02'(/2:$1,(,1ĩ<1,(56.,(

,661;

V*OLZLFH







=:,ĉ.6=$1,(02ĩ/,:2ĝ&,&+à211<&+

*(27(50$/1<&+27:25Ï:=$7à$&=$-Ą&<&+

::<1,.8=$67262:$1,$0,ĉ..,(*2.:$62:$1,$





+

(15<.

%

,(51$7







6

7$1,6à$:

.

8/,.







%

2*'$1

1

2*$







=

%,*1,(:

.

260$









3U]HGVLĊELRUVWZR*HRORJLF]QH32/*(2/6$XO%HUH]\ĔVND:DUV]DZD



*HRWHUPLD3\U]\FH6S]RRXO&LHSáRZQLF]D3\U]\FH



,QVW\WXW0HFKDQLNL6WRVRZDQHML(QHUJHW\NL3ROLWHFKQLND5DGRPVNDXO.UDVLFNLHJR5DGRP

HPDLOELHUQDW#SROJHROSOJHRWHUPLD#LQHWSOEQRJD#SUUDGRPSO]NRVPD#SUUDGRPSO





6WUHV]F]HQLH:DUW\NXOH]DSUH]HQWRZDQRPHWRGĊPLĊNNLHJRNZDVRZDQLDNWyUD

MHVW PRG\ILNDFMą VWDQGDUGRZHJR NZDVRZDQLD RWZRUyZ ]DWáDF]DMąF\FK -HM

PRG\ILNDFMD SROHJD QD ]PQLHMV]HQLX LORĞFL ]DWáDF]DQHJR NZDVX VROQHJR FR

]ZDOQLD ]NRQLHF]QRĞFL MHJR RGELRUX L XW\OL]DFML 0HWRGD WD MHGQRF]HĞQLH MHVW

WDĔV]D Z ]DVWRVRZDQLX SU]HP\VáRZ\P SRQLHZDĪ QLH Z\PDJD VWRVRZDQLD

XU]ąG]HQLD ZLHUWQLF]HJR -HM SU]HP\VáRZH ]DVWRVRZDQLH Z FLHSáRZQL

JHRWHUPDOQHM Z 3\U]\FDFK SU]\QLRVáR RF]HNLZDQH UH]XOWDW\ Z SRVWDFL

]PQLHMV]HQLD FLĞQLHQLD L ]ZLĊNV]HQLD Z\GDMQRĞFL ]DWáDF]DQLD VFKáRG]RQHM ZRG\

WHUPDOQHM





,167$/$&-$*(27(50$/1$:3<5=<&$&+



1D SRF]ąWNX ODW  XELHJáHJR ZLHNX Z 3\U]\FDFK UR]ZDĪDQR PRĪOLZRĞü EXGRZ\

QRZRF]HVQHM FLHSáRZQL PLHMVNLHM NWyUD PLDáD ]DVWąSLü  PDá\FK NRWáRZQL ORNDOQ\FK

VSDODMąF\FK URF]QLH RNRáR  W\V WRQ ZĊJOD &KFLDQR ]DLQZHVWRZDü Z V\VWHP EDUG]LHM

SU]\MD]Q\ĞURGRZLVNXW\PEDUG]LHMĪHPLDVWR3\U]\FH]ORNDOL]RZDQHMHVWZVWUHILHRFKURQQHM

MH]LRUD0LHGZLHVWDQRZLąFHJR]ELRUQLNZRG\SLWQHMGOD6]F]HFLQD>@

%XGRZĊ FLHSáRZQL JHRWHUPDOQHM Z 3\U]\FDFK UR]SRF]ĊWR Z  U 3URMHNW ]RVWDá

]DLQLFMRZDQ\ SU]H] JPLQĊ 3\U]\FH D MHJR UHDOL]DFMD E\áD NRQW\QXRZDQD SU]H] VSyáNĊ

*HRWHUPLD 3\U]\FH &LHSáRZQLD XUXFKRPLRQD ]RVWDáD Z  U MDNR SLHUZV]\ WHJR W\SX

]DNáDGSU]HP\VáRZ\Z3ROVFH>@

3URFHV WHFKQRORJLF]Q\ Z FLHSáRZQL 3\U]\FH SROHJD QD Z\GRE\FLX ]D SRPRFą GZyFK

RWZRUyZ HNVSORDWDF\MQ\FK 3\U]\FH *7 L *7 ZRG\ WHUPDOQHM ] ZQĊWU]D ]LHPL

RWHPSHUDWXU]H 

R

& ]D SRPRFą SRPS HNVSORDWDF\MQRFKáRQQ\FK L SU]HSRPSRZDQLX MHM GR

KDOLFLHSáRZQLU\V0DNV\PDOQDZ\GDMQRĞüMHGQHJRRWZRUXHNVSORDWDF\MQHJRZ\QRVL

P



K ]DĞ Z\GDMQRĞü SRPS HNVSORDWDF\MQRFKáRQQ\FK MHVW ]PLHQQD WDN ZLĊF LORĞü

Z\GRE\ZDQHMZRG\WHUPDOQHMMHVWGRVWRVRZ\ZDQDGRDNWXDOQ\FKSRWU]HEFLHSáRZQL

: EXG\QNX FLHSáRZQL ZRGD WHUPDOQD SR SU]HSRPSRZDQLX MHM SU]H] ]HVSyá ILOWUyZ

ZRUNRZ\FK WUDILD QD GZD QLVNRWHPSHUDWXURZH Z\PLHQQLNL FLHSáD RGGDMąF VZRMą HQHUJLĊ

X]GDWQLRQHMZRG]LHVLHFLRZHM NUąĪąFHM Z ]DPNQLĊW\PV\VWHPLHFHQWUDOQHJRRJU]HZDQLD=H

Z]JOĊGXQDZ\VRNąPLQHUDOL]DFMĊZ\QRV]ąFąJGP



Z\GRE\WDZRGDWHUPDOQDSRRGGDQLX

HQHUJLLFLHSOQHMPXVL]RVWDüSRQRZQLH]DWáRF]RQD GRJyURWZRUX'RWHJR FHOX Z FLHSáRZQL



+



%

,(51$7





6



.

8/,.





%



1

2*$





=



.

