=(6=<7<1$8.2:27(&+1,&=1(
672:$5=<6=(1,$,1‹<1,(5¯:,7(&+1,.¯:.2081,.$&-,
5=(&=32632/,7(-32/6.,(2''=,$:.5$.2:,(
VHULD0$7(5,$<.21)(5(1&<-1(
1U
5(6($5&+$1'7(&+1,&$/3$3(56
2)32/,6+$662&,$7,21)2575$163257$7,21(1*,1((56
,1&5$&2:
VHULHV352&((',1*6
1R
NOWOCZESNE TECHNOLOGIE
,6<67(0<=$5=Ą'=$1,$
W TRANSPORCIE SZYNOWYM
02'(517(&+12/2*,(6
$1'0$1$*(0(176<67(06
FOR RAIL TRANSPORT
.UDNÏZ
=HV]\W\1DXNRZR7HFKQLF]QH
6WRZDU]\V]HQLD,Q›\QLHUÏZL7HFKQLNÏZ
.RPXQLNDFML5]HF]SRVSROLWHM3ROVNLHM
2GG]LDZ.UDNRZLH
6HULD0DWHULD\.RQIHUHQF\MQH
&]DVRSLVPRZ\GDZDQHRGURNXMDNR
NRQW\QXDFMDW\WXX=HV]\W\1DXNRZR
7HFKQLF]QH2GG]LDX6WRZDU]\V]HQLD
,Q›\QLHUÏZL7HFKQLNÏZ.RPXQLNDFML
Z.UDNRZLHZ\GDZDQHJRRGURNX
5HGDNWRUQDF]HOQ\
GULQ›-RODQWD‹XURZVND
6,7.532GG]LDZ.UDNRZLH
MP]XU#SNHGXSO
6HNUHWDU]UHGDNFML
PJULQ›'DQXWD6FKZHUWQHU
3ROLWHFKQLND.UDNRZVND
GVFKZHU#SNHGXSO
5DGDSURJUDPRZD
GULQ›$QGU]HM*RDV]HZVNL
QLH]DOH›Q\NRQVXOWDQW
PJULQ›$QGU]HM.ROOEHN
*''.L$2GG]LDZ.UDNRZLH
SURIGUKDELQ›6WDQLVDZ.UDZLHF
3ROLWHFKQLNDkO•VND
PJULQ›0DULXV]6]DNRZVNL
03.6$Z.UDNRZLH
SURIGUKDELQ›$QWRQL6]\GR
3ROLWHFKQLND:URFDZVND
GULQ›$QGU]HM‹XUNRZVNL
,QVW\WXW.ROHMQLFWZD
5HGDNWRU]\WHPDW\F]QL
SURI3.GUKDELQ›:LHVDZ6WDURZLF]
3ROLWHFKQLND.UDNRZVNDWUDQVSRUWPLHMVNL
SURIGUKDELQ›:RG]LPLHU]&]\F]XD
3ROLWHFKQLND.UDNRZVNDWUDQVSRUWNROHMRZ\
SURI3.GUKDELQ›-DQXV]&KRGXU
3ROLWHFKQLND.UDNRZVNDWUDQVSRUWGURJRZ\
5HGDNWRUVWDW\VW\F]Q\
GULQ›=RILD%U\QLDUVND
3ROLWHFKQLND.UDNRZVND
5HGDNWRUMÆ]\NRZ\
PJU$JDWD0LHU]\ÍVND
8U]•G0LDVWD.UDNRZD
6WUHV]F]HQLDZMÆ]\NXDQJLHOVNLP
GULQ›=RILD%U\QLDUVND
3ROLWHFKQLND.UDNRZVND
$GUHV5HGDNFML
XO6LRVWU]DQD.UDNÏZ
WHOID[
:\GDZFD
6WRZDU]\V]HQLH,Q›\QLHUÏZL7HFKQLNÏZ
.RPXQLNDFML5]HF]SRVSROLWHM3ROVNLHM
2GG]LDZ.UDNRZLH
XO6LRVWU]DQD.UDNÏZ
'HNODUDFMDRZHUVMLSLHUZRWQHMF]DVRSLVPD
*ÏZQ•ZHUVM•F]DVRSLVPDMHVWZHUVMD
SDSLHURZD
7\WX\LVWUHV]F]HQLDDUW\NXÏZZMÆ]\NX
SROVNLPLDQJLHOVNLPV•GRVWÆSQHZZHUVML
HOHNWURQLF]QHMQDVWURQLHKWWSNUDNRZVLWN
RUJSO:\GDZQLFWZDZ\GDZQLFWZDKWPO
%D]\LQGHNVXM•FHDUW\NX\
%D]D%$=7(&+tKWWSED]WHFKLFPHGXSO
%D]D,QGHP&RSHUQLFXVtKWWS
LQGH[FRSHUQLFXVFRP
,QIRUPDFMHGRGDWNRZH
=DZ\GUXNRZDQHDUW\NX\DXWRU]\QLH
RWU]\PXM•KRQRUDULXP
=DWUHyÂLIRUPÆRJRV]HÍLUHNODPUHGDNFMD
QLHRGSRZLDGD
1DNDGHJ]
6NDG3LRWU'UDSD
'UXN:\GDZQLFWZR3L7.UDNÏZ
XO8DQÏZ.UDNÏZ
WHO
63,675(k&,
&=ĉĝû,±$57<.8à<5(&(1=2:$1( 5
+HQU\N%DáXFK
'HWHUPLQDQW\RFHQ\VNXWHF]QRĞFLPRGHUQL]DFMLOLQLLNROHMRZ\FK 7
0LURVáDZD%D]DUQLN
=QDF]HQLHUR]SR]QDQLDSURFHVyZGHJUDGDFMLEHWRQXZRGQLHVLHQLXGRRELHNWyZ
LQIUDVWUXNWXU\NROHMRZHM 21
5RPDQ%RJDF]:áRG]LPLHU]&]\F]XáD
$QDOL]DZ\EUDQ\FKHIHNWyZG\QDPLF]Q\FKZWRU]HNROHMRZ\P
3U]HP\VáDZ%URQD5REHUW.UXN
3RSUDZDVWDQXLQIUDVWUXNWXU\GRSU]HZR]yZLQWHUPRGDOQ\FKZQRZHMSHUVSHNW\ZLH
¿QDQVRZHM 0DULXV]%XáDZD.U]\V]WRI6HPUDX
1LH]DZRGQRĞüV\VWHPXUR]MD]GRZHJR±Z\EUDQH]DJDGQLHQLD 7RPDV]&]DXGHUQD0LFKDá0DQLRZVNL
$QDOL]DSRGDWQRĞFLVSU]ĊJáDFLĊJáRZHJRVWRVRZDQHJRZQLVNRSRGáRJRZ\FKWUDPZDMDFK 61
-y]HI*DZOLN3LRWU*LEDV0DUHN1RZDN
:\EUDQHSUREOHP\GLDJQRVW\NLRELHNWyZLQIUDVWUXNWXU\NROHMRZHM 73
,JRU*LVWHUHN
,QQRZDF\MQHNRQVWUXNFMHNUDZĊG]LSHURQRZ\FK 81
.U]\V]WRI*URFKRZVNL-XOLXV].DURODN
2JUDQLF]HQLDIXQNFMRQDOQHXU]ąG]HĔVUNZ]DNUHVLHNRQWUROLĞZLDWHá]DEUDQLDMąF\FK
LRFKURQ\ERF]QHM 6áDZRPLU*UXONRZVNL-HU]\=DULF]Q\
0HWRG\NDRFHQ\U\]\NDQDHWDSLHEXGRZ\LHNVSORDWDFMLNROHMRZ\FKQDZLHU]FKQLEH]SRGV\SNRZ\FK 6áDZRPLU*UXONRZVNL-HU]\=DULF]Q\
3U]HJOąGEDGDĔGLDJQRVW\F]Q\FKV]\Q]]DVWRVRZDQLHPSUąGyZZLURZ\FK 111
3U]HP\VáDZ,OF]XN:LHVáDZ=DEáRFNL
.RQFHSFMDPHWRG\ORNDOL]DFMLEDOLVQDOLQLDFKZ\SRVDĪRQ\FKZV\VWHP(7&6 121
/XFMDQ-DQDV
2FHQDSDUDPHWUyZG\QDPLF]Q\FKNUDWRZQLFRZHJRPRVWXNROHMRZHJR 133
$UNDGLXV].DPSF]\N
$NWXDOQHSUREOHP\ZNRQWHNĞFLHRERZLą]XMąF\FKUHJXODFMLSUDZQ\FK]DU]ąGF\QDURGRZHM
VLHFLNROHMRZHM $UNDGLXV].DPSF]\N0LFKDá6WUDFK
.RQFHSFMD]DVWRVRZDQLDWHFKQLNL5),'ZLQZHQWDU\]DFMLHOHPHQWyZLQIUDVWUXNWXU\
WUDQVSRUWXV]\QRZHJR 157
.D]LPLHU].áRVHN%DUWáRPLHM.XV]ND
3UREOHP\ORNDOL]DFMLZ\EUDQ\FKIUDJPHQWyZOLQLL$*&$*7&QDREV]DUDFKREMĊW\FKZSá\ZHP
LQWHQV\ZQ\FKRGG]LDá\ZDĔJyUQLF]\FK 167
:áDG\VáDZ.RF3LRWU&KURVWRZVNL
8QLZHUVDOQ\SURJUDPNRPSXWHURZ\GRSURMHNWRZDQLD]PLDQ\NLHUXQNXWUDV\ 177
:áDG\VáDZ.RF3LRWU&KURVWRZVNL.DWDU]\QD3DOLNRZVND
2GWZDU]DQLHSU]HELHJXWUDV\NROHMRZHMR]áRĪRQ\PXNV]WDáWRZDQLXJHRPHWU\F]Q\P -XOLDQ.RPLQRZVNL
.RQFHSFMDRFHQ\MDNRĞFLRZHMXNáDGXSRMD]GWRUQDSRGVWDZLHRGSRZLHG]LG\QDPLF]QHMSRMD]GX =ELJQLHZ/HV]F]HZLF]$JQLHV]ND:DUGD7RPDV]%DUV]F]3LRWU.RKXW6áDZRPLU0LNUXW
-DURVáDZ3U]\ZLHF]HUVNL.U\VWLDQ3\ND7RPDV]6LWNRZVNL5HJLQD7RNDUF]\N7DGHXV]8KO
:\NRU]\VWDQLHPRELOQHJRVNDQLQJXODVHURZHJRGRSRPLDUyZVNUDMQLOLQLLNROHMRZHMLNRG\¿NDFML
OLQLLNROHMRZ\FK 211
-HU]\0DNDáD
0RGHUQL]DFMDLQIUDVWUXNWXU\NROHMRZHMZHGáXJIRUPXá\'%2±V]DQVDF]\]DJURĪHQLH -DFHN0DNXFK$GDP3RSLRáHN
7RURZLVNRWUDPZDMRZHZSU]HNURMXXOLF\GZXMH]GQLRZHM 257
5HQDWD0DOHGD
6\PXODWRU\SRMD]GyZV]\QRZ\FKGODPDV]\QLVWyZZSURFHVLHG\GDNW\F]Q\PZZ\EUDQ\FK
NUDMDFKHXURSHMVNLFK 273
5DGRVáDZ0D]XUNLHZLF]
,QIUDVWUXNWXUDNROHMRZDLMHMZ\NRU]\VWDQLHZNRU\WDU]X&(7&QDWHUHQLHZRMHZyG]WZD
GROQRĞOąVNLHJR 0DWHXV]0RW\O$UWXU%DELDN
$NWXDOQ\SU]HELHJSURFHVXKRPRORJDFMLQRZREXGRZDQ\FKSRMD]GyZNROHMRZ\FKZ3ROVFH :RMFLHFK2OHNVLHZLF]&H]DU\.UDĞNLHZLF]
5R]ZyMNRQVWUXNFMLLXNáDGXJHRPHWU\F]QHJRWRURZLVNWUDPZDMRZ\FKMDNRLVWRWQ\HOHPHQW
SRVWĊSXZPLHMVNLPWUDQVSRUFLHV]\QRZ\P :LWROG2OSLĔVNL
&]\QQLNOXG]NLMDNRSU]\F]\QDZ\SDGNyZNROHMRZ\FK 325
(OĪELHWD3LOHFND
7HOHGHWHNFMDMDNRPHWRGDPRQLWRURZDQLDLQIUDVWUXNWXU\NROHMRZHM 337
-DFHN6WDQLV]
0RĪOLZRĞFLUR]SR]QDQLD]DJURĪHQLDRVXZLVNRZHJRQDSRGVWDZLHREVHUZDFML]PLDQFLĞQLHQLDSRURZHJR
ZRĞURGNXJHRORJLF]Q\P 351
*U]HJRU]6WHQFHO
$QDOL]DSURFHVXGRSXV]F]DQLDGRHNVSORDWDFMLW\SyZEXGRZOLZĞZLHWOH]PLDQGR8VWDZ\
RWUDQVSRUFLHNROHMRZ\P 361
$QGU]HM6XURZLHFNL0LFKDá=LHOLĔVNL
1XPHU\F]QHPRGHORZDQLHVWDQXRGNV]WDáFHQLDSRGNáDGXNROHMRZHJRZ]PLHQQ\FKZDUXQNDFK
SRGSDUFLDQDSRGV\SFH 367
.DPLOD6]ZDF]NLHZLF]
2EOLF]HQLDUREyW]LHPQ\FKSU]\PRGHUQL]DFMLOLQLLNROHMRZ\FK 375
.D]LPLHU]7RZSLN
=ZLĊNV]HQLHNRQNXUHQF\MQRĞFLWUDQVSRUWXV]\QRZHJRSRSU]H]RJUDQLF]HQLHMHJRRGG]LDá\ZDĔ
QDQDWXUDOQHĞURGRZLVNR 383
0DáJRU]DWD8UEDQHN$OHNVDQGUD3DZODN%XUDNRZVND
0RGHORZDQLHVWUHI\SRáąF]HĔSRGNáDGyZZ]GáXĪQ\FKZQDZLHU]FKQL/21*$6) $QGU]HM8]QDĔVNL
3RPLDU\VDWHOLWDUQHZZ\]QDF]DQLXZVSyáU]ĊGQ\FKSXQNWyZNROHMRZHMRVQRZ\JHRGH]\MQHM $QGU]HM:LON3LRWU&KURVWRZVNL
$QDOL]DNU]\ZL]Q\WRUXNROHMRZHJRZDVSHNFLHZ\PXV]RQ\FKSU]HPLHV]F]HĔSRSU]HF]Q\FK $QGU]HMĩXUNRZVNL
1RZRF]HVQHPHWRG\RUJDQL]DFMLNROHMRZ\FKSU]HZR]yZPLĊG]\DJORPHUDF\MQ\FK 675(6=&=(1,$$1*,(/6.,($57<.8àÏ: &=ĉĝû,,±5()(5$7<:<*à26=21(1$.21)(5(1&-, 0LFKDá*RáRV$UWXU:RODQLHFNL
6WDELOL]DFMDSRGWRU]DNROHMRZHJRSU]\XĪ\FLXJHRUXV]WXKHNVDJRQDOQHJRWUyMRVLRZHJRQDSU]\NáDG]LH
UHDOL]DFMLSU]HEXGRZ\OLQLLNROHMRZHM(QDRGFLQNX:DUV]DZD±*G\QLD/&6*GDĔVN 'DULXV]6\ELOVNL
1DZLHU]FKQLDNROHMRZD]ZDUVWZDPLDVIDOWRZRZ\PL -DQ6]F]ĊVQ\0DUW\QD-DNLPRZLF]$QGU]HM.ZLDWNRZVNL0DUFLQ-DQNRZVNL
2GSRPLDUyZGRUHDOL]DFMLQRZRF]HVQHWHFKQRORJLHZSURFHVLHUHJXODFMLRVLWRUyZ .DURO7U]RĔVNL
:\NRU]\VWDQLHWHFKQLNĞZLDWáRZRGRZ\FKZNROHMQLFWZLH 675(6=&=(1,$$1*,(/6.,($57<.8àÏ: ,1)250$&-('/$$8725Ï: ,1)250$&-(2.21)(5(1&-, 511
6321625=<.21)(5(1&-, 512
63,6$57<.8àÏ:238%/,.2:$1<&+:.:$57$/1,.8Ä=(6=<7<1$8.2:2
7(&+1,&=1(672:$5=<6=(1,$,1ĩ<1,(5Ï:,7(&+1,.Ï:.2081,.$&-,53
2''=,$à:.5$.2:,(´:52.8 513
,1)250$&-(),5035=('6,ĉ%,2567:,25*$1,=$&-, 521
&=ĉĝû,
$57<.8à<5(&(1=2:$1(
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
'(7(50,1$17<2&(1<6.87(&=12k&,
02'(51,=$&-,/,1,,.2/(-2:<&+
+HQU\N%DXFK
SURIGUKDELQ›,QVW\WXW.ROHMQLFWZDXO&KRSLFNLHJR:DUV]DZD
6WUHV]F]HQLH0RGHUQL]DFMDOLQLLNROHMRZ\FKMHVWEDUG]RNRV]WRZQD-HMZ\QLNLSRZLQQ\
E\ÂRFHQLDQHZJMHGQROLWHMPHWRG\XZ]JOÆGQLDM•FHMSDUDPHWU\HNVSORDWDF\MQHRUD]LQIUDVWUXNWX
UDOQH2FHQDWDQLHSRZLQQDRJUDQLF]DÂVLÆW\ONRGRVDPHMOLQLLPRGHUQL]RZDQHMOHF]XZ]JOÆGQLDÂ
UÏZQLH› ZS\Z PRGHUQL]DFML WHM OLQLL QD SDUDPHWU\ HNVSORDWDF\MQH OLQLL SRZL•]DQ\FK $UW\NX
SU]HGVWDZLDWDN•PHWRGÆSURSRQRZDQ•SU]H]DXWRUD:V]\VWNLHREOLF]HQLDZJWHMPHWRG\V•LOX
VWURZDQHSU]\NDGDPL
6RZDNOXF]RZHOLQLHNROHMRZHPRGHUQL]DFMDRFHQDVNXWHF]QRyFL
:VWÆS
: DUW\NXOH >@ SU]HGVWDZLRQR PHWRGÆ RFHQ\ VNXWHF]QRyFL PRGHUQL]DFML OLQLL
NROHMRZ\FKZUD]]SU]\NDGDPLMHM]DVWRVRZDQLD:SRF]•WNRZHMF]ÆyFLZ\PLH
QLRQRSHZQHSUDFH]ZL•]DQH]RFHQ•PRGHUQL]DFMLOLQLLNROHMRZ\FK>
@RUD]SRGDQRV\QWHW\F]QLHMHMFHOH$UW\NXQLQLHMV]\QDZL•]XM•F\GRSRGDQ\FK
ZF]HyQLHM ]DVDG PHWRG\ MHVW SRyZLÆFRQ\ Z ZLÆNV]\P VWRSQLX RPÏZLHQLX F]\Q
QLNÏZ NWÏUH VWDQRZL• SRGVWDZ\ REOLF]HÍ 6]HU]HM RPÏZLRQR UÏZQLH› ]QDF]HQLH
ZLHONRyFLVWDQRZL•F\FKSRGVWDZÆREOLF]HÍ
&HOHPRGHUQL]DFMLOLQLLNROHMRZ\FK
:\QLNL PRGHUQL]DFML OLQLL NROHMRZ\FK V• ]Z\NOH RFHQLDQH V\QWHW\F]QLH SU]H]
SRGDQLH NRV]WÏZ NWÏUH SRQLHVLRQR Z FHOX RVL•JQLÆFLD VNUÏFHQLD F]DVX MD]G\ R PLQXWÆ,WDNQSQDOLQLL:DUV]DZD*GDÍVNNRV]WWHQZ\QRVLPOQ]QDOLQLL
]Dy:DUV]DZD3R]QDÍPOQ]>@=HVNUÏFHQLHPF]DVXMD]G\MHVW]ZL•]DQH
EH]SRyUHGQLRRVL•JQLÆFLH]DR›RQHMSUÆGNRyFLSRFL•JÏZ]DOH›QHMRGXNDGXJHRPH
WU\F]QHJRWRUÏZNRQVWUXNFMLGURJLNROHMRZHMVLHFLWUDNF\MQHMXU]•G]HÍ]DVLODQLD
L VWHURZDQLD UXFKHP RUD] VNU]\›RZDÍ MHGQRSR]LRPRZ\FK ] GURJDPL NWÏUH QLH
]DPLHQLRQRQDZLDGXNW\OXEQLH]OLNZLGRZDQR
&HOHPRGHUQL]DFMLOLQLLNROHMRZ\FKV•MHGQDN]QDF]QLHV]HUV]HQL›W\ONRVNUÏFH
QLHF]DVXMD]G\LREHMPXM•Z]URVWEH]SLHF]HÍVWZDUXFKXNROHMRZHJR]PQLHMV]H
%DXFK+
8
QLHQDNDGÏZQDXWU]\PDQLHRGQRZLRQHMLQIUDVWUXNWXU\XVSUDZQLHQLHSU]HZR]ÏZ
SDVD›HUVNLFK L WRZDURZ\FK XDWZLHQLD GOD RVÏE QLHSHQRVSUDZQ\FK RJUDQLF]H
QLHVNXWNÏZQHJDW\ZQHJRRGG]LD\ZDQLDQDyURGRZLVNRL]DSHZQLHQLHQDOLQLDFK
7(17SHQHMLQWHURSHUDF\MQRyFL
3RQL›HMRPÏZLRQRZ\PLHQLRQHFHOH
:]URVWEH]SLHF]HÍVWZDUXFKXNROHMRZHJR
=DGDQLHWRMHVWREHFQLHMHGQ\P]QDMZD›QLHMV]\FKSU]HGNWÏU\PVWDMHSRO
VNLHNROHMQLFWZR]HZ]JOÆGXQDVWRVXQNRZRZ\VRNLVWRSLHÍGHJUDGDFMLGUÏJNR
OHMRZ\FKZ3ROVFHL]ZL•]DQH]W\PU\]\NRZ\NROHMHÍ3RJO•GWDNLZ]PDFQLDM•
UÏZQLH› SRUÏZQDQLD EH]SLHF]HÍVWZD Z SROVNLP NROHMQLFWZLH ] EH]SLHF]HÍ
VWZHPZLQQ\FKNUDMDFK8(8G]LD3ROVNLZWDNLFKZ\SDGNDFKMDN]DPDQLD
V]\QSÆNQLÆFLDNϏLRVLRUD]PLQLÆFLHV\JQDXLQIRUPXM•FHJRRQLHEH]SLHF]HÍ
VWZLHGRFKRG]LGRZV]\VWNLFKDQDORJLF]Q\FKZ\SDGNÏZZSR]RVWD\FK
NUDMDFK:VSÏOQRW\>@1DOLQLDFK]PRGHUQL]RZDQ\FK]DJUR›HQLDSU]\F]\QDPL
GURJRZ\PL]GHF\GRZDQLHPDOHM•'RZRGHPPR›HE\ÂUR]NDGSÆNQLÆÂL]D
PDÍV]\QMDNLHZ\GDU]\\VLÆZURNXU\V,FKOLF]ED]RVWDWQLFK
ODWQLHSU]HNUDF]DZV]\VWNLFKSÆNQLÆÂMDNLHZ\VW•SL\ZW\PURNX1D
VWDW\VW\NÆWÆ]QDF]Q\ZS\ZPDM•UÏZQLH›GX›RPQLHMV]HZ\PLDQ\FL•JHV]\Q
ZRVWDWQLPOHFLXQL›ZODWDFKXELHJHJRVWXOHFLD,VWRWQH]QDF]HQLHPD
WXMHGQDNUÏZQLH›ZLHNV]\Q
:]URVWEH]SLHF]HÍVWZDQDOLQLDFK]PRGHUQL]RZDQ\FKQDVWÆSXMHUÏZQLH›G]LÆ
NLOLNZLGDFMLSU]\QDMPQLHMF]ÆyFLSU]HMD]GÏZNROHMRZ\FKNWÏUHVWDQRZL•SRWHQ
FMDOQH]DJUR›HQLDEH]SLHF]HÍVWZDUXFKX:URNXZZ\SDGNDFKQDSU]HMD]
GDFK]JLQƏRZ3ROVFHRVÏE>@=HVWDW\VW\NPLÆG]\QDURGRZ\FKZ\QLND›H
Z\SDGNLQDSU]HMD]GDFKVWDQRZL•ZV]\VWNLFKZ\SDGNÏZNROHMRZ\FK>@
=PQLHMV]HQLHQDNDGÏZQDXWU]\PDQLHRGQRZLRQHMLQIUDVWUXNWXU\
3RX]\VNDQLXZ\VRNLHMMDNRyFLLZ\NRQDQLXSHQHJR]DNUHVXUREÏWQDNDG\QD
XWU]\PDQLH GUÏJ NROHMRZ\FK ]GHF\GRZDQLH PDOHM• -DNRy UREÏW SRZLQQD ZLÆF
VWDQRZLÂMHGQ•]SRGVWDZRZ\FKZLHONRyFLZRFHQLHVNXWHF]QRyFLPRGHUQL]DFMLOL
QLLNROHMRZ\FK=PQLHMV]HQLHQDNDGÏZQDXWU]\PDQLHRVL•JDVLÆUÏZQLH›G]LÆNL
]PLDQRPNRQVWUXNFMLQS]DPLDQLHUR]MD]GÏZNU]\›RZ\FKQDUR]MD]G\]Z\F]DMQH
=ZLÆNV]RQH]DVRE\QDXWU]\PDQLHV•QDWRPLDVWNRQLHF]QHZW\FKSU]\SDGNDFK
JG\QLHZ\NRQXMHVLÆSHQHJR]DNUHVXUREÏW>@
8VSUDZQLHQLHSU]HZR]ÏZSDVD›HUVNLFKLWRZDURZ\FK
7ÆSRGVWDZRZ•NRU]\yÂMDN•X]\VNXMHVLÆZZ\QLNXPRGHUQL]DFMLOLQLLNROHMR
ZHMQDOH›\UR]SDWU\ZDÂV]HU]HMQL›W\ONRZRGQLHVLHQLXGRVDPHMOLQLL]PRGHUQL]R
ZDQHM:S\ZPRGHUQL]DFMLZSRVWDFLZVND|QLNÏZHNVSORDWDF\MQ\FKGRW\F]\]Z\
NOHSHZQHJRREV]DUXVLHFLNROHMRZHMREHMPXM•FHJRUÏZQLH›OLQLÆ]PRGHUQL]RZDQ•
'(7(50,1$17<2&(1<6.87(&=12k&,02'(51,=$&-,/,1,,.2/(-2:<&+
5\V=DPDQLDLSÆNQLÆFLDV]\QQDOLQLDFK3/.6$ZURNXZJODWSURGXNFML
RSUDF-%DXFK
9
%DXFK+
10
8DWZLHQLDGODRVÏEQLHSHQRVSUDZQ\FK
3U]\VWRVRZDQLHNROHLGRSRWU]HERVÏEQLHSHQRVSUDZQ\FKVWDQRZLSRGVWDZRZ\
ZDUXQHNPRGHUQL]DFMLNROHL1LH]DZV]HMHGQDNMHVWRQVSHQLDQ\]ZDV]F]DJG\
FKRG]LRGX›HGZRUFHNROHMRZH7DNLPSU]\NDGHPQDPRGHUQL]RZDQHMOLQLL:DU
V]DZD*GDÍVNMHVWVWDFMD:DUV]DZD:VFKRGQLD
2JUDQLF]HQLHVNXWNÏZQHJDW\ZQHJRRGG]LD\ZDQLDQDyURGRZLVNR
0RGHUQL]DFMD OLQLL NROHMRZ\FK QLH R]QDF]D FDNRZLWHM SRSUDZ\ NOLPDWX HNR
ORJLF]QHJR GOD RNROLF]Q\FK PLHV]NDÍFÏZ =PLDQ\ NRQVWUXNF\MQH Z QDZLHU]FKQL
NROHMRZHMWDNLHMDNSU]HNDGNLRZLÆNV]\PWXPLHQLXOXESRGNDGNLSRGSRGND
GRZH863t8QGHU6OHHSHU3DGV]PQLHMV]DM•KDDVPHFKDQLF]Q\QDWRPLDVWZLÆNV]H
SUÆGNRyFLSRFL•JÏZVWDQRZL•SRZÏGMHJR]ZLÆNV]HQLD:VXPLHMHGQDNNROHMMHVW
SURHNRORJLF]QD,WDNQSZDJORPHUDFMLZDUV]DZVNLHMZURNXQDKDDVNROH
MRZ\G%E\RQDUD›RQ\FKW\VPLHV]NDÍFÏZQDKDDV]DyGURJRZ\tSRQDG
UD]\ZLÆFHM>@0ÏZL•FRRFKURQLHyURGRZLVNDQDOH›\PLHÂQDXZDG]HQLHW\O
NRRFKURQÆSU]\URG\OHF]MHMZVSϏLVWQLHQLH]F]RZLHNLHPLJRVSRGDUN•:SUDN
W\FHEXGRZ\LPRGHUQL]DFMLOLQLLNROHMRZ\FKR]QDF]DWRNRQLHF]QRyÂSRV]XNLZDQLD
UR]ZL•]DÍNRPSURPLVRZ\FKQSZWDNLFKV]F]HJϏDFKMDNSU]HMyFLDGOD]ZLHU]•W
=DSHZQLHQLHQDOLQLDFK7(17SHQHMLQWHURSHUDF\MQRyFL
6LHÂ7(17ZJUDQLFDFK3ROVNLPDGXJRyÂRNNPOLQLL=DGDQLHWR
SU]\REHFQ\FKNRV]WDFKPRGHUQL]DFMLNPGZXWRURZHM]HOHNWU\ILNRZDQHMOLQLL
NROHMRZHMU]ÆGXÓPOQ]>@EÆG]LHZ\PDJDRGXJLHJRF]DVXLQDND
GÏZSU]HNUDF]DM•F\FKSU]\yUHGQLHMPOQ]POG]
2FHQDRVL•JQLÆFLDZ\PLHQLRQ\FKFHOÏZW]QRFHQDVNXWHF]QRyFLPRGHUQL]DFML
OLQLLNROHMRZ\FKQLHMHVWREHFQLHRSDUWDQDRJÏOQLHSU]\MÆWHMPHWRG]LHLRGE\ZDVLÆ
KHXU\VW\F]QLHOXEQLHRGE\ZDVLÆZFDOH:W\PVWDQLHU]HF]\RSUDFRZDQLHLZSUR
ZDG]HQLHRGSRZLHGQLHMPHWRG\RFHQ\VNXWHF]QRyFLPRGHUQL]DFMLOLQLLNROHMRZ\FK
PR›QDX]QDÂ]DFHORZH
=DR›HQLDPHWRG\
8ZDJLRJÏOQH
2FHQDVNXWHF]QRyFLPRGHUQL]DFMLOLQLLNROHMRZ\FKMHVWRFHQ•WHFKQLF]Q•LPD
GDÂREUD]MHMSU]\JRWRZDQLDRUD]EH]SRyUHGQLR]QL•]ZL•]DQ\FKUHODFMLGR]ZLÆN
V]RQ\FKSU]HZR]ÏZ0HWRGDWDREHMPXMHGZD]DNUHV\ZS\ZÏZ
ZS\ZQDZ\RGUÆEQLRQ•OLQLÆNWÏUD]RVWDD]PRGHUQL]RZDQD
ZS\ZQDREV]DUVLHFLQDNWÏU\PPRGHUQL]DFMDOLQLLZ\RGUÆEQLRQHMVSRZR
GRZDD]PLDQÆSDUDPHWUÏZHNVSORDWDF\MQ\FK
'(7(50,1$17<2&(1<6.87(&=12k&,02'(51,=$&-,/,1,,.2/(-2:<&+
11
&D•PHWRGÆRFHQ\VNXWHF]QRyFLPRGHUQL]DFMLOLQLLNROHMRZ\FKPR›QDZLÆFSR
G]LHOLÂQDGZLHF]ÆyFLU\V
0HWRGÆRFHQ\VNXWHF]QRyFLPRGHUQL]DFMLOLQLLZ\RGUÆEQLRQHM
0HWRGÆRFHQ\REV]DURZHM
5\V2JÏOQ\VFKHPDWPHWRG\
:V]\VWNLHSU]\MÆWHNU\WHULDRFHQ\PDM•FKDUDNWHUDNVMRORJLF]Q\ZDUWRyFLXM•
F\:PHWRG]LHRFHQ\VNXWHF]QRyFLPRGHUQL]DFMLOLQLLZ\RGUÆEQLRQHMELHU]HVLÆ
SRGXZDJÆZVND|QLNLHNVSORDWDF\MQHRUD]LQIUDVWUXNWXUDOQHZPHWRG]LHREV]DUR
ZHM]DyW\ONRZVND|QLNLHNVSORDWDF\MQH2GSRZLDGDWR]DR›HQLX›HQDUR]SDWU\
ZDQ\PREV]DU]HVWDQLQIUDVWUXNWXU\SR]DOLQL•PRGHUQL]RZDQ•QLHXOHJD]PLDQLH
:V]\VWNLHZVND|QLNLSU]\MPRZDQHGRRFHQ\SRZLQQ\E\ÂMHGQR]QDF]QLHRNUH
yORQHZ]DR›HQLDFKIXQNFMRQDOQRX›\WNRZ\FKVWXGLXPZ\NRQDOQRyFLPRGHUQL
]DFMLNRQNUHWQHMOLQLLNROHMRZHMLDWZHGRVSUDZG]HQLDEH]SRyUHGQLRSR]DNRÍF]H
QLX EXGRZ\ %LRU•F WR SRG XZDJÆ ]UH]\JQRZDQR P LQ ] SRUÏZQDÍ QDWƛHQLD
%DXFK+
12
SU]HZR]ÏZSU]HGLSRPRGHUQL]DFMLOLQLLRUD]]SDUDPHWUÏZRNUHyODM•F\FKMHMSU]H
SXVWRZRyÂ
:VND|QLNLHNVSORDWDF\MQH
:SHZQ\FKRSUDFRZDQLDFKPR›QDVSRWNDÂNLONDQDyFLHPLHUQLNÏZHNVSORDWD
F\MQ\FK FKDUDNWHU\]XM•F\FK WUDQVSRUW NROHMRZ\ 6• RQH MHGQDN QDMF]ÆyFLHM W\ONR
Z\PLHQLDQHZHUEDOQLHEH]Z\NRQ\ZDQLDQDQLFKG]LDDÍPDWHPDW\F]Q\FKOXEEH]
SHQ\FKSRUÏZQDÍ>@
:VND|QLNL HNVSORDWDF\MQH SU]\MÆWH Z RFHQLH VNXWHF]QRyFL PRGHUQL]DFML OLQLL
NROHMRZ\FKPDM•]QDF]HQLHRJÏOQHW]QZ\VWÆSXM•QLH]DOH›QLHRG]DNUHVXWHMPR
GHUQL]DFMLLV•MHGQDNRZHGODZV]\VWNLFKMHMG]LDÏZZSU]HFLZLHÍVWZLHGRZVND|
QLNÏZ LQIUDVWUXNWXUDOQ\FK NWÏUH V• GRELHUDQH GR ND›GHJR G]LDX VSHFMDOQRyFL
2EHMPXM•RQHZLHONRyFLXMÆW\FKZWDEOLF\3U]\ND›GHM]QLFKSRGDQRV\PERO
LZDJÆRNUHyODM•F•]QDF]HQLHWHMZLHONRyFL]SU]HG]LDX>@:VND|QLNLWHVX›•
GRRFHQ\UHODW\ZQHM:REOLF]HQLDFKND›G\]QLFKZ\VWÆSXMH]LQGHNVHPJÏUQ\P
DR]QDF]DM•F\PdSRPRGHUQL]DFMLrDIWHUOXEEdSU]HGPRGHUQL]DFM•rEHIRUH
7DEOLFD:VND|QLNLHNVSORDWDF\MQH
Lp.
1
2
3
4
5
:LHONRĞüLMHMMHGQRVWND
Symbol
3UĊGNRĞüPDNV\PDOQD>NPK@
Vmax
ĝUHGQLDSUĊGNRĞüGURJRZD>NPK@
Vd
&]DVMD]G\QDMV]\EV]HJRSRFLąJX>PLQ@
tmin
0DNV\PDOQ\QDFLVNRVL>N1@
Q
0DNV\PDOQDGáXJRĞüSRFLąJXWRZDURZHJR>P@
lp
:DJD
8ZDJL
0,4
0,7
1,0
0,9
0,6 =DOHĪQDRGGáXJRĞFLXĪ\WHF]QHMWRUyZ
6WRVXQNRZRPQLHMV]DZDJDSUÆGNRyFLPDNV\PDOQHMZ\QLNDVW•G›HPR›HRQD
FKDUDNWHU\]RZDÂW\ONRSHZQHRGFLQNL]PRGHUQL]RZDQHMOLQLLNROHMRZHM:LÆNV]D
ZDJD SUÆGNRyFL GURJRZHM X]DVDGQLRQD MHVW W\P ›H SDUDPHWU WHQ RG]ZLHUFLHGOD
Z]QDF]Q\PVWRSQLX]DNUHVUREÏWZ\NRQDQ\FKSRGF]DVPRGHUQL]DFML
3RUÏZQDQLHF]DVÏZMD]G\QDMV]\EV]\FKSRFL•JÏZSU]HGLSRPRGHUQL]DFMLMHVW
QDMZD›QLHMV]\PVNDGQLNLHPRFHQ\HNVSORDWDF\MQHMVW•GZDJDUÏZQD:RE
OLF]HQLDFKF]DVÏZMD]G\QDOH›\XZ]JOÆGQLDÂQLHW\ONRXNDGJHRPHWU\F]Q\WRUÏZ
LSDUDPHWU\WUDNF\MQHSRMD]GÏZV]\QRZ\FKOHF]UÏZQLH›RJUDQLF]HQLDSUÆGNRyFL
QDSU]HMD]GDFKNROHMRZ\FKNWÏUHQLH]RVWDQ•]DVW•SLRQHVNU]\›RZDQLDPLGZXSR
]LRPRZ\PLZLDGXNWDPL
'X›•ZDJÆPDUÏZQLH›PDNV\PDOQ\QDFLVNRVL:]QDF]HQLXHNVSORDWDF\MQ\P
MHJR ]ZLÆNV]HQLH RWZLHUD PR›OLZRyFL ZSURZDG]HQLH QRZ\FK W\SÏZ ORNRPRW\Z
LZ]URVW]GROQRyFLSU]HZR]RZ\FK]ZDV]F]DDGXQNÏZPDVRZ\FK:VHQVLHEX
GRZODQ\PFKDUDNWHU\]XMHRQQLHW\ONRZ\PLDQÆQDZLHU]FKQLLZ]PRFQLHQLHSRG
WRU]DOHF]F]ÆVWRUÏZQLH›Z]PRFQLHQLHOXESU]HEXGRZÆRELHNWÏZLQ›\QLHU\MQ\FK
1LHFRPQLHMV]H]QDF]HQLHPDZ\GX›HQLHWRUÏZVWDF\MQ\FKZL•›•FHVLÆ]ZSURZD
G]DQLHPORNRPRW\ZRGX›HMPRF\Z\PDJDM•FHMHGQDN]Z\NOHSU]HEXGRZ\JRZLF
VWDFML
'(7(50,1$17<2&(1<6.87(&=12k&,02'(51,=$&-,/,1,,.2/(-2:<&+
13
:VND|QLNLLQIUDVWUXNWXUDOQH
:VND|QLNLLQIUDVWUXNWXUDOQHSRZLQQ\FKDUDNWHU\]RZDÂQDMZD›QLHMV]HFHFK\
GDQHJRG]LDXLQIUDVWUXNWXU\RELHNWÏZV\VWHPÏZOXEXU]•G]HÍSRZVWD\FK
OXE]PLHQLRQ\FKZZ\QLNXPRGHUQL]DFML0DM•RQHGRW\F]\ÂMDNRyFLLQIUDVWUXN
WXU\MHMEH]SLHF]HÍVWZDLZS\ZXZSURZDG]RQ\FK]PLDQQDZ]URVWSU]HZR]ÏZ
2EOLF]HQLDRSDUWHQDZVND|QLNDFKLQIUDVWUXNWXUDOQ\FKZSU]HFLZLHÍVWZLHGR
REOLF]HÍZ\NRQ\ZDQ\FKQDZVND|QLNDFKHNVSORDWDF\MQ\FKQLHPRJ•RSLHUDÂ
VLÆQDSURSRUFMDFKSU]HGLSRPRGHUQL]DFML2FHQLDM•FQSMHGHQ]HZVND|QLNÏZ
LQIUDVWUXNWXUDOQ\FKZGURJDFKNROHMRZ\FKWMOLF]EÆ]OLNZLGRZDQ\FKSU]HMD]
GÏZ NROHMRZ\FK L VWRVXM•F ]DVDGÆ SURSRUFMRQDOQRyFL X]\VNDQR E\ MHGQDNRZ\
Z\QLN]PQLHMV]DM•FLFKOLF]EÆ]GRMDNL]GR0LHUQLNLHPVXNFHVXMHVW
ZLÆFZW\FKSU]\SDGNDFKOLF]ED]OLNZLGRZDQ\FKRELHNWÏZQLH]DOH›QLHRGLFK
OLF]E\SU]HGPRGHUQL]DFM•OLQLL
:RFHQLHRSDUWHMQDZVND|QLNDFKLQIUDVWUXNWXUDOQ\FKFKDUDNWHU\]XM•FHMRNUH
yORQ\G]LDPRGHUQL]DFMLQDOH›\ZLÆFSRVXJLZDÂVLÆOLF]EDPLRELHNWÏZSU]\SDGD
M•F\FKQDNP]PRGHUQL]RZDQ\FKOLQLL]XZ]JOÆGQLHQLHPRGSRZLHGQLFKZDJ
OXEQDUHODW\ZQ\FKRFHQDFKRSDUW\FKQDSU]\MÆW\FKZDUWRyFLDFKUHIHUHQF\MQ\FK
Z\QLNDM•F\FK]GRyZLDGF]HÍOXEREVHUZDFML
:VND|QLNLLQIUDVWUXNWXUDOQHZOLF]ELHÓQDMZD›QLHMV]\FKFHFKSRZLQQ\
E\ÂRSUDFRZDQHGODND›GHJRSRGVWDZRZHJRG]LDXLQIUDVWUXNWXU\WM
GUÏJNROHMRZ\FK
VWHURZDQLDUXFKHP
WUDNFMLL]DVLODQLD
GRVWRVRZDQLDVWDFMLLSU]\VWDQNÏZGRSRWU]HERVÏEQLHSHQRVSUDZQ\FK
RFKURQ\yURGRZLVNDQDWXUDOQHJR
2SDUWHQDQLFKZ]RU\SRZLQQ\SURZDG]LÂGRSRGREQ\FKZDUWRyFLMDNLHRWU]\
PXMHVLÆZGURJDFKNROHMRZ\FKSRUSXQNW
:VND|QLNDPLLQIUDVWUXNWXUDOQ\PLZGURJDFKNROHMRZ\FKV•
GRNDGQRyÂZ\NRQDQ\FKUREÏWWRURZ\FK
OLF]ED]OLNZLGRZDQ\FKSU]HMD]GÏZNROHMRZ\FK
OLF]ED ]OLNZLGRZDQ\FK UR]MD]GÏZ NU]\›RZ\FK L VNU]\›RZDÍ WRUÏZ
]XZ]JOÆGQLHQLHPXR›RQ\FKUR]MD]GÏZ]Z\F]DMQ\FK
'RNDGQRyÂUREÏWWRURZ\FKRNUHyODQDEH]SRyUHGQLRSRLFK]DNRÍF]HQLXMHVW
MHGQ\P]GZÏFKVNDGQLNÏZMDNRyFL'UXJLPMHVWVNXWHF]QRyÂW]Q]GROQRyÂGR
]DFKRZDQLDWHMGRNDGQRyFLZF]DVLHHNVSORDWDFML3UDNW\NDZ\ND]XMH›HRELHWH
FHFK\V•]HVRE•]ZL•]DQHLPZLÆNV]DMHVWZLÆFGRNDGQRyÂW\PGX›V]\MHVWF\NO
HNVSORDWDFMLGRZ\NRQDQLDQDSUDZ\LZLÆNV]DWUZDRyÂNRQVWUXNFML>@
=PQLHMV]HQLHOLF]E\SU]HMD]GÏZNROHMRZ\FKZZ\QLNXPRGHUQL]DFMLOLQLLNR
OHMRZHMPDWU]\SRGVWDZRZH]DOHW\
XVXZDSRWHQFMDOQH]DJUR›HQLDSRUSXQNW
=UR]PyZDXWRUDDUW\NXáX]HVSHFMDOLVWDPLLQQ\FKG]LDáyZWHFKQLNLNROHMRZHMZ\QLNDĪHGRV\QWHW\F]QHM
RFHQ\VNXWHF]QRĞFLPRGHUQL]DFMLOLF]EDZVNDĨQLNyZMHVWZ\VWDUF]DMąFD
%DXFK+
14
XDWZLDZ\NRQ\ZDQLHQDSUDZZREUÆELHSU]HMD]GÏZLQWHQV\ZQRyÂGHJUD
GDFMLGURJLNROHMRZHMMHVWERZLHP]UHJX\ZLÆNV]DQL›QDSU]\OHJ\FKRG
FLQNDFK WRUÏZ D SURFHV WHFKQRORJLF]Q\ UREÏW REHMPXMH GRGDWNRZH L GRyÂ
XFL•›OLZHRSHUDFMH
XPR›OLZLDQLHU]DGNR]QLHVLHQLHVWD\FKRJUDQLF]HÍSUÆGNRyFLSRFL•JÏZ
=PQLHMV]HQLHOLF]E\SU]HMD]GÏZX]\VNXMHVLÆ]DVWÆSXM•FMHZLDGXNWDPL•F]•F
GURJLSU]HFLQDM•FHWRU\OXEOLNZLGXM•FWHQDNWÏU\FKRGE\ZDVLÆQLHZLHONLUXFK
5R]MD]G\NU]\›RZHRUD]VNU]\›RZDQLDWRUÏZZ\PDJDM•RJUDQLF]HÍSUÆGNRyFL
SRFL•JÏZSU]\MH|G]LHQDZSURVWGRNPK,FKWUZDRyÂ]HZ]JOÆGXQD]ZLÆN
V]RQHRGG]LD\ZDQLDG\QDPLF]QHLPD\SURPLHÍWRUÏZ]ZURWQ\FKMHVWPQLHMV]D
QL›UR]MD]GÏZ]Z\F]DMQ\FKXWU]\PDQLH]DyWUXGQLHMV]H0DM•FRGSRZLHGQLHPLHMVFH
PR›QD]DVW•SLÂUR]MD]GNU]\›RZ\GZRPDUR]MD]GDPL]Z\F]DMQ\PL&]ÆVWRZ\PD
JDWRMHGQDNZ\GX›HQLDUÏZQLVWDF\MQHM$QDOL]DSURFHVXWHFKQRORJLF]QHJRVWDFML
SU]H]QDF]RQHMGRPRGHUQL]DFMLSURZDG]LQLHU]DGNRGR]PQLHMV]HQLDOLF]E\UR]MD]
GÏZNU]\›RZ\FKEH]]DVWÆSRZDQLDLFKUR]MD]GDPL]Z\F]DMQ\PL
2EOLF]HQLDZRFHQLHOLQLLZ\RGUÆEQLRQHM
6NXWHF]QRy HNVSORDWDF\MQD PRGHUQL]DFML OLQLL Z\RGUÆEQLRQHM MHVW REOLF]DQD
QLH]DOH›QLHRGVNXWHF]QRyFLLQIUDVWUXNWXUDOQHM6WRVXM•FR]QDF]HQLD]DZDUWHZWD
EOLF\Z\UD›DVLÆM•Z]RUHP
§ V a V b
l pa l bp
V a V b
tb ta
Qa Qb
Z
S e 100 ˜ ¨ Z1 PD[ b PD[ Z 2 d b d Z3 PLQ b PLQ Z 4
5
¨
VPD[
Vd
t PLQ
Qb
l bp
©
·
¸ ¸
¹
2EOLF]HQLDVNXWHF]QRyFLLQIUDVWUXNWXUDOQHMOLQLLZ\RGUÆEQLRQHM]RVWDQ•RJUDQL
F]RQHZUHIHUDFLHGRG]LDXGUÏJNROHMRZ\FK2NUHyODM•Z]ÏU
Sd
§ J J s J 2 d J 3 k 2 z ·
¸¸
100 ˜ ¨¨ J 1 r
Jr
L
¹
©
JG]LH
-UUHIHUHQF\MQDZDUWRyÂV\QWHW\F]QHJRZVND|QLNDVWDQXWRUX>PP@
-VyUHGQLDX]\VNDQDZDUWRyÂV\QWHW\F]QHJRZVND|QLNDVWDQXWRUX>PP@
GOLF]ED]OLNZLGRZDQ\FKSU]HMD]GÏZNROHMRZ\FK
NOLF]ED]OLNZLGRZDQ\FKUR]MD]GÏZNU]\›RZ\FKLVNU]\›RZDÍWRUÏZ
]OLF]EDXR›RQ\FKUR]MD]GÏZ]Z\F]DMQ\FK
γγγZDJLUÏZQHRGSRZLHGQLRSU]\N]ZDJDγSU]\MPXMH
ZDUWRyÂ
6\QWHW\F]Q\ZVND|QLNVWDQXWRUXMHVWRNUHyORQ\Z]RUHP>@
J
V z V y V w 0,5V e
3,5
3URPLHĔWHQZ\QRVLPZLĊNV]HSURPLHQLHZ\VWĊSXMąW\ONRZU]DGNRVSRW\NDQ\FKMXĪLEDUG]RVNRPSOLNRZDQ\FKUR]MD]GDFKNU]\ĪRZ\FK]LJOLFDPLSR]DF]ZRURERNLHPUR]MD]GXW]ZUR]MD]G\EHVVHOHURZVNLH
'(7(50,1$17<2&(1<6.87(&=12k&,02'(51,=$&-,/,1,,.2/(-2:<&+
15
JG]LH
σ]σ\σZσHRGFK\OHQLDVWDQGDUGRZHRGSRZLHGQLRQLHUÏZQRyFLSLRQRZ\FK
QLHUÏZQRyFLSR]LRP\FKZLFKURZDWRyFLWRUXLV]HURNRyFLWRUX
1DOH›\ ]D]QDF]\ ›H SU]\MÆFLH VWRVXQNRZR PDHM ZDJL SU]\ V\QWHW\F]Q\P
ZVND|QLNXVWDQXWRUXQLHZ\QLND]QLHGRFHQLDQLD]QDF]HQLDMDNRyFLUREÏWOHF]]NR
QLHF]QRyFLGRVWRVRZDQLDREOLF]RQ\FKZDUWRyFLGRGZÏFKSR]RVWD\FKSDUDPHWUÏZ
-DNRyÂUREÏWPRGHUQL]DF\MQ\FKMHVW]UϛQLFRZDQDRF]\PPRJ•yZLDGF]\ÂUR]U]X
W\ZVND|QLNÏZV\QWHW\F]Q\FK-U\V6•WXKHNWRPHWU\REDUG]RGREUHMMDNRyFL
- ÓPPRUD]WDNLHQDNWÏU\FKWU]HEDEÆG]LHVNUÏFLÂF\NOHQDSUDZF]H
- ÓPP6FKDUDNWHU\]RZDQ\RGFLQHNWRUXR]QDF]DVLÆGX›•QLHMHGQR
URGQRyFL•RFHQLHNWÏUHMMHVWSRyZLÆFRQDSUDFD>@
5\V6\QWHW\F]QHZVND|QLNLVWDQXWRUXSR]DNRÍF]HQLXUREÏWPRGHUQL]DF\MQ\FK.*DUEDF]
1D KHNWRPHWUDFK QD NWÏU\FK ]QDMGXM• VLÆ UR]MD]G\ ZDUWRyFL - GRFKRG]• GR
PPOXEQDZHWZLÆFHM:]QDF]QHMPLHU]HWDNGX›HZ\QLNLV•RG]ZLHUFLHGOH
QLHPQLHGRVNRQDHMWHFKQLNLSRPLDURZHMZVWUHILHUR]MD]GÏZ2FHQDW\FKKHNWR
PHWUÏZQLHMHVWZOLF]DQDGRyUHGQLHM
2FHQDVNXWHF]QRyFLREV]DURZHM
.ZDOLILNDFMD OLQLL NROHMRZ\FK GR PRGHUQL]DFML QLH SRZLQQD RGE\ZDÂ VLÆ EH]
ZQLNOLZHMDQDOL]\ZS\ZXW\FKOLQLLQDOLQLH]QLPLSRZL•]DQH$QDOL]DWDNDSR
ZLQQDZ\ND]DÂZS\ZZ\RGUÆEQLRQHMOLQLLPRGHUQL]RZDQHMQDPR›OLZRyÂZ]URVWX
OXESRSUDZÆMDNRyFLSU]HZR]ÏZQDREV]DU]H]W•OLQL•]ZL•]DQ\P2FHQDREV]DUR
ZHMVNXWHF]QRyFLPRGHUQL]DFMLOLQLLNROHMRZHMMHVWRFHQ•HNVSORDWDF\MQ•RSDUW•QD
WU]HFKZVND|QLNDFK
yUHGQLPVNUÏFHQLXF]DVXMD]G\QDMV]\EV]HJRSRFL•JX∆WU
%DXFK+
16
yUHGQLP]ZLÆNV]HQLXQDFLVNXRVL∆4U
yUHGQLP]ZLÆNV]HQLXGXJRyFLSRFL•JÏZWRZDURZ\FK∆OU
:V]\VWNLHZ\PLHQLRQHZDUWRyFLRGQRVLVLÆGRNPUHODFMLREMÆW\FKZS\
ZHP]PRGHUQL]RZDQHMOLQLLR•F]QHMGXJRyFL/LOLF]ELHU
2FHQÆWÆZ\UD›DZ]ÏU
So
r
r
·
§ r
100 ˜ ¨ H 1 ¦ 't r H 2 ¦ 'Qr H 3 ¦ 'lr ¸
i 1
i 1
¹
© i1
r
¦ Lr
i 1
JG]LH
εεεtZDJLUÏZQHRGSRZLHGQLRL
6NUÏFHQLHF]DVÏZMD]G\QDSRV]F]HJÏOQ\FKUHODFMDFKRGSRZLDGDXSURV]F]RQHPX]D
R›HQLX›HQDVWÆSXMHRQRW\ONRZVNXWHNVNUÏFHQLDF]DVXMD]G\QDOLQLLZ\RGUÆEQLRQHM
EÆG•FHMF]ÆyFL•W\FKUHODFML'XJRyÂSRFL•JÏZWRZDURZ\FKSR]DOLQL•Z\RGUÆEQLRQ•
Z]UDVWDMHG\QLHQDW\FKUHODFMDFKQDRGFLQNDFKNWÏU\FKWRU\E\\GRVWRVRZDQHGR
GXJRyFLZLÆNV]HMFRR]QDF]D›HSU]HV]NRG•E\\NUÏWV]HWRU\QDOLQLLZ\RGUÆEQLRQHM
SU]HGPRGHUQL]DFM•$QDORJLF]QD]DVDGDGRW\F]\QDFLVNÏZRVL2FHQ\HNVSORDWDF\MQH
LLQIUDVWUXNWXUDOQHV•RFHQDPLRGG]LHOQ\PLLQLHSRGOHJDM•VXPRZDQLX
3U]\NDG\REOLF]HÍ
8ZDJLRJÏOQH
=DPLHV]F]RQH SU]\NDG\ LOXVWUXM• ZV]\VWNLH VNDGQLNL RFHQ\ VNXWHF]QRyFL
LV•]HVRE•SRZL•]DQHZWHQVSRVÏE›HUR]SDWU\ZDQDOLQLDZ\RGUÆEQLRQD$%
RGXJRyFL/$% NP]HVWDFM•ZÆ]RZ•)VWDMHVLÆZREOLF]HQLDFKVNXWHF]
QRyFLREV]DURZHMF]ÆyFL•MHGQHM]SLÆFLXUHODFMLU\V
5\V6FKHPDWUHODFMLREMÆW\FKZS\ZHPPRGHUQL]RZDQHMOLQLL$%]GXJRyFLDPLSRV]F]HJÏOQ\FKRGFLQNÏZ
'(7(50,1$17<2&(1<6.87(&=12k&,02'(51,=$&-,/,1,,.2/(-2:<&+
17
2EOLF]HQLHVNXWHF]QRyFLHNVSORDWDF\MQHMOLQLLZ\RGUÆEQLRQHM
/LQLÆZ\RGUÆEQLRQ•$%RGXJRyFL/$%FKDUDNWHU\]XM•SDUDPHWU\SRGDQHZWD
EOLF\3RGVWDZLDM•FZDUWRyFL]DZDUWHZSR]\FMDFKÓLRGSRZLHGQLHZDJLGR
Z]RUXRWU]\PXMHP\
7DEOLFD3DUDPHWU\OLQLLZ\RGUÆEQLRQHM$%
Lp.
3DUDPHWU
1
2
3
4
5
6
3UĊGNRĞüPDNV\PDOQD>NPK@
3UĊGNRĞüGURJRZD>NPK@
&]DVMD]G\QDMV]\EV]HJRSRFLąJX>PLQ@
0DNV\PDOQ\QDFLVNRVL>N1@
0DNV\PDOQDGáXJRĞüSRFLąJyZWRZDURZ\FK>P@
6\QWHW\F]Q\ZVNDĨQLNVWDQXWRUXJ>PP@
7
8
9
/LF]ED]OLNZLGRZDQ\FKSU]HMD]GyZ
/LF]ED]OLNZLGRZDQ\FKUR]MD]GyZNU]\ĪRZ\FKLVNU]\ĪRZDĔWRUyZ
/LF]EDZEXGRZDQ\FKUR]MD]GyZ]Z\F]DMQ\FK
:DUWRĞü
SU]HG
SR
PRGHUQL]DFMą
PRGHUQL]DFML
120
180
136
142
205
178
190
225
650
700
3U]\MĊWDZDUWRĞü
0,79
UHIHUHQF\MQD
23
29
12
2EOLF]HQLHVNXWHF]QRyFLLQIUDVWUXNWXUDOQHMOLQLLZ\RGUÆEQLRQHMZG]LDOH
GUÏJNROHMRZ\FK
3RGVWDZLDM•FZDUWRyFLXMÆWHZSR]\FMDFKÓWDEOLF\GRZ]RUXLSU]\
SLVDQHGRQLFKZDJLRWU]\PXMHVLÆ
1LHNRU]\VWQ\ZS\ZQDZ\QLNLREOLF]HÍZ\ZDUDU]HF]\ZLVWDZDUWRyÂV\QWH
W\F]QHJRZVND|QLNDVWDQXWRUXZLÆNV]DRGZDUWRyFLUHIHUHQF\MQHM
2EOLF]HQLHVNXWHF]QRyFLREV]DURZHM
=PRGHUQL]RZDQDOLQLDZ\RGUÆEQLRQDVWDQRZLF]ÆyÂSLÆFLXUHODFMLSU]HGVWD
ZLRQ\FKQDU\VXQNX:VND|QLNLW\FKUHODFML]DZLHUDWDEOLFD
%DXFK+
18
CABD
EAFJ
GFBH
CABH
CAFJ
6
6NUyFHQLH
F]DVXMD]G\
>PLQ@
5HODFMD
'áXJRĞü>NP@
7DEOLFD:VND|QLNLUHODFMLREMÆW\FKZS\ZHPOLQLLZ\RGUÆEQLRQHM$%
517
474
288
436
468
2183
27
18
9
27
18
99
:VNDĨQLN
'RSXV]F]DOQ\
QDFLVNRVL
>N1@
SU]HG
190
190
190
190
190
'áXJRĞüSRFLąJyZ
WRZDURZ\FK
>P@
po
'
SU]HG
225
190
190
225
190
35
0
0
35
0
70
650
630
600
650
630
po
'
700
630
600
700
630
50
0
0
50
0
100
:SURZDG]DM•FZDUWRyFL]DZDUWHZWDEOLF\GRZ]RUXRWU]\PXMHVLÆ
:NRQNUHWQ\PSU]\SDGNXQDMZLÆNV]\ZS\ZQDRFHQÆZ\ZDURVNUÏFHQLHF]D
VÏZMD]G\QDZV]\VWNLFKUHODFMDFK
3RGVXPRZDQLH
0HWRGDRFHQ\VNXWHF]QRyFLPRGHUQL]DFMLOLQLLNROHMRZ\FKRSDUWDQDMHGQR
]QDF]QLHRNUHyORQ\FKZVND|QLNDFKWHFKQLF]Q\FKRSUÏF]VZ\FKZDORUÏZHZD
OXDF\MQ\FK L SRUÏZQDZF]\FK SRZLQQD Z\ZU]H NRU]\VWQ\ ZS\Z QD VSRVÏE
NZDOLILNRZDQLDSRV]F]HJÏOQ\FKOLQLLGRRNUHyORQHJRURG]DMXUREÏWPRGHUQL]D
FMLUHZLWDOL]DFMLFL•J\FKZ\PLDQQDZLHU]FKQL
:ND›G\P]W\FKWU]HFKSU]HGVLÆZ]LÆÂZ\QLNDM•FH]QLFKNRU]\yFLSRZLQ
Q\E\ÂRFHQLDQHQLHW\ONRZRGQLHVLHQLXGROLQLLZ\RGUÆEQLRQHMOHF]UÏZQLH›
ZXNDG]LHREV]DURZ\P3U]\MÆFLHWDNLHJR]DR›HQLDEÆG]LHZ\PDJDR]QDF]
QHJR]ZLÆNV]HQLDDQDOL]VWDQRZL•F\FKSRGVWDZÆRSUDFRZDQLD]DR›HÍIXQNFMR
QDOQRX›\WNRZ\FK:SLHUZV]\PU]ÆG]LHGRW\F]\WRZDULDQWRZDQLDSUÆGNRyFL
SRFL•JÏZUR]SRF]\QDM•FRGREOLF]HÍSUÆGNRyFLGURJRZ\FKLNRÍF]•FQDV\PX
ODFMDFKNRPSXWHURZ\FK
0HWRGDRFHQ\VNXWHF]QRyFLOLQLLNROHMRZ\FKSRZLQQDZ]ERJDFLÂ]DVDGQLF]R
REOLF]HQLDHIHNW\ZQRyFLSU]HGVLÆZ]LÆÂPRGHUQL]DF\MQ\FK
/LWHUDWXUD
>@%DF]\ÍVNL.:ÆFDZLN5:\SDGNLNROHMRZH5\QHN.ROHMRZ\QU
>@%DXFK0(VW\PDFMDQLHUÏZQRyFLWRUÏZNROHMRZ\FK$UFKLZXP,Q›\QLH
ULL/•GRZHMQU
'(7(50,1$17<2&(1<6.87(&=12k&,02'(51,=$&-,/,1,,.2/(-2:<&+
19
>@%DXFK+%DXFK0(NVSORDWDF\MQHPHWRG\]ZLÆNV]DQLDWUZDRyFLUR]
MD]GÏZNROHMRZ\FK&17.:DUV]DZD
>@%DXFK+%DXFK0'HWHUPLQDQW\SUÆGNRyFLSRFL•JÏZtXNDGJHR
PHWU\F]Q\LZDG\WRUX,QVW\WXW.ROHMQLFWZD
>@%DXFK0(ZROXFMDSRWHQFMDOQ\FKVNXWNÏZQLHSHQHJRZ\NRQDQLDUREÏW
WRURZ\FK9,.RQIHUHQFMD17d3URMHNWRZDQLHEXGRZDLXWU]\PDQLHLQ
IUDVWUXNWXU\ZWUDQVSRUFLHV]\QRZ\Pr,1)5$6=<1=DNRSDQH
>@%DXFK+%DXFK00HWRG\RNUHyODQLDQLHMHGQRURGQRyFLQDZLHU]FKQL
NROHMRZHMLLFK]DVWRVRZDQLH;9,,.RQIHUHQFMD1DXNRZD'52*,.2
/(-2:(.U\QLFD
>@%DXFK+&HORZRyÂZSURZDG]HQLDPHWRG\RFHQ\VNXWHF]QRyFLPRGHUQL
]DFMLOLQLLNROHMRZ\FK.RQIHUHQFMDd,QQRZDF\MQRyÂLQIUDVWUXNWXU\F]\QQL
NLHPUR]ZRMXJRVSRGDUNLr:DUV]DZDSD|G]LHUQLN
>@%HUPDQ*%LDQFKL0(YDOXDWLQJRI(%,ILQDQFLQJRIUDLOZD\SURMHFWV
LQWKH(XURSHDQ8QLRQ(YDOXDWLRQ5HSRUW-XQH
>@&RRSHU :: 6HLIRUG /0 =KX - +DQGERRN RQ 'DWD (QYHORSPHQW
$QDO\VLVQGHG6SULQJHU
>@,QWHUPHGLDWHUHSRUWRQWKHGHYHORSPHQWRIUDLOZD\VDIHW\LQWKH(XURSHDQ
8QLRQ(XURSHDQ5DLOZD\$JHQF\
>@)XNV-*HQHURZDQLHKDDVXNROHMRZHJR,QIUDVWUXNWXUD7UDQVSRUWX
QU
>@2OOL3HNND + (XURSHDQ UDLOZD\ IUHLJKW WUDQVSRUWDWLRQ WR GHPDQG GH
FOLQHHIILFLHQF\DQGSDUWLDOSURGXFWLYLW\DQDO\VLVIURPSHULRG
,QWHUQDWLRQDO-RXUQDORI3URGXFWLYLW\DQG3HUIRUPDQFH0DQDJHPHQWYRO
LVV
>@2OSLÍVNL::\SDGNLQDSU]HMD]GDFKZ3ROVFHQDOLQLDFKNROHMRZ\FK]D
U]•G]DQ\FKSU]H]3.33ROVNLH/LQLH.ROHMRZH6$5HIHUDWQD;,0LÆG]\
QDURGRZ\FK7DUJDFK%XGRZQLFWZD'URJRZHJR.ROHMRZHJRL=DU]•G]D
QLD5XFKHP,QIUDVWUXNWXUDSD|G]LHUQLN
>@5DLO0RGHUQL]DWLRQ6WXG\5HSRUWWR&RQJUHVV)HGHUDO7UDQVLW$GPLQL
VWUDWLRQ$SULO
>@5ROELHFNL5(IHNW\ZQRyÂWHFKQLF]QRHNVSORDWDF\MQDWUDQVSRUWXNROHMR
ZHJRZ3ROVFH,QIUDVWUXNWXUD7UDQVSRUWXQU
>@6FKRIHU-/+DHIHOH(75DLOPRGHUQL]DWLRQEHQHILWVDQDO\VLVLGHQWLILFD
WLRQRIEHQHILWVDQGEHQHILFLDULHV([HFXWLYH6XPPDU\0RQRJUDSK8UEDQ
0DVV7UDQVSRUWDWLRQ$GPLQLVWUDWLRQ
>@6]DIUDÍVNL='RJPDW\]PDLQZHVW\FMHNROHMRZH5DSRUW.ROHMRZ\
QU
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
=1$&=(1,(52=32=1$1,$352&(6¯:
'(*5$'$&-,%(7218:2'1,(6,(1,8
'22%,(.7¯:,1)5$6758.785<.2/(-2:(0LURVDZD%D]DUQLN
GULQ›3ROLWHFKQLND.UDNRZVNDXO:DUV]DZVND.UDNÏZ=DNDG:VSϏG]LDDQLD%XGRZOL]3RGR›HP
WHOHPDLOPED]DUQLN#SNHGXSO
6WUHV]F]HQLH ,QIUDVWUXNWXUD NROHMRZD Z 3ROVFH Z Z\QLNX ZLHOROHWQLFK ]DQLHGEDÍ Z\
PDJDV]HUHJXG]LDDÍQDSUDZF]\FK2EHFQLHPDE\ÂUHDOL]RZDQ\:LHOROHWQL3URJUDP,QZHVW\FML
.ROHMRZ\FKGRURNXNWÏU\PDZS\Q•ÂQDSRSUDZÆMDNRyFLLQIUDVWUXNWXU\NROHMRZHM:FHOX
XQLNQLÆFLDEÆGÏZLQVW\WXFMRQDOQ\FKSU]\F]\QLDM•F\FKVLÆGRGHJUDGDFMLRELHNWÏZQDOH›\SU]HDQD
OL]RZDÂZS\ZZDUXQNÏZyURGRZLVNRZ\FKQDGXJRWHUPLQRZ•LQWHJUDOQRyÂLRNUHVX›\WNRZDQLD
LQIUDVWUXNWXU\
6RZDNOXF]RZHLQIUDVWUXNWXUDNROHMRZDGHJUDGDFMDEHWRQXNRUR]MDVLDUF]DQRZD
:SURZDG]HQLH
=JRGQLH]ZLHOROHWQLPSODQHPLQZHVW\F\MQRNROHMRZ\P>@6SϏND3.33RO
VNLH /LQLH .ROHMRZH 6$ ]DU]•G]D OLQLDPL NROHMRZ\PL R •F]QHM GXJRyFL RNRR
NPRUD]RELHNWDPLLQ›\QLHU\MQ\PLWDNLPLMDNPRVW\ZLDGXNW\LSU]HSX
VW\V]WR•F]QHMGXJRyFLP-DNSRGDMH%LHÍ>@Z3ROVFH
RELHNW\LQIUDVWUXNWXU\NROHMRZHMWRZZLÆNV]RyFLNRQVWUXNFMHEDUG]RVWDUH2NRR
RELHNWÏZMHVWZZLHNXSRZ\›HMODWDMHG\QLHRNRRNRQVWUXNFMLt
SRQL›HMODW>@U\V1DMVWDUV]HLVWQLHM•FHGRW•GNROHMRZHRELHNW\LQ›\QLH
U\MQHSRZVWD\Z3ROVFHQDSRF]•WNX;,;ZDLQWHQV\ZQ\UR]ZÏMVLHFLNROHMRZHM
UR]SRF]•VLÆQDSU]HRPLHODWL;;Z
2FHQLDVLƛHZGREU\PVWDQLHWHFKQLF]Q\P]QDMGXMHVLÆRNRROLQLLNR
OHMRZ\FK>@)DNWWHQQLHSR]RVWDMHEH]]QDF]HQLDGODHNVSORDWDFML-DNZVND]XMH
6LZRZVNL>@GRUD›NROHMRZ\FKRELHNWÏZLQ›\QLHU\MQ\FKZ\
PDJDR SLOQHJR SRGMÆFLD UREÏW XWU]\PDQLRZRQDSUDZF]\FK OXE LQZHVW\F\MQ\FK
ZFHOXSU]\ZUÏFHQLDLPSLHUZRWQ\FKSDUDPHWUÏZX›\WNRZ\FKOLNZLGDFMLZSUR
ZDG]RQ\FKRJUDQLF]HÍHNVSORDWDF\MQ\FKRUD]RJUDQLF]HQLDGDOV]HMGHJUDGDFMLWHFK
QLF]QHM 7RPDV] 6LZRZVNL ]DSUH]HQWRZD >@ QLHNRU]\VWQH ]PLDQ\ OLF]E\ WDNLFK
RELHNWÏZQDWOHRVWDWQLFKODWU\V
%D]DUQLN0
22
5\V6WUXNWXUDZLHNRZDNROHMRZ\FKRELHNWÏZLQ›\QLHU\MQ\FKZ3ROVFH>@
5\V2ELHNW\LQ›\QLHU\MQHZ\PDJDM•FHQDSUDZ>@
=QDF]•F• OLF]EÆ RELHNWÏZ LQ›\QLHU\MQ\FK QD VLHFL 3/. VWDQRZL• SU]HSXVW\
LPDHPRVW\RUR]SLÆWRyFLGRP:LÆNV]RyÂ]QLFKWRRELHNW\›HOEHWRZHPR
QROLW\F]QHOXESUHIDEU\NRZDQHRUD]tZSU]\SDGNXRELHNWÏZVWDUV]\FKtPRVW\
VNOHSLRQHFHJODQHOXENDPLHQQH=HZ]JOÆGXQDGXJROHWQL•HNVSORDWDFMÆSU]\QL
VNLPVWDQGDUG]LHXWU]\PDQLD]GHF\GRZDQDZLÆNV]RyÂW\FKRELHNWÏZQDGDMHVLÆGR
FDNRZLWHMSU]HEXGRZ\>@1LHPQLHMMHGQDNF]ÆyÂRELHNWÏZMHVWRGWZDU]DQDSU]H]
Z\PLDQÆ]GHJUDGRZDQHJRPDWHULDX=JRGQLH]SU]\MÆW\P:LHOROHWQLPSURJUDPHP
=1$&=(1,(52=32=1$1,$352&(6¯:'(*5$'$&-,%(7218:2'1,(6,(1,8'2
23
LQZHVW\FMLNROHMRZ\FKGRURNX>@]GHF\GRZDQDZLÆNV]RyÂ]DGDÍPDREHMPRZDÂ
PRGHUQL]DFMÆLUHZLWDOL]DFMÆLVWQLHM•FHMLQIUDVWUXNWXU\W\ONRQLHZLHON•F]ÆyÂ]DGDÍ
VWDQRZLEXGRZDQRZHMLQIUDVWUXNWXU\=DWHPZQDMEOL›V]HMSU]\V]RyFLGX›DF]ÆyÂ
QDNDGÏZILQDQVRZ\FKEÆG]LHZ\GDQDQDQDSUDZÆRELHNWÏZ3U]H]ZLHOHODWSR
PLMDQRNZHVWLHNRQVHUZDFMLLQDSUDZEHWRQX7DNLEUDNGEDRyFLRLQIUDVWUXNWXUÆ
VWDQRZL]DJUR›HQLHSRQLHZD›EHWRQSRGREQLHMDNLQQHPDWHULD\EXGRZODQHZ\
PDJDNRQVHUZDFML]DSRELHJDZF]HMFRZSLVDQRPLÆG]\LQQ\PLGRLQVWUXNFML,'
RNUHyODM•FHMZDUXQNLWHFKQLF]QHGODNROHMRZ\FKRELHNWÏZLQ›\QLHU\MQ\FK
'HJUDGDFMDNRQVWUXNFMLEHWRQRZ\FK
(OHPHQW\EHWRQRZHNRQVWUXNFMLLQ›\QLHU\MQ\FKQDUD›RQHV•QDQLV]F]•FHRGG]LD
\ZDQLH yURGRZLVN Z Z\QLNX NWÏU\FK XOHJDM• ]PLDQLH LFK ZDyFLZRyFL X›\WNRZH
%HWRQSRZV]HFKQLHXZD›DQ\MHVW]DPDWHULDFKDUDNWHU\]XM•F\VLÆGX›•Z\WU]\PDR
yFL•PHFKDQLF]Q•LRGSRUQRyFL•QDXV]NRG]HQLD1LHPQLHMMHGQDNEÆG\SRZVWDHQD
HWDSLHSURMHNWRZDQLDLZ\NRQ\ZDQLDRUD]GXJRWUZDHRGG]LD\ZDQLHV]NRGOLZ\FK
F]\QQLNÏZ]QDMGXM•F\FKVLÆZSRZLHWU]XLZRG]LHDWDN›HZS\ZZLOJRFLNDUERQD
W\]DFMDNU\VWDOL]DFMDVROLF\NOLF]QH]DPDU]DQLHRGPDU]DQLHRUD]SU]HFL•›HQLDNRQ
VWUXNFMLtZS\ZDM•QDURG]DMLVWRSLHÍ]QLV]F]HÍVWUXNWXU\EHWRQX
6SUDZQD QDSUDZD HOHPHQWÏZ EHWRQRZ\FK WR SURFHV Z\PDJDM•F\ SRGHMPR
ZDQLD ZLHOX ZD›Q\FK GHF\]ML GRW\F]•F\FK PDWHULDÏZ L ZDUXQNÏZ Z\NRQDQLD
&KRFLD› VNXWNL SURFHVX GHJUDGDFML F]ÆVWR ZLGD GRSLHUR SR ODWDFK VNDOD XV]NR
G]HÍ]ZLÆNV]DVLÆ]F]DVHPZWHPSLHJHRPHWU\F]Q\PFRZUH]XOWDFLHVSUDZLD›H
LPSÏ|QLHMZ\NRQXMHVLÆQDSUDZ\W\PZLÆNV]\MHVWLFKNRV]W1LHEH]SLHF]HÍVWZR
]ZL•]DQH]XVXZDQLHPV]NÏGSROHJDQDW\P›HVDPHQDSUDZ\]DPLDVWVWDQRZLÂ
UR]ZL•]DQLHVWDM•VLÆF]ÆyFL•NRV]WRZQHJRQLHNRÍF]•FHJRVLÆF\NOXQDSUDZ$E\
XQLNQ•Â EÆGQHJR NRD LVWRWQH MHVW ]UR]XPLHQLH L XVWDOHQLH SU]\F]\Q GHJUDGDFML
EHWRQX0HU\WRU\F]Q\SUREOHPVWDQRZLRSUDFRZDQLHSURJQR]RZDQLD]PLDQMDNR
yFLRZ\FKEHWRQXL]EURMHQLDZ]DOH›QRyFLRGZDUXQNÏZyURGRZLVNRZ\FKZNWÏ
U\FK]QDMGXMHVLÆNRQVWUXNFMD3RPR›HWRZ]DSHZQLHQLXEH]SLHF]HÍVWZDLWUZDR
yFLNRQVWUXNFML:LHG]DWDEÆG]LHVWDQRZLÂSRGVWDZÆGRRV]DFRZDQLDNLHG\GDQ\
EXG\QHN F]\ LQVWDODFMD NZDOLILNXM• VLÆ GR UHPRQWX :\NRQDQLH DQDOL]\ ZS\ZX
F]\QQLNÏZyURGRZLVNRZ\FKPR›HPLHÂ]DWHPNOXF]RZH]QDF]HQLHSU]\UHDOL]DFML
SUDFUHPRQWRZ\FKUHNRQVWUXNF\MQ\FKUHQRZDFMLUHZDORU\]DFMLSU]HEXGRZDFK
QDGEXGRZDFKDWDN›HSU]\Z]QDZLDQLXEXGRZ\QLHGRNRÍF]RQ\FKRELHNWÏZ-HG
QRF]HyQLHQDOH›\SDPLÆWD›HEÆGQHRNUHyOHQLHSU]\F]\QNRUR]MLVWRVRZDQLHQLH
VSUDZG]RQ\FKF]\WH›SU]\SDGNRZ\FKPDWHULDÏZPR›HSU]\VSLHV]\ÂGHJUDGDFMÆ
NRQVWUXNFML FR QDUD›D LQZHVWRUD QD NRQLHF]QRy Z\NRQDQLD SRQRZQHM QDSUDZ\
L]QDF]QLH]ZLÆNV]DNRV]W\LQZHVW\FML
,VWQLHMH ZLHOH ]PLHQQ\FK NWÏUH PRJ• ZS\ZD QD Z\WU]\PDRy EHWRQX WD
NLFKMDNEOLVNRyÂFLHNÏZZRGQ\FKZ]JOÆGQDZLHONRyÂ]LDUHQNUXV]\ZDLMHJRSR
ZLHU]FKQLDZDyFLZD
24
%D]DUQLN0
6SHFMDOLyFL>@ZVND]XM•QDNLONDJUXSSU]\F]\QZS\ZDM•F\FKQDXV]NRG]HQLD
L]QLV]F]HQLDEHWRQXGRNWÏU\FKQDOH›•
ƒSU]\F]\Q\PHFKDQLF]QHWDNLHMDNQSXGHU]HQLHSU]HFL•›HQLHyFLHUDQLHZL
EUDFMH
ƒSU]\F]\Q\ IL]\F]QH QS ZS\Z Z\VRNLHM WHPSHUDWXU\ L HIHNW\ ]ZL•]DQH
]UϛQ\PLZVSϏF]\QQLNDPLUR]V]HU]DOQRyFLFLHSOQHMNUXV]\ZDLVWZDUGQLD
HJR]DF]\QXFHPHQWRZHJR
ƒF\NOLF]QH]DPUD›DQLHLUR]PUD›DQLHZRGD]DZDUWDZSRUDFKNDSLODUQ\FK]D
PDU]DLZ\ZLHUDFLyQLHQLHQDRWDF]DM•FHM•yFLDQNLSRUÏZFRPR›HSURZDG]LÂ
GRPLNURSÆNQLÆÂ
ƒSU]\F]\Q\FKHPLF]QHWDNLHMDNG]LDDQLHDJUHV\ZQ\FKMRQÏZZRG\PLÆN
NLHMNZDVÏZRUD]ZRG\PRUVNLHM
1DOH›\]D]QDF]\›HZV\WXDFMLU]HF]\ZLVWHMQDXV]NRG]HQLDNRQVWUXNFMLEX
GRZODQHMZS\ZDZLHOHF]\QQLNÏZMHGQRF]HyQLHQSNRUR]MDVLDUF]DQRZDZ]PDJD
VNXWNLXV]NRG]HQLDZ\ZRDQHJRF\NODPL]DPUD›DQLDLUR]PUD›DQLD
:DQDOL]DFK]GHJUDGRZDQ\FKVWUXNWXUEHWRQRZ\FKF]ÆVWRSRPLMDVLÆDVSHNW
FKHPLF]Q\FKXV]NRG]HÍMDNRPQLHMLVWRWQ\FK]HZ]JOÆGXQDGXJROHWQLEUDN]H
ZQÆWU]Q\FK R]QDN ]QLV]F]HÍ 7DNLH ]DQLHGEDQLH VWDQRZL LVWRWQ\ E•G SRQLHZD›
]HZ]JOÆGXQDVZÏMFKDUDNWHUFKHPLF]Q\LPLQHUDORJLF]Q\EHWRQZyURGRZLVNX
QDWXUDOQ\PQLH]QDMGXMHVLÆZVWDQLHUÏZQRZDJL-DNZVND]XM•0HQHQGH]LLQQL
>@FHPHQWMHVWUHDNW\ZQ\LQLHVWDELOQ\SUDNW\F]QLHZHZV]\VWNLFKyURGRZLVNDFK
7DPHWDVWDELOQRyÂL]DFKRG]•FHUHDNFMHV•SRZV]HFKQLHREVHUZRZDQHLQLHVWDQR
ZL• Z\M•WNX : QLHNWÏU\FK SU]\SDGNDFK SURGXNW\ DJUHVML V• DJRGQH D ]DWHP
SURSRUFMH PHFKDQLF]QH L WUZDRy V]NLHOHWX SR]RVWDMH QLHQDUXV]RQD 3U]\NDGHP
PR›HE\Â]Z\N\EHWRQQLH]EURMRQ\SRGOHJDM•F\MHG\QLHSURFHVRPNDUERQDW\]D
FMLQLHZS\ZDM•F\PLVWRWQLHQDSDUDPHWU\Z\WU]\PDRyFLRZH1LHVWHW\SR]RVWDH
SURFHV\MDNLPSRGOHJDM•VWUXNWXU\EHWRQRZHPRJ•]QDF]QLHEDUG]LHMV]NRG]LÂLWDN
QSNRUR]MDVLDUF]DQRZDNWÏUHMF]ÆVWRWRZDU]\V]\HNVSDQVMDREMÆWRyFLRZDNWÏUDZ
NRQVHNZHQFMLSURZDG]LGRSRZVWDQLD PLNURVSÆNDÍLSURFHVGHJUDGDFMLVWDMHVLÆ
VDPRSU]\ySLHV]DM•F\SRZRGXM•FZ]URVWLORyFLVSÆNDÍLRGSU\VNÏZ
: SRGVWDZRZ\P VNDG]LH ]D]Z\F]DM PLHV]DQND EHWRQRZD ]DZLHUD t
FHPHQWX t NUXV]\ZD RUD] t ZRG\ : ZLHOX EHWRQDFK SRZLHWU]H
PR›H VWDQRZL NROHMQH t &]ÆVWR VSRW\NDQ\P VNDGHP VWDQGDUGRZ\P MHVW
FHPHQWXSRUWODQG]NLHJR›ZLUXOXEWXF]RQ\FKNDPLHQLSLDVNX
ZRG\LSRZLHWU]D1LHNLHG\GRGDZDQHV•LQQHGRPLHV]NLQSVXSHUSOD
VW\ILNDWRU\
%HWRQMHVW]DWHPZLHORID]RZ\PSRURZDW\PPDWHULDHP:DUWRyÂS+UR]WZR
UX PLÆG]\SRURZHJR Z\QRVL RNRR D ZLÆF MHVW ]QDF]QLH Z\›V]D QL› ZDUWRyÂ
S+RWRF]HQLD&KDUDNWHU\VW\NDV]NLHOHWXSRURZHJRZLHONRyÂDZV]F]HJÏOQRyFL
SR•F]HQLDNDSLODUQHSRUÏZGHWHUPLQXM•SU]HS\ZDJUHV\ZQ\FKMRQÏZZHZQ•WU]
PDWU\F\EHWRQRZHM>@'\IX]MDLSU]HQLNDQLHVWDQRZL•GZDSRGVWDZRZHPHFKD
QL]P\ WHJR SU]HS\ZX NWÏUH GRPLQXM• Z yURGRZLVNX ]DZRGQLRQ\P 1LHPQLHM
MHGQDNQDWXUDFKHPLF]QDV]NLHOHWXVWDQRZLNOXF]RZ\SDUDPHWURGSRUQRyFLEHWRQX
QDDJUHV\ZQHyURGRZLVND
=1$&=(1,(52=32=1$1,$352&(6¯:'(*5$'$&-,%(7218:2'1,(6,(1,8'2
25
&KHPLF]QD NRPSR]\FMD ID]\ ]K\GUDW\]RZDQHM GOD FHPHQWX SRUWODQG]NLHJR
RUD]MHJRSURSRUFMHZHZQ•WU]V]NLHOHWX]DOH›•RGURG]DMXZL•]DÍWZRU]•F\FKVLÆ
SRPLÆG]\FHPHQWHPDGRGDWNDPL&RGRGDWNRZRGHWHUPLQXMHFKHPLF]Q•VWDELOL
]DFMÆV]NLHOHWX
:RGD JUD NOXF]RZ• UROÆ Z LQWHUDNFML SRPLÆG]\ FHPHQWRZ\P V]NLHOHWHP
DDJUHV\ZQ\PPHGLXP
*ÏZQ• VLÆ QDSÆG]DM•F• VWDQRZL• UHDNFMH FKHPLF]QH GZRMDNLHJR W\SX UR]
SXV]F]DQLH ]K\GUDW\]RZDQHM L QLH]K\GUDW\]RZDQHM ID]\ RUD] Z\WU•FDQLH QRZHM
ID]\tQRZ\FKSURGXNWÏZ UHDNFML7HUHDNFMH]UHJX\SRF]•WNRZR]DFKRG]•QD
]HZQÆWU]QHMSRZLHU]FKQLEHWRQXDQDVWÆSQLHZUD]]XS\ZHPF]DVXQDVWÆSXMHHNV
SDQVMDZJ•ESURZDG]•FGRSRZVWDQLDZSURFHVLHVWUHI\]PLHQLRQHM:DyFLZRyFL
VWUHI\]PLHQLRQHMV•JHQHUDOQLH]XER›RQHIL]\F]QLHDV]F]HJÏOQLHPHFKDQLF]QLH
Z SRUÏZQDQLX ]H ]GURZ• F]ÆyFL• 3RQDGWR IRUPRZDQLH VLÆ QRZ\FK SURGXNWÏZ
PR›HZQLHNWÏU\FKSU]\SDGNDFKZ\ZR\ZDÂGRGDWNRZHVNXWNLV]NRGOLZHZV]NLH
OHFLH
&LyQLHQLHZ\ZRDQHSU]H]NU\VWDOL]DFMÆQSVROLPR›HZ\ZR\ZDÂVHULÆPLNUR
VSÆNDÍ ]PLHQLDM•F W\P VDP\P QLH W\ONR PHFKDQLF]QH SURSRUFMH V]NLHOHWX DOH
]ZLÆNV]DM•F UÏZQLH› ZDyFLZRyFL WUDQVSRUWRZH LQGXNXM•F Z\›V]• NLQHW\NÆ ZQL
NDQLDDJUHV\ZQ\FKUR]WZRUÏZZJ•EVWUXNWXU\1LHNLHG\GRFLHUDM•FGR]EURMHQLD
SRZRGXM•GHVWUXNFMÆVWUXNWXU\U\V
5\V&L•JSU]\F]\QRZRVNXWNRZ\GHJUDGDFMLEHWRQX>@
-HVWWRJHQHUDOQ\PHFKDQL]PLQWHUDNFMLPLÆG]\]HZQÆWU]Q\PLFHQWUDPLDV]NLH
OHWHPFHPHQWRZ\P5RG]DM]QLV]F]HÍZ\ZRDQ\FKDWDNLHPDJUHV\ZQ\FK]ZL•]
NÏZMHVWVLOQLHX]DOH›QLRQ\RGFKDUDNWHUXNRPSRQHQWÏZDJUHV\ZQ\FK
*UDWWDQt%HOOHZ>@Z\UϛQLDQDVWÆSXM•FHURG]DMHXV]NRG]HÍEHWRQXZ\ZRD
Q\FKF]\QQLNDPLFKHPLF]Q\PL
ƒXV]NRG]HQLHZVNXWHNRGG]LD\ZDQLDZRG\PLÆNNLHM:RGDPLÆNNDRS+
QDMF]ÆyFLHM]]DNUHVXG]LDDM•FQDEHWRQSURZDG]LGRZ\SXNLZDQLD
ZRGRURWOHQNXZDSQLD&D2+5H]XOWDWHPWHJRMHVWXWUDWDPDV\EHWRQX
LRVDELHQLHZL•]DQLDFHPHQWRZHJR&6+
ƒXV]NRG]HQLHZVNXWHNNRQWDNWXEHWRQX]ZRG•PRUVN•:RGDPRUVND]D
ZLHUDRNRR1D&O0J&O0J62LyODGRZHLORyFL.+&2
1DMZLÆNV]H]DJUR›HQLHGODNRQVWUXNFMLEHWRQRZ\FKQDUD›RQ\FKQDNRQWDNW
]ZRG•PRUVN•VWDQRZL•]DZDUWHZQLHMFKORUNLLVLDUF]DQ\VRGXLPDJQH
]X $WDN ZRG\ PRUVNLHM SRZRGXMH HUR]MÆ RUD] Z\SXNLZDQLH VNDGQLNÏZ
EHWRQX:RGRURWOHQHNZDSQLDLVLDUF]DQZDSQLDV•ZGX›\PVWRSQLXUR]
%D]DUQLN0
26
SXV]F]DQH Z ZRG]LH PRUVNLHM D WR ]ZLÆNV]D HIHNW\ XJRZDQLD 'RGDWNR
ZRNRQWDNW]ZRG•PRUVN•SURZDG]LGRNRUR]ML]EURMHQLD1DJURPDG]HQLH
SURGXNWÏZNRUR]MLVWDOLSRZRGXMH]NROHLUR]HUZDQLHRWDF]DM•FHJREHWRQX
=DWHPZS\ZZRG\PRUVNLHMMHVW]QDF]QLHEDUG]LHMQHJDW\ZQ\GOD›HOEHWX
QL›GOD]Z\NHJREHWRQX
ƒXV]NRG]HQLHEHWRQXZVNXWHNG]LDDQLDNZDVÏZ:RGRURWOHQHNZDSQLD]D
ZDUW\ZFHPHQFLHSRUWODQG]NLPZLORyFLRNFDNRZLFLHUR]SXV]F]DVLÆ
QDZHWSRGZS\ZHPVDE\FKNZDVÏZRUJDQLF]Q\FK2EHFQHZSRZLHWU]X
62L&2WZRU]•ZNRQWDNFLH]ZRG•VDEHNZDV\NWÏUHPRJ•UHDJRZDÂ
]ZÆJODQHPZDSQLDW\PVDP\PSRZRGXM•FSRJRUV]HQLHZ\WU]\PDRyFLEH
WRQX:SUDNW\FHDWDNNZDVXZ\VWÆSXMHSU]\ZDUWRyFLS+SRQL›HMRNRR
3U]\S+SRQL›HMDWDNPR›HE\ÂSRZD›Q\ZVNXWNDFK-H›HOLNZDV\
OXELFKVROHSHQHWUXM•ZJ•EEHWRQXGRFLHUDM•FGRVWDOLPR›HGRMyÂGRNRUR
]ML]EURMHQLD
ƒXV]NRG]HQLHEHWRQXZVNXWHNNRUR]MLVLDUF]DQRZHM-HVWWRMHGHQ]QDMEDU
G]LHMQLHEH]SLHF]Q\FKURG]DMÏZFKHPLF]QHMNRUR]MLEHWRQXJG\›PR›HSUR
ZDG]LÂ]DUÏZQRGRUR]SDGXZL•]DÍFKHPLF]Q\FKMDNLHNVSDQVMLHOHPHQWÏZ
NRQVWUXNFMLPLNURSÆNQLÆÂDQDZHWGRFDNRZLWHJR]QLV]F]HQLDVNRURGRZD
QHJRHOHPHQWXNRQVWUXNFML6LDUF]DQ\ZDSQLDVRGXSRWDVXLPDJQH]XV•
REHFQHZZLÆNV]RyFLJOHELZÏGJUXQWRZ\FK6LDUF]DQ\UHDJXM•]ZROQ\P
ZRGRURWOHQNLHPZDSQLD>&D2+@WZRU]•FVLDUF]DQZDSQLDJLSVRUD]UH
DJXM•]ZRGRURWOHQNLHPJOLQXWZRU]•FXZRGQLRQ\VLDUF]DQRJOLQLDQZDSQLD
NWÏUHJRREMÆWRyÂZ\QRVLRNRRREMÆWRyFLPDWHULDXZ\MyFLRZHJR3UR
GXNW\W\FKUHDNFMLJLSVLXZRGQLRQ\VLDUF]DQRJOLQLDQZDSQLDPDM•]QDF]QLH
ZLÆNV]• REMÆWRy QL› ]ZL•]NL NWÏUH ]DVWÆSXM• :\QLND ] WHJR ›H UHDNFMH
]VLDUF]DQDPLSURZDG]•GRHNVSDQVMLEHWRQX6SRyUÏGZV]\VWNLFKVLDUF]D
QÏZVLDUF]DQPDJQH]XSRZRGXMHQDMZLÆNV]HXV]NRG]HQLDEHWRQX
ƒXV]NRG]HQLD EHWRQX ZVNXWHN NRUR]ML FKORUNRZHM =H Z]JOÆGX QD Z\VRN•
DONDOLF]QRyÂZDUVWZ\RFKURQQHMRWXOLQ\EHWRQRZHMZNRQVWUXNFML›HOEHWR
ZHM G]LDDQLH FKORUNÏZ MHVW V]F]HJÏOQLH QLHEH]SLHF]QH 3U]\F]\QLD VLÆ GR
NRUR]ML]EURMHQLDnUÏGHPFKORUNÏZPR›HE\ÂFHPHQWZRGDGRPLHV]NL
NUXV]\ZRRUD]RWRF]HQLH]HZQÆWU]QH:QLNDQLHFKORUNÏZZRWXOLQÆEHWRQR
Z•QLHVLH]HVRE•U\]\NRNRUR]MLRVDG]RQHJRPHWDOX,PZ\›V]D]DZDUWRyÂ
FKORUNÏZW\PZLÆNV]HMHVWU\]\NRZ\VW•SLHQLDNRUR]ML$E\]PLQLPDOL]R
ZDÂU\]\NRGHJUDGDFMLEHWRQXQDOH›\RJUDQLF]\Â]DZDUWRyÂV]NRGOLZ\FKVROL
SRFKRG]•F\FK]FHPHQWXNUXV]\ZDZRG\LGRPLHV]HN
3RGVXPRZDQLH
%HWRQSRGREQLHMDNLQQHPDWHULD\EXGRZODQHQDUD›RQ\MHVWQDQLV]F]•FHRG
G]LD\ZDQLHyURGRZLVNZZ\QLNXNWÏU\FKXOHJDM•]PLDQLHMHJRZDyFLZRyFLX›\WNR
ZH'ODWHJRREHFQLHUR]ZÏMWHFKQRORJLLSURGXNFMLEHWRQXXNLHUXQNRZDQ\MHVWSU]HGH
=1$&=(1,(52=32=1$1,$352&(6¯:'(*5$'$&-,%(7218:2'1,(6,(1,8'2
27
ZV]\VWNLPQDX]\VNDQLHEHWRQÏZ]DSHZQLDM•F\FKXWU]\PDQLHZDyFLZRyFL]ZL•]D
Q\FK ] WUZDRyFL• QD Z\PDJDQ\P SURMHNWRZDQ\P SR]LRPLH 7UZDRy RELHNWÏZ
EXGRZODQ\FK]RVWDDZSLVDQDGRZ\PDJDÍSRGVWDZRZ\FKG\UHNW\Z\HXURSHMVNLHM
(&&L5R]SRU]•G]HQLD3DUODPHQWX(XURSHMVNLHJRL5DG\(XURS\XVWDQDZLD
M•FHJR]KDUPRQL]RZDQHZDUXQNLZSURZDG]DQLDGRREURWXZ\UREÏZEXGRZODQ\FK
LMHVWWUDNWRZDQDMDNRZD›Q\HOHPHQW]UÏZQRZD›RQHJRUR]ZRMX
1DSRGVWDZLH]HZQÆWU]Q\FKV\PSWRPÏZGHJUDGDFMLQLH]DZV]HPR›QDSUDZL
GRZRRFHQLÂSU]\F]\Q\LZ\MDyQLÂ]R›RQRyÂ]DJDGQLHQLD&]DVHPQLH]EÆGQHMHVW
SU]HSURZDG]HQLHEDGDÍODERUDWRU\MQ\FKPDM•F\FKQDFHOXZ\MDyQLHQLHSUREOHPX
%HWRQ QDUD›RQ\ MHVW QD DWDNL F]\QQLNÏZ yURGRZLVNRZ\FK QLHPDO›H RG PRPHQ
WXSRZVWDQLDEXGRZOLDSURFHVGHJUDGDFML]DFKRG]LZHZQ•WU]LZVSRVÏEFL•J\
3LHUZV]HPDHSÆNQLÆFLHZSXV]F]DGRyURGNDZRGÆRUD]LQQHVXEVWDQFMHSRZRGXM•F
NRUR]MÆ.ROHMQ\PHWDSHPMHVWSRMDZLHQLHVLÆV\PSWRPÏZ]HZQÆWU]Q\FKWDNLFK
MDNZ\NUXV]DQLHSÆNDQLHF]\RGSU\VNLZDQLH'EDRyÂR]DFKRZDQLHSURFHGXUNRQ
VHUZDF\MQ\FKLRGSRZLHGQL•UHDNFMÆQDR]QDNLGHJUDGDFMLMHVWQLH]PLHUQLHZD›QH
GOD]DSHZQLHQLDEH]SLHF]HÍVWZDLWUZDRyFLNRQVWUXNFML
%LEOLRJUDILD
>@%LHÍ - 0RVW\ NROHMRZH t XV]NRG]HQLD DZDULH NDWDVWURI\ 0DWHULD\
;;,9.RQIHUHQFML1DXNRZR7HFKQLF]QHMd$ZDULHEXGRZODQHr6]F]HFLQ
0LÆG]\]GURMHtPDMDUVt
>@*UDWWDQ%HOOHZ3(0LFURVWUXFWXUDOLQYHVWLJDWLRQRIGHWHULRUDWHG
3RUWODQG FHPHQW FRQFUHWHV &RQVWUXFWLRQV DQG %XLOGLQJ 0DWHULDOV >@0HQHQGH] ( 0DWVFKHL 7 *ODVVHU )3 6XOIDWH $WWDFN RI &RQFUHWH LQ
3HUIRUPDQFHRI&HPHQW%DVHG0DWHULDOVLQ$JUHVVLYH$TXHRXV(QYLURQ
PHQWV6SULQJHU
>@1HYLOOH$0:DyFLZRyFLEHWRQX3ROVNL&HPHQW
>@6LZRZVNL71RZRF]HVQHWHFKQRORJLHPRGHUQL]DFMLNROHMRZ\FKRELHNWÏZ
LQ›\QLHU\MQ\FK7HFKQLNDVWU
>@:LHOROHWQLSURJUDPLQZHVW\FMLNROHMRZ\FKGRURNX,QIUDVWUXNWXUD
NROHMRZD]DU]•G]DQDSU]H]3.33ROVNLH/LQLH.ROHMRZH6$0LQLVWHU,Q
IUDVWUXNWXU\U@
>@KWWSFSWPDUNXSIDFWRU\FRPFRUURVLRQSURFHVV
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
$1$/,=$:<%5$1<&+()(.7¯:'<1$0,&=1<&+
:725=(.2/(-2:<0
5RPDQ%RJDF]
:RG]LPLHU]&]\F]XD
SURI GU KDE LQ› 3ROLWHFKQLND .UDNRZVND XO :DU
V]DZVND .UDNÏZ .DWHGUD ,QIUDVWUXNWXU\
7UDQVSRUWX 6]\QRZHJR L /RWQLF]HJR 3ROLWHFKQLND :DU
V]DZVND:\G]LD6L05,QVW\WXW3RMD]GÏZHPDLOUER
JDF]#LSSWJRYSO
SURIGUKDELQ›3ROLWHFKQLND.UDNRZVNDXO:DUV]DZ
VND.UDNÏZ.DWHGUD,QIUDVWUXNWXU\7UDQV
SRUWX6]\QRZHJRL/RWQLF]HJRWHOHPD
LOF]\F]XOD#SNHGXSO
6WUHV]F]HQLH$UW\NXGRW\F]\DQDOL]\Z\EUDQ\FKHIHNWÏZG\QDPLF]Q\FKNWÏUHSRZLQQ\
]DLQWHUHVRZDÂHNVSHUWÏZRUD]LQ›\QLHUÏZLEDGDF]\LQIUDVWUXNWXU\NROHMRZHM1LHNWÏUH]MDZLVND
G\QDPLF]QHZ\VWÆSXM•FHZRGG]LD\ZDQLXSRMD]GÏZV]\QRZ\FKPD\FKLGX›\FKSUÆGNRyFL]WR
UHPV•]R›RQHL]WHJRZ]JOÆGXQLHV•SRZV]HFKQLH]QDQH:QLQLHMV]HMSUDF\SRGDMHP\SU]HJO•G
Z\EUDQ\FK]DJDGQLHÍLSU]\NDGRZ\FKZ\QLNÏZV\PXODFMLNRPSXWHURZHMRUD]Z\QLNÏZEDGDÍ
GRyZLDGF]DOQ\FK
6RZDNOXF]RZHG\QDPLNDWRUXNRUXJDFMDUH]RQDQV
:VWÆS
=SU]HSURZDG]RQ\FKEDGDÍGRyZLDGF]DOQ\FKLV\PXODF\MQ\FKZ\QLND›HSDUD
PHWU\FKDUDNWHU\]XM•FHVWDQWRUXLSRMD]GXV]\QRZHJRPDM•]DVDGQLF]\ZS\ZQD
LFKG\QDPLF]QHRGG]LD\ZDQLHNWÏUHSRSU]HNURF]HQLXSHZQ\FKZDUWRyFLX]QDZD
Q\FK]DNU\W\F]QHPRJ•ODZLQRZRURVQ•Â'REU\PSU]\NDGHPPRJ•E\ÂHIHNW\
WRZDU]\V]•FH NRUXJDFML V]\Q 3DUDPHWUDPL LVWRWQLH ZS\ZDM•F\PL QD LQWHQV\Z
QRyÂQDSUƛHÍNRQWDNWRZ\FKLGDOV]\UR]ZÏMNRUXJDFMLV•PLQSUÆGNRyÂMD]G\
DPSOLWXGDLGXJRyÂIDOLQLHUÏZQRyFLLLQQH=MDZLVNRWRSU]H]GXJLF]DVQLHE\R
]DXZD›DQHQLHSU]\ZL•]\ZDQRGRQLHJRQDOH›\WHMXZDJL]HZ]JOÆGXQDWUXGQRyFL
Z LGHQW\ILNDFML QDSUƛHÍ L RGU\ZDQLD VLÆ NRD RG V]\Q\ ,QQ\P SU]\NDGHP MHVW
Z]URVWREFL•›HÍG\QDPLF]QHJRRGG]LD\ZDQLDXNDGXSRMD]GWRU]ZL•]DQ\]RNUH
VRZ\P XR›HQLHP SRGNDGÏZ NROHMRZ\FK 3RPLDU W\FK VL QDVW•SL GRSLHUR SRG
NRQLHFXELHJHJRZLHNXZSU]\SDGNXNODV\F]Q\FKSDUDPHWUÏZSU]\WZLHUG]HQLD
V]\Q\ L UR]NDGX SRGNDGÏZ UH]RQDQV Z\VWÆSXMH SU]\ SUÆGNRyFL RNRR NP
JRG]1DVWÆSQLHPR›QDZ\PLHQLÂZ\QLNLEDGDÍV\PXODF\MQ\FKLSRPLDUÏZGR
yZLDGF]DOQ\FK]MDZLVNDIDOLVWHJR]X›\FLDtNRUXJDFML1DXZDJÆ]DVXJXMHUÏZQLH›
UR]ELH›QRyÂSRPLÆG]\U]HF]\ZLVW\PREFL•›HQLHPG\QDPLF]Q\PDSR]RUQ\PNWÏ
UHMHV]F]HF]ÆVWRPR›QD]QDOH|ÂZOLWHUDWXU]H
:NáDGDXWRUyZZSXEOLNDFMĊ%RJDF]5&]\F]XáD:
%RJDF]5&]\F]XD:
30
%DGDQLDV\PXODF\MQH
'REDGDÍV\PXODF\MQ\FKRGG]LD\ZDQLDSRMD]GXV]\QRZHJR]WRUHPZ\NRU]\
VWXMHP\]Z\NOHPRGHOXNDGXSRMD]GV]\QRZ\WRUSU]HGVWDZLRQ\QDU\VXQNX
NWÏU\SR]ZDODQDXZ]JOÆGQLHQLHRGG]LD\ZDQLDSRMD]GX]WRUHPZQLVNLP]DNUHVLH
F]ÆVWRWOLZRyFL 8NDG VNDGD VLÆ ] SXGD ZDJRQX EHOHN EXMDNRZ\FK UDP
ZÏ]ND]HVWDZÏZNRRZ\FKV]\QRUD]SRGNDGÏZ7DNLHPRGHORZD
QLHSRMD]GXSR]ZDODQDXZ]JOÆGQLHQLHJHRPHWU\F]QHJRVWDQXWRUXXNLNU]\ZH
SU]HMyFLRZH]PLHQQRyÂSU]HFK\NLUR]VWDZXV]\QLWS
5\V6FKHPDW\F]Q\PRGHOXNDGXSRMD]GV]\QRZ\WRU
0RGHOSU]HGVWDZLRQ\QDU\VMHVW]E\WUR]EXGRZDQ\DE\SU]HSURZDG]DÂDQD
OL]ÆG\QDPLF]Q•Z\VRNRF]ÆVWRWOLZRyFLRZ\FKSURFHVÏZSRGXNDGXNRRtV]\QDOXE
LFK V\PXODFMÆ :]JOÆGQLH ZROQR ]PLHQLDM•FH VLÆ SU]HPLHV]F]HQLD OXE REFL•›HQLD
PR›QD]DR›\ÂMDNRVWDHZNUÏWNLPF]DVLHEDGDQLDSURFHVÏZV]\ENR]PLHQQ\FK
QSZSU]\SDGNXEDGDQLDG\QDPLNL]XZ]JOÆGQLHQLHPNRUXJDFMLV]\QOXENϏNROH
MRZ\FK3U]\NDGHPXSURV]F]RQHJRSRGXNDGXPR›HE\ÂVFKHPDWSU]HGVWDZLRQ\
QDU\V3U]\MPXM•F›HNRRLV]\QDV•SRGDWQHW\ONRZREV]DU]HVW\NXZ]D
NUHVLHGUJDÍRZ\VRNLHMF]ÆVWRWOLZRyFLRUD]DPSOLWXG]LHZ\QRV]•FHMNLONDG]LHVL•W
PLNURPHWUÏZPR›HP\ZVSRVÏESU]\EOL›RQ\RNUHyOLÂV]W\ZQRyÂNRQWDNWRZ•Z\
NRU]\VWXM•F WHRULÆ +HU]D >@ 'DOV]H EDUG]LHM GRVNRQDH SU]\EOL›HQLH X]\VNDP\
XZ]JOÆGQLDM•F RSUÏF] SRGDWQRyFL NRQWDNWRZHM SRGDWQRy WDUF]\ NRD >@ D QD
VWÆSQLHXZ]JOÆGQLDM•F]PLHQQ•SUÆGNRyÂSRR›HQLDNRQWDNWXSXQNWXRWU]\PDP\
MDNRyFLRZRQRZHUH]XOWDW\RSLVDQHZSUDF\>@
5\V6FKHPDWNRQWDNWXNRD]HVNRUXJRZDQ•SRZLHU]FKQL•V]\Q\RZLHORNURWQLHSRZLÆNV]RQHMDPSOLWXG]LH
$1$/,=$:<%5$1<&+()(.7¯:'<1$0,&=1<&+:725=(.2/(-2:<0
31
=DNDGDM•FZVWÆSQLHQLHRGNV]WDFDOQRyÂNRDLV]\Q\RUD]EUDNPR›OLZRyFLXWUD
W\NRQWDNWXPR›HP\ZSU]\SDGNXFRVLQXVRLGDOQHJRNV]WDWXQLHUÏZQRyFLZ\]QD
F]\Â]DNUHVNRQWDNWXSU]HPLHV]F]HQLDyURGNDNRDRUD]SUÆGNRyÂLSU]\VSLHV]HQLH
ZNLHUXQNXSLRQRZ\P3DUDPHWU\WHSRGDQRZ\NUHyOQLHQDU\VDLE
5\VD*HRPHWULDQLHUÏZQRyFLFRVLQXVRGXJRyFLIDOLPPLSU]HPLHV]F]HQLDSLRQRZHyURGNDNRD
5\VE3UÆGNRyÂLSU]\VSLHV]HQLHyURGNDNRDSU]\V]HyFLXUϛQ\FKZDUWRyFLDFKDPSOLWXG\QLHUÏZQRyFL
RLGHDOL]RZDQ\PNV]WDFLHFRVLQXVLGXJRyFLPP
1DU\VXQNDFKDRUD]ESU]\MÆWREH]Z\PLDURZ•DPSOLWXGÆQLHUÏZQRyFL
FR XPR›OLZLD DQDOL]Æ IDOLVWRyFL R UϛQHM DPSOLWXG]LH 3RGDQH ]DOH›QRyFL PDM•
FKDUDNWHU SRPRFQLF]\ ]H Z]JOÆGX QD SRPLQLÆFLH RGNV]WDFDOQRyFL NRQWDNWR
ZHM&KDUDNWHU\VW\F]Q\MHVWIDNW›HW\ONRSU]\PD\FKZDUWRyFLDFKDPSOLWXG\
IDOLVWHJR ]X›\FLD L QLH GRFKRG]L GR XGHU]HQLD ZH ZQRV]•F• VLÆ F]ÆyÂ
QLHUÏZQRyFL
: Z\QLNX EDGDÍ V\PXODF\MQ\FK PQLHM XSURV]F]RQHJR PRGHOX ] XZ]JOÆG
QLHQLHP SRGDWQRyFL NRQWDNWRZHM X]\VNXMHP\ UH]XOWDW\ SU]HGVWDZLRQH QD U\V Z SU]\SDGNX SUÆGNRyFL L NPJRG] RUD] DPSOLWXG\ NRUXJDFML
PP1DU\VSRGDQ\]RVWDSU]\SDGHNDPSOLWXG\IDOLPPLSUÆG
NRyFLNPJRG]
32
%RJDF]5&]\F]XD:
5\V3U]HPLHV]F]HQLDNRDLZDUWRyFLVLNRQWDNWRZ\FKSU]\$ PPLSUÆGNRyFL
LNPJRG]
0R›HP\]DXZD›\›HSU]\SUÆGNRyFLNPJRG]Z\VWÆSXMHUH]RQDQVNRQWDN
WRZ\GRSURZDG]DM•F\GRXWUDW\NRQWDNWX'DOV]HPXZ]URVWRZLSUÆGNRyFLWRZD
U]\V]\]PQLHMV]DQLHZDUWRyFLVLNRQWDNWRZ\FKLEUDNXWUDW\NRQWDNWX3U]\SDGHN
RGSRZLDGDM•F\WDNLHPXSU]HELHJRZLSU]\SUÆGNRyFLNPJRG]MHVWSU]HGVWD
ZLRQ\MDNRWU]HFLSU]\SDGHNQDU\V
=ZLÆNV]HQLHSUÆGNRyFLSRMD]GXV]\QRZHJRXPR›OLZLD]PQLHMV]HQLHDPSOLWXG\
GUJDÍZRJUDQLF]RQ\P]DNUHVLHDPSOLWXGNRUXJDFML3U]\NDGHPPR›HE\ÂSU]\
SDGHNSU]HGVWDZLRQ\QDU\VRDPSOLWXG]LHPP:LGRF]QHV•]DUÏZQR
GX›HZDUWRyFLVLNRQWDNWRZ\FKSU]\SUÆGNRyFLNPJRG]MDNLXWUDWDNRQWDN
WXNRD]V]\Q•
5\V3U]HPLHV]F]HQLDNRDRUD]ZDUWRyFLVLNRQWDNWRZ\FKSU]\$ PPLSUÆGNRyFLNPJRG]
$1$/,=$:<%5$1<&+()(.7¯:'<1$0,&=1<&+:725=(.2/(-2:<0
33
=DOHFHQLD'%LLQQ\FKNROHLHXURSHMVNLFK]DOHFDM•V]OLIRZDQLHOLNZLGXM•FHID
OLVWRy V]\Q Z SU]\SDGNX RVL•JQLÆFLD DPSOLWXG\ $ PP :LGRN V]\Q\
RWDNLP]X›\FLXLOXVWUXMHU\V
5\V:LGRNV]\Q\RDPSOLWXG]LHNRUXJDFML]X›\FLDIDOLVWHJRRNRRPP
,QLFMDFMDIDOLVWRyFLV]\QQDVWÆSXMH]Z\NOHQDGSRGNDGHPJG]LHSRGDWQRyÂMHM
MHVWQDMPQLHMV]DZV]F]HJÏOQRyFLZSU]\SDGNXQLHSRSUDZQHJRGRERUXV]W\ZQRyFL
ZÆ]DSU]\WZLHUG]HQLD=E\WV]W\ZQHSU]\WZLHUG]HQLHV]\QPLDRPLHMVFHUÏZQLH›
QDOLQLDFKNROHMRZ\FKWHFKQRORJLF]QLH]DDZDQVRZDQ\FKNUDMDFKHXURSHMVNLFKFR
Z\PDJDRNRUHNW\MX›SRGZÏFKODWDFKHNVSORDWDFML
-HGQ•]LVWRWQ\FKSU]\F]\QSÏ|QHJR]EDGDQLD]MDZLVNDNRUXJDFMLL]ZL•]DQHJR
]W\PG\QDPLF]QHJRSU]HFL•›HQLDNWÏUHQDV]\QLHPR›HSRQDGGZXNURWQLHSU]H
NUDF]DÂREFL•›HQLHVWDW\F]QHMHVWGRQLHGDZQDQLHPR›OLZ\SRPLDUVL\NRQWDNWR
ZHMLXWUDW\NRQWDNWX2EHFQLHZ\QLNLEDGDÍV\PXODF\MQ\FK]RVWD\SRWZLHUG]RQH
HNVSHU\PHQWDOQLH ,VWRWQ• SU]\F]\Q• UR]ZRMX IDOLVWRyFL MHVW GX›D SUÆGNRy SU]H
PLHV]F]DQLDSXQNWXNRQWDNWXNRDSRIDOLVWHMV]\QLH-DNZLGDÂQDV]NLFXSRND
]DQ\PQDU\VSUÆGNRyÂWHJRSXQNWXRVF\OXMHZRNϏSUÆGNRyFLyURGNDNRD1D
U\VSRGDQ\]RVWDSU]HELHJ]PLDQ\WHMSUÆGNRyFL>@
5\V3U]HELHJ]PLDQ\SUÆGNRyFLSXQNWXNRQWDNWXXNDGXNRRtV]\QDZF]DVLH>@
%RJDF]5&]\F]XD:
34
:•WSOLZRyFLEXG]•MHV]F]HQLHSRWZLHUG]RQHHNVSHU\PHQWDOQLHZ\QLNLGRW\F]•
FHV]W\ZQRyFLG\QDPLF]QHMZÆ]ÏZSU]\WZLHUG]HQLDZ]DNUHVLHZ\›V]\FKF]ÆVWRWOL
ZRyFLNLONDVHW+]=DQDOL]\WHRUHW\F]QHMZ\QLND›HSU]\]\PGRERU]HV]W\ZQR
yFLVWDW\F]QHMOXETXDVLVWDW\F]QHMZÆ]DSU]\WZLHUG]HQLDG\QDPLF]QDV]W\ZQRyÂ
PR›HRVL•JDÂNLONXG]LHVLÆFLRNURWQ•ZDUWRyÂV]W\ZQRyFLVWDW\F]QHM=DVDGQLF]HZ\
QLNLDQDOL]\VWUXNWXU\RNUHVRZHMWRUXGRW\F]•FHV]W\ZQRyFLG\QDPLF]QHMX]\VNDQH
ZSUDF\ZSUDF\>@]RVWD\SRGDQHQDU\V
1DVWÆSQ\PHIHNWHPGRW\F]•F\PG\QDPLF]QHJRRGG]LD\ZDQLDXNDGXSRMD]G
V]\QRZ\ WRU MHVW NLONDNURWQ\ Z]URVW VL\ NRQWDNWRZHM ]ZL•]DQ\ ] RNUHVRZ\P
UR]NDGHP SRGSDUFLD V]\Q SRGNDGÏZ =JRGQH ]DUÏZQR ] WHRUHW\F]QHJR MDN
L HNVSHU\PHQWDOQHJR SXQNWX ZLG]HQLD V• VWZLHUG]HQLD ›H UH]RQDQVRZH GUJDQLD
NLQHPDW\F]QLHZ\PXV]RQHRNUHVRZ\PXR›HQLHPSRGNDGÏZPRJ•SRZRGRZDÂ
Z\VWÆSRZDQLHVLNRQWDNWRZ\FKZLHORNURWQLHSU]HNUDF]DM•F\FKREFL•›HQLHVWDW\F]
QH=R›RQRyÂ]DUÏZQRDQDOL]\WHRUHW\F]QHMMDNLSRPLDUÏZHNVSHU\PHQWDOQ\FK
QDRELHNFLHU]HF]\ZLVW\PWXPDF]\EUDNUR]SRZV]HFKQLHQLDZLHG]\QDWHQWHPDW
5\V'\QDPLF]QDV]W\ZQRyÂZ]DOH›QRyFLRGF]ÆVWRWOLZRyFLSU]\GZXWU]\LF]WHURNURWQLHZLÆNV]HM
V]W\ZQRyFLVWDW\F]QHM
%DGDQLDHNVSHU\PHQWDOQH
3LHUZV]H]QDQHDXWRURPQLQLHMV]HJRDUW\NXXEDGDQLDGRyZLDGF]DOQHSRWZLHU
G]DM•FHZ\QLNLEDGDÍWHRUHW\F]Q\FKGRW\F]•FHUXFKRPHJRLRVF\OXM•FHJRREFL•›H
QLD]RVWD\SRPLHU]RQHSU]H]ILUPÆ$%%Z6]ZHFMLLXSRZV]HFKQLRQHSRGNRQLHF
XELHJHJRZLHNX
$1$/,=$:<%5$1<&+()(.7¯:'<1$0,&=1<&+:725=(.2/(-2:<0
35
DE
5\V5H]XOWDW\EDGDÍWHRUHW\F]Q\FKD,HNVSHU\PHQWDOQ\FKE.ZDGUDWSU]\VSLHV]HÍVL\
SU]\SUÆGNRyFL9 Q[NPK
3RF]•WNLDQDOL]\WHJRW\SX]MDZLVN]RVWD\SU]HSURZDG]RQHSU]H]7LPRV]HQNÆ
>@:\QLNLWHRUHW\F]QHLGRyZLDGF]DOQHZVND]XM•FHQD]JRGQRyÂSRGZ]JOÆGHP
MDNRyFLRZ\PSRGDQRQDU\V3R]DEDGDQLDPLXNDGÏZRNUHVRZ\FKSRGDQ\FK
PLQZ>@PR›QDZ\PLHQLÂEDGDQLDRJRV]RQHZ>@RRGPLHQQ\FKSRGVWDZDFK
QDXNRZ\FK SURZDG]•FH MHGQDN GR SRGREQHJR RSLVX ]MDZLVN L SRGREQ\FK Z\
QLNÏZ3RPLDU\REFL•›HÍNϏNROHMRZ\FKGRNRQ\ZDQHE\\QDWDUF]DFKNϏ-HVW
RF]\ZLVWH›HRyPLRNURWQ\Z]URVWREFL•›HÍVWDW\F]Q\FKSLHUZLDVWHN]U\VE
MHVW SU]HND]\ZDQ\ QD V]\QÆ SRZRGXM•F ORNDOQH XSODVW\F]QLHQLD V]\Q L LQLFMDFMÆ
SRZVWDZDQLDNRUXJDFML
5\V8NDGNRRtV]\QDLV]\QDtSRGNODGtSRGV\SND
2EFL•›HQLHSU]HND]\ZDQHQDSRGV\SNÆQDZLHU]FKQLNODV\F]QHMF]\QDZLHU]FK
QLÆS\WRZ•]DOH›\RGURG]DMXLSRGDWQRyFLZÆ]ÏZSU]\WZLHUG]HQLDUR]NDGXSRG
NDGÏZ>@LFKZLEURL]RODFMLLSRGDWQRyFLSRGV\SNL,VWRWQH]QDF]HQLHPDUÏZQLH›
V]W\ZQRy SRGNDGÏZ EH]ZDGQRy Z]JOÆGHP MHJR RVL RUD] ZDUWRy PRPHQWX
36
%RJDF]5&]\F]XD:
]JLQDM•FHJR Z ZÆ|OH SU]\WZLHUG]HQLD QS FHFK\ SRGNDGX SU]HGVWDZLRQHJR QD
U\V
5\V3RGNDGRSRGZ\›V]RQHMV]W\ZQRyFLPDVLH]SRGZÏMQ\PZÆ]HPSU]\WZLHUG]HQLD
3RUÏZQDQLHSU]HPLHV]F]HÍSLRQRZ\FKSRGNDGXNODV\F]QHJRLSRGNDGX]SR
GZÏMQ\PZÆ]HPSU]\WZLHUG]HQLDSU]\SU]HMH|G]LHWDNLHJRVDPHJRSRMD]GXLWD
NLHMVDPHMSUÆGNRyFLNPKSU]HGVWDZLRQRQDU\VXQNDFKL
5\V3U]HPLHV]F]HQLDSLRQRZHWU]HFKNROHMQ\FKSRGNDGÏZNODV\F]Q\FKZF]DVLHSU]\SUÆGNRyFLMD]
G\NPJRG]
5\V3U]HPLHV]F]HQLDSLRQRZHWU]HFKNROHMQ\FKSRGNDGÏZRSRGZÏMQ\PZÆ|OHSU]\WZLHUG]HQLD
ZF]DVLHSU]\SUÆGNRyFLMD]G\NPJRG]
$1$/,=$:<%5$1<&+()(.7¯:'<1$0,&=1<&+:725=(.2/(-2:<0
37
0R›HP\DWZR]DXZD›\›HSU]HPLHV]F]HQLDSLRQRZHEDUG]LHMV]W\ZQ\FKSRG
NDGÏZRSRGZÏMQ\PZÆ|OHSU]\WZLHUG]HQLDV•SRQDGPQLHMV]HL]HZ]JOÆ
GXQDZLÆNV]•V]W\ZQRyÂREFL•›HQLDV•EDUG]LHMUÏZQRPLHUQLHUR]R›RQHZ]GX›
SRGNDGX0R›HP\WXSRGNUHyOL›HWRUVWDQRZLXNDGRNUHVRZ\NWÏU\SRZLQLHQ
E\ÂDQDOL]RZDQ\MDNRFDDVWUXNWXUDRNUHVRZD]XZ]JOÆGQLHQLHPWDNLFKHIHNWÏZ
IDORZ\FKMDNSDVPDSU]HQRV]HQLDLSDVPD]DQLNDQLD>@>@F]\PHWRG\SRGDQHM
Z>@
JG]LH
(,tV]W\ZQRyÂV]\QQD]JLQDQLH
ZtSU]HPLHV]F]HQLHSLRQRZH
7tVLDZ]GX›ZVSϏU]ÆGQHM[
PtOLQLRZDJÆVWRyÂPDV\
FtV]W\ZQRyÂSRGR›D
)tVWDDVLD
)tVLDRVF\OXM•F•ZF]DVLHW]F]ÆVWRyFL•Z
GtG\VWU\EXFMD'LUDFpD
9tSUÆGNRyÂUXFKX
$QDOL]DSRMHG\QF]HJRXNDGXLOXVWURZDQHJRQDU\VXQNXQLHSR]ZDODX]\
VND SRSUDZQ\FK Z\QLNÏZ ZDUWRyFL VL L SU]HPLHV]F]HÍ JG\› QLH XZ]JOÆGQLD
DQLHIHNWÏZIDORZ\FKZV]\QDFKRSLVDQ\FKUÏZQDQLHPDQLRGG]LD\ZDQLDV•
VLHGQLFK SRGNDGÏZ :S\Z Z\VRNRF]ÆVWRWOLZRyFLRZ\FK REFL•›HÍ ]ZL•]DQ\FK ]
NRUXJDFM•V]\QQDSRGV\SNÆZSU]\SDGNXWDNLFKSRGNDGÏZMHVWMHV]F]HPQLHM
V]\FRRJUDQLF]DGHJUDGDFMÆSRGV\SNL=DJDGQLHQLH]ZL•]NXSRPLÆG]\GHJUDGDFM•
SRGV\SNLDIDODPLSRyOL]JRZ\PLSRZVWDM•F\PLZV]\QLHRGFL•›RQHMZXNXWRUX
MHVWEDGDQHGRyZLDGF]DOQLHZSUDF\>@QDOLQLDFKNROHMRZ\FK$XVWULL
3RGVXPRZDQLH
5R]ZD›DQHSRZ\›HM]DJDGQLHQLDGRW\F]\\Z\EUDQ\FK]MDZLVNG\QDPLF]Q\FK
NWÏU\FK]QDMRPRyÂSR]ZDODQDSU]HGVLÆZ]LÆFLHRGSRZLHGQLFKG]LDDÍXPR›OLZLD
M•F\FK RSW\PDOL]DFMÆ SURMHNWRZDQLD L XWU]\PDQLD OLQLL NROHMRZ\FK :\PLHQLRQH
ZQLQLHMV]HMSUDF\]DJDGQLHQLD]RVWD\MHG\QLH]DV\JQDOL]RZDQH]SRGDQLHP|UÏ
GRZHMOLWHUDWXU\FRXPR›OLZLDEDUG]LHMGRNDGQHLFKSR]QDQLHRUD]JÆEV]•DQDOL
]ÆSRV]F]HJÏOQ\FK]MDZLVN3LHUZV]\PNURNLHPGREDGDQLD]MDZLVNIDORZ\FKMHVW
DQDOL]DIDOJHQHURZDQ\FKSU]H]UXFKRPH|UÏGRZSRVWDFLRVF\OXM•FHMVL\DQDVWÆS
QLHXZ]JOÆGQLHQLHRNUHVRZRyFLVWUXNWXU\WRUX
%DGDQLDZVSLHUDQHF]ÆyFLRZRSU]H]1&1ZUDPDFK3URMHNWX11
%RJDF]5&]\F]XD:
38
/LWHUDWXUD
>@%RJDF]5.RZDOVND=&RPSXWHUVLPXODWLRQRIWKHLQWHUDFWLRQEHWZHHQ
DZKHHODQGDFRUUXJDWHGUDLO(XU-0HFK$6ROLGVSS
>@%RJDF]5.RQRZURFNL52QWKHQHZHIIHFWVRIZKHHOUDLOLQWHUDFWLRQ
$UFKLYHRI$SSOLHG0HFKDQLFVSS
>@%RJDF] 5 )ULVFKPXWK . 2Q VRPH QHZ DVSHFWV RI FRQWDFW G\QDPLFV
ZLWKDSSOLFDWLRQLQUDLOZD\HQJLQHHULQJ-7KHRUDQG$SSO0HFK
:DUVDZSS
>@%RJDF] 5 .DPLÍVNL $ .U]\›\ÍVNL 7 2Q LQIOXHQFH RI SDG IHDWXUHV
RQG\QDPLFRIUDLOZD\WUDFN(QJLQHHULQJ7UDQVDFWLRQVSS
>@%RJDF]5&]\F]XD:6HOHFWHG3UREOHPVRI+LJK6SHHG5DLOZD\V5H
YLHZRI3KHQRPHQDDQG,QYHVWLJDWLRQ5HVXOWV,QWHUQDWLRQDO&RQIHUHQFH
q3RMD]G\6]\QRZHr3R]QDÍSS
>@7LPRVKHQNR60HWKRGRIDQDO\VLVRIVWDWLFDQGG\QDPLFDOVWUHVVHVLQUDLO
3URFQG,QW&RQJU$SSO0HFK=XULFKSS
>@-H]HTXHO / 5HVSRQVH RI SHULRGLF V\VWHPV WR PRYLQJ ORDG -RXUQDO RI
$SSO0HFKSS
>@%RJDF] 5 &]\F]XD : :\EUDQH ]DJDGQLHQLD G\QDPLNL NROHL GX›\FK
SUÆGNRyFLSU]HJO•GEDGDÍGRW\F]•F\FKWRUX0DWHULD\.RQIHUHQFML'URJL
.ROHMRZH.U\QLFDVWU
>@%RJDF] 5 )ULVFKPXWK . 0HLQNH 3 6WHIDQLGLV - =XU 6WDELOLWDHW GHV
6SXUNUDQ]ODXIV,QQRWUDQV%DKQ%DX%HUOLQSS&'
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
3235$:$67$18,1)5$6758.785<'2
35=(:2=¯:,17(502'$/1<&+:12:(-
3(563(.7<:,(),1$162:(-
3U]HP\VDZ%URQD
5REHUW.UXN
6SHFMDOLVWDLQ›WHFKQ=DNDG'UÏJ.ROHMRZ\FKL3U]H
ZR]ÏZ,QVW\WXW.ROHMQLFWZD
6WDUV]\VSHFMDOLVWDLQ›WHFKQ=DNDG'UÏJ.ROHMRZ\FK
L3U]HZR]ÏZ,QVW\WXW.ROHMQLFWZD
6WUHV]F]HQLH : DUW\NXOH SU]HGVWDZLRQR SURSR]\FMH SRSUDZ\ VWDQX LQIUDVWUXNWXU\ OLQLR
ZHMLSXQNWRZHMZ\NRU]\VW\ZDQHMZNROHMRZ\FKSU]HZR]DFKLQWHUPRGDOQ\FK:SLHUZV]HMF]ÆyFL
DUW\NXXSU]HGVWDZLRQRVWDQREHFQ\NROHMRZ\FKSU]HZR]ÏZLQWHUPRGDOQ\FKZ3ROVFHZW\PUR]
PLHV]F]HQLHWHUPLQDOLLQWHUPRGDOQ\FKQDSROVNLHMVLHFLNROHMRZHM2SLVDQRUÏZQLH›]DNUHVZVSDUFLD
ILQDQVRZHJRGODSU]HGVLÆELRUFÏZG]LDDM•F\FKZREV]DU]HWUDQVSRUWXLQWHUPRGDOQHJRZREHFQHMSHU
VSHNW\ZLHILQDQVRZHM:GUXJLHMF]ÆyFLRPÏZLRQH]RVWD\NLHUXQNLUR]ZRMXWUDQV
SRUWXLQWHUPRGDOQHJRZNROHMQ\FKODWDFK3U]HGVWDZLRQRJÏZQH]DR›HQLDZ\QLNDM•FH]SURMHNWX
3URJUDPX2SHUDF\MQHJR,QIUDVWUXNWXUDLkURGRZLVNRQDODWDRUD]SURSR]\FMHQRZ\FK
LQZHVW\FMLLQIUDVWUXNWXUDOQ\FKGODWHJRVHJPHQWXSU]HZR]ÏZ
6RZDNOXF]RZHNROHMWUDQVSRUWLQWHUPRGDOQ\WHUPLQDOHLQWHUPRGDOQH
:VWÆS
2G NLONX ODW REVHUZXMH VLÆ WUHQG Z]URVWRZ\ Z SU]HZR]DFK LQWHUPRGDOQ\FK
ZWUDQVSRUFLHNROHMRZ\P-HV]F]HG]LHVLÆÂODWWHPXXG]LDSU]HZR]ÏZLQWHUPRGDO
Q\FKWUDQVSRUWHPNROHMRZ\PZ\QRVLZJSU]HZR›RQHMPDV\DGXQNÏZRUD]
ZHGXJZ\NRQDQHMSUDF\SU]HZR]RZHM:HGXJGDQ\FKRSXEOLNRZDQ\FK
SU]H]8U]•G7UDQVSRUWX.ROHMRZHJR]DURN>@XG]LDWHQZ\QRVLRGSRZLHG
QLRSU]HZR›RQHMPDV\DGXQNÏZLZ\NRQDQHMSUDF\SU]HZR]RZHM
: URNX OLF]ED SU]HZR›RQ\FK MHGQRVWHN LQWHUPRGDOQ\FK OLF]RQD Z 7(8
Z\QRVLDQLHFDHW\V:URNXSLHUZV]\UD]OLF]EDSU]HZLH]LRQ\FKMHGQR
VWHNLQWHUPRGDOQ\FKWUDQVSRUWHPNROHMRZ\PSU]HNURF]\DPOQ:SRUÏZQDQLX
]LQQ\PLNUDMDPL8QLL(XURSHMVNLHMXG]LDSU]HZR]ÏZLQWHUPRGDOQ\FKZWUDQVSRU
FLHNROHMRZ\PQDGDOMHVWQLH]QDF]Q\DOHG\QDPLNDZ]URVWXWHJRW\SXSU]HZR]ÏZ
MHVWZGDOV]\PFL•JXURVQ•FD
$E\WUDQVSRUWLQWHUPRGDOQ\ZNROHMQ\FKODWDFKUR]ZLMDVLÆZSRGREQ\PWHP
SLH MDN RVWDWQLR NRQLHF]QH MHVW NRQW\QXRZDQLH G]LDDÍ UR]SRF]ÆW\FK Z REHFQHM
:NáDGDXWRUyZZSXEOLNDFMĊ%URQD3.UXN5
%URQD3.UXN5
40
SHUVSHNW\ZLHILQDQVRZHMODWDZUDPDFK3URJUDPX2SHUDF\MQHJR,Q
IUDVWUXNWXUDLkURGRZLVNR
5R]PLHV]F]HQLHWHUPLQDOLLQWHUPRGDOQ\FKZ3ROVFH
:VSRPQLDQ\ ZF]HyQLHM Z]URVW SU]HZR]ÏZ LQWHUPRGDOQ\FK SU]\F]\QL VLÆ GR
Z]URVWX OLF]E\ WHUPLQDOL LQWHUPRGDOQ\FK RUD] GR SRSUDZ\ VWDQX LQIUDVWUXNWXU\
QDW\FKWHUPLQDODFK:HGXJVWDQXQDURNZ3ROVFHIXQNFMRQXMHRNRR
WHUPLQDOLLQWHUPRGDOQ\FKQDNWÏU\FKUHDOL]RZDQ\MHVWSU]HDGXQHNJÏZQLHNRQ
WHQHUÏZDOHUÏZQLH›QDGZR]LZ\PLHQQ\FKLFD\FK]HVWDZÏZSRMD]GÏZ1DSRQL›
V]\PU\VXQNXSU]HGVWDZLRQRUR]PLHV]F]HQLHWHUPLQDOLLQWHUPRGDOQ\FKQDSROVNLHM
VLHFLNROHMRZHM>@
5\V/RNDOL]DFMDWHUPLQDOLLQWHUPRGDOQ\FKZ]GX›NROHMRZ\FKFL•JÏZWUDQVSRUWRZ\FK
nUÏGR3.33/.6$>@
7HUPLQDOH LQWHUPRGDOQH ]ORNDOL]RZDQH V• JÏZQLH Z RNROLFDFK ZÆ]ÏZ NROH
MRZ\FK L GX›\FK DJORPHUDFML 1DMZLÆFHM WHUPLQDOL ]ORNDOL]RZDQ\FK MHVW Z DJOR
3235$:$67$18,1)5$6758.785<'235=(:2=¯:,17(502'$/1<&+:
41
PHUDFMDFK SR]QDÍVNLHM WHUPLQDOL JÏUQRyO•VNLHM WHUPLQDOL ZDUV]DZVNLHM
WHUPLQDOHZURFDZVNLHMWHUPLQDOHDWDN›HZSRUWDFKPRUVNLFKZ7UÏMPLH
yFLHWHUPLQDOHRUD]6]F]HFLQLHLkZLQRXMyFLXWHUPLQDOH3R]RVWDHWHUPLQDOH
LQWHUPRGDOQH]ORNDOL]RZDQHV•JÏZQLHZFHQWUDOQHMF]ÆyFL3ROVNLPLQZ0DZLH
.XWQLH RG]L 3LRWUNRZLH 7U\EXQDOVNLP 5DGRPVNX UD]HP WHUPLQDOL 7\ONR
WHUPLQDOHSU]HDGXQNRZH]QDMGXM•VLÆZHZVFKRGQLHMF]ÆyFL3ROVNLtV•WRFHQWUD
ORJLVW\F]QHZ0DDV]HZLF]DFKL‹XUDZLF\
']LDDQLDZVSLHUDM•FHUR]ZÏMWUDQVSRUWXLQWHUPRGDOQHJRZODWDFK
: REHFQHM SHUVSHNW\ZLH ILQDQVRZHM ODWD UR]ZÏM WUDQVSRUWX LQ
WHUPRGDOQHJRVNXSLDVLÆJÏZQLHZRNϏ3URJUDPX2SHUDF\MQHJR,QIUDVWUXNWXUD
LkURGRZLVNRZUDPDFK3ULRU\WHWX9,,7UDQVSRUWSU]\MD]Q\yURGRZLVNX']LDD
QLH5R]ZÏMWUDQVSRUWXLQWHUPRGDOQHJR:HGXJ]DR›HÍGRWHJRG]LDDQLDGR
ILQDQVRZDQLHPREMÆWRSURMHNW\SROHJDM•FHPLQQD
EXGRZLHUR]EXGRZLHOXEUHPRQFLHLQIUDVWUXNWXU\ZFKRG]•FHMZVNDGNR
OHMRZ\FKOXEPRUVNLFKWHUPLQDOLLQWHUPRGDOQ\FK
]DNXSLHOXEUHPRQFLHXU]•G]HÍLQVWDODFMLV\VWHPÏZLZ\SRVD›HQLDWHUPLQDOL
]DNXSLHOXEUHPRQFLHWDERUXLQWHUPRGDOQHJRREHMPXM•FHJRVSHFMDOLVW\F]QH
ZDJRQ\
:yUÏGSURMHNWÏZNWÏUHGRW\FKF]DVZJVWDQXQDF]HUZLHFU>@RWU]\
PD\ZVSDUFLHILQDQVRZH]QDOD]\VLÆ
%XGRZDLQIUDVWUXNWXU\L]DNXSVSU]ÆWXZUDPDFK,,HWDSXEXGRZ\WHUPLQD
OXNRQWHQHURZHJR*&7Z*G\QL*G\QLD&RQWDLQHU7HUPLQDO6$
0RGHUQL]DFMDWHUPLQDOX%&7Z*G\QLGOD]ZLÆNV]HQLDSRWHQFMDXZ]DNUH
VLHSU]HDGXQNÏZLQWHUPRGDOQ\FK%&7t%DW\FNL7HUPLQDO.RQWHQHURZ\
VS]RR
%XGRZD 7HUPLQDOX (WDS UR]EXGRZD ERF]QLF\ ]DNXS VSU]ÆWX t '&7
*GDÍVNEUDPDGR(XURS\kURGNRZHM'&7*GDÍVN6$
%XGRZD WHUPLQDOX NRQWHQHURZHJR QD 2VWURZLH *UDERZVNLP Z 3RUFLH
6]F]HFLQtHWDS,'%3RUW6]F]HFLQVS]RR
%XGRZDLZ\SRVD›HQLHNROHMRZHJRWHUPLQDODLQWHUPRGDOQHJRQDVWDFML3R
]QDÍ)UDQRZRt(WDS,$3.3&$5*26$
%XGRZDWHUPLQDOXLQWHUPRGDOQHJRZ.ÏUQLNXNRR3R]QDQLD++/$,Q
WHUPRGDO3ROVNDVS]RRZHZVSϏSUDF\]3RO]XJ3ROVNDVS]RR
%XGRZDLQWHUPRGDOQHJRWHUPLQDOXNRQWHQHURZHJRZUD]]RELHNWDPLWRZD
U]\V]•F\PLZPLHyFLH.XWQR3&&,QWHUPRGDO6$
%XGRZDWHUPLQDOXLQWHUPRGDOQHJRZ%UZLQRZLHNRR:DUV]DZ\++/$
,QWHUPRGDO3ROVNDVS]RRZHZVSϏSUDF\]3RO]XJ3ROVNDVS]RR
%XGRZDWHUPLQDOD(8523257Z0DDV]HZLF]DFK(XURSRUWVS]RR
42
%URQD3.UXN5
%XGRZDLQWHUPRGDOQHJRWHUPLQDOXNRQWHQHURZHJRZUD]]RELHNWDPLWRZD
U]\V]•F\PLZPLHyFLH%U]HJ'ROQ\3&&,QWHUPRGDO6$
%XGRZDRJÏOQRGRVWÆSQHJRLQWHUPRGDOQHJRWHUPLQDODNRQWHQHURZHJRZUD]
]LQIUDVWUXNWXU•Z.•WDFK:URFDZVNLFK6FKDYHPDNHU,QYHVWVS]RR
%XGRZDWHUPLQDOXLQWHUPRGDOQHJRZ'•EURZLH*ÏUQLF]HM++/$,QWHU
PRGDO3ROVNDVS]RR
%XGRZD 0LÆG]\QDURGRZHJR &HQWUXP /RJLVW\F]QHJR (8527(50,1$/
Z6DZNRZLHt]DGDQLH(XWRWHUPLQDO6DZNÏZVS]RR
7HUPLQDOHNWÏUHRWU]\PD\ZVSDUFLHILQDQVRZH]DPLHV]F]RQRQDU\VXQNX
2SUÏF]Z\›HMZ\PLHQLRQ\FKZRVWDWQLFKPLHVL•FDFKSRGSLVDQH]RVWD\NROHMQH
XPRZ\ZUDPDFKG]LDDQLD5R]ZÏMWUDQVSRUWXLQWHUPRGDOQHJR
d=DNXS ORNRPRW\Z PDQHZURZ\FK GR REVXJL WHUPLQDOL LQWHUPRGDOQ\FKr
RUD]d=DNXSQRZ\FKLX›\ZDQ\FKSODWIRUPSRGNRQWHQHURZ\FKZDJRQÏZ
LQWHUPRGDOQ\FKGRREVXJLZ\EUDQ\FKSR•F]HÍLQWHUPRGDOQ\FKr3RO]XJ
,QWHUPRGDO3ROVND6S]RR
d=DNXSVXZQLFQDEU]H›RZ\FKGOD]ZLÆNV]HQLDSRWHQFMDXRSHUDFMLLQWHUPR
GDOQ\FKWHUPLQDOX%&7Z*G\QLr%&7t%DW\FNL7HUPLQDO.RQWHQHURZ\
VS]RR
d5R]ZÏMWUDQVSRUWXLQWHUPRGDOQHJRZ3UXV]F]X*GDÍVNLPSRSU]H]]DNXS
QDF]HSGRSU]HDGXQNXSLRQRZHJRr(URQWUDQV6S]RR
d=DNXSLGRVWDZDQRZREXGRZDQ\FKZDJRQÏZSODWIRUP
GRSU]HZR]X
NRQWHQHUÏZr3.3&$5*26$
d=DNXSWDERUXLQWHUPRGDOQHJRGOD5DLO3ROVND6S]RRr5DLO3ROVND6S
]RR
d%XGRZDLQWHUPRGDOQHJRWHUPLQDOXNRQWHQHURZHJRZPLHMVFRZRyFL-DVLQ
N3R]QDQLDr&HQWUXP/RJLVW\F]QR,QZHVW\F\MQH3R]QDÍ,,6S]RR
d5R]EXGRZDLQWHUPRGDOQHJRWHUPLQDOXNRQWHQHURZHJRZUD]]RELHNWDPL
WRZDU]\V]•F\PLZPLHyFLH*OLZLFHr3&&,QWHUPRGDO6$
:SU]\SDGNXSURMHNWÏZGRW\F]•F\FKEXGRZ\OXEUR]EXGRZ\WHUPLQDOLLQWHU
PRGDOQ\FKG]LDDQLDZSRV]F]HJÏOQ\FKSURMHNWDFKREHMPXM•
EXGRZÆUR]EXGRZÆOXEPRGHUQL]DFMÆLQIUDVWUXNWXU\NROHMRZHMXNDGWR
URZ\QDWHUPLQDOXRUD]ERF]QLFHGURJRZHMGURJLGRMD]GRZHRUD]LQIUD
VWUXNWXU\QDWHUPLQDOXSODFHVNDGRZHRUD]GURJLPDQHZURZH
Z\SRVD›HQLHWHUPLQDOLZVSHFMDOLVW\F]QHXU]•G]HQLDSU]HDGXQNRZHVXZQL
FHEUDPRZHLPRELOQHSRMD]G\W]ZUHDFKVWDFNHU\
EXGRZÆOXEUR]EXGRZÆ]DSOHF]DVRFMDOQHJRLWHFKQLF]QHJREXG\QNLDGPL
QLVWUDFMHZDUV]WDW\QDSUDZF]HLWS
Z\SRVD›HQLHZLQIRUPDW\F]QHV\VWHP\RSHUDF\MQHGR]DU]•G]DQLDWHUPLQD
OHPLSURFHVDPLSU]HDGXQNXLPDJD]\QRZDQLD
:SU]\SDGNXSURMHNWÏZGRW\F]•F\FK]DNXSXWDERUXGRUHDOL]DFMLSU]HZR]ÏZ
LQWHUPRGDOQ\FKSURMHNW\GRW\F]•SU]HGHZV]\VWNLP]DNXSXVSHFMDOLVW\F]Q\FKZD
JRQÏZSODWIRUPGRSU]HZR]XNRQWHQHUÏZMDNUÏZQLH›ORNRPRW\ZVSDOLQRZ\FK
PDQHZURZ\FKGRREVXJLERF]QLFSURZDG]•F\FK]HVWDFMLREVXJXM•F\FKGRWHUPL
QDOLLQWHUPRGDOQ\FK
3235$:$67$18,1)5$6758.785<'235=(:2=¯:,17(502'$/1<&+:
43
.LHUXQNL ZVSDUFLD GOD WUDQVSRUWX LQWHUPRGDOQHJR Z SHUVSHNW\ZLH
:HGXJSURMHNWX3URJUDPX32,LkQDODWDt>@Z]DNUHVLHWUDQV
SRUWXNROHMRZHJRNRQW\QXRZDQHEÆG•G]LDDQLD]PLHU]DM•FHGRSRSUDZ\VWDQXLQ
IUDVWUXNWXU\QDRGFLQNDFKJÏZQ\FKPLÆG]\QDURGRZ\FKFL•JÏZWUDQVSRUWRZ\FK
MDNUÏZQLH›QDZ\EUDQ\FKOLQLDFKNROHMRZ\FKVWDQRZL•F\FKRGFLQNLDOWHUQDW\ZQH
GRW\FKFL•JÏZ']LDDQLDWHEÆG•REHMPRZDÂJÏZQLHPRGHUQL]DFMHLUHZLWDOL]DFMH
SU]\ZUÏFHQLH SLHUZRWQ\FK SDUDPHWUÏZ NRQVWUXNF\MQ\FK LQIUDVWUXNWXU\ NROHMR
ZHM,QZHVW\FMHLQIUDVWUXNWXUDOQHZWUDQVSRUFLHNROHMRZ\PGRW\F]\ÂEÆG•UÏZQLH›
RGFLQNÏZOLQLLWRZDURZ\FKQDNWÏU\FKSDUDPHWU\WHFKQLF]QHSU]HGHZV]\VWNLP
SUÆGNRy QLH RGSRZLDGDM• SRWU]HERP SU]HZR|QLNÏZ WRZDURZ\FK V]F]HJÏOQLH
Z W\FK VHJPHQWDFK SU]HZR]ÏZ Z NWÏU\FK WUDQVSRUW NROHMRZ\ PR›H VNXWHF]QLH
NRQNXURZDÂ]LQQ\PLJDÆ]LDPLWUDQVSRUWXSU]HGHZV]\VWNLP]WUDQVSRUWHPGUR
JRZ\P-HGQ\P]WDNLFKVHJPHQWÏZMHVWZDyQLHWUDQVSRUWLQWHUPRGDOQ\
:RGQLHVLHQLXGRWUDQVSRUWXLQWHUPRGDOQHJRSU]HGPLRWRZ\3URJUDPZGLD
JQR]LH VWDQX REHFQHJR ZVND]XMH QD QLHZ\VWDUF]DM•FH Z\SRVD›HQLH WHUPLQDOL LQ
WHUPRGDOQ\FK Z XU]•G]HQLD SU]HDGXQNRZH RUD] QD PD• OLF]EÆ RUD] GXJRyÂ
WRUÏZ NWÏUH PRJ• REVX›\ FDH VNDG\ SRFL•JÏZ LQWHUPRGDOQ\FK GXJRy WR
UÏZPLQLPXPP:HGXJ]DR›HÍGR3URJUDPXSRGVWDZRZ\PG]LDDQLHP
ZVSLHUDM•F\P UR]ZÏM WUDQVSRUWX LQWHUPRGDOQHJR EÆG]LH PRGHUQL]DFMD NROHMRZHM
LQIUDVWUXNWXU\OLQLRZHMLSXQNWRZHMZ\NRU]\VW\ZDQHMZV\VWHPLHW\FKSU]HZR]ÏZ
XV\WXRZDQHMQDVLHFL$*7&RUD]QDNROHMRZHMVLHFLWRZDURZHM7(17UHDOL]RZD
QDZUDPDFKG]LDDQLDSRyZLÆFRQHJRLQWHUZHQFMLZVHNWRU]HNROHMRZ\P3RQDGWR
]DNDGDVLÆZVSDUFLHGODSURMHNWÏZGRW\F]•F\FKPRGHUQL]DFMLLUR]EXGRZ\LVWQLH
M•F\FKWHUPLQDOLDWDN›H]ZLÆNV]HQLDLFKOLF]E\ZW\PWHUPLQDOLLQWHUPRGDOQ\FK
SRR›RQ\FKZFHQWUDFKORJLVW\F]Q\FKLSRUWDFKPRUVNLFK
:GUD›DQH EÆG• V\VWHP\ WHOHPDW\F]QH L VDWHOLWDUQH GRVWDUF]DM•FH X›\WNRZ
QLNRPLQIRUPDFMLZF]DVLHU]HF]\ZLVW\PRDNWXDOQ\PPLHMVFXSU]HZR›RQHJRD
GXQNX D SU]H] WR RSW\PDOL]XM•FH L VWHUXM•FH SURFHVDPL WUDQVSRUWRZ\PL NWÏUH
SU]\F]\QL•VLÆGRVNUÏFHQLDF]DVXGRVWDZ\RUD]RJUDQLF]HQLD]DJUR›HQLDGODVWDQX
SU]HZR›RQ\FKDGXQNÏZ
: 3URJUDPLH SU]HZLG]LDQR UÏZQLH› ZVSDUFLH GOD SURMHNWÏZ NWÏUH ]DNDGDM•
SR]\VNDQLHLPRGHUQL]DFMÆVSHFMDOLVW\F]QHJRWDERUXNROHMRZHJRORNRPRW\Z\LZD
JRQ\SODWIRUP\GRVWRVRZDQHJRGRSU]HZR]ÏZDGXQNÏZZNRQWHQHUDFK
5HDOL]DFMD Z ODWDFK SRZ\›V]\FK ]DR›HÍ SR]ZROL QD NXUVRZDQLH
SRFL•JÏZLQWHUPRGDOQ\FK]SUÆGNRyFL•PDNV\PDOQ•NPKQDZLÆNV]R
yFLRGFLQNÏZOLQLLNROHMRZ\FKZFKRG]•F\FKZVNDGJÏZQ\FKFL•JÏZWUDQVSRU
WRZ\FKSRPLÆG]\WHUPLQDODPLZ3ROVFHRUD]SRPLÆG]\WHUPLQDODPLDJÏZQ\PL
SU]HMyFLDPLJUDQLF]Q\PL
3U]\NDGHP PRGHUQL]DFML JÏZQ\FK FL•JÏZ WUDQVSRUWRZ\FK MHVW UR]SRF]ÆWD
ZREHFQHMSHUVSHNW\ZLHILQDQVRZHMPRGHUQL]DFMDFL•JX(d5DLO%DOWLFDr•F]\
RQ)LQODQGLÆRUD]NUDMHQDGEDW\FNLHSU]H]WHU\WRULXP3ROVNL](XURS•=DFKRGQL•
&L•JWHQPD]DVDGQLF]H]QDF]HQLHGODLQWHJUDFMLWUDQVSRUWRZHMQDMGDOHMZ\VXQLÆ
44
%URQD3.UXN5
W\FKNUDMÏZ8(]UHV]W•8QLL-HGQDN›HE\FL•JWHQE\ZSHQLGRVWRVRZDQ\GR
UHDOL]DFMLSU]HZR]ÏZLQWHUPRGDOQ\FKSRWU]HEQHV•WHUPLQDOHLQWHUPRGDOQH]ORND
OL]RZDQHZSREOL›XWHJRFL•JX
3U]HGH ZV]\VWNLP SRZLQLHQ E\Â ]EXGRZDQ\ WHUPLQDO LQWHUPRGDOQ\ Z RNR
OLFDFK JUDQLF\ SROVNR OLWHZVNLHM 7HUPLQDO WHQ SRZLQLHQ XPR›OLZL SU]HDGX
QHN MHGQRVWHN LQWHUPRGDOQ\FK ]DUÏZQR QD VW\NX GZÏFK V\VWHPÏZ NROHMRZ\FK
PPMDNUÏZQLH›QDVW\NXGZÏFKJDÆ]LWUDQVSRUWXNROHMPP
tWUDQVSRUWGURJRZ\:SLHUZV]\PSU]\SDGNXSRZLQQRWRGRW\F]\ÂSU]HDGXQNX
MHGQRVWHNDGXQNRZ\FKSU]HZR›RQ\FKWUDQVSRUWHPNROHMRZ\P]LGRRWZ\(V
WRQLLRUD]SRSU]H]SR•F]HQLDPRUVNLH])LQODQGLL'UXJLSU]\SDGHNREHMPRZDE\
SU]HZR]\MHGQRVWHNDGXQNRZ\FK]WHU\WRULXP/LWZ\SRSU]H]GRZÏ]RGZÏ]W\FK
MHGQRVWHNQDWHUHQLH/LWZ\WUDQVSRUWHPGURJRZ\P
/RNDOL]DFMD WHUPLQDOD LQWHUPRGDOQHJR QD JUDQLF\ SROVNR t OLWHZVNLHM ZSLVX
MHVLÆZV]HUV]H]DJDGQLHQLHEUDNXWHJRW\SXWHUPLQDOLQDREV]DU]HZRMHZÏG]WZ
ZVFKRGQLHM3ROVNLZRMHZÏG]WZDSRGODVNLHF]ÆyÂZVFKRGQLDZRMHZÏG]WZDPD]R
ZLHFNLHJROXEHOVNLHLSRGNDUSDFNLH1DREV]DU]HW\PREHFQLH]ORNDOL]RZDQHV•
W\ONRWHUPLQDOHZSREOL›XSU]HMyÂJUDQLF]Q\FKZ7HUHVSROXL0HG\FH3URSRQXMH
VLÆQDVWÆSXM•FHORNDOL]DFMHWHUPLQDOLLQWHUPRGDOQ\FKQDW\PREV]DU]H
RNROLFH%LDHJRVWRNXtZ]GX›FL•JX(
RNROLFH3XDZL/XEOLQDtZ]GX›OLQLLQU
Z SREOL›X JUDQLF\ SROVNR t XNUDLÍVNLHM Z RNROLFDFK &KHPD t OLQLD QU LQUOLQLDV]HURNRWRURZDPP
RNROLFH0LHOFD5]HV]RZDL6WDORZHM:ROL
(ZHQWXDOQDEXGRZDWHUPLQDOLZW\FKORNDOL]DFMDFKXPR›OLZLSRSU]H]UR]ZÏM
SU]HP\VXOHSV]\UR]ZÏMJRVSRGDUF]\W\FKREV]DUÏZ3ROVNL
6]F]HJÏOQLHLVWRWQDPR›HE\ÂEXGRZDWHUPLQDODQDJUDQLF\SROVNRXNUDLÍVNLHM
7HUPLQDOWHQXPR›OLZLE\UR]ZÏMFL•JXWUDQVSRUWRZHJR•F]•FHJRREV]DU0RU]D
%DW\FNLHJR]SDÍVWZDPLREV]DUX0RU]D&]DUQHJR
2SUÏF]EXGRZ\QRZ\FKWHUPLQDOLLQWHUPRGDOQ\FK]ZDV]F]DQDREV]DU]H3RO
VNLZVFKRGQLHMLVWRWQDMHVWPRGHUQL]DFMDLVWQLHM•F\FKWHUPLQDOL:W\PSU]\SDG
NX]DVDGQLF]\P]DJDGQLHQLHPMHVW]ZLÆNV]HQLHGXJRyFLWRUÏZSU]HDGXQNRZ\FK
XPR›OLZLDM•F\FK REVXJÆ QD WHUPLQDODFK FD\FK VNDGÏZ SRFL•JRZ\FK -HGQDN
PR›HRND]DÂVLƛHSRVWXODW]ZLÆNV]HQLDGXJRyFLWRUÏZSU]HDGXQNRZ\FKPR›H
VSRZRGRZD NRQLHF]QRy EXGRZ\ QRZ\FK WHUPLQDOL Z QRZ\FK ORNDOL]DFMDFK
3U]\NDGHP PR›H E\ REHFQLH IXQNFMRQXM•F\ WHUPLQDO Z 3UXV]NRZLH NWÏUHJR
RSHUDWRU3RO]XJ,QWHUPRGDOVS]RR]XZDJLQDRJUDQLF]RQ•GRVWÆSQRyÂWHUH
QXZREHFQHMORNDOL]DFMLSODQXMHZ\EXGRZDQLHQRZHJRWHUPLQDOXZ%UZLQRZLH
1RZ\WHUPLQDONWÏU\]DVW•SLREHFQLHIXQNFMRQXM•F\RELHNWEÆG]LHSRVLDGDRGSR
ZLHGQL•GXJRyÂWRUÏZSU]HDGXQNRZ\FKPLQLPXPP
,QQ\PLVWRWQ\P]DJDGQLHQLHPMHVWUHZLWDOL]DFMDRGFLQNÏZOLQLLNROHMRZ\FKVWD
QRZL•F\FK FL•JL DOWHUQDW\ZQH OXE GRZR]RZRRGZR]RZH SRPLÆG]\ WHUPLQDODPL
DJÏZQ\PLFL•JDPLWUDQVSRUWRZ\PL'RWDNLFKRGFLQNÏZPR›QD]DOLF]\Â
0DOERUNt(OEO•Jt2OV]W\Qt.RUV]Ht(NMDNRFL•JVWDQRZL•F\SR•F]H
QLHSRPLÆG]\(L(
3235$:$67$18,1)5$6758.785<'235=(:2=¯:,17(502'$/1<&+:
45
/XEOLQ t 6WDORZD :ROD 5R]ZDGÏZ t 7DUQREU]HJ t 5]HV]ÏZ OLQLH QU LVWDQRZL•FHSR•F]HQLHFL•JX(L(SU]H]ZVFKRGQL•3ROVNÆZNLH
UXQNX8NUDLQ\
*UDEÏZHN t 7RPDV]ÏZ 0D] t 6NDU›\VNR .DPLHQQD t 6WDORZD :RODt
3U]HZRUVNRGFLQNLOLQLLQUL•F]•F\FL•JL&(L(
*RJÏZt.URWRV]\Qt2VWUÏZ:ONSt6LHUDG]tÏG|RGFLQNLOLQLLQU
tMDNRDOWHUQDW\ZQ\FL•JGOD&(
:\PLHQLRQHSRZ\›HMRGFLQNLOLQLLNROHMRZ\FKV•MHG\QLHSU]\NDGDPLDOHZD›
Q\PL]SXQNWXZLG]HQLDX]XSHQLHQLDVLHFLFL•JÏZGODSR•F]HÍLQWHUPRGDOQ\FK
5\V3URSR]\FMHWUDVDOWHUQDW\ZQ\FKRUD]ORNDOL]DFMLQRZ\FKWHUPLQDOLQDREV]DU]HZVFKRGQLHM3ROVNL
3RGVXPRZDQLH
5R]ZÏM NROHMRZ\FK SU]HZR]ÏZ LQWHUPRGDOQ\FK Z 3ROVFH Z FL•JX RVWDWQLFK
ODWZ\QLNDSU]HGHZV]\VWNLP]H]ZLÆNV]RQHJRZROXPHQXSU]HDGXQNÏZMHGQR
VWHNLQWHUPRGDOQ\FKZSROVNLFKSRUWDFKPRUVNLFKSU]HGHZV]\VWNLPZ*GDÍVNX
L*G\QL.ROHMRZ\WUDQVSRUWLQWHUPRGDOQ\ZW\PSU]\SDGNXSHQLIXQNFMÆGRZR
46
%URQD3.UXN5
]RZ•tRGZR]RZ•GODPRUVNLFKSU]HZR]ÏZLQWHUPRGDOQ\FKDGXQNÏZQDGDZD
Q\FKSU]HGHZV]\VWNLPZ$]ML3RXGQLRZR:VFKRGQLHM
0RGHUQL]DFMDOXEUHZLWDOL]DFMDOLQLRZHMLQIUDVWUXNWXU\NROHMRZHMVSRZRGXMH
]ZLÆNV]HQLHGRVWÆSQRyFLWUDQVSRUWXNROHMRZHJRGRSROVNLFKSRUWÏZPRUVNLFK
D W\P VDP\P Z]URVW XG]LDX WHJR URG]DMX WUDQVSRUWX Z LFK REVXG]H 5ÏZ
QLH›PRGHUQL]DFMHLVWQLHM•F\FKOXEEXGRZDQRZ\FKWHUPLQDOLLQWHUPRGDOQ\FK
Z3ROVFHPR›HUÏZQLH›SU]\F]\QLÂVLÆGR]ZLÆNV]HQLDXG]LDXSU]HZR]ÏZLQWHU
PRGDOQ\FKZSU]HZR]LHDGXQNÏZWUDQVSRUWHPNROHMRZ\PSRPLÆG]\WHUPL
QDODPLZSRUWDFKPRUVNLFKDWHUPLQDODPL]ORNDOL]RZDQ\PLQDWHUHQLHFDHJR
NUDMX
'DOV]\UR]ZÏMWUDQVSRUWXLQWHUPRGDOQHJRZ3ROVFHSRZLQLHQE\ÂUÏZQLH›
]ZL•]DQ\ ]H ]ZLÆNV]HQLHP XG]LDX WHJR URG]DMX WUDQVSRUWX Z SU]HZR]LH D
GXQNÏZQDGDZDQ\FKLRGELHUDQ\FKZSR]RVWD\FKNUDMDFKHXURSHMVNLFK7HQ
VHJPHQWSU]HZR]ÏZNROHMRZ\FKV]F]HJÏOQLHVLOQLHNRQNXUXMH]SU]HZR]HPD
GXQNÏZWUDQVSRUWHPGURJRZ\P:]URVWNRQNXUHQF\MQRyFLNROHMRZHJRWUDQV
SRUWXLQWHUPRGDOQHJRZHNVSRUFLHLPSRUFLHRUD]WUDQ]\FLHGRL]NUDMÏZHX
URSHMVNLFKZ\PDJDSRGQLHVLHQLDSDUDPHWUÏZOLQLRZHMLQIUDVWUXNWXU\NROHMRZHM
Z3ROVFHSU]HGHZV]\VWNLPSUÆGNRyFLPDNV\PDOQ\FKGRNPKGODSR
FL•JÏZWRZDURZ\FK'RSLHURWDNDSUÆGNRyÂPDNV\PDOQDSRFL•JÏZXPR›OLZL
RVL•JQLÆFLHNRQNXUHQF\MQHMSUÆGNRyFLKDQGORZHMSRPLÆG]\QDGDZF•LRGELRUF•
Z FD\P DÍFXFKX WUDQVSRUWRZ\P ] XZ]JOÆGQLHQLHP F]DVX SU]HDGXQNX QD
WHUPLQDODFKRUD]GRZR]XLRGZR]XWUDQVSRUWHPGURJRZ\PQDSR]LRPLH
NPK:WUDQVSRUFLHGURJRZ\PSUÆGNRyÂKDQGORZDZSU]HZR]LHSRPLÆG]\
QDGDZF• D RGELRUF• NV]WDWXMH VLÆ QD SR]LRPLH NPK SU]\ ]DR›HQLX
SUÆGNRyFLPDNV\PDOQHMGODSRMD]GÏZFLƛDURZ\FKGRNPK:SU]\SDGNX
SU]HZR]ÏZLQWHUPRGDOQ\FKWUDQVSRUWHPNROHMRZ\PZHGXJGDQ\FK87.]D
URN >@ SUÆGNRy KDQGORZD SRFL•JÏZ LQWHUPRGDOQ\FK NXUVXM•F\FK SR
PLÆG]\WHUPLQDODPLZ3ROVFHZ\QRVLREHFQLHQLHFRSRQDGNPK3UÆGNRyÂ
KDQGORZDZFD\PDÍFXFKXWUDQVSRUWRZ\P]XZ]JOÆGQLHQLHPF]DVÏZSU]H
DGXQNÏZQDWHUPLQDODFKMHVWMHV]F]HQL›V]D
: NROHMQ\FK ODWDFK ]DNDGD VLÆ NRQW\QXDFMÆ G]LDDÍ UR]SR
F]ÆW\FKZREHFQHMSHUVSHNW\ZLHILQDQVRZHMZVSLHUDM•F\FKUR]ZÏM
WUDQVSRUWXLQWHUPRGDOQHJR']LDDQLDWHEÆG•SROHJD\JÏZQLHQDSRSUDZLH
VWDQXWHFKQLF]QHJRLQIUDVWUXNWXU\OLQLRZHMRGFLQNLOLQLLNROHMRZ\FKLSXQNWR
ZHMWHUPLQDOHLQWHUPRGDOQHRUD]EXGRZLHQRZ\FKWHUPLQDOLLQWHUPRGDOQ\FK
V]F]HJÏOQLHZORNDOL]DFMDFKJG]LHREHFQLHEUDNMHVWWHJRW\SXRELHNWÏZ=D
NDGDVLÆUÏZQLH›ZVSDUFLHGODSURMHNWÏZGRW\F]•F\FK]DNXSXVSHFMDOLVW\F]QH
JRVSU]ÆWXSU]HDGXQNRZHJRVWDQRZL•FHJRZ\SRVD›HQLHWHUPLQDOLRUD]WDERUX
GHG\NRZDQHJRGRZ\NRQ\ZDQLDSU]HZR]ÏZLQWHUPRGDOQ\FK
3235$:$67$18,1)5$6758.785<'235=(:2=¯:,17(502'$/1<&+:
47
%LEOLRJUDILD
>@d2FHQDIXQNFMRQRZDQLDU\QNXWUDQVSRUWXNROHMRZHJRLVWDQXEH]SLHF]HÍ
VWZD UXFKX NROHMRZHJR Z URNXr 8U]•G 7UDQVSRUWX .ROHMRZHJR
:DUV]DZDZU]HVLHÍ
>@'RVWÆS WHUPLQDOL LQWHUPRGDOQ\FK GR VLHFL NROHMRZHM .RQIHUHQFMD 1D
XNRZR7HFKQLF]QD6,7.5DGRPd,QIUDV]\Qr=DNRSDQHNZLHFLHÍ
>@KWWSZZZFXSWJRYSO&HQWUXP8QLMQ\FK3URMHNWÏZ7UDQVSRUWRZ\FK
>@3URJUDP2SHUDF\MQ\,QIUDVWUXNWXUDLkURGRZLVNRt3URMHNW
0LQLVWHUVWZR5R]ZRMX5HJLRQDOQHJR:DUV]DZDSD|G]LHUQLNDU
>@6WURQ\LQWHUQHWRZHRSHUDWRUÏZWHUPLQDOLLQWHUPRGDOQ\FK
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
1,(=$:2'12k¢6<67(0852=-$='2:(*2
t:<%5$1(=$*$'1,(1,$
0DULXV]%XDZD
.U]\V]WRI6HPUDX
GULQ›YRHVWDOSLQH7(166S]RR
PJULQ›YRHVWDOSLQH9$(3ROVND
6WUHV]F]HQLH3U]HGVWDZLRQRZ\EUDQH]DJDGQLHQLDGRW\F]•FHQLH]DZRGQRyFLV\VWHPXUR]
MD]GRZHJR:\NRU]\VWDQRZQLRVNL]SURMHNWX,QQRWUDFNRUD]SURMHNWÏZEDGDZF]\FKUHDOL]RZDQ\FK
SU]H]2%%6%%L'%DWDN›HGRyZLDGF]HQLD3.3
6RZDNOXF]RZHUR]MD]GNROHMRZ\QLH]DZRGQRyÂNRV]W\F\NOX›\FLD
:SURZDG]HQLH
(NVSORDWDFMDXU]•G]HÍLQIUDVWUXNWXU\NROHMRZHMRERN]DSHZQLHQLDRGSRZLHG
QLHJRSR]LRPXEH]SLHF]HÍVWZDZ\PDJDFL•JHJRG•›HQLDGRX]\VNDQLDZ\VRNLHM
GRVWÆSQRyFLSU]\MHGQRF]HVQHMUDFMRQDOL]DFMLQDNDGÏZXWU]\PDQLRZ\FK5RVQ•FH
RF]HNLZDQLDZ]DNUHVLHJZDUDQWRZDQHJRSR]LRPXGRVWÆSQRyFLSU]HNDGDM•VLÆQD
FRUD]Z\›V]HNRV]W\LQF\GHQWÏZVNXWNXM•F\FKSHUWXUEDFMDPLUXFKRZ\PLFRSR
FL•JDSRWU]HEÆ]DSHZQLHQLDPR›OLZLHQLHSU]HUZDQHMVSUDZQRyFLLIXQNFMRQDOQRyFL
LQIUDVWUXNWXU\:UH]XOWDFLH]DVWRVRZDQH UR]ZL•]DQLDWHFKQLF]QHSU]HNDGDM•VLÆ
QDNRV]W\F\NOX›\FLDDQJ/&&UHSUH]HQWXM•FHFDRyÂQDNDGÏZQD]DNXSLHNV
SORDWDFMÆXU]•G]HÍ
-HGQ\P]NOXF]RZ\FKLRGSRZLHG]LDOQ\FK]DEH]SLHF]HÍVWZRHOHPHQWÏZLQIUD
VWUXNWXU\NROHMRZHMMHVWUR]MD]GNROHMRZ\XPR›OLZLDM•F\EH]SLHF]Q•]PLDQÆNLH
UXQNX SU]HMD]GX SRMD]GX V]\QRZHJR -HJR IXQNFMRQRZDQLH Z RF]\ZLVW\ VSRVÏE
SU]HNDGDVLÆQDGRVWÆSQRyÂOLQLLNROHMRZHM]DWHPQDWXUDOQHMHVWSRV]XNLZDQLHUR]
ZL•]DÍ]RULHQWRZDQ\FKQDSRSUDZÆMHJRQLH]DZRGQRyFL:DJDSRZ\›V]HJR]DJDG
QLHQLDZ\QLND]HVWRVXQNRZRGX›HM]R›RQRyFLV\VWHPXUR]MD]GRZHJR:Z•VNLP
XMÆFLX WZRU]• JR QDZLHU]FKQLD VWDORZD ZUD] ] ]DPNQLÆFLDPL QDVWDZF]\PL RUD]
XU]•G]HQLDPLSU]HVWDZLDQLDLNRQWUROLXU]•G]HQLDPLQDWRPLDVWQDMHJRIXQNFMRQR
ZDQLHEH]SRyUHGQLZS\ZPDMDNRyÂSRGWRU]D
:FHOXSRSUDZ\QLH]DZRGQRyFLUR]MD]GXSRZLQLHQRQE\ÂWUDNWRZDQ\MDNRMH
GHQV\VWHPUHDOL]XM•F\]DGDQHIXQNFMH3RZ\›V]HSRGHMyFLHMHVWXWUXGQLRQH]XZDJL
QDGRVWDZ\HOHPHQWÏZV\VWHPXUR]MD]GRZHJR]UϛQ\FK|UÏGHQSRVREQRQD
ZLHU]FKQLDVWDORZDRVREQRQDSÆGLNRQWUROHU\FRSURZDG]LGRVWRVRZDQLDUR]
:NáDGDXWRUyZZSXEOLNDFMĊ%XáDZD06HPUDX.
%XDZD06HPUDX.
50
ZL•]DÍGDOHNLFKRGRSW\PDOQ\FKRUD]UR]NDGDRGSRZLHG]LDOQRyÂ]DIXQNFMRQRZD
QLHFDHJRV\VWHPXSRPLÆG]\SRV]F]HJÏOQ\FKGRVWDZFÏZMHJRF]ÆyFLVNDGRZ\FK
:DUWR ZLÆF ]ZUÏFL XZDJÆ QD Z\EUDQH ]DJDGQLHQLD ]ZL•]DQH ] QLH]DZRGQRyFL•
V\VWHPÏZ UR]MD]GRZ\FK NRQFHQWUXM•F VLÆ QD NOXF]RZ\FK Z\]ZDQLDFK WHFKQLF]
Q\FKFRMHVWSU]HGPLRWHPQLQLHMV]HJRDUW\NXX
:\EUDQH]DJDGQLHQLD]ZL•]DQH]QLH]DZRGQRyFL•V\VWHPÏZUR]MD]GR
Z\FK
7UZDRyÂNRQVWUXNFMLUR]MD]GRZ\FK
=DJDGQLHQLHWUZDRyFLNRQVWUXNFMLUR]MD]GRZ\FKE\RLMHVWSU]HGPLRWHPV]H
UHJXDQDOL]LSUDFEDGDZF]\FK:yUÏGREV]DUÏZ]DLQWHUHVRZDÍPR›QDZ\UϛQLÂ
SRV]XNLZDQLD
DGHNZDWQ\FKPDWHULDÏZ
RGSRZLHGQLFKJHRPHWULLPLQLPDOL]XM•F\FKRGG]LD\ZDQLDG\QDPLF]QHWRU
SRMD]GZW\P]DVWRVRZDQLHNU]\›RZQLF]UXFKRP\PG]LREHP
RSW\PDOQHJR UR]NDGX VL L QDFLVNÏZ QD QDZLHU]FKQLÆ SRSU]H] HODVW\F]QH
SRVDGRZLHQLH
PLQLPDOL]DFMLSR•F]HÍ
0DWHULD\
'REÏUZDyFLZHJRPDWHULDXVWDORZHJRGRSURGXNFMLJÏZQ\FKF]ÆyFLUR]MD]GR
Z\FKQLHMHVWDWZ\JG\›RF]HNXMHVLÆMHGQRF]HVQHJRVSHQLHQLDGZÏFKZ\PDJDÍ
tGX›HMZ\WU]\PDRyFLLQLH]EÆGQHMSODVW\F]QRyFL6WRSLHÍSODVW\F]QRyFLSRZLQLHQ
E\ÂWDNLE\QLHQDVWÆSRZDRUR]ZDOFRZ\ZDQLHSRZLHU]FKQLWRF]QHMDMHGQRF]HyQLH
E\]DFKRZDQDE\DRGSRUQRyÂQDXGHU]HQLH:UH]XOWDFLHFRUD]V]HU]HMVWRVXMHVLÆ
V]\Q\LPDWHULD\RSODVW\F]QRyFL5H 0SDZ\WU]\PDRyFLQDUR]FL•JDQLH
0SDRUD]WZDUGRyFLt+%
.RU]\VWQH SDUDPHWU\ VWDOL X]\VNXMH VLÆ Z SURFHVLH XOHSV]DQLD FLHSOQHJR W]Z
SHUOLW\]DFML 3RSU]H] QDJU]DQLH V]\Q\ GR WHPSHUDWXU\ DXVWHQL]DFML D QDVWÆSQH
VFKRG]HQLHZN•SLHOLROHMRZHMX]\VNXMHVLÆVWUXNWXUÆGUREQRS\WNRZHJRSHUOLWX
:WHQVSRVÏEX]\VNXMHVLÆV]\Q\OXEEORNLGRREUÏENLG]LREQLFRWZDUGRyFLSR
ZLHU]FKQLWRF]QHM+%,VWRWQH]QDF]HQLHGODWZDUGRyFLLZ\WU]\PDRyFL
VWDOLV]\QRZHMPDPD\RGVWÆSSRPLÆG]\S\WNDPLFHPHQW\WXZSHUOLFLH]PQLHM
V]HQLHRGVWÆSX]‘PGR‘P]ZLÆNV]DWZDUGRyÂ]+%GR+%7DNL
PDWHULDPDUÏZQLH›]ZLÆNV]RQ•RGSRUQRyÂQDUR]SU]HVWU]HQLDQLHVLÆSÆNQLÆÂ>@
6WDOSHUOLW\F]QDVWRVRZDQDMHVWZNRQVWUXNFMLG]LREÏZNU]\›RZQLF]ZLÆNV]DM•FLFK
WZDUGRyÂGRt+%FRZS\ZDQD]ZLÆNV]HQLHRGSRUQRyFLNU]\›RZQLF\
QD]X›\FLH6WRVRZDQLHWDNLHMV]\Q\QSQDXNDFK]ZLÆNV]DQDZHWNURWQLHF]DV
LFKHNVSORDWDFML:DUWRSU]\SRPQLH›HVWDOSHUOLW\F]Q•X]\VNXMHVLÆZSURFHVLH
RJU]HZDQLDLVFKDG]DQLDZN•SLHOLROHMRZHMRUD]SRSU]H]GRGDWNLGRVNDGXVWDOL
1,(=$:2'12k¢6<67(0852=-$='2:(*2t:<%5$1(=$*$'1,(1,$
51
WDNLHMDN0Q 6L &U 9 8]\VNDQLH SDUDPHWUÏZ ]EOL›RQ\FKGRVWDOLSHUOLW\F]QHM
QLHMHVWPR›OLZHZSURFHVLHSRZLHU]FKQLRZHJRKDUWRZDQLDPHWRG•QDJU]HZDQLD
SRPLHQLRZHJRLVFKDG]DQLDJG\›QDVNXWHNWDNLHMREUÏENLQLHQDVWÆSXM•]PLDQ\
ZJÆVWRyFLXSDNRZDQLDVWDOLZJÆEV]\FKMHMZDUVWZDFK
2EHFQLHUR]SRF]ÆWRSURGXNFMÆPDWHULDÏZV]\QRZ\FKLG]LREQLFNU]\›RZQLF]H
VWDOLRVWUXNWXU]HEDLQLW\F]QHM]HVWDOLQLVNRZÆJORZ\FK6WDOHWHFKDUDNWHU\]XM•VLÆ
WZDUGRyFL•GR+%EDUG]RGX›•RGSRUQRyFL•QDSÆNDQLHLRZ\›V]•RG
SRUQRyFL•QDyFLHUDQLHFR]DSRELHJDUR]ZRMRZLSÆNQLÆÂ]PÆF]HQLRZ\FKZVWUHILH
NRQWDNWXNRD]V]\Q•'RW\FKF]DVRZHZ\QLNLEDGDÍW\FKPDWHULDÏZV•QLH]Z\
NOHRELHFXM•FHFRSR]ZDODSU]HZLG\ZDÂLFKURVQ•FH]DVWRVRZDQLD
'RyZLDGF]HQLDHNVSORDWDF\MQHZLHOX]DU]•GÏZNROHMRZ\FKZVND]XM•QDZ\VRNLH
ZDORU\ X›\WNRZH NU]\›RZQLF Z\NRQDQ\FK ]H VWDOLZD PDQJDQRZHJR 3DUDPHWU\
UHIHUHQF\MQHGODNU]\›RZQLFPDQJDQRZ\FKZVND]XM•›HRNUHVX›\WNRZDQLDEH]
QDSDZDQLDGRODWSRZLQLHQSR]ZROLÂQDSU]HQLHVLHQLH0J7DFDNRZLW\
RNUHVX›\WNRZDQLDSRZLQLHQRVL•JQ•ÂODW0J77HJRW\SXNU]\›RZ
QLFH]RVWD\SU]HEDGDQHZNLONXHXURSHMVNLFKSURMHNWDFKPLQ,11275$&.>@
WHVW\QDRGFLQNXSUÏEQ\P2%%%UL[OHJJRUD]SURMHNFLH6%%d6WUDWHJLH:HLFKHQr
,FKZ\QLNLZVND]XM•QD]QDF]•F•SRSUDZÆZDyFLZRyFLNU]\›RZQLFPDQJDQRZ\FK
SRSU]H]]DVWRVRZDQLHZVWÆSQHJRXWZDUG]DQLDPHWRG•Z\EXFKRZ•H[SORVLYHGHHS
KDUWHQLQJ:]PDFQLDQLHPHWRG•Z\EXFKRZ•('+SR]ZDODXWZDUG]LÂNU]\›RZ
QLFÆPDQJDQRZ•RGOHZDQ•RGWZDUGRyFLSRF]•WNRZHM+%GRSRQDG+%
SU]HG]DEXGRZ•ZWRU1DOH›\SRGNUHyOL›HZSU]\SDGNXRGOHZXX]\VNXMHVLÆ
MHGQRURGQRyÂWZDUGRyFLZ]QDF]QLHZLÆNV]HMJÆERNRyFLQDSU]HNURMXSURILOXVLÆJD
M•FHMPPDQLHMHG\QLHWZDUGRyÂSRZLHU]FKQLRZ•3RZ\›V]DPHWRGD]DVWÆSXMH
REFL•›HQLHUXFKHPRZLHONRyFLRGGRPOQWRQLSR]ZDODQDHOLPLQDFMÆSU]\
QDMPQLHMMHGQHJRQDSDZDQLDZWUDNFLH›\ZRWQRyFLNU]\›RZQLF\RUD]Z\GX›HQLH
›\ZRWQRyFLNU]\›RZQLF\GR
1DOH›\UÏZQLH›]ZUÏFLÂXZDJÆSU]\WHMRND]MLQDIDNW›HSU]HGPLRWHPEDGDÍ
]DUÏZQR,QQRWUDFNMDNLQQ\FKSURMHNWÏZQDVLHFLDFK'%2%%6%%E\\]DOHFDQH
LVWRVRZDQHGRSURGXNFMLF]ÆyFLUR]MD]GRZ\FKVWDOHSHUOLW\F]QH+6+EDLQLW\F]QH
5ÏZQLH›ZDUWR]DXZD›\›HEUDNXMHZ\QLNÏZEDGDÍVWDOL5XWZDUG]DQHMPH
WRG•QDJU]HZDQLD]DFKÆFDM•F\FKGRMHMVWRVRZDQLD]XZDJLQDIDNW›HSURFHVWHQ
QLH]PLHQLDZJÆEQLHVWUXNWXU\DWRPRZHMVWDOL
2PDZLDM•F NU]\›RZQLFH PDQJDQRZH QLH VSRVÏE ]ZUÏFL XZDJL QD IDNW RG
VW•SLHQLDQLHNWÏU\FK]DU]•GFÏZNROHLRGVWRVRZDQLDNU]\›RZQLF]ZNDGNDPLQS
PDQJDQRZ\PL F]\ WH› yUXEXQNDPL ] XZDJL QD IDNW NRQLHF]QHM NRQWUROL VWDQX
SR•F]HÍRUD] URVQ•F\FK NRV]WÏZ SURGXNFML LXWU]\P\ZDQLDWDNLFKNU]\›RZQLF
: V]F]HJÏOQ\ VSRVÏE GRW\F]\ WR QS UR]MD]GÏZ W\SX 5NSG NWÏUH V• QDGDO SR
ZV]HFKQLHZUR]ZL•]DQLDFKVWDF\MQ\FKSRPLPRZLHOXSUÏERGHMyFLDRGWHJR]R›R
QHJRUR]ZL•]DQLD
0LQLPDOL]DFMDRGG]LD\ZDÍG\QDPLF]Q\FK
:FHOXPLQLPDOL]DFMLRGG]LD\ZDÍG\QDPLF]Q\FKZREV]DU]HUR]MD]GXSRGHM
PRZDQ\FKMHVWV]HUHJG]LDDÍZyUÏGNWÏU\FKZDUWRZVSRPQLHÂ
52
%XDZD06HPUDX.
D RSW\PDOL]DFMDJHRPHWULLNRQVWUXNFMLUR]MD]GRZ\FK]Z\NRU]\VWDQLHPPR
GHOLSRMD]GÏZ
E VWRVRZDQLHNU]\›RZQLF]UXFKRP\PG]LREHP
F HODVW\F]QHSRVDGRZLHQLHUR]MD]GX
3U]\NDGHPRSW\PDOL]DFMLNLQHW\F]QHMJHRPHWULLLJOLFLRSRUQLF]PQLHMV]DM•FHM
]MDZLVNRZƛ\NRZDQLDNRDSRFL•JXL]PQLHMV]DM•FHVL\5&)MHVW)$.23SR]ZD
ODM•F\QD]ZLÆNV]HQLHVSRNRMQRyFLSU]HMD]GXWDERUXSU]H]]ZURWQLFÆ
=DVWRVRZDQLHNU]\›RZQLF]UXFKRP\PG]LREHPUHGXNXMHG\QDPLF]QHREFL•
›HQLD Z\ZLHUDQH QD NU]\›RZQLFÆ L FDRy UR]MD]GX SRSU]H] EUDN XGHU]HÍ L ELFLD
ERF]QHJRREU]H›\NϏRUD]SRSU]H]HOLPLQDFMÆVLERF]Q\FKG]LÆNLW]ZV]\QLHSUR
ZDG]•FHM,FKVWRVRZDQLHSURZDG]LGRZ\GX›HQLDF]DVXHNVSORDWDFML]QDF]QHMUH
GXNFMLSUDFSUHZHQF\MQ\FKQSV]OLIRZDQLDMDNLNRU\JXM•F\FK]GHMPRZDQLH
VS\ZÏZSURZDG]•FZHIHNFLHGRUHGXNFMLNRV]WÏZZUDFKXQNX/&&'RGDWNRZR
X]\VNXMHVLÆ]ZLÆNV]HQLHNRPIRUWXMD]G\UHGXNFMÆSR]LRPKDDVXLXPR›OLZLHQLH
ID]RZDQLDSURFHVXVWRSQLRZHJRSRGQRV]HQLDSUÆGNRyFLQDOLQLL-HGQ\PL]EDGDÍ
SRUÏZQDZF]\FK Z\WU]\PDRyFL UR]MD]GÏZ ] UXFKRP\P G]LREHP SU]HSURZDG]R
Q\PLZ(XURSLHE\\EDGDQLD7HFKQLVFKH8QLYHUVLWDWZ*UD]$XVWULDJG]LHQD
OLQLLGZXWRURZHM:HVWDEDKQSRGREFL•›HQLHP7G]LHÍL7G]LHÍ
]EDGDQR]X›\FLDLNRV]W\XWU]\PDQLRZHNU]\›RZQLFPDQJDQRZ\FK0Q('+
LNU]\›RZQLF\]UXFKRP\PG]LREHP>@3RUÏZQXM•FNRV]W\LQDNDG\QDSUDFH
XWU]\PDQLRZHZSHUVSHNW\ZLHODWVWZLHUG]RQRPLQ
NU]\›RZQLFDPDQJDQRZDZ\PDJDDNURWQHJRSRGELMDQLDDNU]\›RZQLFD
]UXFKRP\PG]LREHPNURWQHJRSRGELMDQLD
NU]\›RZQLFDPDQJDQRZDZ\PDJDDMHGQRNURWQHJRGRGDWNRZHJRQDSDZD
QLD
NU]\›RZQLFD PDQJDQRZD Z\PDJDD FRURF]QHJR ]GHMPRZDQLD VS\ZÏZ
DNU]\›RZQLFD]UXFKRP\PG]LREHPFRODWD
ZWUDNFLHFDHM›\ZRWQRyFLNU]\›RZQLF\]UXFKRP\PG]LREHPNU]\›RZQLFD
PDQJDQRZDZ\PDJDDZ\PLDQ\FDNRZLWHM
:H ZQLRVNDFK ] EDGDÍ X]QDQR ›H ZSURZDG]HQLH NU]\›RZQLF\ ] UXFKRP\P
G]LREHP Z\GX›D F\NO SRGELMDQLD R UHGXNXMH F]ÆVWRWOLZRy V]OLIRZDQLD
DNRV]WXVXZDQLDXVWHUHNVSDGDRSRQDG3RGF]DVRNUHVX›\ZRWQRyFLEDGD
Q\FK UR]MD]GÏZ QDVW•SLD Z\PLDQD NU]\›RZQLF\ ]H VWD\P G]LREHP >@ =X›\
FLDQDNU]\›RZQLFDFK]HVWD\PG]LREHPSU]\NPKQLH]DOH›QLHRGURG]DMX
VWRVRZDQHMVWDOLQSSHUOLWEDLQLWF]\PDQJDQV•WDN]QDF]QH›HJHQHUXM•NRV]W\
XWU]\PDQLDZSUDZG]LHUR]R›RQHZF]DVLHDOHSU]HZ\›V]DM•FHNRV]W\NU]\›RZ
QLF]UXFKRP\PG]LREHPRIHUXM•FMHGQRF]HyQLHQL›V]\VWDQGDUGSU]HMD]GXKDDV
L]ZLÆNV]RQHRGG]LD\ZDQLHQDSRGWRU]H
(OHPHQWHPNRQVWUXNFMLUR]MD]GXNWÏU\NU\MHQDGDOGX›HUH]HUZ\ZRSW\PD
OL]DFML]X›\ÂMHVWHODVW\F]QHSRVDGRZLHQLHNWÏUHUHGXNXMHVL\QDVW\NXNRRV]\
QDLREFL•›HQLDG]LDDM•FHQDSXQNWSRGSDUFLD=DVWRVRZDQLHHODVW\F]QHJRSRVD
GRZLHQLD SR]ZDOD QD SRGZ\›V]HQLH ›\ZRWQRyFL UR]MD]GÏZ L LFK JÏZQ\FK F]ÆyFL
NU]\›RZQLFDRUD]]UHGXNRZDQLHNRV]WÏZNRQVHUZDFMLLXWU]\PDQLDDZHIHNFLH
UHGXNFML NRV]WÏZ Z UDFKXQNX /&& -DN GRZRG]• EDGDQLD '% QDG RSW\PDOL]D
1,(=$:2'12k¢6<67(0852=-$='2:(*2t:<%5$1(=$*$'1,(1,$
53
FM•V]W\ZQRyFLSXQNWXSRGSDUFLD]DVWRVRZDQLHHODVW\F]QHJRSRVDGRZLHQLDRGSR
ZLDGDM•FHJR V]W\ZQRyFL N1PP SR]ZDOD Z VWRVXQNX GR WRUX R V]W\ZQRyFL
SRVDGRZLHQLDN1PP]UHGXNRZDÂRVL\SLRQRZHSU]\SUÆGNRyFL
NPK%DGDQLDQD'%]RVWD\SU]HSURZDG]RQHQDVWDFML%RUNKHLGHJG]LH]D
VWRVRZDQRV]W\ZQRyÂSRG]ZURWQLF•LNU]\›RZQLF•N1PP]DyV]\QN1
PPGOD5]L5]=JRGQLH]Z\QLNDPLQDVW•SLDUHGXNFMD
RJÏOQHMV]W\ZQRyFLUR]MD]GXRUHGXNFMDSLRQRZ\FKLZ]GX›Q\FKVLZREUÆ
ELHNU]\›RZQLF\RSRQDG3RSU]HMHFKDQLX0J7EUDNyODGÏZ]X›\FLDQD
SRZLHU]FKQLWRF]QHMV]\Q>@
5HDVXPXM•FPR›QDVWZLHUG]L›HZNRQVWUXNFMLVWDORZHMUR]MD]GÏZSRSU]H]
]DVWRVRZDQLHRSW\PDOQHMJHRPHWULLW\SXUR]MD]GXPDWHULDXJÏZQ\FKF]ÆyFLVWD
ORZ\FKLSRVDGRZLHQLDWNZL•ROEU]\PLHUH]HUZ\PR›OLZHMPLQLPDOL]DFML]X›\ÂQD
ZLHU]FKQLRJUDQLF]HQLDSUDFXWU]\PDQLRZ\FKL]QDF]QHJRZ\GX›HQLD›\ZRWQRyFL
QDZLHU]FKQL
3RGDWQRyÂXWU]\PDQLRZD
2F]HNLZDQ• ZDyFLZRyFL• NRQVWUXNFML UR]MD]GRZ\FK MHVW RJUDQLF]HQLH QDND
GÏZXWU]\PDQLRZ\FK:VSϏF]HVQ\V\VWHPUR]MD]GRZ\SRZLQLHQ]DFKRZDÂEH]
SLHF]HÍVWZR L Z\VRN• GRVWÆSQRy SU]\ G]LDDQLDFK XWU]\PDQLRZ\FK SU]HJO•G\
UHJXODFMHQDSUDZ\UHDOL]RZDQ\FKQLHF]ÆyFLHMQL›GZDUD]\ZURNX=DNLONDODW
PR›QDRF]HNLZDÂZ\GX›HQLDRNUHVXPLÆG]\DNW\ZQRyFLDPLXWU]\PDQLRZ\PLQD
ZHWGRURNX
'RGDWNRZ\POHF]QLH]Z\NOHZD›Q\PZ\PDJDQLHPMHVW]DSHZQLHQLHPR›OL
ZRyFLPHFKDQLF]QHJRSRGELMDQLDUR]MD]GXEH]GHPRQWD›XMHJRXU]•G]HÍQDSÆG
]DPNQLÆFLDNRQWUROHU\SU]HQLHVLHQLHVL
'ODRVL•JQLÆFLDSRZ\›V]HJRFHOXVWRVXMHVLÆPLQ
D V\VWHP\UROHNXPR›OLZLDM•FHUH]\JQDFMÆ]HVPDURZDQLD
E KHUPHW\F]QH]DPNQLÆFLDQDVWDZF]HQLHZUD›OLZHQDZS\ZZDUXQNÏZyUR
GRZLVNRZ\FK
F XNDG\SU]HQLHVLHQLDVL\PR›OLZLHQLHZUD›OLZHQD]PLDQ\WHPSHUDWXU\RWR
F]HQLDQSK\GUDXOLF]QH
G UR]ZL•]DQLD WHFKQLF]QH QLH NROLGXM•FH ] SRGELMDUNDPL DXWRPDW\F]Q\PL
V]F]HJÏOQLHGODUR]MD]GÏZGX›\FKSUÆGNRyFL
6\VWHP\UROHN
5RONRZH V\VWHP\ ZVSRPDJDM•FH SU]HVWDZLDQLH ]ZURWQLF\ SR]ZDODM• ]PQLHM
V]\ÂRSRU\SU]HVWDZLDQLDUR]MD]GXLRJUDQLF]\Â]DELHJLXWU]\PDQLRZHHOLPLQDFMD
VPDURZDQLDVWRHF]NÏZyOL]JRZ\FKXPR›OLZLDM•FSU]\VWRVRZ\ZDQLDUR]MD]GÏZGR
SUDF\ EH]REVXJRZHM UHGXNXM•F Z\PDJDQH SU]HJO•G\ GR RNUHVÏZ PLHVLÆF]
Q\FK:Z\QLNXFRUD]EDUG]LHMSRZV]HFKQHMyZLDGRPRyFLNRU]\yFLZ\QLNDM•F\FK
]WHJRW\SXV\VWHPÏZZRVWDWQLFKODWDFKSRZVWDRZLHOHUϛQ\FKUR]ZL•]DÍWHFK
QLF]Q\FK2FHQDLFKSU]\GDWQRyFLZ\PDJDMHGQDN›HSRWZLHUG]HQLDRF]HNLZDQ\FK
54
%XDZD06HPUDX.
SDUDPHWUÏZX›\WNRZ\FKZGXJLPRNUHVLHF]DVX'RW\FKF]DVRZHGRyZLDGF]HQLD
HNVSORDWDF\MQHND›•]ZUÏFLÂXZDJÆQDQDVWÆSXM•FHSUREOHP\
VWRSQLRZHZ\UDELDQLHVLÆEUX]G\ZVWRSLHV]\Q\QDGURON•
Z\FLHUDQLHVLÆUROHN
SUREOHP\]UHJXODFM•Z\VRNRyFLUROHNSRQDGVWRHF]NLyOL]JRZH
WDUFLHRVWU]DLJOLF\QLHSRGSDUWHJRURON•QDSLHUZV]\]DPNQLÆFLXRVWRHF]HN
yOL]JRZ\SRGFLƛDUHPLJOLF\L]DPNQLÆFLD
-DN GRZRG]• EDGDQLD SRUÏZQDZF]H V\VWHPÏZ URONRZ\FK OHSV]H SDUDPHWU\
PDM•URONLRPQLHMV]\FKyUHGQLFDFK]PDWHULDÏZSRGDWQ\FKQLHVWDORZ\FKUR]
R›RQHZPLDUÆUÏZQRPLHUQLHSRGXJRyFLLJOLF\QLHVNXSLRQHZSRODFK)LU
P\PDM•FHZLHOROHWQLHWUDG\FMHWHFKQLF]QHLGRyZLDGF]HQLHZVWRVRZDQLXXU]•G]HÍ
URONRZ\FK SUHIHUXM• REHFQLH URONL XPRFRZDQH GR S\W ›HEURZ\FK FR SROD
RPDHMyUHGQLF\LQLVNLPSRGQLHVLHQLXQDGVWRHF]HNyOL]JRZ\QSPP7HJR
W\SXURONLVSUDZQLHSR]ZDODM•]PQLHMV]\ÂRSRU\SU]HVWDZLDQLDQLHPÆF]•LJOLF\
LQLHZ\PDJDM•UHJXODFML
0ÏZL•FRV\VWHPLHURONRZ\PZDUWRSRGNUHyOLÂZDJÆMHJRSUDZLGRZHJRGR
ERUXtQLHSUDZLGRZRyFLZW\P]DNUHVLHPRJ•SURZDG]LÂGR]ZLÆNV]HQLDQDND
GÏZXWU]\PDQLRZ\FKQDUHJXODFMÆLZ\PLDQÆ]X›\W\FKHOHPHQWÏZDZQLHNWÏU\FK
SU]\SDGNDFKNRQLHF]QRyÂGHPRQWD›XQDF]DVSRGELMDQLDUR]MD]GX1DNRÍFXZDU
WR SU]\SRPQLH ›H ZDUXQNLHP ZDyFLZHM SUDF\ UROHN MHVW SUDZLGRZH XR›HQLH
LSRGELFLHUR]MD]GX
=DPNQLÆFLDQDVWDZF]HLXNDG\SU]HQRV]HQLDVL\
,VWRWQ\PHOHPHQWHPZS\ZDM•F\PQDSUDFÆUR]MD]GXV•]DPNQLÆFLDQDVWDZF]H
RUD] XNDG\ SU]HQLHVLHQLD VL\ 3R›•GDQH ZDyFLZRyFL SRZ\›V]\FKXU]•G]HÍ REHM
PXM•
RGSRUQRyÂQD]PLDQ\ZDUXQNÏZyURGRZLVNRZ\FKZV]F]HJÏOQRyFLZDKDQLD
WHPSHUDWXU
]DEH]SLHF]HQLHZHZQÆWU]Q\FKPHFKDQL]PÏZSU]HGRGG]LD\ZDQLHPF]\Q
QLNÏZ]HZQÆWU]Q\FKHOLPLQDFMD]DFLÆÂ
RJUDQLF]RQHQDNDG\XWU]\PDQLRZHUHJXODFMHSU]HJO•G\
1LHVWHW\ ]QDQH L VWRVRZDQH SRZV]HFKQLH NODPURZH ]DPNQLÆFLD QDVWDZF]H
IRWQLH]DSHZQLDM•RF]HNLZDQ\FKSDUDPHWUÏZQLH]DZRGQRyFLRZ\FK$OWHU
QDW\Z• V• ZGUR›RQH QLHGDZQR ]DPNQLÆFLD KHUPHW\F]QH IRW NWÏU\FK SR
QDGSU]HFLÆWQH ZDyFLZRyFL HNVSORDWDF\MQH ]RVWD\ SRWZLHUG]RQH QD SU]HVWU]HQL
RVWDWQLFKODWHNVSORDWDFMLPLQQDVLHFL2%%L3.33ROVNLH/LQLH.ROHMRZH6$
.RU]\yFL ] LFK VWRVRZDQLD V• V]F]HJÏOQLH ZLGRF]QH Z SU]\SDGNX LQWHQV\ZQLH
HNVSORDWRZDQ\FKUR]MD]GÏZRUD]UR]MD]GÏZZORNDOL]DFMDFKRGOHJ\FKRGREVXJL
WHFKQLF]QHM>@
1,(=$:2'12k¢6<67(0852=-$='2:(*2t:<%5$1(=$*$'1,(1,$
55
)RW.ODPURZH]DPNQLÆFLHQDVWDZF]H
)RW+HUPHW\F]QH]DPNQLÆFLHQDVWDZF]H
5ÏZQLH›VWRVRZDQHXNDG\SU]HQLHVLHQLDVL\RJUDQLF]DM•QLH]DZRGQRyÂLWUZD
Ry NRQVWUXNFML UR]MD]GRZ\FK Z\PDJDM•F GRGDWNRZ\FK QDNDGÏZ XWU]\PDQLR
Z\FK3RZ\›V]HZDG\ZUϛQ\PVWRSQLXGRW\F]•]DUÏZQRVSU]ƛHÍPHFKDQLF]
Q\FKIRWMDNLUR]ZL•]DÍZLHORQDSÆGRZ\FKIRW
)RW0HFKDQLF]Q\XNDGSU]HQLHVLHQLDVL\
%XDZD06HPUDX.
56
)RW8NDGZLHORQDSÆGRZ\
3U]\NDGHP UR]ZL•]DQLD HOLPLQXM•FHJR ZDG\ Z\PLHQLRQ\FK ZF]HyQLHM XND
GÏZVSU]ƛHÍPHFKDQLF]Q\FKLZLHORQDSÆGRZ\FKMHVWV\VWHPK\GUDXOLF]Q\]DLQ
VWDORZDQ\PLÆG]\WRNDPLV]\QRZ\PL]DSHZQLDM•F\SU]HVWDZLDQLHUR]MD]GX]DSR
PRF•SRMHG\QF]HJRQDSÆGXIRW
)RW+\GUDXOLF]Q\XNDGSU]HQLHVLHQLDVL\
-DNRyÂSRF]•WNRZD
7UZDRy L QLH]EÆGQH QDNDG\ XWU]\PDQLRZH UR]MD]GX V• X]DOH›QLRQH RG
MHJR MDNRyFL SRF]•WNRZHM WM WX› SR ]DEXGRZLH &RUD] F]ÆyFLHM UR]MD]G MHVW
GRVWDUF]DQ\QDSODFEXGRZ\ZSRVWDFL]PRQWRZDQHMZIDEU\FHZUD]]SRG
1,(=$:2'12k¢6<67(0852=-$='2:(*2t:<%5$1(=$*$'1,(1,$
57
NDGDPL RUD] XU]•G]HQLDPL D QDVWÆSQLH LQVWDORZDQ\ EH]SRyUHGQLR Z WRU]H
IRW
)RW5R]MD]G]PRQWRZDQ\ZIDEU\FHGRVWDUF]RQ\QDSODFEXGRZ\
'RyZLDGF]HQLDZLHOX]DU]•GÏZNROHMRZ\FKZVND]XM•QDZ\PLHUQHNRU]\yFLWD
NLHJRG]LDDQLDZV]F]HJÏOQRyFLRJUDQLF]HQLHQDNDGÏZXWU]\PDQLRZ\FKZZ\
QLNXZ\GX›HQLDRNUHVÏZPLÆG]\SU]HJO•GRZ\FKRUD]]QDF]•FHZ\GX›HQLHF]DVX
›\FLDUR]MD]GXU\V
5\V&\NO›\FLDUR]MD]GX
3RZ\›V]HPDV]F]HJÏOQH]DVWRVRZDQLHGRUR]MD]GÏZGX›\FKSUÆGNRyFL]XZD
JLQDLFKGXJRyÂLORyÂXU]•G]HÍRUD]Z\PDJDQ•GRNDGQRyÂLQVWDODFML3HZQ\P
RJUDQLF]HQLHP VWRVRZDQLD WHM WHFKQRORJLL MHVW NRQLHF]QRy ]DSHZQLHQLD VSHFMDOL
VW\F]Q\FKZDJRQÏZIRWRUD]VSHFMDOLVW\F]Q\FKG|ZLJÏZ>@
%XDZD06HPUDX.
58
)RW7UDQVSRUW]PRQWRZDQ\FKUR]MD]GÏZ
3RGVXPRZDQLH
=DJDGQLHQLHQLH]DZRGQRyFLUR]MD]GXNROHMRZHJRMHVWQLH]Z\NOHZD›QHGOD]D
U]•GFÏZNROHMRZ\FKRSW\PDOL]XM•F\FKGRVWÆSQRyÂOLQLLNROHMRZ\FKZIXQNFMLQD
NDGÏZ ,VWRWQ\P GOD SRSUDZQ\FK ZQLRVNÏZ MHVW FDRyFLRZH ZLG]HQLH V\VWHPX
UR]MD]GRZHJR SRF]•ZV]\ RG NRQVWUXNFML QDZLHU]FKQL SRSU]H] XU]•G]HQLD SU]H
VWDZLDQLD L NRQWUROL QDSÆG\ NRQWUROHU\ SU]HQRV]HQLH VL D VNRÍF]\ZV]\ QD MD
NRyFLMHJRLQVWDODFML'ODSRGMÆFLDZDyFLZ\FKGHF\]MLNOXF]RZHMHVW]UR]XPLHQLH
XZDUXQNRZDÍZNWÏU\FKIXQNFMRQXMHV\VWHPUR]MD]GRZ\RUD]ZLHG]DGRW\F]•FD
ZVSϏF]HVQHM WHFKQLNL UR]MD]GRZHM 3UDNW\F]QH RVL•JQLÆFLD ZLRG•F\FK ]DU]•GÏZ
NROHMRZ\FKZW\PREV]DU]HV•QLH]Z\NOHRELHFXM•FH:ZLHOXNUDMDFKVWDQGDUGHP
MHVWV\VWHPUR]MD]GRZ\NWÏUHJRXWU]\PDQLHVSURZDG]DVLÆGRLQVSHNFMLZURNX
RUD]PHFKDQLF]Q\FKSRGELÂQLH]EÆGQ\FKGR]DSHZQLHQLDEH]DZDU\MQHMSUDF\.R
QLHF]QHMHVWMHGQDNSRGNUHyOHQLHQLH]EÆGQHMGHWHUPLQDFML]DU]•GF\LQIUDVWUXNWXU\
ZHZGUD›DQLXQRZRF]HVQ\FKVWUDWHJLLXWU]\PDQLDOLQLLNROHMRZ\FK]RULHQWRZDQHM
QD ]DSHZQLHQLH Z\PDJDQHJR SR]LRPX EH]SLHF]HÍVWZD L GRVWÆSQRyFL SU]\ PLQL
PDOL]DFMLQDNDGÏZXWU]\PDQLRZ\FK:SUDNW\FHLVWRWQ•EDULHU•SRVWÆSXZW\P
]DNUHVLH MHVW SU]\ZL•]DQLH GR GRW\FKF]DVRZ\FK F]ÆVWR SU]HVWDU]D\FK UR]ZL•]DÍ
SR•F]RQH]EUDNLHPU]HWHOQHMZLHG]\RGRVWÆSQ\FKQRZRF]HVQ\FKUR]ZL•]DQLDFK
%LEOLRJUDILD
>@3URMHNWd,11275$&.rPDWHULD\LQIRUPDF\MQH
>@3URMHNW'HXWVFKH%DKQd2SW\PDOL]DFMDV]W\ZQRyFLSXQNWXSRGSDUFLDrt
PDWHULD%:*:%*
>@3URMHNWd6WUDWHJLH)DKUZHJr78*UDW]3URI9HLWt(75(LVHQEDKQWHFK
QLVFKH5XQGVFKDX
1,(=$:2'12k¢6<67(0852=-$='2:(*2t:<%5$1(=$*$'1,(1,$
59
>@3URMHNW 6%% 6FKZHL] d6WUDWHJLH :HLFKHQr t PDWHULD YRHVWDOSLQH 9$(
*PE+
>@/HZLQVNL/5RVLQVNL36]ÏVWDNRZVNL*1RZRF]HVQH]DPNQLÆFLDUR]MD]
GRZHtSLHUZV]HGRyZLDGF]HQLDHNVSORDWDF\MQHQDVLHFL3.33ROVNLH/LQLH
.ROHMRZH 6$ .RQIHUHQFMD 1DXNRZD d'URJL .ROHMRZH r *GDÍVN
*G\QLD
>@8ODWRZVNL:0LFKRZVNL31RZRF]HVQ\V\VWHPUR]MD]GRZ\QDSU]\ND
G]LH WXQHOX *RWWKDUGD .RQIHUHQFMD 1DXNRZD d'URJL .ROHMRZH r
*GDÍVN*G\QLD
>@7RZSLN.,QIUDVWUXNWXUD'URJL.ROHMRZHM:DUV]DZD5DGRP
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
$1$/,=$32'$712k&,635=¦*$&,¦*2:(*2
67262:$1(*2:1,6.232'2*2:<&+
75$0:$-$&+
7RPDV]&]DXGHUQD
0LFKD0DQLRZVNL
PJULQ›03.6$Z.UDNRZLHXOkZ:DZU]\ÍFD
.UDNÏZWF]DXGHU#PSNNUDNRZSO
GULQ›3ROLWHFKQLND.UDNRZVND:\G]LD3RMD]GÏZ6D
PRFKRGRZ\FKL6LOQLNÏZ6SDOLQRZ\FK
6WUHV]F]HQLH $UW\NX SU]HGVWDZLD HODVWRNLQHPDW\F]Q• DQDOL]Æ SU]HVWU]HQQHJR VSU]ÆJD
FLÆJRZHJR ]QDNRSU]HPLHQQHJR VWRVRZDQHJR Z WUDPZDMDFK QLVNRSRGRJRZ\FK ] NODV\F]Q\PL
ZÏ]NDPLQDSÆGRZ\PL$UW\NXWHQMHVWNRQW\QXDFM•SRSU]HGQLHMSUDF\SU]HGVWDZLRQHMQD]HV]R
URF]QHM NRQIHUHQFML JG]LH DQDOL]RZDQR W\ONR ZDyFLZRyFL NLQHPDW\F]QH WDNLHJR VSU]ÆJD : WHM
SUDF\Z\]QDF]RQRGRyZLDGF]DOQLHFKDUDNWHU\VW\NLOLQLRZHMLN•WRZHMV]W\ZQRyFLWXOHLPHWDORZR
JXPRZ\FKLQVWDORZDQ\FKZFLÆJDFKVSU]ÆJD2V]DFRZDQHV]W\ZQRyFLZSURZDG]RQRQDVWÆSQLHGR
PRGHOXVSU]ÆJDZNWÏU\PSR]DUR]ZD›DQ\PLWXOHMDPLSR]RVWDHHOHPHQW\V•XZD›DQH]DLGHDOQLH
V]W\ZQH2EOLF]RQR]DVWÆSF]•PDFLHU]V]W\ZQRyFLVSU]ÆJDLZ\EUDQHMHMZVSϏF]\QQLNLSRUÏZQDQR
]Z\QLNDPLX]\VNDQ\PLZ\NRU]\VWXM•FGUXJ•PHWRGÆ]QDQ•]OLWHUDWXU\
6RZDNOXF]RZHWUDPZDMQLVNRSRGRJRZ\XNDGQDSÆGRZ\VSU]ÆJDZLHORFLÆJRZHDQD
OL]DHODVWRNLQHPDW\F]QDWXOHMHPHWDORZRJXPRZH
:SURZDG]HQLH
8NDG\ QDSÆGRZH WUDPZDMÏZ QLVNRSRGRJRZ\FK QDOH›• GR QDMEDUG]LHM ]R
›RQ\FKVSRyUÏGVWRVRZDQ\FKZHZVSϏF]HVQ\FKSRMD]GDFKV]\QRZ\FKSRQLHZD›
SRZLQQ\VLÆFHFKRZDÂ>@
s QLVN•SRGRJ•REHMPXM•F•MDNQDMZLÆNV]•SRZLHU]FKQLÆSRMD]GX
s PD•yUHGQLF•NϏ]HZ]JOÆGXQDZ\PDJDQLDMDNQDMQL›V]HMSRGRJL
s Z\VRNLPSR]LRPHPNRPIRUWXSRGUϛ\SDVD›HUÏZ
s MDNQDMPQLHMV]\PZS\ZHPQDGUJDQLDRWRF]HQLD
1DSRGVWDZLHSRZ\›V]\FK]DR›HÍPR›QDVWZLHUG]L›HQDMZD›QLHMV]\PZ\
PDJDQLHP MHVW X]\VNDQLH MDN QDMZLÆNV]HM SU]HVWU]HQL X›\WHF]QHM R MDN QDMQL›V]HM
SRGRG]H:\PXV]DWR]PQLHMV]DQLHUR]PLDUÏZXNDGÏZQDSÆGRZ\FKLNRPSOL
NXMHGURJÆSU]HND]DQLDQDSÆGX
:RPDZLDQ\FKZQLQLHMV]HMLSRSU]HGQLHMSUDF\>@WUDPZDMDFKHNVSORDWRZD
Q\FKZ.UDNRZLHQLVNDSRGRJDVWDQRZLRNSRZLHU]FKQLWUDPZDMX]Dy
QDGZÏ]NDPLQDSÆGRZ\PL]DVWRVRZDQRSRGRJÆRyUHGQLHMZ\VRNRyFLUϛQL•F•VLÆ
R MHGHQ VWRSLHÍ > @ 5R]ZL•]DQLH WR SR]ZROLR QD ]DVWRVRZDQLH NODV\F]QH
:NáDGDXWRUyZZSXEOLNDFMĊ&]DXGHUQD70DQLRZVNL0
&]DXGHUQD70DQLRZVNL0
62
JRZÏ]NDQDSÆGRZHJRQDNRDFKRPQLHMV]HMyUHGQLF\]PQLHMV]RQ\FKUR]PLDUDFK
SRGVWDZRZ\FKHOHPHQWÏZMDNVLOQLNSU]HNDGQLDVSU]ÆJD8]\VNDQRWDN›HFD
NRZLWHXVSUƛ\QRZDQLHVLOQLNDLSU]HNDGQLG]LÆNLZ\NRU]\VWDQLXZDXGU•›RQHJR
LXNDGXGZÏFKV]HUHJRZRSR•F]RQ\FKVSU]ÆJLH)/(1'(5>@=HZ]JOÆGX
QD RPÏZLRQH SRZ\›HM Z\PDJDQLH MDN QDMPQLHMV]HM Z\VRNRyFL SRGRJL yUHGQLFH
ZDÏZLVSU]ÆJLHSRZLQQ\E\ÂMDNQDMPQLHMV]HSU]\]DFKRZDQLXMDNQDMOHSV]\FK
ZDyFLZRyFLSU]HND]\ZDQLDPRPHQWÏZQDSÆGRZ\FK
&HOHPSUDF\MHVWDQDOL]DtFLÆJRZHJRVSU]ÆJD)OHQGHUZ\FK\OQRRGVXZQH
JRZ\NRU]\VW\ZDQHJRZXNDGDFKQDSÆGRZ\FKWUDPZDMÏZQLVNRSRGRJRZ\FK
XZ]JOÆGQLDM•FD ZDyFLZRyFL NLQHPDW\F]QH PHFKDQL]PX RUD] SRGDWQRy SU]HJX
EÏZJXPRZ\FK
:SRSU]HGQLHMSUDF\>@SU]\MPRZDQR›HPHFKDQL]PZZHUVMLSRMHG\QF]HM
MDN L ]GZRMRQHM ]DZLHUD W\ONR ZLÆ]\ NLQHPDW\F]QHV]W\ZQH NWÏUH ]DSHZQLDM•
SRGVWDZRZHVWRSQLHMHJRUXFKOLZRyFLWMZ\FK\OQRyÂ
: U]HF]\ZLVW\P PHFKDQL]PLH Z\VWÆSXM• SU]HJXE\ SRGDWQH Z SRVWDFL WXOHL
PHWDORZRJXPRZ\FKZND›G\P]FLÆJLH,FK]DGDQLHPMHVWPLQ
s ZLEURL]RODFMDGUJDÍZXNDG]LHQDSÆGRZ\P
s ]ZLÆNV]HQLH]DNUHVÏZZ\FK\OHÍXNDGX
s ]PQLHMV]HQLHNRV]WÏZNRQVWUXNFML
=DJDGQLHQLDDQDOL]\SU]HVWU]HQQHMV]W\ZQRyFLVSU]ÆJLHZLHORFLÆJRZ\FKQLHV•
SRZV]HFKQLH RPDZLDQH : ZLÆNV]RyFL SXEOLNDFML UR]ZD›DQH V• ]D]Z\F]DM W\ONR
SDVNLHPRGHOHWDNLFKXNDGÏZ>@:SUDF\>@SRGDQRGODUR]ZD›DQHJRVSU]Æ
JDZ]RU\SU]HOLF]HQLRZHGRW\F]•FHMHJRV]W\ZQRyFLSU]HVWU]HQQHM:]RU\WÆEÆG•
Z\NRU]\VWDQHGRVSUDZG]HQLDZDVQHJRDOJRU\WPXREOLF]HQLRZHJR
)RW0HFKDQL]PZVWDQLH]R›RQ\P
$1$/,=$32'$712k&,635=¦*$&,¦*2:(*267262:$1(*2:
63
0RGHOFLÆJRZHJRVSU]ÆJD]XZ]JOÆGQLHQLHPSRGDWQRyFLSU]HJX
EÏZJXPRZ\FK
=DR›HQLD
:QLQLHMV]\PRSUDFRZDQLXPRGHOX]DHOHPHQW\V]W\ZQHX]QDQRFLÆJDLZD\
DMDNRSRGDWQHX]QDQRWXOHMHPHWDORZRJXPRZHSHQL•FHUROÆSU]HJXEÏZZVSU]Æ
JOH1DU\VSU]HGVWDZLRQRVFKHPDWEXGRZ\RPDZLDQHJRVSU]ÆJD=DNDGDP\
›HZDF]\QQ\]XNDGHP2D;D<D=DZ\NRQXMHW\ONRUXFKREURWRZ\ZRNϏZDVQHM
RVLSRNU\ZDM•FHMVLÆ]RVL•2<8NDGHP2E;E<E=EQD]\ZDP\XNDG]ZL•]DQ\]ZD
HPELHUQ\P
*ÏZQH]DR›HQLDGRDQDOL]\HODVWRNLQHPDW\F]QHMSRMHG\QF]HJRVSU]ÆJDSU]HG
VWDZLRQHQDU\VXQNXV•QDVWÆSXM•FH>@
UR]ZD›DQ\MHVWSUREOHPSU]HVWU]HQQHMV]W\ZQRyFLSRMHG\QF]HJRVSU]ÆJD
FLÆJRZHJR
JÏZQ\P |UÏGHP SRGDWQRyFL V• WXOHMNL PHWDORZRJXPRZH SR]RVWDH
HOHPHQW\VSU]ÆJDV•X]QDZDQH]DLGHDOQLHV]W\ZQH
UR]ZD›DQHV•PDHSU]HPLHV]F]HQLDPHFKDQL]PX
SU]\MÆWR OLQLRZH FKDUDNWHU\VW\NL VSUƛ\VWRyFL WXOHMHN JXPRZRPHWDOR
Z\FK
SU]\MÆWR›HWXOHMNLJXPRZRPHWDORZHZ\ND]XM•RVLRZ•V\PHWULÆ
5\VD6FKHPDWNLQHPDW\F]Q\SRMHG\QF]HJRVSU]ÆJD]FLÆJDPLOZSR]\FMLSRGVWDZRZHM
E*HRPHWULDREXSODWIRUPSRMHG\QF]HJRVSU]ÆJDFLHJRZHJRU\VDZSRR›HQLXSRF]•WNRZ\Pt
ZVSϏSDV]F]\]QRZ\P
&]DXGHUQD70DQLRZVNL0
64
0DFLHU]V]W\ZQRyFLVSU]ÆJD
5\V6FKHPDWVSU]ÆJDFLÆJRZHJR>@
'p
ª 'x º
«'y »
«'z »
« »
«'D »
« 'M »
« »
¬« 'T ¼»
:HNWRU SU]HPLHV]F]HQLD SU]HVWU]HQQHJR SODWIRUP\ % VSU]ÆJD JG]LH OLQLRZH
SU]HPLHV]F]HQLDZ\UD›RQHV•Z>P@DN•WRZHZ>UDG@
w
ª fx º
« fy »
« »
« fz »
«m »
« x»
«m y »
«¬ m z »¼
:HNWRUREFL•›HQLDSU]HVWU]HQQHJRSODWIRUP\%VSU]ÆJDJG]LHVNDGRZHVL\
Z\UD›RQHV•Z>1@DVNDGRZHPRPHQWXZ>1P@
$1$/,=$32'$712k&,635=¦*$&,¦*2:(*267262:$1(*2:
65
6\PHWU\F]QD PDFLHU] V]W\ZQRyFL SU]HVWU]HQQHM VSU]ÆJD JG]LH ZVSϏF]\QQLNL
QDGLDJRQDOQHMPDFLHU]\QD]\ZDP\V]W\ZQRyFLDPLJÏZQ\PLDSR]DGLDJRQDOQ•
tZVSϏF]\QQLNDPLV]W\ZQRyFLVNURyQHM
w K s 'p
0RGHOWXOHLPHWDORZRJXPRZHM
5\V6FKHPDWWXOHMNLPHWDORZRJXPRZHMZVSU]ÆJOHFLÆJRZ\P>@
3RMHG\QF]•WXOHMNÆRSLVDQRPDFLHU]•V]W\ZQRyFL.WZJZ]RUX3U]\F]\P
]HZ]JOÆGXQDRVLRZ•V\PHWULÆWXOHMNLSRPLQLÆWRZVSϏF]\QQLNLV]W\ZQRyFLVNUR
yQHMZWHMPDFLHU]\RUD]SU]\MÆWRUÏZQRyFLN NN N
7XOHMHSR•F]RQHVDV]W\ZQ\PFLÆJHP3U]\MÆWR›HRELHWXOHMHPDMDW•VDP•
RULHQWDFMÆLV•UR]VXQLÆWHRGXJRyÂOZZ]GX›RVL[WZRU]•ZLÆFV]HUHJRZ\XNDG
SRGDWQRyFL
(VW\PDFMDV]W\ZQRyFLWXOHLJXPRZRPHWDORZ\FK
:]ZL•]NX]EUDNLHPLQIRUPDFMLRFKDUDNWHU\VW\NDFKVSUƛ\VWRyFLHOHPHQWÏZ
SRGDWQ\FKPHWDORZRJXPRZ\FKZ\]QDF]RQRMHGRyZLDGF]DOQLHSU]\SRPRF\GR
VWÆSQHMDSDUDWXU\5]HF]\ZLVW\HOHPHQW•F]QLNRZ\VSU]ÆJDWXOHMÆPHWDORZRJX
66
&]DXGHUQD70DQLRZVNL0
PRZ•SRGGDQRSUÏERPPDM•F\PQDFHOXZ\]QDF]HQLHMHMFKDUDNWHU\VW\N:WUDN
FLHSU]HSURZDG]RQ\FKEDGDÍZ\]QDF]RQRQDVWÆSXM•FHFKDUDNWHU\VW\NLWXOHL
:\]QDF]DQLHV]W\ZQRyFLSURPLHQLRZHMSU]HJXEXSU]HGVWDZLDIRW2EFL•›H
QLH]DGDZDQHMHVWZVSRVÏETXDVLVWDW\F]Q\6LÆPLHU]RQRF]XMQLNLHPWHQVRPH
WU\F]Q\PDSU]HPLHV]F]HQLHF]\OLXJLÆFLHVSUƛ\VWHPLHU]RQROLQNRZ\PF]XMQL
NLHPSU]HPLHV]F]HQLD:DQDORJLF]Q\VSRVÏEQDW\PVDP\PVWDQRZLVNXZ\]QD
F]RQRV]W\ZQRyFLRVLRZHWXOHL
)RW:\]QDF]DQLHV]W\ZQRyFLSURPLHQLRZHMSU]HJXEX
5\V:\]QDF]RQDFKDUDNWHU\VW\NDV]W\ZQRyFLRVLRZHMSU]HJXEXSRWU]HFKSUÏEDFK
$1$/,=$32'$712k&,635=¦*$&,¦*2:(*267262:$1(*2:
67
5\V:\]QDF]RQDFKDUDNWHU\VW\NDV]W\ZQRyFLSURPLHQLRZHMSU]HJXEXSRWU]HFKSUÏEDFK
:\]QDF]DQLH V]W\ZQRyFL N•WRZHM QD ]JLQDQLH L REURWRZHM SU]HJXEX SU]HG
VWDZLDU\V2EFL•›HQLH]DGDZDQHMHVWZVSRVÏETXDVLVWDW\F]Q\6LÆPLHU]RQR
F]XMQLNLHPWHQVRPHWU\F]Q\PDSU]HPLHV]F]HQLHF]\OLXJLÆFLHVSUƛ\VWHPLHU]RQR
]HJDURZ\P F]XMQLNLHP SU]HPLHV]F]HQLD 3U]HPLHV]F]HQLD OLQLRZH E\\ PLHU]RQH
QDNRÍFDFKUDPLRQRGXJRyFLDFKOO
)RW:\]QDF]DQLHV]W\ZQRyFLN•WRZHMSU]HJXEXQDVNUÆFDQLH
&]DXGHUQD70DQLRZVNL0
68
5\V:\]QDF]RQDFKDUDNWHU\VW\NDV]W\ZQRyFLREURWRZHMWXOHL=HVWDZLHQLH]ELRUF]HWU]HFKSUÏEREUR
WXWXOHLZ]DOH›QRyFLRGVL\:\NUHVSRND]XMHSU]HVXQLÆFLHOLQLRZHNRÍFDUDPLHQLDRGXJRyFLPP
LREOLF]RQ\PRPHQW
5\V:\]QDF]RQDFKDUDNWHU\VW\NDV]W\ZQRyFLN•WRZHMSU]HJXEX=HVWDZLHQLH]ELRUF]HWU]HFKSUÏE
]JLQDQLDWXOHLZ]DOH›QRyFLRGVL\=HVWDZLHQLH]ELRUF]HSU]HVXQLÆFLDOLQLRZHJRZ]DOH›QRyFLRGVL\QD
NRÍFXUDPLHQLDRGXJRyFLU PP
7DEHOD2]QDF]HQLDLZDUWRyFLZVSϏF]\QQLNÏZV]W\ZQRyFLWXOHLJXPRZRPHWDORZHM
:VSV]W\ZQRĞFLZJ
k11
k
k44
k
2]QDF]HQLDZJ>@
ț5 [N/m]
țy [N/m]
țRR>1PUDG@
țyR>1PUDG@
:\QLNLZáDVQ\FKSRPLDUyZ
[6 “
[6 “
“
“
3U]\NDGQXPHU\F]Q\
3U]\NDGQXPHU\F]Q\GRW\F]\VSU]ÆJDZJU\VRZ\PLDUDFK
OR P
J UDG
$1$/,=$32'$712k&,635=¦*$&,¦*2:(*267262:$1(*2:
69
0DFLHU] V]W\ZQRyFL WXOHL .W X]XSHQLRQD ZVSϏF]\QQLNDPL V]W\ZQRyFL Z\
]QDF]RQ\PL]SRPLDUÏZVWDQRZLVNRZ\FKZJU\VPDQDVWÆSXM•F•SRVWDÂ
0DFLHU]V]W\ZQRyFLSR]LRPHJRFLÆJD.F]GZLHPDWXOHMDPLQDNRÍFDFKPD
QDVWÆSXM•F•SRVWDÂ
0DFLHU]V]W\ZQRyFLNRPSOHWQHJRVSU]ÆJD.VFLÆJRZHJRPDQDVWÆSXM•F•
SRVWDÂ
7DEHOD2]QDF]HQLDLZDUWRyFLZVSϏF]\QQLNÏZV]W\ZQRyFLVSU]ÆJDF]WHURFLÆJRZHJR
:VSV]W\ZQRĞFLZJ>@
2]QDF]HQLDZJ>@
:\QLNLREOLF]HĔZJ>@
:\QLNLZáDVQ\FKREOLF]HĔ
k11
ț[V[N/m]
[6
[6
k
ț\V
[
[
k33
ț]V
MDNț[V
[6
k44
ț[VR>1PUDG@
[3
[3
[
[4
MDNț[VR
[3
R
k
ț\V
k66
ț]VR
4
: WDEHOL ]HVWDZLRQR Z\QLNL REOLF]HÍ GOD VSU]ÆJD FLÆJRZHJR X]\VNDQH
GZLHPDPHWRGDPLZ]RU\RUD]>@6SRyUÏGX]\VNDQ\FKZ\QLNÏZ
F]WHU\V•SUDZLHLGHQW\F]QHGODREXPHWRGDGZDUϛQL•VLÆ
&]DXGHUQD70DQLRZVNL0
70
:QLRVNLLSODQGDOV]\FKSUDF
1DSRGVWDZLHZ\QLNÏZSU]HSURZDG]RQ\FKEDGDÍV\PXODF\MQ\FKZ\]QDF]RQR
FKDUDNWHU\VW\NL WXOHL PHWDORZRJXPRZ\FK 6]W\ZQRyFL SU]HJXEÏZ ]RVWD\ Z\
]QDF]RQHQDSRGVWDZLHSRPLDUÏZVWDQRZLVNRZ\FK1DVWÆSQLHZ\]QDF]RQRSDUD
PHWU\ V]W\ZQRyFL SRMHG\QF]HJR VSU]ÆJD F]WHURFLÆJRZHJR ]DUÏZQR PHWRGDPL
GRVWÆSQ\PLZOLWHUDWXU]H>@RUD]ZDVQ\PL:\QLNLREOLF]HÍ]DZLHUDM•
SU]HVWU]HQQ•PDFLHU]V]W\ZQRyFLVSU]ÆJDGOD]DGDQ\FKZLÆ]ÏZJHRPHWU\F]Q\FK
RUD]OLQLRZ\FKLN•WRZ\FKZVSϏF]\QQLNÏZV]W\ZQRyFLF\OLQGU\F]Q\FKSU]HJXEÏZ
JXPRZRPHWDORZ\FK
3ODQGDOV]HMSUDF\REHMPXMH
SU]\JRWRZDQLHLUHDOL]DFMÆSRPLDUÏZVWDQRZLVNRZ\FKVWDQXUXFKXU]HF]\ZL
VWHJRVSU]ÆJDWUDPZDMÏZ%RPEDUGLHU)OH[LW\&ODVVLF1*7.UL1*7.U
ZHU\ILNDFMÆPRGHOLQDSRGVWDZLHZ\QLNÏZSRPLDUÏZRELHNWXU]HF]\ZLVWH
JR
SU]\JRWRZDQLHZ\W\F]Q\FKXPR›OLZLDM•F\FKSRSUDZÆZDyFLZRyFLUR]ZD›D
QHJRUR]ZL•]DQLDXNDGXQDSÆGRZHJR
VIRUPXRZDQLHG\QDPLF]QHJRPRGHOXXNDGX
/LWHUDWXUD
>@&]DXGHUQD 7 *U]\E $ %DGDQLD L DQDOL]D Z\PXV]HÍ NLQHPDW\F]Q\FK
GUJDÍWUDPZDMÏZ7HFKQLND7UDQVSRUWX6]\QRZHJR
>@&]DXGHUQD7$QDOL]DSU]HVWU]HQQHJRXNDGXGZÏFKVSU]ÆJLHFLÆJR
Z\FK VWRVRZDQ\FK Z QLVNRSRGRJRZ\FK WUDPZDMDFK .RQIHUHQFMD 1D
XNRZRt7HFKQLF]QD1RZRF]HVQH7HFKQRORJLHZ7UDQVSRUFLH6]\QRZ\P
=DNRSDQH
>@'RNXPHQWDFMDWHFKQLF]QDWDERUX03..UDNÏZ
>@)U•F]HN - :RMW\UD 0 .LQHPDW\ND XNDGÏZ ZLHORF]RQRZ\FK :17
:DUV]DZD
>@*U]\E$.XF]HN76\PXODFMDNRPSXWHURZDNLQHPDW\NLVSU]ÆJDRG
VXZQHJR W\SX 2HUOLNRQ ] XZ]JOÆGQLHQLHP SRGDWQRyFL SU]HJXEÏZ ;9
:DUV]WDW\1DXNRZH3ROVNLHJR7RZDU]\VWZD6\PXODFML.RPSXWHURZHM
t:U]HVLHÍ=DNRSDQH
>@*U]\E$0HFKDQLNDLRSW\PDOL]DFMDZ\EUDQHJRVSU]ÆJDFLÆJRZHJRGOD
XNDGÏZQDSÆGRZ\FKSRMD]GÏZV]\QRZ\FK3UDFDGRNWRUVNDQD:\G]LDOH
0HFKDQLF]Q\P3.
>@.QDSF]\N-0DQLRZVNL0(ODVWRNLQHPDWLF0RGHOLQJDQG6WXG\RI)L
YH5RG6XVSHQVLRQZLWK6XEIUDPH0HFKDQLVPDQG0DFKLQH7KHRU\YRO
SDJHV
>@0DGHM-0HFKDQLNDWUDQVPLVMLPRPHQWXWUDNF\MQHJR2ILF\QD:\GDZ
QLF]D3ROLWHFKQLNL:DUV]DZVNLHM:DUV]DZD
$1$/,=$32'$712k&,635=¦*$&,¦*2:(*267262:$1(*2:
71
>@5RPDQLV]\Q = 3RGZR]LD ZÏ]NRZH SRMD]GÏZ V]\QRZ\FK 3ROLWHFKQLND
.UDNRZVND.UDNÏZ
>@5RPDQLV]\Q=.LQHPDW\NDLRSW\PDOQHNV]WDWRZDQLHPHFKDQL]PXFLÆ
JRZHJRW\SX$OVWKRP3UDFDGRNWRUVNDREURQLRQDQD:\G]LDOH0HFKD
QLF]Q\P3.
