢMHKR]DGDQLH
WDEXĐNDYêVOHGNRYWHVWX
YãHWFLVSOQLOLNULWpULiSUHIDQDWLNRY
ERGRYDQLHERORPD[ERGRY]DSUtNODGYSRVOHGQRPVWĎSFLMHV~þHWERORWUHED]tVNDĢDVSRĖ
ERGRY
SUDYLGOiQD]tVNDYDQLHERGRYSUHIDQDWLNRY
IDQDWLNVDQHPXVt]~þDVWĖRYDĢFYLþHQtDURELĢUR]FYLþN\
PXVtQDMQHVN{UYWêåGQLSUHGVN~ãNRXRGRY]GDĢSURMHNW
P{åHStVDĢWHVWNXVN~ãNH]DERGRY
NHćRGRY]GiNRPSOHWQêSURMHNWDXWRPDWLFN\]tVNDYDERGRYQDPLHVWRUR]FYLþLHN
SUDNWLFNiVN~ãNDDDMKRGQRWHQLHPiURYQDNpNULWpULiDNRSUHQHIDQDWLNRY
VHPHVWUiOQHSURMHNW\
WpPXSURMHNWXVLY\EHUWHSRGĐDYODVWQêFK]iXMPRY
P{åHWHVDLQãSLURYDĢWpPDPLSUHQHIDQDWLNRYSHGDJRJLFNêVRIWYpU
DOHER]LPQêPVHPHVWURPXåLWRþQiDSOLNiFLDSRG:LQGRZV
WpPXSURMHNWXMHGREUHRGNRQ]XOWRYDĢVWDþtHPDLORPþtPVN{U
]DSURMHNWVDGi]tVNDĢPD[LPiOQHERGRY]WRKR
ERGDNGRRGRY]GiVWDþtHPDLORPNYDOLWQêQiYUKSURMHNWX
ERGDNGRRGRY]GiDVSRĖEHWDYHU]LX
ERG\DNVDNRPSOHWQêSURMHNWY]GURMRYRPWYDUHGi]YHUHMQLĢQDLQWHUQHWH
MHGRVWDWRþQHSUHKĐDGQêþLWDWHĐQêDMHSRFKRSLWHĐQêSUHSUYiNDLQIRUPDWLND
GRERGRY]D]DXMtPDY~WpPXGL]DMQDOJRULWPLFN~QiURþQRVĢXåLWRþQRVĢWpP\DSRG
WHUPtQ\
þtPVN{UNRQ]XOWRYDĢWpPX
GRStVRPQêQiYUKSURMHNWX
GRDVSRĖEHWDYHU]LD
QDMQHVN{UYWêåGQLSUHGVN~ãNRXNRPSOHWQêSURMHNW
$9ãHREHFQpSUDYLGOiPXVLDE\ĢVSOQHQpDE\EROSURMHNWSULMDWê
ƔSURJUDPMHXUþHQêSUHä,$.$DQLHSUHXþLWHĐDSUH]iNODGQ~DOHERVWUHGQ~ãNROX
ƔPDOE\VO~åLĢQDXþHQLHY\VYHWĐRYDQLHH[SHULPHQWRYDQLHKUDQLHVDVQRYêPLSRMPDPL
ƔQHPDOE\E\ĢQDVN~ãDQLHDQLQDWHVWRYDQLHDDQLE\WRQHPDODE\ĢK\SHUWH[WRYiXþHEQLFD
VSUiYQHQDIRUPiWRYDQê
ƔPXVtE\ĢRVREQHRGRY]GDQêQLHQHVN{UDNRYWêåGQLSUHGVN~ãNRX
RNUHPWRKR
ƔPDOE\E\ĢQDþDVRGRY]GDQêVYRMPXFYLþLDFHPX
❍NYDOLWQêQiYUKSURMHNWXGR
❍DVSRĖEHWDYHU]LDGRNRQFDYêXþE\YVHPHVWULGR
❍SOQiYHU]LDSRGRKRGHVFYLþLDFLPDOHQLHQHVN{UDNRYWêåGQLSUHGVN~ãNRX
ƔP\VOLHĢQDWRDE\
❍EROXþLWHĐRFKRWQêSRXåLĢWHQWRSURMHNWQDVYRMRPY\XþRYDQt
❍åLDNDMXþLWHĐUR]XPHORYOiGDQLXSURJUDPX
❍VDSRPRFRXQHKRGDODSRFKRSLĢQDXþLĢSUHFYLþLĢQHMDNiOiWND]RãNROVNpKRXþLYD
WMPDOE\]RGSRYHGDĢUHiOQHMWpPHãNRO\
❍VDSiþLOGHĢRP
❍VDSRGREDOQDSURIHVLRQiOQHY\WYRUHQêVRIWYpUJUDILNDDQLPiFLH]YXN\
ƔP{åHWHVDLQãSLURYDĢNRPHUþQêPLKUDPLGRNWRUêFKYORåtWHSHGDJRJLFNêREVDK
&ERGRYDQLH !KRGQRWLĢVDEXGHOHQSURMHNWNWRUêVSĎĖDYãHREHFQpSUDYLGOi$
ƔRWYRUHQRVĢSUHXþLWHĐDXþLWHĐPiPRåQRVĢSRPRFRXQHMDNêFKYROLHEQDVWDYLĢSDUDPHWUH
VRIWYpUXXþLWHĐPiPRåQRVĢSR]ULHĢVLORJV~ERUPD[
ƔSRXåtYDWHĐVNiSUtWXOQRVĢXVHUIULHQGO\RGROQRVĢYRþLQHYKRGQpPXVSUiYDQLX
SRXåtYDWHĐDPD[
ƔDOJRULWPLFNiQiURþQRVĢPD[
ƔStVRPQiGRNXPHQWiFLDSUHXþLWHĐDYRIRUPiWHKWPOPD[
!]DSURMHNWVDGi]tVNDĢPD[ERGRYSUtSDGQHQDYêQLPRþQH]DXMtPDYpSURMHNW\P{åH
FYLþLDFLSRXåLĢDMSUpPLRYpERG\
'GHOSKL
Ɣ'HOSKLVWDQGDUGSRGRKRGHVFYLþLDFLPDMSURILYHU]LDGHOSKL
ƔSRXåtYDĢOHQYODVWQêNyGFXG]LHXQLW\OHQYRG{YRGQHQêFKSUtSDGRFKQDSUJLIXQLW
SRGRKRGHVFYLþLDFLP
ƔP{åHWHSRXåtYDĢYãHWN\NRPSRQHQW\Y'HOSKLQHGHILQRYDĢåLDGQHQRYpNRPSRQHQW\
ƔVFYLþLDFLPVLP{åHWHGRKRGQ~ĢDM+:SDUDPHWUHSRþtWDþDQDNWRURPVDEXGHSURMHNW
RGRY]GiYDĢJUDILFNiNDUWDUR]OtãHQLHSDPlĢSULHVWRUQD+'SRXåLWLH&'UHVSLQpKR
PpGLD
(]DXMtPDYpOLQN\QDLQWHUQHWH
Ɣ$UFKtYYêXþERYpKRVRIWYpUXQD.9,
Ɣ.LGV'RPDLQ
Ɣ%R%UĤYDNWXiOQtYêEČUQHMOHSãtFKYROQČãtĜLWHOQêFKYêXNRYêFKSURJUDPĤ
Ɣ:LQ6LWH(GXFDWLRQ&HQWHU
Ɣ7KH(GXFDWLRQDO6RIWZDUH&RRSHUDWLYHDUFKtYYRĐQHãtULWHĐQêFKYêXþERYêFKSURJUDPRY
Ɣ<DKRROLJDQV<$+22SUHGHWL
1iPHW\SURMHNWRY
QDVOHGXMHQLHNRĐNRQiPHWRY]NWRUêFKVDP{åHWHLQãSLURYDĢSULQiYUKXYODVWQHMWpP\
SUYRXND
ƔLQWHUDNWtYQDUR]SUiYNDYNWRUHMVD]YLHUDWiQHMDNRVSUiYDM~
ƔFKRURE\~UD]\
ƔGRSUDYQiYêFKRYD
ƔWULHGHQLHWYDURYIDULHE
VORYHQVNêMD]\N
ƔKU\VY\EUDQêPLVORYDPL
ƔSUHFYLþRYDQLHStVDQLDUXNRX
ƔGHWVNêWH[WRYêHGLWRU&UHDWLYH:ULWHU
FXG]tMD]\N
ULDGHQLHSUtEHKXMHGQRGXFKêPLYHWDPL
Ɣ
PDWHPDWLND
ƔSRþW\SUHPDOpGHWLSUHFKRGFH]GHVLDWNXQiVREHQLHGHOHQLH
ƔSRþtWDQLHVR]iSRUQêPLþtVODPL
ƔNRQãWUXNþQiJHRPHWULD
JUDI\IXQNFLt
I\]LND
ƔPHFKDQLND
❍ULHãHQLDKODYRODPRYVNODGDQtPNODGLHN
ƔHOHNWULQD
ƔRSWLND
ƔDVWURQyPLDKYLH]G\SODQpW\UDNHW\
LQIRUPDWLND
ƔKUDQLHVDVURERWRP
ƔSULQFtSSUiFHSURFHVRUDSHULIpULt
ƔþtVHOQpV~VWDY\NyGRYDQLHãLIU\
ƔWDEXĐNRYêSURFHVRU
ƔSURJUDPRYDQLHSUHQDMPHQãtFKSRPRFRXREUi]NRYêFKSUtND]RY
SUtURGRSLV
Ɣ]RR
Ɣ]YLHUDWiQDPDSH
ƔKiGDQLHKĐDGDQLHUR]SR]QiYDQLH]YLHUDWYOHVH
FKpPLD
ƔSHULRGLFNiV~VWDYDSUYNRY
ƔFKHPLFNpODERUDWyULXPH[SHULPHQW\
]HPHSLV
ƔDWODV
ƔPDSD
ƔKUDQLFHYRGQpWRN\SRKRULDPHVWiSULHP\VHO
ƔVLPFLW\
GHMHSLV
ƔKUDFLYLOL]iFLD
ƔVLPXOiFLHKLVWRULFNêFKERMRY
ƔåLYRWYSUDYHNX
ƔGRSUDYDYVWRURþt
ƔY\QiOH]\
ELROyJLD
ƔERWDQLNDUDVWOLQN\
Ɣ]YLHUDWi
ƔþORYHN
KXGREQiYêFKRYD
ƔVSHYQtN
ƔKXGREQpEOXGLVNR
ƔKXGREQêSX]]OHVSUiYQHSRVNODGDĢUR]VWULKDQ~VNODGEX
ƔWYRUHQLHVNODGLHE
7HVWSUHIDQDWLNRY]3URJUDPRYDQLD
-HGQRVPHUQêVSiMDQê]R]QDPREVDKXMH]QDNRYpUHĢD]FHDMH]DGHNODURYDQêWDNWR
W\SH
79UFKRO FODVV
FRQVWUXFWRU&UHDWHFRQVWVVWULQJQ79UFKRO
SULYDWH
LQIRVWULQJ
QH[W79UFKRO
HQG
7=R]QDP FODVV
]N79UFKRO]DþLDWRNDNRQLHF]R]QDPX
FRQVWUXFWRU&UHDWHVWUHDP76WUHDP
HQG
1DSURJUDPXMWHREDNRQãWUXNWRU\&UHDWH.RQãWUXNWRUWULHG\7=R]QDP]RWYRUHQpKR~GDMRYpKR
SU~GXVWUHDPY\WYRUtVSiMDQê]R]QDPSULþRPYV~ERUHNDåGêEORN~GDMRYSRSLVXMHMHGHQ
UHĢD]HFDWRWDNåH]DþtQDFHOêPþtVORPEDMW\GĎåNRXUHĢD]FD]DNWRUêPQDVOHGXMHSUtVOXãQê
SRþHW]QDNRY6~ERUMHNRUHNWQê9WULHGH79UFKROQHVPLHWHPHQLĢV~NURPQpVWDYRYpSUHPHQQp
PLPRNRQãWUXNWRUD
/H[LNRJUDILFNêVWURPMHGHILQRYDQê
W\SH
7/H[6WURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
]
@RI7/H[6WURP
HQG
3UHW~WRWULHGXQDStãWHPHWyGXIXQNFLXNWRUiYUiWLQDMNUDWãLHVORYRXORåHQpYWRPWRVWURPH
6WDYRYiSUHPHQQiSRFHWREVDKXMHSRþHWYêVN\WRYVORYDNRQþLDFHKRYWRPWRYUFKROHWM
R]QDþXMHåHQHH[LVWXMHVORYRNWRUpYWRPWRYUFKROHNRQþt
$OJHEUDLFNêVWURPMHGHNODURYDQê
W\SH
7$OJ6WURP FODVV
W\SRSHUDQGRSHUDWRU
RSFKDURSHUiFLD
KRGLQWHJHURSHUDQG
OS7$OJ6WURPREDSRGYêUD]\SUHRSHUiWRU
IXQFWLRQSRVWIL[VWULQJYêUD]YSRVWIL[RYRP]iSLVH
IXQFWLRQKRGQRWDLQWHJHUKRGQRWDYêUD]X
HQG
3UHGSRNODGDMWHåHVWURPMHVNRQãWUXRYDQêNRUHNWQHWMåHDQLODQLSSUHRSHUiWRUQLHV~QLORYp
1DSURJUDPXMWHREHPHWyG\
1HRULHQWRYDQêJUDIMHUHSUH]HQWRYDQêSRĐRPPQRåtQ
W\SH
7*UDI FODVV
JDUUD\RIVHWRIE\WH
IXQFWLRQY]GDEE\WHLQWHJHU
HQG
1DSURJUDPXMWHPHWyGXY]GNWRUiYUiWLY]GLDOHQRVĢGĎåNXQDMNUDWãHMFHVW\GYRFKYUFKRORYY
JUDIH$NPHG]LWêPLWRYUFKROPLQHH[LVWXMHFHVWDWDNIXQNFLDYUiWL3RXåLWHEXćDOJRULWPXVGR
KĎEN\DOHERSUHKĐDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
3R]QNXYãHWNêP~ORKiPDNSRXåLMHWHQHMDNpSRPRFQpPHWyG\WDNLFKDMQDSURJUDPXMWH
$%
SUHURþQtN IHE
]LPQêVHPHVWHU
-HGQRGXFKiJUDILNDY'HOSKL
=DGDQLD~ORK]FYLþHQLD 6N~ãND]
2EMHNWNRU\WQDþNDNRU\WQDþLDJUDILND
3RGPLHQN\DSURFHG~U\
SURJUDPRYDQLD
]DGDQLDV~ERU\WDEXĐNDKRGQRWHQLD
=DGDQLD~ORK]FYLþHQLD
7H[WRYpV~ERU\
3DUDPHWUHDIXQNFLH
=DGDQLD~ORK]FYLþHQLD '{OHåLWpGiWXP\
3ROLDD]QDNRYpUHĢD]FH
3UiFDVUHĢD]FDPLYLDFUR]PHUQpSROLD ƔVHPHVWHUNRQþtSRVOHGQi
SUHGQiãND
=DGDQLD~ORK]FYLþHQLD ƔGRVDWUHEDSULKOiVLĢQDVN~ãNX
7\S]i]QDP ƔWHVWDM]iSRþWRYiStVRPNDVDXVNXWRþQtY
5HNXU]LD WêFKNWRUtQHPDM~DVSRĖ]R
3UiFDVP\ãRX VHPHVWUD
ƔGRRGRY]GDĢ]iSRþWRYê
=DGDQLD~ORK]FYLþHQLD SURJUDPDE\ERODPRåQiSUpPLDV
0\ãDNRU\WQDþND FYLþLDFLPP{åHWHGRKRGQ~ĢDMQHVNRUãt
7DEXĐNRYêNRPSRQHQW WHUPtQ
ƔVN~ãNDSULSRþtWDþL
=DGDQLD~ORK]FYLþHQLD ++
ÒYRGGR223 ƔYGĖRFKRSUDYQpWHUPtQ\
VN~ãN\
3URJUDPRYpMHGQRWN\G\QDPLFNpDRWYRUHQpSROLD
ƔSRVOHGQêPRåQêWHUPtQRGRY]GDQLD
=DGDQLD~ORK]FYLþHQLD ]iSRþWRYpKRSURJUDPX
3URJUDPRYiMHGQRWND.RU8QLW
3RXåLWLH]iVREQtNDUDG Ɣ IDQDWLFL
❍RERGRYêWHVW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
=DGDQLD~ORK]FYLþHQLD NXVN~ãNH
❍SURMHNWRGRY]GDĢDVSRĖEHWD
3RO\PRUIL]PXV
YHU]LXGRLQDNVDVWUiFD
3RO\PRUIQpNRU\WQDþN\ QiURNQDSUpPLRYpERG\
=DGDQLD~ORK]FYLþHQLD ❍NRPSOHWQ~YHU]LXSURMHNWX
RGRY]GDĢQDMQHVN{UGR
.OiYHVQLFDDELWPDS\
9]RURYpSUtNODG\]RVN~ãN\
5LHãHQLHGYRMLFH~ORK]RVN~ãN\
7HVWNXVN~ãNH
9êVOHGN\RSUDYQHM
NRPSOHWGHOSKL]V]LS.%
]iSRþWRYHMStVRPN\
'{OHåLWpV~ERU\
ƔNRU\WQDþLDMHGQRWNDYHU]LDSUH'HOSKLD
❍.RU8QLW2NQR8QLWVSR]QiPNRYRXSORFKRX
ƔMHGQRWNDSUHYHĐDNRU\WQDþLHNYHU]LDSUH'HOSKLD
9êVOHGN\WHVWXNX
❍.RU8QLW9HOD.RU8QLW2NQR8QLWEH]
VN~ãNH
SR]QiPNRYHMSORFK\
ƔNRU\WQDþNDSUH'HOSKLSUHURELO-iQ0LQDURYLHFK
ƔNRU\WQDþNDSUH'HOSKLYHU]LD]R]DþLDWNXVHPHVWUD
&YLþHQLD]SURJUDPRYDQLD
L L L L L L
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
)DQDWLFL
3ULHEHK]LPQpKRVHPHVWUD
ƔQiYãWHYDSUHGQiãRN±QHSRYLQQi
ƔSRYLQQRVWL]FYLþHQt±ERGRYDQp
ƔRQH~þDVWLQHWUHEDRVSUDYHGOQHQLH
ƔQHH[PRåQRVĢQiKUDG\
9VWXSQêWHVWSUHIDQDWLNRYGiVD]tVNDĢPD[ERGRY
$UHåLPSUHIDQDWLNRYWMQDStVDOYVWXSQêWHVWDVSRĖQDERGRY]ERGRY
ƔDNQHGRVLDKQHDVSRĖERGRYWLHWRVLQHRGQiãDNXVN~ãNH
Ɣ]tVNDYDWêPWRERGRYNWRUpV~QXWQpQD]tVDQLH]iSRþWXY=6DNXVN~ãNHVL
RGQiãDYãHWN\ERG\NWRUpQDYVWXSQRPWHVWH]tVNDO
[ERGRY [
ƔćDOãLHERG\ãWXGHQW]tVNDYDWêPåHSULQHVLHQDSURJUDPRYDQêVHPHVWUiOQ\
SURJUDP
\ERGRY \
ƔWDNWR]tVNDQêV~þHWERGRYVLãWXGHQWRGQiãD]RVHPHVWUD[\ ERGRY
%RVWDWQtãWXGHQWLQHStVDOLYVWXSQêWHVWDOHERQDĖRPQH]tVNDOLDVSRĖERGRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
UR]FYLþLHN
[ERGRY [
Ɣ'20È&(Ò/2+<SULEOLåQHNDåGêGUXKêWêåGHĖPRåQR]tVNDĢPtQXV
=iSRþHW
ƔEHU~VDERG\]DVHPHVWHU[\
ƔãWXGHQWNWRUê]tVNDOFH]VHPHVWHUPHQHMDNR[ERGRYQH]tVNDYD]iSRþHW
ƔãWXGHQWNWRUê]tVND]RVHPHVWUDERGRYP{åH]tVNDĢERG\NWRUpPXFKêEDM~GRQD
]iSRþWRYHMStVRPNH]tVNDYD]iSRþHWYQiKUDGQRPWHUPtQHNXVN~ãNHVLRGQiãDOHQERGRY
DMNHE\QDStVRPNHYLDF
ƔDNãWXGHQW]tVNDDVSRĖERGRY]tVNDYD]iSRþHWYULDGQRPWHUPtQHDYãHWN\ERG\VLRGQiãD
NXVN~ãNH
ƔN]tVNDQLX]iSRþWXMHQXWQpRGRY]GDQLH]iSRþWRYêFKSURJUDPRYDOHERVHPHVWUiOQHKR
SURJUDPXDNãWXGHQWSDWULOGRNDWHJyULH$
6N~ãND
ƔWHUPtQ\VN~ãRNWêåGQHSUHG]DþLDWNRPVN~ãNRYpKRREGRELD
ƔWHUPtQ\
ƔPiWHQiURNQDULDGQ\WHUPtQDNQHXVSHMHWHWDNRSUDYQêWHUPtQOHQGRNRQFD
VN~ãREQpKR
ƔRSUDYQêWHUPtQDNGiY\XþXM~FL±YSURJUDPRYDQtWRQLHMH]Y\NRP
ƔRVSUDYHGOQLĢVD]QH~þDVWL]RVN~ãN\GRGQt
ƔSRGPLHQNRXNXVN~ãNHMH]tVNDQLH]iSRþWXDNQHPi]iSRþHWWDNVWUDWDWHUPtQX
ƔNERGRPNWRUpVLSULQLHVRO]RVHPHVWUD[\ ]tVNDYDćDOãLHSRþDVSULHEHKXVN~ãN\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
RGODGHQLHSURJUDPRYQDSRþtWDþLSRERGRYSRYROHQêĢDKiN
ƔQDULDGQRPWHUPtQHWUHED]SUDNWLFNHMþDVWL]tVNDĢDVSRĖERGRYLQDNMH
]QiPND1(9<+29(/
± 1(9<+29(/
± '2%5(
± 9(ď0,'2%5(
±! 9é%251(
PRåQRVĢ]tVNDQLDHSVLORQRYHMSUpPLHNERGRP~SUDYDSURJUDPXULHãHQLH
YãHREHFQHMãHM~ORK\DSRGUHVSHSVLORQRYHMVWUDW\]DQH~SUDYX
3RN\Q\N]iSRþWRYpPXSURJUDPX
ƔQDMQHVN{UGRGRVWDQHWHRGVYRMKRFYLþLDFHKRNRQNUpWQXWpPX]iSRþWRYpKRSURJUDPX
Ɣ~ORKRXMHQDStVDĢSURJUDPY'HOSKLNWRUê]DEH]EHþtREVOXKXMHGQRGXFKHMGDWDEi]\SULþRP
NDåGêãWXGHQWGRVWDQHLQ~WHPDWLFN~REODVĢ
'DWDEi]RYêSURJUDPPXVt]DEH]SHþRYDĢQDVOHGXM~FH]iNODGQHIXQNFLH
ƔLQLFLDOL]iFLDGDWDEi]\SURJUDPXPRåĖXMHSUiFXVYLDFHUêPLGDWDEi]RYêPLV~ERUPLQLHQXWQH
V~þDVQH
ƔSUHGRWYRUHQtPGDWDEi]RYpKRV~ERUXVDXUREtMHKRV\QWDNWLFNiNRQWURODDYSUtSDGHFK\E\VD
SURJUDPVQDåtQDþtWDĢPD[LPiOQHPQRåVWYRVSUiYQ\FK~GDMRY
Ɣ]iSLVSULGDQLHQRYHMSRORåN\PRGLILNiFLDHGLWRYDQLHSRORåN\Y\PD]DQLH]UXãHQLH
SRORåN\VXUþLWêPVWXSĖRPXåLYDWHĐVNpKRNRQIRUWX
ƔY\KĐDGiYDQLHSRORåLHNSRGĐDNĐ~þD
ƔLPSRUWH[SRUWVSiMDQLHUR]GHĐRYDQLHGDWDEi]RYêFKV~ERURYQHSRYLQQp
3ULWRPWUHEDGRGUåLDĢ
ƔNDåGiSRORåNDGDWDEi]\PXVtE\ĢREMHNWRPQHSRYLQQp
ƔSURJUDPPXVtREVDKRYDĢWHVWRYDFtV~ERUVDVSRĖSRORåNDPL
ƔSULG{OHåLWêFKRSHUiFLDFKDNRMHY\PD]DQLHSRORåN\SUtSDGQHLQLFLDOL]iFLDGDWDEi]\VD
REMDYXM~YDURYQpVSUiY\
ƔGDWDEi]DMHXORåHQiYãWUXNWXURYDQRPWH[WRYRPV~ERUHYNWRURPMHGQRWOLYpSRORåN\GDWDEi]\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
'HOSKLVWDQGDUGVDQHVP~SRXåtYDĢNRPSRQHQW\]SDOHW\'DWD$FFHVVD'DWD&RQWUROV
3UHGSRNODGRPQDRGRY]GDQLHMHIXQNþQRVĢFHOpKRV\VWpPXVSROXVYKRGQHIRUPiWRYDQêP
]GURMRYêPSURJUDPRP
3UpPLRYpERG\VDXGHĐXM~]DQDGãWDQGDUGQpVSOQHQLH]iNODGQêFKIXQNFLtDRULJLQDOLWXFHOpKR
SURMHNWX
7HUPtQ\QDRGRY]GiYDQLH
3RNLDĐFKFHWHPDĢQiURNQDSUpPLXPXVtWHRGYR]GDĢ]iSRþWRYêSURJUDPQDMQHVN{UGRNRQFD
]iSRþWRYpKRWêåGĖDYUiPFLNRQ]XOWDþQêFKKRGtQ
7HVWSUHIDQDWLNRY
ƔYRãWYUWRNVHSWHPEUDSRþDVSUHGQiãN\SRVOXFKiUHĖ$R
ƔWUHEDVDGRSUHGXSULKOiVLĢSDSLHUQDVNOHQHQHMVWHQHSUHG,
ƔStVRPQêWHVWWUYiPLQ~W
REMHNWRYpKRSURJUDPRYDQLDMHSRYLQQiDNQLHMHY\ULHãHQiDVSRĖQDWDNVDWHVWQHSRþtWD
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[JOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
-HGQRGXFKiJUDILNDY
VHSW
'HOSKL
=DþtQDPHV'HOSKL
3ULSRPHĖPHVL7XUER3DVFDODMHKRSURVWUHGLH
ƔSRXåtYDOVDMD]\N3DVFDONWRUêEROYćDNDILUPH%RUODQGUR]ãtUHQêR
❍XQLW\QH]iYLVOHNRPSLORYDQpSURJUDPRYpMHGQRWN\QDSU*UDSK&UW
❍REMHNWRYiQDGVWDYED
❍UHĢD]FRYêW\SVWULQJ
❍HGLWRYDĢSURJUDP
❍VS~ãĢDĢDODGLĢQDSUNURNRYDĢSUH]HUDĢVLREVDK\SUHPHQQêFK
ƔJHQHURYDQêNyG
❍Y\WYiUDOVDVSXVWLWHĐQêSURJUDPV~ERUVSUtSRQRX(;(
❍SURJUDPP{åHY\XåtYDĢJUDILFNêUHåLPREUD]RYN\DOHSRWUHEXMHQDWR%*,V~ERU\UHVSLQpSRPRFQpV~ERU\V
IRQWDPL
3RURYQDMPHWRV'HOSKDPL
QDMPlQDSRGSRUXSURJUDPRYDQLDSRG:LQGRZV
❍REMHNW\PDM~QRY~ILOR]RILX
❍RGSDGOLU{]QHREPHG]HQLDGiWRYêFKãWUXNW~USROLDGR.%VWULQJ\GR]QDNRYDSRG
ƔSURVWUHGLHEHåtSRG:LQGRZV:::LQ17
❍SURJUDP\P{åHPHQLHOHQHGLWRYDĢDODGLĢDOH
❍P{åHPHQDYUKQ~ĢYL]XiOQRXIRUPRXKUXEêY]KĐDGSURJUDPXW]YIRUPXOiUX±RNQD
Ŷ'HOSKL]DEH]SHþXMHVSROXSUiFXVSUtVOXãQêPLNQLåQLFDPL
ŶSUDFXMHPHVSUHGSURJUDPRYDQêPLVWDYHEQêPLNDPHĖPL NRPSRQHQWDPL
ƔJHQHUXMHNyG
❍VSXVWLWHĐQêSURJUDP(;(MHELWRYê
❍YlþãLQRXV~SURJUDP\:LQGRZVDSOLNiFLDPLGiVDXURELĢDM'26DSOLNiFLD
3UYêSURJUDP
ƔQDSUHGQiãNDFKVDSURVWUHGtP'HOSKLEXGHPH]DREHUDĢOHQPLQLPiOQH
Ɣ]DþQHPHYHĐPLMHGQRGXFKRXJUDILNRX
❍YJUDILFNHMSORFKHYHĐNRVWLSULEOLåQH[EXGHPHSRPRFRXJUDILFNpKRSHUDNUHVOLĢQHMDNpJHRPHWULFNp
~WYDU\
❍]DþQHPHVSUHGSULSUDYHQêPSURJUDPRPPRåQRKRVWLDKQXĢ]SUY\]LSDOHERY\WYRULĢPDQXiOQHSRSLVMHY
SUDNWLFNHMþDVWLSUHGQiãN\NWRUêXåPi]DGHILQRYDQ~JUDILFN~SORFKXDMHGQRWODþLGORQDVSXVWHQLHSURJUDPX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
❍P{åHPHYLGLHĢåHV~UDGQLFHV~RULHQWRYDQp]ĐDYpKRKRUQpKRURKXGRSUDYpKRGROQpKR
❍YSUYRPSUtNODGHQDNUHVOtPHREGĎåQLN
EHJLQ
J5HFWDQJOH
HQG
❍StVPHQRJVERGNRXQD]DþLDWNXSUtND]XR]QDþXMHNUHVOHQLHGRSULSUDYHQHMJUDILFNHMSORFK\JUDILFNêFKSO{FK
E\PRKORE\ĢDMYLDFSUtND]5HFWDQJOHQDNUHVOtREGĎåQLNNWRUpKRVWUDQ\V~URYQREHåQpVRVDPLĐDYêKRUQê
URKREGĎåQLNDMHYERGHDSUDYêGROQê
❍SRVSXVWHQtSURJUDPXDNOLNQXWtQDWODþLGOR%XWWRQVDQDNUHVOtREGĎåQLN
REGĎåQLNRYP{åHPHQDNUHVOLĢDMYLDFQDSUREGĎåQLN\SRGVHERX
❍
EHJLQ
J5HFWDQJOH
J5HFWDQJOH
J5HFWDQJOH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
❍SUtND]\QDY]iMRPRGGHĐXMHPHERGNRþLDUNRX
❍YãHWN\REGĎåQLN\EROLQDNUHVOHQpWHQNêPþLHUQ\PSHURPDEROLY\SOQHQpELHORXIDUERXDWULE~W\SHUDDMYêSOQH
P{åHPHPHQLĢWDNêPLWRSULUDćRYDFtPLSUtOND]PL
EHJLQ
J5HFWDQJOH
J3HQ&RORU FO5HG
J5HFWDQJOH
J3HQ&RORU FO%OXH
J3HQ:LGWK
J%UXVK&RORU FO<HOORZ
J5HFWDQJOH
HQG
❍SUYêREGĎåQLNPiþLHUQ\REYRGGUXKêþHUYHQêDWUHWtPiKUXEêPRGUêREYRGDMHY\SOQHQêåOWRXIDUERX
❍UH]HUYRYDQpVORYiEHJLQDHQGR]QDþXM~]DþLDWRNDNRQLHFSDVFDORYVNpKRSURJUDPXXNiåHPHVLSRXåLWLH
MHGQRGXFKêFKSUHPHQQêFKDIRUF\NOX
YDULLQWHJHU
EHJLQ
IRUL WRGR
J5HFWDQJOHL
L
HQG
❍WHQWRSURJUDPQDNUHVOtREGĎåQLNRY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
❍SUYêULDGRNYDULLQWHJHUGHILQXMHMHGQXFHORþtVHOQ~SUHPHQQ~P{åHQDGRE~GDĢKRGQRW\]LQWHUYDOX
WMFHORþtVHOQiDULWPHWLNDSDVFDOXSR]QiWLHWRRSHUiFLH
Ŷ
GLYDPRG
❍FHORþtVHOQpSUHPHQQp]DEHUDM~YSDPlWLSRþtWDþDEDMW\WMELWRY
❍SUtND]IRUF\NOXYSDVFDOH
❍9ãHREHFQH
IRUULDGLDFDBSUHPHQQi YêUD]WRYêUD]GRSUtND]
❍5LDGLDFDBSUHPHQQiSUHPHQQiSUHF\NOXVIRU
ŶSULUDGtVDMHMKRGQRWDDN~QDGRE~GDYêUD]
ŶYêUD]VDY\KRGQRWtQD]DþLDWNXF\NOX
ŶDNMHMHKRKRGQRWDPHQãLDDNRKRGQRWDYêUD]F\NOXVVDQHY\NRQi
ŶDNMHYêUD] YêUD]F\NOXVSUHEHKQHSUiYHUD]
ŶLQDNULDGLDFDBSUHPHQQiSUHFKiG]DUR]VDKRPKRGQ{WPHG]LYêUD]DYêUD]
ŶPXVtE\ĢRUGLQiOQHKRW\SX]DWLDĐSR]QiPHOHQFHORþtVHOQêRUGW\SLQWHJHU
ŶMHMKRGQRWXSURJUDPiWRUYSULHEHKXF\NOXQHVPLHPHQLĢWMQHVPLHE\ĢQDĐDYHMVWUDQHåLDGQHKR
SULUDćRYDFLHKRSUtND]XSRþDVSUHFKRGXIRUF\NOX
ŶSRVNRQþHQtF\NOXPiQHGHILQRYDQ~KRGQRWXR]QDþXMHPH
"
Ŷ3R]QiPND3RVNRQþHQtF\NOXULDGLDFDSUHPHQQiQHPiKRGQRWXNWRU~QDGRE~GDYêUD]DQLåLDGQX
LQ~MHMSRGREQ~
❍ćDOãtSURJUDPXND]XMHDNRP{åHPHYF\NOHRSDNRYDĢYLDFSUtND]RYX]DYULHPHLFKPHG]LEHJLQDHQG
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
J3HQ&RORU
IRUL WRGR
EHJLQ
J0RYH7RL
J/LQH7R
LL
HQG
HQG
❍GRSOQtPHYêSLVWH[WXGRJUDILFNHMSORFK\SUtND]RP7H[W2XWNWRUêGRVWDQHV~UDGQLFHDQHMDNêWH[W
YDULLQWHJHU
EHJLQ
J3HQ:LGWK
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
J3HQ&RORU FO*UHHQ
IRUL WRGR
EHJLQ
J7H[W2XWL
,QW7R6WUL
J0RYH7RL
J/LQH7R
LL
HQG
HQG
❍SRXåLOLVPHãWDQGDUGQ~IXQNFLX,QW7R6WUNWRUi]FHOpKRþtVODY\UREtWH[WDE\VPHKRPRKOLY\StVDĢ
'(/3+,
Ɣ QD~YRGSUHGSRNODGDMPHåHY'HOSKiFKPiPHQDþtWDQêSUHGSULSUDYHQêSURMHNW]RV~ERUXSUY\]LS
ƔWHQWRSURJUDPSRQDãWDUWRYDQt)]REUD]tSUi]GQH:LQGRZVRNQROHQVMHGQêPWODþLGORPDSUi]GQRXJUSORFKRX
ƔSR]DWODþHQtWRKRWRWODþLGODNOLNQXWtPP\ãRXVD]DWLDĐQLþQHXGHMH
ƔRNQRQiãKRSURJUDPXP{åHPHYR:LQGRZVSRV~YDĢDMPHQLĢPXYHĐNRVĢDP{åHPHKRDMXNRQþLĢ$OW)
Ɣ ]SUHGSULSUDYHQpKRSURJUDPXVLEXGHPHQD]DþLDWRNYãtPDĢOHQþDVĢ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
HQG
Ɣ GYHORPtWNDR]QDþXM~]DþLDWRNNRPHQWiUDQDPLHVWRQLFKVHPEXGHPHStVDĢSURJUDP]DþQHPHY\NUHVOHQtP
REGĎåQLND
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J5HFWDQJOH
HQG
*UDILFNpSUtND]\
SULUDćRYDFtPLSUtND]PL
❍J3HQ&RORU FO5HGQDVWDYtIDUEXSHUDQDþHUYHQ~
ŶćDOãLHPHQiIDULHEQDSUFO%ODFNFO:KLWHFO5HGFO%OXHFO<HOORZFO*UHHQ
❍J3HQ:LGWK QDVWDYtKU~ENXSHUD
❍J3HQ6W\OH SV'DVKQDVWDYtãWêONUHVOHQLDþLDUQDþLDUNRYDQêLQpãWêO\DNRSV6ROLG
QRUPiOQHþLDU\IXQJXM~OHQSUHKU~ENX
ŶSV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
ƔREGĎåQLNNWRUêVPHNUHVOLOLQD]DþLDWNXVDQHVNODGiOHQ]RþLDUDOHMHY\SOQHQêELHORXIDUERX3RGREQHDNRVPH
PHQLOLQDVWDYHQLDJUDILFNpKRSHUDP{åHPHPHQLĢDMQDVWDYHQLDSUHY\SĎĖDQLH
❍J%UXVK&RORU FO<HOORZQDVWDYtIDUEXYêSOQH
❍J%UXVK6W\OH EV9HUWLFDOQDVWDYtãUDIRYDQLHEV6ROLGMHQRUPiOQHY\SĎĖDQLHEV&OHDU
]QDPHQiREGĎåQLNEH]Y\SOQHQpKRYQ~WUD
ŶEV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
ƔSRGREQHDNRREGĎåQLNVDNUHVOtDMHOLSVDQDVWDYHQpDWULE~W\SHUDSUHREU\VDSDUDPHWUHYêSOQHSUHYQ~WUR
QDNUHVOtVDNUXK
ƔYêSLVWH[WRYpKRUHĢD]FD
NWRUiY\WYiUDWH[WRYêUHĢD]HFQDSU,QW7R6WU
ƔSUHStVPR
❍J)RQW&RORU IDUED
❍J)RQW+HLJKW YHĐNRVĢYêãNDStVPHQ
❍J)RQW1DPH PHQRIRQWX
$ULDO
7LPHV1HZ5RPDQ
❍J)RQW6W\OH ãWêOSRGPQRåLQD>IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW@
QLHNRWUpãWDQGDUGQpIXQNFLHY3DVFDOH
Ɣ VLQFRV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
ƔURXQG
ƔUDQGRP
Ɣ,QW7R6WU
.OiYHVRYpVNUDWN\
Ɣ)VSXVWHQLHSURJUDPX
Ɣ$OW)XNRQþHQLHEHåLDFHKRSURJUDPX
Ɣ)SUHSQXWLHPHG]LIRUPXOiURPDHGLWRYDFtPRNQRP
Ɣ)]REUD]tREMHNWRYêLQãSHNWRU
Ɣ)&WUO)KHOSNRQWH[WRYêKHOS
Ɣ))VDYHORDGDNMH]DSQXWpNODVLFNpERUODQGRYVNpUR]ORåHQLHNOiYHVRYêFKVNUDWLHN
1'Ò
ƔãDFKRYQLFHSRPRFRX0RYH7RD/LQH7RUHVSSRPRFRX5HFWDQJOHY\SĎĖDQLHU{]Q\PLIDUEDPL
ƔS\UDPtGD]RãWYRUþHNRYWURMXKROQtNRY
ƔSULHEHKIXQNFLHVLQUHVSLQêFKIXQNFLt
/LWHUDW~UD
Ɣ7KRPDV%LQ]LQJHU1DXþWHVHSURJUDPRYDWY'HOSKL*UDGD
ƔĐXERYRĐQpXþHEQLFH'HOSKLD3DVFDOXQLHMHWUHED]KiĖDĢNQLK\SUHYêYRMiURYDSURIHVLRQiORY
3UDNWLFNiþDVĢSULSRþtWDþL
1DãWDUWXMPH'HOSKL
Ɣ'HOSKLVLSULãWDUWHSDPlWiþRVDURELORQDSRVOHG\DSUHWRDNMHSULãWDUWHQHMDNêSURJUDPRWYRUHQêWDNYPHQX)LOH
]YROtPH1HZ$SSOLFDWLRQ
Ɣ9KRUQHMþDVWLYLGtPHKODYQêSiVWODþLGLHODYMHKRSUDYHMSRORYLFLþDVWLSRQXNXNRPSRQHQWRY
Ɣ9ĐDYHMþDVWLE\PDOE\Ģ2EMHNWRYêLQãSHNWRU±EXGHPHKRSRXåtYDĢQD]PHQXNRPSRQHQWRYYRIRUPXOiULDNWRWR
RNQRQHYLGtPHREMDYtVDSRVWODþHQt)
Ɣ9VWUHGHV~GYHRNQiHGLWRYDFLHDRNQRIRUPXOiUXNWRUpVDþDVWRSUHNUêYDM~NOiYHV)LFKQDY]iMRPY\PLHĖD
Ɣ7RþRQiP'HOSKLSRQ~NORDNRQRY~DSOLNiFLXMHYVNXWRþQRVWLXåSUHGSULSUDYHQêSURJUDPNWRUêE\VPHPRKOL
VSXVWLĢ
±SRVSXVWHQtE\VD]REUD]LOROHQSUi]GQHRNQR±WHQWRSURJUDP]DWLDĐQLþLQpQHYLH±P{åHPHKROHQ]DVWDYLĢQDSU
$OW)
Ɣ6N{UDNRWHQWRSURJUDPVSXVWtPHPXVtPHKRQDMSUYXORåLĢQDGLVNQDMOHSãLH6DYH3URMHFW$VDMHGREUHVLKQHć
RG]DþLDWNX]Y\NQ~ĢQDWRåHMHGREUHNDåGêSURMHNWXORåLĢQDGLVNGRQRYpKRSRGDGUHViUXQDSUQDVYRMGLVN
(?3URMHNW\?3URJ?
Ɣ3URJUDPP{åHPHVSXVWLĢQDSUNOiYHVRP)
3URJUDPXMHPHMHGQRGXFK~JUDILNX
1iãSUYêSURJUDPGRJUDILFNHMSORFK\QDNUHVOtREĎåQLN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
Ɣ 'RSUi]GQHKRIRUPXOiUXSRORåtPHJUDILFN~SORFKXDMHGQRWODþLGOR
Ɣ DNRJUDILFNDSORFKDQiPSRVO~åLNRPSRQHQW,0$*(]SDOHW\NRPSRQHQWRY$GGLWLRQDO
Ɣ SRGREQHY\EHULHPHWODþLGOR%87721]RãWDQGDUGQHMSDOHW\
DNRP\ORPGRIRUPXOiUXYORåtWHNRPSRQHQWNWRUêWDPPDĢQHFKFHWHMHGQRGXFKRQDĖQDMSUYNOLNQLWHP\ãRXD
❍
SRWRPKR]UXãtWHNOiYHVRP'HO
Ɣ3R]ULPHVDWHUD]GRHGLWRYDFLHKRRNQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
SORFK\QDNUHVOLOLQHMDNpJUDILFNp~WYDU\
Ɣ'YRMNOLNQHPHYRIRUPXOiULQDWODþLGOR%XWWRQDYWHG\VDQiPYHGLWRYDFRPRNQHSULSUDYt~VHNSURJUDPXGRNWRUpKR
P{åHPHStVDĢSRVWXSQRVĢSUtND]RY7iWRSRVWXSQRVĢVDEXGHY\NRQiYDĢSRþDVEHKXSURJUDPXYåG\SR]DWODþHQt
WODþLGODNOLNQXWtQDWODþLGOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
Ɣ QDSUYêSRNXVVHPSULGiPHMHGHQULDGRN
Ɣ DSURJUDPVSXVWtPHNOiYHVRP)3RNOLNQXWtQDWODþLGOR%XWWRQVDYELHOHMJUDILFNHMSORFKHREMDYtREGĎåQLN
Ɣ.OiYHVRP$OW)SURJUDPXNRQþtPH
Ɣ$E\VPHVLGREXG~FQD]MHGQRGXãLOLDVSUHKĐDGQLOL]iSLVQDãLFKSURJUDPRYQDPLHVWR,PDJH&DQYDVEXGHPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
Ɣ 3RVSXVWHQtE\PDOSUDFRYDĢ~SOQHURYQDNRWMQDNUHVOLĢREGĎåQLN
7\S\V~ERURYYSURMHNWHY'HOSKL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
Ɣ8QLWSDVSURJUDPRYêSRSLVIRUPXOiUXþRDDNRPiIRUPXOiUURELĢ SRGREiVDQDNODVLFNêSDVFDORYVNê
SURJUDP
Ɣ8QLWGIPYQ~WRUQiGHILQtFLDGHOSKLIRUPXOiUX DNpDNGHV~NRPSRQHQW\YRIRUPXOiULQDSU,PDJHD
%XWWRQ
Ɣ8QLWGFXSUHORåHQê8QLWSDVYVWDURPSDVFDOHWSX
2GSRU~þDPHQDVOHGRYQpQDVWDYHQLDNRPSLOiWRUD
Ɣ PHQX7RROVSRGPHQX2SWLRQV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
Ɣ PHQX3URMHFWSRGPHQX2SWLRQV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
;BǁÓOBNFT%FMQIJ
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
2EMHNWNRU\WQDþND
VHSW
NRU\WQDþLDJUDILND
1DXþtPHVDSUDFRYDĢVREMHNWRPNRU\WQDþND
ƔMHWRãSHFLiOQHJUDILFNpSHURNWRUpVDSRK\EXMHSRJUDILFNHMSORFKHSULþRPP{åH]DQHFKiYDĢ]DVHERXVWRSXþLDUX
ƔNRU\WQDþNDVLRVHEHQHVLHQHMDN~LQIRUPiFLXQDSUNGHVDQDFKiG]DYURYLQHNWRUêPVPHURPMHQDWRþHQiDNpPi
QDVWDYHQpSHURþLMHSHUR]GYLKQXWp
ƔSRORKDNRU\WQDþN\P{åHE\Ģ]REUD]HQiQHMDNêPJHRPHWULFNêPWYDURPQDMþDVWHMãLH]HOHQêPWURMXKROQtNRPWHQWR
Y\MDGUXMHMHMPRPHQWiOQXSRORKXDVPHUQDWRþHQLD
ƔNRU\WQDþNDPiSUHGGHILQRYDQpQHMDNpSRYHO\YlþãLQRXVO~åLDQD]PHQXSRORK\VPHUXDOHERQDVWDYHQtSHUD
.HćEXGHPHFKFLHĢSUDFRYDĢVNRU\WQDþNRX
ƔQDMSUYPXVtPH]DGHILQRYDĢSUHPHQQ~W\SXNRU\WQDþNDQDSUYDUN.RU
ƔSRWRPPXVtPHY\WYRULĢRåLYLĢW~WRNRU\WQDþNXãSHFLiOQ\PGHOSKLSUtND]RPN .RU&UHDWH
❍SRGREQHVDYGHOSKLY\WYiUDM~YãHWN\ZLQGRZVSUYN\QDSUJUDILFNiSORFKD7,PDJHWODþLGOR7%XWWRQDWć
SRGREQHDNRSUHSUtND]\SUHJUDILFN~SORFKXYPLQXOHMSUHGQiãNH
3R]ULPHW~WRþDVĢSURJUDPXYNWRUHMNRU\WQDþNDQDNUHVOtãWYRUHFVRVWUDQRX
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWH
NXND]
IRUL WRGR
EHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
.RU\WQDþLHSUtND]\
QDSR]tFLL[\VDY\WYRUtNRU\WQDþNDVRVPHURPXKRO
PiXNU\WêWYDUSHURMHVSXVWHQpDMHþLHUQHWHQNp
XKO\V~YVWXSĖRFKP{åXE\ĢDMQLHFHOpþtVOD
XKROMHQDVHYHURVWDWQpXKO\VDXUþXM~YVPHUHRWiþDQLDKRGUXþLþLHN
DQL[D\QHPXVLDE\ĢFHOpþtVOD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
'RSUHGXGĎåNDBNURNX
Ɣ
QHPXVtE\ĢFHOpDQLNODGQpþtVOR
Ɣ9SUDYRXKRO
Ɣ9ODYRXKRO
Ɣ=PHQ6PHUXKRO
NRU\WQDþNDQDVWDYtVYRMVPHUQDKRGQRWXXKRO
Ɣ3+
SHURKRUH
Ɣ3'
SHURGROH
Ɣ=PHQ;<[\
DNMHSHURGROHWDNVDNUHVOtþLDUD
Ɣ8ND]
NRU\WQDþNDVD]REUD]XMH]HOHQêPURYQRUDPHQQêPWURMXKROQtNRP
QHVN{UVDQDXþtPHPHQLĢMHMWYDUDMIDUEX
Ɣ6NU\
Ɣ=PHQ)3IDUED
IDUHEQiNRQãWDQWDFO%ODFNFO5HGFO%OXH
DNRIDUEDVDP{åHSRXåLĢDMNRQãWUXNFLD5*%þtVORþtVORþtVORNGHþtVODP{åXE\Ģ!
Ɣ=PHQ+3KU~END
ĐXERYRĐQpFHOpNODGQpþtVOR
*UDILFNiSORFKD
ƔSRGREQHDNRQDPLQXOHMSUHGQiãNHYHĐNRVĢJUDILFNHMSORFK\]iYLVtRGYHĐNRVWLNRPSRQHQWX,PDJHQDIRUPXOiUL
ƔEXGHPHSUHGSRNODGDĢåHMHYHĐNiDVSRĖ[
ƔQDUR]GLHORGãWDQGDUGQHMZLQGRZVJUDILN\PiNRU\WQDþLDJUDILNDLQDNQDVWDYHQpV~UDGQpRVL
RYiRVPiNODGQpKRGQRW\QDKRUSUHVQHDNRYPDWHPDWLNH
❍WR]QDPHQiåH[RYpV~UDGQLFHYSORFKHV~]LQWHUYDOX!D\RYp]!
ƔPiPHNGLVSR]tFLLSUtND]]PD]NWRUê]PD]HREVDKJUDILFNHMSORFK\SULþRPNRU\WQDþNDRVWiYDQDVYRMRPPLHVWH]PD]
QLHMHNRU\WQDþtSUtND]QHStãHPHSUHGQHKRN
.RU\WQDþLDSURJUDPRYiMHGQRWNDXQLW
ƔDE\VPHPRKOLSUDFRYDĢVNRU\WQDþRXJUDILNRXDGHILQRYDĢVLYODVWQpNRU\WQDþN\PXVtPHVLSURMHNWY'HOSKLãSHFLiOQH
SULSUDYLĢVWLDKQLWHVLKR]NRU]LSSURMHNWQLHMHSULSUDYHQêSUH'HOSKL
ƔYSURMHNWHVLYãLPQLPHWLHWRGHWDLO\
❍VDPRWQêSURJUDPMHYV~ERUH2NQR8QLWSDVDREVDKXMHYLDFSUHGGHILQRYDQêFKSURFHG~U
❍]DWLDĐMHSUHQiV]DXMtPDYiOHQ~SOQHSRVOHGQiSURFHG~UD
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
NWRUiVDDXWRPDWLFN\VSXVWtSULãWDUWHQiãKRSURMHNWX
❍PRPHQWiOQHWHORWHMWRSURFHG~U\MHPDOêSUtNODG]~YRGXSUHGQiãN\QDNUHVOHQLHãWYRUFDWHQWRSUtNODGP{åHWH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
SUHSLVRYDĢYODVWQêPLSURJUDPDPL
❍YULDGNX]DVORYRPLPSOHPHQWDWLRQMHULDGRN
XVHV.RU8QLW
NWRUê]DEH]SHþtåH'HOSKLEXG~SR]QDĢNRU\WQDþLXJUDILNX.RU8QLWMHSURJUDPRYiMHGQRWNDXQLWYNWRUHMMH
NRPSOHWQH]DGHILQRYDQpVSUiYDQLHNRU\WQDþLHN7HQWRV~ERUVLP{åHWHSUH]ULHĢDNRWYRUtWH.RU8QLWSDVSRPRFRX
)2SHQYPHQX)LOHQHVN{UVDQDXþtPHSRUR]XPLHĢYlþãLQHNRQãWUXNFLt
❍YRIRUPXOiULYROiVD2NQRMHRNUHPJUDILFNHMSORFK\NRPSRQHQW3ORFKDHãWHSULSUDYHQêNRPSRQHQW
3R]QDPN\WHQWRQiPXPRåQtY\SLVRYDĢU{]QHSRPRFQpWH[WRYpLQIRUPiFLHSRþDVY\NRQiYDQLDQiãKRSURJUDPX
SUtSQDþtWDYDĢU{]QH~GDMH7HQWRNRPSRQHQWMHPRPHQWiOQHVNU\WêDNUXþQH]YlþãtPHSUDYêRNUDMIRUPXOiUX
WDNVDREMDYt
3UYpMHGQRGXFKpSURJUDP\
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WRGR
EHJLQ
NGRSUHGX
L
NYSUDYR
HQG
HQG
YåG\EXGHPHPRGLILNRYDĢOHQSURFHG~UX72.12:0VWDUW
YDUN.RU
LMLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUM WRGR
EHJLQ
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
NYSUDYR
HQG
HQG
VHNXQGX
❍DNQDĐXERYRĐQpPLHVWRSURJUDPXSULGiPHSULUDGHQLHVSRPDO þtVORþtVORPXVtE\ĢQHMDNpFHOpþtVORWDNRG
WRKRWRPRPHQWXVDY\NRQDQLHNDåGpKRNRU\WQDþLHKRSUtND]XSR]GUåtSUtVOXãQêSRþHWPLOLVHN~QGWRWRþtVOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
P{åHPHSRþDVYêSRþWXPHQLĢ]QDPHQiEH]SR]GUåDQLD
❍SUtND]FDNDM(QWHU]DVWDYtYêSRþHWDSRNUDþXMHVDDåSRVWODþHQtNOiYHVX(QWHU!
XKO\DMGĎåN\QHPXVLDE\ĢFHOpþtVODKRFLVDNRU\WQDþNDQDREUD]RYNH]REUD]XMHYQHMDNRPUDVWUL
YDUN.RU
LMLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUL WRGR
EHJLQ
IRUM WRGRNGRSUHGX
IRUM WRGRNYODYR
HQG
HQG
9LDFNRU\WQDþLHN
YSURJUDPHP{åHPHY\WYRULĢDULDGLĢDMQDUD]YLDFNRU\WQDþLHN
Ɣ
GiPHLPU{]QHPHQiQDSUNNDSUHGNDåGêNRU\WQDþtSUtND]QDStãHPHSUtVOXãQpPHQRQDSUNXND]
Ɣ
YDUNN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
VSRPDO
IRUL WRGR
EHJLQ
NGRSUHGX
NGRSUHGX
NYSUDYR
NYSUDYR
HQG
HQG
ĆDOãLH~ORK\
]DXMtPDYiãSLUiOD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
YDUN.RU
GLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUG WRGR
EHJLQ
NGRSUHGX
NYSUDYRGY\VN~ãDMWH
NYSUDYRG
HQG
HQG
NUXåQLFDDNRSUDYLGHOQêXKROQtNVRVWUDQRX
YDUN.RU
QLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
IRUQ WRGR
EHJLQ
NGRSUHGX
NYSUDYR
HQG
HQG
OXSHĖNYHWXMHY\WYRUHQê]GYRFKãWYUĢNUXKRY
YDUN.RU
LMQLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N=PHQ+3N=PHQ)3FO5HG
IRUL WRGR
EHJLQ
IRUM WRGR
EHJLQ
IRUQ WRGR
EHJLQ
NGRSUHGX
NYSUDYR
HQG
NYSUDYR
HQG
NYSUDYR
HQG
HQG
2EMHNWNRU\WQDþND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
7LHWRNRU\WQDþNRYpSUHPHQQpVDOtãLDRGRE\þDMQêFKSUHPHQQêFKWêPåH
ƔVLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYêFKSUHPHQQêFKQDSUSR]tFLDIDUEDWYDU
ƔPDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUêFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYpSUHPHQQpWDNêPWR
SUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQNRU\WQDþN\SUHPHQQpW\SX.RU
ƔPXVLDE\ĢY\WYRUHQpQLHGHNODURYDQpãSHFLiOQ\PVS{VRERP.RU&UHDWHDNêPVDWDNWRQHY\WYRULDQHVP~VD
Y{EHFSRXåtYDĢ
ƔWDNêPWRSUHPHQQêPKRYRUtPH2%-(.7DW\SRP]NWRUêFKY\WYiUDPHREMHNW\QDSU.RUKRYRUtPH75,('$SR
DQJOLFN\REMHFWDFODVVQLHNHG\VDREMHNWXKRYRUtDMLQãWDQFLDWULHG\
ƔRNUHPNRU\WQDþLDNVPHVDXåVWUHWOLDMVLQêPLREMHNWDPLQDSU3ORFKD2NQR3R]QDPN\DYPLQXOHMSUHGQiãNH)RUP
,PDJH%XWWRQDMSUHPHQQiJNWRUiERODLQãWDQFLRXWULHG\7&DQYDV
Ɣ]DWLDĐVLRREMHNWRFKWUHED]DSDPlWDĢåHV~WRSUHPHQQpNWRUpYVHEHP{åXREVDKRYDĢYHĐDVWDYRYêFKSUHPHQQêFKDWLHå
7ULHGDNRU\WQDþND.RU
❍;6XU<VXUD6PHUXUþXM~PRPHQWiOQXSRORKXYSORFKHDQDWRþHQLHYVWXSĖRFK
❍)3D+3QHV~LQIRUPiFLXRIDUEHSHUDDKU~ENHSHUD
GROH
QLHNWRUp]WêFKWRSUHPHQQêFKP{åHPHYSURJUDPHQRUPiOQHSRXåtYDĢVSUtSRQRX
Ɣ NQDSU
NVPHU NVPHUMHWRWRLVWpDNRNYSUDYR
NKS
NIS FO%OXH
ƔVWDYRYpSUHPHQQp;6XUD<6XUP{åHPHPHQLĢOHQSRPRFRXPHWyGQDSU=PHQ;<DOHLFKKRGQRWXP{åHPH
SRXåtYDĢQDSU
SUDNWLFNHMþDVWLSUHGQiãN\
3UDNWLFNiþDVĢSULSRþtWDþL
ĆDOãLHNRU\WQDþLHSUtND]\
SRPRFQpSUtND]\
Ɣ
❍3UHVXQ;<[\
!Y\SOQtIDUHEQHRKUDQLþHQ~REODVĢSRGNRU\WQDþNRXGDQRXIDUERX
❍3LVWH[W
!Y\StãHGRSORFK\WH[W
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
!Y\MDGUXMHDEVRO~WQ\XKROYVWXSĖRFKGRNWRUpKRE\VDPXVHODRWRþLĢNRU\WQDþNDDE\ERODQDWRþHQiNERGX
[\
!QDMþDVWHMãLHVDSRXåLMHDNRN=PHQ6PHUN6PHURP[\
Ɣ]PHQDWYDUX
❍=PHQ7YDUREU\V
!REU\VMHSRVWXSQRVĢþtVHONWRUiSRSLVXMHSRVWXSQDNUHVOHQLHWYDUXNRU\WQDþN\
>XKROGĎåNDXKROGĎåNDXKROGĎåND@
!SURJUDPVLSULNUHVOHQtREU\VXQDMSURWRþtYSUDYRRXKROQDNUHVOtþLDUXGĎåN\GĎåNDRSlĢVDRWRþtRXKROD
QDNUHVOtþLDUXGĎåN\GOåND
!QDSU=PHQ7YDU>@ãWDQGDUGQêWURMXKROQtNRYêWYDU
!Y\VN~ãDMWH=PHQ7YDU>@
❍=PHQ)DUEX7YDUXIDUED
!WYDUVDEXGHY\NUHVORYDĢ]DGDQRXIDUERX
❍=PHQ+UXENX7YDUXKU~END
!SUHKU~EN\!VDYêUD]QHVSRPDOtY\NUHVĐRYDQLHWYDUXNRU\WQDþN\
3RXåLWLHWH[WRYHMSORFK\3R]QiPN\
ƔWiWRWH[WRYiSORFKDVDREMDYtNHćQDWLDKQHPHIRUPXOiUVPHURPYSUDYRDM]DEHKXSURJUDPX
ƔP{åHPHGRQHMStVDĢSURFHG~URXZULWHOQNWRUHM]DGiPHY\SLVRYDQêUHĢD]HFQDSU
YDUN.RU
QLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
ZULWHOQ
]DFLDWRN
IRUQ WRGR
EHJLQ
ZULWHOQ,QW7R6WUQ
VWUDQD
NGRSUHGX
NYSUDYR
HQG
ZULWHOQ
NRQLHF
HQG
ƔDNSRWUHEXMHPHSRþDVEHKXSURJUDPXRGRNU\ĢUHVSVNU\ĢW~WRWH[WRY~SORFKXP{åHPHSRXåLĢSURFHG~UX
3R]QDPN\8ND]WUXHDOHER3R]QDPN\8ND]IDOVH
WUXH]QDPHQiåHVDIRUPXOiU]YlþãtWDNåHEXGHYLGLHĢ3R]QDPN\IDOVH]QDPHQiåHVDIRUPXOiU]PHQãtDE\ERORYLGLHĢ
OHQJUDILFN~SORFKX
ƔQDþtWDQLHþtVOD]WH[WRYHMSORFK\P{åHPHXURELĢSURFHG~URX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
NHćVDYSULEHKXSURJUDPXQDUD]tQDWHQWRSUtND]SURJUDP]DVWDQHDGRYROtQiPStVDĢGRWH[WRYHMSORFK\
SRVWODþHQtNOiYHVX(QWHU!VD]REHULHFHORþtVHOQiKRGQRWD]SRVOHGQpKRULDGNXWH[WRYHMSORFK\DNWDPQLHMHWDND
SULUDGtVDGRGDQHMSUHPHQQHMQDSUQDVOHGRYQêSURJUDPNUHVOt1XKROQtN
YDUN.RU
LQLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
ZULWHOQ
=DGDMSRþHWVWUiQ1XKROQtND
UHDGOQ,QWQ
IRUL WRQGR
EHJLQ
NGRSUHGX
NYSUDYRQ
HQG
ZULWHOQ
QDNUHVOLOVRP
,QW7R6WUQ
XKROQtN
HQG
SURFHG~UDFDNDM(QWHUSUDFXMHVNRURURYQDNRDNRUHDGOQ,QWVWêPUR]GLHORPåHVDQLþQHSULUDćXMHGRåLDGQHM
Ɣ
SUHPHQQHMLEDVDþDNiQDXNRQþHQLH]DGiYDQLHYVWXSXWMNOiYHV(QWHU!
3UiFDVIDUEDPL
]HOHQ~DPRGU~DE\Y]QLNODåLDGDQiIDUEDPQRåVWYiWêFKWR]ORåLHNVD]DGiYDM~FHOêPþtVORPRGGR
❍QDSUDNQDPLHãDPHþHUYHQHM]HOHQHMDPRGUHMY]QLNQHMDVQiPRGUiIDUED
❍þHUYHQHM]HOHQHMDPRGUHMMHþLHUQDYãHWN\]ORåN\SR]QDPHQiELHOX
❍þHUYHQHM]HOHQHMDPRGUHMY\UREtåOW~DSRG
ƔYR:LQGRZVVDWLHWR]ORåN\QD]êYDM~5HG*UHHQ%OXHWHGD5*%DY'HOSKDFKP{åHPHIDUE\GHILQRYDĢDMSRPRFRX
IXQNFLH5*%NWRUiGRVWiYDþtVODSRSLVXM~FH]DVW~SHQLH]ORåLHN
ƔY\PHQXMHPHYãHWN\XåLWRþQpSUHGGHILQRYDQpIDUE\SRH[SHULPHQWXMWHVQLPLXYiG]DPHLFK5*%KRGQRW\
FO%ODFN 5*%
FO0DURRQ 5*%
FO*UHHQ 5*%
FO2OLYH 5*%
FO1DY\ 5*%
FO3XUSOH 5*%
FO7HDO 5*%
FO*UD\ 5*%
FO6LOYHU 5*%
FO5HG 5*%
FO/LPH 5*%
FO<HOORZ 5*%
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
YDUN.RU
LLQWHJHU
EHJLQ
N .RU&UHDWHNKS
IRUL WRGR
EHJLQ
NIS 5*%
L
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
N3UHVXQ;<
IRUL WRGR
EHJLQ
NIS 5*%
L
L
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
N3UHVXQ;<
IRUL WRGR
EHJLQ
NIS 5*%UDQGRPUDQGRPUDQGRP
NGRSUHGX
N3UHVXQ;<N;6XU
HQG
HQG
)RUPiWRYDQLHSURJUDPRY
ƔYlþãLQDSURIHVLRQiOQ\FKSURJUDPiWRURYMHYHĐPLFLWOLYiQDQDIRUPiWRYDQLHSURJUDPRYDYHĐPLþDVWRSUYêSRKĐDGQD
SURJUDPSUH]UDGtþLMHSURJUDPiWRU]DþLDWRþQtNDPDWpUDOHERVN~VHQHMãtSURJUDPiWRU
ƔMHX]QiYDQêFKQLHNRĐNRVS{VRERYIRUPiWRYDQLDSDVFDORYVNêFKSURJUDPRYDMHQLHNRĐNRSUDYLGLHONWRUpSODWLDVNRURSUH
YãHWN\WLHWRãWêO\
❍SUtND]\NWRUpV~QDURYQDNHM~URYQLYQRUHQLDV~EXćQDWRPLVWRPULDGNXDOHER]DþtQDM~YWRPLVWRPVWĎSFL
ŶV~WXDMYêQLPN\DNVDSRXåLMH&ãWêO]iWYRUNRYDQLD
MHNDåGpćDOãLHYQRUHQLHRGVXQXWpRPHG]HU\
Ɣ]OpQDIRUPiWRYDQLHSURJUDPXVDSRYDåXMH]D]ORP\VHĐQRVĢDVO~åLOHQQDVNRPSLNRYDQLHþLWDWHĐQRVWLSURJUDPXSR]ULWHVL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
0CKFLULPSZUOBǁLB
LPSZUOBǁJBHSBGJLB
SUHIRUPiWRYDQêSUHGFKiG]DM~FLSURJUDP
YDUN.RULLQWHJHUEHJLQ
N .RU&UHDWH
NKS
IRUL WRGREHJLQ
NIS 5*%
LNGRSUHGX
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
3. Prednáška - podmienky a procedúry
3RGPLHQN\D
VHS
SURFHG~U\
ORJLFNêYêUD]ORJLFNpKRGQRW\
ƔQDMþDVWHMãLHVO~åLQDYHWYHQLHYêSRþWXF\NOXVVSRGPLHQNRXQD]DþLDWNXDOHERQDNRQFLZKLOH
UHSHDWDOHERSUHSRGPLHQHQêSUtND]LI
ƔMHGQD]GYRFKKRGQ{WWUXHDOHERIDOVH
ƔORJLFNpRSHUiWRU\QRWRUDQG[RU
ƔSUHFHQGHQFLHRSHUiWRURY]DWLDĐQLHV~YãHWN\
QRW XQiUQH
GLYPRGDQG PXOWLSOLNDWtYQH
±RU[RU DGLWtYQH
!! ! LQ UHODþQp
ƔY\KRGQRFXMHVD]ĐDYDGRSUDYD
:KLOHF\NOXV F\NOXVVSRGPLHQNRXQD]DþLDWNX
ƔYãHREHFQêWYDU
ZKLOHSRGPLHQNDGRSUtND]
ƔRWHVWXMHVDSRGPLHQNDDDNMHSUDYGLYiWUXHWDNVDY\NRQiSUtND]WMWHORF\NOXDFHOpVDWR
RSDNXMH
ƔDNEXGHSRGPLHQNDQHSUDYGLYiIDOVHWDNVDWHORF\NOXXåQHY\NRQiDSRNUDþXMHVDQDSUtND]H]D
F\NORP
ƔDNSRGPLHQNDEXGHPDĢVWiOHKRGQRWXWUXHWDNY]QLNQHQHNRQHþQêF\NOXV
❍SRG:LQGRZVVWêPP{åXE\ĢREURYVNpSUREOpP\QLHNHG\WUHEDUHãWDUWQ~ĢFHOêV\VWpP
QDSUZKLOHWUXHGR
❍DNYWHOHF\NOXSRXåtYDPHQHMDNpNRU\WQDþLHSUtND]\WLHWRPDM~YVHEH]DEXGRYDQ~
RFKUDQXDE\XPRåQLOL:LQGRZVXNRQþLĢDM]DF\NOHQpSURJUDP\
❍DNQHNRQHþQêF\NOXVDOHERYHĐPLGOKRWUYDM~FLF\NOXVQHREVDKXMHãSHFLiOQXYVXYNXSUH
:LQGRZVWDNSRþDVF\NOXVDV\VWpPQHGRVWDQHNXVORYXDWêPVDQDSUQHGiDQL]KRGLĢ
EHåLDFLSURJUDPP\Y.RU8QLWSDVSRXåtYDPHYRODQLH$SSOLFDWLRQ3URFHVV0HVVDJHV
YDUN.RU
GLQWHJHU
EHJLQ
N .RU&UHDWH
NXND]
G
ZKLOHGGR
EHJLQ
NGRSUHGXGNYODYRY\VN~ãDMWHSUHU{]QHXKO\
G G
HQG
HQG
DOHERY\XåLMHPHNRU\WQDþLXIXQNFLXY]GNWRUiY\SRþtWDY]GLDOHQRVĢNRU\WQDþN\RG]DGDQpKRERGXY
URYLQH
G
ZKLOHNY]GGR
EHJLQ
NGRSUHGXGNYODYR
G G
HQG
)RUF\NOXVYODVWQHQHSRWUHEXMHPHOHERVDGiSUHStVDĢSRPRFRXZKLOH
QDSU
Ɣ
IRUL WRGRNGRSUHGXL
ƔP{åHPHSUHStVDĢSRPRFRXZKLOH
L
ZKLOHL GR
EHJLQ
NGRSUHGXL
L L
HQG
1iKRGQpSUHFKiG]N\
1HFKiPHNRU\WQDþNXGRQHNRQHþQDVDSUHFKiG]DĢSRREUD]RYNHQiKRGQHVDRWRþtRQHMDNêXKROD
Y\NURþtRQHMDN~NRQãWDQWQ~Y]GLDOHQRVĢ3RXåtYDPHãWDQGDUGQ~IXQNFLXUDQGRPþtVORNWRUi]DNDåGêP
YUiWLLQ~QiKRGQ~KRGQRWXRGDåSRþtVOR1HNRQHþQêF\NOXVUREtPHSRPRFRXVWiOHSUDYGLYpKR
ORJLFNpKRYêUD]XWUXHP{åHPHKRDOHXNRQþLĢX]DYUHWtPSURMHNWX
YDUN.RU
EHJLQ
N .RU&UHDWHNXND]
ZKLOHWUXHGR
EHJLQ
NYSUDYRUDQGRP
NGRSUHGX
HQG
HQG
.RU\WQDþNDYHĐPLUêFKORXMGH]SORFK\SUHþ3RN~VLPHVDSUHWRVWUiåLĢNRU\WQDþNXDE\QHY\ãOD]QHMDNHM
REODVWLWMDNDMY\MGHWDNMXLKQHćYUiWLPHVSlĢ3RXåLMHPHQRYêSUtND]YHWYHQLDLIPiGYDYDULDQW\
]DWLDĐWHQMHGQRGXFKãt
LISRGPLHQNDWKHQSUtND]
SRGREQHDNRZKLOHDNMHSRGPLHQNDVSOQHQiY\NRQiVDYQRUHQêSUtND]DNMHKRGQRWDSRGPLHQN\
QHSUDYGDWDNVDYQRUHQêSUtND]QHY\NRQiDOHSUHVNRþt
ZKLOHWUXHGR
EHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!WKHQNGRSUHGX
HQG
9\VN~ãDMWHVLQLHNRĐNRYDULDQWRYSRGPLHQN\DWUpQXMWHVLDMNRPELQiFLHSRGPLHQRNSRPRFRXORJLFNêFK
RSHUiWRURYDQGDRUWUHEDVLXYHGRPLĢåHSRGPLHQNDYWêFKWRSUtNODGRFKY\MDGUXMHåHNRU\WQDþND
RSXVWLODVWUiåHQ~REODVĢWMåHMH]OHDWUHEDVDYUiWLĢ
ƔNRVRãWYRUHF
LIDEVN[VXUDEVN\VXU!WKHQNGRSUHGX
ƔREGĎåQLNVRVWUDQDPLDDVWUHGRPY
LINY]G!DQGNY]G!DQGNY]G!
WKHQ
1'Ò
ƔPHVLDFDNRUR]GLHOGYRFKNUXåQtF
ƔVORYHQVNêGYRMNUtåDNR]MHGQRWHQLHWURFKREGĎåQLNRY
ƔHOLSVX
ƔSUHSURJUDPXMWHSUHGFKiG]DM~FHSUtNODG\WDNDE\NRU\WQDþNDQHY\VW~SLOD]RVWUiåHQHMREODVWLDWR
WDNåHVR]GYLKQXWêPSHURPRWHVWXMHNURNGRSUHGXDYUiWLVDVSlĢDNWREROR2.WDNVSUDYtNURN
VRVSXVWHQêPSHURPLQDNQHUREtQLþDSRN~ãDVDtVĢLQêPVPHURP
ƔQDSURJUDPXMWHSDUDOHOQHNRU\WQDþN\NDåGiQHFKPiVYRMXFKUiQHQ~REODVĢPRåXNUHVOLĢDM
LQRXIDUERX
ƔQDSURJUDPXMWHSDUDOHOQHNRU\WQDþN\Y\WYRUHQpYERGHVFKUiQHQRXREODVĢRXNUXKV
SRORPHURPSULþRPNDåGiPiKUXEpSHURVIDUEDPLåOWiPRGUiD]HOHQiDSRK\EXM~VD
NURNRPSUtS
3URFHG~U\SRGSURJUDP\
SRPHQRYDQLHQHMDNpKRDOJRULWPXQHMDNHMþDVWLSURJUDPXVPRåQRVĢRXY\YRODĢW~WRþDVĢSRPRFRX
SUtVOXãQpKRPHQD
3RPRFRXSRGSURJUDPRYP{åHPHULHãLĢSUREOpPMHKRUR]GHOHQtPQDSRG~ORK\!ULHãHQLH]KRUDQDGRO
ƔY3DVFDOHP{åXE\ĢSRGSURJUDP\
❍SURFHG~U\
❍IXQNFLH±YUiWLDQHMDN~KRGQRWX
ƔPDM~YêKRGXåHV~YLDFQiVREQHSRXåLWHĐQp
ƔQHVN{UXYLGtPHDMUHNXU]LX
'HNODUiFLHSURFHG~U
SURFHGXUHPHQR
ORNiOQHGHNODUiFLHSUHSURFHG~UX
EHJLQ
WHORSURFHG~U\
HQG
3UtNODGY\WYRUtPHSURFHG~UXQDNUHVOHQLHãWYRUFD±YãLPQLPHVLåHYDUNNRUPXVtE\ĢGHNODURYDQp
HãWHSUHGSURFHG~URXDE\WiWRPRKODSUDFRYDĢVNRU\WQDþNRX
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
SURFHGXUHVWYRUHF
YDULLQWHJHU
EHJLQ
IRUL WRGR
EHJLQNGRSUHGXNYSUDYRHQG
HQG
EHJLQ
N .RU&UHDWHNXND]
VWYRUHF
N3UHVXQ;<
VWYRUHF
N3UHVXQ;<
VWYRUHF
HQG
$NRSUDFXMHSRþtWDþSULYRODQtSURFHG~U\
WHMWRSURFHG~U\WM
]DSDPlWiVDQiYUDWRYiDGUHVDNDPVDEXGHWUHEDYUiWLĢ
Y\WYRULDVDORNiOQHSUHPHQQpSURFHG~U\VQHGHILQRYDQRXKRGQRWRX^QHVN{UDMIRUPiOQH
SDUDPHWUH`
SUHQHVLHVDULDGHQLHSURJUDPXGRWHODSRGSURJUDPX
Y\NRQDM~VDYãHWN\SUtND]\SRGSURJUDPX
]UXãLDVDORNiOQHSUHPHQQp
ULDGHQLHVDYUDWL]DPLHVWRYSURJUDPHRGNLDĐEROSRGSURJUDPYRODQê
SUH3DVFDOSODWt
ƔLQGHQWLILNiWRUVDP{åHSRXåtYDĢDåNHćEROGHNODURYDQê
ƔãWDQGDUGQpGHNODUiFLHãWDQGDUGQpW\S\IXQNFLHSRGSURJUDP\±V~GHILQRYDQpDNRNHE\HãWHSUHG
SURJUDPRP ~URYHĖ
ƔSUHGHILQRYDQLHMH]DNi]DQpQDWHMLVWHM~URYQLDOHSRYROHQpYRYQRUHQêFK~URYQLDFK
QDSUYDUUHDOLQWHJHU
ƔLGHQWLILNiWRUMHYLGLWHĐQêOHQQDVYRMHM~URYQLDQDYãHWNêFKYQRUHQêFK~URYQLDFKNGHQLHMH
SUHGHILQRYDQê
ƔGHILQRYDQpSURFHG~U\V~QDY\ããtFK~URYQLDFKDNRQiãSURJUDP±RQLYLGLDGHNODUiFLHWRKRWR
GHILQRYDQ~YWHMWRSURFHG~UHVWYRUHF
YGDQRPSURJUDPH
ƔQD~URYQLV~YãHWN\ãWDQGDUGQpLGHQWLILNiWRU\DXQLW.RU8QLWWHGDDMW\S.RUSUHPHQQi
VSRPDODSRG
ƔQD~URYQLMHGHILQtFLDIRUPXOiUX72NQRDOHDMSURFHGXUH72NQR:0VWDUWYDU
PVJWPHVVDJHGRNWRUHMStãHPHQiãSURJUDP
ƔQD~URYQLMHSUHPHQQiNDSURFHG~UDVWYRUHF
ƔQD~URYQLMHORNiOQDSUHPHQQiL
)RUPiOQHSDUDPHWUH
SULYRODQtSRGSURJUDPXPXP{åHPHSRVODĢQHMDNpKRGQRW\DE\VPHQHPXVHOLU{]QHãSHFLDOLWN\
QDVWDYRYDĢYJOREiOQ\FKSUHPHQQêFKQDSUYHĐNRVĢNUHVOHQpKRãWYRUFDYSRGSURJUDPH]DGHILQXMHPH
ãSHFLiOQHORNiOQHSUHPHQQpW]YIRUPiOQHSDUDPHWUHGRNWRUêFKVDSUHGVDPRWQêPYRODQtPSULUDGLD
LQLFLDOL]XM~KRGQRW\VNXWRþQêFKSDUDPHWURY
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
YDUMLQWHJHUPRKROE\WRE\ĢDMLGHQWLILNiWRUL
EHJLQ
N .RU&UHDWHNXND]
M
ZKLOHM GR
EHJLQ
VWYRUHFMKRGQRWDYêUD]XMMHVNXWRþQêSDUDPHWHU
NYODYR
M M
HQG
HQG
3RGSURJUDPP{åHPDĢDMYLDFSDUDPHWURYEXćURYQDNpKRDOHERU{]Q\FKW\SRY
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGR
EHJLQNGRSUHGXGNYSUDYRXHQG
HQG
EHJLQ
N .RU&UHDWH
SRO\
3R]QDPN\8ND]WUXH
ZULWHOQ
NUX]QLFDSRO\
FDNDM(QWHU
]PD]
SRO\
ZULWHOQ
KYLH]GDSRO\
FDNDM(QWHU
]PD]
SRO\
ZULWHOQ
ãWYRUHFSRO\
FDNDM(QWHU
SRO\
ZULWHOQ
ãWYRUHFSRO\
FDNDM(QWHU
SRO\
ZULWHOQ
ãWYRUHFSRO\
ZULWHOQ
.RQLHF
HQG
1'Ò
ƔQDStãWHSURFHG~UXGRPVSDUDPHWURPYHONRVWNWRUiQDNUHVOtGRPþHN]ORåHQêVRãWYRUFDD
URYQRVWUDQQpKRWURMXKROQtNDOHQSRPRFRXYRODQtSURFHG~U\SRO\åLDGQHGRSUHGXDQLRWiþDQLD
ƔQDStãWHGRPWDNDE\]DþDOYĐDYRPGROQRPURKXDVNRQþLOYSUDYRPGROQRPDSRPRFRXGRP
QDSURJUDPXMWHXOLFDNWRUiQDNUHVOtQQiKRGQHYHĐNêFKGRPRYYHGĐDVHED
Ɣ]DGHILQXMWHSURFHG~UXOXSHQNWRUiQDNUHVOtOXSLHQRN]ORåHQê]GYRFKãWYUĢNUXåQtF]DNUXåQLFX
P{åHPHSRYDåRYDĢQDSUSUDYLGHOQêXKROQtNDćDOHMSURFHG~UXNYHWNWRUiQDNUHVOtNYHW
]ORåHQê]QOXSLHQNRYQHMDNHMYHĐNRVWLDIDUE\
ĆDOHMEXGHPHSRWUHERYDĢURELĢSRO\DMSUHQLHFHOpKRGQRW\GĎåN\UHVSXKODQDSUSUHSUDYLGHOQê
XKROQtN
0XVtPHWHGDSRXåtYDĢQRYêW\S±UHDO3DVFDOMHSUtVQHW\SRYêMD]\N
ƔNDåGiSUHPHQQiPXVtPDĢGRSUHGXXUþHQêVYRMW\SQHGiVDSRþDVEHKXPHQLĢ
ƔNDåGiRSHUiFLDSUDFXMHOHQVXUþLWêPW\SRPQDSUGLY
ƔH[LVXMHYêQLPNDDXWRPDWLFNiNRQYHU]LDLQWHJHU!UHDO
=KUĖPHGRWHUDMãLHSR]QDWN\RLQWHJHUDE\VPHOHSãLHSRFKRSLOLUHDO
,QWHJHU
ƔKRGQRW\V~]LQWHUYDOX
Ɣ]DEHUiEDMW\ ELWRYELW]QDPLHQNR
ƔGHILQRYQpV~DULPHWLFNpRSHUiFLH GLYPRGRELGYDRSHUDQG\V~FHOpþtVOD
ƔSULUDćRYFtSUtND]REDFHOp
ƔUHODþQp
ƔSUHGVXFFIXQNFLH
ƔLQFGHFSUtND]\
ƔãWDQGDUGQpIXQNFLHQDSUVTUDEV
ƔãHVWQiVWNRYpNRQãWDQW\H
5HDO
ƔþtVODY\MDGUHQpGHVDWLQQêP]iSLVRPDMVH[SRQHQWRP
ƔREVDKXMHGHVERGNXH[SRQHQW
ƔXNiåN\UHiOQ\FKþtVHO((
ƔSUHNDåGpþtVORQHYLHPHXUþLĢQDVOHGRYQpUHiOQHþtVOR
WMPHG]LDPRåQRH[LVWXMHþtVORQHPi]P\VHOQDVOHGRQtN
WMQHIXQJXMHSUHGDVXFF
ƔRSHUiFLHY\]HUDM~URYQDNRDOHV~WRLQpRSHUiFLHURELDVUHiOQ\PLþtVODPL
RED
RSHUDQG\V~UHiOQH
ƔDXWRPDWLFNiNRQYHU]LDNHćVDSULUHiOQHMRSHUiFLLY\VN\WQHFHORþtVOHQêRSHUDQGNRQYHUWXMHVDQD
UHiOQHþtVORQDSU
ƔDQDORJLFN\VUHODþQêPLDVSULUDGHQtPUHDO LQWHJHUDOHQLHLQWHJHU UHDO
ƔQHIXQJXMHDQLLQFGHF
ƔUHiOQHRSHUiFLHYHĐPLþDVWRPDM~FK\E\VS{VREHQpUHDOL]iFLRXYSRþtWDþL
ƔãWDQGDUGQpIXQNFLHQDSUVTUWVTUVLQFRVDEV
%RROHDQ
ƔNRQãWDQW\SUHGHILQRYDQpLGHQWLILNiWRU\NRQãWDQW\WUXHIDOVHDNRSUHGWêPGHILQRYDQpQDãH
NRQãWDQW\
ƔYSDPlWL EDMW
ƔRSHUiFLHDQGRUQRW[RU
ƔYãHWN\UHOiFLH]SUHGFKiG]DM~FLFKW\SRYLFKYêVOHGNRPMHORJLFNiKRGQRWD
ƔUHOiFLH
ƔSUHGVXFF
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNNRU
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
EHJLQ
N .RU&UHDWH
IRUL WRGR
SRO\LLUHiOQHGHOHQLH
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
7H[WRYpV~ERU\ RNW
]iNODGQpW\S\NWRUpXåSR]QiPHLQWHJHUUHDOERROHDQ
ćDOãtW\SFKDU
7\S&+$5
Ɣ]QDNRYpNRQãWDQW\YDSRVWURIRFKDOHERNyG
ƔY3DVFDOHQLHV~åLDGQH]QDNRYpRSHUiFLHLEDUHOiFLH
ƔWUHEDVLSDPlWDĢ
$
%
=
D
E
]
Ɣ]QDNRYpIXQNFLHSUHGVXFFRUGFKUFKDU
ƔWUHEDVLSDPlWDĢ
❍RUG
RUG
RUG
DOHER
❍RUG
$
RUG
D
RUG
$
WM
$
D
ƔDNFREVDKXMH]QDNFLIU\
WDNRUGFRUG
FLIUDSRGREQHSUHStVPHQi
ƔSUtND]\LQFGHFIXQJXM~DMSUH]QDN\QDSUF
$
LQFF
ƔSRXåLMHQDMPlSUHSUiFXVRV~ERUPL
Ɣ)25F\NOXVIXQJXMHOHERFKDUMHRUGLQiOQ\QDSU
YDUFFKDU
EHJLQ
IRUF
$
WR
=
GR]DSLVF
]iSLVGRWH[WRYHMSORFK\3R]QiPN\
HQG
DOHER
YDUFFKDU
EHJLQ
IRUF
D
WR
]
GR]DSLVF
,QW7R6WURUGF
NStVPHQXSULOHStPHG]HUXDþtVHOQêNyG]QDNX
HQG
7H[WRYpV~ERU\7(;7
ƔSDVFDOXPRåĖXMHVHNYHQþQêSUtVWXSGRV~ERUXDOHDMSULDP\XYLGtPHQHVN{U
ƔVWH[WRYêPLV~ERUPLVDGiSUDFRYDĢOHQVHNYHQþQêPSUtVWXSRP
ƔPXVtVDUR]OLãRYDĢþL]RV~ERUXþtWDPHDOHERGRQHKR]DSLVXMHPH~GDMH
❍YVWXSQêV~ERUOHQþtWDĢSULSUDYHQpLQIRUPiFLH
❍YêVWXSQêV~ERUOHQ]DSLVRYDĢQDNRQLHFV~ERUX
❍GRWH[WRYpKRV~ERUXVDQHGiDM]DSLVRYDĢDMV~þDVQH]QHKRþtWDĢ
ƔQDYRQNDMãHMSDPlWLGLVNRYêV~ERU
ƔSRPRFQiYQ~WRUQiSDPlĢQDXþtPHVDQHVN{U
2SHUiFLHVRV~ERUPL
$NRSUDFXMHPHVWH[WRYêPV~ERURP
ƔGHNODURYDQLHSUHPHQQHMW\SXWH[WRYêV~ERU
YDUW7H[W)LOHSUHPHQQiWMHW\SXWH[WRYêV~ERU
ƔSULUDGHQLHI\]LFNpKRV~ERUXQDMþDVWHMãLHQDGLVNX
$VVLJQ)LOHW
PHQRBV~ERUX
ƔRWYRUHQLHV~ERUX
❍EXćQDþtWDQLHPXVtXåH[LVWRYDĢ
5HVHWW
❍DOHER]iSLVDNXåH[LVWXMHWDNVDQDMSUYY\SUi]GQL
5HZULWHW
ƔSUiFDVRV~ERURPWMVDPRWQpþtWDQLHDOHER]DSLVRYDQLH
&ORVH)LOHW
1HMDNêV~ERU
YLGtPH YVNXWRþQRVWL
DE _D_E_(ROQ!__F_G_H_(ROQ!_I_
FGH ↑
I XND]RYDWHĐ
XND]RYDWHĐ SR]tFLDYV~ERUHQD]DþLDWNXQD]QDNXSRUHDGSRVXQR]QDN
ýtWDQLH]RV~ERUX
7HVWRYDQLHNRQFDV~ERUXDNRQFDULDGND
ƔãWDQGDUGQiORJLFNiIXQNFLD(RIW VNUDWND](QG2I)LOH
❍YUiWLWUXHDNMHXND]RYDWHĐYV~ERUHQDVWDYHQêQD]QDþNX(RI!DOHERQDNRQFLV~ERUXDN
WDP]QDþNDFKêEDWDNVDQDNRQFLDXWRPDWLFN\JHQHUXMHV\VWpPRP
ƔãWDQGDUGQiORJLFNiIXQNFLD(ROQW VNUDWND](QG2I/L1H
❍YUiWLWUXHDNMHXND]RYDWHĐQD]QDþNH(ROQ!DOHERDM]QDþNH(RI!QDNRQFLV~ERUXVD
V\VWpPWYiULåHMHWDPNRQLHFULDGND
❍]QDþND(ROQ!VDYQ~WRUQHNyGXMHGYRPL]QDNPLDKRYRUtPHLP&5D/)
NRQFLV~ERUXQHUREtQLþ
❍32=25SRPRFRXUHDGW]MHPRåQpþtWDĢDM]QDþNX(ROQ!OHQåHWiWRVDSRWRPFKiSH
DNR]QDN\DDQLHDNRQHMDNêãSHFLiOQ\]QDN
Ɣ]QDþND(RI!P{åHYV~ERUHFKêEDĢIXQNFLD(RIWDMWDNYUiWLQDNRQFLV~ERUXWUXHþtWDQLHQD
NRQFLV~ERUXY\YROiYVWXSQRYêVWXSQ~FK\EX
3UtNODG0iPHWH[WRYêV~ERUPHG]HU\W[W0iPH]LVWLĢNRĐNRMHYĖRPPHG]LHU
YDUW7H[W)LOH
FFKDU
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
PHG]HU\W[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGWF
LIF
WKHQSRFHW SRFHW
HQG
&ORVH)LOHW
]DSLV
3RFHWPHG]LHUYVXERUH
,QW7R6WUSRFHWGR
3R]QiPNRYHMSORFK\
HQG
3UtNODG=LVWtPHSRþHWULDGNRYWH[WRYpKRV~ERUXWH[WW[W
YDUW7H[W)LOH
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SRFHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGOQWLQFSRFHW
HQG
&ORVH)LOHW
]DSLV
3RFHWULDGNRYYVXERUH
,QW7R6WUSRFHW
HQG
3UtNODG=LVWtPHGĎåNXQDMGOKãLHKRULDGNDV~ERUXWH[WW[W
YDUW7H[W)LOH
FFKDU
PD[GO]NDLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUSURMGSU
5HVHWW
PD[
ZKLOHQRW(RIWGR
EHJLQ
GO]ND
ZKLOHQRW(ROQWGR
EHJLQUHDGWFLQFGO]NDHQG
UHDGOQWQHVPLHVDWX]DEXGQ~Ģ
LIGO]ND!PD[WKHQPD[ GO]ND
HQG
&ORVH)LOHW
]DSLV
'O]NDQDMGOKVLHKRULDGND
,QW7R6WUPD[
HQG
=iSLVGRV~ERUX
ƔV~ERUWUHEDRWYRULĢSRPRFRX5HZULWHW
ƔDNV~ERUXåH[LVWRYDOWDNVDKQHćSR5HZULWHVD]UXãtMHKRREVDK
ƔDNV~ERUHãWHQHH[LVWRYDOY\WYRUtVDVSUi]GQ\PREVDKRP
ƔXND]RYDWHĐYV~ERUHMHYåG\QDVWDYHQêQDMHKRNRQLHF
3UtNODG9\WYRUtPHV~ERUWH[WW[W]StVPHQ
D
Då
]
DY\StãHPHMHKRREVDKGR3R]QiPNRYHMSORFK\
SUtND]8ND]6XERUPHQRBV~ERUX
YDUW7H[W)LOH
FGFKDU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
IRUF
D
WR
]
GR
EHJLQ
IRUG FWR
]
GRZULWHWG
ZULWHOQW
HQG
&ORVH)LOHW
8ND]6XERU
WH[WW[W
HQG
3UtNODG9\WYRUtPHNySLXV~ERUXRNQRXQLWSDVGRV~ERUXWH[WW[W
YDUWW7H[W)LOH
FFKDU
EHJLQ
$VVLJQ)LOHW
RNQRXQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
LI(ROQWWKHQ
EHJLQ
UHDGOQWZULWHOQW
HQG
HOVH
EHJLQ
UHDGWF
VSUDFXMQDþtWDQê]QDN
ZULWHWF
HQG
&ORVH)LOHW
&ORVH)LOHW
8ND]6XERU
WH[WW[W
HQG
LQêYDULDQWNRStURYDQLDV~ERUXQHYãtPDPHVLNRQFHULDGNRYSURJUDPSUHUiEDPDOpStVPHQiQDYHĐNp
YDUWW7H[W)LOH
FFKDU
EHJLQ
$VVLJQ)LOHW
RNQRXQLWSDV
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
ZKLOHQRW(RIWGR
EHJLQ
UHDGWF
LIF!
D
DQGF
]
WKHQ
F FKURUGFRUG
D
RUG
$
SUHUREHQLHPDOpKRStVPHQDQDYHĐNpF XSFDVHF
ZULWHWF
HQG
&ORVH)LOHW
&ORVH)LOHW
8ND]6XERU
WH[WW[W
HQG
1'Ò
ƔSRVWXSQRVĢPHG]LHUQDKUDćPHG]HURX
ƔY\KRćOHQPHG]HURYpULDGN\
ƔY\KRćPHG]HU\QDNRQFLULDGNRY
ƔSRVWXSQRVĢ]QDNRY
HQG
QDKUDć
5HVHWD5HZULWHQDWHQLVWêV~ERUQDGLVNX
YDUIJ7H[W)LOH
$VVLJQ)LOHI
DW[W
5HVHWI
$VVLJQ)LOHJ
DW[W
5HZULWHJ
QHSUHGYtGDWHĐQpU{]QHYHU]LH3DVFDOXUHDJXM~U{]QHP{åH]UXãLĢV~ERU
ýtWDQLHþtVHO
DOHERSRWRPSUHNRQYHUWXMH]QDN\]RYVWXSXQDþtVORDDNMHþtVORXNRQþHQpQHPHG]HURYêP
]QDNRPQDSU
DOHER
WDNY\KOiVLFK\EX,QYDOLGQXPHULFIRUPDW
ƔþtWDQLHþtVODQDNRQFLV~ERUXYUiWLKRGQRWXWUHEDVDWRKRWRY\YDURYDĢ
ƔSURIHVLRQiOQ\VRIWYpUQHSRXåtYDWDNêWRUHDGQDþtWDQLHþtVHOOHERFK\EDYV~ERUHVS{VREt
XNRQþHQLHSURJUDPXY\P{åHWHSRXåtYDĢWDNpWRþtWDQLHOHQDNMHY]DGDQtYêVORYQHSRYHGDQp
åHMHV~ERUNRUHNWQêDþtVORMHXNRQþHQpPHG]HURYêP]QDNRP
ƔQHVN{UXYLGtPHDMLQêEH]SHþQêVS{VREþtWDQLDþtVHO
3UtNODG3URJUDPQiMGHPD[LPiOQHþtVORYV~ERUHFHOêFKþtVHO
YDUW7H[W)LOH
FLVORPD[LQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
PD[ PD[LQWSUHGGHILQRYDQiNRQãWDQWD
ZKLOHQRW(RIWGRY\VN~ãDMWH6HHN(RI
EHJLQ
UHDGWFLVOR
LIFLVOR!PD[WKHQPD[ FLVOR
HQG
&ORVH)LOHW
LIPD[ PD[LQWWKHQ
=DSLV
V~ERUMHSUi]GQ\
HOVH
=DSLV
PD[LPiOQHþtVORYV~ERUHMH
,QW7R67UPD[
HQG
PHG]HURYp]QDN\IXQNFLD(RIW]DSRVOHGQêPþtVORPYUiWLIDOVHHãWHQLHMHNRQLHFV~ERUXDOH
XåWDPQLHMHåLDGQHþtVORWHGDQDþtWDVDKRGQRWD
ƔYWDNHMWRVLWXiFLLP{åHPHQDPLHVWR(RIWSRXåLĢãWDQGDUGQ~IXQNFLX6HHN(RIWNWRUiVN{UDNR
RGSRYLHQDVWDYV~ERUXRGILOWUXMHYãHWN\PHG]HURYp]QDN\
ƔSRGREQHH[LVWXMH6HHN(ROQWNWRUiWHVWXMHNRQLHFULDGNDDOHQDMSUYRGILOWUXMHPHG]HU\D
WDEXOiWRU\]QDN\VNyGRP
=iSLVþtVHO
]DStãH
ƔUHiOQHþtVOD]DSLVXM~YVHPLORJDULWPLFNRPWYDUHVPHG]HURXSUHGþtVORP
3UtNODG=RV~ERUXWH[WW[WEXGHPHNRStURYDĢYãHWN\þtVODGRV~ERUXWH[WW[WSULþRPLFKEXGHPH
]DUDćRYDĢSRWURFKGRULDGND
YDUWW7H[W)LOH
FLVORSRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
$VVLJQ)LOHW
WH[WW[W
5HZULWHW
SRFHW
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
LISRFHW WKHQ
EHJLQ
ZULWHOQWSRFHW
HQG
HOVH
EHJLQ
LISRFHW!WKHQZULWHW
LQFSRFHW
HQG
ZULWHWFLVOR
HQG
&ORVH)LOHW
&ORVH)LOHW
8ND]6XERU
WH[WW[W
HQG
3UtNODG9V~ERUHV~UHiOQHþtVODPiPH]LVWLĢSRþHWþtVHONWRUpPDM~KRGQRWXPHQãLXDNRMHSULHPHU
YãHWNêFKþtVHOYV~ERUH
YDUW7H[W)LOH
FLVORVXPDSULHPHUUHDO
SRFHWLQWHJHU
EHJLQ
$VVLJQ)LOHW
WH[WW[W
5HVHWW
SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDþtWDQLH
VXPD SRFHW
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
VXPD VXPDFLVORLQFSRFHW
HQG
5HVHWW
QDVWDYHQLHSR]tFLHQD]DþLDWRNV~ERUX
SULHPHU VXPDSRFHWSRFHW
SRFHWXåQHSRWUHEXMHPH
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGWFLVOR
LIFLVORSULHPHUWKHQLQFSRFHW
HQG
=DSLV
SRFHWSRGSULHPHUQ\FK
,QW7R67USRFHW
HQG
)RUPiWRYDFtSDUDPHWHUYRZULWH
Ɣ]D]QDNRPDOHER]QDNRYêPUHĢD]FRP
ZULWHW
R]QDþXMHåH]QDNVDY\StãHQDãtUNXWMQDMSUYPHG]LHUDSRWRP
ZULWHW
GHOSKL
QDNRĐNRUHĢD]HFMHGOKãtDNRIRUPiWRYDFtSDUDPHWHU]DStãHVDNRPSOHWQêUHĢD]HFWMLJQRUXMHVD
IRUPiW
ƔIRUPiWRYDFtSDUDPHWHU]DFHOêPþtVORPR]QDþXMHãtUNXGRNWRUHMVDPi]DStVDĢþtVORDNE\
QHYRãORGRGDQHMãtUN\IRUPiWVDLJQRUXMH
ZULWHW
]DStãHGYHPHG]HU\]DNWRUpGiþtVOR
ƔIRUPiWRYDFtSDUDPHWHU]DUHiOQ\PþtVORPWLHåR]QDþXMHãtUNXþtVORVDY\StãHY
VHPLORJDULWPLFNRPWYDUHGUXKêIRUPiWRYDFtSDUDPHWHUR]QDþXMHSRþHWGHVDWLQQêFKPLHVW
ZULWHWVLQ
]DStãH(
ZULWHWFRV
]DStãH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
)XQNFLHD
RNW
SDUDPHWUH
3DUDPHWUHSURFHG~U
=DþQHPHWDNRXWR~ORKRXQDStãHPHSURJUDPYNWRURPVDEXG~NRU\WQDþN\VWiOHSRK\ERYDĢSRVYRMLFK
NUXKRFK6~þDVQHVQLPLVDWUHWLDNRU\WQDþNDEXGHVWiOHVQDåLĢE\ĢSUHVQHYVWUHGHPHG]LQLPLDNRNHE\
ERODYVWUHGHJXPHQHMQLWHNWRUiMHSULSHYQHQiQDWêFKWRGYRFKNRU\WQDþNiFK9\WYRUtPHVLSRPRFQ~
SURFHG~UXSRFLWDMBVWUHGNWRUi]GYRFKNRU\WQDþLHNNDNY\SRþtWDV~UDGQLFHVWUHGX[\SUHWUHWLX
NRU\WQDþNX
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNNNNRU
[\UHDO
SURFHGXUHSRFLWDMBVWUHG
EHJLQ
[ N[VXUN[VXU
\ N\VXUN\VXU
HQG
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHG
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGR
EHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHG
N=PHQ;<[\
HQG
HQG
9WRPWRSUtNODGHVPHY\WYRULOLSURFHG~UXSRFLWDMBVWUHGEH]IRUPiOQ\FKSDUDPHWURYOHERWiWRYLGtDM
QDNRU\WQDþN\NNDMQDSUHPHQQp[D\7LHWRSUHPHQQpV~SUHĖXJOREiOQHQLHV~WRMHMORNiOQH
SUHPHQQp7HQWRVS{VRENHćSURFHG~UDSRXåtYDJOREiOQHSUHPHQQpQLHMHYåG\SRXåLWHĐQêOHER
QLHNHG\P{åHPHSRWUHERYDĢY\SRþtWDĢVWUHGLQêFKGYRFKNRU\WQDþLHNDYêVOHGRNGDĢGRLQêFKGYRFK
SUHPHQQêFKDOHERVDPRWQ~SURFHG~UXFKFHPHPDĢJOREiOQXDWiWRQHEXGHYLGLHĢQDSRWUHEQp
SUHPHQQpORNiOQHYQDãHMSURFHG~UH:0VWDUW
ÒORKXSUHSURJUDPXMHPHWDNDE\VDQHSRXåLOLJOREiOQHSUHPHQQpDOHIRUPiOQHSDUDPHWUH
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
SURFHGXUHSRFLWDMBVWUHGNNNRU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
YDUNNNNRU
[\UHDO
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHGNN[\
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGR
EHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHGNN[\
N=PHQ;<[\
HQG
HQG
7DNWR]DStVDQêSURJUDPQHEXGHIXQJRYDĢOHERIRUPiOQHSDUDPHWUH[[D\\V~ORNiOQHSUHPHQQp
NWRUpV~LQLFLDOL]RYDQpKRGQRWDPLVNXWRþQêFKSDUDPHWURYDSRVNRQþHQtSURFHG~U\VDLFKKRGQRW\
]DE~GDM~'RWHUD]]QiP\PHFKDQL]PXVIRUPiOQ\FKSDUDPHWURYQiPYWRPWRSUtSDGHQHSRP{åH
SRWUHEXMHPHQLHþRQRYp
)RUPiOQHSDUDPHWUHYSDVFDOH
U{]QHSUtVWXS\NLQIRUPiFLiPSUHGVWDYPHVLQDSUGLiUSUHNWRUê
ƔYODVWQtN]iSLVþtWDQLH
ƔVHNUHWiUNDSUtVWXSNGXSOLNiWXþtWDQLHPRGLILNiFLDNySLH
ƔVHNUHWiUNDOHQþtWDĢ
ƔRVWDWQtåLDGQ\SUtVWXS
7\S\SUtVWXSRYNLQIRUPiFLiP
Ɣ~SOQêþtWDQLH]iSLV
ƔOHQþtWDQLH
ƔOHQ]iSLV
Ɣ~SOQêSUtVWXSNGXSOLNiWX
ƔåLDGHQ
3R]QiPHãWDQGDUGQpSURFHG~U\QDSUiFXVRV~ERUPL
SURFHG~UDUHDGW[
SUtVWXSNV~ERUXWQDþtWDQLH
NSUHPHQQHM[QD]iSLVS{YRGQêREVDKSUHPHQQHMQiVQH]DXMtPD
ZULWHW[
SUtVWXSNV~ERUXWQD]iSLV
NSUHPHQQHM[QDþtWDQLH
W\S\SDUDPHWURYY3DVFDOH
ƔSUtVWXSNGXSOLNiWXKRGQRWRYpSDUDPHWUHYRODQLHKRGQRWRXPDOLVPHGRWHUD]
Ɣ~SOQêSUtVWXSSUHPHQQpSDUDPHWUHYRODQLHDGUHVRXYDUSDUDPHWUH
SDUDPHWUH
9SUHGFKiG]DM~FRPSUtNODGHVPHSURFHG~UHSRFLWDMBVWUHGSRVODOLYãHWN\SDUDPHWUHDNRKRGQRWRYpWM
SRXåLOLYRODQLHKRGQRWRX
ƔY\SRþtWDM~VDKRGQRW\VNXWRþQêFKSDUDPHWURYVNWRUêPLMHSURFHG~UDYRODQiYWRPWRSUtSDGHN
NDPRPHQWiOQHKRGQRW\[D\
ƔRGRY]GiVDULDGHQLHSURFHG~UHSULþRPVDSUHĖXY\WYRULDORNiOQHSUHPHQQpNN[[\\DGR
WêFKWRVDSULUDGLDKRGQRW\NWRUpVDSULYRODQtY\SRþtWDOL
ƔVNRU\WQDþNDPLJUDILFNêPLSHUDPLQHEXGHSUREOpPOHERQHSRWUHEXMHPHPHQLĢKRGQRW\
NRU\WQDþLHNSUREOpPEXGHVSUHPHQQêPL[D\
❍WXE\VDQiPYLDFKRGLO~SOQêSUtVWXSNWêPWRSUHPHQQêPWMSRWUHERYDOLE\VPHYRODQLH
DGUHVRX
❍Y3DVFDOHVDWR]DStãHUH]HUYRYDQêPVORYRPYDUSUHGSUtVOXãQêPSDUDPHWURP
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
8NiåPHVLWHUD]LQ~YHU]LXWHMWR~ORK\NGHMHGQD]NRU\WQDþLHNFKRGtSRREYRGHãWYRUFDDGUXKiSR
NUXåQLFL9ãLPQLWHVLåHSURFHG~UXSRFLWDMBVWUHGVPHY\WLDKOLSUHG:0VWDUWWDNåHVDVWDODJOREiOQRX
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[[\\UHDO
EHJLQ
[[ N[VXUN[VXU
\\ N\VXUN\VXU
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNNNNRU
[\UHDO
LLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
SRFLWDMBVWUHGNN[\
N .RU&UHDWH[\NXND]N=PHQ)3FO5HG
ZKLOHWUXHGR
EHJLQ
IRUL WRGRVN~VWHLQêSRþHWRSDNRYDQtQDSU
EHJLQ
NGRSUHGXNGRSUHGX
NYODYR
SRFLWDMBVWUHGNN[\
N=PHQ6PHUN6PHURP[\
N=PHQ;<[\
HQG
NYSUDYRVN~VWHLQpXKO\DSRG
HQG
HQG
)XQNFLH
0DMPHSURFHG~UXNWRUiYUDFLDSRPRFRXSDUDPHWUDPLQLPXP]GYRFKþtVHO
SURFHGXUHPLQDELQWHJHUYDUPLQWHJHU
EHJLQ
LIDEWKHQP DHOVHP E
HQG
DWHUD]DNRIXQNFLD
3UtNODG\
1DStãWHORJLFN~IXQNFLXNWRUiYUDFLDWUXHDNMHYVWXSQêSDUDPHWHUStVPHQRP
1DStãWHORJLFN~IXQNFLXMHFLIUDNWRUiYUDFLDWUXHDNMHYVWXSQêSDUDPHWHUFLIURX
1DStãWHFHORþtVHOQ~IXQNFLXNWRUiYUDFLDKRGQRWXQDþtWDQHMFLIU\LQDN
1DStãWHORJLFN~IXQNFLXNWRUiYUDFLDWUXHDNMHFHOpþtVORNWRUpMHMHMSDUDPHWURPQHSiUQHRGGMHXå
SUHGGHILQRYDQiDNRãWDQGDUGQiIXQNFLD
1DStãWHFHORþtVHOQ~IXQNFLXNWRUiYUDFLDV~þHWSUYêFK1FHOêFKþtVHOYVWURPSDVFDOHEROLVWêPWR
SUREOpP\
1DStãWHIXQNFLXNWRUiYUDFLD]QDN]RYVWXSXSULþRPYUDFLD
DNEROHROQ
DNEROHRI]QDNRYi
SUHPHQQi]MHJOREiOQDDGHILQRYDQiQLHNGHY\ããLH
!WUHEDVLYãLPQ~ĢIRUPiWRYDQLHSRVWXSQRVWLHOVHLI
WHUD]QDSUþDVĢSURJUDPX
ZKLOH]QDNW
GR
SUHVNDNRYDQLHYãHWNêFKPHG]LHUDNRQFRYULDGNRY
)XQNFLDPRFQLQDFK\EQpULHãHQLH
WiWRIXQNFLDREþDVYUiWLQHVSUiYQ\YêVOHGRNSULþRPP\QHYLHPHþLPRPHQWiOQ\YêVOHGRNMHGREUê
SUHWRYRYDUSDUDPHWULYUiWLþLQHSUHWLHNROYêVOHGRN
)XQNFLDUDQGRP±QiKRGQpþtVOR]R]DGDQpKRLWHUYDOX
)XQNFLDY]G±Y]GLDOHQRVĢGYRFKNRU\WQDþLHN
1'Ò
ƔFHORþtVHOQ~IXQNFLXNWRUiSRþtWD16'GYRFKSULURG]HQêFKþtVHO(XNOLGRYêPDOJRULWPRP
ƔIXQNFLD]LVWtþLGDQpþtVORMHSUYRþtVR
]iNODGQêWYDUST
ƔGYHSULURG]HQpþtVODVDQD]êYDM~SULDWHĐVNpDNMHNDåGp]QLFKURYQpV~þWXYãHWNêFKGHOLWHĐRY
3UtNODG\QDWH[WRYpV~ERU\DNRU\WQDþN\
3RXåLMHPHQRYêSUtND]FDVHNWRUêSUHRUGLQiOQXKRGQRWX]DEH]SHþtY\NRQDQLHQHMDNHMYHWY\SRGĐD
SUtVOXãQHMNRQãWDQW\±YãHREHFQH
FDVHRUGLQiOQ\BYêUD]RI
NRQãWDQWDSUtND]
NRQãWDQWDSUtND]
HOVHSUtND]\WiWRYHWYDP{åHFKêEDĢ
HQG
3UtNODGGDQêMHV~ERUYNWRURPV~SUtND]\SUHNRU\WQDþNXGOSþtVORQDSU
GSGSG
SULþRPStVPHQiDþtVODV~QDY]iMRPRGGHOHQpDVSRĖMHGQRXPHG]HURXDOHERQRYêPULDGNRP
YDUW7H[W)LOH
N.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRWHRIWGR
EHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]
LI]!
WKHQUHDGWS
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
WRLVWpDOHVSRXåLWtP6HHN(RIW
YDUW7H[W)LOH
N.RU
]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGW]S
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
&ORVH)LOHW
HQG
YDUW7H[W)LOH
N.RU
]]]FKDU
SLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRW6HHN(RIWGR
EHJLQ
UHDGW]]] ]
ZKLOH]!
DQGQRWHROQWGRUHDGW]
LI]
G
DQG]
R
WKHQ
EHJLQUHDGWSNGRSUHGXSHQG
HOVHLI]
Y
DQG]
S
WKHQ
EHJLQUHDGWSNYSUDYRSHQG
HOVHLI]
Y
DQG]
O
WKHQ
EHJLQUHDGWSNYODYRSHQG
HOVHLI]
S
DQG]
K
WKHQ
NSK
HOVHLI]
S
DQG]
G
WKHQ
NSG
HQG
&ORVH)LOHW
HQG
9ãLPQLWHVLIRUPiWRYDQLHNRQãWUXNFLtLIHOVHLISRGVHERX
YDUW7H[W)LOH
N.RU
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GR
EHJLQ
NGRSUHGXG
ZULWHOQWN[VXU
N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHZULWHW
N .RU&UHDWH
SRO\
IRUL WRGR
EHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
NRU\WQDþNDLQWHUSUHWXMHV~ERU]SUHGFKiG]DM~FHKRSUtNODGX
XVHV.RU8QLW
YDUW7H[W)LOH
N.RU
[\UHDO
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHVHWW
N .RU&UHDWH
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQW[\
N=PHQ;<[\
HQG
&ORVH)LOHW
HQG
WRLVWpDOHGRV~ERUXVDXNODGDM~UHODWtYQHSRVXQ\NRU\WQDþN\
YDUW7H[W)LOH
N.RU
[\UHDO
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GR
EHJLQ
NGRSUHGXG
ZULWHOQWN[VXU[
N\VXU\
[ N[VXU\ N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
UHZULWHW
N .RU&UHDWH[ N[VXU\ N\VXU
SRO\
IRUL WRGR
EHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
&ORVH)LOHW
HQG
YDUW7H[W)LOH
N.RU
[\IUHDO
LLQWHJHU
EHJLQ
$VVLJQ)LOHW
NRUW[W
N .RU&UHDWH
UDQGRPL]H
IRUL WRGR
EHJLQ
UHVHWW
N3UHVXQ;<UDQGRPUDQGRP
I UDQGRPQiKRGQiYHĐNRVĢ
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQW[\
N]PHQ[\N[VXU[
IN\VXU\
I
HQG
HQG
&ORVH)LOHW
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3ROLDD]QDNRYpUHĢD]FH RNW
7\SLQWHUYDO
ƔSUHPHQQiNWRUiMHWRKWRW\SXP{åHQDGRE~GDĢOHQKRGQRW\]LQWHUYDOX
ƔQHSULDPDGHILQtFLD
YDU[
ƔSULDPDGHILQtFLDYRGVHNXGHILQtFLHW\SRY
W\SH,QWHJHU
/RQJLQW NYROLNRPSDWLELOLWHV7XUER3DVFDORP
6PDOOLQW
6KRUWLQW
%\WH
:RUG
&DUGLQDO
&KDU
W\SHSROH DUUD\>W\SBLQGH[X@RIW\SBSUYNRY
YãHWN\SUYN\SRĐDV~URYQDNpKRW\SX SROHVDVNODGi]YHĐDMHGQRGXFKãtFKSUHPHQQêFK
Ɣ
WLHWRSUHPHQQpV~SUtVWXSQpFH]LQGH[VHOHNWRYDQLH
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
W\SBLQGH[XĐXERYRĐQêRUGLQiOQ\W\S
W\SBSUYNRYĐXERYRĐQêW\S
ƔXåQHSODWtåHFHOiãWUXNW~UDPXVt]DEHUDĢPHQHMDNR.%DNRWRERORY7XUER3DVFDOH
ƔREPHG]HQLHMHOHQQDWRDE\WR]YOiGDO:LQGRZVDWHQEH]SUREOpPRY]YOiGQHGRVĢYHĐD0%
Ɣ'HOSKLGRYROt]DGHNODURYDĢPD[LPiOQH*%ãWUXNW~UXDOH:LQGRZVPiNGLVSR]tFLLSUHDSOLNiFLXYlþãLQRXOHQQLHNRĐNR0%
DUUD\>LQWHJHU@RIE\WH]DEHUiSUHVQH*%WRMHXåYHĐD
DUUD\>E\WH@RILQWHJHU.%%
DUUD\>FKDU@RIERROHDQ.%%
R]QDþXMHPH
❍
Ŷ*% JLJDEDMW 0% .% % EDMWRYWURFKXYLDFDNRPLOLDUGDEDMWRY
SRþHWSUYNRYSRĐDPXVtE\Ģ]QiP\SULNRPSLOiFLL
Ɣ
YãHWN\SUYN\SRĐDVDQHGDM~QDþtWDĢDQLY\StVDĢMHGLQêPUHDGZULWH
Ɣ
3UtNODG1DStãWHSURJUDPNWRUêRNDåGRPYVWXSQRPSUYNXY\StãHþLMHMHKRKRGQRWDQDGSULHPHURPDOHERSRGSULHPHURPYãHWNêFKYVWXSQêFKSUYNRY
FRQVWPD[
W\SHLQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDUSSROH
LLQGH[
VLQWHJHU
EHJLQ
]DSLV
=DGDM
,QW7R6WUPD[
KRGQ{W
IRUL WRPD[GRFLWDM,QWS>L@
V
IRUL WRPD[GRLQFVS>L@
]DSLV
3ULHPHU
)ORDW7R6WUVPD[
IRUL WRPD[GR
LIS>L@VPD[WKHQ]DSLV,QW7R6WUS>L@
32'
HOVHLIS>L@!VPD[WKHQ]DSLV,QW7R6WUS>L@
1$'
HOVH]DSLV,QW7R6WUS>L@
35,(0(5
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
3ROLDDNRSDUDPHWUHSRGSURJUDPRY
3UtNODG1DStãWHSURFHG~UXSUHVXQNWRUiSUHV~YDSUYN\SRĐDEGRSRĐDD
W\SHLQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU[\SROH
SURFHGXUHSUHVXQYDUDSROHESROH
EHJLQYGHILQtFLLW\SXIRUPiOQ\FKSDUDPHWURYPXVtE\ĢLGHQWLILNiWRUBW\SX
D E
HQG
ƔWUHEDVLXYHGRPLĢUR]GLHOPHG]LSUHPHQQêPDKRGQRWRYêPIRUPiOQ\PSDUDPHWURP
ƔP{åHPHY\XåLĢDMFRQVWSDUDPHWUHWMSUtVWXSLEDQDþtWDQLHQHUREtVD]E\WRþQHGXSOLNiWSDUDPHWHUEE\PDOE\ĢUDGãHMW\SXFRQVW
ƔW\SSROHP{åHE\ĢDMYêVOHGNRPIXQNFLHW\SIXQNFLHPXVtE\ĢYåG\]DGDQêLGHQWLILNiWRURPW\SX
ƔãWDQGDUGQpIXQNFLH/RZD+LJKVSDUDPHWURPLGHQWLILNiWRUW\SXSROHDOHERSUHPHQQiW\SXSROHYUiWLDGROQ~DOHERKRUQ~KUDQLFXLQGH[XSRĐD
ƔQHVN{UXYLGtPHDMSDUDPHWUHW\SXRWYRUHQpSROHRSHQDUUD\
1DStãHPHSURJUDPNWRUê
ƔQiKRGQHJHQHUXMHGRSRĐD;SUYN\]LQWHUYDOXPD[LPXP
ƔY\StãHSROH;
ƔSUHVXQLHSROH;GRSRĐD<Y\StãHSROH<
FRQVWPD[
W\SHSROH DUUD\>PD[@RILQWHJHU
SURFHGXUHY\SLVYDUW7H[W)LOHFRQVWSSROH
YDULLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
EHJLQ
IRUL ORZSWRKLJKSGRZULWHWS>L@
ZULWHOQW
HQG
SURFHGXUHSUHVXQYDUDSROHFRQVWESROH
EHJLQ
D E
HQG
YDU[\SROH
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
FLVODW[W
5HZULWHW
UDQGRPL]H
[ Y\UREBQDKRGQH
Y\SLVW[
SUHVXQ\[
Y\SLVW\
&ORVH)LOHW
HQG
&K\EQpSRXåLWLHW\SRY
SURFHGXUHDEDUUD\>@RIFKDU
②W\SQLHMHLGHQWLILNiWRU
SURFHGXUH[\
②W\SIRUPiOQHKRSDUDPHWUDQLHMHLGHQWLILNiWRU
IXQFWLRQI]FKDUDUUD\>@RIFKDU
②W\SIXQNFLHPXVtE\Ģ]DGDQêLGHQWLILNiWRURPIXQNFLH
3ROH]QDNRY
W\SHSROH DUUD\>@RIFKDU
SROLD]QDNRYGR]QDNRYMHPRåQpY\StVDĢSRPRFRXZULWHOQ
YDUVSROH
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
V
DEFGHIJKLM
SRYROHQpSULUDGHQLHSUHVQHMGĎåN\DNRMHGHNODURYDQiLQDN7\SHPLVPDWFKQDSUV
DEF
ZULWHOQWVSRYROHQêYêSLVSRPRFRXZULWHWLGHQWLILNiWRU
HQG
SROH]QDNRYVDQHGiQDUD]FHOpQDþtWDĢSRPRFRXUHDG
Ɣ
YêQLPNDSROHDUUD\>Q@RIFKDU3DVFDOFKiSHDNR1XOOWHUPLQDWHGVWULQJDSRWRPUHDGYLHQDþLWiYDĢVWULQJ\NWRUpDNV~NUDWãLHXNRQþLDVD
Ɣ
=QDNRYpUHĢD]FH
ãSHFLiOQ\]iSLV
Ɣ
VWULQJ>1@ DUUD\>1@RIFKDU
②FHORþtVHOQiNRQãWDQWDR]QDþXM~FHPD[LPiOQXGĎåNXUHĢD]FD GĎåND 1
VWULQJ DUUD\>PD[,QW@RIFKDU
❍SUi]GQ\UHĢD]HFSUHYDUVVWULQJ
V
UHĢD]HFQXORYHMGĎåN\OHQJWKV
❍SULUDGHQLHNUDWãtFKUHĢD]FRY
V
DEF
V>@
D
V>@
E
V>@
F
DOHQJWKV
❍GiVDSRXåLĢDM
QDSU
DEF
!
$%&
MDQD
MDQR
^OH[LNRJUDILFNpXVSRULDGDQLH`
❍]UHĢD]HQLHUHĢD]FRY
MHSRO\PRUIQêRSHUiWRU]iYLVtRGW\SXRSHUDQGRY«
QDSU
V
DEF
GHI
V
DEFGHI
V
IRUL WRGRV V
V
❍SULSULUDćRYDQt DNMHĐDYiVWUDQDNUDWãLDDNRSUDYiWDNVDUHĢD]HFRUHåH
QDSUV
DEFG
HIJK
LMNO
SUHVVWULQJ>@MHYêVOHGQpV
DEFGHIJKLM
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
/HQJWKUHĢD]HF
WiWRIXQNFLDYUDFLDPRPHQWiOQXGĎåNXUHĢD]FD
Ɣ
6HW/HQJWKUHĢD]FRYiBSUHPHQQiGĎåND
ƔWiWRSURFHG~UDQDVWDYtGĎåNXUHĢD]FD
ƔQHVPLHSUHVLDKQXĢGHNODURYDQpPD[LPXP
ƔDNMHNUDWãLDDNRPRPHQWiOQDGĎåND]QDN\QDNRQFLVDVWUiFDM~
&RS\UHĢD]HFRGNRĐNR
ƔYUDFLDQRYêUHĢD]HFSRGUHĢD]HFS{YRGQpKR
ƔDNMHRGPLPRUR]VDKXYUiWLSUi]GQ\UHĢD]HFWM
QDSU
V FRS\
DEFGH
!V
EFG
V FRS\
DEFGH
!V
V FRS\
DEFGH
!V
FGH
ƔDNSRWUHEXMHPHSRGUHĢD]HFRGQHMDNpKRLQGH[XDåGRNRQFDQHPXVtPHY\SRþtWDĢSUHVQêSRþHWDOHP{åHPHSRXåLĢNRQãWDQWXPD[,QWQDSU
V FRS\
DEFGH
PD[,QW
3RVSRGUHĢD]HFUHĢD]HF
YUDFLD]DþLDWRþQêLQGH[SUYpKRYêVN\WXSRGUHĢD]FDYUHĢD]FLDOHERDNVDYUHĢD]FLSRGUHĢD]HFQHQDFKiG]DQDSU
Ɣ
L SRV
G
DEFGH
!L
L SRV
[
DEFGH
!L
L SRV
ED
DEDEDEDE
!L
3ROLDNRU\WQDþLHN
3UtNODG9\JHQHUXMH1NRU\WQDþLHNURYQRPHUQHQD[RYHMRVLVU{]Q\PLSRþLDWRþQêPLVPHUPLQDWRþHQLD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
LL
N>L@XND]
HQG
IRUM WRGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
HQG
3R]QiPND
ƔQRYêSDVFDORYVNêSUtND]ZLWKYRYQ~WULNWRUpKRVDSUDFXMHVGDQRXNRU\WQDþNRX
ƔþRVDVWDQHDNVDQDY]iMRPSUHKRGLDGYDIRUF\NO\VLDM"
Ɣ]YOiGQHWRDMQDSUNRU\WQDþLHNDOHWUHEDLFK]DKXVWLĢ.RU&UHDWH
L
,QpSUtNODG\
SUHNRU\WQDþLHNMHWRYHĐPLSRPDOpOHERREUD]RYNDVDSUHNUHVĐXMHSRNDåGHM]PHQHNDåGHMMHGQHMNRU\WQDþN\
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
LL
ZLWKN>L@GR
EHJLQ
XND]SK
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
ZKLOHWUXHGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
HQG
P{åHPHWRXUêFKOLĢSRXåLWtPNRU\WQDþHMSURFHG~U\1DUD]NWRUiSUHSQHNRU\WQDþLXJUDILNXGRUHåLPXYNWRURPVDREUD]RYNDSUHNUHVOtDåSULQDVOHGRYQRP
]DYRODQtWHMWRSURFHG~U\PHG]LYRODQLDPL1DUD]VDVNRURQLþQHSUHNUHVĐXMHDWHGDVDGRXUREtYHĐPLUêFKOR
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
1DUD]
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
LL
ZLWKN>L@GR
EHJLQ
XND]SK
HQG
HQG
1DUD]
ZKLOHWUXHGR
EHJLQ
IRUL WRQGRZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
1DUD]
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
EHJLQ
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
L
ZLWKN>L@GR
EHJLQ
XND]SK
HQG
HQG
ZKLOHWUXHGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXLFKRGLDVR]GYLKQXWêPSHURP
LIDEV\VXU!WKHQ
EHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
YSUDYR
HQG
HQG
HQG
FRQVWQ
YDULLQWHJHU
NDUUD\>Q@RI.RU
VDUUD\>Q@RIUHDO
EHJLQ
1DUD]
IRUL WRQGR
EHJLQ
N>L@ .RU&UHDWH
L
ZLWKN>L@GR
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMJBB[OBLPWÏSFǬB[DF
XND]SK
V>L@ L
=PHQ+UXENX7YDUX
HQG
HQG
ZKLOHWUXHGR
EHJLQ
1DUD]
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXV>L@
LIDEV\VXU!WKHQ
EHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
V>L@ V>L@þHORPY]DG
HQG
HQG
HQG
HQG
3R]QiPND
YãHWN\NRU\WQDþN\V~VWiOHQDWRþHQpQDVHYHUSUHWRVLYV>L@PXVtPHSDPlWDĢVPHUMD]G\
Ɣ
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
3UiFDVUHĢD]FDPL
RNW
YLDFUR]PHUQpSROLD
3RGSURJUDP\QDUHĢD]FRFK
3URJUDP]LVWtSRþHWYãHWNêFKYêVN\WRYSRGUHĢD]FDYUHĢD]FL
YDUVSVWULQJ
LMSRFLQWHJHU
EHJLQ
SRF M
UHSHDW
L SRVSFRS\VM0D[,QW
LIL!WKHQEHJLQLQFSRFM MLHQG
XQWLOL
HQG
3UtNODG9ãHWN\YêVN\W\]QDNX
QDKUDć
UHSHDW
L SRV
V
LIL!WKHQV FRS\VL
FRS\VL0D[,QW
XQWLOL
1'Ò
Ɣ Y\ULHãWHDMSUHSUtSDGåHYãHWN\YêVN\W\
VDQDKUDGLD
YVXQXW~PHG]HUXXåQHQDKUiG]D
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
3R]QiPND
ƔYRZKLOHSRGPLHQNH]DþLDWRþQtFLĐ~ELD]DSLVRYDĢQDVLHO IDOVHMHWRãNDUHGpUDGãHM]DSLVXMHPHQRWQDVLHO
ƔSULUDGHQLHQDVLHO S FRS\V5HVXOWOHQJWKS]DþLDWRþQtFLV~QLHNHG\VFKRSQt]DStVDĢ
SURFHGXUHLQVHUWFRQVWFRVWULQJYDUVVWULQJRGLQWHJHU
EHJLQ
V FRS\VRGFRFRS\VRG0D[,QW
HQG
QDãD]MHGQRGXãHQiYHU]LD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
SURFHGXUHVWUFLQWHJHUYDUVVWULQJ
YDU]QDPERROHDQ
EHJLQ
]QDP FLI]QDPWKHQF F
V
UHSHDW
V FKUFPRGRUG
V
F FGLY
XQWLOF
LI]QDPWKHQV
V
HQG
YDO
LRN!L RN SUHYRGEROYSRULDGNX
YDO
LRN!L "RN SR]tFLDYUHĢD]FLNGHERODFK\EDSULSUHYRGH
YDO
LRN!L "RN
YDO
LRN!L "RN
QDãD]MHGQRGXãHQiYHU]LD
SURFHGXUHYDOFRQVWVVWULQJYDULRNLQWHJHU
YDUSLQWHJHU
]QDPERROHDQ
EHJLQ
S L ]QDP V>@
LI]QDPWKHQS
ZKLOHS OHQJWKVDQGV>S@!
DQGV>S@
GR
EHJLQ
L L
RUGV>S@RUG
LQFS
HQG
LIS!OHQJWKVWKHQEHJLQRN LI]QDPWKHQL LHQG
HOVHRN S
HQG
1'Ò
Ɣ SUHSURJUDPXMWHVWUDMYDODE\SUDFRYDOLSUHUHiOQHþtVOD
3UtNODG=DNDåGê]QDNYUHĢD]FLSULGDM
5{]QHULHãHQLD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
IRUL WROHQJWKVGR5HVXOW 5HVXOWV>L@
HQG
1'Ò
Ɣ 1DStãWHIXQNFLX8S&DVH6WUNWRUiSUHUREtYUHĢD]FLPDOpStVPHQiQDYHĐNp
Ɣ 1DStãWHSURFHG~UX&HQWHUNWRUiFHQWUXMHUHĢD]HFQDXGDQ~ãtUNX
SURFHGXUH&HQWHUYDUVVWULQJVLUNDE\WH
Ɣ1DStãWHIXQNFLXNWRUiSUHYVWXSQêUHĢD]HFVGYRPDVORYDPLRGGHOHQêPLPHG]HURXY\WYRUtUHĢD]HFNWRUêPiWLHWRVORYiY
RSDþQRPSRUDGtQDSUNUVWQpPHQRDSULH]YLVNR
'HOSKLPiSUHGGHILQRYDQpWLHWRXåLWRþQpIXQNFLHYSURJUDPHPXVtE\ĢXVHV6\V8WLOV
ƔIXQFWLRQ8SSHU&DVHFRQVW6VWULQJVWULQJ
ƔIXQFWLRQ/RZHU&DVHFRQVW6VWULQJVWULQJ
RSODWtVDVQLPL]R]QiPLĢDSRXåtYDĢLFKP{åHWHVLLFKFYLþQHQDSURJUDPRYDĢDMVDPLDNR1'Ò
7LHå'HOSKLSRQ~NDWLHWRIXQNFLHQDSUiFXVRV~ERUPL
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
WLHWRIXQNFLHYUDFDM~WUXHDNSUHEHKOLEH]FK\E\DNQiVFK\EQêYêVOHGRNQH]DXMtPDP{åHPHWLHWRIXQNFLHYRODĢDNRNHE\WR
EROLSURFHG~U\
3R]QiPNRYêEORN
$E\VPHPRKOLWUpQRYDĢSUiFXVUHĢD]FDPLQHSRWUHEXMHPHNRU\WQDþLXJUDILNXNRU\WQDþtSURMHNWDOHP{åHPHVLSULSUDYLĢYODVWQ~
MHGQRGXFK~YHU]LXSR]QiPNRYHMWH[WRYHMSORFK\
ƔRWYRUtPHQRYêSUi]GQ\SURMHNWVþLVWêPIRUPXOiURP1HZ$SSOLFDWLRQ
Ɣ]RãWDQGDUGQHMSDOHW\NRPSRQHQWRYYORåtPHGRIRUPXOiUX0HPRWH[WRY~SORFKXDãWDUWRYDFLHWODþLGOR%XWWRQ
Ɣ WHUD]E\PDOIRUPXOiUY\]HUDĢDVLWDNWR
ƔGYRMNOLNQHPHQDWODþLGOR%XWWRQD'HSOKLQiPSULSUDYLDSURFHG~UXNWRUiVDDXWRPDWLFN\VSXVWtNHćSRþDVEHKXSURMHNWX
VDNOLNQHQDWODþLGOR
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
_
HQG
ƔGRWHMWRSURFHG~U\P{åHPHStVDĢSUtND]\QDSUQDWHVWRYDQLHDOJRULWPRYVUHĢD]FDPLNWRUpEXG~StVDĢGRWH[WRYHMSORFK\
0HPR
Ɣ]DþQHPHSUtND]RP0HPR&OHDUNWRUê]PDåHVDREVDKSORFK\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR&OHDU
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
ƔNHćWHQWRSURMHNWVSXVWtPH)YWH[WRYHMSORFKHYLGtPHWH[W
0HPR
NOLNQXWtPQD%XWWRQVDSORFKDY\þLVWtNOLNQXWtP
GRWH[WRYHMSORFK\VDWDPREMDYtNXU]RUDGRYROtQiPWDPKRFLþRStVDĢUHVSPRGLILNRYDĢVHOHNWRYDĢP\ãRXDSRG
ƔWH[WRY~SORFKXVLP{åHPHSUHGVWDYLĢDNRSROHUHĢD]FRYNWRUpPiLQGH[\RGDåSRPRPHQWiOQ\SRþHWULDGNRY
NDåGêULDGRNMHMHGHQVWULQJNHćEXGHPHPHQLĢREVDKWRKRWRSRĐDEXGHVDPHQLĢDMWH[WRYiSORFKDDQDRSDN
Y\VN~ãDPH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
0HPR/LQHV6WULQJV>@
WH[WRYiSORFKD
HQG
Ɣ PRPHQWiOQ\SRþHWULDGNRYYUiWLIXQNFLD0HPR/LQHV&RXQWSURFHG~UD0HPR/LQHV$SSHQGUHĢD]HF
SULGiQDNRQLHFQRYêULDGRN]YêãLSRþHWULDGNRY
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
0HPR&OHDU
IRUL WRGR
0HPR/LQHV$SSHQG,QW7R6WUL
ULDGRN
0HPR/LQHV$SSHQG
0HPR/LQHV$SSHQG
SRþHWULDGNRYMH
,QW7R6WU0HPR/LQHV&RXQW
HQG
Ɣ URYQDNRDNRVPHGRIRUPXOiUXYORåLOLWODþLGOR%XWWRQSRGQHKRYORåtPH%XWWRQDGYRMNOLNRPRWYRUtPHSURFHG~UX
7)RUP%XWWRQ&OLFNP{åHPHGRQHMQDStVDĢQDSU
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WR0HPR/LQHV&RXQWGR
0HPR/LQHV6WULQJV>L@
0HPR/LQHV6WULQJV>L@
!
HQG
ƔORJLFNiVWDYRYiSUHPHQQi0HPR5HDG2QO\VO~åLQDWRDE\VPHSRXåtYDWHĐRYLPRKOLSRYROLĢ]DNi]DĢ]DSLVRYDĢGR
WH[WRYHMSORFK\QDSU0HPR5HDG2QO\ IDOVH]DNiåHSRXåtYDWHĐRYLPRGLILNRYDĢSORFKXSRPRFRXNOiYHVQLFHDP\ãL
SUtND]PL]SURJUDPXMHWRVWiOHGRYROHQp
ƔSUHãWXGXMWHSURFHG~U\&LWDM=DSLV&LWDM,QWDSRG]2NQR8QLWYNRU\WQDþRPSURMHNWH
9LDFUR]PHUQpSROLD
=RYãHREHFQtPHSROLDSUYNDPLSRĐDP{åHE\ĢRSlĢSROHDNMHSUYNRPMHGQRUR]PHUQpSROHWDNYêVOHGQêW\SMHGYRMUR]PHUQp
SROH
3UtNODG-HGDQpGYRMUR]PHUQpSROH]QDNRYNWRUpMHXå]DSOQHQp1DStãWHSURJUDPNWRUêSUHVXQLHSUYêULDGRNGRGUXKpKRGUXKê
GRWUHWLHKRDWćDåSRVOHGQêGRSUYpKRPRWLYiFLDURORYDQLHREUi]NXDNRYVYHWHOQêFKQRYLQiFK1DMSUYQLHSHNQpULHãHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
YDUDDUUD\>@RIDUUD\>@RIFKDU
UDUUD\>@RIFKDU
LMLQWHJHU
EHJLQ
]DSOQHQLHSRĐD
IRUL WRGRU>L@ D>L@
IRUL GRZQWRGR
IRUM WRGR
D>LM@ D>LM@
IRUL WRGRD>L@ U>L@
DWHUD]NUDMãLH
W\SHULDGRN DUUD\>@RIFKDU
SROH DUUD\>@RIULDGRN
YDUDSROH
UULDGRN
LLQWHJHU
EHJLQ
U D>@
IRUL GRZQWRGRD>L@ D>L@
D>@ U
3URJUDP]LVĢXMHþLMHGYRMUR]PHUQpSROHV\PHWULFNpSRGĐDKODYQHMGLDJRQiO\
FRQVW1
W\SHSROH DUUD\>11@RILQWHJHU
YDUDSROH
LMLQWHJHU
RNERROHDQ
LQLFLDOL]iFLDSRĐD
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQ
EHJLQ
RN IDOVH
JRWRYRQMHWRDEVRO~WQH]DNi]DQp
HQG
YRQ
LIRNWKHQMHV\PHWULFNi
VSUiYQHULHãHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
RN WUXHL
ZKLOHRNDQGL 1GR
EHJLQ
M
ZKLOHRNDQGMLGR
EHJLQ
RN D>LM@ D>ML@
LQFM
HQG
LQFL
HQG
.RStUXMHPHDPRGLILNXMHPHREUi]N\
$E\VDQiPOHSãLHQDWUpQRYDODSUiFDVGYRMUR]PHUQêPSRĐRPY\WYRUtPHVLY'HOSKLWDNêQRYêSURMHNWYNWRURPEXG~GYH
JUDILFNpSORFK\GRSUYHMQDþtWDPH]QHMDNpKRV~ERUXELWPDSXDW~WRSRWRPSUHNRStUXMHPHGRGUXKHMSORFK\3ULNRStURYDQtMX
P{åHPHU{]QHPHQLĢSUtSDGQHPHQLĢVS{VRE\NRStURYDQLD6REUi]NDPLEXGHPHSUDFRYDĢDNRVGYRMUR]PHUQêPSRĐRPSULþRP
SUYêLQGH[SRODEXGHY\MDGURYDĢ[RY~V~UDGQLFXIDUHEQHMERGN\SL[HO%RGN\þtVOXMHPHRGGRãtUND
Ɣ 1DMSUYVLSULSUDYPHQRYêSURMHNWGRIRUPXOiUXYORåtPHGYHJUDILFNpSORFK\,PDJHXSUDYtPHLPUR]PHU\DE\EROL
URYQDNRYHĐNpSULEOLåQH[
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
,PDJH3LFWXUH/RDG)URP)LOH
WLJHUEPS
HQG
ƔSRGREQHP{åHPHWODþLGOX%XWWRQSULUDGLĢQHMN~LQ~ELWPDSX
ƔWODþLGOR%XWWRQEXGHVO~åLĢQDNRStURYDQLHREUi]NX],PDJHGRSORFK\,PDJH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUJJ7&DQYDV
[\LQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGR
EHJLQ
IRU[ WR,PDJH:LGWKGR
J3L[HOV>[\@ J3L[HOV>[\@
,PDJH5HSDLQW
HQG
HQG
Ɣ,PDJH5HSDLQWSUHNUHVOtGUXK~JUDILFN~SORFKXSRSUHNRStURYDQtNDåGpKRULDGNDLQDNE\VD]REUD]LODDå]iYHUHþQi
]PHQD
ƔćDOãtYDULDQWVDKUiVIDUEDPLDNR5*%
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUJJ7&DQYDV
[\LQWHJHU
UJEE\WH
F7&RORU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRU\ WR,PDJH+HLJKWGR
EHJLQ
IRU[ WR,PDJH:LGWKGR
EHJLQ
F J3L[HOV>[\@
U *HW59DOXHFJ *HW*9DOXHFE *HW%9DOXHF
J3L[HOV>[\@ 5*%UJE
HQG
,PDJH5HSDLQW
HQG
HQG
ƔIXQNFLD*HW59DOXHYUDFLDþHUYHQ~]ORåNX]IDUE\
ƔP{åHPHQDStVDĢSURFHG~UXNWRUiVD]DYROiYåG\NHćVDSRKQHNXU]RURPP\ãLQDGSORFKRX,PDJHQHFKWiWRSURFHG~UD
SUHNRStUXMHOHQMHGQXERGNX],PDJHDWRSUHVQH]SR]tFLHP\ãL
ƔQDMSUYYRIRUPXOiULRVHOHNWXMHPH,PDJHVWDþtMHGQRGXFKêNOLNSRWRPY,QãSHNWRUH2EMHNWRY)SUHSQHPH]iORåNX
NDUWX(YHQWVDGYRMNOLNQHPHQDSUDY~þDVĢULDGNDV2Q0RXVH0RYH
Ɣ SULSUDYtVDSURFHG~UD7)RUP,PDJH0RXVH0RYHGRNWRUHMQDStãHPH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
YDUJJ7&DQYDV
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
J3L[HOV>[\@ J3L[HOV>[\@
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
ƔSULþRP;D<V~V~UDGQLFHERGXQDGNWRUêPVDQDFKiG]DNXU]RUP\ãL
ƔSURFHG~UXY\OHSãtPHWDNåHVDSUHNRStUXMHDMPDOpRNROLHERGX[\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
FRQVWG
YDUJJ7&DQYDV
LMLQWHJHU
EHJLQ
J ,PDJH&DQYDVJ ,PDJH&DQYDV
IRUL GWRGGR
IRUM GWRGGR
J3L[HOV>[L\M@ J3L[HOV>[L\M@
HQG
Ɣ Y,QãSHNWRUH2EMHNWRYP{åHPHMHGQRGXFKR]PHQLĢDMSRSLV\WODþLGLHOQDSUWDNWRYRIRUPXOiULNOLNQHPHQD%XWWRQ
WêPVDRVHOHNWXMHYLQãSHNWRUHSUHSQHPH]iORåNX3URSHUWLHVD]PHQtPHSUDY~þDVĢULDGND&DSWLRQQDĐXERYRĐQêWH[W
QDSU7LJHU
Ɣ
1'Ò
ƔSULNRStURYDQtSL[HORYP{åHWHSRV~YDĢQDSU]DþLDWN\ULDGNRYRQHMDN~IXQNFLXVLQ
ƔREUi]N\P{åHPHSUHNOiSDĢSRGĐDU{]Q\FKRVt
ƔREUi]RNVDGi]YlþãRYDĢ]PHQãRYDĢUHVSNRStURYDĢYLDFNUiWQDU{]QHSR]tFLHYQHMDNHMþDVWL]DKXVĢRYDĢDSRG
ƔMH]DXMtPDYpSRKUDĢVDVIDUEDPLURELĢU{]QHMDV\VWPDYRYDĢREUi]RNNXRNUDMRPSORFK\]YêUD]ĖRYDĢOHQQHMDN~
IDUHEQ~]ORåNXQDSUGR]HOHQD
Ɣ]REUi]NDSUHNRStURYDWOHQWLHSL[HO\NWRUpV~RGQHMDNpKRERGXQDSUQLHGDOHMDNRQDSURVWDWQpSL[HO\
]DIDUELĢQDELHOR
ƔRWRþLĢREUi]RN,PDJHRVWXSĖRYSULþRPQHSRXåLMHWHåLDGQ\ćDOãt,PDJHDQLLQ~GiWRY~ãWUXNW~UXQDSUSRPRFQpSROH
3UtNODG5LDGHQLHNRU\WQDþN\YSRPRFRXSUtND]RY]DGiYDQêFKYWH[WRYHMSORFKHSDUDPHWHURGSUtND]XRGGHOtPHMHGQRX
PHG]HURXDQHStãHPHKRGR]iWYRULHNQDSUGRSUHGX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1SÈDBTSFǬB[DBNJ
WJBDSP[NFSOÏQPMJB
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWWDEDUUD\>@RIVWULQJ
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
YDUN.RU
VVWULQJ
LSLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
]DSLV
=DGDYDMSULND]\
ZKLOHWUXHGR
EHJLQ
FLWDMVþtWD]SRVOHGQpKRULDGNDWH[WRYHMSORFK\
L SRV
V
S 6WU7R,QW'HIFRS\VL0D[,QW
V FRS\VL
L KLJKWDEZKLOHL! ORZWDEDQGWDE>L@!VGRGHFL
ZLWKNGR
FDVHLRI
GRSUHGXS
YODYRS
YSUDYRS
SK
SG
]PHQISS
]PHQKSS
HQG
HQG
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
Typ záznam
7\S]i]QDP RNW
7\S]i]QDPUHFRUG
=i]QDP
ƔSROH QWLFDSRORåLHNNWRUpPXVLDE\ĢURYQDNpKRW\SX
Ɣ]i]QDP QWLFDSUHPHQQêFKQHPXVLDE\ĢURYQDNpKRW\SX
ƔSUHPHQQiW\SX]i]QDPVDVNODGi]RVYRMLFKV~NURPQêFKSUHPHQQêFK
ƔSUtVWXSSRPRFRXPHQDSRORåN\VHOHNWRU
ƔVFHOêP]i]QDPRPQLHMHSRYROHQêDQLYVWXSDQLYêVWXSOHQSRSRORåNiFK
ƔSULUDGHQLHMHSRYROHQpOHQLGHQWLFNpKRW\SXDNRSUHSROLD
ƔP{åXE\ĢSRXåLWpDNRSDUDPHWUHSURFHG~UUHVSYêVOHGRNIXQNFLH
QDSU
W\SH
]D]QDP UHFRUG
PHQRDUUD\>@RIFKDUEDMWRY
URFQLNEDMW
SULHPHUUHDOEDMWRY
HQG
YSDPlWLV~SRORåN\XORåHQpWHVQH]DVHERX
YDU]]D]QDP
EHJLQ
]PHQR
-DQ+UDVNR
]URFQLN
]SULHPHU
HQG
3RPRFRX]i]QDPXUHSUH]HQWXMHPHYHNWRUDNRGYRMLFXþtVHOV~UDGQtF
W\SHYHNWRU UHFRUG[\UHDOHQG
SURFHGXUHQDFLWDMYDUYYHNWRU
YDUVVWULQJ
EHJLQ
]DSLV
=DGDMYHNWRU
FLWDMV
Y[ 6WU7R)ORDWFRS\VSRV
V
Y\ 6WU7R)ORDWFRS\VSRV
VPD[LQW
HQG
SURFHGXUHY\SLVYYHNWRU
EHJLQ
]DSLV
)ORDW7R6WUY[
)ORDW7R6WUY\
HQG
YDUYYYHNWRU
UUHDO
VVWULQJ
EHJLQ
QDFLWDMY
]DSLV
GO]ND
)ORDW7R6WUGO]NDY
]DSLV
=DGDMXKRO
FLWDMVU 6WU7R)ORDWV
Y RWRFYU
Y\SLVY
]DSLV
GO]ND
)ORDW7R6WUGO]NDY
HQG
1'Ò
XUREWHNRPSOHWQ~YHNWRURY~DULWPHWLNXSRVXQ\]YlþãRYDQLH]PHQãRYDQLHVNDOiUQ\V~þLQ]LVWHQLHXKODPHG]LGYRPD
Ɣ
YHNWRUPLDSRG
3RVWXSQHEXGHPHULHãLĢWDNêWRSUtNODGYWH[WRYRPV~ERUHPiPH]DGDQpQHMDNpLQIRUPiFLHRPHVWiFKQDPDSH=DWLDĐQiV]DXMtPDM~
OHQSUYpWULKRGQRW\]NDåGpKRULDGNXDWRPHQRUHĢD]HFGR]QDNRYDV~UDGQLFH[D\QDREUD]RYNH1DMSUYQDþtWDPHWLHWR
LQIRUPiFLHGRSRĐD
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
FRQVWPD[
YDUSDUUD\>PD[@RILQIR
QLLQWHJHU
W7H[W)LOH
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWQ
ZKLOHQRW6HHN(RIWGR
EHJLQ
LQFQS>Q@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRQGR
ZLWKS>L@GR
]DSLV,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
HQG
1'Ò
RNUHPPHQDDV~UDGQtFMHYNDåGRPULDGNXV~ERUXDMLQIRUPiFLDRSRþWHRE\YDWHĐRYDþtVHOQêNyGãWiWXGRNWRUpKRWRWRPHVWR
Ɣ
ĆDOãLD~ORKDQDREUD]RYNHY\WYRUtPHNRU\WQDþN\QDSR]tFLiFKPLHVWY\StãHPHNXQLPLFKPHQiDEXGHPHRþDNiYDĢ]DGiYDQLH
GYRMtFPLHVW±DNWREXG~NRUHNWQpPHQiWDNLFKVSRMtPHþLDURX
1DNRĐNREXGHPHćDOHMKĐDGDĢLQIRUPiFLHRPHVWHSRGĐDMHKRPHQDQDStãHPHVLSRPRFQ~IXQNFLXQDKĐDGDQLHYUiWLEXćLQGH[GR
SRĐDDOHERDNKRYSROLQHQiMGH
WHUD]NRPSOHWQêSURJUDP
FRQVWPD[
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
YDUSDUUD\>PD[@RILQIR
QLQWHJHU
YDUW7H[W)LOH
NDUUD\>PD[@RI.RU
LLLLQWHJHU
VVWULQJ
EHJLQ
$VVLJQ)LOHW
PHVWDW[W
5HVHWWQ
ZKLOHQRW6HHN(RIWGR
EHJLQ
LQFQS>Q@ &LWDM5LDGRNW
HQG
&ORVH)LOHW
IRUL WRQGR
ZLWKS>L@GR
]DSLV,QW7R6WUL
PHQR
,QW7R6WU[
,QW7R6WU\
IRUL WRQGR
EHJLQ
ZLWKS>L@GRN>L@ .RU&UHDWH[\
ZLWKN>L@GREHJLQ8ND]3LVS>L@PHQRHQG
HQG
UHSHDW
]DSLV
=DGDMGYHPHVWiRGGHOHQp
FLWDMV
L SRV
V
LIL!WKHQ
EHJLQ
L KODGDMFRS\VL
L KODGDMFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKN>L@GR
EHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
XQWLOIDOVH
HQG
FRQVWPD[
W\SH
LQIR UHFRUG
PHQRVWULQJ
[\LQWHJHU
HQG
WDEXOND UHFRUG
SRFHWPD[
SDUUD\>PD[@RILQIR
NDUUD\>PD[@RI.RU
HQG
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
EHJLQ
ZLWKWDEGR
EHJLQ
LQFSRFHWS>SRFHW@ SS
HQG
HQG
YDUWDEWDEXOND
W7H[W)LOH
LLLLQWHJHU
VVWULQJ
EHJLQ
WDESRFHW LQLFLDOL]iFLDWDEXĐN\
$VVLJQ)LOHW
PHVWDW[W
5HVHWW
ZKLOHQRW6HHN(RIWGR
]DUDGWDE&LWDM5LDGRNW
&ORVH)LOHW
IRUL WRWDESRFHWGRZLWKWDES>L@GRN>L@WXHãWHQHH[LVWXMH
EHJLQ
N>L@ .RU&UHDWH[\
ZLWKN>L@GREHJLQXND]SLVPHQRHQG
HQG
UHSHDW
]DSLV
=DGDMGYHPHVWiRGGHOHQp
FLWDMV
L SRV
V
LIL!WKHQ
EHJLQ
L KODGDMWDEFRS\VL
L KODGDMWDEFRS\VLPD[,QW
LIL!DQGL!WKHQ
ZLWKWDEN>L@GR
EHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
XQWLOIDOVH
HQG
-HYHĐPLG{OHåLWpVSUiYQHFKiSDĢDDMSRXåtYDĢSUtND]ZLWK
1'Ò
NRĐNRWUYiKĐDGDQtDY\StVDQêYêVOHGRNSRWRPY\GHOtPH±P{åHWHSRXåLĢIXQNFLX1RZDSURFHG~UX'HFRGH7LPH
QDSU
SURFHGXUH]DSLV&DV7LPH7'DWH7LPH
YDU+RXU0LQ6HF06HF:RUG
EHJLQ
'HFRGH7LPH7LPH+RXU0LQ6HF06HF
]DSLV,QW7R6WU+RXU
,QW7R6WU0LQ
,QW7R6WU6HF
,QW7R6WU06HF
V
HQG
YDUFDV7'DWH7LPH
FDV 1RZ]DSDPlWiVLPRPHQWiOQ\þDV
WHVWRYDQiþDVĢSURJUDPX
]DSLV&DV1RZFDVY\StãHþDVWUYDQLDWHVWRYDQpKRSURJUDPX
9ćDOãRPVDV~VWUHćPHQDKĐDGDQLHLQIRUPiFLtYWDEXĐNH
$OJRULWPXVKĐDGDQLDP{åHPHY\OHSãLĢDNEXGHPHSUHGSRNODGDĢåHWDEXĐNDMHXWULHGHQiDEHFHGQHY]RVWXSQHOH[LNRJUDILFN\
DOHER
1'Ò
]LVWLWHDNREXGHY\KĐDGiYDĢKODGDMDN]QHMY\KRGtPHSRGþLDUNQXW~þDVĢ
Ɣ
3UHGSRNODGDOLVPHåHWDEXĐNDMHXWULHGHQi±P{åHPHRSUDYLĢSURFHG~UX]DUDćQDSUWDNWR
SURFHGXUH]DUDGYDUWDEWDEXONDFRQVWSSLQIR
YDULLQWHJHU
EHJLQ
ZLWKWDEGR
EHJLQ
L SRFHW
ZKLOHL!DQGS>L@PHQR!SSPHQRGR
EHJLQS>L@ S>L@GHFLHQG
S>L@ SS
LQFSRFHW
HQG
HQG
YQ~WRUQêZKLOHF\NOXVUR]VXQLHSUYN\WDEXĐN\WDNDE\VDQRYiSRORåNDPRKOD]DVXQ~ĢQDVSUiYQHPLHVWR
1DXþtPHVDQRYêW\SDOJRULWPXY\KĐDGiYDQLDW]YELQiUQHY\KĐDGiYDQLH±SRGREQHDNRNHćKĐDGiPHYWHOHIyQQRP]R]QDPH«
WUHEDVL]DSDPlWDĢåHWRIXQJXMHOHQDNMHSROHWDEXĐNDXWULHGHQi
DOHER
1'Ò
ƔSRGREQHDNRSUHGWêPRWHVWXMWHSULHPHUQêþDVQiMGHQLDSUYNX
ƔSRN~VWHVDPDWHPDWLFN\Y\SRþtWDĢPD[LPiOQ\þDVQDQiMGHQLHUHVSQD]LVWHQLHåHVDWDPQHQDFKiG]D
ƔY\WYRUWHSURFHG~UXY\KRGNWRUiY\KRGt]WDEXĐN\GDQpPHVWR
ƔY\WYRUWHY\KRGNWRUiY\KRGt]WDEXĐN\YãHWN\PHVWiPHG]LPDP
ƔSUHSURJUDPXMWH]DUDGWDNDE\VSUiYQXSR]tFLXQRYpKRPHVWDQDãLHOSRPRFRXELQiUQHKRY\KĐDGiYDQLDWMQDPHQHM
SRURYQDQtDDåSRWRPWDEXĐNXUR]VXQXO
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
9\PHQRYDQê
RNW
W\SPQRåLQ\VFDQQHU
9\PHQRYDQêW\S
W\SHW\]GHQ SRQXWRVWUVWYSLDVREQHG
]iURYHĖVD]DGHILQRYDORNRQãWiQWDNRNHE\FRQVWSRQ
XWR
YDUGW\]GHQ
EHJLQ
G SRQ
G SUHGSLDG VWY
G VXFFVREG QHG
G XWR
LQFGG VWU
LQFGG VRE
L RUGSRQL SUYiNRQãWDQWDY\PHQRYDQpKRW\SXPiKRGQRWX
L RUGXWRL
G W\]GHQG SLDLGHQWLILNiWRUW\SXVDGiSRXåLĢDNR
IXQNFLD
G ORZW\]GHQG SRQ
G KLJKGG QHG
SUiFDVY\PHQRYDQêPW\SRPHQXPHUDWHGW\SH
ƔMHWRRUGLQiOQ\W\SIXQJXM~RUGSUHGVXFFORZKLJKLQFGHF
ƔP{åHPHKRSRXåLĢDNRLQGH[SUYNRYSRĐD
ƔDMW\SERROHDQMHY\PHQRYDQêW\SWMDNRNHE\W\SHERROHDQ IDOVHWUXH
ƔY\PHQRYDQêW\SVDQHGiY\StVDĢDQLQDþtWDĢ
QDþtWDQLHY\PHQRYDQpKRW\SXSRPRFRXSRĐDPLHQNRQãWiQW
FRQVWDDUUD\>W\]GHQ@RIVWULQJ
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDUVVWULQJ
FLWDMV
G ORZW\]GHQ
ZKLOHGKLJKW\]GHQDQGD>G@!VGRLQFG
LID>G@!VWKHQ]DSLV
FK\ED
Y\PHQRYDQêW\SVPHXåSRXåtYDOLQDSUQDVOHGRYQpW\S\V~XåSUHGGHILQRYDQp
W\SH
73HQ6W\OH SV6ROLGSV'DVKSV'RWSV'DVK'RWSV'DVK'RW'RW
SV&OHDUSV,QVLGH)UDPH
7%UXVK6W\OH EV6ROLGEV&OHDUEV+RUL]RQWDOEV9HUWLFDO
EV)'LDJRQDOEV%'LDJRQDOEV&URVVEV'LDJ&URVV
DP\VPHPRKOLStVDĢ
J3HQ6W\OH SV'DVK
J%UXVK6W\OH EV9HUWLFDO
9SUtNODGH]WHVWXSUHIDQDWLNRYERORWUHEDQDStVDĢIXQNFLXSRURYQDMNWRUiYUiWLMHGQX]KRGQ{W
Y\PHQRYDQpKRW\SXPHQVLURYQ\YDFVLSRGĐDWRKRYDNHMUHOiFLLV~GYDUHĢD]FH
W\SHSRU PHQVLURYQ\YDFVL
7\SPQRåLQD
W\SHP VHWRI
YDUDEP
SUiFDVW\SRPPQRåLQD
ƔPQRåLQRYpNRQãWDQW\>@>@>@>@>@
ƔRSHUiFLH
❍]MHGQRWHQLHD DE
❍SULHQLND D >@
❍UR]GLHOD E>@
❍SUtVOXãQRVĢSUYNXLILQDWKHQ
ƔUHOiFLH
❍URYQRVĢQHURYQRVĢLID EWKHQLIF!>@WKHQ
3UtNODG\
YDU]FKDU
LI]LQ>
$
=
D
]
@WKHQ
LIQRW]LQ>
@WKHQ
FRQVWDQR >
D
$
\
<
@QLH >
Q
1
@
UHSHDW]DSLV
RGSRYHG
FLWDMVV V
XQWLOV>@LQ
DQRQLH
LIV>@LQDQRWKHQ
YDU[VHWRI
[ >@
IRUL WRGR[ [>L@
[ >@
IRUL WRGR[ [>LL@
QDPQRåLQiFKQHIXQJXMHZULWHY\SLVXMHPHSRPRFXF\NOX
W\SHED]D
PQR]LQD VHWRIED]D
SURFHGXUHY\SLVPPQR]LQD
YDULED]D
VVWULQJ
EHJLQ
V
>
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQV V,QW7R6WUL
]DSLVV
@
HQG
GRVERUXWDNDE\VDQDNRQFLQHY\SLVRYDODþLDUND
SURFHGXUHY\SLVFRQVWW7H[W)LOHPPQR]LQD
YDULED]D
EHJLQ
ZULWHW
>
E IDOVH
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ
EHJLQ
LIEWKHQZULWHW
ZULWHWLE WUXH
HQG
ZULWHW
@
HQG
1'Ò
ƔY\SLVRYDQLHPQRåLQ\DMVLQWHUYDOPLQDSU>@
ƔþtWDQLHPQRåLQ\]RYVWXSXQDYVWXSHPåXE\ĢDMLQWHUYDO\
1DStãHPHSURJUDPNWRUê]WH[WRYpKRV~ERUX678'7;7QDþtWDPHQiãWXGHQWRYãWXGHQWRYMHPHQHMDNR
LFKSULHPHUQp]QiPN\DLQIRUPiFLXRWRPþLãWXGHQWGRVWDODOHERQHGRVWDOLQWHUQiWYWYDUHDOHER
3URJUDPSRWRPY\StãH
DYãHWNêFKãWXGHQWRY
EGREUêFKNWRUtPDM~LQWHUQiWSULHPHUGR
FGREUêFKãWXGHQWRYNWRUtQHPDM~LQWHUQiW
SURJUDP
W\SHED]D
WDE DUUD\>ED]D@RIUHFRUG
PHQRVWULQJ
]QUHDO
LQWHUERROHDQ
HQG
PQ VHWRIED]D
SURFHGXUHFLWDM7DEYDUWWDEYDUQLQWHJHU
YDUI7H[W)LOH
EELQWHJHU
]FKDU
EHJLQ
$VVLJQ)LOHI
VWXGW[W
5HVHWI
Q
ZKLOHQRWVHHNHRIIGR
EHJLQ
LQFQ
ZLWKW>Q@GR
EHJLQ
PHQR
UHSHDWUHDGI]LI]!
