2EVŽXJD

6]\QD&$1%XV

0DWHULDŽ\V]NROHQLRZH



:\GDQLH

ŠDGQDF]ÅyÁWHJRGRNXPHQWXQLHPRšHE\ÁUHSURGXNRZDQDOXENRSLRZDQD

Z FDŽRyFLE”GzZHIUDJPHQWDFKZšDGQHMSRVWDFLLZMDNLNROZLHNVSRVÎE

HOHNWURQLF]QLHOXEPHFKDQLF]QLHZ W\PWDNšHPHWRG”IRWRNRSLLQDJU\ZDQLD

L SU]HFKRZ\ZDQLDEH]XSU]HGQLHMSLVHPQHM]JRG\ZŽDyFLFLHOLSUDZDXWRUVNLFK

7<78~6]\QD&$1%XV

$8725']LDŽ2EVŽXJL

6($7,EHULD0RWRU&RPSDQ\6$:DUV]DZDXO$UDEVND

:\GDQLH

'$7$38%/,.$&-,JUXG]LHÌ



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

6]\QD&$1%XVMHVWV\VWHPHPZHZQÅWU]QHM

NRPXQLNDFML SRPLÅG]\ SRV]F]HJÎOQ\PL SRG

]HVSRŽDPLHOHNWURQLF]Q\PLSRMD]GX

2GNLONXRVWDWQLFKODWV\VWHPDW\F]QLHZ]UDVWD

OLF]EDSRG]HVSRŽÎZHOHNWURQLF]Q\FKLQVWDORZD

Q\FK Z VDPRFKRGDFK VHU\MQ\FK RIHURZDQ\FK

QDU\QNX=MHGQHMVWURQ\UR]ZL”]DQLDWDNLHRG

SRZLDGDM” RF]HNLZDQLRP NOLHQWÎZ GRW\F]”

F\P JŽÎZQLH OHSV]HJR NRPIRUWX L ZLÅNV]HJR

EH]SLHF]HÌVWZD ] GUXJLHM MHGQDN VWURQ\

]RVWDŽ\ Z\PXV]RQH SU]H] VWDOH ]DRVWU]DQH

QRUP\L UHJXODFMHSUDZQHGRW\F]”FHF]\VWR

yFLyURGRZLVNDQDWXUDOQHJR

2]QDF]D WR šH ]DGDQLD UHDOL]RZDQH SU]H]

SRV]F]HJÎOQHSRG]HVSRŽ\VDPRFKRGXV”EDU

G]LHM VNRPSOLNRZDQH s Z\PDJDM” ZLÅF FRUD]

EDUG]LHM Z\UDILQRZDQ\FK UR]ZL”]DÌ WHFKQLF]

Q\FK $E\ PDNV\PDOQLH XSURyFLÁ NRQVWUXNFMÅ

WDN VNRPSOLNRZDQ\FK V\VWHPÎZ L ]ZLÅNV]\Á

LFKHIHNW\ZQRyÁRUD]QLHGXEORZDÁQLHNWÎU\FK

F]XMQLNÎZ F]ÅyÁ LQIRUPDFML L V\JQDŽÎZ MHVW

Z\PLHQLDQD SU]HV\ŽDQD PLÅG]\ SRV]F]HJÎO

Q\PL SRGXNŽDGDPL 7DN ZLÅF QRZRF]HVQH

HOHNWURQLF]QH XNŽDG\ VWHUXM”FH LQVWDORZDQH

Z VDPRFKRGDFK QLH SRZLQQ\ L QLH PRJ” IXQ

NFMRQRZDÁ VDPH s WM Z RGHUZDQLX RG

SR]RVWDŽ\FK HOHPHQWÎZ VDPRFKRGX s Z W\P

LQQ\FKXNŽDGÎZVWHUXM”F\FKPXV]”SRSURVWX

Z]DMHPQLH]HVRE”ZVSΎSUDFRZDÁ

: QRZRF]HVQ\FK VDPRFKRGDFK Z]DMHPQD

NRPXQLNDFMD SRV]F]HJÎOQ\FK XNŽDGÎZ VWHUR

ZDQLD RGE\ZD VLÅ ]D SRPRF” GZXSU]HZR

GRZHM V]\Q\ GDQ\FK 8PRšOLZLD RQD V]\EN”

Z\PLDQÅGXš\FKLORyFLLQIRUPDFML

:]ZL”]NX]ZSURZDG]HQLHPWDNLFKUR]ZL”

]DÌZVSΎF]HVQHVWHURZQLNLPRJ”UHDOL]RZDÁ

FRUD] EDUG]LHM VNRPSOLNRZDQH ]DGDQLD

SRQDGWRPRšOLZHVWDŽRVLÅMHGQRF]HVQHXSUR

V]F]HQLH VFKHPDWÎZ SRŽ”F]HÌ HOHNWU\F]Q\FK

RUD] ]PQLHMV]HQLH OLF]E\ SRG]HVSRŽÎZ L UR]

PLDUÎZQLHNWÎU\FKHOHPHQWÎZQS]Ž”F]NLLWS

)LUPD 6($7 SUH]HQWXM”F PRGHO 7ROHGR 

ZSURZDG]DMHGQRF]HyQLHGRVZRLFKSRMD]GÎZ

QRZDWRUVNL V\VWHP &$1%XV : PRGHOX

7ROHGR W\P V\VWHPHP NRPXQLNDFML REMÅWH

]RVWDŽ\GZDV\VWHP\XNŽDGNRPIRUWXLXNŽDG

QDSÅGRZRMH]GQ\

6]\QD&$1%XV

63,675(l&,

.21&(3&-$,=$67262:$1,$ 

52=0,(6=&=(1,((/(0(17®:



)81.&-212:$1,( 

6=<1$&$1%XV:72/('2 

6&+(0$732~€&=(¬

(/(.75<&=1<&+ 

6$02',$*12=$



868:$1,(%~¥'®: 



79006-01

6ŽRZR&$1VWDQRZLVNUÎWRGDQJLHOVNLHJRWHUPLQX&RQWUROOHU$UHD1HWZRUN2EV]DU6WHURZDQLD

6LHFLRZHJR3RGREQLHVŽRZREXVMHVWSRFKRG]HQLDDQJORVDVNLHJRLZ\ZRG]LVLÅRGVŽRZDRPQLEXV

DZQRPHQNODWXU]HLQIRUPDW\F]QHMR]QDF]DXU]”G]HQLHGRWUDQVPLVMLGXš\FKLORyFLGDQ\FK]Z\VRN”

SUÅGNRyFL”

'RSU]HV\ŽDQLDLQIRUPDFMLPLÅG]\SRV]F]HJÎOQ\PLSRG]HVSRŽDPLHOHNWURQLF]Q\PLZ\NRU]\VW\ZDQ\

MHVW V]HUHJRZ\ SURWRNΎ WUDQVPLVML F\IURZHM &$1 3URWRNΎ WHQ ]RVWDŽ RSUDFRZDQ\ SU]H]  ILUPÅ

%26&+ D QDVWÅSQLH ]DDGRSWRZDQ\ GR Z\PRJÎZ 0LÅG]\QDURGRZHM 2UJDQL]DFML 1RUPDOL]DF\MQHM

L XMÅW\ZQRUPLH,623UDFHWHE\Ž\UHDOL]RZDQHZODWDFK

6]\QD &$1%XV Z SRMD]GDFK PDUNL 6($7 Z\NRU]\VWXMH XNŽDG\ HOHNWURQLF]QH DQJ KDUGZDUH

DPHU\NDÌVNLHMILUP\,QWHO

:SURZDG]HQLH L Z\NRU]\VWDQLH WHFKQRORJLL PDJLVWUDOL GDQ\FK V]\QD &$1%XV Z XNŽDGDFK

VWHURZDQLD SRMD]GÎZ VDPRFKRGRZ\FK GDMH QLH W\ONR ]QDF]”F” SU]HZDJÅ SRG Z]JOÅGHP LORyFL

SU]HV\ŽDQ\FKGDQ\FKLV]\ENRyFLLFKWUDQVPLVMLDOHWDNšHSR]ZDODQDRJUDQLF]HQLHOLF]E\SU]HZRGÎZ

HOHNWU\F]Q\FK JG\š QLH MHVW NRQLHF]QH Ž”F]HQLH NDšGHJR ] F]XMQLNÎZ ] XNŽDGHP VWHURZDQLD

RVREQ\PSU]HZRGHP'RSU]HV\ŽDQLDGDQ\FKLW\PVDP\PZ]DMHPQHMNRPXQLNDFMLSRV]F]HJÎOQ\FK

SRGXNŽDGÎZZ\VWDUF]\MHGHQSU]HZÎGGZXš\ŽRZ\3R]ZDODWRQD]PQLHMV]HQLHPDV\VDPRFKRGX

L]ZLÅNV]DLORyÁLGRNŽDGQRyÁUHDOL]RZDQ\FKSU]H]XNŽDG\VWHURZDQLDIXQNFML

'REU\P SU]\NŽDGHP ]DOHW WHJR UR]ZL”]DQLD MHVW QRZ\ VSRVÎE NRPXQLNDFML PLÅG]\ VLOQLNLHP

D VNU]\QL” ELHJÎZ'RW\FKF]DV GR SU]HV\ŽDQLD V\JQDŽÎZNRQLHF]QH E\ŽR Dš SU]HZRGÎZ 'DQH

GRW\F]\Ž\SUÅGNRyFLREURWRZHMVLOQLND]Xš\FLDSDOLZDSRŽRšHQLDSU]HSXVWQLF\]DGDÌUHDOL]RZDQ\FK

SU]H]XNŽDGVWHURZDQLDL]PLDQ\ELHJXQDQLšV]\OXEZ\šV]\

-DNR SLHUZVL V\VWHP &$1%XV ZSURZDG]LOL NRQVWUXNWRU]\ QLHPLHFF\ Z VDPRFKRGDFK 0HUFHGHV

NODV\6QDVWÅSQLH]RVWDŽRQSU]\VWRVRZDQ\GRV]\ENLHMWUDQVPLVML0ELWVHNLV]HURNRUR]SRZ

V]HFKQLRQ\ SU]H] Z\WZÎUFÎZ DPHU\NDÌVNLFK WDNšH L Z LQQ\FK G]LHG]LQDFK SU]HP\VŽX 2EHFQLH

ZyUÎG QDMZDšQLHMV]\FK ZGURšHÌ QDOHš\ Z\PLHQLÁ VWDFMRQDUQH L UXFKRPH XU]”G]HQLD SU]HP\VŽX

UROQLF]HJRXU]”G]HQLDLPDV]\Q\GRSUDFSRGZRGQ\FKOLQLHWHFKQRORJLF]QHSU]HP\VŽXIDUPDNROR

JLF]QHJRWHNVW\OQHJRRUD]VWHURZQLNLVXZQLFLGzZLJÎZ

3R]DPRWRU\]DFM”SLHUZV]\UD]V\VWHP&$1%XV]RVWDŽZ\NRU]\VWDQ\ZŽDyQLHZXU]”G]HQLDFK

SU]HP\VŽX WHNVW\OQHJR =DVDGQLF]\PL DUJXPHQWDPL SU]HPDZLDM”F\PL ]D VWRVRZDQLHP V\VWHPX

&$1%XVZHZV]\VWNLFKXU]”G]HQLDFKSU]HP\VŽRZ\FKV”Z\VRNLSR]LRPEH]SLHF]HÌVWZDLQLH]D

ZRGQRyFL WUDQVPLVML GDQ\FK RUD] QLVNLH NRV]W\ Z]DMHPQ\FK SRŽ”F]HÌ SRV]F]HJÎOQ\FK

SRG]HVSRŽÎZ

.21&(3&-$,=$67262:$1,$

=$67262:$1,$6=<1<&$1%86



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

'R G]Ly GOD SRWU]HE SU]HP\VŽX PRWRU\]DF\MQHJR RSUDFRZDQR WDNšH NLOND LQQ\FK UR]ZL”]DÌ

PDJLVWUDOLGDQ\FKQDMZDšQLHMV]H]QLFK]HVWDZLRQRZSRQLšV]HMWDEHOL

1D]ZD

6]\ENRyÁ

WUDQVPLVML

2SURJUDPRZDQLH

RVSU]ÅW

/LF]EDSÎO

SURWRNRŽX

8ZDJL

)XOO&$1

%DVLF&$1

PDNV0E15=%LW

X]XSHŽQLDM”F\

%RVFK

,QWHO



&$1%XVZVDPRFKRGDFK

6($76WHURZQLN]SDPLÅFL”

RELHNWÎZ

$%86

.EV

9RONVZDJHQ

7RVKLED



7\ONRHJ]PRGHOX&RUUDGR

QDU\QHN86$3URMHNW

ZVWU]\PDQR

9$1

.EV

5HQDXOW36$

3KLOLSKV



&RIQLÅWHGRWDFMHU]”GX

IUDQFXVNLHJR

-+%&&

.EV

)RUG0RWRUROD7,



:SURZDG]RQ\Z86$

W\ONRGRVWHURZDQLD

IXQNFMDPLNRPIRUWX

-'/&

.EV

*0'HOFR0RWRUROD

7,



:SURZDG]RQ\Z86$W\ONRGR

VWHURZDQLDIXQNFMDPLNRPIRUWX

3$/01(7

.EV



2JUDQLF]RQ\]DVLÅJU\QNRZ\

&&'

.EV



2JUDQLF]RQ\]DVLÅJU\QNRZ\

52=0,(6=&=(1,((/(0(17®:

