PDF 861 kB

Transkrypt

PDF 861 kB
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
3(563(.7<:<52=:2-86,(&,32/
$%LQF]HZVNL&0D]XUHN10H\HU61LZL VNL06WURL VNL
3R]QD VNLH&HQWUXP6XSHUNRPSXWHURZR6LHFLRZH
3R]QD XO1RVNRZVNLHJR
:VW S
: DUW\NXOH SU]HGVWDZLRQR NUyWN KLVWRUL UR]ZRMX V]HURNRSDVPRZHM QDXNRZHM VLHFL
NRPSXWHURZHM 32/ ZUD] ] SRá F]HQLDPL ]DJUDQLF]Q\PL WHM VLHFL 1DVW SQLH SU]HGVWDZLRQR
NLHUXQNL ]PLDQ Z VLHFLDFK UR]OHJá\FK L QD WHM SRGVWDZLH UR]ZD RQR RJyOQ NRQFHSFM 3ROVNLHJR
,QWHUQHWX 2SW\F]QHJR $UW\NXá ]DZLHUD UyZQLH RPyZLHQLH ]DDZDQVRZDQ\FK XVáXJ VLHFLRZ\FK
]UHDOL]RZDQ\FK SLORWRZR Z VLHFL 32/ 3UDFD QLQLHMV]D ED]XMH QD REV]HUQLHMV]HM SXEOLNDFML
]DPLHV]F]RQHMZPDWHULDáDFKNRQIHUHQFML32/0$1¶01DNRQLHF]Q\66WDU]DN06WURL VNL-
: JODU]6LHü32/DLQIUDVWUXNWXUDVLHFLRZD;;,Z
$NWXDOQ\VWDQVLHFL32/
1DXNRZD V]HURNRSDVPRZD VLHü $70 32/ SRZVWDáD Z URNX SRF] WNRZR MDNR
HNVSHU\PHQW SUH]HQWRZDQ\ QD Z\VWDZLH 32/0$1 ¶ RG F]HUZFD MDNR LQVWDODFMD SLORWRZD
DE\ Z NR FX U RVL JQ ü VWDQ RSHUDF\MQ\ .RQILJXUDFMD VLHFL REHMPRZDáD ZyZF]DV *GD VN
3R]QD :DUV]DZ àyG L .DWRZLFH SRá F]RQH NDQDáDPL 0EV G]LHU DZLRQ\PL RG
7(/(1(5*2RUD]:URFáDZGRá F]RQ\NDQDáHP0EVG]LHU DZLRQ\PRG3.35\V
: URNX GR VLHFL GRá F]RQR %LDá\VWRN 0EV QD ZLDWáRZRG]LH G]LHU DZLRQ\P RG
7(/(1(5*2=LHORQ *yU 0EVG]LHU DZLRQHRG736$ZVLHFL32/3$.7L.UDNyZ 0EV G]LHU DZLRQH RG 7(/(1(5*2 : FHOX OHSV]HJR UR]Sá\ZX UXFKX XUXFKRPLRQR UyZQLH
GRGDWNRZH SRá F]HQLH 0EV :DUV]DZD ± àyG .RQILJXUDFM VLHFL QD NRQLHF URNX
SU]HGVWDZLRQR QD 5\V 'RGDWNRZR Z ]Há VLHFL 32/ Z .DWRZLFDFK ]RVWDá SRá F]RQ\ ]
*OLZLFDPL0EVDZ ]HáZ:DUV]DZLH],&08:0EV
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
*GD VN
%\GJRV]F]
6]F]HFLQ
(OEO J
2OV]W\Q
%LDá\VWRN
7RUX
3R]QD
:DUV]DZD
=LHORQD*yUD
àyG
3XáDZ\
&] VWRFKRZD
/XEOLQ
:URFáDZ
.DWRZLFH
6'+
.UDNyZ 5]HV]yZ
7(/(1(5*2
0E
5\V3Rá F]HQLDIL]\F]QHVLHFL32/NRQLHFU
*GD VN
%\GJRV]F]
6]F]HFLQ
3R]QD
(OEO J
2OV]W\Q
%LDá\VWRN
7RUX
:DUV]DZD
=LHORQD*yUD
àyG
3XáDZ\
&] VWRFKRZD
:URFáDZ
.DWRZLFH
/XEOLQ
.UDNyZ 5]HV]yZ
6'+ 7(/(1(5*2
ZLDWáRZyG7(/(1(5*2$700EV
0E
5\V3Rá F]HQLDIL]\F]QHVLHFL32/NRQLHFU
=QDF] F\UR]ZyMVLHFLQDVW SLáZSLHUZV]\PSyáURF]XURNX5\V
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
*GD VN
6áXSVN
.RV]DOLQ
6]F]HFLQ
(OEO J
%\GJRV]F]
2OV]W\Q
%LDá\VWRN
7RUX
:DUV]DZD
3R]QD
=LHORQD
àyG
&] VWRFKRZD
:URFáDZ
2SR
.DWRZLFH
6'+
3XáDZ\
/XEOLQ
.LHOFH
.UDNyZ 5]HV]yZ
7(/(1(5*2
0E
5\V3Rá F]HQLDIL]\F]QHVLHFL32/
3Rá F]HQLD 0EV RG 7(/(1(5*2 ]UHDOL]RZDQR GR /XEOLQD :URFáDZLD 7RUXQLD
L 6]F]HFLQD (WDSHP SU]HM FLRZ\P Z UR]ZRMX VLHFL V SRá F]HQLD 0EV RG 7(/(1(5*2 GR
&] VWRFKRZ\=LHORQHM*yU\%\GJRV]F]\(OEO JD2OV]W\QD3XáDZL5]HV]RZD6WUXNWXU GRFHORZ
VLHFL 32/ SU]HGVWDZLRQR QD 5\V 3ODQXMH VL H E G]LH RQD GRVW SQD
QDSRF] WNXURNX
5\V'RFHORZDNRQILJXUDFMDVLHFL32/U
(NVSHU\PHQWDOQDVLHü32/NWyUDSRá F]\áDNRPSXWHU\ZR URGNDFKVXSHUNRPSXWHURZ\FKZ
3R]QDQLX*GD VNXàRG]LL*OLZLFDFK]VLHFL Z\VWDZRZ 32/0$1DZUPLDáDLOXVWURZDü
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
SRWU]HE\
URGRZLVND
Z
]DNUHVLH
SU]HV\áDQLD
GDQ\FK
=RVWDáD
]UHDOL]RZDQD
Z RSDUFLX R NDQDá\ 0EV XGRVW SQLRQH SU]H] 7(/(1(5*2 6LHü Z\VWDZRZD ]RVWDáD GRá F]RQDGRVLHFL32/NDQDáHP0EV
1D Z\VWDZLH SU]HGVWDZLRQR WU]\ HNVSHU\PHQW\ LOXVWUXM FH UR]SURV]RQH REOLF]HQLD ] Z\NR
U]\VWDQLHP VLHFL 32/ MDNR PHGLXP WUDQVPLV\MQHJR á F] FHJR NRPSXWHU\ REOLF]HQLRZH 'ZD ]
QLFKGRW\F]\á\REOLF]H FKHPLF]Q\FK]Z\NRU]\VWDQLHPDSOLNDFML06,L*DPHVV7U]HFL DSOLNDFM Z
VLHFL E\á UR]SURV]RQ\ UHQGHULQJ F]\OL REOLF]DQLH L U\VRZDQLH REUD]X QD SRGVWDZLH ED]\ GDQ\FK R
RELHNWDFK]QDMGXM F\FKVL QDREUD]LH
6LHüNUDMRZDWZRU]\]ELyUSRá F]RQ\FK3XQNWyZ:\PLDQ\8VáXJ3:8SRV]F]HJyOQ\FK0$1
yZ WM RGSRZLHGQLFK SU]Há F]QLNyZ $70 L UXWHUyZ 1DMF] FLHM 3:8 VWRVXM Z W\P FHOX
SU]Há F]QLNL$70)25($6;LUXWHU\&,6&2
=DU] G]DQLHZVLHFL32/MHVW]RUJDQL]RZDQHGRPHQRZRLPDVWUXNWXU UR]SURV]RQ ” GRPHQ $70]DU] G]D3&66
” GRPHQ SURWRNRáX,3]DU] G]D&HQWUXP.RPSXWHURZH3ROLWHFKQLNLàyG]NLHM
” ]DU] G]DQLH SR]RVWDá\PL GRPHQDPL E G]LH SRG]LHORQH SRPL G]\ MHGQRVWNL XF]HVWQLF] FH
ZLQLFMDW\ZLH
3Rá F]HQLD]DJUDQLF]QHVLHFL32/
'OD ]DSHZQLHQLD Z\VRNLHM MDNR FL XVáXJ X \WNRZQLNRP DNDGHPLFNLFK VLHFL PLHMVNLFK
]ZL ]DQ\FK]GRVW SHPGRVLHFLRSHUDWRUyZ,QWHUQHWXZ3ROVFHL]DJUDQLF VLHü32/UHDOL]RZDáD
