PDU]HF
32/6.,
.20,7(7
1250$/,=$&<-1<
32/6.$ 1250$
31%
:HQW\ODFMDL.OLPDW\]DFMD
7HUPLQRORJLD
=DPLDVW
31%
*UXSD NDWDORJRZD
,&6
'HVNU\SWRU\ ZHQW\ODFMD NOLPDW\]DFMD UR]G]LDá SRZLHWU]D WHUPLQRORJLD
35=('02:$
1LQLHMV]D QRUPD ]DVW SXMH QRUP 31% : QRUPLH SRGDQR ZVSyáF]HVQ WHUPLQRORJL RNUHORQR SRGVWDZRZH
HOHPHQW\ ]HVSRá\ L XU]G]HQLD LQVWDODFML 3U]\ RSUDFRZDQLX QRUP\ SU]\M WR XM FLH V\VWHPRZH L IXQNFMRQDOQH
1RUPD SRNU\ZD VL F] FLRZR ] QRUP 310 8U]G]HQLD WHFKQLNL SRZLHWU]D 7HUPLQRORJLD Z ]DNUHVLH SRM ü
RJyOQ\FK L SRGVWDZRZ\FK URG]DMyZ LQVWDODFML : QRUPLH SRSUDZLRQR XFK\ELHQLD WHUPLQRORJLF]QH Z\QLNDMFH ]
WáXPDF]HQLD PL G]\QDURGRZHM QRUP\ 67&(:
: ]DNUHVLH WHUPLQRORJLL UR]SURZDG]DQLD L UR]G]LDáX SRZLHWU]D QRUPD QDZL]XMH GR QRUP\ ,62 $LU
GLVWULEXWLRQ DQG DLU GLIIXVLRQ 9RFDEXODU\
'R QRUP\ ZSURZDG]RQR WHUPLQRORJL X]GDWQLDQLD SRZLHWU]D ]DVWSLRQR RNUHOHQLH REUyEND SRZLHWU]D RNUHOHQLHP
X]GDWQLDQLH SRZLHWU]D
: QRUPLH ]DPLHV]F]RQR LQGHNV DOIDEHW\F]Q\ WHUPLQyZ 1RUPD ]DZLHUD ELEOLRJUDIL
=DNUHV QRUP\
: QLQLHMV]HM QRUPLH XVWDORQR GHILQLFMH SRM ü L RGSRZLDGDMFH LP WHUPLQ\ GRW\F]FH ZHQW\ODFML L NOLPDW\]DFML 1RUPD
REHMPXMH WHUPLQRORJL HOHPHQWyZ ]HVSRáyZ L XU]G]H ZHQW\ODF\MQ\FK L NOLPDW\]DF\MQ\FK Z SRGVWDZRZ\P VWRSQLX
XRJyOQLHQLD
7HUPLQRORJL REM W QRUP VWRVXMH VL SU]\ RSUDFRZ\ZDQLX QRUP L LQQ\FK GRNXPHQWyZ WHFKQLF]Q\FK GRW\F]F\FK
ZHQW\ODFML L NOLPDW\]DFML
3RM FLD RJyOQH
ZHQW\ODFMD SRPLHV]F]HQLD
Z\PLDQD SRZLHWU]D Z SRPLHV]F]HQLX OXE Z MHJR F] FL PDMFD QD FHOX XVXQL FLH SRZLHWU]D ]X*\WHJR L
]DQLHF]\V]F]RQHJR L ZSURZDG]HQLH SRZLHWU]D ]HZQ WU]QHJR
NOLPDW\]DFMD SRPLHV]F]HQLD
ZHQW\ODFMD SRPLHV]F]HQLD ]DSHZQLDMFD URGRZLVNX SRZLHWU]QHPX SRPLHV]F]HQLD RNUHORQH ZáDFLZRFL L
SDUDPHWU\ F]\VWRü WHPSHUDWXU L ZLOJRWQRü Z]JO GQ SU]H] X]GDWQLHQLH L UR]G]LDá SRZLHWU]D RGSRZLHGQLR GR
SU]H]QDF]HQLD L VSRVREX Z\NRU]\VWDQLD SRPLHV]F]HQLD Z ND*G\FK ZDUXQNDFK NOLPDW\F]Q\FK GDQHM PLHMVFRZRFL
UR]SURZDG]HQLH SRZLHWU]D
SU]HQLHVLHQLH VWUXPLHQLD SRZLHWU]D RNUHORQHM REM WRFL GR ZHQW\ORZDQHM SU]HVWU]HQL OXE ] WHM SU]HVWU]HQL QD RJyá ]
]DVWRVRZDQLHP SU]HZRGyZ
VWUHID SU]HE\ZDQLD OXG]L
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
VWUHID SUDF\
F] ü SU]HVWU]HQL SRPLHV]F]HQLD GR Z\VRNRFL P QDG SRGáRJ D WDN*H QDG SRPRVWDPL JG]LH SU]HE\ZDM OXG]LH Z
NWyUHM ]D SRPRF LQVWDODFML ZHQW\ODF\MQHM OXE NOLPDW\]DF\MQHM WU]HED ]DSHZQLü Z\PDJDQH ZDUXQNL PLNURNOLPDWX
SRPLHV]F]HQLD
PLNURNOLPDW SRPLHV]F]HQLD
ZDUXQNL NOLPDW\F]QH LVWQLHMFH Z SRPLHV]F]HQLX E GFH Z\QLNLHP MHGQRF]HVQHJR RGG]LDá\ZDQLD VWRSQLD F]\VWRFL
VNáDGX FKHPLF]QHJR WHPSHUDWXU\ ZLOJRWQRFL Z]JO GQHM L SU GNRFL UXFKX SRZLHWU]D D WDN*H WHPSHUDWXU\ RWDF]DMF\FK
SU]HJUyG
PLNURNOLPDW WHFKQRORJLF]Q\
PLNURNOLPDW SRPLHV]F]HQLD SURGXNF\MQHJR OXE MHJR F] FL Z\QLNDMF\ ] SRWU]HE SURFHVX WHFKQRORJLF]QHJR L MDNRFL
Z\UREyZ OXE ZDUXQNyZ SUDF\ PDV]\Q L XU]G]H
NRPIRUW FLHSOQ\
VWDQ ]DGRZROHQLD F]áRZLHND ]H URGRZLVND WHUPLF]QHJR 311
UR]G]LDá SRZLHWU]D Z SRPLHV]F]HQLX
UR]SURZDG]HQLH SRZLHWU]D Z ZHQW\ORZDQHM SU]HVWU]HQL ] ]DVWRVRZDQLHP QDZLHZQLNyZ L Z\ZLHZQLNyZ Z
FHOX ]DJZDUDQWRZDQLD Z\PDJDQ\FK ZDUXQNyZ LQWHQV\ZQRFL Z\PLDQ\ SRZLHWU]D FLQLHQLD F]\VWRFL WHPSHUDWXU\
ZLOJRWQRFL Z]JO GQHM SU GNRFL UXFKX SRZLHWU]D SR]LRPX KDáDVX Z VWUHILH SU]HE\ZDQLD OXG]L
QLH]E GQ\ VWUXPLH REM WRFL SRZLHWU]D ]HZQ WU]QHJR
VWUXPLH SRZLHWU]D ]HZQ WU]QHJR NWyU\ ]H Z]JO GyZ KLJLHQLF]Q\FK QDOH*\ GRSURZDG]Lü GR RVyE
SU]HE\ZDMF\FK Z SRPLHV]F]HQLX Z FHOX XWU]\PDQLD RGSRZLHGQLHM MDNRFL SRZLHWU]D ZHZQ WU]QHJR Z W\P ]DSHZQLHQLD