=$6$'<75$160,6-,'$1<&+

6\VWHP&$1%XVMHVWPDJLVWUDO”V]HUHJRZHMWUDQVPLVMLGDQ\FK2]QDF]DWRšHSRV]F]HJÎOQH

ELW\GDQ\FKV”SU]HV\ŽDQHMHGHQSRGUXJLPZSU]HFLZLHÌVWZLHGRPDJLVWUDOLUÎZQROHJŽ\FKNWÎUH

PRJ”SU]HV\ŽDÁMHGQRF]HyQLHNLONDELWÎZGDQ\FK

8NŽDGWHQMHVWXNŽDGHPZLHORQDGU]ÅGQ\PW]QZV]\VWNLHXU]”G]HQLDSU]\Ž”F]RQHGRPDJLVWUDOL

PDM”WDNLHVDPHSUDZDLSULRU\WHW\SU]HV\ŽDQLDGDQ\FK1LHPDšDGQHMKLHUDUFKLLF]\W\PF]DVRZ\FK

SU]\SLVDÌNRPXQLNDFMLPLÅG]\SRV]F]HJÎOQ\PLXNŽDGDPLVWHURZDQLD

8NŽDGSUDFXMHZF]DVLHU]HF]\ZLVW\PFRR]QDF]DšHSUDNW\F]QLHQLHZ\VWÅSXMHšDGQD]ZŽRND

Z UHMHVWURZDQLX]MDZLVNG\QDPLF]Q\FKGRMDNLFKQDOHš”PLQSURFHV\]DFKRG]”FHZVLOQLNXVSDOL

QRZ\P:]ZL”]NX]SRZ\šV]\PV\VWHPWHQMHVWLGHDOQ\PUR]ZL”]DQLHPGRV]\ENLHMWUDQVPLVML

PDŽ\FKLORyFLGDQ\FK

6\VWHP&$1%XVMHVWV\VWHPHP]RULHQWRZDQ\PQDLQIRUPDFMÅDQLHQDXU]”G]HQLHGRFHORZH

WM XU]”G]HQLHGRNWÎUHJRGDQDLQIRUPDFMDMHVWSU]HND]\ZDQD:]ZL”]NX]W\PZVDP\FKGDQ\FK

QLHMHVWGRGDWNRZRNRGRZDQHLFKSU]H]QDF]HQLH3RV]F]HJÎOQHV\JQDŽ\V”ZLÅFSU]HND]\ZDQHGR

V]\Q\LVZRERGQLHWUDQVPLWRZDQHDZ\NRU]\VW\ZDQHV”SU]H]SRGXNŽDG\Z\PDJDM”FHRNUHyORQHM

LQIRUPDFMLZGDQHMFKZLOL

3ULRU\WHW LQIRUPDFML MHVW RNUHyODQ\ SU]H] SU]\SLVDQLH HW\NLHW\ QD]\ZDQHM LGHQW\ILNDWRUHP -HyOL

GZLHLQIRUPDFMHV”MHGQRF]HyQLHGRVWDUF]RQHGRPDJLVWUDOLWRMDNRSLHUZV]DWUDQVPLWRZDQDEÅG]LH

LQIRUPDFMD R SU]\]QDQ\P Z\šV]\P SULRU\WHFLH 3U]\NŽDGRZR Z SU]\SDGNX V\JQDŽÎZ SRŽRšHQLD

SU]HSXVWQLF\LSUÅGNRyFLREURWRZHMVLOQLNDZ\šV]\SULRU\WHWMHVWSU]\]QDZDQ\V\JQDŽRZLSUÅGNRyFL

REURWRZHMLGODWHJRWHQV\JQDŽMDNRSLHUZV]\]RVWDQLHZSURZDG]RQ\GRPDJLVWUDOL3RGVXPRZXM”F

QDOHš\ ]D]QDF]\Á šH SULRU\WHW\ V” UR]S DWU\ZDQH W\ONR L Z\Ž”F]QLH Z V\WXDFML JG\ GZD V\JQDŽ\

]RVWDQ”MHGQRF]HyQLHSU]HND]DQH]F]XMQLNÎZ:SR]RVWDŽ\FKSU]\SDGNDFKQLHPDNRQLHF]QRyFL

XZ]JOÅGQLDQLDKLHUDUFKLLZDšQRyFLSRV]F]HJÎOQ\FKV\JQDŽÎZ

0LPR LQQ\FK UR]ZL”]DÌ V\VWHP &$1%XV MHVW REHFQLH QDMSRZV]HFKQLHMV]\P V\VWHPHP

VWRVRZDQ\PZ PRWRU\]DFMLLZ\]QDF]DVZHJRURG]DMXVWDQGDUGQDVNDOÅyZLDWRZ”



&KDUDNWHU\VW\NDWUDQVPLVML

0DJLVWUDOHWUDQVPLVMLGDQ\FKVNODV\ILNRZDQRZQRUPDFK,62G]LHO”FMHPLQQDXNŽDG\V]\ENLH

GXšDSUÅGNRyÁSU]HND]XLZROQHPDŽDSUÅGNRyÁ=JRGQLH]SRZ\šV]\P]DV]\Q\V]\ENLHX]QDMH

VLÅ WH NWÎUH SU]HV\ŽDM” GDQH ] SUÅGNRyFL” SRZ\šHM  ERGÎZ ELWVHN QDWRPLDVW V]\Q\ ZROQH

SRQLšHMERGÎZELWVHN

2GQRV]”F GDQH PDJLVWUDOL &$1%XV GR SRZ\šV]\FK ZDUWRyFL QDOHš\ VWZLHUG]LÁ šH RPDZLDQD

V]\QD MHVW PDJLVWUDO” V]\EN” 2]QDF]D WR šH SU]\ MHM NRQVWUXRZDQLX L RSLVLH GHF\GXM”F” UROÅ

RGJU\ZDM”]MDZLVNDIDORZHDQLH]MDZLVND]ZL”]DQH]SU]HSŽ\ZHPSU”GX=WHJRWHšZ]JOÅGXQD

NDšG\PHWDSLHMHMSURMHNWXLSÎzQLHMV]HJRZ\NRU]\VW\ZDQLDQDOHš\XZ]JOÅGQLÁZSŽ\ZUH]RQDQVX

XJLÅFLDRGELFLDLLQWHUIHUHQFMLIDORUD]GRGDWNRZRG”š\ÁGRRJUDQLF]HQLDZSŽ\ZXW\FK]MDZLVNQD

WUDQVPLVMÅGDQ\FK

3RSU]HDQDOL]RZDQLX]DSRWU]HERZDQLDQDSU]HND]LQIRUPDFMLZREUÅELHGDQHJRV\VWHPXQDOHš\

RNUHyOLÁ FKDUDNWHU\VW\NÅ VSRVREX WUDQVPLVML LORyÁ ZŽDVQRyFL IL]\F]QH D WDNšH UR]PLHV]F]HQLH

SRV]F]HJÎOQ\FKVWHURZQLNÎZLLQQ\FKSRGXNŽDGÎZV\VWHPX&$1%XVZDQDOL]RZDQ\PNRQNUHWQ\P

]DVWRVRZDQLX3R]DNRÌF]HQLXWHJRHWDSXSRGšDGQ\PSR]RUHPQLHQDOHš\MXšGRNRQ\ZDÁ]PLDQ

Z XVWDORQHMNRQILJXUDFMLV\VWHPXGRGDZDQLHQRZ\FKSRG]HVSRŽÎZLQQHUR]PLHV]F]HQLHHOHPHQ

WÎZ]PLDQDGŽXJRyFLOXEJUXERyFLSU]HZRGÎZLWS:SU]HFLZQ\PUD]LHZ\VW”SL”]DNŽÎFHQLDNWÎUH

PRJ”QDZHWZRJÎOHXQLHPRšOLZLÁSUDZLGŽRZ”WUDQVPLVMÅGDQ\FK

3RG]HVSRŽ\

:LQIRUPDW\FHZV]\VWNLHLQIRUPDFMHV”SU]HFKRZ\ZDQHLSU]HV\ŽDQHZIRUPDFLHELQDUQ\PDZLÅF

MDNRFL”JL]HULMHG\QHN:HOHNWURQLFHQDWRPLDVWGDQHV”UHSUH]HQWRZDQHZIRUPLHQDSLÅFLDVW”GWHš

FKF”FSRŽ”F]\ÁZVSRPQLDQHGZDV\VWHP\XPRZQLHSU]\SLVDQRORJLF]QHMMHG\QFHZ\šV]HQDSLÅFLH

ORJLF]QHPX]HUXQDWRPLDVWQLšV]”ZDUWRyÁQDSLÅFLD

3RGVWDZRZ”MHGQRVWN”LQIRUPDFMLZ]DSLVLHELQDUQ\PMHVWELWVNUÎWRGDQJLHOVNLHJRELQDU\GLJLWs

F\IUDGZÎMNRZDR]QDF]DM”F\F\IUÅGZÎMNRZ”sW]QOXE

%DMWMHVWHOHNWURQLF]Q”LQIRUPDFM”VŽRZHPVNŽDGDM”F”VLÅ]RyPLXELWÎZ

-HGQRVWN”SUÅGNRyFLWUDQVPLVMLGDQ\FKMHVW%RGNWÎU\MHVWUÎZQRZDšQ\V]\ENRyFLSU]HV\ŽDQLD

ELWDVHNEG EV

6=&(*®~<75$160,6-,'$1<&+

79006-02

35=(:®'

27:$57<

35=(:®'

=$0.1,¥7<

35=('67$:,(1,()$/,

,QVWUXPHQWPX]\F]Q\



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

6]\QD&$1%XV

3U]HZRG\

6WHURZQLNL

7HUPLQDWRU

1DGDMQLN

RGELRUQLN

,PSXOV\

HOHNWU\F]QH

7HUPLQDWRU

6WHURZQLN

1DGDMQLNL

GRELRUQLNL

6\VWHPHOHNWU\F]Q\VDPRFKRGX]RVWDŽSRG]LHORQ\QDPQLHMV]HVHJPHQW\DE\XPRšOLZLÁZ\JRGQH

]DU]”G]DQLHZV]\VWNLPLMHJRHOHPHQWDPL2]QDF]DŽRWRNRQLHF]QRyÁZSURZDG]HQLD]PLDQGRWUDG\

F\MQHJRpSŽDVNLHJRqVFKHPDWXLSU]HMyFLDW\PVDP\PGRVWUXNWXU\KLHUDUFKLF]QHM:QRZ\PUR]ZL”

]DQLXSRV]F]HJÎOQHVWHURZQLNL]QDMGXM”VLÅPRšOLZLHEOLVNRXNŽDGÎZZ\NRQDZF]\FKNWÎUHQDG]RUXM”

']LÅNL VSRVRERP Z\PLDQ\ LQIRUPDFML Z PDJLVWUDOL &$1%XV GDQH SRFKRG]”FH ] F]XMQLNÎZ s

D QDZHWQLHNWÎUHIXQNFMHsV”UR]SURV]RQHPLÅG]\NLONDXNŽDGÎZVWHUXM”F\FK

$E\ ]DSHZQLÁ PRšOLZLH MDN QDMV]\EV]” NRPXQLNDFMÅ V]\Q” &$1%XV RUD] EH]SLHF]HÌVWZR

L QLH]DZRGQRyÁSU]HV\ŽXGDQ\FKRGSRUQRyÁQD]DNŽÎFHQLDZV\VWHPLH]DVWRVRZDQRQDVWÅSXM”FH

SRG]HVSRŽ\KDUGZDUHSU]HZRG\SRŽ”F]HQLRZHWHUPLQDWRU\QDGDMQLNLRGELRUQLNLL XNŽDG\VWHUXM”FH

VWHURZQLNLsNRQWUROHU\

3RV]F]HJÎOQH HOHPHQW\ V” UR]PLHV]F]RQH ]JRGQLH ]H VWDQGDUGHP 56  NWÎU\ GRSXV]F]D

VWRVRZDQLHGRSRGŽ”F]HÌQDGDMQLNRGELRUQLN

(/(0(17<6<67(08

2.3.1.

3U]HZRG\SRŽ”F]HQLRZH

/LQLÅNRPXQLNDFMLVWDQRZLSU]HZÎGGZXš\ŽRZ\NWÎU\PSRV]F]HJÎOQHSRG]HVSRŽ\V\VWHPX&$1

%XVNRPXQLNXM”VLÅPLÅG]\VRE”

,QIRUPDFMHV”SU]HV\ŽDQHZIRUPLHUΚQLF\QDSLÅFLDPLÅG]\RELHPDš\ŽDPLSU]HZRGX0DWRQD

FHOXXQLNQLÅFLH]DNŽÎFHÌSRZRGRZDQ\FKSU]H]LQGXNFMÅHOHNWURVWDW\F]Q”NRQGHQVDWRU\OXEHOHNWUR

PDJQHW\F]Q”SRPLÅG]\GZRPDSU]\OHJDM”F\PLGRVLHELHSU]HZRGQLNDPLOXEPLÅG]\OLQL”]DVLODM”F”

DOLQL”V\JQDŽX

'RGDWNRZR š\Ž\ SU]HZRGX ]RVWDŽ\ RNUÅFRQH GRRNRŽD VLHELH DE\ Z\HOLPLQRZDÁ ZSŽ\Z ]HZQÅ

WU]Q\FKSÎOPDJQHW\F]Q\FKZ\ZRŽ\ZDQ\FK]PLHQLDM”F”VLÅELHJXQRZRyFL”OLQLL&$1%XVVSRVÎE

]DEH]SLHF]HQLDZ\NRU]\VW\ZDQ\WDNšHQSZF]XMQLNDFKVSDODQLDVWXNRZHJR,PZLÅNV]DERZLHP

F]ÅVWRWOLZRyÁWUDQVPLVMLGDQ\FKW\PEDUG]LHMSRWU]HEQHMHVWVWRVRZDQLHGRGDWNRZ\FKRVŽRQL]DEH]

