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  • 80. RNUH OLü LOR ü PDWHULDáyZ QLH]E GQFK GR ZNRQDQLD áDZ GUXWRZHM … …
  • 81. SUDFRZDü ]DFKRZXM F ]DVDG EKS L S SR … …
  • 82. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ Ã 0DWHULDá QD GHVNRZDQLD 0DWHULDá QDXF]DQLD (OHPHQW EHWRQRZH L HOEHWRZH ZNRQXMH VL Z IRUPDFK GUHZQLDQFK OXE PHWDORZFK NWyUH NV]WDáWHP RGSRZLDGDM ]DáR RQP NV]WDáWRP HOHPHQWX EHWRQRZHJR L Z QLFK WZDUGQLHMH SODVWF]QD PLHV]DQND EHWRQRZD )RUP ZNRQZDQH GR UREyW EHWRQLDUVNLFK HOEHWRZFK L PXUDUVNLFK QD]ZDP GHVNRZDQLHP 'HVNRZDQLH SRZLQQR SU]HQLH ü FL DU EHWRQX ]EURMHQLD OXE PXUX RUD] OXG]L ]DWUXGQLRQFK SRGF]DV ZNRQZDQLD WFK HOHPHQWyZ NRQVWUXNFMQFK 'ODWHJR GHVNRZDQLH SRZLQQR Eü GRVWDWHF]QLH PRFQH L V]WZQH DE QLH XOHJDáR ZVWU] VRP L RGNV]WDáFHQLRP Z F]DVLH EHWRQRZDQLD ZL ]DQLD L WZDUGQLHQLD EHWRQX 'HVNRZDQLH MHVW XU] G]HQLHP WPF]DVRZP L SRPRFQLF]P Z]QRV]RQP QD NUyWNL RNUHV ± NLOND GQL OXE SDU WJRGQL 1LHPQLHM NRV]W WHJR XU] G]HQLD MHVW GX JG Z URERWDFK EHWRQLDUVNLFK L HOEHWRZFK VWDQRZL · FDáNRZLWHJR NRV]WX 1D NRV]W GHVNRZDQLD VNáDGD VL NRV]W PDWHULDáX GU]HZQHJR NWyUHJR ]X ZD VL · P QD PHWU V]H FLHQQ EHWRQX RUD] NRV]W URERFL]Q 1DNáDG SUDF QD ZNRQDQLH L UR]ELyUN GHVNRZD VWDQRZL · FDáNRZLWHJR QDNáDGX URERFL]Q SRWU]HEQHM GR ZNRQDQLD NRQVWUXNFML HOEHWRZHM 6SUDZD RV]F] GQR FL Z URERWDFK FLHVLHOVNLFK ]ZL ]DQFK ] GHVNRZDQLHP MHVW ]DJDGQLHQLHP EDUG]R ZD QP 1DOH G ü GR RV]F] GQHJR ]X FLD GUHZQD QD GHVNRZDQLD SU]H] ]DVWRVRZDQLH GHVNRZD LQZHQWDU]RZDQFK QDGDM FFK VL GR ZLHORNURWQHJR X FLD =DVWRVRZDQLH GHVNRZD LQZHQWDU]RZDQFK ]PQLHMV]D WDN H QDNáDG SUDF JG SU] QDVW SQP MHJR X FLX XVWDZLHQLH GHVNRZDQLD SRFKáDQLD WONR WOH SUDF LOH SRWU]HED GR MHJR PRQWD X $E ]ZL NV]ü NURWQR ü X FLD GHVNRZDQLD D WP VDPP ]PQLHMV]ü NRV]W GHVNRZDQHM NRQVWUXNFML ZSURZDG]D VL GHVNRZDQLD GRVWRVRZDQH GR SHZQFK VVWHPyZ PLHV]NDQLRZHJR EXGRZQLFWZD PRQROLWF]QHJR 0DWHULDá GU]HZQ QD GHVNRZDQLH QDOH GRELHUDü WDN DE EáR MDN QDMPQLHM RGSDGyZ 'HVNRZDQLD ZNRQXMH VL ] GUHZQD GU]HZ LJODVWFK SU]HZD QLH ] WDUFLF NODV ,,, L ,9 VNOHMNL ZRGRRGSRUQHM RUD] SáW ZLyURZFK 'HNRZDQLH QDOH ]DEH]SLHF]ü SU]HG SU]F]HSQR FL GR EHWRQX SU]H] VLOQH QDPRF]HQLH JR SU]HG EHWRQRZDQLHP RUD] VWRVRZDQLH GHVHN JáDGNLFK D GOD GHVNRZDQLD HOHPHQWyZ SRZWDU]DOQFK QDZHW GHVHN VWUXJDQFK ZUHV]FLH SU]H] VPDURZDQLH GHVNRZDQLD SUHSDUDWDPL DQWDGKH]MQPL DE EHWRQ GR QLFK QLH SU]ZLHUDá 1DOH XQLNDü EHWRQRZDQLD Z GHVNRZDQLX VXFKP JG ZSáZD WR XMHPQLH QD EHWRQ ] NWyUHJR