1DSUDZD'1$
8WZRU]RQ\SU]H]$GDP.X]GUDOLĔVNL
>@
2VWDWQLRXDNWXDOQLRQHSU]H]$GDP.X]GUDOLĔVNL
>@
.DWHJRULH%LRORJLDPROHNXODUQD
>@
$XWRU$QQD.XUFHN
=DZDUWDZNRPyUFHLQIRUPDFMDJHQHW\F]QDQDUDĪRQDMHVWQDFLąJáHXV]NRG]HQLD6ąRQHZ\QLNLHPEáĊGyZZUHSOLNDFML
UHNRPELQDFMLOXESRZVWDMąQDVNXWHNG]LDáDQLDF]\QQLNyZPXWDJHQQ\FK]DUyZQRHQGRJHQQ\FKMDNL]HZQĊWU]Q\FK=DFKRZDQLH
LQWHJUDOQRĞFLJHQRPXMHVWEDUG]RGODNDĪGHJRRUJDQL]PXJG\ĪSRZVWDáHPRG\ILNDFMHVWDQRZLąĨUyGáRPXWDFMLDLFKNRQVHNZHQFMDPL
PRJąE\ü]PLDQ\QRZRWZRURZHOXEFKRURE\JHQHW\F]QH
.RPyUNLSRVLDGDMąVSHFMDOQHV\VWHP\QDSUDZF]HNWyUHFKURQLąJHQRPSU]HGXWUDWą]DZDUWHMZQLPLQIRUPDFML']LĊNLWHPXZLĊNV]RĞü
XV]NRG]HĔ]RVWDMHQDSUDZLRQDLQLHZ\ZRáXMHV]NRG\GODRUJDQL]PX3URFHV\QDSUDZ\SU]HELHJDMąZHGáXJNLONXVFKHPDWyZ
1DSUDZD'1$EH]SRĞUHGQLD
3ROHJDQDSURVW\PRGZUyFHQLXSRZVWDáHM]PLDQ\]XG]LDáHPRGSRZLHGQLFKHQ]\PyZ7\S\QDSUDZLDQ\FKXV]NRG]HĔ
3ĊNQLĊFLDQLFL'1$OLJD]D'1$QDSUDZLDSU]HUZDQHZLą]DQLDIRVIRGLHVWURZH5HDNFMDWD]ZDQDOLJDFMąSROHJDQDSRáąF]HQLXZROQ\FK
NRĔFyZ]Z\NRU]\VWDQLHPHQHUJLL]JURPDG]RQHMZ$73
8V]NRG]HQLHDONLODF\MQH'1$PHW\ODFMDOXEHW\ODFMD]DVDGLJUXSIRVIRUDQRZ\FK5HV]WDPHW\ORZDXVXZDQDMHVWSU]H]
PHW\ORWUDQVIHUD]\%LDáNR0*07SRXVXQLĊFLXJUXS\PHW\ORZHMSU]HQRVLMąQDZáDVQąF\VWHLQĊ&\VLXOHJDEH]SRZURWQHM
LQDNW\ZDFML-HVWWR]DWHPV\VWHPNRV]WRZQ\]PXV]DMąF\NRPyUNĊGRFLąJáHMV\QWH]\HQ]\PXZGXĪ\FKLORĞFLDFK
)RWRUHDNW\ZDFMD±QDSUDZLDQLHIRVIRGLPHUyZSLU\PLG\QSRZVWDá\FKSRGZSá\ZHPG]LDáDQLDSURPLHQLRZDQLD89.DWDOL]RZDQDSU]H]
IRWROLD]ĊUHDNFMD]DOHĪQDMHVWRGHQHUJLLSR]\VNLZDQHM]DEVRUSFMLĞZLDWáDRGáXJRĞFLIDOL±QP
5\V1DSDZDSĊNQLĊFLDZQLFL'1$
1DSUDZD'1$SRĞUHGQLD
%(5DQJEDVHH[FLVLRQUHSDLU±NRU\JXMHQLHZLHONLHXV]NRG]HQLDSRSU]H]Z\FLQDQLHLQDSUDZLDQLHSRMHG\QF]\FK]DVDGNWyUHXOHJá\