SLHF]HÌ3U]\PQLHMV]\FKSUÅGNRyFLDFKWUDQVPLVML]DEH]SLHF]HQLDWHQLHV”DšWDNLVWRWQHLPRJ”E\Á

QDZHW VWRVRZDQH SRMHG\QF]H SU]HZRG\ QS VWHURZQLH SU]\FLVNDPL ZLHORIXQNF\MQ\PL QD NROH

NLHURZQLF\

79006-03



-DNMXšZVSRPQLDQRZ\NRU]\VWDQLHMHGQHJRSU]HZRGXGZXš\ŽRZHJRSR]ZDOD]ZLÅNV]\ÁEH]SLH

F]HÌVWZRLRGSRUQRyÁSU]HV\ŽDQ\FKGDQ\FKQD]DNŽÎFHQLD]HZQÅWU]QH:VSRPQLDQH]DNŽÎFHQLD

PRJ” E\Á QDVWÅSVWZHP  SU]\SDGNRZ\FK LPSXOVÎZ HOHNWU\F]Q\FK PRJ” Z\QLNDÁ ] NRU]\VWDQLD

] WHOHIRQXNRPÎUNRZHJRZF]DVLHMD]G\DWDNšH]ZLHOXLQQ\FKSRZRGÎZ3U]HV\ŽDQLHLQIRUPDFMLMDNR

UΚQLF\QDSLÅFLDPLÅG]\SRV]F]HJÎOQ\PLOLQLDPL]DSHZQLDGXš”RGSRUQRyÁWDNLHJRVSRVREXWUDQV

PLVMLZVWRVXQNXGRLQQ\FKNRQNXUHQF\MQ\FKUR]ZL”]DÌ:SU]\SDGNXRGG]LDŽ\ZDQLD]HZQÅWU]Q\FK

SÎOPDJQHW\F]Q\FKOXEHOHNWURPDJQHW\F]Q\FKPRJ”F\FK]DNŽÎFDÁG]LDŽDQLHOLQLLSRODWHZMHGQD

NRZ\VSRVÎEG]LDŽDM”QDREDSU]HZRG\FRRF]\ZLyFLHQLHZSŽ\ZDQDZ]DMHPQ”UΚQLFÅQDSLÅÁ

PLÅG]\QLPL

-DNMXšZVSRPQLDQRSU]HND]LQIRUPDFMLV\VWHPHP&$1%XVRGE\ZDVLÅZRSDUFLXRPRGXODFMÅ

SRWHQFMDŽXPLÅG]\RE\GZRPDSU]HZRGDPLsZ\šV]DZDUWRyÁUΚQLF\QDSLÅÁRGSRZLDGDORJLF]QHPX

QLšV]D]DyORJLF]QHPX

3U]HZÎG Z\šV]HJR QDSLÅFLD MHVW R]QDF]DQ\ MDNR SU]HZÎG + DQJ KLJK  Z\VRNL S U]HZÎG

QLVNLHJR]DyMDNR/DQJORZ QLVNL

'ŽXJRyÁSU]HZRGÎZMHVWRJUDQLF]RQDV]\ENRyFL”WUDQVPLVML:V\VWHPLH&$1%XVPDNV\PDOQD

GŽXJRyÁSU]HZRGÎZNWÎUDSR]ZDODMHV]F]HQDXWU]\PDQLHNRQLHF]QHMV]\ENRyFLWUDQVPLVML0EG

0ELWVHNZ\QRVLP

: UDPDFK NRQFHUQX 9: ZSURZDG]RQR XQLILNDFMÅ SRV]F]HJÎOQ\FK SU]HZRGÎZ ZSURZDG]DM”F

QDVWÅSXM”FHR]QDF]HQLDZ]DOHšQRyFLRGVWUHI\G]LDŽDQLDPDJLVWUDOL

79006-04

3U]HZÎG/

3U]HZÎG+

:\VRNL

1LVNL



6\JQDŽ



6WHURZDQ\XNŽDG

3U]HNUÎM

ZPP



.RORU\

6SORW



.RPIRUWX



+ 

ŠÎŽW\

/ 

&]DUQ\

PP

1DSÅGRZRMH]GQ\



+ 

3RPDUDÌF]RZ\=LHORQ\

/ 

3RPDUDÌF]RZ\%U”]RZ\

PP



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

7HUPLQDWRU\

7HUPLQDWRU\ V” RSRUQLNDPL HOHNWU\F]Q\PL

UH]\VWRUDPL LQVWDORZDQ\PL Z PLHMVFDFK SRGŽ”

F]HQLDSRV]F]HJÎOQ\FKHOHPHQWÎZOLQLL&$1%XV

2SRUQLNL WH V” LQVWDORZDQH Z EH]SRyUHGQLP

V”VLHG]WZLH VDPHM PDJLVWUDOL OLQLL SU]HV\ŽRZHM

L JZDUDQWXM” šH GDQH SU]HV\ŽDQH ] Z\VRN”

F]ÅVWRWOLZRyFL”QLHEÅG”]DNŽÎFDQHSU]H]RGELFLD

IDOLRGZROQ\FKNRÌFÎZOLQLLSU]HV\ŽRZHM

3RV]F]HJÎOQH RSRUQLNL PDM” yFLyOH GREUDQ\

QDMF]ÅyFLHM QD GURG]H HNVSHU\PHQWX RSÎU

RPRZ\ X]DOHšQLRQ\ RG PLHMVFD SRŽRšHQLD

GDQHJR XNŽDGX Z NRQILJXUDFML V]\Q\ &$1%XV

: VDPRFKRG]LH 7ROHGR  ZDUWRyFL RSRUÎZ

Z\QRV]”

r 6]\QD &$1%XV XNŽDGX NRPIRUWX 

Ω

Z VWHURZQLNX FHQWUDOQ\P L Z VWHURZQLNDFK GU]ZL

ERF]Q\FKL

Ω

ZVWHURZQLNDFKGU]ZLW\OQ\FK

RUD]ZVWHURZQLNDFKHOHNWU\F]QHMUHJXODFMLIRWHOL

r 6]\QD XNŽDGX QDSÅGRZHJR L ]DZLHV]HQLD



Ω

ZVWHURZQLNXVLOQLNDLWDNLVDPZ VWHURZ

QLNXXNŽDGX$%6

79006-05

5H]\VWRU\

1DGDMQLNLRGELRUQLNL

1DGDMQLNRGELRUQLN MHVW HOHPHQWHP V\VWHPX

RGSRZLHG]LDOQ\P]DZ\V\ŽDQLHLRGELHUDQLHV\JQD

ŽÎZ SU]\JRWRZDQ\FK Z SRV]F]HJÎOQ\FK XNŽDGDFK

OLQLL&$1%XV

=DGDQLHPXNŽDGXQDGDMQLNDRGELRUQLNDMHVWWDNšH

GRSDVRZDQLHV\JQDŽXGRRGSRZLHGQLHJRSR]LRPX

QDSLÅFLD 2]QDF]D WR NRQLHF]QRyÁ VWRVRZQHJR

Z]PRFQLHQLDV\JQDŽXSU]HGZ\VŽDQLHPDSRMHJR

RWU]\PDQLXSU]HWZRU]HQLXGRSRVWDFLDNFHSWRZDQHM

SU]H]VWHURZQLNPLNURSURFHVRURZ\

1DGDMQLNRGELRUQLN MHVW ]DVLODQ\ SU”GHP  $

L MHJR G]LDŽDQLH QLH ZSURZDG]D MDNLFKNROZLHN

PRG\ILNDFML GR VWUXNWXU\ ORJLF]QHM SU]HWZDU]DQHM

LQIRUPDFML

8NŽDGWHJRW\SX]QDMGXMHVLÅZHZQ”WU]NDšGHJR

]HVWHURZQLNÎZPDJLVWUDOL&$1%XV6NŽDGDVLÅ]H

]LQWHJURZDQ\FK HOHPHQWÎZ ]JRGQLH ] ,62 

W\S613KLOLSV&

79006-06

1DGDMQLNRGELRUQLN

6WHURZQLN



6WHURZQLN

6WHURZQLN SU]HWZDU]D LQIRUPDFMH RWU]\P\ZDQH ] V]\Q\ &$1%XV ]D SRyUHGQLFWZHP XNŽDGX

QDGDMQLNRGELRUQLNOXEWHš]PLNURSURFHVRUDVWHURZQLND

'DQH RWU]\P\ZDQH ] PDJLVWUDOL V” SU]\JRWRZ\ZDQH SU]H] VWHURZQLNNRQWUROHU GR SU]HND]DQLD

GR PLNURSURFHVRUDXNŽDGXVWHURZDQLDNWÎU\QDVWÅSQLHSU]HWZDU]DRWU]\PDQHV\JQDŽ\LZ\V\ŽDGR

PDJLVWUDOL GDQH NWÎUH ]RVWDQ” QDVWÅSQLH RGHEUDQH SU]H] RGSRZLHGQLH XNŽDG\ Z\NRQDZF]H

: U]HF]\ZLVWRyFL PRšQD ZLÅF VWZLHUG]LÁ šH MHVW WR SRG]HVSΎ Z\PLHQLDM”F\ GDQH EH]SRyUHGQLR

] PLNURSURFHVRUHPXNŽDGXVWHURZDQLD

6WHURZQLN RNUHyOD WDNšH SUÅGNRyÁ WUDQVPLVML GDQ\FK PLÅG]\ XNŽDGHP VFDORQ\P D SR]RVWDŽ\PL

HOHPHQWDPLV\VWHPXsZXNŽDG]LHNRPIRUWXSUÅGNRyÁWÅRNUHyORQRQDNEGELWVHNQDWRPLDVW

Z XNŽDG]LHQDSÅGRZ\PL]DZLHV]HQLDQDNEG

.RQWUROHU\V]\Q\&$1%XV]RVWDŽ\RSUDFRZDQHSU]H]ILUPÅ%RVFKZHZVSΎSUDF\]ILUP”,QWHO

NWÎUDREHFQLHMHVWLFKSURGXFHQWHP

6WHURZQLNLsNRQWUROHU\V”]DVLODQHQLVNLPQDSLÅFLHPLZNDšG\P]HVWHURZQLNÎZ]DLQVWDORZDQR

MHGHQWDNLXNŽDG

0LNURSURFHVRU

6WHURZQLNV]\Q\

&$1%XV

1DGDMQLNRGELRUQLN

6]\QD&$1%XV

7HUPLQDWRU

3U]HZÎG+

3U]HZÎG/

7;

5; 5;

7['

7[' 5HI

5

7

5

7

79006-07



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

)81.&-212:$1,(

-DNZVSRPQLDQRSRSU]HGQLRV\VWHP&$1%XVMHVWV\VWHPHP]RULHQWRZDQ\PQDLQIRUPDFMÅDQLH

QDPLHMVFHMHMSU]H]QDF]HQLD:DšQ”FHFK”QDWRPLDVWMHVWVWUXNWXUDL]DZDUWRyÁSU]HV\ŽDQHMZLDGR

PRyFLSDNLHWXGDQ\FK'DQHPRJ”E\ÁSU]HND]\ZDQHGRV]\Q\&$1%XVSU]H]GRZROQ\VWHURZQLN

LV”RGELHUDQHSU]H]NDšG\]SR]RVWDŽ\FKVWHURZQLNÎZ

.DšGD LQIRUPDFMD PD SU]\SLVDQ\ LGHQW\ILNDWRU NWÎU\ RNUHyOD FKDUDNWHU\VW\NÅ WHM LQIRUPDFML MHM

SULRU\WHWLSRFKRG]HQLH

3U]HV\ŽDQLHGDQ\FKVNŽDGDVLÅ]SLÅFLXJŽÎZQ\FKF\NOL

 3U]\JRWRZDQLH GRVWDUF]HQLH GDQ\FK PLNURSURFHVRU XNŽDGX VWHURZDQLD Z\V\ŽD GDQH GR

NRQWUROHUDV]\Q\&$1%XVNWÎU\QDVWÅSQLHSU]\JRWRZXMHMHGRGDOV]HMWUDQVPLVML

3U]HV\ŽDQLHGDQ\FKQDGDMQLNRGELRUQLNSRELHUDGDQH]NRQWUROHUDL]DPLHQLDMHQDV\JQDŽ\

HOHNWU\F]QHGRVWDUF]DQHGRPDJLVWUDOL

2GHEUDQLHLQIRUPDFMLZV]\VWNLHXNŽDG\VWDFMHSRGŽ”F]RQHGRPDJLVWUDOLRGELHUDM”SU]HND

]DQ”LQIRUPDFMÅ

 3U]HWZDU]DQLH GDQ\FK VWHURZQLNL SRGŽ”F]RQH GR SRV]F]HJÎOQ\FK ZÅ]ŽÎZ SU]HWZDU]DM”

LQIRUPDFMHLVSUDZG]DM”F]\V”RQHSRWU]HEQHGRUHDOL]DFMLSU]\SLVDQ\FKLP]DGDÌ

 3U]\MÅFLH GDQ\FK VWHURZQLNL NWÎUH Z\PDJDM” SU]HVŽDQ\FK GDQ\FK SU]\VWÅSXM” GR LFK

SU]HWZDU]DQLD3R]RVWDŽHXNŽDG\VWHUXM”FHLJQRUXM”RGHEUDQHGDQH

-HyOLMHGHQ]HVWHURZQLNÎZPDJLVWUDOL&$1%XVZW\PSU]\NŽDG]LHVWHURZQLNQUsFKFHSU]HVŽDÁ

LQIRUPDFMÅGRMHGQHJROXENLONXLQQ\FKVWHURZQLNÎZWRGDQHWHSRSU]\JRWRZDQLXRWU]\PXM”RGSR

ZLHGQLLGHQW\ILNDWRU]SU]\SLVDQ\PRSLVHPSULRU\WHWHPLWS2GWHJRPRPHQWXGDQ\SRG]HVSΎV]\Q\

&$1%XV PD Z\Ž”F]Q” RGSRZLHG]LDOQRyÁ ]D SRSUDZQH SU]HVŽDQLH GDQ\FK GR LQQ\FK XNŽDGÎZ

VWHURZDQLD *G\ VWHURZQLN QU  RWU]\PD GRVWÅS GR PDJLVWUDOL &$1%XV WUDQVPLVMD GDQ\FK

ZV]\VWNLHLQQHXNŽDG\QDGDMQLNRGELRUQLN]RVWDM”XVWDZLRQHZWU\ERGELRUX3RRWU]\PDQLXGDQ\FK

ZV]\VWNLHVWHURZQLNLSU]\VWÅSXM”GRVNRQWURORZDQLDQDGDQHJRSU]HVŽDQHMLQIRUPDFMLLGHQW\ILNDWRUD

L VSUDZG]HQLDF]\RGHEUDQHGDQHV”DGUHVRZDQHGRWHJRZŽDyQLHXNŽDGXVWHURZDQLD-HyOLWDN

WR ]RVWDQ”RQHQDVWÅSQLHSU]HWZRU]RQHDNFHSWDFMDLQIRUPDFMLMHyOLQLHWR]RVWDQ”]LJQRURZDQH

2SLVDQ\Z\šHMVSRVÎEVSUDZG]DQLDLQIRUPDFMLMHVWQD]\ZDQ\ILOWUDFM”





























