Upute za upotrebu PHILIPS 241S4LCS

[. . . ] 3 3RGHåDYDQMHPRQLWRUD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 , QVWDODFLMD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5DGVPRQLWRURP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6NLQLWHSRVWROMH]DED]XLED]X (241S4L/241S4LA). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [. . . ] 42  (HVWRSRVWDYOMDQDSLWDQMDLUMHåDYDQMH problema . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45  5MHåDYDQMHSUREOHPD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4  6PDUW&RQWURO3UHPLXPHHVWR SRVWDYOMDQDSLWDQMD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47  2SĂHQLWDć33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 9DçQR ‡  9DçQR ‡ =DYULMHPHUDGDQHPRMWHYDåPRQLWRUL]ODJDWL MDNLPYLEUDFLMDPDLOLXGDUFLPD 1HXGDUDMWHLQHLVSXåWDMWHPRQLWRUSULOLNRP UDGDLOLSULMHQRVD 2YDMNRULVQLĈNLSULUXĈQLNQDPMHQMHQMH]DVYHNRULVQLNH 2GUçDYDQMH 3KLOLSVPRQLWRUD3ULMHNRULåWHQMDYDåHJPRQLWRUD SURĈLWDMWHRYDMNRULVQLĈNLSULUXĈQLN8QMHPXVHQDOD]H ‡ 5DGL]DåWLWH]DVORQDPRQLWRUDRGPRJXĂHJ RåWHĂHQMDQHPRMWHQDQMHJDGMHORYDWL YDçQHLQIRUPDFLMHLQDSRPHQH]DNRULåWHQMHYDåHJ SUHNRPMHUQRPVLORP3ULOLNRPSUHPMHåWDQMD PRQLWRUD PRQLWRUXKYDWLWH]DRNYLU]DVORQPRQLWRUD 3KLOLSVRYRMDPVWYRSULPMHQMXMHVHDNRVH QHGRGLUXMWHQLUXNRPQLWLSUVWLPDSULOLNRP SURL]YRGRPUXNXMHLVSUDYQR]DQMHJRYR SRGL]DQMDPRQLWRUD QDPLMHQMHQRNRULåWHQMHXVNODGXVXSXWDPD]DUDG ‡ , VNOMXĈLWHPRQLWRUL]QDSDMDQMDNDGDJDQHĂHWH LSRSRND]LYDQMXRULJLQDOQRJUDĈXQDQDNRMRMVWRML NRULVWLWLGXOMHUD]GREOMH GDWXPNXSQMHQD]LY]DVWXSQLNDWHPRGHOLEURM ‡ , VNOMXĈLWHPRQLWRUL]QDSDMDQMDNDGDJD SURL]YRGQMHSURL]YRGD QDPMHUDYDWHĈLVWLWLYODçQRPNUSRP=DVORQ REULåLWHVXKRPNUSRPNDGDMHLVNOMXĈHQR QDSDMDQMH1LNDGDQHNRULVWLWHRUJDQVNDRWDSDOD 0MHUHSUHGRVWURçQRVWLLRGUçDYDQMH SRSXWDONRKRODLOLWHNXĂLQHQDED]LDPRQLMDND ]DĈLåĂHQMHPRQLWRUD 8SR]RUHQMD . RULåWHQMHNRQWURODSRGHåDYDQMDLOLSRVWXSDND ‡ . DNRELVWHL]EMHJOLNYDULOLWUDMQRRåWHĂHQMH UD]OLĈLWLKRGRQLKQDYHGHQLKXRYRPGRNXPHQWX PRQLWRUD]DåWLWLWHJDRGSUDåLQHNLåHWHNXĂLQD PRJXUH]XOWLUDWLVL]ODJDQMHPXGDUXHOHNWULĈQLP LSUHYHOLNHYODJH RåWHĂHQMLPDLOLPHKDQLĈNLPRåWHĂHQMLPD ‡ . DGDVHPRQLWRUVPRĈLRGPDKJDREULåLWH 3URĈLWDMWHLVOLMHGLWHRYHXSXWHSULSULNOMXĈLYDQMXL VXKRPNUSRP NRULåWHQMXPRQLWRUD ‡ 3ULOLNRPGRVSLMHYDQMDVWUDQRJWLMHODLOLYRGHX PRQLWRURGPDKLVNOMXĈLWHPRQLWRULL]YXFLWH 3ULPMHQD QDSRQVNLNDEHO3RWRPXNORQLWHVWUDQRWLMHORLOL ‡ 0RQLWRUQHGUçLWHQDL]UDYQRPVXQĈHYRPQD YRGXLRGQHVLWHPRQLWRUXVHUYLVQLFHQWDU YUORMDNRPVYMHWOXQLWLXEOL]LQLGUXJRJL]YRUD ‡ 1HPRMWHHXYDWLLOLNRULVWLWLPRQLWRUQD WRSOLQH'XOMHL]ODJDQMHRYDNYLPXYMHWLPDPRçH PMHVWLPDNRMDVXL]ORçHQDYUXDLQLQHSRVUHGQRM X]URNRYDWLJXELWDNERMHLRåWHWLWLPRQLWRU VXQHHYRMVYMHWORVWLLOLNUDMQMRMKODGQRDL ‡ 8NORQLWHVYHSUHGPHWHNRMLELPRJOLXSDVWL ‡ =DRĈXYDQMHRSWLPDOQHL]YHGEHLGXJRWUDMQX XRWYRUH]DYHQWLODFLMXLOLVSULMHĈLWLSUDYLOQR XSRUDEXPRQLWRUDPROLPRPRQLWRU YHQWLOLUDQMHHOHNWURQLĈNLKVNORSRYDPRQLWRUD NRULVWLWHQDPMHVWLPDVDVOMHGHĂLPUDVSRQRP ‡ 1HEORNLUDMWHRWYRUH]DYHQWLODFLMXQDNXĂLåWX WHPSHUDWXUDLYODçQRVWL ‡ 0RQLWRUSRVWDYLWHWDNRGDMHODNRSULVWXSLWL ƕ 7HPSHUDWXUDƒ&ƒ) QDSRQVNRPXWLNDĈXLPUHçQRMXWLĈQLFL ƕ 9ODJD5+ ‡ . DGDPRQLWRULVNOMXĈXMHWHL]YODĈHQMHP QDSRQVNRJLOL'&NDEHODSULĈHNDMWHRNR VHNXQGLSULMHSRQRYQRJSULNOMXĈLYDQMDNDEHOD]D QRUPDODQUDGPRQLWRUD ‡ 0ROLPRXYLMHNNRULVWLWHQDSRQVNLNDEHONRMHJ MHSULORçLR3KLOLSV8NROLNRQLVWHGRELOLQDSRQVNL