Page 9 - VWDZLHQLH=PLDQDDNWXDOQHM; QLD OXE DZDULL ]DVLODQLD SXOVXM
%ODFKDGRSLHF]HQLD VáX \ GR SLHF]HQLD FLDVWD L PDá\FK FLDVWHF]HN %U\WIDQQD VáX \GRSLHF]HQLDPL VD0R HE\ü WDN H Z\NRU]\VW\ZDQD MDNR QDF]\ QLH GR Z\áDS\ZDQLD FLHNDM FHJR WáXV]F]X 35=('3,(5:6=<08 <&,(0 8VWDZLHQLH=PLDQDDNWXDOQHM JRG]LQ\ L 8U] G]HQLH E G]LH PR QD Zá F]\ü L X \ZDü GRSLHUR SR XVWDZ...
Page 11 - VWDZLHQLHVWRSQLDPRF\
3RGF]DVJRWRZDQLDSRWUDZNWy UHZ\PDJDM GáX V]HJRF]DVXSU]\ JRWRZDQLD QDOH \ Z\á F]\ü SROD JU]HMQH RN PLQXW SU]HG ]D NR F]HQLHP JRWRZDQLD DE\ Z\NR U]\VWDü ]JURPDG]RQ HQHUJL FLHSO Q : WHQ VSRVyE RV]F] G]D VL HQHUJL HOHNWU\F]Q 6WRSQLHPRF\JU]HMQHM q 0RF JU]HMQ SyO PR QD XVWDZLü Z]DNUHVLH q 3R]\FMHSR UHGQLHP...
Page 12 - Ä ́RII
3R Z\WZRU]HQLX VL SDU\ OXE SRGJU]DQLD WáXV]F]X QDOH \ XVWDZLü SRNU WáR QD QL V] PRF JU]HMQ QD ÄJRWRZDQLD ZáD FL ZH´ : FHOX ]DNR F]HQLD SURFHVX JRWRZDQLD QDOH \ SRNU WáR XVWD ZLüQDSR]\FM ]HUR Ä´RII :VND QLN WHJR SROD JU]HMQHJR ZVND]XMH MHV]F]H SU]H] RN VH NXQG\ Ä´ *RWRZDQLH]ÄDXWRPDW\N SRGJU]HZDQLD : ...
Page 14 - ZLHSRGDQHJRQL HMF]DVXLSRGDQHM; EVáXJDSLHNDUQLND; R SRG ZLHWOHQLX ZVND QLND
3ROD JU]HMQH Z\á F]DM VL SR XSá\ ZLHSRGDQHJRQL HMF]DVXLSRGDQHM PRF\JU]HMQHM 6WRSLH PRF\ JU]HMQHM SRJRG]LQDFK 6WRSLH PRF\ JU]HMQHM SRJRG]LQDFK 6WRSLH PRF\ JU]HMQHM SRJRG]LQDFK 6WRSLH PRF\ JU]HMQHM SRJRG]LQ\ $QXORZDQLHEH]SLHF]QHJR DXWRPDW\F]QHJRZ\á F]DQLD VL SyOJU]HMQ\FK $E\ XUXFKRPLü Sá\W SR EH...
Page 17 - =PLDQDIXQNFMLSLHNDUQLND; IXQNFML; R ZLHWOHQLDZHZQ WU]QHJR; ZLHWOHQLH SLHNDUQLND Zá F]D VL
=PLDQDWHPSHUDWXU\SLHNDUQLND 1DFLVQ ü SU]\FLVN OXE DE\ SRGZ\ V]\ü OXE REQL \ü WHPSHUDWX U =PLDQD WHPSHUDWXU\ QDVW SXMH Z R &RGVW SDFK =PLDQDIXQNFMLSLHNDUQLND :\EUDü IXQNFM SLHNDUQLND ZFLVND M F SU]\FLVN OXE D ]RVWDQLH SRG ZLHWORQ\ ZVND QLN Z\EUDQHM IXQNFML :\á F]DQLHSLHNDUQLND 1DFLVNDü SU]\FLVNL ...
Page 24 - UXFKRPLHQLHPSLHNDUQLND
:\á F]DQLHEORNDG\ :FLVQ üMHGQRF]H QLHLSU]\WU]\PDü ZFL QL WH SU]\FLVNL L SU]H] VHNXQG\%ORNDGD MHVW QLHDNW\ZQD L PR QD X \ZDüSLHNDUQLND L :\á F]HQLH XU] G]HQLD SU]\FL VNLHP JáyZQ\P QLH VSRZRGXMH Z\ á F]HQLDEORNDG\ %ORNDGDSU]\FLVNyZ SU]HG SU]\SDGNRZ ]PLDQ XVWDZLH 8VWDZLHQLHEORNDG\SU]\FLVNyZ :á F]\ü SLH...