V]HUHJSRá F]H PL G]\RSHUDWRUVNLFK
2G F]HUZFD URNX VLHü 32/ SRVLDGD QLH]DOH QH SRá F]HQLH VDWHOLWDUQH )UDPH 5HOD\ GR
VLHFLRSHUDWRUD7HOHQRUGLDRVXPDU\F]QHMSU]HSXVWRZR FL0EV0EVQDNLHUXQNX7HOHQRUGLDGR
32/RUD]0EV]VLHFL32/GR7HOHQRUGLL3Rá F]HQLHWRMHVWZ\NRU]\VWDQHGRGRVW SXGR
ZLDWRZ\FK]DVREyZVLHFL,QWHUQHW
: NR FX URNX 3R]QD VNLH &HQWUXP 6XSHUNRPSXWHURZR6LHFLRZH Z\JUDáR SU]HWDUJ
RJáRV]RQ\SU]H].RPLWHW%DGD 1DXNRZ\FKQDGRá F]HQLHSROVNLHJR URGRZLVNDQDXNRZHJRGRVLHFL
7(1:UDPDFKUHDOL]DFMLWHJR]RERZL ]DQLD]HVWDZLRQH]RVWDáRSRá F]HQLHQD]LHPQHZUHODFML
3R]QD ±)UDQNIXUWQDG0HQHPRSU]HSXVWRZR FL0EVQDED]LHVLHFLSRGNáDGRZHM6'+RSHUDWRUD
7HO(QHUJRLMHJRQLHPLHFNLFKSDUWQHUyZ3U]HSXVWRZR ü0EVZREHFQHMID]LH]RVWDáDSRG]LHORQD
QDGZDSDVPD
q JZDUDQWRZDQHSDVPR&%50EVGRVLHFL,QWHUQHWZ86$
q SDVPRRGGR0EV]NRQWUDNWHP9%5GODá F]QR FLLQWHUQHWRZHMGR(XURS\
q RSFMRQDOQH SDVPR GR 0EV ] ZáD FLZ\PL NRQWUDNWDPL GOD UHDOL]DFML VLHFL
VSHFMDOL]RZDQ\FK0%RQH931Z\FLQDQH]SDVPDÄHXURSHMVNLHJR´
: GDOV]HM ID]LH SR XGRVW SQLHQLX Z VLHFL 7(1 XVáXJL 0%6 DQJ 0DQDJHG %DQGZLGWK
6HUYLFH SODQRZDQH MHVW ]HVWDZLDQLH Z\G]LHORQ\FK VLHFL ZLUWXDOQ\FK GHG\NRZDQ\FK
QDSRWU]HE\SURMHNWyZLSUDFEDGDZF]\FK3ODQXMHVL SU]H]QDF]HQLHGODW\FKFHOyZSU]HSXVWRZR FL
GR0EV]NDQDáX0EV'RVW SGRVLHFLPXOWLFDVWRZHM0%RQHMHVWREHFQLHUHDOL]RZDQ\SU]H]
WXQHORZDQLHUXFKXPXOWLFDVWRZHJR]DSRPRF SURWRNRáX'9503ZVLHFL ,3 'RFHORZR SODQXMH VL
]HVWDZLHQLH
GOD
UXFKX
PXOWLFDVWRZHJR
GHG\NRZDQHM
VLHFL
ZLUWXDOQHM
R PDNV\PDOQHM SU]HSXVWRZR FL GR 0EV :GUR HQLH SODQRZDQHJR SRG]LDáX SDVPD QD á F]X GR
)UDQNIXUWX E G]LH MHGQDN PR OLZH GRSLHUR SR RGGDQLX GR HNVSORDWDFML DQDORJLF]Q\FK XVáXJ Z VLHFL
7(1 $NWXDOQ\ VWDQ SUDF Z WHM G]LHG]LQLH UHDOL]RZDQ\FK SU]H] '$17( MHVW
QDSR]LRPLHWHVWyZDOID
'OD ]REUD]RZDQLD UXFKX QD W\P SRá F]HQLX SRND]DQR SU]\NáDGRZH SRG]LDá\ UXFKX
Z\FKRG] FHJRSR]LRP UHGQL0EVLUXFKXSU]\FKRG] FHJRSR]LRP UHGQL0EV]86$Z
PLHVL FXZU]H QLXU
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
3URFHQWRZ\SRG]LDáXUXFKXSRPL G]\VLHFL 32/D86$±UXFKZ\FKRG] F\]0$1yZ
%LDá\VWRN
7RUX %\GJRV]F]
/XEOLQ
=LHORQD*yUD
&] VWRFKRZD
6]F]HFLQ
àyG
O VN
:URFáDZ
.UDNyZ
3R]QD
*GD VN
:\NUHV SURFHQWRZHJR SRG]LDáX UXFKX SRPL G]\ VLHFL 32/ D 86$ ± UXFK SU]\FKRG] F\
GR0$1yZ
7RUX
%LDá\VWRN
%\GJRV]F]
&] VWRFKRZD
6]F]HFLQ
.UDNyZ
=LHORQD*yUD
/XEOLQ
àyG
O
VN
3R]QD
*GD
VN
:URFáDZ
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
.LHUXQNLUR]ZRMXUR]OHJá\FKVLHFLNRPSXWHURZ\FK
3U]HáRP ZLHNyZ Z ]ZL ]NX ] RF]HNLZDQLDPL Z ]DNUHVLH UHZROXFML LQIRUPDF\MQHM E G]LH
SRF] WNLHP RNUHVX PHWDPRUIR]\ WHOHNRPXQLNDFML 6 WU]\ VNáDGQLNL GHF\GXM FH R W\FK ]PLDQDFK
UHIRUPD WHOHNRPXQLNDFML ODZLQRZ\ Z]URVW XVáXJ L UXFKX LQWHUQHWRZHJR SRMDZLHQLH VL QRZ\FK
WHFKQRORJLL
5HIRUPD WHOHNRPXQLNDFML SR VWURQLH RSHUDWRUyZ WHOHNRPXQLNDF\MQ\FK ]ZL ]DQD MHVW ] OL
EHUDOL]DFM U\QNX Z]URVWHP NRQNXUHQF\MQR FL ]PQLHMV]HQLHP NRV]WyZ WD V]D L ERJDWV]D RIHUWD
XVáXJ:\WZRU]HQLHWD V]\FKLEDUG]LHM Uy QRURGQ\FK XVáXJ Z\ZRáXMH UyZQLH SURFHV NRQVROLGDFML
SURGXFHQWyZXU] G]H WHOHNRPXQLNDF\MQ\FK ] SURGXFHQWDPL XU] G]H VLHFL NRPSXWHURZ\FK :LHOH
SU]\NáDGyZREVHUZRZDQ\FKQDU\QNX ZLDWRZ\PSRWZLHUG]DSRZ\ V]HWHQGHQFMH
=PLDQ\ Z NRQFHSFML EXGRZ\ VLHFL UR]OHJá\FK SU]HGVWDZLRQH ]RVWDá\ VFKHPDW\F]QLH
QD 5\V .RQFHSFMD XVáXJ Z W\FK VLHFLDFK ED]RZDü E G]LH QD GRVWDUF]DQLX GR X \WNRZQLND NR FRZHJRXVáXJRRNUH ORQHMMDNR FL]GHILQLRZDQHMSRSU]H]]HVWDZJZDUDQWRZDQ\FKSDUDPHWUyZ
=DáR HQLD GRW\F] FH ,QWHUQHWX QRZHM JHQHUDFML RUD] SURZDG]RQH SUDFH UR]ZRMRZH
L ZGUR HQLRZH SR]ZDODM ZVND]Dü GZLH QRZH WHFKQRORJLH ZDUXQNXM FH ]PLDQ\ Z ]DNUHVLH
NRQVWUXNFMLVLHFLWHOHNRPXQLNDF\MQ\FK
WHFKQRORJLD':'0DQJ'HQVH:DYHOHQJWK'LYLVLRQ0XOWLSOH[LQJ
WHFKQRORJLDUXWHUyZWHUDELWRZ\FK
8VáXJL]JZDUDQWRZDQ\P4R6
V\VWHP
F
WHOHZL] ]RáRZ\
MLNDEOR
ZHM
QF ZLH
HQ OR
WUD XV
WR áXJ
U\ R
G ZH
RV WS
RZ
H
R G R Z\
EH]SU]HZ áRZ\
]R
V\VWHPF
3:8
3:8
VLHüNU JRVáXSRZD$70
3:8
RSW\F]Q\V\VWHP
WUDQVPLVML':'0
NR
3:8
XU
VLHüNU JRVáXSRZD
WHUDELWRZHURXWHU\,3
3:8
6LHFLG
]
]L
G] QWHJ
HQ UR
LD ZD
G
RV QH
WS
RZ
H
P
VWH
\
V
UQ\ RZ\
D
W
L
Rá
HO
VDW F]
3:8
RVW SR
ZH
5\V=PLDQ\ZVLHFLDFKUR]OHJá\FK
=PLDQ\ REOLF]D VLHFL UR]OHJá\FK E G ] MHGQHM VWURQ\ XZDUXQNRZDQH UR]ZRMHP SRZ\ V]\FK
WHFKQRORJLLD]GUXJLHMUR]ZRMHPWHFKQRORJLLSRZV]HFKQHJRWDQLHJRGRVW SXV]HURNRSDVPRZHJR]