79006-08

6WDFMD

6WDFMD

6WDFMD

6WDFMD

6]\QD&$1%XV

$NFHSWDFMD

2GELÎU

$NFHSWDFMD

3U]HWZD

U]DQLH

2GELÎU

2GELÎU

3U]HWZD

U]DQLH

3U]HWZD

U]DQLH

3U]\JR

WRZDQLH

7UDQVPLVMD



)250$7'$1<&+

.DšGDSU]HV\ŽDQDZLDGRPRyÁ]DZLHUDGRGDWNRZRLQIRUPDFMHNRQLHF]QHGRSRSUDZQHMZ]DMHPQHM

Z\PLDQ\GDQ\FKPLÅG]\SRV]F]HJÎOQ\PLXNŽDGDPLVWHURZDQLD6SRVÎEWUDQVPLVMLUHDOL]RZDQ\MHVW

]JRGQLH]Z\W\F]Q\PLL]DVDGDPLXMÅW\PLZSURWRNROH%26&+&$13URWRNΎWUDQVPLVMLGDQ\FK

]DZLHUDVLHGHPSÎO]GDQ\PLSU]HV\ŽDQ\PLGRV]\Q\&$1%XVZXVWDORQ\PSRU]”GNX

3U]HND]\ZDQLHLQIRUPDFMLGRV]\Q\&$1%XVRGE\ZDVLÅF\NOLF]QLHFRPVSU]H]NDšG\]H

VWHURZQLNÎZ Z XNŽDG]LH NRPIRUWX L FR  GR  PV SU]H] VWHURZQLNL Z XNŽDG]LH QDSÅGRZR

MH]GQ\PsZ]DOHšQRyFLRGW\SXVWHURZQLNDV]F]HJΎRZHRPÎZLHQLHZGDOV]HMF]ÅyFL

3URWRNΎ SU]HZLGXMH GZD WU\E\ SU]HV\ŽDQLD s VWDQGDUGRZ\ L UR]V]HU]RQ\ =DVDGQLF]D UΚQLFD

SROHJDQDGŽXJRyFLLGHQW\ILNDWRUDLQIRUPDFML,''ODGDQ\FKZWUDQVPLVMLVWDQGDUGRZHMSU]HZLG]LDQR

LGHQW\ILNDWRU\RGŽXJRyFLELWÎZGODWUDQVPLVMLUR]V]HU]RQHMELWÎZ

-DNZVSRPQLDQRZF]HyQLHMZNDšGHMSU]HV\ŽDQHMLQIRUPDFMLZ\UΚQLRQRVLHGHPNROHMQRQDVWÅSXM”

F\FKSRVRELHSÎO.ROHMQR

r3RF]”WHNSDNLHWXZVND]XMHQDSRF]”WHNSU]HV\ŽDQHMLQIRUPDFMLLV\QFKURQL]XMHSR]RVWDŽHZÅ]Ž\

VWDFMH

r3ROHDUELWUDšRZHVNŽDGDVLÅ]LGHQW\ILNDWRUDLQIRUPDFMLLELWX575]GDOQHJR]JŽRV]HQLDSU]H

ND]X:F]DVLHSU]HND]XWHJRSRODQDGDMQLNVSUDZG]DSU]HND]\ZDQLHNDšGHJRELWXJZDUDQWXM”FšH

MHGQRF]HyQLHQLH]RVWDQLHSU]HVŽDQDšDGQDLQIRUPDFMDRZ\šV]\PSULRU\WHFLH,GHQW\ILNDWRUPDDOER

DOERELWÎZGŽXJRyFLWUDQVPLVMDZWU\ELHVWDQGDUGRZ\POXEUR]V]HU]RQ\P2EDWHIRUPDW\

]RVWDŽ\]GHILQLRZDQHZSURWRNROH&$1%XVLPRJ”EH]NROL]\MQLHZVSΎLVWQLHÁZVLHFL-HyOLZ\VW”SL

MDNLNROZLHNNRQIOLNWPLÅG]\SU]HV\ŽDQ\PLLQIRUPDFMDPLLFKSULRU\WHWHPWRMHVWRQUR]VWU]\JDQ\SU]H]

LGHQW\ILNDWRU%LW]GDOQHJR]JŽRV]HQLDSU]HND]X575MHVWEDUG]RZDšQ\]XZDJLQDNRQLHF]QRyÁ

]GHF\GRZDQLDRVWUXNWXU]HSU]HV\ŽDQHMLQIRUPDFMLsPRšHWRE\ÁDOERSDNLHWGDQ\FKSHŽQ\SU]HND]

LQIRUPDFMLOXESDNLHWV\QFKURQL]DFMLQLH]DZLHUDM”F\šDGQ\FKGDQ\FK

r3ROHNRQWUROQH]DZLHUDELWUR]V]HU]HQLDLGHQW\ILNDWRUD]DZLHUDM”F\LQIRUPDFMÅRWU\ELHVWDQGDU

GRZ\OXEUR]V]HU]RQ\SU]HVŽDQ\FKGDQ\FK3RQDGWR]DZLHUDELWU]DUH]HUZRZDQ\GRSU]\V]Ž\FK

]DVWRVRZDÌRUD]NRGGŽXJRyFLGDQ\FK'/&.RGWHQVNŽDGDVLÅ]F]WHUHFKELWÎZLR]QDF]DOLF]EÅ

ELWÎZGDQ\FKSU]HND]DQ\FKZSROXGDQ\FK3U]\NŽDGRZRMHyOLSROHGDQ\FKPDELW\WRZDUWRyÁNRGX

'/&Z\QRVLMHyOLNRG'/&MHVWUÎZQ\WR]QDF]\šHSROHGDQ\FKPDELWÎZ

79006-09

6WDQGDUGRZ\IRUPDWWUDQVPLVMLGDQ\FK

5R]V]HU]RQ\IRUPDWWUDQVPLVMLGDQ\FK

3ROHDUELWUDšRZH

,GHQW\ILNDWRUELWÎZ

3ROH

NRQWUROQH

3ROHNRQWUROQH

3ROHVXP\

NRQWUROQHM

&5&

3ROH$&.



.RQLHF

SDNLHWX

3U]HUZD PLÅG]\

SDNLHWDPL

ELWÎZ



ELWÎZ

6]\QD

ZROQD

'/&

U



,

'

5

7

6

2

6WDQ

XVWDORQ\

6WDQ

Z]EXG]HQLD

U



U



'/

ELWÎZ 

ELWÎZ

3ROHDUELWUDšRZH

3ROH

NRQWUROQH

3ROH

NRQWUROQH

3ROHVXP\

NRQWUROQHM

&5&

3ROH$&.

.RQLHF

SDNLHWX

3U]HUZD PLÅG]\

SDNLHWDPL

6]\QD

ZROQD

6

2

5

7

,

'

6

5

,GHQW\ILNDWRU

,GHQW\ILNDWRU

ELWÎZ

.RG GŽXJRyFL

GDQ\FK'/&



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

r3ROHGDQ\FKSROHWR]DZLHUDGDQHNWÎUHV”SU]HV\ŽDQHZZLDGRPRyFLLMHGQRF]HyQLHGRW\F]”

VWDQXG]LDŽDQLDV\VWHPXGRNWÎUHJRGDQ\VWHURZQLNZ\V\ŽDM”F\LQIRUPDFMÅQDOHš\'ŽXJRyÁWHJR

SRODMHVW]PLHQQDLPRšHZ\QRVLÁRGGREDMWÎZELWÎZ=QDF]HQLHNDšGHJR]ELWÎZ]RVWDŽR

yFLyOHRNUHyORQHMXšQDHWDSLHSURMHNWRZDQLDNRPXQLNDFMLZPDJLVWUDOLGRNRQNUHWQHJR]DVWRVRZDQLD

QSZ SRGV\VWHPLHNRPIRUWXLWG

'RV\QFKURQL]DFMLSURFHVXUR]V\ŽDQLDLQIRUPDFMLVWRVXMHVLÅZLDGRPRyÁR]HURZHMGŽXJRyFLSROD

GDQ\FKSDNLHWV\QFKURQL]DFML

r3ROHVXP\NRQWUROQHMDQJ&5&-HVWWRSROHRGŽXJRyFLELWÎZZ\NRU]\VW\ZDQHGRVSUDZ

G]HQLDSRSUDZQRyFLSU]HVŽDQ\FKGDQ\FK

r3ROH$&.3ROHGZXELWRZH]NWÎU\FKMHGHQELW]DZLHUDVSDFMÅSU]HUZÅ$&.GUXJLsRJUDQLF]QLN

$&.%LWSU]HUZ\MHVWZ\V\ŽDQ\MDNRELWUHFHV\ZQ\NWÎU\]RVWDMHQDGSLVDQ\SU]H]ELWGRPLQXM”F\

QDGDMQLNDRGELRUQLNDNWÎU\SRSUDZQLHRGHEUDŽGDQHDšGRWHJRPLHMVFD:WHQVSRVÎEVSUDZG]DQD

MHVWSU]H]Z\V\ŽDM”F\XNŽDGQDGDZF]RRGELRUF]\SRSUDZQRyÁRGELRUXSU]HND]DQHMLQIRUPDFML

,QQ\PL VŽRZ\ ELW WHQ VŽXš\ GR VSUDZG]HQLD SRWZLHUG]HQLD RGHEUDQLD V\JQDŽX SU]H] ZV]\VWNLH

RGELRUQLNLQDGDMQLNLPDJLVWUDOLZNWÎU\FKQLHQDVW”SLŽ\EŽÅG\RGF]\WX

r .RQLHF SDNLHWX NRQLHF SDNLHWX LQIRUPDFML DQJ (2) MHVW ]GHILQLRZDQ\ MDNR FL”J  ELWÎZ

UHFHV\ZQ\FK

3U]HUZDPLÅG]\SDNLHWRZDMHVWZ]DVDG]LHPLQLPDOQ”OLF]E”ELWÎZSRWU]HEQ”GRRGG]LHOHQLDGZX

NROHMQ\FKLQIRUPDFML-HyOLGRV]\Q\QLH]RVWDQ”SU]HND]DQHQDVWÅSQHGDQHPDJLVWUDODSR]RVWDMH

ZROQD

:FHOXVSUDZQHJR]DU]”G]DQLDZV]\VWNLPLZ\PRJDPLWUDQVPLVMLZW\PPRšOLZLHMDNQDMZLÅNV]\P

SU]HSŽ\ZHPGDQ\FKSHZQRyFL”LEH]SLHF]HÌVWZHPSU]HND]XLWGRSUDFRZDQRZUDPDFKSURWRNRŽX

&$1PHWRG\SU]\G]LDŽXGRVWÅSXGRPDJLVWUDOLQDZHWSU]H]NLONDXNŽDGÎZVWHUXM”F\FKMHGQRF]Hy

QLH'RNRQXMHVLÅWHJRQDSRGVWDZLHRFHQ\LVWRWQRyFLSU]HV\ŽDQHMLQIRUPDFML

3ULRU\WHWGRVWÅSXGRPDJLVWUDOLMHVWRNUHyODQ\QDSRGVWDZLHLGHQW\ILNDWRUD]QDMGXM”FHJRVLÅZSROX

DUELWUDšRZ\PSU]HV\ŽDQHMLQIRUPDFML,GHQW\ILNDWRUZVND]XMHNROHMQRyÁZMDNLHMSRV]F]HJÎOQHLQIRU

PDFMHSRZLQQ\E\ÁSU]HV\ŽDQHGRPDJLVWUDOLZUD]LHZ\VW”SLHQLDNRQIOLNWXMHGQRF]HVQHJRGRVWÅSX

.RQIOLNWMDNLZ\VWÅSXMHJG\NOLNDXU]”G]HÌMHGQRF]HyQLHSUDJQLHX]\VNDÁGRVWÅSGRV]\Q\MHVW

UR]ZL”]\ZDQ\SU]H]SROHDUELWUDšRZH]Z\NRU]\VWDQLHPELWXQLHGHVWUXNW\ZQHJRQRQGHVWUXFWLYHELW

15=:V]\VWNLHVWDFMHPRQLWRUXM”V]\QÅELWSRELFLH:]DOHšQRyFLRGUR]VWU]\JQLÅFLDORJLF]QHJR

pZLUHG $1'p ELW GRPLQXM”F\ ORJLF]QH  QDGSLV]H ELW UHFHV\ZQ\ ORJLF]QH  2SLVDQD ]DVDGD

SR]ZDOD QD UR]VWU]\JDQLH R NROHMQRyFL GRVWÅSX GR PDJLVWUDOL Z UD]LH Z\VW”SLHQLD NRQIOLNWX

: ]DLVWQLDŽHMV\WXDFMLZV]\VWNLHVWHURZQLNLSU]HV\ŽDM”FHDNWXDOQLHELWUHFHV\ZQ\]RVWDM”]DZLHV]RQH

QDU]HF]VWDFMLNWÎUHMSU]\SLVDQRELWGRPLQXM”F\

3U]\SLVDQLDSULRU\WHWXGDQ\FK



3U]\NŽDGRZRSU]\SRUÎZQ\ZDQLXLGHQW\ILNDWRUÎZVWHURZQLNDXNŽDGXHOHNWU\F]QHMUHJXODFMLIRWHOL

RUD]VWHURZQLNDGU]ZLZV]ÎVW\PELFLHVZHJRLGHQW\ILNDWRUDSLHUZV]\]QLFKPDQLšV]\SULRU\WHWRG

GUXJLHJR  MHVW ELWHP GRPLQXM”F\P 'ODWHJR WHš Z WHM V\WXDFML VWHURZQLN XNŽDGX HOHNWU\F]QHM

UHJXODFMLIRWHOLDXWRPDW\F]QLHVWDMHVLÅRGELRUQLNLHPNLHG\VWHURZQLNGU]ZLUR]SRF]\QDWUDQVPLVMÅ

-HyOL QDWRPLDVW MHGQRF]HyQLH QDVW”SL š”GDQLH GRVWÅSX GR PDJLVWUDOL SU]H] WU]\ VWHURZQLNL GZD

SRSU]HGQLH L GRGDWNRZR VWHURZQLN JŽÎZQ\ WR ] SRUÎZQDQLD RGSRZLHGQLFK ELWÎZ LGHQW\ILNDWRUÎZ

ZLGDÁ šH QDMZ\šV]\ SULRU\WHW Z GRVWÅSLH GR V]\Q\ X]\VND VWHURZQLN JŽÎZQ\ L WHQ UR]SRF]QLH

WUDQVPLVMÅ GDQ\FK MDNR SLHUZV]\ 3R]RVWDŽH VWHURZQLNL DXWRPDW\F]QLH VWDM” VLÅ RGELRUQLNDPL

L F]HNDM”DšGRFKZLOL]ZROQLHQLDPDJLVWUDOL

5R]SRF]ÅFLHQDGDZDQLD

=Z\F]DMRZR QDGDMQLN UR]SRF]\QD VDPRF]\QQLH SU]HV\ŽDQLH GDQ\FK Z\V\ŽDM”F SHŽQ\ SDNLHW

-HGQDNšHPRšHRQWHšUR]SRF]”ÁQDGDZDQLHSRRWU]\PDQLXš”GDQLDSU]HVŽDQLDGDQ\FKsWMSR

RWU]\PDQLX SDNLHWX V\QFKURQL]DFML 3DNLHW WHQ PD LGHQW\F]Q\ LGHQW\ILNDWRU MDN ]Z\NŽ\ SDNLHW

] GDQ\PLUΚQLVLÅMHG\QLHELWHPVSHFMDOQ\P575]GDOQHJR]JŽRV]HQLDSU]HND]X

3U]\NŽDG\ZLDGRPRyFL

3RQLšHM]HVWDZLRQRSU]\NŽDG]DSLVXSRV]F]HJÎOQ\FKSÎOSDNLHWXZU]HF]\ZLVWHMLQIRUPDFMLSU]H

VŽDQHMV]\Q”&$1%XVV\VWHPXNRPIRUWX





79006-10

+

+

+

&HQWUDOQD

MHGQRVWND

6WHURZQLNIRWHOD

6WHURZQLNGU]ZL

SDVDšHUD

6]\QD&$1%XV

,'

