Detaljne upute za upotrebu su u Korisničkom Vodiču.
[. . . ] EJTLPWF
610;03&/+& /BQPNFOF P EJTLPWJNB . KFSF PQSF[B
0 PWPN QSJSV OJLV
(MFEBOKF WJEFP[BQJTB
1SJLB[ TWJI OBTMPWB
3FQSPEVLDJKB OBTMPWB
%JTLPWJ LPKF VSF BK NPäF SFQSPEVDJSBUJ
1SJNKFSJ EJTLPWB LPKF VSF BK OF NPäF SFQSPEVDJSBUJ 0 SFQSPEVLDJKJ EJTLPWB TOJNMKFOJI V "7$)% GPSNBUV #% %7% SFHJPOBMOJ LÙE /BQPNFOB P SFQSPEVLDJKJ #% %7% EJTLPWB ;BÝUJUB BVUPSTLJI QSBWB
1SFHMFEBWBOKF QP äBOSV 2VJDLMJTUJ JMJ NBQJ 5SBäFOKF OBTMPWB 1SPHSBNJSBOKF SFQSPEVLDJKF 2VJDLMJTU
4MVÝBOKF HMB[CFOJI EBUPUFLB
1SJLB[ TWJI J[WP B B
3FQSPEVLDJKB [BQJTB
(MBWOF [OB BKLF
, BLP [BQP FUJ T SBEPN
, PSBL 4BESäBK JTQPSVLF , PSBL 4QBKBOKF WJEFPLBCFMB )%. * LBCFMB
4QBKBOKF OB VMB[OV WJEFPQSJLMKV OJDV 4QBKBOKF OB 4 7*%&0 VMB[OV QSJLMKV OJDV 4QBKBOKF OB LPNQPOFOUOF VMB[OF WJEFPQSJLMKV OJDF : 1# $# 13 $3 4QBKBOKF OB )%. * VMB[OV QSJLMKV OJDV 0 [OB BKLBNB A#3"7*" 5IFBUSF 4ZOD TBNP [B )%. * QPWF[JWBOKB
1SFHMFEBWBOKF QP J[WP B V BMCVNV äBOSV 2VJDLMJTUJ JMJ NBQJ 5SBäFOKF [BQJTB 1SPHSBNJSBOKF SFQSPEVLDJKF 2VJDLMJTU
(MFEBOKF GPUPHSBGJKB
1SJLB[ TWJI NBQB
3FQSPEVLDJKB TMJEFTIPX
, PSBL
4QBKBOKF BVEJPLBCFMB
4QBKBOKF OB WBÝ 57 4QBKBOKF OB TUFSFP QPKB BMP QSJKFNOJL J [WV OJLB 4QBKBOKF OB "7 QPKB BMP QSJKFNOJL LPKF JNB %PMCZ 4VSSPVOE 1SP -PHJD EFLPEFS J o [WV OJLB 4QBKBOKF OB "7 QPKB BMP QSJKFNOJL T DI VMB[OJN QSJLMKV OJDBNB J [WV OJLB 4QBKBOKF OB "7 QPKB BMP QSJKFNOJL T EJHJUBMOPN VMB[OPN QSJLMKV OJDPN J [WV OJLB 4QBKBOKF OB "7 QPKB BMP QSJKFNOJL T )%. * VMB[OPN QSJLMKV OJDPN J [WV OJLB
1SFHMFEBWBOKF QP EBUVNV 2VJDLMJTUJ JMJ NBQJ 5SBäFOKF GPUPHSBGJKF 1SPHSBNJSBOKF TMJEFTIPX SFQSPEVLDJKF 2VJDLMJTU
1SPNKFOB QP FUOJI QPEFÝFOKB
6QPSBCB J[CPSOJLB 4FUVQ *[CPSOJL 7JEFP 4FUVQ *[CPSOJL "VEJP 4FUVQ *[CPSOJL -BOHVBHF *[CPSOJL 1BSFOUBM $POUSPM *[CPSOJL 4QFBLFST *[CPSOJL 0QUJPOT 3FTFUJSBOKF VSF BKB
, PSBL , PSBL
4QBKBOKF NSFäOPH LBCFMB 1SJQSFNB EBMKJOTLPH VQSBWMKB B
6QSBWMKBOKF 57 PN JTQPSV FOJN EBMKJOTLJN VQSBWMKB FN
, PSBL , PSBL
&BTZ 4FUVQ %PEBUOB QPEFÝBWBOKB
%PEBUOF JOGPSNBDJKF
6 TMV BKV QSPCMFNB 'VOLDJKB EJKBHOPTUJLF 1SJLB[ EJKFMPWB J LPOUSPMB
1SFEOKB TUSBOB 1PLB[JWB 4USBäOKB TUSBOB
0TOPWOJ QPTUVQDJ
3FQSPEVLDJKB EJTLB 0 J[CPSOJDJNB
6OPT [OBLPWB
0 EBMKJOTLPN VQSBWMKB V
3B[OJ OB JOJ SFQSPEVLDJKF 5SBäFOKF VQPSBCPN EBMKJOTLPH VQSBWMKB B
1SPWKFSB JOGPSNBDJKB P EJTLV ;B KBTOJKJ UJIJ [WVL "VEJP %3$ 1PEFÝBWBOKF TMJLF
1SFDJ[OP VHB BOKF TMJLF QP äFMKJ
3KF OJL 5FIOJ LJ QPEBDJ 5BCMJDB LPEPWB KF[JLB 5BCMJDB LPEPWB GVOLDJKF 1BSFOUBM $POUSPM QPESV KB
0 PWPN QSJSV OJLV
8SXWH X RYRP SULUXþQLNX RSLVXMX NRQWUROH GDOMLQVNRJ XSUDYOMDþD 7DNRÿHU PRåHWH NRULVWLWL NRQWUROH QD XUHÿDMX DNR LPDMX MHGQDNH R]QDNH NDR L RQH QD GDOMLQVNRP XSUDYOMDþX 8 RYRP SULUXþQLNX NRULVWH VH VOMHGHüH R]QDNH 0[OBLB ;OB FOKF )XQNFLMH ]D %' 520 GLVNRYH XNOMXþXMXüL L GYRVORMQH '/ )XQNFLMH UDVSRORåLYH ]D '9' 9, '(2 L '9' 5: '9' 5 GLVNRYH X 95 PRGX LOL '9' 5: '9' 5 GLVNRYH X YLGHRPRGX XNOMXþXMXüL GLVNRYH RG FP )XQNFLMH ]D '$7$ '9' GLVNRYH '9' 5: '9' 5 '9' 5: '9' 5 GLVNRYL NRML VDGUåH 03(* 36 YLGHR]DSLVH 03 DXGLR]DSLVH L -3(* VOLNRYQH GDWRWHNH )XQNFLMH UDVSRORåLYH ]D JOD]EHQH &' GLVNRYH LOL &' 5 &' 5: GLVNRYH X JOD]EHQRP &' IRUPDWX
03 03(* $XGLR /D\HU , , , MH VWDQGDUGQL IRUPDW NRML MH GHILQLUDOD , 62 , QWHQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ , (& , QWHUQDWLRQDO (OHFWURWHFKQLFDO &RPPLVLRQ 03(* D VOXåL VDåLPDQMX DXGLRSRGDWDND
%JTLPWJ LPKF VSF BK NPäF SFQSPEVDJSBUJ
'PSNBU EJTLB %OX UD\ 'LVF
'9' 9, '(2
'9' 5: 5
'9' 5: 5
&' %OX UD\ 'LVF MH ]DãWLüHQL ]QDN /RJRWLSL %OX UD\ 'LVF '9' 5: '9' 5: '9' 5 '9' 5 '9' 9, '(2 L &' VX ]DãWLüHQL ]QDNRYL
/BQPNFOB
, ]ERUQLFL SULND]DQL X RYRP SULUXþQLNX PRåGD VH QHüH X SRWSXQRVWL SRNODSDWL SULND]LPD QD 79 ]DVORQX
1PESäBOJ GPSNBUJ EBUPUFLB TBNP %"5" %7%
'9' 5: '9' 5: '9' 5 '9' 5 QD]LYDMX VH '$7$ '9' X RYRP SULUXþQLNX NDG GLVNRYL VDGUåH GDWRWHNH NRMH VH PRJX UHSURGXFLUDWL 3RGUåDQL VX VOMHGHüL IRUPDWL GDWRWHND & 03(* 36 YLGHR]DSLVL & 03 DXGLR]DSLVL & -3(* VOLNRYQH GDWRWHNH
-3(* IRUPDW XVNODÿHQ V 8') 8QLYHUVDO 'LVN )RUPDW IRUPDWRP
/BQPNFOF P #% 30. [. . . ] . &/6 TUS 2WYDUD ]DWYDUD SRþHWQL L]ERUQLN XUHÿDMD 6\VWHP 0HQX 501 . &/6 TUS 2WYDUD ]DWYDUD JODYQL L]ERUQLN %' LOL '9' GLVND 101 61 . &/6 TUS 2WYDUD ]DWYDUD SRS XS L]ERUQLN %' D LOL L]ERUQLN GLVND ]D '9' 3&563/ TUS =D SRYUDWDN QD SUHWKRGQL SULND] 0P TUS 3RPLþH NXUVRU ]D RGDELU SULND]DQH RSFLMH 4SFEJÝOKB UJQLB &/5&3 TUS =D SRWYUGX RGDELUD RSFLMH !QSFUIPEOJ TMKFEF J 3UHOD]L QD SUHWKRGQR VOMHGHüH SRJODYOMH ]DSLV LOL GDWRWHNX F \& VTQPSFOP TMJLV QP TMJLV =D XVSRUHQX UHSURGXNFLMX LOL SULND] VOLNX SR VOLNX =D SRYUDWDN QD QRUPDOQX UHSURGXNFLMX SULWLVQLWH +