PLHV]ND 'R VLHFL UR]OHJáHM SRSU]H] QRZHM NODV\ XU] G]HQLD QS ZLHORXVáXJRZH NRQFHQWUDWRU\
GRVW SRZH F]\ ]LQWHJURZDQH NRQFHQWUDWRU\ GRVW SRZH E G GRSURZDG]DQH JLJDELWRZH LOR FL
LQIRUPDFML]ZLHOX UyGHáMHGQRF]H QLHLOXVWUDFMDWHFKQRORJLL':'0±5\VL7HV\VWHP\LVLHFL
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
GRVW SRZH
]D
SR UHGQLFWZHP
3XQNWyZ
:\PLDQ\
8VáXJ
R JLJDELWRZ\FK L WHUDELWRZ\FK SU]HSXVWRZR FLDFK DQJ *LJD3R3 7HUD3R3 E G PLDá\ GRVW S GR
VLHFL NU JRVáXSRZ\FK $70 L 6'+ ]EXGRZDQ\FK RGSRZLHGQLR QD SU]Há F]QLNDFK $70
LWHUDELWRZ\FKUXWHUDFK,36\VWHPHPWUDQVSRUWRZ\PGODWHMVWUXNWXU\E G VLHFLRSW\F]QHG]LDáDM FH
ZWHFKQRORJLL ':'0 NWyUH XPR OLZLDM SU]HV\áDQLH UyZQROHJá\PL NDQDáDPL R GX HM VXPDU\F]QHM
SU]HSXVWRZR FLDNWXDOQLHRG*EVQDGX HRGOHJáR FL
$NWXDOQLH LVWQLHM MX Z ZLHFLH SLORWRZH UR]ZL ]DQLD NWyUH PRJ E\ü X]QDZDQH
]DUHDOL]XM FHNRQFHSFM ÄRSW\F]QHJR,QWHUQHWX´:86$MHVWWRVLHü$ELOHQHRSU]HSXVWRZR FL
*EVVWRVXM FDWHFKQLN 326DQJ3DFNHW2YHU6RQHWLUXWHU\JLJDELWRZH:.DQDG]LHMHVWWRVLHü
&$QHW RIHUXM FD ZLHORNDQDáRZ WUDQVPLVM GOD JLJDELWRZHJR (WKHUQHWX L $70 SRSU]H] NDQDá\
':'0 2ELH SRZ\ V]H VLHFL VáX UR]ZRMRZL EDGD QDG WHFKQRORJL L ]DVWRVRZDQLDPL ,QWHUQHWX
QRZHMJHQHUDFML
3RGREQHSUDFHSRGHMPRZDQH V UyZQLH Z (XURSLH 3U]\NáDGHP PRJ E\ü SLORWRZH UHDOL]DFMH
JLJDELWRZ\FK SRá F]H ZLDWáRZRGRZ\FK Z VLHFL ')1 3U]\NáDGHP PR H E\ü UyZQLH SURJUDP
KROHQGHUVNLHMVLHFL6XUI1HWRQD]ZLH*LJDSRUW5yZQLH NRPHUF\MQLRSHUDWRU]\Z(XURSLHLQIRUPXM
RXUXFKRPLHQLXÄRSW\F]QHJR,QWHUQHWX´QSVLHü+HUPHV
6\JQDá\RSW\F]QH
ND G\*EV
:'0':'0]DVDGDG]LDáDQLD
l
l
l
l
l
l
l
l
*EV
MHGHQ ZLDWáRZyG
l l
l
l
l
l
l
l
à F]QLH*EVSU]\]ZLHORNURWQLHQLX
V]\ENR FLWUDQVPLVML*EV
5\V7HFKQRORJLD:'0':'0±]DVDGDG]LDáDQLD
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
.RPXWDFMDZV\VWHPLHWUDQVPLV\MQ\P
670*EV
:'0
.RPXWDWRU2SW\F]Q\
670
l
670
l
670
l
670
670
(
((
*EV
670
5(
6.
(/
,37
/8
0
('
670
670
670
5(
6.
(/
3,
7/
8
0
('
670
3U]HND]
F]WHURIDORZ\
(
(
:]PDFQLDF]H
RSW\F]QH
08/7,3/(.6(5
l
08/7,3/(.6(5
670
(')$
$'0
l
670
l
670
l
670
l
'RXU] G]H NR FRZ\FK
5\V7HFKQRORJLD:'0':'0±]DVDGDG]LDáDQLD
$NWXDOQ\VWDQQDXNRZ\FKVLHFLZ(XURSLHVLHFL$70RSU]HSXVWRZR FL0EVSRá F]RQH
NDQDáDPL 0EV VWDQRZL GREU\ SXQNW VWDUWRZ\ GOD SLORWRZHJR SU]\JRWRZ\ZDQLD XVáXJ
V]HURNRSDVPRZ\FKLUR]ZLMDQLD,QWHUQHWXRSW\F]QHJR
.LHUXQNLUR]ZRMXVLHFLQDXNRZ\FKZ3ROVFH
=DNáDGDVL HSROVNDLQIUDVWUXNWXUDVLHFLRZDQDXNLQDSRF] WNX;;,ZLHNXQLHE G]LHRGELHJDü
VZ\P SR]LRPHP RG QDXNRZ\FK VLHFL Z (XURSLH .UDMRZD VLHü UR]OHJáD 32/ G\VSRQRZDü
E G]LH SRá F]HQLDPL 0EV QD JáyZQ\FK NLHUXQNDFK L RGSRZLDGDü E G]LH VWUXNWXU]H
SU]HGVWDZLRQHM QD U\V 0LHMVNLH VLHFL NRPSXWHURZH DNWXDOQLH ]EXGRZDQH ZWHFKQRORJLL $70 ]
V]\ENR FLDPLSU]HV\áDQLD0EVE G VWDQRZLüRJQLZRSR UHGQLHRIHUXM FHGRVW SGRVLHFL]
XVáXJDPL GRGDQ\PL XVáXJL PXOWLPHGLDOQH ED]\ GDQ\FK GRVW S GR FHQWUyZ .'0 LWS RUD]
UR]SURV]RQHJRSXQNWXZ\PLDQ\XVáXJ]X \WNRZQLNDPLORNDOQHVLHFLMHGQRVWHNQDXNRZ\FK&HFK
FKDUDNWHU\VW\F]Q W\FKVLHFLMHVWSRVLDGDQLHZáDVQ\FK ZLDWáRZRGyZ
=QDF] F\ UR]ZyM VLHFL MHGQRVWHN QDXNRZ\FK ]DSHZQL PR OLZR ü SU]HQLHVLHQLD Z\PLHQLDQHJR
SU]H]VLHFLUR]OHJáHUXFKXGRX \WNRZQLNyZNR FRZ\FK
'R ZLDGF]HQLD DPHU\ND VNLH SRND]XM MHGQDN H RPDZLDQ\ SR]LRP QLH MHVW Z\VWDUF]DM F\ GR
]UHDOL]RZDQLD ZL]ML SRZV]HFKQLH GRVW SQHJR ,QWHUQHWX = WHJR SRZRGX UyZQLH NUDMH HXURSHMVNLH
DE\ Z\UyZQDü SR]LRP L VWZRU]\ü UyZQH V]DQVH UR]ZRMX VZRLFK VSRáHF]H VWZ Z\NUHRZDá\ SL W\
SURJUDPEDGDZF]\SRGKDVáHPÄ7HFKQRORJLH6SRáHF]H VWZD,QIRUPDF\MQHJR´
: ]ZL ]NX ] W\P VWUDWHJLF]Q\P FHOHP UR]ZRMX QDXNRZHM LQIUDVWUXNWXU\ Z 3ROVFH SRZLQQR E\ü
SDUWQHUVWZR]W\PSURJUDPHP']L NLWHPX3ROVNDPRJáDE\X]\VNDüSR]\FM ZLDWRZ ZG]LHG]LQLH
WZRU]HQLD RSURJUDPRZDQLD DSOLNDF\MQHJR GOD QRZ\FK XVáXJ V]HURNRSDVPRZ\FK Z VLHFLDFK
NRPSXWHURZ\FK
5HDOL]DFMDSRZ\ V]\FKFHOyZZ\PDJD
” EXGRZ\NUDMRZHMVLHFLRSW\F]QHMV]NLHOHWRZHM
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
” UR]ZRMX VLHFL GRVW SRZ\FK Z R URGNDFK QDXNRZ\FK Z FHOX SU]HNV]WDáFHQLD LFK Z UR]SURV]RQH
*LJD3R3\ RUD] FHQWUD ZLDGF]HQLD XVáXJ WDN H .'0 L RSURJUDPRZDQLD DSOLNDF\MQHJR
SU]HZLG\ZDQHUDP\F]DVRZHWRODWD±
: V]F]HJyOQR FL UHDOL]DFMD EXGRZ\ ,QWHUQHWX 2SW\F]QHJR Z 3ROVFH PRJáDE\ REHMPRZDü
QDVW SXM FHHOHPHQW\
D .UDMRZDVLHüRSW\F]QD