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
:<%5$1(352%/(0<',$*1267<.,2%,(.7¯:
,1)5$6758.785<.2/(-2:(-
-Ï]HI*DZOLN
3LRWU*LEDV
SURI GU KDE LQ› 3ROLWHFKQLND .UDNRZVND ,QVW\WXW
7HFKQRORJLL0DV]\QL$XWRPDW\]DFML3URGXNFMLDO-DQD
3DZD ,, .UDNÏZ HPDLO MJDZOLN#PHFK
SNHGXSO
PJULQ›3ROLWHFKQLND.UDNRZVND,QVW\WXW7HFKQRORJLL
0DV]\QL$XWRPDW\]DFML3URGXNFMLDO-DQD3DZD,,
.UDNÏZHPDLOJLEDV#PHFKSNHGXSO
0DUHN1RZDN
LQ›3ROLWHFKQLND.UDNRZVND,QVW\WXW7HFKQRORJLL0D
V]\QL$XWRPDW\]DFML3URGXNFMLDO-DQD3DZD,,
.UDNÏZHPDLOQRZDN#PHFKSNHGXSO
6WUHV]F]HQLH:DUW\NXOHSU]HGVWDZLRQRZ\EUDQ•SUREOHPDW\NÆGLDJQRVW\NLLQDG]RURZD
QLDVWDQXWHFKQLF]QHJRRELHNWÏZZFKRG]•F\FKZVNDGLQIUDVWUXNWXU\NROHMRZHM2PÏZLRQRWDN›H
VSRVRE\ UHDOL]DFML G]LDDÍ ]ZL•]DQ\FK ] GLDJQR]RZDQLHP L PRQLWRURZDQLHP VWDQX NRQVWUXNFML
LQIUDVWUXNWXU\NROHMRZHM
6RZD NOXF]RZH GLDJQRVW\ND RELHNWÏZ LQIUDVWUXNWXU\ NROHMRZHM HPLVMD DNXVW\F]QD
ZGLDJQRVW\FHPRVWÏZVWDORZ\FK
:VWÆS
0RQLWRURZDQLH VWDQX NRQVWUXNFML LQIUDVWUXNWXU\ NROHMRZHM Z\PDJD ]DVWRVR
ZDQLDRGSRZLHGQLFKF]XMQLNÏZF]RQÏZZ\NRQDZF]\FKXNDGÏZWUDQVPLVMLGD
Q\FK L V\VWHPÏZ REOLF]HQLRZ\FK VSU]ÆW SOXV RSURJUDPRZDQLH ]LQWHJURZDQ\FK
]EDGDQ\PRELHNWHPZFHOXGHWHNFMLORNDOL]DFMLLGHQW\ILNDFMLLSUHG\NFMLUR]ZRMX
XV]NRG]HÍ NWÏUH PRJ• ]DNÏFL SUDZLGRZH IXQNFMRQRZDQLH RELHNWX WHUD] OXE
ZSU]\V]RyFLDQDZHWGRSURZDG]LÂGRNDWDVWURI\8NDG\WHFHFKXM•VLÆLQWHUG\
VF\SOLQDUQRyFL•ERZLHPED]XM•QDZLHG]\]]DNUHVXLQ›\QLHULLPDWHULDRZHMPH
FKDQLNLHOHNWURQLNLLQIRUPDW\NLZSR•F]HQLX]ZLHG]•RRELHNFLHLKLVWRULLMHJR
HNVSORDWDFML >@ 2ZD LQWHUG\VF\SOLQDUQRy Z\PDJD WH› VSHFMDOLVW\F]QHM ZLHG]\
NWÏUDMHVWQLH]EÆGQDGRSUDZLGRZHMDQDOL]\LRFHQ\VWDQXNRQVWUXNFML
6\VWHP WUDQVSRUWX NROHMRZHJR REHMPXMH GURJL SRMD]G\ L XNDG\ VWHURZDQLD
&]ÆyFL• VNDGRZ• GUÏJ V• P LQ PRVW\ R NRQVWUXNFML VWDORZHM : 3ROVFH LQIUD
VWUXNWXUDNROHMRZDFKDUDNWHU\]XMHVLÆZLHOROHWQLPRNUHVHPHNVSORDWDFMLLQLHVWHW\
]ZLÆNV]RQ\PU\]\NLHPZ\VW•SLHQLDDZDULL>@-HMXWU]\PDQLHZVWDQLH]GDWQRyFL
Z\PDJD]QDF]•F\FKQDNDGÏZILQDQVRZ\FKQDELH›•FHQDSUDZ\LPRGHUQL]DFMÆ
:NáDGDXWRUyZZSXEOLNDFMĊ*DZOLN-*LEDV31RZDN0
74
*DZOLN-*LEDV31RZDN0
:NUDMDFK8(ZUDPDFKSURJUDPÏZUDPRZ\FKE\R]UHDOL]RZDQ\FKNLONDSUR
MHNWÏZ GRW\F]•F\FK ]DSHZQLHQLD QLH]DZRGQRyFL XU]•G]HÍ LQIUDVWUXNWXU\ NROHMR
ZHMQS
s 5$,/5HOLDELOLW\&HQWHUHG0DLQWHQDQFH5&0$SSURDFKIRU,QIUDVWUXF
WXUHDQG/RJLVWLFRI5DLOZD\2SHUDWLRQVGRW\F]•F\GRVWRVRZDQLDPHWRG\NL
5&0GRVHUZLVRZDQLDXU]•G]HÍLQIUDVWUXNWXU\NROHMRZHM
s (8520$,1tSURMHNWZ\NRQDQ\ZODWDFK]XG]LDHPPLQ
WDNLFK ILUP MDN %RPEDUGLHU $OVWRP 7KDOHV 6LHPHQV -HJR FHOHP E\R
RSUDFRZDQLHLZHU\ILNDFMDXQLZHUVDOQHJRV\VWHPXXWU]\PDQLDXU]•G]HÍNR
OHMRZ\FKQDSR]LRPLHXPR›OLZLDM•F\PPRQLWRULQJLGLDJQRVW\NÆSRMD]GÏZ
V]\QRZ\FKZUD]]LQIUDVWUXNWXU•
s 3520$,1352JUHVVLQ0$,1WHQDQFHDQG0DQDJHPHQWRI5DLOZD\,Q
IUDVWUXFWXUHVLHÂWHPDW\F]QDNWÏUHM]DGDQLHPE\RXWU]\PDQLHL]DU]•G]D
QLHLQIUDVWUXNWXU•NROHMRZ•
3URGXFHQFLXU]•G]HÍLQIUDVWUXNWXU\NROHMRZHM6LHPHQV7KDOHV%HQWKOH\9RV
VORK RIHUXM• V\VWHP\ GR ZVSRPDJDQLD ]DU]•G]DQLD GOD RSHUDWRUÏZ OLQLL NROHMR
Z\FK7DNUÏWNDFKDUDNWHU\VW\NDZVND]XMH›HSUREOHP\GLDJQRVW\NLLQDG]RURZD
QLDVWDQXWHFKQLF]QHJRXU]•G]HÍZFKRG]•F\FKZVNDGLQIUDVWUXNWXU\NROHMRZHMV•
QDGDODNWXDOQH]SXQNWXZLG]HQLDSRV]XNLZDQLDVNXWHF]Q\FKPHWRGUR]ZL•]DQLD
WHJRSUREOHPX
6\VWHP\GLDJQRVW\F]QHVWRVRZDQHZNROHMQLFWZLH
,VWQLHMHV]HUHJVIRUPXRZDQ\FK]DOHFHÍRGQRyQLHGRNU\WHULÏZZ\ERUXPHWRG\
VSRVREXGLDJQR]RZDQLD1DRJϏQDOH›\GRQLFK
s URG]DMXV]NRG]HQLDNWÏUHZDUXQNXMHZ\EÏUPHWRG\]XZDJLQDNRV]W\GLD
JQR]\ QDSUDZ\ XV]NRG]HQLD F]\ WH› VWUDW VSRZRGRZDQ\FK Z\•F]HQLHP
RELHNWX]HNVSORDWDFML
s ]R›RQRyÂEDGDQLDGLDJQRVW\F]QHJRL]ZL•]DQ\]QL•NRV]WDSDUDWXU\RUD]
Z\PDJDQHNZDOLILNDFMHSHUVRQHOX
s PR›OLZRyÂDGDSWDFMLPHWRG\GRPRQLWRULQJXVWDQXEDGDQHJRRELHNWXRUD]
Z\NRU]\VWDQLDZ\QLNÏZGLDJQR]\GRRSUDFRZDQLDPRGHOXGLDJQRVW\F]QHJR
LSURJQR]RZDQLDVWDQXRELHNWX
=DSHZQLHQLHEH]SLHF]QHMHNVSORDWDFMLXU]•G]HÍLSRMD]GÏZNROHMRZ\FKMHVW]R
›RQ\PSU]HGVLÆZ]LÆFLHPWHFKQLF]Q\PLORJLVW\F]Q\P3U]\NDGHPPR›HE\ÂV\V
WHPGRVWHURZDQLDSRMD]GDPLLLQIUDVWUXNWXU•ILUP\6LHPHQVU\V6\VWHPWHQ
REHMPXMH VZRLP ]DVLÆJLHP ORNDOQH NRPSXWHURZH SRG]HVSR\ GLDJQRVW\NL L VHU
ZLVRZDQLD RUD] PRELOQH VHUZLV\ NRPSXWHURZH &DRy QDG]RUXMH FHQWUDOQ\ VHU
ZLVNRPSXWHURZ\RGSRZLHG]LDOQ\]DXWU]\PDQLHUXFKXLQDSUDZZVSϏG]LDDM•F\
]FHQWUXPVWHURZDQLDRSHUDF\MQHJRLPRELOQ\PLVHUZLVDPL]DSRyUHGQLFWZHPVLHFL
,6'1*60
:<%5$1(352%/(0<',$*1267<.,2%,(.7¯:,1)5$6758.785<.2/(-2:(-
75
5HDOL]DFMDG]LDDÍ]ZL•]DQ\FK]GLDJQR]RZDQLHPLPRQLWRURZDQLHPVWDQXNRQ
VWUXNFMLLQIUDVWUXNWXU\NROHMRZHMZ\PDJDLQWHJUDFMLF]XMQLNÏZWUDQVPLVMLGDQ\FK
RUD]QLH]EÆGQ\FKREOLF]HÍZFHOXGHWHNFMLORNDOL]DFMLLRFHQ\VWRSQLDXV]NRG]HQLD
NRQVWUXNFML>@'LDJQR]DSRZLQQDGDÂRGSRZLHG|QDIXQGDPHQWDOQHS\WDQLH
DPLDQRZLFLHF]\NRQVWUXNFMDPR›HE\ÂZDNWXDOQ\PVWDQLH]X›\FLDGRSXV]F]RQD
GRHNVSORDWDFMLF]\WH›Z\VRNLHSUDZGRSRGRELHÍVWZRDZDULLX]DVDGQLDMHMZ\•
F]HQLH]GDOV]HJRX›\WNRZDQLD
:SURFHVDFKGLDJQR]RZDQLDZVSϏF]HyQLHUR]ZLMDQHV•G\QDPLF]QLH]DVWRVR
ZDQLDVLHFLQHXURQRZ\FKSU]HGHZV]\VWNLPGRUR]SR]QDZDQLDREUD]ÏZ6WDQRZL
WRRN]DVWRVRZDÍVLHFLQHXURQRZ\FK=DJDGQLHQLDREHMPXM•QLHW\ONRDQDOL]Æ
REUD]ÏZOHF]WDN›HLFKNODV\ILNDFMÆJUXSRZDQLHRUD]SU]HWZDU]DQLH>@.ODV\V•
RNUHyODQHSRSU]H]Z]RUFH]DSLVDQHZVLHFLZSURFHVLHXF]HQLD1DOH›\WDN›HSRG
NUHyOL›HV]HUHJ]DGDÍGLDJQRVW\F]Q\FKPR›HE\ÂUR]ZL•]DQ\FK]]DVWRVRZDQLHP
SR•F]HQLDVLHFLQHXURQRZ\FKLORJLNLUR]P\WHMV\VWHP\QHXURIX]]\
5\V3U]\NDGV\VWHPXRSHUDF\MQHJRGRVWHURZDQLDSRMD]GDPLLLQIUDVWUXNWXU•9,&266'
9HKLFOHDQG,QIUDVWUXFWXUH&RQWURODQG2SHUDWLQJ6\VWHPILUP\6LHPHQV
nUÏGRRSUDFRZDQLHQDSRGVWDZLH>@
(PLVMDDNXVW\F]QDZGLDJQRVW\FHPRVWÏZVWDORZ\FK
3U]\NDG\SRWZLHUG]DM•FHPR›OLZRyÂ]DVWRVRZDQLDPHWRG\HPLVMLDNXVW\F]QHM
GR EDGDQLD GX›\FK RELHNWÏZ LQ›\QLHU\MQ\FK Z W\P PRVWÏZ VWDORZ\FK PR›QD
]QDOH| Z UϛQ\FK SXEOLNDFMDFK ]DJUDQLF]Q\FK L UDSRUWDFK -HGQ\P ] QLFK MHVW
UDSRUWNRÍFRZ\]URNXSURMHNWXVSRQVRURZDQHJRSU]H]0LQQHVRWD'HSDUW
76
*DZOLN-*LEDV31RZDN0
PHQWRI7UDQVSRUWDWLRQD]DW\WXRZDQHJR'HYHORSPHQWRIDQ$GYDQFHG6WUXF
WXUDO0RQLWRULQJ6\VWHPRSUDFRZDQHJRSU]H]'HSDUWPHQWRI&LYLO(QJLQHHULQJ
8QLYHUVLW\RI0LQQHVRWD3U]HGVWDZLRQRZQLPRJÏOQHZ\W\F]QHGRW\F]•FHORNDO
QHJRLJOREDOQHJRPRQLWRULQJXPHWRG•$(PLÆG]\LQQ\PL]DOHFDM•FZ\NRU]\VW\
ZDQLHDOJRU\WPXGROLQLRZHMORNDOL]DFMLV\JQDÏZ$(ZSU]\SDGNXEDGDQLDJOR
EDOQHJR:UDSRUFLHW\PMHVWSRGNUHyORQDLVWRWDXPLHMÆWQRyFLVHSDUDFMLV\JQDÏZ
SRFKRG]•F\FKRGXV]NRG]HÍPDM•F\FKZS\ZQDEH]SLHF]HÍVWZRHNVSORDWRZDQHM
NRQVWUXNFMLRGFDHJRV]HUHJX]DNÏFHÍ
:\NRU]\VWDQLHQRZ\FKPHWRGDQDOL]RSDUW\FKRSR•F]RQHDQDOL]\6KRUW7LPH
)RXULHU7UDQVIRUPLDQDOL]ÆZDYHOHWÏZMDNUÏZQLH›DQDOL]ÆSDUDPHWU\F]Q•LHQHU
JHW\F]Q• SU]HGVWDZLRQR Z UHIHUDFLH >@ SRyZLÆFRQ\P VHSDUDFML V\JQDÏZ $(
]DUHMHVWURZDQ\FK SRGF]DV EDGDQLD ODERUDWRU\MQHJR QD EHOFH VWDORZHM R GXJRyFL
PHWUÏZ
3RWU]HEÆLPR›OLZRyFLZ\NRU]\VWDQLDPHWRG\$(GREDGDQLDLPRQLWRURZDQLD
VWDQXWHFKQLF]QHJRRELHNWÏZPRVWRZ\FKGRVWU]HJDUÏZQLH›.RPLVMD(XURSHMVND
NWÏUDZUDPDFKJR5DPRZHJR3URJUDPXILQDQVXMHREHFQLHSURMHNWd:L+HDOWK
6WUXFWXUDO+HDOWK0RQLWRULQJIRU%ULGJHVr3URMHNWUHDOL]RZDQ\SU]H]NRQVRU
FMXP ILUP L RyURGNÏZ EDGDZF]\FK JÏZQLH EU\W\MVNLFK D WDN›H ] 'DQL &\SUX
L)UDQFMLRGURNXPDQDFHOX]DVWRVRZDQLHSR•F]RQ\FKPHWRGHPLVMLDNX
VW\F]QHMRUD]PHWRG\XOWUDG|ZLÆNRZHMGDOHNLHJR]DVLÆJX/RQJ5DQJH8OWUDVRQLF
GOD]DSHZQLHQLDEH]SLHF]QHMHNVSORDWDFMLRELHNWÏZPRVWRZ\FKL]RSW\PDOL]RZDQLD
SODQRZDQ\FKSUDFQDSUDZF]\FK3LHUZV]HSR]\W\ZQHUH]XOWDW\]RVWD\SU]HGVWD
ZLRQHZDUW\NXOH636DQWRVSLULWR5:DONHU.6\NSW6WUXFWXUDOKHDOWKPRQL
WRULQJRIEULGJHVE\$(HYHQWVWRRSWLPL]HPDLQWHQDQFHVFKHGXOLQJDQGLPSURYH
EULGJHORDGPDQDJHPHQW
3U]\GDWQRyÂZ\NRU]\VW\ZDQLDPHWRG\$(ZEDGDQLDFKWUXGQ\FKNRQVWUXNF\M
QLH RELHNWÏZ MHVW UÏZQLH› SRWZLHUG]RQD SRSU]H] Z\QLNL SURMHNWX HXURSHMVNLHJR
ZUDPDFK3URJUDPX5DPRZHJR]UHDOL]RZDQHJRSU]\ZVSϏXG]LDOH/DERUDWR
ULXP %DGDÍ 6WRVRZDQ\FK 3ROLWHFKQLNL .UDNRZVNLHM SW &RVW HIIHFWLYH FRUURVLRQ
DQGIDWLJXHPRQLWRULQJIRUWUDQVSRUWSURGXFWV-HGQ\P]FHOÏZ]DVWRVRZDQLDPH
WRG\$(E\REDGDQLHLPRQLWRULQJNRQVWUXNFMLVWDWNÏZRUD]F\VWHUQNROHMRZ\FK
LVDPRFKRGRZ\FKSRGN•WHPSÆNQLÆÂZ\VWÆSXM•F\FKZyURGRZLVNXNRUR]\MQ\P
'UXJLP SU]\NDGHP SU]HGVWDZLDM•F\P PR›OLZRy ]DVWRVRZDQLD PHWRG\
$( GR XMDZQLDQLD XV]NRG]HÍ NRUR]\MQ\FK MHVW UÏZQLH› EDGDQLH ]UHDOL]RZDQH
SU]H] /DERUDWRULXP %DGDÍ 6WRVRZDQ\FK 3ROLWHFKQLNL .UDNRZVNLHM QD RELHNFLH
PRVWRZ\PVNDGDM•F\PVLÆ]GZÏFKUÏZQROHJOHSRVDGRZLRQ\FKPRVWÏZR]Uϛ
QLFRZDQ\PVWDQLHWHFKQLF]Q\PZ\QLNDM•F\P]IDNWXL›MHGHQ]QLFK]RVWD]EXGR
ZDQ\SRNLONXQDVWROHWQLHMHNVSORDWDFMLSLHUZV]HJR]QLFKMDNRUR]EXGRZDLVWQLHM•
FHMOLQLLNROHMRZHM&HOHPW\FKEDGDÍE\RPLÆG]\LQQ\PLVSUDZG]HQLHPR›OLZRyFL
ORNDOL]DFMLV\JQDÏZSRFKRG]•F\FKRGXV]NRG]HÍNRUR]\MQ\FKNRQVWUXNFMLPRVWX
VSUDZG]HQLHZS\ZXVWRSQLDGHJUDGDFMLNRUR]\MQHMPDWHULDXU]HF]\ZLVW\FKNRQ
VWUXNFMLQDLQWHQV\ZQRyÂUHMHVWURZDQ\FKV\JQDÏZRNUHyOHQLHZS\ZXREFL•›DQLD
NRQVWUXNFMLSU]HMD]GXSRFL•JÏZRUD]]PLHQQ\FKZDUXQNÏZyURGRZLVND]PLDQD
WHPSHUDWXU\LZLOJRWQRyFLQDUHMHVWURZDQHV\JQD\HPLVMLDNXVW\F]QHM$(
:<%5$1(352%/(0<',$*1267<.,2%,(.7¯:,1)5$6758.785<.2/(-2:(-
77
'RORNDOL]DFML|UÏGH$(QDRELHNWDFKPRVWRZ\FKZ\NRU]\VW\ZDQRDOJRU\WP
GR ORNDOL]DFML OLQLRZHM OLQHDU ]QDMGXM•F\ VLÆ Z SDNLHFLH RSURJUDPRZDQLD 9LVX
DO$(ILUP\9DOOHQ
5\V,ORyFL]DUHMHVWURZDQ\FK]GDU]HÍ$((YHQWVZF]DVLHSRPLDUXWDDNXVW\F]QHJRQDSU]ÆyOH
RJRUV]\PVWDQLHWHFKQLF]Q\PDRUD]ROHSV]\PVWDQLHWHFKQLF]Q\PE
5\V,ORyFL]DUHMHVWURZDQ\FK]GDU]HÍ$((YHQWVSRX›\FLXDNW\ZDWRUDNRUR]\MQHJRQDSU]ÆyOH
RJRUV]\PVWDQLHWHFKQLF]Q\PDRUD]ROHSV]\PVWDQLHWHFKQLF]Q\PE
*DZOLN-*LEDV31RZDN0
78
1DU\VLSU]HGVWDZLRQRLORyFL]GDU]HÍHYHQWVGODV\JQDÏZ]DUHMHVWURZD
Q\FKQDGZÏFKUÏZQROHJ\FKSU]ÆVDFKZF]DVLHSRPLDUXWDRUD]SR]DVWRVRZDQLX
DNW\ZDWRUDNRUR]\MQHJRQDREXSU]ÆVDFK-HVWZ\UD|QLHZLGRF]QDUϛQLFDZLORyFL
]DUHMHVWURZDQ\FK ]GDU]HÍ $( SR X›\FLX DNW\ZDWRUÏZ FR SU]HMDZLD VLÆ ZLÆNV]•
OLF]E•]GDU]HÍ$(QDSU]ÆyOHRJRUV]\PVWDQLHWHFKQLF]Q\PSU]\PQLHMV]HMOLF]ELH
]GDU]HÍZF]DVLHSRPLDUXWD:\QLNWHQSRND]XMHZS\ZVWDQXWHFKQLF]QHJRNRQ
VWUXNFMLQDLORyÂUHMHVWURZ\FKV\JQDÏZ$(3U]\NDG\LQQ\FKZ\QLNÏZSRPLDUÏZ
]RVWD\SU]HGVWDZLRQHZDUW\NXOH>@1DZ\NUHVLHU\V]DUHMHVWURZDQRV\JQD\
SR X›\FLX DNW\ZDWRUÏZ NRUR]\MQ\FK Z V\WXDFML NLHG\ XMDZQL\ VLÆ MX› SURFHV\
NRUR]\MQHQD]GHJUDGRZDQHMNRQVWUXNFMLDUϛQLFDSRPLÆG]\LORyFL•V\JQDÏZ
SU]HGLSR]DVWRVRZDQLXDNW\ZDWRUÏZMHVWGX›D1DWRPLDVWGODNRQVWUXNFML
EH] XV]NRG]HÍ NRUR]\MQ\FK X›\FLH DNW\ZDWRUÏZ QLH ZS\QƏR QD OLF]EÆ
UHMHVWURZDQ\FKV\JQDÏZ$(
3RGVXPRZDQLH
,QIUDVWUXNWXUDNROHMRZDMHVW]R›RQ\PV\VWHPHPQDNWÏU\VNDGDM•VLÆXU]•
G]HQLDWHFKQLF]QHR]UϛQLFRZDQHMNRQVWUXNFMLRUD]VWRSQLXDXWRPDW\]DFMLNWÏUH
V•HNVSORDWRZDQHZ]PLHQQ\PZDUXQNDFKREFL•›HÍVWDW\F]Q\FKLG\QDPLF]Q\FK
RGG]LD\ZDÍDWPRVIHU\F]Q\FKWHPSHUDWXU\LWG=X›\FLHHOHPHQWÏZLXNDGÏZWHM
LQIUDVWUXNWXU\QDVWÆSXMH]UϛQ•LQWHQV\ZQRyFL•LGODWHJRGLDJQRVW\NDLFKVWDQX
Z\PDJD]UϛQLFRZDQ\FKPHWRG:REHFRJUDQLF]RQHMREMÆWRyFLUHIHUDWXVNRQFHQ
WURZDQRVLÆW\ONRQDZ\EUDQ\FKDVSHNWDFKGLDJQRVW\NL]HV]F]HJÏOQ\P]ZUÏFH
QLHPXZDJLQDPR›OLZRyÂ]DVWRVRZDQLDV\JQDXHPLVMLDNXVW\F]QHMGRGLDJQR]R
ZDQLD]X›\FLDNRUR]\MQHJR
:RGQLHVLHQLXGRPRVWÏZRNRQVWUXNFMLVWDORZHMQLH]RVWDGRW\FKF]DVVNXWHF]
QLHUR]ZL•]DQ\SUREOHPLGHQW\ILNDFMLORNDOL]DFMLLRFHQ\VWRSQLD]X›\FLDNRUR]\MQH
JRZ\VWÆSXM•FHJRZHZQ•WU]PDWHULDX6\WXDFMDZNWÏUHMNRUR]MDPR›HXV]NRG]LÂ
]QDF]Q•F]ÆyÂNRQVWUXNFMLDOHQLHMHVWMHV]F]HZLGRF]QDQD]HZQ•WU]MHVWV]F]HJÏOQLH
QLHEH]SLHF]QDERZLHPPR›HSURZDG]LÂGRNDWDVWURILF]QHJRXV]NRG]HQLDRELHNWX
2SUDFRZDQDL]ZHU\ILNRZDQDSR]\W\ZQLHZ/DERUDWRULXP%DGDÍ6WRVRZDQ\FKQD
:\G]LDOH0HFKDQLF]Q\P3ROLWHFKQLNL.UDNRZVNLHMDWDN›HQDRELHNWDFKSU]HP\
VRZ\FK]HZVND]DQLHPRGRSXV]F]HQLXLFKGRGDOV]HMHNVSORDWDFMLOXEZ\•F]HQLX
]HNVSORDWDFML]XZDJLQDPR›OLZRyÂZ\VW•SLHQLDDZDULLPHWRGDGLDJQR]RZDQLD
]X›\FLDNRUR]\MQHJR ] ]DVWRVRZDQLHP HPLVMLDNXVW\F]QHMPR›HE\ÂUÏZQLH›Z\
NRU]\VWDQDGRGLDJQRVW\NLLQDG]RURZDQLDVWDQXPRVWÏZRNRQVWUXNFMLVWDORZHM
:\PDJDWRRSUDFRZDQLDRGSRZLHGQLFKZ]RUFÏZLLFKZHU\ILNDFMLZZDUXQNDFK
HNVSORDWDF\MQ\FK%DGDQLDWDNLHV•SU]HZLG]LDQHZHZVSÏOQ\PSURMHNFLH]3.3
3ROVNLH/LQLH.ROHMRZH6$Z3URJUDPLH%DGDÍ6WRVRZDQ\FKILQDQVRZDQ\PSU]H]
1DURGRZH&HQWUXP%DGDÍL5R]ZRMX
:<%5$1(352%/(0<',$*1267<.,2%,(.7¯:,1)5$6758.785<.2/(-2:(-
79
/LWHUDWXUD
>@&]HFK - :\EUDQH PHWRG\ L QDU]ÆG]LD GLDJQRVW\NL RELHNWÏZ WHFKQLF]
Q\FK875=<0$1,(58&+8',$*1267<.$V
>@)LUOLN % &]HFK\UD % 6\PXODF\MQH SRGVWDZ\ PHWRG\ PRQLWRURZDQLD
VWDQX WHFKQLF]QHJR WRUX WUDPZDMRZHJR 3UDFH 1DXNRZH 3ROLWHFKQLNL
:DUV]DZVNLHM]7UDQVSRUWV
>@.DSKOH 0DQLQGUD 57DQ $QG\ 7KDPELUDWQDP 'DYLG &KDQ 7RPP\
+7$QDO\VLVRIDFRXVWLFHPLVVLRQGDWDIRUVWUXFWXUDOKHDOWKPRQLWRULQJ
DSSOLFDWLRQ$XVWUDODVLDQ&RQJUHVVRQ$SSOLHG0HFKDQLFV$&$0
0HOERXUQH
>@.QRVDOD5=DVWRVRZDQLDPHWRGV]WXF]QHMLQWHOLJHQFMLZLQ›\QLHULLSUR
GXNFML:17:DUV]DZD
>@1RZDN0*DZOLN-6FKPLGW-3U]\GDWQRyÂRFHQ\HPLVMLDNXVW\F]QHM
ZRFHQLHVWDQXPRVWÏZNROHMRZ\FKRNRQVWUXNFMLVWDORZHMtZ\QLNL]D
VWRVRZDQLD L SURSR]\FMH UR]ZRMX =HV]\W\ 1DXNRZR7HFKQLF]QH 6WRZD
U]\V]HQLD,Q›\QLHUÏZL7HFKQLNÏZ.RPXQLNDFML5]HF]\SRVSROLWHM3ROVNLHM
2GG]LD Z .UDNRZLH 1U = .UDNÏZ V ,661
>@3HND $ 'LDJQR]RZDQLH XU]•G]HÍ VWHURZDQLD UXFKHP NROHMRZ\P QD
SU]\NDG]LH QDSÆGX ]ZURWQLFRZHJR 3UDFD GRNWRUVND :,0L5 $*+
.UDNÏZSURPRWRU78KO
>@6XURZLHFNL$.R]RZVNL::DVLDN0*UDERZVNL/$QDOL]DVWDQX
QDSUƛHÍ Z SRGNDG]LH NROHMRZ\P MDNR IXQNFMD SDUDPHWUÏZ SRGR›D
=HV]\W\ 1DXNRZR7HFKQLF]QH 6,7. 53 1U V .UDNÏZ
>@8KO7:VSϏF]HVQHPHWRG\PRQLWRURZDQLDLGLDJQR]RZDQLDNRQVWUXN
FML :\G]LD ,Q›\QLHULL 0HFKDQLF]QHM L 5RERW\NL $NDGHPLD *ÏUQLF]R
+XWQLF]D.UDNÏZV
>@9,&266'7KH(IILFLHQW,QIRUPDWLRQ6\VWHPIRU6HUYLFHDQG'LDJQRVLV
LQ$XWRPDWHG5DLOZD\6\VWHPV6LHPHQV
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
,112:$&<-1(.216758.&-(
.5$:¦'=,3(5212:<&+
,JRU*LVWHUHN
GULQ›=DNDG ,QIUDVWUXNWXU\ 7UDQVSRUWX6]\QRZHJR3ROLWHFKQLND :URFDZVND :\E :\VSLDÍVNLHJR :URFDZHPDLOLJRUJLVWHUHN#SZUZURFSO
6WUHV]F]HQLH:DUW\NXOHRSLVDQRLQQRZDF\MQHUR]ZL•]DQLDNUDZÆG]LSHURQRZ\FK:LG]•F
SRWU]HE\Z\QLNDM•FH]HVWDU]HQLDVLÆVSRHF]HÍVWZDRUD]NRQLHF]QRyFLLQVWDORZDQLDXGRJRGQLHÍGOD
RVÏEQLHSHQRVSUDZQ\FK]HVWDZLRQRSU]\NDG\XU]•G]HÍVWD\FKLUXFKRP\FKNWÏUHPDM•]D]D
GDQLH PR›OLZLH ]PQLHMV]D RGOHJRyFL SLRQRZH L SR]LRPH SRPLÆG]\ NUDZÆG]L• SHURQX D SURJLHP
SRMD]GX3RUÏZQDQRVNUDMQLHWDERUXLEXGRZOLZNROHMDFKSUH]HQWXM•FS\Q•FH]WHJRSRUÏZQDQLD
ZQLRVNL=DZDUWRUÏZQLH›DXWRUVN•NRQFHSFMÆWDNLHJRXU]•G]HQLD
6RZDNOXF]RZHSHURQLQIUDVWUXNWXUDWDERU
.UDZÆG]LHSHURQRZHV•NOXF]RZ\PLHOHPHQWDPLXPRZQHJRVW\NXSRPLÆG]\
LQIUDVWUXNWXU•LWDERUHP=HZ]JOÆGXQDIDNW›HHNVSORDWRZDQHV•ZVNDOLPD
VRZHM RUD] SU]H] RVRE\ QLHSU]HV]NRORQH VWDZLD VLÆ SU]HG QLPL Z\VRNLH Z\PRJL
Z]DNUHVLH]DSHZQLHQLDEH]SLHF]HÍVWZDSRGF]DVZVLDGDQLDLZ\VLDGDQLD3R]RVWD
HSRGVWDZRZHNU\WHULDVWRVRZDQHGRRFHQ\SU]\GDWQRyFLZ\UREÏZEXGRZODQ\FK
VNDGDM•F\FKVLÆQDNUDZÆG]LHSHURQRZHWRWUZDRyÂQLVNLHQDNDG\SU]\ZEXGR
ZDQLXLZHNVSORDWDFMLF]\DWZRyÂPRQWD›X,VWRWQ\PUR]UϛQLHQLHPSU]\GRERU]H
IRUP\SHURQXMHVWIDNWF]\MHVWRQX›\WNRZDQ\Z\•F]QLHSU]H]WDERUV]\QRZ\F]\
ZVSÏOQLH QS SU]H] WUDPZDMH L DXWREXV\ :H ZV]\VWNLFK SU]\SDGNDFK NOXF]RZH
]QDF]HQLHPDZLHONRyÂV]F]HOLQ\]DUÏZQRSR]LRPHMMDNLSLRQRZHMSRPLÆG]\NUD
ZÆG]L•SHURQXDSURJLHPSRMD]GX=PQLHMV]DQLHWHJRRGVWÆSXGRZDUWRyFLQLH]D
JUD›DM•F\FKLQWHQV\ZQHPXUXFKRZLSLHV]HPXPR›HRGE\ZDÂVLÆSU]\]DVWRVRZDQLX
DNW\ZQ\FKOXESDV\ZQ\FKyURGNÏZSRSUDZ\EH]SLHF]HÍVWZD&]\QQLNDPLNWÏUH
SRZLQQ\ZQLHGXJLPF]DVLHGRSURZDG]LÂGRUDG\NDOQHMSRSUDZ\LVWQLHM•FHJRVWD
QXU]HF]\SU]H]SU]\VSLHV]HQLH]PLDQZSUDZRGDZVWZLHRUD]SUÏEQHLQVWDODFMHV•
]MDZLVNDVWDU]HQLDVLÆVSRHF]HÍVWZDRUD]DNW\ZL]DFMLRVÏEQLHSHQRVSUDZQ\FK1LH
EH]]QDF]HQLDSR]RVWDMHUÏZQLH›IDNW›HEH]VWRSQLRZHZHMyFLHGRSRMD]GX]QDF]QLH
SU]\VSLHV]DZ\PLDQÆSDVD›HUÏZQDSU]\VWDQNXFRSU]HNDGDVLÆQDRV]F]ÆGQRyFL
Z•F]Q\PF]DVLHSRGUϛ\
: ZDUXQNDFK SROVNLFK WDERU NROHMRZ\ VSHQLD Z\PDJDQLD ]DZDUWH Z SU]H
SLVDFK>@QDWRPLDVW EXGRZOHZ>@ 3RUÏZQDQLHREU\VÏZVNUDMQLWDERUXLEX
GRZOL QD Z\VRNRyFL NUDZÆG]L SRZV]HFKQLH VWRVRZDQ\FK SHURQÏZ R Z\QLHVLHQLX
L PP SRQDG SR]LRP JÏZNL V]\Q\ SJV SURZDG]L GR MHGQR]QDF]QHJR
82
*LVWHUHN,
ZQLRVNX›HPDNV\PDOQDV]HURNRyÂSXGDPR›HZ\QRVLÂPPRGRVLWRUXQD
WRPLDVWQDMEDUG]LHMZ\VXQLÆW\IUDJPHQWEXGRZOLPXVLRGWHMRVLE\ÂRGOHJ\RFR
QDMPQLHMPP2]QDF]DWRSRZVWDQLHSR]LRPHMV]F]HOLQ\RV]HURNRyFLFRQDM
PQLHMPP7DNDPR›OLZLHNRU]\VWQDV\WXDFMDPLDDE\PLHMVFHMHG\QLHZSU]\
SDGNX]UÏZQDQLDSR]LRPÏZSURJXSRMD]GXLNUDZÆG]LSHURQXRUD]XPLHMVFRZLHQLH
NUDZÆG]LSURJXQDOLQLLREU\VXVNUDMQL:SUDNW\FH]HZ]JOÆGXQDNRQLHF]QRyÂ
GRVWRVRZDQLD ZHMy GR SRMD]GÏZ NROHMRZ\FK GR REVXJL UϛQ\FK Z\VRNRyFL SH
URQÏZSU]H]LQVWDODFMÆNLONXVWRSQLNRQLHF]QDGRSRNRQDQLDRGOHJRyÂSR]LRPD
QLHU]DGNRSU]HNUDF]DFP:REV]HUQHMERJDWRLOXVWURZDQHMSUDF\>@SU]HG
VWDZLRQRV]F]HJϏRZRSUREOHPDW\NÆZ]DMHPQHJRGRSDVRZDQLDWDERUXLSHURQÏZ
Z NROHMQLFWZLH GODWHJR WH› WHQ ]DNUHV WHPDW\NL ]RVWDQLH Z QLQLHMV]\P DUW\NXOH
RPÏZLRQ\SRELH›QLH]XZ]JOÆGQLHQLHPSU]HGHZV]\VWNLP]DVDGIXQNFMRQRZDQLD
UR]ZL•]DÍWHFKQLF]Q\FKZ]DPNQLÆW\FKV\VWHPDFKRXMHGQROLFRQHMZ\VRNRyFLSRG
RJLLSHURQÏZRUD]F]ÆyFLRZR]XQLILNRZDQ\PWDERU]HMDNPHWURLV]\ENLHNROHMH
PLHMVNLH
5\V)UDJPHQWREU\VXNROHMRZ\FKVNUDMQLWDERUXLEXGRZOLQDZ\VRNRyFLSHURQX
U\VXQHNEH]]DFKRZDQLDVNDOL
:V\VWHPDFKWUDPZDMRZ\FKNROHLPLHMVNLFKRUD]PHWUDSURFHVZ]DMHPQHJR
GRSDVRZ\ZDQLDWDERUXLLQIUDVWUXNWXU\MHVWGDOHNREDUG]LHM]DDZDQVRZDQ\QL›PD
WRPLHMVFHZNROHMDFK6LOQLHMV]HQL›ZNROHMDFKGDOHNRELH›Q\FKG•›HQLHGRZ\HOLPL
QRZDQLDSU]HV]NÏGSU]HVWU]HQQ\FKSU]\ZVLDGDQLXLZ\VLDGDQLXPDWXVZRMHSRG
R›HZEDUG]RGX›HMOLF]ELHWDNLFKSRGUϛ\RGE\ZDQ\FKZURNX:NUDMDFKUR]ZL
QLÆW\FKSU]\QDMPQLHMVSRHF]HÍVWZDZDJORPHUDFMDFKNRU]\VWD]WUDQVSRUWX
SXEOLF]QHJR Z GRMD]GDFK FRG]LHQQ\FK FR U]XWXMH ]DUÏZQR QD PRELOQRy VSRH
F]HÍVWZDMDNL]DNUHVNRU]\yFLS\Q•F\FK]RJUDQLF]HQLDXG]LDXWUDQVSRUWXVDPR
FKRGRZHJR7HQGHQFMDGRQLZHORZDQLDSU]HV]NÏGSU]\SURJXSRMD]GXPLDDVZÏM
,112:$&<-1(.216758.&-(.5$:¦'=,3(5212:<&+
83
SRF]•WHNZHZF]HVQ\FKODWDFK;;ZLHNXZUD]]PDVRZ\PZSURZDG]DQLHP
SR]\W\ZQLHNRMDU]RQ\FKQLVNRSRGRJRZ\FKZR]ÏZWUDPZDMRZ\FKRUD]]UR]SR
F]ÆFLHPGRVWRVRZ\ZDQLDQRZHMLPRGHUQL]RZDQHMLQIUDVWUXNWXU\GRSRWU]HERVÏE
QLHSHQRVSUDZQ\FK2JÏOQLHU]HF]ELRU•FQDMDWZLHMMHVWPLQLPDOL]RZDÂZLHONRyÂ
V]F]HOLQ\ PLÆG]\ WDERUHP D SHURQHP Z SU]\SDGNX QDMD]GÏZ RGE\ZDM•F\FK VLÆ
]QLHGX›•SUÆGNRyFL•'RW\F]\WRSU]HGHZV]\VWNLPWUDVWUDPZDMRZ\FKRUD]NROHL
PLHMVNLFKF]\PHWUDJG]LHSU]HMD]G\]SRPLQLÆFLHPQLHNWÏU\FKSU]\VWDQNÏZQLHV•
SUDNW\NRZDQHOXESU]\GDU]DM•VLÆVSRUDG\F]QLH=DVDGQLF]HSU]HV]NRG\ZRJUDQL
F]DQLXZLHONRyFLRGVWÆSÏZV•]ZL•]DQH]SU]\MPRZDQLHPSU]H]SURMHNWDQWÏZW]Z
]DSDVÏZ EH]SLHF]HÍVWZD X]DVDGQLDQ\FK SU]HGH ZV]\VWNLP VDE\P Z\NRQDQLHP
LXWU]\PDQLHPLQIUDVWUXNWXU\WROHUDQFM•Z\NRQDQLDNUDZÆG]LSHURQRZHMGRNDG
QRyFL• XR›HQLD WRUX MHJR GHIRUPDFML HNVSORDWDF\MQ\FK OX]HP SURZDGQ\P >@
SRQDGWR]DORG]HQLHPOXE]DyQLH›HQLHPSHURQXXJLÆFLHP]DZLHV]HQLDSRMD]GXF]\
REQL›HQLHPSRMD]GXZ\QLNDM•F\P]H]X›\FLDV]\QLREUÆF]\NϏ7HQGHQFMDGR]D
FKRZ\ZDQLDEDUG]RGX›\FKdEH]SLHF]Q\FKrRGVWÆSÏZSR]LRP\FKLSLRQRZ\FKMHVW
QLHVWHW\FL•JOHZLGRF]QD1LHNLHG\GRSURZDG]DRQDGRSU]\NDGÏZDEVXUGDOQ\FK
NLHG\WDERUQLVNRSRGRJRZ\]DNXSLRQ\VSHFMDOQLHGRREVXJLGDQHMOLQLL]RND]ML
MHM PRGHUQL]DFML QLH MHVW Z VWDQLH GRVLÆJQ•Â PDNV\PDOQLH UR]R›RQ• UDPS• GOD
ZÏ]NÏZGRSRZLHU]FKQLSHURQXQDGZÏFKNROHMQ\FKSU]\VWDQNDFKSU]H]FRRVRE\
QLHSHQRVSUDZQH]PXV]RQHV•GRGRMyÂQDRGOHJRyFLQLHU]DGNRSU]HNUDF]DM•FHSϏ
NLORPHWUDZyFLV\PFHQWUXPPLDVWDZ\VLDGDM•FQDSU]\VWDQNDFKQLHPRGHUQL]R
ZDQ\FK3UÏE•XMHGQROLFHQLDVWDQGDUGÏZE\R]DSURSRQRZDQLHZSR]\FML>@]D
OHFDQHMLDNFHSWRZDOQHMRGOHJRyFLSLRQRZHMLSR]LRPHMPLÆG]\SHURQHPLSURJLHP
SRMD]GXGODREV]DUX1LHPLHFSRND]DQHMQDU\V:\GDMHVLƛHSU]HGVWDZLHQLH
DQDORJLF]Q\FK UHJXODFML GOD 3ROVNL RUD] MHGQRF]HVQD UH]\JQDFMD ] DUFKDLF]Q\FK
DVWRVRZDQ\FKGRG]LyQRUPDW\ZÏZE\RE\QLH]Z\NOHSR›•GDQH7DNLNURN]GH
F\GRZDQLHXVSUDZQLE\SURFHV\LQZHVW\F\MQHSRGF]DVNWÏU\FKX]\VNDQLHV]F]HOLQ
RZDUWRyFLDFK]EOL›RQ\FKGRRERZL•]XM•F\FKRGGDZQDQD=DFKRG]LHZGDOV]\P
FL•JXZ\PDJDND›GRUD]RZHM]JRG\PLQLVWUD
5\V6]F]HOLQDSLRQRZDLSR]LRPDPLÆG]\SHURQHPLSRMD]GHPZJ>@
.RORUHPELD\PR]QDF]RQRZDUWRyFL]DOHFDQHV]DU\PtDNFHSWRZDOQH
*LVWHUHN,
84
&]DVDPL ZDyFLZH ]DEH]SLHF]HQLH SU]HFLZNR RSLVDQ\P SRZ\›HM ]DJUR›HQLRP
Z\QLNDM•F\P]GHIRUPDFMLPR›QDRVL•JQ•Â]DSRPRF•Z\M•WNRZRQLHZ\UDILQRZD
Q\FKyURGNÏZWHFKQLF]Q\FK3U]\NDGRZRDE\]DSRELHFSU]HVXQLÆFLXWRUXZNLH
UXQNX SHURQX QD SUHVWL›RZHM OLQLL PHWUD EHUOLÍVNLHJR 8 QD VWDFML %XQGHVWDJ
SU]\PRFRZDQRGRFRWHJRSRGNDGXNUÏWNLHIUDJPHQW\SURILOLGUHZQLDQ\FK
NWÏUHZROQ\PLNRÍFDPLRSLHUDM•VLÆRSRGVWDZÆyFLDQNLSHURQRZHM.ROHMQ\NURN
QDSU]ÏGZG]LHG]LQLHXVXZDQLDSU]HV]NÏGSU]HVWU]HQQ\FKVWDQRZL•SU]HSLV\IUDQ
FXVNLH >@ 8VWDORQR Z QLFK GOD QRZHJR WDERUX PDNV\PDOQ• ZDUWRy V]F]HOLQ\
SLRQRZHM L SR]LRPHM QD PP :LHOH IUDQFXVNLFK SU]HGVLÆELRUVWZ WUDPZDMR
Z\FKSRV]RMHV]F]HGDOHMGHNODUXM•F]PQLHMV]HQLHRGVWÆSXSR]LRPHJRGRZDUWRyFL
PPRUD]QLZHOXM•FUϛQLFÆZ\VRNRyFL1DOH›\]DXZD›\›HWRRGZD›QH]DR
›HQLHE\RLMHVWZSURZDG]DQHWDPJG]LHWZRU]RQRLQIUDVWUXNWXUÆWUDPZDMRZ•RG
QRZDLJG]LHHNVSORDWRZDQ\MHVWWDERUQRZRF]HVQ\SRFKRG]•F\]MHGQHMGRVWDZ\
OXESU]\QDMPQLHM]XQLILNRZDQ\SRGZ]JOÆGHPV]HURNRyFLSXGDZ\VRNRyFLSUR
JXF]\UR]PLHV]F]HQLDNOXF]RZ\FKHOHPHQWÏZMDNGU]ZL0R›QDZLÆFZ\FL•JQ•Â
ZQLRVHN›HZQLHNWÏU\FKV\WXDFMDFK]DSURMHNWRZDQRLZGUR›RQRWDN]DDZDQVRZD
QHUR]ZL•]DQLDWHFKQLF]QH›HSUDNW\F]QLHQLHZ\PDJDM•GDOV]HJRUR]ZRMXSRQLH
ZD›VWDQRZL•QLHPDODEVROXWQLHSHZQH]DEH]SLHF]HQLHSDVD›HUÏZSRGF]DVZVLDGD
QLDLZ\VLDGDQLD:SUDF\>@SRVWDQRZLRQRSRUÏZQDÂIDNW\F]QHLGHNODURZDQH
SU]H]Z\EUDQHSU]HGVLÆELRUVWZDWUDQVSRUWRZHWUDPZDMRZHZ0DUV\OLLL1LFHLRUD]
PHWURZ/\RQLHZDUWRyFLV]F]HOLQ3U]\NDG\WH]HVWDZLRQRZWDEHOL
7DEHOD'HNODURZDQHL]PLHU]RQHZDUWRyFLV]F]HOLQSU]\SHURQRZ\FKZZ\EUDQ\FKPLDVWDFK)UDQFML
Lp.
Miasto
1
2
3
Marsylia
Nicea
Lyon
Szczelina pozioma [mm]
GHNODURZDQD
zmierzona
15
20
20 : 40
35
30 : 44
5yĪQLFDZ\VZSLRQLH>PP@
GHNODURZDQD
zmierzona
+20 : -30
+24
+30 : +50
+5 : +20
0 : 10
1DSRGVWDZLHSRZ\›V]\FKSRPLDUÏZPR›QDGRMyÂGRZQLRVNX›HNRSLRZDQLH
SU]\NDGÏZIUDQFXVNLFKMHVW]DUÏZQRPR›OLZLHWHFKQLF]QLHQDWHUHQLH3ROVNLMDN
LSR›•GDQHZUDPDFKV]\ENLFKSU]\JRWRZDÍGRVNRQVXPRZDQLDNROHMQHMSUDZ
GRSRGREQLHRVWDWQLHMWUDQV]\yURGNÏZSRPRFRZ\FK]8QLL(XURSHMVNLHMZODWDFK
]PR›OLZLHZLHONLPSR›\WNLHP3RQL›HMRSLVDQRSRGVWDZRZHUR]ZL•
]DQLDWHFKQLF]QHG]LÆNLNWÏU\PPR›OLZHMHVWRVL•JDQLHWDNGX›HMSUHF\]MLGRSDVR
ZDQLDWDERUXGRLQIUDVWUXNWXU\
:\VRNDVWDELOQRyÂZ]DMHPQHJRSRR›HQLDWRUXLSHURQXZ\QLND]SRZV]HFK
QHJR VWRVRZDQLD QDZLHU]FKQL EH]SRGV\SNRZ\FK OXE WRURZLVN ]LHORQ\FK QDMF]Æ
yFLHMXNDGDQ\FK]Z\NRU]\VWDQLHPWHFKQLNZLEURL]RODF\MQ\FK(OHPHQW\WXPL•FH
GUJDQLDSHQL•RW\OHLVWRWQ•UROÆZVWDELOQRyFLSRR›HQLDWRUX›HXQLHPR›OLZLD
M• E•G| RSÏ|QLDM• SRZVWDZDQLH U\V L SÆNQLÆ PLÆG]\ QDZLHU]FKQL• D SRGR›HP
XWU]\PXM•F Z WHQ VSRVÏE MHJR ]GROQRy GR SU]HQRV]HQLD GX›\FK VL SLRQRZ\FK
LSR]LRP\FK1DRGFLQNDFKQDNWÏU\FKSU]\VWDQNL]QDMGXM•VLÆSU]\WRU]HXR›R
Q\PZWHFKQRORJLLSRGV\SNRZHMVWRVXMHVLÆHOHPHQW\RDQDORJLF]QHMMDNZPH
,112:$&<-1(.216758.&-(.5$:¦'=,3(5212:<&+
85
WU]HEHUOLÍVNLPIXQNFMLMHGQDNUHJXORZDQH]DSRPRF•SR]LRP\FKyUXE3U]\NDG
]DVWRVRZDQLD WDNLHJR HOHPHQWX SU]HGVWDZLD IRW 1D WDNLFK IUDJPHQWDFK WRUX
PR›OLZH MHVW UÏZQLH› VWRVRZDQLH VSUƛ\VW\FK SRGSÏU SRGNDGÏZ NWÏUH PDM• QD
FHOXPLQOHSV]HSU]HQRV]HQLHVLSR]LRP\FKPLÆG]\SRGNDGHPLSRGV\SN•RUD]
]PQLHMV]HQLHQDFLVNÏZQDSRGV\SNÆLSRGWRU]HFRUÏZQLH›]ZLÆNV]DVWDELOQRyÂSR
R›HQLDWRUX7HFKQRORJL•SU]\QRV]•F•GREUHHIHNW\MHVWUÏZQLH››\ZLF]QDVWDELOL
]DFMDWXF]QLDOXEWXF]QLDSU]\V\SDQHJRGUREQR]LDUQLVW\PNUXV]\ZHPSRQLHZD›
SRSUDZLDVF]HSQRyÂZLHU]FKQLHMZDUVWZ\QDZLHU]FKQL]MHMSRGR›HP
)RW(OHPHQWG\VWDQVRZ\]PR›OLZRyFL•UHJXODFML)RW0.RUEDQ
3RZV]HFKQLHVWRVRZDQHV•GZDURG]DMHNUDZÆG]LSHURQRZ\FKRSU]HNURMXSUR
VWRN•WQ\PRUD]Z\SRVD›RQHZVWD\ZVSRUQLNRNLONXQDVWRFHQW\PHWURZ\PZ\
VLÆJX&KDUDNWHU\VW\F]Q\SU]HNUÏMSU]\MPXMHUÏZQLH›SXGRWUDPZDMX]HZ]JOÆGX
QD XNV]WDWRZDQLH yFLDQ ERF]Q\FK MDNR ]DRNU•JORQ\FK XNLHP R EDUG]R GX›\P
SURPLHQLX L QDMV]HUV]\P PLHMVFX WUDPZDMX Z SRRZLH Z\VRNRyFL NDELQ\ SDVD
›HUVNLHMSU]HNUÏMdEHF]NRZ\rRUD]Z\VWDM•F\FKQDNLONDFHQW\PHWUÏZSURJÏZ
']LÆNLWDNLHPXXNV]WDWRZDQLXGU]ZLPRJ•RWZLHUDÂVLÆQDZHWSU]\NUDZÆG]LDFK
SHURQRZ\FKZ\›V]\FKQL›SRGRJDZSRMH|G]LHSRPLPRPLQLPDOQHMV]F]HOLQ\SR
]LRPHM3U]HNUÏMSRSU]HF]Q\WUDPZDMX]7XOX]\SU]\SHURQLHSRND]DQRQDU\V
6]HURNRyÂPDNV\PDOQDSRRZ\SXGDZ\QRVLZW\PSU]\NDG]LHPPV]H
URNRyÂ]SURJLHPtPPRUD]RGOHJRyÂNUDZÆG]LSHURQRZHMRGRVLWRUXt
PP
3RND]DQ\ SU]\NDG VWRL Z MDVNUDZ\P NRQWUDyFLH ] WUDPZDMDPL EXGRZDQ\PL
L HNVSORDWRZDQ\PL Z 3ROVFH JG]LH RG PRPHQWX ZSURZDG]HQLD PRGHOX 1
ZSRF]•WNXODW;;ZLHNXSRZV]HFKQLHVWRVXMHVLÆVNRV\ZGROQHMF]ÆyFLSXGD
6]F]HJÏOQLHNDU\NDWXUDOQHJRZ\JO•GXQDELHUDM•ZDJRQ\]SRGFLÆFLDPLQDGXJR
yFLNDELQ\SDVD›HUVNLHMNWÏUHSRVLDGDM•UR]EXGRZDQHLZ\VWDM•FHRVRQ\ZÏ]NÏZ
GHWHUPLQXM•FHSU]HFLH›V]HURNRyÂZDJRQXQDZ\VRNRyFLNUDZÆG]LSHURQRZHM=H
Z]JOÆGX QD NRQLHF]QRy SU]HMyFLD W\FK RVRQ Z]GX› NUDZÆG]L SHURQRZHM SU]\
GU]ZLDFK WUDPZDMX WZRU]\ VLÆ V]WXF]QLH SRZLÆNV]RQD QLF]\P QLHX]DVDGQLRQD
V]F]HOLQD3RGREQLHSRZD›Q\PEÆGHPMHVWORNDOL]RZDQLHLQQ\FKHOHPHQWÏZLQ
*LVWHUHN,
86
IUDVWUXNWXU\WRURZHMMDNZF]HyQLHMV]HUR]SORW\]V]HURNRUR]VWDZLRQ\PLV]\QDPL
QD GXJRyFL SU]\VWDQNX D QDVWÆSQLH X]DOH›QLDQLH RG LFK Z\VWÆSRZDQLD ]HURZHM
Z\VRNRyFLNUDZÆG]LSHURQRZHMFRRSLVDQRZSUDF\>@
5\V3U]HNUÏMSRSU]HF]Q\WUDPZDMXLSHURQXZ7XOX]LHZJ>@
1LHNWÏU]\]DU]•GF\LQIUDVWUXNWXU\FKF•F]ZLÆNV]\ÂPDUJLQHVEH]SLHF]HÍVWZD
ZSU]\SDGNXGHIRUPDFMLWRUXOXESHURQXVWRVXM•GRGDWNRZHHOHPHQW\ZIRUPLH
QDNDGHNQDSU]\OHJ•GRWRUXSLRQRZ•SDV]F]\]QÆyFLDQNLSHURQRZHM]ZLÆNV]D
M•F Z WHQ VSRVÏE R NLOND OXE NLONDQDyFLH FHQW\PHWUÏZ RGOHJRy SRPLÆG]\ RVL•
WRUXDF]ÆyFL•VWD•SHURQX :QDMSURVWV]\PZ\NRQDQLXHOHPHQW\WHPRJ•E\Â
Z\NRQDQH]RGSRZLHGQLHMJUXERyFLSURILOLGUHZQLDQ\FKPRFRZDQ\FKZPLHMVFX
]DWU]\PDQLDGU]ZLSRMD]GX7DNLHSXQNWRZHRNDG]LQ\VSUDZG]DM•VLÆZ\•F]QLH
SU]\ HNVSORDWDFML WDERUX ]XQLILNRZDQHJR 5R]ZL•]DQLD EDUG]LHM ]DDZDQVRZDQH
Z IRUPLH HOHPHQWÏZ JXPRZ\FK WZRU]•F\FK ZVSRUQLN QD SDVNLHM yFLDQFH SHUR
QRZHMSR]EDZLRQHV•WHMQLHGRJRGQRyFLMHGQDNLRQHSU]HVWDM•VSHQLDÂVZRM•UROÆ
SU]\Z\VW•SLHQLXGHIRUPDFMLWRUX3U]\NDGWHJRUR]ZL•]DQLDSRND]DQRQDIRW
: RGSRZLHG]L QD SU]HZLG\ZDQH ]DSRWU]HERZDQLH RSUDFRZDQR LQQRZDF\MQ•
NRQVWUXNFMÆHODVW\F]Q\FKQDNDGHNQDNUDZÆG|SHURQRZ•REHFQLHEÆG•F•QDHWD
SLH]JRV]HQLDSDWHQWRZHJR:RGUϛQLHQLXRGLVWQLHM•F\FKUR]ZL•]DÍHOHPHQW\
WHPDM•PR›OLZRyÂUHJXODFMLSRR›HQLDZSDV]F]\|QLHSR]LRPHMSURVWRSDGHMGRRVL
WRUXFRXPR›OLZLDLFKGRSDVRZDQLHGR]PLHQLRQHMZF]DVLHHNVSORDWDFMLJHRPHWULL
WRUXQDZHWZVWURQÆSHURQX.ROHMQ•FHFK•UϛQL•F•WRUR]ZL•]DQLHRGLQQ\FK
MHVWPR›OLZRyÂVNRyQHJRXVWDZLHQLDHOHPHQWXZVSRUQLNRZHJRZ]JOÆGHPyFLDQNL
SHURQRZHM VWDQRZL•FHM MHJR IXQGDPHQW EH] XWZRU]HQLD QLHEH]SLHF]QHM V]F]HOLQ\
G]LÆNLVSHFMDOQHPXXNV]WDWRZDQLXJU]HELHQLDSRGREQHJRGRWUDG\F\MQ\FKG\OD
,112:$&<-1(.216758.&-(.5$:¦'=,3(5212:<&+
87
WDFML PRVWRZ\FK ] MHGQHM VWURQ\ RUD] ]D]ÆELDM•F\FK VLÆ ] QLP HODVW\F]Q\FK Z\
SXVWNÏZ ] GUXJLHM 8NRVRZDQLH HOHPHQWÏZ MHVW PR›OLZH G]LÆNL GZXSXQNWRZHM
UHJXODFML SURILOL RUD] RGSRZLHGQLR XPLHV]F]RQHM SDV]F]\|QLH RGFLÆFLD SRPLÆG]\
Z\SXVWNDPLDLFKSRGR›HP7U]HFL•QRZDWRUVN•FHFK•SURSRQRZDQHJR UR]ZL•
]DQLD MHVW PR›OLZRy V]F]HOQHJR XNDGDQLD SURILOL Z FL•J• NUDZÆG| Z]GX› OLQLL
DPDQHMNU]\ZHMSU]HMyFLRZHMF]\XNXNRRZHJRRRGSRZLHGQLRGREUDQHMZDUWR
yFLSURPLHQLD:V]\VWNLHSRZ\›V]HFHFK\VNDGDM•VLÆQDPR›OLZRyÂVZRERGQHJR
NRQVWUXRZDQLDSU]\VWDQNÏZ]PLQLPDOQ•V]F]HOLQ•SRPLÆG]\NUDZÆG]L•SHURQRZ•
LWDERUHP]]DFKRZDQLHPV]HURNLHJRPDUJLQHVXEH]SLHF]HÍVWZDQDQLHGRVNRQDR
yFLZ\NRQDZF]HLHNVSORDWDF\MQH
)RW:VSRUQLNRZHQDNDGNLQDyFLDQNÆSHURQRZ•)RW0.RUEDQ
5\V:LGRNRJÏOQ\DXWRUVNLHMNRQVWUXNFMLQDNDGNLQDNUDZÆG|SHURQRZ•
88
*LVWHUHN,
'ROLF]QLHVWRVRZDQ\FKyURGNÏZ]PQLHMV]DM•F\FKV]F]HOLQÆSU]\SHURQRZ•QD
OH›•XU]•G]HQLDPHFKDQLF]QHLQVWDORZDQHZSURJDFKSRMD]GÏZOXEZZ\EUDQ\FK
PLHMVFDFKSHURQÏZ8U]•G]HQLDPRQWRZDQHQDWDERU]HQDMF]ÆyFLHMSU]\MPXM•IRU
PÆ Z\VXZDQ\FK VSRG SURJÏZ OLVWHZ OXE UXV]WÏZ DOER VWRSQL RGNDGDQ\FK RG
EXUW\ SRMD]GX =DOHW• XGRJRGQLHÍ PRQWRZDQ\FK QD ZDJRQDFK MHVW PR›OLZRyÂ
SU]\R›HQLDGRGRZROQHJRPLHMVFDNUDZÆG]LSHURQX6\VWHP\PRQWRZDQHZSHUR
QDFKPR›QDVWRVRZDÂW\ONRZSU]\SDGNXJG\ZV]\VWNLHSRMD]G\]DWU]\PXM•FHVLÆ
QDGDQ\PSU]\VWDQNXPDM•SRGREQLHOXEWDNVDPRUR]PLHV]F]RQHGU]ZL1DMF]Æ
yFLHMVWRVRZDQHXU]•G]HQLDZ\VXZDM•VLÆVSRGNUDZÆG]LSHURQXZVWURQÆVWRM•FHJR
SRMD]GXLFKRZDM•SU]HGRGMD]GHP,QWHUHVXM•FHUR]ZL•]DQLH]DVWRVRZDQRQDOLQLL
5(5(Z7RXUQDQJG]LHGODPR›OLZLHGRNDGQHJRGRSDVRZDQLDSHURQXGRSR
FL•JÏZMHJRIUDJPHQWPR›HXQLHyÂVLÆNXJÏU]H]DySU]\OHJHS\W\WZRU]•ZWHG\
DJRGQHUDPS\ZMD]GRZH(NVWUHPDOQ\PSU]\NDGHPUXFKRPHMNUDZÆG]LSHURQX
MHVWUR]ZL•]DQLH]DVWRVRZDQHQDVWDFML:HVWODNH&HQWHUNROHLMHGQRV]\QRZHMZ6H
DWWOHNWÏUHSU]H]Z\VXQLÆFLHVSHFMDOQ\FKSODWIRUPQDRGOHJRyÂRNRRPHWUÏZ
MHVWZVWDQLHREVXJLZDÂUÏZQLH›SRMD]G\]QDMGXM•FHVLÆQDGUXJLPWRU]H1LHEH]
]QDF]HQLDMHVWIDNW›HZV]HONLHXU]•G]HQLDPHFKDQLF]QHZ\PDJDM•EH]SRUÏZQDQLD
ZLÆNV]\FKQDNDGÏZQDXWU]\PDQLHLNRQVHUZDFMÆQL›UR]ZL•]DQLDVWDH
3RGVXPRZDQLH
5ϛQLFH Z QDNDGDFK ILQDQVRZ\FK PLÆG]\ UR]ZL•]DQLDPL QLHZDyFLZ\PL F]\
ZUÆF]QLHEH]SLHF]Q\PLDSRSUDZQ\PLZVNDOLFDHMLQZHVW\FMLPRGHUQL]DF\MQHMV•
QLH]DXZD›DOQH:NRQWHNyFLHSUDZLGRZRSU]HSURZDG]RQHMSURFHGXU\SU]HWDUJR
ZHMSRZLQQDE\ÂEUDQDSRGXZDJÆVXPDNRV]WÏZVSRG]LHZDQ\FKGRSRQLHVLHQLD
ZFD\PRNUHVLHHNVSORDWDFMLGDQHMNRQVWUXNFMLDQLHW\ONRSRF]•WNRZ\NRV]WMHM
QDE\FLD]JRGQLH]DQDOL]•/LIH&\FOH&RVW/&&%LRU•FSRGXZDJÆQLHXFKURQ
QHVWDU]HQLHVLÆVSRHF]HÍVWZDRUD]FKF•FUHDOL]RZDÂXVWDZRZR]DJZDUDQWRZDQH
XGRJRGQLHQLDGODRVÏERRJUDQLF]RQ\FKPR›OLZRyFLDFKUXFKRZ\FKDWDN›HPDM•F
QDXZDG]HNRQLHF]QRyÂVSUDZQHJRZ\NRU]\VWDQLDIXQGXV]\ZVSÏOQRWRZ\FKNR
QLHF]QHMHVWQDW\FKPLDVWRZH]DLQLFMRZDQLH]PLDQSUDZQ\FKSURZDG]•F\FKPLÆG]\
LQQ\PLGROHJDOQHJRVWRVRZDQLDUR]ZL•]DÍNRQVWUXNF\MQ\FKPDNV\PDOL]XM•F\FK
EH]SLHF]HÍVWZRSRGF]DVZVLDGDQLDLZ\VLDGDQLD]WUDPZDMX=PLDQ\SRZLQQ\SR
OHJDÂQDGRSXV]F]HQLXLQQHJRQL›REHFQLHVWRVRZDQ\REU\VXVNUDMQLWDERUXLOXE
EXGRZOLZREUÆELHSU]\VWDQNÏZGODXPR›OLZLHQLD]UHGXNRZDQLDRGVWÆSXSR]LR
PHJR L SLRQRZHJR PLÆG]\ WDERUHP D SHURQHP GR ZLHONRyFL Z\UD›DQHM Z PLOL
PHWUDFK &]Æy UR]ZL•]DÍ UHDOL]XM•F\FK WH SRVWXODW\ IXQNFMRQXMH MX› Z NUDMDFK
UR]ZLQLÆW\FKGODWHJRWUXGQRMHVWGRV]XNDÂVLÆUDFMRQDOQHJRSRZRGXGODNWÏUHJR
DQDORJLF]QHNRQVWUXNFMHQLHPRJ\E\SRZVWDZDÂUÏZQLH›Z3ROVFH
,112:$&<-1(.216758.&-(.5$:¦'=,3(5212:<&+
89
%LEOLRJUDILD
>@3ROVND1RUPD31.
>@,G':DUXQNLWHFKQLF]QHXWU]\PDQLDQDZLHU]FKQLQDOLQLDFKNROH
MRZ\FK3.33/.:DUV]DZD
>@)U•F]HN53D\JD-&]\QQLNLZDUXQNXM•FHZ\EÏUVWDQGDUGRZHMZ\VR
NRyFL PRGHUQL]RZDQ\FK SHURQÏZ RVRERZ\FK QD VLHFL 3.3RUD] ]DNXS\
LPRGHUQL]DFMHWDERUX3UREOHP\.ROHMQLFWZD]HV]\W
>@0DNXFK - 3URMHNWRZDQLH SU]\VWDQNÏZ WUDPZDMRZ\FK GOD EH]SLHF]HÍ
VWZDLZ\JRG\SDVD›HUÏZ'URJL.ROHMRZH
>@6WDGWEDKQHQLQ'HXWVFKODQG9HUEDQG'HXWVFKHU9HUNHKUVXQWHUQHKPHQ
9'9 %XQGHVPLQLVWHULXP IØU 9HUNHKU %DX XQG :RKQXQJVZHVHQ
9'9
>@5R]SRU]•G]HQLH5HSXEOLNL)UDQFXVNLHM$UUêWÅGXMXLOOHWUHODWLI
àODPLVHHQDFFHVVLELOLWÅGHVYÅKLFXOHVGHWUDQVSRUWSXEOLFJXLGÅXUEDLQ
DX[SHUVRQQHVKDQGLFDSÅHVHWàPRELOLWÅUÅGXLWH125'(97$
>@)DLYUH&$ODX]HW$0DULQt/DPHOOHW&(WXGHSRUWDQWVXUOHVGLIIL
FXOWÅVGHIUDQFKLVVHPHQWGHVODFXQHVTXDLVHXLOSDUOHVXVDJHUVGHIDXWHXLO
URXODQWORUVGHOpDFFèVDX[WUDQVSRUWVJXLGHV,15(76,QVWLWXW1DWLRQDO
GH5HFKHUFKHVXUOHV7UDQVSRUWVHWOHXU6ÅFXULWÅ
>@0DWHULD\7LVVHR607&]GQ
>@0ROHFNL % $QDOL]D FHORZRyFL VWRVRZDQLD UR]MD]GÏZ WUDPZDMRZ\FK ]H
VSORWHP V]\Q• SRGZÏMQ• QD SU]\NDG]LH SODFX *UXQZDOG]NLHJR ZH
:URFDZLX:=LQWHJURZDQ\V\VWHPWUDQVSRUWXPLHMVNLHJRPDWNRQI
:URFDZ
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
2*5$1,&=(1,$)81.&-21$/1(85='=(­65.
:=$.5(6,(.21752/,k:,$7(=$%5$1,$-&<&+
,2&+521<%2&=1(-
.U]\V]WRI*URFKRZVNL
-XOLXV].DURODN
GU LQ› 3ROLWHFKQLND :DUV]DZVND :\G]LD 7UDQVSRUWX
=DNDG 6WHURZQLD 5XFKHP =HVSϏ 1DXNRZR'\GDN
W\F]Q\6WHURZDQLD5XFKHP.ROHMRZ\PXO.RV]\NRZD
:DUV]DZDHPDLONJU#ZWSZHGXSO
PJULQ›3ROLWHFKQLND:DUV]DZVND:\G]LD7UDQVSRUWX
=DNDG 6WHURZQLD 5XFKHP =HVSϏ 1DXNRZR'\GDN
W\F]Q\6WHURZDQLD5XFKHP.ROHMRZ\PXO.RV]\NRZD
:DUV]DZDHPDLOMND#ZWSZHGXS
6WUHV]F]HQLH $UW\NX GRW\F]\ Z\EUDQ\FK RJUDQLF]HÍ IXQNFMRQDOQ\FK XU]•G]HÍ VWHURZD
QLD UXFKHP NROHMRZ\P 5R]ZD›RQR V\WXDFMH Z\VWÆSXM•FH SU]\ XVWHUNDFK yZLDWH ]DEUDQLDM•F\FK
QDVHPDIRUDFK5R]ZD›RQRVWRVRZDQLHXU]•G]HÍRFKURQQ\FKLNRQWUROLHOHPHQWÏZGUÏJSRPLÆG]\
GURJDPLMD]G\LRFKURQQ•DXU]•G]HQLDPLRFKURQQ\PL
6RZD NOXF]RZH VWHURZDQLH UXFKHP NROHMRZ\P XVWHUNL yZLDWD ]DEUDQLDM•FH GURJD
RFKURQQDXU]•G]HQLHRFKURQQH
:SURZDG]HQLH
.ROHMQDWHUHQLHREHFQHM3ROVNLUR]ZLMDVLÆRGSRQDGODW:SURZDG]DQH
SRF]•WNRZRXU]•G]HQLD]DEH]SLHF]HQLDUXFKXLQVWDORZDQHE\\SU]H]]DU]•G\NROHL
]DERUFÏZ3RSLHUZV]HMLGUXJLHMZRMQLHyZLDWRZHMSR]RVWDRZHNVSORDWDFMLZLHOH
UϛQL•F\FKVLÆW\SÏZXU]•G]HÍ]DEH]SLHF]HQLDUXFKXSRFL•JÏZ2GODWSLÆÂG]LHVL•
W\FKXELHJHJRVWXOHFLD]XQLILNRZDQRZ]QDF]QHMPLHU]H]DVDG\V\JQDOL]DFMLVWRVR
ZDQHMQDVLHFLNROHLQRUPDOQRWRURZ\FKLZ•VNRWRURZ\FK:LHOHOLQLLZ\SRVD›RQR
ZQRZV]HW\S\XU]•G]HÍVWHURZDQLDUXFKHPNROHMRZ\P:SURZDG]DQHUR]ZL•]D
QLDUϛQL•VLÆMHGQDNRGVLHELHNRQVWUXNFM•G]LDDQLHPLVSRVREHPREVXJLSU]H]
SHUVRQHOVWHURZDQLDUXFKHP
=DXZD›DOQH MHVW QLHGRVWDWHF]QH ]GHILQLRZDQLHIXQNFMLV\VWHPÏZVUNNWÏU\FK
G]LDDQLH Z SRGREQ\FK V\WXDFMDFK MHVW LQQH %UDN OXE QLHGRSUDFRZDQLH UHJXOD
FMLSUDZQ\FK]ZL•]DQ\FK]SURMHNWRZDQLHPXU]•G]HÍVUNVSUDZLD›HRZLHOXLFK
IXQNFMDFKGHF\GXMHSURMHNWDQWRNUHyORQHMVWDFMLRGFLQNDOLQLLLWS
'ODZV]\VWNLFKXU]•G]HÍVUNPR›QD]GHILQLRZDÂED]Æ]DVDG]ZL•]DQ\FK]LFK
G]LDDQLHPZVSϏG]LDDQLHPLREVXJ•=DPLHU]HQLHPDXWRUÏZMHVWSU]HDQDOL]R
ZDQLH Z NLONX DUW\NXDFK QLHNWÏU\FK DVSHNWÏZ SUDF\ XU]•G]HÍ VUN L UR]ZL•]DÍ
QLHVWRVRZDQ\FKV]HU]HM]UϛQ\FKSRZRGÏZ:QLRVNLZ\QLNDM•FH]WHMDQDOL]\SR
:NáDGDXWRUyZZSXEOLNDFMĊ*URFKRZVNL..DURODN-
*URFKRZVNL..DURODN-
92
ZLQQ\ SRVX›\ QLH W\ONR GR HZHQWXDOQ\FK NRUHNW LVWQLHM•F\FK SU]HSLVÏZ L UR]
ZL•]DÍDOHSRZLQQ\VWDQRZLÂUÏZQLH›VXJHVWLHSRSUDZQHJRVIRUPXRZDQLD]DVDG
NRQVWUXRZDQLDQRZ\FKUR]ZL•]DÍ
&\NOUR]SRF]\QDQLQLHMV]\DUW\NXGRW\F]•F\]DJDGQLHÍNRQWUROLyZLDWH]DEUD
QLDM•F\FKVHPDIRUÏZLRFKURQ\ERF]QHM
.RQWURODyZLDWH]DEUDQLDM•F\FK
:SURZDG]HQLH
:3ROVFHRERZL•]XMH>@SLÆFLRVWRSQLRZDyZLHWOQDV\JQDOL]DFMDSUÆGNRyFLRZD
GODSRFL•JÏZ0R›OLZHGRSU]HND]DQLDVWRSQLHSUÆGNRyFLWRNPK
LSUÆGNRyÂPDNV\PDOQDNWÏUDZSUDNW\FHQLHSU]HNUDF]DNPK:]DOH›QRyFL
RGZDUXQNÏZUXFKRZ\FKLSRWU]HEVWRVXMHVLÆV\JQDOL]DFMÆGZXWUÏMDOERF]WHUR
VWDZQ•6WDZQRyÂV\JQDOL]DFMLRNUHyODLORyÂNROHMQ\FKGUÏJMD]G\]QDMGXM•F\FKVLÆ
]DVHPDIRUHPGODNWÏU\FKVHPDIRUZVND]XMHGR]ZRORQ•SUÆGNRyÂMD]G\6\JQDOL
]DWRUQVWDZQ\SU]HND]XMHNRPXQLNDWRQGURJDFKMD]G\ZLÆFMHVWMHGQRF]HyQLH
V\JQDOL]DWRUHPXSU]HG]DM•F\PRVWDQLHQDVWÆSQHJRV\JQDOL]DWRUD:SU]\SDGNX
V\JQDOL]DFML GZXVWDZQHM VHPDIRU MHVW SRSU]HG]DQ\ WDUF]• RVWU]HJDZF]• NWÏUHM
ZVND]DQLDLQIRUPXM•RURG]DMXV\JQDXQDVHPDIRU]H
:\JDV]HQLH yZLDWH ZH ZV]\VWNLFK NRPRUDFK VHPDIRUD yZLHWOQHJR VHPDIRU
dFLHPQ\rMHVWMHJRQLHSUDZLGRZ•SUDF•:\M•WNLHPV•VHPDIRU\FHORZRZ\•F]R
QHR]QDNRZDQHdZVND|QLNLHPNDVRZDQLDr:>@LQIRUPXM•F\PRW\P'UXJL
Z\M•WHN WR VHPDIRU\ RGVWÆSRZH QD V]ODNX Z\SRVD›RQ\P Z GZXNLHUXQNRZ• VD
PRF]\QQ• EORNDGÆ OLQLRZ• NWÏUH PRJ• SR]RVWDZD FLHPQH JG\ MD]GD SRFL•JX
RGE\ZDVLÆZSU]HFLZQ\PNLHUXQNXQL›XVWDZLRQ\ZXU]•G]HQLDFKVUNOXESU]\
QLHXVWDZLRQ\PNLHUXQNX7U]HFLZ\M•WHNGRW\F]\VHPDIRUÏZNWÏUHPRJ•E\ÂFH
ORZRZ\•F]RQHGODMD]G\SRFL•JÏZSU]\XU]•G]HQLDFKDXWRPDW\]XM•F\FKSURZD
G]HQLHSRMD]GXSU]\QDMPQLHMZ]DNUHVLHV\JQDOL]DFMLNDELQRZHMWDNLFKMDN623
DOER(7&6SR]LRPXOXE
: GDOV]HM F]ÆyFL DUW\NXX DQDOL]RZDQH V• SU]\SDGNL Z\JDV]HQLD ZV]\VWNLFK
yZLDWHVHPDIRUDEÆG•FHVWDQHPDZDU\MQ\P
:\JDV]HQLHyZLDWHQDVHPDIRU]H
8VWHUNDSROHJDM•FDQDZ\JDV]HQLXZV]\VWNLFKyZLDWHVHPDIRUD]RVWDQLHUR]ZD
›RQDGODV\JQDOL]DFMLWU]\VWDZQHMZF]WHUHFK]DVDGQLF]\FKSU]\SDGNDFK
3U]\SDGHN 3RFL•J ]PLHU]DM•F\ Z NLHUXQNX VHPDIRUD FLHPQHJR ]QDMGX
MH VLÆ FR QDMPQLHM Z RGOHJRyFL lw XPR›OLZLDM•FHM ]DREVHUZRZDQLH ]PLDQ\
ZVND]DQLD SRSU]HGQLHJR VHPDIRUD OXE WDUF]\ RVWU]HJDZF]HM ZDUXQHN =DVHPDIRUHPFLHPQ\PQDGURG]Hl2XVWDZLRQHMGRQDVWÆSQHJRVHPDIRUD
ZW\PVDP\PNLHUXQNXLZGURG]HRFKURQQHMlo]DQLPQLHPDSR]RVWDZLR
2*5$1,&=(1,$)81.&-21$/1(85='=(­65.:=$.5(6,(.21752/,k:,$7(
93
QHJRWDERUXQLHVWRLSRFL•JLQLHRGE\ZDM•VLƛDGQH]RUJDQL]RZDQHOXE
QLH]RUJDQL]RZDQHSU]HELHJLZDUXQHN
3U]\SDGHN:DUXQHNVSHQLRQ\ZDUXQHNQLH
3U]\SDGHN:DUXQHNQLHVSHQLRQ\DZDUXQHNVSHQLRQ\
3U]\SDGHN2EDZDUXQNLQLHVSHQLRQH
:SU]\SDGNXLZSRSU]HG]DM•F\PPRPHQFLHVHPDIRUFLHPQ\PÏJZVND
]\ZDÂV\JQD]H]ZDODM•F\QDMD]GÆOXEV\JQD]DEUDQLDM•F\MD]G\ZSU]\SDGNX
LZSRSU]HG]DM•F\PPRPHQFLHVHPDIRUFLHPQ\SRZLQLHQXSU]HGQLRZVND]\ZDÂ
V\JQD]DEUDQLDM•F\MD]G\
6\WXDFMHNWÏUHRSLVXM•ZDUXQNLSU]HGVWDZLRQRSRJO•GRZRQDU\V
5\V6\WXDFMH]ZL•]DQH]XVWHUN•yZLDWH]DEUDQLDM•F\FKVHPDIRUD
2SLVZWHNyFLHOKtRERZL•]XM•FDGXJRyÂGURJLKDPRZDQLD
nUÏGRRSUDFRZDQLHZDVQH
:SLHUZV]\PLGUXJLPSU]\SDGNXXVWHUNDVHPDIRUDSROHJDM•FDQDZ\JDV]H
QLXyZLDWHZHZV]\VWNLFKNRPRUDFKSRZLQQDVSRZRGRZDÂSU]HND]DQLHV\JQDX
]DEUDQLDM•FHJR MD]G\ SU]H] SRSU]HGQL VHPDIRU OXE V\JQDX RVWU]HJDM•FHJR SU]H]
SRSU]HG]DM•F• WDUF]Æ : WDNL VSRVÏE UHDJXM• VHPDIRU\ VDPRF]\QQHM EORNDG\ OL
QLRZHMW\SX(DF>@RUD]VWDF\MQ\FKXU]•G]HÍW\SX:78=>@8VWHUNDyZLDWD
F]HUZRQHJRZFKZLOLJG\SRZLQQRE\ÂRQRZ\yZLHWORQHSRZRGXMHQDSRSU]HG
QLP VHPDIRU]H Z\JDV]HQLH V\JQDX ]DZLHUDM•FHJR JÏUQH yZLDWR SRPDUDÍF]RZH
FL•JHLZ\yZLHWOHQLHZ]DPLDQV\JQDXd6WÏMr5R]ZL•]DQLHZ\PDJDNRQWURORZD
QLDyZLDWH]DEUDQLDM•F\FKVHPDIRUÏZF]HUZRQ\FK
: GUXJLP SU]\SDGNX PR›QD GRGDWNRZR SRVWXORZD Z\JDV]HQLH V\JQDX
]H]ZDODM•FHJRQDMD]GÆZSU]HELHJX]DZLHUDM•F\PZGURG]HMD]G\OXEZGURG]H
RFKURQQHMRGFLQHNRSLVDQ\ZZDUXQNX5R]ZL•]DQLHZ\PDJDUÏZQLH›NRQWUR
ORZDQLDyZLDWH]DEUDQLDM•F\FKVHPDIRUÏZ7\ONRZSU]\SDGNX]DVWRVRZDQLDSU]\
QDMPQLHMV\JQDOL]DFMLNDELQRZHMQLHMHVWNRQLHF]QHVWRVRZDQLHWHJRUR]ZL•]DQLD
:WU]HFLPLF]ZDUW\PSU]\SDGNXQDOH›\XQLHPR›OLZLÂZMD]GSRFL•JXPDQHZ
UXOXEWDERUXQDRGFLQHNRSLVDQ\ZZDUXQNX3RFL•J]PLHU]DM•F\ZNLHUXQNX
VHPDIRUDFLHPQHJRQDMSUDZGRSRGREQLHMPLQLHJR-H›HOLPLQLHFLHPQ\VHPDIRU
SRMDZL VLÆ NROHMQH ]DJUR›HQLH ›H PDV]\QLVWD PR›H UR]SRF]•Â KDPRZDQLH ]E\W
SÏ|QRDE\]DWU]\PDÂVLÆSU]HGQDVWÆSQ\PVHPDIRUHP-H›HOLGURJDSU]HELHJX]D
VHPDIRUHPFLHPQ\PQLHMHVWXWZLHUG]RQD]DPNQLÆWDWRGOD]DSRELH›HQLDHZHQ
94
*URFKRZVNL..DURODN-
WXDOQHPXZ\SDGNRZLVSRZRGRZDQHPXSRMDZLHQLHPVLÆGUXJLHJRSRMD]GXPR›
QDQDVWDZLDÂ]ZURWQLFHWDNDE\]PLQLPDOL]RZDÂSUDZGRSRGRELHÍVWZRNROL]ML
-HGQDNSU]HVWDZLHQLH]ZURWQLFZGURG]HSUDZGRSRGREQHMMD]G\]DFLHPQ\P
VHPDIRUHPGRNWÏUHJRGRMH›G›DSRFL•JRUD]ZQDVWÆSQHMGURG]HMD]G\SR
ZLQQR E\ RER›RQH GRGDWNRZ\P Z\PDJDQLHP NRQWUROL QLH]DMÆWRyFL GURJL
]EOL›DQLD GR UR]MD]GX ]ZDV]F]D SU]HMH›G›DQHJR dQD RVWU]Hr OXE ] QDSÆGHP
QLHUR]SUXZDOQ\P:VND]DQHMHVWXQLHPR›OLZLHQLHQDVWDZLHQLDSU]HELHJXGOD
LQQHJRSRMD]GXZ\NRU]\VWXM•FHJRHOHPHQW\GURJLMD]G\]DVHPDIRUHPFLHP
Q\PDQDZHW]DQDVWÆSQ\PVHPDIRUHP3U]\SDGHNWU]HFLUR]ZL•]XM•XU]•G]H
QLDDXWRPDW\]XM•FHSURZDG]HQLHSRMD]GXNRQWUROXM•FHFRQDMPQLHMZGUR›HQLH
KDPRZDQLDSU]HGVHPDIRUHPFLHPQ\PMH›HOLPLDRQZVND]\ZDÂV\JQD]D
EUDQLDM•F\MD]G\LZ\ZRXM•FHKDPRZDQLHSRPLQLÆFLXWDNLHJRVHPDIRUD]]D
FKRZDQLHPZDUXQNX]DWU]\PDQLDZGURG]HRFKURQQHMMH›HOLQDVWÆSQ\VHPDIRU
ZVND]XMHV\JQD]DEUDQLDM•F\MD]G\
&]ZDUW\SU]\SDGHNMHVWQDMPQLHMEH]SLHF]Q\SRQLHZD›]DFLHPQ\PVHPD
IRUHPVWRLWDERUE•G|RGE\ZDVLÆ]RUJDQL]RZDQ\SU]HELHJ:WDNLHMV\WXDFML
JG\GDVLÆMHV]F]H]DWU]\PDÂSRFL•JOXEZ\NRQDÂPDQHZU]DQLPZMHG]LHRQQD
RGFLQHNRSLV\ZDQ\ZZDUXQNXSRGDM•FV\JQD]DEUDQLDM•F\MD]G\QDOH›\WR
]URELÂ7\ONRZSU]\SDGNX]DVWRVRZDQLDSU]\QDMPQLHMV\JQDOL]DFMLNDELQRZHM
QLH MHVW NRQLHF]QH VWRVRZDQLH WHJR UR]ZL•]DQLD : SU]HFLZQ\P SU]\SDGNX
QDOH›\UR]ZD›\ÂXR›HQLH]ZURWQLFUR]MD]GÏZ]DFLHPQ\PVHPDIRUHPZWDNL
VSRVÏEE\VSHQLÂZDUXQHNOXEJG\MHVWWRQLHPR›OLZH]DVWRVRZDQLHUDGLR
ZHJR]DWU]\PDQLDSRMD]GÏZ
1DOH›DRE\UR]ZD›\ÂF]\V\WXDFMHQLHEH]SLHF]QHWDNLHMDNRSLVDQHZGUX
JLPLF]ZDUW\PSU]\SDGNXQLHSRZLQQ\E\ÂV\JQDOL]RZDQHG\›XUQHPXUXFKX
Z V]F]HJÏOQ\ VSRVÏE t QLH W\ONR PLJDM•F\P V\PEROHP VHPDIRUD DOH GRGDW
NRZRQSNRPXQLNDWHPSUHF\]XM•F\PURG]DM]DJUR›HQLDLV\JQDHPG|ZLÆNR
Z\P
5R]ZL•]DQLD ]ZL•]DQH ] NRQWURORZDQLHP FL•JRyFL yZLHFHQLD VLÆ yZLDWH
ZNRPRUDFKVHPDIRUÏZZ\PDJDM•QLHQDJDQQHJRXWU]\PDQLDLFKVWDQX-HVWWR
]ZL•]DQHPLQ]Z\PLDQ•›DUÏZHNJG\V•RQHSU]HSDORQH1LHPR›QDPÏZLÂ
REH]SLHF]Q\PV\VWHPLHVUNJG\QLHSU]HZLGXMHVLÆyURGNÏZQDMHJRXWU]\PD
QLH 1DZHW Z SU]\SDGNX ZSURZDG]HQLD V\JQDOL]DWRUÏZ GLRGRZ\FK UÏZQLH›
QLHPR›QDWZLHUG]L›HRFKURQDERF]QDMHVWVSHQLRQDMH›HOLyZLHFHQLHZV]\VW
NLFKyZLDWHQLHMHVWNRQWURORZDQH
: SRZ\›V]\FK UR]ZD›DQLDFK SU]\MÆWR ›H SRPLÆG]\ VHPDIRUHP FLHPQ\P
DV\JQDOL]DWRUHPSRSU]HG]DM•F\PQLHPDV\JQDOL]DWRUDSRZWDU]DM•FHJR3U]\
MÆWRUÏZQLH››HXU]•G]HQLD6+3QLHVSRZRGXM•ZGUR›HQLDKDPRZDQLDZF]D
VLH XPR›OLZLDM•F\P ]DWU]\PDQLH VLÆ SU]HG FLHPQ\P V\JQDOL]DWRUHP UH]RQD
WRU\ PRJ• E\ XPLHV]F]RQH Z ]DOH›QRyFL RG SU]\SDGNX PHWUÏZ SU]HG
VHPDIRUHPOXEQDMHJRZ\VRNRyFL>@
2*5$1,&=(1,$)81.&-21$/1(85='=(­65.:=$.5(6,(.21752/,k:,$7(
95
3UREOHPRFKURQ\ERF]QHM
3U]HELHJLMHJRHOHPHQW\
3URI 0 '•EURZD%DMRQ >@ RNUHyOD SU]HELHJ MDNR ]ELÏU XSRU]•GNRZDQ\FK
VWDQÏZZMDNLFK SRZLQQ\ ]QDMGRZD VLÆ HOHPHQW\XU]•G]HÍVWHURZDQLD UXFKHP
NROHMRZ\PNWÏUHQDVWDZLDM•]DEH]SLHF]DM•LNRQWUROXM•RNUHyORQ•GURJÆSU]HELH
JXd'URJÆSU]HELHJXVWDQRZLGURJDMD]G\X]XSHQLRQDGURJ•RFKURQQ•GURJ•]EOL›DQLD
LXU]•G]HQLDPLRFKURQQ\PL'URJDMD]G\MHVWyFLyOHZ\]QDF]RQ\PRGFLQNLHPVLHFLNROHMRZHM
Z\SRVD›RQ\PZRGSRZLHGQLV\JQDOL]DWRULQIRUPXM•F\PDV]\QLVWÆRPR›OLZRyFLGDOV]HMMD]
G\V\JQDOL]DWRUXPLHV]F]RQ\QDNRÍFXGURJLMD]G\MHVWQDMF]ÆyFLHMUÏZQLH›V\JQDOL]DWRUHP
SRF]•WNRZ\PGODQDVWÆSQHMGURJLMD]G\'URJÆRFKURQQ•VWDQRZLRGFLQHNWRUXRRNUHyORQHM
GXJRyFLQDNWÏU\PPRJ•]QDMGRZDÂVLÆWDN›H]ZURWQLFHLNWÏU\ZUD]LHQLH]DWU]\PDQLD
VLÆSRMD]GXQDGURG]HMD]G\SU]HGVHPDIRUHP]DEUDQLDM•F\PGDOV]HMMD]G\PR›HE\ÂSU]H
MHFKDQ\EH]]GHU]HQLDVLÆ]LQQ\PSRMD]GHPZREHFF]HJRPXVLE\ÂGRWHJRSU]\JRWRZDQ\
8U]•G]HQLDRFKURQQHPDM•FKURQLÂSRMD]G]QDMGXM•F\VLÆQDGURG]HMD]G\OXEQDGURG]H
RFKURQQHM SU]HG QDMHFKDQLHP JR SU]H] LQQ\ SRMD]G -DNR XU]•G]HQLD RFKURQQH PRJ• E\Â
VWRVRZDQH]ZURWQLFHZ\NROHMQLFHLV\JQDOL]DWRU\r3URI0'•EURZD%DMRQGHILQLXMH
UÏZQLH›GURJÆ]EOL›DQLDMDNRRGFLQHNWRUXRGXJRyFLGRGZÏFKRGVWÆSÏZEORNR
Z\FK]QDMGXM•F\FKVLÆSU]HGGURJ•MD]G\QDNWÏU\FKPR›H]QDMGRZDÂVLÆSRFL•J
ZWUDNFLHSU]\JRWRZ\ZDQLDSU]HELHJX
=JRGQLH]SU]HSLVDPL:7%(>@GURJDSU]HELHJXGODSRFL•JXVNDGDVLÆ
]GURJLMD]G\GURJLRFKURQQHMLRFKURQ\ERF]QHM'URJÆSU]HELHJXPDQHZURZH
JRVWDQRZLGURJDMD]G\DZX]DVDGQLRQ\FKSU]\SDGNDFKPR›QDVWRVRZDÂGURJÆ
RFKURQQ•LRFKURQÆERF]Q•
=JRGQLH]ƒGURJÆMD]G\VWDQRZLWRUOXEF]ÆyÂWRUXVWDF\MQHJRZUD]]H]ZURW
QLFDPLZW\PWRU]H SRPLÆG]\NROHMQ\PL V\JQDOL]DWRUDPLVWDF\MQ\PL'ODSU]H
ELHJÏZUHDOL]RZDQ\FKZNLHUXQNXV]ODNXZ\MD]GRZ\FKNRÍFHPGURJLMD]G\MHVW
QDWRPLDVWJUDQLFDVWDFMLGODSRFL•JXOXEZVND|QLN:GODPDQHZUX
d'URJÆRFKURQQ•VWDQRZLRNUHyORQ\RGFLQHNWRUX]DVHPDIRUHP]DEUDQLDM•F\PMD]G\QD
NWÏU\ZMHFKDE\SRMD]GNROHMRZ\ZUD]LHQLH]DWU]\PDQLDVLÆQDGURG]HMD]G\ZSU]\SDGNX
QLHSU]HZLG]LDQ\FKWUXGQRyFLSRGF]DVSUDZLGRZRUR]SRF]ÆWHJRLZ\NRQ\ZDQHJRKDPRZD
QLD:GURG]HRFKURQQHMPRJ•]QDMGRZDÂVLÆ]ZURWQLFH'XJRyÂGURJLRFKURQQHM]DOH›\RG
SUÆGNRyFLZVND]\ZDQHMSU]H]VHPDIRUVWRM•F\QDSRF]•WNXGURJLSU]HELHJXr
d2FKURQÆERF]Q•VWDQRZL•XU]•G]HQLDXQLHPR›OLZLDM•FHOXE]DEUDQLDM•FHZMD]GXWD
ERUXQDGURJÆMD]G\LGURJÆRFKURQQ•SU]HELHJXF]\OL]ZURWQLFHRFKURQQHZ\NROHMQLFHLV\
JQDOL]DWRU\r
3U]HSLV\:7%(RNUHyODM•ƒXVWSNW›Hd:QLHNWÏU\FKW\SDFKXU]•
G]HÍVUNPR›HE\ÂXU]•G]RQHXWZLHUG]DQLH]DPNQLÆWHJRSU]HELHJXSU]H]]EOL›DM•F\VLÆGR
1DOHĪ\SU]\W\PZVSRPQLHüĪHSU]HSLV\:7%(>[@]JRGQLH]RJyOQ\PL]DVDGDPLSUDZQ\PLVąSU]H
SLVDPLQLHRERZLą]XMąF\PLSRQLHZDĪSRZRáXMąVLĊQDQLHRERZLą]XMąFąMXĪXVWDZĊ3RVWDQRZLHQLDSU]HSL
VyZVąMHGQDNQDGDOVWRVRZDQLHSRGF]DVSURMHNWRZDQLDLSU]HEXGRZ\XU]ąG]HĔVUNQDZQLRVHN]DPDZLDMą
FHJR3.33ROVNLH/LQLH.ROHMRZH6$
=DSLVWHQMHVW]GDQLHPDXWRUyZPRFQRG\VNXV\MQ\
*URFKRZVNL..DURODN-
96
V\JQDOL]DWRUDWDERU8WZLHUG]DQLHSRZLQQRQDVWÆSRZDÂJG\SRFL•J]QDMGXMHVLÆFRQDMPQLHM
ZRGOHJRyFLZ\PDJDQHMZLGRF]QRyFLSU]HGV\JQDOL]DWRUHPRGSRZLDGDM•F\PWDUF]\RVWU]H
JDZF]HMr7HQSXQNWPR›QDSRUÏZQDÂ]GHILQLFM•SURI0'•EURZ\%DMRQGRW\
F]•FHMGURJL]EOL›DQLD'HILQLFMÆWÆQDOH›DRE\]PRG\ILNRZDÂ$E\WR]URELÂQDOH›\
UR]ZD›\ÂFHOVWRVRZDQLDGURJL]EOL›DQLD
'URJD]EOL›DQLDMHVWSRWU]HEQDGRXWZLHUG]HQLD]DPNQLÆWHJRZF]HyQLHMDOH
MHV]F]HQLHXWZLHUG]RQHJRSU]HELHJX=DPNQLÆFLHPR›QD]ZROQLÂUÆF]QLHLEH]
GRGDWNRZ\FK NRQVHNZHQFML ]U\ZDQLD SORPE GRGDWNRZHJR SLVDQLD Z NVL•›
NDFK ]DWHP ZSURZDG]D WR SHZQ• HODVW\F]QRy Z VWHURZDQLX UXFKHP 3R
WU]HEDXWZLHUG]HQLDQDMSÏ|QLHMJG\SRFL•J]QDMGXMHVLÆZGURG]HZ\PDJDQHM
ZLGRF]QRyFLSU]HGV\JQDOL]DWRUHPRGSRZLDGDM•F\PWDUF]\RVWU]HJDZF]HMMHVW
QDWRPLDVW SRG\NWRZDQH W\P ›HE\ ]PLDQD V\JQDX QD V\JQDOL]DWRU]H QD ]D
EUDQLDM•F\LPR›OLZHUR]ZL•]DQLH]DPNQLÆWHJRSU]HELHJXQLH]DJUR]LR]EOL›D
M•FHPXVLÆSRFL•JRZL0DV]\QLVWDPXVLVLÆEH]SLHF]QLH]DWU]\PDÂMHV]F]HSU]HG
VHPDIRUHPQDNWÏU\PQDVWDZLRQRV\JQD6WÏM7\PF]DVHP]DVHPDIRUHPSR
]ZROQLHQLX]DPNQLÆFLDPR›QDQSSU]HVWDZLDÂVZRERGQLHUR]MD]G\'HILQLFMD
SURI 0 '•EURZ\%DMRQ RGQRVL VLÆ GR RGOHJRyFL QDMZ\›HM GZÏFK NROHMQ\FK
RGVWÆSÏZEORNRZ\FK3URSRQXMHVLÆ]PLDQÆWHMRGOHJRyFLQDVXPÆRGOHJRyFL
Z\PDJDQHMZLGRF]QRyFLSU]HGV\JQDOL]DWRUHPSRSU]HG]DM•F\PXVWDZLRQ\PFR
QDMPQLHMZRGOHJRyFLRERZL•]XM•FHMGURJLKDPRZDQLDSU]HGVHPDIRUHPXVWD
ZLRQ\PQDSRF]•WNXGURJLMD]G\RUD]ZRGOHJRyFLSRPLÆG]\W\PLGZRPDV\
JQDOL]DWRUDPL3URSRQXMHVLÆUÏZQLH›VSUHF\]RZDQLHFHOXVWRVRZDQLDWDN]GH
ILQLRZDQHM GURJL ]EOL›DQLD GURJD ]EOL›DQLD MHVW NRQLHF]QD DE\ QD SRGVWDZLH
MHM ]DMÆFLD SU]H] ]EOL›DM•F\ VLÆ GR V\JQDOL]DWRUD SRFL•J XWZLHUG]L ]DPNQLÆW\
ZF]HyQLHMSU]HELHJ
=GDQLHPDXWRUÏZGHILQLFMÆGURJLMD]G\GODSU]HELHJXSRFL•JRZHJRSRGD
Q• Z SU]HSLVDFK :7%( >@ PR›QD RJUDQLF]\ GR SLHUZV]HJR ]GDQLD WM
GURJL SRPLÆG]\ NROHMQ\PL V\JQDOL]DWRUDPL GOD WHJR VDPHJR NLHUXQNX MD]G\
]ZDV]F]DGODXU]•G]HÍ]GDOQHJRVWHURZDQLDZNWÏU\FKGDQ\V]ODNZFDRyFL
]QDMGXMHVLÆZMHGQ\PRNUÆJXVWHURZDQLD]DU]•G]DQLPMHGHQGHF\GHQW'H
ILQLFMD]DPLHV]F]RQDZLQVWUXNFML:7%(RGQRVLVLÆUDF]HMGRSURMHNWRZDQLD
ZSU]\SDGNXRGUÆEQ\FKXU]•G]HÍVWDF\MQ\FKLOLQLRZ\FK
(OHPHQW\SHQL•FHIXQNFMÆRFKURQ\ERF]QHM
5R]ZD›DM•FVWRVRZDQLHMDNRXU]•G]HÍRFKURQQ\FKV\JQDOL]DWRUÏZE•G|UR]
MD]GÏZF]\Z\NROHMQLFQDOH›\VWZLHUG]L›HSHQ•IL]\F]Q•RFKURQÆERF]Q•
UHDOL]XMH]ZURWQLFD RFKURQQD D Z JRUV]\ VSRVÏEZ\NROHMQLFD-H›HOLRFKURQÆ
ERF]Q•PR›H]DSHZQLÂV\JQDOL]DWRUOXE]ZURWQLFDZ\NROHMQLFDZÏZF]DVQD
OH›\Z\ELHUDÂ]ZURWQLFÆGRSHQLHQLDWHMIXQNFML1LHVWHW\Z\VWÆSXMHQLHFKÆÂ
GRVWRVRZDQLD]ZURWQLFRFKURQQ\FKWXPDF]RQDSRGUR›HQLHPNRV]WXEXGRZ\
LXWU]\PDQLDXNDGXWRURZHJR
6\JQDOL]DWRUMHVWZVWDQLHFKURQLÂSU]HELHJW\ONRRGQDMHFKDQLDSU]H]SR
MD]GWUDNF\MQ\]PDV]\QLVW•QDWRPLDVWQLH]DSHZQLRFKURQ\ERF]QHMZSU]\
2*5$1,&=(1,$)81.&-21$/1(85='=(­65.:=$.5(6,(.21752/,k:,$7(
97
SDGNX]DJUR›HQLDSU]H]SRMD]G\PDQHZUXM•FHEH]XG]LDXSRMD]GXWUDNF\MQHJR
PDQHZU\UHDOL]RZDQHRGU]XWHPOXEZZ\QLNXVS\FKDQLD]JÏUNLUR]U]•GRZHM
OXESRUXV]DM•FHVLÆSRGZS\ZHPLQQ\FKVLZLDWUF]RZLHNVSDGHNLWG
:\NROHMQLF\QLHPR›QD]DVWRVRZDÂWDPJG]LHXNDGJHRPHWU\F]Q\WRUÏZ
SRZRGXMH›HHZHQWXDOQHZ\NROHMHQLHE\RE\UÏZQLHV]NRGOLZHMDNSRWHQFMDO
QHVWDUFLHERF]QHRUD]ZWRUDFKJÏZQ\FK6DPDZ\NROHMQLFDPR›HPLHÂNRQ
VWUXNFMÆS\W\Z\NROHMDM•FHMOXELJOLF\SRZRGXM•FHM]MHFKDQLHNRD]V]\Q\QD
]HZQ•WU]XNDGXWRURZHJR,QWHUHVXM•FHV•PR›OLZRyFL]DVWRVRZDQLD]DPLDVW
Z\NROHMQLF\S\W\VWRM•FHMSLRQRZRQDGV]\Q•L]DWU]\PXM•FHMNRRSRMD]GX
: SU]HSLVDFK :7%( >@ SU]HZLGXMH VLÆ ›H WDUF]H PDQHZURZH PRJ•
VSHQLDÂIXQNFMHRFKURQ\ERF]QHMLZ\NRU]\VWXMHVLÆMHZWHMUROLFKRFLD›V•RQH
V\JQDOL]DWRUDPLDyZLDWRQLHELHVNLHMHVWyZLDWHPQDMPQLHMZLGRF]Q\PSU]\
]DVWRVRZDQLXWUDG\F\MQ\FKXNDGÏZRSW\F]Q\FKLHOHNWU\F]Q\FKV\JQDOL]DWR
UÏZ'ODPDQHZUÏZXZD›DVLÆF]ÆVWR›HRFKURQDMHVW]EÆGQDLWDUF]DVWRVRZD
QDMHVWW\ONRMDNRyURGHNSRUR]XPLHZDQLDVLÆ]PDV]\QLVW•DQLHZUROLRFKURQ\
ERF]QHM7HQSRJO•GMHVW]GDQLHPDXWRUÏZQLHZDyFLZ\3U]HELHJLPDQHZURZH
Z\PDJDM•RFKURQ\ERF]QHMWDNMDNLSRFL•JRZHDQDZHWZZLÆNV]\PVWRSQLX
SRQLHZD›LVWQLHMHZLÆNV]H]DJUR›HQLH]HVWURQ\QLHNRQWURORZDQ\FKUXFKÏZSR
MD]GÏZWDERUX
.RQWURODQLH]DMÆWRyFLZREV]DU]HRFKURQ\ERF]QHM
=JRGQLH]RSLQL•>@ZGRFHORZ\FKUR]ZL•]DQLDFKSU]\PRGHUQL]DFMLXND
GÏZWRURZ\FKLXU]•G]HÍVUNZVND]DQHMHVWNRQWURORZDQLHZVSRVÏEX]DOH›
QLRQ\ QLH]DMÆWRyFL HOHPHQWÏZ XNDGX WRURZHJR Z REV]DU]H RFKURQ\ ERF]QHM
F]\OL]QDMGXM•F\FKVLÆSRPLÆG]\XU]•G]HQLHPRFKURQQ\PDRELHNWHPFKURQLR
Q\P=WHJRZ]JOÆGXXU]•G]HQLD]DSHZQLDM•FHRFKURQÆERF]Q•QDOH›\SURMHN
WRZDÂPR›OLZLHQDMEOL›HMFKURQLRQHJRXNUHVX
=HZ]JOÆGXQDNRQLHF]QRyÂNRQWURORZDQLDZVSRVÏEX]DOH›QLRQ\QLH]DMÆWR
yFLHOHPHQWÏZXNDGXWRURZHJRZREV]DU]HRFKURQ\ERF]QHMFHORZ\PPR›H
VLÆRND]DÂREHMPRZDQLHMHGQ•VHNFM•NRQWUROLQLH]DMÆWRyFLIUDJPHQWÏZXNDGX
WRURZHJR ]DZLHUDM•F\FK ZLHOH UR]MD]GÏZ -HGQ\P ] SUDNW\F]Q\FK UR]ZL•]DÍ
WDNLHJR]DJDGQLHQLDV•V\VWHP\GODOLQLLPDRREFL•›RQ\FK:V\VWHPDFKWD
NLFKFDDJRZLFDUR]MD]GRZDPR›HE\ÂREMÆWDMHGQ•VHNFM•NRQWUROLQLH]DMÆWR
yFL2JUDQLF]DWR]DVWRVRZDQLHSXQNWÏZOLF]•F\FKOLF]QLNDRVLDOHMHGQRF]HyQLH
Z\NOXF]D]DVWRVRZDQLHVHNF\MQHJR]ZDOQLDQLDSRV]F]HJÏOQ\FK]ZURWQLFLXQLH
PR›OLZLDLFKSU]HVWDZLHQLHGRSÏNLSRFL•JQLHRSXyFLZFDRyFLJRZLF\U\V
*URFKRZVNL..DURODN-
98
5\V6\WXDFMD]DVWRVRZDQLDMHGQHMVHNFMLNRQWUROL]DMÆWRyFLGODJRZLF\
3RFL•JQXPHUF]HNDE\PÏFZ\MHFKDÂ]HVWDFMLD›SRFL•JQXPHUZMHG]LHZFDRyFLQDWRU6HPD
IRU\./0L1V•XU]•G]HQLDPLRFKURQQ\PLGODSU]HELHJXVSRGVHPDIRUD-
nUÏGRRSUDFRZDQLHZDVQH
:SU]\SDGNX]DVWRVRZDQLDRGUÆEQ\FKRGFLQNÏZ]ZURWQLFRZ\FKNRQWUROL]DMÆWR
yFLZJRZLF\PR›OLZHMHVW]DVWRVRZDQLH]ZDOQLDQLDVHNF\MQHJRDOHSRFL•JLWDNPXVL
RSXyFLÂZV]\VWNLHRGFLQNLEÆG•FHZREV]DU]HRFKURQ\ERF]QHMQDVWÆSQHJRSU]HELHJX
DE\PR›OLZHE\RMHJRXWZLHUG]HQLH'ODSU]\NDGXSU]HGVWDZLRQHJRQDU\VJG\
E\]DVWRVRZDÂRGG]LHOQHRGFLQNLNRQWUROLQLH]DMÆWRyFLGODSRV]F]HJÏOQ\FKUR]MD]GÏZ
LWDNQDOH›DRE\]DF]HNDÂ]QDVWDZLHQLHPV\JQDX]H]ZDODM•FHJRQDVHPDIRU]H-GR
SÏNLRVWDWQLUR]MD]GQLH]RVWDQLHRSXV]F]RQ\SU]H]SRFL•JQXPHU
7DNLHUR]ZL•]DQLHSRZRGXMH›HZ\GX›DVLÆF]DVSRPLÆG]\SU]\MÆFLHPSRFL•
JXQXPHUDZ\SUDZLHQLHPSRFL•JXQXPHU]HVWDFML6XJHURZDQHNRSRW\]H
VSUDZQRyFL•UXFKXQLHV•MHGQDNNU\W\F]QH3U]\]DVWRVRZDQLXVHNFMLEÆG•F\FK
RGUÆEQ\PLRGFLQNDPLNRQWUROLQLH]DMÆWRyFLSRV]F]HJÏOQ\FKUR]MD]GÏZSR]ZRO
QLHQLXGDQHMVHNFMLPR›QDSU]HVWDZLÂ]ZURWQLFHGRSRR›HQLDZDyFLZHJRGODQD
VWÆSQHJRSU]HELHJX3RQLHZD›WUZDWRRNUHyORQ\F]DVZQDMQRZV]\FKSROVNLFK
V\VWHPDFKSRQDGVHNXQGQDND›G•]ZURWQLFÆWRZW\PF]DVLHSU]HMH›G›DM•F\
SU]H]JRZLFÆSRMD]G]ZROQL]QDF]Q•F]ÆyÂGURJLNRQWURORZDQHMZRFKURQLH'OD
SU]\NDGXSU]\MHGQHMSU]HVWDZLDQHM]ZURWQLF\LMH|G]LH]SUÆGNRyFL•NPK
MHVWWRZSU]\EOL›HQLXP3RGF]DVSU]HVWDZLDQLD]ZURWQLFUR]MD]GÏZVSU]ƛR
Q\FKtSRQDGP
3U]\UR]EXGRZDQ\FKJRZLFDFK]ZURWQLFRZ\FKPRJRE\VLÆMHGQDN]GDU]\›H
GURJDGODNROHMQHJRSU]HELHJX]RVWDDMX›XR›RQDDOHQLHPR›QDSRGDÂV\JQDX
]H]ZDODM•FHJRMH›HOLZSU]HELHJXNRQWURORZDQDMHVWQLH]DMÆWRyÂHOHPHQWÏZXND
GX WRURZHJR Z REV]DU]H RFKURQ\ ERF]QHM 7UDNWRZDQLH MHGQDN WHM NZHVWLL MDNR
XVSUDZLHGOLZLHQLDQDQLHNRQWURORZDQLH]DMÆWRyFLREV]DUXRFKURQ\ERF]QHMMHVWQLH
ZDyFLZH:LÆNV]RyÂSURMHNWDQWÏZXU]•G]HÍVUNQLHVWHW\SRPLMDZRJÏOHSUREOHP
WDNLHMNRQWUROL
3RSUDZQHE\RE\WDN›HNRQWURORZDQLHNLHUXQNXMD]G\SRMD]GXRSXV]F]DM•FHJR
JRZLFÆLGRSXV]F]HQLHZDUXQNRZHJRNRQWURORZDQLDQLH]DMÆWRyFL'ODF]ÆyFLRZR
]DMÆWHMGURJLMD]G\ZPHWU]HURV\MVNLPVWRVXMHVLÆUR]ZL•]DQLDWHFKQLF]QHNWÏUH
2*5$1,&=(1,$)81.&-21$/1(85='=(­65.:=$.5(6,(.21752/,k:,$7(
99
SR]ZDODM•WUDNWRZDÂRGFLQHNWRUXMDNRQLH]DMÆW\MH›HOLSRMD]GRSXV]F]DRGFLQHN
]RNUHyORQ•PLQLPDOQ•SUÆGNRyFL•
,VWRWQHMHVWSU]\MÆFLHRJÏOQHM]DVDG\VWZLHUG]DM•FHMF]\PDE\ÂNRQWURORZDQD
QLH]DMÆWRyÂZREV]DU]HRFKURQ\F]\WH›QLH:\GDMHVLƛHZSUDNW\FHPDUÏZQLH›
]QDF]HQLHSUDZGRSRGRELHÍVWZRSRMDZLHQLDVLÆSRMD]GXZWHMVWUHILH-H›HOLQDSR
VWHUXQNXUXFKXMH›G›•Z\•F]QLHSRFL•JLOXEHZPDQHZU\V•XWZLHUG]DQHPR›QD
E\RE\DWZLHMUH]\JQRZDÂ]WHMNRQWUROLQLH]DMÆWRyFL$OHMH›HOLQDVWDFMLSURZDG]L
VLÆSUDFÆPDQHZURZ•DGRWHJRMHV]F]HV•SXQNW\DGXQNRZHLWSLVWQLHM•SRZD›
QH]DVWU]H›HQLDGRGRSXV]F]DOQRyFLEUDNXWDNLHMNRQWUROL
'\QDPLF]QDRFKURQDERF]QD
8U]•G]HQLHP RFKURQQ\P PR›H E\ ]ZURWQLFD Z\NROHMQLFD OXE V\JQDOL]DWRU
PDM•F\QDFHOX]DEH]SLHF]HQLHGUÏJMD]G\LRFKURQQHMHZ]EOL›HQLDSU]HGZMH
FKDQLHPQDQLHSRMD]GXLQQHJRQL›SODQRZDQ\ZSU]HZLG]LDQ\PSU]HELHJX>@
2FKURQDERF]QDMHVWSU]\W\PWUDNWRZDQDVWDW\F]QLHtZQDVWDZQLFDFKNRQWUROR
ZDQ\MHVWVWDQXU]•G]HQLDRFKURQQHJRQLH]DOH›QLHRGWHJRF]\QDWRU]HSU]\OXE
QDNWÏU\PMHVWRQR]DLQVWDORZDQHMHVWLQQ\SRMD]GE•G|PR›H]QDOH|ÂVLÆZWUDNFLH
UHDOL]RZDQLDSU]HELHJX
.RQWURORZDQLH VWDQX XU]•G]HQLD RFKURQQHJR PR›QD RJUDQLF]\ GR SU]\SDG
NÏZ Z NWÏU\FK QD WRU]H ] NWÏUHJR PR›H RGE\ VLÆ QLHGRSXV]F]DOQ\ ZMD]G QD
NWÏU•y]GUÏJUHDOL]RZDQHJRSU]HELHJX]QDMGXMHVLÆSRMD]GE•G|]QDOH|ÂVLÆPR›H
ZSU]\SDGNXJG\QDWHQWRU]RVWDQLHXVWDZLRQ\LQQ\SU]HELHJ:ÏZF]DVPR›QD
E\RE\PÏZLÂRG\QDPLF]QHMRFKURQLHERF]QHMSU]HELHJX>@%\RE\WRNRU]\VW
QH]HZ]JOÆGXQDGRSXV]F]HQLHPRJ•F\FKZÏZF]DVZ\VWÆSRZDÂXVWHUHNyZLDWH
]DEUDQLDM•F\FK QD V\JQDOL]DWRUDFK SU]\ W\FK WRUDFK 2FKURQD GDZDQD SU]H] V\
JQDOL]DWRUE\DE\NRQWURORZDQDMHG\QLHZÏZF]DVJG\QDWRU]HGRNWÏUHJRWHQV\
JQDOL]DWRUVLÆRGQRVLVWDE\MDNLySRMD]GE•G|]RVWDDQDWHQWRUXVWDZLRQDGURJD
LQQHJRSU]HELHJX
8Z]JOÆGQLDM•FZV]\VWNLHSRZ\›V]HXZDJLUR]SDWU]RQ\]RVWDQLHSU]\NDGGRW\
F]•F\VWDFML6RVQDU\V]DLPSOHPHQWRZDQHMZQDVWDZQLF\:78=]QDMGXM•
FHMVLÆZ/DERUDWRULXPNLHURZDQLDLVWHURZDQLDUXFKHPNROHMRZ\PQD:\G]LDOH
7UDQVSRUWX3ROLWHFKQLNL:DUV]DZVNLHM>@
5\V)UDJPHQWREUD]XZ\yZLHWODQHJRSU]H]SXOSLWQDVWDZF]\VWDFML6RVQD
PRQRFKURPDW\F]Q\QHJDW\Z>@
*URFKRZVNL..DURODN-
100
3U]\NDGRZRSU]\MH|G]LH]WRUXVWDF\MQHJRQDWRUV]ODNRZ\'V\JQD]H
]ZDODM•F\QDVHPDIRU]H0SRZLQLHQE\ÂZ\JDV]DQ\ZFKZLOLJG\QDVW•SLDMHGQD
]V\WXDFMLUXFKRZ\FK
E\E•G|]RVWD]DMÆW\RGFLQHN,WDQDVWÆSQLH]RVWD]DMÆW\RGFLQHN,]
QDVW•SLDXVWHUNDREX›DUÏZHNyZLDWD]DEUDQLDM•FHJRZVHPDIRU]H1SU]\
]DMÆW\PRGFLQNX,WOXESU]\XVWDZLRQ\PSU]HELHJX]HVW%XNQDWRU
DOERVSRGWDUF]\7PQDWRU
QDVW•SLDXVWHUNDREX›DUÏZHNyZLDWD]DEUDQLDM•FHJRZVHPDIRU]H/SU]\
]DMÆW\PRGFLQNX,WOXESU]\XVWDZLRQ\PSU]HELHJX]HVW%XNQDWRU
DOERVSRGWDUF]\7PQDWRU
QDVW•SLDXVWHUNDREX›DUÏZHNyZLDWD]DEUDQLDM•FHJRZWDUF]\PDQHZURZHM
7P SU]\ ]DMÆW\P RGFLQNX ,W5 WDUF]D SU]HVWDD E\ HOHPHQWHP VWDQR
ZL•F\PRFKURQÆERF]Q•UHDOL]RZDQHJRSU]HELHJXSRFL•JRZHJRDQDWRU]H
SU]HGWDUF]•VWRLPDQHZUXM•F\WDERUNWÏU\SRWHQFMDOQLHPR›HSU]HMHFKDÂ]D
WDUF]ÆZVWURQÆUR]MD]GX
E\E•G|]RVWD]DMÆW\RGFLQHN,W'DQDVWÆSQLH]RVWD]DMÆW\RGFLQHN,W5
SRMD]GQDWRU]H'PLQ•VHPDIRU5
: ]DVDG]LH GR SUDZLH ND›GHJR SU]HELHJX ]GHILQLRZDQHJR GOD UR]SDWU\ZDQHM
VWDFML6RVQDPR›QDRNUHyOLÂWDNLHVHNZHQFMHL]DSURJUDPRZDÂNRPSXWHUWDNDE\
SRLFKZ\NU\FLXZ\JDV]DV\JQD\]H]ZDODM•FHQDRGSRZLHGQLFKVHPDIRUDFK>@
3RGVXPRZDQLH
5R]ZL•]DQLD ]ZL•]DQH ] NRQWURORZDQLHP FL•JRyFL yZLHFHQLD VLÆ yZLDWH ZH
ZV]\VWNLFKNRPRUDFKVHPDIRUÏZZ\PDJDM•QLHQDJDQQHJRXWU]\PDQLDLFKVWDQX
.RQWUROD QLH]DMÆWRyFL Z REV]DU]H RFKURQ\ ERF]QHM SU]HV]NDG]D Z VSUDZQ\P
SURZDG]HQLXUXFKX-HVWWRMHGQDN›HSUREOHPRJÏOQ\ZV]\VWNLH]DELHJLSRGQR
V]•FHSR]LRPEH]SLHF]HÍVWZD]UHJX\REQL›DM•VSUDZQRyÂUXFKX6W•GWDN›HZ\
VWÆSXM•FDF]ÆVWRQLHFKÆÂGRVWRVRZDQLDUR]ZL•]DÍEH]SLHF]QLHMV]\FKMH›HOLSUDZ
GRSRGRELHÍVWZR]DJUR›HQLDUXFKXMHVW]GDQLHPGHF\GHQWÏZQLHZLHONLH:SUDN
W\FHMHVWWRPLQSRZRGHPQLHVWRVRZDQLDNRQWUROLQLH]DMÆWRyFLZREV]DU]HRFKURQ\
ERF]QHMFKRFLD›PR›QDGRSDWU]\ÂVLÆIRUPDOQHJRZ\PDJDQLDWDNLHMNRQWUROL
%XGRZD L VWRVRZDQLH XU]•G]HÍ RFKURQQ\FK Z\PDJD GRGDWNRZ\FK NRV]WÏZ
]ZL•]DQ\FK]LFK]DEXGRZ•LXWU]\PDQLHP1LHPR›QDMHGQDNPÏZLÂREH]SLHF]
Q\PV\VWHPLHVUNF]\V\VWHPLHSURZDG]HQLDUXFKXJG\QLHSU]HZLGXMHVLÆyURG
NÏZQDMHJRXWU]\PDQLH
%LEOLRJUDILD
>@$OEXPVFKHPDWÏZVDPRF]\QQHMEORNDG\OLQLRZHMW\SX(DF.ROHMRZH=D
NDG\$XWRPDW\NL6$.UDNÏZPDU]HFU
2*5$1,&=(1,$)81.&-21$/1(85='=(­65.:=$.5(6,(.21752/,k:,$7(
101
>@:73:'75:78='RNXPHQWDFMD7HFKQLF]QR5XFKRZD
HOHNWURQLF]Q\FK XU]•G]HÍ QDVWDZF]\FK ] NRPSXWHURZ\PL XU]•G]HQLD
PL ]DOH›QRyFLRZ\PL W\SX :7 8= 3ROLWHFKQLND :DUV]DZVND :\G]LD
7UDQVSRUWX=DNDG6WHURZDQLD5XFKHP.ROHMRZ\P:DUV]DZD
>@:\W\F]QHWHFKQLF]QHEXGRZ\XU]•G]HÍVWHURZDQLDUXFKHPNROHMRZ\PZ
SU]HGVLÆELRUVWZLH3ROVNLH.ROHMH3DÍVWZRZH:7%(3ROVNLH.ROHMH
3DÍVWZRZH'\UHNFMD*HQHUDOQD:DUV]DZDU]SÏ|Q]P
>@2SLQLD R Z\PDJDQLDFK L ]DVDGDFK NRQWUROL QLH]DMÆWRyFL RGFLQNÏZ WRUR
Z\FKZREV]DU]HRFKURQ\ERF]QHM2SUDFRZDQLHQU3::73R
OLWHFKQLND:DUV]DZVND:\G]LD7UDQVSRUWX=DNDG6WHURZDQLD5XFKHP
.ROHMRZ\P:DUV]DZDPDM
>@ .DURODN - 2 NLONX IXQNFMDFK NRPSXWHUD ]DOH›QRyFLRZHJR 0DWHULD\
6HPLQDULXP $XWRPDW\NL L 7HOHNRPXQLNDFML d$XWRPDW\]DFMD VWHURZDQLD
UXFKHPtQRZDWHFKQLNDQRZRF]HVQHWHFKQRORJLH,,HG\FMDr.LHOFH
F]HUZFDU
>@,H,QVWUXNFMDV\JQDOL]DFML3.33ROVNLH/LQLH.ROHMRZH6$:DUV]DZD
>@.DURODN-.RFKDQ$/DERUDWRULXPNLHURZDQLDLVWHURZDQLDUXFKHPNR
OHMRZ\P7HFKQLND7UDQVSRUWX6]\QRZHJR
>@5R]SRU]•G]HQLH0LQLVWUD,QIUDVWUXNWXU\]GQLDOLSFDUZVSUDZLH
RJÏOQ\FKZDUXQNÏZSURZDG]HQLDUXFKXNROHMRZHJRLV\JQDOL]DFML']8
1USR]]SÏ|Q]P
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
0(72'<.$2&(1<5<=<.$1$(7$3,(
%8'2:<,(.63/2$7$&-,
.2/(-2:<&+1$:,(5=&+1,%(=32'6<3.2:<&+
6DZRPLU*UXONRZVNL
-HU]\=DULF]Q\
GU LQ› $GLXQNW 3ROLWHFKQLND *GDÍVND :\G]LD ,Q›\
QLHULL/•GRZHMLkURGRZLVND.DWHGUD7UDQVSRUWX6]\QR
ZHJR XO 1DUXWRZLF]D t *GDÍVN WHO
HtPDLOVODZL#SJJGDSO
PJULQ›$V\VWHQW3ROLWHFKQLND*GDÍVND:\G]LD,Q
›\QLHULL/•GRZHMLkURGRZLVND.DWHGUD7UDQVSRUWX6]\
QRZHJRXO1DUXWRZLF]Dt*GDÍVNWHO
HtPDLOMHU]DULF#SJJGDSO
6WUHV]F]HQLH:DUW\NXOHSU]HGVWDZLRQRSURSR]\FMÆZ\NRU]\VWDQLDPHWRG\)0($GRRFHQ\
U\]\NDZNROHMRZ\FKQDZLHU]FKQLDFKEH]SRGV\SNRZ\FK
6RZDNOXF]RZH)0($DQDOL]DU\]\NDQDZLHU]FKQLDEH]SRGV\SNRZD
:VWÆS
.ROHMRZH QDZLHU]FKQLH EH]SRGV\SNRZH NWÏU\FK JÏZQ\P HOHPHQWHP MHVW
EHWRQRZDS\WDMH]GQDV•EXGRZODPLNWÏUHZ\UϛQLDM•VLÆSU]HGHZV]\VWNLPZ\
NRU]\VWDQLHPQLHVWDQGDUGRZ\FKWHFKQRORJLLLQ›\QLHU\MQ\FKDWDN›HVWRVRZDQLHP
EDUG]RU\JRU\VW\F]Q\FKNU\WHULÏZZ\PLDURZ\FKLMDNRyFLRZ\FKZF]DVLHLFKZ\
WZDU]DQLD :\VRNLH Z\PDJDQLD NRQVWUXNF\MQH Z SR•F]HQLX ]H ]QDF]Q\PL Z\
PLDUDPLREFL•›HQLDPL]QDF]Q•OLF]E•HOHPHQWÏZWZRU]•F\FKWHNRQVWUXNFMHRUD]
VSHF\ILN• PLHMVFD Z\WZDU]DQLD SURZDG]• GR W]Z ]QDF]QHJR SRWHQFMDX EÆGX
$E\VSURVWDÂW\PZ\VRNLPZ\PDJDQLRPWU]HEDUHDOL]RZDÂFHOHLVSHQLDÂZV]HONLH
Z\PRJLWHFKQLF]QHMX›QDSR]LRPLHXSU]HP\VRZLRQ\FKSURFHVÏZZ\WZÏUF]\FK
SRV]F]HJÏOQ\FKHOHPHQWÏZV\VWHPX'RRFHQ\EÆGÏZLU\]\NDZW\PSU]\SDGNX
PR›QDZLÆFZ\NRU]\VW\ZDÂOLF]QHDQDORJLH]SRVWÆSRZDQLHPMDNLHSUDNW\NXMHVLÆ
ZSU]HP\yOHSURGXNF\MQ\P
2PDZLDQDSRQL›HMPHWRGD)0($)DLOXUH0RGHDQG(IIHFWV$QDO\VLVSR]ZDOD
QDGREU]H]RUJDQL]RZDQHSRGHMyFLHGRDQDOL]\LRELHNW\ZQ•RFHQÆEÆGÏZLSRWHQ
FMDOQ\FK]DJUR›HÍ0HWRGDWDPDQDFHOX]DSRELHJDQLHVNXWNRPZDGNWÏUHPRJ•
Z\VW•SLÂZID]LHSURMHNWRZDQLDRUD]ZID]LHZ\WZDU]DQLD>@
0HWRGD RFHQ\ MDNRyFL SURGXNWX )0($ E\D VWRVRZDQD QD V]HURN• VNDOÆ MX›
ZF]DVLHEXGRZ\QDZLHU]FKQLEH]SRGV\SNRZ\FKZHGXJUϛQ\FKWHFKQRORJLLQD
OLQLDFKNROHMRZ\FKZ1LHPF]HFKSRGNRQLHFGZXG]LHVWHJRZLHNX
:NáDG$XWRUyZZSXEOLNDFMĊ6áDZRPLU*UXONRZVNL±-HU]\=DULF]Q\±
*UXONRZVNL6=DULF]Q\-
104
:LQWHUHVLHILUPEXGRZODQ\FKSRZLQQRE\Â]DVWRVRZDQLHLUR]ZÏMNRPSOHN
VRZ\FKPHWRGRFHQ\Z\NRQDQHMLQZHVW\FMLREHMPXM•F\FKFD\SURFHVSURGXNFML
HWDS LQZHQWDU\]DFML L SRPLDUÏZ HWDS SURMHNWRZDQLD RUD] VDPHM EXGRZ\ *ÏZ
Q\PNU\WHULXPSU]HPDZLDM•F\P]DPHWRG•)0($MHVWV\VWHPDW\NDRFHQ\RUD]
PR›OLZRyÂSRUÏZQ\ZDQLDMDNRyFLZ\NRQDQLDSRV]F]HJÏOQ\FKHOHPHQWÏZLHWDSÏZ
UHDOL]DFMLLQZHVW\FML
0HWRGD)0($
=DR›HQLDPHWRG\
,VWRW•PHWRG\DQDOL]\SU]\F]\QLVNXWNÏZSRZVWDM•F\FKZDGZNRQVWUXNFMLMHVW
SRVWÆSRZDQLHZHGXJyFLyOHRNUHyORQ\FKUHJXNWÏU\FKNROHMQRyÂMHVWQDVWÆSXM•FD
F]\QQRyFLZVWÆSQHSRZRDQLHF]RQNÏZ]HVSRXZ\EÏUL]GHILQLRZDQLH
RELHNWXEDGDÍ
GHNRPSR]\FMDZ\UREXSURFHVX
DQDOL]DSRWHQFMDOQ\FKEÆGÏZ
DQDOL]DVNXWNÏZEÆGÏZ
DQDOL]DSU]\F]\QEÆGÏZ
Z\]QDF]HQLHZVND|QLNÏZ
5tU\]\NRZ\VW•SLHQLDEÆGX
=t]QDF]HQLHEÆGX
:tPR›OLZRyÂZ\NU\FLDEÆGX
Z\]QDF]HQLHOLF]E\SLRU\WHWRZHMU\]\ND RPN Z u R u W XVWDOHQLHUDQNLQJXEÆGÏZ
Z\VHOHNFMRQRZDQLHEÆGÏZNU\W\F]Q\FK
]DSODQRZDQLHLSRGMÆFLHG]LDDÍ]DSRELHJDZF]\FK
QDG]RURZDQLHVNXWHF]QRyFLZSURZDG]RQ\FKG]LDDÍSUHZHQF\MQ\FK
:WDEHOLSU]HGVWDZLRQRSU]\NDG\DQDOL]RZDQ\FKEÆGÏZZF]DVLHEXGRZ\
LHNVSORDWDFMLQDZLHU]FKQLEH]SRGV\SNRZHM
7DEHODnUÏGDSRWHQFMDOQ\FKEÆGÏZL]ZL•]DQHJR]QLPLU\]\ND>@
Proces/konstrukcja
3RGVWDZRZHSRPLDU\JHRGH]\MQH
'RNáDGQRĞüQLHGRNáDGQRĞü
Z\PLDUyZSá\W\OXENRU\WD
3UDZGRSRGREQHSUREOHP\L]DJURĪHQLD
=PLDQ\XV\WXRZDQLDSXQNWyZQDPLDURZ\FKWRUX
8WUDWDOXE]QLV]F]HQLHSXQNWyZQDPLDURZ\FKWRUX
%áąGXU]ąG]HQLD
%áĊG\V\VWHPRZHLREOLF]HQLRZH
%áĊG\ZLQVWDODFMLXU]ąG]HQLDSRPLDURZHJR
%áąGVLHFL
.RU\WR]E\WZ\VRNLH
.RU\WR]E\WJáĊERNLH
1LHSUDZLGáRZHSRFK\OHQLHSU]HNURMXSRSU]HF]QHJR
1LHSUDZLGáRZ\SU]HNUyMZ]GáXĪQ\NRU\WD
:\SLĊWU]RQHJyUQHNUDZĊG]LHNRU\WD
=DQLHF]\V]F]HQLHSRZLHU]FKQL
0(72'<.$2&(1<5<=<.$1$(7$3,(%8'2:<,(.63/2$7$&-,.2/(-2:<&+
8V\WXRZDQLHSRGNáDGyZ
6]\Q\
=EURMHQLHEHWRQX
:EXGRZDQLHEHWRQX
Z\SHáQLDMąFHJR
105
6]HURNRĞüWRUX
2GOHJáRĞüPLĊG]\SRGNáDGDPL
8NRVRZDQLHSRGNáDGyZ
3RFK\OHQLHV]\QQDSRGNáDGDFK
8V]NRG]HQLDSRZLHU]FKQLSRGNáDGyZ
:\PLDU\V]\Q±WROHUDQFMHSURGXNF\MQHJáyZQLHSUR¿OV]\Q\
3URVWROLQLRZRĞüV]\Q
8V]NRG]HQLDV]\Q
=DQLHF]\V]F]HQLHVWRSNLV]\Q\
=DQLHF]\V]F]HQLHJáyZNLV]\Q\
%HWRQRZDRWXOLQD]EURMHQLD
2GOHJáRĞFLRGNRU\WDRGSRGNáDGyZRGEHWRQRZHMZDUVWZ\QRĞQHM
,VWQLHMąFHXE\WNLLXV]NRG]HQLDEHWRQX
3RáąF]HQLH]JUXQWHP
6NáDGEHWRQX
:Sá\ZSRGNáDGyZQDPRQROLW\F]QRĞüNRQVWUXNFML
:Sá\ZOXNSRZLHWU]Q\FKSRGSRGNáDGDPL
=DJĊV]F]DQLHEHWRQXSRZ\ODQLX
2EUyENDZ\UyZQDQLHSRZLHU]FKQL
'HV]F]
6FKQLĊFLHEHWRQX
1LVNDWHPSHUDWXUD
3URFHV\V•VNRQVWUXRZDQHL]EDGDQHSRGN•WHPEÆGÏZLSRWHQFMDOQ\FK]DJUR
›HÍ.D›G\SRV]F]HJÏOQ\E•GZDGDOXESRWHQFMDOQHU\]\NRV•RFHQLDQHRVREQR
ZHGXJWU]HFKNDWHJRULLSU]\F]\PND›GHMNDWHJRULLSU]\SLVDQRZDUWRyFLRGGR
.DWHJRULHV•QDVWÆSXM•FH
:\VWÆSRZDQLH5
=QDF]HQLH=
:\NU\ZDOQRyÂ:>@
:\VWÆSRZDQLH
3UDZGRSRGRELHÍVWZR Z\VW•SLHQLD EÆGX OXE U\]\ND ZHGXJ RFHQ V]DFXQNR
Z\FKVHNFML5MHVWNODV\ILNRZDQHQDSRGVWDZLHRSLVÏZZWDEHOL=DZV]HWU]HED
MHGQDNZ]L•ÂSRGXZDJÆQDVWÆSXM•FHDVSHNW\
Z\VW•SLHQLHEÆGXRGQRVLVLÆGRSU]\F]\Q\EÆGX
Z\VRNLHZDUWRyFLRFHQZVND]XM•QLHSHZQHHOHPHQW\IXQNFMRQDOQHZ\UREX
SURFHVXOXEEUDNNRQWUROLQDGHWDSDPLUHDOL]RZDQHJRSURMHNWX
F]ÆVWRyÂZ\VWÆSRZDQLDEÆGÏZPR›QDSRSUDZLÂMHG\QLHSU]H]]PLDQ\NRQ
VWUXNF\MQHRUD]ZSURFHVDFKSURGXNF\MQ\FK
Z SU]\SDGNX QDZLHU]FKQL EH]SRGV\SNRZ\FK WU]HED XZ]JOÆGQL UÏZQLH›
UϛQH]DNÏFHQLDZF]DVLHSURFHVXWHFKQRORJLF]QHJREXGRZ\MDNWH›RGQLH
NRU]\VWQ\FKZDUXQNÏZDWPRVIHU\F]Q\FK
7DNLHSRGHMyFLHVWDQRZLUR]V]HU]HQLHVWDQGDUGRZHMPHWRG\)0($VWRVRZDQHM
ZW\SRZ\PSU]HP\yOH
*UXONRZVNL6=DULF]Q\-
106
7DEHOD.ODV\ILNDFMDSUDZGRSRGRELHÍVWZDSRMDZLHQLDVLÆXV]NRG]HQLD5
Ocena R
1
±
±
±
±
:\MDĞQLHQLH
3UDZGRSRGRELHĔVWZRXV]NRG]HQLDĪDGQH
3U]\F]\QDEáĊGXEáąGQLHZ\VWĊSXMH3UDZLGáRZDEXGRZDLVWUXNWXUDHOHPHQWXRUD]SURFHVX
Z\NRQDZF]HJRXG]LDáEáĊGX§
3UDZGRSRGRELHĔVWZRDZDULLEDUG]RPDáH
7HFKQRORJLDOXENRQVWUXNFMDVąVSUDZG]RQHLZ\SUyERZDQH
7HFKQRORJLDOXENRQVWUXNFMDVąVWDW\VW\F]QLHNRQWURORZDQH
SUDZGRSRGRELHĔVWZRZ\VWąSLHQLDXV]NRG]HQLD
3UDZGRSRGRELHĔVWZRDZDULLMHVWQLVNLH
3URFHVNRQVWUXNFMD]QLHZLHONLPLZDGDPLZDG\
SUDZGRSRGRELHĔVWZRZ\VWąSLHQLDXV]NRG]HQLD
3UDZGRSRGRELHĔVWZRDZDULLMHVWXPLDUNRZDQH
3URMHNWRZDQLHLEXGRZDVWDQRZLąGXĪRSUREOHPyZ
6WRVRZDQLHUR]ZLą]DĔSRUyZQ\ZDOQ\FKGRSURZDG]LáRGRSRZWDU]DMąF\FKVLĊEáĊGyZ
7ROHUDQFMDSUDZLGáRZHJRIXQNFMRQRZDQLDHOHPHQWXMHVWQLHZLHONDGR“MHGQRVWNLEáĊGX
SUDZGRSRGRELHĔVWZRZ\VWąSLHQLDXV]NRG]HQLD
3UDZGRSRGRELHĔVWZRXV]NRG]HQLDMHVWGXĪH
3URFHVOXEVWUXNWXUDEDUG]RQLHSHZQH
3RUyZQ\ZDOQHUR]ZLą]DQLDQLHGRVWĊSQHOXEEH]PRĪOLZRĞFLXZ]JOĊGQLHQLDLFK
%áĊG\Z\VWĊSXMąZGXĪHMVNDOL
SUDZGRSRGRELHĔVWZRDZDULL
=QDF]HQLH
3RMÆFLH]QDF]HQLD]RULHQWRZDQHMHVWQDRSLVLRFHQÆVNXWNÏZSRZVWDHJREÆGX
:WDEHOLXPLHV]F]RQRSURSR]\FMÆRSLVXLNODV\ILNDFMLW]ZRFHQ\=
2FHQD=RSLVXMHZMDNLPVWRSQLXW]ZdNOLHQWrNOLHQWNRÍFRZ\OXEZHZQÆWU]
Q\ RUJDQ NRQWUROQ\ SU]\ SURFHVDFK ]R›RQ\FK t DÍFXFKRZ\FK WUDNWXMH NRQVH
NZHQFMHEÆGX7U]HEDSU]\W\PSDPLÆWD›HWRMHVWVXELHNW\ZQDRFHQDNOLHQWD
=QDF]HQLHEÆGXRSDUWHMHVWQDRNUHyOHQLXNRQVHNZHQFMLEÆGXLPR›H]RVWDÂ]PLH
QLRQHZ\•F]QLHSU]H]LQJHUHQFMÆZNRQVWUXNFMÆHOHPHQWXOXE]PLDQ\ZSURFHVLH
SURGXNF\MQ\P
: SU]\SDGNX QDZLHU]FKQL EH]SRGV\SNRZ\FK S\WRZ\FK RFHQD = SRZLQQD
NDyÂV]F]HJÏOQ\QDFLVN]ZDV]F]DQDVNXWNLEÆGÏZOXERGFK\OHÍZ\PLDURZ\FK
ZSU]HNURMDFKS\WMH]GQ\FKLZS\ZDM•FHQDQLHSUREOHP\RUJDQL]DF\MQRWHFKQR
ORJLF]QHQSNRV]WRFKRQQRyÂRSÏ|QLHQLDLQQHXWUXGQLHQLD>@
7DEHOD.ODV\ILNDFMDZDUWRyFLRFHQ\]QDF]HQLDEÆGX=
Ocena Z
1
±
±
:\MDĞQLHQLH
%UDNZSá\ZXEáĊGXOXEXV]NRG]HQLDQDIXQNFMRQRZDQLHHOHPHQWXFRQDMZ\ĪHMZSá\ZOHGZR
GRVWU]HJDOQ\
%áąGQLHPDZSá\ZXQDELHĪąFH]DFKRZDQLHNRQVWUXNFMLOXESURFHVXRUD]QDGDOV]ąHNVSORDWDFMĊ
FDáRĞFLOXEF]ĊĞFLHOHPHQWX
1LHZLHONLZSá\Z]LGHQW\¿NRZDQHJREáĊGX
(IHNWEáĊGXMHVWQLH]QDF]Q\1LHLVWRWQDRGF]XZDOQRĞüZHNVSORDWDFML0RĪQD]DREVHUZRZDü
QLHZLHONLH]DNáyFHQLDIXQNFMRQRZDQLDV\VWHPX
8FLąĪOLZ\ZSá\ZEáĊGXQDV\VWHP
:\]ZDODVLĊQLH]DGRZROHQLH]DU]ąGF\OXENOLHQWD(NVSORDWDWRU]\F]XMąVLĊ]DJURĪHQL
LQLHSHZQL=DXZDĪDOQHVą]DNáyFHQLDIXQNFMRQRZDQLDV\VWHPXLDZDU\MQRĞü:SU]\V]áRĞFL
NRQLHF]QHVąSRSUDZNLOXERJUDQLF]HQLDHNVSORDWDFML
0(72'<.$2&(1<5<=<.$1$(7$3,(%8'2:<,(.63/2$7$&-,.2/(-2:<&+
±
±
107
3RZDĪQ\ZSá\ZEáĊGXQDV\VWHP
3RZVWDMąGXĪHSUREOHP\]IXQNFMRQRZDQLHPHOHPHQWXOXEV\VWHPXDNDĪG\QDVWĊSQ\HWDSMHVW
ÄREFLąĪRQ\´SRZVWDá\PZF]HĞQLHMEáĊGHP:\PDJDQHMHVWSRSUDZLHQLHHOHPHQWXOXEZ\PLDQD
%DUG]RGXĪ\LSRZDĪQ\ZSá\ZEáĊGXQDVNXWHF]QRĞüG]LDáDQLDV\VWHPXOXEHOHPHQWX
3URZDG]LGRXV]NRG]HQLDSURGXNWXOXEPRĪHPLHüZSá\ZQDEH]SLHF]HĔVWZRLOXE
]JRGQRĞüIXQNFMRQRZDQLD]SU]HSLVDPL
:\NU\ZDOQRyÂ
0R›OLZRy Z\NU\FLD LGHQW\ILNDFML L LQWHUSUHWDFML EÆGX ]RVWDD RSLVDQD SU]\
SRPRF\RFHQ\:WDEHOD1DOH›\Z\MyÂ]]DR›HQLD›H]DZV]HZ\VW•SLDSU]\
F]\QDEÆGXLSXQNW\RFHQ\SU]\]QDMHVLÆ]DSUDZGRSRGRELHÍVWZRLFKZ\NU\FLD
]DVNXWHF]QRyÂQDU]ÆG]LSRPLDURZ\FKOXEWH›UÏZQRU]ÆGQ\FKSU]HGVLÆZ]LÆÂGLD
JQRVW\F]Q\FK 2FHQD : RSLVXMH Z MDNLP VWRSQLX SU]\F]\QD EÆGX PR›H ]RVWDÂ
]LGHQW\ILNRZDQD SU]HG SU]HND]DQLHP HOHPHQWX GR QDVWÆSQHJR HWDSX SURGXN
F\MQHJRZ]JOÆGQLHGRNOLHQWDOXESU]HGGDOV]\PX›\ZDQLHPHOHPHQWXDSU]H]
WRRJUDQLF]\ÂPR›OLZRyÂDZDULLFDHJRV\VWHPX%ÆG\SURMHNWRZHNWÏUH]RVWD\
Z\NU\WHSU]H]ZHZQÆWU]QHMHGQRVWNLNRQWUROQHSU]HGVLÆELRUVWZDZ\NRQDZF]HJR
ZF]DVLHSODQRZDQLDSURGXNFMLRFHQLDVLÆQD: QDWRPLDVWMH›HOLZ\NU\FLH
EÆGXQDVW•SLSRSU]HND]DQLXHOHPHQWXNOLHQWRZLRVWDWHF]QHPX]HZQÆWU]QHPX
ZÏZF]DVRFHQDZ\QRVL: NRV]W\GRGDWNRZH:\NU\ZDOQRyÂEÆGXPR›QD
SRSUDZLÂSRSU]H]]PLDQ\NRQVWUXNFMLHOHPHQWÏZSR]QDQLHSU]HELHJXQLHEH]SLHF]
Q\FK]MDZLVNLXOHSV]DQLHPHWRGEDGDZF]\FK3U]\•F]HQLXHOHPHQWÏZLQIRUPDFMD
RZ\NU\FLXEÆGXRUD]RSRWHQFMDOQ\FK]DJUR›HQLDFKMHVWEDUG]RZD›Q\PHOHPHQ
WHP FDHJR XU]•G]HQLD OXE SURFHVX JG\› SR]ZDOD QD LGHQW\ILNRZDQLH ]DJUR›HÍ
LEÆGÏZZPHFKDQL]PDFKOXEEDUG]LHMVNRPSOLNRZDQ\FKNRQVWUXNFMDFK>@
7DEHOD.ODV\ILNDFMDZ\NU\ZDOQRyFL>@
Ocena W :\MDĞQLHQLH
%DUG]RZ\VRNDZ\NU\ZDOQRĞüEáĊGX
%áąGPRĪQD]LGHQW\¿NRZDüSRSU]H]REVHUZDFMHOXESURVWHF]\QQRĞFLHNVSORDWDF\MQH
1
QSLGHQW\¿NDFMDQLHLVWQLHMąFHJRSXQNWXSRPLDURZHJR
(!
:\NU\ZDOQRĞüXPLDUNRZDQD
±
&HFKDZDGOLZDMHVWZLGRF]QDRNLHPQLHX]EURMRQ\PQSEHWRQRZDSá\WDQRĞQDMHVW]DZ\VRND
(
1LVNLSR]LRPZ\NU\ZDOQRĞFL
±
:\PDJDQHWUDG\F\MQHEDGDQLDWHVW\EDGDQLDSRELHUDQLHSUyEHNQSVSDGHNPDV\EHWRQX
(
%DUG]RQLVNLSR]LRPZ\NU\ZDOQRĞFL
0RĪOLZHZ\NU\FLHZDG\W\ONRVSHFMDOQ\PLPHWRGDPLQSZ\NU\ZDQLHSXVWHNSRZLHWU]Q\FK
9
SRGSRGNáDGDPL
(
1LHPDPRĪOLZRĞFLZ\NU\FLDEáĊGX
1LHPDPRĪOLZRĞFL]ZHU\¿NRZDQLDEáĊGXMHJRVSUDZG]HQLDOXEZ\NU\FLD
*UXONRZVNL6=DULF]Q\-
108
2FHQDU\]\ND
3ULRU\WHW U\]\ND 531 5LVN 3ULRULW\ 1XPEHU REOLF]D VLÆ SU]H] SRPQR›HQLH
WU]HFKOLF]E Z u R u W 7DZLHONRyÂVX›\SU]HGHZV]\VWNLPMDNRSXQNWRGQLHVLH
QLDGODWZRU]HQLDZDJLOXEUDQNLQJXSRWHQFMDXEÆGXLU\]\ND3RSUDZDV\WXDFML
MHVWJÏZQLH]DOHFDQDGODW\FKSU]\F]\QNWÏUHRWU]\PD\GX›•RFHQÆSULRU\WHWÏZ
U\]\ND 3ULRU\WHW U\]\ND PR›QD ]PQLHMV]\ SU]H] ]PQLHMV]HQLH ND›GHJR SXQNWX
RFHQ\5=OXE:MHGQDN]DOHFDVLÆSHZQ•JUDGDFMÆSURFHVÏZ
QDMSLHUZ]PQLHMV]DÂJUXSÆ=GRW\F]•F•RFHQ\ZDJLSUREOHPX
QDVWÆSQLH]PQLHMV]DÂJUXSÆ5GRW\F]•F•U\]\NDZ\VW•SLHQLDEÆGX
RVWDWHF]QLHLQJHURZDÂZJUXSÆ:GRW\F]•F•SR]LRPXZ\NU\ZDOQRyFLZDG\
OXEDZDULL>@
=DVWRVRZDQLH)0($
*ÏZQ• NRU]\yFL• ] ]DVWRVRZDQLD PHWRGRORJLL )0($ MHVW XVWUXNWXU\]RZDQH
RSUDFRZDQLHID]DQDOL]\ZW\PSU]HGHZV]\VWNLPSU]HWZDU]DQLHLRFHQDEÆGÏZ
LFKZ\VWÆSRZDQLHZS\ZLZ\NU\ZDOQRyÂ']LDDQLDQDSUDZF]HQDU]HF]Z\HOLPL
QRZDQLDOXERJUDQLF]HQLDU\]\ND]ZL•]DQHJR]EÆGDPLF]ÆVWRQDVXZDM•VLÆVDPH
ZEDUG]RSURVW\VSRVÏEG]LÆNLVWUXNWXUDOQHMDQDOL]LHSRWHQFMDOQ\FKEÆGÏZLU\
]\N&]\QQRyFLNRU\JXM•FHL]DSRELHJDZF]HPR›QDZSURZDG]LÂEH]SRyUHGQLRQD
EXGRZLHOXEXZ]JOÆGQLÂZF]HyQLHMMX›ZID]LHSURMHNWRZDQLDOXEQDHWDSLHSODQR
ZDQLDLSU]\JRWRZDQLDSURGXNFML
0HWRG\ND)0($PR›HE\ÂEDUG]RHIHNW\ZQ\PQDU]ÆG]LHPGODSRUÏZQ\ZDQLD
UR]ZL•]DÍWHFKQRORJLF]Q\FKL]ZL•]DQ\FK]QLPLU\]\NZUDPDFKUϛQ\FKtEUD
Q\FK SRG XZDJÆ t VFHQDULXV]\ QS ZS\Z DZDULL HOHPHQWÏZ QD QLH]DZRGQRyÂ
V\VWHPX']LÆNLQLHMPR›QDRELHNW\ZQLHRFHQLÂVNXWHF]QRyÂQDSUDZ\XV]NRG]R
QHJR V\VWHPX OXE HOHPHQWX Z]JOÆGQLH XGRNXPHQWRZD SUDZLGRZRy Z\ERUX
WHFKQRORJLLOXEHOHPHQWXDOWHUQDW\ZQHJR
6]F]HJÏOQH]QDF]HQLHZ\ND]XMHWDPHWRG\NDSU]\Z\NRU]\VWDQLXSHQ\PLSU]H
NURMRZ\PGREDGDQLDQLH]DZRGQRyFLMDNLHJRySU]HGVLÆZ]LÆFLD7DPHWRG\NDSRPDJD
SRNRQDÂEDULHU\HPRFMRQDOQHSU]\RFHQLHHOHPHQWXOXEV\VWHPXDG]LÆNLZ\DUW\
NXRZDQLXZVSÏOQ\FKNRU]\yFLZ\PDJDSRGHMyFLDU]HF]RZHJRLRELHNW\ZQHJR>@
=DVWRVRZDQLH)0($ZNROHMRZ\FKQDZLHU]FKQLDFKEH]SRGV\SNRZ\FK
.RQVWUXNFMDQDZLHU]FKQLEH]SRGV\SNRZHMZ\UϛQLDVLÆGX›•OLF]E•ZDUXQNÏZ
RWRF]HQLD NWÏUH PDM• EH]SRyUHGQL ZS\Z QD QLH]DZRGQRy HNVSORDWDFML D W\P
VDP\PQDSR]LRPU\]\ND
SRVWÆSXM•F\SURFHVEXGRZODQ\VWDOH]PLHQLDM•FHVLÆZDUXQNLPRVW\WXQH
OHURERW\]LHPQH
0(72'<.$2&(1<5<=<.$1$(7$3,(%8'2:<,(.63/2$7$&-,.2/(-2:<&+
109
ORJLVW\ND]DRSDWU]HQLHUXFKRPHJRSODFXEXGRZ\
SRJRGDGHV]F]ZDKDQLDWHPSHUDWXU\PUÏ]ZLDWU
]DOH›QRyÂRGUϛQ\FKHWDSÏZWHFKQRORJLF]Q\FKSRPLDU\EXGRZDWRUXZ\
SRVD›HQLHOLQLLZ\OHZDQLHEHWRQXQDS\WÆ
GUJDQLDLZLEUDFMHSRZVWDM•FHZVNXWHNG]LDDOQRyFLEXGRZODQHMOXEHIHNWÏZ
yURGRZLVNRZ\FK
:SUDNW\FHMHVWQLHPR›OLZHOXEQLHX›\WHF]QHE\ZVSRVÏEFL•J\ZSHQLPR
QLWRURZD ZV]\VWNLH ZS\Z\ Z VWDQGDUGRZ\FK SURFHVDFK HNVSORDWDFML %DUG]LHM
HNRQRPLF]QLHMHVWDE\XVWDOHQLDGRW\F]•FHZF]HVQHJRGLDJQR]RZDQLDSUREOHPÏZ
LSUDZLGRZHJRUHDJRZDQLDQDSRMDZLDM•FHVLÆSUREOHP\E\\SU]\JRWRZDQHSU]H]
SUDFRZQLNÏZ L Z\QLND\ ] GRyZLDGF]HÍ HNVSORDWDF\MQ\FK : FD\P V\VWHPLH
)0($]]DR›HQLDLVWQLHMHPR›OLZRyÂRFHQ\VNXWNÏZ]GDU]HQLDMHV]F]HSU]HGMHJR
Z\VW•SLHQLHPZRGQLHVLHQLXGRGDQHJR]DJUR›HQLDRUD]]DVWRVRZDQLDRGSRZLHG
QLFKyURGNÏZ]DSRELHJDZF]\FK>@
3RGVXPRZDQLH
6DPD PHWRGRORJLD L VSRVÏE SRVWÆSRZDQLD ZHGXJ )0($ V• QD W\OH XQLZHU
VDOQH›HGRyZLDGF]HQLHDQDOL]\EÆGÏZQDE\WHQSSU]\EXGRZLHGURJLNROHMRZHM
EH]SRGV\SNRZHMGDMHVLƏDWZR]DVWRVRZDÂGRUHDOL]DFMLLQQ\FKEXGRZOLQSNX
EDWXURZ\FKLQDRGZUÏW
&HOHP SRVWÆSRZDQLD )0($ MHVW ]PLQLPDOL]RZDQLH U\]\ND NWÏUH ]DZV]H WR
ZDU]\V]\ND›GHPXHWDSRZLEXGRZ\F]\WRZZ\QLNXPQLHMV]HMZUD›OLZRyFLNRQ
VWUXNFMLQDEÆG\SURMHNWRZHOXEZ\NRQDZF]HF]\WH›ZZ\QLNXSRVWÆSXM•FH
JRXSU]HP\VRZLHQLDSURFHVÏZSURGXNF\MQ\FKEH]]ZUDFDQLDXZDJLQDORNDOQH
]UϛQLFRZDQLHZ\PDJDÍ0HWRGD)0($SRPDJD]DFKRZDÂRGSRZLHGQLSR]LRP
Z\GDMQRyFLQDPLHMVFXEXGRZ\ZUD]]]DFKRZDQLHPGXJRWHUPLQRZHJRSR]LRPX
MDNRyFLVDPHMNRQVWUXNFMLQDZLHU]FKQLEH]SRGV\SNRZHM
/LWHUDWXUD
>@$EOLQJHU3*DQ]KHLWOLFKHV3UR]HVVGHVLJQLP%HUHLFKGHU%DKQWHFKQLN
(LVHQEDKQLQJHQLHXU
>@$EOLQJHU35KRPEHUJ+.OHERWK&6SH]LILVFKH$QIRUGHUXQJHQDQ
GLH +HUVWHOOXQJ GHV )ØOOEHWRQV EHL )HVWHQ )DKUEDKQHQ (LVHQEDKQLQJH
QLHXU
>@$EOLQJHU39HUPHVVHQXQG(LQULFKWHQYRQ)HVWHQ)DKUEDKQHQt6\VWHP
NRQ]HSW(LVHQEDKQLQJHQLHXU
>@)ROHMHZVND$$QDOL]D)0($t]DVDG\NRPHQWDU]HDUNXV]H9HUODJ'D
VKRIHUHERRN
110
*UXONRZVNL6=DULF]Q\-
>@+XEHU=$QDOL]D)0($SURFHVX,QWHUQHWRZH:\GDZQLFWZR=RWH0\
yOL*OLZLFHHERRN
>@6FKXEHUW0)0($t)HKOHUPÒJOLFKNHLWVXQG(LQIOXVVDQDO\VHt/HLWID
GHQ'HXWVFKH*HVHOOVFKDIWIØU4XDOLWÀWH9
>@8UEDQLDN0=DU]•G]DQLHMDNRyFL•'LILQ:DUV]DZD
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
35=(*/'%$'$­',$*1267<&=1<&+6=<1
==$67262:$1,(035'¯::,52:<&+
6DZRPLU*UXONRZVNL
-HU]\=DULF]Q\
GULQ›3ROLWHFKQLND*GDÍVND:\G]LD,Q›\QLHULL/•GR
ZHM L kURGRZLVND .DWHGUD 7UDQVSRUWX 6]\QRZHJR XO
1DUXWRZLF]D*GDÍVNWHO
VODZL#SJJGDSO
PJULQ›3ROLWHFKQLND*GDÍVND:\G]LD,Q›\QLHULL/•
GRZHMLkURGRZLVND.DWHGUD7UDQVSRUWX6]\QRZHJRXO
1DUXWRZLF]D*GDÍVNWHO
MHU]DULF#SJJGDSO
6WUHV]F]HQLH:DUW\NXOH]DZDUWRSU]HJO•GSRGVWDZRZ\FKEDGDÍV]\QNROHMRZ\FK]XG]LD
HP SU•GÏZ ZLURZ\FK Z\NRQDQ\FK Z 1LHPF]HFK Z RVWDWQLFK ODWDFK :VND]DQR QD ]DOH›QRyÂ
DPSOLWXGV\JQDXSU•GÏZZLURZ\FKRGWZDUGRyFLVSRLQ\ZV]\QDFK=DSUH]HQWRZDQRQLHyFLVRyFL
Z\QLNÏZEDGDÍV]\QZ\NRQDQ\FK]Z\VRNRZ\WU]\PD\FKJDWXQNÏZVWDOL
6RZDNOXF]RZHV]\QDNROHMRZDSU•G\ZLURZHGLDJQRVW\NDV]\Q
:VWÆS
2G NLONXQDVWX ODW WUZD LQWHQV\ZQ\ UR]ZÏM EDGDÍ QLHQLV]F]•F\FK SRZLHU]FK
QLWRF]QHMJÏZNLV]\Q\3U]HGHZV]\VWNLPGRW\F]\RQ]DVWRVRZDQLDW]ZSU•GÏZ
ZLURZ\FKGRZ\NU\ZDQLD]PLDQZVWUXNWXU]HIL]\F]QHMV]\Q\:FL•›UR]ZLMDQHV•
WHFKQRORJLHZ\NRU]\VWXM•FHWR]MDZLVNR'X›\QDFLVNNDG]LHVLÆSU]\W\PQD]D
SHZQLHQLHRGSRZLHGQLHMMDNRyFLRUD]GRNDGQRyFLX]\VNLZDQ\FKZ\QLNÏZ
3RZLHU]FKQLDWRF]QDJÏZNLV]\Q\ZWUDNFLHHNVSORDWDFMLSRGOHJDEDUG]RZLHOX
UϛQ\PRGG]LD\ZDQLRP]ZDV]F]DPHFKDQLF]Q\PNWÏU\FKVNXWNLPDM•ZS\Z
QDPHFKDQL]P\SRZVWDZDQLDZDGLXV]NRG]HÍZ]DOH›QRyFLRGNRQVWUXNFMLWRUX
W\SXV]\Q\LJDWXQNXVWDOLV]\QRZHMRUD]NDWHJRULLOLQLL0LPRSR]\W\ZQ\FKZ\
QLNÏZ EDGDÍ L DQDOL] FD\ F]DV NRQLHF]QH V• GDOV]H SUDFH Z WRU]H DE\ UR]ZLMDÂ
WHFKQLNLEDGDZF]HRUD]]DVWRVRZDÂ]MDZLVNRSU•GÏZZLURZ\FKZGLDJQRVW\FHHOH
PHQWÏZVWDORZ\FKQDZLHU]FKQL
: DUW\NXOH VFKDUDNWHU\]RZDQR EDGDQLD V]\Q ]D SRPRF• SU•GÏZ ZLURZ\FK
SU]HSURZDG]RQHJÏZQLHZ1LHPF]HFKJG]LHGLDJQRVW\NDV]\QZWHMWHFKQRORJLL
]RVWDDZSHZQ\PVWRSQLXZGUR›RQDRUD]RPÏZLRQR]DR›HQLDUR]ZRMXQRZHJR
V\VWHPXGLDJQRVW\F]QHJR
:NáDGDXWRUyZZSXEOLNDFMĊ*UXONRZVNL6±=DULF]Q\-±
*UXONRZVNL6=DULF]Q\-
112
2JÏOQHZLDGRPRyFLREDGDQLDFK]]DVWRVRZDQLHPSU•GÏZZLURZ\FK
ZV]\QDFK
%DGDQLHV]\Q]X›\FLHPSU•GÏZZLURZ\FKMHVWNRPSOHNVRZ\PVNRPSOLNRZD
Q\PSURFHVHPNWÏU\VWDZLDEDUG]RZ\VRNLHZ\PDJDQLDQLHW\ONRSU]HGV\VWHPHP
EDGDZF]\POHF]WDN›HSU]HGGLDJQRVWDPLLQDXNRZFDPLZ]DNUHVLHLQWHUSUHWDFML
X]\VNDQ\FKZ\QLNÏZ
0HWRGDEDGDQLDLDQDOL]\U\V\SRZVWDM•FHMQDJÏZFHV]\Q\MHVWVSHF\ILF]QD
&]XMQLN SRPLDURZ\ NWÏU\ ]EXGRZDQ\ MHVW ] XNDGX FHZHN ]RVWDMH SRGGDQ\
G]LDDQLXSU•GX]PLHQQHJRZZ\QLNXF]HJRSRZVWDMH]PLHQQHSROHPDJQH
W\F]QH&]XMQLN]EOL›DVLÆGREDGDQHJRRELHNWXZ\ZRXM•FQDMHJRSRZLHU]FK
QLLQGXNFMÆPDJQHW\F]Q•FRSURZDG]LGRSRZVWDQLDW]ZSU•GÏZZLURZ\FK
NWÏUH Z\WZDU]DM• ZWÏUQH SROH PDJQHW\F]QH NWÏUH GRGDWNRZR QDNDGD VLÆ
]SROHPSLHUZRWQ\PU\V-DNLHNROZLHN]PLDQ\ZVWUXNWXU]HSRZLHU]FKQL
Z W\P WDN›H ZV]HONLH ZDG\ L XV]NRG]HQLD SRZLHU]FKQLRZH SRZRGXM• ]PLD
Q\ ZLHONRyFL SU•GÏZ ZLURZ\FK D W\P VDP\P Z ZDUWRyFLDFK ZWÏUQHJR SROD
PDJQHW\F]QHJR NWÏUH WR ]PLDQ\ V• PLDU• ]PLDQ Z VWUXNWXU]H SRZLHU]FKQL
HOHPHQWX
5\V=DVDGDSRPLDUXSU•GÏZZLURZ\FK>@
'LDJQRVW\NDV]\Q]DSRPRF•SU•GÏZZLURZ\FKMHVWVWRVRZDQDGRRNUHyODQLD
ZLHONRyFLRWZDUW\FKSÆNQLÆÂVWDOLQDSRZLHU]FKQLWRF]QHMV]\Q\:W\PFHOXZ\
PDJDQHMHVWRGSRZLHGQLHXV\WXRZDQLHFHZHNQDJÏZFHV]\Q\2EHFQLHSU]\M
PXMH VLÆ ›H PXVL LFK E\ FR QDMPQLHM F]WHU\ Z yFLyOH RNUHyORQ\P SRR›HQLX
U\V>@
35=(*/'%$'$­',$*1267<&=1<&+6=<1==$67262:$1,(0
113
5\V8V\WXRZDQLHFHZHNSU•GÏZZLURZ\FKQDSRZLHU]FKQLWRF]QHMJÏZNLV]\Q\>@
5\V\LSÆNQLÆFLDSRZVWDM•ZZ\QLNXF\NOLF]QHJRNRQWDNWXWRF]QHJRNRD]V]\
Q•SRGGX›\PREFL•›HQLHP0DM•ZLÆFFKDUDNWHU]PÆF]HQLRZ\LQRV]•QD]ZÆ+HDG
&KHFNV:DG\+HDG&KHFNVZ\VWÆSXM•JÏZQLHQDV]\QLH]HZQÆWU]QHMZXNDFK
*ÏZQ• ]DREVHUZRZDQ• SU]\F]\Q• MHVW RGG]LD\ZDQLH VL RGyURGNRZ\FK Z F]D
VLHSU]HMD]GXSRMD]GXNROHMRZHJRDW\PVDP\PQDELHJQLÆFLDNRDQDV]F]HJÏOQLH
REFL•›RQ• NUDZÆG| WRF]Q• V]\Q\ .LOND PLOLPHWUÏZ NZDGUDWRZ\FK SRZLHU]FKQL
WRF]QHM V]\Q\ Z FL•JX EDUG]R NUÏWNLHJR RNUHVX F]DVX V• QDUD›RQH QD RJURPQH
REFL•›HQLDNWÏUHZNRÍFXSURZDG]•GRXV]NRG]HQLDPDWHULDXZSRVWDFLSÆNQLÆÂ
SRZLHU]FKQLRZ\FK1DU\VSU]HGVWDZLRQRFKDUDNWHU\VW\F]QHU\V\SRF]•WNRZHM
ID]\UR]ZRMXZDG\+HDG&KHFNVQDNUDZÆG]LWRF]QHMV]\Q\QDOLQLLNROHMRZHMQU
ZRNROLFDFKVWDFML6PÆWRZR
5\V5\V\QDNUDZÆG]LV]\Q\ZSRF]•WNRZHMID]LHSRZVWDZDQLDZDG\+HDG&KHFNV
*UXONRZVNL6=DULF]Q\-
114
.V]WDWLSU]HELHJU\V\PDM•EDUG]RGX›\ZS\ZQDFKDUDNWHUV\JQDXSU•GÏZ
ZLURZ\FK.D›G\]SRQL›V]\FKZ\NUHVÏZU\VSU]HGVWDZLDV\JQDSRV]F]HJÏO
QHMVRQG\SRPLDURZHMSRF]•ZV]\RGVRQG\VNUDMQHMVRQGDQUNWÏUDPLHU]\D
VWDQV]\Q\ZWHRUHW\F]Q\PSXQNFLHVW\NXNRD]V]\Q•GRSXQNWXVNUDMQHJRSR
ZLHU]FKQLWRF]QHMVRQGDQU
5\V&KDUDNWHU\VW\F]QHZ\NUHV\V\JQDÏZ]VRQGSRPLDURZ\FKQDV]\QLH5]ZDG•+HDG&KHFNV>@
:S\ZURG]DMXPDWHULDXSRZLHU]FKQLWRF]QHMJÏZNLV]\Q\QDV\JQD
SU•GÏZZLURZ\FK
:\WZRU]HQLH VLÆ SU•GÏZ ZLURZ\FK MHVW EDUG]R VLOQLH X]DOH›QLRQH RG PLNUR
VWUXNWXU\ PDWHULDX MHJR MDNRyFL L MHGQRURGQRyFL 8ZLGDF]QLD VLÆ WR Z WU]HFK
V]F]HJÏOQ\FKSU]\SDGNDFKVWUHIDFKVSRLQPLHMVFDFKXWZDUG]HQLDSRZLHU]FKQLR
ZHJRJÏZNLV]\Q\RUD]ZSU]\SDGNXVWRVRZDQLDV]\QZ\WZRU]RQ\FK]Z\VRNR
Z\WU]\PD\FKJDWXQNÏZVWDOL
=PLDQ\VWUXNWXUDOQHZVWUHILHVSRLQ
3U]HELHJ DPSOLWXG\ V\JQDX SU•GX ZLURZHJR ]PLHQLD VLÆ ]QDF]•FR SU]\ QD
SRWNDQLXVSRLQ\WHUPLWRZHM5\VSRND]XMHV\JQDSU•GXZLURZHJRQDRGFLQNX
V]\Q\5QDNWÏU\P]QDMGRZDDVLÆVSRLQDWHUPLWRZD
35=(*/'%$'$­',$*1267<&=1<&+6=<1==$67262:$1,(0
115
5\V6\JQDSU•GXZLURZHJRQDRGFLQNXV]\Q\5]HVSRLQ•WHUPLWRZ•>@
=DXZD›DOQHMHVW]QDF]QLHPQLHMV]HDPSOLWXG\V\JQDXZVWUHILHVSRLQ\QL›QD
RGFLQNDFKV•VLDGXM•F\FKQD]HZQ•WU]VSRLQ\6SRZRGRZDQHMHVWWRSU]H]UϛQLFH
ZWZDUGRyFLVWDOLZVWUHILHZS\ZXFLHSD:DUWRyFLWZDUGRyFLURVQ•RGVWUHI\VSR
LQ\GRRVL•JQLÆFLDZDUWRyFL]JRGQHM]W\SHPV]\Q\7DNLHZDyFLZRyFLSURZDG]•GR
EDUG]RFKDUDNWHU\VW\F]QHJRSU]HELHJXV\JQDXFRSR]ZDODEDUG]RGREU]HLGHQW\
ILNRZDÂVWUHI\VSRLQWHUPLWRZ\FKLMDNRyÂLFKZ\NRQDQLDZZ\QLNXEDGDÍSU•GDPL
ZLURZ\PL1DSRGVWDZLHEDGDÍODERUDWRU\MQ\FKZ\ND]DQR›HSU]HELHJSR]LRPX
WZDUGRyFL RGFLQND V]\Q\ PLHU]RQ\ Z VNDOL %ULQHOOD U\V VSHQLD MDNRyFLRZR
WDNLHVDPHIXQNFMHMDNV\JQDSU•GÏZZLURZ\FK
5\V:\NUHVWZDUGRyFLRGFLQNDV]\Q\5]HVSRLQ•WHUPLWRZ•>@
3RUÏZQDQLH W\FK Z\NUHVÏZ SR]ZDOD MHGQR]QDF]QLH VWZLHUG]L ›H WZDUGRyÂ
SRZLHU]FKQL WRF]QHM JÏZNL V]\Q\ L ]PLHQQRy V\JQDÏZ SU•GÏZ ZLURZ\FK V•
Z]QDF]Q\PVWRSQLXVNRUHORZDQH]HVRE•>@
116
*UXONRZVNL6=DULF]Q\-
=PLDQ\VWUXNWXUDOQHZZ\QLNXXWZDUG]DQLDSRZLHU]FKQLRZHJRJÏZNL
V]\Q\
3RGREQLH MDN Z SRZ\›V]\P SU]\NDG]LH PR›QD LGHQW\ILNRZD QS MDNRyÂ
XWZDUG]HQLD SRZLHU]FKQLRZHJR JÏZNL V]\Q\ : Z\QLNX ]PLDQ VWRSQLD XWZDU
G]HQLDZDUVWZQDJÏZFHV]\Q\]PLHQLDVLÆUÏZQLH›SU]HELHJDPSOLWXG\V\JQDX
SU•GXZLURZHJR
1D U\V SRND]DQR V\JQD\ SU•GÏZ ZLURZ\FK QD RGFLQNX RN P V]\Q\
]H]PQLHMV]DM•F•VLÆRUD]]ZLÆNV]DM•F•VLÆWZDUGRyFL•:]URVW\V\JQDÏZSU•GÏZ
ZLURZ\FKV•UÏZQR]QDF]QH]HZ]UDVWDM•F•WZDUGRyFL•SRZLHU]FKQLWRF]QHMJÏZNL
)UDJPHQW\WHJRZ\NUHVXRZDUWRyFLDFKQDMPQLHMV]\FKRGSRZLDGDM•ZSU]\EOL›HQLX
ZDUWRyFLRPV\JQDXEDGDQHJRQDPDWHULDOHSRGVWDZRZ\PWHMVWDOLV]\QRZHM
5\V6\JQD\SU•GÏZZLURZ\FKEDGDQ\FKQDV]\QLH]XWZDUG]RQ•JÏZN•V]\Q\>@
6]F]HJÏOQLHLVWRWQHV\JQD\PR›QD]DREVHUZRZDÂQDW]ZNUDZÆG]LWRF]QHMV]\
Q\:W\PQDMEDUG]LHMREFL•›RQ\PLQDUD›RQ\PQDV]F]HJÏOQHQDSUƛHQLDSXQNFLH
NDQD\LZF]DVLHEDGDÍSU•GDPLZLURZ\PLPR›QD]DREVHUZRZDÂV\JQD\
REDUG]RGX›HM]PLHQQRyFL:\UÏZQDQ\]DNUHVV\JQDXZNDQDOHGRZRG]L›H
PDWHULDSRZLHU]FKQLV]\Q\RGSRZLDGDPDWHULDRZLSRGVWDZRZHPX>@
7HQSU]\NDGSRND]XMH›HPR›OLZHMHVWZ\NU\FLHVWUXNWXUDOQ\FK]PLDQZJÏZ
FH V]\Q\ SRZVWD\FK Z Z\QLNX SRZLHU]FKQLRZHJR XWZDUG]HQLD Z\NRU]\VWXM•F
WHFKQLNÆSRPLDUÏZSU•GÏZZLURZ\FK
35=(*/'%$'$­',$*1267<&=1<&+6=<1==$67262:$1,(0
117
'X›DZDUWRyÂV\JQDXSU•GÏZZLURZ\FKyZLDGF]\RZLÆNV]HMWZDUGRyFL3Ï|
QLHMV]HSLHUZRWQHSÆNQLÆFLD]PÆF]HQLRZHSRZVWDM•ZPLHMVFDFKJG]LHWDZDUWRyÂ
MHVWQDMPQLHMV]D3R]ZDODWRQD]GLDJQR]RZDQLHPLHMVFDZNWÏU\PLVWQLHM•VSU]\
MDM•FHZDUXQNLGRSRZVWDQLDZDG\+HDG&KHFNV>@
-X›WHGZLHREVHUZDFMHSR]ZDODM•RNUHyOLÂMDNSRZLQLHQZ\JO•GDÂSURFHVGLD
JQRVW\F]Q\ ] X›\FLHP SU•GÏZ ZLURZ\FK -HJR FHOHP MHVW ZF]HVQH Z\NU\ZDQLH
ZDG L XV]NRG]HÍ RUD] Z\NRQDQLH F]\QQRyFL ]DSRELHJDZF]\FK 2EHFQH VWUDWHJLH
NRQVHUZDF\MQHGRW\F]•FHXVXZDQLDZDGNRQWDNWRZR]PÆF]HQLRZ\FKV•]UϛQLFR
ZDQH=D]Z\F]DMZSRF]•WNRZHMID]LHNV]WDWRZDQLDVLÆU\VQDJÏZNDFKV]\Q\MHVW
MHV]F]H]DZF]HyQLHQDSRGHMPRZDQLHLVWRWQ\FKG]LDDÍDOHMX›ZSRF]•WNRZHMID]LH
SRZVWDZDQLDSÆNQLÆÂSU]HSURZDG]DVLÆV]OLIRZDQLHV]\Q2FHQDJÆERNRyFLZDG\
OXEXV]NRG]HQLD]DSRPRF•SU•GÏZZLURZ\FK]D]Z\F]DM]ZL•]DQDMHVW]LQWHQV\
ILNDFM•SÆNQLÆÂ0R›QDWDN›HVWDUDÂVLÆZSURFHVLHHNVSORDWDFMLXWU]\P\ZDÂGREU\
VWDQ XWUZDOHQLD SRZLHU]FKQLRZHJR SU]H] Z\NRQ\ZDQLH V\VWHPDW\F]Q\FK EDGDÍ
LDQDOL]]DSRPRF•SU•GÏZZLURZ\FKDQDWHMSRGVWDZLHZ\NRQ\ZDÂSUHZHQF\MQH
V]OLIRZDQLH V]\Q Z SU]\SDGNX SRMDZLHQLD VLÆ MDNLFKNROZLHN V\PSWRPÏZ REQL
›RQHM Z\WU]\PDRyFL JÏZNL V]\Q\ : WHQ VSRVÏE PR›QD ]GHF\GRZDQLH RSÏ|QLÂ
PRPHQWSRZVWDQLDU\V
%DGDQLHU\VLXV]NRG]HÍZ\VRNRZ\WU]\PD\FKJDWXQNÏZV]\QNROHMRZ\FK
*DWXQNL V]\Q R Z\VRNLHM Z\WU]\PDRyFL SRGOHJDM• QLH W\ONR ]XSHQLH LQQ\P
SURFHVRP SURGXNF\MQ\P QL› V]\Q\ W\SRZH JDWXQNX 5 DOH Z\WZRU]RQH V•
]PDWHULDXR]XSHQLHLQQ\PVNDG]LH'RW\FKF]DVRZ\UR]ZÏMV\VWHPXSRPLDUR
ZHJRSU•GÏZZLURZ\FKRSDUW\E\QDGRyZLDGF]HQLDFKZDUXQNDFKLSDUDPHWUDFK
V]\QJDWXQNX56]F]HJÏOQH]QDF]HQLHPDM•WXHOHNWURPDJQHW\F]QHZDyFLZR
yFLPDWHULDXVWRVRZDQHJRGRSURGXNFMLWHJRW\SXV]\Q:S\ZLQQ\FKNRPSR
QHQWÏZLPDWHULDÏZVWRVRZDQ\FKZSURFHVLHZ\WZDU]DQLDV]\QQLHMHVWZSHQL
]QDQ\-HGQDNZFL•›SRGHMPRZDQHV•WHVW\LEDGDQLDZFHOXRNUHyOHQLDZS\ZX
UϛQ\FKJDWXQNÏZVWDOLQDZLDU\JRGQRyÂZ\QLNÏZSRPLDUÏZ]DSRPRF•SU•GÏZ
ZLURZ\FK
:RVWDWQLFKODWDFKFRUD]F]ÆyFLHMVWRVXMHVLÆtV]F]HJÏOQLHZXNDFKtV]\Q\
JDWXQNX5+73RVWÆSXMHVLÆ]QL•SRGREQLHMDN]V]\Q•MDNRyFL5]HVWD
OL ZÆJORZRPDQJDQRZHM SRGGDQHM VSHFMDOQHM REUÏEFH FLHSOQHM : Z\QLNX WHJR
SURFHVXX]\VNXMHVLÆZ]URVWZDUWRyFLWZDUGRyFLQDSRZLHU]FKQLJÏZNLV]\Q\GR
+%8]\VNDQD]ZLÆNV]RQDWZDUGRyÂZ\WU]\PDRyÂRUD]]ZLÆNV]RQDRGSRU
QRy QD W]Z ]PÆF]HQLH WRF]QH SU]HNDGDM• VLÆ EH]SRyUHGQLR QD ]GHF\GRZDQH
Z\GX›HQLHRNUHVXHNVSORDWDFMLWDNLHMV]\Q\ZVWRVXQNXGRW\SRZHMV]\Q\5
=PLDQ\VWUXNWXU\JÏZNLV]\Q\VSRZRGRZDQH]ZLÆNV]RQ•WZDUGRyFL•SRZLHU]FKQL
ZV]\QDFK5+7QLH]RVWD\MHV]F]HZSHQL]EDGDQH]DSRPRF•]PLDQDP
SOLWXG\ V\JQDX SU•GÏZ ZLURZ\FK 3UREOHP PRJ• VWDQRZL QLHZLHONLH U\V\ QD
V]\QDFK NWÏUH V• FKDUDNWHU\VW\F]QH GOD VWDOL V]\QRZHM R WDNLHM WZDUGRyFL 7DND
V\WXDFMDPR›HXQLHPR›OLZLÂSR]QDQLHSHQ\FKFKDUDNWHU\VW\NSU•GÏZZLURZ\FK
*UXONRZVNL6=DULF]Q\-
118
ZV]\QLHZ]PRFQLRQHM2FHQDJÆERNRyFLZDG\+HDG&KHFNVZV]\QDFK5+7
SÏNLFRRGE\ZDVLÆ]DSRPRF•PHWRGSRUÏZQDZF]\FK
1DSRGVWDZLHZF]HyQLHMV]\FKEDGDÍPHWDOXUJLF]Q\FKLWU\ERORJLF]Q\FKVWZLHU
G]RQR›HU\VDZDG\+HDG&KHFNZV]\QDFK]Z]PRFQLRQ•JÏZN•MHVWRRNRR
PPJÆEV]DQL›ZV]\QDFKVXURZ\FK5-HGQDNEDGDQLD]DSRPRF•SU•
GÏZZLURZ\FKSRND]XM•]QDF]QLHPQLHMV]HXV]NRG]HQLD%DGDQLDQLHPLHFNLHZ\
ND]D\›HyUHGQLDJÆERNRyÂXV]NRG]HÍZ\QRVLDRNRRPPQDWRPLDVWPDN
V\PDOQDJÆERNRyÂU\V\D›PP-HGQDNZSU]\SDGNXV]\QMDNRyFL5+7
SRZVWDHU\V\V•XV\WXRZDQH]QDF]QLHEOL›HMVLHELHQL›ZSU]\SDGNXV]\QVXURZ\FK
5=MDZLVNRWDNLHPR›H]DIDV]RZDÂZ\QLNL7U]HED]DWHPSRVWDZLÂS\WDQLH
F]\JÆERNRyÂU\V\PPMHVWU]HF]\ZLyFLHSUDZLGRZD
3U]\SXV]F]DVLƛHWDNDV\WXDFMDPRJD]DFKRG]LÂQDVNXWHNQLHZLHONLHJRRG
VWÆSXU\V6NXWNRZDRWRVWRVXQNRZRQLHZLHONLPLDPSOLWXGDPLV\JQDÏZSU•GÏZ
ZLURZ\FK L SURZDG]LR GR ]GHF\GRZDQHJR ]DIDV]RZDQLD LQWHUSUHWDFML Z\QLNX
SU]H]QDNDGDQLHVLÆV\JQDÏZ'RZRG]LWRQLH]ELFLHNRQLHF]QRyFLGDOV]\FKEDGDÍ
QDGW\PZMDNLPVWRSQLXZ\ND]\ZDQHSU]H]V\JQD\SU•GÏZZLURZ\FKJÆERNR
yFLU\VV•]JRGQH]JÆERNRyFLDPLU]HF]\ZLVW\PL>@
:QLRVNL
'RSODQRZDQLDLNRQWUROLVWDQXV]\QNROHMRZ\FK]DSRPRF•EDGDÍQLHQLV]F]•
F\FKZ\PDJDQHMHVWVIRUPXRZDQLHLSU]HVWU]HJDQLHyFLV\FKSURFHGXURUD]Z\VRND
GRNDGQRy RFHQ\ 3U]HGVWDZLRQH SU]\NDG\VX›\\SRND]DQLXMDNLHPR›OLZRyFL
GDM• EDGDQLD L DQDOL]D SU•GÏZ ZLURZ\FK 7U]HED ]DZV]H MHGQDN SDPLÆWD ›H V•
JUDQLFHVWRVRZDOQRyFLWHMPHWRG\GRSUDNW\F]QHMRFHQ\]MDZLVNZV]\QDFKDUR]
V]HU]HQLH]DNUHVXMHMX›\ZDQLDZ\PDJDGRGDWNRZ\FKEDGDÍLZHU\ILNDFML
=HZ]JOÆGXQDGX›\ZS\ZVWDQXPDWHULDXSRZLHU]FKQLWRF]QHMJÏZNLV]\Q\
QDMDNRyÂEDGDÍZD›QHMHVWGDOV]HEDGDQLHUϛQLFZ\QLNÏZV\JQDXSU•GÏZZLUR
Z\FKSU]\]PLDQDFKMDNRyFLV]\QNROHMRZ\FK1DOH›\]GHF\GRZDQLHSRSUDZLÂGR
NDGQRyÂRNUHyODQLDJÆERNRyFLU\VEOLVNRVLHELHXV\WXRZDQ\FKZDG+HDG&KHFNV
ZV]\QDFKZ\VRNRZ\WU]\PD\FK
'DOV]H UR]ZLMDQLH ]DJDGQLHQLD Z\NU\ZDQLD ZDG NRQWDNWRZR]PÆF]HQLRZ\FK
PR›H SU]\F]\QL VLÆ GR RSW\PDOL]DFML G]LDDÍ SUHZHQF\MQ\FK NWÏUH RJUDQLF]DM•
Z]URVWOLF]E\SÆNQLÆÂ
/LWHUDWXUD
>@$QIRUGHUXQJVGRNXPHQW IØU :LUEHOVWURPSUØIHLQULFKWXQJHQ DXI 6FKLH
QHQEHDUEHLWXQJVPDVFKLQHQ'%6\VWHPWHFKQLN*PE+=HUVWÒUXQJVIUHLH
3UØIXQJXQG3UØIV\VWHPH([HPSODU9HUVLRQ'RNXPHQW1U
377=
35=(*/'%$'$­',$*1267<&=1<&+6=<1==$67262:$1,(0
119
>@'H\$&DVSHUVRQ53RKO57KRPDV+0'LH:LUEHOVWURPSUØIXQJ
DOV +LOIVPLWWHO IØU GLH 6FKLHQHQLQVWDQGKDOWXQJ '*=I3 -DKUHVWDJXQJ
(UIXUW0DL
>@'LO].3RKO-5ØKH67KRPDV+0&DVSHUVRQ52QOLQH6FKZHL»
QDKWHUNHQQXQJ YRQ 6FKLHQHQSUØI]ØJHQ PLWWHOV :LUEHOVWURPYHUIDKUHQ
'*=I3-DKUHVWDJXQJ0DLQ]0DL
>@.HLFKHO - *HKUPDQQ 5 1HXHV 7KHUPLW6FKZHL»YHUIDKUHQ 6N9(OLWH
(LVHQEDKQLQJHQLHXU6HSWHPEHU
>@0HLHUKRIHU53RKO5+HDG&KHFN0HDVXUHPHQWtD)XOO\RSHUDWLRQDO
6\VWHPRQD5DLO*ULQGHU3URFHHGLQJV:RUOG&RQJUHVVRQ5DLOZD\5H
VHDUFK0RQWUHDO&DQDGD
>@6WURQD LQWHUQHWRZD %XQGHVDQVWDOW IØU 0DWHULDOIRUVFKXQJ XQG tSUØIXQJ
KWWSZZZEDPGHGHNRPSHWHQ]HQIDFKDEWHLOXQJHQDEWHLOXQJBIJ
IJBDJKWP
>@7KRPDV+0'H\$3RKO5+H\GHU5.UXOO5'LO].)UØKHU
NHQQXQJYRQ5ROONRQWDNWHUPØGXQJ5&)LQ(LVHQEDKQVFKLHQHQ'*=I3
'$&+7DJXQJ6W*DOOHQ
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
.21&(3&-$0(72'</2.$/,=$&-,%$/,6
1$/,1,$&+:<326$‹21<&+:6<67(0(7&6
3U]HP\VDZ,OF]XN
:LHVDZ=DERFNL
PJULQ›3ROLWHFKQLND:DUV]DZVND:\G]LD7UDQVSRUWX
XO.RV]\NRZD:DUV]DZDHPDLOSU]HPL#
ZSSO
GU KDE LQ› SURI Q]Z 3: 3ROLWHFKQLND :DUV]DZVND
:\G]LD7UDQVSRUWXXO.RV]\NRZD:DUV]D
ZDWHOHPDLO]DE#LWSZHGXSO
6WUHV]F]HQLH:SXEOLNDFMLSU]HGVWDZLRQRSUREOHP\GRW\F]•FHORNDOL]DFMLEDOLVQDOLQLDFK
Z\SRVD›RQ\FKZV\VWHP(7&63U]HSURZDG]RQRDQDOL]ÆOLWHUDWXURZ•RUD]VIRUPXRZDQRSUREOHP
]DOH›QRyFLSU]HSXVWRZRyFLOLQLLRGUR]PLHV]F]HQLDEDOLV=DSURSRQRZDQRWDN›HPHWRGÆV\PXODF\M
Q\FKEDGDÍNRPSXWHURZ\FKNWÏUHSR]ZRO•RNUHyOLÂRSW\PDOQHUR]PLHV]F]DQLDEDOLVGOD]DGDQHM
OLQLLNROHMRZHM
6RZDNOXF]RZHUXFKNROHMRZ\SU]HSXVWRZRyÂVWHURZDQLHV\VWHP(7&6EDOLVDWUDQV
SRQGHU
:SURZDG]HQLH
:SURZDG]HQLH(XURSHMVNLHJR6\VWHPX=DU]•G]DQLD5XFKHP.ROHMRZ\PDQJ
(XURSHDQ5DLOZD\7UDIILF0DQDJHPHQW6\VWHP(5706QDSROVNLFKOLQLDFKNROHMR
Z\FKUHJXORZDQHMHVWQRZHOL]DFM•XVWDZ\RWUDQVSRUFLHNROHMRZ\P']8]
QU SR] 1RZHOL]DFMD WD ZSURZDG]D RERZL•]HN ZGUR›HQLD V\VWHPX
(5706QDQRZREXGRZDQ\FKLPRGHUQL]RZDQ\FKOLQLDFKNROHMRZ\FK:SURZD
G]HQLH (5706 ]ZL•]DQH MHVW ] SRWHQFMDOQ\P SRGZ\›V]HQLHP SUÆGNRyFL PDNV\
PDOQHMDOHUÏZQLH›]NRQLHF]QRyFL•XVWDOHQLDQRZ\FK]DR›HÍUXFKRZ\FKGODOLQLL
,VWRWQ\PVWDMHVLÆ]DWHPGREÏUZDyFLZHMGXJRyFLRGVWÆSÏZEORNRZ\FKZFHOX
]DSHZQLHQLDEH]SLHF]HÍVWZDRUD]RGSRZLHGQLHMSU]HSXVWRZRyFLLS\QQRyFLUXFKX
: UDPDFK V\VWHPX (5706 ]DGDQLD L IXQNFMH VWHURZDQLD REHMPXMH V\VWHP
(7&6DQJ(XURSHDQ7UDLQ&RQWURO6\VWHPF]\OL(XURSHMVNL6\VWHP6WHURZDQLD3R
FL•JLHP'RSRGVWDZRZ\FK]DGDÍ(7&6QDOH›•
x SUHF\]\MQH RNUHyOHQLH JUDQLF ]H]ZROHQLD QD MD]GÆ SU]\ ]DGDQHM SUÆGNRyFL
JHQHURZDQHZRSDUFLXRLQIRUPDFMHVWDF\MQ\FKLOLQLRZ\FKV\VWHPÏZVWHUR
ZDQLD
x EH]SLHF]QDNRQWURODMD]G\SRFL•JÏZ]]DVWRVRZDQLHPZ\SRVD›HQLDSRND
GRZHJRQDG]RUXM•FHJRF]XZDQLHLUHDNFMÆPDV]\QLVW\
:NáDGDXWRUyZZSXEOLNDFMĊ,OF]XN3=DEáRFNL:
,OF]XN3=DERFNL:
122
x ]XQLILNRZDQDSXQNWRZDLF\IURZDWUDQVPLVMDWRUtSRMD]G]]DVWRVRZDQLHP
EDOLV
x SRGQLHVLHQLH SUÆGNRyFL RUD] SU]HSXVWRZRyFL G]LÆNL SUHF\]\MQ\P LQIRUPD
FMRP ]H]ZROHQLD QD MD]GÆ RUD] UHDOL]RZDQHM ]DVDG]LH EH]SLHF]QHM NRQWUROL
MD]G\
6\VWHP (7&6 ]H Z]JOÆGX QD ]DNUHV IXQNFML VWHURZDQLD Z\VWÆSXMH Z WU]HFK
UR]ZL•]DQLDFK WHFKQLF]Q\FK (7&6 SR]LRPX ]ZDQ\ GDOHM (7&6 RSDUW\ MHVW
R WHFKQRORJLÆ dQDNDGDQLDr QD LVWQLHM•FH QDURGRZH V\VWHP\ VWHURZDQLD UXFKHP
=H]ZROHQLHQDZMD]GQDRGVWÆSEORNRZ\Z\GDZDQHMHVW]DSRyUHGQLFWZHPEDOLV
]DyNRQWURODFL•JRyFLVNDGXLORNDOL]DFMDSRFL•JXRSDUWDMHVWQDNRQWURORZDQ\FK
RGFLQNDFKWRURZ\FKQSNODV\F]QHREZRG\WRURZHXNDG\OLF]QLNRZHLLQQHUR]
ZL•]DQLD6\VWHP(7&6PR›H]DZLHUDÂGRGDWNRZHEDOLV\]ZDQHEDOLVDPLXDNWX
DOQLDM•F\PLWZRU]•FZHUVMÆ(7&6D6\VWHP(7&6SR]LRPX(7&6Z\PDJD
Z\SRVD›HQLD OLQLL Z EDOLV\ RUD] UDGLRZH FHQWUD VWHURZDQLD (7&6 SR]ZDOD QD
UH]\JQDFMÆ]V\JQDOL]DFMLSU]\WRURZHMDOH]DFKRZXMHGRW\FKF]DVRZHLVWQLHM•FHRG
VWÆS\EORNRZH=H]ZROHQLHQDMD]GÆMHVWWUDQVPLWRZDQH]DSRyUHGQLFWZHP*60
5]DySUHF\]\MQDORNDOL]DFMDVNDGXRGE\ZDVLÆ]DSRyUHGQLFWZHPEDOLV6\VWHP
(7&6SR]LRPX(7&6UHDOL]XMHIXQNFMHVWHURZDQLH]]DVWRVRZDQLHPUXFKRPH
JRRGVWÆSXEORNRZHJR
3RGVWDZRZ\PXU]•G]HQLHP]DSHZQLDM•F\PSXQNWRZ•LF\IURZ•WUDQVPLVMÆGD
Q\FKZV\VWHPLH(7&6QLH]DOH›QLHRGZHUVMLV\VWHPXMHVWEDOLVD%DOLVDMHVWURG]D
MHPWUDQVSRQGHUD]DVLODQHJRZ\NRU]\VWXM•F\P]MDZLVNRVSU]ƛHQLDLQGXNF\MQHJR
]HIHNWHPWHOHSRZHULQJX:V\VWHPLH(7&6VWRVXMHVLÆUR]ZL•]DQLH]DZLHUDM•FH
GZLH EDOLV\ RGSRZLHGQLR EDOLVÆ QLHSU]H•F]DOQ• SU]HND]XM•F• VWDH LQIRUPDFMH
LEDOLVÆSU]H•F]DOQ•SU]HND]XM•F•]PLHQQHLQIRUPDFMH%DOLVDVWDDSU]HND]XMHP
LQ LQIRUPDFMH R ZVSϏU]ÆGQ\FK VZRMHJR SRR›HQLD RUD] R RGOHJRyFL GR NROHMQHM
EDOLV\%DOLVDSU]H•F]DOQDSRSU]H]NRGHUSRZL•]DQDMHVW]V\JQDOL]DWRUHPSU]\WR
URZ\PLSU]HND]XMH]H]ZROHQLHQDMD]GÆ]DOH›QLHRGZVND]DQLDV\JQDOL]DWRUD&H
OHPQLQLHMV]HMSXEOLNDFMLMHVWSUH]HQWDFMDSUREOHPDW\NLORNDOL]DFMLEDOLVZV\VWHPLH
(7&6
3UREOHP\ORNDOL]DFMLEDOLV6IRUPXRZDQLHSUREOHPX
:SU]\SDGNXWUDQVSRUWXNROHMRZHJRZ3ROVFHSU]\NDGHPZGUD›DQLDV\VWHPX
(7&6MHVW&HQWUDOQD0DJLVWUDOD.ROHMRZD&0.:GUD›DQ\V\VWHP(7&6MHVW
V\VWHPHP W]Z RJUDQLF]RQHJR QDG]RUX DQJ /LPLWHG 6XSHUYLVLRQ 2]QDF]D WR L›
EDOLV\ UR]PLHV]F]DQH V• QDMF]ÆyFLHM Z yFLV\P V•VLHG]WZLH XU]•G]HÍ VUN EH] ]D
VWRVRZDQLDW]ZEDOLVXDNWXDOQLDM•F\FK3U]\V\JQDOL]DWRUDFKyZLHWOQ\FKZMD]GR
Z\FK Z\MD]GRZ\FK L GURJRZVND]RZ\FK EDOLVD QLHSU]H•F]DQD XPLHV]F]DQD MHVW
ZRGOHJRyFLPSU]HGV\JQDOL]DWRUHPSU]H•F]DOQDZRGOHJRyFLP:Z\
M•WNRZ\FK SU]\SDGNDFK EDOLVD SU]H•F]DOQD PR›H E\ XPLHV]F]RQD Z RGOHJRyFL
QLHPQLHMV]HMQL›PSU]HGV\JQDOL]DWRUHP:SU]\SDGNXOLQLLZ\SRVD›RQ\FK
.21&(3&-$0(72'</2.$/,=$&-,%$/,61$/,1,$&+:<326$‹21<&+:6<67(0(7&6
123
ZXU]•G]HQLDEORNDG\VDPRF]\QQHMJG\RGOHJRyÂPLÆG]\GZRPDQDVWÆSXM•F\PL
SR VRELH V\JQDOL]DWRUDPL GURJRZVND]RZ\PL SU]HNUDF]D P XPLHV]F]D VLÆ
PLÆG]\QLPLEDOLV\SRWZLHUG]DM•FHORNDOL]DFMÆDQJUHORFDWLQJ>@=NROHLPLQL
PDOQDRGOHJRyÂPLÆG]\NROHMQ\PLVHPDIRUDPLSRZLQQDE\ÂZLÆNV]DOXEUÏZQD
GXJRyFLGURJLKDPRZDQLD
:SU]\SDGNXSU]HMD]GÏZNROHMRZRGURJRZ\FKNDWHJRULL$%&JUXSDEDOLV
SRZL•]DQD MHVW ] WDUF]• RVWU]HJDZF]• SU]HMD]GRZ• 723 LQIRUPXM•F• R VWDQLH
SU]HMD]GX L HZHQWXDOQ\P ZSURZDG]HQLX RJUDQLF]HQLD SUÆGNRyFL .ROHMQD JUXSD
EDOLVXPLHV]F]DQDMHVWZSXQNFLHZ\MD]GX]REV]DUXSU]HMD]GX>@'RSXV]F]DVLÆ
WDN›H XPLHV]F]DQLH SRMHG\QF]\FK EDOLV Z UR]MH|G]LH Z VWUHILH ]ZURWQLFRZHM QD
Z\VRNRyFLXNUHVXRUD]SU]\ZVND|QLNXR]QDF]DM•F\PJUDQLFÆREV]DUXPDQHZUR
ZDQLD>@
:SURZDG]DM•FF]DVRZHRJUDQLF]HQLDSUÆGNRyFLEDOLV\SU]H•F]DOQHXPLHV]F]D
VLÆZRGOHJRyFLQLHPQLHMV]HMQL›GURJDKDPRZDQLDGODRERZL•]XM•FHMSUÆGNRyFL
PDNV\PDOQHMRUD]NODV\WDERUXSRUXV]DM•FHJRVLÆSROLQLL'XJRyFLGUÏJKDPRZD
QLDMDNLHSU]\MPXMHVLÆZSURMHNWRZDQLXXU]•G]HÍVUNRSXEOLNRZDQRPLQZ>
L@=HVWDZLHQLHW\FKGXJRyFLSU]HGVWDZLDWDEZDUWRyFLWHRGQRV]•VLÆGR
]HURZHJRSRFK\OHQLDWRUX
7DEHOD'URJLKDPRZDQLDSU]\MÆWHGRSURMHNWRZDQLDXU]•G]HÍVUN
3UĊGNRĞü>NPK@
'URJDKDPRZDQLD>P@
2184
2683
nUÏGRRSUDFRZDQLHZDVQHQDSRGVWDZLH>@
%DGDQLDZS\ZXORNDOL]DFMLEDOLVQDSU]HSXVWRZRyÂ]RVWD\RSLVDQHPLÆG]\LQ
Q\PL Z >@ 3U]HSURZDG]RQR DQDOL]Æ ZS\ZX UR]PLHV]F]HQLD JUXS\ EDOLV SU]\
V\JQDOL]DWRU]HRUD]MHGQHMEDOLV\XDNWXDOQLDM•FHMZRGOHJRyFLPRGV\JQDOL]D
WRUD$QDOL]DWDZ\ND]DDZVWRVXQNXGROLQLLZ\SRVD›RQ\FKZV\VWHP(7&6EH]
XDNWXDOQLHQLDGODOLQLLGX›\FKSUÆGNRyFLZ]URVWSU]HSXVWRZRyFLRDGODOLQLL
NRQZHQFMRQDOQ\FKR$QDOL]DQLHE\DSURZDG]RQDGODOLQLLUHJLRQDOQ\FK
1LHZVND]DQRWH›X]DVDGQLHQLDORNDOL]DFMLEDOLV\XDNWXDOQLDM•FHM
: SUDFDFK > @ ]DOHFD VLÆ DE\ EDOLV\ XDNWXDOQLDM•FH LQVWDORZD SU]HG OXE
ZSXQNFLHLQLFMDFMLKDPRZDQLD,3DQJ,QGLFDWLRQ3RLQW3XQNWWHQZ\]QDF]DSR
F]•WHNSURFHVXKDPRZDQLDSRPLQLÆFLXNWÏUHJRLQWHUIHMVPDV]\QLVW\]PLHQLDNR
ORU]]LHORQHJRQD›ÏW\1LHVWHW\SXQNWWHQGODND›GHJRSRFL•JXWMRUϛQ\FK
FKDUDNWHU\VW\NDFKWUDNF\MQ\FK]ORNDOL]RZDQ\MHVWZLQQ\PPLHMVFX3UREOHPWHQ
VWDMHVLÆLVWRWQ\JG\OLQLDEÆG]LHREVXJLZDÂUXFKPLHV]DQ\:SU]\SDGNXUXFKX
,OF]XN3=DERFNL:
124
SRFL•JÏZMHGQRURGQ\FKEDOLV\XDNWXDOQLDM•FHSRZLQQ\E\ÂXPLHV]F]DQHZSXQN
FLHLQLFMDFMLKDPRZDQLD
:SUDF\>@RSLVDQREDGDQLDSU]HSXVWRZRyFLGODRNUÆJÏZVWDF\MQ\FKZ0R
QDFKLXPRUD]Z%HUQ3U]HSURZDG]RQRDQDOL]ÆSU]HSXVWRZRyFLGODQDVWÆSXM•F\FK
ZDULDQWÏZUR]PLHV]F]HQLDEDOLV(7&6
$ MHGQDEDOLVDXDNWXDOQLDM•FDXPLHV]F]RQDZSXQNFLHLQLFMDFMLKDPRZDQLD
,3GODQDMJRU]HMKDPXM•FHJRSRFL•JX
% GZLHEDOLV\XDNWXDOQLDM•FHMHGQDXPLHV]F]RQDZRGOHJRyFLQDMGDOV]HJR
,3GUXJDZRGOHJRyFLEÆG•FHMyUHGQL•]HZV]\VWNLFKRGOHJRyFL,3
& GZLHEDOLV\XDNWXDOQLDM•FHMHGQDXPLHV]F]RQDZRGOHJRyFLQDMGDOV]HJR
,3GUXJDZRGOHJRyFLEÆG•FHMyUHGQL•]HZV]\VWNLFKRGOHJRyFL,3
' GZLHEDOLV\XDNWXDOQLDM•FHMHGQDXPLHV]F]RQDZRGOHJRyFLQDMGDOV]HJR
,3GUXJDZRGOHJRyFLEÆG•FHMyUHGQL•]HZV]\VWNLFKRGOHJRyFL,3'RGDW
NRZR]RSW\PDOL]RZDQRGXJRyFLRGVWÆSÏZEORNRZ\FKRUD]Z\SRVD›RQR
ZGXJLHSÆWODXDNWXDOQLDM•FHtNP
( GZLHEDOLV\XDNWXDOQLDM•FHMHGQDXPLHV]F]RQDZRGOHJRyFLQDMGDOV]HJR
,3GUXJDZRGOHJRyFLEÆG•FHMyUHGQL•]HZV]\VWNLFKRGOHJRyFL,3'RGDW
NRZR]RSW\PDOL]RZDQRGXJRyFLRGVWÆSÏZEORNRZ\FKRUD]Z\SRVD›RQR
ZUDGLRZHXDNWXDOQLHQLH
) (7&6]RJUDQLF]RQ\PQDG]RUHP
:SU]\SDGNDFK$%'L(QLHVWRVRZDQRVDPRF]\QQHJRKDPRZDQLDVX›ER
ZHJR6%,
'R DQDOL]\ SU]HSXVWRZRyFL ]DVWRVRZDQR RSURJUDPRZDQLH /8.$6 3URJUDP
WHQZ\OLF]DNU]\ZHKDPRZDQLDZHGXJPHWRG\RSLVDQHMZ>@:\QLNLSU]HGVWD
ZLRQRZWDE=DSXQNWRGQLHVLHQLDSU]\MÆWRSU]HSXVWRZRyÂRWU]\PDQ•]ZD
ULDQWX$
7DEHOD'URJLKDPRZDQLDSU]\MÆWHGRSURMHNWRZDQLDXU]•G]HÍVUN
:DULDQW
UR]PLHV]F]HQLDEDOLV
A
B
C
D
E
F
3U]HSXVWRZRĞüRNUĊJXVWDF\MQHJR
0QFKHQ+EI>@
3U]HSXVWRZRĞüRNUĊJXVWDF\MQHJR
%HUQ+%>@
nUÏGRRSUDFRZDQLHZDVQHQDSRGVWDZLH>@
3U]HGVWDZLRQHZ\QLNLEDGDÍWDELWDEX]DVDGQLDM•NRQLHF]QRyÂLQG\
ZLGXDOQHMDQDOL]\UR]PLHV]F]HQLDEDOLVGODND›GHMOLQLL1LHZVND]DQRXQLZHUVDOQHM
ORNDOL]DFMLEDOLVXDNWXDOQLDM•F\FK:V\PXODFMDFKQLHXZ]JOÆGQLRQRIXQNFMRQRZD
QLDNODV\F]Q\FKXU]•G]HÍVUN=DWHPSUREOHPSRV]XNLZDQLDPHWRG\SR]ZDODM•FHM
QDGREÏUUR]PLHV]F]HQLDEDOLVZFHOXRVL•JQLÆFLD]DR›RQHMSU]HSXVWRZRyFLVWDMH
VLÆ MDN QDMEDUG]LHM DNWXDOQ\ 3UREOHP WHQ PR›H ]RVWD WDN›H VIRUPXRZDQ\ QD
2
Leistungsuntersuchung Knoten und StreckenRSUDFRZDQHZ,QVW\WXFLH7UDQVSRUWX8QLZHUV\WHWXZ$DFKHQ
.21&(3&-$0(72'</2.$/,=$&-,%$/,61$/,1,$&+:<326$‹21<&+:6<67(0(7&6
125
VWÆSXM•FRMDNDORNDOL]DFMDEDOLVXDNWXDOQLDM•F\FKXPR›OLZLX]\VNDQLHQDMZLÆNV]HM
SU]HSXVWRZRyFLMDNUÏZQLH›MDNDMHVWGRSXV]F]DOQDWROHUDQFMDZVSϏU]ÆGQ\FKOR
NDOL]DFMLEDOLV".ROHMQHUR]ZLQLÆFLDSUREOHPXEDGDZF]HJRPR›QDVIRUPXRZDÂQD
VWÆSXM•FR&]\V]W\ZQHUR]PLHV]F]HQLHEDOLV]DSHZQLDRSW\PDOQ•SU]HSXVWRZRyÂ
GURJL NROHMRZHM ] XZDJL QD WHFKQLF]QH PR›OLZRyFL WHM GURJL" -DN XVWDOL ZVSϏ
U]ÆGQHEDOLVJG\QDV]ODNXSXQNWORNDOL]DFMLEDOLV\]QDMGXMHVLÆQDXNXOXEWH›
dZFKRG]LrZNROL]MÆ]LQQ\PLXU]•G]HQLDPLWRURZ\PLLWUDNF\MQ\PL"-DN]PLHQL
VLÆ SU]HSXVWRZRy OLQLL SR ]DVWRVRZDQLX GRGDWNRZ\FK EDOLV XDNWXDOQLDM•F\FK QD
OLQLL](7&6D"
.RQFHSFMDPHWRG\
'RZ\]QDF]HQLDORNDOL]DFMLEDOLVQDOLQLLZ\SRVD›RQHMZV\VWHP(7&6]D
SURSRQRZDQRPHWRGÆV\PXODFMLNRPSXWHURZHM0RGHOV\PXODF\MQ\MHVW]R›H
QLHPQDVWÆSXM•F\FKPRGHOLF]•VWNRZ\FKRGZ]RURZXM•F\FK
x OLQLÆ NROHMRZ• VWDQRZL•F• XSRU]•GNRZDQ\ ]ELÏU RGFLQNÏZ EORNRZ\FK
RRNUHyORQ\FKGXJRyFLDFKGRSXV]F]DOQ\FKSUÆGNRyFLDFKSRFK\OHQLDFK]D
VWÆSF]\FKLXNDFK
x SRFL•JMDNREU\ÆV]W\ZQ•RRNUHyORQHMGXJRyFLLPDVLH
x UXFKSRFL•JXSRFL•JÏZQDV]ODNXQDSRGVWDZLHFKDUDNWHU\VW\NWUDNF\M
Q\FKtNU]\ZHSU]\VSLHV]DQLDLKDPRZDQLD
x RUJDQL]DFMÆ UXFKX SRFL•JÏZ XZ]JOÆGQLDM•F• UHSUH]HQWDW\ZQH W\S\ SRFL•
JÏZRUϛQ\FKNU]\Z\FKSU]\VSLHV]DQLDLKDPRZDQLDGODND›GHJR]]DGD
Q\FKW\SÏZ
'RNRQDQD]RVWDQLHWDN›HDQDOL]DSU]\SDGNÏZZNWÏU\PQDWHMVDPHMOLQLLSR
UXV]DM•VLÆSRFL•JLZ\SRVD›RQHLQLHZ\SRVD›RQHZV\VWHP(7&6
3RGVWDZRZ\PQDU]ÆG]LHPNWÏUH]DVWRVRZDQRGRRSUDFRZDQLDPRGHOXMHVW]R
ULHQWRZDQH SUREOHPRZR yURGRZLVNR 0$7/$% 3U]HGVWDZLRQD PHWRGD SR]ZROL
QDZ\]QDF]HQLHZS\ZXORNDOL]DFMLEDOLVQDSU]HSXVWRZRyÂMDNUÏZQLH›ZS\ZX
SUÆGNRyFLPDNV\PDOQHMRUD]VSRVREXSURZDG]HQLDSRFL•JXQDSU]HSXVWRZRyÂGOD
UϛQ\FKZDULDQWÏZUR]PLHV]F]HQLDEDOLV]JRGQLH]HVIRUPXRZDQ\PLZUR]G]LDOH
SUREOHPDPLEDGDZF]\PL
-DNR SXQNW Z\MyFLRZ\ GR EDGDÍ V\PXODF\MQ\FK SU]\MPXMH VLÆ ›H GOD OLQLL
Z\SRVD›RQHMZV\VWHP(7&6]RVWDQ•UR]PLHV]F]RQHGZXHOHPHQWRZHJUXS\EDOLV
]DSHZQLDM•FHEH]SLHF]QHSURZDG]HQLHUXFKXSU]\QDMZLÆNV]HM]DR›RQHMSUÆGNRyFL
1DVWÆSQLH Z SLHUZV]HM NROHMQRyFL ]RVWDQLH Z\]QDF]RQD SU]HSXVWRZRy OLQLL GOD
RNUHyORQHJR MHGQRURGQHJR UXFKX SRFL•JÏZ R ]DGDQ\FK FKDUDNWHU\VW\NDFK WUDN
F\MQ\FK:GDOV]HMNROHMQRyFL]RVWDQ•Z\]QDF]RQHZDUWRyFLSU]HSXVWRZRyFLSU]\
PLHV]DQ\PUXFKXSRFL•JÏZ2GUÆEQ\P]DJDGQLHQLHPEÆG•EDGDQLDSU]HSXVWRZR
yFLSU]\UR]PLHV]F]HQLXEDOLVLVHPDIRUÏZRGSRZLDGDM•F\PZLÆNV]\PSUÆGNRyFLRP
QL›SUÆGNRyÂGRSXV]F]DOQD3URJUDPEDGDÍV\PXODF\MQ\FKREHMPLHWDN›HEDGDQLD
SU]HSXVWRZRyFLGODOLQLLZ\SRVD›RQHMZV\VWHP(7&6DWM]EDOLVDPLXDNWXDOQLD
126
,OF]XN3=DERFNL:
M•F\PL&HOHPW\FKEDGDÍEÆG]LHSRV]XNLZDQLHSRR›HQLDEDOLVXDNWXDOQLDM•F\FK
]DSHZQLDM•F\FKX]\VNDQLHSU]HSXVWRZRyFLZ\›V]HMQL›SU]HSXVWRZRyÂSU]\]DVWR
VRZDQLXV\VWHPX(7&6
2JÏOQ\ DOJRU\WP ZHGXJ NWÏUHJR EÆG• UHDOL]RZDQH EDGDQLD V\PXODF\MQH
SU]HGVWDZLD U\V $QDOL]D Z\QLNÏZ EDGDÍ SR]ZROL RNUHyOLÂ SXQNW\ ORNDOL]DFML
EDOLV3RV]XNLZDQLDVXERSW\PDOQHJRUR]PLHV]F]HQLDEDOLVXDNWXDOQLDM•F\FKUR]SR
F]\QDVLÆRGSU]\JRWRZDQLD]ELRUXGXJRyFLGUÏJKDPRZDQLDUHSUH]HQWDW\ZQ\FK
GODGDQHMNODV\WDERUXLSUÆGNRyFLGRSXV]F]DOQHMQDOLQLL
5\V$OJRU\WPSRV]XNLZDQLDVXERSW\PDOQHJRUR]PLHV]F]HQLDEDOLV
:\]QDF]HQLH GXJRyFL GURJL KDPRZDQLD RSLHUD VLÆ QD Z\W\F]Q\FK (XURSHMVNLHM
$JHQFML.ROHMRZHM:\W\F]QHWHXZ]JOÆGQLDM•QDVWÆSXM•FHSXQNW\FKDUDNWHU\VW\F]QH
, ZVND]DQLHDQJ,QGLFDWLRQR]QDF]DSXQNWV\JQDOL]XM•F\PDV]\QLyFLH]EOL
›DQLHVLÆGRSUÆGNRyFLGRSXV]F]DOQHM3R]RVWDZLDPDV]\QLyFLHZ\VWDUF]DM•
F\]DSDVF]DVXDE\VWRVXM•FKDPRZDQLHVX›ERZHQLH]RVWDDSU]HNURF]R
QDSUÆGNRyÂGRSXV]F]DOQD%H]ZVND]DQLDSXQNWX,QLHE\RE\PR›OLZH
SU]HMyFLHRGPDNV\PDOQHMSUÆGNRyFLGRSXV]F]DOQHMGRSUÆGNRyFLGRFHOR
ZHMEH]SU]HNUDF]DQLDSUÆGNRyFLGRSXV]F]DOQHM
3t SUÆGNRyÂGRSXV]F]DOQDDQJ3HUPLWWHG6SHHUR]QDF]DZDUWRyÂSUÆGNRyFL
SRSU]HNURF]HQLXNWÏUHMPDV]\QLVWDPDGRyÂF]DVXDE\VWRVXM•FKDPRZD
QLHVX›ERZHQLH]RVWDDSU]HNURF]RQDSUÆGNRyÂNLHG\SRNDGRZ\V\VWHP
(7&6SU]HMPLHNRQWUROÆQDXNDGHPKDPXOFRZ\P
.21&(3&-$0(72'</2.$/,=$&-,%$/,61$/,1,$&+:<326$‹21<&+:6<67(0(7&6
127
:tRVWU]H›HQLHDQJ:DUQLQJSXQNWSRSU]HNURF]HQLXNWÏUHJRQDGDZDQH
MHVWRVWU]H›HQLHG|ZLÆNRZHRSU]HNURF]HQLXSUÆGNRyFLGRSXV]F]DOQHM
6%,tLQWHUZHQFMDKDPXOFDVX›ERZHJRDQJ6HUYLFH%UDNH,QWHUYHQWLRQZDUWRyÂ
SUÆGNRyFLLVWRWQDZSU]\SDGNXJG\NRPSXWHUSRNDGRZ\SRVLDGDPR›
OLZRyÂVWHURZDQLDKDPXOFHPVX›ERZ\P-HVWWRSXQNWNLHG\]DG]LDDQLH
KDPXOFHPVX›ERZ\PXZ]JOÆGQLDM•FF]DVSRWU]HEQ\QDX]\VNDQLHPDN
V\PDOQHMVSUDZQRyFL]DSRELHJQLHNRQLHF]QRyFLX›\FLDKDPXOFDDZDU\MQH
JR6WRVRZDQLHSXQNWX6%,MHVWIDNXOWDW\ZQHL]DSRELHJD]E\WF]ÆVWHPX
X›\ZDQLXKDPXOFDDZDU\MQHJR
(%, t LQWHUZHQFMD KDPXOFHP DZDU\MQ\P DQJ (PHUJHQF\ %UDNH ,QWHUYHQWLRQ
SXQNWSRSU]HNURF]HQLXNWÏUHJRNRPSXWHUSRNDGRZ\(7&6SU]HMPXMH
NRQWUROÆQDGXNDGHPKDPXOFRZ\P]D•F]DM•FKDPRZDQLHDZDU\MQH
(%'NU]\ZDKDPRZDQLDDZDU\MQHJRDQJ(PHUJHQF\%UDNH'HFHOHUDWLRQ&XUYH
RGZ]RURZXMH]PLDQÆSUÆGNRyFLZIXQNFMLGURJLSRGZS\ZHPKDPRZD
QLDDZDU\MQHJR
3URFHV KDPRZDQLD SRFL•JX ] SRMD]GHP WUDNF\MQ\P Z\SRVD›RQ\P Z V\VWHP
(7&6]RVWDSU]HGVWDZLRQ\QDU\V5\VXQHNZVND]XMHWDN›HFKDUDNWHU\VW\F]QH
ZDUWRyFLSUÆGNRyFLWMV]F]HJÏOQHSXQNW\FKDUDNWHU\VW\NKDPRZDQLD
5\V&KDUDNWHU\VW\F]QHSXQNW\ZSURFHVLHKDPRZDQLDSRFL•JXZ\SRVD›RQHJRZV\VWHP(7&6
:\]QDF]HQLHSRR›HQLDSRZ\›V]\FKFKDUDNWHU\VW\F]Q\FKSXQNWÏZZ]JOÆGHP
NRÍFD]H]ZROHQLDQDMD]GÆDQJHQGRIDXWKRULW\RGE\ZDVLÆ]DSRPRF•
128
,OF]XN3=DERFNL:
JG]LH
VtGURJDKDPRZDQLD>P@
YPD[tSUÆGNRyÂSRF]•WNRZD>PV@
ĮtZVSϏF]\QQLNQLHGRNDGQRyFLDOIDSRPLDUXSUÆGNRyFL
DȜQ t RSÏ|QLHQLH ]DOH›QH RG ȜWHM PDV\ KDPXM•FHM RUD] QWHJR SU]HG]LDX
SUÆGNRyFL
YYtZDUWRyFLSU]HG]LDX]PLDQ\]PQLHMV]DQLDSUÆGNRyFLRGYGRY
Nt]LQWHJURZDQ\ZVSϏF]\QQLNNRUHNF\MQ\GXJRyFLSRFL•JX
Nt]LQWHJURZDQ\ZVSϏF]\QQLNNRUHNF\MQ\SUÆGNRyFLSRFL•JX
Nt]LQWHJURZDQ\ZVSϏF]\QQLNNRUHNF\MQ\F]DVXZGUD›DQLDKDPRZDQLDQD
JHJR
7/tF]DVZGUD›DQLDKDPRZDQLDQDJHJRGOD/WHMGXJRyFLSRFL•JX
7tF]DVSRSU]HG]DM•F\ZGUR›HQLHKDPRZDQLDQDJHJRZ\]QDF]DM•F\SXQNW
:
7F]DVSRSU]HG]DM•F\ZGUR›HQLHKDPRZDQLDQDJHJRZ\]QDF]DM•F\SXQNW3
7F]DV]EOL›DQLDGRSXQNWX3Z\]QDF]DM•F\SXQNW,
3RV]XNLZDQLHRSW\PDOQHJRUR]PLHV]F]HQLDEDOLVXDNWXDOQLDM•F\FKUR]SRF]\QD
VLÆRG]ORNDOL]RZDQLDEDOLVZRGOHJRyFLQDMGX›V]HMOXEQDMNUÏWV]HMGURJLKDPRZD
QLD:DUWRWDN›HUR]ZD›\ÂRGOHJRyÂZLGRF]QRyFLVHPDIRUD'•›•FGR]ZLÆNV]HQLD
SU]HSXVWRZRyFLQDOH›\WDN›HGRGDWNRZR]PQLHMV]\ÂGXJRyFLRGVWÆSÏZEORNRZ\FK
3U]\Z\OLF]DQLXSU]HSXVWRZRyFLDXWRU]\DUW\NXXSURSRQXM•]DVWRVRZDQLHPR
G\ILNDFMLPHWRG\SU]HGVWDZLRQHMZNDUFLH8,&>@.DUWD8,&ZSURZD
G]DW]ZdPLÆNN•rGHILQLFMÆSU]HSXVWRZRyFL3U]HSXVWRZRyÂMHVWVXP•SU]HMD]GÏZ
SRFL•JRZ\FKPR›OLZ\FKGR]UHDOL]RZDQLDZ]DR›RQ\PF]DVLHZRNUHyORQ\PIUDJ
PHQFLHVLHFLNROHMRZHMXZ]JOÆGQLDM•F•RERZL•]XM•FHUR]NDG\MD]G\RUD]Z\PD
JDQLDUXFKRZH]DU]•GF\LQIUDVWUXNWXU\0HWRGDSU]HGVWDZLRQDZNDUFLH8,&
RSDUWDMHVWREORNRZHVHNZHQFMHF]DVRZH.D›GHPX]SRFL•JÏZLND›GHPXRGFLQ
NRZLEORNRZHPXZUR]SDWU\ZDQ\PUR]NDG]LHMD]G\SU]\SRU]•GNRZXMHVLÆW]Z
dEORNF]DVRZ\rQDNWÏU\VNDGDM•VLÆSU]HG]LD\F]DVÏZ
IRUPRZDQLDLXWZLHUG]HQLDSU]HELHJX
UHDNFMLPDV]\QLVW\
SU]HMD]GXRGFLQNDRG]DXZD›HQLDV\JQDXGRQDMEOL›V]HJRV\JQDOL]DWRUD
SU]HMD]GXRGFLQNDPLHG]\GZRPDVHPDIRUDPL
RSXV]F]HQLDRGFLQNDEORNRZHJRSU]H]SRFL•JLUR]ZL•]DQLDSU]HELHJX
: SU]\SDGNX EDGDQLD SU]HSXVWRZRyFL OLQLL Z\SRVD›RQ\FK Z V\VWHP (7&6
QDOH›\ XZ]JOÆGQL ›H F]DV UHDNFML PDV]\QLVW\ MHVW ]DZDUW\ Z NU]\ZHM KDPRZD
QLD]DWHPQLHVWDQRZLRQVNDGRZHMF]DVXEORNRZDQLD.RQLHF]QHMHVWQDWRPLDVW
XZ]JOÆGQLHQLH]ZRNLQDWUDQVPLVMÆ]EDOLV\GRSRMD]GX3RZVWDHEORNLF]DVRZH
XNDGDVLÆWDNE\]PDNV\PDOL]RZDÂZ\NRU]\VWDQLHSU]HSXVWRZRyFLOLQLL:WHQ
VSRVÏEGODEDGDQHMOLQLLRWU]\PXMHVLÆPLQLPDOQ\WHRUHW\F]Q\F]DV]DMÆWRyFLOLQLL
F]DV]DSDVXWHFKQLF]QHJRRUD]F]DVQLHZ\NRU]\VWDQ\:RSUDFRZ\ZDQHMPHWRG]LH
V\PXODFMLNRPSXWHURZHMSU]HMD]G\UR]NDGRZ\FK]RVWDQ•]DVW•SLRQHSU]HMD]GDPL
V\PXORZDQ\PL
.21&(3&-$0(72'</2.$/,=$&-,%$/,61$/,1,$&+:<326$‹21<&+:6<67(0(7&6
129
3U]\NDGRZHZ\QLNLEDGDÍLZQLRVNLNRÍFRZH
3U]\NDGRZH Z\QLNL EDGDÍ V\PXODF\MQ\FK GRW\F]• RGFLQND GZXG]LHVWRNLOR
PHWURZHMOLQLLEH]SRFK\OH͏XNÏZLRJUDQLF]HÍSUÆGNRyFL:RGOHJRyFLNP
RGSRF]•WNXOLQLL]ORNDOL]RZDQRSU]\VWDQHNRVRERZ\RMHGQHMNUDZÆG]LF]\QQHM
=HVWDZLHQLHSDUDPHWUÏZSLÆFLXSRFL•JÏZGODNWÏU\FKSU]HSURZDG]RQRHNVSHU\
PHQW\V\PXODF\MQH]DZLHUDWDE
7DEHOD=HVWDZLHQLHSDUDPHWUÏZSRFL•JÏZ
3RFLąJQU
3URFHQWPDV\KDPRZQHM>@
'áXJRĞü>P@
6SRVyEKDPRZDQLD
vPD[>NPK@
6LáDWUDNF\MQD>N1@
1
2
3
4
ZHGáXJNU]\ZHM3U\V
'RHNVSHU\PHQWÏZSU]\MÆWRQDVWÆSXM•F\FKZDULDQWÏZUR]PLHV]F]HQLDEDOLV
, EDOLV\XPLHV]F]RQHZUÏZQ\FKRGFLQNDFKSU]\VHPDIRUDFKtFRP
,, EDOLV\XPLHV]F]RQHZUÏZQ\FKRGFLQNDFKSU]\VHPDIRUDFKtFRP
,,, EDOLV\XPLHV]F]RQHFRP]GRGDWNRZ\PLEDOLVDPLXDNWXDOQLDM•F\
PL]ORNDOL]RZDQ\PLZRGOHJRyFLPRGVHPDIRUD
,9 EDOLV\XPLHV]F]RQHFRP]GRGDWNRZ\PLEDOLVDPLXDNWXDOQLDM•F\
PL]ORNDOL]RZDQ\PLZRGOHJRyFLZLGRF]QRyFLSURMHNWRZHMtPSU]HG
VHPDIRUHP
9 EDOLV\XPLHV]F]RQHFRP]GRGDWNRZ\PLEDOLVDPLXDNWXDOQLDM•F\
PL]ORNDOL]RZDQ\PLZRGOHJRyFLQDMGX›V]HMGURJLKDPRZDQLDtP
SU]HGVHPDIRUHP
9, EDOLV\XPLHV]F]RQHFRPRUD]PRGHORZDQRSRFL•JLQLHZ\SRVD›RQH
ZV\VWHP(7&6
:Z\QLNXSU]HSURZDG]RQ\FKV\PXODFMLRWU]\PDQRFKDUDNWHU\VW\NLSU]HELHJX
GURJLZIXQNFMLF]DVXNWÏUHSU]HGVWDZLRQRQDU\V
5\V3U]HELHJGURJLZIXQNFMLF]DVXGODZDULDQWX,
,OF]XN3=DERFNL:
130
5\V3U]HELHJGURJLZIXQNFMLF]DVXGODZDULDQWX,,
5\V3U]HELHJGURJLZIXQNFMLF]DVXGODZDULDQWX,,,
5\V3U]HELHJGURJLZIXQNFMLF]DVXGODZDULDQWX,9
.21&(3&-$0(72'</2.$/,=$&-,%$/,61$/,1,$&+:<326$‹21<&+:6<67(0(7&6
131
5\V3U]HELHJGURJLZIXQNFMLF]DVXGODZDULDQWX9
5\V3U]HELHJGURJLZIXQNFMLF]DVXGODZDULDQWX9,
:\OLF]RQ\PLQLPDOQ\WHRUHW\F]Q\F]DV]DMÆWRyFLOLQLLGODND›GHJR]ZDULDQWÏZ
SU]HGVWDZLRQRZWDE
7DEHOD:\QLNLV\PXODFML
'áXJRĞüRGFLQNDUR]PLHV]F]HQLHEDOLV
XDNWXDOQLDMąF\FK>P@
±EUDN(7&6
0LQLPDOQ\WHRUHW\F]Q\F]DV
EORNRZDQLDOLQLL>V@
1443
1416
: EDGDQLDFK SU]\MÆWR SURVW\ RGFLQHN OLQLL RUD] SRFL•JL ] MHGQRURGQHM JUXS\
SRFL•JÏZSDVD›HUVNLFK3U]\MÆFLHWDNLFKZDUXQNÏZV\PXODFMLPLDRQDFHOXZ\HOL
PLQRZDQLH]DNÏFHÍUXFKXSRZRGRZDQ\FKF]\QQLNDPL]HZQÆWU]Q\PL3R]ZROLR
WRQDXZLGRF]QLHQLHZS\ZXORNDOL]DFMLEDOLVQDF]DVEORNRZDQLDOLQLLDFR]DW\P
LG]LHMHMSU]HSXVWRZRyÂ6\PXODFMDZ\ND]DDLVWQLHQLH]DOH›QRyFLPLÆG]\ORNDOL]DFM•
EDOLVXDNWXDOQLDM•F\FKDSU]HSXVWRZRyFL•OLQLL3U]HZLGXMHVLÆL›ZSU]\SDGNXEDU
G]LHM]UϛQLFRZDQHJRXNDGXOLQLLRUD]UXFKXQLHMHGQRURGQHJRZS\ZORNDOL]DFML
,OF]XN3=DERFNL:
132
EDOLVQDSU]HSXVWRZRyÂEÆG]LHVLÆ]ZLÆNV]D-HVWWRLVWRWQ\F]\QQLNSU]\SURMHN
WRZDQLXQRZREXGRZDQ\FKOXEPRGHUQL]RZDQ\FKOLQLLNROHMRZ\FK=DVWRVRZDQLH
RSLVDQHMPHWRG\SR]ZROL]DSURMHNWRZDÂWDN•ORNDOL]DFMÆEDOLVDE\X]\VNDÂQDMOHS
V]HSDUDPHWU\X›\WNRZHOLQLL
/LWHUDWXUD
>@>((,*(@'HVFULSWLRQRIWKHEUDNHFXUYHFDOFXODWLRQ5HI((,*
(5706(YHUVLRQ'
>@,H:7%(:\W\F]QHWHFKQLF]QHEXGRZ\XU]•G]HÍVWHURZDQLDUX
FKHPNROHMRZ\P]GQLD=DU]•G]HQLH=DU]•GX3.33/.6$
QU
>@,QWHUQDWLRQDO8QLRQRI5DLOZD\8,&,QIOXHQFHRIWKH(XURSHDQ7UDLQ
&RQWURO6\VWHP(7&6RQWKHFDSDFLW\RIQRGHVYHU3DULV
>@,UD 7\PF]DVRZD LQVWUXNFMD SURZDG]HQLD UXFKX SRFL•JÏZ ] Z\NRU]\
VWDQLHP V\VWHPX (7&6 SR]LRPX ,UD =D•F]QLN GR ]DU]•G]HQLD 1U
=DU]•GX3.33ROVNLH/LQLH.ROHMRZH6$]GQLDOLSFDU
>@,QWHUQDWLRQDO8QLRQRI5DLOZD\8,&8,&/HDIOHW&DSDFLW\VW(GL
WLRQ
>@,QVWUXNFMD:7%(:\W\F]QHWHFKQLF]QHEXGRZ\XU]•G]HÍVWHURZD
QLDUXFKHPNROHMRZ\PZSU]HGVLÆELRUVWZLH3ROVNLH.ROHMH3DÍVWZRZH
>@,QWURGXFWLRQWR(7&6EUDNLQJFXUYHV5HI(5$B(5706BYHU
(5$(570681,7
>@-H]LRUVNL-3URMHNWUR]PLHV]F]HQLDEDOLVQDOLQLL&0.LPHWRGDLFKSUR
JUDPRZDQLD 3UDFD LQ›\QLHUVND :\G]LD 7UDQVSRUWX 3ROLWHFKQLNL :DU
V]DZVNLHM
>@ 5R]SRU]•G]HQLH0LQLVWUD,QIUDVWUXNWXU\]GQLDOXWHJRU]PLHQLD
M•FH UR]SRU]•G]HQLH Z VSUDZLH RJÏOQ\FK ZDUXQNÏZ SURZDG]HQLD UXFKX
NROHMRZHJRLV\JQDOL]DFML
>@9HUNHKUVZLVVHQVFKDIWOLFKHV ,QVWLWXW t /HKUVWXKO IØU 6FKLHQHQEDKQZHVHQ
XQG9HUNHKUVZLUVWFKDIWGHU5KHLQLVFK:HVWIÀOLVFKHQ7HFKQLVFKHQ+RFK
VFKXOH $DFKHQ ,QWHUQDWLRQDO 8QLRQ RI 5DLOZD\V 8,& (5706 3ODWH
IRUP,QIUDVWUXFWXUH'HSDUWPHQW,QIOXHQFHRI(7&6RQWKHOLQHFDSDFLW\
3DULV
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
2&(1$3$5$0(75¯:'<1$0,&=1<&+
.5$72:1,&2:(*202678.2/(-2:(*2
/XFMDQ-DQDV
GULQ›3ROLWHFKQLND5]HV]RZVND=DNDG'UÏJL0RVWÏZHPDLOOMDQDV#SU]HGXSO
6WUHV]F]HQLH:DUW\NXOH]DSUH]HQWRZDQRZ\QLNLEDGDÍQRZHJRPRVWXNROHMRZHJRNWÏU\
]RVWD]DSURMHNWRZDQ\ZJVWDU\FKSROVNLFKQRUPDNWÏUHJRDQDOL]ÆG\QDPLF]Q•SU]HSURZDG]RQR
]JRGQLH]Z\PDJDQLDPLQRUPHXURSHMVNLFK
6RZDNOXF]RZHPRVWNROHMRZ\SDUDPHWU\G\QDPLF]QHEDGDQLD
:SURZDG]HQLH
:LHOHEXGRZDQ\FKF]\PRGHUQL]RZDQ\FKREHFQLHPRVWÏZ]DSURMHNWRZDQRZJ
VWDU\FKQRUP-DNZLDGRPRZQRUPDFKW\FKZ\PDJDQLDGRW\F]•FHREOLF]HÍG\
QDPLF]Q\FKLZHU\ILNDFMLSUDF\G\QDPLF]QHMPRVWÏZNROHMRZ\FKE\\]QLNRPH
3UDNW\F]QLHRJUDQLF]D\VLÆGRREOLF]HQLDZVSϏF]\QQLNDG\QDPLF]QHJRLSRUÏZQD
QLDJR]HZVSϏF]\QQLNLHPZ\]QDF]RQ\PQDSRGVWDZLHEDGDÍJRWRZHMNRQVWUXN
FML,QQHZ\PDJDQLDVWDZLDM•QRUP\(131>@tRSUÏF]ZVSϏF]\QQLNDG\QD
PLF]QHJRDQDOL]RZDÂQDOH›\PLQF]ÆVWRWOLZRyFLGUJDÍZDVQ\FKLSU]\VSLHV]HQLD
:QLQLHMV]\PDUW\NXOHSU]HGVWDZLRQRZ\QLNLEDGDÍQRZHJRPRVWXNROHMRZHJR
]DSURMHNWRZDQHJRZJVWDU\FKSROVNLFKQRUPNWÏUHJRDQDOL]ÆG\QDPLF]Q•SU]H
SURZDG]RQR]JRGQLH]Z\PDJDQLDPLQRUPHXURSHMVNLFK
2SLVRELHNWX
3U]ÆVD EDGDQHJR PRVWX ]RVWD\ Z\NRQDQH Z URNX Z PLHMVFX VWDUHM
QLWRZDQHM NRQVWUXNFML NUDWRZQLFRZHM .RQVWUXNFMÆ QRyQ• SU]ÆVH VWDQRZL• GZLH
EODFKRZQLFH Z]PRFQLRQH NUDWRZQLFDPL W\SX d:r U\V L SRPRVW Z SRVWDFL
S\W\RUWRWURSRZHM]SRSU]HF]QLFDPL.UDWRZQLFHPDM•SU]HNUÏMVNU]\QNRZ\LV•
VWƛRQHZLDWURZQLFDPL]SRGZÏMQ\FKN•WRZQLNÏZ3RGVWDZRZHSDUDPHWU\PRVWX
V• QDVWÆSXM•FH >@ UR]SLÆWRyFL WHRUHW\F]QH [ P GXJRy HNVSORDWDF\MQD
PV]HURNRyÂNRQVWUXNFMLQRyQHMP“N•WVNRVXRNODVDREFL•›HQLD
NZJQRUP\>@.RQVWUXNFMÆZ\NRQDQR]HVWDOL61/
-DQDV/
134
5\V:LGRNPRVWX]ERNX
3U]ÆVDRSDUWRQDSU]HEXGRZDQ\FKLZ]PRFQLRQ\FKSRGSRUDFKVWDUHJRPRVWX
]DSRyUHGQLFWZHPR›\VNW\SXJDUQNRZHJR3RGSRU\VNUDMQHRELHNWXWRPDV\ZQH
SU]\F]ϏNL EHWRQRZH QDWRPLDVW SRGSRUÆ SRyUHGQL• VWDQRZL ILODU EHWRQRZ\ SH
QRyFLHQQ\ 3RGSRU\ V• SRVDGRZLRQH EH]SRyUHGQLR QD DZDFK IXQGDPHQWRZ\FK
1DZLHU]FKQLÆ QD RELHNFLH Z\NRQDQR QD SRGV\SFH ] WXF]QLD R JUXERyFL FP
=DVWRVRZDQR V]\Q\ ( SRGNDG\ VWUXQREHWRQRZH SU]\WZLHUG]HQLH VSUƛ\VWH
W\SX6%]SU]HNDGNDPLSRGV]\QRZ\PL3.:3
5\V3U]HNUÏMSRSU]HF]Q\PRVWX
,]RODFMÆS\W\SRPRVWXVWDQRZLPPZDUVWZD›\ZLF\HSRNV\GRZHM2GZRG
QLHQLH]DSHZQLRQRSRGX›Q\PLLSRSU]HF]Q\PLVSDGNDPLRZDUWRyFLRUD]ZSX
VWDPLLNROHNWRUHP]ELRUF]\P8U]•G]HQLDG\ODWDF\MQHV•MHGQRPRGXRZH]HOD
VWRPHURZ• ZNDGN• RUD] EODFK• RVRQRZ• 3R REX VWURQDFK RELHNWX Z\NRQDQR
FKRGQLNLVX›ERZHRV]HURNRyFLP:SU]ÆyOH]DOHZRZ\PSRGZLHV]RQRGREOD
FKRZQLF\VWDORZ\ZÏ]HNUHZL]\MQ\:LGRNPRVWXZF]DVLHEDGDÍLZLGRNVSRGX
NRQVWUXNFMLSU]HGVWDZLRQRQDIRW
2&(1$3$5$0(75¯:'<1$0,&=1<&+.5$72:1,&2:(*202678.2/(-2:(*2
135
)RW:LGRNPRVWXZF]DVLHEDGDÍLZLGRNRGVSRGX
0DNV\PDOQDSURMHNWRZDQDSUÆGNRyÂSRFL•JÏZ]HZ]JOÆGXQDSREOLVN•VWDFMÆ
Z\QRVL NPK
$QDOL]DQXPHU\F]QD
: QRUPLH 31(1 >@ ]RVWD SU]HGVWDZLRQ\ DOJRU\WP VSUDZG]HQLD NRQLHF]
QRyFLSU]HSURZDG]HQLDV]F]HJϏRZHMDQDOL]\G\QDPLF]QHMPRVWXNROHMRZHJR'H
F\]MD R ]DNUHVLH REOLF]HÍ ]DOH›\ SU]HGH ZV]\VWNLP RG SURMHNWRZDQHM SUÆGNRyFL
VFKHPDWXVWDW\F]QHJRLRGF]ÆVWRWOLZRyFLGUJDÍZDVQ\FK'ODSU]HGPLRWRZHJR
PRVWXSURMHNWRZDQDSUÆGNRyÂMHVWPQLHMV]DRGNPKDVFKHPDWVWDW\F]Q\WR
EHONDVZRERGQLHSRGSDUWD&]ÆVWRWOLZRyFLGUJDÍZDVQ\FKREOLF]RQRPHWRG•HOH
PHQWÏZVNRÍF]RQ\FKZyURGRZLVNX62)L67L.>@3U]\JRWRZDQRPRGHONODV\
((3 VWRVXM•F HOHPHQW\ EHONRZH L SRZRNRZH 3DUDPHWU\ JHRPHWU\F]QH
RUD]PDWHULDRZHSU]\MÆWRQDSRGVWDZLH]HVWDZLHÍLU\VXQNÏZWHFKQLF]Q\FKNRQ
VWUXNFML]JRGQLH]SURMHNWHP>@0RGXVSUƛ\VWRyFLVWDOLNRQVWUXNF\MQHMSU]\MÆWR
UÏZQ\*3D2EOLF]RQRF]ÆVWRWOLZRyFLL IRUP\GUJDÍZDVQ\FKDQDOL]XM•FGZD
PRGHOH
s 0tXZ]JOÆGQLDM•F\W\ONRHOHPHQW\NRQVWUXNFMLVWDORZHMMDNZREOLF]H
QLDFKVWDW\F]Q\FK
s 0 t XZ]JOÆGQLDM•F\ HOHPHQW\ NRQVWUXNFML VWDORZHM RUD] PDVÆ WXF]QLD
L Z\SRVD›HQLD
3RUÏZQDQLH Z\QLNÏZ REOLF]HÍ REX PRGHOL SU]HGVWDZLRQR Z WDE IRUP\
GUJDÍSU]HGVWDZLRQRQDU\V 7DEHOD:\QLNLREOLF]HÍF]ÆVWRWOLZRyFLGUJDÍZDVQ\FK
Nr
3RVWDüGUJDĔZáDVQ\FK
1
2
3
4
JLĊWQDSLRQRZDVWU]DáNDZòUR]SLĊWRĞFL
JLĊWQDSR]LRPDVWU]DáNDZòUR]SLĊWRĞFL
VNUĊWQD
JLĊWQDSLRQRZDVWU]DáNDZóUR]SLĊWRĞFL
2EOLF]RQHF]ĊVWRWOLZRĞFLGUJDĔZáDVQ\FK>+]@
3URFHQWRZD]PLDQD
0RGHO0 0RGHO0
REOLF]RQHMZDUWRĞFL
6,58
4,90
7,15
5,10
9,62
8,44
12,81
11,12
-DQDV/
136
5\V)RUP\GUJDÍZDVQ\FKDJLÆWQDSLRQRZDtVWU]DNDZyURGNXUR]SLÆWRyFLEJLÆWQDSR]LRPD
FVNUÆWQDGJLÆWQDSLRQRZDtVWU]DNDZ¼UR]SLÆWRyFL
=JRGQLH]QRUP•>@QDOH›\VSUDZG]LÂF]\REOLF]RQDSRGVWDZRZDF]ÆVWRWOLZRyÂ
GUJDÍZDVQ\FK]QDMGXMHVLÆPLÆG]\GROQ•DJÏUQ•JUDQLF•REOLF]RQ•]HZ]RUÏZ
JG]LHOR]QDF]DUR]SLÆWRyÂSU]ÆVD
3RGVWDZRZD F]ÆVWRWOLZRy GUJDÍ ZDVQ\FK EDGDQHJR PRVWX Z\QRVL +]
PRGHO0DZLÆF]QDMGXMHVLÆZSRZ\›V]\PSU]HG]LDOH1DSRGVWDZLHSNW
QRUP\>@PR›QDVWZLHUG]L›HV]F]HJϏRZDDQDOL]DG\QDPLF]QDPRVWXQLHMHVW
Z\PDJDQD7\PVDP\PQLHMHVWZ\PDJDQHVSUDZG]HQLHSU]\VSLHV]HQLDZUH]R
QDQVLHLVSUDZG]HQLHQD]PÆF]HQLH
:DUWR ]D]QDF]\ ›H SU]\MÆFLH GR REOLF]HÍ G\QDPLF]Q\FK QLHRGSRZLHGQLHJR
PRGHOXQSVWRVRZDQHJRSRZV]HFKQLHZREOLF]HQLDFKVWDW\F]Q\FKGDRE\ZDU
WRyFL VSR]D SRZ\›V]HJR SU]HG]LDX FR Z NRQVHNZHQFML ]JRGQLH ] >@ PRJRE\
GRSURZDG]LÂGRNRQLHF]QRyFLSU]HSURZDG]HQLDV]F]HJϏRZHMDQDOL]\G\QDPLF]QHM
REHMPXM•FHMPLQREOLF]HQLHSU]\VSLHV]HÍ
%DGDQLDSRGREFL•›HQLHPG\QDPLF]Q\P
kURGNLHPREFL•›DM•F\PX›\W\PSRGF]DVEDGDÍG\QDPLF]Q\FKE\\ORNRPRW\Z\
(7RFLƛDU]HN1VWRVRZDQHZF]HyQLHMGRREFL•›HÍVWDW\F]Q\FK3U]\VSLHV]H
QLDPLHU]RQRZyURGNXLZUR]SLÆWRyFLSU]ÆVDZNLHUXQNXSLRQRZ\PLSR]LRP\P
3U]ÆVREDGDQRZF]DVLHSU]HMD]GÏZ]SUÆGNRyFLDPLLNPK
] GRGDWNRZ• SUÏE• KDPRZDQLD QD PRyFLH =H Z]JOÆGX QD EOLVNLH XV\WXRZDQLH
VWDFMLNROHMRZHMLXNXORNRPRW\Z\QLHPRJ\SU]HMH›G›DÂ]ZLÆNV]•SUÆGNRyFL•
3RPLDU\ XJLÆ Z\NRQDQR F]XMQLNDPL LQGXNF\MQ\PL ILUP\ +%0 R GRNDGQRyFL
2&(1$3$5$0(75¯:'<1$0,&=1<&+.5$72:1,&2:(*202678.2/(-2:(*2
137
RGF]\WXPP3U]\VSLHV]HQLDPLHU]RQRDNFHOHURPHWUDPLILUP\%UXHO.MDHU
RF]XRyFL9JL9JLR]DNUHVLHF]ÆVWRWOLZRyFLRG+]:LGRNDSDUDWXU\
]DPRFRZDQHMGRNRQVWUXNFMLPRVWXSU]HGVWDZLRQRQDIRW
D
E
)RW$SDUDWXUDSRPLDURZDDF]XMQLNLQGXNF\MQ\GRSRPLDUXXJLÆÂEDNFHOHURPHWU\GRSRPLD
UÏZSU]\VSLHV]HÍZNLHUXQNXSLRQRZ\PLSR]LRP\P
:\QLNLEDGDÍ
:\QLNLSRPLDUÏZSU]HDQDOL]RZDQRZG]LHG]LQLHF]DVXLF]ÆVWRWOLZRyFL:\EUD
QHFKDUDNWHU\VW\NLDPSOLWXGRZRF]ÆVWRWOLZRyFLRZHSU]HGVWDZLRQRQDU\VL
srodek-pionowo2 (Magnitude)
srodek-pionowo2L (Magnitude)
[m/s²]
2.4m
2m
8.1280 Hz
1.6m
4.8640 Hz
11.1360 Hz
1.2m
800u
400u
0
4
8
12
16
20
[Hz]
24
20
[Hz]
24
28
32
36
40
5\V&KDUDNWHU\VW\NDDPSOLWXGRZRF]ÆVWRWOLZRyFLRZDSU]\VSLHV]HÍSLRQRZ\FKRNUHyORQDQDSRGVWD
ZLHSU]HMD]GXORNRPRW\Z\]SUÆGNRyFL•NPK
srodek-poziomo (Magnitude)
srodek-poziomo2 (Magnitude)
[m/s²]
4.5m
4m
3.5m
5.1200 Hz
3m
2.5m
2m
1.5m
1m
500u
0
4
8
12
16
28
32
36
40
5\V&KDUDNWHU\VW\NDDPSOLWXGRZRF]ÆVWRWOLZRyFLRZDSU]\VSLHV]HÍSR]LRP\FKRNUHyORQDQDSRGVWD
ZLHSU]HMD]GXORNRPRW\Z\]SUÆGNRyFL•NPK
-DQDV/
138
0R›QD]DXZD›\ÂEDUG]RGREU•]JRGQRyÂZ\QLNÏZEDGDÍ]Z\QLNDPLREOLF]HÍ
PRGHOX01RUPD>@]DOHFDDE\F]ÆVWRWOLZRyÂERF]Q\FKGUJDÍZDVQ\FKSU]Æ
VDE\DQLHPQLHMV]DQL›+]:DUXQHNWHQMHVWVSHQLRQ\
1RUPD>@]DOHFDWDN›HVSUDZG]HQLHPDNV\PDOQ\FKSU]\VSLHV]HÍSLRQRZ\FK
NWÏUHSRZLQQRE\ÂUR]SDWU\ZDQHMDNRZ\PDJDQLHEH]SLHF]HÍVWZDUXFKX&HOHP
VSUDZG]HQLDMHVWRFKURQDSU]HGQLHVWDWHF]QRyFL•WRUX:DQDOL]RZDQHMNRQVWUXNFML
PDNV\PDOQHSU]\VSLHV]HQLDZJ>@QLHSRZLQQ\SU]HNUDF]DÂZDUWRyFLPV1D
U\VSU]HGVWDZLRQRSU]\NDGRZ•FKDUDNWHU\VW\NÆDPSOLWXGRZRF]ÆVWRWOLZRyFLRZ•
SU]\VSLHV]HÍZIXQNFMLF]DVX]DUHMHVWURZDQ•ZF]DVLHSU]HMD]GXORNRPRW\Z\QD
WRPLDVWQDU\VLFKDUDNWHU\VW\NÆRNUHyORQ•ZF]DVLHHNVSORDWDFMLPRVWXtSU]H
MD]GXGDOHNRELH›QHJRSRFL•JXRVRERZHJR:WDESRGDQRPDNV\PDOQHZDUWRyFL
SRPLHU]RQ\FKZW\FKSU]\SDGNDFKSU]\VSLHV]HÍ
0.80
0.60
0.397
0.40
2
0.20
s/ 0.00
m
-0.20
-0.40
-0.559
-0.60
[s]
-0.80
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
5\V$PSOLWXG\SU]\VSLHV]HÍZNLHUXQNXSLRQRZ\P]DUHMHVWURZDQHZF]DVLHSU]HMD]GXORNRPRW\Z\
]SUÆGNRyFL•NPKZNLHUXQNX.UDNRZD
0.80
0.60
0.559
0.40
0.20
s/ 0.00
m
-0.20
2
-0.40
-0.60
[s]
-0.704
-0.80
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
5\V$PSOLWXG\SU]\VSLHV]HÍZNLHUXQNXSLRQRZ\P]DUHMHVWURZDQHZF]DVLHSU]HMD]GXGDOHNRELH›
QHJRSRFL•JXRVRERZHJR]SUÆGNRyFL•NPKZNLHUXQNX.UDNRZD
0.80
0.60
0.40
0.200
0.20
s/ 0.00
m
-0.20
2
-0.233
-0.40
-0.60
[s]
-0.80
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
5\V$PSOLWXG\SU]\VSLHV]HÍZNLHUXQNXSR]LRP\P]DUHMHVWURZDQHZF]DVLHSU]HMD]GXGDOHNRELH›
QHJRSRFL•JXRVRERZHJR]SUÆGNRyFL•NPKZNLHUXQNX.UDNRZD
2&(1$3$5$0(75¯:'<1$0,&=1<&+.5$72:1,&2:(*202678.2/(-2:(*2
139
7DEHOD0DNV\PDOQHZDUWRyFLSU]\VSLHV]HÍ]DUHMHVWURZDQHZF]DVLHSUÏEQHJRREFL•›HQLDLZF]DVLH
HNVSORDWDFML
&KDUDNWHU\VW\NDSU]HMD]GX
/RNRPRW\ZDSUĊGNRĞüNPKZVWURQĊ0HG\NL
/RNRPRW\ZDSUĊGNRĞüNPKZVWURQĊ0HG\NL
/RNRPRW\ZDSUĊGNRĞüNPKZVWURQĊ.UDNRZD
/RNRPRW\ZDSUĊGNRĞüNPKZVWURQĊ.UDNRZD
/RNRPRW\ZDSUĊGNRĞüNPKZVWURQĊ.UDNRZD
=HVSyáWUDNF\MQ\±RVRERZ\SUĊGNRĞüNPKZVWURQĊ.UDNRZD
3RFLąJWRZDURZ\SUĊGNRĞüNPKZVWURQĊ.UDNRZD
/RNRPRW\ZDLZDJRQ\RVRERZHSUĊGNRĞüNPKZVWURQĊ.UDNRZD
aPD[>PV@
SLRQRZR
0,309
0,188
0,226
0,429
0,559
0.257
0.447
0.704
SR]LRPR
0,074
0,080
0,091
0,146
0,143
0.07
0.133
0.233
=PLHU]RQH PDNV\PDOQH ZDUWRyFL SU]\VSLHV]HÍ Z NLHUXQNX SLRQRZ\P QLH
SU]HNUDF]D\ZDUWRyFLPVDZNLHUXQNXSR]LRP\PZDUWRyFLPV
0DNV\PDOQHSU]\VSLHV]HQLDZ\VWÆSXM•ZF]DVLHSU]HMD]GXGDOHNRELH›QHJRSRFL•JX
RVRERZHJR]SUÆGNRyFL•NPK
:\QLNL SRPLDUÏZ SU]HDQDOL]RZDQR UÏZQLH› Z SRV]F]HJÏOQ\FK SDVPDFK F]Æ
VWRWOLZRyFL L Z\]QDF]RQR ORJDU\WPLF]Q\ GHNUHPHQW WXPLHQLD /'7 : WDE SU]HGVWDZLRQRZ\QLNLREOLF]HÍGODGZÏFKSUÆGNRyFLSU]HMD]GX0R›QD]DXZD›\Â
›H ZDUWRy ORJDU\WPLF]QHJR GHNUHPHQWX WXPLHQLD GUJDÍ SR]LRP\FK SU]\ F]Æ
VWRWOLZRyFL+]MHVWQLHPDOGZXNURWQLHZLÆNV]DQL›ZDUWRyÂRGSRZLDGDM•FD
SRGVWDZRZHM F]ÆVWRWOLZRyFL GUJDÍ SLRQRZ\FK +] 2WU]\PDQH ZDUWRyFL
/'7QLHRGELHJDM•RGZDUWRyFLRWU]\PDQ\FKGODLQQ\FKPRVWÏZRSRGREQHMNRQ
VWUXNFMLDSRGDQ\FKQSZ>@
7DEOLFD:DUWRyFL/'7Z]DOH›QRyFLRGF]ÆVWRWOLZRyFLGUJDÍ
3U]HMD]G
:VWURQĊ.UDNRZD
]SUĊGNRĞFLąNPK
:VWURQĊ.UDNRZD
]SUĊGNRĞFLąNPK
&]ĊVWRWOLZRĞüGUJDĔZáDVQ\FK
>+]@
4,875
5,062
8,125
11,125
4,875
5,062
8,125
11,125
=PLHU]RQ\ORJDU\WPLF]Q\
GHNUHPHQWWáXPLHQLD
0,097
0,188
0,029
0,012
0,102
0,190
0,030
0,010
2SUÏF]Z\›HMSU]HGVWDZLRQ\FKSDUDPHWUÏZZ\]QDF]RQRUÏZQLH›ZVSϏF]\Q
QLNG\QDPLF]Q\:VSϏF]\QQLNREOLF]RQ\GODPRVWXSU]H]:LVRNZ5]HV]RZLHZJ
VWDUHMQRUP\>@SU]\MPXMHZDUWRyÂ
:JQRUP\>@ZVSϏF]\QQLNG\QDPLF]Q\GODVWDUDQQLHXWU]\P\ZDQHJRWRUX
MHVWREOLF]DQ\DQDORJLF]QLHMDNZVWDUHMQRUPLHF]\OLGODEDGDQHJRPRVWXZ\QRVL
-DQDV/
140
'OD WRUX XWU]\P\ZDQHJR VWDQGDUGRZR ZVSϏF]\QQLN ZJ >@ SU]\MPXMH
ZDUWRyÂ
1DSRGVWDZLHSRPLDUXXJLÆÂZF]DVLHEDGDÍSRGSUÏEQ\PREFL•›HQLHPZ\]QD
F]RQRGRyZLDGF]DOQLHZDUWRyFLZVSϏF]\QQLNDG\QDPLF]QHJRSU]HZ\›V]HQLDG\
QDPLF]QHJR:\QLNLZ]DOH›QRyFLRGSUÆGNRyFLSU]HMD]GXSU]HGVWDZLRQRZWDE
7DEHOD:DUWRyFLZVSϏF]\QQLNDG\QDPLF]QHJRijRNUHyORQHQDSRGVWDZLHEDGDÍ
3UĊGNRĞüSU]HMD]GX
>NPK@
.LHUXQHN
:DUWRĞüZVSyáF]\QQLND
0HG
1,005
.UDN
1,005
0HG
1,008
.DUN
1,008
0HG
1,011
.UDN
1,008
0HG
1,011
.UDN
1,018
0HG
1,012
.UDN
1,011
:\]QDF]RQ\GRyZLDGF]DOQLHZVSϏF]\QQLNG\QDPLF]Q\RVL•JDQDMZLÆNV]•ZDU
WRyÂUÏZQ•SU]\SU]HMH|G]LH]SUÆGNRyFL•NPK:ND›G\PSU]\SDGNX
ZVSϏF]\QQLNG\QDPLF]Q\MHVWPQLHMV]\RGZDUWRyFLREOLF]RQHM
:QLRVNL
3URMHNWXM•FQRZHPRVW\NROHMRZH]JRGQLH](XURNRGDPLQDZHWGODSUÆGNRyFL
SRQL›HMNPKQLHPR›QDRJUDQLF]\ÂVLÆW\ONRGRXZ]JOÆGQLHQLDRGG]LD\ZDÍ
G\QDPLF]Q\FKMHG\QLHSRSU]H]REOLF]HQLHZVSϏF]\QQLNDG\QDPLF]QHJRNWÏU\]D
OH›\ MHG\QLH RG UR]SLÆWRyFL PRVWX .RQLHF]QH MHVW WDN›H REOLF]HQLH FR QDMPQLHM
F]ÆVWRWOLZRyÂGUJDÍZDVQ\FKLVSUDZG]HQLHF]\Z\PDJDQDMHVWGDOV]DV]F]HJϏR
ZDDQDOL]DG\QDPLF]QD
:REOLF]HQLDFKG\QDPLF]Q\FKNRQLHF]QHMHVWXZ]JOÆGQLHQLHSRGV\SNLQLHMDNR
REFL•›HQLDZ\SRVD›HQLHPWDNMDNWRSU]\MPXMHVLÆZREOLF]HQLDFKVWDW\F]Q\FKDOH
MDNRF]ÆyFLNRQVWUXNFMLRRGSRZLHGQLHMPDVLH3U]\MÆFLHGRREOLF]HÍPRGHOXVWRVR
ZDQHJRZREOLF]HQLDFKVWDW\F]Q\FKLSRPLQLÆFLHSRGV\SNLMHVWEÆGHP
=EDGDQ\QRZ\PRVWNUDWRZQLFRZ\Z5]HV]RZLHVSHQLDZV]\VWNLHZ\PDJD
QLDGRW\F]•FHSDUDPHWUÏZG\QDPLF]Q\FKRNUHyORQHZVWDU\FKSROVNLFKQRUPDFK
MDNLZ(XURNRGDFK2EOLF]RQDSLHUZV]DF]ÆVWRWOLZRyÂGUJDÍZDVQ\FKSR]ZROLD
QDSRPLQLÆFLHSU]HSURZDG]DQLDV]F]HJϏRZHMREOLF]HQLRZHMDQDOL]\G\QDPLF]QHM
=DUHMHVWURZDQHPDNV\PDOQHSU]\VSLHV]HQLDGUJDÍSLRQRZ\FKPRVWXQLHSU]HNUR
F]\\ZDUWRyFLJUDQLF]QHMSRGDQHMZ(XURNRG]LH
%LEOLRJUDILD
>@31(1 $ 3RGVWDZ\ SURMHNWRZDQLD NRQVWUXNFML 311
:DUV]DZD
2&(1$3$5$0(75¯:'<1$0,&=1<&+.5$72:1,&2:(*202678.2/(-2:(*2
141
>@31(12GG]LD\ZDQLDQDNRQVWUXNFMH&]ÆyÂ2EFL•›H
QLDUXFKRPHPRVWÏZ31.:DUV]DZD
>@3URMHNWWHFKQLF]QRZ\NRQDZF]\PRVWXRSUDFRZDQ\SU]H]0RVWRVWDO3UR
MHNW5]HV]ÏZ6S]RR]VLHG]LE•Z5]HV]RZLHXO*HRGHWÏZ
>@3162ELHNW\PRVWRZH2EFL•›HQLD
>@3\FK'$QDOL]DQXPHU\F]QDLEDGDQLDGUJDÍPRVWXNROHMRZHJRNUDWRZ
QLFRZHJR3ROLWHFKQLND5]HV]RZVNDSUDFDG\SOPJUSURPRWRUGULQ›/
-DQDV
>@,QVWUXNFMDSURJUDPX62)L67L.6RILVWLN$*
>@6DODPDN09LEUDWLRQGDPSLQJLGHQWLILFDWLRQPD[LPL]LQJDGMXVWPHQWWR
YLVFRXVPRGHOLQFLYLOVWUXFWXUHV$UFKLYHVRI&LYLO(QJLQHHULQJ/,,,
V
>@)U\ED/'\QDPLFVRIUDLOZD\EULGJHV7KRPDV7KHOIRUG
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
$.78$/1(352%/(0<:.217(.k&,(
2%2:,=8-&<&+5(*8/$&-,35$:1<&+
=$5='&<1$52'2:(-6,(&,.2/(-2:($UNDGLXV].DPSF]\N
GULQ›$*+$NDGHPLD*ÏUQLF]R+XWQLF]D:\G]LD*HRGH]ML*ÏUQLF]HML,Q›\QLHULLkURGRZLVND.DWHGUD*HRGH]ML
,Q›\QLHU\MQHML%XGRZQLFWZDDO$0LFNLHZLF]D.UDNÏZHPDLONDPSF]\N#DJKHGXSO
6WUHV]F]HQLH7HPDWHPDUW\NXXMHVWZ]DVDGQLF]HMF]ÆyFLSU]HGVWDZLHQLH]DEUDQ\FKL]LQ
WHUSUHWRZDQ\FK SU]H] DXWRUD Z\VWÆSXM•F\FK DNWXDOQLH SUREOHPÏZ Z NRQWHNyFLH RERZL•]XM•F\FK
UHJXODFMLSUDZQ\FK]DU]•GF\QDURGRZHMVLHFLNROHMRZHMZVWRVXQNXGRNWÏU\FKSUDFRZQLNJHRGH
]\MQ\GLDJQRVW\F]Q\MHVW]RERZL•]DQ\SRGHMPRZDÂVWRVRZQHVWDQRZLVNR:SUDF\SU]HGVWDZLRQR
DXWRUVNLHVSRVWU]H›HQLDZQLRVNLRUD]XZDJL$UW\NXSU]HGVWDZLDUÏZQLH›QLHVSÏMQRyÂRERZL•]X
M•F\FKSU]HSLVÏZNWÏUHSRZRGXM•EUDNX]\VNDQLDMHGQROLWRyFLZ\NRQDZVWZDJHRGH]\MQHJRLGLDJQR
VW\F]QHJRZLQIUDVWUXNWXU]HWUDQVSRUWXV]\QRZHJR
6RZDNOXF]RZHUHJXODFMHSUDZQHQLHVSÏMQRyÂSU]HSLVÏZLQVWUXNFMHNROHMRZHSUREOHPDW\
NDSU]HSLVÏZZLQVWUXNFMDFK3.33/.6$
:SURZDG]HQLH
6]HUHJSUDF]]DNUHVXGLDJQRVW\NLQDZLHU]FKQLV]\QRZHMRUD]JHRGH]\MQ\FKSR
PLDUÏZV]F]HJϏRZ\FKZWUDQVSRUFLHV]\QRZ\PZ\NRQXMHVLƏ•F]QLH]RNUHyORQ\PL
F]\QQRyFLDPLSUDZQ\PL&HOHPQLQLHMV]HJRDUW\NXXMHVWSU]HGVWDZLHQLHZ\VWÆSXM•
FHMSUREOHPDW\NLZNRQWHNyFLHDNWXDOQLHRERZL•]XM•F\FKUHJXODFMLSUDZQ\FK]DU]•G
F\QDURGRZHMVLHFLNROHMRZHMNWÏUDWRSR]RVWDMHZQLHVSÏMQRyFLLUR]ELH›QRyFL]LQ
Q\PLRERZL•]XM•F\PLUHJXODFMDPLSUDZQ\PL3UREOHPDW\NDWDPDZS\ZQDMDNRyÂ
Z\NRQ\ZDQ\FK SUDF RUD] SR]\VNLZDQLH GDQ\FK R VWDQLH LQIUDVWUXNWXU\ NROHMRZHM
-HGQRF]HyQLHDXWRU]DGDMHVRELHS\WDQLDF]\QLHVSÏMQRyÂSU]HSLVÏZ]]DNUHVXLQIUD
VWUXNWXU\NROHMRZHMURG]LSROHGRUϛQRURGQHMLQWHUSUHWDFML"1DVWÆSQLHF]\VNDODWHM
QLHVSÏMQRyFLLUϛQRURGQRyFLZ\QLNDM•FD]RERZL•]XM•F\FKSU]HSLVÏZZLQVWUXNFMDFK
LZDUXQNDFKWHFKQLF]Q\FKSRVLDGDEUDNMHGQROLWRyFL"&]\PDWRZS\ZQDMDNRyÂ
SR]\VNLZDQ\FKGDQ\FKRVWDQLHLQIUDVWUXNWXU\NROHMRZHM"6]F]HJÏOQ•XZDJÆDXWRU
]ZUÏFL WXWDM QD SUREOHPDW\NÆ UHJXODFML SUDZQ\FK PDM•F• EDUG]R LVWRWQ\ ZS\Z
LRG]ZLHUFLHGOHQLHZyUÏGSUDFRZQLNÏZ]DWUXGQLRQ\FKZ]HVSRDFKGLDJQRVW\F]Q\FK
JHRGH]\MQ\FKRUD]LQQ\FKVWUXNWXUDFKWUDQVSRUWXV]\QRZHJR
: DUW\NXOH W\P VNRQFHQWURZDQR VLÆ QD WHUPLQRORJLL ] ]DNUHVX OLQLL NROHMR
ZHM L MHM ]DJDGQLHÍ SRNUHZQ\FK SDUDPHWUX ZLFKURZDWRyFL QDVWÆSQLH LQVWUXNFML
*ÏZQHJR8U]ÆGX*HRGH]MLL.DUWRJUDILL*8*L.ZRGQLHVLHQLXGRU]HF]\ZLVWR
.DPSF]\N$
144
yFLNROHMRZHMVWDUDM•FVLÆMHGQRF]HyQLH]QDOH|ÂSRZL•]DQLHSRPLÆG]\LQVWUXNFMDPL
*8*L.DLQVWUXNFMDPLLZDUXQNDPLWHFKQLF]Q\PL]DU]•GF\QDURGRZHMVLHFLNROH
MRZHM:SUDF\SU]HGVWDZLRQRDXWRUVNLHVSRVWU]H›HQLDZQLRVNLRUD]LVWRWQHXZDJL
=XZDJLQDRJUDQLF]HQLDREMÆWRyFLRZHDUW\NXXSU]HGVWDZLRQRW\ONRRJÏOQ•
SUREOHPDW\NÆGRW\F]•F•QLHVSÏMQRyFLLUR]ELH›QRyFLZRERZL•]XM•F\FKUHJXODFMDFK
SUDZQ\FK]DU]•GF\QDURGRZHMVLHFLNROHMRZHMUÏZQRF]HyQLHSU]HGVWDZLDM•FQDELH
›•FRDXWRUVNLHDQDOL]\LZQLRVNL
7HUPLQRORJLDOLQLLNROHMRZHML]DJDGQLHQLDSRNUHZQH
:LHORNURWQLHSU]\VWRVRZDQLXUHJXODFMLSUDZQ\FKLWRQLHW\ONRUHJXODFML]]D
NUHVXLQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJRSRMDZLDVLÆNZHVWLDSUREOHPDW\F]QD
]LQWHUSUHWDFM•RNUHyORQHJRSRMÆFLDGHILQLFMLWHUPLQRORJLLF]\]DJDGQLHQLDWHFK
QLF]QRtLQ›\QLHUVNLHJR5R]ZL•]DQLHPWDNLHJRSUREOHPXV•]DPLHV]F]DQHZSR
V]F]HJÏOQ\FKXVWDZDFKW]ZVRZQLNLSRMÆÂ=GDU]DM•VLÆUÏZQLH›SU]\SDGNL]GHIL
QLRZDQLDRNUHyORQHJRSRMÆFLDZWUDNFLHWUHyFLXVWDZ\>@
: ]ZL•]NX ] RERZL•]\ZDQLHP SU]HSLVÏZ Z\QLNDM•F\FK ] ƒ XVW ƒ XVW
UR]SRU]•G]HQLD3UH]HVD5DG\0LQLVWUÏZ]GQLDF]HUZFDUZVSUDZLH
d=DVDG 7HFKQLNL 3UDZRGDZF]HMr >@ ]RVWDR Z QLP RNUHyORQH ›H dZ XVWDZLH QLH
]DPLHV]F]DVLÆSU]HSLVÏZNWÏUHUHJXORZD\E\VSUDZ\Z\NUDF]DM•FHSR]DZ\]QDF]RQ\SU]H]
QL•]DNUHVSU]HGPLRWRZ\RUD]SRGPLRWRZ\rDSRQDGWR›HdZMHGQHMXVWDZLHQLHSRZLQQR
VLÆSRZWDU]DÂSU]HSLVÏZ]DPLHV]F]RQ\FKZLQQ\FKXVWDZDFKr:]ZL•]NX]SRZ\›V]\P
QLH]DFKRG]LSRWU]HEDSRGDZDQLDGRGDWNRZ\FKGHILQLFMLREMDyQLHÍLWG
7DEHOD=HVWDZLHQLHSRGVWDZRZHMWHUPLQRORJLL]]DNUHVXOLQLLNROHMRZHM
Ustawa o transporcie
kolejowym [1]
Ustawa prawo
budowlane [2]
Linia kolejowa – to
droga kolejowaPDMąFD
SRF]ąWHNLNRQLHFZUD]
]SU]\OHJá\PSDVHP
JUXQWXQDNWyUąVNáDGDMą
VLĊRGFLQNLOLQLLDWDNĪH
EXG\QNLEXGRZOHL
XU]ąG]HQLDSU]H]QDF]RQH
GRSURZDG]HQLDUXFKX
NROHMRZHJRZUD]
]]DMĊW\PLSRGQLH
JUXQWDPL
Linia kolejowa
±MHVWRELHNWHP
OLQLRZ\P2ELHNW
OLQLRZ\±WRRELHNW
EXGRZODQ\NWyUHJR
FKDUDNWHU\VW\F]Q\P
SDUDPHWUHPMHVWGáXJRĞü
ZV]F]HJyOQRĞFLOLQLD
NROHMRZD2ELHNW
OLQLRZ\MHVWEXGRZOą
Warunki techniczne
utrzymania nawierzchni
na liniach kolejowych
Id–1 (D–1) z 2005 r.[6]
Linia kolejowa – to
tory kolejoweZUD]
]]DMĊW\PLSRGQLH
JUXQWDPLRUD]SU]\OHJá\
SDVJUXQWXDWDNĪH
EXG\QNLEXGRZOHL
XU]ąG]HQLDSU]H]QDF]RQH
GRSURZDG]HQLDUXFKX
NROHMRZHJRZUD]
]]DMĊW\PLSRGQLH
JUXQWDPL
Warunki techniczne
utrzymania nawierzchni
na liniach kolejowych
Id–1 (D–1)
z 2010 r.[17]
Linia kolejowa –
UR]XPLHVLĊtory
kolejoweZUD]]
]DMĊW\PLSRGQLH
JUXQWDPLRUD]SU]\OHJá\
SDVJUXQWXDWDNĪH
EXG\QNLEXGRZOHL
XU]ąG]HQLDSU]H]QDF]RQH
GRSURZDG]HQLDUXFKX
NROHMRZHJRZUD]
]]DMĊW\PLSRGQLH
JUXQWDPL
Wykaz linii
Id – 12 (D – 29)
z 2011 r. [7]
/LQLDNROHMRZDMHVWHOHPHQWVLHFL
NROHMRZHMSRVLDGDMąF\ZáDVQą
NLORPHWUDFMĊQXPHULQD]ZĊ:
SRPLĊG]\SRF]ąWNLHPOLQLL
DSRVWHUXQNLHP]DSRZLDGDZF]\P
SRPLĊG]\GZRPD
SRVWHUXQNDPL]DSRZLDGDZF]\PL
SRPLĊG]\SRVWHUXQNLHP
]DSRZLDGDZF]\PDJUDQLFą
SDĔVWZD
SRPLĊG]\SRVWHUXQNLHP
]DSRZLDGDZF]\PDNRĔFHPOLQLL
SRPLĊG]\ERF]QLFą
DSRVWHUXQNLHP]DSRZLDGDZF]\P
SRPLĊG]\SRVWHUXQNLHP
]DSRZLDGDZF]\PDERF]QLFą
-HGQDNF]ÆVWRE\ZDWH›WDNDV\WXDFMD›HUHJXODFMHSUDZQHQLH]DZLHUDM•VWD
QRZLVNDZVSUDZLHLPDP\GRF]\QLHQLD]W]ZdOXN•ZSUDZLHr7RSRMÆFLHGR
W\F]\]ZDV]F]DSUDFRZQLNÏZWHFKQLF]QRtLQ›\QLHU\MQ\FK]]DNUHVXGLDJQRVW\NL
QDZLHU]FKQLLSRGWRU]DNROHMRZHJRJHRGH]MLLNDUWRJUDILLEXGRZQLFWZDNRPXQL
NDF\MQHJR6\WXDFMDREMÆWDdOXN•SUDZQ•rWRV\WXDFMDNWÏUDQLHPDXUHJXORZDQLD
$.78$/1(352%/(0<:.217(.k&,(2%2:,=8-&<&+5(*8/$&-,35$:1<&+
145
ZSU]HSLVDFKSUDZDFKRÂ]ORJLNLSRNUHZQ\FKUHJXODFMLZ\QLND›HSRZLQQD]RVWDÂ
XUHJXORZDQD%\ZDWH›WDN›HSHZQHV\WXDFMH]GDU]HQLDGHILQLFMHV•VSUHF\]RZD
QHPQLHMOXEEDUG]LHMNRQNUHWQLH/XNLSUDZQHZ\QLNDM•]WHJR›HSUDZRWZRU]R
QHSU]H]XVWDZRGDZFÆWZRU]RQHMHVWGR]GDU]HÍSU]\V]\FK&]ÆVWROXNDZSUD
ZLHMHVWZ\QLNLHPQLHXGROQRyFLXVWDZRGDZF\NWÏU\ZSURFHVLHMHJRVWDQRZLHQLD
SRVXJLZD VLÆ LQWXLFM• ]DPLDVW IDNWDPL RSLHUD VLÆ QD EÆGQ\FK ]DR›HQLDFK OXE
G\VSRQRZDQLHSHQ•ZLHG]•QDWHPDWUHJXORZDQHMG]LHG]LQ\FKRFLD›SU]\F]\Q\
PRJ•E\ÂUϛQH
:SLHUZV]\PNURNXND›G\SUDFRZQLNWHFKQLF]Q\VLÆJDLNRU]\VWD]]DSLVÏZ
UHJXODFML]DZDUW\FKZRERZL•]XM•F\FKLQVWUXNFMDFKRUD]ZDUXQNDFKWHFKQLF]Q\FK
, WXWDM Z\VWÆSXM• QLHVWHW\ UR]ELH›QRyFL ]JRGQLH ] RERZL•]XM•F\PL UHJXODFMDPL
SUDZQ\PL L QLHyFLVRyFL 3U]\NDGHP ZVWÆSQ\P QLHFK EÆG]LH WHUPLQRORJLD ] ]D
NUHVXOLQLLNROHMRZHM-HMUϛQRURGQ•LQLHVSÏMQ•GHILQLFMÆSU]HGVWDZLDPZWDEHOL
]HEUDQ•]SLÆFLXSRGVWDZRZ\FKUHJXODFMLDF]NROZLHNF]WHU\V•QDMZD›QLHMV]HJG\›
ZWDEHOLXZ]JOÆGQLHPWH›GHILQLFMÆ],Gt't]U>@
t XVWDZD]GQLDPDUFDURWUDQVSRUFLHNROHMRZ\P
t XVWDZD]GQLDOLSFDUSUDZREXGRZODQH
t ZDUXQNL WHFKQLF]QH XWU]\PDQLD QDZLHU]FKQL QD OLQLDFK NROHMRZ\FK ,Gt
't]U
t ZDUXQNL WHFKQLF]QH XWU]\PDQLD QDZLHU]FKQL QD OLQLDFK NROHMRZ\FK ,Gt
't]U
t Z\ND]OLQLL,Gt't]U
&KDUDNWHU\VW\NÆND›GHMGHILQLFMLOLQLLNROHMRZHMSU]HGVWDZLRQRGRNDGQLHZ]H
VWDZLHQLXWDEHOL
'HILQLFMDSRZRDQDSU]H]XVWDZÆRWUDQVSRUFLHNROHMRZ\P]PDUFDU
>@]GDQLHPDXWRUDMHVWGHILQLFM•QLHSHQ•PLDQRZLFLH]DSLVDQR
dOLQLDNROHMRZDMHVWGURJ•NROHMRZ•PDM•F•SRF]•WHNLNRQLHFZUD]]SU]\OHJ\PSDVHP
JUXQWXQDNWÏU•VNDGDM•VLÆRGFLQNLOLQLLDWDN›HEXG\QNLEXGRZOHLXU]•G]HQLDSU]H
]QDF]RQHGRSURZDG]HQLDUXFKXNROHMRZHJRZUD]]]DMÆW\PLSRGQLHJUXQWDPLr
:HGXJXVWDZ\SUDZREXGRZODQH>@SU]H]
dRELHNWOLQLRZ\tQDOH›\UR]XPLHÂRELHNWEXGRZODQ\NWÏUHJRFKDUDNWHU\VW\F]Q\PSDUD
PHWUHPMHVWGXJRyÂZV]F]HJÏOQRyFLGURJDZUD]]H]MD]GDPLOLQLDNROHMRZDZRGRFL•J
NDQDer
'HILQLFMÆ OLQLL NROHMRZHM SRGDMH UÏZQLH› ,Gt 't >@ >@ NWÏUD MHVW GH
ILQLFM•SU]\EOL›RQ•MHGQDN›HMHVWEDUG]LHMGHILQLFM•QLHSUHF\]\MQ•ZVWRVXQNXGR
XVWDZ\RWUDQVSRUFLHNROHMRZ\PPLDQRZLFLH
dOLQLDNROHMRZDtUR]XPLHVLÆWRU\NROHMRZHZUD]]]DMÆW\PLSRGQLHJUXQWDPLRUD]
SU]\OHJ\SDVJUXQWXDWDN›HEXG\QNLEXGRZOHLXU]•G]HQLDSU]H]QDF]RQHGRSURZDG]HQLD
UXFKXNROHMRZHJRZUD]]]DMÆW\PLSRGQLHJUXQWDPLr
1DSLHUZV]\U]XWRNDRELHGHILQLFMHV•DQDORJLF]QHMHGQDN›HWDNQLHMHVWGR
NRÍFD:JXVWDZ\RWUDQVSRUFLHNROHMRZ\POLQLDNROHMRZDMHVWGURJ•NROHMRZ•
DZHGXJ,Gt'tMHVWWRUHPNROHMRZ\P$SU]HFLH›WRUNROHMRZ\LGURJDNROH
MRZDSRVLDGDM•RGPLHQQHGHILQLFMHLQQ•WHUPLQRORJLÆ=GDQLHPDXWRUDWRUNROH
MRZ\MHVWHOHPHQWHPVNDGRZ\PGURJLNROHMRZHM'URJDNROHMRZDZP\yOXVWDZ\
.DPSF]\N$
146
RWUDQVSRUFLHNROHMRZ\PMHVWQDZLHU]FKQL•NROHMRZ•ZUD]]SRGWRU]HPLEXGRZOD
PLLQ›\QLHU\MQ\PLRUD]JUXQWHPQDNWÏU\PMHVWXV\WXRZDQD1DZLHU]FKQLDNR
OHMRZDVNDGDVLÆ]DUÏZQR]WRUXLUR]MD]GXNROHMRZHJR'HILQLFMDUHSUH]HQWRZDQD
SU]H]XVWDZÆRWUDQVSRUFLHNROHMRZ\PMHVWEDUG]LHMyFLVDQL›GHILQLFMDSRGDQDSU]H]
:DUXQNLWHFKQLF]QHXWU]\PDQLDQDZLHU]FKQLQDOLQLDFKNROHMRZ\FK,Gt't
GRGDWNRZRGHILQLFMD]XVWDZ\RWUDQVSRUFLHNROHMRZ\PPÏZL
dOLQLDNROHMRZDMHVWGURJ•NROHMRZ•PDM•FDSRF]•WHNLNRQLHFer
-HVWWROLQLDPDM•FDSRF]•WHNLNRQLHF3URZDG]•FGDOV]•DQDOL]ÆDXWRU]DGD
VRELHS\WDQLHQDVWÆSQHFRMHVWSRF]•WNLHPLNRÍFHPOLQLLNROHMRZHM":NWÏU\P
PLHMVFXZMDNLPSXQNFLHQDOH›\dNRQNUHWQLHrRNUHyOLÂSRF]•WHNLNRQLHFOLQLLNR
OHMRZHM F]\ WM SXQNW PDWHPDW\F]Q\ UR]MD]GX F]\ SRF]•WHN L NRQLHF UR]MD]GX
DPR›HLQQ\SXQNW"7XWDMQLHSHQHMRGSRZLHG]LXG]LHOD,Gt'tWDEHOD
=GDQLHPDXWRUDWHUPLQRORJLDVNXSLDM•FDVLÆZRNϏOLQLLNROHMRZHMQLHMHVWMHGQR
]QDF]QD .LONXOHWQLH GRyZLDGF]HQLD DXWRUVNLH Z SRPLDUDFK JHRPHWULL RVL WRUÏZ
LUR]MD]GÏZSR]ZROLRVWZLHUG]LÂLZ\ND]DÂZ\VWÆSXM•FHGX›HUϛQLFHEÆG\SL
NLHWD›XOLQLLNROHMRZ\FKNWÏUH]QDMGXM•EH]SRyUHGQLHRG]ZLHUFLHGOHQLHQDGXJR
yFLOLQLLNROHMRZ\FKWRUÏZNROHMRZ\FKRUD]ZRNUHyODQLXNLORPHWUD›XUR]MD]GÏZ
LVNU]\›RZDÍWRUÏZ
=DU]•GFDQDURGRZHMVLHFLNROHMRZHMSRGHMPXM•FGHF\]MÆRZSURZDG]HQLXQDWH
UHQLHVLHFLZSHQLG]LDDM•FHJRV\VWHPXPRQLWRULQJXJHRPHWULLWRUÏZLUR]MD]GÏZ
DFR]DW\PLG]LHRGFLQNÏZSRPLDURZ\FKLVHNWRUÏZSRPLDURZ\FK]RERZL•]DQ\
EÆG]LHGRXMHGQROLFHQLDWHUPLQRORJLL$XWRUGODFHOÏZV\VWHPXPRQLWRULQJXLQIUD
VWUXNWXU\NROHMRZHMGRNRQD]GHILQLRZDQLDOLQLLNROHMRZHMQDVWÆSXM•FR
d/LQLD NROHMRZD MHVW RELHNWHP EXGRZODQ\P UHSUH]HQWXM•F\P SR•F]HQLH SRPLÆG]\
GZRPDSXQNWDPLZUDPDFKVLHFLPDM•FDSXQNWSRF]•WNRZ\LSXQNWNRÍFRZ\r
&]DVHP]E\WSRFKRSQLHZ\GDZDQHV•GHF\]MHQLHPDM•FHSRGVWDZSUDZQ\FK
'ODWHJRZW\PNLHUXQNX]DU]•GFDQDURGRZHMVLHFLNROHMRZHMSRZLQLHQSRGM•ÂVWR
VRZQHVWDQRZLVNR
3DUDPHWUZLFKURZDWRyFLWRUX
:]DNUHVLHJHRPHWULLWRUXNROHMRZHJRZ\UϛQLDP\GZLH]DVDGQLF]HSDV]F]\]Q\
t SR]LRP•
t SLRQRZ•
:SDV]F]\|QLHSR]LRPHMJHRPHWULLWRUXSRGVWDZRZ\PLZDUWRyFLDPLRSLVXM•
F\PLSDUDPHWU\HNVSORDWDF\MQHWRUXV•V]HURNRyÂWRUXJUDGLHQWV]HURNRyFLWRUX
RUD]QLHUÏZQRyFLWRNÏZV]\QRZ\FKZSDV]F]\|QLHSR]LRPHM1DWRPLDVWZSDV]
F]\|QLHSLRQRZHMWRUXMHM]DVDGQLF]\PLSDUDPHWUDPLV•SU]HFK\NDF]\OLSRR
›HQLHWRNÏZV]\QRZ\FKZSU]HNURMXSRSU]HF]Q\PQLHUÏZQRyFLWRNXV]\QRZHJR
Z SDV]F]\|QLH SLRQRZHM GRHN GOD WRNX V]\QRZHJR OHZHJR OXE SUDZHJR RUD]
SDUDPHWUZLFKURZDWRyFLWRUX'HILQLFMDSDUDPHWUXZLFKURZDWRyFLWRUXE\DVWRS
QLRZRPRG\ILNRZDQDZZ\QLNXZSURZDG]DQ\FKPRGHUQL]DFML0RG\ILNDFMÆGH
$.78$/1(352%/(0<:.217(.k&,(2%2:,=8-&<&+5(*8/$&-,35$:1<&+
147
ILQLFML SDUDPHWUX ZLFKURZDWRyFL SU]HGVWDZLRQR Z ]HVWDZLHQLX WDEHOL Z NWÏUHM
]DSUH]HQWRZDQR SRV]F]HJÏOQH MHM VIRUPXRZDQLD SU]HFKRG]•F SU]H] LQVWUXNFMÆ
']UD›GRDNWXDOQLHRERZL•]XM•FHM,Gt't]U'ODF]HJR
]ZUDFDPXZDJÆQDWHQSDUDPHWU"2Wϛ]JRGQLH]DNWXDOQ•LRERZL•]XM•F•GHILQL
FM•SDUDPHWUXZLFKURZDWRyFL]QLND]QLHMWHUPLQRORJLDRERZL•]\ZDQLDVWDQGDUGR
ZHMGXJRyFLED]\NWÏUDZ\QRVLDPZJ,Gt't]U>@RUD]'
]U>@WDEHOD$]DWHP]JRGQLH]RERZL•]XM•F\PLSU]HSLVDPL]DUÏZQR
,QVWUXNFM•,Gt't]U>@MDNL:DUXQNDPLWHFKQLF]Q\PLXWU]\PD
QLDQDZLHU]FKQLQDOLQLDFKNROHMRZ\FK,Gt't]U>@QLHMHVWXVWDORQD
LZUÆF]]DOHFDQDED]DWHJRSDUDPHWUXP]DyMHMGHILQLFMDEU]PL
d:LFKURZDWRyÂWRUXMHVWVWRVXQNLHPUϛQLFZ\VRNRyFLWRNÏZV]\QRZ\FKZGZÏFKV•VLHG
QLFKSU]HNURMDFKGRRGOHJRyFLPLÆG]\W\PLSU]HNURMDPLNWÏU\Z\UD›DQ\MHVWZ>PPP@OXE
>h@r
ZLÆFMHVWWRGRZROQDRGOHJRyÂPLÆG]\W\PLSU]HNURMDPL=RVWDD]PRGHUQL]RZDQD
GHILQLFMDWHJRSDUDPHWUXPR›QDZLÆFVWRVRZDÂLQQ•GRZROQ•RGOHJRyÂDOHXZD
JD QLHVWHW\ QLH ]RVWD\ ]PRGHUQL]RZDQH ZDUWRyFL GRSXV]F]DOQ\FK RGFK\HN GOD
SDUDPHWUXZLFKURZDWRyFLLWDNWH›ZWHMVDPHM,QVWUXNFML,Gt't]U
>@ RUD] Z :DUXQNDFK WHFKQLF]Q\FK XWU]\PDQLD QDZLHU]FKQL QD OLQLDFK NROH
MRZ\FK ,Gt 't ] U >@ NWÏUH RERZL•]XM• DNWXDOQLH RGFK\NL WH V•
RNUHyORQHLXVWDORQHQDGDOW\ONRLZ\•F]QLHGODED]\Z\QRV]•FHMPWDEHOD
L'ODWHJRWH›MH›HOLMHVWRSUDFRZ\ZDQ\UDSRUWSRPLDURZ\]DUÏZQR]SRPLDUX
JHRPHWULLWRUXX]\VNDQHJR]PHWRG\EH]SRyUHGQLHMOXESRyUHGQLHMSUDFRZQLNGLD
JQRVW\F]Q\QDGDOVWRVXMHVWDQGDUGRZ•ED]ÆP
7DEHOD=HVWDZLHQLHSRGVWDZRZHMWHUPLQRORJLL]]DNUHVXSDUDPHWUXZLFKURZDWRyFLWRUX
Warunki techniczne
utrzymania nawierzchni
na liniach kolejowych
Id–1 (D–1)
z 2010 r.[17]
Instrukcja o dokonywaniu
SRPLDUyZEDGDĔLRFHQ\
stanu torów
Id–14 (D–75)
z 2010 r.[21]
Warunki techniczne
utrzymania nawierzchni
na liniach kolejowych
Id–1 (D–1)
z 2005 r. [6]
:LFKURZDWRĞü ± UR]XPLH
VLĊ VWRVXQHN UyĪQLF Z\VRNRĞFLWRNyZV]\QRZ\FKZ
GZyFKVąVLHGQLFKSU]HNURMDFK GR RGOHJáRĞFL PLĊG]\
W\PL SU]HNURMDPL NWyU\
Z\UDĪDQ\ MHVW Z >PPP@
OXE>Å@
:LFKURZDWRĞü WRUX ± MHVW
VWRVXQNLHP UyĪQLF Z\VRNRĞFLWRNyZV]\QRZ\FKZ
GZyFKVąVLHGQLFKSU]HNURMDFK GR RGOHJáRĞFL PLĊG]\
W\PL SU]HNURMDPL NWyU\
Z\UDĪDQ\ MHVW Z >PPP@
OXE>Å@
:LFKURZDWRĞü ± UR]XPLH
VLĊ VWRVXQHN UyĪQLF Z\VRNRĞFLWRNyZV]\QRZ\FKZ
GZyFKVąVLHGQLFKSU]HNURMDFK GR RGOHJáRĞFL PLĊG]\
W\PL SU]HNURMDPL NWyU\
Z\UDĪDQ\ MHVW Z >PPP@
OXE>Å@
Instrukcja o dokonywaniu
SRPLDUyZEDGDĔLRFHQ\
stanu torów Id–14 (D–75)
z 2000 r.[23]
:LFKURZDWRĞüWRUX±MHVWWR
UyĪQLFD SU]HFK\áHN WRNyZ
V]\QRZ\FK QD GáXJRĞFL
SU]\MĊWHMED]\SRPLDURZHM
6WDQGDUGRZR XVWDORQR
GáXJRĞüED]\QDP
Instrukcja o dokonywaniu
SRPLDUyZEDGDĔLRFHQ\
stanu torów
D75
z 1991 r. [22]
3RPLDUZLFKURZDWRĞFLWRUX
Z\NRQ\ZDQ\ MHVW SU]H]
SRPLDU L DQDOL]Ċ ]PLHQQRĞFL QLHUyZQRĞFL WRNyZ
V]\QRZ\FK OXE SU]HFK\áNL
WRUX QD ED]LH GáXJRĞFL P SRPLĊG]\ GUXJą RVLą
Zy]ND SU]HGQLHJR L GUXJą
RVLą Zy]ND ĞURGNRZHJR
:LFKURZDWRĞüWRUXMHVWREOLF]DQD ] UyĪQLF\ QLHUyZQRĞFL OXE SU]HFK\áNL Na
VLHFL 3.3 ZLFKURZDWRĞü
OLF]RQDMHVWQDED]LHP
'RGDWNRZRSDUDPHWUZLFKURZDWRyFLX]\VNDQ\]DSRyUHGQLFWZHPGUH]\Q\SR
PLDURZHM (0t OXE WRURPLHU]HP HOHNWURQLF]Q\P VDPRUHMHVWUXM•F\P Z RG
QLHVLHQLXGRED]\PGODSUDFRZQLNÏZ]HVSRÏZGLDJQRVW\F]Q\FKMHVWMHGQ\P
]SRGVWDZRZ\FKSDUDPHWUÏZRNUHyODM•F\FKGRSXV]F]DOQ•SUÆGNRyÂQDWRU]H,QD
SRGVWDZLHSU]HNURF]HÍPLQMHJRGRSXV]F]DOQ\FKZLHONRyFLSRGHMPXMHVLÆGHF\]MH
HNVSORDWDF\MQH GRW\F]•FH ]PLDQ\ SUÆGNRyFL 9 QD WRU]H GDQHM OLQLL NROHMRZHM OXE
Z\NRQDQLDQLH]EÆGQ\FKQDSUDZ
148
.DPSF]\N$
:DUXQNLWHFKQLF]QHXWU]\PDQLDQDZLHU]FKQLQDOLQLDFKNROHMRZ\FK,Gt't
]U>@Z]D•F]QLNX]DZLHUDM•GRSXV]F]DOQHZDUWRyFLWHJRSDUDPHWUX
GODWRUXSRQDSUDZLHELH›•FHMJÏZQHMOXEPRGHUQL]DFMLWH›GODED]\P7HQ
SDUDPHWU MHJR ZDUWRy SRVLDGD ZS\Z QD MDNRy Z\NRQDQHM QDSUDZ\ LWG :DU
WRSRGNUHyOL›HSU]HNURF]HQLHWHJRSDUDPHWUXPDZS\ZQDW]ZGRSXV]F]DOQH
SU]HNURF]HQLHZDUWRyFLZLORyFLQLHZLÆNV]HMQL›OLF]E\SRPLDUÏZQDND›G\P
NLORPHWU]HRGELHUDQHJRWRUXSRGZDUXQNLHP›HQLHSU]HNUDF]DM•RQHRGFK\HN
GRSXV]F]DOQ\FKGODSUÆGNRyFLRNPKPQLHMV]\FKQL›SU]HZLG]LDQHGODGDQ\FK
WRUÏZ3U]HNURF]HQLHSRZRGXMHEUDNGRNRQDQLDRGELRUXRVWDWHF]QHJRWRUXLQDND
GDQDZ\NRQDZFÆNRQLHF]QRyÂSRSUDZ\SU]HNURF]RQ\FKZDUWRyFL
3RUXV]DM•F SUREOHPDW\NÆ SDUDPHWUX ZLFKURZDWRyFL RGQLRVÆ VLÆ UÏZQLH› GR
SURZDG]RQ\FKSRPLDUÏZJHRPHWULLUR]MD]GÏZZ]DNUHVLHSDUDPHWUÏZV]HURNRyFL
WRUXSU]HFK\NL›RENÏZRUD]LQQ\FKSDUDPHWUÏZZVND]DQ\FKZ$UNXV]DFK%D
GDQLD7HFKQLF]QHJR5R]MD]GÏZ$%75SURZDG]RQ\FKGODEDGDÍWHFKQLF]Q\FK
NWÏUH Z\NRQXMH VLÆ Z SXQNWDFK FKDUDNWHU\VW\F]Q\FK UR]MD]GX NWÏUH V• Z QLFK
ZVND]DQH,QVWUXNFMD,Gt't>@ZƒSNWXVW]DOHFD
dGRNRQD GRNDGQ\FK SRPLDUÏZ V]HURNRyFL WRUÏZ L V]HURNRyFL ›RENÏZ RUD] SU]HFK\NL
WRUX Z PLHMVFDFK SRGDQ\FK Z DUNXV]DFK EDGDQLD WHFKQLF]QHJR PHWU\NDFK UR]MD]GÏZ
DVWZLHUG]RQHSU]HNURF]HQLHZDUWRyFLGRSXV]F]DOQ\FKQDOH›\RGQRWRZDÂZ']LHQQLNX'
RUD] Z DUNXV]DFK EDGDQLD WHFKQLF]QHJR UR]MD]GÏZ MDNR XVWHUNL Z\PDJDM•FH XVXQLÆFLD
3U]\SRPLDUDFKSU]HFK\NLQDOH›\DQDOL]RZDÂF]\QLHQDVW•SLRSU]HNURF]HQLHGR
SXV]F]DOQHMZLFKURZDWRyFLWRUXr
:FHOXSUDZLGRZHJRRNUHyOHQLDSDUDPHWUXZLFKURZDWRyFLQDUR]MH|G]LHQDOH
›DRE\GRNRQDÂSRPLDUXSU]HFK\NLZVWD\FKLMHGQRURGQ\FKRGOHJRyFLDFKPLÆ
G]\V•VLHGQLPLSU]HNURMDPL]JRGQLH]RERZL•]XM•F\PLGHILQLFMDPL,Gt't
]U>@RUD],Gt't]U>@WDEHOD7RZ\PDJD]NROHLSR
G]LDXLZ\]QDF]HQLDVWD\FKLMHGQRURGQ\FKRGOHJRyFLSRPLÆG]\V•VLHGQLPLSU]H
NURMDPLSRPLDUXSDUDPHWUXSU]HFK\NL=JRGQLH]]DOHFHQLDPL,Gt't>@
ZƒSRPLDUSU]HFK\NLMHVWZ\NRQ\ZDQ\W\ONRZSXQNWDFKFKDUDNWHU\VW\F]Q\FK
UR]MD]GÏZRNUHyORQ\FKV\PEROLF]QLHZ$%75=DWHPZW\PSU]\SDGNXPR›QD
PÏZL W\ONR L Z\•F]QLH R GDOHFH ZVWÆSQHM DQDOL]LH ZLFKURZDWRyFL NWÏUD QLH
MHVW Z\]QDF]RQD GR VWD\FK L UÏZQ\FK RGOHJRyFL SRPLÆG]\ SU]HNURMDPL QS GOD
ED]\P:WDNLPZ\SDGNXQDOH›DRE\ZSURZDG]LÂRGG]LHOQ\SRPLDUNWÏU\
XZ]JOÆGQLDE\SRG]LDUR]MD]GXQDUÏZQHRGFLQNLSRPLDURZHZNWÏU\FKQDOH›DR
E\GRNRQDÂSRPLDUXZDUWRyFLSU]HFK\NL]DyQDVWÆSQLHZ\OLF]\ÂSDUDPHWUZLFKUR
ZDWRyFLWRUXZUR]MH|G]LH
=DUÏZQRZ,Gt't,QVWUXNFMLRGRNRQ\ZDQLXSRPLDUÏZEDGDÍLRFHQ\
VWDQXWRUÏZ]U>@RUD]Z,Gt't:DUXQNDFKWHFKQLF]Q\FKXWU]\PD
QLDQDZLHU]FKQLQDOLQLDFKNROHMRZ\FK]U>@]RVWD\]DZDUWHZDUWRyFLGR
SXV]F]DOQ\FKRGFK\HNSRGVWDZRZ\FKSDUDPHWUÏZSRR›HQLDWRUXGODSRPLDUÏZ
Z\NRQDQ\FK SRMD]GHP SRPLDURZ\P t GUH]\Q• SRPLDURZ• 3RMD]G SRPLDURZ\
F]\OLSRMD]GVDPRMH]GQ\Z\SRVD›RQ\ZXU]•G]HQLDXPR›OLZLDM•FHSRPLDUSRGVWD
ZRZ\FKSDUDPHWUÏZJHRPHWULLWRUXDXWRPDW\F]Q•UHMHVWUDFMÆLDQDOL]ÆZ\QLNÏZ
SRPLDUX:DUWRyFLGRSXV]F]DOQ\FKRGFK\HNZJ,Gt't]U>@RUD]
$.78$/1(352%/(0<:.217(.k&,(2%2:,=8-&<&+5(*8/$&-,35$:1<&+
149
Z,Gt'tU>@SU]HGVWDZLRQRZWDEHOLL'RNRQXM•FDQDOL]\W\FK
GZÏFKWDEHO]DXZD›DVLƛHQLHV•ZSURVW]HVRE•MHGQROLWHPLDQRZLFLHZDUWRyFL
GRSXV]F]DOQ\FK RGFK\HN SRGVWDZRZ\FK SDUDPHWUÏZ SRR›HQLD WRUX ZJ ,Gt
't ] U >@ GRW\F]• L ]RVWD\ RNUHyORQH GOD ZV]\VWNLFK SUÆGNRyFL 9
ZSU]HG]LDOHRGÓNPKWDEHOD
7DEHOD:DUWRyFLGRSXV]F]DOQ\FKRGFK\HNSRGVWDZRZ\FKSDUDPHWUÏZSRR›HQLDWRUX]DSHZQLDM•F\FK
VSRNRMQRyÂMD]G\GODSRPLDUÏZZ\NRQDQ\FKSRMD]GHPSRPLDURZ\P
nUÏGR,Gt't,QVWUXNFMDRGRNRQ\ZDQLXSRPLDUÏZEDGDÍLRFHQ\VWDQXWRUÏZ:DUV]DZDU6WDQQDG]LHÍ
PDUFDU>@
8ZDJD7DEHODRNUHyODZDUWRyFLRGFK\OHÍGRSXV]F]DOQ\FKNODV\&GODSRV]F]H
JÏOQ\FKSDUDPHWUÏZ-DNRZDUWRyFLRGFK\OHÍSDUDPHWUÏZGODNODV\$SU]\MPXMH
VLÆ ZDUWRyFL RGFK\OHQLD NODV\ & D GOD NODV\ % SU]\MPXMH VLÆ ZDUWRyFL
RGFK\OHQLDNODV\&
1DWRPLDVWZDUWRyFLGRSXV]F]DOQ\FKRGFK\HNSRGVWDZRZ\FKSDUDPHWUÏZSRR
›HQLDWRUXZJ,Gt'tU>@QLH]RVWD\RNUHyORQHGODZV]\VWNLFKSUÆGNR
yFL9ZSU]HG]LDOHRGÓNPKWDEHODEUDNRGFK\HNGRSXV]F]DOQ\FKGOD
9 NPK
9 NPK
9 NPK
9 NPK
9 NPK
9 NPK
.DPSF]\N$
150
7DEHOD:DUWRyFLGRSXV]F]DOQ\FKRGFK\HNSRGVWDZRZ\FKSDUDPHWUÏZSRR›HQLDWRUXGODSRPLDUÏZ
FL•J\FKZ\NRQDQ\FKGUH]\Q•SRPLDURZ•LWRURPLHU]HPHOHNWURQLF]Q\P
nUÏGR,Gt't:DUXQNLWHFKQLF]QHXWU]\PDQLDQDZLHU]FKQLQDOLQLDFKNROHMRZ\FK:DUV]DZDU6WDQQDG]LHÍ
ZU]HyQLDU>@
:\VWÆSXMH EUDN VSÏMQRyFL RERZL•]XM•F\FK UHJXODFML SUDZQ\FK FR SRZRGX
MH SRZVWDZDQLH L X]\VNDQLH SUREOHPDW\F]QHM L MHGQRF]•FHM ]JRGQRyFL SU]HSLVÏZ
2ERZL•]XM•F\]DNUHVSU]HSLVÏZPR›QDX]QDÂ]DQLHW\ONRVNRPSOLNRZDQ\DOHFR
]DW\PLG]LHWRIDNW›HQLHMHVWVSÏMQ\RUD]MHVWQLHVWDELOQ\2F]\PyZLDGF]•QLH
W\ONRZSURZDG]DQH]PLDQ\LPRGHUQL]DFMHGHILQLFMLQSOLQLLNROHMRZHMWDEHOD
DOHUÏZQLH›QSSDUDPHWUXZLFKURZDWRyFLWDEHOHÓ=PLHQLDM•FHVLÆ]DSLV\
QLHW\ONRZLQVWUXNFMDFKZDUXQNDFKWHFKQLF]Q\FKF]\LQQ\FKDNWDFKSUDZQ\FK
]DZLHUDM•F\FK UÏZQRF]HyQLH QLHVSÏMQRy ]H VRE• QLH SR]ZDODM• Z\W\F]\ MHGQHM
]DVDGQLF]HMSURVWHMLMHGQR]QDF]QHMyFLH›NLX]\VNLZDQLDGDQ\FKZVSRVÏEKDUPR
QLMQ\7DNDQLHVSÏMQRyÂSU]\F]\QLDVLÆGRSRZVWDZDQLDNRQIOLNWÏZLZLHOXQLHSRUR
]XPLHÍQSSRGF]DVSUDF.RPLVML2GELRUF]\FK5REÏWOXEdEDODQVRZDQLDrSU]H]
F]RQNÏZSURFHVXGLDJQRVW\F]QHJRQDNUDZÆG]LSUDZD
,QVWUXNFMH*8*L.DSUDNW\ND
2ERZL•]XM•FHLQVWUXNFMHLZDUXQNLWHFKQLF]QHZVWUXNWXUDFKRUJDQL]DF\MQ\FK
]DU]•GF\QDURGRZHMVLHFLNROHMRZHM]DZLHUDM•]DSLV\GHOHJDFMHRGQRV]•FHVLÆGR
WUHyFLLQQ\FKLQVWUXNFMLNWÏUH]JRGQLH]SRGVWDZ•SUDZQ•MX›QLHRERZL•]XM•>@
'RWHMSRU\QLH]RVWDR]DMÆWHWXWDMVWRVRZQHVWDQRZLVNRDFD\FLƛDUSRGHMPR
ZDQLDGHF\]MLZ]ZL•]NX]OXN•SUDZQ•VSRF]\ZDEH]SRyUHGQLRQDSUDFRZQLNDFK
Z\NRQXM•F\FK]DGDQLD]WHJR]DNUHVX3RVX›ÆVLÆWXWDMSU]\NDGDPLWUHyFL]DSLVÏZ
XMÆW\FKZLQVWUXNFML'>@LZDUXQNDFKWHFKQLF]Q\FK,Gt>@:LQVWUXNFML
'tZƒ]DSLVDQR
d3U]HSLV\QLQLHMV]HMLQVWUXNFMLREHMPXM•WHQURG]DMUREÏWJHRGH]\MQ\FKNWÏU\FKWHFKQROR
JLDRGELHJDRGSRPLDUÏZSU]HGVWDZLRQ\FKZLQVWUXNFML*ÏZQHJR8U]ÆGX*HRGH]MLL.DU
WRJUDILLDGRW\F]•F\FKJÏZQLH]DVDGSRPLDUÏZQDREV]DU]HNROHMRZ\Pr
$.78$/1(352%/(0<:.217(.k&,(2%2:,=8-&<&+5(*8/$&-,35$:1<&+
151
1DWRPLDVWZ:DUXQNDFKWHFKQLF]Q\FKXWU]\PDQLDSRGWRU]DNROHMRZHJR,Gt
>@Zƒ]DSLVDQR
d5RERW\ SRPLDURZH QDOH›\ SURZDG]L ]JRGQLH ] SU]HSLVDPL Z\GDQ\PL QD SRGVWDZLH
8VWDZ\ ] GQLD U t 3UDZR %XGRZODQH '] 8 ] SÏ|QLHMV]\PL
]PLDQDPLRUD]LQVWUXNFMDPLWHFKQLF]Q\PL*8*L.DV]F]HJÏOQLHLQVWUXNFM•WHFKQLF]Q•
* SW d*HRGH]\MQD REVXJD LQZHVW\FMLr RUD] ,QVWUXNFM• R RUJDQL]DFML L Z\NRQ\ZDQLX
SRPLDUÏZZJHRGH]MLNROHMRZHM'r
:GQLXG]LVLHMV]\PDNWXDOQLHLQVWUXNFMH*8*L.QLHRERZL•]XM•LQLHSRVLD
GDM•SRGVWDZ\SUDZQHM,QVWUXNFMH*8*L.RERZL•]\ZD\VZHJRF]DVXQDSRGVWD
ZLHUR]SRU]•G]HQLD0LQLVWUD6SUDZ:HZQÆWU]Q\FKL$GPLQLVWUDFML]GQLDPDU
FDUZVSUDZLHVWDQGDUGÏZWHFKQLF]Q\FKGRW\F]•F\FKJHRGH]MLNDUWRJUDILL
RUD]NUDMRZHJRV\VWHPXLQIRUPDFMLRWHUHQLH>@5R]SRU]•G]HQLHWRZVZ\P]D
•F]QLNXSRZR\ZDRZ\ND]VWDQGDUGÏZWHFKQLF]Q\FK]]DNUHVXJHRGH]MLLNDUWR
JUDILL7RUR]SRU]•G]HQLH]RVWDRXFK\ORQHDZ\QLNDRWR]8VWDZ\]GQLDPDUFD
URLQIUDVWUXNWXU]HLQIRUPDFMLSU]HVWU]HQQHM>@7DNWH›LQVWUXNFMH*8*L.