NDEHOPROLPRREUDWLWHVHORNDOQRP]DVWXSQLNX 0ROLPRSRJOHGDMWH3RGUåNDNRULVQLND&HQWDU ]DNRULVQLNH 1 9DçQR 9DçQHLQIRUPDFLMHRSUHSRVWDORMLOLQHSRVWRMHĂRM slici ‡ . DGDPRQLWRURVWDYOMDWHEH]QDG]RUDXYLMHN SRNUHQLWHDNWLYQLĈXYDU]DVORQD8YLMHN DNWLYLUDMWHSHULRGLĈNRRVYMHçLYDQMHSULND]DQD HNUDQXDNRPRQLWRUSULND]XMHQHSURPLMHQMHQL VWDWLĈQLVDGUçDM1HSUHNLGDQSULND]PLUQLK LOLVWDWLĈQLKVOLNDQD]DVORQXWLMHNRPGXOMHJ UD]GREOMDPRçHUH]XOWLUDWLL]JRUHQRP VOLNRPWDNRČHUSR]QDWRPNDRGYRVWUXNDLOL ]DPDJOMHQDVOLND ‡  , ]JRUHQDGYRVWUXNDLOL]DPDJOMHQDVOLND GREURMHSR]QDWIHQRPHQYH]DQX]WHKQRORJLMX ]DVORQDPRQLWRUD8YHĂLQLVOXĈDMHYDL]JRUHQD GYRVWUXNDLOL]DPDJOMHQDVOLNDSRVWHSHQR QHVWDMHQDNRQRGUHČHQRJYUHPHQDQDNRQ LVNOMXĈHQMDQDSDMDQMD 8SR]RUHQMH $NRQHDNWLYLUDWHĈXYDU]DVORQDLOLDSOLNDFLMX]D SRYUHPHQRREQDYOMDQMH]DVORQDPRçHUH]XOWLUDWL R]ELOMQLPVLPSWRPLPD]DRVWDOHSUHRVWDOHLOL QHSRVWRMHĂHVOLNHNRMDQHĂHQHVWDWLLNRMXQLMH PRJXĂHSRSUDYLWL*RUHVSRPHQXWRRåWHĂHQMHQLMH REXKYDĂHQRMDPVWYRP Servis ‡ 3RNORSDFNXĂLåWDVPLMHRWYDUDWLVDPRRVREOMH RYODåWHQRJVHUYLVD ‡ 8VOXĈDMXSRWUHEH]DELORNRMLPGRNXPHQWRP QXçQLP]DSRSUDYDNLOLVNODSDQMHPROLPR REUDWLWHVHORNDOQRPVHUYLVX0ROLPR SRJOHGDMWHSRJODYOMH&HQWDU]DNRULVQLNH ‡ , QIRUPDFLMHRWUDQVSRUWXSRWUDçLWHXRGMHOMNX Å7HKQLHNLSRGDFLµ ‡ 1HRVWDYOMDMWHPRQLWRUXDXWRPRELOX SUWOMDçQLNXL]ORçHQL]UDYQRMGLUHNWQRMVXQĈHYRM VYMHWORVWL 1DSRPHQD 8VOXĈDMXQHLVSUDYQRJUDGDPRQLWRUDLOLXNROLNR QLVWHVLJXUQLNRMHNRUDNHSRGX]HWLQDNRQåWR VWHSRVWXSDOLSUHPDXSXWDPDL]RYLKXSXWD]D XSRUDEXREUDWLWHVHRYODåWHQRPVHUYLVHUX 2SLVL]QDNRYD 6OMHGHĂDSRWSRJODYOMDRSLVXMXNRQYHQFLMH]QDNRYOMD NRMHVHNRULVWLXRYRPGRNXPHQWX 1DSRPHQHRSUH]LLXSR]RUHQMD . UR]FLMHOHRYHXSXWHGLMHORYLWHNVWDPRJXELWL SRSUDĂHQLLNRQDPDLPRJXELWLLVSLVDQLPDVQLPLOL NRVLPVORYLPD7LGLMHORYLVDGUçHQDSRPHQHRSUH]H LOLXSR]RUHQMD. RULVWHVHQDVOMHGHĂLQDĈLQ 1DSRPHQD 2YDLNRQDQD]QDĈXMHYDçQHLQIRUPDFLMHLVDYMHWH NRMLYDPSRPDçXEROMHNRULVWLWLUDĈXQDOQLVXVWDY 2SUH] 2YDLNRQDQD]QDĈXMHLQIRUPDFLMHNRMHYDPNDçX NDNRL]EMHJDYDWLPRJXĂHRåWHĂLYDQMHKDUGYHUDLOL JXELWDNSRGDWDND 8SR]RUHQMH 2YDLNRQDQD]QDĈXMHPRJXĂQRVWR]OMHČLYDQMDWLMHOD LNDçHYDPNDNRL]EMHĂLQHNLSUREOHP 1HNDVHXSR]RUHQMDPRJXSRMDYLWLXGUXJDĈLMLP IRUPDWLPDLPRçGDLKQHĂHSUDWLWLLNRQD8WDNYLP VOXĈDMHYLPDVSHFLILĈQRPSUH]HQWDFLMRPXSR]RUHQMD XSUDYOMDUHOHYDQWQD]DNRQRGDYQDXVWDQRYD 2 9DçQR =EULQMDYDQMHSURL]YRGDLDPEDODç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åDYDQMHPRQLWRUD  3RVWDYOMDQMHED]HSRVWROMD6/6/$  3RGHåDYDQMHPRQLWRUD , QVWDODFLMD  6DGUçDMSDNLUDQMD 241S4L/241S4LA Register your product and get support at 1. 3DçOMLYRSRVWDYLWHPRQLWRUSUHGQMRPVWUDQRP QDJODWNXSRYUåLQXNDNRVHHNUDQQHEL RJUHEDRLOLRåWHWLR www. philips. com/welcome 241S4L Start Quick lr ig ht s Philips and the Philips’ Shield Emblem are registered trademarks of Koninklijke Philips Electronics N. V. and are used under license from Koninklijke Philips Electronics N. V. res er v ed . U nau t . M ws e la abl plic hori of ap zed d uplication is a violation nd ea ad pr in te d in C hin a. Ver sion M324 1PQ l . A . V , N ics 1Q 5B. 1EQ01. 0 01 © 2011 Konink lijke ip Phil lec sE n tro 2. 