WKHQPHQR PHQR]XQWLO]
UHDGOQI]QEE
LQWHU EE
HQG
HQG
&ORVH)LOHI
HQG
SURFHGXUHY\SLVFRQVWWWDEPPQ
YDULED]D
EHJLQ
IRUL ORZED]DWRKLJKED]DGR
LILLQPWKHQ]DSLVW>L@PHQR
HQG
YDUWWDE
DEPQDLQGH[\GRWDEXĐN\WSUHNWRUêFK]Q
ELQGH[\GRWDEXĐN\WNWRUtPDM~LQWHUQiW
QLLQWHJHU
EHJLQ
FLWDM7DEWQQDþtWDQLHWDEXĐN\
D >@E >@
IRUL WRQGR
EHJLQ
LIW>L@]Q WKHQD D>L@
LIW>L@LQWHUWKHQE E>L@
HQG
]DSLV
9VHWFL
Y\SLVW>Q@
]DSLV
GREULPDMXLQWUDN
Y\SLVWD
E
]DSLV
GREULQHPDMXLQWUDN
Y\SLVWDE
HQG
0QRåLQXY\XåLMHPHDMSUL]PHQHãWêOXIRQWX
W\SH
7)RQW6W\OH IV%ROGIV,WDOLFIV8QGHUOLQHIV6WULNH2XW
7)RQW6W\OHV%DVH VHWRI7)RQW6W\OH
SUHIRQWMHGHILQRYDQp
VW\OHVHWRI7)RQW6W\OHV%DVH
J)RQW6W\OH >@
J)RQW6W\OH >IV%ROG@
J)RQW6W\OH J)RQW6W\OH>IV,WDOLF@
QHVN{UXYLGtPHSRXåLWLHPQRåtQDMSULNUHVOHQtP\ãRXGRJUDILFNHMSORFK\NOLNDQLHĢDKDQLHP\ãRX
1DStãHPHSURJUDPNWRUêY\WYRUtSRGPQRåLQX0PQRåLQ\WDN~åH
DMH]PQRåLQ\
EDNLMH]PQRåLQ\WDNLDMLV~]PQRåLQ\
SURJUDP
YDUPVHWRI
LLQWHJHU
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQ
EHJLQ
P P>
L@
LMHYåG\]
LI
L WKHQP P>
L@DNMHDM
L]
SULGiPHKRGRPQRåLQ\
HQG
HQG
2EPHG]HQLDSUHPQRåLQ\
ƔP{åHPHQDVLPXORYDĢYlþãLHPQRåLQ\SRPRFRXSRĐDPQRåtQ
YDUPDUUD\>PD[@RIVHWRI
ƔSULGDĢ[GRPQRåLQ\
P>[GLY@ P>[GLY@>[PRG@
Ɣ]LVWLĢþLMH[YPQRåLQH
LI>[PRG@LQP>[GLY@WKHQ
W\SHPQR]LQD VHWRI
PQ DUUD\>@RIPQR]LQD
YDUPPQ
LMLQWHJHU
EHJLQ
P>@ >@
IRUL WRGRP>L@ >@
IRUL WRGR
LILPRGLQP>LGLY@WKHQ
EHJLQ
M
L
P>MGLY@ P>MGLY@>MPRG@
M
L
LIMGLYWKHQ
P>MGLY@ P>MGLY@>MPRG@
HQG
Y\SLVSURFHG~UDNWRUiY\StãHþtVOD]PQRåLQ\
HQG
YćDOãRPSUtNODGHVLQDSUiFXVYHĐNêPLPQRåLQDPLY\WYRUtPHSRPRFQpSURFHG~U\DIXQNFLHD
SRXåLMHPHLFKSULULHãHQt~ORK\(UDWRVWHQRYHVLWR
FRQVWPD[PQ
W\SH
PQR]LQD UHFRUG
PDUUD\>PD[PQ@RIVHWRI
PD[PD[PQ
HQG
SURFHGXUHLQLF0QYDUPQPQR]LQDP[LQWHJHU
YDULLQWHJHU
EHJLQ
PQPD[ P[
IRUL WRP[GLYGRPQP>L@ >@
HQG
SURFHGXUHSULGDM0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
SURFHGXUHY\SLV0QFRQVWPQPQR]LQD
YDULLQWHJHU
EERROHDQ
VVWULQJ
EHJLQ
V
>
E IDOVH
IRUL WRPQPD[GR
LIY0QPQLWKHQ
EHJLQ
LIEWKHQV V
V V,QW7R6WULE WUXH
HQG
]DSLVV
@
HQG
SURFHGXUHYVHWN\0QYDUPQPQR]LQD
YDULLQWHJHU
EHJLQ
ZLWKPQGR
EHJLQ
IRUL WRPD[GLYGRP>L@ >@YãHWN\RNUHP
SRVOHGQHM
P>PD[GLY@ >PD[PRG@
HQG
HQG
SURFHGXUHXEHU0QYDUPQPQR]LQDLLQWHJHU
EHJLQ
ZLWKPQGR
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
YDUPQPQR]LQD
LMLQWHJHU
EHJLQ
LQLF0QPQ
PD[PQYVHWN\0QPQXEHU0QPQXEHU0QPQ
IRUL WRPQPD[GLYGR
LIY0QPQLWKHQ
EHJLQ
M LL
ZKLOHM PQPD[GR
EHJLQXEHU0QPQMLQFMLHQG
HQG
Y\SLV0QPQ
]DSLV
SRFHWSUYNRY
,QW7R6WUSRFHW0QPQ
HQG
5HDOL]iFLDPQRåLQ\YSDPlWLSRþtWDþD
SDVFDORYVNiPQRåLQD SRVWXSQRVĢELWRY
QDSUSUHVHWRIMHELWRYWMEDMWRY
YNDåGRPELWHMHEXćSUYRNQHSDWUtGRPQRåLQ\
DOHERSUYRNSDWUtGRPQRåLQ\
D >@Y\QXOXMYãHWN\ELW\
D >@QDVWDYLEDELW\RVWDWQpY\QXOXM
DELGHSRELWRFKDUREtRSHUiFLX25
PQRåLQD]DEHUiE\WH
/H[LNiOQDDQDOê]DVFDQQHU
3UDYLGOiSUHY\WYRUHQLHVFDQQHUD
XUþHQLHDNpU{]QHW\S\OH[pPEXGHPH]RV~ERUX]LVĢRYDĢOH[pPDSDVFDORYVNpKRSURJUDPX
QDSULGHQWLILNiWRUþtVORUHĢD]HFNRPHQWiU
OH[NRQLGFLVOR
Y\WYRUHQLHSURFHG~U\]QDNNWRUiþtWDV~ERUDYJOREiOQHMSUHPHQQHM]QDVWDYt
❍NHćMHNRQLHFV~ERUX
❍SULNRQFLULDGNXSULþRPVSUDFXMHNRQLHFULDGNX
❍LQDNSUHþtWD]QDN]RV~ERUX
]FKDUDMW7H[W)LOHV~JOREiOQHSUHPHQQp
SURFHGXUH]QDNSURFHG~UDQDþtWDQLH]RV~ERUX
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
QLHNHG\VDQiPKRGtSRPRFQiSURHG~UDSLVNWRUi]DSLVXMHNHćWUHEDDNDPWUHEDQDSUGR
V~ERUXQDSUVFDQQHUP{åHYLVWêFKVLWXiFLiFKY\WYiUDĢDMYêVWXS
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
Y\WYRUHQLHSURFHG~U\VFDQNWRUiVSUDFRYiYD]QDN\DVWDUiVDRWLHOH[pP\NWRUpFKFHPH]LVWLĢ
NDåGpYRODQLH]LVWtQDVOHGRYQ~OH[pPX
SURFHGXUHVFDQ
YDURNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQRN WUXHHQGXåMHNRQLHFV~ERUX
^
]DþtQDNRPHQWiUDNMHGREUêQiMGHPHNQHPXGUXK~
]iWYRUNXDOHERSUtGHPHQDNRQLHFV~ERUX
]DþtQDUHĢD]HF
$
=
D
]
]DþtQDLGHQWLILNiWRU
HOVH
HQGFDVH
XQWLORN
HQG
RN]QDPHQiåHVPHQDãOLOH[pPXP{åHPHXNRQþLĢWRWRYRODQLH !YOH[MHW\S
OH[pP\YLQêFKSUHPHQQêFKMHćDOãLDLQIRUPiFLDQDSUUHĢD]HFLGHQWLILNiWRUD
SUHPHQQHM
YWHOHVDPRWQpKRSURJUDPXRWYRUHQLHV~ERUXLQLFLDOL]iFLDDKODYQêF\NOXV
]QDNVFDQ
ZKLOHOH[!NRQGR
EHJLQ
VSUDFRYDQLHWêFKOH[pPNWRUpSRWUHEXMHPH
VFDQ
HQG
%XGHPHULHãLĢWDNêWRSUtNODG'DQêMHWH[WRYêV~ERUWHVWSDVNWRUêREVDKXMHQHMDNêSDVFDORYVNê
SURJUDP3URJUDPQDþtWDGYDUHĢD]FHUDUY\WYRUtV~ERUWHVWSDVNWRUêMHNySLRXV~ERUXWHVWSDV
SULþRPYãHWN\YêVN\W\LGHQWLILNiWRUDUV~QDKUDGHQpLGHQWLILNiWRURPU%XGHPHXYDåRYDĢDMNRPHQWiUH
VWDþLDMHGQRGXFKp^`D]QDNRYpUHĢD]FHYNWRUêFKVDYêVN\W\UQHQDKUiG]DM~UDNKĐDGiPHLWDN
]UHMPHQHY\KRYXM~LILLL
YDU]FKDU
WW7H[W)LOH
OH[NRQLHFLGHQW
UVWULQJ
SURFHGXUH]QDN
EHJLQ
LIHRIWWKHQ]
HOVHLIHROQWWKHQEHJLQ] UHDGOQWHQG
HOVHUHDGW]
HQG
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQW
HOVHZULWHW]
HQG
SURFHGXUHVFDQSUHGSRNOiGDPHåHQLHV~UHiOQHþtVOD
YDURNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQLHFRN WUXHHQG
^
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
@
SLV]QDN
HQG
$
=
D
]
B
EHJLQ
U
ZKLOH]LQ>
$
=
D
]
B
@GR
EHJLQ
U U]]QDN
HQG
OH[ LGHQWRN WUXH
HQG
HOVHSLV]QDN
HQGFDVH
XQWLORN
HQG
YDUUUVWULQJ
EHJLQ
$VVLJQ)LOHW
WHVWSDV
UHVHWW
$VVLJQ)LOHW
WHVWSDV
UHZULWHW
]DSLV
=DGDMGYDLGHQWLILNDWRU\
]DSLV
SUY\
FLWDMU
]DSLV
GUXK\
FLWDMU
]QDNVFDQ
ZKLOHOH[!NRQLHFGR
EHJLQ
LI8SSHU&DVHU 8SSHU&DVHUWKHQZULWHWU
HOVHZULWHWU
VFDQ
HQG
&ORVH)LOHW&ORVH)LOHW
]DSLV
KRWRYR
HQG
1'Ò
Ɣ8SUDYWHWDNDE\Y\KĐDGiYDQLHUHĢD]FRYQH]iYLVHORRGPDOêFKYHĐNêFKStVPHQ
Ɣ8SUDYWHSURJUDPWDNåHQDþtWDQLHNRĐNRLGHQWLILNiWRURYNWRUpWUHEDQDKUDGLĢDNQLPSUtVOXãQê
SRþHWLGHQWLILNiWRURYNWRUêPLLFKWUHEDQDKUDGLĢ
1DStãHPHSURJUDPNWRUêþtWDWH[WRYêV~ERUSURJUDPSDVYNWRURPVDQDFKiG]DQHMDNêSDVFDORYVNê
SURJUDPDY\WYRUtV~ERUSURJUDPSDVNWRUêEXGHPD[LPiOQH]KXVWHQêQD]DGDQ~ãtUNXULDGNXWMY
NDåGRPULDGNXEXGHPD[LPiOQ\SRþHW]QDNRYNWRUpVDVHP]PHVWLDDYV~ERUHEXGHPLQLPiOQ\SRþHW
PHG]LHUWDNDE\SURJUDPHãWHRVWDOIXQNþQê.RPHQWiUH]SURJUDPXY\QHFKiPH
FRQVWPD[VLU
YDUI7H[W)LOH
]FKDU
OH[NRQLHFFLVORUHWD]HFLGHQWLQH
VVWULQJKRGQRWDUHĢD]FDLGHQWLILNiWRUDDLQpKR]R
VFDQQHUD
KRGQRWDORQJLQWKRGQRWDþtVOD
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQUHDGOQI]
HQG
HOVHUHDGI]
HQG
SURFHGXUHVFDQ
YDURNERROHDQ
SLQWHJHU
EHJLQ
UHSHDW
RN WUXH
FDVHXSFDVH]RI
OH[ NRQLHF
EHJLQ]QDNRN IDOVHHQG
^
EHJLQ
ZKLOHQRW]LQ>
`
@GR]QDN
]QDNRN IDOVH
HQG
EHJLQ
KRGQRWD OH[ FLVOR
ZKLOH]LQ>
@GR
EHJLQ
KRGQRWD
KRGQRWDRUG]RUG
]QDN
HQG
HQG
$
=
B
EHJLQ
V
OH[ LGHQW
ZKLOHXSFDVH]LQ>
$
=
B
@GR
EHJLQV V]]QDNHQG
HQG
EHJLQ
S V
]QDNOH[ UHWD]HF
ZKLOH]!DQGSGR
LI]
WKHQ
LIS WKHQEHJLQS V V
]QDNHQG
HOVHEHJLQLQFS]QDNHQG
HOVHLIS WKHQEHJLQV V]]QDNHQG
HOVHLQFS
HQG
EHJLQ
]QDN
LI]
WKHQ
EHJLQ
RN IDOVH
UHSHDW
]QDN
LI]
WKHQ
EHJLQ
ZKLOH]
GR]QDN
RN ]
HQG
XQWLO] RURN
RN IDOVH]QDN
HQG
HOVHEHJLQOH[ LQHV
HQG
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
!
EHJLQ
OH[ LQHV ]]QDN
LIV
DQG]LQ>
!
@WKHQ
EHJLQV V]]QDNHQG
HOVHLIV
!
DQG]
WKHQ
EHJLQV V]]QDNHQG
HQG
HOVHV ]OH[ LQH]QDN
HQG
XQWLORN
HQG
YDUJ7H[W)LOH
LVLULQWHJHUVLUGRWHUDMãLDãtUNDULDGNX
EEERROHDQþLYNODGDĢPHG]HU\PHG]LOH[pP\
VVVWULQJ
EHJLQ
$VVLJQ)LOHI
SURJUDPSDV
UHVHWI
$VVLJQ)LOHJ
SURJUDPSDV
UHZULWHJ
VLU E IDOVH
]QDNVFDQ
ZKLOHOH[!NRQLHFGR
EHJLQ
E OH[LQ>FLVORLGHQW@
FDVHOH[RI
FLVORVWUKRGQRWDV
UHWD]HF
EHJLQ
VV
IRUL WROHQJWKVGR
LIV>L@
WKHQVV VV
HOVHVV VVV>L@
V
VV
HQG
HQG
LIEDQGEWKHQV
V
E E
LIVLU!DQGVLUOHQJWKV!PD[VLUWKHQ
EHJLQZULWHOQJVLU HQG
LIVLU DQGV>@
WKHQGHOHWHV
ZULWHJVLQFVLUOHQJWKV
VFDQ
HQG
&ORVH)LOHI&ORVH)LOHJ
HQG
1'8
ƔGRUREWHGRVFDQQHUDDMNRPHQWDUH
ƔGRUREWHVFDQQHUDMSUHUHiOQHþtVODãHVWQiVWNRYpNRQãWDQW\
D]QDNRYpNRQãWDQW\V
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
5HNXU]LD RNW
1HNRQHþQiUHNXU]LD
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUN.RU
SURFHGXUH[\VUHDO
EHJLQ
N'RSUHGXVN9ODYR
[\V
HQG
EHJLQ
N .RU&UHDWH
[\
HQG
2WUDVXMPHWHQWRSURJUDP
Ɣ]KODYQpKRSURJUDPXMHYRODQLHSURFHG~U\[\ !Y\WYRUtVDORNiOQDSUHPHQQiVNWRUHMKRGQRWDMH
ƔQDNUHVOtVDþLDUDGĎåN\VNRU\WQDþNDVDRWRþtGRĐDYDRVWXSĖRY
Ɣ]QRYXVDYROiSURFHG~UD[\VSDUDPHWUDPL]PHQHQêPVQDVWMY\WYRUtVDQRYiORNiOQD
Y\KUDGHQLHIRUPiOQ\FKSDUDPHWURYDORNiOQ\FKSUHPHQQêFK
ƔWRWRVDUREtGRQHNRQHþQDDOHþDVRPVD]DSOQtRSHUDþQiSDPlĢSRþtWDþDYWRPWRSUtSDGH
SUHWHþHQLH]iVREQtND6WDFNRYHUIORZ
ƔSULGiYDQLHQDYUFK
ƔRGREHUDQLH]YUFKX
&KYRVWRYiUHNXU]LDQHSUDYi
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQVNRQþL
HOVH
EHJLQN'RSUHGXVN9ODYRVSLUVHQG
HQG
EHJLQ
N .RU&UHDWH
VSLU
2WUDVXMPHYRODQLHVRVLPXOiFLRXQD]iVREQtNX«
YãLPQLPHVLåHUHNXU]tYQHYRODQLHSURFHG~U\MHLEDQDMHGQRPPLHVWHNWRUpMHSRVOHGQêP
Ɣ
SUtND]RPSURFHG~U\ !WRWRYRODQLHVDGiĐDKNRSUHStVDĢF\NORPZKLOH
!KRYRUtPHWRPXFKYRVWRYiUHNXU]LDUHNXU]tYQHYRODQLHMHOHQQDNRQFLSURFHG~U\
ZKLOHV GR
EHJLQN'RSUHGXVN9ODYRV VHQG
1DStãHPHSURFHG~UXNWRUiY\StãH111
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQþL
HOVHEHJLQ]DSLV,QW7R6WUQY\SLVQHQG
HQG
EHJLQ
Y\SLV
HQG
=LVWLWHDNRVD]PHQtYêVWXSDNVDY\PHQt]DSLVDY\SLV"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQVNRQþL
HOVHEHJLQY\SLVQ]DSLV,QW7R6WUQHQGXåWRQLHMH
FKRVWRYiUHNXU]LD
HQG
3UDYiUHNXU]LD
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQN=PHQ)3FO5HGVNRQþL
HOVH
EHJLQ
N'RSUHGXVN9ODYR
VSLUV
N9SUDYRN'RSUHGXV
HQG
HQG
2WUDVXMWHMHMYRODQLHSUH
VSLU
7DNpWRUHNXU]tYQHYRODQLHVDGiSUHStVDĢSRPRFRXGYRFKF\NORY
SRFLDWV V
ZKLOHV GRþRVDGHMHSUHGUHNXU]LRX
EHJLQ
N'RSUHGXVN9ODYRV V
HQG
N=PHQ)3FO5HGUREtVDYSUtSDGHVNRQþLWULYLiOQ\
SUtSDG
ZKLOHV!SRFLDWVGR
EHJLQþRVDGHMHSRQiYUDWRFK]UHNXU]LH
V VN9SUDYRN'RSUHGXV
HQG
3UH]QiPXSURFHG~UXSRO\]LVWLWHþRNUHVOLDSURFHG~U\VWYRUHFDVWYRUHF
SURFHGXUHSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GREHJLQN'RSUHGXVN9ODYRXGHFQHQG
HQG
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQþL`
HOVH
EHJLQ
SRO\DVWYRUHFD
HQG
HQG
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQþL`N9ODYR
HOVH
EHJLQ
SRO\DVWYRUHFDSRO\D
HQG
HQG
1DNUHVOLPHSRPRFRXNRU\WQDþHMJUDILN\ELQiUQ\VWURP~URYQH1
ƔSUHQ QDNUHVOtVDþLDUD
ƔSUHQ!þLDUDELQVWURPQ~URYQHELQVWURPQ~URYQH
SURFHGXUHVWURPQLQWHJHU
EHJLQ
LIQ WKHQEHJLQN'RSUHGXN'RSUHGXHQG
HOVHZLWKNGR
EHJLQ
'RSUHGX9ODYRQDWRþVDQDNUHVOHQLHĐDYpKR
SRGVWURPX
VWURPQQDNUHVOLĐDYêSRGVWURPQ~URYQH
9SUDYRQDWRþVDQDNUHVOHQLHSUDYpKR
SRGVWURPXQ~URYQH
VWURPQQDNUHVOLSUDYêSRGVWURPQ~URYQH
9ODYR'RSUHGXQDWRþVDGRS{YRGQpKRVPHUXDYUiĢ
VDQDS{YRGQpPLHVWR
HQG
HQG
%LQiUQ\VWURPWDNDE\VDYHWY\VWURPXVNUDFRYDOLQDSRORYLFXYRY\ããtFK~URYQLDFK
SURFHGXUHVWURPQLQWHJHUYUHDO
EHJLQ
ZLWKNGR
LIQ WKHQ
EHJLQ
'RSUHGXY
DMVKUXEãtPLYHWYDPL
9SUDYR'RSUHGX9ODYR
'RSUHGXY
HQG
HOVH
EHJLQ
'RSUHGXY9ODYRQDWRþVDQDNUHVOHQLHĐDYpKRVWURPX
VWURPQYQDNUHVOLĐDYêVWURPQ~URYQH
9SUDYRQDWRþVDQDNUHVOHQLHSUDYpKRVWURPX
Q~URYQH
VWURPQYQDNUHVOLSUDYêVWURPQ~URYQH
9ODYR'RSUHGXYQDWRþVDGRS{YRGQpKRVPHUXDYUiĢ
VDQDS{YRGQpPLHVWR
HQG
HQG
1'Ò
ƔULHãHQLHEH]UHNXU]LHEXGHVDURELĢRQHVN{U
ƔGRNUHVOLĢVWURPXOtVWRþN\QDSRVOHGQêFKYHWYiFK
ƔQiKRGQHQDVWDYLĢYHĐNRVĢSRGVWURPXQiKRGQHQDVWDYLĢXKROYHWLHY
ƔSRGĐD~URYQHYQRUHQLDPHQLĢKU~ENXSHUD
7HUQiUQ\VWURP
SURFHGXUHVWURPQLQWHJHUDUHDO
YDULLQWHJHU
EHJLQ
LIQ WKHQSRO\D
HOVHZLWKNGR
EHJLQ
'RSUHGXD9ODYR
IRUL WRGR
EHJLQ
VWURPQD
9SUDYR
HQG
9ODYR'RSUHGXD
HQG
HQG
1DStãHPHSURFHG~UXNWRUiQDNUHVOtREUi]RNVVV~URYQH1YHĐNRVWLD
ƔQ QHUREtQLþ
ƔQ ãWYRUHFVRVWUDQRXGĎåN\D
SURFHGXUHVVVQLQWHJHUDUHDO
YDULLQWHJHU
EHJLQ
LIQ WKHQVNRQþL
HOVH
IRUL WRGR
EHJLQ
N'RSUHGXDN9ODYRVVVQDVN~VWHVVVQ
D
HQG
HQG
1DStãHPHSURFHG~UXQDNUHVOHQLHVQHKRYHMYORþN\
YDUN.RU
SURFHGXUHYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQN'RSUHGXV
HOVH
EHJLQ
YORFNDQV
N9SUDYR
YORFNDQV
N9ODYR
YORFNDQV
N9SUDYR
YORFNDQV
HQG
HQG
YDULLQWHJHU
EHJLQ
N .RU&UHDWH
IRUL WRGREHJLQYORFNDN9ODYRHQG
HQG
)UDNWiO\
&NULYND
YDUN.RU
SURFHGXUHFNULYNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
FNULYNDQVNYODYR
FNULYNDQVNYSUDYR
HQG
HQG
EHJLQ
N .RU&UHDWH
FNULYNDVN~VWHFNULYND
HQG
'UDþLDNULYNDVDVNODGi]GYRFK]UNDGORYêFKSURFHG~UQDMSUYFK\EQpULHãHQLH
SURFHGXUHOGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYODYR
SGUDNQV
HQG
HQG
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYSUDYR
SGUDNQV
HQG
HQG
3UREOpPMHSULLFKY]iMRPQRPYRODQt
ƔEXćSRPRFRXGLUHNWtY\IRUZDUG
ƔDOHERY]iMRPQêPYQRUHQtP
YDUN.RU
SURFHGXUHOGUDNQLQWHJHUVUHDO
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYSUDYR
SGUDNQV
HQG
HQG
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYODYR
SGUDNQV
HQG
HQG
EHJLQ
N .RU&UHDWH
OGUDN
HQG
YãLPQLWHVLåHNRU\WQDþNDSULNUHVOHQtNULYN\QHSUHMGHSRåLDGQHMþLDUHYLDFNUiW
.ULYNXP{åHPHNUHVOLĢOHQMHGQRXSURFHG~URXNWRUiPiRMHGHQSDUDPHWHUYLDFDWRþLMHĐDYiDOHER
SUDYi
YDUN.RU
SURFHGXUHGUDNQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
GUDNQVNYODYRS
GUDNQV
HQG
HQG
EHJLQ
N .RU&UHDWH
GUDN
HQG
+OLEHUWRYDNULYNDVDWLHåVNODGi]GYRFK]UNDGORYêFKþDVWt±GHILQXMHPHMHGQRXSURFHG~URX
YDUN.RU
SURFHGXUHKLOEHUWQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ!WKHQ
EHJLQ
NYODYRS
KLOEHUWQVSNGRSUHGXVNYSUDYRS
KLOEHUWQVSNGRSUHGXV
KLOEHUWQVSNYSUDYRS
NGRSUHGXV
KLOEHUWQVSNYODYRS
HQG
HQG
EHJLQ
N .RU&UHDWH
KLOEHUWVN~VWHKLOEHUW
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3UiFDVP\ãRX RNW
3UiFDVP\ãRX
9\WYRUtPHMHGQRGXFK~DSOLNiFLXJUDILFNêHGLWRU
=DþQHPHQRYêSURMHNWEH]NRU\WQDþLHNGRIRUPXOiUXSRORåtPHJUDILFN~SORFKX,PDJHDXUREtPH
VNUDWNXQDMHM&DQYDV
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDVJUDILFNiSORFKD
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
J3L[HOV>[\@ FO%ODFN
HQG
SULSRK\EHP\ãRXQDGSORFKRXVD]DQHFKiYDM~ERGN\
Y\OHSãtPHNUHVOHQtPþLDU
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
J/LQH7R[\
HQG
SDUDPHWHU6KLIWMHW\SX76KLIW6WDWH
SODWt76KLIW6WDWH VHWRIVV6KLIWVV$OWVV&WUOVV/HIWVV5LJKW
VV0LGGOHVV'RXEOH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
J/LQH7R[\
HQG
GYRMNOLNQDULDGRN2Q0RXVH'RZQ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WXE\VDGDORWHVWRYDĢVWODþHQLHSUDYpKRWODþLGODP\ãL
J0RYH7R[\
HQG
SULGiPHWODþLGOR%XWWRQ]PDåHJUDILFN~SORFKX
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
J%UXVK&RORU FO:KLWH
J%UXVK6W\OH EV6ROLG
J)LOO5HFW,PDJH&OLHQW5HFW
HQG
QDIRUPXOiUP{åHPHSRORåLĢĐXERYRĐQpWH[W\WLHWRP{åHPH]DEHKXPHQLĢ]RãWDQGDUGQHMSDOHW\
Y\EHULHPHNRPSRQHQW/DEHODSRORåtPHKRQDYRĐQpPLHVWRQDIRUPXOiUVHPEXGHPHStVDĢV~UDGQLFH
P\ãLDNVDMHMNXU]RUEXGHSRK\ERYDĢQDGJUDILFNRXSORFKRXSULGiPHGR,PDJH0RXVH0RYH
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LI6KLIW >VV/HIW@WKHQ
J/LQH7R[\
HQG
8UREtPHVLSDOHWXćDOãLDJUDILFNiSO{ãND
&KFHPHY\WYRULĢSDOHWXIDULHEDE\VPHPRKOLNUHVOLĢU{]Q\PLIDUEDPLGRIRUPXOiUXSRORåtPHćDOãt
LPDJH,PDJHDGRQHKRQDSUIDUHEQêFKREGĎåQLNRYQDNUHVOtPHLFKY)RUP&UHDWHDHãWHMHGHQ
PDOLþNêLPDJH,PDJHNWRUêEXGHREVDKRYDĢPRPHQWiOQHY\EUDQ~IDUEX
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
FRQVWSDUUD\>@RI7&RORU
FO%ODFNFO5HGFO%OXHFO*UHHQFO<HOORZFO:KLWHFO*UD\
FO1DY\
YDULMZKLQWHJHU
EHJLQ
J ,PDJH&DQYDV
SDOHWD ,PDJH&DQYDV
IDUED ,PDJH&DQYDV
Z ,PDJH:LGWKGLYK ,PDJH+HLJKWGLY
SDOHWD%UXVK6W\OH EV6ROLG
IRUL WRGR
IRUM WRGR
EHJLQ
SDOHWD%UXVK&RORU S>L
M@
SDOHWD)LOO5HFW5HFWL
ZM
KL
ZZM
KK
HQG
IDUED%UXVK6W\OH EV6ROLG
IDUED%UXVK&RORU J3HQ&RORU
IDUED)LOO5HFW,PDJH&OLHQW5HFW
HQG
DE\WRIXQJRYDOREXGHPHPHQLĢIDUEXSHUDJUDILFNHMSORFK\JSRGĐDNOLNQXWpKRPLHVWDYSDOHWH
SDOHWD(9(172Q0RXVH'RZQ
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
J3HQ&RORU SDOHWD3L[HOV>[\@
IDUED%UXVK&RORU J3HQ&RORU
IDUED)LOO5HFW,PDJH&OLHQW5HFW
HQG
3RVXYQiOLãWD
WHUD]SUHQDVWDYRYDQLHKU~EN\SHUDY\EHULHPHNRPSRQHQW7UDFN%DU]SDOHW\NRPSRQHQWRY:LQ
SRORåtPHGRIRUPXOiUXDSULVS{VREtPHPXMHKRYHĐNRVĢSRV~YDQtPþLHUQ\FKãWYRUþHNRY
SRVXYQiOLãWDSULSRV~YDQtY]QLNQHXGDORVĢ2Q&KDQJHP{åHPH]LVWLĢRWHVWRYDQtPVWDYRYHM
SUHPHQQHM3RVLWLRQ
SUL]PHQHMHKRSRORK\XGDORVĢ2Q&KDQJH]PHQtPHKU~ENXSHUD
GHIDXOWPiOLãWDPLQDPD[DVDQHKRGtSUHWRRSUDYtPHYLQãWHNWRUHREMHNWRY0LQQD
SURFHGXUH7)RUP7UDFN%DU&KDQJH6HQGHU72EMHFW
EHJLQ
J3HQ:LGWK 7UDFN%DU3RVLWLRQ
HQG
7ODþLGOiUHåLPRY
%XGHPHNUHVOLĢYU{]Q\FKUHåLPRFKQDSUSHURY\SĎĖDQLH~VHþN\REĎåQLN\HOLSV\DSRG
XUREtPHVLPDOpWODþLGOiQDSUHStQDQLHUHåLPRY]GRSOQNRYHM$GGLWLRQDOSDOHW\6SHHG%XWWRQ
SRORåtPHLFKGRIRUPXOiUXWHVQHYHGĐDVHEDDQDStãHPHLPWH[W\VWDYSUHP&DSWLRQYLQãSHNWRUH
REMHNWRY
DE\]QLFKEROR]DWODþHQpYåG\LEDMHGQRWODþLGORR]QiPLPHåHWYRULDMHGQXJUXSXDWêPVD
]DEH]SHþtåHYåG\NHćVDMHGQRWODþLGOR]DWODþtWDNGRYWHG\]DWODþHQpVD]GYLKQH
W\SH
W5H]LP SHURY\SOQXVHFNDREGO]QLNHOLSVD
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SDOHWD7&DQYDV
IDUED7&DQYDV
UH]LPW5H]LP
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
6SHHG%XWWRQ'RZQ WUXH
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP SHUR
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP Y\SOQ
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP XVHFND
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP REGO]QLN
HQG
SURFHGXUH7)RUP6SHHG%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
UH]LP HOLSVD
HQG
DE\DMSHURUHDJRYDORQDWHQWRUHåLPRSUDYtPH,PDJH0RXVH'RZQD,PDJH0RXVH0RYHQDMSUYOHQ
SUYpGYDUHåLP\
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHURJ/LQH7R[\
Y\SOQ^QHUREQLþ`
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHURJ0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
HQG
HQG
ƔNUHVOLDFHSHURSUHSQHPHGRãSHFLiOQHKRPyGXNWRUêQHNUHVOtIDUERXDOHWDNåHNDåGHMERGNH
]LQYHUWXMHIDUEXQDSUGRSOQNRYiNXELHOHMMHþLHUQDNþHUYHQHMMHEOHGRPRGUiDSRG
ƔYćDNDWRPXWRDNYWRPWRPyGHQDNUHVOtPHGYDNUiWWHQLVWê~WYDUWDNVDYUiWLS{YRGQêVWDY
JUDILFNHMSORFK\
ƔNêPEXGHSRXåtYDWHĐĢDKDĢP\ãRXQHSXVWtĐDYpWODþLGORP\ãLEXGHVDVWiOHUXãLĢSUHGFKiG]DM~FL
~WYDUDNUHVOLĢYQRYHMSR]tFLL
ƔYSUHPHQQêFKYþDVWLSULYDWHY7)RUP[D\VL]DSDPlWiPHSRþLDWRþQêERG]NWRUpKRVD
]DþDOĢDKDĢNUHVOHQê~WYDU
ƔYSUHPHQQêFK[D\VLSDPlWiPHV~UDGQLFHSRVOHGQHQDNUHVOHQpKR~WYDUX
6SUDFRYDQLHXGDORVWt2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8SQDMSUYOHQSUHNUHVOHQLHJXPHQêFK
þLDU
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHURJ0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
XVHFND
EHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
[ [\ \[ [\ \
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHURJ/LQH7R[\
Y\SOQ
XVHFND
EHJLQ
J0RYH7R[\J/LQH7R[\
[ [\ \
J0RYH7R[\J/LQH7R[\
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIUH]LP XVHFNDWKHQ
EHJLQ
J0RYH7R[\J/LQH7R[\
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
J0RYH7R[\J/LQH7R[\
HQG
HQG
.UHVOHQLHREGĎåQLNDDHOLSV\IXQJXMHQDWRPWRLVWRPSULQFtSH8UREtPHSRPRFQ~SURFHG~UX.UHVOLNWRUi
QDNUHVOt~WYDUSRGĐDKRGQRW\SUHPHQQHMUH]LPDWLHå]DSQHY\SQHJXPHQêPyGSRGĐDWRKRþL]DþtQDPH
DOHERNRQþtPHĢDKDQLH.UHVOLEXGHPDĢSDUDPHWHUEYNWRURPEXGHPHUR]OLãRYDĢþL]DþtQDPH
SRNUDþXMHPHDOHERNRQþtPHĢDKDĢ.HćåHFKFHPHDE\WiWRSURFHG~UDERODYLGLWHĐQiYRYãHWNêFK
WURFKSURFHG~UDFK2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8SQHP{åHE\ĢYQLFKYQRUHQiDOH
PXVtE\ĢGHILQRYDQiQDJOREiOQHM~URYQLPXVtPHMHMKODYLþNXXYLHVĢYGHNODUiFLiFK7)RUP]DQDãH
SRPRFQpSUHPHQQpJSDOHWD
W\SH
7)RUP FODVV7)RUP
SULYDWH
J7&DQYDV
SURFHGXUH.UHVOL[\LQWHJHUEE\WH
HQG
SURFHGXUH7)RUP.UHVOL[\LQWHJHUEE\WH
SURFHGXUHXWYDU[\LQWHJHU
EHJLQ
FDVHUH]LPRI
XVHFNDJ3RO\/LQH>3RLQW[\3RLQW[\@EHJLQ
J0RYH7R[\J/LQH7R[\HQG
REGO]QLNJ5HFWDQJOH[\[\
HOLSVDJ(OOLSVH[\[\
HQG
HQG
EHJLQ
LIE WKHQ
EHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
[ [\ \
HQG
HOVHXWYDU[\
LIE WKHQ
EHJLQ
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
HQG
XWYDU[\
[ [\ \
HQG
WêPVD]PHQLDDMSURFHG~U\NWRUpREVOXKXM~XGDORVWL2Q0RXVH'RZQ2Q0RXVH0RYHD2Q0RXVH8S
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
FDVHUH]LPRI
SHURJ0RYH7R[\
Y\SOQ
EHJLQ
J%UXVKFRORU J3HQ&RORU
J)ORRG)LOO;<J3L[HOV>[\@IV6XUIDFH
HQG
HOVHNUHVOL[\
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
/DEHO&DSWLRQ ,QW7R6WU[
,QW7R6WU\
LIVV/HIWLQ6KLIWWKHQ
FDVHUH]LPRI
SHURJ/LQH7R[\
Y\SOQ
HOVHNUHVOL[\
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIUH]LPLQ>XVHFNDREGO]QLNHOLSVD@WKHQNUHVOL[\
HQG
SURFHGXUH7)RUP.UHVOL[\LQWHJHUEE\WH
SURFHGXUHXWYDU[\LQWHJHU
EHJLQ
FDVHUH]LPRI
XVHFNDJ3RO\/LQH>3RLQW[\3RLQW[\@
REGO]QLNJ5HFWDQJOH[\[\
HOLSVDJ(OOLSVH[\[\
HQG
HQG
EHJLQ
LIE WKHQ
EHJLQ
J3HQ0RGH SP;RU
J3HQ&RORU FO:KLWH
J%UXVK&RORU FO:KLWH
LI&KHFN%R[&KHFNHGWKHQ
J%UXVK6W\OH EV6ROLG
HOVH
J%UXVK6W\OH EV&OHDU
[ [\ \
HQG
HOVHXWYDU[\
LIE WKHQ
EHJLQ
J3HQ0RGH SP&RS\
J3HQ&RORU IDUED3L[HOV>@
J%UXVK&RORU J3HQ&RORU
LI&KHFN%R[&KHFNHGWKHQ
J%UXVK6W\OH EV6ROLG
HOVH
J%UXVK6W\OH EV&OHDU
HQG
XWYDU[\
[ [\ \
HQG
.RPSOHWQêSURJUDPY\]HUiSULEOLåQHWDNWR
=KUQXWLH
Y\XåLMHPHKODYQH]DEHKXSURJUDPXQLHNWRUpIXQJXM~OHQ]DEHKXDSUHWRQLHVXYLQãSHNWRUH
REMHNWRY
ƔPHQRNRPSRQHQWX1DPHWUHED]PHQLĢKQHćDNRVDSRORåtGRIRUPXOiUXDNKRFKFHPHPHQLĢ
LQDNQLHNWRUpVLWXiFLH'HOSKLQHPXVLDVSUiYQHXKiGQXĢDRSUDYLĢW~WR]PHQXNRUHNWQH
ƔQLHNWRUpXåLWRþQpSURSHUW\SUHQiV]QiP\FKNRPSRQHQWRY
❍IRUPXOiU7)RUP
Ŷ&DSWLRQUHĢD]HFWLWXORNRNQD
Ŷ&OLHQW:LGWK&OLHQW+HLJKWYHĐNRVĢYQ~WUDRNQDQLHREYRGWM:LGWK+HLJKW
Ŷ/HIW7RS[RYiD\RYiV~UDGQLFDRNQDQDREUD]RYNHP{åHPHFHOpRNQR
SRV~YDĢ
Ŷ9LVLEOHþLMHYLGLWHĐQp
Ŷ:LQGRZ6WDWHPRåHPH]PLQLPDOL]RYDĢ]PD[LPDOL]RYDĢRNQR
XGDORVWL2Q3DLQW
❍WODþLGOR7%XWWRQ
Ŷ&DSWLRQWH[WQDWODþLGOH
Ŷ)RQWURYQDNRDNRYJUDILFNHMSORFKH
Ŷ+HLJKW:LGWKYHĐNRVĢ
Ŷ/HIW7RSSRORKDQDIRUPXOiUL
Ŷ9LVLEOHP{åHPHKRVNU\Ģ
Ŷ+LQW6KRZ+LQWVWULQJDERROHDQEXEOLQNRYêKHOSDþLVDPi]REUD]RYDĢ
ƔYODVWQRVWL:LGWK+HLJKW/HIW7RS9LVLEOH+LQW6KRZ+LQW(QDEOHGIXQJXM~VNRURURYQDNR
VNRURSUHYãHWN\W\S\NRPSRQHQWRY
❍JUDILFNiSORFKD7,PDJH
SORFK\
Ŷ&OLHQW5HFWIXQJXMHOHQSRþDVEHKXSURJUDPXKRGQRWDW\SX75HFWWMREGĎåQLN
NWRUêSRSLVXMHYHĐNRVĢSORFK\
❍PDOpWODþLGOR76SHHG%XWWRQYHĐPLSRGREQêRE\þDMQpPXDOHP{åXWYRULĢVNXSLQX
Y]iMRPQHVDY\OXþXM~EXGHPD[LPiOQHMHGQR]QLFK]DWODþHQpP{åHPDĢDMREUi]RN
Ŷ&DSWLRQWH[WQDWODþLGOHP{åHE\ĢVSROXVREUi]NRP
Ŷ*URXS,QGH[SRUDGRYpþtVORVNXSLQ\WODþLGLHONWRUpVDQDY]iMRPY\OXþXM~
Ŷ'RZQþLMH]DWODþHQp
Ŷ*O\SKREUi]RNXYLGtPHQHVN{U
❍SRVXYQiOLãWD77UDFN%DU
Ŷ0LQ0D[PLQLPiOQDDPD[LPiOQDKRGQRWD
Ŷ3RVLWLRQPRPHQWiOQDKRGQRWD
Ŷ2ULHQWDWLRQWU+RUL]RQWDOWU9HUWLFDO
❍]DãNUWiYDFLHSROtþNR7&KHFN%R[
Ŷ&DSWLRQWH[W]DSROtþNRP
Ŷ)RQWStVPRSUHWH[W
Ŷ&KHFNHGþLMH]DãNUWQXWp
❍WH[W7/DEHO
Ŷ&DSWLRQDNUHĢD]HFREVDKXMHEXGHYLDFULDGNRYê
Ŷ)RQWStVPRSUHWH[W
SUtVOXãQiXGDORVĢQDSUNOLNQHVD]PHQtVDKêEHVDDSRG
ƔGHILQXMHPHWDNåHGYRMNOLNQHPHYSUDYRPVWĎSFL]iORåN\(YHQWV
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
0\ãD
QRY
NRU\WQDþND
QRYãt.RU8QLWYV~ERUH.RU]LS
=DþQHPHMHGQRGXFKRX~ORKRXYNRU\WQDþHMJUDILFNHMSORFKHVDYVWUHGHQDFKiG]DNRU\WQDþNDW~WR
FKFHPHĢDKDĢP\ãRXSRSORFKH
1DNRĐNRFKFHPHDE\SUHPHQQiNW\SX.RULQãWDQFLDNWULHG\.RUERODYLGLWHĐQiDMYSURFHG~UDFK
NWRUp]DEH]SHþXM~SRK\E\DNOLNDQLDP\ãRXY3ORFKHW~WRSUHPHQQ~DMQLHNWRUpćDOãLH]DGHILQXMHPH
DNRJOREiOQHQHEXG~YRYQ~WULSURFHG~U\DOHSUHGĖRX
YDUN.RUWRWRVXJOREiOQHSUHPHQQp
WDKDWERROHDQ
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
N .RU&UHDWHN8ND]
WDKDW IDOVH
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WDKDW 6KLIW >VV/HIW@
HQG
SURFHGXUH72NQR3ORFKD0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIWDKDWWKHQ
N=PHQ;<;[\<SR]RUQDSUHSRþHW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
SURFHGXUH72NQR3ORFKD0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WDKDW IDOVH
HQG
SR]QJOREiOQHSUHPHQQpNDMWDKDWE\PRKOLE\ĢDMYSULYDWHWULHG\72NQRGRNRQFDE\WREROR
SURJUDPiWRUVN\NUDMãLHDOHDVSRĖVDGQHVQDXþtPHQLHþRQRYp
0RPHQWiOQHP{åHPHKRFLNGHNOLNQ~ĢGRSORFK\DNRU\WQDþNDWDPGRVNRþtSRSUYRP2Q0RXVH0RYH
9\XåLMHPHSUHGGHILQRYDQ~NRU\WQDþLXIXQNFLX%OL]NRNWRUi]LVWtþLMHQHMDNêERGEOt]NRNRU\WQDþN\D
NRU\WQDþNXEXGHPHĢDKDĢOHQDNVPHEOt]NRMHMSR]tFLHQLHFHOpKRWURMXKROQtNDRSUDYtPHVSUDFRYDQLH
XGDORVWL2Q0RXVH'RZQ
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
WDKDW 6KLIW >VV/HIW@DQGN%OL]NR;[\<
HQG
3URMHNWY\OHSãtPHWDNWRQD]DþLDWNXY3ORFKHQHEXGHåLDGQDNRU\WQDþNDSUDYêNOLNGRSORFK\]DNDåGêP
Y\JHQHUXMHQRY~NRU\WQDþNXĐDYêNOLNĢDKiSUtVOXãQ~NRU\WQDþNX
FRQVWPD[
YDUNDUUD\>PD[@RI.RU
WDKDWLQWHJHU
SRFLQWHJHUPRPHQWiOQ\SRþHWNRU\WQDþLHN
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
WDKDW
SRF
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
SURFHGXUH72NQR3ORFKD0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIWDKDW!WKHQ
N>WDKDW@=PHQ;<;[\<
HQG
SURFHGXUH72NQR3ORFKD0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIWDKDW!WKHQN>WDKDW@=PHQ+UXENX7YDUXYUiWLPHS{YRGQ~
KU~ENXWYDUX
WDKDW
HQG
3R]QSUHPHQQiWDKDWR]QDþXMHþtVORNRU\WQDþN\NWRU~PRPHQWiOQHĢDKiPH]QDPHQiåHåLDGQX
VPHQHNOLNOL
9\OHSãtPHSURFHG~UXSUH2Q0RXVH0RYHWDNDE\VDNRU\WQDþNDQDWiþDODĢDKDQêPVPHURP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
SURFHGXUH72NQR3ORFKD0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIWDKDW!WKHQZLWKN>WDKDW@GR
EHJLQ
=PHQ6PHU6PHURP;[\<
=PHQ;<;[\<
HQG
HQG
$E\VPHOHSãLHSRFKRSLOLþRUREt:LQGRZVNHćSULFKiG]DM~QHMDNpXGDORVWLDWLHWRVDVSUDFRYiYDM~
QDãLPLSURFHG~UDPLWURFKXSR]PHQtPHĢDKDFtSURMHNWQDPLHVWRĢDKDQLDNRU\WQDþN\SRNOLNQXWt
ĐDYêPWODþLGORPP\ãLWiWROHQSRPDO\XUREtNUXKXKROQtN
FRQVWPD[
YDUNDUUD\>PD[@RI.RU
WDKDWLQWHJHU
SRFLQWHJHU
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
WDKDW
SRF
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDULLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<N>SRF@8ND]
HQG
HOVHLI6KLIW >VV/HIW@WKHQ
EHJLQ
WDKDW SRF
ZKLOHWDKDW!DQGQRWN>WDKDW@%OL]NR;[\<GR
GHFWDKDW
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
LIWDKDW!WKHQZLWKN>WDKDW@GR
EHJLQ
IRUL WRGR
EHJLQGRSUHGXYSUDYRFDNDMHQG
HQG
HQG
HQG
ýRVLWUHEDYãLPQ~ĢQDWRPWRSURMHNWH
]DVWDQHDNUXåQLFX]DþQHNUHVOLĢGUXKi
ƔSRVNRQþHQtNUHVOHQLDGUXKHMNRU\WQDþN\SRNUDþXMHSUYiDGRNUHVOtNUXåQLFX
ƔWDNWRP{åHPHSRVWXSQHQDNOLNDĢYLDFNRU\WQDþLHNDNDåGiPiUR]UREHQ~VYRMXNUXåQLFXP{åHPH
NOLNQ~ĢDMYLDFNUiWQDW~LVW~DWLHGRNRQþLDVYRMHNUXåQLFHYRSDþQRPSRUDGtDNR]DþDOL
Ɣ !!!DNSRþDVVSUDFRYiYDQLDQHMDNHMXGDORVWLQDSU2Q0RXVH'RZQY]QLNQHQRYiXGDORVĢ
NWRU~WUHEDVSUDFRYDĢWDNVSUDFRYiYDQLHS{YRGQHMSURFHG~U\VDSUHUXãtDSRNUDþXMHVDY
SURFHG~UHSUHQRY~XGDORVĢNHćWiWRQRYiSURFHG~UDVNRQþtWDNVDSRNUDþXMHYWHMVWDUHM
]UHMPHQDWRSRþtWDþY\XåtYDSRGREQêPHFKDQL]PXVYRODQtDNRSULUHNXU]LL
1DćDOãRPSUtNODGHXYLGtPH]DXMtPDYpVLWXiFLHNWRUpP{åXY]QLNQ~ĢSULVSUDFRYiYDQtQRYêFKDQRYêFK
XGDORVWt1DXþtPHVDSRXåtYDĢþDVRYDþ7LPHUMHWRãSHFLiOQ\NRPSRQHQWNWRUêNHćSRORåtPHGR
IRUPXOiUXWDNSRþDVEHKXSURJUDPXQLHMHYLGLHĢQLHMHWRYL]XiOQ\NRPSRQHQWDOHWHQWRNRPSRQHQW
YLHJHQHURYDĢXGDORVWLYQHMDNêFKþDVRYêFKLQWHUYDORFK
7LPHUVDQDFKiG]DYSDOHWHNRPSRQHQWRY6\VWHPDGRIRUPXOiUXKRP{åHPHSRORåLĢQDĐXERYRĐQp
PLHVWR
-HKRQDMG{OHåLWHMãRXXGDORVĢRXMH2Q7LPHUP{åHPHQDĖGYRMNOLNQ~ĢDRWYRUtVDSURFHG~UDQD
VSUDFRYDQLHWHMWRXGDORVWLQDSU72NQR7LPHU7LPHU7LPHUPiGYHG{OHåLWpVWDYRYpSUHPHQQp
SURSHUW\
Ɣ,QWHUYDOWXQDSOiQXMHPHþDVNHG\VDY\JHQHUXMHQDVOHGRYQiXGDORVĢ2Q7LPHUYPLOLVHNXQGiFK
SUHQiãSURJUDPVHPQDVWDYtPHWMMHGQXVWRWLQXVHNXQG\
Ɣ(QDEOHGþLVDPiJHQHURYDĢQDVOHGRYQiXGDORVĢSR,QWHUYDOPLOLVHNXQGiFKDOHERWRþDNiNêP
QLHNWRQHXUREt7UXHDSRWRPVD]DþQHRGSRþtWDYDĢþDV
3UHGFKiG]DM~FLSURMHNWSR]PHQtPHWDNåHSUDYêNOLNP\ãRXY\WYiUDQRYpNRU\WQDþN\DYãHWN\GRWHUD]
Y\WYRUHQpNRU\WQDþN\RGGRSRFSRPDO\NU~åLDSRVYRMLFKNUXåQLFLDFK
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
FRQVWPD[
YDUNDUUD\>PD[@RI.RU
SRFLQWHJHU
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
SRF
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<N>SRF@8ND]
HQG
HQG
SURFHGXUH72NQR7LPHU7LPHU6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WRSRFGRZLWKN>L@GR
EHJLQGRSUHGXYSUDYRHQG
HQG
$MYWRPWRSURMHNWHMHVNU\WêFKQLHNRĐNR]iOXGQRVWt
NDåG~VWRWLQXVHNXQG\P{åHY]QLNQ~ĢKRFLNHG\DMSRþDVY\NRQiYDQLDSURFHG~U\
3ORFKD0RXVH'RZQWMKRFLDMPHG]LSUtND]PLLQFSRFN>SRF@ .RU&UHDWHD
WHGDYWRPWRPLHVWHVDP{åHWiWRSURFHG~UDSUHUXãLĢDVSXVWLĢF\NOXVRGGRSRFNWRUpMHDOHXåR
YLDFDNRSRþHWGHILQRYDQêFKNRU\WQDþLHN
RSUDYtPHVSUDFRYDQLHXGDORVWL2Q0RXVH'RZQQDSUWDNWR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
N>SRF@ .RU&UHDWH;[\<LQFSRFN>SRF@8ND]
HQG
HQG
ćDOãtSUREOpPMHVNU\WêYWRPåHSURFHG~UD7LPHU7LPHUQHPXVtGRMHGQHMVWRWLQ\VHNXQG\VWLKQ~Ģ
VNRQþLĢVYRMXSUiFXDXåEXGH]QRYX]DYRODQiSUYpNRU\WQDþN\VDSHNQHKêEXSRVOHGQpEXćVWRMD
DOHERVDSRKQ~OHQUD]]DþDV7RWRVD]Y\NQHULHãLĢWDNåHYWHMWRSURFHG~UHQD]DþLDWNX]DEORNXMHPH
QDVOHGXM~FHJHQHURYDQLHXGDORVWL7LPHU(QDEOHG IDOVHDWHVQHSUHGMHMNRQFRPþDVRYDþRSlĢ
SRYROtPH
3UHYHĐDNRU\WQDþLHNMHLFKSUHNUHVĐRYDQLHYHĐPLSRPDOpP{åHPHVLSRP{FĢDMNRU\WQDþRXSURFHG~URX
QDUD]
SURFHGXUH72NQR7LPHU7LPHU6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRSRFGRZLWKN>L@GR
EHJLQGRSUHGXYSUDYRHQG
1DUD]
7LPHU(QDEOHG WUXH
HQG
3UiFXVþDVRYDþRPRGORåtPHDYUiWLPHVDNSUHGFKiG]DM~FHPXĢDKDQLXNRU\WQDþLHNP\ãRX]IRUPXOiUX
RGVWUiQLPHNRPSRQHQW7LPHUDYSURFHG~UH7LPHU7LPHUY\KRGtPHYãHWN\ULDGN\RNUHPEHJLQDHQG
'HOSKLSULQDMEOLåãHMNRPSLOiFLLRGVWUiQLW~WR]E\WRþQ~SURFHG~UXDMVGHNODUiFLRXQD]DþLDWNXV~ERUX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
$E\VPHPRKOLSUDFRYDĢVRVNXSLQRXUiGLRWODþLGLHO PDOêNU~åRNNWRUêP{åHE\Ģ]DãNUWQXWêDPi
SULVHEHQHMDNêY\VYHWĐXM~FLWH[WWMVWDNRXPQRåLQRXUiGLRWODþLGLHONWRUpVDQDY]iMRPY\OXþXM~
PXVtPHQDMSUYãSHFLiOQHRUiPLNRYDĢþDVĢIRUPXOiUX5DGLR*URXSYãWDQGDUGQHMSDOHWHNRPSRQHQWRYD
GRWHMWRREODVWLQDXNODGDĢUiGLRWODþLGOi5DGLR%XWWRQWLHåYãWDQGDUGQHMSDOHWH7êPWRWODþLGOiP
SULUDGtPHQDSUWDNpWRWH[W\SURSHUW\&DSWLRQ
1DãRX~ORKRXEXGH]DEH]SHþLĢWRåHSULY\WYiUDQtQRYHMNRU\WQDþN\NOLNQXWLHSUDYêPWODþLGORPP\ãL
GR3ORFK\VDSURJUDPSR]ULHQDWRNWRUpUiGLRWODþLGORMH]DãNUWQXWpQDSU5DGLR%XWWRQ&KHFNHGD
SRGĐDWRKR]PHQtWYDUNRU\WQDþNH$E\XåDMQD]DþLDWNXSURJUDPXERORQHMDNpWODþLGOR]DãNUWQXWpGR
:0VWDUWSULGiPHULDGRN
5DGLR%XWWRQ&KHFNHG WUXH
3URJUDPWHUD]Y\]HUiQDVOHGRYQH
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
WDKDW
SRF
5DGLR%XWWRQ&KHFNHG WUXH
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDULLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<
LI5DGLR%XWWRQ&KHFNHGWKHQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>
@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
N>SRF@8ND]
HQG
HOVHLI6KLIW >VV/HIW@WKHQ
EHJLQ
WDKDW SRF
ZKLOHWDKDW!DQGQRWN>WDKDW@%OL]NR;[\<GR
GHFWDKDW
LIWDKDW!WKHQ
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
DSURJUDP
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
WDKDW
SRF
5DGLR%XWWRQ&KHFNHG WUXH
/LVW%R[,WHPV$GG
þHUYHQê
/LVW%R[,WHPV$GG
PRGUê
/LVW%R[,WHPV$GG
]HOHQê
/LVW%R[,WHPV$GG
þLHUQ\
/LVW%R[,WHP,QGH[ R]QDþtVDULDGRNWM]HOHQi
IDUED
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
FRQVWIDUUD\>@RI7&RORU FO5HGFO%OXHFO*UHHQFO%ODFN
YDULLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH;[\<
LI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>
@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
LI/LVW%R[,WHP,QGH[!WKHQ
N>SRF@=PHQ)DUEX7YDUXI>/LVW%R[,WHP,QGH[@
N>SRF@8ND]
HQG
HOVHLI6KLIW >VV/HIW@WKHQ
EHJLQ
WDKDW SRF
ZKLOHWDKDW!DQGQRWN>WDKDW@%OL]NR;[\<GR
GHFWDKDW
LIWDKDW!WKHQ
HQG
HQG
ĆDOãtPNURNRPYQDãHMDSOLNiFLLEXGH3RSXS0HQXSRNOLNQXWtSUDYêPWODþLGORPP\ãLGRJUDILFNHM
SORFK\WXDXWRPDWLFN\QHY]QLNQHQRYiNRU\WQDþNDDOHREMDYtVDPHQXVYRĐEDPL
Ɣ=PD]SORFKX
Ɣ9\WYRUQRYXNRU\WQDFNX
Ɣ=UXVYVHWN\NRU\WQDFN\
DåSRYRĐEH]WRKRWRPHQXVDY\NRQiSUtVOXãQiDNFLD1DMSUYPXVtPHYORåLĢNRPSRQHQW3RSXS0HQX
ãWDQGDUGQiSDOHWDNRPSRQHQWRYKRFLNGHGRIRUPXOiUXDMWHQWRNRPSRQHQWQLHMHYL]XiOQ\SRþDVEHKX
VDEXGH]REUD]RYDĢQD]iNODGHSUtND]RYDOHERQHMDNêFKXGDORVWtĆDOHM]DGHILQXMHPHSRORåN\PHQX
0HQX,WHPWDNåHGYRMNOLNQHPHGRNRPSRQHQWX3RSXS0HQXD]PHQtPHSURSHUW\&DSWLRQSRVWXSQH
WURPULDGNRPPHQXQDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
$E\VDWRWRPHQXDXWRPDWLFN\REMDYRYDORSULNOLNQXWtSUDYêPWODþLGORPP\ãLGRSORFK\PXVtPHREVDK
VWDYRYHMSUHPHQQHMSURSHUW\3RSXS0HQXQDVWDYLWQDKRGQRWX3RSXS0HQXDSUH3RSXS0HQX
QDVWDYLW$XWR3RSXSQD7UXH
3URFHG~UDSUHXGDORVĢ2Q0RXVH'RZQWHUD]XåSUHSUDYêNOLNQHY\UiEDNRU\WQDþN\OHQ]DSDPlWi
SR]tFLXP\ãLGRJOREiOQ\FKSUHPHQQêFK[[D\\
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDULLQWHJHU
EHJLQ
LI6KLIW >VV5LJKW@WKHQ
EHJLQ
[[ ;[\\ \<[[D\\V~JOREiOQHSUHPHQQp
HQG
HOVHLI6KLIW >VV/HIW@WKHQ
HQG
3RVWXSQêPGYRMNOLNQXWtPGRSRORåLHNPHQXY3RSXS0HQXVDY\JHQHUXM~SUi]GQHSURFHG~U\NWRUp
GRSOQtPH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
SURFHGXUH72NQR=PD]SORFKX&OLFN6HQGHU72EMHFW
EHJLQ
]PD]
HQG
SURFHGXUH72NQR9\UREQRYXNRU\WQDFNX&OLFN6HQGHU72EMHFW
FRQVWIDUUD\>@RI7&RORU FO5HGFO%OXHFO*UHHQFO%ODFN
EHJLQ
LQFSRFN>SRF@ .RU&UHDWH[[\\
LI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>
@
HOVHLI5DGLR%XWWRQ&KHFNHGWKHQ
N>SRF@=PHQ7YDU>@
N>SRF@=PHQ)DUEX7YDUXI>/LVW%R[,WHP,QGH[@
N>SRF@8ND]
HQG
SURFHGXUH72NQR=UXVYVHWN\NRU\WQDFN\&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WRSRFGRN>L@'HVWUR\WXWUHEDRSUDYHQê.RU8QLWSDV
SRF
HQG
'R3RSXS0HQXSULGiPHHãWHQRY~SRORåNX1RYHWODFLGORNWRUpGRIRUPXOiUXYORåtQRYpWODþLGOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
W\SH
72NQR FODVV7)RUP
SULYDWH
SURFHGXUH8ND]6XERUFRQVWPHQRVWULQJ
SURFHGXUH&LWDM6XERUFRQVWPHQRVWULQJ
SURFHGXUH0RMH7ODFLGOR6HQGHU72EMHFW
HQG
SURFHGXUH72NQR1RYHWODFLGOR&OLFN6HQGHU72EMHFW
YDUW7%XWWRQ
EHJLQ
W 7%XWWRQ&UHDWHVHOIVHOIR]QDþXMHVHEDVDPpKRWM
PRPHQWiOQDLQãWDQFLDWULHG\72NQR
ZLWKWGR
EHJLQ
1DPH
QRYH
&DSWLRQ
1RYHWODþLGOR
3DUHQW VHOI
/HIW
7RS
:LGWK
+HLJKW
2Q&OLFN 0RMH7ODFLGOR
HQG
1RYHWODFLGOR(QDEOHG IDOVHWDNWRVD]DEORNXMHSRORåNDPHQX
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
SURFHGXUH72NQR2SURJUDPH&OLFN6HQGHU72EMHFW
YDUI7)RUP
EHJLQ
I 7)RUP&UHDWHVHOI
ZLWKIGR
EHJLQ
1DPH
PRMIRUPXODU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
.ZÝBLPSZUOBǁLB
&DSWLRQ
2SURJUDPH
:LGWK
+HLJKW
%RUGHU6W\OH EV6LQJOH
3RVLWLRQ SR6FUHHQ&HQWHU
ZLWK7/DEHO&UHDWHIGR
EHJLQ
1DPH
/DEHO
3DUHQW I
)RQW+HLJKW
)RQW1DPH
$ULDO
&DSWLRQ
1LHþRRPRMRPSURJUDPH
MHWR
XNiåNRYêSURJUDP
QDSUiFXVU{]Q\PLNRPSRQHQWDPL
/HIW
7RS
$XWR6L]H WUXH
:LGWK
+HLJKW
HQG
ZLWK7%XWWRQ&UHDWHIGR
EHJLQ
1DPH
2N
&DSWLRQ
2N
/HIW
7RS
:LGWK
+HLJKW
0RGDO5HVXOW PU2.
3DUHQW I
HQG
6KRZ0RGDO
)UHH
HQG
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVǚLPWâLPNQPOFOU
7DEXĐNRYêNRPSRQHQW QRY
þHUVWYRY\UREHQiWDEXĐNDPi
]PHĖPHSURSHUW\WDNWR
Ɣ
❍]UXãtPHIL[RYDQLHSUYpKRVWĎSFDGR)L[HG&ROVGiPH
❍]DKXVWtPHULDGN\GR'HIDXOW5RZ+HLJKWGiPH
❍GYRMNOLNQHPHGR2SWLRQVDUR]EDOtVDYHĐDULDGNRYGRNWRUêFKVD]DGiYDWUXHIDOVHV~WRSUYN\PQRåLQ\7*ULG2SWLRQ
]PHĖPHJR5DQJH6HOHFWQD)DOVH
❍]PHĖPHSRþHWULDGNRYQDPHQHMVDQHGiOHERMHGHQMHIL[QêDQHIL[QêFKPXVtE\ĢDVSRĖ5RZ&RXQWGiPH
ĆDOHMGRIRUPXOiUXSRORåtPHHãWHGYHWODþLGOiDQDSURJUDPXMHPHQDþtWDQLHD]PD]DQLHWDEXĐN\
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUW7H[W)LOH
VVWULQJ
]FKDU
QPLQWHJHU
EHJLQ
$VVLJQ)LOHW
WHVWW[W
5HVHWW
ZKLOHQRWVHHNHRIWGRZLWK6WULQJ*ULGGR
EHJLQ
Q 5RZ&RXQWP SRUDGRYpþtVORSRVOHGQpKRULDGNX
ZKLOHQRWVHHNHROQWDQGP&RO&RXQWGRSRþHWVWĎSFRY
EHJLQ
V
UHDGW]
ZKLOHQRWHROQWDQG]!
GRSRORåN\YULDGNXV~RGGHOHQp
EHJLQ
V V]UHDGW]
HQG
LI]!
WKHQV V]
&HOOV>PQ@ VPWêVWĎSHFDQWêULDGRN
LQFP
HQG
UHDGOQW
5RZ&RXQW 5RZ&RXQWSULGDMQDNRQLHFMHGHQULDGRN
HQG
&ORVH)LOHW
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVǚLPWâLPNQPOFOU
ZLWK6WULQJ*ULGGR
EHJLQ
5RZ&RXQW QDVWDYPLQSRþHWULDGNRYWM
5RZV>@&OHDUY\PDåREVDKULDGNX
HQG
HQG
NOLNQHPHQD>@SUH)LOWHUDGRWDEXĐN\]DStãHPHQDSU
7H[WRYêV~ERU
D
W[W
Ɣ
GR2SWLRQVSUHRI)LOH0XVW([LVW]DSQHPH7UXH
Ɣ
WHUD]SURJUDPY\]HUi
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
6WULQJ*ULG5RZV>@7H[W
0HQR
8OLFD
0HVWR
'DWXP
+REE\
SULUDGLOLVPHFHOêULDGRNQDUD]
HQG
SURFHGXUH7)RUP1RY\&OLFN6HQGHU72EMHFW
EHJLQ
ZLWK6WULQJ*ULGGR
EHJLQ
5RZ&RXQW
5RZV>@&OHDU
HQG
HQG
SURFHGXUH7)RUP2WYRU&OLFN6HQGHU72EMHFW
YDUW7H[W)LOH
VVWULQJ
]FKDU
QPLQWHJHU
EHJLQ
*HW'LUV
2SHQ'LDORJ,QLWLDO'LU V
LIQRW2SHQ'LDORJ([HFXWHWKHQH[LW
$VVLJQ)LOHW2SHQ'LDORJ)LOHQDPH5HVHWW
ZKLOHQRWVHHNHRIWGR
ZLWK6WULQJ*ULGGR
EHJLQ
Q 5RZ&RXQWP
ZKLOHQRWVHHNHROQWDQGP&RO&RXQWGR
EHJLQ
V
UHDGW]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVǚLPWâLPNQPOFOU
SURFHGXUH7)RUP=DSLV&OLFN6HQGHU72EMHFW
EHJLQ
]DStVDĢGRV~ERUX
HQG
SURFHGXUH7)RUP.RQLHF&OLFN6HQGHU72EMHFW
EHJLQ
&ORVH
HQG
7HUD]QDSURJUDPXMHPHSURFHG~UXNWRUiSUHXVSRULDGDULDGN\WDNåHQHMDNêVWĎSHFEXGHXWULHGHQêY]RVWXSQH
W\SH
7)RUP FODVV7)RUP
6WULQJ*ULG76WULQJ*ULG
SULYDWH
SURFHGXUH7ULHGFLQWHJHU
HQG
SURFHGXUH7)RUP7ULHGFLQWHJHU
YDULMPLQQLQWHJHU
VVWULQJ
EHJLQ
ZLWK6WULQJ*ULGGR
EHJLQ
Q 5RZ&RXQWSUHGSRVOHGQêULDGRNMHSRVOHGQêQDWULHGHQLH
IRUL WRQGR
EHJLQ
PLQ L
IRUM LWRQGR
LI&HOOV>FM@&HOOV>FPLQ@WKHQPLQ MKĐDGiPHPLQLPXP
LIPLQ!LWKHQ
IRUM WR&RO&RXQWGRSRþHWVWĎSFRY
EHJLQ
V &HOOV>ML@&HOOV>ML@ &HOOV>MPLQ@&HOOV>MPLQ@ VYêPHQD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVǚLPWâLPNQPOFOU
HQG
HQG
HQG
HQG
$NHćVDNOLNQHGRIL[RYDQpKRULDGNXGRQHMDNpKRVWĎSFDWDNVDYãHWN\ULDGN\XWULHGLDSRGĐDGDQpKRVWĎSFD
SURFHGXUH7)RUP6WULQJ*ULG0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH
;<,QWHJHU
YDU$&RO$5RZ/RQJLQW
EHJLQ
6WULQJ*ULG0RXVH7R&HOO;<$&RO$5RZ
LI6KLIW >VV/HIW@DQGD5RZ WKHQ7ULHGD&RO
HQG
'HOSKLQiPGiYDPRåQRVĢDE\VPHVDPLY\NUHVĐRYDOLREVDKNDåGHMEXQN\WDEXĐN\XGDORVĢ2Q'UDZ&HOOWUHEDVLGDĢSR]RUDNUHVOLĢOHQ
GRY\]QDþHQpKRREGĎåQLNDSDUDPHWHU5HFW
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
YDUKVWULQJ
EHJLQ
K 6WULQJ*ULG&HOOV>&RO5RZ@
LI5RZ WKHQ
6WULQJ*ULG&DQYDV)RQW&RORU FO%OXHWH[W\YIL[QRPULDGNXEXG~PRGUp
HOVHLISRV
R
K!WKHQWH[W\NWRUpREVDKXM~StVPHQR
R
6WULQJ*ULG&DQYDV)RQW&RORU FO5HGEXG~þHUYHQp
6WULQJ*ULG&DQYDV%UXVK&RORU FO<HOORZEXG~QDåOWRPSR]DGt
âDFKRYQLFD
YćDOãRPSUtNODGH]6WULQJ*ULGXUREtPHãDFKRYQLFX[EH]IL[QêFKULDGNRYDVWĎSRYãtUN\DMYêãN\ãWYRUþHNRYIRQWVPHQDVWDYLOLQD
$ULDO%ROGYHĐNRVWLSULNOLNDQtGRSROtþRNVDVWULHGDYREXG~]DSĎĖDĢ
[
D
R
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVǚLPWâLPNQPOFOU
W\SH
7)RUP FODVV7)RUP
6WULQJ*ULG76WULQJ*ULG
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW&RO5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
SURFHGXUH6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
SULYDWH
KUDFERROHDQ
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
KUDF WUXH
HQG
SURFHGXUH7)RUP6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW&RO5RZ/RQJLQWYDU
&DQ6HOHFW%RROHDQ
YDUKVWULQJ
EHJLQ
K 6WULQJ*ULG&HOOV>&RO5RZ@
LIK
WKHQ
EHJLQ
LIKUDFWKHQK
[
HOVHK
R
6WULQJ*ULG&HOOV>&RO5RZ@ K
KUDF QRWKUDF
HQG
&DQ6HOHFW IDOVHQHRVHOHNWXMWRWRSROtþNR
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
EHJLQ
LIJG6HOHFWHGLQ6WDWHWKHQ
6WULQJ*ULG&DQYDV'UDZ)RFXV5HFW5HFWDNVDPiY\NUHVOLĢVHOHNFLDSROtþNDWDNVD
]PDåH;25NUHVOHQLH
HQG
3DOHWD
9ćDOãHMXNiåNHY\XåLMHPHWDEXĐNRYêNRPSRQHQWDNRIDUHEQ~SDOHWX'RIRUPXOiUXVPHSRORåLOLJUDILFN~SORFKX,PDJHDWDEXĐNX
6WULQJ*ULGULDGNRYDVWĎSFH6WULQJ*ULGVPHXSUDYLOLQDVOHGRYQH
ƔWDEXĐNDPiUR]PHU\[&RO&RXQW5RZ&RXQW
ƔYHĐNRVĢNRPSRQHQWXMH[ZLGWKKHLJKW
ƔYHĐNRVĢSROtþRNMH['HIDXOW&RO:LGWK'HIDXOW5RZ+HLJKW
ƔIRQWMH$ULDOYHĐNRVĢ%ROG
Ɣ2SWLRQVMH>JR9HUW/LQHJR+RU]/LQH@
Ɣ6FUROO%DUVMHVV1RQH
9SURJUDPHMH]DGHILQRYDQpNRQãWDQWQpSROHIIDULHENWRUpSRXåLMHPHYSDOHWH9\EUDQiIDUEDMHYSDOHWHR]QDþHQiKYLH]GLþNRXSUHWREROR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVǚLPWâLPNQPOFOU
WUHEDY6WULQJ*ULGQDVWDYLĢDMIRQWDWiWRMHQDQLHNWRUêFKWPDYêFKIDUEiFK]REUD]HQiåOWRXIDUERX
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
6WULQJ*ULG76WULQJ*ULG
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
SURFHGXUH6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW&RO5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH
;<,QWHJHU
SURFHGXUH,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<,QWHJHU
SULYDWH
J7&DQYDV
HQG
FRQVWIDUUD\>@RI7FRORU
FO$TXDFO%ODFNFO%OXHFO'N*UD\FO)XFKVLDFO*UD\FO*UHHQFO/LPHFO/W*UD\
FO0DURRQFO1DY\FO2OLYHFO3XUSOHFO5HGFO6LOYHUFO7HDOFO:KLWHFO<HOORZ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
ZLWK6WULQJ*ULGGREHJLQ&RO 5RZ HQGRVHOHNWRYDQLHþLHUQHMIDUE\
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW
6WDWH7*ULG'UDZ6WDWH
YDUII7&RORU
EHJLQ
II I>&RO5RZ@
6WULQJ*ULG&DQYDV%UXVK&RORU II
LIJG6HOHFWHGLQ6WDWHWKHQDNMHWRVHOHNWRYDQpSROtþNR
EHJLQ
LIII FO%ODFNRUII FO1DY\RUII FO0DURRQWKHQDNMHWRWPDYiIDUED
6WULQJ*ULG&DQYDV)RQW&RORU FO<HOORZ
HOVH
6WULQJ*ULG&DQYDV)RQW&RORU FO%ODFN
6WULQJ*ULG&DQYDV7H[W5HFW5HFW5HFW/HIW5HFW7RS
HQG
HOVH
6WULQJ*ULG&DQYDV)LOO5HFW5HFW
HQG
SURFHGXUH7)RUP6WULQJ*ULG6HOHFW&HOO6HQGHU72EMHFW&RO5RZ/RQJLQWYDU
&DQ6HOHFW%RROHDQ
EHJLQ
J3HQ&RORU I>&RO5RZ@SULVHOHNWRYDQtSROtþNDVDQDVWDYtDMIDUEDSHUDY
JUDILFNHMSORFKH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
5BCVǚLPWâLPNQPOFOU
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
J0RYH7R[\
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQJ/LQH7R[\
HQG
=KUQXWLHNRPSRQHQWX6WULQJ*ULG
ƔXåLWRþQpVWDYRYpSUHPHQQpSURSHUW\
❍5RZ&RXQW&RO&RXQW)L[HG&ROV)L[HG5RZV
❍&HOOV>D&ROD5RZ@&ROV>,QGH[@5RZV>,QGH[@
❍'HIDXOW5RZ+HLJKW'HIDXOW5RZ+HLJKWSRþLDWRþQiYHĐNRVĢSROtþRN
❍&RO:LGWKV>,QGH[@5RZ+HLJKWV>,QGH[@PRPHQWiOQDYHĐNRVĢSROtþRNSRþDVEHKXPRåQRPHQLĢ
❍SRþDVGL]DMQX6FUROO%DUV$OLJQ
❍:LGWK+HLJKW
❍&DQYDV
❍2SWLRQVVHWRIJR)L[HG9HUW/LQHJR)L[HG+RU]/LQHJR9HUW/LQHJR+RU]/LQH
JR5DQJH6HOHFWJR'UDZ)RFXV6HOHFWHGJR5RZ6L]LQJJR&RO6L]LQJJR5RZ0RYLQJ
JR&RO0RYLQJJR(GLWLQJJR7DEVJR5RZ6HOHFWJR$OZD\V6KRZ(GLWRUJR7KXPE7UDFNLQJ
ƔPHWyG\
❍0RXVH7R&HOO;<,QWHJHUYDU$&RO$5RZ/RQJLQW
ƔXGDORVWL
❍2Q6HOHFW&HOOSDUDPHWUH6HQGHU72EMHFW&RO5RZ/RQJLQWYDU&DQ6HOHFW%RROHDQ
❍2Q'UDZ&HOOSDUDPHWUH6HQGHU72EMHFW&RO5RZ/RQJLQW5HFW75HFW6WDWH
7*ULG'UDZ6WDWH
ŶNGH7*ULG'UDZ6WDWH VHWRIJG6HOHFWHGJG)RFXVHGJG)L[HG
ŶQDSU
6WULQJ*ULG&DQYDV7H[W5HFW5HFW5HFW/HIW5HFW7RS6WULQJ*ULG&HOOV>&RO5RZ@
DOHERDM6WULQJ*ULG&DQYDV'UDZ)RFXV5HFW5HFW
ćDOãLHSRXåLWLHWDEXĐNRYpKRNRPSRQHQWX6WULQJ*ULG
ƔH[SORUHUV~ERURYSRGREQHDNRYR:LQNHć]REUD]XMHDMGHWDLO\
ƔH[FHORYVNiWDEXĐND
ƔNDOHQGiU
ƔKUDPtQ\
ƔKU\QDãDFKRYQLFL
ƔSH[HVR
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
Úvod do Objektovo Orientovaného Programovania
ÒYRGGR
2EMHNWRYR
2ULHQWRYDQpKR
QRY
3URJUDPRYDQLD
3ULSRPHĖPHVLDNpSRMP\VPH]DYLHGOLYSUHGQiãNHSULGHILQRYDQtNRU\WQDþN\
2EMHNWNRU\WQDþND
ƔVLSDPlWDM~VYRMPRPHQWiOQ\VWDYYVYRMLFKW]YVWDYRYêFKSUHPHQQêFKQDSUSR]tFLDIDUED
WYDU
ƔPDM~VYRMHV~NURPQpSUtND]\SRPRFRXNWRUêFKLFKQHMDNRULDGLPHUHVSPHQtPHLFKVWDYRYp
SUHPHQQpWDNêPWRSUtND]RPV~WRSURFHG~U\KRYRUtPHPHWyG\DUR]XPHM~LPOHQ
NRU\WQDþN\SUHPHQQpW\SX.RU
ƔPXVLDE\ĢY\WYRUHQpQLHGHNODURYDQpãSHFLiOQ\PVS{VRERP.RU&UHDWHDNêPVDWDNWR
QHY\WYRULDQHVP~VDY{EHFSRXåtYDĢ
ƔWDNêPWRSUHPHQQêPKRYRUtPH2%-(.7DW\SRP]NWRUêFKY\WYiUDPHREMHNW\QDSU.RU
PLQXOHMSUHGQiãNH)RUP,PDJH%XWWRQDMSUHPHQQiJNWRUiERODLQãWDQFLRXWULHG\7&DQYDV
Ɣ]DWLDĐVLRREMHNWRFKWUHED]DSDPlWDĢåHV~WRSUHPHQQpNWRUpYVHEHP{åXREVDKRYDĢYHĐD
=GRWHUDMãtFKVN~VHQRVWtYLHPHåHVREMHNWRPNRU\WQDþNDVDSUDFXMHYHĐPLSRGREQHDNRVRE\þDMQêP
]i]QDPRPUHFRUG3R]ULPHVDQDWLHWRGHNODUiFLH
W\SH W\SH
]0LHVWR UHFRUG R0LHVWR FODVV
[\LQWHJHU [\LQWHJHU
HQG HQG
YDU]P]0LHVWR YDURPR0LHVWR
ƔSUHPHQQi]PW\SX]0LHVWRXåSRVYRMRP]DGHNODURYDQtH[LVWXMHD]DWLDĐPiQHGHILQRYDQ~
KRGQRWXDOHP{åHPHGRQHMGRMHMSRORåLHNSULUDG]RYDĢQDSU]P[
ƔSUHPHQQiRPW\SXR0LHVWRWMLQãWDQFLDWULHG\R0LHVWR]DWLDĐHãWHQLHMHY\WYRUHQiDSUHWR
LQãWDQFLD WULHGD&UHDWHDOHERLQãWDQFLD
WULHGD&UHDWHSDUDPHWUH
QDSUPXVtPH]DStVDĢRP R0LHVWR&UHDWH
ƔVSRORåNDPL]i]QDPXDMREMHNWXSUDFXMHPH~SOQHURYQDNRQDSUP{åHPHSRXåLĢZLWK
Ɣ]Y\NQHPHVLSRVNRQþHQtSUiFHVREMHNWRPWHQWR]UXãLĢSRPRFRX)UHHQDSURP)UHHMHWR
SRGREQHX]DWYRUHQLXV~ERUXSRPRFRX&ORVH
$N]DGHILQXMHPH0LHVWRDNRWULHGXQDPLHVWR]i]QDPX]tVNDYDPHVLOQêQiVWURMREMHNWRYRRULHQWRYDQp
SURJUDPRYDQLH8NiåPHVLQRY~YODVWQRVĢNWRU~SRVN\WXM~LEDREMHNW\
'HGHQLH
]KRWRYHMWULHG\P{åHPHY\WYRULĢćDOãLHRGYRGHQpWULHG\WDNåHSDVFDOXR]QiPLPHåHFKFHPHSRQHFKDĢ
YãHWNRþRXåEROR]DGHILQRYDQpGRWHUD]DSULGiPHQHMDNpQRYpSRORåN\VWDYRYpSUHPHQQp
W\SH
R0LHVWR FODVV
[\LQWHJHU
HQG
YDURPR0LHVWR
RER%RG
7ULHGDR%RGMHY\WYRUHQiWDNåHPiYãHWN\YODVWQRVWLWULHG\R0LHVWRDSULGDODVLQRY~VWDYRY~
SUHPHQQ~YLGWMWiWRWULHGDPiVWDYRYpSUHPHQQp
1RYpSRMP\
ƔWULHGDR%RGY]QLNODDNRSRWRPRNWULHG\R0LHVWRGHVFHQGHQWW\SH>GL
VHQGHQW@
ƔWULHGDR0LHVWRMHSUHGRNWULHG\R%RGDQFHVWRUW\SH>DHQVHVWH@
ƔWULHGDR%RG]GHGLODYãHWN\YODVWQRVWLWULHG\R0LHVWRLQKHULW
ƔNDåGiWULHGDP{åHPDĢĐXERYRĐQêSRþHWSRWRPNRYDOHOHQMHGLQpKRSUHGND
ƔSRWRPNRYLDP{åXGRGHILQRYDĢQRYpVWDYRYpSUHPHQQpDOHP{åXDMSUHGHILQRYDĢXå]GHGHQp
3UtNODG
W\SH
R0LHVWR FODVV
[\LQWHJHU
HQG
YDURPR0LHVWR
RER%RG
EHJLQ
RP R0LHVWR&UHDWH
RE R%RG&UHDWH
0HWyG\REMHNWX
ƔV~WRSURFHG~U\DOHERIXQNFLHNWRUpVDGHNODUXM~YRYQ~WULREMHNWXDV~VQtPSHYQHVSRMHQp
ƔVO~åLDQDSUQDPRGLILNRYDQLHVWDYRYêFKSUHPHQQêFK]DEH]SHþXM~VSUiYDQLHREMHNWX
]DGHILQXMHPHSURFHG~UXQDQDVWDYHQLHKRGQ{WVWDYRYêFKSUHPHQQêFK
SURFHGXUHR0LHVWR=PHQ;<1RYH;1RYH<LQWHJHU
EHJLQ
[ 1RYH;\ 1RYH<
HQG
DE\W~WRGHILQtFLXSDVFDOVSUiYQHSRFKRSLOWMåHSDWUtNWULHGHR0LHVWRPXVtE\ĢMHMKODYLþND
]DGHILQRYDQiDMYGHILQtFLLWULHG\
W\SH
R0LHVWR FODVV
[\LQWHJHU
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU
HQG
WLHWRGYHGHILQtFLHPHWyG\PXVLDE\ĢLGHQWLFNp
9RYQ~WULPHWyG\VDSUDFXMHVRVWDYRYêPLSUHPHQQêPLPRPHQWiOQHMWULHG\DNRNHE\ERODRENORSHQi
QHYLGLWHĐQêPSUtND]RPZLWK
1DNRĐNRWULHGDR%RGMHSRWRPNRPWULHG\R0LHVWRWDN]GHGLODDMPHWyG\DSUHWRDMLQãWDQFLHWULHG\R%RG
P{åXWHUD]SRXåtYDĢW~WRPHWyGX
YDURER%RG
EHJLQ
RE R%RG&UHDWH
RE=PHQ;<YRODQLHPHWyG\
3RWRPRNP{åHSUHNU\ĢPHWyGXVYRMKRKRFLNWRUpKRSUHGNDP{åHPXKRFLDM]PHQLĢW\SDSRþHW
SDUDPHWURYQDSU
W\SH
R%RG FODVVR0LHVWR
YLGERROHDQ
SURFHGXUH=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
HQG
SURFHGXUHR%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
[ 1RYH;\ 1RYH<YLG 1RY\9LG
HQG
DOHERP{åHPHY\XåLĢSULGHILQRYDQtSUHNUêYDM~FHMPHWyG\DM]GHGHQ~PHWyGXQDSU
SURFHGXUHR%RG=PHQ;<1RYH;1RYH<LQWHJHU1RY\9LGERROHDQ
EHJLQ
LQKHULWHG=PHQ;<1RYH;1RYH<DOHERDM
R0LHVWR=PHQ;<1RYH;1RYH<
YLG 1RY\9LG
HQG
3UtNODGQDNUXåQLFHDNRREMHNW\
PHWyGDPLQDY\WYRUHQLHNUXKXY\NUHVOHQLHXNU\WLH]PHQXIDUE\DSRVXQREUi]NX
ƔSURFHG~UDNWRUiVSUDFRYiYDXGDORVĢ2Q)RUP&UHDWH7)RUP)RUP&UHDWHSULUDGtGRSUHPHQQHM
J ,PDJH&DQYDVJMHWLHåJOREiOQDSUHPHQQi
ƔćDOHM]DGHILQXMHPHJOREiOQHSUHPHQQpW\SXR.UXK
ƔQDSUYpWODþLGORVDQLHNGHYSORFKHY\WYRUtNUXåQLFDQHMDNHMYHĐNRVWLDIDUE\
ƔSRGREQHDMQDDWODþLGOiLQpNUXåQLFH
1DSU
W\SH
7)RUP FODVV7)RUP
SULYDWH
SRFLQWHJHU
SXEOLF
^3XEOLFGHFODUDWLRQV`
HQG
YDU
)RUP7)RUP
J7&DQYDV
R.UXK
W\SH
R.UXK FODVVSRWRPRN72EMHFW
[\ULQWHJHU
I7&RORU
YLGERROHDQ
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
FRQVWUXFWRUR.UXK&UHDWH[[\\UULQWHJHU
EHJLQ
LQKHULWHG&UHDWH
[ [[\ \\U UUYLG IDOVHI FO%ODFN
HQG
SURFHGXUHR.UXKXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG WUXH
HQG
SURFHGXUHR.UXKVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J(OOLSVH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUHR.UXK=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUHR.UXKSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
YDUDEFR.UXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
D R.UXK&UHDWH
ZLWKDGREHJLQ=PHQ)DUEXFO*UHHQXND]HQG
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E R.UXK&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
F R.UXK&UHDWHFXND]
HQG
âWYUWpWODþLGORUR]KêEHNUXK\WDNåHNDåGêVDSDUDOHOQHSRKQHQHMDNêPVPHURPNURNRY3RXåLMHPH
QDWRþDVRYDþ7LPHUQDVWDYtPHPXYLQãSHNWRUH,QWHUYDOQDD(QDEOHGQD)DOVH
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
DSRVXQ
ESRVXQ
FSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
OHQåHDNE\VPHVWODþLOLWRWRWODþLGORSUHGWêPDNRVPHY\URELOLYãHWN\NUXK\SURJUDPQiPVSDGQHQDXå
]QiPHMFK\EH$FFHVYLRODWLRQDWDGGUHVVSUHWRPXVtPH]DEH]SHþLĢåHSRV~YDĢEXGHPHOHQWHQNUXK
NWRUêXåEROQDR]DMY\UREHQê$NR]LVWtPHþLERODLQãWDQFLDXåY\WYRUHQi&UHDWH"
9VNXWRþQRVWLYSUHPHQQHMDQLHMHSULDPRREVDKREMHNWXVWDYRYpSUHPHQQpWDNDNRE\WRERORY
]i]QDPHDOHUHIHUHQFLDQDQHMDNpPLHVWRYSDPlWLSRþLWDþDNGHVDQDR]DMWHQWRREMHNWQDFKiG]D
.êPQLHMHREMHNWY\WYRUHQêVNRQãWUXRYDQêWDNYSUHPHQQHMDQLHMHåLDGQDUHIHUHQFLDþRVDYSDVFDOH
R]QDþXMHVORYtþNRPQLODWHGD
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
LID!QLOWKHQDSRVXQ
LIE!QLOWKHQESRVXQ
LIF!QLOWKHQFSRVXQ
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
D QLO
E QLO
F QLO
HQG
$VLE\ERORGREUpVL]Y\NQ~ĢQD]DþLDWRNSURJUDPXQDSUGR)RUP&UHDWHGDĢSULUDGHQLDD QLOE QLO
'RKRGOLVPHVDåHNDåGêREMHNWPXVtPHSRVNRQþHQtXYRĐQLĢSRPRFRX)UHHYQDãRPSUtNODGHWR
XUREtPHYXGDORVWL2Q)RUP'HVWUR\
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
D)UHHLID!QLOWKHQD'HVWUR\
E)UHH
F)UHH
HQG
3LDWHWODþLGORXYRĐQtYãHWN\LQãDQFLHDEF
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
LID!QLOWKHQZLWKDGR
EHJLQLIYLGWKHQVNU\)UHHD QLOHQGLQDNE\D
UHIHUHQFRYDORQDXåQHGHILQRYDQêREMHNWYSDPlWL
LIE!QLOWKHQZLWKEGR
EHJLQLIYLGWKHQVNU\)UHHE QLOHQG
LIF!QLOWKHQZLWKFGR
EHJLQLIYLGWKHQVNU\)UHHF QLOHQG
HQG
9ODVWQRVWL
ƔHQNDSVXOiFLDHQFDSVXODWLRQ]DS~]GUHQLH
❍QRYêGiWRYêW\SWULHGDFODVV
❍VSRMHQLHW\SXUHFRUGDSURFHG~U\IXQFNFLHSUHPDQLSXOiFLXVRVWDYRYêPLSUHPHQQêPL
ƔGHGLþQRVĢLQKHULWDQFH
❍RGGHILQRYDQpKRREMHNWXP{åHPHRGYRGLĢFHO~KLHUDUFKLXREMHNWRY
❍WMSRWRPNRYNWRUpGHGLDSUtVWXSNGiWRYêPDMSURJUDPRYêP]ORåNiP
ƔSRO\PRUIL]PXV
❍]GLHODQLHDNFLtYKLHUDUFKLLREMHNWRY
❍EXGHPHVDXþLĢDåQHVN{U
1'Ò
Ɣ]DþQLWHãWXGRYDĢV~ERU.RU8QLWSDVXåE\VWHGRVĢYHĐD]WRKRPRKOLUR]XPLHĢ
Ɣ]DGHILQXMWHWULHGXSUHYHĐNpþtVODQDSU
FRQVWPD[
W\SH
YHONHBFLVOR FODVV
FDUUD\>PD[@RIE\WH
SPD[SRþHWSODWQêFKFLILHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSULUDG[ORQJLQW
SURFHGXUHSULFLWDM[ORQJLQW
SURFHGXUHQDVRE[ORQJLQW
SURFHGXUHY\SLV
HQG
DE\VDGDOQDSUY\SRþtWDĢYHĐNêIDNWRULiOQDSU
YDUIYHONHBFLVOR
I YHONHBFLVOR&UHDWH
ISULUDG
IRUL WR1GRIQDVREL
IY\SLV
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3URJUDPRYp
MHGQRWN\G\QDPLFNpD QRY
RWYRUHQpSROLD
3URJUDPRYpMHGQRWN\XQLW\
ƔEDOtNSUHGGHILQRYDQêFKSRGSURJUDPRYSUHPHQQêFKW\SRYDNRQãWiQW
ƔSRXåtYDM~VD
❍DNRNQLåQLFHSRGSURJUDPRYNWRUpVDGDM~SULSRMLĢNU{]Q\PSURJUDPRPEH]VSUtVWXSQHQLD
]GURMRYpKRNyGXãWDQGDUGQiMHGQRWND6\VWHPREVDKXMHãWDQGDUGQpSDVFDORYVNpSURFHG~U\
DIXQNFLHQDSU$VVLJQ)LOH5HVHWZULWHFRS\LQVHUWFRVRUGRGGSLDOHDMWULHGX
72EMHFW
❍SURJUDPRYêNyGNWRUêSRSLVXMHVSUiYDQLHIRUPXOiUXQDMþDVWHMãLHPiNDåGêIRUPXOiUY
DSOLNiFLLVYRMXMHGQRWNXY\WYRUHQêMHDXWRPDWLFN\SURVWUHGtP'HOSKLSULY\WYiUDQt
QRYpKRIRUPXOiUXSRSLVNRPSRQHQWRYYRIRUPXOiULMHYV~ERUHVSUtSRQRX')0
❍þDVWRKRP{åHPHSRXåLĢQDUR]þOHQHQLHUR]VLDKOHKRSURJUDPXGRORJLFN\V~YLVLDFLFK
PHQãtFKPRGXORYUHVSQDSRSLVQHMDNHMþDVWLKLHUDUFKLHREMHNWRY
❍V~YV~ERURFKVSUtSRQRX3$6 !SRSUHNRPSLORYDQtMHLFKNyGYV~ERUHVSUtSRQRX'&8
DE\VPHPRKOLQHMDNêXQLWSRXåLĢYQDãRPSURJUDPHQHSRWUHEXMHPHMHKR]GURMRYêWYDU
3$6DOHVWDþtQiPV~ERU'&8
'HILQtFLDXQLWX
XQLWPHQRBXQLWXPHQRXQLWXE\VDPDOR]KRGRYDĢVPHQRPV~ERUX
LQWHUIDFH
^YHUHMQpGHNODUiFLHDGHILQtFLHNRQãWiQWW\SRYDMWULHG
SUHPHQQêFK
SURFHG~UDIXQNFLtOHQLFKKODYLþN\NDåGêNWRMHGQRWNXSRXåtYD
NQLPP{åHSULVWXSRYDĢDNRNVYRMLPYODVWQêP`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LPSOHPHQWDWLRQ
^GHILQtFLHYHUHMHQêFKSURFHG~UDIXQNFLtLFKGHILQtFLHMHPRåQp
StVDĢEH]RKĐDGXQDSRUDGLHDY]iMRPQpRGND]\DMEH]IRUPiOQ\FK
SDUDPHWURYWMQDStVDQtPOHQQi]YXSRGSURJUDPXV~NURPQp
GHNODUiFLHDGHILQtFLHNRQãWiQWW\SRYSUHPHQQêFKSURFHG~U
DIXQNFLt`
XVHV
FRQVW
W\SH
YDU
SURFHGXUH
IXQFWLRQ
LQLWLDOL]DWLRQWLHWRþDVWLP{åXFKêEDĢ
LQLFLDOL]iFLDXQLWX±VSXVWtVDWHVQHSUHGVSXVWHQtPKODYQpKR
SURJUDPX
ILQDOL]DWLRQ
ILQDOL]iFLDXQLWX±VSXVWtVDSRVNRQþHQtKODYQpKRSURJUDPX
HQG
-HGQRWN\P{åHPHSRXåLĢYLQêFKSURJUDPRFKUHVSMHGQRWNiFKWDNåHGRþDVWLGHNODUiFLtXVHVQDStãHPH
PHQRMHGQRWN\DNVDPHQRMHGQRWN\QH]KRGXMHVPHQRPV~ERUXPXVtPH]DStVDĢDMPHQRV~ERUXQDSU
XVHV0HVVDJHV9HNWRU\LQ
XQLWSDV
3RPRFQ\8QLW
SRUDGLHPLHQMHGQRWLHNYSRSLVHXVHVXUþXMHSRUDGLHLFKLQLFLDOL]iFLt
3UtNODGQD]iVREQtN
XQLW6WDFN8QLW
LQWHUIDFH
FRQVWPD[VWDFN
W\SHSUYRN VWULQJ
VWDFN FODVV
VWDUUD\>PD[VWDFN@RISUYRN
YUFKPD[VWDFN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQIXOOERROHDQ
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV'LDORJV
SURFHGXUHFK\EDVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
YUFK
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
3OQê]iVREQtN
HOVH
EHJLQ
LQFYUFKVW>YUFK@ S
HQG
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
EHJLQ
S VW>YUFK@GHFYUFK
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>YUFK@
HQG
IXQFWLRQVWDFNIXOOERROHDQ
EHJLQ
5HVXOW YUFK PD[VWDFN
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
3R]ULPHVDDNRY\]HUiKODYQêSURJUDPWM'HOSKLSURMHNWDSOLNiFLH.RU3URMGSU
SURJUDP.RU3URM
XVHV
)RUPV
2NQR8QLWLQ
2NQR8QLWSDV
^2NQR`
EHJLQ
$SSOLFDWLRQ,QLWLDOL]H
$SSOLFDWLRQ&UHDWH)RUP72NQR2NQR
$SSOLFDWLRQ5XQ
HQG
WHQWRV~ERUMHWLHåSDVFDORYVNê]GURMRYêNyGDOHQDUR]GLHORGMHGQRWN\REVDKXMHOHQGHNODUiFLHDKODYQê
SURJUDPWMWRþRVDVSXVWtSRãWDUWHSURJUDPXSRLQLFLDOL]iFLLXQLWRY]UHMPH$SSOLFDWLRQMHQHMDNi
ãSHFLiOQDLQãWDQFLDRNWRU~VDVWDUi'HOSKLDWHQWRKODYQêSURJUDPOHQ]DYROiQHMDNpPHWyG\WHMWR
LQãWDQFLH
'\QDPLFNpSROLD
32=25QHIXQJXM~Y'HOSKL
GHNODUXM~VD
YDUDDUUD\RIW\SBSUYNX
D]QDPHQiWRåHSUHPHQQiDWRKRWRW\SX]DWLDĐQHPiXUþHQ~YHĐNRVĢWMSRþHWSUYNRY
PXVtPH]DGHILQRYDĢW~WRYHĐNRVĢ
ƔãWDQGDUGQiIXQNFLD/HQJWKYUDFLDPRPHQWiOQXYHĐNRVĢSRĐDSUHQLOMHWR
1DSU]iVREQtNSRPRFRXG\QDPLFNpKRSRĐD
XQLW6WDFN8QLW
LQWHUIDFH
FRQVWPD[VWDFN
W\SHSUYRN VWULQJ
VWDFN FODVV
VWDUUD\RISUYRN
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV'LDORJVREVDKXMH6KRZ0HVVDJH
SURFHGXUHFK\EDVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOWRNQRVRVSUiYRX
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
VW QLO
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
6HW/HQJWKVW/HQJWKVWVW>+LJKVW@ S
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
EHJLQ
S VW>+LJKVW@6HW/HQJWKVW/HQJWKVW
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>+LJKVW@
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW /HQJWKVW DOHER5HVXOW VW QLO
HQG
HQG
1DNRĐNRMHRSHUiFLDQDIXNRYDQLDG\QDPLFNpKRSRĐDGUDKi þDVRYRQiURþQiEXGHPHSROH
]YlþãRYDĢSRYlþãtFK~VHNRFKQDSUWM
XQLW6WDFN8QLW
LQWHUIDFH
FRQVWPD[VWDFN
W\SHSUYRN VWULQJ
VWDFN FODVV
VWDUUD\RISUYRN
YUFKLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHSXVKFRQVWSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQWRSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV'LDORJV
SURFHGXUHFK\EDVVWULQJ
EHJLQ
6KRZ0HVVDJHVKDOW
HQG
FRQVWUXFWRUVWDFN&UHDWH
EHJLQ
VW QLOYUFK
HQG
SURFHGXUHVWDFNSXVKFRQVWSSUYRN
EHJLQ
LQFYUFK
LIYUFK!+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
VW>YUFK@ S
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
EHJLQ
S VW>YUFK@GHFYUFK
LIYUFK+LJKVWWKHQ6HW/HQJWKVW/HQJWKVW
HQG
HQG
IXQFWLRQVWDFNWRSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3Ui]GQ\]iVREQtN
HOVH
5HVXOW VW>YUFK@
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
5HVXOW YUFK
HQG
HQG
1DSUSRXåLWLHVSROXVNRU\WQDþNRXSUHGSRNODGiPHåHSUYN\]iVREQtNDV~þtVODQDSUW\SH
SUYRN UHDO
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUVVWDFN
N.RU
LLQWHJHU
UUHDO
EHJLQ
N .RU&UHDWHV VWDFN&UHDWH
IRUL WRGR
EHJLQ
NGRSUHGXL
NYSUDYRVSXVKL
HQG
FDNDM
NIS FO5HG
ZKLOHQRWVHPSW\GR
EHJLQ
VSRSUNYODYRNGRSUHGXU
HQG
HQG
3DUDPHWHURWYRUHQpSROH
3RWUHEXMHPSURFHG~UXNWRUiGRVWDQHSRVWXSQRVĢþtVHODQDMHM]iNODGHQDNUHVOtNULYNXWDNåHSRVWXSQH
EXGH]QHMEUDĢGĎåN\SUHSUtND]GRSUHGXD]DNDåGêPVDRWRþtRVWXSĖRYYSUDYR1DNRĐNRQHSR]QiPH
GĎåNXYVWXSQHMSRVWXSQRVWLWMSRĐDSRXåLMHPHW]YSDUDPHWHURWYRUHQpSROHWMVNXWRþQêP
SDUDPHWURPP{åHE\ĢĐXERYRĐQpMHGQRUR]PHUQpSROHNWRUpVD]KRGXMHVW\SRPSUYNRY=DSLVXMHPH
QDSU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
WDNêWRIRUPiOQ\SDUDPHWHUQLHMHG\QDPLFNpSROH
9RYQ~WULSURFHG~U\SULVWXSXMHPHNSUYNRPSRĐDVLQGH[DPLRG/RZGDåSR+LJKGSULþRP/RZGMH
YåG\D+LJKGMHYåG\/HQJWKG1HP{åHPHSRXåLĢ6HW/HQJWKDQLFRS\
1DSU
YDUN.RU
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
YDULLQWHJHU
EHJLQ
IRUL WRKLJKGGR
EHJLQ
N'RSUHGXG>L@
N9SUDYR
HQG
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWGGDUUD\>@RIUHDO
EHJLQ
N .RU&UHDWH
NUHVOLGG
HQG
'HOSKLXPRåĖXM~SRVODĢDNRVNXWRþQêSDUDPHWHUW\SXRWYRUHQpSROHDMNRQãWDQWXRWYRUHQpSROHWM
SRVWXSQRVĢKRGQ{WURYQDNpKRW\SXDNRSUYN\RWYRUHQpKRSRĐDX]DYUHWiYKUDQDWêFK]iWYRUNiFKQDSU
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
EHJLQ
N .RU&UHDWH
NUHVOL>@
HQG
$NYLHPHåHSURFHG~UD3RO\JRQNWRUiIXQJXMHY&DQYDVHJUDILFNHMSORFK\PiSDUDPHWHURWYRUHQpSROH
W\SX7SRLQWDãWDQGDUGQiIXQNFLD3RLQWY\UiED]i]QDPW\SX73RLQWWMQLHþRDNR
W\SH73RLQW UHFRUG[\/RQJLQWHQG
SURFHGXUH7&DQYDV3RO\JRQFRQVW3RLQWVDUUD\RI73RLQW
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3URJUDPRYi
QRY
MHGQRWND.RU8QLW
1RYiYHU]LD.RU8QLWNWRUiXåDOHQHIXQJXMHSUH'HOSKLMHRGODGHQiY'HOSKLDPDODE\E\ĢIXQNþQi
DMY'HOSKL
3RGUREQHMãLHVDSR]ULHPHQDMHGQRWNX.RU8QLWQDMSUYGHNODUiFLDWULHG\.RU
W\SH
.RU FODVV
SULYDWH
;6XU<6XU6PHUUHDO
'ROHERROHDQ
)37&RORU
+3LQWHJHU
8ND]DQDERROHDQ
SREU\VDUUD\RIUHDO
IREU\V7&RORU
KREU\VLQWHJHU
SURFHGXUH8ND]F7&DQYDV
SXEOLF
FRQVWUXFWRU&UHDWH[UHDO \UHDO XUHDO
GHVWUXFWRU'HVWUR\RYHUULGH
SURSHUW\;6XUUHDOUHDG;6XU
SURSHUW\<6XUUHDOUHDG<6XU
SURSHUW\6PHUUHDOUHDG6PHUZULWH=PHQ6PHU
SURSHUW\'ROHERROHDQUHDG'ROHZULWH=PHQ3HUR
SURSHUW\)37&RORUUHDG)3ZULWH=PHQ)3
SURSHUW\+3LQWHJHUUHDG+3ZULWH=PHQ+3
SURSHUW\)DUED7YDUX7&RORUUHDGIREU\VZULWH=PHQ)DUEX7YDUX
SURSHUW\+UXEND7YDUXLQWHJHUUHDGKREU\VZULWH=PHQ+UXENX7YDUX
HQG
9lþãLQXYHFtXåSR]QiPH
ƔPHG]LVWDYRYêPLSUHPHQQêPLMHDMSREU\VNWRUiMHW\SXG\QDPLFNpSROH
ƔVYlþãLQRXPHWyGVPHXåSUDFRYDOLWDNåHE\QiPQHPDORURELĢSUREOpP\SRFKRSLĢLFKSDUDPHWUH
ƔPHWyGD=PHQ7YDUPiSDUDPHWHURWYRUHQpSROH
XåWXMHQLHNRĐNRQRYLQLHNNWRUp]DWLDĐQHSR]QiPH
ƔYãHWN\VWDYRYpSUHPHQQpDPHWyG\V~UR]GHOHQpGRGYRFKYHĐNêFKVNXStQSULYDWHDSXEOLF
ƔRNUHPNRQãWUXNWRUD&UHDWHMHWXGHILQRYDQêDMGHãWUXNWRU'HVWUR\NĐ~þRYpVORYRRYHUULGH
SRFKRStPHQHVN{U
ƔVNRUR]DYãHWNêPLGHILQtFLDPLPHWyGMHNĐ~þRYpVORYRYLUWXDONWRUpVDEXGHPHXþLĢQHVN{U
ƔNRQãWUXNWRU&UHDWHPiSUHGYROHQpSDUDPHWUHGHIDXOW
SURSHUW\YODVWQRVĢ
3ULYiWQHGHILQtFLH
VWDYRYpSUHPHQQpDPHWyG\QLHV~YDQLMHGQHM]WêFKWRVNXStQRNUHPWêFKWRGYRFKVNXStQMHDM
ćDOãLDSXEOLVKHGNWRUiMHVNRURURYQDNiDNRSXEOLFDOH]DWLDĐSUHMHGQRGXFKRVĢ
SUHGSRNODGDMPHåHMX'HOSKLSRWUHEXM~SUHNRPSRQHQW\DPHWyG\NWRUpV~]YLD]DQpVQHMDNêP
IRUPXOiURP
3UHGYROHQpSDUDPHWUH
LFK]DQiVWêPLWRKRGQRWDPL
ƔOHQKRGQRWRYpDOHERFRQVWP{åXE\ĢSUHGYROHQpGHIDXOW
SUHGYROHQp
ƔNRU\WQDþNXP{åHPHVNRQãWUXRYDĢQDSUWDNWR
N .RU&UHDWH
N .RU&UHDWH
N .RU&UHDWH[\
9ODVWQRVWLSURSHUW\
ƔVWDYRYpSUHPQQpVNĐ~þRYêPVORYRPSURSHUW\V~ãSHFLiOQHDWULE~W\WULHG\QHPXVLDWRE\Ģ
SDPlĢRYpSRORåN\WULHG\DNRY]i]QDPH
ƔRE\þDMQêPVWDYRYêPSUHPHQQêPMHY\KUDGHQpQHMDNpSDPlĢRYpPLHVWRP{åHPH]LVWLĢMHM
KRGQRWXUHVSMXPHQLĢDQDOyJLDSRORåNiP]i]QDPRY
ƔYODVWQRVĢPXVtPDĢSULUDGHQpQHMDNpDNFLHQDþtWDQLHUHVSPRGLILNRYDQLHWDNHMWRVWDYRYHM
SUHPHQQHM
ƔXPRåĖXM~NRQWURORYDĢSUtVWXSNXVWDYRYêPSUHPHQQêPDXPRåĖXM~DE\EROLWDNpWRVWDYRYp
SUHPHQQpY\SRþtWDQpDåNHćEXG~SRåDGRYDQpþtWDQp
ƔV\QWD[
SURSHUW\PHQRW\SUHDGSRORåND_PHWyGDZULWHSRORåND_PHWyGD
ƔSRORåND_PHWyGDMHEXćRE\þDMQiSRORåNDVWDYRYiSUHPHQQiREMHNWXKRFLDMSULYiWQDDOHER
ƔSUHUHDGPHWyGDPXVtE\ĢEH]SDUDPHWURYiIXQNFLDURYQDNpKRW\SX
ƔSUHZULWHPHWyGDPXVtE\ĢMHGQRSDUDPHWURYiSURFHG~UDVKRGQRWRYêPDOHERFRQVWSDUDPHWURP
URYQDNpKRW\SX
ƔMHGQD]þDVWtUHDGDOHERZULWHP{åHFKêEDĢ !SRWRPWHQWRSUtVWXSQLHMHSRYROHQêQDSUQHGiVD
PHQLĢKRGQRWDVWDYRYHMSUHPHQQHMLEDþtWDĢ
ƔYåG\NHćVDYSURJUDPHEXGHþtWDĢUHVSPHQLĢKRGQRWDVWDYRYHMSUHPHQQHMYODVWQRVWLWDNVD
EXćSUHþtWDKRGQRWDUHVSSULUDGtGRSRORåN\DOHERVD]DYROiSUtVOXãQiPHWyGD
QDSUNRU\WQDþNDPiDMWLHWRYODVWQRVWL
SURSHUW\;6XUUHDOUHDG;6XU
SURSHUW\6PHUUHDOUHDG6PHUZULWH=PHQ6PHU
þR]QDPHQiåHVWDYRY~SUHPHQQ~;6XUQHP{åHPHPHQLĢQDSUSULUDćRYDFtPSUtND]RPOHQþtWDĢ
YWHG\GRVWDQHPHKRGQRWXV~NURPQHMSUHPHQQHM;6XU
9ćDOãRPSUtNODGHVWDYRYiSUHPHQQiYODVWQRVĢSUHPYVNXWRþQRVWLPDQLSXOXMHVRV~NURPQRX
SUHPHQQRX[SUHPOHQSULMHMþtWDQtVDDXWRPDWLFN\]YêãLSRþtWDGORSRF
W\SH
[[ FODVV
SULYDWH
[SUHPUHDO
SRFLQWHJHU
IXQFWLRQKRGQRWDUHDO
SXEOLF
SURSHUW\SUHPUHDOUHDGKRGQRWDZULWH[SUHP
HQG
IXQFWLRQ[[KRGQRWDUHDOIXQNFLDSRþtWDSRþHWSUtVWXSRYNX
VWDYRYHMSUHPHQQHM
EHJLQ
5HVXOW [SUHPLQFSRF
HQG
QHVN{UXYLGtPHDMćDOãLHPRåQRVWLVWDYRYêFKSUHPHQQêFKYODVWQRVWt
-HGQRWND.RU8QLWPi]DGHILQRYDQpQLHNWRUpG{OHåLWpV~NURPQpSUHPHQQpLEDYLPSOHPHQWDWLRQþDVWL
NRU\DUUD\RINRU
PD[NRULQWHJHU
G\QDPLFNpSROHNRU\VO~åLQDWDMQpV~NURPQp]DSDPlWDQLHVLYãHWNêFKGRWHUD]Y\WYRUHQêFKNRU\WQDþLHN
SRWUHEXMHPHWRQD
ƔDXWRPDWLFNp]UXãHQLHYãHWNêFKLQãWDQFLtNRU\WQDþLHNSULVNRQþHQtSURJUDPXPHWyGD
72NQR)RUP'HVWUR\YROiSURFHG~UX=UXV.RU\
ƔY\NUHVĐRYDQLHWYDURYNRU\WQDþLHNWURMXKROQtNRYSULNDåGHM]PHQHJUDILFNHMSORFK\PHWyGD
72NQR:03DLQWMH]DYRODQi:LQGRZVDPLWHVQHSUHGWêPDNRWUHEDSUHNUHVOLĢ2NQRQDSUNHć
VDYSORFKHQLHþR]PHQLORWiWRPHWyGDYROiSURFHG~UX'RNUHVOL.RU\
7RWRSROHNRU\VDDNWXDOL]XMHY.RU&UHDWHDY.RU'HVWUR\
9MHGQRWNH.RU8QLWV~RNUHPWULHG\.RUYLQWHUIDFHþDVWLGHILQRYDQpDMQHMDNpNRQãWDQW\SUHPHQQpD
SURFHG~U\=PD]D1DUD]PDM~SUHYROHQpSDUDPHWUH[D\V~V~UDGQLFHVWUHGXNRU\WQDþHMJUDILFNHM
SORFK\
3RPRFQiSURFHG~UDWHVWVO~åLQDWRDE\VDDXWRPDWLFN\SRNDåGRPNRU\WQDþRPSUtND]H'RSUHGX
9SUDYR=PHQ)3DSRGXPRåQLOR:LQGRZVDE\XURELORYãHWN\DNFLHNWRUpVD]DWLDĐQD]ELHUDOLDWLHåVD
YJUDILFNHMSORFKHSUHNUHVOLDYãHWN\NRWU\WQDþN\]DYROiVD:03DLQW
7HQWRPHFKDQL]PXVYHĐPLVSRPDĐXMHSULHEHKYêSRþWXSUiFXNRU\WQDþLHN !]UêFKĐRYDFt
PHFKDQL]PXVSURFHG~UDWHVWQHEXGHQLHNHG\URELĢQLþMHWRGRVĢQHEH]SHþQpDOHDåćDOãLDSRPRFQi
SURFHG~UDQDUD]Y\NRQiS{YRGQ~IXQNFLXWHVWWMSUHNUHVOtNRU\WQDþN\DQDFKYtĐXGiVORYR:LQGRZV
SURFHGXUHWHVW
EHJLQ
70\&DQYDVJ&KDQJHG
,QYDOLGDWH5HFW$SSOLFDWLRQ0DLQ)RUP+DQGOHQLOIDOVH
LIVSRPDO!WKHQFDNDMVSRPDO
HOVH$SSOLFDWLRQ3URFHVV0HVVDJHV
HQG
SURFHGXUHWHVW
EHJLQ
LIQRWEORNWKHQWHVW
HQG
HQG
QLHNWRUp]DXMtPDYpGHWDLO\
Y=PHQ;<VDþLDUDQHNUHVOtSRPRFRX0RYH7RD/LQH7RDOHSRPRFRX3RO\/LQHOHER/LQH7RQHPXVt
QDNUHVOLĢSRVOHGQ~ERGNX]þLDU\DWRP{åHQLHNHG\URELĢSUREOpP
Y=PHQ7YDUSRWUHEXMHPHNRPSOHWQ~KRGQRWXSDUDPHWUDRWYRUHQpSROHSUHNRStURYDĢGRG\QDPLFNpKR
SRĐDQHGiVDWRMHGQRGXFKêPSULUDGHQtPDQLFRS\
SURFHGXUH.RU=PHQ7YDUFRQVWREU\VDUUD\RIUHDO
YDULLQWHJHU
EHJLQ
6HW/HQJWKSREU\V/HQJWKREU\V
IRUL WRKLJKREU\VGRSREU\V>L@ REU\V>L@
WHVW
HQG
SUHþRMHYXQLWH.RU8QLWþDVĢLQLWLDOL]DWLRQSUi]GQDDOHYRILQDOL]DWLRQMHþRVL"
QHPRKOLVPHVHPGDĢLQLFLDOL]iFLXJUDILFNHMSORFK\"
DNpWRPiG{VOHGN\"YLQLWLDOL]DWLRQLQêFKXQLWRYQHVPLHPHSRXåtYDĢQLþ].RU8QLWOHERWHQVD
]LQLFLDOL]XMHDåNHćEXGHSULSUDYHQêIRUPXOiU
PDOiXNiåNDSRWRPNDWULHG\.RUNWRUêGRGHILQXMHPHWyGXQDNUHVOHQLHELQiUQHKRVWURP
W\SH
PRM.RU FODVV.RU
SXEOLF
SURFHGXUHVWURPQLQWHJHUVUHDO
HQG
SURFHGXUHPRM.RUVWURPQLQWHJHUVUHDO
EHJLQ
GRSUHGXV
LIQ!WKHQ
EHJLQ
YODYR
VWURPQV
YSUDYR
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNPRM.RU
EHJLQ
N PRM.RU&UHDWH
NVWURP
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RXåLWLH
QRY
]iVREQtNDUDG
3UHSLVUHNXU]LHQDQHUHNXU]LX
0iPHUHNXU]tYQXPHWyGX
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVSLUQLQWHJHUVUHDO
HQG
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ9ODYR
HOVH
EHJLQ
'RSUHGXV9ODYR
VSLUQV
9SUDYR'RSUHGXV
HQG
HQG
7ULHGX]iVREQtN]DGHILQXMHPHSUHNRQNUpWQX~ORKXSUYRN]iVREQtNDMH]i]QDPNWRUêREVDKXMHSRORåN\
YDGUHVDQDV]DSDPlWiYDQpKRGQRW\
W\SHSUYRN UHFRUGYQLQWHJHUVUHDOHQG
3UHStãPHSURFHG~UXQDQHUHNXU]tYQXSRPRFRXQiãKR]iVREQtND
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVSLUQLQWHJHUVUHDO
HQG
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
YDU]VWDFN
YLQWHJHUQLHþRDNRQiYUDWRYiDGUHVD
EHJLQ
] 6WDFN&UHDWH
]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ9ODYR
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQVQiYUDWSRUHNXU]tYQRPYRODQt
]SXVKQVUHNXU]tYQHYRODQLH
HQG
EHJLQ9SUDYR'RSUHGXVHQG
HQG
HQG
])UHHPDOE\H[LVWRYDĢGHãWUXNWRUVWDFN'HVWUR\
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNPRMD.RU
EHJLQ
N PRMD.RU&UHDWH
NVSLU
HQG
3URFHG~UDVDGiXSUDYLĢWDNDE\VDQHURELODRSHUiFLDSXVKDNWRQLHMHQHY\KQXWQp
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
YDU]VWDFN
YLQWHJHU
EHJLQ
] 6WDFN&UHDWHY
ZKLOHY!GR
EHJLQ
FDVHYRI
LIQ WKHQEHJLQ9ODYRY HQGEXGHWUHED
URELĢSRS
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV
Y Q QV V
HQG
EHJLQ9SUDYR'RSUHGXVY HQGEXGHWUHED
URELĢSRS
HQG
LIY DQGQRW]HPSW\WKHQ]SRSYQV
HQG
])UHH
HQG
7RXWR]iVREQtNRYRXPHWyGRXQHYLHPHURELĢIXQNFLH9QDVOHGXM~FRPSUtNODGHVLWRXNiåHPHQD
)LERQDFFLKRSRVWXSQRVWL'HILQRYDQiMHUHNXUHQWQHWDNWR
1DStãPHUHNXU]tYQXSURFHG~UXNWRUiSRþtWD1Wp)LERQDFLLKRþtVOR
YDUIILQWHJHUJOREiOQDSUHPHQQiYNWRUHMMHY\SRþtWDQiKRGQRWD
SURFHGXUHILE1LQWHJHU
YDUILQWHJHU
EHJLQ
þDVĢ
LIQWKHQII
HOVH
EHJLQ
ILE1
þDVĢ
I II
ILE1
þDVĢ
II III
HQG
HQG
1HUHNXU]tYQ\WYDUSUHGFKiG]DM~FHMSURFHG~U\SUYRNYVWDFNMHXåWHUD]LQpKRW\SX
SURFHGXUHILE1LQWHJHU
YDUIYLQWHJHU
]VWDFN
EHJLQ
] 6WDFN&UHDWH]SXVKQI
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQI
FDVHYRI
LIQWKHQII
HOVH
EHJLQ
]SXVKQIQiYUDW
]SXVKQIUHNXU]tYQHYRODQLH
HQG
EHJLQ
I II]SXVKQIQiYUDW
]SXVKQIILEQ
HQG
II III
HQG
HQG
])UHH
HQG
3UHStãHPHUHNXU]tYQXSURFHG~UXQDNUHVOHQLHVWURPXSRPRFRXNRU\WQDþHMJUDILN\QDQHUHNXU]tYQX
SURFHGXUHPRMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
þDVĢ
LIQ WKHQEHJLQ'RSUHGXV'RSUHGXVHQG
HOVH
EHJLQ
'RSUHGXV9ODYR
VWURPQV
þDVĢ
9SUDYR
VWURPQV
þDVĢ
9ODYR'RSUHGXV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUH0RMD.RUVWURPQLQWHJHUVUHDO
YDU]VWDFNYLQWHJHU
EHJLQ
] 6WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQEHJLQ'RSUHGXV'RSUHGXVHQG
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV
]SXVKQV
HQG
EHJLQ
9SUDYR
]SXVKQV
]SXVKQV
HQG
EHJLQ9ODYR'RSUHGXVHQG
HQG
HQG
])UHH
HQG
1DStãHPHQHUHNXU]tYQ\YDULDQWSURFHG~U\QDNUHVOHQLHVQHKRYHMYORþN\
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ'RSUHGXV
HOVH
EHJLQ
YORFNDQV
9SUDYR
YORFNDQV
9ODYR
YORFNDQV
9SUDYR
YORFNDQV
HQG
HQG
QHUHNXU]tYQDYHU]LD
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
YDU]VWDFNYLQWHJHU
EHJLQ
] 6WDFN&UHDWH]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ'RSUHGXV
HOVH
EHJLQ]SXVKQV]SXVKQVHQG
EHJLQ
9SUDYR]SXVKQV]SXVKQV
HQG
EHJLQ
9ODYR]SXVKQV]SXVKQV
HQG
EHJLQ9SUDYR]SXVKQVHQG
HQG
HQG
])UHH
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNPRMD.RU
LLQWHJHU
EHJLQ
N PRMD.RU&UHDWH
IRUL WRGREHJLQNYORFNDNYODYRHQG
HQG
$ULWPHWLFNpYêUD]\
YPDWHPDWLNHDMYSURJUDPRYDQtMH]Y\NRPSRXåtYDĢW]YLQIL[RYê]iSLVDULWPHWLFNêFKYêUD]RY
Ɣ
MHGHILQRYDQêQDVOHGRYQH
❍RSHUDQGQDSUþtVORDOHERSUHPHQQiMHLQIL[RYêYêUD]
❍DN;D<V~LQIL[RYpYêUD]\WDNLQIL[RYêPLYêUD]PLV~DM
SULY\KRGQRFRYDQtVDY\XåtYDREY\NOiSUHFHQGHQFLDRSHUiWRURY
❍
SUHYUiWHQê3RĐVNê]iSLV
3UHIL[
ƔRSHUiWRUMHSUHGRSHUDQGDPL
ƔQDSUP{åHPHSUHþtWDĢDNRVþtWDMD
3RVWIL[
ƔRSHUiWRUMH]DRSHUDQGDPL
ƔQDSUP{åHPHSUHþtWDĢDNR]REHUDSRWRPLFKVþtWDM
3RĐVNpIRUP\PDM~RSURWLLQIL[XW~YêKRGXåHQHSRWUHEXMHPH]iWYRUN\QDXUþHQLHSUHFHQGHQFLH
RSHUiWRURYYåG\MHMHGQR]QDþQHGDQpSRUDGLHY\KRGQRFRYDQLD
9ćDNDWRPXMHDMY\KRGQRFRYDQLHWDNêFKWRYêUD]RYYHĐPLMHGQRGXFKpSRPRFRX]iVREQtND
1DSU
ƔSUHLQIL[
ƔSUHIL[
^LQpMD]\N\/,63`
ƔSRVWIL[
3UREOpP\]XQiUQ\PRSHUiWRURPWUHEDKRUR]OtãLĢRGELQiUQHKR]Y\NQHVD]QDþLĢLQêP
]QDPLHQNRPQDSUVERGNRXDOHERB
3URJUDPQDY\KRGQRWHQLHSRVWIL[XQDþtWDQpKR]RYVWXSX
XVHV6WDFN8QLWSUYRN LQWHJHU
SURFHGXUH72NQR:0VWDUW
YDU]VWDFN
[\LLQWHJHU
VVWULQJ
EHJLQ
3R]QDPN\8ND]WUXH
] VWDFN&UHDWH
=DSLV
=DGDMYêUD]YSRVWIL[RYRPWYDUH
&LWDMVL
ZKLOHL /HQJWKVGR
EHJLQ
FDVHV>L@RI
EHJLQ
[
ZKLOHV>L@LQ>
@GR
EHJLQ
[ [
RUGV>L@RUG
LQFL
HQG
]SXVK[GHFL
HQG
B
EHJLQ]SRS[]SXVK[HQGXQiUQHPtQXV
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\[HQG
EHJLQ]SRS[]SRS\]SXVK\
[HQG
EHJLQ]SRS[]SRS\]SXVK\GLY[HQG
HQG
LQFL
HQG
]SRS[=DSLV
YêVOHGRN
,QW7R6WU[
])UHH
HQG
1'Ò
ƔXSUDYWHSURJUDPQDSRVWIL[VUHiOQRXDULWPHWLNRX
ƔY\KRGQRWLĢSUHIL[
ƔSUHSLVLQIL[XGRSRVWIL[XUHVSSUHIL[XQLHMHWRWULYLiOQH
Ɣ~SOQHX]iWYRUNRYDQêYêUD]MHLQIL[YNWRURPMHNDåGiRSHUiFLDR]iWYRUNRYDQiQDSU
❍Y\KRGQRćWH~SOQHX]iWYRUNRYDQêYêUD]
ƔSUHSLVSUHIL[XGRSRVWIL[XDQDRSDN
Y\KRGQRFXMWHYêUD]\VSUHPHQQêPLSUtSVXQiUQ\PLIXQNFLDPLVSUDFXM~VDURYQDNRDNRXQiUQH
Ɣ
PtQXV
5$'48(8()5217),)2
❍GiWRYiãWUXNW~UDSRVWXSQRVĢSRORåLHN]RUDGHQêFK]DVHERX
❍DNSUtGHQRYiSRORåNDSULGiVDQDNRQLHFUDGXUHDUWDLOFKYRVW
❍Y\EHUDĢSRORåN\]R]DþLDWNXUDGXIURQWKHDGKODYLþND
❍PHWyG\
ŶVHUYH REVO~å
ŶDSSHQG SULGDMQDNRQLHF
❍5HSUH]HQWiFLDUDGXYSROL
F\NOLFNpSROHWYiULPHVDåHSROHþRPiPHNGLVSR]tFLLMHF\NOLFNpWMNHćE\
FKYRVWSULãLHOQDNRQLHFSRĐDSUHVXQLHPHKR]QRYXQD]DþLDWRNSUREOpP\V
UR]SR]QDQtPSUi]GQHKRDSOQpKRUDGXULHãHQLHSDPlWDQtPVLSRþWXSRORåLHN
4XHXH8QLWSDV
XQLW4XHXH8QLW
LQWHUIDFH
FRQVWPD[4XHXH
W\SHSUYRN VWULQJ
TXHXH FODVV
TDUUD\>PD[4XHXH@RISUYRN
KOSRFPD[4XHXH
FRQVWUXFWRU&UHDWH
SURFHGXUHVHUYHYDUSSUYRN
SURFHGXUHDSSHQGSSUYRN
IXQFWLRQHPSW\ERROHDQ
IXQFWLRQIXOOERROHDQ
HQG
LPSOHPHQWDWLRQ
XVHV'LDORJV
FRQVWUXFWRUTXHXH&UHDWH
EHJLQ
KO SRF
HQG
SURFHGXUHTXHXHVHUYHYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVH
EHJLQ
S T>KO@GHFSRF
KO KOPRGPD[4XHXH
HQG
HQG
SURFHGXUHTXHXHDSSHQGSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
SOQ\
HOVH
EHJLQ
T>KOSRFPRGPD[4XHXH@ SLQFSRF
HQG
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
5HVXOW SRF
HQG
IXQFWLRQTXHXHIXOOERROHDQ
EHJLQ
5HVXOW SRF PD[4XHXH
HQG
HQG
1DStãHPHSURJUDPNWRUêþtWDWH[WRYêV~ERULEDUD]DY\WYiUDQRYêV~ERUWDNåHYWRPWRV~ERUHV~
YãHWN\ULDGN\YVWXSQpKRV~ERUXD]DQLPLHãWHUD]WLHLVWpULDGN\
XVHV4XHXH8QLW
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUT4XHXH
IJ7H[W)LOH
WSUYRN
EHJLQ
T 4XHXH&UHDWH
$VVLJQ)LOHI
2NQR8QLWSDV
UHVHWI
$VVLJQ)LOHJ
WHVWSDV
UHZULWHJ
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWTDSSHQGWZULWHOQJW
HQG
ZKLOHQRWTHPSW\GR
EHJLQ
TVHUYHWZULWHOQJW
HQG
&ORVH)LOHJ&ORVH)LOHI
T)UHH
=DSLV
KRWRYR
HQG
1'Ò
ƔSUHUREWHWULHGX4XHXHWDNDE\VWHY\XåLOLG\QDPLFNpSROHSUtSDGQHULHãWHGiWRY~ãWUXNW~UXQLH
F\NOLFNêPG\QDPLFNêPSRĐRPDOHSRNDåGRPYêEHUHSUYNXVHUYHYãHWN\SUYN\SRVXĖWH
ƔRSUDYLĢPHWyG\HPSW\DIXOOWDNDE\HPSW\YåG\YUiWLOIDOVHDNERORSUi]GQHGiWDPQHMDNê
UR]PêãĐDĢRYLDF]iVREQtNRFKDUDGRFKQDSUY]iMRPQiVLPXOiFLDWULHGHQLHSRPRFRXGYRFK
Ɣ
]iVREQtNRY]DUiåNDYRIURQWH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RO\PRUIL]PXV QRY
1DSUHGQiãNHVPHURELOLSURMHNWYNWRURPVPH]DGHILQRYDOLWULHGXNUXKDQDWULWODþLGOiVPHSULUDGLOLY\WYRUHQLH
WURFKLQãWDQFLtWHMWRWULHG\ãWYUWpWODþLGORKêEDORVWêPLWRNUXKPL
W\SH
NUXK FODVV
SULYDWH
[\ULQWHJHU
I7&RORU
YLGERROHDQ
SXEOLF
FRQVWUXFWRU&UHDWH[[\\UULQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
GRGHILQXMHPHQRY~WULHGXVWYRUHFSRGWULHGXNUXK
W\SH
VWYRUHF FODVVNUXK
SXEOLF
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUH=PHQ)DUEXII7&RORU
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
SURFHGXUHVWYRUHFXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG WUXH
HQG
SURFHGXUHVWYRUHFVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J5HFWDQJOH[U\U[U\U
YLG IDOVH
HQG
SURFHGXUHVWYRUHF=PHQ)DUEXII7&RORU
EHJLQ
I II
LIYLGWKHQXND]
HQG
SURFHGXUHVWYRUHFSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
MHGQD]SUHPHQQêFKLQãWDQFLtNUXKXEXGHWHUD]VWYRUHF
YDUDNUXK
EVWYRUHF
FNUXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E VWYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
WDNWRY\OHSãHQêSURMHNWIXQJXMHVSUiYQHGUXKpWODþLGORY\WYRUtãWYRUHFDãWYUWpWODþLGORUR]KêEHYãHWN\~WYDU\
$NSRURYQiPHPHWyG\=PHQ)DUEXDSRVXQYRERFKWULHGDFK]LVWtPHåHV~~SOQHLGHQWLFNpWDNåHVDLFKSRN~VLPHY
WULHGHVWYRUHFY\KRGLĢ.RPSLOiWRUXWRQHYDGtSRFKRStåHVDPDM~]GHGLĢDOHSURMHNWXåQHIXQJXMHVSUiYQH
6WDWLFNpPHWyG\
DN]DYROiPHVWYRUHFSRVXQ]DYROiVDNUXKVNU\DQLHVWYRUHFVNU\
Ɣ
NUXKSRVXQ!NUXKVNU\
A
_
VWYRUHFSRVXQVWYRUHFVNU\
9LUWXiOQHPHWyG\
SRWUHERYDOLE\VPHDE\NUXKSRVXQSRFKRSLOåHERO]DYRODQê]SRWRPNDDWHGDQHEXGHYRODĢVYRMNUXKVNU\
Ɣ
DOHSRWRPNRYXPHWyGXVNU\
NUXKSRVXQNUXKVNU\YLUWXiOQD
A?
_?
VWYRUHFSRVXQ!VWYRUHFVNU\YLUWXiOQD
Ɣ]UHMPHVDWRQHGiXURELĢSRþDVNRPSLOiFLHOHERNUXKSRVXQQHP{åHWXãLĢåHQLHNHG\YEXG~FQRVWLVLQLHNWR
QLHNGHLQGHQDSURJUDPXMHYHĐDSRWRPNRYNWRUpEXG~YRODĢNUXKSRVXQ
3RO\PRUIL]PXV
PHWyGDVD]GLHODYU{]Q\FKVWXSĖRFKREMHNWRYHMKLHUDUFKLH!
Ɣ
9þDVQiDQHVNRUiYl]ED
ƔNRPSLOiWRURNDPåLWpUR]KRGQXWLHSULVWDWLFNêFKPHWyGDFK
ƔRGORåHQpUR]KRGQXWLHSULYLUWXiOQ\FKPHWyGDFK
W\SXREMHNW
ƔSULVWDWLFNêFKPHWyGDFKNRPSLOiWRUKĐDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPNSUHGNRPRGGDQQHM
~URYQHNGHMHGHILQRYDQiPHWyGD
ƔSULYLUWXiOQ\FKPHWyGDFKQLHNRPSLOiWRUDOHSRþDVEHKXVDKĐDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPN
SUHGNRPDOHRG~URYQHLQãWDQFLH
ƔYþDVQiYl]ED HDUO\ELQGLQJSULVWDWLFNêFK
ƔQHVNRUiYl]ED ODWHELQGLQJSULYLUWXiOQ\FK
9LUWXiOQHPHWyG\
ƔYGHNODUiFLLREMHNWXYLUWXDO
ƔDNMHYQHMDNHMWULHGHYLUWXiOQDPHWyGD !YãHWFLSRWRPNRYLDDNPDM~PHWyGXWRKRWRPHQDPDOLE\PDĢ
❍SRWUHEQpQD]DKiMHQLHDNFLH
❍PXVtE\ĢYRODQêVN{UDNRĐXERYRĐQiPHWyGDFK\EDSRþDVEHKXSURJUDPX$FFHVVYLRODWLRQ
ƔNDåGêREMHNWREVDKXMH9079LUWXDO0HWKRG7DEOH
❍NRQãWUXNWRULQLFLDOL]XMHQDSRMHQLHQDW~WRWDEXĐNX
❍KRYRUtPHåHNRQãWUXNWRUP{åHE\ĢSRXåLWêDMQDLQLFLDOL]RYDQLHVWDYRYêFKSUHPHQQêFKMHKRKODYQi
IXQNFLDMHY\KUDGLĢSDPlĢSUHREMHNWDLQLFLDOL]RYDĢ907
.RQãWUXNWRU\DGHãWUXNWRU\
ƔFRQVWUXFWRU&UHDWHĐXERYRĐQpPHQRP{åHPDĢDMSDUDPHWUH
ƔGHVWUXFWRU'HVWUR\RYHUULGHY72EMHFWMH'HVWUR\YLUWXDO
.RPSDWLELOLWDWULHGREMHNWRYêFKW\SRY
ƔPHG]LLQãWDQFLDPL
ƔPHG]LIRUPiOQ\PLDVNXWRþQêPLSDUDPHWUDPL
3UtNODG\
YDU
DFNUXK
EVWYRUHF
3RYROHQp
SURFHGXUH]PHQNNUXK
EHJLQN=PHQ)DUEXFO%OXHNSRVXQHQG
P{åHE\ĢYRODQp
!SRWRPRNP{åHNGHNRĐYHNQDKUDGLĢSUHGNDSUHGRNP{åH]DVWXSRYDĢSRWRPND
3RO\PRUIQêREMHNW
ƔNHćGRSURFHG~U\SUtGHDNRSDUDPHWHUQHMDNêREMHNWP{åHWRE\ĢYODVWQHĐXERYRĐQêSRWRPRNWRKRWRREMHNWX
YRYãHREHFQRVWLVDQHGi]LVWLĢNWRUê
ƔXPRåĖXMHVSUDFRYDĢREMHNW\NWRUêFKW\SQLHMH]QiP\
ƔXPRåĖXMHY\XåLĢPHWyG\SUHGNRYVRãSHFLILFNêPL]PHQDPL~SUDYDPL
❍SUHEXG~FHKRSRXåtYDWHĐDXPRåQtPHUR]ãLURYDQLHPHWyG
❍P{åHPHY\URELĢDMSUi]GQHYLUWXiOQHPHWyG\SUHSHUVSHNWtYQHUR]ãLURYDQLH
❍XPRåĖXMHPHQLĢQLHNWRUpþDVWLEH]]GURMRYêFKWH[WRY
❍YćDNDYLUWXiOQ\PPHWyGDPPRåQRPHQLĢþLQQRVĢQLHNWRUêFKSURFHG~U
3UtNODGVSRO\PRUIQêPãWYRUFRPE\PDOY\]HUDĢ
W\SH
VWYRUHF FODVVNUXK
SXEOLF
SURFHGXUHXND]RYHUULGH
SURFHGXUHVNU\RYHUULGH
HQG
YDUDNUXK
ENUXK
FNUXK
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
E VWYRUHF&UHDWHE=PHQ)DUEXFO5HGEXND]
HQG
1DVOHGXM~FLSUtNODGGHPRQãWUXMHSRO\PRUIQpSROH
7URMXKROQLN
W\SH
WURM FODVVNUXK
SXEOLF
SURFHGXUHXND]RYHUULGH
SURFHGXUHVNU\RYHUULGH
HQG
SURFHGXUHWURMXND]
EHJLQ
J3HQ&RORU I
J%UXVK6W\OH EV&OHDU
SURFHGXUHWURMVNU\
EHJLQ
J3HQ&RORU FO:KLWH
J%UXVK6W\OH EV&OHDU
J3RO\/LQH>3RLQW[U\3RLQW[U\3RLQW[\U3RLQW[U\@
YLG IDOVH
HQG
FRQVWQ
YDUSDUUD\>Q@RINUXK
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
J ,PDJH&DQYDV
IRUL WRQGRS>L@ QLO
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
UDQGRPL]H
IRUL WRQGR
FDVHUDQGRPRI
S>L@ NUXK&UHDWHUDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKWUDQGRP
S>L@ VWYRUHF&UHDWHUDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKWUDQGRP
S>L@ WURM&UHDWHUDQGRP,PDJH:LGWKUDQGRP,PDJH+HLJKWUDQGRP
HQG
IRUL WRQGRS>L@XND]
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
EHJLQ
SRF
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
7LPHU(QDEOHG IDOVH
IRUL WRQGR
LIS>L@!QLOWKHQS>L@SRVXQLPRGLPRG
GHFSRF
LISRF!WKHQ7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WRQGRS>L@)UHH
HQG
3R]QiPN\
ƔRSUYNRFKSRĐDSQHYLHPHDNpKRV~QDR]DMW\SXWXWRDQLQHYLHPH]LVWLĢ
ƔYLHPHåHEXćV~WRLQãWDQFLHWULHG\NUXKDOHERMHKRSRWRPNRYLD
ƔNDåGêSUYRNViPVHEDYLHVSUiYQHXNi]DĢVNU\ĢD]DIDUELĢ
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RO\PRUIQp
QRY
NRU\WQDþN\
'HILQtFLDWULHG\.RUPiVNRURYãHWN\PHWyG\YLUWXiOQH7R]QDPHQiåHEXGHPHP{FĢYQDãLFK
SURJUDPRFKY\XåtYDĢSRO\PRUIL]PXV2NUHPWRKRQLHNWRUpPHWyG\WULHG\.RUY\XåtYDM~LQpNRU\WQDþLH
PHWyG\DWHGDLFKSUHGHILQRYDQLHPi]DQiVOHGRN]PHQXVSUiYDQLDDMWêFKWRPHWyG1DSUDNRSUDYtPH
=PHQ;<SRWRPWREXGHPDWYSO\YDMQDPHWyGX'RSUHGX0DOêSUtNODG
W\SH
.RU FODVV.RU
SURFHGXUH=PHQ;<[\UHDORYHUULGH
HQG
W\SH
.RU FODVV.RU
SURFHGXUH=PHQ;<[\UHDORYHUULGH
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNNN.RU
XLQWHJHU
EHJLQ
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
N .RU&UHDWHNXND]
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
UHSHDW
NGRSUHGXNGRSUHGXNGRSUHGX
X UDQGRP
NYSUDYRXNYSUDYRXNYSUDYRX
XQWLOIDOVH
HQG
8NiåHPHVLYlþãtSURMHNWNWRUêEROQDVN~ãNHY
1DStãWHSURJUDPNWRUêEXGHULHãLĢQDVOHGRYQ~~ORKXWH[WRYêV~ERUVXERUW[WREVDKXMHSRVWXSQRVĢ
SUtND]RYSUHNRU\WQDþNXNWRUiSRSLVXMHQHMDNêREUi]RN1DMSUY]DGHILQXMHWHWULHGX.RUSRWRPND
WULHG\.RUNWRUiEXGHREVDKRYDĢMHGLQ~PHWyGX
SURFHGXUHNUHVOLYDUI7H[W)LOH
7iWRPHWyGDVDQDVWDYtQD]DþLDWRNV~ERUXINRU\WQDþNH]GYLKQHSHURD]LQWHUSUHWXMHSUtND]\Y
V~ERUH1DNRĐNRWDNWRNUHVOHQêREUi]RNP{åHE\ĢEXćSUtOLãYHĐNêDOHERPDOêDOHERP{åH
SUHVDKRYDĢRNUDMHJUDILFNHMREUD]RYN\EXGHKRWUHED]PHQãLĢDOHER]YlþãLĢUHVSSULLQLFLDOL]RYDQt
NRU\WQDþN\QH]DþDĢNUHVOLĢYERGHDOH]YROLĢVLGRPRYVN~SR]tFLXYKRGQHMãLHDWRWDNDE\QD
ãtUNXDOHERYêãNXEROPD[LPiOQHPRåQHYHĐNê
1DULHãHQLHWHMWR~ORK\]DGHILQXMHWHHãWHGYHSRGWULHG\WULHG\.RUWULHGD.RUEXGHVO~åLĢQD
]LVWHQLHUR]PHURYREUi]NXSRPRFRX]GHGHQHMPHWyG\NUHVOLSULþRPQDREUD]RYNHVDEXGHSRK\ERYDĢ
VR]GYLKQXWêPSHURP7ULHGD.RUWLHåSRGWULHGDWULHG\.RUEXGHYHGLHĢQDNUHVOLĢGDQêREUi]RN
]GHGQRXPHWyGRXNUHVOLSULþRPSUHNU\MHYLUWXiOQXPHWyGX'RSUHGXWDNåHREUi]RNEXGH
SRåDGRYDQHMYHĐNRVWL
7H[WRYêV~ERUVXERUW[WVDVNODGi]WDNêFKWRYLHWSUYpþtVORNDåGHMYHW\MHW\SXRUGLQiOQDKRGQRWD
]
W\SHSULN SGRSYOSYSSISSSKSSG
9iãSURJUDPWHGDQDMSUYSRStãHWULWULHG\.RU.RUD.RU3RWRPSRPRFRXLQãWDQFLHWULHG\.RU
VGRPRYVNRXSR]tFLRXY]LVWtUR]PHU\REUi]NXSRXåLMHPHQDWRVWDYRYpSUHPHQQpPLQ;
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
PLQ<PD[;DPD[<]UHMPHSUHGHILQXMHWHYLUWXiOQHPHWyG\'RSUHGX3+D3'1DNRQLHF
SRPRFRXLQãWDQFLHWULHG\.RUNWRU~]LQLFLDOL]XMHYQHMDNHMQRYHMGRPRYVNHMSR]tFLLY\NUHVOtGDQê
REUi]RNVSUiYQHMYHĐNRVWL2EHNRU\WQDþN\PDM~URYQDNêGRPRYVNêVPHU]DGDQêNRQãWDQWRX
SURJUDPXQDSU
FRQVW8
5LHãHQLH
1DMSUYOHQY\NUHVOtPHV~ERUSRPRFRXLQãWDQFLH.RUDE\VPHPRKOLYLGLHĢPRPHQWiOQ\REVDKV~ERUX
W\SHSULN SGRSYOSYSSISSSKSSG
W\SH
.RU FODVV.RU
SURFHGXUHNUHVOLYDUW7H[W)LOH
HQG
SURFHGXUH.RUNUHVOLYDUW7H[W)LOH
YDUSSULN
LLQWHJHU
EHJLQ
3+UHVHWW
ZKLOHQRWHRIWGR
EHJLQ
UHDGWLS SULNL
LIS SISWKHQUHDGWL
FDVHSRI
SGR'RSUHGXL
SYO9ODYRL
SYS9SUDYRL
SIS=PHQ)3L
SSK3+
SSG3'
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWX
YDUW7H[W)LOH
EHJLQ
$VVLJQ)LOHW
VXERUW[W
.RU&UHDWHXNUHVOLWQHSRWUHEXMHPHSUHPHQQ~W\SX.RU
&ORVH)LOHW
HQG
WHUD]GRGHILQXMHPH.RUD.RU
W\SH
.RU FODVV.RU
ESERROHDQ
PLQ[PLQ\PD[[PD[\UHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
SURFHGXUH3+RYHUULGH
SURFHGXUH3'RYHUULGH
HQG
SURFHGXUH.RU3+
EHJLQ
LQKHULWHGS IDOVH
HQG
SURFHGXUH.RU3'
EHJLQ
S WUXH
HQG
SURFHGXUH.RU'RSUHGXGUHDO
SURFHGXUH[\
EHJLQ
LIQRWSWKHQH[LW
LIERU;6XUPLQ[WKHQPLQ[ ;6XU
LIERU;6XU!PD[[WKHQPD[[ ;6XU
LIERU<6XUPLQ\WKHQPLQ\ <6XU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
W\SH
.RU FODVV.RU
UUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUH.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
U
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWX VLU Y\V
YDUW7H[W)LOH
UUUUUHDO
EHJLQ
$VVLJQ)LOHW
VXERUW[W
ZLWK.RU&UHDWHXGR
EHJLQ
E WUXH
NUHVOLW
U VLUPD[[PLQ[
U Y\VPD[\PLQ\
LIUUWKHQUU UHOVHUU U
ZLWK.RU&UHDWHVLUUU
PLQ[Y\VUU
PLQ\XGR
EHJLQ
U UUQDVWDYtPLHUNXSUH'RSUHGX
NUHVOLW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
HQG
&ORVH)LOHW
HQG
7ULHGDQDREVOXKXYLDFNRU\WQDþLHN9HOD.RU
'RXQLWX9HOD.RU8QLW]DGHILQXMHPHQRY~WULHGX9HOD.RU7iWRWULHGDVDEXGHVWDUDĢRG\QDPLFNp
SRO\PRUIQpSROHNRU\WQDþLHNXPRåQtSULGiYDĢDY\KDG]RYDĢNRU\WQDþN\DWLHåSDUDOHOQHY\NRQiYDĢ
YãHWN\NRU\WQDþLHSUtND]\PHWyG\'HILQtFLDWULHG\REVDKXMH
ƔV~NURPQpG\QDPLFNpSROHNNRU\WQDþLHNDLFKSRþHWSNSRPRFRXYODVWQRVWtSURSHUW\
XPRåQtPHþtWDĢWLHWRVWDYRYpSUHPHQQp
ƔPHWyG\QDSULGiYDQLHGRWRKRWRSRĐD
❍PHWyGD8URE.RUMHGHILQRYDQiYGYRFKU{]Q\FKYHU]LiFKYHU]LDVWURPDþtVHOQêPL
SDUDPHWUDPL[\DXDYHU]LDVSRO\PRUIQRXNRU\WDQþNRXSRGĐDW\SXYRODQêFK
SDUDPHWURYVD'HOSKLUR]KRGQ~NWRU~]WêFKWRYHU]LtQDR]DM]DYRODM~
❍PHWyG\YãHREHFQHĐXERYRĐQpSRGSURJUDP\NWRUpGHILQXMHPHYU{]Q\FKYHU]LiFKPXVLD
PDĢXYHGHQêãSHFLILNiWRURYHUORDG
ƔVWDYRYpSUHPHQQpYODVWQRVWLSRPRFRXNWRUêFKSRYROtPHþtWDQLHV~NURPQêFKDWHGD
FKUiQHQêFKVWDYRYêFKSUHPHQQêFK
❍YODVWQRVĢNNWRUiVSUtVWXSQtSROHNMHLQGH[RYDQiVWDYRYiSUHPHQQiWR]QDPHQiåH
PHWyGDJHW.RUPXVtPDĢMHGHQSDUDPHWHUW\SXLQGH[DPXVtWRE\ĢIXQNFLDNWRUiYUDFLD
SUtVOXãQ~KRGQRWXVWDYRYHMSUHPHQQHM
'HNODUiFLHWULHG\
W\SH
9HOD.RU FODVV
SULYDWH
NDUUD\RI.RU
SNLQWHJHU
IXQFWLRQJHW.RULLQWHJHU.RU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH8URE.RU[UHDO \UHDO XUHDO RYHUORDG
SURFHGXUH8URE.RUQN.RURYHUORDG
SURFHGXUH=UXV.RULLQWHJHURYHUORDG
SURFHGXUH=UXV.RUQN.RURYHUORDG
SURFHGXUH8SUDF
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SURFHGXUH'RSUHGXGUHDO
SURFHGXUH9\SOQIY7&RORU
IXQFWLRQ%OL]NR[\UHDO.RU
SURSHUW\N>LLQWHJHU@.RUUHDGJHW.RU
SURSHUW\SNLQWHJHUUHDGSN
HQG
UHDOL]iFLDNĐ~þRYêFKPHWyG
FRQVWUXFWRU9HOD.RU&UHDWH
EHJLQ
SN
HQG
GHVWUXFWRU9HOD.RU'HVWUR\
YDULLQWHJHU
EHJLQ
IRUL WRSNGRN>L@)UHH
LQKHULWHG
HQG
SURFHGXUH9HOD.RU8URE.RU[\XUHDO
EHJLQ
8URE.RU.RU&UHDWH[\XWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH9HOD.RU8URE.RUQN.RU
EHJLQ
LQFSN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SURFHGXUH9HOD.RU=UXV.RULLQWHJHU
EHJLQ
LILRUL! SNWKHQH[LW
N>L@)UHHN>L@ QLO
HQG
SURFHGXUH9HOD.RU=UXV.RUQN.RU
YDULLQWHJHU
EHJLQ
L ZKLOHLSNDQGN>L@!QNGRLQFL
LILSNWKHQ=UXV.RUN>L@DQLWRWRQLHMHUHNXU]LD
HQG
SURFHGXUH9HOD.RU8SUDFY\KRGtQLONRU\WQDþN\]SRĐD
YDULMLQWHJHU
EHJLQ
M
IRUL WRSNGR
LIN>L@!QLOWKHQ
EHJLQN>M@ N>L@LQFMHQG
SN M
HQG
SURFHGXUH9HOD.RU'RSUHGXGUHDO
YDULLQWHJHU
EERROHDQ
EHJLQ
E 1DUD]WUXH]DSDPlWiVLUHåLP
IRUL WRSNGR
LIN>L@!QLOWKHQ
N>L@'RSUHGXG
1DUD]E
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
HQG
9QDVOHGXM~FRPSUtNODGHNDåGDãWYUWiNRU\WQDþNDEXGHWURFKXLQi
W\SH
PRMD.RU FODVV.RU
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
SURFHGXUHPRMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUY9HOD.RU
LLQWHJHU
EHJLQ
Y 9HOD.RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRGR
LILPRG WKHQ
EHJLQ
8URE.RUPRMD.RU&UHDWHL
N>SN@=PHQ)3FO5HG
HQG
HOVH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
8URE.RUL
PRKORE\E\ĢDM
8URE.RU.RU&UHDWHL
XND]
IRUL WRGR
EHJLQ'RSUHGX9ODYRHQGYãHWN\NUHVOLDNUXåQLFX
IRUL WRSNGR
LIN>L@LVPRMD.RUWKHQN>L@9SUDYROHQPRMD.RU
VDRWRþLDþHORPY]DG
HQG
Y)UHH
HQG
SRXåLOLVPHUHODþQêRSHUiWRULVSRPRFRXNWRUpKRYLHPH]LVWLĢþLMHGDQiLQãWDQFLDGDQHMWULHG\DOHERMHM
SRWRPNRP
1DVOHGXM~FLSUtNODGGHPRQãWUXMHQXWQRVĢSUHW\SRYDĢLQãWDQFLXDNSRWUHEXMHPHY\YRODĢPHWyGXDOHER
DMSRXåLĢVWDYRY~SUHPHQQ~NWRU~QHSR]QiSUHGRN]iNODGQiWULHGDDOHLEDSRWRPRN.RU\WQDþN\
QDNUHVOLDVtQXV
W\SH
PRMD.RU FODVV.RU
NUHDO
FRQVWUXFWRU&UHDWH[UHDO \UHDO XUHDO
SURFHGXUH.RHINNUHDO
SURFHGXUH'RSUHGXGUHDORYHUULGH
HQG
FRQVWUXFWRUPRMD.RU&UHDWH[\XUHDO
EHJLQ
LQKHULWHGN
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
EHJLQ
LQKHULWHG'RSUHGXG
N
HQG
ĆDOãtSUtNODGY\XåtYDWULHGXPRMD.RU]SUHGFKiG]DM~FHKRSUtNODGXNRU\WQDþN\WXNPLWDM~WDNåHLFK
PD[LPiWYRULDVtQXV
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWQ QQ Q
U GĎåNDNURNX
QU GLYU
YDULLQWHJHU
EHJLQ
ZLWK9HOD.RU&UHDWHGR
EHJLQ
IRUL WRQGR
EHJLQ
8URE.RUPRMD.RU&UHDWHQQ
L
N>SN@DVPRMD.RUNRHIVLQQQ
UDG
L
HQG
3+8ND]
UHSHDW
IRUL WRQUGR'RSUHGXU
IRUL WR
QUGR'RSUHGXU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
ĆDOãtSUtNODGXND]XMHQiKRGQpSUHFKiG]N\YLDFHUêFKNRU\WQDþLHN9WRPWRULHãHQtV~PDOpFK\E\
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWIDUUD\>@RI7&RORU FO%ODFNFO5HGFO%OXHFO<HOORZ
FO*UHHQFO3XUSOHFO/LPHFO)XFKVLD
YDUY9HOD.RU
LLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRUDQGRPGR
8URE.RUUDQGRPUDQGRP
IRUL WRSNGRN>L@=PHQ)3I>UDQGRP/HQJWKI@
ZKLOHWUXHGR
EHJLQ
'RSUHGX9SUDYRUDQGRPWHQWRUDQGRPWXMH
SRGUD]
IRUL WRSNGRZLWKN>L@GR
LI9]G!WKHQ=PHQ6PHU6PHURP
HQG
HQG
Y)UHHVHPVDQLNG\QHGRVWDQH
HQG
VSUiYQHULHãHQLHSULþRPVPHVHPSULGDOLDMSRVWXSQpQiKRGQpPL]QXWLHNRU\WQDþLHN=UXV.RU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
YDUY9HOD.RUWXMHGHNODURYDQêQRYêREMHNW
SURFHGXUH72NQR)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
Y)UHHVHPVRPSULGDO]UXãHQLHQRYpKRREMHNWX
PDORE\WRSUtMVĢSUHG=UXV.RU\
=UXV.RU\
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
FRQVWIDUUD\>@RI7&RORU FO%ODFNFO5HGFO%OXHFO<HOORZ
FO*UHHQFO3XUSOHFO/LPHFO)XFKVLD
YDULLQWHJHU
EHJLQ
UDQGRPL]H
1DUD]
Y 9HOD.RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRUDQGRPGR8URE.RU
IRUL WRSNGRN>L@=PHQ)3I>UDQGRP/HQJWKI@
ZKLOHWUXHGR
EHJLQ
LIUDQGRP WKHQ
EHJLQ=UXV.RUUDQGRPSNXSUDFHQGDNE\QHERO
XSUDFVSDGQHYćDOãRPIRUF\NOH
'RSUHGX
IRUL WRSNGRN>L@9SUDYRUDQGRP
IRUL WRSNGRZLWKN>L@GR
LI9]G!WKHQ=PHQ6PHU6PHURP
HQG
HQG
HQG
1DNOLNDQLHQDNRU\WQDþN\P{åHPHSRXåLWLĢPHWyGX%OL]NR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
1PMZNPSGOÏLPSZUOBǁLZ
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDULLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRUDQGRPGR8URE.RUUDQGRP
UDQGRPUDQGRP
XND]
HQG
HQG
SURFHGXUH72NQR3ORFKD0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDUN.RU
MLQWHJHU
EHJLQ
LIVV/HIWLQ6KLIWWKHQ
EHJLQ
N Y%OL]NR[[\\
LIN!QLOWKHQZLWKNGR
IRUM WRGR
EHJLQ'RSUHGX9ODYRHQG
HQG
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[EJOEFYIUNM [
<>
Klávesnica a bitmapy
.OiYHVQLFDD
QRY
ELWPDS\
2SUDYDY.RU8QLWSDV9HOD.RU8QLWSDVD]MHGQRGXãHQê2NQR8QLWSDVEH]SR]QiPNRYHMWH[WRYHMSORFK\
0HPRWUHEDY\KRGLĢDM]IRUPXOiUX1RYH]LSREVDKXMHYãHWN\WLHWRV~ERU\
.OiYHVQLFD
VNOiYHVQLFRXSUDFXMHPHSRPRFRXWURFKXGDORVWt
ƔRQ.H\'RZQSUiYHERO]DWODþHQêQHMDNêNOiYHV
ƔRQ.H\8SSUiYHEROSXVWHQêQHMDNêNOiYHV
ƔRQ.H\3UHVVVWODþLOLVPHRE\þDMQêNOiYHVNWRUêPiVYRM$6&,,NyG
SUYpGYHXGDORVWLR]QiPLDQLH$6&,,NyGNOiYHVXDOHYLUWXiOQ\NyGY+HOSHVLSR]ULWHLGHQWLILNiWRU\
NRQãWiQWDWLHåYSDUDPHWUL6KLIW]LVWtPHþLEROSULWRP]DWODþHQêQDSU6KLIWDOHER&WUOSRGREQHDNRSUL
XGDORVWLDFKSULSUiFLVP\ãRX
QDVOHGXM~FLSURJUDPXNiåHSRXåLWLHNOiYHVQLFHGRIRUPXOiUXXPLHVWQtPHNRPSRQHQW\/DEHOD
7LPHUQDVWDYtPHPXQHMDNêNUiWN\,QWHUYDOWHUD]P{åHPHQDNOiYHVQLFLV~þDVQHWODþLĢDMYLDFãtSRND
WêPULDGLĢSRK\EWH[WXSRSORFKHIRUPXOiUX
YDUG[LQWHJHU
G\LQWHJHU
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
ZLWK/DEHOGR
EHJLQ
/HIW /HIWG[QHGiVDLQF/HIWG[OHER/HIWQLHMH
SUHPHQQi
7RS 7RSG\
HQG
HQG
SURFHGXUH7)RUP)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
YNBHVFDSH&ORVH
HQG
HQG
SURFHGXUH7)RUP)RUP.H\8S6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVH.H\RI
YNBOHIWG[
YNBULJKWG[
YNBXSG\
YNBGRZQG\
HQG
HQG
3ULSUiFLVNOiYHVQLFRXVLWUHEDGiYDĢSR]RUQDLQpNRPSRQHQW\NWRUpNUDGQ~LQIRUPiFLH]NOiYHVQLFH
QDSU0HPRWM3R]QiPNRYiSORFKD%XWWRQ7ODþLGORDSRGQDMMHGQRGXFKãLHULHãHQLHYSUtSDGHåH
FKFHPHSUDFRYDĢVNOiYHVQLFRXMHLFKQHSRXåtYDĢ
YDUY9HOD.RU
YDUDFWLQWHJHU
N.RUSRPRFQiNRU\WQDþND
VVWULQJ
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDULLQWHJHU
EHJLQ
UDQGRPL]H
Y 9HOD.RU&UHDWHN .RU&UHDWH
ZLWKYGR
EHJLQ
IRUL WRUDQGRPGR8URE.RUUDQGRP
UDQGRP
UDQGRP
XND]
HQG
YN>DFW@=PHQ)DUEX7YDUXFO5HG
HQG
SURFHGXUH72NQR)RUP.H\'RZQ6HQGHU72EMHFWYDU.H\:RUG
6KLIW76KLIW6WDWH
EHJLQ
FDVHNH\RI
YNBEDFN
EHJLQ
N=PHQ)3FO:KLWHN3LVV
GHOHWHVOHQJWKV
N=PHQ)3FO%ODFNN3LVV
HQG
YNBHVFDSH&ORVH
9.B/()7YN>DFW@YODYR
9.B83YN>DFW@GRSUHGX
9.B5,*+7YN>DFW@YSUDYR
9.B'2:1YN>DFW@GRSUHGX
YNBUHWXUQ
EHJLQ
YN>DFW@=PHQ)DUEX7YDUXFO*UHHQ
DFW DFWPRGYSN
YN>DFW@=PHQ)DUEX7YDUXFO5HG
HQG
HQG
HQG
SURFHGXUH72NQR)RUP.H\3UHVV6HQGHU72EMHFWYDU.H\&KDU
EHJLQ
LI.H\!