QLHRERZL•]XM•LZ\VWÆSXMÆ]QLPLdWHRUHW\F]QLHrEDUG]RGX›\SUREOHP=DVW•SL\
MHPLÆG]\LQQ\PL
t UR]SRU]•G]HQLH 0LQLVWUD 6SUDZ :HZQÆWU]Q\FK L $GPLQLVWUDFML ] GQLD
UZVSUDZLHVWDQGDUGÏZWHFKQLF]Q\FKZ\NRQ\ZDQLDJHRGH]\M
Q\FKSRPLDUÏZV\WXDF\MQ\FKLZ\VRNRyFLRZ\FKRUD]RSUDFRZ\ZDQLDLSU]H
ND]\ZDQLDZ\QLNÏZW\FKSRPLDUÏZGRSDÍVWZRZHJR]DVREXJHRGH]\MQHJR
LNDUWRJUDILF]QHJR>@
t UR]SRU]•G]HQLH 0LQLVWUD $GPLQLVWUDFML L &\IU\]DFML ] GQLD U
ZVSUDZLHRVQÏZJHRGH]\MQ\FKJUDZLPHWU\F]Q\FKLPDJQHW\F]Q\FK>@
7DSR]\FMDMHVWEDUG]RZD›QDLLVWRWQDSRQLHZD›]PLHQLDQRPHQNODWXUÆNOD
V\ILNDFMLRVQÏZRUD]GRNDGQRyFLSRV]F]HJÏOQ\FKNODV>@
t UR]SRU]•G]HQLH5DG\0LQLVWUÏZ]GQLDUZVSUDZLHSDÍVWZR
ZHJRV\VWHPXRGQLHVLHÍSU]HVWU]HQQ\FK>@
t UR]SRU]•G]HQLH 0LQLVWUD $GPLQLVWUDFML L &\IU\]DFML Z VSUDZLH ED]\ GDQ\FK
JHRGH]\MQHM HZLGHQFML VLHFL X]EURMHQLD WHUHQX ED]\ GDQ\FK RELHNWÏZ WRSR
JUDILF]Q\FKRUD]PDS\]DVDGQLF]HM>@:SURZDG]DRQRQRZH]DVDG\SUR
ZDG]HQLDPDS\]DVDGQLF]HMRUD]QRZ\NDWDORJ]QDNÏZXPRZQ\FK>@
=DSLV\ Z LQVWUXNFMDFK L ZDUXQNDFK ]DZDUW\FK X ]DU]•GF\ QDURGRZHM
VLHFLNROHMRZHM RGQRV]•VLÆ GR LQVWUXNFMLNWÏUHGHIDFWRQLHSRVLDGDM•MX›
SRGVWDZSUDZQ\FK.ZHVWLHW]ZOXNLSUDZQHMRGQRV]•VLÆDNWXDOQLHQLHW\ONR
GRQLHDNWXDOQ\FKF]\QDZHWVSU]HF]Q\FKLEÆGQ\FK]DSLVÏZZLQVWUXNFMDFKDOH
UÏZQLH›GRSURFHGXUZNWÏU\FKLQVWUXNFMHF]\ZDUXQNLQLH]DZDU\MHV]F]HVWRVRZ
QHJRVWDQRZLVND
7RUEH]VW\NRZ\tGRVDGQHEÆG\
1LHVWHW\UR]ELH›QRyÂLQLHVSÏMQRyÂRERZL•]XM•F\FKUHJXODFMLSUDZQ\FKZ\VWÆ
SXMHQLHW\ONRZNZHVWLDFKVWULFWHEH]SRyUHGQLFKZ\QLNDM•F\FK]WUHyFLLQVWUXNFML
152
.DPSF]\N$
ZDUXQNÏZWHFKQLF]Q\FKLWGDOHUÏZQLH›ZVSUDZDFKdEDK\FKrZVWRVXQNXGR
NWÏU\FKGRyZLDGF]RQ\SUDFRZQLNWHFKQLF]QRtLQ›\QLHU\MQ\QLH]ZUDFDMX›XZDJL
QD W]Z dVSUDZ\ t XFK\ELHQLD EDKHr -HGQDN WH QLHGRFL•JQLÆFLD ]QDMGXM• VZRMH
RG]ZLHUFLHGOHQLD Z SUDFDFK GXJRWHUPLQRZ\FK NRPLVML SUDFXM•F\FK QD UϛQ\FK
LQQ\FK V]F]HEODFK 3RVX›Æ VLÆ WXWDM SU]\NDGDPL 3LHUZV]\ GRW\F]\ EÆGQHJR
RNUHyOHQLDMHGQRVWHNSRPLDURZ\FKSU]HGVWDZLRQ\FKZ:DUXQNDFKWHFKQLF]Q\FK
,Gt 't Z ]D•F]QLNX JG]LH WHPDW\ND GRW\F]•FD dZDUXQNÏZ HNVSORDWDFML
WRUXEH]VW\NRZHJRrRNUHyODW]ZPRGXVSUƛ\VWRyFLVWDOLV]\QRZHM(QDVWÆSXM•FR
0SD : W\P ]DNUHVLH RERZL•]XM• UÏZQLH› LQQH VWDQGDUG\ WHFKQLF]QH
NWÏUHRNUHyODM•VWRVRZQHZ\PDJDQLDFRGR]DSLVXLVWRVRZDQLDOHJDOQ\FKMHGQRVWHN
PLDU1LHPDWDNLHMMHGQRVWNLMDNd0SDrGRyZLDGF]RQ\SUDFRZQLNZLH›HWXWDM
SRZLQQRE\Â03DFRR]QDF]DPHJDSDVNDO
3RGM•ZV]\MX›WHPDW\NÆ]]DNUHVXdZDUXQNÏZHNVSORDWDFMLWRUXEH]VW\NRZH
JRr]DSUH]HQWRZDQ•Z:DUXQNDFKWHFKQLF]Q\FK,Gt't>@Z]D•F]QLNX
SRUXV]ÆMHV]F]HMHGQ•NZHVWLÆ]]DNUHVXZHU\ILNDFMLWHPSHUDWXU\QHXWUDOQHMQD
SRGVWDZLHEDGDÍGLDJQRVW\F]Q\FKNWÏUDdZUÆF]ELMHJRU•FRrZWDNLE•G=JRGQLH
]]DSLVDPL]PRGHUQL]RZDQ\FK:DUXQNÏZWHFKQLF]Q\FK,Gt't>@]U
UHJXODFMÆVLSRGX›Q\FKQDOH›\SU]HSURZDG]LÂMH›HOLUϛQLFDWHPSHUDWXUQHXWUDO
Q\FKSRPLÆG]\NROHMQ\PURF]Q\PLSRPLDUDPLMHVWZLÆNV]DQL›
D SU]\GREU\PVWDQLHSRGV\SNLLSHQ\PMHMRSURILORZDQLX>R&@
E SU]\SU]HFLÆWQ\PVWDQLHSRGV\SNLLSHQ\PMHMRSURILORZDQLX>R&@
F ZSR]RVWD\FKVWDQDFKSRGV\SNLOXESU]\EUDNDFKZMHMRSURILORZDQLX>R&@
7D QLHVSÏMQRy Z\QLNDM•FD ] ZDUXQNÏZ WHFKQLF]Q\FK ,Gt 't ] U
MHVWZUÆF]QDJDQQD:DUWRyFLWHPSHUDWXUZ\QRV]•RGSRZLHGQLR>R&@
DQDJOHZQRZ\FKL]PRGHUQL]RZDQ\FKZDUXQNDFKWHFKQLF]Q\FK]DSUH]HQWRZDQR
NRORVDOQHUϛQLFH&]\WDNDQLHVSÏMQRyÂLUR]ELH›QRyÂMHVWGRSXV]F]DOQD"7UXGQR
WRZ\MDyQLÂDOH]DSHZQHQDV]F]HEOX,QVWUXNFMLL:DUXQNÏZ7HFKQLF]Q\FKWDNLH
EÆG\QLHSRZLQQ\SRVLDGDÂPLHMVFD
=JRGQLH]]DOHFHQLDPL,G']UZƒSNWL]QDMGXMHP\]DSLV
L]DOHFHQLH>@
d6]F]HJϏRZ• ORNDOL]DFMÆ RGFLQNÏZ QD NWÏU\FK VSRG]LHZD VLÆ PR›QD SH]DQLD V]\Q
XVWDODXSUDZQLRQ\SUDFRZQLNNRPÏUNLGLDJQRVW\F]QHMELRU•FJÏZQLHSRGXZDJÆ]DFKRZD
QLHVLÆWRUXZODWDFKSRSU]HG]DM•F\FKXR›HQLHWRUXEH]VW\NRZHJROXERNUHVMHJRSRSU]HGQLHM
HNVSORDWDFMLDWDN›HZLHNQDZLHU]FKQLMHMVWDQLLQQHF]\QQLNL1DRGFLQNDFKW\FKQDOH›\
]DR›\ÂQD]HZQ•WU]WRUXSXQNW\VWDHNWÏUHVWDQRZLÂEÆG•SXQNW\RGQLHVLHQLDZ]JOÆGHP
NWÏU\FKVSUDZG]DQDEÆG]LHVWDELOQRyÂSRR›HQLDWRUXEH]VW\NRZHJRZ]GX›MHJRRVL1DSR
]RVWD\FK RGFLQDNDFK WRUX EH]VW\NRZHJR SXQNW\ VWD\ QDOH›\ ]DNDGD Z RGOHJRyFLDFK FR
P]DOH›QLHRGPR›OLZRyFLZ\NRU]\VWDQLDRELHNWÏZ]ZDV]F]DVXSÏZ
WUDNF\MQ\FKMDNRSXQNWÏZVWD\FKr
]DWHPSXQNW\VWDHtRGQLHVLHQLD]DOHFDVLÆ]DNDGDÂQDVXSDFKWUDNF\MQ\FKQD
WRPLDVWZW\FKVDP\FK:DUXQNDFK7HFKQLF]Q\FKZJƒSNWXVWLVWQLHMH
]DSLVQDVWÆSXM•FHMWUHyFL
dGRW\NDQLHVXSÏZWUDNF\MQ\FKZLHV]DQLHQDQLFKRG]LH›\VWDZLDQLHSU]\QLFK
PDV]\QVSU]ÆWXLQDU]ÆG]LSUDF\MHVW]DEURQLRQH1LHZROQRUÏZQLH›XV]NDG]DÂOXE
$.78$/1(352%/(0<:.217(.k&,(2%2:,=8-&<&+5(*8/$&-,35$:1<&+
153
RGU\ZDÂRGV]\QNDEOLVLHFLSRZURWQHMRUD]GRW\NDÂSU]HZRGÏZXV]\QLDM•F\FKNRQVWUXNFMH
ZVSRUF]HVLHFLMH]GQHMLEXGRZOLSRGNWÏU\PLVLHÂSU]HELHJDr
Z\VWÆSXMHEUDN]JRGQHMMHGQR]QDF]QRyFLZRERZL•]XM•F\FKSU]HSLVDFK%UDNWXWDM
VWRVRZQHMMHGQROLWRyFLRERZL•]XM•F\FKSU]HSLVÏZ
3UREOHPDW\ND WD GRW\F]\ UÏZQLH› ]DSLVÏZ ]DZDUW\FK Z ,Jt >@ Z NWÏUHM
RNUHyORQR›H]QDNUHJXODFMLRVLWRUXPRFRZDQ\MHVWGRyFLDQ\F]RRZHMVXSDNRQ
VWUXNFMLZVSRUF]HMVLHFLWUDNF\MQHM]ZDQHJRRJÏOQLHVXSHP]Dy]QDNMHVW]DPR
FRZDQ\RGVWURQ\WRUXDMHJRSRR›HQLHQDVXSLHMHVWX]DOH›QLRQHRGW\SXVXSD
,JtWHUPLQRORJLDW\WXX
7\WX ,Jt >@ EU]PL QDVWÆSXM•FR d:\W\F]QH GOD RVDG]DQLD ]QDNÏZ UHJXOD
FMLRVLWRUXQDNRQVWUXNFMDFKZVSRUF]\FKVXSDFKVLHFLWUDNF\MQHMrD]DWHPZJ
W\WXX V• WR dZ\W\F]QHr MHGQDN ]DJÆELDM•F VLÆ Z FDNRZLW• WUHy ,Jt X›\WR
VIRUPXRZDQLD›HMHVWWRLQVWUXNFMDOXELQQHJRVIRUPXRZDQLD]DZDUWHJRZƒ
PLDQRZLFLH
d6WRVRZDQLH ]QDNX UHJXODFML RVL WRUX VSHQLDM•FHJR Z\PDJDQLD RNUHyORQH Z Z\
W\F]Q\FK,JtMHVWREOLJDWRU\MQHQDZV]\VWNLFK]HOHNWU\ILNRZDQ\FKOLQLDFKNROHMRZ\FK
er
7ZÏUFD,JtZSURZDG]DF]\WHOQLNDDSU]HGHZV]\VWNLPSUDFRZQLNÏZWHFK
QLF]QRLQ›\QLHU\MQ\FKJHRGH]MLNDUWRJUDILLF]\]HVSRÏZGLDJQRVW\F]Q\FKZE•G
7\WXPÏZL›H,JMHVWZ\W\F]Q•]Dy]WUHyFLZ\QLND›HLQVWUXNFM•OXEdZ\PD
JDQLDRNUHyORQHZZ\W\F]Q\FK,JMHVWREOLJDWRU\MQHr:W\PNLHUXQNXQDOH›\Z\VX
Q•ÂSRGVWDZRZHZQLRVNL]QDQHQLHW\ONRJHRGHWRPDOHWH›GLDJQRVWRPLWGLQ
VWUXNFMHV•SU]HSLVDPLREOLJDWRU\MQ\PLWR]QDF]\WDNLPLNWÏU\FKVWRVRZDQLHSU]H]
Z\NRQDZFÆMHVWRERZL•]NRZH=NROHLZ\W\F]QHV•SU]HSLVDPLIDNXOWDW\ZQ\PL
DZ\NRQDZFDSUDFQLHPXVLVWRVRZDÂVLÆGRWUHyFLZQLFK]DZDUW\FKSRQLHZD›VWD
QRZL•RQHW\ONRZVND]ÏZNLLSRPRFZ]DNUHVLHZ\NRU]\VWDQLDLQVWUXNFML:\W\F]
QHWHFKQLF]QHRSUDFRZ\ZDQHV•GRNRQNUHWQHMLQVWUXNFMLWHFKQLF]QHML]DZLHUDM•
QDMF]ÆyFLHM SU]\NDG\ GRW\F]•FH IRUP\ RGGDZDQHM SUDF\ 'RGDWNRZR Z\W\F]QH
]JRGQLH]HVZRM•QD]Z•QLHV•DNWHPSUDZQ\PDURG]DMHP]DOHFHQLDF]\VXJHVWLL
MDNUHDOL]RZDÂ]DGDQLD
-DNZ\ND]DQR]DSLV\Z\QLNDM•FH]UHJXODFMLSUDZQ\FKZVWRVXQNX]NWÏU\FK
ND›G\SUDFRZQLNWHFKQLF]Q\QDELH›•FRNRU]\VWDOXEVWDUDVLÆNRU]\VWDÂZdPLDUÆ
PR›OLZRyFLrSRVLDGDM•QLHW\ONRZLHON•UR]ELH›QRyÂDOHNZHVWLHSUREOHPDW\F]QH
NWÏUHGRW\NDM•EH]SRyUHGQLRSUDFRZQLNDJHRGH]\MQHJRGLDJQRVW\F]QHJRZWHUH
QLH7DNDQLHVSÏMQRyÂEUDNMHGQROLWRyFLRERZL•]XM•F\FKVWDQGDUGÏZWHFKQLF]Q\FK
SURZDG]LGREUDNXX]\VNDQLDKDUPRQL]DFMLSURFHGXURUD]SR]\VNLZDQLDGDQ\FK
GDQ\FKRGREUHMMDNRyFL
=DUÏZQR LQVWUXNFMH MDN L Z\W\F]QH ] ]DR›HQLD RSUDFRZ\ZDQH V• Z RSDUFLX
RDNWXDOQ\VWDQZLHG]\RUD]ZRSDUFLXRSU]HSLV\Z\›V]HJRU]ÆGXMDNLPLV•XVWDZ\
LUR]SRU]•G]HQLDGRXVWDZ=DWHPZW\PZ]JOÆG]LHSRZLQQDRERZL•]\ZDÂVSÏM
QRyÂSU]HSLVÏZDQLHLFKSUREOHPDW\NDLUR]ELH›QRyÂ
.DPSF]\N$
154
3RGVXPRZDQLH
&HOHPDUW\NXXE\RSU]HGVWDZLHQLHZ\VWÆSXM•FHMSUREOHPDW\NLZNRQWHNyFLH
RERZL•]XM•F\FK UHJXODFML SUDZQ\FK ]DU]•GF\ QDURGRZHM VLHFL NROHMRZHM NWÏUH
Z ]DVDGQLF]\P VWRSQLX RGJU\ZDM• UROÆ Z SR]\VNLZDQLX GDQ\FK GDQ\FK ZLDU\
JRGQ\FKRLVWQLHM•F\PVWDQLHLQIUDVWUXNWXU\NROHMRZHMZ]DNUHVLHGLDJQRVW\NLQD
ZLHU]FKQLLSRGWRU]DNROHMRZHJRRUD]JHRGH]ML
1DOH›\ G•›\ GR XMHGQROLFHQLD RERZL•]XM•F\FK SU]HSLVÏZ D WR SU]\F]\QL VLÆ
GRVWRSQLRZHMKDUPRQL]DFML]ELRUÏZGDQ\FKZW\PGDQ\FKSRPLDURZ\FK+DU
PRQL]DFMD]ELRUÏZGDQ\FKSU]H]NWÏU•QDOH›\UR]XPLHÂG]LDDQLDRFKDUDNWHU]H
SUDZQ\PWHFKQLF]Q\PLRUJDQL]DF\MQ\PPDQDFHOXGRSURZDG]LÂGRZ]DMHPQHM
VSÏMQRyFLRUD]GRZVSÏOQHJRL•F]QHJRZ\NRU]\VW\ZDQLD
:DUW\NXOHMHGQR]QDF]QLHVWZLHUG]RQR›HZDUWRMHVW]DVWDQRZLÂVLÆQDNZHVWL•
PÏZLHQLD R Z\VWÆSXM•FHM DNWXDOQHM SUREOHPDW\FH Z NRQWHNyFLH RERZL•]XM•F\FK
SU]HSLVÏZ
,QVWUXNFMH WHFKQLF]QH D Z W\P V]F]HJÏOQLH LQVWUXNFMH EUDQ›RZH NROHMRZH
V•WUXGQHZRGELRU]HQLHGODWHJR›HLFKWHPDW\ND]DJDGQLHQLDNWÏU\FKGRW\F]•
MHVWWUXGQDDOHGODWHJR›HV•QLHNLHG\QLHVSÏMQHUR]ELH›QH]DZLHUR]SURV]RQH
LGRNRÍFDQLHSUDZLGRZH1LHVWHW\QLHVSÏMQRyÂSU]HSLVÏZURG]LSROHGRUϛQR
URGQHMLQWHUSUHWDFML1DOH›\G•›\ÂGRXMHGQROLFHQLDVWDQGDUGÏZWHFKQLF]Q\FKGR
W\F]•F\FKEH]SLHF]HÍVWZDQDNROHLZW\PGRNRQDÂXMHGQROLFHQLDV\VWHPXSU]H
SLVÏZLLQVWUXNFMLRERZL•]XM•F\FKZSRGPLRWDFKU\QNXNROHMRZHJR:]DNUHVLH
RERZL•]XM•F\FK SU]HSLVÏZ Z LQVWUXNFMDFK L ZDUXQNDFK WHFKQLF]Q\FK Z\VWÆSXMH
MHGQR]QDF]Q\LFKEUDNMHGQROLWRyFLDZUÆF]UR]ELH›QRyÂFRVWZLHUG]RQRWH›ZSUD
F\ > @ %H]SLHF]HÍVWZR Z WUDQVSRUFLH V]\QRZ\P t NROHMRZ\P MHVW ]DOH›QH
RGNLONXF]\QQLNÏZWDNLFKMDNLQIUDVWUXNWXUDLWDERUUHJXODFMHSUDZQHF]\QQLN
OXG]NLSHUVRQHOZ\NRQXM•F\]DGDQLD]ZL•]DQH]EH]SLHF]HÍVWZHPUXFKXMHGQDN
ZW\PFHOXSRZLQLHQRQSRVLDGDÂMHGQROLWHZVSDUFLHZ]DNUHVLHLQVWUXNFMLZDUXQ
NÏZ WHFKQLF]Q\FK L UHJXODFML ZHZQÆWU]Q\FK RSUDFRZ\ZDQ\FK SU]H] ]DU]•GFÏZ
LQIUDVWUXNWXU\NROHMRZHMLSU]HZR|QLNÏZNROHMRZ\FK
%LEOLRJUDILD
>@8VWDZD]GQLDPDUFDURWUDQVSRUFLHNROHMRZ\P']8QU
SR]
>@8VWDZD]GQLDOLSFDU3UDZREXGRZODQH']8QUSR]
>@8VWDZD]GQLDPDMDU3UDZRJHRGH]\MQHLNDUWRJUDILF]QH']8
QUSR]
>@,J:\W\F]QHGODRVDG]DQLD]QDNÏZUHJXODFMLRVLWRUXQDNRQVWUXNFMDFK
ZVSRUF]\FKVXSDFKVLHFLWUDNF\MQHM:DUV]DZDU
$.78$/1(352%/(0<:.217(.k&,(2%2:,=8-&<&+5(*8/$&-,35$:1<&+
155
>@.DPSF]\N$5R]ELH›QRyÂZRERZL•]XM•F\FKUHJXODFMDFKSUDZQ\FK]D
U]•GF\QDURGRZHMVLHFLNROHMRZHM,QIUDVWUXNWXUD7UDQVSRUWX:\
GDZQLFWZR(ODPHG.DWRZLFH
>@,Gt't:DUXQNLWHFKQLF]QHXWU]\PDQLDQDZLHU]FKQLQDOLQLDFKNROH
MRZ\FK:DUV]DZDU
>@,Gt't:\ND]OLQLL:DUV]DZDU6WDQQDG]LHÍJUXG]LHÍ
U7HNVWXMHGQROLFRQ\XZ]JOÆGQLDM•F\WHNVWSU]\MÆW\]DU]•G]HQLHP
1U =DU]•GX 3.3 3ROVNLH /LQLH .ROHMRZH 6$ ] GQLD OXWHJR
URUD]]PLDQ\ZJZ\ND]X]PLDQRGF]HUZFDUGRJUXG
QLDU
>@5R]SRU]•G]HQLH3UH]HVD5DG\0LQLVWUÏZ]GQLDF]HUZFDUZVSUD
ZLHd=DVDGWHFKQLNLSUDZRGDZF]HMr']8QUSR]
>@8VWDZD]GQLDVLHUSQLDURRUJDQL]DFMLLWU\ELHSUDF\5DG\0LQL
VWUÏZRUD]R]DNUHVLHG]LDDQLDPLQLVWUÏZ']8QUSR]
>@,Gt't,QVWUXNFMDRRJOÆG]LQDFKEDGDQLDFKWHFKQLF]Q\FKLXWU]\PD
QLXUR]MD]GÏZ:DUV]DZDU
>@5R]SRU]•G]HQLH0LQLVWUD6SUDZ:HZQÆWU]Q\FKL$GPLQLVWUDFML]GQLD
OLVWRSDGDUZVSUDZLHVWDQGDUGÏZWHFKQLF]Q\FKZ\NRQ\ZDQLDJHR
GH]\MQ\FKSRPLDUÏZV\WXDF\MQ\FKLZ\VRNRyFLRZ\FKRUD]RSUDFRZ\ZDQLD
LSU]HND]\ZDQLDZ\QLNÏZW\FKSRPLDUÏZGRSDÍVWZRZHJR]DVREXJHRGH
]\MQHJRLNDUWRJUDILF]QHJR']8QUSR]
>@5R]SRU]•G]HQLH 0LQLVWUD $GPLQLVWUDFML , &\IU\]DFML ] GQLD OXWHJR
UZVSUDZLHRVQÏZJHRGH]\MQ\FKJUDZLPHWU\F]Q\FKLPDJQHW\F]
Q\FK']8QUSR]
>@5R]SRU]•G]HQLH5DG\0LQLVWUÏZ]GQLDSD|G]LHUQLNDUZVSUDZLH
SDÍVWZRZHJRV\VWHPXRGQLHVLHÍSU]HVWU]HQQ\FK']8QUSR]
>@5R]SRU]•G]HQLH 0LQLVWUD $GPLQLVWUDFML L &\IU\]DFML ] GQLD OXWHJR
U Z VSUDZLH ED]\ GDQ\FK JHRGH]\MQHM HZLGHQFML VLHFL X]EURMHQLD
WHUHQX ED]\ GDQ\FK RELHNWÏZ WRSRJUDILF]Q\FK RUD] PDS\ ]DVDGQLF]HM
']8QUSR]
>@5R]SRU]•G]HQLH0LQLVWUD6SUDZ:HZQÆWU]Q\FKL$GPLQLVWUDFML]GQLD
PDUFDUZVSUDZLHVWDQGDUGÏZWHFKQLF]Q\FKGRW\F]•F\FKJHRGH]ML
NDUWRJUDILLRUD]NUDMRZHJRV\VWHPXLQIRUPDFMLRWHUHQLH']8QU
SR]
>@8VWDZD]GQLDPDUFDURLQIUDVWUXNWXU]HLQIRUPDFMLSU]HVWU]HQQHM
']8QUSR]
>@,Gt't:DUXQNLWHFKQLF]QHXWU]\PDQLDQDZLHU]FKQLQDOLQLDFKNROH
MRZ\FK:DUV]DZDU6WDQQDG]LHÍZU]HyQLDU
7HNVWXMHGQROLFRQ\XZ]JOÆGQLDM•F\
WHNVW LQVWUXNFML SU]\MÆWHM ]DU]•G]HQLHP 1U =DU]•GX 3.3
3ROVNLH/LQLH.ROHMRZH6$]GQLDPDMDU
156
.DPSF]\N$
]PLDQ\ ZSURZDG]RQH ]DU]•G]HQLHP 1U =DU]•GX 3.3 3RO
VNLH/LQLH.ROHMRZH6$]GQLDPDMDU
]PLDQ\ZSURZDG]RQH]DU]•G]HQLHP1U=DU]•GX3.33RO
VNLH/LQLH.ROHMRZH6$]GQLDVLHUSQLDU
>@'t,QVWUXNFMDRRUJDQL]DFMLLZ\NRQ\ZDQLXSRPLDUÏZZJHRGH]ML
NROHMRZHM:DUV]DZDU
>@.DPSF]\N $ 2VQRZ\ JHRGH]\MQH 6WDQGDUG\ WHFKQLF]QH PHWDGD
QHDVWDQLVWQLHM•F\,QIUDVWUXNWXUD7UDQVSRUWX:\GDZQLFWZR
(ODPHG.DWRZLFH
>@,Gt:DUXQNLWHFKQLF]QHXWU]\PDQLDSRGWRU]DNROHMRZHJR:DUV]DZD
U
>@,Gt't,QVWUXNFMDRGRNRQ\ZDQLXSRPLDUÏZEDGDÍLRFHQ\VWD
QXWRUÏZ:DUV]DZDU6WDQQDG]LHÍPDUFDU
7HNVWXMHGQROLFRQ\XZ]JOÆGQLDM•F\
WHNVW LQVWUXNFML SU]\MÆWHM ]DU]•G]HQLHP 1U =DU]•GX 3.3
3ROVNLH/LQLH.ROHMRZH6$]GQLDOLSFDU
]PLDQ\ Z\QLNDM•FH ] ]DU]•G]HQLD 1U =DU]•GX 3.3 3ROVNLH
/LQLH.ROHMRZH6$]GQLDOXWHJRU
>@' ,QVWUXNFMD R GRNRQ\ZDQLX SRPLDUÏZ EDGDÍ L RFHQ\ VWDQX WRUÏZ
:DUV]DZDU=DU]•G]HQLH1U'\UHNWRUD*HQHUDOQHJR3.3]GQLD
PDUFDUZVSUDZLHXVWDOHQLD,QVWUXNFMDRGRNRQ\ZDQLXSRPLDUÏZ
EDGDÍLRFHQ\VWDQXWRUÏZ'
>@' ,QVWUXNFMD R GRNRQ\ZDQLX SRPLDUÏZ EDGDÍ L RFHQ\ VWDQX WRUÏZ
:DUV]DZDU
3UDFD QLQLHMV]D ]RVWDD Z\NRQDQD Z UDPDFK EDGDÍ VWDWXWRZ\FK QU $*+
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
.21&(3&-$=$67262:$1,$7(&+1,.,5),'
:,1:(17$5<=$&-,(/(0(17¯:
,1)5$6758.785<75$16325786=<12:(*2
$UNDGLXV].DPSF]\N
0LFKD6WUDFK
GU LQ› $*+ $NDGHPLD *ÏUQLF]R+XWQLF]D :\G]LD
*HRGH]ML*ÏUQLF]HML,Q›\QLHULLkURGRZLVND$O$0LF
NLHZLF]D .UDNÏZ HPDLO NDPSF]\N#DJK
HGXSO
GU LQ› $*+ $NDGHPLD *ÏUQLF]R+XWQLF]D :\G]LD
*HRGH]ML*ÏUQLF]HML,Q›\QLHULLkURGRZLVND$O$0LF
NLHZLF]D.UDNÏZHPDLOVWUDFK#DJKHGXSO
6WUHV]F]HQLHDUW\NXZ]DVDGQLF]HMVZHMF]ÆyFLSU]HGVWDZLD]DVWRVRZDQLHWHFKQLNL5),'
5DGLR)UHTXHQF\,'HQWLILFDWLRQZUHDOL]DFMLSRPLDUÏZJHRGH]\MQ\FKRUD]EDGDÍGLDJQRVW\F]
Q\FKZLQIUDVWUXNWXU]HWUDQVSRUWXV]\QRZHJR:DUW\NXOHSU]HGVWDZLRQRDXWRUVNLVSRVÏELGHQW\
ILNDFML HOHPHQWÏZ LQIUDVWUXNWXU\ WUDQVSRUWX V]\QRZHJR Z RGQLHVLHQLX GR GZÏFK PHWRG SRPLDUR
Z\FKJHRPHWULLWRUÏZSRyUHGQLHMLEH]SRyUHGQLHM3UDFD]DZLHUDVSRVWU]H›HQLDLZQLRVNLDXWRUÏZ
Z]DNUHVLHQRZDWRUVNLHMPHWRG\NLSR]\VNLZDQLDGDQ\FKRHOHPHQWDFKLQIUDVWUXNWXU\WUDQVSRUWX
V]\QRZHJR
6RZD NOXF]RZH 5),' PHWRG\ SRPLDUÏZ JHRPHWULL WRUÏZ GLDJQRVW\ND JHRPHWULL WRUX
NROHMRZHJR
:SURZDG]HQLH
$XWRPDW\F]QD LGHQW\ILNDFMD RELHNWÏZ SROHJD QD VDPRF]\QQ\P ]HEUDQLX
GDQ\FK Z F]DVLH U]HF]\ZLVW\P D QDVWÆSQLH ZSURZDG]HQLX LFK GR V\VWHPX
NRPSXWHURZHJREH]LQJHUHQFMLF]RZLHND:LGHQW\ILNDFMLVWRVRZDQHV•QDM
F]ÆyFLHMQDVWÆSXM•FHUR]ZL•]DQLDNRG\NUHVNRZHLQWHOLJHQWQHNDUW\LGHQW\IL
NDFMDRGFLVNXSDOFDJRVXF]\VLDWNÏZNLRNDRUD]V\VWHP]GDOQHMLGHQW\ILNDFML
UDGLRZHMt5DGLR)UHTXHQF\,GHQWLILFDWLRQ5),'5),'MHVWPHWRG•VX›•F•
GREH]SU]HZRGRZHMLGHQW\ILNDFMLRELHNWÏZ>@
3URFHVLQZHVW\F\MQ\QDREV]DUDFKNROHMRZ\FK]ZL•]DQ\MHVW]EXGRZ•UH
ZLWDOL]DFM• RUD] PRGHUQL]DFM• LQIUDVWUXNWXU\ NROHMRZHM 3RVWÆS WHFKQRORJLF]
Q\ Z\PXV]D QD Z\NRQDZFDFK SUDF ]DVWRVRZDQLH QRZRF]HVQ\FK WHFKQLN QD
ZV]\VWNLFKHWDSDFKUHDOL]RZDQHMLQZHVW\FML>@3RGREQHZ\PDJDQLDZ]DNUH
VLHZ\NRU]\VWDQLDQRZ\FKUR]ZL•]DÍWHFKQLF]QRtLQ›\QLHU\MQ\FKVWDZLDQHV•
]DU]•GF\VLHFLGUÏJV]\QRZ\FK-HVWRQRGSRZLHG]LDOQ\]DELH›•FHXWU]\PDQLH
LQIUDVWUXNWXU\NROHMRZHMLZHU\ILNDFMÆMHMVWDQXWHFKQLF]QHJR>@3UDFHWHJR
:NáDGSURFHQWRZ\DXWRUyZZSXEOLNDFMĊ.DPSF]\N$6WUDFK0
.DPSF]\N$6WUDFK0
158
W\SX V• GRPHQ• ]DUÏZQR NROHMRZ\FK VX›E GLDJQRVW\F]Q\FK MDN L JHRGH]\M
Q\FK>@
=DVWRVRZDQLH QRZ\FK UR]ZL•]DÍ NRQVWUXNF\MQ\FK SRGF]DV EXGRZ\ L PRGHU
QL]DFML LQIUDVWUXNWXU\ NROHMRZHM ZL•›H VLÆ ] UÏZQRF]HVQ\P ZGUD›DQLHP QRZ\FK
V\VWHPÏZZVSRPDJDM•F\FKPRQLWRURZDQLHL]DU]•G]DQLHMHMVWDQHPWHFKQLF]Q\P
=DVDGQLF]H ]QDF]HQLH PD ZSURZDG]HQLH GR VWRVRZDQLD QRZ\FK V\VWHPÏZ JHR
GH]\MQ\FK L GLDJQRVW\F]Q\FK RUD] V\VWHPÏZ LQIRUPDW\F]Q\FK SR]ZDODM•F\FK QD
SODQRZDQLHSUDFXWU]\PDQLRZ\FK%ÆG]LHWRPR›OLZHG]LÆNLSR]\VNLZDQLXDNWX
DOQ\FKGDQ\FKRVWDQLHWHFKQLF]Q\PHOHPHQWÏZLQIUDVWUXNWXU\WUDQVSRUWXV]\QR
ZHJRH,76>@.ROHNFMRQRZDQLHLELH›•F•DNWXDOL]DFMÆGDQ\FK]DSHZQLDDXWRU
VNLVSRVÏELGHQW\ILNDFMLH,76]DLPSOHPHQWRZDQ\GRVWRVRZDQ\FKREHFQLHPHWRG
SRPLDUX JHRPHWULL WRUÏZ =H Z]JOÆGX QD RJUDQLF]HQLD REMÆWRyFLRZH Z RSUDFR
ZDQLXSU]HGVWDZLRQRMHG\QLHRJÏOQ•NRQFHSFMÆPHWRG\LGHQW\ILNDFMLHOHPHQWÏZ
LQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJRZGRVWRVRZDQLXGRGZÏFKWHFKQLNSRPLDUR
Z\FKJHRPHWULLWRUÏZSRyUHGQLHMLEH]SRyUHGQLHM:VSRPQLDQDPHWRGDX]\VNDD
]JRV]HQLHSDWHQWRZHSQd6SRVÏELGHQW\ILNDFMLHOHPHQWÏZLQIUDVWUXNWXU\WUDQV
SRUWXV]\QRZHJRr>@
(WDS\UR]ZRMXWHFKQLNL5),'
3RF]•WNLWHFKQLNL5),'VLÆJDM•RNUHVX,,ZRMQ\yZLDWRZHM:WDPW\PF]DVLH
Z :LHONLHM %U\WDQLL ]RVWD VNRQVWUXRZDQ\ V\VWHP ,)) ,GHQWLILFDWLRQ )ULHQG RU
)RH NWÏU\ VX›\ GR LGHQW\ILNDFML VDPRORWÏZ 6\VWHP WHQ MHVW XZD›DQ\ ]D SR
SU]HGQLNDWHFKQRORJLL5),':URNX+DUU\6WRFNPDQSXEOLNXMHSUDFÆSRG
W\WXHP‡&RPPXQLFDWLRQE\0HDQVRI5HIOHFWHG3RZHU—$XWRUSUH]HQWXMHZQLHM
XNDGSU]HND|QLNRZ\]DVLODQ\SROHPHOHNWURPDJQHW\F]Q\PRGELHUDQHJRV\JQDX
:ODWDFKSLÆÂG]LHVL•W\LV]HyÂG]LHVL•W\FKXELHJHJRVWXOHFLDQDXNRZF\Z6WDQDFK
=MHGQRF]RQ\FK Z (XURSLH L -DSRQLL SURZDG]LOL LQWHQV\ZQH EDGDQLD QDG Z\NR
U]\VW\ZDQLHPIDOUDGLRZ\FKGR]GDOQHJRLGHQW\ILNRZDQLDRELHNWÏZ3LHUZV]H]D
DZDQVRZDQHWHFKQLNL5),'GRW\F]\\MHGQDNZSURZDG]HQLDV\VWHPÏZDQW\NUD
G]LH›RZ\FK Z VNOHSDFK 1DPDJQHW\]RZDQH NDZDNL PHWDOX SU]\PRFRZDQH GR
SURGXNWXE\\Z\NU\ZDQHSU]H]GHWHNWRUXPLHV]F]RQ\SU]\Z\MyFLX]HVNOHSX
:ODWDFKG]LHZLÆÂG]LHVL•W\FKSUDFRZQLF\LQ›\QLHU\MQRtWHFKQLF]QLILUP\,%0
RSDWHQWRZDOL V\VWHP 5),' SUDFXM•F\ Z SDyPLH 8+) ]DSHZQLDM•F\ ]ZLÆNV]HQLH
]DVLÆJXLV]\EV]•WUDQVPLVMÆGDQ\FK>@/DWDG]LHZLÆÂG]LHVL•WH;;ZLHNXWRRNUHV
Z NWÏU\P 5),' VWDR VLÆ F]ÆyFL• FRG]LHQQHJR ›\FLD L G]LDDOQRyFL JRVSRGDUF]HM
7HFKQRORJLD5),']QDOD]D]DVWRVRZDQLHZVNLSDVVDFKNRQWUROLZMD]GXVDPRFKR
GÏZQDSDUNLQJLDXWRPDW\F]Q\PV\VWHPLHQDOLF]DQLDRSDWGURJRZ\FKZNDUWDFK
SRGUϛQ\FKF]\ZHU\ILNDFMLLUHMHVWUDFMLF]DVXSRE\WXRVÏEQDWHUHQLHILUPNDPSX
VÏZ5R]ZÏMWHFKQRORJLLSU]\F]\QLVLÆGRZSURZDG]HQLDXVSUDZQLHÍZ]DU]•G]D
QLXSURGXNFM•7HFKQRORJLD5),'XDWZLD]DU]•G]DQLHGRVWDZDPLSU]\VSLHV]\D
NRQWUROÆ SURGXNFML XVSUDZQLD ]DU]•G]DQLH RUD] LQZHQWDU\]DFMÆ yURGNÏZ WUZD
.21&(3&-$=$67262:$1,$7(&+1,.,5),':,1:(17$5<=$&-,(/(0(17¯:
159
\FK5),'XGRVNRQDOLDIXQNFMRQRZDQLHEUDQ›\RG]LH›RZHMG]LÆNLSRSUDZLHRE
VXJLNOLHQWDLSU]\VSLHV]HQLXGRVWÆSXGRLQIRUPDFMLEL]QHVRZ\FK0R›QD]DXZD
›\›HFRUD]ZLÆNV]DOLF]EDILUP]DMPXMHVLÆUR]ZRMHPL]DVWRVRZDQLHPWHFKQRORJLL
5),'0LQLDWXU\]DFMDL]ZLÆNV]HQLHSDPLÆFLWDJÏZDWDN›HGRGDZDQLHLPQRZ\FK
IXQNFMRQDOQRyFLVSUDZLDM•›HWHFKQRORJLDWD]QDMGXMHFRUD]QRZV]H]DVWRVRZDQLD
>@
(OHPHQW\VNDGRZHWHFKQLNL5),'
6\VWHP5),'VNDGDVLÆ]NLONXSRGVWDZRZ\FKF]ÆyFL3LHUZV]\P]DVDGQLF]\P
HOHPHQWHPMHVWXNDGF]\WQLNDDGUXJLPMHVWXNDGHW\NLHW:]DNUHVLHXNDGX
F]\WQLNDPR›QDZ\UϛQLÂ
F]\WQLN]DZLHUDM•F\QDGDMQLNRGELRUQLNLGHNRGHU
DQWHQÆQDGDZF]RRGELRUF]•OXEGZLHDQWHQ\QDGDZF]•RUD]RGELRUF]•
8NDGHW\NLHWQD]\ZDQ\MHVWWH›F]ÆVWRWDJLHPWUDQVSRQGHUHPLGHQW\ILNDWR
UHPF]\]QDF]QLNLHP6NDGDVLÆRQ]QDVWÆSXM•F\FKHOHPHQWÏZ
XNDGXHOHNWURQLF]QHJR
DQWHQ\
)XQNFMRQRZDQLHWHFKQLNL5),'RSDUWHMHVWQD]DVWRVRZDQLXIDOUDGLRZ\FK6X
›• RQH ]DUÏZQR GR SU]HV\DQLD GDQ\FK MDN L GR ]DVLODQLD SU]H] F]\WQLN XNDGX
HOHNWURQLF]QHJRHW\NLHW\5),'EÆG•FHJRHW\NLHW•RELHNWXZFHOXMHJRLGHQW\IL
NDFML=QDF]QLNRGSRZLHG]LDOQ\MHVW]DSU]HFKRZ\ZDQLHGDQ\FK$QWHQDZFKRG]•
FDZVNDGXNDGXF]\WQLNDZ\WZDU]DSROHHOHNWURPDJQHW\F]QHZ\NRU]\VW\ZDQH
GR]DVLODQLD]QDF]QLND*RZLFD5),'HNVSRUWXMHGDQH]H]QDF]QLNÏZGRV\VWH
PXQDGU]ÆGQHJR7HFKQLNDWDXPR›OLZLDRGF]\WDSU]\RGSRZLHGQLHMNRQILJXUDFML
VSU]ÆWXWDN›H]DSLVGDQ\FKQDWDJX:]DOH›QRyFLRGNRQVWUXNFMLXPR›OLZLDRGF]\W
HW\NLHW]RGOHJRyFLGRNLONXG]LHVLÆFLXFHQW\PHWUÏZOXENLONXPHWUÏZRGDQWHQ\
F]\WQLND2GOHJRyFLWHV•GRJRGQHZ]DOH›QRyFLRG]DVWRVRZDQHMPHWRG\SRPLDUX
SRyUHGQLHMOXEEH]SRyUHGQLHMJHRPHWULLWRUÏZ:D›Q•FHFK•V\VWHPX5),'MHVWWR
›HQLHZ\PDJDNRQWDNWXZL]\MQHJRPLÆG]\QRyQLNLHPGDQ\FKDRGF]\WXM•F•JR
JRZLF•
3URSRQRZDQ\ VSRVÏE LGHQW\ILNDFML H,76 Z\NRU]\VWXM•F\ WHFKQLNÆ 5),' MHVW
PHWRG•EH]GRW\NRZ•3RVLDGDRQLVWRWQH]DOHW\Z]DNUHVLHLGHQW\ILNDFMLHOHPHQ
WÏZLQIUDVWUXNWXU\]ORNDOL]RZDQHMQDWHUHQDFKNROHMRZ\FK'RGDWNRZRNRQFHSFMD
V\VWHPX]DNDGD›H]QDF]QLNL5),'EÆG•XPR›OLZLD\PRG\ILNDFMÆGDQ\FK,VWRW
Q•]DOHW•V\VWHPÏZ5),'ZSRUÏZQDQLX]V\VWHPNRGÏZNUHVNRZ\FKMHVWLORyÂ
LMDNRyÂGDQ\FKNWÏU•PR›QDSU]HFKRZ\ZDÂQD]QDF]QLNDFK
'RLVWRWQ\FK]DOHWPHWRG\NLLGHQW\ILNDFMLH,76QDOH›•
NUÏWNLF]DVLGHQW\ILNDFML
EH]NRQWDNWRZ\RGF]\W
PR›OLZRyÂ]DEXGRZ\LXNU\FLDHW\NLHW\ZUϛQ\FKH,76
MHGQRF]HVQ\RGF]\WZLHOXHW\NLHW]QDMGXM•F\FKVLÆZ]DVLÆJXF]\WQLND
160
.DPSF]\N$6WUDFK0
GX›DWUZDRyÂHW\NLHW\
RV]F]ÆGQRyÂF]DVXZSRUÏZQDQLXQSGRNRGÏZNUHVNRZ\FK
PR›OLZRy V]\IURZDQLD GDQ\FK Z ]DOH›QRyFL RG ]DU]•GF\ LQIUDVWUXNWXU\
WUDQVSRUWXV]\QRZHJR
&]\WQLN5),'MHVWUDGLRZ\PXU]•G]HQLHPQDGDZF]RRGELRUF]\P-HJRQDGDM
QLN]DSRyUHGQLFWZHPDQWHQ\HPLWXMHHQHUJLÆZ\NRU]\VW\ZDQ•GRXDNW\ZQLDQLD
WUDQVSRQGHUÏZDZQLHNWÏU\FKV\VWHPDFKUÏZQLH›V\JQDÏZSROHFHÍVWHUXM•F\FK
WUDQVSRQGHUDPL OXE PRG\ILNXM•F\FK GDQH ]DSLVDQH Z SDPLÆFL WUDQVSRQGHUÏZ
-HJRRGELRUQLNGHPRGXOXMHLGHNRGXMHGDQHQDGDZDQHSU]H]WUDQVSRQGHU&]\WQLN
RGELHUDM•F\V\JQDWUDQVSRQGHUDGHNRGXMHGDQHLPR›HMHSU]HV\DÂGRNRPSXWHUD
V\VWHPRZHJRRGSRZLHGQLR]DSRyUHGQLFWZHP•F]DNDEORZHJROXEGURJ•UDGLRZ•
&]\WQLNLPRJ•E\ÂMHGQRVWNDPLVDPRG]LHOQ\PLLG]LDDÂEH]REVXJLQSQDG]RUX
M•FEUDPÆZMD]GRZ•ORNRPRW\ZRZQLOXEZDJRQRZQL0RJ•E\ÂRQHXU]•G]HQLDPL
UXFKRP\PL]DLQVWDORZDQ\PLQSQDSRMH|G]LH:SU]\SDGNXDXWRUVNLHJRVSRVREX
LGHQW\ILNDFMLH,76SODQXMHVLƛHGODPHWRG\SRPLDUÏZSRyUHGQLFKEÆG•WRSRPLD
URZHSRMD]G\V]\QRZHQS(0OXERGSRZLDGDM•FHLPSRMD]G\GLDJQRVW\F]QH
:PHWRG]LHEH]SRyUHGQLHMEÆG]LHPR›QD]DVWRVRZDÂUÆF]QHSU]\U]•G\SRPLDURZH
QSVDPRUHMHVWUXM•FHWRURPLHU]HHOHNWURQLF]QH:F]\WQLNPR›HWDN›HE\ÂZ\SR
VD›RQ\ X›\WNRZQLN Z\NRQXM•F\ SUDFH ] ]DNUHVX JHRGH]\MQ\FK GLDJQRVW\F]Q\FK
F]\LQQ\FKSUDFSRPLDURZ\FKLEDGDÍZWUDQVSRUFLHV]\QRZ\PU\V&]\WQLN
NWÏU\MHVWXU]•G]HQLHPQDGDZF]RRGELRUF]\PQDZL•]XMH•F]QRyÂ]WUDQVSRQGHUD
PL]QDMGXM•F\PLVLÆZ]DVLÆJXMHJRNRPXQLNDFMLUDGLRZHMDQDVWÆSQLHRGF]\WXMH
]QLFKLQIRUPDFMH
*ÏZQ\P]DGDQLHPF]\WQLNDMHVWZ\WZRU]HQLH]PLHQQHJRSRODHOHNWURPD
JQHW\F]QHJRZRNϏDQWHQ\GHWHNFMDMHJR]DEXU]HÍZ\ZRDQ\FKSU]H]WUDQV
PLVMÆV\JQDX]WUDQVSRQGHUDLGHNRGRZDQLHX]\VNDQHJRV\JQDX*G\WUDQV
SRQGHU ]QDMG]LH VLÆ Z SROX HOHNWURPDJQHW\F]Q\P F]\WQLND Z MHJR DQWHQLH
LQGXNRZDQH MHVW QDSLÆFLH : FKZLOL JG\ ]JURPDG]RQ\ DGXQHN MHVW QD W\OH
GX›\E\VWDQRZLÂ|UÏGR]DVLODQLDGODXNDGÏZHOHNWURQLF]Q\FKWUDQVSRQGHUD
UR]SRF]\QDVLÆZ\V\DQLHLQIRUPDFML=DSRPRF•PRGXODFMLSRODHOHNWURPDJQH
W\F]QHJR QDVWÆSXMH WUDQVPLVMD GDQ\FK =PLDQ\ WH Z\NU\ZDQH V• ]D SRPRF•
GHNRGHUD ZVSϏSUDFXM•FHJR ] QDGDMQLNLHP D QDVWÆSQLH VWUXPLHÍ F\IURZ\FK
GDQ\FKMHVWGHNRGRZDQ\
(W\NLHW\ SRVLDGDM•FH ]UϛQLFRZDQ• NRQVWUXNFMÆ L NV]WDW V• UDGLRZ\PL XU]•
G]HQLDPL QDGDZF]RRGELRUF]\P 6• RQH SU]H]QDF]RQH GR ]DPRFRZDQLD QD NRQ
NUHWQ\P RELHNFLH : SU]\SDGNX WUDQVSRUWX V]\QRZHJR EÆG• WR HOHPHQW\ LQ
IUDVWUXNWXU\ WUDQVSRUWX V]\QRZHJR ZyUÏG NWÏU\FK EÆG• WDN›H SXQNW\ RVQRZ\
JHRGH]\MQHM (W\NLHWD Z\V\D V\JQD UDGLRZ\ R RNUHyORQHM F]ÆVWRWOLZRyFL .D›G\
]WUDQVSRQGHUÏZ]DZLHUDSURFHVRUSDPLÆÂLQDGDMQLNUDGLRZ\'RGDWNRZRPR›H
E\ÂZ\SRVD›RQ\ZF]XMQLNWHPSHUDWXU\LEDWHULÆ7DFHFKDMHVWV]F]HJÏOQLHLVWRWQD
ZSU]\SDGNXXPLHV]F]HQLDWUDQVSRQGHUDQDWRU]HEH]VW\NRZ\P:ÏZF]DVPR›OL
ZDMHVWUHMHVWUDFMDLQIRUPDFML]]DNUHVXPRQLWRULQJXWRUXEH]VW\NRZHJRZSRV]F]H
JÏOQ\FKRNUHVDFKURF]Q\FK
.21&(3&-$=$67262:$1,$7(&+1,.,5),':,1:(17$5<=$&-,(/(0(17¯:
161
67$57
6SRVyELGHQW\ILNDFMLHOHPHQWyZLQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJR (eITS)
7
=DVWRVRZDQLH?
N
BH]GRW\NRZ\6\VWHPIGHQW\ILNDFML5DGLRZHM 5),'
6\VWHP\LSU]\U]ąG\
SRPLDURZH
3RMD]G\ V]\QRZH
(SRMD]G\ SRPLDURZH)
3RPLDU\PHWRGDPL
EH]SRĞUHGQLPL
3RPLDU\PHWRGDPL
SRĞUHGQLPL
7
&]\WQLN2
(OHPHQW\LQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJR
H,76 1
&HFK\ZJRSLVX
WHFKQLF]QHJR
7
5DGLRZD'URJD
7UDQVPLVML
,GHQW\ILNDWRU 7DJ
3URJUDPRZDQLH
LGHQW\ILNDWRUyZ
:LHORNURWQ\]DSLVLRGF]\W
1DáDGRZDQ\LGHQW\ILNDWRUZ\V\áD]ZURWQLHGRF]\WQLNDVZyMXQLNDOQ\NRGZUD]] GDQ\PL
]DSLVDQ\PL ZF]HĞQLHMSU]H]XĪ\WNRZQLND(]DU]ąGF\LQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJR)
5DGLRZD'URJD
7UDQVPLVML
7
,GHQW\ILNDWRU7DJ
5HMHVWUDFMDSR]\VNDQ\FKGDQ\FKFHFKLR]QDF]HĔ
N
7
ZDSLVGDQ\FKFHFKLR]QDF]HĔH,76 EH]NRQLHF]QRĞFLNRQWDNWX
RSW\F]QHJRSRPLĊG]\XU]ąG]HQLHPRGF]\WXMąF\PD
LGHQW\ILNDWRUHP
3RVWDüF\IURZDQXPHU\F]QHX]\VNDQ\FKLQIRUPDFML
8]XSHáQLHQLHUDSRUWyZWDĞPSRPLDURZ\FKZ\NUHVyZSDUDPHWUyZ
JHRPHWU\F]Q\FK]PHWRGEH]SRĞUHGQLFKLSRĞUHGQLFKQLHW\ONRRZDUWRĞFLDFK
Z\QLNyZSRPLDUyZDOHWHĪRGDQHFHFK\LR]QDF]HQLDRH,76
%UDN]DSLVXGDQ\FKZSRVWDFLQXPHU\F]QHM
&\NOLF]QDLQLHXVWDQQDNRQLHF]QRĞFLNRQWDNWXRSW\F]QHJR
F]áRZLHND]HOHPHQWHPLQIUDVWUXNWXU\WUDQVSRUWX
%UDN LQIRUPDFML QD GRW\FKF]DVRZ\FK UDSRUWDFK WDĞPDFK
SRPLDURZ\FK Z\NUHVDFK LWS GRW FKDUDNWHU\VW\NL
RNUHĞORQ\FKH,76
:\PDJDQH F]DVRFKáRQQH GRNRQ\ZDQLD ZLHORNURWQHJR
RSLVX UDSRUWyZ WDĞP SRPLDURZ\FK L Z\NUHVyZ
SRV]F]HJyOQ\FK SDUDPHWUyZ GáXJRWHUPLQRZRĞü EUDN
HNRQRPLL QDGPLDU SUDFRZQLNyZ ZLHORNURWQD DQDOL]D
SU]HJOąGDQLHGRGDWNRZHMGRNXPHQWDFMLLWG
NLHZ\PDJDF]DVRFKáRQQHJRGRNRQ\ZDQLDZLHORNURWQHJRRSLVXUDSRUWyZ
WDĞPSRPLDURZ\FKLZ\NUHVyZSRV]F]HJyOQ\FKSDUDPHWUyZ
&LąJá\PRQLWRULQJVWDQX LQIUDVWUXNWXU\ZWUDQVSRUFLHV]\QRZ\P
0DQXDOQ\ PRQLWRULQJVWDQXLQIUDVWUXNWXU\ZWUDQVSRUFLHV]\QRZ\P
6723
0RQLWRULQJVWDQXLQIUDVWUXNWXU\ZWUDQVSRUFLHV]\QRZ\PZUD]]DQDOL]ąLRFHQąX]\VNDQ\FKGDQ\FK
/HJHQGD
1Zasadnicze elementy infrastruktury transportu szynowego - WRU\XU]ąG]HQLDWHFKQLF]QR– HNVSORDWDF\MQHUR]MD]G\VNU]\ĪRZDQLDKDPXOFHWRURZHLWS
VáXS\WUDNF\MQHRELHNW\LQĪ\QLHU\MQHV\JQDOL]DWRU\EXG\QNL]QDNLNROHMRZHMRVQRZ\JHRGH]\MQHM]QDNLUHJXODFMLRVLWRUyZ RUD] ]QDNLRVQRZ\JHRGH]\MQHM
]ORNDOL]RZDQHZREV]DU]H LQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJR
2Czytnik GHNRGHUV\VWHPXLGHQW\ILNDFMLUDGLRZHM, który MHVW]LQWHJURZDQ\]UXFKRP\PUDPLHQLHPV\VWHPXLSU]\U]ąGXSRPLDURZHJRSRMD]GXV]\QRZHJR
5\V6FKHPDWEORNRZ\]DVWRVRZDQLDVSRVREXLGHQW\ILNDFMLHOHPHQWÏZLQIUDVWUXNWXU\WUDQVSRUWX
V]\QRZHJRH,76ZSRPLDUDFKPHWRGDPLEH]SRyUHGQLPLLSRyUHGQLPL>@
(W\NLHW\5),'VX›•GRHPLVMLGDQ\FK:]DOH›QRyFLRGURG]DMXDSOLNDFMLZ\
VWÆSXM•RQHZUϛQ\FKUR]PLDUDFKRUD]V•Z\NRQ\ZDQH]UϛQ\FKPDWHULDÏZ,FK
EXGRZD]DOH›\RGZ\PDJDÍZ]DNUHVLHF]ÆVWRWOLZRyFLZMDNLHMGDQHXU]•G]HQLHPD
SUDFRZDÂ7UDQVPLVMDGDQ\FKMHVWREXVWURQQDZ]ZL•]NX]F]\PHW\NLHWDRGELHUD
V\JQD\LZ\V\DMH]SRZURWHPGRF]\WQLND.D›G\7DJZ]DOH›QRyFLRGW\SXPR›H
E\Â]DRSDWU]RQ\Z]UϛQLFRZDQ•ZLHONRyÂSDPLÆFL
.DPSF]\N$6WUDFK0
162
7UDQVSRQGHU\ PR›QD SRG]LHOL QD GZLH ]DVDGQLF]H NDWHJRULH X]DOH›QLRQH RG
VSRVREX]DVLODQLDRUD]VSRVREX]DSLV\ZDQLDGDQ\FK6SRVÏE]DVLODQLDWUDQVSRQGH
UÏZG]LHOLMHQDQDVWÆSXM•FHJUXS\
SDV\ZQH
SϏSDV\ZQH
DNW\ZQH
=QDF]QLNSDV\ZQ\QLHSRVLDGDZDVQHJR|UÏGD]DVLODQLD6NXWHF]QRyÂSDV\Z
Q\FKXNDGÏZX]DOH›QLRQDMHVWRGZ\NRU]\VWDQHMF]ÆVWRWOLZRyFLSUDF\DWDN›HW\SX
LUR]PLDUXDQWHQ\2GF]\WL]DSLVGDQ\FKZ]QDF]QLNDFKRGE\ZDVLÆZRGOHJRyFL
GR NLONX PHWUÏZ 1DMF]ÆyFLHM MHGQDN PLHyFL VLÆ Z JUDQLFDFK RG FP GR SRMH
G\QF]\FKPHWUÏZ=HZ]JOÆGXQDEUDNZDVQHJR|UÏGD]DVLODQLDXNDG\SDV\ZQH
PRJ•E\ÂEDUG]RPDH,FKGRGDWNRZ•]DOHW•MHVWQLVNLNRV]WSURGXNFML
=QDF]QLNLSϏSDV\ZQHSRVLDGDM•ZEXGRZDQ•EDWHULÆMHGQDNPLPRGRGDWNR
ZHJR ]DVLODQLD DNW\ZRZDQH V• SU]H] IDOÆ HOHNWURPDJQHW\F]Q• HPLWRZDQ• SU]H]
F]\WQLN7DJLSϏSDV\ZQHSRVLDGDM•ZDVQH|UÏGR]DVLODQLDMHGQDNEDWHULDX›\ZD
QDMHVWW\ONRGR]DVLOHQLDPLNURF]LSDDQLHGRHPLVMLV\JQDX
=QDF]QLNDNW\ZQ\SRVLDGDZDVQH|UÏGR]DVLODQLD'RQDGDQLDV\JQDXZNLH
UXQNXRGELRUQLNDQLHSRWU]HEXMH]HZQÆWU]QHJRSRODHOHNWURPDJQHW\F]QHJR&]DV
SUDF\WUDQVSRQGHUDVLÆJDPDNV\PDOQLHSLÆFLXODW-HVWRQWDN›HUHODW\ZQLHGUR›V]\
LZLÆNV]\QL›]QDF]QLNSDV\ZQ\:DVQH|UÏGR]DVLODQLDZWDJDFKDNW\ZQ\FKMHVW
SRWU]HEQH GR ]DVLODQLD REZRGÏZ RUD] GR Z\V\DQLD V\JQDX GR F]\WQLND 7DNLH
DNW\ZQHXNDG\V•EDUG]LHMX›\WHF]QHRGXNDGÏZSDV\ZQ\FK&HFKXM•VLÆZLÆNV]•
QLH]DZRGQRyFL•L]DVLÆJLHPSUDF\RUD]ZLÆNV]•SRMHPQRyFL•SDPLÆFL
'RJUXS\WUDQVSRQGHUÏZG]LHORQ\FK]HZ]JOÆGXQDVSRVÏE]DSLV\ZDQLDGDQ\FK
QDOH›•
525HDG2QO\tWHJRW\SXLGHQW\ILNDWRU\QLHPDM•PR›OLZRyFLGRGDWNR
ZHJR]DSLVXGDQ\FKF]\]PLDQ\MX›]DSLVDQ\FKLQIRUPDFML
:250:ULWH2QFH5HDG0DQ\7LPHVtWHQW\SXPR›OLZLDMHGQRUD]RZ\
]DSLVGDQ\FKDOHEH]PR›OLZRyFL]PLDQ\QXPHUXVHU\MQHJR
5:5HDG:ULWHtLVWQLHMHPR›OLZRyÂGRNRQ\ZDQLDZLHORNURWQHJR]DSL
VX L RGF]\WX GDQ\FK DOH EH] PR›OLZRyFL ]PLDQ\ QXPHUX VHU\MQHJR 7HQ
W\SLGHQW\ILNDWRUÏZ]RVWD]DOHFRQ\GR]DVWRVRZDQLDZDXWRUVNLPVSRVRELH
LGHQW\ILNDFMLH,76
=DVWRVRZDQLDWHFKQLN5),'
7HFKQLND5),'MHVWZ\NRU]\VW\ZDQDZSU]HP\yOHORJLVW\FHKDQGOXLZLHOXLQQ\FK
JDÆ]LDFKJRVSRGDUNL6WRVXMHVLÆM•WDN›HZVSRUFLHLUϛQ\FKG]LHG]LQDFK›\FLD]DZR
GRZHJRLSU\ZDWQHJR:]DJDGQLHQLDFK]ZL•]DQ\FK]JHRGH]M•LQ›\QLHU\MQRSU]HP\
VRZ•MHVWZ]JOÆGQLHQRZ•WHFKQRORJL•MHGQDNUR]ZLMDVLÆL]QDMGXMHVZRMH]DVWRVRZD
QLHZPRQLWRULQJX]DSÏUZRGQ\FKPLHUQLFWZLHJÏUQLF]\PJHRGH]MLNROHMRZHMRUD]
LQWHJUDFML]PHWRGDPLLQZHQWDU\]DFMLX]EURMHQLDSRG]LHPQHJRZUD]]V\VWHPDPL*,6
.21&(3&-$=$67262:$1,$7(&+1,.,5),':,1:(17$5<=$&-,(/(0(17¯:
163
'R SRGVWDZRZ\FK REV]DUÏZ ]DVWRVRZDÍ 5),' PR›QD ]DOLF]\ ORJLVW\NÆ
WUDQVSRUW L PDJD]\QRZDQLH 7DJL 5),' Z\NRU]\VWXMH VLÆ QDMF]ÆyFLHM Z SU]HP\
yOHGRR]QDF]DQLDLLGHQW\ILNDFMLSRG]HVSRÏZSϏSURGXNWÏZRUD]]DSLVXVWDQÏZ
SRV]F]HJÏOQ\FK SURFHVÏZ SURGXNF\MQ\FK -HGQ\P ] QDMVWDUV]\FK ]DVWRVRZDÍ WHM
WHFKQRORJLLE\R]QDNRZDQLH]ZLHU]•W.RQWURODGRVWÆSXGRZ\]QDF]RQ\FKPLHMVF
FRUD]F]ÆyFLHMUHDOL]RZDQDMHVWSU]H]]QDF]QLNL5),'XPLHV]F]RQHZNDUWDFKEUH
ORF]NDFKLLQQ\FKLGHQW\ILNDWRUDFK3R]ZDODM•RQHQLHW\ONRQDZHMyFLHGR]DEH]
SLHF]RQ\FKSRPLHV]F]HÍDOHUÏZQLH›QDLGHQW\ILNDFMÆZDyFLFLHODRUD]PRQLWRULQJ
F]DVXSUDF\
:UD] ] QLHXVWDQQ\P UR]ZRMHP ]DDZDQVRZDQ\FK WHFKQRORJLL EH]SU]HZRGR
Z\FKPR›OLZHMHVWGRNDGQHORNDOL]RZDQLHRELHNWÏZOXG]LF]\SU]HGPLRWÏZ>@
6\VWHP\XPR›OLZLDM•FHRNUHyOHQLHGRNDGQHJRSRR›HQLDJHRJUDILF]QHJRRELHNWX
ZF]DVLHU]HF]\ZLVW\PWRW]Z57/65HDO7LPH/RFDWLRQ6\VWHP6\VWHP/RND
OL]DFMLL,GHQW\ILNDFML&]DVX5]HF]\ZLVWHJRXPR›OLZLDQLH]DZRGQHRNUHyODQLHSR
R›HQLDRELHNWÏZZSU]HVWU]HQL'OXE')XQNFMRQRZDQLHWHJRV\VWHPXRSDUWH
MHVW ZDyQLH QD WHFKQLFH 5),' 7UDQVSRQGHU\ 5),' V• EDUG]R HQHUJRRV]F]ÆGQH
QDWRPLDVWF]\WQLNLXPR›OLZLDM•PDSRZDQLHORNDOL]DFMLSRSU]H]RGF]\W\ZDQLHLQ
IRUPDFML]DZDUW\FKZSRV]F]HJÏOQ\FK]QDF]QLNDFK
0RQWD›RGSRZLHGQLHJRURG]DMXDNW\ZQ\FKWUDQVSRQGHUÏZQDRELHNWDFKGUR
JRZ\FKXPR›OLZLDPRQLWRULQJLEDGDQLHVWDQXWUDVGURJRZ\FKPRVWÏZQDWƛHQLD
UXFKX F]\ KDDVX 7HFKQLND 5),' ZVSRPDJD EXGRZÆ V\VWHPX VNDGDM•FHJR VLÆ
]GX›HMOLF]E\F]XMQLNÏZEH]NRQLHF]QRyFLXNDGDQLDRNDEORZDQLD6\VWHP5),'
Z\NRU]\VWXM•F WHFKQRORJLÆ F\IURZ• ]DSHZQLD GRNDGQ• ORNDOL]DFMÆ HOHPHQWÏZ
LQIUDVWUXNWXU\SRG]LHPQHM(W\NLHWDSR]ZDODQD]ORNDOL]RZDQLHRELHNWXRUD]GR
VWDUF]DLQIRUPDFMHRZDyFLFLHOXLQZHQWDU\]RZDQHMF]ÆyFLMHMIXQNFML]•F]H]DZÏU
NLHUXQHNRUD]JÆERNRyFL]DOHJDQLDSRGSRZLHU]FKQL•,QWHJUDFMDWHFKQLNL5),'
]PHWRGDPLLQZHQWDU\]DFMLX]EURMHQLDSRG]LHPQHJRRUD]V\VWHPDPL*,6SR]ZD
ODQD]DXWRPDW\]RZDQLHWHUHQRZ\FKSRPLDUÏZLQZHQWDU\]DF\MQ\FKSR•F]RQ\FK
]EH]SRyUHGQLPWZRU]HQLHPED]\GDQ\FKRRELHNWDFK
*HRGHFLZ\NRQXM•F\SRPLDU\]ZL•]DQH]SURMHNWRZDQLHPEXGRZ•LHNVSOR
DWDFM•ZNRSDOQLDFKJÆELQRZ\FK]PXV]HQLV•QLHMHGQRNURWQLHGRSUDF\SRG]LH
PL• 7DNLH RVRE\ Z\SRVD›DQH V• ZÏZF]DV Z WUDQVSRQGHU SRVLDGDM•F\ XQLNDOQ\
QXPHU 7DJ SU]\PRFRZDQ\ MHVW GR SDVÏZ JÏUQLNÏZ E•G| SRNU\Z EDWHULL ODPS
JÏUQLF]\FK1DWRPLDVWF]\WQLN5),'LDQWHQ\XPLHV]F]RQHV•ZNOXF]RZ\FKPLHM
VFDFKXPR›OLZLDM•F\FKRGF]\WDQLHSRR›HQLDJÏUQLNÏZSU]\ZHMyFLDFKLZ\MyFLDFK
]Z\G]LHORQ\FKVWUHI'DQH]WDJÏZRGELHUDQHV•SU]H]DQWHQ\DQDVWÆSQLHSU]H
V\DQHGRF]\WQLNÏZ5),'NWÏUH]NROHLSU]HND]XM•MHQDSRZLHU]FKQLÆSRSU]H]
•F]HWHOHPHWU\F]QH:JÏUQLFWZLHSRG]LHPQ\P5),'Z\NRU]\VW\ZDQHMHVWWDN›H
GRNRQWUROLUR]PLHV]F]HQLDLUXFKX]DÏJJÏUQLF]\FK:W\PSU]\SDGNXJÏUQLN
]RVWDMHZ\SRVD›RQ\ZQDGDMQLNZV\WXDFML]DMyFLDMDNLHJRyZ\SDGNXHNLSDUDWRZ
QLF]D]DSRPRF•RGELRUQLNDNRPXQLNXMHVLÆ]QDGDMQLNLHPPR›HQDZHWRNUHyOLÂ
SRR›HQLHJÏUQLNDQDSRGVWDZLHSR]LRPXRGELHUDQHJRV\JQDX
6\VWHP]GDOQHMLGHQW\ILNDFMLUDGLRZHM]QDOD]]DVWRVRZDQLHWDN›HZORWQLFWZLH
5),' Z\NRU]\VW\ZDQ\ MHVW GR ORNDOL]DFML LGHQW\ILNDFML RUD] Z V\VWHPDFK QDZL
164
.DPSF]\N$6WUDFK0
JDF\MQ\FKVDPRORWÏZ6\VWHPDXWRPDW\F]QLHWUDQVPLWXMHV\JQDLGHQW\ILNDF\MQ\
JG\RWU]\PXMH]DGDQLH]ZLH›\NRQWUROQHM1LHNWÏUHWUDQVSRQGHU\SRWUDIL•WDN›H
DXWRPDW\F]QLHSRGDÂLQIRUPDFMÆRZ\VRNRyFL
6SRVÏELGHQW\ILNDFMLHOHPHQWÏZLQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJR
$XWRUVNLVSRVÏEPHWRG\NDLGHQW\ILNDFMLHOHPHQWÏZLQIUDVWUXNWXU\WUDQVSRUWX
V]\QRZHJRSROHJDZ]DVDGQLF]HMF]ÆyFLQD]DVWRVRZDQLXV\VWHPX5),'ZSR]\VNL
ZDQLXGDQ\FKRH,765R]ZL•]XMHRQ]DJDGQLHQLDSR]\VNLZDQLDGDQ\FKGODFHOÏZ
GLDJQRVW\F]Q\FK EXGRZODQ\FK JHRGH]\MQ\FK RUD] V\VWHPX LQIRUPDFML JHRJUD
ILF]QHM*,61DVFKHPDFLHEORNRZ\PSU]HGVWDZLRQ\PQDU\V]RVWD]DSUH
]HQWRZDQ\VSRVÏELGHQW\ILNDFMLHOHPHQWÏZLQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJR
ZSRPLDUDFKGZLHPDPHWRGDPLEH]SRyUHGQL•LSRyUHGQL•>@2ELHPHWRG\V•
UXW\QRZRZ\NRU]\VW\ZDQHZSRPLDUDFKGLDJQRVW\F]Q\FKQDZLHU]FKQLNROHMRZHM
=JRGQLH ] RERZL•]XM•F\PL UHJXODFMDPL SUDZQ\PL ]DU]•GF\ QDURGRZHM VLHFL
NROHMRZHM3.33/.6$SRPLDU\JHRPHWULLWRUÏZZ\NRQXMHVLÆGZLHPDPHWR
GDPLSRPLDURZ\PL:PHWRG]LHEH]SRyUHGQLHMSUDFHZ\NRQ\ZDQHV•]DSRPRF•
SU]HQRyQ\FKSU]\U]•GÏZSRPLDURZ\FK3UDFHZPHWRG]LHSRyUHGQLHMUHDOL]RZDQH
V•]Z\NRU]\VWDQLHPSRMD]GÏZGLDJQRVW\F]Q\FK6•WRXU]•G]HQLDVDPRMH]GQHZ\
SRVD›RQH Z DSDUDWXUÆ GR SRPLDUX SRGVWDZRZ\FK SDUDPHWUÏZ JHRPHWULL WRUÏZ
DXWRPDW\F]Q•UHMHVWUDFMÆLDQDOL]ÆZ\QLNÏZSRPLDUX.RQFHSFMDIXQNFMRQRZDQLD
V\VWHPXLGHQW\ILNDFMLH,76]DNDGDMHJRGRSDVRZDQLHGRIXQNFMRQXM•F\FKQDNROHL
GZÏFK PHWRG SRPLDURZ\FK U\V 1D VFKHPDFLH ]RVWD NRPSOHNVRZR SU]HG
VWDZLRQ\SU]HELHJSURFHVXSRPLDURZHJRZUD]]PHWRG\N•]DVWRVRZDQLDWHFKQLNL
5),'6SRVÏELGHQW\ILNDFMLH,76SRVLDGD]JRV]HQLHSDWHQWRZH]UHDOL]RZDQHSU]H]
$*+Z.UDNRZLHL]RVWDRRSXEOLNRZDQHZ%LXOHW\QLH8U]ÆGX3DWHQWRZHJR>@
6SRVÏEWHQMHVWHOHPHQWHPVNDGRZ\PV\VWHPXPRQLWRURZDQLDVWDQXLQIUDVWUXN
WXU\WUDQVSRUWXV]\QRZHJR06,76RSLVDQHJRV]F]HJϏRZRZSUDF\>@
=DVDGDLGHQW\ILNDFMLH,76SROHJDZ\V\DQLXZL•]NLIDOLUDGLRZHMSU]H]F]\WQLN
]ORNDOL]RZDQ\QDXU]•G]HQLXSRPLDURZ\POXESRMH|G]LHSRUXV]DM•F\PVLÆZ]GX›
WRUXNROHMRZHJR:LGHQW\ILNDWRU]HXPLHV]F]RQ\PQDZ\EUDQ\FKHOHPHQWDFKLQ
IUDVWUXNWXU\ V]\QRZHM Z]EXG]DQ\ MHVW SU•G LQGXNF\MQ\ NWÏU\ ]DVLOD MHJR XNDG
HOHNWURQLF]Q\7DNQDDGRZDQ\WUDQVSRQGHUZ\V\D]ZURWQLHGRF]\WQLNDVZÏMXQL
NDOQ\NRGQDGDQ\SU]H]SURGXFHQWDZUD]]GDQ\PLLGHQW\ILNXM•F\PLGDQ\HOHPHQW
LQIUDVWUXNWXU\%\V\VWHPPÏJVSUDZQLHG]LDDÂSRWU]HEQDEÆG]LHEXGRZDED]\
GDQ\FKRRELHNWDFKLHOHPHQWDFKLQIUDVWUXNWXU\NROHMRZHMQDOH›•F\FKGR]DU]•GF\
GDQHMVLHFLWUDQVSRUWXV]\QRZHJR3URSRQXMHVLÆE\HW\NLHW\E\\W\SX5::ÏZ
F]DVZDyFLFLHO]DU]•GFDEÆG]LHPÏJGRNRQ\ZDÂPRG\ILNDFMLGDQ\FK]ZL•]DQ\FK
] V\VWHPHP H,76 =PLDQD LQIRUPDFML ]DSLVDQ\FK QD WDJDFK EÆG]LH Z\PXV]RQD
SRSU]H]PRGHUQL]DFMÆOLQLLNROHMRZHMZ\PLDQÆUR]MD]GX]DEXGRZÆ]QDNÏZ.R
OHMRZHM 2VQRZ\ *HRGH]\MQHM .26 : SU]\SDGNX ]PLDQ\ GDQ\FK Z SDPLÆFL
LGHQW\ILNDWRUDZL•]NDIDOLUDGLRZHMEÆG]LHRGSRZLHGQLRPRGXORZDQD7HFKQLF]QLH
.21&(3&-$=$67262:$1,$7(&+1,.,5),':,1:(17$5<=$&-,(/(0(17¯:
165
SURFHVWUDQVPLVMLMHVWEDUG]LHM]R›RQ\2GF]\WF]\WH›]DSLVGDQ\FKV•]ZURWQLHZH
U\ILNRZDQH:SURFHVLHW\PZ\NRU]\VW\ZDQHV•RGSRZLHGQLHDOJRU\WP\NRQWUROL
SRSUDZQRyFLRGF]\WX]DSLVXGDQ\FK
3RGVXPRZDQLH
: DUW\NXOH SU]HGVWDZLRQR QRZDWRUVN• PHWRG\NÆ LGHQW\ILNDFML H,76 3URSR
QRZDQH ]DVWRVRZDQLH WHFKQLNL 5),' VWDQRZL X]XSHQLHQLH V\VWHPX SRPLDUÏZ
JHRGH]\MQ\FK L GLDJQRVW\F]Q\FK :VSLHUD GRW\FKF]DVRZH WHFKQLNL SRPLDURZH
RNROHNFMRQRZDQLHLZ\PLDQÆLQIRUPDFMLRHOHPHQWDFKLQIUDVWUXNWXU\NROHMRZHM
7HFKQLND WD MHVW SLHUZV]• NRQFHSFM• Z\NRU]\VWDQLD UR]ZL•]DÍ 5),' Z DXWRPD
W\]DFMLV\VWHPXSRPLDUÏZJHRGH]\MQ\FKLGLDJQRVW\F]Q\FKZWUDQVSRUFLHV]\QR
Z\P 3UDFH QDG PHWRG\N• SRPLDUÏZ UR]SRF]ÆWR ]DOHGZLH NLOND ODW WHPX $N
WXDOQLH WUZDM• SUDFH QDG UR]ZRMHP SURSRQRZDQHM PHWRG\NL ]PLHU]DM•FHM GR MHM
ZGUR›HQLD Z WUDQVSRUFLH V]\QRZ\P 1D SRWU]HE\ UHDOL]DFML SURMHNWX SRWU]HEQ\
MHVWLQWHUG\VF\SOLQDUQ\]HVSϏEDGDZF]\G\VSRQXM•F\ZLHG]•Z]DNUHVLHJHRGH]ML
EXGRZQLFWZDLGLDJQRVW\NLGUÏJV]\QRZ\FKPHFKDQLNLHOHNWURQLNLLLQIRUPDW\NL
3RGF]DVEXGRZ\V\VWHPXLGHQW\ILNDFMLH,76QLH]EÆGQDMHVWWDN›HyFLVDZVSϏSUDFD
]]DU]•GF•VLHFLNROHMRZHM
/LWHUDWXUD
>@,%0&RUSRUDWLRQKWWSZZZLEPFRP>GRVWÆSSD|G]LHUQLN@
>@-DQNRZVNL0LKXRZLF]3.DOLWD::ÆJODUVNL0-DPUÏ]76WDQRZL
VNR SRPLDURZH SDUDPHWUÏZ SURFHVX DXWRPDW\F]QHM LGHQW\ILNDFML 5),'
Z ZDUXQNDFK G\QDPLF]QHM ]PLDQ\ ORNDOL]DFML RELHNWX Z SU]HVWU]HQLX
3$. $*(1'$ 6,03 320,$5< $8720$7<.$ .21752/$
]WV
>@-DQNRZVNL0LKXRZLF]3:ÆJODUVNL0:\]QDF]DQLHREV]DUXSRSUDZ
QHMSUDF\V\VWHPÏZ5),'SUDFXM•F\FKZSDVPLH8+)3$.$*(1'$
6,03 320,$5< $8720$7<.$ .21752/$ ] W V
>@.DPSF]\N $ 2VQRZ\ JHRGH]\MQH VWDQGDUG\ WHFKQLF]QH PHWDGDQH
D VWDQ LVWQLHM•F\ ,QIUDVWUXNWXUD 7UDQVSRUWX :\GDZQLFWZR (OD
PHG.DWRZLFH
>@.DPSF]\N $ 6\VWHP JHRGH]\MQHJR L GLDJQRVW\F]QHJR PRQLWRURZDQLD
VWDQXLQIUDVWUXNWXU\WUDQVSRUWXV]\QRZHJR5R]SUDZDGRNWRUVND$*+
Z.UDNRZLH.UDNÏZ
>@1RUGOLQGK0%HUJ0,PSOHPHQWLQJ,QWHUQHWRI7KLQJVLQWKH6ZH
GLVK5DLOURDG6HFWRU(YDOXDWLQJ'HVLJQ3ULQFLSOHVDQG*XLGHOLQHVIRU(
,QIUDVWUXFWXUHV6WXGHQWSDSHU8SSVDOD8QLYHUVLWHW
166
.DPSF]\N$6WUDFK0
>@6WUDFK0.DPSF]\N$6XUYH\VRIJHRPHWU\RIUDLOWUDFNIDFLOLWLHVDQG
UDLOZD\WUDFNVLQWKHLQIUDVWUXFWXUHRIUDLOWUDQVSRUW5HSRUWVRQ*HRGHV\
QRVWUt:DUV]DZD
>@6WUDFK03UHZHGD(.DPSF]\N$6SRVÏELGHQW\ILNDFMLHOHPHQWÏZLQ
IUDVWUXNWXU\WUDQVSRUWXV]\QRZHJR0HWKRGIRULGHQWLI\LQJWKHHOHPHQWV
RIUDLOWUDQVSRUWLQIUDVWUXFWXUH3/$%LXOHW\Q8U]ÆGX3DWHQ
WRZHJR,661QUV8U]•G3DWHQWRZ\5]HF]
SRVSROLWHM3ROVNLHM:DUV]DZD
>@6WUDFK 0 1RZRF]HVQH WHFKQLNL SRPLDURZH Z SURFHVLH PRGHUQL]DFML
LGLDJQRVW\FHJHRPHWULLWRUÏZNROHMRZ\FK:\GDZQLFWZD$*+5R]SUD
Z\0RQRJUDILHQU.UDNÏZ
>@7DJ0DVWHU$%KWWSZZZWDJPDVWHUFRP>GRVWÆSSD|G]LHUQLN@
>@7KH5),'1HWZRUNKWWSUILGQHW>GRVWÆSSD|G]LHUQLN@
3UDFÆ Z\NRQDQR Z UDPDFK EDGDÍ VWDWXWRZ\FK QU Z URNXQD:\G]LDOH*HRGH]ML*ÏUQLF]HML,Q›\QLHULLkURGRZLVND$*+Z.UDNR
ZLH
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
352%/(0</2.$/,=$&-,:<%5$1<&+)5$*0(17¯:
/,1,,$*&$*7&1$2%6=$5$&+2%-¦7<&+
:3<:(0,17(16<:1<&+2''=,$<:$­
*¯51,&=<&+
.D]LPLHU].RVHN
%DUWRPLHM.XV]ND
GUKDELQ›SURI3k.DWHGUD*HRWHFKQLNLL'UÏJ3R
OLWHFKQLNDkO•VNDXO$NDGHPLFND$*OLZLFH
HPDLONORVHNNSROVO#RSSO
PJU LQ› 3ROLWHFKQLND kO•VND XO $NDGHPLFND $ *OLZLFH
6WUHV]F]HQLH:DUW\NXOHSU]HGVWDZLRQRNRQFHSFMÆSURMHNWRZ•DOWHUQDW\ZQ\FKUR]ZL•]DÍ
SU]HELHJXOLQLLNROHMRZHM&(QDREV]DUDFKJÏUQLF]\FK.QXUÏZRUD]6]F]\JRZLFH=DSUH]HQ
WRZDQRSUREOHPDW\NÆ]ZL•]DQ•]XWU]\PDQLHPUXFKXQDOLQLDFKNROHMRZ\FKZZDUXQNDFKLQ
WHQV\ZQ\FKZS\ZÏZHNVSORDWDFMLJÏUQLF]HM=ZUÏFRQRUÏZQLH›XZDJÆQD]DVDG\SURMHNWRZDQLD
V]\ENLFKNROHLED]XM•F\FKQDHXURSHMVNLFKXPRZDFK$*&L$*7&
6RZDNOXF]RZHOLQLDNROHMRZD&(V]NRG\JÏUQLF]HSURMHNWRZDQLH
:VWÆS
/LQLDNROHMRZD&(WRPDJLVWUDODNROHMRZDGRVWRVRZDQDGRGX›\FKSUÆGNR
yFLQDOH›•FDGR9,3DQ(XURSHMVNLHJR.RU\WDU]D7UDQVSRUWRZHJR•F]•FHJRSDÍ
VWZDQDGEDW\FNLH]NUDMDPLSRR›RQ\PLQDG0RU]HP$GULDW\FNLPLQD%DNDQDFK
U\V-HGHQ]RGFLQNÏZWHMPDJLVWUDOLNROHMRZHMEÆG]LHSRSURZDG]RQ\yODGHP
LVWQLHM•FHM OLQLL QU /LQLD WD ]RVWDD Z\EXGRZDQD Z ODWDFK L PLDD
VX›\ÂNRSDOQLRPyO•VNLPJÏZQLHGRWUDQVSRUWXZÆJOD3U]HELHJDRQDSU]H]RE
V]DUJÏUQLF]\LQDFDHMVZHMGXJRyFL]QDMGXMHVLÆSRGZS\ZHPPR›OLZ\FKV]NÏG
JÏUQLF]\FK
/RNDOL]DFMDOLQLLQDWHUHQLHJÏUQLF]\P
3U]HGPLRWHPSXEOLNDFMLMHVWNRQFHSFMDSURMHNWRZDDOWHUQDW\ZQ\FKUR]ZL•]DÍ
SU]HELHJXOLQLLNROHMRZHM&(QDREV]DUDFKJÏUQLF]\FK.QXUÏZRUD]6]F]\JR
ZLFH3U]HGVWDZLRQRSUREOHP\MDNLHQLHVLH]HVRE•XWU]\PDQLHUXFKXQDOLQLDFK
NROHMRZ\FKZZDUXQNDFKLQWHQV\ZQ\FKZS\ZÏZHNVSORDWDFMLJÏUQLF]HM>@
:NáDGDXWRUyZZSXEOLNDFMĊ.áRVHN..XV]ND%
168
.RVHN..XV]ND%
,VWQLHM•FHZW\PUHMRQLH]DNDG\JÏUQLF]HSRVLDGDM•ZD›QHNRQFHVMHXSRZD›QLDM•
FHMHGRSRG]LHPQHMHNVSORDWDFMLNRSDOLQSU]H]NROHMQ\FKODW=ZUÏFRQRXZD
JÆQD]DVDG\SURMHNWRZDQLDV]\ENLFKNROHLED]XM•F\FKQDHXURSHMVNLFKXPRZDFK
$*&L$*7&
5\V/RNDOL]DFMD]DJUR›HÍJÏUQLF]\FKZREUÆELH9,NRU\WDU]DWUDQVSRUWRZHJRQDWHUHQLH3ROVNL
6]F]HJÏOQ•XZDJÆSRyZLÆFRQRZDUXQNRPJHRORJLF]Q\PQDREV]DUDFKJÏUQL
F]\FK.QXUÏZRUD]6]F]\JRZLFH2SUÏF]DOWHUQDW\ZQHJRSURMHNWXPDJLVWUDOLNR
OHMRZHM&(]RVWDDSU]HSURZDG]RQDDQDOL]DLVWQLHM•FHMOLQLLQUNWÏUDEÆG]LH
SU]HNZDOLILNRZDQDGRSDUDPHWUÏZWUDV\NROHLGX›\FKSUÆGNRyFL.'3
352%/(0</2.$/,=$&-,:<%5$1<&+)5$*0(17¯:/,1,,$*&$*7&1$2%6=$5$&+
169
6]F]HJÏOQLH ]R›RQ\ SUREOHP Z\VWÆSXMH RG NP GR NP JG]LH OLQLD
ELHJQLHZQDV\SLHRZ\VRNRyFLGRFKRG]•FHMMX›REHFQLHGRPZUHMRQLHU]HNL
%LHUDZNL1DFK\OHQLHVNDUSQDV\SXQDQLHNWÏU\FKRGFLQNDFKSRR›RQ\FKZ]GX›
U]HNL%LHUDZNLGRFKRG]LGR/LQLDWDRGF]DVXNDWDVWURI\EXGRZODQHMZUHMRQLH
V]\EX9.:.d.QXUÏZ6]F]\JRZLFHrWMRGU]HZ]JOÆGXQDZ\VW•SLHQLH
GHIRUPDFMLQLHFL•J\FKZNPMHVWQLHF]\QQD
5\V3URJQR]RZDQHREQL›HQLDGRFHORZHGRUSRZLHU]FKQLWHUHQXQDREV]DU]HJÏUQLF]\P
d.QXUÏZr
)XQNFMRQRZDQLHV]ODNÏZNROHMRZ\FKQDREV]DU]HQDZHWWDNGX›\FKV]NÏGJÏU
QLF]\FKQDMDNLFK]QDMGXMHVLÆOLQLDQUMHVWPR›OLZHDOHNRQLHF]QHMHVWVWDH
RJUDQLF]DQLHGRSXV]F]DOQ\FKSUÆGNRyFL]HZ]JOÆGÏZEH]SLHF]HÍVWZD)XQNFMRQR
ZDQLHOLQLLGX›\FKSUÆGNRyFLMHVWSUDNW\F]QLHQLHPR›OLZHQDWDNLPREV]DU]H
1DREV]DU]HJÏUQLF]\P.:.d6]F]\JRZLFHrZ\GRE\FLHZÆJODSU]HZLGXMHVLÆ
MHV]F]HRNRRODWLZ]ZL•]NX]W\PSU]H]WHQRNUHVPR›OLZHEÆG]LHZ\VWÆSRZD
QLHV]NÏGJÏUQLF]\FK
.RVHN..XV]ND%
170
:UHMRQLHNPOLQLLQUJG]LHMX›Z\VWÆSXM•]QDF]QHSUREOHP\SUR
MHNWRZDQD HNVSORDWDFMD JÏUQLF]D SU]HZLGXMH REQL›HQLD GRFHORZR GRFKRG]•FH GR
RNPFRLOXVWUXMHU\V
*G\E\ XVWDQRZL ILODU RFKURQQ\ SRG OLQL• QU SU]HNZDOLILNRZDQ• GR SD
UDPHWUÏZ&(MHJRREV]DUE\E\WDNGX›\›HLVWQLHQLHWHMNRSDOQLE\RE\QLH
RSDFDOQH:DUWRGRGD›H.:.d.QXUÏZ6]F]\JRZLFHrMHVWEDUG]RUHQWRZQ•
NRSDOQL•]DSHZQLDM•F•PLHMVFDSUDF\GODRVÏE
3RGVWDZ\WHRUHW\F]QHZ\NRQDQHMSURJQR]\ZS\ZÏZ
2FHQÆZS\ZXHNVSORDWDFMLXMÆWHMZSODQLHUXFKXNRSDOQLQDSRZLHU]FKQLÆWH
UHQXZ\NRQDQRSURJUDPDPL('%-RSUDFRZDQ\PLZ,QVW\WXFLH(NVSORDWDFML=Ï›
3ROLWHFKQLNLkO•VNLHM3URJUDP\WHZ\NRQXM•REOLF]HQLDZ]RUDPLWHRULL:%XGU\
ND6.QRWKHJROXEZHGXJZ]RUÏZRSUDFRZDQ\FKSU]H]-%LDNDVWDQRZL•F\FK
PRG\ILNDFMÆWHMWHRULLNWÏUHXPR›OLZLDM•XZ]JOÆGQLHQLHZSURJQR]LHHIHNWXREU]H
›DHNVSORDWDF\MQHJRLW]ZGDOHNLFKZS\ZÏZ
:NODV\F]QHMSRVWDFLWHRULL:%XGU\ND6.QRWKHJRSRZV]HFKQLHVWRVRZD
QHMGRRSLVXGHIRUPDFMLREQL›HQLHVSRZRGRZDQHHNVSORDWDFM•SR]LRPR]DOHJDM•FHM
SDUFHOLRSLVXMHZ]ÏU
JG]LH
USURPLHÍUR]SURV]HQLDZS\ZÏZZ\]QDF]RQ\]SRPLDUÏZOXEREOLF]DQ\]H
Z]RUX
U KξηWJE
[\ZVSϏU]ÆGQHSXQNWXREOLF]HQLRZHJR
6WSRZLHU]FKQLDZ\HNVSORDWRZDQHMSRNDGXEÆG•FDQDMRJÏOQLHMIXQNFM•F]D
VXW
ξηZVSϏU]ÆGQHHOHPHQWXSRZLHU]FKQLG6
DJ ZPD[PDNV\PDOQHREQL›HQLHW]ZSHQHMQLHFNLREQL›HQLRZHM
'ODHNVSORDWDFMLRNV]WDFLH]EOL›RQ\PGRSϏSDV]F]\]Q\PDNV\PDOQHQDFK\OH
QLHREOLF]RQHZRSDUFLXRZ]ÏURVL•JDZLHONRyÂ
wPD[
r
6NDGRZH SR]LRPH ZHNWRUD SU]HPLHV]F]HQLD Z FKZLOL W REOLF]DQH V• ]JRGQLH
]SURSR]\FM•:%XGU\NDZ\NRU]\VWXM•F•KLSRWH]Æ$ZLHUV]\QD
TPD[
U x (t) = - B
ww(t)
,
wx
U y (t) = - B
ww(t)
,
wy
352%/(0</2.$/,=$&-,:<%5$1<&+)5$*0(17¯:/,1,,$*&$*7&1$2%6=$5$&+
171
JG]LH
% ZVSϏF]\QQLNSURSRUFMRQDOQRyFLNWÏUHJRZLHONRyÂPR›QDREOLF]DÂQDVWÆ
SXM•FR
% UZHGXJ:%XGU\ND
D
% UZHGXJ(3RSLRND
E
JG]LH
ZHGXJ%'U]Æ|OL
F
Q ÷OLF]ED3RLVVRQD
2GNV]WDFHQLHREOLF]RQH]]DVWRVRZDQLHPZ]RUX(3RSLRNDEVWDQRZL
ZDUWRyFLZ\QLNDM•FHM]HZ]RUXD:%XGU\ND]DyVWRVXM•FZHZ]RU]H%'U]Æ|OL
FLSU]\MPXM•FWJȕ ν RWU]\PDP\% UWMZDUWRyFLZ\QLND
M•FHM]RU\JLQDOQHJRZ]RUX:%XGU\ND
:]DLPSOHPHQWRZDQ\PZSURJUDPDFK('%-Z]RU]H-%LDNDREQL›HQLHWHR
UHW\F]QHZ\]QDF]DQHMHVWQDVWÆSXM•F\PZ]RUHP
JG]LH
$ $REU tSDUDPHWU XMPXM•F\DV\PHWULÆSURILOXQLHFNLREQL›HQLRZHM$|GU
GREU]H›H
ZU ZU t REQL›HQLD REOLF]RQH Z]RUHP 6 .QRWKHJR ] ]DVWRVRZDQLHP
SURPLHQLUU
$ γUtRGNV]WDFHQLHRNWDHGU\F]QHREOLF]DQHGOD$ XSURV]F]RQ\PZ]R
UHP Z NWÏU\P SRPLQLÆWR UXFK\ SR]LRPH D GR RSLVX MHJR VNDGRZ\FK
]DVWRVRZDQRZ]ÏU6.QRWKHJRSRVWDFL
2
2
2
2
ª
º
J 2 | J oct 2 | 4 H 2z Tx2 Ty2 | « A2 ˜ r ˜ §¨ w w w w ·¸» §¨ ww ·¸ §¨ ww ·¸
2 ¸
¨ ¸
¨ 2
3
¬
© wx
wy ¹¼
© wx ¹
© wy ¹
2
DZ $tVWD\GODGDQHMQLHFNLXG]LDREQL›HÍZUZREQL›HQLDFK
FDNRZLW\FK
1DU\VSU]HGVWDZLRQRZ\QLNLREOLF]HÍSURJQR]RZDQ\FKREQL›HÍGRFHORZ\FK
GRUSRZLHU]FKQLWHUHQXQDREV]DU]HJÏUQLF]\P.:.d6]F]\JRZLFHr]OR
NDOL]DFM•PLHMVF]DJUR›RQ\FKSRZVWDQLHPGHIRUPDFMLQLHFL•J\FK:\QLNLREOLF]HÍ
SU]HGVWDZLRQRQDWOHLVWQLHM•FHMORNDOL]DFMLOLQLL
$QDOL]DZLHONRyFLGDOV]\FKSURJQR]RZDQ\FKGRFHORZRREQL›HÍSURILOXWHMOLQLL
]RVWDDSU]HGVWDZLRQDQDU\V3URILOWUZDOHREQL›RQHMQLZHOHW\ZVND]XMHQDUH
DOQ•PR›OLZRyÂSU]\URVWXREQL›DQLDRaP3URSRQRZDQH]PLDQ\RGFLQNRZHM
172
.RVHN..XV]ND%
ORNDOL]DFML SU]HGPLRWRZHM OLQLL Z SRVWDFL VNRU\JRZDQ\FK NRQFHSFML L U\V LU\VSURZDG]•GR]QDF]•FHMUHGXNFMLGRFHORZ\FKREQL›HÍWHUHQXQLHSU]HNUD
F]DM•F\FKGRFHORZRRGSRZLHGQLRPGODZDULDQWX,LPGODZDULDQWXt,,
=PLDQ\ORNDOL]DFMLOLQLLZSU]\SDGNXSODQXPRGHUQL]DFMLZZOLQLLZQDMEOL›V]\FK
ODWDFKZ\GDM•VLÆZFKZLOLREHFQHMQLH]EÆGQH'RGDWNRZ\PLVWRWQ\PXWUXGQLH
QLHP Z SU]\MÆFLX SDUDPHWUÏZ HNVSORDWDF\MQ\FK $*&$*7& EÆG]LH LVWQLHM•F\
REHFQLHXNDGJHRPHWU\F]Q\OLQLLFKDUDNWHU\]XM•F\VLÆPD\PLSURPLHQLDPLXNÏZ
SR]LRP\FK2JUDQLF]HQLHZLHONRyFLSURJQR]RZDQ\FKREQL›HÍSRSU]H]GRGDWNRZ•
SURILODNW\NÆ JÏUQLF]• >@ VWRVRZDQLH SRGVDG]NL VNUÏFHQLH IURQWÏZ LWS EÆG]LH
EDUG]RXWUXGQLRQHLZSUDNW\FHQLHPR›OLZH
5\V3URJQR]RZDQHREQL›HQLDGRFHORZHGRUSRZLHU]FKQLWHUHQXQDREV]DU]HJÏUQLF]\P
.:.d6]F]\JRZLFHr]ORNDOL]DFM•PLHMVF]DJUR›RQ\FKSRZVWDQLHPGHIRUPDFMLQLHFL•J\FK
352%/(0</2.$/,=$&-,:<%5$1<&+)5$*0(17¯:/,1,,$*&$*7&1$2%6=$5$&+
5\V3URJQR]RZDQHGRFHORZHREQL›HQLDQLZHOHW\QDREV]DUDFKJÏUQLF]\FK.:.d.QXUÏZr
L.:.d6]F]\JRZLFHrGODDNWXDOQHMORNDOL]DFMLOLQLL
)RW2VXZLVNRZUHMRQLHSU]HSXVWXQDU]HFH%LHUDZND
173
174
.RVHN..XV]ND%
5\V3URJQR]RZDQHGRFHORZHREQL›HQLDQLZHOHW\GOD,ZDULDQWXDOWHUQDW\ZQHJRSU]HELHJXOLQLL
352%/(0</2.$/,=$&-,:<%5$1<&+)5$*0(17¯:/,1,,$*&$*7&1$2%6=$5$&+
175
5\V3URJQR]RZDQHGRFHORZHREQL›HQLDQLZHOHW\GOD,,,ZDULDQWXDOWHUQDW\ZQHJRSU]HELHJXOLQLL
.RVHN..XV]ND%
176
:QLRVNL
.RHJ]\VWHQFMD QLHNWÏU\FK RELHNWÏZ LQIUDVWUXNWXU\ NROHMRZHM SRGOHJDM•
FHM PRGHUQL]DFML $*&$*7& ] SODQDPL Z\GRE\ZF]\PL NRSDOÍ EÆG]LH
ZSU]\V]RyFLQDSRW\NDDQDSRZD›QHSUREOHP\QDWXU\WHFKQLF]QHMHNRQR
PLF]QHMMDNLVSRHF]QHM
:SU]\SDGNXZ\F]HUSDQLHPR›OLZ\FKG]LDDÍZUDPDFKSURILODNW\NLEX
GRZODQHMRUD]SURILODNW\NLJÏUQLF]HMMHGQ\P]PR›OLZ\FK]DELHJÏZSRZLQ
QDE\ÂNRQFHSFMD]PLDQ\SU]HELHJXOLQLLQD]DJUR›RQ\FKV]NRGDPLJÏUQL
F]\PLRGFLQNDFK
3U]HGVWDZLRQDZSUDF\NRQFHSFMDWDNLFKUR]ZL•]DÍMHVWUHDOQDDF]NROZLHN
EÆG]LH]DVRE•SRFL•JDDV]HUHJGRGDWNRZ\FKG]LDDÍ]ZL•]DQ\FKFKRFLD›E\
]NRQLHF]QRyFL•SR]\VNDQLHPWHUHQÏZSRGWHLQZHVW\FMHRUD]GRGDWNRZ\FK
QDNDGÏZLQZHVW\F\MQ\FK
'RGDWNRZ\PDUJXPHQWHP]DW\PSRGHMyFLHPMHVWEDUG]R]\VWDQSRGWRU]D
QD]GHJUDGRZDQ\FKWHUHQDFKJÏUQLF]\FKMDNLSRJÏUQLF]\FKFRZSU]\SDG
NXRGVW•SLHQLDRG]PLDQORNDOL]DF\MQ\FKEÆG]LHJHQHURZDR]QDF]QHNRV]W\
]ZL•]DQH]QLH]EÆGQ\PX]GDWQLHQLHPSRGWRU]DGRZ\PDJDQ\FKSDUDPH
WUÏZ
/LWHUDWXUD
>@.RVHN.&RDOZDVWHXVHGWRUHFWLI\WUDQVSRUWDWLRQHPEDQNPHQWVWK
,QW&RQIRI$PHULFDQ6RFLHW\IRU6XUIDFH0LQLQJDQG5HFODPDWLRQ6FRWW
VGDOH$UL]RQD86$
>@.RVHN.2FHQDQRyQRyFLLVWDWHF]QRyFLSRGWRU]DZZDUXQNDFKHNVWUH
PDOQ\FK RGG]LD\ZDÍ SRG]LHPQHM HNVSORDWDFML JÏUQLF]HM .RQIHUHQFMD
1DXNRZR7HFKQLF]QD d3UREOHP\ PRGHUQL]DFML L QDSUDZ SRGWRU]D NROH
MRZHJRr 6,7. :URFDZ &17. :URFDZ‹PLJUÏG V
>@.ORVHN.([WUHPHLPSDFWRIXQGHUJURXQGPLQLQJRQOLQHDUWUDQVSRUWD
WLRQVWUXFWXUHVWK,QW&RQIHUHQFHRI$PHULFDQ6RFLHW\IRU6XUIDFH0LQ
LQJDQG5HFODPDWLRQ$OEXTXHUTXH1HZ0H[LFRt86$-XQH
YROS
>@3RSLRHN(2FKURQDWHUHQÏZJÏUQLF]\FK:\GDZQLFWZD$*+.UDNÏZ
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
81,:(56$/1<352*5$0.20387(52:<
'2352-(.72:$1,$=0,$1<.,(581.875$6<
:DG\VDZ.RF
3LRWU&KURVWRZVNL
SURI GU KDE LQ› 3ROLWHFKQLND *GDÍVND *GDÍVNXO1DUXWRZLF]DWHO
HPDLONRFZO#SJJGDSO
GULQ›3ROLWHFKQLND*GDÍVND*GDÍVNXO1D
UXWRZLF]DWHOHPDLOSLRWU
FKURVW#JPDLOFRP
6WUHV]F]HQLH : SUDF\ SU]HGVWDZLRQR NROHMQ\ SURJUDP NRPSXWHURZ\ VWDQRZL•F\ LPSOH
PHQWDFMÆDOJRU\WPXREOLF]HQLRZHJRGRW\F]•FHJRSURMHNWRZDQLD]PLDQ\NLHUXQNXWUDV\NROHMRZHM
GRVWRVRZDQHJRGRWHFKQLNLFL•J\FKSRPLDUÏZVDWHOLWDUQ\FK3URJUDPWHQPDFKDUDNWHUXQLZHU
VDOQ\JG\›ZRJÏOQ\PSU]\SDGNXREHMPXMHZSURZDG]HQLHGRXNDGXJHRPHWU\F]QHJRGZÏFKXNÏZ
NRRZ\FKRUϛQ\PSURPLHQLXF]\OL]DVWRVRZDQLHXNXNRV]RZHJR0R›HVLÆWRRND]DÂV]F]HJÏOQLH
SU]\GDWQHSRGF]DVSURMHNWRZDQLDUHJXODFMLRVLLVWQLHM•FHJRWRUXNLHG\RNUHyOHQLHREXNLHUXQNÏZ
JÏZQ\FK WUDV\ RND]XMH VLÆ QLHPR›OLZH 5R]ZL•]DQLH SUREOHPX SURMHNWRZHJR Z\NRU]\VWXMH ]DSLV
PDWHPDW\F]Q\LSROHJDQDZ\]QDF]HQLXXQLZHUVDOQ\FKUÏZQDÍRSLVXM•F\FKFDRyÂXNDGXJHRPH
WU\F]QHJR2GE\ZDVLÆWRVHNZHQF\MQLHREHMPXM•FNROHMQHIUDJPHQW\WHJR›XNDGX2SLVDQRSRG
VWDZRZHIXQNFMHLG]LDDQLHRSUDFRZDQHJRSURJUDPXNRPSXWHURZHJR=DVWRVRZDQDZSURJUDPLH
DQDOLW\F]QDPHWRGDSURMHNWRZDQLDXPR›OLZLDJHQHURZDQLHNROHMQ\FKZDULDQWÏZZVSRVÏEQDW\FK
PLDVWRZ\EH]MDNLFKNROZLHNRJUDQLF]HÍ3URJUDP]DZLHUDQDU]ÆG]LDXDWZLDM•FHRFHQÆSUDNW\F]
QHM SU]\GDWQRyFL SRV]F]HJÏOQ\FK UR]ZL•]DÍ JHRPHWU\F]Q\FK 3RND]DQR UÏZQLH› FL•J X]\VNDQ\FK
SU]\NDGRZ\FKUR]ZL•]DÍ
6RZDNOXF]RZHWRUNROHMRZ\XNDGJHRPHWU\F]Q\SURMHNWRZDQLHZVSRPDJDQLHNRPSX
WHURZH
:VWÆS
8UXFKRPLHQLHZQDV]\PNUDMXZSRRZLHURNX$NW\ZQHM6LHFL*HRGH
]\MQHM$6*(8326>@DQDVWÆSQLHUR]ZLQLÆWDSU]H]]HVSϏQDXNRZ\3ROLWHFKQLNL
*GDÍVNLHML$NDGHPLL0DU\QDUNL:RMHQQHMZ*G\QLWHFKQLNDFL•J\FKSRPLDUÏZ
VDWHOLWDUQ\FK WRUX NROHMRZHJR >@ VWDQRZL\ LQVSLUDFMÆ GR SRGMÆFLD G]LDDÍ QDG
RSUDFRZDQLHPQRZ\FKPHWRGSURMHNWRZDQLD3LHUZV]DSURFHGXUDGRW\F]•FDSUR
MHNWRZDQLDUHMRQX]PLDQ\NLHUXQNXWUDV\NROHMRZHM]RVWDD]DSUH]HQWRZDQDZ
URNXQD,;.RQIHUHQFML1DXNRZR7HFKQLF]QHMd1RZRF]HVQH7HFKQRORJLHL6\VWHP\
=DU]•G]DQLDZ.ROHMQLFWZLHrZ.RyFLHOLVNX>@.ROHMQHUR]V]HU]RQHZHUVMHWHJR›
RSUDFRZDQLDSU]HGVWDZLRQRZSUDFDFK>@:UHIHUDFLH]DSUH]HQWRZDQ\PQD
;, .RQIHUHQFML Z .RyFLHOLVNX >@ QDGDQR RPDZLDQHM NRQFHSFML FKDUDNWHU DSOLND
F\MQ\ZSRVWDFLRGSRZLHGQLHJRSURJUDPXNRPSXWHURZHJR3URJUDPWHQGRW\F]\
:NáDGDXWRUyZZSXEOLNDFMĊ.RF:±&KURVWRZVNL3±
.RF:&KURVWRZVNL3
178
SU]\SDGNXHOHPHQWDUQHJRWMSR•F]HQLDNLHUXQNÏZJÏZQ\FKWUDV\ZVSRVÏEV\PH
WU\F]Q\]DSRPRF•XNXNRRZHJRLGZÏFKWDNLFKVDP\FKNU]\Z\FKSU]HMyFLRZ\FK
: SU]\SDGNX UHMRQX ]PLDQ\ NLHUXQNX WUDV\ SURMHNWRZDQLH EÆG]LH QDMF]ÆyFLHM
SROHJDRQDWDNLPVNRU\JRZDQLXSURPLHQLDXNXNRRZHJRRUD]URG]DMXLGXJRyFL
NU]\Z\FK SU]HMyFLRZ\FK DE\ QRZ\ XNDG JHRPHWU\F]Q\ E\ MDN QDMNRU]\VWQLHMV]\
]SXQNWXZLG]HQLDNLQHPDW\NLUXFKXSRMD]GÏZV]\QRZ\FKDMHGQRF]HyQLHMHJRSR
R›HQLHZSDV]F]\|QLHSR]LRPHMQLHRGELHJDR]E\WQLRRGSRR›HQLDLVWQLHM•FHJR-DN
Z\ND]D\ SU]HSURZDG]RQH GRW•G SRPLDU\ VDWHOLWDUQH EDUG]R F]ÆVWR SRGF]DV SUR
MHNWRZDQLDQLHPR›QD]DVWRVRZDÂPRGHORZHJRXNDGXNU]\ZDSU]HMyFLRZDtXN
NRRZ\tNU]\ZDSU]HMyFLRZDJG\›NV]WDWHNVSORDWRZDQ\FKWRUÏZNROHMRZ\FKMHVW
WDN]GHIRUPRZDQ\›HRNUHyOHQLHNLHUXQNÏZJÏZQ\FKRND]XMHVLÆQLHPR›OLZH(IHN
W\ZQ\PUR]ZL•]DQLHPVWDMHVLÆZÏZF]DVZSURZDG]HQLHGRXNDGXJHRPHWU\F]QHJR
GZÏFKXNÏZNRRZ\FKRUϛQ\PSURPLHQLXF]\OL]DVWRVRZDQLHXNXNRV]RZHJR
>@0DP\ZLÆFWXWDMGRF]\QLHQLD]XRJÏOQLHQLHPSU]\SDGNX]DUÏZQRV\PHWU\F]QH
JR>@MDNWH›QLHV\PHWU\F]QHJR>@VSRVREXUR]ZL•]DQLDSUREOHPXXNNRV]RZ\
PR›QDERZLHPDWZRVSURZDG]LÂGRMHGQHJRXNXNRRZHJRRXVWDORQ\PSURPLHQLX
$OJRU\WPREOLF]HQLRZ\
6SRVÏERNUHyOHQLDSRGVWDZRZ\FKGDQ\FKGRSURMHNWRZDQLD]RVWDSU]HGVWDZLR
Q\ZSUDFDFK>@$E\PR›QDE\RZ\NRU]\VW\ZDÂX]\VNDQHGDQHSRPLDUR
ZHGR]DSURMHNWRZDQLDUHMRQX]PLDQ\NLHUXQNXWUDV\QDOH›\LQWHUHVXM•F\QDVMHM
IUDJPHQWZ\RGUÆEQLÂ]FDRyFLXNDGXJHRPHWU\F]QHJRRUD]GRNRQDÂRGSRZLHG
QLHMWUDQVIRUPDFMLSU]HVXQLÆFLDLREURWXXNDGXZVSϏU]ÆGQ\FK>@3RF]•WHNWHJR
XNDGX]QDMGXMHVLÆQDMHGQ\P]NLHUXQNÏZJÏZQ\FKQD3URVWHM'RORNDOQHJR
XNDGXZVSϏU]ÆGQ\FKPR›HP\SU]HQLHyÂtZFHOXSRUÏZQDQLDU]ÆGQ\FKtRNUH
yORQHQDGURG]HSRPLDUÏZVDWHOLWDUQ\FKZVSϏU]ÆGQHLVWQLHM•FHMWUDV\
5\V5R]SDWU\ZDQ\XNDGJHRPHWU\F]Q\ZORNDOQ\PXNDG]LHZVSϏU]ÆGQ\FK>@
81,:(56$/1<352*5$0.20387(52:<'2352-(.72:$1,$=0,$1<
179
3URMHNWRZDQLHQRZHJRXNDGXJHRPHWU\F]QHJRRGE\ZDVLÆZORNDOQ\PXND
G]LHZVSϏU]ÆGQ\FK[\U\VLSROHJDQDZ\]QDF]HQLXXQLZHUVDOQ\FKUÏZQDÍ
RSLVXM•F\FKFDRyÂXNDGXJHRPHWU\F]QHJR7ZRU]HQLHNROHMQ\FKZDULDQWÏZSU]H
ELHJXWUDV\RGE\ZDVLÆ]DWHPQLH]DSRPRF•WHFKQLNLJUDILF]QHMQS]Z\NRU]\
VWDQLHPSURJUDPX$XWRFDGOHF]SRSU]H]ZSURZDG]DQLHGRRGSRZLHGQLFKIRUPX
PDWHPDW\F]Q\FK NROHMQ\FK ZDUWRyFL SURMHNWRZ\FK SURPLHQL XNÏZ L GXJRyFL
NU]\Z\FKSU]HMyFLRZ\FK
7ZRU]HQLH ]DSLVX DQDOLW\F]QHJR RGE\ZD VLÆ VHNZHQF\MQLH REHMPXM•F NROHMQH
IUDJPHQW\ XNDGX JHRPHWU\F]QHJR WUDV\ SLHUZV]• NU]\Z• SU]HMyFLRZ• .3
SLHUZV]\XNNRRZ\.GUXJ•NU]\Z•SU]HMyFLRZ•.3GUXJLXNNRRZ\
.RUD]WU]HFL•NU]\Z•SU]HMyFLRZ•.33RGVWDZRZ•SU]\MÆW•]DVDGÆVWDQRZL
]DFKRZDQLH]JRGQRyFLVW\F]Q\FKZPLHMVFDFKSR•F]HÍSRV]F]HJÏOQ\FKHOHPHQWÏZ
JHRPHWU\F]Q\FK
5R]SRF]\QDP\ SURFHGXUÆ RG RNUHyOHQLD U]ÆGQ\FK NU]\ZHM SU]HMyFLRZHM .3
RGXJRyFLO•F]•FHMSURVW•]XNLHPNRRZ\P.RSURPLHQLX5]ORNDOL]RZD
QHMZSRPRFQLF]\PXNDG]LHZVSϏU]ÆGQ\FK U\V5ÏZQDQLHWHMNU]\ZHMMHVW
]DSLVDQHZSRVWDFLSDUDPHWU\F]QHM[OL\OJG]LHSDUDPHWUHPOMHVWSRR›HQLH
GDQHJRSXQNWXQDGXJRyFLNU]\ZHM
.ROHMQ\PHWDSHPG]LDDÍMHVWWUDQVIRUPDFMDNU]\ZHMSU]HMyFLRZHM.3GRSU]\
MÆWHJRORNDOQHJRXNDGXZVSϏU]ÆGQ\FKSRSU]H]GRNRQDQLHREURWXMHMXNDGXRG
QLHVLHQLDRN•WĮ:Z\QLNXWHMRSHUDFMLRWU]\PXMHP\UÏZQDQLDSDUDPHWU\F]QH
[OL\ONU]\ZHMSU]HMyFLRZHMZORNDOQ\PXNDG]LHZVSϏU]ÆGQ\FK
XN NRRZ\ . R ]DGDQHM GXJRyFL O5 PXVL E\ VW\F]Q\ GR NU]\ZHM SU]HM
yFLRZHM.3QDMHMNRÍFXWMZSXQNFLH.DQDSURVWHMSURVWRSDGHMGRVW\F]QHM
SRSURZDG]RQHMZSXQNFLH.OH›HÂEÆG]LHSURPLH͏XNXNRRZHJR5XNWHQMHVW
RSLV\ZDQ\IXQNFM•MDZQ•\[
.U]\ZDSU]HMyFLRZD.3RGXJRyFLO•F]\]HVRE•XNLNRRZHRSURPLHQLDFK
5L5MHVW]ORNDOL]RZDQDZSRPRFQLF]\PXNDG]LHZVSϏU]ÆGQ\FK2[\U\V
6SRVÏE Z\]QDF]DQLD NU]\ZL]Q\ NO RUD] UÏZQDÍ SDUDPHWU\F]Q\FK WHM NU]\ZHM
[OL\OJG]LHO£¶OÆ]RVWDSU]HGVWDZLRQ\ZSUDF\>@7UDQVIRUPDFMD.3
GRORNDOQHJRXNDGXZVSϏU]ÆGQ\FK[\RGE\ZDVLÆSRSU]H]SRPRFQLF]\XNDG
ZVSϏU]ÆGQ\FK[\U\V:ORNDOQ\PXNDG]LHZVSϏU]ÆGQ\FKNU]\ZDMHVW
RSLV\ZDQDUÏZQDQLDPLSDUDPHWU\F]Q\PL[OL\O
XNNRRZ\.PXVLE\ÂVW\F]Q\GRNU]\ZHMSU]HMyFLRZHM.3QDMHMNRÍFX
WMZSXQNFLH.DQDSURVWHMSURVWRSDGHMGRVW\F]QHMSRSURZDG]RQHMZSXQNFLH
.OH›HÂEÆG]LHSURPLH͏XNXNRRZHJR5XN.RSLVXMHIXQNFMD\[
.U]\ZDSU]HMyFLRZD.3 PD GXJRyÂO LMHVW]ORNDOL]RZDQDZSRPRFQLF]\P
XNDG]LHZVSϏU]ÆGQ\FK2[\U\V3RRNUHyOHQLXMHMUÏZQDÍSDUDPHWU\F]Q\FK
[OL\OGRNRQXMHVLÆWUDQVIRUPDFML.3GRORNDOQHJRXNDGXZVSϏU]ÆGQ\FK[
\SRSU]H]SRPRFQLF]\XNDGZVSϏU]ÆGQ\FK[\ U\V:ORNDOQ\PXNDG]LH
ZVSϏU]ÆGQ\FKNU]\Z•RSLVXM•UÏZQDQLDSDUDPHWU\F]QH[OL\O
.RF:&KURVWRZVNL3
180
3URJUDPNRPSXWHURZ\
&KDUDNWHU\VW\NDRJÏOQD
:\NRU]\VWXM•FSU]HGVWDZLRQ\ZSXQNFLHDOJRU\WPREOLF]HQLRZ\REHMPXM•F\
QRZ\VSRVÏESURMHNWRZDQLDSU]HELHJXWUDV\ZSDV]F]\|QLHSR]LRPHMVWZRU]RQR
RGSRZLHGQLSURJUDPNRPSXWHURZ\VWZDU]DM•F\PR›OLZRyFLGR
x V]\ENLHJR]DSURMHNWRZDQLDSRSUDZQHJRXNDGXJHRPHWU\F]QHJR•F]•FHJR
GZDNLHUXQNLJÏZQH]DSRPRF•GZÏFKXNÏZNRRZ\FK]NU]\Z\PLSU]HM
yFLRZ\PL
x V]\ENLHM RFHQ\ Z\JHQHURZDQHJR XNDGX JHRPHWU\F]QHJR V]F]HJÏOQLH
ZSU]\SDGNXJG\SURMHNWGRW\F]\PRGHUQL]DFMLLVWQLHM•FHMOLQLL
x WZRU]HQLD GRZROQHM OLF]E\ ZDULDQWÏZ VWRVXM•F UϛQH URG]DMH NU]\Z\FK
SU]HMyFLRZ\FKDWDN›HSRSU]H]]PLDQÆZDUWRyFLSURPLHQLXNÏZNRRZ\FK
x Z\JHQHURZDQLDWDEOLF\]DZLHUDM•FHMZVSϏU]ÆGQHZXNDG]LHSXQNWÏZ
]RNUHyORQ\PNURNLHPZ]GX›RVLWRUXQLH]EÆGQ\FKGRZ\W\F]HQLD]DSUR
MHNWRZDQHJRSU]HELHJXWUDV\ZWHUHQLH
2PDZLDQ\SURJUDPPDFKDUDNWHUXQLZHUVDOQ\JG\›SR]ZDODUÏZQLH›QD]D
SURMHNWRZDQLH PRGHORZHJR UR]ZL•]DQLD JHRPHWU\F]QHJR NU]\ZD SU]HMyFLRZD t
XN NRRZ\ t NU]\ZD SU]HMyFLRZD 1D ]DNRÍF]HQLH JG\ X›\WNRZQLN ]DNRÍF]\
SURFHVJHQHURZDQLDZDULDQWÏZSU]HELHJXWUDV\SURJUDPGRVWDUF]DWDEOLFÆZVSϏ
U]ÆGQ\FK SXQNWÏZ UR]PLHV]F]RQ\FK Z]GX› ]DSURMHNWRZDQHJR XNDGX JHRPH
WU\F]QHJR3XQNW\WHVWDQRZL•RSLVSURMHNWRZDQHMWUDV\ZSDÍVWZRZ\PXNDG]LH
RGQLHVLHÍSU]HVWU]HQQ\FK'RGDWNRZRLVWQLHMHPR›OLZRyÂZ\GUXNRZDQLDUD
SRUWX]DZLHUDM•FHJRDQDOLW\F]Q\]DSLVSU]\MÆWHJRUR]ZL•]DQLDZORNDOQ\PXNDG]LH
ZVSϏU]ÆGQ\FK[\SRGREQLHMDNSRND]DQRZSUDF\>@=DZDUWHZUDSRUFLHGDQH
SR]ZDODM•RGWZRU]\ÂZGRZROQ\PF]DVLHZDUWRyFLZVSϏU]ÆGQ\FK]DSURMHNWRZDQHM
WUDV\ZXNDG]LH
$OJRU\WPREOLF]HQLRZ\]RVWD]DLPSOHPHQWRZDQ\ZyURGRZLVNX6FL/DE>@
3R]ZDODRQX›\WNRZQLNRZL]DSURMHNWRZDÂ]DUÏZQRQRZ\WMQLH]ZL•]DQ\]›DG
Q\PLVWQLHM•F\PXNDGHPJHRPHWU\F]Q\PZDULDQWMDNUÏZQLH›ZDULDQWPRGHU
QL]DFMLLVWQLHM•FHJRV]ODNXQDSRGVWDZLHGDQ\FKSRPLDURZ\FKRGQRV]•F\FKVLÆGR
NRQNUHWQHJR WRUX NROHMRZHJR : QLQLHMV]HM SUDF\ ]RVWDQLH ]REUD]RZDQ\ VSRVÏE
RGWZRU]HQLD LVWQLHM•FHM RVL WRUX SU]\ ]DR›HQLX PLQLPDOL]DFML UϛQLF SRPLÆG]\
U]ÆGQ\PLSRPLHU]RQ\PLL]DSURMHNWRZDQ\PL
&D\WRNSRVWÆSRZDQLDPR›QDSRG]LHOLÂQDID]ÆSU]\JRWRZDZF]•RUD]VWULFWH
SURMHNWRZ•3LHUZV]D]QLFKSROHJDQDSU]\JRWRZDQLXQLH]EÆGQ\FKGDQ\FKGR]D
SURMHNWRZDQLDQRZHJRZDULDQWXSU]HELHJXWUDV\'DQHWHVWDQRZL•WDEOLFÆSXQN
WÏZSRPLDURZ\FKREHMPXM•F•VZRLP]DNUHVHPLQWHUHVXM•F\QDVUHMRQWUDV\:\
EÏUWHJRUHMRQXZ\NRQXMHVLÆZPRGXOHSURJUDPX6$775$&.>@NWÏU\VX›\
GRZL]XDOL]DFMLLRFHQ\SU]HELHJXWUDV\NROHMRZHMQDSRGVWDZLHFL•J\FKSRPLDUÏZ
VDWHOLWDUQ\FK)D]DSURMHNWRZDSROHJDQDJHQHURZDQLXNROHMQ\FKZDULDQWÏZSU]H
ELHJXWUDV\LMHVWZGX›\PVWRSQLX]DXWRPDW\]RZDQDSU]H]FRURODSURMHNWDQWD
SROHJDJÏZQLHQDSRGHMPRZDQLXNU\W\F]Q\FKGHF\]ML:VSRPDJDQLHNRPSXWH
81,:(56$/1<352*5$0.20387(52:<'2352-(.72:$1,$=0,$1<
181
URZHSU]HQRVL]DWHPZ\VLHN]ZL•]DQ\]F]\QQRyFLDPLREOLF]HQLRZ\PLRUD]SUH
]HQWDF\MQ\PLQDSURFHVGHF\]\MQ\
2NUHyOHQLHNLHUXQNÏZJÏZQ\FKWUDV\>@
8›\WNRZQLNZF]\WXMHGRSURJUDPXWDEOLFÆ]DZLHUDM•F•ZVSϏU]ÆGQHSXQNWÏZ
ZXNDG]LH7DEOLFDWDXWZRU]RQD]RVWDDZID]LHSRSU]HG]DM•FHMSURMHNWR
ZDQLH>@-HyOL]DNDGDP\›HSROLJRQWUDV\]RVWDMH]DFKRZDQ\ZÏZF]DVNLHUXQ
NLJÏZQHLGHQW\ILNXMHVLÆSRSU]H]V]\EN•DQDOL]ÆSXQNWÏZREHMPXM•F\FKVZRLP
]DVLÆJLHP IUDJPHQW\ RGFLQNÏZ SURVW\FK WUDV\ 3URJUDP SURZDG]L X›\WNRZQLND
SU]H]HWDS\ZNWÏU\FKZ\RGUÆEQLDRQ]FDHJR]DNUHVXSXQNWÏZREV]DU\SURVWROL
QLRZHSRREXVWURQDFKXNX&]\QQRyFLWHZ\NRQXMHVLÆED]XM•FQDLQIRUPDFMDFK
ZSRVWDFLZ\yZLHWODM•F\FKVLÆZ\NUHVÏZ8›\WNRZQLNZLG]LZÏZF]DVZVNDOLVND
›RQHMSU]HELHJWUDV\ZXNDG]LHNWÏUHJRRySR]LRPDSRNU\ZDVLÆ]Z\]QDF]RQ•]H
ZVND]DQHJR]DNUHVXSXQNWÏZSURVW•QDMPQLHMV]\FKNZDGUDWÏZ:]DOH›QRyFLRG
UR]SDWU\ZDQHJRNLHUXQNXJÏZQHJRMHVWWR3URVWDOXE3URVWD5]ÆGQHZ\NUHVX
VWDQRZL• PLDUÆ RGFK\OHQLD SXQNWÏZ SRPLHU]RQHM WUDV\ RG Z\]QDF]DQHJR DQDOL
W\F]QLHNLHUXQNXSURVWHM
8›\WNRZQLN PD PR›OLZRy ]D]QDF]HQLD QRZHJR ]DNUHVX SXQNWÏZ SU]H] FR
RGU]XFRQH]RVWDM•WHSXQNW\NWÏUHZ\UD|QLHRGVWDM•RGOLQLRZHJRWUHQGXtZ\
EUDQ\QRZ\]DNUHV]RVWDMHZÏZF]DVSRGyZLHWORQ\:F]DVLHW\FKRSHUDFMLLVWQLHMH
PR›OLZRyÂyOHG]HQLDQDHNUDQLHZDUWRyFLZVSϏF]\QQLNÏZ$L%SURVWHMZXNDG]LH
RUD]ZVND|QLNDGRSDVRZDQLDSURVWHMGODNRQILJXUDFMLDNWXDOQHM5RUD]SR
]DSURSRQRZDQLXQRZHJR]DNUHVXSXQNWÏZQH[W52SHUDFMHWHPRJ•E\ÂZ\
NRQ\ZDQHWDNGXJRD›X›\WNRZQLN]DGHF\GXMHRRVWDWHF]QHMSRVWDFLSURVWHMRSL
VXM•FHMZ\EUDQ\NLHUXQHNJÏZQ\WUDV\:SUH]HQWRZDQHMLPSOHPHQWDFMLEDUG]R
SRPRFQ\MHVWDNW\ZQ\FKDUDNWHURNLHQJUDILF]Q\FKSR]ZDODM•F\QDSRZLÆNV]DQLH
Z\EUDQ\FK]DNUHVÏZSXQNWÏZ
5R]ZL•]DQLH]DGDQLDSURMHNWRZHJR
=DVDGQLF]\HWDSG]LDDÍSROHJDQDZSURZDG]DQLXSU]H]X›\WNRZQLNDNROHMQ\FK
GDQ\FKGODNWÏU\FKSURJUDPNRPSXWHURZ\PDZ\JHQHURZDÂZDULDQWSU]HELHJX
WUDV\SRPLÆG]\RNUHyORQ\PLZF]HyQLHMNLHUXQNDPLJÏZQ\PL3RZSURZDG]HQLX
L]DWZLHUG]HQLXGDQ\FKX›\WNRZQLNZLG]LQDHNUDQLHXNDGSXQNWÏZZORNDOQ\P
XNDG]LHZVSϏU]ÆGQ\FK[\1DWOHSXQNWÏZSRPLDURZ\FKZU\VRZDQ\MHVWREOL
F]RQ\ZDULDQWSURMHNWRZ\]Z\UϛQLRQ\PL]DNUHVDPLREHMPXM•F\PLGXJRyFLX
NÏZNRRZ\FKLNU]\Z\FKSU]HMyFLRZ\FK
:SURZDG]DQHSU]H]X›\WNRZQLNDGDQHSURMHNWRZHV•QDVWÆSXM•FH
x URG]DMSLHUZV]HMNU]\ZHMSU]HMyFLRZHM
x GXJRyÂSLHUZV]HMNU]\ZHMSU]HMyFLRZHMO
x SURPLHÍSLHUZV]HJRXNXNRRZHJR5
x GXJRyÂSLHUZV]HJRXNXNRRZHJRO5
182
.RF:&KURVWRZVNL3
x URG]DMGUXJLHMNU]\ZHMSU]HMyFLRZHM
x GXJRyÂGUXJLHMNU]\ZHMSU]HMyFLRZHMO
x SURPLHÍGUXJLHJRXNXNRRZHJR5
x URG]DMWU]HFLHMNU]\ZHMSU]HMyFLRZHM
x GXJRyÂWU]HFLHMNU]\ZHMSU]HMyFLRZHMO
'XJRyFLGUXJLHJRXNXNRRZHJRO5VLÆQLHZSURZDG]DVWDQRZLRQDZDUWRyÂ
Z\QLNRZ•SURFHVXREOLF]HQLRZHJR:\HOLPLQRZDQLHGUXJLHMNU]\ZHMSU]HMyFLRZHM
F]\OLX]\VNDQLHEH]SRyUHGQLHJRSR•F]HQLDREXXNÏZNRRZ\FKQDVWÆSXMHSU]H]
ZSURZDG]HQLHO -HyOLRSUÏF]WHJRZSLV]HP\ZDUWRyFLSURPLHQLXNÏZNRR
Z\FK5 5ZÏZF]DVRWU]\PDP\PRGHORZHUR]ZL•]DQLHNU]\ZDSU]HMyFLRZD
tXNNRRZ\tNU]\ZDSU]HMyFLRZD
5\V:DULDQWSR•F]HQLDGZÏFKNLHUXQNÏZJÏZQ\FKWUDV\GZRPDXNDPLNRRZ\PLRSURPLHQLDFK
5 PL5 PRUD]WU]HPDNU]\Z\PLSU]HMyFLRZ\PLRGXJRyFLDFKO PO P
LO PZVNDOLVND›RQHM
1D U\VXQNX SRND]DQR UR]ZL•]DQLH X]\VNDQH SR SU]\MÆFLX SURPLHQL XNÏZ
NRRZ\FK5 PL5 PGZÏFKVNUDMQ\FKNU]\Z\FKSU]HMyFLRZ\FK
Z SRVWDFL NORWRLG\ R GXJRyFLDFK O P L O P RUD] NU]\ZHM •F]•FHM
REDXNLNRRZHFKDUDNWHU\]XM•FHMVLÆOLQLRZ•]PLDQ•NU]\ZL]Q\>@RGXJRyFL
O P-DNZLGDÂREOLF]RQ\SU]H]SURJUDPZDULDQW]QDMGXMHVLÆZHZQ•WU]LVW
QLHM•FHJRXNXWMQDVLDWFHZVSϏU]ÆGQ\FKQRZR]DSURMHNWRZDQHU]ÆGQHV•PQLHM
V]HRGW\FKNWÏUHUHSUH]HQWXM•V\WXDFMÆLVWQLHM•F•
:DUWRyFLUϛQLFU]ÆGQ\FKQRZR]DSURMHNWRZDQ\FKLLVWQLHM•F\FKZ]DNUHVLHRG
FLÆW\FK[RSLVXM•F\FK]DSURMHNWRZDQ\XNNRRZ\X›\WNRZQLNRFHQLDQDZ\NUHVLH
WRZDU]\V]•F\PDNWXDOQHPXZDULDQWRZL:\NUHVUϛQLFRGSRZLDGDM•F\ZDULDQWR
ZLSU]HGVWDZLRQHPXQDU\VXQNXSRND]DQRQDU\VXQNX3UH]HQWRZDQHUϛQLFH
ǻ\tSRPLPRWHJR›HQLHRGSRZLDGDM•yFLyOHZDUWRyFLRPSRWHQFMDOQ\FKSU]HVXQLÆÂ
SRSU]HF]Q\FKWRUXRNUHyODQ\FKQDSRWU]HE\HWDSXZ\NRQDZF]HJRtVWDQRZL•SR
PRFQ\ZVND|QLNSU]\SRGHMPRZDQLXGHF\]MLRGQRyQLHGDQHJRZDULDQWXSRGF]DV
81,:(56$/1<352*5$0.20387(52:<'2352-(.72:$1,$=0,$1<
183
SURMHNWRZDQLD:UR]SDWU\ZDQ\PSU]\SDGNXUϛQLFHWHV•]QDF]QHSU]HNUDF]DM•
FHORNDOQLHZDUWRyÂP
5\V5ϛQLFHSRPLÆG]\U]ÆGQ\PLSURMHNWRZ\PLLLVWQLHM•F\PLZVNDOLVND›RQHMRGSRZLDGDM•FH
ZDULDQWRZL]U\V
-HyOLFHOHPSURMHNWDQWDMHVWWDNLH]DSURMHNWRZDQLHQRZHJRXNDGXDE\SU]H
VXQLÆFLDWRUX E\\ MDN QDMPQLHMV]H SU]\ MHGQRF]HVQ\P]DFKRZDQLX SRSUDZQ\FK
ZDUWRyFL SDUDPHWUÏZ NLQHPDW\F]Q\FK ]ZL•]DQ\FK ] XNLHP NRRZ\P L NU]\Z\
PL SU]HMyFLRZ\PL WR PR›H RQ JHQHURZD NROHMQH ZDULDQW\ ]PLHQLDM•F MHG\QLH
SDUDPHWU\ XNÏZ NRRZ\FK L NU]\Z\FK SU]HMyFLRZ\FK 1D U\V SRND]DQR NR
OHMQ\X]\VNDQ\ZDULDQWGODSU]\MÆW\FKSURPLHQLXNÏZNRRZ\FK5 P
L5 PRUD]GXJRyFLNU]\Z\FKSU]HMyFLRZ\FKRDQDORJLF]QHMSRVWDFLMDN
SRSU]HGQLRO PO PLO P
5\V:DULDQWSR•F]HQLDGZÏFKNLHUXQNÏZJÏZQ\FKWUDV\GZRPDXNDPLNRRZ\PLRSURPLHQLDFK
5 PL5 PRUD]WU]HPDNU]\Z\PLSU]HMyFLRZ\PLRGXJRyFLDFKO PO P
LO PZVNDOLVND›RQHM
184
.RF:&KURVWRZVNL3
:DUWRyFLUϛQLFSRPLÆG]\U]ÆGQ\PLSURMHNWRZ\PLLLVWQLHM•F\PLSU]HGVWDZLD
U\V7\PUD]HPPLHV]F]•VLÆRQHZSU]HG]LDOHFP
5\V5ϛQLFHSRPLÆG]\U]ÆGQ\PLSURMHNWRZ\PLLLVWQLHM•F\PLZVNDOLVND›RQHMRGSRZLDGDM•FH
ZDULDQWRZL]U\V
1DVWÆSQ\ ZDULDQW X]\VNDQR GOD SU]\MÆW\FK SURPLHQL XNÏZ NRRZ\FK
5 PL5 PRUD]GXJRyFLNU]\Z\FKSU]HMyFLRZ\FKO P
O PLO P=RVWDRQSU]HGVWDZLRQ\QDU\V:DUWRyFLUϛQLFSRPLÆ
G]\U]ÆGQ\PLSURMHNWRZ\PLLLVWQLHM•F\PLSRND]DQRQDU\V3RSUDZDV\WXDFML
ZSRUÏZQDQLXGRSRSU]HGQLHJRZDULDQWXRND]DDVLÆQLHZLHOND
5\V:DULDQWSR•F]HQLDGZÏFKNLHUXQNÏZJÏZQ\FKWUDV\GZRPDXNDPLNRRZ\PLRSURPLHQLDFK
5 PL5 PRUD]WU]HPDNU]\Z\PLSU]HMyFLRZ\PLRGXJRyFLDFKO PO P
LO PZVNDOLVND›RQHM
-HyOL X]\VNDQH UR]ZL•]DQLH MHVW QDGDO QLHVDW\VIDNFMRQXM•FH PR›QD GRNRQ\ZDÂ
GDOV]HM]PLDQ\ZDUWRyFLSURPLHQLXNÏZNRRZ\FKRUD]URG]DMXLGXJRyFLNU]\Z\FK
SU]HMyFLRZ\FK
81,:(56$/1<352*5$0.20387(52:<'2352-(.72:$1,$=0,$1<
185
5\V5ϛQLFHSRPLÆG]\U]ÆGQ\PLSURMHNWRZ\PLLLVWQLHM•F\PLZVNDOLVND›RQHMRGSRZLDGDM•FH
ZDULDQWRZL]U\V
3URZDG]RQH GRW\FKF]DV G]LDDQLD VX›\\ ]DVDGQLF]R RGWZRU]HQLX LVWQLHM•FHJR
XNDGXJHRPHWU\F]QHJRSRSU]H]RSLVDQLH]DSRPRF•XNDGÏZHOHPHQWDUQ\FK:WHQ
VSRVÏEPR›QDX]\VNDÂUR]H]QDQLHZV\WXDFMLL]ZLÆNV]•yZLDGRPRyFL•SU]\VW•SLÂGR
RSUDFRZDQLDSURMHNWXPRGHUQL]DFML2PDZLDQ\SURJUDPNRPSXWHURZ\SR]ZDODQD
Z\NRQDQLHWDNLHJRSURMHNWXRF]\ZLyFLHMX›QLHNRQLHF]QLHZIRUPLHXNXNRV]RZHJR
OHF] UR]ZL•]DQLD PRGHORZHJR ]D SRPRF• MHGQHJR XNX NRRZHJR L GZÏFK V\PH
WU\F]Q\FKNU]\Z\FKSU]HMyFLRZ\FK
1D U\V SRND]DQR SR•F]HQLH NLHUXQNÏZ JÏZQ\FK WUDV\ XNLHP NRRZ\P
RSURPLHQLX5 PRUD]GZLHPDNU]\Z\PLSU]HMyFLRZ\PLZSRVWDFLNORWRLG\
RGXJRyFLDFKO O P:DUWRyFLUϛQLFSRPLÆG]\U]ÆGQ\PLSURMHNWRZ\PL
LLVWQLHM•F\PLSU]HGVWDZLDU\V
5\V:DULDQWSR•F]HQLDGZÏFKNLHUXQNÏZJÏZQ\FKWUDV\XNLHPNRRZ\PRSURPLHQLX
5 PRUD]GZLHPDNU]\Z\PLSU]HMyFLRZ\PLRGXJRyFLDFKO O PZVNDOLVND›RQHM
.RF:&KURVWRZVNL3
186
5\V5ϛQLFHSRPLÆG]\U]ÆGQ\PLSURMHNWRZ\PLLLVWQLHM•F\PLZVNDOLVND›RQHMRGSRZLDGDM•FH
ZDULDQWRZL]U\V
3RGVXPRZDQLH
s =DVWRVRZDQLH PRELOQ\FK SRPLDUÏZ VDWHOLWDUQ\FK ] DQWHQDPL ]DLQVWDOR
ZDQ\PLQDSRUXV]DM•F\PVLÆSRMH|G]LHV]\QRZ\PXPR›OLZLDRGWZRU]HQLH
SRR›HQLDRVLWRUÏZZEH]Z]JOÆGQ\PXNDG]LHRGQLHVLHQLD6WZDU]DWR]X
SHQLH QRZH PR›OLZRyFL Z ]DNUHVLH NV]WDWRZDQLD JHRPHWU\F]QHJR WRUÏZ
NROHMRZ\FK:]DLVWQLDHMV\WXDFMLSRMDZLDVLHNRQLHF]QRyÂRSUDFRZDQLDQR
Z\FKPHWRGSURMHNWRZDQLDZSR•F]HQLX]RGSRZLHGQLPV\VWHPHPZVSR
PDJDQLDNRPSXWHURZHJR
s 3U]HGVWDZLRQ\ Z QLQLHMV]HM SUDF\ SURJUDP NRPSXWHURZ\ Z\NRU]\VWXMH
RSUDFRZDQ• PHWRGÆ SURMHNWRZDQLD UHMRQX ]PLDQ\ NLHUXQNX WUDV\ NROHMR
ZHMGRVWRVRZDQ•GRWHFKQLNLFL•J\FKSRPLDUÏZVDWHOLWDUQ\FK0HWRGDWD
PR›HVLÆRND]DÂV]F]HJÏOQLHSU]\GDWQDSRGF]DVSURMHNWRZDQLDUHJXODFMLRVL
LVWQLHM•FHJRWRUXNLHG\RNUHyOHQLHREXNLHUXQNÏZJÏZQ\FKWUDV\RND]XMH
VLÆWUXGQHGRXVWDOHQLD-HG\Q\PUR]ZL•]DQLHPVWDMHVLÆZÏZF]DVZSURZD
G]HQLHGRXNDGXJHRPHWU\F]QHJRGZÏFKXNÏZNRRZ\FKRUϛQ\PSUR
PLHQLXF]\OL]DVWRVRZDQLHXNXNRV]RZHJR
s 3U]HGVWDZLRQD Z SUDF\ NRQFHSFMD VSRVREX SURMHNWRZDQLD UHMRQX ]PLDQ\
NLHUXQNXWUDV\SURZDG]LGRX]\VNDQLDUR]ZL•]DQLDDQDOLW\F]QHJR]]DVWR
VRZDQLHPRGSRZLHGQLFKIRUPXPDWHPDW\F]Q\FKDZLÆFQDMEDUG]LHMSU]\
MD]QHJR Z SUDNW\F]Q\P VWRVRZDQLX ']LÆNL RSUDFRZDQHPX SURJUDPRZL
NRPSXWHURZHPX SRMDZLD VLÆ PR›OLZRy QDW\FKPLDVWRZHJR JHQHURZDQLD
]HVWDZXZVSϏU]ÆGQ\FKSURMHNWRZDQHMWUDV\SUDNW\F]QLHZQLHRJUDQLF]RQHM
OLF]ELHZDULDQWÏZ:WDNLHMV\WXDFMLSUREOHPHPVWDMHVLÆMX›W\ONRNZHVWLD
Z\ERUXUR]ZL•]DQLDQDMNRU]\VWQLHMV]HJR
81,:(56$/1<352*5$0.20387(52:<'2352-(.72:$1,$=0,$1<
187
s 3U]\MÆWDSURFHGXUDSURZDG]LGRV\VWHPDW\F]QHJRLyZLDGRPHJRSURMHNWR
ZDQLD XNDGÏZ JHRPHWU\F]Q\FK WRUX 2SUDFRZDQ\ L ]DLPSOHPHQWRZDQ\
DOJRU\WPXPR›OLZLDV]\ENLHJHQHURZDQLHSRSUDZQ\FKXNDGÏZWRURZ\FK
RUD]LFKRFHQÆZyZLHWOHNRQNUHWQ\FK]DR›HÍSURMHNWRZ\FK7ZRU]•FNR
OHMQHZDULDQW\SURMHNWDQWPRQLWRUXMHZS\Z]PLDQ\NRQNUHWQ\FKSDUDPH
WUÏZQDFDRyFLRZHXPLHMVFRZLHQLHXNDGXZ]JOÆGHPRNUHyORQHJRSROLJRQX
NLHUXQNÏZJÏZQ\FK:SR•F]HQLX]DQDOL]•SDUDPHWUÏZNLQHPDW\F]Q\FK
]DSUH]HQWRZDQDPHWRG\NDSURMHNWRZDQLDSURZDG]LGRHIHNW\ZQHJRNV]WD
WRZDQLDXNDGXWRURZHJRZSDV]F]\|QLHSR]LRPHM
/LWHUDWXUD
>@%RV\-*UDV]ND:/HRQF]\N0$6*(8326tWKH3ROLVKFRQWULEX
WLRQWRWKH(8326SURMHFW6\PSRVLXPRQ*OREDO1DYLJDWLRQ6DWHOOLWH
6\VWHPV%HUOLQ*HUPDQ\1RYHPEHU
>@.RF:'HVLJQRIUDLOWUDFNJHRPHWULFV\VWHPVE\VDWHOOLWHPHDVXUHPHQW
-RXUQDORI7UDQVSRUWDWLRQ(QJLQHHULQJ9RO1R
>@.RF:0HWRGDSURMHNWRZDQLDUHMRQX]PLDQ\NLHUXQNXWUDV\NROHMRZHM
3UREOHP\.ROHMQLFWZD]HV]\W
>@.RF:3URMHNWRZDQLHXNÏZNRV]RZ\FKGRVWRVRZDQHGRSRPLDUÏZVD
WHOLWDUQ\FK3UDFH1DXNRZH3ROLWHFKQLNL:DUV]DZVNLHMVHULD7UDQVSRUW]
>@.RF:3URMHNWRZDQLHXNDGÏZJHRPHWU\F]Q\FKWRUXZGRVWRVRZDQLXGR
V\VWHPX*36,;.RQIHUHQFMD1DXNRZR7HFKQLF]QDd1RZRF]HVQH7HFK
QRORJLHL6\VWHP\=DU]•G]DQLDZ.ROHMQLFWZLHr.RyFLHOLVNRJUXGQLD
>@.RF:&KURVWRZVNL33URJUDPNRPSXWHURZ\GRSURMHNWRZDQLD]PLD
Q\NLHUXQNXWUDV\NROHMRZHM;,.RQIHUHQFMD1DXNRZR7HFKQLF]QDd1R
ZRF]HVQH7HFKQRORJLHL6\VWHP\=DU]•G]DQLDZ7UDQVSRUFLH6]\QRZ\Pr
.RyFLHOLVNRJUXGQLD
>@.RF:&KURVWRZVNL3:L]XDOL]DFMDSU]HELHJXWUDV\NROHMRZHMQDSRG
VWDZLH SRPLDUÏZ VDWHOLWDUQ\FK ,9 .RQIHUHQFMD 1DXNRZR7HFKQLF]QD
d3URMHNWRZDQLH%XGRZDL8WU]\PDQLH,QIUDVWUXNWXU\Z7UDQVSRUFLH6]\
QRZ\P,1)5$6=<1r=DNRSDQHNZLHWQLD
>@.RF : 3DOLNRZVND . $QDOL]D VSRVREÏZ PRGHORZDQLD NU]\ZL]Q\ t
NU]\ZH%H]LHUDPHWRGDDQDOLW\F]QD;,.RQIHUHQFMD1DXNRZR7HFKQLF]
QDd1RZRF]HVQH7HFKQRORJLHL6\VWHP\=DU]•G]DQLDZ7UDQVSRUFLH6]\QR
Z\Pr.RyFLHOLVNRJUXGQLD
>@.RF : 6SHFKW & :\QLNL SRPLDUÏZ VDWHOLWDUQ\FK WRUX NROHMRZHJR
7HFKQLND7UDQVSRUWX6]\QRZHJRQU
>@.RF:6SHFKW&-XUNRZVND$&KURVWRZVNL31RZDN$/HZLÍVNL
/%RUQRZVNL02NUHyODQLHSU]HELHJXWUDV\NROHMRZHMQDGURG]HSRPLD
UÏZVDWHOLWDUQ\FK,,.RQIHUHQFMD1DXNRZR7HFKQLF]QDd3URMHNWRZDQLH
188
.RF:&KURVWRZVNL3
%XGRZDL8WU]\PDQLH,QIUDVWUXNWXU\Z7UDQVSRUFLH6]\QRZ\P,1)5$
6=<1=DNRSDQHNZLHWQLD
>@6DOPRQ6%DXGLQ0&RUQHW$3DUWLFOH6ZDUP2SWLPL]DWLRQ7RROER[
YKWWSIRUJHVFLODERUJLQGH[SKSSSVRWRROER[
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
2'7:$5=$1,(35=(%,(*875$6<.2/(-2:(-
2=2‹21<08.6=7$72:$1,8*(20(75<&=1<0
:DG\VDZ.RF
3LRWU&KURVWRZVNL
SURI GU KDE LQ› 3ROLWHFKQLND *GDÍVND *GDÍVNXO1DUXWRZLF]DWHO
HPDLONRFZO#SJJGDSO
GULQ›3ROLWHFKQLND*GDÍVND*GDÍVNXO1D
UXWRZLF]DWHOHPDLOSLRWU
FKURVW#JPDLOFRP
.DWDU]\QD3DOLNRZVND
GULQ›3ROLWHFKQLND*GDÍVND*GDÍVNXO1D
UXWRZLF]DWHOHPDLONDWSD
OLN#SJJGDSO
6WUHV]F]HQLH.V]WDWHNVSORDWRZDQ\FKWRUÏZNROHMRZ\FKMHVWZQLHNWÏU\FKV\WXDFMDFKEDUG]R
]R›RQ\DMHGQRF]HyQLHtMDNZ\ND]D\SU]HSURZDG]RQHFL•JHSRPLDU\VDWHOLWDUQHtQLHNLHG\WDN
]GHIRUPRZDQ\›HRNUHyOHQLHNLHUXQNÏZJÏZQ\FKRND]XMHVLÆQLHPR›OLZH:SUDF\SU]HGVWDZLRQR
SURJUDPNRPSXWHURZ\GRRGWZDU]DQLDSU]HELHJXWUDV\NROHMRZHMZWDNLFKZDyQLHSU]\SDGNDFK
3U]\JRWRZDQR]HVWDZIXQNFMLUHDOL]XM•F\FKSR•F]HQLDSURVW\FKLXNÏZNRRZ\FK]DSRPRF•NU]\
Z\FKSU]HMyFLRZ\FK]]DFKRZDQLHPFL•JRyFLJHRPHWU\F]QHM*ZSXQNWDFKSR•F]HÍ3U]HGVWDZLRQR
VSRVÏENRGRZDQLDNV]WDWXWUDV\ZSRVWDFLFL•JXOLF]ERZHJRXPR›OLZLDM•F\HIHNW\ZQHXVWDODQLH
SDUDPHWUÏZJHRPHWU\F]Q\FKWUDV\ZSURFHVLHRSW\PDOL]DFML
6RZDNOXF]RZHWRUNROHMRZ\SRPLDU\VDWHOLWDUQHSURJUDPNRPSXWHURZ\RFHQDNV]WDWX
JHRPHWU\F]QHJR
:SURZDG]HQLH
7HFKQLNDSRPLDUÏZVDWHOLWDUQ\FK*36ZZHUVMLPRELOQHM]DVWRVRZDQDZ
URNX SU]H] ]HVSϏ QDXNRZ\ 3ROLWHFKQLNL *GDÍVNLHM L $NDGHPLL 0DU\QDUNL :R
MHQQHMZ*G\QL>@XPR›OLZLDEDUG]RV]\ENLHLSUHF\]\MQHRGWZRU]HQLHSU]HELH
JXLVWQLHM•FHMWUDV\NROHMRZHM3R]ZDODQDRGWZRU]HQLHNLHUXQNÏZSURVW\FKWUDV\
LRNUHyOHQLHZ\VWÆSXM•F\FKQDQLFKGHIRUPDFMLSR]LRP\FKDWDN›HUHMRQÏZ]PLD
Q\NLHUXQNXWUDV\N•W\]ZURWXWUDV\XNLNRRZHLNU]\ZHSU]HMyFLRZH
']LÆNLWHFKQLFHVDWHOLWDUQHMVWDMHVLÆPR›OLZHRGWZRU]HQLHZVSRVÏEEH]SRyUHG
QLU]HF]\ZLVWHJRNV]WDWXWRUXZSDV]F]\|QLHSR]LRPHM=DJÆV]F]HQLHSXQNWÏZ
SRPLDURZ\FKMHVWWDNGX›H›HWUDFLUDFMÆE\WXSRWU]HEDMDNLHMNROZLHNLQWHUSRODFML
-HGQRF]HyQLHSRMDZLDVLÆNZHVWLDRGSRZLHGQLHJRRSLVXPDWHPDW\F]QHJRSRPLH
U]RQ\FKU]ÆGQ\FK7UDG\F\MQHSRGHMyFLHDWDN›HRERZL•]XM•FHZ\W\F]QHSURMHNWR
ZDQLDZ\PDJDZ\RGUÆEQLHQLD]XNDGXVNDGRZ\FKHOHPHQWÏZJHRPHWU\F]Q\FK
:NáDGDXWRUyZZSXEOLNDFMĊ.RF:&KURVWRZVNL33DOLNRZVND.
190
.RF:&KURVWRZVNL33DOLNRZVND.
RGFLQNÏZSURVW\FKXNÏZNRRZ\FKLNU]\Z\FKSU]HMyFLRZ\FK3R]ZDODWRQDRG
WZRU]HQLHNV]WDWXLVWQLHM•FHMRVLWRUX:QDVWÆSQ\PHWDSLHRGE\ZDÂVLÆEÆG]LHNR
U\JRZDQLHU]ÆGQ\FKPDM•FHQDFHOXHOLPLQRZDQLHZ\VWÆSXM•F\FKQLHSUDZLGRZR
yFLRUD]GRVWRVRZ\ZDQLHXNDGXGRZ\PDJDQ\FKSDUDPHWUÏZHNVSORDWDF\MQ\FK
5\V3U]\NDGRZ\XNDGJHRPHWU\F]Q\VWDQRZL•F\SU]HGPLRWSRVWÆSRZDQLD
3RGVWDZÆ SURZDG]HQLD RFHQ\ SRPLHU]RQHM WUDV\ D QDVWÆSQLH SURMHNWRZDQLD
VWDQRZLSROLJRQMHMNLHUXQNÏZJÏZQ\FK6SRVÏEMHJRWZRU]HQLD]RVWDRPÏZLRQ\
ZSUDF\>@3U]HGPLRWHPSRVWÆSRZDQLDVWDMHVLÆSRMHG\QF]\UHMRQ]PLDQ\NLHUXQ
NXWUDV\SRND]DQ\QDU\VXQNXZSDÍVWZRZ\PV\VWHPLHRGQLHVLHÍSU]HVWU]HQ
Q\FK .ZHVWLÆ NOXF]RZ• VWDQRZL WXWDM RNUHyOHQLH UÏZQDÍ RE\GZX SU]HFL
QDM•F\FKVLÆSURVW\FKZSRVWDFL; $<%5ÏZQDQLDWHPR›QDX]\VNDÂEH]
SRyUHGQLR Z\]QDF]DM•F ] Z\]QDF]RQ\FK ZVSϏU]ÆGQ\FK RGSRZLHGQLFK SXQNWÏZ
SURVWHQDMPQLHMV]\FKNZDGUDWÏZ
:\]QDF]RQHZVSϏU]ÆGQHSXQNWÏZWUDV\tSLRQRZD;LSR]LRPD<V•RF]\
ZLyFLHREDUF]RQHEÆGHPSRPLDURZ\P-HyOLFKFHP\X]\VNDÂZLÆNV]•GRNDGQRyÂ
Z\]QDF]HQLDUÏZQDÍSURVW\FKSROLJRQXPR›HP\SU]\M•Â›HG\VSRQXMHP\]PLHQ
Q•QLH]DOH›Q•QLHREDUF]RQ•EÆGHPMHVWQL•F]DVSRPLDUXW5R]SDWU\ZDQ•SURVW•
RSLVXMHP\ZLÆFUÏZQDQLDPLSDUDPHWU\F]Q\PL;WL<WZNWÏU\FKEÆGDPLSR
2'7:$5=$1,(35=(%,(*875$6<.2/(-2:(-2=2‹21<08.6=7$72:$1,8
191
PLDURZ\PLREDUF]RQHEÆG•]PLHQQH]DOH›QH;L<5ÏZQDQLDWHX]\VNDP\Z\]QD
F]DM•FRGSRZLHGQLHSURVWHQDMPQLHMV]\FKNZDGUDWÏZ'ODRGFLQNDSURVWHJRWUDV\
]WUDV\]OHZHMVWURQ\QDU\VXQNXV•RQHQDVWÆSXM•FH
; W
< tW
JG]LHW tV
=QDMRPRyÂUÏZQDÍSDUDPHWU\F]Q\FKSURVWHMXPR›OLZLD]DSLVDQLHMHMZXND
G]LH;<5ÏZQDQLRPRGSRZLDGD]DOH›QRyÂ
; t<
6]F]HJϏRZDDQDOL]DZDyFLZHJRUHMRQX]PLDQ\NLHUXQNXWUDV\WMXNXNRRZH
JR]NU]\Z\PLSU]HMyFLRZ\PLZ\PDJDRGSRZLHGQLHMWUDQVIRUPDFMLSU]HVXQLÆFLD
LREURWXXNDGXZVSϏU]ÆGQ\FK>@:SRZVWD\PZZ\QLNXWHMRSHUDFMLORNDO
Q\PXNDG]LHZVSϏU]ÆGQ\FKIXQNFMRQXM•RSUDFRZDQHQRZHPHWRG\SURMHNWRZD
QLDGRVWRVRZDQHGRWHFKQLNLFL•J\FKSRPLDUÏZVDWHOLWDUQ\FK>@
:QLHNWÏU\FKV\WXDFMDFKNV]WDWHNVSORDWRZDQ\FKWRUÏZNROHMRZ\FKMHVWEDU
G]R]R›RQ\DMHGQRF]HyQLHtMDNZ\ND]D\SU]HSURZDG]RQHFL•JHSRPLDU\VDWH
OLWDUQHtQLHNLHG\WDN]GHIRUPRZDQ\›HRNUHyOHQLHNLHUXQNÏZJÏZQ\FKRND]XMH
VLÆQLHPR›OLZH7DNDV\WXDFMD]RVWDDSU]HGVWDZLRQDZSUDF\>@D]LOXVWURZDQD
QDU\VXQNX1LHPR›QDZÏZF]DVSRGM•ÂPRGHORZHJRWRNXSRVWÆSRZDQLDSR
OHJDM•FHJR QD RVREQ\P UR]SDWU\ZDQLX SRV]F]HJÏOQ\FK UHMRQÏZ ]PLDQ\ NLHUXQ
NXWUDV\2FHQDPXVLZWHG\QDEUDÂFKDUDNWHUXFDRyFLRZHJRSU]\Z\NRU]\VWDQLX
RGSRZLHGQLHJRZVSRPDJDQLDNRPSXWHURZHJR:SUDF\SU]HGVWDZLRQRSURJUDP
NRPSXWHURZ\GRRGWZDU]DQLDSU]HELHJXWUDV\NROHMRZHMZWDNLFKZDyQLHSU]\
SDGNDFK
5\V3U]\NDG]R›RQHJRXNDGXJHRPHWU\F]QHJR
.RF:&KURVWRZVNL33DOLNRZVND.
192
=DVDG\NRGRZDQLDNV]WDWXWUDV\
:SURFHVLHRGWZDU]DQLDSU]HELHJXSRPLHU]RQHMWUDV\SU]\MÆWR]DR›HQLHL›WUD
VDVNDGDVLÆ]HVNRÍF]RQHJR]ELRUXHOHPHQWÏZJHRPHWU\F]Q\FKWDNLFKMDNSURVWD
RGFLQHN XN NRRZ\ L NU]\ZD SU]HMyFLRZD QS NORWRLGD SR•F]RQ\FK ]H VRE•
]]DFKRZDQLHPFL•JRyFLJHRPHWU\F]QHM*ZSXQNWDFKSR•F]HQLDW]Q]DSHZQLH
QLHPFL•JRyFLWUDV\]JRGQRyFLVW\F]Q\FKL]JRGQRyFLNU]\ZL]Q\.D›G\HOHPHQW
JHRPHWU\F]Q\WUDV\RSLVDQ\MHVW]HVWDZHPSDUDPHWUÏZ
s W\SHPSURVWDXNNRRZ\URG]DMNU]\ZHMSU]HMyFLRZHM
s GXJRyFL•U]XWXQDRyRGFLÆW\FKGODSURVWHMXNXNRRZHJRLNU]\ZHMSU]HM
yFLRZHM
s SURPLHQLHPGODXNXNRRZHJR
s DWU\EXWHPNV]WDWXGODXNXNRRZHJRLNU]\ZHMSU]HMyFLRZHM
'RGDWNRZ\PHOHPHQWHPRSLVXM•F\PSU]HELHJWUDV\MHVWN•WSRF]•WNRZ\N•W
QDFK\OHQLDNLHUXQNXJÏZQHJRQDSRF]•WNXWUDV\ZORNDOQ\PXNDG]LHZVSϏU]ÆG
Q\FK
$WU\EXWNV]WDWX]ZL•]DQ\MHVW]FKDUDNWHUHPNU]\ZL]Q\NWÏUHMGRGDWQLDZDU
WRyÂZ\VWÆSXMHQDNU]\Z\FKRZ\SXNRyFLVNLHURZDQHMZGϏR]QDF]HQLHDZDU
WRyÂXMHPQDtQDNU]\Z\FKRZ\SXNRyFLVNLHURZDQHMZJÏUÆR]QDF]HQLH
:FHOXZ\MDyQLHQLDRPDZLDQHMSURFHGXU\UR]ZD›P\SU]\NDGRZ•WUDVÆRSU]H
ELHJXSU]HGVWDZLRQ\PQDU\VXQNXLN•FLHSRF]•WNRZ\Pij ʌUDG-HVWRQD
]R›RQDMHVW]HOHPHQWÏZJHRPHWU\F]Q\FKRSLVDQ\FKSDUDPHWUDPLSRGDQ\PL
ZWDEHOL
5\V3U]HELHJSU]\NDGRZHMWUDV\]]D]QDF]RQ\PLSRV]F]HJÏOQ\PLHOHPHQWDPLJHRPHWU\F]Q\PL
2'7:$5=$1,(35=(%,(*875$6<.2/(-2:(-2=2‹21<08.6=7$72:$1,8
193
7DEHOD&KDUDNWHU\VW\NDHOHPHQWÏZJHRPHWU\F]Q\FKSU]\NDGRZHMWUDV\
Lp.
1
2
5
6
7
8
9
10
11
12
Typ
3URVWD
.ORWRLGDB
àXNNRáRZ\
.ORWRLGDB
.ORWRLGDB
àXNNRáRZ\
.ORWRLGDB
àXNNRáRZ\
.ORWRLGDB
3URVWD
.ORWRLGDB
àXNNRáRZ\
'áXJRĞü>P@
100
100
200
100
100
100
100
100
50
100
100
200
3URPLHĔ>P@
500
500
.V]WDáW
-1
-1
-1
1
1
1
1
1
-1
-1
.U]\ZHSU]HMyFLRZHZSRVWDFLNORWRLG\R]QDF]RQHLQGHNVDPLLR]QDF]DM•
RGSRZLHGQLR
s NORWRLGDBtNU]\Z•SU]HMyFLRZ••F]•F•SURVW•]XNLHPNRRZ\P
s NORWRLGDBtNU]\Z•SU]HMyFLRZ••F]•F•XNNRRZ\]SURVW•
s NORWRLGDBtNU]\Z•SU]HMyFLRZ••F]•F•GZDXNLNRRZHR]JRGQ\FKNU]\
ZL]QDFKNLN
:V]\VWNLHZ\PLHQLRQHNU]\ZHSU]HMyFLRZHFKDUDNWHU\]XM•VLÆOLQLRZ•]PLDQ•
NU]\ZL]Q\ SU]\ F]\P NORWRLGDB L NORWRLGDB V• RSLVDQH VWDQGDUGRZ\PL UÏZ
QDQLDPLNORWRLG\QDWRPLDVWUÏZQDQLDSDUDPHWU\F]QHNORWRLG\BRGXJRyFLON V•
QDVWÆSXM•FH>@
1DSRWU]HE\RSLVXSU]HELHJXWUDV\]DSRPRF•]ELRUXHOHPHQWÏZJHRPHWU\F]
Q\FK]RVWDSU]\JRWRZDQ\]HVWDZIXQNFMLZ\]QDF]DM•F\FKZVSϏU]ÆGQHHOHPHQWÏZ
ZSRVWDFLSDUDPHWU\F]QHMRUD]UHDOL]XM•F\FK•F]HQLHW\FK›HHOHPHQWÏZ]]DFKR
ZDQLHPFL•JRyFLJHRPHWU\F]QHM*ZSXQNWDFKSR•F]HÍ=HVWDZWHQREHMPXMH
QDVWÆSXM•FHIXQNFMH
IBSURVWDGáXJRĞüNąW
IBNORWRLGDGáXJRĞüSURPLHĔNąWNV]WDáW
IBNORWRLGDGáXJRĞüSURPLHĔNąWNV]WDáW
.RF:&KURVWRZVNL33DOLNRZVND.
194
IBNORWRLGDGáXJRĞüSURPLHĔSURPLHĔNąWNV]WDáW
IBáXNGáXJRĞüSURPLHĔNąWNV]WDáW
IBGRVXĔSXQNWSXQNWHOHPHQW
IBREURWNąWHOHPHQW
3U]\MÆFLH]DR›HQLD›HXNRP]DZV]HWRZDU]\V]•NU]\ZHSU]HMyFLRZH]DSHZQLD
M•FH]JRGQRyÂNU]\ZL]Q\ZSXQNWDFKSR•F]HQLDSR]ZDODQDXSURV]F]HQLH]DSLVX
NV]WDWXWUDV\NU]\ZHSU]HMyFLRZHSU]HVWDM•E\ÂWUDNWRZDQHMDNRHOHPHQW\QLH]D
OH›QH : UR]SDWU\ZDQ\P SU]\SDGNX FDNRZLWD OLF]ED HOHPHQWÏZ XOHJD ]UHGX
NRZDQLXRSRRZÆ3U]\MÆW\VFKHPDWNRGRZDQLDWUDV\SU]HGVWDZLRQRZWDEHOL
7DEHOD6FKHPDWNRGRZDQLDSU]HELHJXWUDV\
.ąW
7\S
>UDG@
(OHPHQW\JHRPHWU\F]QH1
(OHPHQW
'áXJRĞü 3URPLHĔ .V]WDáW 'áXJRĞüSLHUZV]HM
'áXJRĞüGUXJLHM
^`
>P@
>P@
^`
T1
L1
R1
.1
ij
…
NU]\ZHMSU]HMĞFLRZHM NU]\ZHMSU]HMĞFLRZHM
>P@
.S1
>P@
.S1
&L•J NRGXM•F\ SRV]F]HJÏOQH HOHPHQW\ JHRPHWU\F]QH VNDGD VLÆ ] V]HyFLX SR
]\FML7\SHOHPHQWXSU]\MPXMHMHGQ•]GZÏFKZDUWRyFL7£^`JG]LHtR]QD
F]DSURVW•tXNNRRZ\5ÏZQLH›SDUDPHWUNV]WDWXSU]\MPXMHMHGQ•]GZÏFK
ZDUWRyFL.£^`1LHNWÏUHSR]\FMHFL•JXPRJ•E\ÂQLHZ\NRU]\VWDQHQSGOD
SURVWHJRRGFLQNDWUDV\LZÏZF]DVR]QDF]DVLÆMHV\PEROHP[
7UDVDSU]HGVWDZLRQDQDU\VXQNXVNDGDVLÆ]XNÏZNRRZ\FK]NU]\Z\PL
SU]HMyFLRZ\PLRUD]RGFLQNÏZSURVW\FK LPR›HE\ÂMHGQR]QDF]QLHRSLVDQDFL•
JLHP OLF]ERZ\P R GXJRyFL &L•J OLF]ERZ\ NRGXM•F\ SU]HELHJ
WUDV\SU]HGVWDZLRQRZWDEHOL
7DEHOD&L•JOLF]ERZ\NRGXM•F\WUDVÆSU]HGVWDZLRQ•QDU\VXQNX
.ąW
S
(OHPHQW
0 100 x xxx
(OHPHQW
(OHPHQW
0 100 x xxx
(OHPHQW
1 200 500 -1 100 0
(OHPHQW
1 100 500 1 100 100
(OHPHQW
1D U\VXQNDFK L SU]HGVWDZLRQR HWDS\ GHNRGRZDQLD FL•JX OLF]ERZHJR
SU]HGVWDZLRQHJR Z WDEHOL RUD] UHDOL]DFML SR•F]HQLD * V]HyFLX ]DNRGRZDQ\FK
HOHPHQWÏZNWÏU\PL]RVWDDRSLVDQDWUDVD]U\VXQNX5\VXQHNGRW\F]\HOHPHQ
WXU\VXQHNtHOHPHQWÏZLDU\VXQHNtHOHPHQWX
2'7:$5=$1,(35=(%,(*875$6<.2/(-2:(-2=2‹21<08.6=7$72:$1,8
5\V'HNRGRZDQLHFL•JXOLF]ERZHJRRSLVXM•FHJRHOHPHQWWDEHOD
5\V'HNRGRZDQLHFL•JXOLF]ERZHJRRSLVXM•FHJRHOHPHQW\LWDEHOD
5\V'HNRGRZDQLHFL•JXOLF]ERZHJRRSLVXM•FHJRHOHPHQWWDEHOD
195
.RF:&KURVWRZVNL33DOLNRZVND.
196
8VWDODQLHSDUDPHWUÏZJHRPHWU\F]Q\FKWUDV\
=DR›RQR›HX]\VNDQ\QDGURG]HSRPLDUÏZVDWHOLWDUQ\FKXNDGJHRPHWU\F]Q\
] U\V VNDGD VLÆ ] XNÏZ L ZVWDZHN SURVW\FK 8NDG WHQ SR RGSRZLHG
QLHMWUDQVIRUPDFML]RVWDSU]HGVWDZLRQ\QDU\VXQNXX]\VNDQRJRSRSU]H]REUÏW
RN•WʌLGRVXQLÆFLHGRSXQNWXSRF]•WNRZHJRRZVSϏU]ÆGQ\FK3DUDPH
WU\JHRPHWU\F]QHRGWZDU]DQHJRSU]HELHJXWUDV\N•WGXJRyFLLSURPLHQLHXNÏZ
GXJRyFLNU]\Z\FKSU]HMyFLRZ\FKRUD]GXJRyFLZVWDZHNSURVW\FK]RVWD\Z\]QD
F]RQHZSURFHVLHRSW\PDOL]DFMLSURZDG]RQ\PDOJRU\WPHPURMXF]•VWHN3623DU
WLFOH6ZDUP2SWLPL]DWLRQ>@
$OJRU\WP362G]LDDZRSDUFLXRSRSXODFMÆF]•VWHNSRUXV]DM•F\FKVLÆZSU]H
VWU]HQLUR]ZL•]DÍ.D›GDF]•VWNDUHSUH]HQWXMHSRWHQFMDOQHUR]ZL•]DQLHSUREOHPX
WMV]XNDQ\FL•J QOLF]EJG]LHQtR]QDF]DOLF]EÆHOHPHQWÏZJHRPHWU\F]
Q\FK ] NWÏU\FK VNDGD VLÆ RGWZDU]DQD WUDVD &]•VWNL ]PLHQLDM• VZRMH SRR›HQLH
ZNLHUXQNXX]DOH›QLRQ\PRGQDMOHSV]HJRGRW\FKF]DVRZHJRSRR›HQLDF]•VWNLQDM
OHSV]HJRGRW\FKF]DVRZHJRSRR›HQLDF]•VWHNV•VLHGQLFKRUD]ZDVQHMSUÆGNRyFL
=DVWRVRZDQR3627RROER[YGRVWÆSQ\Z6FL/DEY>@:WDEHOL
SU]HGVWDZLRQRSU]\MÆWHSDUDPHWU\DOJRU\WPX
7DEHOD3U]\MÆWHSDUDPHWU\DOJRU\WPX362
3DUDPHWU
3U]\MĊWDZDUWRĞü
:VSyáF]\QQLNLQHUFMLȦmax
:VSyáF]\QQLNLQHUFMLȦmin
,QG\ZLGXDOQ\ZVSyáF]\QQLNXF]HQLDC1
*UXSRZ\ZVSyáF]\QQLNXF]HQLDC2
/LF]EDLWHUDFML
200
2FHQD F]•VWNL UHSUH]HQWXM•FHM UR]ZL•]DQLH SUREOHPX MHVW SU]HSURZDG]DQD
ZRSDUFLXRUϛQLFÆSRPLÆG]\U]ÆGQ\PLRGWZDU]DQHJRNV]WDWXWUDV\DU]ÆGQ\PL
Z\QLNDM•F\PL]SRPLDUÏZ]JRGQLH]IRUPX•
JG]LH
))tZDUWRyÂIXQNFMLRFHQ\ILWQHVVIXQFWLRQ
QtOLF]EDXZ]JOÆGQLRQ\FKSUÏEHNUHSUH]HQWXM•F\FKU]ÆGQHXNDGXSRPLHU]R
QHJR
\NtNWDU]ÆGQDRGWZDU]DQHJRXNDGXNWÏUHMRGSRZLDGDM•FDRGFLÆWD[NVSHQLD
XNDGQLHUÏZQRyFL[NS[Lt[N
S\LtU]ÆGQDZ\QLNDM•FD]SRPLDUÏZ
3U]HELHJSURFHVXRSW\PDOL]DFML]RVWDSU]HGVWDZLRQ\QDU\VXQNX:DUWRyFL))EHVW
ZNROHMQ\FKLWHUDFMDFK]RVWD\SU]HGVWDZLRQHZVNDOLORJDU\WPLF]QHMRSRGVWDZLH
2'7:$5=$1,(35=(%,(*875$6<.2/(-2:(-2=2‹21<08.6=7$72:$1,8
197
5\V3U]HELHJSURFHVXRSW\PDOL]DFML
: Z\QLNX SURFHVX RSW\PDOL]DFML RWU]\PDQR FL•J OLF]ERZ\ SU]HGVWDZLRQ\
ZWDEHOL
7DEHOD&L•JOLF]ERZ\X]\VNDQ\ZZ\QLNXSURFHVXRSW\PDOL]DFML
0
28
x
x
x
x
1
1267
-1
1
95
x
1
0
57
x
197
0
1
x
1025
57
x
-1
1
0
-1
268
0
1
112
-1
110
0
3U]HGVWDZLRQ\FL•JMHGQR]QDF]QLHRSLVXMHNV]WDWWUDV\NWÏUHMSDUDPHWU\JHR
PHWU\F]QHSU]HGVWDZLRQRZWDEHOLN•WSRF]•WNRZ\ij UDG
7DEHOD(OHPHQW\JHRPHWU\F]QHSRPLHU]RQHMWUDV\
Lp
1
2
5
6
7
Typ
3URVWD
.ORWRLGDB
àXNNRáRZ\
.ORWRLGDB
àXNNRáRZ\
.ORWRLGDB
3URVWD
.ORWRLGDB
àXNNRáRZ\
.ORWRLGDB
àXNNRáRZ\
.ORWRLGDB
àXNNRáRZ\
'áXJRĞü>P@
28
95
57
57
112
197
268
110
3URPLHĔ>P@
1267
1025
.V]WDáW
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
.RF:&KURVWRZVNL33DOLNRZVND.
198
2GWZRU]RQ\NV]WDWWUDV\]RVWDSU]HGVWDZLRQ\QDU\VXQNXQDWOHSU]HELHJX
WUDV\Z\QLNDM•FHJR]GDQ\FKSRPLDURZ\FK:\NUHVUϛQLFU]ÆGQ\FKZ\QLNDM•F\FK
]GDQ\FKSRPLDURZ\FKLU]ÆGQ\FKXNDGXRGWZRU]RQHJR]RVWDSU]HGVWDZLRQ\QD
U\VXQNX
5\V2GWZRU]RQ\NV]WDWWUDV\QDWOHMHMSU]HELHJXZ\QLNDM•FHJR]GDQ\FKSRPLDURZ\FK
5\V:\NUHVUϛQLFU]ÆGQ\FKZ\QLNDM•F\FK]GDQ\FKSRPLDURZ\FKLU]ÆGQ\FKXNDGXRGWZRU]RQHJR
3RGVXPRZDQLH
s 7HFKQLND SRPLDUÏZ VDWHOLWDUQ\FK *36 Z ZHUVML PRELOQHM XPR›OLZLD EDU
G]RV]\ENLHLSUHF\]\MQHRGWZRU]HQLHZVSRVÏEEH]SRyUHGQLU]HF]\ZLVWHJR
NV]WDWX WRUX Z SDV]F]\|QLH SR]LRPHM =DJÆV]F]HQLH SXQNWÏZ SRPLDUR
Z\FKMHVWWDNGX›H›HWUDFLUDFMÆE\WXSRWU]HEDMDNLHMNROZLHNLQWHUSRODFML
2'7:$5=$1,(35=(%,(*875$6<.2/(-2:(-2=2‹21<08.6=7$72:$1,8
s
s
s
s
199
-HGQRF]HyQLH SRMDZLD VLÆ NZHVWLD RGSRZLHGQLHJR RSLVX PDWHPDW\F]QHJR
SRPLHU]RQ\FKU]ÆGQ\FK
: QLHNWÏU\FK V\WXDFMDFK NV]WDW HNVSORDWRZDQ\FK WRUÏZ NROHMRZ\FK MHVW
EDUG]R ]R›RQ\ D MHGQRF]HyQLH QLHNLHG\ WDN ]GHIRUPRZDQ\ ›H RNUHyOHQLH
NLHUXQNÏZJÏZQ\FKRND]XMHVLÆQLHPR›OLZH1LHPR›QDZÏZF]DVSRGM•Â
PRGHORZHJRWRNXSRVWÆSRZDQLDSROHJDM•FHJRQDRVREQ\PUR]SDWU\ZDQLX
SRV]F]HJÏOQ\FKUHMRQÏZ]PLDQ\NLHUXQNXWUDV\2FHQDPXVLZWHG\QDEUDÂ
FKDUDNWHUXFDRyFLRZHJRSU]\Z\NRU]\VWDQLXRGSRZLHGQLHJRZVSRPDJDQLD
NRPSXWHURZHJR : SUDF\ SU]HGVWDZLRQR SURJUDP NRPSXWHURZ\ GR RG
WZDU]DQLDSU]HELHJXWUDV\NROHMRZHMZWDNLFKZDyQLHSU]\SDGNDFK
:FHOXUR]ZL•]DQLDSRVWDZLRQHJRSUREOHPXSU]\JRWRZDQR]HVWDZIXQNFML
UHDOL]XM•F\FKSR•F]HQLDSURVW\FKLXNÏZNRRZ\FK]DSRPRF•NU]\Z\FK
SU]HMyFLRZ\FK]]DFKRZDQLHPFL•JRyFLJHRPHWU\F]QHM*ZSXQNWDFKSR
•F]HÍ2SUDFRZDQRVSRVÏENRGRZDQLDNV]WDWXWUDV\ZSRVWDFLFL•JXOLF]
ERZHJR XPR›OLZLDM•F\ HIHNW\ZQH XVWDODQLH SDUDPHWUÏZ JHRPHWU\F]Q\FK
WUDV\ZSURFHVLHRSW\PDOL]DFML
3DUDPHWU\ JHRPHWU\F]QH RGWZDU]DQHJR SU]HELHJX WUDV\ N•W SRF]•WNRZ\
GXJRyFL L SURPLHQLH XNÏZ NRRZ\FK GXJRyFL NU]\Z\FK SU]HMyFLRZ\FK
RUD]GXJRyFLZVWDZHNSURVW\FK]RVWD\Z\]QDF]RQHZSURFHVLHRSW\PDOL
]DFMLSURZDG]RQ\PDOJRU\WPHPURMXF]•VWHN3623DUWLFOH6ZDUP2SWLPL]D
WLRQ
=DSUH]HQWRZDQDPHWRGDXPR›OLZLDV]\ENLHRSUDFRZDQLHGDQ\FK]SRPLD
UÏZVDWHOLWDUQ\FKLZ\]QDF]HQLHSU]HELHJXWUDV\ZXMÆFLXPRGHORZ\P0R›H
WRVWDQRZLÂSRGVWDZÆGRSRGMÆFLDRGSRZLHGQLFKG]LDDÍPRGHUQL]DF\MQ\FK
/LWHUDWXUD
>@.HQQHG\-(EHUKDUW56ZDUPLQWHOOLJHQFH0RUJDQ.DXIPDQQ3XEOL
VKHUV6DQ)UDQFLVFR
>@.RF:0HWRGDSURMHNWRZDQLDUHMRQX]PLDQ\NLHUXQNXWUDV\NROHMRZHM
3UREOHP\.ROHMQLFWZD]HV]\W
>@.RF:3URMHNWRZDQLHXNÏZNRV]RZ\FKGRVWRVRZDQHGRSRPLDUÏZVD
WHOLWDUQ\FK3UDFH1DXNRZH3ROLWHFKQLNL:DUV]DZVNLHMVHULD7UDQVSRUW]
>@.RF:&KURVWRZVNL37ZRU]HQLHSROLJRQXNLHUXQNÏZJÏZQ\FKWUDV\
NROHMRZHM]Z\NRU]\VWDQLHPSRPLDUÏZ*36;.RQIHUHQFMD1DXNRZR
7HFKQLF]QD d1RZRF]HVQH 7HFKQRORJLH L 6\VWHP\ =DU]•G]DQLD Z 7UDQV
SRUFLH6]\QRZ\Pr.RyFLHOLVNROLVWRSDGDJUXGQLD
>@.RF:3DOLNRZVND.2FHQDG\QDPLF]QDZ\EUDQ\FKVSRVREÏZ•F]HQLD
HOHPHQWÏZWUDV\R]UϛQLFRZDQHMNU]\ZL|QLH7HFKQLND7UDQVSRUWX6]\QR
ZHJRQU&'520
>@.RF : 6SHFKW & :\QLNL SRPLDUÏZ VDWHOLWDUQ\FK WRUX NROHMRZHJR
7HFKQLND7UDQVSRUWX6]\QRZHJRQU
200
.RF:&KURVWRZVNL33DOLNRZVND.