RGF]XFLD ZLH*RFL SRZLHWU]D RGSURZDG]HQLD ]DSDFKyZ OXG]NLHJR FLDáD L XWU]\PDQLD QD QRUPDOQ\P SR]LRPLH
]DZDUWRFL WOHQX L GZXWOHQNX Z JOD
NURWQRü Z\PLDQ\ SRZLHWU]D
OLF]ED Z\PLDQ SRZLHWU]D
OLF]ERZD ZDUWRü LQWHQV\ZQRFL ZHQW\ODFML SRPLHV]F]HQLD OLF]ED RNUHODMFD LOH UD]\ Z FLJX JRG]LQ\ SU]HSá\ZD SU]H]
SRPLHV]F]HQLH VWUXPLH SRZLHWU]D R REM WRFL UyZQHM REM WRFL SRPLHV]F]HQLD
SRZLHWU]H ]HZQ WU]QH
SRZLHWU]H DWPRVIHU\F]QH F]HUSDQH QD ]HZQWU] RELHNWX
SRZLHWU]H X]GDWQLRQH
SRZLHWU]H SRGGDQH MHGQHPX OXE NLONX SURFHVRP X]GDWQLDQLD
SRZLHWU]H ZHZQ WU]QH
SRZLHWU]H ]QDMGXMFH VL ZHZQWU] SRPLHV]F]HQLD OXE Z NOLPDW\]RZDQHM SU]HVWU]HQL
SRZLHWU]H Z VWUHILH SU]HE\ZDQLD OXG]L
SRZLHWU]H ZHZQ WU]QH
]QDMGXMFH VL Z JUDQLFDFK VWUHI\ Z NWyUHM XWU]\PXMH VL SDUDPHWU\ SRZLHWU]D Z\PDJDQH ]H Z]JO GX QD SU]HE\ZDQLH
OXG]L
SRZLHWU]H QD VWDQRZLVNX SUDF\ OXE Z PLHMVFX VSHFMDOQ\FK Z\PDJD WHFKQRORJLL
SRZLHWU]H Z\VW SXMFH Z EH]SRUHGQLP VVLHG]WZLH F]áRZLHND FKURQLRQHJR SU]HGPLRWX OXE PLHMVFD UHDOL]DFML SURFHVX
WHFKQRORJLF]QHJR
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
SRZLHWU]H QDZLHZDQH
SRZLHWU]H ZSURZDG]DQH SU]H] QDZLHZQLNL GR SRPLHV]F]HQLD ZHQW\ORZDQHJR OXE NOLPDW\]RZDQHJR
SRZLHWU]H Z\ZLHZDQH
SRZLHWU]H ZHZQ WU]QH RGSURZDG]DQH ] SRPLHV]F]HQLD ZHQW\ORZDQHJR OXE NOLPDW\]RZDQHJR
SRZLHWU]H Z\U]XWRZH
FDáRü OXE F] ü SRZLHWU]D Z\ZLHZDQHJR RGSURZDG]DQD GR DWPRVIHU\
SRZLHWU]H UHF\UNXODF\MQH
F] ü SRZLHWU]D Z\ZLHZDQHJR ] SRPLHV]F]HQLD NLHURZDQD SR HZHQWXDOQ\P X]GDWQLHQLX GR XNáDGX QDZLHZQHJR
SRZLHWU]H X]XSHáQLDMFH
SRZLHWU]H ]HZQ WU]QH GRSURZDG]DQH GR SRPLHV]F]HQLD Z FHOX VNRPSHQVRZDQLD LORFL SRZLHWU]D
RGSURZDG]DQHJR SU]H] LQVWDODFM RGFLJyZ PLHMVFRZ\FK SHáQLFH UyZQLH* IXQNFM SRZLHWU]D QDZLHZDQHJR
SRZLHWU]H SLHUZRWQH
SRZLHWU]H X]GDWQLRQH ZSURZDG]RQH GR QDZLHZQLND NWyUH PLHV]D VL Z Z\QLNX LQGXNFML ]
SRZLHWU]HP ZHZQ WU]Q\P
SRZLHWU]H ZWyUQH
SRZLHWU]H ZHZQ WU]QH ]DV\VDQH QD GURG]H LQGXNFML SU]H] VWUXPLH SRZLHWU]D SLHUZRWQHJR
Z\Sá\ZDMFHJR ] QDZLHZQLND
LQGXNFMD SRZLHWU]D
]DV\VDQLH F] FL SRZLHWU]D ZHZQ WU]QHJR Z Z\QLNX HMHNF\MQHJR G]LDáDQLD VWUXPLHQLD SRZLHWU]D SLHUZRWQHJR
F\UNXODFMD SRZLHWU]D
QDWXUDOQH OXE Z\PXV]RQH SU]HPLHV]F]DQLH SRZLHWU]D Z SRPLHV]F]HQLX
VWUHID PDUWZD
F] ü SRPLHV]F]HQLD QLH REM WD F\UNXODFM SRZLHWU]D ZHQW\ODF\MQHJR
]DQLHF]\V]F]HQLH SRZLHWU]D
]DZDUWD Z SRZLHWU]X VXEVWDQFMD VWDáD FLHNáD OXE JD]RZD NWyUD QLH Z\VW SXMH Z QRUPDOQ\P VNáDG]LH SRZLHWU]D
DWPRVIHU\F]QHJR L NWyUD PD FKDUDNWHU V]NRGOLZ\
REOLF]HQLRZH SDUDPHWU\ SRZLHWU]D ]HZQ WU]QHJR
ZDUWRFL OLF]ERZH WHPSHUDWXU\ L ZLOJRWQRFL Z]JO GQHM L LQQ\FK SRFKRGQ\FK SDUDPHWUyZ SRZLHWU]D ]HZQ WU]QHJR
NWyUH QDOH*\ SU]\MPRZDü Z GDQHM PLHMVFRZRFL SU]\ REOLF]DQLX L GRERU]H XU]G]H ZHQW\ODFML L NOLPDW\]DFML
REOLF]HQLRZH SDUDPHWU\ SRZLHWU]D ZHZQ WU]QHJR
ZDUWRFL OLF]ERZH WHPSHUDWXU\ ZLOJRWQRFL Z]JO GQHM L SU GNRFL UXFKX SRZLHWU]D Z VWUHILH SU]HE\ZDQLD OXG]L
QD VWDQRZLVNX SUDF\ OXE Z PLHMVFX VSHFMDOQ\FK Z\PDJD WHFKQRORJLL NWyUH QDOH*\ SU]\MPRZDü Z IXQNFML
SU]H]QDF]HQLD L WU\EX X*\WNRZDQLD SRPLHV]F]H SU]\ REOLF]DQLX L GRERU]H XU]G]H ZHQW\ODFML L NOLPDW\]DFML
3URFHV\ X]GDWQLDQLD SRZLHWU]D
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
X]GDWQLDQLH SRZLHWU]D
SURFHV\ UHDOL]RZDQH SU]\ X*\FLX URGNyZ WHFKQLF]Q\FK PDMFH QD FHOX ]PLDQ MHGQHM OXE NLONX ZLHONRFL
FKDUDNWHU\]XMF\FK VWDQ L MDNRü SRZLHWU]D
RJU]HZDQLH SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD SRGZ\*V]DQLX MHJR WHPSHUDWXU\
RJU]HZDQLH SRZLHWU]D ZVW SQH
Z NOLPDW\]DFML RJU]HZDQLH SRZLHWU]D SU]HG SRGGDQLHP JR LQQ\P SURFHVRP X]GDWQLDQLD SRG Z]JO GHP FLHSOQ\P