GHVNRZDQLH ZFKáDQLD SHZQ LOR ü ZRG RUD] QD GHVNL JG SU]ZLHUDM RQH GR EHWRQX L Z F]DVLH UR]GHVNRZDQLD XOHJDM SU]HZD QLH ]QLV]F]HQLX 5R]ELyUN GHVNRZDQLD SU]HSURZDG]D VL RVWUR QLH QLH SRZLQQR VL ]U]XFDü ]GM WFK HOHPHQWyZ QDZHW ] QLHZLHONLHM ZVRNR FL OHF] SRGDZDü MH SRPRFQLNRZL OXE RSXV]F]Dü QD V]QXU]H DE QLH QLV]F]ü GHVHN L NUDZ G]LDNyZ -H OL QDZHW GHVNRZDQLH QLH MHVW UR]ELHUDOQH WR ]DFKRZDQLH GHVHN L NUDZ G]LDNyZ Z GREUP VWDQLH Z F]DVLH UR]GHVNRZDQLD XPR OLZLD X FLH LFK GR ZNRQDQLD LQQHJR GHVNRZDQLD 7DUFLFD LJODVWD RJyOQHJR SU]H]QDF]HQLD 5R]Uy QLD VL QDVW SXM FH VRUWPHQW WDUFLF GHVNL EDOH áDW NUDZ G]LDNL L EHONL :PLDU GHVHN L EDOL REU]QDQFK V RNUH ORQH Z RGSRZLHGQLHM OLWHUDWXU]H KDUDNWHUVWN NODV MDNR FL ZHGáXJ ZDG GUHZQD SRGDQR Z OLWHUDWXU]H :PLHQLRQH V GRSXV]F]DOQH ZDG SRGDQH RGG]LHOQLH GOD GHVHN L EDOL QLHREU]QDQFK GOD GHVHN L EDOL REU]QDQFK áDW RUD] GOD NUDZ G]LDNyZ L EHOHN
  • 83. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 7DUF]H GUHZQLDQH GR GHVNRZD ZNRQXMH VL ] GHVHN REU]QDQFK SU]HZD QLH VRVQRZFK FKRü PR QD VWRVRZDü UyZQLH GHVNL ZLHUNRZH L MRGáRZH 'R ZNRQDQLD WDUF] QLH PR QD X ZDü GUHZQD NU WRZáyNQLVWHJR L ]PXUV]DáHJR 'HVNL QLH SRZLQQ Eü SU]HVXV]RQH JG SDF] VL SR QDVL NQL FLX ZLOJRFL 1LH QDOH WH X ZDü GHVHN EDUG]R V]HURNLFK 1DMRGSRZLHGQLHMV]H V GHVNL V]HURNR FL · FP 3U]HG SU]VW SLHQLHP GR ZNRQZDQLD WDUF] QDOH ]DSR]QDü VL ] UVXQNDPL URERF]PL WDUF] OXE VDPHPX VSRU] G]Lü MH Z IRUPLH V]NLFRZHM 6NOHMND GR GHVNRZD 6NOHMND MHVW WR SáWD VNOHMRQD ] QLHSDU]VWHM OLF]E IRUQLUyZ NWyUFK ZáyNQD Z SU]OHJDM FFK GR VLHELH ZDUVWZDFK SU]HELHJDM SRG N WHP SURVWP 5R]Uy QLD VL GZD URG]DMH VNOHMNL LJODVW VRVQRZD LWS
  • 84. L OL FLDVW ROFKRZD EU]R]RZD EXNRZD LWS
  • 85. : ]DOH QR FL RG VWRSQLD RGSRUQR FL QD G]LDáDQLH ZRG UR]Uy QLD VL WU] WS VNOHMNL D
  • 86. VXFKRWUZDá ± VNOHMDQ NOHMHP PRF]QLNRZR ± IRUPDOGHKGRZP VWRVXMH VL M Z URGRZLVNX R ZLOJRWQR FL Z]JO GQHM SRZLHWU]D GR L WHPSHUDWXU]H GR ž E
  • 87. SyáZRGRRGSRUQ ± VNOHMDQ NOHMHP PHODPLQRZR L PRF]QLNRZRPHODPLQRZR IRUPDOGHKGRZP PD RQD ]DVWRVRZDQLH Z URGRZLVNX R ZLOJRWQR FL Z]JO GQHM SRZLHWU]D GR L WHPSHUDWXU]H GR ž F
  • 88. ZRGRRGSRUQ ± VNOHMDQ NOHMHP IHQRORZRIRUPDOGHKGRZP OXE NOHMDPL R SRGREQFK ZáD FLZR FLDFK PR QD M VWRVRZDü Z ZRG]LH R WHPSHUDWXU]H GR ž 6NOHMN SURGXNXMH VL JUXER FL PP RUD] R ZPLDUDFK GáXJR üV]HURNR ü