>@.RF:6SHFKW&-XUNRZVND$&KURVWRZVNL31RZDN$/HZLÍVNL
/%RUQRZVNL02NUHyODQLHSU]HELHJXWUDV\NROHMRZHMQDGURG]HSRPLD
UÏZVDWHOLWDUQ\FK,,.RQIHUHQFMD1DXNRZR7HFKQLF]QDd3URMHNWRZDQLH
%XGRZDL8WU]\PDQLH,QIUDVWUXNWXU\Z7UDQVSRUFLH6]\QRZ\P,1)5$
6=<1=DNRSDQHNZLHWQLD
>@.RF:6SHFKW&/HZLÍVNL/&KURVWRZVNL3*U]HMND32FHQDHIHN
WÏZ UHJXODFML RVL WRUX QD Z\EUDQHM OLQLL NROHMRZHM 7HFKQLND 7UDQVSRUWX
6]\QRZHJRQU
>@6DOPRQ6%DXGLQ0&RUQHW$3DUWLFOH6ZDUP2SWLPL]DWLRQ7RROER[
YKWWSIRUJHVFLODERUJLQGH[SKSSSVRWRROER[
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
.21&(3&-$2&(1<-$.2k&,2:(-8.$'8
32-$='7251$32'67$:,(2'32:,('=,
'<1$0,&=1(-32-$='8
-XOLDQ.RPLQRZVNL
PJU LQ› =DNDG 3RMD]GÏZ 6]\QRZ\FK ,QVW\WXW 6LOQLNÏZ 6SDOLQRZ\FK L 7UDQVSRUWX :\G]LD 0DV]\Q 5RERF]\FK
L7UDQVSRUWX3ROLWHFKQLND3R]QDÍVND8O3LRWURZR3R]QDÍWHO
6WUHV]F]HQLH:QLQLHMV]\PDUW\NXOHSU]HGVWDZLRQRNRQFHSFMÆMDNRyFLRZHMRFHQ\G\QDPLNL
XNDGXSRMD]GWRUQDSRGVWDZLHRGSRZLHG]LG\QDPLF]QHMSRMD]GXSRPLDURZHJR2SLVDQRSRGVWD
ZRZHZ\PDJDQLDL]DR›HQLDGRW\F]•FHSU]HGVWDZLRQHJRHNVSHU\PHQWXRFHQ\MDNRyFLRZHM8ND]DQR
V\VWHPSRPLDURZ\V\JQDÏZZLEURDNXVW\F]Q\FKZUD]]PLHMVFHP]DPRQWRZDQLDF]XMQLNÏZSRPLD
URZ\FK'RGDWNRZRGRSHQHMRFHQ\MDNRyFLRZHM]DSURSRQRZDQRSRUÏZQDQLHZ\QLNÏZSRPLDURZ\FK
]MHGQRF]HyQLH]PLHU]RQHMPHWRG•SRyUHGQL•JHRPHWUL•WRUXNROHMRZHJR
6RZDNOXF]RZHRFHQDVWDQXWRUXGLDJQRVW\NDSRMD]GNROHMRZ\
:VWĊS
3RSUDZDEH]SLHF]HÍVWZDRUD]QDOH›\WHXWU]\P\ZDQLHVWDQXWHFKQLF]QHJRWRUX
NROHMRZHJRV•JÏZQ\PL]DJDGQLHQLDPLSRSUDZQHJRIXQNFMRQRZDQLDWUDQVSRUWX
V]\QRZHJR&]ÆVWHPRQLWRURZDQLHVWDQXWHFKQLF]QHJRWRUÏZNROHMRZ\FKPDLVWRW
QH]QDF]HQLHQLHW\ONRGOD]DU]•GF\LQIUDVWUXNWXU\DOHSU]HGHZV]\VWNLPGODSU]H
ZR|QLNÏZWRZDUÏZLOXG]L:F]HVQHXMDZQLHQLHXVWHUHNOXEQLHSUDZLGRZRyFLMHVW
SRGVWDZ•GRVSRU]•G]HQLDV\QWHW\F]Q\FKRFHQVWDQXWRUÏZPDM•F\FKEH]SRyUHGQL
ZS\ZQDEH]SLHF]HÍVWZRSURZDG]RQHJRUXFKXNROHMRZHJR
3U]HSURZDG]RQHDQDOL]\LVWQLHM•FHJRVWDQXPRQLWRURZDQLDLQIUDVWUXNWXU\Z\
ND]D\L›JÏZQ\]DU]•GFDLQIUDVWUXNWXU\Z3ROVFH3.33ROVNLH/LQLH.ROHMRZH
6$SU]HSURZDG]DEDGDQLDSRMD]GDPLSRPLDURZ\PLPDNV\PDOQLHF]WHU\UD]\GR
URNX]DOH›QLHRGXVWDORQ\FKPDNV\PDOQ\FKSUÆGNRyFLQDGDQHMOLQLLNROHMRZHM>@
'RGDWNRZR QD Z\SRVD›HQLX &HQWUXP 'LDJQRVW\NL 3/. 6$ ]QDMGXM• VLÆ GZD
SRMD]G\SRPLDURZHGRSRPLDUÏZSRyUHGQLFKLQIUDVWUXNWXU\NROHMRZHMZ\SRVD›R
QHZDXWRPDW\F]Q•UHMHVWUDFMÆLDQDOL]ÆZ\QLNÏZ3RGVWDZRZHSRPLDU\JHRPHWULL
WRUXSU]H]SRMD]G\SRPLDURZHZ\NRQ\ZDQHV•PHWRGDPLNODV\F]Q\PLZSU]HFL
ZLHÍVWZLHGRREHFQLHVWRVRZDQ\FKWHFKQRORJLLSRPLDURZ\FK
'RSRPLDUÏZSRyUHGQLFKOLQLLNROHMRZ\FKZ3ROVFHX›\ZDQHV•GZLHEOL|QLDF]H
GUH]\Q\SRPLDURZHVHULL(0Z\SURGXNRZDQHSU]H]ILUPÆ3ODVVHU7KHXUHU
.RPLQRZVNL-
202
ZODWDFKSRSU]HGQLHJRZLHNX3RPLDUJHRPHWULLRUD]RFHQ\VWDQXWRUXRGE\ZD
VLÆPHWRG•SRyUHGQL•
'UH]\QD SRPLDURZD SRUXV]D VLÆ QD WU]HFK ZÏ]NDFK Z W\P W\ONR MHGHQ MHVW
QDSÆG]DQ\ ]D SRPRF• SϏDXWRPDW\F]QHM SU]HNDGQL K\GURNLQHW\F]QHM 6SDOLQR
Z\ VLOQLN WUDNF\MQ\ XPLHV]F]RQ\ MHVW Z SU]HG]LDOH PDV]\QRZ\P QD SRMH|G]LH
1D ND›G\P ZÏ]NX ]DPRQWRZDQD MHVW UDPD SRPLDURZD QD NWÏUHM XPLHV]F]RQH
V• VLRZQLNLSQHXPDW\F]QH ]D SRPRF• NWÏU\FK RSXV]F]RQHV• yOL]JLSRPLDURZH
GR ZHZQÆWU]Q\FK VWURQ JÏZNL V]\Q\ .ROHMQR GR ND›GHJR yOL]JX SRPLDURZHJR
SU]\PRFRZDQHV•SRGZDF]XMQLNLVXZDNRZHNWÏUHGRNRQXM•SRPLDUÏZUϛQLF\
RGOHJRyFLZVWRVXQNXGRSR]\FMLZ]RUFRZHMZGZÏFKRVLDFKSR]LRPHMLSLRQR
ZHM:]RUFRZDQLHXNDGXSRPLDURZHJRRGE\ZDVLÆZED]LHWHFKQLF]QHMSRGF]DV
SU]HUZSRPLÆG]\Z\MD]GDPLSRPLDURZ\PL
)RW'UH]\QDSRPLDURZD(0]ZDJRQHPVRFMDOQ\P
:F]DVLHGRNRQ\ZDQLDSRPLDUÏZRSXV]F]RQHyOL]JLSRPLDURZHSRUXV]DM•VLÆ
SRZHZQÆWU]QHMVWURQLHWRNÏZV]\QRZ\FKRNPPSRQL›HMJÏZNLV]\Q\:\
QLNLSRPLDUÏZJHRPHWULLWRUXSRND]\ZDQHV•QDPRQLWRUDFKZGZÏFKNDELQDFK
SRMD]GXQLH]DOH›QLHRGNLHUXQNXMD]G\2EVXJDGUH]\Q\SRPLDURZHMVNDGDVLÆ
] WU]HFK RVÏE PHFKDQLND SURZDG]•FHJR SRMD]G GLDJQRVW\ UHDJXM•FHJR QD HOH
PHQW\LQIUDVWUXNWXU\NROHMRZHMSU]HMD]G\XU]•G]HQLDNROHMRZHPDM•FHZS\ZQD
GRNRQ\ZDQ\SRPLDURUD]GLDJQRVW\VSUDZXM•FHJRQDG]ÏUQDGSUDZLGRZ\PG]LD
DQLHPV\VWHPXSRPLDURZHJR'RGDWNRZRSRGF]DVSRPLDUÏZREHFQ\MHVWUÏZQLH›
GLDJQRVWDOLQLLNROHMRZHMQDNWÏUHMGRNRQ\ZDQ\MHVWSRPLDU3RGF]DVSRPLDUÏZ
QDELH›•FRGUXNRZDQHV•Z\NUHV\XND]XM•FHPLHU]RQHSDUDPHWU\JHRPHWULLWRUX
:HUVMDHOHNWURQLF]QDZ\NUHVÏZGRVWÆSQDMHVWZ\•F]QLHZ&HQWUXP'LDJQRVW\
NLZ\M•WNLHPV•JÏZQLGLDJQRyFLZSRV]F]HJÏOQ\FK=DNDGDFK/LQLL.ROHMRZ\FK
3ROVNLFK/LQLL.ROHMRZ\FKPDM•F\GRVWÆSGRW\FKLQIRUPDFMLMHGQDN›HF]ÆVWRQD
VZRLPZ\SRVD›HQLXQLHSRVLDGDM•F\RGSRZLHGQLHJRRSURJUDPRZDQLDGRZF]\WDQLD
LDQDOL]\Z\QLNÏZ=ZUÏFRQRXZDJÆQDVSRVÏEXSRZV]HFKQLDQLD]HEUDQ\FKZ\QL
.21&(3&-$2&(1<-$.2k&,2:(-8.$'832-$='7251$32'67$:,(
203
NÏZSRPLDURZ\FK'UXNRZDQHZ\NUHV\JHRPHWULLWRUXSU]HND]\ZDQHV•ZMHGQHM
NRSLLEH]SRyUHGQLRGRGLDJQRVW\RGSRZLHG]LDOQHJR]DGDQ\RGFLQHNSRPLDURZ\
NWÏU\ SU]HND]XMH MH GR JÏZQHJR GLDJQRVW\ GDQHJR =DNDGX /LQLL .ROHMRZ\FK
'UXJDNRSLDZ\GUXNXSU]HZR›RQDMHVWGRDUFKLZXP&HQWUXP'LDJQRVW\NLUD]HP
]ZHUVM•HOHNWURQLF]Q•7DEHOHSRND]XM•FHXVWHUNLLQLHSUDZLGRZRyFL>@Z\ND]DQH
ZWUDNFLHSRPLDUÏZJHRPHWULLZ\V\DQHV•SU]H]MHGQ•]RVÏEREVXJXM•F\FKGR
JÏZQHJRGLDJQRVW\SR]DNRÍF]HQLXZV]\VWNLFKSRPLDUÏZSU]HZLG]LDQ\FKZGD
Q\PGQLXSUDF\
1D WHUHQLH 3ROVNLFK /LQLL .ROHMRZ\FK SU]HSURZDG]DQH V• SRPLDU\ JHRPHWULL
WRUXPHWRGDPLSRyUHGQLPLLEH]SRyUHGQLPL'RGDWNRZRMHGQRVWNLEDGDZF]HSUR
ZDG]•EDGDQLD>QS@RGSRZLHG]LG\QDPLF]QHMQDSRGVWDZLHGUJDÍQD
UϛQHJRURG]DMXSRMD]GDFKNROHMRZ\FKQDLQIUDVWUXNWXU]HRGREU\PVWDQLHWHFK
QLF]Q\PWRUWHVWRZ\PDJLVWUDODNROHMRZD3URZDG]RQRUÏZQLH›EDGDQLDV\PXOD
F\MQH]DFKRZDQLDZ\EUDQ\FKPRGHOLSRMD]GÏZ>@(NVSHU\PHQW]DNDGD
SRPLDURGSRZLHG]LG\QDPLF]QHMSRMD]GXSRPLDURZHJRSRGF]DVSURZDG]HQLDSR
PLDUÏZJHRPHWULLWRUXNROHMRZHJRQDOLQLLNROHMRZHMRPLHV]DQ\PUXFKXSRFL•JÏZ
&HOEDGDĔ
*ÏZQ\P]DR›HQLHPMHVWSRGMÆFLHMDNRyFLRZHMRFHQ\VWDQXWRUXQDSRGVWDZLH
RGSRZLHG]LG\QDPLF]QHMSRMD]GXNROHMRZHJR'ODX]\VNDQLDWDNLHJRFHOX]RVWDQ•
Z\NRU]\VWDQH SRPLDU\ JHRPHWULL L RFHQ\ VWDQX WRUX Z\NRQDQH PHWRG• SRyUHG
QL•SU]H]GUH]\QÆSRPLDURZ•'RGDWNRZRSRGF]DVMD]GSRPLDURZ\FKQDZ\EUD
Q\PRGFLQNXLQIUDVWUXNWXU\NROHMRZHM]RVWDQLH]DPRQWRZDQ\QL›HMSU]HGVWDZLRQ\
V\VWHPSRPLDURZ\V\JQDÏZZLEURDNXVW\F]Q\FK:F]DVLHEDGDÍSROLJRQRZ\FK
GRMG]LHGRMHGQRF]HVQHJRSRPLDUXJHRPHWULLWRUXRUD]SRPLDUXGUJDÍSU]H]]H
VSϏEDGDF]\]3ROLWHFKQLNL3R]QDÍVNLHM3RSU]HSURZDG]HQLXEDGDÍSROLJRQRZ\FK
]RVWDQLH GRNRQDQH SRUÏZQDQLH Z\QLNÏZ SRPLDUX JHRPHWULL WRUX ] Z\QLNDPL
]PLHU]RQ\FKV\JQDÏZZLEURDNXVW\F]Q\FKQDZ\EUDQ\PRGFLQNXLQIUDVWUXNWXU\
Z FHOX VSUDZG]HQLD JHRPHWULL WRUX RUD] PLHMVF Z MDNLFK GRV]R GR SU]HNURF]H
QLD GRSXV]F]DOQ\FK ZDUWRyFL SU]\VSLHV]HÍ >@ 'RGDWNRZR SR DQDOL]LH Z\QLNÏZ
SODQRZDQH MHVW VWZRU]HQLH GRNXPHQWDFML IRWRJUDILF]QHM SRND]XM•FHM U]HF]\ZLVW\
VWDQPLHMVFZMDNLFKGRV]RGRLFKSU]HNURF]HQLD:F]DVLHEDGDÍSU]\VSLHV]HÍ
GUJDÍZUϛQ\FKF]ÆyFLDFKSRMD]GXSRPLDURZHJRSODQRZDQHMHVWUR]SR]QDQLHWD
NLFK QLHUÏZQRyFL WRUX MDN SÆNQLÆFLD V]\Q >@ NRUXJDFMÆ >@ F]\ ORNDOQ• ]PLDQÆ
V]W\ZQRyFL WRUX 3RUÏZQDQLH Z\QLNÏZ MDNRyFLRZHM RFHQ\ VWDQX WRUX QDVW•SL QD
Z\EUDQ\P RGFLQNX LQIUDVWUXNWXU\ NROHMRZHM SR GRNRQDQLX SRPLDUÏZ 2GFLQHN
SRZLQLHQZVRELH]DZLHUDÂSU]\QDMPQLHMGZDRGZURWQHXNL]SU]HFK\N•RUD]MH
GHQRELHNWLQ›\QLHU\MQ\PDM•F\ZS\ZQDGRNRQDQ\SRPLDUQSUR]MD]GSU]HMD]G
GURJRZ\%DGDQLDEÆG•SU]HSURZDG]DQHZWUDNFLHQRUPDOQHMHNVSORDWDFMLSRMD]
GXSRPLDURZHJR-D]G\SRPLDURZHEÆG•RGE\ZD\VLÆQDMHGQHM]OLQLLNROHMRZ\FK
R PLHV]DQ\P UXFKX NROHMRZ\P 2WU]\PDQH Z\QLNL EÆG• RGQRVL\ VLÆ GR VWDQX
.RPLQRZVNL-
204
WHFKQLF]QHJRWRUXSRNWÏU\PEÆG•RGE\ZD\VLÆMD]G\SRPLDURZH'RGDWNRZR
]RVWDQLHSRGMÆWDSUÏEDRV]DFRZDQLDZS\ZXQLHUÏZQRyFLWRUX]PLHU]RQDQDSRG
VWDZLHSU]\VSLHV]HÍGUJDÍEDGDQ\FKHOHPHQWÏZSRMD]GXQDZ\QLNLSRPLDUXJHR
PHWULLLV\QWHW\F]QHMRFHQ\VWDQXWRUX-DNRyFLRZDRFHQDVWDQXWRUXVSRU]•G]RQD
QD SRGVWDZLH ]DUHMHVWURZDQ\FK SU]\VSLHV]HÍ GUJDÍ EÆG]LH SRGGDQD NRQIURQWDFML
]H]PLHU]RQ•JHRPHWUL•WRUXNROHMRZHJR3R]ZROLWRQDRNUHyOHQLHZLHONRyFLGUJDÍ
]ELH›•F•JHRPHWUL•WRUX
3RGVWDZRZH]DáRĪHQLDLZ\PDJDQLDV\VWHPXSRPLDURZHJR
%LRU•FSRGXZDJÆWHFKQLF]QHLHNRQRPLF]QHPR›OLZRyFLSU]HSURZDG]HQLDHNV
SHU\PHQWXSU]\MÆWRQDVWÆSXM•FH]DR›HQLDIXQNFMRQDOQH
SRGVWDZRZ\PQRyQLNLHPLQIRUPDFMLEÆG•V\JQD\ZLEURDNXVW\F]QH
GRPRQLWRURZDQLDVWDQXWRUXZ\NRU]\VWDQDEÆG]LHRyWRF]QDSRMD]GXEDGDZ
F]HJRQDZÏ]NXWRF]Q\PUDPDZÏ]NDRUD]SXGRSRMD]GXSRPLDURZHJR
PRQWD›GHPRQWD›RUD]NDOLEUDFMDXU]•G]HÍSRPLDURZ\FKSRZLQQDSU]HELH
JDÂEH]WUXGQRyFLL]DNÏFHÍSUDF\SRMD]GXSRPLDURZHJRRUD]]]DFKRZD
QLHPEH]SLHF]HÍVWZDSUDF\RVÏE]]HVSRXEDGDZF]HJR
SR]\FMRQRZDQLHRUD]SUÆGNRyÂSRMD]GXEÆG]LHXVWDODQHSU]\SRPRF\XU]•
G]HQLD*36FRSR]ZROLQD]V\QFKURQL]RZDQLHSRPLDUÏZ]Z\QLNDPLSR
FKRG]•F\PL]GUH]\Q\SRPLDURZHM
RFHQD VWDQX WRUX EÆG]LH Z\•F]QLH SRG N•WHP MDNRyFLRZ\P VSUDZG]DQH
EÆG]LHZ\•F]QLHSU]HNURF]HQLHGRSXV]F]DOQ\FKSR]LRPÏZRGSRZLHG]LG\
QDPLF]QHMHOHPHQWÏZSRMD]GX
PLDU\SURJRZHSRFKRG]•]>@RUD]>@
V\VWHPSRPLDURZ\Z›DGHQVSRVÏEQLHEÆG]LHZS\ZDQDG]LDDQLHGUH]\Q\
SRPLDURZHMZW\PQDSRPLDU\JHRPHWULLLRFHQ\VWDQXWRUX
.RQFHSF\MQ\V\VWHPSRPLDURZ\VWDQXWRUXNROHMRZHJRSRZLQLHQSR]ZROLÂQD
]ORNDOL]RZDQLHRUD]RFHQÆMDNRyFLRZ•QDVWÆSXM•F\FK]MDZLVN
SÆNQLÆFLDV]\Q
ORNDOQHRGNV]WDFHQLDSRGWRU]DLSRGV\SNLWXF]QLRZHM
NRUXJDFMÆWRNÏZV]\QRZ\FK
SRUÏZQDQLHJHRPHWU\F]QHMRFHQ\VWDQXWRUX]Z\QLNDPLV\JQDÏZZLEUR
DNXVW\F]Q\FK
3RNáDGRZ\V\VWHPSRPLDURZ\
=DGDQLHPV\VWHPXSRNDGRZHJRMHVWUHMHVWUDFMDLSU]HV\DQLHV\JQDÏZSRPLD
URZ\FKSRFKRG]•F\FK]F]XMQLNÏZ]DPRQWRZDQ\FKZUϛQ\FKF]ÆyFLDFKNROHMRZH
JRSRMD]GXSRPLDURZHJR=HEUDQHZDUWRyFLSR]ZRO•QDRV]DFRZDQLHMDNRyFLRZHJR
VWDQXWRUXQDSRGVWDZLHDQDOL]\UHMHVWURZDQ\FKZDUWRyFLFKZLORZ\FKZ\EUDQ\FK
PLDUVWDW\VW\F]Q\FKRUD]WUHQGÏZZ\VWÆSXM•F\FKZ]JURPDG]RQ\FKLQIRUPDFMDFK
.21&(3&-$2&(1<-$.2k&,2:(-8.$'832-$='7251$32'67$:,(
205
3RSUDZQH G]LDDQLH XU]•G]HÍ SRPLDURZ\FK PD GHF\GXM•F\ ZS\Z QD SU]HELHJ
RUD]UH]XOWDWSODQRZDQ\FKEDGDÍGODWHJRZD›QHMHVWVWDUDQQHGREUDQLHNRPSR
QHQWÏZGOD]DSHZQLHQLDRGSRZLHGQLHMQLH]DZRGQRyFL:GRERU]HQDOH›\UÏZQLH›
XZ]JOÆGQLÂWUXGQHZDUXQNLZNWÏU\FKGRFKRG]LGRPRQWD›XXU]•G]HÍWDNLHMDN
ERF]QLFDNROHMRZDQLHZLHONDLORyÂF]DVXSU]HZLG]LDQDQDPRQWD›RUD]QLHSU]HZL
G\ZDOQHZDUXQNLDWPRVIHU\F]QHZNWÏU\FKPR›HE\ÂSURZDG]RQHGRyZLDGF]HQLH
3RG]HVSR\ZFKRG]•FHZVNDGV\VWHPXSRPLDURZHJRSRZLQQ\]DSHZQLÂZ\PD
JDQ• F]ÆVWRWOLZRy L GRNDGQRy SRPLDUÏZ MDN UÏZQLH› RGSRZLHGQL• QLH]DZRG
QRyÂLSU]HSXVWRZRy•F]\2GQRVLVLÆWR]DUÏZQRGRGRERUXVSU]ÆWXMDNLRSUR
JUDPRZDQLDNRPSXWHURZHJR
=DGDQLHPV\VWHPX]DPRQWRZDQHJRQDSRMH|G]LHSRPLDURZ\PMHVW]ELHUDQLH
RUD]DNZL]\FMDGDQ\FK]SRV]F]HJÏOQ\FKF]XMQLNÏZLPRGXÏZSRPLDURZ\FKUR]
PLHV]F]RQ\FKZUϛQ\FKF]ÆyFLDFKGUH]\Q\$UFKLWHNWXUDSU]HGVWDZLDQHJRUR]ZL•
]DQLDSRZLQQDFHFKRZDÂVLƏDWZRyFL•PRQWD›XGX›•SU]HSXVWRZRyFL•LQIRUPDFML
L SRZLQQD E\ RSDUWD QD VWUXNWXU]H ZLHOX NRPXQLNXM•F\FK VLÆ F]XMQLNÏZ L PR
GXÏZ>@1DU\VSRND]DQRDUFKLWHNWXUÆV\VWHPXPRQWRZDQHJRQDSRMH|G]LH
SRPLDURZ\P
5\V$UFKLWHNWXUDSRNDGRZHJRV\VWHPXSRPLDURZHJR
'R]PLHU]HQLDRGSRZLHG]LG\QDPLF]QHMSRMD]GXQDSRGVWDZLHSRPLDUÏZV\
JQDÏZZLEURDNXVW\F]Q\FK]GHF\GRZDQRVLÆQDZ\NRU]\VWDQLHQDVWÆSXM•F\FKPR
GXÏZLF]XMQLNÏZSRPLDURZ\FK
F]XMQLNLSRPLDURZHXPLHV]F]RQHZPLHMVFXSRPLDUX
MHGQRVWNDUHMHVWUDFMLLDNZL]\FMLGDQ\FKSRPLDURZ\FK
MHGQRVWNDSR]\FMRQRZDQLDSRMD]GXRGSRZLHG]LDOQD]DRNUHyOHQLHIL]\F]QHJR
SRR›HQLDJHRJUDILF]QHJRSRMD]GXRUD]SUÆGNRyFLSRMD]GX
.RPLQRZVNL-
206
NRPSXWHU SR]ZDODM•F\ QD EH]SRyUHGQL ZJO•G GR U]HF]\ZLVW\FK Z\QLNÏZ
SRPLDUÏZ
&]XMQLNLSRPLDURZH
6\VWHP SRPLDURZ\ VNDGD VLÆ ] F]XMQLNÏZ GRNRQXM•F\FK SRPLDUÏZ GUJDÍ
ZUϛQ\FKF]ÆyFLDFKSRMD]GX:V]\VWNLHF]XMQLNLZF]DVLHUHMHVWUDFMLEÆG•SU]HV\DÂ
U]HF]\ZLVWHZ\QLNLEH]SRyUHGQLRGRPRGXXDNZL]\FMLGDQ\FK
1DSRGVWDZLHDQDOL]\OLWHUDWXURZHM>QS@GRyZLDGF]HQLD
RUD]SRVWDZLRQHJRFHOXEDGDÍVWZLHUG]RQR›HRSW\PDOQ\PLORNDOL]DFMDPLGR]D
PRQWRZDQLDF]XMQLNÏZSRPLDURZ\FKEÆG•PLHMVFD
REXGRZDR›\VNWRF]Q\FKRVL
UDPD]HZQÆWU]QHJRZÏ]NDWRF]QHJRZFHQWUDOQHMF]ÆyFLSRGX›QLF\
SXGRSRMD]GXPLHMVFHSRGSRGRJ•ZRNROLF\F]RSXVNUÆWX
:RPDZLDQ\PHNVSHU\PHQFLH]DVWRVRZDQHEÆG•QDVWÆSXM•FHW\S\F]XMQLNÏZ
WUÏMRVLRZH F]XMQLNL SU]\VSLHV]HÍ GUJDÍ QD REXGRZLH R›\VN WHM VDPHM RVL
]GZÏFKVWURQSRMD]GX
F]XMQLNLLQNOLQRPHWU\F]QHQDUDPLHZÏ]NDSRPLDUSRFK\OHQLD
WUÏMRVLRZH F]XMQLNL SU]\VSLHV]HÍ GUJDÍ ]DPRQWRZDQH Z FHQWUDOQHM F]ÆyFL
SRGX›QLF\]GZÏFKVWURQUDP\ZÏ]ND
1DU\VSU]HGVWDZLRQRPLHMVFD]DPRQWRZDQLDRPÏZLRQ\FKF]XMQLNÏZ
5\V5R]PLHV]F]HQLHF]XMQLNÏZSRPLDURZ\FK$F]XMQLN]DPRQWRZDQ\QDREXGRZLHR›\VNDRVL
%F]XMQLNQDUDPLHZÏ]ND&F]XMQLNQDSXGOHSRMD]GX'QDGDMQLN*36
.21&(3&-$2&(1<-$.2k&,2:(-8.$'832-$='7251$32'67$:,(
207
=GHF\GRZDQRVLÆQD]DPRQWRZDQLHF]XMQLNÏZSRPLDURZ\FKQDZÏ]NXWRF]Q\P
]HZ]JOÆGXQDXPLHMVFRZLHQLH]HVSRXQDSÆGRZHJR%OLVNRyÂSU]HG]LDXPDV]\QR
ZHJRRUD]HOHPHQWÏZXNDGXQDSÆGRZHJRL]ZL•]DQH]QLPZLEUDFMHSU]\SXV]
F]DOQLHEÆG•GHF\GRZDÂRZDUWRyFLDFKZ\QLNÏZSRPLDURZ\FK%LRU•FSRGXZDJÆ
IDNW›HGUH]\QDSRPLDURZDMHVWGZXNLHUXQNRZDGODWHJRSRGF]DVSURZDG]RQHJR
EDGDQLDQLHMHVWPR›OLZHSU]HZLG]HQLHNLHUXQNXMD]G\0RGX*36EÆG]LHXPLHM
VFRZLRQ\ZSU]HG]LDOHSDVD›HUVNLPGUH]\Q\ZQDMEOL›V]HMRNROLF\F]RSXVNUÆWXQDG
ZÏ]NLHPSRPLDURZ\P3R]ZROLWRQDMDNQDMGRNDGQLHMV]H]ORNDOL]RZDQLHPLHMVF
ZNWÏU\FKGRMG]LHGRSU]HNURF]HQLD]DR›RQ\FKZDUWRyFLJUDQLF]Q\FKGUJDÍ
3RGMÆWRGHF\]MÆR]DPRQWRZDQLXF]XMQLNÏZWUÏMRVLRZ\FKMHGQDNQDSRWU]HE\
EDGDÍZ\NRU]\VWDQH]RVWDQ•SRPLDU\W\ONR]GUJDÍSLRQRZ\FKLSRSU]HF]Q\FK
,QNOLQRPHWU]RVWDQLHZ\NRU]\VWDQ\GRSRPLDUXSRFK\OHÍSRSU]HF]Q\FK
3UÆGNRy SRMD]GX V]\QRZHJR Z WUDNFLH SRPLDUÏZ EÆG]LH UHMHVWURZDQD SU]H]
PRGX*36MHGQDNQDGDOUR]SDWU\ZDQ\MHVWGRGDWNRZ\SRPLDUREURWXRVLOXE
ZPLDUÆPR›OLZRyFLWHFKQRORJLF]Q\FKSRGSLÆFLHVLÆGRSUÆGNRyFLRPLHU]DGUH]\Q\
SRPLDURZHM:DUWR]ZUÏFLÂXZDJÆL›ZZ\QLNDFKSRPLDURZ\FKJHRPHWULLWRUX
UHMHVWURZDQDMHVWUÏZQLH›SUÆGNRyÂSRMD]GXSRGF]DVGRNRQ\ZDQLDSRPLDUÏZ
$QDOL]DZ\QLNyZ
'R RGF]\WX Z\QLNÏZ JHRPHWULL WRUX NROHMRZHJR QD Z\EUDQ\P RGFLQNX
SRFKRG]•F\FK]GUH]\Q\SRPLDURZHM(0SRVX›\SURJUDPd*HR7HF6\V
WHP$SSrNWÏUHJRSURGXFHQWHPMHVWILUPD387*5$:6S]RR]*OLZLF
3URGXFHQW]*OLZLFMHVWUÏZQLH›Z\NRQDZF•FDHJRV\VWHPXSRPLDURZHJR]D
PRQWRZDQHJR QD GUH]\QDFK SRPLDURZ\FK EÆG•F\FK Z G\VSR]\FML &HQWUXP
'LDJQRVW\NL 3ROVNLFK /LQLL .ROHMRZ\FK 6$ Z :DUV]DZLH :\QLNL Z IRUPLH
JUDILF]QHMRUD]WDEHODU\F]QHM]Z\ND]HPPLHMVFQLHEH]SLHF]Q\FKGODUXFKXRUD]
ORNDOL]DFM• RELHNWÏZ LQ›\QLHU\MQ\FK L LQQ\FK ZS\ZDM•F\FK QD GRNRQ\ZDQ\
SRPLDUEÆG•DQDOL]RZDQHZ]DPLHQLRQHMSRVWDFLZVSÏOQLH]Z\QLNDPLSRFKR
G]•F\PL RG F]XMQLNÏZ SU]\VSLHV]HÍ GUJDÍ RUD] LQNOLQRPHWUÏZ 'RGDWNRZR
SURJUDPSR]ZDODQDSU]HNRQZHUWRZDQLHZ\QLNÏZZSRVWDÂDUNXV]\NDONXOD
F\MQ\FKG]LÆNLF]HPXPR›OLZHEÆG]LHLFKZSURZDG]HQLHGRSURJUDPXPRGH
OXM•FHJR L Z\NRQDQLH V\PXODFML ]DFKRZDQLD PRGHOL SRMD]GÏZ V]\QRZ\FK SR
WRU]HRRNUHyORQHMJHRPHWULL'RZ\NRQDQLDV\PXODFMLZ\NRU]\VWDQH]RVWDQ•
W\ONRZ\VHOHNFMRQRZDQHRGFLQNLEDGDQHJRWRUXSRV]F]HJϏRZHMDQDOL]LHZ\
QLNÏZ:Z\]QDF]RQ\FKPLHMVFDFKZNWÏU\FKV]F]HJÏOQLHGRVWU]H›RQRSU]H
NURF]HQLHZDUWRyFLJUDQLF]Q\FKSODQRZDQDMHVWLQVSHNFMDyURGRZLVNRZDZUD]
]Z\NRQDQLHPV]F]HJϏRZHMGRNXPHQWDFMLIRWRJUDILF]QHM:DUW\PRGQRWRZD
QLDEÆG•DNWXDOQHZDUXQNLDWPRVIHU\F]QHSDQXM•FHZWUDNFLHSURZDG]RQ\FK
EDGDÍ&HQQ\PLLQIRUPDFMDPLPRJ•RND]DÂVLÆWDN›HGDQHWHFKQLF]QHOLQLLNR
OHMRZHMQDNWÏUHMSU]HSURZDG]RQRHNVSHU\PHQWWDNLHMDNQRyQRyÂSRGWRU]D
URG]DM EDGDQ\FK V]\Q KLVWRULD QDSUDZ Z ]DR›RQ\P RNUHVLH F]DVX PDM•F\FK
.RPLQRZVNL-
208
ZS\ZQDRWU]\PDQHZ\QLNLRUD]REFL•›HQLHSU]HZR]DPLZFL•JXURNXOXERG
RVWDWQLHMPRGHUQL]DFML]XZ]JOÆGQLHQLHPMHM]DNUHVX
:QLRVNL
: QLQLHMV]\P DUW\NXOH SU]HGVWDZLRQR SRGVWDZRZH Z\PDJDQLD GOD SURMHN
WRZDQHJR V\VWHPX SRPLDUX RGSRZLHG]L G\QDPLF]QHM NROHMRZHJR SRMD]GX V]\
QRZHJRZ]DOH›QRyFLRGJHRPHWULLLRFHQ\V\QWHW\F]QHMVWDQXWRUX3U]\WRF]RQR
]DR›HQLDL]DVDGÆG]LDDQLDRSLVDQHJRSURMHNWXEDGDZF]HJR'ODSURSRQRZDQH
JR UR]ZL•]DQLD V\VWHPX SRPLDURZHJR ]DVXJHURZDQR X›\FLH ZVSϏF]HVQ\FK RUD]
GRVWÆSQ\FK WHFKQRORJLL LQIRUPDW\F]Q\FK L VSU]ÆWRZ\FK =DVWRVRZDQLH MHGQRVWNL
DNZL]\FML GDQ\FK ] V]HUHJLHP GRGDWNRZ\FK ZROQ\FK SRUWÏZ SU]\•F]HQLRZ\FK
SR]ZDODQDHZHQWXDOQDUR]EXGRZÆRSLVDQHJRV\VWHPXRGRGDWNRZHXU]•G]HQLD
=DJZDUDQWRZDQR PDH SUDZGRSRGRELHÍVWZR DZDU\MQRyFL RUD] GX›• GRNDG
QRy RWU]\P\ZDQ\FK GDQ\FK SRPLDURZ\FK SU]\ NRPIRUFLH L Z\JRG]LH REVXJL
V\VWHPX3RSU]H]RWZDUWRyÂV\VWHPXLPR›OLZRyÂGR•F]HQLDNROHMQ\FKXU]•G]HÍ
QDWXUDOQHZ\GDMHVLÆZSU]\V]RyFL]ZLÆNV]HQLHMHJRIXQNFMRQDOQRyFL(NVSHU\PHQW
MHVWZVWÆSHPGRSUDF\GRNWRUVNLHMDXWRUDNWÏUHMFHOHPEÆG]LHRSUDFRZDQLHPHWR
G\XPR›OLZLDM•FHMSU]HZLG\ZDQLHWHPSDGHJUDGDFMLWRUXNROHMRZHJRZ]DOH›QRyFL
RGZDUXQNÏZMHJRHNVSORDWDFML
/LWHUDWXUD
>@%RJDF]5&]\F]XD:.RQRS-0RQLWRURZDQLHVWDQXWRUXSRMD]GDPL
V]\QRZ\PLZ\SRVD›RQ\PLZF]XMQLNLSU]\VSLHV]HÍQDNRUSXVDFKR›\VN
]HVWDZÏZ NRRZ\FK =HV]\W\ 1DXNRZR7HFKQLF]QH 6,7. 53 2GG]LD
Z.UDNRZLH
>@%RJDF]5*U]\E$7RNDM30RQLWRURZDQLHVWDQXSRMD]GXLWRUXQD
SRGVWDZLHSRPLDUXSU]\VSLHV]HÍQDNRUSXVDFKR›\VN]HVWDZXNRRZHJR
&]DVRSLVPRWHFKQLF]QH3ROLWHFKQLNL.UDNRZVNLHM0
>@%UXQL6*RRGDOO50HL7;7VXQDVKLPD+&RQWURODQGPRQLWRULQJ
IRUUDLOZD\YHKLFOHG\QDPLFV9HKLFOH6\VWHP'\QDPLFVYRO-XO\$X
JXVW
>@&KXG]LNLHZLF] $ 0RQLWRURZDQLH VWDQX XNDGX G\QDPLF]QHJR SRMD]G
V]\QRZ\WRU:\G:\G]LD7UDQVSRUWX3ROLWHFKQLNL:DUV]DZVNLHM:DU
V]DZD
>@(VYHOG&0RGHUQUDLOZD\WUDFN'HOIW8QLYHUVLW\RI7HFKQRORJ\
>@)LUOLN % &KXG]LNLHZLF] $ .RQFHSFMD V\VWHPX PRQLWRURZDQLD VWDQX
WHFKQLF]QHJROHNNLHJRSRMD]GXV]\QRZHJR&]DVRSLVPRWHFKQLF]QH3ROL
WHFKQLNL.UDNRZVNLHM0
.21&(3&-$2&(1<-$.2k&,2:(-8.$'832-$='7251$32'67$:,(
209
>@)LUOLN % &]HFK\UD % 6\PXODF\MQH SRGVWDZ\ PHWRG\ PRQLWRURZDQLD
VWDQX WHFKQLF]QHJR WRUX WUDPZDMRZHJR =HV]\W\ QDXNRZH 3ROLWHFKQLNL
:DUV]DZVNLHM=HV]\W
>@,QVWUXNFMDRGRNRQ\ZDQLXSRPLDUÏZEDGDÍLRFHQ\VWDQXWRUÏZ,G
3.33ROVNLH/LQLH.ROHMRZH6$:DUV]DZD
>@.DUGDV&LQDO(%DGDQLDV\PXODF\MQHZS\ZXORNDOQHJRVWDQXWRUXQD
EH]SLHF]HÍVWZRMD]G\SRMD]GXV]\QRZHJRtDQDOL]DVWDW\VW\F]QD&]DVRSL
VPRWHFKQLF]QH3ROLWHFKQLNL.UDNRZVNLHM0
>@.XURZVNL30DUWRZLF]$8KO7/DVNR*$QDOL]DZS\ZXQLHUÏZQR
yFLWRUXQDRGSRZLHG|G\QDPLF]Q•SRMD]GXV]\QRZHJR]]DVWRVRZDQLHP
V\PXODFMLPHWRG•ZLHOREU\RZ•&]DVRSLVPR/RJLVW\NDQU
>@.XURZVNL30DUWRZLF]$8KO7/DVNR*$QDO\VLVRIWKH5DLO5R
XJKQHVV,QIOXHQFHRQ9HKLFOH'\QDPLF%HKDYLRUE\0HDQVRI0XOWLERG\
6LPXODWLRQ$UFKLYHVRI7UDQVSRUW9ROXPH,VVXH-XO\
>@1JLJL 5 3LVODUX &ULQHOD %DOO $QGUHZ DQG *X )HQJVKRX 0RGHUQ
WHFKQLTXHVIRUFRQGLWLRQPRQLWRULQJRIUDLOZD\YHKLFOHG\QDPLFV-RXUQDO
RI3K\VLFV&RQIHUHQFH6HULHV
>@1RUPD 31(1 %DGDQLD ZDyFLZRyFL G\QDPLF]Q\FK SRMD]
GÏZV]\QRZ\FKSU]HGGRSXV]F]HQLHPGRUXFKX%DGDQLHZDyFLZRyFLELH
JRZ\FKLSUÏE\VWDFMRQDUQH
>@:HVWRQ 3 )/LQJ & 6*RRGPDQ & -5REHUWV & 0RQLWRULQJ ODWHUDO
WUDFNLUUHJXODULW\IURPLQVHUYLFHUDLOZD\YHKLFOHV3URFHHGLQJVRIWKH,Q
VWLWXWLRQRI0HFKDQLFDO(QJLQHHUV0DUFK
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
:<.25=<67$1,(02%,/1(*2
6.$1,1*8/$6(52:(*2'2320,$5¯:
6.5$-1,/,1,,.2/(-2:(-
,.2'<),.$&-,/,1,,.2/(-2:<&+
=ELJQLHZ/HV]F]HZLF]
-DURVDZ3U]\ZLHF]HUVNL
PJU LQ› 1DF]HOQLN :\G]LDX *HRGH]ML 3.3 3ROVNLH
/LQLH.ROHMRZH6$%LXUR1LHUXFKRPRyFLL*HRGH]ML.R
OHMRZHMXO7DUJRZD:DUV]DZDWHO
]OHV]F]HZLF]#SONVDSO
PJULQ›(&6\VWHPV6S]RR.UDNÏZWHO
MDUS#HFV\VWHPVSO
$JQLHV]ND:DUGD
PJU LQ› '\UHNWRU 3URMHNWX 3.3 3ROVNLH /LQLH .ROH
MRZH 6$ %LXUR 1LHUXFKRPRyFL L *HRGH]ML .ROHMRZHM
XO 7DUJRZD :DUV]DZD WHO DZDUGD#SONVDSO
7RPDV]%DUV]F]
GUKDELQ›$NDGHPLD*ÏUQLF]R+XWQLF]DLP6WDQLVD
ZD6WDV]LFDZ.UDNRZLH:\G]LD,Q›\QLHULL0HFKDQLF]QHM
L5RERW\NL.DWHGUD5RERW\NLL0HFKDWURQLNLWHO
WEDUV]F]#DJKHGXSO
3LRWU.RKXW
GU LQ› $NDGHPLD *ÏUQLF]R+XWQLF]D LP 6WDQLVDZD
6WDV]LFDZ.UDNRZLH:\G]LD,Q›\QLHULL0HFKDQLF]QHML
5RERW\NL.DWHGUD5RERW\NLL0HFKDWURQLNLWHO
SNR#DJKHGXSO
6DZRPLU0LNUXW
GU LQ› $NDGHPLD *ÏUQLF]R +XWQLF]D LP 6WDQLVDZD
6WDV]LFDZ.UDNRZLH:\G]LD*HRGH]ML*ÏUQLF]HML,Q›\
QLHULLkURGRZLVND.DWHGUD*HRLQIRUPDFML)RWRJUDPHWULL
L7HOHGHWHNFMLkURGRZLVNDWHOVPLNUXW#
DJKHGXSO
.U\VWLDQ3\ND
GU KDE LQ› SURI $*+ $NDGHPLD *ÏUQLF]R +XWQLF]D
LP 6WDQLVDZD 6WDV]LFD Z .UDNRZLH :\G]LD *HRGH]ML
*ÏUQLF]HML,Q›\QLHULLkURGRZLVND.DWHGUD*HRLQIRUPD
FML)RWRJUDPHWULLL7HOHGHWHNFMLkURGRZLVNDWHO
NULVIRWR#DJKHGXSO
7RPDV]6LWNRZVNL
PJULQ›(&6\VWHPV6S]RR.UDNÏZWHO
WVLWNRZVNL#HFV\VWHPVSO
5HJLQD7RNDUF]\N
GUKDELQ›3URI$*+$NDGHPLD*ÏUQLF]R+XWQLF]D
LP 6WDQLVDZD 6WDV]LFD Z .UDNRZLH :\G]LD *HRGH]ML
*ÏUQLF]HML,Q›\QLHULLkURGRZLVND.DWHGUD*HRLQIRUPD
FML)RWRJUDPHWULLL7HOHGHWHNFMLkURGRZLVNDWHO
WRNDUF]#DJKHGXSO
7DGHXV]8KO
3URIGUKDELQ›$NDGHPLD*ÏUQLF]R+XWQLF]DLP6WD
QLVDZD6WDV]LFDZ.UDNRZLH:\G]LD,Q›\QLHULL0HFKD
QLF]QHML5RERW\NL.DWHGUD5RERW\NLL0HFKDWURQLNLWHO
WXKO#DJKHGXSO
6WUHV]F]HQLH : DUW\NXOH ]DSUH]HQWRZDQR G]LDDQLD 3.3 3ROVNLH /LQLH .ROHMRZH 6$
Z]DNUHVLHEXGRZ\PRELOQHJRV\VWHPXGRSRPLDUXVNUDMQLOLQLLNROHMRZ\FKRUD]V\VWHPXNRG\ILND
FML=DSUH]HQWRZDQRZ\QLNLSURMHNWXSWd2SUDFRZDQLHLQQRZDF\MQHMPHWRG\NLLLQIRUPDW\F]QHJR
V\VWHPX ]DU]•G]DQLD GOD NRG\ILNDFML OLQLL NROHMRZHMr NWÏUHJR JÏZQ\P FHOHP MHVW RSUDFRZDQLH
PRGHOXSU]HVWU]HQQHJRLQIUDVWUXNWXU\SDVDNROHMRZHJRRUD]ZVND]DQLHSDUDPHWUÏZLNRQILJXUDFML
VSU]ÆWRZHMGODQD]LHPQHMPRELOQHMSODWIRUP\SRPLDURZHM
6RZDNOXF]RZHNRG\ILNDFMDVNUDMQLDEXGRZOLVNUDMQLDDGXQNRZDVNUDMQLDWDERUX
VNDQLQJODVHURZ\0/6
:NáDGDXWRUyZZSXEOLNDFMĊZV]\VF\DXWRU]\SR
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
212
:VWÆS
=JRGQLH]]DSLVDPL0DVWHU3ODQXGOD7UDQVSRUWX.ROHMRZHJRZ3ROVFHGRURNX
NRG\ILNDFMLSRZLQQ\SRGOHJDÂZV]\VWNLHOLQLHNROHMRZHMGRFHORZHMVLHFLQDNWÏU\FK
SU]HZLG]LDQ\MHVWUXFKSRFL•JÏZWRZDURZ\FK1LHSRZLQQ\SRGOHJDÂNRG\ILNDFML
OLQLHNROHMRZHZ\•F]QLHGODUXFKXSDVD›HUVNLHJRQDSU]\NDGOLQLHGX›\FKSUÆG
NRyFLOLQLHZ\•F]QLHGODUXFKXSRFL•JÏZDJORPHUDF\MQ\FK
:SLHUZV]HMNROHMQRyFLNRG\ILNDFM•OLQLLNROHMRZ\FKQDOH›\REM•ÂJÏZQHFL•JL
WUDQVSRUWRZH(&((&((&((&((RUD]LQQHOLQLHNR
OHMRZHGRFKRG]•FHGRWHUPLQDOLLQWHUPRGDOQ\FK:GDOV]HMNROHMQRyFLSR]RVWDH
OLQLLNROHMRZHQDNWÏU\FKSURZDG]RQ\MHVWUXFKSRFL•JÏZWRZDURZ\FK3R]DNRÍ
F]HQLX WHJR SURFHVX ED]D NRGÏZ SRZLQQD E\ Z VSRVÏE FL•J\ DNWXDOL]RZDQD
SRQLHZD›]PLDQ\ZREU\VLHVNUDMQLEXGRZOLQSZVNXWHNSUDFPRGHUQL]DF\MQ\FK
OXESUDFRGWZRU]HQLRZ\FKPRJ•ZS\Q•ÂQDEH]SLHF]HÍVWZRSURZDG]RQHJRUX
FKXNROHMRZHJR.RG\ILNDFMLSRGOHJDÂEÆG•UÏZQLH›OLQLHQRZREXGRZDQHWUDQV
SRUWXWRZDURZHJR
3RGVWDZRZ\P]DR›HQLHPGODVWRVRZDQLDV\VWHPXNRGRZDQLDRGFLQNÏZOLQLL
NROHMRZ\FK MHVW SHQD L DNWXDOQD ED]D GDQ\FK VNUDMQL EXGRZOL OLQLL NROHMRZ\FK
ZSURZDG]RQ\FKGRV\VWHPXQDSRGVWDZLHNWÏUHMQDGDZDQHEÆG•NRG\RGFLQNRP
OLQLLNROHMRZ\FKZ\GDZDQH]JRG\QDSU]HZÏ]SU]HV\HNQDG]Z\F]DMQ\FKLXVWDOD
QHZDUXQNLSU]HZR]XW\FKSU]HV\HN
1LHMHVWPR›OLZHXWU]\PDQLHSHQHMLDNWXDOQHMED]\GDQ\FKRVNUDMQLEXGRZOL
OLQLLNROHMRZ\FKEH]VSUDZQHJRPRELOQHJRV\VWHPXGRSRPLDUXVNUDMQL
.RG\ILNDFMDOLQLLNROHMRZ\FKRUD]EXGRZDV\VWHPXGRSRPLDUXVNUDM
QLZSROVNLPNROHMQLFWZLH
3UDFHQDGNRGRZDQLHPOLQLLNROHMRZ\FKGODSRWU]HESU]HZR]XDGXQNÏZ]SU]H
NURF]RQ•VNUDMQL• DGXQNRZ• L WUDQVSRUWX NRPELQRZDQHJR UR]SRF]ÆWRZODWDFK
:QLRVNL]SU]HELHJXW\FKSUDFZVND]D\QDSRWU]HEÆUR]ZL•]DQLDSUREOHPX
ED] GDQ\FK SDUDPHWUÏZ VNUDMQL SRV]F]HJÏOQ\FK HOHPHQWÏZ LQIUDVWUXNWXU\ NROH
MRZHM-HGQRF]HyQLHSRGF]DVSUDFVWZLHUG]RQR›HX]\VNDQHZ\QLNLFKDUDNWHU\]XM•
VLÆ]E\WPD•GRNDGQRyFL•LSUHF\]M•:REHFWHJRZUUR]SRF]ÆWRSUDFHQDG
ZGUR›HQLHPSRMD]GXSRPLDURZHJR836LVWZRU]HQLHPRGSRZLHGQLHJRV\VWH
PXSRPLDURZHJR
:USRVHULLEDGDÍLSUÏENRQLHF]Q\FKDQDOL]LX]\VNDQLXZ\PDJDQHJR
SU]HSLVDPL SUDZQ\PL yZLDGHFWZD 8U]ÆGX 7UDQVSRUWX .ROHMRZHJR GRSXV]F]HQLD
GR HNVSORDWDFML SRMD]G ]RVWD ZSURZDG]RQ\ GR SUDF SRPLDURZ\FK 3URMHNW V\V
WHPÏZ SRPLDURZ\FK ]DPRQWRZDQ\FK QD SRMH|G]LH UHDOL]RZDQ\ E\ MDNR SUDFD
EDGDZF]D D NRQVWUXNFMÆ WUDNWRZDQR MDNR SURWRW\S Z\PDJDM•F\ ZSURZDG]HQLD
]PLDQ]QDF]•F\FKGODSRSUDZ\MHJRVSUDZQRyFLLGRNDGQRyFLRUD]DXWRPDW\]DFML
SRPLDUÏZ
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
213
:REHFUR]ZRMXQRZHMWHFKQLNLVNDQLQJXODVHURZHJRGRyZLDGF]HQLDZ\ND]D\
NRQLHF]QRyÂUR]EXGRZ\LX]XSHQLHQLDV\VWHPÏZSRPLDURZ\FKRXU]•G]HQLDFL•
JHJRVNDQRZDQLDODVHURZHJRSU]\SRPRF\MHGQROXEZLHORJRZLFRZ\FKVNDQH
UÏZ
:JUXGQLXU3.33ROVNLH/LQLH.ROHMRZH6$]R›\DGR3ROVNLHM$JHQ
FML 5R]ZRMX 3U]HGVLÆELRUF]RyFL 3$53 ZQLRVHN DXWRUVWZD %LXUD 1LHUXFKRPRyFL
L*HRGH]ML.ROHMRZHM,*.RGRILQDQVRZDQLHSURMHNWXSQd2SUDFRZDQLHLQQR
ZDF\MQHM PHWRG\NL L LQIRUPDW\F]QHJR V\VWHPX ]DU]•G]DQLD GOD NRG\ILNDFML OLQLL
NROHMRZHMrZUDPDFK3URJUDPX2SHUDF\MQHJR,QQRZDF\MQD*RVSRGDUND
32,*3URMHNWX]\VNDUHNRPHQGDFMHGRRWU]\PDQLDZVSDUFLDLZOL
VWRSDG]LHU]RVWDDSRGSLVDQDXPRZDQDGRILQDQVRZDQLHSU]HGVLÆZ]LÆFLD
3URMHNWGRW\F]\RSUDFRZDQLDPRGHOXSU]HVWU]HQQHJRLQIUDVWUXNWXU\SDVDNROH
MRZHJRFKDUDNWHU\]XM•FHJRVLÆGRNDGQRyFL•RGZ]RURZDQLDRELHNWÏZQDSR]LRPLH
XPR›OLZLDM•F\PRGWZRU]HQLHVNUDMQLEXGRZOLQDOLQLDFKNROHMRZ\FKZHGXJVWDQ
GDUGÏZRNUHyORQ\FKZNDUWDFK8,&RUD]LQQ\FKQRUPDFKRERZL•]XM•F\FKZ3RO
VFHRUD]SURWRW\SXV\VWHPXLQIRUPDW\F]QHJRGODNRG\ILNDFMLOLQLLNROHMRZ\FK-DNR
SRGVWDZÆ IXQNFMRQRZDQLD WHJR PRGHOX SU]HZLG]LDQR SU]HVWU]HQQ• ED]Æ GDQ\FK
LQIUDVWUXNWXU\NROHMRZHMXPR›OLZLDM•F•NRPSLODFMÆDNWXDOL]DFMÆLSU]HWZDU]DQLH
ZHGXJyFLyOHRNUHyORQ\FKDOJRU\WPÏZGDQ\FKSR]\VNLZDQ\FKSU]\XG]LDOHUϛ
Q\FKWHFKQLNLPHWRGSRPLDURZ\FKVWRVRZDQ\FKZIRWRJUDPHWULLDWDN›HLFKSUH
]HQWDFMÆZSU]HVWU]HQLZLUWXDOQHM
*ÏZQHFHOHSURMHNWX
RSUDFRZDQLH PRGHOX SU]HVWU]HQQHJR LQIUDVWUXNWXU\ SDVD NROHMRZHJR FKD
UDNWHU\]XM•FHJR VLÆ GRNDGQRyFL• RGZ]RURZDQLD RELHNWÏZ QD SR]LRPLH
XPR›OLZLDM•F\P PRGHORZDQLH VNUDMQL LQIUDVWUXNWXU\ OLQLL NROHMRZ\FK ZH
GXJVWDQGDUGÏZRNUHyORQ\FKZNDUWDFK8,&RUD]LQQ\FKQRUPDFKRERZL•
]XM•F\FKZ3ROVFH
RSUDFRZDQLH ED]\ GDQ\FK SU]HVWU]HQQ\FK LQIUDVWUXNWXU\ NROHMRZHM NWÏUHM
SDUDPHWU\SRZLQQ\XPR›OLZLÂLPSRUWLNRPSLODFMÆSRPLDUÏZSR]\VNLZD
Q\FK]UϛQ\FK|UÏGHLFKDNWXDOL]DFMÆSU]HWZDU]DQLHZHGXJDOJRU\WPÏZ
]DSURMHNWRZDQ\FK QD SRWU]HE\ SRPLDUX VNUDMQL OLQLL NROHMRZ\FK D WDN›H
SU]HVWU]HQQ• ZL]XDOL]DFMÆ Z\QLNÏZ ] RSFM• LQWHUDNW\ZQHJR SUHF\]\MQHJR
SRPLDUXV]F]HJϏÏZV\WXDF\MQ\FK
RSUDFRZDQLHSURWRW\SXLQIRUPDW\F]QHJRV\VWHPX]DU]•G]DQLDNRG\ILNDFM•
OLQLLNROHMRZ\FK
SU]HWHVWRZDQLH GRVWÆSQ\FK QD U\QNX PRELOQ\FK SRMD]GÏZ SRPLDURZ\FK
ZW\PGZXGURJRZ\FKRUD]ZVND]DQLHSDUDPHWUÏZLNRQILJXUDFMLVSU]ÆWR
ZHMGODQD]LHPQHMPRELOQHMSODWIRUP\SRPLDURZHMSRUXV]DM•FHMVLÆ]SUÆG
NRyFL•RNRRNPKNWÏUDXPR›OLZLDSRPLDUVNUDMQL
3RQDGWR6SϏNDRSUDFRZDDNRPSOHNVRZ\SURJUDPEXGRZ\ZGUR›HQLDLIXQN
FMRQRZDQLD V\VWHPX NRG\ILNDFML OLQLL NROHMRZ\FK L SURZDG]HQLD SU]HZR]X SU]H
V\HNQDG]Z\F]DMQ\FKZRSDUFLXRSRPLDU\VNDQLQJRZHVNUDMQLOLQLLNROHMRZ\FK
ZUDPDFKNWÏUHJRZ\RGUÆEQLRQRWU]\SRGVWDZRZHEORNL
214
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
%ORN$EXGRZD]DVDG\LXZDUXQNRZDQLDHNVSORDWDFMLV\VWHPXSRPLDURZHJR
VNUDMQLEXGRZOLOLQLLNROHMRZHM]XZ]JOÆGQLHQLHPJHRPHWULLWRUX
%ORN%RSUDFRZDQLHVWUXNWXU\SU]HVWU]HQQHMED]\GDQ\FKRVNUDMQLEXGRZ
OLOLQLLNROHMRZ\FKEXGRZDV\VWHPXLQIRUPDW\F]QHJRQDGDZDQLDNRGÏZ
RGFLQNRPOLQLLNROHMRZ\FKLZGUR›HQLHWHJRV\VWHPXGRX›\WNRZDQLD
%ORN&RSUDFRZDQLHNRQFHSFMLEXGRZ\LZGUR›HQLDGRX›\WNRZDQLDV\VWHPX
LQIRUPDW\F]QHJRSR]ZDODM•FHJRQDSURZDG]HQLHX]JRGQLHÍWUDVLZDUXQ
NÏZ SU]HZR]X SU]HV\HN QDG]Z\F]DMQ\FK RSDUWHJR QD RERZL•]XM•F\FK
]DVDGDFKNRGRZDQLDSU]HV\HNLNRGRZDQLDRGFLQNÏZOLQLLNROHMRZ\FK
1RUP\LSU]HSLV\RERZL•]XM•FHZ3.33ROVNLH/LQLH.ROHMRZH6$
GRW\F]•FHNRG\ILNDFMLOLQLLNROHMRZ\FKLSU]HZR]XSU]HV\HNQDG]Z\
F]DMQ\FK
6NUDMQLDEXGRZOL
6NUDMQLDEXGRZOLMHVWWR]DU\VILJXU\SDVNLHMVWDQRZL•F\SRGVWDZÆGRRNUH
yODQLDZROQHMSU]HVWU]HQLGODUXFKXSRMD]GÏZV]\QRZ\FKQD]HZQ•WU]NWÏUHMSR
ZLQQ\ ]QDMGRZD VLÆ ZV]HONLH EXGRZOH XU]•G]HQLD L SU]HGPLRW\ SRR›RQH SU]\
WRU]H ] Z\M•WNLHP XU]•G]HÍ SU]H]QDF]RQ\FK GR EH]SRyUHGQLHJR ZVSϏG]LDDQLD
]WDERUHPMDNQDSU]\NDGKDPXOFHWRURZHZVWDQLHURERF]\PLSU]HZRG\MH]GQH
:\PLDU\VNUDMQLZNLHUXQNXSLRQRZ\POLF]\VLÆZ>PP@RGSRZLHU]FKQLJÏZNL
V]\Q\DZNLHUXQNXSR]LRP\PRGRVLWRUX
:\PLDU\VNUDMQLEXGRZOLRERZL•]XM•QDSURVW\FKRGFLQNDFKWRUXRUD]ZXNDFK
RSURPLHQLXZLÆNV]\PQL›PQDWRPLDVWZXNDFKRSURPLHQLDFKP
LPQLHMV]\FKQDOH›\VWRVRZDÂSRV]HU]HQLHSR]LRP\FKZ\PLDUÏZVNUDMQL
3RGVWDZRZ\PLVNUDMQLDPLRERZL•]XM•F\PLZ3ROVFHZJ,5V•
VNUDMQLDEXGRZOLQDOLQLDFKQLHSRGOHJDM•F\FKHOHNWU\ILNDFMLVNUDMQLD$
VNUDMQLDEXGRZOLOLQLL]HOHNWU\ILNRZDQ\FK]VLHFL•JÏUQ•GODEXGRZOLLVWQLH
M•F\FKVNUDMQLD%
VNUDMQLD EXGRZOL OLQLL ]HOHNWU\ILNRZDQ\FK ] VLHFL• JÏUQ• GOD QRZ\FK EX
GRZOLFLƛNLFKWMWDNLFKNWÏU\FKVWDWHF]QRyÂXPR›OLZLD]DNRWZLHQLHOLQNL
QRyQHMSU]HZRGÏZMH]GQ\FKWUDNFMLHOHNWU\F]QHMVNUDMQLD&
VNUDMQLD EXGRZOL OLQLL ]HOHNWU\ILNRZDQ\FK ] VLHFL• JÏUQ• GOD QRZ\FK EX
GRZOLOHNNLFKWMWDNLFKNWÏU\FKVWDWHF]QRyÂXQLHPR›OLZLD]DNRWZLHQLHOLQNL
QRyQHMSU]HZRGÏZMH]GQ\FKWUDNFMLHOHNWU\F]QHMVNUDMQLD'
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
215
5\V3U]\NDGVNUDMQLEXGRZOLVNUDMQLD$
2GFLQNL OLQLL R]QDF]RQH QL›HM SRGDQ\PL OLWHUDPL RNUHyODM• Z\PDJDQ• ZROQ•
SU]HVWU]HÍ
$%QDSU]\VWDQNDFK
$%& QD RELHNWDFK PRVWRZ\FK GXJRyFL SRQDG P EH] Z\NXV]\ ] MD]G•
JÏU•
$%&'(QDV]ODNDFK]Z\M•WNLHPSHURQÏZQDSU]\VWDQNDFKLSU]HVWU]HQLQD
LSRGRELHNWDPLPRVWRZ\PL
$%*'(SRGQRZREXGRZDQ\PLRELHNWDPLPRVWRZ\PLQDV]ODNX
)*QDVWDF\MQ\FKWRUDFKJÏZQ\FK]DVDGQLF]\FKLGRGDWNRZ\FKRUD]QDRELHN
WDFKPRVWRZ\FKGXJRyFLSRQL›HMPOXEGXJRyFLSRZ\›HMP]MD]G•
GRHPMH›HOLLVWQLHMHZROQDSU]HVWU]HÍZSDV]F]\|QLHG|ZLJDUDJÏZQHJR
)*'QDRELHNWDFKPRVWRZ\FKGXJRyFLSRQL›HMPOXEGXJRyFLSRZ\›HM
P]MD]G•JÏU•ZSU]\SDGNX]DVWRVRZDQLDZ\NXV]\RUD]SRGLVWQLHM•
F\PLRELHNWDPLPRVWRZ\PLQDV]ODNX
+,QDWRUDFKVWDF\MQ\FK]Z\M•WNLHPWRUÏZJÏZQ\FK]DVDGQLF]\FKLGRGDW
NRZ\FK
216
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
6NUDMQLDWDERUX
6NUDMQLD WDERUX MHVW QDMZLÆNV]\P ]DU\VHP JDEDU\WHP NWÏUHJR QLH PRJ•
SU]HNURF]\ÂSRV]F]HJÏOQHHOHPHQW\SRMD]GX2WU]\PXMHP\JRSU]H]]DVWRVRZDQLH
UHJXGRW\F]•F\FK]ZƛHÍZ]JOÆGHP]DU\VXRGQLHVLHQLD=ZƛHQLD]DOH›•RGZLHO
NRyFLFKDUDNWHU\VW\F]Q\FKUR]SDWU\ZDQHJRSRMD]GXSRR›HQLDGDQHJRUR]ZD›DQH
JRSXQNWXQDGJÏZN•V]\Q\OX]ÏZNRQVWUXNFMLSU]HZLG]LDQ\FKPDNV\PDOQ\FK
]X›\ÂLZLHONRyFLFKDUDNWHU\VW\F]Q\FKVSUƛ\QRZDQLD
6NUDMQLDDGXQNRZD
-HVWWR]DU\VILJXU\SDVNLHMVWDQRZL•F\SRGVWDZÆGRRNUHyOHQLDQDMZLÆNV]\FK
GRSXV]F]DOQ\FKZ\PLDUÏZDGXQNXVSRF]\ZDM•FHJRQDZDJRQLHtSLRQRZ\FKOL
F]•FRGJÏUQHMSRZLHU]FKQLJÏZNLV]\Q\RUD]SR]LRP\FKOLF]•FRGRVLWRUX6NUDM
QLDDGXQNXMHVWQDMZLÆNV]\P]DU\VHPNWÏUHJRQLHPRJ•SU]HNURF]\ÂSRV]F]HJÏO
QHHOHPHQW\SU]HZR›RQHJRDGXQNX-HVWRQDZ\OLF]DQDQDSRGVWDZLHZ]RUÏZVWR
VRZDQ\FKGRREOLF]HÍVNUDMQLNLQHPDW\F]QHMWDERUX]XZ]JOÆGQLHQLHPWROHUDQFML
SU]HPLHV]F]DQLDDGXQNXZ]DOH›QRyFLRGMHJRURG]DMXLRGQLHVLRQDMHVWGR]DU\VX
VNUDMQLEXGRZOL
5\V6NUDMQLDDGXQNRZDRERZL•]XM•FD
Z3.33ROVNLH/LQLH.ROHMRZH6$
5\V0LÆG]\QDURGRZDVNUDMQLDDGXQNRZD
5,9
3U]HZÏ]SU]HV\HNQDG]Z\F]DMQ\FK
: 3.3 3ROVNLFK /LQLDFK .ROHMRZ\FK 6$ Z SURFHVLH X]JDGQLDQLD SU]HZR
]X SU]HV\HN QDG]Z\F]DMQ\FK QLH Z\NRU]\VWXMH VLÆ NRG\ILNDFML OLQLL NROHMRZ\FK
]SRZRGXEUDNXV\VWHPXNRG\ILNDFMLOLQLLNROHMRZ\FK.D›GRUD]RZRSU]HZÏ]WDNL
UR]SDWUXMHVLÆLQG\ZLGXDOQLHSU]\Z\NRU]\VWDQLXGDQ\FKRPLHMVFDFKNROL]\MQ\FK
VNUDMQLEXGRZOLOLQLLNROHMRZ\FK3URFHVWHQUHJXOXMH,QVWUXNFMDRSU]HZR]LHSU]HV\HN
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
217
QDG]Z\F]DMQ\FK,53U]HGPLRWRZD,QVWUXNFMD]DSHZQLDEH]SLHF]HÍVWZRUXFKX
SU]\SU]HZR]LHSU]HV\HNQDG]Z\F]DMQ\FKXVWDOHQLHRUJDQL]DFMLRUD]MHGQROLWHJR
WU\EXSRVWÆSRZDQLD=DU]•GF\LSU]HZR|QLNÏZNROHMRZ\FKSU]\SU]HZR]LHSU]HV\
HNQDG]Z\F]DMQ\FK
-DNRSU]HV\NÆQDG]Z\F]DMQ•SU]\MPXMHVLÆSU]HZÏ]U]HF]\LSRMD]G\NWÏU\FK
WUDQVSRUWPR›HSRZRGRZDÂWUXGQRyFLZSU]HZR]LHNROHM•LZ\PDJD]DFKRZDQLD
V]F]HJÏOQ\FKZDUXQNÏZWHFKQLF]QRUXFKRZ\FK]HZ]JOÆGXQD
NV]WDWUR]PLDU\OXEPDVÆ
VSRVÏE]DDGRZDQLDUR]PLHV]F]HQLDL]DEH]SLHF]HQLDQDZDJRQLH
X›\WHyURGNLSU]HZR]RZH
GURJÆSU]HZR]X
:SURFHVLHX]JDGQLDQLDSU]HZR]XSU]HV\HNQDG]Z\F]DMQ\FKELRU•XG]LD&HQ
WUXP=DU]•G]DQLD5XFKHP.ROHMRZ\PRUD]=DNDG\/LQLL.ROHMRZ\FK
D&HQWUXP=DU]•G]DQLD5XFKHP.ROHMRZ\Pt,':DUV]DZD
,' :DUV]DZD SR RWU]\PDQLX ]JRV]HQLD RG NOLHQWD SRWU]HE\ SU]HZR]X
SU]HV\NLQDG]Z\F]DMQHMZW\PSU]\SDGNXRZ\PLDUDFKSU]HNUDF]DM•F\FK
RERZL•]XM•F•VNUDMQLÆWDERUXOXEVNUDMQLƏDGXQNRZ•]JRGQLH]SU]HSLVDPL
,USRGHMPXMHGHF\]MÆRSU]\MÆFLXSU]HV\NLGRSU]HZR]X:SU]\SDGNX
Z\UD›HQLD]JRG\QDSU]HZÏ]SRGDMHWUDVÆSU]HZR]XRNUHyODZDUXQNLSU]H
ZR]XLZ\GDMH]JRGÆQDXUXFKRPLHQLHWDNLHJRSU]HZR]X
3U]HGZ\UD›HQLHP]JRG\QDSU]HZÏ],':DUV]DZDSU]HND]XMHGDQHRZ\
PLDUDFKSU]HV\NLLSURSR]\FMLWUDVSU]HZR]XGRRGSRZLHGQLFKWHU\WRULDOQLH
=DNDGÏZ/LQLL.ROHMRZ\FKZFHOXXVWDOHQLDPR›OLZRyFLSU]HZR]XLRNUHyOH
QLDWUDV\ZDUXQNÏZQDZ\EUDQHMWUDVLHSU]HZR]XSU]HV\NLQDG]Z\F]DMQHM
E =DNDG\/LQLL.ROHMRZHM,=
=DNDG\ /LQLL .ROHMRZ\FK LQIRUPDFMH R VNUDMQL OLQLL NROHMRZ\FK SRVLDGDM•
ZIRUPLHSDSLHURZHMMDNR
DUNXV]H LQZHQWDU\]DFML VNUDMQL EXGRZOL ] SRPLDUÏZ JHRGH]\MQ\FK HOH
PHQWÏZLQIUDVWUXNWXU\NROHMRZHMZREV]DU]HVNUDMQLEXGRZOLOLQLLNROH
MRZHM
DUNXV]HSRPLDUXSRMD]GHP836HOHPHQWÏZNROL]\MQ\FK]REU\VHP
VNUDMQLEXGRZOL
Z\QLNLSRPLDUÏZSRZ\NRQDZF]\FKRELHNWÏZLQIUDVWUXNWXU\NROHMRZHM
LLQIUDVWUXNWXU\LQQ\FKZDyFLFLHOLOXE]DU]•GFÏZSU]HEXGRZDQ\FKOXE
UHPRQWRZDQ\FK
Z\QLNLSRPLDUÏZZDVQ\FKGLDJQRVWÏZ]DNDGRZ\FK
,VWRWDNRG\ILNDFMLZJNDUW\8,&
=JRGQLH]]DSLVDPL.DUW\8,&VNUDMQLDG]LHOLVLÆQDF]WHU\VHNWRU\2SL
VDQDSURFHGXUDNRQWXURZDZZZNDUFLHMHVWUHNRPHQGRZDQDGRRNUHyOHQLD]DUÏZ
QRNRGXOLQLLNROHMRZHMMDNLSU]HV\NL3RQDGWRRSLVDQHV•SURFHGXU\GHF\GXM•FH
F]\DGXQHNRSLVDQ\NRGHPPR›H]RVWDÂSU]\MÆW\GRSU]HZR]XSU]H]RGFLQHNWUDV\
UÏZQLH›RSLVDQ\NRGHP
218
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
5\V6HNWRU\ZSURFHGXU]HNRQWXURZHMQDWOHPLÆG]\QDURGRZHMVNUDMQLDGXQNRZHM5,9RJUDQLF]R
QHMRGGRXQDZ\VRNRyFLPP
5\VXQHNSRQL›HMU\VSU]HGVWDZLDZV]\VWNLHSXQNW\]GHILQLRZDQHZNDUFLH
8,&RSLVXM•FHZVSRPQLDQHZ\›HMVHNWRU\
5\V3RR›HQLHSXQNWÏZGHILQLXM•F\FKVFKHPDWNRGRZDQLDU\VXQHNEH]]DFKRZDQLDVNDOL
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
219
.RGMHVWIRUPDWX;<<<<===JG]LH
;tR]QDF]DF\IUÆ>@RSLVXM•F•OLQLÆSR]LRP•ZVHNWRU]H,RJUDQLF]DM•F•
]DU\VRGGRX
<tR]QDF]DSU]\SLVDQ•GRND›GHJRVHNWRUDF\IUÆRSLVXM•F•OLQLÆRJUDQLF]D
M•F•NRQWXUZW\PVHNWRU]HOLQLH]RVWD\RSLVDQHZGDOV]HMF]ÆyFLUDSRUWX
===tRSLVXMHF\IURZ•OLF]EÆR]QDF]DM•F•Z\UD›RQHZ>FP@RJUDQLF]HQLH
NRQWXUXRGJÏU\
F]HyÂ;<<<<R]QDF]DNRGSRGVWDZ\
F]ÆyÂ===R]QDF]DNRGGRGDWNRZ\
=DVDGDSU]HMyFLDSRPLÆG]\VHNWRUDPLQDSU]\NDG]LHVHNWRUÏZ,,,U\V
5\V3U]\NDGPR›OLZ\FKNRQWXUÏZLLFKNRGÏZ
/LQLDQUZ\]QDF]DJUDQLFÆVHNWRUÏZ,L,,:SU]\SDGNXJG\SLHUZV]DF\IUD
NRGXZ\QRVLWRGUXJDUÏZQLH›PXVLZ\QRVLÂNRG<<<===R]QDF]D›H
RSLV\ZDQ\NRQWXUQLH]DZLHUDVLÆZ,VHNWRU]HQDWRPLDVWNRG<<<===R]QD
F]D›HRSLV\ZDQ\NRQWXUZFDRyFLZ\SHQLD,VHNWRU
3R]DF\IUDPLRSLVXM•F\PLOLQLHZND›G\P]VHNWRUÏZZSURZDG]RQ\]RVWDNRG
GRGDWNRZ\RSLVXM•F\Z\UD›RQ•Z>FP@Z\VRNRyÂRGJÏZNLV]\Q\
-H›HOLOLQLDRJUDQLF]DM•FDZ\VRNRyÂ
SU]HFLQDNRQWXUZ,VHNWRU]HZ\VRNRyÂtFPWRNRG\PXV]•PLHÂSRVWDÂ
>;<@>;<@tZV]\VWNLHF\IU\RGQRV]•FHVLÆGRSR]RVWD
\FKVHNWRUÏZPXV]•Z\QRVLÂ
SU]HFLQDNRQWXUZ,,VHNWRU]HQDZ\VRNRyFLFPWRNRG\PXV]•
PLHÂSRVWDÂQS>;<@
SU]HFLQDNRQWXUW\ONRZ,9VHNWRU]HQDZ\VRNRyFLFPWRF]ÆyÂ
SRGVWDZRZDNRGXQLH]RVWDMH]PLHQLRQD
MHyOLQLHPDRJUDQLF]HQLDRGJÏU\NRG\V•]DZV]HSRVWDFL>;<<<<@
6]F]HJÏOQ\PSU]\SDGNLHPMHVWSU]HFLÆFLHNRQWXUXZ,,,VHNWRU]H
220
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
-H›HOLOLQLDRJUDQLF]DM•FDNRQWXURGJÏU\SU]HFLQDJRZVHNWRU]H,,,WRLVWQLHM•
GZLHPR›OLZRyFL
JG\SU]HFLÆFLHQDVWÆSXMH]OLQL•XNRyQ•WRNRGSRGVWDZRZ\PXVLPLHÂ
GZLHRVWDWQLHF\IU\WDNLHVDPHQS>;<@
JG\ SU]HFLÆFLH QDVWÆSXMH ] OLQL• SLRQRZ• WR GUXJD L WU]HFLD F\IUD NRGX
PXV]•ZVND]\ZDÂOLQLÆSRNU\ZDM•F•SXQNWQDUR›Q\QS>;<@
5\V3U]\NDGNRGÏZGRGDWNRZ\FKRJUDQLF]DM•F\FKNRQWXUZVHNWRU]H
$E\ PÏF Z SHQL NRU]\VWD ] V\VWHPX NRG\ILNDFML NRQLHF]QH MHVW NRGRZDQLH
SU]HV\HN3U]\XVWDOHQLXRJUDQLF]HÍZ\VRNRyFLLVWRWQHV•W\ONRWHSXQNW\NWÏUH
SU]HNUDF]DM•]DU\V>@tVNUDMQLÆ5,93RQL›HMU\VSU]HGVWDZLR
QRNLONDSU]\NDGÏZNRGRZDQLDSU]HV\HN
5\V3U]HV\NDRGGRXRJUDQLF]RQD
MHVWZVHNWRU]H,OLQL•SR]LRP•:W\P
SU]\SDGNX]DU\VRJUDQLF]RQ\MHVWOLQL•
SR]LRP•QUD]OHZHMOLQL•QUtNRG
><<<===@
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
221
5\V 3U]HV\ND RG GRX RJUDQLF]RQD
MHVW OLQL• XNRyQ• ZVHNWRU]H,0LPRL›
SU]HV\NDRGGRXNRÍF]\VLÆSRQL›HMOLQLL
QU WR HOHPHQW\ WDP OH›•FH ]DMPXM•
REV]DU VNUDMQL DGXQNRZHM 5,9 L QLH V•
XZ]JOÆGQLRQH:W\PSU]\SDGNXLVWRWQH
MHVW SU]HFLÆFLH ] JUDQLF• VHNWRUD , NWÏ
UH ]QDMGXMH VLÆ SRZ\›HM OLQLLQUtNRG
><<===@
5\V3U]HV\NDRJUDQLF]RQDMHVWOLQL•
XNRyQ•ZVHNWRU]H,,0LPRL›SU]HV\ND
MHVWZ\›V]DQL›FPWRSXQNW\OH›•FH
ZHZQ•WU]]DU\VX5,9QLHV•LVWRWQHSRG
XZDJÆEUDQ\MHVWQDMZ\›V]\SXQNWSU]H
V\NLZVHNWRU]H,,tNRG>;<@
=DOHW•RSLVDQHMSURFHGXU\NRGRZHMMHVWDWZRyÂRNUHyOHQLDF]\GDQDSU]H
V\NDMHVWPR›OLZDGRSU]\MÆFLDQDGDQ\PRGFLQNXWUDV\3RVLDGDM•FNRG\OLQLLRG
FLQNÏZOLQLLE•G|LFK]R›HQLDRUD]NRGSU]HV\NLZ\VWDUF]\W\ONRMHSRUÏZQDÂ
:SU]\SDGNXNLHG\]DUÏZQRRGFLQHNWUDV\MDNLSU]HV\NDRSLVDQHV•]D
SRPRF•SRMHG\QF]\FKNRGÏZSU]HV\NDMHVWPR›OLZDGRSU]\MÆFLDW\ONRZWHG\JG\
›DGQD]F]ÆyFLNRGXSU]HV\NLQLHMHVWZLÆNV]DQL›DQDORJLF]QDF]ÆyÂNRGXWUDV\
3RUÏZQDQLHNRGXSU]HV\NL>@L>@]NRGHPRGFLQ
NDOLQLLNROHMRZHM>@
/LQLD
3U]HV\áND
3
3
5
4
4
4
4
4
465
425
Rezultat
¯
¯
¯
¯
¯
¯
2]QDF]DWR›HSU]HV\NDMHVWPR›OLZDGRSU]\MÆFLD
222
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
/LQLD
3U]HV\áND
3
3
5
4
4
6
4
6
465
425
Rezultat
¯
¯
¯
‰
‰
¯
2]QDF]DWR›HSU]HV\NDQLHMHVWPR›OLZDGRSU]\MÆFLD
0RELOQ\VNDQLQJODVHURZ\0/6
6NDQLQJODVHURZ\MHVWVWRVXQNRZRQRZ•WHFKQLN•SRPLDURZ•3ROHJDQDZ\V\
DQLXSU]H]VNDQHULPSXOVÏZODVHURZ\FKLUHMHVWUDFMLLFKRGELFLDRGRELHNWÏZ&]DV
MDNLPLMDRGZ\VDQLDGRSRZURWXLPSXOVXMHVWSRGVWDZ•REOLF]HQLDRGOHJRyFLSR
PLÆG]\VNDQHUHPDRELHNWHP,PSXOV\Z\VDQHV•]EDUG]RZ\VRN•F]ÆVWRWOLZR
yFL•U]ÆGXNLONXVHW+]FRSRZRGXMH›HZ\QLNLHPVNDQRZDQLDMHVWW]ZFKPX
UDSXQNWÏZF]\OLEDUG]ROLF]Q\]ELÏUSXQNWÏZRGELW\FKRGRWDF]DM•F\FKVNDQHU
RELHNWÏZ]NWÏU\FKND›G\PD]QDQ•SR]\FMÆZVWRVXQNXGRVNDQHUD6NDQRZDQLH
MHVWVWRVRZDQH]DUÏZQR]SXDSXORWQLF]HJRMDNL]HVWDQRZLVNQD]LHPQ\FKVWD\FK
OXEUXFKRP\FK*G\SRPLDURGE\ZDVLÆ]QD]LHPQHMDOHUXFKRPHMSODWIRUP\SR
PLDURZHMZÏZF]DVPÏZLP\RVNDQRZDQLXPRELOQ\PDQJ0/60RELOH/DVHU
6FDQQLQJ
0RELOQ\VNDQLQJODVHURZ\MHVW]DWHPWHFKQLN•NWÏUDUHMHVWUXMHGDQHZVSRVÏE
G\QDPLF]Q\G]LÆNLSRUXV]DQLXVLÆ]RNUHyORQ•SUÆGNRyFL•V\VWHPÏZSRPLDURZ\FK
]DLQVWDORZDQ\FK QD Z\EUDQ\P SRMH|G]LH VDPRFKÏG SODWIRUPD NROHMRZD ÏG|
LWS
8U]•G]HQLDSRPLDURZHXV\WXRZDQHQDWDNLHMSODWIRUPLH]UHJX\]DZLHUDM•
MHGHQOXENLONDVNDQHUÏZODVHURZ\FK
NDPHU\ IRWRJUDILF]QH GR NRORURZDQLD FKPXU\ SXQNWÏZ L UHMHVWURZDQLD
SU]HVWU]HQL
NDPHU\ZL]\MQHFL•J\]DSLVWUDV\
XU]•G]HQLDUHMHVWUXM•FHSR]\FMÆVNDQHUD,16*36LRGRPHWU
3RQL›HM]DSUH]HQWRZDQRSU]\NDGRZ\V\VWHP90;GRVNDQRZDQLDPRELOQH
JRMHGHQ]SRSXODUQLHMV]\FKZ(XURSLHtED]XM•F\QDUR]ZL•]DQLXILUP\5,(*/
IRW
6\VWHPVNDGDVLÆ]GZÏFKVNDQHUÏZLPSXOVRZ\FKF]WHUHFKNDPHU]PR›OL
ZRyFL•GR•F]HQLDGZÏFKGRGDWNRZ\FKV\VWHPX,16*36MHGQRVWNL'0,RUD]
XU]•G]HQLDVWHUXM•FHJR
6\VWHPGZÏFKVNDQHUÏZLPSXOVRZ\FKMHVWXR›RQ\SRGRGSRZLHGQLPN•WHP
WDNDE\SR]\VNLZDÂGDQHWHUHQRZHZSRVWDFLSU]HFLQDM•F\FKVLÆSU]HNURMÏZ]DSL
VDQ\FKMDNRFKPXUDSXQNWÏZ
,VWQLHM•UÏZQLH›V\VWHP\ED]XM•FHQDVNDQHUDFKID]RZ\FK5ϛQLFDZREXUR]
ZL•]DQLDFKSROHJDQDVSRVRELHRNUHyODQLDRGOHJRyFLRGLQVWUXPHQWXGRRELHNWX
VNDQHU\LPSXOVRZHED]XM•QDSRPLDU]HF]DVXSRZURWXLPSXOVXGRED]\SRRG
ELFLXRGRELHNWXQDWRPLDVWWHGUXJLHRGOHJRyÂZ\]QDF]DM•QDSRGVWDZLHDQDOL]\
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
223
SU]HVXQLÆFLDID]RZHJR'RNDGQRyFL]REXV\VWHPÏZV•QDSRGREQ\PSR]LRPLH
DZLÆFGRMHGQHJRGRNLONXPP
)RW0RELOQ\V\VWHPVNDQXM•F\5LHJO90;
nUÏGRKWWSZZZULHJOXVDFRP
'RyZLDGF]HQLDSUDNW\F]QHZVND]XM•›HLVWQLHM•V\WXDFMHNLHG\X]\VNDQHGR
NDGQRyFL ]QDF]•FR RGELHJDM• RG VXJHURZDQ\FK SU]H] SURGXFHQWÏZ VNDQHUÏZ
7HFKQRORJLD VNDQLQJX JHQHUXMH EÆG\ ]ZL•]DQH ] NRQVWUXNFM• LQVWUXPHQWX MDN
UÏZQLH›EÆG\X]DOH›QLRQHRGZDyFLZRyFLyZLDWDODVHUD
%ÆG\PR›QDSRG]LHOLÂQDZ\QLNDM•FH]F]\QQLNÏZZHZQÆWU]Q\FKL]HZQÆWU]
Q\FK 'R F]\QQLNÏZ ZHZQÆWU]Q\FK QDOH›• PHWRGD SRPLDUX RGOHJRyFL L N•WD
JÆVWRyÂVNDQRZDQLDLZLHONRyÂyUHGQLF\SODPNLODVHUD&]\QQLNL]HZQÆWU]QHWRN•W
SDGDQLDZL•]NLZDyFLZRyFLRGELMDM•FHJHRPHWULDRELHNWXLZDUXQNLyURGRZLVNR
224
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
ZH%DGDQLDQDGGRNDGQRyFL•QD]LHPQ\FKVNDQHUÏZODVHURZ\FKUHDOL]RZDQHV•
ZZLHOXRyURGNDFKQDXNRZ\FKQDyZLHFLH$XWRU]\SURMHNWXMDNRMHGHQ]FHOÏZ
SRVWDZLOLVRELHSU]HWHVWRZDQLHREXUR]ZL•]DÍWMID]RZHJRLLPSXOVRZHJR
2SLVHNVSHU\PHQWÏZ]]DVWRVRZDQLHPPRELOQHJRVNDQLQJXODVHURZHJR
'DQHSRPLDURZH]PRELOQHJRVNDQLQJXODVHURZHJRPDM•VZRMH]DOHW\V]\ENLH
SR]\VNLZDQLHGDQ\FKDOHUÏZQLH›LVZRMHZDG\3U]\GX›\FKLORyFLDFKGDQ\FKSR
PLDURZ\FKZ\VWÆSXMHSUREOHPLFKREUÏENLLSU]HFKRZ\ZDQLDF]\OLZNRQVHNZHQ
FMLRSHUDFMHED]RGDQRZHSU]\VWDQGDUGRZ\FKSURFHGXUDFKG]LDDM•EDUG]RZROQR
$XWRU]\SURMHNWXWZRU]•FDSOLNDFMÆED]RGDQRZ•Z\V]OL]]DR›HQLD›HW\ONR
SRPLDUU]HF]\ZLVW\LSUDFDQDGDQ\FKWHUHQRZ\FKSR]ZROLQDSUDZG]LZ•ZHU\IL
NDFMÆPR›OLZRyFL]DSURMHNWRZDQ\FKDOJRU\WPÏZ=QDM•FZDG\L]DOHW\VNDQHUÏZ
ID]RZ\FKLLPSXOVRZ\FKRUD]WHFKQRORJLÆRSUDFRZDQLDGDQ\FK]GHF\GRZDQR›H
]RVWDQLH Z\NRQDQ\ SRPLDU WHUHQRZ\ SU]\ SRPRF\ REX V\VWHPÏZ 'R UHDOL]DFML
SRPLDUÏZWHVWRZ\FKZ\EUDQRRGFLQNLSRNPQDWUDVLH:DUV]DZD.UDNÏZ
RUϛQHMVSHF\ILFHWHUHQXWDNDE\XZ]JOÆGQLÂF]\QQLNL
LVWQLHQLH Z\EUDQ\FK HOHPHQWÏZ LQIUDVWUXNWXU\ VNUDMQL WDNLFK MDN PRVW\
ZLDGXNW\VHPDIRU\UϛQ\FKW\SÏZVXS\WUDNF\MQHSHURQ\ZLDW\SHURQR
ZHWXQHO
Z]JOÆGQLHXUR]PDLFRQ•JHRPHWULÆV]ODNXREHMPXM•F•XNLNRRZHLNU]\ZH
SU]HMyFLRZH
LVWQLHQLH]DR›RQHMRVQRZ\JHRGH]\MQHM]]DVWDELOL]RZDQ\PLMX›SXQNWDPL
0LDRWREDUG]RGX›H]QDF]HQLHER]QDF]QLHVNUÏFLRF]DVSU]\JRWRZDÍGR
SURMHNWXRUD]NRV]W\RSUDFRZDQLD
: UDPDFK SURMHNWX ]RVWD Z WHUHQLH Z\NRQDQ\ SRPLDU UHIHUHQF\MQ\ JHRGH
]\MQ\ PDM•F\ QD FHOX VSUDZG]HQLH GRNDGQRyFL Z\EUDQ\FK PHWRG : RSDUFLX
RSRPLHU]RQ•RVQRZÆJHRGH]\MQ•GRNRQDQRSRPLDUXPHWRG•ELHJXQRZ•SURILOL
SURVWRSDG\FKGRNLHUXQNXV]\QRUD]WDFKLPHWU\F]QHJRSRPLDUXZ\EUDQ\FKHOH
PHQWÏZLQIUDVWUXNWXU\VNUDMQL
3R]\VNDQLHGDQ\FK
$E\SRUÏZQDÂPR›OLZRyFLLGRNDGQRyFLUϛQ\FKV\VWHPÏZ]GHF\GRZDQRVLÆQD
RVREQ\SRPLDUGZRPDQLH]DOH›Q\PLPHWRGDPL
6\VWHP,RSDUW\RVNDQHUID]RZ\tIRWVNDQHUSURILOXM•F\SURVWRSDGOHGR
NLHUXQNXMD]G\
6\VWHP,,RSDUW\RVNDQHU\LPSXOVRZHtIRWVNDQHU\SURILOXM•FHZGZÏFK
NLHUXQNDFKXNRyQ\FK]LQWHJURZDQH]NDPHUDPL
6\VWHP,PLD]D]DGDQLHVSUDZG]HQLHWHFKQRORJLLSRPLDUXXU]•G]HQLHPW]Z
dGHG\NRZDQ\P GOD NROHLr :\NRU]\VWDQR VNDQHU SURILOXM•F\ =) 352),/(5
VSU]ƛRQ\]RGRPHWUHP6\VWHPWHQSUDFXMHZWU\ELHSR]\VNLZDQLDGDQ\FK
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
225
Z SDV]F]\]QDFK SURVWRSDG\FK GR NLHUXQNX MD]G\ SRFL•JX L GRNRQXMH SRPLDUX
ZXNDG]LHRVLWRUX=)352),/(5Z\NRU]\VWXMHW\ONRMHGHQVNDQHUSR
WUDIL•F\SR]\VNLZDÂGDQHZ]DNUHVLHRZRGUϛQLHQLXRGZF]HyQLHMV]HMZHUVML
t352),/(5pD'82NWÏU\NRU]\VWD]GZÏFKVNDQHUÏZ
)RW6\VWHP,tVNDQHU=)3URILOHUSRGF]DVPRQWD›XQDZDJRQLHNROHMRZ\P
6NDQHU ZVSϏSUDFXMH ] RGRPHWUHP 51' ILUP\ :HQJORU =H Z]JOÆGÏZ
EH]SLHF]HÍVWZD=)352),/(5XPLHV]F]RQRQDSODWIRUPLHZDJRQW\SX
5(6QDZF]HyQLHMSU]\JRWRZDQHMNRQVWUXNFMLIRW6\VWHPSRPLDURZ\=)
352),/(5MHVWQDMV]\EV]\PVNDQHUHPGRVWDUF]DM•F\PGDQHZSRVWDFLGZX
Z\PLDURZ\FK SURILOL -HVW WR VNDQHU ID]RZ\ SR]ZDODM•F\ QD UHMHVWUDFMÆ SRZ\›HM
POQ SXQNWÏZ QD VHNXQGÆ ] PDNV\PDOQ• SUÆGNRyFL• UHMHVWUDFML SURILOL QD
VHNXQGÆ']LÆNLW\PSDUDPHWURPPR›QDRWU]\PDÂEDUG]RPDHRGOHJRyFLPLÆG]\
SU]HNURMDPLQDZHWSU]\GX›\FKSUÆGNRyFLDFKSODWIRUP\
'UXJLV\VWHPSRPLDURZ\6\VWHP,,tIRWED]RZDQDUR]ZL•]DQLXILUP\
5,(*/t90;
226
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
)RW6\VWHP,,RSDUW\RUR]ZL•]DQLHILUP\5,(*/90;
: WUDNFLH EDGDÍ ]PLHQLRQR NRQILJXUDFMÆ F]ÆyFL VNDGRZ\FK UR]V]HU]DM•F
M•RGRGDWNRZHNDPHU\1,.21'5,(*/90;tWR]HVSϏGZÏFK
VNDQHUÏZ5LHJO94tZUD]]V\VWHPHP*36]DLQVWDORZDQ\FKSRGDHURG\QD
PLF]Q•RVRQ•:MHJRVNDGZFKRG]•UÏZQLH›F]WHU\NDPHU\F\IURZHVX›•FHGR
NRORURZDQLDFKPXU\SXQNWÏZNWÏU\FK]DNUHVZLG]HQLDPR›HE\ÂRNUHyORQ\GOD
ND›GHM NDPHU\ LQG\ZLGXDOQLH Z ]DOH›QRyFL RG Z\PDJDÍ SURMHNWX &D\ V\VWHP
]QDMGRZDVLÆQDGDFKXVDPRFKRGXNWÏU\XPLHV]F]RQRQDSODWIRUPLHZDJRQRZHM
2FHQDMDNRyFLSR]\VNDQ\FKGDQ\FK
3RZ\NRQDQLXUHMHVWUDFMLGDQ\FKSODWIRUP•SRPLDURZ•6\VWHPHP,L,,RUD]
Z\NRQDQLXJHRGH]\MQ\FKSRPLDUÏZUHIHUHQF\MQ\FKNROHMQ\PHWDSHPE\\EDGD
QLDMDNRyFLJHRPHWU\F]QHMSR]\VNDQ\FKGDQ\FK
=EDGDQR ]JRGQRy FKPXU\ SXQNWÏZ SR]\VNDQHM 6\VWHPHP ,, Z RSDUFLX
R SXQNW\ NRQWUROQH : WUDNFLH SU]HMD]GX SODWIRUP\ SRPLDURZHM ]RVWD\ SRVWD
ZLRQH W\F]NL NWÏU\FK ZVSϏU]ÆGQH SXQNWÏZ FKDUDNWHU\VW\F]Q\FK Z\]QDF]RQR
WHFKQLN• *36 GRNDGQLH SXQNW\ SRF]•WNRZH W\F]HN :]GX› WUDV\ SU]HMD]GX
UR]PLHV]F]RQRSXQNWÏZNRQWUROQ\FK1DVWÆSQLHZ\]QDF]HQLHGRNDGQRyFLQD
SRV]F]HJÏOQ\FKSU]HNURMDFKZ\NRQDQRZRSDUFLXRSRPLDUJHRGH]\MQ\RUD]SR
PLDUSUHF\]\MQ\PWRURPLHU]HP/DVHU7(&]DSHZQLDM•FGRNDGQRyÂPLOLPHWURZ•
'RNRQDQRUÏZQLH›SRUÏZQDQLDQDSXQNWDFKSU]HNURMÏZSRPLDUJHRGH]\MQ\
RUD]NDPHUDOQ\QDFKPXU]HSXQNWÏZ2GFK\NLPLHU]RQRZSDV]F]\|QLHSU]H
NURMXSURVWRSDGHMGRRVLWRUX6]HURNRyÂSU]HNURMXGRELHUDQDE\DZ]DOH›QRyFLRG
PLHU]RQ\FKHOHPHQWÏZLQIUDVWUXNWXU\:DKDDVLÆSRPLÆG]\PDP
:WUDNFLHEDGDÍSRPLHU]RQRVNUDMQLÆZZ\EUDQ\FKSU]HNURMDFK2GFK\NL
PLHU]RQRZSDV]F]\|QLHSU]HNURMXZXNDG]LHJHRGH]\MQ\Po0LHyFL\VLÆ
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
227
ZGRSXV]F]DOQHMJUDQLF\MDN•SU]\MÆWRQDSR]LRPLHFP'RGDWNRZRZRNROLF\
VWDFML NROHMRZHM Z\NRQDQR SRPLDU SXQNWÏZ QD WRUDFK RUD] W\F]HN XVWD
ZLRQ\FKSU]HGSU]HMD]GHPVNDQHUD3RPLDUWHQZ\NRQDQRW\ONRGOD6\VWHPX,,
3U]\NDGRZ\SU]HNÏUSRSU]HF]Q\SRND]DQRQDU\V
2SUÏF]MDNRyFLJHRPHWU\F]QHMFKPXU\SXQNWÏZGRNRQDQRUÏZQLH›VSUDZG]H
QLDMDNRyÂGDQ\FKSRGN•WHPLFKSU]\JRWRZDQLDGRGDOV]HMREUÏENL:UDPDFK
SURMHNWX GRNRQDQR SUÏE\ DXWRPDW\F]QHM NODV\ILNDFML FDRyFL FKPXU\ SXQNWÏZ
RUD]GRGDWNRZRVNODV\ILNRZDQRPDQXDOQLHZ\EUDQHHOHPHQW\QDRGFLQNDFKJG]LH
Z\NRQ\ZDQRSRPLDU\JHRGH]\MQHWMZWXQHOXQDIUDJPHQFLHV]ODNXSU]HGWXQH
OHP RUD] GOD VWDFML NROHMRZHM %DGDQR UÏZQLH› PR›OLZRyFL RFHQ\ JHRPHWU\F]QHM
GDQ\FKQDSRV]F]HJÏOQ\FKSU]HNURMDFK'ODZ\EUDQ\FKPLHMVFGRNRQDQRSRUÏZ
QDQLDSU]HNURLSR]\VNDQ\FKRERPDV\VWHPDPL3U]\NDGRZHZ\QLNLSRUÏZQDQLD
SU]HGVWDZLRQRQDU\VXQNDFKL
5\V3U]HNUÏMSRSU]HF]Q\SU]H]VWDFMÆZ6RPQLNDFKSR]\VNDQ\6\VWHPHP,,
:DUWR]ZUÏFLÂXZDJƛHWHVWRZDQRV\VWHP\R]GHF\GRZDQLHLQQ\FKSRGVWD
ZDFKUHIHUHQF\MQ\FK-HGHQRGQRVLSRPLDU\W\ONRGRXNDGXWRUXDGUXJLORNDOL
]RZDMHZXNDG]LHJOREDOQ\P2EDUR]ZL•]DQLDPDM•VZRMHZDG\L]DOHW\3RPLDU
RGQLHVLRQ\GRWRUÏZMHVWPQLHMVNRPSOLNRZDQ\QLHZ\PDJDPRGXX*166,08
LGDMHZ\›V]•GRNDGQRyÂSRPLDUXVNUDMQL3RPLDUJOREDOQ\SR]ZDODQLHW\ONRQD
SRPLDUVNUDMQLDOHWDN›HQDEDGDQLHQLHNWÏU\FKSDUDPHWUÏZJHRPHWULLWRUXRG
FLQNLSURVWROLQLRZHNU]\ZHSU]HMyFLRZHXNLNRRZHSU]HFK\ND.RV]WHPGRVWÆ
SXGRJHRUHIHUHQFMLMHVWQLHFRQL›V]DGRNDGQRyÂNWÏUDORNXMHVLÆEOLVNRGRSXV]F]R
QHMJUDQLF\OXEM•QLHFRSU]HNUDF]D
-HGQ\P ] HOHPHQWÏZ NWÏU\ SRGOHJD UÏZQLH› DQDOL]LH E\ ZS\Z SUÆGNRyFL
SRUXV]DQLDVLÆSODWIRUP\QDGRNDGQRyÂDQDOL]RZDQ\FKGDQ\FK:\NRQDQRNLOND
SRPLDUÏZSU]\SUÆGNRyFLDFKLNPK
:\QLNLSRND]D\ ›H GRNDGQRy ORNDOL]DFMLRELHNWÏZQLH]PLHQLDVLÆ]QD
F]•FRSU]\]ZLÆNV]DQLXSUÆGNRyFLSODWIRUP\DZLÆFPR›QDSRZLHG]LH›HMHVW
QDSR]LRPLHGRNDGQRyFLLGHQW\ILNDFMLZ\EUDQ\FKHOHPHQWÏZ-HG\Q\ZS\Z
MDNL PD SUÆGNRy WR JÆVWRy SR]\VNLZDQ\FK GDQ\FK 3U]\ SUÆGNRyFL SRQDG
NPK RGOHJRy PLÆG]\ SXQNWDPL GRFKRG]L QDZHW GR NLONXQDVWX FHQW\
PHWUÏZ0DWRGX›H]QDF]HQLHZV\WXDFMLJG\DQDOL]LHSRGOHJDM•NLONXFHQW\
228
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
PHWURZH HOHPHQW\ :ÏZF]DV PR›H GRMy GR WHJR ›H GDQ\ RELHNW QLH ]RVWD
]DUHMHVWURZDQ\
2GSRZLHG]L•QDWRMHVWV\VWHPIRWRJUDPHWU\F]Q\NWÏU\ZWDNLFKV\WXDFMDFKSR
ZLQLHQZ\DSDÂWHEÆG\3URMHNWRZDQDED]DGDQ\FKLV\VWHPGRRNUHyODQLDVNUDMQL
PXVL]DWHPXZ]JOÆGQLDÂGDQHZSRVWDFLFKPXU\SXQNWÏZMDNLREUD]ÏZF\IURZ\FK
5\V6NUDMQLDZUD]]SRPLHU]RQ\PLHOHPHQWDPLLQIUDVWUXNWXU\NROHMRZHMX]\VNDQ\PL
]SRPLDUXWRURPLHU]HPQDWOHFKPXU\SXQNWÏZSRFKRG]•FHM]V\VWHPX=)3URILOHU
5\V6NUDMQLDZUD]]SRPLHU]RQ\PLHOHPHQWDPLLQIUDVWUXNWXU\NROHMRZHMX]\VNDQ\PL
]SRPLDUXWRURPLHU]HPQDWOHFKPXU\SXQNWÏZSRFKRG]•FHM]V\VWHPX5LHJO90;
:\QLNLEDGDÍ
3RSU]HDQDOL]RZDQLXGDQ\FKRUD]SU]HEDGDQLXLFKMDNRyFLGRNRQDQRSRGVXPR
ZDQLDPDM•FHJRQDFHOXZVND]DQLHZDGL]DOHWSRV]F]HJÏOQ\FKV\VWHPÏZ:\ZQLR
VNRZDQR ›H QDMOHSV]\P UR]ZL•]DQLHP EÆG]LH PRGHO K\EU\GRZ\ D ZLÆF •F]•F\
RED UR]ZL•]DQLD )DNWHP MHVW ›H V\VWHP ,, QLH UDG]L VRELH GREU]H ] UHMHVWUDFM•
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
229
PD\FKHOHPHQWÏZWMZ\VWÆSRZD\OXNLZGDQ\FKREHMPXM•F\FKQSSU]\GUR›QH
ZVND|QLNL7XFHORZHZ\GDMHVLÆZ]PRFQLHQLHFKPXU\SXQNWÏZSRPLDUHPWU]HFLP
VNDQHUHPXVWDZLRQ\PSURVWRSDGOHGRNLHUXQNXMD]G\OXEV]\EV]\PLGZRPD
2SFMRQDOQLHPR›QDUÏZQLH›UR]ZD›\Â]DVWRVRZDQLHW\ONRGZÏFKVNDQHUÏZLP
SXOVRZ\FKZSU]\SDGNXNLHG\LFKF]ÆVWRWOLZRyÂEÆG]LHQDSR]LRPLH+]QS
V\VWHP90;t
:V\VWHPLH,Z\VWÆSRZDRGRyÂGX›H]DV]XPLHQLHGDQ\FK-HyOLFKRG]LRUHMH
VWUDFMÆREUD]RZ•LUR]PLHV]F]HQLHNDPHUWRSRSU]HDQDOL]RZDQLXPDWHULDX]DUHMH
VWURZDQHJRSU]H]DSDUDW\1LNRQDXWRU]\GRV]OLGRZQLRVNX›HEDUG]LHMSU]\GDQ\
MHVWZLGRNZSU]ÏGQL›QDERNLFR]RVWDQLHXZ]JOÆGQLRQHZSURWRW\SLH
3URSR]\FMDSURWRW\SXSODWIRUP\SRPLDURZHM
(IHNWHPSURZDG]RQ\FKHNVSHU\PHQWÏZMHVWSURSR]\FMDPRGHOXSODWIRUP\SR
PLDURZHM3U]\MÆWR]DR›HQLH›HV\VWHPEÆG]LH]DLQVWDORZDQ\QDSODWIRUPLHZDJR
QRZHMFL•JQLÆWHMSU]H]ORNRPRW\ZÆ]PDNV\PDOQ•SUÆGNRyFL•NPK8PLHV]
F]HQLHV\VWHPXZW\OQHMMHMF]ÆyFLSRVLDGDZVWRVXQNXGRORNDOL]DFML]SU]RGXOR
NRPRW\Z\QDVWÆSXM•FH]DOHW\
EDGDQLDPRGHOXPR›QDUHDOL]RZDÂ]Z\NRU]\VWDQLHPVWDQGDUGRZHMSODWIRU
P\NROHMRZHM
QD SODWIRUPLH ZDJRQRZHM PR›QD LQVWDORZD V\VWHP VWHURZDQLD L UHMHVWUD
FMLGDQ\FKV\VWHPVNDQHURZ\V\VWHPJHRUHIHUHQF\MQ\LV\VWHPIRWRJUDPH
WU\F]Q\VWRVXM•FZDULDQWRZHVSRVRE\LFKZ]DMHPQHJRXPLHMVFRZLHQLD
VNDQRZDQLHXNRyQHGRRVLWRUXPR›HRGE\ZDÂVLÆZSUDZLHSHQ\FKSURIL
ODFK R Z SU]\SDGNX JG\ V\VWHP VNDQHURZRIRWRJUDPHWU\F]Q\ E\E\
]DPRFRZDQ\SU]HGORNRPRW\Z•VNDQRZDQLHXNRyQHRGE\ZDVLÆZSURILODFK
R
3URSRQRZDQDSODWIRUPDSRPLDURZDSRZLQQDVLÆVNDGDÂ]QDVWÆSXM•F\FKNRP
SRQHQWÏZ
XNDGVNDQHUÏZ'SURILOXM•F\FKZWU]HFKNLHUXQNDFKSURVWRSDGOHGRRVL
WRUXRUD]ZGZÏFKNLHUXQNDFKXNRyQ\FK
XNDGF]WHUHFKNDPHUGRNRORURZDQLDFKPXU\SXQNWÏZ]HVNDQLQJXODVHURZHJR
PRGXJHRUHIHUHQF\MQ\*166,08]LQWHJURZDQ\]VNDQHUDPLLNDPHUDPL
PRGXIRWRJUDPHWU\F]Q\VNDGDM•F\VLÆ]XNDGXVWHUHRZL]\MQ\FKRJHRPH
WULLNDQRQLF]QHMOXEOHNNR]ELH›QHM
0RGX VNDQHURZ\ VNDGD VLÆ SRZLQLHQ ] PLQLPXP WU]HFK ODVHUÏZ VNDQXM•
F\FK''ZDVNDQHU\W\SXLPSXOVRZHJRV•XR›RQHXNRyQLHV•VNRQILJXURZDQH
QDUHDOL]DFMÆSRPLDUXZ]DNUHVLHPHWUÏZPLQLPDOQDF]ÆVWRWOLZRyÂND›GHJR
]QLFKWR+]6NDQHUSURILOXM•F\SURVWRSDGOHMHVWW\SXID]RZHJRRF]ÆVWRWOL
ZRyFL+]:FKZLOLREHFQHMPDNV\PDOQDF]ÆVWRWOLZRyÂSURILORZDQLDGRVWÆS
Q\FK U\QNRZR VNDQHUÏZ Z\QRVL +] GODWHJR PR›QD UR]ZD›\ RSFMRQDOQLH
SU]HMyFLRZHX›\FLHGZÏFKVNDQHUÏZSURILOXM•F\FK8NDGVNDQHUÏZSRZLQLHQGR
VWDUF]DÂFKPXUÆSXQNWÏZRyUHGQLHMRGOHJRyFLSRPLÆG]\SURILODPLSURVWRSDG\PL
QLHZLÆNV]HMQL›FPSU]\V]\ENRyFLUXFKXGRNPK]JÆVWRyFL•SXQNWÏZ
230
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
ZSDV]F]\|QLHSURILOLU]ÆGXNLONXNLONXQDVWXPP=DSHZQLWRZ\NU\FLHHOHPHQ
WÏZZVNUDMQLLZMHMEOLVNLPRWRF]HQLXRZ\PLDUDFKPLQLPDOQ\FKFP[FP
-HyOL]RVWDQ•]DVWRVRZDQHGZDVNDQHU\RF]ÆVWRWOLZRyFLSURILORZDQLD+]ND›G\
WRZÏZF]DVUR]G]LHOF]RyÂZ\NU\ZDQLDGHWDOLZ]UDVWDRVL•JDSR]LRPFPZNLH
UXQNXUÏZQROHJ\PGRRVLWRUXGOD]ZLÆNV]HQLDUR]G]LHOF]RyFLZNLHUXQNXSURVWR
SDG\PQLHPDEDULHUWHFKQRORJLF]Q\FK
6NDQHU\ODVHURZHPXV]•E\Â]LQWHJURZDQHQDV]W\ZQR]XNDGHP*166,08
'RSRPLDUXJHRPHWULLWRUXSURSRQXMHVLÆX›\FLHV\VWHPXRSDUWHJRREH]NRQWDN
WRZH PHWRG\ SRPLDUX QS ] ]DVWRVRZDQLHP WHFKQLN ODVHURZ\FK OLJKWVHFWLRQ
.ROHMQ\P HOHPHQWHP MHVW ]HVWDZ RG GR Z\VRNRUR]G]LHOF]\FK NDPHU -HGQD
SDUDNDPHUVWDQRZL]HVWDZNDPHUIRWRJUDPHWU\F]Q\FKLVWRVRZDQDMHVWGRUHDOL]D
FMLGRGDWNRZ\FKSRPLDUÏZX]XSHQLDM•F\FK0RJ•E\ÂUÏZQLH›VWRVRZDQH•F]QLH
]GZRPDSR]RVWD\PLNDPHUDPLGRNRORURZDQLDFKPXU\SXQNWÏZ:FHOXZHU\
ILNDFMLWUDMHNWRULLUXFKXRUD]GRRSFMRQDOQHJRZ\]ZDODQLDNDPHUGRMHGQHJR]NϏ
]HVWDZX NRRZHJR PRQWRZDQ\ MHVW RGRPHWU &D\ ]HVWDZ XU]•G]HÍ PRQWRZDQ\
MHVWQDSURILOXPRFRZDQ\PGRSODWIRUP\ZDJRQX
)RWRJUDPHWU\F]Q\V\VWHPZL]\MQ\SRZLQLHQFKDUDNWHU\]RZDÂVLÆQDVWÆSXM•F\
PLNRPSRQHQWDPLPLQLPDOQDUR]G]LHOF]RyÂSU]HWZRUQLNÏZNDPHUPDWU\FH&&'
OXE RSFMRQDOQLH PDWU\FH Z\NRQDQH Z QDMQRZV]HM WHFKQRORJLL &026 ] W]Z PL
JDZN•JOREDOQ•dJOREDOVKXWWHUr0HJDSLNVHOLLQWHUIHMV\*L*(RSFMRQDOQLH
)LUH:LUH OXE &DPNHUD/LQN VWDRRJQLVNRZH RELHNW\Z\ R PLQLPDOQHM ZDUWRyFL
RJQLVNRZHMI PPSUHIHURZDQ\RELHNW\ZVWDRRJQLVNRZ\I PPFKDUDN
WHU\]XM•FHVLÆEDUG]RPD\PLZDUWRyFLDPLG\VWRUVML
6FKHPDW UR]PLHV]F]HQLD SRV]F]HJÏOQ\FK HOHPHQWÏZ V\VWHPX Z UϛQ\FK ZD
ULDQWDFKPRQWD›XZ\VRNRUR]G]LHOF]\FKNDPHUF\IURZ\FKSU]HGVWDZLRQRQDSRQL›
V]\PU\VXQNXU\V
.RPSRQHQW\V\VWHPX
XNDGVNDQHUÏZ'SURILOXM•F\FKZGZÏFKNLHUXQNDFKXNRyQ\FK
XNDGF]WHUHFKNDPHUGRNRORURZDQLDFKPXU\SXQNWÏZ]HVNDQLQJXODVHURZHJR
PRGXJHRUHIHUHQF\MQ\*166,08]LQWHJURZDQ\]VNDQHUDPLLNDPHUDPL
RGRPHWU
RSFMRQDOQLHGRGDWNRZ\VNDQHUSURILOXM•F\SURVWRSDGOHGRWRUÏZ
RSFMRQDOQLHPRGXIRWRJUDPHWU\F]Q\VNDGDM•F\VLÆ]XNDGXVWHUHRZL]\M
QHJRRJHRPHWULLNDQRQLF]QHM
5\V3URSRQRZDQ\PRGHOSODWIRUP\SRPLDURZHM
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
231
5\V3URSRQRZDQ\PRGHOSODWIRUP\SRPLDURZHM
5\V8NDGNDPHUGRSRPLDUXVWHUHRVNRSRZHJR
.RQFHSFMDED]\GDQ\FK
: UDPDFK SURMHNWX RSUDFRZDQR UR]ZL•]DQLH LQIRUPDW\F]QH ]DZLHUDM•FH ED]Æ GD
Q\FKDSOLNDFMÆXPR›OLZLDM•FDSU]HJO•GDQLHED]\LQDGDZDQLHNRGÏZRUD]V]HUHJSRPRF
QLF]\FKSURJUDPÏZPDM•F\FKQDFHOXQSLPSRUWGDQ\FKSRPLDURZ\FKGRED]\GDQ\FK
.OXF]RZ\PHOHPHQWHPWHJRUR]ZL•]DQLDMHVWED]DGDQ\FK:PRPHQFLHUR]
SRF]ÆFLDSUDFQDGED]•GDQ\FKSRWHQFMDOQ\Z\EÏUVLOQLNDED]GDQ\FK]RVWDRJUD
QLF]RQ\GRGZÏFKLVWQLHM•F\FKZWHG\NRPHUF\MQ\FKUR]ZL•]DÍ
2UDFOHJ5]GRGDWNLHP2UDFOH6SDWLDO
0LFURVRIW64/6HUYHU5
2VWDWHF]QLHZ\EUDQRED]ÆGDQ\FK2UDFOH=DZ\ERUHPWHJRUR]ZL•]DQLDSU]H
PDZLD\SU]HGHZV]\VWNLPQDVWÆSXM•FHDVSHNW\
ZVSDUFLHSU]HWZDU]DQLDGDQ\FKZSRVWDFLZLHORZ\PLDURZHMFKPXU\SXQN
WÏZGDQH]HVNDQLQJXODVHURZHJR
232
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
PR›OLZRyÂSU]HWZDU]DQLDGDQ\FKZUϛQ\FKXNDGDFKRGQLHVLHQLDLPR›OL
ZRyÂNRQZHUVMLSRPLÆG]\QLPLQSXNDGXNDG:*6
ZVSDUFLH'GODGDQ\FKSU]HVWU]HQQ\FK
EUDNIXQNFMLDJUHJXM•F\FKSU]HNURMH'ZUR]ZL•]DQLX0LFURVRIW
DWZLHMV]DLQWHJUDFML]ED]DPL3.33ROVNLH/LQLH.ROHMRZH6$WM326V\V
WHPd3URZDG]HQLH2SLVX6LHFLrL6,/.d6\VWHPX,QIRUPDFMLGOD/LQLL.R
OHMRZ\FKr
3U]HGSRGMÆFLHPSUDFSURMHNWRZ\FKDXWRU]\SU]\MÆOLSRQDGWRQDVWÆSXM•FH]D
R›HQLD
%D]DPDPLHÂPR›OLZRyÂLPSRUWXGDQ\FKEH]SRyUHGQLR]SRPLDUXDZLÆF
PXVL]DSLV\ZDÂ]DUÏZQRFKPXUÆSXQNWÏZMDNL]GMÆFLDSU]\F]\PZSLHUZ
V]HMNROHMQRyFLDQDOL]RZDQHEÆG•GDQH]FKPXU\SXQNWÏZDGDQHREUD]RZH
EÆG•VX›\ÂGRHZHQWXDOQHMZHU\ILNDFMLPLHMVFZ•WSOLZ\FKW]QW\FKJG]LH
LQIRUPDFMD]FKPXU\SXQNWÏZQLHEÆG•ZZ\VWDUF]DM•FD
%D]DPDZVSϏSUDFRZDÂ]ED]DPL326L6,/.:REXW\FKED]DFKSRGVWD
ZRZ\PVSRVREHPDGUHVDFMLRELHNWÏZQDOLQLLNROHMRZHMMHVWNLORPHWUD›
=HZ]JOÆGXQDNRPSDW\ELOQRyÂ]ED]•6,/.SU]HWZDU]DQLHGDQ\FKRGE\ZDÂ
VLÆEÆG]LHZXNDG]LHZVSϏU]ÆGQ\FK%D]DPDPLHÂMHGQDNPR›OLZRyÂ
NRQZHUVMLGDQ\FKGRLQQ\FKXNDGÏZ
2SUDFRZXM•FED]ÆGDQ\FKZ\NRU]\VWDQRQDVWÆSXM•FHGDQHZHMyFLRZH
GDQH*36,16]DZLHUDM•FHZVSϏU]ÆGQHWUDMHNWRULLSRMD]GXRNRRSUÏ
EHNQDVHNXQGÆ
GDQH ]H VNDQLQJX ODVHURZHJR FKPXUD SXQNWÏZ RNRR POQ SXQNÏZ
a*%QDNLORPHWUOLQLLNROHMRZHM
]GMÆFLD]NDPHURNRR]GMÆÂa*%QDNLORPHWUOLQLLNROHMRZHM
ZIRUPDFLH-3*
:SURFHVLHSURMHNWRZDQLDED]\GDQ\FKRSUDFRZDQRV]HUHJSURFHGXUPDM•F\FK
SU]HGHZV]\VWNLPQDFHOXZF]\WDQLHZVWÆSQ•UHGXNFMÆLORyFLGDQ\FKQDVWÆSQLHLFK
XSURV]F]HQLHL]RUJDQL]RZDQLHZIRUPLH]DSHZQLDM•FHMV]\ENLHF]DV\RGSRZLHG]L
ED]\ QD ]DS\WDQLD ]ZL•]DQH ] ZL]XDOL]DFM• GDQ\FK RUD] QDGDZDQLHP NRGX 'R
QDMZD›QLHMV]\FKSXQNWÏZWHJRHWDSXQDOH›D\
.DOLEUDFMDNLORPHWUD›X3RGVWDZRZ\PVSRVREHPDGUHVDFMLRELHNWÏZQDOL
QLLNROHMRZHMMHVWNLORPHWUD›2GZ]RURZDQLHZVSϏU]ÆGQ\FKJHRJUDILF]Q\FK
QDOLQLRZ\XNDGRGQLHVLHQLD/56/LQHDU5HIHUUHQLQJ6\VWHP]DVWRVRZDQ\
Z6,/.]DSHZQLDRSURJUDPRZDQLH2UDFOH6SDWLDO]IXQNFMDPLG\QDPLF]QHM
VHJPHQWDFML2EHFQ\PRGHO/56GODOLQLLNROHMRZ\FKZED]LH6,/.]RVWDR
VSRU]•G]RQH]GRNDGQRyFL•NDUWRJUDILF]Q•PDSZVNDOL:]ZL•]
NX]W\P]GHF\GRZDQRVLÆMHG\QLHQDVNDOLEURZDQLHGDQ\FKQDSRGVWDZLH
NLONXQDVWXSXQNWÏZRWU]\PDQ\FK]ED]\6,/.:\NRU]\VWXM•FGDQH*36
REOLF]RQRGURJÆSU]HMHFKDQ•SU]H]SRMD]GGRNRQXM•F\SRPLDUX1DVWÆSQLH
WDNREOLF]RQ•GURJÆQDR›RQRQD]ELÏUSXQNWÏZRWU]\PDQ\FK]ED]\6,/.
:\]QDF]HQLH JHRPHWULL WRUX 1D SRGVWDZLH GDQ\FK *36 EDGDQ\ RGFLQHN
OLQLL NROHMRZHM SRG]LHORQR QD HOHPHQWDUQH RGFLQNL R GXJRyFL P 3U]\M
PXM•F›HQDWDNLPRGFLQNXSURPLHÍVNUÆWXMHVW]DQLHGE\ZDOQ\Z\V]XNDQR
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
233
ZFKPXU]HSXQNWÏZSRR›HQLHREXV]\QZUD]]Z\VRNRyFL•FR]DSHZQLR
XZ]JOÆGQLHQLHZGDOV]\FKUR]ZD›DQLDFKSU]HFK\NL1DWHMSRGVWDZLHZ\
]QDF]RQRORNDOQ\XNDGZVSϏU]ÆGQ\FKZNWÏU\P
* yURGHNXNDGX]QDMGXMHVLÆGRNDGQLHSRPLÆG]\V]\QDPLZNLHUXQNX
<RUD]ZSRRZLHRGFLQNDPZ]GX›NLHUXQNXMD]G\;
* Ry<MHVWSRR›RQDQDV]\QDFKXZ]JOÆGQLDSU]HFK\NÆ
* Ry;MHVWSURVWRSDGDGRQLHMLSRNU\ZDVLÆ]NLHUXQNLHPUXFKXSRMD]GX
* Ry=MHVWSURVWRSDGDGRSDV]F]\]Q\;<
5HGXNFMD GDQ\FK $E\ ]UHGXNRZD LORy GDQ\FK ' SU]HFKRZ\ZDQ\FK
ZED]LHSRVWDQRZLRQRRJUDQLF]\ÂFKPXUÆGRSDVDZ]GX›WRUXMD]G\RV]H
URNRyFLPZNLHUXQNXGUXJLHJRWRUXRUD]PZNLHUXQNXSU]HFLZQ\P
,PSOHPHQWDFMD SU]HNURMÏZ ' 'OD ND›GHJR Z\]QDF]RQHJR RGFLQND P
GRNRQDQRU]XWXFKPXU\SXQNWÏZQDSDV]F]\]QÆ<=3RQLHZD›ND›G\]WD
NLFKRGFLQNÏZSRVLDGDVZÏMZDVQ\]GHILQLRZDQ\Z\›HMXNDGRGQLHVLHQLD
DND›G\]W\FKXNDGÏZRSLVXMHSU]HVWU]HÍ]SXQNWXZLG]HQLDSRUXV]DM•FHJR
VLÆSRMD]GXSU]HNURMHWDNLHPR›QDVNDGDÂ:ED]LHGDQ\FK]GHF\GRZDQR
VLÆSU]HFKRZ\ZDÂSU]HNURMH]RGFLQNÏZPPNPRUD]VXPD
U\F]QHSU]HNURMH]ZL•]DQH]UHJXDPLNRGRZDQLDRSLVDQ\PLZNDUFLH8,&
LG]LHO•F\PLOLQLHNROHMRZ•QDVHJPHQW\QSSRPLÆG]\VWDFMDPLNR
OHMRZ\PLF]\UR]MD]GDPL
.RQFHSFMDZ\]QDF]DQLDVNUDMQLNROHMRZHM
=DSURMHNWRZDQDZUR]ZL•]DQLXLQIRUPDW\F]Q\PNRQFHSFMDZ\]QDF]DQLDVNUDM
QLNROHMRZHMMHVWZJÏZQHMPLHU]HRSDUWDQDPHWRG]LHNRQWXUÏZ'
3RQLHZD› SU]HNURMH ' ED]XM•FH QD FKPXU]H SXQNWÏZ FKDUDNWHU\]XM• VLÆ
GRyÂGX›\PUR]PLDUHPLVWQLDDNRQLHF]QRyÂLFKNRPSUHVML3U]HFKRZ\ZDQLHWD
NLFK SU]HNURMÏZ PR›H RND]D VLH QLHSUDNW\F]QH = GUXJLHM VWURQ\ GRNDGQRyÂ
WDNLFKSU]HNURMÏZFRGRSXQNWXMHVWQLHSRWU]HEQD]SXQNWXZLG]HQLDVNUDMQL
RUD]MHMNRGÏZ:UDPDFKSURMHNWXRSUDFRZDQRDOJRU\WPNWÏU\QDGDQ\FK
]FKPXU\SXQNWÏZWZRU]\SU]HNURMH'SRSU]H]VSDV]F]DQLHGDQ\FK]FKPXU\
SXQNWÏZ'
3U]HNUÏM'SRZVWD\]FKPXU\SXQNWÏZZXNDG]LHRGQLHVLHQLD]ZL•]DQ\P
]RVL•WRUXSRZVWDMHSRSU]H]SRG]LHOHQLHFDHJRREV]DUX'QDSU]\NDGRZ•VLDWNÆ
RERNXPP-HyOLZREUÆELHZ\EUDQHMNRPÏUNLVLDWNL]QDMGXMHVLÆMDNLySXQNW
FDDNRPÏUND]RVWDMHX]QDQD]D]DMÆW•
$OJRU\WPZ\NRQXMHWDNLHSU]HNURMHFRPHWUÏZQDGRZROQ\P
RGFLQNX WRUX 3U]HNURMH WH QDVWÆSQLH XSUDV]D VLÆ SRSU]H] SU]\MÆFLH VLDWNL R Z\
PLDUDFK[PP2SHUDFMDWDPR›HE\ÂZ\NRQDQDDXWRPDW\F]QLH$SOLNDFMD
SR]ZDODUÏZQLH›QD•F]HQLHSU]HNURMÏZWMQSWZRU]HQLHMHGQHJRSU]HNURMXQD
RGFLQNXQSNLONXNP
=DGDQLHPRSHUDWRUDDSOLNDFMLMHVW]DWHPSU]HJO•GDQLHSU]HNURMÏZLZSU]\SDG
NX]QDOH]LHQLDMDNLHJRyNRQIOLNWXSU]HNURF]HQLDVNUDMQL]D›•GDQLHRGED]\EDU
G]LHMV]F]HJϏRZHJRSU]HNURMXOXE]GMÆFLDSRND]XM•FHJRSRGHMU]DQ\REV]DU
234
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
1DSRGVWDZLHW\FKGDQ\FKPR›HXQLHZD›QLÂMDNLyHOHPHQWVLDWNL6FKHPDWWHM
NRQFHSFML]DZLHUDU\VXQHN
5\V=DU]•G]DQLHSU]HNURMDPLZED]LHGDQ\FK
5\V SU]HGVWDZLD SU]\NDGRZ\ SU]HNUÏM XWZRU]RQ\ ] UR]G]LHOF]RyFL•
[PP:LGDÂWXWDM›HQDVWÆSXMHSU]HNURF]HQLHVNUDMQLEXGRZOLNRORUFLHP
QRV]DU\QDWOHMDVQHJR:WDNLPSU]\SDGNXNRQLHF]QDMHVWZHU\ILNDFMDWHJRFR
MHVWSU]\F]\Q•SU]HNURF]HQLDVNUDMQL:W\PZ\SDGNXG]LÆNLZL]XDOL]DFMLQD]GMÆ
FLDFKZLGD›HMHVWWRW\ONRURyOLQQRyÂ
:WDNLHMV\WXDFMLSXQNW\VLDWNLPRJ•]RVWDÂRG]QDF]RQHMDNRQSdQLHZD›QHr
NRORUMDVQRV]DU\
1DGDZDQLHNRGX
:SURMHNFLHNRU]\VWDQR]PHWRG\NRQWXURZHMSRFKRG]•FHM]NDUW\8,&
0HWRGD WD FKDUDNWHU\]XMH VLÆ VWDUDQQLHMV]\P GRERUHP SXQNWÏZ ED]RZ\FK RUD]
GRNDGQLHMV]\P RSLVDQLHP UHJX NRGRZDQLD QL› SRGREQD VHNWRURZD PHWRGD
RSLVDQDZLQVWUXNFML,U
.DUWDWDRNUHyODPR›OLZRyÂRSLVDQLDOLQLLNROHMRZHMSU]\SRPRF\PDNUR1DOH›\
]D]QDF]\›HWRUR]ZL•]DQLHXPR›OLZLDZOHSV]\PVWRSQLXSU]\EOL›HQLHSU]HNURMX
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
235
] ]DU\VHP PDNUR OHSV]H Z\NRU]\VWDQLH SU]HVWU]HQL : UR]ZL•]DQLX ED]RGDQR
Z\PRSUDFRZDQRSURFHGXU\LPSOHPHQWXM•FHWÆPHWRGÆRUD]RSUDFRZDQRPHWRGÆ
LQWHUDNW\ZQHJR QDGDZDQLD NRGX GOD OLQLL NROHMRZHM 'OD ]DFKRZDQLD ]JRGQRyFL
]NDUW•8,&ZSURZDG]RQRPR›OLZRyÂSRG]LDXOLQLLNROHMRZHMQDRGFLQNL
3U]\NDGLQWHUDNW\ZQHJRQDGDZDQLDNRGXGODRGFLQNDOLQLLNROHMRZHM]QDMGXMH
VLÆQDU\VXQNX
5\V1DGDZDQLHNRGXGODRGFLQNDOLQLLNROHMRZHM
5\V SU]HGVWDZLD SU]HNUÏM SU]H] Z\EUDQ\ IUDJPHQW OLQLL NROHMRZHM ZUD]
]ZSLVDQ\PLZHÍGZRPDVNDGQLNDPLPDNURRSLVXM•F\PLWHQIUDJPHQW:DSOL
NDFMLNV]WDW\RGSRZLDGDM•FHNRGRPV•JHQHURZDQHDXWRPDW\F]QLHQDSRGVWDZLH
SRR›HQLDNOLNQLÆWHJRSXQNWX
:SURMHNFLHDXWRU]\]DSURSRQRZDOLPHWRGÆVNDGDQLDPDNU0HWRGDWDPR›H
VX›\ÂGRZ\]QDF]HQLDVXPDU\F]QHJRPDNUDXPR›OLZLDM•FHJRVSUDZG]HQLHPR›
OLZRyFL SU]\MÆFLD SU]HV\NL Z SU]\SDGNX SU]HMD]GX SU]H] ZLHOH RGFLQNÏZ WUDV\
RSLVDQ\FK]DSRPRF•NROHMQ\FKPDNU
'RGDQRPR›OLZRyÂVSUDZG]HQLDSU]\MÆFLDSU]HV\NLGRSU]HMD]GXSRSU]H]]D
LPSOHPHQWRZDQLHPHWRG\SXQNWÏZNU\W\F]Q\FKRSLVXM•F\FKZSU]\EOL›RQ\VSR
VÏENV]WDWSU]HV\NL]]DFKRZDQLHPMHGQDNUHJXJZDUDQWXM•F\FK›HXWZRU]RQ\
SU]HNUÏMSU]HV\NLMHVWQLHPQLHMV]\QL›MHMU]HF]\ZLVW\NV]WDW=DLPSOHPHQWRZDQD
PHWRGDXPR›OLZLDREOLF]HQLHSDUDPHWUÏZSU]HV\NL]XZ]JOÆGQLHQLHPNLONXZD
ULDQWÏZREOLF]HÍ
: SU]\SDGNX SU]HV\NL RSUDFRZDQR SURFHGXUÆ DXWRPDW\F]QHJR QDGDZDQLD
SRMHG\QF]HJRNRGXG]LÆNLNWÏUHMNU\WHULXPSU]\MÆFLDSU]HV\NLRJUDQLF]DVLÆW\ONR
WRSRUÏZQ\ZDQLDMHMNRGX]NRGHPOLQLLSRNWÏUHMPDE\ÂSU]HZR›RQD
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
236
']LÆNLW\PUR]V]HU]HQLRPPR›OLZHMHVW]EDGDQLHVNXWHF]QRyFLNRGRZDQLDSR
SU]H]]ZHU\ILNRZDQLHZ\QLNÏZRSLHUDM•F\FKVLÆZ\•F]QLHQDSRUÏZQ\ZDQLXNR
GÏZ]JUDILF]Q•ZL]XDOL]DFM•SU]HNURMÏZWUDV\RUD]SU]HV\NLGRVWÆSQ•ZUR]V]H
U]RQHMSU]HJO•GDUFH
$SOLNDFMD
:UDPDFKUR]ZL•]DQLDLQIRUPDW\F]QHJRDXWRU]\RSUDFRZDOLDSOLNDFMÆVX›•FD
GRLQWHUDNW\ZQHMSUH]HQWDFML]JURPDG]RQ\FKGDQ\FKZUD]]RSFM•]EDGDQLDPR›
OLZRyFLSU]\MÆFLDSU]HV\NLGRSU]HMD]GXSRSU]H]Z\EUDQ\RGFLQHNOLQLLNROHMRZHM
2SUÏF] ZVSRPQLDQHJR Z\›HM QDGDZDQLH NRGX GOD OLQLL NROHMRZHM ] QDMZD›QLHM
V]\FKIXQNFMRQDOQRyFL]DLPSOHPHQWRZDQ\FKZDSOLNDFMLQDOH›\Z\PLHQLÂ
$QLPDFMD
5\V2NQRDQLPDFMLZ]DLPSOHPHQWRZDQ\PSURJUDPLH
5\V SU]HGVWDZLD SU]\NDG DQLPDFML $QLPDFMD MHVW WZRU]RQD QD ELH›•FR
]SRELHUDQ\FKWU\ELHRQOLQHZUD]]NRQLHF]Q\PLFKEXIRURZDQLHP]ED]\GDQ\FK
]GMÆÂ0R›QDZ\EUDÂ]GMÆFLD]MHGQHM]GRVWÆSQ\FKNDPHURUD]GRGDWNRZRXPLH
yFLÂQDILOPLHGRZROQLHZ\EUDQ\NRQWXU.RQWXUPR›HE\ÂNRQWXUHPSUHGHILQLR
ZDQ\PQS]DU\VVNUDMQLEXGRZOLF]\]DU\VPLÆG]\QDURGRZHMVNUDMQLDGXQNRZHM
OXENRQWXUHPXWZRU]RQ\PZLQQHMF]ÆyFLDSOLNDFMLQSNV]WDWSU]HV\NL3DVHN
QDZLJDFMLMHVWVNDOLEURZDQ\]NLORPHWUD›HPWUDV\0R›QDSU]HQLHyÂVLÆZGRZROQLH
PLHMVFHWUDV\]DWU]\PDÂDQLPDFMÆLQS]PLHQLÂNDPHUÆ3R]DWU]\PDQLXDQLPDFML
PR›OLZHMHVWRWZRU]HQLHLQQHJRZLGRNX]DZLHUDM•FHJRQSSU]HNUÏM'F]\ZLGRN
FKPXU\SXQNWÏZ'
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
237
&KPXUDSXQNWÏZ
5\V:LGRN'SU]HGVWDZLDM•F\FKPXUÆSXQNWÏZ
5\V SU]HGVWDZLD W\SRZ• ZL]XDOL]DFMÆ FKPXU\ SXQNWÏZ Z\EUDQHJR IUDJ
PHQWXWUDV\0R›OLZHMHVWGRGDQLHGRZLGRNXGRZROQHJRNRQWXUX]GHILQLRZDQHJR
ZLQQ\FKF]ÆyFLDFKDSOLNDFML3U]\SRPRF\P\V]NLPR›QDSU]HVXZDÂWHQSU]HNUÏM
ZGRZROQHPLHMVFHZ]GX›WRUX8PLHV]F]HQLHNRQWXUXQDW\PZLGRNXPDQDFHOX
SRPRFZRNUHyOHQLXHOHPHQWÏZVNUDMQLNWÏUHV•ZNROL]ML]W\PNRQWXUHP3RQDG
WRSU]\X›\FLXP\V]NLPR›QDGRNRQ\ZDÂRSHUDFMLWDNLFKMDN]PLDQDSHUVSHNW\Z\
REURW\SRZLÆNV]HQLDLWG:LGRNXGRVWÆSQLDSRQDGWRSRPLDURGOHJRyFLSRPLÆG]\
GZRPDGRZROQLHZ\EUDQ\PLSXQNWDPLOXERGF]\WDQLHZVSϏU]ÆGQ\FKZ\EUDQHJR
SXQNWX3RPLDUÏZW\FKPR›QDGRNRQ\ZDÂ]DUÏZQRZXNDG]LHWRUXMDNLZXND
G]LHJHRGH]\MQ\P:LGRNMHVW]V\QFKURQL]RZDQ\]LQQ\PLZLGRNDPL]ZDV]F]D
]SU]HJO•GDUN•]GMÆÂ
3U]HJO•GDUND]GMÆÂ
5\VSU]HGVWDZLDSU]HJO•GDUNÆ]GMÆÂ]DLPSOHPHQWRZDQ•ZSURJUDPLH:L
GRNMHVW]V\QFKURQL]RZDQ\]ZLGRNLHP'=D]QDF]RQ\QD]GMÆFLDFKNRQWXUSU]H
VXZDVLÆZUD]]SU]HVXZDQLHPNRQWXUXQDZLGRNX':WHQVSRVÏEPR›QDSU]\
SRPRF\]GMÆÂOHSLHM]LGHQW\ILNRZDÂHOHPHQW\VNUDMQLEÆG•FHZNROL]ML]]D]QDF]R
Q\PNRQWXUHP=GMÆFLDV•RSLVDQHSU]\SRPRF\NLORPHWUD›XLSRVLDGDM•ZIRUPLH
DWU\EXWXF]DVLFKZ\NRQDQLD0R›OLZ\MHVWSRGJO•G]GMÆÂ]ZV]\VWNLFKNDPHU
E•G|W\ONR]MHGQHM
238
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
5\V3U]HJO•GDUND]GMÆÂ
3U]HNURMH'
5\V3U]HNUÏM'
5\VSU]HGVWDZLD]DLPSOHPHQWRZDQ\ZSURJUDPLHZLGRNSU]HNURMX':L
GRNSU]HVWDZLDSU]HNUÏMSU]H]GX›V]\RGFLQHNOLQLLZUD]]Z\RGUÆEQLRQ\PFLHP
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
239
QLHMV]\PNRORUHPSU]HNURMHPFLRPHWURZ\P=DSRPRF•WHJRZLGRNXPR›QD
SRUÏZQ\ZDÂSU]HNUÏMSU]H]Z\EUDQ\RGFLQHNWUDV\]Z\EUDQ\PNRQWXUHPQS
NV]WDWHPSU]HV\NLGRNRQ\ZDÂSRPLDUÏZVNUDMQLZXNDG]LH]ZL•]DQ\P]RVL•
WRUXZ\V]XNLZDÂNROL]MHRG]QDF]DÂQLHLVWRWQHHOHPHQW\VNUDMQLQSURyOLQQRyÂ
3U]HV\ND
5\V'HILQRZDQLHSU]HV\NL
5\VSU]HGVWDZLD]DLPSOHPHQWRZDQ•ZSURJUDPLHPHWRGÆSXQNWÏZNU\
W\F]Q\FKXPR›OLZLDM•F•ZSURZDG]DQLHSU]HV\NL1DSRGVWDZLHZSURZDG]RQ\FK
SXQNWÏZJHQHURZDQHV•SU]HNURMHZSDV]F]\]QDFK;<RUD]<=3URJUDPXPR›
OLZLDZ\EÏUUϛQRURGQ\FKRSFMLVSRVREXREOLF]HQLDNRQLHF]Q\FKQDGGDWNÏZRSLVD
Q\FKZ8,&RUD]ZLQVWUXNFML,U-1DSRGVWDZLHW\FKRSFMLPR›OLZHMHVW
Z\JHQHURZDQLHNV]WDWXSU]HV\NLNWÏU\QDVWÆSQLHPR›H]RVWDÂSRGGDQ\SURFHVR
ZLQDGDZDQLDNRGXSU]HV\NL
,QQHRSFMHSURJUDPX
3RQDGWRDSOLNDFMDXPR›OLZLD
3RUÏZQDQLH NV]WDWX SU]HV\NL ] SU]HNURMHP SU]H] Z\EUDQ\ RGFLQHN OLQLL
NROHMRZHMZFHOXVWZLHUG]HQLDPR›OLZRyFLSU]\MÆFLDWHMSU]HV\NLGRSU]HZR
]X2SUÏF]SRUÏZQ\ZDQLDNV]WDWÏZSR]ZDODQDSRUÏZQ\ZDQLHNV]WDWÏZ
Z\QLNDM•F\FK]UHJXNRGRZDQLDSU]HV\NLRUD]OLQLL']LÆNLWHPXPR›OLZH
MHVW]EDGDQLHVNXWHF]QRyFLNRGRZDQLD=ZDV]F]DPR›QDSRND]D›HX›\FLH
PDNU]DUÏZQRGRRSLVDQLDSU]HV\NLMDNLWUDV\SRZRGXMHOHSV]HZ\NRU]\
VWDQLH SU]HVWU]HQL D FR ]D W\P LG]LH GRNDGQLHMV]H RNUHyOHQLH PR›OLZRyFL
SU]\MÆFLDSU]HV\NL
=QDOH]LHQLHPLHMVFZNWÏU\FKRJUDQLF]HQLHSUÆGNRyFLPRJRE\VSRZRGRZDÂ
ZDUXQNRZHXPR›OLZLHQLHSU]\MÆFLDSU]HV\NLPQLHMV]HRGFK\OHQLDHNVSOR
DWDF\MQHZSU]\SDGNXSU]HMD]GX]SUÆGNRyFL•SRQL›HMNPK
240
/HV]F]HZLF]=:DUGD$%DUV]F]7.RKXW30LNUXW63U]\ZLHF]HUVNL-3\ND.
1DZLJDFMÆQDPDSLHWM]QDOH]LHQLHQDPDSLHLQWHUHVXM•FHJRIUDJPHQWXWUD
V\QSVWDFMDNROHMRZDLSU]HMyFLHGRLQQ\FKZLGRNÏZ
3RG]LDOLQLLNROHMRZHMQDRGFLQNLQSVWDFMDtVWDFMD
:LGRNDQDOL]\VNUDMQLQDNWÏU\PSU]\SRPRF\SURVWHJRZ\NUHVX]REUD
]RZDQD MHVW ZLHONRy GRVWÆSQHM GOD SU]HMD]GX SU]HVWU]HQL :LGRN WHQ MHVW
]RUJDQL]RZDQ\KLHUDUFKLF]QLHWMWUDVDMHVWSRG]LHORQDQDRGFLQNLNLORPHWUR
ZHVWXPHWURZHRUD]G]LHVLÆFLRPHWURZH3U]\SRPRF\WHJRZLGRNXPR›QD
V]\ENRRNUHyOLÂPLHMVFDZNWÏU\FKMHVWNRQLHF]QDLQWHUZHQFMDRSHUDWRUD
3RGVXPRZDQLH
&HOHPDUW\NXXE\RSRND]DQLHZ\QLNÏZSURMHNWXEXGRZ\SURWRW\SXSODWIRU
P\GRSRPLDUXVNUDMQLOLQLLNROHMRZ\FK
)LQDOQ\P HWDSHP EDGDÍ E\R ]DSURSRQRZDQLH PRGHOX QD]LHPQHM SODWIRUP\
VNDQHURZHMZUD]]PRGXHPJHRUHIHUHQF\MQ\PLIRWRJUDPHWU\F]Q\PNWÏU\]DSUH
]HQWRZDQR]SXQNFLH
=DR›RQR›HSU]\Z\NRU]\VWDQLXGRVWÆSQ\FKREHFQLHVNDQHUÏZL]DVWRVRZDQLX
VNDQRZDQLDSURVWRSDGHJRZUD]]XNRyQ\PPR›QDJZDUDQWRZDÂGHWHNFMÆZV]\VW
NLFKSU]HV]NÏGZREV]DU]HSU]\WRURZ\PPDM•F\FKMHGHQ]UR]PLDUÏZZLÆNV]\RG
FP1LHPR›OLZHMHVWQDWRPLDVWSHQH]LGHQW\ILNRZDQLHF]\PMHVWSRZLHU]FKQLD
RGELMDM•FD=DWHPSRZ\NU\FLXWDNPD\FKdMHGQRSXQNWRZ\FKGHWDOLrNRQLHF]QD
MHVWLGHQW\ILNDFMDHOHPHQWXNROL]\MQHJRLMHJRSRPLDUQDSRGVWDZLH]GMÆÂ]NDPHU
-DNZ\QLND]GRyZLDGF]HÍSU]HJO•GDQLH]GMÆÂE\RQDMVDEV]•VWURQ•WHFKQR
ORJLL IRWRJUDPHWU\F]QHM ]H Z]JOÆGX QD SUDFRFKRQQRy L PR›OLZRy SRPLQLÆFLD
RELHNWÏZ ZFKRG]•F\FK Z REV]DU VNUDMQL 5ÏZQLH› SRPLDU QD PRGHOX ' X]\
VNDQHJR]DSRPRF•V\VWHPXVWHUHRZL]\MQHJRPDFKDUDNWHUPDQXDOQ\]QLHZLHO
NLP]DNUHVHPDXWRPDW\]DFML:\QLNDWR]HVSHF\ILNLSU]HVWU]HQLSDVDNROHMRZH
JRZNWÏUHMRELHNW\VWDQRZL•FHSU]HGPLRWSRPLDUXV•VWRVXQNRZRPDHF]ÆVWR
Z\VPXNH SRPLÆG]\ QLPL QD ]GMÆFLDFK UHMHVWURZDQH MHVW Z]JOÆGQLH GDOHNLH WR
FR JZDWRZQLH ]PLHQLD JÆELÆ PRGHOX VWHUHRVNRSRZHJR 6W•G ZVSRPDJDQLH IR
WRJUDPHWU\F]QH Z SRVWDFL VWRVRZDQHM GRW\FKF]DV SRZLQQR E\Â ]UHGXNRZDQH GR
DEVROXWQHJR PLQLPXP GR Z\MDyQLHQLD Z•WSOLZRyFL SRMDZLDM•F\FK VLÆ Z F]DVLH
SRPLDUÏZQDFKPXU]HSXQNWÏZF]\OLLQF\GHQWDOQLH
-HGQ\P]ZQLRVNÏZ]Z\NRQDQ\FKSUDFMHVWVWZLHUG]HQLH›HFKPXUDSXQNWÏZ
SRZLQQDSRZVWDZDÂ]SURILORZDQLDZUϛQ\FKNLHUXQNDFKSURVWRSDGHJRLXNR
yQHJR GR RVL WRUX 3RPLDU QD FKPXU]H X]\VNDQHM ] SURILORZDQLD SURVWRSDGHJR
GDMHOHSV]HGRNDGQRyFLOHF]QLH]DZV]HMHVWZVWDQLHZ\NU\ÂLVWQLHQLHRELHNWÏZ
]ZDV]F]DRPD\PUR]PLDU]HZ]GX›WRUÏZDUR]FL•JQLÆW\FKZSRSU]HN6ND
GDQLHVNDQRZDQLD]SURILORZDQLDZUϛQ\FKNLHUXQNDFK]ZLÆNV]DJÆVWRyÂFKPXU\
SXQNWÏZ NWÏUD WR JÆVWRy PD NU\W\F]QH ]QDF]HQLH GOD LGHQW\ILNDFML V]F]HJϏÏZ
kUHGQLDRGOHJRyÂSRPLÆG]\SURILODPLZWHVWRZDQ\FKFKPXUDFKSXQNWÏZZDKDD
VLÆRGPGRPSU]\F]\PPQLHMV]\LQWHUZDRVL•JDQ\E\W\ONRSU]\
:<.25=<67$1,(02%,/1(*26.$1,1*8/$6(52:(*2'2320,$5¯:
241
PD\FKSUÆGNRyFLDFKSU]HMD]GX=DVWRVRZDQHZWHVWDFKV\VWHP\QLHE\\ZVWDQLH
]DSHZQLÂZ\VWDUF]DM•FHMJÆVWRyFLGDQ\FKGODSU]HMD]GX]SUÆGNRyFL•NPK
2NUHyORQDZ\VWDUF]DM•FDJÆVWRyÂR]QDF]DPR›OLZRyÂZ\NU\FLDGHWDOLRUR]PLD
UDFK NLONXFHQW\PHWURZ\FK =DWHP GRFHORZ\ V\VWHP NWÏU\ PD SUDFRZDÂ SU]\
SUÆGNRyFLNPKPXVLZ\NRU]\VW\ZDÂ]DUÏZQRUϛQHNLHUXQNLSURILORZDQLD
MDNLVNDQHU\RZ\›V]HMZ\GDMQRyFL
%LEOLRJUDILD
>@0LNUXW63\ND.7RNDUF]\N56\VWHP\GRSRPLDUXVNUDMQLNR
OHMRZHMtSU]HJO•GLWHQGHQFMHUR]ZRMH$UFKLZXP)RWRJUDPHWULL.DUWR
JUDILLL7HOHGHWHNFML9ROVt
>@6KDQ-7RWK&.7RSRJUDSKLF/DVHU5DQJLQJDQG6FDQQLQJ3ULQ
FLSOHVDQG3URFHVVLQJ&5&3UHVV
>@,QVWUXNFMDRSU]HZR]LHSU]HV\HNQDG]Z\F]DMQ\FK,U3.33ROVNLH/L
QLH.ROHMRZH6$]GQLDZU]HyQLDU]SÏ|Q]P
>@:DUXQNLWHFKQLF]QHXWU]\PDQLDQDZLHU]FKQLQDOLQLDFKNROHMRZ\FK,G
3.33ROVNLH/LQLH.ROHMRZH6$]GQLDPDMDU]SÏ|Q]P
>@0DVWHU3ODQGODWUDQVSRUWXNROHMRZHJRZ3ROVFHGRURNXSU]\MÆW\
XFKZD•5DG\0LQLVWUÏZ]GQLDJUXGQLDU
>@31(1.ROHMQLFWZR6NUDMQLH&]ÆyÂ3RVWDQRZLHQLDRJÏOQH
:\PDJDQLDZVSÏOQHGODLQIUDVWUXNWXU\LSRMD]GÏZV]\QRZ\FK
>@31 (1 .ROHMQLFWZR 6NUDMQLH &]Æy 6NUDMQLD SRMD]GÏZ
V]\QRZ\FK
>@31(1.ROHMQLFWZR6NUDMQLH&]ÆyÂ6NUDMQLHEXGRZOL
>@.DUWD 8,& 3U]HV\NL QDG]Z\F]DMQH t SRVWDQRZLHQLD Z ]DNUH
VLHSURFHVXSODQRZDQLDLREVXJLSU]HZR]ÏZSU]HV\HNQDG]Z\F]DMQ\FK
:\GNZLHFLHÍ
>@.DUWD8,&([FHSWLRQDOFRQVLJQPHQWVt2XWOLQHSURFHGXUH:\G
OLVWRSDG
>@.DUWD8,&t3RMD]G\NROHMRZHtVNUDMQLDSRMD]GÏZt:\GPDM
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
02'(51,=$&-$,1)5$6758.785<.2/(-2:(-
:('8*)2508<'%2
t6=$16$&=<=$*52‹(1,(
-HU]\0DNDD
PJULQ›,QVW\WXW.ROHMQLFWZD:DUV]DZDXO&KRSLFNLHJRWHOHPDLOMPDNDOD#
LNROHMSO
6WUHV]F]HQLH$NWXDOQLHSURZDG]RQDPRGHUQL]DFMDLQIUDVWUXNWXU\NROHMRZHMUHDOL]RZDQD
MHVWZV\VWHPLHdEXGXMrOXEdSURMHNWXMLEXGXMr3R]DNRÍF]HQLXUREÏWLRNUHVXJZDUDQFMLQDVWÆ
SXMHRNUHVHNVSORDWDFMLLXWU]\PDQLDUHDOL]RZDQ\SU]H]SHUVRQHOZDVQ\]DU]•GF\LQIUDVWUXNWXU\
OXE]OHFDQ\SRGPLRWRP]HZQÆWU]Q\PZIRUPLHRGUÆEQ\FKSRVWÆSRZDÍSU]HWDUJRZ\FK:UHIHUDFLH
SU]HGVWDZLRQRNRQFHSFMÆPRGHUQL]DFMLLQIUDVWUXNWXU\NROHMRZHMUHDOL]RZDQHMZHGXJIRUPX\'%2
dSURMHNWXMEXGXMHNVSORDWXMr]DOLF]DQHMGRMHGQHJR]PRGHOLSDUWQHUVWZDSXEOLF]QRtSU\ZDWQH
JR'ODWDNLHJRSU]HGVLÆZ]LÆFLDRNUHyORQRSU]HZLG\ZDQHU\]\ND]DU]•GF\LQIUDVWUXNWXU\LZ\NR
QDZF\
6RZDNOXF]RZHLQIUDVWUXNWXUDNROHMRZDPRGHUQL]DFMDOLQLLNROHMRZ\FKSDUWQHUVWZRSX
EOLF]QRSU\ZDWQH
:SURZDG]HQLH
=EOL›DM•FD VLÆ QRZD SHUVSHNW\ZD ILQDQVRZD 8QLL (XURSHMVNLHM 8( QD ODWD
Ó SU]HZLGXMH SU]H]QDF]HQLH GOD 3ROVNL ]QDF]Q\FK yURGNÏZ ILQDQVR
Z\FKRNPOGHXURQDZVSDUFLHSURMHNWÏZLQZHVW\F\MQ\FK=DVDG\DORNDFML
W\FKyURGNÏZRNUHyORQH]RVWDQ•ZSU]\JRWRZ\ZDQHMSU]H]0LQLVWHUVWZR5R]ZRMX
5HJLRQDOQHJR8PRZLH3DUWQHUVWZD>@:SU]HZLG\ZDQ\PZW\PGRNXPHQFLH
QRZ\P3URJUDPLH2SHUDF\MQ\P,QIUDVWUXNWXUDLkURGRZLVNR32,LkSODQRZDQD
MHVW QD NROHM NZRWD RN POG HXUR 1DWRPLDVW SULRU\WHW\ RUD] RF]HNLZDQH FHOH
Z ]DNUHVLH LQIUDVWUXNWXU\ NROHMRZHM NWÏUH SODQXMH VLÆ RVL•JQ•Â G]LÆNL W\P yURGNRP
RNUHyORQH]RVWD\ZSU]\JRWRZDQHMSU]H]0LQLVWHUVWZR7UDQVSRUWX%XGRZQLFWZDL*R
VSRGDUNL 0RUVNLHM 6WUDWHJLL 5R]ZRMX 7UDQVSRUWX >@ =DNDGD RQD SRGMÆFLH G]LDDÍ
]PLHU]DM•F\FKGRVNUÏFHQLDF]DVXSU]HMD]GXSRGQLHVLHQLDSR]LRPXEH]SLHF]HÍVWZD
L NRPIRUWX SRGUϛRZDQLD RUD] V\VWHPDW\F]QHJR ZGUD›DQLD LQWHURSHUDF\MQRyFL
2VL•JQLÆWHPDWR]RVWDÂG]LÆNLLQZHVW\FMRPZ]DNUHVLH
PRGHUQL]DFML L UHZLWDOL]DFML LVWQLHM•F\FK OLQLL NROHMRZ\FK Z U ZLÆN
V]RyÂVLHFLPDE\ÂZVWDQLHGREU\PZ\PDJDM•F\PMHG\QLHNRQVHUZDFML
&KFąGDüQDNROHMPLOLDUGDHXUR5\QHN.ROHMRZ\UKWWSZZZU\QHNNROHMRZ\SO
FKFDBGDFBQDBNROHMBBBPLOLDUGDBHXURKWP
0DNDD-
244
PRGHUQL]DFML UHZLWDOL]DFML L UR]EXGRZLH QRZH OLQLH OXE QRZH WRU\ SDU\
WRUÏZOLQLLNROHMRZ\FKZREV]DUDFKIXQNFMRQDOQ\FKPLDVW
EXGRZ\V\VWHPÏZVWHURZDQLDQDOLQLDFKRPD\PLyUHGQLPQDWƛHQLXUX
FKHP
VWRSQLRZHZGUD›DQLH(XURSHMVNLHJR6\VWHPX=DU]•G]DQLD5XFKHP.ROHMR
Z\P(5706
:FHOXZDyFLZHJR UR]SODQRZDQLD LZ]DMHPQHJRSRZL•]DQLD]DGDÍLQZHVW\
F\MQ\FKLXWU]\PDQLRZ\FK]DNDGDVLÆSU]HMyFLHQDZLHOROHWQLV\VWHPILQDQVRZDQLD
LQIUDVWUXNWXU\]HyURGNÏZSXEOLF]Q\FKRUD]UR]JUDQLF]HQLHNZHVWLLILQDQVRZDQLD
LQZHVW\FMLLQIUDVWUXNWXUDOQ\FKRGSÏ|QLHMV]HJRMHMXWU]\PDQLD
: SURMHNFLH GRNXPHQWX LPSOHPHQWDF\MQHJR >@ ]DSODQRZDQR UHDOL]DFMÆ SURMHNWÏZNROHMRZ\FKZW\PEXGRZ\QRZHMLQIUDVWUXNWXU\PRGHUQL]DFML
RUD]UHKDELOLWDFMLLVWQLHM•FHMLQIUDVWUXNWXU\
3URMHNW\EXGRZ\OXEPRGHUQL]DFMLREHMPXM•]D]Z\F]DMURERW\ZHZV]\VWNLFK
SRGV\VWHPDFKVWUXNWXUDOQ\FKV\VWHPXNROHLWMZSRGV\VWHPLHd,QIUDVWUXNWXUDr
d6WHURZDQLHr L d(QHUJLDr NWÏUHM HIHNWHP ILQDOQ\P PD E\Â EXGRZD QRZHM OLQLL
VSHQLDM•FHMRERZL•]XM•FHZ\PDJDQLD]DVDGQLF]HOXESROHSV]HQLHSDUDPHWUÏZHNV
SORDWDF\MQ\FKOLQLLSRGQLHVLHQLHEH]SLHF]HÍVWZDRUD]]DSHZQLHQLHLQWHURSHUDF\M
QRyFLQD]PRGHUQL]RZDQ\FKRGFLQNDFKOLQLL
1RZDSHUVSHNW\ZDILQDQVRZD8(RUD]SODQRZDQHGRUHDOL]DFMLQRZHSURMHNW\
LQZHVW\F\MQHZLQIUDVWUXNWXUÆNROHMRZ•VWZDU]DM•GRJRGQ•RND]MÆGR]DVWDQRZLH
QLDVLÆQDGQRZ\PLPR›OLZRyFLDPLLFKUHDOL]DFML-HGQ•]WDNLFKSURSR]\FMLSUH]HQ
WXMHQLQLHMV]\DUW\NX
0RGHUQL]DFMDLQIUDVWUXNWXU\NROHMRZHM
3URZDG]RQD DNWXDOQLH PRGHUQL]DFMD LQIUDVWUXNWXU\ NROHMRZHM ZL•›H VLÆ ] ]D
VDGQLF]•SU]HEXGRZ•DQDMF]ÆyFLHM]EXGRZ•QRZ\FKRELHNWÏZGURJLNROHMRZHM
RELHNWÏZLQ›\QLHU\MQ\FKLPRVWRZ\FKQRZHMJHQHUDFMLV\VWHPÏZVWHURZDQLDLNLH
URZDQLDUXFKHPNROHMRZ\PQRZ\FKXNDGÏZ]DVLODQLDLVLHFLWUDNF\MQHMRUD]VSH
QLHQLDSU]H]]PRGHUQL]RZDQ•OLQLÆZ\PDJDÍLQWHURSHUDF\MQRyFLV\VWHPXNROHL
3RV]F]HJÏOQHSURMHNW\UHDOL]RZDQHV•]DVDGQLF]RZHGXJGZÏFKSRGVWDZRZ\FK
VFKHPDWÏZ
]DPDZLDM•F\RGUÆEQLH]OHFDRSUDFRZDQLHGRNXPHQWDFMLSURMHNWRZHMLZ\NR
QDQLHUREÏWEXGRZODQ\FKSU]\F]\PZ\NRQDZFDUREÏWVSRU]•G]DUÏZQLH›
GRNXPHQWDFMÆ SRZ\NRQDZF]• UHDOL]DFMD UREÏW EXGRZODQ\FK Z V\VWHPLH
dEXGXMr
]DPDZLDM•F\ZUDPDFKMHGQHJRSRVWÆSRZDQLD]OHFDRSUDFRZDQLHGRNXPHQ
WDFMLSURMHNWRZHMRUD]Z\NRQDQLHQDMHMSRGVWDZLHUREÏWEXGRZODQ\FKUH
DOL]DFMDUREÏWEXGRZODQ\FKZV\VWHPLHdSURMHNWXMLEXGXMr
8PRZ\QDZ\NRQDQLHSU]HGPLRWX]DPÏZLHQLDV•ZFDRyFLRSUDFRZDQHSU]H]
]DPDZLDM•FHJR Z]JOÆGQLH SU]\JRWRZDQH V• Z RSDUFLX R ZDUXQNL NRQWUDNWRZH
02'(51,=$&-$,1)5$6758.785<.2/(-2:(-:('8*)2508<'%2
245
),',&tSROVNLHWXPDF]HQLDDQJLHOVNLFKZHUVMLSLHUZV]HJRZ\GDQLD]URNX
ZDUXQNÏZNRQWUDNWRZ\FK
d:DUXQNLNRQWUDNWRZHGODEXGRZ\GODUREÏWLQ›\QLHU\MQREXGRZODQ\FK
SURMHNWRZDQ\FKSU]H]=DPDZLDM•FHJRrW]Zd&]HUZRQD.VL•›NDrGODSUR
MHNWÏZUHDOL]RZDQ\FKZV\VWHPLHdEXGXMr
d:DUXQNLNRQWUDNWRZHGODXU]•G]HÍRUD]SURMHNWRZDQLDLEXGRZ\GODXU]•
G]HÍHOHNWU\F]Q\FKLPHFKDQLF]Q\FKRUD]UREÏWLQ›\QLHU\MQ\FKLEXGRZOD
Q\FKSURMHNWRZDQ\FKSU]H]:\NRQDZFÆrW]Zd‹ÏWD.VL•›NDrGODSUR
MHNWÏZUHDOL]RZDQ\FKZV\VWHPLHdSURMHNWXMLEXGXMr
5HDOL]DFMDNRQWUDNWXMHVWQDG]RURZDQDLUR]OLF]DQDSU]H],Q›\QLHUDtQLH]DOH›
Q\SRGPLRWZ\ELHUDQ\ZRGUÆEQ\PSRVWÆSRZDQLXSU]HWDUJRZ\POXEZDVQ\FK
LQVSHNWRUÏZQDG]RUX
3R]DNRÍF]HQLXUREÏWPRGHUQL]DF\MQ\FKRUD]SU]HMÆFLXLFKSU]H]]DPDZLDM•FH
JRQDVWÆSXMHUÏZQRF]HyQLHUR]SRF]ÆFLHHNVSORDWDFMLLRNUHVJZDUDQF\MQ\]JDV]D
QLDZDGGODSURFHGXURSDUW\FKQD),',&
3U]HELHJUHDOL]DFMLSURMHNWXPRGHUQL]DFMLLQIUDVWUXNWXU\NROHMRZHMSU]HGVWDZLR
QRVFKHPDW\F]QLHQDU\V
5\V0RGHUQL]DFMDLQIUDVWUXNWXU\NROHMRZHMZV\VWHPLH$dEXGXMr%dSURMHNWXMLEXGXMr
246
0DNDD-
1DU\V$SU]HGVWDZLRQRVFKHPDW\F]QLHSU]HELHJUHDOL]DFMLSURMHNWXPRGHUQL
]DFMLZV\VWHPLHdEXGXMr3RSRGMÆFLXGHF\]MLRUHDOL]DFMLGDQHJRSU]HGVLÆZ]LÆFLD
Z FHOX Z\NRQDQLD ]DSODQRZDQ\FK UREÏW EXGRZODQ\FK ]DU]•GFD LQIUDVWUXNWXU\
MDNR]DPDZLDM•F\PXVLSU]\JRWRZDÂPDWHULD\SU]HWDUJRZHLSU]HSURZDG]LÂWU]\
SRVWÆSRZDQLDZFHOXZ\ERUXZ\NRQDZF\GRNXPHQWDFMLSURMHNWRZHMtSRVWÆSR
ZDQLH3Z\NRQDZF\UREÏWEXGRZODQ\FKtSRVWÆSRZDQLH3L,Q›\QLHUDtSRVWÆ
SRZDQLH31SU]\F]\PSRVWÆSRZDQLH3PR›HE\ÂSU]HSURZDG]RQHSRSU]\MÆFLX
]OHFRQHMZF]HyQLHMGRNXPHQWDFMLSURMHNWRZHM1DHWDSLHUHDOL]DFMLUREÏWEXGRZ
ODQ\FK ]DPDZLDM•F\ SRQRVL U\]\NR ZDyFLZHM MDNRyFL GRVWDUF]RQHM GRNXPHQWDFML
SURMHNWRZHMRUD]U\]\NR]DNRÍF]HQLDRNUHVXJZDUDQFMLLUÆNRMPLQDGRNXPHQWDFMÆ
SU]HG]DNRÍF]HQLHPLSU]HMÆFLHPUREÏWEXGRZODQ\FK
1D U\V % SU]HGVWDZLRQ\ ]RVWD VFKHPDW SU]HELHJX UHDOL]DFML SURMHNWX PR
GHUQL]DFMLZV\VWHPLHdSURMHNWXMLEXGXMr:W\PSU]\SDGNXZUDPDFKMHGQHJR
SRVWÆSRZDQLD SU]HWDUJRZHJR Z\DQLDQ\ MHVW Z\NRQDZFD ]DUÏZQR GRNXPHQWDFML
SURMHNWRZHMMDNLUREÏWEXGRZODQ\FK8QLNDVLÆZWHQVSRVÏEMHGQHJRSRVWÆSR
ZDQLDSU]HWDUJRZHJR3VNUDFDF]DVUHDOL]DFMLSU]HGVLÆZ]LÆFLDXQLNDVSRUÏZQD
OLQLL ]DPDZLDM•F\ t Z\NRQDZFD UREÏW EXGRZODQ\FK GRW\F]•F\FK MDNRyFL GRNX
PHQWDFMLD]DPDZLDM•F\SU]HU]XFDQDZ\NRQDZFÆU\]\NRMDNRyFLLWHUPLQRZRyFL
Z\NRQDQLDGRNXPHQWDFML
3R RGELRU]H SRJZDUDQF\MQ\P L SHQ\P SU]HMÆFLX ]PRGHUQL]RZDQHM SRZVWD
HMLQIUDVWUXNWXU\SU]H]MHMZDyFLFLHODZDyFLZ•MHGQRVWNÆRUJDQL]DF\MQ•]DU]•GF\
LQIUDVWUXNWXU\UR]SRF]\QDVLÆZLHOROHWQLSURFHVMHMXWU]\PDQLDNRQVHUZDFMLLXVX
ZDQLDSRZVWD\FKDZDULLRUD]HZHQWXDOQHMRGQRZ\Z]JOÆGQLHSRQRZQHMPRGHUQL
]DFML1DU\VRNUHVWHQSU]HGVWDZLDVFKHPDW\F]QLHRZDONWÏU\MHVWQLH]DOH›Q\RG
VSRVREXSURZDG]HQLDSURFHVXLQZHVW\F\MQHJR
5RERW\WHSURZDG]RQHV•]D]Z\F]DMSU]H]ZDVQ\SHUVRQHOREVXJLWHFKQLF]
QHM:RVWDWQLPF]DVLHPLD\PLHMVFHUÏZQLH›SRVWÆSRZDQLDSU]HWDUJRZHZFHOX
]OHFHQLDXWU]\PDQLDLQIUDVWUXNWXU\SRGPLRWRP]HZQÆWU]Q\P:W\PSU]\SDG
NXQLH]EÆGQHMHVWSU]\JRWRZDQLHSU]H]]DU]•GFÆLQIUDVWUXNWXU\PDWHULDÏZSU]H
WDUJRZ\FKLSU]HSURZDG]HQLHSRVWÆSRZDQLDSU]HWDUJRZHJR3L1DUD]LHRNUHV
WUZDQLDXPRZ\QLHSU]HNUDF]DURNXFRZV]HUHJXSU]\SDGNDFK]DSHZQLDW\ONR
MHGQRNURWQHSU]HSURZDG]HQLHSU]HJO•GXOXENRQWUROL1LHPR›QDUÏZQLH›Z\
NOXF]\›HSRVWÆSRZDQLHZ\JUDSURGXFHQWXU]•G]HÍNWÏU\ZF]HyQLHMUHDOL]RZD
URERW\ EXGRZODQH 3R ]DNRÍF]HQLX XPRZ\ QDVWÆSXMH SRQRZQH SU]HMÆFLH RER
ZL•]NXXWU]\PDQLDLQIUDVWUXNWXU\32=GRF]DVXSRQRZQHJRSRGMÆFLDGHF\]ML
F]\ZGDOV]\PFL•JX]OHFDÂXWU]\PDQLHSRGPLRWRP]HZQÆWU]Q\PF]\SRZUÏFLÂ
GR XWU]\PDQLD SU]H] ZDVQ\ SHUVRQHO dFR GDOHMr = XZDJL QD NUÏWNLH RNUHV\
RERZL•]\ZDQLDXPÏZSURFHGXUDSU]HWDUJRZDPR›HE\ÂSRZWDU]DQDZLHORNURW
QLHL eNSU]\F]\PLVWQLHMHU\]\NRL›NROHMQHSU]HWDUJLEÆG•Z\JU\ZD
OL UϛQL Z\NRQDZF\ FR PR›H QLHNRU]\VWQLH RGEL VLÆ QD MDNRyFL yZLDGF]RQ\FK
XVXJ
3U]\NáDGRZR VHUZLV XU]ąG]HĔ ]DEXGRZDQ\FK QD SU]HMD]GDFK NROHMRZ\FK QU SRVWĊSRZDQLD ,=$
73 XWU]\PDQLH XU]ąG]HĔ WHOHZL]ML XĪ\WNRZHM QU SRVWĊSRZDQLD ,=(.3
OXEZ\NRQDQLHXVáXJL VHUZLVRZHM XWU]\PDQLDXU]ąG]HĔ'6$7QUSRVWĊSRZDQLD,=(.3
02'(51,=$&-$,1)5$6758.785<.2/(-2:(-:('8*)2508<'%2
247
:LHORNURWQH]OHFDQLHF]\QQRyFLXWU]\PDQLDSRGPLRWRP]HZQÆWU]Q\PZ\R
QLRQ\PZNROHMQRQDVWÆSXM•F\FKSRVRELHSU]HWDUJDFKRUD]U\]\ND]W\P]ZL•]D
QHPRJ•VWDQRZLÂLPSXOVGRSRV]XNLZDQLDPR›OLZRyFLREMÆFLDMHGQ\PNRQWUDN
WHPZV]\VWNLFKUREÏWSURMHNWRZ\FKEXGRZODQ\FKLXWU]\PDQLRZ\FKZ\PDJD
Q\FKGRZ\NRQDQLDZFD\PF\NOX›\FLDPRGHUQL]RZDQHMLQIUDVWUXNWXU\3RZ\›V]H
UR]ZD›DQLD QDOH›DRE\ UÏZQLH› SU]HSURZDG]L SU]\ UHDOL]DFMLSURMHNWÏZ EXGRZ\
QRZHMLQIUDVWUXNWXU\
)RUPXD'%2
)RUPXD'%2VWDQRZLMHGQ•]PR›OLZ\FKIRUPUHDOL]DFMLSURMHNWXLQZHVW\
F\MQHJRZJNWÏUHM]DPDZLDM•F\SRGPLRWSXEOLF]Q\QDSRGVWDZLHMHGQHMXPR
Z\ ]DZDUWHM ] MHGQ\P Z\NRQDZF• SRGPLRWHP SU\ZDWQ\P ]OHFD Z\NRQDQLH
SURMHNWXUREÏWEXGRZODQ\FKZRSDUFLXRZ\NRQDQ\SURMHNWDQDVWÆSQLHHNV
SORDWDFMÆ XWU]\PDQLH NRQVHUZDFMÆ SRZVWDHM LQIUDVWUXNWXU\ Z RNUHyORQ\P
GX›V]\P RNUHVLH F]DVX ,QIUDVWUXNWXUD SRZVWDD Z Z\QLNX UHDOL]DFML SU]HGVLÆ
Z]LÆFLDSU]H]FD\RNUHV›\FLDSURMHNWXZRNUHVLHWUZDQLDXPRZ\'%2LSRMHM
]DNRÍF]HQLX SR]RVWDMH ZDVQRyFL• SRGPLRWX SXEOLF]QHJR ]DPDZLDM•FHJR 3R
]DNRÍF]HQLX XPRZ\ SRGPLRW SU\ZDWQ\ SU]HND]XMH SRGPLRWRZL SXEOLF]QHPX
MHMHNVSORDWDFMÆ
1D]ZDIRUPX\SRFKRG]LRGDQJLHOVNLFKVÏZ'HVLJQt%XLOGt2SHUDWHFR
MHVWWXPDF]RQHQDMÆ]\NSROVNLMDNR=DSURMHNWXMt:\EXGXMt(NVSORDWXM
6]F]HJϏRZDDQDOL]DPR›OLZRyFL]DVWRVRZDQLDWHMIRUPX\GRUHDOL]DFMLSURMHNWÏZ
LQIUDVWUXNWXUDOQ\FKZUDPDFKELH›•FHMSHUVSHNW\Z\ILQDQVRZHM8(GRNRQDQD]RVWDD
Z SUDFDFK KRU\]RQWDOQ\FK -$63(56 > @ 2EHMPXMH RQD ]DJDGQLHQLD GR
W\F]•FH Z\ERUX Z\NRQDZF\ VSRVREX ILQDQVRZDQLD SR]\VNLZDQLD GRWDFML 8(
DORNDFMLU\]\ND
:\EÏUZ\NRQDZF\PR›H]RVWDÂGRNRQDQ\QDSRGVWDZLHND›GHMSUDZQLHGR
VWÆSQHMSURFHGXU\SU]HWDUJRZHMZW\PZRSDUFLXRRERZL•]XM•FHSUDZR]DPÏ
ZLHÍ SXEOLF]Q\FK =DNDGD VLÆ SU]\ W\P ›H RIHUWD Z\NRQDZF\ Z\EUDQHJR GR
UHDOL]DFMLGDQHJRSU]HGVLÆZ]LÆFLDEÆG]LHFKDUDNWHU\]RZDDVLÆ]RSW\PDOL]RZDQ•
UHODFM•SRPLÆG]\NRV]WDPLSURMHNWXLEXGRZ\DFDNRZLW\PLNRV]WDPLRNUHVX
HNVSORDWDFML :\NRQDZFD QLH EÆG]LH PLD ERZLHP PRW\ZDFML GR VSRU]•G]HQLD
ZDGOLZHMLVDEHMMDNRyFLGRNXPHQWDFMLWHFKQLF]QHMRUD]]DQL›DQLDNRV]WÏZLMD
NRyFLZ\NRQ\ZDQ\FKUREÏWEXGRZODQ\FKJG\›PR›HWRQHJDW\ZQLHRGELÂVLÆ
ZRNUHVLHHNVSORDWDFML]DNWÏU•EÆG]LHRGSRZLHG]LDOQ\>@
)LQDQVRZDQLHSU]HGVLÆZ]LÆFLDUHDOL]RZDQHMHVWFDNRZLFLHSU]H]]DPDZLDM•FH
JR]HyURGNÏZSXEOLF]Q\FK0R›OLZHMHVWSR]\VNLZDQLHGRWDFML]8(
,QLFMDW\ZD -$63(56 ZVSyOQH ZVSDUFLH GOD SURMHNWyZ Z HXURSHMVNLFK UHJLRQDFK -RLQW $VVLVWDQFH WR
6XSSRUW3URMHFWVLQ(XURSHDQ5HJLRQVXWZRU]RQDSU]H](XURSHMVNL%DQN,QZHVW\F\MQ\(%,(XURSHMVNL
%DQN2GEXGRZ\L5R]ZRMX(%2L5.UHGLWDQVWDOWIU:LHGHUDXIEDXL.RPLVMĊ(XURSHMVNą:VSDUFLHGR
W\F]\GXĪ\FKSURMHNWyZSRZ\ĪHMPOQHXURLPDFKDUDNWHUGRUDGF]\
248
0DNDD-
2EHFQLH Z ]DNUHVLH LQIUDVWUXNWXU\ NROHMRZHM UHDOL]RZDQ\ MHVW Z +LV]SDQLL
SURMHNWREHMPXM•F\RSUDFRZDQLHGRNXPHQWDFMLZ\NRQDQLHUREÏWEXGRZODQ\FK
RUD]XWU]\PDQLHLNRQVHUZDFMÆV\JQDOL]DFMLRUD]V\VWHPÏZWHOHNRPXQLNDF\MQ\FK
QDOLQLL$OEDFHWHt$OLFDQWHNWÏUDMHVWF]ÆyFL•OLQLLGX›\FKSUÆGNRyFL0DGU\Wt
$OLFDQWH:3ROVFH]DU]•GFDLQIUDVWUXNWXU\NROHMRZHMQLHSRGM•MHV]F]HSUÏE\
UHDOL]DFMLSURMHNWXZJWHMIRUPX\
6DPD IRUPXD '%2 ]DNZDOLILNRZDQD ]RVWDD SU]H] -$63(56 > @ GR
MHGQHJR]F]WHUHFKPRGHOLSDUWQHUVWZDSXEOLF]QRtSU\ZDWQHJR333
:WUDNFLHSU]\JRWRZ\ZDQLD]DR›HÍSROLW\NLVSÏMQRyFLQDODWD
RUJDQ\ RSLQLRWZÏUF]H 8( > @ ]DSURSRQRZD\ ZSURZDG]HQLH V]HUHJX
]PLDQGRW\F]•F\FKSURMHNWÏZ333DPLÆG]\LQQ\PL
X]QDQLHV]F]HJÏOQHMVSHF\ILNL333SRSU]H]]DSHZQLHQLHSU\PDWXSU]HSL
VÏZGODWHJRWU\EXQDGSU]HSLVDPLRFKDUDNWHU]HRJÏOQ\P
ZSURZDG]HQLHGRUR]SRU]•G]HQLDRJÏOQHJRGHILQLFML333
]DSHZQLHQLH ›H EHQHILFMHQWHP SURMHNWX PR›H E\ SRGPLRW SXEOLF]Q\
OXESRGPLRWSU\ZDWQ\
]DSHZQLHQLHPR›OLZRyFL]PLDQ\EHQHILFMHQWDZWUDNFLHUHDOL]DFMLSURMHN
WXEH]XV]F]HUENXGODSU]HSLVÏZGRW\F]•F\FKWUZDRyFL
X]QDQLH NZDOLILNRZDOQRyFL Z\GDWNÏZ Z SU]\SDGNX ZSDW\ UHIXQGDFML
8(QDUDFKXQHNSRZLHUQLF]\MHyOLNRQWUDNW333SU]HZLGXMHSRQRV]HQLH
SU]H]SRGPLRWSXEOLF]Q\RSDW]DGRVWÆSQRyÂUR]R›RQ\FKZID]LHRSH
UDF\MQHM SURMHNWX WM SR ]DNRÍF]HQLX RNUHVX NZDOLILNRZDOQRyFL Z\GDW
NÏZ
=PLDQ\WHSRZLQQ\VLÆSU]\F]\QLÂGRSRGQLHVLHQLDDWUDNF\MQRyFLUHDOL]DFML
SURMHNWÏZ333
%XGRZDOXEPRGHUQL]DFMDLQIUDVWUXNWXU\NROHMRZHMZJIRUPX\'%2
-DN MX› ZVSRPQLDQR Z\›HM G]LDDQLD SRGHMPRZDQH SU]H] ]DU]•GFÆ LQIUD
VWUXNWXU\SU]HND]\ZDQLDF]\QQRyFLXWU]\PDQLDLQIUDVWUXNWXU\SU]H]SRGPLR
W\ ]HZQÆWU]QH Z\RQLRQH Z GURG]H SU]HWDUJX SR SRSU]HGQLR ]DNRÍF]RQ\FK
NRQWUDNWDFKNRQWUDNFLHQDSURMHNWRZDQLHRUD]EXGRZÆVXJHUXM•UR]ZD›HQLH
NRQFHSFMLREMÆFLDMHGQ\PNRQWUDNWHPZV]\VWNLFKUREÏWZ\PDJDQ\FKGRZ\
NRQDQLDZFD\PF\NOX›\FLDEXGRZDQHMOXEPRGHUQL]RZDQHMLQIUDVWUXNWXU\
5R]ZL•]DQLHPWDNLPPR›HE\ÂUHDOL]DFMDSURMHNWÏZLQIUDVWUXNWXUDOQ\FK]]D
VWRVRZDQLHPIRUPX\'%2
6FKHPDW\F]QLHSU]HELHJUHDOL]DFMLWDNLHJRSURMHNWXSU]HGVWDZLRQRQDU\V
:V]\VWNLHGRW\FKF]DVRZHSRVWÆSRZDQLDLSURFHV\RSLVDQHQDU\VXQNXNROR
UHPV]DU\P]DVW•SLRQH]RVWD\MHGQ\P
+LV]SDQLD POQ HXUR QD V\JQDOL]DFMĊ OLQLL$OEDFHWH ±$OLFDQWH 5\QHN .ROHMRZ\ U KWWS
ZZZU\QHNNROHMRZ\SO+LV]SDQLDBBPOQBHXURBQDBV\JQDOL]DFMHBOLQLLB$OEDFHWHBB$OLFDQWHKWP
02'(51,=$&-$,1)5$6758.785<.2/(-2:(-:('8*)2508<'%2
249
5\V%XGRZDOXEPRGHUQL]DFMDLQIUDVWUXNWXU\NROHMRZHMZHGXJIRUPX\'%2
5HDOL]DFMÆ SU]HGVLÆZ]LÆFLD ]JRGQLH IRUPX• '%2 PR›QD VFKDUDNWHU\]RZDÂ
QDVWÆSXM•FR
=DPDZLDM•F\ Z UDPDFK W\ONR MHGQHJR SRVWÆSRZDQLD SU]HWDUJRZHJR Z\
ELHUDW\ONRMHGQHJRZ\NRQDZFÆRGSRZLHG]LDOQHJR]DZ\NRQDQLHZV]\VW
NLFK UREÏW SURMHNWRZDQLD EXGRZ\ REVXJL WHFKQLF]QHM L XWU]\PDQLD
ZGX›V]\PRNUHVLHF]DVX3R]DNRÍF]HQLXFDHJRNRQWUDNWXHNVSORDWDFMD
LQIUDVWUXNWXU\SU]HND]\ZDQDMHVW]DPDZLDM•FHPXNWÏU\SRGHMPXMHGHF\]MH
RGDOV]\PVSRVRELHNRU]\VWDQLD]QLHM
:UDPDFKPRGHUQL]DFMLSRZVWDM•]D]Z\F]DMQRZHDZUDPDFKEXGRZ\]D
ZV]HQRZHRELHNW\LXU]•G]HQLDNWÏUHQLHV•REDUF]RQHZF]HyQLHMV]\PQLH
]DZV]HSHQ\PSURFHVHPXWU]\PDQLDLXPR›OLZLDM•Z\NRQDZF\SU]\MÆFLH
SHQHMRGSRZLHG]LDOQRyFL]DZ\PDJDQHUH›LP\XWU]\PDQLDSRZVWDHMLQIUD
VWUXNWXU\
250
0DNDD-
3RZVWDD LQIUDVWUXNWXUD SU]H] FD\ F]DV SR]RVWDMH ZDVQRyFL• ]DU]•GF\ LQ
IUDVWUXNWXU\]DPDZLDM•FHJRFRXPR›OLZLDPXMHMX›\WNRZDQLHZ]DNUHVLH
VZRMHM SRGVWDZRZHM G]LDDOQRyFL F]\OL FL•JHJR L EH]SLHF]QHJR SURZDG]H
QLDUXFKXNROHMRZHJRZUD]]REVXJ•ZV]\VWNLFKQLH]EÆGQ\FKGRWHJRFHOX
XU]•G]HÍ
=DPDZLDM•F\PR›HRF]HNLZD›HRIHURZDQDFHQD]RVWDD]RSW\PDOL]RZDQD
GODFDHJRRNUHVXNRQWUDNWXDSURMHNWLURERW\EXGRZODQH]RVWDQ•Z\NRQD
QH]QDOH›\W•VWDUDQQRyFL•EH]]DQL›DQLDMDNRyFLSRZVWDHMLQIUDVWUXNWXU\]D
REVXJÆNWÏUHMZ\NRQDZFDEÆG]LHSU]H]GX›V]\RNUHVRGSRZLDGD
=DPDZLDM•F\ILQDQVXMHFDHSU]HGVLÆZ]LÆFLH]HyURGNÏZSXEOLF]Q\FK:FHOX
UHDOL]DFMLXPRZ\SRZLQLHQRQ]DSHZQLÂVRELHGXJRWHUPLQRZ\GRVWÆSGR
yURGNÏZ ILQDQVRZ\FK ]ZDV]F]D SU]H]QDF]RQ\FK QD ILQDQVRZDQLH RNUHVX
HNVSORDWDFMLQSSRSU]H]NRQWUDNW\ZLHOROHWQLHQDXWU]\PDQLHLQIUDVWUXN
WXU\-HGQRF]HyQLHPR›HXELHJDÂVLÆRX]\VNDQLHGRILQDQVRZDQLD]8(QD
RJÏOQ\FK ]DVDGDFK RERZL•]XM•F\FK Z GDQHM SHUVSHNW\ZLH ILQDQVRZHM GOD
GDQHJRURG]DMXUHDOL]RZDQ\FKSURMHNWÏZ
,VWRWQ• WUXGQRyFL• PR›H RND]D VLÆ SU]\JRWRZDQLH SHQ\FK L NRPSOHNVR
Z\FK PDWHULDÏZ SU]HWDUJRZ\FK ]ZDV]F]D SU]\ UHDOL]DFML SLHUZV]\FK
SURMHNWÏZ]DZLHUDM•F\FKZ\PDJDQLDLVWDQGDUG\]DPDZLDM•FHJRQDRNUHV
REVXJLJZDUDQWXM•FHEH]SLHF]QHSURZDG]HQLHUXFKX]DSHZQLDM•FHXVXQLÆ
FLH XVWHUHN L QDSUDZÆ LQIUDVWUXNWXU\ SR QLHSU]HZLG]LDQ\FK Z\GDU]HQLDFK
ZDNFHSWRZDOQ\PSU]HG]LDOHF]DVXRNUHyODM•FH]DVDG\ZVSϏSUDF\SHUVRQH
OX]DU]•GF\LQIUDVWUXNWXU\LSHUVRQHOXZ\NRQDZF\RUD]RNUHyODM•FH]DVDG\
PRQLWRULQJXNRQWUROLLUHVWU\NFML]DQLHGRWU]\P\ZDQLHZDUXQNÏZXPRZ\
3RPRFZSU]\JRWRZDQLXZDUXQNÏZNRQWUDNWXPR›HVWDQRZLÂd=RWD.VL•›
NDr),',&:W\PSU]\SDGNXFL•›•F\QDZ\NRQDZF\RERZL•]HNX]JRG
QLHQLD]]DPDZLDM•F\PSODQXREVXJLLNRQVHUZDFMLRUD]X]\VNDQLDSR]ZR
OHQLDQDREVXJÆJZDUDQWXM•]DU]•GF\LQIUDVWUXNWXU\VSHQLHQLHZV]\VWNLFK
Z\PDJDÍ HNVSORDWDF\MQ\FK RNUHyORQ\FK Z PDWHULDDFK SU]HWDUJRZ\FK
1DWRPLDVW PR›OLZRy ]PLDQ\ SU]HGVWDZLFLHOD ]DPDZLDM•FHJR Z RNUHVLH
WUZDQLDXPRZ\]DSHZQLD]DU]•GF\LQIUDVWUXNWXU\Z\]QDF]HQLHGRSHQLHQLD
WHMIXQNFMLRVÏEIL]\F]Q\FKLSUDZQ\FKQDMEDUG]LHMSUHG\VSRQRZDQ\FKQD
GDQ\PHWDSLHUHDOL]DFMLSURMHNWX
5HDOL]DFMDXPRZ\ZRNUHVLHHNVSORDWDFMLVWDQRZL•FDSRGVWDZÆGRNRQDQLD
SDWQRyFLXPRZQ\FKZ\PDJDRGSHUVRQHOX]DPDZLDM•FHJRVWDHJRPRQL
WRULQJXG]LDDÍZ\NRQDZF\ZFHOXNRQWUROLLRFHQ\VSHQLDQLDSRVWDZLRQ\FK
Z\PDJDÍRUD]FL•JHJR]DSHZQLHQLDZ\PDJDQ\FKSDUDPHWUÏZHNVSORDWD
F\MQ\FKXWU]\P\ZDQHMLQIUDVWUXNWXU\
:DUXQNL .RQWUDNWRZH ),',& GOD SURMHNWRZDQLD EXGRZ\ L REVáXJL 6,'L5 :DUV]DZD U HG\FMD
SLHUZV]HZ\GDQLHSROVNLHWáXPDF]HQLHSLHUZV]HJRZ\GDQLDDQJLHOVNLHJR),',&
02'(51,=$&-$,1)5$6758.785<.2/(-2:(-:('8*)2508<'%2
251
5\]\NDUHDOL]DFMLSURMHNWÏZZJIRUPX\'%2
:\ELHUDM•FIRUPXÆ'%2ZLÆNV]RyÂU\]\NSU]HQLHVLRQD]RVWDMHQDZ\NRQDZ
FÆNRQWUDNWX$QDOL]DRERZL•]XM•FHJRSUDZDXQLMQHJRZDUXQNLUHDOL]DFMLLX]\
VNDQH UH]XOWDW\ Z\EUDQ\FK NRQWUDNWÏZ '%2 SR]ZROL\ Z\VSHF\ILNRZD SRG
VWDZRZHURG]DMHU\]\NDRUD]RNUHyOLÂLFKSRG]LDPLÆG]\SDUWQHUDSXEOLF]QHJR
LSU\ZDWQHJR>@$ORNDFMÆ]DVDGQLF]\FKU\]\NIRUPX\'%2SU]HGVWDZLRQR
ZWDEHOL
7DEHOD3RG]LDU\]\NDZIRUPXOH'%2
Rodzaj ryzyka
=DU]ąGFDLQIUDVWUXNWXU\
3RGPLRWSU\ZDWQ\
5\]\NRWHFKQRORJLF]QH
X
5\]\NR]ZLą]DQH]]DZDUWRĞFLąNRĔFRZą
X
5\]\NR]ZLą]DQH]SODQRZDQLHP
X
5\]\NRRSHUDF\MQH
[X]
X
5\]\NR]ZLą]DQH]HNVSORDWDFMą
X
5\]\NRSUDZQHL]ZLą]DQH]SROLW\Ną
X
[X]
5\]\NR]ZLą]DQH]HVWRVXQNDPLSU]HP\VáRZ\PL
X
5\]\NR]ZLą]DQH]VLáąZ\ĪV]ą
X
5\]\NR¿QDQVRZH
X
5\]\NRĞURGRZLVNRZH
X
5\]\NR]ZLą]DQH]SURMHNWHP
X
5\]\NR]ZLą]DQH]SRS\WHP
[X]
5\]\NR]ZLą]DQH]EXGRZą
X
5\]\NR]ZLą]DQH]]DPyZLHQLHP
X
5\]\NR]ZLą]DQH]GRVWĊSQRĞFLą
X
;tDORNDFMDU\]\NDZRSUDFRZDQLX|UÏGRZ\P>;@t]PLDQDDORNDFMLU\]\NDZVWRVXQNXGRRSUDFRZDQLD|UÏGRZHJR
nUÏGR2SUDFRZDQLHZDVQHQDSRGVWDZLH-DVSHUV>@
:SURMHNWDFKLQIUDVWUXNWXU\NROHMRZHMQDOH›\EUDÂSRGXZDJÆPR›OLZRyÂSRMD
ZLHQLDVLÆ]PLDQZDORNDFMLU\]\NDZ\QLNDM•F•]QDVWÆSXM•F\FKSU]HVDQHN
U\]\NR]ZL•]DQH]SRS\WHPt]GX›•GR]•SUDZGRSRGRELHÍVWZDPR›QD
SU]\SXV]F]D›HQLHEÆG]LHRQRPLDRPLHMVFDJG\›LQIUDVWUXNWXUDNROHMR
ZD]JRGQLH]Z\PDJDQLDPLSUDZDRUD]ZFHOX]DSHZQLHQLDEH]SLHF]HÍVWZD
UXFKX]JRGQLH]RSUDFRZDQ\PL]DWZLHUG]RQ\PLLZGUR›RQ\PLLQVWUXNFMD
PLXWU]\PDQLDZ\PDJDF\NOLF]Q\FKLSRZWDU]DOQ\FKSUDFZ]DNUHVLHXWU]\
PDQLDLNRQVHUZDFMLQDVWDHMSRSXODFMLRELHNWÏZ
U\]\NRSUDZQHL]ZL•]DQH]SROLW\N•tQDSRGVWDZLHGRW\FKF]DVRZ\FK
REVHUZDFML SU]HELHJX UHDOL]DFML SURMHNWÏZ PRGHUQL]DF\MQ\FK QDOH›\ SU]\
SXV]F]D›HU\]\NR]ZL•]DQH]SROLW\N•SR]RVWDQLHSU]\]DPDZLDM•F\PQD
WRPLDVWZV]\VWNLHU\]\ND]ZL•]DQH]H]PLDQ•SUDZD]RVWDQ•SU]HU]XFRQHQD
Z\NRQDZFÆ
U\]\NR RSHUDF\MQH t SRZLQQR ]RVWDÂ SRG]LHORQH SRPLÆG]\ RELH VWURQ\
NRQWUDNWXSRQLHZD›Z]ZL•]NX]Z\PRJLHP]DSHZQLHQLDEH]SLHF]HÍVWZD
UXFKX EÆG]LH PXVLDD LVWQLH yFLVD ZVSϏSUDFD SHUVRQHOX ]DPDZLDM•FHJR
SHUVRQHOXREVXJLXU]•G]HÍSHUVRQHOXWHFKQLF]QHJRLDGPLQLVWUDF\MQHJR
252
0DNDD-
] SHUVRQHOHP Z\NRQDZF\ Z FHOX ELH›•FHM NRRUG\QDFML SURZDG]HQLD SUDF
LG]LDDÍZV\WXDFMDFKNU\]\VRZ\FK
3URZDG]HQLHG]LDDOQRyFL]DU]•G]DQLDLQIUDVWUXNWXU•NROHMRZ•ZW\P]DSHZ
QLHQLDEH]SLHF]QHJRSURZDG]HQLDUXFKXNROHMRZHJRZUD]]Z\PRJLHPX]\VNDQLD
DXWRU\]DFML EH]SLHF]HÍVWZD VSRZRGRZDR NRQLHF]QRy ZGUR›HQLD SU]H] ]DU]•GFÆ
LQIUDVWUXNWXU\V\VWHPX]DU]•G]DQLDEH]SLHF]HÍVWZHP606:SURZDG]DRQV]H
UHJ SURFHGXU SRVWÆSRZDQLD Z W\P GRW\F]•F\FK UÏZQLH› SURMHNWRZDQLD EXGR
Z\LXWU]\PDQLDLQIUDVWUXNWXU\NROHMRZHMRUD]ZVSϏSUDF\]Z\NRQDZFDPLUREÏW
LXVXJ.RQLHF]QRyÂ]DFKRZDQLDRERZL•]XM•F\FKZQLFK]DVDGEÆG]LHSU]HQRVLÂVLÆ
UÏZQLH›QDZ\NRQDZFÆNRQWUDNWX'%2*HQHURZDÂWREÆG]LHSRZVWDQLHGRGDW
NRZ\FKU\]\N]DUÏZQRSRVWURQLH]DU]•GF\LQIUDVWUXNWXU\MDNLSDUWQHUDSU\ZDW
QHJRZ\NRQDZF\
3RVWURQLH]DU]•GF\LQIUDVWUXNWXU\PR›QDSU]HZLG\ZDÂSRZVWDQLHFRQDMPQLHM
QDVWÆSXM•F\FKGRGDWNRZ\FKU\]\NNWÏUHXPRZQLHPR›QDE\QD]ZDÂ
U\]\NRNRPSHWHQFMLSHUVRQHOXt]XZDJLQDQRZDWRUVNLFKDUDNWHUSUR
MHNWXSHUVRQHOSU]\JRWRZXM•F\PDWHULD\SU]HWDUJRZHD]ZDV]F]DZ\PD
JDQLDLVWDQGDUG\]DPDZLDM•FHJRQDRNUHVREVXJLRUD]PRQLWRULQJQDG]ÏU
NRQWUROÆ L UR]OLF]DQLH LORyFLRZH L MDNRyFLRZH Z\NRQDQ\FK SUDF XWU]\PD
QLRZ\FKPR›HQLHSRVLDGDÂMHV]F]HRGSRZLHGQLHJRSU]\JRWRZDQLDPHU\WR
U\F]QHJRRUD]GX›HMSUDNW\NLLGRyZLDGF]HQLD]DZRGRZHJR
U\]\NRNDGU\]DVWÆSF]HMt]DU]•GFDLQIUDVWUXNWXU\SRZLQLHQG\VSRQRZDÂ
SU]HV]NRORQ\P SHUVRQHOHP ] XSUDZQLHQLDPL PRJ•F\P Z ND›GHM FKZLOL
SU]HM•ÂXWU]\PDQLHLQIUDVWUXNWXU\ZSU]\SDGNXQLHSU]HZLG]LDQ\FK]GDU]HÍ
QSRJRV]HQLHXSDGRyFLSU]H]Z\NRQDZFÆ]HUZDQLHNRQWUDNWX
U\]\NREH]SLHF]HÍVWZDUXFKX]DU]•GFDLQIUDVWUXNWXU\SRZLQLHQWDNRU
JDQL]RZDÂLNRRUG\QRZDÂZVSϏSUDFÆSHUVRQHOXZDVQHJRLZ\NRQDZFÏZ
DE\]DSHZQLRQHE\REH]SLHF]QHSURZDG]HQLHUXFKXRUD]XQLNDQLH]EÆGQH
JRMHJRRJUDQLF]DQLDQSSU]H]QLHZDyFLZ•NRRUG\QDFMÆSUDFXWU]\PDQLR
Z\FKUHDOL]RZDQ\FKSU]H]UϛQ\FKZ\NRQDZFÏZZUϛQ\FKSRGV\VWHPDFK
tZ\PDJDQHRGSLV\]H]ZROHQLDQDUR]SRF]ÆFLHUREÏWNROHMQRyÂZ\NRQ\ZD
QLDSUDFZUR›Q\FKHOHPHQWDFKLQIUDVWUXNWXU\
=NROHLSDUWQHUSU\ZDWQ\SRZLQLHQVSRG]LHZDÂVLÆSRZVWDQLDQDVWÆSXM•F\FK
GRGDWNRZ\FKXPRZQLHQD]ZDQ\FKU\]\N
U\]\NRGRVWÆSQRyFLWHFKQLF]QHMtZV]\VWNLHSURMHNWRZDQHL]DEXGRZ\
ZDQHVNDGQLNLLQIUDVWUXNWXU\XU]•G]HQLDLV\VWHP\ZW\PRSURJUDPRZD
QLH PDM•FH OXE PRJ•FH PLH ZS\Z QD EH]SLHF]HÍVWZR UXFKX NROHMRZH
JRPXV]•SRVLDGDÂZ\PDJDQHFHUW\ILNDW\LGHNODUDFMH]JRGQRyFL:(OXE
yZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SXZ\GDQHSU]H]3UH]HVD87.