OXE ZLOJRWQRFLRZ\P
RJU]HZDQLH SRZLHWU]D ZWyUQH
Z NOLPDW\]DFML RJU]HZDQLH SRZLHWU]D XSU]HGQLR X]GDWQLRQHJR SRG Z]JO GHP FLHSOQ\P OXE ZLOJRWQRFLRZ\P SU]HG
MHJR ZSURZDG]HQLHP GR SRPLHV]F]HQLD
FKáRG]HQLH SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD REQL*DQLX MHJR WHPSHUDWXU\
QDZLO*DQLH SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD SRZL NV]DQLX Z QLP ]DZDUWRFL ZLOJRFL
RVXV]DQLH SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD ]PQLHMV]DQLX Z QLP ]DZDUWRFL ZLOJRFL
ILOWUDFMD SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD XVXZDQLX ] QLHJR ]DQLHF]\V]F]H VWDá\FK OXE FLHNá\FK
RGS\ODQLH SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD Z\WUFDQLX L ]DWU]\P\ZDQLX S\áyZ ]DZLHV]RQ\FK Z SRZLHWU]X SU]HG MHJR
XVXQL FLHP GR DWPRVIHU\ OXE SU]HG SRQRZQ\P ZSURZDG]HQLHP GR SRPLHV]F]HQLD
GH]RGRU\]DFMD SRZLHWU]D
RGZDQLDQLH SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD XVXZDQLX ] QLHJR VXEVWDQFML ]DSDFKRZ\FK
VWHU\OL]DFMD SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD QLV]F]HQLX Z QLP PLNURRUJDQL]PyZ
R]RQRZDQLH SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D SROHJDMFH QD Z\NRU]\VWDQLX R]RQX MDNR URGND EDNWHULREyMF]HJR OXE RGZDQLDMFHJR
UHQRZDFMD SRZLHWU]D
X]GDWQLDQLH SRZLHWU]D QDZLHZDQHJR SROHJDMFH QD MHJR RGZDQLDQLX RF]\V]F]DQLX ] VXEVWDQFML
JD]RZ\FK L S\áRZ\FK RUD] X]XSHáQLDQLX LORFL WOHQX
PLHV]DQLH SRZLHWU]D
PLHV]DQLH GZyFK OXE ZL FHM VWUXPLHQL SRZLHWU]D PDMFH QD FHOX X]\VNDQLH SRZLHWU]D R RNUHORQ\FK SDUDPHWUDFK
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
UHF\UNXODFMD SRZLHWU]D ] SRPLHV]F]HQLD
ZWyUQ\ RELHJ SRZLHWU]D
VNLHURZDQLH F] FL SRZLHWU]D Z\ZLHZDQHJR ] SRPLHV]F]HQLD GR SRQRZQHJR Z\NRU]\VWDQLD Z SRZLHWU]X
QDZLHZDQ\P Z\Uy*QLD VL WDN*H UHF\UNXODFM SRZLHWU]D ZHZQWU] SRPLHV]F]HQLD E GF VNXWNLHP
LQGXNF\MQHJR G]LDáDQLD QDZLHZQLNyZ
RG]\VNLZDQLH FLHSáD OXEL ZLOJRFL
Z\NRU]\VWDQLH FLHSáD OXEL ZLOJRFL RGSDGRZHM ] SURFHVyZ WHFKQRORJLF]Q\FK OXE ]DZDUWHM Z SRZLHWU]X Z\U]XWRZ\P
Z FHOX ]PQLHMV]HQLD ]DSRWU]HERZDQLD QD FLHSáR OXEL ZLOJRü SU]H] LQVWDODFM ZHQW\ODF\MQ OXE NOLPDW\]DF\MQ
5RG]DMH ZHQW\ODFML
ZHQW\ODFMD QDWXUDOQD
ZHQW\ODFMD ]DFKRG]FD ZVNXWHN G]LDáDQLD QDWXUDOQ\FK VLá SU]\URG\ WM VLá Z\SRUX WHUPLF]QHJR OXEL VLá\ QDSRUX ZLDWUX
ZHQW\ODFMD JUDZLWDF\MQD
ZHQW\ODFMD QDWXUDOQD VSRZRGRZDQD SU]H] Uy*QLF J VWRFL SRZLHWU]D QD ]HZQWU] L ZHZQWU] SRPLHV]F]HQLD
DHUDFMD
ZHQW\ODFMD QDWXUDOQD ] GRGDWNRZ\P Z\NRU]\VWDQLHP HOHPHQWyZ ZVSRPDJDMF\FK L RWZRUyZ R REOLF]RQHM L
UHJXORZDQHM SRZLHU]FKQL
LQILOWUDFMD SRZLHWU]D
QDSá\Z SRZLHWU]D GR SRPLHV]F]HQLD SU]H] RWZRU\ L QLHV]F]HOQRFL Z SU]HJURGDFK
HNVILOWUDFMD SRZLHWU]D
Z\Sá\Z SRZLHWU]D ] SRPLHV]F]HQLD SU]H] RWZRU\ L QLHV]F]HOQRFL Z SU]HJURGDFK
ZHQW\ODFMD PHFKDQLF]QD
ZHQW\ODFMD E GFD Z\QLNLHP G]LDáDQLD XU]G]H PHFKDQLF]Q\FK OXE VWUXPLHQLFRZ\FK ZSUDZLDMF\FK SRZLHWU]H Z UXFK
ZHQW\ODFMD RJyOQD
ZHQW\ODFMD SROHJDMFD QD Z\PLDQLH SRZLHWU]D Z FDá\P SRPLHV]F]HQLX
ZHQW\ODFMD VWUXPLHQLRZD
V\VWHP QDZLHZX SRZLHWU]D ]D SRPRF EXU]OLZ\FK VWUXPLHQL NWyUH SU]HND]XMF HQHUJL F]VWHF]NRP SRZLHWU]D Z
SRPLHV]F]HQLX Z]EXG]DM ZWyUQH UXFK\ SRZLHWU]D L SU]\F]\QLDM VL GR Z\PLHV]DQLD SRZLHWU]D QDZLHZDQHJR ]
SRZLHWU]HP Z SRPLHV]F]HQLX
ZHQW\ODFMD UR]FLHF]DMFD
VSRVyE UR]G]LDáX SRZLHWU]D Z SRPLHV]F]HQLX SROHJDMF\ QD Z\PLHV]DQLX SRZLHWU]D QDZLHZDQHJR ]
SRZLHWU]HP ZHZQ WU]Q\P Z\QLNLHP F]HJR MHVW XUHGQLHQLH L REQL*HQLH VW *H ]DQLHF]\V]F]H SRZLHWU]D Z
SU]HVWU]HQL ZHQW\ORZDQHM OXE NOLPDW\]RZDQHM
ZHQW\ODFMD Z\SRURZD