  • 89. PP 3áW ZLyURZH 3áW ZLyURZH SURGXNRZDQH V ] ZLyUyZ GU]HZQFK OXE Z LQQ VSRVyE ]VNLZDQFK UR]GUREQLRQFK F] VWHN GUHZQD VSRMRQFK ]H VRE NOHMHP VQWHWF]QP SU] ]DVWRVRZDQLX FL QLHQLD L FLHSáD 3URGXNXMH VL SáW ]ZNáH ZRGRRGSRUQH JU]ERRGSRUQH WUXGQR ]DSDOQH L SáW ZLyURZH SUDVRZDQH QD VSRLZLH PLQHUDOQP :PLDU ]DVDGQLF]H SáW ZLyURZFK ZQRV] JUXER ü PP V]HURNR ü PP GáXJR ü PP 3áW V FHFKRZDQH Z VSRVyE WUZDá VPEROHP WSX ]QDNLHP NRQWUROL QD]Z SURGXFHQWD *ZR G]LH *ZR G]LH ] WU]SLHQLHP JáDGNLP RNU JáP L NZDGUDWRZP V REHFQLH SRGVWDZRZP VRUWPHQWHP X ZDQP Z EXGRZQLFWZLH ]DUyZQR GR UREyW VWRODUVNLFK FLHVLHOVNLFK MDN WH GR NRQVWUXNFML GUHZQLDQFK 3URGXNXMH VL MH ] WZDUGHJR GUXWX RNU JáHJR JRáHJR V]DUHJR ZNRQDQHJR ]H VWDOL QLVNRZ JORZHM JDWXQNX 6LO :NRQZDQH V JZR G]LH FQNRZDQH RJQLRZR JDOZDQLF]QLH OXE ZLFRZDQH ] SRZLHU]FKQL JáyZNL JáDGN OXE NUDWNRZDQ *ZR G]LH EH] SRNUFLD F]V]F]RQH V SU]H] E EQRZDQLH ,QQH PDWHULDá 'R IRUPRZDQLD HOHPHQWyZ NRQVWUXNFMQFK R PDáHM SRZWDU]DOQR FL VWRVRZDQH V GHVNRZDQLD LQGZLGXDOQH WUDGFMQH OXE GHVNRZDQLD SRZWDU]DOQH ]ZNáH RUD] F] FLHM V RQH ]DVW SRZDQH SU]H] GHVNRZDQLD VVWHPX QS 3(5, 8/0$ %$80$ LWS
  • 90. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 3WDQLD VSUDZG]DM FH 2GSRZLDGDM F QD SWDQLD VSUDZG]LV] F] MHVWH SU]JRWRZDQ GR ZNRQDQLD üZLF]H -DNLFK PDWHULDáyZ X ZD VL GR ZNRQDQLD GHVNRZD IXQGDPHQWyZ -DNLH ]QDV] PDWHULDá GU]HZQH VáX FH GR ZNRQDQLD GHVNRZD -DNLH ZDUXQNL SRZLQQ VSHáQLDü GHVNL X ZDQH GR ZNRQDQLD GHVNRZD -DND VNOHMND SRZLQQD Eü X ZDQD GR ZNRQDQLD GHVNRZD R R]QDF]D SRM FLH VNOHMND ZRGRRGSRUQD : MDNLP FHOX VPDUXMH VL GHVNRZDQLD URGNDPL DQWDGKH]MQPL -DNLFK JZR G]L QDOH X ZDü GR ZNRQDQLD GHVNRZD -DNLPL NUWHULDPL QDOH NLHURZDü VL SU] GRERU]H PDWHULDáyZ GR ZNRQDQLD GHVNRZD -DNLH GHVNRZDQLD VWRVXMHP GR IRUPRZDQLD HOHPHQWyZ NRQVWUXNFMQFK R PDáHM SRZWDU]DOQR FL R R]QDF]D SRM FLH GHVNRZDQLD VVWHPRZH QS 3(5, ûZLF]HQLD ûZLF]HQLH :ELHU] SUyENL VNOHMNL ZRGRRGSRUQHM VSR UyG SU]JRWRZDQFK SUyEHN PDWHULDáyZ GU]HZQFK 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 92. ]DSR]QDü VL ] URG]DMHP VNOHMNL
  • 93. RNUH OLü ZáD FLZR FL VNOHMNL
  • 94. RNUH OLü ZáD FLZR FL VNOHMNL ZRGRRGSRUQHM
  • 96. GRNRQDü RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF SUyENL PDWHULDáyZ GU]HZQFK DUNXV] SDSLHUX RáyZHN OXE GáXJRSLV OLWHUDWXUD ] UR]G]LDáX ûZLF]HQLH = SRVLDGDQFK GHVHN R Uy QHM V]HURNR FL GáXJR FL L JUXER FL ZELHU] QLH]E GQ LOR ü DE ZNRQDü WDUF] ] GHVHN R ZPLDUDFK [ FP ] GHVHN R JUXER FL PP á F]RQFK QD JZR G]LH 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 98. ]DSR]QDü VL ] JDWXQNDPL L NODVDPL GUHZQD