3RVWROMHED]HPRQLWRUDGUçLWHVREMHUXNHL XPHWQLWHJDXVWXSED]H 3DçOMLYRSULNOMXĈLWHRVQRYLFXQDVWXS RVQRYLFHGRN]XSFLQHEORNLUDMXRVQRYLFX QDPMHVWR 3UVWLPDXĈYUVWLWHYLMDNVPMHåWHQQDGQX RVQRYLFHLVLJXUQRXĈYUVWLWHRVQRYLFXQD VWXSRVQRYLFH DVI (optional) VGA (optional) Audio (optional) 241S4LC/241S4LY Register your product and get support at www. philips. com/welcome 241S4L Plus Start Quick lr ig ht s Philips and the Philips’ Shield Emblem are registered trademarks of Koninklijke Philips Electronics N. V. and are used under license from Koninklijke Philips Electronics N. V. res er v ed . U nau thor lic f app ized duplication is a violation o abl . M ws e la nd ea ad DVI (optional) VGA (optional) pr in te d in C hin a. Ver sion M324 1PQ l . A . V , N ics 1Q 5B. 1EQ01. 0 01 © 2011 Konink lijke ip Phil lec sE n tro 4 3RGHåDYDQMHPRQLWRUD 3  RVWDYOMDQMHED]HSRVWROMD 6/&6/< 1. 3DçOMLYRSRVWDYLWHPRQLWRUSUHGQMRPVWUDQRP QDJODWNXSRYUåLQXNDNRVHHNUDQQHEL RJUHEDRLOLRåWHWLR 3. 3RVWROMHED]HPRQLWRUDGUçLWHVREMHUXNHL XPHWQLWHJDXVWXSED]H 3DçOMLYRSULNOMXĈLWHRVQRYLFXQDVWXS RVQRYLFHGRN]XSFLQHEORNLUDMXRVQRYLFX QDPMHVWR 3UVWLPDXĈYUVWLWHYLMDNVPMHåWHQQDGQX RVQRYLFHLVLJXUQRXĈYUVWLWHRVQRYLFXQD VWXSRVQRYLFH 2. 8EDFLWHED]XX]RQX]D9(6$PRQWDçX  3RGHåDYDQMHPRQLWRUD  3RYH]LYDQMHVUDĈXQDORP 5DGVPRQLWRURP  3RJOHGVSULMHGDRSLVSURL]YRGD . HQVLQJWRQSURWXSURYDOQDEUDYD  9*$XOD]  '9, 'XOD] 'LVSOD\SRUW (241S4LY) $XGLRXOD]6/$ 8OD]L]PMHQLĈQRJQDSDMDQMD 7 3 6 5 4 2 1 3ULNOMXĈLYDQMHQDUDĈXQDOR 1. 3  DçOMLYRSRVWDYLWHPRQLWRUSUHGQMRPVWUDQRP QDJODWNXSRYUåLQXNDNRVHHNUDQQHELRJUHEDR LOLRåWHWLR  6NLQLWHED]X 6WDQMH ‡ =  DSULPMHQXVPRQWDçRPSUHPD9(6$ VWDQGDUGX 8NORQLWHYLMNDL]DWLPVNLQLWHED]XVPRQLWRUD  2. 2GYRMLWHVWDODNRVQRYLFHRGVWXSDRVQRYLFH WDNRGD  3UVWLPDRWSXVWLWHYLMDNVPMHåWHQQDGQX RVQRYLFH  3DçOMLYRSRPLĈLWHJRUHGROMHGDELVWH RVORERGLOL]XSFHNRMLEORNLUDMXRVQRYLFXL SRYXFLWHRVQRYLFXL]YDQVWXSDRVQRYLFH 1DSRPHQD 2YDMPRQLWRUSULKYDDDPP[PPVXĈHOMH ]DPRQWDçXVXNODGQR9(6$VWDQGDUGX 100mm 100mm 9 3RGHåDYDQMHPRQLWRUD 6NLQLWHSRVWROMH]DED]XLED]X 6/&6/<  8NORQLWHSRVWROMHED]H 3ULMHSRĈHWNDUDVWDYOMDQMDED]HPRQLWRUDPROLPR VOLMHGLWHXSXWHXQDVWDYNXNDNRELL]EMHJOLåWHWXL R]OMHGH 1. 3  DçOMLYRSRVWDYLWHPRQLWRUSUHGQMRPVWUDQRP QDJODWNXSRYUåLQXNDNRVHHNUDQQHELRJUHEDR LOLRåWHWLR  6NLQLWHED]X 6WDQMH ‡ =  DSULPMHQXVPRQWDçRPSUHPD9(6$ VWDQGDUGX   , ]YXFLWHED]XPRQLWRUDQDPDNVLPDOQXYLVLQX  3DçOMLYRSRVWDYLWHPRQLWRUSUHGQMRPVWUDQRP QDJODWNXSRYUåLQXNDNRVHHNUDQQHELRJUHEDR LOLRåWHWLR=DWLPSRGLJQLWHVWDODNPRQLWRUD 2. 2GYRMLWHVWDODNRVQRYLFHRGVWXSDRVQRYLFH WDNRGD  3UVWLPDRWSXVWLWHYLMDNVPMHåWHQQDGQX RVQRYLFH  3DçOMLYRSRPLĈLWHJRUHGROMHGDELVWH RVORERGLOL]XSFHNRMLEORNLUDMXRVQRYLFXL SRYXFLWHRVQRYLFXL]YDQVWXSDRVQRYLFH 3. 'RNGUçLWHSULWLVQXWLPJXPE]DRVOREDČDQMH QDJQLWHED]XLL]YXFLWHMHYDQ  3RGHåDYDQMHPRQLWRUD 1DSRPHQD 2YDMPRQLWRUSULKYDDDPP[PPVXĈHOMH ]DPRQWDçXVXNODGQR9(6$VWDQGDUGX 100mm 100mm 11 2SWLPL]DFLMDVOLNH . DNRRPRJXĂLWL6PDUW, PDJH"  2SWLPL]DFLMDVOLNH 6PDUW, PDJH  äWRMHWR" 6PDUW, PDJHSUXçDVNXSRYHSRVWDYNLNRML RSWLPL]LUDMXSULND]]DUD]OLĈLWHYUVWHVDGUçDMDYUåH GLQDPLĈNRSRGHåDYDQMHVYMHWOLQHNRQWUDVWDERMD LRåWULQHXVWYDUQRPYUHPHQX%LORGDUDGLWHV WHNVWXDOQLPSURJUDPLPDSULND]LYDQMHPVOLNDLOL JOHGDQMHPYLGHRVQLPNL3KLOLSV6PDUW, PDJHĂH YDPSUXçLWLYUKXQVNDLRSWLPL]LUDQDUDGQDVYRMVWYD PRQLWRUD  =DåWRPLMHWRSRWUHEQR" 1. 