V\VWHP ZSURZDG]DQLD SRZLHWU]D GR SRPLHV]F]HQLD Z NWyU\P SRZLHWU]H QDZLHZDQH FKDUDNWHU\]XMF VL
SU]HSá\ZHP ODPLQDUQ\P OXE VáDEREXU]OLZ\P Z\SLHUD EH] PLHV]DQLD SRZLHWU]H ]QDMGXMFH VL Z SRPLHV]F]HQLX L NWyU\
GRW\F]\ SU]HSá\ZX SRZLHWU]D SU]H] FDá\ SU]HNUyM Z SáDV]F]\(QLH SLRQRZHM OXE SR]LRPHM SRPLHV]F]HQLD OXE REXGRZ\
DOH Z LQWHUSUHWDFML SUDNW\F]QHM GRW\F]\ WDN*H W\ONR VWUHI\ SU]HE\ZDQLD OXG]L OXE MHM F] FL
ZHQW\ODFMD SU]HPLHV]F]DMFD
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
VSRVyE UR]G]LDáX SRZLHWU]D Z SRPLHV]F]HQLX SROHJDMF\ QD ZSURZDG]DQLX SRZLHWU]D QDZLHZDQHJR
EH]SRUHGQLR GR VWUHI\ SU]HE\ZDQLD OXG]L L QD Z\NRU]\VWDQLX WáRNRZHJR G]LDáDQLD QDSá\ZDMFHJR SRZLHWU]D GR
Z\SLHUDQLD SRZLHWU]D ]DQLHF]\V]F]RQHJR Z\QLNLHP F]HJR MHVW XWU]\P\ZDQLH PDá\FK VW *H ]DQLHF]\V]F]H SRZLHWU]D
Z WHM VWUHILH
ZHQW\ODFMD PLHMVFRZD
ZHQW\ODFMD SROHJDMFD QD Z\PLDQLH SRZLHWU]D Z RNUHORQHM SU]HVWU]HQL Z SRPLHV]F]HQLX Z REU ELH VWDQRZLVND SUDF\
OXE XU]G]HQLD WHFKQRORJLF]QHJR
Z\ZLHZ PLHMVFRZ\
RGFLJDQLH ]DQLHF]\V]F]RQHJR SRZLHWU]D ] PLHMVFD SRZVWDZDQLD OXE Z\G]LHODQLD VL ]DQLHF]\V]F]H
QDZLHZ PLHMVFRZ\
VNLHURZDQLH VWUXPLHQLD SRZLHWU]D GR SU]HVWU]HQL RWDF]DMFHM VWDQRZLVNR SUDF\ OXE XU]G]HQLH WHFKQRORJLF]QH
ZHQW\ODFMD QDZLHZQD
ZHQW\ODFMD SROHJDMFD QD GRSURZDG]DQLX SRZLHWU]D GR SRPLHV]F]HQLD
ZHQW\ODFMD Z\ZLHZQD
ZHQW\ODFMD SROHJDMFD QD RGSURZDG]DQLX SRZLHWU]D ] SRPLHV]F]HQLD
ZHQW\ODFMD QDGFLQLHQLRZD
ZHQW\ODFMD FKDUDNWHU\]XMFD VL SU]HZDJ VWUXPLHQLD SRZLHWU]D QDZLHZDQHJR QDG SRZLHWU]HP Z\ZLHZDQ\P
SU]\ NWyUHM QDVW SXMH SU]HSá\Z SRZLHWU]D SU]H] RWZRU\ L QLHV]F]HOQRFL Z SU]HJURGDFK ] SRPLHV]F]HQLD QD
]HZQWU]
ZHQW\ODFMD SRGFLQLHQLRZD
ZHQW\ODFMD FKDUDNWHU\]XMFD VL SU]HZDJ VWUXPLHQLD SRZLHWU]D Z\ZLHZDQHJR QDG SRZLHWU]HP QDZLHZDQ\P
SU]\ NWyUHM QDVW SXMH SU]HSá\Z SRZLHWU]D SU]H] RWZRU\ L QLHV]F]HOQRFL Z SU]HJURGDFK ] ]HZQWU] GR
SRPLHV]F]HQLD
ZHQW\ODFMD DZDU\MQD
ZHQW\ODFMD Z\ZLHZQD PHFKDQLF]QD VWRVRZDQD Z SRPLHV]F]HQLDFK SUDF\ Z NWyU\FK MHVW PR*OLZH QLHVSRG]LHZDQH
Z\G]LHOHQLH VL GX*\FK LORFL VXEVWDQFML WUXMF\FK OXE QLHEH]SLHF]Q\FK JUR*F\FK Z\EXFKHP
,QVWDODFMH L V\VWHP\
LQVWDODFMD ZHQW\ODFML
]HVWDZ XU]G]H ]HVSRáyZ L HOHPHQWyZ ZHQW\ODF\MQ\FK OXEL NOLPDW\]DF\MQ\FK VáX*F\FK GR X]GDWQLDQLD L
UR]SURZDG]DQLD SRZLHWU]D
LQVWDODFMD RGFLJyZ PLHMVFRZ\FK
LQVWDODFMD ZHQW\ODFML Z\ZLHZQHM ]DSHZQLDMFD RGFLJDQLH ]DQLHF]\V]F]RQHJR SRZLHWU]D ] PLHMVFD SRZVWDZDQLD
OXE Z\G]LHODQLD VL ]DQLHF]\V]F]H
LQVWDODFMD NOLPDW\]DFML
LQVWDODFMD ]DSHZQLDMFD NOLPDW\]DFM SRPLHV]F]HQLD SU]H] ZLHORIXQNF\MQH X]GDWQLDQLH SRZLHWU]D
QDZLHZDQHJR RUD] MHJR UR]G]LDá Z SRPLHV]F]HQLX
LQVWDODFMD NOLPDW\]DFML NRPIRUWX
LQVWDODFMD NOLPDW\]DFML PDMFD ]D ]DGDQLH Z\WZRU]HQLH ZDUXQNyZ NRPIRUWX FLHSOQHJR Z VWUHILH
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
SU]HE\ZDQLD OXG]L
LQVWDODFMD NOLPDW\]DFML WHFKQRORJLF]QHM
LQVWDODFMD NOLPDW\]DFML PDMFD ]D ]DGDQLH Z\WZRU]HQLH Z SRPLHV]F]HQLX ZDUXQNyZ PLNURNOLPDWX
VSHF\ILF]Q\FK GOD UHDOL]RZDQ\FK ]DGD OXE G]LDáD Z\QLNDMF\FK ] SU]H]QDF]HQLD RELHNWX WHFKQRORJLD SU]HP\VáRZD
SU]HFKRZDOQLFWZR VXURZFyZ L WRZDUyZ NRQVHUZDFMD SU]HGPLRWyZ V\PXODFMD ZDUXQNyZ NOLPDW\F]Q\FK LWS
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML ]H VWDá\P VWUXPLHQLHP REM WRFL SRZLHWU]D
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML Z NWyU\P XWU]\PXMH VL VWDáH SU]HSá\Z\ SRZLHWU]D Z SRPLHV]F]HQLDFK L Z
SRV]F]HJyOQ\FK F] FLDFK LQVWDODFML
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML ]H ]PLHQQ\P VWUXPLHQLHP REM WRFL SRZLHWU]D
