185
1DSUDZ\ZUDPDFKJZDUDQFMLEĊGąZ\NRQ\ZDQHSRSU]HGVWDZLHQLXIDNWXU\VSU]HGDĪ\OXESDUDJRQX]DNXSX
ZVND]XMąFHJRGDWĊ]DNXSXURG]DMSURGXNWXQD]ZĊVSU]HGDZF\352'8&(17PDSUDZRGRRGPyZLHQLDQDSUDZ\
ZUDPDFKJZDUDQFMLZUD]LHEUDNXZ\ĪHMZ\PLHQLRQ\FKGRNXPHQWyZDOERZUD]LHJG\]DZDUWHZQLFKLQIRUPDFMHVą
QLH]XSHáQH OXE QLHF]\WHOQH 1LQLHMV]D JZDUDQFMD WUDFL ZDĪQRĞü Z SU]\SDGNX JG\ PRGHO SURGXNWX OXE QXPHU
LGHQW\ILNDF\MQ\]RVWDá\]PLHQLRQHZ\FLĊWHXVXQLĊWHOXEVWDá\VLĊQLHF]\WHOQH
1LQLHMV]DJZDUDQFMDQLHREHMPXMHQDVWĊSXMąF\FKSU]\SDGNyZ
D 2NUHVRZHF]\QQRĞFLREVáXJRZHQDSUDZDOXEZ\PLDQDF]ĊĞFL]SRZRGXDPRUW\]DFML
E 0DWHULDá\HNVSORDWDF\MQHNRPSRQHQW\NWyUH]]DVDG\EĊGąZ\PDJDá\RNUHVRZ\FK]PLDQZRNUHVLHXĪ\WNRZDQLDGDQHJR
SURGXNWXWDNLHMDNQDU]ĊG]LDVPDU\ILOWU\LWS
F 6]NRG\OXEZDG\SRZVWDá\ZZ\QLNXQLHSUDZLGáRZHJRXĪ\WNRZDQLDQLHSUDZLGáRZHMREVáXJLLPDQLSXODFMLSURGXNWXGRFHOyZ
LQQ\FKQLĪQRUPDOQHXĪ\FLH
G 6]NRG\OXEZDG\SURGXNWXSRZVWDá\ZZ\QLNX
QLHSUDZLGáRZHJRXĪ\WNRZDQLDZW\P
3URFHGXU\SRZRGXMąFHXV]NRG]HQLDOXE]PLDQ\IL]\F]QHHVWHW\F]QHOXESRZLHU]FKQLRZH
1LHSUDZLGáRZ\PRQWDĪOXEXĪ\ZDQLHXU]ąG]HQLDGRLQQ\FKFHOyZQLĪ]RVWDáRSU]H]QDF]RQH
1LHSUDZLGáRZ\PRQWDĪOXEXĪ\ZDQLHXU]ąG]HQLDGRLQQ\FKFHOyZQLĪ]RVWDáRSU]H]QDF]RQHOXEQLHSU]HVWU]HJDQLH
LQVWUXNFML]ZLą]DQ\FK]PRQWDĪHPLREVáXJą
1LHSUDZLGáRZHXWU]\PDQLHSURGXNWXNWyUHMHVWQLH]JRGQH]LQVWUXNFMDPLSUDZLGáRZHJRXWU]\PDQLD
0RQWDĪLXĪ\FLHSURGXNWXQLH]JRGQLH]RERZLą]XMąF\PLZ\PDJDQLDPLWHFKQLF]Q\PLOXESU]HSLVDPLEH]SLHF]HĔVWZD
ZNUDMXZNWyU\PSURGXNW]RVWDá]DLQVWDORZDQ\OXEXĪ\ZDQ\
6WDQOXEQLHVSUDZQRĞFLV\VWHPyZGRNWyU\FKSURGXNW]RVWDáSRGáąF]RQ\OXEZUDPDFKNWyU\FK]RVWDáZáąF]RQ\
&]\QQRĞFLQDSUDZF]HOXESUyE\QDSUDZ\Z\NRQDQHSU]H]QLHXSRZDĪQLRQ\SHUVRQHO
$GDSWDFMHOXEPRG\ILNDFMHSURGXNWXEH]XSU]HGQLHRWU]\PDQHMSLVHPQHM]JRG\VSyáNLSURGXNXMąFHMDNWXDOL]RZDQLH