260$





JHRWHUPDOQHMZ3\U]\FDFKVáXĪąGZDRWZRU\]DWáDF]DMąFH3\U]\FH*7L*73RGVWDZRZą

]DVDGą G]LDáDQLD GXEOHWX JHRWHUPDOQHJR MHVW ]DSHZQLHQLH FLąJáRĞFL SU]HSá\ZX SRPLĊG]\

RWZRUHP HNVSORDWDF\MQ\P DRWZRUHP]DWáDF]DMąF\P Z\QLNDMąFą] NRQLHF]QRĞFLZWáDF]DQLD

ZW\PVDP\PF]DVLHZ\GRE\WHMZRG\]H]áRĪD>@







5\V8SURV]F]RQ\VFKHPDWLQVWDODFMLJHRWHUPDOQHMZ3\U]\FDFK





352%/(0<==$7à$&=$1,(0:Ï'7(50$/1<&+



3UDZLHZV]\VWNLH]DNáDG\JHRWHUPDOQH]ORNDOL]RZDQHQDWHUHQLH3ROVNLZPQLHMV]\POXE

ZLĊNV]\PVWRSQLXERU\NDMąVLĊ]WUXGQRĞFLDPL]ZLą]DQ\PL]]DWáDF]DQLHPVFKáRG]RQHMZRG\

WHUPDOQHMGRPDFLHU]\VW\FKZDUVWZZRGRQRĞQ\FK7U]HEDUyZQLHĪ]D]QDF]\üĪHZV]\VWNLHWH

FLHSáRZQLH PDMą XGRNXPHQWRZDQH ]DVRE\ ZyG OLPLWRZDQH QLH PRĪOLZRĞFLDPL

Z\GRE\ZF]\PLRWZRUyZHNVSORDWDF\MQ\FKDPRĪOLZRĞFLDPLZWáRF]HQLDZyGVFKáRG]RQ\FK

GR JyURWZRUX Z\NRU]\VWXMąF RWZyU ]DWáDF]DMąF\ -DN Z\ND]Dá\ QDV]H EDGDQLD PRĪOLZRĞFL

FKáRQQH RWZRUyZ MXĪ QD HWDSLH LFK GRNXPHQWRZDQLD Vą R RNRáR MHGQą WU]HFLą PQLHMV]H QLĪ

PRĪOLZRĞFLHNVSORDWDF\MQH>@

3RGVWDZRZ\PL SUREOHPDPL RWZRUyZ ]DWáDF]DMąF\FK Vą ]PQLHMV]DQLH VLĊ Z\GDMQRĞFL

LHIHNW\ZQRĞFL]DWáDF]DQLDRUD]V]\ENDNRUR]MD3UREOHP\]]DWáDF]DQLHPVFKáRG]RQHMZRG\

WHUPDOQHMSU]HGVWDZLRQRQDSU]\NáDG]LHRWZRUyZ]DWáDF]DMąF\FK3\U]\FH*7RUD]3\U]\FH

*7

1DSU]HáRPLHODWXUXFKRPLRQRRELHJJHRWHUPDOQ\LSU]HSURZDG]RQRSRPSRZDQLD

HNVSORDWDF\MQR]DWáDF]DMąFH ] RWZRUX HNVSORDWDF\MQHJR 3\U]\FH *7 GR RWZRUX

]DWáDF]DMąFHJR 3\U]\FH *7 3R  JRG]LQDFK X]\VNDQR Z\GDMQRĞü ]DWáDF]DQLD  P



K

SU]\ VWDELOL]DFML FLĞQLHQLD QD SR]LRPLH  EDUyZ 3RGF]DV SRPSRZDQLD HNVSORDWDF\MQR