OXEGRSXV]F]HQLHGRVWRVRZDQLDQDOLQLDFK]DU]•G]DQ\FKSU]H]]DU]•GFÆLQ
IUDVWUXNWXU\ZUD]LHEUDNXPR›OLZRyFLX]\VNDQLDZ\PDJDQ\FKGRNXPHQ
WÏZRGSURGXFHQWDOXELPSRUWHUDZ\NRQDZFDPXVLX]\VNDÂMHZHZDVQ\P
]DNUHVLH
U\]\NRFHUW\ILNDFMLtZV]\VWNLHEXGRZDQHOXEPRGHUQL]RZDQHSRGV\VWHP\
VWUXNWXUDOQH LQIUDVWUXNWXU\ NROHMRZHM d,QIUDVWUXNWXUDr d(QHUJLDr L d6WH
02'(51,=$&-$,1)5$6758.785<.2/(-2:(-:('8*)2508<'%2
253
URZDQLHrPXV]•SU]HMyÂZ\PDJDQ\SUDZHP8(OXESUDZHPNUDMRZ\P
SURFHVFHUW\ILNDFMLQDHWDSLHSURMHNWXEXGRZ\LSU]HND]\ZDQLDGRHNVSOR
DWDFMLRUD]X]\VNDÂFHUW\ILNDW\ZHU\ILNDFML:(SRGV\VWHPXXPR›OLZLDM•FH
Z\VWDZLHQLHGHNODUDFML]JRGQRyFL:(SRGV\VWHPXRUD]MDNRHIHNWNRÍFRZ\
X]\VNDQLH ]H]ZROHQLD 3UH]HVD 87. QD GRSXV]F]HQLH SRGV\VWHPX GR HNV
SORDWDFMLHZHQWXDOQHQHJDW\ZQHZ\QLNLEDGDÍPRJ•]QDF]QLHRSÏ|QLÂOXE
QDZHWZVWU]\PDÂUHDOL]DFMÆSURMHNWX
U\]\NR EH]SLHF]HÍVWZD UXFKX t SURZDG]HQLH UREÏW EXGRZODQ\FK OXE
SUDFXWU]\PDQLRZ\FKPXVLXPR›OLZLDÂEH]SLHF]QHSURZDG]HQLHUXFKXNR
OHMRZHJR]DNUHVLVSRVÏESURZDG]HQLDUREÏWPXVLXZ]JOÆGQLDÂZ\PDJDQLD
W\PF]DVRZ\FKUHJXODPLQÏZSURZDG]HQLDUXFKXNROHMRZHJRRUD]XG]LHOR
Q\FK]DPNQLÆÂWRURZ\FK]DVWRVRZDQHXU]•G]HQLDRVWU]HJDZF]HPXV]•SR
VLDGDÂ Z\PDJDQH GRSXV]F]HQLD SURZDG]HQLH SUDF PXVL XZ]JOÆGQLDÂ ZD
UXQNLXG]LHORQ\FK]JÏGSU]H]SHUVRQHOREVXJLXU]•G]HÍ
U\]\NRG\VSR]\F\MQRyFLSHUVRQHOXtEH]SLHF]QHSURZDG]HQLHUXFKXNR
OHMRZHJR Z\PDJDÂ EÆG]LH ]DSHZQLHQLD ZVSDUFLD WHFKQLF]QHJR SHUVRQHOR
ZLREVXJLXU]•G]HÍSRSU]H]XGRVWÆSQLHQLHWHOHIRQXVHUZLVRZHJRSU]H]
JRG]LQ\QDGREÆRUD]VWDHMJRWRZRyFLSHUVRQHOXZ\NRQDZF\GRXVXQLÆFLD
SRZVWD\FKDZDULLZ]JOÆGQLHV]NÏGSRNUDG]LH›DFKOXEZ\SDGNDFKSUDFH
XWU]\PDQLRZHZF]\QQHMLQIUDVWUXNWXU]HPRJ•]RVWDÂ]DNRÍF]RQHGRSLHUR
SRSU]\ZUÏFHQLXMHMQRUPDOQHJRIXQNFMRQRZDQLD
U\]\NRNRPSHWHQFMLSHUVRQHOXtSUDFHZF]\QQ\FKXU]•G]HQLDFK]ZL•]D
Q\FK]EH]SLHF]HÍVWZHPUXFKXRUD]NRQWUROHRNUHVRZHRELHNWÏZEXGRZ
ODQ\FKZ\PDJDQHXVWDZ•SUDZREXGRZODQHPRJ•E\ÂZ\NRQ\ZDQHZ\
•F]QLHSU]H]RVRE\SRVLDGDM•FHZ\PDJDQHSUDZHPXSUDZQLHQLDSDÍVWZR
ZHLOXEEUDQ›RZHGR]DWUXGQLHQLDQDVWDQRZLVNDFK]ZL•]DQ\FK]EH]SLH
F]HÍVWZHPUXFKXRUD]XSRZD›QLHQLDL]H]ZROHQLD]DU]•GF\LQIUDVWUXNWXU\
NWÏUHPXV]•E\ÂRNUHVRZRZHU\ILNRZDQHZ\NRQDZFDSUDFXZ]JOÆGQLDM•F
IOXNWXDFMÆZDVQ\FKSUDFRZQLNÏZSRZLQLHQQDELH›•FRSURZDG]LÂPRQLWR
ULQJXSUDZQLHÍSRVLDGDQHJRSHUVRQHOXRUD]]Z\SU]HG]HQLHPSR]\VNLZDÂ
RVRE\]RGSRZLHGQLPLXSUDZQLHQLDPL
=HVWDZLHQLHLSRG]LDGRGDWNRZ\FKSU]HZLG\ZDQ\FKU\]\NSU]\UHDOL]DFMLNRQ
WUDNWÏZ'%2ZLQIUDVWUXNWXU]HNROHMRZHMSU]HGVWDZLRQRZWDEHOL
7DEHOD3RG]LDU\]\NDZIRUPXOH'%2FKDUDNWHU\VW\F]QHJRGODLQIUDVWUXNWXU\NROHMRZHM
Rodzaj ryzyka
5\]\NRNRPSHWHQFMLSHUVRQHOX
5\]\NRNDGU\]DVWĊSF]HM
5\]\NREH]SLHF]HĔVWZDUXFKX
5\]\NRGRVWĊSQRĞFLWHFKQLF]QHM
5\]\NRFHUW\¿NDFML
5\]\NRG\VSR]\F\MQRĞFLSHUVRQHOX
=DU]ąGFDLQIUDVWUXNWXU\
X
X
X
;tDORNDFMDU\]\ND
nUÏGR2SUDFRZDQLHZDVQH
3RGPLRWSU\ZDWQ\
X
X
X
X
X
0DNDD-
254
=SRZ\›V]HJR]HVWDZLHQLDZ\QLND›HZLÆNV]RyÂHZHQWXDOQ\FKU\]\NGRGDWNR
Z\FKQDGDOEÆG]LHGRW\F]\DSRGPLRWXSU\ZDWQHJR
3RQLHZD› Z 3ROVFH QD UD]LH QLH MHVW SURZDG]RQ\ ›DGHQ SURMHNW EXGRZ\ OXE
PRGHUQL]DFMLLQIUDVWUXNWXU\NROHMRZHMZIRUPXOH'%2QLHPR›QDZ\NOXF]\ÂSR
MDZLHQLDVLÆNROHMQ\FKU\]\NSU]\UHDOL]DFMLNRQNUHWQHJRSURMHNWXUHDOL]RZDQHJR
ZRNUHyORQ\FKU]HF]\ZLVW\FKZDUXQNDFKRWRF]HQLD
3RGVXPRZDQLH
3RGMÆFLHGHF\]MLRUHDOL]DFMLSURMHNWÏZEXGRZ\OXEPRGHUQL]DFMLLQIUDVWUXN
WXU\NROHMRZHMZJIRUPX\'%2VWDQRZLGX›HZ\]ZDQLHGOD]DU]•GF\LQIUD
VWUXNWXU\ DOH MHVW PR›OLZD L PR›H SU]\QLHy PX RNUHyORQH NRU]\yFL 3U]HGH
ZV]\VWNLPQLHSR]EDZLDJRPR›OLZRyFLXELHJDQLDVLÆRGRILQDQVRZDQLHUHDOL
]RZDQ\FKSURMHNWÏZ]IXQGXV]\8(ZJRJÏOQ\FK]DVDGRERZL•]XM•F\FKGOD
GDQHMSHUVSHNW\Z\ILQDQVRZHM3R]\W\ZQHMGHF\]MLVSU]\MDÂSRZLQQ\UÏZQLH›
RF]HNLZDQH ]DOHW\ WHJR PRGHOX MHGHQ Z\NRQDZFD FDRyFL SU]HGVLÆZ]LÆFLD
t MHGQD SURFHGXUD SU]HWDUJRZD PR›OLZRy X]\VNDQLD SURGXNWX Z\VRNLHM MD
NRyFL]]DVWRVRZDQLHPQRZRF]HVQHMWHFKQLNLLWHFKQRORJLLX]\VNDQLHRSW\PD
OL]DFMLHNRQRPLF]QHMUHDOL]DFMLSURMHNWXQDSU]HVWU]HQLFDHJRF\NOXMHJR›\FLD
=XZDJLQDZ\PDJDQLDVWDZLDQH]DU]•GFRPLQIUDVWUXNWXU\NROHMRZHMLVSH
F\ILNÆ MHM IXQNFMRQRZDQLD MDN UÏZQLH› ] SRZRGX EUDNX GRyZLDGF]HÍ Z W\P
REV]DU]H RUD] QLHOLF]Q\FK SU]\NDGÏZ Z 8( Z SURMHNWDFK Z\VWÆSXMH V]HUHJ
QRZ\FK VSHF\ILF]Q\FK U\]\N ]ZDV]F]D QD HWDSLH HNVSORDWDFML ORNRZDQ\FK
]DUÏZQRSRVWURQLH]DU]•GF\LQIUDVWUXNWXU\MDNLSRVWURQLHSRGPLRWXSU\ZDW
QHJR
=XZDJLQDQRZDWRUVNRyÂ]DVWRVRZDQLDSURSRQRZDQHMIRUPX\QLHPR›QD
UÏZQLH›Z\NOXF]\ÂSRMDZLHQLDVLÆNROHMQ\FKU\]\NMX›QDHWDSLHSU]\JRWRZ\
ZDQLDPDWHULDÏZSU]HWDUJRZ\FK'RW\F]\ÂWREÆG]LHSU]HGHZV]\VWNLPUHDOL
]DFMLSLHUZV]\FKSURMHNWÏZZJWHMIRUPX\
3U]HQLHVLHQLH ZLÆNV]RyFL U\]\N Z W\P PRGHOX ]DUÏZQR ]DVDGQLF]\FK MDN
LGRGDWNRZ\FKQDSRGPLRWSU\ZDWQ\RUD]EUDNGRyZLDGF]HÍZUHDOL]DFMLWD
NLFKSURMHNWÏZPR›HE\ÂSRGVWDZ•EDUG]RGX›HMRVWUR›QRyFLW\FKSRGPLRWÏZ
SU]\SRGHMPRZDQLXGHF\]MLRSU]\VW•SLHQLXGRLFKUHDOL]DFML:GX›V]HMSHU
VSHNW\ZLHNRQWUDNWWDNLPR›HRND]DÂVLÆMHGQDNNRU]\VWQ\
1DREHFQ\PHWDSLHUR]ZD›DÍSRGMÆFLHGHF\]MLRUHDOL]DFMLSURMHNWXZJIRU
PX\'%2VWDQRZLGX›HZ\]ZDQLHGODREXVWURQNRQWUDNWX1LHPR›QD]D
WHPMHGQR]QDF]QLHVWZLHUG]L›HUHDOL]DFMÆWDNLHJRSURMHNWXEÆG]LHFHFKRZDD
SU]HZDJDV]DQVQDG]DJUR›HQLDPLOXERGZURWQLH
02'(51,=$&-$,1)5$6758.785<.2/(-2:(-:('8*)2508<'%2
255
%LEOLRJUDILD
>@'RNXPHQW,PSOHPHQWDF\MQ\GR6WUDWHJLL5R]ZRMX7UDQVSRUWXGR
URNX]SHUVSHNW\Z•GRURNX07%L*0ZHUVMD]GQLDF]HUZ
FDU KWWSZZZWUDQVSRUWJRYSOILOHV=DF]QLN1U3UR
MHNW'RNXPHQWX,PSOHPHQWDF\MQHJRSGI
>@.RPXQLNDW.RPLVMLGR3DUODPHQWXHXURSHMVNLHJR5DG\(XURSHMVNLHJR
.RPLWHWX(NRQRPLF]QR6SRHF]QHJRRUD].RPLWHWX5HJLRQÏZ:VSLH
UDQLHLQZHVW\FMLSXEOLF]QRSU\ZDWQ\FKNURNLHPZNLHUXQNXQDSUDZ\JR
VSRGDUNLLGXJRWHUPLQRZHM]PLDQ\VWUXNWXUDOQHM]ZLÆNV]DQLH]QDF]HQLD
SDUWQHUVWZ SXEOLF]QRSU\ZDWQ\FK &20 ZHUVMD RVWDWHF]QD
KWWSHXUOH[HXURSDHX/H[8UL6HUY/H[8UL6HUYGR"XUL &2
0),13/
>@0DNDD-.RQFHSFMDPRGHUQL]DFMLLQIUDVWUXNWXU\NROHMRZHM]]DVWRVRZD
QLHPPRGHOX'%29,.RQIHUHQFMD1DXNRZRt7HFKQLF]QDd3URMHNWRZD
QLHEXGRZDLXWU]\PDQLHLQIUDVWUXNWXU\ZWUDQVSRUFLHV]\QRZ\Pt,1
)5$6=<1r=DNRSDQHU
>@0DNDD - 5\]\ND ]ZL•]DQH ] EXGRZ• OXE PRGHUQL]DFM• LQIUDVWUXNWXU\
NROHMRZHMUHDOL]RZDQHMZHGXJPRGHOX'%2;,;.RQIHUHQFMD1DXNR
ZRt7HFKQLF]QDd1DMZLÆNV]HU\]\NDLEÆG\ZSURFHGXUDFKXG]LHODQLD
UHDOL]DFML L UR]OLF]DQLD ]DPÏZLHÍ QD URERW\ EXGRZODQHr &LHFKRFLQHN
U
>@2SLQLD (XURSHMVNLHJR .RPLWHWX (NRQRPLF]QR6SRHF]QHJR Z VSUDZLH
NRPXQLNDWX.RPLVMLGR3DUODPHQWX(XURSHMVNLHJR5DG\(XURSHMVNLHJR
.RPLWHWX(NRQRPLF]QR6SRHF]QHJRL.RPLWHWX5HJLRQÏZd:VSLHUDQLH
LQZHVW\FML SXEOLF]QRSU\ZDWQ\FK NURNLHP Z NLHUXQNX QDSUDZ\ JRVSR
GDUNL L GXJRWHUPLQRZHM ]PLDQ\ VWUXNWXUDOQHM ]ZLÆNV]DQLH ]QDF]HQLD
SDUWQHUVWZSXEOLF]QRSU\ZDWQ\FKr&KWWSHXUOH[HXUR
SDHX/H[8UL6HUY/H[8UL6HUYGR"XUL 2-&3/
>@2SLQLD .RPLWHWX 5HJLRQÏZ d:VSLHUDQLH LQZHVW\FML SXEOLF]QRSU\ZDW
Q\FKNURNLHPZNLHUXQNXQDSUDZ\JRVSRGDUNLLGXJRWHUPLQRZHM]PLDQ\
VWUXNWXUDOQHM ]ZLÆNV]DQLH ]QDF]HQLDSDUWQHUVWZ SXEOLF]QRSU\ZDWQ\FKr
& KWWSHXUOH[HXURSDHX/H[8UL6HUY/H[8UL6HUYGR"XUL
2-&3/
>@3URJUDPRZDQLH SHUVSHNW\Z\ ILQDQVRZHM =DR›HQLD 8PR
Z\ 3DUWQHUVWZD 'RNXPHQW SU]\MÆW\ SU]H] 5DGÆ 0LQLVWUÏZ VW\F]
QLD URNX 055 KWWSZZZPUUJRYSOIXQGXV]H)XQGXV]HB(XUR
SHMVNLHBB3URJUDPRZDQLHBB8PRZDBSDUWQHUVWZD
'RFXPHQWV=DOB83BBBBMPSGI
>@6WUDWHJLDUR]ZRMXWUDQVSRUWXGRURNX]SHUVSHNW\Z•GRURNX
07%L*0 :DUV]DZD VW\F]HÍ U KWWSVFPVWUDQVSRUWJRYSOIL
OHV657QD50SGI
>@:\QLNL]DGDQLDKRU\]RQWDOQHJRZUDPDFK-$63(56t'RNXPHQWURER
F]\•F]HQLHILQDQVRZDQLD]DSRPRF•GRWDFML8(]SDUWQHUVWZHPSX
256
0DNDD-
EOLF]QRSU\ZDWQ\P333QDU]HF]LQIUDVWUXNWXU\:\W\F]QHGRW\F]•FH
VWRVRZDQLDPRGHOX'%2Z]DNUHVLHSURMHNWÏZLQIUDVWUXNWXUDOQ\FK]Z\
NRU]\VWDQLHPIXQGXV]\VWUXNWXUDOQ\FK8(t6SUDZR]GDQLHVSRU]•G]RQH
QD SRGVWDZLH XPRZ\ R GRUDG]WZR ]DZDUWHM ] 3ULFHZDWHUKRXVH &RRSHUV
-DVSHUVJUXG]LHÍUKWWSZZZSSSJRYSO']LDODQLDBSODWIRUP\333B
IXQGXV]HB8('RNXPHQW\'RFXPHQWV-DVSHUVBSGI
>@:\QLNL UHDOL]DFML ]DGDQLD KRU\]RQWDOQHJR Z UDPDFK -$63(56 'RNX
PHQW URERF]\ 3R•F]HQLH ILQDQVRZDQLD ]D SRPRF• GRWDFML 8( ] SDUW
QHUVWZHPSXEOLF]QRSU\ZDWQ\P333QDU]HF]LQIUDVWUXNWXU\0RGH
OH NRQFHSF\MQH L LQG\ZLGXDOQH SU]\NDG\ 6SUDZR]GDQLH VSRU]•G]RQH
QD SRGVWDZLH XPRZ\ R GRUDG]WZR ]DZDUWHM ] 3ULFHZDWHUKRXVH &RRSHUV
-DVSHUVJUXG]LHÍUKWWSZZZSSSJRYSO']LDODQLDBSODWIRUP\
333BIXQGXV]HB8('RNXPHQW\'RFXPHQWV-DVSHUVBSGI
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
7252:,6.275$0:$-2:(
:35=(.52-88/,&<':8-(='1,2:(-1
-DFHN0DNXFK
$GDP3RSLRHN
GU LQ› 3ROLWHFKQLND :URFDZVND ,QVW\WXW ,Q›\QLHULL
/•GRZHM=DNDG,QIUDVWUXNWXU\7UDQVSRUWX6]\QRZHJR
:\EU]H›H :\VSLDÍVNLHJR :URFDZ WHO
MDFHNPDNXFK#SZUZURFSO
PJU LQ› 3ROLWHFKQLND :URFDZVND ,QVW\WXW ,Q›\QLHULL
/•GRZHM=DNDG,QIUDVWUXNWXU\7UDQVSRUWX6]\QRZHJR
:\EU]H›H :\VSLDÍVNLHJR :URFDZ WHO
DGDPSRSLROHN#SZUZURFSO
6WUHV]F]HQLH:DUW\NXOHSRGGDQRG\VNXVMLGZDPR›OLZHVSRVRE\SRSURZDG]HQLDWRURZLVND
WUDPZDMRZHJRZSU]HNURMXXOLF\GZXMH]GQLRZHMZRVLDOER]ERNX3RUÏZQDQR]DOHW\LZDG\REX
UR]ZD›DQ\FKUR]ZL•]DÍ3U]HDQDOL]RZDQRSU]\SDGHNF]ÆyFLRZR]UHDOL]RZDQHMWUDV\WUDPZDMRZHM
Z]GX›XOLF'XJLHM3RSRZLFNLHML3LOF]\FNLHMZH:URFDZLX3URSR]\FMHELXUDSURMHNWÏZLLQZH
VWRUDVNRQIURQWRZDQR]UR]ZL•]DQLHPSU]HGVWDZLRQ\PZVWXGHQFNLHMSUDF\G\SORPRZHM:SRGVX
PRZDQLX]DZDUWRZQLRVNL]SU]HSURZDG]RQ\FKDQDOL]
6RZDNOXF]RZHPLHMVNLWUDQVSRUW]ELRURZ\SDV\DXWREXVRZRWUDPZDMRZH
:VWÆS
:SROLW\FHWUDQVSRUWRZHM:URFDZLD]URNX]DSODQRZDQH]RVWDRZ\EX
GRZDQLHQRZ\FKOLQLLWUDPZDMRZ\FKGRRVLHGOL*DM.R]DQÏZL1RZ\'ZÏU&R
QDMPQLHMMHGQD]W\FKWUDVPLDDSRZVWDÂGRURNX1LHVWHW\WDNVLÆQLHVWDR
'RSLHURZURNXZDG]H:URFDZLD]OHFL\MHGQRVWFHSURMHNWRZHMZ\EUD
QHMZUDPDFKSU]HWDUJXZ\NRQDQLHNRQFHSFMLQRZHMWUDV\WUDPZDMRZHMGR.R]D
QRZDZ]GX›XOLF'XJLHM6WDURJUREORZHM3RSRZLFNLHML3LOF]\FNLHM
-HG\QLHSLHUZV]\RGFLQHNSODQRZDQHMWUDV\RGVNU]\›RZDQLDXO-DJLH\L'PRZ
VNLHJRGRZLDGXNWXOLQLLNROHMRZHMZNLHUXQNX:DUV]DZ\SRVLDGDSU]HNUÏMSR]ZD
ODM•F\QDXPLHMVFRZLHQLHGZXWRURZHMOLQLLWUDPZDMRZHMGZLHMH]GQLHZSU]HFLZQ\FK
NLHUXQNDFKND›GDSRGZDSDV\UXFKX]V]HURNLPSDVHPUR]G]LDX2GFLQHNGUXJL
REHMPXM•F\ RVWDWQLH PHWUÏZ XO 'XJLHM XO 6WDURJUREORZ• L 3RSRZLFN• SR
VLDGDSU]HNUÏMMHGQRMH]GQLRZ\]F]WHUHPDSDVDPLUXFKXSRSDV\ZSU]HFLZQ\FK
NLHUXQNDFKLQLH]DSHZQLDZSU]HNURMXSRSU]HF]Q\PSU]HVWU]HQLSRGSODQRZDQ•
GZXWRURZ• OLQLÆ WUDPZDMRZ• 3RGREQLH RGFLQHN RVWDWQL REHMPXM•F\ XO 3LOF]\FN•
]MHGQ•MH]GQL•SRVLDGDM•F•SRMHGQ\PSDVLHUXFKXZND›G\PNLHUXQNXFKRÂZUD
PDFKEXGRZ\OLQLLWUDPZDMRZHM]DNDGDQHE\RUR]EXGRZDQLHSU]HNURMXGR•F]QLH
F]WHUHFKSDVÏZUXFKXSRGZDZND›G\P]SU]HFLZQ\FKNLHUXQNÏZ
:NáDGDXWRUyZZSXEOLNDFMĊ0DNXFK-3RSLRáHN$
0DNXFK-3RSLRHN$
258
: SU]\SDGNX RGFLQND GUXJLHJR L WU]HFLHJR SRMDZL VLÆ G\OHPDW MDN QDMNR
U]\VWQLHM XPLHMVFRZLÂ WRURZLVNR WUDPZDMRZH Z SU]HNURMX GZXMH]GQLRZHM XOLF\
SRPLÆG]\MH]GQLDPLSURZDG]•F\PLUXFKNRRZ\ZSU]HFLZQ\FKNLHUXQNDFKF]\
]ERNXXOLF\"1LQLHMV]\DUW\NXMHVWSUÏE•RGSRZLHG]LQDWRS\WDQLH
:URNXNLHG\RND]DRVLƛH3ROVNDEÆG]LHRUJDQL]DWRUHP(852
L ]D .R]DQRZHP SRZVWDQLH QRZ\ VWDGLRQ SLNDUVNL GR REVXJL PLVWU]RVWZ SOD
Q\ LQZHVW\F\MQH ]RVWD\ ]PRG\ILNRZDQH QRZ• WUDVÆ WUDPZDMRZ• GR .R]DQRZD
ZVWRVXQNXGRSLHUZRWQ\FKSODQÏZSRVWDQRZLRQRVNUÏFLÂLSRSURZDG]LÂRGVNU]\
›RZDQLDXO/HJQLFNLHM]0LOHQLMQ•]DWRSU]HGX›\ÂM•SR]D.R]DQÏZGRQRZHJR
6WDGLRQX0LHMVNLHJRSU]\XOkO•VNLHM7UDVDWR]RVWDDZ\EXGRZDQDLRGGDQDGR
HNVSORDWDFMLZLRVQ•URNX
-HGQDN›HREHFQ•V\WXDFMÆWUXGQRX]QDÂ]DGRFHORZ•2ELHWUDV\WUDPZDMRZH
]DFKRGQLHJR:URFDZLDVWDUDGR3LOF]\FL/HyQLF\RUD]QRZDGR.R]DQRZDL6WD
GLRQX0LHMVNLHJRSU]HELHJDM•MHGQ\PNRU\WDU]HPXOLF\/HJQLFNLHMLZ\VWDUF]\Z\
SDGHNDOERUHPRQWDE\VSDUDOL›RZDÂGRMD]GGRWHMF]ÆyFLPLDVWD1LHZ\EXGRZDQ\
RGFLQHNOLQLLWUDPZDMRZHMZ]GX›XO'XJLHML3RSRZLFNLHMF]HNDZLÆFZSU]\V]R
yFLQDUHDOL]DFMÆ=DJDGQLHQLHWRVWDRVLÆWHPDWHPSUDF\G\SORPRZHMPDJLVWHUVNLHM
MHGQHJR]DXWRUÏZQLQLHMV]HJRUHIHUDWX>@
3RUÏZQDQLHDQDOL]RZDQ\FKUR]ZL•]DÍ
:\EÏU SRR›HQLD WRURZLVND Z VWRVXQNX GR SR]RVWD\FK HOHPHQWÏZ XOLF\
ZV]F]HJÏOQRyFLZVWRVXQNXGRMH]GQLMHVWMHGQ•]SRGVWDZRZ\FKGHF\]MLZSUR
FHVLHSURMHNWRZDQLDOLQLLWUDPZDMRZHM:SU]\SDGNXXOLFGZXMH]GQLRZ\FKQDOH›\
Z\EUDÂF]\WRU\SURZDG]LÂEÆG•PLÆG]\MH]GQLDPLF]\]ERNX2EDUR]ZL•]DQLD
SRVLDGDM•V]HUHJ]DOHWLZDG
5\V6FKHPDWSU]HNURMXSRSU]HF]QHJRXOLF\]WRURZLVNLHPWUDPZDMRZ\PPLÆG]\MH]GQLDPL
7252:,6.275$0:$-2:(:35=(.52-88/,&<':8-(='1,2:(-
259
5\V6FKHPDWSU]HNURMXSRSU]HF]QHJRXOLF\]WRURZLVNLHPWUDPZDMRZ\PRERNMH]GQL
-HGQ•]JUXSFHFKDQDOL]RZDQ\FKUR]ZL•]DÍZHGXJNWÏU\FKPR›QDMHSRUÏZQ\
ZDÂV•ZDUXQNLUXFKX.ODV\F]QHUR]ZL•]DQLH]WRURZLVNLHPWUDPZDMRZ\PZRVL
XOLF\G]LÆNLZ\VRNLHPXSR]LRPRZLVHSDUDFMLRGLQQ\FKXF]HVWQLNÏZUXFKXGURJRZH
JRPDZ]DR›HQLX]DSHZQLDÂGX›HSUÆGNRyFLMD]G\WUDPZDMÏZDSU]H]WRDWUDNF\MQH
]SXQNWXZLG]HQLDSDVD›HUDF]DV\SU]HMD]GX:DUXQNLWHV•VSHQLRQHGODRGFLQNÏZ
XOLFRSRGZ\›V]RQ\FKSDUDPHWUDFKUXFKXSRMD]GÏZVDPRFKRGRZ\FKNWÏUHZFKR
G]•ZVNDGXNDGXSRGVWDZRZHJRPLHMVNLHMVLHFLGURJRZHM:SXQNWDFKZÆ]RZ\FK
UR]SDWU\ZDQHJR RGFLQND ]QDMGXM• VLÆ ZWHG\ ZÆ]\ GURJRZH OXE XOLFH SRSU]HF]QH
Z•F]RQHV•SRSU]H]SUDZRVNUÆW\GRW\F]\WRQSZ•F]HÍXOLFXNDGXREVXJXM•FHJR
REV]DUSU]\OHJ\GRWUDV\NRPXQLNDF\MQHMZSU]\SDGNXWHUHQÏZPLHV]NDQLRZ\FK
W]Z dXOLF RVLHGORZ\FKr 6\WXDFM• W\SRZ• MHVW MHGQDN Z\VWÆSRZDQLH QD RSLV\ZD
Q\FKFL•JDFKNRPXQLNDF\MQ\FKVLOQLHREFL•›RQ\FKVNU]\›RZDÍ]GX›•OLF]E•UHODFML
VNUÆWQ\FKVWHURZDQ\FKV\JQDOL]DFM•yZLHWOQ•GRW\F]\WRUÏZQLH›ZÆ]ÏZGURJRZ\FK
JUXS\%ZNWÏU\FKWRURZLVNDWUDPZDMRZHSURZDG]RQHV•]Z\NOHQDSR]LRPLHNR
OL]\MQ\P3RZRGXMHWR]QDF]•FHSRJRUV]HQLHZDUXQNÏZUXFKXWUDPZDMÏZZW\P
EORNRZDQLHUHODFMLWUDPZDMRZ\FKQDZSURVWSU]H]UHODFMHVNUÆWQHSU]\EUDNXSUHVH
OHNFMLUR]G]LHOHQLDSU]HGVNU]\›RZDQLHPVWUXPLHQLUXFKXWUDPZDMÏZMDG•F\FKQD
ZSURVWLVNUÆFDM•F\FKZSRVWDFLUR]SORWXWRUÏZDWZHMHVWQDWRPLDVWZNRPSRQR
ZDQLHGRSURJUDPXV\JQDOL]DFMLyZLHWOQHMVWUXPLHQLWUDPZDMRZ\FKWUDPZDMHMDG•FH
SU]H]VNU]\›RZDQLHQDZSURVWSRUXV]DM•VLÆUD]HP]HVWUXPLHQLDPLUXFKXRJÏOQHJR
QDZSURVWRUD]VNUÆFDM•F\PLZSUDZRDWUDPZDMHVNUÆFDM•FH]VDPRFKRGDPLQD
Z\G]LHORQ\FK OHZRVNUÆWDFK 6SRVREHP QD SRSUDZÆ ZDUXQNÏZ UXFKX WUDPZDMÏZ
Z RSLV\ZDQHM V\WXDFML MHVW SULRU\WHWRZDQLH LFK ]D SRPRF• SXQNWRZHM V\JQDOL]DFML
DNRPRGDF\MQHMOXELQWHOLJHQWQ\FKV\VWHPÏZVWHURZDQLDUXFKHP:\SRVD›RQHZWHQ
VSRVÏEWUDV\WUDPZDMRZHRNUHyODQHV•F]ÆVWRPLDQHPdWUDPZDMXV]\ENLHJRrMHGQDN
]SRZRGXLFKFRUD]ZLÆNV]HMSRSXODUQRyFLNRQLHF]QRyFLVWRVRZDQLD]HZ]JOÆGXQD
FRUD] EDUG]LHM XFL•›OLZ\ ZS\Z UXFKX GURJRZHJR QD ZDUXQNL UXFKX NRPXQLNDFML
]ELRURZHMRUD]REHMPRZDQLHQLHU]DGNRFD\FKV]F]HJÏOQLHPQLHMV]\FKVLHFLPR›QD
X]QD MH ]D W\SRZH Z\SRVD›HQLH ZVSϏF]HVQ\FK V\VWHPÏZ WUDPZDMXNODV\F]QHJR
:DUWRMHGQDN]ZUÏFLÂXZDJƛHQDVLOQLHREFL•›RQ\FKVNU]\›RZDQLDFKQSZPLHM
VFDFKSU]HFLÆFLDGURJRZ\FKWUDVSURPLHQLVW\FK]REZRGQLFDPLV\VWHP\WHGRSXV]
F]DM•]ZLÆNV]RQHVWUDW\F]DVXSU]H]FRVWDM•VLÆPQLHMVNXWHF]QH
260
0DNXFK-3RSLRHN$
-HyOLVNU]\›RZDQLDPDM•QLHUHJXODUQ\NV]WDWOXEV•QLHUÏZQRPLHUQLHREFL•›RQH
]DUÏZQRRGVWURQ\UXFKXVDPRFKRGRZHJRMDNLWUDPZDMRZHJRPRJ•XMDZQLÂVLÆ
NRU]\yFL UXFKRZH Z\QLNDM•FH ] ORNDOL]DFML WRURZLVND WUDPZDMRZHJR ] ERNX XOLF\
%ÆG•RQHGRW\F]\ÂSU]HGHZV]\VWNLPV\WXDFMLUXFKRZHMQDUHODFMDFKVNUÆWQ\FK-HyOL
ZÆ]HWRURZ\MHVWWUÏMZORWRZ\OXEQLHV\PHWU\F]Q\ZWHQVSRVÏE›HUHODFMHVNUÆWQH
]QDMGXM• VLÆ SR MHGQHM VWURQLH Z VWRVXQNX GR GX›HJR VWUXPLHQLD UXFKX RJÏOQHJR
WR]ORNDOL]RZDQLHLFKZVSRVÏEEH]NROL]\MQ\PR›HPLHÂQLHEDJDWHOQH]QDF]HQLHGOD
SU]HSXVWRZRyFLWRURZLVN8]\VNXMHVLÆERZLHPVWRVXQNRZRGXJLF]DVZNWÏU\P
WUDPZDMRZHUHODFMHVNUÆWQHPRJ•RWU]\PDÂSR]ZROHQLHQDUXFKF]DVWUZDQLDV\
JQDX]H]ZDODM•FHJRGODVWUXPLHQLDVDPRFKRGRZHJRQDZSURVWRUD]GODUHODFMLOHZR
VNUÆWQ\FK=QLNDZWHG\WDN›HSUREOHPEORNRZDQLDWUDPZDMÏZMDG•F\FKQDZSURVW
SU]H]VNUÆFDM•FH.ROL]MHSRPLÆG]\UHODFMDPLWUDPZDMRZ\PLPRJ•E\Â]DEH]SLHF]R
QH]DSRPRF•V\JQDOL]DFMLZ]EXG]DQHMNLHUXQHNVDELHMREFL•›RQ\=SRR›HQLDWRUR
ZLVND]ERNXXOLF\GODVWUXPLHQLWUDPZDMRZ\FKSRNU\ZDM•F\FKVLÆ]QDMZLÆNV]\PL
VWUXPLHQLDPLRJÏOQ\PLPR›QDQDWRPLDVWX]\VNDÂNRU]\yFLZWHG\JG\F]ÆyÂUHODFML
QDVNU]\›RZDQLXMHVWQLHGRVWÆSQDOXESU]HELHJDM•RQHZVSRVÏEEH]NROL]\MQ\ZLQ
Q\PSR]LRPLH6NUDMQ\PSU]\SDGNLHPMHVWWXVNU]\›RZDQLHWUÏMZORWRZH]SXQNWX
ZLG]HQLDXNDGXGURJRZHJR:NZHVWLDFKUXFKRZ\FKORNDOL]DFMDWRURZLVND]ERNX
XOLF\PDWDN›H]QDF]HQLHJG\PDP\GRF]\QLHQLD]ZMD]GDPLQDSÆWOHLNUDÍFÏZNL
SRyUHGQLHGR]DMH]GQLJG\LVWQLHMHPR›OLZRyÂ]ORNDOL]RZDQLDZÆ]DWRURZHJRZFD
RyFLSR]DVNU]\›RZDQLHPOXEWUDVDWUDPZDMRZDRGJDÆ]LDVLÆZJ•ESU]\OHJHJR
REV]DUXZFHOXMHJRREVXJLRGyURGND
2PDZLDQ\VSRVÏEDQDOL]\ZDUXQNÏZUXFKXWUDPZDMÏZZZÆ]DFKVLHFLGURJR
ZHMRUD]WRURZHMZDUWRRGQRVLÂGRVHULLQDVWÆSXM•F\FKSRVRELHVNU]\›RZDÍQDUR]
SDWU\ZDQ\PRGFLQNXXOLF\1DOH›\MHGQDN]ZUÏFLÂXZDJƛHNLHURZDQLHVLÆZZ\
ERU]HSRR›HQLDWRURZLVNDZVWRVXQNXGRMH]GQLMHG\QLHNU\WHULXPUXFKRZ\PPR›H
VSRZRGRZDÂ SRJRUV]HQLH GRVWÆSQRyFL GR SU]\VWDQNÏZ Z VWRVXQNX GR ORNDOL]DFML
ZyURGNXDQDZHWSRSU]HFLZQHMVWURQLHXOLF\:V]\VWNLHWHNU\WHULDQDOH›\ZLÆF
UR]SDWU\ZDÂUD]HP=DOHW\WRURZLVNSRR›RQ\FK]ERNXXOLF\ZLGRF]QHV•ERZLHP
V]F]HJÏOQLHJG\REVXJLZDQ\SU]H]NRPXQLNDFMÆWUDPZDMRZ•UHMRQFL•›HQLD]QDM
GXMHVLÆZFDRyFLOXEGX›HMF]ÆyFLSRMHGQHMVWURQLHWUDV\NRPXQLNDF\MQHM&]ÆVWR
G]LHMHVLÆWDNZSU]\SDGNXRVLHGOLPLHV]NDQLRZ\FKVNRPXQLNRZDQ\FK]XNDGHP
WUDQVSRUWRZ\PPLDVWD]DSRPRF•ORNDOQ\FKREZRGQLFREV]DUÏZSRR›RQ\FKZV•
VLHG]WZLH SDUNÏZ U]HN ]ELRUQLNÏZ ZRGQ\FK WHUHQÏZ SU]HP\VRZ\FK LWS 3R]D
VNUÏFHQLHPGURJLGRMyFLDGRSU]\VWDQNÏZPLQSU]H]QLHVNUÆSRZDQ\GRVWÆSQDFDHM
LFKGXJRyFLX]\VNXMHVLÆWDN›HGX›\SR]LRPEH]SLHF]HÍVWZDSDVD›HUÏZSRPLÆG]\
SU]\VWDQNLHPDFHOHPSRGUϛ\]XZDJLQDWR›HZQÆWU]DVWUXNWXUSU]HVWU]HQQ\FK
ZV]F]HJÏOQRyFLRVLHGOLPLHV]NDQLRZ\FKVWDQRZL•]Z\NOHVWUHI\UXFKXXVSRNRMRQH
JR :DUWR ]D]QDF]\ ›H Z RPDZLDQ\FK SU]\SDGNDFK PR›H Z\VW•SL GX›D OLF]ED
SU]HFLÆÂWRURZLVND]ORNDOQ\PLXOLFDPLGRMD]GRZ\PL:SU]\SDGNXGHF\]MLR]DEH]
SLHF]HQLXLFKV\JQDOL]DFM•yZLHWOQ•QDOH›\SDPLÆWDÂR]DSHZQLHQLXWUDPZDMRPZ\VR
NLHJRSR]LRPXSULRU\WHWXZUXFKX5R]ZL•]DQLHPNRU]\VWQ\PPR›HE\ÂFKZLORZH
]DP\NDQLHUXFKXVDPRFKRGRZHJRZSRSU]HNWRURZLVNDQRUPDOQLHRGE\ZDM•FHJR
VLÆQD]DVDGDFKRJÏOQ\FK]DSRPRF•V\JQDOL]DFMLZ]EXG]DQHM
7252:,6.275$0:$-2:(:35=(.52-88/,&<':8-(='1,2:(-
261
=DOHW\SU]\VWDQNÏZ]ORNDOL]RZDQ\FK]ERNXXOLF\XZLGDF]QLDM•VLÆWDN›HJG\
PDP\ GR F]\QLHQLD ] SXQNWRZ\PL JHQHUDWRUDPL GX›HJR UXFKX SLHV]\FK Z NLH
UXQNXNRPXQLNDFML]ELRURZHM6•WRPLÆG]\LQQ\PLUHMRQ\KDOVSRUWRZ\FKLVWD
GLRQÏZFHQWUÏZKDQGORZ\FK]JUXSRZDQLDGX›HMOLF]E\EXG\QNÏZX›\WHF]QRyFL
SXEOLF]QHM XU]ÆG\ NDPSXV\ XF]HOQLDQH SRQLHN•G WDN›H PLHMVNLH SODFH L GX›H
VWUHI\ SLHV]H 6]F]HJÏOQ\P SU]\SDGNLHP V• GZRUFH NROHMRZH L DXWREXVRZH RUD]
SU]\VWDQNL NROHMRZH Z W\P NROHL PLHMVNLFK JG]LH F]ÆVWR QLH Z\VWÆSXM• GZRUFH
LSODFHSU]HGGZRUFRZHDGRMyFLD]SHURQÏZNROHMRZ\FKSURZDG]•ZSURVWQDSHUR
Q\GODNRPXQLNDFMLPLHMVNLHM3RZ\›V]H]DOHW\PR›QDWDN›HRGQLHyÂF]ÆyFLRZRGR
ZÆ]ÏZSU]\VWDQNRZ\FKZREUÆELHVNU]\›RZDÍZNWÏU\FKZ\VWÆSXMHGX›DOLF]ED
SU]HVLDGHN*G\SU]\VWDQNLZ\VWÆSXM•ZXNDG]LHPLHV]DQ\PQDGZÏFKZORWDFK
VNU]\›RZDQLD D MHGQD ] SU]HFLQDM•F\FK VLÆ WUDV ELHJQLH ] ERNX XOLF\ SR VWURQLH
SU]\OHJHMGRSU]\VWDQNÏZQDZORFLHSRSU]HF]Q\PWRX]\VNXMHP\SRSUDZÆNRP
IRUWXLEH]SLHF]HÍVWZDSU]HVLDGDQLD]SRZRGXEUDNXNRQLHF]QRyFLSU]HNUDF]DQLD
SU]H]SDVD›HUÏZMHGQHM]MH]GQL3U]\NDGHPWDNLHJRUR]ZL•]DQLDMHVWZÆ]HSU]\
VWDQNRZ\ SRR›RQ\ QD 3LUQDLVFKHU 3ODW] Z 'UH|QLH U\V : V\WXDFML JG\E\
LVWQLDDPR›OLZRyÂ]ORNDOL]RZDQLDWRURZLVNREXSU]HFLQDM•F\FKVLÆWUDVWUDPZDMR
Z\FK]ERNXXOLFPR›QDGRSURZDG]LÂGRXNV]WDWRZDQLDZÆ]DSU]HVLDGNRZHJR
FDNRZLFLHEH]NROL]\MQHJR]UXFKHPVDPRFKRGRZ\P]SXQNWXZLG]HQLDSLHV]\FK
5R]ZL•]DQLHPSRNUHZQ\PMHVWV\WXDFMDJG\WRURZLVNRWUDPZDMRZHQDMHGQ\P
]ZORWÏZVNU]\›RZDQLD]QDMGXMHVLÆZVWUHILHSLHV]HMMDNQDZÆ|OHWUDPZDMRZ\P
SU]\GZRUFXJÏZQ\PZ'UH|QLH
5\V6FKHPDWXU]•G]HQLD3LUQDLVFKHU3ODW]Z'UH|QLHSRGN•WHPNRPXQLNDFML]ELRURZHM
:DUWR]ZUÏFLÂXZDJƛHZPLHMVFXW\PPLÆG]\DURNLHP]OLNZLGRZDQRSU]HMyFLDSRG]LHP
QHQDU]HF]SU]HMyÂZSR]LRPLHWHUHQX
nUÏGRRSUDFRZDQLHZDVQHQDSRGVWDZLH]GMÆÂVDWHOLWDUQ\FK*RRJOH(DUWK
262
0DNXFK-3RSLRHN$
.ROHMQ•]ZDVQRyFLSRUÏZQ\ZDQ\FKUR]ZL•]DÍNWÏUHQDOH›\Z]L•ÂSRGXZD
JÆSU]\GHF\]MLRORNDOL]DFMLWRURZLVNDZSU]HNURMXXOLF\MHVWZLHONRyÂNRQLHF]QHM
LQJHUHQFMLZLVWQLHM•F•LQIUDVWUXNWXUÆDFR]DW\PLG]LHNRV]W\EXGRZ\1DNR
U]\yÂUR]ZL•]DQLD]WRURZLVNLHPZRVLXOLF\G]LDDIDNW›HZLHOHXOLFSURZDG]•
F\FK PLQ Z NLHUXQNX JÆVWR ]DOXGQLRQ\FK RVLHGOL PLHV]NDQLRZ\ SRFKRG]•F\FK
]F]DVÏZUR]NZLWXXUEDQLVW\NLPRGHUQLVW\F]QHMSRVLDGDV]HURNLHSDV\UR]G]LDX
&]ÆyÂ]QLFKMHVWQDZHWFHORZRSR]RVWDZLRQ•GODWRURZLVNDWUDPZDMRZHJRUH]HU
Z•WHUHQX]F]DVXNLHG\UR]ZÏMWUDQVSRUWXPLHMVNLHJRQLHQDG•›D]DUR]ZRMHP
]DEXGRZ\=GUXJLHMMHGQDNVWURQ\PDP\GRF]\QLHQLD]V\WXDFM•]E\WZ•VNLFK
SDVÏZUR]G]LDXNLHG\UR]ZL•]DQLHPWDÍV]\PMHVWEXGRZDWRURZLVND]ERNXXOLF\
:W\PPLHMVFXZDUWRUÏZQLH›]ZUÏFLÂXZDJÆQDVWRVXQNRZRQRZH]MDZLVNR]ZL•
]DQH]IL]\F]Q\PZ\G]LHODQLHPWRURZLVNWUDPZDMRZ\FK]QDMGXM•F\FKVLÆGRW\FK
F]DVZMH]GQL:SU]\SDGNXJG\PDP\GRF]\QLHQLD]Z\G]LHOHQLHPWRURZLVND
]QDMGXM•FHJR VLÆ Z RVL XOLF\ SRZVWDM• GZLH MH]GQLH F]DVDPL QDZHW R SU]HNURMX
MHGQRSDVRZ\P:WHQVSRVÏEWZRU]\VLÆWDN›HQRZHWUDV\WUDPZDMRZHZREV]D
UDFKJÆVWHM]DEXGRZ\ZNWÏU\FKSRV]HU]HQLHXOLFMHVWQLHPR›OLZHOXEQLHSR›•GDQH
:HZV]\VWNLFKSU]\SDGNDFKPR›HRND]DÂVLƛHZ\EÏUORNDOL]DFMLWRURZLVNDZRVL
MH]GQLQLHEÆG]LHZ\PDJDSU]HEXGRZ\QLHNWÏU\FKHOHPHQWÏZZ\SRVD›HQLDXOLF\
QSNDQDOL]DFMLGHV]F]RZHMRyZLHWOHQLDFKRGQLNÏZFRE\RE\NRQLHF]QHGODUDG\
NDOQHM]PLDQ\SU]HNURMXSRSU]HF]QHJRGODWRURZLVND]ERNX.U\WHULXPRGZRMD
NLPFKDUDNWHU]HPR›HE\ÂWDN›HIDNW›HZSU]\SDGNXXOLFJG]LHQLHPDPLHMVFD
QDZ\G]LHOHQLHZ\VHSHNSU]\VWDQNRZ\FKZyURGNXXOLF\WU]HEDSURMHNWRZDÂLQQH
UR]ZL•]DQLDF]ÆVWRPQLHMNRPIRUWRZHGODSDVD›HUÏZ:DUWRMHGQDN]D]QDF]\›H
VWRVRZDQLH DQW\]DWRN L SU]\VWDQNÏZ ZLHGHÍVNLFK RUD] LFK SRFKRGQ\FK R]QDF]D
ZSURZDG]HQLHGRSU]HVWU]HQLXOLF]QHMVNXWHF]Q\FKyURGNÏZXVSRNRMHQLDUXFKX
1DVWÆSQ• JUXS• FHFK FKDUDNWHU\VW\F]Q\FK GOD DQDOL]RZDQ\FK UR]ZL•]DÍ MHVW
LFKORNDOL]DFMDZSU]HVWU]HQLLFKZS\ZQDW•SU]HVWU]HÍRUD]VSRVÏE]DJRVSRGDUR
ZDQLDQDMEOL›V]HJRRWRF]HQLD:DUWR]ZUÏFLÂXZDJÆQDIDNW›HXOLFHGZXMH]GQLR
ZH]XZDJLQDWR›HSURZDG]•GX›\UXFKV•|UÏGHPXFL•›OLZRyFL]ZL•]DQ\FK
]KDDVHPLZLEUDFMDPL:]ZL•]NX]W\PSURZDG]RQHV•F]ÆVWRREU]H›DPLVWUXN
WXUIXQNFMRQDOQRSU]HVWU]HQQ\FKFRMHVWZLGRF]QHV]F]HJÏOQLHZSU]\SDGNXRVLH
GOLPLHV]NDQLRZ\FK8PLHV]F]HQLHWRURZLVNDWUDPZDMRZHJRZRVLXOLF\SRZRGXMH
OHSV]HWXPLHQLHSRFKRG]•F\FKRGQLHJRKDDVXLZLEUDFML2EHFQLHPR›QDMHGQDN
VWZLHUG]L›H]GHF\GRZDQDZLÆNV]RyÂXFL•›OLZRyFLRGWUDVSURZDG]•F\FKPLHV]DQ\
UXFKVDPRFKRGRZRWUDPZDMRZ\SRFKRG]LRGW\FKSLHUZV]\FK1RZRF]HVQDOLQLD
WUDPZDMRZDSRVLDGDM•FDSRR›RQHSRPLÆG]\MH]GQL•D]DEXGRZ•Z\WXPLRQH]D
SRPRF•V]HUHJXVSRVREÏZWRURZLVNRSRNWÏU\PSRUXV]DM•VLÆFLFKHZDJRQ\PR›H
VWDQRZLÂGRGDWNRZ•EDULHUÆRGG]LHODM•F•LQWHQV\ZQ\UXFKRGEXG\QNÏZ=GUX
JLHMMHGQDNVWURQ\RGSRZLHGQLRXU]•G]RQHWRURZLVNRQS]DWUDZLRQHPR›HPLHÂ
SR]\W\ZQ\ZS\ZQDHVWHW\NÆV]HURNLHMXOLF\LSU]\QDMPQLHMZL]XDOQLHUHGXNRZDÂ
HIHNWEDULHU\SU]HVWU]HQQHM=DJRVSRGDURZXMHWDN›HSDVUR]G]LDXNWÏU\ZLQQ\P
SU]\SDGNXE\E\SU]HVWU]HQL•QLHZ\NRU]\VWDQ•
3RPLMDM•F ZVSRPQLDQ\ Z\›HM IDNW ›H XOLFH ZLHORMH]GQLRZH ]QDMGXM• VLÆ QD
REU]H›DFKVWUXNWXUXUEDQLVW\F]Q\FKFRZQDWXUDOQ\VSRVÏESRJDUV]DGRVWÆSQRyÂ
7252:,6.275$0:$-2:(:35=(.52-88/,&<':8-(='1,2:(-
263
]ORNDOL]RZDQ\FKQDQLFKSU]\VWDQNÏZNRPXQLNDFMLPLHMVNLHMZDUWRZVSRPQLHÂ
›HWUDV\OLQLLWUDPZDMRZ\FKSURZDG]RQ\FKZ]GX›XOLFRZ\VRNLFKSDUDPHWUDFK
UXFKRZ\FKSU]HMPXM•]Z\NOHLFKSDUDPHWU\JHRPHWU\F]QHZSODQLHFRSR]ZD
ODQDUR]ZLMDQLHGX›\FKSUÆGNRyFLWHFKQLF]Q\FK:L•›HVLÆ]W\PMHGQDNSHZQH
]DJUR›HQLH QD NWÏUH EDUG]LHM SRGDWQH V• WRURZLVND ]ORNDOL]RZDQH PLÆG]\ MH]G
QLDPL1DWXUDOQ•IRUP•SU]\VWDQNÏZV•ERZLHPZWDNLHMV\WXDFMLSHURQ\QDZ\
VHSNDFKNWÏUHZ\PXV]DM•]DUH]HUZRZDQLHGRGDWNRZHMV]HURNRyFLSDVDUR]G]LDX
*G\PDP\GRF]\QLHQLD]SU]\VWDQNDPLZREUÆELHVNU]\›RZDQLD]ORNDOL]RZDQ\PL
QDMHJRZORWDFKRUD]GRGDWNRZRSRMDZLDM•VLÆZ\G]LHORQHSDV\GRVNUÆWXZOHZR
WRURZLVND WUDPZDMRZH V• F]ÆVWR QD GXJRyFL SHURQÏZ SU]HVXZDQH SRSU]HF]QLH
ZVWRVXQNXGRRVLXOLF\FRSRZRGXMHSRZVWDQLHSU]HGVNU]\›RZDQLHPRUD]ZMHJR
yURGNXXNDGÏZXNÏZRGZURWQ\FK=HZ]JOÆGXQD]D]Z\F]DMQLVNLHSDUDPHWU\
JHRPHWU\F]QH SRZRGXM• NRQLHF]QRy SU]HMD]GX ]H ]PQLHMV]RQ• SUÆGNRyFL• RUD]
SRJRUV]HQLHNRPIRUWXMD]G\ZDUWR]ZUÏFLÂXZDJƛHUHMRQSU]\VWDQNÏZMHVWPLHM
VFHPZNWÏU\PGX›DOLF]EDSDVD›HUÏZZSRMH|G]LHVWRLSU]HPLHV]F]DVLÆZNLH
UXQNX GU]ZL OXE VLHG]HÍ NDVRZQLNÏZ LWS 2SLVDQH Z\›HM ]MDZLVND Z\VWÆSXM•
ZPQLHMV]\PVWRSQLXZSU]\SDGNXSU]\VWDQNÏZQDZ\VHSNDFKSRR›RQ\FKQDZ\
ORWDFKVNU]\›RZDQLDSRV]HU]HQLHSDVDGURJRZHJR]MHGQHMVWURQ\Z\NRU]\VW\ZDQH
MHVWSU]H]SHURQD]GUXJLHMSU]H]Z\G]LHORQ\SDVGRVNUÆWXZOHZR
=DOHW•WRURZLVNWUDPZDMRZ\FKSRR›RQ\FKPLÆG]\MH]GQLDPLMHVWZ\›V]\D
WZLHMV]\GRX]\VNDQLDVWRSLHÍVHSDUDFMLRGRVÏESRVWURQQ\FKZV]F]HJÏOQRyFLQLH
FKURQLRQ\FKXF]HVWQLNÏZUXFKXGURJRZHJRSLHV]\FKLURZHU]\VWÏZZPLHMVFDFK
QLHGR]ZRORQ\FKQLHEH]SLHF]Q\FKF]\OLZSUDNW\FHSR]DSU]HMyFLDPLLSU]HMD]GD
PL = GUXJLHM MHGQDN VWURQ\ R]QDF]D WR XWUXGQLRQ\ GRVWÆS GR SU]\VWDQNÏZ 1D
UXFKOLZ\FK WUDVDFK NRPXQLNDF\MQ\FK LVWQLHMH NRQLHF]QRy ]DEH]SLHF]HQLD GRMyÂ
GR SHURQÏZ FR R]QDF]D NRQLHF]QRy SRQLHVLHQLD ]QDF]Q\FKNRV]WÏZ QD EXGRZÆ
L XWU]\PDQLH XU]•G]HÍ V\JQDOL]DFML yZLHWOQ\FK NDGHN WXQHOL 'RMyFLD Z Uϛ
Q\FKSR]LRPDFKZ\PDJDM•VSHFMDOQHJR]DGEDQLDRPR›OLZRyÂNRU]\VWDQLD]QLFK
SU]H]RVRE\]RJUDQLF]RQ•PRELOQRyFL•.RV]W\XU]•G]HÍRUD]WURVNDRZDUXQNL
UXFKXRJÏOQHJRSRZRGXM•›HZ]GHF\GRZDQHMZLÆNV]RyFLSU]\SDGNÏZGRMyFLHGR
Z\VHSHNSU]\VWDQNRZ\FKMHVWW\ONR]MHGQHMVWURQ\6NDQLDWRGRZ]URVWXOLF]E\
]DFKRZDÍQLHEH]SLHF]Q\FKSU]\SU]HNUDF]DQLXSU]H]SLHV]\FKMH]GQLZRNROLFDFK
SU]\VWDQNÏZ 5R]ZL•]DQLHP WHJR SUREOHPX PR›H E\ Z\NRQ\ZDQLH GRMy REX
VWURQQ\FK OXE Z yURGNX GXJLFK SU]\VWDQNÏZ QS SRGZÏMQ\FK -HGQ• ] ]DOHW
WRURZLVNZRVLDFKXOLFMHVWWDN›HQLHVNUÆSRZDQ\GRVWÆS]NUDZÆG]LMH]GQLGRLVWQLH
M•FHM]DEXGRZ\SDUNRZDQLHSRMD]GÏZ]DRSDWU]HQLH3UDNW\F]QLHQLHLVWQLHMHWDN
›HU\]\NR]DEORNRZDQLDWRURZLVNDSU]H]QLHSUDZLGRZR]DSDUNRZDQHVDPRFKRG\
-HyOLFKRG]LRGRVWÆSGRWRURZLVNSRMD]GÏZLQQ\FKQL›WUDPZDMHWRZSU]\SDGNX
ZVSÏOQ\FKSDVÏZDXWREXVRZRWUDPZDMRZ\FKDWZLHMV]\ZMD]GLZ\MD]G]DSHZ
QLDM•WRURZLVNDSRPLÆG]\MH]GQLDPLQDZHWQDEDUG]RNUÏWNLRGFLQHNQSW\ONRQD
GXJRyFLSU]\VWDQNX
1D EXGRZDQ\FK ZVSϏF]HyQLH WUDVDFK WUDPZDMRZ\FK Z\VWÆSXM• F]ÆVWR RED
RSLVDQHVSRVRE\SURZDG]HQLDWRURZLVNZVWRVXQNXGRMH]GQL1DHWDSLHSURMHNWR
ZDQLDQDOH›\]ZUÏFLÂV]F]HJÏOQ•XZDJÆQDVSRVRE\SURMHNWRZDQLDPLHMVFSU]HMyFLD
0DNXFK-3RSLRHN$
264
]MHGQHJRW\SXSU]HNURMXGRGUXJLHJRSRQLHZD›V•WRPLHMVFDZNWÏU\FKPRJ•
Z\VWÆSRZDÂVWUDW\F]DVX'RW\F]\WRZV]F]HJÏOQRyFLVNU]\›RZDÍJG]LHLVWQLHMH
NRQLHF]QRyÂZSURZDG]HQLDGRGDWNRZHMID]\ZSURJUDPLHV\JQDOL]DFMLNROL]\MQHM
]ZLÆNV]RyFL•SR]RVWD\FK1DRGFLQNDFKPLÆG]\VNU]\›RZDQLDPLPR›QDWHJRGR
NRQDÂZVSRVÏEEH]NROL]\MQ\GZXSR]LRPRZROXEZMHGQ\PSR]LRPLH]]DEH]
SLHF]HQLHPV\JQDOL]DFM•OXEEH]3U]HMD]GWDNLPR›HPLHÂFKDUDNWHUSRGREQ\GR
SU]HMD]GXNROHMRZHJRJG\]DEH]SLHF]RQ\MHVWV\JQDOL]DFM•Z]EXG]DQ•
3U]\SDGHNWUDV\WUDPZDMRZHM'XJD3RSRZLFND3LOF]\FNDZH:UR
FDZLX
5R]ZL•]DQLH]DSURSRQRZDQHSU]H]SURMHNWDQWÏZ>@
:NRU\WDU]XXOLF'XJD3RSRZLFND3LOF]\FNDREVXJDNRPXQLNDFM•]ELRURZ•
SU]HGZ\EXGRZDQLHPOLQLLWUDPZDMRZHMRSLHUDDVLÆZ\•F]QLHQDDXWREXVDFK
5\V3U]HNUÏMSRSU]HF]Q\UR]ZL•]DQLD]DSURSRQRZDQHJRSU]H]SURMHNWDQWÏZ
7252:,6.275$0:$-2:(:35=(.52-88/,&<':8-(='1,2:(-
265
=DR›RQR›HSRSRZVWDQLXWUDV\WUDPZDMRZHMSU]HMPLHRQDF]ÆyÂREVXJLDXWR
EXVRZHMQSRUD]›HNRPXQLNDFMDDXWREXVRZDUÏZQLH›]RVWDQLHREQL›RQDGR
SRUÏZQ\ZDOQHJRSR]LRPX6XPDU\F]QLHQDVW•SLZLÆFSRSUDZDRIHUW\NRPXQLNDFM•
]ELRURZ• GR SR]LRPX DOH SRG ZDUXQNLHP ›H WUDPZDMH EÆG• RGMH›G›DÂ
]W\FKVDP\FKSU]\VWDQNÏZFRDXWREXV\:SU]HFLZQ\PUD]LHZ\EXGRZDQLHOLQLL
WUDPZDMRZHMSDUDGRNVDOQLH]DPLDVWSROHSV]\ÂSRJRUV]\RE\REVXJÆNRPXQLNDFM•
]ELRURZ•JG\›RIHUWDREVXJLZSRVWDFLF]ÆVWRWOLZRyFLRGMD]GÏZQDRVREQ\FKSU]\
VWDQNDFKWUDPZDMRZ\FKLDXWREXVRZ\FKE\DE\JRUV]DQL›SU]HGLQZHVW\FM•
$E\ XQLNQ•Â WHJR SDUDGRNVX ]DR›RQR QD FDHM GXJRyFL SURMHNWRZDQHM OLQLL
WUDPZDMRZHMZVSÏOQHSDV\RUD]SU]\VWDQNLWUDPZDMRZRDXWREXVRZH3$7
=HZ]JOÆGXQDDWZLHMV]\ZMD]GLZ\MD]GDXWREXVÏZ]3$7ZSU]\SDGNXWRUR
ZLVNDXPLHV]F]RQHJRZRVLXOLF\SRPLÆG]\MH]GQLDPLGODUXFKXNRRZHJRZSU]H
FLZQ\FKNLHUXQNDFK]GHF\GRZDQRVLÆQDZDyQLHWDNLHXPLHMVFRZLHQLHQRZHMOLQLL
WUDPZDMRZHMZSU]HNURMXXOLF\U\VQDFDHMGXJRyFLUR]ZD›DQHJRNRU\WDU]D
5R]ZL•]DQLHZ\EUDQHSU]H]LQZHVWRUD
,QZHVWRU Z\EUD L SRGD GR SXEOLF]QHM ZLDGRPRyFL Z SRVWDFL ZL]XDOL]DFML NRQ
FHSFMÆZNWÏUHMWRURZLVNRWUDPZDMRZH]QDMGXMHVLÆF]ÆyFLRZRZyURGNXDF]ÆyFLRZR
]ERNXXOLF\SRMHMSϏQRFQHMVWURQLH7RURZLVNRPLÆG]\MH]GQLDPLPLDRE\]QDOH|ÂVLÆ
QDRGFLQNXXOLF'PRZVNLHJRL'XJLHMWDPJG]LHZ\VWÆSXMHV]HURNLSDVUR]G]LDX
VWDQRZL•F\ FHORZ• UH]HUZÆ GOD OLQLL WUDPZDMRZHM ] F]DVÏZ UR]EXGRZ\ XOLF\ :DUWR
MHGQDN]ZUÏFLÂXZDJƛHSRPLPRSR]RVWDZLHQLDZROQHJRSDVDWHUHQXGODGZXWRUR
ZHMOLQLLWUDPZDMRZHMZWUDNFLHHNVSORDWDFMLXOLF\QDVW•SLRGREXGRZDQLHGRGDWNR
Z\FKSDVÏZGRVNUÆWXZOHZRNWÏUH]QDOD]\VLÆZMHMREUÆELH:D›Q\PSRZRGHP
GODNWÏUHJRSRR›HQLHWRURZLVNDWUDPZDMRZHJRZRVLXOLF\QDSRF]•WNRZ\PRGFLQNX
QRZHMWUDV\MHVWRSW\PDOQHMHVWZSHQLZ\NV]WDFRQ\ZÆ]HWRURZ\QDVNU]\›RZDQLX
XOLF'PRZVNLHJR-DJLH\ZSURZDG]DM•F\WRURZLVNRZSDVUR]G]LDXRUD]LVWQLHM•F\
JRWRZ\GRSU]\MÆFLDWRURZLVNDPRVW3U]HMyFLH]SRR›HQLDZRVLQDERNXOLF\PLDRE\
QDVWÆSRZDÂQDGXJRyFLXOLF\6WDURJUREORZHMSRWRDE\QDSR]RVWD\PRGFLQNXWUDV\
WRURZLVNR]QDOD]RVLÆSRSϏQRFQHMVWURQLHXOLF3RSRZLFNLHML3LOF]\FNLHM
5\V:L]XDOL]DFMDSODQRZDQHMWUDV\ZHGXJNRQFHSFMLLQZHVWRUDRGFLQHN]WRURZLVNLHPPLÆG]\
MH]GQLDPLQDXOLF\LPRyFLH'PRZVNLHJR>@
266
0DNXFK-3RSLRHN$
-DNMX›]RVWDRZVSRPQLDQHSU]HG(XURZ\EXGRZDQRRVWDWQLRGFLQHN
WUDV\ WUDPZDMRZHM Z]GX› XOLF\ 3LOF]\FNLHM -HJR SRR›HQLH ] SRZRGX ]DVDGQL
F]RMHGQRVWURQQHJR]DJRVSRGDURZDQLDRWRF]HQLDZLHONRS\WRZHRVLHGOHPLHV]ND
QLRZH.R]DQÏZPR›QDX]QDÂ]DNRU]\VWQH3UREOHPHPMHVWMHGQDNSRU]XFHQLH
UHDOL]DFMLZLGQLHM•FHMZNRQFHSFML]URNXJDÆ]LZ]GX›XOLF\.R]DQRZVNLHM
FRVSRZRGRZDR›HSϏQRFQHNUDÍFH]DEXGRZ\SRR›RQHMSRPLÆG]\XOLFDPL.R
]DQRZVN• D 3LOF]\FN• OH›• SR]D REV]DUHP FL•›HQLD SU]\VWDQNÏZ WUDPZDMRZ\FK
:yZLHWOHREHFQLHZLGRF]Q\FKZ(XURSLHLQDyZLHFLHWUHQGÏZZEXGRZLHQRZ\FK
WUDVWUDPZDMRZ\FKQDOH›DRE\WDN›H]UHZLGRZDÂNRQFHSFMÆUR]JDÆ]LDQLDOLQLLQD
LFKNRÍFRZ\FKRGFLQNDFKQDU]HF]SURZDG]HQLDLFKFHQWUDOQLHSU]H]REV]DU\]DEX
GRZDQH']LDDQLHWDNLHPR›H]DVDGQLF]RSRSUDZLÂRIHUWÆNRPXQLNDF\MQ•SRSU]H]
]ZLÆNV]HQLH F]ÆVWRWOLZRyFL NXUVRZDQLD 0R›H PLH WDN›H V]HUHJ LQQ\FK NRU]\VW
Q\FKZS\ZÏZQDWXU\XUEDQLVW\F]QHM
1DyURGNRZ\PRGFLQNXSU]HGPLRWRZHMWUDV\NRQFHSFMDLQZHVWRUDSU]HZLGX
MHSURZDG]HQLHWRURZLVNDSRSϏQRFQHMVWURQLHXOLF\3RSRZLFNLHM&KDUDNWHU\]XMH
VLÆ RQD EDUG]R PD• OLF]E• SU]HFLÆ ] XOLFDPL SRSU]HF]Q\PL FR VXJHUXMH PR›
OLZRy LVWQLHQLD EDUG]R GREU\FK ZDUXQNÏZ UXFKX WUDPZDMÏZ 0DD OLF]ED XOLF\
SRSU]HF]Q\FK Z\QLND MHGQDN ] IDNWX ›H SUDZLH FDD ]DEXGRZD RWRF]HQLD XOLF\
]QDMGXMHVLÆSRMHMSRXGQLRZHMVWURQLH:\QLND]WHJR›HGRVWÆSGRSU]\VWDQNÏZ
WUDPZDMRZ\FKE\E\EDUG]RXWUXGQLRQ\]SRZRGXRGG]LHOHQLDLFKRGRVLHGODV]H
URN•GZXMH]GQLRZ•XOLF•:DUWRUÏZQLH›]ZUÏFLÂXZDJÆQDIDNW›HMX›ZFKZLOL
REHFQHMZ\VWÆSXMHQDXOLF\3RSRZLFNLHMQDVLODM•F\VLÆSUREOHP]EH]SLHF]HÍVWZHP
SLHV]\FK8OLFDPDREHFQLHSU]HNUÏM[]Z•VNLPSDVHPUR]G]LDXXWZRU]RQ\P
]DSRPRF•R]QDNRZDQLDSR]LRPHJRSRQDGWRLQZHVWRUQLHSU]HZLG]LDQD›DGQ\P
RGFLQNXSU]HGPLRWRZHMWUDV\EXGRZ\SDVÏZDXWREXVRZRWUDPZDMRZ\FK
5\V:L]XDOL]DFMDSODQRZDQHMWUDV\ZHGXJNRQFHSFMLLQZHVWRUDRGFLQHN]WRURZLVNLHP
]ERNXXOLF\3RSRZLFNLHM>@
7252:,6.275$0:$-2:(:35=(.52-88/,&<':8-(='1,2:(-
267
,VWRWQ\PIDNWHPZNZHVWLLEXGRZ\OLQLLWUDPZDMRZHMQDyURGNRZ\PRGFLQNX
MHVWLVWQLHQLHGZÏFKZLDGXNWÏZNROHMRZ\FKEH]SU]HEXGRZ\NWÏU\FKXPLHV]F]H
QLHZSU]HNURMXXOLF]Q\PWRURZLVNDWUDPZDMRZHJRMHVWQLHPR›OLZH2ED]QLFK
Z\PDJDM•FDNRZLWHM SU]HEXGRZ\ 3U]\ZLDGXNFLH]ORNDOL]RZDQ\PQDXOLF\3R
SRZLFNLHM]QDMGXMHVLÆSU]\VWDQHNNROHMRZ\NWÏU\]XZDJLQDNV]WDWXNDGXWR
URZHJRVWDFML:URFDZ3RSRZLFHSRR›RQ\MHVWSRSϏQRFQHMVWURQLHXOLF\/RND
OL]DFMDWRURZLVNDWUDPZDMRZHJRZHGXJNRQFHSFMLLQZHVWRUDXPR›OLZLDDE\ZLÆF
VWZRU]HQLHEH]SRyUHGQLHJRGRMyFLD]SHURQXNROHMRZHJRQDSHURQ\WUDPZDMRZH
3U]HEXGRZD ZLDGXNWX MHVW UHDOL]RZDQD REHFQLH ZHGXJ WHM NRQFHSFML Z UDPDFK
PRGHUQL]DFMLGROQRyO•VNLHJRRGFLQNDPDJLVWUDOLNROHMRZHM(
5R]ZL•]DQLH]DSURSRQRZDQHZSUDF\G\SORPRZHM
3U]HGPLRWRZDSUDFDG\SORPRZDPDJLVWHUVND]RVWDD]UHDOL]RZDQDQD:\G]LDOH
%XGRZQLFWZD/•GRZHJRL:RGQHJR3ROLWHFKQLNL:URFDZVNLHMZUDPDFKVSHFMDOL
]DFML,QIUDVWUXNWXUD7UDQVSRUWX6]\QRZHJRZURNXDNDGHPLFNLP'R
W\F]\DEXGRZ\OLQLLWUDPZDMRZHMZ]GX›XOLF'XJLHML3RSRZLFNLHMRGXOLF\-D
JLH\GRXOLF\0LOHQLMQHM$XWRUHPSUDF\E\$GDP3RSLRHNDRSLHNXQHPGULQ›
-DFHN0DNXFK:MHMUDPDFK]DSURSRQRZDQRNRQFHSFMÆDOWHUQDW\ZQ•GODGZÏFK
RSLVDQ\FKSRZ\›HM:NZHVWLLVWDQRZL•FHMSU]HGPLRW]DLQWHUHVRZDQLDQLQLHMV]HJR
DUW\NXX]DNDGDRQD]ORNDOL]RZDQLHWRURZLVNDWUDPZDMRZHJRF]ÆyFLRZRZRVL
DF]ÆyFLRZR]ERNXXOLF\/RNDOL]DFMDZRVLZ\VWÆSXMHQDSRF]•WNRZ\PRGFLQNX
LMHVW]ZL•]DQDDQDORJLF]QLHGRZDULDQWXLQZHVWRUVNLHJR]IRUP•ZÆ]DWRURZHJR
LLVWQLHQLHPPRVWX:GDOV]HMF]ÆyFLQDVWÆSXMHSU]HMyFLHWRURZLVNDZSRR›HQLHSR
SRXGQLRZHMVWURQLHXOLF\SU]HGVNU]\›RZDQLHP]XOLF•3R]QDÍVN•LGRSURZDG]HQLH
JRZW\PSRR›HQLXGRRNROLFVNU]\›RZDQLD]XOLF•:HMKHURZVN•JG]LHQDVWÆSR
ZDRE\SU]HMyFLHQDSϏQRFQ•VWURQÆXOLF\ZFHOXGRZL•]DQLDGRVWDQXLVWQLHM•FHJR
ZXOLF\3LOF]\FNLHM
3XQNWHP Z\MyFLD GR SURMHNWX NRQFHSF\MQHJR Z ]DNUHVLH XNDGX GURJRZHJR
L WRURZHJR E\R RSUDFRZDQLH ]DR›HÍ GOD XNDGX OLQLL NRPXQLNDFML PLHMVNLHM SR
EXGRZLHQRZHMWUDV\WUDPZDMRZHM3U]\MÆWR›HZ]ZL•]NX]Z\VRNLPLNRV]WDPL
EXGRZ\LQIUDVWUXNWXU\WUDPZDMRZHMLNRQLHF]QRyFL•]DSHZQLHQLDMHMHIHNW\ZQRyFL
HNRQRPLF]QHMQDOH›\VNXSLÂ]GHF\GRZDQ•ZLÆNV]RyÂSRWRNXSDVD›HUVNLHJR]RE
VXJLZDQHJRSU]H]SU]HGPLRWRZ\NRU\WDU]WUDQVSRUWRZ\REV]DUX.R]DQRZD3R
SRZLFL6]F]HSLQDDWDN›HSU]H]OLQLHDXWREXVRZHVWDQRZL•F\FKVLHÂG\VWU\EXWRUÏZ
0DyOLF6WDERZLFL3UDF]2GU]DÍVNLFKZNLHUXQNXyUÏGPLHyFLDQDQRZHMWUDVLH
WUDPZDMRZHM0RZDWXRGZÏFKSRWRNDFKRFKDUDNWHU]HSURPLHQLVW\PZVWRVXQ
NXGRREV]DUXFHQWUDOQHJR]SU]HGPLRWRZHMWUDV\WUDPZDMRZHMQDMHGQ•]SRX
GQLNRZ\FKWUDVyUHGQLFRZ\FKkUÏGPLHyFLDRUD]ZNLHUXQNX3ODFX*UXQZDOG]NLHJR
DQDORJLF]QLHGROLQLLDXWREXVRZ\FK&LNWÏUDFRSUDZGDQLHSURZDG]LSU]H]
REV]DU6WDUHJR0LDVWDDOHFKDUDNWHU\]XMHVLÆGX›\PREFL•›HQLHP:DUWRUÏZQLH›
]ZUÏFLÂXZDJƛHSRWHQFMDW\FKSR•F]HÍPR›HZ]URVQ•ÂSR]DJRVSRGDURZDQLX
SRR›RQHM QD WUDVLH Z\VS\ .ÆS\ 0LHV]F]DÍVNLHM NWÏUD SU]H]QDF]RQD MHVW SRG
LQWHQV\ZQ• ]DEXGRZÆ PLHV]NDQLRZ• D Z FKZLOL REHFQHM QLH SRVLDGD SR•F]HQLD
268
0DNXFK-3RSLRHN$
NRPXQLNDFM•]ELRURZ•]HyFLV\PyUÏGPLHyFLHP.RPXQLNDFMDDXWREXVRZDZDQD
OL]RZDQ\PFL•JXSURMHNWRZDQHMOLQLLWUDPZDMRZHMSRZLQQDSR]RVWDÂQDWRPLDVWQD
RGFLQNXPLÆG]\XOLFDPL:HMKHURZVN•L3R]QDÍVN•=ZL•]DQHMHVWWR]LVWQLHM•F\P
SRWRNLHPSDVD›HUVNLPZNLHUXQNXXOLF\=DFKRGQLHML3ODFX-DQD3DZD,,NWÏUH
JROLNZLGDFMDPRJDE\VSRZRGRZDÂ]QDF]QHSRJRUV]HQLHMDNRyFLRIHUW\NRPXQL
NDF\MQHM:VNDOLPLDVWDSR•F]HQLDWHPDM•FKDUDNWHUREZRGRZ\X]XSHQLDM•F\
SURPLHQLVW•VLHÂWUDPZDMRZ•1DSRGVWDZLHSU]HGVWDZLRQ\FK]DR›HÍXVWDORQR›H
QDRGFLQNXSRPLÆG]\XOLFDPL-DJLH\L3R]QDÍVN•RUD]:HMKHURZVN•L0LOHQLMQ•
WRURZLVNRWUDPZDMRZHEÆG]LHSRVLDGDR]DEXGRZÆWUDZLDVW•DQDSR]RVWD\PRG
FLQNXZVSÏOQ\P]NRPXQLNDFM•DXWREXVRZ•EÆG]LHPLDRIRUPÆ3$7
3RGVWDZRZ\PF]\QQLNLHPNWÏU\]DGHF\GRZDRSRR›HQLXWRURZLVNDQDZLÆN
V]HMF]ÆyFLWUDV\SRSRXGQLRZHMVWURQLHXOLF\MHVWVSRVÏE]DJRVSRGDURZDQLDRWRF]H
QLDWDPJG]LH]QDMGXMHVLÆLQWHQV\ZQD]DEXGRZDPLHV]NDQLRZDRVLHGOL6]F]HSLQ
L3RSRZLFH=DSHZQLRQRZWHQVSRVÏESU]HGHZV]\VWNLPZ\JRGQ\LEH]SLHF]Q\
GRVWÆSGRSU]\VWDQNÏZ:ORW\XOLFRVLHGORZ\FKNWÏU\FKZS\ZQDZDUXQNLUXFKX
NRPXQLNDFMLPLHMVNLHMZVWRVXQNXGRZDULDQWXLQZHVWRUVNLHJRMHVWZLÆNV]\]RVWD\
]DEH]SLHF]RQH]DSRPRF•V]HUHJXV\JQDOL]DFMLZ]EXG]DQ\FK5XFKRJÏOQ\ZVWU]\
P\ZDQ\MHVWW\ONRQDF]DVSU]HMD]GXSRMD]GÏZNRPXQLNDFML]ELRURZHMQDWRPLDVW
ZSR]RVWD\PF]DVLHRGE\ZDVLÆMDNGRW\FKF]DVQD]DVDGDFKRJÏOQ\FK6FKHPDW
XNDGXID]V\JQDOL]DFMLSRND]DQ\MHVWQDU\V:V]F]HJÏOQ\VSRVÏEUR]ZL•]DQR
WDN›H SUREOHP SR]RVWD\FK PLHMVF NROL]\MQ\FK QD WUDVLH Z V]F]HJÏOQRyFL PLHMVF
SU]HMyFLDWRURZLVND]MHGQHJRSRR›HQLDZLQQHRUD]SRF]•WNÏZLNRÍFÏZ3$7
5\V6FKHPDWRJÏOQ\ID]UXFKXV\JQDOL]DFMLyZLHWOQHMZ]EXG]DQHMQDVNU]\›RZDQLDFK
EH]V\JQDOL]DFMLVWDRF]DVRZHM
7252:,6.275$0:$-2:(:35=(.52-88/,&<':8-(='1,2:(-
269
0LHMVFHSU]HMyFLDWRURZLVND]RVLXOLF\QDMHMSRXGQLRZ•VWURQÆSRPLÆG]\PR
VWHP 'PRZVNLHJR D VNU]\›RZDQLHP ] XOLF• 3R]QDÍVN• Z\NRQDQR QD RGFLQNX
PLÆG]\VNU]\›RZDQLDPLL]DR›RQR]DEH]SLHF]HQLH]DSRPRF•Z]EXG]DQHMV\JQD
OL]DFMLZVWU]\PXM•FHMUXFKRJÏOQ\QDF]DVSU]HMD]GXWUDPZDMX=DSURSRQRZDQR
GZDZDULDQW\WHJRUR]ZL•]DQLDZGZÏFKUϛQ\FKSRR›HQLDFK'HF\]MDR]ORNDOL
]RZDQLXWRURZLVND]ERNXXOLF\MX›QDVNU]\›RZDQLXXOLF'XJLHML3R]QDÍVNLHMSR
G\NWRZDQDE\DSU]HVDQNDPLUXFKRZ\PL3RPLPR›HMHVWWRVNU]\›RZDQLHWUÏMZ
ORWRZHWUDVDNRPXQLNDFML]ELRURZHM]QDOD]DVLÆQLHZSRR›HQLXEH]NROL]\MQ\PGR
ZORWXSRSU]HF]QHJRDZVSRVÏEJRSU]HFLQDM•F\:]ZL•]NX]SRF]\QLRQ\PL]D
R›HQLDPLGRXNDGXOLQLLNRPXQLNDF\MQ\FKQDVNU]\›RZDQLXW\PZ\VWÆSXMHER
ZLHPVWRVXQNRZRGX›\UXFKZUHODFMDFKVNUÆWQ\FK3RR›HQLHWRURZLVNDSRVWURQLH
ZORWXSRSU]HF]QHJR]DEH]SLHF]DZLÆFPR›OLZRyÂEORNRZDQLDSRMD]GÏZMDG•F\FK
QD ZSURVW SU]H] VNUÆFDM•FH :\VWÆSXMH FR SUDZGD NROL]MD ] UHODFMDPL VNUÆWQ\PL
VWUXPLHQLRJÏOQ\FKDOHPR›OLZRyÂUXFKXSU]H]FD\F]DVWUZDQLDID]\QDMGX›V]HM
REVXJXM•FHMVWUXPLHQLHRJÏOQHZUHODFMDFKQDZSURVW]DSHZQLDVWRVXQNRZRGR
EUHZDUXQNLUXFKXNRPXQLNDFML]ELRURZHM1DVNU]\›RZDQLXW\PZ\VWÆSXMHWDN›H
SRF]•WHN3$7QDNWÏU\DXWREXV\ZMH›G›DM•]ZORWXSRSU]HF]QHJR'RGDWNRZR
Z]ZL•]NX]LVWQLHQLHPNRQFHSFMLUR]ZRMXZURFDZVNLHMVLHFLWUDPZDMRZHMZNWÏ
U\FKSODQRZDQDMHVWEXGRZDOLQLLZXOLF\3R]QDÍVNLHM]DSURMHNWRZDQRSHQ\ZÆ]H
WUÏMN•WQ\L]DR›RQR›H]XZDJLQDFKDUDNWHUXOLF\WRURZLVNR]QDMG]LHVLÆZMH]GQL
6FKHPDWVNU]\›RZDQLDSRND]DQRQDU\V
5\V6FKHPDWVNU]\›RZDQLDXOLF'XJLHML3R]QDÍVNLHM]WRURZLVNLHP]ERNXXOLF\
SRVWURQLHZORWXSRSU]HF]QHJR
270
0DNXFK-3RSLRHN$
5\V:DULDQWNODV\F]Q\SU]HMyFLDWRURZLVNDQDSU]HFLZQ•VWURQÆXOLF\3RSRZLFNLHMQDVNU]\›RZDQLX
]XOLF•:HMKHURZVN•
5\V:DULDQWDOWHUQDW\ZQ\SU]HMyFLDWRURZLVNDQDSU]HFLZQ•VWURQÆXOLF\3RSRZLFNLHMQDSU]HG
VNU]\›RZDQLHP]XOLF•:HMKHURZVN•
'UXJD]H]PLDQSRR›HQLDWRURZLVNDZSU]HNURMXXOLF\LGUXJLNRQLHF3$7]QDM
GXMHVLÆZUHMRQLHVNU]\›RZDQLD]XOLF•:HMKHURZVN•=DSURSRQRZDQRGZDZDULDQW\
WHJRUR]ZL•]DQLD-HGHQ]QLFKNODV\F]Q\SU]HZLGXMHSU]HMyFLHWRURZLVND]SRXGQLR
ZHMQDSϏQRFQ•VWURQÆXOLF\QDVNU]\›RZDQLXSRMHJRSU]HN•WQHMFRZ\PDJDUH]HU
ZDFMLGRGDWNRZHMID]\V\JQDOL]DFMLyZLHWOQHMNROL]\MQHM]SUDZLHZV]\VWNLPLVWUXPLH
QLDPLUXFKXRJÏOQHJR:MD]GLZ\MD]GQD3$7RGE\ZDM•VLÆ]ZORWXSRSU]HF]QHJR
DQDORJLF]QLH MDN QD VNU]\›RZDQLX ] XOLF• 3R]QDÍVN• : ZDULDQFLH W\P XGDR VLÆ
X]\VNDÂ ZVSÏOQ\ SU]\VWDQHN DXWREXVRZRWUDPZDMRZ\ SR VWURQLH ]DEXGRZ\ :D
ULDQWGUXJLSU]HZLGXMHSU]HMyFLHWRURZLVNDSU]H]MH]GQLHSU]HGVNU]\›RZDQLHPQD
]DVDG]LHSRGREQHMGRSU]HMD]GXNROHMRZHJR]DEH]SLHF]RQHMV\JQDOL]DFM•Z]EXG]DQ•
:MD]GQD3$7L]MD]G]QLHJRRGE\ZDM•VLÆZPLHMVFXSU]HFLÆFLDWRURZLVND]MH]GQL•
7252:,6.275$0:$-2:(:35=(.52-88/,&<':8-(='1,2:(-
271
SRF]\PSU]H]VNU]\›RZDQLH]XOLF•:HMKHURZVN•DXWREXV\SRUXV]DM•VLÆZUXFKX
RJÏOQ\P3U]\VWDQNLWUDPZDMRZHLDXWREXVRZHZUHMRQLHVNU]\›RZDQLDV•RGG]LHOQH
3U]\VWDQNLWUDPZDMRZH]QDMGXM•VLÆSRSU]HFLZQHMGRRVLHGODVWURQLHXOLF\:DUWR
MHGQDN]ZUÏFLÂXZDJƛHSRWHMVWURQLHZQLHZLHONLHMRGOHJRyFL]QDMGXMHVLÆKDOD
VSRUWRZD2UELWDZNWÏUHMRUJDQL]RZDQHV•LPSUH]\PDVRZH
: RGQLHVLHQLX GR SURSRQRZDQHM NRQFHSFML QDOH›\ WDN›H ]ZUÏFL XZDJÆ QD
SXQNW\SU]HFLÆFLDWUDV\WUDPZDMRZHM]OLQLDPLNROHMRZ\PLSRGN•WHPPR›OLZ\FK
ORNDOL]DFMLSU]\VWDQNÏZSU]HVLDGNRZ\FK=XZDJLQDXNDGJHRPHWU\F]Q\WRUÏZ
NROHMRZ\FKRND]XMHVLƛHOHSV]\PSRR›HQLHPSHURQÏZNROHMRZ\FK]DUÏZQRLVW
QLHM•F\FKQDVWDFML:URFDZ3RSRZLFHMDNLSURSRQRZDQ\FKSRWHQFMDOQ\SU]\
VWDQHNd:URFDZ6]F]HSLQrSRPLÆG]\0LNRDMRZHPD1DGRGU]HPMHVWSϏQRFQD
VWURQDXOLF\:REXSU]\SDGNDFKPDP\MHGQDNPR›OLZRyÂXWZRU]HQLDEH]SRyUHG
QLHJREH]NROL]\MQHJRGRMyFLDQDVWURQÆSRXGQLRZ•ZSURVWQDSHURQ\WUDPZDMR
ZH2LOHZSU]\SDGNXSU]HEXGRZ\ZDQHJRMX›REHFQLHZLDGXNWXZV•VLHG]WZLH
3RSRZLFR]QDF]DRE\WRNRQLHF]QRyÂGRGDQLDZSU]\V]RyFLGRGDWNRZHMNDGNLGOD
SLHV]\FKSRPLÆG]\SU]ÆVDPLNROHMRZ\PLWDNZSU]\SDGNXZLDGXNWX6]F]HSLÍ
VNLHJRPR›OLZHMHVWMHV]F]HND›GHUR]ZL•]DQLH
3RGVXPRZDQLH
'HF\]MDRZ\ERU]HSRR›HQLDWRURZLVNDWUDPZDMRZHJRZSU]HNURMXXOLF\GZX
MH]GQLRZHMMHVWMHGQ•]NOXF]RZ\FKNZHVWLLSRGHMPRZDQ\FKZHZVWÆSQ\FKID]DFK
SURMHNWRZDQLDQRZHMOXESU]HEXGRZ\LVWQLHM•FHMWUDV\WUDPZDMRZHM-HVWRQDRSDU
WDQDDQDOL]LHZLHOXF]\QQLNÏZNWÏUHPRJ•PLHÂFKDUDNWHUUXFKRZ\ZRGQLHVLHQLX
]DUÏZQRGRSRMD]GÏZMDNLSLHV]\FKXUEDQLVW\F]Q\F]\ZUHV]FLHNRQVWUXNF\MQ\
LILQDQVRZ\=R›RQ\FKDUDNWHUWHJRSUREOHPXVSUDZLD›HQLHLVWQLHMHMHGQR]QDF]QD
UHNRPHQGDFMDGODMHGQHM]PR›OLZ\FKRSFML.D›G\SU]\SDGHNWU]HEDZLÆFUR]SD
WU\ZDÂLQG\ZLGXDOQLHXZ]JOÆGQLDM•F•F]QLHZV]\VWNLHGHF\GXM•FHRQLPF]\QQLNL
'HF\]MD]D]Z\F]DMMHVWZ\QLNLHPNRPSURPLVXLZDJQDGDZDQ\FKSRV]F]HJÏOQ\P
ZDyFLZRyFLRP2NUHyORQHSRR›HQLHLQIUDVWUXNWXU\GHG\NRZDQHMNRPXQLNDFMLSX
EOLF]QHMPR›HERZLHPSU]\F]\QLÂVLÆGRXSU]\ZLOHMRZDQLDMHMZUXFKXXOLF]Q\P
NUHRZDQLDSU]HVWU]HQLPLHMVNLHMZS\ZDÂ]QDF]•FRQDRGELÏUVSRHF]Q\LQZHVW\
FMLRUD]RGG]LD\ZDÂQDEH]SLHF]HÍVWZRNRPXQLNDF\MQHLRVRELVWHX›\WNRZQLNÏZ
: DUW\NXOH SU]HGVWDZLRQR SHHQ ]DNUHV PR›OLZ\FK ZDULDQWÏZ RGQRyQLH F]ÆyFL
SU]\NDGRZHMWUDV\WUDPZDMRZHMNWÏUHMEXGRZDSODQRZDQDMHVWZH:URFDZLX
/LWHUDWXUD
>@3RSLRHN$%XGRZDQRZHMOLQLLWUDPZDMRZHMZ]GX›XO'XJLHML3RSR
ZLFNLHMRGXO-DJLH\GRXO0LOHQLMQHMZH:URFDZLX3UDFDG\SORPRZD
PDJLVWHUVND3ROLWHFKQLND:URFDZVND
272
0DNXFK-3RSLRHN$
>@%LSURJHR3URMHNW 2SUDFRZDQLH NRQFHSFML EXGRZ\ WUDV\ WUDPZDMRZHM
RGXO:DG\VDZD-DJLH\GRSÆWOLQDRVLHGOX.R]DQÏZZH:URFDZLX
>@KWWSZZZELSURJHRZURFSO
>@&KPLHOHZVNL - 0 7HRULD XUEDQLVW\NL Z SURMHNWRZDQLX L SODQRZDQLX
PLDVW2ILF\QD:\GDZQLF]D3ROLWHFKQLNL:DUV]DZVNLHM:DUV]DZD
>@:HVRRZVNL - 7UDPZDM ZVSϏF]HVQ\ t VSRMU]HQLH XUEDQLVW\ 7HFKQLND
7UDQVSRUWX6]\QRZHJRVWU
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
6<08/$725<32-$='¯:6=<12:<&+
'/$0$6=<1,67¯::352&(6,('<'$.7<&=1<0
::<%5$1<&+.5$-$&+(8523(-6.,&+
5HQDWD0DOHGD
PJU.LHURZQLN']LDX)XQGXV]\(XURSHMVNLFK,QVW\WXW.ROHMQLFWZDXO&KRSLFNLHJR:DUV]DZDWHO
HPDLOUPDOHGD#LNROHMSO
6WUHV]F]HQLH$UW\NXSUH]HQWXMHQDMQRZV]HRVL•JQLÆFLDZREV]DU]HV]NROHÍGODPDV]\QL
VWÏZ]Z\NRU]\VWDQLHPV\PXODWRUÏZNROHMRZ\FK$XWRUNDSU]HGVWDZLDWHQGHQFMHHXURSHMVNLHZW\P
]DNUHVLHRUD]NLHUXQNL]DPLDQMDNLH]DFKRG]•Z3ROVFHZG]LHG]LQLHNV]WDFHQLDSUDNW\F]QHJR
PDV]\QLVWÏZ:UHIHUDFLH]DZDUWHV•NRU]\yFLG\GDNW\F]QHMDNLHNRQRPLF]QHG]LÆNLVWRVRZDQLX
ÂZLF]HÍQDV\PXODWRUDFKDSU]HGHZV]\VWNLPLFKSU]\GDWQRyÂZSRSUDZLHEH]SLHF]HÍVWZDQDNROHL
6RZDNOXF]RZHWUDQVSRUWV]\QRZ\V\PXODWRU\NROHMRZHV]NROHQLD
:VWÆS
&]RQNRVWZRZ8QLL(XURSHMVNLHMQDNDGDQDSRV]F]HJÏOQHSDÍVWZDZ\PÏJ
GRVWRVRZDQLDVLÆGRZVSÏOQ\FKUHJXODFMLLSU]HSLVÏZFHOHPXMHGQROLFHQLDU\QNX
HXURSHMVNLHJRZZLHOXG]LHG]LQDFKJRVSRGDUNL8UHJXORZDQLDXQLMQHZ]DNUHVLH
OLFHQFML L FHUW\ILNDWÏZ GOD PDV]\QLVWÏZ RNUHyOD '\UHNW\ZD (& 3DU
ODPHQWX(XURSHMVNLHJR]SD|G]LHUQLNDURNXGRW\F]•FDFHUW\ILNDWXGOD
PDV]\QLVW\ORNRPRW\ZLSRFL•JÏZSRUXV]DM•F\FKVLÆSROLQLDFKSDÍVWZ8QLL(X
URSHMVNLHM'\UHNW\ZDVWDQRZL›HZV]\VF\PDV]\QLyFLSRFL•JÏZPXV]•SRVLDGDÂ
ZDUXQNLIL]\F]QHLNZDOLILNDFMHQLH]EÆGQHGRSURZDG]HQLDSRFL•JÏZRUD]QDVWÆ
SXM•FH GRNXPHQW\ OLFHQFMÆ SRWZLHUG]DM•F• ›H PDV]\QLVWD VSHQLD PLQLPDOQH
Z\PDJDQLDSRGZ]JOÆGHPZDUXQNÏZ]GURZRWQ\FKSRGVWDZRZHJRZ\NV]WDFH
QLDRUD]RJÏOQ\FKXPLHMÆWQRyFL]DZRGRZ\FKRUD]FRQDMPQLHMMHGQRyZLDGHFWZR
ZVND]XM•FH URG]DM LQIUDVWUXNWXU\ Z REUÆELH NWÏUHM SRVLDGDF] MHVW XSUDZQLRQ\
SURZDG]LÂSRMD]G\NROHMRZHRUD]URG]DMWDERUXNROHMRZHJRGRNWÏUHJRSURZD
G]HQLDMHVWRQXSUDZQLRQ\'RW\FKF]DVZZLÆNV]RyFLSDÍVWZHXURSHMVNLFKWDN›H
Z 3ROVFH ]DZÏG PDV]\QLVW\ SRMD]GÏZ WUDNF\MQ\FK E\ UHJXORZDQ\ SU]H] SDÍ
VWZR ']LDDQLD 8QLL (XURSHMVNLHM ]PLHU]DM• Z NLHUXQNX ZLÆNV]HM GRVWÆSQRyFL
LVNUÏFHQLDF]DVXSU]\JRWRZDÍGODRVÏEFKF•F\FKSUDFRZDÂQDVWDQRZLVNXNLH
UXM•FHJRSRMD]GHPV]\QRZ\P6W•GZZLHOX]DOHFHQLDFKLSURJUDPDFKV]NROHÍ
SRMDZL\VLÆUHNRPHQGDFMH]ZL•]DQH]SUDNW\NDPLQDV\PXODWRUDFK¢ZLF]HQLD
SUDNW\F]QHQDW\FKXU]•G]HQLDFKZ]QDF]Q\PVWRSQLXVNUDFDM•F]DVWUZDQLDV]NR
1
www.utk.gov.pl
274
0DOHGD5
OHQLDLRJUDQLF]DM•NRV]W\SU]\JRWRZDQLDRVÏEXELHJDM•F\FKVLÆRSUDFÆZ]DZRG]LH
PDV]\QLVW\@
:\]QDF]QLNLHPGR]PLDQLUHJXODFMLZ]DNUHVLHOLFHQFMLLyZLDGHFWZDGODPD
V]\QLVW\MHVWSU]\JRWRZDQDSU]H](XURSHMVN•$JHQFMÆ.ROHMRZ•(5$SURSR]\FMD
RSDUWDQD'\UHNW\ZLH]URNX3DUODPHQWX(XURSHMVNLHJR5HNRPHQGDFMH
$JHQFMLZ]DNUHVLHSURFHVXG\GDNW\F]QHJRGODRVÏEXELHJDM•F\FKVLÆRVWDQRZL
VNRPDV]\QLVW\Z\JO•GDM•QDVWÆSXM•FRQDOH›\]DFKRZDÂRGSRZLHGQL•UÏZQRZDJÆ
PLÆG]\QDXF]DQLHPWHRUHW\F]Q\PZ\NDG\LSUH]HQWDFMHLV]NROHQLHPSUDNW\F]
Q\PQSSURZDG]HQLHSRFL•JX]LQVWUXNWRUHPLEH]QDOLQLL7DNVNRQVWUXRZDQ\
SURJUDP G\GDNW\F]Q\ SR]ZROL QD ]GRE\FLH XPLHMÆWQRyFL SUDNW\F]Q\FK SRSU]H
G]RQ\FKZLHG]•WHRUHW\F]Q•:UHNRPHQGDFMDFK(5$]QDMGXMHVLÆUÏZQLH›ZLHOH
ZVND]ÏZHN ]ZL•]DQ\FK ] RGSRZLHGQLP SU]\JRWRZDQLHP SURJUDPÏZ V]NROHQLR
Z\FKGODPDV]\QLVWÏZPLQ
6]NROHQLHNRPSXWHURZHSRZLQQRE\ÂLQG\ZLGXDOQHGODND›GHJRXF]HVWQLND
FHOHP SU]HWHVWRZDQLD SRWU]HE ]ZL•]DQ\FK ] ]DVDGDPL UXFKX V\JQDOL]DFML
LLQQ\FK
6]NROHQLHQDV\PXODWRU]HQLHMHVWREOLJDWRU\MQHPR›HE\ÂVWRVRZDQHFHOHP
QDE\FLDEDUG]LHMHIHNW\ZQHJRLSUDNW\F]QHJRZDUV]WDWXPDV]\QLVW\=QDMR
PRyÂV]ODNXWUDV\NROHMRZHMQDE\ZDQLHZZDUXQNDFKG]LHQQ\FKLQRFQ\FK
ZWRZDU]\VWZLHGUXJLHJRPDV]\QLVW\PR›HE\ÂZ\NRU]\VWDQHQDJUDQLHYL
GHRZLG]LDQH]NDELQ\PDV]\QLVW\OXEPR›QDVWRVRZDÂLQQHPHWRG\
3U]\NDG\LGRyZLDGF]HQLDZ\NRU]\VWDQLDV\PXODWRUÏZZ(XURSLH
: SU]HFLZLHÍVWZLH GR V]NROHÍ NLHURZFÏZ OXE SLORWÏZ ›DGHQ NUDM HXURSHMVNL
QLHZSURZDG]LMDNRRERZL•]NRZ\FKV]NROHÍLHJ]DPLQÏZQDV\PXODWRU]HGODPD
V]\QLVWÏZ 5ÏZQLH› SURJUDP\ V]NROHÍ UϛQL• VLÆ Z UϛQ\FK NUDMDFK L X UϛQ\FK
SU]HZR|QLNÏZGRW\F]•RQHF]DVXWUZDQLDV]NROHQLDSRGVWDZRZHJRPHWRGLIRUP
SU]HND]\ZDQLDZLHG]\SRGF]DVNXUVX0LPRWRZZLÆNV]RyFLNUDMÏZHXURS\]D
FKRGQLHMPR›QD]DXZD›\ÂWHQGHQFMÆGRZ\NRU]\VW\ZDQLDV\PXODWRUÏZMDNRLQWH
JUDOQHMLQLH]EÆGQHMIRUP\QDXF]DQLD]DUÏZQRZNXUVDFKGODSRF]•WNXM•F\FKMDN
LZNV]WDFHQLXXVWDZLF]Q\P
3U]\NDGRZRZ1LHPF]HFKQDV]NROHQLDGODSRF]•WNXM•F\FKPDV]\QLVWÏZPD
ZS\Z1LHPLHFND)HGHUDOQD$JHQFMD=DWUXGQLHQLDMHVWRGSRZLHG]LDOQD]DSU]H
ND]\ZDQLHW]ZYRXFKHUÏZHGXNDF\MQ\FKGODEH]URERWQ\FK.RQVHNZHQFM•WHJR
URG]DMXXUHJXORZDÍMHVWZ\VRNLSR]LRPNRQNXUHQFMLQDU\QNXV]NROHÍNROHMRZ\FK
PLÆG]\QLHZLHONLPLILUPDPLLW]ZZROQ\PLVWU]HOFDPLIUHHODQFHUVNWÏU]\GRVWDU
F]DM•V]NROHÍ]]DNUHVXVSHFMDOLVW\F]QHMWHPDW\NLNROHMRZHM*ÏZQLXVXJRGDZF\
V]NROHÍQDU\QNXQLHPLHFNLPWR'%7UDLQLQJ/HDUQLQJDQG&RQVXOWLQJ9'()
9HUEDQG'HXWVFKHU(LVHQEDKQIDFKVFKXOHQ0(9/RNIXKUHUVFKXOH'%7UDLQLQJ
V]NROLRNRRSURFHQWG\›XUQ\FKUXFKXLPDV]\QLVWÏZQDWHUHQLH1LHPLHFJOR
EDOQ\JUDF]QDU\QNXV]NROHÍSRVLDGDRNRRFHQWUÏZV]NROHQLRZ\FK Z\SRVD›R
6<08/$725<32-$='¯:6=<12:<&+'/$0$6=<1,67¯::352&(6,(
275
Q\FKZV\PXODWRU\NDELQRZHQDWHUHQLHFDHJRNUDMX6•WRXU]•G]HQLDFHFKXM•FH
VLÆEDUG]RGX›\PSR]LRPHPUHDOL]PXGRSUDFRZDQHSRGZ]JOÆGHPZ\NRQDQLD
IXQNFMRQDOQRyFL RUD] ]DVWRVRZDQHJR RSURJUDPRZDQLD =DVWRVRZDQ\ Z QLFKPH
FKDQL]PRGZ]RURZDQLDUXFKXVSUDZLD›HRGF]XFLDZF]DVLHMD]G\]EOL›RQHV•GR
QDWXUDOQ\FK6]NROHQLDSUDNW\F]QHQDV\PXODWRUDFKZ\QLNDM•Z1LHPF]HFK]SR
UR]XPLHÍ]H]ZL•]NDPL]DZRGRZ\PL
)RW6\PXODWRU\ZQLHPLHFNLPFHQWUXPV]NROHQLRZ\
nUÏGR.UDXVV0DIIHL:HJPDQQ.0:KWWSZZZNPZHJFRPKRPHKWPO
6]NROHQLDGODPDV]\QLVWÏZQDU\QNXIUDQFXVNLPSURZDG]LZLHOHILUPLFKQDM
ZLÆNV]\P GRVWDZF• MHVW 61&) 7UDFWLRQ ,QQH ILUP\ NRQNXUHQF\MQH GOD 61&) WR
PLQ*7,)(XUR&DUJR5DLO&RODV5DLO1DMOLF]QLHMVLGRVWDZF\XVXJV]NROHQLR
Z\FKZ(XURSLHWRRUJDQL]DFMHEÆG•FHLQWHJUDOQ•F]ÆyFL•ILUPNROHMRZ\FKOXEKRO
GLQJX1DMZLÆFHMV]NROHÍSURZDG]LVLÆZ]DNUHVLHSU]\JRWRZDQLDGRSUDF\QDVWDQR
ZLVNXPDV]\QLVW\RUD]G\›XUQHJRUXFKX]JRGQLH]]DSRWU]HERZDQLHPU\QNRZ\P
:3ROVFHSURFHVV]NROHQLRZ\PDV]\QLVWÏZXUHJXORZDQ\MHVWDNWDPLSUDZQ\
PL:yUÏGSRGPLRWÏZNWÏUHRWU]\PD\XSUDZQLHQLDRG8U]ÆGX7UDQVSRUWX.R
OHMRZHJRGRSURZDG]HQLDV]NROHÍQDOLFHQFMHLyZLDGHFWZRPDV]\QLVW\]QDMGXMHVLÆ
ZFKZLOLREHFQHMSU]HGVLÆELRUVWZ:ZLÆNV]RyFLV•WRSU]HZR|QLF\NWÏU]\ZH
ZQÆWU]QLHZHZDVQ\P]DNUHVLHSU]\JRWRZXM•V]NROHQLDGODPDV]\QLVWÏZGRFHOR
ZRREVXJXM•F\FKLFKZDVQ\WDERU6WRVRZDQLHV\PXODWRUÏZSRGF]DVV]NROHÍMHVW
EDUG]RRJUDQLF]RQH]HZ]JOÆGXQDEUDNWHJRURG]DMXXU]•G]HÍ:RVWDWQLFKODWDFK
SRGMÆWRMHGQDNV]HUHJLQLFMDW\ZDE\]PLHQLÂWHQVWDQGRFHQLDM•FUROHV\PXODWRUÏZ
MDNRMHGQHJR]HOHPHQWÏZSRGQRV]•F\FKEH]SLHF]HÍVWZRZWUDQVSRUFLHV]\QRZ\P
1D]DNXSV\PXODWRUÏZ]GHF\GRZD\VLÆPLQ.ROHMH0D]RZLHFNLHL3.3,QWHU&L
W\2yURGNLV]NROHQLRZHVSHFMDOL]XM•FHVLÆZRUJDQL]DFMLNXUVÏZQDSRWU]HE\NROHM
8VWDZD]GQLDPDUFDURWUDQVSRUFLHNROHMRZ\P']8]U1USR]]SyĨQ]P5R]SRU]ąG]HQLH0LQLVWUD,QIUDVWUXNWXU\]GQLDOXWHJRUZVSUDZLHOLFHQFMLPDV]\QLVW\']8]
U1USR]5R]SRU]ąG]HQLH0LQLVWUD,QIUDVWUXNWXU\]GQLDOXWHJRUZVSUDZLHĞZLDGHFWZD
PDV]\QLVW\']8]U1USR]
3 www.utk.gov.pl
0DOHGD5
276
QLFWZDUÏZQLH›GRSURJUDPÏZQDXF]DQLDZ•F]DM•ÂZLF]HQLDV\PXODF\MQHQDQRZR
SRZVWD\FKV\PXODWRUDFKSU]\NDGHPPR›HE\ÂILUPD&DUJR0DVWHU]7RUXQLD
1DMSRSXODUQLHMV]\P V\PXODWRUHP IXQNFMRQXM•F\P Z QDV]\P NUDMX MHVW Z\
EXGRZDQ\ZODWDFKG]LHZLÆÂG]LHVL•W\FKV\PXODWRUORNRPRW\Z\(3MHJRZD
yFLFLHOHP MHVW ILUPD &6 6]NROHQLH L 'RUDG]WZR 6S ] RR 6\PXODWRU ORNRPRW\
Z\(3WRZSHQLIXQNFMRQDOQ\V\PXODWRUNDELQRZ\ZLHUQLHRGGDM•F\Z\JO•G
ZHZQÆWU]Q\LZ\SRVD›HQLHSUDZG]LZHMNDELQ\DWDN›HFKDUDNWHU\VW\NÆWUDNF\MQ•
RUD]G|ZLÆNLORNRPRW\Z\(3
)RW:QÆWU]HV\PXODWRUDORNRPRW\Z\(3
nUÏGR&66]NROHQLHL'RUDG]WZR6S]RRZ:DUV]DZLHKWWSZZZFVLGSOLQGH[SKS"S :yUÏGV\PXODWRUÏZNROHMRZ\FKIXQNFMRQXMHNLONDURG]DMÏZWHJRW\SXXU]•
G]HÍ=DVDGQLF]RPR›QDMHSRG]LHOLÂQDV\PXODWRU\SHQR]DNUHVRZH]PHFKDQL
]PHPUXFKRZ\POXEEH]SXOSLWRZHNRPSDNWRZHVWDHOXEPRELOQHRUD]DPD
WRUVNLHV\PXODWRU\3&
=DOHW\LNRU]\yFLS\Q•FH]ÂZLF]HÍQDV\PXODWRUDFK
1DGU]ÆGQ\P FHOHP VWRVRZDQLD V\PXODWRUÏZ Z SURFHVLH G\GDNW\F]Q\P MHVW
RJÏOQDSRSUDZDEH]SLHF]HÍVWZDUXFKXNROHMRZHJRRUD]UHGXNFMDVNXWNÏZ]DLVW
QLD\FK ]GDU]HÍ Z UXFKX NROHMRZ\P ']LÆNL ÂZLF]HQLRP SUDNW\F]Q\P QD WHJR
W\SXXU]•G]HQLDFKPR›QDZ\ÂZLF]\ÂZyUÏGSRF]•WNXM•F\FKPDV]\QLVWÏZSUDZL
GRZHSRVWÆSRZDQLHZSU]\SDGNX]GDU]HÍQLHW\SRZ\FKLDZDULLWDERUXNROHMRZH
JRNWÏUHU]DGNRZ\VWÆSXM•ZU]HF]\ZLVWRyFL:DUV]WDW\RGE\ZDM•VLÆZZDUXQNDFK
EH]SLHF]Q\FKLQDG]RURZDQ\FKXPR›OLZLDM•FQLHW\ONRZ\ÂZLF]HQLH]DVDGQLF]\FK
RGUXFKÏZSU]\SURZDG]HQLXSRMD]GXOHF]UÏZQLH›DQDOL]Æ]GDU]HÍQLHW\SRZ\FK
,VWRWQ\PDVSHNWHPÂZLF]HÍQDV\PXODWRUDFKMHVWWDN›HPR›OLZRyÂQDXNLREVXJL
QRZRF]HVQHJRV\VWHPX(7&6NWÏU\VWDQRZLSRGVWDZÆIXQNFMRQRZDQLDLQWHURSH
UDF\MQHJRWUDQVSRUWXNROHMRZHJR(XURS\
6<08/$725<32-$='¯:6=<12:<&+'/$0$6=<1,67¯::352&(6,(
277
7DEHOD=DOHW\ÂZLF]HÍQDV\PXODWRUDFK
RSDQRZDQLH SUDNW\F]Q\FK XPLHMĊWQRĞFL RUD] QDZ\NyZ Z\PDJDQ\FK GR SUDZLGáRZHJR L EH]SLHF]QHJR
SURZDG]HQLDSRFLąJyZR]UyĪQLFRZDQHMNRQ¿JXUDFML
ZNDĪG\FKZDUXQNDFKUXFKRZ\FKRUyĪQ\FKSRUDFK
URNX L GQLD Z GRZROQ\FK ZDUXQNDFK DWPRVIHU\F]nych
QDE\FLH SU]H] PDV]\QLVWĊ XPLHMĊWQRĞFL UR]SR]QDZDQLDSRWHQFMDOQ\FK]DJURĪHĔ
ZHU\¿NDFMD ZLHG]\ WHRUHW\F]QHM D WDNĪH SUDNW\F]QH
opanowanie przepisów ruchu i sygnalizacji kolejowej
RSDQRZDQLH XPLHMĊWQRĞFL W]Z MD]G\ HNRQRPLF]QHM
z zachowaniem zasad redukcji strat energetycznych
UDFMRQDOL]DFML ]XĪ\FLD HQHUJLL SRGF]DV MD]G\ SRMD]GHPWUDNF\MQ\P
Z\NV]WDáFHQLH SUDZLGáRZ\FK UHDNFML PDV]\QLVW\ QD
zdarzenia nietypowe
praktyczna nauka procedur podejmowanych w przySDGNX]GDU]HĔQLHW\SRZ\FKLDZDULLZ\EUDQ\FKV\VWHPyZRUD]LQVWDODFMLSRMD]GXWUDNF\MQHJROXESRFLąJX
QDXND QRZRF]HVQHJR V\VWHPX ]DU]ąG]DQLD UXFKHP QDE\FLHXPLHMĊWQRĞFLNRPXQLNDFMLSRPLĊG]\PDV]\NROHMRZ\P(5706(XURSHDQ5DLO7UDI¿F0DQDJH- QLVWąDLQQ\PLXF]HVWQLNDPLUXFKXNROHMRZHJRPLQ
PHQW6\VWHP
]HVáXĪEąUXFKXRUD]]GUXĪ\QDPLWUDNF\MQ\PLLQQ\FK
SRFLąJyZ]GUXĪ\QąNRQGXNWRUVNą
nUÏGR06LHUJLHMF]\N6*DJR3%URQD$'•EURZVNL=6]DIUDÍVNL$6]\PDÍVNL.RQFHSFMDV\PXODWRUDSRMD]GÏZV]\
QRZ\FKGODVSϏNL3.3,QWHUFLW\6$SUDFD,QVW\WXWX.ROHMQLFWZD:DUV]DZD
=DOHW• ÂZLF]HÍ QD V\PXODWRUDFK MHVW WDN›H Z\NRU]\VWDQLH LFK Z NV]WDFHQLX
XVWDZLF]Q\PPRJ•E\ÂX›\ZDQHZRNUHVRZ\FKNXUVDFKGODPDV]\QLVWÏZV]NR
OHQLDFKGRVNRQDO•F\FKNXUVDFKSRZ\SDGNRZ\FKGODSUDFRZQLNÏZNWÏU]\XF]HVW
QLF]\OLZZ\SDGNDFKNROHMRZ\FKDSUDFXM•QDVWDQRZLVNDFKEH]SRyUHGQLR]ZL•]D
Q\FK]EH]SLHF]HÍVWZHPQDNROHL
:QLRVNL
5HDVXPXM•FQDOH›\SU]\SXV]F]D›HZ\NRU]\VWDQLHV\PXODWRUÏZZNV]WDFHQLX
PDV]\QLVWÏZZQDMEOL›V]\FKODWDFKVWDQLHVLÆQLHRG]RZQ\PHOHPHQWHPFDHJRSUR
FHVXG\GDNW\F]QHJRUHDOL]RZDQHJRGODSUDFRZQLNÏZNLHUXM•F\FKSRMD]GDPLV]\
QRZ\PL=OLF]Q\FKEDGDÍLREVHUZDFMLPR›QDZ\ZQLRVNRZD›HÂZLF]HQLDZZD
UXQNDFKV\PXODF\MQ\FKSRPDJDM•UR]ZLQ•ÂSRGVWDZRZHXPLHMÆWQRyFLPDM•FHU]H
F]\ZLVWHSU]HR›HQLDQDSUDFÆSU]\NLHURZDQLXSRMD]GDPLSR]ZDODM•]PLQLPDOL]R
ZDÂ]HQDZ\NLWHFKQLF]QHVSU]\MDM•FHEÆGRPSRGF]DVSURZDG]HQLDSRFL•JÏZ
3RGREQLH MDN SRGF]DV NV]WDFHQLD SLORWÏZ VDPRORWÏZ QDXF]DQLH PDV]\QLVWÏZ
PR›QD ]DSODQRZD SRF]•ZV]\ RG QDMSURVWV]\FK ]DGDÍ GR QDMEDUG]LHM VNRPSOL
NRZDQ\FK3UDFDQDV\PXODWRUDFKXPR›OLZLDZ\NV]WDFHQLHSRGVWDZRZ\FKXPLH
MÆWQRyFLREHMPXM•F\FKNRRUG\QDFMÆUXFKRZ•Z]URNRZRUXFKRZ•GREDUG]LHM]D
DZDQVRZDQ\FKXPLHMÆWQRyFLSUDNW\F]Q\FK.D›G\]SRZ\›V]\FKVWRSQLWUXGQRyFL
PR›QDVWRVRZDÂQDRGSRZLHGQLFKHWDSDFKQDXF]DQLD']LÆNLV\PXODWRURPPR›QD
WDN›HREQL›\ÂNRV]W\V]NROHÍF]DVWUZDQLDNXUVÏZ=DVWRVRZDQLHQRZRF]HVQ\FK
WHFKQLNG\GDNW\F]Q\FKQDU\QNXNROHMRZ\PVWDMHVLÆSRZROLZ3ROVFHZDUXQNLHP
NRQLHF]Q\P7UXGQRVRELHZ\REUD]LÂ]QDMEOL›V]\FKODWDFKRyURGHNG\GDNW\F]Q\
NWÏU\QLHSRVLDGDE\WHJRURG]DMXXU]•G]HÍ2GSRZLHGQLDED]DVSU]ÆWRZDSR]ZDOD
QDSU]HWHVWRZDQLHXPLHMÆWQRyFLNXUVDQWÏZRUD]SU]\JRWRZDQLHGR]DZRGXZZD
UXQNDFKEH]SLHF]Q\FKXPR›OLZLDXVWDZLF]Q•RELHNW\ZQ•LZHU\ILNRZDOQ•RFHQÆ
0DOHGD5
278
SRVWÆSÏZ]SU]HVXQLÆFLHPDNFHQWÏZQDRGSRZLHGQLHHOHPHQW\V]NROHQLDDSU]HGH
ZV]\VWNLPSU]\F]\QLDVLÆGRSRGQLHVLHQLDSR]LRPXEH]SLHF]HÍVWZDQDNROHL
/LWHUDWXUD
>@6LHUJLHMF]\N 0 *DJR 6 %URQD 3 '•EURZVNL $ 6]DIUDÍVNL = 6]\
PDÍVNL$.RQFHSFMDV\PXODWRUDSRMD]GÏZV]\QRZ\FKGODVSϏNL3.3
,QWHUFLW\6$3UDFD,QVW\WXWX.ROHMQLFWZD:DUV]DZD
>@3UH]HQWDFMD ILUP\ &25<6 5ROD V\PXODWRUÏZ SRMD]GÏZ V]\QRZ\FK
ZV]NROHQLXLGRVNRQDOHQLX]DZRGRZ\PNLHUXM•F\FKSRMD]GDPLV]\QRZ\
PL:DUV]DZDPDU]HF
>@3RGUÆF]QLN*RRG3UDFWLFH*XLGHRQ6LPXODWLRQDVDWRROIRUWUDLQLQJDQG
DVVHVVPHQW56,VVXH5DLO6DIHW\6WDQGDUGV%RDUG-XQH
>@0DOHGD56]NROHQLDZHXURSHMVNLPWUDQVSRUFLHV]\QRZ\P,QIUDVWUXNWX
UD7UDQVSRUWXQU
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
,1)5$6758.785$.2/(-2:$,-(-:<.25=<67$1,(
:.25<7$5=8&(7&1$7(5(1,(
:2-(:¯'=7:$'2/12k/6.,(*2
5DGRVDZ0D]XUNLHZLF]
GULQ›DGLXQNW=DNDG,QIUDVWUXNWXU\7UDQVSRUWX6]\QRZHJR,QVW\WXW,Q›\QLHULL/•GRZHM3ROLWHFKQLND:URFDZVND
:\EU]H›H:\VSLDÍVNLHJR:URFDZWHOHPDLOUDGRVODZPD]XUNLHZLF]#SZUZURFSO
6WUHV]F]HQLH:DUW\NXOHSU]HGVWDZLRQRVNUÏWRZRJHQH]ÆSRZVWDQLDkURGNRZRHXURSHMVNLHJR
.RU\WDU]D7UDQVSRUWRZHJR&(7&ZUD]]SRGDQLHPJÏZQ\FKFHOÏZMHJRXWZRU]HQLD2PÏZLRQR
VLHÂNROHMRZ•ZZRMHZÏG]WZLHGROQRyO•VNLPRSU]HELHJX]JRGQ\P]NLHUXQNLHPSU]HELHJXNRU\WDU]D
&(7& 6FKDUDNWHU\]RZDQR DNWXDOQ\ VWDQ SU]HZR]ÏZ SDVD›HUVNLFK L WRZDURZ\FK Z NRU\WDU]X
ZREUÆELHZRMHZÏG]WZD3RGDQRUÏZQLH›QDMZD›QLHMV]HNLHUXQNLG]LDDÍPDM•F\FKQDFHOXZ]URVW
SU]HZR]ÏZNROHMRZ\FKLSRSUDZÆLFKMDNRyFLZFL•JXNRU\WDU]D
6RZDNOXF]RZHkURGNRZRHXURSHMVNL.RU\WDU]7UDQVSRUWRZ\.RU\WDU]&(7&5RXWH
'ROQ\kO•VNPRGHUQL]DFMDOLQLLNROHMRZ\FK
:SURZDG]HQLH
3RF]•WNLkURGNRZRHXURSHMVNLHJR.RU\WDU]D7UDQVSRUWRZHJR&HQWUDO(XURSH
DQ7UDQVSRUW&RUULGRU&(7&GDWXM•VLÆQDURNNLHG\WRUR]SRF]ÆWRUR]
PRZ\PDM•FHQDFHOX]DFLHyQLHQLHZVSϏSUDF\SRPLÆG]\SROVNLPZRMHZÏG]WZHP
]DFKRGQLRSRPRUVNLPLUHJLRQHP6NåQH6NDQLD]QDMGXM•F\PVLÆZSRXGQLRZHM
6]ZHFML
3LHUZRWQLHFHOHPZVSϏSUDF\E\DSURPRFMDLUR]ZÏMPLÆG]\QDURGRZ\FKFL•
JÏZWUDQVSRUWRZ\FK(>@RGNWÏU\FKXWZRU]RQ\SÏ|QLHMNRU\WDU]&(7&Z]L•
VZRM• QD]ZÆ t d5287( r 3URPRFMD SR•F]HÍ QD NLHUXQNX SϏQRFSRXGQLH
PLDD VX›\ R›\ZLHQLX JRVSRGDUF]HPX ]DLQWHUHVRZDQ\FK UHJLRQÏZ = F]DVHP
ZWRNXZVWÆSQ\FKUR]PÏZFKÆÂZVSϏSUDF\]DGHNODURZD\NROHMQHUHJLRQ\]3RO
VNL&]HFKL6RZDFML
2VWDWHF]QLHNZLHWQLDURNXZ6]F]HFLQLHSRGSLVDQR3RUR]XPLHQLH0LÆ
G]\UHJLRQDOQHQDU]HF]8WZRU]HQLDkURGNRZRHXURSHMVNLHJR.RU\WDU]D7UDQVSRU
WRZHJR,QLFMDWRUDPLLV\JQDWDULXV]DPLSRUR]XPLHQLDE\OLSU]HGVWDZLFLHOHV]HyFLX
UHJLRQÏZ
6NåQH6]ZHFMD
ZRMHZÏG]WZR]DFKRGQLRSRPRUVNLH3ROVND
ZRMHZÏG]WZROXEXVNLH3ROVND
0D]XUNLHZLF]5
280
ZRMHZÏG]WZRGROQRyO•VNLH3ROVND
.U½ORYÅKUDGHFNÙ.UDM&]HFK\
%UDWLVODYVNÙVDPRVSU½YQ\.UDM6RZDFMD
'R GQLD G]LVLHMV]HJR GR SRUR]XPLHQLD SU]\VW•SLR SDUWQHUÏZ ]H 6]ZHFML
3ROVNL&]HFK6RZDFML:ÆJLHUL&KRUZDFML-HGQ\P]SULRU\WHWRZ\FK]DGDÍV\
JQDWDULXV]\ 3RUR]XPLHQLD &(7& MHVW Z•F]HQLHGR ZVSϏSUDF\LQQ\FKUHJLRQÏZ
]&]HFK&KRUZDFML6RZHQLLRUD]UHJLRQÏZSRR›RQ\FKZSϏQRFQ\FK:RV]HFK
DE\ZWHQVSRVÏESR•F]\ÂSRUW\EDW\FNLHkZLQRXMyFLHL6]F]HFLQ]SRUWDPLDGULD
W\FNLPL:HQHFMD7ULHVW.RSHUDQDVWÆSQLH]SRUWDPLPRUVNLPLZ7XUFML
1DGU]ÆGQ\ FHO SRUR]XPLHQLD ]RVWD VIRUPXRZDQ\ MDNR >@ dVWZRU]HQLH SR
SU]H]ZVSÏOQHSU]HGVLÆZ]LÆFLDVSU]\MDM•F\FKZDUXQNÏZNRPXQLNDF\MQ\FKLUR]ZR
MRZ\FK GOD kURGNRZRHXURSHMVNLHJR .RU\WDU]D 7UDQVSRUWRZHJR VX›•FHJR GREUX
UHJLRQÏZtVWURQSRUR]XPLHQLDLLFKRE\ZDWHOLr,QQ\PLZD›Q\PLFHODPLXWZRU]H
QLD.RU\WDU]D&(7&V•>@
VW\PXODFMDZ]URVWXJRVSRGDUF]HJRZZ\PLDU]HUHJLRQDOQ\PLSRQDGUHJLR
QDOQ\PHXURSHMVNLP
]ZLÆNV]HQLHG\QDPLNLZ]URVWXJRVSRGDUF]HJRSDÍVWZQDGEDW\FNLFKSRSU]H]
]QDOH]LHQLH QRZ\FK U\QNÏZ ]E\WX L Z\NRU]\VWDQLH QDMNUÏWV]HJR SR•F]HQLD
SURPRZHJRSU]H]%DW\N•F]•FHJR(XURSÆ3ϏQRFQ•]SRXGQLHP(XURS\
]DSHZQLHQLHVSÏMQHJRUR]ZRMXUHJLRQÏZQDREV]DU]H&(7&
Z\NUHRZDQLH Z REV]DU]H FL•›HQLD WUZD\FK SRZL•]DÍ LQIUDVWUXNWXUDOQ\FK
VSU]\MDM•F\FKUR]ZRMRZLWUDQVSRUWXLZLÆ]LJRVSRGDUF]\FKSRPLÆG]\UHJLRQDPL
Z]PRFQLHQLHNRQNXUHQF\MQRyFLSU]HVWU]HQQHMLVSRHF]QHMREV]DUX&(7&
]UÏZQRZD›HQLHFL•JÏZNRPXQLNDF\MQ\FKRSU]HELHJX]DFKÏGZVFKÏGSR•
F]HQLDPLQDNLHUXQNXSϏQRFSRXGQLH
SURPRZDQLH L UR]ZÏM LQWHUPRGDOQ\FK SR•F]HÍ WUDQVSRUWRZ\FK VW\PXOR
ZDQLH G]LDDÍ ]PLHU]DM•F\FK GR SU]HQRV]HQLD DGXQNÏZ ] GUÏJ QD yURGNL
WUDQVSRUWXEDUG]LHMSU]\MD]QHyURGRZLVNXWUDQVSRUWV]\QRZ\LZRGQ\
XQRZRF]HyQLHQLHLQIUDVWUXNWXU\WUDQVSRUWRZHM
]DSHZQLHQLHNRPSDW\ELOQRyFLLQIUDVWUXNWXU\WUDQVSRUWRZHMFDHJRREV]DUX
.RU\WDU]DGOD]QLZHORZDQLDEDULHUUR]ZRMXQRZ\FKWHFKQRORJLLWUDQVSRUWX
PLÆG]\SRV]F]HJÏOQ\PLUHJLRQDPLREV]DUX&(7&
UR]ZÏMWXU\VW\NLPRUVNLHMLO•GRZHM
&KDUDNWHU\VW\NDSU]HELHJXNRU\WDU]D&(7&
kURGNRZRHXURSHMVNL .RU\WDU] 7UDQVSRUWRZ\ &(7& 5287( ELHJQLH
] SRXGQLRZHM 6NDQG\QDZLL SU]H] 0RU]H %DW\FNLH GR ]DFKRGQLHM F]ÆyFL 3ROVNL
DQDVWÆSQLHSU]H]&]HFK\]DFKRGQL•F]ÆyÂ6RZDFMLL:ÆJLHUGRFLHUDGR&KRUZDFML
L 0RU]D $GULDW\FNLHJR 2VL• NRU\WDU]D MHVW V]ODN PLÆG]\QDURGRZ\ ( UR]SR
F]\QDM•F\VLÆZ0DOPÒDNRÍF]•F\VLÆZPLHMVFRZRyFL&KDQL½QD.UHFLH2JÏOQ\
]DVLÆJNRU\WDU]D&(7&SRND]DQRQDU\V
,1)5$6758.785$.2/(-2:$,-(-:<.25=<67$1,(:.25<7$5=8&(7&
281
5\V3U]HELHJNRU\WDU]DWUDQVSRUWRZHJR&(7&Z(XURSLH>@
2GSRF]•WNXLVWQLHQLD3RUR]XPLHQLD&(7&]DR›RQR›HZREUÆELHNRU\WDU]D
WUDQVSRUWRZHJR(EÆG•]QDMGRZDÂVLÆFL•JLNRPXQLNDF\MQHZDyFLZHGODUϛ
Q\FKyURGNÏZWUDQVSRUWXGURJLVDPRFKRGRZHNROHMHLGURJLZRGQH*ÏZQ•RVL•
GURJRZ•NRU\WDU]DQDWHUHQLH3ROVNLMHVWGURJDNUDMRZDQULEXGRZDQDGURJDHNV
SUHVRZD6ELHJQ•FD]HkZLQRXMyFLDSU]H]*RU]ÏZ:LHONRSROVNL=LHORQ•*ÏUÆ
/HJQLFÆGRSU]HMyFLDJUDQLF]QHJRGR&]HFKZ-DNXV]\FDFK1DMZD›QLHMV]•GURJ•
ZRGQ•MHVWU]HND2GUDZUD]]SODQRZDQ\PGREXGRZ\NDQDHP2GUDt'XQDM
*ÏZQHOLQLHNROHMRZH]RVWDQ•VFKDUDNWHU\]RZDQHZNROHMQ\PUR]G]LDOH
'•›\VLÆGRZLÆNV]HJR]UÏZQRZD›HQLDSRV]F]HJÏOQ\FKJDÆ]LWUDQVSRUWX=D
R›RQR ›HQDREV]DUDFK O•GRZ\FK SULRU\WHWRZH ]QDF]HQLHEÆG]LH PLDWUDQVSRUW
LQWHUPRGDOQ\G]LÆNLF]HPXX]\VNDVLÆSU]HQLHVLHQLHF]ÆyFLSU]HZR]ÏZ]GUÏJQD
LQQHyURGNLWUDQVSRUWX3U]\MÆWR›HV]F]HJÏOQ\QDFLVN]RVWDQLHSRR›RQ\QDWUDQV
SRUWNROHMRZ\
282
0D]XUNLHZLF]5
&KDUDNWHU\VW\NDVLHFLNROHMRZHMZRMHZÏG]WZDGROQRyO•VNLHJRQDNLH
UXQNXNRU\WDU]D&(7&
*ÏZQ\PL NROHMRZ\PL FL•JDPL NRPXQLNDF\MQ\PL QD NLHUXQNX NRU\WDU]D
&(7&V•OLQLH(L&(REMÆWHRGSRZLHGQLRXPRZDPL$*&8PRZDRJÏZ
Q\FKPLÆG]\QDURGRZ\FKOLQLDFKNROHMRZ\FKL$*7&8PRZDRJÏZQ\FKPLÆ
G]\QDURGRZ\FKOLQLDFKNROHMRZ\FKWUDQVSRUWXNRPELQRZDQHJR/LQLD(MHVW
SU]HZLG]LDQD SU]HGH ZV]\VWNLP GR SURZDG]HQLD V]\ENLHJR PLÆG]\UHJLRQDOQHJR
UXFKXSDVD›HUVNLHJRQDWRPLDVWOLQLD&(MHVWJÏZQ\PFL•JLHPGODGDOHNRELH›
QHJRUXFKXWRZDURZHJR/LQLHWHSURZDG]•]HkZLQRXMyFLDSU]H]:URFDZGRJUD
QLF\]&]HFKDPLSU]HNUDF]DQHMZ&KDXSNDFK
1DWHUHQLHZRMHZÏG]WZDGROQRyO•VNLHJROLQLD(ELHJQLH]NLHUXQNX3R]QD
QLDL5DZLF]DSU]H]:URFDZZVWURQÆ%U]HJXL2SRODU\VRG:URFDZLDSR
NU\ZDM•FVLÆ]FL•JLHPOLQLL(SRR›RQHMQDRVL]DFKÏGZVFKÏG
&L•J&(ZSREOL›XJUDQLF\ZRMHZÏG]WZOXEXVNLHJRLGROQRyO•VNLHJRUR]ZL
GODVLÆZ1RZHM6ROLQDGZDNLHUXQNL]DVDGQLF]\&(ELHJQ•F\GR:URFDZLD
LDOWHUQDW\ZQ\&(NLHUXM•F\VLÆSU]H]:ÆJOLQLHFL=DZLGÏZGR&]HFK:H
:URFDZLXOLQLDUR]JDÆ]LDVLÆSRQRZQLH*ÏZQ\FL•J&(SU]HELHJDSU]H]-HOF]
0LRV]\FHZVWURQÆ2SRODQDWRPLDVWGUXJLPZDULDQWHPOLQLLMHVWWUDVDR]QDF]RQD
V\PEROHP&(SURZDG]•FD]:URFDZLDGRSU]HMyFLDJUDQLF]QHJRZ0LÆG]\
OHVLX3U]HELHJOLQLLNROHMRZ\FK&(&(L&(QDREV]DU]HZRMHZÏG]
WZDGROQRyO•VNLHJRSRND]DQRQDU\V
5\V3U]HELHJOLQLLNROHMRZ\FKREMÆW\FKXPRZDPL$*&L$*7&QDREV]DU]HZRMHZÏG]WZDGROQRyO•VNLHJR
:\NRQDZFD3LRWU0DFNLHZLF]QDSRGVWDZLHPDWHULDÏZ3.33ROVNLH/LQLH.ROHMRZH6$
,1)5$6758.785$.2/(-2:$,-(-:<.25=<67$1,(:.25<7$5=8&(7&
283
%DUG]RZD›Q•OLQL•QDWHUHQLHZRMHZÏG]WZDGROQRyO•VNLHJRRSU]HELHJX]JRG
Q\P]XNDGHPNRU\WDU]D&(7&QLHREMÆW•XPRZDPL$*&L$*7&MHVWOLQLD
QU.DWRZLFHt/HJQLFDW]Z3RGVXGHFND0DJLVWUDOD.ROHMRZD/LQLDWDSU]H
ELHJD SU]H] ZLÆNV]Ry QDMLVWRWQLHMV]\FK SR]D :URFDZLHP ZÆ]ÏZ NROHMRZ\FK
Z ZRMHZÏG]WZLH /HJQLFD -DZRU]\QD kO•VND .DPLHQLHF =•ENRZLFNL 6WDQRZL
RQDJÏZQ•RyGODV]HUHJXOLQLL]QDF]HQLDORNDOQHJRLERF]QLFDWDN›H•F]QLNSR
PLÆG]\NLONRPDQDMZD›QLHMV]\PLOLQLDPLPDJLVWUDOQ\PLLSLHUZV]RU]ÆGQ\PL]QDM
GXM•F\PLVLÆQDWHUHQLHZRMHZÏG]WZD/RJLF]Q•NRQW\QXDFM•OLQLLQUZNLHUXQ
NXSϏQRFQ\PMHVWOLQLDQU/HJQLFDt5XGQD*ZL]GDQÏZNWÏUD•F]\VLÆ]OLQL•
PDJLVWUDOQ•&(
6WDQWHFKQLF]Q\LZ\NRU]\VWDQLHSRV]F]HJÏOQ\FKRGFLQNÏZZVSRPQLDQ\FKSR
Z\›HMFL•JÏZWUDQVSRUWRZ\FKMHVWEDUG]R]UϛQLFRZDQH3RGVWDZRZHSDUDPHWU\
WHFKQLF]QRHNVSORDWDF\MQHRSLVDQ\FKOLQLLSRGDQRZWDEHOL
7DEHOD3DUDPHWU\WHFKQLF]QRHNVSORDWDF\MQHZD›QLHMV]\FKOLQLLRSU]HELHJX]JRGQ\P]RVL•NRU\WDU]D
&(7&QDREV]DU]HZRMHZÏG]WZDGROQRyO•VNLHJR>@
Linia
Odcinek
(Nowa Sól) – Czerna –
:URFáDZ*á
Nr wg
Id-12
Kategoria
Liczba
torów
Trakcja
Dopuszczalne
naciski osi
[kN]
273
0
2
HOHNWU
221
2
CE-59
CE-59/1
Prowadzony
ruch
mieszany,
znaczny
mieszany,
znaczny,
SU]HZDĪDMąF\
UXFK
towarowy
:URFáDZ*á±%LVNXSLFH
2áDZVNLH2SROH
*URV]RZLFH
277
ĩDJDĔ±2NUąJOLFD±
:ĊJOLQLHF
282
1
1
QLH]HOHNWU
196
mieszany,
XPLDUNRZDQ\
:ĊJOLQLHF±=JRU]HOHF
Miasto
278
0
2
QLH]HOHNWU
221
mieszany,
znaczny
=JRU]HOHF0LDVWR±.U\VLQ
778
1
1
QLH]HOHNWU
221
mieszany,
niewielki
.U\VLQ±6WXGQLVND
274
1
1
QLH]HOHNWU
196
mieszany,
XPLDUNRZDQ\
6WXGQLVND±=DZLGyZ
779,
290,
1
1
QLH]HOHNWU
196,
odcinek 211
towarowy,
niewielki
=DZLGyZ±JUDQLFDSDĔVWZD
486
1
2
QLH]HOHNWU
196
towarowy,
niewielki
:URFáDZ*á±0LĊG]\OHVLH
276
1
HOHNWU
221
mieszany,
znaczny
1
1
RGF&]HUQLFD
:U:URFáDZ
%URFKyZ
200
HOHNWU
(odcinki)
344
2,
odcinki 1
CE-59/2
.DWRZLFH
/HJQLFD
0LĊG]\OHVLH±JUDQLFD
SDĔVWZD
481
1
1
QLH]HOHNWU
221
mieszany,
XPLDUNRZDQ\
2WPXFKyZ±3DF]NyZ±
.DPLHQLHF=
137
1
2
QLH]HOHNWU
196
towarowy,
znaczny
.DPLHQLHF=ąEN/HJQLFD
137
1
QLH]HOHNWU
196
mieszany,
niewielki
HOHNWU
200
towarowy,
znaczny
1,
odcinek 2
/HJQLFD
/HJQLFD±5XGQD
5XGQD
*ZL]GDQyZ
*ZL]GDQyZ
289
1
1
0D]XUNLHZLF]5
284
2JÏOQ\NV]WDWF]\QQHMVLHFLNROHMRZHMQDREV]DU]HZRMHZÏG]WZDGROQRyO•VNLH
JRZ\ND]XMHDV\PHWULÆ:LGRF]QHV•G\VSURSRUFMHSRPLÆG]\SR•F]HQLDPLQDNLH
UXQNXZVFKÏG]DFKÏGNWÏUHJHQHUDOQLHSHQL•VZRM•UROÆLRVL•SϏQRFSRXGQLH
>@1LHLVWQLHM•GRJRGQHSR•F]HQLDPLÆG]\UHJLRQDOQH:URFDZLD]3UDJ•L]:DU
V]DZ•3R•F]HQLHZNLHUXQNX%UQDL:LHGQLDZ\PDJDPRGHUQL]DFML1DV]F]HEOX
UHJLRQDOQ\PZLÆNV]RyÂOLQLLNROHMRZ\FKQDNLHUXQNXSϏQRFSRXGQLHXOHJDOLNZL
GDFMLOXE]QDMGXMHVLÆZVWDQLHWHFKQLF]Q\PXQLHPR›OLZLDM•F\PSURZDG]HQLHUXFKX
QSOLQLHQU
&KDUDNWHU\VW\ND SU]HZR]ÏZ NROHMRZ\FK Z NRU\WDU]X &(7& QD 'RO
Q\PkO•VNX
3U]HZR]\SDVD›HUVNLH
0LÆG]\UHJLRQDOQ\UXFKSDVD›HUVNLQDNLHUXQNXSϏQRFSRXGQLHVNXSLRQ\MHVW
QDQDVWÆSXM•F\FKOLQLDFKNROHMRZ\FK
%\WRPt:URFDZ*
.DOHW\t:URFDZ0LNRDMÏZ2OHyQLFDt&KRMQLFH
:URFDZ*t3R]QDÍ*
:URFDZ * t =JRU]HOHF SU]HELHJ ]JRGQ\ ] NLHUXQNLHP NRU\WDU]D
&(7&GRVWDFML:DEU]\FK*
:URFDZ*t0LÆG]\OHVLH
2EVXJLZDQHSU]H]3.3,&L35UHODFMHVLÆJDM•kZLQRXMyFLD6]F]HFLQD3R]QD
QLDL.RREU]HJXZNLHUXQNXSϏQRFQ\PQDWRPLDVWZNLHUXQNXSRXGQLRZ\Pt
%LHOVND%LDHM=HZ]JOÆGXQDZVSÏOQ\SU]HELHJOLQLL(L(QDRGFLQNX:UR
FDZt.ÆG]LHU]\Q.R|OHMHVWRQREVXJLZDQ\SU]H]ZLHOHSRFL•JÏZPLÆG]\UHJLR
QDOQ\FKMDG•F\FKSROLQLL(QDZVFKÏG.UDNÏZ3U]HP\yO'DOHMQDSRXGQLH
Z]GX›RVLNRU\WDU]D&(7&LVWQLHM•Z\•F]QLHSR•F]HQLDUHJLRQDOQHZUHODFMDFK
:URFDZt5DFLEÏU]OXENUÏWV]\FK
:DUWR ]DXZD›\ ›H REHFQLH QLH NXUVXM• ›DGQH SRFL•JL PLÆG]\UHJLRQDOQH SR
OLQLLQU:URFDZt6]F]HFLQSU]H]=LHORQ•*ÏUÆWUDG\F\MQLHZSU]HV]RyFL
REVXJXM•FHMF]ÆyÂSR•F]HÍGDOHNRELH›Q\FK]:URFDZLDGR6]F]HFLQDL=LHORQHM
*ÏU\)DNWWHQMHVW]JRGQ\]G•›HQLHPGRVSHFMDOL]DFMLUXFKXQDOLQLDFK(UXFK
SDVD›HUVNLL&(UXFKWRZDURZ\1DOLQLLLVWQLHM•REHFQLHZ\•F]QLHSR
•F]HQLDUHJLRQDOQHZUHODFML:URFDZt=LHORQD*ÏUDOXENUÏWV]\FKZJUDQLFDFK
ZRMHZÏG]WZD
,VWQLHM•FDREHFQLHNROHMRZDSDVD›HUVNDWUDQVJUDQLF]QDRIHUWDWUDQVSRUWRZDQD
RVL NRU\WDU]D &(7& MHVW ]GHF\GRZDQLH QLHGRVWDWHF]QD L QLHZ\VWDUF]DM•FD Z VWR
VXQNXGRSRWHQFMDOQ\FKSRWU]HE1DV]F]HEOXSRQDGUHJLRQDOQ\PQLHV•SURZDG]R
QHMDNLHNROZLHNSU]HZR]\6]F]HJÏOQLHRGF]XZDOQ\MHVWEUDNSR•F]HQLD:URFDZ
t3UDJDNWÏUHSU]H]V]HUHJSRSU]HGQLFKODWE\RREVXJLZDQHSU]H]¤HVNÅ'U½K\
:REUÆELHZRMHZÏG]WZDGROQRyO•VNLHJRLVWQLHMHMHG\QLHNLONDSR•F]HÍUHJLRQDO
,1)5$6758.785$.2/(-2:$,-(-:<.25=<67$1,(:.25<7$5=8&(7&
285
Q\FKGR&]HFKUHDOL]RZDQ\FKSU]HZD›QLHSU]H]SU]HMyFLH0LÆG]\OHVLHt/LFKNRY
GR3DUGXELFL8VWLQDG2UOLFL6H]RQRZRZRNUHVLHRGPDMDGRZU]HyQLDZGQL
ZROQHRGSUDF\Z\NRU]\VW\ZDQHMHVWSU]HMyFLH/XEDZNDt.U½ORYHFSU]H]NWÏUH
NXUVXM•SRFL•JLZUHODFML-HOHQLD*ÏUDt7UXWQRY2GURNXZ\NRU]\VW\ZD
QH MHVW WDN›H Z\•F]QLH Z UXFKX ORNDOQ\P SU]HMyFLH 6]NODUVND 3RUÆED -DNXV]\FH
t+DUUDFKRY
3U]HZR]\WRZDURZH
:RMHZÏG]WZRGROQRyO•VNLHPDZNRU\WDU]X&(7&SRR›HQLHWUDQ]\WRZHSR
PLÆG]\6NDQG\QDZL•LSϏQRFQ•3ROVN•]MHGQHMVWURQ\D&]HFKDPL6RZDFM•L:Æ
JUDPL]GUXJLHM0DM•FQDXZDG]HJÏZQHFHOHSRGSLVDQLD3RUR]XPLHQLDZVSUD
ZLH NRU\WDU]D &(7& MDNLPL V• VWZRU]HQLH ZDUXQNÏZ GR R›\ZLHQLD NRQWDNWÏZ
JRVSRGDUF]\FKSRPLÆG]\UHJLRQDPLtV\JQDWDULXV]DPL3RUR]XPLHQLDLG•›HQLHGR
SRSUDZ\SRZL•]DÍWUDQVSRUWRZ\FKPLÆG]\QLPLEDUG]RGX›HJR]QDF]HQLDQDELHUD
WUDQVSRUWR]DVLÆJXPLÆG]\UHJLRQDOQ\PLPLÆG]\QDURGRZ\PQDNLHUXQNXSϏQRF
SRXGQLH
7UDQ]\WRZ\ UXFK WRZDURZ\ RGE\ZD VLÆ SR OLQLDFK REMÆW\FK XPRZ• $*7&
NWÏUH ]RVWD\ VFKDUDNWHU\]RZDQH Z SXQNFLH QLQLHMV]HJR DUW\NXX : REUÆELH
ZRMHZÏG]WZD GROQRyO•VNLHJR Z\NRU]\VW\ZDQH V• SU]HZD›QLH OLQLH QU L NLHUXQHN=LHORQD*ÏUDt:URFDZt2SROHDWDN›HOLQLHQUNLHUXQHN:UR
FDZt0LÆG]\OHVLHLQUNLHUXQHN3R]QDÍt:URFDZ
=DVDGQLF]\SU]HELHJOLQLL&(]SRUWÏZEDW\FNLFKSU]H]:URFDZL2SROH
ZNLHUXQNXSU]HMyFLDJUDQLF]QHJRGR&]HFK&KDXSNLt%RKXPLQMHVWNRU]\VWQ\
MH›HOLFKRG]LRSR•F]HQLHWU]HFK]DFKRGQLFKSROVNLFKZRMHZÏG]WZLZRMHZÏG]WZD
RSROVNLHJR]%UDW\VDZVNLPL7UQDZVNLP.UDMHPQD6RZDFMLEÆG•F\PLSDUWQH
UDPLSRUR]XPLHQLD&(7&0DQNDPHQWHPWHJRZDULDQWXSU]HELHJXWUDV\MHVWSR
NU\ZDQLHVLÆQDRGFLQNX:URFDZt2SROHOLQLL&(]H]QDF]QLHREFL•›RQ•OLQL•
&( ELHJQ•F• QD NLHUXQNX ]DFKÏG t ZVFKÏG :•VNLP JDUGHP MHVW RGFLQHN
MHGQRWRURZ\&]HUQLFD:URFDZVNDt:URFDZ%URFKÏZPDM•F\GHF\GXM•FH]QD
F]HQLHGODSU]HSXVWRZRyFLFDHMOLQLL2SUÏF]WHJRQDOLQLL2SROHt:URFDZZ\VWÆ
SXM• RGFLQNL QLH]PRGHUQL]RZDQHM QDZLHU]FKQL QD NWÏU\FK GRSXV]F]DOQH QDFLVNL
RVLZ\QRV]•N18QLHPR›OLZLDWRNXUVRZDQLHQLHNWÏU\FKW\SÏZORNRPRW\Z
QS(7L(7
: ]QDF]Q\P VWRSQLX Z UXFKX WRZDURZ\P QD NLHUXQNX SϏQRF t SRXGQLH
Z\NRU]\VW\ZDQD MHVW UÏZQLH› OLQLD &( ELHJQ•FD GR &]HFK SU]H] SU]HMyFLH
0LÆG]\OHVLHt/LFKNRY/LQLDWDQDFDHMGXJRyFLMHVWSU]\VWRVRZDQDGRNXUVRZDQLD
FLƛNLFKSRFL•JÏZWRZDURZ\FKLWDERUXRQDFLVNXRVLGRN1
:DULDQW FL•JX NRPXQLNDF\MQHJR $*7& &( R]QDF]RQ\ V\PEROHP &(
MHVWZ\NRU]\VW\ZDQ\ZPQLHMV]\PVWRSQLXQL›SRZ\›HMRSLVDQHOLQLH7UDVD
SU]HELHJDM•FDSU]H]:ÆJOLQLHFL=DZLGÏZQDSRXGQLHMHVW]PRGHUQL]RZDQDMHG\
QLHQDQLHZLHONLFKRGFLQNDFK1LHMHVWRQDSU]\VWRVRZDQDGRNXUVRZDQLDQDMFLƛ
V]\FKSRFL•JÏZWRZDURZ\FKGRSXV]F]DOQHQDFLVNLRVLN1=HZ]JOÆGXQD]\
286
0D]XUNLHZLF]5
VWDQLQIUDVWUXNWXU\QDQLHNWÏU\FKRGFLQNDFKZSURZDG]RQHV•VWDHRJUDQLF]HQLD
SUÆGNRyFLGRNPKDQDZHWGRNPK
&RUD]ZLÆNV]H]QDF]HQLHZWUDQVSRUFLHPLÆG]\QDURGRZ\PRGJU\ZDWUDQVSRUW
LQWHUPRGDOQ\5R]ZÏMLZVSLHUDQLHWHMIRUP\SU]HZR]ÏZMHVWMHGQ\P]SULRU\WHWR
Z\FKFHOÏZ3RUR]XPLHQLD&(7&1DWHUHQLHZRMHZÏG]WZDGROQRyO•VNLHJR]QDMGX
M•VLÆREHFQLHF]WHU\WHUPLQDOHNRQWHQHURZHZ.•WDFK:URFDZVNLFK:URFDZLX
%U]HJX'ROQ\PLZH:UÏEOLQLH*RJRZVNLP
7HUPLQDO Z .•WDFK :URFDZVNLFK SRR›RQ\ MHVW SU]\ OLQLL NROHMRZHM QU :URFDZt-HOHQLD*ÏUDt=JRU]HOHF2EVXJXMHSU]HZR]\UHDOL]RZDQHSU]HZD›
QLHQDNLHUXQNXZVFKÏG]DFKÏG]:LHONLHM%U\WDQLL1DFKZLOÆREHFQ•MHJRUROD
ZSU]HZR]DFKZ]GX›RVLNRU\WDU]D&(7&RJUDQLF]DVLÆGRQLHUHJXODUQHJRSU]\M
PRZDQLDVNDGÏZSRFL•JRZ\FK]H6RZHQLL>@
7HUPLQDO ZH :URFDZLX ]QDMGXMH VLÆ SU]\ VWDFML :URFDZ *ÏZQ\ 7RZDURZ\
LSRVLDGDGRJRGQHSR•F]HQLH]HVWDFM•UR]U]•GRZ•:URFDZ%URFKÏZ2EVXJXMH
Z]DVDG]LHZ\•F]QLHSU]HZR]\QDNLHUXQNX]DFKÏGZVFKÏGJÏZQLH]1LHPLHF
L+RODQGLL:NLHUXQNXZVFKRGQLPSURZDG]RQHV•SU]HZR]\GRSDÍVWZE\HJR
=ZL•]NX5DG]LHFNLHJR>@2EHFQLHWHUPLQDOQLHREVXJXMH›DGQ\FKUHJXODUQ\FK
SU]HZR]ÏZQDNLHUXQNXSU]HELHJXNRU\WDU]D&(7&ZRIHUFLHWHUPLQDODGRVWÆSQD
MHVWMHG\QLHRUJDQL]DFMDSU]HZR]ÏZQD›•GDQLHGRWHUPLQDOLNRQWHQHURZ\FKSRR
›RQ\FKZ&]HFKDFK
7HUPLQDONRQWHQHURZ\Z%U]HJX'ROQ\P]QDMGXMHVLÆREHFQLHZWUDNFLHEXGR
Z\DOHSU]\MPXMHVNDG\SRFL•JRZH3RVLDGDEDUG]RGRJRGQHSRR›HQLH]DUÏZQR
]HZ]JOÆGXQDSU]HZR]\QDRVLZVFKÏG]DFKÏGMDNLSϏQRFSRXGQLH3RZL•]D
Q\MHVW]OLQL•QU&(tJÏZQ•RVL•NROHMRZHJRWUDQVSRUWXWRZDURZHJR
ZNRU\WDU]X&(7&3RSU]H]5]HSLQSRVLDGDSR•F]HQLH]OLQL•&(SURZDG]•F•
ZNLHUXQNX]DFKRGQLP]DyZSREOLVNLPZÆ|OHZURFDZVNLPt]OLQL•&(ELH
JQ•F•QDZVFKÏG
7HUPLQDOZH:UÏEOLQLH*RJRZVNLPSRR›RQ\UÏZQLH›SU]\OLQLLQU]QDM
GXMHVLÆZEOLVNLPV•VLHG]WZLH+XW\0LHG]L*RJÏZ2EVXJXMHWUDQVSRUW]ZL•]D
Q\]SU]HP\VHP/HJQLFNR*RJRZVNLHJR2NUÆJX0LHG]LRZHJR3U]HZR]\Z\NR
Q\ZDQHV•SU]HZD›QLHZNLHUXQNXSRUWXZ6]F]HFLQLH
=QDF]Q\ UXFK WRZDURZ\ QD WHUHQLH ZRMHZÏG]WZD GROQRyO•VNLHJR JHQHUXMH
V]HUHJ NRSDOÍ VXURZFÏZ VNDOQ\FK ]QDMGXM•F\FK VLÆ Z ZLÆNV]RyFL QD 3U]HGJÏ
U]X 6XGHFNLP >@ 1DMZLÆNV]H NDPLHQLRRP\ SURZDG]• Z\GRE\FLH QD SR]LRPLH
WRQG]LHQQLHDQDZHWZLÆFHMFRSU]HNDGDVLÆQDFDRSRFL•JRZHLORyFLVX
URZFDZFL•JXGRE\/LQLDPLQDMEDUG]LHMREFL•›RQ\PLSRFL•JDPL]NUXV]\ZHPMHVW
FL•JOLQLLLNWÏU\PLZ\ZR]LVLÆVXURZLHF]RNROLF:DEU]\FKDSU]H]
:URFDZL2OHyQLFÆZNLHUXQNXSϏQRFQ\P/LQL•QUQDRGFLQNX]:URFDZLD
GR2OHyQLF\SURZDG]LVLÆSU]HZR]\RZLHONRyFLSU]HNUDF]DM•FHMQDZHWSRFL•JÏZ
]NUXV]\ZHPQDGREÆQLHOLF]•FLQQ\FKSRFL•JÏZ=QDF]QLHREFL•›RQHV•UÏZQLH›
OLQLHQU0LÆG]\OHVLHt:URFDZQU:URFDZt3R]QDÍLQU/H
JQLFDt5XGQD*ZL]GDQÏZ1LHFRPQLHMV]HSU]HZR]\NUXV]\ZZ\NRQXMHVLÆSR
OLQLLQU&(RGVWURQ\:URFDZLD3U]HMPXMHRQD]QDF]Q\SRWRNSRFL•JÏZ
]XURENLHPVNDOQ\P]OLQLLQUGRSLHURZ5XGQHM*ZL]GDQÏZ
,1)5$6758.785$.2/(-2:$,-(-:<.25=<67$1,(:.25<7$5=8&(7&
287
3URSR]\FMHG]LDDÍLLQZHVW\FML
-HGQ\P ] JÏZQ\FK ]DR›HÍ SURJUDPRZ\FK 3RUR]XPLHQLD &(7& MHVW XQR
ZRF]HyQLHQLHLQIUDVWUXNWXU\WUDQVSRUWRZHMLSURPRZDQLHSU]HZR]ÏZNROHMRZ\FK
MDNR EDUG]LHM SU]\MD]Q\FK GOD yURGRZLVND >@ 3ULRU\WHWDPL LQZHVW\F\MQ\PL GOD
SHUVSHNW\Z\ILQDQVRZHMZ]DNUHVLHNROHMQLFWZDE\\PRGHUQL]DFMHOL
QLLNROHMRZ\FKQDNLHUXQNXSϏQRFSRXGQLHRUD]SU]HQLHVLHQLHF]ÆyFLSU]HZR]ÏZ
WRZDURZ\FK]GUÏJQDLQWHUPRGDOQHSR•F]HQLDPRUVNRO•GRZH]Z\NRU]\VWDQLHP
NROHLZZLÆNV]\PQL›GRW\FKF]DVVWRSQLX&HOHWHSR]RVWDM•DNWXDOQHGODNROHMQHM
SHUVSHNW\Z\ILQDQVRZHM
1D FKZLOÆ REHFQ• 3.3 3ROVNLH /LQLH .ROHMRZH 6$ UHDOL]XMH SLHUZV]\ HWDS
PRGHUQL]DFMLOLQLLNROHMRZHM&(0LÆG]\OHVLHt:URFDZt6]F]HFLQSROHJDM•F\
QDSU]\JRWRZDQLXGRNXPHQWDFMLSURMHNWRZHM>@1DSR]RVWD\FKRGFLQNDFKOLQLL
REMÆW\FK XPRZ• $*7& L SU]HELHJDM•F\FK Z NRU\WDU]X &(7& QLH SURZDG]L VLÆ
REHFQLH›DGQ\FKSUDFPRGHUQL]DF\MQ\FK]DZ\M•WNLHPUREÏWRQLHZLHONLP]DNUHVLH
]HyURGNÏZZDVQ\FK3.33ROVNLH/LQLH.ROHMRZH6$
-HGQ\P ] QDMZD›QLHMV]\FK G]LDDÍ QLH]EÆGQ\FK GR SRGZ\›V]HQLD MDNRyFL
SU]HZR]ÏZ Z NRU\WDU]X &(7& MHVW SRSUDZD VWDQX WHFKQLF]QHJR LQIUDVWUXNWXU\
JÏZQ\FKFL•JÏZNRPXQLNDF\MQ\FKNWÏU\FKSUÆGNRyÂNRQVWUXNF\MQDSU]HNUDF]D
NPK 2SUÏF] SUDF SU]HZLG]LDQ\FK GR UHDOL]DFML Z KDUPRQRJUDPLH PRGHU
QL]DFML3.33ROVNLH/LQLH.ROHMRZH6$FL•J0LÆG]\OHVLHt:URFDZt6]F]HFLQ
EDUG]RLVWRWQ\PHOHPHQWHPG]LDDÍPRGHUQL]DF\MQ\FKMHVWQDSUDZDOLQLLQU
2SROHt:URFDZZUD]]EXGRZ•GUXJLHJRWRUXQDRGFLQNX&]HUQLFD:URFDZVND
t:URFDZ%URFKÏZ2GFLQHNWHQ]QDMGXMHVLÆZNRU\WDU]XSU]HZLG]LDQ\PGREX
GRZ\OLQLLGX›\FKSUÆGNRyFLPR›QDZLÆFVSRG]LHZDÂVLƛHMHJRJUXQWRZQDPR
GHUQL]DFMDQDVW•SLZRNUHVLHSURZDG]HQLDSUDFEXGRZODQ\FKQDOLQLL.'32EHFQLH
QDOLQLLQUV•SURZDG]RQHGRUD|QHSUDFHPRGHUQL]DF\MQH
/LQLD&(ELHJQ•FDGR&]HFKSU]H]=DZLGÏZNZDOLILNXMHVLÆQLHPDOZFD
RyFL GR PRGHUQL]DFML OHF] ] SRZRGX QLHGRVWDWNX yURGNÏZ ILQDQVRZ\FK QLH MHVW
XMÆWDZSODQDFKPRGHUQL]DF\MQ\FK3.33ROVNLH/LQLH.ROHMRZH6$QDODWD
/LQLDWDPDGX›H]QDF]HQLHZNRQWHNyFLHSR•F]HQLDF]HVNLHJR.UDORYHKUD
GHFNLHJR.UDMXEÆG•FHJRUHJLRQHPSDUWQHUVNLPLQLFMDW\Z\&(7&]ZRMHZÏG]
WZDPLSRR›RQ\PLZ]DFKRGQLHMF]ÆyFL3ROVNL
,VWRWQ\PHOHPHQWHPSRSUDZ\SUÆGNRyFLKDQGORZHMSRFL•JÏZL]ZLÆNV]HQLDSU]H
SXVWRZRyFLOLQLL&(:URFDZ0LÆG]\OHVLHEÆG•FHMMHGQ\P]GZÏFKQDMZD›QLHM
V]\FKREHFQLHNROHMRZ\FKFL•JÏZNRPXQLNDF\MQ\FKNRU\WDU]D&(7&ZZRMHZÏG]
WZLHGROQRyO•VNLPMHVWEXGRZDGUXJLHJRWRUXQDMHGQRWRURZ\FKRGFLQNDFK.RG]NR
1RZHt0LÆG]\OHVLHD]ZDV]F]D6WU]HOLQt.DPLHQLHF=•ENRZLFNL
2PDZLDQHZDUW\NXOHJÏZQHOLQLHNROHMRZHREMÆWHXPRZ•$*7&VWDQRZL•
]DVDGQLF]\V]NLHOHWSU]HELHJXFL•JÏZNROHMRZ\FKZREUÆELHNRU\WDU]D&(7&SU]H]
ZRMHZÏG]WZR GROQRyO•VNLH 1DWXUDOQD SRSU]HF]QD SU]HJURGD Z NRU\WDU]X MDN•
V• 6XGHW\ D WDN›H QLHGRVWDWHF]Q\ VWDQ WHFKQLF]Q\]GHF\GRZDQHM ZLÆNV]RyFL OLQLL
NROHMRZ\FK R SU]HELHJX SϏQRFSRXGQLH QLH VWZDU]DM• UDFMRQDOQHM DOWHUQDW\Z\
GODNROHMRZ\FKSR•F]HÍZNRU\WDU]X-HGQDNURVQ•FHSU]HZR]\WRZDURZH]DUÏZ
288
0D]XUNLHZLF]5
QRRFKDUDNWHU]HWUDQ]\WRZ\PSRPLÆG]\UHJLRQDPLSDUWQHUVNLPL3RUR]XPLHQLD
&(7&MDNLZHZQÆWU]QH]ZDV]F]DZ\ZÏ]NUXV]\ZPRJ•VSRZRGRZDÂNRQLHF]
QRyÂSRV]XNLZDQLDWUDVDOWHUQDW\ZQ\FKZ]JOÆGHP]DVDGQLF]\FKOLQLLRPDZLDQ\FK
SRZ\›HMZV\WXDFMLZ\F]HUS\ZDQLDVLÆSU]HSXVWRZRyFLW\FKOLQLL
-DNRWHJRW\SXDOWHUQDW\ZÆSURSRQXMHVLÆSR•F]HQLHRGJDÆ]LDM•FHVLÆRGOLQLL
&(Z5XGQHM*ZL]GDQÏZLELHJQ•FHOLQL•QUGR/HJQLF\QDVWÆSQLHOLQL•
QUGR-HU]PDQRZLF=GUÏMVN•GOLQLDPLQULGR0DUFLV]RZD:GDO
V]\PFL•JXWUDVDSU]HELHJDDE\XNDGHPOLQLLL]0DUFLV]RZDGR.D
PLHQQHM*ÏU\VN•GOLQL•GRFKRG]LDE\GRSU]HMyFLDJUDQLF]QHJR]&]HFKDPL
/XEDZNDt.U½ORYHF3U]HELHJDOWHUQDW\ZQHMWUDV\SU]HGVWDZLRQRQDU\V
5\V3U]HELHJSURSRQRZDQHJRNROHMRZHJRFL•JXWUDQVSRUWRZHJRZNRU\WDU]X&(7&
QDWHUHQLHZRMHZÏG]WZDGROQRyO•VNLHJR
3U]HGVWDZLRQ\FL•JNRPXQLNDF\MQ\Z\PDJD]QDF]Q\FKQDNDGÏZILQDQVRZ\FK
QDSU]\ZUÏFHQLHMHJRVSUDZQRyFLWHFKQLF]QHMDOHMHVWWRQDMWDÍV]HLQDMNUÏWV]HSR
•F]HQLH DOWHUQDW\ZQH ZREHF LVWQLHM•F\FK ZDULDQWÏZ OLQLL &( 1DMZD›QLHMV]H
G]LDDQLDLQZHVW\F\MQHGRSU]HSURZDG]HQLDWR
SU]\ZUÏFHQLH SU]HMH]GQRyFL QD RGFLQNX .U]HQLÏZ t :RMFLHV]ÏZ *ÏUQ\
RGXJRyFLRNRRNLORPHWUÏZ
SU]\ZUÏFHQLHSU]HMH]GQRyFLQDRGFLQNX0DUFLV]ÏZ*ÏUQ\t.UX›\QRGX
JRyFLRNRRNLORPHWUÏZ
QDSUDZDQDZLHU]FKQLQDOLQLLLSRGZ\›V]HQLHSUÆGNRyFLMD]G\]NPK
GRNPK
QDSUDZDQDZLHU]FKQLQDOLQLLLSRGZ\›V]HQLHSUÆGNRyFLMD]G\]NPK
GRNPK
,1)5$6758.785$.2/(-2:$,-(-:<.25=<67$1,(:.25<7$5=8&(7&
289
QDSUDZDQDZLHU]FKQLQDOLQLLLSRGZ\›V]HQLHSUÆGNRyFLMD]G\]NPK
GRNPK
:GDOV]\PHWDSLHZVND]DQHE\RE\SU]HSURZDG]HQLHQDVWÆSXM•F\FKSUDF
EXGRZDNLONXVHWPHWURZHM•F]QLF\PLÆG]\OLQLDPLLZUHMRQLH/H
JQLF\XPR›OLZLDM•FHMMD]GÆSRFL•JÏZ]RPLQLÆFLHPVWDFML/HJQLFDLHOLPLQX
M•FHMNRQLHF]QRyÂ]PLDQ\NLHUXQNXMD]G\SRFL•JÏZZ/HJQLF\
EXGRZDGUXJLHJRWRUXQDRGFLQNX/HJQLFDt5XGQD*ZL]GDQÏZ
HOHNWU\ILNDFMDRGFLQND.U]HQLÏZt0DUFLV]ÏZ
HOHNWU\ILNDFMDRGFLQNDRG0DUFLV]RZD*ÏUQHJRGRJUDQLF\SDÍVWZDZSU]\
SDGNXSRUR]XPLHQLDVLÆ]HVWURQ•F]HVN•RGQRyQLHHOHNWU\ILNDFMLFDHJRSR
•F]HQLD
=DOHWDPL ]DSURSRQRZDQHJR FL•JX NRPXQLNDF\MQHJR V• GRJRGQD JHRPHWULD
OLQLL Z SODQLH L Z SURILOX VWRVXQNRZR Z\VRNLH SUÆGNRyFL NRQVWUXNF\MQH L QLVNL
ZVSϏF]\QQLN Z\GX›HQLD OLQLL 3R]D W\P OLQLD Z\WUDVRZDQD Z VSRVÏE RSLVDQ\
SRZ\›HM SR]ZROLDE\ SURZDG]L SU]HZR]\ Z NRU\WDU]X &(7& SU]H] SDUWQHUVNL
.U½ORYÅKUDGHFNÙ .UDM NWÏU\ Z REHFQHM V\WXDFML Z\NRU]\VW\ZDQLD JÏZQLH OLQLL
&(L&(ZSU]HZR]DFKWRZDURZ\FKSR]RVWDMHQLHFRQDXERF]X
,QQ\P DOWHUQDW\ZQ\P ZREHF OLQLL REMÆW\FK XPRZDPL $*7& SR•F]HQLHP
PR›HE\ÂOLQLDQUSURZDG]•FD]/HJQLF\SU]H].DPLHQLHF=•ENRZLFNLGR.Æ
G]LHU]\QD.R|OHZZRMHZÏG]WZLHRSROVNLPJG]LH•F]\VLÆ]JÏZQ\PFL•JLHP&(
/LQLDWDNU]\›XMHVLÆ]WDNZD›Q\PLFL•JDPLZZRMHZÏG]WZLHMDNOLQLDQU
:URFDZt:DEU]\FKLGDOHM]PR›OLZRyFL•MD]G\GR&]HFKSU]H]0LHURV]ÏZF]\
WH›OLQLDQU:URFDZt0LÆG]\OHVLHt/LFKNRY3U]HELHJOLQLLSU]H]ZD›QHZÆ]\
NROHMRZHZZRMHZÏG]WZLHVWZDU]DPR›OLZRyFLWZRU]HQLDNRPELQDFMLSR•F]HÍZ]D
OH›QRyFLRG]DSRWU]HERZDQLDLDNWXDOQHJRVWDQXWHFKQLF]QHJRRGFLQNÏZ3U]\VWRVR
ZDQLHOLQLLGRZ]PR›RQHJRUXFKXWRZDURZHJRZ\PDJD]QDF]QLHPQLHMV]\FK
QDNDGÏZQL›SRZ\›HMRSLVDQHSR•F]HQLHSU]H]0DUFLV]ÏZL/XEDZNÆMHGQDNRPLMD
&]HFK\1DMZD›QLHMV]HG]LDDQLDLQZHVW\F\MQHGRSU]HSURZDG]HQLDWR
RGWZRU]HQLHGUXJLHJRWRUXQDLVWQLHM•F\PSRGWRU]XQDRGFLQNDFK.DPLH
QLHF=•ENRZLFNLtkZLGQLFD0LDVWRL-DZRU]\QDkO•VNDt/HJQLFD•F]QLH
RNRRNLORPHWUÏZ
SRGZ\›V]HQLHVWDQGDUGXQDZLHU]FKQL]NODV\GRNODV\PLQLPXPQDRG
FLQNX3U]\E\RZLFHt/HJQLFDQDGXJRyFLRNRRNLORPHWUÏZ
QDSUDZD QDZLHU]FKQL L SRGZ\›V]HQLH SUÆGNRyFL MD]G\ ] Ó NPK GR
PLQLPXPNPKQDRGFLQNXkZLGQLFD0LDVWRt/HJQLFD
3RGVXPRZDQLH
8WZRU]RQ\ZURNXkURGNRZRHXURSHMVNL.RU\WDU]7UDQVSRUWRZ\&(7&
VWDQRZLLVWRWQHX]XSHQLHQLHXNDGXNRU\WDU]\7(17SU]HELHJDM•F\FKZZLÆN
V]RyFLZ]GX›RVL]DFKÏGZVFKÏG1DGDQLHFL•JRPNRPXQLNDF\MQ\PVWDWXVXHXUR
SHMVNLHJRNRU\WDU]DWUDQVSRUWRZHJRQLHVLH]DVRE•ZLHOH]DOHWGRNWÏU\FKPR›QD
]DOLF]\ÂPLQ>@
0D]XUNLHZLF]5
290
V]HURNL GRVWÆS GR ILQDQVRZDQLD LQIUDVWUXNWXU\ WUDQVSRUWRZHM ]DUÏZQR ]H
yURGNÏZ8QLL(XURSHMVNLHMMDNLEXG›HWXSDÍVWZDLQZHVW\FMHZNRU\WDU]DFK
WUDQVSRUWRZ\FK]DWZLHUG]RQ\FKSU]H]8QLÆ(XURSHMVN•V•DEVROXWQ\PSULR
U\WHWHPZGRVWÆSLHGRyURGNÏZILQDQVRZ\FK
Z\NUHRZDQLHQRZHJRXNDGXSRWRNÏZUXFKXZWUDQVSRUFLHLZ]URVWSU]H
ZR]ÏZZ]GX›NRU\WDU]D
GDQLHV\JQDXGODLQZHVWRUÏZRW\P›HV]ODNWUDQVSRUWRZ\EÆG]LHVLÆUR]ZL
MDLVWDQRZL•FDJRLQIUDVWUXNWXUDEÆG]LHRVL•JDDSDUDPHWU\]DOHFDQHSU]H]
8QLÆ(XURSHMVN•
Z]URVWDWUDNF\MQRyFLUHJLRQÏZSRR›RQ\FKZ]GX›NRU\WDU]DMDNRSDUWQHUÏZ
KDQGORZ\FKVWZRU]HQLHUHDOQ\FKV]DQVQDR›\ZLHQLHJRVSRGDUF]HUHJLRQÏZ
PLDVWRUD]ZD›Q\FKRyURGNÏZJRVSRGDUF]\FKZNRU\WDU]X
-HGQ\P]QDMLVWRWQLHMV]\FKFHOÏZ3RUR]XPLHQLD&(7&MHVWUR]ZÏMWUDQVSRUWX
NROHMRZHJRZNRU\WDU]XLSURPRZDQLHSU]HZR]ÏZLQWHUPRGDOQ\FK]ZLRG•F•URO•
NROHL 1DMZD›QLHMV]\P SU]HGVLÆZ]LÆFLHP DE\ PÏF FHOH WH RVL•JQ•Â MHVW PRGHU
QL]DFMD JÏZQ\FK FL•JÏZ NRPXQLNDF\MQ\FK L UHDOL]DFMD LQZHVW\FML ]PLHU]DM•F\FK
GRSRSUDZ\VWDQXWHFKQLF]QHJRSU]HVWDU]DHMLZ\HNVSORDWRZDQHMLQIUDVWUXNWXU\
=PRGHUQL]RZDQLH LQIUDVWUXNWXU\ L SRGQLHVLHQLH SUÆGNRyFL GURJRZ\FK ]DRZRFXMH
Z]URVWHP]DLQWHUHVRZDQLDSU]HGVLÆELRUFÏZGRNRU]\VWDQLD]SU]HZR]ÏZWRZDUÏZ
GURJ• NROHMRZ• =DFKÆFL UÏZQLH› SU]HZR|QLNÏZ SDVD›HUVNLFK GR XUXFKDPLDQLD
QRZ\FKV]\ENLFKSR•F]HÍPRJ•F\FKVWDÂVLÆNRQNXUHQF\MQ\PLZREHFSU]HZR
]ÏZDXWREXVRZ\FK:]URVWSU]HZR]ÏZWRZDURZ\FKSR]ZROLQDXWU]\PDQLHOLQLL
NROHMRZ\FKQDSR]LRPLHUHQWRZQRyFLLX]DVDGQLDE\LQZHVW\FMHZLQIUDVWUXNWXUÆ
1RZ\ NRU\WDU] WUDQVSRUWRZ\ VWDQRZL V]DQVÆ QD R›\ZLHQLH SU]HZR]ÏZ WRZDUR
Z\FK6]DQVDWDMHVWW\PZLÆNV]DZUHJLRQLHGROQRyO•VNLPL›ZRMHZÏG]WZRSRVLD
GDRJURPQ\LZ]QDF]QHMF]ÆyFLQLHZ\NRU]\VWDQ\SRWHQFMDSU]HZR]RZ\NUXV]\Z
LVXURZFÏZVNDOQ\FK
%LEOLRJUDILD
>@.ZLHFLÍVNL - 2ONRZVND % kURGNRZRHXURSHMVNL .RU\WDU] 7UDQVSRUWRZ\ t
WZRU]HQLHVLHFLZVSϏSUDF\UHJLRQDOQHMZ(XURSLH0LQLVWHULDOQD.RQIHUHQ
FMD0LQLVWUÏZ2GSRZLHG]LDOQ\FK]D3ODQRZDQLH3U]HVWU]HQQH5HJLRQDO
QH/L]ERQDSD|G]LHUQLNDZKWWSZZZPUUJRYSODNWX
DOQRVFLDUFKLZXP'RFXPHQWVHEHHFEFDDFD
WHNVWBSOSGIUHIHUDW
KWWSZZZPUUJRYSODNWXDOQRVFLSROLW\NDBUR]ZRMX'RFXPHQW
VDFEEIEHDDSUH]HQWDFMDBMNB3/SGI SUH
]HQWDFMD
>@,G':\ND]OLQLL3.33ROVNLH/LQLH.ROHMRZH6$:DUV]DZD
,1)5$6758.785$.2/(-2:$,-(-:<.25=<67$1,(:.25<7$5=8&(7&
291
>@&(7&5287(t&HQWUDO(XURSHDQ7UDQVSRUW&RUULGRUZKWWS
ZZZFHWFSO
>@'LDJQR]DVWDQXZRMHZÏG]WZDGROQRyO•VNLHJR8U]•G0DUV]DNRZ
VNL :RMHZÏG]WZD 'ROQRyO•VNLHJR :RMHZÏG]NLH %LXUR 8UEDQLVW\F]QH
:URFDZNZLHFLHÍ
ZKWWSZZZXPZGGROQ\VODVNSOILOHDGPLQXVHUBXSORDG5R]ZRMBUH
JLRQDOQ\65:''LDJQR]DB6WDQXB65:'BBBSGI
>@,QWHUDNW\ZQDPDSDPRGHUQL]DFMLOLQLLNROHMRZ\FKZKWWSZZZSONLQ
ZHVW\FMHSO
>@3RO]XJ,QWHUPRGDO'RN•GMH|G]LP\ZKWWSZZZSRO]XJGHSOQDV]H
XVOXJLKWPO
>@7HUPLQDO NRQWHQHURZ\ 6FKDYHPDNHU Z KWWSVFKDYHPDNHUSO"QDPH
WHUPLQDONRQWHQHURZ\
>@8FKZDD QU ;;; 6HMPLNX :RMHZÏG]WZD 'ROQRyO•VNLHJR ]
GQLDZU]HyQLDZVSUDZLHDSHOXGR5DG\0LQLVWUÏZRUD]6HMPX
5]HF]\SRVSROLWHM3ROVNLHMR]DEH]SLHF]HQLHyURGNÏZZEXG›HFLHSDÍVWZD
QDURNQDGRGDWNRZH]DGDQLD]G]LHG]LQ\LQIUDVWUXNWXU\NROHMRZHM
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
$.78$/1<35=(%,(*352&(68+202/2*$&-,
12:2%8'2:$1<&+32-$='¯:.2/(-2:<&+
:32/6&(
0DWHXV]0RW\O
$UWXU%DELDN
PJU LQ› =DNDG 3RMD]GÏZ 6]\QRZ\FK ,QVW\WXW 6LOQL
NÏZ6SDOLQRZ\FKL7UDQVSRUWX:\G]LD0DV]\Q5RER
F]\FKL7UDQVSRUWX3ROLWHFKQLND3R]QDÍVND8O3LRWUR
ZR3R]QDÍWHO
PJULQ›*ÏZQ\6SHFMDOLVWDGVKRPRORJDFMLLEDGDÍSR
MD]GÏZ']LD%DGDÍL5R]ZRMX3RMD]G\6]\QRZH3(6$
%\GJRV]F] 6$ 8O =\JPXQWD $XJXVWD %\GJRV]F]7HO
6WUHV]F]HQLH:QLQLHMV]\PDUW\NXOHSU]HGVWDZLRQRDNWXDOQ\SU]HELHJSURFHVXKRPRORJDFML
QRZREXGRZDQ\FKSRMD]GÏZNROHMRZ\FKZ3ROVFH2PÏZLRQH]RVWD\UHJXODFMHZSROVNLPV\VWHPLH
SUDZQ\PNWÏUHGRW\F]•SURFHVXGRSXV]F]HQLDGRHNVSORDWDFMLSRMD]GXNROHMRZHJR3U]HGVWDZLRQR
PR›OLZHSURFHV\SU]HSURZDG]HQLDKRPRORJDFMLSU]H]SRGPLRW\ZQLRVNXM•FHRUD]LFKSU]HELHJMDNLH
XPR›OLZLDSROVNLHSUDZRGDZVWZR'DMHWRPR›OLZRyÂZ\ERUXSRGPLRWRZLZQLRVNXM•FHPXRGSR
ZLHGQLHJRSURFHVXGODVZRMHJRQRZHJRSURGXNWX
6RZDNOXF]RZHSRMD]GNROHMRZ\KRPRORJDFMDLQWHURSHUDF\MQRyÂ
:VWÆS
=DNXSQRZHJRWDERUXNROHMRZHJRSU]H]SROVNLFKSU]HZR|QLNÏZFLHV]\VLÆFR
UD]ZLÆNV]•SRSXODUQRyFL•6WDQWHFKQLF]Q\X›\ZDQHJRREHFQLHZSU]HZR]DFKSD
VD›HUVNLFKRUD]WRZDURZ\FKWDERUXNROHMRZHJRXND]XMH›HQDGDMHVLÆRQZGX›HM
PLHU]HGROLNZLGDFMLOXEJUXQWRZQHMPRGHUQL]DFML1DOH›\]DXZD›\›H]GHF\GR
ZDQDZLÆNV]RyÂHNVSORDWRZDQHJRWDERUXPDMX›SRQDGODW3ROVF\SU]HZR|QL
F\RUD]8U]ÆG\0DUV]DNRZVNLHFRUD]F]ÆyFLHMVNDQLDM•VLÆNX]DNXSRZLQRZ\FK
SRMD]GÏZNROHMRZ\FK.RQNXUHQF\MQRyÂQDU\QNXNROHMRZ\PZRVWDWQLFKODWDFK
Z]URVDG]LÆNLF]HPXSDVD›HURZLHPDM•ZLÆNV]•PR›OLZRyÂZ\ERUXFRGRMDNRyFL
SRMD]GXMDNLPFKF•SRGUϛRZDÂ3DVD›HURZLH]ZUDFDM•FRUD]ZLÆNV]•XZDJÆQD
NRPIRUWMD]G\FRMHVWUÏZQLH›]ZL•]DQH]Z\ERUHPVSRyUÏGLQQ\FKDOWHUQDW\Z
Q\FKyURGNÏZWUDQVSRUWXWDNLFKMDNQSVDPRFKÏGDXWREXVF]\VDPRORW
$E\ ]DSHZQL SDVD›HURP PR›OLZRy Z\ERUX NRPIRUWRZHJR SRMD]GX NROHMR
ZHJR SURGXFHQFL QRZ\FK SRMD]GÏZ V]\QRZ\FK PXV]• X]\VND yZLDGHFWZR GR
SXV]F]HQLD GR HNVSORDWDFML : 3ROVFH Z URNX ZSURZDG]RQH ]RVWD\ QRZH
UR]SRU]•G]HQLD0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHMNWÏUH
PLD\ SU]\VWRVRZD 3ROVNLH Z\PRJL SUDZQH GR Z\PRJÏZ :VSÏOQRW\ (XURSHM
:NáDGDXWRUyZZSXEOLNDFMH0RW\O0%DELDN$
0RW\O0%DELDN$
294
VNLHM&HOHP3DUODPHQWX(XURSHMVNLHJRL5DG\MHVWZSURZDG]HQLHMHGQROLW\FKZ\
PDJDÍRUD]VWDQGDUGÏZGODQRZREXGRZDQ\FKOXEPRGHUQL]RZDQ\FKSRMD]GÏZ
V]\QRZ\FKDE\]DSHZQLÂLQWHURSHUDF\MQRyÂWUDQVHXURSHMVNLHJRV\VWHPXNROHMZH
:VSÏOQRFLH ,QWHURSHUDF\MQRy PD ]DJZDUDQWRZD EH]SLHF]Q\ L QLHSU]HUZDQ\
UXFKNROHMRZ\ZHZQ•WU]ZVSÏOQRW\$E\E\RWRPR›OLZHPXV]•]RVWDÂVSHQLRQH
ZDUXQNLSUDZQHWHFKQLF]QHRUD]RSHUDF\MQH
5HJXODFMHZSROVNLPV\VWHPLHSUDZQ\P
8VWDZDRWUDQVSRUFLHNROHMRZ\P
3URGXFHQFLNUDMRZLL]DJUDQLF]QLQRZ\FKSRMD]GÏZV]\QRZ\FKNWÏU]\FKF•GR
SXyFLÂGRHNVSORDWDFMLQRZ\SRMD]GPXV]•VLÆVWRVRZDÂGRXVWDZ\]GQLDPDUFD
URNXRWUDQVSRUFLHNROHMRZ\PWHNVWMHGQROLW\']8U1USR]
]SÏ|Q]P>@8VWDZDWDRUD]ZL•›•FHVLÆ]QL•UR]SRU]•G]HQLDSUHF\]XM•FH
UHJXOXM•FD\SURFHVGRSXV]F]HQLDGRHNVSORDWDFMLSRMD]GÏZQDWHUHQLH5]HF]\SR
VSROLWHMRUD]LPSOHPHQWDFMHSUDZRGDZVWZD8QLL(XURSHMVNLHMZ3ROVFH:\›HMZ\
PLHQLRQDXVWDZDXVWDQDZLD3UH]HVD8U]ÆGX7UDQVSRUWX.ROHMRZHJR87.MDNR
FHQWUDOQ\RUJDQDGPLQLVWUDF\MQ\NWÏUHJRRERZL•]NLHPMHVW
5HJXODFMDWUDQVSRUWXNROHMRZHJR
/LFHQFMRQRZDQLHWUDQVSRUWXNROHMRZHJR
1DG]ÏU WHFKQLF]Q\ QDG HNVSORDWDFM• L XWU]\PDQLHP OLQLL NROHMRZ\FK RUD]
SRMD]GÏZNROHMRZ\FK
%H]SLHF]HÍVWZRUXFKXNROHMRZHJR
:XVWDZLHPLHG]\LQQ\PLPRZDMHVWRSURFHVLHGRSXV]F]HQLDGRHNVSORDWDFML
QRZR Z\EXGRZDQ\FK SRMD]GÏZ 2SLVDQ\ MHVW SURFHV KRPRORJDFML GOD SRMD]GÏZ
]JRGQ\FK]7HFKQLF]Q\PL6SHF\ILNDFMDPL,QWHURSHUDF\MQRyFL76,RUD]QLH]JRG
Q\FK]76,
5R]SRU]•G]HQLDGRXVWDZ\RWUDQVSRUFLHNROHMRZ\P
'R XVWDZ\ R WUDQVSRUFLH NROHMRZ\P R NWÏUHM PRZD Z\›HM RSUDFRZDQR SR
V]F]HJÏOQHUR]SRU]•G]HQLDNWÏUHPDM•QDFHOXXV]F]HJϏRZLHQLH]DZDUW\FKZXVWD
ZLHZ\PDJDÍLRSLVLFKSUDZLGRZHJRVSHQLHQLD1DVWÆSXM•FHSU]HSLV\RNUHyODM•
V]F]HJϏRZH ZDUXQNL RUD] WU\E GRSXV]F]HQLD GR HNVSORDWDFML L FRIDQLD W\SX EX
GRZOLW\SXXU]•G]HÍSU]H]QDF]RQ\FKGRSURZDG]HQLDUXFKXNROHMRZHJRRUD]W\SX
SRMD]GXNROHMRZHJR
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM]
GQLDVLHUSQLDUZVSUDZLHZ\ND]XW\SÏZEXGRZOLSU]H]QDF]RQ\FKGR
SURZDG]HQLDUXFKXNROHMRZHJRW\SÏZXU]•G]HÍSU]H]QDF]RQ\FKGRSURZD
G]HQLDUXFKXNROHMRZHJRRUD]W\SÏZSRMD]GÏZNROHMRZ\FKQDNWÏUHZ\GDZD
QHV•yZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SX']8SR]>@
$.78$/1<35=(%,(*352&(68+202/2*$&-,12:2%8'2:$1<&+32-$='¯:
295
=DNUHVUR]SRU]•G]HQLD
5R]SRU]•G]HQLH]DZLHUDZ\ND]W\SÏZEXGRZOLLXU]•G]HÍSU]H]QDF]RQ\FK
GRSURZDG]HQLDUXFKXNROHMRZHJRRUD]W\SÏZSRMD]GÏZNROHMRZ\FKZ]JOÆ
GHPNWÏU\FKZ\GDZDQHV•yZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SX
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDVLHUSQLDUZVSUDZLHyZLDGHFWZGRSXV]F]HQLDGRHNVSORDWDFML
W\SX']8SR]>@
5R]SRU]•G]HQLHRNUHyOD
s :DUXQNLWU\EZ\GDZDQLDLFRIDQLDyZLDGHFWZGRSXV]F]HQLDGRHNVSOR
DWDFMLW\SX
DEXGRZOLSU]H]QDF]RQHMGRSURZDG]HQLDUXFKXNROHMRZHJR
EXU]•G]HQLDSU]H]QDF]RQHJRGRSURZDG]HQLDUXFKXNROHMRZHJR
FSRMD]GXNROHMRZHJR
s 2NUHV ZD›QRyFL RUD] Z]RU\ yZLDGHFWZ GRSXV]F]HQLD GR HNVSORDWDFML
W\SX
s -HGQRVWNL RUJDQL]DF\MQH XSRZD›QLRQH GR SU]HSURZDG]DQLD EDGDÍ NR
QLHF]Q\FK GR X]\VNDQLD yZLDGHFWZ GRSXV]F]HQLD GR HNVSORDWDFML W\SX
]ZDQHGDOHMdMHGQRVWNDPLXSRZD›QLRQ\PLr
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM]
GQLDVLHUSQLDUZVSUDZLH]DNUHVXEDGDÍNRQLHF]Q\FKGRX]\VNDQLD
yZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SXEXGRZOLSU]H]QDF]RQHMGRSUR
ZDG]HQLDUXFKXNROHMRZHJRW\SXXU]•G]HQLDSU]H]QDF]RQHJRGRSURZDG]H
QLDUXFKXNROHMRZHJRRUD]W\SXSRMD]GXNROHMRZHJR']8SR]>@
=DNUHVUR]SRU]•G]HQLD
:UR]SRU]•G]HQLX]DZDUWRRSLVNRQLHF]Q\FKGODX]\VNDQLDyZLDGHFWZDGR
SXV]F]HQLDGRHNVSORDWDFMLEDGDÍRUD]LFK]DNUHVGOD
s 7\SÏZEXGRZOLSU]H]QDF]RQ\FKGRSURZDG]HQLDUXFKXNROHMRZHJRZUD]
]VLHFL•MH]GQ•VLHFL•SRZURWQ•LWU]HFLHMV]\QLHZPHWU]H
s 7\SÏZ XU]•G]HÍ SU]H]QDF]RQ\FK GR SURZDG]HQLD UXFKX NROHMRZHJR
ZW\PXMÆWHV•XU]•G]HQLDVWHURZDQLDL]DEH]SLHF]HQLDUXFKXNROHMRZHJR
LXU]•G]HQLDWHOHNRPXQLNDF\MQH
s 7\SÏZSRMD]GÏZNROHMRZ\FK]UR]UϛQLHQLHPQDSRMD]G\WUDNF\MQHZD
JRQ\ SDVD›HUVNLH ZDJRQ\ WRZDURZH SRMD]G\ VSHFMDOQH L SRMD]G\ SR
PRFQLF]H
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDPDMDUZVSUDZLHF]\QQRyFLZ\NRQ\ZDQ\FKSU]H]3UH]HVD
8U]ÆGX7UDQVSRUWX.ROHMRZHJR]DNWÏUHSRELHUDQHV•RSDW\RUD]Z\VRNR
yFLW\FKRSDWLWU\EXLFKSRELHUDQLD']8SR]]SÏ|Q]P>@
=DNUHVUR]SRU]•G]HQLD
:UR]SRU]•G]HQLX]QDMGXMHVLÆZ\ND]F]\QQRyFLZ\NRQ\ZDQ\FKSU]H]SUH
]HVD8U]ÆGX7UDQVSRUWX.ROHMRZHJR]DNWÏUHSRELHUDQHV•RSDW\RUD]Z\
VRNRyFLW\FKRSDW
0RW\O0%DELDN$
296
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDPDMDUZVSUDZLHLQWHURSHUDF\MQRyFLV\VWHPXNROHL']8
SR]>@
=DNUHV5R]SRU]•G]HQLD
s :\ND]VNDGQLNÏZLQWHURSHUDF\MQRyFLGODSRGV\VWHPÏZV\VWHPXNROHL
s =DVDGQLF]HZ\PDJDQLDGRW\F]•FHLQWHURSHUDF\MQRyFLV\VWHPXNROHLGOD
SRGV\VWHPÏZLVNDGQLNÏZLQWHURSHUDF\MQRyFL
s 3URFHGXU\RFHQ\]JRGQRyFLSRGV\VWHPÏZRUD]WUHyÂGHNODUDFMLZHU\ILND
FML:(SRGV\VWHPÏZ
s 3URFHGXU\ RFHQ\ ]JRGQRyFL OXE SU]\GDWQRyFL GR VWRVRZDQLD VNDGQLND
LQWHURSHUDF\MQRyFLRUD]WUHyÂGHNODUDFML:(]JRGQRyFLOXESU]\GDWQRyFL
GRVWRVRZDQLDVNDGQLNDLQWHURSHUDF\MQRyFL
s :\ND]SDUDPHWUÏZSRMD]GXNROHMRZHJRGRVNRQWURORZDQLDZFHOXGR
SXV]F]HQLD GR HNVSORDWDFML SRMD]GÏZ NROHMRZ\FK QLH]JRGQ\FK ] WHFK
QLF]Q\PLVSHF\ILNDFMDPLLQWHURSHUDF\MQRyFL]ZDQ\PLGDOHMd76,r
s 3RGPLRW\Z\]QDF]RQHGRSU]HSURZDG]DQLDEDGDÍZRGQLHVLHQLXGRSRG
V\VWHPÏZQLH]JRGQ\FK]76,]ZDQHGDOHMdSRGPLRWDPLZ\]QDF]RQ\PLr
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDJUXGQLDUZVSUDZLHZ\ND]XZDyFLZ\FKNUDMRZ\FKVSHF\
ILNDFMLWHFKQLF]Q\FKLGRNXPHQWÏZQRUPDOL]XM•F\FKNWÏU\FK]DVWRVRZDQLH
XPR›OLZLDVSHQLHQLH]DVDGQLF]\FKZ\PDJDÍGRW\F]•F\FKLQWHURSHUDF\MQR
yFLV\VWHPXNROHL']8SR]>@
=DNUHVUR]SRU]•G]HQLD
5R]SRU]•G]HQLH ZVND]XMH ZDyFLZH VSHF\ILNDFMH WHFKQLF]QH L GRNXPHQW\
QRUPDOL]DF\MQH NWÏU\FK ]DVWRVRZDQLH XPR›OLZL VSHQLHQLH ]DVDGQLF]\FK
Z\PDJDÍGRW\F]•F\FKLQWHURSHUDF\MQRyFLV\VWHPXNROHL:\ND]]RVWDRSX
EOLNRZDQ\Z%LXOHW\QLH,QIRUPDFML3XEOLF]QHMQDVWURQLHSRGPLRWRZHMXU]Æ
GXREVXJXM•FHJRPLQLVWUDZDyFLZHJRGRVSUDZWUDQVSRUWX
:\EÏUSURFHVXGRSXV]F]HQLDGRHNVSORDWDFML
=JRGQLH]QRZHOL]DFM•d8VWDZ\RWUDQVSRUFLHNROHMRZ\Pr]GQLDZU]HyQLD
U']8QU3R]d8VWDZDR]PLDQLHXVWDZ\RWUDQVSRUFLHNROH
MRZ\PrZSURZDG]RQRZSROVNLPSUDZRGDZVWZLH'\UHNW\ZÆ3DUODPHQWX(XUR
SHMVNLHJRL5DG\QU:(]GQLDF]HUZFDUZVSUDZLHLQWHURSHUD
F\MQRyFLV\VWHPXNROHLZH:VSÏOQRFLH>@
=JRGQLH ] $UW XVW d8VWDZ\ R WUDQVSRUFLH NROHMRZ\Pr =DU]•GFD DOER
SU]HZR|QLNNROHMRZ\Z\NRQXM•F\SU]HZR]\QDOLQLLNROHMRZHMPR›HHNVSORDWRZDÂZ\•F]QLH
SRGV\VWHP\VWUXNWXUDOQHZW\PQDOH›•F\GRWHMJUXS\SRGV\VWHP7$%25QDNWÏUH3UH]HV
87.Z\GD]H]ZROHQLDQDGRSXV]F]HQLHGRHNVSORDWDFMLe>@7\PVDP\PGODSRMD]
GÏZV]\QRZ\FKNROHLNRQZHQFMRQDOQHMLNROHLGX›\FKSUÆGNRyFL]RVWDD]DPNQLÆWD
GURJDX]\VNLZDQLDkZLDGHFWZDGRSXV]F]HQLDW\SXGODW\SXSRMD]GXV]\QRZHJR
$.78$/1<35=(%,(*352&(68+202/2*$&-,12:2%8'2:$1<&+32-$='¯:
297
3URFHVZ\GDZDQLDSU]H]3UH]HVD87.]H]ZROHQLDQDGRSXV]F]HQLHGRHNVSORDWDFML
SRWRF]QLHQD]\ZDQ\MHVWWU\EHPdSRGG\UHNW\ZRZ\Pr
: yODG ]D QRZHOL]DFM• d8VWDZ\ R WUDQVSRUFLH NROHMRZ\Pr SROVNL 3DUODPHQW
SU]\M•V]HUHJ5R]SRU]•G]HÍZ\NRQDZF]\FKUHJXOXM•F\FKSURFHV\X]\VNLZDQLD]H
]ZROHÍGODSRMD]GÏZV]\QRZ\FKZ3ROVFH3RGVWDZRZ\P5R]SRU]•G]HÍMHVW5R]
SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM]GQLD
PDMDUZVSUDZLHLQWHURSHUDF\MQRyFLV\VWHPXNROHL']8SR]>@
NWÏUH UHJXOXMH SURFHV\ X]\VNLZDQLD ]H]ZROHQLD QD GRSXV]F]HQLH GR HNVSORDWDFML
SRGV\VWHPÏZ VWUXNWXUDOQ\FK Z W\P SRGV\VWHPX 7$%25 7XWDM QDOH›\ RSLVDÂ
GZLHGURJL
s SURFHVGODSRMD]GX]JRGQHJR]76,1R%R'H%R
s SURFHV GOD SRMD]GX QLH]JRGQHJR ] 76, 'H%R ]JRGQLH ] 5R]SRU]•G]HQLHP
LVWQLHM•Z3ROVFHW\ONRGZLHMHGQRVWNL]D•F]QLNQUGRZZ5R]SRU]•G]HQLD
5RODMDN•RGJU\ZD1R%RMHVW]QDQDtFHUW\ILNDFMD76,QDWRPLDVWUROD'H%R
SROHJDQDZ\ND]DQLX]JRGQLH]5R]SRU]•G]HQLHP0LQLVWUD7UDQVSRUWX%XGRZQLF
WZDL*RVSRGDUNL0RUVNLHM]GQLDJUXGQLDU']8]GQLDVW\F]QLD
U>@ZVSUDZLHZ\ND]XZDyFLZ\FKNUDMRZ\FKVSHF\ILNDFMLWHFKQLF]Q\FK
LGRNXPHQWÏZQRUPDOL]DF\MQ\FKNWÏU\FK]DVWRVRZDQLHXPR›OLZLDVSHQLHQLH]D
VDGQLF]\FKZ\PDJDÍGRW\F]•F\FKLQWHURSHUDF\MQRyFLV\VWHPXNROHLRUD]]JRGQLH
]/LVW•3UH]HVD87.ZVSUDZLHZDyFLZ\FKNUDMRZ\FKVSHF\ILNDFMLWHFKQLF]Q\FK
LGRNXPHQWÏZQRUPDOL]DF\MQ\FKNWÏU\FK]DVWRVRZDQLHXPR›OLZLDVSHQLHQLH]D
VDGQLF]\FKZ\PDJDÍGRW\F]•F\FKLQWHURSHUDF\MQRyFLV\VWHPXNROHLRVWDWQLHZ\
GDQLHSRZ\›V]HJRGRNXPHQWXMHVW]U
3URFHVX]\VNDQLDyZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SX
=JRGQLH]$UWXVWd8VWDZ\RWUDQVSRUFLHNROHMRZ\Pr=DU]•GFDOLQLL
PHWUDSU]HZR|QLNNROHMRZ\UHDOL]XM•F\SU]HZR]\ZPHWU]HX›\WNRZQLNERF]QLF\NROHMRZHM
SU]HGVLÆELRUFDZ\NRQXM•F\SU]HZR]\ZREUÆELHERF]QLF\NROHMRZHM]DU]•GFDOLQLLNROHMRZHM
RV]HURNRyFLWRUÏZPQLHMV]HMQL›PPDOERSU]HZR|QLNNROHMRZ\UHDOL]XM•F\SU]HZR]\
QDOLQLDFKNROHMRZ\FKRV]HURNRyFLWRUÏZPQLHMV]HMQL›PPPR›HHNVSORDWRZDÂeW\S\
SRMD]GÏZNROHMRZ\FKQDNWÏUH3UH]HV87.Z\GDyZLDGHFWZRGRSXV]F]HQLDGRHNVSORDWDFML
eW\SXSRMD]GXNROHMRZHJR>@
: yODG ]D QRZHOL]DFM• d8VWDZ\ R WUDQVSRUFLH NROHMRZ\Pr SROVNL 3DUODPHQW
SU]\M• 5R]SRU]•G]HQLD Z\NRQDZF]H UHJXOXM•FH SURFHV X]\VNLZDQLD yZLDGHFWZD
GRSXV]F]HQLDGRHNVSORDWDFMLW\SXSRMD]GXNROHMRZHJR
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDVLHUSQLDUZVSUDZLHZ\ND]XW\SÏZEXGRZOLSU]H]QDF]RQ\FK
GRSURZDG]HQLDUXFKXNROHMRZHJRW\SÏZXU]•G]HÍSU]H]QDF]RQ\FKGRSUR
ZDG]HQLDUXFKXNROHMRZHJRRUD]W\SÏZSRMD]GÏZNROHMRZ\FKQDNWÏUHZ\
GDZDQHV•yZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SX']8SR]
>@
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDVLHUSQLDUZVSUDZLHyZLDGHFWZGRSXV]F]HQLDGRHNVSORDWDFML
W\SX']8SR]>@
298
0RW\O0%DELDN$
5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDVLHUSQLDUZVSUDZLH]DNUHVXEDGDÍNRQLHF]Q\FKGRX]\VNDQLD
yZLDGHFWZD GRSXV]F]HQLD GR HNVSORDWDFML W\SX EXGRZOL SU]H]QDF]RQHM GR
SURZDG]HQLDUXFKXNROHMRZHJRW\SXXU]•G]HQLDSU]H]QDF]RQHJRGRSURZD
G]HQLDUXFKXNROHMRZHJRRUD]W\SXSRMD]GXNROHMRZHJR']8SR]
5R]SRF]\QDM•FSURFHVKRPRORJDF\MQ\QRZHJRSRMD]GXV]\QRZHJRQDOH›\SD
PLÆWD ›H ]JRGQLH ] SURFHGXU• RSLVDQ• Z UR]SRU]•G]HQLX 0LQLVWUD 7UDQVSRUWX
%XGRZQLFWZD L *RVSRGDUNL 0RUVNLHM ] GQLD VLHUSQLD U Z VSUDZLH yZLD
GHFWZGRSXV]F]HQLDGRHNVSORDWDFMLW\SX']8SR]>@ZQLRVHNRZ\GD
QLHyZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SXGRSUH]HVD87.PRJ•VNDGDÂ
SRGPLRW\RNWÏU\FKPRZDZDUWXVWXVWDZ\:SU]\SDGNXQRZREXGRZD
QHJRSRMD]GXV]\QRZHJRSU]HZD›QLHMHVWWRVDPSURGXFHQW:\PDJDQHMHVWDE\
ZQLRVNRGDZFDGRZQLRVNXGR•F]\QDVWÆSXM•F•GRNXPHQWDFMHWHFKQLF]Q•
:\QLNL EDGDÍ W\SX SRMD]GX NROHMRZHJR NWÏUH ]RVWD\ SU]HSURZDG]RQH
SU]H]ZF]HyQLHMZ\EUDQ•MHGQRVWNÆXSRZD›QLRQ•
:DUXQNLWHFKQLF]QHZ\NRQDQLDLRGELRUX
'RNXPHQWDFMHWHFKQLF]QRUXFKRZ•
3RUR]XPLHQLHZVSUDZLHZ\NRQDQLDSUÏEHNVSORDWDF\MQ\FKRUD]LFKSURJUD
PX
2SLQLHWHFKQLF]Q•Z\GDQ•SU]H]]DU]•GFÆLQIUDVWUXNWXU\MHyOLSRMD]GZ\NR
QDMX›SUÏE\HNVSORDWDF\MQH
2SLQLHMHGQRVWNLXSRZD›QLRQHM
2SLQLH 7UDQVSRUWRZHJR 'R]RUX 7HFKQLF]QHJR Z ]DNUHVLH XU]•G]HÍ WHFK
QLF]Q\FKSRGOHJDM•FHGR]RURZLWHFKQLF]QHPX
'RNXPHQWSRWZLHUG]DM•F\ZQLHVLRQ•RSDWÆZVWÆSQ•
:QLRVHN R GRSXV]F]HQLH GR HNVSORDWDFML W\SX SRMD]GX ZUD] ] ]D•F]QLNDPL
PXVL]RVWDÂSU]HGR›RQ\GRSUH]HVD87.ZMÆ]\NXSROVNLP3U]HGMHJR]R›HQLHP
SURGXFHQFL PXV]• SU]\JRWRZD ZV]\VWNLH Z\PLHQLRQH Z SRZ\›V]\FK SXQNWDFK
GRNXPHQW\:VND]DQHMHVWDE\SURGXFHQWSRGF]DVSURFHVXSURMHNWRZDQLDQRZH
JRSRMD]GXNROHMRZHJRGRNRQDZ\ERUXMHGQRVWNLXSRZD›QLRQHML]QL•VLÆNRQ
VXOWRZD:SRUR]XPLHQLX]MHGQRVWN•XSRZD›QLRQ•RSUDFRZDQ\]RVWDMHSURJUDP
RUD]KDUPRQRJUDPEDGDÍNRQLHF]Q\FKRUD]ZSÏ|QLHMV]\PF]DVLHSURJUDPRUD]
KDUPRQRJUDPSUÏEHNVSORDWDF\MQ\FK=DNUHVEDGDÍGODGDQHJRW\SXSRMD]GXNR
OHMRZHJRMHVWRNUHyODQ\QDSRGVWDZLHUR]SRU]•G]HQLD0LQLVWUD7UDQVSRUWX%XGRZ
QLFWZDL*RVSRGDUNL0RUVNLHM]GQLDVLHUSQLDUZVSUDZLH]DNUHVXEDGDÍ
NRQLHF]Q\FKGRX]\VNDQLDyZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SXEXGRZOL
SU]H]QDF]RQHM GR SURZDG]HQLD UXFKX NROHMRZHJR W\SX XU]•G]HQLD SU]H]QDF]R
QHJRGRSURZDG]HQLDUXFKXNROHMRZHJRRUD]W\SXSRMD]GXNROHMRZHJR']8
SR]>@:HGXJUR]SRU]•G]HQLDMHGQRVWNDXSRZD›QLRQDMHVW]RERZL•]DQD
GR VSUDZG]HQLD ]JRGQRyFL Z\NRQDQLD ] Z\PDJDQLDPL WHFKQLF]Q\PL Z\NRQDQLD
L RGELRUX ] GRNXPHQWDFM• NRQVWUXNF\MQ• RUD] VSUDZG]HQLD yZLDGHFWZ MDNRyFLR
Z\FK L SU]HSURZDG]HQLHP RGSRZLHGQLFK EDGDÍ SRMD]GX 5R]SRU]•G]HQLH QDND
]XMHVWRVRZDQLHVLÆGRSROVNLFKOXEHXURSHMVNLFKQRUPQLHRNUHyODM•FGRNDGQLH
QRUPRUD]VWDQGDUGÏZ=DRGSRZLHGQLZ\EÏUQRUPLVWDQGDUGÏZRGSRZLHG]LDOQD
$.78$/1<35=(%,(*352&(68+202/2*$&-,12:2%8'2:$1<&+32-$='¯:
299
MHVWMHGQRVWNDEDGDZF]DRUD]SURGXFHQW3RZ\NRQDQLXNRQLHF]Q\FKEDGDÍRUD]
VSUDZG]HQLXGRNXPHQWDFMLWHFKQLF]QHMSU]H]MHGQRVWNÆXSRZD›QLRQ•Z\VWDZLDQD
MHVWRSLQLD-HyOLRSLQLDMHVWSR]\W\ZQDZWHG\ZVSÏOQLH]SURGXFHQWHPRUD]SU]H
ZR|QLNLHP NROHMRZ\P ]RVWDQ• Z\NRQDQH SUÏE\ HNVSORDWDF\MQH 3R]ZROHQLH QD
Z\NRQDQLH SUÏE Z\GDMH SUH]HV 87. QD SRGVWDZLH SU]HVDQ\FK MHPX ZF]HyQLHM
Z\PLHQLRQ\FKGRNXPHQWÏZRSUÏF]RSLQLLWHFKQLF]QHMZ\GDQHMSU]H]]DU]•GFÆLQ
IUDVWUXNWXU\3UH]HV87.Z\VWDZLDyZLDGHFWZRGRSXV]F]HQLDGRHNVSORDWDFMLW\SX
QDF]DVRNUHyORQ\NWÏU\MHVWSU]HZLG]LDQ\QDZ\NRQDQLHSUÏEHNVSORDWDF\MQ\FK
5\V6FKHPDWSURFHVXX]\VNDQLDyZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFMLW\SX
$E\RWU]\PDÂRGSUH]HVD87.yZLDGHFWZRGRSXV]F]HQLDGRHNVSORDWDFMLW\SX
QDF]DVQLHRNUHyORQ\ZQLRVNRGDZFD]RERZL•]DQ\MHVWGRVWDUF]\ÂSR]\W\ZQ•RSL
QLH]DU]•GF\LQIUDVWUXNWXU\RUD]NRÍFRZ•RSLQLÆMHGQRVWNLXSRZD›QLRQHMSRSU]H
SURZDG]RQ\FKSUÏEDFKHNVSORDWDF\MQ\FK
=H]ZROHQLHQDGRSXV]F]HQLHGRHNVSORDWDFMLSRMD]GXNROHMRZHJR]JRGQHJR]76,
3URGXFHQFLSRMD]GÏZNROHMRZ\FKNWÏUHVSHQLDM•ZSHQ\P]DNUHVLHRERZL•
]XM•FH76,ZPRPHQFLHGRSXV]F]HQLDLFKGRHNVSORDWDFMLPRJ•GRNRQDÂZ\ERUX
SURFHVX]H]ZROHQLDQDGRSXV]F]HQLHGRHNVSORDWDFMLSRMD]GXNROHMRZHJR]JRGQHJR
]76,3RMD]G\]JRGQH]76,WRSRMD]G\NWÏUHVSHQLDM•ZV]\VWNLHZ\PDJDQLDGR
W\F]•FH RGSRZLHGQLFK SRGV\VWHPÏZ EH] V]F]HJϏRZ\FK SU]\SDGNÏZ L SXQNWÏZ
RWZDUW\FKLV•yFLyOHSRZL•]DQH]WHFKQLF]Q•]JRGQRyFL•SRMD]GXLVLHFL'RSXV]
F]RQHSRMD]G\PRJ•SRUXV]DÂVLÆSRVLHFLNROHMRZHM]JRGQHM]76,ZSDÍVWZDFK
F]RQNRZVNLFK8QLL(XURSHMVNLHM.D›GHSDÍVWZRF]RQNRZVNLHPR›HMHGQDNZ\
PDJDÂGRGDWNRZ\FKSR]ZROHÍ=GDU]DVLƛHSRNRQVXOWDFML]87.NWÏU\Z3RO
300
0RW\O0%DELDN$
VFHMHVW1DURGRZ\P2UJDQHPGV%H]SLHF]HÍVWZD.ROHLSURGXFHQWPXVLVSHQLÂ
GRGDWNRZHZ\PDJDQLDGRW\F]•FHSU]HSLVÏZNUDMRZ\FKGODSU]\SDGNÏZV]F]HJÏO
Q\FKOXESXQNWÏZRWZDUW\FK
:QLRVHNR]H]ZROHQLHQDGRSXV]F]HQLHGRHNVSORDWDFMLSRMD]GXNROHMRZHJR
]JRGQHJR]76,PRJ•VNDGDÂSRGPLRW\RNWÏU\FKPRZDZDUWXVWXVWD
Z\'RZQLRVNXQDOH›\]D•F]\ÂQDVWÆSXM•FHGRNXPHQW\
'HNODUDFMHZHU\ILNDFML:(GODZV]\VWNLFKSRGV\VWHPÏZVWUXNWXUDOQ\FK
SRMD]GXNROHMRZHJR
=JRGQRyÂSRMD]GXNROHMRZHJR]VLHFL•NROHMRZ•RUD]VWD\PLLQVWDODFMD
PL
'OD SXQNWÏZ RWZDUW\FK OXE SU]\SDGNÏZ V]F]HJÏOQ\FK RNUHyORQ\FK
Z76,]JRGQRyÂSRMD]GXNROHMRZHJR]UR]SRU]•G]HQLHP0LQLVWUD7UDQV
SRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM]GQLDJUXGQLDU
ZVSUDZLHZ\ND]XZDyFLZ\FKNUDMRZ\FKVSHF\ILNDFMLWHFKQLF]Q\FKLGR
NXPHQWÏZQRUPDOL]XM•F\FKNWÏU\FK]DVWRVRZDQLHXPR›OLZLDVSHQLHQLH
]DVDGQLF]\FK Z\PDJDÍ GRW\F]•F\FK LQWHURSHUDF\MQRyFL V\VWHPX NROHL
']8SR]
3U]HG ]R›HQLHP ZQLRVNX GR SUH]HVD 87. ZQLRVNRGDZFD PXVL MHGQDN
SU]HSURZDG]L FD\ SURFHV SU]\JRWRZDZF]\ ]ZL•]DQ\ ] ]H]ZROHQLHP QD GR
SXV]F]HQLH GR HNVSORDWDFML SRMD]GX NROHMRZHJR ]JRGQHJR ] 76, =JRGQLH
]UR]SRU]•G]HQLHP0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDPDMDUZVSUDZLHLQWHURSHUDF\MQRyFLV\VWHPXNROHL']8SR]
>@SURGXFHQWSRMD]GXMHVW]RERZL•]DQ\GRGHNODUDFMLMDNLHPXV\VWH
PRZLNROHLEÆG]LHSRGOHJD,VWQLHM•GZDSRGVWDZRZHV\VWHP\NROHLZHGXJ
NWÏU\FKSU]HSURZDG]DQDMHVWSURFHGXUDZHU\ILNDFML:(
6\VWHPNROHLGX›\FKSUÆGNRyFLRNUHyODM•F\SRGV\VWHPWDERUppQDSRG
VWDZLHQDVWÆSXM•F\FKGHF\]ML.RPLVML(XURSHMVNLHM
D :(]GQLDOXWHJRUGRW\F]•FDVSHF\ILNDFMLWHFK
QLF]QHM LQWHURSHUDF\MQRyFL SRGV\VWHPX d7DERUr WUDQVHXURSHMVNLHJR
V\VWHPXNROHLGX›\FKSUÆGNRyFL>@
E :( ] GQLD JUXGQLD U GRW\F]•FD WHFKQLF]QHM
VSHF\ILNDFML LQWHURSHUDF\MQRyFL Z ]DNUHVLH DVSHNWX d%H]SLHF]HÍVWZR
Z WXQHODFK NROHMRZ\FKr WUDQVHXURSHMVNLHJR V\VWHPX NROHL NRQZHQ
FMRQDOQ\FKLWUDQVHXURSHMVNLHJRV\VWHPXNROHLGX›\FKSUÆGNRyFL>@
F :(]GQLDJUXGQLDUGRW\F]•FDWHFKQLF]QHMVSH
F\ILNDFML LQWHURSHUDF\MQRyFL Z ]DNUHVLH DVSHNWX d2VRE\ R RJUDQL
F]RQHMPR›OLZRyFLSRUXV]DQLDVLÆrWUDQVHXURSHMVNLHJRV\VWHPXNROHL
NRQZHQFMRQDOQ\FKLWUDQVHXURSHMVNLHJRV\VWHPXNROHLGX›\FKSUÆG
NRyFL>@
G 8(]GQLDOLVWRSDGDU]PLHQLDM•FDGHF\]MÆ
8(ZVSUDZLHWHFKQLF]QHMVSHF\ILNDFMLLQWHURSHUDF\MQRyFLZ]DNUHVLH
SRGV\VWHPÏZd6WHURZDQLHrWUDQVHXURSHMVNLHJRV\VWHPXNROHL>@
6\VWHP NROHL NRQZHQFMRQDOQHM RNUHyODM•F\ SRGV\VWHP WDERUpp QD SRG
VWDZLHQDVWÆSXM•F\FKGHF\]ML.RPLVML(XURSHMVNLHM
$.78$/1<35=(%,(*352&(68+202/2*$&-,12:2%8'2:$1<&+32-$='¯:
301
D 8(]GQLDNZLHWQLDUZVSUDZLHWHFKQLF]QHMVSH
F\ILNDFML LQWHURSHUDF\MQRyFL RGQRV]•FHM VLÆ GR SRGV\VWHPX dWDERU t
ORNRPRW\Z\ L WDERU SDVD›HUVNLr Z WUDQVHXURSHMVNLP V\VWHPLH NROHL
NRQZHQFMRQDOQ\FK>@
E :(]GQLDNZLHWQLDUGRW\F]•FDWHFKQLF]QHMVSH
F\ILNDFMLLQWHURSHUDF\MQRyFLRGQRV]•FHMVLÆGRSRGV\VWHPXdWDERUNR
OHMRZ\tKDDVrWUDQVHXURSHMVNLHJRV\VWHPXNROHLNRQZHQFMRQDOQ\FK
>@
F :(]GQLDOLSFDUGRW\F]•FDWHFKQLF]QHMVSHF\IL
NDFMLGODLQWHURSHUDF\MQRyFLRGQRV]•FHMVLÆGRSRGV\VWHPXdWDERUNR
OHMRZ\tZDJRQ\WRZDURZHrWUDQVHXURSHMVNLHJRV\VWHPXNROHLNRQ
ZHQFMRQDOQ\FK ]PLHQLRQD GHF\]M• .RPLVML QU :( ] GQLD
VW\F]QLDU]PLHQLDM•F•GHF\]MH:(L
:(ZVSUDZLHWHFKQLF]Q\FKVSHF\ILNDFMLLQWHURSHUDF\MQRyFLZ]DNUH
VLH SRGV\VWHPÏZ WUDQVHXURSHMVNLHJR V\VWHPX NROHL NRQZHQFMRQDO
Q\FK>@
G :DVSHNFLHEH]SLHF]HÍVWZDZWXQHODFKNROHMRZ\FKRVÏERRJUDQL
F]RQHM PR›OLZRyFL SRUXV]DQLD VLÆ RUD] VWHURZDQLD RERZL•]XM• WDNLH
VDPHGHF\]MHMDNGODV\VWHPXNROHLGX›\FKSUÆGNRyFL
.ROHMQ\PRERZL•]NLHPSRGPLRWXZQLRVNXM•FHJRMHVWZ\EÏUMHGQRVWNLQR
W\ILNRZDQHM 1R%R NWÏUD ]JRGQLH ] G\UHNW\Z• :( ]D•F]QLNLHP
9,, >@ RUD] WHFKQLF]Q\PL VSHF\ILNDFMDPL LQWHURSHUDF\MQRyFL RNUHyOL ]DNUHV
NWÏU\SRGOHJDRFHQLH:VSÏOQLH]1R%R]RVWDQLHUÏZQLH›Z\EUDQ\PRGXRFH
Q\]JRGQRyFLGODSRMD]GX]JRGQLH]GHF\]M•:(]GQLDOLVWRSDGD
U>@0RGX\QDMF]ÆyFLHMZ\ELHUDQHSU]H]SURGXFHQWÏZSRMD]GÏZNROH
MRZ\FKWRPRGX6%RFHQLDM•F\EDGDQLHW\SXRUD]PRGX6'RFHQLDM•F\V\VWHP
]DU]•G]DQD MDNRyFL• SURGXNWX L SURGXNFML -H›HOL SR NRQVXOWDFML ] SUH]HVHP
87. RNUHyORQH ]RVWDM• GRGDWNRZH Z\PDJDQLD NUDMRZH ZQLRVNRGDZFD MHVW
]REOLJRZDQ\GRZVSϏSUDF\]MHGQRVWN•XSRZD›QLRQ•'H%R:HZVSϏSUDF\
]MHGQRVWN•QRW\ILNRZDQ•RUD]XSRZD›QLRQ•]RVWDMHRSUDFRZDQ\SURJUDPRUD]
]DNUHVEDGDÍLRFHQ\Z\EUDQHJRSRMD]GX
3URGXFHQWMHVW]RERZL•]DQ\SU]HND]DÂGRRFHQ\SU]H]MHGQRVWNÆQLH]EÆGQ•
GRNXPHQWDFMÆWHFKQLF]Q•RUD]LQQHGRNXPHQW\]ZL•]DQH]SURFHVHPWDNLHMDN
QSZ\ND]LNRSLHFHUW\ILNDWÏZX›\W\FKZSRMH|G]LHSRGV\VWHPLHVNDGQLNÏZ
LQWHURSHUDF\MQRyFL3RRFHQLHZV]\VWNLFKGRNXPHQWÏZMHGQRVWNDWZRU]\GR
NXPHQWWMRSLQLÆQDSRGVWDZLHNWÏUHMMHGQRVWNDQRW\ILNRZDQDLXSRZD›QLR
QDZ\GDMHFHUW\ILNDWZHU\ILNDFML]JRGQRyFL:RSDUFLXRRWU]\PDQHFHUW\ILND
W\ZHU\ILNDFML]JRGQRyFLSRGPLRWZQLRVNXM•F\VSRU]•G]DGHNODUDFMÆ]JRGQR
yFL:(ZNWÏUHMXPLHV]F]DSRGVWDZRZHGDQHGRW\F]•FHSRGV\VWHPX]JRGQLH
]UR]SRU]•G]HQLHP0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
]GQLDPDMDUZVSUDZLHLQWHURSHUDF\MQRyFLV\VWHPXNROHL>@
302
0RW\O0%DELDN$
5\V6FKHPDWSURFHVX]H]ZROHQLDQDGRSXV]F]HQLHSRMD]GXNROHMRZHJR]JRGQHJR]76,
=H]ZROHQLHQDGRSXV]F]HQLHGRHNVSORDWDFMLSRMD]GXNROHMRZHJRQLH]JRGQHJR]76,
3URFHV]H]ZROHQLDQDGRSXV]F]HQLHGRHNVSORDWDFMLSRMD]GÏZNROHMRZ\FKQLH
]JRGQ\FK]76,VWRVXMHVLÆZREHFSRMD]GÏZNWÏUHQLHV•]JRGQH]HZV]\VWNLPLVWR
VRZDQ\PL76,ZGQLXGRSXV]F]HQLDW\FKSRMD]GÏZGRHNVSORDWDFML'RWHMJUXS\
SRMD]GÏZQDOH›•SRMD]G\NWÏUHV•REMÆWHRGVWÆSVWZDPLOXEJG\F]ÆyÂ]DVDGQLF]\FK
Z\PDJDÍQLHMHVWXMÆWDZMHGQHMOXENLONX76,:QLRVNRGDZF•PRJ•]RVWDÂWDN
MDNZSRSU]HGQLFKSURFHVDFKSRPLRW\RNUHyORQHZDUWXVWXVWDZ\RWUDQV
SRUFLHNROHMRZ\P=ZQLRVNLHPR]H]ZROHQLHQDGRSXV]F]HQLHQDOH›\Z\VW•SLÂGR
SUH]HVD87.ZUD]]QDVWÆSXM•F\PLGRNXPHQWDPL
=JRGQRyÂSRGV\VWHPÏZSRMD]GXNROHMRZHJR]76,LLFKEH]SLHF]QH]DPRQ
WRZDQLH
=JRGQRyÂSRMD]GXNROHMRZHJR]VLHFL•NROHMRZ•RUD]VWD\PLLQVWDODFMDPL
'ODSXQNWÏZRWZDUW\FKOXESU]\SDGNÏZV]F]HJÏOQ\FKRNUHyORQ\FKZ76,
]JRGQRyÂSRMD]GXNROHMRZHJR]UR]SRU]•G]HQLHP0LQLVWUD7UDQVSRUWX%X
GRZQLFWZD L *RVSRGDUNL 0RUVNLHM ] GQLD JUXGQLD U Z VSUDZLH
Z\ND]X ZDyFLZ\FK NUDMRZ\FK VSHF\ILNDFML WHFKQLF]Q\FK L GRNXPHQWÏZ
QRUPDOL]XM•F\FKNWÏU\FK]DVWRVRZDQLHXPR›OLZLDVSHQLHQLH]DVDGQLF]\FK
Z\PDJDÍGRW\F]•F\FKLQWHURSHUDF\MQRyFLV\VWHPXNROHL>@
=JRGQRy SRGV\VWHPÏZ SRMD]GÏZ NROHMRZ\FK ] ]DVDGQLF]\PL Z\PDJD
QLDPL]JRGQLH]UR]SRU]•G]HQLHP7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL
0RUVNLHM ] GQLD JUXGQLD U Z VSUDZLH Z\ND]X ZDyFLZ\FK NUD
MRZ\FKVSHF\ILNDFMLWHFKQLF]Q\FKLGRNXPHQWÏZQRUPDOL]XM•F\FKNWÏU\FK
$.78$/1<35=(%,(*352&(68+202/2*$&-,12:2%8'2:$1<&+32-$='¯:
303
]DVWRVRZDQLHXPR›OLZLDVSHQLHQLH]DVDGQLF]\FKZ\PDJDÍGRW\F]•F\FKLQ
WHURSHUDF\MQRyFLV\VWHPXNROHL>@
3RGPLRW ZQLRVNXM•F\ PXVL Z\EUD 1R%R GR RFHQ\ SRGV\VWHPX ]JRGQHJR
]76,RUD]'H%RGRRFHQ\SRGV\VWHPX]JRGQHJR]Z\PDJDQLDPLNUDMRZ\PLGOD
V]F]HJÏOQ\FKSU]\SDGNÏZLRWZDUW\FKSXQNWÏZQLHVSUHF\]RZDQ\FKZ76,0R
GXDPLRFHQLDM•F\PLGODSRMD]GÏZQLH]JRGQ\FK]76,V•PRGX\$L%]JRGQLH
] UR]SRU]•G]HQLHP 0LQLVWUD 7UDQVSRUWX %XGRZQLFWZD L *RVSRGDUNL 0RUVNLHM
] GQLD PDMD U Z VSUDZLH LQWHURSHUDF\MQRyFL V\VWHPX NROHL >@ : UD
PDFKSURFHGXU\ZHU\ILNDFML]JRGQRyFL]PRGXHP$QDVWÆSXMHEDGDQLHW\SXNWÏ
UH SROHJD QD VSUDZG]HQLX L SRyZLDGF]HQLX SU]H] MHGQRVWNÆ Z\]QDF]RQ• 0RGX
%GRW\F]\]DSHZQLHQLDMDNRyFLSURGXNFMLSU]H]ZQLRVNRGDZFÆ'HNODUXMHRQ›H
SRMD]GMHVW]JRGQ\]RSLVDQ\PZFHUW\ILNDFLHEDGDQLHPW\SXLVSHQLDZ\PDJDQLD
RSLVDQHZUR]SRU]•G]HQLX7DNMDNZSRSU]HGQLPSURFHVLHSURJUDPRUD]]DNUHV
EDGDÍLVSUDZG]HQLDSRMD]GXMHVWXVWDODQ\]MHGQRVWNDPLZ\NRQXM•F\PL1DSRG
VWDZLHRWU]\PDQ\FKRGSURGXFHQWDGRNXPHQWÏZMHGQRVWNLWZRU]•GRNXPHQWDFMÆ
RUD]RSLQLÆ:RSDUFLXRQLHMHGQRVWNDQRW\ILNRZDQDZ\VWDZLDGODSRGV\VWHPÏZ
]JRGQ\FK]Z\PDJDQLDPL76,FHUW\ILNDW]JRGQRyFL:(DMHGQRVWNDXSRZD›QLRQD
NUDMRZ\FHUW\ILNDW]JRGQRyFL3RGPLRWZQLRVNXM•F\QDSRGVWDZLHZ\VWDZLRQ\FK
SU]H]MHGQRVWNLFHUW\ILNDWÏZZ\VWDZLDGHNODUDFMÆ]JRGQRyFL:(RUD]NUDMRZ•GH
NODUDFMÆ ZHU\ILNDFML 'RNXPHQW\ ]RVWDM• GR•F]RQH GR ZQLRVNX R ]H]ZROHQLH QD
GRSXV]F]HQLHLSU]HND]DQHGRDXWRU\]DFMLSUH]HVD87.
5\V6FKHPDWSURFHVX]H]ZROHQLDQDGRSXV]F]HQLHSRMD]GXNROHMRZHJRQLH]JRGQHJR]76,
0RW\O0%DELDN$
304
:QLRVNL
:QLQLHMV]\PDUW\NXOHSU]HGVWDZLRQR]HVWDZLHQLHSU]HELHJXDNWXDOQ\FKSUR
FHVÏZ KRPRORJDF\MQ\FK GOD QRZR EXGRZDQ\FK SRMD]GÏZ NROHMRZ\FK Z 3ROVFH
= SU]HSURZDG]RQHM DQDOL]\ SURFHVÏZ GRSXV]F]HQLD GR HNVSORDWDFML SRMD]GÏZ
NROHMRZ\FK Z\QLND ›H SURGXFHQFL QRZR EXGRZDQHJR WDERUX NROHMRZHJR PDM•
PR›OLZRyÂZ\ERUXRGSRZLHGQLHJRSURFHVXGODVZRMHJRSURGXNWX2EVHUZXMHVLÆ
WHQGHQFMÆ 8QLL (XURSHMVNLHM GR XMHGQROLFHQLD FDHJR SURFHVX L Z W\P NLHUXQNX
UÏZQLH›SURGXFHQFLSRZLQQL]PLHU]DÂSRQLHZD›ZWHG\LFKSRMD]G\PRJ•E\ÂHNV
SORDWRZDQHZZLHOXNUDMDFK:VSÏOQRW\(XURSHMVNLHM-HVWWRUÏZQLH›XGRJRGQLH
QLHGODSU]\V]\FKNOLHQWÏZLSU]HZR|QLNÏZNROHMRZ\FKJG\›G]LÆNLPR›OLZRyFL
VZRERGQHJRSRUXV]DQLDVLÆSRMD]GÏZSRREV]DU]H:VSÏOQRW\LFKRIHUWDyZLDGF]R
Q\FKSU]HZR]ÏZNROHMRZ\FKVWDQLHVLÆDWUDNF\MQLHMV]D
2EHFQ\VWDQ7HFKQLF]Q\FK6SHF\ILNDFML,QWHURSHUDF\MQRyFLRUD]LQIUDVWUXNWXU\
NROHMRZHMZNUDMDFK:VSÏOQRW\SUDNW\F]QLHXQLHPR›OLZLDGRSXV]F]HQLHSRMD]GX
NROHMRZHJRZSHQL]JRGQHJR]76,,VWQLHMH]E\WGX›RSU]\SDGNÏZV]F]HJÏOQ\FK
GDQ\FKRUD]SXQNWÏZRWZDUW\FKZNUDMDFK8QLL(XURSHMVNLHMNWÏUHV•UHJXORZDQH
RGUÆEQLHSU]H]SU]HSLV\NUDMRZH3DÍVWZ&]RQNRZVNLFK:3ROVFHQDGDOLVWQLHMH
PR›OLZRyÂSU]HSURZDG]HQLDSURFHVXZWU\ELHdyZLDGHFWZRZ\PrEH]XZ]JOÆGQLH
QLDZ\PDJDÍZ76,FRPRFQRRJUDQLF]DNRQNXUHQF\MQRyÂW\FKSRMD]GÏZSU]H]
NRQLHF]QRy HNVSORDWRZDQLD LFK W\ONR Z UDPDFK SROVNLHM LQIUDVWUXNWXU\ -HGQDN
GRW\F]\WRW\ONRSRMD]GÏZQLHNRQZHQFMRQDOQ\FK/HSV]\PUR]ZL•]DQLHPMHVWWU\E
dSRGG\UHNW\ZRZ\rNWÏU\XZ]JOÆGQLDZ\PDJDQLD76,FR]QDF]QLHXDWZLDX]\
VNDQLHGRSXV]F]HQLDGRHNVSORDWDFMLZLQQ\FKNUDFK&]RQNRZVNLFK
%LEOLRJUDILD
>@'HF\]MD.RPLVML]GQLDOLSFDUGRW\F]•FDWHFKQLF]QHMVSHF\ILNDFML
GOD LQWHURSHUDF\MQRyFL RGQRV]•FHM VLÆ GR SRGV\VWHPX dWDERU NROHMRZ\ t
ZDJRQ\WRZDURZHrWUDQVHXURSHMVNLHJRV\VWHPXNROHLNRQZHQFMRQDOQ\FK
]PLHQLRQDGHF\]M•.RPLVMLQU:(]GQLDVW\F]QLDU
]PLHQLDM•F•GHF\]MH:(L:(ZVSUDZLHWHFKQLF]
Q\FKVSHF\ILNDFMLLQWHURSHUDF\MQRyFLZ]DNUHVLHSRGV\VWHPÏZWUDQVHXUR
SHMVNLHJRV\VWHPXNROHLNRQZHQFMRQDOQ\FK
>@'HF\]MD.RPLVML]GQLDJUXGQLDUGRW\F]•FDWHFKQLF]QHMVSHF\
ILNDFMLLQWHURSHUDF\MQRyFLZ]DNUHVLHDVSHNWXd%H]SLHF]HÍVWZRZWXQHODFK
NROHMRZ\FKrWUDQVHXURSHMVNLHJRV\VWHPXNROHLNRQZHQFMRQDOQ\FKLWUDQV
HXURSHMVNLHJRV\VWHPXNROHLGX›\FKSUÆGNRyFL
>@'HF\]MD.RPLVML]GQLDJUXGQLDUGRW\F]•FDWHFKQLF]QHMVSHF\
ILNDFMLLQWHURSHUDF\MQRyFLZ]DNUHVLHDVSHNWXd2VRE\RRJUDQLF]RQHMPR›
OLZRyFL SRUXV]DQLD VLÆr WUDQVHXURSHMVNLHJR V\VWHPX NROHL NRQZHQFMRQDO
Q\FKLWUDQVHXURSHMVNLHJRV\VWHPXNROHLGX›\FKSUÆGNRyFL
$.78$/1<35=(%,(*352&(68+202/2*$&-,12:2%8'2:$1<&+32-$='¯:
305
>@'HF\]MD.RPLVML]GQLDOXWHJRUGRW\F]•FDVSHF\ILNDFMLWHFKQLF]
QHM LQWHURSHUDF\MQRyFL SRGV\VWHPX d7DERUr WUDQVHXURSHMVNLHJR V\VWHPX
NROHLGX›\FKSUÆGNRyFL
>@'HF\]MD.RPLVML]GQLDOLVWRSDGDUZVSUDZLHPRGXÏZSURFH
GXURFHQ\]JRGQRyFLSU]\GDWQRyFLGRVWRVRZDQLDLZHU\ILNDFML:(VWRVR
ZDQ\FK Z WHFKQLF]Q\FK VSHF\ILNDFMDFK LQWHURSHUDF\MQRyFL SU]\MÆW\FK QD
PRF\G\UHNW\Z\3DUODPHQWX(XURSHMVNLHJRL5DG\:(
>@'HF\]MD.RPLVML]GQLDNZLHWQLDUGRW\F]•FDWHFKQLF]QHMVSHF\
ILNDFMLLQWHURSHUDF\MQRyFLRGQRV]•FHMVLÆGRSRGV\VWHPXd7DERUNROHMRZ\
tKDDVrWUDQVHXURSHMVNLHJRV\VWHPXNROHLNRQZHQFMRQDOQ\FK
>@'HF\]MD.RPLVML]GQLDNZLHWQLDUZVSUDZLHWHFKQLF]QHMVSHF\
ILNDFMLLQWHURSHUDF\MQRyFLRGQRV]•FHMVLÆGRSRGV\VWHPXd7DERUtORNRPR
W\Z\LWDERUSDVD›HUVNLrZWUDQVHXURSHMVNLPV\VWHPLHNROHLNRQZHQFMR
QDOQ\FK
>@'HF\]MD.RPLVML]GQLDOLVWRSDGDU]PLHQLDM•FDGHF\]MÆ
8(ZVSUDZLHWHFKQLF]QHMVSHF\ILNDFMLLQWHURSHUDF\MQRyFLZ]DNUHVLHSRG
V\VWHPÏZd6WHURZDQLHrWUDQVHXURSHMVNLHJRV\VWHPXNROHL
>@'\UHNW\ZÆ3DUODPHQWX(XURSHMVNLHJRL5DG\QU:(]GQLD
F]HUZFDUZVSUDZLHLQWHURSHUDF\MQRyFLV\VWHPXNROHLZH:VSÏOQRFLH
>@5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX %XGRZQLFWZD L *RVSRGDUNL 0RU
VNLHM ] GQLD PDMD U Z VSUDZLH F]\QQRyFL Z\NRQ\ZDQ\FK SU]H]
3UH]HVD8U]ÆGX7UDQVSRUWX.ROHMRZHJR]DNWÏUHSRELHUDQHV•RSDW\RUD]
Z\VRNRyFLW\FKRSDWLWU\EXLFKSRELHUDQLD']8SR]]SÏ|Q]P
>@5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX %XGRZQLFWZD L *RVSRGDUNL 0RU
VNLHM]GQLDPDMDUZVSUDZLHLQWHURSHUDF\MQRyFLV\VWHPXNROHL
']8SR]
>@5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX %XGRZQLFWZD L *RVSRGDUNL 0RU
VNLHM]GQLDVLHUSQLD UZVSUDZLHZ\ND]XW\SÏZEXGRZOLSU]H
]QDF]RQ\FKGRSURZDG]HQLDUXFKXNROHMRZHJRW\SÏZXU]•G]HÍSU]H]QD
F]RQ\FK GR SURZDG]HQLD UXFKX NROHMRZHJR RUD] W\SÏZ SRMD]GÏZ NROH
MRZ\FKQDNWÏUHZ\GDZDQHV•yZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFML
W\SX']8SR]
>@5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX %XGRZQLFWZD L *RVSRGDUNL 0RU
VNLHM]GQLDVLHUSQLDUZVSUDZLHyZLDGHFWZGRSXV]F]HQLDGRHNV
SORDWDFMLW\SX']8SR]
>@5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX %XGRZQLFWZD L *RVSRGDUNL 0RU
VNLHM]GQLDVLHUSQLDUZVSUDZLH]DNUHVXEDGDÍNRQLHF]Q\FKGR
X]\VNDQLD yZLDGHFWZD GRSXV]F]HQLD GR HNVSORDWDFML W\SX EXGRZOL SU]H
]QDF]RQHM GR SURZDG]HQLD UXFKX NROHMRZHJR W\SX XU]•G]HQLD SU]H]QD
F]RQHJRGRSURZDG]HQLDUXFKXNROHMRZHJRRUD]W\SXSRMD]GXNROHMRZHJR
']8SR]
>@5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX %XGRZQLFWZD L *RVSRGDUNL 0RU
VNLHM]GQLDJUXGQLDUZVSUDZLHZ\ND]XZDyFLZ\FKNUDMRZ\FK
VSHF\ILNDFMLWHFKQLF]Q\FKLGRNXPHQWÏZQRUPDOL]XM•F\FKNWÏU\FK]DVWR
306
0RW\O0%DELDN$
VRZDQLHXPR›OLZLDVSHQLHQLH]DVDGQLF]\FKZ\PDJDÍGRW\F]•F\FKLQWHUR
SHUDF\MQRyFLV\VWHPXNROHL']8SR]
>@8VWDZ\]GQLDPDUFDURNXRWUDQVSRUFLHNROHMRZ\PWHNVWMHGQR
OLW\']8U1USR]]SÏ|Q]P
>@8VWDZ\RWUDQVSRUFLHNROHMRZ\P]GQLDZU]HyQLDU']8QU
3R]8VWDZDR]PLDQLHXVWDZ\RWUDQVSRUFLHNROHMRZ\PZSUR
ZDG]RQRZSROVNLPSUDZRGDZVWZLH'\UHNW\ZÆ3DUODPHQWX(XURSHMVNLH
JRL5DG\QU:(]GQLDF]HUZFDUZVSUDZLHLQWHURSH
UDF\MQRyFLV\VWHPXNROHLZH:VSÏOQRFLH
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
52=:¯-.216758.&-,,8.$'8
*(20(75<&=1(*27252:,6.75$0:$-2:<&+
-$.2,67271<(/(0(173267¦38:0,(-6.,0
75$16325&,(6=<12:<0
:RMFLHFK2OHNVLHZLF]
&H]DU\.UDyNLHZLF]
GU LQ› =DNDG ,Q›\QLHULL .RPXQLNDF\MQHM ,QVW\WXW
'UÏJL0RVWÏZ:\G]LD,Q›\QLHULL/•GRZHM3ROLWHFKQLNL
:DUV]DZVNLHM$O$UPLL/XGRZHM:DUV]DZD
WHOHPDLOZROHNVLHZLF]#LOSZHGXSO
PJU LQ› =DNDG ,Q›\QLHULL .RPXQLNDF\MQHM ,QVW\WXW
'UÏJL0RVWÏZ:\G]LD,Q›\QLHULL/•GRZHM3ROLWHFKQLNL
:DUV]DZVNLHM$O$UPLL/XGRZHM:DUV]DZD
6WUHV]F]HQLH$UW\NXSUH]HQWXMHVSHF\ILNÆNRQVWUXNFMLLXNDGXJHRPHWU\F]QHJRRUD]Z\
EUDQ\FK]DJDGQLHÍXWU]\PDQLDWRURZLVNWUDPZDMRZ\FKZRGQLHVLHQLXGRQDZLHU]FKQLNROHMRZHM
3U]HGVWDZLRQR Z QLP XZDUXQNRZDQLD IRUPDOQRSUDZQH L IXQNFMRQDOQH ZS\ZDM•FH QD Z\VWÆ
SRZDQLH UϛQLF Z SRUÏZQDQLX GR ZDUXQNÏZ NROHMRZ\FK RUD] WHQGHQFMH Z UR]ZRMX NRQVWUXNFML
LNV]WDWRZDQLDXNDGXJHRPHWU\F]QHJRWRURZLVNWUDPZDMRZ\FK:DUW\NXOHSU]HGVWDZLRQRUÏZ
QLH›RJÏOQHLQIRUPDFMHQDWHPDWNV]WDFHQLDZ3ROLWHFKQLFH:DUV]DZVNLHMLQ›\QLHUÏZZG]LHG]LQLH
EXGRZQLFWZDNRPXQLNDF\MQHJRRVSHFMDOQRyFL'URJL6]\QRZH
6RZDNOXF]RZHWUDPZDMNROHMNRQVWUXNFMDWUDPZDMRZHMQDZLHU]FKQLWRURZHMNV]WDWR
ZDQLHWRUXNROHMRZHJRLWUDPZDMRZHJR
:VWÆS
:G]LHG]LQLHGUÏJV]\QRZ\FKPR›QDZ\UϛQLÂWU]\SRGVWDZRZHURG]DMHW\FK
GUÏJSRZL•]DQH]RGSRZLDGDM•F\PLLPSRGV\VWHPDPLWUDQVSRUWXV]\QRZHJRNR
OHMRZHJRWUDPZDMRZHJRLPHWUD3RPLPRZLHOXSRGRELHÍVWZ]ZL•]DQ\FK]SRG
VWDZRZ•ZVSÏOQ•FHFK•MDN•MHVWSURZDG]HQLHSRMD]GXSU]H]XNDGWRUXGURJL
V]\QRZHZWUDQVSRUFLHNROHMRZ\PLWUDPZDMRZ\PZ\ND]XM•LVWRWQHUϛQLFHNWÏUH
Z\QLNDM• ] XZDUXQNRZDÍ IRUPDOQRSUDZQ\FK RGPLHQQHJR WDERUX L ZDUXQNÏZ
HNVSORDWDF\MQ\FK &HORZRy SU]HGVWDZLHQLD W\FK UϛQLF RUD] WHQGHQFML UR]ZRMR
Z\FKGRW\F]•F\FKNRQVWUXNFMLLXNDGXJHRPHWU\F]QHJRWRURZLVNWUDPZDMRZ\FK
ZyURGRZLVNXVSHFMDOLVWÏZ]G]LHG]LQ\GUÏJNROHMRZ\FKZ\QLND]H]PLDQZGUR
JDFKV]\QRZ\FKMDNLH]DFKRG]•QDZVSϏF]HVQ\PU\QNXXVXJSURMHNWRZ\FKLZ\
NRQDZF]\FK RUD] G]LDDOQRyFL EDGDZF]HM t U\QHN WHQ FKDUDNWHU\]XMH VLÆ ]DQLND
QLHPZ•VNLFKVSHFMDOL]DFMLLSRWU]HE•XQLZHUVDOQHJRSRGHMyFLDGRV]HURNLHJRVSHN
:NáDGDXWRUyZZSXEOLNDFMĊ2OHNVLHZLF]:.UDĞNLHZLF]&
308
2OHNVLHZLF]:.UDyNLHZLF]&
WUXP]DJDGQLHÍGRW\F]•F\FKLQIUDVWUXNWXU\WRURZHMZG]LHG]LQLHGUÏJV]\QRZ\FK
ZW\PUÏZQLH›GRNV]WDFHQLDLQ›\QLHUÏZGODWHMG]LHG]LQ\=HZ]JOÆGXQDUϛQH
SRGVWDZ\IRUPDOQRSUDZQHGRW\F]•FHZ\PDJDÍWHFKQLF]Q\FKGODNRQVWUXNFMLWR
URZLVNWUDPZDMRZ\FKLGODNRQVWUXNFMLGUÏJNROHMRZ\FKZ\VWÆSXM•UϛQLFHWHUPL
QRORJLF]QHZRNUHyODQLXLZV\VWHPDW\FHHOHPHQWÏZVNDGRZ\FKND›GHJR]W\FK
URG]DMÏZGUÏJFRVNDQLDGRLFKEOL›V]HJRSU]HGVWDZLHQLDZyURGRZLVNXVSHFMDOL
VWÏZG]LDDM•F\FKZW\FKSRNUHZQ\FKVRELHEUDQ›DFK
3RGVWDZ\IRUPDOQRSUDZQHZ\PDJDÍGODWRURZLVNWUDPZDMRZ\FK
3RGVWDZRZ\P GRNXPHQWHP NWÏU\ RNUHyOD Z\PDJDQLD WHFKQLF]QH GOD WRUR
ZLVN WUDPZDMRZ\FK MHVW 5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX L *RVSRGDUNL 0RU
VNLHM ] GQLD PDUFD U Z VSUDZLH ZDUXQNÏZ WHFKQLF]Q\FK MDNLP SRZLQQ\
RGSRZLDGDÂGURJLSXEOLF]QHLLFKXV\WXRZDQLH>@:GRNXPHQFLHW\PWRURZLVNR
WUDPZDMRZHMHVWRNUHyORQHMDNRHOHPHQWSDVDGURJRZHJRD]DZDUWHWDPZ\PDJDQLD
WHFKQLF]QHPDM•EDUG]RRJUDQLF]RQ\]DNUHVGRW\F]•F\JÏZQLHZ\EUDQ\FK]DJDGQLHÍ
NV]WDWRZDQLDXNDGXJHRPHWU\F]QHJRWUDV\WUDPZDMRZHMLUHODFMLJHRPHWU\F]Q\FK
WRURZLVNDWUDPZDMRZHJRZ]JOÆGHPLQQ\FKHOHPHQWÏZSDVDGURJRZHJR
%DUG]LHMV]F]HJϏRZHZ\PDJDQLDWHFKQLF]QHV•]DZDUWHZd:\W\F]Q\FKWHFK
QLF]Q\FK SURMHNWRZDQLD EXGRZ\ L XWU]\PDQLD WRUÏZ WUDPZDMRZ\FKr>@ NWÏUH
RSUDFRZDQRZODWDFKDRVWDWQLDZHUVMDWHJRGRNXPHQWX]RVWDDZ\GDQD
ZU:\W\F]QHWHQLHPDM•FVWDWXVX5R]SRU]•G]HQLDQLHVWDQRZL•MX›REHF
QLHSRGVWDZ\SUDZQHMGODRNUHyODQLDZDUXQNÏZWHFKQLF]Q\FKZG]LHG]LQLHWRUR
ZLVNWUDPZDMRZ\FKDOHSRPLPRWHJRV•RQHZSUDNW\FHVWRVRZDQHLSRZR\ZDQH
ZVSHF\ILNDFMDFKLVWRWQ\FKZDUXQNÏZ]DPÏZLHQLD6,:=SU]\RSUDFRZ\ZDQLX
GRNXPHQWDFML SURMHNWRZ\FK RUD] SU]\ UHDOL]DFML UREÏW WRURZ\FK ]DUÏZQR SURFH
VDFK LQZHVW\F\MQ\FK MDN L PRGHUQL]DF\MQRUHPRQWRZ\FK GRW\F]•F\FK WRURZLVN
WUDPZDMRZ\FK 2VWDWQLR ]RVWD\ SRGMÆWH SU]H] ,]EÆ *RVSRGDUF]• .RPXQLNDFML
0LHMVNLHM SUDFH QDG DNWXDOL]DFM• W\FK Z\W\F]Q\FK SODQRZDQ\FK GRFHORZR MDNR
SURMHNWUR]SRU]•G]HQLD0LQLVWUD7UDQVSRUWX%XGRZQLFWZDL*RVSRGDUNL0RUVNLHM
ZVSUDZLHZDUXQNÏZWHFKQLF]Q\FKMDNLPSRZLQQ\RGSRZLDGDÂWRURZLVNDWUDP
ZDMRZHLLFKXV\WXRZDQLH5R]SRU]•G]HQLHWDNLHSRZLQQRE\ÂZ\GDQHQDSRGVWD
ZLHXUHJXORZDÍZXVWDZLH3UDZR%XGRZODQH>@
3U]HGVWDZLDM•F VWDQ IRUPDOQRSUDZQ\ Z\PDJDÍ WHFKQLF]Q\FK GRW\F]•F\FK
WRURZLVN WUDPZDMRZ\FK QDOH›\ZVND]D›H5R]SRU]•G]HQLHPLQLVWUDWUDQVSRUWX
LJRVSRGDUNLPRUVNLHMZVSUDZLHZDUXQNÏZWHFKQLF]Q\FKMDNLPSRZLQQ\RGSR
ZLDGDÂEXGRZOHNROHMRZHLLFKXV\WXRZDQLH>@ZƒSNWXVWMHGQR]QDF]
QLHXVWDOD›HdeSU]HSLVÏZUR]SRU]•G]HQLDQLHVWRVXMHVLÆGROLQLLWUDPZDMRZ\FKr
-HGQ\P]HVNXWNÏZWHMUHJXODFMLV•VWRVRZDQHZ3ROVFH]DVDG\XG]LHODQLDXSUDZ
QLHÍGRSHQLHQLDVDPRG]LHOQ\FKIXQNFMLZEXGRZQLFWZLH]JRGQLH]NWÏU\PLXSUDZ
QLHQLD GR SURMHNWRZDQLD WRURZLVN WUDPZDMRZ\FK L SURZDG]HQLD UREÏW WRURZ\FK
ZW\FKWRURZLVNDFKV•XG]LHODQHLQ›\QLHURPVSHFMDOQRyFLGURJRZHMDQLHNROHMRZHM
52=:¯-.216758.&-,,8.$'8*(20(75<&=1(*27252:,6.
309
3RGVWDZRZHSRMÆFLDGRW\F]•FHWRURZLVNWUDPZDMRZ\FK
=IDNWXIRUPDOQHJRSU]\SLVDQLDGUÏJV]\QRZ\FKMDNLPLV•WRURZLVNDWUDPZD
MRZHGREUDQ›\GURJRZHMDQLHNROHMRZHMZ\QLNDM•PLQUϛQLFHZWHUPLQRORJLL
LZV\VWHPDW\FHHOHPHQWÏZVNDGRZ\FKLFKNRQVWUXNFML:VSRPQLDQHMX›]QDF]QH
RJUDQLF]HQLHZSU]HSLVDFKGURJRZ\FK]DNUHVXXUHJXORZDÍGRW\F]•F\FKWRURZLVN
WUDPZDMRZ\FK VSUDZLR ›H VWRVRZDQD Z WHM G]LHG]LQLH WHUPLQRORJLD WHFKQLF]QD
VWDQRZL SHZLHQ NRPSURPLV SRPLÆG]\ SRMÆFLDPL VWRVRZDQ\PL Z NROHMQLFWZLH
LZGURJRZQLFWZLH%UDNZRGQLHVLHQLXGRWRURZLVNWUDPZDMRZ\FKW\SRZ\FKGOD
NROHMQLFWZDFHQWUDOQLHXVWDQDZLDQ\FKV]F]HJϏRZ\FKSU]HSLVÏZWHFKQLF]Q\FKSR
ZRGXMH›HSRMÆFLDVWRVRZDQHZWHMG]LHG]LQLHV•PLHV]DQN•SRMÆÂ]GURJRZQLFWZD
LNROHMQLFWZDSU]\MPRZDQ•]Z\F]DMRZRZ\ND]XM•F•UϛQLFHUHJLRQDOQHLQLH]D
ZV]H SRNU\ZDM•F• VLÆ ] SRMÆFLDPL VWRVRZDQ\PL Z GURJDFK NROHMRZ\FK 'OD LFK
XMHGQROLFHQLDLGRSUHF\]RZDQLD]RVWD\SRGMÆWHRVWDWQLRSUDFHQDGSURMHNWHPZ\
W\F]Q\FK,]E\*RVSRGDUF]HM.RPXQLNDFML0LHMVNLHMQDWHPDWZDUXQNÏZWHFKQLF]
Q\FK MDNLP SRZLQQ\ RGSRZLDGDÂ WRURZLVND WUDPZDMRZH L LFK XV\WXRZDQLH >@
=JRGQLH ] W\P RSUDFRZDQLHP L WHUPLQRORJL• VWRVRZDQ• SU]H] ZLHOX ]DU]•GFÏZ
WUDPZDMRZHMLQIUDVWUXNWXU\WRURZHMSRGVWDZRZHSRMÆFLDZWHMG]LHG]LQLHV•QD
VWÆSXM•FH
WRURZLVNRWUDPZDMRZHUR]XPLHVLÆSU]H]WRHOHPHQWWUDV\WUDPZDMRZHM
VWDQRZL•F\SDVGURJLV]\QRZHMSU]H]QDF]RQHMJÏZQLHGRUXFKXSRMD]GÏZ
V]\QRZ\FK RNUHyODQ\FK MDNR WUDPZDMH XV\WXRZDQHM Z OLQLDFK UR]JUDQL
F]DM•F\FK GURJÆ SXEOLF]Q• OXE QLH]DOH›QLH RG W\FK OLQLL : ]DOH›QRyFL RG
XV\WXRZDQLDZ]JOÆGHPOLQLLUR]JUDQLF]DM•F\FKGURJÆLRGSU]H]QDF]HQLDGR
UXFKX RNUHyORQ\FK SRMD]GÏZ V• UR]UϛQLDQH QDVWÆSXM•FH URG]DMH WRURZLVN
WUDPZDMRZ\FK
D WRURZLVNDWUDPZDMRZHZ\G]LHORQH]MH]GQLWRURZLVNDXV\WXRZDQH
ZOLQLDFKUR]JUDQLF]DM•F\FKGURJÆLSU]H]QDF]RQHW\ONRGRUXFKXWUDP
ZDMÏZ
EWRURZLVND WUDPZDMRZH ZVSÏOQH ] MH]GQL• WRURZLVND XV\WXRZDQH
ZOLQLDFKUR]JUDQLF]DM•F\FKGURJÆLSU]H]QDF]RQHGRUXFKXWUDPZDMÏZ
RUD]UXFKXLQQ\FKSRMD]GÏZOXESLHV]\FK
F WRURZLVNDWUDPZDMRZHQLH]DOH›QHWRURZLVNDXV\WXRZDQHQLH]DOH›
QLHRGOLQLLUR]JUDQLF]DM•F\FKGURJÆ]Z\NOHSR]DREV]DUDPLRPLHMVNLFK
]DVDGDFK]DJRVSRGDURZDQLDLSU]H]QDF]RQHW\ONRGRUXFKXWUDPZDMÏZ
V]HURNRyÂWRURZLVNDWUDPZDMRZHJRtUR]XPLHVLÆSU]H]WRRGOHJRyÂSR
PLÆG]\]HZQÆWU]Q\PLNUDZÆG]LDPLHOHPHQWÏZVHSDUXM•F\FKWRURZLVNRRG
SU]\OHJ\FK REV]DUÏZ SDVD GURJRZHJR D Z SU]\SDGNX EUDNX WDNLFK HOH
PHQWÏZZWRURZLVNXZVSÏOQ\P]MH]GQL•MHVWWRRGOHJRyÂSRPLÆG]\OLQLDPL
RGOHJ\PLRPRG]HZQÆWU]Q\FKNUDZÆG]LVNUDMQ\FKV]\Q:RGQLH
VLHQLXGRWRURZLVNDQLH]DOH›QHJRZNWÏU\PHOHPHQW\VHSDUXM•FHQLHPXV]•
3RMHFLHWUDPZDMXMHVWWXVWRVRZDQH]JRGQLH]MHJRGH¿QLFMąRNUHĞORQąZ5R]SRU]ąG]HQLX0LQLVWUD,QIUDVWUXNWXU\ ] GQLD PDUFD U Z VSUDZLH ZDUXQNyZ WHFKQLF]Q\FK WUDPZDMyZ L WUROHMEXVyZ RUD] LFK
QLH]EĊGQHJRZ\SRVDĪHQLD']8QUSR]†XVW
310
2OHNVLHZLF]:.UDyNLHZLF]&
Z\VWÆSRZD MHVW WR RGOHJRy SRPLÆG]\ NUDÍFDPL EXGRZOL ]LHPQHM ZUD]
]SRZL•]DQ\PL]QL•HOHPHQWDPLRGZRGQLHQLDURZDPLERF]Q\PLLWS
WRUWUDPZDMRZ\tUR]XPLHVLÆSU]H]WRHOHPHQWWRURZLVNDWUDPZDMRZHJR
VWDQRZL•F\]HVSϏGZÏFKWRNÏZV]\QRZ\FKSU]\VWRVRZDQ\SRGZ]JOÆGHP
NRQVWUXNFMLLXNDGXJHRPHWU\F]QHJRGRUXFKXWUDPZDMÏZ
WUDVDWUDPZDMRZDtUR]XPLHVLÆSU]H]WRSU]HELHJQDRNUHyORQ\PREV]DU]H
WRURZLVNDWUDPZDMRZHJRZUD]]SU]\QDOH›Q•GRQLHJRLQIUDVWUXNWXU•REHM
PXM•F•XU]•G]HQLDHQHUJHW\NLWUDNF\MQHMXU]•G]HQLDVWHURZDQLDUXFKHPSR
WRURZLVNXSU]\VWDQNLWUDPZDMRZHRUD]LQQHRELHNW\EXGRZODQHSRZL•]DQH
NRQVWUXNF\MQLHLOXEIXQNFMRQDOQLH]WRURZLVNLHP7UDVÆWUDPZDMRZ•FKD
UDNWHU\]XMHXNDGJHRPHWU\F]Q\OLF]EDWRUÏZWUDVDMHGQRWRURZDGZXWR
URZDORNDOL]DFMDVXSÏZWUDNF\MQ\FKZPLÆG]\WRU]XOXESR]DQLPRUD]
URG]DMWRURZLVND]JRGQLH]SNW
OLQLDWUDPZDMRZDtUR]XPLHVLÆSU]H]WRZ\QLNDM•F•]SRWU]HESU]HZR]R
Z\FKPDUV]UXWÆRNUHyODQ•]Z\NOHQXPHUHPLQD]ZDPLNUDÍFRZ\FKSU]\
VWDQNÏZ
NRQVWUXNFMDWRURZLVNDtUR]XPLHVLÆSU]H]WRXNDGZDUVWZQDNWÏU\VND
GDM•VLÆQDVWÆSXM•FH]DVDGQLF]HJUXS\HOHPHQWÏZVWDQRZL•F\FK
D QDZLHU]FKQLÆWRURZ•
E ]DEXGRZÆWRURZLVND
F SRGEXGRZÆWRURZLVND
G VHSDUDFMÆWRURZLVND
H RGZRGQLHQLHWRURZLVND
I SRGR›HJUXQWRZH
QDZLHU]FKQLDWRURZDtUR]XPLHVLÆSU]H]WRXNDGHOHPHQWÏZWDNLFKMDN
D V]\Q\9LJQROHpDW]ZNROHMRZHV]\Q\URZNRZHOXEV]\Q\RSURILOXVSH
FMDOQ\PVWRVRZDQH]ZDV]F]DZUR]MD]GDFKZNWÏU\FKV•RQHGRGDWNR
ZRFKDUDNWHU\]RZDQHRNUHyOHQLDPLZ\QLNDM•F\PL]LFKXNV]WDWRZDQLD
L IXQNFML MDN• VSHQLDM• Z UR]MH|G]LH QS LJOLFH RSRUQLFH NLHURZQLFH
LWS
E]•F]NLEÆG•FHZ]DOH›QRyFLRGVSHQLDQHMSU]H]QLHIXQNFMLSU]\WZLHU
G]HQLDPLV]\Q•F]•F\PLV]\Q\]SRGSRUDPLV]\QRZ\PLOXE]•F]DPL
V]\QRZ\PL•F]•F\PLNRÍFHV]\QZWRNLV]\QRZH
F SRGSRU\ V]\QRZH SU]HQRV]•FH REFL•›HQLD HNVSORDWDF\MQH ] V]\Q QD
SRGEXGRZÆ WRURZLVND L EÆG•FH ]Z\NOH SRGNDGDPL EHWRQRZ\PL OXE
GUHZQLDQ\PLDOERLQQ\PLUR]ZL•]DQLDPLNRQVWUXNF\MQ\PL
]DEXGRZDWRURZLVNDtUR]XPLHVLÆSU]H]WRSRR›RQ\SRZ\›HMSR]LRPX
VWRSHNV]\QXNDGHOHPHQWÏZLZDUVWZWDNLFKMDN
D Z\SHQLHQLHSU]HVWU]HQLEH]SRyUHGQLRSU]\OHJDM•FHMGRV]\QDZV]F]H
JÏOQRyFLLFKNRPÏUXENRZ\FK]DSRPRF•ZNDGHNNRPRURZ\FK]EHWR
QXJXP\OXEWZRU]\ZDV]WXF]QHJRPRFRZDQ\FKGRV]\QSU]H]GRFLVN
OXEVNOHMHQLHVWRVRZDQHJÏZQLHZFHOXL]RODFMLHOHNWU\F]QHMV]\QRUD]
L]RODFMLDNXVW\F]QHMUHGXNXM•FHMSR]LRPKDDVXHPLWRZDQHJRSRGF]DVUX
FKXWUDPZDMÏZGRRWRF]HQLDWUDV\
52=:¯-.216758.&-,,8.$'8*(20(75<&=1(*27252:,6.
311
E ZDUVWZDNUXV]\ZDQSWXF]QLDNDPLHQQHJRXNDGDQD]Z\NOHGRSR]LR
PXVSRGXJÏZHNV]\Q
F ZDUVWZDKXPXVXLWUDZ\OXELQQHMURyOLQQRyFL
G ZDUVWZDEHWRQXFHPHQWRZHJROXEDVIDOWRZHJRVWDQRZL•FDQDZLHU]FK
QLÆGURJRZ•MH]GQLOXESU]HMyFLDGODSLHV]\FK
=DEXGRZDWRURZLVNDPR›HZ\VWÆSRZDÂRSFMRQDOQLHtMHyOLMHVWHOHPHQ
WHP VNDGRZ\P NRQVWUXNFML WRURZLVND WR ZÏZF]DV WRURZLVNR WDNLH
RNUHyODVLÆMDNRWRURZLVNR]DEXGRZDQHtDMHyOL]DEXGRZDWRURZLVND
QLHZ\VWÆSXMHWRMHVWWRWRURZLVNRQLH]DEXGRZDQH
SRGEXGRZDWRURZLVNDtUR]XPLHVLÆSU]H]WRSRR›RQ\SRQL›HMQDZLHU]FK
QLWRURZHMSRQL›HMSR]LRPXVWRSHNV]\QXNDGHOHPHQWÏZLZDUVWZWDNLFK
MDN
D SRGV\SND]Z\NOH]WXF]QLDNDPLHQQHJRVWDQRZL•FDJÏZQ•ZDUVWZÆ
QRyQ•LNV]WDWXM•F•XNDGJHRPHWU\F]Q\WRUXW]ZSRGEXGRZÆ]DVDG
QLF]•tZZ\SDGNX]DVWRVRZDQLDSRGV\SNLNRQVWUXNFMDWRURZLVNDMHVW
RNUHyODQDMDNRNRQVWUXNFMDSRGV\SNRZD
E S\WDEHWRQRZDOXELQQDNRQVWUXNFMDW\SXDZDUXV]WLWStVWDQRZL•
FDZDUVWZÆ]DPLHQQ•ZVWRVXQNXGRSRGV\SNL7RURZLVNRZ\NRQDQHEH]
]DVWRVRZDQLD SRGV\SNL Z SRGEXGRZLH ]DVDGQLF]HM MHVW RNUHyODQH MDNR
NRQVWUXNFMD EH]SRGV\SNRZD : EH]SRGV\SNRZ\FK NRQVWUXNFMDFK
WRURZLVNDPRJ•Z\VWÆSRZDÂUR]ZL•]DQLDRMHGQROLWHMPDWHULDRZR]LQ
WHJURZDQHM]DEXGRZLHLSRGEXGRZLH]DVDGQLF]HMWRURZLVND
F ZDUVWZD RFKURQQD t R IXQNFML PUR]RFKURQQHM L ZRGRSU]HSXV]F]DOQHM
]NUXV]\ZDVWRVRZDQDZNRQVWUXNFMDFKSRGV\SNRZ\FKLEH]SRGV\SNR
Z\FKMDNRSRPRFQLF]DSRGEXGRZDWRURZLVND
G ZDUVWZD ZLEURL]RODF\MQD t VWRVRZDQD Z FHOX UHGXNFML ZLEUDFML L KDD
VXZWÏUQHJRRGUXFKXWUDPZDMRZHJRQDRWRF]HQLHWUDV\Z\NRQ\ZDQD
]Z\NOHZSRVWDFLPDW\OXELQDF]HMXNV]WDWRZDQ\FKHOHPHQWÏZ]JXP\
WZRU]\ZDV]WXF]QHJROXE]ZHQ\PLQHUDOQHM
VHSDUDFMDWRURZLVNDtUR]XPLHVLÆSU]H]WR]HVWDZHOHPHQWÏZt]Z\NOH
NUDZƛQLNÏZtRGG]LHODM•F\FKWRURZLVNRRGSU]\OHJ\FKHOHPHQWÏZOXE
ZDUVWZ NRQVWUXNF\MQ\FK SDVD GURJRZHJR QS MH]GQL SHURQX SU]\VWDQ
NRZHJR]LHOHÍFDLWS(OHPHQW\VHSDUDF\MQHPRJ•E\ÂZ]DOH›QRyFLRG
UR]ZL•]DÍIXQNFMRQDOQ\FKWRURZLVNDZ\QLHVLRQHSRQDGSDV]F]\]QÆJÏ
ZHNV]\Q3*6OXEXPLHV]F]RQHZSDV]F]\|QLHJÏZHNV]\QW]ZNUD
ZƛQLNLZWRSLRQH6HSDUDFMDWRURZLVNDMHVWRSFMRQDOQ•JUXS•HOHPHQWÏZ
VNDGRZ\FKNRQVWUXNFMLWRURZLVNDLPR›HQLHZ\VWÆSRZDÂMDNRRGUÆEQH
HOHPHQW\ NRQVWUXNF\MQH OHF] E\ UR]ZL•]\ZDQD SRSU]H] RGSRZLHGQLH
R]QDNRZDQLHQDMH]GQLOXEQDSU]HMyFLXGODSLHV]\FK
RGZRGQLHQLHWRURZLVNDtUR]XPLHVLÆSU]H]WR]HVWDZHOHPHQWÏZOXE
ZDUVWZ VWRVRZDQ\FK Z FHOX RGSURZDG]HQLD ] REV]DUX WRURZLVND ZRG\
RSDGRZHM : ]DOH›QRyFL RG PLHMVFD RGELRUX WHM ZRG\ SU]H] V\VWHP RG
ZRGQLHQLDPR›HE\ÂRQRUR]ZL•]DQHMDNRRGZRGQLHQLHSRZLHU]FKQLR
ZH RGELÏU ZRG\ ] ]DEXGRZ\ WRURZLVND ] URZNÏZ V]\Q OXE ] URZÏZ
312
2OHNVLHZLF]:.UDyNLHZLF]&
RGZDGQLDM•F\FKDOERMDNRRGZRGQLHQLHZJÆEQHRGELÏUZRG\SRSU]H]
GUHQD›ZSRPRFQLF]HMZDUVWZLHSRGEXGRZ\OXEZSRGR›XJUXQWRZ\P
SRGR›HJUXQWRZHtUR]XPLHVLÆSU]H]WRZDUVWZ\PDWHULDXJUXQWRZH
JRVWDQRZL•FHJRJUXQWURG]LP\OXEQDV\SRZ\RRGSRZLHGQLPXNV]WDWR
ZDQLXQDV\SZ\NRSL]DJÆV]F]HQLX
UR]MD]GWUDPZDMRZ\PtUR]XPLHVLÆSU]H]WRSR•F]HQLHWRUÏZXPR›
OLZLDM•FHSU]HMD]GWUDPZDMX]MHGQHJRWRUXQDLQQ\RGJDÆ]LDM•F\VLÆRG
QLHJRWRU:SRGVWDZRZHMZHUVMLUR]MD]GXUR]MD]GMHGQRWRURZ\SRMHG\Q
F]\V•Z\UϛQLDQHWU]\VWUHI\t]ZURWQLFHV]\Q\•F]•FHLNU]\›RZQLFH
:]DOH›QRyFLRGLORyFLLZ]DMHPQHJRSRZL•]DQLD]ZURWQLFHLNU]\›RZQLFH
WZRU]•ZUD]]V]\QDPL•F]•F\PLQDVWÆSXM•FHSRGVWDZRZHURG]DMHUR]MD]
GÏZWUDPZDMRZ\FK
D MHGQRWRURZ\SRMHG\QF]\]DZLHUDM•F\MHGQ•]ZURWQLFÆLMHGQ•NU]\›RZQLFÆ
E MHGQRWRURZ\SRGZÏMQ\]DZLHUDM•F\GZLH]ZURWQLFHLWU]\NU]\›RZQLFH
F GZXWRURZ\ SRMHG\QF]\ QLHSHQ\ ]DZLHUDM•F\ MHGQ• ]ZURWQLFÆ L SLÆÂ
NU]\›RZQLF
G GZXWRURZ\SRMHG\QF]\SHQ\]DZLHUDM•F\GZLH]ZURWQLFHLV]HyÂNU]\
›RZQLF
H GZXWRURZ\SRGZÏMQ\]DZLHUDM•F\F]WHU\]ZURWQLFHLRVLHPQDyFLHNU]\
›RZQLF
VNU]\›RZDQLHWRUÏZWUDPZDMRZ\FKtUR]XPLHVLÆSU]H]WRSR•F]HQLH
WRUÏZXPR›OLZLDM•FHSU]HMD]GWUDPZDMXSU]H]NU]\›XM•FHVLÆWRU\6NU]\
›RZDQLHWRUÏZVNDGDVLÆ]EORNÏZNU]\›RZQLFL•F]•F\FKMHV]\Q:]D
OH›QRyFLRGLORyFLNU]\›XM•F\FKVLÆWRUÏZLW\PVDP\PRGOLF]E\NU]\›RZ
QLFVNU]\›RZDQLDV•NODV\ILNRZDQHMDNR
D MHGQRWRURZHSRMHG\QF]H]DZLHUDM•FHF]WHU\NU]\›RZQLFH
E GZXWRURZHSRMHG\QF]H]DZLHUDM•FHRVLHPNU]\›RZQLF
F GZXWRURZHSRGZÏMQH]DZLHUDM•FHV]HVQDyFLHNU]\›RZQLF
ZÆ]HUR]MD]GRZ\tUR]XPLHVLÆSU]H]WRXNDGUR]MD]GÏZLVNU]\›RZDÍ
WRUÏZ WUDPZDMRZ\FK XPR›OLZLDM•F\FK SR•F]HQLD OXEL NU]\›RZDQLH VLÆ
WUDVWUDPZDMRZ\FK
:DUXQNLHNVSORDWDF\MQHWRURZLVNWUDPZDMRZ\FK
:DUXQNLHNVSORDWDF\MQHWRURZLVNWUDPZDMRZ\FKZSRUÏZQDQLXGRGUÏJNR
OHMRZ\FK FKDUDNWHU\]XM•VLÆPQLHMV]\PLSUÆGNRyFLDPLMD]G\QLHSU]HNUDF]DM•F\PL
]Z\NOHNPKkUHGQLDSUÆGNRyÂNRPXQLNDF\MQDWUDPZDMXZUXFKXPLHMVNLP
Z\QRVL NPK REOLF]DQD ] XZ]JOÆGQLHQLHP SRVWRMÏZ QD SU]\VWDQNDFK
LVNU]\›RZDQLDFK:\QLNDRQD]RGOHJRyFLSRPLÆG]\SU]\VWDQNDPLQDMF]ÆyFLHM
U]ÆGX P RUD] NRQLHF]QRyFL SRGSRU]•GNRZDQLD VLÆ V\JQDOL]DFML yZLHWO
QHM QD VNU]\›RZDQLDFK 3U]\ SUÆGNRyFL PLQLPXP NPK PÏZL VLÆ R V]\ENLP
WUDPZDMXSRUXV]DM•F\PVLÆSRWRURZLVNXZ\G]LHORQ\P]MH]GQL]HyUHGQL•SUÆG
NRyFL•NRPXQLNDF\MQ•RNNPK1LH]DOH›QRyÂV]\ENLHJRWUDPZDMXRGSR]R
52=:¯-.216758.&-,,8.$'8*(20(75<&=1(*27252:,6.
313
VWDHMNRPXQLNDFMLX]\VNXMHVLÆVWRVXM•FWRURZLVNDZ\G]LHORQHZLDGXNW\QDV\S\
SRG]LHPQHLQDSRZLHWU]QHSU]HMyFLDSLHV]H1LHNLHG\GRSXV]F]DVLÆVNU]\›RZDQLD
MHGQRSR]LRPRZH]XNDGHPV\JQDOL]DFMLyZLHWOQHMGDM•FHMEH]Z]JOÆGQHSLHUZV]HÍ
VWZR WUDPZDMRZL 6WRVXMH VLÆ WDN›H ZLÆNV]H RGOHJRyFL PLÆG]\SU]\VWDQNRZH QL›
GODNODV\F]QHJRWUDPZDMXRGGRP:NROHMDFKZ\VWÆSXM•]QDF]QLH
Z\›V]HSUÆGNRyFLMD]G\:HGXJ5R]SRU]•G]HQLD0LQLVWUD7UDQVSRUWXL*RVSRGDUNL
0RUVNLHM]GQLDZU]HyQLDUZVSUDZLHZDUXQNÏZWHFKQLF]Q\FKMDNLPSR
ZLQQ\RGSRZLDGDÂEXGRZOHNROHMRZHLLFKXV\WXRZDQLH>@PDNV\PDOQDSUÆGNRyÂ
SRFL•JÏZGODOLQLLNDWHJRULLPDJLVWUDOQHMPR›HZ\QRVLÂNPK
:SU]\SDGNXWUDPZDMÏZPDP\GRF]\QLHQLDUÏZQLH›]PQLHMV]\PLFLƛDUDPL
SRMD]GÏZL]ZL•]DQ\PL]W\PQDFLVNDPLSU]HQRV]RQ\PLRGSRMD]GXQDWRUZ\
UD›DQ\PLSU]H]W]ZQDFLVNRVL=JRGQLH]5R]SRU]•G]HQLHP0LQLVWUD,QIUDVWUXN
WXU\ ] GQLD JUXGQLD U Z VSUDZLH ZDUXQNÏZ WHFKQLF]Q\FK WUDPZDMÏZ
LWUROHMEXVÏZRUD]]DNUHVXLFKQLH]EÆGQHJRZ\SRVD›HQLD>@QDFLVNVWDW\F]Q\RG
MHGQHMRVLWUDPZDMXQDWRUQLHPR›HSU]HNURF]\ÂN1SU]\GRSXV]F]DOQHMPDVLH
FDNRZLWHM:SU]\SDGNXNROHL]JRGQLH]UR]SRU]•G]HQLHP0LQLVWUD>@GODOLQLL
NDWHJRULLPDJLVWUDOQHMGRSXV]F]DOQ\QDFLVNQDWRURGRVLSRMD]GXPR›HZ\QRVLÂ
N1 1DWRPLDVW VWDQGDUG\ WHFKQLF]QH >@ GRSXV]F]DM• QDFLVN QD WRU RG RVL
ORNRPRW\Z\N1
-HGQDN GX›D F]ÆVWRWOLZRy NXUVRZDQLD WUDPZDMÏZ GRFKRG]•FD QD FHQWUDOQ\FK
WUDVDFKQLHNWÏU\FKPLDVWGRRNPLQZJRG]LQDFKV]F]\WXSRZRGXMH›HURF]QH
REFL•›HQLHSU]HZR]DPLQDW\FKWUDVDFKPR›HZ\QRVLÂRN7JURNFRMHVWZDUWR
yFL•SRUÏZQ\ZDOQ•GRREFL•›HQLDSU]HZR]DPLQDGUXJRU]ÆGQ\FKOLQLDFKNROHMRZ\FK
:DUXQNLHNVSORDWDF\MQHWRURZLVNWUDPZDMRZ\FKFKDUDNWHU\]XM•VLÆGX›•ZUD›
OLZRyFL• QD ]DNÏFHQLD SU]HZR]ÏZ VSRZRGRZDQH DZDU\MQRyFL• LFK NRQVWUXNFML
LXWUXGQLRQ•UHDOL]DFM•UREÏWXWU]\PDQLRZ\FK0DWRPLHMVFH]ZDV]F]DZWRUR
ZLVNDFK ZVSÏOQ\FK ] MH]GQL• JG]LH Z\•F]HQLD ] UXFKX ZSURZDG]DQH Z FHODFK
UHPRQWRZ\FK SRZRGXM• QLH W\ONR ]DNÏFHQLD UXFKX WUDPZDMRZHJR OHF] WDN›H
LGURJRZHJRFRQLHNRU]\VWQLHZS\ZDQDXNDGNRPXQLNDF\MQ\FDHJRPLDVWDOXE
MHJRRNUHyORQ\FKVWUHI
:SU]HFLZLHÍVWZLHGRNROHLVLHFLWUDPZDMRZHV•Z3ROVFHHNVSORDWRZDQHSU]H
ZD›QLHSU]H]WDERUMHGQRNLHUXQNRZ\FRZF]DVLHUHPRQWÏZZ\NOXF]DPR›OLZRyÂ
SURZDG]HQLDRJUDQLF]RQHJRUXFKXSRMHGQ\PWRU]HLZ\PXV]DW\ONRNUÏWNLHPD[
JRG]LQQHQRFQHZ\•F]HQLDWRURZLVN]UXFKXOXEGXJRWHUPLQRZH]DZLHV]HQLD
SU]HZR]ÏZ QD FD\FK WUDVDFK FR MHVW VWRVRZDQH GRy U]DGNR L PR›OLZH ]Z\NOH
W\ONRZOHWQLPRNUHVLHXUORSRZ\P:DUXQNLWHZ\PXV]DM•VWRVRZDQLHNRQVWUXNFML
WRURZLVNRGX›HMWUZDRyFLLQLH]DZRGQRyFLHNVSORDWDF\MQHM
,QQ•VSHF\ILF]Q•LZD›Q•FHFK•HNVSORDWDFMLWRURZLVNWUDPZDMRZ\FKMHVWNR
QLHF]QRyÂVNXWHF]QHJRRJUDQLF]DQLDSRSU]H]NRQVWUXNFMÆLVWDQWHFKQLF]Q\WRUR
ZLVNDQLHNRU]\VWQHJRRGG]LD\ZDQLDUXFKXWUDPZDMRZHJRQDyURGRZLVNRZRWR
F]HQLX WUDV\ 2GG]LD\ZDQLD WH SU]HMDZLDM• VLÆ MDNR KDDV L ZLEUDFMH RUD] SU•G\
E•G]•FHDLFKRJUDQLF]DQLHFRQDMPQLHMGRGRSXV]F]DOQHJRSR]LRPXRNUHyORQHJR
Z RERZL•]XM•F\FK SU]HSLVDFK Z\PDJD VWRVRZDQLD NRQVWUXNFML WRURZLVN R GX›HM
L]RODF\MQRyFL ZLEURDNXVW\F]QHM L HOHNWU\F]QHM Z\NRU]\VWXM•FHM ZVSϏF]HVQH RVL•
2OHNVLHZLF]:.UDyNLHZLF]&
314
JQLÆFLDLQ›\QLHULLPDWHULDRZHM]ZDV]F]DZG]LHG]LQLHWUZD\FKFHFKVSUƛ\VW\FK
PDWHULDÏZVWRVRZDQ\FKZSRV]F]HJÏOQ\FKZDUVWZDFKW\FKNRQVWUXNFML
1LH EH] ]QDF]HQLD GOD FKDUDNWHU\VW\NL ZDUXQNÏZ HNVSORDWDF\MQ\FK WRURZLVN
WUDPZDMRZ\FK MHVW FRUD] SRZV]HFKQLHMV]H G•›HQLH GR SRGQLHVLHQLD DWUDNF\MQRyFL
NRPXQLNDFML WUDPZDMRZHM Z FHOX ]DFKÆFHQLD SDVD›HUÏZ GR V]HUV]HJR NRU]\VWD
QLD]PLHMVNLHJRWUDQVSRUWXSXEOLF]QHJRt]ZDV]F]DV]\QRZHJRLRJUDQLF]DQLD
ZPLDVWDFKNRU]\VWDQLD]VDPRFKRGÏZ5HDOL]DFMDWHJRFHOXREHMPXMHtRSUÏF]Z\
PLHQLRQ\FKSRZ\›HMRJÏOQ\FKZ\PDJDÍVWDZLDQ\FKNRQVWUXNFMLWRURZLVNWUDP
ZDMRZ\FKtGRVNRQDOHQLHXNV]WDWRZDQLDXNDGXJHRPHWU\F]QHJRWRUXL]ZLÆNV]D
QLHUÏZQLH›LZWHQVSRVÏENRPIRUWXMD]G\SRSU]H]UHGXNFMÆSU]\VSLHV]HÍQLH]UÏZ
QRZD›RQ\FKRGG]LD\ZXM•F\FKQDSDVD›HUD
5R]ZÏMNRQVWUXNFMLWRURZLVNWUDPZDMRZ\FK
5R]ZÏMNRQVWUXNFMLWRURZLVNWUDPZDMRZ\FKSRVWÆSXMHZUD]]SU]HGVWDZLRQ\PL
SRZ\›HM ]PLDQDPLLFKZDUXQNÏZ HNVSORDWDF\MQ\FK LGRVWRVRZ\ZDQLHP GR QLFK
RGSRZLHGQLFKZ\PDJDÍWHFKQLF]Q\FK
:\PDJDQLDWHV•SRGSRU]•GNRZDQHQDVWÆSXM•F\PFHORPJÏZQ\P
, =ZLÆNV]HQLXSRGD›\XVXJSU]HZR]RZ\FKSU]\SRGZ\›V]HQLXLFKVWDQGDU
GÏZ MDNRyFLRZ\FK L UDFMRQDOQ\P ]PQLHMV]HQLX NRV]WÏZ HNVSORDWDF\MQ\FK
SRSU]H]VWRVRZDQLHUR]ZL•]DÍNRQVWUXNF\MQ\FKRGX›HMWUZDRyFL
,,=PQLHMV]HQLXXFL•›OLZ\FKGODSDVD›HUÏZRUD]PLHV]NDÍFÏZLPLHMVNLHMLQIUD
VWUXNWXU\RGG]LD\ZDÍRGUXFKXWUDPZDMRZHJRQDyURGRZLVNRt]ZDV]F]D
ZSRVWDFLKDDVXLZLEUDFML
&HOHWHV•ZUϛQ\VSRVÏESU]HNDGDQHQDV]F]HJϏRZHZ\PDJDQLDWHFKQLF]QH
VWDZLDQHSURMHNWDQWRPLZ\NRQDZFRPUREÏW1DSU]\NDGZ7UDPZDMDFK:DU
V]DZVNLFK6S]RRRJÏOQHZ\PDJDQLDVWDZLDQHPRGHUQL]RZDQHMNRQVWUXNFMLWR
URZLVNDREHMPXM•]Z\NOHQDVWÆSXM•FHZDUXQNL
D VWRVRZDQLH Z WRURZLVNDFK R ]ZLÆNV]RQ\P REFL•›HQLX WM Z WRURZLVNDFK
ZVSÏOQ\FK ] MH]GQL• QD SU]HMD]GDFK L Z ZÆ]DFK UR]MD]GRZ\FK RUD] QD
RELHNWDFK LQ›\QLHU\MQ\FK WUZDHM NRQVWUXNFML EH]SRGV\SNRZHM RJUDQLF]D
M•FHM ]DNUHV UREÏW XWU]\PDQLRZ\FK ]DNÏFDM•F\FK QRUPDOQ• HNVSORDWDFMÆ
WRURZLVND
E EH]SRGV\SNRZD NRQVWUXNFMD WRURZLVND SRZLQQD ]DSHZQLD MHJR WUZDRyÂ
QLHPQLHMV]•QL›ODWGODSRGEXGRZ\ZSRVWDFLS\W\EHWRQRZHMLFRQDM
PQLHMODWGODQDZLHU]FKQLWRURZHMEH]NRQLHF]QRyFLRNUHVRZHMUHJXODFML
XNDGX JHRPHWU\F]QHJR WRUÏZ SU]\ GRSXV]F]HQLX HZHQWXDOQ\FK QDSUDZ
ELH›•F\FKGRW\F]•F\FKXVXZDQLD]X›\FLDV]\QSU]H]V]OLIRZDQLHOXEQDSD
ZDQLHLFK]X›\W\FKSRZLHU]FKQLLNUDZÆG]LWRF]QHMRGSRZLHGQLRGRURG]DMX
]X›\FLD
F NRQVWUXNFMDWRURZLVNDPLQSRSU]H]VSUƛ\VWHSRVDGRZLHQLHLPRFRZDQLH
V]\Q D Z X]DVDGQLRQ\FK ORNDOL]DFMDFK UÏZQLH› XR›HQLH EHWRQRZHM S\W\
52=:¯-.216758.&-,,8.$'8*(20(75<&=1(*27252:,6.
315
SRGEXGRZ\QDPDWDFKZLEURL]RODF\MQ\FKRUD]RGSRZLHGQLRGREUDQ\URG]DM
]DEXGRZ\ WRURZLVND Z W\P QDZLHU]FKQL GURJRZHM SRZLQQD VNXWHF]QLH
RJUDQLF]DÂHPLVMÆKDDVXLZLEUDFMLRGUXFKXWUDPZDMÏZLLQQ\FKSRMD]GÏZSR
WRURZLVNXLFKURQLÂRWRF]HQLHWUDV\WUDPZDMRZHMSU]HGSU•GDPLE•G]•F\PL
G WRURZLVNR PXVL E\Â VNXWHF]QLH RGZRGQLRQH QD RGFLQNDFK WRUÏZ V]ODNR
Z\FKSU]\SU]\VWDQNDFKLZZÆ]DFKUR]MD]GRZ\FKRGSURZDG]HQLHZRG\
]HZV]\VWNLFK]ZURWQLFGRVLHFLNDQDOL]DFMLGHV]F]RZHM
6WRVRZDQLH Z WRURZLVNDFK WUDPZDMRZ\FK NRQVWUXNFML EH]SRGV\SNRZ\FK WM
NRQVWUXNFMLZNWÏU\FKJÏZQDZDUVWZDQRyQDLNV]WDWXM•FDXNDGJHRPHWU\F]
Q\WRUXMHVWZ\NRQDQDEH]]DVWRVRZDQLDZDUVWZ\SRGV\SNL]DVWÆSRZDQHM]Z\NOH
SU]H]SRGEXGRZÆZSRVWDFLS\W\EHWRQRZHMPDKLVWRULÆGX›V]•LRZLÆNV]\P]D
NUHVLHQL›VWRVRZDQLHW\FKNRQVWUXNFMLZGURJDFKNROHMRZ\FK:\QLNDWR]SU]HG
VWDZLRQ\FK SRZ\›HM XZDUXQNRZDÍ HNVSORDWDF\MQ\FK 5R]ZÏM W\FK NRQVWUXNFML
ZWRURZLVNDFKWUDPZDMRZ\FKSU]HMDZLDVLÆZGRVNRQDOHQLX]DUÏZQRQDZLHU]FKQL
WRURZHMLMHMPRFRZDQLDGRSRGEXGRZ\MDNWH›L]DEXGRZ\WRURZLVND
0RFRZDQLHQDZLHU]FKQLWRURZHMGRSRGEXGRZ\EHWRQRZHMMHVW]Z\NOHSRZL•
]DQH]UR]ZL•]DQLDPLNRQVWUXNFML]DEXGRZ\WRURZLVNDtVWRVRZDQHMHVWWXF]ÆVWR
FL•JHVSUƛ\VWHSRGSDUFLHV]\QLMHGQRF]HyQLHLFKFL•JH]DNU\FLHZSRVWDFLUϛ
Q\FKIRUPW]ZRWXOLQ\V]\Q\6SUƛ\VWHSRGSDUFLHV]\QtFL•JHOXESXQNWRZHQD
V]W\ZQHMSRGEXGRZLHEHWRQRZHMMHVW]DSHZQLDQHSRSU]H]VWRVRZDQLHSRGV]\QDPL
SRGOHZX]WUZDOHHODVW\F]Q\FKPDVQDED]LH›\ZLF\SROLXUHWDQRZHMU]DG]LHM]PR
G\ILNRZDQ\FKPDVELWXPLF]Q\FKRUD]]SU]HNDGHNSRGV]\QRZ\FKOXESURILOLJX
PRZ\FKQDNDGDQ\FKQDVWRSNÆV]\Q\'OD]DSHZQLHQLDVSUƛ\VWHJRSU]HQRV]HQLD
VLSR]LRP\FKLZFHOXL]RORZDQLDSRZLHU]FKQLERF]Q\FKV]\Q\RGWUDQVPLVMLGUJDÍ
RUD]RGXS\ZQRyFLSU•GÏZE•G]•F\FKV•VWRVRZDQHSRGREQHUR]ZL•]DQLDERF]
Q\FKHOHPHQWÏZRWXOLQ\V]\QZSRVWDFLW]ZSURILOLSU]\V]\QRZ\FKGRVWRVRZDQ\FK
NV]WDWHPGRV]\QURZNRZ\FKOXEGRV]\Q9LJQROHpDW]ZNROHMRZ\FK=DEXGRZD
V]\QZSRVWDFLUϛQ\FKUR]ZL•]DÍPDWHULDRZ\FKRWXOLQ\t]ZDV]F]DQDERF]Q\FK
SRZLHU]FKQLDFKV]\Q\tSHQLQLHW\ONRIXQNFMÆZLEURL]RODF\MQ•OHF]MHVWVNXWHF]Q•
L]RODFM•HOHNWU\F]Q•LZLEURDNXVW\F]Q•RJUDQLF]DM•F•HPLVMÆKDDVX
6\VWHP\V]\Q\ZRWXOLQLHV•UR]ZL•]DQLHPV]F]HJÏOQLHNRU]\VWQ\PZZ\SDGNX
VWRVRZDQLDRWXOLQ\ZSRVWDFLPDV\]DOHZRZHM]›\ZLF\SROLXUHWDQRZHM6•WR]Z\
NOHNRQVWUXNFMHZNWÏU\FKWDNZ\NRQDQDRWXOLQDSHQLUÏZQRF]HyQLHNLONDIXQNFML
WDNLFKMDN
FL•JHVSUƛ\VWHSRGSDUFLHV]\Q\]Z\NOHZSR•F]HQLX]FL•J•SU]HNDG
N•SRGV]\QRZ•]DSHZQLDM•FHVSUƛ\VWHSU]HQRV]HQLHSLRQRZ\FKQDFLVNÏZ
LSR]LRP\FKVLERF]Q\FK
FL•JH VSUƛ\VWH PRFRZDQLH V]\Q\ GR GQD L GR ERF]Q\FK yFLDQHN NDQDX
V]\QRZHJR HOLPLQXM•FH SRWU]HEÆ VWRVRZDQLD W\SRZ\FK Z QDZLHU]FKQLDFK
V]\QRZ\FKSU]\WZLHUG]HÍV]\Q]DSRPRF•SR•F]HÍyUXERZ\FKOXE]DFLVNR
Z\FK3U]\WZLHUG]HQLDWHV•QLH]EÆGQHUÏZQLH›GODSU]HQRV]HQLDVLWHUPLF]
Q\FKZ\ZRXM•F\FKZ\ERF]HQLHV]\QSR]LRPHDQLHNLHG\WDN›HSLRQRZH
WXPLHQLHZLEURDNXVW\F]QHZLEUDFMHLKDDV
L]RODFMDHOHNWU\F]QDV]\QVWDQRZL•FDRFKURQÆSU]HGSU•GDPLE•G]•F\PL
316
2OHNVLHZLF]:.UDyNLHZLF]&
.RQVWUXNFMHV]\Q\ZRWXOLQLH]]DVWRVRZDQLHP›\ZLFSROLXUHWDQRZ\FKV•V]F]H
JÏOQLHNRU]\VWQHZWRURZLVNDFKZVSÏOQ\FK]MH]GQL•OXEQDRELHNWDFKLQ›\QLHU\M
Q\FKJG]LHG]LÆNLLQWHJUDFMLSRGEXGRZ\L]DEXGRZ\WRURZLVNDZSRVWDFLPRQR
OLW\F]QHMEHWRQRZHMS\W\]RGSRZLHGQLRXNV]WDWRZDQ\PLNDQDDPLV]\QRZ\PL
]PQLHMV]DM• Z\VRNRy NRQVWUXNFML WRURZLVND ZD›Q• Z ZDUXQNDFK LQWHQV\ZQHM
PLHMVNLHMLQIUDVWUXNWXU\SRG]LHPQHM%H]SRGV\SNRZHNRQVWUXNFMHWRURZLVNWUDP
ZDMRZ\FKV•F]ÆVWRUHDOL]RZDQHZSRVWDFLW]ZWRURZLVNWUDZLDVW\FKZNWÏU\FKQD
SRGEXGRZLHEHWRQRZHMMHVWXNDGDQDZDUVWZDKXPXVXVWDQRZL•FHJRSRGR›HGOD
WUDZ\OXELQQHJRURG]DMXQLVNLHMURyOLQQRyFL2SUÏF]Z\PLHQLRQ\FKSRZ\›HM]DOHW
V\VWHPXV]\Q\ZRWXOLQLHZSRVWDFL›\ZLF]QHMPDV\]DOHZRZHMWRURZLVNDWUDZLDVWH
PDM•GRGDWNRZH]DOHW\LVWRWQHGODZDUXQNÏZPLHMVNLFK3ROHJDM•RQHQD]QDF]•FHM
SRSUDZLHHVWHW\NLXOLFLQD]ZLÆNV]HQLXF]\QQHMELRORJLF]QLHSRZLHU]FKQLPLDVWD
DSRQDGWRWRURZLVNDWUDZLDVWHZ\ND]XM•EDUG]RZ\VRNLHWXPLHQLHKDDVXZ\QR
V]•FHFRQDMPQLHMG%
3U]\NDG\ EH]SRGV\SNRZ\FK NRQVWUXNFML WRURZLVN WUDPZDMRZ\FK SU]HGVWD
ZLDM•U\VXQNLL
5\V3U]\NDGEH]SRGV\SNRZHMNRQVWUXNFMLWRURZLVND]DEXGRZDQHJRZVSϏQHJR]MH]GQL•R]LQWHJUR
ZDQHMEHWRQRZHM]DEXGRZLHLSRGEXGRZLHWRURZLVND]V]\QDPLZRWXOLQLH]SURILOLZ\NRQDQ\FK
]NRPSR]\WXSROLXUHWDQRZHJR6]F]HJϏNRQVWUXNF\MQ\QDZLHU]FKQLWRURZHMtV\VWHP(560
52=:¯-.216758.&-,,8.$'8*(20(75<&=1(*27252:,6.
317
5\V3U]\NDGEH]SRGV\SNRZHMNRQVWUXNFMLWRURZLVNDZ\G]LHORQHJR]MH]GQL]DEXGRZDQHJRZ]GX›
SHURQXQDZLHU]FKQL•GURJRZ•DQDPLÆG]\WRU]XLZSU]\OHJ\PWRU]H]]DEXGRZ•WUDZLDVW•
]V]\QDPLZRWXOLQLH]SURILOLJXPRZ\FKtV\VWHP5KHGD&LW\
5R]ZÏMXNDGXJHRPHWU\F]QHJRWRURZLVNWUDPZDMRZ\FK
8NDG\JHRPHWU\F]QHWUDVWUDPZDMRZ\FKZVWRVXQNXGROLQLLNROHMRZ\FKFKD
UDNWHU\]XM• VLÆ LVWRWQ\PL XSURV]F]HQLDPL ]H Z]JOÆGX QD ]PQLHMV]RQH SUÆGNRyFL
LQDFLVNLRVLSRMD]GÏZ3RQDGWRXNDGJHRPHWU\F]Q\WUDV\WUDPZDMRZHMMHVWyFLyOH
SRZL•]DQ\LZGX›\PVWRSQLXX]DOH›QLRQ\RGXNDGXJHRPHWU\F]QHJRXOLF\OXE
RJÏOQLHWUDV\GURJRZHM8NDGJHRPHWU\F]Q\WUDVWUDPZDMRZ\FKZSRUÏZQDQLX
GROLQLLNROHMRZ\FKFKDUDNWHU\]XMHVLÆ
PQLHMV]\PLZDUWRyFLDPLSURPLHQLDXNXSR]LRPHJR
ZDUWRyFLDPLSU]HFK\NLPQLHMV]\PLQL›WRZ\QLND]IL]\F]Q\FK]DOH›QRyFL
XSURV]F]RQ\PLVSRVREDPLSU]HFKRG]HQLDSURVWHMZXNNU]\ZHNRV]RZH
XSURV]F]RQ\PLUDPSDPLSU]HFK\NRZ\PLSURVWROLQLRZ\PL
]QDF]QLHZLÆNV]\PLSRFK\OHQLDPLSRGX›Q\PL
5R]SRU]•G]HQLH0LQLVWUD>@GRSXV]F]DZWRURZLVNDFKWUDPZDMRZ\FKZLHONRyÂ
SURPLHQLDXNXP=JRGQLH]Z\W\F]Q\PL>@LUR]SRU]•G]HQLHP0LQLVWUD>@
QDVNU]\›RZDQLDFKXOLFLZZÆ]DFKUR]MD]GRZ\FKJG]LHQDMF]ÆyFLHM]DFKRG]LNR
QLHF]QRyÂGRVWRVRZDQLDVLÆGRV\WXDFMLGURJRZHMPLQLPDOQ\SURPLH͏XNXSR]LR
PHJRPR›HZ\QRVLÂW\ONRP'RGDWNRZR]JRGQLH]5R]SRU]•G]HQLHP0LQLVWUD
>@SURPLHÍPGRSXV]F]RQ\MHVWWDN›HZUR]MD]GDFKLQDSÆWODFK
:SU]\SDGNXNROHLZ\VWÆSXM•]XSHQLHLQQHZDUXQNLHNVSORDWDF\MQHLGODWH
JRPLQLPDOQHGRSXV]F]DOQHSURPLHQLHXNÏZV•]QDF]QLHZLÆNV]HQL›QDWUDVDFK
WUDPZDMRZ\FK =JRGQLH ] UR]SRU]•G]HQLHP 0LQLVWUD >@ QD QRZR EXGRZDQ\FK
OLQLDFKPDJLVWUDOQ\FKGODSUÆGNRyFLSRZ\›HMNPKPLQLPDOQDZDUWRyÂSUR
PLHQLDXNXSR]LRPHJRZ\QRVLPDQDOLQLDFKPRGHUQL]RZDQ\FKP
1DWRPLDVWGODOLQLL]QDF]HQLDPLHMVFRZHJRZWHUHQLHJÏUVNLPP=JRGQLH]H
VWDQGDUGDPLWHFKQLF]Q\PL>@GODOLQLLW\SXSUÆGNRyÂSRFL•JÏZSDVD›HUVNLFK
NPKSUÆGNRyÂSRFL•JÏZWRZDURZ\FKNPK]DOHFDQDZDUWRyÂSURPLHQLD
Z\QRVLPD]DVDGQLF]DP1DWRPLDVWGODOLQLLW\SX7SUÆGNRyÂSR
2OHNVLHZLF]:.UDyNLHZLF]&
318
FL•JÏZSDVD›HUVNLFKLWRZDURZ\FKNPKZDUWRyÂSURPLHQLD]DOHFDQHJRZ\QRVL
PD]DVDGQLF]HJRP
:WRURZLVNXWUDPZDMRZ\PZ\G]LHORQ\P]MH]GQLQDXNXGRELHUDVLÆZDUWRyÂ
SU]HFK\NLQDSRGVWDZLHWDEHOLSU]HGVWDZLRQHMZZ\W\F]Q\FK>@:WDEHOLV•SR
GDQHZDUWRyFLGODGZÏFKURG]DMÏZSU]HFK\HN
SU]HFK\NLQRUPDOQHMGR]DVWRVRZDQLDNWÏUHMQDOH›\G•›\ÂZV]ÆG]LHWDP
JG]LHSR]ZDODM•QDWRZDUXQNLWHUHQRZH
SU]HFK\NLPLQLPDOQHMNWÏUHMZDUWRyÂGRSXV]F]DVLÆWDPJG]LHQLHPR›QD
]DSURMHNWRZDÂSU]HFK\NLQRUPDOQHM
:DUWRyFL SU]HFK\NL Z GURJDFK V]\QRZ\FK Z\QLND ] IL]\F]Q\FK ]DOH›QRyFL
LZ\]QDF]DVLÆM•QDSRGVWDZLHZ]RUX:]ÏUWHQVWRVRZDQ\MHVWSRZV]HFKQLH
ZSU]HSLVDFKGRW\F]•F\FKNROHLLPHWUD]Z\NOH]GRGDWNRZ\PF]RQHPZ\QLND
M•F\P]PR›OLZRyFLZ\VWÆSRZDQLDDNFHSWRZDOQHMQLH]HURZHMZDUWRyFLQLH]UÏZ
QRZD›RQHJRSU]\ySLHV]HQLDRGyURGNRZHJRRGRSXV]F]DOQHMZDUWRyFLDGRSZHGXJ
Z]RUX
1DWRPLDVW ZHGXJ Z\W\F]Q\FK >@ ZDUWRyFL SU]HFK\HN WRUX GOD WRURZLVN
WUDPZDMRZ\FKZWDEHOLV•Z\]QDF]RQHQDSRGVWDZLH]PRG\ILNRZDQHJRZ]RUX
SU]\DUELWUDOQ\P]DR›HQLX›HW\ONRWUDPZDMÏZSRUXV]DVLÆ]SUÆGNRyFL•
QRPLQDOQ•FRPDX]DVDGQLD›HZWHMVDPHMSURSRUFMLPR›QD]PQLHMV]\ÂZDUWRyÂ
SU]HFK\NLZVWRVXQNXGRZDUWRyFL]DVDGQLF]HMREOLF]DQHMZHGXJZ]RUX7DN
ZLÆFSRXZ]JOÆGQLHQLXWHJR]DR›HQLDZ]ÏUQDZDUWRyÂSU]HFK\NLZ\QLNDM•F\
]IL]\F]Q\FK]DOH›QRyFLSU]HNV]WDFDVLÆQDVWÆSXM•FRZHZ]ÏUEÆG•F\SRGVWDZ•
GODREOLF]HQLDZDUWRyFLSU]HFK\NLWRUXSU]HGVWDZLRQ\FKZWDEHOL
7DEHOD:DUWRyFLSU]HFK\NLWRUXWUDPZDMRZHJRRV]HURNRyFLPPQDXNDFK>@
3URPLHĔ5>P@
10
15
< 20
20
25
30
35
20
3UĊGNRĞüMD]G\>NPK@
25
30
40
50
128
91
60
70
5RG]DM
SU]HFK\áNL
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
52=:¯-.216758.&-,,8.$'8*(20(75<&=1(*27252:,6.
128
98
29
40
319
50
75
100
150
200
300
400
500
750
1000
2000
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
PLQLPDOQD
QRUPDOQD
5\V3U]HFK\NLQRUPDOQHWRUXWUDPZDMRZHJRLLFKSU]\EOL›HQLHZ]RUHP
320
2OHNVLHZLF]:.UDyNLHZLF]&
:DUWRyFL W]Z QRUPDOQ\FK SU]HFK\HN WRUX WUDPZDMRZHJR Z WDEHOL ]RVWD
\ SU]HGVWDZLRQH MDNR SXQNW\ Z XNDG]LH ZVSϏU]ÆGQ\FK K5 QD U\V GOD SR
V]F]HJÏOQ\FKSR]LRPÏZSUÆGNRyFLRGGRNPK1DVWÆSQLHZHZVSÏOQ\P
XNDG]LHZVSϏU]ÆGQ\FKQDQLHVLRQRZ\NUHV\RSLVDQHZ]RUHPGODSRV]F]HJÏO
Q\FKSR]LRPÏZSUÆGNRyFLRGGRNPK:LÆNV]RyÂSXQNWÏZSRNU\ZDVLÆ
]Z\NUHVDPLFRSRWZLHUG]DSU]HGVWDZLRQHSRZ\›HM]DR›HQLHXSUDV]F]DM•FHVSRVÏE
REOLF]DQLDZDUWRyFLSU]HFK\NLWRUXZWRURZLVNDFKWUDPZDMRZ\FK5ϛQLFHSRPLÆ
G]\ZDUWRyFLDPLSU]HFK\HNZ\QLNDM•F\FK]IL]\F]Q\FK]DOH›QRyFLLSU]HFK\HN
QRUPDOQ\FKXVWDORQ\FKZZ\W\F]Q\FK>@Z\QRV]•yUHGQLRPPFRRGSRZLDGD
ZDUWRyFLSU]\ySLHV]HQLDQLH]UÏZQRZD›RQHJRPV
'RGDWNRZRZDUWRQDGPLHQL›H]JRGQLH]Z\W\F]Q\PL>@VWRVXM•FZDUWRyFL
SU]HFK\NL PLQLPDOQH ]DPLDVW QRUPDOQ\FK yUHGQL QLHGRPLDU SU]HFK\NL Z\QRVL
PP D RGSRZLDGDM•FD WHPXZDUWRyÂSU]\ySLHV]HQLDQLH]UÏZQRZD›RQHJR Z\
QRVLPV3RGVXPRZXM•FFKDUDNWHU\VW\NÆ]DVDGXVWDODQLDSU]HFK\NLZWR
UDFKWUDPZDMRZ\FKQDOH›\VWZLHUG]L›HVWRVXM•FSU]HFK\NÆPLQLPDOQ•ZHGXJ
Z\W\F]Q\FK>@yUHGQLQLHGRPLDUSU]HFK\NLZ]JOÆGHP]DOH›QRyFLIL]\F]Q\FK
Z\QRVL PP L RGSRZLDGD WHPX ZDUWRy SU]\ySLHV]HQLD QLH]UÏZQRZD›RQHJR
PV
:WUDPZDMDFKPDNV\PDOQDZDUWRyÂSU]HFK\NLSU]\V]HURNRyFLWRUXPP
Z\QRVLPP1DNROHL]JRGQLH]UR]SRU]•G]HQLHP>@PDNV\PDOQDSU]HFK\ND
Z\QRVL PP 1DWRPLDVW ]JRGQLH ]H VWDQGDUGDPL WHFKQLF]Q\PL >@ GOD OLQLL
W\SX3GRSXV]F]RQDMHVWZDUWRyÂSU]HFK\NLWRUXPPDGODOLQLLW\SX0L7
PP
6WRVRZDQHREHFQLHZWUDPZDMDFK]DVDG\Z\]QDF]DQLDZDUWRyFLSU]HFK\NLWRUX
Z\PDJDM•]PLDQ\SROHJDM•FHMQDZSURZDG]HQLXGRSU]HSLVÏZIL]\NDOQHJRZ]RUX
QDSU]HFK\NÆ3U]HR›\VLÆWR]DSHZQHQD]ZLÆNV]HQLHNRPIRUWXMD]G\L]PQLHM
V]HQLH]X›\FLDV]\QLNϏSRMD]GÏZDW\PVDP\P]PQLHMV]HQLHNRV]WÏZXWU]\PDQLD
LQIUDVWUXNWXU\WUDPZDMRZHM
: GURJDFK NROHMRZ\FK ]JRGQLH ] UR]SRU]•G]HQLHP >@ UÏZQLH› VWRVXMH VLÆ
]DVDGQLF]RUDPS\SU]HFK\NRZHSURVWROLQLRZH3RQDGWRZWUXGQ\FKZDUXQNDFK
WHUHQRZ\FKRUD]SU]\PRGHUQL]DFMLXNDGXWRURZHJRGRSXV]F]RQHV•UDPS\SU]H
FK\NRZHNU]\ZROLQLRZHZSRVWDFLSDUDEROLHJRVWRSQLDOXEFRVLQXVRLG\
1DWRPLDVWZWRUDFKWUDPZDMRZ\FKVWRVXMHVLÆSURVWROLQLRZHUDPS\SU]HFK\
NRZH R GXJRyFL QLH ]ZL•]DQHM EH]SRyUHGQLR ] SUÆGNRyFL• UXFKX OHF] R VWD\P
SRFK\OHQLXPDNV\PDOQ\PSRFK\OHQLHh'XJRyÂUDPS\SU]HFK\
NRZHMQLHMHVWUÏZQLH›SRZL•]DQD]GXJRyFL•NU]\ZHMSU]HMyFLRZHM:\W\F]QH>@
RNUHyODM• ›H Z WRUDFK WUDPZDMRZ\FK QD V]ODNX GOD SURPLHQLD XNX SR]LRPHJR
SRQL›HMPQDOH›\VWRVRZDÂNU]\Z•SU]HMyFLRZ•ZSRVWDFLXNÏZRSURPLHQLDFK
VWRSQLRZRPDOHM•F\FKNU]\ZHNRV]RZHOXESDUDEROLHJRVWRSQLDNWÏUDMHGQDN
ZSUDNW\FHMHVWU]DGNRVWRVRZDQD
:]DOH›QRyFLRGZDUWRyFLSURPLHQLD]DVDGQLF]HJRVWRVXMHVLÆNU]\Z•NRV]RZ•
MHGQRVWRSQLRZ•OXEGZXVWRSQLRZ•U\VGRELHUDM•FZLHONRyFLRGSRZLHGQLFKSD
UDPHWUÏZJHRPHWU\F]Q\FKQDSRGVWDZLHWDEHOL
52=:¯-.216758.&-,,8.$'8*(20(75<&=1(*27252:,6.