  • 99. RNUH OLü ZáD FLZR FL GUHZQD SU]H]QDF]RQHJR QD WDUF]
  • 100. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´
  • 101. ZEUDü RGSRZLHGQLH GHVNL ]ZUDFDM F XZDJ QD DVSHNW HNRQRPLF]Q PLQLPXP RGSDGyZ
  • 103. GRNRQDü RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF QLH]E GQD LOR ü Uy QHJR URG]DMX GHVHN DUNXV] SDSLHUX RáyZHN OXE GáXJRSLV VNáDGDQD OXE ]ZLMDQD PLDUND VWDORZD OXE GUHZQLDQD OLWHUDWXUD ] UR]G]LDáX ûZLF]HQLH :ELHU] RGSRZLHGQLH JZR G]LH GR ZNRQDQLD WDUF] ] GHVHN R ZPLDUDFK [ FP L JUXER FL PP 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 104. REHMU]Hü JZR G]LH Uy QFK URG]DMyZ
  • 105. ]DSR]QDü VL ] URG]DMDPL JZR G]L
  • 106. RNUH OLü ZáD FLZR FL SRV]F]HJyOQFK JZR G]L
  • 108. GRNRQDü RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF Uy QH URG]DMH JZR G]L DUNXV] SDSLHUX RáyZHN OXE GáXJRSLV OLWHUDWXUD ] UR]G]LDáX ûZLF]HQLH :NRQDM WDUF] GR GHVNRZDQLD R ZPLDUDFK [ FP ] GHVHN R JUXER FL PP á F]RQFK QD JZR G]LH 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 109. ]DSR]QDü VL ] LQVWUXNFM VWDQRZLVNRZ EKS
  • 110. SU]JRWRZDü VWDQRZLVNR SUDF ]JRGQLH ] ]DVDGDPL EKS
  • 111. ZOLF]ü QLH]E GQ LOR ü PDWHULDáX
  • 112. GREUDü QDU] G]LD GR ZNRQDQLD üZLF]HQLD
  • 116. GRNRQDü NRPSOHNVRZHM DQDOL] L RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF PDWHULDá GR ZNRQDQLD üZLF]HQLD GHVNL JZR G]LH
  • 117. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ QDU] G]LD GR ZNRQDQLD üZLF]HQLD RáyZHN VWRODUVNL VNáDGDQD OXE ]ZLMDQD PLDUND GUHZQLDQD OXE VWDORZD N WRZQLN SURVW SLáD SRSU]HF]QD VLHNLHUD FLHVLHOVND PáRWHN FLHVLHOVNL áDSND FLHVLHOVND
  • 118. VSU] W SLODUND WDUF]RZD
  • 119. LQVWUXNFMD VWDQRZLVNRZD EKS 6SUDZG]LDQ SRVW SyZ ] SRWUDILV] 7DN 1LH
  • 120. RGF]WDü GDQH ]DZDUWH Z LQVWUXNFMDFK … …
  • 121. RGF]WDü GDQH ]DZDUWH Z LQIRUPDFMDFK GRWF] FFK PDWHULDáyZ … …
  • 122. GREUDü QLH]E GQH PDWHULDá GR ZNRQDQLD GHVNRZDQLD … …
  • 123. GREUDü QLH]E GQH QDU] G]LD GR ZNRQDQLD GHVNRZDQLD … …
  • 124. GREUDü QLH]E GQ VSU] W GR ZNRQDQLD GHVNRZDQLD … …
  • 125. RNUH OLü LOR ü PDWHULDáyZ QLH]E GQFK GR ZNRQDQLD ]DGDQLD … …
  • 126. GRNRQDü FL ü ZHGáXJ R]QDF]HQLD … …
  • 127. GRNRQDü á F]HQLD JZR G]LDPL … …
  • 128. ZNRQDü WDUF] ]JRGQLH ] UVXQNLHP … …
  • 129. ZNRU]VWDü UDFMRQDOQLH PDWHULDá ]JRGQLH ] RERZL ]XM FPL QRUPDPL … …