]DWáDF]DMąFHJR ] RWZRUX HNVSORDWDF\MQHJR 3\U]\FH *7 GR RWZRUX ]DWáDF]DMąFHJR 3\U]\FH

*7 X]\VNDQR Z\GDMQRĞü  P



K SU]\ VWDELOL]DFML FLĞQLHQLD QD SR]LRPLH  EDUD 3R

NUyWNLP RNUHVLH HNVSORDWDFML ]DREVHUZRZDQR ]PQLHMV]HQLH Z\GDMQRĞFL L ]QDF]Q\ Z]URVW

FLĞQLHQLDQD]DWáDF]DQLX2WZyU*7QDNUyWNLRNUHV]RVWDáZ\áąF]RQ\]FLąJáHMHNVSORDWDFML

= REVHUZDFML SUDF\ RELHJX JHRWHUPDOQHJR Z\QLND ĪH SR NDĪG\P SU]HVWRMX QDMF]ĊĞFLHM

Z]UDVWDáRFLĞQLHQLHQD]DWáDF]DQLX1DOHĪ\]D]QDF]\üĪHRWZyU3\U]\FH*7SRF]ąWNRZRQLH

E\áZáąF]DQ\GRRELHJX&DáHREFLąĪHQLHZ\QLNDMąFH]Z\SáXNLZDQLDUXURFLąJyZWáRF]Q\FK

SU]HVWRMyZ L NUyWNRWUZDá\FK ZáąF]HĔ L Z\áąF]HĔ RELHJX JHRWHUPDOQHJR SU]HMąá QD VLHELH

 =

:,ĉ.6=$1,(02ĩ/,:2ĝ&,&+à211<&+*(27(50$/1<&+27:25Ï:=$7à$&=$-Ą&<&+



RWZyU ]DWáDF]DMąF\ 3\U]\FH *7 7R PXVLDáR RGELü VLĊ QD MHJR GDOV]HM VSUDZQRĞFL 3R

Z\NRQDQ\FK ]DELHJDFK LQWHQV\ILNDF\MQ\FK F]\V]F]HQLH PHFKDQLF]QH L FKHPLF]QH Z

SDĨG]LHUQLNX  U FKZLORZR W\ONR X]\VNDá VSUDZQRĞü ]EOLĪRQą GR SLHUZRWQHM  P



K

SU]\FLĞQLHQLXEDUDSRF]\PZ\GDMQRĞü]DF]ĊáDPDOHüDFLĞQLHQLHURVQąü

2GPDUFDUSURZDG]RQRFLąJáąUHMHVWUDFMĊFLĞQLHQLDZ\GDMQRĞFLLWHPSHUDWXU\2NUHV

SUDF\RELHJXJHRWHUPDOQHJRZF]DVLHRGGRUPRĪQDSRG]LHOLüQDWU]\RNUHV\>@

 URNNLHG\QDMF]ĊĞFLHMVSRW\NDQHZ\GDMQRĞFL]DWáDF]DQLDZ\QRVLá\RGGR

P



KSU]\FLĞQLHQLX]DWáDF]DQLDPLHV]F]ąF\PVLĊZJUDQLFDFKRGGREDU

 URNLNLHG\REVHUZRZDQR]QDF]QH]PQLHMV]HQLHZ\GDMQRĞFLU]ĊGX

P



KSU]\FLĞQLHQLX]DWáDF]DQLDRNRáREDU

 URN  NLHG\ ]DQRWRZDQR ]PQLHMV]HQLH VLĊ Z\GDMQRĞFL GR RNRáR  P



K SU]\

FLĞQLHQLX]DWáDF]DQLDZJUDQLFDFKEDU

:URNXVWZLHUG]RQRMHGQR]QDF]QLHGXĪHQDURVW\RVDGXZLQWHUZDáDFKF]ĊĞFLURERF]HM