WHFKQRORJLD':'0,3RYHU$70326)2
]DNUHVVLHüV]NLHOHWRZDRGSRZLDGDM FD]DVL JRZL32/ZZDULDQFLHGRFHORZ\P
UHJLRQDOQHVLHFLGRVW SRZHDNDGHPLFNLHVLHFL0$1
*LJD3R3\R URGNL.'0LFHQWUD]DU] G]DQLDDNDGHPLFNLFKVLHFL0$1
XVáXJLV]HURNDRIHUWDSDUDPHWU\]RZDQ\FKXVáXJ4R6L&R6QRZHMJHQHUDFML
]DU] G]DQLH UR]ZyM ]LQWHJURZDQHJR L GRPHQRZHJR ]DU] G]DQLD VLHFLDPL XVáXJDPL
LDSOLNDFMDPL
E 6LHFLGRVW SRZHDNDGHPLFNLFKR URGNyZ0$1
HZROXFMD WHFKQRORJLL VLHFL V]NLHOHWRZ\FK 0$1 Z NLHUXQNX VLHFL RSW\F]Q\FK ] XZDJL QD
ZáDVQH ZLDWáRZRG\
V]HURNRSDVPRZ\GRVW SGRVLHFLNUDMRZHM0EV±*EV
GDOV]\UR]ZyMVLHFLNDPSXVRZ\FKLVLHFLXF]HOQLDQ\FKGRVW SGRUR]SURV]RQHJR*LJD3R3X
0EV*EV
F 5R]ZyMXVáXJ
WZRU]HQLH FHQWUyZ ZLDGF]HQLD XVáXJ Z RSDUFLX R FHQWUD ]DU] G]DQLD DNDGHPLFNLFK VLHFL
0$1
WZRU]HQLH ]HVSRáyZ SU]\JRWRZDQLD QRZ\FK XVáXJ V]HURNRSDVPRZ\FK V\VWHP\ RSUR
JUDPRZDQLDLDSOLNDFMHSLORWRZH
GDOV]\UR]ZyMR URGNyZ.'0]HV]F]HJyOQ\PXZ]JO GQLHQLHPLFKVSHFMDOL]DFMLZ]DNUHVLH
ZLDGF]HQLDXVáXJREOLF]HQLRZ\FK
3U]HZLG\ZDQ\KDUPRQRJUDPUHDOL]DFMLPyJáE\REHMPRZDüF]WHU\HWDS\
(WDS,±ZVW SQ\WHVWRZDQLHWHFKQRORJLLURN
(WDS,,ODWDEXGRZDXVáXJED]RZ\FKL URGRZLVNDVLHFLRZHJR
(WDS,,, ODWDSLORWRZHZGUR HQLDXVáXJ
(WDS,9 URNWUDQVIHUQRZ\FKUR]ZL ]D GRLQQ\FKVIHU
5HDOL]DFMD SRZ\ V]\FK FHOyZ PLDáDE\ ]QDF]HQLH GDOHNR Z\NUDF]DM FH SR]D VWUHI QDXNL
3URZDG]LáDE\GRSRZVWDQLDSRGNáDGRZHMNUDMRZHMVLHFLRSW\F]QHMXPR OLZLDM FHM]ZLHORNURWQLHQLH
OLF]E\ NDQDáyZ WUDQVPLVML L XGRVW SQLHQLH LFK GOD SRWU]HE VáX E LQIRUPDW\F]Q\FK DGPLQLVWUDFML
SD VWZRZHMLVDPRU] GRZHM
5R]ZyMXVáXJVLHFL32/
.RU]\VWDQLH SU]H] URGRZLVNR QDXNRZH ] VLHFL 32/ MDNR VLHFL SR UHGQLF] FHM
Z Z\PLDQLH LQIRUPDFML PL G]\ 0$1DPL L R URGNDPL ]DJUDQLF]Q\PL Z PLDU Z]URVWX XVáXJ
R FKDUDNWHU]H WHOHPDW\F]Q\P Z\PDJD RG WHM VLHFL ]DRIHURZDQLD ]DDZDQVRZDQ\FK XVáXJ ED]RZ\FK
WDNLFKMDN
D XVáXJD UXWLQJX UR]JáRV]HQLRZHJR VLHü PXOWLFDVWRZD XUXFKRPLRQD Z VLHFL 32/
RWU]\PDáDSRá F]HQLD]VLHFL HXURSHMVN LXPR OLZLáDUHDOL]DFM WUDG\F\MQ\FKXVáXJ
EXVáXJL0%6±SROHJDM FHQDUH]HUZDFMLZ\G]LHORQHJRSDVPDQD GDQLHSR]ZDODM QDGH
G\NRZDQLH WDNLHJR SDVPD QS GOD SRá F]HQLD ZVSyáSUDFXM F\FK MHGQRVWHN QDXNRZ\FK Z3ROVFH
OXE MHGQRVWHN Z Uy Q\FK NUDMDFK 3ROVND ± (XURSD Z FHOX UHDOL]DFML ZVSyOQ\FK SURMHNWyZ
8VáXJ W ]HVWDZLRQR Z RVWDWQLP RNUHVLH GZXNURWQLH GOD UHDOL]DFML NLONXJRG]LQQ\FK VHVML
ZLGHRNRQIHUHQF\MQ\FK %LDá\VWRN ± :DUV]DZD L 3R]QD ± :DUV]DZD 7UZDM WHVW\ GRW\F] FH
PR OLZR FLWHMXVáXJLLMDNR FLMHMSDUDPHWUyZ
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
5yZQRF]H QLH LVWQLHQLH NUDMRZHM VLHFL $70 XPR OLZLD Z\G]LHOHQLH SRá F]H Z WHM VLHFL
SUDFXM F\FK Z WU\ELH HPXODFML NDQDáyZ F\IURZ\FK 3Rá F]HQLD WH PR QD Z\NRU]\VWDü
GR WUDQVPLVML JáRVX SRSU]H] VLHü $70 3U]\NáDGHP WDNLHJR UR]ZL ]DQLD MHVW WUDQVPLVMD SRPL G]\
FHQWUDODPL +L&RP Z 3R]QD VNLP &HQWUXP 6XSHUNRPSXWHURZR6LHFLRZ\P L &HQWUXP
.RPSXWHURZ\P3ROLWHFKQLNLàyG]NLHM
2EHFQ\VWDQVLHFL32/LSODQRZDQHZURNXSRá F]HQLH0EVSR]ZDODM MX ZWHM
FKZLOL SURZDG]Lü SUDFH QDG UR]ZRMHP QRZ\FK ]DDZDQVRZDQ\FK XVáXJ VLHFL ,QWHUQHW ]ZDQ\FK
SRSXODUQLHXVáXJDPLWHOHPDW\F]Q\PL
2 WU]HFK QRZ\FK XVáXJDFK WHOHPDW\F]Q\FK UR]ZLMDQ\FK Z UDPDFK VLHFL 32/
FKFLHOLE\ P\ ZVSRPQLHü V]HU]HM 6 WR ]GDOQH QDXF]DQLH HOHNWURQLF]QH Z\GDZQLFWZD
LNUDMRZ\NODVWHUV\VWHPyZ.'0
3UyE\ Z\NRU]\VWDQLD QDMQRZV]\FK URGNyZ PXOWLPHGLDOQ\FK GOD Z]ERJDFHQLD NODV\F]Q\FK
PHWRGG\GDNW\F]Q\FKSURZDG]RQHV RGNLONX ODW SU]H] Uy QH LQVW\WXFMH UyZQLH DNDGHPLFNLH 'R
V]HURNRSRM W\FK]DVWRVRZD HGXNDF\MQ\FKQDOH ” QDXF]DQLH QD RGOHJáR ü DQJ GLVWDQFH OHDUQLQJ ± WUDQVPLWRZDQLH Z F]DVLH U]HF]\ZLVW\P
REUD]X L G ZL NX ] VDOL Z\NáDGRZHM GR RGOHJá\FK WHUPLQDOL VWXGHQFNLFK 2SUyF] NODV\F]QHM
IRUP\Z\NáDGXPR OLZDMHVWGZXVWURQQDLQWHUDNFMDXF]HVWQLNyZSURFHVXQDXF]DQLDZUDPDFK
IRUXPJUXSG\VNXV\MQ\FKF]\HOHNWURQLF]Q\FKWDEOLF
” WHOHPHG\F\QD±SROHJDM FDQDV]\ENLPSU]HND]LH LQIRUPDFML PHG\F]Q\FK QS REUD]yZ SROD
RSHUDF\MQHJR ]H V]SLWDOD XPR OLZLDM FD SURZDG]HQLH RQOLQH NRQVXOWDFML SRPL G]\
VSHFMDOLVWDPL
” ZLUWXDOQHELEOLRWHNL±GX HVHUZHU\XF]HOQLDQH ZLDGF] FHXVáXJLELEOLRWHF]QHX]XSHáQLRQHR
GRVW SQHGODZV]\VWNLFKVWXGHQWyZPDWHULDá\PXOWLPHGLDOQHZLGHRDXGLRSUH]HQWDFMH
:PDUFXU]RVWDáDSRGSLVDQDXPRZDRZVSyáSUDF\SRPL G]\3&66L$706$GRW\F] FD
ZGUR HQLD WHFKQRORJLL PXOWLPHGLDOQ\FK GOD FHOyZ ]GDOQHJR QDXF]DQLD NWyUHM ZVW SQ\P Z\QLNLHP