321
5\V6FKHPDWXNDGXVW\F]Q\FKNU]\ZHMNRV]RZHMGZXVWRSQLRZHM
7DEHOD:DUWRyFLZLHONRyFLSDUDPHWUÏZJHRPHWU\F]Q\FKGRSURMHNWRZDQLDNU]\Z\FKSU]HMyFLRZ\FKNR
V]RZ\FKZWRUDFKWUDPZDMRZ\FK>@
:DUWRĞüSURPLHQLDáXNX
]DVDGQLF]HJR5>P@
:DUWRĞFLSURPLHQLáXNyZSU]HMĞFLRZ\FKNRV]RZ\FKZDUWRĞFLNąWyZ
LGáXJRĞFLáXNyZSU]HMĞFLRZ\FKSRRVLWRUX
52 Pȕ2 ƒ
T2 P
51 Pȕ1 ƒ
T1 P
-
51 Pȕ1 ƒ
T1 P
-
51 Pȕ1 ƒ
T1 P
.U]\ZDNRV]RZDMHVWURG]DMHPNU]\ZHMSU]HMyFLRZHMRQLHNRU]\VWQHMtQLHFL•
JHMVNRNRZHM]PLDQLHNU]\ZL]Q\LZDUWRyFLSU]\URVWXSU]\ySLHV]HQLDRGyURGNRZH
JRVWRVRZDQ•QDMF]ÆyFLHMQDWUDVDFKWUDPZDMRZ\FK:QLQLHMV]\PUHIHUDFLHZFHOX
OHSV]HJR ]REUD]RZDQLD QLHNRU]\VWQ\FK HIHNWÏZ ]DVWRVRZDQLD NU]\ZHM NRV]RZHM
MDNR NU]\ZHM SU]HMyFLRZHM SRVX›RQR VLÆ SU]\NDGHP GOD NRQNUHWQ\FK GDQ\FK
5 P9 NPK:DUWRyÂSU]HFK\NLQRUPDOQHMK PPGREUDQR
]Z\W\F]Q\FK>@0DNV\PDOQHSRFK\OHQLHUDPSSU]HFK\NRZ\FKZ\PXVLR
]DVWRVRZDQLHUDPS\RPLQLPDOQHMGXJRyFLP
1DU\VSU]HGVWDZLRQRUR]ZL•]DQLH]]DVWRVRZDQLHPMDNRNU]\ZHMSU]HMyFLR
ZHMNU]\ZHMNRV]RZHMMHGQRVWRSQLRZHMRXNXSU]HMyFLRZ\P5 PGREUD
Q\P ZHGXJ WDEHOL 1D Z\NUHVLH ZLGD ›H UDPSD SU]HFK\NRZD ]DF]\QD VLÆ
]QDF]QLHZF]HyQLHMQL›NU]\ZDSU]HMyFLRZDFRVNXWNXMHSRZVWDQLHPQLH]UÏZQRZD
›RQHJRSU]\ySLHV]HQLDGRyURGNRZHJR3R]DW\P]PLDQ\NU]\ZL]Q\LSU]\ySLHV]H
322
2OHNVLHZLF]:.UDyNLHZLF]&
QLDRGyURGNRZHJRQDVWÆSXM•ZVSRVÏEVNRNRZ\-HVWWRQLHNRU]\VWQHUR]ZL•]DQLH
]DOHFDQHSU]H]Z\W\F]QH>@
5\V:\NUHV\SU]HFK\NLWRUX]PLDQNU]\ZL]Q\RUD]ZDUWRyFLSU]\ySLHV]HQLDQLH]UÏZQRZD›RQHJR
GODNU]\ZHMSU]HMyFLRZHMZSRVWDFLNU]\ZHMNRV]RZHMMHGQRVWRSQLRZHM
$QDORJLF]Q\ Z\NUHV SU]HGVWDZLRQ\ QD U\V RSUDFRZDQ\ GOD NORWRLG\ MDNR
NU]\ZHM SU]HMyFLRZHM Z\ND]XMH ]QDF]QLH NRU]\VWQLHMV]H ZDUXQNL MD]G\ 5DPSD
SU]HFK\NRZD L NU]\ZD SU]HMyFLRZD ]DF]\QDM• VLÆ Z W\P VDP\P SXQNFLH G]LÆNL
ZDyFLZHPX GRERURZL SDUDPHWUX NORWRLG\ 3U]\ySLHV]HQLH RGyURGNRZH QDUDVWD
Z VSRVÏE FL•J\ L OLQLRZ\ D MHJR Z\VWÆSRZDQLH VSRZRGRZDQH MHVW QLHGRERUHP
SU]HFK\NLZ\QLNDM•F\P]]DVWRVRZDQLDSU]HFK\NLQRUPDOQHMZHGXJZ\W\F]Q\FK
>@]DPLDVWZDUWRyFLSU]HFK\NLZ\QLNDM•FHM]IL]\F]Q\FK]DOH›QRyFLZ]ÏU
5\V:\NUHV\SU]HFK\NLWRUX]PLDQNU]\ZL]Q\RUD]ZDUWRyFLSU]\ySLHV]HQLDQLH]UÏZQRZD›RQHJR
GODNU]\ZHMSU]HMyFLRZHMZSRVWDFLNORWRLG\
:\QLND]WHJRSRUÏZQDQLDZQLRVHN›HZUDPDFKUR]ZRMXXNDGÏZJHRPH
WU\F]Q\FK WUDV WUDPZDMRZ\FK SRZLQQR VLÆ RGFKRG]LÂ RG VWRVRZDQLD NU]\Z\FK
SU]HMyFLRZ\FK Z SRVWDFL NU]\Z\FK NRV]RZ\FK QD U]HF] NU]\Z\FK SU]HMyFLRZ\FK
ROLQLRZR]PLHQQHMNU]\ZL|QLHMDNQSNORWRLGDRSLVDQDZ]RUHP
2SUÏF]SRZ\›V]\FKUϛQLFZVWRVXQNXGR]DVDGVWRVRZDQ\FKZNROHMQLFWZLH
WUDV\WUDPZDMRZHPRJ•FKDUDNWHU\]RZDÂVLÆZLÆNV]\PLSRFK\OHQLDPLSRGX›Q\
PLNWÏUH]JRGQLH]UR]SRU]•G]HQLHP>@PRJ•Z\QRVLÂ
h QD V]ODNX MHyOL SU]HZLG\ZDQ\ WDERU PD RGSRZLHGQLH ZDyFLZRyFL
WUDNF\MQH
hQDGRMD]GDFKGRZLDGXNWXLHVWDNDG\
52=:¯-.216758.&-,,8.$'8*(20(75<&=1(*27252:,6.
323
hQDSU]\VWDQNDFKWUDPZDMRZ\PLZUR]MD]GDFK
XNLSLRQRZHRSURPLHQLDFKPLQLPDOQ\FKPZ\W\F]QH>@GRSXV]F]DM•
PZ]DRPDFKQLZHOHW\QDOH›\VWRVRZDÂJG\DOJHEUDLF]QDUϛQLFDSRFK\OHÍ
SRGX›Q\FKMHVWZLÆNV]DQL›h
=DJDGQLHQLDWRURZLVNWUDPZDMRZ\FKZSURILOXNV]WDFHQLDLQ›\QLHUÏZ
EXGRZQLFWZDNRPXQLNDF\MQHJR
: 3ROLWHFKQLFH :DUV]DZVNLHM Z SURJUDPLH NV]WDFHQLD LQ›\QLHUÏZ EXGRZ
QLFWZDNRPXQLNDF\MQHJRUHDOL]RZDQ\PZUDPDFKVWXGLÏZ,L,,VWRSQLDQDVSH
FMDOQRyFLDFK ,Q›\QLHULD .RPXQLNDF\MQD RUD] 'URJL 6]\QRZH W\ONR QD VWXGLDFK
,,VWRSQLDV•RPDZLDQHUÏZQLH›]DJDGQLHQLDNRPXQLNDFMLWUDPZDMRZHML]DVDG\
NRQVWUXNFMLLNV]WDWRZDQLDWRURZLVNWUDPZDMRZ\FK=DJDGQLHQLDWHV•Z\NDGDQH
Z]DNUHVLHSUREOHPDW\NLSODQLVW\F]QHMSU]HGPLRW3ODQRZDQLHV\VWHPÏZWUDQVSRUWX
LWHFKQLF]QHMtZV]F]HJÏOQRyFLLQIUDVWUXNWXUDOQHM:UDPDFKSU]HGPLRWÏZ'URJL
6]\QRZH'LDJQRVW\NDQDZLHU]FKQLV]\QRZ\FK,QIUDVWUXNWXUDPLHMVNLHJRWUDQVSRUWXV]\
QRZHJR L 3RGVWDZ\ HQHUJHW\NL WUDNF\MQHM WHPDW\ND WRURZLVN WUDPZDMRZ\FK ]DMPXMH
yUHGQLRRNJRG]LQW\FKSU]HGPLRWÏZF]\OL•F]QLHRNJRG]
2PDZLDQLHZW\P]DNUHVLH]DJDGQLHÍ]ZL•]DQ\FK]NRPXQLNDFM•WUDPZDMRZ•
tD]ZDV]F]D]MHMLQIUDVWUXNWXU•WRURZ•tMHVW]SHZQRyFL•ZDyFLZ\PNURNLHP
Z\FKRG]•F\PQDSU]HFLZ]DSRWU]HERZDQLXQDVSHFMDOLVWÏZ]WHMEUDQ›\V]F]HJÏOQLH
ZREHFLQWHQV\ZQHJRUR]ZRMXLORyFLRZHJRLMDNRyFLRZHJRLQIUDVWUXNWXU\WUDPZD
MRZHMZ\VWÆSXM•FHJRZ3ROVFHZUϛQ\PVWRSQLXZHZV]\VWNLFKPLDVWDFKHNVSOR
DWXM•F\FKWUDPZDMH
3RGVXPRZDQLH
3U]HGVWDZLRQHZDUW\NXOH]DJDGQLHQLDUR]ZRMXLQIUDVWUXNWXU\WUDPZDMRZHMZH
ZV]\VWNLFKPLDVWDFKHNVSORDWXM•F\FKWHQV\VWHPWUDQVSRUWXPLHMVNLHJRZVND]XM•
QDZLHOHPR›OLZRyFLZ]DMHPQHJRZ\NRU]\VW\ZDQLDGRyZLDGF]HÍHNVSORDWDF\MQ\FK
NROHMRZ\FK L WUDPZDMRZ\FK 1DOH›• GR QLFK DQDORJLF]QH UR]ZL•]DQLD GRW\F]•FH
]ZLÆNV]HQLDWUZDRyFLHNVSORDWDF\MQHMNRQVWUXNFMLQDZLHU]FKQLV]\QRZHML]PQLHM
V]DQLDQLHNRU]\VWQ\FKRGG]LD\ZDÍQDyURGRZLVNRZRWRF]HQLXWUDVWUDPZDMRZ\FK
LNROHMRZ\FK
3ROHJDM•RQHQDV]HURNLPVWRVRZDQLXUϛQ\FKV\VWHPÏZNRQVWUXNFMLSRGV\S
NRZ\FKLEH]SRGV\SNRZ\FKWDNLFKMDNV\VWHP\V]\Q\ZRWXOLQLH(565KHGD&LW\
LLQQHVWRVRZDQHQDSU]HMD]GDFKLZWRURZLVNDFKZVSÏOQ\FK]MH]GQL•
3R]\W\ZQHHIHNW\ZG]LHG]LQLHUR]ZRMXWRURZLVNWUDPZDMRZ\FKZ\PDJDM•QLH
W\ONRG]LDDÍZ]DNUHVLHNRQVWUXNFMLGURJLOHF]WDN›HZG]LHG]LQLHNV]WDWRZDQLD
XNDGXJHRPHWU\F]QHJRWUDV\NWÏU\ZWUDPZDMDFKZ\ND]XMHMHV]F]HZLHOHGDZ
Q\FKZ\PDJDM•F\FKQRZHOL]DFMLZ\PDJDÍWHFKQLF]Q\FK1DOH›•GRQLFK]PLDQ\
2OHNVLHZLF]:.UDyNLHZLF]&
324
]DVDGXVWDODQLDZDUWRyFLSU]HFK\NLWRUXL]PLDQ\]DVDGNV]WDWRZDQLDNU]\Z\FK
SU]HMyFLRZ\FK
3RVWÆSZRPDZLDQHMG]LHG]LQLHZ\PDJDWDN›H]ZLÆNV]HQLDXG]LDXSUREOHPD
W\NLLQIUDVWUXNWXU\WUDPZDMRZHMZSURJUDPDFKNV]WDFHQLDLQ›\QLHUÏZNLHUXQNX
EXGRZQLFWZDNRPXQLNDF\MQHJR]ZDV]F]DQDVSHFMDOQRyFLDFK]ZL•]DQ\FKEUDQ›R
ZR]GURJDPLV]\QRZ\PL
%LEOLRJUDILD
>@5R]SRU]•G]HQLH0LQLVWUD7UDQVSRUWXL*RVSRGDUNL0RUVNLHM]GQLDPDU
FDUZVSUDZLHZDUXQNÏZWHFKQLF]Q\FKMDNLPSRZLQQ\RGSRZLD
GDÂGURJLSXEOLF]QHLLFKXV\WXRZDQLH']8QUSR]
>@:\W\F]QHWHFKQLF]QHSURMHNWRZDQLDEXGRZ\LXWU]\PDQLDWRUÏZWUDP
ZDMRZ\FK 0LQLVWHUVWZR $GPLQLVWUDFML *RVSRGDUNL 7HUHQRZHM L 2FKUR
Q\ kURGRZLVND 'HSDUWDPHQW.RPXQLNDFML0LHMVNLHML'UÏJ :DUV]DZD
>@8VWDZD]GQLDOLSFDU3UDZREXGRZODQH']81USR]
>@5R]SRU]•G]HQLD 0LQLVWUD 7UDQVSRUWX L *RVSRGDUNL 0RUVNLHM ] GQLD ZU]HyQLDUZVSUDZLHZDUXQNÏZWHFKQLF]Q\FKMDNLPSRZLQQ\RG
SRZLDGDÂEXGRZOHNROHMRZHLLFKXV\WXRZDQLH']8QUSR]
>@3URMHNWZ\W\F]Q\FK,]E\*RVSRGDUF]HM.RPXQLNDFML0LHMVNLHMQDWHPDW
ZDUXQNÏZWHFKQLF]Q\FKMDNLPSRZLQQ\RGSRZLDGDÂWRURZLVNDWUDPZD
MRZHLLFKXV\WXRZDQLH2SUDFRZDQLH%LXUD6WXGLÏZL3URMHNWÏZ75$0
352-(.7:DUV]DZD
>@&HQWUXP 1DXNRZR t 7HFKQLF]QH .ROHMQLFWZD 6WDQGDUG\ WHFKQLF]QH
6]F]HJϏRZHZDUXQNLWHFKQLF]QHGODPRGHUQL]DFMLOXEEXGRZ\OLQLLNROH
MRZ\FKGRSUÆGNRyFL9PD[dNPKGODWDERUXNRQZHQFMRQDOQHJR
NPKGODWDERUX]Z\FK\OQ\PSXGHP7RP,'URJDV]\QRZD
:HUVMD3.33ROVNLH/LQLH.ROHMRZH6$:DUV]DZD
>@5R]SRU]•G]HQLHP 0LQLVWUD ,QIUDVWUXNWXU\ ] GQLD JUXGQLD U
ZVSUDZLHZDUXQNÏZWHFKQLF]Q\FKWUDPZDMÏZLWUROHMEXVÏZRUD]]DNUHVX
LFKQLH]EÆGQHJRZ\SRVD›HQLD']8QUSR]L
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
&=<11,./8'=.,
-$.235=<&=<1$:<3$'.¯:.2/(-2:<&+
:LWROG2OSLÍVNL
PJULQ›,QVW\WXW.ROHMQLFWZD2yURGHN.RRUG\QDFML%DGDÍWHO
6WUHV]F]HQLH:DUW\NXOHSU]HGVWDZLRQRGHILQLFMHWHUPLQXdF]\QQLNOXG]NLrLZ\MDyQLRQR
GODF]HJRE\ZDRQF]ÆVWREÆGQLHVWRVRZDQ\ZNRPHQWDU]DFKSRMDZLDM•F\FKVLÆZyURGNDFKSU]HND]X
SR]GDU]HQLXVLÆZ\SDGNXNROHMRZHJR3RUXV]RQR]QDF]HQLHSU]\JRWRZDQLDSURFHGXULUHDOL]DFML
G]LDDÍ]ZL•]DQ\FK]EH]SLHF]HÍVWZHPUXFKXNROHMRZHJRZRSDUFLXRWHSURFHGXU\2PÏZLRQRSR]\
W\ZQHLQHJDW\ZQHNRQVHNZHQFMHLFKVWRVRZDQLDZNRQWHNyFLH]ZL•]NX]SRZVWDZDQLHPZ\SDGNÏZ
RUD]]Z\PDJDQLDPLV\VWHPX]DU]•G]DQLDEH]SLHF]HÍVWZHPNROHMRZ\P=ZUÏFRQRXZDJÆQDIDNW
›HSURFHVSU]HMPRZDQLDNRQWUROLSU]H]F]RZLHNDQDGXU]•G]HQLDPLVWHURZDQLDUXFKHPNROHMRZ\P
MHVWMHGQ\P]LVWRWQ\FKF]\QQLNÏZZS\ZDM•F\FKQDVWRSLHÍ]DJUR›HQLDZ\SDGNLHP3RGGDQRWDN›H
UR]ZD›DQLRP]DVDGQRyÂEH]Z]JOÆGQHJRSULRU\WHWXF]RZLHNDQDGSROHFHQLDPLVWHUXM•F\PLZ\SUDFR
ZDQ\PLSU]H]XU]•G]HQLDLV\VWHP\NLHURZDQLDUXFKHP
6RZDNOXF]RZHF]\QQLNOXG]NLZ\SDGHNNROHMRZ\EH]SLHF]HÍVWZRVWHURZDQLHUXFKHP
WUDQVSRUWNROHMRZ\
:SURZDG]HQLH
:NRPHQWDU]DFKSRMDZLDM•F\FKVLÆZyURGNDFKSU]HND]XSR]GDU]HQLXVLÆZ\
SDGNXNROHMRZHJRV]F]HJÏOQLHWDNLHJRNWÏU\]UDFMLVZRMHMQLHW\SRZRyFLOXEFR
JRUV]D RILDU Z OXG]LDFK VWDMH VLÆ Z\GDU]HQLHP PHGLDOQ\P QDJDyQLDQ\P SU]H]
G]LHQQLNDU]\ REHFQLH F]ÆVWR X›\ZDQ\ MHVW WHUPLQ dF]\QQLN OXG]NLr 3RMÆFLH WR
E\ZDZ\NRU]\VW\ZDQHZSUÏELHZ\MDyQLHQLDSU]\F]\QGDQHJR]GDU]HQLDMDNRMHG
QD]RNROLF]QRyFLPDM•F\FKZS\ZQD]DLVWQLHQLHZ\SDGNX:QLQLHMV]\PDUW\NXOH
]RVWDQLHZ\MDyQLRQHGODF]HJRVWRVRZDQLHWHJRRNUHyOHQLDMHVWQDMF]ÆyFLHMEÆGQH
:\NRQ\ZDQLHSU]H]SUDFRZQLNÏZNROHL]DUÏZQRX]DU]•GFÏZLQIUDVWUXNWXU\
NROHMRZHMMDNLXSU]HZR|QLNÏZG]LDDÍ]ZL•]DQ\FK]SURZDG]HQLHPUXFKXNROH
MRZHJRZW\P]ZDV]F]DZSRZL•]DQLX]NRQLHF]QRyFL•]DSHZQLHQLDMHJREH]SLH
F]HÍVWZDZ\PDJDZSURZDG]HQLDLUHDOL]DFMLRNUHyORQ\FKSURFHGXU:V]HFKREHF
QRy SURFHGXU Z NROHMQLFWZLH PD VZRMH SR]\W\ZQH L QHJDW\ZQH NRQVHNZHQFMH
:\EUDQH]QLFK]RVWDQ•GDOHMSU]HG\VNXWRZDQHZNRQWHNyFLH]ZL•]NX]SRZVWD
ZDQLHPZ\SDGNÏZRUD]]Z\PDJDQLDPLV\VWHPX]DU]•G]DQLDEH]SLHF]HÍVWZHP
=DEH]SLHF]QHSURZDG]HQLHUXFKXNROHMRZHJRRGSRZLDGDM•ZJÏZQHMPLHU]H
SRNDGRZHXU]•G]HQLDEH]SLHF]QHMNRQWUROLMD]G\SRFL•JXRUD]V]HURNRUR]XPLDQH
SU]\WRURZHXU]•G]HQLDVWHURZDQLDUXFKHPNROHMRZ\P-HGQDNZQLHNWÏU\FKV\
WXDFMDFK]ZDV]F]DZUD]LHZ\VW•SLHQLDXVWHUNLOXEXV]NRG]HQLDXU]•G]HÍPXVL
QDVWÆSRZD SU]HMÆFLH RG QLFK SU]H] F]RZLHND RGSRZLHG]LDOQRyFL ]D EH]SLHF]HÍ
326
2OSLÍVNL:
VWZRMD]G\SRFL•JÏZ3UREOHP\]ZL•]DQH]SU]HQRV]HQLHPWHMRGSRZLHG]LDOQRyFLV•
MHGQ\P]LVWRWQ\FKF]\QQLNÏZZS\ZDM•F\FKQDVWRSLHÍ]DJUR›HQLDZ\SDGNLHP
&HOHPQLQLHMV]HJRDUW\NXXMHVWWDN›H]ZUÏFHQLHXZDJLQDIDNW›HSU]\REHFQ\P
VWRSQLXUR]ZRMXLNRPSXWHU\]DFMLXU]•G]HÍVWHURZDQLDRERZL•]XM•F\GRW\FKF]DV
ZNROHMQLFWZLHEH]Z]JOÆGQ\SULRU\WHWGHF\]MLF]RZLHNDQDGSROHFHQLDPLVWHUXM•
F\PLZ\SUDFRZ\ZDQ\PLSU]H]XU]•G]HQLDLV\VWHP\NLHURZDQLDUXFKHPPR›HQLH
E\ÂUR]ZL•]DQLHPZSHQLUDFMRQDOQ\P
'HILQLFMDSRMÆFLDdF]\QQLNOXG]NLr
:VSϏF]HyQLHZ]DVWRVRZDQLXGRZLHOXDVSHNWÏZUHODFMLPLÆG]\F]RZLHNLHP
DPDV]\Q•ZRGQLHVLHQLXGRFDRNV]WDWXMHJRG]LDDÍMDNRHOHPHQWXIXQNFMRQR
ZDQLDGDQHJRV\VWHPXWHFKQLF]QHJRPRGQHVWDRVLÆRNUHyOHQLHdF]\QQLNOXG]NLr
VWDQRZL•FH WXPDF]HQLH WHUPLQX DQJLHOVNLHJR dKXPDQ IDFWRUr D ZDyFLZLH dKX
PDQ IDFWRUVr :HGXJ LQWHUQHWRZHJR VRZQLND 0HUULDP:HEVWHU >@ SU]HGVLÆ
Z]LÆFLD(QF\NORSHGLL%ULWDQQLFDSLHUZV]H]QDQHX›\FLHWHJRSRMÆFLDPLDRPLHMVFH
ZURNX:ZLÆNV]RyFLMHJRGHILQLFMLMHVWRQRDOERXWR›VDPLDQH]HUJRQRPL•
DOERWUDNWRZDQHMDNRUR]V]HU]HQLHWHMG]LHG]LQ\ZLHG]\=ZLÆ]DGHILQLFMDkZLDWR
ZHM2UJDQL]DFML=GURZLD:+2VWZLHUG]D›Hd&]\QQLNOXG]NLRGQRVLVLÆGRF]\Q
QLNÏZ]ZL•]DQ\FK]HyURGRZLVNLHPQDWXUDOQ\PRUJDQL]DF\MQ\FKLGRW\F]•F\FKSUDF\RUD]
FKDUDNWHU\VW\NL]ELRURZRyFLOXG]NLHMLMHGQRVWNLPDM•F\FKZS\ZQD]GURZLHLEH]SLHF]HÍ
VWZR&]\QQLNOXG]NLPR›HE\ÂZXSURV]F]HQLXUR]SDWU\ZDQ\ZWU]HFKDVSHNWDFKSUDF\
MHGQRVWNL L RUJDQL]DFML RUD] LFK ZS\ZX QD ]DFKRZDQLD OXG]NLH ]ZL•]DQH ]H ]GURZLHP
LEH]SLHF]HÍVWZHPr>@1DVWURQLHZLWU\Q\$ERXWFRPSRyZLÆFRQHMHUJRQRPLLSRMÆ
FLHdF]\QQLNOXG]NLrRNUHyORQHMHVWMDNRG]LHG]LQDQDXNLGRW\F]•FDLQWHUIHMVXF]R
ZLHNPDV]\QD]DMPXM•FDVLÆSV\FKRORJLF]Q•VRFMRORJLF]Q•IL]\F]Q•ELRORJLF]Q•
RUD]EH]SLHF]QRyFLRZ•FKDUDNWHU\VW\N•F]RZLHNDMDNRX›\WNRZQLNDV\VWHPXWHFK
QLF]QHJRLFKDUDNWHU\VW\N•V\VWHPXZNWÏU\P]QDMGXMHVLÆWHQX›\WNRZQLN>@
:yUÏGZLHOXGHILQLFMLEOL›V]H]DNUHVRZLQLQLHMV]HJRDUW\NXXV•RSLVDQHQDVWURQLH
6WRZDU]\V]HQLD+)(6+XPDQ)DFWRUDQG(UJRQRPLFV6RFLHW\GHILQLFMHDPHU\
NDÍVNLFK RUJDQL]DFML U]•GRZ\FK ] REV]DUX WUDQVSRUWX >@ :HZQ•WU] )HGHUDOQHM
$JHQFML /RWQLFWZD )$$ t )HGHUDO $YLDWLRQ $JHQF\ >@ VWRVRZDQD MHVW NUÏWND
GHILQLFMDPÏZL•FDRF]\QQLNXOXG]NLPMDNRdPXOWLG\VF\SOLQDUQ\PG]LDDQLXZFHOX
Z\WZRU]HQLDRUD]VFDOHQLDLQIRUPDFMLGRW\F]•F\FKPR›OLZRyFLLRJUDQLF]HÍF]RZLHNDRUD]
Z\NRU]\VWDQLXLFKGRXU]•G]HÍV\VWHPÏZRELHNWÏZSURFHGXUVWDQRZLVNSUDF\yURGRZLVND
V]NROHÍ RUD] ]DU]•G]DQLD ]DVREDPL OXG]NLPL Z FHOX ]DSHZQLHQLD EH]SLHF]Q\FK Z\JRG
Q\FKLHIHNW\ZQ\FKG]LDDÍF]RZLHNDr1DWRPLDVWV]HUV]HRNUHyOHQLH=DU]•GX%DGDÍ
7UDQVSRUWRZ\FK75%t7UDQVSRUWDWLRQ5HVHDUFK%RDUG>@PÏZL›HMHVWWRdG\V
F\SOLQD QDXNL NWÏUD EDGD LQWHUDNFMÆ F]RZLHND ] Z\UREDPL SU]\U]•GDPL L V\VWHPDPL
1DW\PSROXVSRW\NDM•VLÆQDXNLEHKDZLRUDOQHLQ›\QLHULDLLQQHG\VF\SOLQ\ZLHG]\DE\
Z\SUDFRZDÂ]DVDG\SRPDJDM•FH]DSHZQLÂX›\WHF]QRyÂXU]•G]HÍLV\VWHPÏZGODOXG]LNWÏU]\
]DPLHU]DM•]QLFKNRU]\VWDÂ'RW\F]\WDNLHJRSRGHMyFLDGRSURMHNWRZDQLDNWÏUHVNXSLDVLÆ
&=<11,./8'=.,-$.235=<&=<1$:<3$'.¯:.2/(-2:<&+
327
QDFHQWUDOQHMSR]\FMLX›\WNRZQLND:W\PFHOXSUDNW\F\G]LHG]LQ\ZQRV]•ZLHG]ÆHNVSHUF
N•GRW\F]•F•FKDUDNWHU\VW\NLF]RZLHNDLVWRWQ•ZSURMHNWRZDQLXUϛQRURGQ\FKXU]•G]HÍ
L V\VWHPÏZ ']LHG]LQD SU]\F]\QLD VLÆ GR RGNU\ Z WDN ]R›RQ\FK REV]DUDFK MDN SRGEÏM
NRVPRVXLSRZVWDZDQLDQRZ\FKUR]ZL•]DÍZ\UREÏZQDZHWW\FKQDMEDUG]LHM]Z\F]DMQ\FK
LQDMF]ÆVWV]\FKZX›\FLX:LQ›\QLHULLWUDQVSRUWRZHMLVWQLHMHZLHOHSU]\NDGÏZ]QDF]•FHJR
ZNDGXZLHG]\GRW\F]•FHMF]\QQLNDOXG]NLHJRFKRÂQLHZV]\VWNLHV•RF]\ZLVWH:\PDJDQLD
GRW\F]•FHSRODZLG]HQLDVWDQRZLVNDSUDF\NLHURZF\XPLHV]F]DQLD]QDNÏZLFKZ\PLDUÏZ
LNRORUÏZNURMXVWRVRZDQ\FKOLWHULZ\JO•GXLNRQFKDUDNWHU\VW\NLV\JQDÏZDNXVW\F]Q\FK
ZyUÏGZLHOXLQQ\FK]RVWD\GRSUDFRZDQHL]QRUPDOL]RZDQHZZ\QLNXLFKRFHQ\SRGN•WHP
F]\QQLND OXG]NLHJR : RGQLHVLHQLX GR EH]SLHF]HÍVWZD GURJRZHJR F]\QQLN OXG]NL GRW\F]\
SURMHNWRZDQLD GURJL DVSHNWÏZ yURGRZLVNRZ\FK RUD] SRMD]GX 7U]\ SRGVWDZRZH HOHPHQW\
V\VWHPXWUDQVSRUWXGURJRZHJRNWÏU\PLV•GURJDSRMD]GLX›\WNRZQLNGURJLPXV]•E\Â]H
VRE• NRPSDW\ELOQH ,Q›\QLHURZLH PRJ• ]DSURMHNWRZD GURJL V\VWHP\ NLHURZDQLD UXFKHP
LSRMD]G\DOHQLHPRJ•]DSURMHNWRZDÂX›\WNRZQLNÏZGURJL0XV]•ZLÆFSURMHNWRZDÂGOD
QLFK&]\QQLNOXG]NLVWDQRZLRELHNW\ZQ•ED]ÆGODWDNLHJRSURMHNWRZDQLD']LÆNLWHPX
SURMHNWRZDQLHRSLHUDVLÆQD]EDGDQ\P]DFKRZDQLXRUD]QDPR›OLZRyFLDFKF]RZLHNDDQLH
MHVWZ\QLNLHPPHWRG\SUÏELEÆGÏZr
,QQH|UÏGDPÏZL•SRQDGWRREDGDQLX]DNUHVXRVL•JÏZF]RZLHNDLLFK]DVWR
VRZDQLX Z SURMHNWRZDQLX V\VWHPÏZ WHFKQLF]Q\FK RUD] R FHODFK WDNLFK G]LDDÍ
GR NWÏU\FK QDOH›\ ]ZLÆNV]DQLH Z\GDMQRyFL SUDF\ RUD] SRSUDZD EH]SLHF]HÍVWZD
Z\JRG\LMDNRyFL›\FLD
3U]\WRF]RQHSRZ\›HMGHILQLFMHPRJ•E\ÂEH]]DVDGQLF]\FK]PLDQSU]HQLHVLRQH
GR REV]DUX WUDQVSRUWX NROHMRZHJR = RNUHyOHÍ W\FK Z\QLNDM• RF]\ZLVWH ]ZL•]NL
SRMÆFLDF]\QQLNDOXG]NLHJR]V]HURNRUR]XPLDQ•G]LHG]LQ•EH]SLHF]HÍVWZDZW\P
EH]SLHF]HÍVWZDWUDQVSRUWXV]\QRZHJR]Z•F]HQLHPDQDOL]\SU]\F]\QSRZVWDZD
QLDLPHWRG]DSRELHJDQLDZ\SDGNRPNROHMRZ\P
3R]DSU]\SRPQLDQ\PSRZ\›HMSUDZLGRZ\PUR]XPLHQLHPWHUPLQXdF]\QQLN
OXG]NLrSRZV]HFKQHMHVWV]F]HJÏOQLHZSXEOLF]Q\FKyURGNDFKSU]HND]XQDGX›\
ZDQLHWHJRSRMÆFLD:ZLHOXSU]\SDGNDFKSURVW\PZ\WXPDF]HQLHPMHJRVWRVRZD
QLDPR›HE\ÂFKÆÂX›\ZDQLDEDUG]LHMZ\UDILQRZDQHJRSVHXGRQDXNRZHJRMÆ]\ND
SU]H]]DVWÆSRZDQLH]Z\N\FKVWZLHUG]HÍWDNLFKMDNSRSURVWXdF]RZLHNrLMHJR
G]LDDQLD:QLHNWÏU\FKSU]\SDGNDFKPR›HWRWDN›HE\ÂFHORZDSUÏEDRGZUÏFHQLD
XZDJLRGZDyFLZHMRFHQ\SUDZLGRZRyFLG]LDDQLDSRWHQFMDOQHJRVSUDZF\]GDU]H
QLDLFKRÂE\F]ÆyFLRZHJRSU]HQLHVLHQLDRGSRZLHG]LDOQRyFLQDGDQHXU]•G]HQLHOXE
V\VWHPWHFKQLF]Q\LRNROLF]QRyFL]HZQÆWU]QH'RW\F]\WRZV]F]HJÏOQRyFLZ\SR
ZLHG]L GRW\F]•F\FK SRWHQFMDOQ\FK SU]\F]\Q L VSUDZFÏZ ]DLVWQLD\FK Z\SDGNÏZ
]ZL•]DQ\FK]UXFKHPSRMD]GÏZ
:SHZQ\PVWRSQLXMDNZSU]\SDGNXZLHOXLQQ\FKSRZV]HFKQLHVWRVRZDQ\FK
WHUPLQÏZLVIRUPXRZDÍMHVWWRWDN›HNZHVWLDPRG\3RSXODUQHMHVW]DVWRVRZDQLH
WHUPLQXdF]\QQLNOXG]NLrZRGQLHVLHQLXGRF]RZLHNDLMHJRG]LDDQLDMDNRHOHPHQ
WXGDQHJRSURFHVXF]\V\VWHPXWHFKQLF]QHJRMHVWZLÆFRQRRGOHJHRGSU]\WRF]R
QHJRSRZ\›HM]QDF]HQLDGHILQLF\MQHJRNWÏUHGRW\F]\G]LHG]LQ\ZLHG]\]ZL•]DQHM
] LQWHUIHMVHP F]RZLHN t PDV]\QD &]ÆVW\P L QRUPDOQ\P ]MDZLVNLHP Z ›\Z\P
MÆ]\NX MHVW MHGQDN IDNW ›H VNXWNLHP SRZV]HFKQHJR X›\ZDQLD VRZD F]\ ]ZURWX
328
2OSLÍVNL:
Z VSRVÏE QLHSRSUDZQ\ VRZQLNRZR MHVW SU]\SLVDQLH PX QRZHJR WHJR SLHUZRW
QLHEÆGQHJR]QDF]HQLD:\GDMHVLƛHF]ÆyFLRZRVWDRVLÆWRUÏZQLH›]WHUPLQHP
dF]\QQLNOXG]NLrJG]LH]DPLDVW]JRGQHJR]MHJRDQJLHOVNRMÆ]\F]Q\PDPHU\NDÍ
VNLPSLHUZRZ]RUHPRGQRV]•F\PVLÆGRG]LHG]LQ\ZLHG]\ZSROVNLPOHF]QLHW\O
NRWXPDF]HQLXSRMÆFLHWRVWRVRZDQHMHVWMDNRRNUHyOHQLHF]RZLHNDVWDQRZL•FHJR
HOHPHQWSURFHVXOXEV\VWHPXWHFKQLF]QHJR]ZDV]F]DZNRQWHNyFLHRFHQ\SU]\
F]\Q]GDU]HÍ
6WDM•FZSHZQ\PVWRSQLXSRPLÆG]\W\PLGZRPD]QDF]HQLDPLFKFLDE\PQD
SRWU]HE\QLQLHMV]HJRDUW\NXXZRGQLHVLHQLXGRZ\MDyQLDQLDSU]\F]\QZ\SDGNÏZ
SU]\M•Â MDNR RNUHyOHQLH SRMÆFLD dF]\QQLN OXG]NLr ›H PDP\ ] QLP GR F]\QLHQLD
ZÏZF]DV JG\ V]HURNRUR]XPLDQHRNROLF]QRyFL]HZQÆWU]QHMDNFHFK\NRQVWUXN
F\MQHLIXQNFMRQDOQHGDQHJRXU]•G]HQLDF]\V\VWHPXWHFKQLF]QHJRRUD]ZV]HONLH
ZDUXQNLZMDNLFKMHVWRQRZ\NRU]\VW\ZDQHSU]H]F]RZLHNDPRJ•PLHÂZS\Z
QDVSRVÏEZ\NRQ\ZDQLDSU]H]QLHJRF]\QQRyFL:S\ZWHQZ\VWÆSXMHQLH]DOH›QLH
RGLQG\ZLGXDOQ\FKSUHG\VSR]\FMLMHGQRVWNLLMHVW]GX›\PSUDZGRSRGRELHÍVWZHP
SRGREQ\GR]DFKRZDQLDVLÆZLÆNV]RyFLLQQ\FKRVÏEZSRGREQHMV\WXDFMLV]F]HJÏO
QLHSR•F]RQHM]VLOQ\PVWUHVHP
:EDUG]RZLHOXSU]\SDGNDFKMHVWIDNWHP›HZGDQHMV\WXDFMLSU]\F]\Q•]GD
U]HQLDE\SRSURVWXF]RZLHNLMHJRG]LDDQLH=DVWÆSRZDQLHZÏZF]DV]Z\F]DMQHJR
VWZLHUG]HQLD ›H d]DZLQL F]RZLHNr EDUG]LHM PHGLDOQ\P PRGQ\P VIRUPXRZD
QLHP›Hd]DZLQLF]\QQLNOXG]NLrPR›HSURZDG]LÂGRQLHX]DVDGQLRQHJR]DJRG]H
QLDRFHQ\QLHZDyFLZHJR]DFKRZDQLDF]RZLHNDEÆG•FHJRSRyUHGQLPDOEREH]SR
yUHGQLPVSUDZF•GDQHJR]GDU]HQLD0DWRV]F]HJÏOQH]QDF]HQLHZZ\VW•SLHQLDFK
SXEOLF]Q\FKJG\›SURZDG]LGR]QLHNV]WDFHQLDSRZV]HFKQHJRRGELRUXRNROLF]QR
yFLZ\SDGNX3U]H]X›\FLHSRMÆFLDdF]\QQLNOXG]NLrVWZDU]DQHMHVWZUD›HQLHE\Â
PR›HF]ÆVWRZVSRVÏEQLH]DPLHU]RQ\›HWRQLHGDQ\F]RZLHNOHF]E\ÂPR›HND›G\
LQQ\ZSRGREQHMV\WXDFMLSRVW•SLE\SRGREQLHQLHSUDZLGRZR=D]Z\F]DMMHVWMHG
QDNWUXGQRVWZLHUG]LÂZMDNLPVWRSQLXGREÆGQHJRG]LDDQLDRNUHyORQHMRVRE\
SU]\F]\QL\VLÆQLH]DOH›QHRGQLHMF]\QQLNL]HZQÆWU]QHNWÏUHSRZLQQ\E\ÂX]QDQH
MDNRSU]\F]\Q\SRyUHGQLRSURZDG]•FHGRGDQHJR]GDU]HQLD
3U]\NDGHPZVND]XM•F\PQDPR›OLZRyÂ]DLVWQLHQLDRGG]LD\ZDQLDNWÏUHPR›H
E\ÂWUDNWRZDQHMDNRSRZL•]DQH]dF]\QQLNLHPOXG]NLPrZSU]HGVWDZLRQ\PZ\›HM
]QDF]HQLXMHVWMHGQR]]DOHFHÍ3DÍVWZRZHM.RPLVML%DGDÍ:\SDGNÏZ.ROHMRZ\FK
ZUDSRUFLH]EDGDQLDSRZD›QHJRZ\SDGNXNROHMRZHJRQDV]ODNX6SURZDt6WDU]\
Q\]URNX>@2WϛZWUHyFL]DOHFHQLDQUVWZLHUG]RQRWDP›H
d:LQVWUXNFML,HLLQQ\FKZHZQÆWU]Q\FKGRNXPHQWDFKZW\PZLQVWUXNFMDFKRE
VXJLEORNDGOLQLRZ\FKQDOH›\]PLHQLÂRSLVdSRFL•JQDV]ODNXrSU]\]REUD]RZDQLXZSR
VWDFLF]HUZRQHMVWU]DNLL]DVW•SLÂJRRSLVHPdZ\NRU]\VWDQ\XVWDZLRQ\NLHUXQHNEOR
NDG\r]NRPHQWDU]HP›HZ\yZLHWOHQLHWHJRREUD]XQLHR]QDF]DU]HF]\ZLVWHM]DMÆWRyFLWRUX
V]ODNRZHJRSU]H]SRFL•Jr
1DOH›\SU]H]WRUR]XPLHÂL›3.%:.GRV]DGRZQLRVNX›HZ]DLVWQLDHMV\
WXDFMLG\›XUQ\UXFKXPÏJE\ÂZSURZDG]RQ\ZE•GV\JQDHPZSRVWDFLVWU]DNL
NLHUXQNXEORNDG\OLQLRZHMSRGyZLHWORQHMNRORUHPF]HUZRQ\PF]HJRRSLVLVWQLH
M•F\ZRERZL•]XM•F\FKLQVWUXNFMDFKLSU]HSLVDFK]DSHZQHXWUZDORQ\ZSDPLÆFL
&=<11,./8'=.,-$.235=<&=<1$:<3$'.¯:.2/(-2:<&+
329
G\›XUQ\FK UXFKX ZVND]\ZD QD REHFQRy SRFL•JX QD V]ODNX QD GDQ\P WRU]H
:U]HF]\ZLVWRyFLSRFL•JWHQQLHZ\MHFKDQDWRUV]ODNRZ\QUNWÏUHJRGRW\F]\D
SRGyZLHWORQDVWU]DNDOHF]QDWRUQUDZ\yZLHWOHQLHVWU]DNLVSRZRGRZDQHE\R
EÆGQ•REVXJ•SXOSLWXSU]H]G\›XUQHJRUXFKXQDSU]HFLZQ\PNRÍFXV]ODNX=D
F\WRZDQH]DOHFHQLHMHVWMHGQDNW\ONRZQLRVNLHP3.%:.]DQDOL]\]DLVWQLD\FK
]GDU]HÍLQLHMHVWZ\PLHQLRQHMDNRSRyUHGQLDDQLW\PEDUG]LHMEH]SRyUHGQLDSU]\
F]\QDZ\SDGNX
=QDF]HQLHSURFHGXUZX›\WNRZDQLXXU]•G]HÍLV\VWHPÏZ
,VWRWQ\P HOHPHQWHP ZV]HONLFK G]LDDÍ OXG]NLFK Z X›\WNRZDQLX XU]•G]HÍ
L V\VWHPÏZ WHFKQLF]Q\FK MHVW V]HURNR UR]XPLDQH VWRVRZDQLH SURFHGXU =JRGQLH
]QRUP•WHUPLQRORJLF]Q•GRW\F]•F•V\VWHPXMDNRyFL,62>@SURFHGXUDMHVW
WRRNUHyORQ\VSRVÏEUHDOL]DFMLG]LDDÍOXESURFHVÏZ-HVWRF]\ZLVWH›HGODSUDZL
GRZHJRLEH]SLHF]QHJRX›\WNRZDQLDXU]•G]HÍNRQLHF]QHMHVWSU]HVWU]HJDQLHLFK
LQVWUXNFMLREVXJLDWDN›HZV]HONLFKRERZL•]XM•F\FKSU]HSLVÏZ'RNXPHQW\WDNLH
PRJ•DOER]DZLHUDÂZVRELHRNUHyORQHSURFHGXU\DOERE\Â|UÏGHPGODRSUDFR
ZDQLDRGSRZLHGQLFKSURFHGXUG]LDDQLDX›\WNRZQLND1LHSU]HVWU]HJDQLHZ\PD
JDQ\FKSURFHGXUPR›HE\ÂEH]SRyUHGQL•SU]\F]\Q•Z\SDGNX3R]DSURFHGXUDPL
GRW\F]•F\PLQRUPDOQHMHNVSORDWDFMLV\VWHPX]D]Z\F]DMGODND›GHJR]QLFKRG
SRZLHGQLRGRVWRSQLDMHJR]R›RQRyFLLVWQLHM•WDN›HSURFHGXU\GRW\F]•FHV\WXDFML
V]F]HJÏOQ\FKREHMPXM•FH]DVDG\G]LDDQLDZUD]LHZ\VW•SLHQLDXV]NRG]HÍLXVWH
UHN,VWQLHM•WDN›HRGSRZLHGQLHSURFHGXU\VWRVRZDQHZUD]LH]DLVWQLHQLDRNUHyOR
QHJR]GDU]HQLDDZV]F]HJÏOQRyFLZ\SDGNX
6WRVRZDQLH SURFHGXU PD V]HUHJ QLH]DSU]HF]DOQ\FK ]DOHW 1DOH›• GR QLFK
ZV]F]HJÏOQRyFL
]DSHZQLHQLH]DR›RQHJR]JÏU\yFLyOHRNUHyORQHJRLSRZWDU]DOQHJRVSRVREX
G]LDDQLDZ]GHILQLRZDQ\FKZDUXQNDFKLMHJRRF]HNLZDQHJRVNXWNX
PR›OLZRyÂSUDZLGRZHJRX›\WNRZDQLDXU]•G]HQLDF]\V\VWHPXSU]H]RVR
E\RZ]JOÆGQLHPQLHMV]\PVWRSQLX]QDMRPRyFL]DVDGMHJRIXQNFMRQRZDQLD
V]F]HJϏÏZNRQVWUXNF\MQ\FKLWS
]PQLHMV]HQLH SRWHQFMDOQHJR QHJDW\ZQHJR ZS\ZX dF]\QQLND OXG]NLHJRr
ZSU]HGVWDZLRQ\PSRZ\›HM]QDF]HQLXREMDZLDM•FHJRVLÆV]F]HJÏOQLHZV\
WXDFMLVWUHVRZHMVWDQRZL•FHMF]ÆVWRLVWRWQ\SU]\F]\QHNVNXWNXM•F\EÆGQ\P
G]LDDQLHPF]RZLHND
VNUÏFHQLHF]DVXRGZ\VW•SLHQLDRNROLF]QRyFLZ\PDJDM•F\FKSRGMÆFLDRNUH
yORQHJRG]LDDQLDGRF]DVXLFK]UHDOL]RZDQLD
PR›OLZRyÂRFHQ\SUDZLGRZRyFLG]LDDQLDX›\WNRZQLND
0R›QD WDN›H Z\PLHQL V]HUHJ QHJDW\ZQ\FK FHFK SRZV]HFKQHJR VWRVRZDQLD
SURFHGXU,ORyÂ]DJUR›HÍ]ZL•]DQ\FK]HVWRVRZDQLHPSURFHGXUURyQLH]H]ZLÆNV]D
QLHPVLÆZ\M•WNRZRyFLV\WXDFMLNWÏUHMGRW\F]•
330
2OSLÍVNL:
3LHUZV]\PQLHEH]SLHF]HÍVWZHPPR›HE\ÂE•GZZ\ERU]HZDyFLZHMSURFHGXU\
F]HJRXQLNQLÆFLHSRZLQQRE\Â]DSHZQLRQHWDN›HRGSRZLHGQL•SURFHGXU•
3RGUXJLHZV\WXDFMDFKZ\NUDF]DM•F\FKSR]DUDP\SU]\JRWRZDQ\FKSURFHGXU
SHUVRQHOPR›HDWZR]QDOH|ÂVLÆZV\WXDFMLZNWÏUHMQLHEÆG]LH]GROQ\GRZ\ERUX
RSW\PDOQHMPHWRG\G]LDDQLD&RG]LHQQDSUDNW\NDSRND]XMH›H›\FLHMHVWERJDWV]H
RGZ\REUD|QLDXWRUÏZSURFHGXULPR›H]GDU]\ÂVLÆV\WXDFMDZF]HyQLHMQLHSU]HZL
G]LDQD=ZLHOXSU]\F]\QZyUÏGNWÏU\FKF]ÆVWR]QDF]HQLHPDQLHNRPSHWHQFMDSHU
VRQHOXWDNDV\WXDFMDPR›HVWDÂVLÆV]F]HJÏOQLHJUR|QDD]DVWRVRZDQLHQLHZDyFLZHM
SURFHGXU\PR›H]QDF]•FRSRJRUV]\ÂVNXWNL]GDU]HQLD
3RWU]HFLHSRZV]HFKQDMHVW]DSUDNW\NDUR]OLF]DQLDSHUVRQHOXW\ONRRGQRyQLH
SU]HVWU]HJDQLDSURFHGXUQLH]DOH›QLHRGVNXWNÏZ]GDU]HQLDSRZVWD\FKSRPLPR
]DVWRVRZDQLD QDZHW ZDyFLZHM SURFHGXU\ $XWRU QLQLHMV]HJR DUW\NXX XZD›D ›H
VWRVRZDQLHSURFHGXUQLHPR›HE\ÂWUDNWRZDQHMDNR]ZROQLHQLHSHUVRQHOX]RERZL•]
NXP\yOHQLD.D›GDSURFHGXUDSRZLQQD]DF]\QDÂVLÆZLÆFRGVWZLHUG]HQLD›Hd]DVWR
VRZDQLHQLQLHMV]HMSURFHGXU\QLH]ZDOQLDMHMZ\NRQDZF\]P\yOHQLDZW\PRFHQ\SUDZLGRZRyFL
SRGHMPRZDQ\FKG]LDDÍRUD]LFKVNXWNÏZr
=DZDyFLZHSU]\JRWRZDQLHZV]HONLFKSURFHGXURNUHyODM•F\FKG]LDDQLD]ZL•
]DQH ] SURZDG]HQLHP UXFKX NROHMRZHJR ]ZDV]F]D ]ZL•]DQ\FK ] ]DSHZQLHQLHP
MHJREH]SLHF]HÍVWZDSRZLQLHQRGSRZLDGDÂRSUDFRZDQ\LZGUR›RQ\V\VWHPEH]
SLHF]HÍVWZDNWÏUHJR]DVDG\V•ZRJÏOQRyFLQLH]DOH›QHRGV\VWHPXWHFKQLF]QHJR
NWÏUHJR GRW\F]• 'OD V\VWHPX NROHMRZHJR Z\PDJDQLD GOD V\VWHPX ]DU]•G]DQLD
EH]SLHF]HÍVWZHP GOD NROHL ]DZDUWH V• Z G\UHNW\ZLH Z VSUDZLH EH]SLHF]HÍVWZD
NROHL>@
']LDDQLHXU]•G]HÍZVWDQLHXVWHUNL
-HGQ•]V\WXDFMLZ\M•WNRZ\FKZSURFHVLHX›\WNRZDQLDXU]•G]HQLDOXEV\VWHPX
WHFKQLF]QHJRMHVWZ\VW•SLHQLHMHJRXVWHUNL8U]•G]HQLHPR›H]QDOH|ÂVLÆZÏZF]DV
ZVWDQLHQLHSHQHMVSUDZQRyFLIXQNFMRQDOQRyFLMHGQDN]]DFKRZDQLHPPR›OLZRyFL
GDOV]HJRG]LDDQLDZRNUHyORQ\PRJUDQLF]RQ\P]DNUHVLH:GRNXPHQWDFKDQ
JLHOVNRMÆ]\F]Q\FKWDNLWU\EG]LDDQLDXU]•G]HQLDOXEV\VWHPXXPR›OLZLDM•F\MHJR
GDOV]HF]ÆyFLRZHZ\NRU]\VW\ZDQLHMHVWRNUHyODQ\MDNRdGHJUDGHGPRGHr3U]\JR
WRZDQDGRNXPHQWDFMDHNVSORDWDF\MQDSU]HZLGXMH]D]Z\F]DMPR›OLZRyÂZ\VW•SLH
QLD RNUHyORQ\FK XVWHUHN L XV]NRG]HÍ RUD] SRGDMH VSRVÏE SRVWÆSRZDQLD Z GDQHM
V\WXDFML:RGQLHVLHQLXGRZLÆNV]RyFLXU]•G]HÍLV\VWHPÏZNWÏU\FKSUDZLGRZH
G]LDDQLH ZDUXQNXMH ]DSHZQLHQLH EH]SLHF]HÍVWZD UXFKX NROHMRZHJR Z\RGUÆEQLD
VLÆ]Z\NOHJUXSÆ]GDU]HÍSU]\NWÏU\FK]DLVWQLHQLXPR›OLZDMHVWNRQW\QXDFMDEH]
SLHF]QHM MD]G\ SRFL•JÏZ : ZLHOX SU]\SDGNDFK Z\PDJD WR MHGQDN F]ÆyFLRZHJR
OXEFDNRZLWHJRSU]HQLHVLHQLDRGSRZLHG]LDOQRyFL]DQDG]ÏUQDGEH]SLHF]HÍVWZHP
] XU]•G]HÍ QD F]RZLHND :L•›H VLÆ WR MHGQDN ] NRQVHNZHQFMDPL NWÏUH ]RVWDQ•
RPÏZLRQH Z GDOV]HM F]ÆyFL DUW\NXX 7DN RJÏOQH VWZLHUG]HQLD MDN SU]HGVWDZLR
QHSRZ\›HMGRW\F]•]DUÏZQRXU]•G]HÍLRELHNWÏZLQIUDVWUXNWXU\ NROHMRZHMMDN
&=<11,./8'=.,-$.235=<&=<1$:<3$'.¯:.2/(-2:<&+
331
L SRMD]GÏZ 1DMSURVWV]\P SU]\NDGHP PR›H E\ VWZLHUG]HQLH XV]NRG]HQLD QD
ZLHU]FKQLNROHMRZHM6WRSLHÍWHJRXV]NRG]HQLDPR›HSR]ZDODÂQDSU]HMD]GSRFL•
JXSU]H]PLHMVFHRRJUDQLF]RQ\FKSDUDPHWUDFKHNVSORDWDF\MQ\FKDZSURZDG]RQ\
WU\EG]LDDQLDZVWDQLHXVWHUNLZL•›HVLÆ]RJUDQLF]HQLHPSUÆGNRyFLSU]HMD]GXQS
GRNPK3U]\NDGHPGRW\F]•F\PSRMD]GXV]\QRZHJRPR›HE\ÂXV]NRG]HQLH
ORNRPRW\Z\ SROHJDM•FH QS QD SRDPDQLX SDQWRJUDIX 7DNL VWDQ XVWHUNRZ\ SR
]ZROLQDGDOV]•MD]GÆSRXVXQLÆFLX]EÆGQ\FKSR]RVWDRyFLXV]NRG]RQHJRHOHPHQWX
]DJUD›DM•F\FKVSRZRGRZDQLHP]ZDUFLDRUD]SU]H•F]HQLXXU]•G]HÍQDRGELÏU]DVL
ODQLDSRMD]GXSU]H]GUXJLVSUDZQ\SDQWRJUDI
=Z\NOH V\WXDFMD MHVW R ZLHOH EDUG]LHM ]R›RQD JG\ GRW\F]\ XU]•G]HÍ VWH
URZDQLDUXFKHPNROHMRZ\PVUN]DUÏZQRSRNDGRZ\FKMDNLV]HURNRUR]X
PLDQ\FK XU]•G]HÍ SU]\WRURZ\FK 'OD SURVW\FK V\VWHPÏZ Z\NRU]\VWXM•F\FK
VWDUV]H WHFKQRORJLH MDN PHFKDQLF]QH L HOHNWURPHFKDQLF]QH SU]HND|QLNRZH
XU]•G]HQLD VUN OLF]ED VWDQÏZ XVWHUNRZ\FK MHVW ]Z\NOH PQLHMV]D RJUDQLF]R
QHV•WDN›HPR›OLZRyFLG]LDDQLDZWDNLPVWDQLH&]ÆVWRVSURZDG]DVLÆWRGR
EH]SRyUHGQLHJR SU]HQLHVLHQLD RGSRZLHG]LDOQRyFL QD F]RZLHND NWÏU\ Z\GD
MH]H]ZROHQLHQDMD]GÆGURJ•UR]ND]XSLVHPQHJROXESRSURVWXZ\yZLHWOHQLD
V\JQDX ]DVWÆSF]HJR : WDNLP VWDQLH ]Z\NOH EDUG]R RJUDQLF]RQH OXE QDZHW
FDNRZLFLH Z\•F]RQH ]RVWDM• IXQNFMH NRQWUROQH XU]•G]HÍ VUN Z QRUPDOQ\P
VWDQLH ]DSHZQLDM•FH EH]SLHF]HÍVWZR UXFKX SRFL•JÏZ QD Z\PDJDQ\P SR]LR
PLH6\WXDFMDMHVWRZLHOHEDUG]LHM]R›RQDZSU]\SDGNXQRZRF]HVQ\FKHOHN
WURQLF]Q\FK ]ZDV]F]D VNRPSXWHU\]RZDQ\FK XU]•G]HQLDFK VUN 8U]•G]HQLD
WDNLHSURMHNWRZDQHV•ZVSRVÏE]DSHZQLDM•F\Z\PDJDQ\SR]LRPEH]SLHF]HÍ
VWZDZNWÏU\P]JRGQLH]QRUP•31(1GRW\F]•F•EH]SLHF]Q\FKHOHN
WURQLF]Q\FKV\VWHPÏZVWHURZDQLDUXFKHP>@ZDUWRyÂZVSϏF]\QQLNDWROH
URZDQHJR ]DJUR›HQLD 7+5 QD JRG]LQÆ L QD IXQNFMÆ MHVW PQLHMV]D QL› 7DNLQDMZ\›V]\F]ZDUW\SR]LRPLQWHJUDOQRyFLEH]SLHF]HÍVWZDMHVWR]QDF]DQ\
MDNR 6,/ L MHVW Z\PDJDQ\ Z V]F]HJÏOQRyFL GOD XU]•G]HÍ RGSRZLHG]LDOQ\FK
]D EH]SLHF]QH SURZDG]HQLH UXFKX SRFL•JÏZ :HGXJ UϛQ\FK |UÏGH SR]LRP
QLH]DZRGQRyFL F]RZLHND Z QDMOHSV]\P UD]LH SU]\ V]F]HJÏOQLH VSU]\MDM•F\FK
ZDUXQNDFK L ZVSDUFLX SU]H] XU]•G]HQLD WHFKQLF]QH QLH MHVW OHSV]\ QL› D Z QDMJRUV]\P SU]\SDGNX Z V\WXDFML VWUHVRZHM PR›H VSDy QDZHW GR SR
]LRPXJRUV]HJRQL›:DUWRyFLWDNLHSU]\WRF]RQR]DQRUP•,62
ZSUDF\1DURGRZHJR&HQWUXP%DGDÍ-•GURZ\FKZkZLHUNXRGQRyQLHZ\PD
JDÍEH]SLHF]HÍVWZDGODHOHNWURZQLM•GURZ\FK>@1DOH›\ZLÆF]ZUÏFLÂEDF]
Q•XZDJÆQDIDNW›HZND›G\PSU]\SDGNXSU]HQLHVLHQLHRGSRZLHG]LDOQRyFL]D
EH]SLHF]HÍVWZR ] XU]•G]HÍ VUN VSHQLDM•F\FK Z\PDJDQLD 6,/ QD F]RZLHND
ZL•›HVLÆ]H]ZLÆNV]HQLHPZDUWRyFLZVSϏF]\QQLND]DJUR›HQLDRGGRQDZHW
UD]\'RWHJRGRFKRG]LWDN›H]Z\NOHRZLHOHGX›V]\F]DVUHDNFMLF]RZLHND
QD]PLHQLDM•F•VLÆV\WXDFMÆRGRGSRZLHGQLHMUHDNFMLXU]•G]HÍ
332
2OSLÍVNL:
3U]HMPRZDQLHSU]H]F]RZLHNDRGXU]•G]HÍNRQWUROLQDGEH]SLHF]HÍ
VWZHP
1DOH›DRE\UR]ZD›\ÂGZDURG]DMHV\WXDFMLZNWÏU\FKPR›HQDVW•SLÂSU]HMÆFLH
SU]H]F]RZLHNDEH]SRyUHGQLHMNRQWUROLQDGSURZDG]HQLHPUXFKXSRFL•JÏZF]\OL
Z\GDZDQLD]H]ZROHQLDQDLFKMD]GÆ'RSLHUZV]HMJUXS\V\WXDFMLQDOH›\]DOLF]\Â
WHZV]\VWNLHSU]\SDGNLJG\XU]•G]HQLDDOERV•ZSHQLVSUDZQHDOERZ\VWÆSXM•
W\ONRGUREQH]DNÏFHQLDRSHUDF\MQHMDNQSSU]HSDOHQLHVLƛDUÏZNLV\JQDOL]DWRUD
OXEXVWHUNL:W\FKSU]\SDGNDFKSU]HMÆFLHNRQWUROLSU]H]F]RZLHNDPDQDFHOX
SU]HGHZV]\VWNLPXVSUDZQLHQLHSU]\VSLHV]HQLHSU]HMD]GXSRFL•JXSU]H]REV]DU
ZNWÏU\P
Z\VWÆSXM•RNUHyORQHRJUDQLF]HQLD]ZL•]DQH]]DSURMHNWRZDQ•IXQNFMRQDO
QRyFL•V\VWHPX]Z\NOHSRGSRU]•GNRZDQ•FHORZLQDGU]ÆGQHPXMDNLPMHVW
]DSHZQLHQLHEH]SLHF]HÍVWZDUXFKXSRFL•JÏZ
Z\VWÆSXM•VNXWNLRGG]LD\ZDQLDGDQHMXVWHUNLRLOHRQD]DLVWQLDD
1DOH›\]ZUÏFLÂXZDJƛHZREXV\WXDFMDFKSU]HMÆFLHNRQWUROLSU]H]F]RZLHND
ZL•›HVLÆZRF]\ZLVW\VSRVÏE]H]PQLHMV]HQLHPEH]SLHF]HÍVWZD:W\PSLHUZV]\P
SU]\SDGNXSRGVWDZRZ\PSRZRGHPSU]HMÆFLDNRQWUROLMHVWERZLHPFKÆÂVNUÏFH
QLDF]DVXMD]G\SRFL•JX=DNDGDM•FQDZHW›HSR]LRPEH]SLHF]HÍVWZDRSHUDWRUD
F]RZLHNDQLHUϛQLVLÆRGSR]LRPX6,/XU]•G]HÍFRRF]\ZLyFLHQLHMHVWSUDZG•
]DPLHU]RQHSU]\VSLHV]HQLHMD]G\SRFL•JXZ\PDJDREHMyFLDMDNLFKyRJUDQLF]HÍQD
FRQRUPDOQLHQLHSR]ZDODM•XU]•G]HQLDVUNZDyQLH]HZ]JOÆGXQDEH]SLHF]HÍVWZR
:GUXJLPSU]\SDGNXQDOH›\UR]ZD›\ÂGZDZDULDQW\:MHGQ\P]QLFKPR›OLZH
MHVWSURZDG]HQLHUXFKX]SHZQ\PLRERVWU]HQLDPLLZÏZF]DVPRJ•E\ÂGRWHJR
FHOX EH]SRyUHGQLR Z\NRU]\VW\ZDQH XU]•G]HQLD VUN FR MHGQDN ]Z\NOH ZL•›H VLÆ
]Z\GX›HQLHPF]DVXSU]HMD]GXSRFL•JXJG\›QDUXV]RQDMHVWMDNDyIXQNFMRQDOQRyÂ
V\VWHPXNWÏUD]HZ]JOÆGÏZEH]SLHF]HÍVWZDZ\PDJDZSURZDG]HQLDRJUDQLF]HÍ
:GUXJLPZDULDQFLHZNWÏU\PXVWHUNDZ\NOXF]DPR›OLZRyÂEH]SRyUHGQLHJRSUR
ZDG]HQLDUXFKXSU]H]XU]•G]HQLDQDGDOPR›OLZHL]DVDGQHMHVWZ\NRU]\VW\ZDQLH
G]LDDM•F\FKIXQNFMLV\VWHPX1LHVWHW\XU]•G]HQLDV•]Z\NOHSURMHNWRZDQHZWDNL
VSRVÏEDE\PR›OLZHE\RFDNRZLWHSU]HMÆFLHNRQWUROLSU]H]F]RZLHND:\GDMHVLÆ
MHGQDN›HZUD]]HVWRSQLHPUR]ZRMXVNRPSXWHU\]RZDQ\FKV\VWHPÏZVUNZV\
WXDFMLW\ONRF]ÆyFLRZHMXWUDW\IXQNFMRQDOQRyFLXU]•G]HÍQLHSRZLQQRE\ÂGRSXV]
F]DOQH FDNRZLWH ]UH]\JQRZDQLH ] W\FK IXQNFML ]DSHZQLDM•F\FK EH]SLHF]HÍVWZR
NWÏUHSURMHNWDQFLV\VWHPXX]QDOLMDNRQDGDOVSUDZQHSRPLPRWUZDQLDRNUHyORQHM
XVWHUNLERZLHPMDNX]DVDGQLRQRSRZ\›HMVWRSLHÍU\]\NDSU]\G]LDDQLXF]RZLH
NDMHVW]QDF]QLHZLÆNV]\QL›GODXU]•G]HÍ-HyOLWHIXQNFMHV\VWHPXXU]•G]HÍVUN
NWÏUHV•QDGDOVSUDZQHPRJ•VWZLHUG]L›HRNUHyORQHG]LDDQLHF]RZLHNDPR›H
GRSURZDG]LÂGRZ\SDGNXXU]•G]HQLDWHSRZLQQ\EORNRZDÂPR›OLZRyÂZ\NRQD
QLDSROHFHQLDRSHUDWRUD=DNDGDM•F›H]ZLHOXSRZRGÏZZW\PWDN›HF]ÆyFLRZR
GRW\FKF]DVRZ\FK ]DVDG NRQVWUXRZDQLD XU]•G]HÍ VUN RVWDWHF]QH REHMyFLH EORNDG
ZSURZDG]DQ\FK SU]H] XU]•G]HQLD SRZLQQR E\ PR›OLZH -HGQDN GRVWÆS GR WD
NLHJRREHMyFLDLZV]\VWNLHHOHPHQW\]ZL•]DQH]Z\PDJDQLDPLRGSRZLHGQLFKSUR
FHGXU NRQLHF]Q\FK GR MHJR ]UHDOL]RZDQLD SRZLQLHQ E\ QD W\OH ]R›RQ\ E\ MHJR
&=<11,./8'=.,-$.235=<&=<1$:<3$'.¯:.2/(-2:<&+
333
Z\NRU]\VWDQLHQLHPRJRSRZRGRZDÂVNUÏFHQLDF]DVXSU]HMD]GXSRFL•JXDE\QLH
]DFKÆFD REVXJL GR RPLMDQLD ]DEH]SLHF]HÍ 1DOH›\ ZUHV]FLH SU]\M•Â ›H ]DSHZ
QLHQLHEH]SLHF]HÍVWZDUXFKXNROHMRZHJRMHVWFHOHPQDGU]ÆGQ\PZVWRVXQNXGR
SRWU]HE\]DFKRZDQLD]DNDGDQHJRF]DVXMD]G\SRFL•JÏZ-DNRG\JUHVMÆPR›QDWX
VWZLHUG]L ›H ]GDQLHP DXWRUD FDNRZLW\P QLHSRUR]XPLHQLHP MHVW QS SUDNW\ND
NDUDQLD G\›XUQ\FK UXFKX ]D HZHQWXDOQH VSRZRGRZDQLH Z\GX›HQLD F]DVX MD]G\
RSÏ|QLHQLDSRFL•JÏZ=DFKÆFDWRGRSRPLMDQLDRNUHyORQ\FKHOHPHQWÏZSURFHGXU
ZV]F]HJÏOQRyFL]ZL•]DQ\FK]EH]SLHF]HÍVWZHP'RFKRG]LGRWDNSDUDGRNVDOQ\FK
V\WXDFML›HG\›XUQ\UXFKXVWZLHUG]DM•F]DLVWQLDH]DJUR›HQLH]E\WGXJROXEZFDOH
QLH Z\NRU]\VWXMH GRVWÆSQHM IXQNFML d5DGLRVWRSr REDZLDM•F VLÆ ›H MHJR G]LDDQLH
VSRZRGXMHRSÏ|QLHQLDZLÆNV]HMOLF]E\SRFL•JÏZQL›WHQNWÏUHJRGRW\F]\]DJUR
›HQLH L WDN GXJR MDN WR PR›OLZH XVLXMH Z\NRU]\VWD LQQH yURGNL •F]QRyFL RUD]
VWHURZDQLDUXFKHP
$QDOL]XM•FZXSURV]F]HQLXSURFHVSU]HMPRZDQLDRGSRZLHG]LDOQRyFL]DEH]SLH
F]HÍVWZR]XU]•G]HÍQDF]RZLHNDEÆG•FHJRLFKRSHUDWRUHPZSU]\SDGNXNROHL
]Z\NOH]XU]•G]HÍVUNQDG\›XUQHJRUXFKXDZSU]\SDGNXSRNDGRZ\FKXU]•G]HÍ
EH]SLHF]QHMNRQWUROLMD]G\SRFL•JXQDNLHUXM•FHJRSRMD]GHPNROHMRZ\PPDV]\QL
VWÆQDOH›\Z]L•ÂSRGXZDJƛH
]MHGQHMVWURQ\ZLÆNV]RyÂPR›OLZ\FKV\WXDFMLZW\PVWDQÏZXVWHUNRZ\FK
]RVWDMH GRJÆEQLH SU]HP\yODQD Z SURFHVLH SURMHNWRZDQLD L NRQVWUXNFML
XU]•G]HÍ D QDVWÆSQLH VSUDZG]RQD Z SURFHVLH LFK WHVWRZDQLD RUD] VXNFH
V\ZQLH ZHU\ILNRZDQD Z WUDNFLH HNVSORDWDFML XU]•G]HÍ SU]\ W\P LQ›\QLH
URZLHSURMHNWDQFLLLQQHRVRE\]DDQJD›RZDQHZSURFHVSRZVWDQLDGDQHJR
W\SXXU]•G]HÍSUDFXM•QRUPDOQLHZV\WXDFMLSR]EDZLRQHMSUHVMLZ\QLNDM•FHM
]G]LDDQLDZF]DVLHU]HF]\ZLVW\PRUD]Z]ZL•]NX]W\PSR]EDZLRQHMVWUHVX
GRWHJR•F]Q\]DVÏEZLHG]\ZV]\VWNLFKRVÏE]ZL•]DQ\FK]SRZVWDZDQLHP
XU]•G]HÍRUD]SURFHGXULFKX›\WNRZDQLDSU]HNUDF]DRF]\ZLyFLHPR›OLZRyFL
SR]QDZF]HSRMHG\QF]HJRX›\WNRZQLND
]GUXJLHMVWURQ\ZSU]HFLZLHÍVWZLHGRSRZ\›V]\FKRNROLF]QRyFLX›\WNRZ
QLN VW\NDM•F\ VLÆ ] V\WXDFM• XVWHUNRZ• OXE FKRÂE\ SU]HMPXM•F\ RGSRZLH
G]LDOQRyÂ]LQQ\FKZ]JOÆGÏZMDNQS]DPLDUVNUÏFHQLDF]DVXMD]G\SRFL•JX
]Z\NOH ]QDMGXMH VLÆ SRG RNUHyORQ• SUHVM• ]ZL•]DQ• ] ]DLVWQLD• V\WXDFM•
PR›HWRE\ÂFKÆÂVNUÏFHQLDF]DVXMD]G\SRFL•JXDF]ÆyFLHMXQLNQLÆFLDMHJR
Z\GX›HQLDQDREVXJLZDQ\PSRVWHUXQNXUXFKXFRJUR]LG\›XUQHPXUXFKX
NDUDPL ILQDQVRZ\PL ]D VSRZRGRZDQLH RSÏ|QLHÍ Z\NRQ\ZDQLH F]\QQRyFL
ZVWUHVLHPR›HZL•]DÂVLÆWDN›H]]DLVWQLHQLHPV\WXDFMLQLHW\SRZHMWDNLHM
MDNSRZVWDQLHXVWHUNLOXEXV]NRG]HQLDXU]•G]HÍVUNLNRQLHF]QRyFLSRGHMPR
ZDQLD]ZL•]DQ\FK]W\PG]LDDÍ]Z\NOHLVWRWQLH]ZLÆNV]DM•F\FKRGSRZLH
G]LDOQRyÂQDVNXWHNXWUDW\ZVSDUFLDGDZDQHJRSU]H]G]LDDM•FHSUDZLGRZR
XU]•G]HQLD
=SRZ\›V]HJRSRUÏZQDQLDZ\QLND›H]DJUR›HQLH]DLVWQLHQLHPEÆGXZG]LD
DQLXF]RZLHNDQL›XU]•G]HÍMHVW]ZLÆNV]RQHGRGDWNRZRUÏZQLH›]WHJRSRZRGX
›HZU]HF]\ZLVW\FKZDUXQNDFKHNVSORDWDF\MQ\FKG]LDDM•F]Z\NOHVDPRG]LHOQLH
]QDMGXMHVLÆRQSRG]QDF]QLHZLÆNV]•SUHVM•QL›]HVSϏRVÏEWZRU]•F\FKGDQ\V\V
334
2OSLÍVNL:
WHP'ODWHJRWH›ZV]HONLHUR]VWU]\JQLÆFLD]DV]\WHZDOJRU\WPDFKG]LDDQLDXU]•
G]HÍSRZLQQ\E\ÂL]DZ\M•WNLHP]XSHQLHZ\M•WNRZ\FKPDRSUDZGRSRGREQ\FK
V\WXDFMLQRUPDOQLHV•GX›REDUG]LHMUDFMRQDOQHQL›GHF\]MHF]RZLHNDX›\WNXM•FHJR
V\VWHPG]LDDM•FHJRGRWHJRZVWDQLHVWUHVX=WDNLHJRSRZRGXW\SRZ\PUR]ZL•
]DQLHPZV\VWHPDFK]ZL•]DQ\FK]EH]SLHF]HÍVWZHPWDNLFKMDNQSZ\NRU]\VW\
ZDQHZVWHURZQLDFKHOHNWURZQLM•GURZ\FKMHVWQDW\FKPLDVWRZHRGFLÆFLHPDQLSX
ODWRUÏZGRVWÆSQ\FKGODRSHUDWRUDV\VWHPXZSU]\SDGNX]DLVWQLHQLDLVWRWQHMXVWHU
NLJG\›HZHQWXDOQHG]LDDQLDF]RZLHND]ZL•]DQHV•]GX›RZLÆNV]\PU\]\NLHP
QL›RGSRZLHGQLHG]LDDQLDZ\NRQ\ZDQHDXWRPDW\F]QLHSU]H]V\VWHP
3RGVXPRZDQLH
3U]HGVWDZLRQH SRZ\›HM UR]ZD›DQLD GRW\F]•FH EH]SLHF]HÍVWZD G]LDDQLD XU]•
G]HÍ L V\VWHPÏZ WHFKQLF]Q\FK Z ]HVWDZLHQLX ] SURZDG]HQLHP SU]H] F]RZLHND
F]\QQRyFL]ZL•]DQ\FK]]DSHZQLHQLHPEH]SLHF]HÍVWZDSURZDG]LGRNRQNOX]ML›H
]DSHZQHGRV]OLyP\MX›GRWDNLHJRVWRSQLDUR]ZRMXXU]•G]HÍL›QLHPDX]DVDGQLH
QLDVWRVRZDQLHGRW\FKF]DVRZHM]DVDG\EH]Z]JOÆGQHJRSULRU\WHWXGHF\]MLSRGHMPR
ZDQ\FKSU]H]F]RZLHNDQDGZ\QLNDPLG]LDDQLDXU]•G]HÍ
:\GDMHVLÆZLÆF]DVDGQHVIRUPXRZDQLHQDVWÆSXM•FHMWH]\VWDQ]DDZDQVRZDQLD
WHFKQLF]QHJRZVSϏF]HVQ\FKXU]•G]HÍLV\VWHPÏZVWHURZDQLDUXFKHPNROHMRZ\P
SRZLQLHQSURZDG]LÂGRZSURZDG]HQLDZQLFKVWDQGDUGRZRWDNLFKUR]ZL•]D͛H
SRGMÆFLHSU]H]RSHUDWRUDV\VWHPXF]\QQRyFLVSU]HF]Q\FK]Z\QLNDPLG]LD
DQLDZHZQÆWU]Q\FKDOJRU\WPÏZV\VWHPX]ZDV]F]DGHF\]MLSRZRGXM•F\FK
EH]SRyUHGQLH]DJUR›HQLHZ\SDGNLHPSRZLQQRE\ÂDOERQLHPR›OLZHDOERFR
QDMPQLHM]QDF]QLHXWUXGQLRQH
SU]HMPRZDQLH RGSRZLHG]LDOQRyFL ]D EH]SLHF]QH SURZDG]HQLH UXFKX SU]H]
F]RZLHNDZUD]LHSRSUDZQHMSUDF\XU]•G]HÍOXEZV\WXDFML]DNÏFHÍRSHUD
F\MQ\FKOXEPDRLVWRWQ\FKXVWHUHNQLHSRZLQQRE\ÂPR›OLZHOXEE\ÂXWUXG
QLRQHZWDNLPVWRSQLXDE\QLHE\R]DVDGQHMHJRZ\NRU]\VW\ZDQLHZFHOX
VNUÏFHQLDF]DVXMD]G\SRFL•JXJG\›]DZV]HZL•›HVLÆWR]H]PQLHMV]HQLHP
EH]SLHF]HÍVWZD
1DOH›\WDN›HSDPLÆWDÂDE\QLHQDGX›\ZDÂWHUPLQXdF]\QQLNOXG]NLr]ZDV]
F]DZV\WXDFMLSXEOLF]QHMDQDOL]\VNXWNÏZ]DLVWQLD\FKZ\SDGNÏZ3UDNW\NDSRND
]XMH›HVSUDZFDPLSRV]F]HJÏOQ\FK]GDU]HÍV•]D]Z\F]DMSRSURVWXOXG]LHNWÏU]\
QLHZ\NRQXM•QDOH›\FLHVZRLFKRERZL•]NÏZSRGHMPXM•ZVSRVÏEFHORZ\OXEQLH
]DPLHU]RQ\QLHSUDZLGRZHG]LDDQLDQLH]JRGQLH]RERZL•]XM•F\PLSURFHGXUDPL
LQVWUXNFMDPLLSU]HSLVDPLSURZDG]•FW\PGRV\WXDFMLQLHEH]SLHF]QHMF]ÆVWR]DNRÍ
F]RQHMZ\SDGNLHP=GDU]HQLDZNWÏU\FKRNROLF]QRyFL]HZQÆWU]QHQLH]DOH›QHRG
RVRE\Z\NRQXM•FHMRNUHyORQHF]\QQRyFLPDM•WDNLZS\ZQDW•RVREƛHQLH]DOH›
QLHRGMHMLQG\ZLGXDOQ\FKSUHG\VSR]\FMLSURZDG]•GRSRSHQLHQLDSU]H]QL•EÆGX
VNXWNXM•FHJR]DJUR›HQLHPEH]SLHF]HÍVWZDOXEZ\SDGNLHPV•ZSUDNW\FHEDUG]R
U]DGNLH7\ONRZUD]LHSRWZLHUG]RQ\FKWDNLFKV\WXDFMLXSUDZQLRQHMHVWZL•]DQLH
&=<11,./8'=.,-$.235=<&=<1$:<3$'.¯:.2/(-2:<&+
335
ZS\ZXdF]\QQLNDOXG]NLHJRrQD]DLVWQLHQLH]GDU]HQLD:SR]RVWD\FKW\SRZ\FK
V\WXDFMDFK QDGX›\ZDQLH WHJR WHUPLQX SURZDG]L GR QLHNRU]\VWQHJR UR]P\ZDQLD
RGSRZLHG]LDOQRyFLOXG]NLHM]DZ\NRQ\ZDQHG]LDDQLDLSRGGDM•ZZ•WSOLZRyÂSUD
ZLGRZHIXQNFMRQRZDQLHXU]•G]HÍLV\VWHPÏZWHFKQLF]Q\FKRUD]]PQLHMV]HQLH]D
XIDQLDGRQLFKLLFKWZÏUFÏZ:V]F]HJÏOQRyFLGRW\F]\WRXU]•G]HÍZ\NRU]\VW\ZD
Q\FKGOD]DSHZQLHQLDEH]SLHF]HÍVWZDUXFKXNROHMRZHJRDW\PVDP\PSRyUHGQLR
]DXIDQLDGRNROHLNWÏUDZU]HF]\ZLVWRyFLMHVWRERNORWQLFWZDQDMEH]SLHF]QLHMV]\P
yURGNLHPWUDQVSRUWX
%LEOLRJUDILD
>@KWWSZZZPHUULDPZHEVWHUFRP0HUULDP:HEVWHUGLFWLRQDU\(QF\F
ORSDHGLD%ULWDQQLFDFRPSDQ\
>@KWWSZZZZKRLQWSDWLHQWVDIHW\UHVHDUFKPHWKRGVBPHDVXUHVKXPDQB
IDFWRUVHQ
>@KWWSHUJRQRPLFVDERXWFRPRGJORVVDU\JGHIKXPDQIDFWRUVKWP
>@KWWSZZZKIHVRUJZHEHGXFDWLRQDOUHVRXUFHVKIHGHILQLWLRQVPDLQKWPO
>@KWWSZZZKIIDDJRYGRFVGRFV+)RUGHUSGI
>@KWWSWUERUJSXEOLFDWLRQVQFKUSQFKUSBZSGI
>@5DSRUW1U3.%:.]EDGDQLDSRZD›QHJRZ\SDGNXNDW$]D
LVWQLDHJRZGQLXPDUFDURJRG]QDV]ODNX6SURZDt6WD
U]\Q\ZWRU]HQUZNPOLQLLNROHMRZHMQU.R]ÏZt.RQLHFSRO
REV]DU]DU]•GF\LQIUDVWUXNWXU\3.33ROVNLH/LQLH.ROHMRZH6$=DNDG
/LQLL.ROHMRZ\FKZ.LHOFDFK5DSRUW]DWZLHUG]RQ\8FKZD•3DÍVWZRZHM
.RPLVML%DGDQLD:\SDGNÏZ.ROHMRZ\FK1U3.%:.:DUV]D
ZDOXWHJRUKWWSZZZWUDQVSRUWJRYSOILOHV]DOR
EZSR]SGI
>@31(1,6236\VWHP\]DU]•G]DQLDMDNRyFL•t3RGVWDZ\LWHU
PLQRORJLD
>@'\UHNW\ZD 3DUODPHQWX (XURSHMVNLHJR L 5DG\ :( ] GQLD JUXGQLDU]PLHQLDM•FDG\UHNW\ZÆ:(ZVSUDZLHEH]SLH
F]HÍVWZDNROHLZVSÏOQRWRZ\FKG\UHNW\ZÆZVSUDZLHEH]SLHF]HÍVWZDNR
OHL']8/]
>@'\UHNW\ZD :( 3DUODPHQWX (XURSHMVNLHJR L 5DG\ ] GQLD NZLHWQLD U Z VSUDZLH EH]SLHF]HÍVWZD NROHL ZVSÏOQRWRZ\FK RUD]
]PLHQLDM•FD G\UHNW\ZÆ 5DG\ :( Z VSUDZLH SU]\]QDZDQLD OLFHQ
FMLSU]HGVLÆELRUVWZRPNROHMRZ\PRUD]G\UHNW\ZÆ:(ZVSUD
ZLHDORNDFML]GROQRyFLSU]HSXVWRZHMLQIUDVWUXNWXU\NROHMRZHMLSRELHUDQLD
RSDW]DX›\WNRZDQLHLQIUDVWUXNWXU\NROHMRZHMRUD]FHUW\ILNDFMÆZ]DNUHVLH
EH]SLHF]HÍVWZD '\UHNW\ZD Z VSUDZLH EH]SLHF]HÍVWZD NROHL '] 8 /
]
336
2OSLÍVNL:
>@31(13=DVWRVRZDQLDNROHMRZH6\VWHP\•F]QRyFLSU]H
WZDU]DQLDGDQ\FKLVWHURZDQLDUXFKHPt(OHNWURQLF]QHV\VWHP\VWHURZD
QLDUXFKHP]ZL•]DQH]EH]SLHF]HÍVWZHP
>@:\NRU]\VWDQLHSUREDELOLVW\F]Q\FKDQDOL]EH]SLHF]HÍVWZD36$ZWZRU]H
QLXZ\PRJÏZEH]SLHF]HÍVWZDGODHOHNWURZQLM•GURZ\FKGU0LHF]\VDZ
%RU\VLHZLF]:DUV]DZDJUXG]LHÍKWWSZZZQFEMJRYSOVLWHVGH
IDXOWILOHVUHSRVLWRU\5DSRUW$B36$B0B%RU\VLHZLF]BBIL
QDOBSGI
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
7(/('(7(.&-$-$.20(72'$021,7252:$1,$
,1)5$6758.785<.2/(-2:((O›ELHWD3LOHFND
GUKDELQ›3ROLWHFKQLND.UDNRZVNDXO:DUV]DZVND.UDNÏZ.DWHGUD,QIUDVWUXNWXU\7UDQVSRUWX6]\QR
ZHJRL/RWQLF]HJRWHOHPDLOHSLOHFND#SNHGXSO
6WUHV]F]HQLH : DUW\NXOH SU]HGVWDZLRQR PR›OLZRyFL Z\NRU]\VWDQLD WHOHGHWHNFML Z FHOX
PRQLWRURZDQLD LQIUDVWUXNWXU\ NROHMRZHM 2PÏZLRQR DNWXDOQLH VWRVRZDQH PHWRG\ WHOHGHWHNFML QD
UϛQ\FK SR]LRPDFK SRPLDUÏZ VDWHOLWDUQ\P ORWQLF]\P L QD]LHPQ\P 3U]HGVWDZLRQR SU]\NDG\
]DVWRVRZDÍWHOHGHWHNFMLGRPRQLWRURZDQLDLQIUDVWUXNWXU\NROHMRZHMRUD]SU]HSURZDG]RQRDQDOL]Æ
]DOHWLRJUDQLF]HÍWHMPHWRG\:UDPDFKEDGDÍQD]LHPQ\PVNDQHUHPODVHURZ\P5,(*/
VWZLHUG]RQRSU]HPLHV]F]HQLDVNDUS\NROHMRZHMQDOLQLLNROHMRZHMQU:DUV]DZDt.UDNÏZ:QL
QLHMV]\PDUW\NXOHSU]HGVWDZLRQRSU]\NDGRZHZ\QLNL]GDOV]\FKSRPLDUÏZQD]LHPQ\PVNDQHUHP
ODVHURZ\PNWÏU\PLREMÆWRVWUHI\SU]HMyFLRZHQDZLDGXNFLHFHOHPVSUDZG]HQLDZS\ZXRVXZLVNDQD
ZLDGXNW=SU]HGVWDZLRQHMZDUW\NXOHDQDOL]\Z\QLND›HWHOHGHWHNFMDQD]LHPQDZSRUÏZQDQLX
]WHOHGHWHNFM•VDWHOLWDUQ•LORWQLF]•Z\ND]XMHZLHOHSR]\W\ZQ\FKDVSHNWÏZ
6RZDNOXF]RZHWHOHGHWHNFMDLQIUDVWUXNWXUDNROHMRZDPRQLWRULQJ
:VWÆS
&HOHPDUW\NXXMHVWSU]HGVWDZLHQLHWHOHGHWHNFMLMDNRPHWRG\PR›OLZHMGRZ\
NRU]\VWDQLDZFHOXPRQLWRURZDQLDLQIUDVWUXNWXU\NROHMRZHM3U]HGVWDZLRQRDNWX
DOQLHVWRVRZDQHPHWRG\WHOHGHWHNFMLQDUϛQ\FKSR]LRPDFKSRPLDUÏZVDWHOLWDU
Q\PORWQLF]\PLQD]LHPQ\P3RGDQRSU]\NDG\OLWHUDWXURZHGRW\F]•FHPRQLWR
URZDQLDLQIUDVWUXNWXU\NROHMRZHMRUD]SU]HSURZDG]RQRDQDOL]Æ]DOHWLRJUDQLF]HÍ
WHMPHWRG\
7HOHGHWHNFMDDQJUHPRWHVHQVLQJWRURG]DMEDGDÍZ\NRQ\ZDQ\FK]SHZQHMRG
OHJRyFL ]GDOQLH EH]GRW\NRZR SU]\ Z\NRU]\VWDQLX VSHFMDOLVW\F]Q\FK VHQVRUÏZ
F]XMQLNÏZ%DGDQLDWHOHGHWHNF\MQHPR›QDZ\NRQ\ZDÂ]SU]HVWU]HQLNRVPLF]QHM
]SRNDGXVDPRORWÏZOXE]SRZLHU]FKQLWHUHQX>@0HWRG\WHOHGHWHNF\MQHG]LHO•
VLÆQDDNW\ZQHLSDV\ZQH:DNW\ZQHMWHOHGHWHNFMLV\JQDMHVWZ\VDQ\]LQVWUX
PHQWXDSRRGELFLXRGRELHNWXRGELHUDQ\LDQDOL]RZDQ\3U]\NDGDPLDNW\ZQHM
WHOHGHWHNFMLMHVWUDGDUZNWÏU\PZ\V\DQHV•PLNURIDOHRUD]OLGDUtZW\PSU]\
SDGNXZ\V\DQHMHVWyZLDWR3DV\ZQ\PLPHWRGDPLWHOHGHWHNFMLV•PHWRG\RSDUWH
QDDQDOL]LHV\JQDÏZHPLWRZDQ\FKSU]H]REVHUZRZDQ\RELHNWQSIRWRJUDILD
3LOHFND(
338
7HOHGHWHNFMD
7HOHGHWHNFMDVDWHOLWDUQD
3RF]•WNRZR]GMÆFLDVDWHOLWDUQHZ\NRU]\VW\ZDQHE\\W\ONRGRFHOÏZZRMVNR
Z\FK5R]ZÏMWHFKQLNLLXPLHV]F]HQLHQDRUELFLHRNRR]LHPVNLHMZLHOXW\VLÆF\Uϛ
Q\FKVDWHOLWÏZSR]ZROLRQDXSRZV]HFKQLHQLHSR]\VNLZDQ\FKPDWHULDÏZ$NWX
DOQLHWHOHGHWHNFMDVDWHOLWDUQDMHVWV]HURNRZ\NRU]\VW\ZDQDZQDV]\PFRG]LHQQ\P
›\FLX:WHOHGHWHNFMLVDWHOLWDUQHMGRSRPLDUÏZX›\ZDVLÆW]ZRNLHQDWPRVIHU\F]
Q\FKV•WR]DNUHV\ZLGPDSURPLHQLRZDQLDHOHNWURPDJQHW\F]QHJRNWÏUHSU]HFKR
G]•SU]H]DWPRVIHU•U\V
5\V3U]HSXV]F]DOQRyÂDWPRVIHU\>@GODUϛQ\FKGXJRyFLIDOLHOHNWURPDJQHW\F]QHM>‘P@>@
=GMÆFLD VDWHOLWDUQH UϛQL• VLÆ PLÆG]\ VRE• UR]G]LHOF]RyFL• SU]HVWU]HQQ•
VSHNWUDOQ•UDGLRPHWU\F]Q•LF]DVRZ•>@1DMEDUG]LHM]DXZD›DOQ•FHFK•]GMÆÂ
MHVW LFK UR]G]LHOF]Ry SU]HVWU]HQQD RQD ERZLHP GHF\GXMH R ZLHONRyFL RELHN
WÏZNWÏUHPR›QDGRVWU]HFQD]GMÆFLX6DWHOLWD/DQGVDWZ\NRQ\ZD]GMÆFLD
NWÏU\FKUR]G]LHOF]RyÂSU]HVWU]HQQDZ\QRVLD P1DZ\NRQ\ZDQ\FKSU]H]
QLHJR ]GMÆFLDFK PR›QD E\R GRVWU]HF RELHNW\ NWÏUH Z U]HF]\ZLVWRyFL PLD\
UR]PLDU\SU]\QDMPQLHM³P2EHFQLH]GMÆFLDZ\NRQ\ZDQHSU]H]VDWHOLW\
F\ZLOQHPDM•UR]G]LHOF]RyÂSU]HVWU]HQQ•RN FP5R]G]LHOF]RyÂVSHNWUDOQD
WR OLF]ED UHMHVWURZDQ\FK ]DNUHVÏZ SURPLHQLRZDQLD 3LHUZV]\ VDWHOLWD yURGR
ZLVNRZ\/DQGVDWLXPLHV]F]RQ\QDMHJRSRNDG]LHVNDQHU066Z\NRQ\ZD
]GMÆFLDZF]WHUHFK]DNUHVDFKZLGPD.ROHMQHVDWHOLW\E\\Z\SRVD›DQHZVND
QHU\UHMHVWUXM•FHZLÆFHM]DNUHVÏZZLGPDDREHFQLHNU•›•SRRUELWDFKVDWHOLW\
Z\NRQXM•FH ]GMÆFLD D› Z ]DNUHVDFK SURPLHQLRZDQLD =ZLÆNV]DQLH OLF]E\
]DNUHVÏZPDQDFHOXXDWZLHQLHUR]SR]QDZDQLDRELHNWÏZLSR]\VNLZDQLHQR
Z\FKLQIRUPDFMLR]QDQ\FKMX›RELHNWDFK5R]G]LHOF]RyÂUDGLRPHWU\F]QD]GMÆÂ
WR ] NROHL OLF]ED WRQÏZ V]DU\FK MDNLH PR›H UR]UϛQL L ]DUHMHVWURZD VNDQHU
PLÆG]\WRQHPELD\PDF]DUQ\P7DOLF]EDZ]URVDRGSR]LRPÏZV]DURyFL
ZSU]\SDGNXSLHUZV]\FK]GMÆÂVDWHOLWDUQ\FKGRSR]LRPÏZZSU]\SDGNX
]GMÆÂZ\NRQ\ZDQ\FKSU]H]ZVSϏF]HVQHVDWHOLW\Z\VRNRUR]G]LHOF]H5R]G]LHO
7(/('(7(.&-$-$.20(72'$021,7252:$1,$,1)5$6758.785<.2/(-2:(-
339
F]RyÂUDGLRPHWU\F]QDSRGREQLHMDNUR]G]LHOF]RyÂVSHNWUDOQDZS\ZDQDUR]
SR]QDQLHRELHNWÏZLLFKFKDUDNWHU\VW\NÆ
5R]G]LHOF]RyFL• F]DVRZ• QD]\ZDP\ RNUHV SRZWÏUQHJR Z\NRQDQLD ]GMÆ
FLDWHJRVDPHJRREV]DUX:SU]\SDGNX/DQGVDWDWHQRNUHVZ\QRVLGQL
2EHFQLH]RVWDRQVNUÏFRQ\GRGQLZ]DOH›QRyFLRGVDWHOLW\QDWRPLDVWGOD
VDWHOLWÏZPHWHRURORJLF]Q\FKZ\QRVLRQQDZHWPLQXW'X›DF]ÆVWRWOLZRyÂ
Z\NRQ\ZDQLD]GMÆÂSR]ZDODQDPRQLWRURZDQLH]MDZLVNV]\ENR]PLHQQ\FKLLFK
G\QDPLNL
:RVWDWQLFKODWDFK]ZLÆNV]\VLÆXG]LDVDWHOLWÏZSUDFXM•F\FKZWHFKQROR
JLL UDGDURZHM Z VWRVXQNX GR GRW\FKF]DV SU]HZD›DM•F\FK LORyFLRZR VDWHOLWÏZ
RSW\F]Q\FK1DMQRZV]HVDWHOLW\Z\NRU]\VWXM•FHV\VWHPUDGDURZ\WRQSQLH
PLHFNLH VDWHOLW\ 7HUUD6$5;7DQ'(0; (19,6$5 (\H 8SRZV]HFKQLDQLH
VLÆWHFKQRORJLLUDGDURZHMXPR›OLZLDM•FHMSR]\VNLZDQLHREUD]ÏZQLH]DOH›QLHRG
]DFKPXU]HQLDPDLVWRWQH]QDF]HQLHGODSROVNLHJRX›\WNRZQLND]HZ]JOÆGXQD
ZDUXQNLSRJRGRZHNWÏUHF]ÆVWRRJUDQLF]DM•GRVWÆSQRyÂ]REUD]RZDÍRSW\F]
Q\FK 2EUÏEND ]REUD]RZDÍ Z\NRQDQ\FK Z SDyPLH PLNURIDORZ\P Z\PDJD
EDUG]LHM]DDZDQVRZDQ\FKWHFKQLNSU]HWZDU]DQLDQL›W\FKZ\NRQDQ\FKZSD
yPLHRSW\F]Q\PVW•GSRWU]HEDEDUG]LHM]DDZDQVRZDQHJRRSURJUDPRZDQLDGR
VWDUF]DQHJRDNWXDOQLHSU]H]QLHOLF]Q\FKGRVWDZFÏZZVNDOLyZLDWRZHM
'RPRQLWRURZDQLDUXFKÏZSRZLHU]FKQLWHUHQXQDMF]ÆyFLHMX›\ZDQHV•]DNUH
V\ IDO UDGDURZ\FK :D›QD Z W\P SU]\SDGNX MHVW UR]G]LHOF]Ry SLRQRZD NWÏUD
ZWHFKQLFHW]Z,Q6$5MHVWU]ÆGXRNFP2GPLDQ•PHWRG\,Q6$5MHVWWHFK
QLND36,Q6$5NWÏUDZ\NRU]\VWXMHW]ZVWDELOQHUR]SUDV]DF]H6WDELOQHUR]SUDV]D
F]HRGSRZLDGDM•WDNLPRELHNWRPWHUHQXMDNEXG\QNLPRVW\ZLDGXNW\ODWDUQLH
Z\FKRGQLH VND LWS 7HFKQLND 36,Q6$5 VSUDZG]D VLÆ QDMOHSLHM QD REV]DUDFK ]D
EXGRZDQ\FKSRQLHZD›QDMZLÆFHMVWDELOQ\FKUR]SUDV]DF]\]QDMGXMHVLÆZDyQLHQD
WDNLFKWHUHQDFK:WHFKQLFH36,Q$5UHMHVWUXMHVLÆSRZROQH]PLDQ\GHIRUPDF\MQH
WHUHQXF]\OLREQL›HQLDOXESRGQRV]HQLHVLÆWHUHQXZGX›V]\PF]DVLH0HWRG•W•
QDSU]\NDGPR›QDUHMHVWURZDÂPLOLPHWURZH]PLDQ\SU]\RVLDGDQLXWHUHQXJÏUQL
F]HJR>@
0RQLWRURZDQLHLQIUDVWUXNWXU\NROHMRZHMPDQDFHOXXWU]\PDQLHRELHNWÏZ
Z VWDQLH ]DSHZQLDM•F\P LFK SUDZLGRZH IXQNFMRQRZDQLH L EH]SLHF]HÍVWZR
X›\WNRZDQLD : W\P ]DNUHVLH WHOHGHWHNFMD VDWHOLWDUQD PR›H VSHQLD GZD
]DGDQLD 3LHUZV]H WR PRQLWRURZDQLH ZLÆNV]\FK REV]DUÏZ :\NRU]\VWDQH WX
PRJ•E\Â]GMÆFLDVDWHOLWDUQHZSDyPLHZLG]LDOQ\P'UXJLH]DGDQLHWRPRQLWR
URZDQLH]DJUR›HÍ]ZL•]DQ\FK]UXFKDPLSRZLHU]FKQLWHUHQXVSRZRGRZDQ\PL
QSSRG]LHPQ•HNVSORDWDFM•NRSDOLQRVXZLVNDPLUXFKDPLQHRWHNWRQLF]Q\PL
:W\P]DNUHVLHSRPRFQHV•]GMÆFLDVDWHOLWDUQHUDGDURZH3XEOLNDFMHRSLVXM•FH
Z\NRU]\VWDQLD]GMÆÂVDWHOLWDUQ\FKZV]F]HJÏOQRyFLPHWRG\,Q6$5L36,Q6$5
GRW\F]•G\QDPLNLZLÆNV]\FKREV]DUÏZQDNWÏU\FKPRJ•]QDMGRZDÂVLÆV]ODNL
NRPXQLNDF\MQH
%DGDQLDPHWRG•36,Q6$5]DSRPRF•QRZHJRDOJRU\WPXWHMPHWRG\6TX
HH6$5 SU]HSURZDG]LD ZRVND ILUPD 7HOH5LOHYDPHQWR (XURSD 75( 0RQL
WRULQJGRW\F]\LQIUDVWUXNWXU\NROHMRZHMLGURJRZHM0HWRGD36,Q6$5PR›H
340
3LOHFND(
VWDQRZLÂLVWRWQ\ZNDGQDZV]\VWNLFKHWDSDFKGRZROQHJRSURMHNWXWUDQVSRU
WRZHJR SRSU]H] LGHQW\ILNDFMÆ QLHVWDELOQ\FK REV]DUÏZ GRWNQLÆW\FK UXFKDPL
SRZLHU]FKQLRZ\PL0RQLWRULQJSU]\F]\QLDVLÆUÏZQLH›GRRJUDQLF]DQLDNRV]
WÏZ SU]H] ZVWÆSQ• LGHQW\ILNDFMÆ REV]DUÏZ Z NWÏU\FK V• NRQLHF]QH EDUG]LHM
V]F]HJϏRZH EDGDQLD 3RQL›HM QD U\V SRND]DQR SU]\NDG PRQLWRURZDQLD
SU]HPLHV]F]HÍDXWRVWUDG\LOLQLLNROHMRZHMZH:RV]HFKZRNUHVLHRGNZLHWQLD
URNXGRJUXGQLDURNX>@0RQLWRULQJWDNLPR›HZ\NU\ZDÂSU]H
PLHV]F]HQLD JUXQWX NWÏUH PRJ\E\ ]DJUR]L EH]SLHF]HÍVWZX LQIUDVWUXNWXU\
NROHMRZHM1DU\VSRND]DQRSXQNW\36]LGHQW\ILNRZDQHGODOLQLLNROHMRZHM
V]\ENLFKSUÆGNRyFLZ%RORQLL2NUHyORQRGODQLFKZLHONRyFLRVLDGDQLDZRNUH
yORQ\PF]DVLHU\V3RSU]H]RNUHyOHQLHQDWXUDOQ\FKLV]WXF]Q\FKSXQNWÏZ
SRPLDURZ\FKQD]LHPQ\FKPHWRG•36,Q6$5GRVWDMHP\PDS\PLOLPHWURZ\FK
SU]HPLHV]F]HÍZ]GX›FDHMGXJRyFLVLHFLGURJRZ\FKLNROHMRZ\FK:VSRPD
JDWRRFHQÆU\]\NDLZVND]XMHREV]DU\Z\PDJDM•FHQDSUDZ\0RQLWRULQJGH
IRUPDFMLSRGR›DGDMHLORyFLRZHLMDNRyFLRZHPDS\GHIRUPDFMLLQLHVWDELOQRyFL
QDV\SÏZ]DSHZQLDM•FUR]OHJ•VLHÂPRQLWRURZDQLDGODRFHQ\REV]DUÏZRSRG
Z\›V]RQ\PU\]\NXRVXQLÆFLD]LHPLLRVLDGDQLD
7HOHGHWHNFMDVDWHOLWDUQDPR›HE\ÂZ\NRU]\VWDQDZNROHMQLFWZLHDOHRJUDQL
F]HQLDPLV•Z\VRNLHNRV]W\SR]\VNLZDQLH]GMÆÂVDWHOLWDUQ\FKLVSHFMDOLVW\F]QH
RSURJUDPRZDQLH
5\V0RQLWRULQJDXWRVWUDG\LOLQLLNROHMRZHMZH:RV]HFKZRNUHVLHRGNZLHWQLDURNX
GRJUXGQLDURNX75(>@
7(/('(7(.&-$-$.20(72'$021,7252:$1,$,1)5$6758.785<.2/(-2:(-
341
5\V3XQNW\36GODNWÏU\FKRNUHyORQRSUÆGNRyÂRVLDGDQLDQDSRGVWDZLHGDQ\FK]VDWHOLW\(56OD
WDFK>@2NU•JSRND]XMHSXQNW\SU]HGVWDZLRQHQDU\V
5\V3UÆGNRyÂRVLDGDQLDZF]DVLHSXQNWÏZ36]D]QDF]RQ\FKQDU\V>@
/DVHURZDWHOHGHWHNFMDORWQLF]D
,GH•WHOHGHWHNFMLORWQLF]HMMHVWZ\NRU]\VWDQLHVNDQHUDODVHURZHJRSU]HQRV]RQH
JRQDSRNDG]LHVDPRORWXOXEKHOLNRSWHUD0HWRGDWDQRVLQD]ZÆ/,'$5/LJKW
'HWHFWLRQDQG5DQJLQJU\V
:3ROVFHILUPDZ\NRU]\VWXM•FDW•PHWRG•VWRVXMHQDMQRZV]\VNDQHU/LWH0DS
SHULQDSRNDG]LHOHNNLHJRVDPRORWX&HVVQD>@=DVDGDVNDQLQJXODVHUR
ZHJRRSDUWDMHVWQDZ\]QDF]DQLXRGOHJRyFLRGVNDQHUDQDSRNDG]LHVDPRORWXGR
EDGDQHMSRZLHU]FKQLSRSU]H]SRPLDUF]DVXSRPLÆG]\Z\VDQLHPDRGELRUHPLP
SXOVXODVHURZHJR,PSXOVODVHURZ\G]LÆNLZDyFLZRyFLSU]HQLNDQLDSU]H]SRNU\ZÆ
URyOLQQ•SRWUDIL]DUHMHVWURZDÂLQIRUPDFMHRU]HF]\ZLVW\PXNV]WDWRZDQLXWHUHQX
3LOHFND(
342
-HVWWREDUG]RFHQQDFHFKD]ZDV]F]DZJÏUDFKJG]LHSRNU\ZDODVÏZF]ÆVWRPD
VNXMH GUREQH ]PLDQ\ U]H|E\ WHUHQX 0R›OLZH MHVW SUDZLH QDW\FKPLDVWRZH VIRU
PXRZDQLHSURJQR]\UR]ZRMXGHIRUPDFMLWHUHQXLRNUHyOHQLHVWRSQLD]DJUR›HQLD
0HWRGDODVHURZHJRVNDQRZDQLDORWQLF]HJRU]DGNRVWRVRZDQDJÏZQLH]HZ]JOÆ
GXQDZ\VRNLHNRV]W\RND]DDVLÆQLH]Z\NOHSU]\GDWQDZV\WXDFMDFKDZDU\MQ\FK
LXPR›OLZLDVIRUPXRZDQLHV]\ENLHMLGRNDGQHMSURJQR]\UR]ZRMXGHIRUPDFMLSR
ZLHU]FKQLWHUHQXQSRVXZLVNOXERVLDGDQLDWHUHQÏZJÏUQLF]\FK
5\V6FKHPDWWHOHGHWHNFMLORWQLF]HM>@
:3ROVFHEDGDQLDSU]\GDWQRyFLORWQLF]HJRVNDQLQJXODVHURZHJRGRSRPLDUÏZ
V\WXDF\MQRZ\VRNRyFLRZ\FK Z]GX› OLQLL NROHMRZHM ]RVWDD RSLVDQD Z DUW\NXOH
>@ JG]LH VNXSLRQR VLÆ QD SRPLDU]H QLZHODF\MQ\P WRUÏZ NROHMRZ\FK 'OD SR
WU]HE EDGDÍ QD RGFLQNX OLQLL NROHMRZHM .UDNÏZ7DUQÏZ Z\EUDQ\ ]RVWD REV]DU
WHVWRZ\ R GXJRyFL RN NP :\NRQDQR GZLH UHMHVWUDFMH ORWQLF]\P VNDQHUHP
ODVHURZ\P]Z\VRNRyFLPLPX]\VNXM•FGZLHFKPXU\SXQNWÏZRJÆ
VWRyFLLSNWP'ODSRWU]HEZ\UÏZQDQLDJHRPHWU\F]QHJRV]HUHJÏZ]PR›OL
ZLHQDMZ\›V]•GRNDGQRyFL•SRPLHU]RQRWDFKLPHWU\F]QLHSDV]F]\]Q\UHIHUHQF\MQH
]PDWHULDOL]RZDQHZSRVWDFLGDFKÏZEXG\QNÏZ'RGDWNRZRZ\NRQDQRWHUHQRZ\
SRPLDUNRQWUROQ\WU]HFKRGFLQNÏZND›G\RGXJRyFLRNNP:]DNUHVLHPR›
OLZRyFLGHWHNFMLLDSURNV\PDFMLV]\Q]GDQ\FK$/6$LUERUQH/DVHU6FDQQHUDSR
yUHGQLRRVLWRUÏZEDGDQLDWHSU]\QLRV\SR]\W\ZQHUH]XOWDW\8GRZRGQLRQRL›GOD
SRWU]HELGHQW\ILNDFMLLSRPLDUXZ\VRNRyFLJÏZHNV]\QZ\VWDUF]DM•FDMHVWJÆVWRyÂ
SNWP3RGREQLHMHVW]SRPLDUHPWDNLFKGDQ\FKMDNV]HURNRyÂPLÆG]\WRU]\
RUD]V]HURNRyFLLGXJRyÂSHURQÏZ:LÆNV]DJÆVWRyÂVNDQLQJXXDWZLDLGHQW\ILNDFMÆ
LORNDOL]DFMÆRVLVXSÏZWUDNF\MQ\FKRNRQVWUXNFMLD›XURZHMRUD]MHVWNRU]\VWQLHMV]D
GREDGDQLDVNUDMQLNROHMRZHM1LHPR›OLZDMHVWQDWRPLDVWGRLGHQW\ILNDFMLJG\V•
RELHNW\PDHLZ•VNLHWDEOLFHRVWU]HJDZF]HZVND|QLNLWDUF]HUR]U]•GRZH
2FHQÆLFKDUDNWHU\VW\NÆWHFKQRORJLLORWQLF]HJRVNDQLQJXODVHURZHJR/,'$5
DUFKLWHNWXUÆV\VWHPXMHMZDG\L]DOHW\RUD]RFHQÆGRNDGQRyFLSU]HGVWDZLRQRZDU
W\NXOH>@$QDOL]ÆGRNDGQRyFLRZ•ORWQLF]HJRVNDQLQJXODVHURZHJRZ\NRQDQRQD
7(/('(7(.&-$-$.20(72'$021,7252:$1,$,1)5$6758.785<.2/(-2:(-
343
SRGVWDZLH GDQ\FK SRPLDUX OLGDURZHJR PLDVWD .UDNRZD = NROHL Z\NRU]\VWDQLH
ORWQLF]HJRVNDQLQJXGRLQZHQWDU\]DFMLLPRQLWRULQJXRVXZLVNDZUHMRQLHDyQLF\
JPLQD/DQFNRURQDSU]HGVWDZLRQRZDUW\NXOH>@U\V
5\V&\IURZ\PRGHOWHUHQXRWU]\PDQ\PHWRG•ORWQLF]HJRVNDQLQJXODVHURZHJR/,'$5LRVXZLVNR
]ZLGRF]Q\PREU\VHP>@
=DVWRVRZDQD WHFKQLND ORWQLF]HJR VNDQLQJX ODVHURZHJR GOD WHUHQX RVXZLVND
ZUHMRQLH DyQLF\REHMPRZDDZ\NRQDQLH1XPHU\F]QHJR0RGHOX7HUHQX107
RUD] 1XPHU\F]QHJR 0RGHOX 3RNU\FLD 7HUHQX 1037 QD ED]LH FKPXU\ SXQN
WÏZ:\NRQDQD]RVWDDUÏZQLH›RUWRIRWRPDSDSU]\X›\FLXNDPHU\F\IURZHMGLJL
&$0 0HWRGD /,'$5 SR]ZDOD QD V]\EN• LQZHQWDU\]DFMÆ L PRQLWRULQJ UXFKÏZ
SRZLHU]FKQLRZ\FKWHUHQXRUD]SRGMÆFLHV]\ENLFKG]LDDÍQDSUDZF]\FKZHZDyFL
Z\FKPLHMVFDFK
7HOHGHWHNFMDQD]LHPQD
7HOHGHWHNFMDQD]LHPQDUHDOL]RZDQDMHVWSRSU]H]QD]LHPQHVNDQHU\'3URFHV
VNDQRZDQLDODVHURZHJRSROHJDQDDXWRPDW\F]Q\PSRPLDU]HRELHNWÏZOXEWHUHQX
SU]\EDUG]RZ\VRNLHMF]ÆVWRWOLZRyFLSUÏENRZDQLDSRPLDUXSU]HVWU]HQQHJR'
Z IRUPLH FKPXU\ SXQNWÏZ t OLF]ED SXQNWÏZ MHVW U]ÆGX G]LHVL•WHN D QDZHW VHWHN
W\VLÆF\SXQNWÏZQDVHNXQGÆZF]DVLHU]HF]\ZLVW\P>@
=ELÏUSRZVWD\FKZZ\QLNXVNDQRZDQLDSXQNWÏZQD]\ZDP\FKPXU•SXQNWÏZ
NWÏU\FKOLF]EDPR›HGRFKRG]LÂGRZLHOXPLOLRQÏZWZRU]•FMX›QDZVWÆSLHZL]X
DOL]DFMÆ PLHU]RQ\FK RELHNWÏZ &KPXUD SXQNWÏZ VWDQRZL SHZQHJR URG]DMX GRNX
PHQWDFMÆSU]HVWU]HQQ•GRNWÏUHMPR›HP\ZND›GHMFKZLOLZUÏFLÂDE\Z\NRQDÂ
GRGDWNRZHSRPLDU\DQDOL]\OXERGWZRU]\ÂVWDQ]GQLDZ\NRQDQLDVNDQX
'RNDGQRyÂSRPLDUÏZZ\NRQ\ZDQ\FKSU]H]VNDQHU\ODVHURZH]DOH›\SRGRE
QLH MDN Z WDFKLPHWUDFK HOHNWURQLF]Q\FK SU]HGH ZV]\VWNLP RG GRNDGQRyFL SR
PLDUXRGOHJRyFLLGRNDGQRyFLZ\]QDF]DQLDN•WÏZ1DMDNRyÂRWU]\PDQ\FKZ\QL
NÏZVNDGDM•VLÆWDN›HLQQHF]\QQLNLWDNLHMDN]GROQRyÂSRZLHU]FKQLGRRGELMDQLD
ZL•]NLODVHUDDWDN›HZS\ZZDUXQNÏZDWPRVIHU\F]Q\FKWDNLFKMDNQSdRyOHSLD
3LOHFND(
344
QLHrVNDQHUDPRFQ\PyZLDWHPVRQHF]Q\PQLVNDWHPSHUDWXUDJÆVWDPJDF]\
RSDG\ GHV]F]X RUD] V]DWD URyOLQQD SRNU\ZDM•FD WHUHQ :V]\VWNLH WH XWUXGQLHQLD
Z VNUDMQ\FK SU]\SDGNDFK PRJ• FDNRZLFLH XQLHPR›OLZL Z\NRQDQLH SRPLDUÏZ
OXERGVXQ•ÂMHZF]DVLH:S\ZQDMDNRyÂILQDOQHJRSURGXNWXPDUÏZQLH›]DND
GDQDLZ\UÏZQ\ZDQDRVQRZDZSRVWDFLSXQNWÏZNRQWUROQ\FKRGQLHVLHQLDRUD]
ZEDUG]RGX›HMPLHU]HSURFHV•F]HQLD]HVRE•FKPXUSXQNWÏZ]UϛQ\FKVWDQRZLVN
SRPLDURZ\FK]ZDQ\UHMHVWUDFM•VNDQÏZ
:D›Q\PSDUDPHWUHPVNDQHUÏZMHVW]GROQRyÂUR]G]LHOF]DPLQLPDOQDRGOHJRyÂ
PLÆG]\PLHU]RQ\PLSXQNWDPLRUD]W]ZZLHONRyÂSODPNLNWÏUHMyUHGQLFDURyQLH
ZUD]]RGOHJRyFL•ZZ\QLNXUR]ELH›QHJRFKDUDNWHUXZL•]NLSURPLHQLDODVHURZH
JR 1DMQRZV]H LQVWUXPHQW\ LPSXOVRZH PDM• ]GROQRy UR]G]LHOF]• QD SR]LRPLH
RNPP5R]G]LHOF]RyÂF]DVRZDZSU]\SDGNXQD]LHPQ\FKVNDQHUÏZODVHURZ\FK
]DOH›\RG]DGDQLDLMHVWGRELHUDQLDSU]H]X›\WNRZQLND
6NDQRZDQLHODVHURZHQDMF]ÆyFLHMZ\NRU]\VW\ZDQHMHVWZSUDFDFKLQ›\QLHUVNLFK
RUD]DUFKLWHNWRQLF]Q\FKV]F]HJÏOQLHWDPJG]LHZ\VWÆSXMHGX›DOLF]EDPLHMVFQLH
GRVWÆSQ\FK =QDMGXMH RQR UÏZQLH› ]DVWRVRZDQLH Z PRQLWRURZDQLX GHIRUPDFML
RELHNWÏZ LQ›\QLHUVNLFK RUD] SRZLHU]FKQL WHUHQX QD NWÏU\P PRJ• Z\VWÆSRZDÂ
UXFK\PDVRZHOXERVLDGDQLHSRGQRV]HQLHWHUHQX1DIRWZLGRF]Q\MHVWQD]LHP
Q\VNDQHUODVHURZ\)$52]DSRPRF•NWÏUHJRSU]HSURZDG]RQRV]F]HJϏRZHEDGD
QLDWXQHOLNROHMRZ\FKGODRFHQ\Z\PDJDQHMSU]HVWU]HQLGODZLÆNV]\FKZDJRQÏZ
86$
)RW3RPLDUQD]LHPQ\PVNDQHUHPOLQLLNROHMRZHMZWXQHOX>@
:LHOH SURMHNWÏZ LQ›\QLHUVNLFK Z\PDJD GRNDGQHM RFHQ\ SU]HVWU]HQQHM '
ZLVWQLHM•F\FKZDUXQNDFKLQIUDVWUXNWXUDOQ\FKSU]\NDGRZ\VNDQU\V8]\
VNDQLHGRNDGQ\FKLQIRUPDFMLSRZ\NRQDZF]\FKF]ÆVWRMHVWSRGVWDZ•GRSÏ|QLHM
V]HJR]DU]•G]DQLDEXGRZO•RV]F]ÆG]DM•FZLHOHW\JRGQLOXEPLHVLÆF\QDSURMHNW\
dQDSUDZF]Hr
7(/('(7(.&-$-$.20(72'$021,7252:$1,$,1)5$6758.785<.2/(-2:(-
345
5\V6NDQSU]HMD]GXNROHMRZHJRZ\NRQDQ\VNDQHUHPODVHURZ\P90;5(,*/t86$>@
6NDQHUODVHURZ\PR›HE\ÂWDN›HZ\NRU]\VWDQ\ZZHUVMLPRELOQHMDZÏZF]DV
]HVWDZ VNDQHUÏZ XPLHV]F]RQ\ MHVW QD VDPRFKRG]LH -HVW WR W]Z V\VWHP PRELO
QHJRPDSRZDQLDLVNDQRZDQLD0060/6>@6\VWHP0060/6Z\SRVD›RQ\
MHVW Z 6NDQHU d'r SURILOHU 5LHJO 94 VNDQHU\ d'r 5LHJO 9= F\IURZ\FK NDPHU ZLGHR ZLHORNDQDRZ\ *HR5DGDU ILUP\ ,'6 V\VWHP SR]\FMR
QRZDQLD *36,08 326 /: 9 ILUP\ $SSODQL[ RUD] ]HVSϏ NRPSXWHUÏZ
SRNDGRZ\FKGRVWHURZDQLDLUHMHVWUDFMLGDQ\FK-HVWWRPHWRGDG\QDPLF]QDPD
M•FDZ\VRNLHWHPSRSRPLDUXSRPLDUMHVWZWU\ELH']DVLÆJGRPZ\VRN•
F]ÆVWRWOLZRyÂSRPLDUXSHQ•V\QFKURQL]DFMÆSRPLDUX]*36,08'ODSRPLDUÏZ
PR›OLZH MHVW ]DVWRVRZDQLH ORNRPRW\Z\ E•G| GUH]\Q\ MDNR SODWIRUP\ D JÆVWRyFL
OLQLLVNDQRZDQLD]DOH›QHV•RGSUÆGNRyFLU\V
5\V:\QLNPRELOQHJRVNDQRZDQLDV\VWHPHP0/6>@
'X›H]QDF]HQLHZQD]LHPQ\PVNDQRZDQLXODVHURZ\PPDPR›OLZRyÂWZRU]HQLD
PRGHOL UϛQLFRZ\FK 0HWRG\ND SRPLDUÏZ GHIRUPDFML SRZLHU]FKQL WHUHQX VNDQHUHP
ODVHURZ\PSROHJDQDQDR›HQLXQDVLHELHGZÏFKVNDQÏZLREOLF]HQLXPRGHOXUϛQL
FRZHJR3LHUZV]HSUÏE\]DVWRVRZDQLDWHMWHFKQRORJLLQDRVXZLVNXQDNOLILHZ-DVWU]Æ
ELHM*ÏU]HZ\NRQ\ZD3DÍVWZRZ\,QVW\WXW*HRORJLF]Q\t3DÍVWZRZ\,QVW\WXW%D
3LOHFND(
346
GDZF]\]EDUG]RGREU\PUH]XOWDWHP%DGDQLDSU]HSURZDG]RQHVNDQHUHPODVHURZ\P
Z\ND]D\ PDNV\PDOQH SU]HVXQLÆFLD U]ÆGX P JG]LH PDNV\PDOQH SU]HVXQLÆFLH
F]RDRVXZLVNDZ\QLRVRPDMHJRZ\VRNRyÂGRFKRG]LDGRP>@
:OLWHUDWXU]HyZLDWRZHM]DVWRVRZDQLHQD]LHPQHJRVNDQHUDODVHURZHJRGRPR
QLWRURZDQLDGHIRUPDFMLMHVWV]HURNRRSLV\ZDQH]DUÏZQRSU]\PRQLWRURZDQLXW\
SRZ\FKVNDUSL]ERF]\RUD]GR]ERF]\]DJUR›RQ\FKNRPELQDFM•UXFKÏZPDVRZ\FK
QS]VXZXLREU\ZÏZVNDOQ\FK6NDQRZDQLHODVHURZHMHVWPR›OLZHUÏZQLH›ZPLHM
VFDFKWUXGQRGRVWÆSQ\FKOXEQDZHWQLHGRVWÆSQ\FKEH]SRyUHGQLR:DUW\NXOH>@
SRND]DQRPR›OLZRyFL]DVWRVRZDQLDVNDQLQJXODVHURZHJRGRPRQLWRULQJXDNW\Z
QHJRRVXZLVND6ÅFKLOLHQQHZHIUDQFXVNLFK$OSDFK
: .DWHGU]H ,QIUDVWUXNWXU\ .ROHMRZHM L /RWQLF]HM 3ROLWHFKQLNL .UDNRZVNLHM
SU]HSURZDG]RQREDGDQLDRUD]Z\NRQDQRPRGHOHUϛQLFRZHQDED]LHVNDQRZDQLD
ODVHURZHJRRVXZLVNDZ6DGRZLXQDOLQLLNROHMRZHMQU.UDNÏZ:DUV]DZD:\
QLNL EDGDÍ ]RVWD\ SU]HGVWDZLRQH Z DUW\NXOH >@ =GLDJQR]RZDQR ]PLDQ\ SR
ZLHU]FKQLRZHQDRVXZLVNXFRSR]ZROLRVWZLHUG]LÂPDM•FQDXZDG]HGDQHDUFKL
ZDOQHGRW\F]•FHDNW\ZQRyFLRVXZLVNDRUD]ZDJÆ]DJUR›HQLDMDNLHPR›HVWDQRZLÂ
GODOLQLLNROHMRZHMQUL›QDOH›\SURZDG]LÂRNUHVRZ\PRQLWRULQJSR]ZDODM•F\QD
V]\ENLHZ\FKZ\FHQLHZV]HONLFKSRVWÆSXM•F\FK]PLDQ'RWHJRFHOXQDMZDyFLZV]D
Z\GDMHVLÆE\ÂPHWRGDQD]LHPQHJRVNDQLQJXODVHURZHJRNWÏUDZVSRVÏEQLHLQ
ZD]\MQ\QLHZ\PDJDM•F\ZVWU]\PDQLDUXFKXNROHMRZHJRSR]ZROLQDZ\FKZ\FHQLH
]GX›•GRNDGQRyFL•]PLDQ]DFKRG]•F\FKZ]ERF]DFKSU]HNRSX:UDPDFKGDO
V]\FKSUDFEDGDZF]\FKZGQLXOLVWRSDGDURNXZ\NRQDQRSRPLDU\VNDQH
UHPODVHURZ\PVWUHI\SU]HMyFLRZHZSREOL›XRVXZLVNDZ6DGRZLXQDZLDGXNFLH
NROHMRZ\P3U]\NDGRZ\VNDQSRND]DQRQDU\V-HVWWRSRPLDUW]Z=HURZ\
QDWRPLDVWQDZLRVQÆURNXEÆG]LHZ\NRQDQ\PRGHOUϛQLFRZ\GODW\FKVD
P\FKVWUHIFHOHPVSUDZG]HQLDZS\ZXRVXZLVNDQDZLDGXNW
5\V6NDQVWUHI\SU]HMyFLRZHMZ\NRQDQ\OLVWRSDGDURNX
7(/('(7(.&-$-$.20(72'$021,7252:$1,$,1)5$6758.785<.2/(-2:(-
347
3RGVXPRZDQLH
3RUÏZQXM•F]DOHW\LRJUDQLF]HQLDND›GHJR]SR]LRPÏZWHOHGHWHNF\MQ\FKF]\OL
PHWRG\ VDWHOLWDUQHM ORWQLF]HM L QD]LHPQHM QDOH›\ PLH QD XZDG]H RELHNW MHJR
UR]PLDU\RUD]FHOPRQLWRULQJX0HWRG\NDEDGDÍZ]DOH›QRyFLRGGDQHJRRELHN
WX PXVL XZ]JOÆGQLÂ SRGVWDZRZH SDUDPHWU\ PHWRG WHOHGHWHNF\MQ\FK WDNLH MDN
UR]G]LHOF]Ry SU]HVWU]HQQ• VSHNWUDOQ• F]DVRZ• RUD] UDGLRPHWU\F]Q• = SXQNWX
ZLG]HQLD VNDQRZDQLD LQIUDVWUXNWXU\ NROHMRZHM QDMEDUG]LHM LQWHUHVXM•FH V• GZD
SDUDPHWU\UR]G]LHOF]RyÂSU]HVWU]HQQDDZV]F]HJÏOQRyFLUR]G]LHOF]RyFLSLRQRZD
LUR]G]LHOF]RyÂF]DVRZD
=DOHW\ WHOHGHWHNFML VDWHOLWDUQHM WR GX›D GRNDGQRy Z SRPLDU]H Z]JOÆGQ\FK
GHIRUPDFML WHUHQX RUD] QLH]DOH›QRy SRPLDUÏZ RG ZDUXQNÏZ DWPRVIHU\F]Q\FK
: SU]\SDGNX PHWRG\ 36,Q6$5 PR›QD RVL•JQ•Â GRNDGQRyFL UHMHVWURZDQLD GH
IRUPDFML U]ÆGX NLONXNLONXG]LHVLÆFLX PPURN 0HWRGD 36,Q6$5 GDMH QDP REUD]
SXQNWRZ\SU]HPLHV]F]HÍZW]ZSXQNWDFK365R]G]LHOF]RyÂF]DVRZDZSU]\SDG
NXWHOHGHWHNFMLVDWHOLWDUQHM]DOH›\RGURG]DMXVDWHOLW\]NWÏUHJREÆG]LHP\SR]\VNL
ZDÂGDQHGRDQDOL]\$NWXDOQLHF\NOSRPLDURZ\XOHJD]PQLHMV]HQLXQDSU]\NDG
GODVDWHOLW\7HUUD6$5;Z\QRVLGQLLQWHUZDREUD]RZDQLDSU]\MHGQDNRZ\FK
SDUDPHWUDFKDOHPR›OLZHMHVWWDN›H]DSODQRZDQLHUHZL]\W\WHJRVDPHJRPLHMVFD
GOD LQWHUZDX GQLD 2EHFQLH GOD VDWHOLWÏZ REVHUZXMH VLÆ WHQGHQFMÆ UR]ZRMX
WHFKQRORJLLZNLHUXQNX]ZLÆNV]DQLDUR]G]LHOF]RyFLSU]HVWU]HQQHMLF]DVRZHM
:SU]\SDGNXWHOHGHWHNFMLORWQLF]HMX›\ZDM•FHMVNDQHUÏZODVHURZ\FKZEOLVNLHM
SRGF]HUZLHQLUR]G]LHOF]RyÂSU]HVWU]HQQDSLNVHODPDRNFPQDWRPLDVWSLR
QRZDUR]G]LHOF]RyÂPDGRNDGQRyÂRNFP
1DWRPLDVW QD]LHPQ\ VNDQHU ODVHURZ\ MHVW QDMGRNDGQLHMV]\P SU]\U]•GHP
RUR]G]LHOF]RyFLSU]HVWU]HQQHMU]ÆGXNLONXPLOLPHWUÏZ.RQVWUXXM•FPRGHOUϛQL
FRZ\PR›QDVLÆVSRG]LHZDÂZ\NU\FLDGHIRUPDFMLQDSR]LRPLHNLONXPLOLPHWUÏZ
=SU]HGVWDZLRQHMZDUW\NXOHDQDOL]\Z\QLND›HWHOHGHWHNFMDQD]LHPQDZSRUÏZ
QDQLX]WHOHGHWHNFM•VDWHOLWDUQ•LORWQLF]•SRVLDGDZLHOHGRGDWNRZ\FKZDyFLZRyFL
1DOH›\G•›\ÂGRWZRU]HQLDSURJUDPÏZRFKDUDNWHU]HRJÏOQRSROVNLPF]\ZRMH
ZÏG]NLPZ\NRU]\VWXM•F\FKWHOHGHWHNFMÆVDWHOLWDUQ•GODPRQLWRULQJXZLÆNV]\FK
WHUHQÏZ/RWQLF]\VNDQLQJODVHURZ\/,'$5PLPRL›MHVWNRV]WRZQ\WRZSHZ
Q\FKV\WXDFMDFKPR›HRND]DÂVLÆEDUG]RSU]\GDWQ\
= NROHL WHOHGHWHNFMD QD]LHPQD PD GX›• UR]G]LHOF]Ry SU]HVWU]HQQ• L QLH PD
RJUDQLF]HQLDF]DVRZHJR5HMHVWURZDQDFKPXUDSXQNWÏZVWDQRZLSHZQHJRURG]DMX
GRNXPHQWDFMÆSU]HVWU]HQQ•GRNWÏUHMPR›HP\ZND›GHMFKZLOLZUÏFLÂDE\Z\
NRQDÂGRGDWNRZHSRPLDU\DQDOL]\OXERGWZRU]\ÂVWDQ]GQLDZ\NRQDQLDVNDQX
.D›GD]SU]HGVWDZLRQ\FKPHWRGWHOHGHWHNFMLVDWHOLWDUQDORWQLF]DF]\QD]LHP
QDZZHUVMLPRELOQHMLVWDFMRQDUQHMQDGDMHVLÆGRZ\NRU]\VWDQLDZLQZHQWDU\]DFML
LPRQLWRURZDQLXLQIUDVWUXNWXU\NROHMRZHM]PQLHMV]DM•FU\]\NRDZDULLL]DSHZQLDM•F
EH]SLHF]Q•HNVSORDWDFMÆ'RFHORZRZVND]DQHE\RE\NRPSOHNVRZHVWRVRZDQLHNLO
NXPHWRGWHOHGHWHNFMLDOHRJUDQLF]HQLDPLV•NRV]W\
3LOHFND(
348
/LWHUDWXUD
>@&LRNRV]$7HOHGHWHNFMDVDWHOLWDUQD|UÏGHPLQIRUPDFMLRRELHN
WDFK]MDZLVNDFKLSURFHVDFK]DFKRG]DF\FKQD=LHPL1DXND
>@%RURZLHFNL , kOXVDUVNL 0 /RWQLF]\ 6NDQLQJ /DVHURZ\ /,'$5
0LDVWD .UDNRZD RFHQD GRNDGQRyFLRZD ,QIUDVWUXNWXUD , (NRORJLD 7H
UHQÏZ :LHMVNLFK 1U 32/6.$ $.$'(0,$ 1$8. 2GG]LD
Z.UDNRZLHVt
>@*UDQLF]Q\0.RZDOVNL=-XUHF]ND-&]DUQRJÏUVND0:\NR
U]\VWDQLHWHFKQRORJLL36LQ6$5GODREVHUZDFMLSU]HPLHV]F]HÍSRZLHU]FKQL
WHUHQXQDSU]\NDG]LH*ÏUQHJRkO•VND0DW6\PS:DUV]WDW\JÏUQLF]H
=DJUR›HQLD Z *ÏUQLFWZLH 6HVMD 2NROLF]QRyFLRZD 7RPDV]HZLFH F]HUZFD:\G,*60L(.UDNÏZ
>@*UDQLF]Q\0.DPLÍVNL03L•WNRZVND$6XUDD0:\NRU]\
VWDQLH ORWQLF]HJR VNDQLQJX ODVHURZHJR GR LQZHQWDU\]DFML L PRQLWRULQJX
RVXZLVLNDZUHMRQLHDyQLF\*PLQD/DQFRNRURQD3U]HJO•G*HRORJLF]
Q\YROQUt
>@.DVSHUVNL-'HODFRXUW&$OOHPDQG33RWKHUDW3-DXG0DQG9DUUHO
($SSOLFDWLRQRID7HUUHVWULDO/DVHU6FDQQHU7/6WRWKH6WXG\RI
WKH6ÅFKLOLHQQH/DQGVOLGH,VèUH)UDQFH5HPRWH6HQV
>@.OHF]NRZVNL$2VXZLVNDL]MDZLVNDSRNUHZQH:\G*HRORJLF]QH
:DUV]DZD
>@/LVRZVNL6$MV]SXU%'XGHN3*HRGH]\MQHSRPLDU\VNUDMQLEX
GRZOLPHWRG•VNDQLQJXODVHURZHJRQDSU]\NDG]LHVWDFMLNROHMRZHM1R
ZRF]HVQH 7HFKQRORJLH L 6\VWHP\ =DU]•G]DQLD Z .ROHMQLFWZLH =HV]\W\
1DXNRZR7HFKQLF]QH6,7.53]HV]\WUVWU$UFKL
ZXP)RWRJUDPHWULL.DUWRJUDILLL7HOHGHWHNFML9ROES
>@3HUVNL=:RMFLHFKRZVNL7:ÏMFLN$7HFKQLNLQD]LHPQHORWQL
F]HLVDWHOLWDUQHZUR]SR]QDZDQLXRVXZLVN6\PSR]MXP2JÏOQRNUDMRZHd
+\GURWHFKQLND;,9rSUH]HQWDFMDKWWSSUH]LFRPMZSRFPRD
WHFKQLNLQD]LHPQHORWQLF]HLVDWHOLWDUQHZUR]SR]QDZDQLXRVXZLVN
>@3L•WNRZVND $ *UDQLF]Q\ 0 0R›OLZRyFL Z\NRU]\VWDQLD PHWRG
WHOHGHWHNF\MQ\FK GOD LGHQW\ILNDFML PRELOQRyFL PDV VROQ\FK L ]ZL•]DQ\FK
]QLPLSU]HPLHV]F]HÍSRZLHU]FKQLWHUHQX0DW6\PS:DUV]WDW\*ÏUQL
F]H:\G,*60L(.UDNÏZ
>@3LJRULQL$5LFFL0*LDQQLFR&7DPEXULQL$6DWHOOLWHUHPRWHVHQVLQJ
36,Q6$570WHFKQLTXHDSSOLHGWRGHVLJQDQGFRQVWUXFWLRQRIUDLOZD\LQ
IUDVWUXFWXUHV,1*(*1(5,$)(5529,$5,$St2%
6(59$725,2
>@3LOHFND(%D]DUQLN03DZODNt%XUDNRZVND$:\QLNLPRQL
WRURZDQLDVNXWHF]QRyFL]DEH]SLHF]HQLDRVXZLVNDQDSU]\NDG]LHRVXZLVND
7(/('(7(.&-$-$.20(72'$021,7252:$1,$,1)5$6758.785<.2/(-2:(-
349
Z6DGRZLXQDOLQLLNROHMRZHMQU:DUV]DZDt.UDNÏZ=HV]\W\1DXNR
ZR7HFKQLF]QH6,7.2GG]LD.UDNÏZQUS
>@3\ND . %RURZLHF 1 3RUÆED 0 6RWD 0 .XQG]LHUHZLF] 7 :\NRU]\VWDQLHORWQLF]HJRVNDQLQJXODVHURZHJRGRSRPLDUXWRUÏZNROHMR
Z\FK3$.QUV
>@KWWSWUHXURSDFRPWUDQVSRUWDWLRQURDGVDQGUDLOZD\V
>@>KWWSOLGDULQGRQHVLDFRLGLQGH[
>@KWWSZZZPJJSDHURFRPVNDQLQJODVHURZ\KWPO
>@KWWSZZZFHQHZVFRPSULQWPDJD]LQHDUWLFOHZRUNLQJBLQBDBGB
ZRUOGKWPO
>@KWWSZZZJHRGH]MDV]F]HFLQRUJSOVWDUDBVWURQD.RQIHUHQFMH.RQI
]DODF]QLNLBSGI
>@KWWSZZZJLVSURSOFRQWHQWNROHM
>@KWWSZZZSJLJRYSOSOGRNXPHQW\LQGRFBYLHZNUDPDUVNDIU\GHO
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
02‹/,:2k&,52=32=1$1,$
=$*52‹(1,$268:,6.2:(*21$32'67$:,(
2%6(5:$&-,=0,$1&,k1,(1,$3252:(*2
:2k52'.8*(2/2*,&=1<0
-DFHN6WDQLV]
PJULQ›,QVW\WXW*RVSRGDUNL6XURZFDPL0LQHUDOQ\PLL(QHUJL•3$1:\ELFNLHJR.UDNÏZMDFHNVWD
QLV]#JPDLOFRP
6WUHV]F]HQLH3RPLDUFLyQLHQLDSRURZHJRMHVWSRPRFQ\ZUR]SR]QDQLXSRR›HQLDVWUHI\RVD
ELHQLDDMHJR]PLDQ\PRJ•ZVND]\ZDÂQDSRZVWDQLHSRZLHU]FKQLSRyOL]JXZRyURGNDFK]DJUR›R
Q\FKUXFKDPLPDVRZ\PL:SU]HGVWDZLRQ\FKZSUDF\SU]\NDGDFKEDGDÍSRND]DQR›HSRPLDU\
FLyQLHQLD SRURZHJR SR]ZROL\ RNUHyOL VWUHIÆ MHJR Z]URVWX D W\P VDP\P VWUHIÆ VSDGNX QDSUƛHÍ
HIHNW\ZQ\FKLUR]ZRMXSRZLHU]FKQLSRyOL]JX:WUDNFLHQLV]F]HQLDSLHUZRWQHMVWUXNWXU\RyURGND
QDVWÆSRZDZLGRF]Q\Z]URVWZDUWRyFLFLyQLHQLDSRURZHJRDQDVWÆSQLHMHJRVSDGHNWX›SR]DNRÍF]H
QLXWHJRSURFHVX=PLDQ\V•ZLGRF]QH]ZDV]F]DSRRNUHVDFKLQWHQV\ZQ\FKRSDGÏZLV•]ZL•]DQH
]SU]HSXV]F]DOQRyFL•RyURGNDJUXQWRZHJR:SUDF\RPÏZLRQRUÏZQLH›SRGVWDZRZH]DVDG\G]LDD
QLDF]XMQLNDSRPLDUXFLyQLHQLDSRURZHJRED]XM•FHJRQDSU]HWZRUQLNXVWUXQRZ\P
6RZDNOXF]RZHRVXZLVNDFLyQLHQLHSRURZH
:SURZDG]HQLH
3UREOHPVWDWHF]QRyFL]ERF]\OXEVNDUSRUD]UR]ZRMXRVXZLVNVWDQRZLMHGQR
]WUXGQLHMV]\FK]DJDGQLHÍZJHRORJLLLQ›\QLHUVNLHMLJHRWHFKQLFH:WUDNFLHSURZD
G]HQLDUREÏWJHRORJLF]Q\FKLLQ›\QLHUVNLFKLVWRWQHMHVWGREUHUR]SR]QDQLHRyURGND
JHRORJLF]QHJR:D›Q\PDVSHNWHPW\FKSUDFMHVWRNUHyOHQLHSRR›HQLDVWUHIRVD
ELHQLD
3RZVWDQLHRVXZLVNDSRSU]HG]RQHMHVWSU]HNURF]HQLHPQDSUƛHÍNWÏUHSRZR
GXM•ORNDOQHyFLÆFLDLUR]U\ZDQLD]UR]FL•JDQLHP3URZDG]LWRGR]DEXU]HQLDOR
NDOQ\FKVWDQÏZUÏZQRZDJLRyURGNDJHRORJLF]QHJR:WDNLPSU]\SDGNXPDOHMH
VNRNRZRZ\WU]\PDRyÂSRGR›DFRSURZDG]LGRQDUDVWDQLDGHIRUPDFMLLSURSDJDFML
VWUHI\ SODVW\F]QHM 3RZVWDM• V]F]HOLQ\ NWÏUH XDWZLDM• ZQLNDQLH ZÏG RSDGRZ\FK
Z RyURGHN : PLHMVFDFK SU]HNURF]HQLD Z\WU]\PDRyFL QD yFLQDQLH UR]ZLMDM• VLÆ
VWUHI\RVDELHQLD=ZL•]DQHV•RQH]H]PLDQDPLZLOJRWQRyFLVSÆNDQLDPLLLQQ\PL
GHIHNWDPL>@
:]DZRGQLRQ\PRyURGNXJHRORJLF]Q\PZ\VWÆSXM•RGG]LD\ZDQLDVWDW\F]QH
K\GURVWDW\F]QHFLyQLHQLHZRG\RUD]Z\SÏUK\GURVWDW\F]Q\:ZDUXQNDFKJUDGLHQ
6WDQLV]-
352
WXK\GUDXOLF]QHJRSRMDZLDM•VLÆVL\Z\ZRXM•FHFLyQLHQLHVS\ZRZH7RFLyQLHQLH
VLDREMÆWRyFLRZDEH]SRyUHGQLRRGG]LDXMHQDV]NLHOHWJUXQWRZ\SRNRQXM•FRSÏU
WDUFLDSRZLHU]FKQLRZHJR:RyURGNXJHRORJLF]Q\PRL]RWURSRZHMVWUXNWXU]HFL
yQLHQLHWRG]LDD]DZV]HZNLHUXQNXVW\F]Q\PGROLQLLSU]HS\ZX>@
:ZDUXQNDFKZ\VW•SLHQLDRSDGÏZDWPRVIHU\F]Q\FKZRGDZQLNDM•FZSU]H
SXV]F]DOQ\ RyURGHN JHRORJLF]Q\ Z\ZLHUD QD QLHJR FLyQLHQLH VS\ZRZH :S\ZD
RQRQDVSDGHNQDSUƛHQLDHIHNW\ZQHJRZ\QLNDM•FHJR]REFL•›HQLDJUDZLWDF\MQHJR
V]NLHOHWXJUXQWRZHJR:NRQVHNZHQFMLSURZDG]LWRGR]PQLHMV]HQLDRSRUXWDUFLD
PLÆG]\F]•VWHF]NDPLRyURGND]ZLÆNV]HQLHVL]VXZDM•F\FK]ZDV]F]DZVWUHIDFK
RVDELHQLDRUD]Z]URVWXZDUWRyFLGHZLDWRUDQDSUƛHQLDZVWDQLHSRF]•WNRZ\PUR]
ZRMXSRZLHU]FKQLSRyOL]JX:UH]XOWDFLHQDVWÆSXMH]QLV]F]HQLHSLHUZRWQHMVWUXNWX
U\RyURGNDLSRZVWDQLHSRZLHU]FKQLSRyOL]JX]GROQHMGRSU]HPLHV]F]HQLDZLÆNV]\FK
IUDJPHQWÏZRyURGND>@3URFHVWHQQDUXV]DVWDWHF]QRyÂ]ERF]\LVNDUSSRZRGXM•F
UXFK\PDVRZH3RPLDUFLyQLHQLDZRG\ZSRUDFKRyURGNDMHVWSRPRFQ\ZUR]SR
]QDQLXSRR›HQLDVWUHI\RVDELHQLDDMHJR]PLDQ\PRJ•ZVND]\ZDÂQDWZRU]HQLH
VLÆSRZLHU]FKQLSRyOL]JX>@
0HWRG\SRPLDUX]PLDQFLyQLHQLDSRURZHJR
&]XMQLNL GRVWÆSQH QD U\QNX VNDGDM• VLÆ ] GZÏFK SRGVWDZRZ\FK F]ÆyFL HOH
PHQWXSRPLDURZHJRFLyQLHQLDSRURZHJRRUD]ILOWUD3RZV]HFKQLHVWRVRZDQHV•QD
VWÆSXM•FHHOHPHQW\SRPLDURZH]SU]HWZRUQLNLHPVWUXQRZ\PDQJYLEUDWLQJZLUH
VHQVRUVWHQVRPHWU\F]QHDQJUHVLVWDQFHVWUDLQJDXJHVSRMHPQRyFLRZHDQJFDSDFL
WLYHSUHVVXUHVHQVRUVRUD]SϏSU]HZRGQLNLDQJVHPLFRQGXFWRUV7RUVWHQVVRQL6FKHO
OLQJHUKRXW
: SUDF\ RPÏZLRQR UR]ZL•]DQLD ED]XM•FH QD SU]HWZRUQLNX VWUXQRZ\P ]H
Z]JOÆGXQDMHJRQDMEDUG]LHMUR]SRZV]HFKQLRQH]DVWRVRZDQLH
:F]XMQLN]SU]HWZRUQLNLHPVWUXQRZ\PZEXGRZDQDMHVWF]XDPHPEUDQD]H
VWDOLQLHUG]HZQHM3RG•F]RQDGRQLHMVWUXQDRGFK\ODVLÆJG\FLyQLHQLHZRG\SR
Z\SHQLHQLXILOWUDRGG]LDXMHQDPHPEUDQÆ2GNV]WDFHQLHPHPEUDQ\MHVWPLH
U]RQHMDNR]PLDQDQDSLÆFLDLF]ÆVWRWOLZRyFLGUJDÍVWUXQ\&]ÆVWRWOLZRyÂ]MDN•GUJD
VWUXQDMHVWZSURVWSURSRUFMRQDOQDGRFLyQLHQLDMDNLHMHVWZ\ZLHUDQHQDPHPEUDQÆ
&]ÆVWRWOLZRyÂGUJDÍVWUXQ\MHVWRSLVDQDZ]RUHP>@
f
1
2L
EgH
U
JG]LH
f F]ÆVWRWOLZRyÂGUJDÍVWUXQ\>VOXE+]@
L GXJRyÂVWUXQ\>P@
E PRGX<RXQJDGODPDWHULDX]NWÏUHJRVWUXQD]RVWDDZ\NRQDQD>*3D@
g SU]\VSLHV]HQLH]LHPVNLH>PV@
H RGNV]WDFHQLHVWUXQ\
U JÆVWRyÂREMÆWRyFLRZDVWUXQ\>*JP@
02‹/,:2k&,52=32=1$1,$=$*52‹(1,$268:,6.2:(*21$32'67$:,(
353
:SREOL›XVWUXQ\XPLHV]F]RQHV•GZLHFHZNLMHGQD]PDJQHVHPGUXJD]QD
ELHJXQQLNLHP Z\]QDF]DM•F\P NLHUXQHN L UR]NDG OLQLL VL SROD PDJQHW\F]QHJR
:WUDNFLHSUDF\F]XMQLNDLPSXOVR]PLHQQHMVNRNRZHMF]ÆVWRWOLZRyFLZ\V\DQ\
MHVWGRFHZHNFRSRZRGXMH›HVWUXQDGUJD]JRGQLH]F]ÆVWRWOLZRyFL•UH]RQDQVRZ•
3R]DNRÍF]HQLXID]\Z]EXG]HQLDVWUXQDQDGDOGUJDSU]HND]XM•FV\JQDGRFHZNL
ZNWÏUHMHOHNWU\F]Q\SU]HWZRUQLN]DPLHQLDJRQDVLQXVRLGDOQ\V\JQDHOHNWU\F]Q\
6\JQDWHQSU]HND]\ZDQ\MHVW]DSRyUHGQLFWZHPSU]HZRGXHOHNWU\F]QHJRGRXU]•
G]HQLDRGF]\WXM•FHJRJG]LHSRXZ]JOÆGQLHQLXZVSϏF]\QQLNDNDOLEUDFMLMHVWZ\
yZLHWODQ\LSU]HWZDU]DQ\QDRNUHyORQ•MHGQRVWNÆWHFKQLF]Q•&]ÆVWRWOLZRyÂV\JQD
XRGSRZLDGDOLF]ELHLPSXOVÏZNWÏUDMHVWQLH]DOH›QDRGDPSOLWXG\GUJDÍ8SURV]
F]RQ\VFKHPDWF]XMQLNDVWUXQRZHJRSU]HGVWDZLRQRQDU\VDQDU\VSRND]DQR
VFKHPDWMHJREXGRZ\8PLHV]F]RQDZXU]•G]HQLXPHPEUDQDMHVWFKURQLRQDSU]H]
ILOWUNWÏU\]DSRELHJDZQLNDQLXF]•VWHNVWD\FKZLÆNV]\FKQL›PLNURQÏZ>@
5\V8SURV]F]RQ\VFKHPDWF]XMQLNDVWUXQRZHJR
nUÏGR>@
5\V6FKHPDWEXGRZ\F]XMQLNDVWUXQRZHJR
nUÏGR>@
6WDQLV]-
354
'RZVND]DQLDZDUWRyFLFLyQLHQLDSRURZHJRZ\VWDUF]DMX›VWRVXQNRZRQLHZLHO
NDLORyÂZRG\ZJUXQFLH&]XMQLNXPR›OLZLDSRPLDUWHPSHUDWXU\ZFHOXNRUHNW\
ZVND]DÍ7DNDNRQVWUXNFMDSR]ZDODQD]ZLÆNV]HQLHF]XRyFLF]XMQLNDGR
]DNUHVXSRPLDURZHJR1DRJÏOQ•GRNDGQRyÂSRPLDUXZS\ZDQLHOLQLRZRyÂUR]
NDGXZDUWRyFLFLyQLHQLDSRURZHJRKLVWHUH]DRUD]LQQHHIHNW\3RXZ]JOÆGQLHQLX
W\FKF]\QQLNÏZU]HF]\ZLVWDGRNDGQRyÂZ\QRVLRN]DNUHVX>@
:\QLNLSRPLDUÏZV•EDUG]RGRNDGQH OHF]F]DVUHDNFMLF]XMQLNÏZ]DOH›\RG
SU]HSXV]F]DOQRyFLJUXQWÏZ&]XMQLNLG]LDDM•GXJRRUD]V•RGSRUQHQD]DZLOJR
FHQLH SU]HZRGÏZ 5R]ZL•]DQLD VSU]ÆWRZH XPR›OLZLDM• JURPDG]HQLH GX›HM LORyFL
GDQ\FK L WZRU]HQLH DXWRPDW\F]Q\FK V\VWHPÏZ SRPLDURZ\FK ,VWRWQ• ZDG• MHVW
ZUD›OLZRyÂQDSU]HSLÆFLDVSRZRGRZDQHSU]H]Z\DGRZDQLDDWPRVIHU\F]QH3RVWÆS
ZG]LHG]LQLHHOHNWURQLNLSR]ZROLMHGQDNQDRSUDFRZDQLHV\VWHPÏZSU]HFLZSU]H
SLÆFLRZ\FK
3U]HWZRUQLN VWUXQRZ\ PR›H E\ Z\NRU]\VWDQ\ Z VRQGDFK W\SX %$7 VWRVR
ZDQ\FKJÏZQLHGRSRERUXSUÏEZÏGJUXQWRZ\FKRUD]WHVWÏZSU]HSXV]F]DOQRyFL
V]F]HJÏOQLHZJUXQWDFKGUREQR]LDUQLVW\FKLVDERSU]HSXV]F]DOQ\FKL\JOLQ\S\OD
VWHLWS&]DVSRPLDUXMHVWVWRVXQNRZRNUÏWNL]ZDV]F]DSU]\QLHZLHONLFKSU]HS\
ZDFKZRG\3RPLDURGE\ZDVLÆZNRÍFÏZFHILOWUDVRQG\U\VNWÏU\Z\SHQLRQ\
MHVWRGSRZLHWU]RQ•ZRG•>@(OHPHQW\V\VWHPXGRSRPLDUXFLyQLHQLDSRURZHJR
ZUD]]SU]HWZRUQLNLHPFLyQLHQLDSU]HGVWDZLRQRQDU\V
5\V6FKHPDWILOWUDZVRQG]LH%$7
nUÏGR>@
02‹/,:2k&,52=32=1$1,$=$*52‹(1,$268:,6.2:(*21$32'67$:,(
355
5\V(OHPHQW\V\VWHPXGRSRPLDUXFL
yQLHQLDSRURZHJR]DSRPRF•VRQG\%$7
2]QDF]HQLDDSU]HWZRUQLNFLyQLHQLD
ESU]HZÏGHOHNWU\F]Q\SU]HWZRUQLND
FSU]\U]•GSRPLDURZ\GSU]H]URF]\VW\
•F]QLNSU]HWZRUQLNDH•F]QLNWUDQV
SRUWRZ\ILJDMHGQRVWURQQD6(
JWXOHMDSURZDG]•FDKREFL•›QLNL
MSRNU\ZDEORNXM•FDSU]HZÏG
nUÏGR>@
3U]\NDG\EDGDQLD]ZL•]NX]PLDQFLyQLHQLDSRURZHJRRGRSDGÏZDW
PRVIHU\F]Q\FKRUD]SU]HPLHV]F]HÍZREUÆELHRyURGNDJHRORJLF]QHJR
2SLVDQ\SU]H]>@V\VWHPPRQLWRULQJXFLyQLHQLDSRURZHJRZ\NRU]\VWXMHF]XM
QLNL]SU]HWZRUQLNLHPVWUXQRZ\P3RPLDU\Z\NRQ\ZDQRQDGZÏFKVWDQRZLVNDFK
EDGDZF]\FKZJOLQDFKLJOLQDFKSLDV]F]\VW\FK&]DVWUZDQLDSRPLDUXREHMPRZD
MHGHQ URN :\NUHV\ UR]NDGX RSDGÏZ DWPRVIHU\F]Q\FK RUD] ]PLDQ ZDUWRyFL FL
yQLHQLDSRURZHJR]HVWDZLRQRQDU\VDQDOL]DGXJRWHUPLQRZDLU\VDQDOL]D
NUÏWNRWHUPLQRZD
6WDQLV]-
356
5\V=PLDQ\ZDUWRyFLFLyQLHQLDSRURZHJRU\VXQHNGROQ\Z]HVWDZLHQLXGRRSDGÏZDWPRVIHU\F]
Q\FKZF]DVLHU\VXQHNJÏUQ\QDSU]\NDG]LHGZÏFK]DLQVWDORZDQ\FKSLH]RPHWUÏZ3=$L3=%
5ϛQLFDZUHDNFMLREXSLH]RPHWUÏZZ\QLND]UϛQHMSU]HSXV]F]DOQRyFLJUXQWÏZ
ZRWRF]HQLXSLH]RPHWUX$L%
nUÏGR>@
5\V=PLDQ\ZDUWRyFLFLyQLHQLDSRURZHJRZSLH]RPHWU]H$L%ZRNUHVLHMHGQRPLHVLÆF]Q\PZ\NUHV
yURGNRZ\RUD]MHGQRGQLRZ\PZ\NUHVGROQ\ZVWRVXQNXGRVNXPXORZDQHMNU]\ZHMRSDGÏZZ\NUHV
JÏUQ\3RPLDUZ\NRQDQRZVW\F]QLXURNX
nUÏGR>@
02‹/,:2k&,52=32=1$1,$=$*52‹(1,$268:,6.2:(*21$32'67$:,(
357
3RZ\VW•SLHQLXRSDGÏZGHV]F]XQDVWÆSXMHZ]URVWZDUWRyFLFLyQLHQLDSRURZH
JR &]DV UHDNFML F]XMQLNÏZ MHVW X]DOH›QLRQ\ RG FLƛDUX REMÆWRyFLRZHJR RyURGND
RUD]Z\VRNRyFLRSDGÏZZRWRF]HQLXSLH]RPHWUÏZ3RLFK]DQLNXZ\VRNDZDUWRyÂ
FLyQLHQLDSRURZHJRXWU]\PXMHVLÆSU]H]NLONDJRG]LQSRF]\PQDVWÆSXMHMHJRVSD
GHN%DGDQLDW•PHWRG•SRZLQQ\PLHÂFKDUDNWHUZVND|QLNRZ\JG\›ZEDGDQLDFK
2UWLJDRSRMDZLDVLÆQLH]UR]XPLD\Z]URVWZDUWRyFLFLyQLHQLDSRURZHJRZRNUHVLH
RGOLVWRSDGDGRSLHUZV]HMSRRZ\JUXGQLD
:DQJ L 6DVVD >@ EDGDOL ZS\Z FLyQLHQLD SRURZHJR QD SURFHV ]QLV]F]HQLD
ZPRGHOXRyURGNDJUXQWRZHJR]EXGRZDQHJR]]DS\ORQHJRSLDVNX$QDOL]DZ\
QLNÏZ U\V SR]ZROLD VWZLHUG]L ›H SU]HG SRZVWDQLHP SRZLHU]FKQL Z\VW•SL
Z\UD|Q\NUÏWNRWUZD\Z]URVWFLyQLHQLDSRURZHJRSRNWÏU\PZNUÏWNLPSU]HG]LD
OHF]DVRZ\PREVHUZRZDQRMHV]F]HGDOV]HQLHZLHONLHZ]URVW\FLyQLHQLDSRURZHJR
:EDUG]RNUÏWNLPSU]HG]LDOHF]DVRZ\PQDVWÆSRZDGDOV]\FKZLORZ\Z]URVWFL
yQLHQLDSRURZHJR5R]ZÏMSURFHVX]QLV]F]HQLDE\Z\QLNLHPZ]URVWXLORyFLZRG\
QDEDGDQ\PRGFLQNX]ERF]D:W\PVDP\PLQWHUZDOHF]DVRZ\PQDVW•SLZ]URVW
SU]HPLHV]F]HÍ]HyFLQDQLDLGXJRyFLSRyOL]JXIUDJPHQWÏZRyURGNDZWUDNFLH]QLV]
F]HQLD3Ï|QLHMVSDGHNZDUWRyFLFLyQLHQLDSRURZHJRE\VSRZRGRZDQ\SU]HPLHV]
F]DQLHPVLÆPDWHULDXZGϏVNDUS\
5\V=HVWDZLHQLHZ\QLNÏZ]SRPLDUÏZFLyQLHQLDSRURZHJRLSU]HPLHV]F]HÍ
:F]DVLH]QLV]F]HQLDSRND]DQ\PQDZ\NUHVLHSU]HPLHV]F]HÍQDVWÆSXMH]QDF]•F\Z]URVWZDUWRyFL
FLyQLHQLDSRURZHJRDQDVWÆSQLHMHJRVSDGHNSRXUXFKRPLHQLXSURFHVXRVXZLVNRZHJRZ\NUHVD
=PLDQ\ZDUWRyFLFLyQLHQLDSRURZHJRV•V]F]HJÏOQLHZLGRF]QHZNUÏWNLPRNUHVLHF]DVXZ\NUHVE
nUÏGR>@
6WDQLV]-
358
3RGVXPRZDQLH
3RPLDU ]PLDQ FLyQLHQLD SRURZHJR ZVSRPDJD LGHQW\ILNDFMÆ SRR›HQLD SR
ZLHU]FKQLSRyOL]JXQDWHUHQDFKRVXZLVNRZ\FK=HZ]JOÆGXQDQLHZLHON•LORyÂGD
Q\FKSRPLDURZ\FK]DPLHV]F]RQ\FKZOLWHUDWXU]H2UWLJDR:DQJL6DVVDZFKZLOL
REHFQHMQDOH›\WUDNWRZDÂMHMDNRZVND|QLNRZH
:ZDUXQNDFKSU]HS\ZXZRG\ZRyURGNX]DJUR›RQ\PSURFHVDPLRVXZLVNR
Z\PLQDVWÆSXMHSRVWÆS]QLV]F]HQLDQDMF]ÆyFLHMZVWUHIDFKRVDELHQLDFRZNRQVH
NZHQFMLSURZDG]LGRSRZVWDQLDRVXZLVND1DHWDSLHUR]ZRMX]QLV]F]HQLDFLyQLHQLH
SRURZHZ]UDVWDDZ\VW•SLHQLHSU]HPLHV]F]HQLDPDOHMHZZ\QLNXMHJRUR]SUDV]D
QLD:UH]XOWDFLHREVHUZXMHVLÆFKDUDNWHU\VW\F]Q\Z\NUHV]PLDQFLyQLHQLDSRURZH
JRFRSRND]DOLZVZRMHMSUDF\:DQJL6DVVD>@
2NUHyOHQLH ]PLDQ ZDUWRyFL FLyQLHQLD SRURZHJR GRVWDUF]D GRGDWNRZ\FK LQIRU
PDFMLR]DFKRZDQLXVLÆRyURGNDJHRORJLF]QHJR:\QLNLSRPLDUÏZ]PLDQFLyQLHQLD
SRURZHJRPRJ•E\ÂZ\NRU]\VWDQHZF]DVRSU]HVWU]HQQ\FKDQDOL]DFKU\]\NDZ\
VW•SLHQLDRVXZLVN
'RNDGQRy SRPLDUX FLyQLHQLD SRURZHJR RJUDQLF]RQD MHVW SU]H] SRURZDWRyÂ
JÆVWRyÂREMÆWRyFLRZ•RUD]ZLHONRyÂSU]HS\ZXZRG\ZRyURGNX&]\QQLNLWHZ]QD
F]•F\PVWRSQLXZS\ZDM•QDF]DVUHDNFMLF]XMQLNÏZ:]JOÆGQLHGRNDGQHZ\QLNL
SRPLDUXFLyQLHQLDSRURZHJRX]\VNXMHVLÆ]DSRPRF•F]XMQLNÏZVWUXQRZ\FK6•RQH
EDUG]RGRNDGQHSUDFXM•SU]H]GXJLRNUHVF]DVXRUD]V•VWRVXQNRZRWDQLH1DWR
PLDVWLFKZDG•MHVWZUD›OLZRyÂQDSU]HSLÆFLD5\]\NRDZDULLZVNXWHNZ\VW•SLHQLD
Z\DGRZDÍDWPRVIHU\F]Q\FKPR›QDMHGQDNRJUDQLF]\ÂSRSU]H]]DVWRVRZDQLHRG
SRZLHGQLHJRV\VWHPXSU]HFLZSU]HSLÆFLRZHJR
%LEOLRJUDILD
>@%HGQDUF]\N=%DGDQLDJHRORJLF]QRLQ›\QLHUVNLHNDUSDFNLFKRVXZLVNIOL
V]RZ\FK Z UHMRQLH *RUOLF %HVNLG 1LVNL *HRORJRV ,,, V\PSR]MXP
:3*,Z33XV]F]\NRZR
>@,QVWUXNFMDGRSUÏEQLNDLSU]HSXV]F]DOQRyFLRPLHU]D*HR1
>@.DWDORJSURGXNWÏZILUP\*HRNRQt9:3LH]RPHWHU6HULHVt0DQ
XDO
>@/DPEH 7: :KLWPDQ 5 9 0HFKDQLND JUXQWÏZ 7RP F] ,9 L 9
:\G$UNDG\:DUV]DZD
>@2UWLJDR -$5 /DQGVOLGH LQVWUXPHQWDWLRQ DQG DODUP V\VWHP 5LR GH
-DQHULR
>@7RUVWHQVVRQ%$6FKHOOLQJHUKRXW$-**URXQGZDWHUPRQLWRULQJZLWK
WKH%$7V\VWHP
>@:DQJ*6DVVD.3RUHSUHVVXUHJHQHUDWLRQDQGPRYHPHQWRIUDLQIDOO
LQGXFHGODQGVOLGHVHIIHFWVRIJUDLQVL]HDQGILQHSDUWLFOHFRQWHQW(QJL
QHHULQJ*HRORJ\9ROXPH,VVXHVtt
02‹/,:2k&,52=32=1$1,$=$*52‹(1,$268:,6.2:(*21$32'67$:,(
359
>@:LXQ==DU\VJHRWHFKQLNL:\G.RPXQLNDFMLL•F]QRyFL:DUV]DZD
>@:\VRNLÍVNL/0HWRG\SURJQR]RZDQLDL]DEH]SLHF]DQLDRVXZLVN$ZDULH
EXGRZODQH;;9.RQIHUHQFMD1DXNRZR7HFKQLF]QD0LÆG]\]GURMH
PDMDU
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
$1$/,=$352&(68
'2386=&=$1,$'2(.63/2$7$&-,
7<3¯:%8'2:/,:k:,(7/(=0,$1'2867$:<
275$16325&,(.2/(-2:<0
*U]HJRU]6WHQFHO
PJULQ›,QVW\WXW.ROHMQLFWZDVSHFMDOLVWDLQ›\QLHU\MQRWHFKQLF]Q\WHOHPDLOJVWHQFHO#LNROHMSO
6WUHV]F]HQLH:RSUDFRZDQLX]DZDUWRDQDOL]Æ]PLDQZ8VWDZLHRWUDQVSRUFLHNROHMRZ\P
RUD] LFK NRQVHNZHQFMH =DSUH]HQWRZDQR REHFQ• UROÆ 8VWDZ\ R WUDQVSRUFLH NROHMRZ\P Z SURFHVLH
GRSXV]F]DQLDW\SÏZEXGRZOL
6RZDNOXF]RZHLQZHVW\FMHW\S\EXGRZOL8VWDZDRWUDQVSRUFLHNROHMRZ\P
:SURZDG]HQLH
2GSUDZLHGZÏFKODWRELHNW\OLQLLNROHMRZ\FKV•RFHQLDQHSRGZ]JOÆGHP]JRG
QRyFL ] Z\PDJDQLDPL ]DVDGQLF]\PL GOD RGSRZLHGQLFK SRGV\VWHPÏZ LQIUDVWUXN
WXUDOQ\FK ,QIUDVWUXNWXUD (QHUJLD 6WHURZDQLH 1DWRPLDVW Z\URE\ ] NWÏU\FK
EXGXMH VLÆ RELHNW\ V• RFHQLDQH MDNR VNDGQLNL LQWHURSHUDF\MQRyFL EXGRZOH RUD]
XU]•G]HQLD SU]H]QDF]RQH GR SURZDG]HQLD UXFKX NROHMRZHJR GRW\F]\ Z\UREÏZ
QLHEÆG•F\FKVNDGQLNDPLLQWHURSHUDF\MQRyFLDWDN›HMDNRZ\URE\EXGRZODQHGR
W\F]\ZV]\VWNLFKZ\UREÏZX]QDQ\FK]DZ\URE\EXGRZODQH
=PLDQ\]ZL•]DQH]WUDQVSR]\FM•GR3UDZD.UDMRZHJR'\UHNW\Z\:(
PRJ\VXJHURZD›HW]ZdNUDMRZ\SURFHVGRSXV]F]DQLDrHOHPHQWÏZLQIUDVWUXNWXU\
NROHMRZHMEÆG]LHRGFKRG]LZ]DSRPQLHQLH7\PF]DVHPRVWDWQLH]PLDQ\Z8VWDZLH
RWUDQVSRUFLHNROHMRZ\P>@NWÏUHZHMG•Z›\FLHNZLHWQLDURNXSU]HF]•WHM
WH]LHSRQLHZD›ZSURZDG]DM•GRGDWNRZHEDUG]LHMVNRPSOLNRZDQHSURFHGXU\RFHQ\
]JRGQRyFL]ZL•]DQH]ZSURZDG]DQLHPGRREURWXdQRZ\FKrW\SÏZEXGRZOL
3U]HGPLRW]PLDQ
3RGVWDZRZH]PLDQ\NWÏUHZ\VW•SL•ZSURFHVLHGRSXV]F]DQLDW\SÏZEXGRZOL
RGNZLHWQLDURNXWR
yZLDGHFWZRGRSXV]F]HQLDGRHNVSORDWDFMLW\SXEXGRZOLPR›QDEÆG]LHX]\
VNDÂW\ONRGODSLHUZV]HJRHJ]HPSODU]DW\SXEXGRZOLVLF
6WHQFHO6
362
FHUW\ILNDW\]JRGQRyFLW\SXRUD]FHUW\ILNDW\]JRGQRyFL]W\SHPNWÏUHEÆG•
Z\GDZDQHSU]H]RGSRZLHGQLHMHGQRVWNLRUJDQL]DF\MQHRGSRZLHGQLNLREHF
Q\FKMHGQRVWHNXSRZD›QLRQ\FK
GHNODUDFMH]JRGQRyFL]W\SHPNWÏUHEÆG•Z\VWDZLDQHGODdNROHMQ\FKEX
GRZOLrSU]H]dSRGPLRW]DPDZLDM•F\Z\NRQDZFÆPRGHUQL]DFMLLPSRUWHUD
LQZHVWRUDG\VSRQHQWD]DU]•GFÆX›\WNRZQLNDERF]QLF\DOERSU]HZR|QLND
NROHMRZHJRr
NRQLHF]QRyÂX]\VNDQLDDNUHG\WDFMLSU]H]MHGQRVWNLRUJDQL]DF\MQHZ\NRQXM•
FHEDGDQLDW\SÏZEXGRZOLZ\PÏJWHQEÆG]LHRERZL•]\ZDÂRGVW\F]QLD
URNX
=JRGQLH ] RERZL•]XM•F\P UR]SRU]•G]HQLHP W\SDPL EXGRZOL Z SRGV\VWHPLH
,QIUDVWUXNWXUDZHU\ILNRZDQ\PQDSRGVWDZLH76,V•UR]MD]GNROHMRZ\LVNU]\›RZD
QLHWRUÏZNROHMRZ\FK:SRGV\VWHPLH,QIUDVWUXNWXUDZHU\ILNRZDQ\PQDSRGVWD
ZLHSU]HSLVÏZNUDMRZ\FKW\SDPLEXGRZOLV•UÏZQLH›V]\QDV\VWHPSU]\WZLHUG]HÍ
SRGNDGLSRGUR]MD]GQLFD:SR]RVWD\FKSU]\SDGNDFKQSGODOLQLLPHWUDERF]
QLFNROHMRZ\FKF]\OLQLLZ•VNRWRURZ\FKW\SDPLEXGRZOLV•ZV]\VWNLHZ\PLHQLRQH
SRZ\›HMRSUÏF]SRGUR]MD]GQLF\
3RUÏZQDQLHSURFHVXGRSXV]F]HQLDSU]HGLSR]PLDQDFK
3RGVWDZRZH HWDS\ Z SURFHVLH GRSXV]F]HQLD W\SX EXGRZOL SU]HG RUD] SR NZLHWQLDURNXSU]HGVWDZLRQRZWDEHOL
7DEHOD(WDS\SURFHVXGRSXV]F]DQLDW\SÏZEXGRZOL
Przed 1 kwietnia 2014
Badania typu budowli
MHGQRVWNDXSRZDĪQLRQD
Opracowanie programu prób eksploatacyjnych
MHGQRVWNDRUJDQL]DF\MQD
Zawarcie porozumienia w sprawie prób
eksploatacyjnych (jednostka organizacyjna,
ZQLRVNRGDZFDXĪ\WNRZQLN
:\GDQLHĞZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFML
W\SXQDF]DVRNUHĞORQ\87.
Opracowanie opinii na podstawie wyników prób
MHGQRVWNDXSRZDĪQLRQD
:\GDQLHĞZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFML
W\SXQDF]DVQLHRNUHĞORQ\87.
Po 1 kwietnia 2014
Badania techniczne pierwszego egzemplarza typu
EXGRZOLMHGQRVWNDRUJDQL]DF\MQD
:\GDQLHFHUW\¿NDWX]JRGQRĞFLW\SX
MHGQRVWNDRUJDQL]DF\MQD
:\GDQLHĞZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFML
W\SXQDF]DVRNUHĞORQ\87.
Opracowanie programu prób eksploatacyjnych
MHGQRVWNDRUJDQL]DF\MQD
Zawarcie porozumienia w sprawie prób (jednostka
RUJDQL]DF\MQDZQLRVNRGDZFDXĪ\WNRZQLN
Opracowanie opinii na podstawie wyniku prób
MHGQRVWNDRUJDQL]DF\MQD
:\GDQLHĞZLDGHFWZDGRSXV]F]HQLDGRHNVSORDWDFML
W\SXQDF]DVQLHRNUHĞORQ\87.
$1$/,=$352&(68'2386=&=$1,$'2(.63/2$7$&-,7<3¯:%8'2:/,:k:,(7/(
363
-DNPR›QD]DXZD›\ÂSRGVWDZRZDUϛQLFDSROHJDQDW\P›HZJQRZ\FKSU]H
SLVÏZ yZLDGHFWZR X]\VNXMH VLÆ GOD SLHUZV]HJR HJ]HPSODU]D W\SX EXGRZOL 'R
SXV]F]HQLD NROHMQ\FK HJ]HPSODU]\ W\SX EXGRZOL PR›OLZH MHVW QD GZD VSRVRE\
SU]HGVWDZLRQHZWDEHOL
7DEHOD(WDS\SURFHVXGRSXV]F]DQLDNROHMQ\FKW\SÏZEXGRZOLSRNZLHWQLDURNX
I sposób
SURGXFHQWOXEMHJRXSRZDĪQLRQ\SU]HGVWDZLFLHO
3U]HSURZDG]HQLHSURFHGXU\RFHQ\]JRGQRĞFL
z typem wg decyzji nr 768/2008/WE
(producent oraz ewentualnie jednostka
RUJDQL]DF\MQD
:\VWDZLHQLHGHNODUDFML]JRGQRĞFL]W\SHP
SURGXFHQW
-
II sposób
SRGPLRW]DPDZLDMąF\Z\NRQDZFDPRGHUQL]DFML
LPSRUWHULQZHVWRUG\VSRQHQW]DU]ąGFDXĪ\WNRZQLN
ERF]QLF\DOERSU]HZRĨQLNNROHMRZ\
Badania techniczne typu budowli
MHGQRVWNDRUJDQL]DF\MQD
:\GDQLHFHUW\¿NDWX]JRGQRĞFLW\SX
MHGQRVWNDRUJDQL]DF\MQD
:\VWDZLHQLHGHNODUDFML]JRGQRĞFL]W\SHP
SRGPLRW]DPDZLDMąF\Z\NRQDZFDPRGHUQL]DFML
LPSRUWHULQZHVWRUG\VSRQHQW]DU]ąGFDXĪ\WNRZQLN
ERF]QLF\DOERSU]HZRĨQLNNROHMRZ\
3RZ\›V]H WDEOLFH ]RVWD\ RSUDFRZDQH QD SRGVWDZLH WUHyFL ]PLDQ GR 8VWDZ\
D WDN›H QD SRGVWDZLH ZVWÆSQ\FK SURMHNWÏZ UR]SRU]•G]HÍ Z\NRQDZF]\FK NWÏUH
]RVWD\Z\VDQHGR6HMPX53ZUDPDFKSURFHVXOHJLVODF\MQHJRWHM›H8VWDZ\5R]
SRU]•G]HQLDV•ZID]LHSU]\JRWRZ\ZDQLDZLÆFRSLVDQHSURFHGXU\PRJ•XOHFSHZ
Q\P]PLDQRP
$QDOL]D]PLDQ
:SURZDG]RQH]PLDQ\QLHZ•WSOLZLHNRPSOLNXM•SURFHVGRSXV]F]DQLDGRHNV
SORDWDFMLW\SÏZEXGRZOL2LOHZ\GDZDQLHyZLDGHFWZGRSXV]F]HQLDGRHNVSOR
DWDFMLGODSLHUZV]HJRHJ]HPSODU]DW\SXEXGRZOLPDMHV]F]HVHQVZSU]\SDGNX
UR]MD]GÏZLVNU]\›RZDÍWRUÏZWRZSU]\SDGNXV]\QV\VWHPÏZSU]\WZLHUG]HÍ
SRGNDGÏZLSRGUR]MD]GQLFMHVWQLHGR]UHDOL]RZDQLDJG\›EDGDQLDW\FKEXGRZOL
SU]HZLGXM• SUÏE\ QD FR QDMPQLHM NLONX HJ]HPSODU]DFK OXE SUÏE\ SRZRGXM•FH
]QLV]F]HQLHEDGDQ\FKRELHNWÏZ$GDSWDFMDSURFHGXUSU]HZLG]LDQ\FKGODSRMD]
GÏZ V]\QRZ\FK GR SURFHGXU GRW\F]•F\FK W\SX EXGRZOL QLH MHVW ZLÆF Z W\P
SU]\SDGNXX]DVDGQLRQD
=DQLHSRNRMHQLH EXG]L UÏZQLH› IDNW VZRLVWHJR SR•F]HQLD SURFHGXU\ XU]ÆGR
ZHMMDN•MHVWZ\GDQLHyZLDGHFWZDGRSXV]F]HQLD]SURFHGXUDPLRFHQ\]JRGQRyFL
ZW\PSURFHGXUFHUW\ILNDF\MQ\FKSU]HZLG]LDQ\FKGODZ\UREÏZZNUDMDFK(2*
7UXGQRV]XNDÂSRZRGÏZGODNWÏU\FKSURGXFHQWSU]HGGRNRQDQLHPRFHQ\]JRG
QRyFL]XG]LDHPOXEEH]MHGQRVWNLFHUW\ILNXM•FHMPDSRGGDÂVLÆSHQHMSURFH
GXU]HDGPLQLVWUDF\MQHM]XG]LDHPXU]ÆGXMHGQRVWNLRUJDQL]DF\MQHMZ\NRQXM•FHM
1
Europejski Obszar Gospodarczy
6WHQFHO6
364
EDGDQLDRUD]X›\WNRZQLNDMHJRZ\UREÏZ0RLP]GDQLHPQLHWDNLE\]DP\VWZÏU
FÏZSU]HSLVÏZUHJXOXM•F\FKVZRERGQ\SU]HS\ZWRZDUÏZLXVXJZNUDMDFK(2*
:QRZ\FKSURFHGXUDFKGRSXV]F]HQLDPR›QDUÏZQLH›]QDOH|ÂNLONDSR]\W\Z
Q\FK]PLDQ'RW\F]•RQHNZHVWLLZ\GDZDQLDyZLDGHFWZD:HGXJQRZ\FK]DVDG
SRUR]XPLHQLHWUÏMVWURQQHRUD]SURJUDPSUÏEHNVSORDWDF\MQ\FKSU]\JRWRZXMHVLÆ
GRSLHURSRZ\GDQLXyZLDGHFWZDQDF]DVRNUHyORQ\'RW\FKF]DVREDGRNXPHQW\QD
OH›DR]D•F]\ÂGRZQLRVNXRZ\GDQLHyZLDGHFWZD3RZRGRZDRWRQLHNLHG\EORNR
ZDQLHZHMyFLDQDU\QHNSURGXFHQWDGDQHJRZ\UREXSRQLHZD››DGHQ]]DU]•GFÏZ
QLHE\]DLQWHUHVRZDQ\SU]HSURZDG]HQLHPSUÏEHNVSORDWDF\MQ\FKQDdVZRLPWHUH
QLHr0\yOÆUÏZQLH››HQLHFRXSURyFLWRSURFHGXUÆZ\GDZDQLDyZLDGHFWZDQDF]DV
RNUHyORQ\MHV]F]H]LQQHJRSRZRGX2WϛSURGXFHQWQLHEÆG]LHPXVLD]DVWDQDZLDÂ
VLÆF]\W\SEXGRZOLNWÏU\FKFHGRSXyFLÂEÆG]LHZ\PDJDÂSUÏEHNVSORDWDF\MQ\FK
F]\WH›QLH:QRZHMSURFHGXU]HGHF\]MD3UH]HVD8U]ÆGX7UDQVSRUWX.ROHMRZHJR
EÆG]LHNODURZQDL]RVWDQLHRU]HF]RQDSRSU]H]Z\GDQLHyZLDGHFWZDQDF]DVRNUH
yORQ\OXEQLHRNUHyORQ\
:LÆFHMZ•WSOLZRyFLSRMDZLDVLÆ]DWRZSU]\SDGNXZ\GDZDQLDyZLDGHFWZGR
SXV]F]HQLDQDERF]QLFDFKNROHMRZ\FKLOLQLDFKZ•VNRWRURZ\FK:\QLNDWR]GR
yZLDGF]HÍS\Q•F\FK]REHFQLHVWRVRZDQHMLQWHUSUHWDFMLSUDZD3RVX›ÆVLÆZW\P
PLHMVFXSU]\NDGHP
8›\WNRZQLNERF]QLF\;GRNRQXMHUR]EXGRZ\ERF]QLF\5R]EXGRZDSROHJDQD
GREXGRZLHWRUXGRGDWNRZHJRLUR]MD]GX]Z\F]DMQHJR:UDPDFKUR]EXGRZ\Z\
NRU]\VW\ZDQ\MHVWPDWHULDVWDURX›\WHF]Q\ZJQRPHQNODWXU\8VWDZ\V•WRW\S\
EXGRZOLHNVSORDWRZDQ\GRW\FKF]DVX]DU]•GF\<3RPLPRWHJR›H]DVWRVRZDQH
PDWHULD\W\S\EXGRZOLE\\HNVSORDWRZDQHZLÆFZF]HyQLHM]RVWD\MX›ZSURZD
G]RQHGRREURWXX›\WNRZQLNERF]QLF\ZSURZDG]DMHGRREURWXSRQRZQLHSRSU]H]
SU]HSURZDG]HQLHSURFHGXU\Z\GDZDQLDyZLDGHFWZDGRSXV]F]HQLD
:yZLHWOHQRZ\FKSURFHGXUQLHW\ONR]DVWDQRZLHQLHPR›HEXG]LÂIDNWNWÏU\
]]DEXGRZDQ\FKHJ]HPSODU]\W\SÏZEXGRZOLQDWHMERF]QLF\MHVWW\PSLHUZV]\P
QSSRGNDGV]\QDDOHUÏZQLH›F]\FHUW\ILNDW\LGHNODUDFMHPRJ•GRW\F]\ÂQS
SDUWLLZ\UREÏZF]\ZUÆF]SRMHG\QF]\FKV]WXN
3RZ\›V]D DQDOL]D ZVND]XMH QD SHZQH dQLHGRSRZLHG]HQLD OHJLVODF\MQHr NWÏUH
PR›HQDSLHUZV]\U]XWRNDZ\GDM•VLÆEDKHDOHGRyZLDGF]HQLHXF]\›HSRZHMyFLX
Z›\FLHSU]HSLVÏZPRJ•RQHSRZRGRZDÂRNUHyORQHSUREOHP\LQLHSRWU]HEQHG\V
NXVMH
:QLRVNL
=PLDQ\ Z 8VWDZLH R WUDQVSRUFLH NROHMRZ\P GRW\F]•FH SURFHGXU GRSXV]F]D
QLD W\SÏZ EXGRZOL PRJ• SRZRGRZD GRGDWNRZH SUREOHP\ SU]\ X]\VNLZDQLX
yZLDGHFWZGRSXV]F]HQLDGRHNVSORDWDFML8FKZDORQHSU]HSLV\QLH]DZV]HSRG•›DM•
ZNLHUXQNXXSURV]F]HQLDSURFHGXULR]QDF]DM•ZLÆNV]HWUXGQRyFLGODSU]HGVLÆELRU
FÏZFRPR›HSU]\F]\QLÂVLÆGRRJUDQLF]HQLDLQQRZDF\MQRyFLZJDÆ]LDFKSU]HP\
$1$/,=$352&(68'2386=&=$1,$'2(.63/2$7$&-,7<3¯:%8'2:/,:k:,(7/(
365
VX ]ZL•]DQ\FK ] WUDQVSRUWHP NROHMRZ\P 0RLP ]GDQLHP ]PLDQ\ Z SU]HSLVDFK
Z›DGHQVSRVÏEQLHSU]\F]\QL•VLÆGRSRSUDZ\EH]SLHF]HÍVWZDUXFKXQDOLQLDFK
NROHMRZ\FKLERF]QLFDFK
3UDFHQDGDNWDPLZ\NRQDZF]\PLGR8VWDZ\QLH]RVWD\MHV]F]H]DNRÍF]RQH
ZLÆFSR]RVWDMHMHV]F]HPR›OLZRyÂVIRUPXRZDQLDSURFHGXUZWDNLVSRVÏEDE\E\\
RQHEDUG]LHMF]\WHOQHLSU]\VWÆSQH2ND]M•GRWDNLFKG]LDDÍV•FKRÂE\NRQVXOWDFMH
VSRHF]QHNWÏU\GDM•QDG]LHMÆQDWR›HRVWDWHF]Q\NV]WDW]PLDQQLHEÆG]LHWDN
UHVWU\NF\MQ\LQLHMDVQ\MDNSU]HGVWDZLRQRWRZQLQLHMV]\PDUW\NXOH
%LEOLRJUDILD
>@8VWDZD ] GQLD PDUFD U R WUDQVSRUFLH NROHMRZ\P WM '] 8
]U1USR]]SÏ|Q]P
>@8VWDZD]GQLDZU]HyQLDUR]PLDQLHXVWDZ\RWUDQVSRUFLHNROHMR
Z\P']8]USR]
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
180(5<&=1(02'(/2:$1,(
67$182'.6=7$&(1,$32'.$'8.2/(-2:(*2
:=0,(11<&+:$581.$&+32'3$5&,$
1$32'6<3&(
$QGU]HM6XURZLHFNL
0LFKD=LHOLÍVNL
GUKDELQ›:\›V]D6]NRD2ILFHUVND:RMVN/•GRZ\FK
LP *HQ 7 .RyFLXV]NL :\G]LD 1DXN R %H]SLHF]HÍ
VWZLH8O&]DMNRZVNLHJR:URFDZDQGU]HM
VXURZLHFNL#ZSSO
PJULQ›8QLZHUV\WHW3U]\URGQLF]\ZH:URFDZLX,Q
VW\WXW%XGRZQLFWZDSO*UXQZDOG]NL:UR
FDZPLFKDO]LHOLQVNL#XSZURFSO
6WUHV]F]HQLH7HPDWHPDUW\NXXMHVWMDNRyÂZVSϏG]LDDQLDSRGVWDZRZ\FKHOHPHQWÏZQD
ZLHU]FKQL NROHMRZHM 2SUDFRZDQR ]HVWDZ WHRUHW\F]Q\FK PRGHOL SRGNDGX MDNR EHONL SURVWRSDGR
yFLHQQHMSRGSDUWHMQDGXJRyFLZRyURGNXJUXQWRZ\P3U]HGVWDZLRQRZ\QLNLRFHQ\VWDQXSLRQR
Z\FKSU]HPLHV]F]HÍSRGNDGXQDSRGVWDZLHQXPHU\F]QHMV\PXODFMLHNVSORDWDF\MQHJRREFL•›HQLD
$QDOL]Æ SURZDG]RQR ] ]DVWRVRZDQLHP SDUDPHWUÏZ ]PLHQQ\FK GRW\F]•F\FK SRGNDGX L SRGV\SNL
EÆG•FHMSRGR›HP:\SURZDG]RQRZQLRVNLRGQRyQLHMDNRyFLSRVDGRZLHQLDSRGNDGÏZLLFKIXQNFMR
QRZDQLDZU]HF]\ZLVW\PWRU]HNROHMRZ\PZ]PLHQQ\FKZDUXQNDFKSRGSDUFLDQDSRGV\SFHWXF]
QLRZHMVWDQRZL•FHMRyURGHNJUXER]LDUQLVW\
6RZD NOXF]RZH QDZLHU]FKQLD NROHMRZD SLRQRZH SU]HPLHV]F]HQLD PRGHORZDQLH QXPH
U\F]QH
:SURZDG]HQLH
3U]HGVWDZLRQR DQDOL]Æ MDNRyFL ZVSϏSUDF\ SRGNDGX NROHMRZHJR L SRGV\SNL
VWDQRZL•FHMEH]SRyUHGQLHSRVDGRZLHQLHUXV]WXWRURZHJR(IHNWHPSUDZLGRZHJR
IXQNFMRQRZDQLD HOHPHQWÏZ NRQVWUXNFML GURJL V]\QRZHM L LFK ZVSϏG]LDDQLD MHVW
SU]HND]\ZDQLHREFL•›HQLDHNVSORDWDF\MQHJRQDSRGR›HZ]DNUHVLHVSUƛ\VW\PQD
SUƛHÍ3UREOHPWHQMHVWV]F]HJÏOQLHHNVSRQRZDQ\ZREHFDNWXDOQLHSURZDG]RQ\FK
Z 3ROVFH PRGHUQL]DFML VLHFL NROHMRZHM Z FHOX GRVWRVRZDQLD LQIUDVWUXNWXU\ 3.3
3ROVNLH/LQLH.ROHMRZH6$GRVWDQGDUGÏZHXURSHMVNLFK>@*ÏZQ•
XZDJÆVNXSLRQRQDRSUDFRZDQLXW]ZPDS\SLRQRZ\FKSU]HPLHV]F]HÍQXPHU\F]
Q\FKPRGHOLSRGNDGXZIXQNFML]PLDQZVND|QLND]DJÆV]F]HQLDL]PLDQORNDOL]DFML
VWUHI]DJÆV]F]HQLDSRGR›DSRGNDGX
0RGHOH WHRUHW\F]QH SRGNDGX VWDQRZL• SURVWRSDGRyFLHQQ• EHONÆ ]DPRGHOR
ZDQ•HOHPHQWHPWDUF]RZ\PSRGSDUW•ZVSRVÏEFL•J\QDGXJRyFLZRyURGNX
]LDUQLVW\PW\SXSRGV\SNDWXF]QLRZD5R]SDWU\ZDQHV•GZDURG]DMHSRGNDGÏZ
:NáDGDXWRUyZZSXEOLNDFMĊ6XURZLHFNL$=LHOLĔVNL0
6XURZLHFNL$=LHOLÍVNL0
368
VNUDMQLHUϛQL•FHVLÆFHFKDPLPHFKDQLF]Q\PLLFKDUDNWHUHPUHDNFMLZREHF]PLDQ
VWUXNWXUDOQ\FKZSRGR›X
2FHQDIXQNFMRQRZDQLDPRGHOLSRGNDGÏZZ]PLHQQ\FKZDUXQNDFKSRGSDUFLD
]RVWDDZ\NRQDQDZRSDUFLXRVSRU]•G]RQHZ\NUHV\UR]NDGXZDUWRyFLSU]HPLHV]
F]HÍ Z SURILOX SRGX›Q\P SRGNDGX 2EFL•›HQLH PRGHOL ]UHDOL]RZDQR SRSU]H]
V\PXODFMÆQDFLVNÏZHNVSORDWDF\MQ\FKSU]\R›RQ\FKMDNRVL\VWDW\F]QHSLRQRZH
Z VWUHIDFK SU]\WZLHUG]HQLD V]\Q 1DU]ÆG]LHP V\PXODFML RUD] DQDOL]\ UH]XOWDWÏZ
E\SURJUDPQXPHU\F]Q\$XWRGHVN5RERW6WUXFWXUDO$QDO\VLV>@
NWÏUHJRDSOLNDFMDXPR›OLZLDZ\JHQHURZDQLHPRGHOXREOLF]HQLRZHJRNRQVWUXNFML
RSDUDPHWUDFK]QDF]QLH]EOL›RQ\FKGRU]HF]\ZLVW\FK7UHyÂDUW\NXX]DZLHUDSUH
]HQWDFMÆPRGHOLLV\QWH]ÆZ\QLNÏZEDGDÍ
0RGHOHQXPHU\F]QHLPHWRGDEDGDZF]D
5HDOL]XM•FEDGDQLDSRVX›RQRVLÆXSURV]F]HQLHP]DNDGDM•F›HRySRMD]GXMHVW
QLHUXFKRPDLQDFLVNSU]HMPRZDQ\MHVWSU]H]SRMHG\QF]\SRGNDG.ROHMQH]DR›H
QLHGRW\F]\SURVWHJRRGFLQNDWRUXZFHOXZ\HOLPLQRZDQLDSUREOHPXW]ZSU]H
FK\NLNWÏUDZ\VWÆSXMHZXNXSR]LRP\P
.V]WDW SRGNDGÏZ VWUXQREHWRQRZ\FK XSURV]F]RQR WUDNWXM•F MH MDN EHONL
RQLH]PLHQQ\PQDGXJRyFLSU]HNURMXSRSU]HF]Q\P$QDOL]LHSRGGDQRSRGNDG\
VWUXQREHWRQRZHW\SX36L36GUHZQLDQHW\SX&]GUHZQDVRVQRZHJR
LW\SX'GÆERZH
0RGHOHEDGDZF]H]R›RQH]GZÏFKHOHPHQWÏZSRGNDGXLSRGR›DRyURGHN
]LDUQLVW\SU]HGVWDZLRQRQDU\V>@
3RGR›HPSRGNDGXMHVWZDUVWZDRyURGND]LDUQLVWHJRSRGV\SND]WXF]QLDJUD
QLWRZHJR IUDNFML PP R JUXERyFL ZDUVWZ\ P /RNDOL]DFMD VWUHI ]D
JÆV]F]HQLDZ\QLND]U\V1DWRPLDVWZDUWRyFLZVND|QLND]DJÆV]F]HQLDSU]\MÆWR
Z ]DNUHVLH =DSURMHNWRZDQ\P ZVND|QLNRP ]DJÆV]F]HQLD ,V RGSRZLDGDM•
QDVWÆSXM•FHZDUWRyFLV]W\ZQRyFLSRGR›D.WDE
7DEHOD:VND|QLNL]DJÆV]F]HQLDGODZDUWRyFLV]W\ZQRyFLSRGR›D
:VNDĨQLN]DJĊV]F]HQLD,s
:DUWRĞFLV]W\ZQRĞFLSRGáRĪD.>03D@
180(5<&=1(02'(/2:$1,(67$182'.6=7$&(1,$32'.$'8.2/(-2:(*2
5\V0RGHOHEDGDZF]H]R›RQH]GZÏFKHOHPHQWÏZSRGNDGLSRGR›H
PRGHORZDQ\SU]HNUÏMSRSU]HF]Q\WRUXNROHMRZHJR>@
369
370
6XURZLHFNL$=LHOLÍVNL0
3UREOHP PRGHORZDQLD REFL•›HQLD HNVSORDWDF\MQHJR QDFLVN RVL SRMD]GX
4 N1UR]ZL•]DQRSRSU]HWUDQVIRUPRZDQLXZDUWRyFL4QDGZDUÏZ
QRPLHUQLHUR]R›RQHSDVPDREFL•›HQLDRLQWHQV\ZQRyFLT N1P3DVPDWH
SU]\R›RQRZJÏUQHMSDV]F]\|QLHSRGNDGXZPLHMVFDFKORNDOL]DFMLV]\QQDGX
JRyFLUÏZQHMZ\PLDURZLV]HURNRyFLSRGNDGNLSRGV]\QRZHM
2V]DFRZDQLHZDUWRyFLSU]HPLHV]F]HÍSRGNDGÏZZ\NRQDQRZFKDUDNWHU\VW\F]
Q\FKSXQNWDFKSU]HNURMXSRGX›QHJR]DR›RQ\FKZRVLSR]LRPHMQDNUDZÆG]L
JÏUQHMLGROQHMSRGNDGXZSLRQRZHMRVLV\PHWULLSRGNDGXZSLRQRZ\FKSU]H
NURMDFKSRGNDGXSRGRVLDPLV\PHWULLV]\QRUD]QDVNUDMQ\FKNUDZÆG]LDFKSRG
NDGX 6FKHPDW UR]PLHV]F]HQLD SXQNWÏZ SRPLDURZ\FK Z SU]HNURMX SRGX›Q\P
SRGNDGXSRGDQRZRSUDFRZDQLDFK>@
:SU]\SDGNXSRGNDGÏZVWUXQREHWRQRZ\FKLVWRWQHMHVWZVWÆSQHVSUƛHQLH(IHNW
VSUƛHQLD]DPRGHORZDQRZSURZDG]DM•FZLUWXDOQHVL\yFLVNDM•FHZVWUHIÆRVLSRGX›QHM
SRGNDGX>@=LQIRUPDFMLRWU]\PDQ\FKRGSURGXFHQWDZ\QLND›HVLDVSUƛD
M•FDSRGNDGW\SX36L36Z\QRVLNROHMQRSRXZ]JOÆGQLHQLXVWUDWN1L
N16SUƛHQLHZSRGNDG]LHW\SX36]DPRGHORZDQRZLÆFZRVLSRGX›QHMSRG
NDGXSU]\]DVWRVRZDQLXHOHPHQWDUQ\FKVLyFLVNDM•F\FKRZDUWRyFL4L N1]OR
NDOL]RZDQ\FKZMHGQHMOLQLLSR]LRPHMREXVWURQQLHZ]JOÆGHPSRSU]HF]QHMRVLV\PHWULL
SRGNDGX1DWRPLDVWPRGHOVSUƛHQLDSRGNDGX36]DZLHUDVLHOHPHQWDUQ\FKR
ZDUWRyFL4L N1]ORNDOL]RZDQ\FKZGZÏFKWUDMHNWRULDFKSR]LRP\FKWZRU]RQ\FK
SU]H]RVLHyURGNÏZFLƛNRyFL]EURMHQLDJÏUQHJRLGROQHJR
5H]XOWDW\ DQDOL]\ QXPHU\F]QHM ZDUWRyFL SLRQRZ\FK SU]HPLHV]F]HÍ
PRGHOLSRGNDGX
:\QLNLEDGDÍSU]HGVWDZLRQRQDU\VXQNDFKMDNRVWDQRGNV]WDFHQLDQXPHU\F]
Q\FKPRGHOLSRGNDGXSUH]HQWDFMDSLRQRZHJRSU]HNURMXSRGX›QHJR
x 5\Va, bVWDQRGNV]WDFHQLDPRGHOLSRGNDGXGUHZQLDQHJR&
ƒa tPRGHOHA, C, E, G, I
ƒb tPRGHOHB, D, F, H, J
x 5\Va, bVWDQRGNV]WDFHQLDPRGHOLSRGNDGXGUHZQLDQHJR'
ƒa tPRGHOHA, C, E, G, I
ƒb tPRGHOHB, D, F, H, J
x 5\Va, bVWDQRGNV]WDFHQLDPRGHOLSRGNDGXVWUXQREHWRQRZHJR36
ƒa tPRGHOHA, C, E, G, I
ƒb tPRGHOHB, D, F, H, J.
x 5\Va, bVWDQRGNV]WDFHQLDPRGHOLSRGNDGXVWUXQREHWRQRZHJR36
ƒa tPRGHOHA, C, E, G, I
ƒb tPRGHOHB, D, F, H, J.
x 5\V ]PLHQQRy PDNV\PDOQ\FK SU]HPLHV]F]HÍ zPD[ >P@ SXQNWÏZ
SRPLDURZ\FKZPRGHODFKSRGNDGÏZ]DOH›QLHRGVWUXNWXU\]DJÆV]F]HQLD
SRGR›DFKDUDNWHU\]RZDQHMVFKHPDWDPLA, B, C, D, E, F, G, H, I, J
180(5<&=1(02'(/2:$1,(67$182'.6=7$&(1,$32'.$'8.2/(-2:(*2
D
E
5\V6WDQRGNV]WDFHQLDPRGHOLSRGNDGXGUHZQLDQHJR&>@
D
E
5\V6WDQRGNV]WDFHQLDPRGHOLSRGNDGXGUHZQLDQHJR'>@
D
E
5\V6WDQRGNV]WDFHQLDPRGHOLSRGNDGXVWUXQREHWRQRZHJR36>@
371
6XURZLHFNL$=LHOLÍVNL0
372
D
E
5\V6WDQRGNV]WDFHQLDPRGHOLSRGNDGXVWUXQREHWRQRZHJR36>@
5\V0DNV\PDOQHSU]HPLHV]F]HQLD]PD[>P@SXQNWÏZSRPLDURZ\FKZPRGHODFKSRGNDGÏZ>@
3RGVXPRZDQLHLZQLRVNL
0RGHOH$&+RFHQLRQRMDNRQDMEDUG]LHMNRU]\VWQH]XZDJLQDZDUWRyFLSU]H
PLHV]F]HÍSRGNDGX:W\FKPRGHODFKPDNV\PDOQH]DJÆV]F]HQLHSRGR›DZ\VWÆ
SXMHZVWUHILHSRGSU]\R›RQ\PREFL•›HQLHP
1DMEDUG]LHMQLHNRU]\VWQ\PLVFKHPDWDPL]DJÆV]F]HQLDSRGV\SNLSRGSRGNDGD
PLV•PRGHOH
x %',ZNWÏU\FKZVND|QLN]DJÆV]F]HQLDSRGV\SNLZVWUHIDFKSRGV]\QDPL
NV]WDWXMHVLÆSRQL›HM
x ()-FKDUDNWHU\]XM•FHVLÆDV\PHWUL•VWUHI]DJÆV]F]HQLDSRGV\SNLZ]JOÆ
GHPSLRQRZHMRVLV\PHWULLSRGNDGX
180(5<&=1(02'(/2:$1,(67$182'.6=7$&(1,$32'.$'8.2/(-2:(*2
373
1DMPQLHMV]H ZDUWRyFL SLRQRZ\FK SU]HPLHV]F]HÍ RGQRWRZDQR Z SRGNDGDFK
& ] PLÆNNLHJR GUHZQD Z SU]\SDGNX ]DJÆV]F]HQLD MHGQRURGQHJR R PDNV\
PDOQHMZDUWRyFL,V QDGXJRyFLSRGNDGXVFKHPDW$-HGQDNZW\PW\SLH
SRGNDGXVWZLHUG]RQRQDMZLÆNV]HZDUWRyFLSU]HPLHV]F]HÍGODVFKHPDWX(FKDUDN
WHU\]RZDQHJRQLHV\PHWU\F]Q\PUR]NDGHPVWUHI]DJÆV]F]HQLDSRGV\SNL:DUWRyFL
SU]HPLHV]F]HÍSRGNDGX&ZVND]XM•QDZ\JHQHURZDQLHQDMZLÆNV]HMLFKUR]SLÆ
WRyFL 3RGNDG WHQ QLH ]DFKRZXMH VLÆ Z SHQL VWDELOQLH Z ]PLHQQ\FK ZDUXQNDFK
]DJÆV]F]HQLDSRGR›DNWÏUHPRJ•Z\VW•SLÂZSURFHVLHHNVSORDWDFML
%DUG]LHM VWDELOQ\P IXQNFMRQRZDQLHP Z ]PLHQQ\FK ZDUXQNDFK SRGSDUFLD
Z]JOÆGHPSRGNDGX&]GUHZQDVRVQRZHJRFKDUDNWHU\]XMHVLÆSRGNDG'
]QDF]QLH]UHGXNRZDQHZDUWRyFLSU]HPLHV]F]H͏•F]QLH]LFK]DNUHVHPZ\NRQDQ\
]GUHZQDOHSV]HMMDNRyFLGÆERZH
3RGNDG\ VWUXQREHWRQRZH W\SX 36 SURGXNRZDQH Z ODWDFK ;; Z
Z\ND]XM•]QDF]QLHQL›V]\]DNUHV]PLDQZDUWRyFLSU]HPLHV]F]HÍZRGQLHVLHQLXGR
SRGNDGÏZGUHZQLDQ\FKFRyZLDGF]\RGREUHMMDNRyFLIXQNFMRQRZDQLDZSURFHVLH
HNVSORDWDFML-HGQDNZDUWRyFLW\FKSU]HPLHV]F]HÍV•GRyÂZ\VRNLHLNV]WDWXM•VLÆ
QDSR]LRPLHZDUWRyFLSU]HPLHV]F]HÍRV]DFRZDQ\FKZPRGHODFKQDMEDUG]LHMQLHNR
U]\VWQLH]DFKRZXM•FHJRVLÆSRGNDGXGUHZQLDQHJR&
1DMPQLHMV]• ZDUWRy ]PLHQQRyFL SLRQRZ\FK SU]HPLHV]F]HÍ Z IXQNFML ]PLDQ
SDUDPHWUÏZSRGR›DX]\VNDQRZPRGHODFKSRGNDGXVWUXQREHWRQRZHJRW\SX36
3RGNDGWHQ]DFKRZXMHVLÆZSHQLVWDELOQLHU\VZHZV]\VWNLFKEDGDQ\FK
VFKHPDWDFK]DJÆV]F]HQLDSRGR›DV\PHWU\F]Q\FKF]\OLSR›•GDQ\FKDV\PHWU\F]
Q\FKDOERZ\ND]XM•F\FKQLVN•ZDUWRyÂZVND|QLND]DJÆV]F]HQLDZVWUHILHSRGSU]\
R›RQ\P REFL•›HQLHP 3RGNDG 36 EÆG•F\ Z\UREHP QRZHM JHQHUDFML G]LÆNL
NRU]\VWQHMFKDUDNWHU\VW\FHHNVSORDWDF\MQHMVWDQRZLVWDWHF]Q\HOHPHQWGURJLNROH
MRZHMLMHVW]DOHFDQ\GRZEXGRZ\ZDQLDZQDZLHU]FKQLDFKPDJLVWUDOQDNWÏU\FK
ZSURZDG]D VLÆ SRMD]G\ R QDFLVNDFK RVLRZ\FK QD SR]LRPLH N1 L SUÆGNRyFL
MD]G\SRQDGNPK
:\QLNLEDGDÍZDUWRyFLSLRQRZ\FKSU]HPLHV]F]HÍLLFK]DNUHVX]PLDQZIXQNFML
]DR›RQ\FK SDUDPHWUÏZ SRGR›D GRW\F]•FH SRGNDGX VWUXQREHWRQRZHJR 36 L
SRGNDGXQRZHMJHQHUDFML36Z\›V]DNODVDEHWRQXLLQQ\V\VWHPVSUƛDQLDZ]JOÆ
GHPSRGNDGXSRSU]HGQLHJRSR]ZDODM•QDVWZLHUG]HQLH›HHZROXFMDVWUXQREHWRQR
Z\FKHOHPHQWÏZQDZLHU]FKQLNROHMRZHMMHVWSURZDG]RQDZHZDyFLZ\PNLHUXQNX
/LWHUDWXUD
>@,G:DUXQNL7HFKQLF]QH8WU]\PDQLD3RGWRU]D.ROHMRZHJR3.33RO
VNLH/LQLH.ROHMRZH6$:DUV]DZD
>@6DQFHZLF] 6 1DZLHU]FKQLD NROHMRZD .ROHMRZD 2ILF\QD :\GDZQLF]D
:DUV]DZD
>@676WDQGDUG\7HFKQLF]QH6]F]HJϏRZHZDUXQNLWHFKQLF]QHGODPRGHUQL
]DFMLOXEEXGRZ\OLQLLNROHMRZ\FKGRSUÆGNRyFLY”NPKGODWDERUX
374
6XURZLHFNL$=LHOLÍVNL0
NRQZHQFMRQDOQHJRLY”NPKGODWDERUX]Z\FK\OQ\PQDGZR]LHP
&HQWUXP1DXNRZR7HFKQLF]QH.ROHMQLFWZD:DUV]DZD
>@6XURZLHFNL $ 3RGVWDZ\ WHRULL QDZLHU]FKQL GUÏJ V]\QRZ\FK :\NDG\
GODVWXGLÏZGRNWRUDQFNLFK8QLZHUV\WHW3U]\URGQLF]\ZH:URFDZLX,Q
VW\WXW%XGRZQLFWZD:URFDZ
>@6XURZLHFNL$=DJDGQLHQLDWHFKQLNLWUDQVSRUWXV]\QRZHJRSUÆGNRyÂUX
FKX2ILF\QD:\GDZQLF]D:\›V]HM6]NR\2ILFHUVNLHM:RMVN/•GRZ\FK
:URFDZ
>@6XURZLHFNL$0RGHUQL]DFMDNRQVWUXNFMLGUÏJV]\QRZ\FK%DGDQLDPR
GHORZHLHNVSORDWDF\MQH2ILF\QD:\GDZQLF]D:\›V]HM6]NR\2ILFHUVNLHM
:RMVN/•GRZ\FK:URFDZ
>@7RZSLN.,QIUDVWUXNWXUDWUDQVSRUWXNROHMRZHJR2ILF\QD:\GDZQLF]D
3ROLWHFKQLNL:DUV]DZVNLHM:DUV]DZD
>@:DVLDN0$QDOL]DZVSϏSUDF\SRGNDGXNROHMRZHJR]SRGR›HP3UD
FDPDJLVWHUVND3URPRWRU6XURZLHFNL$8QLZHUV\WHW3U]\URGQLF]\ZH
:URFDZLX,QVW\WXW%XGRZQLFWZD:URFDZ
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
2%/,&=(1,$52%¯7=,(01<&+35=<
02'(51,=$&-,/,1,,.2/(-2:<&+
.DPLOD6]ZDF]NLHZLF]
PJULQ›3ROLWHFKQLND*GDÍVNDXO*1DUXWRZLF]D*GDÍVNWHOHPDLONDPV]ZDF#
SJJGDSO
6WUHV]F]HQLH:DUW\NXOHRPÏZLRQRNROHMQ\HWDSSUDFQDGSURJUDPHP08*2GRW\F]•F\
REOLF]HÍ UREÏW ]LHPQ\FK 3URJUDP MHVW ]ZL•]DQ\ ] PRGHUQL]DFM• XNDGÏZ JHRPHWU\F]Q\FK WRUX
NROHMRZHJR:SUDF\SRND]DQRPHWRG\NÆREOLF]DQLDSÏOSRZLHU]FKQLQDV\SÏZQDOLQLLMHGQRWRURZHM
6RZDNOXF]RZHPRGHUQL]DFMDOLQLLNROHMRZ\FKURERW\]LHPQH
:SURZDG]HQLH
0RGHUQL]DFMD OLQLL NROHMRZ\FK MHVW ]R›RQ\P SU]HGVLÆZ]LÆFLHP EXGRZODQ\P
NWÏUHEDUG]RF]ÆVWRSU]HELHJDZV]HUHJXHWDSÏZ1DSRF]•WNXWHJRSURFHVXWZR
U]RQHV•NRQFHSFMHZDULDQWÏZNWÏUHSRGOHJDM•RFHQLHZJURQLHHNVSHUFNLP3RGHM
yFLHWR]PQLHMV]DU\]\NRSRSHQLHQLDEÆGÏZGHF\]\MQ\FKZW\PZD›Q\PHWDSLH
LQZHVW\FML>@2FHQ\ZDULDQWÏZSU]HELHJXWUDV\GRNRQ\ZDÂSRZLQQRVLÆXZ]JOÆG
QLDM•FF]\QQLNLZS\ZDM•FHQDMDNRyÂSODQRZDQHMLQZHVW\FMLRUD]QDDVSHNW\HNR
QRPLF]QH]ZL•]DQH]NRV]WDPLLF]DVHPMHMUHDOL]DFML2LOHF]\QQLNLHNRQRPLF]QH
V•VWRVXQNRZRDWZHGR]GHILQLRZDQLDWRSUREOHPMDNRyFLZ\PDJD]GHILQLRZDQLD
OLF]Q\FKNU\WHULÏZ=DWHPZ\EÏUQDMOHSV]HJRUR]ZL•]DQLDSRSU]HG]DQ\MHVWOLF]
Q\PL DQDOL]DPL ZLHORNU\WHULDOQ\PL ']LÆNL ]DVWRVRZDQLX ZVSϏF]HVQ\FK PHWRG
SURMHNWRZDQLD Z\NRU]\VWXM•F\FK SURIHVMRQDOQH SURJUDP\ NRPSXWHURZH REVX
JXM•FHF\IURZHPRGHOHWHUHQXZ\EÏURGSRZLHGQLHJRUR]ZL•]DQLDZ\GDMHVLÆE\Â
XDWZLRQ\-HGQDNOLF]QHNU\WHULDRJUDQLF]DM•FHSRZRGXM•WUXGQRyFLZLQWXLF\MQ\P
ZVND]\ZDQLXZDyFLZ\FKZDULDQWÏZSU]H]FRSUREOHPWHQSR]RVWDMHQDGDOWUXG
Q\PGRUR]ZL•]DQLD3U]\NDGRZRZ\REUD]LÂPR›QDVRELHV\WXDFMÆNLHG\WROHSV]H
]XZDJLQDDVSHNWHNRQRPLF]Q\UR]ZL•]DQLHWDÍV]HZSRUÏZQDQLXGRGUR›V]HJR
QDHWDSLHEXGRZ\ZGX›V]\PRNUHVLHF]DVXRND›HVLÆUR]ZL•]DQLHPGHIDFWRGUR›
V]\P]XZDJLQDNRV]W\XWU]\PDQLD
'RGDWNRZ\PDVSHNWHPRGUϛQLDM•F\PSURMHNWRZDQLHPRGHUQL]DFMLRGSURMHN
WRZDQLDQRZ\FKOLQLLNROHMRZ\FKMHVWNRQLHF]QRyÂQDZL•]\ZDQLDVLÆGRLVWQLHM•FHM
OLQLLFRQDU]XFDSURMHNWDQWRZLNRQLHF]QRyÂVSHQLHQLDNU\WHULXPFKRFLD›E\ZSR
VWDFLPLQLPDOL]DFMLSU]HVXQLÆÂRVLWRUX>@&RSUDZGDZQLHNWÏU\FKV\WXDFMDFK
QLHZLHOND]PLDQDLVWQLHM•FHJRXNDGXSR]ZDODQD]DFKRZDQLHLVWQLHM•F\FKEXGRZOL
6]ZDF]NLHZLF].
376
]LHPQ\FK-HGQDNZSUDNW\FHSURMHNWRZDQLHSROHJDM•FHW\ONRQDGRVWRVRZ\ZDQLX
VLÆGRRJUDQLF]HÍQLHSR]ZDODQDZ\NRQDQLHHIHNW\ZQHJRSURMHNWXPRGHUQL]DFML
:WDNLHMV\WXDFMLPQLHMV]HQDNDG\Z\QLNDM•FH]Z\NRU]\VWDQLDVWDQXLVWQLHM•FHJR
QLHSRFL•JDM•]DVRE•Z\UD|Q\FK]\VNÏZZVHQVLHMDNRyFLQRZHJRXNDGXJHRPH
WU\F]QHJR3U]\NDGHPRGHMyFLDRGNU\WHULXPPLQLPDOQ\FKSU]HVXQLÆÂPRJ•E\Â
OLF]QHLQZHVW\FMHGURJRZHNLHG\WRSU]HELHJQRZHMWUDV\Z]QDF]Q\PSURFHQFLH
SU]HELHJDZQRZHMORNDOL]DFMLQDWRPLDVWZF]HyQLHMV]DWUDVDVWDMHVLÆZDULDQWHPDO
WHUQDW\ZQ\P]ZLÆNV]DM•F\PORNDOQ•SU]HSXVWRZRyÂGURJL=DWHP]DGDQLHRNUH
yOHQLD NU\WHULÏZ Z SURFHVLH PRGHUQL]DFML RUD] SÏ|QLHMV]H ZVND]DQLH UR]ZL•]DQLD
RSW\PDOQHJRMHVW]DGDQLHPNOXF]RZ\PQDHWDSLHSODQRZDQLD
=SRZ\›V]\FKFHFKSUREOHPXPRGHUQL]DFMLOLQLLNROHMRZ\FKZ\QLNDNRQLHF]
QRyÂDQDOL]\ZLHORNU\WHULDOQHM'RZ\ERUXUDFMRQDOQ\FKGHF\]MLFRGRRVWDWHF]QH
JRZDULDQWXQLH]EÆGQ\Z\GDMHVLÆE\ÂSURFHVRSW\PDOL]DFMLSDUDPHWUÏZXNDGX
JHRPHWU\F]QHJRNWÏU\VSHQLSU]\MÆWH]DR›HQLD:W\PFHOXRSUDFRZ\ZDQ\MHVW
SURJUDP08*2>@ZNWÏU\PXNDGJHRPHWU\F]Q\MHVWZ\QLNLHPG]LDDQLD
DOJRU\WPÏZJHQHW\F]Q\FKXZ]JOÆGQLDM•F\FKWDNLHNU\WHULDMDNSURILOSUÆGNRyFLQD
GDQHMWUDVLHSU]HVXQLÆFLDRVLWRUXRUD]NRV]W\]ZL•]DQH]URERWDPL]LHPQ\PL.U\
WHULDWHZ\GDM•VLÆE\ÂNOXF]RZHZSLHUZV]\PHWDSLHWZRU]HQLDZDULDQWÏZLPRJ•
VWDQRZLÂSRGVWDZÆGRGDOV]HJRSURFHVXGHF\]\MQHJRXZ]JOÆGQLDM•FHJRLQQHF]\Q
QLNL:SUDF\QDGSURJUDPHPQDOH›\XM•ÂSUREOHPNRV]WÏZZ\QLNDM•F\FK]UREÏW
]LHPQ\FKZSRVWDFLRGSRZLHGQLFKZDJXZ]JOÆGQLDQ\FKZIXQNFMDFKRFHQLDM•F\FK
: WHQ VSRVÏE NRV]W SU]HEXGRZ\ EÆG]LH PLD XVWDORQ\ ZS\Z QD JHQHURZDQLH
UR]ZL•]DÍZSURJUDPLH08*2=DJDGQLHQLHREOLF]DQLD]DNUHVXUREÏW]LHPQ\FK
]ZL•]DQ\FK]SU]HVXQLÆFLHPRVLWRUXRPÏZLRQHMHVWUÏZQLH›ZSUDFDFK>@
3U]\MÆWH]DR›HQLD
:\]QDF]HQLH REMÆWRyFL UREÏW ]LHPQ\FK MHVW NROHMQ\P HOHPHQWHP SURJUDPX
08*2 2EOLF]HQLD WH Z\NRQ\ZDQH V• GOD WU]HFK UϛQ\FK SU]\SDGNÏZ NWÏUH
PRJ•PLHÂPLHMVFHSU]\PRGHUQL]DFMLOLQLLNROHMRZHMMHGQRWRURZHMU\VLGZXWR
URZHMU\V:]DOH›QRyFLRGSRFK\OHQLDWHUHQXZSU]HNURMXSRSU]HF]Q\PPRJ•
Z\VW•SLÂQDVWÆSXM•FHV\WXDFMH
WRURZLVNRZGDQ\PSU]HNURMXXV\WXRZDQHMHVWZZ\NRSLHU\VDSU]\
F]\PJÆERNRyÂZ\NRSXQLHSU]HNUDF]DP
WRURZLVNRZGDQ\PSU]HNURMXXV\WXRZDQHMHVWQDQDV\SLHU\VEDZ\VR
NRyÂQDV\SXQLHSU]HNUDF]DP
WRURZLVNR Z GDQ\P SU]HNURMX SRSU]HF]Q\P XV\WXRZDQH MHVW F]ÆyFLRZR
ZQDV\SLHLZZ\NRSLHU\VF
2PDZLDQ\ZSUDF\DOJRU\WPSR]ZDODQDREOLF]DQLH]DNUHVXSUDF]LHPQ\FKGOD
GRZROQLHSU]\MÆWHMGXJRyFLWRUX:\VRNRyÂQDV\SXOXEJÆERNRyÂZ\NRSXSRGD
ZDQDMHVWMDNRZDUWRyÂyUHGQLDSU]\SDGDM•FDQDDQDOL]RZDQ•GXJRyÂWRUX
2%/,&=(1,$52%¯7=,(01<&+35=<02'(51,=$&-,/,1,,.2/(-2:<&+
377
5\V3U]HNURMHSRSU]HF]QHOLQLLMHGQRWRURZHMDEFZ]DOH›QRyFLRGXV\WXRZDQLDWRURZLVND
Z]JOÆGHPSR]LRPXWHUHQXGHIZSRR›HQLXSLHUZRWQ\PLQRZRSURMHNWRZDQ\P
5\V3U]HNURMHSRSU]HF]QHOLQLLGZXWRURZHMDEFZ]DOH›QRyFLRGXV\WXRZDQLDWRURZLVND
Z]JOÆGHPSR]LRPXWHUHQXGHIZSRR›HQLXSLHUZRWQ\PLQRZRSURMHNWRZDQ\P
: REOLF]HQLDFK XZ]JOÆGQLRQR NRQLHF]QRy ]DVWRVRZDQLD GRGDWNRZ\FK DZ
Z SU]\SDGNDFK JG\ Z\VRNRy QDV\SX Z]JOÆGQLH JÆERNRy Z\NRSX SU]HNUD
F]DP=DR›RQRUÏZQLH›VWDHSRFK\OHQLHVNDUSZ\QRV]•FHQLH]DOH›QLH
RGWHFKQRORJLLXPDFQLDQLDLFK]ERF]D:SURSRQRZDQ\PSRGHMyFLXGRREOLF]HÍ
PDV]LHPQ\FK]DVWRVRZDQRDOJRU\WP\NWÏUHGRELHUDQHV•Z]DOH›QRyFLRG]DNUH
VX SU]HVXQLÆ RVL WRUX 3U]\NDGRZR MH›HOL ZDUWRy SU]HVXQLÆFLD QLH SU]HNUDF]D
ZDUWRyFLV]HURNRyFLWRURZLVNDSU]\MPXMHVLƛHSR]RVWDZLDQ\MHVWLVWQLHM•F\QDV\S
6]ZDF]NLHZLF].
378
SU]HNRSQDWRPLDVWZ\QLNLHPREOLF]HÍMHVWSRWU]HEQDLORyÂJUXQWXGRUR]EXGRZ\
QDV\SX OXE GR XVXQLÆFLD ] PLHMVFD VNDUS\ Z\NRSX : SU]\SDGNX JG\ SU]HVX
QLÆFLHSRSU]HF]QHXNDGXSURMHNWRZDQHJRZ]JOÆGHPLVWQLHM•FHJRMHVWZLÆNV]HRG
ZDUWRyFLV]HURNRyFLWRURZLVNDREMÆWRyÂPDV]LHPQ\FKEÆG]LHZ\]QDF]DQDMDNGOD
QRZHMEXGRZOL]LHPQHM1DU\VXQNDFKLSU]HGVWDZLRQRSU]HNURMHSRSU]HF]QH
OLQLLSU]\F]\PZDULDQW\GHLILOXVWUXM•]DNUHVNRZDQHSROHREOLF]RQHSROHGOD
SU]\SDGNXNLHG\QRZHWRURZLVNRF]ÆyFLRZRSRNU\ZDVWDUH
2EOLF]DQLHSRZLHU]FKQLSU]HNURMXSRSU]HF]QHJRQDV\SX
3RGDQ\SU]\NDGRSLVXMHVSRVÏEZMDNLPR›QDREOLF]\Â]DNUHVUREÏW]LHPQ\FK
GODSU]\SDGNXZNWÏU\PGDQ\RGFLQHNOLQLLNROHMRZHM]QDMGXMHVLÆZFDRyFLZQD
V\SLH QD OLQLL MHGQRWRURZHM 'R Z\]QDF]HQLD ]DNUHVX UREÏW ]LHPQ\FK Z\NRQD
QR DQDOL]Æ Z NWÏUHM RNUHyORQR ]DOH›QRyFL Z\VWÆSXM•FH SRPLÆG]\ QDVWÆSXM•F\PL
]PLHQQ\PL
SU]HVXQLÆFLHPRVLWRUX
SRFK\OHQLHPWHUHQX
Z\VRNRyFL•QDV\SX
: SLHUZV]HM NROHMQRyFL SU]\MÆWR ›H Z\VWÆSRZD PRJ• GZD SU]\SDGNL REOL
F]HQLRZH3LHUZV]\SU]\SDGHNREHMPXMHV\WXDFMHZNWÏU\FKZDUWRyÂSU]HVXQLÆFLD
RVLWRUXMHVWPQLHMV]DRGSRRZ\V]HURNRyFLSRGVWDZ\QDV\SX:ÏZF]DV]DFKRG]L
SRWU]HEDGREXGRZDQLDF]ÆyFLQDV\SXSRGQRZRSURMHNWRZDQHSRR›HQLHOLQLLNROH
MRZHMU\V1DWRPLDVWZGUXJLPSU]\SDGNXRGSRZLHGQL]DNUHVSU]HVXQLÆFLD
SRSU]HF]QHJRNRQVWUXNFMLZ\PXV]DZ\]QDF]HQLHREMÆWRyFLJUXQWXGODFDHJRQD
V\SXU\V
=QDM•FZDUWRyÂSU]HVXQLÆFLDXNDGXPR›QDRNUHyOLÂREMÆWRyÂUREÏW]LHPQ\FK
'OD SLHUZV]HJR SU]\SDGNX QDOH›\ Z\]QDF]\ SROD SRZLHU]FKQL GR ZEXGRZDQLD
U\V=DNUHVNRZDQHSROHZ\]QDF]D]DNUHVUR]EXGRZ\
5\V:]JOÆGQHSRR›HQLHQDV\SXLVWQLHM•FHJRLQRZRSURMHNWRZDQHJR
'OD XVSUDZQLHQLD SÏ|QLHMV]\FK REOLF]HÍ Z SURJUDPLH 08*2 SRVWDQRZLRQR
GRNRQDÂZVWÆSQ\FKREOLF]HÍNWÏUHXPR›OLZLD\E\RSLVDQLHZDUWRyFLSÏOZSRVWDFL
IXQNFML]DOH›QHMRGSU]HVXQLÆFLDZ\VRNRyFLQDV\SXLSRFK\OHQLDWHUHQX3RVX›R
QRVLÆDUNXV]HPNDONXODF\MQ\PLREOLF]RQRSRODGODGRZROQHMZDUWRyFLSU]HVXQLÆÂ
PLHV]F]•F\FK VLÆ Z SU]HG]LDOH REHMPXM•F\P ZDUWRyFL SU]HVXQLÆ GR SRRZ\ V]H
2%/,&=(1,$52%¯7=,(01<&+35=<02'(51,=$&-,/,1,,.2/(-2:<&+
379
URNRyFLSRGVWDZ\QDV\SX2EOLF]HQLDZ\NRQDQRGODUϛQ\FKZDUWRyFLZ\VRNRyFL
QDV\SX]NURNLHPP2GSRZLHGQLHSRODSU]HNURMÏZSRSU]HF]Q\FKREOLF]RQH
]RVWD\UÏZQLH›GODUϛQHJRSRFK\OHQLDWHUHQXZSU]HG]LDOH!
2EOLF]HQLD Z\NRQDQR G]LHO•F DQDOL]RZDQH REV]DU\ QD SURVWH ILJXU\ JHRPH
WU\F]QH 1DVWÆSQLH ]VXPRZDQR SROD ILJXU L RWU]\PDQR REV]DU\ QD NWÏU\FK Z\
NRQDQHEÆG•URERW\]LHPQH:\NRQDQRZ\NUHV\]DOH›QRyFLSRODSRZLHU]FKQLRG
Z\VRNRyFLQDV\SXGODZV]\VWNLFKSU]\SDGNÏZSRFK\OHÍWHUHQX1DU\VSU]HG
VWDZLRQRRPDZLDQ•]DOH›QRyÂGODSRFK\OHQLDLSU]HVXQLÆÂRGGRP
5\V:\NUHV]DOH›QRyFLSRODSRZLHU]FKQLRGZ\VRNRyFLQDV\SXGODSRGDQ\FKSU]HVXQLÆÂRVLWRUX
-DNZLGDÂQDZ\NUHVLHZDUWRyÂSRODSRZLHU]FKQLMHVW]DOH›QD]DUÏZQRRGZ\
VRNRyFL QDV\SX MDN UÏZQLH› RG SU]HVXQLÆFLD XNDGX 1D SRGVWDZLH WHM DQDOL]\
SRSU]H]]DVWRVRZDQLHUHJUHVMLOLQLRZHMXVWDORQR›HZDUWRyÂSRODSU]HVXQLÆFLDPD
FKDUDNWHUOLQLRZ\LZ\UD›RQDMHVW]DOH›QRyFL•\ D[E:DUWRyÂEMHVWSRPLMDOQLH
PDDQDWRPLDVWZVSϏF]\QQLNDMHVWZSU]\EOL›HQLXUÏZQ\SU]HVXQLÆFLXXNDGX
SURMHNWRZDQHJRZ]JOÆGHPLVWQLHM•FHJR:DQDOL]LHXZ]JOÆGQLRQRUÏZQLH›SRFK\
OHQLHWHUHQXZ]DNUHVLHGR]SU]HSURZDG]RQ\FKREOLF]HÍZ\QLND›HZS\Z
WHJRSDUDPHWUXMHVWPLQLPDOQ\DE•GQLHSU]HNUDF]D=DVWRVRZDQLHSU]\
MÆW\FKXSURV]F]HÍPD]QLNRP\ZS\ZQDREOLF]DQ•SRZLHU]FKQLÆ:DUWRyÂSROD
SRZLHU]FKQLPR›QDZLÆFRSLVDÂ]DOH›QRyFL•
3 Z+
JG]LH
3SROHSRZLHU]FKQL>P@
+Z\VRNRyÂLVWQLHM•FHJRQDV\SX>P@
ZZDUWRyÂSU]HVXQLÆFLDXNDGXSURMHNWRZDQHJRZ]JOÆGHPLVWQLHM•FHJR>P@
6]ZDF]NLHZLF].
380
$QDORJLF]QLH]RVWD\Z\NRQDQHREOLF]HQLDREV]DUXGODQRZHJRQDV\SXGUXJL
SU]\SDGHNREOLF]HQLRZ\U\V
5\VXNLVWQLHM•F\LSURMHNWRZDQ\
3RGREQLH REOLF]RQR SROH ZLHORERNX SROH QDV\SX Z SU]HNURMX SRSU]HF]Q\P
VWRVXM•FVXPRZDQLHSÏOSURVW\FKILJXUJHRPHWU\F]Q\FK2EOLF]RQRSROHQDV\SX
RUϛQHMZ\VRNRyFL]GRNDGQRyFL•PLQDFK\OHQLDPLZSU]HG]LDOH!
:\QLNLGODSU]\SDGNXQDV\SÏZRSRFK\OHQLXWHUHQXSU]HGVWDZLRQRZIRUPLH
Z\NUHVXQDU\V:\NUHVWHQRSLVXMH]DOH›QRyÂSRPLÆG]\SROHPSRZLHU]FKQLQD
V\SXDMHJRZ\VRNRyFL•:\NRU]\VWXM•FUHJUHVMÆQLHOLQLRZ•XVWDORQR›HRPDZLDQD
]DOH›QRyÂGODQDFK\OHQLDWHUHQXPR›H]RVWDÂRSLVDQDZLHORPLDQHPVWRSQLD
P2
0,0059 H 4 0,1396 H 3 0,6752 H 2 8,4745 H 0,5153
JG]LH
3SROHSRZLHU]FKQLQDV\SX>P@
+Z\VRNRyÂLVWQLHM•FHJRQDV\SX>P@
5\V:\NUHV]DOH›QRyFLSRODSRZLHU]FKQLQDV\SXRGMHJRZ\VRNRyFL
2%/,&=(1,$52%¯7=,(01<&+35=<02'(51,=$&-,/,1,,.2/(-2:<&+
381
:WDEHOLSU]HGVWDZLRQRUÏZQDQLDGODUϛQ\FKZDUWRyFLSRFK\OHQLDWHUHQX
7DEHOD5ÏZQDQLDSRODSRZLHU]FKQLZ]DOH›QRyFLRGQDFK\OHQLDWHUHQX
Pochylenie
[%]
:VSyáF]\QQLN
NRUHODFML52
Pole powierzchni [m2]
0%
P2 = 1,6563H2 + 6,1217H + 1,8389
R² = 1
1%
P2 = 1,6561H2 + 6,1085H + 1,8397
R² = 1
2%
P2 = -0,0059H4 + 0,1397H3 + 0,6755H2 + 8,4762H + 0,5153
3%
4
3
2
P2 = -0,006H + 0,1417H + 0,676H + 8,4536H + 0,5506
4
3
2
R² = 1
R² = 1
4%
P2 = -0,0063H + 0,1479H + 0,6482H + 8,4962H + 0,5739
R² = 1
5%
P2 = -0,0068H4 + 0,1554H3 + 0,6293H2 + 8,4846H + 0,6468
R² = 1
6%
P2 = -0,0068H4 + 0,1562H3 + 0,6332H2 + 8,4776H + 0,672
R² = 1
3R Z\]QDF]HQLX SRZLHU]FKQL GOD REX SU]\SDGNÏZ REOLF]HQLRZ\FK PR›QD
ZSURVW\VSRVÏEZ\]QDF]\Â]DNUHVUREÏW]LHPQ\FKQDSU]\MÆWHMGXJRyFL2EMÆWRyÂ
EU\\PR›QDREOLF]\ÂNRU]\VWDM•F]UÏZQDQLD
9 3O
JG]LH
3SROHSRZLHU]FKQL>P@
OGXJRyÂUR]SDWU\ZDQHJRRGFLQND>P@
2EOLF]HQLDUREÏW]LHPQ\FKPR›QDZ\NRQDÂNRU]\VWDM•F]Z\OLF]RQ\FKZSUR
JUDPLH 08*2 SU]HVXQLÆ RVL WRUX SURMHNWRZDQHJR Z]JOÆGHP LVWQLHM•FHJR QD
SU]\MÆWHMGXJRyFLWRUX
3RGVXPRZDQLH
2EOLF]HQLDUREÏW]LHPQ\FKV•MHGQ\P]NROHMQ\FKHOHPHQWÏZNWÏUHEÆG•]D
LPSOHPHQWRZDQHZSURJUDPLH08*2']LÆNLRNUHyOHQLXW\FKZDUWRyFLPR›OLZD
EÆG]LHDQDOL]DNRV]WÏZUREÏW]LHPQ\FKZ\PDJDQ\FKSU]\PRGHUQL]DFMLOLQLLNR
OHMRZ\FK
.RV]W\Z\QLNDM•FH]SU]HVXQLÆFLDXNDGXSURMHNWRZDQHJRZ]JOÆGHPLVWQLHM•FH
JREÆG•REOLF]DQH]XZ]JOÆGQLHQLHPZLHOXUϛQ\FKF]\QQLNÏZGRNWÏU\FKPR›QD
]DOLF]\ÂQS
ZDUWRyFLSU]HVXQLÆÂRVLWRUXSURMHNWRZDQHJRZ]JOÆGHPLVWQLHM•FHJR
XNV]WDWRZDQLHSRSU]HF]QHWHUHQX
Z\VRNRyFLQDV\SÏZOXEJÆERNRyFLSU]HNRSÏZ
ZDUXQNLJUXQWRZHLZRGQH
ORNDOL]DFMDOLQLL
6]ZDF]NLHZLF].
382
PLHMVFHZ\GRE\FLDJUXQWXQDSRGWRU]H
NODVDLVWDQGDUGNRQVWUXNF\MQ\OLQLL
SURPLHQLHXNÏZNRRZ\FK
'DOV]\PHWDSHPEÆG]LHRNUHyOHQLHZVSϏF]\QQLNÏZGRW\F]•F\FKNRV]WÏZPR
GHUQL]DFML:DUWRyFLWHV•HOHPHQWHPQLH]EÆGQ\PGREXGRZ\IXQNFMLFHOXX›\ZD
QHMSU]\RSW\PDOL]DFMLSU]HEXGRZ\XNDGÏZWRURZ\FK
/LWHUDWXUD
>@%DXFK+%DXFK08NDG\JHRPHWU\F]QHWRUXLLFKGHIRUPDFMH.2:
:DUV]DZD
>@%DXFK07KHDVVHVVPHQWRIFKDQJHVRIWUDFNJHRPHWULFDOOD\RXWLQWKH
SURFHVVRIIHDVLELOLW\VWXGLHVRIUDLOZD\VPRGHUQL]DWLRQ$UFKLYHVRI&LYLO
(QJLQHHULQJ1U
>@%DXFK06]ZDF]NLHZLF].0RGHUQL]DFMDXNÏZNRV]RZ\FK]Z\NR
U]\VWDQLHPSURJUDPX08*23U]HJO•G.RPXQLNDF\MQ\0LHVLÆF]QLNQD
XNRZRWHFKQLF]Q\6WRZDU]\V]HQLD,Q›\QLHUÏZL7HFKQLNÏZ.RPXQLNDFML
531U
>@%RJGDQLXN%7RZSLN.%XGRZDPRGHUQL]DFMDLQDSUDZ\GUÏJNROHMR
Z\FK.2::DUV]DZD
>@6]ZDF]NLHZLF]..RPSXWHURZHZVSRPDJDQLH]PLDQPRGHUQL]RZDQ\FK
XNDGÏZ JHRPHWU\F]Q\FK WRUX ,9 .RQIHUHQFMD 1DXNRZR7HFKQLF]QD
d3URMHNWRZDQLHEXGRZDLXWU]\PDQLHLQIUDVWUXNWXU\ZWUDQVSRUFLHV]\
QRZ\P,1)5$6=<1r
>@6]ZDF]NLHZLF]..RPSXWHURZHZVSRPDJDQLH]PLDQPRGHUQL]RZDQ\FK
XNDGÏZJHRPHWU\F]Q\FKWRUXNROHMRZHJR]Z\NRU]\VWDQLHPSURJUDPX
08*2 =HV]\W\ 1DXNRZH 3ROLWHFKQLNL *GDÍVNLHM ,Q›\QLHULD /•GRZD
L:RGQD*GDÍVN
>@6]ZDF]NLHZLF]..RPSXWHURZHZVSRPDJDQLHPRGHUQL]DFMLXNÏZSR
]LRP\FKQDOLQLDFKNROHMRZ\FK7HFKQLND7UDQVSRUWX6]\QRZHJR
QU5DGRP
>@6]ZDF]NLHZLF] . .RQFHSFMD ]DVWRVRZDQLD DOJRU\WPÏZ JHQHW\F]Q\FK
SU]\PRGHUQL]DFMLXNDGÏZJHRPHWU\F]Q\FK
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
=:,¦.6=(1,(.21.85(1&<-12k&,
75$16325786=<12:(*23235=(=2*5$1,&=(1,(
-(*22''=,$<:$­1$1$785$/1(k52'2:,6.2
.D]LPLHU]7RZSLN
3URIGUKDELQ›3ROLWHFKQLND:DUV]DZVND0LÆG]\QDURGRZD:\›V]D6]NRD/RJLVW\NLL7UDQVSRUWXZH:URFDZLX
6WUHV]F]HQLH : DUW\NXOH SRUXV]RQR SUREOHPDW\NÆ RJUDQLF]HQLD ZS\ZX RGG]LD\ZDQLD
WUDQVSRUWX V]\QRZHJR QD yURGRZLVNR QDWXUDOQH Z NRQWHNyFLH ]ZLÆNV]HQLD MHJR NRQNXUHQF\MQRyFL
3U]HGVWDZLRQRPR›OLZRyFLRJUDQLF]HQLDRGG]LD\ZDÍZLEURDNXVW\F]Q\FK
6RZD NOXF]RZH ZS\Z WUDQVSRUWX NROHMRZHJR QD QDWXUDOQH yURGRZLVNR RG]LD\ZDQLD
ZLEURDNXVW\F]QHKDDVHNUDQ\DNXVW\F]QH
:VWÆS
2GG]LD\ZDQLDWUDQVSRUWXQDyURGRZLVNRWRSU]HGHZV]\VWNLP]DQLHF]\V]F]HQLH
SRZLHWU]DZVNXWHNHPLVMLWOHQNÏZD]RWXLWOHQNXZÆJOD]ZL•]NÏZRUJDQLF]Q\FK
RUD]S\ÏZDWDN›HJD]ÏZFLHSODUQLDQ\FKRGG]LD\ZDQLDZLEURDNXVW\F]QHZSR
VWDFLGUJDÍPHFKDQLF]Q\FKRUD]HPLVMDDNXVW\F]QDKDDV,QQHVNXWNLIXQNFMRQR
ZDQLDWUDQVSRUWXWRZ\SDGNLNRQJHVWLDUXFKX]PLDQ\NOLPDW\F]QHSU]HNV]WD
FHQLH NUDMREUD]X RUD] ]ZLÆNV]HQLH SRZLHU]FKQL NRPXQLNDF\MQHM NUDMX ZVNXWHN
UR]EXGRZ\LQIUDVWUXNWXU\
.RV]W\Z\QLNDM•FH]G]LDDOQRyFLWUDQVSRUWXV•ZZLÆNV]RyFLSRQRV]RQHSU]H]
VSRHF]HÍVWZRDWUXGQRyFLZLFKREOLF]DQLXSRZRGXM•›HF]ÆVWRQLHV•RQHXZ]JOÆG
QLDQHZFHQLHXVXJLWUDQVSRUWRZHM6WUXNWXUDW\FKNRV]WÏZSRGZ]JOÆGHPSU]\
F]\Q\LFKSRZVWDZDQLDNV]WDWXMHVLÆZ3ROVFHQDVWÆSXM•FRZ\SDGNLKDDV
]DQLHF]\V]F]HQLHSRZLHWU]D]PLDQ\NOLPDWXSU]HNV]WDFHQLDNUD
MREUD]X2FHQLDVLÆSU]\W\P›H|UÏGHPZV]\VWNLFKW\FKNRV]WÏZ]H
ZQÆWU]Q\FKMHVWWUDQVSRUWVDPRFKRGRZ\
2JUDQLF]DM•FVLÆGRSRUÏZQDQLDWUDQVSRUWXVDPRFKRGRZHJRLNROHMRZHJROXEQLH
FRV]HU]HMtWUDQVSRUWXV]\QRZHJRWU]HED]D]QDF]\›HWHQRVWDWQL]DSHZQLDX›\WNRZ
QLNRPZLÆNV]HEH]SLHF]HÍVWZRLZ]QDF]QLHPQLHMV]\PVWRSQLXRGG]LDXMHQDyURGR
ZLVNRUÏZQLH›G]LÆNLPQLHMV]HM]DMÆWRyFLWHUHQX0QLHMV]HQL›ZWUDQVSRUFLHVDPRFKR
GRZ\PRGG]LD\ZDQLDWUDQVSRUWXV]\QRZHJRQDyURGRZLVNRVWDQRZL•LVWRWQ•]DOHWÆ
PRJ•F•]ZLÆNV]DÂMHJRNRQNXUHQF\MQRyÂ1LHR]QDF]DWRMHGQDN›HWUDQVSRUWV]\QRZ\
QLHMHVW|UÏGHPQHJDW\ZQ\FKRGG]LD\ZDÍQDRWRF]HQLHZLÆFRGGDZQDSRV]XNXMHVLÆ
UR]ZL•]DÍPDM•F\FKQDFHOXRJUDQLF]HQLHVNXWNÏZW\FKRGG]LD\ZDÍ
384
7RZSLN.
$QDOL]\SRGHMPRZDQHREHFQLHZ3ROVFHZ]QDF]QHMPLHU]HGRW\F]•]PLDQNOL
PDWXDNXVW\F]QHJR]HZ]JOÆGXQDKDDVZ\ZRDQ\UXFKHPGURJRZ\PLNROHMR
Z\P:\QLNDWR]SRWU]HE\Z\]QDF]HQLDREV]DUÏZJG]LHSU]HNURF]RQHV•GRSXV]
F]DOQHSR]LRP\KDDVX
2FHQDRGG]LD\ZDÍQDyURGRZLVNRZ\PDJD]QDMRPRyFLSDUDPHWUÏZSRSXODFML
tMHMVWUXNWXU\LG\QDPLNLUR]ZRMXPLJUDFMLFKDUDNWHUXRVDGQLFWZDZDUXQNÏZ
]GURZRWQ\FKtRUD]ZDUXQNÏZSU]\URGQLF]\FKtIDXQ\LIORU\LVWQLHM•F\FKHNRV\V
WHPÏZZDORUÏZNUDMREUD]RZ\FKRUD]ORNDOL]DFMLLFKDUDNWHUXUH]HUZDWÏZSU]\UR
G\:\PDJDUÏZQLH›RSUDFRZDQLDMHGQROLW\FKNU\WHULÏZLQRUPVWRVRZDQ\FKGR
RFHQ\RGG]LD\ZDÍWUDQVSRUWXQDyURGRZLVNR
:SU]\SDGNXWUDQVSRUWXV]\QRZHJRPDP\GRF]\QLHQLD]RELHNWHPOLQLRZ\P
SU]HFLQDM•F\PUϛQRURGQHSU]HVWU]HQQHVWUXNWXU\yURGRZLVND:ID]LHEXGRZ\OXE
PRGHUQL]DFML OLQLL NRPXQLNDF\MQHM PR›H QDVW•SL ]DNÏFHQLH OXE SU]HFLÆFLH ]OHZQL
ZÏGSRZLHU]FKQLRZ\FKLSRG]LHPQ\FKRUD]LVWQLHM•F\FKHNRV\VWHPÏZZVNXWHNEX
GRZ\QDV\SÏZLSU]HNRSÏZSURZDG]HQLDGUÏJGRMD]GRZ\FKRUD]Z\NRU]\VW\ZDQLD
PLHMVFRZ\FK]DVREÏZQDWXUDOQ\FKNRSDOLQZRG\LWS'URJDV]\QRZDL]ZL•]DQH
]QL•GRGDWNRZHXU]•G]HQLDWDNLHMDNRJURG]HQLDOLQLHHQHUJHW\F]QHQDV\S\LSU]H
NRS\VWDQRZL•WDN›HSU]HV]NRGÆZSU]HPLHV]F]DQLXVLÆ]ZLHU]•W>@
-HGQ\P ] ]DVDGQLF]\FK FHOÏZ SROLW\NL WUDQVSRUWRZHM 8QLL (XURSHMVNLHM MHVW
ZLÆFXMHGQROLFHQLHSRGHMyFLDSRV]F]HJÏOQ\FKSDÍVWZGRUR]ZL•]\ZDQLDSUREOHPÏZ
HNRORJLF]Q\FKZW\PUÏZQLH›]DVDGRFHQ\NRV]WÏZ]HZQÆWU]Q\FKWUDQVSRUWXNR
OHMRZHJR =GHILQLRZDQLH MHGQROLW\FK VWDQGDUGÏZ WHFKQLF]Q\FK MHVW XWUXGQLRQH
]XZDJLQDUϛQRURGQRyÂREV]DUÏZSU]H]NWÏUHSU]HELHJDM•OLQLHNRPXQLNDF\MQH
&]ÆVWRZLÆFWU]HEDRJUDQLF]\ÂVLÆGRRSUDFRZDQLDZ\W\F]Q\FKL]DOHFHÍ
2GG]LD\ZDQLDZLEURDNXVW\F]QHWUDQVSRUWXV]\QRZHJRQDyURGRZLVNR
'UJDQLD PHFKDQLF]QH Z]EXG]DQH SU]HMD]GDPL SRFL•JÏZ Z V]F]HJÏOQRyFL VL
DPLG\QDPLF]Q\PLQDVW\NXNRD]V]\Q•V•SU]HND]\ZDQHSRGWRU]XLSRGR›X
JUXQWRZHPX1DVWÆSVWZHPWHJRMHVWSURSDJDFMDGUJDÍJÏZQLHZSRVWDFLIDOSR
ZLHU]FKQLRZ\FKSU]HQRV]RQ\FKQDRELHNW\LQ›\QLHU\MQHRUD]EXG\QNL]QDMGXM•FH
VLÆZV•VLHG]WZLHWRUX:UH]XOWDFLHSRMDZLDM•VLÆGUJDQLDUH]RQDQVRZHW\FKEX
G\QNÏZNWÏUH]D]QDF]DM•VLÆV]F]HJÏOQLHSRGF]DVSU]HMD]GXSRFL•JÏZWRZDURZ\FK
RGX›\FKQDFLVNDFKRVL=DVLÆJGUJDÍV]NRGOLZ\FKOXEXFL•›OLZ\FKGODOXG]LPR›H
SU]HNUDF]DÂP:\VWÆSXM•RQHQDMF]ÆyFLHMZ]DNUHVLHF]ÆVWRWOLZRyFLRGGR
+]QDWRPLDVWGUJDQLDPHFKDQLF]QHZ]EXG]DQHZNRQVWUXNFMDFKPDM•]D]Z\
F]DMF]ÆVWRWOLZRyÂ+]>@
,QQ•IRUP•RGG]LD\ZDQLDWUDQVSRUWXV]\QRZHJRMHVWHPLVMDDNXVW\F]QD*ÏZ
Q\P MHM VNDGQLNLHP MHVW KDDV SRZRGRZDQ\ SU]H] WRF]HQLH VLÆ NϏ SR V]\QDFK
NWÏU\RGJU\ZDGRPLQXM•F•UROÆSU]\SUÆGNRyFLDFKGRNPK1DMZLÆNV]HQD
3RG SRMĊFLHP NOLPDWX DNXVW\F]QHJR UR]XPLH VLĊ ]HVSyá ]MDZLVN DNXVW\F]Q\FK Z\VWĊSXMąF\FK QD GDQ\P
REV]DU]HQLH]DOHĪQLHRGĨUyGHáMHZ\ZRáXMąF\FK2FHQLDQ\MHVW]D]Z\F]DMQDSRGVWDZLHSR]LRPXGĨZLĊNX
=:,¦.6=(1,(.21.85(1&<-12k&,75$16325786=<12:(*23235=(=
385
WƛHQLH KDDVX HPLWRZDQHJR Z XNDG]LH NRRtV]\QD Z\VWÆSXMH Z NLHUXQNX SUR
VWRSDG\PGRRVLWRUX+DDVWHQPR›HRVL•JDÂZDUWRyÂGRG%$ZSDyPLH
F]ÆVWRWOLZRyFL t +] 'UXJLH HNVWUHPXP SU]\SDGD QD F]ÆVWRWOLZRy RN
+]PLQLPXPQDWRPLDVWZSDyPLHF]ÆVWRWOLZRyFLt+]1LHUÏZQRyFL
SRZLHU]FKQLWRF]QHMNRDLV]\Q\RNUHVRZRZ\VWÆSXM•F\VW\NREU]H›DNRD]V]\Q•
RUD]SRyOL]JLNϏSRZRGXM•KDDVRGELHUDQ\ZSRVWDFLV]XPXLVWXNÏZ0R›HE\Â
RQV]F]HJÏOQLHGRNXF]OLZ\ZSU]\SDGNX]X›\FLDIDOLVWHJRV]\QRUD]SDVNLFKVWDUÂ
REUÆF]\NϏ
'R ]X›\FLD IDOLVWHJR ]DUÏZQR V]\Q MDN L REUÆF]\ NϏ D Z NRQVHNZHQFML GR
]ZLÆNV]RQHMHPLVMLDNXVW\F]QHMGRFKRG]LQDVNXWHN]PLHQQRyFLREFL•›HÍZVWUHILH
VW\NXNRD]V]\Q•Z\QLNDM•F\FK]]DNÏFHÍSRGVWDZRZHJRUXFKXSRMD]GXRUD]
Z\VRNRF]ÆVWRWOLZRyFLRZ\FKGUJDÍNRDLV]\Q\'RGDWNRZ•SU]\F]\Q•HPLVMLPR›H
E\ÂUϛQLFDSURPLHQLWRF]Q\FKZ\VWÆSXM•FDQDREZRG]LHNRDSROLJRQL]DFMDNϏ
(PLVMD DNXVW\F]QD Z\ZRDQD SU]HMD]GHP SRFL•JX MHVW ]QDF]QLH ZLÆNV]D QD PR
VWDFKZLDGXNWDFKLLQQ\FKRELHNWDFKLQ›\QLHU\MQ\FK
nUÏGDPLKDDVXV•UÏZQLH›ZVSϏSUDFDSDQWRJUDIX]VLHFL•GUJDQLDHOHPHQ
WÏZQDGZR]LDLSRGZR]LDSRMD]GXGUJDQLDPDWHULDRZHZ\VRNLFKF]ÆVWRWOLZRyFL
Z]EXG]DQH SRGF]DV KDPRZDQLD KDDV QDSÆGX SRMD]GÏZ WUDNF\MQ\FK Z\VRNR
SUƛQ\FKVLOQLNÏZVSDOLQRZ\FKLNRPSUHVRUÏZSRZLHWU]Q\FK:SU]\SDGNXGX
›\FKSUÆGNRyFLMD]G\]DF]\QDGRPLQRZDÂKDDVDHURG\QDPLF]Q\]ZL•]DQ\]SRNR
Q\ZDQLHPSU]H]SRUXV]DM•F\VLÆSRMD]GRSRUÏZSRZLHWU]D=ZLÆNV]HQLHSUÆGNRyFL
MD]G\SRFL•JX]HGRNPK]ZLÆNV]DQDWƛHQLHKDDVXRtG%QDWRPLDVW
GDOV]H]ZLÆNV]HQLHSUÆGNRyFLPDQLHZLHONLZS\ZQDSR]LRPKDDVX
3URSRUFMH KDDVX SRFKRG]•FHJR ] UϛQ\FK |UÏGH QLH V• MHGQROLWH L ]DOH›• RG
SUÆGNRyFL MD]G\ OLF]E\ NϏ GXJRyFL L PDV\ SRFL•JX QDFLVNÏZ RVL NRQVWUXNFML
QDZLHU]FKQLPDV\V]\QURG]DMXSU]\WZLHUG]HÍDWDN›HXNDGXLSURILOXOLQLL1D
SU]\NDGZRWRF]HQLXOLQLL7*9SRNWÏUHMUXFKRGE\ZDVLÆ]SUÆGNRyFLDPLGR
NPKDQDWƛHQLHUXFKXZ\QRVLRGRSRFL•JÏZQDGREÆUHMHVWURZD
QR SR]LRP KDDVX SU]HNUDF]DM•F\ G%$ RUD] RGF]XZDOQH RGG]LD\ZDQLD
GUJDÍ : EDGDQLDFK DQNLHWRZ\FK MDNR QDMZD›QLHMV]• XFL•›OLZRy UHVSRQ
GHQWÏZZVND]DRF]ÆVWRyÂSU]HMD]GÏZRGG]LD\ZDQLHGUJDÍDQD
WƛHQLHKDDVX
7UDQVSRUWNROHMRZ\MHVWZLÆFSRZD›Q\P|UÏGHPKDDVXLZLEUDFML2EV]HUQH
EDGDQLDSURZDG]RQH]LQLFMDW\Z\8,&MX›RGODWG]LHZLÆÂG]LHVL•W\FK;;ZPLD\
QDFHOX]QDOH]LHQLHUR]ZL•]DÍSR]ZDODM•F\FKQD]PQLHMV]HQLHRGG]LD\ZDÍZLEUR
DNXVW\F]Q\FK3U]\F]\QL\VLÆRQHGRUR]ZRMXWHFKQLNSRPLDURZ\FKLSURJUDPÏZ
NRPSXWHURZ\FKWDNLFKMDN9LEUDL9DPSLUH'RZD›Q\FKSURMHNWÏZPR›QD]DOL
F]\Â6LOHQW7UDFNZUDPDFKNWÏUHJR]DSRPRF•WHRUHW\F]QHJRPRGHORZDQLDHPLVML
DNXVW\F]QHMRSUDFRZDQR]PLDQ\NRQVWUXNF\MQHQDZLHU]FKQLNROHMRZHMXPR›OLZLD
M•FH]PQLHMV]HQLHKDDVXRRNG%$3URJUDPEDGDZF]\6LOHQW)UHLJKWPLDQD
FHOX]QDOH]LHQLHVSRVREÏZRJUDQLF]HQLDKDDVXHPLWRZDQHJRSU]H]SRUXV]DM•F\VLÆ
SRMD]G D Z NRQVHNZHQFML ZSURZDG]HQLH ]PLDQ Z NRQVWUXNFML SRMD]GÏZ V]\QR
Z\FK]PLDQ\NV]WDWXLPDV\SRMD]GX]DVWRVRZDQLDRVRQQDSDQWRJUDI\LZÏ]NL
RSW\PDOL]DFMDNRQVWUXNFMLNϏ]HZ]JOÆGXQDHPLVMÆDNXVW\F]Q•3URJUDP0HWD
386
7RZSLN.