ILOWUD SRZRGXMąFH ]PQLHMV]HQLH ĞUHGQLF\ ILOWUD ]H  PP GR  PP >@ = LQWHUSUHWDFML

JHRIL]\F]Q\FKZ\QLNDĪHQDMZLĊNV]H]ZĊĪHQLHĞUHGQLF\RWZRUXZ\VWĊSXMHZLQWHUZDOH

P3UDFHUHNRQVWUXNF\MQHSROHJDá\QDF]\V]F]HQLXPHFKDQLF]Q\PLFKHPLF]Q\PILOWUD

3RZ\NRQDQ\FK]DELHJDFKZSLHUZV]HMGRELHX]\VNDQRZ\GDMQRĞüP



KSU]\FLĞQLHQLX

EDUyZSRGFLĞQLHQLH

'R URNX  SUREOHP\ ] ]DWáDF]DQLHP VFKáRG]RQHM ZRG\ WHUPDOQHM SRMDZLDá\ VLĊ

F\NOLF]QLH ZHGáXJ WHJR VDPHJR VFKHPDWX  QDJá\ Z]URVW ZDUWRĞFL FLĞQLHQLD L ]PQLHMV]HQLH

Z\GDMQRĞFLSRSU]HVWRMX.DĪGRUD]RZRSRPDJDáDUHJHQHUDFMDRWZRUyZZRWZRU]H3\U]\FH

*7SRUHJHQHUDFMLZOXW\PZ\GDMQRĞüZ]URVáDGZXNURWQLH-HGQDNNDĪGHREQLĪHQLH

HIHNW\ZQRĞFL]DWáDF]DQLDLNDĪGRUD]RZDUHJHQHUDFMDSRPLPRSRSUDZ\SDUDPHWUyZVNUDFDá\

F]DVPLĊG]\Z\VWąSLHQLDPLNROHMQ\FKVSDGNyZZ\GDMQRĞFL:URNXZ\NRQDQRNROHMQH

SUyE\ SRSUDZ\ FKáRQQRĞFL RWZRUyZ 3\U]\FH *7 L *7 SRSU]H] JUXQWRZQH F]\V]F]HQLH

PHFKDQLF]QH L FKHPLF]QH :\NRQDQH ZyZF]DV SUDFH GRSURZDG]Lá\ GR ]QDF]QHM SRSUDZ\

SDUDPHWUyZHNVSORDWDFMLLQVWDODFMLJHRWHUPDOQHM RVLąJQLĊWRZ\GDMQRĞü]DWáDF]DQLDP



K

SU]\FLĞQLHQLXEDUD







5\V(NVSORDWDFMDRWZRUX]DWáDF]DMąFHJR3\U]\FH*7ZU



:ODWDFKFDá\UXURFLąJWáRF]Q\LRWZRU\]DWáDF]DMąFHZ\áRĪRQRUXUDPL+'3(

RGSRUQ\PL QD NRUR]MĊ >@ :\HOLPLQRZDáR WR ]MDZLVNR NRUR]ML UXU DOH QDGDO Z\WUąFDMą VLĊ

]ZLą]NLNWyUHSRZRGXMą]PQLHMV]HQLHZ\GDMQRĞFLLZ]URVWFLĞQLHQLD]DWáDF]DQLD

&]\V]F]HQLHPHFKDQLF]QHLFKHPLF]QHZRWZRU]H]DWáDF]DMąF\P3\U]\FH*7SRQRZQLH

Z\NRQDQRZOXW\PU-HJRHIHNWHPE\áRX]\VNDQLHZ\GDMQRĞFL]DWáDF]DQLDQDSR]LRPLH



+



%

,(51$7





6



.

8/,.





%



1

2*$





=



.