,GHQW\ILNDWRUELWÎZ

+









6

2

=DSLV

32/$

62) 5R]VWU]\JQLÅFLH .RQWUROD

'DQH

EDMWsEDMW

&5& $&.

(QG

'ZÎMNRZ\





 







6]HVQDVWNRZ\













)



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

%
$

-

7



%LW

QU

6\JQDŽ

:DUWRyÁ =QDF]HQLH

3U]H]QDF]HQLH



%H]]QDF]HQLD



%H]]QDF]HQLD



=DEH]SLHF]HQLH

WHUPLF]QH



3UDFDQRUPDOQD

=DEH]SLHF]HQLHWHUPLF]QHDNW\ZQH

:V]\VWNLHVWHURZQLNL



6WDQW\OQ\FKGU]ZL

SUDZ\FK



=DPNQLÅWH

2WZDUWH

6WHURZQLNJŽÎZQ\

VWHUGU]ZLNLHURZF\

L GU]ZLSDVDšHUD



$XWRU\]DFMDRWZDU

FLDW\OQHJRRNQD



1LH

7DN

6WHURZQLNW\OQ\FK

GU]ZLSUDZ\FK

%
$

-

7





6WDQV]\E

HOHNWU\F]Q\FK



:UXFKX

:VSRF]\QNX

:VWUHILHG]LDŽDQLD

5R]SR]QDQLHGZXNURWQHJRQDFLyQLÅFLD

SU]\FLVNX]DP\NDQLD

6WHURZQLNJŽÎZQ\



=DPHNFHQWUDOQ\



6WDQQRUPDOQ\

6$)(]DPHNZHZQÅWU]Q\ZŽ”F]RQ\

=DPNQLÅWH

%DJDšQLNRWZDUW\

%DJDšQLN]DPNQLÅW\

2WZDUWH

$ZDULDF]XMQLNÎZV\VWHPX

8VWHUND

:V]\VWNLHVWHURZQLNL



:ROQ\



1LH

7DN

:V]\VWNLHVWHURZQLNL



$ZDULDV]\Q\



1LH

7DN

6WHURZQLNJŽÎZQ\



$ZDULD



1LH

7DN

6WHURZQLNJŽÎZQ\

:F]DVLHSU]HWZDU]DQLDRGHEUDQ\FKGDQ\FKX]\VNLZDQHV”QDVWÅSXM”FHLQIRUPDFMH



1,(=$:2'12l¡75$160,6-,'$1<&+

%ŽÅGÎZ Z WUDQVPLVML QLJG\ QLH PRšQD Z\NOXF]\Á DOH PRšQD Z\HOLPLQRZDÁ LFK NRQVHNZHQFMH

2SUDFRZDQ\SURWRNΎ&$1]DZLHUDWU]\V\VWHP\Z\NU\ZDQLDEŽÅGÎZLGZDV\VWHP\LFKHOLPLQDFML

3LHUZV]HWU]\

6SUDZG]DQLHVXP\NRQWUROQHMDQJ&5&FKHFN

%LW&5&]DZLHUDLQIRUPDFMÅRSU]HV\ŽDQ\FKGDQ\FKSRZVWDŽ”SU]H]GRGDQLHELWÎZQDGPLDURZ\FK

LXPLHV]F]DQ\MHVWDXWRPDW\F]QLHSU]\NRÌFXSDNLHWX3R]DNRÌF]HQLXWUDQVPLVMLELWQDGPLDURZ\MHVW

SRUÎZQ\ZDQ\]Z\]QDF]RQ”]SU]HVŽDQ\FKGDQ\FKVXP”-HyOLZ\VW”SLUΚQLFDWRR]QDF]DWRšH

Z F]DVLHSU]HND]XLQIRUPDFMLZ\VW”SLŽEŽ”G

:HU\ILNDFMDLQIRUPDFMLSU]H]VSUDZG]HQLHIRUPDWXSDNLHWX

0HWRGDWDSROHJDQDNRQWUROLVWUXNWXU\LQIRUPDFMLSU]H]VSUDZG]HQLHNDšGHJR]ELWÎZLSRUÎZQDQLX

]RNUHyORQ\PLZVWDQGDUG]LHSURWRNRŽXGŽXJRyFLDPLLGRSXV]F]DOQ\PLZDUWRyFLDPLSRV]F]HJÎOQ\FK

SÎO%ŽÅG\Z\NU\WHW”PHWRG”V”QD]\ZDQHEŽÅGDPLIRUPDWX

6SUDZG]HQLH$&.

-DN ZVSRPQLDQR ZF]HyQLHM ZV]\VWNLH ZLDGRPRyFL V” RGELHUDQH SU]H] NDšG\ ] SR]RVWDŽ\FK

DNWXDOQLHQLHEÅG”F\FKZWU\ELHQDGDZDQLDVWHURZQLNÎZNWÎUHSRWZLHUG]DM”SU]\MÅFLHZLDGRPRyFL

SU]H]XVWDZLHQLHELWX$&.-HyOLQLHQDVW”SLSRWZLHUG]HQLH$&.GRVWDFMLQDGDM”FHMWRR]QDF]DWRšH

ZF]DVLHWUDQVPLVMLQDVW”SLŽEŽ”GE”GzWHššHVWHURZQLNRGELHUDM”F\MHVWXV]NRG]RQ\

3R]RVWDŽHGZDV\VWHP\

0RQLWRULQJ

=GROQRyÁ Z\NU\ZDQLD EŽÅGÎZ WUDQVPLVML RSLHUD VLÅ QD yOHG]HQLX PRQLWRULQJX SU]H] QDGDMQLN

V\JQDŽÎZZPDJLVWUDOL8NŽDGQDGDZF]\yOHG]LVWDQQDSLÅFLDZV]\QLHLMHyOLZ\NU\MHZPDJLVWUDOL

Z SU]HND]DQHMLQIRUPDFMLELWRZDUWRyFLUΚQHMRGSU]HND]DQHMWR]JŽDV]DEŽ”GWUDQVPLVML

2GRSLVDQHM]DVDG\V”GZDZ\M”WNL3LHUZV]\PDPLHMVFHZWHG\JG\NRQWUROHUGRNRQXMHSRUÎZQD

QLDLGHQW\ILNDWRUÎZLXVWDODSULRU\WHWGRVWÅSXGRPDJLVWUDOL'UXJLSU]\SDGHNPDPLHMVFHZWHG\JG\

RGELRUQLNL]PLHQLDM”VWDQELWXQDSLÅFLHZSROXSRWZLHUG]DQLDRGELRUXsSDWU]NRQWUROD$&.

8]XSHŽQLDQLHELWÎZ

0HWRGDWDRSLHUDVLÅQDMHGQHM]SRGVWDZRZ\FK]DVDGSURWRNRŽXWUDQVPLVML2WΚXVWDORQHZ\W\F]

QHSU]HND]\ZDQLDLQIRUPDFML]DNŽDGDM”šHNDšG\SDNLHWGDQ\FKPRšH]DZLHUDÁQLHZLÅFHMQLšSLÅÁ

NROHMQRSRVRELHQDVWÅSXM”F\FKELWÎZRMHGQDNRZHMZDUWRyFLMHGQDNRZHMELHJXQRZRyFLSRWHQFMDŽX

PLÅG]\SU]HZRGDPLSRF]\QDM”FRGSRF]”WNXSDNLHWXDšGRNRÌFDSRODVXP\QDGPLDURZHM&5&3R

SU]HVŽDQLXSLÅFLXMHGQDNRZ\FKELWÎZQDGDMQLNDXWRPDW\F]QLHVDPRF]\QQLHZVWDZLDGRVHNZHQFML

SU]HV\ŽDQHMZLDGRPRyFLELWRSU]HFLZQHMZDUWRyFLX]XSHŽQLDQLH2GELRUQLN] NROHLSRPLMDWHELW\

SU]\UHMHVWURZDQLXV\JQDŽX

2EVŽXJDEŽÅGX

-HyOLNRQWUROHUPDJLVWUDOL&$1%XVZ\NU\MHEŽ”GWUDQVPLVMLWRQDVWÅSXMHDXWRPDW\F]QLHSU]HUZDQLH

MHMSU]HND]XGRSR]RVWDŽ\FKVWHURZQLNÎZLXVWDZLHQLHIODJLEŽÅGX3ROHJDRQRQDZVWDZLHQLXV]HyFLX

NROHMQ\FKELWÎZGRPLQXM”F\FK:NRQWHNyFLHZF]HyQLHMV]\FKLQIRUPDFMLVWDQRZLWRQDUXV]HQLH]DVD

G\X]XSHŽQLDQLDELWÎZOXE]DVDG\SRSUDZQRyFLIRUPDWXSDNLHWXGDQ\FK

1DZHWZ\VW”SLHQLHORNDOQ\FKEŽÅGÎZ]DEXU]DM”F\FKSUDFÅMHGQHJR]HVWHURZQLNÎZQLHZSŽ\ZD

QD SRSUDZQRyÁ SU]HND]X GR ZV]\VWNLFK SR]RVWDŽ\FK VWHURZQLNÎZ SRGŽ”F]RQ\FK GR PDJLVWUDOL

5R]ZL”]DQLHWDNLH]DSHZQLDOHSV]”VSÎMQRyÁLZ\šV]”SU]HSXVWRZRyÁLQIRUPDFMLSU]HND]\ZDQ\FK

RPDZLDQ”V]\Q”