3ULWLVQLWHGD HNUDQX GDSRNUHQHWH6PDUW, PDJHQD 2. [. . . ] QXURULJLQDO(UVDW]WHLOHYHUZHQGHWZHUGHQ 3. EHL(UVDW]GHU%LOGU|KUHQXUHLQHEDXDUWJOHLFKH HLQJHEDXWZLUG $XV HUJRQRPLVFKHQ *UQGHQ ZLUG HPSIRKOHQ GLH *UXQGIDUEHQ %ODX XQG 5RW QLFKW DXI GXQNOHP 8QWHUJUXQG ]X YHUZHQGHQ VFKOHFKWH /HVEDUNHLW XQG HUK|KWH $XJHQEHODVWXQJ EHL ]X JHULQJHP =HLFKHQNRQWUDVW ZlUHQ GLH )ROJH 'HU DUEHLWVSODW]EH]RJHQH 6FKDOOGUXFNSHJHO QDFK ', 1   EHWUlJW G% $ RGHU ZHQLJHU $&+781* %(, 0 $8)67(//(1 ', (6(6 *(5b7(6 '$5$8) $&+7(1 '$‰ 1(7=67(&. (5 81' 1(7=. $%(/$16&+/8‰ /(, &+7 =8*b1*/, &+ 6, 1' &KLQD 5R+6 7KH 3HRSOH V 5HSXEOLF RI &KLQD UHOHDVHG D UHJXODWLRQ FDOOHG 0DQDJHPHQW 0HWKRGV IRU &RQWUROOLQJ 3ROOXWLRQ E\ (OHFWURQLF , QIRUPDWLRQ 3URGXFWV RU FRPPRQO\ UHIHUUHG WR DV &KLQD 5R+6 $OO SURGXFWV DUH SURGXFHG DQG VROG IRU &KLQD PDUNHW KDYH WR PHHW &KLQD 5R+6 UHTXHVW ⦃ֱՓ⫼ᳳ䰤 ℸᷛ䆚ᣛᳳ䰤˄कᑈ˅ˈ⬉ᄤֵᙃѻકЁ৿ ᳝ⱘ᳝↦᳝ᆇ⠽䋼៪‫ܗ‬㋴೼ℷᐌՓ⫼ⱘᴵӊ ϟϡӮথ⫳໪⊘៪さবˈ⬉ᄤֵᙃѻક⫼᠋ Փ⫼䆹⬉ᄤֵᙃѻકϡӮᇍ⦃๗䗴៤Ϲ䞡∵ ᶧ៪ᇍ݊Ҏ䑿ǃ䋶ѻ䗴៤Ϲ䞡ᤳᆇⱘᳳ䰤DŽ ljᑳᓗ⬉఼⬉ᄤѻકಲᬊ໘⧚ㅵ⧚ᴵ՟NJᦤ⼎ᗻ䇈ᯢ Ўњ᳈དഄ݇⠅ঞֱᡸഄ⧗ˈᔧ⫼᠋ϡ‫ݡ‬䳔㽕ℸѻક៪ѻકᇓ ੑ㒜ℶᯊˈ䇋䙉ᅜ೑ᆊᑳᓗ⬉఼⬉ᄤѻકಲᬊ໘⧚Ⳍ݇⊩ᕟ⊩ 㾘ˈᇚ݊Ѹ㒭ᔧഄ‫݋‬᳝೑ᆊ䅸ৃⱘಲᬊ໘⧚䌘䋼ⱘॖଚ䖯㸠ಲ ᬊ໘⧚DŽ 39 3RGUåNDNXSFLPD -DPVWYR  3RGUåNDNXSFLPD -DPVWYR  3KLOLSVRYDSROLWLNDXVOXĈDMXRåWHĂHQMDSLNVHOD ]DPRQLWRUHVSORVQDWLP]DVORQRP 3KLOLSVQDVWRMLLVSRUXĈLWLSURL]YRGHQDMYLåHNYDOLWHWH . RULVWLPRQHNHRGQDMQDSUHGQLMLKLQGXVWULMVNLK SURL]YRGQLKSURFHVDLSUDNWLFLUDPRVWURJXNRQWUROX NYDOLWHWH0HČXWLPSRQHNDGVHRåWHĂHQMDSLNVHODLOL SRGSLNVHODQD7)7]DVORQLPDPRQLWRUDNRMLVHNRULVWH XUDYQLPPRQLWRULPDQHPRJXL]EMHĂL1LMHGDQ SURL]YRČDĈQHPRçHMDPĈLWLGDĂHVYHSORĈHLPDWL QHRåWHĂHQHSLNVHOHDOL3KLOLSVMDPĈLGDĂHVHVYDNL PRQLWRUVQHSULKYDWOMLYLPEURMHPRåWHĂHQMDSRSUDYLWL LOL]DPLMHQLWLSRGMDPVWYRP2YDREDYLMHVWREMDåQMDYD UD]OLĈLWHYUVWHRåWHĂHQMDSLNVHODLGHILQLUDSULKYDWOMLYH UD]LQHRåWHĂHQMD]DVYDNXYUVWX=DNYDOLILFLUDQMH]D SRSUDYDNLOL]DPMHQXSRGMDPVWYRPEURMRåWHĂHQLK SLNVHODQD7)7]DVORQXPRQLWRUDPRUDSUHPDåLYDWL RYHSULKYDWOMLYHUD]LQH3ULPMHULFHRåWHĂHQMDQD PRQLWRUXPRçH LPDWLQDMYLåHSRGSLNVHOD1DGDOMH3KLOLSV SRVWDYOMDĈDNLYLåHVWDQGDUGHNYDOLWHWH]DRGUHČHQH YUVWHLOLNRPELQDFLMHRåWHĂHQMDSLNVHODNRMHVX SULPMHWQLMHRGRVWDOLK2YDSROLFDYULMHGLGLOMHP VYLMHWD 9UVWHRåWHĂHQMDSLNVHOD 2åWHĂHQMDSLNVHODLSRGSLNVHODQD]DVORQXVH SRMDYOMXMXQDUD]OLĈLWHQDĈLQH8QXWDUVYDNH NDWHJRULMHSRVWRMHGYLMHNDWHJRULMHRåWHĂHQMD SLNVHODLQHNROLNRYUVWDRåWHĂHQMDSRGSLNVHOD *UHåNHVYLMHWOHWRĈNH *UHåNHVYLMHWOHWRĈNHSULND]DQHVXNDRSLNVHOLLOL SRGSLNVHOLNRMLVXXYLMHNRVYLMHWOMHQLLOL SRNUHQXWL  6YLMHWODWRĈNDMHSRGSLNVHONRMLVHLVWLĈHQD]DVORQX NDGDVXQDPRQLWRUXSULND]DQLWDPQLGLMHORYL 3RVWRMHWULYUVWHJUHåNHVYLMHWOHWRĈNH -HGDQVYLMHWOLFUYHQL]HOHQLLOLSODYLSRGSLNVHO 'YDVXVMHGQDVYLMHWODSRGSLNVHOD  &UYHQR3ODYR *ULPL]QR  &UYHQR=HOHQR æXWR  =HOHQR3ODYR &LMDQ6YLMHWORSODYR 3LNVHOLLSRGSLNVHOL 3LNVHOLOLHOHPHQWVOLNHVDVWRMLVHRGWULSRGSLNVHODX SULPDUQLPERMDPDFUYHQH]HOHQHLSODYH0QRJR SLNVHOD]DMHGQRREOLNXMHVOLNX. DGVYLSLNVHOLL SRGSLNVHOLVYLMHWOHWURERMQLSLNVHOL]DMHGQRL]JOHGDMX NDRMHGDQELMHOLSLNVHO. DGVXVYLWDPQLWURERMQL SRGSLNVHOL]DMHGQRL]JOHGDMXNDRMHGDQFUQLSLNVHO 2VWDOHNRPELQDFLMHVYLMHWOLKLWDPQLKSRGSLNVHOD L]JOHGDMXNDRSLNVHOLGUXJLKERMD 7ULVXVMHGQDVYLMHWODSRGSLNVHODMHGDQELMHOLSLNVHO  3RGUåNDNXSFLPD -DPVWYR 1DSRPHQD &UYHQDLOLSODYDVYLMHWODWRĈNDYLåHMHRGSRVWR VYMHWOLMDRGVXVMHGQLKWRĈDNDGRNMH]HOHQDVYLMHWOD WRĈNDSRVWRVYMHWOLMDRGVXVMHGQLKWRĈDND *UHåNHWDPQHWRĈNH *UHåNHWDPQHWRĈNHSULND]DQHVXNDRSLNVHOLLOL SRGSLNVHOLNRMLVXXYLMHNWDPQLLOL ]DXVWDYOMHQL  7DPQDWRĈNDMHSRGSLNVHONRMLVHLVWLĈHQD]DVORQX NDGDVXQDPRQLWRUXSULND]DQLVYLMHWOLGLMHORYL 3RVWRMHWULYUVWHJUHåNHWDPQHWRĈNH %OL]LQDRåWHĂHQMDSLNVHOD %XGXĂLGDRåWHĂHQMDSLNVHODLOLSRGSLNVHODLVWHYUVWH NRMLVXEOL]XMHGQLGUXJLPDPRJXELWLSULPMHWQLMD 3KLOLSVWDNRČHUQDYRGLGRSXåWHQDRGVWXSDQMD]D