260$





P



KSU]\FLĞQLHQLXRNRáREDUU\V1DSU]HáRPLHNZLHWQLDLPDMDUSRGREQH

]DELHJLZ\NRQDQRZRWZRU]H]DWáDF]DMąF\P3\U]\FH*7=DELHJLWHVSRZRGRZDá\Z]URVW

Z\GDMQRĞFL ]DWáDF]DQLD GR  P



K SU]\ FLĞQLHQLX RNRáR  EDU U\V  3U]\ FLąJáHM

HNVSORDWDFMLRELHJXJHRWHUPDOQHJRREVHUZXMHVLĊFLąJáH]PQLHMV]DQLHVLĊZ\GDMQRĞFLLZ]URVW

FLĞQLHQLD ]DWáDF]DQLD ]DUyZQR Z RWZRU]H 3\U]\FH *7 MDN L Z RWZRU]H 3\U]\FH *7

.RQVHNZHQFMąVSDGNXZ\GDMQRĞFLLZ]URVWFLĞQLHQLD]DWáDF]DQLDMHVWNRQLHF]QRĞüSRQRZQHJR

Z\NRQ\ZDQLD F]\V]F]HQLD PHFKDQLF]QHJR L FKHPLF]QHJR Z RWZRUDFK ]DWáDF]DMąF\FK SU]\

XĪ\FLX XU]ąG]HQLD ZLHUWQLF]HJR NWyUHJR Z\QDMĊFLH MHVW EDUG]R NRV]WRZQH L Z\PDJD

Z\áąF]HQLDF]\V]F]RQHJRRWZRUX]SUDF\XNáDGXJHRWHUPDOQHJR







5\V(NVSORDWDFMDRWZRUX]DWáDF]DMąFHJR3\U]\FH*7ZU





0(72'$0,ĉ..,(*2.:$62:$1,$



:  URNX ]GHF\GRZDQR VLĊ QD ]DVWRVRZDQLH QRZHM PHWRG\ F]\V]F]HQLD RWZRUyZ

]DWáDF]DMąF\FK SROHJDMąFHM QD W]Z PLĊNNLP NZDVRZDQLX >  @ &HOHP PLĊNNLHJR

NZDVRZDQLDSRGREQLHMDNNZDVRZDQLDVWDQGDUGRZHJRMHVWSRSUDZDZ\GDMQRĞFL]DWáDF]DQLD

SRSU]H]XVXQLĊFLHVNXWNyZNROPDWDFML±PLĊG]\LQQ\PLZĊJODQXZDSQLD&D&2



0LĊNNLH

NZDVRZDQLH DGUHVRZDQH MHVW QLH W\ONR GR ILOWUD LVWUHI\ SU]\RGZLHUWRZHM DOH UyZQLHĪ GR

ZDUVWZ\ ZRGRQRĞQHM %DUG]R PDáH VWĊĪHQLH ]DWáDF]DQHJR NZDVX VROQHJR U]ĊGX   

XZDOQLD RG NRQLHF]QRĞFL RGELRUX NZDVX L MHJR XW\OL]DFML 0LHMVFHP GRFHORZ\P MHJR

VWRVRZDQLD MHVW ZDUVWZD ZRGRQRĞQD GR NWyUHM GRFLHUD UR]SXV]F]DMąF SR GURG]H ZĊJODQ\

Z\WUąFDMąFH VLĊ QD ILOWU]H L VWUHILH SU]\RGZLHUWRZHM =DOHWą PHWRG\ PLĊNNLHJR NZDVRZDQLD

MHVW PLQLPDOL]DFMD NRV]WyZ  Z\HOLPLQRZDQH ]RVWDMą XU]ąG]HQLD NWyU\FK Z\QDMĊFLH MHVW

QLH]Z\NOHNRV]WRZQH

3UREOHP Z ]DVWRVRZDQHM PHWRG]LH VWDQRZLáR VWĊĪHQLH NZDVX VROQHJR MDNLH QDOHĪDáRE\

GREUDü=E\WZ\VRNLHVWĊĪHQLHSU]\]DWáDF]DQLXNZDVXPRJáRE\XV]NRG]LüUXU\]NROHL]E\W

QLVNLHQLHRGQLRVáRE\ĪDGQHJRVNXWNX