MHVWSLORWD RZ\SURMHNWDSOLNDFML]GDOQHJRQDXF]DQLD1DMLVWRWQLHMV]\PSUREOHPHP]W\P]ZL ]DQ\P
MHVW
]DSHZQLHQLH
RGSRZLHGQLHM
MDNR FL
SU]HND]X
&] FLRZR
MHVW WR ]ZL ]DQH ] MDNR FL XVáXJ RIHURZDQ\FK SU]H] VLHü :D QD MHVW UyZQLH MDNR ü SU]\JRWRZD
Q\FKPDWHULDáyZLPR OLZR FLWHFKQLF]QHRGELRUXSRVWURQLHXF] FHJRVL :HZVW SQHMID]LHSURMHNWXUR]ZD DQRQDVW SXM FHDVSHNW\Z\PDJDQLDLRJUDQLF]HQLD]NWyU\FK
Z\QLNDM ]DNUHV PR OLZ\ QDMOHSV]\ Z\EyU L LQQH PR OLZH UR]ZL ]DQLD NWyUH ZDUWR UR]SDWU]Hü
(OHPHQW\WH]HVWDZLRQRZWDEHOL7DESRQL HM
=DNUHV
1DMOHSV]\Z\EyU
:DUWHUR]ZD HQLD
'RVW SGR]DZDUWR FL
V\QFKURQLF]Q\
DV\QFKURQLF]Q\
6LHüNRPXQLNDF\MQD
$70
,QWHUQHW0XOWLFDVW,3
-DNR üYLGHR
3$/03(*
LQWHUDNW\ZQD
WHOHSUDFD
03(*&,)4&,)
7U\EQDXF]DQLD
6FHQDULXV]Z\NáDGX
UyZQROHJáHVWUXPLHQLH
GZXNLHUXQNRZH
Z\NáDG\
Z]ERJDFRQ\
SU]HND]YLGHR
7DE$VSHNW\ID]\SURMHNWRZHMDSOLNDFML]GDOQHJRQDXF]DQLD
6SRVyE GRVW SX GR ]DZDUWR FL REHMPXMH MHGHQ ] GZyFK WU\EyZ XG]LDá Z Z\NáDG]LH RQOLQH
V\QFKURQLF]Q\ OXE GRVW S RIIOLQH GR PDWHULDáyZ SU]HFKRZ\ZDQ\FK Z ED]LH GDQ\FK F]\OL
DV\QFKURQLF]QLH : ]DNUHVLH WUDQVPLVML UR]ZD DQR RJUDQLF]RQ OLF]E X \WNRZQLNyZ NWyU]\
SRVLDGDM SRá F]HQLH $70 Z ]HVWDZLHQLX ] XVáXJ RWZDUW GOD X \WNRZQLNyZ ,QWHUQHWX
7DGUXJDRSFMDSRFL JD]DVRE REQL HQLHMDNR FLRIHURZDQHMWUDQVPLVML:]DNUHVLHWU\EXQDXF]DQLD
QDMOHSV]\P UR]ZL ]DQLHP MHVW ]UHDOL]RZDQLH URGRZLVND GR LQWHUDNW\ZQHM WHOHSUDF\ %LRU F SRG
XZDJ SRF] WNRZH RJUDQLF]HQLD UR]ZD DQR PR OLZR ü ]DVWRVRZDQLD WU\EX Z\NáDGyZ RIIOLQH
2NUH ORQ\ ]DU\V VFHQDULXV]\ Z\NáDGyZ XPLHV]F]RQ\ ]RVWDá SRPL G]\ GZXNLHUXQNRZ\PL
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
VWUXPLHQLDPL UyZQROHJá\PL D SU]HND]HP YLGHR Z]ERJDFRQ\P R ]ELyU DNFML GRVW SQ\FK SR VWURQLH
X \WNRZQLNDLRIHUXM F\FKSURVWHPHFKDQL]P\LQWHUDNFML
$QDOL]D SRZ\ V]\FK HOHPHQWyZ GRSURZDG]LáD GR RNUH OHQLD JOREDOQ\FK HWDSyZ UR]ZRMX XVáXJL
]GDOQHJR QDXF]DQLD Z VLHFL NUDMRZHM : SLHUZV]\P HWDSLH ]RVWDQ ]UHDOL]RZDQH Z\NáDG\ RIIOLQH ]
WUDQVPLVM YLGHR Z VWDQGDUG]LH 03(* Z]ERJDFRQ R GRGDWNRZH HOHPHQW\ SU]HND]X : SODQDFK
MHVW UR]ZyM V\VWHPX SLORWD RZHJR GR LQWHUDNW\ZQHJR URGRZLVND W\SX ZLUWXDOQH ODERUDWRULXP :
SLHUZV]HM NROHMQR FL ]DSURSRQRZDQR UR]ZL ]DQLH SROHJDM FH QD SUH]HQWDFML Z\NáDGyZ RIIOLQH
XGRVW SQLDQ\FK ]D SR UHGQLFWZHP VHUZHUD ::: *áyZQ\P HOHPHQWHP WHJR UR]ZL ]DQLD MHVW
]LQWHJURZDQ\SU]HND]UyZQROHJá\FKVWUXPLHQLGDQ\FKPXOWLPHGLDOQ\FKG ZL NXYLGHRLLQIRUPDFML
SRPRFQLF]\FKGRRGELRUF\$UFKLWHNWXU V\VWHPX5\VWZRU] VHUZHUJáyZQ\VWDFMHRGELRUF]HL
VLHüGRVW SRZD
3URJUDP\VHUZHUD:::RUD]VHUZHUDYLGHRSUDFXM FHQDVHUZHU]HJáyZQ\PREVáXJXM GDQLD
RGELRUFyZ ]D SR UHGQLFWZHP VLHFL GRVW SRZHM &DáR ü Z\NáDGX XPLHV]F]RQD
MHVWQDVHUZHU]H:::DGDQHVWUXPLHQLRZHXGRVW SQLDQHV SU]H]VHUZHUYLGHR=LQWHJURZDQD]D
ZDUWR ü Z\NáDGX GRFLHUD GR X \WNRZQLND V\QFKURQLF]QLH G]L NL NRQWUROL UHDOL]RZDQHM Z UDPDFK
VNU\SWyZ
6 RQH
RVDG]DQH
Z
VWURQDFK
Z\NáDGX
RGSRZLHGQLR
GRZVND]yZHNZ\NáDGRZF\RNUH ORQ\FKZID]LHSU]\JRWRZ\ZDQLDPDWHULDáX
2GELRUF\
6LHü
'RVW SRZD
6WURQ\:::
6HUZHU
:::
6HUZHU
9LGHR
03(*
6HUZHU*áyZQ\
=DZDUWR üZ\NáDGX
5\V$UFKLWHNWXUDV\VWHPXSLORWRZHJR
=UHDOL]RZDQD LQVWDODFMD SLORWRZD MHVW SLHUZV]\P NURNLHP EXGRZ\ SHáQHJR UR]SURV]RQHJR
URGRZLVND GR ]GDOQHJR QDXF]DQLD Z VLHFL NUDMRZHM 32/ 3URMHNW WHQ ]DNáDGD RIHURZDQLH
PR OLZR FL RUJDQL]RZDQLD Z\NáDGyZ L NXUVyZ SURZDG]RQ\FK ]H ]GDOQ\FK R URGNyZ
] ]DFKRZDQLHP GREUHM MDNR FL WUDQVPLVML REUD]X L G ZL NX *áyZQ\P FHOHP MHVW ]UHDOL]RZDQLH
VNDORZDOQHJR L HODVW\F]QHJR V\VWHPX GOD ]GDOQHJR QDXF]DQLD ] Z\NRU]\VWDQLHP ]DDZDQVRZDQ\FK
WHFKQLN XGRVW SQLDQLD L ]DU] G]DQLD ]DZDUWR FL PXOWLPHGLDOQ 3R]ZROL WR QD X]\VNDQLH SU]H]
VáXFKDF]D QRZ\FK PR OLZR FL Z SRUyZQDQLX GR WUDG\F\MQ\FK Z\NáDGyZ 5y QLFD SROHJD QD
Z]ERJDFHQLX]DZDUWR FLPHU\WRU\F]QHMREUD]HPLG ZL NLHP
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
'RFHORZR V\VWHP\ ]GDOQHJR QDXF]DQLD ED]RZDü E G QD ELEOLRWHNDFK F\IURZ\FK SU]H
FKRZXM F\FKERJDW\PXOWLPHGLDOQ\PDWHULDáG\GDNW\F]Q\
%LEOLRWHNL F\IURZH V SRGVWDZ UyZQLH LQQ\FK VHUZLVyZ QS HOHNWURQLF]QHJR Z\GDZQLFWZD
XVáXJLPHGLyZQD GDQLHXVáXJZLUWXDOQHJRRWRF]HQLDSDWU]5\V3U]\NáDGRZ VWUXNWXU ELEOLRWHNL
F\IURZHMSRND]DQRQD5\V
%LEOLRWHNDF\IURZDMDNR
SRGVWDZDLQQ\FKVHUZLVyZ
',*,7$//,%5$5<
)5$0(:25.