& =D XVSRUHQX UHSURGXNFLMX 3ULWLVQLWH \& WLMHNRP UHSURGXNFLMH . DG ]DSRþQH XVSRUHQD UHSURGXNFLMD SULWLVQLWH \& YLãH SXWD ]D SURPMHQX EU]LQH W W W EU]LQH QRUPDOQH UHSURGXNFLMH & =D UHSURGXNFLMX VOLNX SR VOLNX 3ULWLVQLWH ; WLMHNRP UHSURGXNFLMH ]DWLP SULWLVQLWH F LOL \& YLãH SXWD
=D 79 SULMHPQLNH V NRMLPD PRåHWH NRULVWLWL VOMHGHüH WLSNH SRJOHGDMWH VWU JTLMKV FOKF [WVLB TUS =D LVNOMXþHQMH ]YXND 79 SULMHPQLND HMBTOP B o TUS =D SRGHãDYDQMH JODVQRüH 79 SULMHPQLND 130( QSPHSBN o TUS =D RGDELU 79 NDQDOD
3B[OJ OB JOJ SFQSPEVLDJKF
7LMHNRP UHSURGXNFLMH SULWLVQLWH 3/$< 02'( YLãH SXWD
5DVSRORåLYH RSFLMH UD]OLNXMX VH RYLVQR R YUVWL WHNXüHJ QDVORYD ]DSLVD GDWRWHNH LOL GLVND =D SRQLãWHQMH RGD EUDQRJ QDþLQD UHSURGXNFLMH SRQRYQR SULWLVQLWH 3/$< 02'( =D 7LPH 6HDUFK SRJOHGDMWH 7UDåHQMH XSRUDERP GDOMLQVNRJ XSUDYOMDþD VWU
¡1SJ SFQSPEVLDJKJ WJEFP[BQJTB JMJ GJMNTLPH OBTMPWB
0QDJKF 5HSHDW &KDSWHU VDPR %' 520 '9' 9, '(2 5HSHDW 7LWOH %FUBMKJ 3RQDYOMD WHNXüH SRJODYOMH 3RQDYOMD WHNXüL QDVORY
¡1SJ SFQSPEVLDJKJ HMB[CFOPH [BQJTB
0QDJKF 5HSHDW 7UDFN 5HSHDW $OO 5DQGRP %FUBMKJ 3RQDYOMD WHNXüL ]DSLV 3RQDYOMD VYH ]DSLVH QD GLVNX LOL 0XVLF OLVWL QDVORYD 5HSURGXFLUD VYH ]DSLVH QD GLVNX LOL 0XVLF OLVWL QDVORYD X VOXþDMQRP UHGRVOLMHGX
P 0 QSFHMFE 3UHWUDåXMH XQDWUDJ LOL XQDSULMHG %U]LQD VH PLMHQMD NDG SULWLVQHWH YLãH SXWD
2YLVQR R YUVWL GLVND LOL GDWRWHNH IXQNFLMD PRåGD QHüH UDGLWL LOL VH EU]LQH SUHWUDåLYDQMD PRJX UD]OLNRYDWL
+ SFQSPEVLDJKB =DSRþLQMH LOL QDVWDYOMD UHSURGXNFLMX 1-": . 0%& 0LMHQMD QDþLQ UHSURGXNFLMH 5HSHDW 3OD\ LWG DNR MH SULWLVQHWH WLMHNRP UHSURGXNFLMH =D WUDåHQMH RGUHÿHQRJ GLMHOD QD GLVNX VWU ; QBV[B =D SDX]X QDVWDYDN UHSURGXNFLMH [ TUPQ =DXVWDYOMD UHSURGXNFLMX 3RQLãWDYD QDVWDYDN UHSURGXNFLMH RG PMHVWD ]DXVWD YOMDQMD DNR VH SULWLVQH GYDSXW 0MHVWR ]DXVWDYOMDQMD ]D QDVORY MH WRþND QD NRMHP MH ]DXVWDYOMHQ ]D DXGLR GDWRWHNX MH WR ]DGQML ]DSLV D ]D IRWRJUDILMH ]DGQMD IRWRJUDILMD
¡1SJ SFQSPEVLDJKJ GPUPHSBGJKF
0QDJKF 5HSHDW $OO 5DQGRP %FUBMKJ 3RQDYOMD VYH GDWRWHNH QD GLVNX LOL 3KRWRV OLVWL QDVORYD 5HSURGXFLUD VYH GDWRWHNH QD GLVNX LOL 3KRWRV OLVWL QDVORYD X VOXþDMQRP UHGRVOLMHGX
OBTUBWMKB TF
5SBäFOKF VQPSBCPN EBMKJOTLPH VQSBWMKB B
0RåHWH L]YUãLWL SUHWUDåLYDQMH XQRVRP EURMD QDVORYD SRJODYOMD LOL YUHPHQVNRJ NRGD YULMHPH SURWHNOR RG SRþHWND GLVND
1SPWKFSB JOGPSNBDJKB P EJTLV
0RåHWH SURYMHULWL LQIRUPDFLMH R QDVORYX SRJODYOMX ]DSLVX XNOMXþXMXüL EU]LQX SULMHQRVD YLGHRVLJQDOD LWG SULWLVNRP WLSNH ', 63/$< , QIRUPDFLMH VH UD]OLNXMX RYLVQR R YUVWL GLVND L R VWDWXVX RYRJ XUHÿDM
#SPK BOF UJQLF
3ULWLVQLWH ', 63/$<
1SJNKFS 1SJ SFQSPEVLDJKJ %7% 7*%&0 EJTLB
3RMDYOMXMX VH VOMHGHüH LQIRUPDFLMH 6WDWXV UHSURGXNFLMH 9UVWD GLVND , QIRUPDFLMH R QDVORYX
& %URM WUHQXWQR UHSURGXFLUDQRJ QDVORYD SRJODYOMD & 8NXSQL EURM SRJODYOMD XQXWDU QDVORYD & 8NXSQR YULMHPH UHSURGXNFLMH QDVORYD
3URWHNOR YULMHPH WHNXüHJ QDVORYD
;B USBäFOKF OBTMPWB JMJ QPHMBWMKB #% 30. %7% 7*%&0
8QHVLWH EURM QDVORYD XSRUDERP EURMþDQLK WLSDND GRN MH XUHÿDM ]DXVWDYOMHQ =D WUDåHQMH SRJODYOMD XQHVLWH EURM SRJODYOMD WLMHNRP UHSURGXNFLMH $NR SRJULMHãLWH MHGQRP SULWLVQLWH &/($5 L XQHVLWH EURM SRQRYQR 3ULWLVQLWH (17(5 ]D SRþHWDN UHSURGXNFLMH
1DþLQ UHSURGXNFLMH
3RQRYQR SULWLVQLWH ', 63/$<
;B USBäFOKF PESF FOPH EJKFMB
7LMHNRP UHSURGXNFLMH SULWLVQLWH 3/$< 02'( YLãH SXWD GRN VH QH SRMDYL 7LPH 6HDUFK 8QHVLWH YUHPHQVNL N{G XSRUDERP EURMþDQLK WLSDND 8QHVLWH YULMHPH X PLQXWDPD L VHNXQGDPD SULPMHULFH µ ¶ ]D VDW PLQXWD L VHNXQGL $NR SRJULMHãLWH MHGQRP SULWLVQLWH &/($5 L XQHVLWH EURM SRQRYQR 3ULWLVQLWH (17(5 ]D SRþHWDN UHSURGXNFLMH
/BQPNFOB
2YLVQR R '9' 9, '(2 %' 520 '$7$ '9' GLVNX RYH IXQNFLMH WUDåHQMD PRåGD QHüH UDGLWL
3RMDYOMXMX VH VOMHGHüH LQIRUPDFLMH , QIRUPDFLMH R SRJODYOMX
& 3URWHNOR YULMHPH WHNXüHJ SRJODYOMD & 8NXSQR YULMHPH UHSURGXNFLMH WHNXüHJ SRJODYOMD
, QIRUPDFLMH R EU]LQL SULMHQRVD YLGHRVLJQDOD L NROLþLQL SRGDWDND
] 4BWKFUJ & , QIRUPDFLMH R GLVNX PRåHWH WDNRÿHU SURYMHULWL QD SRND]LYDþX VWU LOL X 7LWOH /LVW SULND]X VWU & 0RåHWH SURYMHULWL LQIRUPDFLMH R DXGLRVLJQDOX SULWLVNRP WLSNH $8', 2
;B KBTOJKJ UJIJ [WVL "VEJP %3$
'XEOML ]YXNRYL SRSXW GLMDORJD PRJX VH EROMH þXWL þDN L SUL VPDQMHQRM JODVQRüL
5P KF QSJLMBEOP LBE OF NPäFUF QPKB BUJ HMBTOP V QSJNKFSJDF OP V
3ULWLVQLWH 6<67(0 0(18 WLMHNRP UHSURGXNFLMH 2GDEHULWH $ 9 &RQWURO L SULWLVQLWH (17(5 2GDEHULWH $XGLR &RQWURO L SULWLVQLWH (17(5 ]D XNOMXþHQMH JRUQMHJ SULND]D 'RN MH R]QDþHQD RSFLMD $XGLR '5& RGDEHULWH RG 0D[ GR 2II SULWLVNRP WLSNH 3ULWLVQLWH (17(5
/BQPNFOB
$XGLR '5& MH XþLQNRYLW VDPR NDG MH GLVN 'ROE\ 'LJLWDO %OX UD\ 'LVF LOL '9' L 'ROE\ 'LJLWDO 2XWSXW X $XGLR 6HWXS MH SRGHãHQ QD 'RZQPL[ 3&0 VWU L DXGLRVLJQDOL L]OD]H L] ', *, 7$/ 287 237, &$/ LOL &2$;, $/ SULNOMXþQLFH LOL +'0, 287 SULNOMXþQLFH $XGLR +'0, X $XGLR 6HWXS MH SRGHãHQ QD 3&0 VWU L DXGLRVLJQDOL L]OD]H L] +'0, 287 SULNOMXþQLFH DXGLRVLJQDOL L]OD]H L] $8', 2 287 / 5 SULNOMXþQLFD LOL &+ 287387 SULNOMXþQLFD