PRG\ILNDFMRPFKHPLF]Q\PQSDONLODFMLGHDPLQDFML3URFHVWHQ]DFKRG]LHWDSRZR
2GSRZLHGQLDJOLNR]\GD]D'1$SU]HFLQDZLą]DQLHǃ1JOLNR]\GRZHDQDVWĊSQLHXVXZDXV]NRG]RQą]DVDGĊWZRU]ąFPLHMVFH$3
DSXU\QRZHOXEDSLU\PLG\QRZH
(QGRQXNOHD]D$3UR]SR]QDMHWRPLHMVFHLSU]HFLQDZLą]DQLHIRVIRGLHVWURZHZNLHUXQNX¶RGSRZVWDáHJRXV]NRG]HQLD:WHQVSRVyE
SRZVWDMąZROQHNRĔFH¶2+
:LąĪHVLĊGRQLFKSROLPHUD]D'1$,3RO,NWyUDQDVWĊSQLHZ\SHáQLDOXNĊQRZąQLFLąV\QWHW\]RZDQąQDPDUW\F\'1$8UyĪQ\FK
RUJDQL]PyZZSURFHVLHW\PELRUąXG]LDáUyĪQHURG]DMHSROLPHUD]\
1DNRQLHFOLJD]D'1$áąF]\RELHQLFLLV\QWHW\]XMHRVWDWQLHZLą]DQLHIRVIRGLHVWURZH
1LHNWyUHJOLNR]\GD]\Z\ND]XMąGRGDWNRZąDNW\ZQRĞüQXNOHROLW\F]Qą1DFLQDMąRQHáDĔFXFKSRVWURQLH¶PLHMVFD$3LWZRU]ą
MHGQRQXNOHRW\GRZąOXNĊZ'1$
5\V1DSUDZDW\SX%(5
1(5DQJQXFOHRWLGHH[FLVLRQUHSDLU±SRSU]H]Z\FLQDQLHXV]NRG]RQ\FKQXNOHRW\GyZXVXZDGXĪHXV]NRG]HQLD'1$
]QLHNV]WDáFDMąFHVWUXNWXUĊSRGZyMQHMKHOLV\:\FLQDQ\RGFLQHNPRĪHE\üUyĪQHMGáXJRĞFL
%LDáND;3$L;3&UR]SR]QDMąXV]NRG]HQLH
(QGRQXNOHD]\;3*L;3)QDFLQDMąQLü'1$SRREXVWURQDFKSRZVWDáHJREáĊGX
+HOLND]\;3%;3'UR]SODWDMąSRGZyMQąKHOLVĊZVąVLHG]WZLHXV]NRG]RQHJRQXNOHRW\GXDQDVWĊSQLHXZDOQLDMąIUDJPHQW]DZLHUDMąF\
]PLDQĊ
8VXQLĊW\RGFLQHNX]XSHáQLDQ\MHVWG]LĊNLDNW\ZQRĞFLHQ]\PXSROLPHUD]\'1$
/LJD]\áąF]ą]HVREąRELHQLFL
5\V1DSUDZDW\SX1(5
*OREDOQDQDSUDZDJHQRPX1(5±**5DQJJOREDOJHQRPLHUHSDLUGRW\F]\QLFL'1$QLHXOHJDMąFHWUDQVNU\SFMLLRGE\ZDVLĊ
VWRVXQNRZRZROQR
*HQ\SRGOHJDMąFHDNW\ZQHMWUDQVNU\SFMLQDSUDZLDQHVąG]LĊNLPHFKDQL]PRZL1(57&5DQJWUDQVFULSWLRQFRXSOHGUHSDLUDLFK
XV]NRG]HQLDUR]SR]QDMH3ROLPHUD]D51$
1DSUDZDEáĊGQLHVSDURZDQ\FKQXNOHRW\GyZ