3R Z\NU\FLX EŽÅGX V]\QD Z\PDJD F]DVX RGSRZLDGDM”FHJR FR QDMPQLHM  ELWRP WUDQVPLVML GR

SRQRZQHJRSU]\ZUÎFHQLDŽ”F]QRyFL3RXSŽ\ZLHWHJRRNUHVXVWHURZQLNPRšHSRQRZQLHUR]SRF]”Á

SU]HND]\ZDQLHZLDGRPRyFLZF]DVLHWUDQVPLVMLZNWÎUHMZ\VW”SLŽEŽ”GOXEWHšMHGHQ]XNŽDGÎZPRšH

UR]SRF]”ÁLQQHMZLDGRPRyFLRZ\šV]\PSULRU\WHFLH



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

2JUDQLF]DQLHQDVWÅSVWZEŽÅGÎZZSU]\SDGNXORNDOQ\FKXVWHUHN

%ŽÅGQLH G]LDŽDM”FH VWDFMH PDJLVWUDOL PRJ” LVWRWQLH RJUDQLF]\Á SU]HSXVWRZRyÁ V]\Q\ SRZRGXM”F

Z QLHNWÎU\FK SU]\SDGNDFK QDZHW MHM FDŽNRZLWH XQLHUXFKRPLHQLH 6WHURZQLN NWÎU\ G]LDŽDM”F MDNR

RGELRUQLNVWDOHXVWDZLDIODJÅEŽÅGXSU]HU\ZDWUDQVPLVMÅGHIDFWRSRSUDZQ\FKV\JQDŽÎZFRPRšH

VSRZRGRZDÁFDŽNRZLWHXQLHUXFKRPLHQLHPDJLVWUDOL'ODWHJRWHšRSUDFRZDQHZ\W\F]QHNRQVWUXNF\MQH

V]\Q\ &$1%XV SU]HZLGXM” ZEXGRZDQLH PHFKDQL]PÎZ UR]UΚQLDM”F\ SRPLÅG]\ XVWHUN” EŽÅGHP

SU]\SDGNRZ\PDEŽÅGHPFL”JŽ\PMDNUÎZQLHšsZSU]\SDGNXZ\VW”SLHQLDFL”JŽHMXVWHUNLs]ORNDOL]R

ZDQLHEŽÅGQLHG]LDŽDM”FHJRVWHURZQLND0HWRGDWDRSLHUDVLÅQDVWDW\VW\F]QHMRFHQLHZDUXQNÎZZ\

VW”SLHQLDEŽÅGX'DQDVWDFMDUR]SR]QDMHVDPDHZHQWXDOQ”DZDULÅsMHyOLFL”JOHSU]HU\ZDWUDQVPLVMÅ s

]DQLPMHV]F]HSR]RVWDŽHXNŽDG\Z\NU\M”EŽ”G3LHUZV]\PHWDSHPMHVWZWHMV\WXDFMLRVWU]HšHQLHGR

SR]RVWDŽ\FKVWHURZQLNÎZšHGDQDVWDFMDSRZRGXMHSU]HUZDQLDWUDQVPLVMLZV]F]HJÎOQ\PSU]\SDGNX

PRšHQDZHWQDVW”SLÁRGŽ”F]HQLHXV]NRG]RQHJRVWHURZQLND

1LH]DZRGQRyÁGDQ\FKZSURWRNROH&$1

:SURZDG]HQLHV\VWHPÎZEH]SRyUHGQLR]ZL”]DQ\FK]EH]SLHF]HÌVWZHPSRGUΚQ\FKLVDPRFKRGX

Z\PDJDGXšHMQLH]DZRGQRyFLZSU]HND]\ZDQLXLQIRUPDFMLPLÅG]\SRV]F]HJÎOQ\PLXNŽDGDPLVWHUR

ZDQLD:]ZL”]NX]W\PNRQLHF]QHMHVWSRGMÅFLHZV]\VWNLFKPRšOLZ\FKG]LDŽDÌPDM”F\FKQDFHOX

Z\HOLPLQRZDQLHU\]\NDQLHEH]SLHF]Q\FKV\WXDFMLEÅG”F\FKQDVWÅSVWZHPEŽÅGQHMWUDQVPLVMLGDQ\FK]D

SRyUHGQLFWZHPV]\Q\&$1%XVZFDŽ\PRNUHVLHHNVSORDWDFMLVDPRFKRGX7DNZLÅFQLH]DZRGQRyÁ

V\VWHPXZLQQDE\ÁGRVWDWHF]QLHZ\VRNDFRMHVWUÎZQRZDšQHRGSRZLHGQLRQLVNLHPXU\]\NXDZDULL

1LH]DZRGQRyÁZJUXQFLHU]HF]\MHVWWHš]GROQRyFL”XNŽDGXGRZ\NU\ZDQLD]DNŽÎFHÌOXESU]HND]X

IDŽV]\Z\FKGDQ\FK3UDZGRSRGRELHÌVWZRZ\VW”SLHQLDEŽÅGÎZUH]\GHQWQ\FKPRšHE\ÁRV]DFRZDQH

PHWRGDPLVWDW\VW\F]Q\PLVWRVRZDQ\PLZPHWRGDFKDQDOL]\WUDQVPLVMLV\JQDŽÎZ7HUPLQSUDZGRSR

GRELHÌVWZDZ\VW”SLHQLDEŽÅGÎZUH]\GHQWQ\FKR]QDF]DQLHEH]SLHF]HÌVWZRSRZVWDQLDEŽÅGÎZZ V\V

WHPLHWUDQVPLVMLNWÎUHQLH]RVWDQ”Z\NU\WHSU]H]ZEXGRZDQHZV\VWHPLHPHFKDQL]P\]DEH]SLHF]HÌ

3U]\NŽDGRZRMHyOLPDJLVWUDOD&$1%XVG]LDŽD]SUÅGNRyFL”0EGNELWÎZVHN]HyUHGQLPZ\NR

U]\VWDQLHPSU]H]V]DFRZDQ\F]DVHNVSORDWDFMLVDPRFKRGXJRG]L]HyUHGQL”GŽXJRyFL”

LQIRUPDFML  ELWÎZ WR FDŽNRZLWD OLF]ED SU]HND]DQ\FK ZLDGRPRyFL SDNLHWÎZ Z\QLHVLH [





6WDW\VW\F]QDOLF]EDQLHZ\NU\W\FKEŽÅGÎZSU]HND]DQ\FKZF]DVLHHNVSORDWDFMLRGSRZLDGDZWHG\





2]QDF]DWRšHSU]\MPXM”F]DŽRšHQLHJRG]SUDF\G]LHQQLHLGQLZURNXZVSΎF]\QQLNEŽÅGX

Z\QLHVLH7DNZLÅFQLHZ\NU\W\EŽ”GZ\VW”SLUD]QDODWyUHGQLDVWDW\VW\F]QD

$QDOL]XM”FSRZ\šV]\U\VXQHNZQDMJRUV]\PPRšOLZ\PVFHQDULXV]XZSRMHG\QF]\PELFLHZ\VW”SL

EŽ”GQDNDšGHELWÎZSU]HND]XZVLHFLVWHURZQLNÎZ2]QDF]DWREŽ”GUHV]WNRZ\U]ÅGX





79006-11

3UDZGRSRGRELHÌVWZREŽÅGX

3UDZGRSRGRELHÌVWZREŽÅGXZELFLH

VWHURZQLNÎZ]GDQ\PL

RGŽXJRyFLELWÎZ

































VWHURZQLNÎZ]GDQ\PL

RGŽXJRyFLELWÎZ



:PRPHQFLHZSURZDG]HQLDQDU\QHNQRZHJR7ROHGRVDPRFKÎGWHQ]RVWDŽZ\SRVDšRQ\ZGZD

QLH]DOHšQHV\VWHP\Z\NRU]\VWXM”FHPDJLVWUDOÅ&$1%XV6”WRV\VWHPNRPIRUWXLXNŽDGQDSÅGRZR

MH]GQ\

6=<1$&$1%XV:72/('2

3UÅGNRyÁWUDQVPLVMLGDQ\FKZWHMPDJLVWUDOLZ\QRVLNEMHVWWRZLÅFs]JRGQLH]HVWDQGDUGDPL

,62V]\QDRPDŽHMSUÅGNRyFLSU]HV\ŽXLQIRUPDFML3U]HND]MHGQHMSHŽQHMZLDGRPRyFLWUZDPV

D F]ÅVWRWOLZRyÁLFKSU]HV\ŽDQLDPV:]ZL”]NX]W\PZF]DVLHSU]HUZ\ZSU]HND]LHMHGQHJR]H

VWHURZQLNÎZ SR]RVWDŽH XNŽDG\ VWHUXM”FH PDM” GRVWDWHF]QLH GXšR F]DVX QD SU]HND]DQLH VZRLFK

GDQ\FK

'RPDJLVWUDOLSRGŽ”F]RQH]RVWDŽ\QDVWÅSXM”FHXNŽDGXVWHUXM”FH

VWHURZQLNJŽÎZQ\

VWHURZQLNLGU]ZLPRJ”E\ÁF]WHU\OXEGZDZ]DOHšQRyFLRGWHJRLOHV]\EZVDPRFKRG]LHMHVWVWHUR

ZDQHHOHNWU\F]QLHMHyOLLQVWDORZDQHV”GZDVWHURZQLNLWRV”RQH]DŽRšRQHZGU]ZLDFKSU]HGQLFK

VWHURZQLNLXNŽDGXHOHNWU\F]QHMUHJXODFMLSRŽRšHQLDIRWHOL]]DSDPLÅWDQLHPSR]\FML

6=<1$&$1%XV6<67(08.20)2578

79006-12

6]\QD&$1%XVXNŽDGX

QDSÅGRZRMH]GQHJR

6]\QD&$1%XVV\VWHPXNRPIRUWX



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

=HVWDZLHQLHGDQ\FKSU]HND]\ZDQ\FKGRV]\Q\&$1%XVSU]H]SR]RVWDŽHVWHURZQLNLSU]HGVWDZLD

WDEHOD

6WHURZQLNJŽÎZQ\

6WHURZQLNGU]ZL

6WHURZQLNGU]ZLSDVDšHUD

%Ž”GNRPXQLNDFML

%Ž”GNRPXQLNDFML

%Ž”GNRPXQLNDFML

&]XZDQLHWU\ERV]F]ÅG]DQLDHQHUJLL

&]XZDQLHWU\ERV]F]ÅG]DQLDHQHUJLL

&]XZDQLHWU\ERV]F]ÅG]DQLDHQHUJLL

6WDQ]DPNDFHQWUDOQHJR

]DPNQLÅW\LWG

6WDQ]DPNDFHQWUDOQHJR

]DPNQLÅW\LWG

6WDQ]DPNDFHQWUDOQHJR

]DPNQLÅW\LWG

)XQNFMD6$)(GU]ZLW\OQ\FK

6WDQV]\EHOHNWU\F]Q\FK

6WDQV]\EHOHNWU\F]Q\FK

2GEORNRZDQLHGU]ZLW\OQ\FK

$XWRU\]DFMDGRVWÅSXGRGU]ZL

SU]HGQLFK

$XWRU\]DFMDGRVWÅSXGRGU]ZL

SU]HGQLFK

%ORNRZDQLHMHGQ\FK]GU]ZLW\OQ\FK

6WDQGU]ZLNLHURZF\

6WDQGU]ZLSDVDšHUD

.DQDŽ$'(;