3RPSD GR]XMąFD NZDV SRGáąF]RQD MHVW EH]SRĞUHGQLR SU]\ RWZRU]H ]DWáDF]DMąF\P .ZDV

VROQ\GRRWZRUXFKáRQQHJR]DWáDF]DQ\MHVW]H]ELRUQLNDNWyU\UyZQLHĪXVWDZLRQ\MHVW

ZEH]SRĞUHGQLPVąVLHG]WZLHRWZRUX]DWáDF]DMąFHJRU\V





 =

:,ĉ.6=$1,(02ĩ/,:2ĝ&,&+à211<&+*(27(50$/1<&+27:25Ï:=$7à$&=$-Ą&<&+







5\V6FKHPDWPHWRG\PLĊNNLHJRNZDVRZDQLD



=DVWRVRZDQLH Z  U PLĊNNLHJR NZDVRZDQLD VSRZRGRZDáR ]PQLHMV]HQLH FLĞQLHQLD

]DWáDF]DQLD RUD] ]ZLĊNV]DQLH VLĊ Z\GDMQRĞFL XW\OL]DFML ZRG\ WHUPDOQHM 3UDZLGáRZRĞü WDNą

PRĪQD ]DREVHUZRZDü ]DUyZQR Z RWZRU]H ]DWáDF]DMąF\P 3\U]\FH *7 U\V  ·  MDN

LZRWZRU]H]DWáDF]DMąF\P3\U]\FH*7U\V·







5\V=DVWRVRZDQLHPLĊNNLHJRNZDVRZDQLD

ZRWZRU]H]DWáDF]DMąF\P3\U]\FH*7ZPDUFXU







5\V=DVWRVRZDQLHPLĊNNLHJRNZDVRZDQLD

ZRWZRU]H]DWáDF]DMąF\P3\U]\FH*7ZPDMXU





+



%

,(51$7





6



.

8/,.





%



1

2*$





=



.

260$









5\V=DVWRVRZDQLHPLĊNNLHJRNZDVRZDQLD

ZRWZRU]H]DWáDF]DMąF\P3\U]\FH*7ZNZLHWQLXU







5\V=DVWRVRZDQLHPLĊNNLHJRNZDVRZDQLD

ZRWZRU]H]DWáDF]DMąF\P3\U]\FH*7ZPDMXU







5\V=DVWRVRZDQLHPLĊNNLHJRNZDVRZDQLD

ZRWZRU]H]DWáDF]DMąF\P3\U]\FH*7ZSDĨG]LHUQLNXU



 =

:,ĉ.6=$1,(02ĩ/,:2ĝ&,&+à211<&+*(27(50$/1<&+27:25Ï:=$7à$&=$-Ą&<&+



3RGF]DVSU]HSURZDG]DQLDPLĊNNLHJRNZDVRZDQLDZFLHSáRZQLZ3\U]\FDFKVWZLHUG]RQR

ĪH SRGF]DV G]LDáDQLD NZDVX Z RWZRUDFK ]DWáDF]DMąF\FK QDVWĊSXMH ]PQLHMV]HQLH FLĞQLHQLD

]DWáDF]DQLD L]ZLĊNV]HQLHZáDĞFLZRĞFL FKáRQQ\FK2EVHUZDFMHWHSR]ZROLá\ QD RSUDFRZDQLH

QRZHM PHWRG\ SROHJDMąFHM QD FLąJá\P GR]RZDQLX QLHZLHONLFK LORĞFL NZDVX VROQHJR GR

RWZRUyZ]DWáDF]DMąF\FK0HWRGDVXSHUPLĊNNLHJRNZDVRZDQLDRGSDĨG]LHUQLNDURNXMHVW

WHVWRZDQDZ*HRWHUPLL3\U]\FHLSU]\QRVLRF]HNLZDQHUH]XOWDW\





32'6802:$1,(



: SUDF\ ]DSURSRQRZDQD ]RVWDáD NRQFHSFMD ]DVWRVRZDQLD QRZHM PHWRG\ F]\V]F]HQLD

RWZRUyZ ]DWáDF]DMąF\FK SROHJDMąFD QD W]Z PLĊNNLP NZDVRZDQLX &HOHP WHM PHWRG\

SRGREQLH MDN NZDVRZDQLD VWDQGDUGRZHJR MHVW SRSUDZD Z\GDMQRĞFL ]DWáDF]DQLD SRSU]H]