Page 25 - SRNU WáD
5$'<35$.7<&=1(7$%(/( *RWRZDQLH 'DQH]DPLHV]F]RQHZWDEHODFKV W\ONRZDUWR FLDPLRULHQWDF\MQ\PL8VWDZLH QLH RGSRZLHGQLHJR VWRSQLD PRF\ JU]HMQHM ]DOH \ RG MDNR FL QDF]\ RUD] UR G]DMXLLOR FLGDQHJRSURGXNWX *RWRZDQLHQDSRODFKSá\W\JU]HMQHM 3R]\FMD SRNU WáD 3URFHVNXOLQDUQ\ =DVWRVRZDQLH =DJRWRZDQLH =DJRWR...
Page 26 - SRGVPD DQLH
*RWRZDQLH]ÄDXWRPDW\N SRGJU]HZDQLD´ 3R]\FMD SRNU WáD 3U]\JRWRZDQLH =DVWRVRZDQLH &]DV WUZDQLD ZPLQ :VND]yZNL $GR$ 0RFQH SRGVPD DQLH 6WHNL ± 3RGF]DVVPD HQLD REUyFLü $GR$ 6PD HQLH 6]Q\FHONRWOHW\ PLHORQHMDMHF] QLFDNLHáEDVNL ± 3RGF]DVVPD HQLD REUyFLü $GR$ 6PD HQLH 1DOH QLNLSODFNL 6PD \üEH] SU]HUZ\D SR...
Page 29 - REXIXQNFML; FKHJR
q -H OLQLH]QDMG 3D VWZRGDQ\FK RGQR QLH SLHF]HQLD FLDVWD ZH GáXJ ZáDVQHM UHFHSWXU\ QDOH \ Z\EUDü GDQH GRW\F] FH QDMEDU G]LHMSRGREQHJRFLDVWD q 5y QLFH Z Z\VRNR FL Z\SLHNX PRJ QD SRF] WNX SLHF]HQLD GR SURZDG]Lü GR ]Uy QLFRZDQHJR ]DUXPLHQLHQLD : WDNLP SU]\ SDGNX QLH QDOH \ ]PLHQLDü XVWDZLHQLD WHPSHUDWXU...
Page 30 - PLQSVHU PLHWD
%$.,1* 3,(&=(1,( &219(17,21$/ 1$*5=(:$1,( 75$'<&<-1( 5RG]DM Z\SLHNX 3R]LRP RGGRáX 7HPSHUDWXUD Z R & 3R]LRP RGGRáX 7HPSHUDWXUD Z R & &]DVGOD REXIXQNFML JRG]PLQ &LDVWRRZRFRZHQD FLH FLHNUXFK\P &LDVWDQDEODV]FH ]GHOLNDWQ\PLGRGDWND PLQSVHU PLHWD QDPLJGDá\PLyG 3L]]D]GX...
Page 31 - HPSHUDWXUD
3LHF]HQLHFLDVWDQDNLONXSR]LRPDFK )$1&22.,1* 3,(&=(1,(=1$:,(:(0 *25 &(*232:,(75=$ 3R]LRPRGGRáX 5RG]DM Z\SLHNX SR]LRP SR]LRP 7HPSHUDWXUD Z R & &]DV JRG]PLQ &LDVWRQDEODV]FH 3W\VLHHNOHU\ L &LDVWRVXFKH]NUX V]RQN L 0DáHFLDVWHF]ND .UXFKHFLDVWHF]ND L L &LDVWHF]NDZ\FLVNDQH L L ...
Page 32 - NDURQRZD
3LHF]HQLHVXIOHWyZL]DSLHNDQHN &219(17,21$/ 1$*5=(:$1,( 75$'<&<-1( 527,7+(50 1$*5=(:$1,( 3520,(1,$0, 32'&=(5:21<0, 3RWUDZD 3R]LRP RGGRáX 7HPSHUDWXUD Z R & 3R]LRP RGGRáX 7HPSHUDWXUD Z R & &]DV JRG]PLQ =DSLHNDQNDPD NDURQRZD ± /DVDJQH ± =DSLHNDQHMDU]\ Q\ ± =DSLHNDQDED JLH...
