.RQVSHNW]DM FLDZNODVLH6]NRá\3RGVWDZRZHMRSUDFRZDQ\SU]H]

PJU:LROHWW $QQ 6WHPSQLN







7(0$7ZL WR1LHSRGOHJáRFL

























.RQVSHNW]DM FLDZNODVLH,,,



%ORNWHPDW\F]Q\='=,(-Ï:32/6.,

7HPDW:, 721,(32'/(*à2&,

3U]HZLG\ZDQHRVLJQL FLDXF]QLD

8&=(

x

-HVWGXPQ\*HMHVW3RODNLHP

x

5R]XPLHGODF]HJR3RODF\ZL WXM']LH1LHSRGOHJáRFL

x

:LHNLPE\á-y]HI3LáVXGVNL

x

3RWUDILGRSDVRZDüZD*QHGDW\]KLVWRULL3ROVNLGRZ\GDU]H

x

8PLHGRNRQDüDQDOL]\ZLHUV]D

x

3RWUDILSRZLHG]LHüZMDNLVSRVyEZL WXMHP\']LH1LHSRGOHJáRFL

x

8]XSHáQLDWHNVW]OXNDPL

x

2GQDMGXMHZWHNFLH]OXNDPLF]DVRZQLNLZIRUPLHRVRERZHM

x

2GPLHQLDF]DVRZQLNZL WRZDüSU]H]RVRE\

x

=QDV\PEROHQDURGRZH



3U]HELHJ



 3U]\SRPQLHQLHQDMZD*QLHMV]\FKZ\GDU]H]KLVWRULL3ROVNL±

GRSDVRZ\ZDQLHGDWGRZ\GDU]H



U

%LWZDSRG*UXQZDOGHP

±U2G]\VNDQLHSU]H]3ROVN QLHSRGOHJáRFL

U&KU]HVW3ROVNL

;,U,,ZRMQDZLDWRZD



 1DZL]DQLHGRGDW\;,URNXLGRRVRE\-y]HID3LáVXGVNLHJR

 :\VáXFKDQLHQDJUDQLDZLHUV]DSWÄ2MF]\]QD´SRGU F]QLNV

 5R]PRZDQDWHPDWZLHUV]D=DSLV\ZDQLHRGSRZLHG]LQDS\WDQLD

x

.WRMHVWDXWRUHPZLHUV]D"

x

-DNLMHVWW\WXáZLHUV]D"

x

=LOX]ZURWHNVNáDGDVL ZLHUV]"

x

3RGDMSU]\NáDGRZHU\P\ZZLHUV]X

x

&]\PMHVWGODDXWRUD2MF]\]QD"

 5R]PRZDQDWHPDWZL WRZDQLD'QLD1LHSRGOHJáRFLQDSRGVWDZLH

]JURPDG]RQHJRVáRZQLFWZD±XVWQHXNáDGDQLH]GDSRGU F]QLNV

 8]XSHáQLDQLHWHNVWX]OXNDPL3U]\SRPQLHQLHRSLVRZQLZLHONOLWHU

QD]ZZLW

'QLDZL WXMHP\']LH

3U]\SRPLQDRQQDPRRG]\VNDQLXSU]H]3ROVN SR

ODWDFKQLHZROL7HJRGQLDRGE\ZDMVL SDWULRW\F]QH

:ZLHOXPLHMVFDFKSRZLHZDMIODJLL

SLHZDMÄ0D]XUHN'EURZVNLHJR´



ELDáR±F]HUZRQHK\PQZROQRFL

OLVWRSDGD1LHSRGOHJáRFLXURF]\VWRFL



 =DSLVDQLHWHPDWXZ]HV]\FLHZL WR1LHSRGOHJáRFL1DNOHMHQLHGDW\

OLVWRSDGDSU]\NOHMHQLHNDUWHN]GDWDPLLWHNVWHP]OXNDPL

 3RGNUHOHQLHZWHNFLH]OXNDPLF]DVRZQLNyZZIRUPLHRVRERZHM

 2GPLDQDF]DVRZQLNDZL WRZDüSU]H]RVRE\

OLF]EDSRMHG\QF]D







OLF]EDPQRJD

MD  



P\

W\ 



Z\

RQ 









RQL 



RQD

RQH



RQR

6\PEROHQDURGRZH±SRGSLVDQLHRGSRZLHGQLPLZ\UD]DPL





JRGáRK\PQIODJD













U\VXQHNJRGáD

















*G]LHE GRGE\ZDá\VL QDMZL NV]HXURF]\VWRFL]RND]MLZL WD

1LHSRGOHJáRFL"