XVXQLĊFLHVNXWNyZNROPDWDFML'XĪHUR]FLHĔF]HQLHNZDVXVROQHJRZWáDF]DQHJREH]SRĞUHGQLR

GR RWZRUX ]DWáDF]DMąFHJR ]ZDOQLD ] NRQLHF]QRĞFL MHJR RGELRUX SRSU]H] Z\SRPSRZDQLH

DQDVWĊSQLH MHJR XW\OL]DFMĊ .ZDV VROQ\ MHVW ZWáDF]DQ\ UD]HP ]H ]XĪ\Wą ZRGą WHUPDOQą GR

ZDUVWZ\ZRGRQRĞQHMJG]LHQDVWĊSXMHMHJRGDOV]HUR]FLHĔF]DQLH

3R]DVWRVRZDQLXZ*HRWHUPLL3\U]\FHPHWRG\PLĊNNLHJRNZDVRZDQLDX]\VNDQR]QDF]Qą

SRSUDZĊ FKáRQQRĞFL RWZRUyZ ]DWáDF]DMąF\FK  Z]UDVWD Z\GDMQRĞü L PDOHMH FLĞQLHQLH

]DWáDF]DQLD 0HWRGD PLĊNNLHJR NZDVRZDQLD ]RVWDáD ZGURĪRQD GR SU]HP\VáRZHJR XĪ\FLD

ZFLHSáRZQL JHRWHUPDOQHM Z 3\U]\FDFK Z OLVWRSDG]LH  URNX 2G WHJR F]DVX PHWRGD WD

VWRVRZDQD MHVW RNUHVRZR UD] GZD UD]\ Z PLHVLąFX SU]H] NLOND JRG]LQ G]LHQQLH -DN

Z\ND]Dá\ EDGDQLD SRGF]DV G]LDáDQLD NZDVX VROQHJR ZDUWRĞü FLĞQLHQLD PDOHMH L Z]UDVWD

Z\GDMQRĞü ]DWáDF]DQLD 3R Z\áąF]HQLX GR]RZDQLD NZDVX SR NUyWNLP F]DVLH QDVWĊSXMH

SRQRZQ\Z]URVWFLĞQLHQLDL]DF]\QDPDOHüZ\GDMQRĞü]DWáDF]DQLD

'RĞZLDGF]HQLD]GRE\WHSRGF]DVVWRVRZDQLDPHWRG\PLĊNNLHJRNZDVRZDQLDGRSURZDG]Lá\

GRRSUDFRZDQLDQRZHMPHWRG\QD]ZDQHMURERF]RPHWRGąVXSHUPLĊNNLHJRNZDVRZDQLDNWyUD

SROHJD QD FLąJá\P GR]RZDQLX EDUG]R PDá\FK LORĞFL NZDVX VROQHJR RG ]DWáDF]DQHM ZRG\

WHUPDOQHM 0HWRGD WD RG SDĨG]LHUQLND  U MHVW MXĪ WHVWRZDQD Z FLHSáRZQL JHRWHUPDOQHM

Z3\U]\FDFK :\PDJD RQD MHV]F]H ZLHOX EDGDĔ D QDMZLĊNV]\P SUREOHPHP MHVW GREyU

RGSRZLHGQLHJRVWĊĪHQLDNZDVXZ]DWáDF]DQHMVRODQFH





/,7(5$785$



 %HGQDUVNL/%LHUQDW+3URJUDPSUDF]PLHU]DMąF\FKGRSRSUDZ\FKáRQQRĞFLZDUVWZ\

]áRĪRZHM SRSU]H] Z\NRQDQLH ]DELHJyZ LQWHQV\ILNDF\MQ\FK ]ZLą]DQ\FK ] PLĊNNLP

NZDVRZDQLHP0DWHULDá\DUFKLZDOQH32/*(2/:DUV]DZD

 %LHUQDW + %XMDNRZVND . 3URJUDP G]LDáDĔ ]PLHU]DMąF\FK GR SRSUDZ\ FKáRQQRĞFL

ZRWZRU]H3\U]\FH*70DWHULDá\DUFKLZDOQH32/*(2/:DUV]DZD

 %LHUQDW+.XOLN61RJD%0RĪOLZRĞFLSR]\VNLZDQLDHQHUJLLRGQDZLDOQHMLSUREOHP\

]ZLą]DQH ] HNVSORDWDFMą FLHSáRZQL JHRWHUPDOQ\FK Z\NRU]\VWXMąF\FK ZRG\ WHUPDOQH

]NROHNWRUyZSRURZ\FKÄ3U]HJOąG*HRORJLF]Q\´WQUV

 %LHUQDW + .XOLN 6 1RJD % .RVPD = 3UREOHP\ LQNUXVWDFML SU]\ ]DWáDF]DQLX

Z\NRU]\VWDQ\FKZyGWHUPDOQ\FKÄ0RGHORZDQLH,QĪ\QLHUVNLH´QUWV

 %LHUQDW + .XOLN 6 1RJD % .RVPD = 3UREOHP\ NRUR]ML SU]\ ]DWáDF]DQLX

Z\NRU]\VWDQ\FKZyGWHUPDOQ\FKÄ0RGHORZDQLH,QĪ\QLHUVNLH´QUWV



 %LHUQDW + .XOLN 6 1RJD % 3UREOHP\ ]ZLą]DQH ] HNVSORDWDFMą FLHSáRZQL

JHRWHUPDOQ\FK Z\NRU]\VWXMąF\FK ZRG\ WHUPDOQH ] NROHNWRUyZ SRURZ\FK Ä7HFKQLND



+



%

,(51$7





6



.

8/,.





%



1

2*$





=



.