6\JQDŽ]SU]HŽ”F]QLNDEORNDG\

6\JQDŽ]SU]HŽ”F]QLNDEORNDG\

6WDQEDJDšQLNDRWZDUW\OXE]DPNQLÅW\ 6\JQDŽ]SU]HŽ”F]QLNDV]\E

HOHNWU\F]Q\FKGU]ZLSDVDšHUD

$NW\ZDFMDZHZQÅWU]QDSU]\FLVNX

FHQWUDOQHJR]DPND

6\JQDŽ]]DPNDEDJDšQLND

6\JQDŽ]SU]HŽ”F]QLNDV]\E

HOHNWU\F]Q\FKW\OQ\FKOHZ\FKGU]ZL

=DEH]SLHF]HQLHWHUPLF]QHFHQWUDOQHJR

]DPND

6\JQDŽ]DSŽRQX

6\JQDŽ]SU]HŽ”F]QLNDV]\E

HOHNWU\F]Q\FKW\OQ\FKSUDZ\FKGU]ZL

6\JQDŽSU]HŽ”F]QLNÎZXVWDZLDQLD

OXVWHUND

=DNRÌF]HQLH]DP\NDQLD]DPNLHP

FHQWUDOQ\P

=DEH]SLHF]HQLHWHUPLF]QHFHQWUDOQHJR

]DPND

6\JQDŽ]GHU]HQLD

%ORNDGDEH]SLHF]HÌVWZDG]LHFLGOD

V]\EHOHNWU\F]Q\FKZW\OQ\FKGU]ZLDFK

2JU]HZDQLHOXVWHUHN

6\JQDŽUHJXODFMLSRŽRšHQLDOXVWHUND

ZVWHF]QHJRSDVDšHUDXVWDZLDQLH

L VNŽDGDQLH

6\JQDŽ]DSŽRQX6

6\JQDŽ]SU]HŽ”F]QLNDRWZLHUDQLD

L ]DP\NDQLD

3UÅGNRyÁVDPRFKRGX



:SU]HZRG]LHQLVNLHJRQDSLÅFLD//2:QDSLÅFLHZDKDVLÅPLÅG]\9QDWRPLDVWZSU]H

ZRG]LHZ\VRNLHJRQDSLÅFLD++,*+ZDKDVLÅPLÅG]\D95ΚQLFDPLÅG]\ZDUWRyFLDPL

HNVWUHPDOQ\PL Z REX SU]HZRGDFK Z\QRVL  9 L RGSRZLDGD ORJLF]QHM  PLÅG]\ PQLHMV]\PL

ZDUWRyFLDPLsRNRŽR9FRRGSRZLDGDORJLF]QHPX

7U\EDZDU\MQ\

-HyOLQDVW”SLDZDULDZSU]HZRG]LH+OXEWHš]RVWDQLHRQX]LHPLRQ\WRV\VWHPIXQNFMRQXMHZWHG\

Z RSDUFLXRV\JQDŽ\]SU]HZRGX/ZRGQLHVLHQLXGRZX]LHPLHQLX

=GUXJLHMVWURQ\MHyOLZ\VW”SLXV]NRG]HQLHOLQLL/OXEMHMX]LHPLHQLHWRV\VWHPRF]\ZLyFLHQDGDO

SRSUDZQLHIXQNFMRQXMHDOHUHMHVWUXMHV\JQDŽ\ZRGQLHVLHQLXGRX]LHPLHQLD

-HyOLZ\VW”SLVSLÅFLHPLÅG]\SU]HZRGDPLWRRE\GZDZWHG\VWDQ”VLÅOLQLDPL/LEÅG”SUDFRZDÁ

Z RGQLHVLHQLX GR X]LHPLHQLD -HG\Q” V\WXDFM” JG\ RSLV\ZDQD PDJLVWUDOD QLH EÅG]LH Z RJÎOH

IXQNFMRQRZDÁMHVWHZHQWXDOQRyÁšHMHGQRF]HyQLHREDSU]HZRG\]RVWDQ”SU]HFLÅWHOXEWHšREDQD

UD]]RVWDQ”X]LHPLRQH

6WHURZQLNW\OQ\FKOHZ\FKGU]ZL

6WHURZQLNW\OQ\FKSUDZ\FKGU]ZL

6WHURZQLNXNŽDGXUHJXODFML

SRŽRšHQLDIRWHOL

%Ž”GNRPXQLNDFML

%Ž”GNRPXQLNDFML

%Ž”GNRPXQLNDFML

&]XZDQLHWU\ERV]F]ÅG]DQLDHQHUJLL

&]XZDQLHWU\ERV]F]ÅG]DQLDHQHUJLL

&]XZDQLHWU\ERV]F]ÅG]DQLDHQHUJLL

6WDQ]DPNDFHQWUDOQHJR

]DPNQLÅWHLWG

6WDQ]DPNDFHQWUDOQHJR

]DPNQLÅWHLWG

5HJXODFMDOXVWHUNDZVWHF]QHJR

NLHURZF\

6WDQV]\EHOHNWU\F]Q\FK

6WDQV]\EHOHNWU\F]Q\FK

5HJXODFMDOXVWHUNDZVWHF]QHJR

SDVDšHUD

$XWRU\]DFMDGRVWÅSXGRGU]ZLW\OQ\FK

$XWRU\]DFMDGRVWÅSXGRGU]ZLW\OQ\FK

6WDQOHZ\FKW\OQ\FKGU]ZL

6WDQSUDZ\FKW\OQ\FKGU]ZL

=DEH]SLHF]HQLHWHUPLF]QHFHQWUDOQHJR

]DPND

=DEH]SLHF]HQLHWHUPLF]QHFHQWUDOQHJR

]DPND

6=<1$&$1%XV8.~$'81$3¥'2:2-(='1(*2

=XZDJLQDZ\PDJDQ”V]\ENRyÁWUDQVPLVMLZWHMPDJLVWUDOLXVWDORQRSUÅGNRyÁSU]HND]XQDNE 

MHVWWRZLÅF]JRGQLH]HVWDQGDUGDPL,62V]\QDV]\END

'RPDJLVWUDOLSRGŽ”F]RQHV”QDVWÅSXM”FHVWHURZQLNL

VWHURZQLNVLOQLNDW\SX0RWURQLF6LPRV7'LLWG

VWHURZQLNXNŽDGX$%6

VWHURZQLNDXWRPDW\F]QHMVNU]\QLELHJÎZ

:VDPRFKRGDFK]UÅF]Q”VNU]\QL”ELHJÎZŽ”F]RQHV”GRPDJLVWUDOLMHG\QLHGZDXNŽDG\VWHUXM”FH

:V]\QLHWHMSU]HND]W\SRZHMZLDGRPRyFLRGŽXJRyFLELWÎZWUZDRNRŽRVHN3RGREQLHMDN

Z SRSU]HGQLP SU]\SDGNX F]ÅVWRWOLZRyÁ SU]HV\ŽDQLD LQIRUPDFML D ZLÅF L GRVWÅSX SRV]F]HJÎOQ\FK

XU]”G]HÌGRPDJLVWUDOLZ\QRVLRGGRPV,WDNVWHURZQLNXNŽDGX$%6SU]HV\ŽDGDQHFRPV

XNŽDG0RWURQLFFRPVQDWRPLDVWVWHURZQLNDXWRPDW\F]QHMVNU]\QLELHJÎZLVWHURZQLNVLOQLND7'L

FRPV



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

:SU]HZRG]LHQLVNLHJRQDSLÅFLD//2:QDSLÅFLHZDKDVLÅPLÅG]\D9QDWRPLDVWZSU]H

ZRG]LH++,*+PLÅG]\D95ΚQLFDPLÅG]\HNVWUHPDOQ\PLZDUWRyFLDPLZ\QRVL9FR

RGSRZLDGD ORJLF]QHM  UΚQLFD QDWRPLDVW PLÅG]\ EOLšV]\PL ZDUWRyFLDPL MHVW ]EOLšRQD GR  9 FR

RGSRZLDGDORJLF]QHPX

,QIRUPDFMH SU]HV\ŽDQH SU]H] PDJLVWUDOÅ PLÅG]\ SRV]F]HJÎOQ\PL WU]HPD XNŽDGDPL VWHURZDQLD

Z\VWDUF]DM”GRSUDZLGŽRZHJRUHDOL]RZDQLDZ\]QDF]RQ\FKLP]DGDÌ

=QDF]HQLHSU]HV\ŽDQ\FKW”PDJLVWUDO”LQIRUPDFMLMHVWEH]SRyUHGQLR]ZL”]DQH]EH]SLHF]HÌVWZHP

MD]G\ SUDFD VWHURZQLND XNŽDGX $%6('6 ']LDŽDQLH WHJR XNŽDGX MHVW ] NROHL ]ZL”]DQH ] S UDF”

VWHURZQLNDVLOQLNDLXNŽDGXVWHURZDQLDSUDF”DXWRPDW\F]QHMVNU]\QLELHJÎZNRPIRUWMD]G\

3RQLšV]DWDEHODSU]HGVWDZLDSU]\NŽDG\QLHNWÎU\FKLQIRUPDFMLLRGSRZLDGDM”F\FKLPSÎO

3RQLšV]D WDEHOD SU]HGVWDZLD GDQH GRW\F]”FH SU]HND]X SU]\NŽDGRZ\FK LQIRUPDFML = XZDJL QD

EDUG]R GXš” LORyÁ SU]HV\ŽDQ\FK PLÅG]\ SRV]F]HJÎOQ\PL VWHURZQLNDPL LQIRUPDFML SU]HGVWDZLRQH

]RVWDŽ\MHG\QLHQLHNWÎUHGDQH

&KZLORZH SRŽRšHQLH SU]HSXVWQLF\ MHVW NRGRZDQH QD RyPLX ELWDFK 'DMH WR Z VXPLH PRšOLZRyÁ

RNUHyOHQLD  UΚQ\FK SRŽRšHÌ :\QLND VW”G EH]SRyUHGQLR PRšOLZRyÁ RNUHyOHQLD SRŽRšHQLD

SU]HSXVWQLF\]GRNŽDGQRyFL”GR

R

ZSU]HG]LDOHRG

R

GR

R



3ULRU\WHW

3URWRNΎGODGDQ\FK]