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML Z NWyU\P PR*QD ]PLHQLDü Z VSRVyE UHJXORZDQ\ SU]HSá\Z\ SRZLHWU]D Z
SRV]F]HJyOQ\FK SRPLHV]F]HQLDFK D Z NRQVHNZHQFML Z SRV]F]HJyOQ\FK F] FLDFK LQVWDODFML
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML FHQWUDOQ\
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML ] FHQWUDOQ\P X]GDWQLHQLHP SRZLHWU]D Z NWyU\P VWUXPLHQLH REM WRFL SRZLHWU]D
REOLF]RQH GOD SRV]F]HJyOQ\FK SRPLHV]F]H V GR QLFK GRSURZDG]DQH R MHGQDNRZ\FK SDUDPHWUDFK QLH]DOH*QLH RG
Z\VW SXMF\FK Z SRPLHV]F]HQLDFK RGPLHQQ\FK ELODQVyZ FLHSáD ZLOJRWQRFL L LQQ\FK ]DQLHF]\V]F]H SRZLHWU]D
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML FHQWUDOQ\ ]H VWUHIRZDQLHP
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML ] SRGVWDZRZ\P FHQWUDOQ\P RUD] GRGDWNRZ\P VWUHIRZ\P X]GDWQLHQLHP SRZLHWU]D
Z Z\QLNX NWyUHJR SRZLHWU]H GRSURZDG]DQH GR SRV]F]HJyOQ\FK SRPLHV]F]H OXE JUXS SRPLHV]F]H PD RGPLHQQH
SDUDPHWU\ RGSRZLHGQLR GR RGPLHQQ\FK ELODQVyZ FLHSáD ZLOJRFL L LQQ\FK ]DQLHF]\V]F]H SRZLHWU]D
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML FHQWUDOQ\ ] LQG\ZLGXDOQ\P UHJXORZDQLHP SDUDPHWUyZ
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML ] SRGVWDZRZ\P FHQWUDOQ\P X]GDWQLHQLHP SRZLHWU]D RUD] LQG\ZLGXDOQ
UHJXODFM MHJR WHPSHUDWXU\ Z ND*G\P SRPLHV]F]HQLX
V\VWHP NOLPDW\]DFML MHGQRSU]HZRGRZ\ ] ]DVWRVRZDQLHP NOLPDNRQZHNWRUyZ
V\VWHP NOLPDW\]DFML Z NWyU\P NRPSHQVRZDQLH ELODQVyZ FLHSáD SRV]F]HJyOQ\FK SRPLHV]F]H RGE\ZD VL ]D SRPRF
SRZLHWU]D X]GDWQLRQHJR FHQWUDOQLH L PRF\ FLHSOQHM NOLPDNRQZHNWRUyZ
V\VWHP NOLPDW\]DFML GZXSU]HZRGRZ\
V\VWHP NOLPDW\]DFML Z NWyU\P NRPSHQVRZDQLH ELODQVyZ FLHSáD SRV]F]HJyOQ\FK SRPLHV]F]H RGE\ZD VL ]D SRPRF
PLHV]DQLD VWUXPLHQL SRZLHWU]D ] SU]HZRGyZ SRZLHWU]D R GZyFK SR]LRPDFK WHPSHUDWXU\
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML ] PDá SU GNRFL SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML Z NWyU\P SU GNRü SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK QLH SU]HNUDF]D PV
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML ]H UHGQL SU GNRFL SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML Z NWyU\P SU GNRü SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK ]DZLHUD VL Z JUDQLFDFK
PV
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML ] GX* SU GNRFL SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML Z NWyU\P SU GNRü SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK SU]HNUDF]D PV
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML LQG\ZLGXDOQ\
V\VWHP ZHQW\ODFML OXE NOLPDW\]DFML XPR*OLZLDMF\ XWU]\PDQLH UHJXORZDQHJR OXE UHJXORZDQ\FK SDUDPHWUyZ SRZLHWU]D Z
SRPLHV]F]HQLX G]L NL ]DVWRVRZDQLX LQG\ZLGXDOQHJR XU]G]HQLD ZHQW\ODF\MQHJR OXE NOLPDW\]DF\MQHJR ]DPRQWRZDQHJR Z
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
GDQ\P OXE Z VVLHGQLP SRPLHV]F]HQLX
V\VWHP ZHQW\ODFML RGG\PLDMFHM
V\VWHP ZHQW\ODFML XPR*OLZLDMF\ ]PQLHMV]HQLH QDVW SVWZ Z\EXFKX SR*DUX SU]H] RGSURZDG]HQLH WRNV\F]Q\FK SURGXNWyZ
WHUPLF]QHJR UR]NáDGX SDORQ\FK PDWHULDáyZ REQL*HQLH WHPSHUDWXU\ Z RELHNFLH L XWU]\P\ZDQLH GUyJ HZDNXDF\MQ\FK Z
VWDQLH QLH]DG\PLRQ\P
(OHPHQW\ ]HVSRá\ XU]G]HQLD
F]HUSQLD ZHQW\ODF\MQD
HOHPHQW LQVWDODFML SU]H] NWyU\ MHVW ]DV\VDQH SRZLHWU]H ]HZQ WU]QH
Z\U]XWQLD ZHQW\ODF\MQD
HOHPHQW LQVWDODFML SU]H] NWyU\ SRZLHWU]H MHVW XVXZDQH QD ]HZQWU]
Z\ZLHWU]QLN
GHIOHNWRU
QDVDGD NRPLQRZD
HOHPHQW SRZRGXMF\ Z\Sá\Z SRZLHWU]D ] SRPLHV]F]HQLD QD ]DVDG]LH Z\NRU]\VWDQLD HQHUJLL NLQHW\F]QHM ZLDWUX
ILOWU SRZLHWU]D