1LHNRPSOHPHQWDUQHQXNOHRW\G\UR]SR]QDZDQHVąSU]H]RGSRZLHGQLHELDáND0XW60XW+L0XW/X3URFDU\RWDELDáNDNRGRZDQH
SU]H]JHQ\K0/+LK06+X(XFDU\RWD,GHQW\ILNDFMDQRZR]V\QWHW\]RZDQHMQLFLPRĪOLZDMHVWG]LĊNLPHW\]DFMLRUD]QLHREHFQRĞFL
SRáąF]HĔPLĊG]\WZRU]ąF\PLMąIUDJPHQWDPL2ND]DNL+HOLND]DUR]SODWDSRGZyMQąKHOLVĊDHJ]RQXNOHRD]DGHJUDGXMHR]QDF]RQąQLü-HM
IUDJPHQWZUD]]QLHGRSDVRZDQ\PQXNOHRW\GHPMHVWXVXZDQ\LRGEXGRZ\ZDQ\SU]H]RGSRZLHGQLąSROLPHUD]Ċ'1$/LJD]DRGWZDU]D
ZLą]DQLDIRVIRGLHVWURZH
1DSUDZDUHNRPELQDF\MQDSR]ZDODQDQDSUDZĊXV]NRG]HĔZ\VWĊSXMąF\FKZREXQLFLDFKDQJGRXEOHVWUDQGEUHDNV'6%V-HVW
RQDZ\MąWNRZRQLHEH]SLHF]QDGODJHQRPX]HZ]JOĊGXQDEUDNPDWU\F\XPRĪOLZLDMąFHMRGWZRU]HQLH]PLHQLRQHJRIUDJPHQWX
àąF]HQLHQLHKRPRORJLF]Q\FKNRĔFyZDQJQRQKRPRORJRXVHQGMRLQLQJ1+(-V\VWHPZ\NRU]\VW\ZDQ\GRQDSUDZ\SU]HUZZ
SU]\SDGNXEUDNXKRPRORJLF]Q\FKVHNZHQFMLPRJąF\FKSRVáXĪ\üGRRGWZRU]HQLDFLąJáRĞFLQLFL:LHORVNáDGQLNRZ\NRPSOHNVELDáNRZ\
NLHUXMHOLJD]ĊQDPLHMVFHSĊNQLĊFLD:MHJRVNáDGZFKRG]ąELDáNR.XNLQD]DELDáNRZD'1$3.&6ELDáNR;5&&0HFKDQL]PWHQQLH
MHVWGRNáDGQ\JG\ĪZXV]NRG]RQ\PUHMRQLHSRZVWDMHNLONXQXNOHRW\GRZDGHOHFMD
5\V1DSUDZDSRSU]H]áąF]HQLHQLHKRPRORJLF]Q\FKNRĔFyZ
5HNRPELQDFMDKRPRORJLF]QDOXELQDF]HMQDSUDZDUHNRPELQDF\MQD±SROHJDQDQDSUDZLHXV]NRG]RQHJRFKURPRVRPX]
Z\NRU]\VWDQLHPVLRVWU]DQHMFKURPDW\G\OXEFKURPRVRPXKRPRORJLF]QHJRMDNRZ]RUX3URZDG]LGRSRZVWDQLDMHGQHMSUDZLGáRZHM
F]ąVWHF]NL'1$LMHGQDMF]ąVWHF]NLPDMąFHMGZDXV]NRG]RQHPLHMVFD
1DSUDZDLQGXNRZDQDF]\OLV\VWHP626DQJVDYHRXUVRXOVRVWDWHF]QDRGSRZLHGĨNRPyUNLEDNWHU\MQHMQDUR]OHJáH
XV]NRG]HQLD'1$-HVWRQDUHJXORZDQDSU]H]ZLHOHRSHURQyZLXUXFKDPLDQDZSU]\SDGNXSRMDZLHQLDVLĊMHGQRQLFLRZHJR'1$
VV'1$ROLJRQXNOHRW\GyZOXEZROQ\FKWUyMIRVIRUDQyZQXNOHRW\GyZĞZLDGF]ąF\FKR]DKDPRZDQLXUHSOLNDFML6\VWHP626MHVW