1PEFÝBWBOKF TMJLF
1SFDJ[OP VHB BOKF TMJLF QP äFMKJ
. LQHPDWRJUDIVNL XJRÿHQD WYRUQLþNL SRKUDQMHQD SRGHãHQMD VOLNH üH RPRJXüLWL PDNVLPDOQL YL]XDOQL GRMDP %' LOL '9' UHSURGXNFLMH RSWLPL]LUDMXüL SRGHãHQMD VOLNH ]D UD]OLþLWH VYMHWORVQH XYMHWH 0HPRU\ YDP RPRJXüXMH SRGHãDYDQMH SR YODVWLWRP XNXVX
2GDEHULWH L]PHÿX 0HPRU\ ± 0HPRU\ X NRUDNX L] 3RGHãDYDQMH VOLNH VWU 2GDEHULWH 'HWDLOHG 6HWWLQJV L SULWLVQLWH (17(5 ]D XNOMXþHQMH JRUQMHJ SULND]D
=D SUHOD]DN QD GUXJR 0HPRU\ SRGHãHQMH SULWLVQLWH 5(7851
2GDEHULWH VYDNL RG HOHPHQDWD VOLNH L SRGHVLWH LK WLSNDPD
¡ ;B QPEFÝBWBOKF V[ QSB FOKF V JOLB
3ULWLVQLWH 6<67(0 0(18 WLMHNRP UHSURGXNFLMH 2GDEHULWH $ 9 &RQWURO L SULWLVQLWH (17(5 2GDEHULWH 9LGHR &RQWURO L SULWLVQLWH (17(5 ]D XNOMXþHQMH JRUQMHJ SULND]D 3ULWLVQLWH
0QDJKF %ULJKWHU 5RRP 7KHDWUH 5RRP 6WDQGDUG SRþHWQR SRGHãHQMH 0HPRU\
2GDEHULWH RSFLMX L SULWLVQLWH (17(5 ]D SUHOD]DN QD SRGHãDYDQMH 3ULWLVQLWH ]D SRGHãDYDQMH GRN SURYMHUDYDWH XþLQDN QD SR]DGLQVNRM UHSURGXNFLML VOLNH =DWLP SULWLVQLWH (17(5 ]D SRKUDQX SRGHãHQMD
3RGFUWDQD VX WYRUQLþND SRGHãHQMD ]D 0HPRU\
0QDJKF :KLWH (QKDQFHU 0LQa PLG a0D[ %ODFN (QKDQFHU 0LQa PLG a0D[ +XH *UHHQa PLG a5HG &KURPD /HYHO 0LQa PLG a0D[ %FUBMKJ 3RGHãDYD VYMHWOLQX ELMHOLK ERMD 3RGHãDYD SXQLQX WDPQLK ERMD %DODQVLUD ]HOHQH L FUYHQH ERMH 3RGHãDYD ]DVLüHQRVW ERMD
]D RGDELU SRGHãHQMD
%FUBMKJ =D SURVWRULMX VYMHWOLMX RG QRUPDOQH =D WDPQX SURVWRULMX SRSXW NXüQRJ NLQD 8RELþDMHQL RGDELU 2GDEHULWH MHGQR RG SRGHãHQMD NDG åHOLWH NRULVWLWL GHWDOMQD SRGHãHQMD VOLNH NRMD VWH SUHWKRGQR L]YHOL LOL NDG åHOLWH L]YHVWL QRYL QL] SRGHãDYDQMD 8UHÿDM PHPRULUD GR WUL QL]D SRGH ãHQMD SRJOHGDMWH VWU
3ULWLVQLWH 5(7851
3ULWLVQLWH (17(5
] 4BWKFU 1DYHGHQL RSLV YULMHGL NDG MH SRGHãHQMH VOLNH YDãHJ 79 D DNR SRVWRML SRGHãHQR QD µ6WDQGDUG¶
/BQPNFOB
0HPRU\ SRGHãHQMD QD XWMHþX QD L]OD] VLJQDOD L] 6 9, '(2 287 LOL 9, '(2 287 SULNOMXþQLFD
;BLMKV BWBOKF EJTLB
1PEFÝBWBOKF QSPNKFOB [BQPSLF
3RGHãDYDQMHP ]DSRUNH L UD]LQH RJUDQLþHQMD X L]ERUQLNX 3DUHQWDO &RQWURO PRåHWH NRQWUROLUDWL UHSURGXNFLMX GLVNRYD V QHSULNODGQLP VDGUåDMLPD
3ULWLVQLWH 6<67(0 0(18 2GDEHULWH 6HWXS L SULWLVQLWH (17(5 2GDEHULWH 3DUHQWDO &RQWURO L SULWLVQLWH (17(5 ]D XNOMXþHQMH L]ERUQLND 3DUHQWDO &RQWURO
, BE %7% QSFMB[J QPEFÝFOV SB[JOV QPUSFCOP KF VOJKFUJ [BQPSLV
2GDEHULWH &KDQJH 3DVVZRUG 6HW 3DVVZRUG L SULWLVQLWH (17(5 2GDEHULWH 1H[W 6FUHHQ L SULWLVQLWH (17(5 ]D XNOMXþHQMH L]ERUQLND ]DSRUNH
¡ , BE KPÝ OJTUF SFHJTUSJSBMJ [BQPSLV
/BQPNFOF
& 1H PRåHWH RJUDQLþLWL UHSURGXNFLMX DNR '9' 9, '(2 %' 520 QHPD IXQNFLMX 3DUHQWDO &RQWURO & $NR ]DERUDYLWH ]DSRUNX WUHEDW üHWH YUDWLWL VYD SRGHãHQMD XUHÿDMD QD QMLKRYH WYRUQLþNH YULMHGQRVWL VWU & *RUQML L]ERUQLN VH QH SRMDYOMXMH ]D %' 520 $NR QH PRåHWH UHSURGX FLUDWL %' 520 ]ERJ IXQNFLMH 3DUHQWDO &RQWURO SRQRYQR SRGHVLWH RSFLMX &KDQJH $JH 5HVWULFWLRQ X L]ERUQLNX %' 3DUHQWDO &RQWURO VWU
8QHVLWH þHWYHUR]QDPHQNDVWX ]DSRUNX XSRUDERP EURMþDQLK WLSDND L SULWLVQLWH P 8QHVLWH MH SRQRYQR UDGL SRWYUGH L SULWLVQLWH (17(5 ¡ , BE TUF WF SFHJTUSJSBMJ [BQPSLV 8QHVLWH þHWYHUR]QDPHQNDVWX ]DSRUNX XSRUDERP EURMþDQLK WLSDND L SULWLVQLWH (17(5 8QHVLWH QRYX ]DSRUNX L SULWLVQLWH P ]DWLP MH XQHVLWH SRQRYQR UDGL SRWYUGH L SULWLVQLWH (17(5
] 4BWKFU =D QDVWDYDN SRGHãDYDQMD RSFLMH '9' 3DUHQWDO &RQWURO SULMHÿLWH QD NRUDN L] RGMHOMND 3RGHãDYDQMH IXQNFLMH 3DUHQWDO &RQWURO ]D '9' 9, '(2 GLVNRYH VWU
OBTUBWMKB TF
1PEFÝBWBOKF GVOLDJKF 1BSFOUBM $POUSPM [B %7% 7*%&0 EJTLPWF
1PEFÝBWBOKF GVOLDJKF 1BSFOUBM $POUSPM [B #% 30. EJTLPWF
3ULWLVQLWH 6<67(0 0(18 2GDEHULWH 6HWXS L SULWLVQLWH (17(5 2GDEHULWH 3DUHQWDO &RQWURO L SULWLVQLWH (17(5 ]D XNOMXþHQMH L]ERUQLND 3DUHQWDO &RQWURO 2GDEHULWH '9' 3DUHQWDO &RQWURO L SULWLVQLWH (17(5 2GDEHULWH &KDQJH /HYHO L SULWLVQLWH (17(5 ]D XNOMXþHQMH JRUQMHJ SULND]D
7X PRåHWH SRGHVLWL UD]LQX RJUDQLþHQMD UHSURGXNFLMH
3ULWLVQLWH 6<67(0 0(18 2GDEHULWH 6HWXS L SULWLVQLWH (17(5 2GDEHULWH 3DUHQWDO &RQWURO L SULWLVQLWH (17(5 ]D XNOMXþHQMH L]ERUQLND 3DUHQWDO &RQWURO 2GDEHULWH %' 3DUHQWDO &RQWURO L SULWLVQLWH (17(5 2GDEHULWH &KDQJH $JH 5HVWULFWLRQ L SULWLVQLWH (17(5 ]D XNOMXþHQMH JRUQMHJ SULND]D
=D %' 520 GLVNRYH RJUDQLþHQMH VH SRGHãDYD SUHPD GREL D QH SR UD]LQDPD
8QHVLWH ]DSRUNX XSRUDERP EURMþDQLK WLSDND L SULWLVQLWH (17(5 3ULWLVQLWH ]D RGDELU UD]LQH RJUDQLþHQMD RG 2II GR /HYHO L SULWLVQLWH (17(5
âWR MH YULMHGQRVW QLåD RJUDQLþHQMH MH YLãH
8QHVLWH ]DSRUNX XSRUDERP EURMþDQLK WLSDND L SULWLVQLWH (17(5 3ULWLVQLWH ]D RGDELU GREL RG L SULWLVQLWH (17(5 GR