WKHQ
EHJLQ
V V.H\N3LVV
HQG
HQG
%LWPDS\
7%LWPDSMHSUHGGHILQRYDQiWULHGDNWRUiVO~åLQDPDQLSXOiFLXVREUi]NDPLP{åHPHVLMXSUHGVWDYLĢDNR
REVDKV~ERUXVSUtSRQRX%03GiVDVQtPSUDFRYDĢQDSUYSURJUDPH3DLQW7iWRWULHGDPiQLHNRĐNR
XåLWRþQêFKVWDYRYêFKSUHPHQQêFKYODVWQRVWLSURSHUW\DPHWyG
QLHNWRUpVWDYRYpSUHPHQQp
Ɣ:LGWK+HLJKWãtUNDDYêãNDREUi]NX
Ɣ&DQYDVJUDILFNiSORFKDREUi]NX
Ɣ7UDQVSDUHQWþLPiQHMDNpSULHVYLWQpþDVWLLQDNMHWRQHSULHVYLWQêREGĎåQLN
Ɣ7UDQVSDUHQW&RORUNWRUiIDUEDYREUi]NXMHSRYDåRYDQi]DSULHVYLWQ~
QLHNWRUpPHWyG\
ƔNRQãWUXNWRU&UHDWHY\WYRUt]DWLDĐSUi]GQ\REUi]RN
Ɣ/RDG)URP)LOHQDþtWDREUi]RN]RV~ERUXYRIRUPiWH%03
Ɣ6DYH7R)LOHXORåtREUi]RNGRV~ERUXYRIRUPiWH%03
WULHG\7%LWPDSQH]QDPHQiXURELĢNySLXELWPDS\DOHNySLXUHIHUHQFLHQDELWPDSXWMSRWRP
LQãWDQFLHRGND]XM~QDW~LVW~ELWPDSXSRXåLWLHXYLGtPHYSUtNODGH
P{åHPHSUDFRYDĢV&DQYDVRPWMVGYRMUR]PHUQêPSRĐRPIDUHEQêFKSL[HORYGRELWPDS\P{åHPH
NUHVOLĢP{åHPHSUDFRYDĢVMHGQRWOLYêPLSL[HOPL~SOQHURYQDNRDNRYRE\þDMQHMJUDILFNHMSORFKH
7,PDJH
Ɣ&DQYDV)LOO5HFW
Ɣ&DQYDV3L[HOV>ULDGRNVWĎSHF@
Ɣ&DQYDV5HFWDQJOH(OOLSVH7H[W2XW
Ɣ&DQYDV0RYH7R/LQH7R3RO\JRQ3RO\OLQH)ORRG)LOO
ƔDWHGDP{åHPHWêPWRPHWyGDPQDVWDYLĢSHURãWHWHFIRQW
Ɣ&DQYDV'UDZRSHþLDWNXMHLQ~ELWPDSX
Ɣ&DQYDV6WUHWFK'UDZRSHþLDWNXMHLQ~ELWPDSXSULþRPMXP{åH]YlþãLĢ]PHQãLĢ
9QDVOHGXM~FLFKSUtNODGRFKP{åHPHSRXåLĢWLHWRXNiåNRYpELWPDS\
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH)RUP'HVWUR\6HQGHU72EMHFW
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SULYDWH
EPS7%LWPDS
J7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
RSLFDEPS
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
J'UDZ;<EPS
HQG
-HYHĐPLG{OHåLWp]DEH]SHþLĢDE\VDNDåGiQDPLY\WYRUHQiELWPDSD7%LWPDS&UHDWHEH]SRGPLHQHþQH
XYRĐQLOD)UHHDNE\VDQDSUSRVSDGQXWtSURJUDPXQH]YOiGORW~WRXYRĐQLĢRGþHUSiPH]GURM]
RSHUDþQpKRV\VWpPX:LQGRZVDWêPSRVWXSQHP{åHPH]QHIXQNþQLĢV\VWpP:LQGRZVPiWLHWR]GURMH
OHQREPHG]HQpKRSRþWX
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH)RUP'HVWUR\6HQGHU72EMHFW
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SURFHGXUH,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
SURFHGXUH,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SULYDWH
EPS7%LWPDS
EJ7%LWPDS
J7&DQYDV
EERROHDQþLĢDKiPELWPDSXSRSORFKH
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH
RSLFDEPS
EPS7UDQVSDUHQW WUXH
EPS7UDQVSDUHQW&RORU FO:KLWH
EJ 7%LWPDS&UHDWH
E IDOVH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
EPS)UHH
EJ)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
EHJLQ
E WUXH
EJ$VVLJQ,PDJH3LFWXUH]DSDPlWiPHVLPRPHQWiOQ\
REVDKFHOHMSORFK\
J'UDZ;<EPS
J%UXVK6W\OH EV&OHDU
J3HQ6W\OH SV'DVK
J5HFWDQJOH[\[EPSZLGWK\EPSKHLJKW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LIEWKHQ
EHJLQ
J'UDZEJQDNUHVOtPHS{YRGQpSR]DGLHSORFK\
J'UDZ;<EPS
J%UXVK6W\OH EV&OHDU
J3HQ6W\OH SV'DVK
J5HFWDQJOH[\[EPSZLGWK\EPSKHLJKW
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LIEWKHQ
EHJLQ
J'UDZEJQDNUHVOtPHS{YRGQpSR]DGLHSORFK\
J'UDZ;<EPS
E IDOVH
HQG
HQG
%LWPDSD%JMHSRPRFQi]DSDPlWiPHVLYQHMVWDYJUDILFNHMSORFK\WHVQHSUHGWêPDNR]DþQHPHĢDKDĢ
ELWPDSXSRSORFKH
1LHNHG\SULSURJUDPRYDQtSRWUHEXMHPHDE\VDSRY\NRQiYDQtQHMDNHMSRVWXSQRVWLSUtND]RYYåG\QD
]iYHUY\NRQDOLQHMDNpXNRQþRYDFLHSUtND]\1DSUY\WYRUtPHELWPDSXQLHþRVĖRXUREtPHQDSU
RSHþLDWNXMHPHGRSORFK\DQD]iYHUMXEH]SRGPLHQHþQHSRWUHEXMHPHXYRĐQLĢ)UHHDMNHE\SURJUDP
VSDGROQDQHMDNRPFK\EQRPSUtND]H
'HOSKLXPRåĖXM~WDN~WRSRVWXSQRVĢSUtND]RYY\KOiVLĢ]DFKUiQHQiSRVWXSQRVĢMHX]DYUHQiPHG]L
UH]HUYRYDQêPLVORYDPLWU\ILQDOO\DþRQDVOHGXMHPHG]LILQDOO\DHQGV~SUtND]\NWRUpVDY\NRQDM~DM
NHE\FKUiQHQiSRVWXSQRVĢVSDGODDOHERREVDKRYDODQDSUDMH[LW
3ULSUiFLVELWPDSDPLWRY\XåLMHPHQDMþDVWHMãLHWDNWR
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
SURFHGXUH)RUP&UHDWH6HQGHU72EMHFW
SURFHGXUH,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
SULYDWH
J7&DQYDV
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
FRQVWREUDUUD\>@RIVWULQJ
RSLFDEPS
]DMREPS
KURFKEPS
YDUEPS7%LWPDS
EHJLQ
LI6KLIW >VV/HIW@WKHQ
EHJLQ
EPS 7%LWPDS&UHDWH
WU\
EPS/RDG)URP)LOHREU>UDQGRPOHQJWKREU@
EPS7UDQVSDUHQW&RORU FO:KLWH
EPS7UDQVSDUHQW WUXH
J'UDZ;<EPS
ILQDOO\
EPS)UHH
HQG
HQG
HQG
W\SH
7)RUP FODVV7)RUP
6WULQJ*ULG76WULQJ*ULG
SURFHGXUH6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW$&RO$5RZ,QWHJHU
5HFW75HFW6WDWH7*ULG'UDZ6WDWH
HQG
SURFHGXUH7)RUP6WULQJ*ULG'UDZ&HOO6HQGHU72EMHFW
$&RO$5RZ,QWHJHU5HFW75HFW6WDWH7*ULG'UDZ6WDWH
YDUEP7%LWPDS
EHJLQ
LIJG6HOHFWHGLQ6WDWHWKHQOHQWHQMHGHQNWRUêMH
RVHOHNWRYDQê
EHJLQ
EP 7%LWPDS&UHDWH
WU\
EP/RDG)URP)LOH
EPS
LQWWRVWU$&RO$5RZPRG
EPS
6WULQJ*ULG&DQYDV'UDZ5HFW/HIW5HFW7RSEP
ILQDOO\
EP)UHH
HQG
HQG
HQG
1DPLHVWR&DQYDV'UDZP{åHPHSRXåLĢ
6WULQJ*ULG&DQYDV6WUHWFK'UDZ5HFWEP
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
9]RURYpSUtNODG\
GHF
]RVN~ãN\
SUtNODGREDSUtNODG\V~PLHUQHXSUDYHQpRULJLQiOQH]DGDQLD]RVN~ãN\]SUHGFKiG]DM~FLFKURNRY
1DSURJUDPXMWHKUX.$57,ý.<LQãSLURYDQHMKURX0DKMRQJ
1DKUDFHMSORFKHV~UR]PLHVWQHQpGYRMLFHNDUWLþLHNRGOLãXM~FLFKVDIDUERXDREUi]NRPELWPDSD
.DUWLþN\VDP{åXSUHNUêYDĢÒORKRXKUiþDMH]R]ELHUDĢGYRMLFHURYQDNêFKNDUWLþLHNDY\SUi]GQLĢWêP
KUDFLXSORFKX.DUWLþN\V~]REUD]HQpDNRIDUHEQpREGĎåQLN\ãtUN\6,5DYêãN\9<66~RUiPLNRYDQp
ãHGêPKUXEêPUiPLNRPDYRYQ~WUHREUi]RNQDåOWRPSRGNODGH
3DUDPHWUHNDUWLþLHNQDþtWDMWH]RV~ERUXNDUWLFN\W[WNWRUêPiQDVOHGXM~FXãWUXNW~UX
ƔSUYêULDGRNREVDKXMHGYDFHORþtVHOQpSDUDPHWUH6,5D9<6
ƔQDVOHGXM~FHULDGN\REVDKXM~ãWYRULFHNDåGêULDGRNMHGQXSRSLVXM~FHMHGQRWOLYpNDUWLþN\
❍SUYpGYHþtVODXGiYDM~V~UDGQLFHĐDYpKRKRUQpKRURKXNDUWLþN\YSRUDGtULDGRNVWĎSHF
YSRORYLþQHMPLHUNH9<6D6,5WM9<6GLYD6,5GLY
❍QDVOHGXMHStVPHQRPHQRV~ERUXVELWPDSRXDþtVORIDUE\NDUWLþN\IDULHEQLHMHYLDF
DNR
3URJUDPQDþtWDV~ERU]REUD]tNDUWLþN\QDREUD]RYNXDXPRåQtKUiþRYLNOLNDQtPĐDYêPWODþLGORP
P\ãLR]QDþRYDĢGYRMLFHNDUWLþLHN3UYêPNOLNQXWtPQDNDUWLþNXVDWiWRR]QDþtMHMUiPLNVDSUHNUHVOt
þHUYHQRXIDUERXGUXKêPNOLNQXWtPQDR]QDþHQ~NDUWLþNXVDWiWRRG]QDþt$NXåMHQHMDNiNDUWLþND
R]QDþHQiDKUiþNOLNQHQDLQ~NDUWLþNXVURYQDNRXIDUERXDREUi]NRPREHNDUWLþN\]PL]Q~]KUDFHM
SORFK\3ULNOLNQXWtPLPRNDUWLþLHNDOHERQDNDUWLþNXNWRUiVDIDUERXDOHER]QDNRPQH]KRGXMHV
R]QDþHQRXSURJUDP]DStSD.OLNQ~ĢVDP{åHOHQQDNDUWLþNXNWRUiQLHMHSUHNU\WiåLDGQRXLQRX
3RY\SUi]GQHQtKUDFHMSORFK\SURJUDPSRJUDWXOXMHKUiþRYL
.DUWLþN\YSURJUDPHUHSUH]HQWXMWHREMHNWDPL'HILQXMWHWULHGXNDUWWHMWRãWXNW~U\
NDUW FODVV
ULDGRNVWĎSHFIDUED
StVPHQRPHQDV~ERUXREUi]NX
ELWPDSD
SRGĐDSRWUHE\ćDOãLHVWDYRYpSUHPHQQp
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\
SURFHGXUHNUHVOLQDNUHVOtNDUWLþNX
IXQFWLRQNOLNþLVDQDĖXNOLNORP\ãRX
IXQFWLRQSUHNU\YþLVDSUHNUêYDVLQRXNDUWLþNRX
PRåQRćDOãLHPHWyG\
HQG
.DUWLþN\YSURJUDPHXORåWHYG\QDPLFNRPSROL0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHD
NDUWLþN\VD]PHVWLDGRREODVWL[1DIDUEHQLHREUi]NRY]YRĐWHU{]Q\FKIDULHE.]DGDQLX
GRVWiYDWHWHVWRYDFLHV~ERU\NDUWLFN\W[WNDUWLFN\W[WV~ERU\ELWPiSDEPSEEPSNEPSD
QLHNRĐNR]YXNRYZDYHNWRUpP{åHWHY\XåLĢYKUH
1DMSUYWULHGDNDUW
YDUJ7&DQYDVJUDILFNiKUDFLDSORFKD
VLUY\VVLUY\VLQWHJHU
W\SH
NDUW FODVV
UVILQWHJHU
]FKDU
YLGERROHDQ
EPS7%LWPDS
FRQVWUXFWRU&UHDWHYDUW7H[W)LOH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLVHOERROHDQ
IXQFWLRQNOLN[\LQWHJHUERROHDQ
IXQFWLRQSUHNU\YUUVVLQWHJHUERROHDQ
HQG
FRQVWUXFWRUNDUW&UHDWHYDUW7H[W)LOH
FRQVWIIDUUD\>@RI7&RORU
FO%OXHFO3XUSOHFO5HGFO*UHHQFO%ODFN
YDULMLQWHJHU
EHJLQ
UHDGOQWUV]]IYLG WUXH
EPS 7%LWPDS&UHDWH
EPS/RDG)URP)LOH]
EPS
IRUL WREPSZLGWKGR
IRUM WREPSKHLJKWGR
LIEPS&DQYDV3L[HOV>LM@ FO/W*UD\WKHQ
EPS&DQYDV3L[HOV>LM@ II>I@
EPS7UDQVSDUHQW WUXH
EPS7UDQVSDUHQW&RORU FO:KLWH
HQG
GHVWUXFWRUNDUW'HVWUR\
EHJLQ
EPS)UHH
LQKHULWHG
HQG
SURFHGXUHNDUWNUHVOLVHOERROHDQ
EHJLQ
LIQRWYLGWKHQH[LW
LIVHOWKHQJ3HQ&RORU FO5HG
HOVHJ3HQ&RORU FO*UD\
J3HQ:LGWK
J%UXVK&RORU FO<HOORZ
J%UXVK6W\OH EV6ROLG
J5HFWDQJOHV
VLUU
Y\VV
VLUVLUU
Y\VY\V
J'UDZV
VLUVLUEPSZLGWKGLYU
Y\VY\VEPSKHLJKWGLY
EPS
HQG
HQG
6DPRWQêSURJUDPGR7)RUPVPHGRGHILQRYDOLSRPRFQ~SURFHG~UXPHWyGX.UHVOL
YDUSDUUD\RINDUW
QLQWHJHUSRþHWNDUWLþLHN
QQLQWHJHUPRPHQWiOQ\SRþHWQDSORFKH
VHOLQWHJHUþtVORVHOHNWRYDQHMNDUWLþN\åLDGQD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUW7H[W)LOH
EHJLQ
J ,PDJH&DQYDV
$VVLJQ)LOHW
NDUWLFN\W[W
5HVHWWQ
UHDGOQWVLUY\V
VLU VLUGLYY\V Y\VGLY
ZKLOHQRWVHHNHRIWGR
EHJLQ
LIQ!KLJKSWKHQ6HW/HQJWKS/HQJWKS
S>Q@ NDUW&UHDWHW
LQFQ
HQG
&ORVH)LOHW
VHO
QQ Q
.UHVOL
HQG
SURFHGXUH7)RUP.UHVOL
YDULLQWHJHU
EHJLQ
J%UXVK&RORU FO:KLWH
J)LOO5HFW,PDJH&OLHQW5HFW
IRUL WRQGR
S>L@NUHVOLL VHO
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDUVLLQWHJHU
EHJLQ
LI6KLIW!>VV/HIW@WKHQH[LW
V Q
ZKLOHV! DQGQRWS>V@NOLN[\GRGHFV
LIVWKHQ
EHJLQ
0HVVDJH%HHS0%B2.
H[LW
HQG
L V
ZKLOHLQDQGQRWS>L@SUHNU\YS>V@US>V@VGRLQFL
LILQWKHQ
EHJLQ
VQG3OD\6RXQG
RKRKZDY
61'B$6<1&
H[LW
HQG
LIVHOWKHQVHO V
HOVHLIV VHOWKHQVHO
HOVHLIS>VHO@] S>V@]DQGS>VHO@I S>V@IWKHQ
EHJLQ
S>VHO@YLG IDOVHS>V@YLG IDOVHVHO
GHFQQ
VQG3OD\6RXQG
<HVZDY
61'B$6<1&
HQG
HOVH
EHJLQ
VQG3OD\6RXQG
1RZDY
61'B$6<1&
H[LW
HQG
.UHVOL
LIQQ WKHQ
EHJLQ
VQG3OD\6RXQG
$SODXVZDY
61'B$6<1&
6KRZ0HVVDJH
+85$
&ORVH
HQG
HQG
9LVWêFKVLWXiFLiFKP{åHPHSUDFRYDĢSULDPRQDSORFKHIRUPXOiUXDQHSRWUHEXMHPHQDWRJUDILFN~SORFKX
,PDJH9WRPWRSUtSDGHPXVtPHSRXåLĢXGDORVĢRQ3DLQWDDE\SUHNUHVĐRYDQLHNDUWLþLHNQHEOLNDOR
QDVWDYtPHWDMQ~SUHPHQQ~IRUPXOiUX
'RXEOH%XIIHUHG WUXH
8NiåHPHWRQDSUHGFKiG]DM~FRPSUtNODGHWXXYiG]DPHOHQWLHþDVWLNWRUpPXVtPH]PHQLĢ
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUW7H[W)LOH
EHJLQ
J &DQYDV
'RXEOH%XIIHUHG WUXHQDPLHVWR.UHVOL
HQG
SURFHGXUH7)RUP)RUP3DLQW6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
IRUL WRQGR
S>L@NUHVOLL VHO
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
YDUVLLQWHJHU
EHJLQ
5HSDLQWQDPLHVWR.UHVOL
HQG
SUtNODG
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDKUX'\QDPLW
SRVSXVWHQt]DULDGHQLDRGSiOLOG\QDPLW
❍]iSDOQiãQ~UDVDEXGHNOiVĢĢDKDQtPP\ãLSRSORFKHSULþRPVDEXGHY\NUHVĐRYDĢ
KUXERXWPDYRãHGRXIDUERX
❍ĢDKDQLH]DþQHPHNOLNQXWtPYEOt]NRVWLRGSDĐRYDFLHKR]DULDGHQLDSRV~YDQLHP\ãL
]DSiOL]iSDOQiãQ~UD
ƔSRVWXSQpKRUHQLH]iSDOQHMãQ~U\ãtUHQLHSODPHĖDQDSUåOWRXIDUERXUHDOL]XMWHWDNåHVD
P{åHVD]DKUDĢSUtVOXãQê]YXN
1DUHSUH]HQWiFLXKU\]DGHILQXMWHWULHGXKUDNWRUiREVDKXMHYãHWN\G{OHåLWpLQIRUPiFLHDPHWyG\
KUD FODVV
VQXUDDUUD\RI73RLQW
V[\N[\7SRLQWSR]tFLDRGSDĐRYDFLHKR]DULDGHQLDD
G\QDPLWXãWDUWDNRQLHF
VWDYPR]HPWDKDPFDNDPKRULPNRQLHF
ćDOãLHSRPRFQpSUHPHQQp
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\
SURFHGXUH6WDUW7DKDM]DKiMHQLHĢDKDQLDãQ~U\
SURFHGXUH7DKDMS73RLQWSULGDĢćDOãtERGSULĢDKDQt
ãQ~U\
SURFHGXUH6WDUW+RUL]DKiMHQLHKRUHQLD
IXQFWLRQ+RULERROHDQMHGHQNURNKRUHQLDIDOVHDNXå
GRUD]LONG\QDPLWX
ćDOãLHPHWyG\
HQG
9SUHPHQQHMVWDYVLXGUåXMHWHSULHEHKKU\QDMSUYVDþDNiQDĢDKDQLHãQ~U\PR]HPSRWRPVDĢDKi
ãQ~UDWDKDPSRWRPVDþDNiQDRGSiOHQLHFDNDPSRWRPãQ~UDKRUtKRULPDQD]iYHUMHSR
YêEXFKXDþDNiVDQDXNRQþHQLHDSOLNiFLH
.~ORKHGRVWDQHWHV~ERU\VELWPDSDPLDQLHNRĐNR]YXNRYZDYHNWRUpP{åHWHSRXåLĢSRþDVKU\
1DMSUYWULHGDKUD
XVHV00V\VWHP
YDUJ7&DQYDV
W\SH
KUD FODVV
VQXUDDUUD\RI73RLQW
V[\N[\K[\K[\7SRLQW
L[LQWHJHU
VWDYPR]HPWDKDPFDNDPKRULPNRQLHF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUH6WDUW7DKDM
SURFHGXUH7DKDMS73RLQW
SURFHGXUH6WDUW+RUL
IXQFWLRQ+RULERROHDQ
HQG
FRQVWUXFWRUKUD&UHDWH
YDUEPS7%LWPDS
EHJLQ
V[\ 3RLQWN[\ 3RLQW
EPS 7%LWPDS&UHDWH
WU\
EPS/RDG)URP)LOH
RGSDOEPS
EPS7UDQVSDUHQW WUXH
EPS7UDQVSDUHQW&RORU FO:KLWH
J'UDZV[\[V[\\EPSKHLJKWEPS
EPS/RDG)URP)LOH
G\QDPLWEPS
J'UDZN[\[N[\\EPSKHLJKWEPS
ILQDOO\
EPS)UHH
HQG
VWDY PR]HP
J3HQ&RORU FO*UD\
J3HQ:LGWK
J0RYH7RV[\[V[\\
HQG
GHVWUXFWRUKUD'HVWUR\
EHJLQ
VQXUD QLO
LQKHULWHG
HQG
SURFHGXUHKUD6WDUW7DKDM
EHJLQ
VWDY WDKDP
6HW/HQJWKVQXUDVQXUD>@ V[\
HQG
SURFHGXUHKUD7DKDMS73RLQW
EHJLQ
LIVWDY!WDKDPWKHQH[LW
LIY]GSVQXUD>KLJKVQXUD@WKHQH[LW
6HW/HQJWKVQXUD/HQJWKVQXUD
LIY]GSN[\WKHQ
EHJLQS N[\VWDY FDNDPHQG
VQXUD>KLJKVQXUD@ S
J/LQH7RS[S\
HQG
SURFHGXUHKUD6WDUW+RUL
EHJLQ
K[\ V[\L[ K[\ K[\VWDY KRULP
VQG3OD\6RXQG
VWDUWZDY
61'B6<1&
VQG3OD\6RXQG
KRULZDY
61'B/223RU61'B$6<1&
HQG
IXQFWLRQKUD+RULERROHDQ
YDUEP7ELWPDS
YUHDO
EHJLQ
J3HQ:LGWK
J3HQ&RORU FO/W*UD\
J3RO\OLQH>K[\K[\@
J3HQ&RORU FO<HOORZ
J3RO\OLQH>K[\K[\@
K[\ K[\
VQG3OD\6RXQG
Y\EXFKZDY
61'B$6<1&
VWDY NRQLHF
EP 7%LWPDS&UHDWH
WU\
EP/RDG)URP)LOH
Y\EXFKEPS
EP7UDQVSDUHQW&RORU FO:KLWH
EP7UDQVSDUHQW 7UXH
J'UDZN[\[EPZLGWKGLYN[\\EPKHLJKWGLYEP
ILQDOO\
EP)UHH
HQG
HQG
PHWyG\IRUPXOiUXREVDKXMHJUDILFNêNRPSRQHQW,PDJHDþDVRYDþ7LPHU
YDUKKUD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J ,PDJH&DQYDV
K KUD&UHDWH
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
K)UHH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ
6KLIW76KLIW6WDWH;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@DQGY]G3RLQW[\KV[\WKHQ
FDVHKVWDYRI
PR]HP
K6WDUW7DKDM
FDNDP
EHJLQ
K6WDUW+RUL
7LPHU,QWHUYDO
7LPHU(QDEOHG WUXH
HQG
HQG
HQG
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
K7DKDM3RLQW[\
HQG
SURFHGXUH7)RUP7LPHU7LPHU6HQGHU72EMHFW
EHJLQ
7LPHU(QDEOHG IDOVH
LIKKRULWKHQ7LPHU(QDEOHG WUXH
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
5LHãHQLHGYRMLFH
GHF
~ORK]RVN~ãN\
6N~ãND]SURJUDPRYDQLDSUHL0,D), GRREHGD
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDVURERWRP.DUORP
❍URERW.DUHOVDSRK\EXMHYãWYRUFRYHMVLHWLUR]PHURYULDGNRYSRVWĎSFRYSULþRP
UR]PHU\SROtþNDQDREUD]RYNHV~[WiWRVLHĢMHUHDOL]RYDQiWDEXĐNRYêP
NRPSRQHQWRP
❍URERWMHYåG\QDWRþHQêYMHGQRP]RVPHURYVHYHUYêFKRGMXK]iSDGD]REUD]HQê
MHGQRX]ELWPiSURERWEPSURERWEPSURERWEPSDURERWEPS
❍URERWVDULDGLQDVOHGXM~FLPLNOiYHVPL
ŶãtSNDKRUHUHVSGROH±URERWY\NRQiMHGHQNURNGRSUHGXUHVSY]DGY
PRPHQWiOQRPVPHUHDNVDQHGiSURJUDPStSQH
ŶãtSNDYĐDYRUHVSYSUDYR±URERWVDRWRþtYĐDYRUHVSYSUDYRRVWXSĖRY
ŶþtVOLFD
±]DIDUEtSROtþNRSRGURERWRPSUtVOXãQRXIDUERXMHELHOD
þHUYHQiPRGUiRVWDWQpIDUE\VLP{åHWHĐXERYRĐQH]YROLĢ
Ŷ&WUOStVPHQR±QDãWDUWRYDQLHGHILQRYDQLDSUtVOXãQpKRPDNUDWMRGWRKRWR
PRPHQWXVD]DSDPlWiYDM~YãHWN\NOiYHVQLFRYpSUtND]\GRUHĢD]FDD]iURYHĖVD
Y\NRQiYDM~GHILQRYDQLHPDNUDVDXNRQþtRSlWRYQêPVWODþHQtP&WUO
ĐXERYRĐQpStVPHQRSRþDVGHILQRYDQLDPDNUDMHYĐDYRPKRUQRPURKXY\StVDQi
VSUiYD0$.52DSUtVOXãQpStVPHQR
Ŷ
$
=
±VSXVWtSUtVOXãQpPDNURDNVDSRþDVGHILQtFLHPDNUDY\YROiQHMDNp
PDNURWDNWRWRVDQDR]DMY\NRQiDGRGHILQtFLHPDNUDVD]DStãXOHQVDPRWQp
SUtND]\PDNUD
0DNURMH]DSDPlWDQiSRVWXSQRVĢSUtND]RYNWRUiGRVWiYDMHGQRStVPHQRYpPHQR
$
=
D
Y\YROiVDVWODþHQtPSUtVOXãQpKRNOiYHVXQD]DþLDWNXPDM~YãHWN\PDNUiSUi]GQHSRVWXSQRVWL
0DNURMHYQ~WRUQHNyGRYDQpDNR]QDNRYêUHĢD]HFYNWRURPãtSN\V~]DStVDQpPDOêPL
StVPHQDPL
O
S
G
]
SUHYODYRYSUDYRGRSUHGXDY]DGD]DIDUERYDQLHSROtþNDSUtVOXãQRXFLIURX
3URJUDPSULãWDUWHQDþtWDV~ERUNDUHOW[WWHMWRãWUXNW~U\
❍SUYêFKULDGNRYREVDKXMHSRFLILHUNWRUpUHSUH]HQWXM~IDUE\SUtVOXãQêFKSROtþRN
ãWYRUFRYHMVLHWHSUYêULDGRNV~ERUXSRSLVXMHSROtþNDULDGNDVLHWHGUXKêULDGRN
V~ERUXGUXKêULDGRNDWć
❍YćDOãRPULDGNXQDVOHGXM~WULFHOpþtVODSR]tFLDDQDWRþHQLHURERWDULDGRNVWĎSHF
3ULNRQþHQtSURJUDPXVD]DSDPlWiGRWRKRWRV~ERUXNRPSOHWQêVWDYSURJUDPX
&HO~KUXUHSUH]HQWXMWHWULHGRXKUDVWêPLWRVWDYRYêPLSUHPHQQêPLDPHWyGDPLY\NUHVOHQLHD
SRG
W\SH
KUD FODVV
SR]tFLDDVPHU
SROHELWPiSSUHURERWD
KUDFLDSORFKDDNRGYRMUR]PHUQpSROHþtVHOIDULHE
SROHGHILQtFLtPDNLHU
ćDOãLHVWDYRYpSUHPHQQp
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\
SURFHGXUHGRSUHGXGLQWHJHUSRKQLURERWDGRSUHGXY]DG
SUHG
SURFHGXUHYSUDYRGLQWHJHURWRþURERWDYSUDYRYĐDYR
SUHG
SURFHGXUHIDUELILQWHJHU]DIDUELSROtþNRSRG.DUORP
SURFHGXUHPDNUR]FKDUDNVDGHILQXMHPDNURSULGDM
SUtND]]
ćDOãLHPHWyG\
HQG
=LVĢRYDQLHVWODþHQêFKNOiYHVRYXUREWHPHWyGDPLSUHXGDORVWLRQ.H\3UHVVDRQ.H\'RZQSUH
WDEXĐNRYêNRPSRQHQW
0{åHWHSUHGSRNODGDĢåHV~ERUNDUHOW[WMHNRUHNWQê
.]DGDQLXGRVWiYDWHV~ERU\NDUHOW[WURERWEPSURERWEPSURERWEPSD
URERWEPS
1DStãWHSURJUDPNWRUêSRPRFRXNRU\WQDþLHN]UHDOL]XMHQDVOHGRYQêHIHNW
❍DNSRPRFRXP\ãLVR]DWODþHQêPĐDYêPWODþLGORPQLHþRQDNUHVOtPHMHGQêPĢDKRP]
WHMWRNUHVE\VDVWDQHREU\VQRYHMNRU\WQDþN\DP{åHPHNUHVOLĢćDOãLXNUHVEXVDPRWQi
NUHVEDRVWDQHQDNUHVOHQiYSORFKH
❍YãHWN\WDNWRY\WYRUHQpQRYpNRU\WQDþN\UHDOL]XMWHSRPRFRX9HOD.RUVDSRPDO\
SRVWXSQRVĢSRYHORYYSUDYRDGRSUHGXDREU\V]DIDUEtWHQD]HOHQR
=DGHILQXMWHWULHGXPRMD.RUNWRUiPiGRGHILQRYDQ~PHWyGXSRKQLWiWRPHWyGDSRVXQLH
NRU\WQDþNXRYGDQRPVPHUHDSRWRP]PHQtVPHUEXćQiKRGQHDOHERDNNRU\WQDþND
Y\SDGOD]SORFK\WDNMXQDWRþtVPHURPNERGX
.]DGDQLXGRVWiYDWHNRPSOHWQêSURMHNWVNRU\WQDþtPLMHGQRWNDPL.RU8QLWD9HOD.RU8QLW
DVIRUPXOiURP2NQR
ULHãHQLDRERFK~ORK
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
7HVWNXVN~ãNH GHF
7HVW]3URJUDPRYDQLDSUHURþQtN
D'DQêMHDULWPHWLFNêYêUD]YSRVWIL[RYRP]iSLVH
9\SRþtWDMWHMHKRKRGQRWX
E'DQêMHDULWPHWLFNêYêUD]YSUHIL[RYRP]iSLVH
±
=DStãWHKRYSRVWIL[RYRPWYDUH
1DVOHGXM~FRXPHWyGRXNRU\WQDþNDNUHVOtELQiUQ\VWURP
SURFHGXUHPRMD.RUVWURPGLQWHJHU
EHJLQ
LIG!WKHQ
EHJLQ
SGGRSUHGXG
YODYR
VWURPGGLY
YSUDYR
VWURPGGLY
YODYR
SKGRSUHGXG
HQG
HQG
9\SRþtWDMWHGĎåNXQDNUHVOHQHMþLDU\SR]DYRODQtNVWURP
2]QDþWHDRSUDYWHYãHWN\FK\E\YWHMWRGHILQtFLLWULHG\QRYiWULHGDE\PDODXPRåQLĢNUHVOLĢþLDU\
YPLHUNHUNRQãWUXNWRU&UHDWHLQLFLDOL]XMHW~WRPLHUNXFK\E\QHWUHED]G{YRGĖRYDĢ
W\SH
PRMD.RU FODVVNRU
SXEOLF
UUHDO
SULYDWH
FRQVWUXFWRU&UHDWHUUUHDORYHUULGH
SURFHGXUHGRSUHGXGUHDOYLUWXDO
FRQVWUXFWRU&UHDWHUUUHDO
EHJLQ
LQKHULWHG&UHDWH
U UU
HQG
SURFHGXUHPRMD.RUVWDU\GRSUHGX
EHJLQ
GRSUHGXG
HQG
1DVOHGXM~FDþDVĢSURJUDPXGHILQXMHWULHGXUDGSRPRFRXG\QDPLFNpKRSRĐDWDNåHVWDYRYi
SUHPHQQiGHOWDR]QDþXMHRNRĐNRPD[LPiOQHMHG\QDPLFNpSROHYlþãLHDNRVNXWRþQêSRþHW
SUYNRYUDGXPLQLPDOL]XMWHYRODQLHSURFHG~U\6HW/HQJWK
W\SH
SUYRN LQWHJHU
TXHXH FODVV
TDUUD\RISUYRN
GHOWDSRFLQWHJHU
FRQVWUXFWRU&UHDWHGLQWHJHU
SURFHGXUHVHUYHYDUSSUYRN
SURFHGXUHDSSHQGSSUYRN
IXQFWLRQHPSW\ERROHDQ
HQG
FRQVWUXFWRUTXHXH&UHDWHGLQWHJHU
EHJLQ
GHOWD G6HW/HQJWKTGHOWDSRF
HQG
SURFHGXUHTXHXHVHUYHYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVH
EHJLQ
GHFSRFS T>SRF@
LIWKHQ6HW/HQJWKT
HQG
HQG
SURFHGXUHTXHXHDSSHQGSSUYRN
YDULLQWHJHU
EHJLQ
LIWKHQ6HW/HQJWKT
IRUL SRFGRZQWRGRT>L@ T>L@
T>@ SLQFSRF
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
5HVXOW SRF
HQG
'RSOĖWHFKêEDM~FHþDVWLSURJUDPX
9QDVOHGXM~FHMþDVWLSURJUDPXPiPHYUHĢD]FLVQDþtWDQêQHMDNêWH[WRYêV~ERUWDNåH]DNDåGêP
ULDGNRPMH]QDN3URJUDPE\PDOWHQWRUHĢD]HF]DStVDĢGRWH[WRYpKRV~ERUXWDNåHULDGN\
EXG~]DStVDQpYRSDþQRPSRUDGtQD]DþLDWNXMHSRVOHGQêULDGRNSULþRPNDåGêULDGRN]DþtQD
URYQDNêPSRþWRPPHG]LHUDNRERORYRYVWXSQRPV~ERUHD]Y\ãRNULDGNXMHSUHYUiWHQê1LHNWRUp
LGHQWLILNiWRU\MVDRP\ORPSUHStVDOLQDLQiMGLWHDRSUDYWHLFK
$VVLJQ)LOHW
Y\VWXSW[W
5HZULWHW
M /HQJWKV
IRUL MGRZQWRGR
LIL RUV>L@ WKHQ
EHJLQ
N
ZKLOHN LLDQGV>LN@
GR
EHJLQZULWHW
LQFNHQG
ZKLOHL!LNGREHJLQGHFLZULWHWV>L@HQG
ZULWHOQW
L L
HQG
&ORVH)LOHW
'DQiþDVĢSURJUDPXSUDFXMHVGiWRYRXãWUXNW~URXUDG=LVWLWHNRĐNRNUiWVDY\YROiPHWyGDVHUYH
YDUTTXHXH
LLQWHJHU
EHJLQ
T 4XHXH&UHDWHTDSSHQG
ZKLOHQRWTHPSW\GR
EHJLQ
TVHUYHL
LIL WKHQEHJLQTDSSHQG
LTDSSHQGLHQG
HQG
HQG
1DVOHGXM~FLSURJUDPE\PDOY\NUHVĐRYDĢQDQiKRGQpSR]tFLHSORFKD,PDJHMHYHĐNi[
þHUYHQ~HOLSVXDDNKUiþVWLKQHGRQHMNOLNQ~Ģ]YêãLVDSRþtWDGOR~VSHãQêFK]iVDKRYWH[WRYê
NRPSRQHQW/DEHO]REUD]XMHSRþHW'RSURJUDPXMWHFKêEDM~FHþDVWL
YDUF;F<SLQWHJHU
J7&DQYDV
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
/DEHO&DSWLRQ
S
J ,PDJH&DQYDV
J3HQ&RORU FO5HG
7LPHU(QDEOHG WUXH
HQG
SURFHGXUH7)RUP6HQGHU72EMHFW
EHJLQ
J)LOO5HFW,PDJH&OLHQW5HFW
F; UDQGRPF< UDQGRP
J(OOLSVH
HQG
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW
%XWWRQ70RXVH%XWWRQ6KLIW76KLIW6WDWH
;<,QWHJHU
EHJLQ
LI6KLIW >VV/HIW@WKHQ
LIWKHQ
EHJLQ
LQFSODEHO
HQG
HQG
'ROH[LNiOQHMDQDOê]\SRWUHEXMHPHSULGDĢãSHFLiOQ\W\SNRPHQWiUDLGHQWLILNiWRU5(0R]QDþXMH
åH]Y\ãRNULDGNXDMWRWRVORYRMHSRYDåRYDQê]DNRPHQWiU2SUDYWHDGRSOĖWHþDVĢSURJUDPX
DE\SURJUDPSUDFRYDONRUHNWQH
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQUHDGOQI]
HQG
HOVHUHDGI]
HQG
SURFHGXUHVFDQ
YDURNERROHDQ
EHJLQ
UHSHDW
RN WUXH
FDVHXSFDVH]RI
OH[ NRQLHF
EHJLQ]QDNRN IDOVHHQG
$
=
B
EHJLQ
V
ZKLOHXSFDVH]LQ>
$
=
B
@GR
EHJLQV V]]QDNHQG
LIXSSHUFDVHV
5(0
WKHQ
HQG
UHDOL]iFLDćDOãtFKOH[pP
XQWLORN
HQG
1DVOHGXM~FDWULHGDSRSLVXMHPQRåLQXGYRMtFStVPHQRDþtVOR9PQRåLQHVDQDFKiG]DGYRMLFD
StVPHQRþtVORDNYP>StVPHQR@VDQDFKiG]DSUtVOXãQpþtVOR'RSURJUDPXMWHPHWyG\
W\SH
FLVOR
PQR] FODVV
PDUUD\>
D
]
@RIVHWRIFLVOR
FRQVWUXFWRU&UHDWH
SURFHGXUHY\SLVYDUW7H[W)LOH
SURFHGXUHSULGDMVVWULQJ
HQG
FRQVWUXFWRUPQR]&UHDWH
YDU]FKDU
EHJLQ
IRU]
D
WR
]
GRP>]@ >@
HQG
Y\StãHYãHWN\SUYN\PQRåLQ\YãHWNRGRMHGQpKRULDGNXRGGHOHQpPHG]HURX
QDSUDDFT
SURFHGXUHPQR]Y\SLVYDUW7H[W)LOH
YDU]FKDU
LFLVOR
EHJLQ
ZULWHOQW
HQG
SULGiSUYRNGRPQRåLQ\UHĢD]HFREVDKXMHSUYê]QDNPDOpStVPHQRDWHVWQH]DQtPMH
þtVOR
UHĢD]HFMHVSUiYQ\QHWUHEDNRQWURORYDĢQDSUSULGDM
T
SURFHGXUHPQR]SULGDMVVWULQJ
EHJLQ
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
&YLþHQLD]3URJUDPRYDQLD
1DStãWHSURJUDPNWRUê
Y\StãHþtVODQDXKORSULHþNX]DGHILQRYDQHMJUDILFNHM
SORFK\
Y\StãHþtVODGRULDGNRYDVWĎSFRYWêPWLWRGYRPD
VS{VREPL
QDNDåGpVWODþHQLHWODþLGODQDStãHQDQiKRGQHMSR]tFLL
PRGUpVORYR3DVFDODþHUYHQp'HOSKL8SR]RUQLĢåHEH]
UDQGRPL]HVDSURJUDPVSUiYDVWiOHURYQDNRWMVORYi
VDYåG\SRVSXVWHQtSURJUDPXY\SLVXM~QDURYQDNêFK
SR]tFLiFK
Y\StãHPRGUpVORYi
,ORYH'HOSKL
VRVLYêPWLHĖRP
9\WYRUWHNRQãWDQWXFRQVWYHWD
,ORYH'HOSKL
QH]DEXGQLWHXURELĢSULHVYLWQpSR]DGLHStVPHQ
1'ÒSUHGĎåWHWLHĖ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJB[QSPHSBNPWBOJB
Y\WYRUtãWYRUFRY~VLHĢ1[1ãWYRUþHNRYVYHĐNRVĢRXãWYRUþHNDD2EHWLHWRþtVORY\WYRUWHDNR
NRQãWDQW\2EUi]RNY]QLNROSUHGHNODUiFLX
QDNUHVOt]WURMXKROQtNRYQDVOHGXM~FXS\UDPtGX3\UDPtGDY]QLNODSUHNRQãWDQW\FRQVWD 1
3R]ULPHVDQDQRYêSUtND]3RO\JRQ
1DSU
EHJLQ
J%UXVK&RORU FO5HG
J3RO\JRQ>3RLQW3RLQW3RLQW3RLQW@
HQG
3RPRFRXWRKWRSUtND]XQDNUHVOLWHãWYRUHFMHKRYHĐNRVĢ]YRĐWHRSlĢDNRNRQãWDQWX
1'Ò1DNUHVOLWHWURMXKROQtNDSRWRPIDUHEQ~S\UDPtGX]PDOêFKWURMXKROQtNRY3RþHWWURMXKROQtNRYYGROQRP
UDGHDYHĐNRVĢVWUDQ\PDOpKRWURMXKROQtND]YRĐWHRSlĢDNRNRQãWDQW\FRQVWD 1
3RVWODþHQtWODþLGODQDQiKRGQêFKSR]tFLiFKDOHYãWYRUFRYHMVLHWLXUþHQHMYHĐNRVĢRX
NRQãWDQW\D±VWUDQ\ãWYRUFDWURMXKROQtNDDSRORPHUXNUXåQLFHY\NUHVĐXMWHþHUYHQêãWYRUHF
åOWêWURMXKROQtNDPRGU~NUXåQLFX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJB[QSPHSBNPWBOJB
1DNUHVOLWHV~VWUHGQpNUXåQLFH8YHGRPWHVLþR]QDPHQiåHNUXåQLFHV~Y\SOQHQp
9\P\VOLWHWDNêVS{VRENUHVOHQLDDE\WRQHYDGLORDQDNUHVOLWHLFKWDNDE\EROD
NDåGi]QLFKU{]QHMIDUE\=RSDNXMWHVLSULWRPSUtND]GRZQWR
1DNUHVOLHWHSULHEHKIXQNFLHVLQ[
1'Ò1DNUHVOLWHVLQ[DMSRPRFRXPRGUêFKþLDUN\RYHM
V~UDGQLFL
1'Ò9\XåLWtPWêFKLVWêFKIXQNFLtQDNUHVOLWHQDVOHGXM~FHREUi]N\
3RPRFRXSUtND]X3RO\JRQQDNUHVOLWHREUi]RN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJB[QSPHSBNPWBOJB
NWRUêY\NUHVOtQDREUD]RYNXNUXKRYQiKRGQHMIDUE\±REYRGDM
YêSOĖPDM~URYQDNpDOHQiKRGQHY\EUDQpIDUE\NUXK\PDM~YHĐNRVWL
Då
NWRUêQDNUHVOtQDQiKRGQRPPLHVWHSORFK\ãSLUiOX]þLDU
0RQLND7RPFViQ\LRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJB[1SPHSBNPWBOJB
&YLþHQLD]3URJUDPRYDQLD
3UHFYLþHQLHNRU\WQDþHMJHRPHWULHF\NORYDSURFHG~UVSDUDPHWUDPLYRODQêPL
KRGQRWRX
1DStãWHSURFHG~U\NWRUpEXG~SRPRFRXNRU\WQDþHM
JUDILN\NUHVOLĢQDVOHGXM~FHREUi]N\
D8OLN\SRFHWLQWHJHUVWUDQDUHDO
6N~VWHQDStVDĢSURFHG~UXEH]SRXåLWLDSUtND]X
'RSUHGX
E/XSHQVUHDONGHVMHYHĐNRVĢVWUDQ\
SUDYLGHOQpKRQXKROQtNDNWRUêPDSUR[LPXMHPH
ãWYUĢNUXåQLFX
F6HGPRNUDVNDQLQWHJHUVUHDO
NGHQMHSRþHWOXSHĖRY
G6OQNRQLQWHJHUGOVUHDONGHQ
MHSRþHWO~þRYGOMHGĎåNDO~þDDVMHGĎåND
REO~ND
H6WYRUFHQLQWHJHUVGVUHDONGH
QMHSRþHWãWYRUFRYVMHGĎåNDVWUDQ\DGVMH
SUHNU\YQDYêãNX
2EUi]RNQDNUHVOLWHMHGQêPĢDKRP
3RXåtYDMWHSURFHG~UNX3RO\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJB[1SPHSBNPWBOJB
1DSURJUDPXMWHVLPXOiFLXSRK\EXGYRFKW~ODYêFKNRU\WQDþLHNNWRUpPDM~QDFKUEWRFKPDJQHW\
.RU\WQDþN\VDKêEXQiKRGQHSRREUD]RYNHDNHćVDGRVWDQ~GRY]iMRPQHMEOt]NRVWLY]GLDOHQRVĢG
RWRþLDVDR
1DStãWHSURJUDPYNWRURPNRU\WQDþNDQiKRGQRXSUHFKiG]NRX
QDNUHVOtNYHWLQNXVWUHG\OXSHĖRYWYRULDYUFKRO\SUDYLGHOQpKR
SlĢXKROQtND$NVDNRU\WQDþNDQDFKiG]DYRYQ~WRUQRPNUXKX
NUHVOtåOWêPSHURPDNMHPLPRYQ~WRUQpKRNUXKXYQLHNWRURP]
OXSHĖRYNUHVOtþHUYHQêPSHURP
D1HGRYRĐWHNRU\WQDþNHNUHVOLĢPLPRNYHWLQ\
E0LPRNYHWLQ\NRU\WQDþNDNUHVOtYQHMDNHMRKUDQLþHQHMREODVWL
]HOHQêPSHURPWUiYX
1DNUHVOLWHJUDI
IXQNFLH
I[ VLQ[
QDVOHGRYQêP
VS{VRERP
-HGQDNRU\WQDþNDVD
EXGHKêEDĢSR
NUXåQLFLGUXKi
NRU\WQDþNDEXGH
URYQRPHUQH
]YlþãRYDĐVYRMX[
RY~V~UDGQLFXD\
RY~V~UDGQLFXEXGH
PDĢWRWRåQ~V\
RYRXV~UDGQLFRX
SUYHMNRU\WQDþN\
=X]DQD.XELQFRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJF[1SPHSBNPWBOJB
&YLþHQLD]3URJUDPRYDQLD
7H[WRYpV~ERU\SUHFYLþHQLHVFKpP\QDVSUDFRYDQLHV~ERUX
NRStURYDQLHV~ERUX
ZKLOHQRWHRIIGR
LIHROQIWKHQ
EHJLQ
UHDGOQIVSUDFXMNRQLHFULDGNXYVWXSQpKRV~ERUX
HQG
HOVH
EHJLQ
UHDGIFKVSUDFXM]QDN
HQG
D1HSRXåtYDMWHVWULQJ\
E=DP\VOLWHVDQDGYKRGQRVĢRXSRXåLWLD6HHN(ROQ6HHN(RI
1DStãWHSURJUDPNWRUêSUHNRStUXMHYVWXSQêWH[WRYêV~ERUYVWXSW[WGRYêVWXSQpKRV~ERUX
Y\VWXSW[WWDNåH
DYêVWXSQêV~ERUQHEXGHREVDKRYDĢPHG]HU\NWRUpVDQDFKiG]DOLYRYVWXSQRPV~ERUHQDNRQFL
ULDGNRYEH]6HHN(ROQDVQtP
ESRVWXSQRVĢPHG]LHUYRYVWXSQRPWH[WRYRPV~ERUHEXGHQDKUDGHQiLEDMHGQRXPHG]HURX
1DStãWHSURJUDPNWRUêSUHNRStUXMHREVDKSDVFDORYVNpKRV~ERUX.RU8QLWSDVGR
.RU8QLWSDVSULþRPY\QHFKiNRPHQWiUHY^`
6~ERUJJJW[[E\EROQRUPiOQ\WH[WRYêNHE\]DNDåGêP]QDNRPERODM]QDN]D
QLHNWRUêPLFKêEDM~9\WYRUWHQRUPiOQ\WH[WRYêV~ERUJJJW[W
3RXåLMHPHQRYpSUtND]\
5HQDPH)LOH2OG1HZVWULQJ
'HOHWH)LOH1DPHVWULQJ
)LOH([LVWVQDPHVWULQJ%RROHDQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJF[1SPHSBNPWBOJB
1DStãWHSURJUDPNWRUêVSRþtWDDY\StãHSRGVHEDSRþHWVORYYNDåGHMYHWHYVWXSQpKRWH[WRYpKR
V~ERUX9HWDMHSRVWXSQRVĢVORYXNRQþHQiERGNRX6ORYiV~RGGHOHQpMHGQRXPHG]HURXDOHER
NRQFRPULDGNX6~ERUMHNRUHNWQê
9WH[WRYRPV~ERUHVORYDW[WMHYNDåGRPULDGNXMHGQRVORYR1DStãWHSURJUDPNWRUêY\WYRUt
V~ERUQDMGOKVLW[WYNWRURPEXG~YãHWN\VORYi]RYVWXSQpKRV~ERUXNWRUpPDM~GĎåNXDNR
QDMGOKãLHVORYRYVWXSQpKRV~ERUXQHKĐDGDMWHQDMSUYGĎåNXQDMGOKãLHKRVORYD]RYVWXSQpKRV~ERUX
1DStãWHSURJUDPNWRUêYSDVFDORYVNRPV~ERUHXSUDYtULDGN\REVDKXM~FH]QDNWDNWR
❍PHG]HU\]DY\KRGt
❍]R]Y\ãNXULDGNXDNMHQHSUi]GQ\Y\UREtQRYêULDGRNWDNåHWHQWREXGH]DþtQDĢURYQDNêP
SRþWRPPHG]LHUDNêERO]DERGNRþLDUNRX
LQiYHU]LDQRYêULDGRNEXGH]DþtQDĢYåG\SRGSUYêPVORYRPS{YRGQpKRULDGNX±³SDVFDORYVN\´
1DStãWHSURJUDPNWRUêSUHNRStUXMHMHGHQV~ERUGRGUXKpKRDOHWDNåHYãHWN\ULDGN\EXG~PDĢGĎåNX
]QDNRYWMYORåtPHG]LVORYiURYQRPHUQHWRĐNRPHG]LHUDE\VDULDGRNQDWLDKROQD]QDNRY
'DQêMHV~ERUFHOêFKþtVHOQDY]iMRPRGGHOHQêFKPHG]HUDPLDNRQFDPLULDGNRY1DStãWHSURJUDPY
NWRURPEXGHNRU\WQDþNDLQWHUSUHWRYDĢWHQWRV~ERUQDVOHGRYQH
❍DNVDYULDGNXQDFKiG]DOHQMHGQRþtVOR]QDPHQiGĎåNXNURNXGRSUHGX
❍DNVDYULDGNXQDFKiG]DM~GYHþtVODV~WRGĎåN\VWUiQREGĎåQLNDNWRUêPiNRU\WQDþND
QDNUHVOLĢQDSR]tFLLNGHVDSUiYHQDFKiG]D
❍DNVDYULDGNXQDFKiG]DM~WULþtVODV~WRSDUDPHWUHSURFHG~U\SRO\
0{åHWHSUHGSRNODGDĢåHVDYåLDGQRPULDGNXV~ERUXQHQDFKiG]DYLDFþtVHODNRWUL
'DQêMHV~ERUFHOêFKþtVHORGGHOHQêFKQDY]iMRP
DPHG]HUDPLDNRQFDPLULDGNRY
EERGNRþLDUNDPLDNRQFDPLULDGNRY
1iMGLWHGUXKpQDMPHQãLHþtVOR
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJF[1SPHSBNPWBOJB
9\WYRUWHWULSURFHG~U\PRMGRSUHGXPRMYSUDYRPRMYODYRWDNDE\YLDFQiVREQpYRODQLDWHM
LVWHMPHWyG\EH]SURVWUHGQH]DVHERXNRU\WQDþNDQHY\NRQiYDODSRVWXSQHDOHQDMSUYOHQNXPXORYDOD
SDUDPHWUHDSUtVOXãQêSUtND]Y\NRQDODDåSR]DYRODQtLQHMPHWyG\6~þDVQHVY\NRQDQtPSUtND]XVD
WHQWR]DStãHDMGRV~ERUXY\NRQDMW[W1DSUSRVWXSQRVĢSUtND]RYPRMGRSUHGX
PRMGRSUHGXPRMGRSUHGXPRMYSUDYRPRMYSUDYRE\
NRU\WQDþNDY\NRQDODDNRPRMGRSUHGXPRMYSUDYR
32=1È0.$8YHGRPWHVLåHWUHEDNXPXORYDĢ]YOiãĢNODGQpD]iSRUQpNRHILFLHQW\SUH
PRMGRSUHGXNY{OLSRK\EXGRSUHGXDGR]DGXSRWHMLVWHMþLDUH
=X]DQD.XELQFRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJF[1SPHSBNPWBOJB
&YLþHQLD]3URJUDPRYDQLD
3UtNODG\QDSUHFYLþRYDQLH
3UHFYLþWHSUtNODG\QDIXQNFLHSRGĐDYODVWQpKRYêEHUXQDSU
1DStãWHFHORþtVHOQ~IXQNFLXNWRUiSUHYVWXSQêSDUDPHWHU1Y\SRþtWD1Wp)LERQDFFLKRþtVOR
1DStãWHSURJUDPNWRUêKĐDGiYãHWN\VSULDWHOHQpþtVODPHQãLHDNR]DGDQp16SULDWHOHQêPLVDQD]êYDM~
GYHSULURG]HQpþtVODDNRNDåGRP]QLFKSODWtåHMHV~þWRPYãHWNêFKGHOLWHĐRYGUXKpKRþtVODEH]QHKR
VDPpKR8UREWHVLIFLXQDV~þHWGHOLWHĐRYþtVOD
1DStãWHFHORþtVHOQ~IXQNFLXVWURPLSDUDPHWUDPL&.D1NWRUiYVXQLHFLIUX&QD.WHPLHVWRVSUDYDY
þtVOH1WHGDYUiWL]PRGLILNRYDQpþtVOR1$NVDWRXURELĢQHGi.MHYlþãLHDNRSRþHWFLILHUþtVOD1
YUiWLQH]PHQHQpþtVOR1
1DStãWHSURJUDPNWRUêQDþtWDSULURG]HQpþtVOR1DQiMGHYãHWN\GYRMLFHþtVHO]LQWHUYDOX>1
1@NWRUp
V~EOtåHQFDPL%OtåHQFDPLVDQD]êYDM~GYHSUYRþtVODNWRUêFKUR]GLHOMHQDSUDV~EOtåHQFL
SRXåLWHERRORYVN~IXQNFLXQD]LVĢRYDQLHSUYRþtVODNWRU~VLSUHGWêPQDStãWH
3ROLD
1DStãWHSURJUDPNWRUêQDþtWDYD]RYVWXSQpKRV~ERUXWH[WDåSRDY\StãHYDEHFHGQRPSRUDGt
StVPHQiNWRUpVDYĖRPY\VN\WOLSUiYHUD]
9SROL$V~OHQDOHER1DStãWHSURJUDPNWRUêPKRXWULHGLWH6NDåGêPSUYNRPPDQLSXOXMWHOHQUD]
1'ÒDNV~SUYNDPLSRĐDD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJF[1SPHSBNPWBOJB
1DStãWH
DSURFHG~UX
EIXQNFLX
326813NWRUiF\NOLFN\SRVXQLHSUYN\SRĐDYSUDYRYĐDYRR.SUYNRYEH]SRV~YDQLDNDåGpKRSUYNX
.NUiW
6WULQJ\
1DStãWHIXQNFLXNWRUiYUiWL758(DNUHĢD]HFNWRUêMHMHMSDUDPHWURPMHSDOLQGURPLQDNYUiWL)$/6(
3UHGSRNODGDMWHåH
DUHĢD]HFREVDKXMHMHGQRVORYR
EUHĢD]HFREVDKXMHYHWX1HEHUWHGR~YDK\PHG]HU\DQLUR]GLHOPHG]LPDOêPLDYHĐNêPLStVPHQDPL
3UHNRStUXMWHYVWXSQêWH[WRYêV~ERU
967837;7
GRYêVWXSQpKRWH[WRYpKRV~ERUX
9<67837;7
WDN
åHQD]iSLVGRYêVWXSQpKRV~ERUXSRXåLMHWHOHQMHGLQêSUtND]ZULWHQLHYF\NOH
SROLDNRU\WQDþLHN
1NRU\WQDþLHNVDF\NOLFN\QDKiĖDLYiQDKiĖDLWXSRVOHGQiSUY~WDNåHLYiVDQDWRþtNLWHM
DSUHMGHGHVDWLQXLFKY]GLDOHQRVWL.RU\WQDþN\QD]DþLDWNXY\WYRUWHQDQiKRGQêFKV~UDGQLFLDFKD
SULUDćWHLPQiKRGQ~IDUEXSHUD
LQêYDULDQWNRU\WQDþN\PDM~SHURKRUHDYåG\NHćVDSUHVXQ~Y\ããLHXYHGHQêPVS{VRERPQDNUHVOLD
VDVSRMQLFHPHG]LLRXDLRXNRU\WQDþNRX±WDNWREXG~Y]QLNDĢ]DXMtPDYpGSDYXþLQN\
1QiKRGQHUR]PLHVWQHQêFKNRU\WQDþLHNQDKiĖDMHGQXNRU\WQDþNXNWRUiFKRGtSRREYRGHSUDYLGHOQpKR
QXKROQtNDVNRQãWDQWQêPNURNRPGQDKiĖDM~FHNRU\WQDþN\VDKêEXVNURNRPNRHI
G3RGĐDYRĐE\Q
XKROQtNDDNRHILFLHQWXEXG~Y]QLNDĢU{]QHNULYN\
=X]DQD.XELQFRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJF[1SPHSBNPWBOJB
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJB[1SPHSBNPWBOJB
&YLþHQLD]3URJUDPRYDQLD
7\S]i]QDP
=SUHGQiãN\PiPH]DGHILQRYDQêW\SW\SHYHNWRU UHFRUG[\UHDOHQG'RUREWHćDOãLH
IXQNFLHYHNWRURYHMDULWPHWLN\SRVXQ\]YlþãRYDQLH]PHQãRYDQLHVNDOiUQ\V~þLQ]LVWHQLHXKODPHG]L
GYRPDYHNWRUPLDSRG
9WH[WRYRPV~ERUHL0,W[WPiPD[LPiOQHULDGNRYMHYNDåGRPULDGNXMHGQRPHQR
DSULH]YLVNRãWXGHQWD=LVWLWHNRĐNRNUiWVDY\VN\WOLMHGQRWOLYpNUVWQpPHQi5LDGN\þtWDMWHDNRVWULQJ
.UVWQpPHQiVLXGUåLDYDMWHYGiWRYHMãWUXNW~UHXWULHGHQpSRGĐDDEHFHG\SUL]DUDćRYDQtSRXåLWHELQiUQH
Y\KĐDGiYDQLH
9\PHQRYDQêW\SPQRåLQ\VFDQQHU
1DMþDVWHMãLHUR]SR]QiYDQpOH[pP\YSDVFDORYVNêFKSURJUDPRFK
,'(17,),.È725±QDSUQi]Y\SUHPHQQêFKW\SRYNRQãWiQWUH]HUYRYDQpVORYi
ýË6(/1È.21â7$17$±UR]OLãXMHPHFHORþtVHOQpUHiOQHYGHVDWLQQRPWYDUHDY
VHPLORJDULWPLFNRPWYDUHãHVWQiVWNRYp±SRGĐDSRWUHE\
5(ġ$=&29È.21â7$17$±32=25±$NVDYUHĢD]FRYHMNRQãWDQWHY\VN\WXMHDSRVWURI
PXVtE\Ģ]GYRMHQê+RGQRWDWDNHMWRUHĢD]FRYHMNRQãWDQW\SRWRPREVDKXMHOHQ-('(1DSRVWURI
.20(17È5(
=1$.35,5$'(1,$5(/$ý1e23(5È725<%2'.$'9(%2'.<LQWHUYDO«SRGĐD
SRWUHE\
«
'DQêMHWH[WRYêV~ERU352*5$03$6NWRUêREVDKXMHQHMDNêSDVFDORYVNêSURJUDP6NRStUXMWHREVDK
WRKWRV~ERUXGRWH[WRYpKRV~ERUX352*5$03$6SULþRPYNySLLEXG~]QHJRYDQpUHODþQp
RSHUiWRU\
]DPHQt]D! DQDRSDN
!]DPHQt]D DQDRSDN
]DPHQt]D!DQDRSDN
'DMWHSR]RUQDSULUDGHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
$WJǁFOJB[1SPHSBNPWBOJB
'DQêMHWH[WRYêV~ERU352*5$03$6NWRUêREVDKXMHQHMDNêSDVFDORYVNêSURJUDP'RWH[WRYpKR
V~ERUX5(7$=&(3$6Y\StãWHKRGQRW\YãHWNêFKUHĢD]FRYêFKNRQãWiQW]RYVWXSQpKRV~ERUX,Qê
YDULDQW=DSLVXMWHOHQKRGQRW\QDY]iMRPU{]Q\FKUHĢD]FRYêFKNRQãWiQW
'DQêMHWH[WRYêV~ERU$3$6NWRUêREVDKXMHQHMDNêSDVFDORYVNêSURJUDP1DStãWHSURJUDPNWRUê
❍SUHþtWDWHQWRV~ERUQiMGHYĖRPYãHWN\YêVN\W\FHORþtVHOQêFKNRQãWiQW
❍DY\StãHIUHNYHQþQ~WDEXĐNXWêFKWRYêVN\WRYXVSRULDGDQ~Y]RVWXSQH
=X]DQD.XELQFRYi
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[DJOEFYIUNM [
<>
Cvicenia z Programovania/06
&YLþHQLD]3URJUDPRYDQLD
5HNXU]LD
9\WYRUWHþtVHOQpIXQNFLHNWRUpUHNXU]LRXY\SRþtWDM~
❍QW~PRFQLQDþtVOD
❍QWp)LERQDþLKRþtVOR
❍NRPELQDþQpþtVOREH]IDNWRULiORYFH]3DVFDORYWURMXKROQtN
9\WYRUWHIXQNFLXNWRUiUHNXU]LRX
❍REUiWLVWULQJ
❍REUiWLULDGN\YV~ERUHULDGN\þtWDMWHGRVWULQJRY
❍]LVWtþLMH]DGDQêVWULQJSDOLQGURP
.RU\WQDþNRXQDNUHVOLWHWLHWRUHNXU]tYQHREUi]N\.WRUpVDGDM~QDNUHVOLĢEH]UHNXU]LHSRPRFRXF\NOX
ZKLOH".WRUpVDGDM~QDNUHVOLĢMHGQêPĢDKRPVUHNXU]LRXLEH]"
3UiFDVP\ãRX
SUDFXMHPHVSURFHG~UDPL
SURFHGXUH7)RUP,PDJH0RXVH'RZQ6HQGHU72EMHFW%XWWRQ
70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
SURFHGXUH7)RUP,PDJH0RXVH0RYH6HQGHU72EMHFW6KLIW
76KLIW6WDWH;<,QWHJHU
SURFHGXUH7)RUP,PDJH0RXVH8S6HQGHU72EMHFW%XWWRQ
70RXVH%XWWRQ6KLIW76KLIW6WDWH;<,QWHJHU
NGH
70RXVH%XWWRQ PE/HIWPE5LJKWPE0LGGOH
76KLIW6WDWH VHWRIVV6KLIWVV$OWVV&WUOVV/HIWVV5LJKW
VV0LGGOHVV'RXEOH
1DStãWHSURJUDPNWRUêEXGHNUHVOLĢQDJUDILFN~SORFKXREGĎåQLN\VWODþHQLHĐDYpKRWODþLGODP\ãL
GHILQRYDQLHĐDYpKRKRUQpKRYUFKRODREGĎåQLNDĢDKDQtPDSXVWHQtPQDVWDYHQLHSURWLĐDKOpKRYUFKROD
❍GDMWHVLSR]RUQDY\SĎĖDQLHDQDSUHNUHVĐRYDQLHWUHEDQDVWDYLĢJ3HQ0RGH SP;RU
❍GRSOĖWHSURJUDPSULĢDKDQtVRVWODþHQêP6KLIWRPNUHVOtPHQLHREGĎåQLNDOHãWYRUHF
5RPDQ+UXãHFNê
&YLþHQLD]3URJUDPRYDQLD
.RU\WQDþN\DP\ã
1DStãWHSURJUDPYNWRURPNRU\WQDþNDYåG\SULVWODþHQtWODþLGODP\ãLNUHVOtSRGĐDSRK\EXP\ãN\
6~þDVQHVWRXWRNRU\WQDþNRXY\WYRUWHMHMNySLHSRGĐDRVt[D\NWRUpEXG~NUHVOLĢ]UNDGORYRSRGĐD
SUtVOXãQHMRVL
1DStãWHSURJUDPYNWRURPDNVPHGRSORFK\NOLNOLP\ãRXQDWRPWRPLHVWHVDY\WYRUtQRYi
NRU\WQDþND7iWRVD]DþQHQiKRGQHSUHFKiG]DĢDYãHWN\GRWHUD]H[LVWXM~FHNRU\WQDþN\MXEXG~
SUHQDVOHGRYDĢQDKiĖDĢ
1DStãWHSURJUDPYNWRURPVDSULNOLNQXWtGRSORFK\YåG\Y\JHQHUXMHNRU\WQDþNDDSRNOLNQXWtQD
WODþLGOR]DþQ~NRU\WQDþN\Y\NUHVĐRYDĢQDVYRMRPPLHVWHYåG\YlþãtDYlþãtELQiUQ\VWURPDNRNHE\
UiVWROQRYêVWURPEXGHPDĢGOKãLHNRQiUHDEXGHPDĢYLDF~URYQtDåSRVWURP~URYQH0D[8URYHQ
.RU\WQDþN\VLXGUåLDYDMWHYSROLDYåG\NHćQLHNWRUiNRU\WQDþNDVNRQþtNUHVOHQLHY\KRćWHMX]SRĐD
QDKUDćWHMXSRVOHGQRXDVNUiĢWHSROH
❍3RXåLWH7LPHU
7DEXĐND
1DStãWHSURJUDPNWRUêXPRåQtGYRPKUiþRPKUDĢSH[HVR+UDFLXSORFKXY\NUHVOLWHSRPRFRX
NRPSRQHQWX6WULQJ*ULG.DUWLþN\EXG~QDPLHVWRREUi]NRYREVDKRYDĢVORYi1HRWRþHQiNDUWLþNDEXGH
]Qi]RUQHQiQDSUDNRãWYRUHFPRGUHMIDUE\RWRþHQiNDUWLþNDEXGHãWYRUHFQDSUþHUYHQHMIDUE\VELHO\P
QiSLVRP$NV~RWRþHQpGYHNDUWLþN\VURYQDNêPVORYRP]PL]Q~]KUDFHMSORFK\YSUtVXãQHMEXQNHVD
QHEXGHY\NUHVĐRYDĢQLþ
&YLþHQLD]3URJUDPRYDQLD
7ULHG\XQLW\
1'ÒXUREWHFODVVYHONHBFLVORSRPRFRXG\QDPLFNpKRSRĐD
=DGHILQXMWHXQLWQDSUiFXVYHNWRUPL
=DGHILQXMWHWULHGXRVREDVSRORåNDPLPHQRYHNDGUHVDDVPHWyGDPLQDLQLFLDOL]iFLXSUHGVWDYHQLH
VDD]LVWHQLHþLGDQiRVREDMHDOHERQLHMHPODGtNRPQDSU
W\SH
2VRED FODVV
PHQRVWULQJ
YHNE\WH
DGUHVDVWULQJ
FRQVWUXFWRU&UHDWHFRQVWPDVWULQJYE\WH
SURFHGXUH3UHGVWDYVD
IXQFWLRQ0ODGLNERROHDQ
HQG
'\QDPLFNpSROLD
=DGHILQXMWHWULHGX7DEXONDYNWRUHMEXGHPHXGUåLDYDĢGDWDEi]XĐXGtQDSU
W\SH
7DEXOND FODVV
WDUUD\RI2VRED
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDMPDVWULQJYE\WH
SURFHGXUH9\SLV
HQG
DGRQHMDNHMLQãWDQFLHWULHG\7DEXONDQDþtWDMWHLQIRUPiFLH]RYVWXSXRMHGQRWOLYêFKĐXćRFKDY\StãWH
YãHWNêFKPODGtNRY]WHMWRWDEXĐN\
1'ÒWDEXĐNX]RUJDQL]XMWHGRYHNRYêFKVNXStQDNRUR]PHUQpSROH
WDUUD\>@RIDUUD\RI2VRED
NGHLW\SUYRNWDEXĐN\REVDKXMHSROHRV{EVURYQDNêPYHNRPLURNRY
=DGHILQXMWHWLHGX3RO\QRPRY
DSRO\QyPUHSUH]HQWXMWHG\QDPLFNêPSRĐRPNRHILFLHQWRYSUHQHH[LVWXM~FHPRFQLQ\MHNRHILFLHQW
ESRO\QyPUHSUH]HQWXMWHG\QDPLFNêPSRĐRP]i]QDPRYNRHILFLHQWDVWXSHĖNWRUpEXGH
REVDKRYDĢOHQþOHQ\VQHQXORYêPNRHILFLHQWRPXVSRULDGDQpSRGĐDVWXSĖD
=DGHILQXMWHQDMSUYWULHGXFOHQNRHILFLHQWVWXSHĖDPHWyG\QDLQLFLDOL]iFLXDY\StVDQLHD
SRO\QRPSRWRPEXGHREVDKRYDĢG\QDPLFNpSROHFOHQRY
1'Ò=DGHILQXMWHWULHGXYHNWRUSRPRFRXG\QDPLFNpKRSRĐDSUHĐXERYRĐQHiUQHYHNWRU\$N
EXGHPHFKFLHĢQDSUVþtWDYDĢGYDYHNWRU\U{]QHMiUQRVWLWDNVDEXćY\KOiVLFK\EDDOHERVDWHQ
NUDWãtGRSOQtQXODPL
MDQ
MDQIHE
=DGDQLHQDVN~ãNHMDQGRREHGD V~ERU\
=DGDQLHQDVN~ãNHMDQSRREHGH V~ERU\
=DGDQLHQDVN~ãNHMDQGRREHGD V~ERU\
=DGDQLHQDVN~ãNHMDQSRREHGH V~ERU\
=DGDQLHQDVN~ãNHMDQGRREHGD V~ERU\
=DGDQLHQDVN~ãNHMDQSRREHGH V~ERU\
=DGDQLHQDVN~ãNHMDQGRREHGD V~ERU\
=DGDQLHQDVN~ãNHMDQSRREHGH V~ERU\
=DGDQLHQDVN~ãNHMDQGRREHGD V~ERU\
=DGDQLHQDVN~ãNHMDQSRREHGH V~ERU\
=DGDQLHQDVN~ãNHMDQSRREHGH V~ERU\
=DGDQLHQDVN~ãNHMDQGRREHGD V~ERU\
=DGDQLHQDVN~ãNHIHEGRREHGD V~ERU\
3UHGEHåQpKRGQRWHQLH
]RVH ULDGQ\ RSUDYQê
PHVWUD ERG\ SUpPLD H[ WHVW WHUPtQ ]QiPND WHUPtQ ]QiPND
%DM]tN7LERU , ) "
%DOJDYi(YD ,
%DOWRYi
$OH[DQGUD , "
%DUWHOW
5LFKDUG ,
%HODV
%UDQLVODY ,
%HYLODTXD
3HWHU , " "
%ODKR
/DGLVODY , ) "
%Oi]VRYLWV
*iERU ,
%XMĖiN
7RPiã , )
ýDQHFNê
0LFKDO , )
ýHFK
)UDQWLãHN , )
ýtå)LOLS , "
'RELãâWHIDQ , )
'RUãLF
0DUHN ,
'YRĜiNRYi
-DQD , =
']DPNR
7RPiã ,
)LOR0DUWLQ , =
)LOR5RQDOG , )
.DUDV
0DUWLQ ,
)RUQHU
9ODGLPtU , "
)UDWULþ
0LFKDO ,
)UOLþND3HWHU , 3=
)XUGtN
0DUWLQ , "
*DUGRĖ
6WDQLVODY ,
*XEiã
0DUWLQ , 3= "
+DOLFNê
3HWHU , )
+DPDM
ďXGRYtW ,
+DPDU
'XãDQ ,
+LWND0LFKDO , )
+|JHU7RPiã ,
+RORWĖiN
2QGUHM ,
+RPROD
0DUWLQ ,
+URPLDN
0DULiQ ,
+URQVNê
0DUWLQ , )
-DQþRãHN
0LFKDO , "
-RPEtN
2QGUHM ,
.DGOLF
0LFKDO , )
.LiWV
/DGLVODY ,
.PHĢ-iQ ,
.RþDQ
0DUWLQ , "
.RþLã$GULiQ ,
.RK~W0DWHM , )
.RULQHN
3DYRO , "
.RãĢiO
0DUFHO ,
.R]HM3HWHU , )
.UiWN\
0DULDQ , "
.UXSD
0DUWLQ , "
.XEtN0DWHM , ) "
.XNDQ
0DUWLQ , 3= "
/DFKRYi
-DQD ,
/DQJ0DUWLQ ,
0DUFLQþiN
0DULiQ ,
0DWHMRYLþ
7RPiã , "
0DWLDãRYVNê
0DURã , " "
0LFKDOLþND
-iQ , )
0LQDURYLHFK
-iQ , )
0RORWD
7RPiã , "
0RUiYHN
0DULDQ , "
1DOHYDMNR
7RPiã , "
3iORV*XVWiY , 3=
3DSS-iQ , "
3DUiN-R]HI , =
3HNDU0LORã , = "
3HUQHFNê
0DUWLQ , )
3HWUiãHN
7RPiã , "
3HWUtN7RPiã ,
3LOLã,YDQ ,
3RODQ0LFKDO , =
5RWK
9ODGLPtU ,
5XPSOHU
3HWHU ,
6iQ\
0LURVODY ,
6HPDQ
2QGUHM ,
6NDOQê$GDP , = "
6OH]LDN
0DUWLQ , )
6PDåiN
%RULV ,
6]DNV]RQ
1RUEHUW ,
âDUNDQRYi
0iULD ,
âLPNR'DQLHO , = "
âLPODãWtN
0DUWLQ ,
âLPRQtN
5RVWLVODY ,
âLUiĖ0DUWLQ , )
âLãPLã
0DULiQ , )
âPLG0DUWLQ ,
âRWW
%UDQLVODY ,
âWHIþHN
0DUWLQ ,
âWHIND3HWHU ,
âWLEUDQê
3HWHU , )
âXEURYi
=ODWLFD ,
7UQRYHF
0DUWLQ , )
7XUDQ
$QGUHM ,
9DãNR-XUDM ,
:DUWLDN
5DVWLVODY , ) " "
:LHGHUPDQQ
9ODGLPtU , )
=DJ\L
1RUEHUW ,
=DFKDU
9RMWHFK ,
=YROHQVNi
=GHQND , = "
%RåLN7RPiã ,LE " "
ýHUYHQDN
7DWMDQD ,LE
.Rþt0LFKDO ,LE
0DþHN
3DWULN ,LE 3= "
3RPLFKDO
3DWULN ,LE
6WHMVNDO
0DUWLQ ,LE
âWUED
-DURVODY ,LE "
%LVNXSLþ-iQ X), =
%HO\XV0DW~ã X0, =
%ULQ]D%RULV X0, = "
&LEXOND
7RPiã X0, =
+ODYiþ
0LFKDO X0, )
+UQþLDULN
0LFKDO X0,
&KUREiN
-~OLXV X0,
.DODV
%UDQLVODY X0,
.DUDNRYi
$OH[DQGUD X0, "
.DããiN3HWHU X0,
/DXULQF
3HWHU X0, " "
0DOiU
0DUWLQ X0,
0DWHMtþHN
ďXERã X0, "
0DWUND
6DPXHO X0,
0pV]iURV
$QGUHM X0, "
0LFKDOtN
0DUHN X0,
1HPãiN-iQ X0, )
1RYRWQê
3HWHU X0, " "
3HWUiã
$QGUHM X0,
3RORKRYi
9LHUD X0,
5LJy=VROW X0, 3=
6LWWD7RPiã X0, "
6]HNXOD
5yEHUW X0,
âWXJHO3DYRO X0, )
=iKUDGQi
'DULQD X0, "
äHQþXFK
3DYRO X0,
7DNDþ
$OHNVDQGUD L
2QGUiãNRYi
0iULD X0) 3= "
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
7H[WRYêV~ERUYVWXSW[WREVDKXMHSRSLVåLYpKRREUD]X
SUYêULDGRNREVDKXMHPHQRELWPDS\NWRUiEXGHSRGNODGRPEDFNJURXQGREUD]X
❍
❍NDåGêćDOãtULDGRNREVDKXMHSRSLVMHGQpKRREMHNWX
ƔSUYpGYHFHOpþtVODV~V~UDGQLFHREMHNWXYSORFKH
ƔQDNRQFLULDGNXMHPHQRELWPDS\REUi]NX
❍P{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQH
1DStãWHSURJUDPNWRUêQDþtWDWHQWRV~ERUQDþtWDSUtVOXãQpELWPDS\D]REUD]tLFKGRIRUPXOiUXEXćSULDPRGR
IRUPXOiUXDOHERGRJUDILFNHMSORFK\UR]PHU\QHFKV~DVSRĖ[3RPRFRXþDVRYDþDVDYãHWN\REMHNW\Y
SORFKHSRK\EXM~WDNåHVDLPVWiOHPHQLDV~UDGQLFHSRGĐDYHNWRUDSRVXQXWLD$NE\QLHNWRUêREMHNWPDO
Y\SDGQ~Ģ]SORFK\WDNVDSUtVOXãQHM]ORåNHYHNWRUDY[DOHERY\]PHQt]QDPLHQNR9RIRUPXOiUL]DGHILQXMWH
WODþLGOR>8ORå@NWRUêPP{åHPHXORåLĢGRV~ERUXYVWXSW[WPRPHQWiOQ\VWDYREMHNWRY%LWPDS\REMHNWRYPDM~
SULHVYLWQpþDVWL]DGHILQRYDQpELHORXIDUERX
$NQLHNWRUêREMHNW]DWODþtPHĐDYêPWODþLGORPP\ãLYãHWN\REMHNW\]DVWDQ~DNOLNQXWpPXREMHNWXP{åHPH]PHQLĢ
MHKRYHNWRUSRV~YDQLDDMQDQXORYê3RþDVĢDKDQLDP\ãRXVDNUHVOtYHNWRUþHUYHQi~VHþNDRGNOLNQXWpKRERGX
SRPRPHQWiOQ\3ULSXVWHQtP\ãLVDWHQWRYHNWRU]PDåHDGDQêREMHNWVDRGWRKRWRPRPHQWXEXGHSRK\ERYDĢ
SRGĐDWRKRWRQRYpKRYHNWRUD]DþQ~VDSRK\ERYDĢDMYãHWN\RVWDWQpREMHNW\
3RþDV]DWODþHQLDNOiYHVX&WUO!YãHWN\REMHNW\]DVWDQ~DSRþDVWRKRWRP{åHPHĐXERYRĐQpREMHNW\SRSORFKH
ĢDKDĢWêPWRĢDKDQêPREMHNWRPVDY\QXOXMHLFKYHNWRUSRV~YDQLD
2EMHNW\]DGHILQXMWHDNRLQãWDQFLHWHMWRWULHG\GHNODUiFLHP{åHWHSRGĐDSRWUHE\WURFKX]PHQLĢ
W\SH
REUD]RN FODVV
[\Y[Y\LQWHJHU
PHQRVWULQJPHQRV~ERUXVELWPDSRX
EPS7%LWPDS
FRQVWUXFWRU&UHDWHYDUW[7H[W)LOHQDþtWDLQIRUPiFLH]RV~ERUX
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHNUHVOLJ7&DQYDVY\NUHVOtGRSORFK\
IXQFWLRQNOLNP[P\LQWHJHUERROHDQþLVDNOLNORP\ãRX
SURFHGXUH]DSLVYDUW[7H[W)LOH
HQG
1D]DþLDWNXSURJUDPXMHSORFKDSUi]GQD.OLNQXWLHGRSORFK\Y\WYRUtQRY~NRU\WQDþNXVWYDURPPDOpKRNU~åNX
.DåGpćDOãLHNOLNQXWLHY\WYiUDQRYpNRU\WQDþN\.DåGiWDNWRY\WYRUHQiNRU\WQDþNDMHVSRMHQi~VHþNRXV
SUHGFKiGDM~FRXRNUHPSUYHMSRGĐDSRUDGLDY\WYiUDQêFKNRU\WQDþLHN7iWD~VHþNDMHV~þDVĢRXWYDUXNRU\WQDþN\
WYDUMHNU~åRNDGOKiþLDUD.OLNQXWLHQDH[LVWXM~FXNRU\WQDþNXQHY\WYRUtQRY~DOHXPRåQtMXĢDKDĢSRSORFKH
SRþDVĢDKDQLDWUHEDDNWXDOL]RYDĢWYDUVDPRWQHMĢDKDQHMNRU\WQDþN\DMMHMQDVOHGRYQtND
3ULãWDUWHSURJUDPXDNWHQWRV~ERUH[LVWXMHVDQDSUtVOXãQêFKPLHVWDFKY\JHQHUXM~NRU\WQDþN\DSURJUDPLFK
XPRåQtĢDKDĢSRSORFKHDY\WYiUDĢQRYp
1DSROHNRU\WDQþLHNSRXåLWHWULHGX9HOD.RU
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
1DStãWHSURJUDPNWRUêXPRåQtMHGQpPXKUiþRYLULDGLĢURERWDYODE\ULQWH
ODE\ULQWVDVNODGi]RVWLHQDQDFKiG]DVDYĖRPURERWDQHMDNpIDUHEQpNUDELFHNWRUpEXGHURERWSUHQiãDĢ
Ɣ
ƔURERWDP{åHPHULDGLĢP\ãRXWDNåHPXNOLNQXWtPQLHNGHYULDGNXDOHERYVWĎSFLYNWRURPVDQDFKiG]D
XUþtPHVPHUSRK\EXDRQVDSRWRPSRPDO\SRK\EXMHGDQêPVPHURPDåNêPQHQDUD]tQDQHMDN~
SUHNiåNXDMNUDELFHV~SUHĖKRSUHNiåN\
ƔURERWMH]REUD]HQêELWPDSRXYHĐNRVWL[ERGRYELWPDS\SUtVOXãQHQDWRþHQêFKURERWRYV~YV~ERURFK
UEPSUEPSUEPSDUEPS
ƔVWHQ\V~ãHGp]ORåHQp]RãWYRUþHNRY[ERGRY
ƔNUDELFHV~]REUD]HQpãWYRUþHNPLYHĐNRVWL[U{]Q\FKQiKRGQêFKIDULHE
ƔDNURERWQHQHVLHNUDELFXDQDUD]tQDQHMDN~WDNNOLNQXWtPQDW~WRNUDELFXMXXFKRStDćDOHMVDSRK\EXMHV
5RERWDDMNUDELFH]DGHILQXMWHDNRLQãWDQFLHQHMDNHMWULHG\NWRUiEXGHREVDKRYDĢPLQLPiOQHWLHWRPHWyG\
LQLFLDOL]DþQiY\NUHVOHQLHWHVWþLVDP{åHSRKQ~ĢPRPHQWiOQHGHILQRYDQêPVPHURP
/DE\ULQWMH]DGDQêYWH[WRYRPV~ERUHURERWW[W.DåGêULDGRNV~ERUXSRSLVXMHMHGHQULDGRNODE\ULQWXNDåGê
]QDNYĖRPUHSUH]HQWXMH[ERGRYQDREUD]RYNHSULþRP]QDN
Ɣ
[
UHSUH]HQWXMHVWHQX
Ɣ
SR]tFLDKUiþD
Ɣ
N
U{]QRIDUHEQpNUDELFH
Ɣ
YRĐQpSROtþNR
0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHDYãHWN\ULDGN\REVDKXM~URYQDNêSRþHW]QDNRY1DSULHNWRPX
åHSRþLDWRþQêODE\ULQWDMREMHNW\QDREUD]RYNHV~]RãWYRUþHNRY[URERWDMNUDELFHVDP{åXSRK\ERYDĢY
NDåGRPVPHUHSRERGRFK
3RK\EURERWDULDćWHFH]7LPHU
1DStãWHSURJUDPSRPRFRXNWRUpKRP{åHPHULHãLĢSUREOpPãDFKRYpKRNRĖD
QDãDFKRYQLFL15[1615D16V~NRQãWDQW\SURJUDPXDY\MDGUXM~SRþHWULDGNRYDSRþHWVWĎSFRY
Ɣ
SROtþRNSUYêPĢDKRPQLHNGHXPLHVWQLPHãDFKRYpKRNRĖD
ƔćDOHMSRPRFRXP\ãLSRVWXSQHXUþXMHPHSROtþNDQDNWRUpVDSUHV~YDWHQWRN{Ė
WRWRSROtþNRSUHVXQLHSROtþNRVD]DIDUEtDVSRMt]HOHQRXþLDURXVSUHGFKiG]DM~FLP
ƔYSRþLDWRþQHMVLWXiFLLKU\QDNDåGRPSROtþNXVHGtMHGQDNRU\WQDþNDWYDUXãHGêXKROQtNDYSULHEHKX
KU\VDQLHNWRUêPNRU\WQDþNiPPHQtIDUEDWYDUXDQLHNWRUpNRU\WQDþN\VDVSiMDM~þLDURXSROtþNRVNRĖRP
PiNRU\WQDþNXVþHUYHQRXIDUERXXåQDYãWtYHQpSROtþNREH]NRĖDPi]HOHQ~IDUEXWYDUX7LHWR
NRU\WQDþN\UHDOL]XMWHSRPRFRXYODVWQHMWULHG\RGYRGHQHM].RUYNWRUHMV~QHMDNpSRPRFQpVWDYRYp
SUHPHQQpQDSUSR]tFLDYãDFKRYQLFLþLMHSROtþNRREVDGHQpDSRGDćDOHMY\XåLWHWULHGX9HOD.RUWDN
DE\VWHXåQHSRWUHERYDOLåLDGQHLQpSROLD
9SURJUDPH]DGHILQXMWHNRQãWDQW\SUHYHĐNRVĢãDFKRYQLFHDYHĐNRVĢSROtþNDQDSU
FRQVW15 16 YHO
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
)DUDyQ]DGDO$EGXORYLY\þLVWLĢYãHWN\NYiGUHMHKRQRYHMS\UDPtG\=DþDĢPiQDĐXERYRĐQRPNYiGULYVSRGQRP
UDGHDSRVWXSQHPiY\þLVWLĢYãHWN\NYiGUH3\UDPtGDPiYVSRGQRPUDGH1NYiGURYYUDGHQDGQLPLMH1
NYiGURYDWćDåYQDMY\ããRP1WRPUDGHMHXåOHQMHGHQ$E\WRSUH$EGXODQHERODWDNiMHGQRWYiUQDURERWD
IDUDyQPXY\P\VOHOHãWHGYHSUDYLGOi
ƔSULSUHFKiG]DQt]MHGQpKRNYiGUXQDVXVHGQêQLNG\QHVPLHtVĢQDNYiGHUYWRPLVWRPUDGHDOHQD
ƔYćDOãtFKULDGNRFKP{åXQDVOHGRYDĢV~UDGQLFHþLVWêFKNYiGURYYS\UDPtGHRGGHOHQpV~PHG]HUDPLD
QRYêPLULDGNDPLV~UDGQLFHV~]DGDQpDNRGYRMLFHþtVHOULDGRNDVWĎSHFWLHWRGYHþtVODV~QDY]iMRP
]UHĢD]HQpDPDM~PHG]LVHERX]QDN
ƔP{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQH
1DStãWHSURJUDPNWRUêEXGHSRPRFRXNRU\WQDþLHNVLPXORYDĢSRK\EþHUYtNDQDREUD]RYNHýHUYtNVDVNODGi]
QLHNRĐNêFKGLHOLNRYNDåGêGLHOLNMHMHGQDNRU\WQDþNDVWURMXKROQtNRYêPWYDURPSULþRPSUYiKODYDMH]HOHQiD
RVWDWQpV~VYHWORãHGpDSRK\EXMHVDSRGĐDWêFKWRSUDYLGLHO
ƔKODYDVDYlþãLQRXSRK\EXMHQiKRGQHWMQDMSUYVDRWRþtRQiKRGQêXKRO]LQWHUYDOXXX!DSUHMGH
Y]GLDOHQRVĢG
ƔDNVDþHUYtNY\ãLHO]REUD]RYN\MHKRKODYDVDQDWRþtNERGXDQLHRQiKRGQêXKRO
ƔDNNOLNQHPHP\ãRXQLHNGHGRSORFK\þHUYtNVDRWRþtVPHURPNP\ãLDSRNUDþXMHYRVYRMRPSRK\EH
ƔRVWDWQpGLHOLN\þHUYtNDVDSRK\EXM~WDNåHYNDåGRPNURNXVDNDåGêGLHOLNQDWRþtNXVYRMPX
SUHGFKRGFRYLDDNMHRGQHKRY]GLDOHQêDVSRĖGĎåNXGGWDNSUHMGHWDN~GĎåNXDE\EROY]GLDOHQêSUHVQH
GGLQDNVWRMtQDPLHVWH
ýHUYtNPiQD]DþLDWNXGĎåNXGLHOLNRY
2NUHPþHUYtNDVDYSORFKHQDFKiG]D1N~VNRYSRWUDY\QD]DþLDWNXKU\V~QiKRGQHUR]KiG]DQpSRSORFKHDM
WLHWRV~]REUD]HQpNRU\WQDþNDPLVWYDURPþHUYHQêNUtåLN$NKODYDþHUYtNDSUHMGHEOt]NRQHMDNHMSRWUDY\
SRXåLWHPHWyGXEOt]NRWDNWHQWRN~VRNSRWUDY\]PL]QH]UXãtVDSUtVOXãQiNRU\WQDþNDDþHUYtNVDQDNRQFL
SUHGĎåLRMHGHQGLHOLNSULEXGQHMHGQDNRU\WQDþNDQDSR]tFLLSRVOHGQpKRGLHOLND
ýHUYtNDDM]R]QDPN~VNRYSRWUDY\UHSUH]HQWXMWHGYRPDWULHGDPLQDSU
1DSRK\EþHUYtNDQHWUHEDþDVRYDþYSURFHG~UH:0VWDUWXUREWHQHNRQHþQêF\NOXVYNWRURPVDKêEHþHUYtND
NRQWUROXMHSRWUDYD
9SURJUDPH]DGHILQXMWHNRQãWDQW\SUHGĎåN\DXKROQDSUWDNWR
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
1DStãWHSURJUDPNWRUêXPRåQtMHGQpPXKUiþRYL]DKUDĢVDKUXäDEN\
YMD]LHUNXMHYHGĐDVHEDUR]PLHVWQHQêFK1NDPHĖRYQDNWRUêFKVHGt1åDELHNMHGHQNDPHĖMHYRĐQê
Ɣ
REUi]RNMD]HUDMHYV~ERUHMD]HUREPSDNDPHĖMHYV~ERUHNDPHQEPSELHODIDUEDMHSULHVYLWQi
ƔNDåGiåDENDPiVYRMHþtVORRGGR1REUi]N\åDELHNV~YV~ERURFK]DEDEPS]DEDEPS
]DEDEPSSULþRPELHODIDUEDE\PDODE\ĢSULHVYLWQiP{åHWHSUHGSRNODGDĢåH1QHEXGHYlþãLHDNR
ƔQD]DþLDWNXKU\V~åDEN\QiKRGQHUR]PLHVWQHQpQDSUWDNWRBNGHBVPHY\MDGULOLSUi]GQ\
NDPHĖ
Ɣ~ORKRXKUiþDLFKEXGHXVSRULDGDĢY]RVWXSQHWDNDE\SUYiåDENDERODQDSUYRPNDPHQL1WiQD1WRPD
NDPHĖDOHERLEDSRVNRþtQDPLHVWH
ƔSULVNiNDQtP{åHåDENDSUHVNRþLĢQDYRĐQêNDPHĖEXćDNMHWHQWRVXVHGQêDOHERDNSULWRPPXVt
SUHVNRþLĢLEDMHGQXVXVHGQ~åDENX
ƔSR~VSHãQRPY\ULHãHQt~ORK\YãHWN\åDEN\SRVWXSQHY\VNRþLDQDPLHVWH
%LWPDSXMD]HUDY\NUHVOLWHWDNDE\GROQêRNUDMELWPDS\EROQDGROQRPRNUDMLJUDILFNHMSORFK\GUDZP{åHPDĢ
]iSRUQ~\RY~V~UDGQLFXNDPHQHV~UR]RVWDYHQpYRY]GLDOHQRVWLRGVHEDQHPXVHOLE\E\ĢQDMHGQHMSULDPNH
DOHQiKRGQH!RNRORP\VOHQHMSULDPN\SL[HORYRGVSRGQpKRRNUDMDSORFK\3UYêNDPHĖQHFKMH
RGĐDYpKRRNUDMD6NiNDQLHåDELHNDQLPXMWHWMSRPRFRXþDVRYDþDUR]ORåWHVNRNQDQLHNRĐNRHWiSDVSRĖ
äDEN\UHVSNDPHQH]DGHILQXMWHDNRLQãWDQFLHWULHGVPHWyGDPLQDLQLFLDOL]iFLXVNiNDQLH]LVWHQLHþLVDNOLNORD
SRGREQH
9SURJUDPHSRXåLWHNRQãWDQW\QDSRþHWåDELHN1YêãNXYêVNRNX9DSRGQDSU
FRQVW1 9
1DStãWHSURJUDPNWRUêEXGHULHãLĢQDVOHGRYQ~~ORKXWH[WRYêV~ERUVXERUW[WREVDKXMHSRVWXSQRVĢSUtND]RYSUH
NRU\WQDþNXNWRUiSRSLVXMHQHMDNêREUi]RN.DåGêSUtND]YV~ERUH]DþtQDUHĢD]FRPStVPHQD]DQLHNWRUêPL
SUtND]PLMHDMFHORþtVHOQêSDUDPHWHU3UtND]\DMþtVHOQpSDUDPHWUHV~QDY]iMRPRGGHOHQpDVSRĖMHGQRXPHG]HURX
UHVSNRQFRPULDGNRY9V~ERUHVDP{åXY\VN\WQ~ĢOHQWLHWRSUtND]\GRSUHGXYODYRYSUDYRRSDNXMDNRQLHF
SULþRPRNUHPNRQLHFPDM~YãHWN\RVWDWQpMHGHQSDUDPHWHU3UYpWULSUtND]\]RGSRYHGDM~PHWyGDPWULHG\.RU
3UtND]RSDNXMXPRåQtRSDNRYDĢQHMDN~SRVWXSQRVĢSUtND]RY]RV~ERUXXNRQþHQ~SUtND]RPNRQLHF3RþtWDMWHV
WêPåHPHG]LSUtND]PLYWHOHF\NOXRSDNXMP{åXE\ĢRSlĢYQRUHQpF\NO\RSDNXMQDSU
RSDNXMRSDNXMGRSUHGXYODYRNRQLHFYSUDYRNRQLHF
QDNUHVOtQDY]iMRPSRRWRþHQpãWYRUFH
1DY\NUHVOHQLHV~ERUX]DGHILQXMHWHWULHGXPRMD.RUSRWRPNDWULHG\.RUNWRUiEXGHREVDKRYDĢVWDYRYpSUHPHQQp
DPHWyG\
SULND]\DUUD\RISUtND]SULND]MHQDSU]i]QDPRMHGQRPSUtND]HYSRVWXSQRVWL
NUHVOLPHQRVWULQJPHQRV~ERUXQDþtWDV~ERUGRãWUXNW~U\
Y\NRQDM[LQWHJHU[MHþtVOR]i]QDPXYSROL
RSDNXMQLQWHJHU[LQWHJHUQMHSRþHWRSDNRYDQt
3DUDPHWHU[YPHWyGDFK9\NRQDMD2SDNXMREVDKXMHþtVOR]i]QDPXYG\QDPLFNRPSROLRGNWRUpKRVDPDM~
LQWHUSUHWRYDĢSUtND]\
0HWyGD9\NRQDMQDSUtND]HNRQLHFVNRQþtQDSUtND]HRSDNXM]DYROiPHWyGX2SDNXM2SDNXMSUHQQHXUREt
QLþ
0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHDQHREVDKXMHåLDGQHLQpSUtND]\DQLLQp]QDN\
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDOXQDSDUNRY~KUX7ULDIDQLHEDOyQLNRY
KUiþGUåtYUXNHãtSNXQDĐDYHMVWUDQHREUD]RYN\DFK\VWiVDMXKRGLĢPHG]LEDOyQ\
Ɣ
Ɣ]RVSRGXREUD]RYN\VDQiKRGQHY\QiUDM~U{]QRIDUHEQpEDOyQ\DU{]QRXUêFKORVĢRXVDSRK\EXM~QDKRU
REUD]RYN\WDP]DVD]PL]Q~
ƔKUiþP{åHSRPRFRXP\ãLĢDKDĢVYRMXãtSNXKRUHGROHDNHćMXãYLKQHSRWLDKQHVPHURPYSUDYRD
Y\SLVXMHSRþHW]RVWUHOHQêFKEDOyQLNRY
%DOyQLN\UHSUH]HQWXMWHDNRLQãWDQFLHWHMWRWULHG\GHILQtFLXP{åHWHPLHUQH]PHQLĢ
SUHGPHW FODVV
[\LQWHJHU
E7%LWPDS
FRQVWUXFWRUFUHDWHQE7%LWPDSQ[Q\LQWHJHU
ćDOãLHPHWyG\
HQG
9ãHWN\EDOyQLN\NWRUpVDSRK\EXM~SRSORFKHXFKRYDMWHYG\QDPLFNRPSROLNWRUpKRYHĐNRVĢVDPHQtSRGĐD
WRKRDNRVDEDOyQLN\REMDYXM~QDVSRGXREUD]RYN\DPL]Q~QDYUFKXUHVSSR]DVLDKQXWtãtSNRX9QHMDNêFK
QHSUDYLGHĎQêFKþDVRYêFKLQWHUYDORFKQiKRGQHJHQHUXMWHEDOyQLN\U{]Q\FKIDULHEU{]Q\FKUêFKORVWtSRK\EXV
U{]Q\PL[RYêPLV~UDGQLFDPLYSUDYHMSRORYLFLSORFK\%DOyQLN\V~YSLDWLFKV~ERURFKEDORQEPS
EDORQEPSãtSNDMHYV~ERUHVLSEPSYRYãHWNêFKELWPDSiFKE\PDODE\ĢELHODIDUEDSULHVYLWQi1DSRK\E
YãHWNêFKREMHNWRYSRXåLWHþDVRYDþ
'iYDMWHVLSR]RUDE\VWHXVWUiåLOLSRXåLWLHELWPiSYSURMHNWHV~ERU\VELWPDSDPLþtWDMWHOHQUD]
1DStãWHSURJUDPNWRUêXPRåQtKUDĢKUX6SiMDMþtVOD]QiPHM]GHWVNêFKþDVRSLVRY
~ORKRXKUiþDMHSRVSiMDĢþtVODQDREUD]RYNHYRY]RVWXSQRPSRUDGtRGGRPD[LPiOQHKRþtPY]QLNQH
Ɣ
REU\VQHMDNpKRREUi]NX
ƔKUiþXUþXMHþtVODNOLNQXWtPĐDYpKRWODþLGODP\ãLDNQHNOLNQHVSUiYQHR]YHVDYDURYQêWyQSURFHG~UD
SUHNUHVOtKUXERXþLDURXSURJUDPWHUD]XåOHQþDNiQDXNRQþHQLH
ýtVODWMYUFKRO\REUi]NXUHDOL]XMWHNRU\WQDþNDPLSUYN\YHOD.RU7LHWRVDSRþDVKU\QHEXG~KêEDĢLEDEXG~
Y\SLVRYDĢþtVODDEXGHVDQDQHNOLNDĢ9UFKRO\REUi]NXV~]DGDQpYWH[WRYRPV~ERUHVSRMW[WNWRUêREVDKXMH
GYRMLFHþtVHOV~UDGQtFERGRY6~ERUMHNRUHNWQê.RU\WQDþN\UHDOL]XMWHWULHGRXPRMD.RUGHILQtFLXP{åHWH
PLHUQHXSUDYLĢ
PRMD.RU FODVV.RU
FLVORLQWHJHU
FRQVWUXFWRU&UHDWH[\FFLVORLQWHJHU
SURFHGXUHSLVIDUED7&RORU
SURFHGXUHFLDUD[\UHDOIDUED7&RORU~VHþNDGRGDQpKRERGXDYUiWLVD
VSlĢ
HQG
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
1DSURJUDPXMWHKUX6NiNDM~FL-iQRãtN
]ERMQtFN\NDSLWiQ-XUDM-iQRãtNVWRMtQDEUHKXULHN\DSRWUHEXMHVDGRVWDĢQDMHMGUXKêEUHKQDãĢDVWLHY
Ɣ
ULHNHSOiYDM~EUYQiSRNWRUêFKP{åHSUHVNiNDĢQDGUXKêEUHKVDPR]UHMPHQHVPLHVSDGQ~ĢGRYRG\
ƔEUYQiSOiYDM~YULHNHYãW\URFKUDGRFKYåG\YSiUQ\FKUDGRFKVSUDYDGRĐDYDDYQHSiUQ\FKUDGRFK
SULEXGQHWUXKOLþNDSRVWXSQHWDNDNREXGHPHKUDĢEXG~SULE~GDĢREUi]N\-iQRãtNDDWUXKOLþLHN
ƔREUD]RYNDMHUR]GHOHQiQDWULIDUHEQpSiV\KRUQê]HOHQêMHFLHĐRYêEUHKDQDĖRPVDREMDYXM~SRVWDYLþN\
DWUXKOLþN\VWUHGQêSiVMHPRGUêDYĖRPSOiYDM~EUYQiVSRGQê]HOHQêSiVMHãWDUWRYQêSUH-iQRãtNDDQD
]DþLDWNXVWRMtQDEUHKXULHN\QLHNGHYVWUHGH
2EUi]N\NXKUHV~YV~ERURFKMDQRVLNEPSGUHYREPSDWUXKODEPSYãHWN\WULPDM~PDĢELHOXDNRSULHVYLWQ~
IDUEX9êãNDMHGQpKRUDGXEUYLHQMHYNRQãWDQWHSURJUDPXY]GDFLHĐRYêEUHKQDREUD]RYNHPiYêãNXYNRQãWDQWH
EUHKYãHWN\RVWDWQpKRGQRW\QDREUD]RYNHY\SRþtWDMWH]WêFKWRNRQãWiQW3RGREQH]DGHILQXMWHNRQãWDQW\SUH
SRþW\EUYLHQYMHGQRWOLYêFKUDGRFKSRFDUêFKORVĢSRK\EXWêFKWRUDGRYU\FKQDSUWDNWRSRGĐDSRWUHE\VL
WLHWRGHNODUiFLHSR]PHĖWH
FRQVWY]G EUHK
SRFDUUD\>@RILQWHJHU
U\FKDUUD\>@RILQWHJHU
-iQRãtNVNiþHQDKRUSR]DWODþHQtNOiYHVXPHG]HUDEXćVNRþtQDEUYQRDYWHG\VDVQtPYH]LHQDNUDML
REUD]RYN\VDXWRStDOHERVNRþtPLPRDYWHG\VDXWRStQDVYRMRPPLHVWH]PL]QHYKRUQRPSiVHVDREMDYt
WUXKOLþNDDSRNUiWNRPþDVHVDREMDYtQDãWDUWRYQHMSR]tFLL$NVDSULVNRNXGRVWDQHQDSURWLĐDKOêEUHKMHKR
REUi]RNVDREMDYtYKRUQRPSiVHDSRNUiWNRPþDVHVDREMDYt]DVHQDãWDUWRYQHMSR]tFLL
-iQRãtNDDMEUYQiUHSUH]HQWXMWHDNRLQãWDQFLHQHMDNêFKYDPLQDYUKQXWêFKWULHG
WDNWRSUYpWULþtVOD]QDPHQDM~[\DSRþLDWRþQêVPHUćDOãLHWULSRSLVXM~IDUEXSHUDNRU\WQDþN\DNR
WURMLFDSDUDPHWURYSUH5*%IXQNFLDUJE
ƔSUHGSRNODGDMWHåHV~ERUMH]DGDQêNRUHNWQH
1DStãWHSURJUDPNWRUêQDþtWDGDQêWH[WRYêV~ERUY\WYRUtYĖRPSRStVDQpNRU\WQDþN\NWRUpEXG~NUHVOLĢ
]DGHILQRYDQêREUi]RNDOHNDåGi]RVYRMHMGRPRYVNHMSR]tFLHVRVYRMLPQDWRþHQtPDGDQRXIDUERX=UHMPHQDMSUY
SUHYHGLHWHSRVWXSQRVĢERGRYGRSRVWXSQRVWLNRU\WQDþtFKSUtND]RYYSUDYRDGRSUHGXDDåWLHWRSUtND]\VDEXG~
Y\NRQiYDĢGDQêPLNRU\WQDþNDPL0{åHWHVL]DGHILQRYDĢSRPRFQ~NRU\WQDþNXNWRUiEXGHVR]GYLKQXWêPSHURP
REFKiG]DĢERG\REUi]NXDSRþtWDĢSDUDPHWUHSUHGRSUHGXY]GLDOHQRVĢRGSUHGFKiG]DM~FHKRERGXDYSUDYR
XKRORGPRPHQWiOQHKRQDWRþHQLDSRPRFRXPHWyG\VPHURP3RVWXSQRVĢNRU\WQDþtFKSUtND]RYXNODGDMWHGR
G\QDPLFNpKRSRĐD
=DGHILQXMWHWULHGXPRMD.RU
PRMD.RU FODVV.RU
G[G\GVPHULQWHJHU
FRQVWUXFWRU&UHDWHYDUW[7H[W)LOH
SURFHGXUHGRPRY
SURFHGXUHNUHVOLFRQVWGDUUD\RIUHDO
HQG
6WDYRYpSUHPHQQpG[G\DGVPHUVLSDPlWDM~GRPRYVN~SR]tFLXWDPNGHY]QLNODDPHWyGDGRPRYSUHVXQLH
NRU\WQDþNXGRGRPRYVNHMSR]tFLH0HWyGDNUHVOL]LQWHUSUHWXMHREUi]RNXORåHQêYG\QDPLFNRPSROL
3URJUDPSRQDþtWDQtV~ERUXDY\WYRUHQtNRU\WQDþLHNDNRSUYN\9HOD.RUSRVWXSQHY\NUHVOtREUi]RNYãHWNêPL
NRU\WQDþNDPLPHWyGDNUHVOLDSRWRPSRNOLNQXWtP\ãRX]PDåHREUD]RYNXD]QRYXQDNUHVOtWHQWRREUi]RNDOH
SDUDOHOQHYãHWNêPLNRU\WQDþNDPLQDUD]
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
1DStãWHSURJUDPNWRUêXPRåQtPDOêPGHĢRPVNODGDĢ]iPRN]PDOêFKNDUWLþLHN
SORFKDMH]YLVOHUR]GHOHQiQDGYHþDVWLRGGHOHQpV~KUXERXþLDURXĐDYiþDVĢãtUN\VLUREVDKXMH
Ɣ
Y]RURYêFK1NDUWLþLHNNWRUpVDEXG~SRþDVKU\ĢDKDĢGRGUXKHMþDVWLSORFK\
ƔNDUWLþN\UHDOL]XMWHDNRLQãWDQFLHVYRMHMWULHG\NDUWLFNDV~WYRUHQpELWPDSDPLURYQDNHMYHĐNRVWLD
QDþtWDWHLFK]RV~ERURY]EPS]EPSELHODIDUEDYWêFKWRELWPDSiFKMHSULHVYLWQi
ƔSULĢDKDQtNDUWLþN\]ĐDYHMþDVWLSORFK\VDQDMSUYY\UREtMHMNySLDDDåWiVDSRWRPĢDKiGRKUDFHMþDVWL
SORFK\ĢDKDQLHNDUWLþN\YKUDFHMþDVWLSORFK\QHY\UiEDNySLX
ƔNHćVDĢDKDQiNUDWLþNDSXVWtPLPRKUDFHMSORFK\WDN]PL]QHYRYDãRPSURJUDPHVD]UXãtSUtVOXãQi
LQãWDQFLD]R]R]QDPXYãHWNêFKNDUWLþLHNUHDOL]XMWHKRG\QDPLFNêPSRĐRP
ƔNHćVDĢDKDQiNDUWLþNDSXVWtYKUDFHMSORFKHWDNGRVNRþtGRQDMEOLåãLHKRSROtþNDP\VOHQHMVLHWHYHĐNRVWL
NDUWLþN\]DEH]SHþWHDE\VDQDWRLVWpPLHVWRQHGDOLSRORåLĢGYHNDUWLþN\GUXKiXNODGDQiRGVNRþtQD
QHMDNpYRĐQpPLHVWRYWRPLVWRPVWĎSFL
ƔĢDKDQLHNDUWLþN\]UHDOL]XMWHWDNDE\VPHMXGUåDOL]DWRPLHVWRNGHVPHQDQHM]DWODþLOLWODþLGORP\ãL
3ULNRQþHQtSURJUDPXVDPRPHQWiOQHUR]ORåHQLHNDUWLþLHNYKUDFHMSORFKH]DStãHGRV~ERUX]DPRNW[WWDNåHY
NDåGRPULDGNXMHSRStVDQiMHGQDNDUWLþNDULDGRNDVWĎSHFP\VOHQHMVLHWHDSRUDGRYpþtVORNDUWLþN\Y]R]QDPH
Y]RURYêFKNDUWLþLHN3ULãWDUWHSURJUDPXDNH[LVWXMHV~ERU]DPRNW[WVDWHQWRQDþtWDDKQHćVDY\JHQHUXM~
SUtVOXãQpNDUWLþN\GRKUDFHMSORFK\
=DGHILQXMWHNRQãWDQWXSURJUDPXVLUQDSUQDNWRUiY\MDGUXMHãtUNXĐDYHMþDVWLSORFK\YWHMWRþDVWLQD
]DþLDWNXSURJUDPXY\JHQHUXMWH1Y]RURYêFKNDUWLþLHNQDQiKRGQpSR]tFLH
1DStãWHSURJUDPNWRUêXPRåQtKUDĢKUX-DEĎþND
1DVWURPHMHQLHNRĐNRþHUYHQêFKMDEĎþRNDSRGVWURPRPVDSRK\EXMHYR]tNGRNWRUpKREXGHPH]ELHUDĢWLHWR
MDEĎþND9R]tNVDSRK\EXMHVDPRVWDWQHNRQãWDQWQRXUêFKORVĢRXEXć]ĐDYDGRSUDYDDOHERRSDþQHYåG\QDNUDML
REUD]RYN\]PHQtVPHU+UDĢEXGHPHWDNåHEXGHPHP\ãRXNOLNDĢQDQLHNWRUpMDEĎþNDDWLHWR]DþQ~SDGDĢQDGRO
NRQãWDQWQRXUêFKORVĢRX$NLFKSULLFKSiGH]DFK\WtYR]tNWDNVDEXG~YR]LĢVSROXVQtPLQDNVD]DVWDYLD
QDVSRGXREUD]RYN\
-DEĎþNDDMYR]tNUHDOL]XMWHNRU\WQDþNDPLSULþRPYãHWN\MDEĎþNDWULHG\PRMD.RUEXG~SUYNDPLWULHG\YHOD.RU
-DEĎþNDEXG~PDĢWYDUþHUYHQHMNUXåQLFHWHGDQDSUXKROQtN9\JHQHURYDQpEXG~QiKRGQHV\RYRX
V~UDGQLFRX! .RU\WQDþNDYR]tNEXGHPDĢWLHå]PHQHQêWYDUQDSUQDREGĎåQLNãtUN\VLUDEXGHVDQDFKiG]DĢQD
VSRGXJUDILFNHMSORFK\
9SURJUDPHSRXåLWHNRQãWDQW\QDSRþHWMDEĎþRNLFKPLQLPiOQXDPD[LPiOQXUêFKORVĢSDGDQLDDUêFKORVĢSRK\EX
YR]tNDUêFKORVĢMHSDUDPHWURPPHWyG\GRSUHGXãtUNXYR]tNDQDSU
FRQVWQ UMPLQ UMPD[ UY VLU
7ULHGDPRMD.RUE\PRKODE\ĢGHNODURYDQiQDSUWDNWRP{åHWHPLHUQH]PHQLĢ
PRMD.RU FODVV.RU
U\FKLQWHJHU
YHOLQWHJHU
FRQVWUXFWRU&UHDWH
IXQFWLRQ%OL]NR[\UHDOERROHDQRYHUULGH
HQG
.RQãWUXNWRU&UHDWHY\JHQHUXMHQiKRGQ~SR]tFLXQiKRGQ~UêFKORVĢSDGDQLDU\FK]LQWHUYDOXUMPLQDUMPD[
WYDUQDSUþHUYHQiNUXåQLFDYHĐNRVWLYHOYHĐNRVĢVWUDQ\XKROQtNDQiKRGQpþtVOR]QHMDNpKRLQWHUYDOX
0HWyGD%OL]NRMHSUHGHILQRYDQiWDNDE\VDXPRåQLORNOLNQ~ĢþRQDMSUHVQHMãLHQDWYDUNRU\WQDþN\
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
1DStãWHSURJUDPSRPRFRXNWRUpKRVD]DKUiPHKUXODE\ULQW
ODE\ULQWVDVNODGi]YHĐNHMãWYRUFRYHMVLHWHSULþRPNDåGpSROtþNRODE\ULQWXMHEXćYRĐQpELWPDSD
Ɣ
]QDNUHSUH]HQWXMHMHGQRSROtþNRODE\ULQWXV~ERUMHNRUHNWQê
Ɣ
YRĐQpSROtþNR
Ɣ
SROtþNRVKUiþRP
Ɣ
SROtþNDVR]YLHUDWNDPL
Ɣ
D
E
SUHNiåN\]RGSRYHGDM~LPELWPDS\SEPSSEPS
ƔKUiþVDSRK\EXMHYODE\ULQWHSRPRFRXãtSRNP{åHVW~SLĢOHQQDYRĐQpSROtþNRRNUHPQHKRVDY
QHMDNêFKQiKRGQêFKLQWHUYDORFKSRK\EXM~DM]YLHUDWNiVDPR]UHMPHåHWLHåP{åXVW~SLĢOHQQDSUi]GQH
SROtþNR
Ɣ]ODE\ULQWXMHQDREUD]RYNHY\VYLHWHQpOHQPDOpRNQRMHWRYêUH]YHĐNRVWL[SROtþRNSULþRPKUiþMH
YåG\YVWUHGHWRKRWRYêUH]XQD]DþLDWNXYLGtPHRNROLHKUiþDDSRWRPSRþDVMHKRSRK\EXSRODE\ULQWH
KUiþVDVWiOHQDFKiG]DYVWUHGHYêUH]XDPHQtVDOHQRNROLH
Ɣ]UHMPHDNVDQHMDNp]YLHUDWNRSRKQHDWiWR]PHQDVDWêNDYêUH]XWDNWRXYLGtPH
ƔYêUH][SROtþRNUHDOL]XMWHSRPRFRXNRPSRQHQWX76WULQJ*ULGYHĐNRVWL[SROtþRNNDåGH[
SL[HORY
/DE\ULQWYSURJUDPHUHDOL]XMWHDNRREMHNWVNRQãWUXNWRURPNWRUêQDþtWDV~ERUDVPHWyGDPLQD]DEH]SHþHQLH
Y\NUHVOHQLDSROtþNDQLHNGHGR6WULQJ*ULGXUHVSQDSRK\EKUiþDD]YLHUDWLHN
1DStãWHSURJUDPNWRUêEXGHULHãLĢQDVOHGXM~FX~ORKX1DMSUYGRYROtNUHVOLĢREUi]N\SRPRFRXP\ãL3RWRP
NDåGpVWODþHQLHPHG]HU\]PDåHSORFKXDNDåGpVWODþHQLHNOiYHVX(QWHU!EXGHY\NUHVĐRYDĢWLHLVWpREUi]N\QD
WêFKLVWêFKSRþLDWRþQêFKSR]tFLiFKDOHYåG\RWRþHQpRSURWLSUHGFKiG]DM~FHPXQDWRþHQLXRQHMDNêSRþHWVWXSĖRY
NRQãWDQWDRWRFGRSUDYD
NOLNOR
Ɣ]DSDPlWDMWHVLMHMGRPRYVN~SR]tFLXSRþLDWRþQêXKROQD]DþLDWNX
]DSDPlWDQ~SRVWXSQRVĢREUD]
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
1DStãWHSURJUDPNWRUêVDXPRåQtKUDĢKUX-DEĎþND
1DVWURPHMHQLHNRĐNRþHUYHQêFKMDEĎþRNDSRGVWURPRPVDSRK\EXMHYR]tNGRNWRUpKREXGHPH]ELHUDĢWLHWR
MDEĎþND9R]tNVDSRK\EXMHVDPRVWDWQHNRQãWDQWQRXUêFKORVĢRXEXć]ĐDYDGRSUDYDDOHERRSDþQHYåG\QDNUDML
REUD]RYN\]PHQtVPHU+UDĢEXGHPHWDNåHEXGHPHP\ãRXNOLNDĢQDQLHNWRUpMDEĎþNDDWLHWR]DþQ~SDGDĢQDGRO
NRQãWDQWQRXUêFKORVĢRX$NLFKSULLFKSiGH]DFK\WtYR]tNWDNVDEXG~YR]LĢVSROXVQtPQDYR]tNXVDREMDYt
þtVOR SRþHWMDEĎþRNQDYR]tNXLQDNVD]DVWDYLDQDVSRGXREUD]RYN\
-DEĎþNDDMYR]tNUHDOL]XMWHSRPRFRXREMHNWRYQDSUWDNWR
REMHNW FODVV
VWDYRYpSUHPHQQpQDSUUêFKORVĢSRK\EXUHVSSDGDQLD
FRQVWUXFRU&UHDWH
SURFHGXUHSRVXQ
SURFHGXUHNUHVOLJ7&DQYDV
HQG
MDEOFNR FODVVREMHNW
IXQFWLRQNOLNERROHDQ
HQG
YR]LN FODVVREMHNW
HQG
9V~ERUHVWURPW[WV~SRStVDQpMDEĎþNDQDVWURPH
ƔNDåGêULDGRNSRSLVXMHMHGQRMDEĎþNR
ƔREVDKXMHþtVOD[[\D\DUHĢD]HFPHQRV~ERUXVELWPDSRX
Ɣ[RY~V~UDGQLFXMDEĎþNDJHQHUXMWHQiKRGQHYLQWHUYDOH[[URYQDNRDM\RY~V~UDGQLFXY\\
2EUi]RNYR]tNDMHYV~ERUHYR]tNEPS3R]DGLHSORFK\QDNWRUHMV~MDEĎþNDDMYR]tNMHYV~ERUHSORFKDEPS
9ãHWN\ELWPDS\VMDEĎþNDPLDMYR]tNPDM~SULHVYLWQ~ELHOXIDUEX
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDQDSRþtWDþLW~WRKUX
QDREUD]RYNXVDSRPRFRXNRU\WQDþHMJUDILN\QDNUHVOtUDGRYSRNYHWLQNiFKQiKRGQH]DIDUEHQêFK
Ɣ
þHUYHQRXD]HOHQRXIDUERX
ƔKUiþSRWRPSRPRFRXãtSRNYĐDYRYSUDYRKRUHGROHSRK\EXMHNXU]RURPYRGRURYQiPRGUiþLDUNDSRG
XåćDOHMQHUHDJXMHQDãtSN\
1DNUHVOHQLHNYHWLQN\]DGHILQXMWHWULHGXPRMD.RU
PRMD.RU FODVVNRU
IDUEDERROHDQIDOVH ]HOHQiWUXH þHUYHQi
FRQVWUXFWRU&UHDWH[\LQWHJHUIIDUEDERROHDQ
SURFHGXUHOXSHQ
SURFHGXUHNYHW
SURFHGXUH]PHQ
HQG
0HWyGDOXSHQNUHVOtOXSHĖNYHWXV~WRGYHQDY]iMRPVSRMHQpãWYUĢNUXåQLFHSULþRPSUHGSRNODGiPHåHNUXKMH
XKROQtNVRVWUDQRX0HWyGDNYHWNUHVOtNYHWNWRUêVDVNODGi]RVWRQN\GĎåN\QDNWRUHMV~GYDOtVWRþN\
URYQDNpKRWYDUXDNROXSHQHDVDPRWQpRNYHWLHVDVNODGi]ROXSLHQNRYNWRUpV~URYQRPHUQHUR]RVWDYHQp
0HWyGD]PHQ]PHQtIDUEXNYHWXSUHPHQQiIDUEDDSUHNUHVOtNYHWQRYRXIDUERX9ãHWNêFKNRU\WQDþLHN
NYHWRYMHSUYNDPLYHOD.RU.XU]RUUHDOL]XMWHDNRćDOãLXNRU\WQDþNXNWRUHMWYDUMHPRGUiKUXEiYRGRURYQiþLDUD
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
1DStãWHSURJUDPSRPRFRXNWRUpKREXGHPHVOHGRYDĢVSUiYDQLHP\ãLYODE\ULQWH
ODE\ULQWVDQDFKiG]DYãWYRUFRYHMVLHWLQLHNWRUpSROtþNDV~YRĐQpQDQLHNWRUêFKMHVWHQDDQLHNWRUpV~
Ɣ
SUHNOiSDFLHYLVWêFKVLWXiFLiFKV~SULHFKRGQp
ƔPDOiP\ãNDVDQiKRGQHSRK\EXMHSRODE\ULQWHDKĐDGiSROtþNRQDNWRURPMHV\U
ƔQiKRGQêSRK\E]QDPHQiåHP\ãNDVLQiKRGQHY\EHULHVPHUDDNMHWêPVPHURPYRĐQpSROtþNRWDNWDP
YRMGH
ƔP\ãNDMH]REUD]HQiMHGQRX]RãW\URFKELWPiSP\VEPSP\VEPSSRGĐDWRKRYDNRPVPHUHMH
MHGQRXIDUERX
9V~ERURFKODEEPSODEEPSQiMGHWH]RGSRYHGDM~FHELWPDS\SUHSROtþNDODE\ULQWX/DE\ULQWUHDOL]XMWH
SRPRFRXNRPSRQHQWX6WULQJ*ULGNWRUêPiSROtþNDYHĐNRVWL[SL[HORYWHQWRQHEXGHYlþãtDNRULDGNRY
SRVWĎSFRY9SURJUDPH]DGHILQXMWHWULHGX+UDNWRUiEXGHREVDKRYDĢYãHWN\SRWUHEQpGiWRYpãWUXNW~U\
LQIRUPiFLHRSROtþNDFKSR]tFLXP\ãLELWPDS\DSRGDPHWyG\QDQDþtWDQLHODE\ULQWX]RV~ERUXQDNUHVOHQLH
MHGQpKRSROtþNDODE\ULQWXGR&DQYDVX6WULQJ*ULGXQiKRGQêSRK\EP\ãLDSRG
/DE\ULQWMHGHILQRYDQêYWH[WRYRPV~ERUHODE\ULQWW[WNDåGê]QDNSRSLVXMHMHGQRSROtþNRODE\ULQWXV~ERUMH
NRUHNWQê
Ɣ
YRĐQpSROtþNR
Ɣ
ãWDUWRYiSR]tFLDP\ãL
Ɣ
SR]tFLDSROtþNDVRV\URP
Ɣ
[
VWHQD
Ɣ
D
E
F
SUHNOiSDFLHSROtþNDWURFKW\SRYIDULHE
$NP\ãSUtGHQDSROtþNRVRV\URPXå]WRKRWRSROtþNDQHRGtGHOHQVDQiKRGQHYUWtQDPLHVWH
1DStãWHSURJUDPNWRUêEXGHURELĢQDVOHGRYQêHIHNW
DNEXGHPHSRPRFRXP\ãLVR]DWODþHQêPĐDYêPWODþLGORPNUHVOLĢQLHþRGRSORFK\WDNVDPRWQiNUHVED
Ɣ
VDQDREUD]RYNHQHREMDYXMHKQHćDOHNUHVOtMXNRU\WQDþNDVQHMDNêPPDOêPNURNRP
ƔWDNWRP{åHPHQDREUD]RYNHQDNUHVOLĢYLDF~WYDURYDWLHWRVDSRVWXSQHREMDYLDWMDNP\ãSXVWtPHD
]DþQHPHNUHVOLĢQLHNGHLQGHWDNNRU\WQDþNDWLHåWHQWR~VHNSUHVNRþtVR]GYLKQXWêPSHURP
=DGHILQXMWHW\SSULND]DWULHGXPRMD.RUGHNODUiFLXP{åHWHPLHUQH]PHQLĢ
W\SH
SULND] UHFRUGW\SWSKWSGERG73RLQWHQG
HQG
3RþDVNUHVOHQLDP\ãRXSRSORFKHEXGHWHERG\NUHVE\XNODGDĢNRU\WQDþNHGRG\QDPLFNpKRSRĐDSODQDWREXć
W\SXWSKDOHERWSGSRGĐDWRKRþLVDGRSUtVOXãQpKRERGXWUHEDGRVWDĢVR]GYLKQXWêPSHURPWSKDOHER
VSXVWHQêPWSG0HWyG\SULGDM3+DSULGDM3'SULGiYDM~GRWRKRWRG\QDPLFNpKRSRĐDYHW\SUtVOXãQpKRW\SX
0HWyGDXURE.URNVSUDYtMHGHQPDOêNURN]REUi]NX]SRĐDSODQSULþRPVSUDFRYiYDQêERGNXNWRUpPXVD
NRU\WQDþNDEOtåLPiLQGH[YVWDYRYHMSUHPHQQHML['ĎåNDHOHPHQWiUQHKRNURNXMHYNRQãWDQWHSURJUDPXNURN
P{åHPDĢKRGQRWXQDSU.RU\WQDþNDSULNUHVOHQtþLDU\QHVPLHSUHMVĢGOKãt~VHNDNRNURNDNMHYHĐPLEOt]NR
FLHĐRYpKRERGXWDNVDGRQHKRSUHVXQLHSULDPR
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D),
1DStãWHSURJUDPNWRUêEXGHVLPXORYDĢåLYRWPUDYFRY
ƔYVWUHGHJUDILFNHMSORFK\VDYQHMDNêFKQiKRGQêFKLQWHUYDORFKY\QiUDM~PUDYFH]QHMDNpKRPUDYHQLVND
QDSUYþDVRYDþLVSUDYGHSRGREQRVĢRXNDåGêPUDYHFMHUHDOL]RYDQêDNRLQãWDQFLDWULHG\70UDYHF
YãHWN\PUDYFHV~YG\QDPLFNRPSROLWULHGD70UDYHFRNUHPNRQãWUXNWRUDPXVtREVDKRYDĢPHWyGXQD
Y\NUHVOHQLHGRSORFK\QDSUSURFHGXUHNUHVOLJ7&DQYDVDPHWyGXNWRUi]DEH]SHþtQiKRGQê
SRK\EPUDYFDSRSORFKHWiWRPHWyGDE\PRKODYUDFDĢLQIRUPiFLXRWRPþLPUDYHF]RPUHORGKODGX
UHVSþLVDPXQDURGLOQRYêPUDYHFEXGHY\VYHWOHQpQLåãLH
ƔNDåGêPUDYHFVDQiKRGQHSRK\EXMHSRSORFKHYMHGQRP]RVPHURYSDUDOHOQHVRVDPLSULþRPV
SUDYGHSRGREQRVĢRX]PHQtVPHUSULVYRMRPSRK\EHPXSULNDåGRPNURNXXE~GDMHGQDMHGQRWND
HQHUJLHSULQDURGHQtPiMHGQRWLHNXPULHNHćW~WRHQHUJLXPLQLH.HćSULVYRMRPQiKRGQRP
SXWRYDQtREMDYtYSORFKHSRWUDYXERGNDIDUE\FO2OLYHWDNMX]SORFK\Y\PDåHDHQHUJLDVDPX]YêãLR
MHGQRWLHN
ƔDNPUDYHFSUHãLHODVSRĖNURNRYDPiHãWHDVSRĖMHGQRWLHNHQHUJLHQDMHKRSR]tFLLVDQDURGt
SR]tFLHPUDYFDRSDþQêPVPHURPDNRMHMHKRVPHUSRK\EXS{YRGQpPUDYFHV~PRGUpGHWLV~]HOHQp
PRGUpPUDYFHNWRUpåLM~DVSRĖNURNRYVDSUHIDUELDQDþHUYHQRP{åXURGLĢGHWL]HOHQpPUDYFH
NWRUpåLM~DVSRĖNURNRYVDSUHIDUELDQDVYHWOR]HOHQpFO/LPH
ƔNHćEXGHPHNOLNDĢGRSORFK\P\ãRXQDWRWRPLHVWRVDSRORåtãWYRUþHN[ERGLHNSRWUDY\IDUE\FO2OLYH
ƔQLHNGHYURKXSORFK\Y\SLVXMWHPRPHQWiOQ\SRþHWPUDYFRYSUtSDGQHLQpSRþW\
ƔSRN~VWHVDSURJUDPXURELĢWDNDE\REUD]RYNDQHEOLNDOD
1DStãWHSURJUDPNWRUêEXGHSRPRFRXNRU\WQDþLHNUHDOL]RYDĢQDVOHGRYQ~~ORKX
ƔQDþLVWHMJUDILFNHMSORFKHQDNUHVOLWHYRYêãNHKUXEãLXYRGRURYQ~þLDUXSRFHOHMãtUNH±WRWREXGH
DNRE\SRGODKDPLHVWQRVWL
ƔNHć]DþQHWHĢDKDĢP\ãRXSRSORFKHDOHLEDQDGSRGODKRXEXG~QDĢDKXP\ãLY]QLNDĢNRU\WQDþN\Y
WYDUHþHUYHQêFKORSWLþLHNWYDURPNRU\WQDþN\QHFKMHNUXåQLFDXKROQtNVRVWUDQRXSULþRP
SR]tFLDNRU\WQDþN\MHYVWUHGHNUXåQLFHD]WRKRWRVWUHGXY\FKiG]D~VHþNDQDREYRGORSWLþN\QHY]QLNDM~
SULYHĐPLKXVWRRGSUHGFKiG]DM~FHMY]QLNQHQDVOHGXM~FDQLHEOLåãLHPHUDQpOHQYRYRGRURYQRPVPHUH
DNRERGRY
ƔXåSRþDVĢDKDQLDP\ãL]DþQ~YãHWN\XåH[LVWXM~FHORSWLþN\SDGDĢNSRGODKHDE\ERODLO~]LDVNiNDQLD
UHDOLVWLFNiLFKUêFKORVĢVDPXVtPHQLĢYKRUQHMSRORKHSRK\EXMHQXORYiSRWRPUDVWLHDUDVWLHSULRGUD]H
RG]HPHMHQDMYlþãLDSRWRP]DVDNOHViDNOHViDåNQXOHRSlĢYKRUQRPERGHNWRPXSRXåLMHWH
QDVOHGRYQêItJHĐORSWLþNDDNRE\URWRYDODQDSHYQHMQLWLMHMGĎåNDVDURYQiY]GLDOHQRVWLRGSRGODK\N
KRUQpPXERGX±NDåGiORSWLþNDPiVYRMYODVWQêSRORPHURNRORERGXNWRUêMHMHMPLHVWRPGRSDGXQD
GOiåNH]WRKWRURWRYDQLDYãDNORSWLþNDSUHEHUiLED\RY~]ORåNX±WHGDSUHPLHWDNUXKRYêSRK\EQD
]YLVO~SULDPNXORSWLþNDQHURWXMHSRFHOHMNUXåQLFLDOHLEDSRMHMKRUQHMSRORYLFLORSWLþNDY]QLNiQD
QDMY\ããRPERGHNUXåQLFHDMHQDWRþHQiYRYRGRURYQRPVPHUH
FHO~LO~]LXHãWHY\OHSãLWHWDNWRNDåGHMORSWLþNHVDEXGH]PHQãRYDĢMHMSRORPHUYåG\SRRGUD]HRG
Ɣ
SRGODK\WDNåHEXGHY\VNDNRYDĢVWiOHPHQHMDPHQHMSRLVWRPþDVHWHGDSRVWXSQHYãHWN\ORSWLþN\]RVWDQ~
OHåDĢQDSRGODKH
ƔYåG\NHć]DþQHPHĢDKDQtPY\UiEDĢQRYpORSWLþN\YãHWN\VWDUpVD]UXãLD
=DGHILQXMWHWULHGXPRMD.RUSRWRPRN.RUYWHMWRWULHGHSUHGHILQXMWHPHWyGX=PHQ;<WDNDE\VDNRU\WQDþNH
PHQLODLED\RYiV~UDGQLFDWMDMNHE\VDQDSUSRPRFRXGRSUHGXPDODSUHVXQ~ĢQDĐXERYRĐQpPLHVWRSORFK\
WRWRVDSUHPLHWQHQD]YLVO~SULDPNXĆDOHM]DGHILQXMWHPHWyGXSRK\ENWRUê]DEH]SHþtMHGHQNURNSRK\EX
NRU\WQDþN\SRNUXåQLFLNUXåQLFDMHXKROQtNVRVWUHGRPQDSRGODKHDVRVWUDQRXNURNVWDYRYiSUHPHQQi
WULHG\PRMD.RU9åG\NHćVDPiNRU\WQDþNDSULSRK\EHGRVWDĢSRGSRGODKXWDN]PHQtVPHURVWXSĖRYD
]PHQãtNURN
9ĐXERYRĐQRPPRPHQWHSURJUDPUHDJXMHQDNOiYHV\/D6NOiYHVRP6XORåtPHPRPHQWiOQXSRORKXVPHUDNURN
YãHWNêFKNRU\WQDþLHNGRV~ERUXORSW\W[W]DEH]SHþtPHWyGDXOR]VSDUDPHWURPW\SX7H[W)LOHWULHG\PRMD.RU
NOiYHV/]UXãtYãHWN\H[LVWXM~FHNRU\WQDþN\DY\WYRUtQRYpSRGĐDREVDKXV~ERUXORSW\W[WWULHGHPRMD.RU
]DGHILQXMWHNRQãWUXNWRU&UHDWHVSDUDPHWURPW\SX7H[W)LOHWHQWRNRQãWUXNWRUY\WYRUtNRU\WQDþNXSUHVQHYWRP
LVWRPVWDYHDNRERODXORåHQiPHWyGRXXOR]
9ãHWN\ORSWLþN\PXVLDE\ĢSUYNDPLWULHG\9HOD.RU3RK\EORSWLþLHNULDGLþDVRYDþQDXUêFKOHQLHSUiFHSRXåLWH
SURFHG~UX1DUD]
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D),
1DStãWHSURJUDPNWRUêQiPXPRåQtSRVNODGDĢUR]VWULKDQêREUD]
ƔQDSORFKHV~SRUR]NODGDQpREGĎåQLNRYpN~VN\UR]VWULKDQpKRREUD]XWLHWRN~VN\VDQDY]iMRP
QHSUHNUêYDM~DQLQHY\WĚþDM~]SORFK\
ƔSRPRFRXĢDKDQLDP\ãRXLFKP{åHPHSUHV~YDĢSRSORFKHSULþRPE\VDQLNG\QHPDOLQDY]iMRPSUHNUêYDĢ
DDQLE\QHPDOLY\SDGQ~Ģ]SORFK\RVWDWQpN~VN\DMRNUDMHSORFK\V~SUHĢDKDQêN~VRNSUHNiåNRXDQD
QHMVDĢDKDQLH]DVWDYt
ƔYVWXSRPGRSURJUDPXMHWH[WRYêV~ERUREUD]W[WNWRUêREVDKXMHWLHWRLQIRUPiFLH
ƔSUYêULDGRNMHPHQRELWPDS\VREUD]RPNWRUêVDEXGHUR]VWULKiYDĢQDREGĎåQLN\
ƔQDVOHGXMHULDGRNVGYRPDþtVODPLãtUNDDYêãNDSORFK\QDNWRUHMVDEXGHKUDĢ
ƔQDVOHGXM~FHULDGN\SRSLVXM~MHGQRWOLYpREGĎåQLN\REVDKXM~SRþtVHOQDNDåGêREGĎåQLN[
\VLUNDY\VND[\WLHWRR]QDþXM~V~UDGQLFHĐDYpKRKRUQpKRURKXREGĎåQLNDYELWPDSHREUD]X
MHKRYHĐNRVĢDPRPHQWiOQHV~UDGQLFHYSORFKH
ƔELWPDSXREUD]XP{åHWHUR]VWULKDĢQDSUWDNåHGRSULSUDYHQHMPDOHMELWPDS\MHGQpKRN~VNX
ƔN~VN\REUD]XUHDOL]XMWHDNRLQãWDQFLHWULHG\NXVRNNWRUiRNUHPNRQãWUXNWRUDDGHãWUXNWRUDREVDKXMHDM
SRPRFQpPHWyG\QD]LVWHQLHþLVDNOLNORQDREMHNWDþLVDGiVQtPQHMDNêPVPHURPSRKQ~ĢWiWRPHWyGD
P{åHPDĢSDUDPHWHULQIRUPiFLXRLQRPREGĎåQLNXDP{åHWHMXYRODĢSULĢDKDQtP\ãRXSRVWXSQHVR
YãHWNêPLRVWDWQêPLREGĎåQLNPLYãHWN\WLHWRN~VN\XORåWHGRG\QDPLFNpKRSRĐD
ƔSURJUDPQHPXVtNRQWURORYDĢþLMHREUD]SRVNODGDQêVSUiYQH
ƔSRN~VWHVDSURJUDPXURELĢWDNDE\REUD]RYNDQHEOLNDODP{åHWHY\XåLĢNUHVOHQLHSULDPRGRIRUPXOiUX
SRPRFRXXGDORVWL2Q3DLQWVQDVWDYHQRXSUHPHQQRX'RXEOH%XIIHUHGQDWUXH
1DStãWHSURJUDPSRPRFRXNWRUpKREXG~IDUELDFHPUDYFHY\PDĐRYiYDĢQHMDNpREODVWLREUD]RYN\
ƔQDMSUYVDJUDILFNiSORFKDRUiPXMHKUXEêPþLHUQ\PUiPLNRPKU~EN\
ƔSRWRPVDGRQHMQDKiGåHQiKRGQêSRþHWRGGRVODPLHN~VHþLHNQDQiKRGQêFKSR]tFLiFKSRG
RGYRGHQiRG.RUWHQWRPUDYHFVD]DþQHQiKRGQHSRK\ERYDĢYSORFKHSULþRPQHYEHKQHQDþLHUQX
IDUEX
ƔDNSULY]QLNXPUDYFDPiWHQWRSRGVHERXþLHUQXIDUEXWDNPUDYHFSUHMGHGRãSHFLiOQHKRVWDYXY
NWRURPXåQHEXGHQLþURELĢYORJLFNHMVWDYRYHMSUHPHQQHMVL]DSDPlWiWHåHMHWRYDGQH
Y\UREHQêPUDYHF
ƔDNSULY]QLNXPiSRGVHERXELHOXIDUEXWDNVDPXQDVWDYtQiKRGQiIDUEDSRXåLWHIXQNFLX5*%V
WURPLQiKRGQêPLþtVODPL]LQWHUYDOX
ƔDNPiSULY]QLNXSRGVHERXLQ~DNRELHOXDOHERþLHUQXIDUEXQDVWDYtVDPXWiWRDNRIDUEDSHUD
Y]GLDOHQRVĢVNRQWUROXMHþLE\SULWRPWRNURNXQHVW~SLOQDVODPNXSUHMGHVR]GYLKQXWêPSHURP
Y]GLDOHQRVĢ]DSDPlWiVLIDUEXSRGVHERXDYUiWLVDDNMHSUHGQtPþLHUQDIDUEDWDNVDRWRþt
þHORPY]DGLQDNSUHMGHY]GLDOHQRVĢVRVSXVWHQêPSHURPNUHVOtVYRMRXIDUERXSHUDWRWRE\
PDODURELĢPHWyGDSRK\EWULHG\PUDYHF]UHMPHYDGQHY\UREHQêPUDYHFVDKêEDĢQHEXGH
ƔRNUHPNRQãWUXNWRUDQiKRGQHY\EHULHIDUEXSHUDSRGĐDSUDYLGLHOY\ããLH]DGHILQXMWHDMPHWyGX
IXQNFLDIDUEDNWRUiYUiWLPRPHQWiOQXIDUEXSRGNRU\WQDþNRXY&DQYDVH3ORFK\Y\XåLWH
YODVWQRVĢ3L[HOV
ƔNDåGpćDOãLHNOLNQXWLHY\WYRUtQRYpKRPUDYFDNWRUêSDUDOHOQHY\NUHVĐXMHVYRMXREODVĢVYRMRXIDUERXSHUD
$% 6N~ãND=
6N~ãND]SURJUDPRYDQLDSUHL0,D),
1DStãWHSURJUDPSRPRFRXNWRUpKREXGHPHULDGLĢURERWDYODE\ULQWH
ƔYãWYRUFRYHMVLHWLODE\ULQWXVDVDPRVWDWQHSRK\EXMHURERWYSUDYLGHOQêFKþDVRYêFKLQWHUYDORFKVD
SUHV~YDQDVXVHGQpYRĐQpSROtþNRSUtSDGQHQDMSUY]PHQtVPHUDDåSRWRPVDSUHVXQLHURERWYLGtMHGQR
SROtþNRSUHGVHERXDYLHQDKPDWDĢVWHQXEXćSUDYRXDOHERĐDYRXUXNRX
ƔURERWMHQDSURJUDPRYDQêQDVOHGRYQHVWiOHPiY\VXQXW~EXćSUDY~DOHERĐDY~UXNXYåG\VDVQDåt
SULGUåLDYDĢVWHQ\WRXUXNRXNWRU~PiSUiYHY\VXQXW~WMDNPiQDSUtVOXãQHMVWUDQHVWHQXDSUHGVHERX
YRĐQRVSUDYtNURNYSUHGDNQHPiQDSUtVOXãQHMVWUDQHVWHQXWDNVDGRWRKRWRVPHUXQDWRþtDVSUDYtNURN
YSUHGDNPiQDSUtVOXãQHMVWUDQHDOHDMSUHGVHERXVWHQXWDNVDRWRþtGRRSDþQHMVWUDQ\DNRMHY\VXQXWi
MHKRUXND
ƔNOiYHVRPPHG]HUDP{åHPHURERWRYLSUHKDG]RYDĢDNWtYQXUXNX
ƔYODE\ULQWHVDQDGOiåNHQDQLHNWRUêFKSROtþNDFKQDFKiG]DM~åOWpNUXK\~ORKRXURERWDMHY\]ELHUDĢ
YãHWN\WLHWRNUXK\NHćSUtGHQDSROtþNRVNUXKRPWHQWRVDY\PDåHD]QtåLVDSRþtWDGORHãWH]RVWiYDM~FLFK
NUXKRY
ƔODE\ULQWMH]DGDQêYWH[WRYRPV~ERUHURERWW[WWHQWRV~ERUREVDKXMHQLHNRĐNRURYQDNRGOKêFKULDGNRY
]QDNRYNDåGê]QDNSRSLVXMHMHGQRSROtþNR
Ɣ
[
VWHQDSROtþNRY\SOĖWHPRGURXIDUERX
Ɣ
YRĐQpSROtþNRY\SOĖWHãHGRXIDUERX
Ɣ
R
SROtþNRVNUXKRPåOWiNUXåQLFDQDãHGRPSROtþNX
ƔV~ERUMH]DGDQêNRUHNWQH
ƔURERWD]Qi]RUQLWHMHGQRX]{VPLFKELWPiSURERWSEPSURERWOEPSSRGĐDWRKRYDNRPVPHUHMH
QDWRþHQêDNWRU~UXNXPiY\VXQXW~URERWDUHSUH]HQWXMWHREMHNWRPVNRQãWUXNWRURPDPHWyGDPLQD
Y\NUHVOHQLHGRSORFK\DSRVXQXWLHURERWDRMHGHQNURNYELWPDSiFKMHELHODIDUEDSULHVYLWQi
ƔODE\ULQWUHSUH]HQWXMWHWDEXĐNRYêPNRPSRQHQWRP6WULQJ*ULGVSROtþNDPLYHĐNRVWL[
1DStãWHSURJUDPSRPRFRXNWRUpKRVL]DKUiPHKUXFK\WDQLHU\ELþLHN
YU\EQtNXPRGUpSR]DGLHSOiYDM~U{]QHYHĐNpU{]QH]DIDUEHQpU\E\þtPYlþãLDWêPSOiYDUêFKOHMãLH
Ɣ
WYDUU\E\Y\WYRUWH]GYRFKU{]QHYHĐNêFKNRVRãWYRUFRYNWRUpV~WHVQHYHGĐDVHED
ƔU\EN\VDYQiKRGQêFKLQWHUYDORFKREMDYXM~QDQiKRGQêFKSR]tFLiFKDSOiYDM~QiKRGQêPVPHURPYåG\
VPHURPQDKRU
ƔQD]DþLDWNXKU\MHXGLFDVNU\WiSRNOLNQXWtQLHNGHGRSORFK\VDQDWRPWRPLHVWHREMDYtXGLFDMHM
KiþLNDþDNiNêPVDNQHMQHSULEOtåLQHMDNiU\EDNDåGpćDOãLHNOLNQXWLHSUHVĢDKXMHXGLFX
ƔDNVDQDXGLFXFK\WtQHMDNiU\EDMHEOt]NRKiþLNDWiWRVDSUHVWDQHSRK\ERYDĢVRVWDWQêPL
U\EDPLDOHVSROXVXGLFRXVDUêFKORY\WLDKQH]U\EQtNDDNSRþDVY\ĢDKRYDQLDU\E\KUiþNOLNQH
P\ãRXGRSORFK\WDNXGLFDFK\WHQ~U\EXSXVWtWiWR]QRYXSOiYHVRVWDWQêPLDþDNiVDQDQHMDN~
ćDOãLX
5\E\UHDOL]XMWHDNRLQãWDQFLHQRYHMWULHG\5\EDRGYRGHQi].RUWiWREXGHPDĢRNUHPNRQãWUXNWRUDY\WYRUt
U\EDFtWYDUQiKRGQHMIDUE\DMPHWyGXSRK\ENWRUiYGDQRPVPHUHSRKQHU\ERX]RGSRYHGDM~FRXUêFKORVĢRX
YHĐNpSOiYDM~UêFKORPDOpSRPDO\9ãHWN\U\E\XORåWHYãWUXNW~UH9HOD.RU+iþLNMHVDPRVWDWQiNRU\WQDþND
PLPR9HOD.RU5\E\SRK\EXMWHSRPRFRXþDVRYDþD
$% 6N~ãND=
&YLþHQLD]3URJUDPRYDQLD
3RO\PRUIL]PXV
=DGHILQXMPHVLWDN~WRKLHUDUFKLXNRU\WQDþLHN
W\SH
,QD.RUD FODVV.RU
SURFHGXUHVWYRUOLVWRN
HQG
❍ýRVD]PHQtDNPHWyG\GRSUHGXSRWRPNRYWULHG\,QD.RUQHEXG~YLUWXiOQHDOHVWDWLFNp
QHEXG~RYHUULGH"
WULHGD9HOD.RU
5XþQH
DY\KRGQRĢWHSRVWIL[RYêWYDUYêUD]X
DSUHStãWHKRQDSUHIL[RYêWYDU
ESUHStãWHSUHIL[RYêWYDUYêUD]X
±QDSRVWIL[RYêWYDUD
Y\KRGQRĢWHKR
1DYUKQLWHDOJRULWPXVQDSUHSLVDULWPHWLFNpKRYêUD]X]SUHIL[RYpKRWYDUXGRSRVWIL[RYpKRWYDUX
2EMHNW\GHGLþQRVĢSUHGHILQRYDQLH
=DGHILQXMWHVLYODVWQ~WULHGX
'HILQXMWHWULHGX&,.&$.B.25$SRWRPND.25NWRUHMSUHGHILQXMHWHPHWyGX'RSUHGXGUHDO
WDNDE\VDQDPLHVWRURYQHMþLDU\NUHVOLODFLNFDNRYLWiNULYNDURYQRVWUDQQpWURMXKROQtþN\
=DGHILQXMWHWULHGX,QDB.RUDSRWRPND.RUNWRUiEXGHREVDKRYDĢQDY\ãHVWDYRY~SUHPHQQ~
NRHIUHDODSRWUHEQpPHWyG\SUDFXM~FHVWRXWRVWDYRYRXSUHPHQQRX3UHGHILQXMWHWLHåPHWyGX
'RSUHGXGUHDOWDNDE\NRU\WQDþNDYåG\SUHãODQDPLHVWRY]GLDOHQRVWLGY]GLDOHQRVĢG
NRHI
3RPRFRXLQãWDQFLt,QDB.RUDQDStãWHSURJUDPYNWRURPEXGHMHGQDNRU\WQDþNDNUHVOLĢSRGĐDNXU]RUD
P\ãLDLQiNRU\WQDþNDEXGHWHQWRREUi]RNYHGĐDNUHVOLĢ]YlþãHQê]PHQãHQê
&YLþHQLD]3URJUDPRYDQLD
WULHGD9HOD.RU
1DStãWHSURJUDPNWRUêXPRåQtVDGLĢVWURP\SRPRFRXP\ãLDNRU\WQDþLHN
QDMSUY]DGHILQXMWHRGYRGHQ~WULHGXRG.RUNWRUiEXGHYHGLHĢQDNUHVOLĢELQiUQ\VWURPEXGHVD
❍
NUHVOLĢDYQiUDĢGRUHNXU]LHNêPMHGĎåNDVWUiQYlþãLDDNRGĎåNDKUDQ\VWURPXVDYUHNXU]LL
VWiOH]PHQãXMHQDSRORYLFX
❍UDVWVWURPXVDEXGHURELĢWDNåHVDQDMSUYS{YRGQêSUHNUHVOtELHORXIDUERXDQDWRPLVWRPPLHVWH
VDQDNUHVOt]YlþãHQêQRYêPHWyGDNUHVOL
❍DNWXiOQDYHĐNRVĢVWURPXMHYVWDYRYHMSUHPHQQHM'QDSRþLDWNXMHDVWiOHVD]YlþãXMH
NUiW
❍NOLNQXWtPP\ãLVDQDSUtVOXãQRPPLHVWHQDURGtQRYiVWURPRYiNRU\WQDþNDNWRUiEXGH
SRVWXSQHY\NUHVĐRYDĢVWiOHYlþãtDYlþãtVWURPMHMSRþLDWRþQpQDWRþHQLHQHFKMHQiKRGQpþtVOR
RGGR
❍SULĢDKDQtP\ãLVR]DWODþHQêPWODþLGORPVDSRVWXSQHEXG~JHQHURYDĢQRYpDQRYpNRU\WQDþN\
NWRUpKQHć]DþQ~UiVĢSULþRPNDåGićDOãLDVDQDURGtOHQDNVDP\ãSRVXQXODDVSRĖ
Y]GLDOHQRVĢRGSUHGFKiG]DM~FHM
❍NRU\WQDþNDNWRUiXåY\NUHVOLODVWURPYHĐNRVWLGGNRQãWDQWDSURJUDPXQDSUVD]UXãt]R
]R]QDPX9HOD.RU
6N~VWHV7LPHURPLEH]QHKR
,QWHUSUHWiFLDWH[WRYpKRV~ERUX
9WH[WRYRPV~ERUHNUHVOLW[WMHSRStVDQêQHMDNêREUi]RNNWRUêEXGHWUHEDQDNUHVOLĢQLHNRĐNêPL
NRU\WQDþNDPL.DåGêULDGRNSRSLVXMHQHMDN~þDVĢREUi]NXSUHMHGQXNRU\WQDþNXDPiQDVOHGRYQ~
ãWUXNW~UXYãHWN\þtVODYV~ERUHV~FHOp
❍]DþtQDWURPLþtVODPL[\DXNWRUpSUHW~WRNRU\WQDþNXGHILQXM~SRþLDWRþQ~SRORKXDVPHU
QDWRþHQLDYURYLQH
❍]DWêPQDVOHGXMHSRVWXSQRVĢþtVHONWRUiSRSLVXMHSRVWXSQRVĢYRODQtPHWyGGRSUHGXDYSUDYR
EXG~YRODQpVWULHGDYR±QDMSUYGRSUHGXDSRWRPYSUDYR
❍WiWRSRVWXSQRVĢP{åHE\ĢSiUQHMDMQHSiUQHMGĎåN\
❍WDNWRV~SRStVDQpYãHWN\ULDGN\±NDåGêSUHMHGQXNRU\WQDþNX
GRWHMWRSRVWXSQRVWLĆDOHM]DGHILQXMHWHPHWyGXURENWRUiDNVDGi]UHDOL]XMHMHGHQNURNSRVWXSQRVWL
WMMHGQXGYRMLFXGRSUHGXDYSUDYR
3URJUDPQDMSUYQDþtWDGDQêV~ERUY\WYRUtSUtVOXãQêSRþHWNRU\WQDþLHNQDGHILQRYDQêFKSR]tFLiFK
XNiåHLFKWYDU3ULVWODþHQtĐDYpKRWODþLGODP\ãLY\NRQiMHGHQNURNSUHNDåG~H[LVWXM~FXNRU\WQDþNX
$NQLHNWRUiNRU\WQDþNDXåY\NRQDODYãHWN\VYRMHSUtND]\]DQLNQH]UXãtVD
9êVOHGN\RSUDYQHM]iSRþWRYHM
StVRPN\
%HO\XV0DW~ã ]DSRþtWDQp
%LVNXSLþ-iQ ]DSRþtWDQp
%ULQ]D%RULV ]DSRþtWDQp
&LEXOND7RPiã ]DSRþtWDQp
&Vt]L/DGLVODY QH]DSRþtWDQp
'XGD7RPiã QH]DSRþtWDQp
'YRĜiNRYi-DQD ]DSRþtWDQp
)LOR0DUWLQ ]DSRþtWDQp
)UOLþND3HWHU SRGPLHQHþQê]iSRþHW
*HRUJLRX0DUWLQ QH]DSRþtWDQp
*XEiã0DUWLQ SRGPLHQHþQê]iSRþHW
+iPRUQtN-R]HI QH]DSRþtWDQp
+HUãNRYi-DQD QH]DSRþtWDQp
-DQNRyYi$GULHQD QH]DSRþtWDQp
.XNDQ0DUWLQ SRGPLHQHþQê]iSRþHW
0DþHN3DWULN SRGPLHQHþQê]iSRþHW
2FKDED7RPiã QH]DSRþtWDQp
2QGUiãNRYi0iULD SRGPLHQHþQê]iSRþHW
2QGUHMþtN9ODGLPtU QH]DSRþtWDQp
2UYRã3DYRO QH]DSRþtWDQp
3DMWiã5yEHUW QH]DSRþtWDQp
3iORV*XVWiY SRGPLHQHþQê]iSRþHW
3DUiN-R]HI ]DSRþtWDQp
3HNDU0LORã ]DSRþtWDQp
3RODQ0LFKDO ]DSRþtWDQp
5LJy=VROW SRGPLHQHþQê]iSRþHW
6NDOQê$GDP ]DSRþtWDQp
âLPNR'DQLHO ]DSRþtWDQp
âLPXQLþ7LPRWHM QH]DSRþtWDQp
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[O[BQPDFUIUNM [
<>
7âTMFELZPQSBWOFK[ÈQPǁUPWFKQÓTPNLZ
âRXQâWHIDQ QH]DSRþtWDQp
9DUJD0DUHN QH]DSRþtWDQp
=YROHQVNi=GHQND ]DSRþtWDQp
SRGPLHQHþQê]iSRþHW
FYLþLDFLXUþtNULWpULiSULRGRY]GiYDQt]iSRþWRYpKRSURMHNWX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[O[BQPDFUIUNM [
<>
Výsledky testu ku skúške
9êVOHGN\WHVWXNXVN~ãNH
0HQR 6~þHW
%DM]tN7LERU ,
%DOJDYi(YD ,
%DOWRYi$OH[DQGUD ,
%DUWHOW5LFKDUG ,
%HODV%UDQLVODY ,
%HYLODTXD3HWHU ,
%ODKR/DGLVODY ,
%Oi]VRYLWV*iERU ,
%XMĖiN7RPiã ,
ýDQHFNê0LFKDO ,
ýtå)LOLS ,
&Vt]L/DGLVODY ,
'RELãâWHIDQ ,
'RUãLF0DUHN ,
'YRĜiNRYi-DQD ,
']DPNR7RPiã ,
)LOR0DUWLQ ,
)LOR5RQDOG ,
.DUDV0DUWLQ ,
)RUQHU9ODGLPtU ,
)UDWULþ0LFKDO ,
)UOLþND3HWHU ,
)XUGtN0DUWLQ ,
*DUGRĖ6WDQLVODY ,
*HRUJLRX0DUWLQ ,
*XEiã0DUWLQ ,
UR]ORåHQLHERGRY
RGGR
RGGR
RGGR
RGGR
RGGR
RGGR
RGGR
RGYLDF
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
0,D
0HQR =iSRþĢiN =iSRþHW 6SROX
%HO\XV
0DW~ã
%ULQ]D
%RULV
&LEXOND
7RPiã
+UQþLDULN
0LFKDO
.DODV
%UDQLVODY
.DããiN
3HWHU
/DXULQF
3HWHU
6LWWD
7RPiã
/DVW8SGDWHGRQ
(PDLONXELQFRYD#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[NJBIUN<>
$WJǁFOJB[QSPHSBNPWBOJB.*C
&YLþHQLD]SURJUDPRYDQLD0,E
7XEXGHERGRYDFLDWDEXĐND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[NJCIUN<>
$WJǁFOJB[QSPHSBNPWBOJB.*B
&YLþHQLD]SURJUDPRYDQLD0,D
7XEXGHERGRYDFLDWDEXĐND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[NJBIUN<>
'BOBUJDJWSPǁOÓLV
RNW
7HVWSUHIDQDWLNRY
Ɣ]DGDQLHWHVWXSUHIDQDWLNRY
ƔWDEXĐNDYêVOHGNRYWHVWX
3ULHEHK]LPQpKRVHPHVWUDSUHIDQDWLND
ƔQHPXVtDOHP{åHQDYãWHYRYDĢFYLþHQLDDQLStVDĢUR]FYLþN\
Ɣ]YROtVLWpPXVHPHVWUiOQHKRSURMHNWX]WêFKWRREODVWt
❍SRþtWDþRYiKUDDOHERVLPXOiFLD
❍LQWHUQHWKWPO
❍PXOWLPpGLDJUDILFNpD]YXNRYpHGLWRU\SUHKUiYDþHDSRG
RNUHPãWDQGDUGQêFK
ƔWpPXSURMHNWXWUHEDSUHNRQ]XOWRYDĢVRPQRXQDMQHVN{UGRNRQFDRNWyEUDEXćHPDLORPDOHER
RVREQH
ƔEHWDYHU]LXSURMHNWXWUHEDRGRY]GDĢQDMQHVN{UFH]]iSRþWRYêWêåGHĖ
ƔNRPSOHWQ~YHU]LXWUHEDRGRY]GDĢQDMQHVN{UWêåGHĖSUHGVN~ãNRX
ƔRGRY]GDQêSURMHNWMHSRGPLHQNRXQD]tVNDQLH]iSRþWX
Ɣ ]DSURMHNWMHPRåQp]tVNDĢDåERGRYNWRUpVDSRþtWDM~NXVN~ãNHERG\V~QDMPl]D
❍]ORåLWRVĢSUREOpPXDNYDOLWXULHãHQLD
❍GL]DMQDSRKRGOLHSULRYOiGDQt
❍]DXMtPDYpQiSDG\DQHWUDGLþQpULHãHQLD
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJ[GBOLFDIUN<>
Test z programovania pre fanatikov
7HVW]SURJUDPRYDQLDSUHIDQDWLNRY VHSW
❍PHQRXNRQþHQp]QDNRP
❍URNQDURGHQLDXNRQþHQê
❍PD[LPiOQHSUYNRY~SRVWXSQRVĢFHOêFKþtVHOQDY]iMRPRGGHOHQêFKPHG]HURXNWRUiMH
XNRQþHQiNRQFRPULDGNXDNWXiOQHQDþtWDQêSRþHWSUYNRYWUHEDXORåLĢGRSRORåN\SRFHW
5LDGRNP{åHY\]HUDĢQDSUWDNWR-DQNR+UDãNR±
3UHW~WRWULHGX]DGHILQXMWHDMGHãWUXNWRU8YROQL
0{åHWHSUHGSRNODGDĢåHWH[WRYêV~ERUSDUDPHWHUNRQãWUXNWRUDMHXåRWYRUHQêQDþtWDQLHDMH
NRUHNWQê
1DStãWHIXQNFLX3RURYQDMVGYRPDSDUDPHWUDPLW\SX76NDXWNWRUiYUiWLMHGQX]KRGQ{W
Y\PHQRYDQpKRW\SXPHQVLURYQ\YDFVLSRGĐDWRKRYDNHMUHOiFLLV~SRORåN\PHQRSUtVOXãQêFK
LQãWDQFLt
=DGHILQXMWHWULHGX72GGLHONWRUiREVDKXMHSUYNRYpMHGQRUR]PHUQpSROHLQãWDQFLtWULHG\
76NDXWY7XUER3DVFDOHVPHUQtNRYQDLQãWDQFLHDSRþtWDGORDNWXiOQHKRSRþWXSUYNRY2NUHP
NRQãWUXNWRUDNWRUêLQLFLDOL]XMHSROHQDStãWHPHWyGX=DUDGNWRUiDNRSDUDPHWHUGRVWDQHMHGHQ
REMHNW76NDXWY7XUER3DVFDOHVPHUQtNQDĖKRD]DUDGtKRGRSRĐDWDNDE\SUYN\YSROLEROL
VWiOHXWULHGHQpY]RVWXSQHSRGĐDPHQD1DSRURYQiYDQLHGYRFKREMHNWRYSRXåLWHIXQNFLX
3RURYQDM]GUXKpKRSUtNODGX$NVDYSROLQDFKiG]DREMHNWVURYQDNêPPHQRPWDNKRWUHED
SUHStVDĢQRYêPREVDKRPVWDUêREMHNWWUHEDXYRĐQLĢSUtVOXãQêPGHãWUXNWRURP
3UHWULHGX72GGLHOQDStãWHPHWyGXIXQNFLX+ODGDMVMHGQêPSDUDPHWURP]QDNRYêP
UHĢD]FRPNWRUiYRVYRMRPSROLLQãWDQFLt76NDXWQiMGHREMHNWVKĐDGDQêPPHQRPDYUiWLMHKR
LQGH[YWRPWRSROL$NWDNêSUYRNQHQiMGHYUiWL+ĐDGDQLHUHDOL]XMWHELQiUQ\PY\KĐDGiYDQtP
SROHMHXWULHGHQpSRPRFRXUHNXU]LHWMQHSRXåLWHF\NOXV
9êVOHGN\WHVWXSUHIDQDWLNRY
0HQR .U~åRN SUtNODG SUtNODG SUtNODG SUtNODG 6SROX )DQDWLN
%DM]tN7LERU , iQR
%HODV%UDQLVODY ,
%HYLODTXD3HWHU ,
%ODKR/DGLVODY , iQR
%XMĖiN7RPiã , iQR
ýDQHFNê0LFKDO , iQR
ýHFK)UDQWLãHN , iQR
ýtå)LOLS ,
'RELãâWHIDQ , iQR
'RMþDQ$QGUHM ,
)LOR5RQDOG , iQR
)RUQHU9ODGLPtU ,
)UDWULþ0LFKDO ,
+DOLFNê3HWHU , iQR
+DPDU'XãDQ ,
+LWND0LFKDO , iQR
+URQVNê0DUWLQ , iQR
-DQþRãHN0LFKDO ,
-RPEtN2QGUHM ,
.DGOLF0LFKDO , iQR
.LWNR5RPDQ ,
.RþDQ0DUWLQ ,
.Rþt0LFKDO ,
.RþLã$GULiQ ,
.RK~W0DWHM , iQR
.R]HM3HWHU , iQR
.XEtN0DWHM , iQR
/DQJ0DUWLQ ,
0DUFLQþiN0DULiQ ,
0DWLDãRYVNê0DURã ,
0LFKDOLþND-iQ , iQR
3R]QiPNDPD[LPiOQ\SRþHWERGRYNWRUêVLRGQHVLHWHNXVN~ãNHMH
SUHURþQtN PiM
OHWQêVHPHVWHU
'\QDPLFNpSUHPHQQp
6PHUQtN\ 6N~ãND]
=DGDQLD~ORK]FYLþHQLD SURJUDPRYDQLD
%LQiUQHV~ERU\
=DGDQLD~ORK]FYLþHQLD
6SiMDQp]R]QDP\
=DGDQLD~ORK]FYLþHQLD
3RXåtYDQLHVSiMDQêFK]R]QDPRY
=DGDQLD~ORK]FYLþHQLD
%LQiUQHVWURP\
=DGDQLD~ORK]FYLþHQLD
3RXåLWLHELQiUQ\FKVWURPRY
=DGDQLD~ORK]FYLþHQLD
7ULHGHQLD
=DGDQLD~ORK]FYLþHQLD
*UDI\
=DGDQLD~ORK]FYLþHQLD
$OJRULWP\SUHKĐDGiYDQLDJUDIX
=DGDQLD~ORK]FYLþHQLD
3UHKĐDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
=DGDQLD~ORK]FYLþHQLD
%DFNWUDFNLQJQDJUDIRFK
=DGDQLD~ORK]FYLþHQLD
NRPSOHWGHOSKLOV]LS.%
&YLþHQLD]SURJUDPRYDQLD
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
7HVWSUHIDQDWLNRY²ªYêVOHGN\WHVWX
Ɣ]YRĐWHVLWpPXSURMHNWXSRGĐDYODVWQpKRYêEHUXWUHEDMXVRPQRXSUHNRQ]XOWRYDĢQDMOHSãLHH
PDLORP
ƔSURMHNWE\VWHPDOLRGRY]GDĢGRNRQFD]iSRþWRYpKRWêåGĖD
3ULHEHKOHWQpKRVHPHVWUD
ƔQiYãWHYDSUHGQiãRN±QHSRYLQQi
ƔSRYLQQRVWL]FYLþHQt±ERGRYDQp
ƔRQH~þDVWLQHWUHEDRVSUDYHGOQHQLH
ƔQHH[PRåQRVĢQiKUDG\
$UHåLPSUHIDQDWLNRYWMQDStVDOYVWXSQêWHVWDVSRĖQDERGRY]ERGRY
ƔDNQHGRVLDKQHDVSRĖERGRYWLHWRVLQHRGQiãDNXVN~ãNH
Ɣ]tVNDYDWêPWRERGRYNWRUpV~QXWQpQD]tVNDQLH]iSRþWXY/6DNXVN~ãNHVL
RGQiãDYãHWN\ERG\NWRUpQDYVWXSQRPWHVWH]tVNDO
[ERGRY [
ƔćDOãLHERG\ãWXGHQW]tVNDYDWêPåHSULQHVLHQDSURJUDPRYDQêVHPHVWUiOQ\
SURJUDP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
\ERGRY \
ƔWDNWR]tVNDQêV~þHWERGRYVLãWXGHQWRGQiãD]RVHPHVWUD[\ ERGRY
%RVWDWQtãWXGHQWLQHStVDOLYVWXSQêWHVWDOHERQDĖRPQH]tVNDOLDVSRĖERGRY
ERG\]tVNDYD]PRåQR±SRWRPVDSRþtWDOHQQDM~VSHãQHMãtFK
Ɣ
UR]FYLþLHN
[ERGRY [
Ɣ'20È&(Ò/2+<SULEOLåQHNDåGêGUXKêWêåGHĖPRåQR]tVNDĢPtQXV
=iSRþHW
ƔEHU~VDERG\]DVHPHVWHU[\
ƔãWXGHQWNWRUê]tVNDOFH]VHPHVWHUPHQHMDNR[ERGRYQH]tVNDYD]iSRþHW