260$





3RV]XNLZDĔ*HRORJLF]Q\FK´*HRWHUPLD=UyZQRZDĪRQ\5R]ZyM1U.UDNyZ

V

 %LHUQDW + 0DUW\ND 3 1RJD % 6DOHWRZLF] * 3URMHNW SUDF JHRORJLF]Q\FK

]PLHU]DMąF\FK GR SRSUDZ\ FKáRQQRĞFL ZDUVWZ\ ]áRĪRZHM SRSU]H] Z\NRQDQLH ]DELHJyZ

LQWHQV\ILNDFML L GR]RZDQLD SDUDPHWUyZ NRQG\FMRQXMąF\FK GOD RWZRUyZ JHRWHUPDOQ\FK

*HRWHUPLL3\U]\FH0DWHULDá\DUFKLZDOQH32/*(2/:DUV]DZD

 .XMDZD 7 1RZDN :6WDFKHO $ +HDWIORZ FKDUDFWHULVWLFV RI RQHKROH DQG WZRKROH

V\VWHPVIRUZLQQLQJJHRWKHUPDOKHDWÄ$SSOLHG(QHUJ\´S

 0H\HU=6REDĔVNL57KHILUVW3ROLVKJHRWKHUPDOGLVWULFWKHDWLQJSODQWLQ3\U]\FH,Q

,QWHUQDWLRQDO 6HPLQDU RQ (QYLURQPHQWDO 3URWHFWLRQ E\ WKH 8VH RI *HRWKHUPDO (QHUJ\

-RLQWO\ZLWK7KLUG0HHWLQJRIWKH)RUXPRWWKH(XURSHDQ%UDQFKRIWKH,*$=DNRSDQH

WK6HSWHPEHU

0H\HU = 2 PLHMVNLP JHRWHUPDOQ\P V\VWHPLH JU]HZF]\P Z 3\U]\FDFK ³,QĪ\QLHULD

L%XGRZQLFWZR´V

0H\HU = *HRWKHUPDO SODQW 3\U]\FH ± FRQFHSW RI XWLOL]LQJ RI JHRWKHUPDO KHDW LQ WKH

3RPPHUDQLD ,Q ,QWHUQDWLRQDO 6HPLQDU 'LVWULFW +HDWLQJ 6\VWHP LQ 3\U]\FH ± 3UDFWLFDO

,PSOHPHQWDWLRQRI*HRWKHUPDO(QHUJ\LQ3RODQG6]F]HFLQ

0H\HU = &LHSáRZQLD JHRWHUPDOQD Z 3\U]\FDFK Ä,QĪ\QLHULD 0RUVND L *HRWHFKQLND´

V

1RZDN : 6WDFKHO $ %RUVXNLHZLF]*R]GXU $ =DVWRVRZDQLD RGQDZLDOQ\FK ĨUyGHá

HQHUJLL6]F]HFLQ:\G3RO6]F]HF

2QLV]N3RSáDZVND $ =RZVNL 0 5RJXOVND 0 &LHSáR ] ZQĊWU]D ]LHPL 3RGVWDZRZH

LQIRUPDFMH QD WHPDW Z\NRU]\VWDQLD HQHUJLL JHRWHUPDOQHM (& %5(&,%0(5 *GDĔVN

:DUV]DZD





,1&5($6(7+($%62537,9,7<*(27+(50$/,1-(&7,21

:(//6$)7(586,1*2)62)7$&,'0(7+2'



6XPPDU\ 7KH SDSHU SUHVHQWV D PHWKRG IRU VRIWDFLG WUHDWPHQW ZKLFK LV

DPRGLILFDWLRQRIWKHVWDQGDUGDFLGWUHDWPHQWLQMHFWLRQKROHV,WVPRGLILFDWLRQLVWR

UHGXFHWKHDPRXQWRILQMHFWHGK\GURFKORULFDFLGZKLFKGLVSHQVHVZLWKWKHQHHGRI

DFFHSWDQFHDQGXWLOL]DWLRQ7KLVPHWKRGLVDOVRFKHDSHUIRULQGXVWULDOXVHEHFDXVH

LW UHTXLUHV QR GULOOLQJ HTXLSPHQW ,WV LQGXVWULDO XVH LQ D JHRWKHUPDO SODQW LQ

3\U]\FHEURXJKWWKHH[SHFWHGUHVXOWVLQDUHGXFWLRQRIEORRGSUHVVXUHDQGLQFUHDVH

WKHHIILFLHQF\RIFKLOOHGZDWHUWKHUPDOLQMHFWLRQ