]HVSyá RF]\V]F]DMF\ SRZLHWU]H ] ]DQLHF]\V]F]H VWDá\FK L FLHNá\FK
RGS\ODF]
]HVSyá RF]\V]F]DMF\ JD] ] ]DQLHF]\V]F]H S\áRZ\FK
QDJU]HZQLFD SRZLHWU]D
SU]HSRQRZ\ Z\PLHQQLN FLHSáD SU]H]QDF]RQ\ GR RJU]HZDQLD SRZLHWU]D
FKáRGQLFD SRZLHWU]D
SU]HSRQRZ\ Z\PLHQQLN FLHSáD SU]H]QDF]RQ\ GR FKáRG]HQLD L HZHQWXDOQLH GR RVXV]DQLD SRZLHWU]D
XU]G]HQLH GR RG]\VNLZDQLD FLHSáD OXEL ZLOJRFL
XU]G]HQLH SU]H]QDF]RQH GR SU]HND]\ZDQLD FLHSáD OXEL ZLOJRFL ]DZDUWHM Z VWUXPLHQLX SRZLHWU]D ]X*\WHJR GR VWUXPLHQLD
SRZLHWU]D X]GDWQLDQHJR OXE RGZURWQLH
QDZLO*DF] SRZLHWU]D
XU]G]HQLH SU]H]QDF]RQH GR SRZL NV]DQLD ]DZDUWRFL ZLOJRFL Z SRZLHWU]X
RVXV]DF] SRZLHWU]D
XU]G]HQLH SU]H]QDF]RQH GR ]PQLHMV]DQLD ]DZDUWRFL ZLOJRFL Z SRZLHWU]X
NRPRUD ]UDV]DQLD
XU]G]HQLH Z NWyU\P Z Z\QLNX EH]SRUHGQLHJR NRQWDNWX SRZLHWU]D ] UR]S\ORQ ZRG ]DFKRG]L PL G]\ QLPL Z\PLDQD
FLHSáD L PDV\
RGNUDSODF]
HOHPHQW SU]H]QDF]RQ\ GR ]DWU]\P\ZDQLD NURSOL ZRG\ XQRV]RQ\FK SU]H] VWUXPLH SRZLHWU]D ] NRPRU\ ]UDV]DQLD
OXE ] SRZLHU]FKQL FKáRGQLF\
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
SU]HZyG ZHQW\ODF\MQ\
HOHPHQW R ]DPNQL W\P REZRG]LH SU]HNURMX SRSU]HF]QHJR VWDQRZLF\ REXGRZ SU]HVWU]HQL SU]H] NWyU SU]HSá\ZD
SRZLHWU]H
HOHPHQW Z\UyZQXMF\ VWUXPLH SRZLHWU]D
SURVWRZQLFD
HOHPHQW SU]H]QDF]RQ\ GR Z\UyZQDQLD SURILOX SU GNRFL Z SU]HNURMX SRSU]HF]Q\P LOXE GR ]PQLHMV]HQLD ZLHONRFL
]DZLURZD VWUXPLHQLD SRZLHWU]D
SU]HSXVWQLFD
]HVSyá VDPRG]LHOQ\ OXE ZEXGRZDQ\ Z XU]G]HQLH OXE Z SU]HZyG ZHQW\ODF\MQ\ SR]ZDODMF\ QD ]DPNQL FLH OXE
QD UHJXODFM VWUXPLHQLD SRZLHWU]D SU]H] ]PLDQ RSRUX SU]HSá\ZX
]DVXZD
]HVSyá GR GáDZLHQLD OXE GR FDáNRZLWHJR ]DP\NDQLD SU]HSá\ZX SRZLHWU]D
SU]HSXVWQLFD SR*DURZD
NODSD SR*DURZD
]HVSyá XPLHV]F]RQ\ Z VLHFL SU]HZRGyZ ZHQW\ODF\MQ\FK PL G]\ GZRPD VWUHIDPL SR*DURZ\PL SU]H]QDF]RQ\
GR ]DSRELHJDQLD SU]HQRV]HQLX VL RJQLD L G\PX ] MHGQHM VWUHI\ GR GUXJLHM
WáXPLN KDáDVX
HOHPHQW ZEXGRZDQ\ Z XU]G]HQLH OXE Z SU]HZyG PDMF\ QD FHOX ]PQLHMV]HQLH KDáDVX SU]HQRV]RQHJR GURJ SRZLHWU]Q
Z]GáX* SU]HZRGyZ
QDZLHZQLN
HOHPHQW OXE ]HVSyá SU]H] NWyU\ SRZLHWU]H QDSá\ZD GR ZHQW\ORZDQHM SU]HVWU]HQL
Z\ZLHZQLN
HOHPHQW OXE ]HVSyá SU]H] NWyU\ SRZLHWU]H Z\Sá\ZD ] ZHQW\ORZDQHM SU]HVWU]HQL
RWZyU ZHQW\ODF\MQ\
RWZyU Z\SRVD*RQ\ Z REXGRZ OXE QLH Z\NRQDQ\ Z SU]HJURG]LH SU]HVWU]HQL ZHQW\ORZDQHM PDMF\ QD FHOX ]DSHZQLHQLH
SU]HSá\ZX SRZLHWU]D PL G]\ SRPLHV]F]HQLDPL
VVDZND
HOHPHQW LQVWDODFML RGFLJyZ PLHMVFRZ\FK SU]H]QDF]RQ\ GR FKZ\WDQLD ]DQLHF]\V]F]H SRZLHWU]D EOLVNR (UyGáD
LFK Z\G]LHODQLD
REXGRZD ZHQW\ODF\MQD
REXGRZD (UyGáD Z\G]LHODQLD ]DQLHF]\V]F]H SRZLHWU]D SRáF]RQD ] XU]G]HQLHP OXE ] LQVWDODFM RGFLJyZ
PLHMVFRZ\FK
RNDS
HOHPHQW LQVWDODFML RGFLJX PLHMVFRZHJR XPLHV]F]RQ\ EH]SRUHGQLR QDG (UyGáHP Z\G]LHODQLD ]DQLHF]\V]F]H
SRZLHWU]D
ZHQW\ORZDQD RSUDZD RZLHWOHQLRZD
NRQVWUXNFMD RSUDZ\ RZLHWOHQLRZHM XPR*OLZLDMFD SU]HSá\Z L RGSURZDG]HQLH FLHSáD RG ODPS SU]H] SRZLHWU]H ZHQW\ODF\MQH
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
VNU]\QND UR]SU *QD
]HVSyá NWyUHJR ]DGDQLHP MHVW UHGXNFMD FLQLHQLD SDQXMFHJR Z SU]HZRGDFK UR]SURZDG]DMF\FK SRZLHWU]H GR FLQLHQLD
Z\PDJDQHJR SU]HG QDZLHZQLNLHP SU]\ MHGQRF]HVQHM UHJXODFML QDW *HQLD SU]HSá\ZX SRZLHWU]D ]HVSyá PR*H
WDN*H SHáQLü URO WáXPLND KDáDVX
NRPRUD PLHV]DQLD
XU]G]HQLH ]DSHZQLDMFH PLHV]DQLH VWUXPLHQL SRZLHWU]D R Uy*Q\FK SR]LRPDFK WHPSHUDWXU\ Z FHOX X]\VNDQLD SRWU]HEQHM
FKZLORZHM ZDUWRFL WHPSHUDWXU\
UHJXODWRU SU]HSá\ZX SRZLHWU]D
XU]G]HQLH SU]H]QDF]RQH GR XWU]\P\ZDQLD VWDáHJR OXE ]PLHQLDMFHJR VL Z F]DVLH VWUXPLHQLD SRZLHWU]D Z\PDJDQHJR Z
RNUHORQHM F] FL LQVWDODFML