SURGXNWXSRZ\ĪHMVSHF\ILNDFMLLIXQNFMLRSLVDQ\FKZLQVWUXNFMLREVáXJLOXEPRG\ILNDFMHSURGXNWXZFHOXSU]\VWRVRZDQLDJRGR
Z\PDJDĔNUDMRZ\FKLORNDOQ\FKSU]HSLVyZEH]SLHF]HĔVWZDZNUDMDFKLQQ\FKQLĪWHGODNWyU\FKSURGXNW]RVWDáZ\áąF]QLH
]DSURMHNWRZDQ\LZ\SURGXNRZDQ\
=DQLHGEDQLH
=GDU]HQLD ORVRZH SRĪDU\ Sá\Q\ ĞURGNL FKHPLF]QH OXE LQQH VXEVWDQFMH SRZRG]LH ZLEUDFMH QDGPLHUQH FLHSáR
QLHGRVWDWHF]QDZHQW\ODFMDSLNLSUąGRZHQDGPLHUQHOXEQLHZáDĞFLZHQDSLĊFLH]DVLODQLDSURPLHQLRZDQLHZ\áDGRZDQLDZW\P
Eá\VNDZLFHLQQHVLá\LZSá\Z\]HZQĊWU]QH
:\MąWNLLRJUDQLF]HQLD
= Z\MąWNLHP WHJR FR ]RVWDáR Z\áąF]QLH Z\PLHQLRQH Z\ĪHM 352'8&(17 QLH XG]LHOD ĪDGQHM JZDUDQFML Z\UDĨQHM
EH]Z]JOĊGQHMZLąĪąFHMOXELQQHM]ZLą]DQHM]SURGXNWHPZ]ZLą]NX]MDNRĞFLąZ\GDMQRĞFLąGRNáDGQRĞFLąQLH]DZRGQRĞFLą
JRGQRĞFLąGRNRQNUHWQHJRXĪ\FLDOXE]MDNLHMNROZLHNLQQHMSU]\F]\Q\
-HĞOLRERZLą]XMąFHSU]HSLV\SUDZD]DEUDQLDMąW\FKZ\MąWNyZZFDáRĞFLOXEF]ĊĞFLRZR352'8&(17Z\NOXF]DOXERJUDQLF]D
JZDUDQFMĊGRPDNV\PDOQHMJUDQLF\GR]ZRORQHMSUDZHP.DĪGDJZDUDQFMDNWyUDQLHSRGOHJDZ\NOXF]HQLXZFDáRĞFL]RVWDQLH
RJUDQLF]RQDZUDPDFKZDUXQNyZGR]ZRORQ\FKSU]H]RERZLą]XMąFHSU]HSLV\SUDZDGRRNUHVXQLQLHMV]HMJZDUDQFML
-HG\Q\PRERZLą]NLHP352'8&(17$ZUDPDFKQLQLHMV]HMJZDUDQFMLMHVWQDSUDZDLZ\PLDQDSURGXNWyZ]JRGQLH]]DVDGDPL
LZDUXQNDPLQLQLHMV]HMJZDUDQFML352'8&(17QLHSRQRVLRGSRZLHG]LDOQRĞFL]DMDNąNROZLHNVWUDWĊOXEV]NRGĊZ\QLNáąZ
]ZLą]NX]SURGXNWDPLXVáXJDPLQLQLHMV]ąJZDUDQFMąOXEF]\PNROZLHNLQQ\PZW\P]DVWUDWĊHNRQRPLF]QąOXEQLHPDWHULDOQą
± ]D FHQĊ SURGXNWX ± XWUDWĊ SU]\FKRGyZ GRFKRGyZ GDQ\FK ZáDVQRĞFL OXE XĪ\FLD SURGXNWyZ OXE LQQ\FK SURGXNWyZ
]ZLą]DQ\FK]QLPL±]DVWUDW\OXEXV]NRG]HQLDSRĞUHGQLHSU]\SDGNRZHOXEQDVWĊSXMąFH'RW\F]\WRWDNĪHVWUDWOXEV]NyG