. DG VH SULND] YUDWL QD L]ERUQLN 3DUHQWDO &RQWURO RGDEHULWH '9' 3DUHQWDO &RQWURO L SULWLVQLWH (17(5 2GDEHULWH '9' &RXQWU\ &RGH L SULWLVQLWH (17(5
2YR RVLJXUDYD JOHGDQMH VFHQD QDPLMHQMHQLK ]D YDãH SRGUXþMH
. DG VH SULND] YUDWL QD L]ERUQLN 3DUHQWDO &RQWURO RGDEHULWH %' 3DUHQWDO &RQWURO L SULWLVQLWH (17(5 2GDEHULWH %' &RXQWU\ &RGH L SULWLVQLWH (17(5
2YR RVLJXUDYD JOHGDQMH VFHQD QDPLMHQMHQLK ]D YDãH SRGUXþMH
2 8 L]ERUQLNX '9' &RXQWU\ &RGH XQHVLWH ]DSRUNX XSRUDERP EURMþDQLK WLSDND L SULWLVQLWH (17(5 3 3ULWLVQLWH ]D RGDELU NRGD YDãH ]HPOMH SRJOHGDMWH VWU LOL SULWLVQLWH P L XQHVLWH N{G ]D YDãH SRGUXþMH XSRUDERP EURMþDQLK WLSDND 4 3ULWLVQLWH (17(5
] 4BWKFU =D QDVWDYDN SRGHãDYDQMD RSFLMH %' 3DUHQWDO &RQWURO SULMHÿLWH QD NRUDN L] RGMHOMND 3RGHãDYDQMH IXQNFLMH 3DUHQWDO &RQWURO ]D %' 520 GLVNRYH VWU
2 8 L]ERUQLNX %' &RXQWU\ &RGH XQHVLWH ]DSRUNX XSRUDERP EURMþDQLK WLSDND L SULWLVQLWH (17(5 3 3ULWLVQLWH ]D RGDELU NRGD YDãH ]HPOMH SRJOHGDMWH VWU LOL SULWLVQLWH P L XQHVLWH N{G ]D YDãH SRGUXþMH XSRUDERP EURMþDQLK WLSDND 4 3ULWLVQLWH (17(5
1SJLB[ TWJI OBTMPWB
(MFEBOKF WJEFP[BQJTB
. RULVWLWH 0RYLHV 7LWOH /LVW ]D SUHJOHGDYDQMH L VRUWLUDQMH 03(* 36 YLGHR]DSLVD QD '$7$ '9' GLVNRYLPD
0RYLHV 7LWOH /LVW QDMSULMH SULND]XMH VYH QDVORYH QD GLVNX
, BE QSJUJTOFUF QPKBWJ TF J[CPSOJL #SPXTF
3ULWLVQLWH 6<67(0 0(18 2GDEHULWH 7LWOH /LVW L SULWLVQLWH (17(5 2GDEHULWH 0RYLHV L SULWLVQLWH (17(5
3RMDYL VH JRUQML L]ERUQLN $OO 0RYLHV WH SULND]XMH VYH QDVORYH PRåHWH OLVWDWL SULWLVNRP WLSNH P , ] $OO 0RYLHV PRåHWH SULPMHQMLYDWL RSFLMH QD VYH QDVORYH XSRUDERP L]ERUQLND %URZVH SRJOHGDMWH X QDVWDYNX
;B VQPSBCV J[CPSOJLB #SPXTF
3ULWLVQLWH QDNRQ NRUDND ]D SULND] RSFLMD ]D 0RYLHV 7LWOH /LVW =D GHWDOMH R SRVWXSFLPD SRJOHGDMWH VWUDQLFH X ]DJUDGDPD 5DVSRORåLYH RSFLMH UD]OLNXMX VH RYLVQR R SULND]X
0QDJKF $OO 0RYLHV %URZVH 6HDUFK 6RUW %FUBMKJ , ]OLVWDYD VYH QDVORYH NDR QD JRUQMRM VOLFL 3ULND]XMH OLVWX åDQURYD 4XLFNOLVWD LOL PDSD VWU =D WUDåHQMH QDVORYD XSRUDERP WLSNRYQLFH QD ]DVORQX VWU =D UD]YUVWDYDQMH QDVORYD SUHPD GDWXPX LOL DEHFHGL SRJOHGDMWH X QDVWDYNX
¡1SJNKFS ;B QSJNKFOV PQDJKF 4PSU OB TWF OBTMPWF
2GDEHULWH 6RUW L SULWLVQLWH (17(5 2GDEHULWH SDUDPHWDU ]D L]YRÿHQMH UD]YUVWDYDQMD 5HFHQW ILUVW SUYR QDMQRYLML 2OGHVW ILUVW SUYR QDMVWDULML %\ WLWOH $W= SUHPD QDVORYX %\ WLWOH =W$ L SULWLVQLWH (17(5
& 1SJLB[ TWJI OBTMPWB & 1SFHMFEBWBOKF QP äBOSV 2VJDLMJTUJ JMJ NBQJ & 5SBäFOKF OBTMPWB & 1SPHSBNJSBOKF SFQSPEVLDJKF 2VJDLMJTU
3FQSPEVLDJKB OBTMPWB
1DNRQ NRUDND L] RGMHOMND 3ULND] VYLK QDVORYD X SUHWKRGQRP WHNVWX RGDEHULWH åHOMHQL QDVORY ]D UHSURGXNFLMX L SULWLVQLWH (17(5
3RþQH UHSURGXNFLMD QDVORYD 0RåHWH SULPLMHQLWL GUXJD SRGHãHQMD UHSURGXNFLMH QD RGDEUDQL QDVORY XSRUDERP L]ERUQLND 2SWLRQV SRJOHGDMWH X QDVWDYNX
0 . PWJFT
"MM . PWJFT 5JUMF -JTU QSJLB[V
'HWDOMQH LQIRUPDFLMH 3ULND]XMH GHWDOMH R RGDEUDQRP QDVORYX
& 'DWH 3ULND]XMH JRGLQX VQLPDQMD & *HQUH 3ULND]XMH QD]LY åDQUD & )RUPDW 3ULND]XMH IRUPDW NRGLUDQMD
*[CPSOJL 0QUJPOT QPKBWJ TF LBE PEBCFSFUF OBTMPW J QSJUJTOFUF
/LVWD 3ULND]XMH QD]LYH QDVORYD VYLK VDGUåDMD
;B VQPSBCV J[CPSOJLB 0QUJPOT
3ULWLVQLWH XPMHVWR (17(5 X JRUQMHP NRUDNX ]D SULND] SRGHãHQMD L]ERUQLND 2SWLRQV NRMD VX SULPMHQMLYD QD QDVORY X GDQRM VLWXDFLML 8 JRUQMHP SULPMHUX UDVSRORåLYH VX VOMHGHüH RSFLMH
0QDJKF 3OD\ IURP %HJLQQLQJ $GG WR 4XLFNOLVW %FUBMKJ =DSRþLQMH UHSURGXNFLMX RGDEUDQRJ QDVORYD RWSRþHWND 'RGDMH RGDEUDQL QDVORY X 4XLFNOLVW
¡1SJNKFS ;B QSJNKFOV PQDJKF 1MBZ GSPN #FHJOOJOH OB
PEBCSBOJ OBTMPW
2GDEHULWH 3OD\ IURP %HJLQQLQJ L SULWLVQLWH (17(5
;B ESVHF OB JOF SFQSPEVLDJKF
7LMHNRP UHSURGXNFLMH SULWLVQLWH 3/$< 02'( YLãH SXWD 2GDEUDQD RSFLMD PLMHQMD VH VD VYDNLP SULWLVNRP 7LPH 6HDUFK VWU ² 5HSHDW 7LWOH ² 5HSHDW 2II 3RJOHGDMWH VWU ]D GHWDOMH
] 4BWKFU 3RJOHGDMWH VWU ]D SRVWXSNH QD GDOMLQVNRP XSUDYOMDþX
1SFHMFEBWBOKF QP äBOSV 2VJDLMJTUJ JMJ NBQJ
5SBäFOKF OBTMPWB
6X]LWH OLVWX QDVORYD RGDELURP YUVWH NDWHJRULMH SULPMHULFH )ROGHUV ]DWLP NDWHJRULMH
0RåHWH SURQDüL WRþDQ QDVORY LOL QDVORYH VOLþQRJ QD]LYD
3F[VMUBUJ USBäFOKB TF TV[VKV ÝUP TF WJÝF [OBLPWB VOFTF
3ULWLVQLWH 6<67(0 0(18 3ULWLVQLWH 6<67(0 0(18 2GDEHULWH 7LWOH /LVW L SULWLVQLWH (17(5 2GDEHULWH 7LWOH /LVW L SULWLVQLWH (17(5 2GDEHULWH 0RYLHV L SULWLVQLWH (17(5 2GDEHULWH 0RYLHV L SULWLVQLWH (17(5 3ULWLVQLWH ]D XNOMXþHQMH L]ERUQLND %URZVH 3ULWLVQLWH ]D XNOMXþHQMH L]ERUQLND %URZVH 2GDEHULWH %URZVH L SULWLVQLWH (17(5 2GDEHULWH OLVWX NRMX åHOLWH YLGMHWL L]PHÿX *HQUHV 4XLFNOLVW LOL )ROGHUV L SULWLVQLWH (17(5
/LVWD åDQURYD 4XLFNOLVWD PDSD SRMDYH VH NDR QD JRUQMRM VOLFL =D GHWDOMH R 4XLFNOLVWL SRJOHGDMWH 3URJUDPLUDQMH UHSURGXNFLMH 4XLFNOLVW VWU
2GDEHULWH 6HDUFK L SULWLVQLWH (17(5 ]D XNOMXþHQMH JRUQMHJ SULND]D 8QHVLWH QD]LY QDVORYD XSRUDERP WLSNRYQLFH QD ]DVORQX SRJOHGDMWH VWU