NXUW\QD SRZLHWU]QD
]DVáRQD SRZLHWU]QD
XU]G]HQLH ZHQW\ODFML PLHMVFRZHM Z\WZDU]DMFH SáDVNL VWUXPLH SRZLHWU]D RGG]LHODMF\ GZLH SU]HVWU]HQLH R
Uy*Q\FK SR]LRPDFK WHPSHUDWXU\
RGNXU]DF] SU]HP\VáRZ\
XU]G]HQLH XPR*OLZLDMFH RGFLJDQLH S\áX ] SRZLHU]FKQL SRGáRJL XU]G]H WHFKQRORJLF]Q\FK L NRQVWUXNFML
DJUHJDW ILOWUDF\MQRZHQW\ODF\MQ\
]ZDUWH XU]G]HQLH SU]HZLG]LDQH GR EH]SRUHGQLHJR ]DVWRVRZDQLD Z SRPLHV]F]HQLX SU]H]QDF]RQH GR XVXZDQLD
]DS\ORQHJR SRZLHWU]D ]H (UyGáD Z\G]LHODQLD ]DQLHF]\V]F]H RF]\V]F]DQLD L ZWáDF]DQLD JR ] SRZURWHP GR
SRPLHV]F]HQLD
NOLPDNRQZHNWRU
DSDUDW LQGXNF\MQ\
XU]G]HQLH XVWDZLDQH EH]SRUHGQLR Z REVáXJLZDQ\P SRPLHV]F]HQLX VáX*FH GR QDZLHZDQLD PLHV]DQLQ\ SRZLHWU]D
SLHUZRWQHJR X]GDWQLRQHJR FHQWUDOQLH L SRZLHWU]D ZWyUQHJR ]DVVDQHJR ] SRPLHV]F]HQLD SU]H] SRZLHWU]H SLHUZRWQH QD
]DVDG]LH HMHNFML L Z\SRVD*RQH Z Z\PLHQQLN FLHSáD GR RJU]HZDQLD OXE RFKáRG]HQLD SRZLHWU]D
NOLPDNRQZHNWRU ZHQW\ODWRURZ\
IDQ FRLO
XU]G]HQLH SU]H]QDF]RQH GR LQG\ZLGXDOQHM UHJXODFML WHPSHUDWXU\ SRZLHWU]D Z SRPLHV]F]HQLX Z\SRVD*RQH Z ILOWU
ZHQW\ODWRU L Z\PLHQQLN FLHSáD SU]\áF]RQ\ GR FHQWUDOQHJR (UyGáD ]LPQD OXEL FLHSáD
FHQWUDOD ZHQW\ODF\MQD OXE NOLPDW\]DF\MQD
]HVWDZLHQLH ]HVSRáyZ L XU]G]H GREUDQ\FK GR UHDOL]DFML SODQRZDQ\FK IXQNFML X]GDWQLHQLD L GR XUXFKRPLHQLD SRZLHWU]D
REHFQLH QDMF] FLHM Z\NRQ\ZDQ\FK Z SRVWDFL SUHIDEU\NRZDQ\FK PRGXáyZ R MHGQDNRZ\FK SU]HNURMDFK GOD GDQHM
ZLHONRFL FHQWUDOL
NOLPDW\]DWRU
FHQWUDOD NOLPDW\]DF\MQD NWyUHM F] FL VNáDGRZH V XPLHV]F]RQH ZH ZVSyOQHM REXGRZLH
NOLPDW\]DWRU DXWRQRPLF]Q\
NOLPDW\]DWRU ]DZLHUDMF\ Z VZHM REXGRZLH ZáDVQH (UyGáR ]LPQD
NOLPDW\]DWRU GZXF] FLRZ\
NOLPDW\]DWRU V\VWHPX VSOLW
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
NOLPDW\]DWRU VNáDGDMF\ VL ] MHGQRVWNL MHGQRVWHN ZHZQ WU]QHM ZHZQ WU]Q\FK ]DZLHUDMFHM ]DZLHUDMF\FK ILOWU
FKáRGQLF QDJU]HZQLF QDZLO*DF] ZHQW\ODWRU L QDZLHZQLN RUD] ] MHGQRVWNL ]HZQ WU]QHM
]DZLHUDMFHM DJUHJDW FKáRGQLF]\ ]H VNUDSODF]HP FKáRG]RQ\P SRZLHWU]HP ] ZHQW\ODWRUHP SU]\ F]\P MHGQRVWNL WH V
SRáF]RQH XNáDGHP UXU F]\QQLND FKáRGQLF]HJR
DSDUDW RJU]HZF]RZHQW\ODF\MQ\
XU]G]HQLH VNáDGDMFH VL ] ILOWUX QDJU]HZQLF\ L ZHQW\ODWRUD XPLHV]F]RQ\FK ZH ZVSyOQHM REXGRZLH L
SU]H]QDF]RQH GR QDZLHZDQLD PLHV]DQLQ\ SRZLHWU]D ]HZQ WU]QHJR L ZHZQ WU]QHJR
DSDUDW ZHQW\ODF\MQ\ FKáRG]F\
XU]G]HQLH VNáDGDMFH VL ] ILOWUX FKáRGQLF\ L ZHQW\ODWRUD XPLHV]F]RQ\FK ZH ZVSyOQHM REXGRZLH
DSDUDW ZHQW\ODF\MQ\ FKáRG]FRRJU]HZDMF\
XU]G]HQLH VNáDGDMFH VL ] ILOWUX FKáRGQLF\ QDJU]HZQLF\ L ZHQW\ODWRUD ZH ZVSyOQHM REXGRZLH
NRPRUD NOLPDW\F]QD
SRPLHV]F]HQLH Z NWyU\P PR*QD V]WXF]QLH Z\WZDU]Dü ZDUXQNL GRZROQHJR NOLPDWX Z FHOX EDGDQLD MHJR ZSá\ZX QD
SU]HGPLRW\ L XU]G]HQLD
SRPLHV]F]HQLH F]\VWH
SRPLHV]F]HQLH R V]F]HJyOQLH RVWU\FK Z\PDJDQLDFK FR GR MDNRFL SRZLHWU]D Z NWyU\P PR*QD Z\WZRU]\ü FLOH
NRQWURORZDQH ZDUXQNL Z ]DNUHVLH F]\VWRFL WHPSHUDWXU\ ZLOJRWQRFL Z]JO GQHM FLQLHQLD L SU GNRFL SU]HSá\ZX
SRZLHWU]D
,QGHNV DOIDEHW\F]Q\ WHUPLQyZ
$
DHUDFMD
DJUHJDW ILOWUDF\MQR ZHQW\ODF\MQ\
DSDUDW LQGXNF\MQ\
RJU]HZF]R ZHQW\ODF\MQ\
ZHQW\ODF\MQ\ FKáRG]FR RJU]HZDMF\
FKáRG]F\
&
FHQWUDOD ZHQW\ODF\MQD OXE NOLPDW\]DF\MQD
FKáRGQLFD SRZLHWU]D
FKáRG]HQLH SRZLHWU]D
F\UNXODFMD SRZLHWU]D
F]HUSQLD ZHQW\ODF\MQD
'
GHIOHNWRU
GH]RGRU\]DFMD SRZLHWU]D
(
HNVILOWUDFMD SRZLHWU]D
HOHPHQW Z\UyZQXMF\ VWUXPLH SRZLHWU]D
)
IDQ FRLO
ILOWU SRZLHWU]D
ILOWUDFMD SRZLHWU]D
,
LQGXNFMD SRZLHWU]D
LQILOWUDFMD SRZLHWU]D
LQVWDODFMD NOLPDW\]DFML
NRPIRUWX
WHFKQRORJLF]QHM
RGFLJyZ PLHMVFRZ\FK
ZHQW\ODFML
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
.