  • 131. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ Ã 'HVNRZDQLH áDZ IXQGDPHQWRZFK 0DWHULDá QDXF]DQLD 1D RJyá GHVNRZDQLD ZNRQXMH VL ] GUHZQD MHGQDN QLH PR QD X ZDü GUHZQD NU WRZáyNQLVWHJR L ]PXUV]DáHJR 3UyF] WHJR GHVNL QLH PRJ PLHü ZSDGDM FFK V NyZ 'HVNL QLH SRZLQQ Eü ]EWQLR ZVXV]RQH JG SDF] VL SR QDVL NQL FLX ZLOJRFL 1LH QDOH X ZDü GHVHN EDUG]R V]HURNLFK 1DMRGSRZLHGQLHMV]H V GHVNL V]HURNR FL · FP JUXER FL PP GOD GUREQFK HOHPHQWyZ ± JUXER FL PP 'R ]ZNáHJR GHVNRZDQLD X ZD VL GHVHN QLH VWUXJDQFK GR ]LQZHQWDU]RZDQHJR ± SU]HZD QLH VWUXJDQFK 3LHUZV] F]QQR FL SRGF]DV ZNRQZDQLD GHVNRZDQLD MHVW MHJR UR]UVRZDQLH 1D SRGVWDZLH UVXQNyZ NRQVWUXNFMQFK OXE URERF]FK UVXMH VL HOHPHQW GHVNRZDQLD EH]SR UHGQLR QD GHVNDFK Z ZLHONR FL QDWXUDOQHM Z VNDOL
  • 132. (OHPHQW GHVNRZDQLD ZNRQXMH VL SRGREQLH MDN HOHPHQW LQQFK NRQVWUXNFML FLHVLHOVNLFK Z ZDUV]WDFLH OXE FLHVLHOQL : PLHMVFX ZEXGRZDQLD HOHPHQWX NRQVWUXNFMQHJR ZNRQXMH VL WONR PRQWD GHVNRZDQLD ] F] FL SU]JRWRZDQFK Z FLHVLHOQL 6SRVyE WHQ GDMH GX RV]F] GQR ü URERFL]Q L PDWHULDáX Z SRUyZQDQLX ] PHWRG GDZQLHM VWRVRZDQ NLHG ZV]VWNR URELRQR QD PLHMVFX PRQWD X (OHPHQW ZNRQZDQH Z ZDUV]WDFLH FLHVLHOVNLP PXV] Eü RGSRZLHGQLR SRQXPHURZDQH L SR]QDNRZDQH DE XáDWZLü LFK GRELHUDQLH L GRSDVRZZDQLH =QDNRZDQLH ZNRQXMH VL IDUE QLH]PZDOQ OXE SU]H] ZSDODQLH QD HOHPHQWDFK GHVNRZDQLD ]LQZHQWDU]RZDQHJR
  • 133. 1DMOHSLHM MHVW ]QDF]ü HOHPHQW SLHUZV] OLWHU LFK QD]Z QS WDUF]D ± 7 GHQQD ± ' UJLHO ± 5 LWG GRGDM F QXPHU ZHGáXJ UVXQNyZ URERF]FK ZDUV]WDWRZFK
  • 134. 1D SRá F]HQLDFK HOHPHQWyZ SLV]H VL OLWHU OXE QXPHU FIUDPL DUDEVNLPL OXE U]PVNLPL 7 VDP OLWHU OXE QXPHU VWDZLD VL QD SU]OHJDM FFK GR VLHELH NUDZ G]LDFK á F]RQFK HOHPHQWyZ =QDNRZDQLH XáDWZLDM SLHF] WNL NWyUH PRF] VL Z IDUELH OXE PHWDORZH OLWHU L FIU GR ZSDODQLD QD GUHZQLH =QDNRZDQLH NWyUH Z F]DVLH UR]GHVNRZDQLD PRJáR VL ]DWU]Hü SU]H] ]DODQLH EHWRQHP OXE ]DSUDZ QDOH RGQRZLü L VNáDGDM F UR]ELHUDQH HOHPHQW RG UD]X VRUWRZDü MH ZHGáXJ WSyZ : GHVNRZDQLX QDOH XQLNDü ZELMDQLD JZR G]L NWyUH SU]VSLHV]DM QLV]F]HQLH PDWHULDáX : PLDU PR OLZR FL JZR G]LH QDOH ]DVW SLü GUXWHP UXEDPL FKP WDPL OXE MDU]PDPL ] GHVHN OXE VWDOL *ZR G]LH SRZLQQ Eü ZELMDQH WDN DE SRGF]DV UR]GHVNRZDQLD QLH XV]NDG]Dá GHVHN 1DOH XZD Dü SU]HGH ZV]VWNLP QD WR DE JZR G]LH ]DJLQDü RG VWURQ ]HZQ WU]QHM NRUW VNU] LWS àDWZR PR QD ZyZF]DV RGJL ü RGUZDM F SRV]F]HJyOQH GHVNL 5REL VL Z QLFK VWRVXQNRZR PDáH G]LXU XQLNDM F ZUZ *ZR G]LH ZELMD VL OHNNR WONR ]DJá ELDM F JáyZNL Z GHVNL DE áDWZR PR QD MH EáR SRGZD ü SRGF]DV ZFL JDQLD DEN PáRWNLHP OXE VSHFMDOQPL SU]U] GDPL $E ]ZL NV]ü ZLHORNURWQR ü X FLD GHVNRZDQLD L VWHPSORZDQLD RUD] DE QLH ]X ü GX FK LOR FL PDWHULDáX GU]HZQHJR D ]DUD]HP QLH KDPRZDü SRVW SX UREyW EHWRQRZFK F] HOEHWRZFK QDOH SU]JRWRZDü GHVNRZDQLH QLH RG UD]X GOD FDáHM NRQVWUXNFML OHF] NROHMQR SDUWLDPL RGFLQNDPL