] 4BWKFU 0RåHWH RGDEUDWL QDVORY L ]DSRþHWL UHSURGXNFLMX SULWLVNRP WLSNH (17(5 LOL XSRUDERP L]ERUQLND 2SWLRQV SULWLVQLWH
2GDEHULWH åDQU 4XLFNOLVWX PDSX NRMX åHOLWH YLGMHWL L SULWLVQLWH (17(5
] 4BWKFU 0RåHWH RGDEUDWL QDVORY L ]DSRþHWL UHSURGXNFLMX SULWLVNRP WLSNH (17(5 LOL XSRUDERP L]ERUQLND 2SWLRQV SULWLVQLWH
1SPHSBNJSBOKF SFQSPEVLDJKF 2VJDLMJTU
;B VLMBOKBOKF OBTMPWB J[ 2VJDLMJTU QPQJTB
2GDEHULWH QDVORY NRML åHOLWH XNORQLWL L] SULND]DQRJ 4XLFNOLVW SRSLVD L SULWLVQLWH 2GDEHULWH 5HPRYH L SULWLVQLWH (17(5
] 4BWKFU 6DGUåDMH 4XLFNOLVW SRSLVD PRåHWH UHSURGXFLUDWL L X GUXJLP QDþLQLPD UHSURGXNFLMH SULWLVNRP WLSNH 3/$< 02'( VWU
5HSURGXFLUDMWH RPLOMHQH QDVORYH åHOMHQLP UHGRVOLMHGRP NUHLUDQMH YODVWLWRJ 4XLFNOLVW SRSLVD
/BQPNFOB
4XLFNOLVW VH PRåH L]EULVDWL QDNRQ QHNLK SRVWXSDND SULPMHULFH SR RWYDUDQMX XORåQLFH GLVND LOL LVNOMXþHQMX XUHÿDM LWG
2VJDLMJTU OF VUKF F OB J[WPSOF TOJNLF OB EJTLV
3ULWLVQLWH 6<67(0 0(18 2GDEHULWH 7LWOH /LVW L SULWLVQLWH (17(5 2GDEHULWH 0RYLHV L SULWLVQLWH (17(5 . DG VH SRMDYL $OO 0RYLHV 7LWOH /LVW RGDEHULWH QDVORY NRML åHOLWH GRGDWL QD YUK 4XLFNOLVW SRSLVD L SULWLVQLWH 2GDEHULWH $GG WR 4XLFNOLVW L] L]ERUQLND 2SWLRQV L SULWLVQLWH (17(5 3RQRYLWH NRUDN QDVORYD L ]D RGDELU VYLK åHOMHQLK
2GDEHULWH LK åHOMHQLP UHGRVOLMHGRP ]D UHSURGXNFLMX , VWL QDVORY PRåHWH GRGDWL YLãH SXWD 4XLFNOLVW PRåH VDGUåDWL GR QDVORYD
3ULWLVQLWH ]D XNOMXþHQMH L]ERUQLND %URZVH 2GDEHULWH %URZVH L SULWLVQLWH (17(5 2GDEHULWH 4XLFNOLVW L SULWLVQLWH (17(5 ]D XNOMXþHQMH JRUQMHJ SULND]D
3RMDYL VH 4XLFNOLVW 7LWOH /LVW V SURJUDPLUDQLP VDGUåDMHP
2 2GDEHULWH QDVORY þLMX UHSURGXNFLMX åHOLWH
]DSRþHWL L SULWLVQLWH (17(5
1SJLB[ TWJI J[WP B B
4MVÝBOKF HMB[CF OJI EBUPUFLB
. RULVWLWH 0XVLF 7LWOH /LVW ]D SUHJOHGDYDQMH L UHSURGXNFLMX 03 ]DSLVD V '$7$ '9' GLVNRYD 0RåHWH NUHLUDWL 4XLFNOLVW V RPLOMHQLP ]DSLVLPD L UHSURGXFLUDWL LK QD UD]OLþLWH QDþLQH
0XVLF 7LWOH /LVW SUYR SULND]XMH OLVWX QD]LYD L]YRÿDþD QD GLVNX
*[CPSOJL #SPXTF TF QPKBWJ TF LBE QSJUJTOFUF
3ULWLVQLWH 6<67(0 0(18 2GDEHULWH 7LWOH /LVW L SULWLVQLWH (17(5 2GDEHULWH 0XVLF L SULWLVQLWH (17(5
3RMDYL VH L]ERUQLN $UWLVWV NRML SULND]XMH QD]LYH VYLK L]YRÿDþD PRJX VH OLVWDWL SULWLVNRP WLSNH P , ] $UWLVWV PRåHWH SULPLMHQLWL RSFLMH QD VYH ]DSLVH XSRUDERP L]ERUQLND %URZVH SRJOHGDMWH X QDVWDYNX
;B VQPSBCV J[CPSOJLB #SPXTF
3ULWLVQLWH QDNRQ NRUDND ]D SULND] RSFLMD ]D 0XVLF 7LWOH /LVW =D GHWDOMH R SRVWXSFLPD SRJOHGDMWH VWUDQLFH X ]DJUDGDPD 5DVSRORåLYH RSFLMH UD]OLNXMX VH RYLVQR R SULND]X
0QDJKF $OO 6RQJV %URZVH 6HDUFK 6RUW 1RZ 3OD\LQJ!%54 DI DI FK FK 'RZQPL[ DI FK FK %*(*5"- 065 015*$"$0"9*"- QSJLMKV OJDF 1$. FK /3&0 #JUTUSFBN FK /3&0 )%. * 065 QSJLMKV OJDB 1$. FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 FK /3&0 "VUP FK /3&0 FK /3&0 FK /3&0 'ROE\ 'LJLWDO 'ROE\ 'LJLWDO 'ROE\ 'LJLWDO '76 '76 FK /3&0 'ROE\ 'LJLWDO '76 FK /3&0 FK /3&0 '76
FK 'RZQPL[ FK 'RZQPL[ /3&0 /3&0 FK 'RZQPL[ FK 'RZQPL[ /3&0 /3&0 FK 'RZQPL[ 'ROE\ 'LJLWDO /3&0 FK 'RZQPL[ 'ROE\ 'LJLWDO /3&0 FK 'RZQPL[ 'ROE\ 'LJLWDO /3&0 FK 'RZQPL[ '76 /3&0 FK 'RZQPL[ '76 /3&0 FK /3&0 FK /3&0
FK FK 'RZQPL[ 'RZQPL[ FK 'RZQPL[ FK 'RZQPL[ FK 'RZQPL[ FK 'RZQPL[ FK 'RZQPL[ FK FK 'RZQPL[ FK 'RZQPL[ FK FK FK 'RZQPL[ FK FK FK FK FK FK FK FK FK FK FK
FK 'RZQPL[ 'ROE\ 'LJLWDO /3&0 FK 'RZQPL[ '76 /3&0 FK /3&0 FK /3&0 ² FK /3&0
FK 'RZQPL[ '76 /3&0
&KDQQHO L &KDQQHO VH PRJX RGDEUDWL SRG $XGLR 2XWSXW 0RGH X L]ERUQLNX 6SHDNHUV VWU 3&0 NDG MH RSFLMD 'ROE\ 'LJLWDO 2XWSXW LOL '76 2XWSXW X $XGLR 6HWXS SRGHãHQD QD 'RZQPL[ 3&0 VWU %LWVWUHDP NDG MH RSFLMD 'ROE\ 'LJLWDO 2XWSXW LOL '76 2XWSXW X $XGLR 6HWXS SRGHãHQD QD 'ROE\ 'LJLWDO LOL '76 VWU 0RJXüH RGDEUDWL SRG $XGLR +'0, X $XGLR 6HWXS VWU 0RJXüH RGDEUDWL SRG $XGLR +'0, X $XGLR 6HWXS VWU 'RELYHQL L]OD]QL VLJQDOL PRJX VH UD]OLNRYDWL RYLVQR R VSRMHQRP +'0, XUHÿDMX . DG MH IUHNYHQFLMD X]RUNRYDQMD N+] XUHÿDM L]YRGL GRZQPL[ X FK VLJQDOH þDN L DNR MH ]YXN GLVND LOL L]YRUD NDQDOQL =D L]OD] FK /3&0 VLJQDOD GHNRGLUDQLK L] 'ROE\ 'LJLWDO 3OXV DXGLRVLJQDOD
*[CPSOJL -BOHVBHF
3RGFUWDQH RSFLMH VX WYRUQLþND SRGHãHQMD /BQPNFOF
& . DG X $XGLR 6XEWLWOH %' '9' 0HQX RGDEHULWH MH]LN NRML QLMH VQLPOMHQ QD GLVN DXWRPDWVNL üH ELWL RGDEUDQ MHGDQ RG VQLPOMHQLK MH]LND & 3RGHãHQMD UHSURGXNFLMH SRKUDQMHQR QD GLVNX LPD SUHGQRVW SUHG RYLP SRGHãHQMLPD
04% 2GDEHULWH MH]LN ]D L]ERUQLNH XUHÿDMD "VEJP 2GDEHULWH VWDQGDUGQL MH]LN ]YXþQLK ]DSLVD ]D %' 520 '9' 9, '(2 GLVNRYH 4VCUJUMF 2GDEHULWH VWDQGDUGQL MH]LN WLWOD ]D %' 520 '9' 9, '(2 GLVNRYH #% %7% . FOV 2GDEHULWH VWDQGDUGQL MH]LN L]ERUQLND ]D %' 520 '9' 9, '(2 GLVNRYH
&OHMJTI 'SBOÎBJT %FVUTDI *UBMJBOP &TQBxPM 3ULND]XMH L]ERUQLNH L SRUXNH QD HQJOHVNRP IUDQFXVNRP QMHPDþNRP WDOLMDQVNRP ãSDQMROVNRP &OHMJTI 'SFODI (FSNBO *UBMJBO 4QBOJTI 5HSURGXFLUD ]YXþQL ]DSLV QD RGDEUDQRP MH]LNX 0UIFS 3RJOHGDMWH 7DEOLFD NRGRYD MH]LND QD VWU L XQHVLWH N{G ]D YDã MH]LN