5\V%LEOLRWHNDF\IURZDMDNRSRGVWDZDLQQ\FKVHUZLVyZ
6WUXNWXUD%LEOLRWHNL&\IURZHM
5\V3U]\NáDGRZDVWUXNWXUDELEOLRWHNLF\IURZHM
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
: 3&66 SRGM WR SUDFH SURMHNWRZH GRW\F] FH HOHNWURQLF]QHJR Z\GDZQLFWZD Z NWyU\P ]DNáDGD
VL Z\NRU]\VWDQLH QRZHJR PHGLXP ± ,QWHUQHWX ± L QRZ\FK IRUP DXGLRZL]XDOQ\FK
GRSUH]HQWDFMLOLWHUDWXU\SDWU]5\VL]GDOQHJRQDXF]DQLD±5\V
5\V:\NRU]\VWDQLHELEOLRWHNLF\IURZHMGRSUH]HQWDFMLOLWHUDWXU\
5\V:\NRU]\VWDQLHELEOLRWHNLF\IURZHMGR]GDOQHJRQDXF]DQLD
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
&HOHPSURMHNWXMHVW]HEUDQLHGR ZLDGF]H RUD]VWZRU]HQLHQRZHMMDNR FLRZRELEOLRWHNLF\IURZHM
SRWUDIL FHM REVáX \ü QRZRF]HVQH IRUP\ SXEOLNDFML L LPSOHPHQWXM FHM DNWXDOQ\ VWDQ ZLHG]\ :
SURMHNFLH]DNáDGDVL Z\NRU]\VWDQLHEXGRZ\NRPSRQHQWRZHMLDUFKLWHNWXU\&25%<VWDQGDUGRZ\FK
XVáXJ NDWDORJRZ\FK GR NRQWUROL GRVW SX SHáQH Z\NRU]\VWDQLH QRZ\FK VWDQGDUGyZ PHWDGDQ\FK
VWZRU]HQLH PHFKDQL]PyZ LPSOHPHQWDFML ELEOLRWHN UR]SURV]RQ\FK RUD] Z\NRU]\VWDQLH DJHQWyZ L
PRGHOLZ\GDMQR FLVHUZLVyZGR]DSHZQLHQLDMDNR FLXVáXJL
-HGQ ] PHWRG SRSUDZLHQLD GRVW SQR FL PRF\ REOLF]HQLRZHM MHVW á F]HQLH ]DVREyZ ORNDOQ\FK
R URGNyZ NRPSXWHURZ\FK Z NODVWU\ Z\NRU]\VWXM F PR OLZR FL MDNLH VWZDU]D V]\END VLHü
V]HURNRSDVPRZD 32/ : ]DáR HQLX SRá F]HQLH V\VWHPyZ REOLF]HQLRZ\FK SRPL G]\ WDNLPL
R URGNDPL MDN 3R]QD *GD VN :URFáDZ F]\ àyG SR]ZROL QD XGRVW SQLHQLH PRF\ REOLF]HQLRZHM
V]HUV]HPX JURQX X \WNRZQLNyZ RUD] QD ]ZL NV]HQLH HIHNW\ZQR FL SRSU]H] ]UyZQRZD HQLH
REFL HQLDV\VWHPyZNRPSXWHURZ\FK
'R á F]HQLD R URGNyZ VXSHUNRPSXWHURZ\FK Z 3ROVFH Z\NRU]\VWDQ\ ]RVWDá V\VWHP ]DU] G]DQLD
]DGDQLDPL ZVDGRZ\PL /6) DQJ /RDG 6KDULQJ )DFLOLW\ NWyU\ MHVW VWRVRZDQ\ SU]H] ZL NV]R ü
R URGNyZ NRPSXWHURZ\FK Z NUDMX 7DNL Z\EyU SR]ZDOD QD SURVWH UR]V]HU]HQLH
LVWQLHM F\FK NRQILJXUDFML R ]GDOQH V\VWHP\ L UHGXNFM NRV]WyZ ]ZL ]DQ\FK ] ]DNXSHP RSURJUD
PRZDQLD : FKZLOL REHFQHM WUZDM SUDFH QDG SRá F]HQLHP R URGNyZ NRPSXWHURZ\FK *GD VND
àRG]L3R]QDQLD:URFáDZLDL O VND±5\V=DVWRVRZDQRSRá F]HQLDGHG\NRZDQH$7039&R
JZDUDQWRZDQHMSU]HSXVWRZR FL
.RQILJXUDFMD.ODVWUD.UDMRZHJR
*GD VN
3R]QD
5R]SURV]HQLH
REOLF]H
‡‡3R]QD
3R]QD *GD
*GD VN
VNààyG
yG
‡/6)
àyG
:URFáDZ
*OLZLFH.DWRZLFH
5\V.RQILJXUDFMDNODVWUDNUDMRZHJR
:VNáDGNODVWUDNUDMRZHJRZFKRG] V\VWHP\RDUFKLWHNWXU]HVNDODUQHMV\VWHP\6*,681RUD]
ZHNWRURZHM&UD\-1DV\VWHPDFK&UD\]DLQVWDORZDQ\MHVWV\VWHPNROHMNRZ\14(DQJ1HWZRUN
4XHXLQJ
(QYLURQPHQW
/6)
SR]ZDOD
UyZQLH QD
SU]HV\áDQLH
]DGD
GR Z\NRQDQLD Z V\VWHPLH NROHMNRZ\P 14( :VSyáSUDFD Z GUXJ VWURQ QLH MHVW REHFQLH MHV]F]H
PR OLZD:UDPDFKSLHUZV]HJRHWDSXEXGRZ\NODVWUDNUDMRZHJR]DSRPRF /6)]RVWDá\XWZRU]RQH
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
NROHMNLZVDGRZHLLQWHUDNF\MQHGHG\NRZDQHGODDSOLNDFMLVWDQGDUGRZ\FKRUD]GODDSOLNDFMLZáDVQ\FK
$NWXDOQLHVNRQILJXURZDQRQDVW SXM FHNROHMNL
Ô NROHMNDGODDSOLNDFML*DXVVLD±REOLF]HQLDV NLHURZDQHGRV\VWHPX&UD\-Z3R]QDQLX
Ô NROHMND GOD DSOLNDFML *DPHVV ± REOLF]HQLD V NLHURZDQH GR V\VWHPyZ 6*, 3RZHU &KDOOHQJH Z
3R]QDQLXL*GD VNXZ]DOH QR FLRGREFL HQLDNRPSXWHUyZ
Ô NROHMND GOD DSOLNDFML $EDTXV ± REOLF]HQLD V NLHURZDQH GR V\VWHPyZ 6*, 3RZHU &KDOOHQJH Z
3R]QDQLXL*GD VNXZ]DOH QR FLRGDNWXDOQHJRREFL HQLDLZROQ\FKOLFHQFMLZW\FKR URGNDFK
Ô NROHMNDGODDSOLNDFML0DWODE±MHVWWRNROHMNDLQWHUDNF\MQDREOLF]HQLDV NLHURZDQHGRV\VWHPX
6*,2ULJLQZ*GD VNX
Ô NROHMND GOD DSOLNDFML ZáDVQ\FK ± ]DGDQLD R ZL NV]\FK Z\PDJDQLDFK SDPL FL V NLHURZDQH GR
V\VWHPX 6*, 2ULJLQ Z *GD VNX ]DGDQLD Z\PDJDM FH ZL NV]HM OLF]E\ SURFHVRUyZ V
NLHURZDQH GR V\VWHPX 6*, 3RZHU &KDOOHQJH ;/ Z 3R]QDQLX D ]DGDQLD R PQLHMV]\FK
Z\PDJDQLDFK ]DVRERZ\FK GR V\VWHPX 6*, 3RZHU &KDOOHQJH / Z 3R]QDQLX =DGDQLD
R UHGQLFKZ\PDJDQLDFKV NLHURZDQHGRV\VWHPXQDMPQLHMZGDQHMFKZLOLREFL RQHJR
6WUXNWXUD NODVWUyZ NUDMRZ\FK ]DSHZQLD RSW\PDOQH Z\NRU]\VWDQLH ]DVREyZ VSU] WRZ\FK WDNLFK
MDN SDPL ü RSHUDF\MQD L F]DV SURFHVRUD 2JUDQLF]HQLHP ZV]\VWNLFK V\VWHPyZ NROHMNRZ\FK MHVW
XWUXGQLRQH ]DU] G]DQLH X \WNRZQLNDPL 3UREOHP MHVW W\P ZL NV]\ LP ZL NV]D OLF]ED V\VWHPyZ
ZFKRG]L Z VNáDG NODVWUD 8UXFKRPLHQLH ]DGDQLD Z ]GDOQ\P V\VWHPLH Z\PDJD ]DáR HQLD NRQWD GOD
X \WNRZQLNDQDZV]\VWNLFKV\VWHPDFKSU]H]QLHJRZ\NRU]\VW\ZDQ\FK3URSR]\FM UR]ZL ]DQLDWHJR
SUREOHPX MHVW PHFKDQL]P X \WNRZQLNyZ ZLUWXDOQ\FK D ] SXQNWX ZLG]HQLD SU]HWZDU]DQLD
UR]SURV]RQHJR MHVW WR ZDUVWZD X \WNRZQLNyZ ZLUWXDOQ\FK SR UHGQLF] FD SRPL G]\ V\VWHPHP
NROHMNRZDQLD ]DGD D V\VWHPDPL REOLF]HQLRZ\PL 5\V :DUVWZD WD SR]ZDOD QD ]QDF]QH
]PQLHMV]HQLHQDU]XWyZ]ZL ]DQ\FK]DGPLQLVWURZDQLHPX \WNRZQLNDPLZ URGRZLVNXUR]SURV]RQ\P
RUD]GRNáDGQHUR]OLF]HQLHX \WNRZQLNyZ]Z\NRU]\VWDQ\FK]DVREyZZXM FLXJOREDOQ\P