ƔãWXGHQWNWRUê]tVND]RVHPHVWUDERGRYP{åH]tVNDĢERG\NWRUpPXFKêEDM~GRQD
]iSRþWRYHMStVRPNH]tVNDYD]iSRþHWYQiKUDGQRPWHUPtQHNXVN~ãNHVLRGQiãDOHQERGRY
DMNHE\QDStVRPNHYLDF
ƔDNãWXGHQW]tVNDDVSRĖERGRY]tVNDYD]iSRþHWYULDGQRPWHUPtQHDYãHWN\ERG\VLRGQiãD
NXVN~ãNH
ƔN]tVNDQLX]iSRþWXMHQXWQpRGRY]GDQLH]iSRþWRYêFKSURJUDPRYDOHERVHPHVWUiOQHKR
SURJUDPXDNãWXGHQWSDWULOGRNDWHJyULH$
6N~ãND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
ƔWHUPtQ\VN~ãRNWêåGQHSUHG]DþLDWNRPVN~ãNRYpKRREGRELD
ƔWHUPtQ\
ƔPiWHQiURNQDULDGQ\WHUPtQDNQHXVSHMHWHWDNRSUDYQêWHUPtQOHQGRNRQFD
VN~ãREQpKR
ƔRSUDYQêWHUPtQDNGiY\XþXM~FL±YSURJUDPRYDQtWRQLHMH]Y\NRP
ƔRVSUDYHGOQLĢVD]QH~þDVWL]RVN~ãN\GRGQt
ƔSRGPLHQNRXNXVN~ãNHMH]tVNDQLH]iSRþWXDNQHPi]iSRþHWWDNVWUDWDWHUPtQX
ƔNERGRPNWRUpVLSULQLHVRO]RVHPHVWUD[\ ]tVNDYDćDOãLHSRþDVSULHEHKXVN~ãN\
RGODGHQLHSURJUDPXQDSRþtWDþLSRYROHQêĢDKiN
ƔQDULDGQRPWHUPtQHWUHED]SUDNWLFNHMþDVWL]tVNDĢDVSRĖERGRYLQDNMH
]QiPND1(9<+29(/
± 1(9<+29(/
± '2%5(
± 9(ď0,'2%5(
±! 9é%251(
PRåQRVĢ]tVNDQLDHSVLORQRYHMSUpPLHNERGRP~SUDYDSURJUDPXULHãHQLH
YãHREHFQHMãHM~ORK\DSRGUHVSQHHSVLORQRYHMVWUDW\]DQH~SUDYX
3RN\Q\N]iSRþWRYpPXSURJUDPX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
%FMQIJQSFSPǁOÓL
ƔQDMQHVN{UGR"""GRVWDQHWHRGVYRMKRFYLþLDFHKRNRQNUpWQXWpPX]iSRþWRYpKRSURJUDPX
Ɣ~ORKRXMHQDStVDĢSURJUDPY'HOSKLNWRUêSULþRPNDåGêãWXGHQWGRVWDQHLQ~WHPDWLFN~
REODVĢ
3UHGSRNODGRPQDRGRY]GDQLHMHIXQNþQRVĢFHOpKRSURMHNWXVSROXVYKRGQHIRUPiWRYDQêP
]GURMRYêPSURJUDPRP
3UpPLRYpERG\VDXGHĐXM~]DQDGãWDQGDUGQpVSOQHQLH]iNODGQêFKIXQNFLtDRULJLQDOLWXFHOpKR
SURMHNWX
7HUPtQ\QDRGRY]GiYDQLH
3RNLDĐFKFHWHPDĢQiURNQDSUpPLXPXVtWHRGYR]GDĢ]iSRþWRYêSURJUDPQDMQHVN{UGRNRQFD
]iSRþWRYpKRWêåGĖDYUiPFLNRQ]XOWDþQêFKKRGtQ
7HVWSUHIDQDWLNRY
ƔYSRQGHORNIHEUXiUDSRVOXFKiUHĖ)RMHGLQêWHUPtQ
ƔWUHEDVDGRSUHGXSULKOiVLĢSDSLHUQDVNOHQHQHMVWHQHSUHG,
ƔStVRPQêWHVWWUYiPLQ~W
ƔULHãLVDSUtNODGRY]WpP]OHWQpKRVHPHVWUDDNQLHMHY\ULHãHQêDVSRĖQDERGRY]WDN
VDWHVWQHSRþtWDWMGiVD]tVNDĢDåERGRY
❍G\QDPLFNpGiWRYpãWUXNW~U\]R]QDP\VWURP\JUDI\
❍ELQiUQHV~ERU\
❍WULHGHQLDEDFNWUDFNLQJ
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMJOEFYIUNM [
<>
Dynamické premenné
'\QDPLFNp
IHE
SUHPHQQp
6NRURYãHWN\SUHPHQQpNWRUpVPHGRWHUD]SRXåtYDOLEROLVWDWLFNp
ƔLFKYHĐNRVĢDDGUHVDYSDPlWLERODXUþHQiXåSRþDVNRPSLOiFLH
ƔJOREiOQHSUHPHQQpSUHPHQQpKODYQpKRSURJUDPXUHVSYãHWNêFKXQLWRYVDY\KUDGLDYMHGQRP
GiWRYRPVHJPHQWH
ƔORNiOQHSUHPHQQpDMSDUDPHWUHSRGSURJUDPRYVDDXWRPDWLFN\Y\KUDGLDSULYRODQtSRGSURJUDPX
'HOSKLPiPHFKDQL]PXVQDY\WYiUDQLHG\QDPLFNêFKSUHPHQQêFK
ƔSUHPHQQpVDQHY\WYiUDM~DQLYGiWRYRPVHJPHQWHSURJUDPXDQLY]iVREQtNXDOHYãSHFLDOQRP
VHJPHQWHNWRUêMHXUþHQêSUHYãHWN\G\QDPLFNpSUHPHQQpKHDSKDOGD
6PHUQtNRYpSUHPHQQp
ƔV~SUHPHQQpNWRUpVDSRXåtYDM~QDSUtVWXSNG\QDPLFNêPSUHPHQQêP
ƔþDVWRV~WRVWDWLFNpSUHPHQQp
ƔSULãWDUWHSURJUDPXPDM~QHGHILQRYDQ~KRGQRWX
ƔSULY\KUDGHQtSDPlWLSUHG\QDPSUHPHQQ~VDGRVPHUQtNRYHMSUHPHQQHMGRVWDQHDGUHVD
VPHUQtNQDW~WRG\QDPLFN~SUHPHQQ~
ƔVPHUQtNRYiSUHPHQQi]DEHUiEDMW\DGUHV\YSRþtWDþLV~EDMWRYp
SUHPHQQ~NRQNUpWQHKRW\SXG\QDPLFNiSUHPHQQiP{åHE\ĢĐXERYRĐQpKRW\SXQDSUþtVOR
UHĢD]HFSROHPQRåLQD]i]QDPWMDNDMHãWHQLHMHQHGHILQRYDQiYåG\SUHVQHYLHPHW\S
G\QDPLFNHMSUHPHQQHMQDNWRU~RGND]XMH
ƔSULGHILQRYDQtW\SXVPHUQtNP{åHE\Ģ]QDNAOHQSUHGLGHQWLILNiWRURPW\SX
RE\þDMQRXSUHPHQQRX
ƔVPHUQtNRYpSUHPHQQpP{åHPHQDY]iMRPSULUDG]RYDĢUHVSSRURYQiYDĢQDURYQRVĢDOHER
QHURYQRVĢMHGLQHDNV~LGHQWLFNpKRW\SX
.RQãWDQWQêVPHUQtN1,/
ƔXQLYHU]iOQDNRQãWDQWDSUHYãHWN\VPHUQtNRYpW\S\
ƔSRXåtYDVDYWHG\NHćSRWUHEXMHPHUR]OtãLĢSUtSDGåHVPHUQtNRYiSUHPHQQiRGND]XMHQDQHMDN~
G\QDPLFN~SUHPHQQ~DåHHãWHQHRGND]XMHQDåLDGQX
ƔY'HOKSLVDWRWLåQHGi]LVWLĢþLPiQHMDNiQLHOHQVPHUQtNRYiSUHPHQQiQHGHILQRYDQ~KRGQRWX
S QLO
ƔSXåQHPiQHGHILQRYDQ~KRGQRWXDSULWRPVDEXGHGDĢRWHVWRYDĢåHQHRGND]XMHQDåLDGQX
G\QDPLFN~QDSU
LIS QLOWKHQQHZS
ƔVRVPHUQtNPLV~SRYROHQpOHQUHODþQpRSHUiFLH D!DMWROHQVRVPHUQtNPLURYQDNpKRW\SX
UHVSVQLO
LIS SRUS QLOWKHQMHRN
LIS!SWKHQFK\EQêQHSUtSXVWQêWHVW
âWDQGDUGQpSURFHG~U\QHZDGLVSRVH
QHZYDUSAW\S
SDUDPHWURPĐXERYRĐQiVPHUQtNRYiSUHPHQQi
]DEXGQHS{YRGQ~KRGQRWXS
DNERORSQHGHIHILQRYDQpWDNWR]UHMPHQHYDGt
DNSRGND]RYDODQDG\QDPSUHPHQQ~DQLNLQêWDNNQHMVWUiFDPHSUtVWXS
Y\KUDGtYRYRĐQHMþDVWLSDPlWLKHDSYHĐNRVĢVL]HRIW\S
YlþãLQRXMHWRWURFKXYLDF]iYLVtRGRUJDQL]iFLHVSUiY\SDPlWLNWRUiVDVWDUiRKHDS
S DGUHVDY\KUDGHQiYRYRĐQHMSDPlWL
GLVSRVHSAW\S
G\QDPLFNHMSUHPHQQHMYKHDSHVDSUDYGHSRGREQHSRãNRGLODKRGQRWDXåMX
QHVPLHPHSRXåtYDĢ
SR]ULWHVLY+HOSHãWDQGDUGQ~IXQNFLX*HW+HDS6WDWXVNWRUiYUiWLLQIRUPiFLHRDNWXiOQRPVWDYHKHDS
ĆDOãLH]iVDG\VOXãQpKRSURJUDPRYDQLD
ƔVQDåtPHVDDE\YãHWN\VPHUQtNRYpSUHPHQQpPDOLEXć1,/DOHERVNXWRþQHXND]RYDOLQD
Y\WYRUHQpSUHPHQQpWMQHEROLQHGHILQRYDQp
ƔDNS 1,/ !RGND]SAKOiVL]QiPXFK\EX$FFHVV9LRODWLRQDSUHWRVDYSURJUDPHþDVWR
Y\VN\WXMHRWi]ND
LIS 1,/SUtSDGQHLIS!1,/«
QLNG\QHRGND]XMHPHVPHUQtNRYRXSUHPHQQRXRNWRUHMQLHVPHSUHVYHGþHQtåHMH
GHILQRYDQiDU{]QDRG1,/UDGãHMEXćPHSHVLPLVWLDYãHWNRNRQWUROXMPH
-HGQRUR]PHUQpSROHVPHUQtNRY
W\SHPQR]LQD VHWRIE\WHEDMWRY
SROH DUUD\>@RIAPQR]LQDEDMWRYLQDNEH]AE\EROR
EDMWRY
YDUGDWDSROH
LLQWHJHU
EHJLQ
IRUL WRGRQHZGDWD>L@
IRUL WRGRGDWD>L@A >UDQGRP@
IRUL WRGRGLVSRVHGDWD>L@
XYROQHQ\KHDSPR]HVDGDOHMYWRPWRSURMHNWHSRX]LYDW
HQG
3UtNODG\MHGQRDGYRMUR]PHUQêFKSROtVPHUQtNRY
W\SHSROH DUUD\>@RILQWHJHU
3SROH ASROH
SROH DUUD\>@RISROHRE\þDMQpUR]PHUQpSROH
3SROH ASROH
SROHSSROH DUUD\>@RI3SROH
YDUDSROHSSROH
E3SROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZD>L@
IRUL WRGR
IRUM WRGR
D>L@A>M@ LM
QHZE
IRUL WRGR
IRUM WRGR
EA>L@>M@ LM
HQG
W\SHVSROH DUUD\>@RIALQWHJHU^SROHVPHUQtNRYQDLQWHJHU`
3VSROH AVSROH
VSSROH DUUD\>@RI3VSROH
3VSSROH AVSSROH
YDUFVSSROH
G3VSSROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZF>L@VL]HRIF
IRUL WRGRVL]HRIF>L@
IRUM WRGRVL]HRIF>L@A
EHJLQ
QHZF>L@A>M@F>L@A>M@A LM
HQG
QHZG
IRUL WRGRQHZGA>L@VL]HRIG VL]HRIGA
IRUL WRGRVL]HRIGA>L@
=i]QDP\SROLDDVPHUQtN\
W\SHSROH DUUD\>@RILQWHJHU
3SROH ASROH
]D]Q UHFRUG
[SROH
\3SROH
]DUUD\>@RIALQWHJHU
HQG
3]D]Q A]D]Q
SROH3]D]Q DUUD\>@RI3]D]Q
3SROH3]D]Q ASROH3]D]Q
YDUD3]D]Q
ESROH3]D]Q
F3SROH3]D]Q
LMLQWHJHU
EHJLQ
QHZD
IRUL WRGRQHZE>L@
QHZFIRUL WRGRQHZFA>L@
IRUL WRGR
EHJLQ
IRUM WRGRFA>L@A[>M@ LM
QHZFA>L@A\
IRUM WRGRFA>L@A\A>M@ LM
IRUM WRGRQHZFA>L@A]>M@
IRUM WRGRFA>L@A]>M@A LM
HQG
HQG
3RVWXSQpSUHþtWDQLHSUHPHQQHMFA>L@A\A>M@
VNUDFRYDQLH]iSLVXRVPHUQtNRYDQHMSUHPHQQHM]QDNAP{åHPHY\QHFKDĢDNVLKRYHGLD'HOSKL
MHGQR]QDþQHGRP\VOLHĢ
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
6PHUQtN\ IHE
6PHUQtNQDVPHUQtN
QDVOHGXM~FLSUtNODGOHQLOXVWUXMHSRXåLWLHVPHUQtNRY
W\SH3LQW ALQWHJHU
33LQW A3LQW
333LQW A33LQW
YDUL3LQW
M33LQW
.333LQW
EHJLQ
QHZLLA
QHZMQHZMAMAA
QHZNQHZNAQHZNAANAAA
HQG
6SUiYDSDPlWL0HPRU\PDQDJHPHQW
ƔWiWRVSUiYDVDVWDUiRXGUåLDYDQLHREVDGHQêFKDXYROQHQêFKþDVWtG\QDPLFNHMSDPlWLKHDS
ƔãWDQGDUGQpSURFHGU\1HZ'LVSRVH*HW0HP5HDOORF0HPD)UHH0HPY\XåtYDM~VSUiYX
SDPlWL
ƔNDåGêY\KUDGHQêSDPlĢRYêEORNQDSUSRPRFRX1HZPiGĎåNX]DRNU~KOHQ~QDQDMEOLåãt
QiVRERNDREVDKXMHHãWHEDMWRY~KODYLþNXGĎåNXEORNXDLQpVWDWYRYpLQIRUPiFLH
ƔVSUiYDXGUåLDYDWLHWRGYHSUHPHQQp
❍$OORF0HP&RXQWSRþHWSDPlĢRYêFKEORNRY
❍$OORF0HP6L]HGĎåNDY\KUDGHQêFKSDPlĢRYêFKEORNRY
ƔIXQNFLD*HW+HDS6WDWXVYUiWLćDOãLHXåLWRþQpLQIRUPiFLHRVSUiYHSDPlWL
5H]HUYRYDQpVORYRQLOMHãSHFLiOQDVPHUQtNRYiNRQãWDQWDYQ~WRUQHMHUHSUH]HQWRYDQiEDMWDPLV
KRGQRWRX
VPHUQtNRYêFKSUHPHQQêFKERORSUtVQHNRQWURORYDQpGHOSKDPL
1HW\SRYêVPHUQtNW\S32,17(5
XQLYHU]iOQ\VPHUQtNSRGREQHDNRQLO
ƔNRPSDWLELOQêVRYãHWNêPLVPHUQtNPLP{åHPHKRSULUDGLĢGRVPHUQtNRYHMSUHPHQQHM
ĐXERYRĐQpKRW\SXDQDRSDNP{åHWRE\ĢYHĐPLQHEH]SHþQpĐDKNRP{åHPHVWUDWLĢNRQWUROXQDG
VPHUQtNPL
ƔQHP{åHPHSRPRFRXQHKRSUDFRYDĢVG\QDPLFNRXSUHPHQQRXQDNWRU~RGND]XMHEXćKR
SULUDGtPHGRW\SRYpKRVPHUQtNDDOHERKRSUHW\SXMHPH
ƔEXćGRQHKRSULUDGtPHXåQHMDNêKRWRYêVPHUQtNQDG\QDPLFN~SUHPHQQ~DOHERY\KUDGtPH
QRY~G\QDPLFN~SDPlĢSRPRFRXãWDQGDUGQHMSURFHG~U\*HW0HPSUHPHQQiBW\SXBSRLQWHUGĎåND
MHWRSRGREQp1HZ
❍1HZS *HW0HPS6L]H2ISA
ƔWDNWRY\KUDGHQ~SDPlĢXYROQtPHãWDQGDUGQRXSURFHG~URX)UHH0HPSUHPHQQiBW\SXBSRLQWHU
MHWRSRGREQp'LVSRVH
❍'LVSRVHS )UHH0HPS
ƔSRXåLWLHXYLGtPHSULQHW\SRYêFKIRUPiOQ\FKSDUDPHWURFK
1HW\SRYêIRUPiOQ\SDUDPHWHU
IRUPiOQ\SDUDPHWHUNWRUêQHPiXYHGHQêW\S
YWHOHSURFHG~U\KRP{åHPHSRXåLĢ
ƔSUHW\SRYDQtPQDNRQNUpWQ\W\S
ƔDOHERSRPRFRXGLUHNWtY\DEVROXWHMHWRSUHW\SRYDQLHSRþDVGHNODUiFLt
ƔDOHERSRVODĢDNRQHW\SRYêSDUDPHWHUGRLQHMSURFHG~U\
❍QDSUãWDQGDUGQiSURFHG~UD0RYHRGNLDĐNDPNRĐNRBEDMWRY
❍DOHER]iSLVUHVSQDþtWDQLHGR]QHW\SRYpKRV~ERUX±EXGHPHYLGLHĢQHVN{U
SRXåLWLHRSHUiWRUD#DVPHUQtNRYHMDULWPHWLN\
S #D
ZKLOHGO]ND!GR
EHJLQ
5HVXOW 5HVXOW,QW7R+H[SA
LQFSS S
GHFGO]ND
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUVDUUD\>@RIFKDU
LLQWHJHU
EHJLQ
V
$KRM'HOSKL
ODEHO&DSWLRQ GXPSVVL]HRIV
L
ODEHO&DSWLRQ GXPSLVL]HRIL
HQG
'LUHNWtYD$%62/87(
LQiYHU]LDãHVWQiVWNRYpKRYêSLVXNXVXSDPlWL
LIGO]ND!WKHQGO]ND
IRUL WRGO]NDGR
5HVXOW 5HVXOW,QW7R+H[S>L@
HQG
'\QDPLFNpSROLD
ƔUHSUH]HQWRYDQpV~VPHUQtNRPQDMHGQRUR]PHUQpSROH
ƔGHNODUiFLDQHDORNXMHSDPlĢPDOLE\VPHSULUDGLĢQLO
WRWRVDDXWRPDWLFN\XYRĐQtQLHþRDNR)UHH0HP
ƔDN;D<V~SUHPHQQpURYQDNpKRW\SXG\QDPLFNpSROHSRWRP; <VS{VREtåH;UHIHUHQFXMHQD
YDU$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
$>@
% $
%>@
HQG
KRGQRWRX$>@MH
SULSRURYQiYDQtSUHPHQêFKW\SXG\QDPLFNpSROHVDSRURYQiYDM~LFKUHIHUHQFLHDQLHQLHKRGQRW\SROt
QDSU
YDU$%DUUD\RILQWHJHU
EHJLQ
6HW/HQJWK$
6HW/HQJWK%
$>@
%>@
LI$ %WKHQ
HQG
$ %YUiWL)$/6(DOH$>@ %>@YUiWL758(
SUHPHQQiW\SXG\QDPLFNpSROH]DEHUiEDMW\ VPHUQtNQDG\QDPLFN\DORNRYDQpSROH
EXćMHWRQLODOHERVPHUQtNDQEORNSDPlWLNWRUêMHREDMWRYGOKãtDNRYHĐNRVĢSROD
ƔEDMW\SRXåLWpQDSRþHWUHIHUHQFLt
ƔEDMW\QDSRþHWSUYNRYSRĐD/HQJWK
Ɣ]DWêPQDVOHGXM~SUYN\SROD
9LDFUR]PHUQpG\QDPLFNpSROHMHUHSUH]HQWRYDQp~SOQHURYQDNRMHWRG\QDPLFNpSROHVPHUQtNRYQD
G\QDPLFNpSROLD
=QDNRYpUHĢD]FH6WULQJ
ƔV~SRGREQpG\QDPLFNêPSROLDPWLHåV~WRVPHUQtN\QDSROLD]QDNRY
ƔSRGREQHVDSDPlWiDMSRþHWUHIHUHQFLtDDNWXiOQDGĎåNDUHĢD]FD/HQJWK
XNRQþHQêUHĢD]HF
ƔSUi]GQ\UHĢD]HFMHXFKRYDQêDNRQLODOHGRVWULQJRYHMSUHPHQQHMQHP{åHSULUDGLĢQLO
ƔQHP{åHPHSXåtYDĢDQL1HZDQL'LVSRVHDQLLQpSURFHG~U\VSUiY\SDPlWLQHP{åHPHSRXåtYDĢA
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUVVWULQJ
EHJLQ
V
DKRM'HOSKL
ODEHO&DSWLRQ GXPSV>@/HQJWKVQLHLEDVWRMHVPHUQtN
HQG
=QDNRYpUHĢD]FHXNRQþHQpQXOOWHUPLQDWHGVWULQJV
ƔV~SRGREQp]QDNRYêPUHĢD]FRPY&D&
ƔQLHNHG\LFKWUHEDSR]QDĢSULSUiFLV:LQGRZVQDQLåãtFK~URYQLDFK
ƔMHWRSRVWXSQRVĢ]QDNRYXNRQþHQi]QDNRP
DOHERYG\QDPLFNHMSDPlWL
ƔSUHGGHILQRYDQêW\S3&KDUVPHUQtNQDSRVWXSQRVĢ]QDNRYWMAFKDU
SUDFRYDĢVWDNêPLWRUHĢD]FDPLP{åHPH
ƔYãWDQGDUGQêFKSURFHG~UDFKDIXQNFLDFK5HDG5HDGOQ6WU9DO:ULWH
:ULWHOQ9DO$VVLJQ)LOH5HQDPH
ƔãWDQGDUGQHDNRVG\QDPLFNêPSRĐRP]QDNRY
ƔSRPRFRXYHĐNHMPQRåLQ\ãSHFLiOQ\FKIXQNFLtSUHWDNpWRUHĢD]FHQDSU
❍6WU&DW]UHĢD]HQLH
❍6WU&RPSSRURYQDQLH
❍6WU&RS\VNRStURYDQLH
❍6WU/HQGĎåNDUHĢD]FD
ƔP{åHPHY\XåLĢDMVPHUQtNRY~DULWPHWLNX
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUST3&KDU
EHJLQ
*HW0HPSPRKOLE\VPHSRXåLĢDM6WU1HZDOHER6WU$OORF
6WU&RS\S
PLOXMHPGHOSKL
T S
ZKLOHTA!GR
EHJLQTA XSFDVHTALQFTHQG
ODEHO&DSWLRQ S
ODEHO&DSWLRQ GXPSS6WU/HQS
)UHH0HPS
HQG
,QãWDQFLHWULHG
ƔNDåGiSUHPHQQiREMHNWWMLQãWDQFLDQHMDNHMWULHG\MHVPHUQtNQDG\QDPLFN\DORNRYDQêEORN
SDPlWL
ƔWUHEDQDWRP\VOLHĢSULSRURYQiYDQtDMSULUDćRYDQtQDSUJ ,PDJH&DQYDVDOHERLI
J3HQ )RUP&DQYDV3HQWKHQ
ƔYãHWN\VWDYRYpSUHPHQpV~XFKRYDQpSRGREQHDNRYW\SH]i]QDP
ƔLQIRUPiFLHRPHWyGDFKVDXNODGDM~GRWDEXĐN\907YLUWXDOPHWKRGWDEOHMHMHGLQiSUHYãHWN\
LQãWDQFLHGDQHMWULHG\
❍RNUHPPHWyGREVDKXMHDMLQpLQIRUPiFLHRLQãWDQFLLQDSULQIRUPiFLHRGĎåNHWULHGH
ƔMHMDVQpSUHþRMHQH]P\VHOQDPLHVWRN .RU&UHDWHSRXåLĢN&UHDWHNMH]UHMPHQLOD
QHP{åHPHUHIHUHQFRYDĢQLORP
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
%LQiUQHV~ERU\ IHE
9'HOSKLP{åHPHVRV~ERUPLSUDFRYDĢU{]Q\PLVS{VREPL
Ɣ'HOSKLãWêOWULHGD76WUHDP GiWRYêSU~G
QDMSUYVD]R]QiPLPHVRVWDUêPãWêORPSRWRPSUHMGHPHQDQRYêãWêOSU~G\
7H[WRYpV~ERU\
ƔSRVWXSQRVĢ]QDNRYNWRUiP{åHREVDKRYDĢãSHFLiOQ\]QDNNRQFDULDGNDMHULDGNRYRRULHQWRYDQê
ƔþtWDĢVDGiOHQSRVWXSQHRG]DþLDWNXGRNRQFDSRGREQH]DSLVRYDĢVDGiOHQQDNRQLHFV~ERUX
VHNYHQþQêSUtVWXS
ƔSUHþtWDQLHVDGiQDVWDYLĢQD]DþLDWRNV~ERUX
ƔDXWRPDWLFNpNRQYHU]LHSULþtWDQt]DSLVRYDQtLQêFKW\SRYDNR]QDN
ƔSULRWYRUHQtV~ERUXPXVtPHXUþLĢþLMHV~ERUOHQQD]iSLVDOHEROHQQDþtWDQLH
%LQiUQHV~ERU\
ƔSRVWXSQRVĢYLHWEXćURYQDNpKRW\SXDOHERU{]Q\FKW\SRYKRYRUtPHRV~ERURFKVSHYQRXGĎåNRX
YLHWDSUHPHQOLYRXGĎåNRX
ƔMHGQRXRSHUiFLRX5HDGDOHER:ULWHP{åHPHQDUD]QDþtWDĢDOHER]DStVDĢYLDFYLHW
Ɣ]RV~ERUXP{åHPHV~þDVQHþtWDĢDMGRQHKR]DSLVRYDĢEH]WRKRDE\VPHPXVHOLQLHþRSUHStQDĢ
]DSLVRYDĢSULDP\SUtVWXS
ƔXND]RYDWHĐYV~ERUHSR]tFLDVDSRNDåGHMRSHUiFLLþtWDQLH]iSLVDXWRPDWLFN\SRV~YDQD
QDVOHGRYQ~YHWXP{åHPHVRV~ERURPSUDFRYDĢVHNYHQþQH
Y3DVFDOHV~WRGYDW\S\SUiFHVELQiUQ\PLV~ERUPL
ƔW\SRYpELQiUQHV~ERU\XåSULGHNODURYDQtV~ERUXXUþtPHW\SYHW\DWêPDMGĎåNXYHW\GR
V~ERUXP{åHPH]DSLVRYDĢOHQYHW\WRKRWRW\SXDWLHå]QHKRþtWDĢOHQGRSUHPHQQêFKWRKRWRW\SX
SR]tFLDYHW\YV~ERUHVDY\MDGUXMHSRþWRPYLHWNWRUpV~SUHGGDQRXYHWRXþtVORYDQLHRGGR
)LOH6L]H
ƔQHW\SRYpELQiUQHV~ERU\P{åHPHGRQHKR]DSLVRYDĢĐXERYRĐQp~GDMHSUHPHQQpDWLHå]
QHKRþtWDĢGRSUHPHQQêFKĐXERYRĐQêFKW\SRYSULRWYiUDQtPXVtPHXUþLĢYHĐNRVĢ
HOHPHQWiUQHKREORNXDSRWRPYãHWN\SR]tFLHYV~ERUHDGĎåN\EXG~XUþRYDQpYWêFKWREORNRFK
GHIDXOWMH
7\SRYpELQiUQHV~ERU\
W\SHLGHQWLILNiWRU ILOHRILGHQWLILNiWRUBW\SXW\SYHW\
ƔSR]RUYHWDQHVPLHREVDKRYDĢåLDGQHþDVWLVQLHSHYQRXGĎåNRXQDSUG\QDPLFNpSROLDVWULQJ\
V~ERU\VPHUQtN\DLQpG\QDPLFNpSUHPHQQp
Ɣ$VVLJQ)LOH5HVHW5HZULWH&ORVH)LOHURYQDNpDNRSUHWH[WRYpV~ERU\
Ɣ5HDG:ULWHPDM~WURFKXLQpSUDYLGOiQDSUSUH
YDUIVXERU
5HDGISUHPHQQiBW\SXBYHWDBV~ERUX
:ULWHISUHPHQQiBW\SXBYHWDBV~ERUX
SUHUHDGDMZULWHP{åHE\ĢDMYLDFSUHPHQQêFKRGGHOHQêFKþLDUNDPL
Ɣ(RIIDNRSUHWH[W
Ɣ)LOH6L]HISRþHWYLHWV~ERUX
YãHWN\YHW\RGILOHSRVI
UHZULWHI VHHNIWUXQFDWHI
3UtNODG
YDUI)LOHRILQWHJHU
LMLQWHJHU
EHJLQ
$VVLJQ)LOHI
FLVODGDW
5HZULWHI
IRUL WRGR:ULWHILEDMWRY
&ORVH)LOHIQHWUHEDDNQDVOHGXMH5HVHW
5HVHWIþtWDQLHRG]DþLDWNX
IRUL WRGR
EHJLQ
5HDGIM0HPR/LQHV$GG,QW7R6WUMVHNYHQþQpþtWDQLH
HQG
VOXãQHMãLHSRNRQLHFV~ERUX
5HVHWI
ZKLOHQRW(RIIGR
EHJLQ
5HDGIM0HPR/LQHV$GG,QW7R6WUM
HQG
QHVPLHVDSRXåLĢUHDGOQDQLZULWHOQQHH[LVWXMH]QDþNDNRQFDULDGNX
YêSLVV~ERUXRG]DGX
IRUL )LOH6L]HIGRZQWRGR
EHJLQ
6HHNIL5HDGIM0HPR/LQHV$GG,QW7R6WUMSULDPHþtWDQLH
HQG
SULGDMYHWXQDNRQLHFV~ERUX
6HHNI)LOH6L]HI
KRFLVDDNRSRVOHGQêURELOUHVHWQHYDGtWRDGRV~ERUXVDGiDM]DSLVRYDĢ
UHVHWDUHZULWHVDQDY]iMRPQHEORNXM~ !NDåGêRWYRUHQêV~ERUMH
DXWRPDWLFN\DMQDþtWDQLHDMQD]iSLV
IRUL WRGR:ULWHIL
VNUDFRYDQLHV~ERUX
6HHNI7UXQFDWHIV~ERUPiWHUD]YHW\
&OR6H)LOHI
HQG
SURFHG~UDY\KRGY\KRGtLWXYHWXWDNåHMXQDKUDGtSRVOHGQRXDSRVOHGQ~]UXãt
SURFHGXUHY\KRGLLQWHJHU
YDUMLQWHJHUYHWD
EHJLQ
6HHNI)LOH6L]HIUHDGIMQDþtWDQLHSRVOHGQHM
6HHNILZULWHIM]iSLVDNRLWHM
6HHNI)LOH6L]HI7UXQFDWHIY\KRGHQLHSRVOHGQHM
HQG
Y\KRGY\KRGY\KRGYHWDQDSR]tFLLREVDKXMHþtVOR
0HPR/LQHV$GG
SRY\KRGHQL
5HVHWI
ZKLOHQRW(RIIGR
EHJLQ
5HDGIM0HPR/LQHV$GG,QW7R6WUM
HQG
3UtNODGERORNHG\VLQDVN~ãNHY]LPQRPVHPHVWUL
W\SH
PRMD.RU FODVV.RU
SURFHGXUHVWURPLZRUG
HQG
YDUIILOHRILQWHJHU
SURFHGXUHPRMD.RUVWURPLZRUG
YDUVLQWHJHU
EHJLQ
LIL!)LOH6L]HIWKHQH[LW
6HHNIL
5HDGIV
LIV WKHQH[LW
'RSUHGXV9ODYR
VWURP
L9SUDYR
VWURP
L9ODYR
'RSUHGXV
HQG
SURFHGXUH72NQR:0VWDUWYDUPVJWPHVVDJH
YDUNPRMD.RU
EHJLQ
$VVLJQ)LOHI
VWURPGDW
5HVHWI
SUHW\SRYpELQiUQHV~ERU\VDDXWRPDWLFN\SUHSRþtWDYD6HHN)LOH3RV)LOH6L]HSRGĐDGĎåN\YHW\QDSU
1HW\SRYêELQiUQ\V~ERU
YDUIILOH
Ɣ3DVFDOXQHSUH]UDGtPHW\SYHW\WHGDQHUREtVDåLDGQDNRQWURODQDW\S]DSLVRYDQHMþtWDQHM
SUHPHQQHM
ƔQHIXQJXMHUHDGZULWHPXVtVDWRURELĢLQDN
%ORFN5HDGYDU))LOHYDU%XISRFHWLQWHJHU>YDUY\VOHGRNLQWHJHU@
❍)SUHPHQQiSUHQHW\SRYêV~ERU
❍%XIQHMDNiSUHPHQQiQHW\SRYêSDUDPHWHU]QDPHQiĐXYRYRĐQêW\S
❍SRFHWSRþHWþtWDQêFKEORNRYW\SXLQWHJHU
❍Y\VOHGRNVNXWRþQHQDþtWDQêSRþHWEORNRY
DNVDWHQWRSDUDPHWHUQHXYHGLHDQDVWDQHQHMDNiFK\EDWDNSURJUDPVSDGQHQDYVWXSQR
YêVWXSQHMFK\EHLQDNSRNUDþXMHDP{åHPHWRRWHVWRYDĢ
%ORFN:ULWHYDUI)LOHYDU%XI&RXQWLQWHJHU>YDU5HVXOWLQWHJHU@
❍)SUHPHQQiSUHQHW\SRYêV~ERU
❍%XIQHMDNiSUHPHQQiĐXERYRĐQpKRW\SX
❍SRFHWYêUD]XGiYDM~FLSRþHW]DStVDQêFKEORNRYW\SXLQWHJHU
❍Y\VOHGRNVNXWRþQH]DStVDQêSRþHWEORNRYURYQDNRDNRSUH%ORFN5HDG
❍DNVDQHXYHGLHGĎåNDBEORNXWDNVDSUHGSRNODGi
ƔVHHNILOHSRVILOHVL]HSUDFXM~Y]iYLVORVWLQDGĎåNHEORNX
3UtNODG
NRStURYDQLHV~ERUXSRPRFRXW\SRYpKRV~ERUX
SURFHGXUHNRSLU
YDUDEILOHRIE\WH
[E\WH
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWD
$VVLJQ)LOHE
EGDW
5HZULWHE
ZKLOHQRW(RIDGR
EHJLQ
5HDGD[
:ULWHE[
HQG
&ORVH)LOHD
&ORVH)LOHE
HQG
NRStURYDQLHSRPRFRXQHW\SRYpKRV~ERUX
SURFHGXUHNRSLU
FRQVWGO]ND
YDUDEILOH
[DUUD\>GO]ND@RIE\WHN%EXIIHU NUDMãLHE\ERORSRPRFRXSRLQWUD
ODOELQWHJHU
EHJLQ
$VVLJQ)LOHD
DGDW
5HVHWDEDMW YHĐNRVĢEORNX
$VVLJQ)LOHE
EGDW
5HZULWHE
UHSHDW
EORFNUHDGD[GO]NDOD
EORFNZULWHE[ODOE
XQWLOOD RUOD!OEDNOD!OEWDNQDVWDODFK\EDSUL]iSLVH
LIOD!WKHQ6KRZ0HVVDJH
FK\EDSUL]iSLVH
&ORVH)LOHD
&ORVH)LOHE
HQG
9\WYRUPHVLYODVWQ~WULHGXNWRUiREDOtQHW\SRYêV~ERU
W\SH
VXERU FODVV
SULYDWH
IILOH
IXQFWLRQJHWSRVLQWHJHU
SURFHGXUHVHWSRVSLQWHJHU
IXQFWLRQJHWVL]HLQWHJHU
SURFHGXUHVHWVL]HSLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHFRQVWPVWULQJQRY\ERROHDQ
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHUHDGYDUEGLQWHJHUYLUWXDO
SURFHGXUHZULWHYDUEGLQWHJHUYLUWXDO
SURSHUW\SRVLWLRQLQWHJHUUHDGJHWSRVZULWHVHWSRV
SURSHUW\VL]HLQWHJHUUHDGJHWVL]HZULWHVHWVL]H
HQG
FRQVWUXFWRUVXERU&UHDWHFRQVWPVWULQJQRY\ERROHDQ
EHJLQ
$VVLJQ)LOHIP
LIQRY\WKHQ5HZULWHIHOVH5HVHWI
HQG
GHVWUXFWRUVXERU'HVWUR\
EHJLQ
&ORVH)LOHI
HQG
SURFHGXUHVXERUUHDGYDUEGLQWHJHU
EHJLQ
%ORFN5HDGIEG
HQG
SURFHGXUHVXERUZULWHYDUEGLQWHJHU
EHJLQ
%ORFN:ULWHIEG
HQG
IXQFWLRQVXERUJHWSRVLQWHJHU
EHJLQ
5HVXOW )LOH3RVI
HQG
SURFHGXUHVXERUVHWSRVSLQWHJHU
EHJLQ
VHHNIS
HQG
IXQFWLRQVXERUJHWVL]HLQWHJHU
EHJLQ
5HVXOW )LOH6L]HI
HQG
SURFHGXUHVXERUVHWVL]HSLQWHJHU
YDUSSLQWHJHU
EHJLQ
SS )LOH3RVI
VHHNIS7UXQFDWHI
LISS!SWKHQSS S
VHHNISS
HQG
DP{åHPHWRSRXåLĢ
YDUIVXERU
LLQWHJHU
EHJLQ
I VXERU&UHDWH
VXERUGDW
WUXH
IRUL WRGR
IZULWHLVL]HRIL
ISRVLWLRQ
ZKLOHISRVLWLRQIVL]HGRHRI
EHJLQ
IUHDGLVL]HRILPHPROLQHVDGGLQWWRVWUL
HQG
I)UHH
HQG
'iWRYêSU~GWULHGD76WUHDP
WULHGDNWRUi]DNU\MHLPSOHPHQWiFLXI\]LFNpKRV~ERUX
76WUHDPMHDEVWUDNWQiWULHGDWUHED]QHMUHDOL]RYDĢNRQNWUpWQHSRGWULHG\76WUHDPXYHGHQpPHWyG\
QHPiGHILQRYDQpOHQGHNODURYDQp
YODVWQRVWLSURSHUW\
Ɣ3RVLWLRQ
Ɣ6L]H
PHWyG\
❍NGH2ULJLQ VR)URP%HJLQQLQJVR)URP&XUUHQWVR)URP(QG
Ɣ:ULWHFRQVW%XIIHU&RXQW/RQJLQW/RQJLQW
Ɣ:ULWH%XIIHUFRQVW%XIIHU&RXQW/RQJLQW
G{OHåLWpV~RGYRGHQpWULHG\QDSU
Ɣ7)LOH6WUHDP
❍FRQVWUXFWRU&UHDWHFRQVW)LOH1DPHVWULQJ0RGH:RUG
❍NGH0RGH
ŶIP&UHDWHY\WYRUtV~ERU
ŶIP2SHQ5HDGOHQþtWDQLH
ŶIP2SHQ:ULWHOHQ]iSLV
ŶIP2SHQ5HDG:ULWHDM]iSLVDMþtWDQLH
Ɣ70HPRU\6WUHDP
❍/RDG)URP)LOHFRQVW)LOH1DPHVWULQJ
❍/RDG)URP6WUHDP6WUHDP76WUHDP
❍6DYH7R)LOHFRQVW)LOH1DPHVWULQJ
❍6DYH7R6WUHDP6WUHDP76WUHDP
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
6SiMDQp
IHE
]R]QDP\
6SiMDQp]R]QDP\
ƔFYLþQHVPHURELOLWULHGX7/LVW
❍G\QDPLFNpSROHVPHUQtNRYDOHERKRGQ{WQHMDNpKRW\SXNWRUpVDDXWRPDWLFN\SRGĐD
SRWUHE\QDIXNXMHUHVS]PHQãXMH
❍P{åHPHGRQHKRSULGiYDĢSUYN\KRFLNDPY\KDG]RYDĢ]QHKRDSRG
ƔDNDOHSULþDVWRPHQtPHãWUXNW~UXSUHKDG]XMHPHSUYN\YV~YDPHY\KDG]XMHPHDSROHMHGRVĢ
YHĐNpP{åHWRYêUD]QHVSRPDĐRYDĢYêSRþHWOHER7/LVWPXVtSRV~YDĢKRUHGROHYHĐNpNXV\SRĐD
ƔLQêPPRåQêPULHãHQtPE\EROVSiMDQê]R]QDP]R]QDPSUYNRYUHDOL]RYDQêWDNåHNDåGêSUYRN
VLSDPlWiVYRMKRQDVOHGRYQtNDDQDSUSULYV~YDQtSUYNXVWDþtMHKRSUHGFKRGFRYLQDVWDYLĢ
QDVOHGRYQtNDMHGQRSULUDGHQLHDSUYRNMHVSUiYQH]DþOHQHQê
VSiMDQp]R]QDP\EXGHPHSRXåtYDĢQDMPlDNRWUpQLQJSUHG\QDPLFNpGiWRYpãWUXNW~U\UHDOL]RYDQp
SRPRFRXVPHUQtNRY
W\SH
SUYRN LQWHJHU
3YUFKRO AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
QH[W3YUFKRO
HQG
YDU]S3YUFKRO
EHJLQ
] QLO]MHSUi]GQ\]R]QDP
QHZ]]ALQIR ]AQH[W QLO]MHMHGQRSUYNRYê]R]QDP
QHZSSALQIR SAQH[W QLOSMHMHGQRSUYNRYê]R]QDP
]AQH[W S]MHGYRMSUYNRYê]R]QDP
YêSLVSUYNRY]R]QDPX
,QW7R6WU]AQH[WAQH[WALQIR
DOHERYãHREHFQH
/DEHO&DSWLRQ
]R]QDP
S ]
ZKLOHS!QLOGR
EHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WUSALQIR
S SAQH[W
HQG
XYRĐQHQLHSUYNRY]R]QDPX
FK\EQpULHãHQLH
ZKLOH]!QLOGR
EHJLQ
GLVSRVH]
] ]AQH[W
HQG
VSUiYQHULHãHQLH
ZKLOH]!QLOGR
EHJLQ
S ]AQH[W
GLVSRVH]
] S
HQG
SRVWXSQpSULGiYDQLHSUYNRYGR]R]QDPX
] QLO
IRUL WRGR
EHJLQ
QHZSSLQIR LSQH[W ]
] S
HQG
SUYN\VDSULGiYDOLQD]DþLDWRNY]R]QDPHV~YRSDþQRPSRUDGt
SULGiYDQLHSUYNRYQDNRQLHF]R]QDPXWUHEDQiMVĢSRVOHGQêSUYRNY]R]QDPHD]DĖQDSRMLĢQRYê
SUYRN
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLO
ZKLOHQRWVHHNHRIWGR
EHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVH
EHJLQ
N ]
ZKLOHNQH[W!QLOGRN NQH[WQiMGHSRVOHGQêSUYRNY]R]QDPH
NQH[W S
HQG
HQG
&ORVH)LOHW
HIHNWtYQHMãLHULHãHQLHRSODWtVDSDPlWDĢVLSRVOHGQêSUYRNY]R]QDPHQHEXGHKRWUHEDVWiOHKĐDGDĢ
$VVLJQ)LOHW
FLVODW[W
5HVHWW
] QLON QLO
ZKLOHQRWVHHNHRIWGR
EHJLQ
QHZSUHDGWSLQIRSQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
&ORVH)LOHW
QLHNHG\EXGHPHSRXåtYDĢZLWK
S ]
ZKLOHS!QLOGRZLWKSAGR
EHJLQ
/DEHO&DSWLRQ /DEHO&DSWLRQ
,QW7R6WULQIR
S QH[W
HQG
=DGHILQXMHPHWULHGX]R]QDPNWRUi]DEH]SHþt]iNODGQpRSHUiFLHQDG]R]QDPRPEXGHPDĢGYHVWDYRYp
SUHPHQQp]DþLDWRNDNRQLHF]R]QDPX3UYN\]R]QDPXEXG~REMHNW\WMV~WRVPHUQtN\
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
QH[WYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNQYUFKRO
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRUYUFKRO&UHDWHLSUYRNQYUFKRO
EHJLQ
LQIR LQH[W Q
HQG
GHVWUXFWRUYUFKRO'HVWUR\
EHJLQ
QH[W)UHH!UHNXU]LDQDSUSUHGOKp]R]QDP\SUREOpPVR]iVREQtNRP
QH[W QLO
HQG
IXQFWLRQYUFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
VN{UDNRVDSXVWtPHGRWULHG\]R]QDP
YDUSYUFKRO
EHJLQ
S YUFKRO&UHDWHYUFKRO&UHDWHYUFKRO&UHDWHQLO
/DEHO&DSWLRQ SY\SLVSQH[WY\SLVSQH[WQH[WY\SLV
SQH[WQH[W)UHHSQH[W)UHHS)UHH
QDMSUYOHQQDMMHGQRGXFKãLHPHWyG\WULHG\]R]QDP
W\SH
]R]QDP FODVV
SULYDWH
]YUFKRO]DþLDWRN]R]QDPX
NYUFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
HQG
FRQVWUXFWRU]R]QDP&UHDWH
EHJLQ
GHVWUXFWRU]R]QDP'HVWUR\
YDUSYUFKRO
EHJLQ
ZKLOH]!QLOGR
EHJLQS ]QH[W])UHH] SHQG
HQG
IXQFWLRQ]R]QDPY\SLVVWULQJ
YDUSYUFKRO
EHJLQ
5HVXOW
S ]
ZKLOHS!QLOGR
EHJLQ
5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
SURFHGXUH]R]QDPSULGDM=LSUYRN
EHJLQ
] YUFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM.LSUYRN
YDUSYUFKRO
EHJLQ
S YUFKRO&UHDWHLQLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
SURFHGXUH]R]QDPYVXQSUHGLQWHJHULSUYRN
YDUSTYUFKRO
EHJLQ
LISUHGWKHQSULGDM=L
HOVH
EHJLQ
T ]
ZKLOHT!QLODQGSUHG!GR
EHJLQGHFSUHGT TQH[WHQG
S YUFKRO&UHDWHLQLO
LIT QLOWKHQNQH[W S
HOVH
EHJLQ
SQH[W TQH[WTQH[W S
HQG
LISQH[W QLOWKHQN S
HQG
HQG
1'Ò
GRWULHG\]R]QDPGRSOĖWHPHWyG\
Ɣ
❍IXQFWLRQSRFHWLQWHJHU
❍SURFHGXUHY\KRG=Y\KRGtSUYêSUYRN
❍SURFHGXUHY\KRG.Y\KRGtSRVOHGQêSUYRN
❍SURFHGXUHSUHYUDWSUHYUiWLSRUDGLHSUYNRYY]R]QDPH
❍SURFHGXUHXWULHGQiMGHPLQLPXPGiKRQD]DþLDWRN]QRYXQiMGH
PLQLPXP]R]Y\ãNXGiKR]DPLQLPXP
❍SURFHGXUH]DUDGLSUYRN]DUDGtSUYRNGR]R]QDPXDE\RVWDO]R]QDP
XWULHGHQê
❍SURFHGXUHY\KRG'XSOLNDW\Y\KRGtYUFKRO\VURYQDNêPLQIRQHFKiOHQ
SUYê]QLFK
❍IXQFWLRQLW\LLQWHJHUYUFKROYUiWLLW\SUYRN
3RO\PRUIQê]R]QDP SUYNDPL]R]QDPXP{åXE\ĢQLHOHQLQãWDQFLHWULHG\SUYRNDOHDMĐXERYRĐQp
RGYRGHQpWULHG\
W\SH
]R]QDP FODVV
SULYDWH
]YUFKRO]DþLDWRN]R]QDPX
NYUFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=SYUFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.SYUFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRNRYHUORDG
SURFHGXUHYVXQSUHGLQWHJHUSYUFKRORYHUORDG
HQG
SURFHGXUH]R]QDPSULGDM=LSUYRN
EHJLQ
] YUFKRO&UHDWHL]
LIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM=SYUFKRO
EHJLQ
SQH[W ]] S
LIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM.LSUYRN
EHJLQ
SULGDM.YUFKRO&UHDWHLQLO
HQG
SURFHGXUH]R]QDPSULGDM.SYUFKRO
EHJLQ
SQH[W QLO
LI] QLOWKHQ] S
HOVHNQH[W S
N S
HQG
WHVWSRO\PRUIQpKR]R]QDPX
W\SH
YUFKRO FODVVYUFKRO
LQIRVWULQJ
FRQVWUXFWRU&UHDWHLVWULQJQYUFKRO
IXQFWLRQY\SLVVWULQJRYHUULGH
HQG
FRQVWUXFWRUYUFKRO&UHDWHLVWULQJQYUFKRO
EHJLQ
LQIR LQIR LQH[W Q
HQG
IXQFWLRQYUFKROY\SLVVWULQJ
EHJLQ
5HVXOW
LQIR
HQG
FRQVWVDUUD\>@RIVWULQJ
SUY\
GUXK\
WUHWL
VWYUW\
SLDW\
YDU]]R]QDP
LLQWHJHU
EHJLQ
] ]R]QDP&UHDWH
IRUL WRGR
EHJLQ
LIUDQGRP WKHQ]SULGDM=LHOVH]SULGDM.L
]SULGDM.YUFKRO&UHDWHV>L@QLO
HQG
/DEHO&DSWLRQ ]Y\SLV
HQG
3URSHUW\YODVWQRVWL
W\SH
]R]QDP FODVV
IXQFWLRQLW\LLQWHJHUYUFKRO
SURFHGXUH]PHQLLQWHJHUSYUFKRO
SURSHUW\SUY\YUFKROUHDG]
SURSHUW\SRVOHGQ\YUFKROUHDGN
SURSHUW\SUYN\>LLQWHJHU@YUFKROUHDGLW\ZULWH]PHQGHIDXOW
HQG
SURFHGXUH]R]QDP]PHQLLQWHJHUSYUFKRO
YDUTUYUFKRO
EHJLQ
LILWKHQSULGDM=S
HOVH
EHJLQ
T LW\L
LIT QLORUTQH[W QLOWKHQSULGDM.S
HOVH
EHJLQ
U TQH[WTQH[W SSQH[W UQH[W
U)UHH
HQG
HQG
HQG
YćDNDYODVWQRVWLSUYN\P{åHPHNXSUYNRP]R]QDPXSULVWXSRYDĢDNRNXSUYNRPSRĐDQDSU
IRUL WRGR
]SUYN\>L@ YUFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]SUYN\>L@Y\SLV
IRUL WRGR
]>L@ YUFKRO&UHDWHLQLO
/DEHO&DSWLRQ
IRUL WR]SRFHWGR
/DEHO&DSWLRQ /DEHO&DSWLRQ]>L@Y\SLV
1'Ò
]LVWLWHSUHþRQHEXGHIXQJRYDĢWDNiWRYêPHQDSUYNRY]R]QDPX
YDUWYUFKRO
W ]>L@
]>L@ ]>L@
]>L@ W
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RXåtYDQLH
PDU
VSiMDQêFK]R]QDPRY
(YLGRYDQLH]PHQ\Y]R]QDPH
GRWULHG\]R]QDPSULGiPHYLUWXiOQXPHWyGXR]QDPLWQRWLI\DGRNDåGHMPHWyG\NWRUiQHMDNR
PRGLILNXMH]R]QDPSULGiPHYRODQLHWHMWRPHWyG\QDSU
W\SH
7$NFLD D3ULGDMD=PHQD=UXV
]R]QDP FODVV
SXEOLF
SURFHGXUHR]QDPLWSYUFKRODNFLD7$NFLDYLUWXDO
HQG
SURFHGXUH]R]QDPR]QDPLWSYUFKRODNFLD7$NFLD
EHJLQ
HQG
SURFHGXUH]R]QDP]PHQLLQWHJHUSYUFKRO
EHJLQ
R]QDPLWSD=PHQ
HQG
SURFHGXUH]R]QDPSULGDM=SYUFKRO
EHJLQ
R]QDPLWSD3ULGDM
HQG
SURFHGXUH]R]QDP]UXVSYUFKRO
EHJLQ
R]QDPLWSD=UXV
HQG
DNE\VPHQLHNHG\YEXG~FQRVWLSRWUHERYDOLQDSUY\SLVRYDĢLQIRUPiFLHRYãHWNêFK]PHQiFKY]R]QDPH
GRQHMDNpKR0HPRVWDþtSUHGHILQRYDĢYLUWXiOQHR]QDPLWDKQHćXYLGtPHYãHWN\]PHQ\QDSU
W\SH
PRM=R]QDP FODVV]R]QDP
SXEOLF
SURFHGXUHR]QDPLWSYUFKRODNFLD7$NFLDRYHUULGH
HQG
SURFHGXUHPRM=R]QDPR]QDPLWSYUFKRODNFLD7$NFLD
FRQVWDDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
7HQWRSUtVWXSPiQDSUWDN~QHYêKRGXåHQLHNHG\EXGHWUHEDY\UiEDĢQRYpSRGWULHG\DNFKFHPHPHQLĢ
VSUiYDQLHPHWyG\R]QDPLW1LHNHG\WR]E\WRþQHVNRPSOLNXMHQiYUKSURMHNWX,QêVS{VRENWRUêQiP
XPRåQtURELĢWRLVWpDOHLQDNMHSRPRFRXSURFHGXUiOQHKRW\SX
3URFHGXUiOQ\W\S
ƔKRGQRWRXQHMDNpKRSURFHGXUiOQHKRW\SXMHEXćQLODOHERSURFHG~UDDOHERIXQNFLDLVWpKRW\SX
ƔSULGHILQRYDQtSURFHGXUiOQHKRW\SXWUHED]DGHILQRYDĢPHQiDW\S\SDUDPHWURYQDSU
NWRUiPiSUiYHGYDSDUDPHWUHGDQêFKW\SRY
ƔKRGQRWRXP{åHE\ĢOHQJOREiOQDSURFHG~UDQHVPLHWRE\ĢORNiOQDSURFHG~UDDQLPHWyGDQHMDNHM
WULHG\
ƔSURFHGXUiOQ\W\SP{åHPH]DGHILQRYDĢDMWDNåHKRGQRWDPLP{åXE\ĢOHQPHWyG\QHMDNHMWULHG\
]DGHILQtFLXPXVtPHXYLHVĢRIREMHFWQDSU
GHILQtFLDW\SXSURFHGXUDWDNP{åHPHDM
YDUSUDUUD\>@RISURFHGXUD SS
SU>@YD3ULGDM]DYROiSURFHG~UXS
SU>@YQH[WD=PHQ]DYROiSURFHG~UXS
ƔþLMHKRGQRWRXSUHPHQQHMSURFSURFHGXUiOQHKRW\SXQLODOHERQLHQHP{åHPHWHVWRYDĢWDNWR
LISURF!QLOWKHQ
ƔKOiVLODE\VDFK\EDåHYRODQLHSURFPiPiORSDUDPHWURYSRXåLMHPHãWDQGDUGQ~IXQNFLX
$VVLJQHGNWRUi]LVWtþLMHYSURFHGXUiOQHMSUHPHQQHMSULUDGHQiQHQLORYiKRGQRWDQDSU
1DVOHGXM~FLSUtNODGXNiåHDNRP{åHPHYLUWXiOQXPHWyGXR]QDPLWQDKUDGLWSURFHGXUiOQRXVWDYRYRX
SUHPHQQRXDN=PHQD2Q&KDQJH
W\SH
SURFHGXUD SURFHGXUHSYUFKROD7$NFLD
]R]QDP FODVV
SULYDWH
WDN=PHQDSURFHGXUDMHV~NURPQiSRXåtYDWHĐMXP{åHPHQLĢOHQSRPRFRX
SURSHUW\
SXEOLF
SURSHUW\DN=PHQDSURFHGXUDUHDGWDN=PHQDZULWHWDN=PHQD
HQG
YãDGHWDPNGHERORYRODQLHR]QDPLWSUtGHYRODQLHDN=PHQDQDSU
SURFHGXUH]R]QDPSULGDM=SYUFKRO
EHJLQ
LI$VVLJQHGDN=PHQDWKHQDN=PHQDSD3ULGDM
HQG
0{åHPHWRSRXåLĢQDSUWDNWR
]DGHILQXMHPHVLVYRMXSURFHG~UXVSUiYQHKRW\SX
SULUDGtPHGRDN=PHQD
SURFHGXUH]PHQDSYUFKRODNFLD7$NFLD
FRQVWDDUUD\>7$NFLD@RIVWULQJ
3ULGDM
=PHQ
=UXV
EHJLQ
)RUP0HPR/LQHV$GGD>DNFLD@
SY\SLV
HQG
] ]R]QDP&UHDWH
]DN=PHQD ]PHQD
]DN=PHQD QLOKRFLNHG\P{åHPH]PHQLĢREVDKSUHPHQQHMDN=PHQD
3RXåLWLHSURFHGXUiOQ\FKW\SRYVLXNiåHPHDMQDLQêFKSUtNODGRFK
PHWyGDYVHWN\
VSXVWtQHMDN~DNFLXQDNDåGRPYUFKROHVSiMDQpKR]R]QDPXQDSU
W\SH
SULND] SURFHGXUHSYUFKRO
]R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]
HQG
SURFHGXUH]R]QDPYVHWN\SUSULND]
YDUSYUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
SUS
S SQH[W
HQG
HQG
ILOWURYDQêYêSLV
Y\StãHOHQWLHYUFKRO\]R]QDPXNWRUpVSĎĖDM~QHMDN~SRGPLHQNXQDSU
W\SH
ILOWHU IXQFWLRQSYUFKROERROHDQ
]R]QDP FODVV
SXEOLF
IXQFWLRQY\SLVVWULQJRYHUORDG
IXQFWLRQY\SLVIILOWHUVWULQJRYHUORDG
HQG
S ]
ZKLOHS!QLOGR
EHJLQ
LIQRW$VVLJQHGIRUISWKHQ5HVXOW 5HVXOWSY\SLV
S SQH[W
HQG
HQG
IXQFWLRQ]R]QDPY\SLVVWULQJ
EHJLQ
5HVOXW Y\SLVQLOYêSLVEH]SRGPLHQN\WMYãHWN\
HQG
PHWyGDYVHWN\VILOWURPUHVSVYLDFHUêPLSUtND]PLNWRUpVDY\NRQDM~VNDåGêPY\KRYXM~FLPYUFKRORP
W\SH
SULND] SURFHGXUHSYUFKRO
ILOWHU IXQFWLRQSYUFKROERROHDQ
]R]QDP FODVV
SXEOLF
SURFHGXUHYVHWN\SUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUSULND]RYHUORDG
SURFHGXUHYVHWN\IILOWHUSUDUUD\RISULND]RYHUORDG
HQG
SURFHGXUH]R]QDPYVHWN\IILOWHUSUSULND]
YDUSYUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
LIQRW$VVLJQHGIRUISWKHQSUS
S SQH[W
HQG
HQG
SURFHGXUH]R]QDPYVHWN\IILOWHUSUDUUD\RISULND]
YDUSYUFKRO
LLQWHJHU
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
LIQRW$VVLJQHGIRUISWKHQ
IRUL ORZSUWRKLJKSUGRSU>L@S
S SQH[W
HQG
HQG
SURFHGXUHSUSYUFKRO
EHJLQ
LISLVYUFKROWKHQ
YUFKROSLQIR>@ XSFDVHYUFKROSLQIR>@
HOVHLQFSLQIR
HQG
SURFHGXUHSUSYUFKRO
EHJLQ
LISLVYUFKROWKHQYUFKROSLQIR
[
YUFKROSLQIR
HOVHLQFSLQIR
HQG
/DEHO&DSWLRQ ]Y\SLVQLO
/DEHO&DSWLRQ ]Y\SLVI
/DEHO&DSWLRQ ]Y\SLVI
]YVHWN\ISU
/DEHO&DSWLRQ ]Y\SLV
]YVHWN\QLO>SUSUSU@
/DEHO&DSWLRQ ]Y\SLV
YSUtNODGHSUHGSRNODGiPHåHYUFKROMHRGYRGHQê]YUFKRODREVDKXMHVWULQJRY~SUHPHQQ~LQIR]
SUHGFKiG]DM~FHMSUHGQiãN\
3RO\QyP\
7ULHGDSRO\QRPMHXNiåNDSRXåLWLDVSiMDQêFK]R]QDPRY3RO\QRPMHUHDOL]RYDQêVSiMDQêP]R]QDPRP
SULþRPNDåGêYUFKRO]R]QDPXREVDKXMHMHGHQþOHQSRO\QRPXDNRGYRMLFXNRHILFLHQWUHDODH[SRQHQW
LQWHJHU'RKRGQHPHVDåHþOHQ\SRO\QRPXV~XVSRULDGDQp]RVWXSQHSRGĐDH[SRQHQWRYD]R]QDP
QHREVDKXMHþOHQ\VQXORYêPNRHILFLHQWRP
W\SH
YUFKRO FODVV
NRHIUHDO
H[SRLQWHJHU
QH[WYUFKRO
FRQVWUXFWRU&UHDWHNUHDOHLQWHJHUQYUFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRUYUFKRO&UHDWHNUHDOHLQWHJHUQYUFKRO
EHJLQ
NRHI NH[SR HQH[W Q
HQG
IXQFWLRQYUFKROY\SLVVWULQJ
EHJLQ
5HVXOW )ORDW7R6WUNRHI
[A
,QW7R6WUH[SR
HQG
W\SH
SURF SURFHGXUHYYUFKRO
SRO\QRP FODVV
SULYDWH
]YUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURFHGXUHYVHWN\SUSURF
IXQFWLRQY\SLVVWULQJ
SURFHGXUHGHULY
SURFHGXUHSULFLWDMSSRO\QRP
SURFHGXUHRGFLWDMSSRO\QRP
SURFHGXUHY\QDVRESSRO\QRP
SURFHGXUHY\GHOSSRO\QRP
SURFHGXUHY\QDVRE.NUHDO
IXQFWLRQKODGDMHLQWHJHUYUFKRO
HQG
SURFHGXUHSRO\QRPSULGDMNUHDOHLQWHJHU
YDUSYUFKRO
EHJLQ
S KODGDMH
LIS QLOWKHQ] YUFKRO&UHDWHNH]
HOVHLISH[SR HWKHQ
EHJLQ
SNRHI SNRHIN
LISNRHI WKHQY\KRGH
HQG
HOVHSQH[W YUFKRO&UHDWHNHSQH[W
HQG
SURFHGXUHSRO\QRPY\KRGHLQWHJHU
YDUSTYUFKRO
EHJLQ
LI]!QLOWKHQ
LI]H[SR HWKHQ
EHJLQ
T ]] ]QH[WT)UHH
HQG
HOVH
EHJLQ
S KODGDMH
LIS!QLODQGSQH[W!QLODQGSQH[WH[SR HWKHQ
EHJLQ
T SQH[WSQH[W SQH[WQH[WT)UHH
HQG
HQG
HQG
SURFHGXUHSRO\QRPYVHWN\SUSURF
YDUSYUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
SUS
S SQH[W
HQG
HQG
SURFHGXUHGHULYYYUFKRO
EHJLQ
ZLWKYGR
EHJLQ
NRHI NRHI
H[SR
GHFH[SR
HQG
HQG
YDUVWUVWULQJ
SURFHGXUHY\SLVYYUFKRO
EHJLQ
VWU VWUYY\SLV
HQG
SURFHGXUHSRO\QRPGHULY
EHJLQ
Y\KRGYVHWN\GHULY
HQG
IXQFWLRQSRO\QRPY\SLVVWULQJ
EHJLQ
VWU
YVHWN\Y\SLV
LIVWU!
ƔGRGHILQXMWHFKêEDM~FHPHWyG\
Ɣ]DGHILQXMWHćDOãLHPHWyG\QD
❍XORåHQLHQDþtWDQLHSRO\QyPXGR]R6WUHDPX
❍Y\KRGQRWHQLHSRO\QyPXSUHQHMDN~NRQNUpWQXKRGQRWX[
❍Y\WYRUHQLHWDEXĐN\KRGQ{WSUHQHMDNp[]GDQpKRLQWHUYDOXDSUHGDQêNURNWDEXĐNX
KRGQ{WWUHED]DStVDĢGR6WUHDPDOHERQDNUHVOLĢJUDI
'YRMVPHUQêVSiMDQê]R]QDP
NDåGêYUFKROVLSDPlWiDMVYRMKRSUHGFKRGFXVWDYRYiSUHPHQQiSUHY
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
SUHYQH[WYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQYUFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
FRQVWUXFWRUYUFKRO&UHDWHLSUYRNSQYUFKRO
EHJLQ
LQIR LSUHY SQH[W Q
HQG
IXQFWLRQYUFKROY\SLVVWULQJ
EHJLQ
5HVXOW
,QW7R6WULQIR
HQG
W\SH
]R]QDP FODVV
SULYDWH
]YUFKRO
NYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDM=YYUFKRO
SURFHGXUHSULGDM.YYUFKRO
SURFHGXUHYVXQ3UHGSUHGYYUFKRO
SURFHGXUHYVXQ=D]DYYUFKRO
SURFHGXUHY\KRGYYUFKRO
SURSHUW\SUY\YUFKROUHDG]
SURSHUW\SRVOHGQ\YUFKROUHDGN
HQG
FRQVWUXFWRU]R]QDP&UHDWH
EHJLQ
] QLON QLO
HQG
GHVWUXFWRU]R]QDP'HVWUR\
YDUSYUFKRO
EHJLQ
ZKLOH]!QLOGR
EHJLQS ]QH[W])UHH] SHQG
HQG
SURFHGXUH]R]QDPSULGDM=YYUFKRO
EHJLQ
YSUHY QLOYQH[W ]
LIN QLOWKHQN Y
HOVH]SUHY Y
] Y
HQG
SURFHGXUH]R]QDPSULGDM.YYUFKRO
EHJLQ
YSUHY NYQH[W QLO
LIN QLOWKHQ] Y
HOVHNQH[W Y
N Y
HQG
SURFHGXUH]R]QDPYVXQ3UHGSUHGYYUFKRO
EHJLQ
LISUHG ]WKHQSULGDM=Y
HOVHLISUHG QLOWKHQSULGDM.Y
HOVH
EHJLQ
YSUHY SUHGSUHYSUHGSUHY YYQH[W SUHG
YSUHYQH[W Y
HQG
HQG
SURFHGXUH]R]QDPYVXQ=D]DYYUFKRO
EHJLQ
LI]D QLOWKHQSULGDM=Y
HOVHLI]D NWKHQSULGDM.Y
HOVH
EHJLQ
YQH[W ]DQH[W]DQH[W YYSUHY ]D
YQH[WSUHY Y
HQG
HQG
SURFHGXUH]R]QDPY\KRGYYUFKRO
EHJLQ
LIY QLOWKHQQLþ
HOVHLI] YWKHQ
EHJLQ
] ]QH[W
LI]!QLOWKHQ]SUHY QLOHOVHN QLO
Y)UHH
HQG
HOVH
EHJLQ
YSUHYQH[W YQH[W
LIYQH[W!QLOWKHQYQH[WSUHY YSUHY
HOVHN YSUHY
Y)UHH
HQG
HQG
&\NOLFNê]R]QDP
PRWLYiFLDYDGQêY\PHQSUHRE\þDMQê]R]QDP
SURFHGXUH]R]QDPY\PHQLLLQWHJHU
YDUWYUFKRO
EHJLQ
W SUYN\>L@
SUYN\>L@ SUYN\>L@
SUYN\>L@ W
HQG
]R]QDPVDYHĐPLþDVWRSULWDNRPWRY\PLHĖDQt]DF\NOtQHMDNêYUFKROPiVYRMKRQDVOHGRYQtNDQH[W
QLHNWRUpKR]SUHGFKiG]DM~FLFKY]R]QDPH
1'Ò
Y\ULHãWHPHWyGXY\PHQNRUHNWQH
Ɣ
&\NOLFNê]R]QDP
ƔSRVOHGQêSUYRNRGND]XMHQDSUYê
ƔDNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
ƔWUHEDVSUiYQHUR]SR]QDĢNRQLHF]R]QDPXQDSUSUHYêSLVYãHWN\KĐDGDQLHKRGQRW\DSRG
ƔP{åHPHSRXåLĢOHQMHGLQêVPHUQtNDWRQDSRVOHGQêSUYRNSUHPHQQiNQDVOHGRYQtNRPNMH
]DþLDWRN]R]QDPXWHGDQHWUHEDSRWRPXGUåLDYDĢGYDVPHUQtN\
ƔQDSURJUDPXMWHPHWyG\SULGDM=SULGDM.SRFHWLW\DSRG
=R]QDPVILNWtYQ\PYUFKRORP
ƔXåSULLQLFLDOL]iFLL]R]QDPXNRQãWUXNWRU&UHDWHVDY\WYRUtMHGHQYUFKRONWRUêEXGHILNWtYQ\
QHEXGHQiV]DXMtPDĢKRGQRWDYRYUFKROH
ƔWDNêWR]R]QDPQLNG\QHEXGHSUi]GQ\ !]MHGQRGXãLDVDYãHWN\PHWyG\OHERQHPXVLDWHVWRYDĢ
QDSUi]GQ\]R]QDP
ƔSUHSURJUDPXMWHSULGDM=DOHDMLQpPHWyG\
ƔUR]P\VOLWHVLDNRVD]PHQtF\NOLFNê]R]QDPVILNWtYQ\PYUFKRORPGYRMVPHUQê]R]QDPV
ILNWtYQ\PYUFKRORPF\NOLFNêGYRMVPHUQê
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
%LQiUQHVWURP\ PDU
3RGJUDIRPUR]XPLHPHPQRåLQXYUFKRORYSRVSiMDQêFKKUDQDPL9RULHQWRYDQRPJUDIHV~KUDQ\
XVSRULDGDQpGYRMLFHYUFKRORYXUþXM~DMVPHUSUHSRMHQLDYUFKRORY
6WURPMHWDNêRULHQWRYDQêJUDIYNWRURPMHMHGHQYUFKROãSHFLiOQ\
ƔNRUHĖGRWRKWRYUFKRODQHYHGLHåLDGQDKUDQDãtSND
ƔGRYãHWNêFKRVWDWQêFKYUFKRORYYHGLHSUiYHMHGQDKUDQD
ƔJUDIMHV~YLVOê
7HUPLQROyJLD
ƔDN]QHMDNpKRYUFKROD$YHGLHKUDQDãtSNDGRYUFKROD%WDNYUFKRO$QD]YHPHRWFRPDOHER
SUHGFKRGFRPDYUFKRO%V\QRP
ƔDNV~GYDYUFKRO\VSRMHQpKUDQRXKRYRUtPHåHVSROXVXVHGLD
ƔDNQHMDNêYUFKROQHPiåLDGQ\FKV\QRYKRYRUtPHPXOLVWLQDNMHWRYQ~WRUQêYUFKROVWURPX
ƔSRGVWURPQHMDNêYUFKROSRYDåXMHPH]DNRUHĖDYãtPDPHVLOHQMHKRV\QRYDLFKV\QRYDWć
ƔFHVWDSRVWXSQRVĢYUFKRORYVSRMHQêFKKUDQDPLOHQMHGQêPVPHURP
NRUHĖ
ƔELQiUQ\VWURPNDåGêYUFKROPiPD[V\QRY
5HSUH]HQWiFLDVWURPRY
ƔDNRYKDOGHYMHGQRUR]PHUQRPSROL
❍NDåGêSUYRNUHSUH]HQWXMHMHGHQYUFKROVWURPX
❍SUYêSUYRNMHNRUHĖ
❍WUHEDHYLGRYDĢGLHU\PLHVWDNWRUpQHUHSUH]HQWXM~YUFKRO\
ƔSROHYUFKRORYNGHYUFKROREVDKXMHLQIRDLQGH[\GRSRĐDSUHĐDYpKRDSUDYpKRV\QD
ƔSROHYUFKRORYNDåGêYUFKROPiVSiMDQê]R]QDPV\QRY
1'ÒY\VN~ãDMWHWLHWRUHSUH]HQWiFLH
'\QDPLFNiãWUXNW~UDSUHELQiUQ\VWURP
W\SH
VWURP FODVV
LQIRSUYRN
OSVWURP
FRQVWUXFWRU&UHDWHLSUYRNQOQSVWURP
IXQFWLRQWH[WVWULQJYLUWXDO
HQG
FRQVWUXFWRUVWURP&UHDWHLSUYRNQOQSVWURP
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQVWURPWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
YDUVVWURP
V QLOSUi]GQ\VWURP
V VWURP&UHDWHQLOQLO
V VWURP&UHDWHVWURP&UHDWHQLOQLOVWURP&UHDWHQLOQLO
V VWURP&UHDWHVWURP&UHDWHVWURP&UHDWHQLOQLO
VWURP&UHDWHQLOQLO
VWURP&UHDWHVWURP&UHDWHQLOQLO
VWURP&UHDWHQLOQLO
1'Ò
NRĐNRH[LVWXMHU{]Q\FKVWURPRY]ORåHQêFK]1YUFKRORY"
Ɣ
=iNODGQpDOJRULWP\
QDQDYãWtYHQLHSRVWXSQHYãHWNêFKYUFKRORYQDSUYêSLVKRGQ{W
ƔSUH1YUFKRORYêELQiUQ\VWURP1PRåQêFKSUHFKRGRYOHQQLHNWRUp]QLFKV~UR]XPQp !
DOJRULWP\SUHFKiG]DQLDYUFKROPLVWURPRY
❍3UHRUGHU
❍,QRUGHU
❍3RVWRUGHU
ƔSURFHG~U\SUHRUGHULQRUGHUSRVWRUGHUNWRUpVSUDFXM~YUFKROSRGĐD]DGDQHMSURFHG~U\
SURFHGXUHVWURPSUHRUGHU
EHJLQ
Y\SLV
LIO!QLOWKHQOSUHRUGHU
LIS!QLOWKHQSSUHRUGHU
HQG
SURFHGXUHVWURPLQRUGHU
EHJLQ
LIO!QLOWKHQOLQRUGHU
Y\SLV
LIS!QLOWKHQSLQRUGHU
HQG
SURFHGXUHVWURPSRVWRUGHU
EHJLQ
LIO!QLOWKHQOSRVWRUGHU
LIS!QLOWKHQSSRVWRUGHU
Y\SLV
HQG
1'Ò
QDXþWHVDUXþQHY\WYRULĢSRVWXSQRVWLKRGQ{WYUFKRORYSRGĐDYãHWNêFKWURFKDOJRULWPRY
Ɣ
V~GDQpGYHSRVWXSQRVWLþtVHONWRUpUHSUH]HQWXM~QDSULQRUGHUDSRVWRUGHUYêSLVQHMDNpKRVWURPX
Ɣ
❍QDNUHVOLWHWHQWRVWURP
❍QDYUKQLWHDOJRULWPXVNWRUêVNRQãWUXXMHVWURPQD]iNODGHQHMDNêFKGYRFKSRVWXSQRVWtþtVHO
V VWURP&UHDWHQLOQLO
IRUL WRGRVQDKRGQH3ULGDML
3RXåLWLHSURFHGXUiOQHKRSDUDPHWUDSUHVWURP
SURFHGXUHVWURPYVHWN\SUSURF
EHJLQ
SUVHOI
LIO!QLOWKHQOYVHWN\SU
LIS!QLOWKHQSYVHWN\SU
HQG
SRXåLWLHSURFHGXUiOQHKRSDUDPHWUD
YDUVWUVWULQJ
SURFHGXUHWHVWVVWURP
EHJLQ
VWU VWU
VWH[W
HQG
EHJLQ
VWU
WHVW
LIV!QLOWKHQVYVHWN\WHVW
)RUP0HPR/LQHV$GGVWU
HQG
ĆDOãLHDOJRULWP\QDVWURPRFK
SRþHWOLVWRYVWURPX
IXQFWLRQVWURPSRFHWOLVWRYLQWHJHU
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
HOVH
EHJLQ
5HVXOW
LIO!QLOWKHQLQF5HVXOWOSRFHWOLVWRY
LIS!QLOWKHQLQF5HVXOWSSRFHWOLVWRY
HQG
HQG
WULYHU]LHIXQNFLHQDYêSRþHWV~þWXKRGQ{WYVWURPHUHNXU]tYQDPHWyGDQHUHNXU]tYQDPHWyGDUHNXU]tYQD
JOREiOQDIXQNFLD
IXQFWLRQVWURPVXFHWLQWHJHU
EHJLQ
5HVXOW LQIR
LIO!QLOWKHQLQF5HVXOWOVXFHW
LIS!QLOWKHQLQF5HVXOWSVXFHW
HQG
IXQFWLRQVWURP15VXFHWLQWHJHUQHUHNXU]tYQDYHU]LD
YDUVWDFNDUUD\>@RIVWURP
VSLQWHJHUVWDFNSRLQWHU XND]RYDWHĐQDYUFK]iVREQtND
VVWURP
EHJLQ
5HVXOW
VS VWDFN>VS@ VHOI
UHSHDW
LIVWDFN>VS@ QLOWKHQGHFVS
HOVH
EHJLQ
V VWDFN>VS@
LQF5HVXOWVLQIR
VWDFN>VS@ VO
LQFVS
VWDFN>VS@ VS
HQG
XQWLOVS
HQG
GYHYHU]LHDOJRULWPXQD]LVWHQLHKĎEN\VWURPXDNRPHWyGDDDNRJOREiOQDIXQNFLD
IXQFWLRQVWURPKOENDLQWHJHU
EHJLQ
LIO!QLOWKHQ
LIS!QLOWKHQ5HVXOW PD[OKOENDSKOENDPD[MH]XQLWX0DWK
HOVH5HVXOW OKOEND
HOVHLIS!QLOWKHQ5HVXOW SKOEND
HOVH5HVXOW
HQG
1'Ò
ƔQHUHNXU]tYQHKĎENDSRþHWYUFKRORYSUHRUGHU
ƔY]GLDOHQRVĢQDMEOLåãLHKROLVWXRGNRUHĖDSO\WþLQD
ĆDOãLHSRMP\
ƔMHGHQVWURPMHNySLRXGUXKpKRDNV~SRGREQpDPDM~URYQDNêREVDKYUFKRORY
Ɣ~URYQHNDåGêYUFKROYVWURPHPiVYRMX~URYHĖOHYHO
❍NRUHĖMHY~URYQL
❍MHKRV\QRYLDV~~URYQH
❍V\QRYLDYUFKROD~URYQH8PDM~~URYHĖ8
❍YNDåGHM~URYQL8MHPD[A8YUFKRORY
Ɣ~SOQêVWURP~URYQH8PiYNDåGHM]~URYQtDå8PD[LPiOQ\SRþHWYUFKRORY
IXQFWLRQVWURPVLUNDLQWHJHU
YDUQSLQWHJHU
EHJLQ
Q 5HVXOW
UHSHDW
S SRFHWQDXURYQLQ
LIS!5HVXOWWKHQ5HVXOW S
LQFQ
XQWLOS
HQG
PHWyGDNUHVOLQDNUHVOtVWURPGRJUDILFNHMSORFK\GRQHMDNpKRFDQYDVX
SURFHGXUHVWURP.UHVOLJ7&DQYDVVLU[\LQWHJHU
EHJLQ
VLU VLUGLY
LIO!QLOWKHQ
EHJLQ
J0RYH7R[\J/LQH7R[VLU\
O.UHVOLJVLU[VLU\
HQG
LIS!QLOWKHQ
EHJLQ
J0RYH7R[\J/LQH7R[VLU\
S.UHVOLJVLU[VLU\
HQG
J7H[W2XW[\WH[W
HQG
1'Ò
ƔJHQHURYDQLH~SOQpKRVWURPX
ƔRþtVOXMWHVWURPSR~URYQLDFKYMHGQHM~URYQL]ĐDYDGRSUDYD
ƔY\StãWHYUFKRO\SR~URYQLDFK
ƔSULGDMYUFKROQDQiKRGQpPLHVWRVURYQDNRXSUDYGHSRGREQRVĢRXSUHĐXEPLHVWR
%LQiUQ\Y\KĐDGiYDFtVWURP
ƔYãHWN\KRGQRW\QDĐDYRRGRWFDV~PHQãLHDNRRWHF
ƔYãHWN\KRGQRW\QDSUDYRRGRWFDV~YlþãLHDNRRWHF
ƔYãHWN\SRGVWURP\V~WLHå%96
ƔYêSLVLQRUGHURPY\StãHXWULHGHQ~SRVWXSQRVĢ
GHILQtFLXVWURPXUR]GHOtPHQDGHILQtFLXYUFKRODVWURPX
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
OSYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNQOQSYUFKRO
IXQFWLRQWH[WVWULQJYLUWXDO
SURFHGXUH.UHVOLJ7&DQYDVVLU[\LQWHJHU
HQG
FRQVWUXFWRUYUFKRO&UHDWHLSUYRNQOQSYUFKRO
EHJLQ
LQIR LO QOS QS
HQG
IXQFWLRQYUFKROWH[WVWULQJ
EHJLQ
5HVXOW ,QW7R6WULQIR
HQG
SURFHGXUHYUFKRO.UHVOLJ7&DQYDVVLU[\LQWHJHU
DWULHGDVWURPREVDKXMHOHQVPHUQtNQDNRUHĖVWURPX
W\SH
VWURP FODVV
SULYDWH
NRUHQYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHY\SLV
IXQFWLRQKODGDMLSUYRNYUFKRO
SURFHGXUHYOR]LSUYRN
SURFHGXUH]UXVLSUYRN
HQG
FRQVWUXFWRUVWURP&UHDWH
EHJLQ
NRUHQ QLO
HQG
SURFHGXUHVWURPY\SLV
SURFHGXUHY\SLVVYUFKRO
EHJLQ
LIV QLOWKHQH[LW
)RUP0HPR/LQHV$GGVWH[W
Y\SLVVO
Y\SLVVS
HQG
EHJLQ
Y\SLVNRUHQ
HQG
KĐDGDQLHYELQiUQRPY\KĐDGiYDFRPVWURPH
DOJRULWPXVVDSRVWXSQHYQiUDGRVWURPXSULþRPQD]iNODGHKRGQRW\YRYUFKROHVDUR]KRGXMHþL
SRNUDþXMHYĐDYRDOHERYSUDYR
NHćQHQiMGHYUFKROYUiWLQLO
IXQFWLRQVWURPKODGDMLSUYRNYUFKRO
EHJLQ
5HVXOW NRUHQ
ZKLOH5HVXOW!QLODQG5HVXOWLQIR!LGR
LI5HVXOWLQIR!LWKHQ5HVXOW 5HVXOWO
HOVH5HVXOW 5HVXOWS
HQG
1'Ò
ƔUHNXU]tYQ\KODGDM
ƔQDStãWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
YORåHQLHQRYpKRSUYNXWDNDE\VWURPRVWDO%96
UR]KRGXMHþLSRNUDþXMHYĐDYRDOHERYSUDYR
DNYUFKROVGDQRXKRGQRWRXQiMGHWDNGRVWURPXQRYêYUFKROQHYORåtDOHVNRQþt
SURFHGXUHVWURPYOR]LSUYRN
SURFHGXUHYOR]YDUVYUFKRO
EHJLQ
LIV QLOWKHQV YUFKRO&UHDWHLQLOQLO
HOVHLIVLQIR LWKHQQLþOHERVDQDãLHO
HOVHLIVLQIR!LWKHQYOR]VO
HOVHYOR]VS
HQG
EHJLQ
YOR]NRUHQ
HQG
1'ÒQHUHNXU]tYQ\YOR]
UXãHQLHYUFKRODWDNDE\RVWDO%96
SUREOpPMHLEDVUXãHQtPYUFKROXNWRUêPiRERFKV\QRYGDQêDOJRULWPXVQiMGHPLQLPXPYSUDYRP
SRGVWURPHYUFKROXWRWRPLQLPXPY\KRGtDMHKRKRGQRWXGiQDPLHVWRUXãHQpKRYUFKROX
SURFHGXUHVWURP]UXVLSUYRN
IXQFWLRQ]UXVPLQYDUVYUFKROSUYRN
YDUTYUFKRO
EHJLQ
LIVO QLOWKHQ
EHJLQ
5HVXOW VLQIRT VV VST)UHH
HQG
HOVH5HVXOW ]UXVPLQVO
HQG
SURFHGXUH]UXVYDUVYUFKRO
EHJLQ
LIV QLOWKHQQLþ
HOVHLIVLQIR!LWKHQ]UXVVO
HOVHLIVLQIRLWKHQ]UXVVS
HOVHLIVO QLODQGVS QLOWKHQEHJLQV)UHHV QLOHQG
HOVHLIVO QLOWKHQV VS
1'Ò
ƔUHDOL]RYDĢEH]UHNXU]LHQHWUHEDVWDFN
ƔRSUDYWHDOJRULWPXVWDNDE\VDQHXYROĖRYDOPLQLPiOQ\DOHUXãHQêYUFKRODPLQLPiOQ\YUFKROVD
SUHVPHUQtNRYDOQDPLHVWRUXãHQpKRYUFKROX
ƔSUREOpPVGHJHQHURYDQêPLVWURPDPL]iYLVtRGSRUDGLDYOR]
❍GDQiXWULHGHQiSRVWXSQRVĢY\WYRULĢþRQDY\YiåHQHMãt%96
ƔGDQê%96WUHEDSUHXVSRULDGDĢWDNDE\YêVOHGQê%96PDOPLQLPiOQHPRåQ~KĎENX
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
3RXåLWLH
PDU
ELQiUQ\FKVWURPRY
$OJHEUDLFNpVWURP\
ƔELQiUQ\VWURP
❍YRYQ~WRUQêFKYUFKRORFKV~ELQiUQHRSHUiFLH
❍YOLVWRFKV~RSHUDQG\QDSUþtVODDOHERLGHQWLILNiWRU\SUHPHQQêFK
ƔG{OHåLWiYODVWQRVĢNDåGêYUFKROPiDOHERV\QRYQHP{åHPDĢLED
VWURPDQDRSDN
ƔDNVDVWURPY\StãHSUHRUGHU!Y]QLNQHSUHIL[]iSLV
ƔDNVDVWURPY\StãHSRVWRUGHU!Y]QLNQHSRVWIL[]iSLV
VWURPVDVNODGi]GYRFKW\SRYYUFKRORYDRSHUDFLDDDRSHUDQG
W\SH
SUYRN LQWHJHU
DVWURP FODVV
IXQFWLRQKRGQRWDSUYRNYLUWXDODEVWUDFW
IXQFWLRQSUHIL[VWULQJYLUWXDODEVWUDFW
HQG
HQG
FRQVWUXFWRUDRSHUDFLD&UHDWH]FKDUOOSSDVWURP
EHJLQ
RS ]O OOS SS
HQG
IXQFWLRQDRSHUDFLDKRGQRWDSUYRN
EHJLQ
FDVHRSRI
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWDSKRGQRWD
5HVXOW OKRGQRWD
SKRGQRWD
5HVXOW OKRGQRWDGLYSKRGQRWD
HOVHUDLVH([FHSWLRQ&UHDWH
QHUR]XPLHP
RS
HQG
HQG
IXQFWLRQDRSHUDFLDSUHIL[VWULQJ
EHJLQ
5HVXOW
RSOSUHIL[SSUHIL[
HQG
FRQVWUXFWRUDRSHUDQG&UHDWHKSUYRN
EHJLQ
KRG K
HQG
IXQFWLRQDRSHUDQGKRGQRWDSUYRN
EHJLQ
5HVXOW KRG
HQG
IXQFWLRQDRSHUDQGSUHIL[VWULQJ
EHJLQ
5HVXOW
,QW7R6WUKRG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUDDVWURP
EHJLQ
D DRSHUDFLD&UHDWH
DRSHUDFLD&UHDWH
DRSHUDQG&UHDWH
DRSHUDQG&UHDWH
DRSHUDFLD&UHDWH
DRSHUDQG&UHDWH
DRSHUDQG&UHDWH
0HPR/LQHV$GG
SUHIL[
DSUHIL[
0HPR/LQHV$GG
KRGQRWD
LQWWRVWUDKRGQRWD
HQG
1'Ò
Ɣ]UHDOL]XMWHSRVWIL[D~SOQHX]iWYRUNRYDQêLQIL[
ƔVNRQãWUXRYDĢDOJHEUDLFNêVWURP]SUHIL[RYpKR]iSLVX
ƔQDYUKQLWHWUHWtW\SYUFKROXSUHPHQQi
❍KRGQRWDYUiWLKRGQRWXSUHPHQQHM]WDEXĐN\WDEXĐNDMHGYRMVWĎSFRYpSROHLGHQWLILNiWRU
SUHPHQQHMDKRGQRWDSUHPHQQHM
ƔDOJHEUDLFNêVWURPVDGiUHSUH]HQWRYDĢMHGLQêPW\SRPYUFKROXNWRUêREVDKXMH]O~þHQpVWDYRYp
SUHPHQQp]RYãHWNêFKW\SRYYUFKRORYDWLHåVWDYRY~SUHPHQQ~NWRUiY\MDGUXMHW\SYUFKROXQDSU
RSHUDQGRSHUiWRUQDSURJUDPXMWHPHWyG\SUHWDN~WRUHSUH]HQWiFLX
9ãHREHFQpVWURP\
]NDåGpKRYUFKRODĐXERYRĐQêSRþHWV\QRY
DNMH1iUQ\WM]NDåGpKRYUFKRODPD[1YUFKRORYP{åHPHKRUHSUH]HQWRYDĢ
W\SH
VWURP FODVV
LQIRSUYRN
V\QDUUD\>1@RIVWURP
HQG
W\SH
VWURP FODVV
LQIRSUYRN
V\QDUUD\RIVWURP
HQG
þDVWRVDYSUD[LSRXåtYDDMLQiUHSUH]HQWiFLDY\FKiG]D]ELQiUQHKRVWURPXEXGHPHMXYRODĢV\QEUDW
ƔYNDåGRPYUFKROHLQIRUPiFLD
ƔVPHUQtNSUYêQDMĐDYHMãtQDMVWDUãtSUYRURGHQêV\Q
ƔVPHUQtNEUDWWMQDVOHGXM~FLYUFKROVRVSRORþQêPRWFRP
❍UHĢD]YUFKRORYVSRMHQêFKVPHUQtNRPEUDWWYRUtMHGQRVPHUQêVSiMDQê]R]QDPV\QRY
QHMDNpKRYUFKROD
UHSUH]HQWiFLDYãHREHFQpKRVWURPXSRPRFRXV\QEUDW
W\SH
VWURP FODVV
LQIRSUYRN
V\QEUDWVWURP
HQG
3R]QNRUHĖYlþãLQRXQHPiEUDWRYDNE\PDOYROiPHW~WRãWUXNW~UXOHV
1'ÒYRYãHWNêFKWURFKUHSUH]HQWiFLiFK
ƔKĎENDãtUNDV~þHWKRGQ{WSRþHWOLVWRY
ƔYêSLVDNRUHĢD]HFDOHERQDNUHVOHQLHGR&DQYDVX
Ɣ]LVWLĢþLMHVWURPELQiUQ\SRþHWOLVWRY
ƔSUHNyGRYDĢELQiUQ\VWURPGRWHMWRUHSUH]HQWiFLH
ƔY\WYRULĢDOHERQDþtWDĢWH[WRYêV~ERUSRSLVXM~FLVWURPNDåGêULDGRNMHGHQYUFKROSRþHWPHG]LHU
QD]DþLDWNXULDGNXR]QDþXMH~URYHĖYQRUHQLDNRUHĖSUYêULDGRN]DþtQDYVWĎSFLMHKRV\QRYLD
]DþtQDM~QDGUXKêFKVWĎSFRFK
9ãHREHFQp]R]QDP\
]R]QDPVDVNODGi
ƔDWyPQDSUVWULQJþtVOR
ƔSRVWXSQRVĢDWyPRYD]R]QDPRYDMSUi]GQDX]DYUHWiYRNU~KO\FK]iWYRUNiFK
SRXåLMHPHSRGREQ~UHSUH]HQWiFLXDNRSUHDOJHEUDFNpVWURP\Ei]RYiWULHGDDRGQHMRGYRGHQpGYDW\S\
YUFKRORYSULþRPãWUXNW~UDVDEXGHSRGREDĢYãHREHFQpPXVWURPXW\SXV\QEUDW
W\SH
7$WRP VWULQJ
Y]R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\Y]R]QDPYLUWXDO
HQG
3UtNODGLOXVWUXMHþtWDQLHGREUpKRYãHREHFQpKR]R]QDPXGR]DGDQHMGiWRYHMãWUXNW~U\DMHKRYêSLVY
URYQDNRPWYDUH
W\SH
7$WRP VWULQJ
SURFHGXUHVFDQãWDQGDUGQêVFDQHU
YDURNERROHDQ
SURFHGXUH]QDN
EHJLQ
LIYVWXS
WKHQ]
HOVHEHJLQ] YVWXS>@GHOHWHYVWXSHQG
HQG
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQ
EHJLQOH[ O]]QDNHQG
EHJLQOH[ S]]QDNHQG
D
]
$
=
EHJLQ
KRGQRWD
ZKLOH]LQ>
D
]
$
=
@GR
EHJLQKRGQRWD KRGQRWD]]QDNHQG
OH[ DW
HQG
EHJLQ]QDNRN IDOVHHQG
HQG
XQWLORN
HQG
W\SH
Y]R]QDP FODVV
IXQFWLRQY\SLVVWULQJYLUWXDODEVWUDFW
IXQFWLRQSUY\Y]R]QDPYLUWXDO
HQG
FRQVWUXFWRUDWRP&UHDWHK7$WRP
EHJLQ
KRGQ K
HQG
IXQFWLRQDWRPY\SLVVWULQJ
EHJLQ
5HVXOW KRGQ
HQG
IXQFWLRQ]R]QDPY\SLVVWULQJ
YDUV]R]QDP
EHJLQ
5HVXOW
V VHOI
UHSHDW
LIVV\Q!QLOWKHQ5HVXOW 5HVXOWVV\QY\SLV
V VGDOVL
XQWLOV QLO
5HVXOW 5HVXOW
HQG
IXQFWLRQY]R]QDPSUY\Y]R]QDP
EHJLQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXURELĢ359<
HQG
IXQFWLRQ]R]QDPSUY\Y]R]QDP
EHJLQ
5HVXOW V\Q
LI5HVXOW QLOWKHQ
UDLVH([FHSWLRQ&UHDWH
QHGiVDXURELĢ359<]SUi]GQHKR
]R]QDPX
HQG
IXQFWLRQFLWDMY]R]QDP
IXQFWLRQFLWDMFKYRVW]R]QDP
EHJLQ
LIOH[ S]WKHQEHJLQ5HVXOW QLOVFDQHQG
HOVHLIOH[ NRQWKHQ5HVXOW QLO
HOVH
EHJLQ
5HVXOW ]R]QDP&UHDWH
]R]QDP5HVXOWV\Q FLWDM
]R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HQG
EHJLQ
LIOH[ DWWKHQ
EHJLQ
5HVXOW DWRP&UHDWHKRGQRWDVFDQ
HQG
HOVHLIOH[ O]WKHQ
EHJLQ
VFDQ
5HVXOW ]R]QDP&UHDWH
]R]QDP5HVXOWV\Q FLWDM
]R]QDP5HVXOWGDOVL FLWDMFKYRVW
HQG
HOVH5HVXOW QLO
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUVY]R]QDP
EHJLQ
YVWXS (GLW7H[W]
VFDQV FLWDM
LIV QLOWKHQ0HPR/LQHV$GG
SUi]GQ\]R]QDPQLO
HOVH0HPR/LQHV$GGVY\SLV
HQG
1'Ò
ƔWHVWRYDFtSURJUDPQHREVDKXMHXYRĐĖRYDQLHSDPlWLGRSURJUDPXMWHWR
ƔIXQNFLHSUHSUY\LW\SRVOHGQ\]R]QDPEH]SUYpKRSUYNXEH]SRVOHGQpKREH]LWHKRSUYNX
ƔNySLDSRþHWDWyPRYSRþHWYêVN\WRY
ƔSRURYQDQLHGYRFK]R]QDPRY
]PHĖWHUHSUH]HQWiFLXYãHREHFQpKR]R]QDPXWDNåHYUFKROMHEXćDWRPDOHERREVDKXMH
Ɣ
G\QDPLFNpSROHVYRMLFKSUYNRY
❍UHDOL]XMWHQDþtWDQLHYêSLVDDMRVWDWQpPHWyG\
/H[LNRJUDILFNpVWURP\
ƔYELQVWURPHNDåGiFHVWDRGNRUHĖDGRĐXERYRĐQpKRYUFKRODMHGQR]QDþQHUHSUH]HQWXMHWHQWR
YUFKROQDSU//3///33/R]QDþXMHYUFKROVOOSOOOSSOSRGREQHVDGi
R]QDþRYDĢĐXERYRĐQêYUFKRODMY1iUQRPVWURPHSRXåLMHPH1StVPHQDEHFHG\QDSU
D
N
❍OH[LNRJUDIVWURP\V~1iUQHVWURP\
❍NDåGêYUFKROUHSUH]HQWXMHSUYêFK.]QDNRY]RVORYD.MHY]GLDOHQRVĢRGNRUHĖD
ƔNRUHĖUHSUH]HQWXMHSUi]GQHVORYR
ƔV\QRYLDNRUHĖDUHSUH]HQWXM~MHGQR]QDNRYpVORYiDWć
ƔYLQIRSRORåNHP{åHPHUHSUH]HQWRYDĢLQIRUPiFLXU{]QHKRW\SXQDSUSRþHWYêVN\WRYGDQpKR
VORYDUHĢD]HFUHSUH]HQWXM~FLSUHNODGNyGSUHNODGXYHQF\NORSpGLL
3UtNODG
=LVWLWHIUHNYHQþQ~WDEXĐNXVORYQDYVWXSH]DEHFHG\^DE`
❍QDMSUYY\WYRUtPHOH[LNRJUDILFNêVWURPGRLQIRSRþHWYêVN\WRY
❍Y\StãHPHFHVWXNQHQXORYêPYUFKRORPDMVKRGQRWRX
ULHãHQLH
W\SH
OVWURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
E
@RIOVWURP
SURFHGXUHSULGDMFRQVWVVWULQJ
SURFHGXUHY\SLVW76WULQJVFRQVWVVWULQJ
HQG
SURFHGXUHOVWURPSULGDMFRQVWVVWULQJ
EHJLQ
LIV
WKHQLQFSRFHW
HOVHLIV>@LQ>
D
E
@WKHQ
EHJLQ
LIS>V>@@ QLOWKHQS>V>@@ OVWURP&UHDWH
S>V>@@SULGDMFRS\VPD[LQW
HQG
HOVH
SULGDMFRS\VPD[LQWUDLVH([FHSWLRQ&UHDWH
FK\EQ\
]QDN
V>@
HQG
SURFHGXUHOVWURPY\SLVW76WULQJVFRQVWVVWULQJ
EHJLQ
LISRFHW!WKHQW$GG,QW7R6WUSRFHW
V
LIS>
D
@!QLOWKHQS>
D
@Y\SLVWV
D
LIS>
E
@!QLOWKHQS>
E
@Y\SLVWV
E
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUOOVWURP
EHJLQ
O OVWURP&UHDWH
OSULGDM
DEDD
OSULGDM
EE
OSULGDM
OSULGDM
DDDDDDDDDDDDDDDDDDDDDDDDDDDD
OSULGDM
DEDDEED
OSULGDM
DEDDEDE
OSULGDM
DDEE
OSULGDM
DEDE
OSULGDM
DDEE
OSULGDM
DEDD
OY\SLV0HPR/LQHV
HQG
1'Ò
ƔSULGDMDMY\SLVV~UHNXU]tYQH !P{åHSUHWLHFĢ]iVREQtNSUHUREWHEH]UHNXU]LH
ƔYWHVWRYDFRPSURJUDPHY\StãWHDMSRþHWYUFKRORYVWURPXKĎENXVWURPXSRþHWU{]Q\FKVORYGĎåN\
ƔPHWyGDKODGDMQiMGHYUFKROYVWURPHSUHGDQpVORYRUHDOL]XMWHUHNXU]tYQHDMQHUHNXU]tYQH
ƔGRURELĢSUH1SUYNRY~DEHFHGX
❍QDSU
D
M
iUQ\VWURP
❍QDSUOHQStVPHQi
D
H
L
R
X
\
iUQ\VWURP
ƔQiMVĢ
❍VORYiGDQHMGĎåN\
❍QDMNUDWãLHQDMGOKãLHVORYi
❍QDMNUDWãLHVORYR]DþtQDM~FHGDQêPUHĢD]FRP
❍GĎåNDQDMGOKãLHKRVORYD KĎENDVWURPX
ƔQDYUKQLWHPHWyG\QDUXãHQLHVORYDDOHERYãHWNêFKVORYNWRUp]DþtQDM~QHMDNêPUHĢD]FRP
ƔOH[LNRJUDILFNêVWURPY\WYiUDĢYELQiUQRPV~ERUHQDPLHVWRVPHUQtNRYEXG~VHHNDGUHV\YLHW
QLO QDSU
ƔSRPRFRXOH[LNiOQHKRVWURPXUHSUH]HQWXMWHPQRåLQ\VORY]QHMDNHMDEHFHG\QDPLHVWRVWDYRYHM
SUHPHQQHMSRFHWEXGHLQIRUPiFLDRWRPþLSDWUtGRPQRåLQ\ !]UHDOL]XMWHRSHUiFLH]MHGQRWHQLD
SULHQLNX
.RPSRQHQW7UHH9LHZ
WHQWR'HOSKLNRPSRQHQWXPRåĖXMH]REUD]LĢ~GDMHNWRUpPDM~VWURPRY~ãWUXNW~UXYRYL]XiOQHMIRUPH
QDSU
NRPSRQHQW77UHH9LHZMHGRVĢNRPSOH[QêWXSRStãHPHOHQQLHNRĐNRVWDYRYêFKSUHPHQQêFKDPHWyG
ƔYUFKROPLVWURPXV~LQãWDQFLHWULHG\77UHH1RGH
Ɣ,WHPV>L@YUiWLLW\YUFKRO
Ɣ,WHPV&RXQWSRþHWV\QRY
SRGREQHDM$GG&KLOG)LUVW
Ɣ/RDG)URP)LOHPHQRBV~ERUX]WH[WRYpKRV~ERUXQDþtWDNRPSOHWQêVWURPNDåGêULDGRN
SRSLVXMHMHGHQYUFKROVWURPXSRþHWPHG]LHUUHVSWDEXOiWRURYQD]DþLDWNXULDGNXY\MDGUXMH
YQRUHQLHYUFKROD
Ɣ6DYH7R)LOHPHQRBV~ERUXY\WYRUtWH[WRYêV~ERUNWRUêSRSLVXMHNRPSOHWQêVWURP
WRWREROLPHWyG\DSURSHUW\WULHG\77UHH9LHZDMVDPRWQêYUFKRO77UHH1RGHPiG{OHåLWpVWDYRYp
SUHPHQQpQDSU
Ɣ&RXQWSRþHWV\QRY
Ɣ,WHP>L@VPHUQtNQDLWHKRV\QD
Ɣ3DUHQWVPHUQtNQDRWFD
Ɣ6HOHFWHGþLMHPiE\ĢRVHOHNWRYDQêPD[LPiOQHMHGHQYUFKROYFHORPVWURPHP{åHE\Ģ
RVHOHNWRYDQê
Ɣ,QGH[NRĐNDWêMHWRV\QVYRMKRRWFD
Ɣ/HYHOYDNHM~URYQLVWURPXMHWHQWRYUFKRO
Ɣ7H[WWH[WRYêUHĢD]HFYGDQRPYUFKROH
DQLHNWRUpG{OHåLWpPHWyG\QDSU
Ɣ'HOHWH]UXãtYUFKRO
Ɣ'HOHWH&KLOGUHQ]UXãtYãHWN\GHWL
Ɣ*HW1H[W6LEOLQJQDVOHGXM~FLEUDW
Ɣ*HW3UHY6LEOLQJSUHGFKiG]DM~FLEUDW
Ɣ*HW)LUVW&KLOGSUYêV\Q
QDSUWiWRþDVĢSURJUDPXY\WYRUtVWURPVYUFKROPL
YDUNYY77UHH1RGH
EHJLQ
N 7UHH9LHZ,WHPV$GGQLO
NRUHĖVWURPX
Y 7UHH9LHZ,WHPV$GG&KLOGN
GUXKêYUFKRO
Y 7UHH9LHZ,WHPV$GGY
WUHWtYUFKRO
Y 7UHH9LHZ,WHPV$GG&KLOGN
WUHWtYUFKRO
WRMHWRLVWp
DNRSUHGFKiG]DM~FLULDGRN
PDOêWHVWRYDFtSURMHNW
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUVHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDUVHOQRY\77UHH1RGH
EHJLQ
LI(GLW7H[W
WKHQH[LW
VHO 7UHH9LHZ6HOHFWHG
LI&KHFN%R[&KHFNHGWKHQ
QRY\ 7UHH9LHZ,WHPV$GG&KLOG)LUVWVHO(GLW7H[W
HOVH
QRY\ 7UHH9LHZ,WHPV$GG&KLOGVHO(GLW7H[W
QRY\6HOHFWHG WUXH
7UHH9LHZ6HW)RFXV
(GLW7H[W
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
LI)LOH([LVWV
VWURPW[W
WKHQ
7UHH9LHZ/RDG)URP)LOH
VWURPW[W
HQG
SURFHGXUH7)RUP)RUP&ORVH6HQGHU72EMHFWYDU$FWLRQ
7&ORVH$FWLRQ
EHJLQ
7UHH9LHZ6DYH7R)LOH
VWURPW[W
HQG
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
7ULHGHQLD PDU
%XEOLQNRYpWULHGHQLH%XEEOH6RUW
ƔVNRURQDMKRUãLHDNpP{åHE\ĢP{åHPHKRSRXåLĢOHQSUHPDOpSROLDYVLWXiFLLNHćQH]iOHåtQDUêFKORVWL
ƔSRURYQiYDQLHGYRFKSUYNRYYHGĐDVHEDGRSUYNXSRĐDVPHQãtPLQGH[RPLGHPHQãt]QLFK
ƔSRMHGQRPSUHFKRGHSRĐRPVDXUþLWHPD[LPiOQ\SUYRNGRVWDQHQDNRQLHFSRĐDSRWRPRVWiYDXWULHGLĢ1SUYNRY
SRĐDSRVOHGQêMHXåQDVYRMRPPLHVWH
SURFHGXUH7%XEEOH6RUW6RUW
YDULMLQWHJHU
EHJLQ
IRUL KLJKSGRZQWRORZSGR
IRUM ORZSWRLGR
LIS>M@!S>M@WKHQY\PHQMM
HQG
0LQ6RUW
QiMGHY~VHNXSRĐDPLQLPiOQ\SUYRNY\PHQtKRVSUYêPSUYNRPVNUiWLWULHGHQê~VHNSRĐDRDWć
Ɣ
SURFHGXUH70LQ6RUW6RUW
YDULMPLQLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGR
EHJLQ
PLQ L
IRUM LWRKLJKSGR
LIS>M@S>PLQ@WKHQPLQ M
Y\PHQLPLQ
HQG
HQG
ƔSRURYQDQtMHURYQDNRDNR%XEEOH6RUWDOHYêUD]QHPHQHMYêPHQ
ƔWRWRWULHGHQLHP{åHPHSRXåLĢYWHG\NHćSRURYQDQLHGYRFKSUYNRYSRĐDMHUêFKOHDSRPDO~YêPHQXGYRFKSUYNRY
SRWUHEXMHPHXURELĢþRQDMPHQHMNUiW
7ULHGHQLHYV~YDQtP,QVHUW6RUW
LVWiþDVĢSRĐDMHXWULHGHQi]DUDGtQRYêSUYRNQDVYRMHPLHVWR
Ɣ
SURFHGXUH7,QVHUW6RUW6RUW
YDULMWLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGR
EHJLQSUHGSRNODGLMHXWULHGHQê~VHNYVXĖS>L@WDNDE\
RVWDOXWULHGHQê
M LW S>L@
ZKLOHM!ORZSDQGS>M@!WGR
EHJLQKĐDGDQLHYKRGQpKRPLHVWDSUHSUYRNS>L@
S>M@ S>M@GHFMYSUHWHNRFKWULHGHQtSRXåLMHPH
SULUDGMS>M@
HQG
S>M@ WYSUHWHNRFKWULHGHQtSRXåLMHPH
SULUDGMW
HQG
HQG
RSlĢMHWRYHĐPLSRPDOêDOJRULWPXVSRURYQDWHĐQêV%XEEOH6RUWRP
Ɣ
7ULHGHQLH]OXþRYDQtP0HUJH6RUW
ƔPHWyGDUR]GHĐXMDSDQXMWMĐDKãLHVDXWULHGLPHQHMSRORåLHNDNRYHĐD
ƔDOJRULWPXV
❍SROHUR]GHOtPHQDGYHSULEOLåQHURYQDNRYHĐNpþDVWLSULQHSiUQRPSRþWHMHMHGQDþDVĢYlþãLD
❍SRWRPVD]DREHUDMPHVNDåGRX]WêFKWRGYRFKþDVWt]YOiãĢDWRWDNêPLVWêPVS{VRERPWMUR]GHOtPHMXQD
GYHþDVWL
❍]QRYXYH]PLPHSUY~]QLFKDUR]GHĐPHMXQDGYHDWćDåNêPQHGRVWDQHPHMHGQRSUYNRYp~VHN\
❍MH]UHMPpåHMHGQDSRORåNDMHXWULHGHQiDWHGDPiPHGYHXWULHGHQpþDVWL
❍WHUD]SRXåLMHPHGUXK~þDVĢDOJRULWPX]O~þHQLHGYRFKXWULHGHQêFKþDVWtWDNDE\DMQRYRY]QLNQXWiþDVĢEROD
XWULHGHQiWMGRVWiYDPHþDVĢVGYRPDSRORåNDPL
❍SRGREQHVDUR]GHOtD]O~þLDMGUXKiþDVĢ]UR]GHOHQLDDGRVWiYDPHXWULHGHQ~GUXK~GYRMSUYNRY~þDVĢ
❍WHQLVWêDOJRULWPXV]O~þHQLDGYRFKXWULHGHQêFKþDVWtSRXåLMHPHDMWHUD]DGRVWiYDPHXWULHGHQ~ãWYRUSUYNRY~
þDVĢ
❍DOJRULWPXVVDEXGHRSDNRYDĢDåNêPQHEXGHXWULHGHQpFHOpSROH
ƔWRWRWLUHGHQLHVDSRXåtYDQDMPlSULWULHGHQtSUYNRYVSiMDQêFK]R]QDPRY]OXþRYDQLHGYRFKSROtEH]SRPRFQpKR
SRĐDMHYHĐPLQiURþQiRSHUiFLDDP{åHSRND]LĢHIHNWtYQRVĢFHOpKRDOJRULWPX
ƔWRWRWULHGHQLHSDWUtPHG]LW]YUêFKOHWULHGHQLDHIHNWtYQRVĢMHUiGRYR1
ORJ1
WULHGHQLHVSiMDQiKR]R]QDPX
W\SH]R]QDP FODVVKLQWHJHUQH[W]R]QDPHQG
SURFHGXUH0HUJH6RUWYDU]]R]QDP
SURFHGXUHUR]GHOS]R]QDPYDUGS]R]QDP
YDUVWUHGSRP]R]QDP
EHJLQ
LIS QLOWKHQGS QLOQHERORþRGHOLĢ
HOVH
EHJLQ
VWUHG S
SRP VWUHGQH[W
ZKLOHSRP!QLOGRSRNLDĐQLHMHQDNRQFL]R]QDPX
EHJLQ
SRP SRPQH[WSRVXĖVDRMHGHQNURN
LISRP!QLOWKHQHãWHQLHVRPQDNRQFL
EHJLQ
VWUHG VWUHGQH[WSRVXĖVWUHGRMHGHQNURN
SRP SRPQH[WSRVXĖVDRGUXKêNURN
HQG
HQG
GS VWUHGQH[WYUiĢVPHUQtNQDSUYRNNWRUêMHVWUHGQê
VWUHGQH[W QLO]PRGLILNXMS{YRGQêGOKê]R]QDPQDSRORYLþQê
HQG
HQG
SURFHGXUH]OXFSS]R]QDPYDUS]R]QDP
YDUN]R]QDP
EHJLQ
LIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHLIS QLOWKHQS SDNMH]R]QDPSSUi]GQ\
HOVHRED]R]QDP\V~QHSUi]GQH
EHJLQ
LISK SKWKHQY\ULHãPHSUYêSUYRNQRYpKR]R]QDPX
EHJLQ
S SS SQH[W
HQG
HOVH
EHJLQ
S SS SQH[W
HQG
N SY\WYiUDPH]R]QDPSSULGiYDQtPQDNRQLHFSRPRFRXSRPRF
VPHUQtNDN
ZKLOHS!QLODQGS!QLOGR
LISK SKWKHQ
EHJLQ
NQH[W SN SS SQH[W
HQG
HOVH
EHJLQ
NQH[W SN SS SQH[W
HQG
LIS QLOWKHQNQH[W SY\SUi]GQLOVD]R]QDPS
HOVHNQH[W SY\SUi]GQLOVD]R]QDPS
HQG
HQG
YDUGUXKDSRO]R]QDP
EHJLQ
LI]!QLODQG]QH[W!QLOWKHQDVSRĖSUYN\
EHJLQ
UR]GHO]GUXKDSRO
0HUJH6RUW]
0HUJH6RUWGUXKDSRO
]OXF]GUXKDSRO]
HQG
HQG
ƔUHNXU]tYQDSURFHG~UD0HUJH6RUWVSUDFXMHFHOê]R]QDPWDNåHKRUR]GHOtQDGYHþDVWLVSULEOLåQHURYQDNêP
SRþWRPSUYNRYQDWLHWR]DYROiW~LVW~SURFHG~UXSRNLDĐV~]R]QDP\YLDFDNRMHGQRSUYNRYpDSRWRPWDNWR
Y]QLNQXWp]R]QDP\]O~þL
ƔSURFHG~UDUR]GHOVDEXGHVQDåLĢQiMVĢSRORYLFXFHOpKR]R]QDPXNWRUêGRVWiYDFH]VPHUQtNSDYUiWLGYD
]R]QDP\VSULEOLåQHURYQDNêPSRþWRPSUYNRYVWUHGVDEXGHKĐDGDĢWDNåHSR]R]QDPHEXG~SXWRYDĢGYD
VPHUQtN\MHGHQSRMHGQRPNURNXDGUXKêSRGYRFKDDNVDGUXKêVPHUQtNSUHSUDFXMHQDNRQLHF]R]QDPX]UHMPH
SUYêNWRUêãLHOSRNURNXEXGHSUiYHYSRORYLFL]R]QDPX
ƔDNPiPHGREUHUR]GHOHQê]R]QDPQDGYHþDVWLDYUDFLDPHVD]UHNXU]LHRVWiYDQiPLEDGREUHWLHWRGYHþDVWL]O~þLĢ
DWRWDNDE\DMQRYêGOKãt]R]QDPRVWDOXWULHGHQêSURFHG~UD]OXFWHGDSUHFKiG]DRERPD]R]QDPDPLDY\WYiUD]
QLFKQRYê
1'Ò
ƔXVSRULDGDĢYSROLSRPRFRXSRPRFQpKRSRĐD
ƔXVSRULDGDĢYSROLEH]SRPRFQpKRSRĐDDVLEXGHSULYHĐDSRVXQRYSRĐD
ƔWULHGLĢELQiUQ\V~ERUVGYRPDSRPRFQêPLV~ERUPL
5êFKOHWULHGHQLH4XLFN6RUW
YSUHGFKiG]DM~FRPWULHGHQtVPHPXVHOL]R]QDP\GREUH]O~þLĢ
Ɣ
WRWRWULHGHQLHY\WYiUDGYHþDVWLSRĐDWDNDE\LFKQHERORWUHED]OXþRYDĢDOHDE\LFKVWDþLORLEDSRORåLĢ]DVHED
Ɣ
❍YSUYRPNURNXVDMHGHQSUYRNY\EHULH]D3,927DYSULQFtSHWRP{åHE\ĢĐXERYRĐQêSUYRNP\Y\EHUPH
SUYêSUYRN]GDQHMSRVWXSQRVWL
❍SRGĐDWRKWRSLYRWDUR]GHĐPHYVWXSQ~SRVWXSQRVĢSUYNRYQDGYHþDVWLSULþRPYSUYHM]QLFKEXG~þtVOD
PHQãLHDNRSLYRWDYGUXKHMþtVODYlþãLHDURYQpDNRSLYRWYQDMOHSãRP]SUtSDGRYVDSRVWXSQRVĢUR]GHOtQD
GYHþDVWLVSULEOLåQHURYQDNêPSRþWRPSUYNRYYQDMKRUãRPSUtSDGHYãDN]UHMPHQDQXODSUYNRYNWRUp
EXGHWYRULĢSUY~þDVĢDQDYãHWN\RVWDWQpSUYN\
❍SRWDNRPWRUR]GHOHQtSRVWXSQRVWLGRVWiYDPHWULþDVWLþDVĢVMHGLQêPSUYNRPNWRUêPMHSLYRWþDVĢY
NWRUHMV~SUYN\PHQãLHDNRSLYRWDþDVĢVSUYNDPLYlþãtPLDOHERURYQêPLDNRMHSLYRW
❍SRWRPURYQDNêPVS{VRERPXWULHGLPHGUXK~þDVĢSUYN\PHQãLHDNRSLYRWDWUHWLXþDVĢSUYN\YlþãLHDNR
SLYRW
❍SRLFKXWULHGHQtGUXK~DWUHWLXþDVĢSRORåtPHYHGĐDVHEDSULþRPSLYRWGiPHQDVSUiYQHPLHVWR
SURFHGXUH74XLFN6RUW6RUW
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDUSLYRWLQWHJHU
LSPLQLQWHJHU
EHJLQ
SLYRW S>]@SPLQ ]SLYRWMHSUYêSUYRN
IRUL ]WRNGRSUHMGLYãHWN\SUYN\PHG]L]DN
LIS>L@SLYRWWKHQSR]HUDQêSUYRNSDWUtGRSUYHMþDVWLSRĐD
EHJLQMHRMHGHQYLDFWDNêFKþRV~PHQãLHDNRSLYRW
LQFSPLQY\PHQSPLQL
HQG
Y\PHQ]SPLQGDMSLYRWQDVSUiYQHPLHVWR
LS SPLQYUiĢLQGH[QDNWRURPMHXPLHVWQHQêSLYRW
HQG
SURFHGXUHTXLFN]NLQWHJHU
YDULSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRW
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
EHJLQ
TXLFNORZSKLJKS
HQG
ƔSURFHG~UDTXLFNMHUHNXU]tYQDDWULHGLþDVĢSRĐDPHG]LLQGH[DPL]DNSULþRPQDMSUYYROiSURFHG~UXUR]GHOQD
UR]GHOHQLHWHMWRþDVWLD]LVWHQLHLQGH[XSLYRWDSRWRPDSOLNXMHWHQLVWêDOJRULWPXVQDþDVWSRĐDSUHGLQGH[RPQD
NWRURPMHSLYRWDQDþDVĢSRĐD]DSLYRWRP
ƔSURFHG~UDUR]GHOGiYDSUYN\PHQãLHDNRSLYRWQD]DþLDWRNSRĐDSUYN\YlþãLHDOHERURYQpDNRSLYRWQDNRQLHFSRĐD
DSRVNRQþHQtWRKWRXSUDWRYDQLDGiHãWHSLYRWQDVSUiYQHPLHVWRDYUiWLMHKRLQGH[
DNERORSROHXWULHGHQpHãWHSUHGVDPRWQêPWULHGHQtPWDNMH]YROHQêQDMKRUãtPRåQêSLYRWSUHWRVDQD]DþLDWNX
Ɣ
UR]GHO]Y\NQHSULGDĢ
Y\PHQ]]NGLY
1'Ò
ƔWULHGLĢSROHEH]UHNXU]LH
ƔWULHGLĢVSiMDQê]R]QDP
ƔWULHGLĢELQiUQ\V~ERU
7ULHGHQLHKDOGRX+HDS6RUW
ƔEXGHPHWULHGLĢSROH
ƔKDOGDMHGiWRYiãWUXNW~UDNWRUi
❍PiWYDUVNRUR~SOQpKRELQiUQHKRVWURPXOHQQDSRVOHGQHM~URYQLELQiUQHKRVWURPXP{åXFKêEDĢV\QRYLD
YUFKRORYSUHGSRVOHGQHM~URYQHDWRWDNåHDNFKêEDQHMDNêV\QWDNEXG~FKêEDĢDMYãHWFLSUDYHMãtV\QRYLD
QDSRVOHGQHM~URYQL
❍SUHYãHWN\YUFKRO\VWURPXSODWtåHRWHFPiYlþãLXDOHERURYQ~KRGQRWXDNRMHKRV\QRYLDDNH[LVWXM~
Ŷ]UHMPHYNRUHQLKDOG\MHYåG\PD[LPiOQ\SUYRN
❍KDOGXEXGHPHUHSUH]HQWRYDĢYMHGQRUR]PHUQRPSROLLQGH[RYDQRPRGWDNåHNRUHĖVWURPXMHQDLQGH[H
❍Y\WYRUHQLHKDOG\
❍YKDOGHMHNRUHĖWMSUYêSUYRNQDMYlþãtSUYRN]RYãHWNêFKMHKRYêPHQDVSRVOHGQêPSUYNRPHãWH
QHXWULHGHQpKRSRĐDDQRYpXKDOGRYDQLH
SURFHGXUH7+HDS6RUW6RUW
SURFHGXUHSRVXQYDULLQWHJHUPLQWHJHU
EHJLQDNH[LVWXMHV\Q!QDVWDYtVDQDYlþãLHKR]QLFK
LI
L PWKHQDVSRĖMHGHQV\QH[LVWXMH
EHJLQ
L
LYLMHĐDYêV\Q
LILPDQGS>L@!S>L@WKHQL L
SUDYêV\QEROYlþãtDSUHWRMHYLSUDYêV\QLQDNRVWiYDYLĐDYê
V\Q
HQG
HQG
SURFHGXUHXSUDFBKDOGXNPLQWHJHU
YDULLQWHJHUSUHGSRNODGiPHåHRGNGRPWRXåKDOGDMHSULGiPHN
W\
EHJLQ
L NSRVXQLP
ZKLOHS>N@S>L@GR
EHJLQ
Y\PHQNLS>N@ S>L@
N L
SRVXQLPYLMHQRYêYlþãtV\Q
HQG
HQG
SURFHGXUHY\WYRUBKDOGX
YDULLQWHJHU
EHJLQ
IRUL KLJKSGLYGRZQWRGRXSUDFBKDOGXLKLJKS
HQG
YDULLQWHJHU
EHJLQ
Y\WYRUBKDOGX
L KLJKSEHUSRVWXSQHYãHWN\SUYN\
ZKLOHL!GR
EHJLQ
Y\PHQLY\PHQNRUHĖDSRVOHGQê]DWLDĐQHXWULHGHQêWML
W\SUYRN
GHFL]PHQãLUR]PHUVWURPX
XSUDFBKDOGXLRSUDYVWURPNRUHĖMHDVL]Oê
HQG
HQG
ƔSURFHG~UDXSUDFBKDOGXY\WYiUDKDOGXYSROLPHG]L]DGDQêPLGYRPDLQGH[DPLSRĐDWMSRMHMVNRQþHQtMHþDVĢ
SRĐD.Då0KDOGRXSULþRPSURFHG~UDSUHGSRNODGiåHþDVĢ.Då0MHKDOGDDOHWêPåHVPHSULGDOLSUYRNQD
PLHVWR.PRKODVDKDOGD.Då0SRND]LĢDSUHWRWUHEDSROH]QRYXXKDOGRYDĢWM]DEH]SHþLĢDE\DMSUHRWFD.
SODWLORåHPiRERFKV\QRYPHQãtFKDNRRQViPDNWRWDNQLHMHWUHEDKR]UHMPHY\PHQLĢVYlþãtP]RV\QRYD
SRVWXSRSDNRYDĢSUHWRKWRV\QDDSUtVOXãQêSRGVWURP
ƔSRPRFQiSURFHG~UDSRVXQSRV~YDSUYêSDUDPHWHUQDYlþãLHKRV\QD
1'Ò
ƔQDPLHVWRWULHGHQLDSUYNRYSRĐDSUHKDG]RYDQtPKRGQ{WUHDOL]XMWHWULHGHQLHOHQSRPRFRXWULHGHQLDLQGH[RYSRĐDWM
Y\WYRUtWHSROHþtVHORGORZSDåGRKLJKSDWRWRSROHSUHXVSRULDGDWHWDNY\WYRUtWHMHKRSHUPXWiFLXåHQDSUMHKR
YêSLVYSRUDGtLQGH[RYYWRPWRSROLY\StãHXVSRULDGDQpSROH
ƔWDNpWRWULHGHQLHUHDOL]XMWHSUHYãHWN\GRWHUD]]QiPHWULHGHQLD
7KUHDGYOiNQD
Ɣ:LQGRYROtVSXVWLĢGYHDOHERYLDFSURFHG~UQDUD]DWLHåQiPXPRåĖXMHDE\WRWRULDGLOQiãSURJUDPWRPXWRVD
KRYRUtPXOWLWKUHDGLQJ
ƔWULHGD77KUHDGXPRåĖXMHStVDQLHSDUDOHOQêFKDSOLNiFLt
ƔNHćFKFHPHDE\QLHþREHåDORSDUDOHOQHY\UREtPHWRPXLQãWDQFLXWULHG\NWRUiMHSRWRPNRP77KUHDGVDPRWQi
WULHGD77KUHDGMHDEVWUDNWQiDQHYLHURELĢQLþNRQNUpWQH
ƔNRQãWUXNWRU77KUHDGPiORJLFNêSDUDPHWHUNWRUêPR]QiPLPHþLVDPiWKUHDGVSXVWLĢKQHćSULY\WYRUHQtDOHERDå
QHVN{U]DYRODQtPPHWyG\5HVXPH
ƔVSXVWHQLHWKUHDGX]QDPHQiåHVDVSXVWtWHORPHWyG\([HFXWHWiWRMHY77KUHDGGHILQRYDQiDNRYLUWXDODDEVWUDFW
1DVOHGXM~FLSUtNODGGHPRQãWUXMHMHGQRGXFKpSRXåLWLHWKUHDGX9WULHGH7%RGNXM7KUHDGGHILQXMHPHPHWyGX([HFXWH
WHORSDUDOHOQHEHåLDFHMSURFHG~U\NWRUiEXGHGRQHNRQHþQDDOHERNêPQHEXGHSRåLDGDYNDXNRQþLĢWKUHDG
7HUPLQDWHGNUHVOLĢERGN\GR&DQYDVXIRUPXOiUX
1DMOHSãLHVDUREtQRYiWKUHDGWULHGDWDNåHFH]PHQX)LOH1HZ]YROtPH7KUHDG2EMHFW!Y\WYRUtVDXQLWNWRUê
REVDKXMHVFKpPXWKUHDGXW~WRćDOHMGRUREtPH
XQLW%RGNXM
LQWHUIDFH
XVHV
&ODVVHV
W\SH
7%RGNXM7KUHDG FODVV77KUHDG
SULYDWH
SURFHGXUHFRVL
SURWHFWHG
SURFHGXUH([HFXWHRYHUULGH
HQG
LPSOHPHQWDWLRQ
XVHV*UDSKLFV8QLW
SURFHGXUH7%RGNXM7KUHDGFRVL
EHJLQ
)RUP&DQYDV3L[HOV>UDQGRP)RUP&OLHQW:LGWKUDQGRP)RUP&OLHQW+HLJKW@ FO5HG
)RUP&DQYDV3L[HOV>UDQGRPUDQGRP@ FO5HG
HQG
SURFHGXUH7%RGNXM7KUHDG([HFXWH
EHJLQ
UHSHDW
6\QFKURQL]HFRVL
XQWLO7HUPLQDWHG
HQG
HQG
VDPRWQê8QLW
W\SH
7)RUP FODVV7)RUP
VWDUW7%XWWRQYRIRUPXOiULVXGYHWODþLGOi67$57D6723
VWRS7%XWWRQ
SURFHGXUHVWDUW&OLFN6HQGHU72EMHFW
SURFHGXUHVWRS&OLFN6HQGHU72EMHFW
SULYDWH
ERGNRYDQLH77KUHDG
HQG
SURFHGXUH7)RUPVWDUW&OLFN6HQGHU72EMHFW
EHJLQ
VWDUWHQDEOHG IDOVH
VWRSHQDEOHG WUXH
ERGNRYDQLH 7%RGNXM7KUHDG&UHDWHIDOVHKQHćVDDMVSXVWt
HQG
SURFHGXUH7)RUPVWRS&OLFN6HQGHU72EMHFW
EHJLQ
VWDUWHQDEOHG WUXH
VWRSHQDEOHG IDOVH
ERGNRYDQLH)UHH
HQG
SURFHGXUH7)RUP)RUP0RXVH'RZQ6HQGHU72EMHFW%XWWRQ70RXVH%XWWRQ6KLIW
76KLIW6WDWH;<,QWHJHU
EHJLQ
LIQRWVVOHIWLQVKLIWWKHQH[LW
FDQYDV3HQ:LGWK
FDQYDV3HQFRORU FOEOXH
FDQYDVPRYHWR[\
FDQYDVOLQHWR[\
HQG
SURFHGXUH7)RUP)RUP0RXVH0RYH6HQGHU72EMHFW6KLIW76KLIW6WDWH;<
,QWHJHU
EHJLQ
LIQRWVVOHIWLQVKLIWWKHQH[LW
FDQYDVOLQHWR[\
HQG
PHWyG\)RUP0RXVH'RZQDM)RUP0RXVH0RYHXPRåĖXM~NUHVOLĢGRIRUPXOiUXDMSRþDVERGNRYDQLDSDUDOHOQêP
SURFHVRP
3UHWHN\WULHGHQt
.HćXåYLHPHY\WYiUDĢDVS~ãĢDĢSDUDOHOQpSURFHG~U\P{åHPH]UHDOL]RYDĢSUHWHN\U{]Q\FKWULHGHQtSULþRPEXGHPHWLHWR
WULHGHQLDYL]XDOL]RYDĢ.DåGiKRGQRWDYSROLEXGHYJUDILFNHMSORFKH,PDJH]REUD]HQiEXćIDUHEQRXERGNRXDOHER
~VHþNRXDNRYKLVWRJUDPH9êPHQDGYRFKSUYNRYYSROLDOHERSULUDGHQLHQHMDNHMKRGQRW\GRSUYNXSRĐDVDEXGH
UHDOL]RYDĢSRPRFQêPLPHWyGDPLY\PHQUHVSSULUDGNWRUpEXG~]iURYHĖSUHNUHVĐRYDĢJUDILFN~SORFKX
'RIRUPXOiUXXPLHVWQLPHURYQDNRYHĐNp,PDJHQDSU[DãWDUWRYDFLHWODþLGOR
W\SH
7)RUP FODVV7)RUP
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
,PDJH7,PDJH
6WDUW7%XWWRQ
SURFHGXUH6WDUW&OLFN6HQGHU72EMHFW
SULYDWH
VDUUD\>@RI77KUHDG
HQG
YDU
)RUP7)RUP
LPSOHPHQWDWLRQ
XVHV6RUW7KUHDGEXEEOHVRUWPLQVRUWLQVHUWVRUWPHUJHVRUWTXLFNVRUWKHDSVRUW
^5 ')0`
SURFHGXUH7)RUP6WDUW&OLFN6HQGHU72EMHFW
YDUSSROH
LLQWHJHU
EHJLQ
VWDUW(QDEOHG IDOVH
6HW/HQJWKS,PDJH:LGWK
UDQGRPL]H
IRUL WRKLJKSGRS>L@ UDQGRP,PDJH+HLJKW
V>@ 7%XEEOH6RUW&UHDWHS,PDJH
LQWHUIDFH
XVHV
&ODVVHV*UDSKLFV([W&WUOV
W\SH
SROH DUUD\RILQWHJHU
LPSOHPHQWDWLRQ
^76RUW7KUHDG`
FRQVWUXFWRU76RUW7KUHDG&UHDWHFRQVWQSSROHLP7,PDJH
EHJLQ
LQKHULWHG&UHDWHWUXH
S FRS\QS/HQJWKQS
Y\V LP+HLJKW
J LP&DQYDV
J)LOO5HFWLP&OLHQW5HFW
.UHVOLFO%OXH
)UHH2Q7HUPLQDWH WUXHREMHNWVDDXWRPDFN\XYRĐQtSRVNRQþHQt([HFXWH
HQG
SURFHGXUH76RUW7KUHDG.UHVOL3UYRNLLQWHJHUI7&RORU
EHJLQ
J3L[HOV>LY\VS>L@@ INHćFKFHPHY\NUHVĐRYDĢLEDERGN\
J3HQ&RORU IJ3RO\OLQH>3RLQWLY\V3RLQWLY\VS>L@@
HQG
SURFHGXUH76RUW7KUHDGY\PHQLMLQWHJHU
EHJLQ
LIL MWKHQH[LW
YL LYM M
6\QFKURQL]HV\QFKURY\PHQ
HQG
SURFHGXUH76RUW7KUHDGV\QFKURY\PHQ
YDUWLQWHJHU
EHJLQ
.UHVOL3UYRNYLFO:KLWH
.UHVOL3UYRNYMFO:KLWH
W S>YL@S>YL@ S>YM@S>YM@ W
.UHVOL3UYRNYLFO%OXH
.UHVOL3UYRNYMFO%OXH
HQG
SURFHGXUH76RUW7KUHDGSULUDGLKRGQLQWHJHU
EHJLQ
LIS>L@ KRGQWKHQH[LW
YL LYM KRGQ
6\QFKURQL]HV\QFKURSULUDG
HQG
SURFHGXUH76RUW7KUHDGV\QFKURSULUDG
EHJLQ
.UHVOL3UYRNYLFO:KLWH
S>YL@ YM
.UHVOL3UYRNYLFO%OXH
HQG
SURFHGXUH76RUW7KUHDG([HFXWH
EHJLQ
6RUW
HQG
SURFHGXUH76RUW7KUHDG.UHVOLI7&RORU
EHJLQ
II I
6\QFKURQL]HV\QFKUR.UHVOL
HQG
SURFHGXUH76RUW7KUHDGV\QFKUR.UHVOL
YDULLQWHJHU
EHJLQ
IRUL ORZSWRKLJKSGR
.UHVOL3UYRNLII
HQG
HQG
3RWRPWULHGD7%XEEOH6RUWP{åHE\ĢGHILQRYDQiWDNWR
XQLWEXEEOHVRUW
LQWHUIDFH
XVHV6RUW7KUHDG
W\SH
7%XEEOH6RUW FODVV76RUW7KUHDG
SURWHFWHG
SURFHGXUH6RUWRYHUULGH
HQG
LPSOHPHQWDWLRQ
SURFHGXUH7%XEEOH6RUW6RUW
YDULMLQWHJHU
EHJLQ
IRUL KLJKSGRZQWRORZSGR
HQG
YãLPQLWHVLåHWXQHSRWUHEXMHPHSUHUXãLĢY\NRQiYDQLHWKUHDGXQDSUSRPRFRXLI7HUPLQDWHGWKHQH[LWDN
QHSUHGSRNODGiPHåHVN{UDNRVDVNRQþtVDPRWQpWULHGHQLHEXGHPHSRåDGRYDĢXNRQþLĢWHQWRSURFHVSURFHVVDXNRQþt
DXWRPDWLFN\SULNRQþHQtDSOLNiFLH
0HUJH6RUWP{åHPHSUHURELĢWDNDE\VDGDOYL]XDOL]RYDĢWMEH]VSiMDQpKR]R]QDPXSRXåLOLVPHWXSRPRFQpSROH
SURFHGXUH70HUJH6RUW6RUW
SURFHGXUH]OXF]VNLQWHJHU
YDUSRPSROH
LLLLQWHJHU
EHJLQ
SRP FRS\S]N]
L ]L V
IRUL ]WRNGR
LIL!VRUL NDQGSRP>L]@!SRP>L]@WKHQ
EHJLQSULUDGLSRP>L]@LQFLHQG
HOVH
EHJLQSULUDGLSRP>L]@LQFLHQG
HQG
SURFHGXUHPHUJH]NLQWHJHU
YDUVWUHGLQWHJHU
EHJLQ
LI7HUPLQDWHGWKHQH[LW
LI]! NWKHQH[LW
VWUHG ]NGLYUR]GHO
PHUJH]VWUHG
PHUJHVWUHGN
]OXF]VWUHGN
HQG
EHJLQ
PHUJHORZSKLJKS
HQG
3RYLQQiGRPiFD~ORKD
VNRPSOHWXMWHSURJUDPQDSUHWHN\WULHGHQtPDOLE\SUHWHNDĢDVSRĖU{]QHWULHGHQLDDVSRĖMHGQRWULHGHQLHE\
Ɣ
PDORE\ĢMHGQR]UêFKO\FK
ƔSRN~VWHVDQDYUKQ~ĢVS{VRE]REUD]HQLDSUYNRYYSROLDNLFKEXGHYLDFDNRãtUNDSUtVOXãQpKR,PDJHQDSUY
MHGQRPVWĎSFLEXGHYLDFSUYNRY
ƔSRN~VWHVDQDYUKQ~ĢSURJUDPWDNDE\VDGDOR]YROLĢNWRUpWULHGHQLHEXGHYNWRUHM,PDJHSORFKHUHVSDNpSROHVD
EXGHWULHGLĢQDSUQiKRGQHJHQHURYDQpY]RVWXSQHXVSRULDGDQp]RVWXSQHXVSRULDGDQpSROHVURYQDNêPLSUYNDPLD
SRG
ƔDNGRPHWyG\([HFXWH]DY\YRODQLHPHWyG\6RUWGiWHQHMDNpSUtND]\WLHWRVDY\NRQDM~DåSRVNRQþHQtSUtVOXãQpKR
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
*UDI\ DSU
ƔVNODGiVD]PQRåLQ\YUFKRORY9 ^99`
Ɣ]PQRåLQ\KUiQ+KUDQDMHGYRMLFDYZNGHYZLQ9
❍DNMHGYRMLFDQHXVSRULDGDQi !QHRULHQWRYDQêJUDI
❍DNMHGYRMLFDXVSRULDGDQi !RULHQWRYDQêJUDI
Ɣ]Qi]RUQHQLHJUDIX
❍YUFKRO\V~NROHþNi
❍KUDQ\V~VSRMRYQtN\DNRULHQWRYDQêJUDIWDNãtSN\
ƔDSOLNiFLH
❍PHVWiVSRMHQpFHVWDPLQHRULHQWRYDQêJUDI
❍VXVHGLDFHãWiW\REODVWL
❍VNXSLQDĐXGtNWRUtVDQDY]iMRPSR]QDM~
❍QHV~YLVOêEH]F\NORYDF\NOLFNê
❍QHV~YLVOêVF\NORP
ƔQRUPiOQ\VWURP DF\NOLFNêRULHQWRYDQêJUDIGRNDåGpKRYUFKRODYHGLHKUDQD
❍RNUHPNRUHĖD]QHKRH[LVWXMHFHVWDGRYãHWNêFKRVWDWQêFKYUFKRORY
ƔRULHQWRYDQêJUDIVLOQHV~YLVOêDN]NDåGpKRH[LVWXMHFHVWDGRNDåGpKR
❍VODERDNE\EH]RULHQWiFLHEROV~YLVOê
ƔLQIRUPiFLHYJUDIHYNDåGRPYUFKROHSRGREQHDNRYVWURPH
ŶQDSUY]GLDOHQRVĢPLHVWFHQDFHVWOtVWND
ƔNRPSRQHQWV~YLVOêSRGJUDIGLVMXQNWQêVR]Y\ãNRPJUDIX
5HSUH]HQWiFLHJUDIX
D3ROHPQRåtQVXVHGRY
JUDIMHPQRåLQDYUFKRORYDSUHNDåGêYUFKROYLQ9H[LVWXMHPQRåLQD$YPQRåLQDVXVHGRYNGH$YMHSRGPQRåLQRX9
W\SH
YUFKRO\ PD[DOHERPD[
VXVHGLD VHWRIYUFKRO\
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\@RIVXVHGLD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDEYUFKRO\
SURFHGXUH=UXV+UDQXDEYUFKRO\
IXQFWLRQMH+UDQDDEYUFKRO\ERROHDQ
HQG
FRQVWUXFWRU*UDI&UHDWH
YDULYUFKRO\
EHJLQ
IRUL ORZYUFKRO\WRKLJKYUFKRO\GRJ>L@ >@
HQG
SURFHGXUH*UDI3ULGDM+UDQXDEYUFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQêJUDI
HQG
SURFHGXUH*UDI=UXV+UDQXDEYUFKRO\
EHJLQ
J>D@ J>D@>E@
J>E@ J>E@>D@SUHQHRULHQWRYDQêJUDI
HQG
3R]Q
ƔSUHQHRULHQWRYDQêJUDIPXVtSODWLĢåHDNZLQJ>Y@SRWRPDMYLQJ>Z@
ƔLQIRRYUFKRORFKEXćDNRQRYpSROHDOHERSROHJMHSROHYUFKRORYUHFRUGDOHERFODVVSULþRPNDåGêYUFKRORNUHPPQRåLQ\
VXVHGRYREVDKXMHDMQHMDN~VYRMXLQIRUPiFLXQDSUPHQR[\SRORKDSULY\NUHVOHQtGRSORFK\DSRG
SUREOpP\
OHQGRYUFKRORY
Ɣ
QHGDM~VDWDNWRUHSUH]HQWRYDĢRKRGQRWHQpJUDI\WMQHMDNiLQIRUPiFLDQDKUDQiFK
Ɣ
E7DEXĐNDVXVHGQRVWt
WDEXĐNDVXVHGQRVWt]QDPHQiGYRMUR]PHUQ~PDWLFXKUiQ
W\SH
YUFKRO\ PD[DOHERPD[
YDKD LQWHJHUERROHDQSUHJUDI\VQHRKRGQRWHQêPLKUDQDPL
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\YUFKRO\@RIYDKD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDEYUFKRO\YYDKD
SURFHGXUH=UXV+UDQXDEYUFKRO\
IXQFWLRQMH+UDQDDEYUFKRO\ERROHDQ
HQG
FRQVWUXFWRU*UDI&UHDWH
YDULMYUFKRO\
EHJLQ
IRUL ORZYUFKRO\WRKLJKYUFKRO\GR
IRUM ORZYUFKRO\WRKLJKYUFKRO\GR
J>LM@
DOHERILOOFKDUJVL]HRIJ
HQG
SURFHGXUH*UDI3ULGDM+UDQXDEYUFKRO\YYDKD
EHJLQ
J>DE@ Y
J>ED@ YSUHQHRULHQWRYDQêJUDI
HQG
SURFHGXUH*UDI=UXV+UDQXDEYUFKRO\
EHJLQ
J>DE@
J>ED@ SUHQHRULHQWRYDQêJUDI
HQG
F3ROHVSiMDQêFK]R]QDPRYVXVHGRY
MHGQRUR]PHUQpSROHMHGQRVPHUQêFKVSiMDQêFK]R]QDPRY
W\SH
YUFKRO\ PD[
KUDQD FODVV
FLVORYUFKRO\
QH[WKUDQD
YDKDLQWHJHUSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHFYUFKRO\YLQWHJHUQKUDQD
HQG
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\@RIKUDQD
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUH3ULGDM+UDQXDEYUFKRO\YLQWHJHU
SURFHGXUH=UXV+UDQXDEYUFKRO\
IXQFWLRQMH+UDQDDEYUFKRO\ERROHDQ
HQG
FRQVWUXFWRUKUDQD&UHDWHFYUFKRO\YLQWHJHUQKUDQD
EHJLQ
FLVOR FYDKD YQH[W Q
HQG
FRQVWUXFWRU*UDI&UHDWH
YDULYUFKRO\
EHJLQ
IRUL ORZYUFKRO\WRKLJKYUFKRO\GRJ>L@ QLO
HQG
SURFHGXUH*UDI3ULGDM+UDQXDEYUFKRO\YLQWHJHU
EHJLQ
=UXV+UDQXDE
J>D@ KUDQD&UHDWHEYJ>D@
=UXV+UDQXEDSUHQHRULHQWRYDQêJUDI
J>E@ KUDQD&UHDWHDYJ>E@
HQG
SURFHGXUH*UDI=UXV+UDQXDEYUFKRO\
YDUVWKUDQD
EHJLQ
LIJ>D@!QLOWKHQ
EHJLQ
V J>D@
LIVFLVOR EWKHQEHJLQJ>D@ VQH[WVIUHHHQG
HOVH
EHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!EGRV VQH[W
LIVQH[W!QLOWKHQ
EHJLQ
W VQH[WVQH[W WQH[WWIUHH
HQG
HQG
HQG
LIJ>E@!QLOWKHQ
EHJLQ
V J>E@
LIVFLVOR DWKHQEHJLQJ>E@ VQH[WVIUHHHQG
HOVH
EHJLQ
ZKLOHVQH[W!QLODQGVQH[WFLVOR!DGRV VQH[W
LIVQH[W!QLOWKHQ
EHJLQ
W VQH[WVQH[W WQH[WWIUHH
HQG
HQG
HQG
HQG
3R]Q
KUiQREVDKXMHDMQHMDN~VYRMXLQIRUPiFLXQDSUPHQR[\SRORKDSULY\NUHVOHQtGRSORFK\DSRG
G=R]QDP]R]QDPRYYUFKRORY
JUDIDNRMHGQRVPHUQêVSiMDQê]R]QDPYãHWNêFKYUFKRORYJUDIXSULþRPYNDåGRPYUFKROHMH]DþLDWRNVSiMDQpKR]R]QDPXKUiQNWRUp
Y\FKiG]DM~]WRKRWRYUFKRODNDåGiKUDQDREVDKXMHVPHUQtNQDYUFKROGRSUYpKR]R]QDPXVNWRUêPMHGDQêYUFKROVSRMHQêWRXWR
KUDQRX
W\SH
KUDQD FODVVNDåGê]i]QDPUHSUH]HQWXMHMHGQXKUDQX
SYUFKROQLHNWRUêYUFKROJUDIX
YDKDLQWHJHU
QH[WKUDQD
HQG
YUFKRO FODVV
VXVKUDQD]R]QDPVXVHGRY ]R]QDPRPKUiQ]GDQpKRYUFKROD
LQIRLQIRUPiFLDRYUFKROH
QH[WYUFKRO
HQG
JUDI YUFKROSUYêYUFKROYVSiMDQRP]R]QDPHYãHWNêFKYUFKRORY
H'\QDPLFNpSROHG\QDPLFNêFKSROt
JUDIMHSROHYUFKRORYSULþRPNDåGêYUFKROREVDKXMHSROHKUiQ]R]QDPVYRMLFKVXVHGLDFLFKYUFKRORY
W\SH
YUFKRO\ LQWHJHU
KUDQ\ LQWHJHU
KUDQD FODVV
FLVORYUFKRO\
YDKDLQWHJHUSUHRKRGQRWHQpKUDQ\
FRQVWUXFWRU&UHDWHFYYUFKRO\
HQG
YUFKRO FODVV
SULYDWH
PHQRVWULQJ
LQIRLQWHJHU
[\LQWHJHU
VXVDUUD\RIKUDQD
DNWXDOQD+UDQDKUDQ\
IXQFWLRQGDM3UYXKUDQD
IXQFWLRQLQGH[+UDQ\FYUFKRO\LQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWHPVWULQJL[[\\LQWHJHU
SURFHGXUH.UHVOLYDULP7,PDJH
SURFHGXUH3ULGDM+UDQXFYUFKRO\YLQWHJHU
SURFHGXUH=UXV+UDQXFYUFKRO\
SURFHGXUH]PHQ9DKX+UDQ\FYUFKRO\YLQWHJHURYHUORDG
SURFHGXUH]PHQ9DKX+UDQ\VKUDQDYLQWHJHURYHUORDG
IXQFWLRQSRVO+UDQDKUDQD
IXQFWLRQGDOVLD+UDQDKUDQD
IXQFWLRQMH+UDQDFYUFKRO\ERROHDQ
SURSHUW\SUYD+UDQDKUDQDUHDGGDM3UYX
HQG
*UDI FODVV
SULYDWH
JDUUD\RIYUFKRO
DNWXDOQ\YUFKYUFKRO\
IXQFWLRQGDMSUY\YUFKYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDM9UFKROPVWULQJLLQWHJHU[[\\LQWHJHU
SURFHGXUH]UXV9UFKROFYUFKRO\
^KUDQD`
FRQVWUXFWRUKUDQD&UHDWHFYUFKRO\YLQWHJHU
EHJLQ
FLVOR FYDKD Y
HQG
^YUFKRO`
FRQVWUXFWRUYUFKRO&UHDWHPVWULQJL[[\\LQWHJHU
EHJLQ
PHQR P
LQIR L
[ [[\ \\
VXV QLO
DNWXDOQD+UDQD
HQG
SURFHGXUHYUFKRO.UHVOLYDULP7,PDJH
EHJLQ
LP&DQYDV(OOLSVH[\[\
LP&DQYDV7H[W2XW[\PHQR
HQG
IXQFWLRQYUFKROGDM3UYXKUDQD
EHJLQ
LIVXV!QLOWKHQ
EHJLQ
DNWXDOQD+UDQD 5HVXOW VXV>@
HQG
HOVH
EHJLQ
DNWXDOQD+UDQD 5HVXOW QLO
HQG
HQG
IXQFWLRQYUFKROSRVO+UDQDKUDQD
EHJLQ
IXQFWLRQYUFKROGDOVLD+UDQDKUDQD
EHJLQ
LIDNWXDOQD+UDQDKLJKVXVWKHQ
EHJLQ
LQFDNWXDOQD+UDQD5HVXOW VXV>DNWXDOQD+UDQD@
HQG
HOVH
EHJLQ
DNWXDOQD+UDQD 5HVXOW QLO
HQG
HQG
SURFHGXUHYUFKRO3ULGDM+UDQXFYUFKRO\YLQWHJHU
EHJLQ
LIQRWMH+UDQDFWKHQ
EHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ KUDQD&UHDWHFY
HQG
DNWXDOQD+UDQD
HQG
SURFHGXUHYUFKRO=UXV+UDQXFYUFKRO\
YDULLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQ
EHJLQ
VXV>L@IUHHVXV>L@ VXV>KLJKVXV@
6HW/HQJWKVXVKLJKVXV
HQG
DNWXDOQD+UDQD
HQG
SURFHGXUHYUFKRO]PHQ9DKX+UDQ\FYUFKRO\YLQWHJHU
YDULLQWHJHU
EHJLQ
L LQGH[+UDQ\F
LIL! WKHQVXV>L@YDKD Y
HQG
SURFHGXUHYUFKRO]PHQ9DKX+UDQ\VKUDQDYLQWHJHU
YDULLQWHJHU
EHJLQ
L
ZKLOHL KLJKVXVDQGVXV>L@!VGRLQFL
LIL KLJKVXVWKHQVXV>L@YDKD Y
HQG
^*UDI`
FRQVWUXFWRU*UDI&UHDWH
EHJLQ
J QLO
DNWXDOQ\YUFK
HQG
SURFHGXUH*UDISULGDM9UFKROPVWULQJLLQWHJHU[[\\LQWHJHU
EHJLQ
6HW/HQJWKJ/HQJWKJ
J>KLJKJ@ YUFKRO&UHDWHPL[[\\
DNWXDOQ\YUFK
HQG
SURFHGXUH*UDI]UXV9UFKROFYUFKRO\
YDULYUFKRO\
MLQWHJHU
EHJLQ
LIF KLJKJWKHQ
EHJLQ
IRUL WRKLJKJGR]UXV+UDQXLF
J>F@IUHH
IRUL FWRKLJKJGRJ>L@ J>L@
6HW/HQJWKJKLJKJ
IRUL WRKLJKJGR
IRUM WRKLJKJ>L@VXVGR
LIJ>L@VXV>M@FLVOR!FWKHQGHFJ>L@VXV>M@FLVOR
DNWXDOQ\YUFK
HQG
HQG
SURFHGXUH*UDI3ULGDM+UDQXFFYUFKRO\YLQWHJHU
EHJLQ
LIF KLJKJDQGF KLJKJDQGQRWMH+UDQDFFWKHQ
EHJLQ
J>F@3ULGDM+UDQXFY
J>F@3ULGDM+UDQXFYSUHQHRULHQWRYDQ\JUDI
HQG
HQG
SURFHGXUH*UDI3ULGDM+UDQXYYYUFKROYLQWHJHU
YDULMYUFKRO\
EHJLQ
L M
ZKLOHL KLJKJDQGJ>L@!YRUM KLJKJDQGJ>M@!YGR
EHJLQ
LIL KLJKJDQGJ>L@!YWKHQLQFL
LIM KLJKJDQGJ>M@!YWKHQLQFM
HQG
LIL KLJKJDQGM KLJKJWKHQ3ULGDM+UDQXLMY
HQG
SURFHGXUH*UDI=UXV+UDQXFFYUFKRO\
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
EHJLQ
J>F@=UXV+UDQXF
J>F@=UXV+UDQXFSUHQHRULHQWRYDQHJUDI\
HQG
HQG
SURFHGXUH*UDI]PHQ9DKX+UDQ\FFYUFKRO\YLQWHJHU
EHJLQ
LIF KLJKJDQGF KLJKJWKHQ
J>F@]PHQ9DKX+UDQ\FY
HQG
IXQFWLRQ*UDIGDMSUY\YUFKYUFKRO
EHJLQ
LIJ!QLOWKHQ
EHJLQ
DNWXDOQ\YUFK 5HVXOW J>@
HQG
HOVH
EHJLQ
DNWXDOQ\YUFK 5HVXOW QLO
HQG
HQG
IXQFWLRQ*UDISRVOYUFKROYUFKRO
EHJLQ
LIJ!QLOWKHQ5HVXOW J>KLJKJ@
HOVH5HVXOW QLO
HQG
IXQFWLRQ*UDIGDOVLYUFKROYUFKRO
EHJLQ
LIDNWXDOQ\YUFKKLJKJWKHQ
EHJLQ
LQFDNWXDOQ\YUFK5HVXOW J>DNWXDOQ\YUFK@
HQG
HOVH
EHJLQ
DNWXDOQ\YUFK 5HVXOW QLO
HQG
HQG
SURFHGXUH*UDI.UHVOLYDULP7,PDJH
YDULYUFKRO\
MLQWHJHU
EHJLQ
ZLWKLP&DQYDVGR
EHJLQ
)LOO5HFW5HFWLP+HLJKWLP:LGWK
IRUL WRKLJKJGR
ZLWKJ>L@GR
EHJLQ
3HQ&RORU FO%OXH
.UHVOLLP
3HQ&RORU FO*UHHQ
IRUM WRKLJKVXVGR
EHJLQ
ZLWKJ>VXV>M@FLVOR@GR0RYH7R[\
/LQH7R[\
7H[W2XWJ>VXV>M@FLVOR@[[GLY
J>VXV>M@FLVOR@\\GLY
,QW7R6WUVXV>M@YDKD
HQG
HQG
HQG
HQG
Y\JHQHURYDQLH~SOQpKRJUDIXP{åHPHXURELĢSRWRPQDSUWDNWR
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
J JUDI&UHDWH
UDQGRPL]H
HQG
YDUFBYUFKRODLQWHJHU
]PHQDKRGQ{WYiKYãHWNêFKKUiQYJUDIH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
$OJRULWP\
DSU
SUHKĐDGiYDQLDJUDIX
ƔGRKĎEN\SRGREQHDNRSUHGRUGHUYVWURPRFK
ƔGRãtUN\DNRSR~URYQLDFKYVWURPRFK
SRPRFQpSROHQDSUHKĐDGiYDQLHþDVWRWREêYDVWDYRYiSUHPHQQiWULHG\JUDI
Ɣ
YDUYLVLWHGDUUD\>YUFKRO\@RIERROHDQ
SDPlWiVDþLEROYUFKROXåQDYãWtYHQê
❍
ƔP{åHVDURELĢDMDNR
YDUYLVLWHGVHWRIYUFKRO\
YGQHãQHMSUHGQiãNHSRXåLMHPHOHQYDULDQWVPQRåLQRX
❍
$OJRULWPXVGRKĎEN\
YãHREHFQH
SURFHGXUHGRKOEN\Y
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YãHWNêFKVXVHGRYYGR
LIQRWZLQYLVLWHGWKHQGRKOEN\Z
HQG
EXGHPHSUHGSRNODGDĢåHPiPHGHILQRYDQpPHWyG\QD]LVWHQLHKUDQ\]DIDUEHQLHYUFKRODDKUDQ\QDSU
SUHJUDIUHSUH]HQWRYDQêSRĐRPPQRåtQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
W\SH
JUDI FODVV
JDUUD\RI
UHFRUG
[\LQWHJHU
PVHWRIE\WH
HQG
YLVLWHGVHWRIE\WHPQRåLQDQDYãWtYHQêFKYUFKRORY
HQG
SURFHGXUHJUDI]DIDUEL9UFKROYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF(OOLSVH[U\U[U\U
HQG
SURFHGXUHJUDI]DIDUEL+UDQXYYLQWHJHUI7&RORU
EHJLQ
F3HQ&RORU I
ZLWKJ>Y@GRF0RYH7R[\
ZLWKJ>Y@GRF/LQH7R[\
HQG
DOHDMSUHG\QDPLFNpSROHG\QDPLFNêFKSROt
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
W\SH
KUDQD FODVV
FLVORLQWHJHU
FRQVWUXFWRU&UHDWHYLQWHJHU
HQG
YUFKRO FODVV
[\LQWHJHU
VXVDUUD\RIKUDQD
HQG
JUDI FODVV
JDUUD\RIYUFKRO
YLVLWHGVHWRIE\WH
HQG
DWHUD]NRQNUpWQHDOJRULWPXVSUHKĐDGiYDQLDGRKĎEN\]DIDUEXMHQDYãWtYHQpYUFKRO\DMKUDQ\SRNWRUêFK
SUHFKiG]D
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
SURFHGXUHJUDIGRKOEN\YLQWHJHU
YDULLQWHJHU
EHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYFO5HGVSUDFXMYUFKRO
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
EHJLQ
]DIDUEL+UDQXYLFO5HGVSUDFXMKUDQX
GRKOEN\L
HQG
HQG
QHUHNXU]tYQ\DOJRULWPXVNWRUêLEDGRPQRåLQ\QDYãWtYHQêFKYUFKRORYSULGiYãHWN\WLHNRWUpV~
GRVLDKQXXWHĐQp]QHMDNpKRSRþLDWRþQpKRYUFKROD
SURFHGXUHJUDIGRKOEN\YLQWHJHU
YDULLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
VSXVKL
XQWLOVHPSW\
V)UHH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
SURFHGXUHJUDIGRKOEN\YLQWHJHUI7&RORU
YDULLQWHJHU
VVWDFN
EHJLQ
V VWDFN&UHDWHVSXVKY
UHSHDW
VSRSY
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI
IRUL WRKLJKJGR
LIMH+UDQDYLWKHQ
EHJLQ
]DIDUEL+UDQXYLI
LIQRWLLQYLVLWHGWKHQVSXVKL
HQG
XQWLOVHPSW\
V)UHH
HQG
3R]Q
]UHMPHSUHGNDåGêPYRODQtPDOJRULWPXGRKOEN\E\ERORWUHEDQHMDNRQDVWDYLĢPQRåLQXQDYãWtYHQêFK
YUFKRORYQDSUQDSUi]GQX
DOJRULWPXVGRKĎEN\P{åHPHSRXåLĢQD
Ɣ]LVWHQLHSRþWXNRPRQHQWRYJUDIXUHVSþLMHJUDIV~YLVOê
ƔQiMGHQLHQHMDNHMFHVW\PHG]LGYRPDYUFKROPL
Ɣ]LVWHQLHþLV~GYDYUFKRO\YWRPLVWRPNRPSRQHQWH
Ɣ]DIDUERYDQLHYUFKRORYDKUiQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
FRQVWIDUUD\>PD[@RI7&RORU
IXQFWLRQJUDINRPSRQHQW\LQWHJHU
YDULLQWHJHU
EHJLQ
5HVXOW YLVLWHG >@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQ
EHJLQGRKOEN\LI>5HVXOW@LQF5HVXOWHQG
HQG
$OJRULWPXVGRãtUN\
SRGREQHDNRSULSUHKĐDGiYDQtVWURPXGRãtUN\SR~URYQLDFKSRWUHEXMHPHUDGIURQWEXGHP
SRVWXSRYDĢDMSULDOJRULWPHSUHJUDIQDMSUYYãHREHFQH
SURFHGXUHGRVLUN\Y
YDUTTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGY
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHGWKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
VSUDFXMY
IRUZ YãHWNêFKVXVHGRYYGR
LIQRWZLQYLVLWHGWKHQ
TDSSHQGZ
HQG
XQWLOTHPSW\
T)UHH
HQG
NRQNUpWQHSRXåLMHPHDOJRULWPXVSUHKĐDGiYDQLDGRãtUN\QD]DIDUERYDQLHYUFKRORYSRGĐDWRKRDNR
ćDOHNRV~RGSRþLDWRþQpKRYUFKRODY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
SURFHGXUHJUDIGRVLUN\YLQWHJHU
YDULXLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
]DIDUEL9UFKROYI>X@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
TDSSHQGLX
HQG
XQWLOTHPSW\
T)UHH
HQG
SRURYQDMWHWHQWRDOJRULWPXVVQHUHNXU]tYQ\PSUHKĐDGiYDQtPGRKĎEN\
3R]Q
SRXåtYDPHUDGNWRUêYNDåGRPSUYNXPiGYHFHORþtVHOQpKRGQRW\
QDVOHGXM~FDYHU]LD]DIDUEtOHQKUDQ\JUDIXSRGĐDWRKRDNRćDOHNRV~GRGDQpKRYUFKROD
SURFHGXUHJUDIGRVLUN\YLQWHJHU
YDULXLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWHTDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHYX
LIQRWYLQYLVLWHGWKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGDQGMH+UDQDYLWKHQ
EHJLQ
]DIDUEL+UDQXYLI>X@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
TDSSHQGLX
HQG
HQG
XQWLOTHPSW\
T)UHH
HQG
YUFKRO\NWRUpPDM~RGGDQpKRYUFKRODURYQDN~Y]GLDOHQRVĢGĎåNXFHVW\V~]DIDUEHQpURYQDNRXIDUERX
QDVOHGXM~FDPHWyGDSRþtWDOHQY]GLDOHQRVĢGYRFKYUFKRORY
UR]ãtULPHWHQWRDOJRULWPXVQLHOHQQD]LVWHQLHY]GLDOHQRVWLGYRFKYUFKRORYDOHQiMGHPHW~WRQDMNUDWãLH
FHVWXSRXåLMHPHWDN~WRLGHXY\WYRUtPHSRPRFQpSROHYNWRURPVLEXGHPHSUHNDåGêYUFKROSDPlWDĢ
MHKRSUHGFKRGFXYFHVWHWMYåG\NHćVLYRIURQWH]DSDPlWiPHYUFKRODSSHQGNWRUêSOiQXMHPHY
EXG~FQRVWLSUHVN~PDĢ]DSDPlWiPHVLVQtPDMMHKRSUHGFKRGFXRGNLDĐVPHNQHPXSULãOLDNHćYUFKRO
]IURQWXY\EHULHPHVHUYHWDNYLHPHDMMHKRSUHGFKRGFXQDFHVWHDP{åHPHVLWR]DHYLGRYDĢY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
SRPRFQRPSROL1D]iYHUNHćVPHGRUD]LOLGRFLHĐDSRVWXSQHVDYSRPRFQRPSROLYUiWLPHVSlĢ
]QDPHQiåHYUFKROQHPiSUHGFKRGFXMHSUYêQDFHVWHDWHGDYLHPHVNRQãWUXRYDĢYêVOHGQpG\QDPLFNp
SROH
W\SHSRVWXSQRVW DUUD\RILQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
"MHPSJUNZQSFIǚBEÈWBOJBHSBGV
T)UHH
HQG
HQG
3R]Q
KLJKQDMNUDWVLD&HVWDYYYUiWLGĎåNXFHVW\
]KUĖPHSRXåLWLHDOJRULWPXGRãtUN\
ƔSRGREQHDNRGRKĎEN\YLHPH]LVWLĢYUFKRO\NWRUpSDWULDGRMHGQpKRNRPSRQHQWXP{åHPH
SRPRFRXQHKR]LVWLĢSRþHWNRPSRQHQWRY
ƔYLHPH]LVWLĢ]DIDUELĢYUFKRO\KUDQ\URYQDNRY]GLDOHQpRGGDQpKRYUFKROD
ƔYLHPH]LVWLĢY]GLDOHQRVĢUHVSQDMNUDWãLXFHVWXPHG]LGYRPDYUFKROPLYJUDIH
1'Ò
ƔRGODćWHWLHWRDOJRULWP\YU{]Q\FKUHSUH]HQWiFLiFKJUDIX
Ɣ]UHDOL]XMWHSUHYRG\PHG]LU{]Q\PLUHSUH]HQWiFLDPLJUDIRYQDSUJUDIUHSUH]HQWRYDQêSRĐRP
PQRåtQSUHNRQYHUWXMWHGRG\QDPLFNpKRSRĐDG\QDPLFNêFKSROt
ƔSUHYRGELQiUQHKR1iUQHKRYãHREHFQpKRVWURPXGRRULHQWQHRULHQWJUDIX
Y\JHQHURYDĢJUDIQDSUãDFKRYQLFX1[1
Ɣ
❍YUFKRO\V~VXVHGQpSRGĐDSRK\EXNUiĐDNRĖD
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMEJOEFYIUNM [
<>
prednáška
3UHKĐDGiYDQLHV
DSU
QiYUDWRP
3UHKĐDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
PDWHPDWLFNpKODYRODP\
Ɣ
GiPQDãDFKRYQLFLGRPþHNMHGQêPĢDKRPWLDYN{ĖQDãDFKRYQLFL
ƔU{]QHSUREOpP\QDJUDIRFK
QiMVĢFHVWXVQDMPHQãtPRKRGQRWHQtP]$GR%Y\KRGLĢPD[SRþHWKUiQDE\
ƔSRGREQHDNRSUHKĐDGiYDQLHJUDIXGRKĎEN\
ƔHYLGXMHPHNGHVPHXåEROLPRåQRSRVWXSQHNRQãWUXXMHPHULHãHQLH
ƔþtPVN{UWUHEDUR]SR]QDĢåHVPHVDY\GDOL]OêPVPHURPDYUiWLĢVDQDQDMEOLåãLXRGERþNX !