&OHMJTI 'SFODI (FSNBO *UBMJBO 4QBOJTI 3ULND]XMH WLWO QD RGDEUDQRP MH]LNX 0UIFS 3RJOHGDMWH 7DEOLFD NRGRYD MH]LND QD VWU L XQHVLWH N{G ]D YDã MH]LN
X 4VCUJUMF -BOHVBHF 3ULND]XMH L]ERUQLNH %' '9' GLVND QD MHGQDNRP MH]LNX NDR ]D WLWO &OHMJTI 'SFODI (FSNBO *UBMJBO 4QBOJTI 3ULND]XMH L]ERUQLNH %' '9' GLVND QD RGDEUDQRP MH]LNX 0UIFS 3RJOHGDMWH 7DEOLFD NRGRYD MH]LND QD VWU L XQHVLWH N{G ]D YDã MH]LN
4VCUJUMF %JTQMBZ
0O =D XNOMXþHQMH WLWOD 0GG =D LVNOMXþHQMH WLWOD
*[CPSOJL 1BSFOUBM $POUSPM
2YD IXQNFLMD RJUDQLþDYD UHSURGXNFLMX '9' 9, '(2 GLVNRYD L %' 520 GLVNRYD =D DNWLYDFLMX SRJOHGDMWH =DNOMXþDYDQMH GLVND VWU 7YRUQLþND SRGHãHQMD VX SRGFUWDQD /BQPNFOF
& 1H PRåHWH RJUDQLþLWL UHSURGXNFLMX DNR GLVN QHPD IXQNFLMX 3DUHQWDO &RQWURO & $NR ]DERUDYLWH ]DSRUNX ]D 3DUHQWDO &RQWURO WUHEDW üHWH UHVHWLUDWL XUHÿDM VWU 8]PLWH X RE]LU GD VH VYD SRGHãHQMD NRMD VWH L]YHOL WDNRÿHU YUDWH QD VYRMH SRþHWQH YULMHGQRVWL
$IBOHF 1BTTXPSE 4FU 1BTTXPSE
/FYU 4DSFFO 3RGHVLWH LOL SURPLMHQLWH ]DSRUNX ]D IXQNFLMX 3DUHQWDO &RQWURO 8UHÿDM üH ]DWUDåLWL XQRV ]DSRUNH SUL UHSURGXNFLML GLVNRYD ]D NRMD VX SRGHãHQD RJUDQLþHQMD LOL NRG SURPMHQH UD]LQH RJUDQLþHQMD $IBOHF -FWFM 3RGHVLWH UD]LQX RJUDQLþHQMD , ]ERUQLN ]DWUDåL ]DSRUNX DNR SRGHãHQD UD]LQD GLVND SUHOD]L RJUDQLþHQMH SRGHãHQR QD XUHÿDMX 7YRUQLþNR SRGHãHQMH MH 2II %7% $PVOUSZ $PEF 2YR RVLJXUDYD JOHGDQMH VFHQD QDPLMHQMHQLK ]D YDãH SRGUXþMH 7YRUQLþNR SRGHãHQMH MH XV
%7% 1BSFOUBM $POUSPM
#% 1BSFOUBM $POUSPM
$IBOHF "HF 3FTUSJDUJPO 3RGHVLWH UD]LQX RJUDQLþHQMD , ]ERUQLN ]DWUDåL ]DSRUNX DNR SRGHãHQD UD]LQD GLVND SUHOD]L RJUDQLþHQMH SRGHãHQR QD XUHÿDMX 7YRUQLþNR SRGHãHQMH MH #% $PVOUSZ $PEF 2YR RVLJXUDYD JOHGDQMH VFHQD QDPLMHQMHQLK ]D YDãH SRGUXþMH SUL UHSURGXNFLML %' 520 D 7YRUQLþNR SRGHãHQMH MH XV
*[CPSOJL 4QFBLFST
6OMHGHüH RSFLMH VX SRWUHEQH SUL XSRUDEL SULNOMXþQLFD 7YRUQLþND SRGHãHQMD VX SRGFUWDQD
&+ 287387
"VEJP 0VUQVU . PEF =D DQDORJQR SRYH]LYDQMH
$IBOOFM 2GDEHULWH RYX RSFLMX NRG VSDMDQMD QD $9 SRMDþDOR SULMHPQLN XSRUDERP $8', 2 287 / 5 SULNOMXþQLFD $IBOOFM 2GDEHULWH RYX RSFLMX NRG VSDMDQMD QD $9 SRMDþDOR SULMHPQLN XSRUDERP 287387 SULNOMXþQLFD &+
4QFBLFS 4FUVQ 2YR SRGHãHQMH XWMHþH QD L]OD] VLJQDOD L] &+ 287387 SULNOMXþQLFD
/FYU 4DSFFO 7LSNDPD 0 P RGDEHULWH SRGHãHQMH ]YXþQLND NRMH MH SRWUHEQR L]PLMHQLWL & & VUHGLãQML ]YXþQLN <HV LOL 1R & /V 5V OLMHYL VXUURXQG ]YXþQLN GHVQL VXUURXQG ]YXþQLN <HV LOL 1R & / 5 SUHGQML OLMHYL ]YXþQLN SUHGQML GHVQL ]YXþQLN /DUJH LOL 6PDOO 3RGHVLWH RSFLMX WLSNDPD & =D & L /V 5V RGDEHULWH MHVX OL ]YXþQLFL XNOMXþHQL X YDã VXVWDY & =D / 5 RGDEHULWH YHOLþLQX 2YR SRGHãHQMH MH LVNOMXþHQR DNR MH & LOL /V 5V MH SRGHãHQR QD 1R 3ULWLVQLWH (17(5 ]D SRKUDQX SRGHãHQMD
*[CPSOJL 0QUJPOT
3RGFUWDQH RSFLMH VX WYRUQLþND SRGHãHQMD
0O 4DSFFO %JTQMBZ 2GDEHULWH KRüH OL VH SULND]LYDWL VWDWXV UHSURGXNFLMH QD ]DVORQX 6WRS 3OD\ LWG "VUP 1PXFS 0GG 2GDEHULWH KRüH OL VH DNWLYLUDWL $XWR 3RZHU 2II IXQNFLMD XUHÿDMD
0O 3ULND]XMH VWDWXV UHSURGXNFLMH 0GG 6WDWXV UHSURGXNFLMH QLMH SULND]DQ 0O , VNOMXþXMH XUHÿDM NDG JD VH RVWDYL X ]DXVWDYOMHQRM UHSURGXNFLML LOL SDX]L EH] LNDNYLK SRVWXSDND PLQXWD 0GG 8UHÿDM RVWDQH XNOMXþHQ LOL EH] UDGD
&BTZ 4FUVQ 3RQRYQR SULPMHQMXMH (DV\ 6HWXS ]D L]YRÿHQMH RVQRYQLK SRGHãHQMD )%. * $POUSPM 2GDEHULWH KRüH OL VH DNWLYLUDWL +'0, &RQWURO IXQNFLMD XUHÿDMD VWU )ZCSJE %JTD 1MBZCBDL -BZFS 2GDEHULWH SULRULWHW VORMD SUL UHSURGXNFLML KLEULGQRJ GLVND , ]YDGLWH GLVN NDG SURPLMHQLWH SRGHãHQMH
4UBSU 3ULWLVQLWH (17(5 L SRJOHGDMWH VWU 0O =D XNOMXþHQMH IXQNFLMH 0GG =D LVNOMXþHQMH IXQNFLMH #% 5HSURGXFLUD %' VORM %7% 5HSURGXFLUD '9' VORM $% 5HSURGXFLUD &' VORM
3FTFUJSBOKF VSF BKB
0RåHWH YUDWLWL VYD SRGHãHQMD XUHÿDMD QD QMLKRYH WYRUQLþNH YULMHGQRVWL
. DG MH XUHÿDM XNOMXþHQ ]DGUåLWH [ QD SUHGQMRM SORþL L SULWLVQLWH #
8UHÿDM VH LVNOMXþL L VYD SRGHãHQMD VH YUDWH QD QMLKRYH WYRUQLþNH YULMHGQRVWL
6 TMV BKV QSPCMFNB
%PEBUOF JOGPSNBDJKF
$NR ]D YULMHPH XSRUDEH XUHÿDMD QDLÿHWH QD ELOR NRMX RG VOMHGHüLK SRWHãNRüD NRULVWLWH RYH VPMHUQLFH NRMH YDP PRJX SRPRüL SUL XNODQMDQMX VPHWQML $NR SUREOHP L GDOMH SRVWRML REUDWLWH VH QDMEOLåHP 6RQ\ VHUYLVX
/BQBKBOKF
6SF BK TF OF VLMKV VKF
3URYMHULWH MH OL PUHåQL NDEHO SUDYLOQR SULNOMXþHQ 8UHÿDMX WUHED SUL XNOMXþHQMX NUDWNR YULMHPH ]D SRþHWDN UDGD
4MJLB
/FNB TMJLF 1PKBWMKVKV TF TNFUOKF