UDLO0HDVXULQJ7HFKQLFVIRU1RLVH(PLVVLRQ]PLHU]DGRRSUDFRZDQLDMHGQROLW\FK]D
VDGSRPLDUXLRFHQ\KDDVX6SRVREÏZ]PQLHMV]DQLDHPLVMLDNXVW\F]QHM]ZL•]DQHM
]KDPRZDQLHPSRMD]GÏZGRW\F]\SURJUDPEDGDZF]\(XURVDERW&KRG]LRRZ\
EÏUPDWHULDÏZRJUDQLF]DM•F\FKKDDVSRZVWDM•F\ZZ\QLNXRGG]LD\ZDÍPLÆG]\
KDPXOFHPLNRHPRUD]ZHU\ILNDFMÆSURSRQRZDQ\FKUR]ZL•]DÍ]]DVWRVRZDQLHP
PRGHOLV\PXODF\MQ\FK3URJUDP%DVQRLVH%DVLF1RLVH5HVHDUFKREHMPRZDPLÆG]\
LQQ\PL RFHQÆ HIHNW\ZQRyFL VWRVRZDQLD HNUDQÏZ DNXVW\F]Q\FK RSUDFRZDQLH DN
W\ZQ\FKPHWRGWHFKQLF]QHMNRQWUROLKDDVX$FWLYH1RLVH&RQWURORUD]RFHQÆVNX
WHF]QRyFLVWRVRZDQLDUϛQ\FKZDUVWZPDWHULDRZ\FKZNRQWDNFLHNRRtV]\QD
0R›OLZRyFLRJUDQLF]HQLDRGG]LD\ZDÍZLEURDNXVW\F]Q\FKWUDQVSRUWX
V]\QRZHJRQDyURGRZLVNR
3UÏE\ ]PQLHMV]HQLD ZLEURDNXVW\F]Q\FK RGG]LD\ZDÍ WUDQVSRUWX V]\QRZHJR
VSURZDG]DM• VLÆSU]HGHZV]\VWNLPGRVWRVRZDQLD yURGNÏZXPR›OLZLDM•F\FKF]Æ
yFLRZH Z\WXPLHQLH GUJDÍ Z PLHMVFX LFK SRZVWDZDQLD RJUDQLF]HQLD PR›OLZRyFL
SU]HQRV]HQLD GUJDÍ RGG]LHOHQLD RG VLHELH HOHPHQWÏZ XNDGX GUJDM•FHJR RUD]
VWRVRZDQLD XU]•G]HÍ FKURQL•F\FK SU]HG ]HZQÆWU]Q\P RGG]LD\ZDQLHP GUJDÍ
: SU]\SDGNX WUDQVSRUWX V]\QRZHJR Z REUÆELH DJORPHUDFML LVWRWQH MHVW ]DSHZ
QLHQLHNRPIRUWXZLEUDF\MQHJROXG]LRP]QDMGXM•F\PVLÆZEXG\QNDFKSRR›RQ\FK
ZV•VLHG]WZLHWUDVNRPXQLNDF\MQ\FK>@
1D WHUHQDFK ]XUEDQL]RZDQ\FK GZRUFDFK SU]\VWDQNDFK L RELHNWDFK LQ›\QLH
U\MQ\FK PRVWDFK ZLDGXNWDFK WXQHODFK RUD] ZV]ÆG]LH WDP JG]LH NRQVWUXNFMD
QDZLHU]FKQLV]\QRZHMPDSRGZ\›V]RQ•V]W\ZQRyÂZ\NRQXMHVLÆMHMZLEURL]RODFMÆ
RJUDQLF]DM•F•GUJDQLDNRQVWUXNFML1DMF]ÆyFLHMVWRVRZDQHUR]ZL•]DQLDRJUDQLF]DM•
FHGUJDQLDZQDZLHU]FKQLWRPDW\]WZRU]\ZDV]WXF]QHJRXNDGDQHSRGZDUVWZ•
SRGV\SNLZ\NDG]LQ\LZNDGNLWXPL•FHGUJDQLD]EHWRQÏZSRURZDW\FKWXIÏZZXO
NDQLF]Q\FKLWZRU]\ZV]WXF]Q\FKRUD]ZNDGNLVSUƛ\VWHLRWXOLQ\JXPRZHV]\QRUD]
LQQ\FKVWDORZ\FKHOHPHQWÏZQDZLHU]FKQL
2JUDQLF]HQLXGUJDÍZQDZLHU]FKQLVX›•UÏZQLH›ZDUVWZ\VWDQRZL•FHRFKURQÆ
DQW\ZLEUDF\MQ•WRURZLVNDXNDGDQHSRGSRGV\SN•ZSRVWDFLJHRZÏNQLQLJHRVLDWHN
S\W JXPRZ\FK LWS 6]F]HJÏOQLH Z\PDJDM• WHJR NRQVWUXNFMH QDZLHU]FKQL EH]SRG
V\SNRZ\FK PDM•FH ZLÆNV]• V]W\ZQRy Z SRUÏZQDQLX ] NODV\F]Q• QDZLHU]FKQL•
V]\QRZ•
:FHOXRJUDQLF]HQLDRGG]LD\ZDÍZLEURDNXVW\F]Q\FKSRFL•JÏZQDOLQLDFKGX
›\FK SUÆGNRyFL VWRVRZDQH V• SRGWRURZH PDW\ ZLEURL]RODF\MQH Z\NRQDQH ] WZRU]\Z
V]WXF]Q\FKOXEJXP\ZSRVWDFLJRWRZ\FKNRU\WOXEDUNXV]\RUϛQ\FKSURILODFK
5R]UϛQLD VLÆ PDW\ XNDGDQH SRG ZDUVWZ• SRGV\SNL 6%0 t 6XE %DOODVW 0DWV
RUD]XNDGDQHSRGS\WDPLEHWRQRZ\PL670t6XE7UDFN0DWV8ZD›DVLƛH
VNXWHF]QRyÂPDWXNDGDQ\FKSRGZDUVWZ•SRGV\SNLMHVWQDMZLÆNV]DZSU]\SDGNX
GUJDÍRF]ÆVWRWOLZRyFLt+]DSRGNRQVWUXNFMDPLQLHNRQZHQFMRQDOQ\PLSU]\
F]ÆVWRWOLZRyFLt+]0DW\6%0UÏZQLH›PRJ•E\ÂXNDGDQHSRGS\WDPL
=:,¦.6=(1,(.21.85(1&<-12k&,75$16325786=<12:(*23235=(=
387
'OD PDW RNUHyOD VLÆ V]W\ZQRy VWDW\F]Q• &VWDW VWDW\F]Q\ PRGX SRGR›D RUD]
V]W\ZQRyÂG\QDPLF]Q•&G\Q6WRVXQHNV]W\ZQRyFLG\QDPLF]QHMGRVWDW\F]QHMQD
]\ZDQ\ MHVW ZVSϏF]\QQLNLHP XV]W\ZQLHQLD G\QDPLF]QHJR 6WDW\F]Q• V]W\ZQRy PDW
Z\ELHUDVLÆZ]DOH›QRyFLRGPDNV\PDOQHJRQDFLVNXRVLRUD]GRSXV]F]DOQHMSUÆG
NRyFL MD]G\ 'OD SUÆGNRyFL SRZ\›HM NPK L QDFLVNX SRZ\›HM N1 SU]\
QDZLHU]FKQLDFK ] ZDUVWZ• SRGV\SNL ]DOHFDQD MHVW V]W\ZQRy VWDW\F]QD Z JUDQL
FDFKt1PP0DWÆSRZLQLHQUÏZQLH›FHFKRZDÂPR›OLZLHQLVNLZVSϏ
F]\QQLNXV]W\ZQLHQLDt*UXERyÂPDW\PLHyFLVLÆZJUDQLFDFKtPP
'RGDWNRZR SU]\ Z\ERU]H PDWHULDX PDW\ XZ]JOÆGQLD VLÆ GRSXV]F]DOQ• ZDUWRyÂ
XJLÆFLDV]\Q\LF]ÆVWRWOLZRyÂGUJDÍZDVQ\FKRELHNWX>@
: SU]\SDGNDFK JG\ GUJDQLD SRZRGRZDQH SU]HMD]GHP SRFL•JÏZ RGG]LDXM•
QHJDW\ZQLHQDEXGRZOH]QDMGXM•FHVLÆZSREOL›XWRUXVWRVXMHVLÆVSHFMDOQHZLEUR
L]RODWRU\WXPL•FH]DUÏZQRGUJDQLDDNXVW\F]QHRZ\VRNLFKMDNLRQLVNLFKF]ÆVWR
WOLZRyFLDFKt+]
%DUG]R VNXWHF]Q\P OHF] NRV]WRZQ\P UR]ZL•]DQLHP DQW\ZLEUDF\MQ\P MHVW
XNDGDQLH HOHPHQWÏZ VWDQRZL•F\FK URG]DM RVF\ODWRUD KDUPRQLF]QHJR R QLHZLHO
NLHMF]ÆVWRWOLZRyFLGUJDÍZDVQ\FKW]ZIORDWLQJVODEV\VWHP(OHPHQW\WHRPDVLH
RGGRNJLF]ÆVWRWOLZRyFLGUJDÍZDVQ\FKRGGR+]VWRVRZDQH
V• Z WXQHODFK L Z NRQVWUXNFMDFK QDZLHU]FKQL QLHNRQZHQFMRQDOQ\FK 8]\VNDQLH
GREUHJRHIHNWXWXPLHQLDZ\PDJDMHGQDNSUDZLGRZHMRFHQ\GUJDÍZDVQ\FKED
GDQHJRV\VWHPX
2VDELHQLHRGG]LD\ZDÍZLEURDNXVW\F]Q\FKX]\VNXMHVLÆUÏZQLH›ZSURZDG]D
M•F ]PLDQ\ Z NRQVWUXNFML WDERUX -HVWWR VSRVÏE V]F]HJÏOQLHHIHNW\ZQ\ZSU]\
SDGNXGX›\FKSUÆGNRyFLMD]G\tNPKSU]\NWÏU\FKGRPLQXMHKDDVDH
URG\QDPLF]Q\:W\PFHOXZSRFL•JDFK]HVSRRZ\FKVWRVXMHVLÆRVRQ\QDRNQD
GU]ZLZÏ]NLLVSÏGSRMD]GXNWÏUH]PQLHMV]DM•RSRU\SRZLHWU]D2SW\PDOL]XMHVLÆ
UÏZQLH›NV]WDWSRMD]GX]ZDV]F]DMHJRSU]RGXRUD]]PQLHMV]DSRZLHU]FKQLÆSU]H
NURMX SRSU]HF]QHJR 3RQDGWR RJUDQLF]D VLÆ PDVÆ SRMD]GX SRSU]H] ]DVWRVRZDQLH
VWRSÏZDOXPLQLXP
2EQL›HQLH FLyQLHQLD DNXVW\F]QHJR PR›QD UÏZQLH› X]\VND G]LÆNL VWRVRZDQLX
RVRQSDQWRJUDIÏZL]PQLHMV]HQLXLFKOLF]E\'REU\HIHNWSU]\QRV]•PRG\ILNDFMH
HOHPHQWÏZVLHFLWUDNF\MQHMSROHJDM•FHQD]PQLHMV]HQLXRGOHJRyFLSRPLÆG]\ZLH
V]DNDPL RUD] ]ZLÆNV]HQLX QDFL•JX SU]HZRGÏZ MH]GQ\FK FR ]DSRELHJD XWUDWRP
NRQWDNWXSDQWRJUDIX]VLHFL•ZF]DVLHMD]G\
1DMV]HU]HM REHFQLH VWRVRZDQ\P yURGNLHP RJUDQLF]DQLD KDDVX V• HNUDQ\ DNX
VW\F]QHSLRQRZHXNRyQHOXESR]LRPH(IHNW\ZQRyÂDNXVW\F]Q•HNUDQXRNUHyODVLÆ
MDNRUϛQLFÆSR]LRPÏZFLyQLHQLDDNXVW\F]QHJRZSXQNFLHREVHUZDFMLSU]HGLSR
XVWDZLHQLXHNUDQX3U]\SURMHNWRZDQLXHNUDQÏZLVWRWQ\MHVWZDyFLZ\Z\EÏUMHJR
JHRPHWULLLPLHMVFDXV\WXRZDQLDZ]JOÆGHP|UÏGDHPLVML
3RGVWDZRZ\PZ\PRJLHPNWÏU\PXVLVSHQLDÂHNUDQMHVWGRVWDWHF]QDL]ROD
F\MQRy DNXVW\F]QD G|ZLÆNRL]RODF\MQRy :DUXQHN WHQ MHVW VSHQLRQ\ JG\ SR]LRP
G|ZLÆNX SU]HFKRG]•FHJR SU]H] SU]HJURGÆ MHVW QL›V]\ R GR G% RG SR]LRPX
G|ZLÆNX RGSRZLDGDM•FHJR IDOL XJLÆWHM ZRNϏ JÏUQHM L ERF]QHM NUDZÆG]L HNUDQX
2GVWURQ\|UÏGDKDDVXSRZLHU]FKQLÆHNUDQXZ\NRQXMHVLÆ]PDWHULDXG|ZLÆNR
7RZSLN.
388
FKRQQHJR(NUDQ\DNXVW\F]QHXVWDZLDVLÆ]ERNXWRUXOXEEOL›HM|UÏGDKDDVXQD
PLÆG]\WRU]X7HQRVWDWQLVSRVÏEMHVWNU\W\NRZDQ\SRQLHZD›XWUXGQLDRGyQLH›DQLH
LXWU]\PDQLHQDZLHU]FKQL2VWDWQLRZSURZDG]DVLÆHNUDQ\Z\VRNRyFLtP
XPLHV]F]DQH Z RGOHJRyFL QLH ZLÆNV]HM QL› P RG RVL WRUX :\NRQXMH VLÆ MH
] SUHIDEU\NRZDQ\FK HOHPHQWÏZ EHWRQRZ\FK IRW OXE JDELRQÏZ ']LÆNL QLH
ZLHONLHPXRGGDOHQLXRG|UÏGDHPLVMLV•VNXWHF]QLHMV]HRGWUDG\F\MQ\FKHNUDQÏZ
LXPR›OLZLDM•]PQLHMV]HQLHSR]LRPXKDDVXQDZHWRG%$
)RW1LVNLHHNUDQ\DNXVW\F]QHZ\NRQDQH]HOHPHQWÏZEHWRQRZ\FKOXEJDELRQÏZ
,QQ\PUR]ZL•]DQLHPMHVWHNUDQRZDQLHV]\MNLLVWRSNLV]\Q\IRWDQDNRQ
VWUXNFMDFK PRVWRZ\FK t SRGSLHUDQLH V]\Q HOHPHQWDPL DEVRUEXM•F\PL GUJDQLD
IRW
)RW(NUDQRZDQLHV]\Q
=:,¦.6=(1,(.21.85(1&<-12k&,75$16325786=<12:(*23235=(=
389
)RW(OHPHQWWXPL•F\GUJDQLDXPLHV]F]DQ\SRGV]\Q•QDPRyFLH
3RGVXPRZDQLH
3R]LRPKDDVXZWUDQVSRUFLHV]\QRZ\PNWÏU\QLHSRZLQLHQSU]HNUDF]DÂt
G%$ Z ZLHOX SU]\SDGNDFK RVL•JD ]QDF]QLH ZLÆNV]H ZDUWRyFL FR ZL•›H VLÆ
]H Z]URVWHP SUÆGNRyFL Z UXFKX SDVD›HUVNLP RUD] V]HUV]\P ]DVWRVRZDQLHP QD
ZLHU]FKQLEH]SRGV\SNRZ\FKPDM•F\FKPQLHMNRU]\VWQH]SXQNWXZLG]HQLDHPLVML
GUJDÍFKDUDNWHU\VW\NLPHFKDQLF]QH
6NXWHF]QH RJUDQLF]HQLH RGG]LD\ZDÍ ZLEURDNXVW\F]Q\FK NROHL QD yURGRZLVNR
XPR›OLZLDM•UR]ZL•]DQLDNRQVWUXNF\MQHVWRVRZDQH]DUÏZQRZWDERU]HLQDZLHU]FK
QLMDNLZRWRF]HQLXGURJLNROHMRZHM6•WR
− (OHPHQW\ ZLEURL]RODF\MQH Z QDZLHU]FKQL XPR›OLZLDM•FH RJUDQLF]HQLH HPLVML
RtG%$8›\WHPDWHULD\SRZLQQ\E\ÂGRVWRVRZDQHGRFKDUDNWHU\VW\
NLZLGPRZHMGUJDÍJHQHURZDQ\FKSU]H]SRMD]G\RUD]RG]QDF]DÂVLÆGREU\
PL ZLEUR L G|ZLÆNRL]RODF\MQ\PL ZDyFLZRyFLDPL D WDN›H RGSRUQRyFL• QD
]PLHQQHZDUXQNLDWPRVIHU\F]QH5RG]DMZLEURL]RODFMLPXVLE\ÂGRVWRVRZD
Q\GRZDUXQNÏZPLHMVFRZ\FKtWHUHQX]DEXGRZDQHJRWHUHQXRWZDUWHJR
NRQVWUXNFMLRELHNWXLQ›\QLHU\MQHJR
− (NUDQ\DNXVW\F]QH]PQLHMV]DM•FHKDDVRtG%$3RZLQQ\RQH]DSHZQLDÂ
G|ZLÆNRL]RODF\MQRyÂQDSR]LRPLHFRQDMPQLHMG%RUD]G|ZLÆNRFKRQQRyÂ
FRQDMPQLHMtG%'ODGX›\FKVNXSLVNPLHMVNLFKQDOH›\VWRVRZDÂHNUDQ\
ZSRVWDFLSU]HJUÏGUÏZQROHJ\FKGROLQLLNROHMRZHM]HZHQWXDOQ\P]DVWRVR
ZDQLHPZ\NDG]LQG|ZLÆNRL]RODF\MQ\FK8VWDZLDQLHHNUDQÏZDNXVW\F]Q\FK
SRZLQQRE\ÂRJUDQLF]RQHGRPLHMVFJG]LHKDDVSU]HNUDF]DGRSXV]F]DOQ\
SR]LRP : SU]\SDGNX SRMHG\QF]\FK ]DEXGRZDÍ OXE QLHZLHONLFK VNXSLVN
PLHV]NDOQ\FKQDOH›\Z\NRU]\VW\ZDÂSDV\]LHOHQLLQDV\S\
− =PLDQ\ZNRQVWUXNFMLWDERUX]ZDV]F]DNϏRUD]V\VWHPÏZKDPXOFRZ\FK
7RZSLN.
390
− 6]OLIRZDQLHV]\QLUHSURILODFMDREUÆF]\NϏXPR›OLZLDM•FH]PQLHMV]HQLHSR]LRPX
KDDVXRGRG%$
=DVWRVRZDQLH WHJR ]HVSRX yURGNÏZ RJUDQLF]DM•F\FK KDDV L GUJDQLD PHFKD
QLF]QHSR]ZDODQD]PQLHMV]HQLHSR]LRPXKDDVXZWUDQVSRUFLHV]\QRZ\PQDZHW
RG%$RUD]LVWRWQHRVDELHQLHMHJRRGG]LD\ZDÍZLEUDF\MQ\FK0DWRLVWRWQH
]QDF]HQLHGODNRQNXUHQF\MQRyFLWUDQVSRUWXV]\QRZHJRPLÆG]\LQQ\PLG]LÆNLRE
QL›HQLXMHJRNRV]WÏZ]HZQÆWU]Q\FK
/LWHUDWXUD
>@)DELDQ 6 +HFKW 0 ,QQRYDWLYHU /ÀUPVFKXW] DOV =XNXQIWDXIJDEH (,
6SH]LDO/ÀPVFKXW],,QU
>@.DZHFNL - 6W\SXD . =DSHZQLHQLH NRPIRUWX ZLEUDF\MQHJR OXG]LRP
ZEXG\QNDFKQDUD›RQ\FKQDRGG]LD\ZDQLDNRPXQLNDF\MQH:\GDZQLF
WZR3ROLWHFKQLNL.UDNRZVNLHM.UDNÏZ
>@.QDOO95DLOZD\1RLVHDQG9LEUDWLRQ(IIHFWVDQGFULWHULD-RXUQDORI6R
XQGDQG9LEUDWLRQ
>@.ROOHU * /ÀUPUHGXNWLRQ PLW 6FKLHQHQDEVFKLUPXQJ t )HOGPHVVXQJHQ
(,6SH]LDO/ÀUPVFKXW],,QU
>@0LFKDMRZ82FKURQDyURGRZLVNDZLQZHVW\FMDFKSROHJDM•F\FKQDEX
GRZLH L PRGHUQL]DFML OLQLL NROHMRZ\FK 0DWHULD\ .RQIHUHQFML 6,7.RP
=DNRSDQH
>@0ÒKONH-/ÀUPVFKXW]DQ6FKLHQHQZHJHQ(,6SH]LDO/ÀUPVFKXW],,QU
>@0ÒOOHU 7 /H'RVTXHW * :HLQHUW + 1LHGULJH 6FKDOVFKXW]ZÀQGH LP
5DKPHQGHV.RQLXQNWXUSURJUDPPV,,(,6SH]LDOQU
>@31%2FHQDZS\ZXGUJDÍQDOXG]LZEXG\QNDFK
>@6NU]\ÍVNL(3RGWRU]HNROHMRZH.2::DUV]DZD
>@7RZSLN . 2GG]LD\ZDQLD ZLEURDNXVW\F]QH WUDQVSRUWX NROHMRZHJR QD
yURGRZLVNRLVSRVRE\LFKRJUDQLF]HQLD3UREOHP\.ROHMQLFWZD]HV]\W
&17.:DUV]DZD
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
02'(/2:$1,(675()<32&=(­
32'.$'¯::='8‹1<&+
:1$:,(5=&+1,/21*$6)
0DJRU]DWD8UEDQHN
$OHNVDQGUD3DZODN%XUDNRZVND
PJULQ›3ROLWHFKQLND.UDNRZVNDXO:DUV]DZ
VND .UDNÏZ .DWHGUD ,QIUDVWUXN
WXU\ 7UDQVSRUWX 6]\QRZHJR L /RWQLF]HJR WHO
HPDLOPXUEDQHN#SNHGXSO
PJU LQ› 3ROLWHFKQLND .UDNRZVND XO :DUV]DZVND .UDNÏZ.DWHGUD,QIUDVWUXNWXU\7UDQVSRUWX6]\
QRZHJRL/RWQLF]HJRWHOHPDLODSDZ
ODN#SNHGXSO
6WUHV]F]HQLH:DUW\NXOHSU]HGVWDZLRQR]DU\VNRQFHSFMLQLHNRQZHQFMRQDOQHMQDZLHU]FKQL
NROHMRZHMQDSRGNDGDFKZ]GX›Q\FKLSRGR›XDVIDOWRZ\P/21*$6)$XWRU]\]DSUH]HQWRZDOL
PHWRGÆPRGHORZDQLDQXPHU\F]QHJRQDZLHU]FKQL/21*$6)ZSURJUDPLH$XWRGHVN6LPXODWLRQ
0XOWLSK\VLFV0RGHOWHQVWZRU]RQRQDSRGVWDZLHSUÏENLODERUDWRU\MQHMQDZLHU]FKQL:QLQLHMV]HM
SUDF\ RSLVDQR SURFHV PRGHORZDQLD HOHPHQWX HODVW\F]QHJR •F]•FHJR SRGNDG\ Z]GX›QH D WDN›H
SU]HGVWDZLRQRZ\QLNLDQDOL]\
6RZDNOXF]RZHQDZLHU]FKQLDNROHMRZDSRGNDG\Z]GX›QHPRGHORZDQLHQXPHU\F]QH
QDZLHU]FKQLNROHMRZHM
:SURZDG]HQLH
3URMHNWRZDQLHQRZ\FKQDZLHU]FKQLNROHMRZ\FKZ\PDJDXZ]JOÆGQLHQLDGX›\FK
Z\PLDUÏZNRQVWUXNFMLRUD]SRZWDU]DOQRyFLMHMHOHPHQWÏZSRGNDGSU]\WZLHUG]H
QLHV]\QD-HGQ\P]SLHUZV]\FKEDGDÍMDNLPSRGGDZDQHV•WDNLHQDZLHU]FKQLH
V•EDGDQLDODERUDWRU\MQHMHMPDHJRIUDJPHQWX-HVWWRSRG\NWRZDQHRJUDQLF]RQ\
PLPR›OLZRyFLDPLODERUDWRU\MQ\PL%DGDQLDWDNLHSR]ZDODM•RFHQLÂ]DFKRZDQLHVLÆ
PDHJRIUDJPHQWXQDZLHU]FKQL
$QDOL]\GXJLHJRRGFLQNDSURMHNWRZDQHMQDZLHU]FKQLV•MHGQDNSUREOHPDW\F]
QHJG\›VDP\PLPHWRGDPLODERUDWRU\MQ\PLQLHPR›QDRFHQLÂSUDF\NRQVWUXNFML
&RUD]F]ÆyFLHMZ\NRU]\VW\ZDQ\PQDU]ÆG]LHPXPR›OLZLDM•F\PDQDOL]Æ]DFKRZDÍ
QDZLHU]FKQLNROHMRZHMMHVWPRGHORZDQLHQXPHU\F]QH8PR›OLZLDRQRSU]HMyFLH]H
VNDOLPLNURSUÏENLODERUDWRU\MQHMGRU]HF]\ZLVW\FKUR]PLDUÏZQDZLHU]FKQLRUD]
SU]HSURZDG]HQLHGRGDWNRZ\FKV\PXODFMLNRPSXWHURZ\FKZ\PDJDM•F\FK]QDF]
Q\FKGXJRyFLWRUXMDNQDSU]\NDGKDPRZDQLH
:NáDGDXWRUyZZSXEOLNDFMĊ3DZODN%XUDNRZVND$8UEDQHN0
392
8UEDQHN03DZODN%XUDNRZVND$
.RQFHSFMDQDZLHU]FKQLNROHMRZHM/21*$6)
1LHNRQZHQFMRQDOQDQDZLHU]FKQLDNROHMRZD/21*$6)>@MHVWQDZLHU]FKQL•
GODNWÏUHMSRGEXGRZÆVWDQRZLW\SRZDNRQVWUXNFMDGURJLVDPRFKRGRZHM1DSRG
R›X R RGSRZLHGQLHM QRyQRyFL XNDGDQD MHVW ZDUVWZD NUXV]\ZD VWDELOL]RZDQHJR
PHFKDQLF]QLHQDNWÏUHMXNDGDQDMHVWZDUVWZDDVIDOWREHWRQXEH]ZDUVWZ\yFLHUDO
QHM:\NRU]\VWDQLHWDNLHJRPDWHULDX]QDF]QLHVNUDFDF]DVEXGRZ\QDZLHU]FKQL
: NRQVWUXNFML /21*$6) ]DVWRVRZDQH ]RVWD\ SRGSRU\ SRGX›QH :=$ 6•
WRSUHIDEU\NRZDQHEHONL›HOEHWRZHOXEVWUXQREHWRQRZHNWÏUHV•SRVDGRZLRQHQD
ZDUVWZLHDVIDOWREHWRQX'XJRyÂSRMHG\QF]HJRSRGNDGXZ\QRVLPPDZ\
VRNRyÂPP6]HURNRyÂSRGNDGÏZGREUDQRWDNDE\REFL•›HQLDSU]HND]\ZDQH
QDSRZLHU]FKQLÆDVIDOWREHWRQXQLHE\\ZLÆNV]HRGREFL•›HÍMHGQRVWNRZ\FKQDM
FLƛV]\FKVDPRFKRGÏZ3RGNDG\WH•F]RQHV•]HVRE•XNRyQLHSRGN•WHPR]D
SRPRF•PDWHULDÏZHODVW\F]Q\FKU\V3R•F]HQLHSRSU]HF]QHUHDOL]RZDQHMHVW
]DSRPRF••F]QLNÏZVWDORZ\FKNWÏUHXPLHMVFRZLRQHZRWZRUDFKFRPP
0DM•RQHQDFHOX]DSHZQLHQLHRGSRZLHGQLHMV]HURNRyFLRUD]VWDELOQRyFLSRGR›D
U\V
5\V6FKHPDWSRGNDGXZ]GX›QHJR>@
5\V3R•F]HQLHSRSU]HF]QHSRGNDGÏZZ]GX›Q\FK>@
3RPLÆG]\ZDUVWZ•DVIDOWREHWRQXLSRGSRUDPLZ]GX›Q\PL]DVWRVRZDQD]RVWD
DZDUVWZDZ\UÏZQDZF]D0DRQDQDFHOX]QLZHORZDQLHQLHGRNDGQRyFLXR›HQLD
SRGR›DDVIDOWRZHJR
: QDZLHU]FKQL /21*$6) ]DVWRVRZDQH ]RVWDR SU]\WZLHUG]HQLH ,&2
67581 NWÏUH MHVW PRG\ILNDFM• SU]\WZLHUG]HQLD ,&267581 3U]\MÆWR
ZQLPSRGZÏMQHSDU\DSHNRUD]SRGDWQ•ZDUVWZÆSRGV]\QRZ•U\V
02'(/2:$1,(675()<32&=(­32'.$'¯::='8‹1<&+:
393
5\V6FKHPDWSU]\WZLHUG]HQLD,&267581>@
$QDOL]DQXPHU\F]QDHODVW\F]QHJRSR•F]HQLDSRGNDGÏZZ]GX›Q\FK
7UÏMZ\PLDURZ\PRGHOQDZLHU]FKQL/21*$6)VWZRU]RQR]DSRPRF•SURJUD
PX$XWRGHVN6LPXODWLRQ0XOWLSK\VLFV(OHPHQW\PRGHOXWDNLHMDNV]\QDDVIDOW
SRGNDGSRGNDGNDZDUVWZDZ\UÏZQDZF]DRUD]SR•F]HQLHSRGNDGÏZVWDQRZL•
HOHPHQW\W\SXEULFN3RGR›HJUXQWRZHSRGZDUVWZ•DVIDOWX]DPRGHORZDQH]RVWD
RSU]\X›\FLXHOHPHQWXW\SXVSULQJ'RREOLF]HÍSU]\MÆWREDUG]RVDEHSRGR›H
RZVSϏF]\QQLNX& 01P:PRGHOXSRPLQLÆWR]DV\SNÆNWÏUDPDVSH
QLDÂ]DGDQLHRFKURQ\WHUPLF]QHMDVIDOWX0RGHOSU]HGVWDZLRQRQDU\V
5\V0RGHOQDZLHU]FKQL'
3RGNDGNÆ RUD] HODVW\F]QH SR•F]HQLH SRGNDGÏZ VWDQRZL ,FRVLWŠ .& >@QDWRPLDVWZDUVWZDZ\UÏZQDZF]DWR6LND*URXWŠ>@:DyFLZRyFLDVIDO
WXSU]\MÆWH]RVWD\GODRNUHVXZLRVQDMHVLHÍSU]\MÆWRPRGX<RXQJD1
PLZVSϏF]\QQLN3RLVVRQD'ODSR]RVWD\FKHOHPHQWÏZZDyFLZRyFLPDWHULD
ÏZSU]\MÆWR]JRGQLH]LFKURG]DMHP
394
8UEDQHN03DZODN%XUDNRZVND$
$QDOL]ÆSU]HSURZDG]RQRGODGZÏFKURG]DMÏZSR•F]HÍSRGNDGÏZRV]HURNRyFL
LPPRUD]GODEHONLV]W\ZQHMEH]SR•F]HÍHODVW\F]Q\FKSRGNDGÏZ'R
SRUÏZQDQLDSU]\MÆWRWU]\SU]\SDGNLSRR›HQLDVL\SLRQRZHMSU]HGVWDZLRQHQDU\
VXQNDFKRGGR:DUWRyÂVLRUD]LFKUR]VWDZSU]\MÆWRGODORNRPRW\Z\(3
$QDOL]RZDQRQDSUƛHQLDZSR•F]HQLDFKHODVW\F]Q\FKDWDN›HQDSUƛHQLDLSU]H
PLHV]F]HQLDSLRQRZHZJÏUQHMSRZLHU]FKQLZDUVWZ\DVIDOWX
5\V3LHUZV]HSRR›HQLHORNRPRW\Z\
5\V'UXJLHSRR›HQLHORNRPRW\Z\
02'(/2:$1,(675()<32&=(­32'.$'¯::='8‹1<&+:
395
5\V7U]HFLHSRR›HQLHORNRPRW\Z\
:\QLNLDQDOL]\QDSUƛHQLDZSR•F]HQLDFKHODVW\F]Q\FKSU]HGVWDZLRQRQDU\
VXQNDFK SRQL›HM Z NWÏU\FK SRUÏZQDQR QDSUƛHQLD GOD SR•F]HÍ RSLVDQ\FK RG
SRZLHGQLR MDNR OHZH L SUDZH ]QDMGXM•F\FK VLÆ QD GZÏFK NRÍFDFK WHJR VDPHJR
SRGNDGX
1DU\VXQNDFKLSU]HGVWDZLRQRQDSUƛHQLDZ\VWÆSXM•FHZSR•F]HQLDFKHOD
VW\F]Q\FKRGZÏFKUϛQ\FKJUXERyFLDFKGODWU]HFKSU]\SDGNÏZSRR›HQLDVLLGOD
MHGQHJR]HVWDZXNRRZHJR1DMZLÆNV]HQDSUƛHQLDZ\VWÆSXM•GODHOHPHQWXHOD
VW\F]QHJRRJUXERyFLPP:\QRV]•RQH03DQDWRPLDVWGODSR•F]HQLD
PPLFKPDNV\PDOQDZDUWRyÂZ\QRVL03D
5\V1DSUH›HQLDZSR•F]HQLDFKHODVW\F]Q\FKRJUXERyFLPPZ]DOH›QRyFLRGSRR›HQLDORNRPRW\Z\
8UEDQHN03DZODN%XUDNRZVND$
396
5\V1DSUH›HQLDZSR•F]HQLDFKHODVW\F]Q\FKRJUXERyFLPPZ]DOH›QRyFLRGSRR›HQLDORNRPRW\Z\
1DSUƛHQLDPDNV\PDOQHZZDUVWZLHDVIDOWXGODZV]\VWNLFKWU]HFKZDULDQWÏZ
SR•F]HQLDSRGNDGÏZSU]HGVWDZLRQRZWDEHOL1DMPQLHMV]H]QLFKRGQRWRZXMH
P\GODSR•F]HQLDRJUXERyFLPP
7DE0DNV\PDOQHQDSUƛHQLDZJÏUQHMZDUVWZLHDVIDOWX
0DNV\PDOQHQDSUĊĪHQLDZJyUQHMZDUVWZLHDVIDOWX>03D@
3RGNáDGEH]SRáąF]HQLD
3RGNáDG]SRáąF]HQLHPRJUXERĞFLPP
3RGNáDG]SRáąF]HQLHPRJUXERĞFLPP
1DU\VXQNDFKLSU]HGVWDZLRQRQDSUƛHQLDDVIDOWXRGSRZLHGQLRGODOHZH
JRLSUDZHJRSR•F]HQLDHODVW\F]QHJRSRGNDGÏZRUD]GODSU]\SDGNXEHONLV]W\Z
QHM EUDN SR•F]HÍ HODVW\F]Q\FK SRGNDGX L SRGNDGNL GOD WU]HFK SU]\SDGNÏZ
SRR›HQLDVLMHGQHJR]HVWDZXNRRZHJR
5\V1DSUƛHQLDZJÏUQHMZDUVWZLHDVIDOWXSRGSRGNDGHP:=$GODOHZHJRSR•F]HQLDHODVW\F]QH
JRZ]DOH›QRyFLRGSRR›HQLDORNRPRW\Z\
02'(/2:$1,(675()<32&=(­32'.$'¯::='8‹1<&+:
397
5\V1DSUƛHQLDZJÏUQHMZDUVWZLHDVIDOWXSRGSRGNDGHP:=$GODSUDZHJRSR•F]HQLDHODVW\F]
QHJRZ]DOH›QRyFLRGSRR›HQLDORNRPRW\Z\
1DSRGVWDZLHDQDOL]\QDSUƛHÍ]DQDMEDUG]LHMQLHNRU]\VWQHSRR›HQLHVLZ\
VWÆSRZDQLHQDMZLÆNV]\FKZDUWRyFLQDSUƛHÍX]QDMHVLÆWDNLHZNWÏU\PMHGQD]VL
]QDMGXMHVLÆEH]SRyUHGQLRQDGSR•F]HQLHPHODVW\F]Q\PSRGNDGÏZ
5\VXQNL L SU]HGVWDZLDM• SU]HPLHV]F]HQLD SLRQRZH DVIDOWX GOD OHZHJR
LSUDZHJRSR•F]HQLDHODVW\F]QHJRSRGNDGÏZRUD]GODSU]\SDGNXEHONLV]W\ZQHM
1DMPQLHMV]H XJLÆFLD SLRQRZH DVIDOWX ]DXZD›DOQH V• GOD ZDULDQWX ] SR•F]HQLHP
HODVW\F]Q\PSRGNDGÏZRJUXERyFLPP2VL•JDM•RQHPDNV\PDOQ•ZDUWRyÂ
[PP0DNV\PDOQHXJLÆFLDDVIDOWXGODSU]HNDGNLRJUXERyFLPPZ\QRV]•
[PP=HZ]JOÆGXQDEUDNSRGNDGNLZEHOFHV]W\ZQHMREOLF]RQHPDNV\
PDOQHZDUWRyFLSU]HPLHV]F]HÍSLRQRZ\FKZ\QRV]•PP
5\V3U]HPLHV]F]HQLDSLRQRZHJÏUQHMZDUVWZ\DVIDOWXSRGSRGNDGHP:=$GODOHZHJRSR•F]HQLD
HODVW\F]QHJRZ]DOH›QRyFLRGSRR›HQLDORNRPRW\Z\
8UEDQHN03DZODN%XUDNRZVND$
398
5\V3U]HPLHV]F]HQLDSLRQRZHJÏUQHMZDUVWZ\DVIDOWXSRGSRGNDGHP:=$GODSUDZHJRSR•F]H
QLDHODVW\F]QHJRZ]DOH›QRyFLRGSRR›HQLDORNRPRW\Z\
3RGVXPRZDQLH
:QLQLHMV]\PDUW\NXOHSU]HGVWDZLRQRVFKHPDWGRERUXSR•F]HÍHODVW\F]Q\FKSRG
NDGÏZZ]GX›Q\FKZQDZLHU]FKQL/21*$6)QDSRGVWDZLHPRGHORZDQLDQXPHU\F]QH
JR0RGHORZDQLHQXPHU\F]QHSU]HSURZDG]RQRGODWU]HFKZDULDQWÏZQDZLHU]FKQLF]\OL
EHONLV]W\ZQHMRUD]SRGNDGÏZ:=$SR•F]RQ\FKHOHPHQWDPLHODVW\F]Q\PLRJUXERyFL
LPP:Z\QLNXDQDOL]\RWU]\PDQRZDUWRyFLSU]HPLHV]F]HÍSLRQRZ\FKLQDSUƛHÍ
ZZDUVWZLHDVIDOWXRUD]QDSUƛHÍZHODVW\F]Q\PSR•F]HQLXSRGNDGÏZZ]GX›Q\FK
3U]HSURZDG]RQDDQDOL]DSRND]DD›HQDMNRU]\VWQLHMV]\PVSRVREHPSR•F]HQLDSRGND
GÏZ Z]GX›Q\FK MHVW HOHPHQW HODVW\F]Q\ R JUXERyFL PP 'OD WDNLHJR SR•F]HQLD
RWU]\PDQRQDMPQLHMV]HZDUWRyFLSU]HPLHV]F]HÍSLRQRZ\FKLQDSUƛHÍZJÏUQHMZDUVWZLH
DVIDOWX]QDMGXM•FHJRVLÆSRGDQDOL]RZDQ\PSR•F]HQLHP'RGDWNRZRDQDOL]DQDSUƛHÍ
SR•F]HQLDHODVW\F]QHJRZ\ND]DDL›GODJUXERyFLPPRVL•JDM•RQHZDUWRyÂQLHSU]H
NUDF]DM•F•ZDUWRyFLJUDQLF]Q\FK7DNDJUXERyÂSU]HNDGNLMHVWPLQLPDOQ•PR›OLZ•GR
]UHDOL]RZDQLDZSURFHVLHWHFKQRORJLF]Q\PXNDGDQLDQDZLHU]FKQL
/LWHUDWXUD
>@&]\F]XD : L ZVS 6SUDZR]GDQLH PHU\WRU\F]QH ] UHDOL]DFML SURMHN
WX UR]ZRMRZHJR d1DZLHU]FKQLD NROHMRZD R SRGZ\›V]RQ\P VWDQGDUG]LH
L]PQLHMV]RQ\PRGG]LD\ZDQLXQDyURGRZLVNRqQUSURMHNWX15
.UDNÏZ
>@.DUWD,QIRUPDF\MQD:\GDQLH1XPHULGHQW\ILNDF\MQ\
,FRVLWŠ.&
>@.DUWD ,QIRUPDF\MQD :\GDQLH 1XPHU LGHQW\ILNDF\MQ\
6LND*URXWŠ
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
320,$5<6$7(/,7$51(
::<=1$&=$1,8:63¯5=¦'1<&+381.7¯:
.2/(-2:(-2612:<*(2'(=<-1($QGU]HM8]QDÍVNL
GULQ›$*+$NDGHPLD*ÏUQLF]R+XWQLF]D:\G]LD*HRGH]ML*ÏUQLF]HML,Q›\QLHULLkURGRZLVNDHPDLODX]QDQ#
DJKHGXSO
6WUHV]F]HQLH 3RG NRQLHF U VSϏND 3.3 3ROVNLH /LQLH .ROHMRZH 6$ RSUDFRZDD
VWDQGDUGWHFKQLF]Q\,JGRW\F]•F\]DVDGLGRNDGQRyFLSRPLDUÏZJHRGH]\MQ\FKGOD]DNDGDQLD
ZLHORIXQNF\MQ\FK]QDNÏZUHJXODFMLRVLWRUX:VWDQGDUG]LHIRUPDOQLHXVDQNFMRQRZDQRDNWXDOQ\
NV]WDWJHRGH]\MQHMRVQRZ\NROHMRZHMRUD]VSRVÏEUHDOL]DFMLSRPLDUÏZ3RGVWDZ•WHFKQRORJLLSRPLD
UXRVQÏZJHRGH]\MQ\FKQDWHUHQDFKNROHMRZ\FKV•SRPLDU\VDWHOLWDUQH:SUDF\SRGGDQRDQDOL]LH
]DSLV\VWDQGDUGXWHFKQLF]QHJR,JGRW\F]•FHSRPLDUÏZVDWHOLWDUQ\FKQDED]LHZDVQHJRPDWHULDX
REVHUZDF\MQHJR]UHDOL]DFMLSRPLDUÏZNWÏU\FKGRW\F]\VWDQGDUGWHFKQLF]Q\5R]ZD›DQLDGRW\F]•
ZJÏZQHMPLHU]HF]DVXWUZDQLDVDWHOLWDUQ\FKVHVMLVWDW\F]Q\FKZDVSHNFLHSUHF\]MLLGRNDGQRyFL
Z\QLNÏZSRPLDUÏZ]XZ]JOÆGQLHQLHPLQQ\FK]DSLVÏZVWDQGDUGXWHFKQLF]QHJR,JGRW\F]•F\FK
PLQZ\UÏZQ\ZDQLDQLH]DOH›Q\FKZHNWRUÏZVDWHOLWDUQ\FK
6RZD NOXF]RZH NROHMRZD RVQRZD JHRGH]\MQD ]QDNL UHJXODFML RVL WRUX ,J VWDW\F]QH
VHVMHVDWHOLWDUQHQLH]DOH›QRyÂZHNWRUÏZVDWHOLWDUQ\FK
:SURZDG]HQLH
6WDQGDUGWHFKQLF]Q\,JMHVWQDMQRZV]\PDZLÆFLQDMDNWXDOQLHMV]\PRSUDFR
ZDQLHPVSϏNL3.33ROVNLH/LQLH.ROHMRZH6$]NRÍFDU2NUHyODRQRUJD
QL]DFMÆGRNDGQRyÂL]DVDG\]DNDGDQLDNROHMRZHMRVQRZ\JHRGH]\MQHMRUD]]DVDG\
SRPLDUÏZV\WXDF\MQRZ\VRNRyFLRZ\FKQDREV]DUDFKNROHMRZ\FK>@:VWDQGDU
G]LHWHFKQLF]Q\PZSURZDG]RQRWH›SRMÆFLDNODV\ILNXM•FHSXQNW\NROHMRZHMRVQR
Z\JHRGH]\MQHMZUD]]HZVND]DQLHPWHFKQLNSRPLDURZ\FKVX›•F\FKGRZ\]QD
F]DQLDLFKZVSϏU]ÆGQ\FK
6WDW\F]QHSRPLDU\VDWHOLWDUQHV•DNWXDOQLHSRGVWDZ•WHFKQRORJLLSRPLDURZ\FK
V]F]HJÏOQLHGODRELHNWÏZOLQLRZ\FK6WRVRZDQHV•GRZ\]QDF]DQLDZVSϏU]ÆGQ\FK
SXQNWÏZ RVQÏZ JHRGH]\MQ\FK ] QDMZ\›V]• SUHF\]M• L GRNDGQRyFL• $NWXDOQ\
NV]WDW NROHMRZHM RVQRZ\ JHRGH]\MQHM ]RVWD ]GHWHUPLQRZDQ\ Z JÏZQHM PLHU]H
ZDyQLHSU]H]Z\NRU]\VWDQLHVWDW\F]Q\FKSRPLDUÏZVDWHOLWDUQ\FKGRZ\]QDF]DQLD
ZVSϏU]ÆGQ\FKMHMSXQNWÏZ6WDQGDUG,JG]LHOLSR]LRP•RVQRZÆJHRGH]\MQ•QD
SRGVWDZRZ•LV]F]HJϏRZ•3RPLDU\VDWHOLWDUQHV•Z\PDJDQHZ\•F]QLHSU]\Z\
]QDF]DQLXZVSϏU]ÆGQ\FKSXQNWÏZVWDQRZL•F\FKNROHMRZ•SRGVWDZRZ•SR]LRP•
8]QDÍVNL$
400
RVQRZÆJHRGH]\MQ•3XQNW\RVQRZ\V]F]HJϏRZHMPDM•PLHÂZVSϏU]ÆGQHZ\]QD
F]DQH]SRPLDUÏZQD]LHPQ\FK
=DNUHVRSUDFRZDQLDGRW\F]\SRPLDUÏZVDWHOLWDUQ\FKDZLÆF]ZL•]DQ\EÆG]LH
]Z\]QDF]DQLHPZVSϏU]ÆGQ\FKSXQNWÏZSR]LRPHMRVQRZ\SRGVWDZRZHM
6WDQGDUGWHFKQLF]Q\,JZ\PDJDDE\Z\]QDF]HQLHZVSϏU]ÆGQ\FKSXQNWÏZ
NROHMRZHMSRGVWDZRZHMSR]LRPHMRVQRZ\JHRGH]\MQHMQDVW•SLRZZ\QLNXRSUDFR
ZDQLDVWDW\F]Q\FKREVHUZDFMLVDWHOLWDUQ\FK'ZLHQLH]DOH›QHQLHNUÏWV]HQL›
PLQXWVDWHOLWDUQHVWDW\F]QHVHVMHSRPLDURZHSRZLQQ\E\Â]UHDOL]RZDQHZJVWDQ
GDUGXWHFKQLF]QHJRRGELRUQLNDPLFRQDMPQLHMGZXF]ÆVWRWOLZRyFLRZ\PLZQDZL•
]DQLXGRPLQLPXPVWDFMLUHIHUHQF\MQ\FKV\VWHPX$6*(8326]PR›OLZRyFL•
Z\]QDF]HQLDZHNWRUDPLÆG]\SXQNWDPLSR]LRPHMRVQRZ\SRGVWDZRZHMWZRU]•F\
PLSDUÆ:\PDJDQ•GRNDGQRyÂZ\]QDF]HQLDZVSϏU]ÆGQ\FKSXQNWÏZNROHMRZHM
SRGVWDZRZHMSR]LRPHMRVQRZ\JHRGH]\MQHMRNUHyORQRZDUWRyFL•EÆGXyUHGQLHJR
PQLHMV]•QL›PZ]JOÆGHPSRGVWDZRZHMED]RZHMRVQRZ\SR]LRPHM>@:\
QLNSRZLQLHQE\ÂX]\VNDQ\]Z\UÏZQDQLDQLH]DOH›Q\FKOLQLRZRZHNWRUÏZ*36
:SUDF\SRGGDQRDQDOL]LHZ\QLNLZDVQ\FKSRPLDUÏZVDWHOLWDUQ\FKVX›•F\FK
Z\]QDF]DQLXZVSϏU]ÆGQ\FK]QDNÏZUHJXODFMLRVLWRUX5HDOL]RZDQHE\\RQH]D
ZV]HZMHGQHMVHVMLVWDW\F]QHMWUZDM•FHMPLQLPXPJRG]LQ\.LHURZDQRVLÆ]DVDG•
QDMZ\›V]HM ZHZQÆWU]QHM GRNDGQRyFL ZVSϏU]ÆGQ\FK SXQNWÏZ VLHFL : ]ZL•]NX
] W\P SRGHMyFLH SRPLDURZRREOLF]HQLRZH QLH E\R ]JRGQH ] GXFKHP VWDQGDUGX
WHFKQLF]QHJR ,J NWÏU\ WUDNWXMH RVQRZÆ SRGVWDZRZ• ]XSHQLH GRVRZQLH QLH
XZ]JOÆGQLDM•F Z SLHUZV]\P U]ÆG]LH EUDQ›RZHJR FHOX NWÏUHPX PD RQD VX›\Â
1LHPQLHMF]DVWUZDQLDVHVMLVWDW\F]Q\FKZUHDOL]RZDQ\FKSRPLDUDFKZVND]XMHQD
G•›HQLHGRX]\VNDQLDWDN›HLZ\VRNLHMMDNRyFLZ\QLNÏZSRPLDUÏZZRGQLHVLHQLX
GRED]RZHMRVQRZ\SR]LRPHM
.ROHMRZDRVQRZDJHRGH]\MQD
:VWDQGDUG]LHWHFKQLF]Q\PZSURZDG]RQRSRMÆFLDNODV\ILNXM•FHSXQNW\NROH
MRZHMRVQRZ\JHRGH]\MQHMU\VMDNRSXQNW\
D NROHMRZHMSRGVWDZRZHMSR]LRPHMRVQRZ\JHRGH]\MQHM
6WDELOL]RZDQHWUZDOHSDUDPLFRRNNPNPSU]\RGOHJRyFLZSD
U]HU]ÆGXPtP]]DFKRZDQLHPZL]XU\ZVSϏU]ÆGQHSXQNWÏZ
Z\]QDF]DQH]VDWHOLWDUQ\FKVHVMLVWDW\F]Q\FK
E NROHMRZHMV]F]HJϏRZHMSR]LRPHMRVQRZ\JHRGH]\MQHM
=DOHFDQDWUZDDVWDELOL]DFMDORNDOL]DFMDPLÆG]\SXQNWDPLRVQRZ\SRGVWD
ZRZHM Z RGOHJRyFLDFK P t P ] ]DFKRZDQLHP ZL]XU SRPLDU
WDFK\PHWU\F]Q\ FL•JÏZ SROLJRQRZ\FK QDZL•]DQ\FK REXVWURQQLH N•WRZR
LOLQLRZR
F NROHMRZHMRVQRZ\VSHFMDOQHM
7ZRU]RQHMSU]H]]QDNLUHJXODFMLRVLWRUXRNUHyORQHSU]H]Z\W\F]QH,J>@
)RUPDOQLHSXQNW\.26]DOLF]RQHV•SU]H],JGRRVQRZ\V]F]HJϏRZHM
320,$5<6$7(/,7$51(::<=1$&=$1,8:63¯5=¦'1<&+381.7¯:
401
G NROHMRZHMZ\VRNRyFLRZHMRVQRZ\JHRGH]\MQHM
,J QLH GHILQLXMH ZSURVW NWÏUH SXQNW\ VWDQRZL• RVQRZÆ Z\VRNRyFLRZ•
]DOHFDM•FDE\SXQNWDPLNRÍFRZ\PLRGFLQNÏZQLZHODF\MQ\FKE\\]QDNLUH
JXODFMLRVLWRUXSRPLDUSXQNWÏZQLZHODFM•JHRPHWU\F]Q•
3URZDG]HQLH REVXJL JHRGH]\MQHM ZV]HONLFK SUDF QD WHUHQLH NROHMRZ\P
]DNDGD Z\NRU]\VW\ZDQLH WHFKQRORJLL VZRERGQHJR VWDQRZLVND L NRQVWUXNFML
JHRPHWU\F]QHM ZFLÆFLD ZVWHF] :\PÏJ VWDELOL]DFML SXQNWÏZ NROHMRZHM SRG
VWDZRZHM SR]LRPHM RVQRZ\ JHRGH]\MQHM RUD] WDNLH ]DOHFHQLH Z VWRVXQNX GR
SXQNWÏZRVQRZ\V]F]HJϏRZHM]DNDGD]DSHZQHZ\NRU]\VW\ZDQLHW\FKSXQN
WÏZGRQDZL•]DQLDVZRERGQ\FKVWDQRZLVNLQVWUXPHQWX-HVWWRPR›OLZH1LH
PQLHMSRGVWDZ•GRWHJRFHOXV•]QDNLUHJXODFMLRVLWRUXPRQWRZDQHQDVXSDFK
WUDNFMLHOHNWU\F]QHM,FKDWXWHPMHVW]GHF\GRZDQLHZLÆNV]HSUDZGRSRGRELHÍ
VWZRQLHXV]NRG]HQLDZWUDNFLHSUDFPRGHUQL]DF\MQ\FKRUD]]DFKRZDQLHVWDR
yFLSRR›HQLD
:DVSHNFLHVWDQGDUGXWHFKQLF]QHJR,JQDOH›\]ZUÏFLÂXZDJƛHRSLVXMHRQ
WHFKQRORJLÆ SRPLDURZRREOLF]HQLRZ• VX›•F• ]DNDGDQLX ZLHORIXQNF\MQ\FK ]QD
NÏZUHJXODFMLRVLWRUX3XQNW\RVQRZ\JHRGH]\MQHMSRZLQQ\SHQLÂZW\PSU]\
SDGNXUROÆSRPRFQLF]•
5\V.ROHMRZDRVQRZDJHRGH]\MQDZJ,J
:DUXQNLUHDOL]DFMLLRSUDFRZDQLDSRPLDUÏZVDWHOLWDUQ\FKZJ,J
3RPLDU\ VDWHOLWDUQH UHDOL]RZDQH SURFHGXU• VWDW\F]Q• XPR›OLZLDM• RVL•JQLHFLH
QDMZ\›V]\FKPR›OLZ\FKGRNDGQRyFL3RGVWDZRZ\PSDUDPHWUHPVDWHOLWDUQHMVHVML
VWDW\F]QHM MHVW F]DV MHM WUZDQLD NWÏU\ QDOH›\ RNUHyOL ELRU•F SRG XZDJÆ SU]HGH
ZV]\VWNLPGXJRyFLZHNWRUÏZVDWHOLWDUQ\FKZ\]QDF]DQ\FK]SRPLDUÏZZNRQWHN
yFLHZ\PDJDQHMSUHF\]MLLGRNDGQRyFLZVSϏU]ÆGQ\FKSXQNWÏZ2GVWURQ\SUDN
W\F]QHM QDOH›\ UÏZQLH› UR]ZD›\ WRSRJUDILÆ WHUQX ZRNϏ PLHU]RQ\FK SXQNWÏZ
ZVHQVLHSU]HVRQLÆÂKRU\]RQWXL]DNÏFHÍV\JQDÏZVDWHOLWDUQ\FK:W\P]DNUHVLH
QDOH›\XZ]JOÆGQLÂOLF]EÆVDWHOLWÏZ]NWÏU\FKV\JQDEÆG]LHUHMHVWURZDQ\ZF]DVLH
VHVMLRUD]JHRPHWULÆVDWHOLWÏZZWUDNFLHWUZDQLDVHVMLRNUHyORQ•ZVSϏF]\QQLNDPL
402
8]QDÍVNL$
'23'LOOXWLRQRI3UHFLVLRQ1DOH›\WH›XZ]JOÆGQLÂOLF]EÆF]ÆVWRWOLZRyFLNWÏU•
RGELRUQLNVDWHOLWDUQ\PR›H]DUHMHVWURZDÂ
6WDQGDUGWHFKQLF]Q\,JRNUHyODF]DVWUZDQLDVHVMLVWDW\F]QHMQDPLQLPXPPL
QXWSU]\F]\PND›G\SXQNWPXVLE\ÂPLHU]RQ\ZFRQDMPQLHMGZÏFKQLH]DOH›Q\FK
VHVMDFKVDWHOLWDUQ\FK:SU]\SDGNXVWDQGDUGXWHFKQLF]QHJR,JNRQLHF]QHMHVWUR]
ZD›DQLHWHJR]DSLVXZNRQWHNyFLHLQQ\FK]ZL•]DQ\FK]QLPyFLyOHZSUDNW\FH
3RPLDU\VDWHOLWDUQHZGZÏFKPLQLPXPF]WHUG]LHVWRPLQXWRZ\FKVHVMDFK
ZSUDNW\FHVHVMHPXV]•PLHÂF]DVWUZDQLDGRVWRVRZDQ\GRZ\PDJDQHMGR
NDGQRyFLLZDUXQNÏZWHUHQRZ\FK
:\PÏJ VXV]Q\ MHGQDN›H MHJR VSHQLHQLH PR›H E\ RELHNW\ZQLH WUXGQH
DRGSRZLHG]LDOQRyÂ]DZV]HEÆG]LHVSRF]\ZDDQDZ\NRQDZF\1DMWUXGQLHM
V]\PGRXZ]JOÆGQLHQLDLEDUG]RLVWRWQ\PF]\QQLNLHPZS\ZDM•F\PQDMD
NRy Z\QLNÏZ SRPLDUÏZ VDWHOLWDUQ\FK V• ZVSRPQLDQH MX› ]DNÏFHQLD V\
JQDÏZVDWHOLWDUQ\FKSRZRGRZDQHSU]H]ZDUVWZ\DWPRVIHU\LSU]HVRQLÆFLD
KRU\]RQWX
PDM•XPR›OLZLÂREOLF]HQLHEÆGXyUHGQLHJRSXQNWÏZZRGQLHVLHQLXGRED]R
ZHMRVQRZ\SR]LRPHM
%D]RZ•RVQRZÆSR]LRP•VWDQRZL•ZSUDNW\FHVWDFMHUHIHUHQF\MQHV\VWHPX
$6*(8326 NWÏUH V• ]ORNDOL]RZDQH Z RGOHJRyFLDFK Z]DMHPQ\FK U]ÆGX
NP
SRZLQQ\E\ÂQDZL•]DQHGRPLQLPXPVWDFMLUHIHUHQF\MQ\FKV\VWHPX$6*
(8326
3RZ\›V]HGZDZ\PRJLEÆG•VNXWNRZD\GXJRyFLDPLZHNWRUÏZU]ÆGXNLO
NXG]LHVLÆFLXNLORPHWUÏZNWÏUHPRJ•VLÆJQ•ÂQDZHWNPDVSRUDG\F]QLH
ZLÆFHM
PXV]•]DSHZQLÂREOLF]HQLHZDUWRyFLyUHGQLHJREÆGXSRR›HQLDSR]LRPHJR
SXQNWXPQLHMV]HMQL›PZ]JOÆGHPED]RZHMRVQRZ\SR]LRPHM
8VWDOHQLH UHDOQHM MDNRyFL Z\QLNÏZ SRPLDUÏZ VDWHOLWDUQ\FK ]ZDV]F]D GOD
ZHNWRUÏZRGXJRyFLDFKG]LHVL•WNÏZNLORPHWUÏZMHVW]DGDQLHPWUXGQ\P
OLF]EDVDWHOLWÏZZWUDNFLHWUZDQLDFDHMVHVMLQLHPR›HE\ÂPQLHMV]DQL›
=DSLVZ\PDJD]DSODQRZDQLDSRPLDUXVDWHOLWDUQHJRLELH›•FHMNRQWUROLMHJR
SU]HELHJX]ZDV]F]DGODWUXGQLHMV]\FKZDUXQNÏZWRSRJUDILF]Q\FKUHDOL]DFML
SRPLDUÏZ0R›QDVSRVWU]HF›HZ\NRQDZF\]D]Z\F]DMQLHSODQXM•SRPLD
UÏZVDWHOLWDUQ\FK
QLHPRJ•E\ÂSU]HSURZDG]DQHRGELRUQLNDPLMHGQRF]ÆVWRWOLZRyFLRZ\PL
PXV]•E\ÂUHDOL]RZDQH]Z\NRU]\VWDQLHPPLQLPXPRGELRUQLNÏZVDWHOL
WDUQ\FK
SRZLQQ\E\ÂSURZDG]RQHWDNDE\SXQNW\RVQRZ\SRGVWDZRZHMWZRU]•FH
SDUÆE\\PLHU]RQHMHGQRF]HyQLHZPLQLPXPMHGQHMVHVML
3RZ\›V]HGZDZ\PRJLSRZLQQ\Z\PXVLÂUH]\JQDFMÆ]QDMV]\EV]HJRLQDM
VDEV]HJRSRGZ]JOÆGHPNRQVWUXNFMLJHRPHWU\F]QHMUR]ZL•]DQLDSRPLDUR
ZHJR1LHPQLHM ]DNUHV RNXPHQWDFML WHFKQLF]QHM Z\PDJDQ\ SU]H] ,J
Z›DGHQVSRVÏEWHJRQLH]DEH]SLHF]D
320,$5<6$7(/,7$51(::<=1$&=$1,8:63¯5=¦'1<&+381.7¯:
403
SRZLQQ\PLHÂXVWDZLRQ\SDUDPHWUPLQLPDOQHMZ\VRNRyFLWRSRFHQWU\F]QHM
VDWHOLWÏZQDZDUWRyÂRFRMHVWZDUWRyFL•VWDQGDUGRZRSU]\MÆW•
3RQDGWR Z\UÏZQDQLH yFLVH REVHUZDFML VDWHOLWDUQ\FK PD E\ SU]HSURZDG]RQH
MDNR Z\UÏZQDQLH ZHNWRUÏZ QLH]DOH›Q\FK Z XNDG]LH SU]HVWU]HQQ\P OXE QD SR
ZLHU]FKQLHOLSVRLG\RGQLHVLHQLD
&]DVWUZDQLDVHVMLVWDW\F]QHM
3DUDPHWUHPSRPLDUXVDWHOLWDUQHJRRNOXF]RZ\P]QDF]HQLXSUDNW\F]Q\PGOD
Z\NRQDZF\MHVWZ\PDJDQ\F]DVWUZDQLDVHVMLVDWHOLWDUQHMJG\›U]XWXMHRQEH]SR
yUHGQLRQDNRV]WUHDOL]DFMLSRPLDUX0R›HRQWH›LVWRWQLHZS\Q•ÂQDPR›OLZ•GR
RVL•JQLÆFLD GRNDGQRy ZVSϏU]ÆGQ\FK SXQNWÏZ PLHU]RQ\FK RUD] QLH]DZRGQRyÂ
Z\QLNÏZ SRPLDUÏZ 1D ED]LH PDWHULDX REVHUZDF\MQHJR Z\NRQDQR DQDOL]Æ SR
UÏZQDZF]•=HVWDZLRQRZ\QLNLREOLF]HÍZ\NRQDQHZGZÏFKZDULDQWDFK
$MHGQDVHVMDVDWHOLWDUQDWUZDM•FDPLQJRG]LQ\
% GZLHF]WHUG]LHVWRPLQXWRZHVHVMH]JRGQLH]PLQLPXP,JZ\RGUÆEQLRQH
]VHVMLF]WHURJRG]LQQHMRZ]DMHPQ\PRGVWÆSLHF]DVRZ\PZ\QRV]•F\PRNR
RKP
3U]\MÆFLH GR DQDOL] PLQLPDOQHJR ZJ ,J F]DVX WUZDQLD VDWHOLWDUQ\FK VHVML
VWDW\F]Q\FKZ\QLNDR]
SUÏE\RFHQ\Z\QLNÏZZSU]\SDGNXSU]\MÆFLDSU]H]Z\NRQDZFÆZDULDQWX
HNRQRPLF]QHJRQDED]LHGRyZLDGF]HÍ]SRPLDUXNRQWUROQHJRRVQRZ\RG
FLQNDPRGHUQL]RZDQHMOLQLLNROHMRZHMSU]HGVWDZLRQHJRZ>@
SRUÏZQDQLD WHRUHW\F]Q\FK PLQLPDOQ\FK GXJRyFL REOLF]DQ\FK ZHNWRUÏZ
VDWHOLWDUQ\FK ] GXJRyFLDPL ZHNWRUÏZ ] RSUDFRZDÍ ZDVQ\FK SRGGDQ\FK
DQDOL]LH
2GOHJRyFL PLÆG]\ VWDFMDPL UHIHUHQF\MQ\PL V\VWHPX $6*(8326 Z\QRV]•
RNNPZLÆFGXJRyFLZHNWRUÏZGRSXQNWÏZZ\]QDF]DQ\FKZRSW\PDOQ\P
SU]\SDGNXGODZ\PDJDQHJRSU]H],JQDZL•]DQLDGRPLQVWDFMLUHIHUHQF\M
Q\FKEÆG•QDSR]LRPLHNPtNP:QLHNWÏU\FKDQDOL]RZDQ\FKSRPLD
UDFKGXJRyFLZHNWRUÏZGRED]RZHMRVQRZ\SR]LRPHME\\U]ÆGX
NP:LQQ\FKSRPLDUDFKPR›OLZDE\DDQDOL]DZ\QLNÏZZPQLHMNRU]\VWQ\FK
SU]\SDGNDFK
0DWHULDREVHUZDF\MQ\XPR›OLZLDQDOL]ÆSRUÏZQDZF]•JÏZQLHZ\QLNXMHGQHM
VHVMLPLQK]Z\QLNLHPGZÏFKVHVMLPZDULDQWDZWDEHOL'ODSRMHG\QF]\FK
SRPLDUÏZPR›OLZDE\DDQDOL]DSRZWDU]DOQRyFLZ\QLNÏZSRPLDUÏZWDEHOD
ZDULDQW E GZD SRPLDU\ RVQRZ\ ]UHDOL]RZDQH Z RGVWÆSLH GQL ND›G\
]QLFKZUDPDFKGZÏFKVHVMLp
ZDULDQW E GZD SRPLDU\ RVQRZ\ ]UHDOL]RZDQH Z RGVWÆSLH GQL ND›G\
]QLFKZUDPDFKGZÏFKVHVMLK
ZDULDQWFGZDSRPLDU\RVQRZ\]UHDOL]RZDQHZNROHMQ\FKGQLDFKND›G\
]QLFKZUDPDFKGZÏFKVHVMLp
8]QDÍVNL$
404
ZDULDQWFGZDSRPLDU\RVQRZ\]UHDOL]RZDQHZNROHMQ\FKGQLDFKND›G\
]QLFKZUDPDFKGZÏFKVHVMLK
3RUÏZQDQRWDN›HZ\QLNLGZÏFKSRPLDUÏZZVHVMDFKF]WHURJRG]LQQ\FK]UHDOL
]RZDQHZRGVWÆSLHPLHVLÆF\:QLRVNL]QLFKQLHPDM•]E\WGX›HMZDJLJG\›
Z REX SRPLDUDFK Z\VW•SL W\ONR MHGHQSXQNW ZVSÏOQ\1LHPQLHMUϛQLFDSRR
›HQLDSR]LRPHJRSXQNWX]W\FKGZÏFKSRPLDUÏZLQLH]DOH›Q\FKRSUDFRZDÍQLH
SU]HNURF]\DZDUWRyFLP:SU]\SDGNXRSUDFRZDQLDGRW\F]•FHJRZS\ZX
F]DVXWUZDQLDVHVMLVWDW\F]QHMQDMDNRyÂZ\QLNÏZSRPLDUÏZVDWHOLWDUQ\FKDQDOL
]RZDQRZ\QLNLX]\VNDQH]REOLF]HÍSU]HSURZDG]RQ\FKGODZV]\VWNLFKZHNWRUÏZ
VDWHOLWDUQ\FK : WDNLP ZDULDQFLH QLHUHDOQRy ZDUWRyFL RGFK\OHÍ VWDQGDUGRZ\FK
XZLGDF]QLDVLÆQDMEDUG]LHM:NROHMQ\PSXQNFLHSU]HGPLRWHPDQDOL]\EÆG]LHSR
UÏZQDQLHZ\QLNÏZREOLF]HÍZ\NRQDQ\FKGODZV]\VWNLFKSRPLHU]RQ\FKZHNWRUÏZ
]Z\QLNDPLREOLF]HÍZ\NRQDQ\FKGODZHNWRUÏZQLH]DOH›Q\FK
7DEHOD2EOLF]RQHZUϛQ\FKZDULDQWDFK'3UϛQLFHSRR›HQLDSR]LRPHJRSXQNWÏZıRGFK\OHQLD
VWDQGDUGRZHPPHGLDQ\RGSRZLHGQLFKZLHONRyFLZDUWRyFLZ>P@
wariant
a)
b1)
b2)
c1)
c2)
DP ĞUHGQLH/ m
0.007/ 0.004
0.006/ 0.006
0.001/ 0.001
0.005/ 0.006
0.004/ 0.005
DP max.
0.023 (0.016)
0.006
0.002
0.007
0.006
ıĞUHGQLHK/ m
0.001/ 0.001
nie dotyczy
0.001/ 0.001
nie dotyczy
0.001/ 0.001
ıĞUHGQLH[¶/ m
0.001/ 0.001
0.002/ 0.002
nie dotyczy
0.003/ 0.003
nie dotyczy
ımax. 4h
0.003
nie dotyczy
0.001
nie dotyczy
0.002
ımax. 2x40’
0.005
0.003
nie dotyczy
0.005
nie dotyczy
:ND›G\P]DQDOL]RZDQ\FKZDULDQWÏZZ\VW•SL\UϛQLFHZREOLF]RQ\FKSR]LR
P\FKSRR›HQLDFKSXQNWÏZ:DUWRyÂyUHGQLHMDU\WPHW\F]QHM]EOL›RQDGRZDUWRyFL
PHGLDQ\ZVND]XMHQDZLDU\JRGQLHMV]\RSLVEDGDQHMSRSXODFMLSU]H]WHQSDUDPHWU
:DUWRyFLSU]HGVWDZLRQHZWDEHOLGDM•W\ONRRJÏOQ\FKRÂ]ZLÆ]\SRJO•GQDUR]
ELH›QRyFL Z\QLNÏZ ,VWRWQ\P MHVW MHGQDN IDNW ›H PR›QD ZVND]D FDH SRPLDU\
RZLÆNV]\FKUϛQLFDFKZ\QLNÏZDQLHSRMHG\QF]HSXQNW\ZSRPLDUDFKFKRÂLWD
NLHSU]\SDGNLZ\VWÆSXM•
'ODZDULDQWXDWDESRGDQDZQDZLDVLHZDUWRyÂPDNV\PDOQHMUϛQLF\SR
]LRPHJR SRR›HQLD SXQNWX GRW\F]\ DQDOL]\ ] SRPLQLÆFLHP MHGQHJR QDMEDUG]LHM
LZ\UD|QLHRGVWDM•FHJRSRPLDUXRSUDFRZDQHJRGODGZÏFKF]WHUG]LHVWRPLQXWRZ\FK
VHVMLVWDW\F]Q\FK
:ND›G\P]ZDULDQWÏZPR›QD]DXZD›\ÂZ\UD|QLHPQLHMV]HZDUWRyFLRGFK\OHÍ
VWDQGDUGRZ\FKZVWRVXQNXGRZ\]QDF]RQ\FKUϛQLFSRR›HÍSR]LRP\FKSXQNWÏZ
-HVWWRV\WXDFMDDQDORJLF]QDGRSU]\NDGXSRPLDUXNRQWUROQHJRRSLVDQHJRZ>@
:\NRQDZFDPR›HRFHQLÂMDNRyÂZ\QLNÏZVZRMHJRSRPLDUXSRSU]H]ZDUWRyFLRG
FK\OHÍVWDQGDUGRZ\FKDLFKZDUWRyFLV•QDMF]ÆyFLHMPDRZLDU\JRGQH:SU]\SDG
NXZ\UÏZQ\ZDQLDZV]\VWNLFKSRPLHU]RQ\FKZHNWRUÏZVDWHOLWDUQ\FKREOLF]RQ\FK
]SRPLDUÏZ]UHDOL]RZDQ\FKNLONRPDRGELRUQLNDPLVDWHOLWDUQ\PLLZLÆFHMV]W
RGFK\OHQLDVWDQGDUGRZHZVSϏU]ÆGQ\FKSR]LRP\FKU]DGNRSU]HNUDF]DM•P
3RPLDU\GODZDULDQWÏZEUHDOL]RZDQHE\\ZUDF]HMGREU\FKZDUXQNDFKWRSR
JUDILF]Q\FK1DWRPLDVWSRPLDU\GODZDULDQWÏZFSU]HSURZDG]RQHE\\ZEOLVNLP
V•VLHG]WZLHODVX:ZDULDQWDFKEZLGRF]QDMHVWUϛQLFDZZDUWRyFLDFKSRR›HÍ
320,$5<6$7(/,7$51(::<=1$&=$1,8:63¯5=¦'1<&+381.7¯:
405
SR]LRP\FKSXQNWÏZZ]DOH›QRyFLRGF]DVXWUZDQLDVHVMLVWDW\F]QHM'X›HMWUZD
M•FH SRPLDU\ GD\ EDUG]R Z\VRN• SRZWDU]DOQRy SRR›HÍ SR]LRP\FK SXQNWÏZ
: SU]\SDGNX WUXGQLHMV]HM WRSRJUDILL WHUHQX Z DVSHNFLH SRPLDUÏZ VDWHOLWDUQ\FK
ZDULDQW\FGX›V]\F]DVWUZDQLDVHVMLVWDW\F]Q\FKQLHZS\Q•QDOHSV]•SRZWD
U]DOQRyÂZ\]QDF]DQ\FKSR]\FML
,VWRWQ\PZQLRVNLHP]DQDOL]MHVWV\VWHPDW\F]Q\FKDUDNWHUUϛQLFSR]LRP\FK
SRR›HÍ SXQNWÏZ ,FK UR]VWÆS REOLF]RQ\ GOD SRV]F]HJÏOQ\FK SRPLDUÏZ Z\QLÏV
yUHGQLRPSU]\PHGLDQLHRZDUWRyFLP
0R›QDVWZLHUG]LÂZF]ÆyFLSRPLDUÏZEUDNLVWRWQ\FKUϛQLFSR]LRP\FKSRR›HÍ
SXQNWÏZZNRQWHNyFLHZ\PDJDQHMSU]H]VWDQGDUGWHFKQLF]Q\,JZDUWRyFLEÆ
GXyUHGQLHJRQDSR]LRPLHP:F]ÆyFLSRPLDUÏZUϛQLFHWHMHGQDNE\\
LVWRWQLHMV]H3UREOHPHPPR›HE\ÂVWZLHUG]HQLHZNWÏU\P]ZDULDQWÏZREOLF]RQH
]RVWD\ZVSϏU]ÆGQHRZ\›V]HMSUHF\]MLLGRNDGQRyFL:W\P]DNUHVLH]QDF]HQLH
PDUÏZQLH›]DSLV,JGRW\F]•F\Z\PRJXZ\UÏZQDQLDW\ONRQLH]DOH›Q\FKOLQLRZR
ZHNWRUÏZVDWHOLWDUQ\FK3UREOHPDW\NDEÆG]LHSU]HGPLRWHPDQDOL]\ZNROHMQ\P
SXQNFLH
:SU]\SDGNXZDULDQWXREOLF]HÍGZÏFKVHVMLVDWHOLWDUQ\FKWUZDM•F\FKPLQXW
QLHXGDRVLÆX]\VNDÂUR]ZL•]DQLDSDUDPHWUÏZQLHR]QDF]RQRyFLFDNRZLWHMOLF]E\
F\NOLIDOQRyQ\FKGODZV]\VWNLFKZHNWRUÏZPLPR›HGXJRyFLZHNWRUÏZE\\SUDN
W\F]QLHQDMNUÏWV]H]PR›OLZ\FK3U]\F]\PE\WRUH]XOWDWMHGQHM]GZÏFKVHVML
: GUXJLHM X]\VNDQR UR]ZL•]DQLH ZLÆF SRZRGHP E\\ ZDUXQNL SRPLDUX D QLH
JHRPHWULDVLHFL
:J Z\PRJÏZ ,J F]DV WUZDQLD VHVML VWDW\F]QHM PXVL E\Â GRVWRVRZDQ\ GR
Z\PDJDQHMGRNDGQRyFLLZDUXQNÏZWHUHQRZ\FK-HVWWR]DSLVHQLJPDW\F]Q\RE
FL•›DM•F\ZND›G\PSU]\SDGNXZ\NRQDZFÆ1LHPR›QDRNUHyOLÂZVSRVÏEMHGQR
]QDF]Q\ L SHZQ\ MDNRyFL Z\QLNÏZ SRPLDUÏZ VDWHOLWDUQ\FK SU]HG F]\ Z WUDNFLH
LFK UHDOL]DFML 2SUÏF] ZDUXQNÏZ WHUHQRZ\FK ]QDF]HQLH GOD Z\QLNÏZ SRPLDUÏZ
QLHU]DGNRLVWRWQLHMV]HPDM•ZDUXQNLDWPRVIHU\F]QH]ZL•]DQH]UHIUDNFM•WURSRVIH
U\F]Q•LMRQRVIHU\F]Q•
/LQLRZDQLH]DOH›QRyÂZHNWRUÏZVDWHOLWDUQ\FK
:VWDQGDUG]LHWHFKQLF]Q\P,JVIRUPXRZDQRZ\PÏJZ\UÏZQDQLDQLH]DOH›
Q\FKZHNWRUÏZVDWHOLWDUQ\FK-HVWRQX]DVDGQLRQ\WHRUL•]DJDGQLHQLDL]DSHZQH
SRG\NWRZDQ\G•›HQLHPGRX]\VNDQLDEDUG]LHMUHDOLVW\F]QHMFKDUDNWHU\VW\NLMDNR
yFLZ\QLNÏZSRPLDUX3DUDPHWUHPVWDQGDUGXWHFKQLF]QHJR,JRNUHyODM•F\PWÆ
MDNRy MHVW E•G yUHGQL SRR›HQLD SR]LRPHJR SXQNWÏZ R ZDUWRyFL PQLHMV]HM RG
P=DJDGQLHQLHHVW\PDFMLUHDOQHMMDNRyFLZ\QLNÏZSRPLDUÏZVDWHOLWDUQ\FK
QLHMHVWWU\ZLDOQH7HQSUREOHPZ\ND]DQRZHZVSRPQLDQ\PMX›SU]\NDG]LHZ\
QLNÏZNRQWUROLRVQRZ\QDPRGHUQL]RZDQ\PRGFLQNXOLQLLNROHMRZHMSU]HGVWDZLR
Q\FKZNRQWHNyFLHSRMÆÂSUHF\]MLGRNDGQRyFLLQLH]DZRGQRyFLZ>@
8]QDÍVNL$
406
1DSRQL›V]\FKU\VXQNDFKPR›QDSRUÏZQDÂVLHÂ]R›RQ•]ZHNWRUÏZQLH]DOH›
Q\FKOLQLRZRL]ZV]\VWNLFKSRPLHU]RQ\FKZMHGQ\P]SRPLDUÏZ
3RGGDQRDQDOL]LHZ\QLNLRSUDFRZDQLDREVHUZDFMLVDWHOLWDUQ\FKZZDULDQFLHZ\
UÏZQDQLD ZHNWRUÏZ QLH]DOH›Q\FK L ZDULDQFLH Z\UÏZQDQLD ZV]\VWNLFK SRPLHU]R
Q\FK ZHNWRUÏZ 2EOLF]HQLD Z\NRQDQR GOD MHGQHM VHVML F]WHURJRG]LQQHM K RUD]
GZÏFK VHVML F]WHUG]LHVWRPLQXWRZ\FK [ p &HOHP DQDOL] E\R Z\FL•JQLÆFLH
ZQLRVNÏZQDWHPDWZS\ZXSU]\MÆWHJRZDULDQWXZ\UÏZQDQLDVLHFLZHNWRUÏZVDWH
OLWDUQ\FKQDUϛQLFHSRR›HQLDSR]LRPHJRSXQNWÏZRNUHyORQ•SU]H]ZVSϏU]ÆGQH
ZXNDG]LH3/REOLF]RQHZSRV]F]HJÏOQ\FKZDULDQWDFKRUD]UϛQLFHZDU
WRyFLRGFK\OHÍVWDQGDUGRZ\FKZVSϏU]ÆGQ\FK:DUWRyFLRGFK\OHÍVWDQGDUGRZ\FK
REOLF]RQRQDSR]LRPLHEÆGXyUHGQLHJRF]\OLQDSR]LRPLHXIQRyFLı 3R
NU\ZDQLHVLÆZDUWRyFLyUHGQLHM]PHGLDQ•ZVND]XMHQDZLÆNV]•ZLDU\JRGQRyÂyUHG
QLHMDU\WPHW\F]QHMGDQHJRSDUDPHWUX
= SRUÏZQDÍ RWU]\PDQR PDNV\PDOQ• UϛQLFÆ SRR›HQLD SR]LRPHJR SXQNWX
RZDUWRyFLP1DOH›\]D]QDF]\›HE\WRZ\QLNGODMHGQHJRW\ONRSXQNWX
3R]RVWDHSRPLDU\GRVWDUF]\\EDUG]LHMPLDURGDMQ•ZDUWRyÂPJG\›Z\QLNL
R]EOL›RQ\FKZDUWRyFLDFKZ\VWÆSRZD\F]ÆyFLHM
7DEHOD3RUÏZQDQLHZ\QLNÏZREOLF]HÍZZDULDQWDFKZZV]\VWNLHZHNWRU\QZHNWRU\QLH]DOH›QH
'3UϛQLFHSRR›HQLDSR]LRPHJRSXQNWÏZıRGFK\OHQLDVWDQGDUGRZHPPHGLDQ\
RGSRZLHGQLFKZLHONRyFLZDUWRyFLZ>P@
wariant
DP ĞUHGQLH/ m
DP max.
4h (w - n)
2x40’ (w - n)
0.005/ 0.004
0.009/ 0.006
0.017 (0.011)
0.034 (0.028)
_' V_ĞUHGQLH
0.005
0.003
PHGLDQD's
0.004
0.003
5\V6LHÂQLH]DOH›Q\FKZHNWRUÏZVDWHOLWDUQ\FK
_Ds| max
0.019
0.022
320,$5<6$7(/,7$51(::<=1$&=$1,8:63¯5=¦'1<&+381.7¯:
407
5\V6LHÂZV]\VWNLFKSRPLHU]RQ\FKZHNWRUÏZVDWHOLWDUQ\FK
:DUWRyFLyUHGQLHMUϛQLF\SRR›HQLDSXQNWXZ\]QDF]RQHJR]MHGQHMVHVMLF]WHUR
JRG]LQQHMGODZHNWRUÏZQLH]DOH›Q\FKLZV]\VWNLFKZHNWRUÏZSRPLHU]RQ\FKE\D
QDSR]LRPLHPPSU]\PHGLDQLHRZDUWRyFLPP'ODZDULDQWX[p]PLDQD
SRR›HQLDSR]LRPHJRSXQNWXE\DSUDZLHGZXNURWQLHZLÆNV]D
:\UÏZQDQLHZHNWRUÏZQLH]DOH›Q\FKVSRZRGRZDRZSUDZG]LHZ]URVWZDUWRyFL
RGFK\OHÍVWDQGDUGRZ\FKPR›QDE\SU]\M•Â›HQDEDUG]LHMZLDU\JRGQHZVWRVXQ
NXGRZ\QLNÏZREOLF]HÍSURZDG]RQ\FKGODZV]\VWNLFKSRPLHU]RQ\FKZHNWRUÏZ
DOH
WUXGQRMHX]QDÂ]DEDUG]LHMZLDU\JRGQHSU]\QDMPQLHMZZDULDQFLH[p
ZZDULDQFLH[pUϛQLFDZZ\]QDF]RQ\PSRR›HQLXSR]LRP\PSXQNWÏZ
MHVWZLÆNV]DQL›PLDUDUR]SURV]HQLDZ\QLNÏZNWÏUDGDMHZ\NRQDZF\LQIRU
PDFMÆRMDNRyFLMHJRSRPLDUX
SRVXJXM•FVLÆPLDU•SUHF\]MLZSRVWDFLZDUWRyFLRGFK\OHQLDVWDQGDUGRZHJR
QDOH›DRE\VWZLHUG]L›HGX›HMWUZDM•FHVDWHOLWDUQHVHVMHVWDW\F]QHGD\Z\
QLNLJRUV]HMMDNRyFLQL›SRPLDU\ZZDULDQFLHGZÏFKVHVMLF]WHUG]LHVWRPLQX
WRZ\FK
Z\UÏZQDQLH ZHNWRUÏZ QLH]DOH›Q\FK VSRZRGRZDR LVWRWQLH UϛQH ZDUWRyFL
ZVSϏU]ÆGQ\FKSXQNWÏZ
:WDEHOLXMÆWRZ\QLNLRSUDFRZDQLDREVHUZDFMLGZÏFKSRPLDUÏZWHJRVDPHJR
RGFLQNDOLQLLNROHMRZHMNWÏUH]RVWD\]UHDOL]RZDQHZRGVWÆSLHGQL
8]QDÍVNL$
408
7DEHOD3RUÏZQDQLHREOLF]HÍGZÏFKSRPLDUÏZW\FKVDP\FKSXQNWÏZRVQRZ\ZDULDQW\ZZV]\VWNLH
SRPLHU]RQHZHNWRU\QZHNWRU\QLH]DOH›QHZDUWRyFLZ>P@
wariant
punkt
GNSS1
GPS2
GPS3
GNSS4
punkt
GNSS1
GPS2
GPS3
GNSS4
Pomiar 01
n
4h
4h
2x40’
4h
ZV]\VWNLH
QLH]DOHĪQH
(w – n) (w - n) (4h – 2x40’)
ǻP
ǻP
ǻP
ı<
ı;
ı<
ı;
0.010
0.007
0.007
0.001
0.001
0.001
0.002
0.011
0.007
0.007
0.001
0.001
0.003
0.004
0.004
0.002
0.002
0.001
0.001
0.003
0.004
0.005
0.004
0.004
0.001
0.001
0.002
0.003
3RPLDU]UHDOL]RZDQ\GQLSRSRPLDU]H
ǻP
ǻP
ǻP
ı<
ı;
ı<
ı;
0.004
0.001
0.009
0.001
0.001
0.002
0.003
0.012
0.017
0.001
0.001
0.001
0.006
0.009
0.034
0.005
0.041
0.001
0.001
0.006
0.009
0.028
0.006
0.028
0.001
0.001
0.005
0.007
2x40’
QLH]DOHĪQH
ı<
ı;
0.001
0.002
0.003
0.004
0.003
0.004
0.002
0.003
ı<
0.008
0.016
0.015
0.014
ı;
0.012
0.025
0.022
0.021
:DUWRyFLRGFK\OHÍVWDQGDUGRZ\FKZSRZ\›V]HMWDEHOLGODZDULDQWXZ\UÏZQD
QLDZV]\VWNLFKSRPLHU]RQ\FKZHNWRUÏZZMHGQHMVHVMLF]WHURJRG]LQQHMQLHSU]H
NUDF]DM•P'ODZDULDQWXZ\UÏZQDQLDZV]\VWNLFKSRPLHU]RQ\FKZHNWRUÏZ
ZVHVMDFK[xQLHXMÆWHZWDEHOLF]ÆyÂZDUWRyFLRGFK\OHÍVWDQGDUGRZ\FKZ]UR
VDPLQLPDOQLHGRSR]LRPXP:\QLNLWHQDOH›\X]QDÂ]DPDRZLDU\JRG
QH : SU]\SDGNX Z\UÏZQDQLD ZHNWRUÏZ QLH]DOH›Q\FK ZDUWRyFL RGFK\OHÍ VWDQ
GDUGRZ\FK Z]URV\ FKR ]D]Z\F]DM QLHDGHNZDWQLH GR UϛQLF\ Z\]QDF]RQHJR ]H
ZVSϏU]ÆGQ\FKND›GHJR]ZDULDQWÏZSRR›HQLDSR]LRPHJRSXQNWXWR]SHZQ\P
SU]\EOL›HQLHPPR›QDX]QD›HSURSRUFMRQDOQLH
:\QLNLWDEHOLVNRQL\GRNROHMQ\FKDQDOL]:\PDJDQ\SU]H]VWDQGDUGWHFK
QLF]Q\,JSRPLDUZGZÏFKF]WHUG]LHVWRPLQXWRZ\FKVHVMDFK[x]Z\UÏZ
QDQLHPZHNWRUÏZQLH]DOH›Q\FKZNROHMQ\FKGQLDFKGDSU]HFLZVWDZQHUH]XOWDW\
ZVHQVLHLQQHJRZ\PRJX,J
:DUWRyFLRGFK\OHÍVWDQGDUGRZ\FKSXQNWÏZZSRPLDU]HGUXJLP[xWDEH
OLZVND]XM•›HZV]\VWNLHSXQNW\QLHVSHQLDM•NU\WHULXPRNUHyORQHJRSU]H]WHQ
VWDQGDUGQDSR]LRPLHPZ]JOÆGHPED]RZHMRVQRZ\SR]LRPHMZSU]HFL
ZLHÍVWZLHGRSRPLDUXSLHUZV]HJR3RUÏZQDQRZLÆFUϛQLFHSRR›HQLDSR]LRPHJR
SXQNWÏZ ] REX SRPLDUÏZ :\QLN QLH MHVW MHGQR]QDF]Q\ : SU]\SDGNX GZÏFK
SXQNWÏZUϛQLFHSRR›HQLDSR]LRPHJRSXQNWÏZZ\QLRV\PPQLH
SU]HNUDF]DM•FPDZGZÏFKNROHMQ\FKZ\QLRV\D›PRUD]P
0R›QD ZQLRVNRZD ›H EÆG• Z\VWÆSRZD\ OLF]QH SU]\SDGNL Z NWÏU\FK ZDUWRyÂ
EÆGX yUHGQLHJR SRR›HQLD SR]LRPHJR SXQNWX REOLF]RQD ] SRPLDUÏZ Z GZÏFK
F]WHURJRG]LQQ\FKVHVMDFKLZ\UÏZQDQLXZHNWRUÏZQLH]DOH›Q\FKEÆG]LHQLHZLDU\
JRGQD
-HG\Q\PPR›OLZ\PRGQLHVLHQLHPGODSRPLDUÏZVDWHOLWDUQ\FKZSRVLDGDQ\P
PDWHULDOHREVHUZDF\MQ\PE\\SRPLDU\RGOHJRyFLPLÆG]\SXQNWDPLRVQRZ\SRG
VWDZRZHMSUHF\]\MQ\PWDFK\PHWUHPHOHNWURQLF]Q\P7&$1DLFKSRGVWD
ZLH PR›QD VWZLHUG]L EDUG]R Z\VRN• MDNRy Z\QLNÏZ SRPLDUÏZ UHDOL]RZDQ\FK
ZUDPDFKMHGQHMF]WHURJRG]LQQHMVHVML]Z\UÏZQDQLHPZV]\VWNLFKZHNWRUÏZVD
320,$5<6$7(/,7$51(::<=1$&=$1,8:63¯5=¦'1<&+381.7¯:
409
WHOLWDUQ\FK5ϛQLFHRGOHJRyFLSRPLHU]RQ\FKWDFK\PHWUHP7&$RUD]REOL
F]RQ\FK]HZVSϏU]ÆGQ\FK]SRPLDUÏZVDWHOLWDUQ\FKPLÆG]\SXQNWDPLNROHMRZHM
SRGVWDZRZHMSR]LRPHMRVQRZ\JHRGH]\MQHMU]DGNRVLÆJD\PtP
DQDMF]ÆyFLHMQLHSU]HNUDF]D\ZDUWRyFLP:SU]\SDGNXGDQ\FK]WDEHOL
PR›QDVWZLHUG]LÂEÆG\SRR›HQLDSXQNWX*166L*36UϛQL•FHVLÆQDSR]LRPLH
PSRGF]DVJG\Z\QLNSRPLDUXSUHF\]\MQ\PWDFK\PHWUHP7&$Z\ND
]DUϛQLFÆRGOHJRyFLREOLF]RQ•]HZVSϏU]ÆGQ\FKSXQNWÏZRZDUWRyFLP
3RGVXPRZDQLH
3RPLDU\VDWHOLWDUQHV•QLHRG•F]Q\PDZSU]\SDGNXRVQÏZJHRGH]\MQ\FKSRG
VWDZRZ\PHOHPHQWHPWHFKQRORJLLSRPLDURZ\FKWDN›HQDWHUHQDFKNROHMRZ\FK
6WDQGDUGWHFKQLF]Q\,JGDWHPXZ\UD]Z\PDJDM•FZ\]QDF]DQLDZVSϏU]ÆGQ\FK
SXQNWÏZNROHMRZHMSRGVWDZRZHMSR]LRPHMRVQRZ\JHRGH]\MQHMZRSDUFLXRREVHU
ZDFMH]VDWHOLWDUQ\FKVHVMLVWDW\F]Q\FK
:SUDF\SU]HDQDOL]RZDQR]DSLV\VWDQGDUGXWHFKQLF]QHJR,JSRGN•WHPSR
PLDUÏZVDWHOLWDUQ\FK3RGVWDZ•DQDOL]LZQLRVNÏZE\\ZDVQHREVHUZDFMHVDWHOL
WDUQHLWDFK\PHWU\F]QH]UHDOL]RZDQHZFHOXZ\]QDF]DQLDZVSϏU]ÆGQ\FK]QDNÏZ
UHJXODFMLRVLWRUXSU]HGSRMDZLHQLHPVLÆ,J2EVHUZDFMHVDWHOLWDUQHLLFKRSUDFR
ZDQLHZ\NRQDQRZNLONXZDULDQWDFKWDN›HZZ\PDJDQ\PSU]H]VWDQGDUGWHFK
QLF]Q\,JZFHOXSRUÏZQDQLDPR›OLZ\FKGRX]\VNDQLDZ\QLNÏZ:HZDVQ\FK
RSUDFRZDQLDFKNLHURZDQRVLÆ]DVDG•QDMZ\›V]HMZHZQÆWU]QHMGRNDGQRyFLZVSϏ
U]ÆGQ\FKSXQNWÏZVLHFLZ\FKRG]•F]]DR›HQLD›HPDRQDZVZRMHMLVWRFLHFKDUDN
WHUVLHFLUHDOL]DF\MQHM2SUDFRZDQDZV]F]HJϏDFKWHFKQRORJLDSRPLDURZDPLDD]D
]DGDQLHSU]HGHZV]\VWNLPMDNQDMGRNDGQLHMV]HZ\]QDF]DQLHZVSϏU]ÆGQ\FKZLHOR
IXQNF\MQ\FK]QDNÏZUHJXODFMLRVLWRUX1LHMHVWWRWHFKQRORJLD]DNDGDQLDRVQÏZ
JHRGH]\MQ\FKQDREV]DUDFKNROHMRZ\FK-HVWWRMHGQR]LVWRWQLHMV]\FKVWZLHUG]HÍ
JG\›VWDQGDUGWHFKQLF]Q\,JSRGV]HGGR]DJDGQLHQLDZVSRVÏEdRJÏOQRJHRGH
]\MQ\rWUDNWXM•FRVQRZÆGRVRZQLHDQLHdEUDQ›RZRr]JRGQLH]FKRFLD›E\MHJR
W\WXHP
:QLRVNÏZ ] DQDOL]\ SRUÏZQDZF]HM Z\QLNÏZ SRPLDUX Z ZDULDQFLH GZÏFK
F]WHUG]LHVWRPLQXWRZ\FKVHVMLLLFKRSUDFRZDQLD]Z\UÏZQDQLHPQLH]DOH›Q\FKZHN
WRUÏZVDWHOLWDUQ\FKQLHPR›QDX]QDÂ]DSR]\W\ZQH:SUDZG]LHRGFK\OHQLDVWDQ
GDUGRZHE\\EDUG]LHM]UϛQLFRZDQHQL›ZZDULDQFLH]Z\UÏZQDQLHPZV]\VWNLFK
SRPLHU]RQ\FKZHNWRUÏZDOHLFKZLDU\JRGQRyÂMHVWSUREOHPDW\F]QD,VWRWQ\PMHVW
IDNW›HQLHX]\VNDQRUR]ZL•]DQLDGODZV]\VWNLFKZHNWRUÏZDZ\QLNLE\\EDUG]LHM
SRGDWQHQD]PLDQ\SRR›HQLDSR]LRPHJRSXQNWÏZZ]DOH›QRyFLRGSRPLDUX6HVMD
F]WHURJRG]LQQDGDZDDZ\QLNLRGX›HMSUHF\]MLSRZWDU]DOQRyFLLUR]ZL•]DQLHE\R
X]\VNLZDQH]DZV]H
7\WXRZ\P FHOHP RSUDFRZDQLD VWDQGDUGX WHFKQLF]QHJR ,J MHVW ]DNDGDQLH
ZLHORIXQNF\MQ\FK ]QDNÏZ UHJXODFML RVL WRUX VX›•F\FK MDNR SXQNW\ QDZL•]DQLD
GRZFLÆÂZVWHF]=WHJRSRZRGXPR›QDWH›UR]SDWU\ZDÂNZHVWLHMDNRyFLSRPLD
8]QDÍVNL$
410
UÏZVDWHOLWDUQ\FKZNRQWHNyFLHGRNDGQRyFLQDZL•]DQLDVZRERGQHJRVWDQRZLVND
LQVWUXPHQWXGRW\FK]QDNÏZ:SU]\SDGNXWHFKQRORJLLRSDUWHMQDMHGQHMF]WHUR
JRG]LQQHM VHVML EDUG]R F]ÆVWR Z\NRQDZF\ X]\VNLZDOL GRNDGQRy ZVSϏU]ÆGQ\FK
VZRERGQHJRVWDQRZLVNDLQVWUXPHQWXQDSR]LRPLHtP
:>@SU]HGVWDZLRQRSU]\NDGGRW\F]•F\NRQWUROLRGFLQNDPRGHUQL]RZDQHMOL
QLLNROHMRZHM:\NRQDQ\SRPLDUZJZDVQ\FKVWDQGDUGÏZGDZ\QLNSLÆFLRNURWQLH
Z\›V]HMGRNDGQRyFLGODND›GHJRNRQWURORZDQHJRSXQNWXQL›SRPLDUNRQWURORZDQ\
.U\WHULXP MDNRyFL Z\QLNÏZ SRPLDUÏZ VDWHOLWDUQ\FK ,J GRW\F]\ SRR›HQLD
SR]LRPHJRSXQNWX:RELHNWDFKOLQLRZ\FK]ZDV]F]DZ]ZL•]NX]Z\VWÆSRZD
QLHPVNUDMQLLVWRWQLHMV]HV•EÆG\SRSU]HF]QH
1DVXZDVLÆS\WDQLHR]DVDGQRyÂNRQLHF]QRyFLRGQLHVLHQLDMDNRyFLZ\QLNÏZSRPLD
UÏZNROHMRZHMSRGVWDZRZHMSR]LRPHMRVQRZ\JHRGH]\MQHMGRSXQNWÏZSRGVWDZRZHM
ED]RZHMRVQRZ\SR]LRPHMLWRZZDULDQFLHZHNWRUÏZQLH]DOH›Q\FKZV\WXDFMLJG\
FHOHPV•ZVSϏU]ÆGQH]QDNÏZUHJXODFMLRVLWRUXDQLHSXQNW\RVQRZ\SRGVWDZRZHM
:]DSLVDFKVWDQGDUGXPR›QDGRVWU]HFSHZQ•QLHNRQVHNZHQFMÆ:\PDJDQLD
Z]DNUHVLHUHDOL]DFMLSRPLDUXVIRUPXRZDQRGRyÂV]F]HJϏRZRQDWRPLDVWRSUDFR
ZDQLH XMÆWR Z MHGQ\P ]GDQLX GRW\F]•F\P Z\UÏZQDQLD ZHNWRUÏZ QLH]DOH›Q\FK
'RNXPHQWDFMD WHFKQLF]QD ] ]DR›HQLD NROHMRZHM RVQRZ\ JHRGH]\MQHM MHVW RJUD
QLF]RQDGRDEVROXWQHJRPLQLPXPXQLHPR›OLZLDM•FXVWDOHQLHF]\SRPLDU]RVWD
SU]HSURZDG]RQ\LRSUDFRZDQ\]JRGQLH]Z\PDJDQLDPL,J
3UDFDQLHZ\F]HUSXMHDQDOL]\]DSLVÏZ,JZ]DNUHVLHSRPLDUÏZVDWHOLWDUQ\FK
6WDQGDUGWHFKQLF]Q\,JQDOH›\RFHQLÂMDNRNURNZGREU\PNLHUXQNXVSϏNL
3.33ROVNLH/LQLH.ROHMRZH6$1DWRPLDVWNRQLHF]QHZ\GDMHVLÆSU]HP\yOHQLH
FHOXNWÏUHPXPDRQVX›\ÂLGRSUDFRZDQLHMHJR]DSLVÏZSRGW\PN•WHP
%LEOLRJUDILD
>@3.33ROVNLH/LQLH.ROHMRZH6$:\W\F]QHGODRVDG]DQLD]QDNÏZUHJX
ODFMLRVLWRUXQDNRQVWUXNFMDFKZVSRUF]\FKVXSDFKVLHFLWUDNF\MQHM,J
=D•F]QLNGR]DU]•G]HQLD1U=DU]•GX3.33ROVNLHOLQLH.ROHMR
ZH6$]GQLDOLSFDU
>@3.33ROVNLH/LQLH.ROHMRZH6$6WDQGDUGWHFKQLF]Q\RNUHyODM•F\]DVDG\
L GRNDGQRyFL SRPLDUÏZ JHRGH]\MQ\FK GOD ]DNDGDQLD ZLHORIXQNF\MQ\FK
]QDNÏZUHJXODFMLRVLWRUX,J=D•F]QLNGR]DU]•G]HQLD1U=D
U]•GX3.33ROVNLHOLQLH.ROHMRZH6$]GQLDOLVWRSDGDU
>@5R]SRU]•G]HQLH 0LQLVWUD $GPLQLVWUDFML L &\IU\]DFML ] GQ U
ZVSUDZLHRVQÏZJHRGH]\MQ\FKJUDZLPHWU\F]Q\FKLPDJQHW\F]Q\FK']
8SR]
>@8]QDÍVNL $ .ROHMRZD RVQRZD JHRGH]\MQD t SU]HSLV\ RUD] SUDNW\ND
SRPLDURZD 'URJL .ROHMRZH =HV]\W\ 1DXNRZR7HFKQLF]QH ,Q›\QLHUÏZ
L 7HFKQLNÏZ .RPXQLNDFML 5]HF]\SRVSROLWHM 3ROVNLHM 2GG]LD Z .UDNR
ZLH6HULD0DWHULD\.RQIHUHQF\MQH1U
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
$1$/,=$.5=<:,=1<7258.2/(-2:(*2
:$63(.&,(:<086=21<&+
35=(0,(6=&=(­3235=(&=1<&+
$QGU]HM:LON
3LRWU&KURVWRZVNL
GU KDE LQ› 3ROLWHFKQLND *GDÍVND WHO HPDLODZLON#HO\SJJGDSO
GULQ›3ROLWHFKQLND*GDÍVNDWHOHPDLO
SLRFKURV#SJJGDSO
6WUHV]F]HQLH$UW\NXGRW\F]\]DJDGQLHQLDLGHQW\ILNDFML]PLDQNV]WDWXWRUXZ\VWÆSXM•
F\FKZSURFHVLHZ\PXV]RQ\FKSU]HPLHV]F]HÍSRSU]HF]Q\FK:\PXV]HQLDWDNLHPDM•PLHMVFHZUH
JXODFML JHRPHWU\F]QHM RVL WRUX SRGF]DV SUDF\ SRGELMDUNL : SUDF\ SU]HGVWDZLRQR ]DR›HQLD GR
RSUDFRZ\ZDQHMPHWRG\FL•JHJRSRPLDUXZ\PXV]RQ\FKSU]HPLHV]F]HÍSRSU]HF]Q\FKUXV]WXWRURZHJR
=DSUH]HQWRZDQ\]RVWDSURJUDPNRPSXWHURZ\UHDOL]XM•F\SURFHVLGHQW\ILNDFMLREUD]XRUD]]DR
›HQLD GR PHWRG\NL RNUHyODQLD PRGHOX WHRUHW\F]QHJR SRZVWDHM GHIRUPDFML JHRPHWU\F]QHM $XWRU]\
QDZL•]DOLGRZ\NRQ\ZDQ\FKSU]H]QLFKSUDFEDGDZF]\FKNWÏU\FKFHOHPE\RZ\ND]DQLH]DOH›QRyFL
SRPLÆG]\SRVWDFL•GHIRUPDFMLZ\QLNDM•FHM]SUDF\SRGELMDUNLDVL•RVLRZ•Z\VWÆSXM•F•ZWRNDFK
V]\QRZ\FKWRUXEH]VW\NRZHJR
6RZDNOXF]RZHWRUNROHMRZ\SRPLDUSU]HPLHV]F]HÍSRSU]HF]Q\FKDQDOL]DREUD]XLGHQ
W\ILNDFMDNV]WDWX
&KDUDNWHU\VW\NDSUREOHPXSRPLDURZHJR
:REHFQ\FKF]DVDFKQLH]Z\NOHSRSXODUQHVWD\VLÆWHFKQLNLDQDOL]\REUD]ÏZ
SRFKRG]•F\FK]NDPHUF\IURZ\FK$QDOL]\WDNLHSURZDG]RQHV•JÏZQLHZFHODFK
LGHQW\ILNDFMLRELHNWÏZRUD]]PLDQLFKSDUDPHWUÏZZF]DVLHQSLFKSR]\FMLNV]WD
WXEDUZ\1DOH›\]ZUÏFLÂXZDJÆQDIDNW›HDQDOL]DWDNDVWDMHVLÆVNXWHF]Q•PH
WRG•SRPLDURZ•FKDUDNWHU\]XM•F•VLÆEUDNLHPNRQWDNWXXU]•G]HQLDSRPLDURZHJR
LRELHNWXPLHU]RQHJRRUD]VZRERG•ZZ\ERU]HXNDGXRGQLHVLHQLD3LHUZV]DFHFKD
RWZLHUDGX›HPR›OLZRyFLV]F]HJÏOQLHWDPJG]LHPDP\GRF]\QLHQLD]SURFHVHP
G\QDPLF]Q\P&]ÆVWRWOLZRyÂ]DSLVXREUD]ÏZRVL•JQƏDZDUWRyFLU]ÆGXW\VLÆF\NOD
WHNQDVHNXQGÆFRRF]\ZLyFLHMHVWQLHZVSϏPLHUQHGRSRWU]HE]ZL•]DQ\FK]H]MDZL
VNDPLZ\VWÆSXM•F\PLZLQ›\QLHULLO•GRZHM1LHPQLHMZD›QDMHVWNZHVWLDZ\ERUX
XNDGXRGQLHVLHQLD%DUG]RF]ÆVWRZSRPLDU]HSU]HPLHV]F]HÍZ\VWÆSXM•RJUDQLF]H
QLD]ZL•]DQH]RGOHJRyFL•RELHNWXRUD]]PRELOQRyFL•XNDGXSRPLDURZHJR
:RVWDWQLFKODWDFKDXWRU]\XF]HVWQLF]\OLZSUDFDFK]HVSRXEDGDZF]HJR]3R
OLWHFKQLNL *GDÍVNLHM SRG NLHURZQLFWZHP SURI : .RFD DQDOL]XM•F NV]WDW SU]H
:NáDGDXWRUyZZSXEOLNDFMĊ:LON$&KURVWRZVNL3
412
:LON$&KURVWRZVNL3
PLHV]F]DQHJRZSURFHVLHUHJXODFMLJHRPHWU\F]QHMWRUXNROHMRZHJR$QDOL]\WHZ\
NRU]\VW\ZDQH E\\ GR EDGDÍ VWDQX VL RVLRZ\FK Z\VWÆSXM•F\FK Z V]\QDFK WRUX
EH]VW\NRZHJRRUD]ZRFHQLHRSRUXSRSU]HF]QHJRUXV]WXWRURZHJR>@
%DGDM•F ]DOH›QRyFL SRPLÆG]\ NV]WDWHP WRNÏZ V]\QRZ\FK SRPLÆG]\ RVLDPL
SUDFXM•FHM SRGELMDUNL D VL• RVLRZ• Z\VWÆSXM•F• Z V]\QDFK DXWRU]\ ]PDJDOL VLÆ
] SUREOHPHP PHWRG\NL SRPLDURZHM 2 LOH FL•J\ Z F]DVLH SRPLDU VL\ Z\PX
V]DM•FHMPÏJE\ÂUHDOL]RZDQ\SUDNW\F]QLHEH]SU]HV]NÏGWREH]SRyUHGQLSRPLDU
NV]WDWXWRUXE\EDUG]RXWUXGQLRQ\7UXGQRyFLZ\QLND\]GZÏFKJÏZQ\FKSU]\
F]\QSRSLHUZV]HSDUDPHWUNU]\ZL]Q\WRUXPR›HE\ÂZ\]QDF]RQ\W\ONRQDSRG
VWDZLHLQIRUPDFMLSU]HVWU]HQQHMGRW\F]•FHMRGSRZLHGQLRGXJLHJRIUDJPHQWXGH
IRUPRZDQHJRWRUXFRJHQHUXMHSRWU]HEÆSRPLDUXSU]HPLHV]F]HÍZLHOXSXQNWÏZ
NRQVWUXNFML'UXJ•SUREOHPDW\F]Q•NZHVWL•MHVWG\QDPLF]Q\FKDUDNWHUEDGDQHJR
SURFHVX3U]HPLHV]F]HQLHSRGF]DVQDVXZDQLDSRSU]HF]QHJRWRUXMHVWSDUDPHWUHP
G\QDPLF]Q\P D GRGDWNRZR GRFKRG]L ZVSRPQLDQD ZF]HyQLHM NZHVWLD ]PLHQQHM
ORNDOL]DFMLSRPLDUXFRZUH]XOWDFLHVNXWNXMHSUREOHPDPL]XNDGHPRGQLHVLHQLD
SU]\SRPLDU]HZ\NRQ\ZDQ\PSRGF]DVSUDF\SRGELMDUNLWRURZHM
:SRSU]HGQLFKSUDFDFKDXWRU]\SRVXJLZDOLVLÆRGSRZLHGQLR]GHILQLRZDQ\P
ZVND|QLNLHPNU]\ZL]Q\WRUXNROHMRZHJRNWÏU\Z\]QDF]DQ\E\SRSU]H]SRPLDU
SU]HPLHV]F]HÍWRUXZWU]HFKFKDUDNWHU\VW\F]Q\FKSXQNWDFK3XQNW\WHRNUHyORQH
E\\]XZDJLQDVSHF\ILNÆSRPLDUXDJÏZQ\F]\QQLNGHWHUPLQXM•F\PLFKXPLHM
VFRZLHQLH ]ZL•]DQ\ E\ ] NRQVWUXNFM• SRGELMDUNL RUD] ] PR›OLZRyFLDPL PRQWD
›X DSDUDWXU\ SRPLDURZHM 3RGHMyFLH WDNLH Z\QLNDM•FH ] WUXGQRyFL SRPLDURZ\FK
SR]ZDODR MHGQDN QD ]GHILQLRZDQLH SHZQ\FK ZVND|QLNÏZ LQIRUPXM•F\FK R VWD
QLHXNDGXJHRPHWU\F]QHJRGHIRUPRZDQHJRWRUXZIXQNFMLF]DVX0R›QD]DWHP
VWZLHUG]L›H]SXQNWXZLG]HQLDVSRVREXUHMHVWUDFMLV\JQDXSRPLDUE\SRPLDUHP
FL•J\P]Dy]SXQNWXZLG]HQLDRGWZRU]HQLDNV]WDWXWRUXUHMHVWURZDQ\V\JQDE\
SR]\VNLZDQ\ZVSRVÏEG\VNUHWQ\5\VXND]XMHVSRVÏEZNWÏU\RNUHyODQDE\D
NU]\ZL]QDWRUXSRZVWDM•FDZZ\QLNXG]LDDQLDVL\SRSU]HF]QHMZSURFHVLHQDVX
ZDQLDQDWRPLDVWIRWSU]HGVWDZLDPDV]\QÆWRURZ•]]DLQVWDORZDQ\PRSU]\U]•
GRZDQLHP]DZLHUDM•F\PWU]\F]XMQLNLSU]HPLHV]F]HQLD>@
5\V6FKHPDWLGHRZ\VSRVREXZ\]QDF]DQLDZVND|QLNDNU]\ZL]Q\
2]QDF]HQLDNtSXQNW\SRPLDUXSU]HPLHV]F]HÍ\\\ZDUWRyFLSU]HPLHV]F]HÍSR]LRP\FK
ZSXQNWDFKĮtN•WPLÆG]\VW\F]Q\PLGRNU]\ZHMZ\JLÆFLD
$1$/,=$.5=<:,=1<7258.2/(-2:(*2:$63(.&,(:<086=21<&+
413
)RW3RGELMDUNDWRURZD]]HVWDZHPWU]HFKF]XMQLNÏZGRSRPLDUXSU]HPLHV]F]HQLDSRSU]HF]QHJRWRUX
&KF•FZ\HOLPLQRZDÂSRZ\›V]HWUXGQRyFLSRVWDQRZLRQRRSUDFRZDÂPHWRG\NÆ
Z\]QDF]DQLD NU]\ZL]Q\ WRUX ]D SRPRF• SRPLDUX SRyUHGQLHJR -HGQ\P ]H VSR
VREÏZ RNUHyODQLD ]DOH›QRyFL SU]HVWU]HQQ\FK MHVW IRWRJUDPHWULD Z NWÏUHM ED]XMH
VLÆQD]DOH›QRyFLDFKJHRPHWU\F]Q\FKU]XWXyURGNRZHJR7HFKQLNLWHZ\NRU]\VWXM•
]GMÆFLDIRWRJUDILF]QHZ\NRQDQHZ]QDQ\FKZDUXQNDFKRULHQWDFML]HZQÆWU]QHMLZH
ZQÆWU]QHM=DWHPZ\NRU]\VWXM•FNDPHUÆF\IURZ•R]QDQ\FKSDUDPHWUDFKPR›QD
]LGHQW\ILNRZDÂIRWRJUDIRZDQ\NV]WDWMHyOLW\ONR]QDQDMHVWRULHQWDFMDSDV]F]\]Q\
IRWRJUDIRZDQHJRRELHNWXZ]JOÆGHPRVLRSW\F]QHMDSDUDWX3URFHVWDNLZSU]\SDG
NXSU]HPLHV]F]HÍWRUXSR]ZROLQDRGWZRU]HQLHMHJRNV]WDWXZEDGDQ\P]DNUHVLH
SU]HVWU]HQQ\P RUD] F]DVRZ\P FR GRSURZDG]L PR›H GR GRJÆEQLHMV]HM DQDOL]\
ZVSRPQLDQ\FKZ\›HMPHFKDQLF]Q\FKZDyFLZRyFLQDZLHU]FKQL
3UREOHPLGHQW\ILNDFMLRELHNWÏZQDREUD]LHF\IURZ\P
$NWXDOQ\P VWDQHP EDGDÍ V• SUDFH SU]\JRWRZXM•FH V\VWHP GR LGHQW\ILND
FML NV]WDWX WRUX QD SRGVWDZLH REUD]ÏZ UHMHVWURZDQ\FK SU]H] NDPHUÆ F\IURZ•
: SLHUZV]\P SRGHMyFLX DXWRU]\ SRVX›\OL VLÆ ZLUWXDOQ\PL V\PXODFMDPL SURFHVX
GHIRUPDFMLWRUXFRPLDRQDFHOXVWZRU]HQLHSRGVWDZRZ\FKDOJRU\WPÏZLGHQW\IL
NXM•F\FKRELHNWQDPDSLHELWRZHMREUD]X=DOHW•V\PXODFMLSRSU]HG]DM•F\FKSUDFH
SRORZH MHVW IDNW ›H ZVWÆSQH DQDOL]\ SURZDG]RQH V• Z ]GHILQLRZDQ\FK L VWD\FK
ZDUXQNDFKNWÏUHPRJ•E\ÂZSHQLNRQWURORZDQH0R›OLZHZLÆFMHVWVWZRU]HQLH
WDNLFKZDUXQNÏZSUDF\PRGXXLGHQW\ILNXM•FHJRRELHNWNWÏUHV\PXORZDÂEÆG•
U]HF]\ZLVWH ZDUXQNL Z\NRQ\ZDQLD IRWRJUDILL NRQVWUXNFML *ÏZQ\P QDU]ÆG]LHP
VX›•F\P GR FHOX LGHQW\ILNDFML MHVW RSUDFRZ\ZDQ\ SURJUDP NRPSXWHURZ\ NWÏ
U\VWZDU]DPR›OLZRyÂSUDF\]F\IURZ\PLSOLNDPLZLGHRRUD]]SOLNDPLREUD]ÏZ
VWDW\F]Q\FK=DWHPGDQHZHMyFLRZHGRVWDUF]DQHV•ZSRVWDFLSOLNÏZ$9,NWÏUH
PRJ•E\ÂZ\JHQHURZDQHUÏZQLH›ZyURGRZLVNXZLUWXDOQ\P:VWÆSQHSUDFHQDG
:LON$&KURVWRZVNL3
414
DOJRU\WPHPSURZDG]RQHE\\QDSOLNDFKSRFKRG]•F\FK]V\PXODFMLZ\NRQDQ\FK
ZyURGRZLVNX'60D[>@kURGRZLVNRWRXPR›OLZLDWZRU]HQLHSOLNÏZZLGHR]D
SLVXM•FV\PXORZDQ•V\WXDFMÆZW\PSU]\SDGNXSURFHVGHIRUPDFMLPRGHOXV]\Q\
ZHGXJ]DVDGU]XWXyURGNRZHJRDZLÆFWDNMDNPDWRPLHMVFHSRGF]DVSUDF\U]H
F]\ZLVWHMNDPHU\F\IURZHM1LHZ•WSOLZ•]DOHW•V\PXODFMLMHVWPR›OLZRyÂV\PXOR
ZDQLDUÏZQLH›SDUDPHWUÏZVDPHMNDPHU\FRMHVWSU]\GDWQHV]F]HJÏOQLHQDHWDSLH
SODQRZDQLD PHWRG\NL SRPLDUX ] XZDJL QD PRQWD› NDPHU\ :\PLHQLRQH ]DOHW\
SR]ZDODM•QDSU]HSURZDG]HQLHHIHNW\ZQ\FKSUDFZHZVWÆSQHMID]LHSRSU]HG]DM•
FHMWUXGQHLNRV]WRZQHHNVSHU\PHQW\SRORZH$QDOL]RZDQ\PRGHONRPSXWHURZ\
SRMHG\QF]HMV]\Q\SRGGDQHMZ\PXV]HQLXSRND]DQRQDU\V5\VXQHNWHQSU]HG
VWDZLDUÏZQLH›VSRVÏEUHSUH]HQWDFMLZHNWRURZHMDQDOL]RZDQHJRRELHNWXZSRVWD
FLSRZLHU]FKQLRZHMVLDWNLSU]HVWU]HQQHMDQJ:LUHIUDPH]R›RQHM]ZLHU]FKRNÏZ
LNUDZÆG]LRNUHyODM•F\FKHOHPHQWDUQHSRZLHU]FKQLH0RGHOWDNLX]XSHQLDQ\E\
RRGSRZLHGQLHWHNVWXU\JUDILF]QHV\PXOXM•FHUHIOHNV\MQHZDyFLZRyFLVWDOLV]\QR
ZHM : NROHMQ\P HWDSLH DQDOL]LH SRGGDQH ]RVWD\ IRWRJUDILH U]HF]\ZLVW\FK NRQ
VWUXNFMLNWÏUHSR]ZROL\QDRNUHyOHQLHRVWDWHF]QHJRDOJRU\WPXLGHQW\ILNXM•FHJR
WRUNROHMRZ\
5\V.RPSXWHURZ\PRGHO'V]\Q\NROHMRZHMUHSUH]HQWRZDQHMSU]H]VLDWNÆSRZLHU]FKQLRZ•
6WUXNWXUDSURJUDPXGRDQDOL]\SOLNÏZJUDILF]Q\FK
$QDOL]DSOLNÏZF\IURZ\FKSURZDG]RQDMHVWSU]H]RGSRZLHGQLR]DSURMHNWRZDQ\
SURJUDP NRPSXWHURZ\ =DVDGQLF]H FHFK\ SURJUDPX NRPSXWHURZHJR SU]HGVWD
ZLRQRZSUDF\>@3URJUDP]RVWDRSUDFRZDQ\RGSRGVWDZZyURGRZLVNXSURJUD
PLVW\F]Q\P9LVXDO6WXGLR]Z\NRU]\VWDQLHPELEOLRWHNLd1(7)UDPHZRUNr
>@%LEOLRWHNDWDXPR›OLZLDSLVDQLHSURJUDPX]Z\NRU]\VWDQLHPW]Z]DU]•G]D
Q\FKMÆ]\NÏZSURJUDPRZDQLD'RUHDOL]DFMLFHOXZ\EUDQRMÆ]\N&-HVWWRMÆ]\N
]DU]•G]DQ\LRELHNWRZ\2ELHNWRZRyÂWHJRMÆ]\NDSR]ZDODQDUHDOL]DFMÆ]DGDQLD
$1$/,=$.5=<:,=1<7258.2/(-2:(*2:$63(.&,(:<086=21<&+
415
SURJUDPLVW\F]QHJRSU]HR›RQHJRQDSRMÆFLHNODVG]LHG]LF]HQLDLSROLPRUIL]PXFR
MHVWREHFQLHDNWXDOQ\PPRGHOHPSURJUDPRZDQLD
3URJUDPMHVW]RUJDQL]RZDQ\ZV]HUHJNODV3RV]F]HJÏOQHNODV\V•RSUDFRZD
QHGRUHDOL]DFMLRNUHyORQ\FK]DGDÍ:]DNUHVLHWHJRUHIHUDWXLVWRWQHGRUHDOL]DFML
FHOXV•WU]\NODV\RQD]ZDFKd$YL0DQDJHUrd9LGHR6WUHDPrRUD]d)RUPr5HODFMH
SRPLÆG]\W\PLNODVDPLRNUHyODSRJO•GRZRU\V'RGDWNRZRZSURJUDPLH]DLP
SOHPHQWRZDQRQDU]ÆG]LDDQDOL]\REUD]ÏZ]DZLHUDM•F\FK]GMÆFLDWRUXNROHMRZHJR
5\V5HODFMHZD›QLHMV]\FKNODVRSUDFRZDQHMSU]H]DXWRUÏZDSOLNDFMLNRPSXWHURZHMVX›•FHM
GRDQDOL]\SOLNÏZJUDILF]Q\FK
*ÏZQ\P]DGDQLHPNODV\d$YL0DQDJHUrMHVW
GRVWDUF]HQLHNRQVWUXNWRUÏZGRXWZRU]HQLDRELHNWÏZWHMODV\
RWZDUFLHSOLNX$9,F\IURZ\IRUPDWSOLNXZLGHR
SREUDQLHVWUXPLHQLDYLGHR]RWZDUWHJRSOLNXLRWZDUFLHVWUXPLHQLDZFHOX
MHJRSU]HWZDU]DQLD
]DPNQLHFLHVWUXPLHQLDYLGHRJG\QLHMHVWX›\ZDQ\
]DPNQLHFLHSOLNX$9,
]ZROQLHQLHSDPLÆFLRSHUDF\MQHMJG\VWUXPLHQLHYLGHRQLHV•X›\ZDQH
.ODVDd9LGHR6WUHDPr]DZLHUDPHWRG\GRHG\FMLVWUXPLHQLDYLGHR-HMJÏZQ\P
]DGDQLHPMHVW
GRVWDUF]HQLHNRQVWUXNWRUÏZGRXWZRU]HQLDRELHNWÏZWHMNODV\
GHNRPSUHVMDRWZDUWHJRVWUXPLHQLDYLGHRGRRGSRZLHGQLHJR]ELRUXUDPHN
]DZLHUDM•F\FKREUD]\
SU]HWZRU]HQLH UDPNL GR RELHNWX NODV\ %LWPDS F]\OL RGSRZLHGQLHJR SOLNX
UDVWURZHJR
]ZROQLHQLH SDPLÆFL RSHUDF\MQHM JG\ SOLNL UDVWURZH V• ]DP\NDQH L HG\FMD
VWUXPLHQLDYLGHRQLHMHVWGDOHMUHDOL]RZDQD
.ODVDd)RUPr]DZLHUDNRPSRQHQW\JUDILF]QHJRLQWHUIHMVXX›\WNRZQLNDNRQ
WURONLRUD]PHWRG\REVXJL]GDU]HÍGRW\F]•F\FKUHDOL]DFML]DGDQLD*ÏZQ\P]D
GDQLHPWHMNODV\MHVW
GRVWDUF]HQLHNRQVWUXNWRUÏZGRXWZRU]HQLDRELHNWÏZWHMNODV\
:LON$&KURVWRZVNL3
416
REVXJD]GDU]HÍZ\QLNDM•FD]LQWHUDNFMLSRPLÆG]\X›\WNRZQLNLHPLDSOLNDFM•
HNVSORUDFMDLHG\FMDVWUXPLHQLDZLGHR
RGWZDU]DQLHSOLNÏZZLGHR
SU]HWZDU]DQLHLDQDOL]DSOLNÏZUDVWURZ\FKZFHOXZ\]QDF]HQLDNU]\ZL]Q\
V]\Q\
]ZROQLHQLH]DVREÏZZSDPLÆFLRSHUDF\MQHMSU]\]DP\NDQLXSURJUDPX
.ODVDd)RUPrMHVWZVSÏOQ•SU]HVWU]HQL•GODRELHNWÏZSR]RVWD\FKNODV,QDF]HM
PÏZL•FLVWRWQHGRUHDOL]DFMLSRVWDZLRQHJRFHOXRELHNW\V•LQLFMDOL]RZDQHZNODVLH
d)RUPr*UDILF]Q\LQWHUIHMVX›\WNRZQLNDRSUDFRZDQHMDSOLNDFMLSU]HGVWDZLRQRQD
U\V
5\V*UDILF]Q\LQWHUIHMVX›\WNRZQLNDRSUDFRZDQHMSU]H]DXWRUÏZDSOLNDFMLNRPSXWHURZHMVX›•FHM
GRDQDOL]\SOLNÏZJUDILF]Q\FK
:\QLNLLGHQW\ILNDFMLJÏZNLV]\Q\QDIRWRJUDILDFKF\IURZ\FK
3RGREQLH MDN PD WR PLHMVFH Z W\SRZ\FK SUREOHPDFK GLDJQRVW\NL ZL]\MQHM
NWÏUHSROHJDM•SU]\NDGRZRQDORNDOL]DFMLXV]NRG]HÍLRNUHyOHQLXLFKUR]PLDUÏZ
G\VNXWRZDQ\SUREOHPSROHJDQDRGVHSDURZDQLXLQIRUPDFMLRZVSÏOQHMFHV]HWM
Z\L]RORZDQLXSLNVHOLUHSUH]HQWXM•F\FKJÏZNÆV]\Q\NROHMRZHM=DWHPDOJRU\WP
PD]D]DGDQLHZ\EUDÂW\ONRWHSXQNW\NWÏUHQDOH›•GRREUD]XJÏZNLV]\Q\DE\
QDVWÆSQLHRNUHyOLÂMHMRySRGX›Q•=DWHPSRGVWDZRZHSUREOHP\GRUR]ZL•]DQLD
WNZL•ZDQDOL]LHFL•JRyFLJUXS\SLNVHOL$XWRU]\SRVWDQRZLOLRSUDFRZDÂDOJRU\WP
XZ]JOÆGQLDM•F\QDVWÆSXM•F\V]HUHJF]\QQLNÏZRNUHyODM•F\FKMHJRIXQNFMRQDOQRyÂ
s PR›OLZRy ZVND]DQLD SU]H] X›\WNRZQLND REV]DUX SXQNWÏZ SLNVHOL NWÏ
U\FKSDUDPHWU\5*%NRORUÏZEÆG•SXQNWHPRGQLHVLHQLDZDQDOL]LH
s PR›OLZRyÂG\QDPLF]QHMDXWRNRUHNFMLWROHUDQFMLSDUDPHWUÏZ5*%ZNWÏUHM
]QDMGXMHVLÆDQDOL]RZDQ\RELHNWWMSRZLHU]FKQLDWRF]QDJÏZNLV]\Q\
$1$/,=$.5=<:,=1<7258.2/(-2:(*2:$63(.&,(:<086=21<&+
417
s DQDOL]DJUDGLHQWXZDUWRyFLNRPSRQHQWXVNDGRZHMNRORUX5*%Z]JOÆGHP
ZVSϏU]ÆGQHMSU]HVWU]HQQHM
s ZDUXQNLSRF]•WNRZHLEU]HJRZHVWDQXSDUDPHWUÏZ5*%NRORUÏZ
s DQDOL]D FL•JRyFL SU]HVWU]HQQHM SDOHW\ NRORUÏZ 5*% UHSUH]HQWXM•F\FK SR
ZLHU]FKQLHWRF]QDJÏZNLV]\Q\
$OJRU\WPLGHQW\ILNDFMLJÏZNLV]\Q\E\ZVWÆSQLHDQDOL]RZDQ\QDSU]\NDG]LH
NRPSXWHURZ\FKPRGHOL'WRUXNROHMRZHJR:\QLNLW\FKSUDFSRND]DQRZ>@
:QLQLHMV]HMSUDF\SRND]DQRZ\QLNLLGHQW\ILNDFMLJÏZNLV]\Q\QDSRGVWDZLH]GMÆÂ
U]HF]\ZLVW\FK RELHNWÏZ :\NRU]\VWDQR ]GMÆFLD SU]HGVWDZLDM•FH IUDJPHQW\ WRUX
Z\NRQDQHZUϛQ\FKZDUXQNDFKRyZLHWOHQLDRUD]RGOHJRyFLLRULHQWDFMLIRWRJUD
IRZDQHMVFHQ\
1DU\VXQNDFKLSRND]DQRHIHNWSUDF\SURJUDPXSU]\LGHQW\ILNDFMLJÏZNL
V]\Q\WRUXXR›RQHJRZRGFLQNXSURVW\P1DJÏZFHV]\Q\ZLGRF]Q\MHVW]ELÏU
IXQNFML VNOHMDQ\FK Z SXQNWDFK NWÏU\FK ZVSϏU]ÆGQH ]D]QDF]RQH V• PDUNHUDPL
NZDGUDW\7HQ]ELÏUIXQNFMLVNOHMDQ\FKUHSUH]HQWXMH]LGHQW\ILNRZDQ•SRZLHU]FK
QLÆWRF]Q•JÏZNLV]\Q\
5\V2NQRSURJUDPX]Z\yZLHWORQ•IRWRJUDIL•QDNWÏUHMSURJUDP]LGHQW\ILNRZDSRR›HQLH
RVLSRGX›QHMSRZLHU]FKQLWRF]QHMJÏZNLV]\Q\2y]GHILQLRZDQR]ELRUHPIXQNFMLVNOHMDQ\FK
418
:LON$&KURVWRZVNL3
5\V=ELÏUIXQNFMLVNOHMDQ\FKUHSUH]HQWXM•F\FK]LGHQW\ILNRZDQ•SRZLHU]FKQLÆWRF]Q•JÏZNLV]\Q\
ZMHGQ\P]WRNÏZV]\QRZ\FKWRUXXR›RQHJRZRGFLQNXSURVW\P
1DU\VXQNDFKLSRND]DQRHIHNWSUDF\SURJUDPXSU]\LGHQW\ILNDFMLJÏZNL
V]\Q\WRUXXR›RQHJRZXNXSR]LRP\P
,GHQW\ILNDFMDWRNÏZV]\QRZ\FKQD]GMÆFLDFKUHSUH]HQWXM•F\FKWRUU]HF]\ZLVW\
MHVW]DJDGQLHQLHPWUXGQLHMV]\PQL›ZSU]\SDGNXNRPSXWHURZHJRPRGHOXWRUX
-HVWWR]ZL•]DQHSU]HGHZV]\VWNLP]SUREOHPHPMDNRyFLZ\NRQDQLDIRWRJUDILL
%DGDQH SU]\SDGNL REHMPXM• ]GMÆFLD UϛQHM MDNRyFL Z\NRQDQLD UR]G]LHOF]RyFL
ZDUXQNÏZRyZLHWOHQLDVWDQXWRUXLMHJRNRQVWUXNFML*HQHUDOQLHLGHQW\ILNDFMD
IUDJPHQWÏZJÏZNLV]\Q\SU]H]SURJUDPRND]DDVLÆE\ÂVNXWHF]QDZ]DNDGD
Q\P]DNUHVLHSU]HVWU]HQQ\P,QWHUHVXM•F\DXWRUÏZ]DNUHVGXJRyFLWRUXZ\QL
ND]RGOHJRyFLSRPLÆG]\RVLDPLMH]GQ\PLSRGELMDUNLWRURZHM:W\PERZLHP
]DNUHVLHZ\NRQ\ZDQHMHVWQDVXZDQLHSRSU]HF]QHJHQHUXM•FH]PLDQÆNU]\ZL]Q\
WRNÏZV]\QRZ\FK=GDQLHPDXWRUÏZPR›OLZHMHVWMHGQDNOHSV]HRGZ]RURZDQLH
SRR›HQLDWRNXV]\QRZHJRSU]\Z\NRU]\VWDQLXWUDQVIRUPDW)RXULHUDZG]LHG]L
QLHOLF]E\IDORZHM3UREOHP\WHEÆG•G\VNXWRZDQHZNROHMQ\FKSUDFDFKNRQW\
QXXM•F\FKREUDQ\NLHUXQHNDQDOL]
$1$/,=$.5=<:,=1<7258.2/(-2:(*2:$63(.&,(:<086=21<&+
419
5\V=ELÏUIXQNFMLVNOHMDQ\FKUHSUH]HQWXM•F\FK]LGHQW\ILNRZDQ•SRZLHU]FKQLÆWRF]Q•JÏZNLV]\Q\
ZMHGQ\P]WRNÏZV]\QRZ\FKWRUXXR›RQHJRZXNXSR]LRP\P
5\V=ELÏUIXQNFMLVNOHMDQ\FKUHSUH]HQWXM•F\FK]LGHQW\ILNRZDQ•SRZLHU]FKQLÆWRF]Q•JÏZNLV]\Q\
ZMHGQ\P]WRNÏZV]\QRZ\FKWRUXXR›RQHJRZXNXSR]LRP\P
:LON$&KURVWRZVNL3
420
3RGVXPRZDQLH
$XWRU]\SRVWDZLOLVRELH]D]DGDQLHRSUDFRZDQLHHIHNW\ZQHMPHWRG\NLSUR
ZDG]HQLD SRPLDUX NV]WDWX WRUX NROHMRZHJR Z SURFHVLH G\QDPLF]Q\FK
]PLDQMHJRSRR›HQLDSRGF]DVSUDF\SRGELMDUNL
:\NRU]\VWXM•FRU\JLQDOQHRSURJUDPRZDQLHGRDQDOL]\REUD]X]DLPSOHPHQ
WRZDQH]RVWD\DOJRU\WP\SR]ZDODM•FHQDLGHQW\ILNDFMÆNV]WDWXJÏZNLV]\
Q\]DUHMHVWURZDQHJRZSRVWDFLILOPXZLGHROXESOLNXREUD]X
'RW\FKF]DVRZHSUDFHVNXSLD\VLÆJÏZQLHQDDQDOL]LHREUD]XRUD]QDV\PX
ODFMLZZLUWXDOQ\PyURGRZLVNXRG]ZLHUFLHGODM•F\PU]HF]\ZLVWHZDUXQNLSR
ORZH)D]DWDSR]ZROLDSU]HZLG]LHÂSRWHQFMDOQHSUREOHP\RUD]RSUDFRZDÂ
PHWRG\NÆZZDUXQNDFK]GHILQLRZDQ\FKVWD\FKRUD]NRQWURORZDQ\FK
1DW\PHWDSLHEDGDÍRSUDFRZDQ\SU]H]DXWRUÏZSURJUDPLDOJRU\WPVSH
QLSRVWDZLRQHSU]HGQLP]DGDQLHSRSUDZQLHLGHQW\ILNXM•FLRGZ]RURZXM•F
SRR›HQLH JÏZNL V]\Q\ QD DQDOL]RZDQ\FK IRWRJUDILDFK SU]HGVWDZLDM•F\FK
HNVSORDWRZDQHWRU\NROHMRZH
$OJRU\WP\ LGHQW\ILNDFML VSHQL\ ]DNDGDQH FHOH Z V\WXDFML JG\ Z\EUDQH
]GMÆFLDWHVWRZHFHFKRZD\VLÆUϛQ\PLZDUXQNDPLHNVSR]\FMLRUD]SU]HGVWD
ZLD\UϛQHW\S\QDZLHU]FKQLNROHMRZHMZUϛQ\PLFKVWDQLHWHFKQLF]Q\P
$XWRU]\]DPLHU]DM•]DLPSOHPHQWRZDÂZDOJRU\WPLHLGHQW\ILNDFMLWRNXV]\
QRZHJRPRGXDQDOL]\)RXULHUDZG]LHG]LQLHOLF]E\IDORZHM
/LWHUDWXUD
>@%RMDUF]DN3/HVLDN39LVXDOV\VWHPGLDJQRVLQJWKHVWDWHRIHOHPHQWVIDV
WHQLQJWKHUDLOWRWKHVOHHSHUV3RPLDU\$XWRPDW\ND.RQWUROD
Vt
>@%RMDUF]DN 3 /HVLDN 3 $SSOLFDWLRQ RI QHXUDO QHWZRUNV LQWR DXWRPDWLF
YLVXDOGLDJQRVWLFRIUDLOZD\ZRRGHQVOHHSHUV0LÆG]\QDURGRZD.RQIHUHQ
FMD1DXNRZD7UDQVSRUW;;,ZLHNX%LDRZLH›D/RJLVW\ND
S\WD&'
>@(OOLRWW6'6WXGLR0$;9DGHPHFXP3URIHVMRQDOLVW\+HOLRQ
>@.RF::LON$&KURVWRZVNL3*UXONRZVNL67HVWVRQODWHUDOUHVLV
WDQFHLQUDLOZD\WUDFNVGXULQJWKHRSHUDWLRQRIWDPSLQJPDFKLQH-RXUQDO
RI5DLODQG5DSLG7UDQVLW9RO0D\SS
>@.RF : :LON $ *UXONRZVNL 6 &KURVWRZVNL 3 7KH XVH RI WDPSLQJ
PDFKLQHIRUGLDJQRVLVLQJWKHORQJLWXGLQDOIRUFHVLQUDLOVRI&:5WUDFN
-RXUQDORI&LYLO(QJLQHHULQJDQG$UFKLWHFWXUHYRO1R6HULDO1R
1RYHPEHU
>@.RF::LON$&KURVWRZVNL3*UXONRZVNL6'HWHUPLQDWLRQRIWKH
WUDQVYHUVHUHVLVWDQFHFKDUDFWHULVWLFVLQUDLOZD\WUDFN-RXUQDORI7UDQVSRU
WDWLRQ(QJLQHHULQJ9RO'HFHPEHUSS
$1$/,=$.5=<:,=1<7258.2/(-2:(*2:$63(.&,(:<086=21<&+
421
>@7HPSOHPDQQ-9LWWHU'9LVXDO6WXGLR1(71(7)UDPHZRUN&]DU
QDNVLÆJD+HOLRQ
>@:LON$&KURVWRZVNL33RPLDUZ\PXV]RQ\FKSU]HPLHV]F]HÍWRUX]Z\
NRU]\VWDQLHPDOJRU\WPXDQDOL]\REUD]X7HFKQLND7UDQVSRUWX6]\QRZH
JRV
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
12:2&=(61(0(72'<25*$1,=$&-,
.2/(-2:<&+35=(:2=¯:
0,¦'=<$*/20(5$&<-1<&+
$QGU]HM‹XUNRZVNL
GULQ›,QVW\WXW.ROHMQLFWZDXO&KRSLFNLHJRt:DUV]DZDWHOD]XUNRZVNL#LNROHMSO
6WUHV]F]HQLH.ROHMRZHSU]HZR]\PLÆG]\DJORPHUDF\MQHVWDQRZL•SRGVWDZRZ\HOHPHQWV\V
WHPXWUDQVSRUWRZHJRNUDMXLUHJLRQX3URJUDPLFKLQWHQV\ZQHJRUR]ZRMXRSLVDQ\]RVWDZSRG
VWDZRZ\FK GRNXPHQWDFK SROLW\NL WUDQVSRUWRZHM : UHIHUDFLH SU]HGVWDZLRQR SRGVWDZRZH ]DVDG\
RUJDQL]DFMLWDNLFKSU]HZR]ÏZVSHQLDM•FH]ELÏUZ\EUDQ\FKSUHIHUHQFMLSRGUϛQ\FK6IRUPXRZDQR
PHWRGÆEXGRZ\VLHFLSR•F]HÍRGSRZLDGDM•FHMZ\PDJDQLRPZVSϏF]HVQHJRU\QNXWUDQVSRUWRZHJR
6RZDNOXF]RZHSU]HZR]\PLÆG]\DJORPHUDF\MQHRUJDQL]DFMDSU]HZR]ÏZSDVD›HUVNLFK
.LHUXQNLUR]ZRMXV\VWHPÏZWUDQVSRUWRZ\FK
1RZRF]HVQ\V\VWHPWUDQVSRUWRZ\REHMPXM•F\]DUÏZQRSXEOLF]QHyURGNLWUDQV
SRUWXMDNLPRWRU\]DFMÆLQG\ZLGXDOQ•VWDQRZLLVWRWQ\F]\QQLNUR]ZRMXVSRHF]
QRJRVSRGDUF]HJRZVNDOLJOREDOQHMLUHJLRQDOQHM.LHUXQNLMHJRUR]ZRMXZ3ROVFH
Z\]QDF]DM•GRNXPHQW\VWUDWHJLF]QHEÆG•FHSRGVWDZ•SROLW\NLWUDQVSRUWRZHMNUDMX
>@ >@ 'RW\F]• RQH ]DUÏZQR PRGHUQL]DFML L UR]ZRMX LQIUDVWUXNWXU\ WUDQVSRU
WRZHM MDN WH› yURGNÏZ WUDQVSRUWX Z W\P V]F]HJÏOQLH LQZHVW\FML Z QRZ\ WDERU
NROHMRZ\
&HFK• FKDUDNWHU\VW\F]Q• ZV]\VWNLFK ZVSϏF]HVQ\FK yURGNÏZ WUDQVSRUWX MHVW
LPSRQXM•F\UR]ZÏMUR]ZL•]DÍWHFKQLF]Q\FKSURZDG]•F\GRWZRU]HQLDNRQVWUXNFML
SRMD]GÏZXPR›OLZLDM•F\FKSRGUϛRZDQLHZNRPIRUWRZ\FKZDUXQNDFKDMHGQR
F]HyQLHQLH]DZRGQ\FKWHFKQLF]QLHLEH]SLHF]Q\FKZHNVSORDWDFML
=NROHLPRGHUQL]DFMDSRGVWDZRZ\FKHOHPHQWÏZLQIUDVWUXNWXU\WUDQVSRUWRZHM
D]DWHPGUÏJNRRZ\FKOLQLLNROHMRZ\FKLORWQLVNSR]ZDOD]MHGQHMVWURQ\SRSUD
ZLDÂLFKSDUDPHWU\WHFKQLF]QHF]\OL]ZLÆNV]DÂSU]HSXVWRZRyÂSRGQRVLÂEH]SLH
F]HÍVWZRSU]HZR]ÏZVNUDFDÂF]DV\SU]HMD]GXD]GUXJLHM]ZLÆNV]DÂZVSϏG]LDDQLH
SRV]F]HJÏOQ\FKJDÆ]LWUDQVSRUWX1RZRF]HVQ\V\VWHPWUDQVSRUWRZ\FKDUDNWHU\
]XM• ERZLHP QLH W\ONR ]GROQRyFL NRQNXUHQF\MQH SRV]F]HJÏOQ\FK yURGNÏZ WUDQV
SRUWXDOHSU]HGHZV]\VWNLPUHDOL]RZDQLHSU]H]QLHW\FK]DGDÍSU]HZR]RZ\FKGR
NWÏU\FKV•QDMSHQLHMSUHGHVW\QRZDQH
‹XUNRZVNL$
424
: RSLVDQ\FK XZDUXQNRZDQLDFK Z]URVW ]QDF]HQLD NROHL PR›OLZ\ MHVW
]ZDV]F]DZGZXVSRyUÏGF]WHUHFKW\SRZ\FKGODQLHMSRGV\VWHPÏZSU]HZR]R
Z\FKF]\OLZSU]HZR]DFKPLÆG]\DJORPHUD\MQ\FKW]ZNZDOLILNRZDQ\FKRUD]
DJORPHUDF\MQ\FK:\QLNDWR]IDNWX›HWUDQVSRUWNROHMRZ\QDMOHSLHMVSUDZG]D
VLÆSU]\Z\NRQ\ZDQLXSU]HZR]ÏZPDVRZ\FK]DUÏZQRZREUÆELHDJORPHUDFML
MDN L Z SU]HZR]DFK SRPLÆG]\ FHQWUDPL QDMZLÆNV]\FK PLDVW 1D NRQLHF]QRyÂ
UR]ZRMXW\FKZDyQLHSRGV\VWHPÏZZVND]DQRZRSUDFRZDQ\PZURNX
LDNWXDOL]RZDQ\PZGZXOHWQLPF\NOX0DVWHUSODQLHGODNROHL>@
3U]HZR]\DJORPHUDF\MQHWRZSU]HGHZV]\VWNLPQRZRF]HVQ\WDERURGX›HM
SRMHPQRyFLZÆ]\LQWHUPRGDOQHLQWHJUDFMDRUJDQL]DF\MQDLWDU\IRZD]WUDQV
SRUWHPSXEOLF]Q\PZPLDVWDFKLQDLFKREU]H›DFKREVXJDSRUWÏZORWQLF]\FK
SRZL•]DQLH]V\VWHPHPdSDUNXMLMHG|rLWS1DMZD›QLHMV]HHOHPHQW\RUJDQL]D
F\MQH]ZL•]DQH]W\PLUR]ZL•]DQLDPLRSLVDQH]RVWD\ZSRSU]HGQLPUHIHUDFLH
DXWRUD>@
3U]HZR]\PLÆG]\DJORPHUDF\MQHWRUÏZQLH›QRZRF]HVQ\WDERULGREUHSR
ZL•]DQLD Z ZÆ]DFK LQWHUPRGDOQ\FK DOH WDN›H PR›OLZLH Z\VRNLH SUÆGNRyFL
KDQGORZHSRFL•JÏZVSÏMQ\V\VWHPSR•F]HÍNUDMRZ\FKLPLÆG]\QDURGRZ\FK
EH]SRyUHGQLDREVXJDSRUWÏZORWQLF]\FKSU]\MD]QHV\VWHP\G\VWU\EXFMLXVXJ
LV]HUHJLQQ\FKV]HUHJLQQ\FKZD›Q\FKHOHPHQWÏZ
: DUW\NXOH SU]HGVWDZLRQR SRGVWDZRZH PHWRG\ RUJDQL]DFML WDNLFK SU]H
ZR]ÏZXZ]JOÆGQLDM•FHNUDMRZHL]DJUDQLF]QHGRyZLDGF]HQLDZW\P]DNUHVLH
'RW\F]•RQH]DUÏZQRNROHLWUDG\F\MQ\FKMDNLV\VWHPÏZ.ROHL'X›\FK3UÆG
NRyFL.'30LÆG]\REXV\VWHPDPLQLHPD]UHV]W•LVWRWQ\FKUϛQLFZ]DNUH
VLHRUJDQL]DFMLSU]HZR]ÏZLVWQLHMHQDWRPLDVWRF]\ZLVWDSRWU]HEDZ]DMHPQ\FK
SRZL•]DÍLWZRU]HQLDVSÏMQHMRIHUW\GODSDVD›HUÏZ
&]\QQLNLZ\ERUXNROHLMDNRyURGNDWUDQVSRUWX
3U]\VWÆSXM•FGREXGRZ\RIHUW\SU]HZR]RZHMSU]HGVWDZLÂPR›QDV]HUHJFH
OÏZ MDNLH SRZLQQ\ ]RVWD RVL•JQLÆWH Z HIHNFLH MHM ZGUR›HQLD = SXQNWX ZL
G]HQLDSROLW\NLWUDQVSRUWRZHM]DV]F]HJÏOQLHLVWRWQHX]QDÂQDOH›\XWZRU]HQLH
ZVNDOLNUDMRZHMLPLÆG]\QDURGRZHMWDNLHJRXNDGXSR•F]HÍNWÏU\VNXWHF]QLH
]DVSRNDMDEÆG]LHPR›OLZLHGX›•F]ÆyÂ]DSRWU]HERZDQLDQDSU]HZR]\]JDV]DQH
SU]H]XNDGRVDGQLF]\
3RVWDZLRQ\ Z WHQ VSRVÏE FHO MHVW ]DVDGQLF]R ]JRGQ\ ]H VWUDWHJLF]Q\PL
LQWHUHVDPL SU]HZR|QLNÏZ NROHMRZ\FK ]DLQWHUHVRZDQ\FK SU]HGH ZV]\VWNLP
VNXWHF]QRyFL•VZRMHMG]LDDOQRyFLJRVSRGDUF]HMD]DWHPUHDOL]DFM•SU]HZR]ÏZ
RGX›\PZROXPHQLHF]\OLZ\NRU]\VWXM•F\FKZSHQLW\SRZ•GODNROHLtdPD
VRZ•rRIHUWÆSU]HZR]RZ•
6\VWHPRZDRUJDQL]DFMDSU]HZR]yZNROHMRZ\FKZ\UyĪQLDF]WHU\SRGVWDZRZHSRGV\VWHP\SU]HZR]\PLĊG]\DJORPHUDF\MQHPLĊG]\UHJLRQDOQHDJORPHUDF\MQHLUHJLRQDOQH>@>@
12:2&=(61(0(72'<25*$1,=$&-,.2/(-2:<&+35=(:2=¯:
425
3U]HZR]\ PLÆG]\DJORPHUDF\MQH V• ]DWHP SU]\NDGHP FKDUDNWHU\VW\F]
QHMGODSU]HZR]ÏZSDVD›HUVNLFK]DOH›QRyFLMDNDLVWQLHMHSRPLÆG]\ZLHONRyFL•
XNDGXRVDGQLF]HJRRUD]JHQHURZDQ\PLSU]H]MHJRRyURGNLSRWRNDPLSRGUϛ
Q\FKVWURQDSRS\WXDPDVRZ•VNDO•G]LDDOQRyFLNROHLVWURQDSRGD›\1D
U]ÆG]LSR]ZDODM•F\FKQDREMDyQLDQLHW\FK]ZL•]NÏZDWDN›HQDSURJQR]RZDQLH
ZLHONRyFLSU]HZR]ÏZZSU]\V]RyFLRNUHyODQLHSRG]LDXPRGDOQHJRGRVWDUF]D
G\VF\SOLQDQD]\ZDQDZ3ROVFHdPRGHORZDQLHSRGUϛ\LSURJQR]RZDQLHP
UXFKXr EÆG•FD ]DVWRVRZDQLHP HNRQRPHWULL GR ]DJDGQLHÍ WUDQVSRUWRZ\FK
:WXPDF]HQLX]MÆ]\NDDQJLHOVNLHJRRNUHyODVLÆM•RJÏOQLHPLDQHPdPRGHOR
ZDQLDWUDQVSRUWXr
2SUDFRZDQLH SURJQR]RZDQHM ZLHONRyFL L VWUXNWXU\ SU]HZR]ÏZ QD NROHMQH
RNUHV\QSURF]QH]ZL•]DQH]NROHMQ\PLUR]NDGDPLMD]G\VWDQRZL]DVDGQLF]\
SXQNWZ\MyFLDGRRSUDFRZDQLDSODQXSU]HZR]ÏZF]\OLREUD]RZDQHMUR]NDGHP
MD]G\ RIHUW\ NROHL =DJDGQLHQLD ] W\P ]ZL•]DQH RSLVDQH ]RVWD\ V]F]HJϏRZR
Z V]HUHJX SXEOLNDFMDFK 1LH UR]ZLMDM•F LFK WXWDM ZDUWR MHGQDN XVWDOL ]ELÏU
F]\QQLNÏZ SU]HV•G]DM•F\FK R Z\ERU]H SU]H] SRGUϛQHJR NROHL MDNR yURGND
WUDQVSRUWX : WHQ VSRVÏE SURSRQRZDQH PHWRG\ RUJDQL]DFML SU]HZR]ÏZ SR
]ZRO• QDMSHQLHM ]UHDOL]RZD ]DR›RQH ZF]HyQLHM FHOH EXGRZ\ RIHUW\ SU]HZR
]RZHM
3U]HVDQNLZ\ERUXWDNLHMRIHUW\QD]\ZDQHV•SUHIHUHQFMDPLSRGUϛQ\FK
LVWDQRZL•MHGQRF]HyQLHFHFK\RIHUW\SU]HZR]RZHM,FKUR]EXGRZDQDOLVWDREHM
PXMHZV]F]HJÏOQRyFLZ\UϛQLRQ\FKHOHPHQWÏZWDEHOD$QDOL]XM•FPR›
OLZRyFL Z\ERUX DOWHUQDW\ZQ\FK yURGNÏZ WUDQVSRUWX GOD Z\EUDQHJR UHJLRQX
VLHFLWUDQVSRUWRZHMOXENRU\WDU]DWUDQVSRUWRZHJRXG]LDND›GHJR]QLFKRSL
V\ZDQ\MHVW]D]Z\F]DMPRGHOHPORJLWRZ\P>@XZ]JOÆGQLDM•F\PZyUÏGW]Z
]PLHQQ\FKREMDyQLDM•F\FKPRGHOXPDWHPDW\F]QHJRZ\EUDQ\]ELÏUSUHIHUHQ
FMLX]QDQ\FK]DLVWRWQHGODGDQHJRSU]\SDGNXPRGHORZDQLD
=SXQNWXZLG]HQLDSRGHMPRZDQ\FKZQLQLHMV]\PUHIHUDFLHPHWRGRUJDQL
]DFMLSU]HZR]ÏZ]DLVWRWQHSUHIHUHQFMHX]QDÂQDOH›\
F]DVSU]HMD]GXNWÏU\]DOH›\QLHW\ONRRGSUÆGNRyFLKDQGORZHMZ\EUD
QHJRSRFL•JXDOHWDN›HRGF]DVXQDSU]HVLDGNLQDVWDFMDFKZÆ]RZ\FK
EH]SRyUHGQLRy F]\OL PR›OLZRy ]UHDOL]RZDQLD MDN QDMZLÆNV]HM F]ÆyFL
SRWHQFMDOQ\FKSRGUϛ\SRFL•JDPLUHODFMLEH]SRyUHGQLFK
GRVWÆSQRy F]DVRZ• F]\OL JRG]LQ\ L WHUPLQ\ NXUVRZDQLD SRFL•JÏZ
VSHQLDM•FHRF]HNLZDQLDSRGUϛQ\FK
HODVW\F]QRy NWÏUD SR]ZDOD SRGUϛQ\P ]PLHQLD SRF]•WNRZH SODQ\
SU]HMD]GXUHDOL]XM•FQSZF]HyQLHMV]\OXESÏ|QLHMV]\RGMD]GRGZLHG]H
QLHGRGDWNRZRLQQHJRPLDVWDLWS
:ĞUyGV]HUHJXVSRVREyZSURJQR]RZDQLDSU]HZR]yZQDOHĪ\]ZáDV]F]D]ZUyFLüXZDJĊQDW]ZNODV\F]Q\
F]WHURHWDSRZ\ PRGHO WUDQVSRUWRZ\ REHMPXMąF\ ± JHQHURZDQLH SU]HZR]yZ ± G\VWU\EXFMĊ SRWRNyZ
±SRG]LDáPRGDOQ\RUD]±SU]\G]LDáGRGUyJSU]HZR]X>@>@
‹XUNRZVNL$
426
7DEHOD3U]HJO•GSUHIHUHQFMLSRGUϛQ\FK>@
Lp.
1
2
5
7
8
9
10
11
Nazwa preferencji
(czynnika wyboru)
cena
F]DVSU]HMD]GX
EH]SRĞUHGQLRĞü
GRVWĊSQRĞüJHRJUD¿F]QD
GRVWĊSQRĞüF]DVRZD
EH]SLHF]HĔVWZR
NRPXQLNDF\MQH
EH]SLHF]HĔVWZR
RVRELVWH
komfort
SODQRZRĞü
]DZRGQRĞü
HODVW\F]QRĞü
Znaczenie (opis)
NRV]WSRGUyĪ\RGF]XZDQ\SU]H]SDVDĪHUD
F]DVSRGUyĪ\RGF]XZDQ\SU]H]SDVDĪHUD
PRĪOLZRĞüRGE\FLDSRGUyĪ\EH]SU]HVLDGDQLDVLĊ
RGOHJáRĞüGRQDMEOLĪV]HJRWHUPLQDODGZRU]HFSU]\VWDQHNORWQLVNR
]JRGQRĞüJRG]LQNXUVRZDQLD]RF]HNLZDQLHPSRGUyĪQ\FK
SUDZGRSRGRELHĔVWZREH]Z\SDGNRZHJR]UHDOL]RZDQLDSRGUyĪ\
RFHQD]DJURĪHĔW\SXSU]HVWĊSF]HJR
Z\JRGDSRGUyĪRZDQLD
]JRGQRĞüSRGUyĪ\]UR]NáDGHPMD]G\OXESU]HZLG\ZDQLHPVDPRFKyG
SUDZGRSRGRELHĔVWZRXQLHUXFKRPLHQLDĞURGNDWUDQVSRUWRZHJR
PRĪOLZRĞüPRG\¿NRZDQLDWUDV\SRGUyĪ\
:WDNXVWDORQ\FKZDUXQNDFK]DVDGQLF]HS\WDQLHEU]PL]DWHP&]\PR›OLZH
MHVW]EXGRZDQLHWDNLHJRUR]NDGXMD]G\SRFL•JÏZPLÆG]\DJORPHUDF\MQ\FKNWÏU\
QDMSHQLHMRGSRZLDGDXVWDORQHPX]ELRURZLRF]HNLZDÍSRGUϛQ\FKLZWHQVSRVÏE
SR]ZDOD QD UHDOL]DFMÆ VWUDWHJLF]QHJR FHOX SRGQLHVLHQLD DWUDNF\MQRyFL SU]HZR]ÏZ
NROHMRZ\FK"
(OHPHQW\RUJDQL]DFMLSU]HZR]ÏZPLÆG]\DJORPHUDF\MQ\FK
3URMHNWRZDQLHUR]NDGXMD]G\
2UJDQL]DFMD NROHMRZ\FK SU]HZR]ÏZ SDVD›HUVNLFK NWÏUHM HOHPHQWHP Z\QLNR
Z\P MHVW NROHMQ\ UR]NDG MD]G\ SRFL•JÏZ REHMPXMH VHNZHQFMÆ QDVWÆSXM•F\FK
G]LDDÍU\V
6]F]HJϏRZ\RSLVRGQRV]•F\VLÆGRNROHMQ\FKHWDSÏZMHVWQDVWÆSXM•F\
2NUHyOHQLHSRWU]HESU]HZR]RZ\FK
3U]HZR]\PLÆG]\DJORPHUDF\MQHPDM•]D]Z\F]DMFKDUDNWHUNRPHUF\MQ\D]DWHP
U\]\NR KDQGORZH SRQRVL SU]HZR|QLN : SU]HFLZLHÍVWZLH ]DWHP GR SU]HZR]ÏZ
DJORPHUDF\MQ\FKLUHJLRQDOQ\FKDSRF]ÆyFLUÏZQLH›PLÆG]\UHJLRQDOQ\FKUHDOL]R
ZDQ\FKQD]DPÏZLHQLHRUJDQL]DWRUDSU]HZR]ÏZXNDGLF]ÆVWRWOLZRyÂSR•F]HÍ
PXVLE\ÂSU]\JRWRZDQDSU]H]QLHJRVDPHJR
:RJÏOQRyFLPR›QDZ\UϛQLÂGZDSU]\SDGNL>@
3RGHMPRZDQLH SUDF\ SU]HZR]RZHM QD QRZHM OXE JUXQWRZQLH ]PRGHUQL
]RZDQHM VLHFL NROHMRZHM Z\PDJD SU]\JRWRZDQLD SURJQR] RSDUW\FK QD
PRGHODFK PDWHPDW\F]Q\FK VNDGDM•F\FK VLÆ QD ZVSRPQLDQH XSU]HGQLR
PRGHORZDQLHSRGUϛ\LSURJQR]RZDQLHUXFKX
:3ROVFHRUJDQL]DWRUDPLSU]HZR]yZVąU]ąG±ZRGQLHVLHQLXGRSRáąF]HĔPLĊG]\UHJLRQDOQ\FKRUD]VDPRU]ąG\ZRMHZyG]NLHLSUH]\GHQFLPLDVW±ZRGQLHVLHQLXGRSU]HZR]yZDJORPHUDF\MQ\FKLUHJLRQDOQ\FK
12:2&=(61(0(72'<25*$1,=$&-,.2/(-2:<&+35=(:2=¯:
427
.RQW\QXDFMDSUDF\SU]HZR]RZHMZNROHMQ\PUR]NDG]LHMD]G\QDGRW\FK
F]DVRZHMVLHFLSR•F]HÍSR]ZDODSU]HZLG]LHÂVSRG]LHZDQ\SRS\WQDSU]H
ZR]\ QD SRGVWDZLH RFHQ\ GRW\FKF]DVRZ\FK WUHQGÏZ Z NRQWHNyFLH SUR
JQR]PDNURHNRQRPLF]Q\FKSODQÏZNRQNXUHQFMLEDGDÍU\QNRZ\FKLWS
5\V(WDS\SURMHNWRZDQLDUR]NDGXMD]G\SRFL•JÏZPLÆG]\DJORPHUDF\MQ\FK
'RVWÆSQHREHFQLHQDU]ÆG]LDLQIRUPDW\F]QHSR]ZDODM•QDSU]\JRWRZDQLHEDUG]R
GRNDGQ\FKSURJQR]SU]HZR]RZ\FK2LOH]DNXSVDP\FKSURJUDPÏZQLHZ\PDJD
‹XUNRZVNL$
428
]D]Z\F]DM GX›\FK QDNDGÏZ WR MHGQDN GRNDGQRy SU]\JRWRZ\ZDQ\FK SURJQR]
]DOH›\RGLORyFLLMDNRyFL]JURPDG]RQ\FKGDQ\FK3URFHVLFKSR]\VNLZDQLDZHU\IL
NDFMLLRSUDFRZ\ZDQLDGRF]HJRVX›•]UHV]W•RVREQHQDU]ÆG]LDMHVWEDUG]RNRV]
WRZQ\LF]DVRFKRQQ\2GUÆEQ\PSUREOHPHPV•WDN›HXPLHMÆWQRyFLRVÏE]DWUXG
QLRQ\FKGRSU]\JRWRZ\ZDQLDSURJQR]-DNSRND]XMHGRyZLDGF]HQLHQLHZ\FKRG]•
RQH]D]Z\F]DMSR]DXPLHMÆWQRyÂREVXJLNRQNUHWQ\FKSURJUDPÏZLQLHV•SRSDUWH
U]HWHOQ•ZLHG]•Z]DNUHVLHPRGHORZDQLDWUDQVSRUWX
3URMHNWRZDQLHVLHFLSR•F]HÍ
:QRZRF]HVQ\PV\VWHPLHWUDQVSRUWXNROHMRZHJROLF]EDLXNDGUHODFMLSRFL•
JÏZSRZLQQ\E\ÂSU]\JRWRZ\ZDQHZRSDUFLX]DUÏZQRRGDQHVSUDZR]GDZF]HMDN
LRSLVDQHXSU]HGQLRSURJQR]\SU]HZR]ÏZ2ERZL•]\ZDÂSRZLQQRSU]\W\PSR
GHMyFLHVLHFLRZHQDZL•]XM•FHZV]F]HJÏOQRyFLGRGZXZ\RGUÆEQLRQ\FKXSU]HGQLR
SUHIHUHQFMLWMF]DVXSU]HMD]GXSRGUϛ\RUD]EH]SRyUHGQLRyFL
=QDM•FGRNDGQ\XNDGSURJQR]RZDQ\FKVWUXJUHODF\MQ\FKQDOH›\G•›\ÂGRSU]\
JRWRZDQLDWDNLHJRXNDGXSR•F]HÍDE\OLF]EDSRGUϛ\EH]SRyUHGQLFKZVNDOLUR]
SDWU\ZDQHMVLHFLSR•F]HÍE\DPDNV\PDOQDRUD]]DSHZQLRQHE\\VNRPXQLNRZD
QLDSRFL•JÏZRQDMZLÆNV]\FKSRWRNDFKSU]HVLDGDM•F\FKVLÆSRGUϛQ\FK
-HGQRF]HyQLHJRG]LQ\SU]\MD]GXLRGMD]GXSRFL•JÏZQDVWDFMHZÆ]RZHSRZLQQ\
E\ÂWDNGREUDQHDE\•F]Q\F]DV%WUDFRQ\SU]H]SRGUϛQ\FKQDSU]HVLDGDQLHE\
PLQLPDOQ\&]DVWHQVWDQRZLLORF]\QOLF]E\SU]HVLDGDM•F\FKVLÆSRGUϛQ\FK[RUD]
F]DVÏZFSU]H]QDF]RQ\FKQDSU]HVLDGNÆZXVWDORQ\P]ELRU]H3SRFL•JÏZLRUD]M
QDZV]\VWNLFK6UR]SDWU\ZDQ\FKVWDFMDFKZÆ]RZ\FK
6]F]HJϏRZ\ RSLV WHJR ]DJDGQLHQLD ZUD] ] SU]\NDGHP REOLF]HQLRZ\P GOD
SU]\SDGNXV\PHWU\F]QHJRUR]NDGXMD]G\SU]HGVWDZLRQRZSUDF\>@
1DOH›\SU]\W\PSRGNUHyOL›H]SXQNWXZLG]HQLDRUJDQL]DFMLSU]HZR]ÏZSD
VD›HUVNLFKQDFDHMVLHFLNROHMRZHMGDQHJRNUDMXOXEUHJLRQXXNDGSR•F]HÍPLÆ
G]\DJORPHUDF\MQ\FKPDFKDUDNWHUQDGU]ÆGQ\ZW\PVHQVLH›HUR]NDG\MD]G\SR
FL•JÏZPLÆG]\UHJLRQDOQ\FKDJORPHUDF\MQ\FKLUHJLRQDOQ\FKSRZLQQ\SRZVWDZDÂ
ZSHZQ\P]DNUHVLHZGRVWRVRZDQLXGRWHJRUR]NDGX
3ODQRZDQLHSUDF\WDERUX
3DUN WDERUX NROHMRZHJR MDNLP G\VSRQXMH SU]HZR|QLN UHDOL]XM•F\ SU]HZR
]\ PLÆG]\DJORPHUDF\MQH REHMPXM•F\ ZDJRQ\ SDVD›HUVNLH ORNRPRW\Z\ ]HVSR\
WUDNF\MQHRUD]SRFL•JL]HVSRRZHPDSRGVWDZRZ\ZS\ZQDNRV]W\SURFHVXHNV
SORDWDF\MQHJR3ODQRZDQLHSU]HZR]ÏZPXVL]DWHPSURZDG]LÂGRMDNQDMOHSV]HJR
Z\NRU]\VWDQLD W\FK ]DVREÏZ 3U]\JRWRZ\ZDQ\ UR]NDG MD]G\ PXVL E\ ] MHGQHM
VWURQ\ PR›OLZ\ GR REVX›HQLD SRVLDGDQ\PL SRMD]GDPL ] GUXJLHM ]Dy SU]HZLG\
'H¿QLFMĊstrugi relacyjnejRUD]LQQ\FKSRMĊü]ZLą]DQ\FK]RUJDQL]DFMąSRWRNyZSDVDĪHUVNLFKPRĪQD]QDOHĨüZSUDFDFK>@RUD]>@
12:2&=(61(0(72'<25*$1,=$&-,.2/(-2:<&+35=(:2=¯:
429
ZDÂ]DWUXGQLHQLHPR›OLZLHPDNV\PDOQHMLFKOLF]E\'HF\GXM•F\PSDUDPHWUHPMHVW
SU]\W\PZVSϏF]\QQLNJRWRZRyFLSRV]F]HJÏOQ\FKVHULLZDJRQÏZORNRPRW\ZF]\
]HVSRÏZ
:SURFHGXU]HSURMHNWRZDQLDUR]NDGXMD]G\RSLVDQHMQDU\VQDOH›\]DWHP
SU]HZLG]LHÂZHU\ILNDFMÆ]DSURMHNWRZDQHMVLHFLSR•F]HÍZNRQWHNyFLHSRVLDGDQHJR
SDUNXWDERUX:SU]\SDGNXJG\ZVSRPQLDQHZ\›HMZDUXQNLQLHV•VSHQLRQHNR
QLHF]Q\MHVWSRZUÏWGRSURMHNWRZDQLDWHMVLHFLDE\]PLQLPDOL]RZDÂNRV]W\]ZL•]D
QH]QLHZ\NRU]\VWDQ\PLSRMD]GDPLRUD]HZHQWXDOQ•NRQLHF]QRyFL•LFKZ\QDMPX
1DOH›\WDN›HXZ]JOÆGQLÂHZHQWXDOQ\SURFHV]DNXSXRUD]SRMDZLHQLHVLÆQRZ\FK
SRMD]GÏZZWUDNFLHRERZL•]\ZDQLDUR]NDGXMD]G\
'RNDGQHLQIRUPDFMHGRW\F]•FHOLF]E\SRWU]HEQHJRWDERUXV•PR›OLZHGRX]\
VNDQLD QD SRGVWDZLH ]DSURMHNWRZDQ\FK RELHJÏZ >@ 1DOH›\ ]ZUÏFL XZDJÆ ›H
QLHZDyFLZLHSU]\JRWRZDQHF]DV\RGMD]GXSRFL•JÏZ]HVWDFMLSRF]•WNRZ\FKRUD]
SU]\MD]GXQDVWDFMHNRÍFRZHPRJ•SURZDG]LÂGRQDGPLHUQHJR]DSRWU]HERZDQLD
QDWDERUNROHMRZ\'RW\F]\WRZV]F]HJÏOQRyFLF\NOLF]QHJRD]ZDV]F]DV\PHWU\F]
QHJRUR]NDGXMD]G\>@
2ELHJLWDERUXSRZLQQ\SU]\W\PXZ]JOÆGQLDÂLFKELH›•FHXWU]\PDQLHRUD]Z\
PDJDQHUHZL]MHLQDSUDZ\FRZ\PDJD]ELODQVRZDQLDPR›OLZRyFL]DSOHF]DXWU]\
PDQLRZRQDSUDZF]HJRZSRZL•]DQLX]SURJUDPHPQDSUDZELH›•F\FKLJÏZQ\FK
SODQRZDQ\FKPRGHUQL]DFMLLWS
3ODQRZDQLHSUDF\GUX›\QSRFL•JRZ\FK
3U]\JRWRZDQ\UR]NDGMD]G\Z\PDJDREVXJLGUX›\QDPLSRFL•JRZ\PLREHM
PXM•F\PL PDV]\QLVWÏZ RUD] NRQGXNWRUÏZ 3ODQ LFK SUDF\ SU]\JRWRZXMH VLÆ
]XZ]JOÆGQLHQLHPSU]HSLVÏZRF]DVLHSUDF\LLQQ\FKLQVWUXNFMLSU]HZR|QLND,VWRW
QH]QDF]HQLHPDWDN›HUR]PLHV]F]HQLHVWDFMLSRVWRMXSRFL•JÏZQDNWÏU\FKPR›H
RGE\ZDÂVLÆSU]HND]\ZDQLHLFKREVXJLRUD]PLHMVFD]DPLHV]NDQLDSUDFRZQLNÏZ
:DyFLZHUR]ZL•]DQLDZW\P]DNUHVLHSR]ZDODM•]UHGXNRZDÂNRV]W\SU]HZR|QLND
]ZL•]DQH]]DWUXGQLHQLHPSUDFRZQLNÏZFRVWDQRZL]D]Z\F]DMEDUG]RZD›Q•SR
]\FMÆZEXG›HFLHSRGPLRWXJRVSRGDUF]HJR
:GUR›HQLHUR]NDGXMD]G\
']LDDQLDSRGHMPRZDQHZREV]DU]HQD]ZDQ\PXPRZQLHdZGUR›HQLHPUR]ND
GXMD]G\rPDM•UϛQ\FKDUDNWHUL]DPLHV]F]RQH]RVWD\ZFHOXRSLVRZHJRGRSH
QLHQLDFDHJRSURFHVX3RPLMDM•FRF]\ZLVWHDOHMHGQRF]HyQLH]R›RQH]DJDGQLHQLD
]ZL•]DQH]]DPDZLDQLHPWUDVX]DU]•GF\LQIUDVWUXNWXU\SRGSLVDQLHPXPRZ\RUD]
G\VWU\EXFM• QRZHM RIHUW\ SU]HZR]RZHM RG]ZLHUFLHGORQHM RSUDFRZDQ\P UR]ND
GHP MD]G\ ZDUWR SRGNUHyOL NRQLHF]QRy SU]\JRWRZDQLD SURFHVX ]PLDQ\ UR]ND
GXdVWDUHJRrQDdQRZ\r,PZLÆNV]H]PLDQ\]ZL•]DQHV•]QRZ•RIHUW•W\PEDU
G]LHMVNRPSOLNRZDQ\MHVWSURFHVMHMZGUR›HQLD'RW\F]\WR]ZDV]F]DNRQLHF]QRyFL
RSUDFRZDQLDdMHGQRUD]RZ\FKrRELHJÏZWDERUXZL•›•F\FKGZD]UϛQLFRZDQHSODQ\
SUDF\ : SU]\SDGNX SU]HZR]ÏZ PLÆG]\DJORPHUDF\MQ\FK RUD] Z ]ZL•]NX ] VWD
OHPDOHM•F•OLF]E•SRFL•JÏZQRFQ\FKQDVWÆSXMHNRQFHQWUDFMDSU]HZR]ÏZZSRU]H
‹XUNRZVNL$
430
G]LHQQHM8DWZLDWRZRF]\ZLVW\VSRVÏEZ\PLDQÆUR]NDGÏZMD]G\ZFKRG]•F\FK
Z›\FLHRGSRF]•WNXNROHMQHJRGQLD
1RZRF]HVQ\UR]NDGMD]G\
2SLVDQHVNUÏWRZRSRVWÆSRZDQLHZHZVSϏF]HVQ\PSURFHVLHSU]\JRWRZ\ZD
QLDUR]NDGXMD]G\SRFL•JÏZPLÆG]\DJORPHUDF\MQ\FKSURZDG]LGRVIRUPXRZDQLD
ZQLRVNÏZGRW\F]•F\FKRJÏOQHMSRVWDFLWDNLHJRUR]NDGX
:KLVWRU\F]Q\PSURFHVLHUR]ZRMXWUDQVSRUWXNROHMRZHJRQDVW•SLLVWRWQ\UR]
ZÏMRUJDQL]DFMLLWHFKQLNLUXFKXNROHMRZHJR3RF]•WNRZHSRVWDFLHUR]NDGXMD]G\
ZNWÏU\FKQDZ\NUHVLHUXFKXtZVSRVÏEGRSHZQHJRVWRSQLDSU]\SDGNRZ\tV•
VLDGRZD\RERNVLHELHSRFL•JLUϛQ\FKNDWHJRULLZW\PSDVD›HUVNLHLWRZDURZH
VWRSQLRZR]DQLNDM•=PLDQLHXOHJDM•QDSU]\NDGSDUDPHWU\WHFKQLF]QRUXFKRZH
SRFL•JÏZSDVD›HUVNLFKNWÏUHNLHG\ySU]HV•G]D\RNRQLHF]QRyFLLQG\ZLGXDOQHJR
WUDVRZDQLDND›GHJRSRFL•JX]DOH›QLHRGMHJRPDV\FKDUDNWHU\VW\NLWUDNF\MQHMSR
MD]GXLWS
6FKDUDNWHU\]RZDQHQDZVWÆSLHWHQGHQFMHUR]ZRMRZHGRW\F]•FHSU]HZR]ÏZPLÆ
G]\DJORPHUDF\MQ\FKLDJORPHUDF\MQ\FKSURZDG]•GRQDV\FRQHJRUXFKXSRFL•JÏZ
QDOLQLDFKPDJLVWUDOQ\FKZW\PV]F]HJÏOQLHZREUÆELHZLHONLFKPLDVWEÆG•F\FK
]D]Z\F]DMGX›\PLZÆ]DPLNROHMRZ\PL-HGQRF]HyQLHRF]HNLZDQLDSRGUϛQ\FKQD
REHFQ\PU\QNXWUDQVSRUWRZ\PLG•ZNLHUXQNXXDWZLRQHJRGRVWÆSXGRSU]HZR
]ÏZNROHMRZ\FK2]QDF]DWRNRQLHF]QRyÂXSURV]F]HQLDF]\OLVWUXNWXU\]DFMLRIHUW\
SU]HZR]RZHM
2GSRZLHG]L•NROHLV•ZSURZDG]DQHVWRSQLRZRW]ZF\NOLF]QHUR]NDG\MD]G\
NWÏU\FKQDMEDUG]LHMUR]ZLQLÆW•SRVWDFL•V•UR]NDG\V\PHWU\F]QH>@:GRFHOR
Z\PPRGHOXSRMDZLDM•F\PVLÆZQRZRF]HVQ\FKUR]ZLQLÆW\FKJÏZQLHHXURSHM
VNLFKV\VWHPDFKNROHMRZ\FKVLHÂSR•F]HÍNROHMRZ\FK]DF]\QDSU]\SRPLQDÂPH
WUR]EXGRZDQHZZDUXQNDFKLSURSRUFMDFKNROHMRZ\FK
6WDH UHODFMH SRFL•JÏZ XVWDORQ\ L QLH]PLHQQ\ F\NO SR•F]HÍ SRV]F]HJÏOQ\PL
NDWHJRULDPL SRFL•JÏZ SUHF\]\MQH VNRPXQLNRZDQLD QD VWDFMDFK ZÆ]RZ\FK ]X
QLILNRZDQ\WDERUGHG\NRZDQ\GRNRQNUHWQ\FKOLQLLLGRVWRVRZDQ\GR]DR›RQ\FK
]DGDÍSU]HZR]RZ\FKSURZDG]•ZNLHUXQNXXQLILNDFMLLVWDQGDU\]DFMLRIHUW\NROH
MRZHM
2]QDF]DWRMHGQRF]HyQLHNRQLHF]QRyÂVSHFMDOL]DFMLOLQLLNROHMRZ\FKSU]HQRV]HQLH
UXFKXSRFL•JÏZWRZDURZ\FKQDJRG]LQ\QRFQHOXEWUDVRZDQLHLFKt]GX›\PWUX
GHPtSRPLÆG]\SRFL•JDPLSDVD›HUVNLPLJÏZQLHZJRG]LQDFKSR]DV]F]\WRZ\FK
7DND RUJDQL]DFMD SU]HZR]ÏZ SDVD›HUVNLFK Z LVWRWQ\ VSRVÏE SU]HNDGD VLÆ QD
SURFHGXU\SODQRZDQLDUXFKXSRFL•JÏZRUD]SU]\JRWRZ\ZDQLDQRZHJRUR]NDGX
MD]G\ 1LHNWÏUH HOHPHQW\ ] W\P ]ZL•]DQH RSLVDQH ]RVWD\ SRZ\›HM : SUDNW\FH
SU]\JRWRZDQLH UR]NDGX MD]G\ R]QDF]D ]DZV]H NRQLHF]QRy V]XNDQLD UR]ZL•]DÍ
ZL•›•F\FK SR•F]HQLD Z V\VWHPLH dWUDG\F\MQ\Pr ] QRZ\PL Z\VWÆSXM•F\PL QD
SU]\NDGQDOLQLDFKV]\ENLHJRUXFKX
12:2&=(61(0(72'<25*$1,=$&-,.2/(-2:<&+35=(:2=¯:
431
:DUWRWDN›H]DXZD›\›HVWUXNWXU\]DFMDUR]NDGXMD]G\SRFL•JÏZPLÆG]\DJOR
PHUDF\MQ\FKSU]HNDGDVLÆUÏZQLH›QDLQQHSRGV\VWHP\]ZDV]F]DQDSR•F]HQLD
PLÆG]\UHJLRQDOQHLUHJLRQDOQHDQDZHWQDPLHMVNLWUDQVSRUWSXEOLF]Q\LNRPXQL
NDFMÆDXWREXVRZ•3R]ZDODWRZHIHNFLHEXGRZDÂSU]\MD]Q\GODSRGUϛQHJRV\V
WHPLQWHUPRGDOQ\
3RGVXPRZDQLH
:DUW\NXOHSU]HDQDOL]RZDQRQRZRF]HVQHPHWRG\NRQVWUXRZDQLDVLHFLSR•F]HÍ
NROHMRZ\FKLEXGRZ\UR]NDGXMD]G\ZQDZL•]DQLXGR]DR›RQ\FKNU\WHULÏZRG
SRZLDGDM•F\FKF]WHUHPZ\EUDQ\PSUHIHUHQFMRPZ\ERUXNROHLMDNRyURGNDWUDQV
SRUWX
:DUXQNLHPNRQLHF]Q\PGRZGUR›HQLDSU]HGVWDZLRQ\FKUR]ZL•]DÍMHVWXVWDEL
OL]RZDQDV\WXDFMDZ]DNUHVLHLQIUDVWUXNWXU\NROHMRZHMD]DWHPXNRÍF]RQHSURFHV\
PRGHUQL]DFMLOLQLLPDJLVWUDOQ\FKRUD]GZRUFÏZNROHMRZ\FK%XGRZDQRZRF]HVQHM
VLHFLSR•F]HÍNROHMRZ\FKEÆG]LHPLDDLVWRWQ\ZS\ZQDGDOV]\UR]ZÏMVSRHF]QR
JRVSRGDUF]\NUDMX
/LWHUDWXUD
>@+DQVHQ,3DFKO-UHG5DLOZD\7LPHWDEOH7UDIILF(XUDLOSUHVV+DP
EXUJ
>@.XGULDYFHYD : $ UHG 2UJDQL]DFLMD ›HOH]QRGRUR›Q\FK SDVVD›LUVNLFK
SHUHYR]RN:\GDZQLFWZRd$NDGHPLDr0RVNZD
>@DV]NLHZLF] 5 2UJDQL]DFMD NROHMRZ\FK SU]HZR]ÏZ SDVD›HUVNLFK :\
GDZQLFWZR3ROLWHFKQLNL5DGRPVNLHM5DGRP
>@0DVWHUSODQGODWUDQVSRUWXNROHMRZHJRZ3ROVFHGRURNX0LQLVWHU
VWZR7UDQVSRUWXL*RVSRGDUNL0RUVNLHM:DUV]DZD
>@6WUDWHJLD UR]ZRMX WUDQVSRUWX GR URNX 0LQLVWHUVWZR 7UDQVSRUWX
L*RVSRGDUNL0RUVNLHM:DUV]DZD
>@‹XUNRZVNL $ 0RGHORZDQLH SU]HZR]ÏZ PLÆG]\DJORPHUDF\MQ\FK 3UR
EOHP\.ROHMQLFWZD]V
>@‹XUNRZVNL$3U]HZR]\DJORPHUDF\MQHLUHJLRQDOQHMDNRHOHPHQWV\VWH
PRZHM RUJDQL]DFML SU]HZR]ÏZ SDVD›HUVNLFK .RQIHUHQFMD 6,7. .UDNÏZ
d1RZRF]HVQH WHFKQRORJLH L V\VWHP\ ]DU]•G]DQLD Z WUDQVSRUFLH V]\QR
Z\Pr=DNRSDQH
>@‹XUNRZVNL $ =DVWRVRZDQLH V\PHWU\F]QHJR UR]NDGX MD]G\ Z SU]HZR
]DFK PLÆG]\DJORPHUDF\MQ\FK .RQIHUHQFMD :\G]LDX 7UDQVSRUWX 3:
d7UDQVSRUW;;,ZLHNXr5\Q
675(6=&=(1,$$1*,(/6.,($57<.8¯:
+HQU\N%DXFK
'(7(50,1$1762)7+((9$/8$7,21
2)()),&,(1&<2)5$,/:$</,1(602'(51,=$7,21
6XPPDU\0RGHUQLVDWLRQRIUDLOZD\OLQHVLVYHU\H[SHQVLYH7KHUHFHLYHGUH
VXOWVRIWKHPRGHUQLVDWLRQVKRXOGEHHYDOXDWHGE\DXQLIRUPPHWKRGWDNLQJLQWR
DFFRXQWWKHRSHUDWLRQDODQGLQIUDVWUXFWXUDOSDUDPHWHUV7KHHYDOXDWLRQVKRXOGQRW
EHOLPLWHGRQO\WRWKHVDPHPRGHUQLVHGOLQHEXWLWDOVRVKRXOGWDNHLQWRDFFRXQW
WKH LPSDFW RI WKLV PRGHUQLVDWLRQ RQ RSHUDWLRQDO SDUDPHWHUV RI FRQQHFWHG OLQHV
7KHSDSHUSUHVHQWVVXFKDPHWKRGRIWKHHYDOXDWLRQSURSRVHGE\WKHDXWKRU$OO
FDOFXODWLRQVDFFRUGLQJWRWKHPHWKRGDUHLOOXVWUDWHGZLWKH[DPSOHV
.H\ZRUGVUDLOZD\OLQHVPRGHUQL]DWLRQHYDOXDWLRQRIHIILFLHQF\
0LURVDZD%D]DUQLN
6,*1,),&$1&(2)'(*5$'$7,21352&(66(6
,1&21&5(7(5(&2*1,7,21:,7+5(63(&7
727+(2%-(&762)5$,/:$<,1)5$6758&785(
6XPPDU\'XHWRPDQ\\HDUVRIQHJOHFWLQJWKHUDLOZD\QHWZRUNLQ3RODQG
LWUHTXLUHVDQXPEHURIFRUUHFWLYHDFWLRQVRIUDLOZD\LQIUDVWUXFWXUH&XUUHQWO\WKH
q0XOWLDQQXDO 3URJUDPPH RI 5DLOZD\ ,QYHVWPHQW E\ r ZLOO EH FDUULHG RXW
DQG LW LV H[SHFWHG WKDW WKH SURJUDPPH DOORZV IRU LPSURYLQJ WKH TXDOLW\ RI UDLO
LQIUDVWUXFWXUH,QRUGHUWRDYRLGLQVWLWXWLRQDOHUURUVWKDWFRQWULEXWHWRWKHGHJUD
GDWLRQ RI WKH REMHFWV WKH LPSDFW RI HQYLURQPHQWDO FRQGLWLRQV RQ WKH ORQJWHUP
LQWHJULW\DQGLQIUDVWUXFWXUHVHUYLFHOLIHVKRXOGEHDQDO\VHG
.H\ZRUGVUDLOZD\LQIUDVWUXFWXUHFRQFUHWHGHJUDGDWLRQVXOSKDWHFRUURVLRQ
675(6=&=(1,$$1*,(/6.,($57<.8¯:
434
5RPDQ%RJDF]:RG]LPLHU]&]\F]XD
$1$/<6(2)6(/(&7(''<1$0,&$/())(&76
,15$,/:$<75$&.
6XPPDU\7KHSUHVHQWDWLRQGHDOVZLWKVHOHFWHGG\QDPLFDOHIIHFWVZKLFKRXJKW
WR EH LQWHUHVWLQJ IRU HQJLQHHULQJ VWDII DQG UHVHDUFKHUV RI UDLOZD\ LQIUDVWUXFWXUH
6RPHRIG\QDPLFDOSKHQRPHQDWKDWRFFXULQLQWHUDFWLRQRIORZDQGKLJKVSHHG
UDLOZD\YHKLFOHVZLWKWUDFNDUHFRPSOLFDWHGDQGWKDWLVZK\QRWFRPPRQO\NQRZQ
,QWKHSDSHUDUHYLHZRIVHOHFWHGSUREOHPVDQGH[HPSODU\UHVXOWVRIVLPXODWLRQDQG
H[SHULPHQWDOLQYHVWLJDWLRQVDUHJLYHQ
.H\ZRUGVWUDFNG\QDPLFVFRUUXJDWLRQUHVRQDQFH
3U]HP\VDZ%URQD5REHUW.UXN
,03529(0(172),17(502'$/75$163257
,1)5$6758&785(67$7(,17+(1(:),1$1&(
3(563(&7,9(
6XPPDU\6RPHSURSRVDOVRIVWDWHLPSURYHPHQWRIWKHOLQHDQGSRLQWLQIUD
VWUXFWXUHXVHGLQUDLOZD\LQWHUPRGDOWUDQVSRUWKDYHEHHQJLYHQLQWKHSDSHU7KH
SUHVHQWVWDWHRIUDLOZD\LQWHUPRGDOWUDQVSRUWLQ3RODQGLQFOXGLQJWKHORFDWLRQRI
LQWHUPRGDOWHUPLQDOVLQWKH3ROLVKUDLOZD\QHWZRUNKDVEHHQSUHVHQWHGLQWKHILUVW
SDUWRIWKHSDSHU7KHUDQJHRIILQDQFHVXSSRUWIRUHQWUHSUHQHXUVRSHUDWLQJLQWKH
DUHDRILQWHUPRGDOWUDQVSRUWLQSUHVHQWILQDQFHSHUVSHFWLYHKDVEHHQ
GLVFXVVHG 7KH GLUHFWLRQV RI LQWHUPRGDO WUDQVSRUW GHYHORSPHQW LQ WKH QH[W IHZ
\HDUV KDYH EHHQ VKRZQ LQ WKH VHFRQG SDUW RI WKH SDSHU 7KH PDLQ DVVXPSWLRQV
UHVXOWLQJ IURP WKH 2SHUDWLRQDO 3URJUDPPH ,QIUDVWUXFWXUH DQG (QYLURQPHQW LQ
DQGWKHSURSRVDOVRIWKHQHZLQIUDVWUXFWXUDOLQYHVWPHQWVIRUWKLVVHJ
PHQWRIWKHWUDQVSRUWKDYHEHHQSUHVHQWHG
.H\ZRUGVUDLOZD\LQWHUPRGDOWUDQVSRUWLQWHUPRGDOWHUPLQDOV
675(6=&=(1,$$1*,(/6.,($57<.8¯:
435
0DULXV]%XDZD.U]\V]WRI6HPUDX
5(/,$%,/,7<2)78512876<67(0
t6(/(&7('$63(&76
6XPPDU\7KHUHZHUHSUHVHQWHGLQWKHSDSHUWKHVHOHFWHGLVVXHVFRQFHUQLQJ
WKHUHOLDELOLW\RIDWXUQRXWV\VWHP7KHFRQFOXVLRQVIURPWKH,QQRWUDFNSURMHFWDQG
UHVHDUFKSURMHFWVDFFRPSOLVKHGE\2%%6%%DQG'%DVZHOODVWKHH[SHULHQFHRI
3.3KDYHEHHQXVHG
.H\ZRUGVWXUQRXWUHOLDELOLW\OLIHF\FOHFRVWV
7RPDV]&]DXGHUQD0LFKD0DQLRZVNL
(/$67,&.,1(0$7,&$1$/<6,62)/,1.&283/(5
6<67(086(',1/2:)/22575$032:(575$,16
6XPPDU\7KHSDSHUSUHVHQWVHODVWLFNLQHPDWLFDQDO\VLVRIVSDWLDOOLQNFR
XSOHUV\VWHPXVHGLQORZIORRUWUDPSRZHUWUDLQVZLWKFODVVLFGULYHERJLHV7KLV
DUWLFOHLVDFRQWLQXDWLRQRISUHYLRXVZRUNSUHVHQWHGDWODVW\HDUpVFRQIHUHQFHZKHUH
RQO\WKHNLQHPDWLFSURSHUWLHVRIVXFKFRXSOLQJZHUHDQDO\VHG,QWKLVSDSHUWKH
H[SHULPHQWDOFKDUDFWHUL]DWLRQRIOLQHDUDQGDQJXODUVWLIIQHVVRIPHWDODQGUXEEHU
EXVKLQJLQVWDOOHGLQDUPVKRUL]RQWDOFRXSOLQJDUHFDOFXODWHG(VWLPDWHGVWLIIQHVV
KDVEHHQWKHQLQVHUWHGLQWRWKHFRXSOLQJPRGHOLQZKLFKWKHRXWVLGHRIWKHFRQVL
GHUHGFRUHVRWKHUHOHPHQWVDUHFRQVLGHUHGWREHSHUIHFWO\ULJLG&DOFXODWHGFOXWFK
UHSODFHPHQW VWLIIQHVVPDWUL[DQG VHOHFWHGFRHIILFLHQWVKDYHEHHQFRPSDUHG ZLWK
WKHUHVXOWVREWDLQHGXVLQJWKHVHFRQGPHWKRGNQRZQIURPWKHOLWHUDWXUH
.H\ZRUGVORZIORRUWUDPSRZHUWUDLQPXOWLOLQNFRXSOHUVHODVWLFNLQHPDWLF
DQDO\VLV
-Ï]HI*DZOLN3LRWU*LEDV0DUHN1RZDN
620(352%/(062)5$,/:$<,1)5$6758&785(
2%-(&76',$*1267,&6
6XPPDU\7KHVHOHFWHGSUREOHPVRIGLDJQRVLVDQGPRQLWRULQJRIWKHUDLOZD\
LQIUDVWUXFWXUHREMHFWVWHFKQLFDOFRQGLWLRQVKDYHEHHQGLVFXVVHGLQWKHSDSHU7KH
ZD\V RI LPSOHPHQWDWLRQ DFWLYLWLHV FRQQHFWHG ZLWK GLDJQRVLV DQG PRQLWRULQJ RI
UDLOZD\LQIUDVWUXFWXUHVWUXFWXUHVWDWHKDYHEHHQDOVRGHVFULEHG
.H\ZRUGVUDLOZD\LQIUDVWUXFWXUHREMHFWVGLDJQRVLVDFRXVWLFHPLVVLRQLQGLD
JQRVLVRIVWHHOEULGJHV
675(6=&=(1,$$1*,(/6.,($57<.8¯:
436
,JRU*LVWHUHN
,1129$7,9(62/87,216)253/$7)250('*(6
6XPPDU\ 7KHDUWLFOHGHDOV ZLWKVRPH SURSRVDOV RILQQRYDWLYHVROXWLRQV IRU
SODWIRUPHGJHV'XHWRDJLQJRIVRFLHW\DQGQHHGRILPSURYLQJRISXEOLFWUDQVSRUW
DFFHVVLELOLW\IRUWKHKDQGLFDSSHGVRPHH[DPSOHVRIIL[HGDQGDXWRPDWLFJDSILOOHU
V\VWHPVKDYHEHHQSUHVHQWHG$FRPSDULVRQRIUROOLQJVWRFNDQGORDGLQJJDXJHV
VWUXFWXUHVKDVEHHQSHUIRUPHGDQGIROORZHGE\GHGXFWLRQV$OVRDQRZQFRQFHSW
RIJDSILOOHUGHYLFHKDVEHHQSUHVHQWHG
.H\ZRUGVSODWIRUPLQIUDVWUXFWXUHUROOLQJVWRFN
.U]\V]WRI*URFKRZVNL-XOLXV].DURODN
)81&7,21$//,0,7$7,2162)5$,/:$<6,*1$/,1*
$1',17(5/2&.,1*6<67(06
6XPPDU\ 7KLV DUWLFOH SUHVHQWV VHOHFWHG IXQFWLRQDO OLPLWDWLRQV RI UDLOZD\ VL
JQDOOLQJDQGLQWHUORFNLQJV\VWHPV6RPHVLWXDWLRQVRFFXUULQJZKHQVWRSVLJQDODW
VHPDSKRUHLVIDXOWDUHFRQVLGHUHG7KHXVDJHRISURWHFWLYHGHYLFHVDQGFRQWUROOLQJ
WKHHOHPHQWVRIWKHURDGEHWZHHQKLJKZD\GULYLQJDQGSURWHFWLYHDQGVDIHW\HTX
LSPHQWDUHGLVFXVVHG
.H\ZRUGV UDLOZD\ WUDIILF FRQWURO IDLOXUHV VWRS DVSHFWV RYHUODS SURWHFWLRQ
JLYLQJHOHPHQW
6DZRPLU*UXONRZVNL-HU]\=DULF]Q\
5,6.$66(660(170(7+2'2/2*<$77+(67$*(2)
&216758&7,21$1'23(5$7,21
2)7+(%$/$67/(665$,/75$&.6
6XPPDU\,QWKLVDUWLFOHWKHDSSOLFDWLRQRI)0($PHWKRGIRUULVNDVVHVVPHQW
LQEDOODVWOHVVWUDFNVLVGHPRQVWUDWHG
.H\ZRUGV)0($ULVNDQDO\VLVEDOODVWOHVVWUDFN
675(6=&=(1,$$1*,(/6.,($57<.8¯:
437
6DZRPLU*UXONRZVNL-HU]\=DULF]Q\
5(9,(:2)',$*1267,&(;$0,1$7,216
2)5$,/75$&.686,1*(''<&855(176
6XPPDU\7KHDUWLFOHFRQWDLQVDUHYLHZRIWKHHGG\FXUUHQWLQYHVWLJDWLRQVRI
UDLOWUDFNVWKDWKDYHEHHQSHUIRUPHGLQ*HUPDQ\IRUUHFHQW\HDUV7KHGHSHQGHQFH
RIHGG\FXUUHQWDPSOLWXGHRQWKHKDUGQHVVRIWKHUDLOZHOGLVGHPRQVWUDWHG7KH
GLVFUHSDQF\EHWZHHQWKHUHVXOWVREWDLQHGIURPWKHH[DPLQDWLRQVRIWKHUDLOVPDGH
IURPKLJKKDUGQHVVVWHHOW\SHVLVVKRZQ
.H\ZRUGVUDLOZD\WUDFNHGG\FXUUHQWVUDLOGLDJQRVWLFV
3U]HP\VDZ,OF]XN:LHVDZ=DERFNL
7+(&21&(372)0(7+2')25/2&$/,=,1*%$/,6(6
21/,1(6(48,33(':,7+(7&6
6XPPDU\7KHSDSHUSUHVHQWVVRPHSUREOHPVFRQFHUQLQJWKHORFDOL]LQJEDOLVHV
RQOLQHVHTXLSSHGZLWK(7&6$QDQDO\VLVRIOLWHUDWXUHKDVEHHQFDUULHGRXWDQG
WKHSUREOHPRIWKHGHSHQGHQF\RQWKHOLQHFDSDFLW\RIEDOLVHORFDWLRQKDVEHHQ
IRUPXODWHG $ PHWKRG RI FRPSXWHU VLPXODWLRQ VWXGLHV WKDW ZLOO GHWHUPLQH WKH
RSWLPXPSODFHPHQWRIEDOLVHVIRUDJLYHQUDLOZD\OLQHKDVDOVREHHQSURSRVHG
.H\ZRUGVUDLOWUDIILFFDSDFLW\OLQHVFRQWUROV\VWHP(7&6EDOLVHWUDQVSRQ
GHU
/XFMDQ-DQDV
$66(660(172)'<1$0,&3$5$0(7(56
2)5$,/:$<75866%5,'*(
6XPPDU\7KHILQGLQJVRIUHVHDUFKRIQHZUDLOZD\EULGJHKDYHEHHQSUHVHQWHG
LQWKHSDSHU7KLVEULGJHZDVGHVLJQHGDFFRUGLQJWRWKHROG3ROLVKVWDQGDUGVEXW
LWVG\QDPLFDQDO\VLVZDVFDUULHGRXWDFFRUGLQJWRUHTXLUHPHQWVRIWKH(XURSHDQ
VWDQGDUGV
.H\ZRUGVUDLOZD\EULGJHG\QDPLFSDUDPHWHUVUHVHDUFK
675(6=&=(1,$$1*,(/6.,($57<.8¯:
438
$UNDGLXV].DPSF]\N
&855(17352%/(062)$33/,&$%/(5(*8/$7,216
2)7+(1$7,21$/5$,/:$<1(7:25.0$1$*(5
6XPPDU\7KHDLPRIWKHSDSHULVWRSUHVHQWWKHGDWDWKDWZHUHFROOHFWHGDQG
LQWHUSUHWHGE\WKHDXWKRUDQGWRH[SODLQFXUUHQWSUREOHPVRFFXUULQJLQWKHFRQWH[W
RIH[LVWLQJOHJDOUHJXODWLRQVRIWKHQDWLRQDOUDLOZD\QHWZRUNPDQDJHULQUHIHUHQFH
WRZKLFKJHRGHVLFGLDJQRVWLFZRUNHULVREOLJHGWRWDNHDSSURSULDWHSRVLWLRQ7KH
DXWKRUpVUHPDUNVILQGLQJVDQGFRPPHQWVDUHSUHVHQWHGLQWKHSDSHU7KHDUWLFOH
VKRZVWKHLQFRQVLVWHQF\RIH[LVWLQJOHJLVODWLRQWKDWDUHFDXVHGE\WKHODFNRIXQL
IRUPLW\LQWKHGLDJQRVWLFSHUIRUPDQFHRIJHRGHWLFDQGUDLOWUDQVSRUWLQIUDVWUXFWXUH
.H\ZRUGVODZUHJXODWLRQVLQFRQVLVWHQF\RIUHJXODWLRQVUDLOZD\UHJXODWLRQV
UHJXODWLRQVLQWKH3.3LQVWUXFWLRQV
$UNDGLXV].DPSF]\N0LFKD6WUDFK
,'($2)$33/<,1*7+(5),'7(&+1,48(
,1,19(1725<,1*2)7+(,1)5$6758&785(
2)7+(5$,/75$163257
6XPPDU\$QDUWLFOHLQLWVFRUHSDUWVVKRZVWKHXVHRI5),'WHFKQRORJ\5DGLR
)UHTXHQF\,GHQWLILFDWLRQIRUWKHLPSOHPHQWDWLRQRIVXUYH\VDQGGLDJQRVWLFWHVWV
LQUDLOLQIUDVWUXFWXUH7KHDUWLFOHSUHVHQWVWKHDXWKRUpVZD\RILGHQWLI\LQJHOHPHQWV
RIUDLOLQIUDVWUXFWXUHIRUWKHWZRPHWKRGVRIPHDVXULQJWUDFNJHRPHWU\GLUHFWDQG
LQGLUHFW7KHSDSHUSUHVHQWVWKHILQGLQJVDQGFRQFOXVLRQVRIDXWKRUVRIDQLQQRYD
WLYHPHWKRGRORJ\IRUFROOHFWLQJGDWDRQWKHHOHPHQWVRIUDLOLQIUDVWUXFWXUH
.H\ZRUGV5),'WUDFNJHRPHWU\PHDVXUHPHQWPHWKRGVGLDJQRVLVRIUDLOZD\
WUDFNJHRPHWU\
675(6=&=(1,$$1*,(/6.,($57<.8¯:
439
.D]LPLHU].RVHN%DUWRPLHM.XV]ND
352%/(062)/2&$7,212)6(/(&7('6(&7,216
2)$*&$*7&/,1(6$7$5($681'(57+(,03$&7
2),17(16,9(0,1,1*,17(5$&7,216
6XPPDU\7KHGHVLJQLQJFRQFHSWRIWKHDOWHUQDWLYHVROXWLRQVIRUWKH&(
UDLOZD\OLQHLQWKHPLQLQJDUHDVRI.QXURZDQG6]\GORZLFHKDVEHHQSUHVHQWHGLQ
WKHSDSHU7KHSUREOHPRIWUDIILFPDLQWHQDQFHRQUDLOZD\OLQHVLQFRQGLWLRQVRI
LQWHQVLYHPLQLQJLQWHUDFWLRQVKDVDOVREHHQGLVFXVVHG7KHUXOHVRIWKHKLJKVSHHG
OLQHGHVLJQLQJEDVLQJRQWKH(XURSHDQ$JUHHPHQWV$*&DQG$*7&KDYHEHHQ
SXWIRUZDUG
.H\ZRUGV&(UDLOZD\OLQHPLQLQJGDPDJHVGHVLJQLQJ
:DG\VDZ.RF3LRWU&KURVWRZVNL
81,9(56$/&20387(5352*5$0)25'(6,*1,1*
7+($5($2),17(56(&7,212)0$,1',5(&7,216
6XPPDU\7KLVSDSHUSUHVHQWVWKHQH[WYHUVLRQRIFRPSXWHUSURJUDPWKDWLVD
QXPHULFDOLPSOHPHQWDWLRQRIDQDOJRULWKPIRUGHVLJQWKHKRUL]RQWDODUFDUHD7KH
SURJUDPLVDGDSWHGWRWKHWHFKQLTXHRIFRQWLQXRXVVDWHOOLWHPHDVXUHPHQWV7KH
XQLYHUVDOFKDUDFWHURIWKHSURJUDPHQDEOHVIRUFUHDWLQJPRUHJHQHUDOJHRPHWULFDO
OD\RXWVVXFKDVHJWZRDUFVRIGLIIHUHQWUDGLL,WFDQEHSDUWLFXODUO\XVHIXOLQWKH
SURMHFWRIDGMXVWPHQWRIWUDFND[LVZKHQWKHLGHQWLILFDWLRQRIERWKGLUHFWLRQVRIWKH
URXWHWXUQVRXWWREHLPSRVVLEOH7KHVROXWLRQRIWKHGHVLJQSUREOHPXVHVDPD
WKHPDWLFDOQRWDWLRQDQGXQLYHUVDOHTXDWLRQVGHVFULELQJWKHHQWLUHJHRPHWU\OD\RXW
DUHHVWDEOLVKHG7KHSURFHVVLVGRQHLQVHTXHQWLDOVWHSVE\GHILQLQJWKHQH[WSDUWV
RIWKHZKROHOD\RXW7KHEDVLFIHDWXUHVDQGRSHUDWLRQRIDGHYHORSHGFRPSXWHU
SURJUDPKDYHEHHQSUHVHQWHG7KHXVHGDQDO\WLFDODSSURDFKLQGHVLJQLQJOHWVLQ
VWDQWDQHRXVO\JHQHUDWHWKHVHWRIYDULDQWVZLWKRXWDQ\UHVWULFWLRQV7KHSURJUDP
DOVRLQFOXGHVDWRROWRDVVHVVWKHSUDFWLFDOVXLWDELOLW\RISDUWLFXODUYDULDQW)LQDOO\
WKHH[HPSODU\VHTXHQFHRIREWDLQHGUHVXOWVLVSUHVHQWHG
.H\ZRUGVUDLOZD\WUDFNJHRPHWULFOD\RXWGHVLJQFRPSXWHUDLGHGGHVLJQ
440
675(6=&=(1,$$1*,(/6.,($57<.8¯:
:DG\VDZ.RF3LRWU&KURVWRZVNL.DWDU]\QD3DOLNRZVND
7+(352&(662),'(17,),&$7,212)7+(&203/(;
*(20(75,&$//$<2872)5$,/:$<75$&.
6XPPDU\7KHUHDUHORWVRIH[DPSOHVZKHQWKHVKDSHRIJHRPHWULFDOOD\RXWVRI
WUDFNVLQVHUYLFHLVYHU\FRPSOH[0RUHRYHUDVLWZDVSURYHGE\FRQWLQXRXVVDWHO
OLWHPHDVXUHPHQWVWKHPDLQGLUHFWLRQVRIVXFKOD\RXWVDUHYHU\GLIILFXOWWRGHILQH
,QWKHSDSHUWKHFRPSXWHUSURJUDPIRUDQDO\VLQJVXFKOD\RXWVKDVEHHQSUHVHQWHG
7KHVHWRIIXQFWLRQVIRUFRPSRVLQJWKHVWUDLJKWVDQGFXUYHVZLWKIXOILOPHQWWKH
JHRPHWULFDOFRQWLQXLW\FRQGLWLRQ*DWWKHFRQQHFWLRQSRLQWVZDVZRUNHGRXW
7KHDXWKRUVSUHVHQWWKHZD\RIFRGLQJWKHVKDSHRIWUDFNOD\RXWE\DQXPHULFDOVH
TXHQFH6XFKDSSURDFKOHDGVWRHIILFLHQWGHWHUPLQDWLRQRIJHRPHWULFDOSDUDPHWHUV
RIWKHURXWHLQDQRSWLPL]DWLRQSURFHVV
.H\ZRUGVUDLOZD\WUDFNVVDWHOOLWHPHDVXUHPHQWVFRPSXWHUSURJUDPWUDFN
OD\RXWDVVHVVPHQW
-XOLDQ.RPLQRZVNL
&21&(37,212)48$/,7<(9$/8$7,212)9(+,&/(
t5$,/6<67(0%$6('21'<1$0,&5(63216(
2)7+(9(+,&/(
6XPPDU\7KHSDSHUGHVFULEHVWKHPDLQFRQFHSWRIWKHWHFKQLFDOVWDWHPRQL
WRULQJV\VWHPHYDOXDWLRQYHKLFOHtUDLOFRQWDFWEDVHGRQG\QDPLFUHVSRQVHRIWKH
YHKLFOH,WGHVFULEHVVRPHEDVLFDQGIXQFWLRQDOUHTXLUHPHQWVIRUWKLVH[SHULPHQW
7KH SDSHU VKRZV PHDVXUHPHQW DFFHOHUDWLRQ V\VWHP ZLWK LQVWDOODWLRQ SODFHV IRU
WUDQVGXFHUV :KDW LV PRUH WR IXOO HYDOXDWLRQ LW LV SURSRVHG WKH FRPSDULVRQ WKH
UHVXOWVZLWKUHDOUDLOWUDFNJHRPHWU\
.H\ZRUGVWHFKQLFDOVWDWHPRQLWRULQJGLDJQRVWLFVUDLOYHKLFOH
675(6=&=(1,$$1*,(/6.,($57<.8¯:
441
=ELJQLHZ/HV]F]HZLF]$JQLHV]ND:DUGD7RPDV]%DUV]F]3LRWU.RKXW
6DZRPLU0LNUXW-DURVDZ3U]\ZLHF]HUVNL.U\VWLDQ3\ND7RPDV]6LWNRZVNL
5HJLQD7RNDUF]\N7DGHXV]8KO
86(2)02%,/(/$6(56&$11,1*
)255$,/:$</,1(6*$8*(0($685(0(17
$1'5$,/:$</,1(6&2',),&$7,21
6XPPDU\ 7KH DFWLYLWLHV RI WKH 3ROLVK 6WDWH 5DLOZD\V -RLQW 6WRFN &RPSDQ\
3.36$LQWKHILHOGRIFUHDWLRQRIPRELOHV\VWHPIRUUDLOZD\OLQHVJDXJHPHDVX
UHPHQWDQGFRGLILFDWLRQV\VWHPKDYHEHHQSUHVHQWHGLQWKHSDSHU7KHILQGLQJVRI
WKHSURMHFWq,QQRYDWLYHPHWKRGRORJ\DQGFRPSXWHUPDQDJHPHQWV\VWHPIRUUDLO
ZD\OLQHVFRGLILFDWLRQrKDYHEHHQGLVFXVVHG7KHDLPRIWKHSURMHFWZDVWRGHYHORS
DVSDWLDOPRGHORIUDLOZD\LQIUDVWUXFWXUH]RQHDQGDQLQGLFDWLRQRIWKHSDUDPHWHUV
DQGKDUGZDUHFRQILJXUDWLRQIRUWHUUHVWULDOPRELOHPHDVXUHPHQWSODWIRUP
.H\ZRUGVFRGLILFDWLRQEXLOGLQJJDXJHORDGLQJJDXJHYHKLFOHJDXJHODVHU
VFDQQLQJ0/6
-HU]\0DNDD
02'(51,=$7,212)5$,/:$<,1)5$6758&785(
%<)2508/$'%223325781,7<257+5($7
6XPPDU\ &XUUHQWO\ FRQGXFWHG PRGHUQL]DWLRQ RI WKH UDLOZD\ LQIUDVWUXFWXUH
LVLPSOHPHQWHGLQWKHIRUPXODdEXLOGrRUdGHVLJQDQGEXLOGr$IWHUFRPSOHWLRQ
RIWKHZRUNVDQGWKHZDUUDQW\SHULRGIROORZVRSHUDWLRQDQGPDLQWHQDQFHSHULRG
WKDWLVLPSOHPHQWHGE\LQIUDVWUXFWXUHPDQDJHUVWDIIRURXWVRXUFHGXVLQJVHSDUDWH
WHQGHUSURFHGXUHV7KHSDSHUSUHVHQWVDFRQFHSWRIUDLOZD\LQIUDVWUXFWXUHPRGHU
QL]DWLRQLPSOHPHQWHGE\WKHIRUPXOD'%2dGHVLJQEXLOGRSHUDWHrFODVVLILHGDV
RQHRISXEOLFSULYDWHSDUWQHUVKLSPRGHOV)RUVXFKSURMHFWH[SHFWHGULVNWRWKH
LQIUDVWUXFWXUHPDQDJHUDQGWKHFRQWUDFWRULVGHWHUPLQHG
.H\ZRUGVUDLOZD\LQIUDVWUXFWXUHUDLOZD\OLQHVPRGHUQL]DWLRQSXEOLFSULYD
WHSDUWQHUVKLS
675(6=&=(1,$$1*,(/6.,($57<.8¯:
442
-DFHN0DNXFK$GDP3RSLRHN
75$075$&./2&$7,21
,1'8$/&$55,$*(:$<675((7
6XPPDU\,QWKHDUWLFOHWZRSRVVLEOHPDQQHUVRIWUDPWUDFNORFDWLRQLQVHF
WLRQRIGXDOFDUULDJHZD\VWUHHWKDYHEHHQGLVFXVVHGLQD[LVRURQWKHVLGH&RPSD
ULVRQRIDGYDQWDJHVDQGGLVDGYDQWDJHVRIWZRFRQVLGHUHGVROXWLRQVKDVEHHQPDGH
7KHFDVHRISDUWO\UHDOL]HGWUDPOLQHDORQJ'OXJD3RSRZLFNDDQG3LOF]\FNDVWUHHWV
LQ:URFODZKDVEHHQDQDO\VHG7KHSURSRVDOVRIGHVLJQHUVDQGLQYHVWRUKDYHEHHQ
FROODWHGZLWKVROXWLRQSUHVHQWHGLQVWXGHQWpVWKHVLV,QUHFDSLWXODWLRQWKHFRQFOX
VLRQVIURPHIIHFWHGDQDO\VLVKDYHEHHQFRQWDLQHG
.H\ZRUGVPXQLFLSDOSXEOLFWUDQVSRUWWUDPEXVODQHV
5HQDWD0DOHGD
6,08/$7256)2575$,1'5,9(567+(,5,1)/8(1&(
217($&+,1*352&(66,1(8523($1&28175,(6
6XPPDU\7KHDUWLFOHSUHVHQWVGHYHORSPHQWRIWUDLQLQJIRUWUDLQGULYHUVXVLQJ
VLPXODWRUV7KHDXWKRUSUHVHQWVWKHWUHQGVLQ(XURSHLQWKLVILHOGV7KHUHDUHFRQ
WDLQHGLQWKHSDSHUVRPHHGXFDWLRQDOEHQHILWVDQGFRVWWKURXJKWKHXVHRIVLPXOD
WLRQH[HUFLVHVDQGHVSHFLDOO\WKHLUXVHLQLPSURYLQJUDLOVDIHW\
.H\ZRUGV(XURSHDQUDLOZD\PDUNHWWUDLQLQJVLPXODWRUV
5DGRVDZ0D]XUNLHZLF]
5$,/:$<,1)5$6758&785($1',7687,/,=$7,21
,17+(&(7&&255,'25217+(/2:(56,/(6,$
3529,1&($5($
6XPPDU\7KHJHQHVLVRI&HQWUDO(XURSHDQ7UDQVSRUW&RUULGRU&(7&RULJLQ
ZDVSUHVHQWHGLQWKHSDSHU7KHPDLQWDUJHWVRILWVFUHDWLRQVZHUHGHVFULEHG7KHVWD
WHRIUDLOZD\QHWZRUNLQ/RZHU6LOHVLDSURYLQFHHVSHFLDOO\RIWKHFRXUVHFRQIRUPDEOH
ZLWKGLUHFWLRQRI&(7&FRUULGRUZDVGLVFXVVHG7KHSUHVHQWVWDWHRISDVVHQJHUDQG
IUHLJKWWUDQVSRUWLQWKHFRUULGRUZLWKLQWKHDUHDRIWKHSURYLQFHZDVFKDUDFWHUL]HG
7KHPRVWLPSRUWDQWDFWLYLWLHVWDNLQJLQWRDFFRXQWWKHLQFUHDVHRIUDLOZD\WUDQVSRUW
DQGWKHLPSURYHPHQWRILWVTXDOLW\LQWKHFRUULGRUZHUHDOVRJLYHQ
.H\ZRUGV&HQWUDO(XURSHDQ7UDQVSRUW&RUULGRU&RUULGRU&(7&5RXWH
/RZHU6LOHVLDPRGHUQL]DWLRQRIUDLOZD\OLQHV
675(6=&=(1,$$1*,(/6.,($57<.8¯:
443
0DWHXV]0RW\O$UWXU%DELDN
&855(1767$7(2)+202/2*$7,21352&(66
)251(:5$,/9(+,&/(6,132/$1'
6XPPDU\7KLVDUWLFOHSUHVHQWVWKHFXUUHQWKRPRORJDWLRQSURFHVVIRUQHZUDLO
YHKLFOHVLQ3RODQG7KHUHJXODWLRQVLQWKH3ROLVKOHJDOV\VWHPFRQFHUQLQJWKHKR
PRORJDWLRQSURFHVVIRUQHZUDLOYHKLFOHVDUHGLVFXVVHG7KHSRVVLEOHKRPRORJDWLRQ
SURFHVVHVUXQE\WKHDSSOLFDQWVDQGWKHLUFRXUVHWKDWDUHDOORZHGE\3ROLVKOHJLVOD
WLRQSURFHGXUHVKDVEHHQSUHVHQWHG,WJLYHVDUHTXHVWLQJSHUVRQWKHRSSRUWXQLW\
WRVHOHFWWKHDSSURSULDWHSURFHVVIRUWKHQHZSURGXFW
.H\ZRUGVUDLOYHKLFOHKRPRORJDWLRQLQWHURSHUDELOLW\
:RMFLHFK2OHNVLHZLF]&H]DU\.UDyNLHZLF]
'(9(/230(172)75$075$&.65(*$5',1*
7+(,56758&785($1'*(20(75,&6<67(0
$6$.(<(/(0(172)7+(352*5(66
,185%$15$,/75$163257
6XPPDU\7KHSDSHUSUHVHQWVVRPHFKDUDFWHULVWLFVRIWUDPWUDFNVUHJDUGLQJ
WKHLUVWUXFWXUHJHRPHWULFV\VWHPDQGDOVRVRPHPDLQWHQDQFHLVVXHVLQUHODWLRQWR
WKHUDLOURDGVXUIDFH,WGHSLFWVIRUPDODQGOHJDOFRQGLWLRQVDVZHOODVIXQFWLRQDO
RQHVZLWKWKHIRFXVRQWKHGLIIHUHQFHVFRQFHUQLQJWUDLQDQGWUDPWUDFNV,WRXWOL
QHVDOVRWUHQGVLQGHYHORSPHQWRIWUDPWUDFNVUHJDUGLQJWKHLUVWUXFWXUHDQGGHVLJQ
RIJHRPHWULFV\VWHPV7KHSDSHUSURYLGHVDOVRJHQHUDOLQIRUPDWLRQRQHGXFDWLRQ
RIHQJLQHHUVLQWKHILHOGRI7UDQVSRUWDWLRQ(QJLQHHULQJDWWKH:DUVDZ8QLYHUVLW\
RI7HFKQRORJ\VSHFLDOLW\WKH5DLOURDG(QJLQHHULQJ
.H\ZRUGVWUDPWUDLQWUDPZD\VXUIDFHVWUXFWXUHGHVLJQRIWUDLQDQGWUDP
WUDFNV
675(6=&=(1,$$1*,(/6.,($57<.8¯:
444
:LWROG2OSLÍVNL
+80$1)$&725$67+(&$86(
2)5$,/:$<$&&,'(176
6XPPDU\7KHGHILQLWLRQRIq+XPDQ)DFWRUrWHUPLVSUHVHQWHGLQWKHSDSHU
,WLVH[SODLQHGZK\LWLVRIWHQZURQJO\XVHGLQPDVVPHGLDFRPPHQWVDIWHUWKHUD
LOZD\DFFLGHQWRFFXUUHQFH7KHLPSRUWDQFHRISUHSDUDWLRQDQGH[HFXWLRQRISURFH
GXUHVUHIHUULQJWRUDLOZD\WUDIILFVDIHW\RSHUDWLRQLVUDLVHG7KHSRVLWLYHDQGQHJD
WLYHFRQVHTXHQFHVRIWKHLUDSSOLFDWLRQDUHGLVFXVVHGLQUHODWLRQWRUDLOZD\DFFLGHQWV
DSSHDUDQFHDQGWRWKHUDLOZD\VDIHW\PDQDJHPHQWUHTXLUHPHQWV7KHDWWHQWLRQLV
GUDZQWRWKHIDFWWKDWWDNLQJRYHUWKHFRQWURORQUDLOZD\VLJQDOOLQJHTXLSPHQWE\
WKHRSHUDWRULVRQHRIWKHLPSRUWDQWIDFWRUVRIWKHDFFLGHQWULVN7KHOHJLWLPDWLRQ
RIDEVROXWHKXPDQSULRULW\DERYHWKHRUGHUVZRUNHGRXWE\WKHVLJQDOOLQJHTXLS
PHQWDQGV\VWHPVLVDOVRGLVFXVVHGLQWKHSDSHU
.H\ZRUGVKXPDQIDFWRUUDLOZD\DFFLGHQWVDIHW\VLJQDOOLQJUDLOZD\WUDQVSRUW
(O›ELHWD3LOHFND
5(027(6(16,1*$6$0(7+2'
2)5$,/:$<,1)5$6758&785(021,725,1*
6XPPDU\7KHSRVVLELOLWLHVRIUHPRWHVHQVLQJXVDJHWRUDLOZD\LQIUDVWUXFWX
UHPRQLWRULQJKDYHEHHQSUHVHQWHGLQWKHSDSHU7KHFXUUHQWO\DSSOLHGPHWKRGV
RIUHPRWHVHQVLQJDWYDULRXVOHYHOVRIPHDVXUHPHQWVVXFKDVVDWHOOLWHDHULDODQG
JURXQGKDYHEHHQGLVFXVVHG6RPHH[DPSOHVRIUHPRWHVHQVLQJDSSOLFDWLRQIRUUD
LOZD\LQIUDVWUXFWXUHPRQLWRULQJDQGWKHDQDO\VLVRIDGYDQWDJHVDQGOLPLWDWLRQVRI
WKLVPHWKRGKDYHEHHQJLYHQ'XULQJJURXQGPHDVXUHPHQWVZLWKWKHXVHRIODVHU
VFDQQHU5,(*/RQWKHUDLOZD\OLQH1R:DUVDZ.UDNRZHPEDQNPHQW
GLVSODFHPHQWZDVIRXQG6RPHILQGLQJVIURPWKHQH[WPHDVXUHPHQWVHVVLRQVZLWK
LPSOHPHQWDWLRQRIJURXQGODVHUVFDQQHUWKDWZHUHFDUULHGRXWDWWUDQVLWLRQ]RQHV
RQWKHYLDGXFWLQRUGHUWRFKHFNWKHLPSDFWRIODQGVOLGHVRQWKHRYHUSDVVKDYHDOVR
EHHQJLYHQ7KHUHVXOWVRIFDUULHGRXWDQDO\VLVVKRZWKDWJURXQGUHPRWHVFDQQLQJ
LQFRPSDULVRQZLWKVDWHOOLWHPHDVXUHPHQWDQGDHULDOPHDVXUHPHQWSRLQWVRXWVH
YHUDOSRVLWLYHDVSHFWV
.H\ZRUGVUHPRWHVHQVLQJUDLOZD\LQIUDVWUXFWXUHPRQLWRULQJ
675(6=&=(1,$$1*,(/6.,($57<.8¯:
445
-DFHN6WDQLV]
3266,%,/,7,(62)/$1'6/,'(5,6.',$*126,6
%$6('212%6(59$7,2162)325(35(6685(
&+$1*(6$77+(*(2/2*,&$/&(17(5
6XPPDU\0HDVXUHPHQWRISRUHZDWHUSUHVVXUHLVKHOSIXOWRORFDWHWKHSRVL
WLRQRIWKH]RQHRIZHDNQHVVDQGLWVFKDQJHVPD\LQGLFDWHWKHIRUPDWLRQRIVOLS
VXUIDFHFHQWUHVDWULVNRIPDVVPRYHPHQWV,WLVVKRZQLQWKHSDSHUEDVHGRQVRPH
VWXGLHVWKDWWKHSRUHZDWHUSUHVVXUHPHDVXUHPHQWVKDYHKHOSHGWRGHWHUPLQHWKH
DUHDZKHUHWKHLQFUHDVHRIGHYLDWRUVWUHVVDQGWKLVZD\WKHHIIHFWLYHVWUHVVUHGXFWLRQ
DQGWKHGHYHORSPHQWRIWKHVOLSVXUIDFH,QWKHSURFHVVRIGHVWUR\LQJWKHJHRORJLFDO
VWUXFWXUHRIWKHFHQWUHWKHDSSDUHQWLQFUHDVHRISRUHSUHVVXUHIROORZVDQGWKHQLW
GHFOLQHVVKRUWO\DIWHUWKHHQGRIWKHSURFHVV7KHFKDQJHVDUHSDUWLFXODUO\HYLGHQW
DIWHUSHULRGVRIKHDY\UDLQIDOODQGDUHUHODWHGWRWKHSHUPHDELOLW\RIJURXQG7KH
SDSHUDOVRGLVFXVVHVWKHEDVLFSULQFLSOHVRISRUHSUHVVXUHVHQVRUEDVHGRQDYLEUD
WLQJZLUH
.H\ZRUGVUDLOZD\VODQGVOLGHVSRUHSUHVVXUH
*U]HJRU]6WHQFHO
$1$/<6,62)7+($33529$/352&(662)%8,/',1*6p
7<3(6,17+(/,*+72)&+$1*(6727+(5$,/:$<
75$163257$7,21/$:
6XPPDU\7KLVSDSHUDQDO\]HVWKHFKDQJHVLQWKHUDLOZD\WUDQVSRUWDWLRQODZ
DQGWKHLUFRQVHTXHQFHV7KHSDSHUSUHVHQWVWKHFXUUHQWUROHRIWKHUDLOZD\WUDQV
SRUWDWLRQODZLQWKHDSSURYDOSURFHVVRIEXLOGLQJVpW\SHV
.H\ZRUGVLQYHVWPHQWVUDLOZD\WUDQVSRUWDWLRQODZ
675(6=&=(1,$$1*,(/6.,($57<.8¯:
446
$QGU]HM6XURZLHFNL0LFKD=LHOLÍVNL
180(5,&$/02'(//,1*2)',63/$&(0(1767$7(
2)5$,/6/((3(5,19$5,$%/(&21',7,216
2))281'$7,21
6XPPDU\7KHVFRSHRIWKHSDSHULVWKHTXDOLW\RIFRRSHUDWLRQRIWKHEDVLFHOH
PHQWVRIWKHUDLOURDGVXUIDFHRQWKHEDVLVRIQXPHULFDOPRGHOOLQJ$PDSRIYHUWL
FDOGLVSODFHPHQWVRIUDLOURDGVXEJUDGHLQWKHIXQFWLRQRIFKDQJHVLQWKHVXEJUDGH
ORDGFDSDFLW\FRQGLWLRQVZDVGHYHORSHG7KHVHFRQGLWLRQVZHUHFKDUDFWHUL]HGE\
WKHLQGLFDWRUYDOXHRIVXEJUDGHGHQVLW\DQGWKHORFDWLRQRIVXEJUDGHGHQVLW\]RQHV
7KHDUWLFOHSUHVHQWVWKHFRQWLQXDWLRQRIUHVHDUFKZKLFKLQWKHLQWURGXFWRU\VWDJH
ZDVIRFXVHGRQO\RQWKHDQDO\VLVRIQRUPDOVWUHVVDQGVKHDUVWUHVVLQWKHUDLOZD\
VOHHSHU
.H\ZRUGVWUDFNVWUXFWXUHYHUWLFDOGLVSODFHPHQWVQXPHULFDOPRGHOOLQJ
.DPLOD6]ZDF]NLHZLF]
7+(&$/&8/$7,2162)($57+:25.6
,17+(02'(51,=$7,212)5$,/:$</,1(6
6XPPDU\7KHSDSHUFKDUDFWHUL]HVFRQWLQXDWLRQRIRQJRLQJZRUNRIFRPSX
WHUSURJUDPWKDWUHIHUVWRHDUWKZRUNVFDOFXODWLRQV7KHSURJUDPLVUHODWHGWRWKH
PRGHUQL]DWLRQRIWKHUDLOZD\WUDFNOD\RXW7KHPHWKRGRORJ\IRUWKHFDOFXODWLQJ
WKHVL]HRIHDUWKZRUNVLQWKHDUHDVRIHPEDQNPHQWVRQWKHRQHZD\UDLOZD\OLQHLV
GLVFXVVHGLQGHWDLOV
.H\ZRUGVPRGHUQL]DWLRQRIUDLOZD\OLQHVHDUWKZRUNV
.D]LPLHU]7RZSLN
,1&5($6(2)5$,/:$<75$163257
&203(7,7,9(1(66%<'(&5($6(,76,03$&7
21(19,5210(17
6XPPDU\7KHSUREOHPRIGHFUHDVHRIUDLOZD\WUDQVSRUWLPSDFWRQHQYLURQPHQW
LQWKHFRQWH[WRILQFUHDVHRILWVFRPSHWLWLYHQHVVKDVEHHQSUHVHQWHGLQWKHSDSHU7KH
SRVVLELOLW\RIUHGXFWLRQWKHYLEURDFRXVWLFLQWHUDFWLRQVKDVEHHQDOVRGLVFXVVHG
.H\ZRUGVUDLOZD\WUDQVSRUWLPSDFWRQHQYLURQPHQWYLEURDFRXVWLFLQWHUDF
WLRQVQRLVHDFRXVWLFVFUHHQV
675(6=&=(1,$$1*,(/6.,($57<.8¯:
447
0DJRU]DWD8UEDQHN$OHNVDQGUD3DZODN%XUDNRZVND
180(5,&$/02'(/,1*2)(/$67,&&211(&7,21
%(7:((1/21*,78',1$/6/((3(56
6XPPDU\7KLVSDSHURXWOLQHVWKHLQQRYDWLYHFRQFHSWRIXQFRQYHQWLRQDOUDLO
ZD\WUDFNRQORQJLWXGLQDOVOHHSHUVDQGDVSKDOWWUDFNEHG7KHDXWKRUVSUHVHQWD
PHWKRGIRU/21*$6)QXPHULFDOPRGHOOLQJLQ$XWRGHVN6LPXODWLRQ0XOWLSK\VLFV
WKDWZDVFUHDWHGRQWKHEDVLVRIODERUDWRU\VDPSOH7KLVSDSHUGHVFULEHVWKHSUR
FHVVRIQXPHULFDOPRGHOOLQJRIHODVWLFHOHPHQWWKDWFRQQHFWVORQJLWXGLQDOVOHHSHUV
DVZHOODVWKHUHVXOWVRILW
.H\ZRUGVUDLOZD\WUDFNORQJLWXGLQDOVOHHSHUVQXPHULFDOPRGHOOLQJRIUDLO
ZD\WUDFN
$QGU]HM8]QDÍVNL
6$7(//,7(5$1*,1*)25'(7(50,1$7,21
2)7+(&225',1$7(6)255$,/:$<*(2'(7,&1(7
6XPPDU\$WWKHHQGRIWKH3ROLVK6WDWH5DLOZD\V-RLQW6WRFN&RPSDQ\
3.36$GHYHORSHGWKHWHFKQLFDOVWDQGDUG,JRQWKHSULQFLSOHVDQGDFFXUDF\
RIJHRGHWLFPHDVXUHPHQWVWRHVWDEOLVKPXOWLIXQFWLRQDOVLJQVRIWUDFND[LVDGMXVW
PHQW7KHFXUUHQWVKDSHRIWKHUDLOZD\JHRGHWLFQHWDQGWKHZD\RIPHDVXUHPHQWV
LPSOHPHQWDWLRQKDYHEHHQIRUPDOO\VDQFWLRQHGLQWKLVVWDQGDUG7KHEDVLVRIJHR
GHWLFPHDVXUHPHQWWHFKQRORJ\RQWKHUDLOZD\DUHDVDUHVDWHOOLWHPHDVXULQJ
7KHUHJXODWLRQVRIWHFKQLFDOVWDQGDUG,JUHODWLQJWRVDWHOOLWHPHDVXUHPHQWRQ
WKHEDVHRIRZQREVHUYDWLRQDOPDWHULDOIURPVDWHOOLWHPHDVXUHPHQWVHVVLRQKDYH
EHHQ DQDO\VHG LQ SDSHU 7KH FRQVLGHUDWLRQV UHIHU PDLQO\ WR WKH GXUDWLRQ RI WKH
VDWHOOLWHVWDWLFVHVVLRQLQWHUPVRISUHFLVLRQDQGDFFXUDF\RIPHDVXUHPHQWDQGLQ
FRQMXQFWLRQZLWKRWKHUSURYLVLRQVRIWKHWHFKQLFDOVWDQGDUG,JUHODWLQJDPRQJ
RWKHUVWROHYHOOLQJLQGHSHQGHQWVDWHOOLWHYHFWRUV
.H\ZRUGVUDLOZD\JHRGHVLFQHWVLJQVRIWUDFND[LVDGMXVWPHQW,JVWDWLF
VDWHOOLWHVHVVLRQVLQGHSHQGHQF\RIVDWHOOLWHYHFWRUV
675(6=&=(1,$$1*,(/6.,($57<.8¯:
448
$QGU]HM:LON3LRWU&KURVWRZVNL
$1$/<6,62)7+(5$,/:$<75$&.&859$785(
,17+($63(&72))25&('/$7(5$/',63/$&(0(176
6XPPDU\7KHSDSHUSUHVHQWVDSUREOHPRIDWUDFNVKDSHLGHQWLILFDWLRQZKHQ
WKHFKDQJHVKDYHDG\QDPLFFKDUDFWHUDQGRFFXULQWKHSURFHVVRIIRUFHGODWHUDO
GLVSODFHPHQW6XFKGLVSODFHPHQWVRFFXULQDSURFHVVRIJHRPHWULFDODGMXVWPHQW
RIWKHWUDFNORQJLWXGLQDOD[LVGXULQJWKHWUDFNpVWDPSLQJ7KHDXWKRUVGLVFXVVWKH
PDLQDVVXPSWLRQVRIWKHPHWKRGRIWKHFRQWLQXRXVPHDVXUHPHQWVRIODWHUDOUDLOpV
GLVORFDWLRQV7KHFRPSXWHUSURJUDPWKDWLGHQWLILHVDUDLOLPDJHRQDGLJLWDOSLF
WXUHDVZHOODVFUHDWHVDWKHRUHWLFDOPRGHORIWKHUDLOD[LVKDVEHHQSUHVHQWHG7KH
DXWKRUVUHIHUWRWKHLUSUHYLRXVUHVHDUFKHVZKHQWKHDLPZDVWRLQYHVWLJDWHWKHUHOD
WLRQVKLSEHWZHHQWKHVKDSHRIWKHGHIRUPHGUDLODVDUHVXOWRIWKHZRUNRIWDPSLQJ
PDFKLQHDQGWKHD[LDOIRUFHWKDWH[LVWVLQWKHUDLOVRI&:5WUDFNV
.H\ZRUGVUDLOZD\WUDFNODWHUDOGLVSODFHPHQWPHDVXUHPHQWLPDJHDQDO\VLV
VKDSHLGHQWLILFDWLRQ
$QGU]HM‹XUNRZVNL
7+(02'(510(7+2'62)7+(25*$1,=$7,21
2)5$,/:$<,17(5&,7<&211(&7,216
6XPPDU\5DLOZD\LQWHUFLW\WUDQVSRUWPDNHXSWKHEDVLFHOHPHQWRIWKHV\V
WHPRIIRUZDUGLQJFRXQWU\DQGUHJLRQ7KHLUSURJUDPPHRIWKHLQWHQVLYHGHYH
ORSPHQWZDVGHVFULEHGLQWKHEDVLFGRFXPHQWVRIWKHWUDQVSRUWDWLRQSROLWLFV7KH
EDVLFSULQFLSOHVRIRUJDQL]DWLRQRIVXFKWUDQVSRUWVIXOILOOLQJWKHVHWRISDVVHQJHUVp
SUHIHUHQFHVKDYHEHHQLQWURGXFHGLQWKHUHSRUW7KHPHWKRGRIWKHEXLOGLQJWKH
QHW RI FRQQHFWLRQV WKDW DQVZHUV WKH UHTXLUHPHQWV RI WKH SUHVHQW WUDQVSRUWDWLRQ
PDUNHWKDVEHHQIRUPXODWHG
.H\ZRUGVLQWHUFLW\FRQQHFWLRQVRUJDQLVDWLRQRISDVVHQJHUWUDQVSRUW
&=¦k¢,,
5()(5$7<:<*26=21(1$.21)(5(1&-,
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
67$%,/,=$&-$32'725=$.2/(-2:(*2
35=<8‹<&,8*(2586=78+(.6$*21$/1(*2
75¯-26,2:(*21$35=<.$'=,(5($/,=$&-,
35=(%8'2:</,1,,.2/(-2:(-(1$2'&,1.8
:$56=$:$t*'<1,$/&6*'$­6.