EOL]LQXRåWHĂHQMDSLNVHOD 'RSXåWHQDRGVWXSDQMDXRåWHĂHQMLPDSLNVHOD =DNYDOLILFLUDQMH]DSRSUDYDNLOL]DPMHQX ]ERJRåWHĂHQMDSLNVHODWLMHNRPUD]GREOMD MDPVWYD7)7]DVORQPRQLWRUDX3KLOLSVRYRP PRQLWRUXUDYQRJ]DVORQDPRUDLPDWL RåWHĂHQMDSLNVHODNRMDSUHPDåXMXGRSXåWHQD RGVWXSDQMDQDYHGHQDXVOMHGHĂLPWDEOLFDPD 2ä7(ā(1-$69, -(7/, +72ć$. $ RVYLMHWOMHQLSRGSLNVHO VXVMHGQDRVYLMHWOMHQDSRGSLNVHOD VXVMHGQDVYLMHWODSRGSLNVHODMHGDQELMHOLSLNVHO 8GDOMHQRVWL]PHČXRåWHĂHQMDGYLMXVYLMHWOLKWRĈDND 8NXSQDRåWHĂHQMDVYLMHWOLKWRĈDNDVYLKYUVWD 2ä7(ā(1-$&51, +72ć$. $ WDPQLSRGSLNVHO VXVMHGQDWDPQDSRGSLNVHOD VXVMHGQDWDPQDSRGSLNVHOD 8GDOMHQRVWL]PHČXRåWHĂHQMDGYLMXFUQLKWRĈDND 8NXSQDRåWHĂHQMDFUQLKWRĈDNDVYLKYUVWD 8. 831$2ä7(ā(1-$72ć$. $ 8NXSQDRåWHĂHQMDVYLMHWOLKLOLFUQLKWRĈDNDVYLKYUVWD 35, +9$7/-, 9$5$=, 1$ 3 1  !PP 3 35, +9$7/-, 9$5$=, 1$ LOLPDQMH LOLPDQMH  !PP LOLPDQMH 35, +9$7/-, 9$5$=, 1$ LOLPDQMH 1DSRPHQD 2åWHĂHQMDLOLVXVMHGQLKSRGSLNVHOD RåWHĂHQMHWRĈNH 2YDMPRQLWRUMHVXNODGDQV, 62, 62(UJRQRPVNLXYMHWLPHWRGHDQDOL]HLLVSLWLYDQMD XVNODČHQRVWL]DHOHNWURQLĈNHSUHGRĈQLNH 41 3RGUåNDNXSFLPD -DPVWYR 3RGUåNDNXSFLPD -DPVWYR 3RGUåNDNXSFLPD -DPVWYR 2EDYLMHVWLRREXKYDĂHQRVWLMDPVWYRPLGRGDWQHXYMHWH]DSRGUåNXNRMLYULMHGHXYDåRMUHJLMLSRWUDçLWHQD ZHEVWUDQLFLZZZSKLOLSVFRPVXSSRUW0RçHWHNRQWDNWLUDWLLWHOHIRQVNLEURM3KLOLSVNRULVQLĈNRJFHQWUD NRMLMHQDYHGHQXQDVWDYNX 3RGDFLRNRQWDNWLPD]DSRGUXĈMH=$3$'1((8523( =HPOMD $XVWULD %HOJLXP 'HQPDUN )LQODQG )UDQFH *HUPDQ\ *UHHFH , UHODQG , WDO\ /X[HPERXUJ 1HWKHUODQGV 1RUZD\ 3RODQG 3RUWXJDO 6ZLW]HUODQG 6SDLQ 6ZHGHQ 8QLWHG. LQJGRP $6& 6LHPHQV, 6 (&DUH $QRYR $QRYR $QRYR 6LHPHQV, 6 $OOPDQ+HOODV , QYHF6FRWODQG $QRYR (&DUH (&DUH $QRYR =ROWHU (DWVD6SDLQ $QRYR (DWVD6SDLQ $QRYR , QYHF6FRWODQG %URMFHQWUD]DSRGUåNX NRULVQLFLPD                   &LMHQD € € /RFDOFDOOWDULII /RFDOFDOOWDULII € € )UHHRIFKDUJH /RFDOFDOOWDULII € /RFDOFDOOWDULII € /RFDOFDOOWDULII /RFDOFDOOWDULII /RFDOFDOOWDULII /RFDOFDOOWDULII € /RFDOFDOOWDULII /RFDOFDOOWDULII 42 3RGUåNDNXSFLPD -DPVWYR . RQWDNWSRGDFL]DSRGUXĈMH=$3$'1(, , 672ć1((8523( =HPOMD %HODUXV %XOJDULD &URDWLD &]HFK5HS (VWRQLD +XQJDU\ /DWYLD /LWKXDQLD 5RPDQLD 5XVVLD 6HUELD  0RQWHQHJUR 6ORYDNLD 6ORYHQLD 8NUDLQH 7XUNH\ 3R]LYQLFHQWDU $6& NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA , %$ /$16HUYLFH 5HQRSURP $VXSSRUW )8-, 768 6HUZDUH 3URÀ6HUYLFH ´6HUYLFH1HW/9µ/WG 8$%6HUYLFHQHW %OXH5LGJH, QWO CPS &(((3DUWQHUV . LP7HFGRR 'DWDODQ6HUYLFH 3&+DQG &RPHO 7RSD]6HUYLFH&RPSDQ\ 7HFKSUR %URMFHQWUD]DSRGUåNXNRULVQLFLPD           IRUUHSDLU IRUVDOHV       . RQWDNWSRGDFL]DSRGUXĈMH/$7, 16. ($0(5, . ( =HPOMD $UJHQWLQD %UD]LO 3R]LYQLFHQWDU 9HUPRQW 9HUPRQW %URMFHQWUD]DSRGUåNXNRULVQLFLPD   . RQWDNWSRGDFL]D6-(9(518$0(5, . 8 =HPOMD &DQDGD 86$ 3R]LYQLFHQWDU 6XSHUFRP TOS $6& 6XSHUFRP 7HOHSODQ %URMFHQWUD]DSRGUåNXNRULVQLFLPD   . RQWDNWSRGDFL]D. LQX . LQD %URMFHQWUD]DSRGUåNXNRULVQLFLPD 43 3RGUåNDNXSFLPD -DPVWYR . RQWDNWSRGDFL]DSRGUXĈMH$30($ =HPOMD $XVWUDOLD %DQJODGHVK &DPERGLD +RQJ. RQJ 0DFDX , QGLD , QGRQHVLD , VUDHO 0DOD\VLD 1HSDO 1HZ=HDODQG 3DNLVWDQ 3KLOLSSLQHV 6LQJDSRUH 6RXWK$IULFD 6RXWK. RUHD 6UL/DQND 7DLZDQ 7KDLODQG 8QLWHG$UDE (PLUDWHV 9LHWQDP 3R]LYQLFHQWDU $6& NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA PCCW 7HOHVHUYLFHV 7DLZDQ NA NA NA $*261(7:25. 