Y\VN~ãDĢLQêVPHU
ƔSULQiYUDWHYSUHKĐDGiYDQtWUHEDYUiWLĢ]DHYLGRYDQêVWDYGRS{YRGQpKRVWDYXDNRE\VPHDQL
QHYRãOLGRVOHSHMXOLþN\
ƔYRYãHREHFQRVWLMHWRYHĐPLQHHIHNWtYQ\DOJRULWPXVKUXEiVLODSRPRFRXNWRUpKRVDGiY\ULHãLĢ
GiPQDãDFKRYQLFL[
ƔUR]RVWDYLĢGiP\WDNDE\VDQDY]iMRPQHRKUR]RYDOLURYQRDMXKORSULHþQH
Ɣ]UHMPHYNDåGRPULDGNXDVWĎSFLEXGHSUiYHMHGQD
DOJRULWPXVSUHKĐDGiYDQLD
SURFHGXUHKODGDMWDK
EHJLQ
]D]QDþBĢDK
LINRQLHFWKHQY\SLV
HOVH
Y\VN~ãDMQDVOHGRYQêĢDK±YãHWN\PRåQRVWL
KODGDMQDVOHGRYQêBĢDK
RG]QDþBĢDK
HQG
XSUHVQtPH
SURFHGXUHKODGDMULDGVWOSLQWHJHU
YDUVLQWHJHUVPXVtE\ĢORNiOQDþDVWiFK\EDĢDåNRVD
ODGt
EHJLQ
]D]QDþBĢDKQDSUG>ULDGVWOS@ WUXH
LIULDG 1WKHQY\SLV
HOVHSUHULDGULDGRNYãHWN\PRåQRVWLVWĎSFD
IRUV WR1GR
LIPR]HULDGVWKHQKODGDMULDGV
RG]QDþBĢDKQDSUG>ULDGVWOS@ IDOVH
HQG
9\OHSãtPHHYLGRYDQLHĢDKRY
ƔKODYQêSUREOpPMHHYLGRYDQLHXKORSULHþRNYUR]PHUQRPSROLMHNRPSOLN
ƔERRORYVNpSROLDYRĐQêVWĎSHFYRĐQpãLNPpXKORSULHþN\YRĐQpRSDþQpXKORSU
ƔXKORSULHþNRYpSROLD
VWDUUD\>Q@RILQWHJHU
SURJUDP
FRQVWQ
W\SH
XORKD FODVV
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
VWOSHFDUUD\>Q@RILQWHJHU
J76WULQJ*ULG
FRQVWUXFWRU&UHDWHJJ76WULQJ*ULG
SURFHGXUHULHV
SURFHGXUHKODGDMULDGVWOSLQWHJHU
SURFHGXUHY\SLV
HQG
FRQVWUXFWRUXORKD&UHDWHJJ76WULQJ*ULG
YDULLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
J JJ
HQG
SURFHGXUHXORKDULHV
YDULLQWHJHU
EHJLQ
IRUL WRQGRKODGDML
HQG
SURFHGXUHXORKDKODGDMULDGVWOSLQWHJHU
YDUVLQWHJHU
EHJLQ
]DSDPlWiPVLĢDKNYROLYêSLVX
VWOSHF>ULDG@ VWOS
]D]QDþtPREVDGHQpSROtþND
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDGVWOS@ IDOVH
LIULDG 1WKHQY\SLV
HOVH
SUHULDGULDGRNYãHWN\PR]QRVWLVWĎSFD
IRUV WRQGR
LIP{åHWKHQ
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
XYRĐQtPVWĎSHFDXKORSULHþN\ !RG]QDþtPĢDK
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
SURFHGXUHXORKDY\SLV
YDULMLQWHJHU
EHJLQ
IRUL WRQGR
EHJLQ
IRUM WRQGRJ&HOOV>ML@
J&HOOV>VWOSHF>L@L@
2
HQG
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUXXORKD
EHJLQ
X XORKD&UHDWH6WULQJ*ULG
WU\
XULHV
ILQDOO\
X)UHH
HQG
HQG
1'Ò
Ɣ]Qi]RUĖXMWHSULHEHKEDFNWUDFNLQJX
❍Y6WULQJ*ULGH]REUD]XMWHNODGHQLHDXEHUDQLHGiP
ƔUR]RVWDYLĢPLQLPiOQ\SRþHWGiPQDãDFKRYQLFL1[1DE\RKUR]RYDOLYãHWN\SROtþNDãDFKRYQLFH
'UXKêYDULDQWULHãHQLDGiPSRPRFRXEDFNWUDFNLQJX
ƔEDFNWUDFNLQJRYiSURFHG~UDQHGRVWDQHSUHVQ~SR]tFLXNGHSRORåLĢGiPXDOHOHQULDGRNDVDPDMX
Y\VN~ãDSRORåLĢGRYãHWNêFKVWĎSFRYMHWRVNRURWRLVWpDNRSUHGWêP
ƔQDMSUYYRYãHREHFQRVWLSDUDPHWURPKODGDMEXGHQLHQRYêĢDKDOHOHQ~URYHĖYNWRUHMKĐDGiP
QRYêĢDKKODGDMSRVWXSQHV~ãDYãHWN\PRåQpĢDK\YGDQHM~URYQL
YãHREHFQH
SURFHGXUHKODGDM~URYHĖ
YDU
EHJLQ
IRUĢDKYPRPHQWiOQHM~URYQLGR
LIPR]HĢDKWKHQ
EHJLQ
]D]QDþBĢDK
LINRQLHFWKHQY\SLV
HOVHKODGDMQDVOHGRYQiB~URYHĖ
RG]QDþBĢDK
HQG
HQG
DSUHSUREOpPGiP
SURFHGXUHXORKDKODGDMULDGLQWHJHU
YDUVWOSLQWHJHU
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQ
EHJLQ
VWOSHF>ULDG@ VWOS
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQY\SLV
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUHXORKDULHV
EHJLQ
KODGDM
HQG
1DMSUYVDYãHWN\ULHãHQLDQDV\S~GR/LVW%R[XDSRWRPNOLNQXWLHQDQLHNWRUpULHãHQLHY/LVW%R[HKR
]REUD]tY6WULQJ*ULGH
FRQVWQ
W\SH
XORKD FODVV
VWDUUD\>Q@RIERROHDQ
XDUUD\>
Q@RIERROHDQ
XDUUD\>QQ@RIERROHDQ
VWOSHFDUUD\>Q@RILQWHJHU
J76WULQJ*ULG
O7/LVW%R[
SRFLQWHJHU
FRQVWUXFWRU&UHDWHJJ76WULQJ*ULGOO7/LVW%R[
SURFHGXUHULHV
SURFHGXUHKODGDMULDGLQWHJHU
SURFHGXUHQRYH5LHVHQLH
SURFHGXUHY\SLVVVWULQJ
HQG
FRQVWUXFWRUXORKD&UHDWHJJ76WULQJ*ULGOO7/LVW%R[
YDULLQWHJHU
EHJLQ
IRUL WRQGRVW>L@ WUXH
IRUL WRQQGRX>L@ WUXH
IRUL QWRQGRX>L@ WUXH
J JJO OO
SRF
HQG
SURFHGXUHXORKDULHV
EHJLQ
KODGDM
HQG
SURFHGXUHXORKDKODGDMULDGLQWHJHU
YDUVWOSLQWHJHU
EHJLQ
LISRF!WKHQH[LW
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQ
EHJLQ
VWOSHF>ULDG@ VWOS
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQQRYH5LHVHQLH
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
HQG
SURFHGXUHXORKDQRYH5LHVHQLH
YDULLQWHJHU
VVWULQJ
EHJLQ
LQFSRF
V ,QW7R6WUSRF
IRUL WRQGRV V,QW7R6WUVWOSHF>L@
O,WHPV$GGV
HQG
SURFHGXUHXORKDY\SLVVVWULQJ
YDULMLQWHJHU
EHJLQ
GHOHWHVSRV
V
IRUL WRQGR
EHJLQ
IRUM WRQGRJ&HOOV>ML@
J&HOOV>RUGV>L@RUG
L@
2
HQG
HQG
YDUXXORKD
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
EHJLQ
X XORKD&UHDWH6WULQJ*ULG/LVW%R[
XULHV
HQG
SURFHGXUH7)RUP)RUP'HVWUR\6HQGHU72EMHFW
EHJLQ
X)UHH
HQG
SURFHGXUH7)RUP/LVW%R[&OLFN6HQGHU72EMHFW
YDULLQWHJHU
EHJLQ
L /LVW%R[,WHPV&RXQW
ZKLOHL! DQGQRW/LVW%R[6HOHFWHG>L@GRGHFL
LIL! WKHQ
XY\SLV/LVW%R[,WHPV6WULQJV>L@
HQG
'RPþHNMHGQêPĢDKRP
QDNUHVOLĢGRPþHNMHGQêPĢDKRPD]LVWLĢYãHWN\ULHãHQLDQDNUHVOLĢQDREUD]RYNH
GRPþHN QHRULHQWRYDQêJUDIVYUFKROPL
EXGHPHUHSUH]HQWRYDĢWDEXĐNRXVXVHGQRVWt
W\SH
WDEXOND DUUD\>@RIERROHDQ
XORKD FODVV
EWDEXOND
GDUUD\>@RILQWHJHU
SLQWHJHU
SRFLQWHJHU
FRQVWUXFWRU&UHDWH
SURFHGXUHVWDUW
SURFHGXUHNUHVOL
SURFHGXUHJHQHUSLLQWHJHU
HQG
FRQVWUXFWRUXORKD&UHDWH
FRQVWWDEWDEXOND
IWWWIWIWWIWWIWW
WWWIWIIWWI
EHJLQ
E WDES SRF
HQG
SURFHGXUHXORKDNUHVOL
FRQVW[\DUUD\>@RI73RLQW
SURFHGXUHXORKDVWDUW
EHJLQ
JHQHU
HQG
SURFHGXUH7)RUP)RUP&UHDWH6HQGHU72EMHFW
YDUXXORKD
EHJLQ
X XORKD&UHDWH
WU\
XVWDUW
ILQDOO\
X)UHH
HQG
HQG
1'Ò
ƔSURFHG~UDNUHVOLY\NUHVOtSRVWXSQHYãHWNêFKULHãHQtIDUHEQHUR]OLãRYDĢSRUDGLHKUiQDOHER
]DSLVRYDĢSRUDGRYpþtVORKUDQ\
Ɣ]REUD]XMWHSULHEHKEDFNWUDFNLQJX
ƔDNE\NUHVOLREVDKRYDODKDOWSURJUDPE\NRQþLOSRQiMGHQtULHãHQLDDWHGDQHYLGHOLE\VPHQLþ
RSUDYWHJHQHUDE\SRQiMGHQtQHMDNpKRULHãHQLDVDOHQY\PRWDO]UHNXU]LHDVOXãQHVNRQþLOWHGD
DE\PRKROSRNUDþRYDĢKODYQêSURJUDP
WLDYQDS~ãWL
KODYRODPWLDYQDS~ãWL
ƔWLDYS{MGHYNDUDYiQHGQt
ƔYHGHFN\VDXNi]DORåHDNĢDYDSR]HUiQDGRSUDYQ~]QDþNXFHOêGHĖWDNVDMXQDXþt
ƔSUHWRQDPDORYDOLQD]DGN\WLDYU{]Q\FK]QDþLHN
]QDþLHNND]GêGHĖMHMHGQDĢDYDYHG~FDDWiVDQLþQHXþt
ĢDY\RþtVOXMHPHDP{åHPHSUHGSRNODGDĢåHSUYêGHĖLG~YSRUDGL
Ɣ
MHYHG~FD
ƔGUXKêGHĖP{åHE\ĢGUXKiYHG~FDDWć
ĢDY\YNDUDYiQDFKEXGHPH]QDþLĢGRSRĐD3DUUD\>@RILQWHJHU
Ɣ
3>@SUYêGHĖ
ƔYSROL%>LM@VL]DSDPlWiPHþLVDMWDĢDYDPiHãWHQDXþLĢ]QDþNXQD]DGNXLWHMWUXH]QDPHQiåH
HãWHMXQHYLHDWHGDP{åHtVĢ]DĖRXWHGDLQLFLDOL]iFLD
SURJUDP
FRQVW1
YDU3DUUD\>11@RILQWHJHU
%DUUD\>11@RIERROHDQ
%5%3VHWRI1
SRFLQWHJHU
SURFHGXUHY\SLV
YDULMLQWHJHU
VVWULQJ
EHJLQ
LQFSRFLISRF!WKHQH[LW
)RUP0HPR/LQHV$GG,QW7R6WUSRF
IRUL WR1GR
EHJLQ
V
SURFHGXUH7)RUP%XWWRQ&OLFN6HQGHU72EMHFW
YDULMLQWHJHU
WLP7'DWH7LPH
EHJLQ
%XWWRQ(QDEOHG IDOVH
IRUL WR1GRIRUM WR1GR%>LM@ WUXH
3>@
IRUL WR1GR
EHJLQ
3>L@ L3>L@ L%>LL@ IDOVH
HQG
/RQJ7LPH)RUPDW
KPPVV]]]
WLP 1RZ
WDY\
)RUP0HPR/LQHV$GG
FDV
7LPH7R6WU1RZWLP
)RUP0HPR/LQHV$GG
SRFHW
,QW7R6WUSRF
HQG
1'Ò
ƔY\OHSãLWHDOJRULWPXVWDNDE\VLRNUHP%5SDPlWDOY%3NWRUpXåEROLSRVOHGQpDWHGDXåQHP{åX
E\ĢSRVOHGQp^WHVWP{åH` !YêUD]QHWRXUêFKOLSURJUDP
ƔGRUREWH]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
]LVWLWHSRþHWULHãHQtSUH1
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
%DFWUDFNLQJQD
PiM
JUDIRFK
ÒORK\]RVN~ãN\]SUHGFKiG]DM~FLFKURNRY
9êVNXPQê~VWDYGRSUDYQHMSROtFLHY\SUDFRYDOãW~GLXSUHĢDåHQRVWLQLHNRĐNêFKXOtFDNULåRYDWLHNYPHVWH8OLFHGRVWDOL
FHORþtVHOQpNODGQpRKRGQRWHQLDDKRGQRW\NULåRYDWLHNVDSRWRPY\SRþtWDOLDNRV~þW\KRGQ{WXOtFNWRUpYFKiG]DM~GR
NULåRYDWN\1HGRSDWUHQtPVDSRãNRGLOLQLHNWRUp~GDMHYFHQWUiOQRPSRþtWDþLSULþRPVD]PDS\RKRGQRWHQt]DFKRYDOLOHQ
KRGQRW\NULåRYDWLHN9DãRX~ORKRXEXGHQDStVDĢSURJUDPNWRUêVDSRN~VLQiMVĢWDNpRKRGQRWHQLHFLHVW]NWRUpKRVD
SUHGWêPPRKOLSRþtWDĢKRGQRW\NULåRYDWLHN
3UHGSRNODGiPHåHSOiQPHVWDMHRKRGQRWHQêQHRULHQWRYDQêJUDIYNWRURPKUDQ\V~XOLFHDYUFKRO\V~NULåRYDWN\7HQWR
JUDIMH]DGDQêYV~ERUHNUL]RYDWGDWVSUHPHQOLYRXGĎåNRXYLHWYNWRURPNDåGiYHWDSRSLVXMHMHGQXNULåRYDWNX
ƔYHWD]DþtQDRKRGQRWHQtPNULåRYDWN\LQWHJHU
ƔćDOHMQDVOHGXM~FHOpþtVODLQWHJHU[RYiD\RYiV~UDGQLFDXPLHVWQHQLHNULåRYDWN\YSORFKH
Ɣ]DWêPQDVOHGXMH]R]QDPSRUDGRYêFKþtVHONULåRYDWLHNVNWRUêPLMHWiWRSULDPRVSRMHQiXOLFRX]R]QDPEDMWRY
XNRQþHQêQXORYRXKRGQRWRX±SUYiNULåRYDWNDYV~ERUHPiSRUDGRYpþtVOR
0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHDQHREVDKXMHYLDFDNRNULåRYDWLHN6~ERUQDþtWDMWHSRPRFRX
76WUHDP
*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VD9iPVQtPSUDFRYDORþRQDMSRKRGOQHMãLH1DREUD]RYNHKRY\NUHVOLWHWDNåH
YUFKRO\VDQDNUHVOLDPDOêPNU~åNRPVþtVHOQêPRKRGQRWHQtPDYVWUHGHKUiQVDEXGH]DSLVRYDĢþtVHOQpRKRGQRWHQLH
XOLFH+UDQ\QDNUHVOLWHãHGRXIDUERX
*UDILFN~SORFKXP{åHWHUHDOL]RYDĢNRPSRQHQWRP7,PDJHYHĐNRVWLPLQLPiOQH[2NUHP7,PDJHSRXåLWHWODþLGOR
NRPSRQHQW7%XWWRQNWRUpQDãWDUWXMHVDPRWQpULHãHQLH~ORK\
þDVĢULHãHQLD
W\SH
XORKD FODVV
SLQWHJHUSRþHWYUFKRORYJUDIX
JDUUD\>PD[@RIJUDIMHWDEXĐNDVXVHGQRVWt
UHFRUG
KLQWHJHU
[\LQWHJHU
VDUUD\>PD[@RILQWHJHU
HQG
PDPERROHDQ
JU7&DQYDV
FRQVWUXFWRU&UHDWHFRQVWPHQRVWULQJJJU7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHSLVFLVOR[\NLQWHJHU
SURFHGXUHVWDUW
SURFHGXUHURELMLQWHJHU
HQG
IRUL WRPD[GR
IRUM WRPD[GRJ>L@V>M@ QLHMHVSRM
I 7)LOH6WUHDP&UHDWHPHQRIP2SHQ5HDG
S
ZKLOHI3RVLWLRQI6L]HGRQRWHRI
EHJLQ
LQFS
ZLWKJ>S@GR
EHJLQ
I5HDGKVL]HRIKI5HDG[VL]HRI[
I5HDG\VL]HRI\
UHSHDW
I5HDGMMVL]HRIMM
LIMM!WKHQ
EHJLQ
J>S@V>MM@ YROQHJ>MM@V>S@ YROQH
HQG
XQWLOMM
HQG
HQG
I)UHH
NUHVOL
HQG
IXQFWLRQRNERROHDQ
YDULMNLQWHJHU
EHJLQ
5HVXOW IDOVH
IRUL WRSGR
EHJLQ
N IRUM WRSGRLIJ>L@V>M@ YROQHWKHQLQFN
LIN !J>L@K WKHQH[LW
HQG
5HVXOW WUXH
HQG
YDUNLQWHJHU
EHJLQ
UHSHDW
LQFMLIM!SWKHQEHJLQLQFLM LHQG
XQWLOL SRUJ>L@V>M@ YROQH
LIL SWKHQ
EHJLQ
PDP WUXHH[LW
HQG
IRUN PLQJ>L@KJ>M@KGRZQWRGRPLQMHY
XQLWH0DWK
EHJLQ
J>L@V>M@ NJ>M@V>L@ NGHFJ>L@KNGHFJ>M@KN
LIRNWKHQ
EHJLQ
SLVLMN&DNDM
URELMLIPDPWKHQH[LWVWDþtOHQSUYpULHãHQLH
SLVLM&DNDM
HQG
J>L@V>M@ YROQHJ>M@V>L@ YROQHLQFJ>L@KN
LQFJ>M@KN
HQG
HQG
NRPSOHWQpULHãHQLHY'HOSKLREVDKXMHU{]QH~GDMRYpV~ERU\QDWHVWRYDQLH
+DODYNWRUHMV~VNODGRYpSULHVWRU\PiREGĎåQLNRYêS{GRU\VYHĐNRVWL0[1MHGQRWNRYêFKãWYRUFRY9WHMWRKDOHVD
QDFKiG]DM~U{]QHVNULQHSROLFHVWURMHDLQpSUHNiåN\NWRUpYåG\]DEHUDM~QHMDN~REGĎåQLNRY~REODVĢY]iNODGQHMVLHWL
KDO\3RGQLNN~SLOþLVWLDFHKRURERWDNWRUêPiREFKiG]DĢKDOXDSULWRPþLVWLĢQHREVDGHQpþDVWLKDO\.HćåHURERWMH
FLWOLYêQDYOKN~GOiåNXNWRU~SRVHEH]DQHFKiYDSULþLVWHQtYSRGQLNXVDUR]KRGOLåHNêPVDWiWR]iYDGDQHRGVWUiQL
SRN~VLDVDSUHURERWDQDYUKQ~ĢWDN~WUDVXDE\Y\þLVWLOPD[LPiOQ\SULHVWRUDSULWRPGYDNUiWQHYVW~SLOQDWHQLVWêãWYRUHF
+DODDMREVDGHQpSULHVWRU\V~SRStVDQpYV~ERUHKDODGDWP{åHWHSUHGSRNODGDĢåHMH]DGDQêNRUHNWQHV~ERUVSUDFXMWH
SRPRFRX76WUHDP3UYpGYDEDMW\REVDKXM~YHĐNRVĢKDO\SRþHWULDGNRYDVWĎSFRYãWYRUFRYHMVLHWHQLHV~YlþãLHDNR
=DWêPQDVOHGXM~YHW\DåGRNRQFDV~ERUXNWRUpSRSLVXM~SUHNiåN\YGYRFKEDMWRFKV~UDGQLFDĐDYpKRKRUQpKR
ãWYRUFDSUHNiåN\ULDGRNVWĎSHFDYćDOãtFKGYRFKEDMWRFKYHĐNRVĢSUHNiåN\SRþHWULDGNRYDVWĎSFRY
9iãSURJUDPQDMSUYQDþtWDDY\NUHVOtKDOXQDREUD]RYNXWDNåHVDQDNUHVOtãWYRUFRYiVLHĢYHĐNRVĢMHGQRWNRYpKRãWYRUFD
MHYNRQãWDQWHSURJUDPX9DREVDGHQpSROtþNDVDY\IDUELDWPDYRãHGRXIDUERXĆDOHMVDþDNiåHSRXåtYDWHĐP\ãRX]DGi
ãWDUWRY~SR]tFLXURERWD3ULNOLNQXWtPLPRVLHWHDOHERQDREVDGHQpSROtþNRSURJUDPþDNiQRYpNOLNQXWLHâWDUWRY~
SR]tFLXQHMDNRIDUHEQHY\]QDþWH
YUFKRO\V~VSRMHQpKUDQRXDNSUtVOXãQpSROtþNDVXVHGLD1HMDNRVL]DHYLGXMWHREVDGHQpYUFKRO\NWRUpEXG~REFKiG]DQp
DOJRULWPRPKĐDGDQLD*UDIUHSUH]HQWXMWHQDSUSRĐRP]R]QDPRYVXVHGRYNGHSROHP{åHE\ĢDMGYRMUR]PHUQpD]R]QDP
VXVHGRYP{åHE\ĢUHDOL]RYDQêãWYRUSUYNRYêPSRĐRPNDåGêYUFKROPiPD[LPiOQHVXVHGRY
2NUHPWODþLGOD6723P{åHWHSRXåLĢDMWODþLGOR67$57NWRUpVSXVWtULHãHQLH~ORK\QDNUHVOtVDODE\ULQWDþDNiVDQD
NOLNQXWLH
9MHNRQãWDQWDSURJUDPXQDSUFRQVW9
þDVĢULHãHQLD
W\SH
XORKD FODVV
PD[\PD[[E\WH
JDUUD\>@RI
UHFRUG
SVE\WHSRFHWVXVHGRY
VXVDUUD\>@RI73RLQW
YLVERROHDQ
HQG
PPSLQWHJHUPD[LPDOQHPR]QDFHVWD
PD[FFDUUD\RI73RLQWPD[LPDOQDDPRPHQWDOQDFHVWD
HVFERROHDQFLERORVWODFHQH6723
FDNDM0\VERROHDQ
JU7&DQYDV
FRQVWUXFWRU&UHDWHJJU7&DQYDV
SURFHGXUHNUHVOL
SURFHGXUHEDFN[\LQWHJHU
SURFHGXUHVWDUW[\LQWHJHU
HQG
SURFHGXUHSULGDMLMLLMMLQWHJHU
EHJLQ
LILLRULL!PD[\RUMMRUMM!PD[[WKHQH[LW
ZLWKJ>ML@GR
EHJLQ
LQFSVVXV>SV@ 3RLQWMMLL
HQG
HQG
YDUI76WUHDP
[\LQWHJHU
[[\\Y\VVLUE\WH
EHJLQ
JU JJU
ILOOFKDUJVL]HRIJ
I 7)LOH6WUHDP&UHDWHPHQR
GDW
IP2SHQ5HDG
I5HDGPD[\VL]HRIPD[\I5HDGPD[[VL]HRIPD[[
IRU\ WRPD[\GR
IRU[ WRPD[[GR
EHJLQ
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
SULGDM\[\[
HQG
ZKLOHI3RVLWLRQI6L]HGR
EHJLQ
I5HDG\\VL]HRI\\
I5HDG[[VL]HRI[[
I5HDGY\VVL]HRIY\V
I5HDGVLUVL]HRIVLU
IRU\ WRY\VGR
IRU[ WRVLUGR
J>[[[\\\@YLV WUXH
HQG
I)UHH
PPS
IRU\ WRPD[\GR
IRU[ WRPD[[GR
LIQRWJ>[\@YLVWKHQLQFPPS
NUHVOL
FDNDM0\V WUXH
HQG
ZLWKJ>[\@GR
IRUN WRSVGR
LIQRWJ>VXV>N@[VXV>N@\@YLVWKHQEDFNVXV>N@[VXV>N@\
RG]QDFWDK
J>[\@YLV IDOVH
JU3L[HOV>[
YYGLY\
YYGLY@ FO:KLWH
6HW/HQJWKF/HQJWKF
HQG
NRPSOHWQpULHãHQLHY'HOSKLREVDKXMHU{]QH~GDMRYpV~ERU\QDWHVWRYDQLH
9MHGQRPDGUHViULQDGLVNXVPHQDãOLQLHNRĐNRGiWRYêFKV~ERURYNWRUpSRSLVXM~QHMDNpQHRULHQWRYDQpJUDI\5DGLE\
VPHRGYRFKJUDIRFK]LVWLOLþLV~WRU{]QHJUDI\DOHERV~VLQDY]iMRPSRGREQpL]RPRUIQp1DStãWHSURJUDPNWRUê
QDþtWDGYDELQiUQHV~ERU\SRSLVXM~FHGYDJUDI\Y\NUHVOtLFKQDREUD]RYNHD]LVWtRQLFKþLV~DOHERQLHV~L]RPRUIQp
7MSURJUDPVDSRN~VLQiMVĢWDNpSULUDGHQLHPHG]LYUFKROPLWêFKWRJUDIRYåH]RGSRYHGDM~FHYUFKRO\PDM~URYQDNêFK
VXVHGRY]UHMPHE\REDJUDI\PDOLPDĢURYQDNêSRþHWYUFKRORY
1DKĐDGDQLHMHGQR]QDþQpKRSULUDGHQLDPHG]LYUFKROPLJUDIXSRXåLWHDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUêE\PRKROSUDFRYDĢQDSUWDNWRSRN~VLPHVDSUYpPXYUFKROX*SULUDGLĢQHMDNêYUFKRO]*PXVt
PDĢURYQDNêSRþHWVXVHGRYSRWRPGUXKpPXYUFKROX*QHMDNê]*NWRUêHãWHQHEROSULUDGHQêDPiURYQDNêSRþHW
VXVHGRYDWć3ULWRPSRNDåGRPNURNXEDFNWUDFNLQJXWUHEDNRQWURORYDĢþLSRGJUDI\REVDKXM~FHY*DY*Xå
Y\EUDQpYUFKRO\V~L]RPRUIQpPQRåLQ\LFKVXVHGRYV~]KRGQp
%LQiUQHV~ERU\JUDI[GDWV~VSUHPHQOLYRXGĎåNRXYLHWDPDM~QDVOHGRYQ~ãWUXNW~UX
ƔNDåGiYHWDSRSLVXMHMHGHQYUFKROJUDIX
ƔYHWD]DþtQDGYRMLFRXFHOêFKþtVHOLQWHJHUV~UDGQtFYUFKROXQDREUD]RYNH
Ɣ]DWêPQDVOHGXMHSRþHWVXVHGQêFKYUFKRORYE\WH
JUDIXPiþtVORDYUFKRORYQLHMHYLDFDNR
;RYpV~UDGQLFHYUFKRORYJUDIRYV~PHQãLHDNRDWHGDDNEXGHJUDILFNiSORFKDãLURNiDVSRĖFHOêREUi]RN
JUDIXYRMGHQDSRORYLFXSORFK\3UYêQDþtWDQêJUDIY\NUHVOLWHQDS{YRGQêFKV~UDGQLFLDFKYUFKRORYGUXKêJUDISRVXĖWHR
GRSUDYD9UFKRO\JUDIRY]REUD]WHPDOêPLNROHþNDPLKUDQ\~VHþNDPLQDSUELHOHMIDUE\*UDI\UHSUH]HQWXMWHY
SDPlWLWDNDE\VDYiPVQLPLGREUHSUDFRYDOR
9V~ERUHQHPXVLDE\ĢYãHWN\KUDQ\XYHGHQpYRERFKVPHURFKDQDNRĐNRPiE\ĢJUDIQHRULHQWRYDQê]DEH]SHþWH
VSUiYQXUHSUH]HQWiFLX0{åHWHSUHGSRNODGDĢåHV~ERU\V~NRUHNWQp6SUDFXMWHLFKSRPRFRX76WUHDP
þDVĢULHãHQLD
W\SH
XORKD FODVV
QLQWHJHU
JDUUD\>E\WH@RIUHFRUG
[\LQWHJHU
VVHWRIE\WH
HQG
YVHWRIE\WH
WDUUD\>E\WH@RIE\WHL]RPRUIL]PXV
PDPERROHDQ
JU7&DQYDV
[[LQWHJHURGSRORYLFHVDQDNUHVOtJUDI
FRQVWUXFWRU&UHDWHLP7,PDJH
SURFHGXUHNUHVOLJUDILQWHJHU
SURFHGXUHEDFNLLQWHJHU
SURFHGXUHVWDUW
HQG
FRQVWUXFWRUXORKD&UHDWHLP7,PDJH
SURFHGXUHQDFLWDMJUDILQWHJHUFRQVWPHQRVWULQJ
YDUI76WUHDP
LLQWHJHU
SE\WH
VVDUUD\>E\WH@RIE\WH
EHJLQ
I 7)LOH6WUHDP&UHDWHPHQR
GDW
IP2SHQ5HDG
Q
ZKLOHI3RVLWLRQI6L]HGRZLWKJ>JUDIQ@GR
EHJLQ
LQFQ
I5HDG[VL]HRI[I5HDG\VL]HRI\
I5HDGSVL]HRIS
I5HDGVV>@S
IRUL WRSGR
EHJLQV V>VV>L@@J>JUDIVV>L@@V J>JUDIVV>L@@V>Q@
HQG
HQG
I)UHH
NUHVOLJUDI
HQG
YDUQLQWHJHU
EHJLQ
JU LP&DQYDV[[ LP:LGWKGLY
ILOOFKDUJVL]HRIJ
QDFLWDMVXERUQ Q
QDFLWDMVXERU
PDP Q!Q
JU)RQW&RORU FO5HG
LIPDPWKHQ
JU7H[W2XW
1HVHGtSRþHWYUFKRORY*UDI\QLHV~L]RPRUIQp
HQG
S
IRUN WRQGRLINLQJ>LM@VWKHQLQFS
SRF S
HQG
YDUMLQWHJHU
EHJLQ
IRUM WRQGR
LIQRWMLQYDQGSRFL SRFMWKHQ
EHJLQ
W>L@ MY Y>M@
LIWHVWLMWKHQ
EHJLQ
/LQHJ>L@[J>L@\J>M@[J>M@\&DNDM
LIL QWKHQ
EHJLQ
JU7H[W2XW
*UDI\V~L]RPRUIQp
PDP WUXHH[LW
HQG
EDFNLLIPDPWKHQH[LWVWDþtMHGQRULHãHQLH
/LQHJ>L@[J>L@\J>M@[J>M@\&DNDM
HQG
Y Y>M@
HQG
HQG
NRPSOHWQpULHãHQLHY'HOSKLREVDKXMHU{]QH~GDMRYpV~ERU\QDWHVWRYDQLH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
&YLþHQLD]3URJUDPRYDQLD /6
6~GDQpGHNODUiFLH
FRQVW1
W\SH35HDO AUHDO
3ROH DUUD\>1@RI35HDO
1DStãWHSRGSURJUDP\QDSUiFXVWêPWRSRĐRP
Ɣ)XQNFLX0D[LPXPW\SX35HDOVMHGQêPSDUDPHWURP33ROHNWRUiKĐDGiSUYRNV
PD[LPiOQRXKRGQRWRXYSROL3DMHMYêVOHGNRPMHVPHUQtNQDWHQWRSUYRN3R]RUQDSUYN\SRĐD
3VKRGQRWRX1,/$NV~YãHWN\KRGQRW\YSROL3URYQp1,/IXQNFLDYUDFLDKRGQRWX1,/
Ɣ3URFHG~UX9\WYRUVMHGQêPSDUDPHWURP33ROHNWRUiY\WYiUDWRWRSROHQiKRGQêP
SULUDGHQtP1KRGQ{W$NVDY\JHQHUXMHWDNiKRGQRWDNWRUiXåYSROLERODQHY\WYiUDVDSUH
ĖXQRYpPLHVWRY+HDSDOHSUHVPHUQtNXMHVDQDLQ~VPHUQtNRY~SUHPHQQ~NWRUiXND]XMHQD
URYQDN~KRGQRWX
Ɣ%RROHRYVN~IXQNFLX5RYQDNHNWRUHMYêVOHGNRPMHWUXHDNYSROL3NWRUpMHMHMSDUDPHWURP
V~DVSRĖGYDSUYN\NWRUpXND]XM~QDWRLVWpPLHVWRYSDPlWL
Ɣ3URFHG~UX=MHGQRWVMHGQêPSDUDPHWURP33ROHNWRUiSUHUREtWRWRSROHWDNåHYãHWN\
SUYN\NWRUpXND]XM~QDURYQDNpKRGQRW\W\SXUHDOSUHVPHUQtNXMHQDMHGQX]WêFKWRURYQDNêFK
KRGQ{WDRVWDWQpXYRĐQt]SDPlWL
3URFHG~UX5R]GHOVMHGQêPSDUDPHWURP33ROHNWRUiSUHUREtWRWRSROHWDNåHDNGYDSUYN\
XND]XM~QDMHGQRPLHVWRYSDPlWLVKRGQRWRX+Y\WYRUtQRYpPLHVWRY+HDSGiPXKRGQRWX+D
GUXK~VPHUQtNRY~SUHPHQQ~QDĖQDVWDYt7DNWRWRXUREtVRYãHWNêPLSUYNDPLSRĐD3
6~GDQpGHNODUiFLHQDUHSUH]HQWiFLXWHOHIyQQHKR]R]QDPX
W\SH
=D]QDP UHFRUG
PHQRVWULQJ
$GUHVDVWULQJ
7HO&LQWHJHU
HQG
3=D]QDP A=D]QDP
FRQVW1
YDU
WHO=R]QDPDUUD\>1@RI3=D]QDP
IWH[W)LOH
S7HO&LQWHJHU
1DStãWHSURJUDPNWRUê
ƔQDþtWDGRWHMWRãWUXNW~U\LQIRUPiFLH]WH[WRYpKRV~ERUXPHQRDGUHVDDWHO&V~YVDPRVWDWQRP
ULDGNX
ƔY\StãHWLHWRLQIRUPiFLHGRIRUPXOiUDQDSUGR6WULQJ*ULGX
ƔXWULHGLLFKQDSUPLQVRUWRPSRGĐDWHOHIyQQHKRþtVODWDNåHSULWULHGHQtY\XåLMHYêPHQX
VPHUQtNRY
6~GDQpGHNODUiFLHQDUHSUH]HQWiFLXMHGiOQHKROtVWND
W\SH
-HGOR UHFRUGQD]RYVWULQJFHQDUHDOHQG
3-HGOR A-HGOR
YDU
-HG/LVWRNDUUD\>@RI3-HGOR
IWH[W)LOH
9WH[WRYRPV~ERUHVDQDFKiG]DM~YMHGQRPULDGNXQDMSUYNyGMHGODSRWRPMHKRFHQDDQi]RY
1DStãWHSURJUDPNWRUê
ƔQDþtWD~GDMH]WH[WRYpKRV~ERUXGRSDPlWHWDNåHY\KUDGtSDPlĢLEDMHGOiPNWRUpVDQDR]DM
QDFKiG]DM~YMHGiOQRPOtVWNX
ƔY\StãHMHGiOQ\OtVWRNXWULHGHQêSRGĐDNyGX
6~GDQpGHNODUiFLHQDUHSUH]HQWiFLXPDWLFH
W\SH
5LDGRN DUUD\>@RILQWHJHU
65LDGRN A5LDGRN
35LDGRN DUUD\>@RI65LDGRN
YDU
P35LDGRN
1DStãWHSURFHG~UX
Ɣ1DSOQNWRUiQDSOQtW~WRPDWLFXþtVODPLQiKRGQêPLDOHERLFKQDþtWD]WH[WRYpKRV~ERUX
Ɣ9\SLVNWRUiY\StãHPDWLFXQDSUGR6WULQJ*ULG
Ɣ9\PHQ5LDGN\NWRUiGRVWDQHDNRYVWXSþtVODULDGNRYDY\PHQtWLHWRULDGN\WDNåHY\PHQt
SUtVOXãQpVPHUQtN\
Ɣ9VHWN\$NR5LDGRNNWRUiGRVWDQHDNRYVWXSþtVORULDGNXYPDWLFLDYãHWN\ULDGN\VPHUQtN\
SUHVPHUXMHQDWHQWRULDGRNRVWDWQpULDGN\XYRĐQt]+HDS
Ɣ9\QHFKDM1HSDUQHNWRUiXYRĐQtSDPlĢNWRU~]DEHUDOLQHSiUQHULDGN\PDWLFH
'ÒY\WYRULĢ]QLHNWRUpKRSUtNODGXSUtVOXãQ~WULHGX
07
&YLþHQLH]'HOSKL
SRVWXSQHY\OHSãXMHPH~ORKX
GDQpSROHYDUSDUUD\RIALQWHJHUQLHNWRUpSUYN\V~QLOLQpV~VPHUQtNPLQD
G\QDPLFNpLQWHJHU
SURJUDPYãHWNêPQLORYêPSULUDGtQRYpãNDWXOHVþtVODPLDE\VDSULHPHUYãHWNêFKSUYNRY
SULEOLåQHURYQDOSULHPHUXYãHWNêFKQHQLORYêFK
~ORKXULHãWHMHGQêPF\NORPYF\NOHYãHWNêPQLORYêPY\UREtPHãNDWXOHVKRGQRWRXMHGQX]
QLFKVL]DSDPlWiPHYVPHUQtNRYHMSUHPHQQHMDSRF\NOHMHM]PHQtPHKRGQRWX
~ORKXULHãWHDMSUHYDUSDUUD\RISRLQWHUYLHPHåHYãHWN\QHQLORYpV~VPHUQtN\QD
LQWHJHU
Y\UREtPHWULHGXVWDFNQDMSUYSUH
SUYRN UHFRUG
SSRLQWHU
GOLQWHJHU
HQG
VWDFN FODVV
SULYDWH
VDUUD\RISUYRN
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSXVKYDULGLQWHJHU
SURFHGXUHSRSYDUL
SURFHGXUHSRS6WULQJYDULVWULQJ
IXQFWLRQHPSW\ERROHDQ
HQG
]SUYNXXURELĢWULHGXDRSUDYLĢSXVKDSRS
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
SUYRN FODVV
SSRLQWHU
GOZRUG
FRQVWUXFWRU&UHDWHYDULGZRUG
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
QHIXQJXMHWRSUHVWULQJY\OHSãLĢYHU]LXDMSUHVWULQJ\SR]RUQDSUi]GQHVWULQJ\
SUYRN FODVV
SSRLQWHU
GOZRUG
FRQVWUXFWRU&UHDWHYDULGZRUGRYHUORDG
FRQVWUXFWRU&UHDWHFRQVWLVWULQJRYHUORDG
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
VWDFN FODVV
SULYDWH
VDUUD\RISUYRN
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSXVKYDULGZRUGRYHUORDG
SURFHGXUHSXVKFRQVWLVWULQJRYHUORDG
SURFHGXUHSRSYDUL
SURFHGXUHSRS6WULQJYDULVWULQJ
IXQFWLRQHPSW\ERROHDQ
HQG
1'ÒWRLVWpSUH4XHXH
QLHF\NOLFNpSROHSULGiYDĢQDNRQLHFSROH]YlþãRYDĢQDSURDOHERSRVXQ~ĢYĐDYRDNDVSRĖ
YRĐQêFKXEHUDĢ]R]DþLDWNX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
SUYRN FODVV
SSRLQWHU
GOZRUG
FRQVWUXFWRU&UHDWHYDULGZRUG
GHVWUXFWRU'HVWUR\RYHUULGH
HQG
TXHXH FODVV
SULYDWH
TDUUD\RISUYRN
]DFSRFLQWHJHU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHDSSHQGYDULGZRUG
SURFHGXUHVHUYHYDUL
IXQFWLRQHPSW\ERROHDQ
HQG
'HOSKLMHSUHGGHILQRYDQiWULHGD7/LVW G\QDPLFNpSROHSRLQWURYQDSURJUDPXMHPHQLHNWRUpMHKRPHWyG\
WXEXGH]MHGQRGXãHQiYHU]LD
7/LVW FODVV
SULYDWH
)/LVWDUUD\RISRLQWHU
)&RXQW,QWHJHU
SURWHFWHG
IXQFWLRQ*HW,QGH[,QWHJHU3RLQWHU
SURFHGXUH*URZYLUWXDO
SURFHGXUH3XW,QGH[,QWHJHU,WHP3RLQWHU
SURFHGXUH6HW&DSDFLW\1HZ&DSDFLW\,QWHJHU
IXQFWLRQ*HW&DSDFLW\,QWHJHU
SURFHGXUH6HW&RXQW1HZ&RXQW,QWHJHU
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQ$GG,WHP3RLQWHU,QWHJHU
SURFHGXUH&OHDUYLUWXDO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
SURFHGXUH'HOHWH,QGH[,QWHJHU
SURFHGXUH(UURUFRQVW0VJVWULQJ
SURFHGXUH([FKDQJH,QGH[,QGH[,QWHJHU
IXQFWLRQ([SDQG7/LVW
IXQFWLRQ([WUDFW,WHP3RLQWHU3RLQWHU
IXQFWLRQ)LUVW3RLQWHU
IXQFWLRQ,QGH[2I,WHP3RLQWHU,QWHJHU
SURFHGXUH,QVHUW,QGH[,QWHJHU,WHP3RLQWHU
IXQFWLRQ/DVW3RLQWHU
SURFHGXUH0RYH&XU,QGH[1HZ,QGH[,QWHJHU
IXQFWLRQ5HPRYH,WHP3RLQWHU,QWHJHU
SURFHGXUH3DFN
SURSHUW\&DSDFLW\,QWHJHUUHDG*HW&DSDFLW\ZULWH6HW&DSDFLW\
SURSHUW\&RXQW,QWHJHUUHDG)&RXQWZULWH6HW&RXQW
SURSHUW\,WHPV>,QGH[,QWHJHU@3RLQWHUUHDG*HWZULWH3XW
GHIDXOW
HQG
QDMSU$GGD'HOHWHSRWRPSURSHUW\&RXQWD,WHPVDSRVWXSQHRVWDWQp
þRVDQHVWLKQHWDN1'ÒQDLQWHUQHWHEXGHNRPSOHWQpULHãHQLHY'HOSKL+HOSHVLP{åXSR]ULHĢ
SRSLVMHGQRWOLYêFKPHWyG
ERORE\GREUHNHE\VLWRWRULHãHQLHSUHãWXGRYDOL
1DFYLþHQLDFKE\VDPDOLQDXþLĢQDY\ãH
ƔDNSRWUHEXMHPHY\KOiVLĢFK\EX
❍QDSUEHJLQ6KRZ0HVVDJH
323SUD]GQ\VWDFN
KDOWHQG
❍P{åHPHSRXåLĢUDLVH([FHSWLRQ&UHDWH
323SUD]GQ\VWDFN
❍WHQWRVS{VREVDEXGHPHXþLĢQHVN{UQLHMHWR~SOQêKDOWDSOLNiFLHDOHSURJUDPVDYLH]
QHKRVSDPlWDĢ
ƔILOOFKDUYDU;&RXQW,QWHJHU9DOXH%\WH
❍SRGREQpPRYHGDQêPEDMWRPY\SOQt~VHNSDPlWLQDSU
❍SRXåtYDVDY7/LVWQDY\QXORYDQLHþDVWLSRĐDSRLQWURYWMSUYN\SRĐDVDY\QLOXM~
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
&YLþHQLH]'HOSKL
9\VYHWOLĢ
W\SVWULQJ>@QDUR]GLHORGVWULQJQLHMHVPHUQtNDOHVWDWLFN\Y\KUDGHQiSDPlĢYHĐNRVWLRYLDFDNR
þtVORY>@
YUHFRUGNWRUpVD]DSLVXM~GRV~ERUXþtWDM~]RV~ERUXVDQHP{åHSRXåLĢVWULQJDOHP{åHVWULQJ>þtVOR@
1DVOHGXM~FLSUtNODGULHãLĢ
DNRW\SRYê
DNRQHW\SRYêVGĎåNRXEORNXVL]HRIYHWD
DNRQHW\SRYêVGĎåNRXEORNXEH]SUHPHQQHMW\SXYHWDDOHVSUHPHQQêPLW\SXVWULQJ>@E\WH
SRPRFRX76WUHDP
'DQêMHELQiUQ\V~ERUVWXGHQWLGDWNWRUêREVDKXMHLQIRUPiFLHRãWXGHQWRFKãWXGXM~FLFKQD
RGERUHLQIRUPDWLNDYSUYRPURþQtNX9HWDYV~ERUHMHW\SX
W\SH
YHWD UHFRUG
PHQRVWULQJ>@
VSROX]LDNE\WH
HQG
NGHSRORåNDVSROXåLDNREVDKXMHþtVORYHW\YV~ERUHYNWRUHMMHPHQRćDOãLHKRVSROXåLDND]
URYQDNpKRNU~åNXSRVOHGQê]NU~åNXY]R]QDPHRGND]XMHQDSUYpKR]URYQDNpKRNU~åNX
1DStãWHSURJUDPNWRUêY\WYRUtELQiUQ\V~ERUNUX]RNGDW7HQWRV~ERUE\PDOREVDKRYDĢ
YãHWNêFKãWXGHQWRYNWRUtSDWULDGRURYQDNpKRNU~åNXDNRSUYêãWXGHQWYV~ERUHVWXGHQWLGDW
'DQpGHNODUiFLH
W\SH
6WXGHQW UHFRUG
PHQRSULH]YVWULQJ
URFQLNE\WH
NUX]RNVWULQJ
DGUHVDVWULQJ
HQG
36WXGHQW A6WXGHQW
3ROH6WXG DUUD\RI36WXGHQW
6W9HWD UHFRUG
PHQRSULH]YVWULQJ>@
URFQLNE\WH
NUX]RNVWULQJ>@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
VWSULHPUHDO
HQG
1DStãWHSURFHG~UXDNWXDOVSDUDPHWURP33ROH6WXGNWRUiEXGHDNWXDOL]RYDĢ3SRGĐD~GDMRYY
ELQiUQRPV~ERUHQHY\KRYHOLGDWSHYQiGĎåNDYLHWWDNåHXYRĐQtPLHVWDYSDPlWLNWRUp]DEHUDM~
]i]QDP\RãWXGHQWRFKXYHGHQêFKYWRPWRV~ERUH9HW\YV~ERUHV~W\SX6W9HWD
~ORKXULHãLĢW\SRYêPV~ERURPDMSRPRFRX76WUHDP
1DStãWHSURJUDPNWRUêLQWHUSUHWXMHELQiUQ\V~ERUNRUGDWYNWRURPVDQDFKiG]DM~SUtND]\
NRU\WQDþHMJUDILN\9NDåGHMYHWHV~ERUXMHMHGHQSUtND]9HW\YV~ERUHV~U{]QHMGĎåN\DV~Y
ĖRPWHVQH]DVHERX.DåGiYHWD]DþtQDEDMWRYêPNyGRPSUtND]X
W\SHSULND] R'RSUHGXR9ODYRR9SUDYRR=PHQ)3R3+R3'
=DSUtND]PLR'RSUHGXR9ODYRR9SUDYRQDVOHGXMHYV~ERUHLFKSDUDPHWHUUHiOQHþtVOR]D
SUtND]RPR=PHQ)3QDVOHGXMHMHKRSDUDPHWHUFHOpþtVORDSUtND]\R3+DR3'QHPDM~SDUDPHWUH
~ORKXULHãWHSRPRFXQHW\SRYpKRV~ERUXD76WUHDP
'DQêMHELQiUQ\V~ERUVORYQLNGDWYNWRURPV~VORYiXORåHQpWDNWREDMWXUþXMHGĎåNXVORYD]D
QtPQDVOHGXMHVORYRSUtVOXãQêSRþHWEDMWRY6ORYiV~XVSRULDGDQpOH[LNRJUDILFN\1DStãWH
ERROHRYVN~IXQNFLX%LQBMHVVWULQJERROHDQNWRUi]LVWtþLVDGDQpVORYRVQDFKiG]DYVORYQtNX
3RXåLWHELQiUQHY\KĐDGiYDQLH
SRPRFQpIXQNFLHSRFHW6ORYDLWH6ORYRLLQWHJHU
SRXåLWH76WUHDP
'DQiGHNODUiFLDYHW\V~ERUX
W\SH
YHWD UHFRUG
PHQRVWULQJ>@
SULHPHUUHDO
LQWHUQDWERROHDQ
HQG
GDQêMHV~ERUVWXGHQWLGDWNWRUpKRYHW\V~W\SXYHWD9\WYRUWHLQGH[RYpV~ERU\XVSHVQLGDWD
LQWHUQDWGDWNWRUpREVDKXM~þtVODYLHWRGV~ERUXVWXGHQWLGDWNWRUtV~~VSHãQtSULHPHUGR
UHVSNWRUtPDM~LQWHUQiW1D]iNODGHLQGH[RYpKRV~ERUXLQGH[GDWY\WYRUWH]RV~ERUX
VWXGHQWLGDWV~ERUY\EHUGDWOHQWêFKYLHWNWRUêFKþtVORMHYV~ERUHLQGH[RY
SRXåLWH76WUHDP
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
&YLþHQLH]'HOSKL
3UHFYLþRYDĢVSiMDQp]R]QDP\
SUHGSRNODGiPHåHXåMHGHILQRYDQpP{åHVDY\XåLĢSULGHILQRYDQtćDOãtFKPHWyG
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
QH[WYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNQYUFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
]R]QDP FODVV
SULYDWH
]YUFKRO]DþLDWRN]R]QDPX
NYUFKRONRQLHF]R]QDPX
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
IXQFWLRQY\SLVVWULQJ
SURFHGXUHSULGDM=LSUYRNRYHUORDG
SURFHGXUHSULGDM=SYUFKRORYHUORDG
SURFHGXUHSULGDM.LSUYRNRYHUORDG
SURFHGXUHSULGDM.LYUFKRORYHUORDG
SURFHGXUHYVXQSUHGLQWHJHULSUYRN
SURSHUW\]DFLDWRNYUFKROUHDG]
SURSHUW\NRQLHFYUFKROUHDGN
HQG
SRVWXSQHGRGHILQXMWHPHWyG\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
KQHćY\WYRUtQSUYNRYêFHORþtVOHQê]R]QDPVþtVODPLQ
ƔIXQFWLRQSRFHWLQWHJHU
ƔSURFHGXUH]UXV=
]UXãtSUYêYUFKRO
ƔSURFHGXUH]UXV.
]UXãtSRVOHGQêYUFKRO
ƔSURFHGXUH]UXVSYUFKRO
]UXãtYUFKROSSR]RUDNSY]R]QDPHQHH[LVWXMH
ƔSURFHGXUHSUHYUDW
SUHYUiWLSRUDGLHYUFKRORYY]R]QDPH
ƔFRQVWUXFWRUNRSLDS]R]QDP
XUREtSRVWXSQHNySLXYãHWNêFKYUFKRORY
SR]RUQDWRåHSUHSV~SUHPHQQp]DNSULYiWQH
XURELĢNRSLDDMDNRRE\þDMQ~PHWyGXQDMSUYPXVtXYRĐQLĢS{YRGQêREVDKVYRMKR]R]QDPX
QHVPLHVDSRXåLĢ'HVWUR\
ƔSURFHGXUH]DUDGLSUYRN
SUHGSRNODGiPHåH]R]QDPMHY]RVWXSQHXWULHGHQêSRGĐDLQIR
]DUDGtQDVSUiYQHPLHVWR
ƔSURFHGXUHXWULHG
QiMGHPLQLPXPGiKRQD]DþLDWRN]QRYXQiMGHPLQLPXP]R]Y\ãNXGiKR]DPLQLPXPDWć
ƔSURFHGXUHY\KRG'XSO
NWRUiY\KRGtYãHWN\SUYN\VURYQDNRXKRGQRWRXQHFKiOHQMHGHQSUYêYêVN\W
ƔIXQFWLRQQDMGLLSUYRNLQWHJHU
]LVWtLQGH[SUYNXL
ƔSURFHGXUHY\KRGLFLQWHJHU
]R]R]QDPXY\KRGtRGLWHKRSUYNXFSUYNRYSRGREQHDNRGHOHWHSUHUHĢD]FH
SRYLQQi'Ò
'DQêMHELQiUQ\V~ERUVORYHQJOGDWYNWRURPV~GYRMLFHVORYXORåHQpWDNWREDMWGĎåND
VORYD]DQtPQDVOHGXMHVORYRSUtVOXãQêSRþHWEDMWRYEDMWGĎåNDVORYDD]DQtPGUXKp
VORYRQDMSUYVORYHQVNpVORYRD]DQtPDQJOLFNêHNYLYDOHQW6~ERUMHNRUHNWQêREVDKXMH
SiUQ\SRþHWVORY
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
1DStãWHSURJUDPNWRUêY\WYRUtQRYêELQiUQ\V~ERUHQJOVORYGDWYNWRURPEXG~GYRMLFH
VORYOH[LNRJUDILFN\XVSRULDGDQpSRGĐDGUXKpKRVORYD]GYRMLFH3RXåLWHVSiMDQê]R]QDP
NWRUêEXGHWHXGUåLDYDĢXWULHGHQê.DåGêYUFKRO]R]QDPXEXGHREVDKRYDĢGYDVWULQJ\D
VPHUQtNQH[W'RWULHG\VORYQLNVSiMDQê]R]QDPGRGHILQXMWHPHWyG\QDQDþtWDQLH]R
VWUHDPXDWLHåQD]iSLVGRVWUHDPXQDSU/RDG)URP6WUHDP6DYH7R6WUHDPVORYiGR
]R]QDPXSULGiYDMWHPHWyGRX]DUDGNWRUi]DUDGtGYRMLFXVORYQDVSUiYQHPLHVWRGR
VORYQtNDDE\EROVWiOHXVSRULDGDQêSRGĐDDQJOLFNpKRVORYD
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
&YLþHQLH]'HOSKL
1DMSUYSUHFYLþLĢRE\þDMQpVSiMDQp]R]QDP\
VSiMDQêPL]R]QDPDPLUHSUH]HQWXMHPHPQRåLQ\WDNWR]R]QDPREVDKXMHOHQU{]QHþtVODXWULHGHQp
Y]RVWXSQH
Y\WYRUWHPHWyG\WULHG\]R]QDPNWRUpUHDOL]XM~PQRåLQRYpRSHUiFLHSDUDPHWHUPMHWLHåPQRåLQRYê
]R]QDP
7ULHGDSRO\QRP
W\SH
YUFKRO FODVV
NRHIUHDO
H[SRLQWHJHU
QH[WYUFKRO
FRQVWUXFWRU&UHDWHNUHDOHLQWHJHUQYUFKRO
HQG
SRO\QRP FODVV
SULYDWH
]YUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURSHUW\]DFYUFKROUHDG]
HQG
'RGHILQXMWHGRWULHG\SRO\QRPPHWyG\
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
KRGQRWX[
ƔSURFHGXUHGRWDEW76WUHDP[UHDO
GRWH[WRYpKRV~ERUXSULGiMHGHQULDGRNVGYRPDþtVODPL[DKRGQRWD[SRXåLWH)ORDW7R6WU[
ƔSURFHGXUHNUHVOLLP7,PDJH[[UHDO
GRLPDJHQDNUHVOtJUDINGH[MHYLQWHUYDOH[Då[WUHEDQDMSUYSRGĐDLP:LGWK]LVWLĢSRþHW
SRþtWDQêFKKRGQ{W[SRWRPY\SRþtWDĢPLQDPD[KRGQRWXD]YROLĢPLHUNXSUH\V~UDGQLFX
QHULHãLĢGRGHWDLORYOHQNUiWN\QiþUWULHãHQLDSUtSDGQHDNR'Ò
ƔSURFHGXUHY\QDVRE.NUHDOY\QiVREtSRO\QyPNRHILFLHQWRPN
ƔSURFHGXUHSULFLWDMSSRO\QRP
ƔSURFHGXUHY\QDVRESSRO\QRP
ƔSURFHGXUHY\GHOSSRO\QRP
'YRMVPHUQêVSiMDQê]R]QDP
ƔPLQPD[VPHUQtNQDPLQUHVSPD[YUFKRO
ƔRSUDYRSUDYtVPHUQtN\SUHYVPHUQtN\QH[WV~2.
ƔPLQVRUWUHVSPD[VRUWY\XåLWHPLQDPD[
6~GDQpGHNODUiFLHSUHGYRMVPHUQêVSiMDQê]R]QDP
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
SUHYQH[WYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNSQYUFKRO
IXQFWLRQY\SLVVWULQJYLUWXDO
HQG
]R]QDP FODVV
SULYDWH
]YUFKRO
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
NYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
GHVWUXFWRU'HVWUR\RYHUULGH
SURFHGXUHSULGDM=YYUFKRO
SURFHGXUHSULGDM.YYUFKRO
SURFHGXUHYVXQ3UHGSUHGYYUFKRO
SURFHGXUHYVXQ=D]DYYUFKRO
SURFHGXUHY\KRGYYUFKRO
SURSHUW\SUY\YUFKROUHDG]
SURSHUW\SRVOHGQ\YUFKROUHDGN
HQG
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
&YLþHQLH]'HOSKL
%LQiUQHVWURP\
-HGDQêW\S
W\SH
SUYRNLQWHJHU
VWURP FODVV
LQIRSUYRN
OSVWURP
FRQVWUXFWRU&UHDWHLSUYRNQOQSVWURP
IXQFWLRQWH[WVWULQJYLUWXDOUHĢD]FRYpY\MDGUHQLHYUFKROD
HQG
ƔQDNUHVOLWHVLQH~SOQêVWURPKĎEN\DVSRĖWULUXþQHKRY\StãWHSUHRUGHURPLQRUGHURP
SRVWRUGHURP
ƔRSDþQi~ORKDQHMDNêQH~SOQêVWURPVYUFKROPLWUHED]DSOQLĢStVPHQNDPL
SURJUDPRYDQLH
'RGHILQXMWHPHWyG\WULHG\VWURP
ƔIXQFWLRQVWURPY\SLVOLVWRYVWULQJY\StVDĢOLVW\VWURPX
ŶIXQFWLRQVWURPY\SLVOLVWRYVWULQJ
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW
WH[WWULYLiOQ\
SUtSDG
HOVH
EHJLQ
LIO!QLOWKHQ5HVXOW OY\SLVOLVWRYHOVH
5HVXOW
LIS!QLOWKHQ5HVXOW 5HVXOWSY\SLVOLVWRY
HQG
HQG
ƔIXQFWLRQVWURPVXFHWOLVWRYSUYRNV~þHWOLVWRY
ŶIXQFWLRQVWURPVXFHWOLVWRYSUYRN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW LQIRWULYLiOQ\SUtSDG
HOVH
EHJLQ
LIO!QLOWKHQ5HVXOW OVXFHWOLVWRYHOVH
5HVXOW
LIS!QLOWKHQ5HVXOW 5HVXOWSVXFHWOLVWRY
HQG
HQG
ƔIXQFWLRQVWURPPLQOLVWVWURPYUiWLPLQLPiOQ\OLVWVPLQKRGQRWRXP{åHWH
URELĢDMPLQLPiOQ\YUFKROYVWURPH
ŶIXQFWLRQVWURPPLQOLVWVWURP
YDUOOSSVWURP
EHJLQ
LIO QLODQGS QLOWKHQ5HVXOW VHOIWULYLiOQ\SUtSDG
HOVH
EHJLQ
LIO!QLOWKHQOO OPLQOLVW
LIS!QLOWKHQSS SPLQOLVW
LIS QLORUO!QLODQGOOLQIR SSLQIRWKHQ
5HVXOW OO
HOVH5HVXOW SS
HQG
HQG
ƔIXQFWLRQVWURPQDMSO\WVLBOLVWVWURPYUiWLOLVWYVWURPHVQDMPHQãRXKĎENRX
QDMSO\Wãt
❍SUDYGHSRGREQHEXGHPDĢYDUSDUDPHWHUYNWRURPYUiWLKĎENXQiMGHQpKRYUFKRODQDSU
YDUOOSSVWURPOKSKLQWHJHU
EHJLQ
LIO QLODQGS QLOWKHQEHJLQ5HVXOW VHOIK
HQG
HOVH
EHJLQ
LIO!QLOWKHQOO OQDMSOOKHOVHOK PD[LQW
LIS!QLOWKHQSS SQDMSOSKHOVHSK PD[LQW
LIOK SKWKHQEHJLQ5HVXOW OOK OKHQG
HOVHEHJLQ5HVXOW SSK SKHQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
SR]PHĖWHWDNDE\PHWyGDYUiWLODQDMY\ããtD]iURYHĖQDMĐDYHMãtQH~SOQêYUFKROQHPi
❍
RERFKV\QRY
ƔSURFHGXUHVWURP9<0(1NWRUiSUHNDåGêYUFKROY\PLHĖDMHKRĐDYêDSUDYêSRGVWURP
VWURPH
ƔIXQFWLRQJHQHUQLQWHJHUVWURPY\UREt~SOQêVWURPKĎEN\1QDSU
EHJLQ
LIQWKHQ5HVXOW QLO
HOVH5HVXOW VWURP&UHDWHJHQHUQJHQHUQ
HQG
❍þtVORYDĢYUFKRO\SULY\UiEDQtSRPRFRXSUHRUGHULQRUGHUSRVWRUGHUQDSUSRPRFRX
JOREiOQHMSUHPHQQHM
ŶYDU[LQWHJHU JOREDOQDSUHPHQQi
❍þtVORYDĢYUFKRO\SR~URYQLDFKQDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
EHJLQ
LIQWKHQ5HVXOW QLO
HOVH5HVXOW VWURP&UHDWH[JHQHUQ
[JHQHUQ
[
HQG
❍DNRUHNXU]tYQ\NRQãWUXNWRUYUFKRO\YMHGQHM~URYQLPDM~URYQDNpþtVOR
ŶFRQVWUXFWRUVWURP8SOQ\QLQWHJHU
EHJLQ
LQIR QO QLOS QLO
LIQ!WKHQ
EHJLQ
O VWURP8SOQ\QWXWUHEDXYLHVĢDMPHQRWULHG\VWURP
LQDNVDWRY\WYRUt]OH
S VWURP8SOQ\Q
HQG
HQG
ƔNySLDVWURPX
❍JOREiOQDIXQNFLDQLHPHWyGD
EHJLQ
LIV QLOWKHQ5HVXOW QLO
HOVH
5HVXOW VWURP&UHDWHVLQIR.RSLDVO.RSLDVS
HQG
❍DNRPHWyGDWULHG\VWURP
ŶIXQFWLRQVWURPNRSLUXMVWURP
EHJLQ
5HVXOW VWURP&UHDWHLQIRQLOQLO
LIO!QLOWKHQ5HVXOWO ONRSLUXM
LIS!QLOWKHQ5HVXOWS SNRSLUXM
HQG
❍DNRUHNXU]tYQ\NRQãWUXNWRU
ŶFRQVWUXFWRUVWURP.RSLDVVWURP
EHJLQ
LQIR VLQIRO QLOS QLOQHWUHEDOHERVDWRQDLQLFLDOL]XMH
DXWRPDWLFN\
LIVO!QLOWKHQO VWURP.RSLDVO
LIVS!QLOWKHQS VWURP.RSLDVS
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
EHJLQ
O)UHH
S)UHH
HQG
ƔFKRGHQLHSRELQiUQRPVWURPHSR~URYQLDFKVSRXåLWtP48(8(QDSU
ŶSURFHGXUHVWURPY\SLVVWULQJ
YDUTTXHXH
VVWURP
EHJLQ
T TXHXH&UHDWHTDSSHQGVHOI5HVXOW
UHSHDW
TVHUYHV5HVXOW 5HVXOWVWH[W
LIVO!QLOWKHQTDSSHQGVO
LIVS!QLOWKHQTDSSHQGVS
XQWLOTHPSW\
HQG
ƔSURFHGXUH3ULGDM9UFKROSSUYRNSULGiYUFKROGRVWURPXWDNDE\SULY\WYiUDQt
VWURPXOHQSRPRFRXWDNpKRWRSULGiYDQLDY]QLNODKDOGDWMVWURPVDSRVWXSQH]DSĎĖDSR
~URYQLDFK
❍SRXåLWHPRGLILNiFLXQDMSO\WVLBOLVWNWRUiYUiWLQDMSO\WãtQH~SOQêYUFKROWMNWRUê
QHPiRERFKV\QRYPiMHGQpKRDOHERåLDGQHKRV\QD
1'ÒQDStãWHþtVHOQ~IXQNFLX=,67,VMHGQêPSDUDPHWURPW\SXVWURPNWRUi]LVWtSRþHWYUFKRORYY
VWURPHNWRUpV~YSRORYLþQHMYêãNHGROQiFHOiþDVĢEH]JOREiOQ\FKSUHPHQQêFK9êãNDSUi]GQHKR
VWURPXMHYêãNDVWURPXVMHGQêPYUFKRORP NRUHĖRPMH
%LQiUQHY\KĐDGiYDFLHVWURP\
]DGDĢDNRSUtNODG\QDSUHFYLþHQLHGRPD1'Ò
ƔUXþQHSUHFYLþLĢYNODGDQLHDY\PD]iYDQLHYUFKRODYVWURPH
ƔQDStãWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRX
ƔUHNXU]tYQ\KODGDM
ƔQHUHNXU]tYQ\YOR]
ƔRSUDYWHDOJRULWPXVUXãHQLDYUFKRODWDNDE\VDQHXYROĖRYDOPLQLPiOQ\YUFKRODOHUXãHQêD
PLQLPiOQ\YUFKROVDSUHVPHUQtNRYDOQDPLHVWRUXãHQpKRYUFKROX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
&YLþHQLH]'HOSKL
%LQiUQHY\KĐDGiYDFLHVWURP\
YãHWN\KRGQRW\QDĐDYRRGRWFDV~PHQãLHDNRRWHFYãHWN\KRGQRW\QDSUDYRRGRWFDV~YlþãLHDNRRWHF
YãHWN\SRGVWURP\V~WLHå%96YêSLVLQRUGHURPY\StãHXWULHGHQ~SRVWXSQRVĢ
'HILQtFLXVPHUR]GHOLOLQDVWURPDYUFKRO
W\SH
SUYRN LQWHJHU
YUFKRO FODVV
LQIRSUYRN
OSYUFKRO
FRQVWUXFWRU&UHDWHLSUYRNQOQSYUFKRO
HQG
VWURP FODVV
SULYDWH
NRUHQYUFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
Ɣ1DNUHVOLWHQH~SOQêELQVWURPDQDStãWHXVSRULDGDQ~SRVWXSQRVĢþtVLHO1DSOĖWHVWURP]DGDQêPL
þtVODPLWDNDE\EROELQiUQ\Y\KĐDGiYDFt
Ɣ5XþQHSUHFYLþLĢYNODGDQLHDY\PD]iYDQLHYUFKRODYVWURPH
Ɣ1DStãWHPHWyG\PLQDPD[NWRUpQiMGXYUFKROVPLQLPiOQRXUHVSVPD[LPiOQRXKRGQRWRXVWDþt
SRYHGDĢDNRY\]HUDM~þRWR]QDPHQiQiMVĢPLQPD[Y%96
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
IXQFWLRQVWURPPLQYUFKRO IXQFWLRQVWURPPLQYUFKRO
IXQFWLRQPLQYYUFKRO EHJLQ
YUFKRO 5HVXOW NRUHQ
EHJLQ ZKLOH5HVXOW!QLODQG
LIY QLORUYO QLOWKHQ 5HVXOWO!QLOGR
5HVXOW Y 5HVXOW 5HVXOWO
HOVH5HVXOW PLQYO HQG
HQG
EHJLQ
5HVXOW PLQNRUHQ
HQG
ƔUHNXU]tYQ\KODGDM
❍IXQFWLRQVWURPUHNBKODGDMLSUYRNYUFKRO
❍SURFHGXUHVWURPYOR]LSUYRN
YDUYYUFKRO
EHJLQ
LINRUHQ QLOWKHQNRUHQ YUFKRO&UHDWHLQLOQLO
HOVH
EHJLQ
Y NRUHQ
ZKLOHYLQIR!LGR
LILYLQIRWKHQ
EHJLQ
LIYO QLOWKHQYO YUFKRO&UHDWHLQLOQLO
Y YO
HQG
HOVH
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
$OJHEUDLFNpVWURP\
W\SH
DVWURP FODVV
HQG
DRSHUDFLD FODVVDVWURP
RSFKDU
OSDVWURP
FRQVWUXFWRU&UHDWH]FKDUOOSSDVWURP
HQG
DRSHUDQG FODVVDVWURP
KRGSUYRN
FRQVWUXFWRU&UHDWHKSUYRN
HQG
Ɣ1DStãWHDULWPHWLFNêYêUD]
❍YSUHIL[H
❍YSRVWIL[H
DQDNUHVOLWHSUHQHKRDOJHEUDLFNêVWURP
Ɣ9\WYRUWHIXQNFLXQDVNRQãWUXRYDQLHDOJHEUDLFNpKRVWURPX]SUHIL[RYpKR]iSLVXSUHIL[GRVWDQHPH
YUDGHVWULQJRY
❍YDUTTXHXH
IXQFWLRQVNRQVWUXXMDVWURP
YDUVVWULQJ
EHJLQ
TVHUYHV
LIOHQJWKV!RUV>@LQ>
@WKHQ
5HVXOW DRSHUDQG&UHDWHVWUWRLQWV
HOVH
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
/H[LNRJUDILFNpVWURP\
W\SH
OVWURP FODVV
SRFHWLQWHJHU
SDUUD\>
D
]
@RIOVWURP
SURFHGXUHSULGDMFRQVWVVWULQJ
HQG
ƔGR0HPRY\StãHYãHWN\VORYiGĎåN\N
❍SURFHGXUHOVWURPY\SLVNLQWHJHUVVWULQJ
YDULFKDU
EHJLQ
LIN WKHQ
LISRFHW!WKHQ0HPR/LQHV$GGV
HOVH
HOVH
IRUL ORZSWRKLJKSGR
LIS>L@!QLOWKHQS>L@Y\SLVNVL
HQG
1'ÒNRĐNRU{]Q\FKVORYMHUHSUH]HQWRYDQêFKYVWURPH
Y\StãHQDMIUHNYHQWRYDQHMãLHVORYR
]LVWtIUHNYHQFLXVORYDVVWULQJNWRUpGRVWDQHDNRSDUDPHWHU
9ãHREHFQê]R]QDPNWRVWtKD
W\SH
7$WRP VWULQJ
Y]R]QDP FODVV
HQG
DWRP FODVVY]R]QDP
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
KRGQ7$WRP
FRQVWUXFWRU&UHDWHK7$WRP
HQG
]R]QDP FODVVY]R]QDP
V\QY]R]QDP
GDOVL]R]QDP
FRQVWUXFWRU&UHDWHVY]R]QDPG]R]QDP
HQG
1DStãWHSURFHG~U\DIXQNFLHSUHSUiFXVRYãHREHFQêP]R]QDPRP
ƔIXQFWLRQOHQJWKLQWHJHUNWRUiYUDFLDGĎåNXYãHREHFQpKR]R]QDPXSRþHWSUYNRYQD
QDMY\ããHM~URYQL
❍IXQFWLRQY]R]QDPOHQJWKLQWHJHUYLUWXDODEVWUDFW
IXQFWLRQ]R]QDPOHQJWKLQWHJHURYHUULGH
IXQFWLRQDWRPOHQJWKLQWHJHURYHUULGH
IXQFWLRQ]R]QDPOHQJWKLQWHJHU
YDUV]R]QDP
EHJLQ
V VHOI5HVXOW
ZKLOHV!QLOGR
EHJLQ
LQF5HVXOW
V VGDOVL
HQG
HQG
IXQFWLRQDWRPOHQJWKLQWHJHU
EHJLQ
5HVXOW
HQG
2VWDWQpVWDþtURELĢOHQSUHWULHGX]R]QDP
ƔIXQFWLRQSUY\Y]R]QDPYUiWLSUYêSUYRN]R]QDPX
ƔIXQFWLRQEH]SUY\Y]R]QDPYUDFLDVPHUQtNQD]R]QDPEH]SUYpKRSUYNX
ƔIXQFWLRQSRVOY]R]QDPNWRUiYUDFLDVPHUQtNQDSRVOHGQêSUYRN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
3'Ò
3RGĐDSUHGQiãN\]Y\WYRUWHSUHWHNWULHGLDFLFKDOJRULWPRY9\EHUWHVLDVSRĖWULHGHQLD]WRKR
DVSRĖMHGQRUêFKOH1DMOHSãLHMHGQRSRPDOpDRVWDWQpUêFKOH
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
&YLþHQLH]'HOSKL
7ULHGHQLD
DOJRULWPXVWULHGHQLD5DGL[6RUW
ƔPDMPHYVWXSQ~SRVWXSQRVĢ1þtVHOþtVODPDM~URYQDNêSRþHWFLILHUP{åXDOHQHPXVLDPDĢ
ƔY\WYRUPHVLYHGLHUNDVQi]YDPLGRNURUêFKEXGHPHGRþDVQHYNODGDĢþtVODSRGĐD
QLHNWRUêFKFLILHU
ƔWULHGLPHWDNWR
❍SRVWXSQHEHULHPHYãHWN\þtVODDKiGåHPHLFKGRYHGLHURNSRGĐDSRVOHGQHMFLIU\GR
YHGLHUNDSULGiYDPHQRYpþtVORYåG\QDYUFK
❍YRYHGLHUNDFKY]QLNQ~NUiWNHSRVWXSQRVWLþtVHOQLHNWRUpP{åXE\ĢDMSUi]GQHSRVWXSQRVWL
❍WLHWRSRVWXSQRVWLSRWRPRSlĢVSRMtPH]UHĢD]tPHDWRWDNDE\]DþtVORPNWRUpMHQDYUFKX
YHGLHUNDVQLåãtPQi]YRPQDVOHGRYDORþtVORNWRUpVDQDFKiG]DQDGQHYHGLHUNDVY\ããtP
Qi]YRP
❍WDNWRSRNUDþXMHPHSUHćDOãLHFLIU\RGNRQFDSUHYãHWN\FLIU\
3UHYHGLHUNDP{åHWHSRXåLĢGiWRY~ãWUXNW~UXSROHVSiMDQêFK]R]QDPRYþtVHONWRUpGRGDQpKR
YHGLHUNDSDWULD
$OJRULWPXVP{åHWHQDMSUYSUHFYLþLĢUXþQHQDWDEXOL
SURFHGXUH]R]QDP5DGL[6RUW
YDUYYHGLHUND
RLQGH[ME\WH
LLQWHJHU
EHJLQ
L
IRUR WRSFLIGRSFLIJOREiOQDSUHPHQQiPD[SRþHW
FLILHU]DGDQêFKþtVHO
EHJLQ
IRUM WRGRY>M@ ]R]QDPFUHDWH
ZKLOH]!QLOGRUR]KiGåGRYHGLHURN
EHJLQ
LQGH[ ]LQIRGLYLPRG
Y>LQGH[@SULGDM.]LQIR
]UXV=
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
DWJǁFOJF
IRUM WRGR]UHĢD]YHGLHUND
EHJLQ
SULOHS.Y>M@
Y>M@)UHH
HQG
L L
HQG
HQG
4XLFN6RUW
SURFHGXUHTXLFN]NLQWHJHU
YDULSLYRWLQWHJHU
EHJLQ
LI]! NWKHQH[LW
UR]GHO]NLSLYRW
TXLFN]LSLYRW
TXLFNLSLYRWN
HQG
9\WYRUWHSURFHG~UXUR]GHOWDNDE\SUHKĐDGiYDODSROHGYRPDVPHUPL]R]DþLDWNXDRGNRQFDD
QDY]iMRPY\PLHĖDODGYDY\PLHĖDQLDKRGQpSUYN\
0HUJH6RUW
8VSRULDGDMWHSROHDOJRULWPRP0HUJH6RUWEH]SRXåLWLDSRPRFQpKRSRĐD
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
&YLþHQLH]'HOSKL
*UDI\
SROHPQRåtQVXVHGRY
W\SH
YUFKRO\ PD[DOHERPD[
VXVHGLD VHWRIYUFKRO\
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\@RIVXVHGLD
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
WDEXĐNDVXVHGQRVWtP{åHPHRKRGQRWLĢKUDQ\
W\SH
YUFKRO\ PD[DOHERPD[
YDKD LQWHJHUERROHDQSUHJUDI\VQHRKRGQRWHQêPL
KUDQDPL
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\YUFKRO\@RIYDKD
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
SROHVSiMDQêFK]R]QDPRYVXVHGRY
W\SH
YUFKRO\ PD[
KUDQD FODVV
FLVORYUFKRO\
QH[WKUDQD
FRQVWUXFWRU&UHDWHFYUFKRO\YLQWHJHUQKUDQD
HQG
*UDI FODVV
SULYDWH
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
JDUUD\>YUFKRO\@RIKUDQD
SXEOLF
FRQVWUXFWRU&UHDWH
HQG
]R]QDP]R]QDPRYYUFKRORYQHEXGHPHYHĐPLSRXåtYDĢ
W\SH
KUDQD FODVVNDåGê]i]QDPUHSUH]HQWXMHMHGQXKUDQX
SYUFKROQLHNWRUêYUFKROJUDIX
YDKDLQWHJHU
QH[WKUDQD
HQG
YUFKRO FODVV
VXVKUDQD]R]QDPVXVHGRY ]R]QDPRPKUiQ]GDQpKR
YUFKROD
LQIRLQIRUPiFLDRYUFKROH
QH[WYUFKRO
HQG
JUDI YUFKRO
G\QDPLFNpSROHG\QDPLFNêFKSROtEXGHPHKODYQHSRXåtYDĢ
W\SH
YUFKRO\ LQWHJHU
KUDQ\ LQWHJHU
KUDQD FODVV
FLVORYUFKRO\þtVORVXVHGQpKRYUFKROD
FRQVWUXFWRU&UHDWHFYUFKRO\
HQG
YUFKRO FODVV
[\LQWHJHUV~UDGQLFHYUFKROD
VXVDUUD\RIKUDQD
FRQVWUXFWRU&UHDWH[[\\LQWHJHU
HQG
*UDI FODVV
JDUUD\RIYUFKRO
FRQVWUXFWRU&UHDWH
HQG
ýtWDQLHD]iSLVGRV~ERUX
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
*UDIMHSRStVDQêYV~ERUHPDSDGDWNWRUpKRYHW\SRSLVXM~UR]ORåHQLHRViGQDPDSHDWLHåFHVW\
PHG]LRVDGDPL.DåGiYHWDREVDKXMH
V~UDGQLFHRVDG\QDREUD]RYNH±GYHFHOpþtVODLQWHJHU
SRVWXSQRVĢþtVHOE\WHVXVHGLDFLFKRViGXNRQþHQiKRGQRWRXRVDG\V~RþtVORYDQpYSRUDGt
YLHWYV~ERUH
*UDIUHSUH]HQWXMWHYSDPlWLDNRSROHPQRåtQVXVHGRYWDEXĐNXVXVHGQRVWtDOHERG\QDPLFNpSROH
G\QDP\FNêFKSROtVXVHGRY
FRQVWPD[
W\SH
YUFKRO\ PD[
VXVHGLD VHWRIYUFKRO\
9UFKRO UHFRUG
[\LQWHJHU
VXVVXVHGLD
HQG
*UDI FODVV
SULYDWH
JDUUD\>YUFKRO\@RI9UFKRO
SXEOLF
FRQVWUXFWRU&UHDWH
FRQVWUXFWRU1DFLWDMI7)LOH6WUHDP
SURFHGXUH3ULGDM+UDQXDEYUFKRO\
HQG
FRQVWUXFWRU*UDI&UHDWH
YDULYUFKRO\
EHJLQ
IRUL ORZYUFKRO\WRKLJKYUFKRO\GR
ZLWKJ>L@GR
EHJLQ
[ \ VXV >@
HQG
HQG
SURFHGXUH*UDI3ULGDM+UDQXDEYUFKRO\
EHJLQ
J>D@VXV J>D@VXV>E@
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
J>E@VXV J>E@VXV>D@SUHQHRULHQWRYDQê
JUDI
HQG
FRQVWUXFWRU*UDI1DFLWDMI7)LOH6WUHDP
YDUDEE\WH
EHJLQ
&UHDWH
D
ZKLOHI3RVLWLRQI6L]HGR
EHJLQ
IUHDGJ>D@[
IUHDGJ>D@\
IUHDGE
ZKLOHE!GR
EHJLQ
SULGDM+UDQXDE
IUHDGEVL]HRIE
HQG
LQFD
HQG
HQG
FRQVWUXFWRUKUDQD&UHDWHFYUFKRO\
EHJLQ
FLVOR F
HQG
FRQVWUXFWRUYUFKRO&UHDWH[[\\LQWHJHU
EHJLQ
[ [[\ \\
VXV QLO
HQG
SURFHGXUHYUFKROSULGDM+UDQXFKUDQ\
EHJLQ
6HW/HQJWKVXV/HQJWKVXV
VXV>KLJKVXV@ KUDQD&UHDWHF
HQG
SURFHGXUHJUDISULGDM9UFKRO[[\\LQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
6HW/HQJWKJ/HQJWKJ
J>KLJKJ@ YUFKRO&UHDWH[[\\
HQG
FRQVWUXFWRUJUDI&UHDWHYDUI7)LOH6WUHDP
YDU[\LQWHJHUEE\WH
EHJLQ
J QLO
ZKLOHI3RVLWLRQI6L]HGR
EHJLQ
IUHDG[IUHDG\
SULGDM9UFKRO[\
IUHDGE
ZKLOHE!GR
EHJLQ
J>KLJKJ@SULGDM+UDQXE
IUHDGEVL]HRIE
HQG
HQG
HQG
3RNUDþRYDQLHDNMHJUDIQHRULHQWRYDQêDH[LVWXMHKUDQD>99@PXVtH[LVWRYDĢDMKUDQD>99@
YV~ERUHWRWDNQHPXVtE\Ģ
,Qp]DGDQLH'iWDYELQiUQRPV~ERUHV~XORåHQpQDVOHGRYQH
YSUYHMYHWHMHXYHGHQpFHOpþtVORQLQWHJHUNWRUp]RGSRYHGiSRþWXREFt
ćDOHMQDVOHGXM~SUHNDåG~REHFMHMV~UDGQLFHQDREUD]RYNHW\SXLQWHJHUDQþtVHOLQWHJHU
NWRUp]RGSRYHGDM~
Y]GLDOHQRVWLDPGDQHMREFHRGRVWDWQêFKREFtSRNLDĐGYHREFHQLHV~VSRMHQpFHVWRXMHWiWR
Y]GLDOHQRVĢ
0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDYUFKRORYQLHMHYLDFDNR
9\NUHVOHQLHJUDIX
5HDOL]XMWHY\NUHVOHQLHQLHNWRUpKR]SUHGFKiG]DM~FLFKJUDIRYQDþtWDQêFK]RV~ERUXGR
JUDILFNHMSORFK\9UFKRO\NUHVOLWHNU~åNDPL
SURFHGXUHJUDINUHVOLSUH*UDI
YDULMLQWHJHU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
F3HQ&RORU FO%ODFN
F)LOO5HFW)RUP,PDJH&OLHQW5HFW
IRUL WRKLJKJGR
ZLWKJ>L@GR
EHJLQ
F(OOLSVH[U\U[U\U
IRUM LWRKLJKJGR
LIMH+UDQDLMWKHQ
EHJLQ
F0RYH7R[\ZLWKJ>M@GR
F/LQH7R[\
HQG
HQG
HQG
2Wi]ND$NRY\NUHVOLĢRULHQWRYDQpJUDI\"1DSUVRãtSNDPL$NR]UHDOL]RYDĢDE\ãtSN\
QHY\FKiG]DOL]RVWUHGXNUXåQLFHDOHRGNUDMD"
9V~ERUHSULEXGROćDOãt~GDMSUHFHVWXPHG]LRVDGDPLMHMNYDOLWDSRĐQiFHVWDFHVWD
WULHG\GLDĐQLFD9\NUHVOLWHJUDIVRKRGQRWHQêPLKUDQDPLWDNåHKRGQRWDKUDQ\EXGH
XUþRYDĢKU~ENXY\NUHĐRYDQHMþLDU\FHVW\
*UDI\DP\ã
=UHDOL]XMWHSULGiYDQLHYUFKRORYDKUiQGRJUDIX
.OLNQXWtPGRSORFK\Y\WYRUWHQDGDQRPPLHVWHQRYêYUFKROJUDIX]DWLDĐVDPRVWDWQê
YUFKROEH]KUiQ
.OLNQXWtPGRSORFK\EOt]NRH[LVWXM~FHKRYUFKRODR]QDþWHWHQWRYUFKROSUHNUHVOLWHKRLQRX
IDUERXDćDOãtPNOLNQXWtPQDH[LVWXM~FLYUFKROY\WYRUWHKUDQXPHG]LWêPLWRGYRPD
YUFKROPLR]QDþHQLHSUYpKRYUFKROD]PL]QH
SURFHGXUH7)RUP,PDJH0RXVH'RZQ
YDULLQWHJHU
EHJLQ
LIQRWVV/HIWLQ6KLIWWKHQH[LW
L JNOLN[\
LILWKHQEHJLQJSULGDM9UFKRO[\Y HQG
HOVHLIYWKHQEHJLQY L
J]DIDUEL9UFKROLFO5HGHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
&YLþHQLH]'HOSKL
6~GDQpGHNODUiFLH
W\SH
YUFKRO\ PD[
*UDI FODVV
JDUUD\>YUFKRO\@RIVHWRIYUFKRO\
FRQVWUXFWRU&UHDWH
HQG
*UDI FODVV
JDUUD\>YUFKRO\YUFKRO\@RIERROHDQ
FRQVWUXFWRU&UHDWH
HQG
KUDQD FODVV
FLVORYUFKRO\þtVORVXVHGQpKRYUFKROD
FRQVWUXFWRU&UHDWHFYUFKRO\
HQG
YUFKRO FODVV
VXVDUUD\RIKUDQD
FRQVWUXFWRU&UHDWH
HQG
*UDI FODVV
JDUUD\RIYUFKRO
FRQVWUXFWRU&UHDWH
HQG
YãHREHFQp~ORK\DNQLHMHGDQiUHSUH]HQWiFLDY\EHUWHVLSUtSDGQHVN~VWHYLDFHUp
0iPHQHRULHQWRYDQêJUDI1DStãWHIXQNFLXIXQFWLRQJUDI1DMGL$UWLNXODFLXLQWHJHU
NWRUi]LVWtþLJUDIREVDKXMHWDNêYUFKROåHSRMHKRRGVWUiQHQtVD]YêãLSRþHWNRPSRQHQWRYYUiWLEXć
þtVORYUFKRODDOHERDNWDNêQHH[LVWXMH
]PRGLILNXMHPHPHWyGXQDYêSRþHWSRþWXNRPSRQHQWRYDE\XåQHSRþtWDODVQHMDNêPYUFKRORP
DNRNHE\EROY\KRGHQê
IXQFWLRQJUDISRFHWNYYUFKRO\LQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
YDULLQWHJHU
EHJLQ
5HVXOW YLVLWHG >Y@
IRUL WRKLJKJGR
LIQRWLLQYLVLWHGWKHQ
EHJLQGRKOEN\LLQF5HVXOWHQG
HQG
0iPHQHRULHQWRYDQêV~YLVOêJUDI1DStãWHSURFHG~UXNWRUi]QHKR^Y\WYRUtQRYêJUDIWDNåH`Y\KRGtWLH
KUDQ\NWRUpQLHV~PRVWRP7RþRRVWDQHWYRUtNRVWUX
QDSUSRVWXSQHSUHFKiG]DPHYãHWN\KUDQ\
"~YDK\þRVUHSUH]HQWiFLRX
þRPHQLĢDNWUHEDY\WYRULĢQRYêJUDINWRUêREVDKXMHOHQNRVWUX
SURFHGXUHJUDINRVWUD
YDULMYUFKRO\
EHJLQ
IRUL WRKLJKJGR
IRUM LWRKLJKJGR
LIMH+UDQDLMWKHQ
EHJLQ
=UXV+UDQXLM
LISRFHWN!WKHQSRþHWNRPSRQHQWRYJUDIX
3ULGDM+UDQXLM
HQG
HQG
=LVWLĢþLVDQHRULHQWRYDQêJUDIGiQDNUHVOLĢMHGQêPX]DYUHWêPĢDKRPYãHWN\YUFKRO\PXVLDE\Ģ
SiUQHDOHERSUiYHGYDYUFKRO\QHSiUQHKRVWXSĖD
~YDK\SUHU{]QHUHSUH]HQWiFLH
QDSUSUH*UDI
IXQFWLRQJUDIGDVDERROHDQ
YDULSLQWHJHU
EHJLQ
5HVXOW IDOVHS
LISRFHWN!WKHQH[LW
IRUL WRKLJKJGR
LIRGG/HQJWKJ>L@VXVWKHQ
EHJLQLQFSLIS!WKHQH[LWHQG
5HVXOW S!
HQG
9\O~þLĢ]JUDIXYãHWN\YUFKRO\NWRUpPDM~VWXSHĖY\ããtQHåGDQpN
QDMSUYWUHED]LVWLĢPQRåLQXUXãHQêFKYUFKRORYDSRWRPLFKQDUD]YãHWN\]UXãLĢ
~YDK\SUHU{]QHUHSUH]HQWiFLH
QDSUSUH*UDI
SURFHGXUHJUDI]UXVNNLQWHJHU
YDULLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
PVHWRIYUFKRO\
EHJLQ
P >@
IRUL WRKLJKJGR
LI/HQJWKJ>L@VXV!NWKHQP P>L@
IRUL WRKLJKJGR
LILLQPWKHQ=UXV9UFKROL
HQG
]LVWLĢSRþHWYUFKRORYGRNWRUêFKVDP{åHPGRVWDĢ]GDQpKRYUFKROX
JUDIVDVNODGiSUiYH]GYRFKNRPSRQHQWRYGRSOĖWHKUDQXDE\VDVWDOV~YLVOê
QDSU
SURFHGXUHJUDISULGDM0RVW
YDULLQWHJHU
EHJLQ
YLVLWHG >@GRKOEN\YRYLVLWHGV~OHQYUFKRO\NRPSRQHQWX
L ZKLOHLLQYLVLWHGGRLQFL
3ULGDM+UUDQXL
HQG
]RYãHREHFQLĢSUHGFKiG]DM~FLSUtNODGSULGDM0RVW\QHYLHPHNRĐNRNRPSRQHQWRYJUDIREVDKXMH
WUHEDSULGDĢPLQLPiOQ\SRþHWKUiQDE\VDVWDOV~YLVOê
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
&YLþHQLH]'HOSKL
6~GDQpGHNODUiFLH
W\SH
YUFKRO\ PD[
*UDI FODVV
JDUUD\>YUFKRO\@RIVHWRIYUFKRO\
FRQVWUXFWRU&UHDWH
HQG
*UDI FODVV
JDUUD\>YUFKRO\YUFKRO\@RIERROHDQ
FRQVWUXFWRU&UHDWH
HQG
KUDQD FODVV
FLVORYUFKRO\þtVORVXVHGQpKRYUFKROD
FRQVWUXFWRU&UHDWHFYUFKRO\
HQG
YUFKRO FODVV
VXVDUUD\RIKUDQD
FRQVWUXFWRU&UHDWH
HQG
*UDI FODVV
JDUUD\RIYUFKRO
FRQVWUXFWRU&UHDWH
HQG
%DFNWUDFNLQJ
-HGDQiPHWyGDWULHG\~ORKD
YDULLQWHJHU
SURFHGXUHXORKDEDFNWUDFNLQJFRQVWV]VWULQJ
EHJLQ
LI]
WKHQY\SLVV
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
HOVH
IRUL WROHQJWK]GR
EDFNWUDFNLQJV]>L@FRS\]LFRS\]LPD[LQW
HQG
D2SUDYWHGUREQ~FK\ELþNXNY{OLNWRUHMVDSURJUDP]DF\NOt
E3UHVQHY\StãWHWRþRY\StãHWHQWRRSUDYHQêSURJUDPSRYRODQtXORKDEDFNWUDFNLQJ
[\]
-HGDQiWULHGD
FRQVW1
W\SH
XORKD FODVV
DDUUD\>11@RIE\WH
SLQWHJHU
FRQVWUXFWRUFUHDWH
SURFHGXUHEDFNLMLQWHJHU
SURFHGXUHVWDUW
HQG
FRQVWUXFWRUXORKDFUHDWH
EHJLQ
ILOOFKDUD1
1S
HQG
SURFHGXUHXORKDEDFNLMLQWHJHU
EHJLQ
LILLQ>Q@DQGMLQ>Q@DQGD>LM@ WKHQ
LIL 1DQGM 1WKHQLQFS
HOVH
EHJLQ
D>LM@
EDFNLMEDFNLMEDFNLM
D>LM@
HQG
HQG
SURFHGXUHXORKDVWDUW
EHJLQ
EDFN
Y\SLVS
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
$WJǁFOJF
HQG
=LVWLWHDN~~ORKXULHãLKRGQRWXSUHPHQQHMS
ÒORKD]YODĖDMãLHKRVN~ãNRYpKRWHVWX
'DQêSURJUDPQLHþR]LVĢXMHQDQHRULHQWRYDQRPRKRGQRWHQRPJUDIHSRPRFRXSUHKĐDGiYDQLDV
QiYUDWRP
YDUJDUUD\>QQ@RIFKDU
LSLQWHJHU
SURFHGXUHEDFNWUDFNLLQWHJHUFRQVWVVWULQJ
YDUMLQWHJHU
EHJLQ
LIV
WKHQLQFS
HOVHIRUM WRQGR
LIJ>LM@ V>@WKHQ
EHJLQ
J>LM@
J>ML@
EDFNWUDFNMFRS\VPD[LQW
J>LM@ V>@J>ML@ V>@
HQG
HQG
SURFHGXUHVWDUW
EHJLQ
QDFLWDQLHJUDIX
S
IRUL WRQGREDFNWUDFNL
DDEDFF
Y\SLVS
HQG
1DNUHVOLWHJUDIVSLDWLPLYUFKROPLDþRQDMPHQãtPSRþWRPKUiQWDNDE\SURFHG~UDVWDUWY\StVDODþtVOR
'DQêMHV~YLVOêJUDIUHSUH]HQWRYDQêSRĐRPPQRåtQVXVHGRYDYUFKRO\[D\1DStãWHSURJUDPNWRUêY\StãH
YãHWN\FHVW\YHG~FH]YUFKROD[GRYUFKROD\YGDQRPJUDIH
EODKR#IPSKXQLEDVN
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJOEFYIUNM [
<>
Skúška
PiM
7HUPtQ\QDVN~ãNX
=DGDQLHWHVWXNXVN~ãNH!!!9êVOHGN\WHVWX
=DGDQLHQDVN~ãNHPiMGRREHGD V~ERU\
=DGDQLHQDVN~ãNHPiMSRREHGH V~ERU\
=DGDQLHQDVN~ãNHPiM V~ERU\
=DGDQLHQDVN~ãNHPiMGRREHGD V~ERU\
=DGDQLHQDVN~ãNHPiMSRREHGH V~ERU\
=DGDQLHQDVN~ãNHPiMGRREHGD V~ERU\
=DGDQLHQDVN~ãNHPiMSRREHGH V~ERU\
=DGDQLHQDVN~ãNHPiMGRREHGD V~ERU\
=DGDQLHQDVN~ãNHPiMSRREHGH V~ERU\
ƔSRGPLHQNRXNXVN~ãNHMH]iSRþHW
ƔNXVN~ãNHVLãWXGHQWSULQHVLHERG\]RVHPHVWUDERG\]UR]FYLþLHNNWRUpEROLQDGDSUpPLRYp
ERG\
ƔRYSRVOXFKiUQL$EROWHVWNXVN~ãNH
❍QDĖRPVDGDOR]tVNDĢPD[LPiOQHERGRY
❍QLHVXQDĖRPSRYROHQpåLDGQHPDWHULiO\DQLĢDKiN\
ƔULDGQ\WHUPtQVN~ãN\EXGHYGĖRFKYKDOiFK+D+
❍PD[LPiOQHVDGi]tVNDĢERGRY
❍WUHED]tVNDĢDVSRĖERGRY
❍ULHãLVDMHGQD~ORKDKRGLQ\
❍P{åHWHSRXåtYDĢMHGHQĢDKiNIRUPiWX$
❍SUY~KRGLQXVLP{åHWHQDY]iMRPSRUDGLĢ
ƔKRGQRWHQLH]RVHPHVWUDSUpPLDWHVWVN~ãND
❍QHY\KRYHO
❍GREUH
❍YHĐPLGREUH
YêERUQH
3UHGEHåQpKRGQRWHQLH
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
7HVW]3URJUDPRYDQLD
SUHURþQtN PiM
91SUYNRYRPFHORþtVHOQRPSROLPiPHXORåHQ~KDOGX
9MHGQRPNURNXWULHGHQtPKDOGRXKHDSVRUWVDSUYRN]NRUHĖDGRVWiYDPHG]LXWULHGHQpSRVOHGQê
SUYRNKDOG\VDSUHVXQLHQDMHKRPLHVWRGRNRUHĖDDSROHVDPLQLPiOQ\PL]PHQDPLVWDQHRSlĢ
KDOGRX=UHDOL]XMHWHGYDNURN\WRKRWRWULHGHQLD'RWDEXOLHN]DStãWHYêVOHGN\SRSUYRPNURNX
DSRGUXKRPNURNX
3R]QSRGUXKRPNURNXE\PDOLE\ĢYSRVOHGQêFKGYRFKSUYNRFKSRĐDGYHPD[LPiOQHKRGQRW\
1DVOHGXM~FDPHWyGDY\SLVXMHYUFKRO\QHRULHQWRYDQpKRJUDIXPHWyGRXGRãtUN\
SURFHGXUH
JUDIGRVLUN\YLQWHJHU
YDULLQWHJHU
TTXHXH
EHJLQ
T TXHXH&UHDWH
TDSSHQGYYLVLWHG >@
UHSHDW
TVHUYHY
LIQRWYLQYLVLWHG
WKHQ
EHJLQ
YLVLWHG YLVLWHG>Y@
Y\StãKRGQRWX
YUFKRODY
IRUL WR
SRFBYUFKRORYGR
LIMH+UDQDYL
WKHQ
TDSSHQGL
HQG
XQWLOTHPSW\
T)UHH
HQG
0HWyGXGRVLUN\VPH]DYRODOLVSRþLDWRþQêPYUFKRORP$'RStãWHGRJUDIXRVWDWQp]QDN\WDNDE\
VDYUFKRO\Y\StVDOLYSRUDGt
$'(*,&%)+
YQ~WRUQHYGiWRYHMãWUXNW~UHV~YUFKRO\YSRUDGt]ĐDYDGRSUDYD]KRUDQDGRO
ýtVODVDSRVWXSQHSULGiYDOLGRSUi]GQHKRELQiUQHKRY\KĐDGiYDFLHKRVWURPXWDNåHKĎEND
VWURPXERODQDNRQLHFDRNUHPNRUHĖDDOLVWRYPDONDåGêYUFKROSUiYHMHGQpKRV\QD1DYUKQLWH
SRUDGLHþtVHOYDNRPVDSULGiYDOLGRVWURPX
.RĐNROLVWRYPiOH[LNRJUDILFNêVWURPGRNWRUpKRVPHYORåLOLYãHWN\VORYiGĎåN\PD[LPiOQH
DM]ORåHQpOHQ]StVPHQ^DEF`SULþRPREVDKXM~URYQDNêSRþHWStVPHQDDME"
1DVOHGXM~FDSURFHG~UDYSROLVPHUQtNRYQDUHiOQHþtVODYãHWN\VPHUQtN\V~QD]DþLDWNXU{]QH
XYRĐQtYãHWN\G\QDPLFNpSUHPHQQpRNUHPSUYpKRYêVN\WXNWRUpREVDKXM~URYQDNpKRGQRW\
GXSOLNiW\DSUHVPHUQtNXMHLFKQDMHGQX]QLFKäLDĐYSURFHG~UHMHQLHNRĐNRFKêE2SUDYWHLFK
SURFHGXUHXUREYDUDDUUD\RIAUHDO
YDULMLQWHJHU
EHJLQ
IRUL ORZDWRKLJKDGR
EHJLQ
M LUHSHDWLQFMXQWLOM KLJKDDQG
D>L@ D>M@
LIM KLJKDWKHQEHJLQGLVSRVHD>M@AD>M@A D>L@A
HQG
HQG
HQG
=LVWLWHNRĐNRH[LVWXMHU{]Q\FKDOJHEUDLFNêFKVWURPRYNWRUpREVDKXM~SUiYHRSHUiWRU\
D
ãW\ULU{]QHRSHUDQG\^[\X]`
FKêEDM~FHþDVWLVPHUQtNSXND]XMHQDSRVWXSQRVĢ]QDNRYSRORåNDGREVDKXMHPRPHQWiOQX
GĎåNX
SURFHGXUHNRG\YDUWWH[WILOH
YDUWDEDUUD\>@RIUHFRUGSSRLQWHUGLQWHJHUHQG
VVWULQJ
N
EHJLQ
IRUN WRGRWDE>N@S QLO
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQWNV
LIWKHQ
EHJLQ
VHWOHQJWKV
PRYHWDE>N@G
IUHHPHP
HQG
JHWPHPWDE>N@S
WDE>N@G OHQJWKV
PRYHV>@
HQG
HQG
'DQiSURFHG~UDVRUWMHKODYQRXSURFHG~URXTXLFNVRUWXSULþRPYROiSRPRFQ~SURFHG~UXUR]GHO
NWRUiDNRSLYRWDY\EHULHSUYRNVLQGH[RP]NGLYDSRGĐDQHKRUR]GHOtSUYN\SRĐD
3UHGSRNODGDMWHåHUR]GHO]DFKRYiUHODWtYQHSRUDGLHSUYNRYYUR]GHOHQêFKGYRFKþDVWLDFK
SURFHGXUHVRUW]NLQWHJHU
YDUSLYRWLQWHJHU
EHJLQ
LI]NWKHQ
EHJLQ
ZULWH
UR]GHO]NSLYRW
VRUW]SLYRWVRUWSLYRWN
HQG
HQG
9\P\VOLWHVHGHPSUYNRYpSROHU{]Q\FKþtVHOSUHNWRUpVDY\StãHKYLH]GLþLHN
3UHYãHREHFQê]R]QDPPiPHGDQ~QDVOHGXM~FXIXQNFLX
W\SH
7$WRP LQWHJHU
Y]R]QDP FODVVHQG
D6ORYQHSRStãWHþRY\SRþtWDIXQNFLDOLVS
E1DYUKQLWHYVWXSQêYãHREHFQê]R]QDPNWRUêREVDKXMHOHQDWyP\DåNDåGpþtVORSUiYH
UD]WDNDE\YêVOHGNRPIXQNFLHERORþtVOR
=ELQiUQHKRY\KĐDGiYDFLHKRVWURPXYNWRURPEROLYãHWN\þtVODRGGREROY\KRGHQêYUFKROV
KRGQRWRX.HćVPHYUFKRO\WRKRWRVWURPXY\StVDOLDOJRULWPRPSRVWRUGHUGRVWDOLVPH
SRVWXSQRVĢ
D1DNUHVOLWHWHQWRELQiUQ\Y\KĐDGiYDFtVWURP
E1DNUHVOLWHDVSRĖGYDU{]QHELQiUQHY\KĐDGiYDFLHVWURP\]NWRUêFKSRY\KRGHQtYUFKRODV
KRGQRWRXY]QLNROGDQêVWURP
3R]QQDY\KRGHQLHYUFKROD]%96VDSRXåLODOJRULWPXV]SUHGQiãN\
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
9êVOHGN\WHVWXNXVN~ãNH
0HQR 6~þHW
%DM]tN7LERU ,
%DOJDYi(YD ,
%DOWRYi$OH[DQGUD ,
%DUWHOW5LFKDUG ,
%HODV%UDQLVODY ,
%ODKR/DGLVODY ,
%Oi]VRYLWV*iERU ,
%XMĖiN7RPiã ,
ýDQHFNê0LFKDO ,
ýtå)LOLS ,
'RELãâWHIDQ ,
'RUãLF0DUHN ,
'YRĜiNRYi-DQD ,
']DPNR7RPiã ,
)LOR0DUWLQ ,
)LOR5RQDOG ,
)RUQHU9ODGLPtU ,
)UDWULþ0LFKDO ,
)UOLþND3HWHU ,
*DUGRĖ6WDQLVODY ,
+DOLFNê3HWHU ,
+DPDMďXGRYtW ,
+DPDU'XãDQ ,
+HUãNRYi-DQD ,
+LWND0LFKDO ,
+|JHU7RPiã ,
UR]ORåHQLHERGRY
RGGR
RGGR
RGGR
RGGR
RGGR
RGGR
RGGR
RGYLDF
(PDLOEODKR#IPSKXQLEDVN_+RPH3DJH$QGUHM%ODKR_1DSRVOHG\XSUDYHQp_
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
3DUODPHQWRGKODVRYDOåHMHSRWUHEQpY\NRQDĢSRVODQHFNêSULHVNXPQDQLHNWRUêFKPLQLVWHUVWYiFKDLQêFK
ãWiWQ\FKLQãWLW~FLiFK3RGĐDSUHGSLVRYQDNDåG~LQãWLW~FLXPXVtSUtMVĢWURMLFDSRVODQFRYDQDNRĐNRVD
SULHVNXPY\NRQiQDUD]YRYãHWNêFK1LQãWLW~FLiFKYSDUODPHQWHXUþLOL
1SRVODQFRYNWRUtVD]~þDVWQLD
WRKRWRSULHVNXPX-H]QiPHåHQLHNWRUtSRVODQFLQHPDM~NXVHEHQDMOHSãtSUDFRYQêY]ĢDKDQHERORE\
SUHWRGREUHNHE\YMHGQHMWURMLFLEROLWDNtGYDMDNWRUtPDM~Y]iMRPQpNRQIOLNW\.DQFHOiULDSDUODPHQWX
]LVĢRYDODPHG]LSRVODQFDPLLFKY]ĢDK\WMRGNDåGpKRVLY\SêWDOD]R]QDPNROHJRYDNROHJêĖVNWRUêPL
V~RFKRWQtVSROXSUDFRYDĢYMHGQHMWURMLFL3ULWRPDNSRVODQHF$XYLHGROSRVODQFD%åHMHVQtPRFKRWQê
VSROXSUDFRYDĢDOHSRVODQHF%]DEXGROQDVYRMRP]R]QDPHXYLHVĢSRVODQFD$WDNSUHGSRNODGiPHåH
GYRMLFD$%MHYSRULDGNX1DStãWHSURJUDPNWRUêSRP{åHNDQFHOiULLSDUODPHQWXXUþLĢWURMLFHSUH
SDUODPHQWQêSULHVNXPWDNDE\YåLDGQHMWURMLFLQHY]QLNRONRQIOLNW
9V~ERUHWURMN\GDWV~YãHWN\LQIRUPiFLHQDWRDE\VPHPRKOLULHãLĢ~ORKX
ƔRNDåGRPSRVODQFRYLMHYV~ERUHMHGHQ~GDMRYêEORN
❍EORN]DþtQDPHQRPSRVODQFD
❍]DQtPV~V~UDGQLFHYJUDILFNHMSORFKHDE\VPHULHãHQLHPRKOL]DNUHVOLĢGRJUDIX
❍SRWRPQDVOHGXMH]R]QDPPLHQNROHJRYNWRUêMHXNRQþHQêSUi]GQ\PUHĢD]FRP
ƔPHQRNDåGpKRSRVODQFDMHYV~ERUHXORåHQpWDNåHQDMSUYMHYMHGQRPEDMWHGĎåNDUHĢD]FDD]D
ĖRXQDVOHGXMHVDPRWQiSRVWXSQRVĢ]QDNRYWHMWRGĎåN\
ƔV~UDGQLFH[D\V~YV~ERUHXORåHQpDNRãWYRUEDMWRYpFHOpþtVOD
6RV~ERURPSUDFXMWHSRPRFRXWULHG\76WUHDP0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDSRVODQFRY
QLHMHYLDFDNR7LHåP{åHWHSUHGSRNODGDĢåHNDåGêSRVODQHFPiDVSRĖGYRFKNROHJRYVNWRUêPLMH
RFKRWQêVSROXSUDFRYDĢDNHćQDSUtNODGYVYRMRP]R]QDPHQHXYLHGROQLNRKR]UHMPHVDREMDYLODVSRĖQD
GYRFK]R]QDPRFKVYRMLFKNROHJRY
9]ĢDK\PHG]LSRVODQFDPLUHSUH]HQWXMWHQHRULHQWRYDQêPJUDIRPYNWRURPYUFKRO\R]QDþXM~SRVODQFRYD
KUDQ\R]QDþXM~RFKRWXVSROXSUDFRYDĢYQ~WRUQHJUDIUHSUH]HQWXMWHSRĐRPPQRåtQ]DGHILQXMWHKRY
WULHGHJUDI3URJUDPKQHćSRãWDUWHQDþtWDV~ERUY\WYRUt]QHKRJUDIDY\NUHVOtKRGRJUDILFNHMSORFK\
QDSUãHGêPLþLDUDPLYUFKRO\JUDIXQHPXVtWH]REUD]RYDĢNU~åNDPLDQLStVDĢNXQtPPHQiSRVODQFRY
3RNOLNQXWtQDWODþLGORâ7$57VD]DþQHKĐDGDĢULHãHQLH~ORK\DSRþDVWRKRWRKĐDGDQLDVDWRWRWODþLGOR
]DEORNXMH(QDEOHGQDVWDYtQDIDOVH
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
.ULPLQiOQHMSROtFLLVDSRGDULORYMHGQRPPHVWHRGKDOLĢVLHĢPDILHNWRUHMSUHGPHWRPSRGQLNDQLDEROR
YêSDOQtFWYR=tVNDOLWDMQpPDWHULiO\SRGĐDNWRUêFKU{]QHVNXSLQN\PDILiQRYYU{]Q\FKGĖRFK
QDYãWHYRYDOLRFKUDĖRYDQpSRGQLN\äLDĐWLHWRLFKWUDV\EROL]DNyGRYDQpDSROtFLLVDQHGDUtSULUDGLĢ
MHGQRWOLYêPSRGQLNRPYPHVWHLFKNyG\1DStãWHSURJUDPNWRUêQDþtWDSOiQPHVWDWMYãHWN\SRGQLN\
NWRUpYĖRPSULFKiG]DM~GR~YDK\DMVPRåQêPLFHVWDPLPHG]LSRGQLNPLSRNWRUêFKFKRGLHYDOL
PDILiQLĆDOHMSURJUDPQDþtWDYãHWN\]DNyGRYDQpWUDV\PDILiQRYDSRN~VLVDSULUDGLĢSRGQLNRPNyG\
WDNDE\SRWRPWLHWRNyG\]RGSRYHGDOLGDQêPWUDViP
3URJUDPQDþtWDGYDV~ERU\PHVWRGDWDWUDV\GDW6~ERUPHVWRGDWSRSLVXMHV~YLVOêQHRULHQWRYDQêJUDI
DPiW~WRãWUXNW~UX
NDåGêYUFKROJUDIXMHSRStVDQêMHGQêPEORNRP~GDMRY
Ɣ
❍EORN]DþtQDSR]tFLRXYUFKRODYJUDILFNHMSORFKH[D\V~GYHFHOpãWYRUEDMWRYpþtVOD
❍ćDOHMSRNUDþXMHSRVWXSQRVĢSRUDGRYêFKþtVHOYUFKRORYNWRUpVXVHGLDVGDQêPYUFKRORP
SRVWXSQVĢWYRULDEDMW\DMHXNRQþHQiYUFKRO\þtVOXMHPHRGDQLHMHLFKYLDFDNR
6~ERUWUDV\GDWMHWYRUHQê
ƔSRVWXSQRVĢDPLNyGRYNWRUpV~XNRQþHQpKRGQRWRX
ƔNyG\V~FHOpNODGQpãWYRUEDMWRYpþtVOD
ƔV~ERUP{åHREVDKRYDĢDMLEDMHGQXWUDVX
ƔNDåGiWUDVDREVDKXMHDVSRĖMHGHQNyG
0{åHWHSUHGSRNODGDĢåHREDV~ERU\V~]DGDQpNRUHNWQH1DLFKVSUDFRYDQLHSRXåLWH76WUHDP*UDIY
SDPlWLUHSUH]HQWXMWHDNRWULHGXJUDIDWRWDNDE\VDYiPVQtPGREUHSUDFRYDOR
9iãSURJUDPSRQDãWDUWRYDQtQDþtWDDY\NUHVOtJUDISULþRPYUFKRO\EXG~]DWLDĐSUi]GQHDKUDQ\EXG~
QDNUHVOHQpãHGRXIDUERX3RVWODþHQtWODþLGODâ7$57VDVSXVWtDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUêVDSRVWXSQHSRN~VLSULUDćRYDĢYUFKRORPJUDIXNyG\WDNDE\VDGDOLSUHMVĢYãHWN\
]DGDQpWUDV\3ULHEHKEDFNWUDFNLQJX]Qi]RUĖXMWH]DIDUERYDQtPKUiQD]DSLVRYDQtPNyGRYGRYUFKRORY
JUDIX
$N~ORKDQHPiULHãHQLHSURJUDPRWRPY\StãHVSUiYXGRĐDYpKRKRUQpKRURKXJUDILFNHMSORFK\
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHL0,D),
9UiPFLDNFLHþLVWpUXN\VDYOiGDUR]KRGODGRNDåGpKRRNUHVXQDVDGLĢMHGQpKRDJHQWDNWRUêEXGHGEDĢ
QDþLVWRWX1DNRĐNRVDNRDOtFLDVNODGi]RãW\URFKVWUiQDE\ERODþRQDMYLDF]DEH]SHþHQiNRUHNWQRVĢ
NRQWUROYOiGDVDX]QLHVODåHYNDåGêFKGYRFKVXVHGLDFLFKRNUHVRFKPXVtE\ĢNRQWUROyUQRPLQRYDQê
LQRXSROLWLFNRXVWUDQRX2NUHPWRKRVLSUHPLpUY\KUDGLOSUiYRGRQLHNWRUêFKQDMVNRUXPSRYDQHMãtFK
RNUHVRYGRVDGLĢDJHQWRY]RVYRMHMVWUDQ\VDPR]UHMPHåHWLHWRRNUHV\QHP{åXE\ĢQDY]iMRPVXVHGLDFH
SUHGSRNODGiPHåHSUHPLpUMHþOHQRPMHGQHM]NRDOLþQêFKVWUiQ
1DStãWHSURJUDPNWRUêSRP{åH~UDGXYOiG\QDYUKQ~ĢUR]ORåHQLHSUHGVWDYLWHĐRYVWUiQNRDOtFLHGR
MHGQRWOLYêFKRNUHVRYSULþRPVDEXGHUHãSHNWRYDĢSUHPLpURYQiYUKQDQLHNWRUpRNUHV\3URJUDPQDMSUY
QDþtWDLQIRUPiFLHRRNUHVRFK]RV~ERUXRNUHV\GDWSRWRPYJUDILFNHMSORFKH]REUD]t]DWLDĐQH]DIDUEHQ~
PDSX7HUD]VDþDNiQDQLHNRĐNRNOLNQXWtGRQLHNWRUêFKRNUHVRYNWRUpVD]DIDUELDIDUERXSUHPLpURYHM
VWUDQ\3RNOLNQXWtQDWODþLGORâ7$57VDVSXVWtDOJRULWPXVNWRUêEXGHKĐDGDĢUR]GHOHQLHRNUHVRYSUH
MHGQRWOLYpVWUDQ\.DåGiVWUDQDEXGHPDĢXUþHQ~MHGQXIDUEXDWRXIDUERXVD]DIDUELDQDPDSHMHM
SULGHOHQpRNUHV\
6~ERURNUHV\GDWPiQDVOHGXM~FXãWUXNW~UX
ƔNDåGêRNUHVMHSRStVDQêMHGQêPEORNRP~GDMRY
ƔEORN]DþtQDSR]tFLRXRNUHVQpKRPHVWDYJUDILFNHMSORFKHV~WRGYHãWYRUEDMWRYpFHOpþtVOD
MHWRXORåHQpDNRW\SVHWRIE\WH
Ɣ]DWêPLGHSRVWXSQRVĢERGRYREU\VXRNUHVXWHGDQDMSUYSRþHWWêFKWRERGRYEDMWDSRWRPWHQWR
SRþHWGYRMtFFHOêFKþtVHO[RYiD\RYiV~UDGQLFDRSlĢãWYRUEDMWRYpFHOpþtVOD
3UHGSRNODGDMWHåHV~ERUMH]DGDQêNRUHNWQHDQHREVDKXMHYLDFDNRRNUHVRYDLFKREU\V\QHEXG~
SR]RVWiYDĢ]YLDFDNRERGRY6~ERUVSUDFXMWHOHQSRPRFRX76WUHDP
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
3UH]LGHQWVDUR]KRGRO]RUJDQL]RYDĢUHSUH]HQWDþQêSOHVSUHSRVODQFRYSDUODPHQWXDLFKSDUWQHURY'~ID
åHVDNRQHþQHSRGDUt]PLHULĢSROLWLNRY]U{]Q\FKWiERURY9\YUFKROHQtPSURJUDPXSOHVXE\PDOE\Ģ
NUXKRYêWDQHFYNWRURPVDYãHWFLSRVODQFLDMVSDUWQHUPLSRFK\WDM~]DUXN\DY\WYRULDYHĐNêNUXK
SRUR]XPHQLD.DQFHOiULDSUH]LGHQWDGRVWDODQHĐDKN~~ORKX]LVWLĢRSRVODQFRFKWRþLQiKRGRXQLHNWRUt
QLHV~PRPHQWiOQHQDY]iMRPWDNUR]YDGHQtåHQHEXG~RFKRWQtGUåDĢVDQDY]iMRP]DUXN\KRFLDMY
NUXKXSRUR]XPHQLD3RQLHNRĐNêFKGĖRFKWYUGHMSUiFH]R]ELHUDOLWLHWRLQIRUPiFLHDXORåLOLLFKGRV~ERUX
WDQHFGDW
ƔV~ERUVDVNODGi]QLHNRĐNêFKEORNRY~GDMRYSULþRPNDåGêEORNSRSLVXMHMHGQpKR~þDVWQtNDSOHVX
ƔEORN]DþtQDGYRPDFHOêPLþtVODPLV~UDGQLFDPL~þDVWQtNDYJUDILFNHMSORFKHDE\VPHPRKOL
Y\NUHVOLĢNUXKSRUR]XPHQLDQDREUD]RYNHV~WRãWYRUEDMWRYpFHOpþtVOD
ƔćDOHMQDVOHGXMHPQRåLQDSRUDGRYêFKþtVHO~þDVWQtNRYVNWRUêPLQLHMHRFKRWQêGUåDĢVD]DUXN\
~þDVWQtNRYþtVOXMHPHRGYV~ERUHMHWRXORåHQpDNRW\SVHWRIE\WH
ƔYãLPQLWHVLåHEORN\PDM~SHYQ~GĎåNXYãHWN\V~URYQDNRGOKp
ƔDN~þDVWQtN$XYHGLHYVYRMRPQHSULMDWHĐQRP]R]QDPH~þDVWQtND%SRWRP]UHMPH
SUHGSRNODGiPHåHDQL~þDVWQtN%VDQHEXGHGUåDĢV$]DUXNXDMNHćKRQiKRGRX]DEXGQHXYLHVĢ
YVYRMRP]R]QDPH
0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQH6SUDFRYiYDMWHKROHQSRPRFRX76WUHDP
1DIRUPXOiULGHILQXMWHDMGYHWODþLGOiâ7$57D67233RVSXVWHQtDSOLNiFLHVDY\NUHVOtQDþtWDQêJUDID
þDNiVDQDVWODþHQLHWODþLGODâ7$573URJUDP]DþQHKĐDGDĢQDMYlþãtF\NOXVYJUDIHDOJRULWPXV
EDFNWUDFNLQJJHQHUXMHYãHWN\F\NO\DSULWRPVL]DSDPlWiYDPRPHQWiOQHQDMGOKãt1DNRĐNRWRSUH
QLHNWRUpJUDI\P{åHE\ĢþDVRYRYHĐPLQiURþQiRSHUiFLDEDFNWUDFNLQJE\PDOE\ĢSUHUXãLWHĐQêWODþLGORP
67231D]iYHUDMSRVWODþHQtWODþLGOD6723VDþHUYHQRXIDUERXY\]QDþtPD[LPiOQ\UHVSGRWHUD]
PD[LPiOQ\F\NOXVYJUDIH6WDþtDNSURJUDPQiMGHOHQMHGQRULHãHQLH
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
.RQHþQHVDXSUDYXM~SROLWLFNpY]ĢDK\PHG]LNRDOtFLRXDRSR]tFLRX.RDOLþQpVWUDQ\XURELOLYRþL
RSR]LþQêPYHĐNpJHVWRDSRQ~NOLLPåHP{åXQDYUKQ~ĢVYRMLFKNDQGLGiWRYDNRULDGLWHĐRYUHVS
SUHGVHGRYGR]RUQêFKUiGQLHNRĐNêFKãWiWQ\FKSRGQLNRY2SR]LþQpVWUDQ\P{åXGRNRQFDVDPpXUþLĢR
NWRUpSRGQLN\PDM~]iXMHPOHQPXVLDGRGUåDĢMHGQXSRGPLHQNXåLDGQHGYDSRGQLN\RNWRUpVDEXGH
VWDUDĢRSR]tFLDQHVP~PDĢSULDPHREFKRGQpY]ĢDK\7RWRSUDYLGORVD]DYLHGORSUHWRDE\VD]DEUiQLOR
SROLWLFNpPX]DVDKRYDQLXRSR]tFLHGRHNRQRPLFNêFKY]ĢDKRY1DStãWHSURJUDPNWRUêVDSRN~VLQiMVĢ
WDN~þRQDMYlþãLXPQRåLQXSRGQLNRYåHåLDGQHGYDQHPDM~QDY]iMRPREFKRGQpY]ĢDK\=PLQLVWHUVWYD
KRVSRGiUVWYDVDQiPSRGDULOR]tVNDĢV~ERUREFKRGQêFKY]ĢDKRYPHG]LSRGQLNPLNWRUêVPHSUHQDãH
SRWUHE\PLHUQH]MHGQRGXãLOL
,QIRUPiFLHN~ORKHPiPHYELQiUQRPV~ERUHSRGQLN\GDWNWRUêPiQDVOHGXM~FXãWUXNW~UX
ƔV~ERUVDVNODGi]YLHWSHYQHMGĎåN\SULþRPNDåGiYHWD]RGSRYHGiMHGQpPXREFKRGQpPXY]ĢDKX
PHG]LGYRPDSRGQLNPL
ƔNDåGêSRGQLNPiSULGHOHQêRVHPEDMWRYêNyGSULþRPWHQWRNyGP{åHPHY\XåLĢQD]REUD]HQLH
SRGQLNXQDREUD]RYNHDNRMHGHQYUFKROJUDIXSUYpãW\ULEDMW\NyGXWYRULD[RY~V~UDGQLFXD
ćDOãLHãW\UL\RY~P{åHWHSUHGSRNODGDĢåHWLHWRNyG\V~]YROHQpWDNåHLFKV~UDGQLFHV~
VOXãQpþtVOD
ƔREFKRGQêY]ĢDKMHYV~ERUHY\MDGUHQêGYRMLFRXNyGRYSRGQLNRYSULþRPDNV~YWHMWRGYRMLFLRED
NyG\URYQDNpQH]QDPHQiWRVOXþNXYJUDIHDOHLEDL]RORYDQêYUFKRO
3UHGSRNODGDMWHåHV~ERUMH]DGDQêNRUHNWQH6SUDFXMWHKRSRPRFRX76WUHDP
3RVSXVWHQtDSOLNiFLHVDQDMSUYQDþtWDV~ERUY\WYRUtVDJUDIDY\NUHVOtVDGRJUDILFNHMSORFK\3RWRPVD
þDNiQDVWODþHQLHWODþLGODâ7$57NWRUpQDãWDUWXMHEDFNWUDFNLQJ3ULHEHKDOJRULWPX]REUD]XMWH
Y\VYLHWHQtPSUiYHVSUDFRYiYDQêFKYUFKRORYYJUDIH3URJUDPKĐDGiYãHWN\ULHãHQLDGRNRPSRQHWXW\SX
/LVW%R[SULHEHåQHSRþDVEHKXEDFNWUDFNLQJXY\SLVXMH]R]QDPYãHWNêFKPRPHQWiOQHPD[LPiOQ\FK
PQRåtQ.DåGpULHãHQLHEXGHY\SLVRYDQpDNRPQRåLQDSRUDGRYêFKþtVHO]RGSRYHGDM~FLFKYUFKRORYQLH
NyGRYSRGQLNRY'EDMWHQDWRDE\VDY]R]QDPHULHãHQtåLDGQHQHRSDNRYDOR3RVNRQþHQtDOJRULWPXVD
IDUHEQH]REUD]tSUYiQiMGHQiPD[LPiOQDPQRåLQDYUFKRORY.DåGêYUFKRO]WHMWRPQRåLQ\EXGH
Y\IDUEHQêþHUYHQRXIDUERXDWLHåWRXWRIDUERXEXG~SUHNUHVOHQpDMSRORYLFHYãHWNêFKKUiQYHG~FLFK]
WêFKWRYUFKRORY9/LVW%R[HV~]UHMPHYãHWN\ULHãHQLDDNOLNQXWLHQDĐXERYRĐQp]QLFKKR]REUD]tY
JUDILFNHMSORFKH
3R]Q3UtVOXãQêULDGRN/LVW%R[XQDVWDYtWHUHVS]LVWtWHNWRUêMHQDVWDYHQêSRPRFRXYODVWQRVWL
,WHP,QGH[
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
-HGQD]Yê]QDPQHMãtFKSROLWLFNêFKVWUiQVDSULSUDYXMHQD]MD]GQDNWRURPVDEXG~ULHãLĢG{OHåLWp
SHUVRQiOQHRWi]N\8Ni]DORVDåHYãSLþNiFKVWUDQ\H[LVWXMHYHĐPLVLOQpMDGURþOHQRYLDNWRUpKR
QHX]QiYDM~SRNURNRYpPHWyG\SROLWLFNHMSUiFHDOHULDGLDVDSULQFtSDPLSRPQHSRWRSD,QêPLVORYDPL
SRYHGDQpYVWUDQHH[LVWXMHSRGPQRåLQDYNWRUHMMHNDåGê]DYLD]DQêNDåGpPXDSUHWRV~MHMþOHQRYLD
YHĐPLĐDKNRPDQLSXORYDWHĐQt
9DãRX~ORKRXEXGHRGKDOLĢWRWRMDGURDE\VPHVWUDQHSRPRKOL]EDYLĢVDWêFKWRãNRGOLYêFKHOHPHQWRY
3UHGSRNODGDMPHåHSHUVRQiOQ\~WYDUQiPGRGDOG{YHUQpLQIRUPiFLHRWRPNWRMHNRPX]DYLD]DQê1D
]iNODGHWêFKWR~GDMRYVNRQãWUXXMHWHJUDIYNWRURPYUFKRO\V~þOHQRYLDVWUDQ\DRULHQWRYDQpKUDQ\
R]QDþXM~Y]ĢDK\PHG]LþOHQPLãtSND]$GR%]QDPHQiåH$MHQHMDNR]DYLD]DQê%9WRPWR
RULHQWRYDQRPJUDIHEXGHWHKĐDGDĢWDN~SRGPQRåLQXYUFKRORYYNWRUHMNDåGêYUFKROMHVSRMHQêV
NDåGêPWMKĐDGiPH~SOQêSRGJUDIDQDNRĐNRSRWUHEXMHPH]LVWLĢNRPSOHWQpQH]GUDYpMDGURVWUQ\
KĐDGiPHPD[LPiOQ\~SOQêSRGJUDI
,QIRUPiFLHV~XORåHQpYELQiUQRPV~ERUHVWUDQDGDWNWRUiREVDKXMHYHW\GYRFKW\SRY
ƔYHWD]DþtQDM~FD]QDNRPMHGHQEDMW
Y
R]QDþXMHLQIRUPiFLXRMHGQRPþOHQRYLVWUDQ\
❍QDVOHGXM~ãW\ULEDMW\þOHQVNpKRþtVOD]DWêPQDVOHGXM~V~UDGQLFHYUFKRODJUDIXYJUDILFNHM
SORFKH[D\V~GYHãWYRUEDMWRYpFHOpþtVOD
ƔYHWD]DþtQDM~FD]QDNRP
K
R]QDþXMHLQIRUPiFLXRY]ĢDKX$MH]DYLD]DQp%PHG]LGYRPDþOHQPL
VWUDQ\
❍QDVOHGXM~GYHãWYRUEDMWRYpþOHQVNpþtVOD
ƔYHW\YV~ERUHP{åXE\ĢU{]QHSRPLHãDQpWDNåHQDMSUYVDP{åHYV~ERUHREMDYLĢYHWDRY]ĢDKX
GYRFKþOHQRYDDåQHVN{UYV~ERUHVDREMDYtLQIRUPiFLDRWêFKWRþOHQRFK
0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDQHREVDKXMHYLDFDNRþOHQRY6~ERUVSUDFXMWHSRPRFRX
76WUHDP
*UDIGHILQXMWHSRPRFRXWULHG\VPHWyGDPLQDQDþtWDQLHY\NUHVOHQLHDVDPRWQêPDOJRULWPRP
SUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJ*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VDYiPVQtPSRKRGOQH
SUDFRYDOR
3ULVSXVWHQtDSOLNiFLHVDQDþtWDJUDI]RV~ERUXDY\NUHVOtVDGRJUDILFNHMSORFK\WDNåHYUFKRO\EXG~
KUXEpNROHþNiDKUDQ\EXG~EXćþLHUQHDNV~RERMVPHUQpDOHERVYHWORãHGpDNV~MHGQRVPHUQp3R
NOLNQXWtQDWODþLGORâ7$57VDVSXVWtDOJRULWPXVQDKĐDGDQLHPD[LPiOQHKR~SOQpKRSRGJUDIXSRPRFRX
EDFNWUDFNLQJXSRþDVEHKXVDSULHEHåQHY\IDUEXM~DRGIDUEXM~SUiYHVSUDFRYiYDQpYUFKRO\3R
VNRQþHQtEHKXEDFNWUDFNLQJXSURJUDPY\NUHVOtULHãHQLHIDUHEQHY\]QDþtYãHWN\YUFKRO\]ULHãHQLDVSROX
VRYãHWNêPLKUDQDPLPHG]LWêPLWRYUFKROPL
3R]QY~SOQRPSRGJUDIHPXVLDE\ĢYãHWN\KUDQ\RERMVPHUQp
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
6WiYDVDWUDGtFLRXåHPQRKpPHVWiRUJDQL]XM~U{]QHPHVWVNpEHK\UHVSPDUDWyQ\1HGiYQRVDWDNêWR
EHKNRQDODMY3UDKHD]~þDVWQLORVDKRDMPQRKRYê]QDPQêFKRVREQRVWt1HFKêEDOWDPDQLSUHPLpU
NWRUêY\XåLOSUDFRYQ~QiYãWHYXýHVNHM5HSXEOLN\D]~þDVWQLOVDWRKRWRGHYlĢNLORPHWURYpKR0HVWVNpKR
EHKX$OHRUJDQL]iWRULWHMWRDNFLHQH]YOiGOL~SOQHVYRMH~ORK\DSRGDULORVDLPWRåHSUHGĎåLOLWUDVX
QLHNRĐNêP~þDVWQtNRPRQLHNRĐNRNLORPHWURY
1iV]DXMtPDWRþLE\VPHQDPDSHPHVWDYHGHOLXUþLĢNDGLDĐYLHGODRILFLiOQDWUDĢDNDGLDĐEO~GLOL
V~ĢDåLDFLDNYLHPHãWDUWRYêDFLHĐRYêERGYPDSHSR]QiPHGĎåNXS{YRGQHMDMSUHGĎåHQHMWUDWHD
SUHGSRNODGiPHåHEHåFLQHEHåDOLYLDFNUiWSRWHMLVWHMXOLFLPRKOLYLDFNUiWSUHEHKQ~ĢFH]W~LVW~
NULåRYDWNX7LHåSUHGSRNODGiPHåHEHK]DþDODMVNRQþLOãWDUWRYêDMNRQFRYêERGQDQHMDNHMNULåRYDWNH
PRKOLE\E\ĢDMLGHQWLFNp
9ELQiUQRPV~ERUHSUDKDGDWGRVWiYDPHLQIRUPiFLHRþDVWLPDS\3UDK\YNWRUêFKVDPRKRONRQDĢWHQWR
EHK9V~ERUHV~LQIRUPiFLHRNULåRYDWNiFKYUFKRO\QHRULHQWRYDQpKRJUDIXDRXOLFLDFKKUDQ\JUDIX
NDåGiXOLFDEXGHDVLXYHGHQiOHQUD]DOHR]QDþXMHKUDQXRERPDVPHUPLâWUXNW~UDV~ERUXMH
QDVOHGRYQi
ƔQDMSUYV~]DVHERXXYHGHQpV~UDGQLFHYãHWNêFKNULåRYDWLHN[D\V~GYHãWYRUEDMWRYpFHOpþtVOD
ƔWiWRSRVWXSQRVĢV~UDGQtFMHXNRQþHQiãWYRUEDMWRYêPLKRGQRWDPLWRWRXåQLHV~V~UDGQLFH
NULåRYDWN\
ƔćDOHMDåGRNRQFDV~ERUXQDVOHGXMHSRVWXSQRVĢSRSLVXXOtFNDåGiXOLFDMH]D]QDþHQiDNRGYRMLFD
0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDQHREVDKXMHYLDFDNRNULåRYDWLHN6~ERUVSUDFXMWH
SRPRFRX76WUHDP
*UDIYSURJUDPHGHILQXMWHDNRWULHGXVPHWyGDPLQDQDþtWDQLHY\NUHVĐRYDQLHDVDPRWQêDOJRULWPXV
KĐDGDQLDFHVW\SULþRPYQ~WRUQ~UHSUH]HQWiFLXJUDIXQDYUKQLWHWDNDE\VDYiPVQtPþRQDMOHSãLH
SUDFRYDOR
3RVSXVWHQtDSOLNiFLHVDQDMSUYQDþtWDV~ERUVNRQãWUXXMHVDUHSUH]HQWiFLDJUDIXDY\NUHVOtVDGRJUDILFNHM
SORFK\Y\StãWHDMþtVODYUFKRORYDMGĎåN\KUiQQLHNGHYVWUHGHKUDQ\ãWDUWRYêDFLHĐRYêYUFKROIDUHEQH
RGOtãWH3RWRPSRVWODþHQtWODþLGODâ7$57VDVSXVWtDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUêQDMSUYQiMGHS{YRGQ~WUDVXDSRWRPREFKiG]NRY~9SURJUDPHEXGHWHPDĢ
]DGHILQRYDQpNRQãWDQW\YNWRUêFKEXGHXUþHQêSRþLDWRþQêDNRQFRYêYUFKROYJUDIHDWLHåGĎåND
S{YRGQHMDMREFKiG]NRYHMWUDV\3ULHEHåQH]Qi]RUĖXMWHEHKEDFNWUDFNLQJXWDNåHEXGHWH]DIDUERYDĢ
KUDQ\SRNWRUêFKVDPRPHQWiOQHSUHFKiG]D$OJRULWPXVEDFNWUDFNLQJXE\PDOE\ĢSUDYGHSRGREQH
QDYUKQXWêWDNDE\YHGHOQiMVĢQHMDN~FHVWXãSHFLILNRYDQHMGĎåN\WMQLHNGHVLPXVtSDPlWDĢ
PRPHQWiOQH]RVWDYHQ~FHVWXDWLHåQDSUNRĐNRPHWURYPXHãWHFKêEDGRFLHĐD3RVNRQþHQtKĐDGDQLD
RERFKWUiVLFKY\NUHVOtGRJUDIXU{]Q\PLIDUEDPLDSUY~]QLFKS{YRGQ~KUXEãRXþLDURXDGUXK~WHQãRX
3UHYãHWN\WHVWRYDFLHV~ERU\P{åHWHSRXåLĢWLHWRNRQãWDQW\SURJUDPXH[LVWXM~SUHQHULHãHQLD
FRQVWY ãWDUWRYêYUFKRO
Y FLHĐRYêYUFKRO
G GĎåNDS{YRGQHMWUDV\
G GĎåNDREFKiG]NRYHMWUDV\
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
,VWiVRIWYpURYiILUPDVDUR]KRGODWHVWRYDĢQRYêW\SYtUXVXDDMRFKUDQQp]DEH]SHþHQLHSRþtWDþRYHMVLHWH
ãSHFLiOQHY\YLQXWpSURWLWRPXWRYtUXVX$NVDYtUXVRPQDLQILNXMHQLHNWRUê]SRþtWDþRYVLHWHWDNVDYtUXV
]DþQHYVLHWLSRVWXSQHãtULĢGRVXVHGQêFKSUHSRMHQêFKSRþtWDþRYSULþRPVDMHKR~þLQRNSRVWXSQH]QLåXMH
~PHUQHVDQWLYtURYêPNRHILFLHQWRP]DULDGHQLDNWRUpMH]DYHVHQpQDNiEOL.DåGpSUHSRMHQLHGYRFK
SRþtWDþRYPiQDVYRMRPNiEOL]DULDGHQLHDQWLYtURY~RFKUDQXNWRUiSUDFXMHVXUþLWêPþtVHOQêP
NRHILFLHQWRPQD]QLåRYDQLH~þLQNXYtUXVX
.Y{OLWHVWRYDQLXDQWLYtURYpKR]DULDGHQLDDMQRYpKRYtUXVXSRWUHEXMHPHQiMVĢQDMPHQãLXPQRåLQX
SRþtWDþRYGRNWRUêFKWUHEDQDVDGLĢYtUXVDE\VD]DYtULODFHOiVLHĢ,QIRUPiFLHRSRþtWDþRYHMVLHWLV~
XORåHQpYELQiUQRPV~ERUHVLHWGDWQDVOHGXM~FHMãWUXNW~U\
ƔSUYêEDMWREVDKXMHSRþHWSRþtWDþRY1QLHMHYlþãtDNR
ƔćDOHMSUHNDåGêSRþtWDþQDVOHGXM~V~UDGQLFHQDNWRUêFKKRQDNUHVOtPHQDREUD]RYNH[D\NDåGp
YEDMWRFK
Ɣ]DWêP1SUYNRYpEDMWRYpSROHNWRUpSRSLVXMHNRHILFLHQW\SUHSRMHQLDGDQpKRSRþtWDþDVR
YãHWNêPLRVWDWQêPLYVLHWLSULþRPY\MDGUXMHåHVSUtVOXãQêPSRþtWDþRPQLHMHSUHSRMHQLHLW\
SUYRNWRKRWRSRĐDR]QDþXMHDNêDQWLYtURYêNRHILFLHQWMHPHG]LGDQêPDLW\PSRþtWDþRP
1DStãWHSURJUDPNWRUêSRVSXVWHQtQDMSUYQDþtWD]RV~ERUX~GDMHRSRþtWDþRYHMVLHWLQHRULHQWRYDQê
RKRGQRWHQêJUDIVLUHSUH]HQWXMWHĐXERYRĐQRXGiWRYRXãWUXNW~URXY\NUHVOtMXQDREUD]RYNXSULþRP
QLHNGHQDKUDQHSUHSRMHQLDY\StãHþtVHOQêNRHILFLHQW'DMWHVLSR]RUQDWRDE\9iãJUDIREVDKRYDOYãHWN\
KUDQ\QHRULHQWRYDQpSUHWRåHYELQiUQRPV~ERUHP{åXQLHNWRUpLQIRUPiFLHRVXVHGQRVWLFKêEDĢDNPi
SUHSRMHQLH;<QHQXORYêNRHILFLHQWSUHSRMHQLH<;P{åHPDĢQXORYê0{åHWHSUHGSRNODGDĢåHV~ERUMH
NRUHNWQêSUtVOXãQpQHQXORYpNRHILFLHQW\V~URYQDNp6RV~ERURPSUDFXMWHSRPRFRX76WUHDP*UDI
GHILQXMWHSRPRFRXWULHG\VPHWyGDPLQDQDþtWDQLH]RV~ERUXQDY\NUHVOHQLHYJUDILFNHMSORFKHDQD
VDPRWQêEDFNWUDFNLQJ*UDIUHSUH]HQWXMWHWDNDE\VDYiPVQtPGREUHSUDFRYDOR
3RNOLNQXWtQDWODþLGORâ7$57VDVSXVWtVDPRWQêDOJRULWPXVKĐDGDQLDULHãHQLDSRPRFXSUHKĐDGiYDQLDV
QiYUDWRPEDFNWUDFNLQJ9GDQRPQHRULHQWRYDQRPJUDIHEXGHKĐDGDĢPLQLPiOQXPQRåLQXYUFKRORY
NWRUiVWDþtQD]DYtUHQLHFHOHMSRþtWDþRYHMVLHWH$NVDYtUXVGRVWiYDGRQHMDNpKRSRþtWDþDDPiHãWH
QHQXORYê~þLQRNP{åHVDGRVWDĢVQXORYêP~þLQNRPãtULVDćDOHMYãHWNêPLSUHSRMHQLDPLSULþRPVD
MHKR~þLQRNQDNDåGHMKUDQHJUDIX]QtåLRSUtVOXãQêNRHILFLHQWÒþLQN\YtUXVXNWRUpSUtGXGRMHGQpKR
SRþtWDþD]U{]Q\FKSRþtWDþRYVDQHVþLWXM~DOHNDåGêSUtFKRGYtUXVXDMGRXå]DYtUHQpKRSRþtWDþDVDćDOHM
ãtULGRVXVHGQêFK3RþLDWRþQiYHĐNRVĢ~þLQNXYtUXVXNWRUêQDVDGtPHGRSRþtWDþRYMHNRQãWDQWD
SURJUDPXXFLQRNQDSU
FRQVWXFLQRN
3ULHEHKDOJRULWPXEDFNWUDFNLQJ]Qi]RUĖXMWH]DIDUERYDQtPDRGIDUERYDQtPSUtVOXãQêFKYUFKRORY3R
VNRQþHQtDOJRULWPXUHVSSRSUHUXãHQtKĐDGDQLDNOLNQXWtPQDWODþLGOR6723SURJUDPþHUYHQRXIDUERX
Y\NUHVOtGRWHUD]QiMGHQpPLQLPiOQHULHãHQLH7M6723SRþDVEHKXEDFNWUDFNLQJXQH]UXãtEHKSURJUDPX
DOHOHQKĐDGDQLHPLQLPiOQHMPQRåLQ\YUFKRORYDWHGDPRPHQWiOQHQiMGHQ~PLQLPiOQXPQRåLQXEXGH
SRYDåRYDĢ]DULHãHQLH
$NPi~ORKDYLDFULHãHQtVWDþtQiMVĢMHGQRĐXERYRĐQp
$% 6N~ãND/
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
3ROLFDMQêSUH]LGHQWVDUR]KRGROåHNRQHþQHVNRQFXMHVPDILRX.HćåHULHãHQLHYLGtYRY\MHGQiYDQtVR
VDPRWQêPãpIRPPDILHSRWUHEXMHVLVQtPGRKRGQ~ĢVFK{G]NX=LVWLOYãDNåHWRQLHMHWDNpMHGQRGXFKpD
XåY{EHFQLHODFQp'RVWDĢVDNXNUVWQpPXRWFRYLY\åDGXMHQLHNRĐNêFKVSURVWUHGNRYDWHĐRYNWRUtVLDOH
]DVYRMXVOXåEXSêWDM~QHPDOpSHQLD]H=tVNDOXå]RSiUNRQWDNWRYQDGUREQêFKPDILiQRYNWRUtPDM~]DVD
NRQWDNW\QDćDOãtFKPDILiQRYDWtQDćDOãtFK9\XåLWLHNDåGpKRWDNpKRWRNRQWDNWXQLHþRVWRMt.HćåH
MHKRUR]SRþHWMHREPHG]HQêSRWUHEXMH]LVWLĢFH]NWRUêFKPDILiQRYVDNLFKERVRYLGRVWDQHQDMODFQHMãLH
ÒGDMHRWRPQDNWRUêFKPDILiQRYPiSROLFDMQêULDGLWHĐNRQWDNWNWRUêPDILiQGRNiåHVSURVWUHGNRYDĢ
NRQWDNWQDćDOãLHKRPDILiQDDNRĐNRWLHWRNRQWDNW\VWRMDV~XORåHQpYELQiUQRPV~ERUHPDILDGDWY
WRPWRIRUPiWH
ƔV~ERUVDVNODGi]QLHNRĐNêFKEORNRYSULþRPNDåGêSRSLVXMHEXćQHMDNpKRPDILiQDDOHERQHMDNê
NRQWDNW
ƔEORN]DþtQD]QDNRPNWRUêKRYRUtþLMHYEORNXSRStVDQêPDILiQ]QDN
P
DOHERNRQWDNW]QDN
N
Ɣ]D]QDNRP
P
QDVOHGXMHGYRMLFD]QDNRYLQLFLiON\PDILiQDDćDOHMGYHFHOpãWYRUEDMWRYpþtVOD
V~UDGQLFHQDREUD]RYNH
Ɣ]D]QDNRP
N
QDVOHGXM~ãW\UL]QDN\LQLFLiON\GYRFKRV{EPDILiQRYNWRUpPDM~PHG]LVHERX
NRQWDNWD]DQLPLQDVOHGXMHFHOpãWYRUEDMWRYpþtVORR]QDþXM~FHNRĐNRWHQWRNRQWDNWVWRMt
0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQH6SUDFRYiYDMWHKROHQSRPRFRX76WUHDP
*UDIYSURJUDPHGHILQXMWHDNRWULHGXVPHWyGDPLQDþtWDQLHY\NUHVĐRYDQLHDKĐDGDQLHQDMODFQHMãHMFHVW\
*UDIQDYUKQLWHWDNDE\VDYiPVQtPþRQDMOHSãLHSUDFRYDOR
3RVSXVWHQtDSOLNiFLHVDQDMSUYQDþtWDV~ERUVNRQãWUXXMHVDUHSUH]HQWiFLDJUDIXDY\NUHVOtVDGRJUDILFNHM
SORFK\9UFKRO\]DNUHVOLWHPDOêPLNU~åNDPLDQDKUDQ\Y\StãWHFHQ\SUtVOXãQêFKNRQWDNWRY
7HUD]SURJUDPþDNiQDXUþHQLHãWDUWRYpKRYUFKRODþOHQPDILHNWRUpKRPiSROtFLDVSUDFRYDQpKRDMH
RFKRWQêVSURVWUHGNRYDĢNRQWDNWVLQêPLþOHQPLDWLHåXUþHQLHFLHĐRYpKRYUFKRODPDILDiQVNHKRERVD
7LHWRYUFKRO\VDXUþXM~NOLNQXWtPP\ãRXQDMSUYQDãWDUWRYê]DIDUEtVDQD]HOHQRDSRWRPQDFLHĐRYê
]DIDUEtVDQDþHUYHQRYUFKRO+QHćDNRV~XUþHQpREDYUFKRO\VSXVWtVDDOJRULWPXVSUHKĐDGiYDQLDV
QiYUDWRPEDFNWUDFNLQJNWRUêQiMGHQDMODFQHMãLXFHVWXRGSRþLDWRþQpKRSRNRQFRYêYUFKRO3ULHEHK
EDFNWUDFNLQJX]Qi]RUĖXMWHSULHEHåQH]DIDUERYDQtPKUiQSRNWRUêFKVDPRPHQWiOQHSUHFKiG]D3R
VNRQþHQtKĐDGDQLDVDþHUYHQRXIDUERXY\NUHVOtQDMODFQHMãLDFHVWDRGSUYpKRPDILiQDDåNPDILiQVNHPX
ãpIRYL3URJUDPWHUD]RSlĢþDNiQDNOLNDQLHP\ãRXDE\VDPRKOLY\EUDĢćDOãLHGYDYUFKRO\QDWHVWRYDQLH
DOJRULWPX
3R]Q
YãHWN\FHQ\V~QiVRENDPLGHVDĢWLVtFRYNRU~QDV~XYHGHQpEH]'3+
DNQHVWtKDWHUHDOL]RYDĢNOLNDQLHP\ãRXSRþLDWRþQêDNRQFRYêYUFKROGHILQXMWHSRPRFRXGYRFK
NRQãWiQWSURJUDPXQDSUFRQVWY Y
$% 6N~ãND/
3ULHEHåQiERGRYDFLDWDEXĐND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTLVTLBUBCVMLBIUN [
<>
1SJFCFäOÈCPEPWBDJBUBCVǚLB
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTLVTLBUBCVMLBIUN [
<>
1SJFCFäOÈCPEPWBDJBUBCVǚLB
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMTLVTLBUBCVMLBIUN [
<>
$WJǁFOJB[QSPHSBNPWBOJB
&YLþHQLD]SURJUDPRYDQLD
7XEXGHERGRYDFLDWDEXĐND
IUUQXXXEFMQIJJOQVUTLBSDIJWEFMQIJMDWJLPIUN<>
Test pre fanatikov z Programovania 1i, 1MI, 1FI
7HVWSUHIDQDWLNRY]3URJUDPRYDQLDL0,),
1DStãWHPHWyG\WULHG\0QR]LQDNWRUiUHSUH]HQWXMHGiWRYêW\SPQRåLQDUHiOQ\FKþtVHOSRPRFRXMHGQRVPHUQpKRVSiMDQpKR
]R]QDPX3UYN\]R]QDPXQHPXVtWHXGUåLDYDĢXVSRULDGDQp=R]QDPMHSUtVWXSQêSRPRFRXGYRFKVPHUQtNRYQD]DþLDWRN
]R]QDPXDQDNRQLHFSRVOHGQêSUYRN]R]QDPX3RXåLWHQDVOHGXM~FHGHNODUiFLH
W\SH
SUYRN UHDO
]R]QDP FODVVLQIRSUYRNQH[W]R]QDPHQG
0QR]LQD FODVV
]N]R]QDP]DþLDWRNDNRQLHF]R]QDPX
FRQVWUXFWRU&UHDWH
SURFHGXUHSULGDMSSUYRNDNHãWHYPQRåLQHQHH[
SURFHGXUHY\KRGSSUYRNDNMHSUYNRPPQRåLQ\
IXQFWLRQMHSUYRNSSUYRNERROHDQ]LVWtþLMHSUYNRPPQRåLQ\
HQG
9ãHREHFQêVWURPUHSUH]HQWXMHPHSRPRFRXELQiUQHKRVWURPXWDNåHĐDYêVPHUQtNNDåGpKRYUFKRODMHVPHUQtNQDSUYpKR
V\QDWRKWRYUFKRODDSUDYêVPHUQtNMHVPHUQtNQDMHKREUDWDYUFKROQDWHMLVWHM~URYQLNWRUêPiWRKRLVWpKRRWFD1DStãWH
IXQNFLXDUQRVWNWRUi]LVWtiUQRVĢVWURPXPD[LPXPSRþWXV\QRYYãHWNêFKYUFKRORY9ãHREHFQêVWURPMHGHILQRYDQê
QDVOHGRYQêPLW\SPL
W\SHSUYRN LQWHJHU
VWURP AYUFKRO
YUFKRO UHFRUGLQIRSUYRNV\QEUDWVWURPHQG
9ãHREHFQêVWURPMHUHSUH]HQWRYDQêWDNåHNDåGêYUFKROREVDKXMHLQIRþDVĢDG\QDPLFNpSROHV\QRY
W\SH
VWURP FODVV
LQIRSUYRN
VDUUD\RIVWURPG\QDPLFNpSROHV\QRY
FRQVWUXFWRU&UHDWHLSUYRN
SURFHGXUHSULGDM6\QDV\QVWURPSULGiYUFKROXQRYpKRV\QD
IXQFWLRQKODGDMLSUYRNVWURP
HQG
=DGHILQXMWH]DGHNODURYDQpPHWyG\0HWyGDKODGDMYSRGVWURPHNWRUpKRNRUHĖRPMHVDPRWQêYUFKROQiMGHYUFKROVLQIR
LDOHERYUiWLQLODNWDNêYUFKROQHQiMGH
1HRULHQWRYDQêJUDIMHSRStVDQêWDEXĐNRXVXVHGQRVWt
W\SH
PQVXV VHWRIE\WH
JUDI FODVV
WDEDUUD\RIDUUD\RIERROHDQ
FRQVWUXFWRU&UHDWH
FRQVWUXFWRU&UHDWH)URP6WUHDPVXERU76WUHDP
SURFHGXUHSULGDM9UFKROPQPQVXV
SURFHGXUH]DSLVVXERU76WUHDP
HQG
=DGHILQXMWH]DGHNODURYDQpPHWyG\.RQãWUXNWRU&UHDWH)URP6WUHDPY\WYRUtJUDI]~GDMRYNWRUpV~Y76WUHDP0HWyGD
]DSLV]DStãHJUDIGRRWYRUHQpKR76WUHDPX76WUHDPREVDKXMHYHW\URYQDNHMGĎåN\W\SXPQVXVWLHWRUHSUH]HQWXM~
PQRåLQ\VXVHGRYSUHLWXYHWXREVDKXMHPQRåLQXVXVHGRYLWHKRYUFKRODJUDIX0HWyGDSULGDM9UFKROSULGiGRJUDIX
QRYêYUFKRODSRVSiMDKRVYUFKROPLNWRUpV~XYHGHQpYSDUDPHWULPQ
$%
9êVOHGN\WHVWXSUHIDQDWLNRY
%DM]tN7LERU
%XMĖiN7RPiã
ýDQHFNê0LFKDO
'RELãâWHIDQ
)LOR5RQDOG
+DOLFNê3HWHU
+DPDU'XãDQ
+URQVNê0DUWLQ
-DQþRãHN0LFKDO
.DGOLF0LFKDO
.R]HM3HWHU
/DQJ0DUWLQ
0LFKDOLþND-iQ
0LQDURYLHFK-iQ
1HPãiN-iQ
2þNDMiN0DUWLQ
3HUQHFNê0DUWLQ
3HWUtN7RPiã
3LOLã,YDQ
6HPDQ2QGUHM
6OH]LDN0DUWLQ
âLPRQtN5RVWLVODY
âLUiĖ0DUWLQ
âLãPLã0DULiQ
âRWW%UDQLVODY
âWHIþHN0DUWLQ
âWLEUDQê3HWHU
7UQRYHF0DUWLQ
9DãNR-XUDM
3UHGQiãN\]SURJUDPRYDQLDY]LPQRP MDQ
VHPHVWUL
ÒYRGQiSUHGQiãNDSULHEHKVHPHVWUD
3UHGQiãND.RU\WQDþLDJUDILND
3UHGQiãND&\NOXV:+,/(DSURFHG~U\
3UHGQiãND3UHPHQQpIRUPiOQHSDUDPHWUHWH[WRYêUHåLP
3UHGQiãND7H[WRYpV~ERU\
3UHGQiãND)XQNFLHSUtNODG\VRV~ERUPLDNRU\WQDþNDPL
3UHGQiãND7\S\SRXåtYDWHĐRPGHILQRYDQpSROLDVWULQJ
3UHGQiãND3RGSURJUDP\QDUHĢD]FRFK
3UHGQiãND7\S]i]QDPUHFRUG
3UHGQiãND8QLW&UW±YLGHRSDPlĢ
3UHGQiãND8QLW\*UDSKD0\V8QLWULDGHQLHP\ãL
3UHGQiãND5HNXU]LD
3UHGQiãND.RU8QLWSRPRFRX223
3UHGQiãND7ULHG\9HOD.RU]iVREQtNDUDG
3UHGQiãND9\PHQRYDQêW\SPQRåLQDUHNXU]LDQDQHUHNXU]LXDULWPHWLFNpYêUD]\
3UHGQiãND'\QDPLFNpSUHPHQQp
3UHGQiãND'\QDPLFNpREMHNW\
3UHGQiãND'\QDPLFNpNRU\WQDþN\
3UHGQiãND7ULHGD9HOD.RUG\QDPLFNêFKNRU\WQDþLHN
3UHGQiãND3RXåLWLHREMHNWRYY~ORKiFKVYLGHRSDPlĢRX
3UHGQiãND5LHãHQLHGYRMLFH~ORK]RVN~ãN\
3UHGQiãND8NiåNRYêWHVWNXVN~ãNH
7HVW]3URJUDPRYDQLDSUHURþQtN
9êVOHGN\WHVWX]3URJUDPRYDQLD
3URJUDPRYpMHGQRWN\VLP{åHWHVWLDKQXĢ
Ɣ .RU8QLW]IWSIWSHGLIPSKXQLEDVN3DVFDO.RU8QLWSDV
Ɣ 0\V8QLW]IWSIWSHGLIPSKXQLEDVN3DVFDO0\V8QLWSDV
Ɣ 9HOD8QLW]IWSIWSHGLIPSKXQLEDVN3DVFDO9HOD8QLWSDV
Ɣ 9HOD]IWSIWSHGLIPSKXQLEDVN3DVFDO39HODSDV
=iNODGQpSRN\Q\N]iSRþWRYêPSURJUDPRP
3RGPLHQNRXNSUHY]DWLX]iSRþWX]DERGRYMHMHKRIXQNþQRVĢDUREXVWQRVĢ
3URJUDPPXVtE\ĢRYOiGDWHĐQêSRPRFRXNOiYHVQLFHDP\ãLP{åHWHY\XåtYDĢOHQXQLWQDRYOiGDQLH
P\ãL]SUHGQiãN\0\V8QLWUHVSMHKRPRGLILNiFLX
1HVPLHWHSRXåtYDĢ7XUER9LVLRQDQL'HOSKL
0iWHYãDNPRåQRVĢ]tVNDĢSUpPLXPD[ERGRYSULþRPSULERGRYDQtVD]RKĐDGĖXM~QDVOHGXM~FH
YHFL
þLWDWHĐQRVĢNyGX
SRXåLWLHREMHNWRY
FKRGHQLHSRDGUHViURFKYSUtSDGHSUiFHVRV~ERUPL
XPHOHFNêGRMHP
U{]QHĢDåãLHPRGLILNiFLH~ORK\U{]QH~URYQHKU\NRQILJXURYDWHĐQRVĢKU\
XåLYDWHĐVNiSUtWXOQRVĢDMHGQRGXFKRVĢRYOiGDQLD
Y\XåtYDQLHP\ãL
7HUPtQ\QDRGRY]GiYDQLH
3RNLDĐFKFHWHPDĢQiURNQDSUpPLXPXVtWHRGYR]GDĢ]iSRþWRYêSURJUDPQDMQHVN{UGRNRQFD
]iSRþWRYpKRWêåGĖDYUiPFLNRQ]XOWDþQêFKKRGtQ,QiþQDMQHVN{UGRNRQFDWêåGĖDSRNWRURPVD
EXGHSURJUDPRYDQLHVN~ãĢ'REUiUDGDQHQHFKiYDMWHVLWRQDSRVOHGQ~FKYtĐX&YLþLDFLQLHMHYåG\
]RKQDWHĐQê
=DGDQLHYVWXSQpKRWHVWXSUHIDQDWLNRY
9êVOHGQiWDEXĐNDYVWXSQpKRWHVWX
F&RS\ULJKW$QGUHM%ODKR
6N~ãND]SURJUDPRYDQLDY]LPQRPVHPHVWUL MDQ
%RGRYDQLHSURJUDPRYDQLD
+RGQRWHQLHVN~ãN\
1(9<+29(/
'2%5(
9(ď0,'2%5(
9é%251(
5LDGQHWHUPtQ\
WHUPtQMDQGRREHGD
WHUPtQMDQSRREHGH
WHUPtQMDQGRREHGD
WHUPtQMDQSRREHGH
WHUPtQMDQGRREHGD
WHUPtQMDQSRREHGH
WHUPtQMDQGRREHGD
RSUDYQpWHUPtQ\
WHUPtQIHEGRREHGD
WHUPtQIHESRREHGH
F&RS\ULJKW$QGUHM%ODKR
%RGRYDQLHSURJUDPRYDQLD
]iSRþHW SUpPLD WHVW VN~ãND V~þHW ]QiPND GiWXP RSUDYQê
$PEUyã0LFKDO L
$UEHW0LFKDO L
ÈJK0DUHN L
%DFKRYi%DUERUD L S
%DUþiN)UDQWLãHN L
%DUWHN3HWHU L
%iEHO3DYRO L
%HQþtN7RPiã L
%HQHV=VROW L
%HĖR3HWHU L
%RGtN3HWHU L )
%RWW5RODQG L
%UXFKWHU3HWHU L
%XUJHU%RULV L
&KXGi.DULQD L
ýHUQê3DYRO L )
ýLPRYi.DWDUtQD L
ĆDćR-iQ L S
(LIOHU0DUWLQ L
)DþNRYHF0DUFHO L
)DUNDV*DEULHO L
*UHEHþt%UDQLVODY L
+DãDQ0LORã L )
+RPROD-XUDM L
+RUĖiN3HWHU L
+UQþLDULN0LFKDO L =
+XGHF3HWHU L )
,UPDQ9ODGLPtU L
7UHWtVWĎSHF
Ɣ) IDQDWLN
Ɣ= QiKUDGQê]iSRþHW
2SUDYQêWHUPtQ
ãWYUWRNIHEUXiUDR
Ɣ
SãWYUWRNIHEUXiUDR
(PDLOEODKR#IPSKXQLEDVN
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
1DSURJUDPXMWHKUX5RELQVRQ
Ɣ5RELQVRQVDQDFKiG]DQDRSXVWHQRPRVWURYHDFKFHVDGRVWDĢQDRVWURYQDNWRURPEêYD5RELQVRQND
ƔPHG]LLFKRVWURYPLVDQDFKiG]DPQRåVWYRSRQiUDM~FLFKVDDY\QiUDM~FLFKVDRVWURYRY
Ɣ5RELQVRQVDVQDåtSUHVNiNDĢSRVXVHGLDFLFKRVWURYRFKDåGRFLHĐDSULþRPQHVPLHVSDGQ~ĢGRPRUDUHVS
VDVQtPQHVPLHRVWURYSRQRULĢOHERE\KRYPRPHQWH]RåUDOLåUDORN\
Ɣ5RELQVRQVDRYOiGDNOiYHVPLãtSRN
6~RVWURYLHMHUHSUH]HQWRYDQpYãWYRUFRYHMVLHWLYNWRUHMNDåGêãWYRUþHNPiYêãNX9<6ULDGNRYREUD]RYN\DãtUNX
6,5VWĎSFRYREUD]RYN\9NDåGRPSROtþNXKUDFHMSORFK\VDQDFKiG]DRVWURYYQHMDNHMIi]HSRQiUDQLDDOHERPRUH
3ROtþRNKUDFHMSORFK\MH0[10ULDGNRYD1VWĎSFRY+UDFLDSORFKDMHSRStVDQiYV~ERUH5RELQVRQW[W
ƔSUYêULDGRNREVDKXMHþtVOD019<66,5
ƔćDOHMDåGRNRQFDV~ERUXQDVOHGXM~WURMLFH]QDNULDGRNVWĎSHFNWRUpSRSLVXM~SROtþNRQDV~UDGQLFLDFK
ULDGRNVWĎSHFD]QDNPiW~WRLQWHUSUHWiFLX
❍5RELQVRQRYRVWURY
❍FLHĐRYêRVWURYV5RELQVRQNRX
❍ YåG\Y\QRUHQêRVWURY
❍QLNG\QHY\QiUDQêRVWURY
❍þtVOLFD
R]QDþXMHRVWURYNWRUêVDY\QiUDVSUDYGHSRGREQRVĢRXþtVOLFD
ƔYãHWN\RVWDWQpSROtþNDV~RVWURY\NWRUpVDY\QiUDM~VSUDYGHSRGREQRVĢRX
ƔP{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQê
3ROtþNDKUDFHMSORFK\DMKUiþDUHDOL]XMWHSRPRFRXREMHNWRYSULþRPRNUHPLQLFLDOL]DþQHMPHWyG\]DGHILQXMWHDM
PHWyGXQDY\NUHVOHQLHREMHNWXGRYLGHRSDPlWLQHSRXåtYDMWH*RWR;<DWLHåSUHSROtþNRKUDFHMSORFK\PHWyGXQD
]PHQXVWDYXQDSUSRVWXSQpSRQiUDQLHRVWURYDY\QRUHQLHRVWURYDDSRGÒSOQHY\QRUHQêRVWURYMHY\NUHVOHQê
]QDNRPSRVWXSQpSRQiUDQLHMH]REUD]HQp]QDNPLPRUHE\PDORE\ĢPRGUp
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
9\WYRUWHWULHGX0RMD.RUNWRUiPiSULGDQ~VWDYRY~SUHPHQQ~VXVHG3.RUDPHWyG\=PHQ6XVHGD8URE7YDU
6WDYRYiSUHPHQQiVXVHGPiSULLQLFLDOL]iFLLKRGQRWX1,/PHWyGD=PHQ6XVHGVSDUDPHWURPW\SX3.RUSULUDGtGR
VWDYRYHMSUHPHQQHMVXVHG]DGDQ~KRGQRWX0HWyGD8URE7YDUEH]SDUDPHWURY]PHQtWYDUNRU\QDþN\WDNåH
WYDURPEXGH~VHþNDGĎåN\Y]GLDOHQRVWLNVXVHGRYLDWiWR~VHþNDEXGHQDWRþHQiNWRPXWRVXVHGRYL
9iãSURJUDPQDMSUYY\JHQHUXMH1WDNêFKWRNRU\WQDþLHNQDQiKRGQêFKSR]tFLiFKYSORFKH3RWRPNDåGHM
NRU\WQDþNHSULUDGtDNRVXVHGDQDVOHGRYQ~NRU\WQDþNXLUHVS1WHMSULUDGtSUY~3UtND]8.$=E\PDO]REUD]LĢ
VSRMQLFHPHG]LNRU\WQDþNDPL
ĆDOHMSURJUDPXPRåQtSRPRFRXP\ãLĢDKDĢĐXERYRĐQ~NRU\WQDþNXSULþRPVDQLHNWRUêPNRU\WQDþNiPEXGHPXVLHĢ
PHQLĢWYDUWDNSRPRFRX8URE7YDUDE\VSRMQLFHVWiOHVSiMDOLVXVHGQpNRU\WQDþN\
0{åHWHSRXåLĢOHQXQLW\.RU8QLW9HOD8QLWD0\V8QLW
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
1DSURJUDPXMWHKUX.$57,ý.<
1DKUDFHMSORFKHV~UR]PLHVWQHQpGYRMLFHNDUWLþLHNRGOLãXM~FLFKVDIDUERXDREUi]NRP]QDNRP.DUWLþN\VDP{åX
SUHNUêYDĢÒORKRXKUiþDMH]R]ELHUDĢGYRMLFHURYQDNêFKNDUWLþLHNDY\SUi]GQLĢWêPKUDFLXSORFKX.DUWLþN\V~
]REUD]HQpDNRIDUHEQpREGĎåQLN\YêãN\
9<6ULDGNRYDãtUN\
6,5VWĎSFRYREUD]RYN\6~RUiPLNRYDQp]QDNRP
DYQ~WURMHY\SOQHQpSUtVOXãQêP]QDNRPFKDUDNWHUL]XM~FLPNDUWLþNX
3DUDPHWUHNDUWLþLHNQDþtWDMWH]RV~ERUXNDUWLFN\W[WNWRUêPiQDVOHGRYQ~ãWUXNW~UX
ƔSUYêULDGRNREVDKXMHGYDFHORþtVHOQpSDUDPHWUH9<6D6,5
ƔQDVOHGXM~FHULDGN\REVDKXM~ãWYRULFHNDåGêULDGRNMHGQXSRSLVXM~FHMHGQRWOLYpNDUWLþN\
❍SUYpGYHþtVODXGiYDM~V~UDGQLFHĐDYpKRKRUQpKRURKXNDUWLþN\YSRUDGtULDGRNVWĎSHFYPLHUNH
9<6D6,5
❍QDVOHGXMH]QDNDþtVORIDUE\NDUWLþN\
3URJUDPQDþtWDV~ERU]REUD]tNDUWLþN\QDREUD]RYNXDXPRåQtKUiþRYLNOLNDQtPĐDYêPWODþLGORPP\ãLR]QDþRYDĢ
GYRMLFHNDUWLþLHN3UYêPNOLNQXWtPQDNDUWLþNXVDWiWRR]QDþtUiPLNVDY\NUHVOt]QDNRPIDUERXNDUWLþN\
GUXKêPNOLNQXWtPQDR]QDþHQ~NDUWLþNXVDWiWRRG]QDþt$NXåMHQHMDNiNDUWLþNDR]QDþHQiDKUiþNOLNQHQDLQ~
NDUWLþNXVURYQDNRXIDUERXD]QDNRPREHNDUWLþN\]PL]Q~]KUDFHMSORFK\3ULNOLNQXWtPLPRNDUWLþLHNDOHERQD
NDUWLþNXNWRUiVDIDUERXDOHER]QDNRPQH]KRGXMHVR]QDþHQRXSURJUDP]DStSD.OLNQ~ĢVDP{åHOHQQDNDUWLþNX
NWRUiQLHMHSUHNU\WiåLDGQRXLQRX
3RY\SUi]GQHQtKUDFHMSORFK\SURJUDPSRJUDWXOXMHKUiþRYL
.DUWLþN\YSURJUDPHUHSUH]HQWXMWHREMHNWDPL'HILQXMWHPHWyG\QDLQLFLDOL]iFLXY\NUHVOHQLHGRYLGHRSDPlWLQD
]LVWHQLHþLVDQDĖXNOLNORUHVSSUHNUêYDQLHVLQRXNDUWLþNRX
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
1HSRXåtYDMWH*RWR;<
1DStãWHSURJUDPNWRUê]REUD]tQDREUD]RYNHQNRU\WQDþLHNQVU{]Q\PLREU\VPLDXPRåQtVQLPLLQWHUDNWtYQH
SUDFRYDĢSRPRFRXP\ãL.RU\WQDþN\PRåQRĢDKDĢVRVWODþHQêPĐDYêPWODþLGORPDSUDYêPWODþLGORPRWiþDĢ
VPHURPNP\ãL9åG\NHćVDNRU\WQDþNDĢDKDQtPSRORåtQDQRYpPLHVWR]DQHFKiQDWRPWRPLHVWHRWODþRNVYRMKR
REU\VX
2EU\V\NRU\WQDþLHNV~]DGDQpYV~ERUHWYDU\W[WDNRSRVWXSQRVĢþtVHOVWULHGDVDRWRþHQLHYSUDYRDSUHVXQ
GRSUHGX9NDåGRPULDGNXWRKWRV~ERUXMHGHILQRYDQêREU\VSUHMHGQXNRU\WQDþNX
3URJUDPQD]DþLDWNXY\JHQHUXMHSUtVOXãQêSRþHWNRU\WQDþLHNSRGĐDSRþWXULDGNRYYV~ERUHQDQiKRGQêFK
SR]tFLiFKRWRþHQpQDVHYHU.DåGiNRU\WQDþNDGRVWiYDSUtVOXãQêWYDU
3R]QiPND1DNRĐNRPHWyGD%OL]NRUR]SR]QiYDOHQPDOpRNROLHRNRORPRPHQWiOQHMSR]tFLHNRU\WQDþN\D
VDPRWQpWYDU\P{åXE\ĢYHĐNpP\ãEXGHUHDJRYDĢOHQSULNOLNQXWtYEOt]NRVWLSR]tFLHNRU\WQDþN\WYDU\V~YV~ERUH
]DGDQpWDNDE\ERORMDVQpNGHMHWiWRSR]tFLD
3R]QiPND2EU\VNRU\WQDþN\NWRUêVDPiRWODþLĢSRĢDKDQtY\NUHVĐXMHSRPRFQiNRU\WQDþNDWiWRMHVNU\Wi
QDMSUYVDQDVWDYtQDSR]tFLXNRU\WQDþN\QDVWDYtVLMHMVPHUD]LQWHUSUHWXMHMHMREU\VWHQ]UHMPHPXVtE\ĢQLHNGH
XORåHQêDE\EROSUtVWXSQêSUHW~WRSRPRFQ~NRU\WQDþNX
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
1DSURJUDPXMWHKUX3UHVNDNRYDQi
ƔKUDFLDSORFKDMHãDFKRYQLFD1[0VRãHGêPLDåOWêPLSROtþNDPLDKUiVDOHQQDåOWêFKSROtþNDFK
ƔGYDMDKUiþLPDM~SR0KUDFtFKNDPHĖRFKNWRUpV~YSRþLDWRþQêFKSR]tFLiFKSUYêKUiþYGROQêFKGYRFK
UDGRFKDGUXKêYKRUQêFKGYRFKUDGRFK
ƔKUiþLVWULHGDYRĢDKDM~QLHNWRUêP]RVYRMLFKNDPHĖRYDWRYåG\XKORSULHþQHOHQSRSRYROHQêFKSROtþNDFK
QDYRĐQpSROtþNR
ƔMHGHQĢDK]QDPHQiEXćSUHVXQQDVXVHGQpSROtþNRDOHERSUHVNRþHQLHQLHY\KRGHQLHVXVHGQpKRSROtþND
DOHOHQDNMHYRĐQp
3ROtþNRKUDFHMGRVN\PiUR]PHU9<6[6,5]QDNRYREUD]RYN\+UDFLHNDPHQHSUYpKRKUiþDV~þHUYHQpV~SHUD
PRGUpDV~]REUD]HQpREGĎåQLNRP9<6[6,5YVWUHGHSROtþND+UDVDRYOiGDSRPRFRXNOLNDQLDP\ãRX
ƔIDUEDKUiþDNWRUêMHQDĢDKXMH]REUD]HQiIDUHEQêPREGĎåQLNRPYSUDYRPKRUQRPURKXREUD]RYN\
ƔKUiþNWRUêMHQDĢDKXQDMSUYNOLNQHQDVYRMNDPHĖWHQWRVDR]QDþtQDSUY\ERGNRYDQtPDSRWRPNOLNQH
QDFLHĐRYpSROtþNR
ƔDNMHĢDKYSRULDGNXWDNVDY\NRQiLQDNVDStSQHDþDNiEXćQD]DGDQLHVSUiYQHKRSROtþNDDOHERQD
RG]QDþHQLHNDPHĖD
019<6D6,5V~NRQãWDQW\SURJUDPX01!9<6!6,5!QDSU
+UDFLHSROtþNRUHSUH]HQWXMWHREMHNWRPVPHWyGDPLQDLQLFLDOL]iFLXY\NUHVOHQLHD]LVWHQLHþLVDQDĖNOLNOR
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
1HSRXåtYDMWH*RWR;<
1DStãWHSURJUDPNWRUêEXGHVLPXORYDĢSRK\EHOHNWULþLHNSR]DF\NOHQHMGUiKH
ƔSRPRFRXĢDKDQLDP\ãLVR]DWODþHQêPĐDYêPWODþLGORPVD]DþQHY\WYiUDĢHOHNWULþNRYiWUDĢ±þLDUD
]DþtQDM~FDYSUYRPERGHNOLNQXWLDNWRUiMHćDOHMVWiOHVSRMLWiDMNHćSXVWtPHWODþLGORP\ãLD]DWODþtPHQD
LQRPPLHVWHREUD]RYN\SURJUDPVLSULWRP]DSDPlWiYDYSROLV~UDGQLFHWHMWRGUiK\DSRþtWDVLDMMHMGĎåNX
ƔDNPiGUiKDGĎåNXDVSRĖ''MHNRQãWDQWDSURJUDPXQDSU' YSRþLDWNXGUiK\VDQDURGt
SRþLDWRþQRPERGHGUiK\QDURGtQRYiHOHNWULþNDDWLHåVD]DþQHSRPDO\KêEDĢSRGUiKH
ƔWDNWRVDQDSRþLDWNXGUiK\YåG\QDURGtQRYiHOHNWULþNDDNGRWHUD]SRVOHGQiSUHãODGUiKXGĎåN\DVSRĖ'
HOHNWULþN\±DNSRWRPGUiKXSUHGĎåLPHRSlĢVDYãHWN\SRKQ~
ƔGUiKXP{åHPH]DF\NOLĢDNMHQDURGHQiDVSRĖMHGQDHOHNWULþNDDPRPHQWiOQ\NRQFRYêERGGUiK\MHEOLåãLH
NSRþLDWRþQpPXERGXGUiK\DNR±RGWRKRWRPRPHQWX]PL]QHNXU]RUP\ãLGUiKDVDXåćDOHMĢDKDĢQHGi
DWLHåVDSUHVWDQ~URGLĢQRYpHOHNWULþN\H[LVWXM~FHVWiOHMD]GLDGRNROD
(OHNWULþN\GHILQXMWHSRPRFRXWULHG\9HOD.RUSULþRPNDåGiMHGQDVDQHVPLHSRK\ERYDĢUêFKOHMãLHYlþãtP
NURNRPDNRDYåG\MHQDWRþHQiNQDVOHGXM~FHPXERGXGUiK\NRU\WQDþN\V~XNi]DQp
0{åHWHSUHGSRNODGDĢåHGUiKDVDQHEXGHVNODGDĢ]YLDFDNRERGRY
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
1DStãWHSURJUDPNWRUêXPRåQt]IDUHEQêFKãWYRUþHNRYVNODGDĢPR]DLNX
ƔKUDFLDSORFKDGRNWRUHMVDEXGHVNODGDĢPR]DLNDMHSRStVDQiYV~ERUHPR]DLNDW[W
ƔSUYêULDGRNREVDKXMHGYHþtVOD9<6D6,5NWRUpR]QDþXM~YHĐNRVĢãWYRUþHNDãWYRUFRYHMVLHWH
ƔćDOãLHULDGN\V~ERUXSRSLVXM~0ULDGNRYKUDFHMSORFK\SULþRPNDåGêULDGRNMHURYQDNRGOKêDREVDKXMH1
SROtþRN±NDåGpSROtþNRMHSRStVDQpMHGQêP]QDNRPFKDU
❍
±SROtþNRKUDFHMSORFK\MHSUi]GQHY\NUHVOtVDþLHUQRXIDUERX
❍
±QDSROtþNXMHVWHQDFH]NWRU~VDQHGiSUHFKiG]DĢY\NUHVOtVDELHORXIDUERX
❍
±ãWDUWRYpSROtþNRMHWLHåSUi]GQHDOHVHPVDQHVN{UEXG~JHQHURYDĢIDUHEQpãWYRUþHN\PR]DLN\
❍
U
J
E
\
±FLHĐRYpSROtþNDSUHU{]QHIDUHEQpãWYRUþHN\U þHUYHQiJ ]HOHQiE PRGUi\ åOWi
±SROtþNRVDY\NUHVOtY\ERGNRYDQpSULþRPERGN\V~SUtVOXãQHMIDUE\
1D]DþLDWNXKU\SURJUDPY\NUHVOtQDþtWDQ~KUDFLXSORFKXSULþRPþDVĢREUD]RYN\PLPRKUDFHMSORFK\EXGHãHGi
ĆDOHMVLSULSUDYtUDGIDUHEQêFKãWYRUþHNRYYNWRURPMH]DVW~SHQêSUHVQêSRþHW]NDåGHMIDUE\SRGĐDUJE\]R
YVWXSQpKRV~ERUX7HQWRUDGEXGHQiKRGQHSRPLHãDQê
1DãWDUWRYRPSROtþNXYV~ERUH]QDN
VDREMDYtSUYêIDUHEQêãWYRUþHN]SULSUDYHQpKRUDGXDKUiþKRP{åH
SUHV~YDĢSRPRFRXãtSRNSRSORFKH3URJUDPQHGRYROtSRVXQ~ĢãWYRUþHNQDREVDGHQpSROtþNRQDSUVWHQD
$NRQiKOHãWYRUþHNSUtGHQDĐXERYRĐQpFLHĐRYpSROtþNRSUtVOXãQHMIDUE\ãWYRUþHNVDQDWRWRPLHVWRSULOHSt
SROtþNRMHREVDGHQpSURJUDPStSQHDQDãWDUWRYpSROtþNRGiQDVOHGXM~FL]SULSUDYHQpKRUDGX$NKUiþSRþDV
SUHV~YDQLDãWYRUþHNDVQtPY\SDGQH]KUDFHMSORFK\WHQWRVD]DUDGtQDNRQLHFSULSUDYHQpKRUDGXãWYRUþHNRYD
SURJUDPQDãWDUWRYpSROtþNRSULSUDYtPRPHQWiOQHSUYê]UDGX
+UDNRQþtVSUiYRX+85$DNVDKUiþRYLSRGDUtXPLHVWQLĢYãHWN\IDUHEQpãWYRUþHN\]UDGX
3ROtþNRKUDFHMSORFK\UHSUH]HQWXMWHREMHNWRPVPHWyGDPLQDLQLFLDOL]iFLXY\NUHVOHQLHD]LVWHQLHMHKRVWDYX7LHå
KUDFLXSORFKXUHSUH]HQWXMWHREMHNWRP
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
1HSRXåtYDMWH*RWR;<
1DStãWHSURJUDPNWRUêXPRåQtGYRPKUiþRPKUDĢKUX752-8+2/1Ë.