Page 34 - PLQ; L VRZRáRZH
q 3R XSá\ZLH ò F]DVX SLH F]HQLD PL VR OXE LQQ SRWUDZ QDOH \REUyFLü 3LHNDUQLN Z\á F]\ü RN PLQXWSU]HGXSá\ZHPF]DVXSLHF]H QLD DE\ Z\NRU]\VWDü ]JURPDG]RQ ZSLHNDUQLNXHQHUJL FLHSOQ 3LHF]HQLHPL VD &219(17,21$/ 1$*5=(:$1,( 75$'<&<-1( 527,7+(50 1$*5=(:$1,( 3520,(1,$0, 32'&=(5:21<0, &]...
Page 39 - GUR G RZHJR; ZDQ WHPSHUDWXU QD
3RMHPQLNXVWDZLüQDUXV]FLH 8VWDZLü RSFM QDJU]HZDQLD &219(17,21$/ 1$*5=( :$1,( 75$'<&<-1( L ]PLH QLü SURSRQRZDQ WHPSHUDWXU QD R & -RJXUW Z\M ü SR RN JRG]L QDFK]DUD]SR]J VWQLHQLX Ä:\UR QL FLH´FLDVWD GUR G RZHJR 'R ÄZ\UR QL FLD´ FLDVWD GUR G RZH JR QDOH \ XVWDZLü RSFM &219(1 7,21$/ ...
Page 41 - UXVNDZNL
3DVWHU\]DFMD 'R SDVWHU\]DFML QDOH \ XVWDZLü RSFM QDJU]HZDQLD %27720+($7 '2/1$*5=$à.$ 1DF]\QLDGRSDVWHU\]DFML 1DOH \ X \ZDü QDF]\ GRVW S Q\FKZKDQGOXQDGDM F\FKVL GR SDVWHU\]DFMLVáRLNL]JXPN LSR NU\ZN 6áRLNL ] SU]\NU\ZN ]DNU FDQ OXE ]DPNLHP EDJQHWRZ\P RUD] SXV]NL PHWDORZH QLH QD GDM VL GRSDVWHU\]DFML 3R]...
Page 43 - URZDGQLFHOLVWHZ
L 6\JQDá DNXVW\F]Q\ PR QD Z\á F]\ü ZFLVNDM F NWyU\NROZLHN ] SU]\FLVNyZ1DZ\ ZLHWODF]XSRMDZL VL ZWHG\DNWXDOQDJRG]LQD 3LHNDUQLN ]RVWDá MX QDJU]DQ\ GR WHPSHUDWXU\ Z NWyUHM URGNL F]\V] F] FH Z VSUD\¶X E G QDMHIHNW\Z QLHMV]H 5R]SURZDG]Lü URGHN Z VSUD\¶X ZHZQ WU] NRPRU\ SLHNDUQLND L SR]RVWDZLü SDWU] ZVND]y...
Page 44 - FLü
2 ZLHWOHQLHZHZQ WU]QH SLHNDUQLND 8ZDJD 5\]\NR SRUD HQLD HOHNWU\F]QHJR 3U]HGZ\PLDQ DUyZNLQDOH \ Z\á F]\üSLHNDUQLN :\á F]\üZ\NU FLüEH]SLHF]QLNL RGá F]\ü XU] G]HQLH GR ]DVLOD QLDHOHNWU\F]QHJR L 1D VSRG]LH SLHNDUQLND SRáR \ü V]PDWN :\PLDQDW\OQHM DUyZNL :\M üSUDZ SURZDGQLF OLVWHZ :\M ü V]NODQ RVáRQ RGNU ...
Page 46 - MHGQR
'U]ZLSRáR \ü]HZQ WU]Q VWURQ GRGRáXQDPL NNLHUyZQHSRGáR H QS QD NRF DE\ QLH GRSX FLü GR]DU\VRZD =DNáDGDQLHGU]ZLSLHNDUQLND 8ZDJD 3RGF]DVZNáDGDQLDGU]ZLSLHNDUQLND QDOH \ SDPL WDü H G ZLJQLH QD REX]DZLDVDFKPXV] E\üZSR]\ FMLRWZDUWHM 'U]ZLSU]\WU]\PDüREXU F]]ER NXRGVWURQ\XFKZ\WX 'U]ZL SU]\WU]\PDü SRG N WHP R...