3RQRYR þYUVWR VSRMLWH NDEHOH 6SRMQL NDEHOL VX RãWHüHQL 3URYMHULWH SULNOMXþDN QD 79 SULMHPQLN VWU L SRGHVLWH SUHNLGDþ ]D RGDELU XOD]QRJ VLJQDOD QD 79 SULMHPQLNX WDNR GD VH VOLND V %' XUHÿDMD SRMDYL QD ]DVORQX 'LVN MH ]DSUOMDQ LOL RãWHüHQ $NR L]OD]QL VLJQDO VOLNH V XUHÿDMD SUROD]L NUR] YLGHRXUHÿDM L GROD]L GR 79 SULMHPQLND LOL DNR VWH VSRMLOL XUHÿDM QD NRPELQDFLMX 79 YLGHR XUHÿDMD ]DãWLWD RG SUHVQLPDYDQMD NRMD VH SULPMHQMXMH NRG QHNLK %' '9' GLVNRYD PRåH XWMHFDWL QD NDNYRüX VOLNH $NR QDNRQ L]UDYQRJ VSDMDQMD XUHÿDMD QD 79 SULMHPQLN L GDOMH SRVWRML SUREOHP PROLPR SRNXãDMWH VSRMLWL XUHÿDM QD 6 9, '(2 XOD] 79 SULMHPQLND VWU 8UHÿDM MH VSRMHQ QD XOD]QL XUHÿDM NRML QLMH +'&3 NRPSD WLELODQ +'0, LQGLNDWRU QD SUHGQMRM SORþL QH VYLMHWOL 3RJOHGDMWH VWU $NR VH ]D L]OD] YLGHRVLJQDOD NRULVWL +'0, 287 SULNOMXþQLFD LOL &20321(17 9, '(2 287 SULNOMXþQLFH SUREOHP üH PRåGD ULMHãLWL SURPMHQD UD]OXþLYRVWL L]OD]QRJ VLJQDOD VWU 3ULWLVQLWH 9, '(2 )250$7 YLãH SXWD GRN VH VOLND QH SULNDåH SUDYLOQR 2YLVQR R GLVNX NYDOLWHWD VOLNH üH PRåGD ELWL ORãD NDG RSFLMD 9, '(2 )250$7 QLMH SRGHãHQD QD L þDN L NDG MH XUHÿDM VSRMHQ QD SURJUHVVLYH LOL +' 79 SRPRüX NRPSRQHQWQRJ NDEHOD LOL +'0, NDEHOD 8 WRP VOXþDMX SULWLVQLWH 9, '(2 )250$7 YLãH SXWD ]D RGDELU L 3UL UHSURGXNFLML GYRVORMQRJ '9' D NRG SULMHOD]D L]PHÿX VORMHYD PRåH GRüL GR NUDüHJ SUHNLGD VOLNH L ]YXND
& 6 TMV BKV QSPCMFNB & 'VOLDJKB EJKBHOPTUJLF & 1SJLB[ EJKFMPWB J LPOUSPMB & 3KF OJL & 5FIOJ LJ QPEBDJ & 5BCMJDB LPEPWB KF[JLB & 5BCMJDB LPEPWB GVOLDJKF 1BSFOUBM $POUSPM QPESV KB
/FNB TMJLF JMJ TMJLB TBESäJ ÝVN LPE TQBKBOKB QSFLP )%. * 065 QSJLMKV OJDF
3RNXãDMWH VOMHGHüH , VNOMXþLWH L SRQRYQR XNOMXþLWH XUHÿDM , VNOMXþLWH L SRQRYQR XNOMXþLWH SULNOMXþHQL XUHÿDM 2GVSRMLWH L SRQRYQR VSRMLWH +'0, NDEHO $NR VH ]D L]OD] YLGHRVLJQDOD NRULVWL +'0, 287 SULNOMXþ QLFD SUREOHP üH PRåGD ULMHãLWL SURPMHQD UD]OXþLYRVWL L]OD]QRJ VLJQDOD VWU 3ULWLVQLWH 9, '(2 )250$7 YLãH SXWD GRN VH VOLND QH SULNDåH SUDYLOQR
4MJLB OF JTQVOKBWB DJKFMJ [BTMPO BL J BLP KF GPSNBU TMJLF QPEFÝFO V 57 5ZQF QPE 7JEFP 4FUVQ
)RUPDW VOLNH GLVND MH ILNVQR SRGHãHQ ]D YDã %' '9' X 3RJOHGDMWH VWU
/JKF NPHV B SFQSPEVLDJKB EJTLB
'LVN MH XPHWQXW QDRSDNR 8PHWQLWH GLVN WDNR GD MH X XORåQLFL VWUDQD ]D UHSURGXNFLMX RNUHQXWD SUHPD GROMH 'LVN MH SRVWDYOMHQ XNRVR X XORåQLFL 8UHÿDM QH PRåH UHSURGXFLUDWL RGUHÿHQH GLVNRYH VWU 5HJLRQDOQL N{G %' '9' GLVND VH UD]OLNXMH RG NRGD XUHÿDMD 8 XUHÿDMX VH NRQGHQ]LUDOD YODJD VWU 8UHÿDM QH PRåH UHSURGXFLUDWL VQLPOMHQL GLVN NRML QLMH SUDYLOQR ILQDOL]LUDQ VWU 9LGHR]DSLV SUHOD]L *% 'DWRWHND QD '$7$ '9' X VDGUåL ]QDNRYH NRML QLVX EURMHYL QL ]QDNRYL HQJOHVNH DEHFHGH
5BNOP QPESV KF TMJLF KF QSFUBNOP 4WJKFUMP QPESV KF KF QSFTWJKFUMP JMJ OFQSJSPEOP
3RGHVLWH RSFLMX 9LGHR &RQWURO X $ 9 &RQWURO QD 6WDQGDUG WYRUQLþNR SRGHãHQMH VWU 3RGHVLWH VYDNL SDUDPHWDU VOLNH ]D 0HPRU\ X 9LGHR &RQWURO QD VUHGLQX WYRUQLþNR SRGHãHQMH VWU
/F NPäF TF SFQSPEVDJSBUJ . 1 BVEJP[BQJT TUS
;WVL
/FNB [WVLB
'LVN MH ]DSUOMDQ LOL RãWHüHQ 3RQRYQR þYUVWR SULNOMXþLWH VSRMQL NDEHO 6SRMQL NDEHO MH RãWHüHQ 8UHÿDM MH VSRMHQ QD SRJUHãQX XOD]QX SULNOMXþQLFX QD SRMDþDOX SULMHPQLNX VWU 8OD] SRMDþDOD SULMHPQLND QLMH SUDYLOQR SRGHãHQ 8UHÿDM MH X PRGX SDX]H LOL X PRGX XVSRUHQH UHSURGXNFLMH 8UHÿDM L]YRGL SUHWUDåLYDQMH GDWRWHNH $NR DXGLRVLJQDO QH L]OD]L L] ', *, 7$/ 287 237, &$/ LOL &2$;, $/ +'0, 287 SULNOMXþQLFH SURYMHULWH SRGHãHQMH ]YXND VWU $NR RSUHPD VSRMHQD QD +'0, 287 SULNOMXþDN QH RGJRYDUD IRUPDWX DXGLRVLJQDOD SRGHVLWH RSFLMX $XGLR +'0, X $XGLR 6HWXS QD 3&0 VWU
'$7$ '9' QLMH VQLPOMHQ X 03 IRUPDWX NRML MH XVNODÿHQ V 8') 8QLYHUVDO 'LVN )RUPDW VWDQGDUGRP $XGLRGDWRWHND QHPD HNVWHQ]LMX 03 3RGDFL QLVX RGJRYDUDMXüHJ IRUPDWD þDN L DNR LPDMX HNVWHQ]LMX 03 3RGDFL QLVX 03(* $XGLR /D\HU , , , SRGDFL 8UHÿDM QH PRåH UHSURGXFLUDWL DXGLR]DSLVH X PS 352 IRUPDWX 1D]LY GDWRWHNH VDGUåL ]QDNRYH NRML QLVX EURMHYL QL ]QDNRYL HQJOHVNH DEHFHGH
/JKF NPHV QSJLB[ GPUPHSBGJKB TUS
'LVN MH ]DSUOMDQ LOL RãWHüHQ '$7$ '9' QLMH VQLPOMHQ X -3(* IRUPDW NRML MH XVNODÿHQ V 8') 8QLYHUVDO 'LVN )RUPDW VWDQGDUGRP 'DWRWHND QHPD HNVWHQ]LMX -3(* LOL -3* 6OLND MH YHüD RG ãLULQD 7 YLVLQD X QRUPDOQRP PRGX 1HNH SURJUHVVLYH -3(* GDWRWHNH QH PRJX VH SUL ND]DWL þDN L DNR LPDMX YHOLþLQX XQXWDU QDYHGHQRJ NDSDFLWHWD 6OLND QH SULVWDMH X ]DVORQ VPDQMHQD MH )RUPDW IRWRJUDILMH QLMH XVNODÿHQ V '&) RP VWU 1D]LY GDWRWHNH VDGUåL ]QDNRYH NRML QLVX EURMHYL QL ]QDNRYL HQJOHVNH DEHFHGH
'HVLJQ UXOH IRU &DPHUD )LOH V\VWHP 6WDQGDUGL VOLNH ]D GLJLWDOQH IRWR DSDUDWH NRMH MH XVWDQRYLOD -(, 7$ -DSDQ (OHFWURQLFV DQG , QIRUPDWLRQ 7HFKQRORJ\ , QGXVWULHV $VVRFLDWLRQ
*[MB[ [WVLB OJKF QSBWJMBO
3URYMHULWH $XGLR 2XWSXW 0RGH X L]ERUQLNX 6SHDNHUV VWU DNR ]D DXGLRSRYH]LYDQMH NRULVWLWH $8', 2 287 / 5 SULNOMXþQLFH LOL &+ 287387 SULNOMXþQLFH
/F VKF TF [WVL QSFLP )%. * 065 QSJLMKV OJDF
3RNXãDMWH VOMHGHüH , VNOMXþLWH L SRQRYQR XNOMXþLWH XUHÿDM , VNOMXþLWH L SRQRYQR XNOMXþLWH SULNOMXþHQL XUHÿDM 2GVSRMLWH L SRQRYQR VSRMLWH +'0, NDEHO +'0, 287 SULNOMXþQLFD MH VSRMHQD QD '9, XUHÿDM '9, SULNOMXþQLFH QH SULPDMX DXGLRVLJQDOH