37</7' 'LVWULEXWRU&RPSXWHU6RXUFH /WGZDUUDQW\EX\RXW %URMFHQWUD]DSRGUåNXNRULVQLFLPD    'LVWULEXWRU1HDW7HFKQRORJ\3WH /WG6LQJDSRUHZDUUDQW\EX\  RXW 6PDUW3L[HOV7HFKQRORJ\/WG 5(', 1*721, 1', $/7' 37*DGLQJVDULHOHNWURQLND3ULPD (DVWURQLFV/7' +RQJ. RQJ7HO 0DFDX7HO 7HO 6063+, /, 36WR 7HO   $IWHU0DUNHW6ROXWLRQV&(6GQ  %KG 'LVWULEXWRU6\DNDU&R/WG ZDUUDQW\EX\RXW 9LVXDO*URXS/WG 3KLOLSV&RQVXPHU6HUYLFH *OHH(OHFWURQLFV, QF    WR WR 3KLOLSV(OHFWURQLFV6LQJDSRUH 3WH/WG3KLOLSV&RQVXPHU&DUH  &HQWHU 6\OYDUD7HFKQRORJLHV3W\/WG 3&62QH. RUHD/WG QRGLVWULEXWRUDQGRUVHUYLFH SURYLGHUFXUUHQWO\ )(7(&&2    $[LV&RPSXWHU6\VWHP&R/WG  $/6+$+'&20387(5//&  +R&KL0LQK&LW\ )376HUYLFH, QIRUPDWLF&RPSDQ\ 'DQDQJ&LW\ /WG &DQWKR3URYLQFH 44 (HVWRSRVWDYOMDQDSLWDQMDLUMHåDYDQMHSUREOHPD  (HVWRSRVWDYOMDQDSLWDQMDL UMHåDYDQMHSUREOHPD 5MHåDYDQMHSUREOHPD 1DRYRMVWUDQLFLUMHåDYDMXVHSUREOHPLNRMHQH PRçHLVSUDYLWLNRULVQLN$NRSUREOHPRVWDQH LQDNRQSURYHGELRYLKUMHåHQMDNRQWDNWLUDMWH 3KLOLSVRYRJSUHGVWDYQLND]DSRGUåNXNRULVQLFLPD *XPE$872QHUDGL ‡ $XWRIXQNFLMDPRçHVHNRULVWLWLVDPRX 9*$$QDORJQDHLQXUDGD$NRUH]XOWDWQLMH ]DGRYROMDYDMXDLPRçHWHSURYHVWLUXHQH SULODJRGEHX26'L]ERUQLNX 1DSRPHQD $XWRIXQNFLMDQHDHELWLDNWLYQDX'9, 'LJLWDOQDHLQX UDGDMHUQLMHSRWUHEQD 9LGOMLYL]QDNRYLGLPDLOLLVNUHQMD ‡ 1HPRMWHL]YRGLWLELORNDNYHNRUDNH]D UMHåDYDQMHSUREOHPD  1DMĈHåĂLSUREOHPL ‡ 2GPDKLVNRSHDMWHPRQLWRUL]JODYQRJL]YRUD QDSDMDQMD]ERJVLJXUQRVWL 1HPDVOLNH/('QDSDMDQMDQHVYLMHWOL ‡ 2GPDKNRQWDNWLUDMWH3KLOLSVRYRJSUHGVWDYQLND ‡ 8YMHULWHVHGDMHNDEHOHOHNWULĈQRJQDSDMDQMD ]DSRGUåNXNRULVQLFLPD XWDNQXWXHOHNWULĈQXXWLĈQLFXQDVWUDçQMRMVWUDQL PRQLWRUD  3UREOHPLVSULND]RPVOLNH ‡ 3UYRVHSREULQLWHGDJXPE]DXNOMXĈLYDQMHQD SUHGQMRMVWUDQLPRQLWRUDEXGHXSRORçDMX2)) 6OLNDQLMHFHQWULUDQD WHJDQDNRQWRJDSULWLVQHWHXSRORçDM21 ‡ 3ULODJRGLWHSRORçDMVOLNHSRPRĂXIXQNFLMH ´$XWRµXJODYQLPXSUDYOMDĈNLPIXQNFLMDPD 1HPDVOLNH/('QDSDMDQMDMHELMHOHERMHLWUHSĂH 26'D ‡ 3REULQLWHVHGDUDĈXQDOREXGHXNOMXĈHQR ‡ 3ULODJRGLWHSRORçDMVOLNHSRPRĂX3KDVH&ORFN ‡ 3URYMHULWHGDOLMHVLJQDOQLNDEHOSURSLVQR )D]DWDNWX6HWXS3ULSUHPDX26'0DLQ SULNOMXĈHQQDYDåHUDĈXQDOR &RQWUROV*ODYQHXSUDYOMDĈNHIXQNFLMH26' ‡ SURYMHULWHGDOLNDEHOPRQLWRUDQHPDVYLMHQLK 9DOMDQRMHVDPRX9*$QDĈLQXUDGD NRQWDNDWDQDVWUDQLSULNOMXĈND$NRLPD ‡ SRSUDYLWHLKLOL]DPLMHQLWHNDEHO =QDĈDMNDåWHGQMHHQHUJLMHVHPRçHDNWLYLUDWL 6OLNDSRGUKWDYDQDHNUDQX ‡ 3URYMHULWHGDMHVLJQDOQLNDEHOSURSLVQRLĈYUVWR SULNOMXĈHQQDJUDÀĈNXNDUWLFXUDĈXQDOD -DYOMDVHYHUWLNDOQRWUHSHUHQMH 1DHNUDQXVHSULND]XMH ‡ ‡ ‡ 3URYMHULWHGDOLMHNDEHOPRQLWRUDSURSLVQR SULNOMXĈHQQDYDåHUDĈXQDOR3RJOHGDMWHL . UDWNHXSXWH]DSRĈHWDNUDGD 3URYMHULWHGDQDNDEHOXPRQLWRUDQHPD VDYLMHQLKNRQWDNDWD 3REULQLWHVHGDUDĈXQDOREXGHXNOMXĈHQR ‡ ‡ 3ULODJRGLWHSRORçDMVOLNHSRPRĂXIXQNFLMH ´$XWRµXJODYQLPXSUDYOMDĈNLPIXQNFLMDPD 26'D 2WNORQLWHYHUWLNDOQHSUXJHSRPRĂX3KDVH &ORFN)D]DWDNWX6HWXS3ULSUHPDX26' 0DLQ&RQWUROV*ODYQHXSUDYOMDĈNHIXQNFLMH 26'9DOMDQRMHVDPRX9*$QDĈLQXUDGD  (HVWRSRVWDYOMDQDSLWDQMDLUMHåDYDQMHSUREOHPD -DYOMDVHYRGRUDYQRWUHSHUHQMH ‡ ‡ 3ULODJRGLWHSRORçDMVOLNHSRPRĂXIXQNFLMH ´$XWRµXJODYQLPXSUDYOMDĈNLPIXQNFLMDPD 26'D 2WNORQLWHYHUWLNDOQHSUXJHSRPRĂX3KDVH &ORFN)D]DWDNWX6HWXS3ULSUHPDX26' 0DLQ&RQWUROV*ODYQHXSUDYOMDĈNHIXQNFLMH 26'9DOMDQRMHVDPRX9*$QDĈLQXUDGD =HOHQHFUYHQHSODYHLELMHOHWRĈNLFHQDHNUDQX ‡ =DRVWDOHWRĈNLFHVXQRUPDOQDSRMDYDNRG/&' NULVWDODNRMLVHNRULVWHXGDQDåQMLPXYMHWLPD WHKQRORJLMHYLåHGHWDOMDQDČLWHXSURSLVLPDR /&'SLNVHOLPD 6YMHWORXNOMXĈHQRVWLMHSUHMDNRLVPHWD ‡ 6YMHWOR]D]QDN´XNOMXĈHQRVWLµ]QDNPRçHWH