PXWDJHQQ\2EQLĪDZLHUQRĞüUHSOLNDFML'1$LSR]RVWDZLDEáĊG\ZVHNZHQFMLQXNOHRW\GyZ
1DMZDĪQLHMV]\PLUHJXODWRUDPLV\VWHPX626VąELDáNR5HF$DNW\ZDWRURSHURQyZ626L/H[$UHSUHVRUZV]\VWNLFKRSHURQyZ626
*G\ZNRPyUFHQLHPDXV]NRG]HĔ'1$OXEVąRQHQDW\OHPDáHĪHPRJąE\üQDSUDZLRQHSU]H]LQQHV\VWHP\F]ąVWHF]NLELDáND/H[$
ZLąĪąVLĊ]SURPRWRUDPLRSHURQyZ626KDPXMąFHNVSUHVMĊJHQyZàąF]ąVLĊWDNĪH]SURPRWRUHPJHQX5HF$*G\ZNRPyUFHSRMDZLą
VLĊSRZDĪQLHMV]HXV]NRG]HQLDV\JQDáZ\V\áDQ\SU]H]VV'1$L$73SRZRGXMH]PLDQĊNRQIRUPDFMLELDáND5HF$NWyUHVW\PXOXMH
DXWRSRUWHROL]ĊELDáND/H[$LLQGXNFMĊV\VWHPX626:PRPHQFLHJG\V\JQDáRXV]NRG]HQLX'1$]DQLND5HF$SRZUDFDGR
QLHDNW\ZQHMNRQIRUPDFMLNWyUDQLHSRZRGXMHMXĪDXWRSURWROL]\/H[$
5\V,QGXNFMDV\VWHPX626SU]H]XV]NRG]RQH'1$
/LWHUDWXUD
KWWSZZZFKHPLDELRRUJDQLF]QDSROVOSOVWXGHQFLPDWHULDO\VWXGHQFL1DSUDZDB'1$SGI
/XL]$XJXVWR3LQWR&DUORV*XVWDYR5HJLVGD6LOYD'pERUDGH2OLYHLUD/RSHV$OLFH0DFKDGR6LOYDDQG&DUORV5HQDWR0DFKDGR
Ä(VFKHULFKLDFROLDVDPRGHOV\VWHPWRVWXG\'1$UHSDLUJHQHVRIHXNDU\RWLFRUJDQLVPV´*HQHW0RO5HV
$QGU]HM:LHU]ELFNL*HQHW\NDRJyOQDZ\NáDGGODVWXGHQWyZ,,URNXELRWHFKQRORJLL8QLZHUV\WHW:DUV]DZVNL:\G]LDá%LRORJLL
KWWSDUHWHLEEZDZSOSULYDWHJHQHW\ND
6WDQLVáDZD5RJDOVND-RODQWD0DáXV]\ĔVND0DULD-2OV]HZVNDÄ3RGVWDZ\F\WRJHQHW\NLURĞOLQ´:\GDQLH,,XDNWXDOQLRQH
:\GDZQLFWZR1DXNRZH3:1:DUV]DZD
VáyZZWHNĞFLHRGVáRQ
>@
.RPHQWDU]H
:LGRN )ODW
8V]HUHJXM 6WDUV]H
:\ĞOLM
7\ONR]DUHMHVWURZDQLPRJąGRGDZDüNRPHQWDU]H=DUHMHVWUXMVLĊ=DORJXM
>@
/LQNL
KWWSZZZHELRWHFKQRORJLDSO3URILOYLHZ$GDP.X]GUDOLĔVNL
KWWSZZZHELRWHFKQRORJLDSO3URILOYLHZ$GDP.X]GUDOLĔVNL
KWWSZZZHELRWHFKQRORJLDSO$UW\NXO\YLHZ0DLQ%LRORJLDPROHNXODUQD