1DMSUYVDSRPRFRX9HODNRUY\JHQHUXMH1NRU\WQDþLHNNWRUpOHåLDYRYUFKRORFKSUDYLGHOQpKR1XKROQtNDVR
VWUHGRPY7LHWRNRU\WQDþN\PDM~]PHQHQêWYDUQDPDOêåOWêNU~åRN1DREUD]RYNHV~WLHWRYUFKRO\1
XKROQtNDQDY]iMRPSRVSiMDQpþLDUDPLãHGHMIDUE\NDåGêVNDåGêP
+UiþLEXG~VWULHGDYRMHGHQPRGURXDGUXKêþHUYHQRXIDUERXR]QDþRYDĢVSRMQLFHYUFKRORY+UDVDNRQþtNHć
QLHNWRUê]KUiþRYR]QDþHQtPVSRMQLFHX]DYULHWURMXKROQtNNWRUpKRVWUDQ\V~URYQDNHMIDUE\7HQWRWURMXKROQtNVD
Y\NUHVOtGDQRXIDUERXKUXEêPLþLDUDPLDSURJUDPþDNiQDVWODþHQLH(6&
2]QDþRYDQLHVSRMQtFVDUREtNOLNDQtPĐDYêPWODþLGORPP\ãLQDYUFKRO\1XKROQtND3RSUYRPNOLNQXWtQDYUFKROVD
WHQWR]DIDUEtIDUERXSUtVOXãQpKRKUiþDGUXKpNOLNQXWLHQDWHQLVWêYUFKROKRRGIDUEt.OLNQXWtPQDćDOãtYUFKRODN
HãWHVSRMQLFDQHEROD]DIDUEHQiVDWiWR]DIDUEtSUYêYUFKROVDRGIDUEtDQDĢDKXMHćDOãtKUiþ$NVDVQDåt]DIDUELĢ
Xå]DIDUEHQ~VSRMQLFXYODVWQRXDOHERSURWLKUiþRYRXIDUERXSURJUDPStSQH
1MHNRQãWDQWDSURJUDPXQDSU1
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDVURERWRP.DUORP
ƔURERW.DUHOVDSRK\EXMHYãWYRUFRYHMVLHWLUR]PHURYULDGNRYSRVWĎSFRYSULþRPUR]PHU\SROtþNDQD
REUD]RYNHV~[DPHG]LSROtþNDPLMHMHGHQ]QDNVNyGRP
ƔURERWMHYåG\QDWRþHQêYMHGQRP]RVPHURYVHYHUYêFKRGMXK]iSDGD]REUD]HQêMHGQêP]R]QDNRY
A
!
Y
åOWRXIDUERX
ƔURERWVDULDGLQDVOHGXM~FLPLNOiYHVPL
❍ãtSNDKRUHUHVSGROH±URERWY\NRQiMHGHQNURNGRSUHGXUHVSY]DGYPRPHQWiOQRPVPHUHDNVD
QHGiSURJUDPStSQH
❍ãtSNDYĐDYRUHVSYSUDYR±URERWVDRWRþtYĐDYRUHVSYSUDYRRVWXSĖRY
❍þtVOLFD
±]DIDUEtSROtþNRSRGURERWRPSUtVOXãQRXIDUERXMHþLHUQDPRGUi
❍&WUOStVPHQR±QDãWDUWRYDQLHGHILQRYDQLDSUtVOXãQpKRPDNUDWMRGWRKRWRPRPHQWXVD
]DSDPlWiYDM~YãHWN\NOiYHVQLFRYpSUtND]\GRUHĢD]FDD]iURYHĖVDY\NRQiYDM~GHILQRYDQLHPDNUD
VDXNRQþtRSlWRYQêPVWODþHQtP&WUOĐXERYRĐQpStVPHQRSRþDVGHILQRYDQLDPDNUDMHYSUDYRP
KRUQRPURKXY\StVDQiVSUiYD0$.52DSUtVOXãQpStVPHQR
❍
$
=
±VSXVWtSUtVOXãQpPDNURDNVDSRþDVGHILQtFLHPDNUDY\YROiQHMDNpPDNURWDNWRWRVD
QDR]DMY\NRQiDGRGHILQtFLHPDNUDVD]DStãXOHQVDPRWQpSUtND]\PDNUD
❍(6&±XORåtYãHWN\LQIRUPiFLHRãWYRUFRYHMVLHWL.DUORYLDGHILQRYDQêFKPDNUiFKGRV~ERUXD
SURJUDPVNRQþt
ƔSUYêFKULDGNRYREVDKXMHSRFLILHUNWRUpUHSUH]HQWXM~IDUE\SUtVOXãQêFKSROtþRNãWYRUFRYHMVLHWH
ƔYćDOãRPULDGNXQDVOHGXMHSR]tFLDDQDWRþHQLHURERWDULDGRNVWĎSHFVPHU VHYHU YêFKRG MXK
]iSDG
ƔDåGRNRQFDV~ERUXQDVOHGXM~GHILQtFLHPDNLHUYRIRUPiWHStVPHQR GHILQtFLDPDNUD
3ROtþNRãWYRUFRYHMVLHWHDMURERWDUHSUH]HQWXMWHREMHNWDPLVPHWyGDPLQDLQLFLDOL]iFLXY\NUHVOHQLHDSRG
1HSRXåtYDMWH*RWR;<
1DStãWHSURJUDPNWRUêSRPRFRXNRU\WQDþLHN]UHDOL]XMHQDVOHGRYQêHIHNW
YSUDYRDGRSUHGXDREU\V]DIDUEtWHQD]HOHQR
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
6N~ãND]SURJUDPRYDQLDSUHL0,D), SR
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDGRPLQRWHWULV
ƔKUiþP{åHSRPRFRXNOiYHVQLFHRYOiGDĢWRWRSDGDQLH
❍]DGHILQXMHPHVLNRQãWDQW\SURJUDPXQDSU
❍NOiYHVSDGQLVS{VREt]UêFKOHQpSDGDQLHNDPHĖDSRXåLWHGYHNRQãWDQW\FDVDFDVNWRUpV~
SR]GUåDQLDPLSUHQRUPiOQHD]UêFKOHQpSDGDQLH32=25DMSRþDVSR]GUåDQLDE\PDOKUiþPDĢ
PRåQRVĢRYOiGDĢSDGDQLH]NOiYHVQLFH
ƔSDGDM~FLNDPHĖVD]DVWDYtQDSUHNiåNHSRGVHERXQDKURPDGHQpNDPHQHDOHERGQRKUDFHMSORFK\
602/8
DSURJUDPNRQþt
ƔSROtþNRKUDFHMSORFK\MHUR]PHUX[QDSUSOQêFKDOHERUiPLNRYêFK]QDNRY
ƔFHOiREUD]RYNDPLPRKUDFHMSORFK\MHQHMDNRIDUHEQHRGOtãHQiQDSUãHGi
+UDFLXSORFKXUHSUH]HQWXMWHREMHNWRPVPHWyGDPLQDLQLFLDOL]iFLXY\NUHVOHQLHJHQHURYDQLHQRYpKRNDPHĖD
SDGDQLHNDPHĖDDSRG
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
1HSRXåtYDMWH*RWR;<
1DStãWHSURJUDPSULSRPtQDM~FLJXOHþQtNVR]MHGQRGXãHQêPLSUDYLGODPLSUHRGUD]\
Ɣ *XOHEXG~SUHGVWDYRYDĢNRU\WQDþN\]WULHG\9HODNRU7LHWREXGHPHJHQHURYDĢNOLNDQtPSUDYêPWODþLGORP
P\ãLDYWHG\VDQDGDQRPPLHVWHY\WYRUtYåG\QRYiNRU\WQDþND
Ɣ *XOHEXGHPHUR]KêEDYDĢSRPRFRXĐDYpKRWODþLGODP\ãL3UL]DWODþHQtĐDYpKRWODþLGODQDH[LVWXM~FX
NRU\WQDþNXVDMHMIDUEDGRþDVQH]PHQtQDþHUYHQ~DĢDKDQtPP\ãLXUþXMHPHDN~GUiKXPiGDQiJXĐDSUHMVĢ
1QiVRERNGĎåN\ĢDKDQLDP\ãL3RþDVĢDKDQLDP\ãLVDDNWtYQDþHUYHQiNRU\WQDþNDRWiþDVPHURPRG
P\ãL3RSXVWHQtWODþLGODP\ãLDNWtYQDNRU\WQDþND]PHQtRSlĢIDUEXQD]HOHQ~D]DþQHVDSRK\ERYDĢSRGĐD
ãSHFLILNRYDQêFKSUDYLGLHOWMYXGDQRPVPHUHGUiKXGĎåN\1
Y]GLDOHQRVĢP\ãLDNRU\WQDþN\9ãHWN\
UR]KêEDQpNRU\WQDþN\VDSRK\EXM~NURNRP$MSRþDVSRK\EXNRU\WQDþLHNSURJUDPXPRåQtY\WYiUDĢQRYp
NRU\WQDþN\UHVSLFKVS~ãĢDĢ
Ɣ3URJUDPQD]DþLDWNXQDþtWDSRSLVREGĎåQLNRY]RV~ERUX2%'7;7Y\NUHVOtLFKWPDYRPRGURXKUXERX
þLDURXQDREUD]RYNXDXPRåQtKUDĢVDNRU\WQDþNRYêJXOHþQtN6~ERU2%'7;7REVDKXMHYNDåGRPULDGNX
SRSLVMHGQpKRREGĎåQLNDWMFHOpþtVODVQDVOHGXM~FRXãWUXNW~URXSUYpGYHþtVODXGiYDM~V~UDGQLFHĐDYpKR
KRUQpKRURKXREGĎåQLNDYSRUDGt[\3RWRPQDVOHGXMHãtUNDDYêãNDREGĎåQLND0{åWHSUHSRGNODGDĢåH
V~ERUMHNRUHNWQê
Ɣ1MHNRQãWDQWDSURJUDPXQDSU1
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
6N~ãND]SURJUDPRYDQLDSUHL0,D), GR
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDSDPlĢRY~KUXãWYRUFH
Ɣ+UDFLDSORFKDREVDKXMHUDGRYSRVĎSFRYKUDFtFKSROtþRNNDåGpSROtþNRMHQDREUD]RYNHYHĐNRVWL[
]QDNRY
ƔQDWêFKWRSROtþNDFKMHQiKRGQHUR]KiG]DQêFK1679ãWYRUFRYQiKRGQêFKIDULHEY\NUHVOHQp]QDNPL
±]U{]Q\FKIDULHE]YRĐWHVDPL
ƔSURJUDPVLQiKRGQHY\JHQHUXMHSRVWXSQRVĢGĎåN\13267WêFKWRãWYRUFRYSULþRPãWYRUFHVDYQHMP{åX
RSDNRYDĢW~WRSRVWXSQRVĢKUiþRYLSUHGYHGLHDMHKR~ORKRXMXEXGHNOLNDQtPP\ãRX]RSDNRYDĢ
ƔSRVWXSQRVĢSURJUDPQHSUHGYHGLHQDUD]FHO~DOHQDMSUYOHQSUYêSUYRN]QHMDDNKUiþKR]RSDNRYDOGREUH
SUHGYHGLHSUYpGYDSUYN\DWć
ƔDNVDKUiþQLHNHG\SULRSDNRYDQtSRVWXSQRVWLSRSUHGYHGHQtSRþtWDþRPSRPêOLSRþtWDþMX]RSDNXMHD
QHSUHGĎåXMHSRVWXSQRVĢSRNLDĐMXKUiþVSUiYQHQH]RSDNXMH
ƔSRVWXSQRVĢVDSUHGYiG]DQDVOHGRYQêPVS{VRERPSUtVOXãQêãWYRUHFVD]YêUD]QtWêPåHVDSUHNUHVOtSOQêPL
ãWYRUFHURYQDNHMIDUE\YåG\KUDM~URYQDNpWyQ\
Ɣ DNVDKUiþRYLSRGDUt]RSDNRYDĢFHO~SRVWXSQRVĢSURJUDPKR]DWRSRFKYiOLQHMDNRXVSUiYRXDSRVWODþHQt
(6&NRQþt
1DStãWHSURJUDPNWRUêSRPRFRXV~ERUXVWURPW[WQDNUHVOtELQiUQ\VWURP1DSRVOHGQêFKYHWYiFKWRKRWRVWURPX±
OLVWRFKWMYHWY\NWRUpVDXåćDOHMQHUR]YHWYXM~VDY\WYRULDþHUYHQpIDUEDNRU\WQDþN\SUYN\WULHG\9HOD.RU
±MDEĎþNDVR]PHQHQêPREU\VRPXKROQtNRPVRVWUDQRXREU\VQDVWDYWHSRPRFRXPHWyG\=PHQ7YDUDV~
QDWRþHQpVPHURPQDGRO6WURPMHQDNUHVOHQê]HOHQRXKUXERXþLDURXD]DþtQDVDNUHVOLĢY
7H[WRYêV~ERUVWURPW[WREVDKXMHYNDåGRPULDGNXFHOpþtVODNWRUpSRSLVXM~MHGQXYHWYXVWURPXDMVXKODPLSUH
SRGVWURP\NWRUp]QHMY\FKiG]DM~3UYpþtVORR]QDþXMHKĎENXYHWY\ćDOãLHMHMGĎåNXDćDOãLHGYHþtVODGYDXKO\±
RGNORQRGPRPHQWiOQHKRVPHUXYĐDYRSUHĐDYêSRGVWURPDYSUDYRSUHSUDYêSRGVWURP$NV~REDXKO\QXORYp
R]QDþXMHWRåHGDQiYHWYDXåQHPićDOãtHSRGVWURP\DWHGDMHOLVWRPVWURPXY\JHQHUXMHVDWXMDEĎþNR$N
SRWUHEXMHPHY\NUHVOLĢYHWYXQHMDNHMKĎEN\WDNWUHEDYV~ERUHQiMVĢSUYêULDGRNWHMWR~URYQHNWRUêHãWHQHERO
SRXåLWê=UHMPHVLWUHEDSUHNDåG~~URYHĖSDPlWDĢNRĐNRULDGNRY]RV~ERUXVPHXåVSUDFRYDOL
9VWXSQêV~ERUQHPRGLILNXMWHDDQLVLKRQHQDþtWDYDMWHFHOêGRSDPlWL
3RY\NUHVOHQtFHOpKRVWURPXMDEĎþNDSRPDO\SRSDGDM~QD]HPSULEOLåQH\V~UDGQLFD
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPRNDPLKXSUHUXãLĢNOiYHVRP(6&
3ULHEHK]LPQpKRVHPHVWUD QRY
ƔQiYãWHYDSUHGQiãRN±QHSRYLQQi
ƔSRYLQQRVWL]FYLþHQt±ERGRYDQp
ƔRQH~þDVWLQHWUHEDRVSUDYHGOQHQLH
ƔQHH[PRåQRVĢQiKUDG\
9VWXSQêWHVWSUHIDQDWLNRYGiVD]tVNDĢPD[ERGRY
$UHåLPSUHIDQDWLNRYWMQDStVDOYVWXSQêWHVWDVSRĖQDERGRY]ERGRY
ƔDNQHGRVLDKQHDVSRĖERGRYWLHWRVLQHRGQiãDNXVN~ãNH
Ɣ]tVNDYDWêPWRERGRYNWRUpV~QXWQpQD]tVDQLH]iSRþWXY=6DNXVN~ãNHVL
RGQiãDYãHWN\ERG\NWRUpQDYVWXSQRPWHVWH]tVNDO
[ERGRY [
ƔćDOãLHERG\ãWXGHQW]tVNDYDWêPåHSULQHVLHQDSURJUDPRYDQêVHPHVWUiOQ\SURJUDP
\ERGRY \
ƔWDNWR]tVNDQêV~þHWERGRYVLãWXGHQWRGQiãD]RVHPHVWUD[\ ERGRY
%RVWDWQtãWXGHQWLQHStVDOLYVWXSQêWHVWDOHERQDĖRPQH]tVNDOLDVSRĖERGRY
[ERGRY [
Ɣ'20È&(Ò/2+<SULEOLåQHNDåGêGUXKêWêåGHĖPRåQR]tVNDĢPtQXVERG\
[ ['8
ƔćDOãLHERG\GRVWiYDãWXGHQW]D]iSRþWRYpSURJUDP\LQpDNWLYLW\
=iSRþHW
ƔEHU~VDERG\]DVHPHVWHU[\
ƔãWXGHQWNWRUê]tVNDOFH]VHPHVWHUPHQHMDNR[ERGRYQH]tVNDYD]iSRþHW
ƔãWXGHQWNWRUê]tVND]RVHPHVWUDERGRYP{åH]tVNDĢERG\NWRUpPXFKêEDM~GRQD
]iSRþWRYHMStVRPNH]tVNDYD]iSRþHWYQiKUDGQRPWHUPtQHNXVN~ãNHVLRGQiãDOHQERGRY
DMNHE\QDStVRPNHYLDF
ƔDNãWXGHQW]tVNDDVSRĖERGRY]tVNDYD]iSRþHWYULDGQRPWHUPtQHDYãHWN\ERG\VLRGQiãDNX
VN~ãNH
ƔN]tVNDQLX]iSRþWXMHQXWQpRGRY]GDQLH]iSRþWRYêFKSURJUDPRYDOHERVHPHVWUiOQHKRSURJUDPX
DNãWXGHQWSDWULOGRNDWHJyULH$
6N~ãND
ƔPRåQREXGHSUHGWHUPtQ
ƔWHUPtQ\VN~ãRNWêåGQHSUHG]DþLDWNRPVN~ãNRYpKRREGRELD
ƔWHUPtQ\
ƔPiWHQiURNQDULDGQ\WHUPtQDNQHXVSHMHWHWDNRSUDYQêWHUPtQOHQGRNRQFD
VN~ãREQpKR
ƔRSUDYQêWHUPtQDNGiY\XþXM~FL±YSURJUDPRYDQtWRQLHMH]Y\NRP
ƔRVSUDYHGOQLĢVD]QH~þDVWL]RVN~ãN\GRGQt
ƔSRGPLHQNRXNXVN~ãNHMH]tVNDQLH]iSRþWXDNQHPi]iSRþHWWDNVWUDWDWHUPtQX
ƔNERGRPNWRUpVLSULQLHVRO]RVHPHVWUD[\ ]tVNDYDćDOãLHSRþDVSULHEHKXVN~ãN\
RGODGHQLHSURJUDPRYQDSRþtWDþLSRERGRYSRYROHQêĢDKiN
ƔQDULDGQRPWHUPtQHWUHED]SUDNWLFNHMþDVWL]tVNDĢDVSRĖERGRYLQDNMH]QiPND
1(9<+29(/
± 1(9<+29(/
± '2%5(
± 9(ď0,'2%5(
±! 9é%251(
PRåQRVĢ]tVNDQLDHSVLORQRYHMSUpPLHNERGRP~SUDYDSURJUDPXULHãHQLHYãHREHFQHMãHM~ORK\
Ɣ
DSRGUHVSHSVLORQRYHMVWUDW\]DQH~SUDYX
URþQtN
ƔMHSUHYiVQiURþQHMãtDNRQDVOHGXM~FHOHERMHWRSUHFKRGQDLQêãWêOãW~GLD
ƔQH]tVNDQLH]iSRþWXQLHNHG\VWDþt]RSiUDEVHQFLtYlþãLQRX]QDPHQiXNRQþHQLHãW~GLDPRåQRVL
RSlĢSRGDĢSULKOiãNXQD0))
ƔQHVSUDYHQLHGHNDQVNHMVN~ãN\DOHERYLDFDNRQHXUREHQpRSUDYQpWHUPtQ\WLHå]QDPHQi
XNRQþHQLHãW~GLD]URþQtNDVD]YlþãDQHGRSRUXþXMHSUHV~YDĢGRY\ããLHKRDQLRSDNRYDĢURþQtN
.RU\WQDþLDJUDILND±P{MSUYêSURJUDP QRY
2NUHPREVDKXSURJUDPXVLYãtPDMPHDMNUDVRSLVSURJUDPXRGVDG]RYDQLHMHGQRWOLYêFKþDVWtSURJUDPX
LFKYQiUDQLHGRVHEDSRPHQRYiYDQLHSUHPHQQêFKDNRQãWiQWWDNDE\VPHYHGHOLþRNWRUi]QDPHQiDM
SRXSO\QXWtQHMDNpKRþDVX
SURJUDPWHVW
XVHV.RU8QLW
YDUNNRU
EHJLQ
NLQLW
NXND]
FDNDMNODYHV
HQG
7HQWRSURJUDPY\WYRUtNRU\WQDþNX]REUD]tMXQDREUD]RYNHDþDNiQDVWODþHQLHĐXERYRĐQpKRNOiYHVX
3URJUDPMHQDStVDQêYãWDQGDUGQRP3DVFDOH9V~þDVQRVWLQDSRþtWDþRFKQiMGHWH7XUER3DVFDODOHER
SUtSDGQH%RUODQG3DVFDO
3UYiþDVĢ
SURJUDPWHVW
ƔKODYLþNDSURJUDPXQHSRYLQQiþDVĢY7XUER3DVFDOH
ƔREVDKXMHUH]HUYRYDQpVORYRSURJUDPDQi]RYSURJUDPXNWRUêVLSURJUDPiWRU]YROLOWHVW
ƔP\KODYLþNXSURJUDPXSRXåtYDĢQHEXGHPH
'UXKiþDVĢ
XVHV.RU8QLW
YDUNNRU
GHNODUiFLHSURJUDPX
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
]R]QDPSRXåLWêFKUR]ãtUHQtSURJUDPRYiMHGQRWND.RU8QLW
DSRSLVSUHPHQQêFKWMGHNODUiFLHSUHPHQQêFK
ƔYGHNODUiFLLSUHPHQQêFKVD]DþtQDVORYtþNRPYDUDV~YQHMQi]Y\YãHWNêFKSUHPHQQêFKNWRUp
SURJUDPSRWUHEXMHSRþDVVYRMKREHKX
ƔPHQiSUHPHQQêFKVDQD]êYDM~LGHQWLILNiWRU\
,GHQWLILNiWRU
ƔPiĐXERYRĐQ~GĎåNXYê]QDPQêFKMHOHQSUYêFK]QDNRY
ƔPXVt]DþtQDĢStVPHQRPDOHERSRGþLDUNRYQtNRPSRWRPP{åXQDVOHGRYDĢStVPHQiDQJOLFNHM
DEHFHG\þtVOLFHDOHERSRGþLDUNRYQtN
Ɣ7XUER3DVFDOQHUR]OLãXMHPDOpDYHĐNpStVPHQi
ƔYQDãRPSURJUDPHPiPHMHGLQ~SUHPHQQ~NNWRUHMW\SMHNRU
ƔY3DVFDOHPXVtE\ĢNDåGiSUHPHQQiNWRU~FKFHPHSRXåtYDĢYSURJUDPHSRStVDQiYGHNODUiFLiFK
SULþRPPXVtPDĢXUþHQêVYRMW\S
ƔW\SNRUMHQRYêW\SGHILQRYDQêYSURJUDPRYHMMHGQRWNH.RU8QLWR]QDþXMHåHSUHPHQQiNMH
NRU\WQDþNDDMHWRYêQLPRþQiSUHPHQQiRSURWLEHåQêPSUHPHQQêP±QDXþtPHVDQHVN{U
7UHWLDþDVĢ
EHJLQ
SUtND]\SURJUDPX
HQG
ƔWiWRþDVĢSURJUDPXREVDKXMHSUtND]\NWRUpYHG~NULHãHQLXQHMDNpKRSUREOpPXYWRPWRSUtSDGH
Y\WYRUHQLHD]REUD]HQLHNRU\WQDþN\
ƔSUtND]\VDY\NRQiYDM~MHGHQ]DGUXKêPWDNDNRV~]DStVDQpPHG]LVORYDPLEHJLQDHQG
ƔSUtND]\V~QDY]iMRPRGGHOHQp]QDNRP
.RU\WQDþND
.RU\WQDþNDMHãSHFLiOQHJUDILFNpSHURNWRUpVDSRK\EXMHSRJUDILFNHMSORFKHDP{åH]DVHERX
]DQHFKiYDĢVWRSXþLDU\3UHPHQQiW\SXNRU\WQDþNDJUDILFNpSHURREVDKXMHQHMDNpLQIRUPiFLHR
VYRMRPVWDYHNGHVRPYURYLQHDNRVRPQDWRþHQiDNRXIDUERXEXGHPNUHVOLĢþLMHPDYLGLHĢDSRG
D]DURYHĖYLHNRU\WQDþNDUHDJRYDĢSRVO~FKDĢQDQHMDNpSUtND]\SRYHO\SRPRFRXNWRUêFKMXYODVWQH
ULDGLPH
.RU\WQDþNDPiQLHNRĐNRSUHGGHILQRYDQêFKSUtND]RYDQHVN{UVDQDXþtPHGHILQRYDĢQRYp=DWLDĐVL
XYHGLHPHQDMG{OHåLWHMãLHQHVN{UćDOãLH
,QLW[\XKRO
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
QDSR]tFLL[\VDY\WYRUtNRU\WQDþNDVRVPHURPXKRO
GHIDXOWMHVNU\WiVRVSXVWHQêPþLHUQ\PWHQNêPSHURP
XKO\V~YVWXSĖRFKP{åXE\ĢDMQLHFHOpþtVOD
XKROMHQDVHYHURVWDWQpXKO\VDXUþXM~YVPHUHRWiþDQLDKRGUXþLþLHN
[D\QHPXVLDE\ĢFHOpþtVODSR]RUPD[
Ɣ'RSUHGXGĎåNDBNURNX
QHPXVtE\ĢFHOpþtVOR
Ɣ9SUDYRXKRO
XKO\V~YVWXSĖRFK
NRU\WQDþNDVDRWRþtRXKROYSUDYR
Ɣ9ODYRXKRO
Ɣ=PHQ6PHUXKRO
NRU\WQDþNDQDVWDYtVYRMVPHUQDKRGQRWXXKRO
Ɣ3+
SHURKRUH
Ɣ3'
SHURGROH
Ɣ=PHQ;<[\
DNMHSHURGROHWDNVDNUHVOtþLDUD
Ɣ3UHVXQ;<[\
QHQDNUHVOtþLDUXDMNHćMHSHURGROX
Ɣ8ND]
NRU\WQDþNDVD]REUD]XMH]HOHQêPURYQRUDPHQQêPWURMXKROQtNRP
QHVN{UVDQDXþtPHPHQLĢMHMWYDUDMIDUEX
Ɣ6NU\
Ɣ=PHQ)3IDUED
þtVORþLHUQDPRGUi]HOHQiåOWiELHOD
MHGREUpXURELĢVLWDEXĐNXĢDKiN
Ɣ=PHQ+3KU~END
þtVORDOHER
3RXåtYDM~VDWDNåHVD]DPHQRNRU\WQDþN\Gi
D]DĖXVDGiPHQRSUtND]XSUtSDGQHSDUDPHWUH±
DULWPHWLFNpYêUD]\9HĐNpStVPHQiYQi]YRFKV~OHQSUHþLWDWHĐQRVĢ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
*UDILFNiSORFKD
ƔPiYHĐNRVĢ[
ƔVWUHGV~UDGQHMV~VWDY\MHYVWUHGHREUD]RYN\[RYiMHSULEOLåQH±D\RYi±
VPHU\DNRYPDWHPDWLNH
ĆDOãLHSUtND]\QLHV~WRSRYHO\NRU\WQDþN\DOHMXRYSO\YĖXM~QHStãXVDVPHQRPNRU\WQDþN\D
ƔSUHGGHNODURYDQiSUHPHQQiNURNXMORJLFNiKRGQRWDSUHPHQQi]DSQHY\SQHNURNRYDFtUHåLP
ƔSURFHG~UD=PD]NRU\WQDþNDPXVtE\ĢVNU\Wi
ƔSURFHG~UD&DNDM.ODYHV
3UHIHVLRQiOQLSDVFDOLVWLV~FLWOLYtQDQDIRUPiWRYDQLHVYRMLFKSURJUDPRYDãNDUHGpIRUPiWRYDQLHSRYDåXM~
]D~P\VHOQ~SURYRNiFLXQDSUSUHNODGDþX3DVFDOMHMHGQRþLSUYiXNiåNDY\]HUiWDNWR
XVHV.RU8QLW
YDUN
NRUEHJLQN
LQLW
N
XND]FDNDMNODYHVHQG
ĆDOãtSUtNODG
XVHV.RU8QLW
YDUNNRU
SLQWHJHU
EHJLQ
NLQLW
NXND]
S
NGRSUHGXSNYSUDYR
NGRSUHGXSGLY
FDNDMNODYHV
HQG
ƔSMHFHORþtVHOQiSUHPHQQiLQWHJHU
ƔP{åHPHVLMXSUHGVWDYLĢDNRQHMDN~ãNDWXĐNXVQHMDNêPPHQRPYNWRUHMP{åHE\ĢQHMDNpFHOp
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
þtVOR
PHQRBSUHPHQQHM
ƔMHWRREODVĢSDPlWLSRþtWDþDYNWRUHMVDP{åXQDFKiG]DĢKRGQRW\SUHPHQQHMGDQpKRW\SXY
WRPWRSUtSDGHLQWHJHU
ƔKRGQRW\SUHPHQQêFKVDSRþDVSURJUDPXPHQLD
SURJUDPXVDPXVtQDFKiG]DĢYRYQ~WULLQWHUYDOXGDQpKRW\SXSUHPHQQêFK
ƔSUHW\SLQWHJHUWRMHELWRY
ƔRSHUiFLHNWRUpVDGDM~VSUHPHQQRXURELĢPXVLDE\ĢGHILQRYDQpQDWRPWRW\SH
ƔQDW\SHLQWHJHUV~GHILQRYDQpRSHUiFLH GLYPRG
❍V~]UHMPp]SRXåtYDQLDYPDWHPDWLNH
❍ MHPDWHPDWLFNpQiVREHQLH
❍RSHUiFLDGLY]QDPHQiFHORþtVHOQpGHOHQLH
GLY
❍PRG]QDPHQi]Y\ãRNSRFHORþtVHOQRPGHOHQt
PRG
ƔRNUHPW\SXLQWHJHUP{åHSRþtWDþSRXåtYDĢHãWHYLDFW\SRYSRYLHPHVLRQLFKQHVN{U
ýRVDVWDQHSRVSXVWHQtSURJUDPX"
ƔYSDPlWLSRþtWDþDVDY\KUDGtPLHVWRSUHYãHWN\SUHPHQQpMHGQDW\SXLQWHJHUGUXKiMH
NRU\WQDþND
ƔSUHPHQQpPDM~QD]DþLDWNXSURJUDPXQHGHILQRYDQpKRGQRW\R]QDþtPHLFK
"
ãNDWXOLHNQHMDNpKRGQRW\
ƔSRVWXSQHVDY\NRQiYDM~SUtND]\]WHODSURJUDPX
ƔSUtSDGQpDULWPHWLFNpYêUD]\VDY\KRGQRFXM~
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
XVHV.RU8QLW
FRQVWYHONRVW
YDUNNRU
EHJLQ
NLQLWNXND]
NGRSUHGXYHONRVW
NYODYR
NGRSUHGXYHONRVW
NYODYR
NGRSUHGXYHONRVW
FDNDMNODYHV
HQG
ƔSRXåLWLHNRQãWDQW\YSURJUDPHKRGQRWDNWRUiVDQHPHQtDMHSRPHQRYDQiLGHQWLILNiWRURP
ƔVSUHKĐDGĖXMHSURJUDPP{åHE\ĢþLWDWHĐQHMãtOHSãLHPRGLILNRYDWHĐQê
3UtND]F\NOX)25
9ãHREHFQH
IRUULDGLDFDBSUHPHQQi YêUD]WRYêUD]GRSUtND]
5LDGLDFDBSUHPHQQiSUHPHQQiSUHF\NOXVIRU
ƔSULUDGtVDMHMKRGQRWDDN~QDGRE~GDYêUD]
ƔYêUD]VDY\KRGQRWtQD]DþLDWNXF\NOX
ƔDNMHMHKRKRGQRWDPHQãLDDNRKRGQRWDYêUD]F\NOXVVDQHY\NRQi
ƔDNMHYêUD] YêUD]F\NOXVSUHEHKQHSUiYHUD]
ƔLQDNULDGLDFDBSUHPHQQiSUHFKiG]DUR]VDKRPKRGQ{WPHG]LYêUD]DYêUD]
ƔPXVtE\ĢRUGLQiOQHKRW\SX]DWLDĐSR]QiPHOHQFHORþtVHOQêRUGW\SLQWHJHU
ƔMHMKRGQRWXSURJUDPiWRUYSULHEHKXF\NOXQHVPLHPHQLĢWMQHVPLHE\ĢQDĐDYHMVWUDQHåLDGQHKR
SULUDćRYDFLHKRSUtND]XSRþDVSUHFKRGXIRUF\NOX
ƔSRVNRQþHQtF\NOXPiQHGHILQRYDQ~KRGQRWXR]QDþXMHPH
"
3R]QiPND3RVNRQþHQtF\NOXULDGLDFDSUHPHQQiQHPiKRGQRWXNWRU~QDGRE~GDYêUD]DQLåLDGQX
LQ~MHMSRGREQ~
SUtNODG\IRUF\NORY
Ɣ
IRUS WRGRNGRSUHGX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
SR]RUQDWRåHY3DVFDOHH[LVWXMHDMSUi]GQ\SUtND]QDSU
Ɣ
IRUS WRGRNGRSUHGX
❍NRU\WQDþNDSUHMGHOHQGĎåNX
ƔDNSRWUHEXMHPHY\NRQDĢYF\NOHYLDFSUtND]RYWDNPXVtPHSRXåLĢ]ORåHQêSUtND]RKUDQLþHQê
EHJLQHQG
ƔSURJUDPP{åHREVDKRYDĢDMNRPHQWiUHX]DYUHWpY^`
ƔYãLPQLPHVLSUHPHQQ~NURNXMNWRU~VPHQLNGHQHGHNODURYDOLDSULUDćXMHPHGRQHMPDJLFN~
KRGQRWXWUXH±WiWRWDMQiSUHPHQQiMHGHNODURYDQiYXQLWH.RU8QLWDNHćVDGRQHMSULUDGtWUXH
DOHERIDOVHWDN]DSQHY\SQHNURNRYDFtUHåLPNRU\WQDþtFKSUtND]RYQHVN{UVD]R]QiPLPHV
ORJLFNêPW\SRPNWRUêPiGYHKRGQRW\WUXHDIDOVH
XVHV.RU8QLW
YDUNNRU
LLQWHJHU
EHJLQ
NURNXM WUXH^]DSQHNURNRYDFtUHåLP`
NLQLWNXND]
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
FDNDMNODYHV
HQG
F\NO\P{åXE\ĢYQRUHQpQDSU
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
XVHV.RU8QLW
YDUNNRU
LMLQWHJHU
EHJLQ
NLQLWNXND]
IRUM WRGR
EHJLQ
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
NYSUDYR
HQG
FDNDMNODYHV
HQG
ƔYãLPQLPHVLIRUPiWRYDQLHSURJUDPRY
ƔXKO\DMGĎåN\QHPXVLDE\ĢFHOpþtVODKRFLVDNRU\WQDþNDQDREUD]RYNH]REUD]XMHYQHMDNRPUDVWUL
XVHV.RU8QLW
YDUNNRU
LMLQWHJHU
EHJLQ
NLQLWNXND]
IRUL WRGR
EHJLQ
IRUM WRGRNGRSUHGX
IRUM WRGRNYODYR
HQG
FDNDMNODYHV
HQG
9LDFNRU\WQDþLHN
YSURJUDPHP{åHPHSRXåLĢYLDFNRU\WQDþLHNQDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
XVHV.RU8QLW
YDUNNNRU
LLQWHJHU
EHJLQ
NURNXM WUXH
NLQLWNXND]
NLQLWNXND]
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
IRUL WRGR
EHJLQ
NGRSUHGX
NYODYR
HQG
FDNDMNODYHV
HQG
DOHERSDUDOHOQH
Ɣ
XVHV.RU8QLW
YDUNNNRU
LLQWHJHU
EHJLQ
NURNXM WUXH
NLQLWNXND]
NLQLWNXND]
IRUL WRGR
EHJLQ
NGRSUHGX
NGRSUHGX
NYODYR
NYSUDYR
HQG
FDNDMNODYHV
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
HQG
XVHV.RU8QLW
YDUNNNRU
LMLQWHJHU
EHJLQ
NLQLWNXND]
NLQLWNXND]
IRUL WRGR
EHJLQ
IRUM WRGR
EHJLQ
NGRSUHGX
NGRSUHGX
HQG
IRUM WRGR
EHJLQ
NYODYR
NYSUDYR
HQG
HQG
FDNDMNODYHV
HQG
ĆDOãLHSUtNODG\QDF\NO\±ãSLUiO\
XVHV.RU8QLW
YDUNNRU
GLQWHJHU
EHJLQ
NLQLWNXND]
IRUG WRGR
EHJLQ
NGRSUHGX
G
NYODYR
HQG
FDNDMNODYHV
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
DOHER
Ɣ
XVHV.RU8QLW
YDUNNRU
GLQWHJHU
EHJLQ
NLQLWNXND]
IRUG WRGR
EHJLQ
NGRSUHGX
NYSUDYRG^Y\VNXVDMWHNYSUDYRG`
HQG
FDNDMNODYHV
HQG
$E\VWHPRKOLSRXåtYDĢXQLW.RU8QLWWUHEDKRVWLDKQXĢ]
IWSIWSHGLIPSKXQLEDVN3DVFDO.RU8QLWSDV
DXPLHVWQLĢGRDGUHViUXNGHVDQDFKiG]DM~YDãHNRU\WQDþNRYpSURJUDP\SUHNRStUXMWHVHPDM
HJDYJDEJL]QLHNWRUpKRSDVFDORYVNpKRDGUHViUX
=KUQXWLH
3DVFDORYVNpSURJUDP\VDVNODGDM~]GHNODUiFLtY\PHQ~YDM~SRXåLWpSURJUDPRYpMHGQRWN\SRSLVXM~
SUHPHQQpDNRQãWDQW\NWRUpVDEXG~SRXåtYDĢD]WHODSURJUDPXSRVWXSQRVĢSUtND]RYPHG]LEHJLQD
HQGRGGHOHQpV~QDY]iMRP
.DåGiSUHPHQQiPXVtPDĢXUþHQêVYRMW\S=DWLDĐSR]QiPHFHORþtVHOQêLQWHJHUDNRU\WQDþNX
NRU
3R]QiPHSUtND]\
ƔSULUDćRYDFtQDSUS
ƔNRU\WQDþLHSUtND]\QDSUNGRSUHGX±YVNXWRþQRVWLV~WRSURFHG~U\XYLGtPHQHVN{U
ƔSUtND]F\NOX)25QDSUIRUL WRGR
Ɣ]ORåHQêSUtND]EHJLQHQG
ƔSUi]GQ\SUtND]QDSUEHJLQHQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1SFEOÈÝLB,PSZUOBǁJBHSBGJLB
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
2. Prednáška: Cyklus WHILE a procedúry
:+,/(F\NOXVSURFHG~U\ QRY
:+,/(F\NOXV
F\NOXVVSRGPLHQNRXQD]DþLDWNX
9ãHREHFQêWYDU
ZKLOHSRGPLHQNDGRSUtND]\
3RPLHQND
ƔORJLFNpRSHUiWRU\DQGRUQRW
QRW
GLYPRGDQG^MHUHiOQHGHOHQLH`
RU
! !!
ƔY\KRGQRFRYDQLHYêUD]RYVDNRQi]ĐDYDGRSUDYD
ƔSR]RUQDWRåHORJLFNpRSHUiFLHPDM~Y\ããLXSULRULWXDNRUHODþQpSUHWRMHFK\ED
XVHV.RU8QLW
YDUNNRU
GLQWHJHU
EHJLQ
NLQLWNXND]
G
ZKLOHGGR
EHJLQ
NGRSUHGXGNYODYR^Y\VN~ãDMWHSUHU{]QHXKO\`
G G
HQG
FDNDMNODYHV
HQG
XVHV.RU8QLW
YDUNNRU
GLQWHJHU
EHJLQ
NLQLWNXND]
G
FDNDMNODYHV
ZKLOHNY]GGR^Y]GMHSUHGGHILQRYDQiNRU\WQIXQNFLD
YUDFLDY]GLDOHQRVĢRGQHMDNpKRERGX[\`
EHJLQ
NGRSUHGXGNYODYR^Y\VN~ãDMWHSUHU{]QHXKO\`
G G
HQG
FDNDMNODYHV
HQG
3UHSLV)25GR:+,/(
0DMPHSURJUDP
IRUL WRGRNGRSUHGXL
3UHStãPHKRGRZKLOH
L ^LQLFLDOL]iFLD`
ZKLOHL GR
EHJLQ
NGRSUHGXL
L L^]PHQDSUHPHQQHMRGNWRUHM]iYLVtSRGPLHQND`
HQG
1iKRGQpSUHFKiG]N\
1HFKiPHNRU\WQDþNXGRQHNRQHþQDVDSUHFKiG]DĢSRREUD]RYNHQiKRGQHVDRWRþtRQHMDNêXKROD
Y\NURþtRQHMDN~NRQãWDQWQ~Y]GLDOHQRVĢ3RXåtYDPHãWDQGDUGQ~IXQNFLXUDQGRPþtVORNWRUi]DNDåGêP
YUiWLLQ~QiKRGQ~KRGQRWXRGDåSRþtVOR1HNRQHþQêF\NOXVUREtPHSRPRFRXVWiOHSUDYGLYpKR
ORJLFNpKRYêUD]XWUXHP{åHPHKRDOHXNRQþLĢNOiYHVRP(VF!
XVHV.RU8QLW
YDUNNRU
EHJLQ
NLQLW
ZKLOHWUXHGR
EHJLQ
NYSUDYRUDQGRP
NGRSUHGX
HQG
HQG
3RN~VLPHVDVWUiåLĢNRU\WQDþNXDE\QHY\ãOD]QHMDNHMREODVWLWMDNDMY\MGHWDNMXLKQHćYUiWLPHVSlĢ
3RXåLMHQRYêSUtND]YHWYHQLDLIPiGYDYDULDQW\]DWLDĐWHQMHGQRGXFKãt
LISRGPLHQNDWKHQSUtND]
SRGREQHDNRZKLOHDNMHSRGPLHQNDVSOQHQiY\NRQiVDYQRUHQêSUtND]DNMHKRGQRWDSRGPLHQN\
QHSUDYGDWDNVDYQRUHQêSUtND]QHY\NRQiDOHSUHVNRþt
XVHV.RU8QLW
YDUNNRU
EHJLQ
NLQLW
ZKLOHWUXHGR
EHJLQ
NYSUDYRUDQGRP
NGRSUHGX
LINY]G!WKHQNGRSUHGX
HQG
HQG
9\VN~ãDMWHVLQLHNRĐNRYDULDQWRYSRGPLHQN\DWUpQXMWHVLDMNRPELQiFLHSRGPLHQRNSRPRFRXORJLFNêFK
RSHUiWRURYDQGDRUWUHEDVLXYHGRPLĢåHSRGPLHQNDYWêFKWRSUtNODGRFKY\MDGUXMHåHNRU\WQDþND
RSXVWLODVWUiåHQ~REODVĢWMåHMH]OHDWUHEDVDYUiWLĢ
ƔNRVRãWYRUHF
LIDEVN[VXUDEVN\VXU!WKHQNGRSUHGX
ƔREGĎåQLNVRVWUDQDPLDDVWUHGRPY
LINY]G!DQGNY]G!DQGNY]G!
WKHQ
1'Ò
ƔPHVLDFDNRUR]GLHOGYRFKNUXåQtF
ƔVORYHQVNêGYRMNUtåDNR]MHGQRWHQLHWURFKREGĎåQLNRY
ƔHOLSVX
ƔSUHSURJUDPXMWHSUHGFKiG]DM~FHSUtNODG\WDNDE\NRU\WQDþNDQHY\VW~SLOD]RVWUiåHQHMREODVWLDWR
WDNåHVR]GYLKQXWêPSHURPRWHVWXMHNURNGRSUHGXDYUiWLVDVSlĢDNWREROR2.WDNVSUDYtNURN
VRVSXVWHQêPSHURPLQDNQHUREtQLþDSRN~ãDVDtVĢLQêPVPHURP
ƔQDSURJUDPXMWHSDUDOHOQHNRU\WQDþN\NDåGiQHFKPiVYRMXFKUiQHQ~REODVĢPRåXNUHVOLĢDM
LQRXIDUERX
ƔQDSURJUDPXMWHSDUDOHOQHNRU\WQDþN\Y\WYRUHQpYERGHVFKUiQHQRXREODVĢRXNUXKV
SRORPHURPSULþRPNDåGiPiKUXEpSHURVIDUEDPLåOWiPRGUiD]HOHQiDSRK\EXM~VD
NURNRPSUtS
3URFHG~U\SRGSURJUDP\
SRPHQRYDQLHQHMDNpKRDOJRULWPXQHMDNHMþDVWLSURJUDPXVPRåQRVĢRXY\YRODĢW~WRþDVĢSRPRFRX
SUtVOXãQpKRPHQD
3RPRFRXSRGSURJUDPRYP{åHPHULHãLĢSUREOpPMHKRUR]GHOHQtPQDSRG~ORK\!ULHãHQLH]KRUDQDGRO
ƔY3DVFDOHP{åXE\ĢSRGSURJUDP\
❍SURFHG~U\
❍IXQNFLH±YUiWLDQHMDN~KRGQRWX
ƔYLDFQiVREQHSRXåLWHĐQp
ƔUHNXU]LD^QHVN{U`
'HNODUiFLHSURFHG~U
SURFHGXUHPHQR
^ORNiOQHGHNODUiFLHSUHSURFHG~UXDNRSUHKODYQêSURJUDP`
EHJLQ
^WHORSURFHG~U\`
HQG
3UtNODGY\WYRUtPHSURFHG~UXQDNUHVOHQLHãWYRUFD±YãLPQLPHVLåHYDUNNRUPXVtE\ĢGHNODURYDQp
HãWHSUHGSURFHG~URXDE\WiWRPRKODSUDFRYDĢVNRU\WQDþNRX
XVHV.RU8QLW
YDUNNRU
SURFHGXUHVWYRUHF
YDULLQWHJHU
EHJLQ
IRUL WRGR
EHJLQNGRSUHGXNYSUDYRHQG
HQG
EHJLQ
NLQLWNXND]
VWYRUHF
NSUHVXQ[\
VWYRUHF
N]PHQ[\
VWYRUHF
FDNDMNODYHV
HQG
$NRSUDFXMHSRþtWDþSULYRODQtSURFHG~U\
WHMWRSURFHG~U\WM
]DSDPlWiVDQiYUDWRYiDGUHVDNDPVDEXGHWUHEDYUiWLĢ
Y\WYRULDVDORNiOQHSUHPHQQpSURFHG~U\VQHGHILQRYDQRXKRGQRWRX^QHVN{UDMIRUPiOQH
SDUDPHWUH`
SUHQHVLHVDULDGHQLHSURJUDPXGRWHODSRGSURJUDPX
Y\NRQDM~VDYãHWN\SUtND]\SRGSURJUDPX
]UXãLDVDORNiOQHSUHPHQQp
ULDGHQLHVDYUDWL]DPLHVWRYSURJUDPHRGNLDĐEROSRGSURJUDPYRODQê
SUH3DVFDOSODWt
ƔLQGHQWLILNiWRUVDP{åHSRXåtYDĢDåNHćEROGHNODURYDQê
ƔãWDQGDUGQpGHNODUiFLHãWDQGDUGQpW\S\IXQNFLHSRGSURJUDP\±V~GHILQRYDQpDNRNHE\HãWHSUHG
SURJUDPRP ~URYHĖ
ƔSUHGHILQRYDQLHMH]DNi]DQpQDWHMLVWHM~URYQLDOHSRYROHQpYRYQRUHQêFK~URYQLDFK
QDSUYDUUHDOLQWHJHU
ƔLGHQWLILNiWRUMHYLGLWHĐQêOHQQDVYRMHM~URYQLDQDYãHWNêFKYQRUHQêFK~URYQLDFKNGHQLHMH
SUHGHILQRYDQê
ƔGHILQRYDQpSURFHG~U\V~QDY\ããtFK~URYQLDFKDNRKODYQêSURJUDP±RQLYLGLDGHNODUiFLH
YGDQRPSURJUDPH
ƔQD~URYQLV~YãHWN\ãWDQGDUGQpLGHQWLILNiWRU\DXQLW.RU8QLWWHGDDMW\S.RUSUHPHQQi
.URNXMDSRG
ƔQD~URYQLMHSUHPHQQiNDSURFHG~UDVWYRUHF
ƔQD~URYQLMHORNiOQDSUHPHQQiL
)RUPiOQHSDUDPHWUH
SULYRODQtSRGSURJUDPXPXP{åHPHSRVODĢQHMDNpKRGQRW\DE\VPHQHPXVHOLU{]QHãSHFLDOLWN\
YDUMLQWHJHU^PRKROE\WRE\ĢDMLGHQWLILNiWRUL`
EHJLQ
NLQLW
^IRUM WRGRVWYRUHFM
`
M
ZKLOHM GR
EHJLQ
VWYRUHFM^KRGQRWDYêUD]XMMHVNXWRþQêSDUDPHWHU`
M M
HQG
FDNDMNODYHV
HQG
3RGSURJUDPP{åHPDĢDMYLDFSDUDPHWURYEXćURYQDNpKRDOHERU{]Q\FKW\SRY
XVHV.RU8QLW
YDUNNRU
SURFHGXUHSRO\QGXLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRQGR
EHJLQNGRSUHGXGNYSUDYRXHQG
HQG
EHJLQ
NLQLW
SRO\
FDNDMNODYHV
]PD]
SRO\
FDNDMNODYHV
]PD]
SRO\
FDNDMNODYHV
SRO\
FDNDMNODYHV
SRO\
FDNDMNODYHV
HQG
1'Ò
ƔQDStãWHSURFHG~UXGRPVSDUDPHWURPYHONRVWNWRUiQDNUHVOtGRPþHN]ORåHQêVRãWYRUFDD
URYQRVWUDQQpKRWURMXKROQtNDOHQSRPRFRXYRODQtSURFHG~U\SRO\åLDGQHGRSUHGXDQLRWiþDQLD
ƔQDStãWHGRPWDNDE\]DþDOYĐDYRPGROQRPURKXDVNRQþLOYSUDYRPGROQRPDSRPRFRXGRP
QDSURJUDPXMWHXOLFDNWRUiQDNUHVOtQQiKRGQHYHĐNêFKGRPRYYHGĐDVHED
Ɣ]DGHILQXMWHSURFHG~UXOXSHQNWRUiQDNUHVOtOXSLHQRN]ORåHQê]GYRFKãWYUĢNUXåQtF]DNUXåQLFX
P{åHPHSRYDåRYDĢQDSUSUDYLGHOQêXKROQtNDćDOHMSURFHG~UXNYHWNWRUiQDNUHVOtNYHW
]ORåHQê]QOXSLHQNRYQHMDNHMYHĐNRVWLDIDUE\
ĆDOHMEXGHPHSRWUHERYDĢURELĢSRO\DMSUHQLHFHOpKRGQRW\GĎåN\UHVSXKODQDSUSUHSUDYLGHĐQê
XKROQtN
0XVtPHWHGDSRXåtYDĢQRYêW\S±UHDO3DVFDOMHSUtVQHW\SRYêMD]\N
ƔNDåGiSUHPHQQiPXVtPDĢGRSUHGXXUþHQêVYRMW\SQHGiVDSRþDVEHKXPHQLĢ
ƔNDåGiRSHUiFLDSUDFXMHOHQVXUþLWêPW\SRPQDSUGLY
ƔH[LVXMHYêQLPNDDXWRPDWLFNiNRQYHU]LDLQWHJHU!UHDO
=KUĖPHGRWHUDMãLHSR]QDWN\RLQWHJHUDE\VPHOHSãLHSRFKRSLOLUHDO
,QWHJHU
ƔKRGQRW\V~]LQWHUYDOX
Ɣ]DEHUiE\WH ELWRYELW]QDPLHQNR
ƔGHILQRYQpV~DULPHWLFNpRSHUiFLH GLYPRGRELGYDRSHUDQG\V~FHOpþtVOD
ƔSULUDćRYFtSUtND]REDFHOp
ƔUHODþQp
ƔSUHGVXFFIXQNFLH
ƔLQFGHFSUtND]\
ƔãWDQGDUGQpIXQNFLHQDSUVTUDEV
ƔãHVWQiVWNRYpNRQãWDQW\H
5HDO
ƔþtVODY\MDGUHQpGHVDWLQQêP]iSLVRPDMVH[SRQHQWRP
ƔREVDKXMHGHVERGNXH[SRQHQW
ƔXNiåN\UHiOQ\FKþtVHO((
ƔSUHNDåGpþtVORQHYLHPHXUþLĢQDVOHGRYQpUHiOQHþtVOR
WMPHG]LDPRåQRH[LVWXMHþtVORQHPi]P\VHOQDVOHGRQtN
WMQHIXQJXMHSUHGDVXFF
ƔRSHUiFLHY\]HUDM~URYQDNRDOHV~WRLQpRSHUiFLHURELDVUHiOQ\PLþtVODPL
RED
RSHUDQG\V~UHiOQH
ƔDXWRPDWLFNiNRQYHU]LDNHćVDSULUHiOQHMRSHUiFLLY\VN\WQHFHORþtVOHQêRSHUDQGNRQYHUWXMHVDQD
UHiOQHþtVORQDSU
ƔDQDORJLFN\VUHODþQêPLDVSULUDGHQtPUHDO LQWHJHUDOHQLHLQWHJHU UHDO
ƔQHIXQJXMHDQLLQFGHF
ƔUHiOQHRSHUiFLHYHĐPLþDVWRPDM~FK\E\VS{VREHQpUHDOL]iFLRXYSRþtWDþL
ƔãWDQGDUGQpIXQNFLHQDSUVTUWVTUVLQFRVDEV
%RROHDQ
NRQãWDQW\SUHGHILQRYDQpLGHQWLILNiWRU\NRQãWDQW\WUXHIDOVHDNRSUHGWêPGHILQRYDQpQDãH
Ɣ
NRQãWDQW\
ƔYSDPlWL E\WH
ƔRSHUiFLHDQGRUQRW
ƔYãHWN\UHOiFLH]SUHGFKiG]DM~FLFKW\SRYLFKYêVOHGNRPMHORJLFNiKRGQRWD
ƔSUHFHGHQFLHRSHUiWRURY
QRWXQiUQDRSHUiFLD
GLYPRGDQGPXOWLSOLNDWtYQHRSHUiFLH
RUDGLWtYQH
!! ! UHODþQp
❍SUtNODG\
ƔSUHGVXFF
XVHV.RU8QLW
YDUNNRU
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
EHJLQ
NLQLW
IRUL WRGRSRO\LL^UHiOQHGHOHQLH`
FDNDMNODYHV
HQG
3UHPHQQpIRUPiOQHSDUDPHWUHWH[WRYê
UHåLP QRY
3UtNODGQDFLNFDNRYpþLDU\
XVHV.RU8QLW
YDUNNRU
SURFHGXUHGRSUHGXGUHDO
EHJLQ
NYSUDYR
ZKLOHG! GR
EHJLQ
NGRSUHGX
NYODYR
NGRSUHGX
NYSUDYR
NGRSUHGX
G G
HQG
NYODYR
NGRSUHGXG
HQG
SURFHGXUHSRO\QLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQGRSUHGXGNYSUDYRXGHFQHQG
HQG
EHJLQ
NLQLW
SRO\
FDNDMNODYHV
HQG
$MNRU\WQDþNDP{åHE\ĢSDUDPHWURP±SR]RUQHSUHVN~PDMWHVSUiYDQLHNRU\WQDþN\DNRIRUPiOQHKR
SDUDPHWUDP{åHEOEQ~ĢDNMHXNi]DQi
XVHV.RU8QLW
YDUNNRU
EHJLQ
NLQLW
SRO\N
FDNDMNODYHV
SRO\N
NXND]
FDNDMNODYHV
HQG
=GiVDåHWRIXQJXMHDGRNRQFDE\WRIXQJRYDORDMSUHYLDFNRU\WQDþLHN3RćPHDOHULHãLĢWDN~WR~ORKX
QDNUHVOtPHSUDYLGHĐQêXKROQtNSULþRPNDåG~VXVHGQêFKGYRMLFXVWUiQQDNUHVOtPHLQRXIDUERXSHUD
1DNUHVOHQLHGYRMLFHVWUiQSRXåLMHPHQDãHQRYpSRO\
XVHV.RU8QLW
SURFHGXUHSRO\NNRUQLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
NNRU
EHJLQ
NLQLW
IRUL WRGR
EHJLQ
N]PHQISL
SRO\N
HQG
NXND]^DE\VPHYLGHOLNGHNRU\WQDþNDVNRQþLOD`
FDNDMNODYHV
HQG
=GiVDåHWR]UD]XQHIXQJXMH7UHEDSRFKRSLĢþRVDVWDOR.DåGpYRODQLHSRO\Y\WYRUtORNiOQH
SUHPHQQpDSUHNRStUXMHSULUDGtGRQLFKKRGQRW\VNXWRþQêFKSDUDPHWURY7HGDQDFKYtĐXVDY\WYRUt
NySLDNRU\WQDþN\WiWRQDNUHVOtGYHþLDU\QHMDNRXIDUERXDULDGHQLHVDYUiWLGRKODYQpKRSURJUDPXNGH
VWiOHH[LVWXMHJOREiOQDNRU\WQDþNDNWRUiDOHVWiOHVWRMtQDVYRMRPS{YRGQRPPLHVWH
ýRWUHEDXURELĢDE\VDQHURELODNySLDNRU\WQDþN\GRORNiOQHMSUHPHQQHMDOHDE\SURFHG~UDSUDFRYDOD
SULDPRVRVNXWRþQêPSDUDPHWURP"
3DUDPHWUHU{]QHSUtVWXS\NLQIRUPiFLiPQDSUGLiU
ƔYODVWQtN]iSLVþtWDQLH
ƔVHNUHWiUNDSUtVWXSNGXSOLNiWXþtWDQLHPRGLILNiFLDNySLH
ƔVHNUHWiUNDOHQþtWDĢ
ƔRVWDWQtåLDGQ\SUtVWXS
7\S\SUtVWXSRYNLQIRUPiFLiP
Ɣ~SOQêþtWDQLH]iSLV
ƔOHQþtWDQLH
ƔOHQ]iSLV
Ɣ~SOQêSUtVWXSNGXSOLNiWX
ƔåLDGHQ
1HVN{UXYLGtPHãWDQGDUGQpSURFHG~U\QDYVWXSYêVWXS
QDSUSURFHG~UDUHDG[SUtVWXSNLQSXWQDþtWDQLH
NSUHPHQQHM[QD]iSLV
ZULWH[SUtVWXSNRXWSXWQD]iSLV
N[QDþtWDQLH
W\S\SDUDPHWURYY3DVFDOH
ƔSUtVWXSNGXSOLNiWXKRGQRWRYpSDUDPHWUHYRODQLHKRGQRWRXPDOLVPHGRWHUD]
Ɣ~SOQêSUtVWXSSUHPHQQpSDUDPHWUHYRODQLHDGUHVRX
ƔY\SRþtWDM~VDKRGQRW\VNXWRþQêFKSDUDPHWURYVNWRUêPLMHSURFHG~UDYRODQiYWRPWRSUtSDGH
N
ƔRGRY]GiVDULDGHQLHSURFHG~UHSULþRPVDSUHĖXY\WYRULDORNiOQHSUHPHQQpNQGXDGRWêFKWRVD
SULUDGLDKRGQRW\NWRUpVDSULYRODQtY\SRþtWDOL
$VLE\VDQiPQDPLHVWHNRU\WQDþNRYpKRSDUDPHWUDNYLDFKRGLO~SOQêSUtVWXSWMSUHPHQQêSDUDPHWHU
YRODQLHDGUHVRXOHERSRWRPE\WiWRSUHFHG~UDSUDFRYDODSULDPRVS{YRGQRXJOREiOQRXSUHPHQQRXN
6\QWDNWLFN\VDWRY3DVFDOH]DStãHUH]HUYRYDQêPVORYRPYDUSUHGSUtVOXãQêPSDUDPHWURP
XVHV.RU8QLW
SURFHGXUHSRO\YDUNNRUQLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
NNRU
EHJLQ
NLQLW
IRUL WRGR
EHJLQ
N]PHQISL
SRO\N
HQG
NXND]
FDNDMNODYHV
HQG
)XQJXMHWRDMSUHYLDFNRU\WQDþLHN
XVHV.RU8QLW
SURFHGXUHSRO\YDUNNRUQLQWHJHUGXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQNGRSUHGXGNYSUDYRXGHFQHQG
HQG
YDULLQWHJHU
NNNRU
EHJLQ
NLQLW
NLQLW
IRUL WRGR
EHJLQ
SRO\NL
SRO\NL
FDNDMNODYHV
HQG
HQG
=DP\VOLPHVDQDFKYtĐXQDGPHQDPLNRU\WQDþLHNYRYQ~WULSURFHG~U\SRO\IRUPiOQ\SDUDPHWHUNMH
SRþDVEHKXSURFHG~U\EXćNRU\WQDþNRXNDOHERNWMWiWRNRU\WQDþNDSRþDVEHKXSURFHG~U\PiQD
FKYtĐXU{]QHPHQiUHVSSUHPHQQêSDUDPHWHUYDUSDUDPHWHU]QDPHQiåHVNXWRþQêSDUDPHWHUPXVt
E\ĢSUHPHQQiGRVWDQHQDFKYtĐXDMQRYpPHQR±NRU\WQDþNDE\QDR]DMUHDJRYDODQDREHPHQD
ĆDOãtSUtNODGQHFKiPHGRQHNRQHþQDSDUDOHOQHREFKiG]DĢGYHNRU\WQDþN\GYDU{]QHNUXK\6~þDVQHV
QLPLVDWUHWLDNRU\WQDþNDEXGHVWiOHVQDåLĢE\ĢSUHVQHYVWUHGHPHG]LQLPLDNRNHE\ERODYVWUHGH
JXPHQHMQLWHNWRUiMHSULSHYQHQiQDWêFKWRGYRFKNRU\WQDþNiFK9\WYRUtPHVLSRPRFQ~SURFHG~UX
SRFLWDMBVWUHGGRNWRUHMSRãOHPHDNRSDUDPHWUHSUYpGYHNRU\WQDþN\DWiWRY\SRþtWDV~UDGQLFHVWUHGX
[\SUHWUHWLXNRU\WQDþNX$NEXG~[D\IRUPiOQHSDUDPHWUH]UHMPHWRPXVLDE\ĢSUHPHQQpSDUDPHWUH
SURFHGXUHSRFLWDMBVWUHGNNNRUYDU[\UHDO
EHJLQ
[ N[VXUN[VXU
\ N\VXUN\VXU
HQG
KODYQêSURJUDPP{åHY\]HUDĢ
YDUNNNNRU
[\UHDO
EHJLQ
NLQLWNXND]
NLQLWNXND]
SRFLWDMBVWUHGNN[\
NLQLW[\NXND]N]PHQIS
ZKLOHWUXHGR
EHJLQ
NGRSUHGXNGRSUHGX
NYSUDYRNYODYR
SRFLWDMBVWUHGNN[\
N]PHQ[\[\
HQG
HQG
$VLE\VPH]YOiGOLDMWDNpY\OHSãHQLHåHMHGQDNRU\WQDþNDFKRGtSRNUXKXDGUXKiSRãWYRUFLQDSU
YDUNNNNRU
[\UHDO
LLQWHJHU
EHJLQ
NLQLWNXND]
NLQLWNXND]
SRFLWDMBVWUHGNN[\
NLQLW[\NXND]N]PHQIS
ZKLOHWUXHGR
EHJLQ
IRUL WRGR^VN~VWHLQêSRþHWRSDNRYDQtQDSU`
EHJLQ
NGRSUHGXNGRSUHGX
NYODYR
SRFLWDMBVWUHGNN[\
N]PHQ[\[\
HQG
NYSUDYR^VN~VWHLQpXKO\DSRG`
HQG
HQG
3UiFDEH]NRU\WQDþLHN±WH[WRYêUHåLP
$NQHSRXåLMHPHQD]DþLDWNXQDãLFKSURJUDPRYXVHV.RU8QLWSURJUDPEXGHEHåDĢYWH[WRYRPUHåLPH
]UHMPHSRWRPQHP{åHSRXåtYDĢDQLNRU\WQDþN\WMP{åHPHGRWH[WRYHMREUD]RYN\ULDGNRYSR
]QDNRYY\SLVRYDĢU{]QHWH[W\REVDK\SUHPHQQêFKKRGQRW\YêUD]RYSUtSDGQHQDþLWiYDĢ]NOiYHVQLFH
U{]QH~GDMHQDSUUHiOQHþtVOD=iNODGQêPLSUtND]PLV~WRãSHFLiOQHãWDQGDUGQpSURFHG~U\QD
Y\SLVRYDQLHQDREUD]RYNXUHVSQDþtWDYDQLHKRGQ{WGRSUHPHQQêFK]NOiYHVQLFHV~ZULWHDUHDG
:ULWH
6NXWRþQêPSDUDPHWURPãWDQGDUGQHMSURFHG~U\ZULWHP{åHE\ĢEXć]QDNRYêUHĢD]HFX]DYUHWêY
DSRVWURIRFKDOHERQHMDNêYêUD]DMVDPRWQiSUHPHQQiMHYêUD]QHVN{UXYLGtPHåHDM]QDNRYêUHĐD]HFMH
YêUD]0\XåYLHPHåHIRUPiOQ\SDUDPHWHUMH]UHMPHRGRY]GiYDQêKRGQRWRXDQLHDGUHVRX
3UtNODG\
ZULWH
]QDNRY\UHWD]HF
ZULWH
ZULWHVTUW
$NWLHWRZULWHVSXVWtPH]DVHERXSUtVOXãQpKRGQRW\EXG~Y\StVDQpWHVQH]DVHERXWMQDSR]tFLLNXU]RUD
VDY\StãH
]QDNRY\UHWD]HF(
3URFHG~UDZULWHXPRåĖXMHSRVWXSQRVĢYLDFHUêFKYRODQt]DStVDĢ~VSRUQHMãLHDNRYLDFSDUDPHWURYQDSU
ZULWH
Y\SRFHW
DWLH]
ĆDOHMH[LVWXMHYDULDQWSURFHG~U\ZULWHSRPRFRXNWRUpKRP{åHPHSUHVXQ~ĢNXU]RUQD]DþLDWRNQRYpKR
ULDGNXSUtSVDQDMSUYDXWRPDWLFN\]DUROXMH
ZULWHOQ
$NMHZULWHOQYRODQêVQHMDNêPLSDUDPHWUDPLWDNWLHWRIXQJXM~DNRSUHZULWHD]DULDGNXMHVDDåSRLFK
Y\StVDQt
9êSLV]QDNRYêFKUHĢD]FRY
.RQãWDQW\]QDNRYpUHĢD]FHV~SRVWXSQRVWL]QDNRYX]DYUHWpYDSRVWURIRFK$NPiE\ĢDSRVWURIXYHGHQêY
]QDNRYRPUHĢD]FLPXVtE\Ģ]GYRMHQêQDSU
ZULWHOQ
7H[WV
DSRVWURIRP
$NSRWUHEXMHPHGR]QDNRYpKRUHĢD]FDSULGDĢ]QDNNWRUêVDQHGiVOXãQH]REUD]LĢP{åHPHSRXåLĢ]iSLV
SRPRFRX]QDNXþtVORUHSUH]HQWXMHMHGHQ]QDNV$6&,,NyGRPþtVORDSRWRPWDNêWR]QDNP{åHPH
SULOHSLĢNUHĢD]FX
ZULWHOQ
]QDNRY\
UHWD]HF
QRY\ULDGRN
âSHFLiOQDGYRMLFD]QDPHQiSUHFKRGQDQRYêULDGRNWHGDSUHVQHWRLVWpDNRZULWHOQ
3URFHG~UDZULWHXPRåĖXMHSRXåLĢDMIRUPiWRYDFLHSDUDPHWUH]DY\SLVRYDQêSDUDPHWHUXYHGLHPH
D
IRUPiWFHOpþtVORNWRUpR]QDþXMHQDDN~ãtUNXVDGDQiKRGQRWDPiY\StVDĢDGRWHMWRãtUN\VDQHMDNR
]DURYQiDOHERLQDNXSUDYt3UH]QDNRYpUHĢD]FHSODWtQDVOHGRYQp
ƔDNIRUPiWFKêEDDOHERMHWRWRþtVORPHQãLHDNRGĎåNDUHĢD]FDWDNVDIRUPiWLJQRUXMHDY\StãHVD
FHOêUHĢD]HF
ƔDNMHIRUPiWYlþãLHþtVORDNRGĎåNDUHĢD]FDWDNVDUHĢD]HF]ĐDYDGRSOQtPHG]HUDPLWDNDE\PDO
ãtUNXSUHVQêIRUPiWQDSU
ZULWHOQ
DEF
GHI
Y\StãH
DEFGHI
1DNUHVOLPHVLREYRGSUDYRXKOpKRURYQRUDPHQQpKRWURMXKROQtNDVRVWUDQRX1KYLH]GLþLHN
FRQVWQ
YDULLQWHJHU
EHJLQ
ZULWH
IRUL WRQGRZULWH
ZULWHOQ
IRUL QGRZQWRGRZULWHOQ
L
ZULWHOQ
HQG
9êSLVFHOêFKþtVHO
&HOpþtVODEH]IRUPiWRYDFLHKRSDUDPHWUDVDY\SLVXM~QDPLQLPiOQ\SRþHW]QDNRYQDSU
Y\StãH
Y\StãHSHNQH]DURYQDQ~WDEXĐNX
9êSLVUHiOQ\FKþtVHO
5HiOQHþtVODP{åXPDĢMHGQRDOHERGYHIRUPiWRYDFLHþtVODSULþRPDNMHXYHGHQpDMGUXKpWDNWRWR
R]QDþXMHSRþHWY\SLVRYDQêFKGHVDWLQQêFKFLILHUDYWHG\WRWRþtVOR3DVFDOY\StãHEH]H[SRQHQFLiOQHMþDVWL
LQDNMHYåG\Y\StVDQpYVHPLORJDULWPLFNRPWYDUH3UYpþtVORYåG\R]QDþXMHãtUNXY\SLVRYDQHMREODVWL
SULþRPRSlĢSODWtåHDNE\VDQH]PHVWLORWDNVDPLQLPiOQHUR]WLDKQH9\SLV\UHiOQ\FKþtVHOVLQDWUpQXMWH
VDPL
YDULLQWHJHU
EHJLQ
IRUL WRGR
ZULWHOQVLQLL
LVLQL
HQG
9êSLVORJLFNêFKKRGQ{W
/RJLFNpKRGQRW\758(D)$/6(VDY\SLVXM~URYQDNRDNRUHĢD]FH
758(
D
)$/6(
DWHGDQHPi
]P\VHODE\IRUPiWRYDFLHþtVORERORPHQãLHDNRUHVS1DSU
ZULWHOQ
5($'
âWDQGDUGQiSURFHG~UDUHDGVO~åLQDQDþtWDYDQLHQHMDNêFKKRGQ{W]DGDQêFKSRPRFRXNOiYHVQLFHGR
SUHPHQQêFKWMSULY\NRQiYDQtWHMWRSURFHG~U\VDYêSRþHWSR]DVWDYtDSRþtWDþRþDNiYDåHQDYVWXSHWM
NOiYHVPL]DGiPHQHMDNêWH[WDWHQWRRGRãOHPHXNRQþtPHNOiYHVRP(QWHU!3RWRPSURFHG~UDUHDG
WHQWRYVWXSUR]DQDO\]XMHDDNY\KRYXMHSUDYLGOiPSUHYVWXSQDSURþDNiYDVDFHOpþtVORDQDYVWXSHMH
QDR]DMFHOpþtVORWDNSUtVOXãQ~KRGQRWXSULUDGtGR]DGDQHMSUHPHQQHMLQDNSURJUDPVSDGQHVQHMDNRX
FK\ERYRXKOiãNRX9LGtPHåHIRUPiOQ\SDUDPHWHUSURFHG~U\UHDGPXVtE\ĢW\SXSUHPHQQêSDUDPHWHU
WMYDUSDUDPHWHUOHERSURFHG~UDEXGHPRGLILNRYDĢQHMDN~QDãXSUHPHQQ~
3RGREQHDNRSUHZULWHDMSUHUHDGH[LVWXMHãSHFLiOQ\YDULDQWUHDGOQNWRUê]QDPHQiåH]Y\ãRNYVWXSQpKR
ULDGNXVDLJQRUXMHDDNEXGHPHHãWHFKFLHĢQDþtWDĢQRYpKRGQRW\SRþtWDþEXGHþDNDĢQDYVWXS]
NOiYHVQLFH
=GRWHUD]]QiP\FKW\SRYYLH3DVFDOQDþtWDĢOHQGRþtVHOQêFKSUHPHQQêFKDQLNRU\WQDþNDDQLORJLFNêW\S
VDQDþtWDĢQHGDM~3ULþtWDQtþtVHOVDQDMSUYQDYVWXSHSUHVNRþLDYãHWN\PHG]HU\DRþDNiYDVDEXć
]QDPLHQNRDOHERQHMDNiFLIUD±RGWRKRWRPLHVWDVDVSUDFRYiYDþtVORDåSRNRQLHFULDGNXDOHERPHG]HUX
±ĐXERYRĐQêLQê]QDNMHFK\EDQDSUþLDUND
1DþtWDQLHFHOêFKþtVHO
YDUDEFGLQWHJHU
UHDGOQDEF
R]QDþXMHåHEXćGRMHGQpKRULDGNXQDStãHPHFHOpþtVODRGGHOHQpDVSRĖMHGQRXPHG]HURXDOHERLFK
UR]StãHPHGRYLDFHUêFKULDGNRY5HDGOQR]QDþXMHåHSRQDþtWDQtWêFKWRþtVHOVD]Y\ãRNULDGNX]DWUHWtP
þtVORPLJQRUXMHDMNHE\WDPERORãWYUWpþtVORDYRODOLE\VPHUHDGG
YDUQFLVORVXFHWLQWHJHU
EHJLQ
Q VXFHW FLVOR
ZKLOHFLVOR!GR
EHJLQ
UHDGFLVORLQFVXFHWFLVOR
LIFLVOR!WKHQLQFQ
HQG
LIQ WKHQZULWHOQ
1LFVDQH]DGDORQDYVWXSH
HOVHZULWHOQ
3ULHPHU
Q
FLVHO
VXFHWQ
HQG
1DþtWDQLHUHiOQ\FKþtVHO
7H[WRYpV~ERU\
7\S&+$5
ƔY3DVFDOHQLHV~åLDGQH]QDNRYpRSHUiFLHLEDUHOiFLH
ƔWUHEDVLSDPlWDĢ
$
%
=
D
E
]
Ɣ]QDNRYpIXQNFLHSUHGVXFFRUGFKUFKDU
ƔWUHEDVLSDPlWDĢ
❍RUG
RUG
RUG
DOHER
❍RUG
$
RUG
D
RUG
$
WM
$
D
ƔDNFREVDKXMH]QDNFLIU\
WDNRUGFRUG
FLIUDSRGREQHSUHStVPHQi
ƔSUtND]\LQFGHFIXQJXM~DMSUH]QDN\QDSUF
$
LQFF
ƔUHDGZULWH
Ɣ)25F\NOXVIXQJXMHOHERFKDUMHRUGLQiOQ\QDSU
IRUF
D
WR
]
GRZULWHF
DOHER
IRUF
=
GRZQWR
$
GR
EHJLQ
ZULWH
RUGFRUG
$
IRUG FWR
=
GRZULWHGZULWHOQ
HQG
ýtWDQLHGRNRQFDULDGNXHROQ
DOHER
3UtND]F\NOX 5(3($7
9ãHREHFQH
UHSHDWSUtND]\XQWLOSRGPLHQND
$NRSUHELHKDF\NOXVUHSHDW"
ƔY\NRQDM~VDSUtND]\WHORF\NOX
ƔY\KRGQRWtVDSRGPLHQNDF\NOX
ƔDNMH758(F\NOXVNRQþtDSRNUDþXMHVDSUtND]PL]DQtP
ƔDNMH)$/6(Y\NRQDM~VD]DVHYãHWN\SUtND]\WMF\NOXVUHSHDWNRQþtDNRQiKOH]DþQHSRGPLHQND
SODWLĢ
Ɣ]DVHMHQXWQpDE\SRGPLHQNDPDODãDQFXVN{UþLQHVN{UQDGREXGQ~ĢKRGQRWX758(LQDNMHWR
QHNRQHþQêF\NOXV
5R]GLHOPHG]LZKLOHDUHSHDW
ƔSUtND]\SULZKLOHVDQHPXVLDY\NRQDĢDQLUD]DOHSULUHSHDWVDY\NRQDM~DVSRĖUD]
ƔYãHWN\SUtND]\NWRUpV~PHG]LUHSHDWDNQHPXSULVO~FKDM~FHPXXQWLOVDYSULHEHKXNDåGpKRF\NOX
Y\NRQDM~ !QHWUHEDEHJLQHQG
ƔQHVN~VHQtSURJUDPiWRULURELDþDVWHMãLHFK\E\SULSRXåLWtUHSHDWDNRZKLOH
3RUR]PêãĐDMWHDNRSUHStVDĢZKLOHSRPRFXUHSHDWDRSDþQH
3UtNODG1DYVWXSHMH]DGDQiYHWDULDGRNWH[WXXNRQþHQê
1DStãWHSURJUDPNWRUê]LVWtSRþHWþtVOLFYWHMWR
YHWHYHWDMHDVSRĖVDPRWQi
YDUFKFKDU
SFLQWHJHU
EHJLQ
SF
UHSHDW
UHDGFK
LIFK!
DQGFK
WKHQSF SF
XQWLOFK
ZULWHOQ
3RFHWFLVOLF
SF
HQG
7H[WRYpV~ERU\ 7(;7
'HILQRYDQLH
YDUWWH[WW\SWH[WRYêV~ERU
ƔYãWDQGDUGQRP3DVFDOHMHOHQVHNYHQþQêSUtVWXSGRV~ERUXY7XUER3DVFDOHDMSULDP\XYLGtPHQHVMN{U
ƔVWH[WRYêPLV~ERUPLVDGiSUDFRYDĢOHQVHNYHQþQêPSUtVWXSRP
ƔPXVtVDUR]OLãRYDĢþL]RV~ERUXþtWDPHDOHERGRQHKR]DSLVXMHPH~GDMH
❍YVWXSQêV~ERUOHQþtWDĢSULSUDYHQpLQIRUPiFLH
❍YêVWXSQêV~ERUOHQ]DSLVRYDĢQDNRQLHFV~ERUX
❍GRWH[WRYpKRV~ERUXVDQHGiDM]DSLVRYDĢDMV~þDVQH]QHKRþtWDĢ
QDSRPRFQHMSDPlWLGLVNRYêV~ERU
Ɣ
YVWXSQRYêVWXSQp]DULDGHQLD
Ɣ
❍NOiYHVQLFDYVWXSQê
❍REUD]RYNDYêVWXSQê
❍WODþLDUHĖYêVWXSQê
2SHUiFLHVRV~ERUPL
ƔZULWH ]iSLVLQIRUPiFLHQDNRQLHFV~ERUX
ƔUHDG þtWDQLHQDVOHGXM~FHMKRGQRW\]RV~ERUX
3UtNODG
ZULWHRXWSXW
D
ZULWH
D
UHDGLQSXWFKUHDGFK
LQSXWDRXWSXW
ƔGYHSUHGGHILQRYDQpSUHPHQQp3DVFDOXDNRWH[WRYpV~ERU\
ƔV~ERUXRXWSXWMHãWDQGDUGQHSULUDGHQiREUD]RYND
ƔV~ERUXLQSXWSULUDGHQiNOiYHVQLFDWMDNRNHE\ERODGHNODUiFLD
YDULQSXWRXWSXWWH[W
1HMDNêV~ERU
YLGtPH YVNXWRþQRVWL
DE _D_E_HROQ!__F_G_H_HROQ!_I_
FGH Ç
I XND]RYDWHĐ
XND]RYDWHĐ SR]tFLDYV~ERUHQD]DþLDWNXQD]QDNXSRUHDGSRVXQR]QDN
DVVLJQV~ERURYiBSUHPHQQi
ãSHFLILNiFLDB]DULDGHQLDBDOHERBV~ERUX
2WYRUHQLHV~ERUX
3UtNODG0iPHWH[WRYêV~ERUPHG]HU\W[W0iPH]LVWLĢNRĐNRMHYĖRPPHG]LHU
YDUWWH[W
FFKDU
SRFHWLQWHJHU
EHJLQ
DVVLJQW
PHG]HU\W[W
UHVHWW
SRFHW
ZKLOHQRWHRIWGR
EHJLQ
UHDGWF
LIF
WKHQSRFHW SRFHW
HQG
ZULWHOQ
3RFHWPHG]LHUYVXERUH
SRFHW
HQG
3UtNODG9êSLVFHOpKRV~ERUXQDREUD]RYNX
YDUWWH[W
FFKDU
EHJLQ
DVVLJQW
Y\SLVW[W
UHVHWW
ZKLOHQRWHRIWGR
EHJLQ
ZKLOHQRWHROQWGR
EHJLQ
UHDGWFZULWHF
HQG
UHDGOQWZULWHOQ
HQG
HQG
9êVWXSGRV~ERUX^DMREUD]RYNDMHWH[WRYêV~ERU`
ƔZULWHV~ERURYiBSUHPHQQi]QDNRYiBNRQãWDQWD
ƔZULWHOQV~ERURYiBSUHPHQQiQDSR]tFLXQDNWRUHMVDQDFKiG]DSULYêSLVHGRV~ERUX]DStãH]QDþNX
HROQ!
ƔFORVHW]iSLV]QDþN\HRI!RGWHUD]VDXåQHGiVRV~ERURPPDQLSXORYDĢ
3UtNODG9\WYiUDQLHV~ERUXQDGLVNXSUHNRStUXMSURJUDPDQDKUDćPDOpStVPHQiLFKYHĐNêPLHNYLYDOHQWDPL
YDUWYWH[W
FFKDU
EHJLQ
DVVLJQW
Y\SLVSDV
UHVHWW
^SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDþtWDQLH`
DVVLJQY
YY\SLVSDV
UHZULWHY
^SULUDGHQLHYêVWXSQpKRV~ERUXDMHKRRWYRUHQLHQD]iSLV`
ZKLOHQRWHRIWGR
LIHROQWWKHQEHJLQUHDGOQWZULWHOQYHQG
HOVH
EHJLQ
UHDGWF
LIF!
D
DQGF
]
WKHQ
F FKURUGFRUG
D
RUG
$
^SUHUREHQLHPDOpKRStVPHQDQDYHĐNpF XSFDVHF`
ZULWHYF
HQG
FORVHY^QH]DEXGQLWH]DWYRULĢYêVWXSQêV~ERUOHERLQDNVDP{åHþDVĢ
LQIRUPiFLHYV~ERUHVWUDWLĢ`
HQG
6SUDFRYiYDQLHV~ERUXMHKRSUHNRStURYDQtPGRLQpKRV~ERUXSRSUtSDGHVQHMDNêPL~SUDYDPL
YDUIJWH[W^I]DVWXSXMHYVWXSQêV~ERU
JYêVWXSQêV~ERU`
FKFKDU^SUHPHQQiGRNWRUHMVDEXG~SRVWXSQHþtWDĢ]QDN\`
EHJLQ
ZKLOHQRWHRIIGR
EHJLQ
LIHROQIWKHQ
EHJLQ
UHDGOQI
^VSUDFXMNRQLHFULDGNX`
ZULWHOQJ
HQG
HOVH
EHJLQ
UHDGIFK^QDþtWDM]QDN]RV~ERUXI`
^VSUDFXM]QDNFK`
ZULWHJFK^]DStã]QDNGRV~ERUXJ`
HQG
HQG
FORVHJ
9\VN~ãDMWHVL
ZULWH
DEF
GH
ZULWH
DEF
GH
ZULWH
DEF
GH
ZULWH ZULWHOQ
1'Ò
ƔSRVWXSQRVĢPHG]LHUQDKUDćPHG]HURX
ƔY\KRćOHQPHG]HURYpULDGN\
ƔY\KRćPHG]HU\QDNRQFLULDGNRY
ƔSRVWXSQRVĢ]QDNRY
HQG
QDKUDć
3UtNODG
UHVHWDUHZULWHQDWHQLVWêI\]LFNêV~ERU
YDUIJWH[W
DVVLJQI
DSDV
UHVHWI
DVVLJQJ
DSDV
UHZULWHJ
QHSUHGYtGDWHĐQpU{]QHYHU]LH3DVFDOXUHDJXM~U{]QHP{åH]UXãLĢV~ERU
.RQLHFV~ERUX
ƔUHDGFKQDNRQFLV~ERUXYU{]Q\FK3DVFDORFKVDFKRYiLQDNSUHQiVSULNDåGRPþtWDQtPXVtPHE\Ģ
SUHVYHGþHQtåHQLHMHNRQLHFV~ERUX SUDYLGORVOXãQpKRSURJUDPRYDQLD±P\WRYURþQtNX
EXGHPHSRYDåRYDĢ]DYiåQXFK\EX
ƔSUREOpP\VUHSHDW
UHSHDW
UHDGIFK
ZULWHFK
XQWLOHRII
❍WMDNE\EROSUi]GQ\V~ERUVQDåtPHVDþtWDĢ]DNRQFRPV~ERUX
3UtNODG9V~ERUHFLVODW[WV~YULDGNXFHOpþtVOD1DStãWHSURJUDPNWRUê]LVWtPD[LPiOQH]QLFK
YDUIWH[W
FPLQWHJHU
EHJLQ
DVVLJQI
FLVODW[W
UHVHWI
^SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDþtWDQLH`
^UHDGOQIPSUHGþtWDQLHSUYHMKRGQRW\DNRPD[LPDþRDNMHV~ERUSUi]GQ\""
WMRSUDYDQD`
LIHRIIWKHQZULWHOQ
SUD]GQ\
HOVH
EHJLQ
UHDGOQIP
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIF
LIF!PWKHQP F
HQG
ZULWHOQ
PD[
P
HQG
HQG
3UtNODG9V~ERUHV~UHiOQHþtVODPiPH]LVWLĢSRþHWþtVHONWRUpPDM~KRGQRWXPHQãLXDNRMHSULHPHUYãHWNêFK
þtVHOYV~ERUH
YDUIWH[W
FVSUUHDO
SRFHWLQWHJHU
EHJLQ
DVVLJQI
FLVODW[W
UHVHWI
^SULUDGHQLHYVWXSQpKRV~ERUXDMHKRRWYRUHQLHQDþtWDQLH`
V SRFHW
ZKLOHQRWHRIIGR
EHJLQ
UHDG^OQ`IF
V VFLQFSRFHW
HQG
UHVHWI
^QDVWDYHQLHSR]tFLHQD]DþLDWRNV~ERUX`
SU VSRFHWSRFHW
^SRFHWXåQHSRWUHEXMHPH`
ZKLOHQRWHRIIGR
EHJLQ
UHDG^OQ`IF
LIFSUWKHQLQFSRFHW
HQG
ZULWHOQ
SRFHWSRGSULHPHUQ\FK
SRFHW
HQG
)XQNFLHSUtNODG\VRV~ERUPLDNRU\WQDþNDPL
0DMPHSURFHG~UXNWRUiYUDFLDSRPRFRXSDUDPHWUDPLQLPXP]GYRFKþtVHO
SURFHGXUHPLQDELQWHJHUYDUPLQWHJHU
EHJLQ
LIDEWKHQP DHOVHP E
HQG
DWHUD]DNRIXQNFLD
IXQFWLRQPLQDELQWHJHULQWHJHU
EHJLQ
LIDEWKHQPLQ DHOVHPLQ E
HQG
3UtNODG\
1DStãWHORJLFN~IXQNFLXNWRUiYUDFLDWUXHDNMHYVWXSQêSDUDPHWHUStVPHQRP
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSÓLMBEZTPTÞCPSNJBLPSZUOBǁLBNJ
]QDNSUHWH[WRYêV~ERU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSÓLMBEZTPTÞCPSNJBLPSZUOBǁLBNJ
ZKLOH]QDN
GR
^SUHVNDNRYDQLHYãHWNêFKPHG]LHUDNRQFRYULDGNRY`
)XQNFLDPRFQLQDFK\EQpULHãHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSÓLMBEZTPTÞCPSNJBLPSZUOBǁLBNJ
)XQNFLDY]G±Y]GLDOHQRVĢGYRFKNRU\WQDþLHN
ƔFHORþtVHOQ~IXQNFLXNWRUiSRþtWD16'GYRFKSULURG]HQêFKþtVHO(XNOLGRYêPDOJRULWPRP
ƔIXQNFLD]LVWtþLGDQpþtVORMHSUYRþtVR
WYDUST
ƔGYHSULURG]HQpþtVODVDQD]êYDM~SULDWHĐVNpDNMHNDåGp]QLFKURYQpV~þWXYãHWNêFKGHOLWHĐRYGUXKpKR
3UtNODG\QDWH[WRYpV~ERU\DNRU\WQDþN\
3RXåLMHPHQRYêSUtND]FDVHNWRUêSUHRUGLQiOQXKRGQRWX]DEH]SHþtY\NRQDQLHQHMDNHMYHWY\SRGĐDSUtVOXãQHM
NRQãWDQW\±YãHREHFQH
FDVHRUGLQiOQ\BYêUD]RI
NRQãWDQWDSUtND]
NRQãWDQWDSUtND]
^HOVHSUtND]\`
HQG
3UtNODGGDQêMHV~ERUYNWRURPV~SUtND]\SUHNRU\WQDþNXGOSþtVORQDSU
GSGSG
SULþRPStVPHQiDþtVODV~QDY]iMRPRGGHOHQpDVSRĖMHGQRXPHG]HURXDOHERQRYêPULDGNRP
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSÓLMBEZTPTÞCPSNJBLPSZUOBǁLBNJ
XVHV.RU8QLW
YDUWWH[W
NNRU
]FKDU
SLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UHVHWW
NLQLW
ZKLOHQRWHRIWGR
EHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]^P{åHPHWXSRXåLĢIXQNFLX]QDN`
LI]!
WKHQUHDGWS
FDVH]RI
G
NGRSUHGXS
S
NYSUDYRS
O
NYODYRS
HQG
HQG
FDNDMNODYHV
HQG
3UtNODGYV~ERUHV~VORYiGRSUHGXYSUDYRYODYRSKSG]NDåGpKRDVSRĖStVPHQi±]DQLHNWRUêPL
QDVOHGXMHþtVOR
XVHV.RU8QLW
YDUWWH[W
NNRU
]]]FKDU
SLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UHVHWW
NLQLW
ZKLOHQRWHRIWGR
EHJLQ
LIHROQWWKHQEHJLQUHDGOQW]
HQG
HOVHUHDGW]
LI]!
WKHQ
EHJLQ
UHDGW]] ]
ZKLOH]!
DQGQRWHROQWGRUHDGW]
LI]
G
DQG]
R
WKHQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSÓLMBEZTPTÞCPSNJBLPSZUOBǁLBNJ
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GR
EHJLQ
NGRSUHGXG
ZULWHOQWN[VXU
N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UHZULWHW
NLQLW
SRO\
IRUL WRGR
EHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSÓLMBEZTPTÞCPSNJBLPSZUOBǁLBNJ
FORVHW
FDNDMNODYHV
HQG
3UtNODGNRU\WQDþNDLQWHUSUHWXMHV~ERU]SUHGFKiG]DM~FHKRSUtNODGX
XVHV.RU8QLW
YDUWWH[W
NNRU
[\UHDO
EHJLQ
DVVLJQW
NRUW[W
UHVHWW
NLQLW
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQW[\
N]PHQ[\[\
HQG
FDNDMNODYHV
HQG
WRLVWpDOHGRV~ERUXVDXNODGDM~UHODWtYQHSRVXQ\NRU\WQDþN\
XVHV.RU8QLW
YDUWWH[W
NNRU
[\UHDO
SURFHGXUHSRO\QGXLQWHJHU
EHJLQ
ZKLOHQ!GR
EHJLQ
NGRSUHGXG
ZULWHOQWN[VXU[
N\VXU\
[ N[VXU\ N\VXU
NYSUDYRXGHFQ
HQG
HQG
YDULLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UHZULWHW
NLQLW[ N[VXU\ N\VXU
SRO\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
'VOLDJF
QSÓLMBEZTPTÞCPSNJBLPSZUOBǁLBNJ
IRUL WRGR
EHJLQ
SRO\NYSUDYR
SRO\NYSUDYR
NYSUDYR
HQG
FORVHW
FDNDMNODYHV
HQG
3UtNODGSUHGLQWHUSUHWRYDQtPY\JHQHUXMHPHNRU\WQDþNXQDQiKRGQ~SR]tFLXUDQGRPDXUþtPHQiKRGQ~
YHĐNRVĢREUi]NXUDQGRP
XVHV.RU8QLW
YDUWWH[W
NNRU
[\IUHDO
LLQWHJHU
EHJLQ
DVVLJQW
NRUW[W
UDQGRPL]H
IRUL WRGR
EHJLQ
UHVHWW
NLQLWUDQGRPUDQGRP
I UDQGRP
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQW[\
N]PHQ[\N[VXU[
IN\VXU\
I
HQG
HQG
FDNDMNODYHV
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVäÓWBUFǚPNEFGJOPWBOÏ
QPMJB
TUSJOH
7\S\SRXåtYDWHĐRPGHILQRYDQpSROLDVWULQJ
7\SLQWHUYDO
ƔSUHPHQQiNWRUiMHWRKWRW\SXP{åHQDGRE~GDĢOHQKRGQRW\]LQWHUYDOX
ƔQHSULDPDGHILQtFLD
YDU[
ƔSULDPDGHILQtFLDYRGVHNXGHILQtFLHW\SRY
W\SHLQWHUYDO
^↑LGHQWLILNiWRUBW\SX`
^↑SRSLVW\SX`
FHOH LQWHJHU
PDOH E\WH
PSLV
D
]
FLIU\
QLHNWRUpMHGQRGXFKpW\S\SUHGHILQRYDQpY3DVFDOH
Ɣ
W\SHLQWHJHU
E\WH
VKRUWLQW
ZRUG
FKDU
W\SHSROH DUUD\>W\SBLQGH[X@RIW\SBSUYNRY
YãHWN\SUYN\SRĐDV~URYQDNpKRW\SX SROHVDVNODGi]YHĐDMHGQRGXFKãtFKSUHPHQQêFK
Ɣ
WLHWRSUHPHQQpV~SUtVWXSQpFH]LQGH[VHOHNWRYDQLH
Ɣ
W\SBLQGH[XĐXERYRĐQêRUGLQiOQ\W\S
W\SBSUYNRYĐXERYRĐQêW\S
FHOiãWUXNW~UDPXVt]DEHUDĢPHQHMDNRN%
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVäÓWBUFǚPNEFGJOPWBOÏ
QPMJB
TUSJOH
DUUD\>LQWHJHU@RIE\WH]DEHUiSUHVQHN%WRMHXåSULYHĐD
DUUD\>E\WH@RILQWHJHUN%%
DUUD\>FKDU@RIERROHDQ
SRþHWSUYNRYSRĐDPXVtE\Ģ]QiP\SULNRPSLOiFLL
Ɣ
YãHWN\SUYN\SRĐDVDQHGDM~QDþtWDĢDQLY\StVDĢMHGLQêPUHDGZULWH
Ɣ
3UtNODG1DStãWHSURJUDPNWRUêRNDåGRPYVWXSQRPSUYNXY\StãHþLMHMHKRKRGQRWDQDGSULHPHURPDOHERSRG
SULHPHURPYãHWNêFKYVWXSQêFKSUYNRY
FRQVWPD[
W\SHLQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDUSSROH
LLQGH[
VLQWHJHU
EHJLQ
IRUL WRPD[GRUHDGS>L@
V
IRUL WRPD[GRLQFVS>L@
ZULWHOQ
3ULHPHU
VPD[
IRUL WRPD[GR
EHJLQ
ZULWHS>L@
LIS>L@VPD[WKHQZULWHOQ
32'
HOVHLIS>L@!VPD[WKHQZULWHOQ
1$'
HOVHZULWHOQ
35,(0(5
HQG
HQG
3ROLDDNRSDUDPHWUHSRGSURJUDPRY
3UtNODG1DStãWHSURFHG~UXSUHVXQNWRUiSUHV~YDSUYN\SRĐDEGRSRĐDD
W\SHLQGH[ PD[
SROH DUUD\>LQGH[@RILQWHJHU
YDU[\SROH
SURFHGXUHSUHVXQYDUDSROHESROH
EHJLQ^↑GHILQtFLDW\SXIRUPiOQ\FKSDUDPHWURY`
D E^PXVtE\ĢLGHQWLILNiWRUBW\SX`
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVäÓWBUFǚPNEFGJOPWBOÏ
QPMJB
TUSJOH
HQG
WUHEDVLXYHGRPLĢUR]GLHOPHG]LSUHPHQQêPDKRGQRWRYêPIRUPiOQ\PSDUDPHWURP
Ɣ
YRODQLH
Ɣ
SUHVXQ[\
1DStãHPHSURJUDPNWRUê
ƔQiKRGQHJHQHUXMHGRSRĐD;SUYN\]LQWHUYDOXPD[LPXP
ƔY\StãHSROH;
ƔSUHVXQLHSROH;GRSRĐD<Y\StãHSROH<
FRQVWPD[
W\SHSROH DUUD\>PD[@RILQWHJHU
SURFHGXUHY\UREBQDKRGQHYDUSSROHPD[LPBKRGQRWDLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRPD[GRS>L@ UDQGRPPD[LPBKRGQRWD
HQG
SURFHGXUHY\SLVSSROH
YDULLQWHJHU
EHJLQ
IRUL WRPD[GRZULWHS>L@
ZULWHOQ
HQG
SURFHGXUHSUHVXQYDUDSROHESROH
EHJLQ
D E
HQG
YDU[\SROH
EHJLQ
UDQGRPL]H
Y\UREBQDKRGQH[
Y\SLV[
SUHVXQ\[
Y\SLV\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVäÓWBUFǚPNEFGJOPWBOÏ
QPMJB
TUSJOH
UHDGOQ
HQG
&K\EQpSRXåLWLHSROt
SURFHGXUHDEDUUD\>@RIFKDU
↑QLHMHLGHQWLILNiWRU
SURFHGXUH[\
↑QLHMHLGHQWLILNiWRU
IXQFWLRQI]FKDUSROH
↑SROHQHVPLHE\ĢYêVOHGNRPIXQNFLH
3ROH]QDNRY
W\SHSROH DUUD\>@RIFKDU
^SROLD]QDNRYGR]QDNRYMHPRåQpY\StVDĢSRPRFRXZULWHOQ`
YDUVSROH
EHJLQ
V
DEFGHIJKLM
^SRYROHQpSULUDGHQLHSUHVQHMGĎåN\DNRMHGHNODURYDQiLQDN7\SHPLVPDWFKQDSUV
DEF
`
ZULWHOQV^SRYROHQêYêSLVSRPRFRXZULWHLGHQWLILNiWRU`
HQG
ƔSROH]QDNRYVDQHGiQDUD]FHOpQDþtWDĢSRPRFRXUHDG
ƔYêQLPNDSROHDUUD\>Q@RIFKDU3DVFDOFKiSHDNR1XOOWHUPLQDWHGVWULQJPXVtE\Ģ]DSQXWi
([WHQGHG6\QWD[WM^;`DSRWRPUHDGYLHQDþLWiYDĢVWULQJ\NWRUpDNV~NUDWãLHXNRQþLDVD
=QDNRYpUHĢD]FH
ãSHFLiOQ\]iSLV
Ɣ
VWULQJ>1@ DUUD\>1@RIFKDU
↑FHORþtVHOQiNRQãWDQWDR]QDþXM~FHPD[LPiOQXGĎåNXUHĢD]FD GĎåND 1
VWULQJ DUUD\>@RIFKDU
ƔYSUYNXVDXFKRYiYDPRPHQWiOQDGĎåNDDNR]QDNWM
Ɣ3DVFDOWDNpWRVWULQJ\LQWHUSUHWXMHãSHFLiOQ\PVS{VRERP
❍SUi]GQ\UHĢD]HFSUHYDUVVWULQJ>@
V
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVäÓWBUFǚPNEFGJOPWBOÏ
QPMJB
TUSJOH
QDSU
DEF
!
$%&
MDQD
MDQR
^OH[LNRJUDILFNpXVSRULDGDQLH`
❍]UHĢD]HQLHUHĢD]FRY
MHSRO\PRUIQêRSHUiWRU]iYLVtRGW\SXRSHUDQGRY«
QDSU
V
DEF
GHI
^V
DEFGHI
`
V
IRUL WRGRV V
^V
`
❍SULSULUDćRYDQt DNMHĐDYiVWUDQDNUDWãLDDNRSUDYiWDNVDUHĢD]HFRUHåH
QDSUV
DEFG
HIJK
LMNO
SUHVVWULQJ>@MHYêVOHGQpV
DEFGHIJKLM
QDSU
V FRS\
DEFGH
!V
EFG
V FRS\
DEFGH
!V
V FRS\
DEFGH
!V
FGH
L SRV
G
DEFGH
!L
L SRV
[
DEFGH
!L
L SRV
ED
DEDEDEDE
!L
3ROLDNRU\WQDþLHN
3UtNODG9\JHQHUXMH1NRU\WQDþLHNURYQRPHUQHQD[RYHMRVLVU{]Q\PLSRþLDWRþQêPLVPHUPLQDWRþHQLD
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVäÓWBUFǚPNEFGJOPWBOÏ
QPMJB
TUSJOH
XVHV.RU8QLW
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RINRU
EHJLQ
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
LQLW
LL
XND]
HQG
IRUM WRGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
FDNDMNODYHV
HQG
3R]QiPND
ƔQRYêSDVFDORYVNêSUtND]ZLWKYRYQ~WULNWRUpKRVDSUDFXMHVGDQRXNRU\WQDþNRX
ƔþRVDVWDQHDNVDQDY]iMRPSUHKRGLDGYDIRUF\NO\VLDM"
Ɣ]YOiGQHWRDMQDSUNRU\WQDþLHNDOHWUHEDLFK]DKXVWLĢLQLW
L
,QpSUtNODG\
XVHV.RU8QLW
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RINRU
EHJLQ
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
LQLW
LL
XND]SK
HQG
ZKLOHWUXHGR
IRUL WRQGR
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVäÓWBUFǚPNEFGJOPWBOÏ
QPMJB
TUSJOH
ZLWKN>L@GR
EHJLQ
GRSUHGXYSUDYR
HQG
FDNDMNODYHV
HQG
XVHV.RU8QLW
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RINRU
EHJLQ
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
LQLW
L
XND]SK
HQG
FDNDMNODYHV
ZKLOHWUXHGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXL^FKRGLDVR]GYLKQXWêPSHURP`
LIDEV\VXU!WKHQ
EHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
YSUDYR
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5ZQZQPVäÓWBUFǚPNEFGJOPWBOÏ
QPMJB
TUSJOH
XVHV.RU8QLW
FRQVWQ
YDULMLQWHJHU
NDUUD\>Q@RINRU
VDUUD\>Q@RIUHDO
EHJLQ
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
LQLW
L
XND]SK
V>L@ L
HQG
FDNDMNODYHV
ZKLOHWUXHGR
IRUL WRQGR
ZLWKN>L@GR
EHJLQ
GRSUHGXV>L@
LIDEV\VXU!WKHQ
EHJLQ
LI\VXU!WKHQ]PHQ;<[VXU\VXU
HOVH]PHQ;<[VXU\VXU
V>L@ V>L@^YSUDYR`
HQG
HQG
HQG
3R]QiPND
YãHWN\NRU\WQDþN\V~VWiOHQDWRþHQpQDVHYHUSUHWRVLYV>L@PXVtPHSDPlWDĢVPHUMD]G\
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
3RGSURJUDP\QDUHĢD]FRFK
3UtNODG1DStãWHSURJUDPNWRUê]LVWtSRþHWYãHWNêFKYêVN\WRYSRGUHĢD]FDYUHĢD]FL
YDUVSVWULQJ
LMSRFLQWHJHU
EHJLQ
SRF M
UHSHDW
L SRVSFRS\VM
LIL!WKHQEHJLQLQFSRFM MLHQG
XQWLOL
HQG
3UtNODG9ãHWN\YêVN\W\]QDNX
QDKUDć
UHSHDW
L SRV
V
LIL!WKHQV FRS\VL
FRS\VL
XQWLOL
1'Ò
Y\ULHãWHDMSUHSUtSDGåHYãHWN\YêVN\W\
VDQDKUDGLD
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
3R]QiPND
L OHQJWKVOHQJWKS
SURFHGXUHLQVHUWFRVWULQJYDUVVWULQJRGE\WH
EHJLQ
V FRS\VRGFRFRS\VRG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
SURFHGXUHVWUFLQWHJHUYDUVVWULQJ
YDU]QDPERROHDQ
EHJLQ
]QDP FLI]QDPWKHQF F
V
UHSHDW
V FKUFPRGRUG
V
F FGLY
XQWLOF
LI]QDPWKHQV
V
HQG
YDO
LRN!L RN SUHYRGEROYSRULDGNX
YDO
LRN!L "RN SR]tFLDYUHĢD]FLNGHERODFK\EDSULSUHYRGH
YDO
LRN!L "RN
YDO
LRN!L "RN
SURFHGXUHYDOVVWULQJYDULRNLQWHJHU
YDUSE\WH]QDPERROHDQ
EHJLQ
S L ]QDP V>@
LI]QDPWKHQS
ZKLOHS OHQJWKVDQGV>S@!
DQGV>S@
GR
EHJLQ
L L
RUGV>S@RUG
LQFS
HQG
LIS!OHQJWKVWKHQEHJLQRN LI]QDPWKHQL LHQG
HOVHRN S
HQG
1'Ò
SUHSURJUDPXMWHVWUDMYDODE\SUDFRYDOLSUHUHiOQHþtVOD
Ɣ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
3UtNODG=DNDåGê]QDNYUHĢD]FLSULGDM
5{]QHULHãHQLD
IXQFWLRQSULGDMVVWULQJVWULQJ^FK\EQpULHãHQLH`
YDULE\WH
EHJLQ
IRUL WROHQJWKVGRLQVHUW
VL
SULGDM V
HQG
IXQFWLRQSULGDMVVWULQJVWULQJ
YDULE\WH
EHJLQ
IRUL WROHQJWKVGRLQVHUW
V
L
SULGDM V
HQG
IXQFWLRQSULGDMVVWULQJVWULQJ
YDUSVWULQJ
LE\WH
EHJLQ
S
IRUL WROHQJWKVGRS SV>L@
SULGDM S
HQG
1'Ò
Ɣ1DStãWHIXQNFLX8S&DVH6WUNWRUiSUHUREtYUHĢD]FLPDOpStVPHQiQDYHĐNp
Ɣ1DStãWHSURFHG~UX&HQWHUNWRUiFHQWUXMHUHĢD]HFQDXGDQ~ãtUNX
SURFHGXUH&HQWHUYDUVVWULQJVLUNDE\WH
Ɣ1DStãWHIXQNFLXNWRUiSUHYVWXSQêUHĢD]HFVGYRPDVORYDPLRGGHOHQêPLPHG]HURXY\WYRUtUHĢD]HF
NWRUêPiWLHWRVORYiYRSDþQRPSRUDGtQDSUNUVWQpPHQRDSULH]YLVNR
9LDFUR]PHUQpSROLD
3UtNODG-HGDQpGYRMUR]PHUQpSROH]QDNRYNWRUpMHXå]DSOQHQp1DStãWHSURJUDPNWRUêSUHVXQLHSUYêULDGRN
GRGUXKpKRGUXKêGRWUHWLHKRDWćDåSRVOHGQêGRSUYpKRPRWLYiFLDURORYDQLHREUi]NXDNRYVYHWHOQêFK
QRYLQiFK
5LHãHQLHQDMSUYQHSHNQH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
YDUDDUUD\>@RIDUUD\>@RIFKDU
UDUUD\>@RIFKDU
LMLQWHJHU
EHJLQ
^]DSOQHQLHSRĐD`
IRUL WRGRU>L@ D>L@
IRUL GRZQWRGR
IRUM WRGR
D>LM@ D>LM@
IRUL WRGRD>L@ U>L@
DWHUD]SHNQH
W\SHULDGRN DUUD\>@RIFKDU
SROH DUUD\>@RIULDGRN
YDUDSROH
UULDGRN
LLQWHJHU
EHJLQ
U D>@
IRUL GRZQWRGRD>L@ D>L@
D>@ U
3UtNODG=LVWLWHþLMHGYRMUR]PHUQpSROHV\PHWULFNpSRGĐDKODYQHMGLDJRQiO\
5LHãHQLHQDMSUYãNDUHGR
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
FRQVW1
W\SHSROH DUUD\>11@RILQWHJHU
YDUDSROH
LMLQWHJHU
RNERROHDQ
EHJLQ
IRUL WR1GR^]DSOQHQLHSRĐD`
EHJLQ
IRUM WR1GRUHDGD>LM@^]DGiYDQLHþtVHO`
UHDGOQ
HQG
RN WUXH
IRUL WR1GR
IRUM WRLGR
LID>LM@!D>ML@WKHQ
EHJLQ
RN IDOVH
JRWRYRQ^MHWRDEVRO~WQH]DNi]DQp`
HQG
YRQ
LIQRWRNWKHQZULWH
1,(
ZULWHOQ
-(6<0(75,&.$
HQG
6SUiYQHULHãHQLH
RN WUXHL
ZKLOHRNDQGL 1GR
EHJLQ
M
ZKLOHRNDQGMLGR
EHJLQ
RN D>LM@ D>ML@
LQFM
HQG
LQFL
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
3UtNODG9GYRMUR]PHUQRPSROLMHQDSU]KYLH]GLþLHNQHMDNêREUi]RN1DStãWHSURJUDPNWRUêGiGRGUXKpKR
SRĐDWHQWRREUi]RNRWRþHQêRVWXSĖRY
FRQVW1
W\SHSROH DUUD\>11@RIFKDU
SURFHGXUHQDFLWDMYDUSSROH
YDULMLQWHJHU
EHJLQ
IRUL WR1GR
EHJLQ
IRUM WR1GRUHDGS>LM@
UHDGOQ
HQG
HQG
SURFHGXUHY\SLVYDUSSROH
YDULLQWHJHU
EHJLQ
ZULWHOQ
IRUL WR1GRZULWHOQS>L@
HQG
YDUDESROH
EHJLQ
QDFLWDMD
Y\SLVD
RWRFDE
Y\SLVE
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
1'Ò
EH]SRPRFQpKRSRĐD
Ɣ
3UtNODG1DStãWHSURJUDPNWRUê]LVĢXMHGĎåNXFHVW\YODE\ULQWH/DE\ULQWRPSUHFKiG]DPHOHQDNGYHPLHVWQRVWL
VXVHGQLDMHGQRXVSRORþQRXVWHQRX
FRQVW1
W\SHSROH DUUD\>11@RIERROHDQ
SURFHGXUHQDFLWDMYDUSSROH
YDULMLQWHJHU
FKFKDU
IWH[W
EHJLQ
DVVLJQI
ODEW[W
UHVHWI^QDþtWDYDQLH]RV~ERUX`
IRUL WR1GR
EHJLQ
IRUM WR1GR
EHJLQ
UHDGIFKS>LM@ FK
^YSUtSDGH
MHFHVWDYRĐQi`
HQG
UHDGOQI
HQG
HQG
SURFHGXUHY\SLVYDUSSROH
YDULMLQWHJHU
EHJLQ
ZULWHOQ
IRUL WR1GR
EHJLQ
IRUM WR1GR
LIS>LM@WKHQZULWH
HOVHZULWH^SOQê]QDN`
ZULWHOQ
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
GZRUG
EHJLQ
G L RG\M RG[
ZKLOHS>LM@GR
EHJLQ
S>LM@ IDOVHLQFG
Y\SLVS^DMVY\NUHVĐRYDQtPSULHEHKX`
LIM1DQGS>LM@WKHQLQFM
HOVHLIL1DQGS>LM@WKHQLQFL
HOVHLIM!DQGS>LM@WKHQGHFM
HOVHLIL!DQGS>LM@WKHQGHFL
HQG
GO]ND G
HQG
YDUOSROH
EHJLQ^KODYQêSURJUDP`
QDFLWDMO
Y\SLVO
ZULWHOQ
GO]ND
GO]NDO
HQG
1'Ò
ƔULHãWHKĐDGDQLHEH]PRGLILNiFLHSRĐDDMEH]SRPRFQpKRSRĐD
ƔQiMGHQ~FHVWXY\ERGNXMWH
3R]QiPND
SUHGSRNODGiPHåHMHY\SQXWpNRPSOHWQpY\KRGQRFRYDQLHERROHRYVNêFKYêUD]RYWMYRYãHWNêFKLI
Ɣ
RFKDNQLHMHVSOQHQiSUYiþDVĢSRGPLHQN\GUXKiVDQHY\KRGQRFXMH
3UtNODG5LDGHQLHNRU\WQDþN\YGLDOyJRYRPUHåLPH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
XVHV.RU8QLW
FRQVWQWDE
WDEDUUD\>QWDE@RIVWULQJ>@
GRSUHGX
YODYR
YSUDYR
SK
SG
]PHQIS
]PHQKS
YDUNU.RU
VVVVWULQJ>@
LSLQWHJHU
SURFHGXUHSUHSLVQVVWULQJ
EHJLQ
U]PHQISUSLV
"
V
B
V QV
U]PHQISUSLV
"
V
B
HQG
EHJLQ
NLQLWNXND]
ULQLW
V
UHSHDW
SUHSLV
UHSHDW
FDNDMNODYHV
LINODYHV WKHQ^%DFN6SDFH!`
LIV!
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
]PHQKSS
HQG
XQWLOIDOVH
HQG
3URJUDPY\OHSãtPHQDVOHGRYQHSUiFXNRU\WQDþN\UNWRUi]DEH]SHþXMHQDþtWDQLHGLDOyJRYpKRULDGNX
SUHVXQLHPHGRIXQNFLHGLDORJDW~WRIXQNFLXSUHVXQLHPHGRV~ERUXGLDORJSDV
WH[WRYêV~ERUGLDORJSDV
IXQFWLRQGLDORJVWULQJ
YDUU.RU
VVWULQJ>@
SURFHGXUHSUHSLVQVVWULQJ
EHJLQ
U]PHQISUSLV
"
V
B
V QV
U]PHQISUSLV
"
V
B
HQG
EHJLQ
ULQLW
V
SUHSLV
UHSHDW
FDNDMNODYHV
LINODYHV WKHQ
LIV!
9KODYQRPSURJUDPHYORåtPHWHQWRV~ERUSRPRFRXGLUHNWtY\^LPHQRBV~ERUX`
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PEQSPHSBNZOBSFǬB[DPDIBWJBDSP[NFSOÏQPMJB
XVHV.RU8QLW^PXVLE\WQRYVLDYHU]LD`
^LGLDORJ`
FRQVWQWDE
WDEDUUD\>QWDE@RIVWULQJ>@
GRSUHGX
GR
YODYR
YO
YSUDYR
YS
SK
SG
]PHQIS
]PHQKS
YDUN.RU
VVVVWULQJ>@
LSLQWHJHU
EHJLQ
NLQLWNXND]
UHSHDW
V GLDORJ
L SRV
V
V FRS\VLV FRS\VL
LIV
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
Typ záznam - record
7\S]i]QDPUHFRUG
=i]QDP
ƔSROHQWLFDSRORåLHNNWRUpPXVLDE\ĢURYQDNpKRW\SX
Ɣ]i]QDPQWLFDSUHPHQQêFKQHPXVLDE\ĢURYQDNpKRW\SX
ƔSUtVWXSSRPRFRXPHQDSRORåN\VHOHNWRU
ƔVFHOêP]i]QDPRPQLHMHSRYROHQêDQLYVWXSDQLYêVWXSOHQSRSRORåNiFK
ƔSULUDGHQLHMHSRYROHQpOHQLGHQWLFNpKRW\SXDNRSUHSROLD
QDSU
W\SH]D]QDP UHFRUG
PHQRVWULQJ>@^E\WH`
URFQLN^E\WH`
SULHPHUUHDO^E\WH`
HQG
YDU]]D]QDP
EHJLQ
]PHQR
DEFG
]URFQLN
]SULHPHU
HQG
3UtNODGSRPRFRX]i]QDPXUHSUH]HQWXMHPHYHNWRUDNRGYRMLFXþtVHOV~UDGQtF
W\SHYHNWRU UHFRUG[\UHDOHQG
SURFHGXUHQDFLWDMYDUYYHNWRU
EHJLQ
ZULWH
=DGDMYHNWRU
UHDGOQY[Y\
HQG
SURFHGXUHY\SLVYYHNWRU
EHJLQ
ZULWHOQ
Y[
Y\
HQG
SURFHGXUHVXFHWXZYHNWRUYDUYYHNWRU
EHJLQ
Y[ X[Z[Y\ X\Z\
HQG
SURFHGXUHRWRFYDUYYHNWRUXKROUHDO
YDUXYHNWRU
EHJLQ
XKRO XKRO
SL^ãWDQGDUQiIXQNFLDYUiWLKRGQRWXSL`
X Y
Y[ FRVXKRO
X[VLQXKRO
X\
Y\ FRVXKRO
X\VLQXKRO
X[
HQG
YDUYYYYHNWRU
UUHDO
EHJLQ
QDFLWDMY
ZULWHOQ
GO]ND
GO]NDY
ZULWH
=DGDMXKRO
UHDGOQU
RWRFYU
Y\SLVY
ZULWHOQ
GO]ND
GO]NDY
HQG
1'Ò
XUREWHNRPSOHWQ~YHNWRURY~DULWPHWLNXSRVXQ\]YlþãRYDQLH]PHQãRYDQLHVNDOiUQ\V~þLQ]LVWHQLHXKOD
Ɣ
PHG]LGYRPDYHNWRUPLDSRG
3RVWXSQHEXGHPHULHãLĢWDNêWRSUtNODGYWH[WRYRPV~ERUHPiPH]DGDQpQHMDNpLQIRUPiFLHRPHVWiFKQD
PDSH=DWLDĐQiV]DXMtPDM~OHQSUYpWULKRGQRW\]NDåGpKRULDGNXDWRPHQRUHĢD]HFGR]QDNRYDV~UDGQLFH
[D\QDREUD]RYNH1DMSUYQDþtWDPHWLHWRLQIRUPiFLHGRSRĐD
FRQVWPD[
W\SHWPHQR VWULQJ>@
LQIR UHFRUG
PHQRWPHQR
[\LQWHJHU
HQG
SURFHGXUHFLWDMYDUWWH[WYDUSSLQIR
YDU]FKDU
EHJLQ
ZLWKSSGR
EHJLQ
PHQR
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
YDUSDUUD\>PD[@RILQIR
QLLQWHJHU
WWH[W
EHJLQ
DVVLJQW
PHVWDW[W
UHVHWWQ
ZKLOHQRWHRIWGR
EHJLQ
LQFQFLWDMWS>Q@
HQG
IRUL WRQGR
ZLWKS>L@GR
ZULWHOQL
PHQR
[
\
HQG
1'Ò
RNUHPPHQDDV~UDGQtFMHYNDåGRPULDGNXV~ERUXDMLQIRUPiFLDRSRþWHRE\YDWHĐRYDþtVHOQêNyGãWiWX
Ɣ
ĆDOãLD~ORKDQDREUD]RYNHY\WYRUtPHNRU\WQDþN\QDSR]tFLiFKPLHVWY\StãHPHNXQLPLFKPHQiDEXGHPH
RþDNiYDĢ]DGiYDQLHGYRMtFPLHVW±DNWREXG~NRUHNWQpPHQiWDNLFKVSRMtPHþLDURX
1DNRĐNREXGHPHćDOHMKĐDGDĢLQIRUPiFLHRPHVWHSRGĐDMHKRPHQDQDStãHPHVLSRPRFQ~IXQNFLXQDKĐDGDQLH
YUiWLEXćLQGH[GRSRĐDDOHERDNKRYSROLQHQiMGH
9\XåLMHPHSURFHG~UXGLDOyJ]SUHGFKiG]DM~FHMSUHGQiãN\NWRUiMH]DStVDQiYV~ERUHGLDORJSDV3RWRP
NRPSOHWQêSURJUDP
XVHV.RU8QLW
^LGLDORJ`
FRQVWPD[
W\SHWPHQR VWULQJ>@
LQIR UHFRUG
PHQRWPHQR
[\LQWHJHU
HQG
YDUSDUUD\>PD[@RILQIR
QLQWHJHU
SURFHGXUHFLWDMYDUWWH[WYDUSSLQIR
YDUWWH[W
NDUUD\>PD[@RINRU
LLLLQWHJHU
VVVVWULQJ
EHJLQ
DVVLJQW
PHVWDW[W
UHVHWWQ
ZKLOHQRWHRIWGR
EHJLQ
LQFQFLWDMWS>Q@
HQG
IRUL WRQGR
ZLWKN>L@S>L@GR
EHJLQ
LQLW[\XND]SLVPHQR
HQG
UHSHDW
V GLDORJ
L SRV
V
LIL!WKHQ
EHJLQ
L KODGDMFRS\VL
L KODGDMFRS\VL
LIL!DQGL!WKHQ
ZLWKN>L@GR
EHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
XQWLOIDOVH
HQG
XVHV.RU8QLW
^LGLDORJ`
FRQVWPD[
W\SHWPHQR VWULQJ>@
LQIR UHFRUG
PHQRWPHQR
[\LQWHJHU
HQG
WDEXOND UHFRUG
SRFHWPD[
SDUUD\>PD[@RILQIR
NDUUD\>PD[@RINRU
HQG
SURFHGXUHFLWDMYDUWWH[WYDUSSLQIR
YDU]FKDU
EHJLQ
ZLWKSSGR
EHJLQ
PHQR
UHDGW]
ZKLOH]!
GREHJLQPHQR PHQR]UHDGW]HQG
UHDGOQW[\
HQG
HQG
SURFHGXUH]DUDGYDUWDEWDEXONDSSLQIR
EHJLQ
ZLWKWDEGR
EHJLQ
LQFSRFHWS>SRFHW@ SS
HQG
HQG
KODGDM L
HQG
YDUWDEWDEXOND
WWH[W
LLLLQWHJHU
VVVVWULQJ
SSLQIR
EHJLQ
DVVLJQW
PHVWDW[W
UHVHWW
WDESRFHW ^LQLFLDOL]iFLDWDEXĐN\`
ZKLOHQRWHRIWGR
EHJLQ
FLWDMWSS]DUDGWDESS
HQG
IRUL WRWDESRFHWGRZLWKWDEN>L@S>L@GR
EHJLQ
LQLW[\XND]SLVPHQR
HQG
UHSHDW
V GLDORJ
L SRV
V
LIL!WKHQ
EHJLQ
L KODGDMWDEFRS\VL
L KODGDMWDEFRS\VL
LIL!DQGL!WKHQ
ZLWKWDEN>L@GR
EHJLQ
ZLWKS>L@GR]PHQ[\[\
ZLWKS>L@GR]PHQ[\[\
HQG
HQG
XQWLOIDOVH
HQG
-HYHĐPLG{OHåLWpVSUiYQHFKiSDĢDDMSRXåtYDĢSUtND]ZLWK
1'Ò
]i]QDPXLQIRWMY]i]QDPHLQIRSULEXGQHSRORåNDNNRUDWêPSUHNDåGpPHVWRPiPHSULSUDYHQ~
DMNRU\WQDþNX
9ćDOãRPVDV~VWUHćPHQDKĐDGDQLHLQIRUPiFLHYWDEXĐNH
1'Ò
$OJRULWPXVKĐDGDQLDP{åHPHY\OHSãLĢDNEXGHPHSUHGSRNODGDĢåHWDEXĐNDMHXWULHGHQiDEHFHGQHY]RVWXSQH
OH[LNRJUDILFN\
IXQFWLRQKODGDMYDUWDEWDEXONDPWPHQRLQWHJHU
YDULLQWHJHU
EHJLQ
L ZKLOHL WDESRFHWDQGWDES>L@PHQRPGRLQFL
LIL!WDESRFHWRUWDES>L@PHQR!PWKHQKODGDM
HOVHKODGDM L
HQG
DOHER
1'Ò
]LVWLWHDNREXGHY\KĐDGiYDĢKODGDMDN]QHMY\KRGtPHSRGþLDUNQXW~þDVĢ
Ɣ
3UHGSRNODGDOLVPHåHWDEXĐNDMHXWULHGHQi±P{åHPHRSUDYLĢSURFHG~UX]DUDćQDSUWDNWR
SURFHGXUH]DUDGYDUWDEWDEXONDSSLQIR
YDULLQWHJHU
EHJLQ
ZLWKWDEGR
EHJLQ
L SRFHW
ZKLOHL!DQGS>L@PHQR!SSPHQRGR
EHJLQS>L@ S>L@GHFLHQG
S>L@ SS
LQFSRFHW
HQG
HQG
YQ~WRUQêZKLOHF\NOXVUR]VXQLHSUYN\WDEXĐN\WDNDE\VDQRYiSRORåNDPRKOD]DVXQ~ĢQDVSUiYQHPLHVWR
1DXþtPHVDQRYêW\SDOJRULWPXY\KĐDGiYDQLDW]YELQiUQHY\KĐDGiYDQLH±SRGREQHDNRNHćKĐDGiPHY
WHOHIyQQRP]R]QDPH«WUHEDVL]DSDPlWDĢåHWRIXQJXMHOHQDNMHSROHWDEXĐNDXWULHGHQi
DOHER
1'Ò
ƔSRGREQHDNRSUHGWêPRWHVWXMWHSULHPHUQêþDVQiMGHQLDSUYNX
ƔSRN~VWHVDPDWHPDWLFN\Y\SRþtWDĢPD[LPiOQ\þDVQDQiMGHQLHUHVSQD]LVWHQLHåHVDWDPQHQDFKiG]D
ƔY\WYRUWHSURFHG~UXY\KRGNWRUiY\KRGt]WDEXĐN\GDQpPHVWR
ƔY\WYRUWHY\KRGNWRUiY\KRGt]WDEXĐN\YãHWN\PHVWiPHG]LPDP
ƔSUHSURJUDPXMWH]DUDGWDNDE\VSUiYQXSR]tFLXQRYpKRPHVWDQDãLHOSRPRFRXELQiUQHKRY\KĐDGiYDQLD
WMQDPHQHMSRURYQDQtDDåSRWRPWDEXĐNXUR]VXQXO
8QLW&UW±YLGHRSDPlĢ
XVHV&UW
Ɣ]QDPHQiSULEDOHQLHVDG\SRGSURJUDPRYQDSUiFXVREUD]RYNRX^XQLW`
Ɣ]QDN\QDREUD]RYNHPDM~SR]tFLHVWĎSHFULDGRNWM[\
9&UWXQLWHV~WLHWRSURFHG~U\
&OU6FU]PDåREUD]RYNX
'HO/LQH]PDåULDGRNQDNWRURPMHNXU]RUDRVWDWQpSRVXQRMHGHQULDGRNY\ããLH
,QV/LQHYVXĖQRYêULDGRNQDSR]tFLXQDNWRUHMMHNXU]RURVWDWQpULDGN\SRVXĖRMHGHQULDGRNQLåãLH
&OU(ROY\PDå]Y\ãRNULDGNXQDSUDYRRGV~þDVQHMSR]tFLHNXU]RUD
:KHUH;:KHUH<IXQNFLHNWRUpYUDFDM~KRGQRWXSR]tFLHNXU]RUDUHODWtYQHNRNQXQDSUJRWR[\ZKHUH[
ZKHUH\SRVXQNXU]RUDRMHGQXSR]tFLXYĐDYR
5HDG.H\±QDþtWDQLHMHGQpKR]QDNX]NOiYHVQLFHIXQNFLDYUDFLD]QDNPRåQRYRODĢDMDNRSURFHG~UX
YWHG\þDNiQDVWODþHQLHQHMDNpKRNOiYHVX
3UtNODG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
XVHV&UW
EHJLQ
ZULWHOQ
DEFGHIJK
ZULWHOQ
SJNGILHGI
ZULWHOQ
GIGINI
ZULWHOQ
JRWR[\ZKHUH[ZKHUH\
UHDGNH\
FOUHRO
JRWR[\ZKHUH\
UHDGNH\
GHOOLQH
JRWR[\ZKHUH\
UHDGNH\
LQVOLQH
HQG
3UiFDVIDUEDPL
ƔNDåGê]QDNREUD]RYN\PiQDVWDYHQ~VYRMXIDUEX
ƔIDUEDSHUDWM]QDNXNWRUêYLGtPHQDREUD]RYNH
ƔIDUEDSR]DGLDQDNWRURPMH]QDNQDStVDQê
ƔWH[WDWWUJOREiOQDSDVFDORYVNiSUHPHQQiXåSUHGGHNODURYDQiDNRYDUWH[WDWWUE\WH
❍MHM]PHQRXVDGiGRVLDKQXĢ]PHQDDMWH[WFRORUDMWH[WEDFNJURXQG
❍QD]DþLDWNXPiKRGQRWXãHGiIDUEDWH[WXþLHUQHSR]DGLH
❍QDSU
WH[WDWWU
↑IDUEDSR]DGLDUHG
↑IDUEDStVPDOLJKWJUHHQ
↑EOLNDQLHMHQDVWDYHQp
WH[WDWWU $ãHVWQiVWNRYR
3UtNODGGYDVWĎSFHGUXKêPiQDVWDYHQpEOLNDQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
IRUL WRGR
EHJLQ
WH[WFRORUL
ZULWH
DEFGHIJK
WH[WDWWU WH[WDWWU
ZULWHOQ
DEFGHIJK
HQG
3UtNODGFOUVFUGHOOLQHLQVOLQHFOUHROURELDVYRMXþLQQRVĢYDNWXiOQHMIDUEHSR]DGLDQDSU
FOUVFU
IRUL WRGR
EHJLQ
WH[WFRORUL
ZULWHOQ
[FYFYFYFY
WH[WEDFNJURXQGL
LQVOLQH
UHDGNH\
HQG
3UtNODGIDUHEQpREGĎåQLN\
IRUL WRGR
EHJLQ
ZLQGRZLLLL
WH[WEDFNJURXQGLPRG
FOUVFU
HQG
IRUL WRGR
EHJLQ
WH[WEDFNJURXQGLPRG
GHOOLQH
GHOD\
FOUVFU
HQG
3UiFDVNOiYHVQLFRXY&UW
UHDGQDþtWDYD]QDN\]NOiYHVQLFHSR(QWHU!GiYDHFKRQDREUD]RYNX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
5HDG.H\YUDFLD]QDNNWRUêEROVWODþHQêQDNOiYHVQLFLSRNLDĐQHERORQLþVWODþHQpþDNiQDVWODþHQLH
QLHþRKRQHUREtHFKR
.H\3UHVVHGORJLFNiIXQNFLDGiYDWUXHDNERORQLHþRVWODþHQp
ZKLOH.H\3UHVVHGGR5HDG.H\
3UtNODGY\SLVRYDQLHVWODþHQêFKNOiYHVRYNêPVDQLþQHVWODþtVWiOHY\SLVXMHWHQLVWê]QDN
]
ZKLOHWUXHGR
EHJLQ
LI.H\3UHVVHGWKHQ] 5HDG.H\
ZULWH]
HQG
Y\VN~ãDMWHDMFUWOStVPHQRGRVWiYDPHQDREUD]RYNXQDSU&WUO$&WUO%DSRG
3UtNODGDNR]LVWLĢKRGQRW\NWRUpMHGQRWOLYpNOiYHV\SRVLHODM~
XVHV&UW
EHJLQ
ZKLOHWUXHGRZULWHRUG5HDG.H\
HQG
3UtNODGFKFHPHRUiPLNRYDĢþDVĢREUD]RYN\RGĐDYpKRURKXVRV~UDGQLFDPL[\SRSUDYêURK[\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
IRUM \WR\GR
EHJLQ
*RWR;<[M
IRUL [WR[GR
LIL [DQGM \WKHQZULWH
^QDPLHVWRP{åHPHPHG]LDSRVWURI\]DStVDĢ]QDNNWRUêGRVWDQHPHVWODþHQtP$OW
þtVOLFQDQXPHULFNHMNOiYHVQLFL`
HOVHLIL [DQGM \WKHQZULWH
HOVHLIL [DQGM \WKHQZULWH
HOVHLIL [DQGM \WKHQZULWH
HOVHLIM \RUM \WKHQZULWH
HOVHLIL [RUL [WKHQZULWH
HOVHZULWH
HQG
3UtNODGþtVODYãHWNêFK]QDNRYY$6&,,WDEXĐNH]LVWtPHSURJUDPRP
IRUL WRGR
ZULWHFKUL
!
L
=YXN\WLHåV~V~þDVĢRX&UW
-HGQRGXFKêSURJUDPQD]PD]DQLHREUD]RYN\GDQRXIDUERX
XVHV&UW
EHJLQ
7H[W%DFNJURXQGEOXH&OU6FU
HQG
3UtNODG$NFKFHPHDE\SRXåtYDWHĐPRKROQDVWDYLĢIDUEX]PD]DQLDY\SêWDPHVLRGQHKRQHMDN~IDUEX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
XVHV&UW
YDUIDUEDE\WH
EHJLQ
UHSHDW
ZULWH
=DGDMFLVORIDUE\
UHDGOQIDUED
XQWLOIDUEDDQGIDUED!
7H[W%DFNJURXQGIDUED
&OU6FU
HQG
2EUD]RYNDDNRãSHFLiOQHGYRMUR]PHUQpSROHYLGHRSDPlĢ
ƔUêFKOHMãLDDHIHNWtYQHMãLDPRGLILNiFLDYLGHRSDPlWL
Ɣ]PHQDYLGHRSDPlWLEH]SRK\EXNXU]RUD
ƔPRåQRVĢ]REUD]LĢDM]QDN\NWRUpVDQHGDM~Y\SLVRYDĢSRPRFRX:5,7(QDSU
Ɣ]PHQDYLGHRSDPlWLEH]KêEDQLDNXU]RUD
ƔPRåQRVĢMHGQRGXFKpKR]iSLVXDMGRVWĎSFDULDGNX
3UtNODG1DStãWHSURJUDPNWRUêY\StãHQDREUD]RYNXþDVĢV~ERUX]PDåHREUD]RYNXDYUiWLMHMS{YRGQêREVDK
YêSLVV~ERUXDSRWRPYUiWLDMREVDKVNWRUêPVDYVWXSRYDORGRSURJUDPX
XVHVFUW
W\SH]QDN UHFRUGFFKDUDE\WHHQG
ULDGRN DUUD\>@RI]QDN
YLGHR DUUD\>@RIULDGRN^EDMWRY`
YDUFFKDU
YYLGHRDEVROXWHE
^PLHVWRYSDPlWLSRþtWDþDNGHVDXFKRYiYDREVDKREUD]RYN\WHUD]MHWDPXPLHVWQHQiDM
SUHPHQQiY`
VVVYLGHR^GYHSRPRFQHREUD]RYN\NWRUpPDM~Y\KUDGHQ~YODVWQ~SDPlĢ`
IWH[W
EHJLQ
V Y^XFKRYDQLHS{YRGQHMREUD]RYN\`
WH[WDWWU FOUVFU
DVVLJQI
YLGHRSDV
UHVHWI
ZKLOHQRWHRIIGR
EHJLQUHDGIFZULWHFHQG
VV Y^XFKRYDQLHQRYHMREUD]RYN\`
UHDGNH\
WH[WDWWU FOUVFU^]PD]DQLHREUD]RYN\VQRYêPLDWULE~WPL`
UHDGNH\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
Y VV^QiYUDWGUXKHM]XFKRYDQêFKREUD]RYLHN`
UHDGNH\
Y V^QiYUDWSUYHM]XFKRYDQêFKREUD]RYLHN`
UHDGNH\
HQG
3UtNODG1DStãWHSURJUDPNWRUêY\StãHQDREUD]RYNXþDVĢQHMDNpKRV~ERUXDSRWRPY\VYLHWLYãHWN\
QHPHG]HURYp]QDN\YWH[WHQHMDNRXIDUERX3RVWODþHQtNOiYHVXYUiWLREVDKS{YRGQHMREUD]RYN\
EHJLQ
V Y^XFKRYDQLHREUD]RYN\YSRPRFQHM`
WH[WDWWU FOUVFU^YêSLVV~ERUXQDREUD]RYNX`
DVVLJQI
YLGHRSDV
UHVHWI
ZKLOHQRWHRIIGREHJLQUHDGIFZULWHFHQG
UHDGNH\
IRUL WRGR
IRUM WRGR
LIY>LM@F!
WKHQY>LM@D H
UHDGNH\
IRUL WRGR
IRUM WRGR
LIY>LM@F!
WKHQY>LM@D
LPRGUDQGRP
UHDGNH\
IRUL WRGR
IRUM WRGR
LIY>LM@F!
WKHQY>LM@D
UHDGNH\
Y V^QiYUDWS{YRGQHMREUD]RYN\`
UHDGNH\
HQG
3UtNODG1DStãWHSURJUDPNWRUêEXGHRSDþQHURORYDĢREUD]RYNX3RVNRQþHQtSURJUDPXVWODþHQtP(VF!YUiWL
REVDKS{YRGQHMREUD]RYN\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
YDUUULDGRN
EHJLQ
V Y
WH[WDWWU FOUVFU
DVVLJQI
YLGHRSDV
UHVHWI
ZKLOHQRWHRIIGREHJLQUHDGIFZULWHFHQG
UHDGNH\
IRUL WRGR^URORYDQLH`
EHJLQ
U Y>@
IRUM GRZQWRGRY>M@ Y>M@
Y>@ U
GHOD\
HQG
UHDGNH\
Y V
HQG
âWDQGDUGQiSURFHG~UD029(
PRYHRGNLDĐNDPNRĐNRBEDMWRY
3UtNODGSURJUDPNWRUêEXGHURORYDĢREUD]RYNXQDMSUYYSUDYRDSRWRPYĐDYR
YDU]]QDN
EHJLQ
WH[WDWWU FOUVFU
DVVLJQI
YLGHRSDV
UHVHWI
ZKLOHQRWHRIIGREHJLQUHDGIFZULWHFHQG
UHDGNH\
UHSHDW^SRVWODþHQLH(VF!`
IRUL WRGR
EHJLQ
] Y>L@^XFKRYDMVLSUYê]QDN]SUtVOXãQpKRULDGNX`
PRYHY>L@Y>L@^SUHVXQ]Y\ãRNULDGNX`
Y>L@ ]^DNRSRVOHGQê]QDN]DStãXFKRYDQê`
HQG
XQWLONH\SUHVVHGDQGUHDGNH\
UHSHDW
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
IRUL WRGR^SRGREQHYSUDYR`
EHJLQ] Y>L@PRYHY>L@Y>L@Y>L@ ]HQG
XQWLONH\SUHVVHGDQGUHDGNH\
HQG
3UtNODG1DStãWHSURJUDPNWRUêSRV~YDSRREUD]RYNHSRPRFRXãtSRNQHMDNêWH[W
XVHVFUW
FRQVWKRUH GROH YODYR YSUDYR
W[VWULQJ>@
3DVFDO
W\SH]QDN UHFRUGFFKDUDE\WHHQG
ULDGRN DUUD\>@RI]QDN
YLGHR DUUD\>@RIULDGRN
YDUYYLGHRDEVROXWHE
YYLGHR
UULDGRN
[\GE\WH
LMLQWHJHU
WWH[W
FFKDU
EHJLQ
WH[WDWWU FOUVFU
DVVLJQW
YLGHRSDV
UHVHWW
ZKLOHQRWHRIWGREHJLQUHDGWFZULWHFHQG
Y Y
G OHQJWKW[
IRUL WRGGR
ZLWKU>L@GREHJLQF W[>L@D HHQG
[ \
UHSHDW
Y Y^REUD]RYNDEH]SRV~YDQpKRWH[WX`
PRYHUY>\[@
G^]REUD]HQLHSRV~YDQpKRWH[WX`
F UHDGNH\
FDVHFRI
KRUHLI\!WKHQGHF\
GROHLI\WKHQLQF\
YODYRLI[!WKHQGHF[
YSUDYRLI[ GWKHQLQF[
HQG
XQWLOF ^(VF!`
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
6OJU$SUoWJEFPQBNÊǬ
FOUVFU
HQG
3UtNODG1DStãWHSURJUDPNWRUêSRV~YDSRREUD]RYNHSRPRFRXãtSRNQHMDNêREGĎåQLNYêUH]þDVWLREUD]RYN\
XVHVFUW
FRQVWVLU Y\V
[E\WH \E\WH
KRUH GROH YODYR YSUDYR
W\SH]QDN UHFRUGFFKDUDE\WHHQG
ULDGRN DUUD\>@RI]QDN
YLGHR DUUD\>@RIULDGRN
YDUYYLGHRDEVROXWHE
YZYLGHR^ZREVDKSRV~YDQpKRREGĎåQLND`
LMLQWHJHU
WWH[W
FFKDU
EHJLQ
WH[WDWWU FOUVFU
DVVLJQW
YLGHRSDV
UHVHWW
ZKLOHQRWHRIWGREHJLQUHDGWFZULWHFHQG
Y Y
IRUL WRY\VGR
IRUM WRVLUGR
ZLWKZ>LM@GREHJLQF Y>L\M[@FD HHQG
UHSHDW
Y Y
IRUL WRY\VGR
PRYHZ>L@Y>\L[@
VLU
F UHDGNH\
FDVHFRI
KRUHLI\!WKHQGHF\
GROHLI\ Y\VWKHQLQF\
YODYRLI[!WKHQGHF[
YSUDYRLI[ VLUWKHQLQF[
HQG
XQWLOF
FOUVFU
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
Unity Graph a MysUnit (riadenie myši)
8QLWYãHREHFQH
Ɣ SURJUDPRYiMHGQRWND
ƔEDOtNSUHGGHILQRYDQêFKSRGSURJUDPRYSUHPHQQêFKW\SRYDNRQãWiQW
ƔSRXåtYDM~VD
❍DNRNQLåQLFHNWRUpVDGDM~SULSRMLĢNU{]Q\PSURJUDPRPEH]VSUtVWXSQHQLD]GURMRYpKR
NyGX
❍NY{OLUR]þOHQHQLXUR]VLDKO\FKSURJUDPRYGRORJLFN\V~YLVLDFLFKPRGXORY
'HILQtFLDXQLWX
XQLWPHQRBXQLWX^PHQRXQLWXPXVtE\ĢURYQDNpDNRPHQRV~ERUX`
LQWHUIDFH
^YHUHMQpGHNODUiFLHDGHILQtFLHNRQãWiQWW\SRYSUHPHQQêFK
SURFHG~UDIXQNFLtOHQLFKKODYLþN\NDåGêNWRMHGQRWNXSRXåtYD
NQLPP{åHSULVWXSRYDĢDNRNVYRMLPYODVWQêP`
XVHVFRQVWW\SHYDUSURFHGXUHDIXQFWLRQ
LPSOHPHQWDWLRQ
^GHILQtFLHYHUHMHQêFKSURFHG~UDIXQNFLtLFKGHILQtFLHMHPRåQp
StVDĢEH]RKĐDGXQDSRUDGLHDY]iMRPQpRGND]\DMEH]IRUPiOQ\FK
SDUDPHWURYWMQDStVDQtPOHQQi]YXSRGSURJUDPXV~NURPQp
GHNODUiFLHDGHILQtFLHNRQãWiQWW\SRYSUHPHQQêFKSURFHG~U
DIXQNFLt`
EHJLQ
^LQLFLDOL]iFLDXQLWX±VSXVWtVDWHVQHSUHGVSXVWHQtPKODYQpKRSURJUDPX`
HQG
ƔNHćVDXQLWQDStãHVNRPSLOXMHVDQDGLVN)QDGLVNXVDY\WYRUtV~ERUPHQRBXQLWXWSX
ƔXQLWVDQHGiVS~ãĢDĢ
ƔYLQRPSURJUDPHVDGiSRXåLĢDNGRSUYpKRULDGNXQDStãHPH
XVHVPHQRBXQLWXPHQRBXQLWX^SRUDGLHMHGQRWLHNYDNRPLFKXYiG]DXVHVXUþXMHSRUDGLHLFK
LQLFLDOL]iFLt`
3UtNODG-HGQRGXFKêXQLWQDQDþtWDQLHYêSLVDVþtWDQLHGYRFKYHNWRURY
XQLWYHNWRU\
LQWHUIDFH
FRQVWVL]H
W\SHYHNWRU DUUD\>VL]H@RIUHDO
SURFHGXUHUHDGYHFYDUYYHNWRU
SURFHGXUHZULWHYHFYDUYYHNWRU
SURFHGXUHDGGYHFYHF$YHF%YHNWRUYDUYHF&YHNWRU
LPSOHPHQWDWLRQ
SURFHGXUHZULWHYHF
YDULLQWHJHU
EHJLQ
IRUL WRVL]HGRZULWHY>L@
ZULWHOQ
HQG
SURFHGXUHUHDGYHF
YDULLQWHJHU
EHJLQ
IRUL WRVL]HGRUHDGY>L@
UHDGOQ
HQG
SURFHGXUHDGGYHFYHF$YHF%YHNWRUYDUYHF&YHNWRU
YDULLQWHJHU
EHJLQ
IRUL WRVL]HGRYHF&>L@ YHF$>L@YHF%>L@
HQG
EHJLQ^LQLFLDOL]iFLD`
HQG
3RXåLWLHQiãKRQRYpKRXQLWX
XVHVYHNWRU\
YDUYYHNWRU
EHJLQ
UHDGYHFY
ZULWHYHFY
HQG
8QLW*UDSK
ƔXPRåĖXMHSUDFRYDĢYJUDILFNRPUHåLPHREUD]RYN\
ƔREVDKXMHYLDFDNRJUDILFNêFKSRGSURJUDPRYU{]QHSUHGGHILQRYDQpNRQãWDQW\DW\S\
Ɣ[RYiV~UDGQLFDRGGR*HW0D[;\RYiRGGR*HW0D[<
3URFHG~U\DIXQNFLH
Ɣ,QLW*UDSKLQLFLDOL]iFLDJUDILN\
Ɣ*UDSK5HVXOWYUiWLþtVHOQêNyGFK\E\SUHGFKiG]DM~FHMJUDILFNHMRSHUiFLH
Ɣ*HW0D[;YUiWLPD[LPiOQX[RY~V~UDGQLFX
Ɣ*HW0D[<YUiWLPD[LPiOQX\RY~V~UDGQLFX
Ɣ&ORVH*UDSKXNRQþtJUDILFNêUHåLP!SUHMGHVSlĢGRWH[WRYpKR
3UtNODG
XVHV*UDSK
YDUJGJPLQWHJHU
EHJLQ
JG 'HWHFW^]LVWtVLDN~JUDILFN~NDUWXPiSRþtWDþNRQãWDQWD'HWHFWPiKRGQRWX`
^LQLFLDOL]iFLDJUDILN\`
,QLW*UDSKJGJP
FHVWDBNXBNQLåQLFLBJUDILFNpKRBGULYHUX
^
F?WS?EJL
SUtSDGQHDM
DNMHHJDYJDEJLYDNWXiOQRPDGUHViUL`
LI*UDSK5HVXOW!WKHQEHJLQZULWHOQ
FK\EDJUDILN\
KDOWHQG
^REUD]RYNDMHYJUDILFNRPUHåLPH`
&ORVH*UDSK^SUHSQXWLHVSlĢGRWH[WRYpKRUHåLPX`
HQG
ƔXQLW.RU8QLWWRWRUREt]DQiVXåYVYRMHMLQLFLDOL]DþQHMþDVWL±SUHWRVPHYJUDILNHXåSULãWDUWHSURJUDPX
ƔYêSLVWH[WXQDREUD]RYNX
❍IXQJXMHJUDILFNêNXU]RUNWRUêYãDNQHYLGLHĢ
❍2XW7H[WVY\StãHVDWH[WYQDVWDYHQRPIRQWHQDVWDYHQHMYHĐNRVWLDSRVXQLHVDDMJUDILFNê
NXU]RU
❍2XW7H[W;<[\VSULYêSLVHMHPRåQp]DGDĢDMV~UDGQLFHQDNWRUêFKVDPiWH[W]DþDĢ
Y\SLVRYDĢ
3UtNODG
XVHV&UW*UDSK
YDU*G*PI,QWHJHU
EHJLQ
*G 'HWHFW
,QLW*UDSK*G*P
G?ES?EJL
LI*UDSK5HVXOW!JU2NWKHQ^JU2.JUDILFNiNRQãWDQWD `
EHJLQ
ZULWHOQ
&K\EDJUDILN\
KDOW
HQG
UDQGRPL]H
UHSHDW
I UDQGRPLII!WKHQI
3XW3L[HOUDQGRP*HW0D[;UDQGRP*HW0D[<I
XQWLO.H\3UHVVHG
&ORVH*UDSK
HQG
3UtNODG
IRUL WRGR
/LQHUDQGRP*HW0D[;UDQGRP*HW0D[<
UDQGRP*HW0D[;UDQGRP*HW0D[<
3UtNODGXUREUiPLN
0RYH7R/LQH7R*HW0D[;/LQH7R*HW0D[;*HW0D[<
/LQH7R*HW0D[</LQH7R
KU~EN\þLDU
❍NGH/LQH6W\OH6ROLG/Q'RWWHG/Q&HQWHU/Q'DVKHG/Q
❍DNGH7KLFNQHVV1RUP:LGWK7KLFN:LGWK
3UtNODG1DStãWHSURJUDPNWRUêQDNUHVOtNUXåQLFXSRPRFRXSUDYLGHOQpKR1XKROQtND
SURFHGXUHNUX]QLFD[\ULQWHJHU
FRQVW1
YDULLQWHJHUXUHDO
EHJLQ
X
SL1^Y\SRþtWDQLHXKOXPHG]LVWUDQDPL`
0RYH7R[U\^SUHVXQSHUDQDREYRGNUXåQLFH`
IRUL WR1GR^NUHVOHQLH`
/LQH7RWUXQF[U
FRVL
XWUXQF\U
VLQL
X
HQG
IXQJXMHVDPR]UHMPHDMSUHLQp1NUHVOHQLHWURMXKROQtNDãWYRUFD
3UtNODG1DStãWHSURFHG~UX1XKNWRUiNUHVOt1XKROQtNSUHGDQp1SRGU{]Q\PLSRþLDWRþQêPLXKODPL
SURFHGXUH1XK1LQWHJHU[\UXUHDO
YDULLQWHJHUXXUHDO
EHJLQ
XX
SL1
0RYH7RWUXQF[U
FRVXWUXQF\U
VLQX
IRUL WR1GR
/LQH7RWUXQF[U
FRVL
XXXWUXQF\U
VLQL
XXX
HQG
3UtNODG1DStãWHIXQNFLXNWRUiEXGHþtWDĢWH[W]JUDILFNHMSORFK\
6HW)LOO6W\OH
UHSHDW
FK UHDGNH\LIFK WKHQUHDGNH\
LIFK!