SRGHVLWLX]SRPRĂ/('QDSDMDQMD]D6HWXSL JODYQLXSUDYOMDĈNLPIXQNFLMDPD26'D 9LåHSRPRĂLSRWUDçLWHXSRSLVX, QIRUPDWLYQLFHQWUL ]DNRULVQLNHLNRQWDNWLUDMWH3KLOLSVRYXVOXçEX]D SRPRĂNRULVQLFLPD 6OLNDVHĈLQL]DPXĂHQDQHMDVQDLOLSUHYLåHWDPQD ‡ 3ULODJRGLWHNRQWUDVWLVYMHWOLQXQD(NUDQVNRP L]ERUQLNX 1DNRQLVNOMXĈLYDQMDQDSDMDQMDQDHNUDQXRVWDMH QDNQDGQDVOLNDXWLVQXWDVOLNDLOLVOLNDGXK ‡ 1HSUHNLGQRSULND]LYDQMHPLUQHLOLVWDWLĈQHVOLNH XGXçHPYUHPHQVNRPSHULRGXPRçHGRYHVWL GRXWLVNLYDQMDNRMHMHSR]QDWRLNDRDIWHU LPDJLQJQDNQDGQDVOLNDLOLJKRVWLPDJLQJ 6OLNDGXKQDYDåHPHNUDQX, ]JRUHQD GYRVWUXNDLOL]DPDJOMHQDVOLNDGREURMH SR]QDWIHQRPHQYH]DQX]WHKQRORJLMX]DVORQD PRQLWRUD8YHĂLQLVOXĈDMHYDXWLVQXWDLOL QDNQDGQDVOLNDLOLVOLNDGXKĂHSRVWXSQR NUR]GXçLSHULRGYUHPHQDQDNRQLVNOMXĈLYDQMD QDSDMDQMDQHVWDWL ‡ . DGDPRQLWRURVWDYOMDWHEH]QDG]RUDXYLMHN SRNUHQLWHDNWLYQLĈXYDU]DVORQD ‡ $NRĂH9DåPRQLWRUSULND]LYDWLQHSURPMHQMLYH LVWDWLĈQHVDGUçDMHXYLMHNDNWLYLUDMWHIXQNFLMX SRYUHPHQRJRVYMHçDYDQMD]DVORQD ‡ 7HçLVLPSWRPLL]JRUHQHGYRVWUXNHLOL ]DPDJOMHQHVOLNHQHĂHQHVWDWLLQLMHLKPRJXĂH SRSUDYLWL*RUHVSRPHQXWRRåWHĂHQMHQLMH REXKYDĂHQRMDPVWYRP 6OLNDVHĈLQLL]REOLĈHQRP7HNVWMHQHMDVDQLOL ]DPXĂHQ ‡ 2GUHGLWHUD]OXĈLYRVW]DVORQDUDĈXQDOD MHGQDNRUHçLPXVSUHSRUXĈHQRPSULURGQRP UD]OXĈLYRVWLUDĈXQDOD 46 (HVWRSRVWDYOMDQDSLWDQMDLUMHåDYDQMHSUREOHPD 6PDUW&RQWURO3UHPLXPHHVWRSRVWDYOMDQD SLWDQMD 3 3 =DPLMHQLRVDPPRQLWRUQDPRPUDĈXQDOX VGUXJLPL6PDUW&RQWUROMHSRVWDR 2GJ 0RçGDYDåJUDILĈNLDGDSWHUQLMH QHXSRWUHEOMLYåWRGDUDGLP" NRPSDWLELODQVD6PDUW&RQWURO3UHPLXP $NRMHYDåJUDILĈNLDGDSWHUMHGDQRGJRUH 2GJ 3RNUHQLWHL]QRYDUDĈXQDORLSURYHMULWH QDYHGHQLKSRNXåDMWHSUHX]HWLQDMQRYLML GDOL6PDUW&RQWURO3UHPLXPPRçH XSUDYOMDĈNLSURJUDPJUDILĈNRJDGDSWHUD UDGLWL8SURWLYQRPĂHWHPRUDWLXNORQLWLL VLQWHUQHWVWUDQLFHRGJRYDUDMXĂHWYUWNH SRQRYRLQVWDOLUDWL6PDUW&RQWURO3UHPLXP , QVWDOLUDMWHXSUDYOMDĈNLSURJUDP8NORQLWH NDNRELVWHRVLJXUDOLLQVWDODFLMXSUDYRJ 6PDUW&RQWURO3UHPLXPLSRQRYRJD XSUDYOMDĈNRJSURJUDPD LQVWDOLUDMWH $NRMRåXYLMHNQHUDGLVDçDOMHQMHPPRUDPR 3 6PDUW&RQWUROMHQDSRHHWNXUDGLRGREUR UHĂLGDJUDILĈNLDGDSWHUQHPDSRGUåNX DOLVDGDQHUDGLåWRGDUDGLP" 0ROLPRSRVMHWLWH3KLOLSVZHEVWUDQLFXL SURYMHULWHMHOLGRVWXSDQDçXULUDQLXSUDYOMDĈNL 2GJ $NRVWHYHĂSRGX]HOLVOMHGHĂHUDGQMHRQGD SURJUDP]D6PDUW&RQWURO3UHPLXP ELWUHEDORL]QRYDLQVWDOLUDWLXSUDYOMDĈNL SURJUDPPRQLWRUD 3 . DGNOLNQHPQD3URGXFW, QIRUPDWLRQ ‡ =DPMHQDYLGHRJUDILĈNRJDGDSWHUD]D 3RGDFLRSURL]YRGXSRMDYLVHVDPRGLR GUXJL SRGDWDNDåWRVHGRJRGLOR" ‡ $çXULUDQMHXSUDYOMDĈNRJSURJUDPD]D 2GJ 0RçHELWLGDYDåXSUDYOMDĈNLSURJUDP YLGHR ]DJUDILĈNLDGDSWHUQLMHQDMQRYLMDYHU]LMD ‡ 5DGQD26NDRåWRVXVHUYLVQLSDNHWLOL NRMDXFLMHORVWLSRGUçDYD''&&, VXĈHOMH ]DNUSD 3RNXåDMWHVSUHX]LPDQMHPQDMQRYLMLK XSUDYOMDĈNLKSURJUDPDJUDILĈNRJDGDSWHUD ‡ 3RNUHQLWH:LQGRZV8SGDWHLDçXULUDQL VDLQWHUQHWVWUDQLFHRGJRYDUDMXĂHWYUWNH PRQLWRULLOLXSUDYOMDĈNLSURJUDP]D , QVWDOLUDMWHXSUDYOMDĈNLSURJUDP8NORQLWH YLGHR 6PDUW&RQWURO3UHPLXPLSRQRYRJD ‡ :LQGRZVMHELRSRGL]DQGRNMHPRQLWRU LQVWDOLUDMWH ELRLVNOMXĈHQLOLLVNRSĈDQ 'DRWNULMHWHPROLPRYDVNOLNQLWH GHVQRPWLSNRP0RMHUDĈXQDORLNOLNQLWH 6YRMVWYD!