NODSD SR*DURZD
NOLPDNRQZHNWRU
ZHQW\ODWRURZ\
NOLPDW\]DFMD SRPLHV]F]HQLD
NOLPDW\]DWRU
DXWRQRPLF]Q\
GZXF] FLRZ\
V\VWHPX VSOLW
NRPIRUW FLHSOQ\
NRPRUD NOLPDW\F]QD
PLHV]DQLD
]UDV]DQLD
NURWQRü Z\PLDQ\ SRZLHWU]D
NXUW\QD SRZLHWU]QD
/
OLF]ED Z\PLDQ SRZLHWU]D
0
PLHV]DQLH SRZLHWU]D
PLNURNOLPDW SRPLHV]F]HQLD
WHFKQRORJLF]Q\
1
QDJU]HZQLFD SRZLHWU]D
QDVDGD NRPLQRZD
QDZLHZ PLHMVFRZ\
QDZLHZQLN
QDZLO*DF] SRZLHWU]D
QDZLO*DQLH SRZLHWU]D
QLH]E GQ\ VWUXPLH REM WRFL SRZLHWU]D ]HZQ WU]QHJR
2
REOLF]HQLRZH SDUDPHWU\ SRZLHWU]D ZHZQ WU]QHJR
]HZQ WU]QHJR
REXGRZD ZHQW\ODF\MQD
RGNUDSODF]
RGNXU]DF] SU]HP\VáRZ\
RGS\ODF]
RGS\ODQLH SRZLHWU]D
RGZDQLDQLH SRZLHWU]D
RG]\VNLZDQLH FLHSáD OXEL ZLOJRFL
RJU]HZDQLH SRZLHWU]D
ZVW SQH
ZWyUQH
RNDS
RVXV]DF] SRZLHWU]D
RVXV]DQLH SRZLHWU]D
RWZyU ZHQW\ODF\MQ\
R]RQRZDQLH SRZLHWU]D
3
SRPLHV]F]HQLH F]\VWH
SRZLHWU]H QDZLHZDQH
SLHUZRWQH
QD VWDQRZLVNX SUDF\ OXE Z PLHMVFX VSHFMDOQ\FK Z\PDJD WHFKQRORJLL
QDZLHZDQH
UHF\UNXODF\MQH
X]GDWQLRQH
X]XSHáQLDMFH
ZHZQ WU]QH
Z VWUHILH SU]HE\ZDQLD OXG]L
ZWyUQH
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
Z\U]XWRZH
Z\ZLHZDQH
]HZQ WU]QH
SURVWRZQLFD
SU]HSXVWQLFD
SR*DURZD
SU]HZyG ZHQW\ODF\MQ\
5
UHF\UNXODFMD SRZLHWU]D ] SRPLHV]F]HQLD
UHJXODWRU SU]HSá\ZX SRZLHWU]D
UHQRZDFMD SRZLHWU]D
UR]G]LDá SRZLHWU]D Z SRPLHV]F]HQLDFK
UR]SURZDG]DQLH SRZLHWU]D
6
VNU]\QND UR]SU *QD
VVDZND
VWHU\OL]DFMD SRZLHWU]D
VWUHID PDUWZD
VWUHID SUDF\
VWUHID SU]HE\ZDQLD OXG]L
V\VWHP FHQWUDOQ\
]H VWUHIRZDQLHP
] LQG\ZLGXDOQ\P UHJXORZDQLHP SDUDPHWUyZ
V\VWHP GZXSU]HZRGRZ\
LQG\ZLGXDOQ\
MHGQRSU]HZRGRZ\ ] ]DVWRVRZDQLHP NOLPDNRQZHNWRUyZ
ZHQW\ODFML RGG\PLDMFHM
]H VWDá\P VWUXPLHQLHP REM WRFL SRZLHWU]D
]H ]PLHQQ\P VWUXPLHQLHP REM WRFL SRZLHWU]D
] GX* SU GNRFL SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK
]H UHGQL SU GNRFL SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK
] PDá SU GNRFL SU]HSá\ZX SRZLHWU]D Z SU]HZRGDFK
7
WáXPLN KDáDVX
8
XU]G]HQLH GR RG]\VNLZDQLD FLHSáD OXEL ZLOJRFL
X]GDWQLDQLH SRZLHWU]D
:
ZHQW\ODFMD SRPLHV]F]HQLD
DZDU\MQD
JUDZLWDF\MQD
PHFKDQLF]QD
PLHMVFRZD
QDGFLQLHQLRZD
QDWXUDOQD
QDZLHZQD
RJyOQD
SRGFLQLHQLRZD
SU]HPLHV]F]DMFD
UR]FLHF]DMFD
VWUXPLHQLRZD
Z\SRURZD
Z\ZLHZQD
ZHQW\ORZDQD RSUDZD RZLHWOHQLRZD
ZWyUQ\ RELHJ SRZLHWU]D
Z\U]XWQLD ZHQW\ODF\MQD
Z\ZLHWU]QLN
Z\ZLHZ PLHMVFRZ\
Z\ZLHZQLN
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD
=
]DQLHF]\V]F]HQLH SRZLHWU]D
]DVáRQD SRZLHWU]QD
]DVXZD
%LEOLRJUDILD
31% :HQW\ODFMD 8U]G]HQLD L HOHPHQW\ XU]G]H ZHQW\ODF\MQ\FK 3RG]LDá QD]Z\ L RNUHOHQLD
310 8U]G]HQLD WHFKQLNL SRZLHWU]D 7HUPLQRORJLD
,62 $LU GLVWULEXWLRQ DQG DLU GLIIXVLRQ 9RFDEXODU\
31% :HQW\ODFMD L .OLPDW\]DFMD 7HUPLQRORJLD
3RZLHODQLH GRNXPHQWX ]DEURQLRQH :V]HONLH SUDZD ]DVWU]H*RQH
,17(*5$0 %8'2:1,&7:2
6WURQD