2SW\PDOL]DFMDZ\NRU]\VWDQLD]DVREyZPR HREHMPRZDüNLONDUy Q\FKHOHPHQWyZ
Ô GX D F] ü V\PXODFML RGE\ZD VL ] Z\NRU]\VWDQLHP JRWRZ\FK DSOLNDFML REOLF]HQLRZ\FK
R RNUH ORQHM FKDUDNWHU\VW\FH Z\PDJDQ\FK ]DVREyZ D SLHUZV]\P VWRSQLHP RSW\PDOL]DFML PR H
E\üZ\NRQ\ZDQLHRNUH ORQ\FKDSOLNDFMLW\ONRZV\VWHPDFKQDMOHSLHMGRVWRVRZDQ\FKGRZ\PDJD
SRGZ]JO GHPDUFKLWHNWXU\LNRQILJXUDFML
Ô Z GDOV]HM NROHMQR FL RGVHSDURZDQLH SUDF\ LQWHUDNW\ZQHM L ZVDGRZHM SR]ZROL QD GRVWURMHQLH
V\VWHPyZSRGN WHPGDQHJRSURILOXSUDF\FR]ZL NV]\HIHNW\ZQR üLFKZ\NRU]\VWDQLD
Ô L ZUHV]FLH ± X \WNRZQLF\ SRZLQQL PLHü ZLDGRPR ü NRV]WyZ ND GHJR Z\NRU]\VWDQHJR F\NOX
SURFHVRUDFRVSU]\MDüSRZLQQRUDFMRQDOQHPXJHQHURZDQLX]DGD REOLF]HQLRZ\FK
'RGDWNRZH ]DOHW\ SU]HGVWDZLRQHJR SRZ\ HM UR]ZL ]DQLD WR XPR OLZLHQLH GRVW SX GR PRF\
REOLF]HQLRZHM X \WNRZQLNRP ] PQLHMV]\FK R URGNyZ L REQL HQLH NRV]WX ]DNXSX OLFHQFML
QDV]HURNRZ\NRU]\VW\ZDQHRSURJUDPRZDQLH
6\VWHP X \WNRZQLNyZ ZLUWXDOQ\FK SR]ZDOD XUXFKDPLDü ]DGDQLD Z URGRZLVNX UR]SURV]RQ\P
]DUyZQRQDZ\NRU]\VWDQLHZROQHJRF]DVXSURFHVRUDQLHGRFL RQ\FKPDV]\QSRSU]H]SU]\G]LHOHQLHGR
Z\NRQ\ZDQLD ]DGD ZVDGRZ\FK ] V\VWHPX NROHMNRZHJR MDN UyZQLH SR]ZDOD QD áDWZ PLJUDFM
]DGD Uy Q\FKW\SyZGRVSHFMDOL]RZDQ\FKV\VWHPyZ6WUXNWXU V\VWHPXX \WNRZQLNyZZLUWXDOQ\FK
SU]HGVWDZLRQR QD 5\V 3RGVWDZRZ\PL HOHPHQWDPL V\VWHPX V GRZROQ\ V\VWHP NROHMNRZ\
LQWHUIHMV X \WNRZQLND NRQWR ]DU] GF\ X \WNRZQLNyZ ZLUWXDOQ\FK SXOD NRQW X \WNRZQLNyZ QD
ND G\P ] GRá F]RQ\FK NRPSXWHUyZ L VHUZHU X \WNRZQLNyZ ZLUWXDOQ\FK ]DSHZQLDM F\ JOREDOQ
WUDQVODFM QD]ZNRQWL]OLF]DQLHF]DVXSURFHVRUDRUD]DXWRU\]XM F\GRVW S
à F]HQLH R URGNyZ NRPSXWHURZ\FK MHVW NURNLHP Z NLHUXQNX EXGRZ\ NUDMRZHJR PHWD
NRPSXWHUD 6]\END VLHü SRPL G]\ R URGNDPL SR]ZDOD QD SUDF Z URGRZLVNX UR]SURV]RQ\P
LSU]HV\áDQLH]DGD GRREOLF]H GR]GDOQ\FKV\VWHPyZ3Rá F]HQLHR URGNyZGDMHZLHOHNRU]\ FL]
SXQNWXZLG]HQLDX \WNRZQLNyZLDGPLQLVWUDWRUyZLSR]ZDODQD]ZL NV]HQLHZ\GDMQR FLV\VWHPyZ
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
VNDORZDOQR ü
XáDWZLHQLH
SROLW\NL
LWZRU]HQLHGHG\NRZDQ\FKVHUZHUyZDSOLNDFML
EH]SLHF]H VWZD
XMHGQROLFHQLH
LQWHUIHMVyZ
6\VWHP8 \WNRZQLNyZ:LUWXDOQ\FK
8 \WNRZQLN
6\VWHPORNDOQ\
X \WNRZQLND
,QWHUIHMV
X \WNRZQLND
:\QLNL
=OHFHQLH
]DGDQLDGR
Z\NRQDQLD
,QWHUIHMV6\VWHPX
.ROHMNRZHJR
6\VWHP
]DU] G]DM F\
6HUZHU6\VWHPX
.ROHMNRZHJR
6\VWHP
REOLF]HQLRZ\
.OLHQW6\VWHPX
.ROHMNRZHJR
=DU] GFD
ZLUWXDOQ\FKNRQW
=DGDQLH
5\V6\VWHPX \WNRZQLNyZZLUWXDOQ\FK
6HUZHU
8 \WNRZQLNyZ
:LUWXDOQ\FK
3U]HVáDQLHLQIRUPDFML
GRUR]OLF]H
8UXFKRPLHQLH
]DGDQLDQD
ZLUWXDOQ\PNRQFLH
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
8 \WNRZQLN
,QWHUIHMV
X \WNRZQLND
6HUZHU =DU] GFD
ZLUWXDOQ\FK NRQW
X \WNRZQLNyZ ZLUWXDOQ\FK
6\VWHPNROHMNRZDQLD]DGD
.ODVWHU NUDMRZ\
6\VWHP
6\VWHP
.RQWR
ZLUWXDOQH
.RQWR
ZLUWXDOQH
5\V(OHPHQW\V\VWHPXX \WNRZQLNyZZLUWXDOQ\FK
=DNáDGD VL H Z QDMEOL V]HM SU]\V]áR FL NUDMRZ\ NODVWHU NRPSXWHUyZ E G]LH PLDá NRQILJXUDFM
MDNQD5\V
.UDMRZ\.ODVWHU6XSHUNRPSXWHUyZ
‡6\VWHP8 \WNRZQLNyZ
*GD VN
:LUWXDOQ\FK
6]F]HFLQ
32/
3R]QD
%LDá\VWRN
‡$XWRPDW\F]QD
$UFKLZL]DFMD
àyG
‡5R]SURV]RQH
2EOLF]HQLD
:URFáDZ
*OLZLFH
.UDNyZ
‡'HG\NRZDQH
6HUZHU\$SOLNDFML
5\V3ODQRZDQDNRQILJXUDFMDNODVWUDNUDMRZHJR
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
3RGVXPRZDQLH
3LHUZV]HVLHFLPLHMVNLHZ3ROVFH]EXGRZDá\VSRáHF]QR FLDNDGHPLFNLH2QHWH E\á\LQLFMDWRUDPL
EXGRZ\VLHFLUR]OHJáHM32/LMHMSRá F]HQLD]DJUDQLF]QHJR7DLQIUDVWUXNWXUDVáX \G]LVLDMQLH
W\ONR LQVW\WXFMRP DNDGHPLFNLP -HVWH P\ SU]HNRQDQL H RGHJUD RQD LVWRWQ URO Z EXGRZLH
6SRáHF]H VWZD,QIRUPDF\MQHJR
: GQLDFK NZLHWQLD U RGE G]LH VL Z 3R]QDQLX , NRQIHUHQFMD Ä,67KPXV ±
5HVHDUFK DQG 'HYHORSPHQW IRU WKH ,QIRUPDWLRQ 6RFLHW\´ VWRZDU]\V]RQD ] 0L G]\QDURGRZ\PL
7DUJDPL(OHNWURQLNL7HOHNRPXQLNDFMLL7HFKQLNL.RPSXWHURZHM±,1)26<67(0
.RQIHUHQFMDRGE\ZDVL SRGSDWURQDWHP.RPLWHWX%DGD 1DXNRZ\FKLMHVWZVSyáRUJDQL]RZDQD
SU]H] ,QVW\WXW ,QIRUPDW\NL 3ROLWHFKQLNL 3R]QD VNLHM 3R]QD VNLH &HQWUXP 6XSHUNRPSXWHURZR
6LHFLRZH 3ROVN $NDGHPL 1DXN ± 2GG]LDá Z 3R]QDQLX .RPLWHW ,QIRUPDW\NL 3$1
0L G]\QDURGRZH 7DUJL 3R]QD VNLH RUD] 2GG]LDá :LHONRSROVNL 3ROVNLHJR 7RZDU]\VWZD
,QIRUPDW\F]QHJR
,67KPXVMHVWNRQW\QXDFM NRQIHUHQFML±Z\VWDZ±SUH]HQWDFML32/0$1DNWyUHJRV]H üHG\FML
RGHJUDáRLVWRWQ URO ZSRGVXPRZ\ZDQLXRVL JQL üLZ\]QDF]DQLXNLHUXQNyZUR]ZRMXLQIUDVWUXNWXU\
LQIRUPDW\F]QHM QDXNL Z 3ROVFH 5HDOL]XM F SRVWXODW\ ZLHOX XF]HVWQLNyZ 32/0$1D UR]V]HU]DP\
MHJRIRUPXá ]DUyZQRZVHQVLHPHU\WRU\F]Q\PMDNLJHRJUDILF]Q\P2UJDQL]DFMDWHMNRQIHUHQFMLQD
SU]HáRPLH ZLHNyZ E G]LH IRUXP SUH]HQWDFML NLHUXQNyZ EDGDZF]\FK L Z\QLNyZ X]\VNDQ\FK Z
]DNUHVDFK ]DDZDQVRZDQ\FK WHFKQLN XVáXJ L DSOLNDFML VNRMDU]RQ\FK ] SRM FLHP ,QWHUQHWX QRZHM