+DUGYHU!8SUDYLWHOM XUHČDMD $NRYLGLWHGDVHSRG0RQLWRUSRMDYOMXMH ´3OXJDQG3OD\0RQLWRUµRQGDPRUDWH SULVWXSLWLUHLQVWDOLUDQMX-HGQRVWDYQR XNORQLWH3UHPLXPLSRQRYRJD LQVWDOLUDMWH 1DNRQLQVWDOLUDQMD6PDUW&RQWURO 3UHPLXPNDGVHNOLNQHNDUWLFD 6PDUW&RQWUROQDNRQL]YMHVQRJYUHPHQD QLåWDVHQHSRMDYOMXMHLOLVHSRMDYLSRUXND RJUHåFLäWRVHGRJRGLOR" 47 (HVWRSRVWDYOMDQDSLWDQMDLUMHåDYDQMHSUREOHPD 3 =DERUDYLRVDP3, 1]DIXQNFLMX RGYUDĂDQMDRGNUDČH. DNRGDWRXĈLQLP" 2GJ 3KLOLSVRYVHUYLVQLFHQWDULPDSUDYRWUDçLWL OHJLWLPQXLGHQWLILNDFLMXLDXWRUL]DFLMXNDNR ELVHRGUHGLORYODVQLåWYRPRQLWRUD  , PDMWHQDXPXGDMHIXQNFLMDSURWXSURYDOQH ]DåWLWHSUXçHQDNDRNRULVQDEHVSODWQD RSFLMD8SUDYOMDQMH3, 1NRGRYLPDLVNOMXĈLYD MHRGJRYRUQRVWSRMHGLQDĈQRJNRULVQLNDLOL RUJDQL]DFLMHNRMDJDSRVWDYOMD 8VOXĈDMX]DERUDYOMDQMD3, 1NRGD3KLOLSV VHUYLVQLFHQWDUPRçHYDPJDSRQRYQR SRVWDYLWLX]SULSDGDMXĂXQDNQDGXWURåNRYD QDNRQSRWYUGHYODVQLåWYD, PDMWHQDXPX GDWDDNWLYQRVWQLMHSRNULYHQDVWDQGDUGQLP XYMHWLPDMDPVWYD . RGPRQLWRUDVD]QDĈDMNRP6PDUWOPDJH V5*%VKHPDWHPSHUDWXUHERMHX 6PDUW&RQWUROQHUHDJLUD]DåWR"  3 2GJ . DGMHRPRJXĂHQ6PDUW, PDJH5*% VKHPDĂHDXWRPDWVNLELWLRQHPRJXĂHQD 'DELVWHPRJOLNRULVWLWLV5*%PRUDWĂHWH RQHPRJXĂLWL6PDUW, PDJHSULWLVNRPQD JXPE QDSUHGQMRMSORĈLPRQLWRUD 48 (HVWRSRVWDYOMDQDSLWDQMDLUMHåDYDQMHSUREOHPD 2SĂHQLWDć33 3 . DGLQVWDOLUDPVYRMPRQLWRUåWRPRUDP XĈLQLWLDNRVHQDHNUDQXSULNDçHSRUXND 1HPRJXSULND]DWLRYDMYLGHRUHçLP " 3 äWR]QDĈLSUHSRUXĈHQDIUHNYHQFLMD RVYMHçLYDQMD]DPRQLWRU" 2GJ 3UHSRUXĈHQDUD]OXĈLYRVW]DRYDMHNUDQ [#+] ‡ , VNRSĈDMWHVYHNDEORYHWH]DWLP SULNOMXĈLWHUDĈXQDORQDPRQLWRUNRMLVWH SULMHNRULVWLOL ‡ 8:LQGRZVL]ERUQLNX6WDUWL]DEHULWH 6HWWLQJV&RQWURO3DQHO3RVWDYNH 8SUDYOMDĈNDSORĈD8SUR]RUX&RQWURO 3DQHO8SUDYOMDĈNDSORĈDL]DEHULWH LNRQX'LVSOD\=DVORQ8QXWDU 8SUDYOMDĈNHSORĈH]DVORQDL]DEHULWH NDUWLFX 3RVWDYNH 8NDUWLFL]DSRVWDYNH XRNYLUXR]QDĈHQRPV SRGUXĈMHUDGQH SRYUåLQH SRYXFLWHNOL]DĈQD[ SLNVHOD ‡ 2WYRULWH 1DSUHGQDVYRMVWYD LSRVWDYLWH IUHNYHQFLMXRVYMHçLYDQMDQD+]]DWLP NOLNQLWH2.  ‡ 3RNUHQLWHUDĈXQDORL]QRYDLSRQRYLWH NRUDNHLNDNRELVWHVHXYMHULOLGD MHYDåHUDĈXQDORSRGHåHQRQD[ # +] ‡ , VNOMXĈLWHUDĈXQDORRGYRMLWHVWDULPRQLWRU LSULNOMXĈLWHYDå3KLOLSVPRQLWRU ‡ 8NOMXĈLWHPRQLWRUL]DWLPXNOMXĈLWHVYRMH UDĈXQDOR 2GJ 3UHSRUXĈHQDIUHNYHQFLMDRVYMHçLYDQMDQD PRQLWRULPDMH+]XVOXĈDMXLNDNYLK VPHWQMLQD]DVORQXPRçHWHMHSRGHVLWL QD+]NDNRELVWHYLGMHOLGDOLVHWLPH RWNODQMDMXVPHWQMH 3 ćHPXVOXçHLQILLFPGDWRWHNHQD&' 520X". DNRGDLQVWDOLUDPXSUDYOMDĈNH SURJUDPHLQILLFP" 2GJ 7RVXXSUDYOMDĈNLSURJUDPL]DYDåPRQLWRU 8SUDYOMDĈNHSURJUDPHLQVWDOLUDMWHQD UDĈXQDORSUHPDVOMHGHĂLPXSXWDPD9DåH UDĈXQDORYDVPRçH]DWUDçLWLXSUDYOMDĈNH SURJUDPHPRQLWRUDLQILLFPGDWRWHNHLOL GLVNVXSUDYOMDĈNLPSURJUDPLPDSULSUYRM LQVWDODFLMLYDåHJPRQLWRUD6OLMHGLWHXSXWHR XPHWDQMXSUDWHĂL&'520NRMLGROD]L VRYLPSDNHWRP8SUDYOMDĈNLSURJUDPL PRQLWRUDLQILLFPGDWRWHNHDXWRPDWVNL ĂHVHLQVWDOLUDWL 3 . DNRĂXSRGHVLWLUD]OXĈLYRVW" 2GJ 9DåXSUDYOMDĈNLSURJUDPYLGHRNDUWLFHL PRQLWRUD]DMHGQRRGOXĈXMXRGRVWXSQLP YLGHRUD]OXĈLYRVWLPDæHOMHQXUD]OXĈLYRVW PRçHWHL]DEUDWLXRNYLUXXSUDYOMDĈNHSORĈH :LQGRZV®V6YRMVWYDSULND]D 3 äWRDNRVHL]JXELP]DYULMHPH SRGHåDYDQMDPRQLWRUD" 2GJ -HGQRVWDYQRSULWLVQLWHJXPE2. L]DWLP L]DEHULWH 5HVHW NDNRELVWHYUDWLOLVYH L]YRUQHWYRUQLĈNHSRVWDYNH 49 (HVWRSRVWDYOMDQDSLWDQMDLUMHåDYDQMHSUREOHPD 3 -HOL]DVORQPRQLWRUDRWSRUDQQD RJUHERWLQH" 2GJ 2SĂHQLWRVHSUHSRUXĈXMHGDSRYUåLQX ]DVORQDQHL]ODçHWHSUHNRPMHUQLPXGDUFLPD LGDMH]DåWLWLWHRGRåWULKLWXSLKSUHGPHWD 3ULUXNRYDQMXPRQLWRURPSREULQLWHVHGD QDSRYUåLQX]DVORQDQHGMHOXMHWHSULWLVNRP LOLVLORP7DNYHUDGQMHPRJXXWMHFDWLQD YDåHMDPVWYR 3 1DNRMLQDĈLQVPLMHPĈLVWLWLSRYUåLQX PRQLWRUD" 2. V5*%RYRMHVWDQGDUGQDSRVWDYND NRMDRVLJXUDYDLVSUDYQLRGQRVERMD PHČXUD]OLĈLWLPXUHČDMLPDQSU GLJLWDOQLIRWRDSDUDWDPRQLWRULSLVDĈL VNDQHULLWG 3. [. . . ]