  • 135. :LHONR ü RGFLQND ]DOH RG ZLHONR FL EXGRZOL L VSUDZQR FL ]DáRJL 1DMSLHUZ FLH OH XVWDZLDM GHVNRZDQLH QD SLHUZV]P RGFLQNX L SU]HFKRG] QD GUXJL 3R QLFK ]EURMDU]H XNáDGDM ]EURMHQLH *G FLH OH SU]HFKRG] QD WU]HFL RGFLQHN D ]EURMDU]H QD GUXJL EHWRQLDU]H EHWRQXM SLHUZV] RGFLQHN : WHM NROHMQR FL ZNRQXMH VL URERW WDN GáXJR D EHWRQ QD SLHUZV]P RGFLQNX VWZDUGQLHMH GR WHJR VWRSQLD H E G]LH JR PR QD UR]GHVNRZDü :yZF]DV FLH OH UR]GHVNRZXM SLHUZV] RGFLQHN L RWU]PDQ ] UR]ELyUNL PDWHULDá SU]HQRV] QD GDOV]H RGFLQNL UREyW QLH ]X ZDM F MX QRZHJR PDWHULDáX 2GFLQNL UREyW QLH PXV] PLH FLü VL Z MHGQP RELHNFLH OHF] PRJ VL ]QDMGRZDü Z LQQFK EXGQNDFK Z]QRV]RQFK QD WP VDPP SODFX EXGRZ OXE QDZHW QD V VLHGQLHM EXGRZLH
  • 136. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ -X SR ZNRQDQLX GHVNRZDQLD QDOH WX SU]HG EHWRQRZDQLHP REHMU]Hü GHVNRZDQLH F] MHVW GREU]H RF]V]F]RQH ]H PLHFL RSLáNyZ RGSDGNyZ LWS F] NOLQ QLH SX FLá L JZR G]LH QLH ZVXQ á VL ZVNXWHN ]VFKDQLD VL GUHZQD QDOH UyZQLH V]F]HOLQ ZL NV]H QL FP ]DELü OLVWZDPL 6]F]HOLQ GR PP ]HMG VL VDPH SR QDPRF]HQLX GHVNRZDQLD SU]HG EHWRQRZDQLHP ZRG 1DOH ]DELü RWZRU SR V NDFK MH OL WH Z WRNX ZNRQZDQLD GHVNRZDQLD ZSDGá 1D NR FX WU]HED VSUDZG]Lü SR]LRPQLF L SLRQHP FDáH GHVNRZDQLH F] ]DFKRZDáR QDOH WH ZSR]LRPRZDQLH L ZSLRQRZDQLH =DXZD RQH Eá G QDOH XVXQ ü 'R WHJR FHOX Z]QDF]D VL VSHFMDOQHJR FLH O NWyU F]XZD UyZQLH QDG GHVNRZDQLHP Z F]DVLH EHWRQRZDQLD L W HQLD EHWRQX 5R]GHVNRZDQLH UR]SRF]QD VL RG ]GM FLD ERF]QFK WDUF] (OHPHQW UR]HEUDQHJR GHVNRZDQLD QDOH RG UD]X RF] FLü ] EHWRQX SRVHJUHJRZDü L XáR ü ZHGáXJ WSyZ QD VSHFMDOQLH GR WHJR FHOX SU]H]QDF]RQP SODFX 'HVNRZDQLH áDZ R ZVRNR FL GR FP 3ROHJD QD ZELMDQLX Z]GáX áDZ NRáNyZ UR]VWDZLDM F MH FR · FP UV
  • 137. =DOHFDQD UHGQLFD NRáNyZ R SU]HNURMX RNU JáP ± PP OXE R SU]HNURMX SURVWRN WQP [ PP 'áXJR ü NRáNyZ QLF SRZLQQD Eü PQLHMV]D RG GZXNURWQHM ZVRNR FL áDZ GHVNL R JUXER FL PP L R V]HURNR FL UyZQHM ZVRNR FL áDZ 6]WZQR ü GHVNRZDQLD X]VNXMH VL ]D SRPRF UR]SyUHN ]DNáDGDQFK QDSU]HFLZ NRáNyZ NWyUH ] NROHL X JyU QDOH ]ZL ]Dü VNU FRQP GUXWHP ZL ]DáNRZP 'HVNRZDQLH áDZ R ZVRNR FL SRQDG FP àDZ UHGQLR ZVRNLH GHVNXMH VL ]D SRPRF WDUF] ZNRQDQFK ] GHVHN SRá F]RQFK QD JZR G]LH QDNáDGNDPL XV]WZQLDM FPL UV