WKHQEHJLQVV VVFK[ [HQG
LIFK WKHQLIVV!
WKHQGHFVV>@
%DU[[\[\
2XW7H[W;<[[\VV
B
XQWLOFKLQ>@
FLWDMJV VV
HQG
ÒORK\
ƔY\ãUDIXMWH1XKROQtNSRG]DGDQêPXKORP
ƔQDNUHVOLWHXKORSULHþN\1XKROQtNDEH]SUHMGHQLDNUiWSRWHMLVWHMþLDUH
ƔQDNUHVOLWHFtSXKYLH]GX
5LDGHQLHP\ãL
9\XåLMHPHV\VWpPRYêXQLW'26D]QHKRSURFHG~UX,175DW\S5(*,67(56P{åHWHDOHQHPXVtWHWRPX
UR]XPLHĢ1DMSUYVLWRXNiåHPHYWH[WRYRPUHåLPHDQHVN{UYJUDILFNRPDYVSROXSUiFLV.RU\WQDþNRX
3URFHG~UD,QWUYLHYHĐDV\VWpPRYêFKIXQNFLtDMYHĐPLQHEH]SHþQêFKDMULDGHQLHP\ãL0iSDUDPHWUHSUYê
PXVtE\ĢNRQãWDQWDDGUXKêSUHPHQQiW\SX5HJLVWHUVGRNWRUHMQDVWDYtPHYVWXSQpSDUDPHWUHDWLHåYQHM
]tVNDPHYêVWXSQpSDUDPHWUH3UHMHGQRGXFKRVĢMHWURFKX]ORåLWHMãtVLP{åHWHSUHGVWDYLĢåHW\SMH
W\SH5HJLVWHUV UHFRUG
$;%;&;';ZRUG
$/$+%/%+&/&+'/'+E\WH
HQG
3ULYRODQtSURFHG~U\PXVtPHQDVWDYLĢSRORåNX$;þtVORPIXQNFLHSUtSDGQHQLHNHG\VDQDVWDYXM~DMćDOãLH
SRORåN\QHMDNêPLSDUDPHWUDPL$NVDPDM~YUiWLĢQHMDNpKRGQRW\RSlĢV~YQLHNWRUêFKSRORåNiFKQHWUHEDVLWR
SDPlWDĢDNWREXGHWUHEDQDVN~ãNHWDNGRVWDQHWHKRWRYêXQLWY]GURMRYRPWYDUH1D%$5%,(EXG~DM
GQHãQpXQLW\DMQLHNWRUpXNiåNRYpSURJUDP\
0\V8QLW±QDMSUYSUHWH[WRYêUHåLP
XQLW0\V8QLW
LQWHUIDFH
IXQFWLRQ,QLF0\VERROHDQ
IXQFWLRQ6WDY0\VLE\WH
SURFHGXUH8ND]0\V
SURFHGXUH6NU\0\V
YDU0\V;0\V<LQWHJHU
0\V7ODF
LPSOHPHQWDWLRQ
XVHV'RV
YDUUHJVUHJLVWHUV
Ɣ,QLF0\VUHVHWXMHP\VDNPiQDVWDYHQpQHMDNpãSHFLDOLW\QDSUNXU]RU
ƔYUiWLIDOVHDNV~QHMDNpSUREOpP\
IXQFWLRQ,QLF0\VERROHDQ^YUiWLIDOVHDNV~QHMDNpSUREOpP\`
EHJLQ
UHJV$; ,QWUUHJV
,QLF0\V UHJV$; ))))
HQG
IXQNFLD6WDY0\VLQDVWDYtJOREiOQHSUHPHQQp0\V;0\V<D0\V7ODFSRGODPRPHQWiOQHKRVWDYX
Ɣ
P\ãL0\V7ODFPiKRGQRWXDNQLþQLHMHVWODþHQpLQDNDNĐDYpWODþLGORDDNSUDYp
IXQFWLRQ6WDY0\VLE\WH
EHJLQ
UHJV$; ,QWUUHJV
0\V; UHJV&;GLY^SUHSRþHWQDWH[WRYpV~UDGQLFH`
0\V< UHJV';GLY
LIUHJV%;DQG!WKHQ0\V7ODF
HOVHLIUHJV%;DQG!WKHQ0\V7ODF
HOVH0\V7ODF
6WDY0\VL 0\V7ODF
HQG
3ULSUiFLVYLGHRSDPlĢRXWUHEDYåG\SUHGĐXERYRĐQRXPRGLILNiFLRXREUD]RYN\NXU]RUQDMSUYVNU\ĢDDå
Ɣ
SRWRP]QRYX]REUD]LĢýtPþDVWHMãLHVDEXGHVNUêYDĢDXND]RYDĢWêPEXGHYLDFEOLNDĢ3ULãWDUWH
SURJUDPXDMSRLQLFLDOL]iFLLMHP\ãDFtNXU]RUVNU\Wê
SURFHGXUH8ND]0\V
EHJLQ
UHJV$; ,QWUUHJV
HQG
SURFHGXUH6NU\0\V
EHJLQ
UHJV$; ,QWUUHJV
HQG
HQG
3UtNODGQD]LVĢRYDQLHV~UDGQtFYSORFKH
3URFHG~UD.OLNMH]DGHILQRYDQiXåY0\V8QLWH
Ɣ
XVHV&UW0\V8QLW
^
IXQFWLRQ.OLNERROHDQ
EHJLQ
LI6WDY0\VL WKHQ.OLN IDOVH
HOVH
EHJLQ
ZKLOH6WDY0\VL!GR
.OLN WUXH
HQG
HQG
`
EHJLQ
,QLF0\V
&OU6FU
8ND]0\V^QHVPLHE\ĢSUHG&OU6FU`
UHSHDW
LI.OLNWKHQ
EHJLQ
6NU\0\V
ZULWHOQ0\V;
0\V<^DOHER*RWR;<0\V;0\V<ZULWH
`
8ND]0\V
HQG
XQWLO.H\3UHVVHGDQG5HDG.H\
HQG
XVHV&UW0\V8QLW
W\SHYLGHR DUUD\>@RIUHFRUGFFKDUDE\WHHQG
YDUYYLGHRDEVROXWHE
YYYLGHR
WWH[W]FKDU
LM[\[\LQWHJHU
EHJLQ
WH[WDWWU FOUVFU
DVVLJQW
WH[WSDV
UHVHWW^YêSLVQHMDNpKRWH[WRYpKRV~ERUX`
ZKLOHQRWHRIWGREHJLQUHDGW]ZULWH]HQG
Y Y[ \ [ \
,QLF0\V8ND]0\V
UHSHDW
LI6WDY0\VL WKHQEHJLQ[ 0\V;\ 0\V<HQG
HOVHLI[!0\V;RU\!0\V<WKHQ
EHJLQ
[ 0\V;\ 0\V<Y Y
IRUL PLQ[[WRPD[[[GR
IRUM PLQ\\WRPD[\\GR
Y>ML@D H
6NU\0\VY Y8ND]0\V
HQG
XQWLO.H\3UHVVHGDQG5HDG.H\
HQG
0\V8QLW±SUHJUDILFNêUHåLP
-HVNRURURYQDNêVPDORX]PHQRX
IXQNFLD6WDY0\VLXåQHGHOtV~UDGQLFHDOHSULDPRYUDFLDV~UDGQLFH
Ɣ
IXQFWLRQ6WDY0\VLE\WH
EHJLQ
UHJV$; ,QWUUHJV
0\V; UHJV&;^GLY`
0\V< UHJV';^GLY`
LIUHJV%;DQG!WKHQ0\V7ODF
HOVHLIUHJV%;DQG!WKHQ0\V7ODF
HOVH0\V7ODF
6WDY0\VL 0\V7ODF
HQG
0\EXGHPHSRXåtYDĢMHGHQXQLW0\V8QLWNWRUêEXGHIXQJRYDĢYWH[WRYRPDMJUDILFNRPUHåLPH
IWSIWSHGLIPSKXQLEDVN3DVFDO0\V8QLWSDV
3UtNODGGHPRQãWUXMHYHĐPLMHGQRGXFKpVSiMDQLHNOLNQXWêFKERGRY
XVHV*UDSK0\V8QLW&UW
YDULMLQWHJHU
EHJLQ
L 'HWHFW,QLW*UDSKLM
,QLF0\V8ND]0\V
UHSHDW
LI6WDY0\VL!WKHQ
EHJLQ
6NU\0\V
/LQH7R0\V;0\V<
8ND]0\V
HQG
XQWLO.H\3UHVVHGDQG5HDG.H\
&ORVH*UDSK
HQG
3URJUDPMHYHĐPLKO~S\OHERQHGRNiåH]GYLKQ~ĢSHUR8UREtPHY\OHSãHQ~YHU]LXYSUHPHQQHMSKVLEXGHPH
SDPlWDĢþLPiE\ĢJUDILFNpSHURKRUHSULãWDUWHDMSRQH]DWODþHQtWODþLGODP\ãLDOHERGROHSUL]DWODþHQRP
WODþLGOH
XVHV*UDSK0\V8QLW&UW
YDULMLQWHJHU
SKERROHDQ
EHJLQ
L 'HWHFW,QLW*UDSKLM
,QLF0\V8ND]0\VSK WUXH
UHSHDW
LI6WDY0\VL WKHQSK WUXH
HOVH
EHJLQ
6NU\0\V
LISKWKHQ0RYH7R0\V;0\V<
HOVH/LQH7R0\V;0\V<
8ND]0\V
SK IDOVH
HQG
XQWLO.H\3UHVVHGDQG5HDG.H\
&ORVH*UDSK
HQG
7UHWLDYHU]LDWRKRWRSURJUDPXXND]XMHUR]OLãRYDQLHĐDYpKRDSUDYpKRWODþLGODP\ãLSULSUDYRPWODþLGOH]PDåH
REUD]RYNX$E\P\ãDåWDNYHĐDQHEOLNDODQDQLHNWRUêFKV\VWpPRFKWDNVDVNUêYDOHQDNVDPHQtMHMSRORKD
SULNUHVOHQt
XVHV*UDSK0\V8QLW&UW
YDULM[\LQWHJHU
SKERROHDQ
EHJLQ
L 'HWHFW,QLW*UDSKLM
,QLF0\V8ND]0\VSK WUXH
UHSHDW
FDVH6WDY0\VLRI
SK WUXH
LISKRU[!0\V;RU\!0\V<WKHQ^ĐDYpWODþLGORP\ãL`
EHJLQ
6NU\0\V
LISKWKHQ0RYH7R0\V;0\V<
HOVH/LQH7R0\V;0\V<
8ND]0\V
SK IDOVH[ 0\V;\ 0\V<
HQG
EHJLQ6NU\0\V&OHDU'HYLFH8ND]0\VSK WUXHHQG
^SUDYpWODþLGOR`
HQG
XQWLO.H\SUHVVHGDQG5HDG.H\
&ORVH*UDSK
HQG
ĆDOãtSUtNODGGHPRQãWUXMHSRXåLWLHP\ãLVNRU\WQDþNRXEXGHPHVP\ãRXKêEDĢQHWHVWXMHPHþLMHVWOiþDQp
QHMDNpWODþLGORDNRU\WQDþNDVDSRPDO\NURNKêEHVPHURPNPRPHQWiOQHMSR]tFLLP\ãL3RXåLMHPH
NRU\WQDþLXIXQNFLX6PHURPNWRUiYUiWLDEVRO~WQ\XKRON]DGDQpPXERGX
XVHV.RU8QLW0\V8QLW
YDUN.RU
EHJLQ
,QLF0\V
ZLWKNGR
EHJLQ
,QLW8ND]8ND]0\V
UHSHDW
6WDY0\VL^OHQQD]LVWHQLH0\V;D0\V<`
6NU\0\V
=PHQ6PHU6PHURP0\V;[\0\V<^SUHSRþtWDQLHV~UDGQtF`
'RSUHGX
8ND]0\V
XQWLOIDOVH
HQG
HQG
1'ÒSUHURELĢWDNDE\VDNRU\WQDþNDRWiþDODNP\ãLYHĐPLSRPDO\WMQDPLHVWR=PHQ6PHUWDPEXGHQDSU
9SUDYRRXKROVDEVKRGQRWRX 0$;8NRQãWDQWDSURJUDPX
ĆDOãtSUtNODGGHPRQãWUXMHSRXåLWLHP\ãLSUHYLDF.RU
XVHV0\V8QLW.RU8QLW
FRQVWPD[
YDUNDUUD\>PD[@RI.RU
LSNPD[
EHJLQ
,QLF0\V8ND]0\V
SN
UHSHDW
6NU\0\V
LI.OLNWKHQ
EHJLQ
LQFSN
ZLWKN>SN@GR
EHJLQ
,QLW0\V;[\0\V<UDQGRP
8ND]
HQG
HQG
IRUL WRSNGR
ZLWKN>L@GR
EHJLQ'RSUHGX9ODYRHQG
8ND]0\V
&DNDM
XQWLOIDOVH
HQG
5HNXU]LD
1HNRQHþQiUHNXU]LD
XVHV.RU8QLW
YDUN.RU
SURFHGXUH[\VUHDO
EHJLQ
N'RSUHGXVN9ODYR
[\V
HQG
EHJLQ
NLQLW
[\
HQG
2GWUDVXMPHWHQWRSURJUDP
Ɣ]KODYQpKRSURJUDPXMHYRODQLHSURFHG~U\[\ !Y\WYRUtVDORNiOQDSUHPHQQiVNWRUHMKRGQRWDMH
ƔQDNUHVOtVDþLDUDGĎåN\VNRU\WQDþNDVDRWRþtGRĐDYDRVWXSĖRY
Ɣ]QRYXVDYROiSURFHG~UD[\VSDUDPHWUDPL]PHQHQêPVQDVWMY\WYRUtVDQRYiORNiOQD
SUHWHþHQLH]iVREQtND6WDFNRYHUIORZHUURU
ƔSULGiYDQLHQDYUFK
ƔRGREHUDQLH]YUFKX
&KYRVWRYiUHNXU]LDQHSUDYi
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQ^VNRQþL`
HOVH
EHJLQN'RSUHGXVN9ODYRVSLUVHQG
HQG
EHJLQ
NLQLW
VSLU
2GWUDVXMPHYRODQLHVRVLPXOiFLRXQD]iVREQtNX«
YãLPQLPHVLåHUHNXU]tYQHYRODQLHSURFHG~U\MHLEDQDMHGQRPPLHVWHNWRUpMHSRVOHGQêPSUtND]RP
Ɣ
SURFHG~U\ !WRWRYRODQLHVDGiĐDKNRSUHStVDĢF\NORPZKLOH
!KRYRUtPHWRPXFKYRVWRYiUHNXU]LDUHNXU]tYQHYRODQLHMHOHQQDNRQFLSURFHG~U\
ZKLOHV GR
EHJLQN'RSUHGXVN9ODYRV VHQG
3UtNODG1DStãWHSURFHG~UXNWRUiY\StãH111
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQ^VNRQþL`
HOVHEHJLQZULWHOQQY\SLVQHQG
HQG
3UtNODG]LVWLWHDNRVD]PHQLYêVWXSDNVDY\PHQtZULWHOQDY\SLV"
SURFHGXUHY\SLVQLQWHJHU
EHJLQ
LIQWKHQ^VNRQþL`
HOVHEHJLQY\SLVQZULWHOQQHQG
HQG
3UDYiUHNXU]LD
SURFHGXUHVSLUVUHDO
EHJLQ
LIV!WKHQN=PHQ)3^VNRQþL`
HOVH
EHJLQ
N'RSUHGXVN9ODYR
VSLUV
N9SUDYRN'RSUHGXV
HQG
HQG
2GWUDVXMWHMHMYRODQLHSUH
VSLU
7DNpWRUHNXU]tYQHYRODQLHVDGiSUHStVDĢSRPRFRXGYRFKF\NORY
SRFLDWV V
ZKLOHV GR^þRVDGHMHSUHGUHNXU]LRX`
EHJLQ
N'RSUHGXVN9ODYRV V
HQG
N=PHQ)3^UREtVDYSUtSDGHVNRQþL`
ZKLOHV!SRFLDWVGR
EHJLQ^þRVDGHMHSRQiYUDWRFK]UHNXU]LH`
V VN9SUDYRN'RSUHGXV
HQG
3UtNODGSUH]QiPXSURFHG~UXSRO\]LVWLWHþRNUHVOLDSURFHG~U\VWYRUHFDVWYRUHF
SURFHGXUHSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GREHJLQN'RSUHGXVN9ODYRXGHFQHQG
HQG
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQþL`
HOVH
EHJLQ
SRO\DVWYRUHFD
HQG
HQG
SURFHGXUHVWYRUHFDLQWHJHU
EHJLQ
LID!WKHQ^VNRQþL`N9ODYR
HOVH
EHJLQ
SRO\DVWYRUHFDSRO\D
HQG
HQG
3UtNODG1DNUHVOLPHSRPRFRXNRU\WQDþHMJUDILN\ELQiUQ\VWURP~URYQH1
ƔSUHQ QDNUHVOtVDþLDUD
ƔSUHQ!þLDUDELQVWURPQ~URYQHELQVWURPQ~URYQH
SURFHGXUHVWURPQLQWHJHU
EHJLQ
LIQ WKHQEHJLQN'RSUHGXN'RSUHGXHQG
HOVHZLWKNGR
EHJLQ
'RSUHGX9ODYR^QDWRþVDQDNUHVOHQLHĐDYpKRSRGVWURPX`
VWURPQ^QDNUHVOLĐDYêSRGVWURPQ~URYQH`
9SUDYR^QDWRþVDQDNUHVOHQLHSUDYpKRSRGVWURPXQ~URYQH`
VWURPQ^QDNUHVOLSUDYêSRGVWURPQ~URYQH`
9ODYR'RSUHGX^QDWRþVDGRS{YRGQpKRVPHUXDYUiĢVDQDS{YRGQpPLHVWR`
HQG
HQG
3UtNODGELQiUQ\VWURPWDNDE\VDYHWY\VWURPXVNUDFRYDOLQDSRORYLFXYRY\ããtFK~URYQLDFK
SURFHGXUHVWURPQLQWHJHUYUHDO
EHJLQ
ZLWKNGR
LIQ WKHQ
EHJLQ
'RSUHGXY
^DMVKUXEãtPLYHWYDPL`
^9SUDYR'RSUHGX9ODYR`
'RSUHGXY
HQG
HOVH
EHJLQ
'RSUHGXY9ODYR^QDWRþVDQDNUHVOHQLHĐDYpKRVWURPX`
VWURPQY^QDNUHVOLĐDYêVWURPQ~URYQH`
9SUDYR^QDWRþVDQDNUHVOHQLHSUDYpKRVWURPXQ~URYQH`
VWURPQY^QDNUHVOLSUDYêVWURPQ~URYQH`
9ODYR'RSUHGXY^QDWRþVDGRS{YRGQpKRVPHUXDYUiĢVDQDS{YRGQpPLHVWR`
HQG
HQG
1'Ò
ƔULHãHQLHEH]UHNXU]LHEXGHVDURELĢRQHVN{U
ƔGRNUHVOLĢVWURPXOtVWRþN\QDSRVOHGQêFKYHWYiFK
QiKRGQHQDVWDYLĢYHĐNRVĢSRGVWURPXQiKRGQHQDVWDYLĢXKROYHWLHY
Ɣ
3UtNODG7HUQiUQ\VWURP
SURFHGXUHVWURPQLQWHJHUDUHDO
YDULLQWHJHU
EHJLQ
LIQ WKHQSRO\D
HOVHZLWKNGR
EHJLQ
'RSUHGXD9ODYR
IRUL WRGR
EHJLQ
VWURPQD
9SUDYR
HQG
9ODYR'RSUHGXD
HQG
HQG
3UtNODG1DStãWHSURFHG~UXNWRUiQDNUHVOtREUi]RNVVV~URYQH1YHĐNRVWLD
ƔQ QHUREtQLþ
ƔQ ãWYRUHFVRVWUDQRXGĎåN\D
ƔQ!ãWYRUHFYNWRUpKRNDåGRPURKXGQXMHREUi]RNVVV~URYQH1YHĐNRVWLD
SURFHGXUHVVVQLQWHJHUDUHDO
YDULLQWHJHU
EHJLQ
LIQ WKHQ^VNRQþL`
HOVH
IRUL WRGR
EHJLQ
N'RSUHGXDN9ODYRVVVQD
HQG
HQG
3UtNODG1DStãWHSURFHG~UXQDNUHVOHQLHVQHKRYHMYORþN\
SURFHGXUHYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQN'RSUHGXV
HOVH
EHJLQ
YORFNDQV
N9SUDYR
YORFNDQV
N9ODYR
YORFNDQV
N9SUDYR
YORFNDQV
HQG
HQG
YRODQLH]KODYQpKRSURJUDPX
)UDNWiO\
&NULYND
XVHV.RU8QLW
YDUN.RU^NRU\WQDþNDPXVtE\ĢJOREiOQDDOHERDNRSDUDPHWHUSURFHG~U\`
SURFHGXUHFNULYNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
FNULYNDQVNYODYR
FNULYNDQVNYSUDYR
HQG
HQG
EHJLQ
NLQLW
FNULYND
FDNDMNODYHV
HQG
'UDþLDNULYNDVDVNODGi]GYRFK]UNDGORYêFKSURFHG~UQDMSUYFK\EQpULHãHQLH
SURFHGXUHOGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYODYR
SGUDNQV
HQG
HQG
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYSUDYR
SGUDNQV
HQG
HQG
3UREOpPMHSULLFKY]iMRPQRPYRODQt
ƔEXćSRPRFRXGLUHNWtY\IRUZDUG
ƔDOHERY]iMRPQêPYQRUHQtP
SURFHGXUHOGUDNQLQWHJHUVUHDO
SURFHGXUHSGUDNQLQWHJHUVUHDO
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYSUDYR
SGUDNQV
HQG
HQG
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
OGUDNQVNYODYR
SGUDNQV
HQG
HQG
.ULYNXP{åHPHNUHVOLĢOHQMHGQRXSURFHG~URXNWRUiPiRMHGHQSDUDPHWHUYLDFDWRþLMHĐDYiDOHERSUDYi
SURFHGXUHGUDNQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ WKHQNGRSUHGXV
HOVH
EHJLQ
GUDNQVNYODYRS
GUDNQV
HQG
HQG
DKODYQêSURJUDPQDSU
NLQLW
GUDN^UHVSOGUDN`
+OLEHUWRYDNULYNDVDWLHåVNODGi]GYRFK]UNDGORYêFKþDVWt±GHILQXMHPHMHGQRXSURFHG~URX
SURFHGXUHKLOEHUWQLQWHJHUVUHDOSLQWHJHU
EHJLQ
LIQ!WKHQ
EHJLQ
NYODYRS
KLOEHUWQVSNGRSUHGXVNYSUDYRS
KLOEHUWQVSNGRSUHGXV
KLOEHUWQVSNYSUDYRS
NGRSUHGXV
KLOEHUWQVSNYODYRS
HQG
HQG
DKODYQêSURUDPQDSU
NLQLW
KLOEHUW^S ]QDPHQiYĐDYRDS ]QDPHQiYSUDYR`
.RU8QLWSRPRFRX223 QRY
1DMSUY]MHGQRGXãHQiYHU]LDXQLWXGHILQXM~FHKRWULHGX.RU
XQLW.RU8QLW
LQWHUIDFH
W\SH.RU REMHFW
;6XU<6XU6PHUUHDO
'ROHERROHDQ
)3+3E\WH
SURFHGXUH,QLW[\XUHDO
SURFHGXUH'RQH
SURFHGXUH'RSUHGXGUHDO
SURFHGXUH9SUDYRXUHDO
SURFHGXUH9ODYRXUHDO
SURFHGXUH=PHQ6PHUXUHDO
SURFHGXUH=PHQ;<[\UHDO
SURFHGXUH3UHVXQ;<[\UHDO
SURFHGXUH3+
SURFHGXUH3'
SURFHGXUH=PHQ)3QISLQWHJHU
SURFHGXUH=PHQ+3QKSLQWHJHU
HQG
YDU.ODYHVLQWHJHU
NURNXMERROHDQ
SURFHGXUHWHVW
SURFHGXUH&DNDM.ODYHV
FRQVWUDG SL
^ `
LPSOHPHQWDWLRQ
XVHV*UDSK&UW
SURFHGXUH&DNDM.ODYHV
EHJLQ
.ODYHV RUGUHDGNH\LI.ODYHV WKHQ.ODYHV RUGUHDGNH\
LI.ODYHV WKHQEHJLQ&ORVH*UDSKKDOWHQG
HQG
SURFHGXUHWHVW
YDUEERROHDQ
EHJLQ
E NURNXM
ZKLOHNH\SUHVVHGRUEGR
EHJLQ&DNDM.ODYHVE IDOVHHQG
HQG
SURFHGXUH.RU,QLW[\XUHDO
EHJLQ
;6XU [<6XU \6PHU X
)3 +3
'ROH WUXH
HQG
SURFHGXUH.RU'RQH
EHJLQ
HQG
SURFHGXUH.RU'RSUHGXGUHDO
EHJLQ
=PHQ;<;6XUVLQ6PHU
UDG
G<6XUFRV6PHU
UDG
G
HQG
SURFHGXUH.RU9SUDYRXUHDO
EHJLQ
=PHQ6PHU6PHUX
HQG
SURFHGXUH.RU9ODYRXUHDO
EHJLQ
=PHQ6PHU6PHUX
HQG
SURFHGXUH.RU=PHQ6PHUXUHDO
EHJLQ
6PHU XWHVW
HQG
SURFHGXUH.RU=PHQ;<[\UHDO
EHJLQ
LIQRW'ROHWKHQ3UHVXQ;<[\
HOVH
EHJLQ
0RYH7RWUXQF;6XU;<WUXQF<6XU
6HW&RORU)36HW/LQH6W\OH+3
;6XU [<6XU \
/LQH7RWUXQF;6XU;<WUXQF<6XU
WHVW
HQG
HQG
SURFHGXUH.RU3UHVXQ;<[\UHDO
EHJLQ
;6XU [<6XU \
0RYH7RWUXQF;6XU;<WUXQF<6XU
WHVW
HQG
SURFHGXUH.RU3+
EHJLQ
'ROH IDOVHWHVW
HQG
SURFHGXUH.RU3'
EHJLQ
'ROH WUXHWHVW
HQG
SURFHGXUH.RU=PHQ)3QISLQWHJHU
EHJLQ
)3 DEVQISPRGWHVW
HQG
SURFHGXUH.RU=PHQ+3QKSLQWHJHU
EHJLQ
LIQKS!WKHQ+3 HOVH+3
WHVW
HQG
^ LQLFLDOL]iFLD `
YDUJGJPLQWHJHU
EHJLQ
JG 'HWHFW,QLW*UDSKJGJP
LI*UDSK5HVXOW!WKHQ
EHJLQZULWHOQ
3UREOHPVJUDILFN\PGULYHURP
KDOWHQG
; *HW0D[;GLY< *HW0D[<GLY
.ODYHV NURNXM IDOVH
HQG
3R]QiPN\
ƔJUDILFNiNRU\WQDþLDSORFKDPiVWUHGV~UDGQHMV~VWDY\YSUHPHQQêFK[D\WLHWRKRGQRW\VDLQLFLDOL]XM~
YLQLFLDOL]DþQHMþDVWLXQLWX
❍EXGHPHLFKSRWUHERYDĢDMSULSUHSRþtWDYDQtV~UDGQtFNWRUpVPH]tVNDOLRG0\V8QLW
ƔYRULJLQiOQRP.RU8QLWV~DM]DWLDĢQH]QiPHYLUWXDOFRQVWUXFWRUDGHVFWUXFWRUQHYãtPDMWHVLLFK
ƔYãHWN\VWDYRYpSUHPHQQpE\PDOLE\ĢFKUiQHQpWDNDE\SRXåtYDWHĐXQLWXQHPRKRODQLRP\ORPPHQLĢLFK
REVDK\SULDPRSULUDGHQtPDOHOHQYRODQtP]RGSRYHGDM~FLFKPHWyGWULHG\
❍Y\XåLMHPHGLUHNWtYXSULYDWHNWRUiP{åHE\ĢV~þDVĢRXGHILQtFLHWULHG\YãHWN\VWDYRYpSUHPHQQp
DOHERPHWyG\NWRUpV~GHILQRYDQpYWHMWRSULYiWQHMþDVWLV~YLGLWHĐQpOHQYLPSOHPHQWDþQHMþDVWL
XQLWXYNWRURPMHWULHGDGHILQRYDQi
❍GRGHILQXMHPHPHWyG\IXQNFLHNWRUpEXG~YUDFDĢKRGQRW\VWDYRYêFKSUHPHQQêFKQDSU[VXU
VPHU)3DSRG
W\SH.RU REMHFW
SURFHGXUH,QLW[\XUHDO
IXQFWLRQ;6XUUHDO
IXQFWLRQ<6XUUHDO
IXQFWLRQ6PHUUHDO
IXQFWLRQ'ROHERROHDQ
IXQFWLRQ8ND]DQDERROHDQ
IXQFWLRQ)3E\WH
IXQFWLRQ+3E\WH
SULYDWH^WUHEDY\VYHWOLĢ`
;6XU<6XU6PHUUHDO
'ROH8ND]DQDERROHDQ
)3+3E\WH
SURFHGXUH8ND]^SRPRFQiPHWyGDQD]REUD]RYDQLHWYDUXNRU\WQDþN\`
HQG
IXQFWLRQ.RU;6XUUHDO
EHJLQ
;6XU ;VXU
HQG
IXQFWLRQ.RU<6XUUHDO
EHJLQ
<6XU <VXU
HQG
❍=PD]QLHMHPHWyGDDOHSURFHG~UDXQLWX]PDåHSORFKXSUHGMHMYRODQtPWUHEDVNU\ĢYãHWN\
NRU\WQDþN\
❍=PHQ7YDUYDUREU\VPHWyGDNWRUiXPRåĖXMHWYDUDMIDUEXNRU\WQDþN\
NRU\WQDþNDGRXGDQpKRVPHUX
❍9\SOQIYE\WHPHWyGDY\SOQt]DGDQRXIDUERXRKUDQLþHQ~SORFKX
ERGX
3UtNODGQD]PHQXWYDUXNRU\WQDþN\
XVHV.RU8QLW
FRQVWFLDUNDUHFRUGIE\WHQLQWHJHUSDUUD\>@RIUHDOHQG
IQS
FRQVWFLDUNDUHFRUGIE\WHQLQWHJHUSDUUD\>@RIUHDOHQG
IQS
FRQVWFLDUNDUHFRUGIE\WHQLQWHJHUSDUUD\>@RIUHDOHQG
IQS
FRQVWVWYRUUHFRUGIE\WHQLQWHJHUSDUUD\>@RIUHDOHQG
IQS
YDUNNRU
LLQWHJHU
EHJLQ
N,QLWN=PHQ7YDUFLDUNDN8ND]N3+
IRUL WRGR
EHJLQ
NYSUDYRNGRSUHGXFDNDM
LILPRG WKHQN=PHQ)DUEX7YDUXUDQGRP
HQG
3UtNODG=DGHILQXMHPHSRWRPNDWULHG\.25MHKRPHWyGXSRO\NWRUiNUHVOt1XKROQtNDPHWyGXNWRUiQDNUHVOt
ãWYRUHF
XVHV.RU8QLW
SURFHGXUHNRUSRO\QLQWHJHUVXUHDO
EHJLQ
ZKLOHQ!GR
EHJLQ
'RSUHGXV^]GHGHQiPHWyGD]WULHG\.RU`
9SUDYRX
GHFQ
HQG
HQG
SURFHGXUHNRUVWYRUHFVUHDO
EHJLQ
SRO\V
HQG
YDUNNRU
EHJLQ
NURNXM WUXH
N,QLW
N8ND]
NVWYRUHF
HQG
7ULHG\9HOD.RU]iVREQtNDUDG QRY
7ULHGD9HOD.RU
REMHNWREVOXKXM~FLSROHNRU\WQDþLHN8QLW9HODUHDOL]XMHYHU]LXWULHG\9HOD.RUQHVN{UVDQDXþtPH
GHILQLWtYQXYHU]LX
XQLW9HOD
LQWHUIDFH
XVHV.RU8QLW
FRQVW0D[.RU
W\SH9HOD.RU REMHFW
NDUUD\>0D[.RU@RI.RU
H[DUUD\>0D[.RU@RIERROHDQ
SN0D[.RU
SURFHGXUH,QLW
SURFHGXUH8URE.RU[\XUHDO
SURFHGXUH=UXV.RULLQWHJHU
SURFHGXUH'RSUHGXGUHDO
SURFHGXUH9SUDYRXUHDO
SURFHGXUH9ODYRXUHDO
SURFHGXUH=PHQ6PHUXUHDO
SURFHGXUH=PHQ;<[\UHDO
SURFHGXUH3UHVXQ;<[\UHDO
SURFHGXUH8ND]
SURFHGXUH6NU\
SURFHGXUH3+
SURFHGXUH3'
SURFHGXUH=PHQ)3QISLQWHJHU
SURFHGXUH=PHQ+3QKSLQWHJHU
SURFHGXUH=PHQ7YDUYDUREU\V
SURFHGXUH=PHQ)DUEX7YDUXILQWHJHU
SURFHGXUH=PD]
SURFHGXUH3LVVVWULQJ
SURFHGXUH9\SOQIYE\WH
IXQFWLRQ%OL]NR[\UHDOLQWHJHU
HQG
^ `
LPSOHPHQWDWLRQ
XVHV*UDSK
SURFHGXUH9HOD.RU,QLW
YDULLQWHJHU
EHJLQ
IRUL WR0D[.RUGRH[>L@ IDOVH
SN
HQG
SURFHGXUH9HOD.RU8URE.RU[\XUHDO
EHJLQ
LISN! 0D[.RUWKHQKDOW
LQFSNN>SN@,QLW[\XH[>SN@ WUXH
HQG
SURFHGXUH9HOD.RU=UXV.RULLQWHJHU
EHJLQ
LILRUL!SNRUQRWH[>L@WKHQH[LW
N>L@'RQHH[>L@ IDOVH
ZKLOHSN!DQGQRWH[>SN@GRGHFSN
HQG
SURFHGXUH9HOD.RU'RSUHGXGUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@'RSUHGXG
HQG
SURFHGXUH9HOD.RU9SUDYRXUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@9SUDYRX
HQG
SURFHGXUH9HOD.RU9ODYRXUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@9ODYRX
HQG
SURFHGXUH9HOD.RU=PHQ6PHUXUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ6PHUX
HQG
SURFHGXUH9HOD.RU=PHQ;<[\UHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ;<[\
HQG
SURFHGXUH9HOD.RU3UHVXQ;<[\UHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@3UHVXQ;<[\
HQG
SURFHGXUH9HOD.RU3+
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@3+
HQG
SURFHGXUH9HOD.RU3'
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@3'
HQG
SURFHGXUH9HOD.RU8ND]
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@8ND]
HQG
SURFHGXUH9HOD.RU6NU\
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@6NU\
HQG
SURFHGXUH9HOD.RU=PHQ)3QISLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ)3QIS
HQG
SURFHGXUH9HOD.RU=PHQ+3QKSLQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ+3QKS
HQG
SURFHGXUH9HOD.RU=PHQ7YDUYDUREU\V
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ7YDUREU\V
HQG
SURFHGXUH9HOD.RU=PHQ)DUEX7YDUXILQWHJHU
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@=PHQ)DUEX7YDUXI
HQG
SURFHGXUH9HOD.RU9\SOQIYE\WH
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@9\SOQIY
HQG
SURFHGXUH9HOD.RU3LVVVWULQJ
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIH[>L@WKHQN>L@3LVV
HQG
SURFHGXUH9HOD.RU=PD]
YDULLQWHJHU
YDUUD\>0D[.RU@RIERROHDQ
EHJLQ
IRUL WRSNGR
LIH[>L@WKHQZLWKN>L@GREHJLQY>L@ XND]DQD6NU\HQG
&OHDU9LHZ3RUW
IRUL WRSNGR
LIH[>L@DQGY>L@WKHQN>L@8ND]
HQG
HQG
7HUD]P{åHPHQDSURJUDPRYDĢNRU\WQDþLHNNUHVOLDFLFKNUXåQLFH
XVHV.RU8QLW9HOD^.RU8QLWPXVtE\ĢNYROL&DNDM.ODYHVD.ODYHV`
FRQVWQ
YDUYVHWN\9HOD.RU
LLQWHJHU
EHJLQ
UDQGRPL]H
ZLWKYVHWN\GR
EHJLQ
,QLW
IRUL WRQGR
EHJLQ
8URE.RU
LL
N>L@=PHQ)3UDQGRP^PRåQRSUDFRYDĢVRVRORNRU\WQDþNRX`
^DOHERN>L@=PHQ)DUEX7YDUXUDQGRP`
HQG
8ND]
&DNDM.ODYHV
IRUL WRGR
EHJLQ
'RSUHGX9ODYR
LI.ODYHV WKHQ^SRVWODþHQtPHG]HU\VDSUHSQH8ND]6NU\`
EHJLQ
LIN>@XND]DQDWKHQ6NU\HOVH8ND]
.ODYHV
HQG
HQG
HQG
&DNDM.ODYHV
HQG
=iVREQtNVWDFN
$EVWUDNWQiGiWRYiãWUXNW~UD
Ɣ RSHUiFLH
SXVKSULGDMQDYUFK]iVREQtND
SRSY\EHU]YUFKX]iVREQtND
ƔLQLW
ƔSUHGLNiW\HPSW\DIXOO
FRQVWPD[VWDFN
W\SHSUYRN VWULQJ>@
VWDFN REMHFW
VWDUUD\>PD[VWDFN@RISUYRN
YUFKPD[VWDFN
SURFHGXUHLQLW
SURFHGXUHSXVKSSUYRN
SURFHGXUHSRSYDUSSUYRN
IXQFWLRQIXOOERROHDQ
IXQFWLRQHPSW\ERROHDQ
HQG
SURFHGXUHVWDFNLQLW
EHJLQ
YUFK
HQG
SURFHGXUHVWDFNSXVKSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
3OQ\]DVREQLN
HOVH
EHJLQ
LQFYUFKVW>YUFK@ S
HQG
HQG
SURFHGXUHVWDFNSRSYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
3UD]GQ\]DVREQLN
HOVH
EHJLQ
S VW>YUFK@GHFYUFK
HQG
HQG
IXQFWLRQVWDFNIXOOERROHDQ
EHJLQ
IXOO YUFK!PD[VWDFN
HQG
IXQFWLRQVWDFNHPSW\ERROHDQ
EHJLQ
HPSW\ YUFK
HQG
3R]QiPND
ƔDNSRWUHEXMHPHGR]iVREQtNDGiYDĢYLDFU{]Q\FKW\SRYWDNSUYRNEXGHW\SX]i]QDPDPHWyG\SXVKDSRS
EXG~PDĢYLDFSDUDPHWURY SRORåN\]i]QDPX
ƔW\SSUYRNDVS{VREYRODQLDSXVKDSRS]iYLVLDRGNRQNUpWQHMDSOLNiFLH
3UtNODG1DStãWHSURJUDPNWRUêþtWDWH[WRYêV~ERULEDUD]DY\StãHKRQDREUD]RYNXYRSDþQRPSRUDGtULDGNRY
XVHV6WDFN8QLW
YDUV6WDFN
IWH[W
WSUYRN
EHJLQ
VLQLW
DVVLJQI
WHVWSDV
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWVSXVKW
HQG
ZKLOHQRWVHPSW\GR
EHJLQ
VSRSWZULWHOQW
HQG
HQG
5$'48(8()5217),)2
ƔGiWRYiãWUXNW~UDSRVWXSQRVĢSRORåLHN]RUDGHQêFK]DVHERX
ƔDNSUtGHQRYiSRORåNDSULGiVDQDNRQLHFUDGXUHDUWDLOFKYRVW
ƔY\EHUDĢSRORåN\]R]DþLDWNXUDGXURQWKHDGKODYLþND
ƔPHWyG\
❍VHUYH REVO~å
❍DSSHQG SULGDMQDNRQLHF
Ɣ5HSUH]HQWiFLDUDGXYSROL
❍F\NOLFNpSROHWYiULPHVDåHSROHþRPiPHNGLVSR]tFLLMHF\NOLFNpWMNHćE\FKYRVWSULãLHOQD
NRQLHFSRĐDSUHVXQLHPHKR]QRYXQD]DþLDWRNSUREOpP\VUR]SR]QDQtPSUi]GQHKRDSOQpKRUDGX
ULHãHQLHSDPlWDQtPVLSRþWXSRORåLHN
XQLW4XHXH8QLW^V~ERUTXHXHXQLSDV`
LQWHUIDFH
FRQVWPD[4XHXH
W\SHSUYRN VWULQJ>@
TXHXH REMHFW
TDUUD\>PD[4XHXH@RISUYRN
KOSRFPD[4XHXH
SURFHGXUHLQLW
SURFHGXUHVHUYHYDUSSUYRN
SURFHGXUHDSSHQGSSUYRN
IXQFWLRQHPSW\ERROHDQ
IXQFWLRQIXOOERROHDQ
HQG
LPSOHPHQWDWLRQ
SURFHGXUHFK\EDVVWULQJ
EHJLQ
ZULWHOQVKDOW
HQG
SURFHGXUHTXHXHLQLW
EHJLQ
KO SRF
HQG
SURFHGXUHTXHXHVHUYHYDUSSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVH
EHJLQ
S T>KO@GHFSRF
KO KOPRGPD[4XHXH
HQG
HQG
SURFHGXUHTXHXHDSSHQGSSUYRN
EHJLQ
LIIXOOWKHQFK\ED
SOQ\
HOVH
EHJLQ
T>KOSRFPRGPD[4XHXH@ SLQFSRF
HQG
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
HPSW\ SRF
HQG
IXQFWLRQTXHXHIXOOERROHDQ
EHJLQ
IXOO SRF PD[4XHXH
HQG
HQG
3UtNODG1DStãWHSURJUDPNWRUêþtWDWH[WRYêV~ERULEDUD]DY\WYiUDQRYêV~ERUWDNåHYWRPWRV~ERUHV~YãHWN\
ULDGN\YVWXSQpKRV~ERUXD]DQLPLHãWHUD]WLHLVWpULDGN\
XVHV4XHXH8QLW
YDUT4XHXH
IJWH[W
WSUYRN
EHJLQ
TLQLW
DVVLJQI
WHVWSDV
UHVHWI
DVVLJQJ
WHVWSDV
UHZULWHJ
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWTDSSHQGWZULWHOQJW
HQG
ZKLOHQRWTHPSW\GR
EHJLQ
TVHUYHWZULWHOQJW
HQG
FORVHJ
HQG
1'8
ƔMHGQRGXFKãLDYHU]LDWHVWXSUHIDQDWLNRYRSUDYLĢPHWyG\HPSW\DIXOOWDNDE\HPSW\YåG\YUiWLOIDOVHDN
ERORSUi]GQHGiWDPQHMDNêSUYRNDDMIXOOYUDWLOIDOVHDNERORSOQpWDNDXWRPDWLFN\QDMSUYY\þLVWt
ƔUR]PêãĐDĢRYLDF]iVREQtNRFKDUDGRFKQDSUY]iMRPQiVLPXOiFLDWULHGHQLHSRPRFRXGYRFK]iVREQtNRY
]DUiåNDYRIURQWH
9\PHQRYDQêW\SPQRåLQDUHNXU]LDQD
QHUHNXU]LXDULWPHWLFNpYêUD]\ QRY
9\PHQRYDQêW\S
W\SHW\]GHQ SRQXWRVWUVWYSLDVREQHG
^]iURYHĖVD]DGHILQRYDORNRQãWiQWDNRNHE\FRQVWSRQ XWR `
YDUGW\]GHQ
EHJLQ
G SRQ
G SUHGSLD^G VWY`
G VXFFVRE^G QHG`
G XWR
LQFG^G VWU`
LQFG^G VRE`
L RUGSRQ^L SUYiNRQãWDQWDY\PHQRYDQpKRW\SXPiKRGQRWX`
L RUGXWR^L `
G W\]GHQ^G SLDLGHQWLILNiWRUW\SXVDGiSRXåLĢDNRIXQNFLD`
ƔY\PHQRYDQêW\SVDQHGiY\StVDĢDQLQDþtWDĢ
ƔSRPiKDPHVLLQLFLDOL]iFLRXSRĐDKQHćQD]DþLDWNXSURJUDPX
FRQVWDDUUD\>W\]GHQ@RIVWULQJ>@
SRQ
XWR
VWU
VWY
SLD
VRE
QHG
YDUVVWULQJ>@
UHDGV
G SRQ
ZKLOHGQHGDQGD>G@!VGRLQFG
LID>G@!VWKHQZULWHOQ
FK\ED
7\SPQRåLQD
W\SHP VHWRI^QHMDNêRUGLQiOQ\W\SKRYRUtPHPXEi]RYêW\S`
W\SHP VHWRI
YDUDEP
ƔPQRåLQRYpNRQãWDQW\>@>@>@>@>@
ƔRSHUiFLH
❍]MHGQRWHQLHD DE
❍SULHQLND D >@
❍UR]GLHOD E>@
❍SUtVOXãQRVĢSUYNXLILQDWKHQ
ƔUHOiFLH
❍URYQRVĢQHURYQRVĢLID EWKHQLIF!>@WKHQ
3UtNODG\
YDU]FKDU
LI]QDNLQ>
$
=
D
]
@WKHQ
LIQRW]QDNLQ>
@WKHQ
FRQVWDQR >
D
$
\
<
@QLH >
Q
1
@
UHSHDW] UHDGNH\XQWLO]LQDQRQLH
LI]LQDQRWKHQ
YDU[VHWRI
EHJLQ
[ >@
IRUL WRGR[ [>L@
[ >@
IRUL WRGR[ [>LL@
HQG
QDPQRåLQiFKQHIXQJXMHZULWH
W\SHED]D
PQR]LQD VHWRIED]D
SURFHGXUHY\SLVPPQR]LQD
YDULED]D^`
EHJLQ
ZULWH
>
IRUL WRGR
LILLQPWKHQZULWHL
ZULWHOQ
@
HQG
DE\VDQDNRQFLQHY\SLVRYDODþLDUND
ZULWH
>
E IDOVH
IRUL WRGR
LILLQPWKHQ
EHJLQ
LIEWKHQZULWH
ZULWHLE WUXH
HQG
ZULWHOQ
@
1'Ò
ƔY\SLVRYDQLHPQRåLQ\DMVLQWHUYDOPLQDSU>@
ƔþtWDQLHPQRåLQ\]RYVWXSXQDYVWXSHPåXE\ĢDMLQWHUYDO\
3UtNODG1DStãWHSURJUDPNWRUê]WH[WRYpKRV~ERUX678'7;7QDþtWDPHQiãWXGHQWRYãWXGHQWRYMH
PHQHMDNRLFKSULHPHUQp]QiPN\DLQIRUPiFLXRWRPþLãWXGHQWGRVWDODOHERQHGRVWDOLQWHUQiWY
WYDUHDOHER3URJUDPSRWRPY\StãH
DYãHWNêFKãWXGHQWRY
EGREUêFKNWRUêPDM~LQWHUQiW
FGREUêFKãWXGHQWRYNWRUtQHPDM~LQWHUQiW
W\SHED]D
WDE DUUD\>ED]D@RIUHFRUG
PHQRVWULQJ>@
]QUHDO
LQWHUERROHDQ
HQG
PQ VHWRIED]D
YDUWWDE
DEPQ^DLQGH[\GRWDEXĐN\WSUHNWRUêFK]Q `
^ELQGH[\GRWDEXĐN\WNWRUtPDM~LQWHUQiW`
QLLQWHJHU
SURFHGXUHFLWDMYDUWWDEYDUQLQWHJHU
YDUIWH[WEELQWHJHU
EHJLQ
DVVLJQI
VWXGW[W
UHVHWI
Q
ZKLOHQRWHRIIGR
EHJLQ
LQFQ
ZLWKW>Q@GR
EHJLQ
UHDGOQIPHQR]QEE
LQWHU EE
HQG
HQG
HQG
SURFHGXUHY\SLVYDUWWDEPPQ
YDULLQWHJHU
EHJLQ
IRUL WRGR
LILLQPWKHQZULWHOQW>L@PHQR
HQG
EHJLQ
^QDþtWDQLHWDEXĐN\`
FLWDMWQ
D >@E >@
IRUL WRQGR
EHJLQ
LIW>L@]Q WKHQD D>L@
LIW>L@LQWHUWKHQE E>L@
HQG
^YêSLVYãHWNêFKãWXGHQWRY`
ZULWHOQ
9VHWFL
Y\SLVW>Q@
^YêSLVGREUêFKNWRUêPDM~LQWHUQiW`
ZULWHOQ
GREULPDMXLQWUDN
Y\SLVWD
E
^YêSLVGREUêFKãWXGHQWRYNWRUtQHPDM~LQWHUQiW`
ZULWHOQ
GREULQHPDMXLQWUDN
Y\SLVWDE
HQG
3UtNODG1DStãWHSURJUDPNWRUêY\WYRUtSRGPQRåLQX0PQRåLQ\WDN~åH
DMH]PQRåLQ\
EDNLMH]PQRåLQ\WDNLDMLV~]PQRåLQ\
YDUPVHWRI
LLQWHJHU
EHJLQ
P >@
IRUL WRGR
LILLQPWKHQ
EHJLQ
P P>
L@^
LMHYåG\]`
LI
L WKHQP P>
L@^DNMHDM
L]
SULGiPHKRGRPQRåLQ\`
HQG
HQG
2EPHG]HQLDSUHPQRåLQ\
ƔP{åHPHQDVLPXORYDĢYlþãLHPQRåLQ\SRPRFRXSRĐDPQRåtQ
YDUPDUUD\>PD[@RIVHWRI
ƔSULGDĢ[GRPQRåLQ\
P>[GLY@ P>[GLY@>[PRG@
Ɣ]LVWLĢþLMH[YPQRåLQH
LI>[PRG@LQP>[GLY@WKHQ
5LHãHQLHPLQXOpKRSUtNODGX
W\SHPQR]LQD VHWRI
PQ DUUD\>@RIPQR]LQD
YDUPPQ
LMLQWHJHU
EHJLQ
P>@ >@
IRUL WRGRP>L@ >@
IRUL WRGR
LILPRGLQP>LGLY@WKHQ
EHJLQ
M
L
P>MGLY@ P>MGLY@>MPRG@
M
L
LIMGLYWKHQ
P>MGLY@ P>MGLY@>MPRG@
HQG
Y\SLV^SURFHG~UDNWRUiY\StãHþtVOD]PQRåLQ\`
HQG
9HĐNiPQRåLQDDNRWULHGD
FRQVWPD[PQ
W\SHPQR]LQD REMHFW
PDUUD\>PD[PQ@RIVHWRI
PD[PD[PQ
SURFHGXUHLQLWP[LQWHJHU
SURFHGXUHSULGDMLLQWHJHU
IXQFWLRQYLLQWHJHUERROHDQ
SURFHGXUHY\SLV
HQG
SURFHGXUHPQR]LQDLQLWP[LQWHJHU
YDULLQWHJHU
EHJLQ
PD[ P[
IRUL WRPD[GLYGRP>L@ >@
HQG
SURFHGXUHPQR]LQDSULGDMLLQWHJHU
EHJLQ
LIL! DQGL PD[WKHQ
P>LGLY@ P>LGLY@>LPRG@
HQG
SURFHGXUHPQR]LQDY\SLV
YDULLQWHJHU
EERROHDQ
EHJLQ
ZULWH
>
E IDOVH
IRUL WRPD[GR
LIYLWKHQ
EHJLQ
LIEWKHQZULWH
ZULWHLE WUXH
HQG
ZULWHOQ
@
HQG
YDUPQPQR]LQD
LLQWHJHU
EHJLQ
ZLWKPQGR
EHJLQ
LQLWSULGDM
IRUL WRPD[GLYGR
LIYLWKHQ
EHJLQ
SULGDM
LSULGDM
L
HQG
Y\SLV
HQG
HQG
3UtNODG(UDWRVWHQRYHVLWR
SURFHGXUHPQR]LQDYVHWN\
YDULLQWHJHU
EHJLQ
IRUL WRPD[GLYGRP>L@ >@^YãHWN\RNUHPSRVOHGQHM`
P>PD[GLY@ >PD[PRG@
HQG
SURFHGXUHPQR]LQDXEHULLQWHJHU
EHJLQ
YDUPQPQR]LQD
LMLQWHJHU
EHJLQ
ZLWKPQGR
EHJLQ
LQLWYVHWN\XEHUXEHU
IRUL WRPD[GLYGR
LIYLWKHQ
EHJLQ
M LL
ZKLOHM PD[GR
EHJLQXEHUMLQFMLHQG
HQG
Y\SLV
HQG
HQG
5HDOL]iFLDPQRåLQ\YSDPlWLSRþtWDþD
SDVFDORYVNiPQRåLQD SRVWXSQRVĢELWRY
QDSUSUHVHWRIMHELWRY!EDMWRY
YNDåGRPELWHMHEXćSUYRNQHSDWUtGRPQRåLQ\
DOHERSUYRNSDWUtGRPQRåLQ\
D >@Y\QXOXMYãHWN\ELW\
D >@QDVWDYLEDELW\RVWDWQpY\QXOXM
DELGHSRELWRFKDUREtRSHUiFLX25
PQRåLQD]DEHUiE\WH
3UHSLVUHNXU]LHQDQHUHNXU]LXSRPRFRX]iVREQtND
0iPHUHNXU]tYQXPHWyGX
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ9ODYR
HOVH
EHJLQ
'RSUHGXV9ODYR
VSLUQV
9SUDYR'RSUHGXV
HQG
HQG
7ULHGX]iVREQtN]DGHILQXMHPHSUHNRQNUpWQX~ORKXSUYRN]iVREQtNXMH]i]QDPNWRUêREVDKXMHSRORåN\
YDGUHVDQDV]DSDPlWiYDQpKRGQRW\
W\SHSUYRN UHFRUGYQLQWHJHUVUHDOHQG
3UHStãPHSURFHG~UXQDQHUHNXU]tYQXSRPRFRXQiãKR]iVREQtND
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
YDU]VWDFN
YLQWHJHU^QLHþRDNRQiYUDWRYiDGUHVD`
EHJLQ
]LQLW
]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ9ODYR
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV^QiYUDWSRUHNXU]tYQRPYRODQt`
]SXVKQV^UHNXU]tYQHYRODQLH`
HQG
EHJLQ9SUDYR'RSUHGXVHQG
HQG
HQG
HQG
3URFHG~UDVDGiXSUDYLĢWDNDE\VDQHURELODRSHUiFLDSXVKDNWRQLHMHQHY\KQXWQp
SURFHGXUHPRMD.RUVSLUQLQWHJHUVUHDO
YDU]VWDFN
YLQWHJHU
EHJLQ
]LQLWY
ZKLOHY!GR
EHJLQ
FDVHYRI
LIQ WKHQEHJLQ9ODYRY ^EXGHWUHEDURELĢSRS`
HQG
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV
Y Q QV V
HQG
EHJLQ9SUDYR'RSUHGXVY ^EXGHWUHEDURELĢ
SRS`HQG
HQG
LIY DQGQRW]HPSW\WKHQ]SRSYQV
HQG
HQG
1DStãPHUHNXU]tYQXSURFHG~UXNWRUiSRþtWD1Wp)LERQDFLLKRþtVOR
YDUIIORQJLQW^JOREiOQDSUHPHQQiYNWRUHMMHY\SRþtWDQiKRGQRWD`
SURFHGXUHILE1LQWHJHU
YDUIORQJLQW
EHJLQ
^þDVĢ`
LIQWKHQII
HOVH
EHJLQ
ILE1
^þDVĢ`
I II
ILE1
^þDVĢ`
II III
HQG
HQG
1HUHNXU]tYQ\WYDUSUHGFKiG]DM~FHMSURFHG~U\SUYRNYVWDFNMHXåWHUD]LQpKRW\SX
SURFHGXUHILE1LQWHJHU
YDUIORQJLQWYLQWHJHU
VVWDFN
EHJLQ
VLQLWVSXVKQI
ZKLOHQRWVHPSW\GR
EHJLQ
VSRSYQI
FDVHYRI
LIQWKHQII
HOVH
EHJLQ
VSXVKQI^QiYUDW`
VSXVKQI^UHNXU]tYQHYRODQLH`
HQG
EHJLQ
I IIVSXVKQI^QiYUDW`
3UtNODG3UHStãWHUHNXU]tYQXSURFHG~UXQDNUHVOHQLHVWURPXSRPRFRXNRU\WQDþHMJUDILN\QDQHUHNXU]tYQX
SURFHGXUHPRMD.RUVWURPQLQWHJHUVUHDO
EHJLQ
^þDVĢ`
LIQ WKHQEHJLQ'RSUHGXV'RSUHGXVHQG
HOVH
EHJLQ
'RSUHGXV9ODYR
VWURPQV
^þDVĢ`
9SUDYR
VWURPQV
^þDVĢ`
9ODYR'RSUHGXV
HQG
HQG
SURFHGXUH0RMD.RUVWURPQLQWHJHUVUHDO
YDU]VWDFNYLQWHJHU
EHJLQ
]LQLW]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQEHJLQ'RSUHGXV'RSUHGXVHQG
HOVH
EHJLQ
'RSUHGXV9ODYR
]SXVKQV
3UtNODG1DStãWHQHUHNXU]tYQ\YDULDQWSURFHG~U\QDNUHVOHQLHVQHKRYHMYORþN\
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
EHJLQ
LIQ WKHQ'RSUHGXV
HOVH
EHJLQ
YORFNDQV
9SUDYR
YORFNDQV
9ODYR
YORFNDQV
9SUDYR
YORFNDQV
HQG
HQG
SURFHGXUHPRMD.RUYORFNDQLQWHJHUVUHDO
YDU]VWDFNYLQWHJHU
EHJLQ
]LQLW]SXVKQV
ZKLOHQRW]HPSW\GR
EHJLQ
]SRSYQV
FDVHYRI
LIQ WKHQ'RSUHGXV
HOVH
EHJLQ]SXVKQV]SXVKQVHQG
EHJLQ
9SUDYR]SXVKQV]SXVKQV
HQG
EHJLQ
9ODYR]SXVKQV]SXVKQV
HQG
EHJLQ9SUDYR]SXVKQVHQG
HQG
HQG
HQG
$ULWPHWLFNpYêUD]\SRXåLWLH]iVREQtNX
ƔYPDWHPDWLNHDMYSURJUDPRYDQtMH]Y\NRPSRXåtYDĢW]YLQIL[RYê]iSLVDULWPHWLFNêFKYêUD]RY
MHGHILQRYDQêQDVOHGRYQH
❍RSHUDQGQDSUþtVORDOHERSUHPHQQiMHLQIL[RYêYêUD]
❍DN;D<V~LQIL[RYpYêUD]\WDNLQIL[RYêPLYêUD]PLV~DM
SUHYUiWHQê3ROVNê]iSLV
3UHIL[
ƔRSHUiWRUMHSUHGRSHUDQGDPL
ƔQDSUP{åHPHSUHþtWDĢDNRVþtWDMD
3RVWIL[
ƔRSHUiWRUMH]DRSHUDQGDPL
ƔQDSUP{åHPHSUHþtWDĢDNR]REHUDSRWRPLFKVþtWDM
3ROVNpIRUP\PDM~W~YêKRGXRSURWLLQIL[XåHQHSRWUHEXMHPHX]iWYRUNRYDĢQDXUþHQLHSUHFHQGHQFLH
RSHUiWRURYYåG\MHMHGQR]QDþQHGDQpSRUDGLHY\KRGQRFRYDQLD
1DSU
ƔSUHLQIL[
ƔSUHIL[
^LQpMD]\N\/,63`
ƔSRVWIL[
3UREOpP\]XQiUQ\PRSHUiWRURPWUHEDKRUR]OtãLĢRGELQiUQHKR]Y\NQHVD]QDþLĢLQêP
]QDPLHQNRPQDSUVERGNRXDOHERB
3UtNODGY\KRGQRWHQLHSRVWIL[XQDþtWDQpKR]RYVWXSX
XVHV6WDFN8QLW^SUYRN LQWHJHU`
YDUVVWDFN
[\LLQWHJHU
WVWULQJ
EHJLQ
VLQLW
ZULWH
"
UHDGOQWW W
L
ZKLOHW>L@!
GR
EHJLQ
FDVHW>L@RI
EHJLQ
[
ZKLOHW>L@LQ>
@GR
EHJLQ
[ [
RUGW>L@RUG
LQFL
HQG
VSXVK[GHFL
HQG
B
EHJLQVSRS[VSXVK[HQG^XQiUQHPtQXV`
EHJLQVSRS[VSRS\VSXVK\[HQG
EHJLQVSRS[VSRS\VSXVK\[HQG
EHJLQVSRS[VSRS\VSXVK\
[HQG
EHJLQVSRS[VSRS\VSXVK\GLY[HQG
HQG
LQFL
HQG
VSRS[ZULWHOQ
Y\VOHGRN
[
HQG
1'Ò
ƔXSUDYWHSURJUDPQDSRVWL[VUHiOQRXDULWPHWLNRX
ƔY\KRGQRWLĢSUHIL[
ƔSUHSLVLQIL[XGRSRVWIL[XUHVSSUHIL[XQLHMHWRWULYLiOQH
Ɣ~SOQHX]iWYRUNRYDQêYêUD]MHLQIL[YNWRURPMHNDåGiRSHUiFLDR]iWYRUNRYDQiQDSU
❍Y\KRGQRćWH~SOQHX]iWYRUNRYDQêYêUD]
ƔSUHSLVSUHIL[XGRSRVWIL[XDQDRSDN
ƔYêUD]\VSUHPHQQêPL
'\QDPLFNpSUHPHQQp QRY
9ãHWN\SUHPHQQpNWRUpVPHGRWHUD]SRXåtYDOLEROLVWDWLFNp
ƔLFKYHĐNRVĢDDGUHVDYSDPlWLERODXUþHQiXåSRþDVNRPSLOiFLH
ƔJOREiOQHSUHPHQQpSUHPHQQpKODYQpKRSURJUDPXUHVSYãHWNêFKXQLWRYVDY\KUDGLDYMHGQRP
GiWRYRPVHJPHQWHPD[.E
ƔORNiOQHSUHPHQQpDMSDUDPHWUHSRGSURJUDPRYVDDXWRPDWLFN\Y\KUDGLDSULYRODQtSRGSURJUDPX
3DVFDOPiPHFKDQL]PXVQDY\WYiUDQLHG\QDPLFNêFKSUHPHQQêFK
ƔSUHPHQQpVDQHY\WYiUDM~DQLYGiWRYRPVHJPHQWHSURJUDPXDQLY]iVREQtNXDSUHWRLFKYHĐNRVĢ
6PHUQtNRYpSUHPHQQp
ƔV~SUHPHQQpNWRUpVDSRXåtYDM~QDSUtVWXSNG\QDPLFNêPSUHPHQQêP
ƔþDVWRV~WRVWDWLFNpSUHPHQQp
ƔSULãWDUWHSURJUDPXPDM~QHGHILQRYDQ~KRGQRWX
ƔSULY\KUDGHQtSDPlWLSUHG\QDPSUHPHQQ~VDGRVPHUQtNRYHMSUHPHQQHMGRVWDQHDGUHVD
VPHUQtNQDW~WRG\QDPLFN~SUHPHQQ~
ƔVPHUQtNRYiSUHPHQQi]DEHUiEDMW\DGUHV\YSRþtWDþLV~EDMWRYp
NRQNUpWQHKRW\SXG\QDPLFNiSUHPHQQiP{åHE\ĢĐXERYRĐQpKRW\SXQDSUþtVORUHĢD]HFSROH
PQRåLQD]i]QDPWMDNDMHãWHQLHMHQHGHILQRYDQiYåG\SUHVQHYLHPHW\SG\QDPLFNHM
SUHPHQQHMQDNWRU~RGND]XMH
ƔSULGHILQRYDQtW\SXVPHUQtNP{åHE\Ģ]QDNAOHQSUHGLGHQWLILNiWRURPW\SX
ƔVG\QDPLFNRXSUHPHQQRXDGUHVRYDQRXVPHUQtNRPQDSUSAP{åHPHSUDFRYDĢURYQDNRDNRV
RE\þDMQRXSUHPHQQRX
ƔVPHUQtNRYpSUHPHQQpP{åHPHQDY]iMRPSULUDG]RYDĢUHVSSRURYQiYDĢQDURYQRVĢDOHER
QHURYQRVĢMHGLQHDNV~LGHQWLFNpKRW\SX
.RQãWDQWQêVPHUQtN1,/
ƔXQLYHU]iOQDNRQãWDQWDSUHYãHWN\VPHUQtNRYpW\S\
ƔSRXåtYDVDYWHG\NHćSRWUHEXMHPHUR]OtãLĢSUtSDGåHVPHUQtNRYiSUHPHQQiRGND]XMHQDQHMDN~
G\QDPLFN~SUHPHQQ~DåHHãWHQHRGND]XMHQDåLDGQX
ƔYSDVFDOHVDWRWLåQHGi]LVWLĢþLPiQHMDNiQLHOHQVPHUQtNRYiSUHPHQQiQHGHILQRYDQ~KRGQRWX
S QLO
ƔSXåQHPiQHGHILQRYDQ~KRGQRWXDSULWRPVDEXGHGDĢRWHVWRYDĢåHQHRGND]XMHQDåLDGQX
G\QDPLFN~QDSU
LIS QLOWKHQQHZS
ƔVRVPHUQtNPLV~SRYROHQpOHQUHODþQpRSHUiFLH D!DMWROHQVRVPHUQtNPLURYQDNpKRW\SX
UHVSVQLO
LIS SRUS QLOWKHQ^MHRN`
LIS!SWKHQ^FK\EQêQHSUtSXVWQêWHVW`
âWDQGDUGQpSURFHG~U\QHZDGLVSRVH
QHZYDUSAW\S
SDUDPHWURPĐXERYRĐQiVPHUQtNRYiSUHPHQQi
]DEXGQHS{YRGQ~KRGQRWXS
DNERORSQHGHIHILQRYDQpWDNWR]UHMPHQHYDGt
DNSRGND]RYDODQDG\QDPSUHPHQQ~DQLNLQêWDNNQHMVWUiFDPHSUtVWXS
Y\KUDGtYRYRĐQHMþDVWLSDPlWLKHDSYHĐNRVĢVL]HRIW\S
YlþãLQRXMHWRWURFKXYLDFQDMEOLåãtQiVRERN
S DGUHVDY\KUDGHQiYRYRĐQHMSDPlWL
GLVSRVHSAW\S
ƔSULHEHåQ~YHĐNRVĢYRĐQHMþDVWLSDPlWHYUDFLDIXQNFLD
0HP$YDLOORQJLQW
ƔQD]LVWHQLHPD[LPiOQHKXV~YLVOpKR~VHNXYRĐQHMþDVWLSDPlWHSRXåLMHPHIXQNFLX
0D[$YDLOORQJLQW
ĆDOãLH]iVDG\VOXãQpKRSURJUDPRYDQLH
ƔVQDåtPHVDDE\YãHWN\VPHUQtNRYpSUHPHQQpPDOLEXć1,/DOHERVNXWRþQHXND]RYDOLQD
Y\WYRUHQpSUHPHQQpWMQHEROLQHGHILQRYDQp
ƔDNS 1,/ !RGND]SAE\PDOKOiVLĢFK\EXERKXåLDĐQHKOiVLDQLSUHQHGHILQRYDQêVPHUQtND
SUHWRVDYSURJUDPHþDVWRY\VN\WXMHRWi]ND
LIS 1,/SUtSDGQHLIS!1,/«
ƔQLNG\QHRGND]XMHPHVPHUQtNRYRXSUHPHQQRXRNWRUHMQLHVPHSUHVYHGþHQtåHMH
GHILQRYDQiDU{]QDRG1,/UDGãHMEXćPHSHVLPLVWLDYãHWNRNRQWUROXMPH
-HGQRUR]PHUQpSROHVPHUQtNRY
9HĐNpSROHY3DVFDOHP{åHPHGHNODURYDĢQDSU
W\SHVWULQJ VWULQJ>@
3VWULQJ AVWULQJ
SROH DUUD\>@RI3VWULQJ^EH]AE\EROREDMWRY`
YDUGDWDSROH^E\WRY`
LLQWHJHU
EHJLQ
ZULWHOQ
3RFLDWRFQDYHONRVWYROQHMSDPDWLMH
0HP$YDLO
IRUL WRGRQHZGDWD>L@
GDWD>@A
359$
GDWD>@A
326/('1$
ZULWHOQ
+RGQRWDSUYHMSROR]N\MH
GDWD>@A
ZULWHOQ
+RGQRWDSRVOHGQHMSROR]N\MH
GDWD>@A
ZULWHOQ
ZULWHOQ
3UHGXYROQHQLP
ZULWHOQ
YHONRVWYROQHMSDPDWLMH
0HP$YDLO
E\WH
ZULWHOQ
QDMYDFVLYROQ\EORNSDPDWLMH
0D[$YDLO
E\WH
ZULWHOQ
IRUL WRGRGLVSRVHGDWD>L@
^XYRĐQLOLVPHSUYêFKSRORåLHN`
ZULWHOQ
3RXYROQHQL
ZULWHOQ
YHONRVWYROQHMSDPDWLMH
0HP$YDLO
E\WH
ZULWHOQ
QDMYDFVLYROQ\EORNSDPDWLMH
0D[$YDLO
E\WH
HQG
3UtNODG\MHGQRDGYRMUR]PHUQêFKSROtVPHUQtNRY
W\SHSROH DUUD\>@RILQWHJHU
3SROH ASROH
SROH DUUD\>@RISROH^RE\þDMQpUR]PHUQpSROH`
3SROH ASROH
SROHSSROH DUUD\>@RI3SROH
YDUDSROHSSROH
E3SROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZD>L@
IRUL WRGR
IRUM WRGR
D>L@A>M@ LM
QHZE
IRUL WRGR
IRUM WRGR
EA>L@>M@ LM
HQG
W\SHVSROH DUUD\>@RIALQWHJHU^SROHVPHUQtNRYQDLQWHJHU`
3VSROH AVSROH
VSSROH DUUD\>@RI3VSROH
3VSSROH AVSSROH
YDUFVSSROH
G3VSSROH
LMLQWHJHU
EHJLQ
IRUL WRGRQHZF>L@^VL]HRIF
`
IRUL WRGR^VL]HRIF>L@ `
IRUM WRGR^VL]HRIF>L@A
`
EHJLQ
QHZF>L@A>M@F>L@A>M@A LM
HQG
QHZG
IRUL WRGRQHZGA>L@^VL]HRIG VL]HRIGA
`
IRUL WRGR^VL]HRIGA>L@ `
IRUM WRGR^VL]HRIGA>L@A
`
EHJLQ
QHZGA>L@A>M@GA>L@A>M@A LM
HQG
HQG
=i]QDP\SROLDDVPHUQtN\
W\SHSROH DUUD\>@RILQWHJHU
3SROH ASROH
]D]Q UHFRUG
[SROH
\3SROH
]DUUD\>@RIALQWHJHU
HQG
3]D]Q A]D]Q
SROH3]D]Q DUUD\>@RI3]D]Q
3SROH3]D]Q ASROH3]D]Q
YDUD3]D]Q
ESROH3]D]Q
F3SROH3]D]Q
EHJLQ
QHZD
IRUL WRGRQHZE>L@
QHZFIRUL WRGRQHZFA>L@
IRUL WRGR
EHJLQ
IRUM WRGRFA>L@A[>M@ LM
QHZFA>L@A\
IRUM WRGRFA>L@A\A>M@ LM
IRUM WRGRQHZFA>L@A]>M@
IRUM WRGRFA>L@A]>M@A LM
HQG
HQG
3RVWXSQpSUHþtWDQLHSUHPHQQHMFA>L@A\A>M@
6PHUQtNQDVPHUQtN
W\SH3LQW ALQWHJHU
33LQW A3LQW
333LQW A33LQW
YDUL3LQW
M33LQW
.333LQW
EHJLQ
QHZLLA
QHZMQHZMAMAA
QHZNQHZNAQHZNAANAAA
HQG
IRUL WRGR
LIW>L@!QLOWKHQGLVSRVHW>L@
^GLVSRVHYVNXWRþQRVWLQHWUHEDOHERSURJUDPNRQþtSDPlĢKHDSVDDMWDNVWUDWt`
HQG
3R]QiPND
ILOOFKDUMHXåLWRþQêDOHQHEH]SHþQêSRGREQHDNRPRYH
Ɣ
'\QDPLFNpREMHNW\ QRY
3ULSRPHĖPHVLVWDUãtSUtNODGVWULHGRXERGDMHMSRWRPNDPLNUXKDVWYRUHF
W\SHERG REMHFW
[\LQWHJHU
IE\WH
YLGERROHDQ
SURFHGXUHLQLW[[\\LQWHJHU
SURFHGXUHXND]
SURFHGXUHVNU\
SURFHGXUHIDUEDIIE\WH
SURFHGXUHSRVXQG[G\LQWHJHU
HQG
SURFHGXUHERGLQLW[[\\LQWHJHU
EHJLQ
[ [[\ \\I YLG IDOVH
HQG
SURFHGXUHERGXND]
EHJLQ
SXWSL[HO[\IYLG WUXH
HQG
SURFHGXUHERGVNU\
EHJLQ
SXWSL[HO[\YLG IDOVH
HQG
SURFHGXUHERGIDUEDIIE\WH
EHJLQ
I IILIYLGWKHQXND]
HQG
SURFHGXUHERGSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
SURFHGXUHNUXKLQLW[[\\UULQWHJHU
EHJLQ
LQKHULWHGLQLW[[\\U UU
HQG
SURFHGXUHNUXKXND]
EHJLQ
VHWFRORUIFLUFOH[\UYLG WUXH
HQG
SURFHGXUHNUXKVNU\
EHJLQ
VHWFRORUFLUFOH[\UYLG IDOVH
HQG
SURFHGXUHNUXKIDUEDIIE\WH
EHJLQ
I IILIYLGWKHQXND]
HQG
SURFHGXUHNUXKSRVXQG[G\LQWHJHU
YDUEERROHDQ
EHJLQ
E YLGLIYLGWKHQVNU\
LQF[G[LQF\G\
LIEWKHQXND]
HQG
3UtNODGG\QDPLFNêFKREMHNWRY
W\SH3NUXK ANUXK^WDNiWRGHNODUiFLDP{åHE\ĢVN{UDNRMHGHILQRYDQêNUXK`
YDUNDUUD\>@RI3NUXK
EHJLQ
IRUL WRGR
EHJLQ
QHZN>L@
N>L@ALQLWUDQGRPUDQGRPUDQGRP
N>L@AXND]N>L@AIDUEDL
HQG
IRUM WRGR
ZLWKN>M@AGR
EHJLQ
IDUED
IRUL WRGRSRVXQ
IDUEDM
HQG
6WDWLFNpPHWyG\
3UREOpP
ƔPHWyGDSRVXQMHYRYãHWNêFKWULHGDFKURYQDNiVN~VPHMXQHFKDĢLEDSUHWULHGXERGDYãDGHLQGH
Y\KRGLĢSUtNODGYNWRURPWRQHIXQJXMH
ƔDNWHUD]]DYROiPHNUXKSRVXQ]DYROiVDERGVNU\DQLHNUXKVNU\
ERGSRVXQ!ERGVNU\
A
_
NUXKSRVXQNUXKVNU\
9LUWXiOQHPHWyG\
ƔSRWUHERYDOLE\VPHDE\ERGSRVXQSRFKRSLOåHERO]DYRODQê]SRWRPNDDWHGDQHEXGHYRODĢ
VYRMERGVNU\DOHSRWRPNRYXPHWyGXVNU\
ERGSRVXQERGVNU\^YLUWXDO`
A?
_?
NUXKSRVXQ!NUXKVNU\^YLUWXDO`
Ɣ]UHMPHVDWRQHGiXURELĢSRþDVNRPSLOiFLHOHERERGSRVXQQHP{åHWXãLĢåHQLHNHG\Y
EXG~FQRVWLVLQLHNWRQLHNGHLQGHQDSURJUDPXMHYHĐDSRWRPNRYNWRUpEXG~YRODĢERGSRVXQ
3RO\PRUIL]PXV
PHWyGDVD]GLHODYU{]Q\FKVWXSĖRFKREMHNWRYHMKLHUDUFKLH!
Ɣ
9þDVQiDQHVNRUiYl]ED
ƔNRPSLOiWRURNDPåLWpUR]KRGQXWLHSULVWDWLFNêFKPHWyGDFK
ƔRGORåHQpUR]KRGQXWLHSULYLUWXiOQ\FKPHWyGDFK
SUHPHQQHMW\SXREMHNW
ƔSULVWDWLFNêFKPHWyGDFKNRPSLOiWRUKĐDGi]RGSRYHGDM~FHPHQRYKLHUDUFKLLVPHURPNSUHGNRP
RGGDQQHM~URYQHNGHMHGHILQRYDQiPHWyGD
ƔSULYLUWXiOQ\FKPHWyGDFKQLHNRPSLOiWRUDOHSRþDVEHKXVDKĐDGi]RGSRYHGDM~FHPHQRY
KLHUDUFKLLVPHURPNSUHGNRPDOHRG~URYQHLQãWDQFLH
ƔYþDVQiYl]ED HDUO\ELQGLQJSULVWDWLFNêFK
ƔQHVNRUiYl]ED ODWHELQGLQJSULYLUWXiOQ\FK
9LUWXiOQHPHWyG\
ƔYGHNODUiFLLREMHNWXYLUWXDO
ƔDNMHYQHMDNHMWULHGHYLUWXiOQDPHWyGD !YãHWFLSRWRPNRYLDDNPDM~PHWyGXWRKRWRPHQD
PXVLDPDĢWLHåYLUWXDODVURYQDNRXKODYLþNRXQHVPLHVDSUHGHILQRYDĢ
ƔNDåGêREMHNWNWRUêPiYLUWXiOQXPHWyGXPXVtPDĢNRQãWUXNWRU
❍SRWUHEQpQD]DKiMHQLHDNFLH
❍PXVtE\ĢYRODQêVN{UDNRĐXERYRĐQiYLUWXiOQDPHWyGDP{åHG{MVĢN]DEORNRYDQLX
V\VWpPX
ƔNDåGêREMHNWREVDKXMH9079LUWXDO0HWKRG7DEOH
❍NRQãWUXNWRULQLFLDOL]XMHQDSRMHQLHQDW~WRWDEXĐNXEH]WHMWRLQLFLDOL]iFLHVDQHGiåLDGQD
YLUWXiOQDPHWyGD]DYRODĢ
❍NDåGiLQãWDQFLDREVDKXMHOHQVPHUQtNQDW~WRMHGLQ~SUHGDQ~WULHGXWDEXĐNX
.RQãWUXNWRU\DGHãWUXNWRU\
ƔP{åHE\ĢLFKDMYLDF
❍FRQVWUXFWRULQLW^ĐXERYRĐQpPHQRP{åHPDĢDMSDUDPHWUH`
❍GHVWUXFWRUGRQHYLUWXDO^ĐXERYRĐQpPHQR`
ƔPRåQRSRXåLĢYQHZDGLVSRVHSUHVPHUQtN\QDREMHNW\
GLVSRVH3LQVWDQFLDGRQH
ƔMHVNUiWHQê]iSLVSUH
3LQVWDQFLDAGRQHGLVSRVH3LQVWDQFLD
ƔKRYRUtPHåHNRQãWUXNWRUP{åHE\ĢSRXåLWêDMQDLQLFLDOL]RYDQLHSRORåLHNMHKRKODYQiIXQNFLD
MHLQLFLDOL]RYDĢ907
.RPSDWLELOLWDWULHGREMHNWRYêFKW\SRY
ƔPHG]LLQãWDQFLDPL
ƔPHG]LVPHUQtNPLQDLQãWDQFLH
ƔPHG]LIRUPiOQ\PLDVNXWRþQêPLSDUDPHWUDPL
3UtNODG\
EERGNNUXK
SE3ERGSN3NUXK
3RYROHQp
DN
SURFHGXUH]PHQYDUEEERG
EHJLQEEIDUEDEESRVXQHQG
P{åHE\ĢYRODQp
!SRWRPRNP{åHNGHNRĐYHNQDKUDGLĢSUHGNDSUHGRNP{åH]DVWXSRYDĢSRWRPND
3RO\PRUIQêREMHNW
ƔNHćGRSURFHG~U\SUtGHDNRSDUDPHWHUQHMDNêREMHNWP{åHWRE\ĢYODVWQHĐXERYRĐQêSRWRPRN
WRKRWRREMHNWXYRYãHREHFQRVWLVDQHGi]LVWLĢNWRUê
ƔXPRåĖXMHVSUDFRYDĢREMHNW\NWRUêFKW\SQLHMH]QiP\
ƔXPRåĖXMHY\XåLĢPHWyG\SUHGNRYVRãSHFLILFNêPL]PHQDPL~SUDYDPL
❍SUHEXG~FHKRSRXåtYDWHĐDXPRåQtPHUR]ãLURYDQLHPHWyG
❍P{åHPHY\URELĢDMSUi]GQHYLUWXiOQHPHWyG\SUHSHUVSHNWtYQHUR]ãLURYDQLH
❍XPRåĖXMHPHQLĢQLHNWRUpþDVWLEH]]GURMRYêFKWH[WRY
❍YćDNDYLUWXiOQ\PPHWyGDPPRåQRPHQLĢþLQQRVĢQLHNWRUêFKSURFHG~U
3UtNODGSROHREMHNWRYQDSUJHRP~WYDURY
W\SH3ERG AERG
ERG REMHFWSURFHGXUHXND]YLUWXDOHQG
3NUXK ANUXK
NUXK REMHFWERGHQG
3VWYRUHF AVWYRUHF
VWYRUHF REMHFWERGHQG
FRQVWQ
W\SHSROH3ERG DUUD\>Q@RI3ERG
YDUSASROH3ERG
QHZS
IRUL WRQGR
FDVHUDQGRPRI
QHZSA>L@LQLWUDQGRPUDQGRP^3%RG`
SA>L@ QHZ3NUXKLQLWUDQGRPUDQGRPUDQGRP
SA>L@ QHZ3VWYRUHFLQLWUDQGRPUDQGRPUDQGRP
HQG
IRUL WRQGRSA>L@AXND]
IRUM WRQGR
ZLWKSA>M@AGR
EHJLQ
IDUED
IRUL WRGRSRVXQ
IDUED
HQG
IRUL WRGR
IRUM WRQGR
SA>M@ASRVXQ
3R]QiPN\
ƔRSUYNRFKSRĐDSQHYLHPHDNpKRV~QDR]DMW\SXWXWRDQLQHYLHPH]LVWLĢ
ƔYLHPHåHEXćV~WRLQãWDQFLHWULHG\ERGDOHERMHKRSRWRPNRYLD
ƔNDåGêSUYRNViPVHEDYLHVSUiYQHXNi]DĢVNU\ĢD]DIDUELĢ
'\QDPLFNpNRU\WQDþN\ GHF
'RUREtPHNRU\WQDþtXQLW.RU8QLW
ƔY\WYRUtPHNRQãWUXNWRUDMGHãWUXNWRU
ƔYãHWN\PHWyG\RNUHPLQLWP{åXE\ĢYLUWXiOQH
W\SH3.RU A.RU
.RU REMHFW
FRQVWUXFWRU,QLW[\XUHDO
GHVWUXFWRU'RQHYLUWXDO
SURFHGXUH'RSUHGXGUHDOYLUWXDO
SURFHGXUH9SUDYRXUHDOYLUWXDO
SURFHGXUH9ODYRXUHDOYLUWXDO
SURFHGXUH=PHQ6PHUXUHDOYLUWXDO
HQG
6DPRWQpPHWyG\RVWiYDM~EH]]PHQ\OHQSULEXGROGHãWUXNWRU'RQHWHQWRVNU\MHNRU\WQDþNXSUtSDGQH]D
VHERXXSUDFHXYLGtPHQHVN{U7LHåVLWUHEDXYHGRPLĢåHNRQãWUXNWRU,QLWLQLFLDOL]XMHQHMDNpVWDYRYp
SUHPHQQpDOHMHKRKODYQRXIXQNFLRXRGWHUD]MHLQLFLDOL]RYDĢWDMQêVPHUQtN907EH]NWRUpKRE\XåQLþ
QHIXQJRYDOR7LHåVLYãLPQLPH]DGHILQRYDQêDMVPHUQtN3.RUNWRUêQDPQHVN{UXPRåQtY\WYiUDĢ
SRO\PRUIQpG\QDPLFNpREMHNW\
Ɣ'RSUHGXYROi=PHQ;<
Ɣ9ODYR9SUDYRYRODM~=PHQ6PHU
$NRE\VPHWRPRKOLY\XåLĢ"$NE\VPHY\URELOLSRWRPNDNWRUêPi]GHIRUPRYDQ~PHWyGX=PHQ;<
WDNåHQDR]DMVDQDVWDYtOHQ[RYiV~UDGQLFDD\RYiVDQHPHQtWDNWDNiWRNRU\WQDþNDVDYLHSRK\ERYDĢ
OHQQDSULDPNHURYQREHåQRXV[UREtVDSURMHNFLD$NE\VPHWHUD]GYHDOHERNRU\WQDþN\QHFKDOL
URELĢWRLVWpDOHMHGQD]QLFKPiRSUDYHQp=PHQ;<WDNWiWRE\SURMHNWRYDODW~QRUPiOQXQDSUQD[RY~
RV
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
XVHV.RU8QLW
SURFHGXUH.RU=PHQ;<[\UHDO
EHJLQ
LQKHULWHG=PHQ;<[VXU\
HQG
SURFHGXUH.RU=PHQ;<[\UHDO
EHJLQ
LQKHULWHG=PHQ;<[\VXU
HQG
YDUN.RU
N.RU
N.RU
XLQWHJHU
EHJLQ
NLQLW^NXND]^`NSK^`
NLQLWNXND]
NLQLWNXND]
UHSHDW
NGRSUHGXNGRSUHGXNGRSUHGX
X UDQGRP
NYSUDYRXNYSUDYRXNYSUDYRX
XQWLOIDOVH
HQG
3RGREQHE\VPHVDPRKOLSRKUDĢVWêPåHE\VDPHQLODPLHUNDDOHERURELORSRVXQXWLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
SURFHGXUH.RU=PHQ;<[\UHDO
EHJLQ
LQKHULWHG=PHQ;<[
\
HQG
8NiåHPHVLYlþãtSURMHNWNWRUêEROQDSUYRPWHUPtQHQDVN~ãNHYMHGHQ]GYRFKSUtNODGRY
1DStãWHSURJUDPNWRUêEXGHULHãLĢQDVOHGRYQ~~ORKXWH[WRYêV~ERUVXERUW[WREVDKXMHSRVWXSQRVĢ
SUtND]RYSUHNRU\WQDþNXNWRUiSRSLVXMHQHMDNêREUi]RN1DMSUY]DGHILQXMHWHWULHGX.RUSRWRPND
WULHG\.RUNWRUiEXGHREVDKRYDĢMHGLQ~PHWyGX
SURFHGXUHNUHVOLYDUIWH[W
7iWRPHWyGDVDQDVWDYtQD]DþLDWRNV~ERUXINRU\WQDþNH]GYLKQHSHURD]LQWHUSUHWXMHSUtND]\Y
V~ERUH1DNRĐNRWDNWRNUHVOHQêREUi]RNP{åHE\ĢEXćSUtOLãYHĐNêDOHERPDOêDOHERP{åH
SUHVDKRYDĢRNUDMHJUDILFNHMREUD]RYN\EXGHKRWUHED]PHQãLĢDOHER]YlþãLĢUHVSSULLQLFLDOL]RYDQt
NRU\WQDþN\QH]DþDĢNUHVOLĢYERGHDOH]YROLĢVLGRPRYVN~SR]tFLXYKRGQHMãLHDWRWDNDE\QD
ãtUNXDOHERYêãNXEROPD[LPiOQHPRåQHYHĐNê
1DULHãHQLHWHMWR~ORK\]DGHILQXMHWHHãWHGYHSRGWULHG\WULHG\.RUWULHGD.RUEXGHVO~åLĢQD
]LVWHQLHUR]PHURYREUi]NXSRPRFRX]GHGHQHMPHWyG\NUHVOLSULþRPQDREUD]RYNHVDEXGHSRK\ERYDĢ
VR]GYLKQXWêPSHURP7ULHGD.RUWLHåSRGWULHGDWULHG\.RUEXGHYHGLHĢQDNUHVOLĢGDQêREUi]RN
]GHGQRXPHWyGRXNUHVOLSULþRPSUHNU\MHYLUWXiOQXPHWyGX'RSUHGXWDNåHREUi]RNEXGH
SRåDGRYDQHMYHĐNRVWL
7H[WRYêV~ERUVXERUW[WVDVNODGi]WDNêFKWRYLHWSUYpþtVORNDåGHMYHW\MHW\SXRUGLQiOQDKRGQRWD
]
W\SHSULN SGRSYOSYSSISSSKSSG
9iãSURJUDPWHGDQDMSUYSRStãHWULWULHG\.RU.RUD.RU3RWRPSRPRFRXLQãWDQFLHWULHG\.RU
VGRPRYVNRXSR]tFLRXY]LVWtUR]PHU\REUi]NXSRXåLMHPHQDWRVWDYRYpSUHPHQQpPLQ;
PLQ<PD[;DPD[<]UHMPHSUHGHILQXMHWHYLUWXiOQHPHWyG\'RSUHGX3+D3'1DNRQLHF
SRPRFRXLQãWDQFLHWULHG\.RUNWRU~]LQLFLDOL]XMHYQHMDNHMQRYHMGRPRYVNHMSR]tFLLY\NUHVOtGDQê
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
REUi]RNVSUiYQHMYHĐNRVWL2EHNRU\WQDþN\PDM~URYQDNêGRPRYVNêVPHU]DGDQêNRQãWDQWRX
SURJUDPXQDSU
FRQVW8
0{åHWHSRXåLĢOHQXQLW.RU8QLW
5LHãHQLH
XVHV.RU8QLW
W\SHSULN SGRSYOSYSSISSSKSSG
SURFHGXUHNRUNUHVOLYDUWWH[W
YDUSSULN
LLQWHJHU
EHJLQ
3+UHVHWW
ZKLOHQRWHRIWGR
EHJLQ
UHDGWLS SULNL
LIS SISWKHQUHDGWL
FDVHSRI
SGR'RSUHGXL
SYO9ODYRL
SYS9SUDYRL
SIS=PHQ)3L
SSK3+
SSG3'
HQG
HQG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
^ `
SURFHGXUHNRU3+
EHJLQ
LQKHULWHG3+S IDOVH
HQG
SURFHGXUHNRU3'
EHJLQ
S WUXH
HQG
SURFHGXUHNRU'RSUHGXGUHDO
SURFHGXUH[\
YDU[\UHDO
EHJLQ
LIQRWSWKHQH[LW
[ ;6XU\ <6XU
LIERU[PLQ[WKHQPLQ[ [
LIERU[!PD[[WKHQPD[[ [
LIERU\PLQ\WKHQPLQ\ \
LIERU\!PD[\WKHQPD[\ \
E IDOVH
HQG
EHJLQ
[\LQKHULWHG'RSUHGXG[\
HQG
^ `
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
SURFHGXUHNRU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
U
HQG
^ `
FRQVWX
YDUNNRU
NNRU
WWH[W
UUUHDO
EHJLQ
DVVLJQW
VXERUW[W
ZLWKNGR
EHJLQ
LQLWXE WUXH
NUHVOLW
U PD[[PLQ[
U PD[\PLQ\
HQG
ZLWKNGR
EHJLQ
LIUUWKHQU UHOVHU U
LQLWU
NPLQ[U
NPLQ\X
NUHVOLW
HQG
&DNDM.ODYHV
HQG
3R]QiPN\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
ƔWULHGD.RU]DGHILQRYDODPHWyGXNUHVOLNWRUiSRXåtYDYHĐDU{]Q\FKYLUWXiOQ\FKPHWyG
ƔWULHG\.RUD.RUGHGLDW~WRPHWyGXNUHVOLDOHNDåGiYQHMGRGDWRþQHQLHþRSUHGHILQXMH
Ɣ.RU]DEORNXMH3+D3'DY\OHSãt'RSUHGXWDNDE\VD]DSDPlWiYDOLPD[UHVSPLQV~UDGQLFH
Ɣ.RUSRRSUDYt'RSUHGXDE\VDNUHVOLORQHMDNêPNRHILFLHQWRPUVWDYRYiSUHPHQQi
$E\VPHPRKOLSRFKRSLĢćDOãLHãSHFLDOLW\SRXåLWpY.RU8QLWHXNiåHPHVLQLHNWRUpQRYpSUYN\
3DVFDOX
1HW\SRYêVPHUQtN32,17(5
ƔSRXåLWLH
ƔY\KUDGHQLHG\QDPLFNHMSUHPHQQHMLVWHMYHĐNRVWLQHãSHFLILNRYDQpKRW\SXSUDFXMHPHSRPRFRX
PRYH
ƔQHMDN~G\QDPLFN~SUHPHQQ~QDSUSROH]i]QDPP{åHPHY\KUDGLĢPHQãLXDNRMH
]DGHNODURYDQiOHERSRþDVYêSRþWXVPH]LVWLOLåHVWDþtPHQHM
1DSU
YDUVVWULQJ
SAVWULQJ
EHJLQ
UHDGOQV
JHWPHPSOHQJWKV
SA V
ZULWHOQSA
SA>OHQJWKV@
IUHHPHPSOHQJWKSA
HQG
DOHERãSLQDYãLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
YDUVVWULQJ
SSRLQWHU
EHJLQ
UHDGOQV
JHWPHPSOHQJWKV
PRYHVSAOHQJWKV
ZULWHOQVWULQJSA
E\WHSA^SUHW\SRYDQLH`
IUHHPHPSE\WHSA
HQG
'LUHNWtYD$%62/87(
ƔDOHERQDSUYDUVVWULQJGOE\WHDEVROXWHV
1HW\SRYêIRUPiOQ\SDUDPHWHU
YSURFHG~UHP{åHPHSRXåLĢ
Ɣ
❍SUHW\SRYDQtP
❍DOHERSRPRFRXDEVROXWH
❍DOHERSRVODĢDNRQHW\SRYêNDPVLćDOHMQDSUSRPRFRXPRYHDOHER]DStVDQtPQDþtWDQtP
GR]QHW\SRYpKRV~ERUX±EXGHQHVN{U
QDSUYêPHQDKRGQ{WGYRFKSUHPHQQêFK
SURFHGXUHY\PHQYDUDEOZRUG^DEP{åXE\ĢĐXERYRĐQêFKW\SRY`
YDUWSRLQWHU
EHJLQ
JHWPHPWO
PRYHDWAOPRYHEDOPRYHWAEO
IUHHPHPWO
HQG
DOHEREDMWRYêYêSLVĐXERYRĐQHMSUHPHQQHM
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
SURFHGXUHY\SLVVVWULQJYDUDOZRUG
YDUSDUUD\>@RIE\WHDEVROXWHD
LLQWHJHU
EHJLQ
ZULWHV
^LIO!WKHQO `
IRUL WROGRZULWHS>L@
ZULWHOQ
HQG
9\NUHVĐRYDQLHWYDUXNRU\WQDþN\Y.RU8QLWH
.RU REMHFW
SURFHGXUH=PHQ7YDUYDUREU\VYLUWXDO
SURFHGXUH=PHQ)DUEX7YDUXILQWHJHUYLUWXDO
SULYDWH
IREU\VQREU\VLQWHJHU
SREU\VSRLQWHU
SURFHGXUH8ND]
HQG
2EU\VNRU\WQDþN\VD]DSDPlWiYDDNRSRVWXSQRVĢPLQLSUtND]RYYSUDYRDGRSUHGX.HćåHWiWR
SRVWXSQRVĢP{åHE\ĢU{]QHMGĎåN\]DSDPlWiPHVLMXYG\QDPLFNRPUHiOQRPSROLSiUQHMGOĎåN\DY
VWDYRYHMSUHPHQQHMSREU\VEXGHVPHUQtNQDWRWRSROH6WDYRYpSUHPHQQpIREU\VDQREU\VREVDKXM~
IDUEXDGĎåNXSRVWXSQRVWL
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
SURFHGXUH.RU=PHQ)DUEX7YDUXILQWHJHU
EHJLQ
8ND]
IREU\V IPRG
8ND]
HQG
SURFHGXUH.RU8ND]
YDULLQWHJHU
[\VUHDO
SAUHDO
EHJLQ
LIQRW8ND]DQDWKHQH[LW
LISREU\V QLOWKHQH[LW
0RYH7RWUXQF;6XU;<WUXQF<6XU
6HW:ULWH0RGH;253XW
6HW&RORUIREU\V6HW/LQH6W\OH6ROLG/Q1RUP:LGWK
[ ;6XU\ <6XUV 6PHUS SREU\V
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
%ZOBNJDLÏLPSZUOBǁLZ
IRUL WRQREU\VGR
EHJLQ
LIRGGLWKHQV VSA
HOVHLISA!WKHQ
EHJLQ
[ [VLQV
UDG
SA\ \FRVV
UDG
SA
/LQH7RWUXQF[;<WUXQF\
HQG
LQFS^ILQWDNWRUiSRVXQLHS]DG\QSUHPHQQ~`
HQG
6HW:ULWH0RGH1RUPDO3XW
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
7ULHGD9HOD.RUG\QDPLFNêFKNRU\WQDþLHN GHF
ƔVPHUQtNP{åHRGND]RYDĢDMQDLQãWDQFLHSRWRPNRYWULHG\.RUDWHGDNDåGiNRU\WQDþNDP{åHPDĢ
VYRMHãSHFLILFNpVSUiYDQLH
ƔSROHVPHUQtNRYQHPiDåWDNpREPHG]HQLHQDYHĐNRVĢDNRSROHNRU\WQDþLHNOHERYHĐNRVĢ
LQãWDQFLHWULHG\.RUMHEDMWRYWDNåHSROHQHP{åHE\ĢDQLDSROHVPHUQtNRYP{åHE\Ģ
YlþãLHDNR
ƔĐDKãLHVDQiPHYLGXMHåHQHMDNêSUYRNSRĐDNMHYRĐQê]UXãHQiNRU\WQDþNDOHERP{åHPH
SRXåLĢKRGQRWXVPHUQtNDQLO±XåQHSRWUHEXMHORJLFNpSROHH[VWDþtNRQWURORYDĢSROHN
ýRHãWH]PHQtPHQDWULHGH9HOD.RUXQLW9HOD8QLW
ƔNHćåHWULHGD9HOD.RUQHPXVtREVDKRYDĢYLUWXiOQHPHWyG\QHGHILQXMHPHDQLLQLWDNRNRQãWUXNWRU
ƔDE\VD]MHGQRGXãLORSULGiYDQLHSRO\PRUIQêFKREMHNWRYGRSRĐDNSULGiPHPHWyGX3ULGDM.RU
W\SH9HOD.RU REMHFW
NDUUD\>0D[.RU@RI3.RU
SN0D[.RU
SURFHGXUH,QLW
SURFHGXUH8URE.RU[\XUHDO
SURFHGXUH3ULGDM.RUS3.RU
SURFHGXUH=UXV.RULLQWHJHU
SURFHGXUH'RSUHGXGUHDO
HQG
SURFHGXUH9HOD.RU,QLW
YDULLQWHJHU
EHJLQ
IRUL WR0D[.RUGRN>L@ QLO
SN
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
SURFHGXUH9HOD.RU8URE.RU[\XUHDO
EHJLQ
3ULGDM.RUQHZ3.RU,QLW[\X
HQG
SURFHGXUH9HOD.RU3ULGDM.RUS3.RU
EHJLQ
LISN! 0D[.RUWKHQKDOW
LQFSNN>SN@ S
HQG
SURFHGXUH9HOD.RU=UXV.RULLQWHJHU
EHJLQ
LILRUL!SNRUN>L@ QLOWKHQH[LW
GLVSRVHN>L@'RQH
N>L@ QLO
ZKLOHSN!DQGN>SN@ QLOGRGHFSN
HQG
SURFHGXUH9HOD.RU'RSUHGXGUHDO
YDULLQWHJHU
EHJLQ
IRUL WRSNGRLIN>L@!QLOWKHQN>L@A'RSUHGXG
HQG
0{åHPHWRRWHVWRYDĢQDSUtNODGH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
XVHV9HOD8QLW.RU8QLW
W\SH3PRMD.RU APRMD.RU
PRMD.RU REMHFW.RU
SURFHGXUH'RSUHGXGUHDOYLUWXDO
HQG
SURFHGXUHPRMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
HQG
YDUD9HOD.RU
LLQWHJHU
EHJLQ
ZLWKDGR
EHJLQ
LQLW
IRUL WRGR
LILPRG WKHQ
EHJLQ
3ULGDM.RUQHZ3PRMD.RULQLWL
N>SN@A=PHQ)3
HQG
HOVH
8URE.RUL
^PRKORE\E\ĢDM3ULGDM.RUQHZ3.RULQLWL
`
IRUL WRGR
EHJLQ'RSUHGX9ODYRHQG
HQG
&DNDM.ODYHV
HQG
1DVOHGRYQêSUtNODGLOXVWUXMHLQpY\XåLWLHG\QDPLFNHMNRU\WQDþN\SUHGHILQXMHPH]iNODGQ~JUDILFN~
PHWyGX'RSUHGXDWRWDNåHVDGĎåNDNURNXSUHQiVREtQHMDNêPNRHILFLHQWRPWHQWRNRHILFLHQWVLEXGH
REMHNWSDPlWDĢYVWDYRYHMSUHPHQQHMN
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
W\SH3PRMD.RU APRMD.RU
PRMD.RU REMHFW.RU
NUHDO
FRQVWUXFWRU,QLW[\XUHDO
SURFHGXUH.RHINNUHDO
SURFHGXUH'RSUHGXGUHDOYLUWXDO
HQG
FRQVWUXFWRUPRMD.RU,QLW[\XUHDO
EHJLQ
LQKHULWHGLQLW[\XN
HQG
SURFHGXUHPRMD.RU.RHINNUHDO
EHJLQ
N NN
HQG
SURFHGXUHPRMD.RU'RSUHGXGUHDO
EHJLQ
LQKHULWHG'RSUHGXG
N
HQG
3RXåLWLHWDNHMWRNRU\WQDþN\EXGHQDVOHGRYQpY\WYRUtPHQNRU\WQDþLHNNDåGHMQDVWDYtPHLQêNRHILFLHQW
EXG~SUDYLGHOQHUR]RVWDYHQpQD[RYHMRVL$NEXGHNRHILFLHQWQDSUIXQNFRLXVLQWDNNHćWHUD]YãHWN\
XURELDQDSUNURNWDNVD]þLDUQDNUHVOtVLQXVRYND
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
YDUY9HOD.RU
LLQWHJHU
EHJLQ
ZLWKYGR
EHJLQ
LQLW
IRUL WRQGR
EHJLQ
3ULGDM.RUQHZ3PRMD.RULQLWQQ
L
3PRMD.RUN>SN@ANRHIVLQQQ
UDG
L
HQG
'RSUHGX
&DNDM.ODYHV
HQG
HQG
$OHERNPLWDQLHNRU\WQDþLHNGRWYDUXVLQXVRYN\QHEXG~NUHVOLĢþLDU\DOHEXG~]REUD]HQp
YDUY9HOD.RU
LLQWHJHU
EHJLQ
ZLWKYGR
EHJLQ
LQLW
IRUL WRQGR
EHJLQ
3ULGDM.RUQHZ3PRMD.RULQLWQQ
L
3PRMD.RUN>SN@ANRHIVLQQQ
UDG
L^SUHW\SRYDQLH`
^DNE\VPHWHQWRULDGRNY\KRGLOLYãHWN\E\VDVSUiYDOLURYQDNR`
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
3+8ND]
UHSHDW
IRUL WRQUGR'RSUHGXU
IRUL WR
QUGR'RSUHGXU
IRUL WRQUGR'RSUHGXU
XQWLOIDOVH
HQG
HQG
1'Ò
1DVOHGRYQêSUtNODGLOXVWUXMHSRXåLWLHP\ãL
XVHV.RU8QLW9HOD8QLW0\V8QLW
FRQVWQ
YDUY9HOD.RU
LMLQWHJHU
EHJLQ
UDQGRPL]H,QLF0\V
ZLWKYGR
EHJLQ
LQLW
IRUL WRQGR
8URE.RUUDQGRPUDQGRPUDQGRP
8ND]
8ND]0\V
UHSHDW
^WLHWRGYDF\NO\ZKLOHUHDOL]XM~þDNDQLHQDNOLNQXWLH`
^NHE\EROLEH]YRODQLDWHVWSURJUDPE\VDQHGDOSUHUXãLĢ(6&!`
ZKLOH6WDY0\VL GRWHVW^WHVWMHYXQLWH.RU8QLW`
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
ZKLOH6WDY0\VL!GRWHVW
L %OL]NR0\V;;<0\V<
LIL!WKHQ
EHJLQ
6NU\0\V
ZLWKN>L@AGR
IRUM WRGR
EHJLQ'RSUHGX9ODYRHQG
8ND]0\V
HQG
XQWLOIDOVH
HQG
HQG
1'Ò
=DGDQLH]PLQXORURþQHMVN~ãN\
1DStãWHSURJUDPNWRUêXPRåQtVDGLĢVWURP\SRPRFRXP\ãLDNRU\WQDþLHN
ƔQDMSUY]DGHILQXMWHRGYRGHQ~WULHGXRG.RUNWRUiEXGHYHGLHĢQDNUHVOLĢELQiUQ\VWURPEXGH
VDNUHVOLĢDYQiUDĢGRUHNXU]LHNêPMHGĎåNDVWUiQYlþãLDDNRGĎåNDKUDQ\VWURPXVDY
UHNXU]LLVWiOH]PHQãXMHQDSRORYLFX
ƔUDVWVWURPXVDEXGHURELĢWDNåHVDQDMSUYS{YRGQêSUHNUHVOtþLHUQRXIDUERXDQDWRPLVWRP
PLHVWHVDQDNUHVOt]YlþãHQêQRYêPHWyGDNUHVOL
ƔDNWXiOQDYHĐNRVĢVWURPXMHYVWDYRYHMSUHPHQQHM'QDSRþLDWNXMHDVWiOHVD]YlþãXMH
NUiW
ƔNOLNQXWtPP\ãLVDQDSUtVOXãQRPPLHVWHQDURGtQRYiVWURPRYiNRU\WQDþNDNWRUiEXGH
SRVWXSQHY\NUHVĐRYDĢVWiOHYlþãtDYlþãtVWURPMHMSRþLDWRþQpQDWRþHQLHQHFKMHQiKRGQpþtVOR
RGGR
ƔSULĢDKDQtP\ãLVR]DWODþHQêPWODþLGORPVDSRVWXSQHEXG~JHQHURYDĢQRYpDQRYpNRU\WQDþN\
NWRUpKQHć]DþQ~UiVĢSULþRPNDåGićDOãLDVDQDURGtOHQDNVDP\ãSRVXQXODDVSRĖ
Y]GLDOHQRVĢRGSUHGFKiG]DM~FHM
ƔNRU\WQDþNDNWRUiXåY\NUHVOLODVWURPYHĐNRVWLGGNRQãWDQWDSURJUDPXQDSUVD]UXãt]R
]R]QDPX9HOD.RU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
XVHV0\V8QLW.RU8QLW9HOD8QLW
FRQVWGG
W\SHS0RMD.RU A0RMD.RU
0RMD.RU REMHFW.RU
GUHDO
SURFHGXUH6WURPDGUHDO
SURFHGXUH9\NRQDM
HQG
SURFHGXUH0RMD.RU6WURPDGUHDO
EHJLQ
LIDGWKHQH[LW
'RSUHGXDG
9ODYR
6WURPDG
9SUDYR
6WURPDG
9ODYR
'RSUHGXDG
HQG
SURFHGXUH0RMD.RU9\NRQDM
EHJLQ
LIG!GGWKHQH[LW^"WXE\VD]LãOR]UXãLĢVDPXVHED`
=PHQ)3
6WURPG
G G
=PHQ)3
6WURPG
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
5SJFEB7FMB,PSEZOBNJDLâDILPSZUOBǁJFL
YDUR0[R0\LQWHJHU
YYHODNRU
LR6D6LQWHJHU
EHJLQ
,QLF0\V8ND]0\V
Y,QLW
DV
ZLWKYGR
UHSHDW
WHVW^DE\IXQJRYDO(VF!`
RV DV
DV 6WDY0\VL
LIDV DQGRV RUY]G0\V;0\V<R0[R0\!WKHQ
EHJLQ
R0[ 0\V;R0\ 0\V<
3ULGDM.RUQHZS0RMD.RU,QLW0\V;[\0\V<UDQGRP
S0RMD.RUN>SN@AG
HQG
^IRUL WRSNGRS0RMD.RUN>L@A9\NRQDM`
IRUL WRSNGR
LIN>L@!QLOWKHQ
ZLWKS0RMD.RUN>L@AGR
LIG!GGWKHQ=UXV.RUL
HOVHEHJLQ6NU\0\V9\NRQDM8ND]0\VHQG
LINODYHV WKHQ
EHJLQ6NU\0\V=PD]NODYHV 8ND]0\VHQG
XQWLOIDOVH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PVäJUJFPCKFLUPWWÞMPIÈDITWJEFPQBNÊǬPV
3RXåLWLHREMHNWRYY~ORKiFKVYLGHR
SDPlĢRX GHF
3UHULHãLPHGYDSUtNODG\]RVN~ãN\]PLQXOpKRãNURNX
)DUDyQ]DGDO$EGXORYLY\þLVWLĢYãHWN\NYiGUHMHKRQRYHMS\UDPtG\=DþDĢPiQDĐXERYRĐQRP
NYiGULYVSRGQRPUDGHSRVWXSQHPiY\þLVWLĢYãHWN\NYiGUHWDNDE\VNRQþLOQDQDMY\ããRPNYiGUL
3\UDPtGDPiYVSRGQRPUDGH1NYiGURYYUDGHQDGQLPLMH1NYiGURYDWćDåYQDMY\ããRP1
WRPUDGHMHXåOHQMHGHQ$E\WRSUH$EGXODQHERODWDNiMHGQRWYiUQDURERWDIDUDyQPXY\P\VOHOHãWH
GYHSUDYLGOi
ƔSULSUHFKiG]DQt]MHGQpKRNYiGUXQDVXVHGQêQLNG\QHVPLHtVĢQDNYiGHUYWRPLVWRPUDGH
DOHQDVXVHGQêYRY\ããRPDOHERQLåãRPDNH[LVWXMHDSULWRPXåQHVPLH]S\UDPtG\RGtVĢ
ƔDNQDQHMDNêNYiGHUVW~SLGUXKêNUiWWDNVDWHQWRRGMHKRQ{K]DãSLQtDWUHEDVHPSUtMVĢ
1DStãWHSURJUDPSRPRFRXNWRUpKRVDSRN~VLWHSUHMVĢYãHWN\SROtþNDS\UDPtG\NDåGpQHSiUQ\SRþHW
NUiW3\UDPtGX]REUD]WHQHMDNêP]QDNRPQDSU
QDSUSUHYêãNX
;
+UiþD]REUD]WHQDSU]QDNRP
;
9\þLVWHQpQDYãWtYHQpQHSiUQ\SRþHWNUiWSROtþNR]D]QDþWH
QHMDNRXIDUERXOHQYQ~WRUQp]QDN\+UiþVDEXGHRYOiGDĢNOLNDQtPĐDYêPWODþLGORPP\ãLGR
YQ~WUDSROtþNDSULQHVSUiYQRPNOLNQXWtSRþtWDþStSQH3ULãWDUWHSURJUDPXKUiþHãWHQLHMH
]REUD]HQêDOHþDNiVDQDSUYpNOLNQXWLHGRVSRGQpKRUDGX3R~VSHãQRPY\ULHãHQt~ORK\SRþtWDþ
Y\StãH
+85$
9êãNDS\UDPtG\MH]DGDQiNRQãWDQWRXSURJUDPX1QDSU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PVäJUJFPCKFLUPWWÞMPIÈDITWJEFPQBNÊǬPV
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWHSUHUXãLĢNOiYHVRP(6&!
%RORE\YKRGQpNHE\VWHSRXåLOLWDNpWRGHILQtFLHWULHG
KUDF REMHFW
[\LQWHJHU
SURFHGXUHLQLW[[\\LQWHJHU
SURFHGXUHNUHVOLYDUYYLGHR
IXQFWLRQPR]H[[\\LQWHJHUERROHDQ^þLP{åHXURELĢĢDK`
HQG
VWY REMHFW^MHGHQNYiGHUS\UDPtG\`
[\LQWHJHU
IERROHDQ
SURFHGXUHLQLW[[\\LQWHJHU
SURFHGXUHNUHVOLYDUYYLGHR
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ^þLVDQDĖNOLNOR`
SURFHGXUHSUHIDUEL
HQG
1HSRXåtYDMWH*RWR;<0{åHWHSRXåLĢOHQXQLW\&UWD0\V8QLWPD[ERGRY
'UXKi~ORKDYNWRUHMVDREMHNW\ĢDKDM~P\ãRX
1DSURJUDPXMWHKUX3HQWRPtQRYNWRUHM~ORKRXKUiþDMHSRNU\ĢY\PHG]HQ~SORFKX
SUHGGHILQRYDQêPL~WYDUPL7H[WRYêV~ERUSHQWRPLQW[WREVDKXMHSRSLVU{]Q\FK~WYDURYNWRUêPL
SRNUêYDPHSORFKXLSRSLVSORFK\VDPRWQHM.DåGê~WYDUMHSRStVDQêYV~ERUHQDQLHNRĐNêFK
ULDGNRFK]DVHERXLW\~WYDULW\PStVPHQRPDEHFHG\SRXåtYDPHYHĐNpStVPHQi$Då/=D
SRSLVRP~WYDURYQDVOHGXMHY\KYLH]GLþNRYDQê~WYDU±SORFKDNWRU~PiKUiþSRNU\Ģ.DåGê]QDN]R
V~ERUXStVPHQRKYLH]GLþNDPHG]HUDSUHGVWDYXMHQDREUD]RYNHãWYRUHF[]ORåHQê]SUtVOXãQpKR
]QDNX.DåGê~WYDUUHSUH]HQWXMWHREMHNWRP
9DãRX~ORKRXMHQDþtWDĢXYHGHQêV~ERUY\NUHVOLĢKUDFLXSORFKXGRĐDYpKRKRUQpKRURKXREUD]RYN\
ãHGRXIDUERXDYãHWN\~WYDU\ĐXERYRĐQHUR]PLHVWQLĢSRREUD]RYNHDWLHåLFK]REUD]LĢãHGRXIDUERX
P{åXVDDMSUHNUêYDĢ.OLNQXWtPĐDYêPWODþLGORPP\ãLQDQLHNWRUê~WYDUVDWHQWRSUHIDUEtQDåOWR
MHR]QDþHQêD]REUD]tVDWDNåHMHQDGYãHWNêPLRVWDWQêPL~WYDUPL$NMHQLHNWRUê~WYDUR]QDþHQê
WDNSRK\EP\ãLDMEH]VWODþHQpKRWODþLGOD]DEH]SHþtMHKRSRV~YDQLHSRREUD]RYNH$N]QRYX
NOLNQHPHP\ãRXWDNVD]UXãtR]QDþHQLH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
1PVäJUJFPCKFLUPWWÞMPIÈDITWJEFPQBNÊǬPV
%RORE\YKRGQpNHE\VWHSRXåLOLWDN~WRGHILQtFLXWULHG\
SHQW REMHFW^MHGHQ~WYDU`
[\LQWHJHU
SSDUUD\>@RIVWULQJ>@^SRSLV]QDNRY~WYDUX`
SURFHGXUHLQLW[[\\LQWHJHU
SURFHGXUHNUHVOLYDUYYLGHREERROHDQ
IXQFWLRQNOLN[[\\LQWHJHUERROHDQ^þLVDQDĖKRNOLNOR`
HQG
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWHSUHUXãLĢNOiYHVRP(6&!
1HSRXåtYDMWH*RWR;<0{åHWHSRXåLĢOHQXQLW\&UWD0\V8QLWPD[ERGRY
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TQIUN [
<>
Riešenie dvojice úloh zo skúšky
5LHãHQLHGYRMLFH~ORK]RVN~ãN\ GHF
1DStãWHSURJUDPNWRUêXPRåQt]DKUDĢVDKUX6NiNDM~FL-DQR-XPSLQJ-DFN
ƔQDREUD]RYNHMHY\NUHVOHQêFK1SRVFKRGt±1URYQRPHUQHUR]RVWDYHQêFKYRGRURYQêFKþLDU
UiPLNRYê]QDN
ƔKUiþ-DQRQDSUIDUHEQê]QDN
;
PiSUHNRQDĢWêFKWR1SRVFKRGtSULþRP]DþtQDQDSUt]HPt
SRGSRVFKRGtP±QLHMHY\NUHVOHQiþLDUDDNOiYHVRPPHG]HUD!Y\VNRþtRSRVFKRGLH
Y\ããLH
ƔQDNDåGRPSRVFKRGtDMSUt]HPtVDP{åHSRK\ERYDĢNOiYHVPLãtSNDYĐDYRDOHERYSUDYR
SULþRPDNVDGRVWDQHQDRNUDMREUD]RYN\REMDYtVDQDRSDþQRPNRQFLDNRNHE\EROD
REUD]RYND]DF\NOHQi
ƔRNUHP-DQDVDYWHMWRKUHQDFKiG]DDM1'GLHUNWRUpDOHSXWXM~SRSRVFKRGLDFKSRGĐDLVWêFK
SUDYLGLHONDåGiGLHUDVDSRK\EXMHYQHMDNRPVPHUHSRQHMDNRPSRVFKRGtSULþRPDNVD
VWUDWtQDRNUDMLREUD]RYN\SRVWXSQHVD]DþQHREMDYRYDĢEXćQDY\ããRPDOHERQLåãRP
SRVFKRGtDOHSXWRYDĢXåEXGHYRSDþQRPVPHUHGLHU\QHSXWXM~QDSUt]HPt
ƔDNVDSRG-DQRPQDQHMDNRPSRVFKRGtREMDYtGLHUD-DQRSUHSDGQHQDQLåãLHSRVFKRGLH
Ɣ-DQRYHSDGDQLHDMY\VNDNRYDQLHVDUHDOL]XMHURYQDNRXUêFKORVĢRXDNRSRK\EGLHU
9SURJUDPH]DGHILQXMWHDSRXåLWHWLHWRNRQãWDQW\
FRQVW1 ^SRþHWSRVFKRGt`
1' ^SRþHWGLHU`
Y\VND ^YêãNDSRVFKRGLDWMSRVFKRGLDV~YL
Y\VNDULDGNRFKREUD]RYN\`
VLUND ^ãtUNDGLHU\`
FDV ^SR]GUåDQLHY]iNODGQRPF\NOHSURJUDPXSUHGHOD\`
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWHSUHUXãLĢNOiYHVRP(6&!
1HSRXåtYDMWH*RWR;<0{åHWHSRXåLĢOHQXQLW&UWPD[ERGRY
9WH[WRYRPV~ERUHNUHVOLW[WMHSRStVDQêQHMDNêREUi]RNNWRUêEXGHWUHEDQDNUHVOLĢ
QLHNRĐNêPLNRU\WQDþNDPL.DåGêULDGRNSRSLVXMHQHMDN~þDVĢREUi]NXSUHMHGQXNRU\WQDþNXDPi
QDVOHGRYQ~ãWUXNW~UXYãHWN\þtVODYV~ERUHV~FHOp
Ɣ]DþtQDWURPLþtVODPL[\DXNWRUpSUHW~WRNRU\WQDþNXGHILQXM~SRþLDWRþQ~SRORKXDVPHU
QDWRþHQLDYURYLQH
Ɣ]DWêPQDVOHGXMHSRVWXSQRVĢþtVHONWRUiSRSLVXMHSRVWXSQRVĢYRODQtPHWyGGRSUHGXDYSUDYR
EXG~YRODQpVWULHGDYR±QDMSUYGRSUHGXDSRWRPYSUDYR
ƔWiWRSRVWXSQRVĢP{åHE\ĢSiUQHMDMQHSiUQHMGĎåN\DXUþLWHQHEXGHGOKãLDDNRþtVHO
ƔWDNWRV~SRStVDQpYãHWN\ULDGN\±NDåGêSUHMHGQXNRU\WQDþNXXUþLWHLFKQHEXGHYLDFDNR
3URJUDPQDMSUYQDþtWDGDQêV~ERUY\WYRUtSUtVOXãQêSRþHWNRU\WQDþLHNQDGHILQRYDQêFKSR]tFLiFK
XNiåHLFKWYDUDþDNiQDVWODþHQLHQHMDNpKRNOiYHVX3RVWODþHQtNOiYHVXY\NRQiMHGHQNURNSUH
NDåG~NRU\WQDþNXDRSlĢþDNiQDVWODþHQLHNOiYHVX7RWRFHOpVDRSDNXMHNêPQLHV~YãHWN\þDVWL
REUi]NXY\NUHVOHQpDWHGDYãHWN\NRU\WQDþN\XNU\Wp
0{åHWHSRXåLĢOHQXQLW\.RU8QLWD9HOD8QLWPD[ERGRY
8NiåNRYêWHVWNXVN~ãNH GHF
%RGRYDQLHSUtNODGRYERORQDVOHGRYQpPD[LPiOQHDSULHPHUQp]DMHGQRWOLYpSUtNODG\
V~þHW
9\StãWHKR
❍YSUHIL[RYRPWYDUH
❍YSRVWIL[RYRPWYDUH
❍GDQêDULWPHWLFNêYêUD]]DStVDQêYSUHIL[RYRPWYDUH
-HGDQiQDVOHGXM~FDSURFHG~UD[\]NWRUiSUDFXMHVPHWyGDPLWULHG\VWDFN
W\SHVWDFNV DUUD\>ERROHDQ@RIVWDFN
SURFHGXUH[\]YDUVVWDFNVYDUNGHERROHDQ
YDUFGSUYRN
YERROHDQ
EHJLQ
UHSHDW
Y WUXH
V>NGH@SRSF
ZKLOHQRWV>NGH@LVHPSW\GR
EHJLQ
V>NGH@SRSG
LIF!G NGHWKHQ
EHJLQV>QRWNGH@SXVKGY IDOVHHQG
HOVHEHJLQV>QRWNGH@SXVKFF GHQG
HQG
NGH QRWNGH
V>NGH@SXVKF
XQWLOY
HQG
3ULYRODQtSURFHG~U\MHSDUDPHWHUNGH WUXHDYSDUDPHWULV>WUXH@MHXORåHQêFK
þtVHOSUYpþtVORMHQDYUFKX]iVREQtND
ýREXGHKRGQRWRXSDUDPHWUDNGHDV>NGH@SRVNRQþHQtSURFHG~U\þtVODY\StãWHRGYUFKX
]iVREQtND"
YDUTTXHXH
TLQLW
ZKLOHQRWHROQGR
EHJLQ
UHDG[
LITLVHPSW\RURGG[WKHQTDSSHQG[
HOVH
EHJLQ
TVHUYH\TDSSHQG[
ZKLOH\!GR
EHJLQ
GHF\TVHUYH[
HQG
HQG
HQG
9QDVOHGRYQHMGHNODUiFLLXQLWXQDGHILQRYDQLHG\QDPLFNHMWULHG\NRPSOH[QpKRþtVODMHQLHNRĐNR
FKêE2SUDYWHLFK
XVHV.RPSOH[
LPSOHPHQWDWLRQ
W\SH.RPSOH[ REMHFW
ULUHDO
SURFHGXUHLQLW
SURFHGXUHY\SLVYLUWXDO
HQG
3.RPSOH[ A.RPSOH[
SURFHGXUH3.RPSOH[LQLW
EHJLQU L HQG
LQWHUIDFH
SURFHGXUH3.RPSOH[Y\SLV
EHJLQZULWHU
LHQG
HQG
1DVOHGXM~FLSURJUDPELQiUQHY\KĐDGiSUYRNVKRGQRWRXSYXWULHGHQRPSROLD>@FHOêFK
þtVHO9DOJRULWPH[R]QDþXMHGROQ~KUDQLFX~VHNXD\GĎåNXQLHKRUQ~KUDQLFXWRKRWR~VHNX'RSOĖWH
FKêEDM~FHY\ERGNRYDQpþDVWLWDNDE\SUDFRYDONRUHNWQH
[ \
ZKLOH\!GR
EHJLQ
] \GLY±
LIS D>[]@WKHQEHJLQ[ []\ HQG
HOVHLISD>[]@WKHQ\
HOVHEHJLQ[ []\ HQG
HQG
LI\ DQGD>[@ SWKHQZULWH[HOVHZULWHQHH[LVWXMH
=LVWLWHDNREXGHY\]HUDĢYêVWXSQêWH[WRYêV~ERUJSUHQDVOHGRYQêYVWXSQêV~ERUISUHPHQQiEMH
GRVWDWRþQHYHĐNp]QDNRYpSROH±]QDNRPBR]QDþXMHPHPHG]HUX
DEBFBBHROQ!HROQ!HROQ!BBDEFBBBHROQ!HROQ!HRI!
9WULHGHSUHSUiFXVYHĐNêPLPQRåLQDPLGRGHILQXMWHPHWyGXSUH]LVWHQLHþLMHQHMDNpþtVOR
SUYNRPPQRåLQ\'RSĎĖDMWHOHQY\ERGNRYDQ~þDVĢ6DPRWQiPQRåLQDMHGHILQRYDQiYVWDYRYHM
SUHPHQQHMPDUUD\>@RIVHWRI
'DQiMHQDVOHGRYQiIXQNFLD
3URJUDPPi]DGHILQRYDQpOHQGYHJOREiOQHSUHPHQQp
YDU[\LQWHJHU
[ "
\ "
\ [\"
\ [\"
ZULWH[
'RSOĖWHFKêEDM~FHþDVWLWDNDE\SURJUDPY\StVDOþtVOR
'DQêSURJUDPVPHVSXVWLOLQDSUYNRYRPFHORþtVHOQRPSROLSNWRUpPDORKRGQRW\
9\StãWHKRGQRW\WRKRWRSRĐDSRXNRQþHQtSURJUDPX
FRQVW1
IRUL WR1GR
IRUM 1LGRZQWRLGR
S>M@ S>M@S>L@
=LVWLWHDNiEXGHKRGQRWDSUHPHQQHMVW
YLDQRFH
SRVNRQþHQtQDVOHGRYQpKRF\NOX
7HVW]3URJUDPRYDQLDSUHURþQtN
GHF
D'DQêMHDULWPHWLFNêYêUD]YSRVWIL[RYRP]iSLVH
9\StãWHKRYSUHIL[RYRPWYDUH
E'DQêMHDULWPHWLFNêYêUD]YSUHIL[RYRP]iSLVH
9\StãWHKRDNR~SOQHX]iWYRUNRYDQêLQIL[RYêYêUD]
'iWRYiãWUXNW~UDUDGMHUHDOL]RYDQiSRPRFRXGYRFK]iVREQtNRY
W\SHTXHXH REMHFW
VDUUD\>@RIVWDFN
SURFHGXUHLQLW
SURFHGXUHVHUYHYDUSSUYRN
SURFHGXUHDSSHQGSSUYRN
IXQFWLRQHPSW\ERROHDQ
IXQFWLRQIXOOERROHDQ
HQG
SURFHGXUHTXHXHLQLW
EHJLQ
V>@LQLWV>@LQLW
HQG
SURFHGXUHTXHXHVHUYHYDUSSUYRN
YDUWSUYRN
EHJLQ
LIHPSW\WKHQFK\ED
5DGMHSUD]GQ\
HOVH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
EHJLQ
ZKLOHGR
EHJLQV>@SRSWV>@SXVKWHQG
HQG
HQG
SURFHGXUHTXHXHDSSHQGSSUYRN
YDUWSUYRN
EHJLQ
LIIXOOWKHQFK\ED
5DGMHSOQ\
HOVH
EHJLQ
ZKLOHGR
EHJLQV>@SRSWV>@SXVKWHQG
V>@SXVKS
HQG
HQG
IXQFWLRQTXHXHHPSW\ERROHDQ
EHJLQ
HPSW\
HQG
IXQFWLRQTXHXHIXOOERROHDQ
EHJLQ
IXOO
HQG
'RSOĖWHY\ERGNRYDQpþDVWLSURJUDPX
9QDVOHGRYQHMþDVWLSURJUDPXNWRUiGHILQXMHWULHGXPRMD.RURSUDYWHYãHWN\FK\E\
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
FRQVWUXFWRUPRMD.RULQLW
EHJLQ
LQKHULWHGLQLWXX VPHU
HQG
SURFHGXUHPRMD.RUYODYRYLUWXDO
YDUXUHDO
EHJLQ
X VPHUX.RUYODYRXXXX X
HQG
SURFHGXUHPRMD.RU]PHQ[\[\UHDO
EHJLQ
GRSUHGXY]G[\
HQG
YDUWDUUD\>@RISRLQWHU
VVWULQJ
NL
SAVWULQJ
EHJLQ
IRUL WRGRW>L@ QLO
ZKLOHQRWHRIGR
EHJLQ
UHDGOQNVS W>N@
LIWKHQ
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
'RSOĖWHY\ERGNRYDQpþDVWL
1DVOHGXMHGHILQtFLDWULHG\SUHPDQLSXOiFLXVPQRåLQDPLGYRM]QDNRY
W\SHFKDU DUUD\>@RIFKDU
PQR]LQD REMHFW
PDUUD\>FKDU@RIVHWRIFKDU
FRQVWUXFWRULQLW
SURFHGXUHSULGDMFFKDUYLUWXDO
SURFHGXUHY\KRGFFKDUYLUWXDO
IXQFWLRQSUYRNFFKDUERROHDQYLUWXDO
SURFHGXUHY\SLVYLUWXDO
HQG
FRQVWUXFWRUPQR]LQDLQLW
YDUFFKDU
EHJLQ
HQG
SURFHGXUHPQR]LQDSULGDMFFKDU
EHJLQ
HQG
SURFHGXUHPQR]LQDY\KRGFFKDU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
EHJLQ
HQG
SURFHGXUHPQR]LQDY\SLV
YDUFFFKDU
EHJLQ
IRUF WRGR
IRUF WRGR
LIFLQP>F@WKHQZULWH
FF
HQG
D'RGHILQXMWHPHWyG\
E1DStãWHNRĐNREDMWRY]DEHUiLQãWDQFLDWULHG\PQR]LQD6L]H2IPQR]LQD
1DVOHGRYQêSURJUDPQHMDNRVSUDFRYiYDQSUYNRYpSROHD
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
=LVWLWHþRVDY\StãHDNQDYVWXSHV~WLHWRþtVOD
1DVOHGRYQêSURJUDPVSUDFRYiYDWH[WRYêV~ERUNWRUêMHXYHGHQêQLåãLH=LVWLWHþRY\StãH
YDUWWH[W
LLQWHJHU
FFFFKDU
VVWULQJ
EHJLQ
DVVLJQW
DEFW[W
UHVHWWV
UHDGWFF
UHSHDW
UHVHWW
IRUL WRRUGFGRUHDGOQW
IRUL WRRUGFGRUHDGWF
UHDGWFFFV VF
XQWLOF
DQGF
ZULWHOQV
HQG
6~ERUDEFW[W
IRF
TDZ
[]D
P]Q
JLXV
'DQiMHUHNXU]tYQDSURFHG~UD;<
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
SURFHGXUH;<QSLQWHJHU
YDULLQWHJHU
EHJLQ
LIQWKHQZULWHOQ
HOVH
EHJLQ
IRUL WRSGRZULWH
;<QSGLY
IRUL WRSGRZULWH
;<QSGLY
IRUL WRSGRZULWH
HQG
HQG
D=LVWLWHNRĐNRKYLH]GLþLHNVDY\StãHSUHYRODQLH;<
E3UHDNpQDMPHQãLHQYRODQLH;<QY\StãHDVSRĖKYLH]GLþLHN"
9QDVOHGRYQHMþDVWLSURJUDPXV~GHILQRYDQpQHMDNpWULHG\LQãWDQFLHDMHGQDSURFHG~UD
W\SH3ERG AERG
ERG REMHFWHQG
3NUXK ANUXK
NUXK REMHFWERGHQG
3VWYRUHF AVWYRUHF
VWYRUHF REMHFWERGHQG
SURFHGXUH[\YDUSSERG
EHJLQHQG
YDUSESERGEERG
SNSNUXKNNUXK
SVSVWYRUHFVVWYRUHF
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
QHZ
E SEA
N E
[\EA
E V
SV SN
[\SV
V N
SV SE
HQG
2]QDþWHYãHWN\QHSUtSXVWQpSULUDGHQLDDYRODQLDSURFHG~U\
'DQêMHQDVOHGRYQêSURJUDP
W\SHW\S UHFRUGDAVWULQJEVWULQJHQG
W\S DUUD\>@RIAW\S
W\S UHFRUGDAW\SEW\SHQG
YDUDAW\S
LLQWHJHU
EHJLQ
QHZDQHZDD
IRUL WRGR
EHJLQ
QHZDD>L@QHZDE>L@
QHZDD>L@DQHZDE>L@D
HQG
IRUL WRGR
EHJLQ
DD>L@D
KDKD
DD>L@E
KRKR
DE>L@D
KLKL
DE>L@E
KHKH
HQG
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
5FTU[1SPHSBNPWBOJBQSFSPǁOÓL
HQG
'RSOĖWHYãHWN\FKêEDM~FHAYSURJUDPRYHMþDVWLGHNODUiFLHQHPHĖWH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TUFTUTIUN [
<>
http://www.delphi.input.sk/archiv/pascal.zs/tabulka.txt
9VOHGN\WHVWX]3URJUDPRYDQLD
632/8
$PEU0LFKDOL
$UEHW0LFKDOL
JK0DUHNL
%DFKRY%DUERUDL
%DUN)UDQWLHNL
%DUWHN3HWHUL
%HQN7RPL
%HQHV=VROWL
%HR3HWHUL
%RGN3HWHUL
%RWW5RODQGL
%UXFKWHU3HWHUL
%XUJHU%RULVL
&KXG.DULQDL
HUQ3DYROL
LPRY.DWDUQDL
(LIOHU0DUWLQL
)DNRYHF0DUFHOL
)DUNDV*DEULHOL
*UHEH%UDQLVODYL
+DDQ0LORL
+RPROD-XUDML
+RUN3HWHUL
+UQLDULN0LFKDOL
+XGHF3HWHUL
,UPDQ9ODGLPUL
-DEORQRYVN'YLGL
-DR0LURVODYL
-DXUD2QGUHML
.DOD0DWL
.RHQHN-QL
.RYLN-QL
.RYLN0DUWLQL
.RYURY0LODGDL
.UHVQHN3HWHUL
.XEDOD0LODQL
.XEQL3HWHUL
.\VHOLFD0LFKDOL
/HQ5EHUWL
/LSND3HWHUL
/RPDQ-OLXVL
/XHQL0DWHML
/OH\/DGLVODYL
0DURN-QL
0DUWYR%RULVL
0DDRYVN0DUWLQL
0H]HL0LFKDOL
0LQWO$QGUHML
0RNR0DUWLQL
1DYDULN0DWL
1LN0DULDQL
1RYRWQ5DVWLVODYL
2NDMN0DUWLQL
2QGUND3HWHUL
2QGUHMRYL3DYHOL
2UDYHFWHIDQL
3DLO7RPL
3DXGLW7RPL
3DXHU5RPDQL
3DYOVHN3DYHOL
3OII\2QGUHML
3HWUMQR-QL
3HWUX/DGLVODYL
3RORYNRY3HWUDL
3RUWH3HWHUL
3RWRN7RPL
3UHLVOHU3DWULNL
5DIDM3HWHUL
5LKD\RY=X]DQDL
6DER0DUWLQL
6RODQL-DURVODYL
6WDULQVN-XUDML
6WUDWLON0LFKDOL
6]LQHN3HWHUL
6]ORYN$WWLODL
WXUF-DNXEL
XSD3DYROL
7HUHN5DGRYDQL
7RPND-QL
7UL]QD-XUDML
7XLQVN9ODGLPUL
8UVQ\-XUDML
9DJDVN0DUWLQL
9DUJD5RPDQL
9DVLONR)HGRUL
9\Q0DUWLQL
:DOO-QL
=KUDGQ'DULQDL
HQXFK3DYROL
LDN3HWHUL
LJR,YDQL
%RN7RPLE
/DVODYN3HWHULE
3DYXN9ODGLPULE
6]DUND7RPLE
%DUWHOW5LFKDUGX0,
%H3HWHUX0,
&DJDUGD0LFKDOX0,
&LEXOND7RPX0,
L]PD]LD0LFKDOX0,
XUL-QX0,
)UDDVRY-DQDX0,
)XUGD5LFKDUGX0,
+DQ]HO3HWHUX0,
+XGHF0DUWLQX0,
+\EHQ-DURVODYX0,
.DUDERY0LORVODYDX0,
.RKDQRY,YHWDX0,
0DUWLQHF0DUWLQX0,
0DVDU\N0DUHNX0,
1HWN,YDQX0,
3PRY0DUWDX0,
5DGYDQVN0DUHNX0,
5XVQDNR0LURVODYX0,
6LWWD7RPX0,
6ODYNRY0ULDX0,
6XSXNRY0LFKDHODX0,
6]HNXOD5EHUWX0,
LNXURY9HURQLNDX0,
LNXURY=X]DQDX0,
WXJHO3DYROX0,
9UEN,YDQX0,
9ERK0DULQX0,
HUYHQNDXERPUX),
+ODY0LFKDOX),
.RUHF0DWHMX),
=DIND$QGUHMX),
0$;,0$/,67$
35,(0(5
7HVWSUHIDQDWLNRYSUHURþQtN,0,D),
0iPHGDQpW\S\
W\SHFDV UHFRUGKRGPLQVHNE\WHHQG
YHWD UHFRUG
FFDV
LQIRVWULQJ>@
HQG
1DStãWHSURJUDPNWRUê]WH[WRYpKRV~ERUX967837;7QDþtWDYDULDGN\FHOpþtVODDQHMDNêWH[W±QDY]iMRP
MHWRRGGHOHQpPHG]HURXãWUXNW~U\YHWDD]DUDćXMHLFKGRMHGQRUR]PHUQpKRSRĐDSODQNWRUpKRSUYN\V~W\SX
YHWDWDNDE\WRWRSROHERORY]RVWXSQHXWULHGHQpSRGĐDþDVX0{åHWHSUHGSRNODGDĢåHYVWXSQêV~ERUMH]DGDQê
NRUHNWQHQHREVDKXMHYLDFDNRULDGNRYDåLDGQ\þDVVDQHY\VN\WXMHYLDFDNRUD]3ULKĐDGDQtPLHVWDNDP
]DUDGLĢQRY~YHWXSRXåLWHELQiUQHY\KĐDGiYDQLH
'DQêMHELQiUQ\V~ERU3/$1'$7NWRUêREVDKXMHYHW\W\SX]SUHGFKiG]DM~FHKRSUtNODGX7LHWRV~XWULHGHQp
Y]RVWXSQHSRGĐDþDVX1DStãWHSURJUDPNWRUê]RãWDQGDUGQpKRYVWXSXNOiYHVQLFDQDþtWDPQRåLQXþtVHO]
LQWHUYDOXþtVODQDYVWXSHV~RGGHOHQpPHG]HURXDSRWRP]ELQiUQHKRV~ERUXY\KRGtYãHWN\YHW\NWRUp
PDM~SRORåNXþDVXVHNVHNXQG\Y]DGDQHMPQRåLQH]RYVWXSX1HY\WYiUDMWHåLDGQHćDOãLHSRPRFQp
V~ERU\
'DQêMHWH[WRYêV~ERU352*5$03$6YNWRURPMH]DStVDQêSURJUDPY3DVFDOH6~ERUP{åHREVDKRYDĢ
NRPHQWiUHY^`]iWYRUNiFKDDMNRQãWDQW\]QDNRYêFKUHĢD]FRY1DStãWHSURJUDPNWRUê]LVWtNRĐNRNUiWVDY
GDQRPWH[WRYRPV~ERUHQDFKiG]DUH]HUYRYDQpVORYR(1'WHGDPLPRNRPHQWiURYD]QDNRYêFKUHĢD]FRY
FRQVWPD[
W\SHSUYRN VWULQJ>@
TXHXH REMHFW
FRQVWUXFWRULQLW
SURFHGXUHVHUYHYDUSSUYRNYLUWXDO
SURFHGXUHDSSHQGSSUYRNYLUWXDO
IXQFWLRQHPSW\ERROHDQYLUWXDO
IXQFWLRQIXOOERROHDQYLUWXDO
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[T5FTUIUN [
<>
5FTUQSFGBOBUJLPWQSFSPǁOÓL*
.*B'*
SULYDWH
TDUUD\>PD[@RISUYRN
KOSRFPD[
HQG
0HWyGDDSSHQGUHVSVHUYHXNODGiQDNRQLHFUDGXUHVSY\EHUiKRGQRWXXORåHQ~QD]DþLDWNXUDGX0HWyG\
IXOODHPSW\VDSRXåtYDM~DMYWêFKWRGYRFKPHWyGDFKPHWyGDDSSHQGQDMSUY]LVWtþLUDGQLHMHSOQêIXOODDN
iQRYROiSUtND]KDOWLQDNXORåtQDNRQLHFUDGXSRGREQHPHWyGDVHUYHQDMSUYVNRQWUROXMHþLUDGQLHMH
SUi]GQ\HPSW\DDNiQRSURJUDPNRQþtSUtND]RPKDOWLQDNY\EHULHKRGQRWX]R]DþLDWNXUDGX6WDYRYi
SUHPHQQiKOREVDKXMHLQGH[GRSRĐDTNGH]DþtQDVDPRWQêUDGVSRĐRPSUDFXMHPHDNRVF\NOLFNêPD
SUHPHQQiSRFREVDKXMHPRPHQWiOQ\SRþHWSUYNRYUDGX
1DSURJUDPXMWHYãHWN\PHWyG\WHMWRWULHG\1DYUKQLWHSRWRPNDTXHXHWHMWRWULHG\NWRUêEXGHREVDKRYDĢOHQ
GYHRSUDYHQpPHWyG\IXOODHPSW\QHEXGHSRXåtYDĢåLDGQHSULYiWQHVWDYRYpSUHPHQQpDSULWRP]DEH]SHþt
åHWiWRQRYRGHILQRYDQiWULHGDQHVSDGQHDQLSUL]DSOQHQRPUDGHSUHDSSHQGPHWyGDIXOOY\þLVWtUDGDQLSUL
SUi]GQRPSUHVHUYHPHWyGDHPSW\WDPYWHG\XORåtMHGHQSUYRNQDSUSUi]GQ\UHĢD]HF
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[T5FTUIUN [
<>
7âTMFEOÈUBCVǚLBUFTUVQSFGBOBUJLPW
9êVOHGQiWDEXĐNDWHVWXSUHIDQDWLNRY
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TGBOUBCIUN [
<>
7âTMFEOÈUBCVǚLBUFTUVQSFGBOBUJLPW
R]QDþXMHåHSRYLQQêSUtNODGQHY\KRYRYDONYDOLWDWtYQHMSRGPLHQNHDWHVWVDćDOHMDQLQHRSUDYRYDO
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBM[TGBOUBCIUN [
<>
Pascal v letnom semestri
YOHWQRPVHPHVWHUL PiM
9êVOHGQpKRGQRWHQLH
SURJUDPRYDQLD
3UHGQiãND/H[LNiOQDDQDOê]D
3UHGQiãND7\SRYpELQiUQHV~ERU\
3UHGQiãND1HW\SRYpELQiUQHV~ERU\WDEXĐNDSURFHG~UDIXQNFLtSUHU{]QHW\S\V~ERURY
3UHGQiãND6SiMDQê]R]QDP
3UHGQiãND3RXåLWLHVSiMDQêFK]R]QDPRY
3UHGQiãND%LQiUQHVWURP\
3UHGQiãND3RXåLWLHELQiUQêFKVWURPRY
3UHGQiãND7ULHGHQLD
3UHGQiãND*UDI\
3UHGQiãND3UHKĐDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
3UHGQiãND8NiåN\EDFNWUDFNLQJXQDJUDIRFK
8NiåNRYêWHVW]SURJUDPRYDQLD]RãNURNX
7HVW]SURJUDPRYDQLDYãNURNX
9êVOHGN\WHVWX]SURJUDPRYDQLD
=DGDQLHQDVN~ãNHGRREHGD
=DGDQLHQDVN~ãNHSRREHGH
=DGDQLHQDVN~ãNHGRREHGD
=DGDQLHQDVN~ãNHSRREHGH
=DGDQLHQDVN~ãNHGRREHGD
=DGDQLHQDVN~ãNHSRREHGH
3ULHEHKVHPHVWUD
Ɣ=iSRþHWVD]tVNDYD]DERGRY]RVHPHVWUDRGRY]GDQLH]iSRþWRYpKRSURMHNWX
Ɣ1iKUDGQi]iSRþWRYiStVRPNDSUHWêFKNWRUtPDM~OHQERGRY]RVHPHVWUDUR]FYLþLHN
Ɣ3RGPLHQNRXNXVN~ãNHMH]iSRþHW]SURJUDPRYDQLD
%RGRYDQLH =QiPND
UR]FYLþN\ YêERUQH
SUpPLD YHĐPLGREUH
WHVW GREUH
VN~ãNDSUtNODGQD3&
QHY\KRYHO
VSROX
QDULDGQRPWHUPtQHWUHED]tVNDĢDVSRĖERGRY
Ɣ=DGDQLHWHVWXSUHIDQDWLNRY
Ɣ9êVOHGN\WHVWXSUHIDQDWLNRY
F&RS\ULJKW$QGUHM%ODKR
%RGRYDFLDWDEXĐND]SURJUDPRYDQLD
SUHLEL0,D),
]iSRþHW SUpPLD WHVW VN~ãND V~þHW ]QiPND GiWXP RSUDYQê
$PEUyã0LFKDO L
$UEHW0LFKDO L
ÈJK0DUHN L
%DFKRYi%DUERUD L
%DUWHN3HWHU L
%iEHO3DYRO L
%HQþtN7RPiã L "
%HQHV=VROW L
%HĖR3HWHU L
%RGtN3HWHU L )
%RWW5RODQG L
%UXFKWHU3HWHU L GHND
%XUJHU%RULV L
ýHUQê3DYRO L )
ýLPRYi.DWDUtQD L =
(LIOHU0DUWLQ L
)DþNRYHF0DUFHO L
)DUNDV*DEULHO L
*UHEHþt%UDQLVODY L
+DãDQ0LORã L )
+RPROD-XUDM L )
+RUĖiN3HWHU L
+XGHF3HWHU L
,UPDQ9ODGLPtU L
-DEORQRYVNê'iYLG L =
-DããR0LURVODY L GHND
-DXUD2QGUHM L
.DODã0DW~ã L
/DVW8SGDWHGRQ
%\$QGUHM%ODKR
/H[LNiOQDDQDOê]D6FDQQHU IHE
3UDYLGOiSUHY\WYRUHQLH6FDQQHUD
XUþHQLHDNpU{]QHW\S\OH[pPEXGHPH]RV~ERUX]LVĢRYDĢOH[pPDSDVFDORYVNpKRSURJUDPX
QDSULGHQWLILNiWRUþtVORUHĢD]HFNRPHQWiU
OH[NRQLGFLVOR
Y\WYRUHQLHSURFHG~U\]QDNNWRUiþtWDV~ERUDYUDFLDYJOREiOQHMSUHPHQQHM]
❍NHćMHNRQLHFV~ERUX
❍SULNRQFLULDGNXSULþRPVSUDFXMHNRQLHFULDGNX
❍LQDNSUHþtWD]QDN]RV~ERUX
SURFHGXUH]QDN^SURFHG~UDQDþtWDQLH]RV~ERUX`
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQ] UHDGOQIHQG
HOVHUHDGI]
HQG
QLHNHG\VDQiPKRGtSRPRFQiSURHG~UDSLVNWRUi]DSLVXMHNHćWUHEDDNDPWUHEDQDSUGR
V~ERUXQDSUVFDQQHUP{åHYLVWêFKVLWXiFLiFKY\WYiUDĢDMYêVWXS
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQI
HOVHZULWHI]
HQG
Y\WYRUHQLHSURFHG~U\VFDQNWRUiVSUDFRYiYD]QDN\DVWDUiVDRWLHOH[pP\NWRUpFKFHPH]LVWLĢ
NDåGpYRODQLH]LVWtQDVOHGRYQ~OH[pPX
SURFHGXUHVFDQ
YDURNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQRN WUXHHQG^XåMHNRQLHFV~ERUX`
^
^]DþtQDNRPHQWiUDNMHGREUêQiMGHPHNQHPXGUXK~]iWYRUNXDOHERSUtGHPHQD
NRQLHFV~ERUX`
^]DþtQDUHĢD]HF`
$
=
D
]
^]DþtQDLGHQWLILNiWRU`
HOVH
HQG^FDVH`
XQWLORN
HQG
RN]QDPHQiåHVPHQDãOLOH[pPXP{åHPHXNRQþLĢWRWRYRODQLH !YOH[MHW\S
OH[pP\YLQêFKSUHPHQQêFKMHćDOãLDLQIRUPiFLDQDSUUHĢD]HFLGHQWLILNiWRUD
SUHPHQQHM
YKODYQRPSURJUDPHRWYRUHQLHV~ERUXLQLFLDOL]iFLDDKODYQêF\NOXV
]QDNVFDQ
ZKLOHOH[!NRQGR
EHJLQ
^VSUDFRYDQLHWêFKOH[pPNWRUpSRWUHEXMHPH`
VFDQ
HQG
3UtNODG
'DQêMHWH[WRYêV~ERUWHVWSDVNWRUêREVDKXMHQHMDNêSDVFDORYVNêSURJUDP1DStãWH
SURJUDPNWRUêQDþtWDGYDUHĢD]FHUDUY\WYRUtV~ERUWHVWSDVNWRUêMHNySLRXV~ERUX
WHVWSDVSULþRPYãHWN\YêVN\W\LGHQWLILNiWRUDUV~QDKUDGHQpLGHQWLILNiWRURPU'iYDMWH
VLSR]RUQDNRPHQWiUHVWDþLDMHGQRGXFKp^`D]QDNRYpUHĢD]FHYNWRUêFKVDYêVN\W\U
QHQDKUiG]DM~UDNKĐDGiPHLWDN]UHMPHQHY\KRYXM~LILLL
YDU]FKDU
IJWH[W
OH[NRQLHFLGHQW
UUUVWULQJ
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQ] UHDGOQIHQG
HOVHUHDGI]
HQG
SURFHGXUHSLV
EHJLQ
LI]!WKHQ
LI] WKHQZULWHOQJ
HOVHZULWHJ]
HQG
SURFHGXUHVFDQ^SUHGSRNOiGDPHåHQLHV~UHiOQHþtVOD`
YDURNERROHDQ
EHJLQ
UHSHDW
RN IDOVH
FDVH]RI
EHJLQOH[ NRQLHFRN WUXHHQG
^
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
`
@
SLV]QDN
HQG
EHJLQ
UHSHDWSLV]QDNXQWLO]LQ>
@
SLV]QDN
HQG
$
=
D
]
B
EHJLQ
U
ZKLOH]LQ>
$
=
D
]
B
@GR
EHJLQ
U U]]QDN
HQG
OH[ LGHQWRN WUXH
HQG
HOVHSLV]QDN
HQG^FDVH`
XQWLORN
HQG
EHJLQ
DVVLJQI
WHVWSDV
UHVHWI
DVVLJQJ
WHVWSDV
UHZULWHJ
ZULWHOQ
=DGDMGYDLGHQWLILNDWRU\
ZULWH
SUY\
UHDGOQU
ZULWH
GUXK\
UHDGOQU
]QDNVFDQ
ZKLOHOH[!NRQLHFGR
EHJLQ
LIU UWKHQZULWHJU
HOVHZULWHJU
VFDQ
HQG
FORVHIFORVHJ
HQG
1'Ò
Ɣ8SUDYWHWDNDE\Y\KĐDGiYDQLHUHĢD]FRYQH]iYLVHORRGPDOêFKYHĐNêFKStVPHQ
Ɣ8SUDYWHSURJUDPWDNåHQDþtWDQLHNRĐNRLGHQWLILNiWRURYNWRUpWUHEDQDKUDGLĢDNQLPSUtVOXãQê
SRþHWLGHQWLILNiWRURYNWRUêPLLFKWUHEDQDKUDGLĢ
3UtNODG
1DStãWHSURJUDPNWRUêþtWDWH[WRYêV~ERUSURJUDPSDVYNWRURPVDQDFKiG]DQHMDNê
SDVFDORYVNêSURJUDPDY\WYRUtV~ERUSURJUDPSDVNWRUêEXGHPD[LPiOQH]KXVWHQêQD
]DGDQ~ãtUNXULDGNXWMYNDåGRPULDGNXEXGHPD[LPiOQ\SRþHW]QDNRYNWRUpVDVHP
]PHVWLDDYV~ERUHEXGHPLQLPiOQ\SRþHWPHG]LHUWDNDE\SURJUDPHãWHRVWDOIXQNþQê
.RPHQWiUH]SURJUDPXY\QHFKDMWH
FRQVWPD[VLU
YDUIJWH[W
]FKDU
OH[NRQLHFFLVORUHWD]HFLGHQWLQH
VVWULQJ^KRGQRWDUHĢD]FDLGHQWLILNiWRUDDLQpKR]R
VFDQQHUD`
KRGQRWDORQJLQW^KRGQRWDþtVOD`
LVLULQWHJHU^VLUGRWHUDMãLDãtUNDULDGNX`
EEERROHDQ^þLYNODGDĢPHG]HU\PHG]LOH[pP\`
VVVWULQJ
SURFHGXUH]QDN
EHJLQ
LIHRIIWKHQ]
HOVHLIHROQIWKHQEHJLQUHDGOQI]
HQG
HOVHUHDGI]
HQG
SURFHGXUHVFDQ
YDURNERROHDQ
SLQWHJHU
EHJLQ
UHSHDW
RN WUXH
FDVHXSFDVH]RI
OH[ NRQLHF
EHJLQ]QDNRN IDOVHHQG
^
EHJLQ
ZKLOHQRW]LQ>
`
@GR]QDN
]QDNRN IDOVH
HQG
EHJLQ
KRGQRWD OH[ FLVOR
ZKLOH]LQ>
@GR
EHJLQ
KRGQRWD
KRGQRWDRUG]RUG
]QDN
HQG
HQG
$
=
B
EHJLQ
V
OH[ LGHQW
ZKLOHXSFDVH]LQ>
$
=
B
@GR
EHJLQV V]]QDNHQG
HQG
EHJLQ
S V
]QDNOH[ UHWD]HF
ZKLOH]!DQGSGR
LI]
WKHQ
LIS WKHQEHJLQS V V
]QDNHQG
HOVHEHJLQLQFS]QDNHQG
HOVHLIS WKHQEHJLQV V]]QDNHQG
HOVHLQFS
HQG
EHJLQ
]QDN
LI]
WKHQ
EHJLQ
RN IDOVH
UHSHDW
]QDN
LI]
WKHQ
EHJLQ
ZKLOH]
GR]QDN
RN ]
HQG
XQWLO] RURN
RN IDOVH]QDN
HQG
HOVHEHJLQOH[ LQHV
HQG
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
EHJLQ
]QDNOH[ LQH
LI]
WKHQEHJLQ]QDNV
HQG
HOVHV
HQG
!
EHJLQ
OH[ LQHV ]]QDN
LIV
DQG]LQ>
!
@WKHQ
EHJLQV V]]QDNHQG
HOVHLIV
!