x

3U]\SRPQLHQLHR*URELH1LH]QDQHJR)RáQLHU]D

x

*G]LH]QDMGXMHVL JUyE1LH]QDQHJR)RáQLHU]D"

x

3RND*QDPDSLHIL]\F]QHM3ROVNL:DUV]DZ 

3U]\SRPQLHQLHJáyZQ\FKLSRUHGQLFKNLHUXQNyZZLDWD

2GSRZLHG]LQDS\WDQLDQDSRGVWDZLHNRQWXURZHMPDS\3ROVNL

x

:MDNLHMF] FL3ROVNL]QDMGXMHVL .UDNyZ"

x

-DNLHGX*HPLDVWR]QDMGXMHVL QDSyáQRF\3ROVNL"

x

-DNLHPLDVWR]QDMGXMHVL QD]DFKyGRG:DUV]DZ\"















Ä0D]XUHN



'EURZVNLHJR´













U%LWZDSRG*UXQZDOGHP



±U2G]\VNDQLHSU]H]3ROVN 

QLHSRGOHJáRFL



U&KU]HVW3ROVNL



;,U,,ZRMQDZLDWRZD





U%LWZDSRG*UXQZDOGHP



±U2G]\VNDQLHSU]H]3ROVN 

QLHSRGOHJáRFL



U&KU]HVW3ROVNL



;,U,,ZRMQDZLDWRZD





U%LWZDSRG*UXQZDOGHP



±U2G]\VNDQLHSU]H]3ROVN 

QLHSRGOHJáRFL



U&KU]HVW3ROVNL



;,U,,ZRMQDZLDWRZD





U%LWZDSRG*UXQZDOGHP



±U2G]\VNDQLHSU]H]3ROVN 

QLHSRGOHJáRFL



U&KU]HVW3ROVNL



;,U,,ZRMQDZLDWRZD















'QLDZL WXMHP\']LH

3U]\SRPLQDRQQDP

RRG]\VNDQLXSU]H]3ROVN 

SRODWDFKQLHZROL7HJRGQLDRGE\ZDMVL 

SDWULRW\F]QH

:ZLHOXPLHMVFDFKSRZLHZDM

IODJLL

SLHZDMÄ0D]XUHN'EURZVNLHJR´



ELDáR±F]HUZRQHK\PQZROQRFL

OLVWRSDGD1LHSRGOHJáRFLXURF]\VWRFL





'QLDZL WXMHP\']LH

3U]\SRPLQDRQQDP

RRG]\VNDQLXSU]H]3ROVN 

SRODWDFKQLHZROL7HJRGQLDRGE\ZDMVL 

SDWULRW\F]QH

:ZLHOXPLHMVFDFKSRZLHZDM

IODJLL

SLHZDMÄ0D]XUHN'EURZVNLHJR´



ELDáR±F]HUZRQHK\PQZROQRFL

OLVWRSDGD1LHSRGOHJáRFLXURF]\VWRFL











:MDNLHMF] FL3ROVNL]QDMGXMHVL .UDNyZ"





-DNLHGX*HPLDVWR]QDMGXMHVL QDSyáQRF\3ROVNL"





-DNLHPLDVWR]QDMGXMHVL QD]DFKyGRG:DUV]DZ\"





:MDNLHMF] FL3ROVNL]QDMGXMHVL 6]F]HFLQ"























































,PL LQD]ZLVNRNODVD





,

8]XSHáQLMSRGSLV\SRGREUD]NDPLZ\UD]DPL]UDPNL







K\PQIODJDJRGáR









U\VXQHNJRGáD













,,

2GSRZLHG]QDS\WDQLD]ZL]DQH]ZLHUV]HP



.WRMHVWDXWRUHPZLHUV]D"



-DNLMHVWW\WXáZLHUV]D"



=LOX]ZURWHNVNáDGDVL ZLHUV]"



















Ä0D]XUHN



'EURZVNLHJR´



















3RGU F]QLNL:HVRáD6]NRáD.V]WDáFHQLH]LQWHJURZDQHZNODVLH&] ü

$XWRU]\+'REURZROVND$.RQLHF]QD:']LDEDV]HZVNL

:\GDZQLFWZR:6L3:DUV]DZD