JHQHUDFMLQD ZLHFLHLUR]ZRMHPJOREDOQHMVWUXNWXU\LQIRUPDW\F]QHMZ3ROVFH
: URNX Z GQLDFK NZLHWQLD RGE G]LH VL GRGDWNRZR .RQJUHV Ä(81,6 ±
7RZDUGV 9LUWXDO 8QLYHUVLWLHV´ E G F\ V]yVW ] NROHL FRURF]Q NRQIHUHQFM R FKDUDNWHU]H
PL G]\QDURGRZ\P SR ZL FRQ SUREOHPDW\FH V\VWHPyZ LQIRUPDF\MQ\FK GOD XQLZHUV\WHWyZ ;;,
ZLHNX Z (XURSLH 2UJDQL]DFMD ('8&$86( SRZVWDáD Z 86$ ] SRá F]HQLD &$86(
L(GXFRP(81,6(XURSHDQ8QLYHUVLW\,QIRUPDWLRQ6\VWHP2UJDQL]DWLRQMHVWMHMRGSRZLHGQLNLHP
Z (XURSLH L PD SRGREQH FHOH SURPRFM V]HURNR SRM W\FK WHFKQRORJLL LQIRUPDF\MQ\FK
Z URGRZLVNDFKDNDGHPLFNLFK
2ELH NRQIHUHQFMH á F]\ ZVSyOQD Z\VWDZD ,67KPXV ± (81,6 ± QD NWyUHM REHFQL E G
GRVWDZF\ XU] G]H RSURJUDPRZDQLD ED] GDQ\FK RUD] XVáXJ L DSOLNDFML SRQDGWR LQWHJUDWRU]\
WHFKQRORJLL RUD] SU]HGVWDZLFLHOH URGRZLVN QDXNRZ\FK PLHMVNLFK VLHFL NRPSXWHURZ\FK
RUD]RSHUDWRU]\RIHUXM F\VSU] WLXVáXJLGOD URGRZLVNDQDXNRZHJR
.RQIHUHQFMD,67KPXVE G]LHSR ZL FRQDJáyZQLHSU]HGVWDZLHQLX]DJDGQLH ]ZL ]DQ\FK]
EDGDQLDPL L UR]ZRMHP QRZ\FK WHFKQRORJLL GOD 6SRáHF]H VWZD ,QIRUPDF\MQHJR
L PD VWDQRZLü SRPRVW PL G]\ GRW\FKF]DVRZ\PL RVL JQL FLDPL L RF]HNLZDQLDPL SU]\V]áHJR W\VL F
OHFLD3U]HMPLHRQDUyZQLH W F] üSUREOHPDW\NLGRW\FKF]DVRZHJR32/0$1DNWyUHM]QDF]HQLHL
DNWXDOQ\ SR]LRP EDGDZF]\ L WHFKQRORJLF]Q\ VWDQRZL QDWXUDOQ SRWU]HE L NRQLHF]QR ü GDOV]HJR
SU]\VSLHV]RQHJRUR]ZRMXRUD]V]HURNLHMSRSXODU\]DFMLWHUD]MX ZUDPDFKNRQIHUHQFMLRFKDUDNWHU]H
PL G]\QDURGRZ\P6SRG]LHZDP\VL HNRQIHUHQFMD,67KPXV±VW GMHMQD]ZD±VWDQLHVL UyZQLH
LVWRWQ\P SRPRVWHP SRPL G]\ 3ROVN L (XURS Z ]DNUHVLH ZVSyOQ\FK SUDF GRW\F] F\FK DSOLNDFML
WHFKQRORJLLLXVáXJGOD6SRáHF]H VWZD,QIRUPDF\MQHJR
:D Q IXQNFM ,67KPXVD E G]LH OHG]HQLH UR]ZRMX V]HURNR SRM WHJR RWRF]HQLD SU]\MD]QHJR L
ZVSRPDJDM FHJRUR]ZyM6SRáHF]H VWZD,QIRUPDF\MQHJRZV]F]HJyOQR FLWZRU]HQLHRSW\F]Q\FKVLHFL
NU JRVáXSRZ\FKVLHFLGRVW SRZ\FKRGX HMSU]HSXVWRZR FLPXOWLPHGLDOQ\FKXVáXJVLHFLRZ\FKDOH
UyZQLH FRUD]SRSXODUQLHMV]\FKXVáXJSRZV]HFKQ\FKZW\PHOHNWURQLF]QHJRKDQGOXWHOHPHG\F\Q\
WHOHSUDF\LWHOHZL]MLQD GDQLH
: VIHU]H ]DLQWHUHVRZDQLD ,67KPXVD SR]RVWDQ UyZQLH ]DJDGQLHQLD ]ZL ]DQH ] UR]ZRMHP
PLHMVNLFKLORNDOQ\FKVLHFLQDXNRZ\FKUR]EXGRZ RJyOQRNUDMRZHMVLHFLQDXNRZHMGRVWRVRZDQLHP
MHM GR VWDQGDUGyZ VLHFL HXURSHMVNLFK UR]ZRMHP XVáXJ GRVW SX GR ]DVREyZ VXSHUNRPSXWHURZ\FK
WZRU]HQLHPEH]SLHF]Q\FKV\VWHPyZJURPDG]HQLDSU]HWZDU]DQLDLDUFKLZL]DFMLGDQ\FK
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +
.RQIHUHQFMD ,67KPXV E G]LH ] SHZQR FL QRZ\P IRUXP Z\PLDQ\ GR ZLDGF]H GRW\F] F\FK
QDMZ\ V]HJRSR]LRPXWHFKQRORJLF]QHJRZ]DNUHVLH,QWHUQHWXRSW\F]QHJRELEOLRWHNF\IURZ\FKXVáXJ
WHOHPDW\F]Q\FKPHWDSU]HWZDU]DQLDXVáXJQD GDQLHDWDN HZVSyáSUDF\ZUR]ZRMXWHFKQRORJLLGOD
6SRáHF]H VWZD,QIRUPDF\MQHJRLXG]LDáXZW\PUR]ZRMXRUJDQL]DFMLHXURSHMVNLFK
à F] F],67KPXVHP.RQJUHV(81,6SUDJQLHP\SU]\EOL \üSROVNLHPX URGRZLVNXQDXNRZHPX
LGH ZVSyáSUDF\LZ]DMHPQHMZ\PLDQ\GR ZLDGF]H URGRZLVNQDXNRZ\FKZ(XURSLHLQD ZLHFLH
.RQJUHV (81,6 PD QD FHOX SUH]HQWDFM GRW\FKF]DVRZHJR GRURENX RUJDQL]DFML (81,6
RFHQ SRVW SX GRNRQDQHJR Z F]DVLH RG RVWDWQLHJR .RQJUHVX Z+HOVLQNDFK Z U Z]DNUHVLH
V\VWHPyZ
ZVSRPDJDM F\FK
G]LDáDOQR ü
QDXNRZ G\GDNW\F]Q DGPLQLVWUDF\MQ
L XVáXJRZ Z\ V]\FK XF]HOQL 3LHUZV]\ .RQJUHV (81,6 RGE\á VL Z U Z ' VVHOGRUILH
DQDVW SQHRGE\á\VL Z0DQFKHVWHU]H*UHQREOH3UDG]HL+HOVLQNDFK
:VSyOQ\PPLDQRZQLNLHPREXNRQIHUHQFML,67KPXVDL(81,6DMHVWVSRáHF]QR üDNDGHPLFND
F] VWND 6SRáHF]H VWZD ,QIRUPDF\MQHJR PR H QLH]E\W OLF]QD DOH QDMOHSLHM SU]\JRWRZDQD D
UyZQRF]H QLH QDMEDUG]LHM RF]HNXM FD L Z\PDJDM FD QRZ\FK UR]ZL ]D Z ]DNUHVLH WHFKQRORJLL
LQIRUPDF\MQ\FK
7RZDU]\V] FD NRQIHUHQFML Z\VWDZD WHFKQRORJLL GOD ,QWHUQHWX QRZHM JHQHUDFML XPR OLZL
SU]HGVWDZLHQLHXU] G]H LRSURJUDPRZDQLDZZDUXQNDFKQRUPDOQHMSUDF\:\VWDZDERZLHPRSUyF]
GRVW SX GR ,QWHUQHWX ] V]\ENR FLDPL L 0EV E G]LH RIHURZDáD Z\VWDZFRP VSHFMDOQLH
]DSURMHNWRZDQ VLHü )$,51HW XPR OLZLDM F Zá F]HQLH XU] G]H Z WHFKQRORJLDFK :'0
6'+ $70 L ,3 'RVW SQH E G UyZQLH IUDJPHQW\ VLHFL GRVW SRZ\FK ['6/
L &$79 3RQDGWR NRQIHUHQFMH L Z\VWDZD REM WH E G ]DNUHVHP G]LDáDQLD ORNDOQHM VLHFL EH]SU]H
ZRGRZHMZNWyUHMPL G]\LQQ\PLQDGDZDQHE G Z\VW SLHQLDNRQIHUHQF\MQH
2WRF]HQLHWRVWZRU]\GRVNRQDáHZDUXQNLSU]HGVWDZLHQLDDSOLNDFMLLXVáXJZUDPDFKZ\G]LHORQHM
HNVSR]\FML ]ZDQHM SDUNLHP DGUHVRZDQ\FK GR 6SRáHF]H VWZD ,QIRUPDF\MQHJR 3U]\NáDG\ W\FK
DSOLNDFML WR HOHNWURQLF]QH PLDVWD WHOHPHG\F\QD HOHNWURQLF]QH EDQNL KDQGHO
LJRVSRGDUNDHOHNWURQLF]QHZ\GDZQLFWZD
-X G]L FKFLHOLE\ P\]DSURVLü3D VWZDGRXG]LDáXZREXNRQIHUHQFMDFKLZZ\VWDZLH
6 , ( & , . 2 0 3 8 7 ( 5 2 : ( : % $ ' $ 1 , $ & + 1 $ 8 . 2 : < & +

Podobne dokumenty