0LFKD*RRV
$UWXU:RODQLHFNL
PJULQ›'URWHVW6S]RR1RZ\7XFKRPD
&KZDV]F]\QRN*GDÍVND
LQ› 'URWHVW 6S ] RR 1RZ\ 7XFKRP D &KZDV]F]\QRN*GDÍVND
6WUHV]F]HQLH=DJDGQLHQLDSU]HGVWDZLRQHZQLQLHMV]\PDUW\NXOHGRW\F]•RNUHyOHQLDLZ\
PDJDÍ ]ZL•]DQ\FK ] IXQNFM• VWDELOL]DFML ZDUVWZ\ NUXV]\ZD JHRUXV]WHP NWÏUD ]RVWDD ]GHIL
QLRZDQD L V]F]HJϏRZR RSLVDQD Z UDSRUWFLH (XURSHMVNHM 2UJDQL]DFML GV $SUREDW 7HFKQLF]Q\FK
(27$:\MDyQLRQH]RVWD\WDN›HUϛQLFHIXQNFMLVWDELOL]DF\MQHML]EURMHQLRZHMJHRV\QWHW\NÏZ
: FHOX GRNDGQHJR RPÏZLHQLD SRZ\›V]HJR ]DJDGQLHQLD DXWRU]\ DUW\NXX SRGDOL PHFKDQL]P\
Z\VWÆSXM•FH Z SU]\SDGNX SUDZLGRZHM LQWHUDNFML NUXV]\ZD ] JHRUXV]WHP NOXF]RZH SDUDPHWU\
JHRUXV]WX SHQL•FHJR IXQNFMÆ VWDELOL]DF\MQ• ]XSHQLH UϛQH RG Z\PDJDÍ VWDZLDQ\FK Z IXQNFML
]EURMHQLRZHMRUD]PR›OLZ\]DNUHVVWRVRZDQLDJHRUXV]WÏZGRVWDELOL]DFMLZDUVWZNUXV]\ZDZQD
ZLHU]FKQLDFKNROHMRZ\FK3UDNW\F]Q\PRG]ZLHUFLHGOHQLHPRSLVDQ\FK]DJDGQLHÍWHRUHW\F]Q\FKMHVW
RPÏZLRQ\ V]F]HJϏRZR SU]\NDG UHDOL]DFML GRW\F]•F\ ]DVWRVRZDQLD JHRUXV]WÏZ KHNVDJRQDOQ\FK
WUÏMRVLRZ\FKGRVWDELOL]DFMLZDUVWZ\NUXV]\ZDZNRQVWUXNFMLQDZLHU]FKQLNROHMRZHMOLQLLNROHMR
ZHM(*G\QLD:DUV]DZDQDREV]DU]H/&6*GDÍVN
6RZDNOXF]RZHJHRUXV]WVWDELOL]DFMDNUXV]\ZDZ]PRFQLHQLHSRGR›DZDUVWZDRFKURQ
QDSRGV\SNDWXF]QLRZD]D]ÆELHQLHNUXV]\ZDVNUÆSRZDQLHERF]QHNUXV]\ZD
)XQNFMDVWDELOL]DFML.UXV]\ZRVWDELOL]RZDQHJHRUXV]WHP
6WDELOL]DFMDNUXV]\ZDJHRUXV]WHPR]QDF]DSRSUDZÆSDUDPHWUÏZZDUVWZ\PLH
V]DQNLQLH]ZL•]DQHMJÏZQLHQRyQRyFLL]DJÆV]F]HQLDG]LÆNLRJUDQLF]HQLXPR›OL
ZRyFL SU]HPLHV]F]HÍ ]LDUHQ NUXV]\ZD SRG G]LDDQLHP REFL•›HQLD Z\QLNDM•FHPX
]PHFKDQL]PX]D]ÆELHQLD]DNOLQRZDQLDW\FK]LDUHQZV]W\ZQ\PJHRUXV]FLH=D
]ÆELHQLHDQJLQWHUORFNLQJWR]NROHLPHFKDQL]PZVSϏSUDF\NUXV]\ZDLJHRUXV]WX
SRGGDQ\FK G]LDDQLX SU]\R›RQHJR REFL•›HQLD NWÏU\ Z\QLND ] XQLHUXFKRPLHQLD
]LDUHQ NUXV]\ZD Z V]W\ZQ\FK RF]NDFK JHRUXV]WX W]Q SRGF]DV XNDGDQLD L ]D
JÆV]F]DQLDZDUVWZ\PLHV]DQNLQLH]ZL•]DQHM]LDUQDNUXV]\ZDF]ÆyFLRZRSHQHWUXM•
ZRF]NDLRSLHUDM•VLÆR›HEUDJHRUXV]WX>@
:NáDGSURFHQWRZ\SRV]F]HJyOQ\FKDXWRUyZ*RáRV0:RODQLHFNL$
452
*RRV0:RODQLHFNL$
0HFKDQL]P]D]ÆELHQLDWRNOXF]RZ\PHFKDQL]PPDM•F\PLHMVFHZZDUVWZDFK
PLHV]DQNL QLH]ZL•]DQHM VWDELOL]RZDQHM JHRUXV]WHP ZDUVWZ\ SRGEXGÏZ GURJR
Z\FK L ZDUVWZ\ RFKURQQH QDZLHU]FKQL NROHMRZ\FK QLH]DOH›QLH RG SDUDPHWUÏZ
JHRWHFKQLF]Q\FKSRGR›DJUXQWRZHJR>@0DM•FMHGQDNGRF]\QLHQLD]HVDE\P
SRGR›HP JUXQWRZ\P QD NWÏU\P XNDGDQD MHVW ZDUVWZD NUXV]\ZD WR Z SU]\
SDGNXEUDNXMDNLHJRNROZLHNSRGSDUFLDWHMZDUVWZ\QSVWDELOL]DFMDJHRUXV]WHP
OXEVSRLZHPK\GUDXOLF]Q\PSRGG]LDDM•F\PREFL•›HQLHPRGNϏSRMD]GÏZQD
HWDSLHEXGRZ\OXESÏ|QLHMV]HMHNVSORDWDFMLQDVW•SL]QDF]QHXJLÆFLHZDUVWZ\]QD
WXUDOQ•WHQGHQFM•]LDUHQNUXV]\ZDZMHMGROQHMF]ÆyFLGRUR]VXZDQLDVLÆQDERNL
:WDNLPSU]\SDGNXMDNRyÂZ\WU]\PDRyÂLSR]RVWDHSDUDPHWU\NUXV]\ZDPDM•
QLHZLHONLZS\ZQDQRyQRyÂZDUVWZ\NWÏUDRVWDWHF]QLHEÆG]LHQLVND:SURZDG]H
QLHJHURXV]WXRV]W\ZQHMVWUXNWXU]HVSRZRGXMH›HEÆG]LHP\PLHOLGRF]\QLHQLD]H
]MDZLVNLHPVNUÆSRZDQLDOXEXWZLHUG]HQLDERF]QHJR]LDUHQNUXV]\ZDDQJODWHUDO
FRQILQHPHQW>@
:S\Z]MDZLVNDVNUÆSRZDQLDERF]QHJR]LDUHQNUXV]\ZDQDZ]URVWPRGXXVSUÆ
›\VWRyFLZDUVWZ\NUXV]\ZDRSLVD-XG\FNLZ>@=ZUDFDWDPXZDJÆQD]DOH›QRyÂ
PRGXXVSUƛ\VWRyFLNUXV]\ZD(RGVXP\QDSUƛHÍJÏZQ\FKı ı ı
]JRGQLH]HZ]RUHPLVFKHPDWHPSRGDQ\PQDU\V=DOH›QRyÂWDSU]HELHJDZVSR
VÏEQDVWÆSXM•F\Z]URVWZDUWRyFLSR]LRP\FKQDSUƛHÍXWZLHUG]DM•F\FKNUXV]\ZR
ıRUD]ıSRZRGXMHZ]URVWPRGXX(2]QDF]DWR›HZNUXV]\ZLHyFLVNDQ\POXE
NUÆSRZDQ\PERF]QLHZ\VRNLHZDUWRyFL ıRUD] ı]MDZLVNRUR]VXZDQLDVLÆ]LD
UHQQLHZ\VWÆSXMHDOERZ\VWÆSXMHZPLQLPDOQ\P]DNUHVLHFRSRZRGXMHZ\VRN•
RGSRUQRyÂQDSRZVWDZDQLHGHIRUPDFMLSLRQRZ\FKRGNV]WDFHQLDSLRQRZHPDOHM•
DW\PVDP\PZNRQVHNZHQFMLX]\VNLZDQLHZ\VRNLFKZDUWRyFLPRGXXNUXV]\ZD
(:\VRNLHZDUWRyFLıRUD]ıSRZVWDM•MHGQDNW\ONRZWHG\JG\ZDUVWZDNUXV]\
ZDMHVWRGSRZLHGQLRSRGSDUWDWMOH›\QDVWDELOQ\PSRGR›XX]\VNDQ\PZHIHNFLH
MHJRVWDELOL]DFMLtF]\WRFKHPLF]QHMF]\PHFKDQLF]QHM]XG]LDHPJHRUXV]WX
5\V0RGXVSUƛ\VWRyFLZDUVWZ\NUXV]\ZDQLH]ZL•]DQHJR]DOH›Q\RGVXP\QDSUƛHÍJÏZQ\FK
ııı
67$%,/,=$&-$32'725=$.2/(-2:(*235=<8‹<&,8*(2586=78
453
3RZ\›V]HG]LDDQLHJHRUXV]WX]RVWDRSRWZLHUG]RQHWDN›HSU]H]*U\F]PDÍVNLH
JR L .DZDOFD Z >@ JG]LH ]GDQLHP DXWRUÏZ ]DGDQLHP XNDGX NRPSR]\WRZHJR
NUXV]\ZRJHRUXV]W F]\OL W]Z JHRPDWHUDFD MHVW PLQ UHGXNFMD SR]LRP\FK RG
NV]WDFHÍVWDELOL]RZDQHMZDUVWZ\NUXV]\ZDOXEQDV\SX]EURMRQHJR$E\WRRVL•
JQ•ÂZ\PDJDQDMHVWSU]HGHZV]\VWNLPGX›DV]W\ZQRyÂZLHORNLHUXQNRZDHOHPHQ
WX NRPSR]\WRZHJR DQJ PXOWLGLUHFWLRQDO VWLIIQHVV (IHNW WDNLHJR XV]W\ZQLHQLD
X]\VNXMHVLÆ]NROHLG]LÆNLZV]HFKVWURQQHPXVNUÆSRZDQLXERF]QHPXZ]DMHPQLH
]D]ÆELRQ\FK]LDUHQNUXV]\ZDZRF]NDFKJHRUXV]WX6SU]\MDWHPXGX›DOLF]EDSR
ZLHU]FKQLNRQWDNWX]LDUHQDWDN›HZ\VRNLSURFHQWRZ\XG]LDRWZDUWHMSRZLHU]FK
QLPDWU\F\JHRUXV]WXZ\QRV]•F\SRQDG>@
6NXWHF]QRyÂVWDELOL]DFMLZDUVWZ\NUXV]\ZD]ZL•]DQDMHVW]HV]W\ZQRyFL•JHR
UXV]WX Z SDV]F]\|QLH NRQWDNWX ] ]LDUQDPL NUXV]\ZD (IHNW NOLQRZDQLD MHVW ZL
GRF]Q\MHGQDNQLHW\ONRZSDV]F]\|QLHJHRUXV]WXOHF]]PLHQQRyÂMHJRZS\ZX
GDMHVLÆ]DREVHUZRZDÂWDN›HZUD]]RGOHJRyFL•RGSDV]F]\]Q\XR›HQLDJHRUXV]WX
0R›QD]DWHPZ\G]LHOLÂVWUHI\ZS\ZXJHRUXV]WXF]\OLVNUÆSRZDQLDERF]QHJR
NUXV]\ZDU\V>@>@
ƒ6WUHIDSHQHJRVNUÆSRZDQLDJG]LH]DNOLQRZDQLH]LDUHQMHVWSHQHDZ]D
MHPQHSU]HPLHV]F]HQLD]LDUHQSUDNW\F]QLHQLHZ\VWÆSXM•0DP\GRF]\
QLHQLD]HZ]DMHPQ\PSRZL•]DQLHP]LDUHQQD]DVDG]LHSR]RUQHMNRKH]ML
ƒ6WUHID SU]HMyFLRZD F]\ SRyUHGQLD JG]LH VNUÆSRZDQLH ]LDUHQ VWRSQLRZR
]DQLNDDLFK]GROQRyÂGRSU]HPLHV]F]HQLDZ]JOÆGHPVLHELH]PLHQLDVLÆ
QLHOLQLRZRRG]HUDGRZDUWRyFLPDNV\PDOQHM
ƒ6WUHIDEUDNXVNUÆSRZDQLDZNWÏUHMZS\Z]D]ÆELHQLD]LDUHQZSDV]F]\|
QLHJHRUXV]WXMHVWMX›QLHRGF]XZDOQ\DSU]HPLHV]F]HQLD]LDUHQZ]JOÆGHP
VLHELHV•PDNV\PDOQHL]DOH›QHMX›Z\•F]QLHRGZDUWRyFLN•WDWDUFLDZH
ZQÆWU]QHJRNUXV]\ZD-HVWWRVWUHIDZNWÏUHMZFHOXX]\VNDQLDSHQHM
HIHNW\ZQRyFL IXQNFML VWDELOL]DFML NRQLHF]QH MHVW ZSURZDG]HQLH NROHMQHM
ZDUVWZ\JHRUXV]WX
5\V6WUHI\VNUÆSRZDQLDERF]QHJRNUXV]\ZDSRSU]H]]DNOLQRZDQLH]LDUHQZRF]NDFKJHRUXV]WX
454
*RRV0:RODQLHFNL$
*ÏZQ\PHIHNWHPZ\QLNDM•F\P]HVWDELOL]DFMLZDUVWZ\NUXV]\ZDQLH]ZL•]DQH
JRJHRUXV]WHPMHVW
Z]URVWPRGXXVSUƛ\VWRyFLZDUVWZ\NUXV]\ZD
]ZLÆNV]HQLHQRyQRyFLZDUVWZ\VWDELOL]RZDQHM
X]\VNDQLHZ\›V]HJRZVND|QLND]DJÆV]F]HQLD
ZLÆNV]DRGSRUQRyÂQDSRZVWDZDQLHWUZD\FKGHIRUPDFMLZDUVWZ
Z\GX›HQLH RNUHVX WUZDRyFL WHM ZDUVWZ\ NWÏUD GDM•F ZDyFLZH SRGSDUFLH
ZDUVWZRP Z\›HM OH›•F\P SR]ZDOD Z\GX›\ SUDFÆ FDHM NRQVWUXNFML QD
ZLHU]FKQL
*HRUXV]WWUÏMRVLRZ\KHNVDJRQDOQ\ZIXQNFMLVWDELOL]DF\MQHM
1DX]\VNDQLHZ\›V]HMHIHNW\ZQRyFLVWDELOL]DFMLNUXV]\ZDJHRUXV]WHPZS\ZD
MHV]F]HMHGHQF]\QQLNQLH]PLHUQLHLVWRWQ\ZSU]\SDGNXDQDOL]\UR]NDGXQDSUÆ
›HÍ Z\QLNDM•F\FK ] SU]\R›RQHJR REFL•›HQLD MDNLP Z QDV]\P SU]\SDGNX MHVW
NRRSRMD]GX3RQLHZD›UR]NDGREFL•›HQLDRGNRDSRMD]GXMHVWZLHORNLHUXQNRZ\
HIHNW\ZQRyÂZDUVWZ\SRGEXGRZ\ZDUVWZ\RFKURQQHMQDNWÏU•SU]HND]\ZDQHV•
QDFLVNL EÆG]LH ]OH›DD Z GX›HM PLHU]H RG ]GROQRyFL SU]HQRV]HQLD W\FK REFL•›HÍ
ZND›G\P]NLHUXQNÏZZSHQ\P]DNUHVLHN•WDWMVWRSQL'ODWHJRWH›HIHN
W\ZQDZDUVWZDVWDELOL]RZDQDJHRUXV]WHPWRZDUVWZDVWDELOL]RZDQDJHRUXV]WHP
ZLHORNLHUXQNRZ\P2F]\ZLVW\PMHVW›HLORyÂNLHUXQNÏZSU]HQRV]HQLDQDSUƛHÍ
SU]H]JHRUXV]WMHVW]HZ]JOÆGÏZSURGXNF\MQ\FKF]\WH›WHFKQRORJLF]Q\FKRJUD
QLF]RQDQLHPQLHM]DVWRVRZDQLHZWDNLPSU]\SDGNXJHRUXV]WXWUÏMRVLRZHJRMHVW
REHFQLH UR]ZL•]DQLHP QDMEDUG]LHM RGSRZLDGDM•F\P LGHDOQHPX PRGHORZL ZVSϏ
SUDF\U\V
5\V5ÏZQRPLHUQ\LZLHORNLHUXQNRZ\UR]NDGREFL•›HÍZZDUVWZLHNUXV]\ZDVWDELOL]RZDQHM
JHRUXV]WHPWUÏMRVLRZ\P
67$%,/,=$&-$32'725=$.2/(-2:(*235=<8‹<&,8*(2586=78
455
*HRUXV]WWUÏMRVLRZ\OXELQDF]HMKHNVDJRQDOQ\MHVW]R›RQ\]XNDGXV]HyFLRER
NÏZXWZRU]RQ\FKSU]H]RF]NDZNV]WDFLHWUÏMN•WDUÏZQRERF]QHJR:\WZDU]DQ\
MHVW ] SROLSURS\OHQRZHM S\W\ DUNXV]D Z NWÏU\P Z\ELMD VLÆ RWZRU\ L UR]FL•JD
PDWHULDZWU]HFKNLHUXQNDFKZWDNLVSRVÏE›HZUH]XOWDFLH]DUÏZQR›HEUDWZR
U]•FHWUÏMN•WQHRF]NDMDNLLQWHJUDOQHZÆ]\FKDUDNWHU\]XM•VLÆZ\VRNLPVWRSQLHP
RULHQWDFMLPROHNXODUQHM
.OXF]RZHSDUDPHWU\JHRUXV]WXWUÏMRVLRZHJRSHQL•FHJRIXQNFMÆVWDELOL]DF\MQ•
WRV]W\ZQRyÂUDGLDOQDLZVSϏF]\QQLNL]RWURSLLV]W\ZQRyFL>@
6]W\ZQRyÂUDGLDOQDDQJUDGLDOVWLIIQHVVWRVWRVXQHNQDSUƛHQLDX]\VNLZD
QHJRSU]\EDUG]RPD\PRGNV]WDFHQLXUÏZQ\P]DOHGZLHLZ\]QD
F]DQ\PZHZV]\VWNLFKNLHUXQNDFKQDSUƛHÍ3RGDZDQDMHVWMDNRPLQLPDOQD
ZDUWRyÂ]HZV]\VWNLFKSRPLHU]RQ\FKZDUWRyFLZ]DNUHVLHRGGRŒ>@
,VWRW•WHJRSDUDPHWUXMHVWRNUHyOHQLHV]W\ZQRyFLVL\SU]HMPRZDQHMSU]H]
JHRUXV]WZ]DNUHVLHPD\FK]EOL›RQ\FKGRZ\VWÆSXM•F\FKZUHDOQ\FKZD
UXQNDFKZDUWRyFLRGNV]WDFHÍ0HWRGDEDGDZF]DGRRNUHyOHQLDWHJRSDUD
PHWUX]RVWDDRSUDFRZDQDQDED]LHQRUP\(1,62>@
:VSϏF]\QQLNL]RWURSLLV]W\ZQRyFLDQJLVRWURSLFVWLIIQHVVUDWLRRNUHyOD]NR
OHL]GROQRyÂGRX]\VNLZDQLD]EOL›RQ\FKZDUWRyFLV]W\ZQRyFLZHZV]\VWNLFK
NLHUXQNDFKEDGDQLD2NUHyOHQLHZDUWRyFLWHJRZVSϏF]\QQLNDZ\NRQXMHVLÆ
Z RSDUFLX R Z\QLNL EDGDÍ V]W\ZQRyFL UDGLDOQHM MDNR LORUD] ZDUWRyFL PL
QLPDOQHMLPDNV\PDOQHMV]W\ZQRyFLZ\]QDF]RQHMGODRGSRZLHGQLHMOLF]E\
Z\NRQDQ\FKSRPLDUÏZ>@>@'ODWUÏMRVLRZ\FKJHRUXV]WÏZKHNVDJRQDO
Q\FKRVL•JDQHZDUWRyFLZ\QRV]•SRPLÆG]\D
,VWRWQ\PLF]ÆVWRSRGQRV]RQ\PSUREOHPHPZSU]\SDGNXVWDELOL]DFMLNUXV]\
ZDJHRUXV]WHPKHNVDJRQDOQ\PMHVWNZHVWLDGXJRWHUPLQRZRyFLSDUDPHWUÏZPH
FKDQLF]Q\FK JHRUXV]WX Z W\P SU]\SDGNX V]W\ZQRyFL UDGLDOQHM 1DOH›\ ]ZUÏFLÂ
XZDJƛHIXQNFMDVWDELOL]DFMLGRW\F]\]DZV]HNUÏWNRWUZDHJRLF\NOLF]QLHSRZWD
U]DOQHJRLPSXOVXREFL•›HQLDSU]HND]\ZDQHJRQDZDUVWZÆNUXV]\ZD2EFL•›HQLH
WRSRMDZLDVLÆ]DUÏZQRZF]DVLHZ\NRQ\ZDQLDL]DJÆV]F]DQLDZDUVWZ\XOHSV]RQHJR
SRGR›DSRGEXGRZ\OXEZDUVWZ\RFKURQQHMMDNLZF]DVLHHNVSORDWDFMLQDZLHU]FK
QL:W\PNUÏWNLPRNUHVLHF]DVXZDUVWZDSRGGDZDQDMHVWQDSUƛHQLXZNLHUXQNX
SLRQRZ\PLSR]LRP\P-HGQDN]DZV]HQDVWÆSXMHUHODNVDFMDPDWHULDXFRVSUDZLD
›HUHRORJLF]QH]MDZLVNDWDNLHMDNSH]DQLHDQJFUHHSQLHSRJDUV]DM•SDUDPHWUÏZ
JHRUXV]WÏZZF]DVLH>@1DOH›\SDPLÆWD›H]MDZLVNRSH]DQLDZ\VWÆSXMHW\ONR
ZSROLPHUDFKSU]\FL•J\PG]LDDQLXREFL•›HQLDRGX›HMZDUWRyFLZGXJLPLVWD
\PRNUHVLHF]DVX>@:]ZL•]NX]W\P]MDZLVNRSH]DQLDLZNRQVHNZHQFMLZ\
]QDF]DQLHSDUDPHWUÏZPHFKDQLF]Q\FKGXJRWHUPLQRZ\FKZRNUHVLHF]\
ODWSUDF\NRQVWUXNFMLWDNFKDUDNWHU\VW\F]QHGODIXQNFML]EURMHQLRZHMUDQJ
UHLQIRUFHPHQWZSU]\SDGNXIXQNFMLVWDELOL]DF\MQHMQLHPDPLHMVFD
456
*RRV0:RODQLHFNL$
=DVWRVRZDQLH JHRUXV]WÏZ GR VWDELOL]DFML ZDUVWZ NUXV]\ZD Z QD
ZLHU]FKQLDFKNROHMRZ\FK
=DVWRVRZDQLDJHRUXV]WÏZZQDZLHU]FKQLDFKNROHMRZ\FKRSLHUDM•VLÆZ]DVDG]LH
QDZ\NRU]\VW\ZDQLXGZÏFKSU]\SDGNÏZ
ƒ]DVWRVRZDQLXGRVWDELOL]DFMLZDUVWZ\RFKURQQHM
ƒ]DVWRVRZDQLXGRVWDELOL]DFMLSRGV\SNLWXF]QLRZHM
6WDELOL]DFMDZDUVWZ\RFKURQQHM]NUXV]\ZDQLH]ZL•]DQHJR
-HVWWRW\SRZH]DVWRVRZDQLHJHURXV]WÏZZUDPDFKNWÏUHJRQDOH›\]DSHZQLÂ
Z\PDJDQ•QRyQRyÂZDUVWZ\NUXV]\ZDQLH]ZL•]DQHJRSRWU]HEQ•GRSU]HMÆFLDSR
ZWDU]DOQ\FKREFL•›HÍG\QDPLF]Q\FKSU]HND]\ZDQ\FKSU]H]NRDWDERUXNROHMRZH
JRZZDUXQNDFKVDEHJRSRGR›DJUXQWRZHJRRQLVNLHMQRyQRyFL=DVWRVRZDQLH
JHRUXV]WÏZ Z W\P SU]\SDGNX SR]ZDOD ] MHGQHM VWURQ\ QD ]ZLÆNV]HQLH QRyQRyFL
ZDUVWZ\RFKURQQHMOXEQD]PQLHMV]HQLHJUXERyFLZDUVWZ\NUXV]\ZDZVWRVXQNXGR
ZDULDQWXEH]JHRUXV]WXSU]\X]\VNDQLXW\FKVDP\FKZDUWRyFLQRyQRyFLQDJÏU]H
ZDUVWZ\]GUXJLHMVWURQ\
-DNZ\ND]DQRZSU]\NDG]LHSU]HGVWDZLRQ\PZDUW\NXOH*RRVDL8UEDÍVNLH
JR >@ UHGXNFMD JUXERyFL ZDUVWZ\ RFKURQQHM ]DEXGRZDQHM QD VDE\P SRGR›X
( t 03D VWDELOL]RZDQHM JHURXV]WHP PR›H Z\QLHy RN Z VWRVXQNX
GRZDUVWZ\QLHVWDELOL]RZDQHMSU]\]DFKRZDQLXW\FKVDP\FKPRGXÏZVSUƛ\VWR
yFL ZDUVWZ NUXV]\ZD RUD] QRyQRyFL QD JÏU]H XNDGX VWDELOL]RZDQHJR 5HGXNFMD
WD PR›H RVL•JQ•Â QDZHW ZDUWRy JUXERyFL Z\MyFLRZHM FKRFLD› Z\PDJD WR
]DZV]HLQG\ZLGXDOQHMDQDOL]\LSRGHMyFLDSURMHNWRZHJR>@
=NROHLZZDULDQFLH]LGHQW\F]Q\PLJUXERyFLDPLLPRGXDPLVSUƛ\VWRyFLNUX
V]\ZDZDUVWZ\RFKURQQHMZDUVWZDVWDELOL]RZDQDSR]ZDODRVL•JQ•ÂPRGX]DVWÆS
F]\QDJÏU]HXNDGXRRNZ\›V]\QL›ZXNDG]LHEH]JHRUXV]WX>@
7\SRZ\XNDGNRQVWUXNFMLQDZLHU]FKQLNROHMRZHM]]DVWRVRZDQLHPJHRUXV]WX
GRVWDELOL]DFMLZDUVWZ\RFKURQQHMSRND]DQRQDU\V:DUWR]ZUÏFLÂXZDJƛH
X›\FLHJHRUXV]WXGRVWDELOL]DFMLZDUVWZ\RFKURQQHMPR›HZL•]DÂVLÆUÏZQLH›]]D
VWRVRZDQLHPXNDGÏZZLHORZDUVWZRZ\FKQDMF]ÆyFLHMGZXZDUVWZRZ\FKWDNMDN
ZSU]\NDG]LHRSLVDQ\PZGDOV]HMF]ÆyFLDUW\NXX
5\V6WDELOL]DFMDZDUVWZ\RFKURQQHMZFHOX]ZLÆNV]HQLDQRyQRyFLVDERQRyQHJRSRGR›DJUXQWRZHJR>@
67$%,/,=$&-$32'725=$.2/(-2:(*235=<8‹<&,8*(2586=78
457
6WDELOL]DFMDSRGV\SNLWXF]QLRZHM
=DVWRVRZDQLHJHRUXV]WÏZZW\PSU]\SDGNXGRW\F]\ÂPR›HQLHW\ONROLQLLZ\
NRQDQ\FKZZDUXQNDFKVDEHJRSRGR›DJUXQWRZHJRDOHWDN›HtDPR›HSU]HGH
ZV]\VWNLPtQDJUXQWDFKVWDELOQ\FK=ZL•]DQHMHVWRQR]H]PQLHMV]HQLHPSU]\UR
VWÏZGHIRUPDFMLSRZVWDM•FHMZZDUVWZLHRFKURQQHMZHIHNFLHRGG]LD\ZDQLDSR
ZWDU]DOQ\FK REFL•›HÍ G\QDPLF]Q\FK SU]HND]\ZDQ\FK SU]H] NRD WDERUX NROHMR
ZHJR>@
%DGDQLD]DJUDQLF]QHZ\NRQ\ZDQH]DUÏZQRZWHVWDFKODERUDWRU\MQ\FKMDNLQD
WRUDFK SUÏEQ\FK ] ]DVWRVRZDQLHP JHRUXV]WÏZ Z\ND]D\ PR›OLZRy X]\VNDQLD
]ZLÆNV]RQHJRRGVWÆSXF]DVRZHJRSRPLÆG]\NROHMQ\PL]DELHJDPLXWU]\PDQLRZ\
PL3LHUZV]HEDGDQLDODERUDWRU\MQHZSHQHMVNDOLZ\NRQDQHZ.DQDG]LHZURNX
SRND]D\›H]DUÏZQRZZDUXQNDFKVDEHJRMDNLQRyQHJRSRGR›D]DVWR
VRZDQLH JHRUXV]WX GR VWDELOL]DFML ZDUVWZ\ SRGV\SNL VSRZRGRZDR RJUDQLF]HQLH
RVLDGDQLDLQDNDGÏZQDSUDFHXWU]\PDQLRZHSRSU]H]SRQDGNURWQHZ\GX›HQLH
RNUHVXSRPLÆG]\UHPRQWDPLWRUX>@%DGDQLDSU]HSURZDG]RQHODWSÏ|QLHMQD
VWDQRZLVNXGRWHVWRZDQLDV]\Q57)ZVNDOLQDWXUDOQHMQD8QLZHUV\WHFLHZ1RW
WLQJKDP8.>@Z\ND]D\]NROHLPR›OLZRyÂNURWQHJRZ\GX›HQLDRGVWÆSX
SRPLÆG]\]DELHJDPLXWU]\PDQLRZ\PLLORyFLF\NOLREFL•›HQLRZ\FK:\QLNLSU]H
SURZDG]RQ\FKZWHG\EDGDÍSR]ZROL\QDXVWDOHQLHRSW\PDOQHJRUR]VWDZX›HEHU
LZLHONRyFLRF]NDZFHOXX]\VNDQLDQDMEDUG]LHMHIHNW\ZQHJR]DNOLQRZDQLD]LDUHQ
SRGV\SNLZRF]NDFKJHRUXV]WX:\NRQDQHSU]H]NROHMHEU\W\MVNLH1HWZRUN5DLO
RGFLQNLGRyZLDGF]DOQHQDOLQLL:HVW&RDVW0LDQ/LQHSRWZLHUG]L\ZQLRVNL]ED
GDÍSU]HSURZDG]RQ\FKZ1RWWLQJKDPZURNX$QDOL]DGDQ\FKX]\VNDQ\FK
L]HEUDQ\FKZURNXZRSDUFLXREDGDQLDZ\NRQDQHQDPHWURZ\PRG
FLQNXWRUXSRWZLHUG]LD›H]DVWRVRZDQLHJHRUXV]WXGRVWDELOL]DFMLSRGV\SNLSR
ZRGXMHZ\GX›HQLHRNUHVXPLÆG]\UHPRQWRZHJRRUD]\ZVWRVXQNXGRWUDG\
F\MQHJRUR]ZL•]DQLDNRQVWUXNFMLQDZLHU]FKQLEH]JHRUXV]WXZZDUVWZLHSRGV\SNL
7\SRZ\VFKHPDWNRQVWUXNFMLQDZLHU]FKQLNROHMRZHM]]DVWRVRZDQLHPJHRUXV]WX
GRVWDELOL]DFMLZDUVWZ\SRGV\SNLNROHMRZHMSRND]DQRQDU\V
5\V6WDELOL]DFMDZDUVWZ\SRGV\SNLWXF]QLRZHMZFHOX]PQLHMV]HQLDRVLDGDQLDWRUXLZ\GX›HQLD
RNUHVXSRPLÆG]\NROHMQ\PL]DELHJDPLXWU]\PDQLRZ\PL>@
*RRV0:RODQLHFNL$
458
=DVWRVRZDQLHJHRUXV]WÏZKHNVDJRQDOQ\FKWUÏMRVLRZ\FKMDNRVWDEL
OL]DFMD ZDUVWZ\ QLHVRUWX Z NRQVWUXNFML QDZLHU]FKQL NROHMRZHM SU]\
SU]HEXGRZLH OLQLL NROHMRZHM ( *G\QLD:DUV]DZD V]ODN 3UXV]F]
*GDÍVNLt*GDÍVN3RXGQLRZ\REV]DU/&6*GDÍVN
/LQLDNROHMRZD(QDOH›\GRSDQHXURSHMVNLHJRNRU\WDU]DWUDQVSRUWRZHJR
•F]•FHJRUHJLRQ\QDGEDW\FNLH]REV]DUDPLSRR›RQ\PLQDGPRU]HP$GULDW\FNLP
LQD%DNDQDFK1DWHUHQLH3ROVNLOLQLHNROHMRZHNRU\WDU]D9,RGXJRyFLNP
VWDQRZL•SR•F]HQLH*G\QLL*GDÍVNDSU]H]:DUV]DZÆ].DWRZLFDPLLSRXGQLRZ•
JUDQLF• NUDMX 5R]SDWU\ZDQ\ RGFLQHN ]QDMGXMH VLÆ QD REV]DU]H /&6 *GDÍVN QD
V]ODNX3UXV]F]*GDÍVNLt*GDÍVN3RXGQLRZ\RGNPGRNP
RFDNRZLWHMGXJRyFLP
,QZHVWRUHPMHVWILUPD3.33ROVNLH/LQLH.ROHMRZH6$-HGQRVWN•RGSRZLH
G]LDOQ• ]D W• LQZHVW\FMÆ MHVW &HQWUXP 5HDOL]DFML ,QZHVW\FML =HVSϏ .RQWUDNWX
8QLMQHJRGRVSUDZ0RGHUQL]DFML/LQLL.ROHMRZHM(QDREV]DU]H/&6*GDÍVN
3U]HEXGRZDRGFLQNDOLQLLNROHMRZHM]RVWDD]DSURMHNWRZDQDSU]H]%LXUR3URMHNWÏZ
.ROHMRZ\FKZ*GDÍVNX:\NRQDZF•UREÏWMHVWILUPD7RUSRO6$]VLHG]LE•Z3R
]QDQLX3UDFH]RVWD\UR]SRF]ÆWHZLRVQ•URNX3ODQRZDQ\WHUPLQ]DNRÍF]H
QLDUREÏWQDUR]SDWU\ZDQ\PRGFLQNXWRZLRVQDURNX
=DJDGQLHQLHNWÏUH]ZL•]DQHMHVW]SU]HGPLRWHPQLQLHMV]HJRDUW\NXXGRW\F]\
SU]HEXGRZ\GZÏFKWRUÏZOLQLL(RUD]WRUXOLQLLQU2EV]DUNWÏU\REHM
PXMH]DNUHVVWDELOL]DFMLVDEHJRSRGR›DJUXQWRZHJR]QDMGXMHVLÆQDRGFLQNDFK
OLQLD NROHMRZD ( WRU L WRU QD RGFLQNX RG NP GR
NP
OLQLDNROHMRZDQUWRUQDRGFLQNXRGNPGRNP
2JÏOQHZDUXQNLJUXQWRZRZRGQH
1D SRGVWDZLH HNVSHUW\]\ VSRU]•G]RQHM SU]H] ILUPÆ *HRVWDE 6S ] R R >@
XVWDORQRL›QDRPDZLDQ\PRGFLQNXOLQLLNROHMRZHMZ\VWÆSXM•]HZDUXQNLJUXQ
WRZH:SRGR›XQDV\SÏZZ\VWÆSXM•VDERQRyQHJUXQW\RUJDQLF]QHtWRUI\NWÏUH
FKDUDNWHU\]XM•VLÆQLHNRU]\VWQ\PLSDUDPHWUDPLIL]\NRPHFKDQLF]Q\PL
%XGRZÆJHRWHFKQLF]Q•SU]HGVWDZLDM•SRQL›V]HSU]HNURMHJHRWHFKQLF]QHU\V
L NWÏUH ]RVWD\ SRND]DQH QD WOH SRSU]HF]Q\FK SU]HNURMÏZ SURMHNWRZ\FK QD
NWÏU\FK]D]QDF]RQR]DUÏZQRVWDQLVWQLHM•F\MDNWH›ZVWÆSQLHSURMHNWRZDQ\WM
WRURZLVNRLVWQLHM•FH
VWZLHUG]RQ\ZEDGDQLDFKVS•J]DOHJDQLDLVWQLHM•FHJRWXF]QLD
WRURZLVNRSURMHNWRZDQH
SURMHNWRZDQ\VS•JZDUVWZ\SRGV\SNLWXF]QLRZHM
SURMHNWRZDQ\ZVWÆSQLHVS•JSURMHNWRZDQHMZDUVWZ\RFKURQQHMWMZDUVWZ\
RJUXERyFLFP]NUXV]\ZDDPDQHJRXR›RQHMQDJHRUXV]FLHLJHRZÏN
QLQLHVHSDUDF\MQRILOWUDF\MQHM
67$%,/,=$&-$32'725=$.2/(-2:(*235=<8‹<&,8*(2586=78
459
5\V3U]HNUÏMJHRWHFKQLF]Q\,,ZNP>@
5\V3U]HNUÏMJHRWHFKQLF]Q\9,,,9,,,ZNP>@
%XGRZDJHRORJLF]QDQDV\SX
,VWQLHM•F\QDV\SNROHMRZ\ZEDGDQ\FKSU]HNURMDFK]EXGRZDQ\E\JHQHUDOQLH]JUXQ
WÏZ SLDV]F]\VW\FK R UϛQHM JUDQXODFML ORNDOQLH ] GRPLHV]N• S\ÏZ 6WZLHUG]RQR GRyÂ
]QDF]QH]DJÆELHQLHVLÆQDV\SXZZ\VWÆSXM•F\FKSRQL›HMJUXQWDFKRUJDQLF]Q\FKVLÆJDM•
FHORNDOQLHGRPSRQL›HMSLHUZRWQHMSRZLHU]FKQLWHUHQX:QLHNWÏU\FKSU]HNURMDFKQS
ZNPU\VSRQL›HMSLHUZRWQHMSRZLHU]FKQLWHUHQXJUXQWQDV\SRZ\XOHJ
Z\PLHV]DQLX]WRUIHPWZRU]•FZDUVWZÆVNODV\ILNRZDQ•ZGRNXPHQWDFMLMDNRQDPX
*RRV0:RODQLHFNL$
460
%XGRZDJHRORJLF]QDSRGR›DQDV\SX
3RQL›HMQDV\SXMX›QDJÆERNRyFLDFKRGRNPSRGSURMHNWRZDQ\PSR]LR
PHPJÏZNLV]\Q\Z\VWÆSXM•JUXQW\RUJDQLF]QHZ\NV]WDFRQHMDNRQDPX\RUD]
WRUI\SU]HZDUVWZLRQHOXESU]HPLHV]DQH]SLDVNLHPSU]\F]\PJUXQW\RUJDQLF]QH
Z\VWÆSXM•FHSRQDGWRUIHPL]DOLF]RQHGRQDPXÏZ]XZDJLQDPQLHMV]•QL›ZWRU
IDFK]DZDUWRyÂF]ÆyFLRUJDQLF]Q\FKSRZVWD\SUDZGRSRGREQLHZZ\QLNXSHQHWUD
FMLLZ\PLHV]DQLDJUXQWÏZQDV\SRZ\FK]QDWXUDOQ\PWRUIHPSDWU]SXQNW
'RW\F]\WRV]F]HJÏOQLHGUXJLHJRRGFLQNDREHMPXM•FHJRPLQSU]HNUÏM9,,,9,,,
Z NP U\V JG]LH EH]SRyUHGQLR SRG QDV\SHP WM QD PLÆG]\WRU]X
WRUIZRJÏOHQLHZ\VWÆSXMH=NROHLQDMZLÆNV]DPL•›V]RyÂJUXQWÏZRUJDQLF]Q\FK
GRPJÆERNRyFLZ\VWÆSXMHQDRGFLQNXSLHUZV]\PJG]LHZSRGR›XQDV\SX
GRPLQXMH WRUI : SU]HNURMX ,, Z NP U\V VWZLHUG]RQR QDMQL›V]H
]DOHJDQLHJUXQWÏZRUJDQLF]Q\FKGRU]ÆGQHMtPQSP
:DUVWZ\]DOHJDM•FHSRQL›HMJUXQWÏZRUJDQLF]Q\FKVWDQRZL•GUREQHLyUHGQLH
SLDVNLZ\VWÆSXM•FZVWDQLH]DJÆV]F]RQ\PLyUHGQLR]DJÆV]F]RQ\P
:RGDJUXQWRZDZRNUHVLHSURZDG]RQ\FKEDGDÍXNDGDDVLÆZSU]\EOL›HQLX
QDU]ÆGQ\FKGQDURZÏZZ]GX›QDV\SX:RGDZ\VWÆSRZDDZSRVWDFLVZRERGQHM
ZSLDV]F]\VW\FKZDUVWZDFKQDV\SÏZLZSRVWDFLQDSLÆWHMZSLDVNDFKSRQL›HMXND
GXZDUVWZJUXQWÏZRUJDQLF]Q\FK
3U]\MÆWDNRQVWUXNFMDZ]PRFQLHQLDSRGWRU]D
:RSUDFRZDQLXZ\NRQDQ\PSU]H]ILUPÆ*HRVWDE>@]DOHFRQR]DVWRVRZDQLH
PDWHUDFDZ\NRQDQHJR]NUXV]\ZDDPDQHJRRX]LDUQLHQLXVWDELOL]RZDQHJR
JHRUXV]WDPLKHNVDJRQDOQ\PLWUÏMRVLRZ\PL
'RREOLF]HÍSU]\MÆWRL›QDZDUVWZLHWRUIÏZ]QDMGXMHVLÆQDV\SRPL•›V]RyFLRN
PQDNWÏU\PZDUWRyÂQRyQRyFLRNUHyORQDZWÏUQ\PPRGXHPRGNV]WDFHQLD
SRGRJÆV]F]HQLXSRZLQQDE\ÂQLHPQLHMV]DQL›03D
'RSURZDG]HQLH ZDUVWZ\ RFKURQQHM GR Z\PDJDQHM QRyQRyFL UÏZQHM
(t03DEH]SRyUHGQLRSRGZDUVWZ•SRGV\SNLWXF]QLRZHMR]QDF]DRZ\NR
QDQLHQDVWÆSXM•FHMNRQVWUXNFMLU\V
SRGR›HJUXQWRZHRZWÏUQ\PPRGXOHRGNV]WDFHQLD(t03D
JHRZÏNQLQDVHSDUDF\MQRILOWUDF\MQD
JHRUXV]WKHNVDJRQDOQ\WUÏMRVLRZ\RPLQV]W\ZQRyFLUDGLDOQHMN1P
ZDUVWZDNUXV]\ZDDPDQHJRVWDELOL]RZDQHJRPHFKDQLF]QLHRJUX
ERyFLFP
JHRUXV]WKHNVDJRQDOQ\
ZDUVWZDNUXV]\ZDDPDQHJRVWDELOL]RZDQHJRPHFKDQLF]QLHRJUX
ERyFLFP
&DNRZLWDJUXERyÂNRQVWUXNFMLZDUVWZ\RFKURQQHMZ\QLRVDFP
67$%,/,=$&-$32'725=$.2/(-2:(*235=<8‹<&,8*(2586=78
461
2EOLF]HQLDGODZ\PDJDQHMNRQVWUXNFMLZDUVWZ\RFKURQQHMGODDQDOL]R
ZDQHJRRGFLQND
:FHOXVSUDZG]HQLDSU]\MÆWHMNRQVWUXNFMLXOHSV]HQLDZDUVWZ\RFKURQQHMSU]HG
VWDZLRQHMZSXQNFLHZ\NRQDQRDQDOL]ÆREOLF]HQLRZ•ZHGXJWHRULLZLHORZDU
VWZRZHMSϏSU]HVWU]HQLVSUƛ\VWHMSU]\Z\NRU]\VWDQLXSURJUDPXNRPSXWHURZH
JR(/6<003URMHNWXM•FNRQVWUXNFMÆREOLF]RQRXJLÆFLDDQDVWÆSQLH]HZ]RUX
%RXVVLQHVTpDREOLF]RQRPRGX]DVWÆSF]\*UXERyÂZDUVWZ\NUXV]\ZDSU]\MÆWRGR
REOLF]HÍ]XZ]JOÆGQLHQLHPZVSϏF]\QQLNÏZ]HZ]JOÆGXQD]EURMHQLHZDUVWZNUX
V]\ZDJHRUXV]WDPLKHNVDJRQDOQ\PL
=DVWRVRZDQLHXOHSV]HQLDVDEHJRSRGR›DJUXQWRZHJRZSRVWDFLZDUVWZ\NUX
V]\ZDVWDELOL]RZDQHJRJHRUXV]WDPLKHNVDJRQDOQ\PLZL•›HVLÆ]H]QDF]•F\PSR
OHSV]HQLHPZDyFLZRyFLIXQNFMRQDOQ\FKSRGNRQVWUXNFM•SRGWRU]DOLQLLNROHMRZHM
QDDQDOL]RZDQ\PRGFLQNXWM
RVL•JQLÆFLHP Z\PDJDQHM QRyQRyFL SRG NRQVWUXNF\MQ• SRGWRU]D t
(t03D
VWZRU]HQLHP SODWIRUP\ R MHGQRURGQ\FK ZDyFLZRyFLDFK SRG NRQVWUXNFM•
SRGWRU]D
RVL•JQLÆFLHPZ\›V]HJRZVND|QLND]DJÆV]F]HQLDZDUVWZ\NUXV]\ZD
MHGQRURGQRyFL•LUÏZQRPLHUQRyFL•HZHQWXDOQ\FKRVLDGDÍFDHMNRQVWUXNFML
0RGX]DVWÆSF]\Z]PDFQLDQHJRSRGR›DREOLF]DQR]HZ]RUX
E zast
qu Du
1 Q 2
w
JG]LH
TFLyQLHQLHNRQWDNWRZHQDVW\NXS\WDNUXV]\ZRT N3D
'SRZLHU]FKQLDVW\NX' P
ZXJLÆFLHFDHJRXNDGXZ PP
YZVSϏF]\QQLN3RLVVRQDY 1DSRGVWDZLHSU]HSURZDG]RQ\FKREOLF]HÍVWZLHUG]RQRL›NRQVWUXNFMD]DSUR
SRQRZDQDZ>@]RVWDDGREUDQDSUDZLGRZRLZVSRVÏEQDMEDUG]LHMRSW\PDOQ\
]DSHZQLD RVL•JQLÆFLH Z\PDJDQHM QRyQRyFL RNUHyORQHM ZWÏUQ\P PRGXHP RG
NV]WDFHQLDZLÆNV]\POXEUÏZQ\P03D=DSURMHNWRZDQDNRQVWUXNFMD]RVWDD
SRND]DQDQDU\V
5\V3U]HNUÏMSU]H]NRQVWUXNFMÆZDUVWZ\RFKURQQHMQDDQDOL]RZDQ\PRGFLQNX/&6*GDÍVN
ZNPGRNP
*RRV0:RODQLHFNL$
462
:HIHNFLHSUDFSURMHNWRZ\FKZ\NRQDQ\FKSU]H]%LXUR3URMHNWÏZ.ROHMRZ\FK
Z*GDÍVNXSU]\ZVSDUFLXILUP\'URWHVW6S]RR]DSURMHNWRZDQRUÏZQLH›VWD
ELOL]DFMÆJÏUQHMZDUVWZ\SRGV\SNLWXF]QLRZHMJHRUXV]WHPWUÏMRVLRZ\P]JRGQLH
]Z\PDJDQLDPLSRGDQ\PLZSXQNFLH3RQL›HMSU]HGVWDZLRQ\]RVWDSU]HNUÏM
SU]H]NRQVWUXNFMÆQDZLHU]FKQLNROHMRZHMZJSURMHNWX>@
5\V3U]HNUÏMSU]H]NRQVWUXNFMÆ]SURMHNWXZ\MyFLRZHJR]XZ]JOÆGQLHQLHPVWDELOL]DFMLZDUVWZ\SRG
V\SNLWXF]QLRZHMJHRUXV]WDPLWUÏMRVLRZ\PLZNP>@
)RW5R]R›RQ\JHRUXV]WWUÏMRVLRZ\QDJHRZÏNQLQLH
67$%,/,=$&-$32'725=$.2/(-2:(*235=<8‹<&,8*(2586=78
)RW8NDGDQLHNUXV]\ZDQDZDUVWZLHJHRUXV]WXWUÏMRVLRZHJR
)RW:\NRQDQDQDZLHU]FKQLDNROHMRZD
463
*RRV0:RODQLHFNL$
464
)RW:\NRQDQDQDZLHU]FKQLDNROHMRZD
:\QLNLEDGDÍQRyQRyFLZDUVWZ\RFKURQQHM
3UDFHUR]SRF]ÆWRZLRVQ•URNX)RWRJUDILHLGRNXPHQWXM•URERW\]ZL•
]DQH ] LQVWDODFM• JHRV\QWHW\NÏZ L ZEXGRZ\ZDQLHP ZDUVWZ\ RFKURQQHM =JRG
QLH]Z\PDJDQLDPL=DPDZLDM•FHJRQDDQDOL]RZDQ\PRGFLQNXV]ODNXNROHMRZHJR
Z\NRQDQREDGDQLDQRyQRyFLL]DJÆV]F]HQLDS\W•966:\NRQDQREDGDQLDVWDQ
GDUGRZH WM EDGDQLH SLHUZRWQHJR PRGXX RGNV]WDFHQLD ( ZWÏUQHJR PRGXX
RGNV]WDFHQLD ( L ZVND|QLND RGNV]WDFHQLD , ']LÆNL XSU]HMPRyFL :\NRQDZF\
UREÏWtILUP\7RUSRO6$Z\EUDQHZ\QLNLEDGDÍ]RVWD\XGRVWÆSQLRQHDXWRURP
QLQLHMV]HJRDUW\NXX
3RQL›HM Z WDEHOL SU]HGVWDZLRQR Z\EUDQH Z\QLNL EDGDÍ QRyQRyFL SRGR›D
JUXQWRZHJRRUD]QRyQRyFLX]\VNDQHMQDZDUVWZLHQLHVRUWXVWDELOL]RZDQHJRJHR
UXV]WDPLKHNVDJRQDOQ\PLWUÏMRVLRZ\PL
7DEHOD:\QLNLEDGDÍS\W•966QDRGFLQNXRGNPGRNP
.LORPHWUDĪ
E1 na
podtorzu
E2 na
podtorzu
I0=E2/E1
E1 na
niesorcie
E2 na
niesorcie
I0=E2/E1
67$%,/,=$&-$32'725=$.2/(-2:(*235=<8‹<&,8*(2586=78
465
-DNZLGDÂ]SRZ\›V]HJR]HVWDZLHQLDZND›G\P]UR]SDWU\ZDQ\FKPLHMVF]R
VWD\ VSHQLRQH Z\PDJDQLD GRW\F]•FH QRyQRyFL Z\UD›RQHM ZWÏUQ\P PRGXHP
RGNV]WDFHQLD(:DUWRyFL]EDGDQ\FKPRGXÏZ(RVL•JQƏ\PLQLPDOQ\SR]LRP
03DFRR]QDF]DZDUWRyFLZ\›V]HRGZ\PDJDQHMQRyQRyFL03D8]\VNDQR
UÏZQLH› Z\PDJDQH ZLHONRyFL ZVND|QLND RGNV]WDFHQLD GOD ZDUVWZ\ QLHVRUWX QD
SR]LRPLH,FRR]QDF]DZDUWRyÂ,V ]JRGQLH]>@8]\VNDQHZ\QLNL
SRND]XM•›HNRQVWUXNFMDMHVW]DSURMHNWRZDQDLZ\NRQDQD]JRGQLH]]DR›RQ\PL
Z\PDJDQLDPLSRGDQ\PLZ>@:\QLNLEDGDÍV•]QDF]QLHZ\›V]HQL›SU]HZL
G]LDQRZHNVSHUW\]LHVSRU]•G]RQHMSU]H]ILUPÆ*HRVWDE6S]RR>@
0R›QD ZQLRVNRZD ›H X]\VNDQLH NRU]\VWQ\FK Z\QLNÏZ EDGDÍ VSRZRGRZD
QHMHVW]MHGQHMVWURQ\GXJROHWQLPSURFHVHPNRQVROLGDFMLJUXQWÏZRUJDQLF]Q\FK
]QDMGXM•F\FKVLÆZSRGR›XLVWQLHM•FHMOLQLLNROHMRZHMNWÏU\VNXWNRZDRVL•JQLÆ
FLHPZ\›V]\FKSDUDPHWUÏZQL›SLHUZRWQLH]DNDGDQRMDNUÏZQLH›]GUXJLHMVWUR
Q\VNXWHF]QRyFL•SU]\MÆWHMWHFKQRORJLLVWDELOL]DFMLZDUVWZ\RFKURQQHMJHRUXV]WHP
(IHNWZ\NRQDQ\FKUREÏWQDDQDOL]RZDQ\PRGFLQNXV]ODNXOLQLLNROHMRZHMSR
ND]DQRQDIRWRJUDILDFKL
3RGVXPRZDQLH
*ÏZQ\PSU]HVDQLHPNWÏU\SU]\yZLHFDDXWRURPQLQLHMV]HJRDUW\NXXE\R
SU]\EOL›HQLH ]DJDGQLHÍ GRW\F]•F\FK IXQNFML VWDELOL]DFML ZDUVWZ\ NUXV]\ZD JHR
UXV]WHP)XQNFMDVWDELOL]DFML]RVWDDZSURZDG]RQDLRSUDFRZDQDSU]H]:VSÏOQ•
:\NDGQLÆ3URFHGXU2FHQ\&8$3QDWRPLDVWV]F]HJϏRZRRSLVDQDL]GHILQLRZD
QD]RVWDDSU]H](XURSHMVN•2UJDQL]DFMÆGV$SUREDW7HFKQLF]Q\FK(27$>@
1DOH›\SDPLÆWD›HMHVWWR]XSHQLHRGPLHQQDIXQNFMDRGIXQNFML]EURMHQLRZHM
1LHVWHW\REHFQLHRELHIXQNFMHV•ZFL•›EDUG]RF]ÆVWRP\ORQH]HVRE•:HIHNFLH
PDP\GRF]\QLHQLD]QLHZDyFLZ\PRSLVHPZ\PDJDÍGODJHRUXV]WÏZSU]HZLG]LD
Q\FKLVWRVRZDQ\FKZIXQNFMLVWDELOL]DFML
:FHOXSU]\EOL›HQLD]DJDGQLHQLDDXWRU]\DUW\NXXSRGDOLPHFKDQL]P\PDM•FH
PLHMVFH Z SU]\SDGNX SUDZLGRZHM LQWHUDNFML NUXV]\ZD ] JHRUXV]WHP NOXF]RZH
SDUDPHWU\JHRUXV]WXSHQL•FHJRIXQNFMÆVWDELOL]DF\MQ•]XSHQLHUϛQHRGZ\PD
JDÍVWDZLDQ\FKZIXQNFML]EURMHQLRZHMRUD]PR›OLZ\]DNUHVVWRVRZDQLDJHRUXV]
WÏZGRVWDELOL]DFMLZDUVWZNUXV]\ZDZQDZLHU]FKQLDFKNROHMRZ\FK:\GDMHVLƛH
VNXWHF]Q\PSRWZLHUG]HQLHPSU]HGVWDZLRQ\FK]DR›HÍWHRUHW\F]Q\FKZSURMHNWDFK
NROHMRZ\FKMHVWSU]\NDGUHDOL]DFMLGRW\F]•F\]DVWRVRZDQLDJHRUXV]WÏZKHNVDJR
*RRV0:RODQLHFNL$
466
QDOQ\FKWUÏMRVLRZ\FKGRVWDELOL]DFMLZDUVWZ\NUXV]\ZDZNRQVWUXNFMLQDZLHU]FK
QLNROHMRZHMOLQLL(*G\QLD:DUV]DZDQDREV]DU]H/&6*GDÍVN
:DUWR]DXZD›\›HJHRUXV]W\KHNVDJRQDOQHVWRVRZDQHGRVWDELOL]DFMLZDUVWZ\
NUXV]\ZDXJUXQWRZD\VRELHLVWRWQ•SR]\FMÆZEXGRZQLFWZLHGURJRZ\PZ3ROVFH
QDSU]HVWU]HQLRVWDWQLFKV]HyFLXODWUHDOL]DFML0R›QDPLHÂ]DWHPQDG]LHMÆQDLFK
FRUD] F]ÆVWV]H VNXWHF]QH ]DVWRVRZDQLH WDN›H Z UDPDFK UHDOL]DFML SURMHNWÏZ QD
ZLHU]FKQLNROHMRZ\FKZQDV]\PNUDMX
%LEOLRJUDILD
>@6678OHSV]RQHSRGR›H]PLHV]DQNLQLH]ZL•]DQHMVWDELOL]RZDQHMJHRUXV]
WHP'URWHVW6S]RRU
>@.DZDOHF-*HRUXV]W\ZJHRWHFKQLFH;;,ZLHNX;;9,,,2JÏOQRSROVNLH
ZDUV]WDW\SUDF\SURMHNWDQWDNRQVWUXNFML:LVDU
>@-XG\FNL - 5ROD JHRVLDWHN 7HQVDU SU]\ Z]PDFQLDQLX VDE\FK SRG QD
ZLHU]FKQLDPLXOHSV]RQ\PL0DJD]\Q$872675$'<
>@*U\F]PDÍVNL0.DZDOHF-$QDOL]DVNXWHF]QRyFLJHRV\QWHW\NÏZZPD
WHUDFDFK]DEH]SLHF]DM•F\FKQDV\S\QDV]NRGDFKJÏUQLF]\FK3UDFHQDXNR
ZH*,*%H]SLHF]HÍVWZRRELHNWÏZEXGRZODQ\FKQDWHUHQDFKJÏUQLF]\FK
tV]NRG\JÏUQLF]H*ÏUQLFWZRLkURGRZLVNR.DWRZLFH
>@6SHF\ILNDFMDSURGXNWRZDJHRUXV]WX7HQVDU7UL$[7;67;
7;L/
>@*RRV0ODWVWRVRZDQLDJHRUXV]WÏZWUÏMRVLRZ\FK7HQVDU7UL$[Z3RO
VFH)XQNFMDVWDELOL]DFMLLHIHNW\ZQRyÂZVSϏSUDF\]NUXV]\ZHPQLH]ZL•
]DQ\P0DJD]\Q$XWRVWUDG\NZLHFLHÍ
>@*RRV08UEDÍVNL3:]PDFQLDQLHSRGWRU]DNROHMRZHJRJHRUXV]DWPL
0HWRGDZ\PLDURZDQLDLSU]\NDG\REOLF]HQLRZH.RQIHUHQFMD.ROHMRZD
.OLF]NÏZU
>@.DZDOHF-0R›OLZRyFLZ\NRU]\VWDQLDJHRUXV]WÏZGODFHOÏZUDFMRQDOL]D
FMLNRV]WÏZEXGRZ\LXWU]\PDQLDLQIUDVWUXNWXU\NROHMRZHM.RQIHUHQFMD
1RZRF]HVQHWHFKQRORJLHLV\VWHP\]DU]•G]DQLDZWUDQVSRUFLHV]\QRZ\P
=HV]\W\1DXNRZRt7HFKQLF]QH6,7.532GG]LD.UDNÏZQU=D
NRSDQHU
>@.ROHMH=EURMHQLHSRGV\SNLWXF]QLRZHMLSRGWRU]DNROHMRZHJR%URV]XUD
WHFKQLF]QD7HQVDUWXPDF]HQLH'URWHVWZU]HVLHÍU
>@%DWKXUVW5-5D\PRQG*3*HRJULGUHLQIRUFHPHQWRIEDOODVWHGWUDFN
7UDQVSRUWDWLRQ5HVHDUFK5HFRUG1DWLRQDO5HVHDUFK&RXQFLO:DVK
LQJWRQ'&
>@%URZQ6*HRJULGV5HLQIRUFHPHQWRI5DLOZD\%DOODVW8QLYHUVLW\RI1RW
WLQJKDPU
>@5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX L *RVSRGDUNL 0RUVNLHM Z VSUDZLH
ZDUXQNÏZWHFKQLF]Q\FKMDNLPSRZLQQ\RGSRZLDGDÂEXGRZOHNROHMRZH
67$%,/,=$&-$32'725=$.2/(-2:(*235=<8‹<&,8*(2586=78
467
LLFKXV\WXRZDQLHQDSRGVWDZLHDUWXVWSNWXVWDZ\]GQLDOLSFD
U3UDZREXGRZODQH']81USR]]U1U
SR]1USR]L1USR]]U1USR]
L1USR]RUD]]U1USR]L1USR]
>@(NVSHUW\]DGRW\F]•FDNRQFHSFMLZ]PRFQLHQLDSRGWRU]DQDV\SXNROHMRZH
JRGOD]DGDQLDd0RGHUQL]DFMDOLQLLNROHMRZHM(QDRGFLQNX:DUV]DZD
*G\QLDt/&6*GDÍVNr*HRVWDE6S]RR*GDÍVN
>@31(1,62*HRV\QWHW\NL%DGDQLHZ\WU]\PDRyFLQDUR]
FL•JDQLHPHWRG•V]HURNLFKSUÏEHN
>@&8$3 1RQUHLQIRUFLQJ KH[DJRQDO JHRJULG IRU WKH VWDELOL]D
WLRQRIXQERXQGJUDQXODUOD\HUVE\ZD\RILQWHUORFNZLWKWKHDJJUHJDWH
(27$7HFKQLFDO5HSRUW2FWREHU
>@3URMHNWq0RGHUQL]DFMDOLQLLNROHMRZHM(&(QDRGFLQNX:DUV]DZD
t *G\QLD REV]DU /&6 *GDÍVNr %LXUR SURMHNWÏZ .ROHMRZ\FK *GDÍVN
>@,QVWUXNFMD,'t:DUXQNLWHFKQLF]QHXWU]\PDQLDSRGWRU]DNROHMRZHJR
3.33ROVNLH/LQLH.ROHMRZH6$:DUV]DZD
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
1$:,(5=&+1,$.2/(-2:$
=:$567:$0,$6)$/72:2:<0,
'DULXV]6\ELOVNL
SURI]ZGUKDELQ›,QVW\WXW%DGDZF]\'UÏJL0RVWÏZ3ROLWHFKQLND/XEHOVND
6WUHV]F]HQLH:DUW\NXOHRSLVDQRQDZLHU]FKQLHNROHMRZHZNWÏU\FK]DVWRVRZDQRZDUVWZ\
] PLHV]DQHN PLQHUDOQRDVIDOWRZ\FK 5R]ZL•]DQLH WR ]QDQH Z ZLHOX NUDMDFK ]ZLÆNV]D WUZD
RyÂLQRyQRyÂWRURZLVNDNROHMRZHJR3U]HGVWDZLRQRU\VKLVWRU\F]Q\VWRVRZDQLDZDUVWZ\DVIDOWRZHM
ZQDZLHU]FKQLRUD]UR]ZÏMWHMWHFKQRORJLLZZ\EUDQ\FKNUDMDFK1DSRGVWDZLHZ\QLNÏZSUDFED
GDZF]\FKSU]HSURZDG]RQ\FKZODERUDWRULDFKLQDHNVSORDWRZDQ\FKOLQLDFKNROHMRZ\FKZ\ND]DQR
]DOHW\ZDUVWZ\DVIDOWRZHMZNRQVWUXNFMLGUÏJNROHMRZ\FK
6RZDNOXF]RZHQDZLHU]FKQLDNROHMRZD.ROHMH'X›\FK3UÆGNRyFL
:SURZDG]HQLH
:HGXJ'\UHNW\Z\8QLL(XURSHMVNLHMQU]UPLQLPDOQDSUÆGNRyÂ
QDNROHMDFKGX›\FKSUÆGNRyFLMHVWUÏZQDNPK2EHFQLHZNUDMDFKyZLDWD
V]\ENDNROHMRVL•JDSUÆGNRyÂGRNPKDZQLHNWÏU\FKSUÆGNRyÂGRNPK
1DMZLÆNV]•SUÆGNRyÂSRQDGNPKRVL•JDREHFQLHSDVD›HUVNLSRFL•JPDJQH
W\F]Q\Z6]DQJKDMX&KLQ\
3URJQR]\ZVND]XM•›HZQLHGXJLPF]DVLH•F]QDGXJRyÂOLQLLNROHMRZ\FKGX
›\FKSUÆGNRyFLQDyZLHFLHEÆG]LHZ\QRVLDW\VNPDPDNV\PDOQDSUÆGNRyÂ
Z-DSRQLLZ\QLHVLHNPK3URJQR]XMHVLƛHZFL•JXURNX•F]QDOLF]EDSDVD
›HUÏZRVL•JQLHPLOLDUG>@
:3ROVFHWUZDM•SU]\JRWRZDQLDGREXGRZ\.ROHL'X›\FK3UÆGNRyFL.'3
'\VNXVMHSURZDG]RQHZyURGRZLVNXVSHFMDOLVWÏZRUD]ZPHGLDFKGRW\F]•SU]HGH
ZV]\VWNLPRGSRZLHGQLHJRWDERUXNROHMRZHJRSU]HELHJXOLQLLNROHMRZ\FKWHUPL
QXUR]SRF]ÆFLDL]DNRÍF]HQLDEXGRZ\RUD]ILQDQVRZDQLD$XWRUQLHMHVWVSHFMDOLVW•
ZWHMG]LHG]LQLH-HJRSROHPG]LDDQLDV•QDZLHU]FKQLHGURJRZHD]ZDV]F]DDVIDO
WRZH:DUW\NXOHSU]HGVWDZLRQRV]F]HJÏOQH]DJDGQLHQLHQLHSRUXV]DQHZG\VNX
VMDFKPHGLDOQ\FKDLVWRWQHGODWUZDRyFLEXGRZDQ\FKOLQLLNROHMRZ\FKt]DVWRVR
ZDQLDZDUVWZDVIDOWRZ\FKZNRQVWUXNFMLGURJLNROHMRZHM
6\ELOVNL'
470
3RGWRU]HNROHMRZHLZ\PDJDQLD
.RQZHQFMRQDOQD W\SRZD QDZLHU]FKQLD NROHMRZD V]\Q\ ZUD] ] SRGNDGDPL
LSRGV\SN•]D]Z\F]DMMHVWXNDGDQDQDSRGWRU]XZ\NRQDQ\P]PDWHULDÏZQLH
]ZL•]DQ\FKWM]JUXQWÏZLNUXV]\ZPLQHUDOQ\FKU\V'REXGRZ\SRGWRU]D
PRJ• E\ VWRVRZDQH WDN›H RGSDG\ L PDWHULD\ ] UHF\NOLQJX RGVLHZNL NDPLHÍ
GRRZ\›X›OHZLHONRSLHFRZHSRSLR\ORWQHLSDOHQLVNRZHRUD]JUX]>@
3RGWRU]HNROHMRZHSU]HMPXMHVWDW\F]QHLG\QDPLF]QHREFL•›HQLDWDERUHPNR
OHMRZ\PRUD]VL\RGFLƛDUXZDVQHJRQDZLHU]FKQLLSRGWRU]D3RGWRU]HSRZLQQR
]DSHZQLÂWDN›HRGZRGQLHQLHQDZLHU]FKQLNROHMRZHM
5\V6FKHPDWW\SRZHMNRQVWUXNFMLQDZLHU]FKQLLSRGWRU]DNROHMRZHJR
SRGV\SNDWXF]QLRZDSRGWRU]HSRGR›HJUXQWRZH
8V]NRG]HQLDSRGWRU]DV•SRZRGRZDQHSRZWDU]DOQ\PREFL•›HQLHPG\QDPLF]
Q\PSU]HND]\ZDQ\PSU]H]SRGNDG\QDSRGV\SNÆLSRGWRU]H:HIHNFLHZ\VWÆ
SXM•QLHUHJXODUQHRGNV]WDFHQLDWRURZLVNDLHNVSORDWRZDQHJRWRUX3RZV]HFKQLH
VWRVRZDQDSRGV\SNDLZ]PRFQLHQLHJÏUQHMF]ÆyFLSRGWRU]DZDUVWZ•NUXV]\ZDPL
QHUDOQHJRQLHFKURQL•SU]HGWDNLPLRGNV]WDFHQLDPL=DVWRVRZDQLHZW\FKZDU
VWZDFKQDZHWEDUG]RGREU\FKPDWHULDÏZtNUXV]\ZRGREU\PSU\]PDWRLGDOQ\P
NV]WDFLH ]LDUHQGREU]H]DJÆV]F]RQ\FKL]DSHZQLDM•F\FKRGSRZLHGQL•QRyQRyÂt
QLH JZDUDQWXMH VWDELOQRyFL QDZLHU]FKQL SRGGDZDQHM GXJRWUZD\P F\NOLF]Q\P
REFL•›HQLHP>@
3RF]•WNLVWRVRZDQLDZDUVWZ\DVIDOWRZHMZQDZLHU]FKQLNROHMRZHM
3UÏE\ VWRVRZDQLD ZDUVWZ\ DVIDOWRZHM Z QDZLHU]FKQL NROHMRZHM UR]SRF]ÆWR
Z86$ZODWDFKV]HyÂG]LHVL•W\FKXELHJHJRZLHNX,QLFMDWRUHPEDGDÍE\,QVW\WXW
$VIDOWRZ\>@3RF]•WNRZR]DSURSRQRZDQRNRQVWUXNFMÆ]SHQ•ZDUVWZ•DVIDOWR
Z•FDNRZLFLH]DVWÆSXM•F•ZDUVWZÆSRGV\SNL]NUXV]\ZDDQJIXOOGHSWKOXERYHU
OD\PHQWU\V3Ï|QLHMZSURZDG]RQRZDULDQWNRQVWUXNFMLQDZLHU]FKQLNROHMRZHM
]GROQ•ZDUVWZ•DVIDOWRZ•SU]\NU\W•JÏUQ•ZDUVWZ•SRGV\SNL]NUXV]\ZDDQJ
XQGHUOD\PHQWU\V
1$:,(5=&+1,$.2/(-2:$=:$567:$0,$6)$/72:2:<0,
471
5\V6FKHPDWNRQVWUXNFMLQDZLHU]FKQL]SHQ•ZDUVWZ•DVIDOWRZ•
SRGV\SNDWXF]QLRZDZDUVWZDDVIDOWRZDSRGR›HJUXQWRZH
:\EXGRZDQDZUSLHUZV]DOLQLDNROHMRZD.ROHL'X›\FK3UÆGNRyFL7R
NDLGR6KLQNDQVHQ-DSRQLDWDN›HPLDDZDUVWZÆDVIDOWRZ•RJUXERyFLFPSR
R›RQ•QDZDUVWZLH]NUXV]\ZDPLQHUDOQHJRRJUXERyFLRGGRFPVWDELOL
]RZDQHJRPHFKDQLF]QLHU\V*ÏZQ\PFHOHP]DVWRVRZDQLDWHMZDUVWZ\E\D
RFKURQDSRGR›DJUXQWRZHJRSU]HGZRG•RUD]]ZLÆNV]HQLHV]W\ZQRyFLSRGWRU]D
: U Z 5DWRQ 86$ VWDQ 1RZ\ 0HNV\N SU]HSURZDG]RQR SLHUZV]•
SUÏEÆ Z\NRQDQLD QDZLHU]FKQL NROHMRZHM ] ZDUVWZ• DVIDOWRZ• =EXGRZDQR WU]\
RGFLQNLWHVWRZHRGXJRyFLPND›G\*UXERyFLZDUVWZ\DVIDOWRZHMZ\QRVL\
RGSRZLHGQLRPPPPPP:DUVWZDDVIDOWRZDE\DSRNU\WDZDU
VWZ•SRGV\SNLWXF]QLRZHMRV]HURNRyFLPLJUXERyFLPP1DZLHU]FKQLH
WHREVHUZRZDQHZGXJLPRNUHVLHX›\WNRZDQLDQLHZ\ND]D\›DGQ\FKXV]NRG]HÍ
%DGDQLD SUÏEHN PLHV]DQHN PLQHUDOQRDVIDOWRZ\FK L RG]\VNDQHJR DVIDOWX SREUD
Q\FKZLUSRLSRODWDFKZ\ND]D\]QLNRPH]PLDQ\ZDyFL
ZRyFLFRyZLDGF]\RPLQLPDOQ\PVWDU]HQLXDVIDOWXZGXJLPRNUHVLHHNVSORDWDFML
:DUVWZD DVIDOWRZD Z QDZLHU]FKQL NROHMRZHM XR›RQD SRG ZDUVWZ• SRGV\SNL
WXF]QLRZHMMHVWZPQLHMV]\PVWRSQLXSRGGDQDRGG]LD\ZDQLXZDUXQNÏZDWPRVIH
U\F]Q\FKWHPSHUDWXUDGHV]F]HyQLHJ:DUXQNLWHV•LVWRWQLHUϛQHRGZDUXQNÏZ
ZDVIDOWRZHMQDZLHU]FKQLGURJRZHMZNWÏUHM]ZDV]F]DZDUVWZDyFLHUDOQDMHVWSRG
GDQDEH]SRyUHGQLHPXRGG]LD\ZDQLXZDUXQNÏZDWPRVIHU\F]Q\FKSRZRGXM•F\FK
VWDU]HQLHDVIDOWXLZMHJRHIHNFLHWZDUGQLHQLH3RGXJROHWQLHMHNVSORDWDFMLVWDU]HQLH
DVIDOWXPR›HSURZDG]LÂGRVSÆNDÍSRZLHU]FKQLRZ\FKQDZLHU]FKQL-DNZ\ND]D\
ZVSRPQLDQHEDGDQLDZ86$ZQDZLHU]FKQLNROHMRZHMWDNLH]MDZLVNRQLHZ\VWÆ
SXMH
: 86$ SU]HSURZDG]RQR REV]HUQH SUDFH EDGDZF]H QDG ]DVWRVRZDQLHP ZDU
VWZ\ DVIDOWRZHM Z QDZLHU]FKQL NROHMRZHM *ÏZQ\P RyURGNLHP QDXNRZ\P ]DM
PXM•F\PVLÆW\P]DJDGQLHQLHPMHVW8QLZHUV\WHW.HQWXFN\/H[LQJWRQ]HVSRHP
EDGDZF]\PRGODWNLHUXMHSURIHVRU-HUU\5RVH
: U RSUDFRZDQR SURJUDP NRPSXWHURZ\ .HQWUDFN GR DQDOL]\ PHWR
G•HOHPHQWÏZVNRÍF]RQ\FKNRQVWUXNFMLSRGWRU]DNROHMRZHJRZUD]]QDZLHU]FK
QL•MDNRXNDGXZDUVWZVSUƛ\VW\FK>@3URJUDPSR]ZDODQDDQDOL]ÆNODV\F]QHM
QDZLHU]FKQL]SRGV\SN•QLH]ZL•]DQ•OXEQDZLHU]FKQL]ZDUVWZDPLDVIDOWRZ\PL
1DMQRZV]DZHUVMDSURJUDPXSRFKRG]L]URNX
6\ELOVNL'
472
=DOHW\ZDUVWZ\DVIDOWRZHM
=DVWRVRZDQLHZDUVWZ\DVIDOWRZHMZQDZLHU]FKQLNROHMRZHMXSRZV]HFKQLRVLÆ
]GZÏFKJÏZQ\FKSRZRGÏZ>@
]ZLÆNV]HQLHREFL•›HQLDNROHLLZ]URVWQDWƛHQLDUXFKX86$
EXGRZD.ROHL'X›\FK3UÆGNRyFL:RFK\1LHPF\)UDQFMD-DSRQLD
:REHFQ\FKNRQVWUXNFMDFKWRUXVWRVXMHVLÆGZDQDVWÆSXM•FHUR]ZL•]DQLD
ZDUVWZDDVIDOWRZDZJÏUQHMF]ÆyFLSRGWRU]DEH]SRyUHGQLRSRGSRGV\SN•
ZDUVWZ\ DVIDOWRZH VWDQRZL•FH SRGEXGRZÆ NRQVWUXNFML QDZLHU]FKQL EH]
SRGV\SNRZHM
=DVWRVRZDQLHZDUVWZ\DVIDOWRZHMZQDZLHU]FKQLNROHMRZHM]DSHZQLD]ZLÆN
V]HQLH QRyQRyFL SRGWRU]D NROHMRZHJR =ZLÆNV]D VLÆ MHJR VWDELOQRy L WUZDRyÂ
(IHNWHP MHVW ]PQLHMV]HQLH F]ÆVWRyFL ]DELHJÏZ XWU]\PDQLRZ\FK QDZLHU]FK
QL L SRGWRU]D :DUVWZD DVIDOWRZD QDZLHU]FKQL SR]ZDOD WDN›H QD ]PQLHMV]HQLH
JUXERyFLNRQVWUXNFMLQDZLHU]FKQL-HVWWRZD›QH]ZDV]F]DZSU]\SDGNXWXQHOL
LPRVWÏZ)XQNFMHZDUVWZ\DVIDOWRZHMZQDZLHU]FKQLLSRGWRU]XNROHMRZ\PV•
QDVWÆSXM•FH>@
VWZRU]HQLH SODWIRUP\ URERF]HM QD NWÏUHM PRJ• E\ VSUDZQLH Z\NRQDQH
LQVWDODFMHHOHNWU\F]QH
SU]HQLHVLHQLHREFL•›HÍRGWDERUX
]DEH]SLHF]HQLH JUXQWÏZ SU]HG LQILOWUDFM• ZÏG RSDGRZ\FK L VH]RQRZ\PL
]PLDQDPLWHPSHUDWXU\F\NOHSU]HPDU]DQLDLRGPDU]DQLDJUXQWÏZ
RFKURQDJÏUQHMWXF]QLRZHMZDUVWZ\SRGV\SNLSU]HGSU]HQLNDQLHPGURE
Q\FKF]•VWHN]DQLHF]\V]F]HÍ]QDV\SXOXESRGR›DJUXQWRZHJR
UÏZQRPLHUQ\UR]NDGREFL•›HQLDFLyQLHQLDQDSRGR›HJUXQWRZHLZ\HOL
PLQRZDQLHORNDOQ\FKXV]NRG]HÍSRGR›D
:DUVWZDDVIDOWRZDZEXGRZDQDQDVW\NXQDZLHU]FKQLLSRGWRU]D]DSHZQLD
UÏZQRPLHUQ\UR]NDGVLG]LDDM•F\FKQDJUXQW\LMHVWSRGGDZDQDZ\•F]QLHyFL
VNDQLXFRVSUDZLD›HQLHXOHJD]PÆF]HQLXEUDNVSÆNDÍ]PÆF]HQLRZ\FKZSU]H
FLZLHÍVWZLHGRQDZLHU]FKQLGURJRZHM=ZLÆNV]DWR]QDF]QLHWUZDRyÂLV]W\Z
QRyÂFDHMNRQVWUXNFMLFRPDGX›H]QDF]HQLH]ZDV]F]DZSU]\SDGNXOLQLLGX›\FK
SUÆGNRyFLLOLQLLREFL•›RQ\FKFLƛNLPLSRFL•JDPLWRZDURZ\PL
:DKDQLD ZDUXQNÏZ NOLPDW\F]Q\FK WHPSHUDWXUD L RSDG\ DWPRVIHU\F]QH
]QDF]QLH ZS\ZDM• QD QRyQRy L WUZDRy GURJL NROHMRZHM :DUVWZD DVIDOWRZD
]QDF]QLH ]PQLHMV]D SLRQRZH RVLDGDQLH SRGR›D JUXQWRZHJR %DGDQLD >@ Z\
ND]D\›HZRNUHVLHSLÆFLXODWREVHUZDFMLSLRQRZHRVLDGDQLHNRQVWUXNFML]ZDU
VWZ•DVIDOWRZ•E\RPQLHMV]HRGRZVWRVXQNXGRW\SRZHMNRQVWUXNFML
QDZLHU]FKQLLSRGWRU]D2VLDGDQLHJUXQWXMHVWZ]QDF]Q\PVWRSQLX]DOH›QHRG
ZLOJRWQRyFL5ϛQLFHZQDV\FHQLXZRG•JUXQWÏZSU]\NU\W\FKLQLHSU]\NU\W\FK
ZDUVWZ•DVIDOWRZ•LOXVWUXMHU\V
1$:,(5=&+1,$.2/(-2:$=:$567:$0,$6)$/72:2:<0,
473
D
E
5\V3RUÏZQDQLHQDV\FHQLDZRG•JUXQWÏZSRGWRU]DSRGWRURZLVNLHP]ZDUVWZ•DVIDOWRZ•DLEH]
ZDUVWZ\DVIDOWRZHMESRSLÆFLXODWDFKHNVSORDWDFML>@
/LT6DWQDV\FHQLHZRG•tEH]Z\PLDURZ\SDUDPHWUZ\UD›RQ\F]ÆyFL•FDRyFL
3RGREQLHMDNZQDZLHU]FKQLDFKGUÏJVDPRFKRGRZ\FKWDNLQDGURJDFKNROH
MRZ\FK SRGMÆWR SUÏE\ ]DVWRVRZDQLD PLHV]DQNL PLQHUDOQRDVIDOWRZHM ]PRG\ILNR
ZDQHMJXP•]H]X›\W\FKRSRQVDPRFKRGRZ\FK>@=DVWRVRZDQRDVIDOW]PRG\IL
NRZDQ\GRGDWNLHPJXP\3U]HSURZDG]RQHEDGDQLDODERUDWRU\MQHZ\ND]D\
PR›OLZRyÂ]PQLHMV]HQLDGUJDÍQDZLHU]FKQLLKDDVXJHQHURZDQ\FKSU]H]SRFL•JL
U\V
5\V3RUÏZQDQLHDPSOLWXG\GUJDÍZDUVWZ\SRGV\SNLWXF]QLRZHMZDUVWZ\DVIDOWRZHMPRG\
ILNRZDQHMJXP•>@EDOODVWDQJ5XEEHU0RGLILHG$VSKDOW&RQFUHWHtSRGV\SND50$&tEHWRQ
DVIDOWRZ\PRG\ILNRZDQ\JXP•
6WZLHUG]RQR›HZDUVWZD]EHWRQXDVIDOWRZHJRPRG\ILNRZDQHJRJXP•
Z\ND]XMHZLÆNV]•V]W\ZQRyÂLZLÆNV]\ZVSϏF]\QQLNWXPLHQLDZV]HURNLP
]DNUHVLHZDUXQNÏZWHUPLF]Q\FKLFLyQLHQLDQL›NRQZHQFMRQDOQ\EHWRQDVIDO
WRZ\QLHPRG\ILNRZDQ\
UHGXNXMHZLEUDFMHJHQHURZDQHSU]H]SRFL•JLRGX›HMSUÆGNRyFL]QDF]QLHVNX
WHF]QLHMQL›NRQZHQFMRQDOQHPDWHULD\VWRVRZDQHZQDZLHU]FKQL
]PQLHMV]DDPSOLWXGÆGUJDÍFRPR›H]QDF]QLH]ZLÆNV]\ÂWUZDRyÂNRQVWUXNFML
QDZLHU]FKQLLSRGWRU]DL]PQLHMV]\ÂNRV]W\XWU]\PDQLD
]PQLHMV]DZLEUDFMHFRUHGXNXMHKDDVJHQHURZDQ\SU]H]SRFL•JGX›HMSUÆG
NRyFLSRSUDZLDM•FZDUXQNL›\FLDRNROLF]Q\FKPLHV]NDÍFÏZMDNUÏZQLH›ZD
UXQNLHNVSORDWDFMLEXG\QNÏZ
6\ELOVNL'
474
3U]\NDG\]DVWRVRZDQLDZDUVWZ\DVIDOWRZHM
:DUVWZDDVIDOWRZDZQDZLHU]FKQLMHVWVWRVRZDQDRGGDZQDQDZLHOXOLQLDFKNR
OHMRZ\FK2GSRQDGODWWDNDNRQVWUXNFMDMHVWSRZV]HFKQLHVWRVRZDQDZ86$
2GURNX>@]RVWDDZSLVDQDGRQRUPNUDMRZ\FKZ6]ZDMFDULLL&]HFKDFK
QRUPDOQHOLQLHNROHMRZHRUD]ZH:RV]HFK.3':H)UDQFML+LV]SDQLL)LQ
ODQGLLMHVWSU]HZLG]LDQDGR]DSLVXZQRUPDFKNUDMRZ\FK:+LV]SDQLLZ\NRQD
QRRGFLQHNGRyZLDGF]DOQ\QDOLQLL.'3%DUFHORQDtJUDQLFD)UDQFMLPLÆG]\6LOV
D5LXGHOORWV3U]HGVWDZLRQHSU]\NDG\SRFKRG]•]86$:RFKL1LHPLHF
86$
:DUVWZD DVIDOWRZD Z QDZLHU]FKQL NROHMRZHM MHVW VWRVRZDQD RG SRQDG ODW
SU]H]NRPSDQLHNROHMRZHZ86$*ÏZQ\PSRZRGHPXSRZV]HFKQLHQLDWHMWHFK
QRORJLLMHVWG•›HQLHGR]ZLÆNV]HQLDHIHNW\ZQRyFLWUDQVSRUWXNROHMRZHJR]ZDV]
F]D›HZRVWDWQLFKODWDFK]ZLÆNV]\DVLÆPDVDLDGRZQRyÂZDJRQÏZWRZDURZ\FK
2EHFQLH yUHGQLD DGRZQRy Z\QRVL WRQ\ GZXNURWQLH ZLÆFHM QL› Z U
6WDQGDUGHPVWDVLÆZDJRQRPDVLHWRQLPDVLHFDNRZLWHMWRQDOHMX›SR
MDZL\VLÆZDJRQ\RPDVLHFDNRZLWHMWRQ7UZDM•WH›SUÏE\ZDJRQXRPDVLH
FDNRZLWHMWRQ
6WRVRZDQHZ86$UR]ZL•]DQLHWRZDUVWZDDVIDOWRZDRV]HURNRyFLPLJUX
ERyFLRGFPGRFP:Z\SDGNXZ\M•WNRZRVDEHJRSRGR›DLQDRGFLQ
NDFKWRUÏZRGX›\FKQDFLVNDFKMHVWVWRVRZDQDZDUVWZDRJUXERyFLFP*UX
ERyÂZDUVWZ\SRGV\SNLZ\QRVL]Z\NOHRGGRFP:DUVWZDDVIDOWRZD
MHVWVWRVRZDQD]DUÏZQRQDQRZ\FKOLQLDFKMDNLQDOLQLDFKPRGHUQL]RZDQ\FK>@
1DZLHU]FKQLD]ZDUVWZ•DVIDOWRZ•MHVWVWRVRZDQDZV]HURNLP]DNUHVLH]DUÏZ
QRQDW\SRZ\FKV]ODNDFKMDNLQDVSHFMDOQ\FKRGFLQNDFKXNLUR]MD]G\VNU]\›R
ZDQLDWRUÏZGRMD]G\GRPRVWÏZWXQHOHLGRMD]G\GRWXQHOLDWDN›HVNU]\›RZDQLD
GURJRZRNROHMRZH
6WRVRZDQDMHVWW\SRZDPLHV]DQNDPLQHUDOQRDVIDOWRZDtEHWRQDVIDOWRZ\SR
ZV]HFKQLHX›\ZDQ\ZEXGRZQLFWZLHGURJRZ\P-HVWWRPLHV]DQNDRVWUXNWXU]H
]DPNQLÆWHMV]F]HOQDWDNVDPRMDNZZDUVWZDFKyFLHUDOQ\FKQDZLHU]FKQLGURJR
Z\FK:\PLDUQDMZLÆNV]HJR]LDUQDNUXV]\ZDZ\QRVLOXEPP6WRVRZDQ\
MHVW ]Z\N\ DVIDOW QDIWRZ\ =DZDUWRy DVIDOWX MHVW QLHFR ZLÆNV]D R PP
QL›ZQDZLHU]FKQLDVIDOWRZHMtZFHOXX]\VNDQLDZLÆNV]HMWUZDRyFLLV]F]HOQRyFL
EUDN U\]\ND GHIRUPDFML WUZD\FK =DZDUWRy ZROQ\FK SU]HVWU]HQL ZDKD VLÆ RG
GRYY0RGXV]W\ZQRyFLWDNLHJREHWRQXDVIDOWRZHJRMHVWQLVNLOXEyUHG
QLZSRUÏZQDQLXGREHWRQXDVIDOWRZHJRVWRVRZDQHJRZQDZLHU]FKQLGURJRZHM
0LHV]DQNÆ GDMH VLÆ DWZR ]DJÆV]F]D Z\PDJDQD ]DZDUWRy ZROQ\FK SU]HVWU]HQL
Z]DJÆV]F]RQHMZDUVWZLHGR YY=DSHZQLDWRV]F]HOQRyÂZDUVWZ\LRFKURQÆ
SRGR›DSU]HG]DZLOJRFHQLHP
=MDZLVNRGHIRUPDFMLWUZD\FKNROHLQRZDQLDZZDUVWZLHDVIDOWRZHMQDZLHU]FK
QLNROHMRZHMQLHZ\VWÆSXMHSRQLHZD›FLyQLHQLHSRGREFL•›HQLHPSRFL•JXMHVWUÏZ
QRPLHUQLHSU]HQRV]RQHSU]H]JÏUQ•ZDUVWZÆSRGV\SNLWXF]QLRZHMQDZDUVWZÆDV
IDOWRZ•:ZDUVWZLHDVIDOWRZHMQLHZ\VWÆSXMHUÏZQLH›]MDZLVNRdSRFHQLDrZ\VLÆ
1$:,(5=&+1,$.2/(-2:$=:$567:$0,$6)$/72:2:<0,
475
NXQDGPLDUXDVIDOWXSRQLHZD›QLHPDEH]SRyUHGQLHJRNRQWDNWXNRD]ZDUVWZ•
MDNWH›]SRZRGX]QDF]QLHPQLHMV]HMUR]SLÆWRyFLWHPSHUDWXU\ZDUVWZDDVIDOWXMHVW
FKURQLRQDSU]H]SRGV\SNÆWXF]QLRZ•
: 86$ RSUÏF] ]DVWRVRZDÍ Z GXJLFK RGFLQNDFK OLQLL NROHMRZ\FK ZDUVWZD
DVIDOWRZD Z QDZLHU]FKQL MHVW F]ÆVWR VWRVRZDQD QD SU]HMD]GDFK NROHMRZ\FK >@
3U]HMD]G\ VNU]\›RZDQLD OLQLL NROHMRZ\FK ] GURJDPL VDPRFKRGRZ\PL ] W\SRZ•
QDZLHU]FKQL•]SRGV\SNLWXF]QLRZHMSRNU\WHMS\WDPLEHWRQRZ\PLOXEGUHZQLD
Q\PLOXEZDUVWZ•DVIDOWRZ•SRGOHJDM•V]F]HJÏOQLHGX›\PLV]\ENLPRVLDGDQLRP
ZLÆNV]\PLV]\EV]\PZSRUÏZQDQLXGRVWUHIGRMD]GXGRVNU]\›RZDQLD7DZVSÏO
QD SU]HVWU]HÍ MHVW SRGGDQD VXPDU\F]QHPX REFL•›HQLX SRFL•JÏZ L VDPRFKRGÏZ
(IHNWHPWHJRMHVWSRZVWDQLH]QDF]Q\FKQLHUÏZQRyFLGURJLVDPRFKRGRZHMZVWUHILH
SU]HMD]GXNROHMRZHJR:\PDJDWRF]ÆVW\FKQDSUDZZ86$FRWU]\ODWD=DVWRVR
ZDQLHZDUVWZ\DVIDOWRZHMQDSU]HMH|G]LH]QDF]QLH]PQLHMV]DRVLDGDQLHQDZLHU]FKQL
]DSHZQLDM•FZLÆNV]•WUZDRyÂLZLÆNV]HEH]SLHF]HÍVWZR
5\V3U]\NDGUϛQLF\RVLDGDQLDWRUXQDVNU]\›RZDQLXNROHL]GURJ•DNRQVWUXNFMD]ZDUVWZ•
DVIDOWRZ•SRPLHVL•FDFKHNVSORDWDFMLEW\SRZDNRQVWUXNFMDSRPLHVL•FDFKHNVSORDWDFML
SRF]•WNRZDQLZHOHWDJÏZNLV]\Q\SU]HMD]GSRGEXGRZDDVIDOWRZDSRGV\SND
:RFK\
:ODWDFKtSU]\EXGRZLHSLHUZV]HMOLQLL.'3RGXJRyFLNP
•F]•FHM5]\P])ORUHQFM•UR]ZD›DQRGZDZDULDQW\Z]PRFQLHQLDSRGWRU]DLQD
6\ELOVNL'
476
ZLHU]FKQLNROHMRZHMEHWRQOXEDVIDOW:\EÏUSDGQDDVIDOWDSU]HPDZLD\]DW\P
DWZRyÂZ\NRQDQLDPQLHMV]HNRV]W\LZLÆNV]DWUZDRyÂ7\SRZDNRQVWUXNFMDWR
FPtZDUVWZDSRGV\SNLWXF]QLRZHM
FPtZDUVWZDDVIDOWRZD( 03D
FPtXOHSV]RQHSRGR›HJUXQWRZH( 03D
1DOH›\]ZUÏFLÂXZDJÆQDZ\VRNLHZ\PDJDQHZDUWRyFLPRGXXZDUVWZ\DVIDO
WRZHMLXOHSV]RQHJRSRGR›DJUXQWRZHJR
5\V6LHÂ.'3ZH:RV]HFKZEXGRZLHRGU>@
'REUHGRyZLDGF]HQLDX]\VNDQHSU]\EXGRZLHLHNVSORDWDFMLWHMOLQLLVWDQRZL\
SRGVWDZÆGRUR]SRZV]HFKQLDQLDWDNLHMNRQVWUXNFMLWRUXNROHMRZHJRQDVLHFL.'3
R•F]QHMGXJRyFLNPU\V1DWHMVLHFLSU]HZLG]LDQR]DVWRVRZDQLHRNRR
POQPPLHV]DQNLPLQHUDOQRDVIDOWRZHMMDNRZDUVWZ\QDZLHU]FKQLNROHMRZHM
1LHPF\
:1LHPF]HFKQDMF]ÆyFLHMV•VWRVRZDQHQDZLHU]FKQLHEH]SRGV\SNRZHQRQEDOODVW
W]QQDZLHU]FKQLHEH]ZDUVWZ\WXF]QLRZHM1DZLHU]FKQLDNROHMRZDMHVWPRQWRZDQD
QDSRGR›XJUXQWRZ\PQDWU]\ZDUVWZRZHMSRGEXGRZLH]PLHV]DQHNPLQHUDOQRDV
IDOWRZ\FK=DVWRVRZDQRV\VWHP*(75$&ZGZÏFKZHUVMDFK*(75$&$ZWHUHQLH
RGNU\W\PLV\VWHP*(75$&$ZWXQHODFKKWWSZZZUDLORQHFRPIRW
2EDV\VWHP\VNDGDM•VLÆ]WU]HFKZDUVWZDVIDOWRZ\FKRUϛQHMJUXERyFL
*(75$&$WHUHQRGNU\W\
RGGRFPtQDZLHU]FKQLDDVIDOWRZDZDUVWZ\JUXERyÂ]DOH›QLH
RGPRGXXSRGEXGRZ\NUXV]\ZRZHM(YOXE]DVWRVRZDQLDZDUVWZ\SRG
EXGRZ\]PLHV]DQNLPLQHUDOQHM]ZL•]DQHMK\GUDXOLF]QLH
1$:,(5=&+1,$.2/(-2:$=:$567:$0,$6)$/72:2:<0,
477
FPtSRGEXGRZDWXF]QLRZDFPSU]\]DVWRVRZDQLXZDUVWZ\SRG
EXGRZ\]PLHV]DQNLPLQHUDOQHM]ZL•]DQHMK\GUDXOLF]QLH
SRGNDG\EHWRQRZH
)RW1DZLHU]FKQLD*(75$&]V\VWHPHPZDUVWZDVIDOWRZ\FKQDNROHMDFKQLHPLHFNLFK
*(75$&$WXQHOH
RGGRFPtQDZLHU]FKQLDDVIDOWRZDZDUVWZ\JUXERyÂ]DOH›QLH
RGPRGXXSRGEXGRZ\NUXV]\ZRZHM(YOXE]DVWRVRZDQLDZDUVWZ\SRG
EXGRZ\]PLHV]DQNLPLQHUDOQHM]ZL•]DQHMK\GUDXOLF]QLH
FPtSRGEXGRZDWXF]QLRZDFPSU]\]DVWRVRZDQLXZDUVWZ\SRG
EXGRZ\]PLHV]DQNLPLQHUDOQHM]ZL•]DQHMK\GUDXOLF]QLH
SRGNDG\EHWRQRZH
:REXV\VWHPDFKV•VWRVRZDQHSRGNDG\EHWRQRZH:DUVWZ\DVIDOWRZHV•Z\
NRQ\ZDQH]EHWRQXDVIDOWRZHJR$&RUϛQ\PX]LDUQLHQLDNUXV]\ZDGR
OXEPP
$&ZDUVWZDSRGEXGRZ\
$&ZDUVWZDZL•›•FD
$&ZDUVWZDZLHU]FKQLDdyFLHUDOQDr
:QLRVNL
%XGRZD.ROHL'X›\FK3UÆGNRyFLRUD]SRWU]HED]ZLÆNV]HQLDHIHNW\ZQRyFLSR
]RVWD\FK OLQLL NROHMRZ\FK Z\PDJD SU]\VWRVRZDQLD WRUÏZ NROHMRZ\FK GR GX›HM
SUÆGNRyFLRUD]GRZLÆNV]HJRREFL•›HQLDUXFKHPSRFL•JÏZWRZDURZ\FK6NXWHF]
6\ELOVNL'
478
Q\P VSUDZG]RQ\P Z ZLHOX NUDMDFK UR]ZL•]DQLHP MHVW QDZLHU]FKQLD NROHMRZD
]ZDUVWZ•DVIDOWRZ•2EV]HUQHEDGDQLDLREVHUZDFMHZ\NRQDQ\FKZyZLHFLHRG
FLQNÏZZ\ND]D\›HZDUVWZDDVIDOWRZDZQDZLHU]FKQL]QDF]QLH]ZLÆNV]DQRyQRyÂ
LWUZDRyÂWRURZLVND:DUVWZDDVIDOWRZD]ZLÆNV]DV]W\ZQRyÂQDZLHU]FKQLRUD]]D
SHZQLDRFKURQÆSRGWRU]DLSRGR›DJUXQWRZHJRSU]HGZQLNDQLHPZRG\:DUVWZD
DVIDOWRZD SR]ZDOD QD ]PQLHMV]HQLH Z\VRNRyFL NRQVWUXNFML QDZLHU]FKQL 2SUÏF]
]DVWRVRZDQLDQDGXJLFKRGFLQNDFKOLQLLNROHMRZ\FKVNXWHF]QLHMHVWVWRVRZDQDQD
VNU]\›RZDQLDFKNROHMRZRGURJRZ\FKGRMD]GDFKGRPRVWÏZGRMD]GDFKGRWXQHOL
LZWXQHODFK
:\NRQDQLHZDUVWZ\DVIDOWRZHMZQDZLHU]FKQLNROHMRZHMQLHMHVWWUXGQHZSUR
MHNWRZDQLXLEXGRZLH:\NRU]\VW\ZDQHV•GRyZLDGF]HQLD]EXGRZ\GUÏJVDPR
FKRGRZ\FK6WRVRZDQHV•W\SRZHPLHV]DQNLPLQHUDOQRDVIDOWRZHEHWRQXDVIDOWR
ZHJR ] QLHFR ZLÆNV]• QL› Z EXGRZLH GUÏJ VDPRFKRGRZ\FK ]DZDUWRyFL• DVIDOWX
:Z\NRQDZVWZLHMHVWVWRVRZDQ\W\SRZ\VSU]ÆWGREXGRZ\GUÏJZ\WZÏUQLHPLH
V]DQHNPLQHUDOQRDVIDOWRZ\FKUR]NDGDUNLZDOFHVDPRFKRG\GRVWDZF]H
2VWDWQLDGHF\]MD0LQLVWUD7UDQVSRUWXGRW\F]•FDRGVXQLÆFLDZF]DVLHEXGRZ\
.ROHL 'X›\FK 3UÆGNRyFL Z 3ROVFH ]DSHZQH UDG\NDOQLH ]PLHQL NLHUXQNL G]LDDÍ
L DNW\ZQRy yURGRZLVND NROHMRZHJR :DUWR MHGQDN SRGM•Â SUDFH EDGDZF]H QDG
]DVWRVRZDQLHP QRZ\FK NRQVWUXNFML QDZLHU]FKQL NROHMRZ\FK L SRGWRU]D -HVW WR
ZD›QHMHyOLQDZHWQLHGOD.ROHL'X›\FK3UÆGNRyFLWRZFHOX]ZLÆNV]HQLDQRyQRyFL
LWUZDRyFLGUÏJNROHMRZ\FK
%LEOLJUDILD
>@$VSKDOWLQ5DLOZD\V7UDFN($3$(XURSHDQ$VSKDOW3DYHPHQW$VVRFLD
WLRQ2FWREHU
>@)HUUHLUD77HL[HLUD3)&DUGRVR5(IIHFWVRILQFRUSRUDWLQJDELWXPLQRXV
VXEEDOODVWOD\HURQWKHGHIRUPDWLRQRIUDLOZD\WUDFNEHGV%HDULQJ&DSD
FLW\RI5RDGV5DLOZD\VDQG$LUILHOGV7XWXPOXHU$O4DGLHGV
7D\ORU)UDQFLV*URXS/RQGRQ
>@+HQVOH\0-5RVH-*'HVLJQ&RQVWUXFWLRQDQG3HUIRUPDQFHRI+RW
0L[ $VSKDOW IRU 5DLOZD\ 7UDFNEHGV VW :RUOG &RQIHUHQFH RI $VSKDOW
3DYHPHQWV6\GQH\$XVWUDOLD
>@+XDQJ<+/LQ&'HQJ;5RVH-.(175$&.t$&RPSXWHU3UR
JUDPIRU+RW0L[$VSKDOWDQG&RQYHQWLRQDO%DOODVW5DLOZD\7UDFNEHGV
$VSKDOW,QVWLWXWH3XEOLFDWLRQ55DQG1DWLRQDO$VSKDOW3DYHPHQW
$VVRFLDWLRQ3XEOLFDWLRQ4,3
>@,VKLNDZD7.DPHL76HNLQH(2KQLVKL<(YDOXDWLRQRIURDGEHGVWLI
IQHVVRQEHDULQJFDSDFLW\RIUDLOURDGEDOODVWZLWKGLVFRQWLQXRXVDQDO\VLV
%HDULQJ&DSDFLW\RI5RDGV5DLOZD\VDQG$LUILHOGV7XWXPOXHU$O4DGL
HGV7D\ORU)UDQFLV*URXS/RQGRQ
>@5RVH-+RW0L[$VSKDOWLQ5DLOZD\7UDFNVd$VSKDOWr)DOO
1$:,(5=&+1,$.2/(-2:$=:$567:$0,$6)$/72:2:<0,
479
>@5RVH-*'LQJTLQJ/L/LQGVD\$:DONHU7HVWV$QG(YDOXDWLRQVRI,Q
6HUYLFH$VSKDOW7UDFNEHGV$PHULFDQ5DLOZD\(QJLQHHULQJDQG0DLQWH
QDQFHRI:D\$VVRFLDWLRQ$QQXDO&RQIHUHQFH([SRVLWLRQ6HS
WHPEHU:DVKLQJWRQ'&
>@5RVH-*6ZLGHUVNL0*$QGHUVRQ-6/RQJ7HUP3HUIRUPDQFHVRI
5DLO+LJKZD\$W*UDGH&URVVLQJV&RQWDLQLQJ(QKDQFHG7UDFNEHG6XS
SRUW75%WK$QQXDO0HHWLQJ
>@6WDQGDUG\WHFKQLF]QH6]F]HJϏRZHZDUXQNLWHFKQLF]QHGODPRGHUQL]DFML
OXEEXGRZ\OLQLLNROHMRZ\FKGRSUÆGNRyFL9PD[dNPKGODWDERUX
NRQZHQFMRQDOQHJRNPKGODWDERUX]Z\FK\OQ\PSXGHP7RP
'URJDV]\QRZD:HUVMD:DUV]DZD3/.&17.
>@7HL[HLUD 3) 6WDWHRIWKH$UW RQ WKH 8VH RI %LWXPLQRXV 6XEEDOODVW RQ
(XURSHDQ+LJK6SHHG5DLO/LQHV%HDULQJ&DSDFLW\RI5RDGVd5DLOZD\V
DQG$LUILHOGVr3UH&RQIHUHQFH:RUNVKRS
>@7RGRURYLFK36FKQHG'/DQH5+LJK6SHHG5DLO,QWHUQDWLRQDO/HVVRQ
IRU 86 3ROLF\ 0DNHUV 3ROLF\ )RFXV 5HSRUW /LQFROQ ,QVWLWXWH RI /DQG
3ROLF\&DPEULGJH86$
>@;LDQJZX 'DYLG =HQJ 5XEEHU 0RGLILHG $VSKDOW &RQFUHWH IRU +LJK
6SHHG5DLOZD\5RDGEHGV)LQDO5HSRUWIRU+LJK6SHHG5DLO,'($3URM
HFW 'HSW RI &LYLO (QJLQHHULQJ &DVH :HVWHUQ 5HVHUYH 8QLYHUVLW\
&OHYHODQG2KLR0DUFK
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
2'320,$5¯:'25($/,=$&-,
12:2&=(61(7(&+12/2*,(
:352&(6,(5(*8/$&-,26,725¯:
-DQ6]F]ÆVQ\
$QGU]HM.ZLDWNRZVNL
PJU LQ› 7UDQVSURMHNW *GDÍVNL 6SϏND ] RR
WHOV]FM#WJGSO
LQ›*(23/$1DQGU]HMNZLDWNRZ
VNL#JHRSODQHX
0DUW\QD-DNLPRZLF]
0DUFLQ-DQNRZVNL
PJU LQ› 7UDQVSURMHNW *GDÍVNL 6SϏND ] RR
WHOMDNP#WJGSO
PJU LQ› *(23/$1 PDUFLQMDQ
NRZVNL#JHRSODQHX
6WUHV]F]HQLH:UHIHUDFLHXMÆWHV•Z\EUDQHDVSHNW\SURFHVXSURMHNWRZDQLDUHJXODFMLRVLWRUÏZ
NROHMRZ\FKSRF]•ZV]\RG]DR›HQLDRVQRZ\SURMHNWRZHMSRSU]H]SRPLDU\LQZHQWDU\]XM•FHSURMHN
WRZDQLHQRZ\FKRVLRSUDFRZDQLHJUDILF]QHGRNXPHQWDFMLD›GRZ\QLHVLHQLDSURMHNWXZWHUHQLRG
ELRUF]\FKSRPLDUÏZSRZ\NRQDZF]\FK$XWRU]\]ZUÏFLOLXZDJÆQDNRU]\yFLS\Q•FH]Z\NRU]\VWD
QLDWDFKLPHWULL'RUD]]H]LQWHJURZDQLDV\VWHPÏZSRPLDURZ\FKSURMHNWRZ\FKLZ\NRQDZF]\FK
6RZDNOXF]RZHUHJXODFMDRVLWRUXWDFKLPHWULDUHJUHVMDSRGELMDQLHWRUX
:SURZDG]HQLH
2GURNXPDP\GRF]\QLHQLD]HZ]PR›HQLHPSUDFUHPRQWRZ\FKQDVLHFL
NROHMRZHM3.3&HOHPMHVWSRGQLHVLHQLHSUÆGNRyFLUXFKXSRFL•JÏZSU]\MDNQDM
PQLHMV]\FK XFL•›OLZRyFLDFK GOD SU]HZR|QLNÏZ L SDVD›HUÏZ :\VRNLP QDNDGRP
LQZHVW\F\MQ\PWRZDU]\V]\UR]SRZV]HFKQLDQLHQRZ\FKUR]ZL•]DÍWHFKQRORJLF]QR
RUJDQL]DF\MQ\FK:QLQLHMV]\PRSUDFRZDQLXSU]HGVWDZLP\LFK]DVWRVRZDQLHQD
ED]LHGRyZLDGF]HÍSU]\UHDOL]DFMLSURMHNWXUHJXODFMLRVLWRUXLREVXG]HJHRGH]\MQHM
PDV]\QWRURZ\FKSRGF]DVSUDFQD&HQWUDOQHM0DJLVWUDOL.ROHMRZHMZURNX
'RQDMEDUG]LHMLVWRWQ\FKQRZRyFL]SXQNWXZLG]HQLDUHJXODFMLRVLWRUXQDOH›•
QDV]\P]GDQLHP
s XMHGQROLFRQ\Z]ÏU]QDNXUHJXODFMLRVLWRUXZIRUPLHWU]SLHQLD]HVWDOLQLH
UG]HZQHMZSURZDG]RQ\Z\W\F]Q\PL,JVWRVRZDQ\ZZLHOXNUDMDFKHXUR
SHMVNLFK
s XMHGQROLFRQD PHWRGD Z\]QDF]DQLD ZVSϏU]ÆGQ\FK NROHMRZHM RVQRZ\ VSH
FMDOQHM.26t]QDNLUHJXODFMLZSURZDG]RQDZ\W\F]Q\PL,J
s ]DVWRVRZDQLHWDFKLPHWULL'RZ\VRNLHMGRNDGQRyFLZSURFHVLHSURMHNWRZD
QLDUHJXODFMLRVLWRUXZW\PUÏZQLH›GRRSUDFRZDQLDSURWRNRÏZUHJXODFML
:NáDGDXWRUyZZSXEOLNDFMĊ6]F]ĊVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL
0
482
6]F]ÆVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL0
s Z\PLDQDGDQ\FKF\IURZ\FKZF\NOXJHRGHWDtSURMHNWDQWtJHRGHWDtRE
VXJDSRGELMDUNLWRURZHMJHRGHWD
3RZ\›V]H]MDZLVND]UHZROXFMRQL]RZD\SRGHMyFLHGRSURMHNWRZDQLD=\VNDOLyP\
QRZHVSRMU]HQLHQDXNDGWRURZ\'RW\FKF]DVGDQHGRSURMHNWXUHJXODFML]ELHUDQH
E\\QDMF]ÆyFLHMZRSDUFLXRSU]HSURZDG]RQ\SLNLHWD›RUD]SRPLHU]RQ•NU]\ZL]QÆ
WRUXSRPLDU\ZZ]JOÆGQ\PXNDG]LHRGQLHVLHQLD%•GSRSHQLRQ\SU]\ND›G\P
SRPLDU]HVWU]DNLQLHUÏZQRyFLU]XWRZDQDZ\QLNLSRPLDUÏZQDVWÆSQ\FK']LVLDM
PDM•FGRG\VSR]\FMLWDFKLPHWU\RZ\VRNLHMGRNDGQRyFLPRJ•F]DWZRyFL•DQD
OL]RZD SRPLDU\ QD HNUDQLH NRPSXWHUÏZ REVHUZXMHP\ MDN UϛQH RG ]DR›HÍ V•
NV]WDW\RVLWRUÏZ2ND]XMHVLƛHQLHPR›HP\Z\UHJXORZDXNXVWRVXM•FSURPLH
QLHLGXJRyFLNU]\Z\FKSU]HMyFLRZ\FKWDNLHMDNQDSURILOXOLQLLEH]VSRZRGRZDQLD
RJURPQ\FKQDVXQLÆÂ
2EHFQLHFDDGRNXPHQWDFMDSURMHNWRZD•F]QLH]SURMHNWHPLSURWRNRHPUH
JXODFMLRVLWRUXPR›HE\ÂZ\NRQDQDSU]H]SURMHNWDQWDJG\›GRPHQ•JHRGHW\SR
]RVWDQLH]DR›HQLHRVQRZ\SRPLDU\LQZHQWDU\]XM•FHVWDQLVWQLHM•F\LW\F]HQLHSUR
MHNWRZDQHJRXNDGXJHRGH]\MQDREVXJDSRGELMDUNLRUD]SRPLDUSRZ\NRQDZF]\
GRRGELRUXUREÏW
2VQRZ\ JHRGH]\MQH Z SRPLDUDFK LQZHQWDU\]XM•F\FK SRR›HQLH RVL
WRUX
:SRPLDUDFKGRZROQLHGXJLFKRGFLQNÏZWRUÏZNROHMRZ\FKZXNDG]LHEH]
Z]JOÆGQ\P QLH]EÆGQH MHVW Z\NRU]\VWDQLH RVQÏZ JHRGH]\MQ\FK R RGSRZLHGQLHM
VWUXNWXU]HLGRNDGQRyFL7HJRURG]DMXRVQRZ\SRZLQQ\XPR›OLZLDÂSURZDG]HQLH
]DUÏZQRSRPLDUÏZV\WXDF\MQRZ\VRNRyFLRZ\FKMDNUÏZQLH›SRPLDUÏZLQZHQWD
U\]DF\MQ\FKUHDOL]RZDQ\FKQDSRWU]HE\Z\NRQDQLDSURMHNWÏZUHJXODFMLRVLWRUX
D WDN›H SRPLDUÏZ ]ZL•]DQ\FK ] UHDOL]DFM• W\FK SURMHNWÏZ Z WHUHQLH 7DN GX›H
Z\PDJDQLD Z VWRVXQNX GR IXQNFMRQDOQ\FK ZDyFLZRyFL SURSRQRZDQ\FK RVQÏZ
VSUDZLDM•›HSRZLQQ\VLÆRQHFKDUDNWHU\]RZDÂZ\VRN•GRNDGQRyFL•Z\]QDF]DQLD
ZVSϏU]ÆGQ\FK SXQNWÏZ D WDN›H LFK SUDZLGRZ\P XV\WXRZDQLHP L VWDELOL]DFM•
2SW\PDOQ\P UR]ZL•]DQLHP Z W\P ]DNUHVLH MHVW ]DNDGDQLH RVQÏZ ]LQWHJURZD
Q\FK6NDGDM•VLÆRQH]SXQNWÏZRGQLHVLHQLDZ\]QDF]RQ\FKWHFKQLN•VWDW\F]Q•
*36RUD]]SXQNWÏZV]F]HJϏRZ\FKNWÏU\FKZVSϏU]ÆGQHZ\]QDF]DQHV•PHWR
GDPLNODV\F]Q\PL]Z\NRU]\VWDQLHPSUHF\]\MQ\FKWDFK\PHWUÏZHOHNWURQLF]Q\FK
3XQNW\ RGQLHVLHQLD VWDELOL]RZDQH V• SDUDPL SU]\ SRPRF\ ]QDNÏZ ]LHPQ\FK
3XQNW\ZSDU]HUR]PLHV]F]RQHV•ZRGOHJRyFLDFKRGGRPHWUÏZ2GOH
JRyFLSRPLÆG]\V•VLHGQLPLSDUDPLV•ZJUDQLFDFKtNP
3XQNW\ RVQRZ\ V]F]HJϏRZHM PRJ• E\ VWDELOL]RZDQH SU]\ SRPRF\ ]QDNÏZ
]LHPQ\FKZHZ]DMHPQ\FKRGOHJRyFLDFKU]ÆGXÓP&RUD]F]ÆyFLHMMHG
QDNVWRVRZDQHMHVWSRGHMyFLHE\SXQNW\NROHMRZHMRVQRZ\JHRGH]\MQHMXWUZDODÂQD
VXSDFKWUDNF\MQ\FKSRGREQLHMDNWRPDPLHMVFH]HVWDELOL]DFM•ZVND|QLNÏZUHJXOD
FML3URSRQRZDQHUR]ZL•]DQLHZGUD›DQHMHVWQDOLQLDFKNROHMRZ\FK]DUÏZQRZ3ROVFH
2'320,$5¯:'25($/,=$&-,12:2&=(61(7(&+12/2*,(:352&(6,(
483
*RJROLÍVNL'REURZROVNL-DPND/LVRZVNL6WUDFKMDNL]D
JUDQLF•6]ZDMFDULD(LVHQHJJHU1LHPF\6LHPV$XVWULD5HWVFKHU
&]HFK\6RZDFMD)ULHGULFK+UGOLÄND2SW\PDOQ\PUR]ZL•]DQLHP
MHVW]DVWRVRZDQLHWDNLHMNRQVWUXNFML]QDNXLMHJRXV\WXRZDQLDE\SHQLRQMHGQR
F]HyQLHIXQNFMÆZVND|QLNDUHJXODFMLLSXQNWXRVQRZ\JHRGH]\MQHM1DXZDJÆ]DVX
JXMH]QDN]DSURSRQRZDQ\GRVWRVRZDQLDQDOLQLDFK3.3-DPND/LVRZVNL6WUDFK
NWÏU\ZURNX]RVWDZSURZDG]RQ\GRVWRVRZDQLDQD3.3d:\W\F]QH
GODRVDG]DQLD]QDNÏZUHJXODFMLRVLWRUXQDNRQVWUXNFMDFKZVSRUF]\FKVXSDFKVLHFL
WUDNF\MQHM,Jr=D•F]QLNGR]DU]•G]HQLD1U=DU]•GX3.33ROVNLH/LQLH
.ROHMRZH6$]GQLDOLSFDU
)RW2VQRZDVWDELOL]RZDQD
SXQNWDPL]LHPQ\PL
)RW1RZ\]QDNUHJXODFMLRVLWRUX
]JRGQ\],J
3RR›HQLH SXQNWÏZ V]F]HJϏRZHM RVQRZ\ JHRGH]\MQHM XWUZDORQHM QD VXSDFK
WUDNF\MQ\FKSRMHGQHMOXESRREXVWURQDFKOLQLLNROHMRZHMZ\]QDF]DVLÆPHWRG•
ELHJXQRZ•'SUHF\]\MQDWDFK\PHWULD]GZÏFKUϛQ\FKVWDQRZLVNLQVWUXPHQWX
6WDQRZLVNDPLWDFK\PHWUXV•SXQNW\FL•JXSROLJRQRZHJRGRZL•]DQHJRREXVWURQ
QLHGRSXQNWÏZRGQLHVLHQLD*36]QDMGXM•F\FKVLÆZZÆ]DFKVLHFL3XQNW\FL•JX
SROLJRQRZHJRPRJ•E\ÂXWUZDORQH]QDNDPL]LHPQ\PLWUZD\PLIRWOXEW\P
F]DVRZ\PL:W\PGUXJLPSU]\SDGNXSRPLDU\SURZDG]LVLÆPHWRG•VZRERGQHJR
VWDQRZLVND3RZ\NRQDQLXREVHUZDFMLZVSϏU]ÆGQHSXQNWÏZQDVXSDFKZ\]QDF]D
VLÆ Z UDPDFK •F]QHJR Z\UÏZQDQLD REHMPXM•FHJR HOHPHQW\ JHRPHWU\F]QH FL•
JÏZSROLJRQRZ\FKLELHJXQRZ\FKNRQVWUXNFMLZFLQDM•F\FK:URNX]RVWD
ZSURZDG]RQ\ d6WDQGDUG WHFKQLF]Q\ RNUHyODM•F\ ]DVDG\ L GRNDGQRyFL SRPLDUÏZ
JHRGH]\MQ\FK GOD ]DNDGDQLD ZLHORIXQNF\MQ\FK ]QDNÏZ UHJXODFML RVL WRUX ,Jr
=D•F]QLNGR]DU]•G]HQLD1U=DU]•GX3.33ROVNLH/LQLH.ROHMRZH6$
]GQLDOLVWRSDGDUNWÏU\UHJXOXMH]DVDG\LGRNDGQRyFL]ZL•]DQH]]DND
GDQLHP]QDNÏZUHJXODFMLRVLWRUÏZ
3XQNW\ RVQRZ\ V]F]HJϏRZHM ]DR›RQHM QD VXSDFK VLHFL WUDNF\MQHM Z]GX›
WRUX XPR›OLZLDM• SURZDG]HQLH SRPLDUÏZ LQZHQWDU\]DF\MQ\FK L UHDOL]DF\MQ\FK
484
6]F]ÆVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL0
PHWRG•VZRERGQHJRVWDQRZLVND1DSRGVWDZLHV]F]HJϏRZ\FKDQDOL]GRNDGQR
yFLSRWZLHUG]RQ\FKZ\QLNDPLSRPLDUÏZGRyZLDGF]DOQ\FKVWZLHUG]RQR›HLVWQLHM•
WHFKQLF]QHPR›OLZRyFLDE\ZVSϏU]ÆGQHSXQNWÏZ]LQWHJURZDQ\FKRVQÏZJHRGH
]\MQ\FKZ\]QDF]DÂ]GRNDGQRyFL•U]ÆGXPPSU]\SRSUDZQLHGREUDQ\FKGX
JRyFLDFKFL•JÏZLRGOHJRyFLDFKSRPLÆG]\SXQNWDPL
,QZHQWDU\]DFMDLVWQLHM•FHMRVLWRUX
,QVWUXNFMD'd2RUJDQL]DFMLLZ\NRQ\ZDQLXSRPLDUÏZZJHRGH]MLNROHMR
ZHMrVXJHUXMHDE\GRSRPLDUXWRUÏZLUR]MD]GÏZVWRVRZDÂSR]LRP•DWÆZ\SR
VD›RQ•ZUHIOHNWRUSU\]PDW\F]Q\]DPRQWRZDQ\ZRVLWRUXIRW0R›OLZHMHVW
UÏZQLH›]DVWRVRZDQLHDGDSWHUDQDUHIOHNWRUZ\SRVD›RQHJRZPDJQHVLSU]\NDGD
QHJRGRZ\EUDQHJRWRNXV]\QRZHJRIRW
)RWDWDZ\SRVD›RQDZUHIOHNWRUSU\]PDW\F]Q\
XPLHV]F]RQ\ZRVLWRUX
)RW$GDSWHU]]DPRQWRZDQ\P
UHIOHNWRUHPSU\]PDW\F]Q\P
7HJRW\SXUR]ZL•]DQLDSRPLDURZHXVWÆSXM•MHGQDNPLHMVFDEDUG]LHMXQLZHUVDO
Q\PV\VWHPRPXPR›OLZLDM•F\P]GHF\GRZDQHSU]\VSLHV]HQLHSRPLDUÏZ6\VWHP\
WH SR]ZDODM• QD SRPLDU L Z\]QDF]HQLH SDUDPHWUÏZ UHSUH]HQWXM•F\FK JHRPHWULÆ
ZHZQÆWU]Q•WRUXV]HURNRyÂJUDGLHQWV]HURNRyFLSU]HFK\NÆZLFKURZDWRyÂQLH
UÏZQRyFLWRNÏZV]\QRZ\FKZSDV]F]\|QLHSR]LRPHMLSLRQRZHM']LÆNLZ\SRVD
›HQLXV\VWHPÏZZXU]•G]HQLDJHRGH]\MQHPR›QDQLPLZ\]QDF]\ÂWDN›HJHRPHWULÆ
LSRR›HQLHWUDV\NROHMRZHM3RGVWDZRZ\P]DR›HQLHPWHJRV\VWHPXMHVWSURZD
G]HQLHSRPLDUÏZJHRGH]\MQ\FKLQZHQWDU\]XM•F\FKSRR›HQLHRVLWRUXLXU]•G]HÍ
SRR›RQ\FK Z SDVLH SU]\OHJ\P GR WRUX SRGF]DV SU]HMD]GX SR WRU]H ZÏ]ND SR
PLDURZHJR:\]QDF]DQLHWU]HFKZVSϏU]ÆGQ\FKRVLWRUXZEH]Z]JOÆGQ\PXND
G]LHZVSϏU]ÆGQ\FK]PLOLPHWURZ•GRNDGQRyFL•MHVWUHDOL]RZDQHZVNRRUG\QR
ZDQ\P XNDG]LH VWDFML SRPLDURZHM 7RWDO 6WDWLRQ L SRUXV]DM•FHJR VLÆ SR WRU]H
ZÏ]NDSRPLDURZHJR6WDFMDSRPLDURZDXVWDZLRQDZPLHMVFX]NWÏUHJRPLHU]RQ\
WRUZLGRF]Q\MHVWQDGXJRyFLSRRNRRPZRELHVWURQ\=QLHMGRNRQXMHVLÆ
2'320,$5¯:'25($/,=$&-,12:2&=(61(7(&+12/2*,(:352&(6,(
485
SRPLDUX N•WÏZ SR]LRP\FK L SLRQRZ\FK RUD] RGOHJRyFL GR SU\]PDWX QD ZÏ]NX
SRPLDURZ\P:VSϏU]ÆGQHVWDQRZLVNDZ\]QDF]DVLÆZFLÆFLHPZVWHF]GRF]WHUHFK
SXQNWÏZRVQRZ\SRPLDURZHM:URNXQDV]DILUPDZSURZDG]LDGRZ\NR
QDZVWZDUREÏW]ZL•]DQ\FK]SRPLDUDPLGRSURMHNWXUHJXODFMLRVLWRUXNRPSOHW
ZÏ]NÏZSRPLDURZ\FK2EHFQLHNRU]\VWDP\UÏZQLH›]ZÏ]NÏZQDMQRZV]HMNRQ
VWUXNFMLIRW
)RW:Ï]NLSRPLDURZHV\VWHPX75,0%/(*('2&(
6\VWHPRSLV\ZDQ\FKZÏ]NÏZWR]HVWDZQDU]ÆG]LGRSRPLDUÏZ]DSLVXDQDOL]
L GRNXPHQWDFML Z SURFHVLH ORNDOL]DFML EXGRZ\ L XWU]\PDQLD WRUÏZ NROHMRZ\FK
6SU]ÆWSRPLDURZ\LRSURJUDPRZDQLHV•GRVWRVRZDQHGR]DGDÍLVSHF\ILNLSUDF\QD
WRUDFKNROHMRZ\FKFRXVSUDZQLDG]LDDQLHZWHUHQLHRUD]ZELXU]H6\VWHPX›\ZD
VWDQGDUGRZ\FKWHFKQLNSRPLDURZ\FKLIRUPDWÏZZ\PLDQ\GDQ\FKPLÆG]\DSOLND
FMDPLGRSURMHNWRZDQLDV]ODNÏZNROHMRZ\FKLLFKXWU]\PDQLD
2SURJUDPRZDQLH*('25HFWR]RSW\PDOL]RZDQHRSURJUDPRZDQLHGODSR
WU]HESURZDG]RQ\FKSRPLDUÏZLVSRU]•G]DQLDGRNXPHQWDFML]LQZHQWDU\]DFMLLVW
QLHM•FHJRVWDQXWRUÏZNROHMRZ\FK
3URMHNWRZDQLH
1DV]H%LXUR3URMHNWÏZRSUDFRZXM•FSURMHNW\UHJXODFMLUHZLWDOL]RZDQ\FKOLQLL
SRVXJXMHVLÆGDQ\PLJHRGH]\MQ\PLSR]\VNDQ\PLZ\•F]QLH]WDFKLPHWULL:V]HO
NLHGDQHOLF]ERZH]QDMGXM•FHVLÆQDU\VXQNDFKLZSURWRNRDFKUHJXODFMLRVLWRUX
SRFKRG]•]REOLF]HÍGRNRQDQ\FKZSURJUDPLH&$'%HQWOH\5DLO7UDFNGHG\NRZD
Q\PGR]DVWRVRZDÍNROHMRZ\FK'RSURMHNWRZDQLDUHJXODFMLRVLWRUXQLHSRWU]HEQD
MHVWPDSDOHF]V]F]HJϏRZHSRPLDU\Z\NRQDQHZHGXJRNUHyORQ\FK]DVDG6•WR
SRPLDU\
s RVLWRUXSU]H]QDF]RQHJRGRUHJXODFMLZNURNXFRPRUD]QDSU]HFLZ
ND›GHJR]QDNXUHJXODFML
s RVLWRUÏZV•VLHGQLFKFRPZVND]DQHZW\FKVDP\FKNLORPHWUDFKFR
WRUSURMHNWRZDQ\
s RELHNWÏZPRJ•F\FKQDUXV]\ÂVNUDMQLÆEXGRZOLtZLDGXNW\SHURQ\VXS\
VHPDIRU\LWS
6]F]ÆVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL0
486
s SRF]•WNÏZLNRÍFÏZRUD]G]LREÏZNU]\›RZQLFUR]MD]GÏZ
s ZVSϏU]ÆGQ\FK]QDNÏZUHJXODFML
s ZSU]\SDGNDFKQDSUDZ\JÏZQHMU]ÆGQHVSRGXSRGV\SNL
s SXQNWÏZGRZL•]DQLDNLORPHWUDFML
6]F]HJÏOQ•XZDJÆ]ZUDFDVLÆQDVNUDMQLÆEXGRZOL0LHU]\ÂQDOH›\]DZV]HOLFR
NRQVWUXNFMLOXENUDZÆG|SHURQXWDFKLPHWU\F]QLH]RVQRZ\MDN•V•]QDNLUHJXODFML
1LHMHGQRNURWQLH]GDU]DVLƛHRSU]HELHJXRVLWRUXLPR›OLZRyFLSRGQLHVLHQLDSUÆG
NRyFLUXFKXGHF\GXM•PLOLPHWU\=WHJRZ]JOÆGXSU]\UHJXODFMLRVLWRUXSRPLDU\
VXSÏZ Z LFK RVL OXE SRPLDU\ VNUDMQL SU]\ SRPRF\ RGELRUQLNÏZ *36 V• PDR
SU]\GDWQH
'DQH GRW\F]•FH UR]MD]GÏZ LVWQLHM•F\FK V• V]F]HJÏOQLH ZD›QH Z SR•F]HQLDFK
]UR]MD]GDPLSURMHNWRZDQ\PL'ODWHJRRSUÏF]SRF]•WNÏZLNRÍFÏZGODZHU\IL
NDFMLSRR›HQLDUR]MD]GÏZPLHU]RQHV•WDN›HG]LRE\NU]\›RZQLF3RQLHZD›VW\NL
L VSDZ\ PRJ• E\ SRSU]HVXZDQH JHRPHWU\F]QH NRÍFH UR]MD]GÏZ Z\]QDF]D VLÆ
]QDM•FRGOHJRyÂRGG]LREDGRNRÍFDUR]MD]GX
=DPLDVWRVLWRUÏZSU]\SRPLDUDFKZÏ]NLHPF]DVDPLPLHU]RQHV•V]\Q\:WD
NLP SU]\SDGNX JHRGHFL SRZLQQL X›\ZD VSHFMDOLVW\F]Q\FK DGDSWHUÏZ GR OXVWHU
NWÏUH SR]\FMRQXM• OXVWUR QDG RVL• V]\Q\ E•G| QDG MHM SRZLHU]FKQL• SURZDG]•F•
IRW
3U]\JRWRZDQLHGDQ\FK
:GX›\PXSURV]F]HQLXPR›QDSRZLHG]LH›HZSURJUDPLHW\PSUDFXMHVLÆQD
SXQNWDFKLRVLDFKUR]XPLDQ\FKMDNRDÍFXFKSR•F]RQ\FK]HVRE•HOHPHQWÏZWDNLFK
MDN RGFLQHN SURVW\ XN NRRZ\ L NU]\ZD SU]HMyFLRZD 3URJUDP XDWZLD NV]WD
WRZDQLHZVSRPQLDQ\FKRVLRUD]GDMHPR›OLZRyÂDQDOL]\LFKSU]HELHJXZ]JOÆGHP
HOHPHQWÏZZSU]HVWU]HQL
'DQH GR SURMHNWRZDQLD SU]HND]\ZDQH V• Z IRUPLH FKPXU\ SXQNWÏZ Z SOLNX
GZJG[I'RUD]SOLNXWHNVWRZHJR-HVWGX›\PXDWZLHQLHPMHyOLSXQNW\V•SR•
F]RQHZSROLOLQLH2SUÏF]ZVSϏU]ÆGQ\FKV\WXDF\MQRZ\VRNRyFLRZ\FKND›G\SXQNW
SRVLDGD NRG NWÏU\ XPR›OLZLD UR]SR]QDQLH UHSUH]HQWRZDQHJR RELHNWX 27 Ry
WRUX3(5NUDZÆG|SHURQXLWSRUD]QD]ZÆ1D]Z\SXQNWÏZV•NROHMQ\PLQX
PHUDPLW\ONRZSU]\SDGNX]QDNÏZUHJXODFMLZQD]ZLHNRGRZDQ\MHVWQXPHUVXSD
3XQNW\ SRPLHU]RQH PR›QD ZF]\WD GR SURJUDPX ] ND›GHJR SOLNX W[W EH]
Z]JOÆGXQDXNDGNROXPQZQLP]DZDUW\FK']LÆNLNRGRZDQLXSURMHNWDQWUR]SR
F]\QDM•FSUDFÆVHJUHJXMHMHQDWHRSLVXM•FHRVLHWRUÏZRUD]QDUϛQH]ELRU\SXQN
WÏZRNUHyODM•F\FKVNUDMQLÆ3XQNW\RSLVXM•FHRVLHWRUÏZ•F]RQHV•ZRVLHWRUXLVW
QLHM•FHJRSRF]\PQDVWÆSXMHLFKDQDOL]D
5HJUHVMD
&HOHP ZLÆNV]RyFL SURMHNWÏZ UHJXODFML NWÏUH RSUDFRZDOLyP\ E\R RVL•JQLÆFLH
]DNDGDQHM SUÆGNRyFL SU]\ PLQLPDOL]DFML SU]HVXQLÆ RVL WRUX L ]PLQLPDOL]RZDQLX
2'320,$5¯:'25($/,=$&-,12:2&=(61(7(&+12/2*,(:352&(6,(
487
LORyFLNROL]MLZVNUDMQLEXGRZOL:WDNLFKSU]\SDGNDFKSLHUZV]\PNURNLHPSURMHN
WRZDQLDUHJXODFMLRVLWRUXMHVW]ORNDOL]RZDQLHHOHPHQWÏZJHRPHWULLWRUXLVWQLHM•FH
JRtSURVW\FKXNÏZLNU]\Z\FKSU]HMyFLRZ\FK6X›\GRWHJRZ\NUHVNU]\ZL]Q\
U\V1DMHJRSRGVWDZLHZ\ELHUDQHV•SXQNW\SRPLHU]RQHMRVLWRUXGRUHJUHVML
MHGQRHOHPHQWRZHMtF]\OLWDNLHMZNWÏUHMSRV]XNXMHVLÆHOHPHQWXSURVWHMOXEXNX
NRRZHJRRSU]HELHJXQDMEDUG]LHM]EOL›RQ\PGRLVWQLHM•FHJR=QDV]\FKGRyZLDG
F]HÍ]HEUDQ\FKSU]\UHJXODFMDFKZLHOXOLQLLNROHMRZ\FKZ\QLND›HXNDG\NU]\ZL]Q
SUH]HQWRZDQHQDSURILODFKOLQLLGRyÂ]QDF]QLHRGELHJDM•RGU]HF]\ZLVWRyFLLQDZHW
QDGREU]HXWU]\PDQ\FKOLQLDFKPR›QDVSRG]LHZDÂVLÆQDVXZDQLDGRFP-DN
SRGHMU]HZDP\ MHVW WR VSRZRGRZDQH SU]HVNRNLHP WHFKQRORJLF]Q\P Z UHDOL]DFML
SRPLDUÏZGHIRUPDFMDPLWRUXOXEEÆGQ\PW\F]HQLHPZSU]HV]RyFL3URMHNWXM•F
UHJXODFMÆWRUXQD&HQWUDOQHM0DJLVWUDOL.ROHMRZHMG]LÆNLDQDOL]LHSXQNWÏZUHJUHVML
RWU]\PDOLyP\RSW\PDOQHSRR›HQLHRVLWRUXSU]\QDVXZDQLDFKQLHZLÆNV]\FKQL›
PPkUHGQLHQDVXZDQLHQDRNRRNPSURMHNWRZDQHJRRGFLQND6]HOLJLt
%LDD5DZVNDZ\QLRV\PP
5\V'ZDVWRSQLHUHJUHVMLQDSU]\NDGRZ\PZ\NUHVLHNU]\ZL]Q\
3XQNWRPUHJUHVMLPR›QDQDGDÂLQG\ZLGXDOQHFHFK\ZDJÆRUD]RF]HNLZDQH
RGVXQLÆFLHRVLSURMHNWRZDQHMRGSXQNWX1DGDQLHZDJLSU]\GDMHVLÆZV\WXDFML
JG\PDP\]D]DGDQLHGRZL•]DÂVLÆQDSU]\NDGGRUR]MD]GXNWÏU\SR]RVWDMH
ZSRR›HQLXLVWQLHM•F\P2F]HNLZDQHRGVXQLÆFLHRVLSURMHNWRZDQHMRGSXQNWX
RNUHyODP\JG\MDNDyZDUWRyÂQDVXZDQLDMHVW]JÏU\SR›•GDQDQDSU]\NDG]H
Z]JOÆGXQDVNUDMQLÆOXEJG\GRUHJUHVMLZFL•JDP\SXQNW\VSR]DRVLWRUX5D
SRUW]UHJUHVMLMHGQRHOHPHQWRZHMSU]HGVWDZLRQ\MHVWQDU\V:LGDÂQDQLP›H
WRFRZ\GDZDRVLÆE\ÂRGFLQNLHPSURVW\PQDZ\NUHVLHNU]\ZL]Q\MHVWZU]H
F]\ZLVWRyFLRSLVDQHSU]H]GZLHSU]HFLQDM•FHVLÆSURVWH$QDOL]XM•FSU]HGVWDZLR
QHQDVXZDQLDRUD]ELRU•FSRGXZDJÆVNUDMQLÆEXGRZOLPR›QDZW\PPLHMVFX
]DSURMHNWRZDÂRGFLQHNSURVW\OXEZ\NRQDÂUHJUHVMÆSRQRZQLHGODRJUDQLF]R
QHJR]ELRUXSXQNWÏZ1DW\PHWDSLHGRNRQXMHP\WH›ZHU\ILNDFMLSRSUDZQRyFL
SRPLDUXLFHORZRyFLXZ]JOÆGQLHQLDSRV]F]HJÏOQ\FKSXQNWÏZLHZHQWXDOQHJR
RGU]XFHQLD]H]ELRUXGDQ\FKGRUHJUHVMLQDSU]\NDGSRMHG\QF]HSXQNW\SRR
›RQH]GDODRGZ\]QDF]RQHJRHOHPHQWX
1DVWÆSQ\PNURNLHPSRZ\]QDF]HQLXSRGVWDZRZ\FKHOHPHQWÏZXNDGXWR
URZHJR ] UHJUHVML MHGQRHOHPHQWRZHM MHVW UHJUHVMD ZLHORHOHPHQWRZD 1D W\P
488
6]F]ÆVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL0
HWDSLH QDVWÆSXMH RSW\PDOL]DFMD SDUDPHWUÏZ JHRPHWU\F]Q\FK L NRUHNWD JHR
PHWULLSRGZ]JOÆGHPVNUDMQL0R›OLZHMHVWUÏZQLH›GREUDQLHSURPLHQLXNÏZ
LGXJRyFLNU]\Z\FKSU]HMyFLRZ\FKRZDUWRyFLDFKFDNRZLW\FK'RUHJUHVMLZLH
ORHOHPHQWRZHMZ\ELHUDVLÆGRZROQ•LORyÂHOHPHQWÏZ:\EUDQHSDUDPHWU\ND›
GHJRHOHPHQWXPR›QD]DEORNRZDÂQDGDM•FLP]JÏU\SR›•GDQ•ZDUWRyÂLQQH
SR]RVWDZLÂZROQHtGRZ\]QDF]HQLDSU]H]SURJUDP,ORyÂZROQ\FKSDUDPHWUÏZ
MHVWRJUDQLF]RQD
']LÆNLV]HUHJRZLUDSRUWÏZNWÏUHRIHUXMHSURJUDPPR›HP\NRQWURORZDÂF]\
]DNDGDQ\FHOSURMHNWX]RVWDMX›RVL•JQLÆW\3U]HGVWDZLDM•RQHPLÆG]\LQQ\PL
Z]DMHPQH RGOHJRyFL ]DGDQ\FK Z SURJUDPLH RVL RGOHJRyFL SURMHNWRZDQHJR
WRUXRGZ\EUDQ\FKSXQNWÏZ]HVWDZLHQLDSURMHNWRZDQHMJHRPHWULL
'RUHJUHVML]DUÏZQRZLHORMDNLMHGQRHOHPHQWRZHMPR›QDZUDFDÂQDND›
G\PHWDSLHSUDFSURMHNWRZ\FK
5\V5DSRUW]UHJUHVMLMHGQRHOHPHQWRZHM:NROXPQLHRGFK\HNZLGRF]Q\]DRPRGFLQNDSURVWHJR
QLH]DXZD›RQ\QDZ\NUHVLHNU]\ZL]Q\
2'320,$5¯:'25($/,=$&-,12:2&=(61(7(&+12/2*,(:352&(6,(
489
5\V2NQRUHJUHVMLZLHORHOHPHQWRZHMXNXNRV]RZHJR.UDWND]D]QDF]RQDNU]\›\NLHPR]QDF]D
›HGDQ\SDUDPHWU]RVWDQLHREOLF]RQ\ZZ\QLNXUHJUHVML
3URMHNWRZDQLHWRUXV•VLHGQLHJR
1DMZLÆFHM PR›OLZRyFL RSW\PDOL]DFML RVL WRUX SRG Z]JOÆGHP VSRNRMQRyFL MD]
G\MDNLZLHONRyFLQDVXQLÆÂF]\VNUDMQLZ\VWÆSXMHSU]\MHGQRF]HVQHMUHJXODFMLREX
WRUÏZ QD OLQLL GZXWRURZHM PR›OLZRy SU]HSURMHNWRZDQLD SHURQÏZ E\ZD Z\M•W
NLHP3URMHNWRZDQLHV•VLHGQLHJRWRUXUR]SRF]\QDP\]Z\NOHRGDQDOL]\UDSRUWX
V]HURNRyFLPLÆG]\WRU]DLVWQLHM•F\FKWRUÏZ0R›QDJRRWU]\PDÂ]DUÏZQRZZHUVML
JUDILF]QHMMDNLWHNVWRZHM']LÆNLWHPXG]LHOLP\SURMHNWRZDQ\RGFLQHNQDPQLHM
V]HUϛQL•FHVLÆV]HURNRyFL•PLÆG]\WRU]D7DPJG]LHWRU\V•UÏZQROHJHSU]HELHJ
WRUXV•VLHGQLHJRZ\]QDF]DP\ZVWÆSQLHRGVXZDM•FUÏZQROHJOHSLHUZV]\]]DSUR
MHNWRZDQ\FKWRUÏZQDZ\]QDF]RQ•RGOHJRyÂ1DVWÆSQLHSRDQDOL]LHVNUDMQLSU]\M
PXMHP\ Z\]QDF]RQ\ SU]HELHJ WRUX V•VLHGQLHJR E•G| ZSURZDG]DP\ NRUHNW\ ]D
SRPRF•UHJUHVML
1LH]DZV]HRyRGVXQLÆWDUÏZQROHJOHRGRVLWRUX]DSURMHNWRZDQHMQDSRGVWDZLH
UHJUHVMLSUH]HQWXMHQDMPQLHMV]HQDVXZDQLDWRUXV•VLHGQLHJR2WU]\PXMHP\UDF]HM
GZD WRU\ ] NWÏU\FK MHGHQ MHVW ]DSURMHNWRZDQ\ ] XZ]JOÆGQLHQLHP PLQLPDOL]DFML
QDVXQLÆÂDGUXJLSRSURVWXUÏZQROHJ\GRQLHJR'ODZ\HOLPLQRZDQLDWHJR]MD
490
6]F]ÆVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL0
ZLVNDSU]\SURMHNFLHUHJXODFML&0.JG]LHV]F]HJÏOQLHLVWRWQHE\R]PQLHMV]HQLH
ZLHONRyFLQDVXQLÆÂND›GHJR]WRUÏZUHJUHVMLMHGQRHOHPHQWRZHMSRGGDQRREDWRU\
MHGQRF]HyQLHDQDOL]XM•FMHGQRF]HyQLHSXQNW\SRPLHU]RQH]WRUXSURMHNWRZDQHJR
LV•VLHGQLHJR=QDM•FyUHGQL•V]HURNRyÂPLÆG]\WRU]DWRUÏZLVWQLHM•F\FKSU]\NDGR
ZRP3XQNWRPSRPLHU]RQ\PQDWRU]HV•VLHGQLPQDGDQRZDUWRyÂRGVXQLÆFLD
P:WHQVSRVÏERWU]\P\ZDOLyP\SURVW•OXEXNUHSUH]HQWXM•F•QDMPQLHMV]H
QDVXQLÆFLD]DUÏZQRGODWRUXQUL$WXWHPWHJRUR]ZL•]DQLDE\RSU]HVXQLÆ
FLHyUHGQLHMZDUWRyFLQDVXZDQLDZNLHUXQNXGRyURGNDPLÆG]\WRU]DFRNRU]\VWQLH
ZS\QƏRQD]DFKRZDQLHVNUDMQLRUD]SLHUZRWQHJRSU]HELHJXFDHMOLQLL
*UDILF]QHRSUDFRZDQLHSURMHNWX
'RNXPHQWDFMDSURMHNWRZDVNDGDVLÆ]D]Z\F]DM]F]ÆyFLRSLVRZHMF]\OLRSLVX
WHFKQLF]QHJRLSURWRNRXUHJXODFMLRUD]F]ÆyFLU\VXQNRZHMZNWÏUHMVNDGZFKRG]•
JÏZQLHQLZHOHW\WRUXJHRPHWULDWRUXZSDV]F]\|QLHSR]LRPHMZ\NUHVUHJXOD
FML RVL WRUX SU]HNURMH SRSU]HF]QH L NRQVWUXNF\MQH 'HG\NRZDQ\ SURJUDP &$'
SR]ZDOD]DZU]HÂZGRNXPHQWDFMLZLHOHLVWRWQ\FKGDQ\FKRWU]\PXM•FMHZDWZ\
LVWRVXQNRZRV]\ENLVSRVÏE&RZD›QHSRZSURZDG]HQLXPRG\ILNDFMLQDGRZRO
Q\P HWDSLH SUDF PR›OLZH MHVW DXWRPDW\F]QH JHQHURZDQLH RSLVÏZ JHRPHWULL QD
ZV]\VWNLFKU\VXQNDFK
3URJUDPXPR›OLZLDJHQHURZDQLHUDSRUWÏZNWÏUHV•EDUG]RSRPRFQHSU]\WZR
U]HQLXSURWRNRÏZUHJXODFML3RZF]\WDQLXGDQ\FKWDNLFKMDNRyLVWQLHM•FHJRWRUX
Ry SURMHNWRZDQHJR WRUX ZVSϏU]ÆGQH ]QDNÏZ UHJXODFML RUD] RELHNWÏZ LQ›\QLHU
VNLFKPR›HP\X]\VNDÂZV]\VWNLHLVWRWQHGODQDVGDQH7\PVSRVREHPRWU]\PX
MHP\NLORPHWUDFMÆ]QDNÏZUHJXODFMLRUD]SXQNWÏZFKDUDNWHU\VW\F]Q\FKZSODQLH
LSURILOXWM..333:3/.Z\VRNRyFL]QDNÏZLRVLWRUXVWU]DNLQDFLÆFLZDFK
SRPLÆG]\]QDNDPLRUD]VWU]DNLQDVW\F]Q\FKGRZ\RNU•JORQ\FK]DRPÏZSURILOX
3XQNW\UHJUHVMLSR]ZDODM•QDZ\JHQHURZDQLHZDUWRyFLQDVXZDÍRUD]SRGQRV]HÍ
WRUX SURMHNWRZDQHJR Z]JOÆGHP LVWQLHM•FHJR 'DQH OLF]ERZH V• SRU]•GNRZDQH
LVRUWRZDQHZDUNXV]XNDONXODF\MQ\P]DyV]NLFHZ\NRQ\ZDQHV•UÆF]QLH
= UDSRUWÏZ JHQHURZDQ\FK SU]H] SURJUDP GRGDWNRZR PR›QD X]\VND LQIRU
PDFMHRGQRyQLHZ\VRNRyFLRVLWRUXZPLHMVFXJG]LH]QDMGXM•VLÆRELHNW\PRVWRZH
SRF]•WNLNRÍFHUR]MD]GÏZV]HURNRyFLPLÆG]\WRU]DZSU]\SDGNXOLQLLGZXWRURZHM
LZLHOHLQQ\FK
3U]\ Z\NRU]\VWDQLX ZVSRPQLDQ\FK ZF]HyQLHM SXQNWÏZ UHJUHVML X]\VNXMHP\
GRNDGQH ZDUWRyFL SU]HPLHV]F]HÍ WRUX SURMHNWRZDQHJR Z]JOÆGHP LVWQLHM•FHJR
F]\OLSRGQRV]HQLDLQDVXZDQLD6•WRGDQHLVWRWQHGODZ\NRQDZF\RNUHyODM•FHMDN
ZLHOHSUDF\PXVLZ\NRQDÂSRGELMDUND
&LHNDZ\P]REUD]RZDQLHPGDQ\FKGRW\F]•F\FKSURMHNWRZDQLDRVLWRUXZSDV]
F]\|QLHSR]LRPHMMHVWZ\NUHVUHJXODFML3U]HGVWDZLDP\NU]\ZL]QÆSURMHNWRZDQHM
RVL WRUX LVWQLHM•FHM RVL WRUX QDVXZDQLD RUD] V]HURNRy PLÆG]\WRU]D QD MHGQ\P
U\VXQNX
2'320,$5¯:'25($/,=$&-,12:2&=(61(7(&+12/2*,(:352&(6,(
5\V3U]\NDGRZ\SURWRNϏUHJXODFMLRVLWRUX
5\V:\NUHVUHJXODFMLOLQLLGZXWRURZHM
491
492
6]F]ÆVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL0
1DU\VFLHPQDFLHQNDSU]HU\ZDQDOLQLDSU]HGVWDZLDNU]\ZL]QÆWRUXLVWQLH
M•FHJRDFL•JDOLQLDREUD]XMHWRUSURMHNWRZDQ\3URMHNWRZDQHQDVXZDQLDRVLWRUX
]D]QDF]RQRMDVQ•SU]HU\ZDQ•OLQL•$QDOL]XM•FZ\NUHVQDVXZDÍPR›HP\VWZLHU
G]L F]\ RSW\PDOQH SRR›HQLH RVL WRUÏZ ]RVWDR RVL•JQLÆWH :DUWRy SU]HVXQLÆÂ
ZSR]LRPLHQLHSU]HNUDF]DPP&LHPQDOLQLDSU]HU\ZDQDRSLVDQDMDNRdV]HUR
NRyÂPLÆG]\WRU]DrSU]HGVWDZLD]DSURMHNWRZDQHQRZHPLÆG]\WRU]HtSRV]HU]RQH
GRZDUWRyFLP1DSR]RVWD\FKRGFLQNDFKZ\QRVLRQRP:\NUHVUHJX
ODFMLSR]ZDODVWZLHUG]L›HUR]V]HU]HQLHUR]VWDZXRVLWRUXVSRZRGRZDQHMHVWZ\
VWÆSRZDQLHPZLDGXNWXNROHMRZHJRRUD]GURJRZHJRRNRQVWUXNFMLQLHSR]ZDODM•FHM
QDSRSURZDG]HQLHWRUÏZZRGOHJRyFLPQDFD\PDQDOL]RZDQ\PRGFLQNX
'ODWHJRZDUWRQDWDNLPZ\NUHVLHXPLHyFLÂSRR›HQLHRELHNWÏZLQ›\QLHUVNLFKRUD]
UR]MD]GÏZZFHOXZHU\ILNDFMLQDVXZDÍZSXQNWDFKV]F]HJÏOQ\FK
-DNZLGDÂU\VXQHNZ\NUHVXUHJXODFMLSR]ZDODRGF]\WDÂZLHOHHOHPHQWÏZLVWRW
Q\FK SU]\ SURZDG]HQLX UREÏW ]ZL•]DQ\FK ] UHZLWDOL]DFM• OLQLL NROHMRZHM 0DP\
PR›OLZRyÂVSUDZG]HQLDF]\SURMHNWZVSϏJUD]HVWDQHPLVWQLHM•F\POXEF]\]DVWR
VRZDQRRGSRZLHGQLHSDUDPHWU\XNDGXWRURZHJR3RVXJXM•FVLÆSROHFHQLDPLZ\
NUHVXNU]\ZL]QLZ\NUHVXQDVXQLÆÂPR›QD]REUD]RZDÂZ]DMHPQHUHODFMHSRPLÆG]\
GRZROQ\PLZSURZDG]RQ\PLGRSURJUDPXRVLDPLLSXQNWDPL
5\V1LZHOHWDWRUX
1LHRG]RZQ\PU\VXQNLHPZGRNXPHQWDFMLSURMHNWRZHMMHVWQLZHOHWDWRUX3R]D
VWDQGDUGRZ\PLZDUWRyFLDPLSRND]DQ\PLZWDEHOLMDNQSU]ÆGQHWRUXSURMHNWR
2'320,$5¯:'25($/,=$&-,12:2&=(61(7(&+12/2*,(:352&(6,(
493
ZDQHJRLLVWQLHM•FHJRNLORPHWUDFMDVFKHPDWJHRPHWULLZSODQLHPR›QDSRND]DÂ
ZLÆFHMLVWRWQ\FKGDQ\FK
1DU\VZIRUPLHOLF]ERZHMZGZÏFKRVWDWQLFKZHUVDFK]RVWD\SU]HG
VWDZLRQHZDUWRyFLQDVXZDQLDRUD]SRGQRV]HQLDRVLWRUXZ]DGDQ\PSU]H]SUR
MHNWDQWDRGVWÆSLH=REVHUZDFMLZDUWRyFLSRGQRV]HÍVWZLHUG]DP\›HUHJUHVMD
QD HWDSLH SURMHNWRZDQLD SR]ZROLD QD QDMEDUG]LHM RSW\PDOQH XPLHMVFRZLHQLH
]DRPÏZSURILOXRUD]]DSURMHNWRZDQLHRGSRZLHGQLFKZDUWRyFLSRFK\OHÍLLFK
GXJRyFL
'RGDWNRZRQDU\VXQNXQLZHOHW\ZIRUPLHWDEHODU\F]QHMPR›QDSU]HGVWD
ZL V]HURNRyFL PLÆG]\WRU]D OXE ]D]QDF]\ SRR›HQLH GRZROQ\FK RELHNWÏZ t
RNUHyOL LFK Z\VRNRy RUD] NLORPHWU Z]JOÆGHP RVL WRUX :V]\VWNLH ZVSRPL
QDQHZF]HyQLHMZDUWRyFLF]\OLPLÆG]\WRU]HSU]HPLHV]F]HQLDU]ÆGQHF]\NLOR
PHWUDFMD SR]D SU]HGVWDZLHQLHP LFK Z RNUHyORQ\FK RGVWÆSDFK QS FR P
PRJ•E\ÂUÏZQLH›SRGDQHZSXQNWDFKFKDUDNWHU\VW\F]Q\FKWDNLFKMDNRELHNW\
LQ›\QLHUVNLHF]\SRF]•WNLNRÍFHHOHPHQWÏZJHRPHWULL
*HRGH]\MQDREVXJDSRGELMDUNL
6\VWHP*('29RUV\VVX›\GRZ\QRV]HQLDSURMHNWXZWHUHQ-HVWWRV\V
WHP GZXZÏ]NRZ\ SR]ZDODM•F\ QD ]QDF]QH SU]\VSLHV]HQLH SUDF WHUHQRZ\FK
&DRyÂV\VWHPXZVSϏSUDFXMH]WDFKLPHWUHP7UPEOH6'DQHX]\VNDQH]SR
PLDUÏZ PR›QD HNVSRUWRZD EH]SRyUHGQLR GR Z\VRNRZ\GDMQ\FK SRGELMDUHN
WRURZ\FKWDNLFKMDNQS3ODVVHU7KHXUHU;FRXDWZLDL]QDF]QLHSU]\
VSLHV]DFDRyÂSURFHVXSRGELMDQLDWRUX=DSRPRF•WHJRV\VWHPXPDP\PR›
OLZRyÂZ\NRQDQLDSRPLDUÏZ]Z\GDMQRyFL•RNNPK]DSLVXM•FQDPLDU\
ZLQWHUZDOHPPPOXEP6\VWHPWHQXPR›OLZLDSUDFÆQRF•FR
ZSU]\SDGNXSRGELÂQDOLQLL&0.E\RZ\PRJLHP3RPLDUZ]RUXMHVLÆQDNOD
V\F]QHMPHWRG]LHSRPLDUXVWRVRZDQHMGRW\FKF]DVZJHRGH]MLNROHMRZHM2SLHUD
VLÆRQRW]ZZLUWXDOQ•FLÆFLZÆGRZL•]DQ•GR]QDNÏZUHJXODFMLRVLWRUX']LÆNL
Z\NRU]\VWDQLXSUHF\]\MQHJRWDFKLPHWUX7ULPEOH6PDP\PR›OLZRyÂX]\VND
QLDZ\PLDUÏZZSODQLHLSURILOXZW\PVDP\PF]DVLH
:]DOH›QRyFLRGWHJRGODMDNLHMPDV]\Q\Z\NRQXMHP\QDPLDU\PR›H
P\MHWUDG\F\MQLHRSLV\ZDÂQDV]\QLHEH]SRyUHGQLRSU]HGSRGELMDUN•WRURZ•
OXEWH›SRZ\NRQDQLXSRPLDUXDSURJUDPHP*('27DPSSU]\JRWRZDÂ
GR HNVSRUWX SOLNL Z IRUPDFLH RGSRZLHGQLP GOD GDQHJR W\SX SRGELMDUNL
'DQHV•UHMHVWURZDQHZNRQWUROHU]HLPRJ•SRVX›\ÂGRZ\NRQDQLDGRNX
PHQWDFMLZ\NRQDQ\FKUREÏW3RPLDURGE\ZDVLÆZVSRVÏEFL•J\SU]\VSLH
V]DM•F]QDF]QLHSURFHVSUDF\QDWRUDFK
6]F]ÆVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL0
494
5\V3OLNWHNVWRZ\GDQ\FK]ZÏ]NDSRPLDURZHJR
5\V3OLNWHNVWRZ\GDQ\FKRSUDFRZDQ\GODSRGELMDUNL3ODVVHU7KHXUHU;]RSURJUDPRZD
QLHP:,1$/&
3RPLDU\RGELRUF]H
2VWDWQLPRJQLZHPZSURFHVLHUHJXODFMLRVLWRUXV•JHRGH]\MQHSRPLDU\RG
ELRUF]HSRZ\NRQDQ\PSRGELFLXWRUXDSU]HGRGGDQLHPWRUXGRHNVSORDWDFML3R
PLDUWHQMHVWZ\NRQ\ZDQ\UÏZQLH›ZÏ]NDPL*('2&(QDED]LH6\VWHPX*('2
9RUV\V
:\QLNL WHJR SRPLDUX PRJ• E\ SU]HGVWDZLRQH Z IRUPLH WDEHODU\F]QHM OXE
ZSRVWDFLNDQDRZHJRZ\NUHVXQDZ]ÏUZ\GUXNÏZ]SRGELMDUHNWDNLFKMDN3ODV
VHU7KHXUHU;
2'320,$5¯:'25($/,=$&-,12:2&=(61(7(&+12/2*,(:352&(6,(
495
5\V7DEHODZ\QLNÏZ]SRPLDUXRGELRUF]HJR
3RGVXPRZDQLH
=DSUH]HQWRZDQRZ\EUDQHDVSHNW\SURMHNWRZDQLDLSU]HGVWDZLHQLDHIHNWÏZSUDF
SURMHNWRZ\FKDWDN›HLQIRUPDFMHQDWHPDWJHRGH]MLZQDMQRZRF]HyQLHMV]HMRGVR
QLH']LÆNLHOHNWURQLF]QHMZ\PLDQLHZV]\VWNLFKGDQ\FKL]DDZDQVRZDQ\PSURJUD
PRPGRLFKJURPDG]HQLDLSU]HWZDU]DQLDSURFHVSURMHNWRZDQLDMHVWGX›RV]\EV]\
LGRNDGQLHMV]\DSUH]HQWRZDQHZ\QLNLV•SU]HMU]\VWHL]UR]XPLDH'X›DF]ÆyÂHOH
PHQWÏZJUDILF]Q\FKSURMHNWXJHQHURZDQDMHVWDXWRPDW\F]QLHZHGXJGHILQLRZD
Q\FKVW\OÏZRSLVÏZ']LÆNLWDNLPXDWZLHQLRPMDNQSDXWRPDW\F]QHRSLV\ZDQLH
U]ÆGQ\FKQLZHOHW\WRUXSRyZLÆFDVLÆZLÆFHMF]DVXQDVDP•LVWRWÆSURMHNWRZDQLD
:D›Q\PHOHPHQWHPMHVWWH›V]\ENDUHDNFMDQDGURG]HSURMHNWDQWtEXGRZDJG]LH
SU]\SRMDZLHQLXVLÆMDNLHMyQLHyFLVRyFLPR›QDV]\ENRM•Z\MDyQLÂLSU]HND]DÂQRZH
GDQHQDEXGRZÆ-HVWWRPR›OLZHG]LÆNLZVSϏG]LDDQLXV\VWHPÏZSRPLDURZ\FK
SURMHNWRZ\FKLZ\NRQDZF]\FK
3RPLPROLF]Q\FKXDWZLHÍZFL•›ZLHOHSUDF\LXZDJLZ\PDJDREUÏENDJUD
ILF]QDSURMHNWXRUD]GRNXPHQWRZDQLHSUDFJHRGH]\MQ\FKV]F]HJÏOQLH›HZ\PD
JDQLD]DPDZLDM•FHJRV•UϛQHZ]DOH›QRyFLRGUHJLRQX:\SUDFRZDQLHMHGQROL
W\FKQRUPZW\P]DNUHVLHE\RE\LVWRWQ\PZNDGHPZXVSUDZQLHQLHSURFHVX
LQZHVW\F\MQHJR
6]F]ÆVQ\--DNLPRZLF]0.ZLDWNRZVNL$-DQNRZVNL0
496
1D ]DNRÍF]HQLHZDUWR ]DDNFHQWRZDÂSRGVWDZRZH FHFK\RPÏZLRQHMPHWRG\
SURMHNWRZDQLDLUHDOL]DFMLUHJXODFMLRVLWRUÏZ
3RGVWDZÆSUDFVWDQRZLSUHF\]\MQLHZ\]QDF]RQDNROHMRZDRVQRZDVSHFMDOQD
RZVSϏU]ÆGQ\FKZXNDG]LHSDÍVWZRZ\P
=DVWRVRZDQLHQRZHJR]QDNXUHJXODFMLRVLWRUXZIRUPLHWU]SLHQLDSR]ZD
OD QD Z\PXV]RQH RVDG]DQLH SU\]PDWX GDOPLHU]D Z SR]\FML SRZWDU]DOQHM
3R]ZDODWRQDSRZWÏU]HQLHOXEX]XSHQLHQLHSRPLDUÏZZGRZROQ\PPR
PHQFLHSU]H]GRZROQ•RVREÆDWDN›HQDSUHF\]\MQHZ\QLHVLHQLHSURMHNWX
ZWHUHQ
'DQH ZHMyFLRZH GR SURMHNWRZDQLD VWDQRZL• SRPLHU]RQH WDFKLPHWU\F]QLH
SXQNW\ QD RVL WRUX RUD] Z\EUDQH SXQNW\ LQIUDVWUXNWXU\ WRZDU]\V]•FHM
0DSDRUWRIRWRPDSD]GMÆFLDILOPV•GRGDWNRZ•SRPRF•SURMHNWDQWD
'DQHWHDQDOL]RZDQHV•ZSURJUDPLH&$'ZSRVWDFLRVLLSXQNWÏZZSUR
FHVLHUHJUHVMLMHGQRLZLHORHOHPHQWRZHM1DW\PHWDSLHSURJUDPRIHUXMH
ZV]HFKVWURQQHLQIRUPDFMHQDWHPDWSURMHNWRZDQHJRWRUX
:V]\VWNLHREOLF]HQLDGRSURWRNRXUHJXODFMLRVLWRUXZ\NRQ\ZDQHV•SU]H]
SURJUDP
3U]\JRWRZDQLHJHRGH]\MQHSU]HGSRGELMDQLHPSROHJDQDSRQRZQ\PSRPLD
U]H RVL WRUX ]D SRPRF• ZÏ]ND SRPLDURZHJR ] WDFKLPHWUHP 7\P UD]HP
ZXU]•G]HQLHZF]\WDQDMHVWSURMHNWRZDQDRyWRUX3RGF]DVSU]HMD]GX]DSL
V\ZDQHMHVWSURMHNWRZDQHQDVXZDQLHWRUX1DVWÆSXMHUÏZQLH›NRQWURODGD
Q\FKSURMHNWRZ\FK1DW\PHWDSLHZSU]\SDGNXNRQLHF]QRyFLNLONXNURWQH
JRSU]HMyFLDSRGELMDUNL]HZ]JOÆGXQDZ\VRNLHSRGQRV]HQLHREVXJDZÏ]ND
PR›HZ\]QDF]\ÂQLZHOHWÆUÏZQROHJ•GRSURMHNWRZDQHM
3OLNRSUDFRZDQ\SU]H]SURJUDPZÏ]NDZF]\W\ZDQ\MHVWGRSRGELMDUNLLQD
MHJRSRGVWDZLHUHDOL]RZDQDMHVWUHJXODFMDRVLWRUX
6SUDZG]HQLH UREÏW SR SU]HMyFLX SRGELMDUNL MHVW UÏZQLH› UHDOL]RZDQH ZÏ]
NLHPSRPLDURZ\PDQDORJLF]QLHMDNSU]HGSRGELMDQLHP
3UDJQLHP\Z\UD]LÂX]QDQLH3.33ROVNLH/LQLH.ROHMRZH6$]DZSURZDG]DQLH
QRZRF]HVQ\FKVWDQGDUGÏZV]F]HJÏOQLH,JL,JRUD]]ZUÏFLÂV]F]HJÏOQ•XZD
JÆQDSLOQ•SRWU]HEÆGDOV]HMVWDQGDU\]DFML'RW\F]\WRPLÆG]\LQQ\PLZV]\VWNLFK
VSUDZSRUXV]DQ\FKZLQVWUXNFML'RUD]RSUDFRZDQLDMHGQROLW\FKZ\PDJDÍFR
GRIRUP\L]DZDUWRyFLSURMHNWÏZ
%LEOLRJUDILD
>@d,QVWUXNFMDRRUJDQL]DFMLLZ\NRQ\ZDQLXSRPLDUÏZZJHRGH]MLNROHMRZHMr
' =D•F]QLN GR =DU]•G]HQLD 1U =DU]•GX 3.3 ] GQLD SD|
G]LHUQLNDU
>@d:\W\F]QH GOD RVDG]DQLD ]QDNÏZ UHJXODFML RVL WRUX QD NRQVWUXNFMDFK
ZVSRUF]\FKVXSDFKVLHFLWUDNF\MQHM,Jr=D•F]QLNGR]DU]•G]HQLD1U
=DU]•GX3.33ROVNLH/LQLH.ROHMRZH6$]GQLDOLSFDU
2'320,$5¯:'25($/,=$&-,12:2&=(61(7(&+12/2*,(:352&(6,(
497
>@d6WDQGDUGWHFKQLF]Q\RNUHyODM•F\]DVDG\LGRNDGQRyFLSRPLDUÏZJHRGH
]\MQ\FKGOD]DNDGDQLDZLHORIXQNF\MQ\FK]QDNÏZUHJXODFMLRVLWRUX,Jr
=D•F]QLNGR]DU]•G]HQLD1U=DU]•GX3.33ROVNLH/LQLH.ROHMR
ZH6$]GQLDOLVWRSDGDU
>@5R]SRU]•G]HQLH 0LQLVWUD 7UDQVSRUWX L *RVSRGDUNL 0RUVNLHM ] GQLD ZU]HyQLDUZVSUDZLHZDUXQNÏZWHFKQLF]Q\FKMDNLPSRZLQQ\RG
SRZLDGDÂEXGRZOHNROHMRZHLLFKXV\WXRZDQLH']8VW1U]GQLD
JUXGQLDU
>@-DPND0/LVRZVNL6$QDOL]DSRUÏZQDZF]D PHWRGUHJXODFMLRVLWRUX
;,,.RQIHUHQFMD1DXNRZR7HFKQLF]QD'URJL.ROHMRZH:LVDU
>@-DPND0/LVRZVNL65HJXODFMDRVLWRUXtDQDOL]DPHWRGSRPLDUÏZGR
SURMHNWX UHJXODFML 9,, 6HPLQDULXP 'LDJQRVW\NL 1DZLHU]FKQL 6]\QR
Z\FKHEDU
>@-DPND0/LVRZVNL66WUDFK0=DVWRVRZDQLHQRZRF]HVQ\FKWHFKQLN
SRPLDUXLRSURJUDPRZDQLDGRUHJXODFMLRVLWRUÏZ;9.RQIHUHQFMD'URJL
.ROHMRZH:DUV]DZD7HFKQLND7UDQVSRUWX6]\QRZHJRQU
>@d:DUXQNL WHFKQLF]QH XWU]\PDQLD QDZLHU]FKQL QD OLQLDFK NROHMRZ\FKr t
'=D•F]QLNGR8FKZD\QU=DU]•GX3.33ROVNLH/LQLH.ROHMRZH
6$]GQLDF]HUZFDU
1U
=(6=<7<1$8.2:27(&+1,&=1(6,7.532''=,$:.5$.2:,(
:<.25=<67$1,(7(&+1,.k:,$72:2'2:<&+
:.2/(-1,&7:,(
.DURO7U]RÍVNL
PJU766*5$'(6$2GG]LDZ3ROVFH'\UHNWRU2GG]LDX%LXUR.DWRZLFH.DWRZLFHXO3LDVWRZVND
WHO
6WUHV]F]HQLH : UHIHUDFLH SU]\EOL›RQR SUREOHPDW\NÆ Z\NRU]\VWDQLD WHFKQLN yZLDWRZRGR
Z\FK 2SLVDQR EXGRZÆ yZLDWRZRGX L ]DVDGÆ G]LDDQLD D WDN›H VFKDUDNWHU\]RZDQR MHJR SU]H
]QDF]HQLH:\PLHQLRQR]DOHW\NDEOLyZLDWRZRGRZ\FKRUD]SU]HGVWDZLRQRPR›OLZRyFLLFK]DVWR
VRZDQLD
6RZDNOXF]RZHyZLDWRZÏGZÏNQRRSW\F]QHNDEHOyZLDWRZRGRZ\
:SURZDG]HQLH
']LVLHMV]DJRVSRGDUNDMHVWZRJURPQ\PVWRSQLXRSDUWDQDVSUDZQ\PLV]\ENLP
SU]HS\ZLHZLHG]\LLQIRUPDFML3RQLHZD›LORyÂSU]HV\DQ\FKGDQ\FKFL•JOHZ]UD
VWDURyQLHWH›]DSRWU]HERZDQLHQDSDVPRSU]HV\RZH7UDQVPLVMDGDQ\FKRSDUWD
QDNDEODFKPLHG]LDQ\FKPDRJUDQLF]RQ\SRWHQFMDUR]ZRMXLSRPLPRFL•JHJRSR
VWÆSXQLHEÆG]LHZVWDQLHVSURVWDÂSU]\V]\PZ\PDJDQLRPGRW\F]•F\PSU]HV\X
GDQ\FK3RZV]HFKQLHXZD›DVLƛHUR]ZL•]DQLHPQDMEDUG]LHMSU]\V]RyFLRZ\PV•
NDEOHyZLDWRZRGRZH7UDQVPLVMDGDQ\FKRGE\ZDVLÆZHZÏNQDFKyZLDWRZRGR
Z\FK]Z\NRU]\VWDQLHPIDOHOHNWURPDJQHW\F]Q\FK]]DNUHVXSRGF]HUZLHQL6•RQH
]HVZHMQDWXU\RGSRUQHQD]DNÏFHQLDHOHNWURPDJQHW\F]QHLGDQHPRJ•E\ÂZQLFK
SU]HV\DQH]RJURPQ•SUÆGNRyFL•VLÆJDM•F•VHWHN*EV
%XGRZDyZLDWRZRGX
7\SRZ\yZLDWRZÏGVNDGDVLÆ]UG]HQLDZ\NRQDQHJR]HV]NDNZDUFXOXESR
OLPHUXSRZOHF]RQHJRSDV]F]HPDFDRyÂXPLHV]F]RQDMHVWZSRZRFHRFKURQQHM
=DVWRVRZDQLHPDWHULDÏZRUϛQ\FKZVSϏF]\QQLNDFK]DDPDQLDyZLDWDGODUG]H
QLDRUD]SDV]F]DXPR›OLZLDXWU]\PDQLHZL•]NLyZLHWOQHMZHZQ•WU]yZLDWRZRGX
kZLDWRZÏGVNDGDVLÆ]F]ÆyFL
x 5G]HÍtRJUXERyFLGRVWRVRZDQHMGRURG]DMXyZLDWRZRGXRGGRPLNUR
QÏZ]EXGRZDQ\QDMF]ÆyFLHM]HV]NDNZDUFRZHJROXESODVWLNXDQLHNLHG\SU]\
Z\NRU]\VWDQLXWDNLFKPDWHULDÏZMDNV]NROXEPHWDOHNU\VWDOLF]QHQSV]DILU
7U]RÍVNL.
500
x 3DV]F] t MHJR yUHGQLFD Z\QRVL RN ‘P -HVW Z\NRQDQ\ ] PDWHULDX
RPQLHMV]\PZVSϏF]\QQLNX]DDPDQLDyZLDWDQL›UG]HÍ1DMF]ÆyFLHMMHVW
WRSODVWLNQLHNLHG\VWRVXMHVLÆWH›V]ND]RGSRZLHGQLPLGRPLHV]NDPL
x 3RNU\FLHtSRZRNDRFKURQQDPDM•FD]D]DGDQLHFKURQLHQLHSDV]F]DLUG]H
QLDSU]HGPLNURSÆNQLÆFLDPL:\NRQDQHMHVW]HODVW\F]Q\FKPDWHULDÏZMDN
QS DNU\O 1DMF]ÆyFLHM VNDGD VLÆ ] GZÏFK OXE ZLÆFHM ZDUVWZ MHJR •F]QD
yUHGQLFDWRRN‘P
5\V%XGRZDyZLDWRZRGX
&KRÂNRQNUHWQDNRQVWUXNFMDNDEOLyZLDWRZRGRZ\FK]DOH›\RGLFK]DVWRVRZD
QLDtWU]HEDZ]L•ÂSRGXZDJÆQSPLHMVFHLQVWDODFMLWHFKQLNÆLQVWDORZDQLDLRGOH
JRyÂWUDQVPLVMLtWXPR›QDZ\UϛQLÂNLONDSRGVWDZRZ\FKHOHPHQWÏZ
FHQWUDOQ\HOHPHQWQRyQ\
ZÏNQRRSW\F]QH
WXEDFKURQL•FDZÏNQD
XV]F]HOQLHQLH
Z]PRFQLHQLH
SRZRND]HZQÆWU]QD
: ]DOH›QRyFL RG OLF]E\ WUDQVPLWRZDQ\FK PRGÏZ yZLDWD ZÏNQD RSW\F]QH
G]LHOLVLÆQDMHGQRPRGRZHLZLHORGRPRZH
:ÏNQDMHGQRPRGRZHRG]QDF]DM•VLÆQLVN•G\VSHUVM•LWXPLHQQRyFL•SU]H]
FRQDGDM•VLÆGRWUDQVPLVMLGXJRG\VWDQVRZHM1DMPQLHMV]DWXPLHQQRyÂVSDGHN
V\JQDXZ\VWÆSXMHSU]\SHZQ\FKGXJRyFLDFKIDOLyZLHWOQHMtWDN]ZDQ\FKRNQDFK
WUDQVPLV\MQ\FKQP,,RNQRWUDQVPLV\MQHLQP,,,RNQRWUDQVPLV\M
QH:ÏNQDMHGQRPRGRZHXPR›OLZLDM•WUDQVPLVMHZWHFKQRORJLL[:'0NWÏUD
XPR›OLZLDSU]HS\ZQRyÂGDQ\FKQDSR]LRPLH7EV
:ÏNQD ZLHORGRPRZH SU]HQRV]• ZLHOH PRGÏZ yZLDWD = SRZRGX Z\›V]HM
G\VSHUVMLQL›ZHZÏNQDFKMHGQRPRGRZ\FKVWRVXMHVLÆMHJÏZQLHZNDEODFKZH
ZQÆWU]Q\FKLGRWUDQVPLVMLNUÏWNRG\VWDQVRZHM:SU]\SDGNXW\FKZÏNLHQZ\NR
U]\VW\ZDQHV•IDOHRGXJRyFLDFKQPLQP:]DOH›QRyFLRGNRQVWUXNFML
L]DVWRVRZDQLDNDEOHyZLDWRZRGRZHPR›QDSRG]LHOLÂQDWU]\SRGVWDZRZHJUXS\
NDEOHZHZQÆWU]QHtX›\ZDQHZHZQ•WU]EXG\QNÏZOXEEXGRZOLWDNLFKMDN
QSWXQHOH
NDEOH]HZQÆWU]QHtGRLQVWDORZDQLDZ]LHPLQDZROQ\PSRZLHWU]XLWSZVNDG
WHMNDWHJRULLZFKRG]•NDEOHVDPRQRyQHNDQDRZHLVSHFMDOQHJR]DVWRVRZDQLD
:<.25=<67$1,(7(&+1,.k:,$72:2'2:<&+:.2/(-1,&7:,(
501
NDEOHXQLZHUVDOQHtPR›QDMHVWRVRZDÂZLQVWDODFMDFK]DUÏZQRZHZQÆWU]
Q\FKMDNL]HZQÆWU]Q\FK
']LDDQLHyZLDWRZRGX
3RGVWDZ•G]LDDQLDyZLDWRZRGXMHVW]MDZLVNRFDNRZLWHJRZHZQÆWU]QHJRRG
ELFLDyZLDWDQDVW\NXRyURGNÏZUG]HQLDLSDV]F]D$E\SURPLHÍSR]RVWDZUG]H
QLXLSRGOHJDFDNRZLWHPXZHZQÆWU]QHPXRGELFLXQDJUDQLF\UG]HQLDLSDV]F]D
N•W MHJR SDGDQLD Z]JOÆGHP RVL yZLDWRZRGX QLH SRZLQLHQ SU]HNURF]\ ZDUWRyFL
NU\W\F]QHM ZDUWRy WD QRVL QD]ZÆ N•WD DNFHSWDFML yZLDWRZRGX : SDV]F]X
ZVSϏF]\QQLN]DDPDQLDyZLDWDMHVWPQLHMV]\QL›ZUG]HQLXFRZL•›HVLÆ]HZVSϏ
F]\QQLNLHPRGELFLD,VWQLHMHZLÆF]DOH›QRyÂNWÏUDPÏZL›HLORyÂRGELMDQHJRyZLDWD
ZHZQ•WU]UG]HQLD]DOH›\RGN•WDSRGMDNLPyZLDWRSDGDQDJUDQLFHSRPLÆG]\UG]HQLHP
DSDV]F]HP,PPQLHMV]\N•WSDGDQLDyZLDWDW\PJRUV]DMHVWWUDQVPLVMD
$E\ WUDQVPLVMD PRJD RGE\ VLÆ Z VSRVÏE SUDZLGRZ\ QDOH›\ ZSURZDG]LÂ
ZL•]NÆZyZLDWRZÏGSRGRGSRZLHGQLPN•WHPJG\›N•WZSURZDG]HQLDyZLDWD
MHVW EDUG]R ZD›Q\P SDUDPHWUHP RNUHyODM•F\P ]GROQRy SU]HV\DQLD LQIRUPDFML
yZLDWRZRGHP0R›QDJRRNUHyOLÂ]DSRPRF•N•WDDNFHSWDFMLRUD]DSHUWXU\QXPH
U\F]QHM.•WDNFHSWDFMLtWRN•W]ZDUW\PLÆG]\SURPLHQLHPyZLDWDDRVL•yZLDWR
ZRGX0R›QDRNUHyOLÂPDNV\PDOQ\N•WDNFHSWDFMLFRR]QDF]D›HZL•]NLyZLDWD
ZSURZDG]RQH SRG N•WHP ZLÆNV]\P QL› PDNV\PDOQ\ N•W DNFHSWDFML QLH ]RVWDQ•
SUDZLGRZRSU]HVDQH
']LDDQLH yZLDWRZRGX PR›H Z U]HF]\ZLVW\FK ZDUXQNDFK ]RVWD ]DNÏFRQH
SU]H]G\VSHUVMHLWXPLHQLH:F]DVLHHNVSORDWDFMLyZLDWRZRGXPR›HP\PLHÂGR
F]\QLHQLD]UR]P\FLHPVLÆLPSXOVXV\JQDX=MDZLVNRG\VSHUVMLSRZVWDMH]SRZR
GXUϛQHMSUÆGNRyFLIDO)DOHZ\VDQHMHGQRF]HyQLH]QDGDMQLNDQLHGRFLHUDM•ZWHM
VDPHMFKZLOLGRRGELRUQLND6NXWNXMHWRRGHEUDQLHPQDZ\MyFLXLPSXOVXV]HUV]H
JR QL› SRZLQLHQ Z\JO•GD PR›H WH› Z\VW•SL ]MDZLVNR QDR›HQLD VLÆ LPSXOVÏZ
:yZLDWRZRGDFKMHGQRPRGRZ\FKZ\VWÆSXMHG\VSHUVMDFKURPDW\F]QDVSRZRGR
ZDQD]PLDQ•ZVSϏF]\QQLND]DDPDQLDV]NDNZDUFRZHJRZIXQNFMLGXJRyFLIDOL
2]QDF]DWR›HLPSXOVyZLDWDVNDGDM•F\VLÆ]JUXS\UR]SURV]RQ\FKF]ÆVWRWOLZRyFL
RSW\F]Q\FKUR]FKRG]•F\FKVLÆ]UϛQ•SUÆGNRyFL•SRSU]HVDQLXQDSHZQ•RGOH
JRyÂyZLDWRZRGXtXOHJDUR]P\FLX
=DOHW\yZLDWRZRGX
kZLDWRZÏGMHVWRyURGNLHPGLDOHNWU\F]Q\PFRMHVWLVWRWQ•]DOHW•SU]\MHJR]D
VWRVRZDQLX Z VLHFLDFK ORNDOQ\FK =DVWRVRZDQLH yZLDWRZRGÏZ HOLPLQXMH EDULHU\
ZSRVWDFL]DNÏFHÍHOHNWURPDJQHW\F]Q\FKSU•GÏZE•G]•F\FKF]\UϛQLFSRWHQ
FMDÏZZ]HURZ\FKVLHFLDFK]DVLODM•F\FK3UREOHPUϛQLF\SRWHQFMDÏZE\ZDV]F]H
JÏOQLH XFL•›OLZ\ SU]\ UHDOL]DFML VLHFL NRQZHQFMRQDOQ\FK MHJR UR]ZL•]DQLH F]ÆVWR
7U]RÍVNL.
502
Z\PDJDEXGRZ\GRGDWNRZ\FKVLHFLVX›•F\FKGR]DVLODQLDVLHFLURERF]\FK:L•›H
VLÆ WR VLÆ SRZD›Q\PL NRV]WDPL L ]DNÏFHQLDPL NDEOD WUDQVPLV\MQHJR SU]H] OLQLÆ
]DVLODM•F•
,QQ• ]DOHW• yZLDWRZRGX MHVW MHJR PDD WXPLHQQRy G]LÆNL NWÏUHM PR›OLZH
MHVW]UHDOL]RZDQLHWUDQVPLVMLSRPLÆG]\SXQNWDPLRGOHJ\PLRNLONDNLORPHWUÏZ
:SRUÏZQDQLX]NDEOHPNRQFHQWU\F]Q\P]\VNMHVWZLHORNURWQ\3RQDGWRPDM•F
QDXZDG]HEXGRZÆVLHFLyZLDWRZRGRZ\FKZDUWR]D]QDF]\›HNDEOHyZLDWRZR
GRZH SU]H]QDF]RQH GR SUDF\ Z UϛQ\FK HNVWUHPDOQ\FK ZDUXQNDFK RGSRUQH QD
UϛQRURGQHQDUD›HQLDyURGRZLVNRZHV•DWZRGRVWÆSQHZNUDMX,FKWUZDRyÂMHVW
REOLF]RQDQDFRQDMPQLHMODW
2OEU]\PLDSRMHPQRyÂLQIRUPDF\MQDyZLDWRZRGX]QDF]QLHSU]HNUDF]DG]LVLHM
V]H SRWU]HE\ VLHFL ORNDOQ\FK GODWHJR WH› G]LVLHMV]D LQZHVW\FMD Z XR›HQLH NDEOL
yZLDWRZRGRZ\FKMHVWLQZHVW\FM•ZSU]\V]HSRWU]HE\0RJ•E\ÂQSZ\NRU]\VWDQH
GREXGRZ\VLHFL)'',ZNWÏU\FKWUDQVPLVMDRGE\ZDVLÆ]SUÆGNRyFL•0%LWV
7H QLHZ•WSOLZH ]DOHW\ QDOH›\ Z]L•Â SRG XZDJÆ SU]\ SURMHNWRZDQLX QRZ\FK
VLHFL6]HURNLHVSRMU]HQLHSR]ZROLVWZLHUG]L›HNRV]WEXGRZ\ZRSDUFLXRyZLD
WRZRG\ QLH MHVW UD›•FR Z\›V]\ QL› NRV]W EXGRZ\ Z WHFKQLFH NRQZHQFMRQDOQHM
QLHNLHG\PR›HE\ÂQDZHWQL›V]\
.DEOHyZLDWRZRGRZH
= XZDJL QD QLHZLHON• yUHGQLFÆ L GX›• RGSRUQRy QD G]LDDQLH F]\QQLNÏZ ]H
ZQÆWU]Q\FKyZLDWRZÏGZ\PDJDGRGDWNRZHMRFKURQ\NWÏU•]DSHZQLDSRZRND
NDEORZD 3URGXNRZDQH NDEOH ]H Z]JOÆGX QD UϛQH NRQVWUXNFMH L ]DVWRVRZDQLH
PR›HP\SRG]LHOLÂQDVWDF\MQHZHZQÆWU]QHLPLÆG]\RELHNWRZH]HZQÆWU]QH.D
EOHVWDF\MQH]DZLHUDM•MHGQROXEGZDZÏNQDyZLDWRZRGRZHDLFKyUHGQLFDZDKD
VLÆZJUDQLFDFKtPP]DySURPLHÍZ\JLÆFLDZ\QRVLRGPPGRPP
&HQ\NDEOLVWDF\MQ\FKyZLDWRZRGRZ\FKV•SRUÏZQ\ZDOQH]FHQDPLNDEOLNRQFHQ
WU\F]Q\FK:DUWR]ZUÏFLÂXZDJƛHSRZV]HFKQLHVWRVRZDQHZVLHFLDFKORNDOQ\FK
NDEOHNRQFHQWU\F]QH5*L5*8V•Z]DVDG]LHNDEODPLVWDF\MQ\PL:\
EÏUNDEODyZLDWRZRGRZHJRZLQLHQE\ÂSRSU]HG]RQ\DQDOL]•ZDUXQNÏZLSODQÏZ
]ZL•]DQ\FK]EXGRZDQ•VLHFL•=DVDGQLF]RZMHGQHMLQVWDODFMLSRWU]HEQHV•GZD
W\S\NDEOLVWDF\MQ\tGRSR•F]HÍZHZQÆWU]Q\FKLNDQDRZ\OXESRGZLHV]DQ\t
GRSR•F]HÍ]HZQÆWU]Q\FK
6WUDW\PRF\QD]•F]DFK
3RGF]DV HNVSORDWDFML VLHFL yZLDWRZRGRZHM PR›H Z\VW•SL SUREOHP VWUDW\ QD
•F]DFK3U]\F]\Q\Z\ZRXM•FHWHVWUDW\PR›HP\SRG]LHOLÂQD]HZQÆWU]QHLZH
ZQÆWU]QH &]\QQLN ZHZQÆWU]Q\ PR›H VWDQRZL QS ZS\Z JHRPHWULL REX yZLD
WRZRGÏZZVWUHILHSR•F]HQLD6WUDW\]HZQÆWU]QHV•]ZL•]DQH]QLHGRNDGQRyFL•
:<.25=<67$1,(7(&+1,.k:,$72:2'2:<&+:.2/(-1,&7:,(
503
Z\NRQDQLD ]•F]D 1DOH›\ ]D]QDF]\ ›H WH F]\QQLNL ZS\ZDM• Z MHGQDNRZ\P
VWRSQLX]DUÏZQRQDSDUDPHWU\]•F]\VWD\FKMDNLUR]•F]Q\FK.RQVWUXNFMD]•F]D
SRZLQQD]DSHZQLÂPLQLPDOL]DFMÆVWUDWZ\QLNDM•F\FK]XV\WXRZDQLDyZLDWRZRGÏZ
=DVWRVRZDQLHyZLDWRZRGÏZ
=HZ]JOÆGXQDOLF]QH]DOHW\yZLDWRZRGÏZWDNLHMDNV]HURNLHSDVPRSU]HQR
V]HQLDEUDNSU]HVXFKÏZPLÆG]\OLQLDPLQLVNDZUD›OLZRyÂQDSROHHOHNWURPDJQH
W\F]QHPDHZ\PLDU\PRJ•PLHÂV]HURNLH]DVWRVRZDQLH
D=DVWRVRZDQLHyZLDWRZRGÏZZVLHFLDFKNRPSXWHURZ\FK
)'',)LEHU'LVWUEXWHG'DWD,QWHUIDFHMHVWRSDUW\QDWHFKQRORJLLyZLDWRZR
GRZHM L XPR›OLZLD UHDOL]DFMÆ V]\ENLFK SR•F]HÍ GOD UϛQ\FK URG]DMÏZ VLHFL 6LHÂ
yZLDWRZRGRZD ]RVWDD ]DSURMHNWRZDQD GOD NRPSXWHUÏZ NWÏUH Z\PDJDM• SR•
F]HÍ V]\EV]\FK QL› SUÆGNRy 0EV NWÏUH X]\VNXMH VLÆ Z VLHFLDFK 7RNHQ 5LQJ
OXE0%VZVLHFLDFK(WKHUQHW6LHÂ)'',PR›HREVXJLZDÂV]HUHJVLHFL/$1
Z\PDJDM•F\FKV]\ENLHJRSR•F]HQLDSRPLÆG]\QLPL
5\V6LHÂ)'',
7U]RÍVNL.
504
E=DVWRVRZDQLHyZLDWRZRGÏZZWHOHIRQLLNDEORZHM
']LÆNL PR›OLZRyFL ]DVWRVRZDQLD EDUG]R V]HURNLHJR SDVPD yZLDWRZRG\ PDM•
RJURPQH]DVWRVRZDQLHZWHOHIRQLL-X›MHGQD]SLHUZV]\FKVLHFLyZLDWRZRGRZ\FK
]DZLHUDD ZÏNQD RSW\F]QH ] NWÏU\FK ND›GH E\R Z VWDQLH SU]HQRVL NDQD\ WHOHIRQLF]QH 0R›OLZRy UHDOL]DFML PLÆG]\PLDVWRZ\FK OLQLL ] NDEODPL
yZLDWRZRGRZ\PLVWDDVLÆIDNWHPNLHG\]DGHPRQVWURZDQR•F]HRSW\F]QHRGX
JRyFLSRQDGNPEH]Z]PDFQLDF]\kZLDWRZRG\FKDUDNWHU\]XM•VLÆGX›•QLH]D
ZRGQRyFL•FRVSUDZLD›HPRJ•E\Â]SRZRG]HQLHPVWRVRZDQHQLHPDOZND›G\P
yURGRZLVNX'ODWHJRWH›VLHFLWHJRW\SX]SRZRG]HQLHPZ\VWÆSXM•ZHOHNWURZ
QLDFK JG\› V\JQD yZLDWRZRGX MHVW QLHZUD›OLZ\ QD RWDF]DM•FH JR SROH PDJQH
W\F]QHZ]ZL•]NX]F]\PPR›HE\ÂRQSURZDG]RQ\ZEH]SRyUHGQLPV•VLHG]WZLH
SU]HZRGÏZHOHNWU\F]Q\FK
F=DVWRVRZDQLHyZLDWRZRGÏZZPHG\F\QLH
kZLDWRZRG\ ] SRZRG]HQLHP ]QDMGXM• ]DVWRVRZDQLH UÏZQLH› Z PHG\F\QLH
QSZVWRPDWRORJLL/DVHU\GHQW\VW\F]QHZ\SRVD›RQHV•ZOHNNLHEDUG]RFLHQNLH
L HODVW\F]QH yZLDWRZRG\ FR XPR›OLZLD GRWDUFLH GR ND›GHJR ]DNDPDUND MDP\
XVWQHM XPR›OLZLD WH› SHQHWUDFMÆ NDQDX ]ÆED kZLDWRZRG\ V• Z\NRU]\VW\ZDQH
ZFKLUXUJLLODVHURZHMDQJLRSODVW\FHHQGRVNRSLL
G=DVWRVRZDQLHyZLDWRZRGÏZZNROHMQLFWZLH
0R›OLZRyFL]DVWRVRZDQLDyZLDWRZRGÏZZNROHMQLFWZLHV•QDVWÆSXM•FH
MDNR•F]HWUDQVPLV\MQHGOD]DVLODQLDXU]•G]HÍVDPRF]\QQHMEORNDG\OLQLRZHM
OLF]QLNÏZRVLXU]•G]HÍ(21SRSU]H]]DVWRVRZDQLHRGSRZLHGQLFKLQWHU
IHMVÏZ
GR]DVLODQLD•F]\WUDQVPLV\MQ\FKORNDOQ\FKFHQWUÏZVWHURZDQLD
Z•F]QRyFL]DSRZLDGDZF]HM
Z•F]QRyFLVWUD›QLNRZHM
Z•F]QRyFLRJÏOQRHNVSORDWDF\MQHM
ZSU]\V]RyFLtGR]DVLODQLDVWDFMLED]RZ\FK*605
:QLRVNL
•F]D WUDQVPLV\MQH yZLDWRZRGRZH PRJ• E\ EXGRZDQH VDPRLVWQLH SU]H]
]DU]•GFÆLQIUDVWUXNWXU\MDNLZSDUWQHUVWZLHSXEOLF]QRSU\ZDWQ\PSU]H]LQQ\FK
RSHUDWRUÏZNWÏU]\VZRMH•F]DSRGVWDZRZHZ\NRU]\VWXM•ZFHODFKNRPHUF\MQ\FK
=D SUDZR XGRVWÆSQLHQLD JUXQWX WHUHQÏZ NROHMRZ\FK PRJ• RGGD QLHRGSDWQLH
SHZQ•LORyÂZÏNLHQyZLDWRZRGRZ\FKOXEF]ÆyFLLQIUDVWUXNWXU\GODSU]HV\X
:<.25=<67$1,(7(&+1,.k:,$72:2'2:<&+:.2/(-1,&7:,(
505
•F]D yZLDWRZRGRZH PRJ• ] SRZRG]HQLHP ]DVW•SL Z HNVSORDWRZDQLX
Z ]QDF]QHM PLHU]H •F]D PLHG]LDQH 3RSUDZL WR Z ]QDF]Q\ VSRVÏE MDNRyÂ
SU]HV\DQ\FKLPSXOVÏZZS\QLHUÏZQLH›QDEH]SLHF]HÍVWZRSURZDG]HQLDUXFKX
SRFL•JÏZQDNROHMDFK
%LEOLRJUDILD
>@%RU]\FNL.kZLDWRZRGRZHVLHFLGRVWÆSRZH:7HOHNRPXQLNDFMDLWHFK
QLNLLQIRUPDF\MQH=HV]\W\QDXNRZH
>@/HNV\NRQ QDXNRZRWHFKQLF]Q\ ] VXSOHPHQWHP :\GDZQLFWZD 1DXNR
ZR7HFKQLF]QH:DUV]DZD
>@0DJD]\Q7HFKQRORJLH7HOHLQIRUPDW\F]QH
>@kZLDWRZRG\LLFK]DVWRVRZDQLHZ\NDGGULQ›-DFND.XV]QLHUD3ROLWHFK
QLND%LDRVWRFND
>@ZZZVWXGZVLHGXSO
507
STRESZCZENIA ANGIELSKIE ARTYKUÓW
Micha Goos, Artur Wolaniecki
MECHANICALLY STABILIZED LAYER USING
NON-REINFORCING HEXAGONAL (TRIAXIAL)
GEOGRID ON THE EXAMPLE OF E65 RAILWAY LINE
GDYNIA-WARSAW RECONSTRUCTION (LCS GDANSK)
Summary. The main issue presented by authors of this article concerns the
problem of stabilization of unbound granular layer of aggregate with geogrid. The
definition and requirements of the function of stabilization were described on the
basis of the European Organisation for Technical Approvals (EOTA) report. Some
differences between function of stabilization and function of reinforcement were
presented. In order to present the above issue authors of this article described the
aggreagate-geogrid interlock mechanism, the key parameters of geogrid in the
function of stabilization (quite different from the requirements as in the function of reinforcement) and the range of rail areas application for the stabilization
of unbound granular layers with the geogrid. The case study for the application
of hexagonal (triaxial) geogrids to stabilize the granular layers by way of interlock
with the aggregate in the construction of the superstructure of the E65 Gdynia–
Warsaw railway line at the area of LCS Gdansk was presented in details.
Keywords: geogrid, stabilization of aggregates, soil reinforcement, interlocking, lateral confinement
Dariusz Sybilski
RAILWAY STRUCTURE WITH ASPHALT LAYERS
Summary. The railway structure using layers of some mineral-asphalt mixtures have been described in the paper. This solution that is well-known in many
countries, increases the durability and strength of the railway track. The historical
background of asphalt layer application at track structure and the development
of this technology in selected countries have been presented. Based on the findings
of research carried out in laboratories and at operated railway lines, the advantages
of the asphalt layers in the construction of railways have been demonstrated.
Keywords: railway structure, high speed rail
508
Jan SzczÆsny, Martyna Jakimowicz, Andrzej Kwiatkowski, Marcin Jankowski
FROM MEASUREMENT TO IMPLEMENTATION
– MODERN TECHNOLOGIES IN THE TRACK
AXIS ADJUSTMENT PROCESS
Summary. The paper presents some aspects of the design process of the railway axis adjustment starting from the foundation of the design matrix, by measurements of the existing track, the design of new axes, design documentation, until
realisation of the designed works and as-built checks. The authors points out the
benefits of using 3D tacheometry and the integration of measurement, design and
implementation systems.
Keywords: railway axis adjustment, tacheometry, track tamping
Karol TrzoÍski
USE OF FIBER OPTIC TECHNOLOGY
IN RAILWAY ENGINEERING
Summary. The paper presents the problem of fiber optic technique usage. The
construction of fiber optic cable and the rules of its operation as well as the purposes of its usage have been discussed, The advantages of optic fiber cables and the
possibilities of their application have been listed.
Keywords: fiber optic, optical fiber, fiber optic cable
Informacje dla Autorów
Procedura recenzowania publikacji
1. Ka›da publikacja przesana do Redakcji drog• elektroniczn• lub pocztow• podlega
procedurze recenzowania (dwóch niezale›nych recenzentów spoza jednostki zatrudniaj•cej Autora) i ocenie jÆzykowej (redaktor jÆzykowy). Recenzentów wyznacza Redaktor
Naczelny po zasiÆgniÆciu opinii redaktorów tematycznych.
2. W przypadku wykorzystywania w publikacji zaawansowanych metod statystycznych
publikacjÆ ocenia równie› redaktor statystyczny.
3. W przypadku tekstów powstaych w jÆzyku obcym, co najmniej jeden z recenzentów
bÆdzie afiliowany w instytucji zagranicznej innej ni› narodowoy autora pracy.
4. W doborze recenzentów stosuje siÆ model, w którym autor i recenzenci nie znaj• swoich to›samoyci (tzw. „double-blind review proces”).
5. W szczególnych przypadkach niemo›noyci dostosowania siÆ do powy›szej zasady (w•ska problematyka artykuu, brak du›ej liczby potencjalnych recenzentów) recenzent
pochodz•cy z tej samej jednostki bÆdzie podpisa deklaracjÆ o niewystÆpowaniu konfliktu interesów. Za konflikt interesów bÆdzie siÆ uznawa zachodz•ce miÆdzy recenzentem a autorem:
• bezpoyrednie relacje osobiste (pokrewieÍstwo, zwi•zki prawne, konflikt),
• relacje podlegoyci zawodowej,
• bezpoyrednia wspópraca naukowa w ci•gu ostatnich dwóch lat poprzedzaj•cych
przygotowanie recenzji.
6. Recenzja ma formÆ pisemn• i koÍczy siÆ jednoznacznym wnioskiem, co do dopuszczenia
artykuu do publikacji bez zmian, dopuszczenia artykuu do publikacji po uwzglÆdnieniu
uwag zawartych w recenzji lub jego odrzucenia.
7. Zasady kwalifikowania publikacji do druku w wyniku recenzji:
• oryginalnoy publikacji w zaproponowanej metodzie rozwi•zania problemu, w zastosowaniu nowych ujÆ teoretycznych problemu lub w przedstawieniu interesuj•cego syntetycznego spojrzenia na pewn• dziedzinÆ badaÍ,
• poprawnoy terminologiczna zastosowana w publikacji,
• poprawnoy stylistyczna i jÆzykowa publikacji,
• trafny i wystarczaj•cy dobór literatury,
• wayciwy dobór materiau ilustracyjnego.
8. Nazwiska recenzentów poszczególnych publikacji nie bÆd• ujawniane w kolejnych numerach czasopisma; lista recenzentów bÆdzie podana do publicznej wiadomoyci raz
w roku.
Informacja o zabezpieczeniu przed zjawiskiem ghostwriting
Zjawisko ghostwriting wystÆpuje wówczas, gdy ktoy wniós istotny wkad w powstanie
publikacji, bez ujawnienia swojego udziau jako jeden z autorów lub bez wymienienia jego roli
w podziÆkowaniach zamieszczonych w publikacji.
Zjawisko guest authorship (honorary authorship) wystÆpuje wówczas, gdy udzia autora jest
znikomy lub w ogóle nie mia miejsca, a pomimo to jest autorem lub wspóautorem publikacji.
Aby przeciwdziaa przypadkom ghostwriting i guest authorship Redakcja Zeszytów Naukowo-Technicznych Stowarzyszenia In›ynierów i Techników Komunikacji Oddzia w Krakowie
wdra›a poni›sze rozwi•zania:
1. Redakcja wymaga od autorów publikacji ujawnienia wkadu poszczególnych autorów
w powstanie publikacji (z podaniem ich afiliacji oraz kontrybucji, tj. informacji, kto jest
autorem koncepcji, zao›eÍ, metod, protokou, itp. wykorzystywanych przy przygotowaniu publikacji), przy czym gówn• odpowiedzialnoy bÆdzie ponosi autor zgaszaj•cy opracowanie.
2. Redakcja, pocz•wszy od numeru 1/2012, wyjaynia w Informacji dla Autorów, ›e ghostwriting i guest authorship s• przejawem nierzetelnoyci naukowej, a wszelkie wykryte
przypadki bÆd• demaskowane, w•cznie z powiadomieniem odpowiednich podmiotów
(instytucje zatrudniaj•ce autorów, towarzystwa naukowe, stowarzyszenia edytorów naukowych itp.).
3. Redakcja wymaga od Autorów informacji o |ródach finansowania publikacji, wkadzie instytucji naukowo-badawczych, stowarzyszeÍ i innych podmiotów („financial disclosure”).
4. Redakcja dokumentuje wszelkie przejawy nierzetelnoyci naukowej, zwaszcza amania
i naruszania zasad etyki obowi•zuj•cych w nauce.
Przygotowanie tekstów do druku
x Tekst powinien by napisany w edytorze WORD czcionk• Times New Roman o rozmiarze 12 pt, odstÆp miÆdzy wierszami pojedynczy, do rozpoczÆcia akapitu stosowaÂ
pojedynczy „Tab”, a nie spacje.
x Nie nale›y stosowa wiÆcej ni› jednej spacji miÆdzy wyrazami i rÆcznego dzielenia wyrazów.
x Ilustracje nale›y przesya jako oddzielne pliki: *.tif, *.pdf lub *.jpg (rozdzielczoyÂ
300dpi), w odpowiednich miejscach w tekycie nale›y zamieyci podpisy.
• Wzory matematyczne proszimy wykonywa w miarÆ mo›liwoyci w programie „mathtype”.
x Zamieszczenie materiau ilustracyjnego powinno spenia wymogi prawa autorskiego
(do artykuu nale›y do•czy oywiadczenie).
x Wszystkie rysunki, fotografie i tabele powinny mie numer i podpis.
x Rysunki, wykresy i tabele powinny by przygotowane w technice czarno-biaej.
x Prosimy Autorów artykuów o podanie stopni i tytuów naukowych, afiliacji (miejsce
pracy), adresu pocztowego, telefonu, adresów mailowych.
x W przypadku, gdy jest wiÆcej ni› jeden Autor, w przypisie do polskiego tytuu nale›y
okreyli procentowy wkad Autorów w publikacjÆ.
x Peny tekst nie powinien przekroczy 16 stron wraz z tabelami, zdjÆciami i rysunkami.
x Na koÍcu artykuu prosimy o zamieszczenie streszczenia artykuu i kilku sów kluczowych (minimum trzy) oraz tumaczeÍ tytuu artykuu, streszczenia i sów kluczowych
na jÆzyk angielski.
x Artykuy nie mog• zawiera cech i elementów komercyjnych.
x Pliki mog• by spakowane przy pomocy programów RAR lub ZIP.
x Tekst proszÆ dostarcza w postaci pliku na CD lub mailem.
ORGANIZATOR KONFERENCJI
Stowarzyszenie In›ynierów i Techników Komunikacji RP Oddzia w Krakowie
przy udziale:
- Krajowej Sekcji Kolejowej SITK RP
- Politechniki Krakowskiej – Katedra Infrastruktury Transportu Szynowego i
Lotniczego
- PKP Polskich Linii Kolejowych S.A.
- Maopolskiej OkrÆgowej Izby In›ynierów Budownictwa w Krakowie
PATRONAT HONOROWY
Andrzej Massel – Podsekretarz Stanu w Ministerstwie Transportu Budownictwa i Gospodarki Morskiej
Krzysztof Dyl - Prezes UrzÆdu Transportu Kolejowego
Adam Wiel•dek - Honorowy Przewodnicz•cy UIC
Andrzej Goaszewski - Prezes Honorowy SITK RP Senior
Jerzy Miller - Wojewoda Maopolski
Marek Sowa - Marszaek Województwa Maopolskiego
Remigiusz Paszkiewicz - Prezes Zarz•du PKP Polskie Linie Kolejowe S.A.
KOMITET NAUKOWY
prof. dr hab. in›. Henryk Bauch (Instytut Kolejnictwa)
prof. dr hab. in›. Roman Bogacz (Politechnika Krakowska)
prof. dr hab. in›. Wodzimierz Czyczua (Politechnika Krakowska)
prof. dr hab. in›. Kazimierz Furtak (Politechnika Krakowska)
prof. dr hab. in›. Kazimierz Kosek (Politechnika kl•ska)
prof. dr hab. in›. Wadysaw Koc (Politechnika GdaÍska)
prof. dr hab. in›. Marek Kru›yÍski (Politechnika Wrocawska)
prof. dr hab. in›. El›bieta Pilecka (Politechnika Krakowska)
prof. dr hab. in›. ucjan SiewczyÍski (Politechnika PoznaÍska)
prof. dr hab. in›. Wiesaw Starowicz (Politechnika Krakowska)
prof. dr hab. in›. Kazimierz Towpik (Politechnika Warszawska)
prof. dr hab. in›. Wiesaw Zabocki (Politechnika Warszawska)
dr in›. Andrzej ‹urkowski (Instytut Kolejnictwa)
KOMITET ORGANIZACYJNY
Przewodnicz•ca
Józefa Majerczak
Sekretarz organizacyjny Janina MrowiÍska
Czonkowie
Marek BeszyÍski, Jerzy Hydzik,
Teresa Jaszczyszyn, Sergiusz Lisowski,
Joanna Mitis, Karol NÆdza,
Stanisaw Waligóra, Józef Wieczorek,
Wodzimierz ‹muda,
=àOCI SPONSORZY KONFERENCJI
OFICJALNI SPONSORZY KONFERENCJI
SPONSORZY KONFERENCJI
PATRONAT MEDIALNY
513
SPIS ARTYKUÓW OPUBLIKOWANYCH 2013 ROKU
SPIS ARTYKUÓW OPUBLIKOWANYCH
W KWARTALNIKU
„ZESZYTY NAUKOWO-TECHNICZNE
STOWARZYSZENIA IN‹YNIERÓW I TECHNIKÓW
KOMUNIKACJI RP ODDZIA W KRAKOWIE”
W 2013 ROKU
POLITYKA PARKINGOWA W MIASTACH - zeszyt nr 1(100)
Lp.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Autorzy, tytuá artykuáu
Marek Bauer, Pasy autobusowe, a strefa páatnego parkowania przykrawĊĪnikowego –
przypadek krakowski
Andrzej BrzeziĔski, Tomasz Dybicz, Problemy funkcjonowania strefy páatnego
parkowania w centrum miasta
Andrzej BrzeziĔski, Tomasz Dybicz, Karolina Jesionkiewicz-NiedziĔska, Znaczenie
systemu P+R na liniach kolejowych w aglomeracji warszawskiej
Piotr Brzyszcz, Wojciech Garczewski, Andrzej Szarata, Analiza projektu rozszerzenia
strefy páatnego parkowania w Krakowie
Mariusz Dudek, Analiza wykorzystania parkingów przy galerii handlowej na przykáadzie
Krakowa
Wiesáaw DĨwigoĔ, Identyfikacja problemów parkowania w obszarach rekreacyjnych
àukasz Franek, Tomasz Kulpa, Wybrane problemy oznakowania stref páatnego
parkowania
Jan Friedberg, Metodyka opracowywania polityki parkingowej
Jan Gregorowicz, Piotr TrybuĞ, Uwarunkowania realizacyjne opracowaĔ studialnych,
dotyczących páatnego parkowania (obejmującego parkingi powierzchniowe i kubaturowe)
realizowanych w systemie Partnerstwa Publiczno-Prywatnego na przykáadzie BielskaBiaáej
Petro Horbachov, Vitalii Naumov, Oleksandr Kolii, Badania procesów parkowania
w centralnej czĊĞci miasta Charkowa
Kazimierz Jamroz, Jacek Oskarbski, Piotr Krukowski, System Informacji Parkingowej
w zintegrowanym systemie zarządzania ruchem TRISTAR
Nick Lester, Parkingi Park & Ride w Wielkiej Brytanii
Magda NiewĊgáowska, Katarzyna Pogáód, ZasadnoĞü wyznaczania i zasady organizacji
stref ekspresowego parkowania przy portach lotniczych
BáaĪej Nitschke, Agnieszka Owczarzak – Trzebiatowska, Sáawomir Idziak, Parkingi
buforowe w Poznaniu
Csaba Orosz, Zoltan Soós, Najnowsze wyzwanie parking przy nabrzeĪach Dunaju
w centralnej czĊĞci Budapesztu. Realistyczne podejĞcie i rozwiązania w redystrybucji
przestrzeni publicznej
Waldemar Parkitny, Postrzeganie przez kierowców kongestii ruchu w pobliĪu duĪych
parkingów
Krzysztof Pogáód, Agnieszka Domasiewicz, Organizacja parkingów dla duĪych imprez
sportowych na przykáadzie UEFA EURO w Warszawie
Sjoerd Stienstra, Parkowanie w dáuĪszej perspektywie, jak rozwój spoáeczno-gospodarczy
wpáywa na parkowanie
Tina Uhlmann, Reinhard Hössinger, Efektywne zarządzanie parkingami miejskimi
w strefie krótkookresowego parkowania
Strony
7-24
25-36
37-50
51-60
61-74
75-88
89-100
101-110
111-124
125-134
135-144
145-158
159-174
175-184
185-196
197-208
209-222
223-234
235-246
514
SPIS ARTYKUÓW OPUBLIKOWANYCH 2013 ROKU
DROGI KOLEJOWE 2013 - zeszyt nr 2(101)
Lp.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Autorzy, tytuá artykuáu
Henryk Baáuch, Maria Baáuch, Metody okreĞlania niejednorodnoĞci nawierzchni
kolejowej i ich zastosowanie
Tadeusz Basiewicz, Andrzej Goáaszewski, Jacek Kukulski, Kazimierz Towpik, Ocena
narastania nierównoĞci toru na eksperymentalnym odcinku nawierzchni kolejowej
z kompozytem táuczniowym
Wáodzimierz Bednarek, Analiza wpáywu wspóáczynników sprĊĪystego podáoĪa
dwuparametrowego na ugiĊcia podkáadu kolejowego
Dorota Karolina Báaszkiewicz, Wáodzimierz Czyczuáa, Ocena wpáywu konstrukcji
nawierzchni na parametry jej drgaĔ przy róĪnych prĊdkoĞciach pociągu
Roman Bogacz, Wáodzimierz Czyczuáa, Wybrane zagadnienia dynamiki kolei duĪych
prĊdkoĞci, przegląd badaĔ dotyczących toru
Wáodzimierz Czyczuáa, Maágorzata Urbanek, Niekonwencjonalna konstrukcja
nawierzchni drogi szynowej – LONGASF
Igor Gisterek, Szynowy transport aglomeracyjny, jako czynnik przemian urbanizacyjnych
Krzysztof Gradkowski, MoĪliwoĞci wzmacniania podtorza w warunkach
interoperacyjnoĞci kolei
Sáawomir Grulkowski, Jerzy Zariczny, Koncepcja systemu oceny stanu technicznego
przejazdów tramwajowych
Lucjan Janas, Jerzy Jurczuk, Paweá Poneta, Badania laboratoryjne prototypowych
wibroizolacji przeznaczonych do stosowania w nawierzchniach szynowych
Zbigniew KĊdra, Koncepcja wskaĨnika syntetycznej oceny rozjazdów kolejowych
Wáadysáaw Koc, Piotr Chrostowski, Wykorzystywanie pomierzonych strzaáek poziomych
do okreĞlania istniejącej osi toru
Wáadysáaw Koc, Piotr Chrostowski, Katarzyna Palikowska, Program komputerowy do
odtwarzania ksztaátu osi toru kolejowego
Wáadysáaw Koc, Cezary Specht, Piotr Chrostowski, Jacek SzmagliĔski, MoĪliwoĞci
satelitarnej oceny poáoĪenia geometrycznego tramwajowych wĊzáów rozjazdowych
Janusz Kogut, Propagacja w podáoĪu drgaĔ generowanych przez koleje duĪych prĊdkoĞci
Ewelina Kwiatkowska, Wpáyw materiaáów geosyntetycznych na statecznoĞü podtorza
kolejowego
Katarzyna Palikowska, Poáączenie G3 dwóch kierunków prostych z uĪyciem krzywej
NURBS
ElĪbieta Pilecka, Mirosáawa Bazarnik, Aleksandra Pawlak-Burakowska, Wyniki
monitorowania skutecznoĞci zabezpieczenia osuwiska na przykáadzie osuwiska w Sadowiu
na linii kolejowej nr 8 Warszawa – Kraków
ElĪbieta Pilecka, Marta Zdanowicz - Dejnak, Analiza wpáywu warunków
geotechnicznych podtorza na statecznoĞü nasypów kolejowych w aspekcie kolei duĪych
prĊdkoĞci na podstawie modelowania numerycznego
àucjan SiewczyĔski, Michaá Pawáowski, Ukáady páyt do próbnych obciąĪeĔ podtorza
Juliusz Soákowski, Dariusz Kudáa, Wykonawstwo stref przejĞciowych do obiektów
mostowych i aspekty modelowania numerycznego oddziaáywania pojazd-nawierzchniapodtorze
Grzegorz Stencel, Weryfikacja podsystemu infrastruktura na etapie budowy
Kamila Szwaczkiewicz, Zbigniew KĊdra, Obliczanie przesuniĊü osi toru przy
modernizacji ukáadów geometrycznych
Andrzej UznaĔski, Kolejowa osnowa geodezyjna-przepisy oraz praktyka pomiarowa
Bogumiá Wrana, Analiza dynamiczna gruntu modelowanego MES, obciąĪonego
pociągiem szybkobieĪnym
Strony
7-18
19-28
29-46
47-58
59-72
73-86
87-100
101-108
109-120
121-130
131-142
143-160
161-174
175-188
189-200
201-218
219-236
237-250
251-260
261-274
275-290
291-300
301-312
313-324
325-338
SPIS ARTYKUÓW OPUBLIKOWANYCH 2013 ROKU
515
NOWOCZESNE TECHNOLOGIE I SYSTEMY ZARZĄDZANIA
W TRANSPORCIE SZYNOWYM - zeszyt nr 3(102)
Lp.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Autorzy, tytuá artykuáu
Henryk Baáuch, Determinanty oceny skutecznoĞci modernizacji linii kolejowych
Mirosáawa Bazarnik, Znaczenie rozpoznania procesów degradacji betonu w odniesieniu
do obiektów infrastruktury kolejowej
Roman Bogacz, Wáodzimierz Czyczuáa, Analiza wybranych efektów dynamicznych
w torze kolejowym
Przemysáaw Brona, Robert Kruk, Poprawa stanu infrastruktury do przewozów
intermodalnych w nowej perspektywie finansowej 2014 - 2020
Mariusz Buáawa, Krzysztof Semrau, NiezawodnoĞü systemu rozjazdowego – wybrane
zagadnienia
Tomasz Czauderna, Michaá Maniowski, Analiza podatnoĞci sprzĊgáa 4-ciĊgáowego
stosowanego w niskopodáogowych tramwajach
Józef Gawlik, Piotr Gibas, Marek Nowak, Wybrane problemy diagnostyki obiektów
infrastruktury kolejowej
Igor Gisterek, Innowacyjne konstrukcje krawĊdzi peronowych
Krzysztof Grochowski, Juliusz Karolak, Ograniczenia funkcjonalne urządzeĔ srk
w zakresie kontroli Ğwiateá zabraniających i ochrony bocznej
Sáawomir Grulkowski, Jerzy Zariczny, Metodyka oceny ryzyka na etapie budowy
i eksploatacji kolejowych nawierzchni bezpodsypkowych
Sáawomir Grulkowski, Jerzy Zariczny, Przegląd badaĔ diagnostycznych szyn z
zastosowaniem prądów wirowych
Przemysáaw Ilczuk, Wiesáaw Zabáocki, Koncepcja metody lokalizacji balis na liniach
wyposaĪonych w system ETCS
Lucjan Janas, Ocena parametrów dynamicznych kratownicowego mostu kolejowego
Arkadiusz Kampczyk, Aktualne problemy w kontekĞcie obowiązujących regulacji
prawnych zarządcy narodowej sieci kolejowej
Arkadiusz Kampczyk, Michaá Strach, Koncepcja zastosowania techniki RFID
w inwentaryzacji elementów infrastruktury transportu szynowego
Kazimierz Káosek, Bartáomiej Kuszka, Problemy lokalizacji wybranych fragmentów
linii AGC-AGTC na obszarach objĊtych wpáywem intensywnych oddziaáywaĔ górniczych
Wáadysáaw Koc, Piotr Chrostowski, Uniwersalny program komputerowy do
projektowania zmiany kierunku trasy
Wáadysáaw Koc, Piotr Chrostowski, Katarzyna Palikowska, Odtwarzanie przebiegu
trasy kolejowej o záoĪonym uksztaátowaniu geometrycznym
Julian Kominowski, Koncepcja oceny jakoĞciowej ukáadu pojazd - tor na podstawie
odpowiedzi dynamicznej pojazdu
Zbigniew Leszczewicz, Agnieszka Warda, Tomasz Barszcz, Piotr Kohut, Sáawomir
Mikrut, Jarosáaw Przywieczerski, Krystian Pyka, Tomasz Sitkowski, Regina
Tokarczyk, Tadeusz Uhl, Wykorzystanie mobilnego skaningu laserowego do pomiarów
skrajni linii kolejowej i kodyfikacji linii kolejowych
Jerzy Makaáa, Modernizacja infrastruktury kolejowej wedáug formuáy DBO – szansa czy
zagroĪenie
Jacek Makuch, Adam Popioáek, Torowisko tramwajowe w przekroju ulicy
dwujezdniowej
Renata Maleda, Symulatory pojazdów szynowych dla maszynistów w procesie
dydaktycznym w wybranych krajach europejskich
Radosáaw Mazurkiewicz, Infrastruktura kolejowa i jej wykorzystanie w korytarzu CETC
na terenie województwa dolnoĞląskiego
Mateusz Motyl, Artur Babiak, Aktualny przebieg procesu homologacji nowo
budowanych pojazdów kolejowych w Polsce
Strony
7-20
21-28
29-38
39-48
49-60
61-72
73-80
81-90
91-102
103-110
111-120
121-132
133-142
143-156
157-166
167-176
177-188
189-200
201-210
211-242
243-256
257-272
273-278
279-292
293-306
516
SPIS ARTYKUÓW OPUBLIKOWANYCH 2013 ROKU
Wojciech Oleksiewicz, Cezary KraĞkiewicz, Rozwój konstrukcji i ukáadu
geometrycznego torowisk tramwajowych, jako istotny element postĊpu w miejskim
transporcie szynowym
Witold OlpiĔski, Czynnik ludzki jako przyczyna wypadków kolejowych
ElĪbieta Pilecka, Teledetekcja jako metoda monitorowania infrastruktury kolejowej
Jacek Stanisz, MoĪliwoĞci rozpoznania zagroĪenia osuwiskowego na podstawie
obserwacji zmian ciĞnienia porowego w oĞrodku geologicznym
Grzegorz Stencel, Analiza procesu dopuszczania do eksploatacji typów budowli w Ğwietle
zmian do Ustawy o transporcie kolejowym
Andrzej Surowiecki, Michaá ZieliĔski, Numeryczne modelowanie stanu odksztaácenia
podkáadu kolejowego w zmiennych warunkach podparcia na podsypce
Kamila Szwaczkiewicz, Obliczenia robót ziemnych przy modernizacji linii kolejowych
Kazimierz Towpik, ZwiĊkszenie konkurencyjnoĞci transportu szynowego poprzez
ograniczenie jego oddziaáywaĔ na naturalne Ğrodowisko
Maágorzata Urbanek, Aleksandra Pawlak-Burakowska, Modelowanie strefy poáączeĔ
podkáadów wzdáuĪnych w nawierzchni LONGASF
Andrzej UznaĔski, Pomiary satelitarne w wyznaczaniu wspóárzĊdnych punktów
kolejowej osnowy geodezyjnej
Andrzej Wilk, Piotr Chrostowski, Analiza krzywizny toru kolejowego w aspekcie
wymuszonych przemieszczeĔ poprzecznych
Andrzej ĩurkowski, Nowoczesne metody organizacji kolejowych przewozów
miĊdzyaglomeracyjnych
26
27
28
29
30
31
32
33
34
35
36
37
307-324
325-336
337-350
351-360
361-366
367-374
375-382
383-390
391-398
399-410
411-422
423-432
Alfabetyczny wykaz autorów w 2013 roku
Lp.
1
2
Nazwisko i imiĊ
Babiak Artur
Baáuch Henryk
3
4
5
6
7
Baáuch Maria
Barszcz Tomasz
Basiewicz Tadeusz
Bauer Marek
Bazarnik Mirosáawa
8
9
10
Bednarek Wáodzimierz
Báaszkiewicz Dorota Karolina
Bogacz Roman
11
12
Brona Przemysáaw
BrzeziĔski Andrzej
13
14
15
Brzyszcz Piotr
Buáawa Mariusz
Chrostowski Piotr
Nr
3(102)
2(101)
3(102)
2(101)
3(102)
2(101)
1(100)
2(101)
3(102)
2(101)
2(101)
2(101)
3(102)
3(102)
1(100)
1(100)
1(100)
3(102)
2(101)
2(101)
2(101)
3(102)
3(102)
3(102)
Strony
293-306
7-18
7-20
7-18
211-242
19-28
7-24
237-250
21-28
29-46
47-58
59-72
29-38
39-48
25-36
37-50
51-60
49-60
143-160
161-174
175-188
177-188
189-200
411-422
517
SPIS ARTYKUÓW OPUBLIKOWANYCH 2013 ROKU
16
17
Czauderna Tomasz
Czyczuáa Wáodzimierz
18
19
20
Domasiewicz Agnieszka
Dudek Mariusz
Dybicz Tomasz
21
22
23
24
25
26
27
DĨwigoĔ Wiesáaw
Franek àukasz
Friedberg Jan
Garczewski Wojciech
Gawlik Józef
Gibas Piotr
Gisterek Igor
28
29
30
31
32
Goáaszewski Andrzej
Gradkowski Krzysztof
Gregorowicz Jan
Grochowski Krzysztof
Grulkowski Sáawomir
33
34
35
36
37
38
Horbachov Petro
Hössinger Reinhard
Idziak Sáawomir
Ilczuk Przemysáaw
Jamroz Kazimierz
Janas Lucjan
39
40
41
Jesionkiewicz-NiedziĔska Karolina
Jurczuk Jerzy
Kampczyk Arkadiusz
42
43
Karolak Juliusz
KĊdra Zbigniew
44
45
Káosek Kazimierz
Koc Wáadysáaw
46
47
48
49
50
Kogut Janusz
Kohut Piotr
Kolii Oleksandr
Kominowski Julian
KraĞkiewicz Cezary
3(102)
2(101)
2(101)
2(101)
3(102)
1(100)
1(100)
1(100)
1(100)
1(100)
1(100)
1(100)
1(100)
3(102)
3(102)
2(101)
3(102)
2(101)
2(101)
1(100)
3(102)
2(101)
3(102)
3(102)
1(100)
1(100)
1(100)
3(102)
1(100)
2(101)
3(102)
1(100)
2(101)
3(102)
3(102)
3(102)
2(101)
2(101)
3(102)
2(101)
2(101)
2(101)
3(102)
3(102)
2(101)
3(102)
1(100)
3(102)
3(102)
61-72
73-86
47-58
59-72
29-38
209-222
61-74
25-36
37-50
75-88
89-100
101-110
51-60
73-80
73-80
87-100
81-90
19-28
101-108
111-124
91-102
109-120
103-110
111-120
125-134
235-246
175-184
121-132
135-144
121-130
133-142
37-50
121-130
143-156
157-166
91-102
131-142
301-312
167-176
143-160
161-174
175-188
177-188
189-200
189-200
211-242
125-134
201-210
307-324
518
SPIS ARTYKUÓW OPUBLIKOWANYCH 2013 ROKU
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
Kruk Robert
Krukowski Piotr
Kudáa Dariusz
Kukulski Jacek
Kulpa Tomasz
Kuszka Bartáomiej
Kwiatkowska Ewelina
Lester Nick
Leszczewicz Zbigniew
Makaáa Jerzy
Makuch Jacek
Maleda Renata
Maniowski Michaá
Mazurkiewicz Radosáaw
Mikrut Sáawomir
Motyl Mateusz
Naumov Vitalii
NiewĊgáowska Magda
Nitschke BáaĪej
Nowak Marek
Oleksiewicz Wojciech
OlpiĔski Witold
Orosz Csaba
Oskarbski Jacek
Owczarzak – Trzebiatowska Agnieszka
Palikowska Katarzyna
77
78
Parkitny Waldemar
Pawlak - Burakowska Aleksandra
79
80
Pawáowski Michaá
Pilecka ElĪbieta
81
Pogáód Krzysztof
82
83
84
85
86
87
88
89
90
91
92
93
Poneta Paweá
Popioáek Adam
Przywieczerski Jarosáaw
Pyka Krystian
Semrau Krzysztof
SiewczyĔski àucjan
Sitkowski Tomasz
Soákowski Juliusz
Soós Zoltan
Specht Cezary
Stanisz Jacek
Stencel Grzegorz
3(102)
1(100)
2(101)
2(101)
1(100)
3(102)
2(101)
1(100)
3(102)
3(102)
3(102)
3(102)
3(102)
3(102)
3(102)
3(102)
1(100)
1(100)
1(100)
3(102)
3(102)
3(102)
1(100)
1(100)
1(100)
2(101)
2(101)
3(102)
1(100)
2(101)
3(102)
2(101)
2(101)
2(101)
3(102)
1(100)
1(100)
2(101)
3(102)
3(102)
3(102)
3(102)
2(101)
3(102)
2(101)
1(100)
2(101)
3(102)
2(101)
3(102)
39-48
135-144
275-290
19-28
89-100
167-176
201-218
145-158
211-242
243-256
257-272
273-278
61-72
279-292
211-242
293-306
125-134
159-174
175-184
73-80
307-324
325-336
185-196
135-144
175-184
161-174
219-236
189-200
197-208
237-250
391-398
261-274
237-250
251-260
337-350
209-222
159-174
121-130
257-272
211-242
211-242
49-60
261-274
211-242
275-290
185-196
175-188
351-360
291-300
361-366
519
SPIS ARTYKUÓW OPUBLIKOWANYCH 2013 ROKU
94
95
96
97
98
99
Stienstra Sjoerd
Strach Michaá
Surowiecki Andrzej
Szarata Andrzej
SzmagliĔski Jacek
Szwaczkiewicz Kamila
100
101
Tokarczyk Regina
Towpik Kazimierz
102
103
104
105
TrybuĞ Piotr
Uhl Tadeusz
Uhlmann Tina
Urbanek Maágorzata
106
UznaĔski Andrzej
107
108
109
110
111
Warda Agnieszka
Wilk Andrzej
Wrana Bogumiá
Zabáocki Wiesáaw
Zariczny Jerzy
112
113
114
Zdanowicz-Dejnak Marta
ZieliĔski Michaá
ĩurkowski Andrzej
1(100)
3(102)
3(102)
1(100)
2(101)
2(101)
3(102)
3(102)
2(101)
3(102)
1(100)
3(102)
1(100)
2(101)
3(102)
2(101)
3(102)
3(102)
3(102)
2(101)
3(102)
2(101)
3(102)
3(102)
2(101)
3(102)
3(102)
Alfabetyczny wykaz recenzentów w 2013 roku
Antoni Barbacki
Roman Bogacz
Janusz Bohatkiewicz
Zofia Bryniarska
Marek Caáa
àukasz Chudyba
Wáodzimierz Czyczuáa
Mariusz Dudek
Tomasz Dybicz
Wojciech Franus
Jan Friedberg
Jan Gertz
Sáawomir Grulkowski
Maciej Jamka
Kazimierz Jamroz
Lucjan Janas
Robert Jankowski
Jacek Jarosz
Jacek Krawiec
Marek KruĪyĔski
Tomasz Kuminek
Marcin Ligas
Grzegorz Mirek
Andrzej Niemerko
Waldemar Parkitny
Anna Piątkowska
ElĪbieta Pilecka
Zenon Pilecki
Andrzej Rudnicki
Juliusz Soákowski
Wiesáaw Starowicz
Andrzej Szarata
Kazimierz Towpik
Maágorzata Ulmaniec
Henryk WoĨniak
Tomasz Wojdyáa
Wiesáaw Zabáocki
Lidia ĩakowska
223-234
157-166
367-374
51-60
175-188
301-312
375-382
211-242
19-28
383-390
111-124
211-242
235-246
73-86
391-398
313-324
399-410
211-242
411-422
325-338
121-132
109-120
103-110
111-120
251-260
367-374
423-432
INFORMACJE
FIRM
PRZEDSI¦BIORSTW
I ORGANIZACJI
Publikacje
Stowarzyszenia InĪynierów i Techników Komunikacji RP
Oddziaáu w Krakowie:
1
2
3
Modernizacja Alej Trzech Wieszczów w Krakowie. Problem techniczny i ekonomiczny (1983, s. 132)
Informatyka na usáugach SáuĪby Ruchu na przykáadzie Poáudniowej DOKP (1983, s. 42)
Wykorzystanie materiaáów miejscowych dla potrzeb drogownictwa w Makroregionie Poáudniowo-Wschodnim Polski (1983, s. 63)
3 bis Program doraĨnych przedsiĊwziĊü dla usprawnienia komunikacji w Tarnowie (1983, s. 36)
4
Modelowanie sieci transportu kolejowego (1983, s. 217)
5
Trasa Zwierzyniecka. Problem planistyczny, techniczny i ekologiczny (1984, s. 133)
6
Trasa Zwierzyniecka. Problem planistyczny, techniczny i ekologiczny. CzĊĞü II (1984, s. 148)
7
Betony cementowe w budownictwie drogowym i mostowym (1985, s. 84)
8
Problemy komunikacyjne Krakowa. Organizacja ruchu w ĝródmieĞciu (1985, s. 131)
9
Stan aktualny i kierunki badaĔ w zakresie zastosowaĔ informatyki w transporcie kolejowym (1986,
s. 118)
10 Nowe technologie w budownictwie drogowym (1987, s. 92)
11
Prognozowanie przewozów. Metody i zastosowania (1987, s. 31)
12 Zastosowanie informatyki w kolejowym transporcie wewnątrzzakáadowym (1987, s. 156)
12 bis Zastosowanie informatyki w kolejowym transporcie wewnątrzzakáadowym. CzĊĞü II (1987, s. 154)
13 III Dni Technika OkrĊgu Dróg Publicznych w Krakowie (1988, s. 228)
14 Wykorzystanie badaĔ laboratoryjnych do sterowania jakoĞcią robót drogowych (1988, s. 123)
15 Zastosowanie informatyki w kolejowym transporcie wewnątrzzakáadowym (1989, s. 207)
16 IV Dni Technika OkrĊgu Dróg Publicznych w Krakowie (1989, s. 203)
17 Racjonalizatorzy SITK na rzecz Miasta Krakowa (1989, s. 30)
18 V Dni Technika OkrĊgu Dróg Publicznych w Krakowie (1990, s. 174)
19 VI Dni Technika OkrĊgu Dróg Publicznych w Krakowie (1991, s. 88)
20 Problemy mostownictwa w regionie Krakowskim (1992, s. 135)
21 Transport i budownictwo komunikacyjne w problematyce naukowej i technicznej krakowskiego Ğrodowiska
SITK (1992, s. 388)
22 Transport i budownictwo komunikacyjne w problematyce naukowej i technicznej krakowskiego Ğrodowiska
SITK (1992, s. 322)
23 Informatyka w kolejnictwie (1992, s. 178)
24 Modelowanie procesów przewozowych i áadunkowych w transporcie (1992, s. 376)
25 Racjonalizacja zuĪycia energii w procesie przewozowym PKP (1993, s. 240)
26 Ochrona zabytków techniki, przemysáu i sztuki inĪynierskiej (1993, s. 262)
522
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
Zastosowanie informatyki w kolejowym transporcie wewnątrzzakáadowym (1993, s. 208)
Problemy zarządzania transportem (1993, s. 228)
Diagnostyka nawierzchni szynowej i podtorza (1993, s. 150)
Obsáuga komunikacyjna w obszarach zurbanizowanych w Polsce (1994, s. 240)
Transport kombinowany – uwarunkowania i moĪliwoĞci (Zeszyt Naukowo-Techniczny 1, 1994, s. 260)
Polityka transportowa w miastach ĝrodkowej i Wschodniej Europy w okresie transformacji (Zeszyt Naukowo-Techniczny 2, 1994, s. 500)
DziaáalnoĞü Oddziaáu Stowarzyszenia InĪynierów i Techników Komunikacji w Krakowie w latach 19901993 (sprawozdanie kadencyjne) (Materiaáy RóĪne 1, 1994, s. 144)
Wspóápraca PKP z bocznicami kolejowymi (Zeszyt Naukowo-Techniczny 3, 1994)
Polityka transportowa w miastach ĝrodkowej i Wschodniej Europy w okresie transformacji (Zeszyt Naukowo-Techniczny 4, 1995, s. 242)
Polityka parkingowa w miastach (Zeszyt Naukowo-Techniczny 5, 1995, s. 212)
Problemy administracyjne, techniczne i prawne w utrzymaniu dróg lokalnych miejskich (Zeszyt Naukowo-Techniczny 6, 1995, s. 164)
Ochrona Ğrodowiska w transporcie i budownictwie komunikacyjnym (Zeszyt Naukowo-Techniczny 7,
1995, s. 340)
Tradycja i przyszáoĞü komunikacji zbiorowej w Polsce (Zeszyt Naukowo-Techniczny 8, 1995, s. 302)
Miejskie PrzedsiĊbiorstwo Komunikacyjne Sp. z o.o. w Krakowie – wczoraj – dziĞ – jutro (Materiaáy
RóĪne 2, 1995, s. 136)
Gospodarka energią i paliwami w przedsiĊbiorstwie PKP (Zeszyt Naukowo-Techniczny 9, 1995, s. 214)
Obsáuga transportowa aglomeracji miejskich i ruchu lokalnego (Zeszyt Naukowo-Techniczny 10, 1996,
s. 244)
Problemy transportu i inĪynierii lądowej w dziaáalnoĞci naukowej i technicznej krakowskiego Ğrodowiska
SITK (Monografia 2, 1996, s. 360)
Na transportowym szlaku – zbiór wybranych tekstów piosenek (Materiaáy RóĪne 3, 1996, s. 212)
Problemy transportowe związane z organizacją zimowych igrzysk olimpijskich w 2006 roku (Zeszyt
Naukowo-Techniczny 11, 1996, s. 256)
Utrzymanie komunikacyjnych obiektów inĪynierskich (Zeszyt Naukowo-Techniczny 12, 1996, s. 124)
Polityka parkingowa w miastach (Zeszyt Naukowo-Techniczny 13, 1996, s. 168)
Rozwój komunikacji a ochrona dziedzictwa kulturowego (Zeszyt Naukowo-Techniczny 14, 1996, s. 286)
Mieczysáaw Barbacki. 1000 lat krakowskich dróg – dzieje i uwarunkowania rozwoju systemu komunikacji
w Krakowie (Monografia 3, 1996, s. 208)
Metody oceny i kontroli funkcjonowania komunikacji zbiorowej (Zeszyt Naukowo-Techniczny 15, 1996,
s. 240)
Zarządzanie publicznym transportem zbiorowym w miastach (Zeszyt Naukowo-Techniczny 16, 1997,
s. 254)
Nowoczesne technologie w budownictwie drogowym (Zeszyt Naukowo-Techniczny 17, 1997, s. 188)
OsiągniĊcia i problemy transportu wewnątrzzakáadowego (Zeszyt Naukowo-Techniczny 18, 1997, s. 148)
Prezentacja autobusów komunikacji miejskiej zasilanych gazem ziemnym – konstrukcja i eksploatacja
(Zeszyt Naukowo-Techniczny 19, 1997, s. 80)
Transport kombinowany (Zeszyt Naukowo-Techniczny 20, 1997, s. 260)
Problemy zarządzania i utrzymania dróg na obszarach gmin (Zeszyt Naukowo-Techniczny 21, 1997, s. 192)
Gospodarka energią i paliwami w przedsiĊbiorstwie PKP (Zeszyt Naukowo-Techniczny 22, 1997, s. 220)
Marian SzeliĔski. Oddziaá krakowski Stowarzyszenia InĪynierów i Techników Komunikacji w latach
1946-1995. Zarys dziaáalnoĞci (Monografia 4, 1998, s. 320)
Sprawozdanie z dziaáalnoĞci Oddziaáu SITK w Krakowie w kadencji 1994-1997 (Materiaáy RóĪne 4, 1998,
s. 44)
Gaz ziemny jako paliwo do napĊdu pojazdów – stan obecny i perspektywy rozwoju (Zeszyt Naukowo-Techniczny 23, 1998, s. 104)
523
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
Polityka parkingowa w miastach (Zeszyt Naukowo-Techniczny 24, 1998, s. 244)
Kierunki rozwoju komunikacji tramwajowej w Polsce (Zeszyt Naukowo-Techniczny 25, 1998, s. 194)
Nowe technologie w utrzymaniu ulic (Zeszyt Naukowo-Techniczny 26, 1998, s. 112)
Sterowanie ruchem w miejskiej komunikacji zbiorowej (Zeszyt Naukowo-Techniczny 27, 1998, s. 296)
Komputerowe systemy kierowania ruchem na sieci kolejowej PKP (Zeszyt Naukowo-Techniczny 28, 1998,
s. 348)
Na transportowym szlaku II – zbiór wybranych tekstów piosenek (Materiaáy RóĪne 5, 1999, s. 268)
InĪynierowi Ernestowi Malinowskiemu w setną rocznicĊ Ğmierci (Monografia 4, 1999, s. 132)
Informatyka w PrzedsiĊbiorstwie Polskie Koleje PaĔstwowe (Zeszyt Naukowo-Techniczny 29, 1999,
s., 400)
Ochrona zabytków i muzealnictwo w komunikacji (Zeszyt Naukowo-Techniczny 30, 1999, s. 168)
DoĞwiadczenia w zakresie eksploatacji autobusów zasilanych gazem ziemnym (Zeszyt Naukowo-Techniczny 31, 1999, s. 92)
Andrzej Rudnicki. JakoĞü komunikacji miejskiej (Monografia 5, 1999, s. 384)
Problemy techniczne i jakoĞciowe związane z eksploatacją torów kolejowych (Zeszyt Naukowo-Techniczny
32, 1999, s. 144)
Kompleksowe badania ruchu w Katowicach i Siemianowicach ĝląskich – synteza wyników (Monografia
6, 1999, s. 128)
Obsáuga klientów PKP z wykorzystaniem systemu kierowania przewozami i zarządzania (SKPZ) (Zeszyt
Naukowo-Techniczny 33, 1999, s. 176)
Materiaáy Seminarium Targów Drogownictwa DROGPOL’2000 (Zeszyt Naukowo-Techniczny 34, 2000,
s. 104)
Problematyka osuwisk w budownictwie komunikacyjnym (Zeszyt Naukowo-Techniczny 35, 2000, s. 306)
Transport w rozwoju regionów (Zeszyt Naukowo-Techniczny 36, 2000, s. 482)
Problemy ochrony zabytków komunikacyjnych (Zeszyt Naukowo-Techniczny 37, 2000, s. 282)
Polityka parkingowa w miastach (Zeszyt Naukowo-Techniczny 38, 2000, s. 210)
Metoda budowy baz danych o drogowym ruchu miejskim (Monografia 7, 2000, s. 112)
Transport 2000 - Kongres SITK Kraków - Zakopane 14-16.IX.2000 - Referaty Kongresowe (Zeszyt
Naukowo-Techniczny 39, 2000, s. 444)
Polityka transportowa paĔstwa na lata 2000-2015 dla zrównowaĪonego rozwoju (Monografia 8, 2000,
s. 108)
Aktualne problemy zarządzania drogami (Zeszyt Naukowo-Techniczny 40, 2000, s. 108)
Miejsce diagnostyki infrastruktury kolejowej w nowej strukturze organizacyjnej kolei (Zeszyt Naukowo-Techniczny 41, 2000, s. 294)
Kolejarz z uĞmiechem. Oprac. Jerzy Hydzik (Materiaáy RóĪne 6, 2000, s. 84)
Nowoczesne metody zarządzania pasaĪerskim transportem zbiorowym (Zeszyt Naukowo-Techniczny 45,
2001, s. 296)
XV Dni Technika w Oddziale Poáudniowo-Wschodnim GDDP w Krakowie (Zeszyt Naukowo-Techniczny
42, 2001, s. 232)
BezpieczeĔstwo na drogach (Zeszyt Naukowo-Techniczny 43, 2001, s. 154)
Projekt poáączeĔ kolejowych Kraków-Muszyna/Zakopane (Zeszyt Naukowo-Techniczny 44, 2001, s. 76)
Polityka transportowa paĔstwa na lata 2001-2015 dla zrównowaĪonego rozwoju (Monografia 9, 2001,
s. 154)
Finansowanie drogownictwa i przygotowanie inwestycji (Zeszyt Naukowo-Techniczny 45, 2001, s. 180)
Badania procesów przewozowych wspomagające zarządzanie transportem zbiorowym w miastach (Zeszyt
Naukowo-Techniczny 46, 2002, s. 466)
Problemy związane z zarządzaniem pasem drogowym w Ğwietle obowiązujących przepisów prawnych
(Zeszyt Naukowo-Techniczny 47, 2002, s.184)
524
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
Sprawozdanie z dziaáalnoĞci Oddziaáu SITK w Krakowie w kadencji 1998-2001 (Materiaáy RóĪne 7, 2002,
s. 124)
Koordynacja dziaáaĔ róĪnych sáuĪb w sytuacjach nadzwyczajnych zdarzeĔ na drogach (Zeszyt Naukowo-Techniczny 48, 2002, s. 108)
XVI Dni Technika w Oddziale Poáudniowo-Wschodnim GDDP w Krakowie (Zeszyt Naukowo-Techniczny
49, 2002, s. 240)
Aktualne osiągniĊcia budownictwa mostowego w Polsce (Zeszyt Naukowo-Techniczny 50, 2002, s. 254)
Krajowy zarobkowy przewóz osób i rzeczy (Monografia 10, 2002, s. 592)
MiĊdzynarodowy zarobkowy przewóz osób i rzeczy (Monografia 11, 2002. s. 280)
Historia i ochrona zabytków w transporcie (Zeszyt Naukowo-Techniczny 51, 2002, s. 440)
Problematyka powodziowa w mostownictwie (Zeszyt Naukowo-Techniczny 52, 2002, s. 268)
Nowoczesne technologie i systemy usprawniające zarządzanie w transporcie kolejowym (Zeszyt Naukowo-Techniczny 53, 2002, s. 442)
Integracja systemów zarządzania przedsiĊbiorstwami komunikacyjnymi z uwzglĊdnieniem wymogów
norm ISO (Zeszyt Naukowo-Techniczny 54, 2002, s. 276)
Krajowy zarobkowy przewóz osób i rzeczy (Monografia 12, 2003, s. 636)
XVII Dni Technika w Oddziale Generalnej Dyrekcji Dróg Krajowych i Autostrad w Krakowie (Zeszyt
Naukowo-Techniczny 55, 2003, s. 276)
Polityka parkingowa w miastach (Zeszyt Naukowo-Techniczny 56, 2003, s. 388)
Miejsce polskich przewoĨników w europejskim systemie transportowym po integracji z Unią Europejską
(Zeszyt Naukowo-Techniczny 57, 2003, s. 152)
Regulacje prawne w Unii Europejskiej w zakresie publicznego transportu pasaĪerskiego (Zeszyt Naukowo-Techniczny 58, 2003, s. 488)
Nowoczesne technologie i systemy zarządzania w kolejnictwie (Zeszyt Naukowo-Techniczny 59, 2003,
s. 304)
BezpieczeĔstwo ruchu drogowego (Zeszyt Naukowo-Techniczny 60, 2004, s. 136)
Polski przemysá i zaplecze naprawcze transportu kolejowego w warunkach konkurencji na europejskim
rynku kolejowym (Zeszyt Naukowo-Techniczny 61, 2004, s. 168)
Odwodnienie dróg i ulic a ekologia - prawo, projektowanie, wykonawstwo (Zeszyt Naukowo-Techniczny
62, 2004, s.328)
Aktualne problemy regionalnego transportu pasaĪerskiego w Polsce (Zeszyt Naukowo-Techniczny 63,
2004, s. 232)
XVIII Dni Technika w Maáopolsce (Zeszyt Naukowo-Techniczny 64, 2004, s. 208)
Zarządzanie ruchem na drogach - prawo, projektowanie, wykonawstwo (Zeszyt Naukowo-Techniczny 65,
2004, s. 340)
Krajowy zarobkowy przewóz osób i rzeczy (Monografia 13, 2004. s. 716)
Nowoczesne technologie i systemy zarządzania w kolejnictwie (Zeszyt Naukowo-Techniczny 66, 2004,
s. 320)
Projektowanie i zarządzanie drogami - zasady, dobre praktyki, efektywnoĞü (Zeszyt Naukowo-Techniczny
67, 2005, s. 418)
Aktualne problemy regionalnego transportu pasaĪerskiego w Polsce (Zeszyt Naukowo-Techniczny 68,
2005, s.280)
àódzkie Forum Regionalne Transportu Publicznego (Zeszyt Naukowo-Techniczny 69, 2005, s. 142)
Technologie naprawy toru kolejowego z zastosowaniem nowoczesnych maszyn – XX-lecie Zakáadu Maszyn
Torowych w Krakowie (Zeszyt Naukowo-Techniczny 70, 2005, s.192)
Zabytkowe obiekty techniki transportowej (Zeszyt Naukowo-Techniczny 71, 2005, s. 268)
XX Maáopolskie Dni Technika (Zeszyt Naukowo-Techniczny 72, 2005, s. 226)
525
124 Nowoczesne technologie i systemy zarządzania w kolejnictwie (Zeszyt Naukowo-Techniczny 73, 2005,
s. 332)
125 Zabytki transportu - potencjaá kulturowy i turystyczny (Zeszyt Naukowo-Techniczny 74, 2005, s. 266)
126 Sprawozdanie z dziaáalnoĞci Oddziaáu SITK w Krakowie w kadencji 2002-2005 (Materiaáy RóĪne 8, 2006,
s. 176)
127 Krajowy transport drogowy (Monografia 14, 2006, s. 716)
128 Wybrane problemy funkcjonowania systemów transportowych w rejonie Tarnowa (Zeszyt Naukowo-Techniczny 75, 2006, s. 120)
129 MiĊdzynarodowy transport drogowy (Monografia 15, 2006, s. 396)
130 Dzieje i perspektywy kolei w Nowym Sączu (Zeszyt Naukowo-Techniczny 76, 2006, s. 124)
131 Odwodnienie dróg i ulic a ekologia - prawo, projektowanie, wykonawstwo (Zeszyt Naukowo-Techniczny
77, 2006, s. 188)
132 Nowoczesne technologie i systemy zarządzania w kolejnictwie (Zeszyt Naukowo-Techniczny 78, 2006,
s. 420)
133 Inwestycje w drogownictwie - przygotowanie, realizacja i nadzór (Zeszyt Naukowo-Techniczny 79, 2007,
s. 324)
134 Polityka parkingowa w miastach (Zeszyt Naukowo-Techniczny 80, 2007, s. 266)
135 Technika w transporcie - historia i zabytki (Zeszyt Naukowo-Techniczny 81, 2007, s. 520)
136 Nowoczesne technologie i systemy zarządzania w kolejnictwie (Zeszyt Naukowo-Techniczny 82, 2007,
s. 300)
137 Zarządzanie jakoĞcią pasaĪerskiego transportu zbiorowego (Zeszyt Naukowo-Techniczny 83, 2007, s. 370)
138 Krajowy transport drogowy (Monografia 16, 2008, s. 768)
139 Wiersze Wáadysáawa DobrzaĔskiego - Tomik Jubileuszowy (Materiaáy RóĪne 9, 2008, s. 56)
140 Problemy transportu związane z organizacją mistrzostw Europy w piáce noĪnej EURO 2012 (2008, s. 186)
141 Odwodnienie dróg i ulic a ekologia - prawo, projektowanie, wykonawstwo (Zeszyt Naukowo-Techniczny
85, 2008, s. 328)
142 Nowoczesne technologie i systemy zarządzania w kolejnictwie (Zeszyt Naukowo-Techniczny 86, 2008,
s. 356)
143 XXII Maáopolskie Dni Technika - Zarządzanie siecią drogową (Zeszyt Naukowo-Techniczny 87, 2009,
s. 154)
144 Problematyka osuwisk w budownictwie komunikacyjnym (Zeszyt Naukowo-Techniczny 88, 2009, s. 470)
145 MiĊdzynarodowy transport drogowy (Monografia 17, 2009, s. 408)
146 Projektowanie i zarządzanie drogami - zasady, dobre praktyki, efektywnoĞü (Zeszyt Naukowo-Techniczny
89, 2009, s. 360)
147 System dopáat do publicznego transportu zbiorowego w komunikacyjnych związkach komunalnych
w Polsce (Monografia 18, 2009, s. 248)
148 Modelowanie podróĪy i prognozowanie ruchu (Zeszyt Naukowo-Techniczny 90, 2009, s.320)
149 Nowoczesne technologie i systemy zarządzania w kolejnictwie (Zeszyt Naukowo-Techniczny 91, 2009,
s. 676)
150 Sprawozdanie z dziaáalnoĞci Oddziaáu SITK w Krakowie w kadencji 2006-2009 (Materiaáy RóĪne 10,
2010, s. 168)
151 Projektowanie rond - doĞwiadczenia i nowe tendencje (Zeszyt Naukowo-Techniczny 92, 2010, s. 364)
152 Kompleksowe badania ruchu - teoria i praktyka - doĞwiadczenia miast polskich (Zeszyt Naukowo-Techniczny 93, 2010, s. 212)
153 Modelowanie podróĪy i prognozowanie ruchu (Zeszyt Naukowo-Techniczny 94, 2010, s. 404)
154 Nowoczesne technologie i systemy zarządzania w kolejnictwie (Zeszyt Naukowo-Techniczny 95, 2010,
s. 694)
155 Wyniki badaĔ systemów publicznego transportu zbiorowego w wybranych miastach (Monografia 19, 2010,
s. 344)
156 Krajowy transport drogowy (Monografia 20, 2011, s. 884)
526
157 Na transportowym szlaku. Zbiór wybranych tekstów piosenek (Materiaáy RóĪne 11, 2011, s. 208)
158 Nowoczesne technologie i systemy zarządzania w transporcie szynowym (Zeszyt Naukowo-Techniczny
96, 2011, s. 706)
159 Modelowanie podróĪy i prognozowanie ruchu (Zeszyt Naukowo-Techniczny 1(97), 2012, s. 280)
160 Wybrane zagadnienia historii zabytków transportu (2012, s. 432)
161 Modelowanie podróĪy i prognozowanie ruchu (Zeszyt Naukowo-Techniczny 2(98), 2012, s. 312)
162 Nowoczesne technologie i systemy zarządzania w transporcie szynowym (Materiaáy konferencji, 2012,
s. 88)
163 Nowoczesne technologie i systemy zarządzania w transporcie szynowym (Zeszyt Naukowo-Techniczny
3(99), 2012, s. 408)
164 Polityka parkingowa w miastach (Zeszyt Naukowo-Techniczny 1(100), 2013, s. 316)
165 Drogi kolejowe 2013 (Zeszyt Naukowo-Techniczny 2(101), 2013, s. 384)
Poszczególne Zeszyty Naukowo-Techniczne moĪna kupiü
w Biurze Oddziaáu SITK RP w Krakowie,
ul. Siostrzana 11, 30-804 Kraków,
tel. (012) 658-93-72, 658-93-74, fax 659-00-76,
e-mail: [email protected]