  • 138. 3R]D UR]SyUNDPL WDUF]H GHVNRZDQLD PR QD VWDELOL]RZDü ]D SRPRF FKRP W GUHZQLDQFK OXE VWDORZFK 3RPL G] WDUF]H GDMH VL UR]SRUNL WPF]DVRZH àDZ WUDSH]RZH GHVNXMH VL Z WDNL VDP VSRVyE MDN áDZ SURVWRN WQH JyU ]D GDMH VL WDUF]H SRFKORQH UR]SDUWH L ]ZL ]DQH FL JLHP GUXFLDQP *UXER ü GHVHN UR]VWDZ QDNáDGHN XV]WZQLDM FFK RUD] LFK SU]HNURMH Z ]DOH QR FL RG ZVRNR FL GHVNRZDQLD RULHQWDFMQLH SRGDQR Z WDEO Ã 5V 'HVNRZDQLH áDZ IXQGDPHQWRZFK R ZVRNR FL GR FP ± VNU FRQ GUXW ZL ]DáNRZ UR]SyUNL ± NRáNL R ZVRNR FL K UyZQHM GZyP ZVRNR FLRP áDZ Ã
  • 139. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 5V 'HVNRZDQLH áDZ IXQGDPHQWRZFK R ZVRNR FL SRQDG FP 7DEHOD 5R]VWDZ QDNáDGHN XV]WZQLDM FFK WDUF]H V @ :VRNR ü WDUF] FP@ *UXER ü GHVHN FP@ 5R]VWDZ OLVWHZ XV]WZQLDM FFK WDUF]H FP@ Ã 'HVNRZDQLH áDZ HOEHWRZFK R SU]HNURMX WUDSH]RZP UV
  • 140. 'HVNRZDQLH WR VNáDGD VL ] GZyFK F] FL 'ROQ F] ü
  • 141. ZNRQXMH VL WDN VDPR MDN GOD áDZ SURVWRN WQHM SU] F]P QDNáDGNL
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  • 144. F] FL WUDSH]RZHM 7DUF]H WH RSLHUD VL JyUQ NUDZ G]L R UR]SyUNL
  • 145. L Z FHOX OHSV]HJR ]DPRFRZDQLD ]ZL ]XMH VL GUXWHP
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  • 147. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 3WDQLD VSUDZG]DM FH 2GSRZLDGDM F QD SWDQLD VSUDZG]LV] F] MHVWH SU]JRWRZDQ GR ZNRQDQLD üZLF]H -DNLH PDWHULDá QDOH SU]JRWRZDü DE ZNRQDü GHVNRZDQLH áDZ R ZVRNR FL GR FP -DNLH PDWHULDá QDOH SU]JRWRZDü DE ZNRQDü GHVNRZDQLH áDZ R ZVRNR FL SRQDG FP -DNLH PDWHULDá QDOH SU]JRWRZDü DE ZNRQDü GHVNRZDQLH áDZ WUDSH]RZFK : MDNLHM NROHMQR FL QDOH ZNRQDü F]QQR FL SRGF]DV GHVNRZDQLD áDZ R ZVRNR FL GR FP : MDNLHM NROHMQR FL QDOH ZNRQDü F]QQR FL SRGF]DV GHVNRZDQLD áDZ R ZVRNR FL SRQDG FP : MDNLHM NROHMQR FL QDOH ZNRQDü F]QQR FL SRGF]DV GHVNRZDQLD áDZ WUDSH]RZFK R SRZLQQ ]DZLHUDü UVXQNL URERF]H GHVNRZD áDZ IXQGDPHQWRZFK *G]LH SRZLQQR VL ZNRQZDü HOHPHQW GHVNRZD áDZ IXQGDPHQWRZFK -DN SRZLQQ Eü R]QDNRZDQH SRV]F]HJyOQH HOHPHQW GHVNRZD áDZ IXQGDPHQWRZFK -DNLH F]QQR FL PXVLP ZNRQDü SR XNR F]HQLX GHVNRZDQLD D WX SU]HG EHWRQRZDQLHP : MDNLHM NROHMQR FL QDOH ZNRQDü F]QQR FL SRGF]DV UR]ELyUNL GHVNRZD áDZ IXQGDPHQWRZFK ûZLF]HQLD ûZLF]HQLH 'OD RNUH ORQHJR IUDJPHQWX áDZ IXQGDPHQWRZFK ZNRQDM Z IRUPLH V]NLFRZHM UVXQNL URERF]H SRV]F]HJyOQFK WDUF] 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 148. ]DSR]QDü VL ] GRNXPHQWDFM EXGRZODQR ZNRQDZF]
  • 149. ]DSR]QDü VL ] SRVLDGDQPL PDWHULDáDPL QD WDUF]H
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  • 151. ZOLF]ü QLH]E GQ LOR ü PDWHULDáyZ SRWU]HEQFK GR ZNRQDQLD WDUF]