SRZVWDá\FKZZ\QLNX
=DJURĪHQLHZZ\QLNXSUDF\OXEQLHVSUDZQRĞFLSURGXNWXOXE]ZLą]DQ\FK]QLPSURGXNWyZSRZVWDáH]SRZRGXV]NyG
OXEEUDNXGRVWĊSX352'8&(17$OXE]DNáDGXSRPRF\WHFKQLF]QHMGRSRPLHV]F]HQLD]SyĨQLHMV]\PQLH]DPLHU]RQ\P
EUDNLHPSUDF\VWUDWąF]DVXOXESU]HUZąZSUDF\
1LHRGSRZLHGQLHFKDUDNWHU\VW\NLXĪ\WNRZHSURGXNWXOXE]ZLą]DQ\FK]QLPSURGXNWyZ
3RZ\ĪV]HGRW\F]\ WDNĪH VWUDW L V]NyG Z UDPDFK MDNLHMNROZLHN WHRULL SUDZQHM Z W\P]DQLHGEDQLD RUD] ZV]HONLFK G]LDáDĔ
QLH]JRGQ\FK ] SUDZHP QDUXV]HQLD XPRZ\ Z\UDĨQHM OXE GRUR]XPLDQHM JZDUDQFML L RELHNW\ZQHM RGSRZLHG]LDOQRĞFL Z
SU]\SDGNXJG\352'8&(17OXE]DNáDGSRPRF\WHFKQLF]QHM]RVWDá\SRZLDGRPLRQHRPRĪOLZRĞFLSRZVWDQLDW\FKVWUDW
: SU]\SDGNDFK JG\ RERZLą]XMąFH SU]HSLV\ SUDFD ]DEUDQLDMą OXE RJUDQLF]DMą WH ]ZROQLHQLD RG RGSRZLHG]LDOQRĞFL
352'8&(17 Z\NOXF]D OXE RJUDQLF]D JZDUDQFMĊ GR PDNV\PDOQHM JUDQLF\ GR]ZRORQHM SUDZHP 6ą NUDMH Z NWyU\FK QD
SU]\NáDG Vą ]DEURQLRQH Z\NOXF]HQLD OXE RJUDQLF]HQLD V]NyG SRZVWDá\FK Z Z\QLNX ]DQLHGEDQLD UDĪąFHJR ]DQLHGEDQLD
XP\ĞOQHJRSU]HNURF]HQLDRV]XVWZDLLQQ\FKSRGREQ\FKG]LDáDĔ2GSRZLHG]LDOQRĞü352'8&(17$ZUDPDFKQLQLHMV]HM
JZDUDQFML Z ĪDGQ\P SU]\SDGNX QLH PRĪH E\ü Z\ĪV]D QLĪ FHQD ]DSáDFRQD ]D SURGXNW ] SU]HVWU]HJDQLHP IDNWX ĪH Z
SU]\SDGNX JG\ RERZLą]XMąFH SU]HSLV\ SUDZD Z\PDJDMą Z\ĪV]\FK JUDQLF RGSRZLHG]LDOQRĞFL JUDQLFH WH ]RVWDQą
XZ]JOĊGQLRQH
=DVWU]HĪRQHSUDZD
2ERZLą]XMąFHSU]HSLV\NUDMRZHGDMąNXSXMąFHPXSUDZDOHJDOQLH]ZLą]DQH]NXSQHPVSU]HGDĪąWRZDUyZNRQVXPSF\MQ\FK
1LQLHMV]D JZDUDQFMD QLH GRW\F]\ SUDZ NXSXMąFHJR XVWDORQ\FK RERZLą]XMąF\PL SU]HSLVDPL DQL SUDZ NWyU\FK QLH PRĪQD
Z\NOXF]\üOXERJUDQLF]\üDQLSUDZNOLHQWDZVWRVXQNXGRVSU]HGDZF\ .OLHQWPRĪHZHGáXJZáDVQHJRX]QDQLDGRFKRG]Lü
VZRLFKSUDZ
:DUXQNL