DQG]
WKHQ
EHJLQV V]]QDNHQG
HQG
HOVHV ]OH[ LQH]QDN
HQG
XQWLORN
HQG
EHJLQ
DVVLJQI
SURJUDPSDV
UHVHWI
DVVLJQJ
SURJUDPSDV
UHZULWHJ
VLU E IDOVH
]QDNVFDQ
ZKLOHOH[!NRQLHFGR
EHJLQ
E OH[LQ>FLVORLGHQW@
FDVHOH[RI
FLVORVWUKRGQRWDV
UHWD]HF
EHJLQ
VV
IRUL WROHQJWKVGR
LIV>L@
WKHQVV VV
HOVHVV VVV>L@
V
VV
HQG
HQG
LIEDQGEWKHQV
V
E E
LIVLU!DQGVLUOHQJWKV!PD[VLUWKHQ
EHJLQZULWHOQJVLU HQG
LIVLU DQGV>@
WKHQGHOHWHV
ZULWHJVLQFVLUOHQJWKV
VFDQ
HQG
FORVHJ
HQG
1'8
ƔGRUREWHVFDQQHUDMSUHUHiOQHþtVODãHVWQiVWNRYpNRQãWDQW\
D]QDNRYpNRQãWDQW\V
7\SRYpELQiUQHV~ERU\ IHE
%LQiUQ\V~ERU
SRVWXSQRVĢYLHWGHILQRYDQpKRURYQDNpKRW\SXQLHþRDNRSROHSUYNRYURYQDNpKRW\SX
Ɣ
LQGH[RYDQpKRRGSRþHWBYLHWBV~ERUX
W\SHLGHQWLILNiWRU ILOHRILGHQWLILNiWRUBW\SX^W\SYHW\`
ƔDVVLJQUHVHWUHZULWHFORVHURYQDNpDNRSUHWH[WV~ERU\
ƔUHDGZULWHPDM~WURFKXLQpSUDYLGOiQDSUSUH
YDUIVXERU
UHDGISUHPHQQiBW\SXBYHWDBV~ERUX
ZULWHISUHPHQQiBW\SXBYHWDBV~ERUX
ƔHRIIDNRSUHWH[W
ƔILOHVL]HISRþHWYLHWV~ERUX
YãHWN\YHW\RGILOHSRVI
UHZULWHI VHHNIWUXQFDWHI
3UtNODG\
YDUIILOHRILQWHJHU^GYRMEDMW\`
JILOHRIFKDU^EDMW\`
3UtNODG
1DStãWHSURJUDPNWRUêY\WYRUtELQiUQ\V~ERUFHOêFKþtVHOGRQHKR]DStãHþtVOD
Y\StãHWHQWRV~ERUQDREUD]RYNXGRStãHQDMHKRNRQLHFþtVODVNUiWLV~ERUWDNåH
EXGHREVDKRYDĢOHQþtVOD
YDUIILOHRILQWHJHU
LMLQWHJHU
EHJLQ
DVVLJQI
FLVODGDW
UHZULWHI
IRUL WRGRZULWHIL^E\WH`
^FORVHIQHWUHEDDNQDVOHGXMHUHVHW`
UHVHWI^þtWDQLHRG]DþLDWNX`
IRUL WRGR
EHJLQ
UHDGIMZULWHOQM^VHNYHQþQpþtWDQLH`
HQG
^VOXãQHMãLHSRNRQLHFV~ERUX`
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
UHDGIMZULWHOQM
HQG
^QHVPLHVDSRXåLĢUHDGOQDQLZULWHOQQHH[LVWXMH]QDþNDNRQFDULDGNX`
^YêSLVV~ERUXRG]DGX`
IRUL ILOHVL]HIGRZQWRGR
EHJLQ
VHHNILUHDGIMZULWHOQM^SULDPHþtWDQLH`
HQG
^SULGDMYHWXQDNRQLHFV~ERUX`
VHHNIILOHVL]HI
^KRFLVDDNRSRVOHGQêURELOUHVHWQHYDGtWRDGRV~ERUXVDGiDM]DSLVRYDĢ
UHVHWDUHZULWHVDQDY]iMRPQHEORNXM~ !NDåGêRWYRUHQêV~ERUMH
DXWRPDWLFN\DMQDþtWDQLHDMQD]iSLV`
IRUL WRGRZULWHIL
^VNUDFRYDQLHV~ERUX`
VHHNIWUXQFDWHI^V~ERUPiWHUD]YHW\`
HQG
3UtNODG
WDNåHLWXYHWXQDKUDGtSRVOHGQRX
3UtNODG
1DStãWHSURJUDPNWRUê]WH[WRYpKRV~ERUXY\WYRUtELQiUQ\V~ERU9WH[WRYRPV~ERUHVD
QDFKiG]DM~LQIRUPiFLHRNQLKiFK.DåGiNQLKDPiYMHGQRPULDGNXLQIRUPiFLHRDXWRURYL
Qi]YHY\GDYDWHĐVWYHURNXY\GDQLDDFHQHRGGHOHQp0{åHWHSUHGSRNODGDĢåHV~ERU
MH]DGDQêNRUHNWQH
W\SHUHW VWULQJ>@
YHWD UHFRUG
DXWRUQD]RYY\GDYUHW^E\WH`
URNLQWHJHU^E\WH`
FHQDUHDO^E\WH`
HQG
YDUIILOHRIYHWD
WWH[W
VVWULQJ
YYHWD
SURFHGXUHVSUDFXMVVWULQJYDUYYHWD
YDULNLQWHJHUVVUHW
EHJLQ
ZLWKYGR
EHJLQ
L
DXWRU VSUDFXMVL
QD]RY VSUDFXMVL
Y\GDY VSUDFXMVL
VV VSUDFXMVLYDOVVURNN
VV VSUDFXMVLYDOVVFHQDN
HQG
HQG
EHJLQ^KODYQêSURJUDP`
DVVLJQI
NQLK\GDW
UHZULWHI
DVVLJQW
NQLK\W[W
UHVHWW
ZKLOHQRWHRIWGR
EHJLQ
UHDGOQWVVSUDFXMVY
ZLWKYGR
ZULWHOQDXWRU
QD]RY
Y\GDY
URN
FHQD
ZULWHIY
HQG
FORVHIFORVHW
HQG
3UtNODG
3RNUDþXMPHYSURJUDPHWêPåHQiPXPRåQtY\StVDĢV~ERU]UXãLĢQHMDN~NQLKXSRGĐD
DXWRUDSULGDĢNQLKX
^GHNODUiFLH]PLQXOpKRSUtNODGX`
SURFHGXUHY\SLV
EHJLQ
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
UHDGIY
ZLWKYGR
ZULWHOQDXWRU
QD]RY
Y\GDY
URN
FHQD
HQG
HQG
SURFHGXUH]UXV
YDUDQUHW
LLQWHJHU
QDVLHOERROHDQ
YYHWD
EHJLQ
ZULWH
DXWRU
UHDGOQD
ZULWH
QD]RY
UHDGOQQ
UHVHWIQDVLHO IDOVH
ZKLOHQRWHRIIDQGQRWQDVLHOGR
EHJLQ
UHDGIY
QDVLHO YDXWRU DDQGYQD]RY Q
HQG
LIQDVLHOWKHQ^]UXãYHWXNWRUiMHSUHGYHWRXQDNWRUHMVDQDFKiG]Dã`
EHJLQ
L ILOHSRVI
VHHNIILOHVL]HIUHDGIY
VHHNILZULWHIY
VHHNIILOHVL]HIWUXQFDWHI
HQG
HOVHZULWHOQ
9VXERUHQLHMHWDNDNQLKD
HQG
SURFHGXUHSULGDM
YDUVVWULQJ
YYHWD
EHJLQ
ZULWHOQ
=DGDMXGDMHRQRYHMNQLKHGRMHGQHKRULDGNX
ZULWHOQ
DXWRUQD]RYY\GDYDWHOVWYRURNFHQDRGGHOHQH
UHDGOQV
VSUDFXMVY^]PLQXOpKRSURJUDPXLEDåHQDþtWDPH]NOiYHVQLFH`
VHHNIILOHVL]HIZULWHIY
HQG
EHJLQ^KODYQêSURJUDP`
DVVLJQI
NQLK\GDW
^,`UHVHWI^,`
LI,25HVXOW!WKHQUHZULWHI
UHSHDW
ZULWH
9\SLV=UXV3ULGDM.RQLHF"
UHDGOQ]
FDVH]RI
9
Y
Y\SLV
=
]
]UXV
3
S
SULGDM
HOVHZULWHOQ
"""
HQG
XQWLO]
.
RU]
N
FORVHI
HQG
1'8
=DGHILQXMWHYHWXV~ERUXDMFHO~GDWDEi]XDNRREMHNWRYpW\S\SRGREQHDNRWULHG\.RUD
9HOD.RU
3UtNODGERORNHG\VLQDVN~ãNHY]LPQRPVHPHVWUL
XVHVR.RU
W\SHPRMD.RU REMHFW.RU
SURFHGXUHVWURPLZRUG
HQG
YDUIILOHRILQWHJHU
NPRMD.RU
SURFHGXUHPRMD.RUVWURPLZRUG
YDUVLQWHJHU
EHJLQ
LIL!ILOHVL]HIWKHQH[LW
VHHNIL
UHDGIV
LIV WKHQH[LW
'RSUHGXV9ODYR
VWURP
L9SUDYR
VWURP
L9ODYR
'RSUHGXV
HQG
EHJLQ
DVVLJQI
VWURPGDW
UHVHWI
NLQLW
NVWURP
&DNDM.ODYHV
HQG
1HW\SRYpELQiUQHV~ERU\ PDU
'RWHUD]VPHSUDFRYDOLVW\SRYêPLV~ERUPLYDUIILOHRIYHWD
ƔSR]QDOLVPHW\SYHW\DWHGDDMMHMGĎåNX
ƔDXWRPDWLFN\VDSUHSRþtWDYD
1HW\SRYêELQiUQ\V~ERU
YDUIILOH
Ɣ3DVFDOXQHSUH]UDGtPHW\SYHW\WHGDQHUREtVDåLDGQDNRQWURODQDW\S]DSLVRYDQHMþtWDQHM
SUHPHQQHM
ƔQHIXQJXMHUHDGZULWHPXVtVDWRURELĢLQDN
%ORFN5HDGYDU))LOHYDU%XI&RXQW:RUG>YDU5HVXOW:RUG@
❍)SUHPHQQiSUHQHW\SRYêV~ERU
❍%XIQHMDNiSUHPHQQiQHW\SRYêSDUDPHWHU]QDPHQiĐXYRYRĐQêW\S
❍&RXQWSRþHWþtWDQêFKYLHWW\SXZRUG
❍5HVXOWVNXWRþQHQDþtWDQêSRþHWYLHW
DNVDWHQWRSDUDPHWHUQHXYHGLHDQDVWDQHQHMDNiFK\EDWDNSURJUDPVSDGQHQDYVWXSQR
YêVWXSQHMFK\EHLQDNSRNUDþXMHDP{åHPHWRRWHVWRYDĢ
%ORFN:ULWHYDUI)LOHYDU%XI&RXQW:RUG>YDU5HVXOW:RUG@
❍)SUHPHQQiSUHQHW\SRYêV~ERUX
❍%XIQHMDNiSUHPHQQiĐXERYRĐQpKRW\SX
❍&RXQWYêUD]XGiYDM~FLSRþHW]DStVDQêFKYLHWW\SXZRUG
❍5HVXOWVNXWRþQH]DStVDQêSRþHWYLHWURYQDNRDNRSUH%ORFN5HDG
❍DNVDQHXYHGLHGĎåNDBYHW\WDNVDSUHGSRNODGi
ƔVHHNILOHSRVILOHVL]HSUDFXM~Y]iYLVORVWLQDGĎåNHYHW\
3UtNODG
0iPHSUHNRStURYDĢV~ERUDGDWQH]QiPHMãWUXNW~U\GRV~ERUXEGDW
DSRPRFRXW\SRYpKRV~ERUX
YDUDEILOHRIE\WH
[E\WH
EHJLQ
DVVLJQD
DGDW
UHVHWD
DVVLJQE
EGDW
UHZULWHE
ZKLOHQRWHRIDGR
EHJLQ
UHDGD[
ZULWHE[
HQG
FORVHE
HQG
ESRPRFRXQHW\SRYpKRV~ERUX
YDUDEILOH
[DUUD\>@RIE\WH^N%EXIIHU`
ODOEZRUG
EHJLQ
DVVLJQD
DGDW
UHVHWD^EDMW YHĐNRVĢYHW\`
DVVLJQE
EGDW
UHZULWHE
UHSHDW
EORFNUHDGD[OD
EORFNZULWHE[ODOE
XQWLOOD RUOD!OE^DNOD!OEWDNQDVWDODFK\EDSUL]iSLVH`
LIOD!WKHQZULWHOQ
FK\EDSUL]iSLVH
FORVHE
HQG
3UtNODG
0DMPHV~ERUYDUIILOHRIVWULQJ9HW\WRKWRV~ERUXV~SHYQHMGĎåN\
E\WH3UHNUiWNHUHĢD]FHV~YV~ERUHYHĐNpVWUDW\NGHQLHMH]D]QDPHQDQiåLDGQD
LQIRUPiFLD
3UHWRQDYUKQHPHQRY~ãWUXNW~UX
GĎåND REVDKUHĢD]FD E\WHQDGĎåNXUHĢD]FDPD[GĎåND
QDSU
DEFGHIJKLM [\]
1DStãHPHSURJUDPNWRUêQiKRGQHY\WYRUtV~ERUQDYUKQXWHMãWUXNW~U\
FRQVWPD[
YDUIILOH
EDUUD\>PD[@RIFKDU
GOLMZRUG
EHJLQ
DVVLJQI
UHWD]FHGDW
UHZULWHI
IRUL WRGR
EHJLQ
G UDQGRPPD[^QiKRGQH]YROHQiGĎåNDUHĢD]FD`
EORFNZULWHIGO
LIO!WKHQEHJLQZULWHOQ
FK\ED
KDOWHQG
IRUM WRGGRE>M@ FKUUDQGRP
^]DSLVRYDQLHQiKRGQêFKPDOêFKStVPHQGRSRĐDE`
EORFNZULWHIEGO
LIO!GWKHQEHJLQZULWHOQ
FK\ED
KDOWHQG
HQG
FORVHI
HQG
3UtNODG
ýtWDQLHYHW\]RV~ERUXQDYUKQXWHMãWUXNW~U\YRSDþQRPSRUDGt
FRQVWPD[
YDUIILOH
EDUUD\>PD[@RIFKDU
GOLMZRUG
IXQFWLRQSRFHWZRUG
YDUVORQJLQWGOLZRUG
EHJLQ
L V
UHSHDW
VHHNIV^QDVWDYVDQDVE\WHV~ERUX`
EORFNUHDGIGO
LIO WKHQ
EHJLQ
LQFLLQFVG^SRVXĖVDRGE\WRYWMQDćDOãLXYHWX`
HQG
XQWLOO!
SRFHW L
HQG
SURFHGXUHQDVWDYLLQWHJHU
YDUVORQJLQW
GZRUG
EHJLQ
V
ZKLOHL!GR
EHJLQ
VHHNIVEORFNUHDGIG
LQFVGGHFL
HQG
VHHNIV
HQG
EHJLQ
DVVLJQI
UHWD]FHGDW
UHVHWI
L SRFHW^VSRþtWDMSRþHWYãHWNêFKYLHWYV~ERUH`
ZKLOHL!GR
EHJLQ
QDVWDYL^QDVWDYVDQDLWXYHWX`
EORFNUHDGIGO^QDþtWDMGĎåNXYHW\`
LIO!WKHQEHJLQZULWHOQ
FK\ED
KDOWHQG
EORFNUHDGIEGO^QDþtWDMREVDKYHW\GRSRĐDE`
LIG!OWKHQEHJLQZULWHOQ
FK\ED
KDOWHQG
ZULWHG
IRUM WRGGRZULWHE>M@
GHFL
ZULWHOQ
HQG
HQG
YHU]LDVSRĐRPLQGH[RY
W\SHWLQGH[ DUUD\>PD[Y@RIORQJLQW
YDUIILOH
EDUUD\>PD[@RIFKDU
GOLMZRUG
LQGH[AWLQGH[
SRFHWPD[Y
SURFHGXUH9\URE,QGH[
YDUVORQJLQWGOLZRUG
EHJLQ
L V
UHSHDW
VHHNIV
EORFNUHDGIGO
LIO WKHQ
EHJLQ
LQFLLQGH[A>L@ V
LQFVG
HQG
XQWLOO!
SRFHW L
HQG
EHJLQ
QHZLQGH[
DVVLJQI
UHWD]FHGDW
UHVHWI
9\URE,QGH[
IRUL SRFHWGRZQWRGR
EHJLQ
VHHNILQGH[A>L@
EORFNUHDGIG^QDþtWDMGĎåNXYHW\EH]NRQWURO\`
EORFNUHDGIEG
ZULWHG
IRUM WRGGRZULWHE>M@
ZULWHOQ
HQG
HQG
1'Ò
ƔSUHUREWHSURJUDPWDNDE\DMEXIHUEEROG\QDPLFNRXSUHPHQQRXSUtVWXSQêFH]VPHUQtN
ƔQDYUKQLWHDNRSUHURELĢSURJUDPDE\IXQJRYDODMSUHYLHW
ƔSUHUREWHSURJUDPWDNDE\IXQJRYDOSUHĐXERYRĐQêSRþHWYLHWWDNWRWDEXĐNDLQGH[RYVD
Y\WYRUtYELQiUQRPV~ERUHILOHRIORQJLQWYNWRURPLWDYHWDREVDKXMHDGUHVX]DþLDWNXLWHM
YHW\Y]DGDQRPV~ERUHKRYRUtVDWRPXLQGH[RYêV~ERU
3UtNODG
9ELQiUQRPV~ERUHV~YHW\GYRFKW\SRYEXćWYHWDDOHERWYHWD$NiYHWDQDVOHGXMHVD
GR]YLHPH]EDMWXEH]SURVWUHGQHSUHGFKiG]DM~FHKRSUtVOXãQ~YHWXKRGQRW\DOHER
9\StãHPHWHQWRV~ERUQDREUD]RYNX
W\SHWYHWD UHFRUGPHQRVWULQJ>@URFSULHPHUUHDOHQG
WYHWD UHFRUGWLWXOPHQRVWULQJ>@SODWORQJLQWHQG
YDUIILOH
YWYHWD
YWYHWD
WE\WH
EHJLQ
DVVLJQI
VXERUGDW
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
EORFNUHDGIW
LIW WKHQ
EHJLQ
EORFNUHDGIYVL]HRIY
ZLWKYGR
ZULWHOQ
VWXGHQW
PHQR
URFSULHPHU
HQG
HOVH
EHJLQ
EORFNUHDGIYVL]HRIY
ZLWKYGR
ZULWHOQ
XFLWHO
WLWXO
PHQR
SODW
6N
HQG
HQG
HQG
1'Ò
Ɣ SURJUDPNWRUêY\WYRUtWDNêWRV~ERU]QHMDNpKRWH[WRYpKRV~ERUX
6~ERUDNRREMHNW
XQLWW)LOH8QLW
LQWHUIDFH
W\SHSILOH AWILOH
WILOH REMHFW
IILOH
FRQVWUXFWRUFUHDWHPHQRVWULQJ
GHVWUXFWRUGHVWUR\YLUWXDO
SURFHGXUHUHDGYDUEXIGO]ZRUGYLUWXDO
SURFHGXUHZULWHYDUEXIGO]ZRUGYLUWXDO
SURFHGXUHVHHNSR]ZRUGYLUWXDO
IXQFWLRQHRIERROHDQYLUWXDO
IXQFWLRQVL]HZRUGYLUWXDO
IXQFWLRQSRVZRUGYLUWXDO
HQG
LPSOHPHQWDWLRQ
GHVWUXFWRUWILOHGHVWUR\
EHJLQ
FORVHI
HQG
EHJLQ
EORFNZULWHIEXIGO]
HQG
IXQFWLRQWILOHHRIERROHDQ
EHJLQ
HRI V\VWHPHRII
HQG
IXQFWLRQWILOHVL]HZRUG
EHJLQ
VL]H ILOHVL]HI
HQG
IXQFWLRQWILOHSRVZRUG
EHJLQ
SRV ILOHSRVI
HQG
HQG
3UtNODG\
9\WYRUHQLHDYêSLVV~ERUX
XVHVW)LOH8QLW
YDUIWILOH
LLQWHJHU
EHJLQ
IFUHDWH
WHVWGDW
IRUL WRGRIZULWHL
IGHVWUR\
HQG
XVHVW)LOH8QLW
YDUIWILOH
LLQWHJHU
EHJLQ
IFUHDWH
WHVWGDW
ZKLOHQRWIHRIGR
EHJLQ
IUHDGLZULWHOQL
HQG
IGHVWUR\
HQG
XVHVW)LOH8QLW
FRQVWPDUUD\>@RIVWULQJ>@
WGDW
WGDW
WGDW
WGDW
YDUIDUUD\>@RISILOH
LLQWHJHU
EHJLQ
ILOOFKDUIVL]HRII^Y\QXOXMHFHOpSROHI`
IRUL WRGRI>L@ QHZSILOHFUHDWHP>L@
IRUL WRGR
I>UDQGRP@AZULWHL
IRUL WRGRI>L@AGHVWUR\
HQG
7DEXĐNDSURFHG~UDIXQNFLtSUHU{]QHW\S\V~ERURY
6SiMDQê]R]QDP/LQNHGOLVW PDU
'\QDPLFNpGiWRYpãWUXNW~U\
ƔSRþDVYêSRþWXPHQtVYRMXYHĐNRVĢDãWUXNW~UX
ƔQDSUSUREOpP\VWDEXĐNRXMHGiOQ\OtVWRN]iVREQtNUDG
G\QDPLFNp
ƔSRþDVYêSRþWXVDPHQtLFKYHĐNRVĢ]YlþãXM~D]PHQãXM~VD
ƔPHQtVDLFKãWUXNW~UDWDEXĐNXWUHEDVWiOHSUHXVSRULDGDYDĢGR]iVREQtNXSULGiYDPHQDYUFKXEHUiPH]YUFKX
GRUDGXSULGiYDPHQDNRQLHF
ƔEXGHPHUHDOL]RYDĢG\QDPLFNêPLSUHPHQQêPLWMMHGQDG\QDPLFNiãWUXNW~UDEXGHNRSDG\QDPLFNêFK
SUHPHQQêFKQDY]iMRPSRVSiMDQêFKSRPRFRXVPHUQtNRY
6SiMDQê]R]QDP
ƔG\QDPLFNiGiWRYiãWUXNW~UDSUYN\URYQDNpKRW\SXV~SRVSiMDQpGRMHGQpKRYODNXH[LVWXMHVPHUQtNQD
]DþLDWRNNDåGêPiQDVOHGRYQtNDRNUHPSRVOHGQpKRWHQPiQDVOHGRYQtND1,/
ƔGHNODUXMHPHMHGHQYUFKROVSiMDQpKR]R]QDPX
W\SH
SUYRN LQWHJHU
3YUFKRO AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
QH[W3YUFKRO
HQG
SUHPHQQpW\SX3YUFKRO
Ɣ
YDU]ST3YUFKRO
SUiFDVRVSiMDQêP]R]QDPRP
Ɣ
] QLO^SUi]GQ\]R]QDP`
QHZ]]ALQIR ]AQH[W QLO^MHGQRSUYNRYê]R]QDP`
QHZSSALQIR SAQH[W QLO^SMHMHGQRSUYNRYê]R]QDP`
]AQH[W S^]MHGYRMSUYNRYê`
QHZSSALQIR SAQH[W QLO^SMHMHGQRSUYNRYê]R]QDP`
]AQH[WAQH[W S^]MHWURMSUYNRYê`
MHGQRGXFKpVSUDFRYDQLHSUYNXY]R]QDPHYêSLVLQIRþDVWL
Ɣ
ZULWHOQ]ALQIR
]AQH[WALQIR
]AQH[WAQH[WALQIR
WDNWRVDWR]UHMPHQHUREtOHERþDVWRQHYLHPHSRþHWSUYNRYY]R]QDPHDRNUHPWRKRE\VPHVDXStVDOLWHGD
Ɣ
S ]^DE\VPHQH]DEXGOLVPHUQtNQDSUYêSUYRNY]R]QDPH`
ZKLOHS!QLOGR
EHJLQ
ZULWHSALQIR
^VSUDFXMYUFKRO`
S SAQH[W^SRVXĖVDQDQDVOHGXM~FLSUYRN`
HQG
ZULWHOQ
XYRĐQLSDPlĢNWRU~GRWHUD]]DEHUDOVSiMDQê]R]QDP
Ɣ
ZKLOH]!QLOGR
EHJLQ
GLVSRVH]^&+<%1e5,(â(1,(`
] ]AQH[W
HQG
VWUDWLOLE\VPHVPHUQtNQDQDVOHGXM~FLYUFKROVSUiYQH
Ɣ
ZKLOH]!QLOGR
EHJLQ
S ]
] ]AQH[W
GLVSRVHS
HQG
Y\URELĢVSiMDQê]R]QDP]SUYNRYYNWRURPV~þtVOD
Ɣ
IRUL WRGR
EHJLQ
QHZSSALQIR LSAQH[W ]^SULGiYDQLHSUYNRYQD]DþLDWRN]R]QDPX`
] S
HQG
ƔSUYN\Y]R]QDPHV~YRSDþQRPSRUDGtWHGDYêSLVE\ERO
ƔDNFKFHPHPDĢSUYN\YSRUDGt
] QLO
ZKLOHQRWHROQGR
EHJLQ
QHZSUHDGSALQIRSAQH[W QLO^Y\UREPHVLQRYêYUFKRO`
LI] QLOWKHQ] S
HOVH
EHJLQ
N ]^SRPRFQiSUHPHQQiQHVPLHPHVL]QLþLĢSUHPHQQ~]`
ZKLOHNAQH[W!QLOGRN NAQH[W^QiMGHSRVOHGQêYUFKRO`
NAQH[W S
HQG
HQG
YSUHGFKiG]DM~FRPSUtSDGHVDVWiOHSULSULGiYDQtQRYpKRSUYNXKĐDGiSRVOHGQêSUYRNY]R]QDPHþRQLHMH
Ɣ
HIHNWtYQH !VWDþLORE\NHE\VPHVLWHQWRVPHUQtNQDSRVOHGQêSUYRNSDPlWDOLDYHGHOLE\VPHRYHĐDĐDKãLH
SULGiYDĢ
] QLO
N QLO^VPHUQtNQDSRVOHGQêYUFKRO]DWLDĐQHH[LVWXMH`
ZKLOHQRWHROQGR
EHJLQ
QHZSUHDGSALQIRSAQH[W QLO
LIN QLOWKHQ] S
HOVHNAQH[W S
N S
HQG
ƔY\KDG]RYDQLHSUYNRY]R]R]QDPXQDSUFKFHPHY\KRGLĢSUYRNWUHEDXYRĐQLĢSDPlĢNWRU~]DEHUDO
ƔQDMSUYVDWUHEDQDVWDYLĢQDYUFKRODSRWRPPX]PHQLĢQDVOHGRYQtND
S ]L
ZKLOHS!QLODQGL GR
EHJLQLQFLS SAQH[WHQG
LIS!QLODQGSAQH[W!QLOWKHQ^DNMHGRVĢSUYNRYDVSRĖ`
EHJLQ
T SAQH[W^SMHVPHUQtNQDTMHVPHUQtNQD`
SAQH[W TAQH[W
GLVSRVHT
HQG
HOVHZULWHOQ
=R]QDPQHREVDKXMHWRONRSUYNRY
=R]QDPDNRREMHNW
W\SH
SUYRN LQWHJHU^W\SSUYNRYY]R]QDPHP{åHPHYHĐPLĐDKNRPHQLĢDYãHWNRIXQJXMHDNRSUHGWêP`
3YUFKRO AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
QH[W3YUFKRO
HQG
]R]QDP REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHY\SLV
SURFHGXUHSULGDM=LSUYRN
SURFHGXUHSULGDM.LSUYRN
SURFHGXUHYVXQSUHGLQWHJHUFRSUYRN
SULYDWH
]3YUFKRO
N3YUFKRO
HQG
SURFHGXUH]R]QDPLQLW
EHJLQ] QLON QLOHQG
SURFHGXUH]R]QDPY\SLV
YDUS3YUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQZULWHSALQIR
S SAQH[WHQG
ZULWHOQ
HQG
SURFHGXUH]R]QDPGRQH
YDUS3YUFKRO
EHJLQ
ZKLOH]!QLOGR
EHJLQS ]] ]AQH[WGLVSRVHSHQG
N QLO
HQG
SURFHGXUH]R]QDPSULGDM=LSUYRN
YDUS3YUFKRO
EHJLQ
QHZSSALQIR LSAQH[W ]
LI] QLOWKHQN S
] S
HQG
SURFHGXUH]R]QDPSULGDM.LSUYRN
YDUS3YUFKRO
EHJLQ
QHZSSALQIR LSAQH[W QLO
LI] QLOWKHQ] S
HOVHNAQH[W S
N S
HQG
SURFHGXUH]R]QDPYVXQSUHGLQWHJHUFRSUYRN
YDUST3YUFKRO
EHJLQ
QHZSSALQIR FRSAQH[W QLO
LISUHG RUN QLOWKHQ
EHJLQSAQH[W ]] SHQG
HOVH
EHJLQ
T ]
ZKLOHT!QLODQGSUHG!GR
EHJLQGHFSUHGT TAQH[WHQG
LIT QLOWKHQNAQH[W S
HOVH
EHJLQ
SAQH[W TAQH[WTAQH[W S
HQG
HQG
LISAQH[W QLOWKHQN S
HQG
YDU]]R]QDP
LLQWHJHU
EHJLQ
]LQLWIRUL WRGR]SULGDM=L
]Y\SLV]GRQH
]LQLWIRUL WRGR]SULGDM.L
]Y\SLV
IRUL WRGR]YVXQ
L
L
1'Ò
QDStãWHPHWyG\
Ɣ
IXQFWLRQSRFHWLQWHJHU
SURFHGXUH]UXV^]UXãtSUYêSUYRNY]R]QDPH`
SURFHGXUH]UXV.^]UXãtSRVOHGQêSUYRNY]R]QDPH`
SURFHGXUH]UXVLLQWHJHU^]UXãtLW\SUYRNYSRUDGt`
IXQFWLRQSRVO3YUFKRO^YUiWLVPHUQtNQDSRVOHGQêSUYRN`
IXQFWLRQSRVO3YUFKRO^YUiWLVPHUQtNQDSUHGSRVOHGQêSUYRN`
IXQFWLRQLW\LLQWHJHU3YUFKRO^YUiWLVPHUQtNQDLW\SUYRN`
.HćViPYUFKROMHXåREMHNWRP
W\SH
SUYRN LQWHJHU
3YUFKRO AYUFKRO
YUFKRO REMHFW
LQIRSUYRN
QH[W3YUFKRO
FRQVWUXFWRULQLWLSUYRNQ3YUFKRO
GHVWUXFWRUGRQHYLUWXDO
SURFHGXUHY\SLVYLUWXDO
HQG
FRQVWUXFWRUYUFKROLQLWLSUYRNQ3YUFKRO
EHJLQ^LQLFLDOL]XMHWDEYLUWXiOQ\FKPHWyG907`
LQIR LQH[W Q
HQG
QLHMHVSUiYQHULHãHQLHUXãtDMQDVOHGRYQtNRYNYROLUHNXU]LLE\SUHGOKê]R]QDPSUHSOQLOV\VWpPRYê]iVREQtN
Ɣ
QHEXGHPHWRSRXåtYDĢ
GHVWUXFWRUYUFKROGRQH
EHJLQ
LIQH[W!QLOWKHQGLVSRVHQH[WGRQH^UHNXU]LD`
QH[W QLO
HQG
VSUiYQHEXGHPHXYRĐĖRYDĢOHQVDPRWQêYUFKRODQLHQDVOHGRYQtNRY
Ɣ
GHVWUXFWRUYUFKROGRQH
EHJLQ
QH[W QLO
HQG
SURFHGXUHYUFKROY\SLV
EHJLQ
ZULWHLQIR
HQG
DQXWQp]PHQ\YPHWyGDFKREMHNWX]R]QDP
Ɣ
SURFHGXUH]R]QDPY\SLV
YDUS3YUFKRO
EHJLQ
S ]
ZKLOHS!QLOGR
EHJLQ
SAY\SLV^YUFKROVDYLHViPY\StVDĢ`
S SAQH[W
HQG
ZULWHOQ
HQG
SURFHGXUH]R]QDPGRQH
YDUS3YUFKRO
EHJLQ
ZKLOH]!QLOGR
EHJLQ
S ]] ]AQH[W
GLVSRVHSGRQH
HQG
N QLO
HQG
SURFHGXUH]R]QDPSULGDM=LSUYRN
EHJLQ
] QHZ3YUFKROLQLWL]
LIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM.LSUYRN
YDUS3YUFKRO
EHJLQ
S QHZ3YUFKROLQLWLQLO
LIN QLOWKHQ] S
HOVHNAQH[W S
N S
HQG
SURFHGXUH]R]QDPYVXQSUHGLQWHJHUFRSUYRN
YDUST3YUFKRO
EHJLQ
S QHZ3YUFKROLQLWFRQLO
RVWDWQpRVWiYDQH]PHQHQp]PLQXOpKRYVXQ
HQG
DMWDNWRP{åHPHY\WYRULĢXYRĐQLĢWURMSUYNRYê]R]QDP
Ɣ
1'Ò
GRSOĖWHPHWyG\
Ɣ
SURFHGXUHY\KRG'XSO^Y\KRGtYãHWN\SUYN\VURYQDNRXKRGQRWRXQHFKiOHQMHGHQ`
SURFHGXUHSUHYUDW^RWRþt]R]QDPSUYêVDVWDQHSRVOHGQêP`
SURFHGXUHXWULHG^XWULHGL]R]QDPY]RVWXSQHSRGĐDSRORåN\LQIR`
SURFHGXUH]DUDGY3YUFKRO^]DUDGtQRYêSUYRNGR]R]QDPX`
3RO\PRUIQê]R]QDP
&KFHOLE\VPHGRVSiMDQpKR]R]QDPXGiYDĢDMþtVODDMUHĢD]FHWM]UHMPHS{MGHRSRO\PRUIQêEi]RYêREMHNW3YUFKRO
SRWRPVLEXGHPHPXVLHĢY\WYRULĢSRWRPNDWRKWRREMHNWXNWRUêEXGHPDĢYODVWQ~LQLFLDOL]iFLXDYODVWQêYêSLV
GHILQXMPHVLWHGDSRWRPND
Ɣ
W\SH
SUYRN VWULQJ>@
3YUFKRO AYUFKRO
FRQVWUXFWRUYUFKROLQLWVSUYRNQ3YUFKRO
EHJLQ
LQKHULWHGLQLWQ
LQIR V
HQG
SURFHGXUHYUFKROY\SLV
EHJLQZULWHLQIR
HQG
6DPR]UHMPHWRWRFHOpE\QHPDORYê]QDPDNE\REMHNW=2=1$0þDNDOSULSULGiYDQtQD]DþLDWRNDOHERQD
Ɣ
NRQLHFLQIRþDVĢDSUHWRKRPXVtPHXSUDYLĢ
W\SH
]R]QDP REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHY\SLV
SURFHGXUHSULGDM=Y3YUFKRO
SURFHGXUHSULGDM.Y3YUFKRO
SULYDWH
]3YUFKRO
N3YUFKRO
HQG
SURFHGXUH]R]QDPSULGDM=Y3YUFKRO
EHJLQ
YAQH[W ]] YLIN QLOWKHQN ]
HQG
SURFHGXUH]R]QDPSULGDM.Y3YUFKRO
EHJLQ
YAQH[W QLOLIN QLOWKHQ] YHOVHNAQH[W Y
N Y
HQG
(ãWHVLQDStãPHPDOêWHVWRYDFtSURJUDPNWRUêEXGHVWULHGDYR]DUDćRYDĢGRREMHNWX]R]QDPEXćþtVODDOHER
Ɣ
UHĢD]FH]SRĐD
FRQVWFDUUD\>@RISUYRN
SUY\
GUXK\
WUHWL
VWYUW
SLDW\
YDU]]R]QDP
LLQWHJHU
EHJLQ
ZULWHOQ
]LQLW
IRUL WRGR
EHJLQ
]SULGDM=QHZ3YUFKROLQLWLQLO
]SULGDM.QHZ3YUFKROLQLWF>L@QLO
HQG
]Y\SLV]GRQHUHDGOQ
HQG
3RXåLWLHVSiMDQêFK]R]QDPRY PDU
3URFHGXUiOQHW\S\
ƔDNRKRGQRW\SUHPHQQêFKDSDUDPHWURY
ƔP{åXE\ĢDMDNRW\SRYDQpNRQãWDQW\
ƔQHP{åXE\ĢKRGQRWRXIXQNFLH
7\SVDGHNODUXMHSRGREQHDNRKODYLþNDSURFHG~U\IXQNFLHVWêPUR]GLHORPåHMHY\QHFKDQpPHQR
SRGSURJUDPX1DSU
VDPRWQiSURFHG~UDPXVtPDĢURYQDN~KODYLþNXGLUHNWtYXIDUDNMHYLQWHUIDFHþDVWLXQLWX
Ɣ
YWHG\MHDXWRPDWLFN\IDU1DSU
SURFHGXUHY\SLVYDUYYUFKROIDU
EHJLQ
ZULWHYLQIR
HQG
ƔDP{åHPHGHNODURYDĢEXć
YDUSSDUUD\>@RISURF
SS>@ Y\SLVSS>@ ]PHQ
SS>@SA^YRODQLHVQHMDNRXKRGQRWRX`
ƔDOHERDMWDNWR
FRQVWSSDUUD\>@RISURF Y\SLV]PHQ
3ULNODGQDSURFHGXUiOQ\SDUDPHWHU
SURFHGXUH]R]QDPYVHWN\SUSURF
YDUS3YUFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQSUSAS SAQH[WHQG
HQG
FRQVWSDUUD\>@RISURF Y\SLV]PHQ
YDU]]R]QDP
LLQWHJHU
EHJLQ
]LQLWIRUL WRGR]SULGDM]L
]YVHWN\Y\SLVZULWHOQ
]YVHWN\]PHQ
]YVHWN\Y\SLVZULWHOQ
S>@]LW\AZULWHOQ^Y\StãHOHQWUHWtSUYRN`
S>@ ]PHQ
S>@]LW\AQH[WA^]PHQtOHQGUXKêSUYRN`
]GRQH
HQG
3RO\QyP\
5HSUH]HQWiFLDSRO\QyPRYSRPRFRXVSiMDQpKR]R]QDPX
ƔYUFKRO\V~]RVWXSQHXVSRULDGDQpSRGĐDH[SRQDMSUYV~QDMY\ãLHH[SRQHQW\SRWRPQLåãLH
;A
;
ƔSRORåNDNRHIPXVtE\ĢU{]QDRGLQDNQHH[LVWXMHYUFKROVGDQêPH[SRQHQWRP
W\SH
3YUFKRO AYUFKRO
YUFKRO REMHFW
NRHIUHDO
H[SRLQWHJHU
QH[W3YUFKRO
FRQVWUXFWRULQLWNUHDOHLQWHJHUQ3YUFKRO
GHVWUXFWRUGRQHYLUWXDO
SURFHGXUHY\SLVYLUWXDO
HQG
SRO\QRP REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHSULGDMNUHDOHLQWHJHU
SURFHGXUHY\KRGHLQWHJHU
SURFHGXUHYVHWN\SUSURF
SURFHGXUHY\SLV
SURFHGXUHGHULY
SURFHGXUHSULFLWDMSSRO\QRP
SURFHGXUHRGFLWDMSSRO\QRP
SURFHGXUHY\QDVRESSRO\QRP
SURFHGXUHY\GHOSSRO\QRP
SURFHGXUHY\QDVRE.NUHDO
IXQFWLRQKODGDMHLQWHJHU3YUFKRO
^YUiWLVPHUQtNQDSUYRNVH[SR HDOHERVPHUQtNQDEH]SURVWUHGQpKR
SUHGFKRGFXDNQHH[DOHERQLODNQHH[DQLSUHGFKRGFD`
SULYDWH
]3YUFKRO
HQG
8UREPHDVSRĖQLHNWRUp]PHWyG
SURFHGXUHSRO\QRPSULGDMNUHDOHLQWHJHU
YDUS3YUFKRO
EHJLQ
S KODGDMH
LIS QLOWKHQ] QHZ3YUFKROLQLWNH]
HOVHLISAH[SR HWKHQ
EHJLQ
SANRHI SANRHIN
LISANRHI WKHQY\KRGH
HQG
HOVHSAQH[W QHZ3YUFKROLQLWNHSAQH[W
HQG
SURFHGXUHSRO\QRPY\KRGHLQWHJHU
YDUST3YUFKRO
EHJLQ
LI]!QLOWKHQ
LI]AH[SR HWKHQ
EHJLQ
T ]] ]AQH[WGLVSRVHTGRQH
HQG
HOVH
EHJLQ
S KODGDMH
LIS!QLODQGSAQH[W!QLODQGSAQH[WAH[SR HWKHQ
EHJLQ
T SAQH[WSAQH[W SAQH[WAQH[WGLVSRVHTGRQH
HQG
HQG
HQG
SURFHGXUHSRO\QRPYVHWN\SUSURF
YDUS3YUFKRO
EHJLQ
S ]
ZKLOHS!QLOGREHJLQSUSAS SAQH[WHQG
HQG
SURFHGXUHSRO\QRPGHULY
EHJLQ
Y\KRGYVHWN\GHULY
HQG
SURFHGXUHSRO\QRPY\SLV
EHJLQ
YVHWN\Y\SLV
HQG
'YRMVPHUQêVSiMDQê]R]QDP
W\SH
3YUFKRO AYUFKRO
YUFKRO REMHFW
LQIRSUYRN
SUHYQH[W3YUFKRO
FRQVWUXFWRULQLWLSUYRNSQ3YUFKRO
GHVWUXFWRUGRQHYLUWXDO
SURFHGXUHY\SLVYLUWXDO
HQG
]R]QDP REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHSULGDM=Y3YUFKRO
SURFHGXUHSULGDM.Y3YUFKRO
SURFHGXUHYVXQ3UHGSUHGY3YUFKRO
SURFHGXUHYVXQ=D]DY3YUFKRO
SURFHGXUHY\KRGY3YUFKRO
SULYDWH
]N3YUFKRO
HQG
SURFHGXUH]R]QDPSULGDM=Y3YUFKRO
EHJLQ
YASUHY QLOYAQH[W ]
LIN QLOWKHQN Y
HOVH]ASUHY Y
] Y
HQG
SURFHGXUH]R]QDPSULGDM.Y3YUFKRO
EHJLQ
YASUHY NYAQH[W QLO
LIN QLOWKHQ] Y
HOVHNAQH[W Y
N Y
HQG
SURFHGXUH]R]QDPYVXQ3UHGSUHGY3YUFKRO
EHJLQ
LISUHG ]WKHQSULGDM=Y
HOVHLISUHG QLOWKHQSULGDM.Y
HOVH
EHJLQ
YASUHY SUHGASUHYSUHGASUHY YYAQH[W SUHG
YASUHYAQH[W Y
HQG
HQG
SURFHGXUH]R]QDPYVXQ=D]DY3YUFKRO
EHJLQ
LI]D QLOWKHQSULGDM=Y
HOVHLI]D NWKHQSULGDM.Y
HOVH
EHJLQ
YAQH[W ]DAQH[W]DAQH[W YYASUHY ]D
YAQH[WASUHY Y
HQG
HQG
SURFHGXUH]R]QDPY\KRGY3YUFKRO
EHJLQ
LIY QLOWKHQ^QLF`
HOVHLI] YWKHQ
EHJLQ
] ]AQH[W
LI]!QLOWKHQ]ASUHY QLOHOVHN QLO
GLVSRVHYGRQH
HQG
HOVH
EHJLQ
YASUHYAQH[W YAQH[W
LIYAQH[W!QLOWKHQYAQH[WASUHY YASUHY
HOVHN YASUHY
GLVSRVHYGRQH
HQG
HQG
&\NOLFNê]R]QDP
ƔMHYKRGQêSULQLHNWRUêFKDSOLNiFLDFK
ƔDNMH]R]QDPQHSUi]GQ\WDNQHREVDKXMHQLO
ƔSUREOpPVUR]SR]QDQtPNRQFD !
ƔP{åHPHSRXåLĢOHQMHGLQêVPHUQtNQDSRVOHGQêSUYRNMHKRQDVOHGRYQtNMH]DþLDWRN]R]QDPX
WHGDQHWUHEDSRWRPXGUåLDYDĢGYDVPHUQtN\DE\EROLNRQ]LVWHQWQp
ƔQDSURJUDPXMWHPHWyG\SULGDM=SULGDM.SRFHWLW\
=R]QDPVILNWtYQ\PYUFKRORP
ƔXåSULLQLFLDOL]iFLL]R]QDPXPHWyGDLQLWVDY\WYRUtMHGHQYUFKRONWRUêEXGHILNWtYQ\QHEXGHQiV
]DXMtPDĢKRGQRWDYRYUFKROH
ƔWDNêWR]R]QDPQLNG\QHEXGHSUi]GQ\ !]MHGQRGXãLDVDYãHWN\PHWyG\OHERQHPXVLDWHVWRYDĢ
QDSUi]GQ\]R]QDP
ƔSUHSURJUDPXMWHSULGDM=
ƔUR]P\VOLWHVLDNRVD]PHQtF\NOLFNêVILNWtYQ\PGYRMVPHUQêVILNWtYQ\PF\NOLFNêGYRMVPHUQê
=iVREQtNVWDFN
Ɣ]QiP\]LPSOHPHQWiFLHYSROL
ƔVN~VPHKRLPSOHPHQWRYDĢVSiMDQêP]R]QDPRPY\WYRUPHVLXQLWR6WDFN
XQLWR6WDFN
LQWHUIDFH
W\SH
VSUYRN LQWHJHU^P{åXE\ĢDMLQpW\S\`
3VYUFKRO AVYUFKRO
VYUFKRO REMHFW
LQIRVSUYRN
QH[W3VYUFKRO
FRQVWUXFWRULQLWLVSUYRNQ3VYUFKRO
GHVWUXFWRUGRQHYLUWXDO
HQG
VWDFN REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHSXVKLVSUYRN^YORåSUYRN`
SURFHGXUHSRSYDULVSUYRN^Y\EHUSUYRN`
IXQFWLRQLVHPSW\ERROHDQ
SULYDWH
V3VYUFKRO^YUFK]iVREQtNX`
HQG
LPSOHPHQWDWLRQ
FRQVWUXFWRUVYUFKROLQLWLVSUYRNQ3VYUFKRO
EHJLQLQIR LQH[W QHQG
GHVWUXFWRUVYUFKROGRQH
EHJLQQH[W QLOHQG
SURFHGXUHVWDFNLQLW
EHJLQV QLOHQG
SURFHGXUHVWDFNGRQH
YDUY3VYUFKRO
EHJLQ
ZKLOHQRWLVHPSW\GR
EHJLQY VV VAQH[WGLVSRVHYGRQHHQG
V QLO
HQG
SURFHGXUHVWDFNSXVKLVSUYRN
EHJLQ
V QHZ3VYUFKROLQLWLV^SULGiQD]DþLDWRNYUFK]iVREQtNX`
HQG
SURFHGXUHVWDFNSRSYDULVSUYRN
YDUY3VYUFKRO
EHJLQ
LILVHPSW\WKHQ
EHJLQZULWHOQ
323SUD]GQ\VWDFN
KDOWHQG
^]REHULH]R]DþLDWNXYUFKX]iVREQtNX`
L VALQIRY VV VAQH[WGLVSRVHYGRQH
HQG
IXQFWLRQVWDFNLVHPSW\ERROHDQ
EHJLQ
LVHPSW\ V QLO
HQG
HQG
3RVN~VHQRVWLDFKVSRO\PRUIQêPVSiMDQêP]R]QDPRPYLHPHåHVYUFKROMHG\QDPLFNêREMHNWDWHGD
]iVREQtNE\PRKROREVDKRYDĢĐXERYRĐQêW\S3UREOpPMHYWRPåHNHćYORåtPHSUYRNGR]iVREQtNX
PHWyGRXSXVKVSiMDQpKR]R]QDPXVWUDWtPHLQIRUPiFLXRMHKRW\SHDE\VPHKRPRKOLNRUHNWQHY\EUDĢ
PHWyGRXSRS
=iVREQtNP{åHPHY\WYiUDĢWDNåHSXVKDSRSEXG~GRVWiYDĢQHW\SRY~SUHPHQQ~DMHMGĎåNXVWDþtSUH
SXVKDQD]iVREQtNXEXGHVPHUQtNQDG\QDPLFN~SUHPHQQ~GDQHMYHĐNRVWL
XQLWR6WDFN
LQWHUIDFH
W\SH
3VYUFKRO AVYUFKRO
VYUFKRO REMHFW
SSRLQWHU
GOZRUG
QH[W3VYUFKRO
FRQVWUXFWRULQLWYDULGZRUGQ3VYUFKRO
GHVWUXFWRUGRQHYLUWXDO
HQG
VWDFN REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHSXVKYDULGZRUG
SURFHGXUHSRSYDUL
IXQFWLRQLVHPSW\ERROHDQ
SULYDWH
V3VYUFKRO
HQG
LPSOHPHQWDWLRQ
FRQVWUXFWRUVYUFKROLQLWYDULGZRUGQ3VYUFKRO
EHJLQ
GO GJHWPHPSGOPRYHLSAGOQH[W Q
HQG
GHVWUXFWRUVYUFKROGRQH
EHJLQ
IUHHPHPSGOGO QH[W QLO
HQG
SURFHGXUHVWDFNLQLW
EHJLQ
V QLO
HQG
SURFHGXUHVWDFNGRQH
YDUY3VYUFKRO
EHJLQ
ZKLOHQRWLVHPSW\GR
EHJLQY VV VAQH[WGLVSRVHYGRQHHQG
V QLO
HQG
SURFHGXUHVWDFNSXVKYDULGZRUG
EHJLQ
V QHZ3VYUFKROLQLWLGV
HQG
SURFHGXUHVWDFNSRSYDUL
YDUY3VYUFKRO
EHJLQ
LILVHPSW\WKHQ
EHJLQZULWHOQ
323SUD]GQ\VWDFN
KDOWHQG
ZLWKVAGRPRYHSALGO
Y VV VAQH[WGLVSRVHYGRQH
HQG
IXQFWLRQVWDFNLVHPSW\ERROHDQ
EHJLQ
LVHPSW\ V QLO
HQG
HQG
3UtNODG
1DStãWHSURJUDPNWRUêþtWDWH[WRYêV~ERULEDUD]DY\StãHKRQDREUD]RYNXYRSDþQRP
SRUDGtULDGNRY
XVHVR6WDFN
YDUV6WDFN
IWH[W
WVWULQJ
EHJLQ
VLQLW
DVVLJQI
WHVWSDV
UHVHWI
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWVSXVKWOHQJWKW
HQG
ZKLOHQRWVLVHPSW\GR
EHJLQ
VSRSWZULWHOQW
HQG
HQG
5DGIURQW±TXHXH),)2
ƔGiWRYiãWUXNW~UDSRVWXSQRVĢSRORåLHN]RUDGHQêFK]DVHERX
ƔDNSUtGHQRYiSRORåNDSULGiVDQDNRQLHFUDGX
ƔY\EHUDĢSRORåN\]R]DþLDWNXUDGX
ƔY\XåLMHPHQHW\SRYêSDUDPHWHU
XQLWR4XHXH
LQWHUIDFH
W\SH
3TYUFKRO ATYUFKRO
TYUFKRO REMHFW
SSRLQWHU
GOZRUG
QH[W3TYUFKRO
FRQVWUXFWRULQLWYDULGZRUGQ3TYUFKRO
GHVWUXFWRUGRQHYLUWXDO
HQG
TXHXH REMHFW
SURFHGXUHLQLW
SURFHGXUHGRQH
SURFHGXUHDSSHQGYDULGZRUG
SURFHGXUHVHUYHYDUL
IXQFWLRQLVHPSW\ERROHDQ
SULYDWH
TTN3TYUFKRO
HQG
LPSOHPHQWDWLRQ
FRQVWUXFWRUTYUFKROLQLWYDULGZRUGQ3TYUFKRO
EHJLQ
GO GJHWPHPSGOPRYHLSAGOQH[W Q
HQG
GHVWUXFWRUTYUFKROGRQH
EHJLQ
IUHHPHPSGOQH[W QLO
HQG
SURFHGXUHTXHXHLQLW
EHJLQ
SURFHGXUHTXHXHGRQH
YDUY3TYUFKRO
EHJLQ
ZKLOHQRWLVHPSW\GR
EHJLQY TT TAQH[WGLVSRVHYGRQHHQG
T QLO
HQG
SURFHGXUHTXHXHDSSHQGYDULGZRUG
YDUY3TYUFKRO
EHJLQ
Y QHZ3TYUFKROLQLWLGQLO
LITN QLOWKHQT Y
HOVHTNAQH[W Y
TN Y
HQG
SURFHGXUHTXHXHVHUYHYDUL
YDUY3TYUFKRO
EHJLQ
LILVHPSW\WKHQ
EHJLQZULWHOQ
6(59(SUD]GQ\TXHXH
KDOWHQG
PRYHTASALTAGO
Y TT TAQH[WGLVSRVHYGRQH
HQG
IXQFWLRQTXHXHLVHPSW\ERROHDQ
EHJLQ
LVHPSW\ T QLO
HQG
HQG
3UtNODG
1DStãWHSURJUDPNWRUêþtWDWH[WRYêV~ERULEDUD]DY\WYiUDQRYêV~ERUWDNåHYWRPWR
V~ERUHV~YãHWN\ULDGN\YVWXSQpKRV~ERUXD]DQLPLHãWHUD]WLHLVWpULDGN\
XVHVR4XHXH
YDUT4XHXH
IJWH[W
WVWULQJ
EHJLQ
TLQLW
DVVLJQI
WHVWSDV
UHVHWI
DVVLJQJ
WHVWSDV
UHZULWHJ
ZKLOHQRWHRIIGR
EHJLQ
UHDGOQIWTDSSHQGWOHQJWKWZULWHOQJW
HQG
ZKLOHQRWTLVHPSW\GR
EHJLQ
TVHUYHWZULWHOQJW
HQG
TGRQHFORVHJ
HQG
%LQiUQHVWURP\ PDU
6WURPMHWDNêJUDIYNWRURPMHMHGHQYUFKROãSHFLiOQ\
ƔNRUHĖGRWRKRWRQHYHGLHåLDGQDKUDQDãtSND
ƔGRYãHWNêFKRVWDWQêFKYUFKRORYYHGLHSUiYHMHGQDKUDQD
ƔJUDIMHVSRMLWê
7HUPLQROyJLD
ƔDN]QHMDNpKRYUFKROD$YHGLHKUDQDãtSNDGRYUFKROD%WDNYUFKRO$QD]YHPHRWFRPDOHER
SUHGFKRGFRPDYUFKRO%V\QRP
ƔDNV~GYDYUFKRO\VSRMHQpKUDQRXKRYRUtPHåHVSROXVXVHGLD
ƔDNQHMDNêYUFKROQHPiåLDGQ\FKV\QRYKRYRUtPHPXOLVWLQDNMHWRYQ~WRUQêYUFKRO
ƔSRGVWURPQHMDNêYUFKROSRYDåXMHPH]DNRUHĖDYãtPDPHVLOHQMHKRV\QRYDLFKV\QRYDWć
ƔFHVWDSRVWXSQRVĢYUFKRORYVSRMHQêFKKUDQDPLOHQMHGQêPVPHURP
NRUHĖ
ƔELQiUQ\VWURPNDåGêYUFKROPiPD[V\QRY
5HSUH]HQWiFLDVWURPRY
ƔDNRYKDOGHYMHGQRUR]PHUQRPSROL
❍NDåGêSUYRNUHSUH]HQWXMHMHGHQYUFKROVWURPX
❍SUYêSUYRNMHNRUHĖ
❍WUHEDHYLGRYDĢGLHU\PLHVWDNWRUpQHUHSUH]HQWXM~YUFKRO\
ƔSROHYUFKRORYLQIRLQGH[\GRSRĐDSUHĐDYpKRDSUDYpKRV\QD
ƔSROHYUFKRORYNDåGêYUFKROPiVSiMDQê]R]QDPV\QRY
1'ÒY\VN~ãDMWHWLHWRUHSUH]HQWiFLH
'\QDPLFNiãWUXNW~UDSUHELQiUQ\VWURP
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
OSVWURP
HQG
1'ÒNRĐNRH[LVWXMHU{]Q\FKVWURPRY]ORåHQêFK]1YUFKRORY"
=iNODGQpDOJRULWP\
QDQDYãWtYHQLHSRVWXSQHYãHWNêFKYUFKRORYQDSUYêSLVKRGQ{W
ƔSUH1YUFKRORYêELQiUQ\VWURP1PRåQêFKSUHFKRGRYOHQQLHNWRUp]QLFKV~UR]XPQp !
DOJRULWP\SUHFKiG]DQLDYUFKROPLVWURPRY
❍3UHRUGHU
❍,QRUGHU
❍3RVWRUGHU
ƔSURFHG~U\SUHRUGHULQRUGHUSRVWRUGHUNWRUpVSUDFXM~YUFKROSRGĐD]DGDQHMSURFHG~U\
SURFHGXUHSUHRUGHUVVWURP
EHJLQ
LIV!QLOWKHQ
EHJLQ
ZULWHVALQIR
^QDMSUYVSUDFXMYUFKRO`
SUHRUGHUVAO
SUHRUGHUVAS
HQG
HQG
SURFHGXUHLQRUGHUVVWURP
EHJLQ
LIV!QLOWKHQ
EHJLQ
LQRUGHUVAO
ZULWHVALQIR
LQRUGHUVAS
HQG
HQG
SURFHGXUHSRVWRUGHUVVWURP
EHJLQ
LIV!QLOWKHQ
EHJLQ
SRVWRUGHUVAO^VSUDFXMĐDYêSRGVWURP`
SRVWRUGHUVAS^VSUDFXMSUDYêSRGVWURP`
ZULWHVALQIR
^VSUDFXMYUFKRO`
HQG
HQG
3RXåLWLHSURFHGXUiOQHKRSDUDPHWUDSUHVWURP
YêSLVMHGQHMKRGQRW\
Ɣ
DSURFHG~U\SUHRUGHULQRUGHUSRVWRUGHUNWRUpVSUDFXM~YUFKROSRGĐD]DGDQHMSURFHG~U\
Ɣ
SURFHGXUHSUHRUGHUSSURFVVWURP
EHJLQ
LIV!QLOWKHQ
EHJLQ
SVALQIR^QDMSUYVSUDFXMYUFKRO`
SUHRUGHUSVAO
SUHRUGHUSVAS
HQG
HQG
ĆDOãLHDOJRULWP\QDVWURPRFK
SRþHWYUFKRORYVWURPX
Ɣ
1'ÒSRþHWOLVWRYSRþHWYQ~WRUQêFKYUFKRORYWMSRþHWYãHWNêFKEH]OLVWRY
V~þHWþtVHOYRYUFKRORFKDNV~YRYUFKRORFKFHOpþtVOD
Ɣ
QHUHNXU]tYQDYHU]LD
Ɣ
KĎENDVWURPX
Ɣ
1'Ò
ƔQHUHNXU]tYQHKĎENDSRþHWYUFKRORYSUHRUGHU
ƔY]GLDOHQRVĢQDMEOLåãLHKROLVWXRGNRUHĖDSO\WþLQD
ĆDOãLHSRMP\
ƔRWHF SUHGFKRGFDV\Q QDVOHGRYQtN
ƔGYDVWURP\V~SRGREQpDNPDM~URYQDN~ãWUXNW~UXURYQDNêWYDU
ƔMHGHQVWURPMHNySLRXGUXKpKRDNV~SRGREQpDPDM~URYQDNêREVDKYUFKRORY
Ɣ~URYQHNDåGêYUFKROYVWURPHPiVYRMX~URYHĖOHYHO
❍NRUHĖMHY~URYQL
❍MHKRV\QRYLDV~~URYQH
❍V\QRYLDYUFKROD~URYQH8PDM~~URYHĖ8
❍YNDåGHM~URYQL8MHPD[A8YUFKRORY
Ɣ~SOQêVWURP~URYQH8PiYNDåGHM]~URYQt8PD[LPiOQ\SRþHWYUFKRORY
QHHIHNWLYQ\
IXQFWLRQSRFHWVVWURPQLQWHJHU
EHJLQ
LIV QLOWKHQSRFHW
HOVHLIQ WKHQSRFHW
HOVHSRFHW SRFHWVAOQSRFHWVASQ
HQG
LIS!PD[WKHQPD[ S
LQFQ
XQWLOS
VLUND PD[
HQG
1'Ò
ƔJHQHURYDQLH~SOQpKRVWURPX
ƔRþtVOXMWHVWURPSR~URYQLDFKYMHGQHM~URYQL]ĐDYDGRSUDYD
ƔY\StãWHYUFKRO\SR~URYQLDFK
ƔSULGDMYUFKROQDQiKRGQpPLHVWRVURYQDNRXSUDYGHSRGREQRVĢRXSUHĐXEPLHVWR
%LQiUQ\Y\KĐDGiYDFtVWURP
ƔYãHWN\KRGQRW\QDĐDYRRGRWFDV~PHQãLHDNRRWHF
ƔYãHWN\KRGQRW\QDSUDYRRGRWFDV~YlþãLHDNRRWHF
ƔYãHWN\SRGVWURP\V~WLHå%96
ƔYêSLVLQRUGHURPY\StãHXWULHGHQ~SRVWXSQRVĢ
KĐDGDQLHYELQiUQRPY\KĐDGiYDFRPVWURPH
QHUHNXU]tYQHULHãHQLH
Ɣ
HQG
YORåHQLHQRYpKRSUYNXWDNDE\VWURPRVWDO%96
SURFHGXUHYOR]YDUVVWURPLLQWHJHU
EHJLQ
LIV QLOWKHQ
EHJLQ
QHZVZLWKVAGREHJLQLQIR LO QLOS QLOHQG
HQG
HOVHLIVALQIR LWKHQ^QLþOHERVDQDãLHO`
HOVHLIVALQIR!LWKHQYOR]VAOL
HOVHYOR]VASL
HQG
1'ÒQHUHNXU]tYQ\YOR]
UXãHQLHYUFKRODWDNDE\RVWDO%96
SURFHGXUH]UXVYDUVVWURPLSUYRN
EHJLQ
LIV QLOWKHQ^QLþ`
HOVHLIVALQIR!LWKHQ]UXVVAOL
HOVHLIVALQIRLWKHQ]UXVVASL
HOVHLIVAO QLODQGVAS QLOWKHQV QLO^FKêEDGLVSRVH
`
HOVHLIVAO QLOWKHQV VAS
HOVHLIVAS QLOWKHQV VAO
HOVHVALQIR ]UXVPLQVAS^]SUDYpKRSRGVWURPXPLQLPiOQ\
SUYRN`
HQG
1'Ò
ƔUHDOL]RYDĢEH]UHNXU]LHQHWUHEDVWDFN
ƔSUREOpPVGHJHQHURYDQêPLVWURPDPL]iYLVtRGSRUDGLDYOR]
ƔGDQiXWULHGHQiSRVWXSQRVĢY\WYRULĢþRQDY\YiåHQHMãt%96
3RXåLWLHELQiUQ\FKVWURPRY PDU
$OJHEUDLFNpVWURP\
ƔELQiUQ\VWURP
❍YRYQ~WRUQêFKYUFKRORFKV~ELQiUQHRSHUiFLH
❍YOLVWRFKV~RSHUDQG\QDSUþtVODDOHERLGHQWLILNiWRU\SUHPHQQêFK
ƔG{OHåLWiYODVWQRVĢNDåGêYUFKROPiDOHERV\QRYQHP{åHPDĢLED
VWURPDQDRSDN
ƔDNVDVWURPY\StãHSUHRUGHU!Y]QLNQHSUHIL[]iSLV
ƔDNVDVWURPY\StãHSRVWRUGHU!Y]QLNQHSRVWIL[]iSLV
1'Ò
ƔLQWHUSUHWRYDĢDOJHEUDLFNêVWURP
ƔVNRQãWUXRYDĢDOJHEUDLFNêVWURPQDSU]SUHIL[RYpKR]iSLVX
9ãHREHFQpVWURP\
Ɣ]NDåGpKRYUFKRODĐXERYRĐQêSRþHWV\QRY
ƔDNMH1iUQ\WM]NDåGpKRYUFKRODPD[1YUFKRORYP{åHPHKRUHSUH]HQWRYDĢ
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
V\QDUUD\>1@RIVWURP
HQG
ƔSUREOpP\SUHYãHREHFQpVWURP\QHRKUDQLþHQêSRþHWV\QRY
ƔUHSUH]HQWiFLD
❍YNDåGRPYUFKROHLQIRUPiFLD
❍VPHUQtNEUDWWMQDVOHGXM~FLYUFKROVRVSRORþQêPRWFRP
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRSUYRN
V\QEUDWVWURP
HQG
ƔWDNWRVDGiNyGRYDĢĐXERYRĐQêDMYãHREHFQêVWURP
ƔQRUPiOQHNRUHĖQHPiEUDWRYDNE\PDOYROiPHW~WRãWUXNW~UXOHV
1'Ò
ƔKĎEND
ƔYêSLV
Ɣ]LVWLĢþLMHVWURPELQiUQ\SRþHWOLVWRY
ƔSUHNyGRYDĢELQiUQ\VWURPGRWHMWRUHSUH]HQWiFLH
9ãHREHFQp]R]QDP\
Ɣ]R]QDPVDVNODGi
❍DWyPQDSUVWULQJþtVOR
❍SRVWXSQRVĢDWyPRYD]R]QDPRYDMSUi]GQD
ƔUHSUH]HQWRYDĢEXGHPHSRGREQHDNRYãHREHFQêVWURP
W\SHW$WRP VWULQJ>@
Y]R] AYUFKRO
YUFKRO UHFRUG
W\SDW]R]
KRGW$WRP^DNMHWRDWRPWMW\S DW`
V\QGDOVLY]R]^DNMHWR]R]QDPWMW\S ]R]`
HQG
ƔWRWRMHQHHIHNWtYQHOHERQLHNWRUpSRORåN\EXGHPHY\XåtYDĢOHQYVLWXiFLLNHćW\S DWDLQHOHQ
NHćW\S ]R]
ƔSRXåLMHPHNRQãWUXNFLXUHFRUGFDVH
W\SHW$WRP VWULQJ>@
Y]R] AYUFKRO
YUFKRO UHFRUG
FDVHW\SDW]R]RI
DWKRGW$WRP
]R]V\QGDOVLY]R]
HQG
3UtNODG
1DStãPHWHVWRYDFtSURJUDPQDþtWDQLHGREUpKRYãHREHFQpKR]R]QDPXGR]DGDQHMGiWRYHM
ãWUXNW~U\DMHKRYêSLVYURYQDNRPWYDUH
W\SHY]R] AYUFKRO
W$WRP VWULQJ>@
YUFKRO UHFRUG
FDVHW\SDW]R]RI
DWKRGSUYRN
]R]V\QGDOVLY]R]
HQG
SURFHGXUHVFDQ^ãWDQGDUGQêVFDQHU`
YDURNERROHDQ
SURFHGXUH]QDN
EHJLQLIHROQWKHQ] HOVHUHDG]HQG
EHJLQ
UHSHDW
RN WUXH
FDVH]RI
OH[ NRQ
EHJLQOH[ O]]QDNHQG
EHJLQOH[ S]]QDNHQG
D
]
$
=
EHJLQ
KRGQRWD
ZKLOH]LQ>
D
]
$
=
@GR
EHJLQKRGQRWD KRGQRWD]]QDNHQG
OH[ DWRP
HQG
EHJLQ]QDNRN IDOVHHQG
HQG
XQWLORN
HQG
SURFHGXUHFLWDMYDUVY]R]
SURFHGXUHFLWDMFKYYDUVY]R]
EHJLQ
LIOH[ S]WKHQEHJLQV QLOVFDQHQG
HOVHLIOH[ NRQWKHQV QLO
HOVH
EHJLQ
QHZVVAW\S ]R]
FLWDMVAV\Q
FLWDMFKYVAGDOVL
HQG
HQG
EHJLQ
LIOH[ DWRPWKHQ
EHJLQ
QHZVVAW\S DWVAKRG KRGQRWDVFDQ
HQG
HOVHLIOH[ O]WKHQ
EHJLQ
QHZVVAW\S ]R]VFDQ
FLWDMVAV\Q
FLWDMFKYVAGDOVL
HQG
HOVHV QLO
HQG
SURFHGXUHFK\EDVVWULQJ
EHJLQZULWHOQVKDOWHQG
EHJLQ^KODYQêSURJUDP`
ZULWH
"
]
VFDQFLWDMVUHDGOQ
LIV QLOWKHQZULWH
SUD]GQ\]R]QDPQLO
HOVHLIVAW\S DWWKHQZULWH
DWRP
HOVHLIVAV\Q QLOWKHQZULWH
SUD]GQ\]R]QDP
HOVHZULWH
]R]QDP
Y\SLVVZULWHOQ
UHDGOQ
HQG
1'Ò
ƔIXQNFLHSUHSUY\LW\SRVOHGQ\
ƔNySLDSRþHWDWyPRYSRþHWYêVN\WRY
ƔSRURYQDQLHGYRFK]R]QDPRY
Ɣ]DGHILQRYDĢWULHGXYãHREHFQê]R]QDPVPHWyGDPL
❍NRQãWUXNWRU\LQLWFLWDMYDUWWH[W
/H[LNRJUDILFNpVWURP\
YELQVWURPHNDåGiFHVWDRGNRUHĖDGRĐXERYRĐQpKRYUFKRODMHGQR]QDþQHUHSUH]HQWXMHWHQWR
Ɣ
YUFKROQDSU//3///33/R]QDþXMHYUFKROVAOAOASAOAOAOASASAOSRGREQHVDGiR]QDþRYDĢ
ĐXERYRĐQêYUFKRODMY1iUQRPVWURPHSRXåLMHPH1StVPHQDEHFHG\QDSU
D
N
❍OH[LNRJUDIVWURP\V~1iUQHVWURP\
❍NDåGêYUFKROUHSUH]HQWXMHSUYêFK.]QDNRY]RVORYD.MHY]GLDOHQRVĢRGNRUHĖD
ƔNRUHĖUHSUH]HQWXMHSUi]GQHVORYR
ƔV\QRYLDNRUHĖDUHSUH]HQWXM~MHGQR]QDNRYpVORYiDWć
ƔYLQIRSRORåNHP{åHPHUHSUH]HQWRYDĢLQIRUPiFLXU{]QHKRW\SXQDSUSRþHWYêVN\WRYGDQpKR
VORYDUHĢD]HFUHSUH]HQWXM~FLSUHNODGNyGSUHNODGXYHQF\NORSpGLL
3UtNODG
=LVWLWHIUHNYHQþQ~WDEXĐNXVORYQDYVWXSH]DEHFHG\^DE`
❍QDMSUYY\WYRUtPHOH[LNRJUDILFNêVWURPGRLQIRSRþHWYêVN\WRY
❍Y\StãHPHFHVWXNQHQXORYêPYUFKRORPDMVKRGQRWRX
W\SHOVWURP AYUFKRO
YUFKRO UHFRUG
SRFHWLQWHJHU
SDUUD\>
D
E
@RIOVWURP
HQG
SURFHGXUHSULGDMYDUOOVWURPVVWULQJ
EHJLQ
LIO QLOWKHQ
EHJLQ
QHZO
ZLWKOAGR
EHJLQSRFHW S>
D
@ QLOS>
E
@ QLOHQG
HQG
LIV
WKHQLQFOASRFHW
HOVHLIV>@LQ>
D
E
@WKHQ
SULGDMOAS>V>@@FRS\V
HOVHEHJLQZULWHOQ
FK\EQ\]QDN
KDOWHQG
HQG
EHJLQ
L
ZKLOHO!QLODQGL OHQJWKVGR
EHJLQ
O OAS>V>L@@LQFL
HQG
LIO QLOWKHQKODGDM
HOVHKODGDM OASRFHW
HQG`
SURFHGXUHY\SLVOOVWURPVVWULQJ
EHJLQ
LIO!QLOWKHQ
EHJLQ
LIOASRFHW!WKHQZULWHOQOASRFHW
V
Y\SLVOAS>
D
@V
D
Y\SLVOAS>
E
@V
E
HQG
HQG
YDUOOVWURP
EHJLQ^KODYQêSURJUDP`
O QLO
SULGDMO
DEDD
SULGDMO
SULGDMO
DDDDDDDDDDDDDDDDDDDDDDDDDDDD
^`
Y\SLVO
HQG
1'Ò
ƔSULGDMDMY\SLVV~UHNXU]tYQHVNRQãWSDUDPHWURPW\SXVWULQJ !YHĐPLUêFKORSUHWHþLH]iVREQtN
❍SUHUREWHQDYDUSDUDPHWUH
❍SUHUREWHEH]UHNXU]LH
ƔQiMVĢYUFKROSUHGDQpVORYRYĖRPMH]UHMPHSRþHWYêVN\WRYSUHGDQpVORYRDMQHUHNXU]tYQHOHQ
SRPRFRXZKLOH
ƔGRURELĢSUH1SUYNRY~DEHFHGX
❍QDSU
D
M
iUQ\VWURP
❍QDSUOHQStVPHQi
D
H
L
R
X
\
iUQ\VWURP
QiMVĢ
Ɣ
❍ VORYiGDQHMGĎåN\
❍QDMNUDWãLHQDMGOKãLHVORYi
❍QDMNUDWãLHVORYR]DþtQDM~FHGDQêPUHĢD]FRP
❍GĎåNDQDMGOKãLHKRVORYD KĎENDVWURPX
ƔOH[LNRJUDILFNêVWURPY\WYiUDĢYELQiUQRPV~ERUHQDPLHVWRVPHUQtNRYEXG~VHHNDGUHV\YLHW
QLO QDSU
ƔSRPRFRXOH[VWURPXUHSUH]PQRåLQ\VORY]QHMDNHMDEHFHG\QDPLHVWR32&(7EXGHþLSDWUt !
RSHUiFLH]MHGQRWHQLDSULHQLNX
Ɣ]DGHILQXMWHOH[VWURPDNRWULHGX
9\YiåHQpVWURP\
ƔY\YiåHQpEDODQVRYDQpVWURP\MHVQDKDXGUåDĢSULEOLåQHURYQDNRYHĐNpĐDYpDSUDYpSRGVWURP\
ƔRSHUiFLHYOR]D]UXVV~WURFKXNRPSOLNRYDQHMãLHDOHKODGDMMHVNRURRSWLPiOQ\
ƔDNMH1YUFKRORYKĎENDMHSULEOLåQH>ORJ1@WMVWDþtSULQDMKRUãRPORJ1SRURYQDQt
ƔY\YiåHQp$9/VWURP\PDM~KĎENXPD[LPiOQH ORJ1
ƔSRXåtYDM~WRPQRKp'%V\VWpP\QDKĐDGDQLHLQIRUPiFLH
ƔKUXEiLGHD
❍V~WRELQiUQHY\KĐDGiYDFLHVWURP\
❍SRGVWURP\V~WLHå$9/
ƔUHDOL]iFLD
❍YNDåGRPYUFKROHVDSDPlWiEDODQV UR]GLHOPHG]LĐDSSRGVWURPRPWMR
NRĐNRMHSUDYêSRGVWURPĢDåãtDNRĐDYê
❍WRWRVDY\XåLMHSULYOR]D]UXVWDNDE\ERORVWiOH$9/DNSULGiYDPGRĢDåãHMYHWY\
PXVtPQLHþRSUHKRGLĢ
1'Ò
)LERQDFFLKRVWURP\
ƔELQiUQ\VWURPYNWRURPNDåGêYQ~WRUQêYUFKROPiEDODQV
Ɣ)LERQDFFLKRVWURP~URYQH1VD]RVWURMtWDNWR
Ɣ]REHULHPH)LERQDFFLKRVWURP\~URYQH1D1DWLHWR]DYHVtPHDNRĐDSSRGVWURP\N
QRYpPXNRUHĖX
❍~URYHĖMHQLO~URYHĖMHOLVW
WDNpWRW\S\VWURPRYVDSRXåtYDM~QDWHVWRYDQLHU{]Q\FKW\SRYY\KĐDGiYDFtFKVWURPRYSUH$9/
Ɣ
MHWRQDMKRUãtSUtSDGVWURPVKĎENRXORJ1
1'Ò
Ɣ]RVWURMWH)LERQDFFLKRVWURP~URYQH1
ƔRþtVOXMH)LERQDFFLKRVWURP~URYQH1þtVODPLWDNDE\LQRUGHUEROXVSRULDGDQê
Y]RVWXSQH
7ULHGHQLD PDU
%XEOLQNRYpWULHGHQLH%XEEOH6RUW
ƔQDMKRUãLHDNpP{åHE\Ģ
ƔSRURYQiYDQLHGYRFKSUYNRYYHGĐDVHEDDGRPHQãLHKRLQGH[XSRĐDLGHPHQãt]QLFK
ƔSRMHGQRPSUHFKRGHSRĐRPVDXUþLWHPD[LPiOQ\SUYRNGRVWDQHQDNRQLHFSRĐDSRWRPRVWiYD
XWULHGLĢ1SUYNRYSRĐDSRVOHGQêMHXåQDVYRMRPPLHVWH
IRUL QGRZQWRGR
IRUM WRLGR^SUHEXEOiYDQLH~VHNXL`
LID>M@!D>M@WKHQ
EHJLQ
S D>M@D>M@ D>M@D>M@ S^YêPHQDOHERY
PHQãRPLQGH[HYlþãtSUYRN`
HQG
SRþHWYêPHQQ
Q
Ɣ
0D[6RUW
QiMGLY~VHNXPD[LPiOQ\SUYRNY\PHĖKRVSRVOHGQêPSUYNRPVNUiĢWULHGHQpSROHRDWć
Ɣ
IRUL QGRZQWRGR
EHJLQ
P
IRUM WRLGR
LID>M@!D>P@WKHQP M
LIL!PWKHQ
EHJLQ
[ D>P@D>P@ D>L@D>L@ [
HQG
HQG
SRURYQDQtMHURYQDNRDNR%XEEOH6RUWDOHPHQHMYêPHQ
Ɣ
7ULHGHQLHYV~YDQtP,QVHUW6RUW
LVWiþDVĢSRĐDMHXWULHGHQi]DUDćQRYêSUYRNQDVYRMHPLHVWR
Ɣ
IRUL WRQGR
EHJLQ^SUHGSRNODGLMHXWULHGHQê~VHNYVXĖD>L@WDNDE\RVWDO
XWULHGHQê`
M LW D>L@
ZKLOHM!DQGD>M@!WGR
EHJLQ^KĐDGDQLHYKRGQpKRPLHVWDSUHSUYRND>L@`
D>M@ D>M@GHFM
HQG
D>M@ W
HQG
SRXåLOHQYNUDMQêFKSUtSDGRFK
Ɣ
1'ÒQiMGLWHYKRGQpPLHVWDYDOJRULWPRFKWDNDE\VDWULHGHQLD]REUD]RYDOL
3UtNODG
-HGDQêELQiUQ\V~ERUVWXGHQWGDWNWRUpKRYHW\V~WHMWRãWUXNW~U\
VWXGHQW UHFRUG
PHQRSULH]VWULQJ>@
QDUGDWXP
HQG
1DStãWHSURJUDPNWRUêQDþtWDGDQêV~ERUGRQHMDNHMGiWRYHMãWUXNW~U\DSRWRPXWULHGLW~WRWDEXĐNX
Y]RVWXSQHSRGĐDSULH]YLVNDNV~URYQDNpSRGĐDPLHQDDNV~DMWLHURYQDNpYXWULHGHQHMWDEXĐNHEXGH
QDMSUYþORYHNNWRUêMHVWDUãt9\StãWHXWULHGHQ~WDEXĐNX
FRQVWPD[
W\SHGDWXP UHFRUGGHQPHVURNLQWHJHUHQG
VWXGHQW UHFRUG
PHQRSULH]VWULQJ>@
QDUGDWXP
HQG
WVWXGHQW UHFRUGSLQWHJHUVDUUD\>PD[@RIVWXGHQWHQG
SURFHGXUHFLWDMYDUWWVWXGHQW
YDUIILOHRIVWXGHQW
EHJLQ
DVVLJQI
VWXGHQWGDW
UHVHWI
ZLWKWGR
EHJLQ
S
ZKLOHQRWHRIIGR
EHJLQ
LQFS
UHDGIV>S@
HQG
HQG
HQG
SURFHGXUHY\SLVYDUWWVWXGHQW
YDULLQWHJHU
EHJLQ
ZLWKWGR
IRUL WRSGR
ZLWKV>L@QDUGR
ZULWHOQSULH]
PHQR
GHQ
PHV
URN
HQG
HOVHPHQVLGDW [PHV\PHV
HOVHPHQVLGDW [URN\URN
HQG
YDUWWVWXGHQW
EHJLQ^KODYQêSURJUDP`
FLWDMW
ZULWHOQ
WDEXOND
Y\SLVW
ZULWHOQ
DXWULHGHQD
WULHGW
Y\SLVW
UHDGOQ
HQG
7ULHGHQLH]OXþRYDQtP0HUJH6RUW
ƔPHWyGDUR]GHĐXMDSDQXMWMĐDKãLHVDXWULHGLPHQHMSRORåLHNDNRYHĐD
ƔDOJRULWPXV
❍SROHUR]GHOtPHQDGYHSULEOLåQHURYQDNRYHĐNpþDVWLSULQHSiUQRPSRþWHMHMHGQDþDVĢ
YlþãLD
❍SRWRPVD]DREHUDMPHVNDåGRX]WêFKWRGYRFKþDVWt]YOiãĢDWRWDNêPLVWêPVS{VRERPWM
UR]GHOtPHMXQDGYHþDVW
❍]QRYXYH]PLPHSUY~]QLFKDUR]GHĐPHMXQDGYHDWćDåNêPQHGRVWDQHPH
MHGQRSUYNRYp~VHN\
❍MH]UHMPpåHMHGQDSRORåNDMHXWULHGHQiDWHGDPiPHGYHXWULHGHQpþDVWL
❍WHUD]SRXåLMHPHGUXK~þDVĢDOJRULWPX]O~þHQLHGYRFKXWULHGHQêFKþDVWtWDNDE\DM
QRYRY]QLNQXWiþDVĢERODXWULHGHQiWMGRVWiYDPHþDVĢVGYRPDSRORåNDPL
❍SRGREQHVDUR]GHOtD]O~þLDMGUXKiþDVĢ]UR]GHOHQLDDGRVWiYDPHXWULHGHQ~GUXK~
GYRMSUYNRY~þDV
❍WHQLVWêDOJRULWPXV]O~þHQLDGYRFKXWULHGHQêFKþDVWtSRXåLMHPHDMWHUD]DGRVWiYDPH
XWULHGHQ~ãWYRUSUYNRY~þDVĢ
❍DOJRULWPXVVDEXGHRSDNRYDĢDåNêPQHEXGHXWULHGHQpFHOpSROH
ƔKODYQêSURJUDP
FRQVWQ
W\SH]R]QDP AYUFKRO
YUFKRO UHFRUGKLQWHJHUQH[W]R]QDPHQG
YDUSSRP]R]QDP
LMLQWHJHU
EHJLQ
ZULWHOQ
PHUJHVRUW
UDQGRPL]HS QLO
IRUL WRQGR^Y\WYRUHQLHMHGQRVPHUQpKRVSiMDQpKR]R]QDPX
GĎåN\1VQiKRGQêPLKRGQRWDPLSULGiYDQtPQD]DþLDWRN
`
EHJLQ
QHZSRP
SRPAK UDQGRPSRPAQH[W SS SRP
HQG
Y\SLVS
PHUJHVRUWS
Y\SLVS
HQG
SURFHG~UDPHUJHVRUWVSUDFXMHFHOê]R]QDPWDNåHKRUR]GHOtQDGYHþDVWLVSULEOLåQHURYQDNêP
Ɣ
SURFHGXUHPHUJHVRUWYDUS]R]QDP
YDUGUXKDSRO]R]QDP
EHJLQ
LIS!QLODQGSAQH[W!QLOWKHQ^DVSRĖSUYN\`
EHJLQ
UR]GHOSGUXKDSRO
PHUJHVRUWS
PHUJHVRUWGUXKDSRO
]OXFSGUXKDSROS
HQG
HQG
SURFHG~UDUR]GHOVDEXGHVQDåLĢQiMVĢSRORYLFXFHOpKR]R]QDPXNWRUêGRVWiYDFH]VPHUQtNSD
Ɣ
YUiWLGYD]R]QDP\VSULEOLåQHURYQDNêPSRþWRPSUYNRYVWUHGVDEXGHKĐDGDĢWDNåHSR]R]QDPH
EXG~SXWRYDĢGYDVPHUQtN\MHGHQSRMHGQRPNURNXDGUXKêSRGYRFKDDNVDGUXKêVPHUQtN
SUHSUDFXMHQDNRQLHF]R]QDPX]UHMPHSUYêNWRUêãLHOSRNURNXEXGHSUiYHYSRORYLFL]R]QDPX
SURFHGXUHUR]GHOYDUSGS]R]QDP
YDUVWUHGSRP]R]QDP
EHJLQ
VWUHG S
LIVWUHG QLOWKHQGS QLO^QHERORþRGHOLĢ`
HOVH
EHJLQ
SRP VWUHGAQH[W
ZKLOHSRP!QLOGR^SRNLDĐQLHMHQDNRQFL]R]QDPX`
EHJLQ
SRP SRPAQH[W^SRVXĖVDRMHGHQNURN`
LISRP!QLOWKHQ^HãWHQLHVRPQDNRQFL`
EHJLQ
VWUHG VWUHGAQH[W^SRVXĖVWUHGRMHGHQNURN`
SRP SRPAQH[W^SRVXĖVDRGUXKêNURN`
HQG
HQG
GS VWUHGAQH[W^YUiĢVPHUQtNQDSUYRNNWRUêMHVWUHGQê`
VWUHGAQH[W QLO^]PRGLILNXMS{YRGQêGOKê]R]QDPQDSRORYLþQê`
HQG
HQG
DNPiPHGREUHUR]GHOHQê]R]QDPQDGYHþDVWLDYUDFLDPHVD]UHNXU]LHRVWiYDQiPLEDGREUHWLHWR
Ɣ
GYHþDVWL]O~þLĢDWRWDNDE\DMQRYêGOKãt]R]QDPRVWDOXWULHGHQêSURFHG~UD]OXFWHGD
SUHFKiG]DRERPD]R]QDPDPLDY\WYiUD]QLFKQRYê
SURFHGXUH]OXFSS]R]QDPYDUS]R]QDP
YDUSRVO]R]QDP
EHJLQ
LIS QLOWKHQS S^DNMH]R]QDPSSUi]GQ\`
HOVHLIS QLOWKHQS S^DNMH]R]QDPSSUi]GQ\`
HOVH^RED]R]QDP\V~QHSUi]GQH`
EHJLQ
LISAK SAKWKHQ^Y\ULHãPHSUYêSUYRNQRYpKR]R]QDPX`
EHJLQ
S SS SAQH[W
HQG
HOVH
EHJLQ
S SS SAQH[W
HQG
SRVO S^Y\WYiUDMPH]R]QDPSSULGiYDQtPQDNRQLHFSRPRFRXSRPRF
VPHUQtNDSRVO`
ZKLOHS!QLODQGS!QLOGR^SRNLDĐVDQHPLQLHDVSRĖ
MHGHQ]R]R]QDPRY`
^SULGiYDPHGRQRYpKR]R]QDPXWDNDE\RVWDOXWULHGHQê`
LISAK SAKWKHQ
EHJLQ
SRVOAQH[W SSRVO SS SAQH[W
HQG
HOVH
EHJLQ
SRVOAQH[W SSRVO SS SAQH[W
HQG
LIS QLOWKHQSRVOAQH[W S^Y\SUi]GQLOVD]R]QDPS`
HOVHSRVOAQH[W S^Y\SUi]GQLOVD]R]QDPS`
HQG
HQG
1'Ò
ƔXVSRULDGDĢYSROLSRPRFRXSRPRFQpKRSRĐDYHĐNRVWLQUHVSQ
ƔXVSRULDGDĢYSROLEH]SRPRFQpKRSRĐDSULYHĐDSRVXQRYSRĐD
ƔWULHGLĢELQiUQ\V~ERUVGYRPDSRPRFQêPL
ƔWULHGLĢ]R]QDPSROHEH]UHNXU]LH
5êFKOHWULHGHQLH4XLFN6RUW
ƔYSUHGFKiG]DM~FRPWULHGHQtVPHPXVHOL]R]QDP\GREUH]O~þLĢ
ƔWRWRWULHGHQLHY\WYiUD]R]QDP\WDNDE\XåEROLGREUpDDE\VWDþLORLEDLFKSRORåLĢ]DVHEDDDE\VD
LFKXWULHGHQRVĢWêPWRQHSRND]LOD
❍YSUYRPNURNXVDMHGHQSUYRNY\EHULH]D3,927DYSULQFtSHWRP{åHE\ĢĐXERYRĐQê
SUYRNP\Y\EHUPHSUYêSUYRN]GDQHMSRVWXSQRVWL
❍SRGĐDWRKWRSLYRWDUR]GHĐPHYVWXSQ~SRVWXSQRVĢSUYNRYQDGYHþDVWLSULþRPYSUYHM]
QLFKEXG~þtVODPHQãLHDNRSLYRWDYGUXKHMþtVODYlþãLHDURYQpDNRSLYRWYQDMOHSãRP]
SUtSDGRYVDSRVWXSQRVĢUR]GHOtQDGYHþDVWLVSULEOLåQHURYQDNêPSRþWRPSUYNRYY
QDMKRUãRPSUtSDGHYãDN]UHMPHQDQXODSUYRNRYNWRUpEXGHWYRULĢSUY~þDVĢDQDYãHWN\
RVWDWQpSUYN\
❍SRWDNRPWRUR]GHOHQtSRVWXSQRVWLGRVWiYDPHWULþDVWLþDVĢVMHGLQêPSUYNRPNWRUêPMH
SLYRWþDVĢYNWRUHMV~SUYN\PHQãLHDNRSLYRWDþDVĢVSUYNDPLYlþãtPLDOHERURYQêPL
DNRMHSLYRW
❍SRWRPURYQDNêPVS{VRERPXWULHGLPHGUXK~þDVĢSUYN\PHQãLHDNRSLYRWDWUHWLXþDVĢ
SUYN\YlþãLHDNRSLYRW
❍SRLFKXWULHGHQtGUXK~DWUHWLXþDVĢSRORåtPHYHGĐDVHEDSULþRPSLYRWGiPHQDVSUiYQH
PLHVWR
ƔSURJUDP
FRQVWQ
W\SHSROH DUUD\>Q@RILQWHJHU
YDUSSROH
LLQWHJHU
EHJLQ
ZULWHOQ
TXLFNVRUW
UDQGRPL]H
IRUL WRQGRS>L@ UDQGRP^QiKRGQHY\JHQHUXMSROH`
IRUL WRQGRZULWHS>L@
ZULWHOQ
TXLFNVRUWQ^XWULHćSRPRFRXTXLFNVRUWXFHOpSROH`
IRUL WRQGRZULWHS>L@
ZULWHOQ
HQG
SURFHG~UDTXLFNVRUWMHUHNXU]tYQDDWULHGLþDVĢSRĐDPHG]LLQGH[DPL]DNSULþRPQDMSUYYROi
Ɣ
SURFHG~UXUR]GHOQDUR]GHOHQLHWHMWRþDVWLD]LVWHQLHLQGH[XSLYRWDSRWRPDSOLNXMHWHQLVWê
DOJRULWPXVQDþDVWSRĐDSUHGLQGH[RPQDNWRURPMHSLYRWDQDþDVĢSRĐD]DSLYRWRP
SURFHGXUHTXLFNVRUW]NLQWHJHU
YDULSLYRWLQWHJHU
EHJLQ
LI]NWKHQ^DVSRĖSUYN\`
EHJLQ
UR]GHO]NLSLYRW
TXLFNVRUW]LSLYRW
TXLFNVRUWLSLYRWN
HQG
HQG
RVWiYDHãWHQDStVDĢSURFHG~UXUR]GHONWRUi]UHMPHGiYDSUYN\PHQãLHDNRSLYRWQD]DþLDWRNSRĐD
Ɣ
SUYN\YlþãLHDOHERURYQpDNRSLYRWQDNRQLHFSRĐDDSRVNRQþHQtWRKWRXSUDWRYDQLDGiHãWHSLYRW
QDVSUiYQHPLHVWRDYUiWLMHKRLQGH[
SURFHGXUHUR]GHO]NLQWHJHUYDULSLQWHJHU
YDUSLYRWLQWHJHU
LSPLQLQWHJHU
EHJLQ
SLYRW S>]@SPLQ ]^SLYRWMHSUYêSUYRN`
IRUL ]WRNGR^SUHMGLYãHWN\SUYN\PHG]L]DN`
LIS>L@SLYRWWKHQ^SR]HUDQêSUYRNSDWUtGRSUYHMþDVWLSRĐD`
EHJLQ
^MHRMHGHQYLDFWDNêFKþRV~PHQãLHDNRSLYRW`
LQFSPLQY\PHQSPLQL
HQG
SRPRFQiSURFHG~UDY\PHQY\PLHĖDKRGQRW\SUYNRYVGDQêPLLQGH[DPL
Ɣ
SURFHGXUHY\PHQLMLQWHJHU
YDU[LQWHJHU
EHJLQ[ S>L@S>L@ S>M@S>M@ [LQFSYHQG
DNMHXWULHGHQpSROHWDNMH]YROHQêQDMKRUãtPRåQêSLYRWSUHWRVDQD]DþUR]GHOSULGi
Ɣ
1'Ò
ƔWULHGLĢSROHEH]UHNXU]LH
ƔWULHGLĢVSiMDQê]R]QDP
ƔWULHGLĢELQiUQ\V~ERU
7ULHGHQLHKDOGRX+HDS6RUW
ƔWULHGHQLHSRĐDKDOGRX
ƔKDOGDDNMHRWHFQDLQGH[H,V\QRYLDQDPLHVWDFKVLQGH[DPL
,D
,SULþRPSODWtåHRWHF
PiYlþãLXKRGQRWXDNRKRFLNWRUê]RV\QRYDREDSRGVWURP\V~RSlĢKDOG\SUHMHGQRGXFKRVĢ
SUHGSRNODGiPHåHYãHWN\SUYN\SRĐDV~U{]QH
ƔGYHIi]\
❍Y\WYRUHQLHKDOG\
❍YKDOGHMHNRUHĖWMSUYêSUYRNQDMYlþãtSUYRN]RYãHWNêFKMHKRYêPHQDVSRVOHGQêP
SUYNRPHãWHQHXWULHGHQpKRSRĐDDQRYpXKDOGRYDQLH
FRQVWQ
YDUDDUUD\>Q@RILQWHJHU
LMPWSSSLQWHJHU
EHJLQ
ZULWHOQ
KHDSVRUW
UDQGRPL]H
IRUL WRQGRD>L@ UDQGRP
IRUL WRQGRZULWHD>L@
ZULWHOQ
KHDSVRUWQ
IRUL WRQGRZULWHD>L@
ZULWHOQ
HQG
SURFHGXUHKHDSVRUWQLQWHJHU
EHJLQ
Y\WYRUBKDOGXQ
L Q^EHUSRVWXSQHYãHWN\SUYN\`
ZKLOHL!GR
EHJLQ^Y\PHQDSRVOHGQê]DWLDĐQHXWULHGHQêWMLW\
SUYRN`
W D>@D>@ D>L@D>L@ W
GHFL^]PHQãLUR]PHUVWURPX`
XSUDFBKDOGXL^RSUDYVWURPNRUHĖMHDVL]Oê`
HQG
HQG
SURFHG~UDXSUDFBKDOGXY\WYiUDKDOGXYSROLPHG]L]DGDQêPLGYRPDLQGH[DPLSRĐDWMSRMHM
Ɣ
VNRQþHQtMHþDVĢSRĐD.Då0KDOGRXSULþRPSURFHG~UDSUHGSRNODGiåHþDVĢ.Då0MHKDOGD
DOHWêPåHVPHSULGDOLSUYRNQDPLHVWR.PRKODVDKDOGD.Då0SRND]LĢDSUHWRWUHEDSROH
]QRYXXKDOGRYDĢWM]DEH]SHþLĢDE\DMSUHRWFD.SODWLORåHPiRERFKV\QRYPHQãtFKDNRRQ
ViPDNWRWDNQLHMHWUHEDKR]UHMPHY\PHQLĢVYlþãtP]RV\QRYDSRVWXSRSDNRYDĢSUHWRKWR
V\QDDSUtVOXãQêSRGVWURP
SURFHGXUHXSUDFBKDOGXNPLQWHJHU
^SUHGSRNODGiPHåHRGNGRPWRXåKDOGDMHSULGiPHNW\`
YDULWLQWHJHU
EHJLQ
W D>N@L NSRVXQLP
ZKLOHD>N@D>L@GR
EHJLQ
D>N@ D>L@N LD>N@ W
SRVXQLP^YLMHQRYêYlþãtV\Q`
HQG
HQG
SURFHGXUHY\WYRUBKDOGXQLQWHJHU
YDULLQWHJHU
EHJLQ
SRPRFQiSURFHG~UDSRVXQSRV~YDSUYêSDUDPHWHUQDYlþãLHKRV\QD
Ɣ
SURFHGXUHSRVXQYDULLQWHJHUPLQWHJHU
^DNH[LVWXMHV\Q!QDVWDYtVDQDYlþãLHKR]QLFK`
EHJLQ
LIL PGLYWKHQ^DVSRĖMHGHQV\QH[LVWXMH`
EHJLQ
L
L^YLMHĐDYêV\Q`
LILPDQGD>L@!D>L@WKHQL L
^SUDYêV\QEROYlþãtDSUHWRMHYLSUDYêV\QLQDNRVWiYDYLĐDYêV\Q
`
HQG
HQG
1'Ò
WULHGHQLHLQGH[RYSRĐDSUHYãHWN\PRåQpWULHGHQLD
Ɣ
*UDI\ DSU
ƔVNODGiVD]PQRåLQ\YUFKRORY9 ^99`
Ɣ]PQRåLQ\KUiQ+KUDQDMHGYRMLFDYZNGHYZLQ9
❍DNMHGYRMLFDQHXVSRULDGDQi !QHRULHQWRYDQêJUDI
❍DNMHGYRMLFDXVSRULDGDQi !RULHQWRYDQêJUDI
Ɣ]Qi]RUQHQLHJUDIXYUFKRO\V~NROHþNi
❍KUDQ\V~VSRMRYQtN\DNRULHQWRYDQêJUDIWDNãtSN\
ƔDSOLNiFLH
❍PHVWiVSRMHQpFHVWDPLQHRULHQWRYDQêJUDI
❍VXVHGLDFHãWiW\REODVWL
❍VNXSLQDĐXGtNWRUtVDQDY]iMRPSR]QDM~
❍QHV~YLVOêEH]F\NORYDF\NOLFNê
❍QHV~YLVOêVF\NORP
ƔQRUPiOQ\VWURP DF\NOLFNêRULHQWRYDQêJUDIGRNDåGpKRYUFKRODYHGLHKUDQD
❍RNUHPNRUHĖD]QHKR(FHVWDGRYãHWNêFKRVWDWQêFKYUFKRORY
ƔRULHQWRYDQêJUDIVLOQHV~YLVOêDN]NDåGpKR(FHVWDGRNDåGpKR
❍VODERDNE\EH]RULHQWiFLHEROV~YLVOê
ƔLQIRUPiFLHYJUDIHYNDåGRPYUFKROHSRGREQHDNRYVWURPH
ŶQDSUY]GLDOHQRVĢPLHVWFHQDFHVWOtVWND
ƔNRPSRQHQW
5HSUH]HQWiFLHJUDIX
D3ROHPQRåtQVXVHGRY
]GHIJUDI PQRåLQDYUFKRORYDSUHNDåGêYUFKROYLQ9(PQRåLQD$Y
$YMHSRGPQ9PQRåLQDVXVHGRY
W\SHYUFKRO\ PD[
W\SHJUDI DUUD\>YUFKRO\@RIVHWRIYUFKRO\
SUHQHRULHQWRYDQêJUDIPXVtDMZLQJ>Y@YLQJ>Z@
SUREOpP\
ƔOHQGRYUFKRORY
ƔQHGDM~VDRKRGQRWHQpJUDI\WMLQIRQDKUDQiFK
ƔLQIRRYUFKRORFKEXćDNRQRYpSROHDOHERSROHJUDIMHSROHUHFRUGRY
E7DEXĐNDVXVHGQRVWt
W\SHJUDI DUUD\>YUFKRO\YUFKRO\@RIERROHDQ
RKRGQRWHQêJUDI
W\SHYDKD ZRUG^]QDPHQiQHH[KUDQX!]QDPHQiKUDQXVGDQRXKRGQRWRX`
W\SHJUDI DUUD\>YUFKRO\YUFKRO\@RIYDKD
F3ROHVSiMDQêFK]R]QDPRYVXVHGRY
W\SH]R]QDP AVXVHG
VXVHG UHFRUG
FPD[^SRUDGRYpþtVORYUFKROD±VXVHGD`
^YDKD`
QH[W]R]QDP
HQG
JUDI DUUD\>PD[@RI]R]QDP
LQIRRYUFKRORFKDNRQRYpSROHDOHERSROHUHFRUGRY
G=R]QDP]R]QDPRYYUFKRORY
W\SHJUDI AYUFKRO^JUDIDNRVSiMDQê]R]QDPYãHWNêFKYUFKRORYJUDIX`
YUFKRO UHFRUG
VXV]R]QDP^]R]QDPVXVHGRY`
^LQIRLQIRUPiFLDRYUFKROH`
QH[WJUDI
HQG
]R]QDP AVXVHG^]R]QDPMH]R]QDPRPKUiQ]GDQpKRYUFKROD`
VXVHG UHFRUG^NDåGê]i]QDPUHSUH]HQWXMHMHGQXKUDQX`
SJUDI^VPHUQtNQDQLHNWRUêYUFKROJUDIX`
^YDKD`
QH[W]R]QDP
HQG
$OJRULWP\SUHKĐDGiYDQLDJUDIX
ƔSUHKĐDGiYDQLHVD]DþQH]QHMDNpKRĐXERYRĐQpKRYUFKROX
ƔNDåGêYUFKROPD[UD]DPRåQRSUiYHUD]]DYLVtRGDSOLNiFLH
ƔGRKĎEN\SRGREQHDNRSUHGRUGHUYVWURPRFK
ƔGRãtUN\DNRSR~URYQLDFKYVWURPRFK
SRPRFQpSROHQDSUHKĐDGiYDQLH
Ɣ
YDUYLVLWHGDUUD\>PD[@RIERROHDQ
þLEROYUFKROQDYãWtYHQê
❍
ƔP{åHVDURELĢDMDNR
YDUYLVLWHGVHWRIPD[
'RKĎEN\
SURFHGXUHGRKOEN\Y
EHJLQ
YLVLWHG>Y@ WUXH
VSUDFXMY
IRUZ YãHWNêFKVXVHGRYYGR
LIQRWYLVLWHG>Z@WKHQGRKOEN\Z
HQG
QHUHNXU]tYQH
SURFHGXUHGRKOEN\Y
YDUVVWDFN
EHJLQ
VLQLWVSXVKY
UHSHDW
KODYQêSURJUDP
EHJLQ
IRUY WRPD[GRYLVLWHG>Y@ IDOVH
IRUY YãHWN\YUFKRO\YJUDIHGR
LIQRWYLVLWHG>Y@WKHQGRKOEN\Y
HQG
❍OHQSUHQHRULHQWRYDQêJUDI
'RãtUN\
]PHQDQHUHNXU]tYQHKRDOJRULWPXSRPRFRXIURQWX
Ɣ
SURFHGXUHGRVLUN\Y
YDUTTXHXH
EHJLQ
TLQLWTDSSHQGY
UHSHDW
TVHUYHYYLVLWHG>Y@ WUXHVSUDFXMY
IRUZ YãHWNêFKVXVHGRYYGR
LIQRWYLVLWHG>Z@WKHQTDSSHQGZ
XQWLOTLVHPSW\
TGRQH
HQG
KODYQêSURJUDPURYQDNêDNRSULGRKOEN\
Ɣ
32=257HQWRSURJUDPWLHåQLHMH~SOQHVSUiYQ\±QLHNWRUêYUFKROVDP{åHVSUDFRYDĢYLDFNUiW3UHP\VOLWHD
RSUDYWHWR
1'Ò
SUHYRG\UHSUH]HQWiFLt
Ɣ
SUHYRGELQiUQHKR1iUQHKRYãHREHFQpKRVWURPXGRRULHQWQHRULHQWJUDIX
Ɣ
Y\NUHVOLĢJUDIYJUDISORFKHREUD]RYN\GDQpV~V~UDGQLFHYUFKRORY
Ɣ
U{]QHNRPSRQHQW\U{]Q\PLIDUEDPL
Ɣ
Y\JHQHURYDĢJUDIQDSUãDFKRYQLFX1[1
Ɣ
❍YUFKRO\V~VXVHGQpSRGĐDSRK\EXNUiĐDNRĖD
ƔQiMVĢQDMNUDWãLXFHVWX]$GR%SRGĐDGĎåN\FHVW\SRGĐDPLQKRGQRW\FHVW\
Ɣ]LVWLĢþLMHJUDIDF\NOLFNêQiMVĢF\NOXV
ƔSUHGDQpGYDJUDI\]LVWLĢþLV~SRO\PRUIQpDY\NUHVOLĢ]RGSRYHGDM~FHYUFKRO\
Ɣ]LVWLĢNRVWUXJUDIX
3UHKĐDGiYDQLHVQiYUDWRP
EDFNWUDFNLQJ DSU
3UHKĐDGiYDQLHVQiYUDWRPEDFNWUDFNLQJ
PDWHPDWLFNpKODYRODP\
Ɣ
GiPQDãDFKRYQLFLGRPþHNMHGQêPĢDKRPWLDYN{ĖQDãDFKRYQLFL
ƔU{]QHSUREOpP\QDJUDIRFK
QiMVĢFHVWXVQDMPHQãtPRKRGQRWHQtP]$GR%Y\KRGLĢPD[SRþHWKUiQDE\
ƔSRGREQHDNRSUHKĐDGiYDQLHJUDIXGRKĎEN\
ƔHYLGXMHPHNGHVPHXåEROLPRåQRSRVWXSQHNRQãWUXXMHPHULHãHQLH
ƔþtPVN{UWUHEDUR]SR]QDĢåHVPHVDY\GDOL]OêPVPHURPDYUiWLĢVDQDQDMEOLåãLXRGERþNX !
Y\VN~ãDĢLQêVPHU
ƔSULQiYUDWHYSUHKĐDGiYDQtWUHEDYUiWLĢ]DHYLGRYDQêVWDYGRS{YRGQpKRVWDYXDNRE\VPHDQL
QHYRãOLGRVOHSHMXOLþN\
ƔYRYãHREHFQRVWLMHWRYHĐPLQHHIHNWtYQ\DOJRULWPXVKUXEiVLODSRPRFRXNWRUpKRVDGiY\ULHãLĢ
GiPQDãDFKRYQLFL[
ƔUR]RVWDYLĢGiP\WDNDE\VDQDY]iMRPQHRKUR]RYDOLURYQRDMXKORSULHþQH
Ɣ]UHMPHYNDåGRPULDGNXDVWĎSFLEXGHSUiYHMHGQD
DOJRULWPXVSUHKĐDGiYDQLD
SURFHGXUHKODGDMWDK
EHJLQ
]D]QDþBĢDK
LINRQLHFWKHQY\SLV
HOVH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN CBDLUSBDLJOH
^Y\VN~ãDMQDVOHGRYQêĢDK±YãHWN\PRåQRVWL`
KODGDMQDVOHGRYQêBĢDK
RG]QDþBĢDK
HQG
SURFHGXUHKODGDMULDGVWOSLQWHJHU
YDUVLQWHJHU^VPXVtE\ĢORNiOQDþDVWiFK\EDĢDåNRVDODGt`
EHJLQ
]D]QDþBĢDK^QDSUG>ULDGVWOS@ WUXH`
LIULDG 1WKHQY\SLV
HOVH^SUHULDGULDGRNYãHWN\PRåQRVWLVWĎSFD`
IRUV WR1GR
LIPR]HULDGVWKHQKODGDMULDGV
RG]QDþBĢDK^QDSUG>ULDGVWOS@ IDOVH`
HQG
9\OHSãtPHHYLGRYDQLHĢDKRY
ƔKODYQêSUREOpPMHHYLGRYDQLHXKORSULHþRNYUR]PHUQRPSROLMHNRPSOLN
ƔERRORYVNpSROLDYRĐQêVWĎSHFYRĐQpãLNPpXKORSULHþN\YRĐQpRSDþQpXKORSU
ƔXKORSULHþNRYpSROLD
VWDUUD\>Q@RILQWHJHU
KODYQêSURJUDPLQLFLDOL]XMH
DY\VN~ãDSRORåLĢSUY~GiPXGRSUYpKRULDGNXQDYãHWN\PRåQpVWĎSFH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN CBDLUSBDLJOH
EDFNWUDFNLQJRYiSURFHG~UD
SURFHGXUHKODGDMULDGVWOSE\WH
YDUVQ
EHJLQ
^]DSDPlWiPVLĢDKNYROLYêSLVX`
VWOSHF>ULDG@ VWOS
^]D]QDþtPREVDGHQpSROtþND`
VW>VWOS@ IDOVHX>ULDGVWOS@ IDOVHX>ULDG
VWOS@ IDOVH
LIULDG 1WKHQY\SLV
HOVH
^SUHULDGULDGRNYãHWN\PR]QRVWLVWĎSFD`
IRUV WRQGR
^LIP{åHWKHQ`
LIVW>V@DQGX>ULDGV@DQGX>ULDGV@WKHQ
KODGDMULDGV
^XYRĐQtPVWĎSHFDXKORSULHþN\ !RG]QDþtPĢDK`
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDGVWOS@ WUXH
HQG
1'Ò
Ɣ]Qi]RUĖXMWHSULHEHKEDFNWUDFNLQJX
❍QDREUD]RYNHEXGHãDFKRYQLFDD]REUD]XMWHNODGHQLHDXEHUDQLHGiP
ƔUR]RVWDYLĢPLQLPiOQ\SRþHWGiPQDãDFKRYQLFL1[1DE\RKUR]RYDOLYãHWN\SROtþNDãDFKRYQLFH
'UXKêYDULDQWULHãHQLDGiPSRPRFRXEDFNWUDFNLQJX
ƔEDFNWUDFNLQJRYiSURFHG~UDQHGRVWDQHSUHVQ~SR]tFLXNGHSRORåLĢGiPXDOHOHQULDGRNDVDPDMX
Y\VN~ãDSRORåLĢGRYãHWNêFKVWĎSFRYMHWRVNRURWRLVWpDNRSUHGWêP
ƔQDMSUYYRYãHREHFQRVWLSDUDPHWURPKODGDMEXGHQLHQRYêĢDKDOHOHQ~URYHĖYNWRUHMKĐDGiP
QRYêĢDKKODGDMSRVWXSQHV~ãDYãHWN\PRåQpĢDK\YGDQHM~URYQL
SURFHGXUHKODGDM~URYHĖ
YDU
EHJLQ
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN CBDLUSBDLJOH
IRUĢDKYPRPHQWiOQHM~URYQLGR
LIPR]HĢDKWKHQ
EHJLQ
]D]QDþBĢDK
LINRQLHFWKHQY\SLV
HOVHKODGDMQDVOHGRYQiB~URYHĖ
RG]QDþBĢDK
HQG
HQG
DSUHSUREOpPGiP
SURFHGXUHKODGDMULDGE\WH
YDUVWOSQ
EHJLQ
IRUVWOS WRQGR
LIVW>VWOS@DQGX>ULDGVWOS@DQGX>ULDGVWOS@WKHQ
EHJLQ
VWOSHF>ULDG@ VWOS
VW>VWOS@ IDOVH
X>ULDGVWOS@ IDOVH
X>ULDGVWOS@ IDOVH
LIULDG QWKHQY\SLV
HOVHKODGDMULDG
VW>VWOS@ WUXHX>ULDGVWOS@ WUXHX>ULDG
VWOS@ WUXH
HQG
HQG
DKODYQêSURJUDPEXGHPDĢLED
KODGDM
'RPþHNMHGQêPĢDKRP
QDNUHVOLĢGRPþHNMHGQêPĢDKRPD]LVWLĢYãHWN\ULHãHQLDQDNUHVOLĢQDREUD]RYNH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN CBDLUSBDLJOH
GRPþHN QHRULHQWRYDQêJUDIVYUFKROPL
EXGHPHUHSUH]HQWRYDĢWDEXĐNRXVXVHGQRVWt
EDFNWUDFNLQJRYiSURFHG~UD
KODYQ\SURJUDPRNUHPLQLFLDOL]RYDQLDJUDILN\
JHQHU
1'Ò
ƔSURFHG~UDNUHVOLY\NUHVOtSRVWXSQHYãHWNêFKULHãHQtIDUHEQHUR]OLãRYDĢSRUDGLHKUiQ
Ɣ]REUD]XMWHSULHEHKEDFNWUDFNLQJX
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN CBDLUSBDLJOH
DNE\NUHVOLREVDKRYDODKDOWSURJUDPE\NRQþLOSRQiMGHQtULHãHQLDRSUDYWHJHQHUDE\SR
Ɣ
QiMGHQtQHMDNpKRULHãHQLDVDOHQY\PRWDO]UHNXU]LHDVOXãQHVNRQþLOWHGDDE\PRKRO
SRNUDþRYDĢKODYQêSURJUDP
WLDYQDS~ãWL
KODYRODPWLDYQDS~ãWL
ƔWLDYS{MGHYNDUDYiQHGQt
ƔYHGHFN\VDXNi]DORåHDNĢDYDSR]HUiQDGRSUDYQ~]QDþNXFHOêGHĖWDNVDMXQDXþt
ƔSUHWRQDPDORYDOLQD]DGN\WLDYU{]Q\FK]QDþLHN
]QDþLHNND]GêGHĖMHMHGQDĢDYDYHG~FDDWiVDQLþQHXþt
ĢDY\RþtVOXMHPHDP{åHPHSUHGSRNODGDĢåHSUYêGHĖLG~YSRUDGL
Ɣ
MHYHG~FD
ƔGUXKêGHĖP{åHE\ĢGUXKiYHG~FDDWć
ĢDY\YNDUDYiQDFKEXGHPH]QDþLĢGRSRĐD3DUUD\>@RILQWHJHU
Ɣ
3>@SUYêGHĖ
ƔYSROL%>LM@VL]DSDPlWiPHþLVDMWDĢDYDPiHãWHQDXþLĢ]QDþNXQD]DGNXLWHMWUXH]QDPHQiåH
HãWHMXQHYLHDWHGDP{åHtVĢ]DĖRXWHGDLQLFLDOL]iFLD
EDFNWUDFNLQJRYiSURFHG~UD
JOREiOQDSUHPHQQi%5VHWRI1]DSDPlWiYDVLþLVPHXåYGDQêGHĖSRXåLOLGR
NDUDYiQ\SUtVOXãQ~ĢDYX
SURFHGXUHWDY\UVLQWHJHU^ULDGRNVWOSHF`
YDULLQWHJHU
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
1SFIǚBEÈWBOJFTOÈWSBUPN CBDLUSBDLJOH
EHJLQ
LIV WKHQEU >U@^]DþtQDPHQRY~NDUDYiQX`
IRUL WR1GR
LIE>S>UV@L@DQGQRWLLQEUWKHQ^DNP{åH`
EHJLQ
S>UV@ L^]DSDPlWDM`
E>S>UV@L@ IDOVHEU EU>L@^]D]QDþĢDK`
LIU 1DQGV 1WKHQY\SLV^DNNRQLHF`
HOVHLIV 1WKHQWDY\U
HOVHWDY\UV^LQDNćDOãLX`
E>S>UV@L@ WUXHEU EU>L@^RG]QDþĢDK`
HQG
LIV WKHQEU >1@^SUiYHVPHVNRQþLOLNDUDYiQX`
HQG
1'Ò
ƔY\OHSãLWHDOJWDNDE\VLRNUHP%5SDPlWDOY%3NWRUpXåEROLSRVOHGQpDWHGDXåQHP{åXE\Ģ
SRVOHGQp^WHVWP{åH` !YêUD]QHWRXUêFKOLSURJUDP
ƔGRUREWH]REUD]RYDQLHSULHEHKXEDFNWUDFNLQJX
Ɣ]LVWLWHSRþHWULHãHQtSUH1
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTQIUN [
<>
Ukážky backtrackingu na grafoch
8NiåN\EDFNWUDFNLQJXQDJUDIRFK DSU
ÒORK\]RVN~ãN\]SUHGFKiG]DM~FLFKURNRY
9êVNXPQê~VWDYGRSUDYQHMSROtFLHY\SUDFRYDOãW~GLXSUHĢDåHQRVWLQLHNRĐNêFKXOtFDNULåRYDWLHNYPHVWH8OLFH
GRVWDOLFHORþtVHOQpNODGQpRKRGQRWHQLDDKRGQRW\NULåRYDWLHNVDSRWRPY\SRþtWDOLDNRV~þW\KRGQ{WXOtFNWRUp
YFKiG]DM~GRNULåRYDWN\1HGRSDWUHQtPVDSRãNRGLOLQLHNWRUp~GDMHYFHQWUiOQRPSRþtWDþLSULþRPVD]PDS\
RKRGQRWHQt]DFKRYDOLOHQKRGQRW\NULåRYDWLHN9DãRX~ORKRXEXGHQDStVDĢSURJUDPNWRUêVDSRN~VLQiMVĢWDNp
RKRGQRWHQLHFLHVW]NWRUpKRVDSUHGWêPPRKOLSRþtWDĢKRGQRW\NULåRYDWLHN
3UHGSRNODGiPHåHSOiQPHVWDMHRKRGQRWHQêQHRULHQWRYDQêJUDIYNWRURPKUDQ\V~XOLFHDYUFKRO\V~NULåRYDWN\
7HQWRJUDIMH]DGDQêYELQiUQRPV~ERUHNUL]RYDWGDWVSUHPHQOLYRXGĎåNRXYLHWYNWRURPNDåGiYHWDSRSLVXMH
MHGQXNULåRYDWNX
ƔSUYpGYDEDMW\V~RKRGQRWHQLHNULåRYDWN\LQWHJHU
ƔćDOHMQDVOHGXM~EDMW\[RYHMDEDMW\\RYHMV~UDGQLFHXPLHVWQHQLHNULåRYDWN\QDREUD]RYNH
Ɣ]DWêPQDVOHGXMH]R]QDPSRUDGRYêFKþtVHONULåRYDWLHNVNWRUêPLMHWiWRSULDPRVSRMHQiXOLFRX]R]QDP
EDMWRYXNRQþHQêQXORYRXKRGQRWRX±SUYiNULåRYDWNDYV~ERUHPiSRUDGRYpþtVOR
0{åHWHSUHGSRNODGDĢåHV~ERUMH]DGDQêNRUHNWQHDQHREVDKXMHYLDFDNRNULåRYDWLHN
*UDIYSDPlWLUHSUH]HQWXMWHWDNDE\VD9iPVQtPSUDFRYDORþRQDMSRKRGOQHMãLH1DREUD]RYNHKRY\NUHVOLWHWDN
åHYUFKRO\VDQDNUHVOLDPDOêPNU~åNRPVþtVHOQêPRKRGQRWHQtPDYVWUHGHKUiQVDEXGH]DSLVRYDĢþtVHOQp
RKRGQRWHQLHXOLFH+UDQ\QDNUHVOLWHãHGRXIDUERX
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWH]DVWDYLĢNOiYHVRP(VF!
0{åHWHSRXåLĢOHQXQLW\&UWD*UDSK
+DODYNWRUHMV~VNODGRYpSULHVWRU\PiREGĎåQLNRYêS{GRU\VYHĐNRVWL0[1MHGQRWNRYêFKãWYRUFRY9WHMWRKDOHVD
QDFKiG]DM~U{]QHVNULQHSROLFHVWURMHDLQpSUHNiåN\NWRUpYåG\]DEHUDM~QHMDN~REGĎåQLNRY~REODVĢY]iNODGQHM
VLHWLKDO\3RGQLNN~SLOþLVWLDFHKRURERWDNWRUêPiREFKiG]DĢKDOXDSULWRPþLVWLĢQHREVDGHQpþDVWLKDO\.HćåH
URERWMHFLWOLYêQDYOKN~GOiåNXNWRU~SRVHEH]DQHFKiYDSULþLVWHQtYSRGQLNXVDUR]KRGOLåHNêPVDWiWR]iYDGD
QHRGVWUiQLSRN~VLDVDSUHURERWDQDYUKQ~ĢWDN~WUDVXDE\Y\þLVWLOPD[LPiOQ\SULHVWRUDSULWRPGYDNUiWQHYVW~SLOQD
WHQLVWêãWYRUHF
+DODDMREVDGHQpSULHVWRU\V~SRStVDQpYELQiUQRPV~ERUHKDODGDWP{åHWHSUHGSRNODGDĢåHMH]DGDQêNRUHNWQH
3UYpGYDEDMW\REVDKXM~YHĐNRVĢKDO\SRþHWULDGNRYDVWĎSFRYãWYRUFRYHMVLHWHQLHV~YlþãLHDNR=DWêP
QDVOHGXM~YHW\DåGRNRQFDV~ERUXNWRUpSRSLVXM~SUHNiåN\YGYRFKEDMWRFKV~UDGQLFDĐDYpKRKRUQpKRãWYRUFD
SUHNiåN\ULDGRNVWĎSHFDYćDOãtFKGYRFKEDMWRFKYHĐNRVĢSUHNiåN\SRþHWULDGNRYDVWĎSFRY
9iãSURJUDPQDMSUYQDþtWDDY\NUHVOtKDOXQDREUD]RYNXWDNåHVDQDNUHVOtãWYRUFRYiVLHĢYHĐNRVĢMHGQRWNRYpKR
ãWYRUFDMHYNRQãWDQWHSURJUDPX9DREVDGHQpSROtþNDVDY\IDUELDWPDYRãHGRXIDUERXĆDOHMVDþDNiåHSRXåtYDWHĐ
P\ãRX]DGiãWDUWRY~SR]tFLXURERWD3ULNOLNQXWtPLPRVLHWHDOHERQDREVDGHQpSROtþNRSURJUDPStSQHDþDNiQRYp
NOLNQXWLHâWDUWRY~SR]tFLXQHMDNRIDUHEQHY\]QDþWH3URJUDPE\VDPDOGDĢSULþDNDQtQDNOLNQXWLH]DVWDYLĢ
NOiYHVRP(VF!
9MHNRQãWDQWDSURJUDPXQDSUFRQVW9
0{åHWHSRXåLĢOHQXQLW\&UW*UDSKD0\V8QLW
9MHGQRPDGUHViULQDGLVNXVPHQDãOLQLHNRĐNRGiWRYêFKV~ERURYNWRUpSRSLVXM~QHMDNpQHRULHQWRYDQpJUDI\5DGL
E\VPHRGYRFKJUDIRFK]LVWLOLþLV~WRU{]QHJUDI\DOHERV~VLQDY]iMRPSRGREQpL]RPRUIQp1DStãWHSURJUDP
NWRUêQDþtWDGYDELQiUQHV~ERU\SRSLVXM~FHGYDJUDI\Y\NUHVOtLFKQDREUD]RYNHD]LVWtRQLFKþLV~DOHERQLHV~
L]RPRUIQp7MSURJUDPVDSRN~VLQiMVĢWDNpSULUDGHQLHPHG]LYUFKROPLWêFKWRJUDIRYåH]RGSRYHGDM~FHYUFKRO\
PDM~URYQDNêFKVXVHGRY]UHMPHE\REDJUDI\PDOLPDĢURYQDNêSRþHWYUFKRORY
1DKĐDGDQLHMHGQR]QDþQpKRSULUDGHQLDPHG]LYUFKROPLJUDIXSRXåLWHDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRP
EDFNWUDFNLQJNWRUêE\PRKROSUDFRYDĢQDSUWDNWRSRN~VLPHVDSUYpPXYUFKROX*SULUDGLĢQHMDNêYUFKRO]*
PXVtPDĢURYQDNêSRþHWVXVHGRYSRWRPGUXKpPXYUFKROX*QHMDNê]*NWRUêHãWHQHEROSULUDGHQêDPi
URYQDNêSRþHWVXVHGRYDWć3ULWRPSRNDåGRPNURNXEDFNWUDFNLQJXWUHEDNRQWURORYDĢþLSRGJUDI\REVDKXM~FHY
*DY*XåY\EUDQpYUFKRO\V~L]RPRUIQpPQRåLQ\LFKVXVHGRYV~]KRGQp
3URJUDPQDMSUYQDþtWDGYDELQiUQHV~ERU\LFKPHQiEXG~GHILQRYDQpYNRQãWDQWiFKSURJUDPXVXERUDVXERU
Y\NUHVOtLFKQDRED]RYNXDVSXVWtDOJRULWPXVEDFNWUDFNLQJ3ULHEHKDOJRULWPX]Qi]RUĖXMWHQDREUD]RYNH
PRPHQWiOQHSULUDGHQpYUFKRO\VSRMWHQDY]iMRP~VHþNDPLQHMDNHMIDUE\3RVNRQþHQtDOJRULWPXSURJUDPY\StãH
VSUiYXEXć*UDI\V~L]RPRUIQpDOHER*UDI\QLHV~L]RPRUIQp9SUtSDGHåHSURJUDPQDãLHOL]RPRUIL]PXV
SRQHFKiSUtVOXãQpGYRMLFHYUFKRORYVSRMHQp~VHþNDPLVWDþtQiMVĢMHGQRULHãHQLH
%LQiUQHV~ERU\JUDI[GDWV~VSUHPHQOLYRXGĎåNRXYLHWDPDM~QDVOHGRYQ~ãWUXNW~UX
ƔNDåGiYHWDSRSLVXMHMHGHQYUFKROJUDIX
ƔYHWD]DþtQDGYRMLFRXFHOêFKþtVHOLQWHJHUV~UDGQtFYUFKROXQDREUD]RYNH
Ɣ]DWêPQDVOHGXMHSRþHWVXVHGQêFKYUFKRORYE\WH
YUFKROJUDIXPiþtVORDYUFKRORYQLHMHYLDFDNR
;RYpV~UDGQLFHYUFKRORYV~PHQãLHDNRDWHGDFHOêREUi]RNJUDIXYRMGHQDSRORYLFXREUD]RYN\3UYêQDþtWDQê
JUDIY\NUHVOLWHQDS{YRGQêFKV~UDGQLFLDFKYUFKRORYGUXKêJUDISRVXĖWHRGRSUDYD9UFKRO\JUDIRY]REUD]WH
PDOêPLNROHþNDPLKUDQ\~VHþNDPLQDSUELHOHMIDUE\*UDI\UHSUH]HQWXMWHYSDPlWLWDNDE\VDYiPVQLPLGREUH
SUDFRYDOR
9V~ERUHQHPXVLDE\ĢYãHWN\KUDQ\XYHGHQpYRERFKVPHURFKDQDNRĐNRPiE\ĢJUDIQHRULHQWRYDQê]DEH]SHþWH
VSUiYQXUHSUH]HQWiFLXJUDIP{åHREVDKRYDĢDåYUFKRORY0{åHWHSUHGSRNODGDĢåHV~ERU\V~NRUHNWQp
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWHSUHUXãLĢNOiYHVRP(VF!
0{åHWHSRXåLĢOHQXQLW\&UWD*UDSK
7HVW]SURJUDPRYDQLD]RãNURNX DSU
%RGRYDQLH
V~þHW
PD[
SULHPHU
9SUYNRYRPFHORþtVHOQRPSROLPiPHXORåHQ~KDOGX
'DQêMHDULWPHWLFNêYêUD]]DStVDQêYSRVWIL[RYRPWYDUH
±
1DNUHVOLWH]RGSRYHGDM~FLDULWPHWLFNêVWURPYRYQ~WRUQêFKYUFKRORFKV~RSHUiFLHYOLVWRFK
RSHUDQG\
9ãHREHFQp]R]QDP\V~GHILQRYDQpGiWRYRXãWUXNW~URX
W\SHW$WRP FKDU
Y]R] AYUFKRO
YUFKRO UHFRUG
FDVHW\SDW]R]RI
DWKRGW$WRP
]R]V\QGDOVLY]R]
HQG
1DVOHGRYQiSURFHG~UD]PHQLFKPRGLILNXMH
SURFHGXUH]PHQ]Y]R]
YDUSY]R]
EHJLQ
LI]!QLODQG]AW\S ]R]WKHQ
LI]AGDOVL QLOWKHQ]PHQ]AV\Q
HOVH
EHJLQ
S ]AV\Q]AV\Q ]AGDOVLAV\Q]AGDOVLAV\Q S
]PHQ]AV\Q]PHQ]AGDOVLAGDOVL
HQG
HQG
D1DStãWHDNRVD]PHQtYVWXSQêYãHREHFQê]R]QDP
3URFHG~UDSULGDMSULGiYDYUFKRO\GRiUQHKRVWURPXSRGREQêPVS{VRERPDNRVDWRUREtY
OH[LNRJUDILFNRPVWURPH
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRZRUG
V\QDUUD\>@RIVWURP
HQG
SURFHGXUHSULGDMYDUVVWURP[\ZRUG
EHJLQ
LIV QLOWKHQ
EHJLQ
QHZVVALQIR
VAV\Q>@ QLOVAV\Q>@ QLOVAV\Q>@ QLO
HQG
LI[ WKHQVALQIR \
HOVHSULGDMVAV\Q>[PRG@[GLY\
HQG
ĆDOHMV~GDQpGHNODUiFLHDþDVĢSURJUDPX
YDUVVWURP
LZRUG
EHJLQ
V QLOIRUL WR1GRSULGDMVLL
D1DNUHVOLWHVWURPSUH1
E.RĐNRYãHWNêFKDQHQXORYêFKYUFKRORYPiVWURPSUH1 "
F$NiMHKĎENDVWURPXSUH1 "
%LQiUQ\Y\KĐDGiYDFtVWURPY]QLNROSRVWXSQêPSULGiYDQtPYUFKRORY]DþDOLVPHRGSUi]GQHKR
VWURPXYWRPWRSRUDGt
D1DNUHVOLWHWHQWRVWURP
'DQiMHQDVOHGRYQiGHNODUiFLDQHRULHQWRYDQpKRJUDIXDSURFHG~UDSUHKĐDGiYDM~FDJUDIGRKĎEN\
FRQVWQ
JUDIDUUD\>Q@RIVHWRIQ
>@>@>@>@>@>@>@>@>@
YDUYLVVHWRIQ^PQRåLQDQDYãWtYHQêFKYUFKRORYQD]DþLDWNX
>@`
SURFHGXUHGRKOEN\LLQWHJHU
YDUMLQWHJHU
EHJLQ
YLV YLV>L@ZULWHL
IRUM WRQGR
LIQRWMLQYLVDQGMLQJUDI>L@WKHQ
GRKOEN\M
HQG
=LVWLWHDNêPYUFKRORPPXVHOR]DþtQDĢSUHKĐDGiYDQLHGRKĎEN\NHćVNRQþLORYRYUFKROH
1DStãWHW~WRSRVWXSQRVĢQDYãWHYRYDQêFKYUFKRORY
'DQiMHSRVWXSQRVĢVORY
PDPDPDHPXDHPDPDPDPXXPPHPXPHDPPHPHPH
1DNUHVOLWHSUtVOXãQêOH[LNRJUDILFNêVWURPSUHDEHFHGX^DHPX`QDKUDQ\VWURPX]DStãWH
SUtVOXãQpStVPHQRGRYUFKRORYSRþHWYêVN\WRYSUtVOXãQpKRSRGUHĢD]FD
SURFHGXUHEDFNLMLQWHJHU
EHJLQ
LIL 1DQGM 0WKHQLQFS
HOVHLILLQ>1@DQGMLQ>0@DQGD>LM@
WKHQ
EHJLQ
D>LM@
EDFNLM
EDFNLM
EDFNLM
D>LM@
HQG
HQG
EHJLQ
ILOOFKDUD1
0D>@ S
EDFN
ZULWHOQS
HQG
'DQêMHELQiUQ\VWURPWRKRWRWYDUX
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
LQIRZRUG
V\QEUDWVWURP
HQG
D=LVWLWHDNêYêVOHGRNYUiWLSUHGDQêVWURP
E=NWRUpKRYUFKROXVWURPXWUHED]DþDĢSUHNWRUêSRGVWURPDE\EROYêVOHGRNPD[LPiOQ\"
F9VWURPHRSUDYWHMHGHQYUFKROþtVHOQ~KRGQRWXWDNDE\YêVOHGRNIXQNFLHSUHFHOêVWURPERO
7HVW]SURJUDPRYDQLDYãNURNX PiM
%RGRYDQLH
V~þHW
PD[
SULHPHU
%LQiUQ\VWURPVFHORþtVHOQêPLYUFKROPLVDDOJRULWPRP35(25'(5Y\StVDO
.WRUp]QDVOHGRYQêFKSRVWXSQRVWtVDPRKOLY\StVDĢDOJRULWPRP,125'(5]WRKRLVWpKR
VWURPX"
D
E
F
G
H
ýtVOD]DNUHVOLWHGRELQiUQHKRY\KĐDGiYDFLHKRVWURPXPLQLPiOQHMKĎEN\WDNDE\YNRUHQLVWURPX
ERORþRQDMYlþãLHþtVOR
'DQêSURJUDPQLHþR]LVĢXMHQDQHRULHQWRYDQRPRKRGQRWHQRPJUDIHSRPRFRXSUHKĐDGiYDQLDVQiYUDWRP
YDUJDUUD\>QQ@RIFKDU
LSLQWHJHU
SURFHGXUHEDFNWUDFNLLQWHJHUVVWULQJ
YDUMLQWHJHU
EHJLQ
LIV
WKHQLQFS
HOVHIRUM WRQGR
LIJ>LM@ V>@WKHQ
EHJLQ
J>LM@
J>ML@
EDFNWUDFNMFRS\V
J>LM@ V>@J>ML@ V>@
HQG
HQG
EHJLQ
^QDFLWDQLHJUDIX`
S
IRUL WRQGREDFNWUDFNL
DDEDFF
ZULWHOQS
HQG
1DNUHVOLWHJUDIVSLDWLPLYUFKROPLDþRQDMPHQãtPSRþWRPKUiQWDNDE\GDQêSURJUDPY\StVDOþtVOR
91SUYNRYRPFHORþtVHOQRPSROLPiPHXORåHQ~KDOGX1HGRSDWUHQtPVDGYDSUYN\QDY]iMRPY\PHQLOL
9\PHĖWHLFK
'DQêMHDULWPHWLFNêYêUD]]DStVDQêYLQIL[RYRPWYDUH
1DNRĐNRYĖRPFKêEDM~RNU~KOH]iWYRUN\DQHSRþtWDPHVSULRULWRXRSHUiWRURYPRåQRWHQWR
DULWPHWLFNêYêUD]LQWHUSUHWRYDĢU{]Q\PLVS{VREPLMHPRåQp]QHKRY\WYRULĢYLDFU{]Q\FK
DULWPHWLFNêFKVWURPRYNWRUêFKYêSLVLQRUGHURPYUiWL]DGDQêYêUD]1DStãWHYãHWN\YêUD]\Y
SUHIL[RYRPWYDUHNWRUp]RGSRYHGDM~YãHWNêPPRåQêPLQWHUSUHWiFLiPGDQpKRLQIL[RYpKRYêUD]X
9ãHREHFQp]R]QDP\V~GHILQRYDQpGiWRYRXãWUXNW~URX
W\SHW$WRP FKDU
Y]R] AYUFKRO
YUFKRO UHFRUG
FDVHW\SDW]R]RI
DWKRGW$WRP
]R]V\QGDOVLY]R]
HQG
)XQNFLDXSUDYGRVWiYDDNRSDUDPHWUHVPHUQtNQDYãHREHFQê]R]QDPDFHOpþtVOR
IXQFWLRQXSUDY]Y]R]QE\WHY]R]
YDU]]]Y]R]
EHJLQ
LI] QLORUQWKHQXSUDY QLO
HOVHLI]AW\S DWWKHQ
LIQ WKHQXSUDY ]HOVHXSUDY QLO
HOVH
EHJLQ
] XSUDY]AV\QQ] XSUDY]AGDOVLQ
LI] QLOWKHQXSUDY ]
HOVH
EHJLQ
QHZ]]AW\S ]R]
]AV\Q ]]AGDOVL ]
XSUDY ]
HQG
HQG
HQG
=LVWLWHDNpYãHREHFQp]R]QDP\YUiWLYRODQLHXSUDYVR]R]QDPRP
V DEFGHIJ
DXSUDYV
EXSUDYV
9êVOHGRNY\StãWHYWH[WRYRPWYDUH
3UHiUQ\OH[LNRJUDILFNêVWURPMHGHILQRYDQiSURFHG~UDYVXQNWRUiYVXQLHQRY~KRGQRWXGRVWURPX
W\SHVWURP AYUFKRO
YUFKRO UHFRUG
KORQJLQW
QDUUD\>@RIVWURP
HQG
SURFHGXUHYVXQYDUVVWURPNORQJLQW
YDULLQWHJHU
EHJLQ
LIV QLOWKHQ
EHJLQ
3UHGSRNODGDMPHåHGRSUi]GQHKRVWURPXVPHSRVWXSQHYVXQXOLþtVOD
D.RĐNRYUFKRORYEXGHPDĢWHQWRVWURP"
E.RĐNROLVWRYEXGHPDĢWHQWRVWURP"
'DQêMHOH[LNRJUDILFNêVWURPYNWRURPNyGXMHPHSRþHWYêVN\WRYVORYQDGDEHFHGRX^DEF`
D.RĐNRU{]Q\FKVORYMH]DNyGRYDQêFKYVWURPH"
E9\StãWHYãHWN\U{]QHVORYiNWRUpVDYVWURPHY\VN\WXM~DVSRĖNUiW
F9\StãWHYãHWN\U{]QHVORYiYVWURPHNWRUpQHREVDKXM~StVPHQR
F
G9\StãWHYãHWN\GYRMStVPHQRYpVORYiNWRUpVDQHY\VN\WOLDQLUD]
/RJLFNiIXQNFLD]LVWLYUiWLSUHELQiUQ\VWURPWUXHDNYĖRPH[LVWXMHDVSRĖMHGQDGYRMLFDU{]Q\FK
YUFKRORYVURYQDNRXLQIRUPDþQRXþDVĢRX'RSOĖWHFKêEDM~FXþDVĢSURJUDPX
W\SHVWURP AYUFKRO
YUFKRO UHFRUGLQIRSUYRNOSVWURPHQG
EHJLQ
]LVWL ]LVWLVQLO
HQG
1DVOHGXM~FDSURFHG~UDY\SLVXMHYUFKRO\QHRULHQWRYDQpKRJUDIXPHWyGRXGRãtUN\
SURFHGXUHGRVLUN\YYUFKRO
YDUZYUFKRO
TTXHXH
EHJLQ
TLQLWDSSHQGY
UHSHDW
TVHUYHY
LIQRWYLVLWHG>Y@WKHQ
EHJLQ
YLVLWHG>Y@ WUXH
ZULWHY¶¶
IRUZ WR1GR
LI*>YZ@WKHQ
TDSSHQGZ
HQG
XQWLOTLVHPSW\
TGRQH
HQG
SULþRPJUDIMHSRStVDQêWDEXĐNRXVXVHGQRVWt*>YUFKROYUFKRO@RIERROHDQ=LVWLWHDN~SRVWXSQRVĢ
Y\StãHSURFHG~UDGRVLUN\DNVPHMX]DYRODOL
DVSRþLDWRþQêPYUFKRORP
EVSRþLDWRþQêPYUFKRORP
FVSRþLDWRþQêPYUFKRORP
GVSRþLDWRþQêPYUFKRORP
7DEXĐNDSURFHG~UDIXQNFLtSUHU{]QHW\S\V~ERURY
WH[W ILOHRIYHWD ILOH
DVVLJQ
UHVHW OHQQDþtWDQLH DMþtW]iS DMþtW]iSGĎåNDYHW\
UHZULWH OHQQD]iSLV DMþtW]iS DMþtW]iSGĎåNDYHW\
FORVH
HRI
HROQ
VHHNHRI
VHHNHROQ
U{]QHW\S\SUHP
UHDG OHQSUHPHQQiW\SXYHWD
!NRQYHU]LD]FKDU
U{]QHW\S\SUHP
UHDGOQ
!NRQYHU]LD]FKDU
EORFNUHDG ĐXERYRĐQiSUHPHQQi
U{]QHW\S\YêUD]RY
ZULWH OHQSUHPHQQiW\SXYHWD
!NRQYHU]LDQDFKDU
U{]QHW\S\YêUD]RY
ZULWHOQ
!NRQYHU]LDQDFKDU
EORFNZULWH ĐXERYRĐQiSUHPHQQi
ILOHVL]H
ILOHSRV
VHHN
WUXQFDWH
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTUBCVMLB@TVCPSPWIUN<>
http://www.delphi.input.sk/archiv/pascal.ls/tabulka.txt
9VOHGN\WHVWX]3URJUDPRYDQLD
632/8
$PEU0LFKDOL
$UEHW0LFKDOL
JK0DUHNL
%DFKRY%DUERUDL
%DUWHN3HWHUL
%EHO3DYROL
%HQN7RPL
%HQHV=VROWL
%HR3HWHUL
%RGN3HWHUL
%RWW5RODQGL
%UXFKWHU3HWHUL
%XUJHU%RULVL
HUQ3DYROL
LPRY.DWDUQDL
(LIOHU0DUWLQL
)DNRYHF0DUFHOL
)DUNDV*DEULHOL
*UHEH%UDQLVODYL
+DDQ0LORL
+RPROD-XUDML
+RUN3HWHUL
+XGHF3HWHUL
,UPDQ9ODGLPUL
-DEORQRYVN'YLGL
-DR0LURVODYL
-DXUD2QGUHML
.DOD0DWL
.RHQHN-QL
.RYLN-QL
.RYLN0DUWLQL
.RYURY0LODGDL
.XEDOD0LODQL
.XEQL3HWHUL
.\VHOLFD0LFKDOL
/HQ5EHUWL
/RPDQ-OLXVL
/XHQL0DWHML
/OH\/DGLVODYL
0DURN-QL
0DUWYR%RULVL
0H]HL0LFKDOL
0LQWO$QGUHML
0RNR0DUWLQL
1DYDULN0DWL
1LN0DULDQL
1RYRWQ5DVWLVODYL
2NDMN0DUWLQL
2QGUND3HWHUL
2UDYHFWHIDQL
3DLO7RPL
3DXGLW7RPL
3DXHU5RPDQL
3DYOVHN3DYHOL
3OII\2QGUHML
3HWUX/DGLVODYL
3RORYNRY3HWUDL
3RUWH3HWHUL
3RWRN7RPL
5DIDM3HWHUL
6DER0DUWLQL
6RODQL-DURVODYL
6WDULQVN-XUDML
6]LQHN3HWHUL
6]ORYN$WWLODL
WXUF-DNXEL
XSD3DYROL
7UL]QD-XUDML
7XLQVN9ODGLPUL
8UVQ\-XUDML
9DUJD5RPDQL
9\Q0DUWLQL
:DOO-QL
=KUDGQ'DULQDL
LDN3HWHUL
6]DUND7RPLE
%DUWHOW5LFKDUGX0,
%H3HWHUX0,
&DJDUGD0LFKDOX0,
&LEXOND7RPX0,
L]PD]LD0LFKDOX0,
XUL-QX0,
)UDDVRY-DQDX0,
)XUGD5LFKDUGX0,
+DQ]HO3HWHUX0,
+XGHF0DUWLQX0,
+\EHQ-DURVODYX0,
.DGF0LFKDOX0,
.DUDERY0LORVODYDX0,
.RKDQRY,YHWDX0,
0DUWLQHF0DUWLQX0,
0HGR-QX0,
3OHYD%UDQLVODYX0,
5DGYDQVN0DUHNX0,
6LWWD7RPX0,
6ODYNRY0ULDX0,
6]HNXOD5EHUWX0,
WXJHO3DYROX0,
9UEN,YDQX0,
9ERK0DULQX0,
=DIND$QGUHMX),
0$;,0$/,67$
35,(0(5
6N~ãND]SURJUDPRYDQLDSUHL0,D), GRREHGD
90RQJROVNXV~SUH]LGHQWVNpYRĐE\YSOQRPSU~GH2EDMDSUH]LGHQWVNtNDQGLGiWLPDM~DEVROYRYDĢSUHGYROHEQpWXUQp
1DNRĐNRPDM~Y]iMRPQ~DYHU]LXYROHEQiNRPLVLDUR]KRGODåHNDåGê]QLFKQDYãWtYLQDRNUXåQRPYêMD]GHURYQDNêSRþHW
RViGSULþRPåLDGQXRVDGXSRþDVVYRMKRWXUQpQHQDYãWtYLDREDMDNDQGLGiWL
9WHUPLQROyJLLGiWRYHMãWUXNW~U\JUDIE\VPHPRKOLSRYHGDĢåHYROHEQiNRPLVLDVDSRN~VLQiMVĢQDQHRULHQWRYDQRPJUDIH
GYDþRQDMYlþãLHGLVMXQNWQpF\NO\SULþRPREDPXVLDE\ĢURYQDNRGOKp3UHGSRNODGDMPHåHF\NOXVE\PDOPDĢDVSRĖ
YUFKRO\
ƔV~UDGQLFHRVDG\QDREUD]RYNH±GYHFHOpþtVODLQWHJHU
ƔSRVWXSQRVĢþtVHOE\WHVXVHGLDFLFKRViGXNRQþHQiKRGQRWRXRVDG\V~RþtVORYDQpYSRUDGtYLHWYV~ERUH
1H]DEXGQLWHåHNHćåHMHJUDIQHRULHQWRYDQêDH[LVWXMHKUDQD>99@PXVtH[LVWRYDĢDMKUDQD>99@YV~ERUHWRWDN
QHPXVtE\Ģ*UDIVLP{åHWHQHMDNRãLNRYQHUHSUH]HQWRYDĢYSDPlWL
0{åHWHSUHGSRNODGDĢåHRViGQLHMHYLDFDNRDWLHååHV~ERUMHNRUHNWQê
3ULHEHKDOJRULWPX]Qi]RUĖXMWHQDREUD]RYNH±Y\IDUEXMWHPRPHQWiOQH]RVWURMHQpFHVW\GYRPDU{]Q\PLIDUEDPLDWRSRGĐD
WRKRþLVD]RVWDYXMHFHVWDSUHSUYpKRNDQGLGiWDDOHERSUHGUXKpKR
$NSURJUDPQiMGHULHãHQLHWDN]DVWDQHY\StãHRWRPVSUiYXDþDNiQD(VF!$NSURJUDPQHQiMGHåLDGQHULHãHQLHWLHåR
WRPY\StãHVSUiYX3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWH]DVWDYLĢNOiYHVRP(VF!
0{åHWHSRXåLĢOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ãND]SURJUDPRYDQLDSUHL0,D), SRREHGH
9iãSURJUDPQDMSUYQDþtWD]ELQiUQHKRV~ERUXRNUHV\GDW~GDMHRWRPYNRĐNêFKRNUHVRFKY\KUiYDM~MHGQRWOLYtNDQGLGiWL
WMDNêMHSRþHWYODMRþLHNSUtVOXãQHMIDUE\DWLHåRGYRMLFLDFKRNUHVRYVURYQDNRXYODMRþNRXâWUXNW~UDV~ERUXMH
QDVOHGRYQiYHW\V~SUHPHQOLYHMGĎåN\
XNRQþHQiGYRMLFRX
ƔSRVWXSQRVĢGYRMtFRNUHVRYLFKSRUDGRYêFKþtVHOY]R]QDPHV~UDGQtFV~W\SXE\WHNWRUpPDM~URYQDN~IDUEX
YODMRþN\WMURYQDNpKRPRPHQWiOQHYtĢD]LDFHKRNDQGLGiWD
0{åHWHSUHGSRNODGDĢåHRNUHVRYQLHMHYLDFDNRDWLHååHV~ERUMHNRUHNWQê
1H]DEXGQLWHåHNHćåHMHJUDIQHRULHQWRYDQêDH[LVWXMHKUDQD>99@PXVtH[LVWRYDĢDMKUDQD>99@YV~ERUHWRWDN
QHPXVtE\Ģ*UDIVLP{åHWHQHMDNRãLNRYQHUHSUH]HQWRYDĢYSDPlWL
$NSURJUDPQiMGHULHãHQLHWDN]DVWDQHY\StãHRWRPVSUiYXDþDNiQD(VF!$NSURJUDPQHQiMGHåLDGQHULHãHQLHWLHåR
WRPY\StãHVSUiYX3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWH]DVWDYLĢNOiYHVRP(VF!
0{åHWHSRXåLĢOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ãND]SURJUDPRYDQLDSUHL0,D), GRREHGD
%OtåLDVDSUH]LGHQWVNpYRĐE\DPLQLVWHUVWYRYQ~WUDGRVWDOR]D~ORKX]DEH]SHþLĢXPLHVWQHQLHYROHEQêFKFHQWLHUWDNDE\PDO
NDåGêYROLþQDMEOLåãLXYROHEQ~PLHVWQRVĢYRY]GLDOHQRVWLGRNP1DNRĐNRWUHEDPD[LPiOQHãHWULĢãWiWQHSURVWULHGN\
WUHEDPLQLPDOL]RYDĢDMSRþHWYROHEQêFKFHQWLHU'RVWDOLVPH~ORKXQDStVDĢSURJUDPNWRUê]ELQiUQHKRV~ERUXYROE\GDW
QDþtWDUR]ORåHQLHREFtDY]GLDOHQRVWLPHG]LQLPLDQD]iNODGHWHMWRLQIRUPiFLHQDYUKQHRSWLPiOQHUR]ORåHQLHYROHEQêFK
FHQWLHUWDNDE\VSĎĖDOLKRUHXYHGHQ~SRGPLHQNX
'iWDYELQiUQRPV~ERUHV~XORåHQpQDVOHGRYQH
]RGSRYHGDM~Y]GLDOHQRVWLDPGDQHMREFHRGRVWDWQêFKREFtSRNLDĐGYHREFHQLHV~VSRMHQpFHVWRXMHWiWR
Y]GLDOHQRVĢ
0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDYUFKRORYQLHMHYLDFDNR
3ULHEHKEDFNWUDFNLQJX]Qi]RUĖXMWH]DIDUERYDQtPR]QDþRYDQêFKREFtWLHNWRUpVDR]QDþXM~DOJRULWPRPSUHKĐDGiYDQLDGR
ãtUN\IDUELWHLQRXIDUERXDNRYROHEQpREFH
9SURJUDPH]DGHILQXMWHNRQãWDQWXY]GWDNDE\ERORMHGQRGXFKp]PHQLĢPD[LPiOQXY]GLDOHQRVĢREFHRGYROHEQpKRFHQWUD
QDSU
FRQVWY]G
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWHSUHUXãLĢNOiYHVRP(VF!
3RXåtYDMWHOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ãND]SURJUDPRYDQLDSUHL0,D), SRREHGH
-HSRSUH]LGHQWVNêFKYRĐEiFKDQRYR]YROHQêSUH]LGHQWVDUR]KRGRODEVROYRYDĢRVODYQpWXUQpSRFHOHMNUDMLQH3UH]LGHQWVNi
NDQFHOiULDPi]D~ORKXPXQDSOiQRYDĢWUDVXWRKRWRWXUQpNWRUi]DþtQDYKODYQRPPHVWHP{åHNRQþLĢYĐXERYRĐQRP
RNUHVH.DQFHOiUXSR]RUQLOVSROXSUDFRYQtNDNWRUêWUDVXSOiQXMHåHSUH]LGHQWE\XWUSHOãRNNHE\SULSUHFKRGH]MHGQpKR
RNUHVXGRGUXKpKR]LVWLOåHYWRPWRGUXKRPRNUHVHGRVWDORGVYRMLFKYROLþRYYêUD]QHPHQHMKODVRYDNRYWRP
SUHGFKiG]DM~FRPRNUHVH3UHWRWUHEDWUDVXQDSOiQRYDĢWDNDE\SUH]LGHQWQDYãWtYLOþRQDMYLDFRNUHVRYDOHDE\SULSUHFKRGH
GRQRYpKRRNUHVXQHNOHVOLMHKRYROHEQpSUHIHUHQFLHYLDFDNRRRSURWLSUHGFKiG]DM~FHPXRNUHVX
9DãRX~ORKRXMHQDStVDĢSURJUDPNWRUê]ELQiUQHKRV~ERUXWXUQHGDWQDþtWDUR]ORåHQLHRNUHVRYDSRþHWKODVRYY
SHUFHQWiFKNWRUpYQLFKGRVWDODQD]iNODGHWHMWRLQIRUPiFLHQDYUKQHRSWLPiOQXWUDVXSUHWXUQpWDNDE\VSĎĖDODKRUH
XYHGHQpSRGPLHQN\
.DåGiYHWDELQiUQHKRV~ERUXSRSLVXMHMHGHQYUFKROQHRULHQWRYDQpKRJUDIXYHW\V~SUHPHQOLYHMGĎåN\
ƔV~UDGQLFHRNUHVXQDREUD]RYNHGYHþtVODW\SXLQWHJHU
ƔþtVOREDMWNWRUp]RGSRYHGiSRþWXKODVRYYSHUFHQWiFKNWRUpGRVWDOSUH]LGHQWYGDQRPRNUHVH
ƔSRþHWVXVHGQêFKRNUHVRYEDMW
ƔSUHNDåGêVXVHGLDFLRNUHVV~UDGQLFHWRKRWRRNUHVXGYHþtVODW\SXLQWHJHU
0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDYUFKRORYQLHMHYLDFDNR1H]DEXGQLWHåHNHćåHMHJUDIQHRULHQWRYDQê
DNH[LVWXMHKUDQD>YY@PXVtH[LVWRYDĢDMKUDQD>YY@DOHYV~ERUHWRWDNQHPXVtE\Ģ
9iãSURJUDPXORåtQDþtWDQp~GDMHGRãWUXNW~U\JUDIUHSUH]HQWRYDQêSRĐRPPQRåtQVXVHGRYY\NUHVOtWHQWRJUDIDVSXVWtQD
ĖRPDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJNWRUêQiMGHQDMOHSãLHULHãHQLH3ULHEHKEDFNWUDFNLQJX
]Qi]RUĖXMWH]DIDUERYDQtPSULHEHåQH]RVWDYRYDQHMWUDV\
9SURJUDPH]DGHILQXMWHNRQãWDQW\VRNDVWDUWDE\ERORPRåQpSURJUDPWHVWRYDĢSUHU{]QHSHUFHQWXiOQHUR]GLHO\Y
SUHIHUHQFLiFKQDSUDSUHU{]QHãWDUWRYDFLHYUFKRO\YJUDIHKODYQpPHVWRMHQDSUYUFKROQDSU
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWHSUHUXãLĢNOiYHVRP(VF!
3RXåtYDMWHOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ãND]SURJUDPRYDQLDSUHL0,D), GRREHGD
3RþDVSUHGYROHEQpKRPRUDWyULDQDLQIRUPiFLHRYROHEQêFKSUHIHUHQFLiFKMHGQRWOLYêFKNDQGLGiWRYQDSUH]LGHQWDVDQiP
SUHGVDOHQSRGDULOR]LVWLĢQHMDNpLQIRUPiFLHSUYpKR]NDQGLGiWRYE\VSUHYDKRX]YROLOLSULEOLåQHY3SHUFHQWRNUHVRFK
GUXKpKR]NDQGLGiWRYY3RNUHVRYDYR]Y\ãQêFKRNUHVRFKE\EROLSULEOLåQHURYQDNpSUHIHUHQFLHRERFKNDQGLGiWRY=
DJHQW~U\NWRUiURELODWHQWRSULHVNXPVPHVDHãWHGR]YHGHOLåHQDPDSHQDNWRUHMPDOLIDUHEQH]D]QDþHQpWLHWRSULHEHåQp
YêVOHGN\QHVXVHGLOLåLDGQHGYDRNUHV\]URYQDNHMVNXSLQ\SUHIHUHQFLt9ELQiUQRPV~ERUHPDSDGDWPiPH]DGDQp
V~UDGQLFHRNUHVQêFKPLHVWMHGQRWLOYêFKRNUHVRYDWLHåLQIRUPiFLHRWRPNWRUpRNUHV\QDY]iMRPVXVHGLD9HW\YV~ERUHV~
SHYQHMGĎåN\DNDåGi]QLFKSRSLVXMHMHGHQRNUHVLWDYHWDSRSLVXMHLW\RNUHV
YHWD]DþtQDV~UDGQLFDPLRNUHVQpKRPHVWDQDREUD]RYNHGYHþtVODW\SXLQWHJHU
Ɣ
0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDYUFKRORYQLHMHYLDFDNR*UDIMHQHRULHQWRYDQêDYV~ERUHV~YãHWN\
KUDQ\]D]QDþHQpRERPDVPHUPL
9iãSURJUDPXORåtQDþtWDQp~GDMHGRãWUXNW~U\JUDIUHSUH]HQWRYDQêSRĐRPPQRåtQVXVHGRYY\NUHVOtWHQWRJUDIDVSXVWtQD
ĖRPDOJRULWPXVSUHKĐDGiYDQLDVQiYUDWRPEDFNWUDFNLQJNWRUêQiMGHĐXERYRĐQpULHãHQLHNWRUpY\KRYXMH]DGDQLX
3ULHEHKEDFNWUDFNLQJX]Qi]RUĖXMWHSULHEHåQêP]DIDUERYDQtPPDS\QHMDNêPLU{]Q\PLIDUEDPLHãWHQH]DIDUEHQêRNUHV
E\PDOE\Ģ]Qi]RUQHQêãHGRXIDUERX$N~ORKDQHPiULHãHQLHSURJUDPRWRPY\StãHVSUiYX
+RGQRW\SHUFHQWSUHSUHIHUHQFLHNDQGLGiWRYGHILQXMWHYNRQãWDQWiFKSURJUDPXDSRþW\RNUHVRYNWRUp]RGSRYHGDM~WêPWR
SHUFHQWiPY\SRþtWDMWHVR]DXNU~KOHQtPURXQGQDSU
3URJUDPE\VDPDOGDĢYĐXERYRĐQRPPRPHQWHSUHUXãLĢNOiYHVRP(VF!
3RXåtYDMWHOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
6N~ãND]SURJUDPRYDQLDSUHL0,D), SRREHGH
9QHPHQRYDQHMEDONiQVNHMNUDMLQHVDSUYêNUiWFK\VWDM~SUH]LGHQWVNpYRĐE\'YDMDSUH]LGHQWVNtNDQGLGiWLV~]R
]QHSULDWHOHQêFKVWUiQDWDNDMLFKYROLþLV~UR]GHOHQtGRGYRFKWiERURY$E\SULYRĐEiFKQHY]QLNOLQHMDNpSUREOpP\YOiGD
VDFK\VWDODXURELĢQDVOHGXM~FHRSDWUHQLH9NDåGRPPHVWH]LVWLODYROHEQpSUHIHUHQFLHMHGQRWOLYêFKNDQGLGiWRYDDNEROLY
GYRFKVXVHGQêFKPHVWiFKWLHWRSUHIHUHQFLHYêUD]QHRGOLãQpWDNFKFHODX]DYULHĢFHVWXPHG]LWêPLWRPHVWDPL=LVWLODYãDN
åHNHE\VDWRXURELOD]RVWDOLE\QLHNWRUpPHVWiDOHERVNXSLQ\PLHVW~SOQHRGUH]DQpRG]Y\ãNXNUDMLQ\3UHWRWUHEDQLHNWRUp
]WêFKWRY\W\SRYDQêFKFLHVWQHFKDĢRWYRUHQpDE\VD]DEH]SHþLORåHVD]NDåGpKRPHVWDGiGRVWDĢGRNDåGpKRPHVWD
9iãSURJUDPSUHþtWD]ELQiUQHKRV~ERUXEDONDQGDW~GDMHRUR]ORåHQtPLHVWQDPDSHDRYROHEQêFKSUHIHUHQFLiFKY
MHGQRWOLYêFKPHVWiFK
.DåGiYHWDV~ERUXSRSLVXMHMHGQRPHVWR
V~SUHIHUHQFLHGUXKpKRNDQGLGiWD
ƔQDVOHGXMHSRVWXSQRVĢþtVLHOVXVHGQêFKPLHVWþtVODW\SXE\WHXNRQþHQiQXORX
0{åHWHSUHGSRNODGDĢåHV~ERUMHNRUHNWQêDYUFKRORYQLHMHYLDFDNR.HćåHMHJUDIQHRULHQWRYDQêDNYĖRPH[LVWXMH
KUDQD>YY@PXVtYĖRPH[LVWRYDĢDMKUDQD>YY@DOHYV~ERUHWRWDNQHPXVtE\Ģ
3ULHEHKEDFNWUDFNLQJX]Qi]RUĖXMWHSULHEHåQêP]DIDUERYDQtPUL]LNRYêFKKUiQNWRUpSULGiYDWHNXJUDIX
.ULWLFN~KRGQRWXUR]GLHOXSUHIHUHQFLtYVXVHGQêFKPHVWiFKGHILQXMWHYNRQãWDQWHSURJUDPXQDSU
FRQVWNUL]D
3RXåtYDMWHOHQXQLW\&UWD*UDSK
7HVWRYDFLHGiWRYpV~ERU\
7HVWSUHIDQDWLNRY]3URJUDPRYDQLDL0,),
1DStãWHPHWyG\WULHG\70QR]LQDNWRUiUHSUH]HQWXMHGiWRYêW\SPQRåLQDUHiOQ\FKþtVHOSRPRFRX
MHGQRVPHUQpKRVSiMDQpKR]R]QDPX3UYN\]R]QDPXQHPXVtWHXGUåLDYDĢXVSRULDGDQp=R]QDPMH
SUtVWXSQêSRPRFXGYRFKVPHUQtNRYQD]DþLDWRN]R]QDPXDQDNRQLHFSRVOHGQêSUYRN]R]QDPX
3RXåLWHQDVOHGXM~FHGHNODUiFLH
W\SHSUYRN UHDO
]R]QDP AYUFKRO
YUFKRO UHFRUGLQIRSUYRNQH[W]R]QDPHQG
70QR]LQD REMHFW
]N]R]QDP^]DþLDWRNDNRQLHF]R]QDPX`
SURFHGXUHLQLW
SURFHGXUHSULGDMSSUYRN^DNHãWHYPQRåLQHQHH[`
SURFHGXUHY\KRGSSUYRN^DNMHSUYNRPPQRåLQ\`
IXQFWLRQMHSUYRNSSUYRNERROHDQ^]LVWtþLMHSUYNRPPQRåLQ\`
HQG
9ãHREHFQêVWURPUHSUH]HQWXMHPHSRPRFRXELQiUQHKRVWURPXWDNåHĐDYêVPHUQtNNDåGpKR
YUFKRODMHVPHUQtNQDSUYpKRV\QDWRKWRYUFKRODDSUDYêVPHUQtNMHVPHUQtNQDQDVOHGXM~FHKR
EUDWDYUFKROQDWHMLVWHM~URYQLNWRUêPiWRKRLVWpKRRWFD1DStãWHIXQNFLXDUQRVWNWRUi]LVWt
iUQRVĢVWURPXPD[LPXPSRþWXV\QRYYãHWNêFKYUFKRORY9ãHREHFQêVWURPMHGHILQRYDQê
QDVOHGRYQêPLW\SPL
W\SHSUYRN LQWHJHU
VWURP AYUFKRO
YUFKRO UHFRUGLQIRSUYRNV\QEUDWVWURPHQG
1HRULHQWRYDQêJUDIMHSRStVDQêWDEXĐNRXPQRåtQVXVHGRY
W\SHYUFKRO\ 1
JUDI DUUD\>YUFKRO\@RIVHWRIYUFKRO\
1DStãWHIXQNFLX0D[.RPSNWRUi]LVWtSRþHWYUFKRORYQDMYlþãLHKRNRPSRQHQWX.RPSRQHQWMH
WDNêV~YLVOêSRGJUDINWRUpKRåLDGHQYUFKROQHPiVSRMHQLHVRVWDWQêPLYUFKROPLJUDIX)XQNFLD
PiMHGHQSDUDPHWHUW\SXJUDI
1DStãWHSURJUDPNWRUêGRGYRMUR]PHUQpKRFHORþtVHOQpKRSRĐD3UR]PHURY1[1GRSOQt
FKêEDM~FHþtVOD]DWLDĐV~UHSUH]HQWRYDQpQXORYRXKRGQRWRXWDNDE\Y]QLNROPDJLFNêãWYRUHF
V~þW\SUYNRYSRULDGNRFKDMSRVWĎSFRFKV~WiLVWiNRQãWDQWD.
3ROHP{åHREVDKRYDĢOHQþtVOD]LQWHUYDOX1YULDGNXDOHERYVWĎSFLVDþtVORP{åHQDFKiG]DĢDM
YLDFNUiWÒORKXULHãWHPHWyGRXSUHKĐDGiYDQLDVRVSlWQêPQiYUDWRPEDFNWUDFNLQJ$N
QHH[LVWXMHåLDGQHULHãHQLHSURJUDPY\StãHVSUiYX6WDþtQiMVĢMHGLQpULHãHQLH
QDVS
9êVOHGN\WHVWXSUHIDQDWLNRY
%RGtN3HWHU IDQDWLN
ýHUQê3DYRO IDQDWLN
-DXUD2QGUHM
+DãDQ0LORã IDQDWLN
+RPROD-XUDM IDQDWLN
+XGHF3HWHU
.RĜHQHN-iQ "
.RYiþLN-iQ IDQDWLN
.\VHOLFD0LFKDO
/HQþpã5yEHUW IDQDWLN
/RPDQ-~OLXV " "
0RãNR0DUWLQ IDQDWLN
2þNDMiN0DUWLQ " "
2QGUHMRYLþ3DYHO IDQDWLN
3DXHU5RPDQ
3HWUXã/DGLVODY IDQDWLN
5DIDM3HWHU
6WDULQVNê-XUDM "
6]DUND7RPiã
9DJDVNê0DUWLQ IDQDWLN
9\ãQê0DUWLQ IDQDWLN
0$;,0$/,67$ IDQDWLN
PD[LPiOQHVDGDORGRVLDKQXĢERGRY
SUtNODGR]QDþHQê"QHERORSUDYRYDQêERG\]QHKRE\QHRYSO\QLOLFHONRYêYêVOHGRN
IUUQXXXEFMQIJJOQVUTLBSDIJWQBTDBMMTGBOUBCIUN<>