  • 153. GRNRQDü RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF DUNXV] ] GRNXPHQWDFM EXGRZODQR ZNRQDZF] UV ZNRQDZF] ± U]XW IXQGDPHQWyZ ] ]D]QDF]RQP IUDJPHQWHP áDZ IXQGDPHQWRZFK
  • 154. DUNXV] ELDáHJR SDSLHUX IRUPDWX $ RáyZHN OXE FLHQNRSLV NDONXODWRU ûZLF]HQLH 'OD RNUH ORQHM GáXJR FL SURVWHJR RGFLQND áDZ R SU]HNURMX WUDSH]RZP ZNRQDM Z IRUPLH V]NLFRZHM UVXQNL URERF]H SRV]F]HJyOQFK WDUF]
  • 155. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´ 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 156. ]DSR]QDü VL ] GRNXPHQWDFM EXGRZODQR ZNRQDZF]
  • 157. ]DSR]QDü VL ] SRVLDGDQPL PDWHULDáDPL
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  • 161. GRNRQDü RFHQ üZLF]HQLD :SRVD HQLH VWDQRZLVND SUDF DUNXV] ] GRNXPHQWDFM EXGRZODQR ZNRQDZF] ZND] PDWHULDáyZ SU]H]QDF]RQFK GR ZNRQDQLD WDUF] DUNXV] SDSLHUX ELDáHJR IRUPDWX $ RáyZHN OXE FLHQNRSLV NDONXODWRU ûZLF]HQLH :NRQDM ] SRVLDGDQFK WDUF] RNUH ORQ IUDJPHQW GHVNRZDQLD áDZ IXQGDPHQWRZHM R ]DGDQHM V]HURNR FL L ZVRNR FL 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 162. ]DSR]QDü VL ] GRNXPHQWDFM EXGRZODQR ZNRQDZF]
  • 163. SU]JRWRZDü VWDQRZLVNR SUDF ]JRGQLH ] ]DVDGDPL EKS
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  • 172. LQVWUXNFMD VWDQRZLVNRZD EKS ûZLF]HQLH :NRQDM ] SRVLDGDQFK WDUF] RNUH ORQ IUDJPHQW GHVNRZDQLD áDZ IXQGDPHQWRZHM R SU]HNURMX WUDSH]RZP R ]DGDQHM V]HURNR FL L ZVRNR FL 6SRVyE ZNRQDQLD üZLF]HQLD $E ZNRQDü üZLF]HQLH SRZLQLHQH
  • 173. ]DSR]QDü VL ] GRNXPHQWDFM EXGRZODQR ZNRQDZF]
  • 174. Ä3URMHNW ZVSyáILQDQVRZDQ ]H URGNyZ (XURSHMVNLHJR )XQGXV]X 6SRáHF]QHJR´
  • 175. SU]JRWRZDü VWDQRZLVNR SUDF ]JRGQLH ] ]DVDGDPL EKS
  • 176. VSUDZG]Lü UyZQR ü SRGáR D
  • 177. GREUDü QDU] G]LD GR ZNRQDQLD üZLF]HQLD
  • 178. SU]JRWRZDü QLH]E GQH PDWHULDá
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  • 183. QDU] G]LD L VSU] W RáyZHN VWRODUVNL PLDUND áDWD SLáD SRSU]HF]QD OXE LQQD WRSRUHN FLHVLHOVNL PáRWHN PáRW NJ áDSND FLHVLHOVND QR FH U F]QH GR FL FLD GUXWX
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  • 186. RGF]WDü GDQH ]DZDUWH Z GRNXPHQWDFML EXGRZODQHM … …
  • 187. GREUDü QLH]E GQH PDWHULDá GR ZNRQDQLD GHVNRZDQLD … …
  • 188. GREUDü QLH]E GQH QDU] G]LD GR ZNRQDQLD GHVNRZDQLD … …
  • 189. RNUH OLü LOR ü PDWHULDáyZ QLH]E GQFK GR ZNRQDQLD ]DGDQLD … …
  • 190. GREUDü NRáNL R RGSRZLHGQLP SU]HNURMX … …
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