3U]\NŽDG\LQIRUPDFML



VWHURZQLND$%6('6

Š”GDQLHUHJXODFMLPRPHQWXREURWRZHJRVLOQLND065

Š”GDQLHUHJXODFMLNRQWUROLWUDNFML$65



VWHURZQLNDVLOQLNDSURWRNΎ

3UÅGNRyÁREURWRZDVLOQLND

3RŽRšHQLHSU]HSXVWQLF\

6NRNSU]HSXVWQLF\pNLFNGRZQq



VWHURZQLNDVLOQLNDSURWRNΎ

7HPSHUDWXUDF]\QQLNDFKŽRG]”FHJR

3UÅGNRyÁSRMD]GX



VWHURZQLNDDXWRPDW\F]QHMVNU]\QL

ELHJÎZ

=PLDQDSU]HŽRšHQLDVNU]\QLELHJÎZ

6NU]\QLDELHJÎZZDZDU\MQ\PWU\ELHSUDF\

3RŽRšHQLHGU”šND]PLDQ\ELHJÎZ

6HNZHQFMDELWÎZ

3RŽRšHQLHSU]HSXVWQLF\



.”WRWZDUFLDSU]HSXVWQLF\‹



.”WRWZDUFLDSU]HSXVWQLF\‹



.”WRWZDUFLDSU]HSXVWQLF\‹







.”WRWZDUFLDSU]HSXVWQLF\‹







.”WRWZDUFLDSU]HSXVWQLF\‹

7U\EDZDU\MQ\

: RSUDFRZDQ\P SURWRNROH NRPXQLNDFML WHM V]\Q\ QLH SU]HZLG]LDQR DZDU\MQHJR WU\EX SUDF\

3U]HUZDZREZRG]LHOXEXV]NRG]HQLHMHGQHJR]NDEOLSRZRGXMHSU]HUZDQLHWUDQVPLVMLLW\PVDP\P

NRPXQLNDFMLPLÅG]\SRV]F]HJÎOQ\PLVWHURZQLNDPL



6&+(0$732~€&=(¬(/(.75<&=1<&+

'LDJUDPSU]HGVWDZLDSRGŽ”F]HQLDGRV]\Q\&$1%XVW\ONRXNŽDGÎZVWHURZDQLD

79006-13

-

-

-

-

-

-

3U]HZÎG+

3U]HZÎG/

6=<1$&$1%XV8.~$'8.20)2578

-

6WHURZQLNW\OQ\FKOHZ\FKGU]ZL

-

6WHURZQLNW\OQ\FKSUDZ\FKGU]ZL

-

6WHURZQLNJŽÎZQ\

/(*(1'$

-

6WHURZQLNXNŽDGXHOHNWU\F]QHMUHJXODFMLIRWHOL

-

6WHURZQLNGU]ZLNLHURZF\

-

6WHURZQLNGU]ZLSDVDšHUD



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

79006-14

-

-

-

3U]HZÎG+

3U]HZÎG/

6=<1$&$1%XV8.~$'81$3¥'2:2-(='1(*2

-

6WHURZQLNVLOQLND7'L

/(*(1'$

-

6WHURZQLNXNŽDGX$%6('6

-

6WHURZQLNDXWRPDW\F]QHMVNU]\QLELHJÎZ



6$02',$*12=$

2SURJUDPRZDQLH SRV]F]HJÎOQ\FK XNŽDGÎZ VWH

URZDQLD ]RVWDŽR Z\SRVDšRQH Z IXQNFMH GLDJQR

VW\F]QHSR]ZDODM”FHQDNRQWURORZDQLHSU]HSŽ\ZX

LQIRUPDFMLSU]H]PDJLVWUDOÅ&$1%XV

3R Z\NU\FLX XVWHUNL ]RVWDMH RQD ]DUHMHVWURZDQD

Z SDPLÅFLEŽÅGÎZ

'RVWÅSGR]DUHMHVWURZDQ\FKEŽÅGÎZMHVWPRšOLZ\

] Z\NRU]\VWDQLHP VWDQGDUGRZHJR F]\WQLND 9$*

 OXE WHš XNŽDGX 9$6  : WUDNFLH

F]\WDQLD SDPLÅFL XNŽDG VWHURZDQLD SU]HND]XMH

LQIRUPDFMH GRW\F]”FH zUÎGŽD EŽÅGX L MHJR W\SX

%ŽÅG\V]\Q\&$1%XVV”UHMHVWURZDQHMDNREŽÅG\

VWDŽH-HyOLXVWHUNDQLHSRMDZLDVLÅSRQDVWÅSQ\P

F\NOXMD]G\WR]PLHQLDQ\MHVWMHMDWU\EXWQDpEŽ”G

VSRUDG\F]Q\q-HyOLZVSRPQLDQDXVWHUNDQLHSRMDZL

VLÅSU]H]QDVWÅSQ”NROHMQ”RNUHyORQ”OLF]EÅF\NOLWR

MHM ]DSLV Z SDPLÅFL EŽÅGÎZ MHVW DXWRPDW\F]QLH

NDVRZDQ\

79006-15

9$6

6$02',$*12=$6=<1<&$1%XV8.~$'8.20)2578

'RVWÅSGRIXQNFMLGLDJQRVW\F]Q\FKMHVWPRšOLZ\SRZSURZDG]HQLXNRGXps6\VWHPNRPIRUWXq

3URFHV GLDJQRVW\F]Q\ MHVW QDG]RURZDQ\ SU]H] VWHURZQLN JŽÎZQ\ NWÎU\ ]D SRyUHGQLFWZHP V]\Q\

&$1%XVNRPXQLNXMHVLÅ]SR]RVWDŽ\PLXNŽDGDPLVWHURZDQLDLLFKSDPLÅFLDPLEŽÅGÎZ'ODWHJRWHš

MHyOLZXNŽDG]LHZ\VW”SLXVWHUNDWRMHVWRQD]JŽDV]DQDSÎzQLHMSU]H]VWHURZQLNJŽÎZQ\

-HyOL SR ]JŽRV]HQLX š”GDQLD SU]HVŽDQLD GDQ\FK PDJLVWUDO” &$1%XV SU]H]  PV QLH QDVW”SL

RGSRZLHGzWRJŽÎZQ\VWHURZQLN]DUHMHVWUXMHWHQIDNWMDNREŽ”GQDWRPLDVWSU]HND]\ZDQHGDQH]RVWD

Q”]DSDPLÅWDQHZSR]RVWDŽ\FKVWHURZQLNDFKV\VWHPX

:UDPDFKRSUDFRZDQ\FKUR]ZL”]DÌGLDJQRVW\F]Q\FKGRVWÅSQHV”QDVWÅSXM”FHIXQNFMH

)XQNFMD6SUDZGzSDPLÅÁEŽÅGÎZ

3DPLÅÁEŽÅGÎZVWHURZQLNDPRšHSU]HFKRZ\ZDÁLQIRUPDFMHRGZXURG]DMDFKEŽÅGÎZPDJLVWUDOL

&$1%XV

  6]\QD XNŽDGX NRPIRUWX EŽ”G MHVW UHMHVWURZDQ\ JG\ ]RVWDMH SU]HUZDQD WUDQVPLVMD GDQ\FK

PLÅG]\GZRPDOXEZLÅNV]”OLF]E”XNŽDGÎZVWHURZDQLD0RšOLZHV”QDVWÅSXM”FHSU]\F]\Q\EŽ”G

VWHURZQLNDOXESU]HUZDZREXSU]HZRGDFKPDJLVWUDOL]ZDUFLHREXGRPDV\OXEWHš]Ž\NRQWDNWQD

Ž”F]DFK

 6]\QD XNŽDGX SUDFXMH Z WU\ELH DZDU\MQ\P LQIRUPXMH R SU]HMyFLX V]\Q\ &$1%XV GR SUDF\

Z WU\ELHDZDU\MQ\P3U]\F]\Q”WDNLHMV\WXDFMLPRšHE\ÁSU]HUZDZMHGQ\P]SU]HZRGÎZPDJLVWUDOL

OXESU]HUZDZSRGŽ”F]HQLX



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

)XQNFMD:F]\WDQLHGDQ\FKSRPLDURZ\FK

1DHNUDQLHZ\G]LHORQRF]WHU\VWUHI\Z\yZLHWODQLDGDQ\FKSDWU]U\VXQHNSU]H]JŽÎZQ\VWHURZQLN

6WUHID6SUDZGzV]\QÅZVND]XMHF]\ZREZRG]LHHOHNWU\F]Q\PPDJLVWUDOLSU]HZRG\/L+QLH

Z\VW”SLŽDSU]HUZD

 6WUHID  :\SRVDšHQLH XPLHV]F]RQH Z SU]HGQLHM F]ÅyFL SRMD]GX :VND]XMH GDQH ] XNŽDGÎZ

VWHURZDQLDSU]HV\ŽDM”F\FKGDQH]SU]HGQLHMF]ÅyFLVDPRFKRGX

6WUHID:\SRVDšHQLHXPLHV]F]RQHZW\OQHMF]ÅyFLSRMD]GX:VND]XMHGDQH]XNŽDGÎZVWHUR

ZDQLDSU]HV\ŽDM”F\FKGDQH]W\OQLHMF]ÅyFLVDPRFKRGX

6WUHID:\SRVDšHQLHGRGDWNRZHZVND]XMHSRGŽ”F]HQLHHOHPHQWÎZZ\SRVDšHQLDGRGDWNRZH

JRSRMD]GXMDNQSHOHNWU\F]QDUHJXODFMDSRŽRšHQLDIRWHOL]]DSDPLÅWDQLHPSRŽRšHQLDIRWHODLOXVWHUHN

5HDGWDEOHRIPHDVXUHPHQWYDOXHV

%XV2.&RQGDFRPS7,7'50HPRU\

6WUHID

Z\yZLHWODF]D

6$02',$*12=$6=<1<&$1%XV8.~$'81$3¥'2:2-(='1(*2

7DNMDNZSRSU]HGQLPSU]\SDGNXGLDJQRVW\NÅXNŽDGXPRšQDSURZDG]LÁZZ\NRU]\VWDQLHPQDVWÅ

SXM”F\FKF]\WQLNÎZ9$*LRUD]9$6

'RVWÅSQHV”IXQNFMH

HOHNWURQLNDVLOQLND

HOHNWURQLNDVNU]\QLELHJÎZ

HOHNWURQLNDXNŽDGX$%6

3RQLHZDšZV]\VWNLHWHXNŽDG\Z\PLHQLDM”LQIRUPDFMHPLÅG]\VRE”QDOHš\MHWUDNWRZDÁMDNRMHGHQ

]ŽRšRQ\V\VWHP

-HyOLSR]JŽRV]HQLXSU]HVŽDQLDGDQ\FKPDJLVWUDO”&$1%XVSRPVQLHQDVW”SLRGSRZLHGzWR

]RVWDQLHWR]DUHMHVWURZDQHMDNREŽ”GNRPXQLNDFMLpQRFRPPXQLFDWLRQq

:PRPHQFLHJG\XNŽDGVWHURZDQLDZ\NU\MHEŽ”GSU]HND]XMHWÅLQIRUPDFMÅGRPDJLVWUDOL&$1%XV

L ]DSDPLÅWXMHNRGSRZVWDŽHJREŽÅGX3R]RVWDŽHXNŽDG\VWHUXM”FHSU]HFKRG]”ZWU\EDZDU\MQ\LSR

SRGŽ”F]HQLXF]\WQLNDZ\yZLHWODQ\MHVWNRPXQLNDWpFRQWUROXQLW[[[[SOHDVHUHDGWKHIDXOWPHPRU\q

F]\OL s pEŽ”G Z VWHURZQLNX [[[[ SURV]Å VSUDZG]LÁ SDPLÅÁ EŽÅGÎZq JG]LH [[[[ R]QDF]D NRG

VWHURZQLNDZNWÎU\P]DSDPLÅWDQRXVWHUNÅ

:UDPDFKRSUDFRZDQHJRUR]ZL”]DQLDGLDJQRVW\F]QHJRGRVWÅSQHMHVWIXQNFMD6SUDZGzSDPLÅÁ

EŽÅGÎZ

$ZDULDMHVW]DSDPLÅW\ZDQDZV\VWHPLHZUD]LHZ\VW”SLHQLDMHGQHJR]ZDUXQNÎZ

MHGHQOXENLONDSU]HZRGÎZ]RVWDQLHSU]HUZDQ\FK

SU]HZRG\]RVWDŽ\]ZDUWH]HVRE”

MHGHQ]SU]HZRGÎZ]RVWDŽX]LHPLRQ\]ZDUW\]PDV”

FRQDMPQLHMMHGHQVWHURZQLNMHVWXV]NRG]RQ\



:(5<),.$&-$%~¥'®:,1$35$:$

02Š/,:2l&,:(5<),.$&-,

-DNSU]HGVWDZLRQRWRZHZF]HyQLHMV]\FKUR]G]LDŽDFKWUDQVPLVMDGDQ\FKZPDJLVWUDOL&$1%XV

V\VWHPXQDSÅGRZRMH]GQHJRRGE\ZDVLÅ]Z\VRN”F]ÅVWRWOLZRyFL”LGODWHJRWHšGXšH]QDF]HQLH

Z WUDQVPLVMLPDM”]MDZLVNDIDORZHV”RQHQDZHWZDšQLHMV]HRG]MDZLVN]ZL”]DQ\FK] SU]HSŽ\ZHP

SU”GX'ODWHJRWHšNDšGRUD]RZRSU]HGSU]\VW”SLHQLHPGRQDSUDZ\V\VWHPXQDOHš\SDPLÅWDÁšH

ZLÅNV]RyÁWUDG\F\MQ\FKXU]”G]HÌLQDU]ÅG]LZDUV]WDWRZ\FKPRšHE\ÁQLHSU]\GDWQD

&]\QQRyFLZVWÅSQHREHMPXM”VSUDZG]HQLHSDPLÅFLEŽÅGÎZXNŽDGÎZVWHURZDQLDSRGŽ”F]RQ\FKGR

PDJLVWUDOL&$1%XVRUD]VSUDZG]HQLHMDNRyFLSRV]F]HJÎOQ\FKSU]HZRGÎZV]\Q\LVNRQWURORZDQLH

RSRUXHOHNWU\F]QHJRWHUPLQDWRUÎZZSRV]F]HJÎOQ\FKVWHURZQLNDFKW\ONRZSU]\SDGNXPDJLVWUDOL

XNŽDGXQDSÅGRZRMH]GQHJR

3R]RVWDŽHF]\QQRyFLGLDJQRVW\F]QHZ\PDJDM”EDUG]LHM]DDZDQVRZDQHMZLHG]\WHFKQLF]QHMRUD]

VNRPSOLNRZDQ\FK L Z\UDILQRZDQ\FK XU]”G]HÌ GODWHJR WHš QLH V” RQH Z\NRQ\ZDQH Z W\SRZ\P

ZDUV]WDFLH QDSUDZF]\P 'R QLH]EÅGQ\FK GR WHJR W\SX QDSUDZ XU]”G]HÌ QDOHš\ PLÅG]\ LQQ\PL

RVF\ORVNRSFRQDMPQLHMGZXNDQDŽRZ\RF]ÅVWRWOLZRyFLSUÎENRZDQLD0+]LXNŽDGHPSDPLÅFL

RUD]VSHFMDOQLHRSUDFRZDQ\&$1$O\]HUDQDOL]DWRUWHVWHUPDJLVWUDOL&$1%XV3RQLšV]\VFKHPDW

SU]HGVWDZLDZV]\VWNLHPRšOLZRyFLVSUDZG]DQLDPDJLVWUDOLFKRFLDšsMDNZVSRPQLDQRsSU]HGVWD

ZLRQHXU]”G]HQLDQLHV”GRVWÅSQHZW\SRZ\PSXQNFLHVHUZLVRZ\P

2SLHUDM”FVLÅQD]DŽRšHQLXšHQLHMHVWPRšOLZHRSUDFRZDQLHMHGQHMXQLZHUVDOQHMPHWRG\]QDOH

]LHQLDEŽÅGXWHFKQLNSRZLQLHQZ\EUDÁQDMRGSRZLHGQLHMV]”ZGDQ\PPRPHQFLHPHWRGÅZ]DOHšQR

yFLRGW\SXXVWHUNLLVWDQXRJÎOQHJRSRMD]GXLV\VWHPX

:ZLHOXZ\SDGNDFKNRQLHF]QHPRšHRND]DÁVLÅMHGQRF]HVQH]DVWRVRZDQLHNLONXPHWRGGLDJQR

VW\F]Q\FK3RVWÅSXM”FZORJLF]Q\PSRU]”GNXSLHUZV]”U]HF]”MDNLHMQDOHš\GRNRQDÁSU]\SRV]X

NLZDQLXDZDULLMHVWVSUDZG]HQLHSDPLÅFLEŽÅGÎZSRV]F]HJÎOQ\FKVWHURZQLNÎZSRGŽ”F]RQ\FKGR

PDJLVWUDOL&$1%XV

$QDOL]DWRUV]\Q\&$1

%XV&$1$O\]HU

2VF\ORVNRS

0XOWLPHWUF\IURZ\

9$*%

&]\WQLNNRGÎZEŽÅGX

6]\QD&$1%XV



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

1DVWÅSQLHSRGRNRQDQLXVSUDZG]HQLDSDPLÅFLEŽÅGÎZSRV]F]HJÎOQ\FKXNŽDGÎZVWHURZQLDQDOHš\

VSUDZG]LÁUH]\VWDQFMÅZV]\VWNLFKWHUPLQDWRUÎZLSU]HZRGÎZPDJLVWUDOL1DOHš\SDPLÅWDÁDE\NRU]\

VWDÁSU]\W\P]PXOWLPHWUX9$*%OXE9$*JG\šZSU]HFLZQ\PUD]LHQLHRGSRZLHGQLH

QDSLÅFLH]DVLODQLDLQQ\FKPLHUQLNÎZPRšHXV]NRG]LÁXNŽDG\HOHNWURQLF]QHV\VWHPX&$1%XV

1DVWÅSQLHPRšQDGRNRQDÁVSUDZG]HQLDVWDQXWHFKQLF]QHJRSU]HZRGÎZ&$1/L&$1+1DOHš\

]ZUÎFLÁXZDJÅF]\QLHPDXV]NRG]HÌ]HZQÅWU]QHML]RODFMLF]\JG]LHyQLHZ\VWÅSXMH]ZDUFLHLWS

: F]DVLHWHJRWHVWXQDOHš\RGŽ”F]\Á]DVLODQLHMHGQDNšHZV]\VWNLHVWHURZQLNLSRZLQQ\E\ÁQDGDO

SRGŽ”F]RQH GR PDJLVWUDOL : F]DVLH VSUDZG]DQLD UH]\VWDQFML WHUPLQDWRUÎZ QDOHš\ SDPLÅWDÁ šH

F]ÅyÁXNŽDGÎZRSRURZ\FKMHVWŽ”F]RQDGRV\VWHPXUÎZQROHJOHF]ÅyÁV]HUHJRZR

.ROHMQ\ SXQNW SURFHGXU\ SROHJD QD VSUDZG]HQLX SU]HV\ŽDQ\FK V\JQDŽÎZ VSHFMDOQ\P XNŽDGHP

&$1$O\]HURSUDFRZDQ\PSU]H]ILUPÅ9HFWRU,QIRUPDWLN*P%+-HVWWRVNRPSXWHU\]RZDQ\WHVWHU

VŽXš”F\ GR REVHUZDFML SU]HSŽ\ZX GDQ\FK SU]H] PDJLVWUDOÅ &$1%XV 3RGVWDZRZ\PL IXQNFMDPL

XNŽDGX V” UHMHVWURZDQLH SU]HSŽ\ZX LQIRUPDFML ZVND]\ZDQLH WUHyFL SRV]F]HJÎOQ\FK SDNLHWÎZ

GDQ\FK VWDW\VW\ND SU]HVŽDQ\FK LQIRUPDFML Z\GDMQRyFL FDŽHJR V\VWHPX RUD] EŽÅGÎZ Z PDJLVWUDOL

&$1%XV

3RV]F]HJÎOQHLQIRUPDFMH]SURJUDPXWHVWHUDV”Z\yZLHWODQHZRNQDFKGLDORJRZ\FKQDHNUDQLH

79006-17

3U]HSŽ\ZGDQ\FK

7UHyÁZLDGRPRyFL

6WDW\VW\NDZLDGRPRyFL

6WDW\VW\NDZ\GDMQRyFL



868:$1,(%~¥'®:

0RšOLZRyFL QDSUDZ\ V\VWHPX Z W\SRZ\FK

ZDUXQNDFK ZDUV]WDWRZ\FK RJUDQLF]DM” VLÅ GR

Z\PLDQ\FDŽHJRXNŽDGXVWHURZDQLDZHZQ”WU]

]QDMGXMH VLÅ ZLÅNV]RyÁ HOHPHQWÎZ V\VWHPX

OXE WHš Z\PLDQ\ SRV]F]HJÎOQ\FK SU]HZRGÎZ

PDJLVWUDOL

'RNRQXM”F QDSUDZ QDOHš\ SDPLÅWDÁ šH

WUDQVPLVMDGDQ\FKZPDJLVWUDOLMHVWRSDUWDQD

]MDZLVNDFK IDORZ\FK L GODWHJR SRG šDGQ\P

SR]RUHP QLH ZROQR ]PLHQLDÁ SU]HELHJX

SU]HZRGÎZ 5ÎZQLHš PLHMVFD SRGŽ”F]HÌ

SRV]F]HJÎOQ\FK VWHURZQLNÎZ V” SUHF\]\MQLH

Z\]QDF]RQH

,P ZLÅNV]D F]ÅVWRWOLZRyÁ SU]HND]X W\P

ZLÅNV]D F]XŽRyÁ V\VWHPX QD MDNLHNROZLHN

]PLDQ\NRQILJXUDFML

3U]\Z\PLDQLHSU]HZRGÎZQDOHš\SDPLÅWDÁ

šH QRZD LQVWDODFMD SRZLQQD PLHÁ LGHQW\F]Q”

GŽXJRyÁLMHGQDNRZ\VSORWMDNRU\JLQDOQD

1DSUDZ QDOHš\ GRNRQ\ZDÁ ] SRPRF”

]HVWDZXQDSUDZF]HJR9$6

79006-19

9$6

0RšOLZH MHVW WDNšH JUDILF]QH SU]HGVWDZLHQLH SU]HV\ŽDQ\FK V\JQDŽÎZ QD HNUDQLH RVF\ORVNRSX

=DSLV WHQ XPRšOLZLD IL]\F]Q” DQDOL]Å EŽÅGÎZ PDJLVWUDOL 3U]H] SRUÎZQDQLH U]HF]\ZLVW\FK

SU]HELHJÎZ PRGXODFML QDSLÅFLD ] SU]HELHJDPL WHRUHW\F]Q\PL PRšQD ŽDWZR RNUHyOLÁ XVWHUNL

Z V\VWHPLH

0HWRGDWDSR]ZDODQDDQDOL]ÅG]LDŽDQLDXNŽDGXSU]\ZŽ”F]RQ\P]DSŽRQLH3RWU]HEQ\MHVWGRWHJR

FHOX RVF\ORVNRS GZXNDQDŽRZ\ R F]ÅVWRWOLZRyFL SUÎENRZDQLD  0+] L GRGDWNRZ\P PRGXŽHP

SDPLÅFL Z\VWDUF]DM”F\P GR ]DSDPLÅWDQLD FR QDMPQLHM MHGQHJR SDNLHWX GDQ\FK s RGSRZLHGQLP

XU]”G]HQLHPMHVWQS 6FRSRPHWHUIP\)OXNH

79006-18



0DWHULDŽ\V]NROHQLRZH

6]\QD&$1%XVs

8:$*,















































2%6~8*$./,(17$

']LDŽ2EVŽXJL