/B[JW EBUPUFLF OJKF QSBWJMOP QSJLB[BO
8UHÿDM PRåH SULND]DWL VDPR EURMHYH L VORYD HQJOHVNH DEHFHGH 'UXJL ]QDNRYL PRJX ELWL SULND]DQL UD]OLþLWR 2YLVQR R VRIWYHUX NRML VH NRULVWLR ]D VQLPDQMH XQHVHQL ]QDNRYL PRJX ELWL SULND]DQL UD]OLþLWR
;WVL KF QSFUJI
5D]LQD JODVQRüH MH QLVND QD QHNLP %' '9' GLVNRYLPD *ODVQRüD VH PRåH SREROMãDWL DNR SRGHVLWH RSFLMX $XGLR &RQWURO X $ 9 &RQWURO VWU
3FQSPEVLDJKB EJTLB TF OF QPLSF F PE QP FULB
2GDEUDQD MH 5DQGRP LOL 5HSHDW UHSURGXNFLMD VWU 8NOMXþHQD MH 5HVXPH UHSURGXNFLMD VWU
6SF BK BVUPNBUTLJ QP JOKF SFQSPEVLDJKV EJTLB
3VLPWBOKF
%BMKJOTLJ VQSBWMKB OF SBEJ
%DWHULMH GDOMLQVNRJ XSUDYOMDþD VX VODEH VWU 8NORQLWH SUHSUHNH L]PHÿX GDOMLQVNRJ XSUDYOMDþD L XUHÿDMD 3ULPDNQLWH GDOMLQVNL XSUDYOMDþ EOLåH XUHÿDMX 8VPMHULWH GDOMLQVNL XSUDYOMDþ SUHPD VHQ]RUX QD XUHÿDMX
'LVN VDGUåL IXQNFLMX DXWRPDWVNH UHSURGXNFLMH
3FQSPEVLDJKB TF BVUPNBUTLJ [BVTUBWMKB
3UL UHSURGXNFLML GLVND NRML LPD VLJQDO DXWRPDWVNH SDX]H XUHÿDM ]DXVWDYOMD UHSURGXNFLMX NDG SUHSR]QD WDM VLJQDO
OBTUBWMKB TF
/JKF NPHV F J[WP FOKF OFLJI GVOLDJKB LBP ÝUP KF [BVTUBWMKBOKF QSFUSBäJWBOKF VTQPSFOB SFQSPEVL DJKB QPOBWMKBOKF SFQSPEVLDJKF JMJ SFQSPEVLDJKB V TMV BKOPN SFEPTMJKFEV
2YLVQR R GLVNX PRåGD QHüHWH PRüL NRULVWLWL QHNH RG QDYHGHQLK IXQNFLMD 3RJOHGDMWH XSXWH ]D XSRUDEX GLVND
6MPäOJDB EJTLB TF OF PUWBSB J OB QPLB[JWB V TF QPKBWMKVKF QPSVLB -0$,
2EUDWLWH VH VYRP 6RQ\ SURGDYDWHOMX LOL RYODãWHQRP 6RQ\ VHUYLVX
6MPäOJDB EJTLB TF OF PUWBSB J OF NPäFUF J[WBEJUJ EJTL BL J OBLPO QSJUJTLB OB UJQLV =
8NOMXþLWH XUHÿDM ýLP VH SRMDYL 32:(5 21 QD SRND]LYDþX SULWLVQLWH [ QD XUHÿDMX QH QD GDOMLQVNRP XSUDYOMDþX YLãH SXWD GRN VH XORåQLFD QH RWYRUL 3RQRYLWH QDYHGHQL SRVWXSDN QHNROLNR SXWD DNR VH XORåQLFD QH RWYRUL SUL SUYRP SRNXãDMX
/JKF NPHV B QSPNKFOB KF[JLB EJKBMPHB
3RNXãDMWH NRULVWLWL L]ERUQLN %' LOL '9' GLVND XPMHVWR L]UDYQRJ RGDELUD WLSNRP QD GDOMLQVNRP XSUDYOMDþX VWU 8ORåHQL %' '9' QH VDGUåL YLãHMH]LþQH ]YXþQH ]DSLVH 1D %' '9' GLVNX MH RQHPRJXüHQD SURPMHQD MH]LND GLMDORJD
/JKF NPHV B QSPNKFOB KF[JLB UJUMB JMJ TF UJUMPWJ OF NPHV JTLMKV JUJ
3RNXãDMWH NRULVWLWL L]ERUQLN %' LOL '9' GLVND XPMHVWR L]UDYQRJ RGDELUD WLSNRP QD GDOMLQVNRP XSUDYOMDþX VWU 8ORåHQL %' '9' QH VDGUåL YLãHMH]LþQH WLWORYH 1D %' '9' GLVNX MH RQHPRJXüHQD SURPMHQD MH]LND WLWOD
1SJ SFQSPEVLDJKJ %"5" %7% EJTLB QPKBWJ TF 6/1-":"#-&
3RJOHGDMWH WDNRÿHU 1LMH PRJXü SULND] IRWRJUDILMD LOL 1H PRåH VH UHSURGXFLUDWL 03 DXGLR]DSLV VWU 03 DXGLR]DSLV -3(* VOLNRYQD GDWRWHND NRMX åHOLWH UHSURGXFLUDWL MH RãWHüHQD 3RGDFL QLVX 03(* $XGLR /D\HU , , , SRGDFL -3(* VOLNRYQD GDWRWHND QLMH XVNODÿHQD V '&) VWDQGDUGRP VWU -3(* VOLND LPD HNVWHQ]LMX -3* LOL -3(* DOL QLMH X -3(* IRUPDWX
'HVLJQ UXOH IRU &DPHUD )LOH V\VWHP 6WDQGDUGL VOLNH ]D GLJLWDOQH IRWR DSDUDWH NRMH MH XVWDQRYLOD -(, 7$ -DSDQ (OHFWURQLFV DQG , QIRUPDWLRQ 7HFKQRORJ\ , QGXVWULHV $VVRFLDWLRQ
/JKF NPHV B QSPNKFOB LVUB LBNFSF
3RNXãDMWH NRULVWLWL L]ERUQLN %' LOL '9' GLVND XPMHVWR L]UDYQRJ RGDELUD WLSNRP QD GDOMLQVNRP XSUDYOMDþX VWU 8ORåHQL %' '9' QH VDGUåL YLãH NXWRYD NDPHUH 1D %' '9' GLVNX MH RQHPRJXüHQD SURPMHQD NXWRYD NDPHUH
6SF BK OF SFBHJSB OJ OB LPKV UJQLV
=DGUåLWH # QD XUHÿDMX GXåH RG SHW VHNXQGL VYH GRN VH LQGLNDWRUL QD SRND]LYDþX QH LVNOMXþH
)%. * $POUSPM GVOLDJKB OF SBEJ
. DG QD SRND]LYDþX QH VYLMHWOL +'0, SURYMHULWH +'0, SULNOMXþDN VWU 3RGHVLWH RSFLMX +'0, &RQWURO QD 2Q VWU 3URYMHULWH MH OL VSRMHQD NRPSRQHQWD NRPSDWLELOQD V IXQNFLMRP +'0, &RQWURO =D GHWDOMH SRJOHGDMWH XSXWH ]D XSRUDEX NRPSRQHQWH 3URYMHULWH MH OL PUHåQL NDEHO VSRMHQH NRPSRQHQWH þYUVWR SULNOMXþHQ 3URYMHULWH SRGHãHQMD ]D IXQNFLMX +'0, &RQWURO QD VSRMHQRM NRPSRQHQWL 3RJOHGDMWH XSXWH ]D XSRUDEX WH NRPSRQHQWH $NR SURPLMHQLWH +'0, SRYH]LYDQMH VSRMLWH L RGVSRMLWH PUHåQL NDEHO LOL VH SUHNLQH QDSDMDQMH SRGHVLWH RSFLMX +'0, &RQWURO QD 2II ]DWLP SRGHVLWH RSFLMX +'0, &RQWURO QD 2Q VWU =D GHWDOMH R IXQNFLML +'0, &RQWURO SRJOHGDMWH 2 ]QDþDM NDPD µ%5$9, $¶ 7KHDWUH 6\QF VDPR ]D +'0, SRYH]LYDQMD VWU
+F[JL J[CPSOJLB OB [BTMPOV TF BVUPNBUTLJ NJKFOKB
. DG MH RSFLMD +'0, &RQWURO SRGHãHQD QD 2Q VWU MH]LN L]ERUQLND QD ]DVORQX VH DXWRPDWVNL PLMHQMD X VNODGX V SRGHãHQMHP MH]LND VSRMHQRJ 79 SULMHPQLND LWG DNR SURPLMHQLWH SRGHãHQMH QD YDãHP 79 X LWG
6SF BK OF SBEJ LBLP USFCB
. DG XUHÿDM QH UDGL QRUPDOQR X VOXþDMX VWDWLþNRJ HOHNWULFLWHWD L VO RGVSRMLWH JD
'VOLDJKB EJKBHOPTUJLF
. DG VH DNWLYLUD IXQNFLMD DXWRPDWVNH GLMDJQRVWLNH NDNR EL VSULMHþLOD QHLVSUDYDQ UDG XUHÿDMD QD ]DVORQX üH VH SULND]DWL (55 N{G JUHãNH NRML R]QDþDYD X]URN SUREOHPD
, ÙE HSFÝLF $$&6 (55 /6, (55 /6, (55 /6, (55 0(0 (55 )/$6+ (55 520 (55 6[SPL J JMJ QPTUVQBL PULMBOKBOKB QSPCMFNB *UHãND $$&6 þLWDQMD W, ]YDGLWH ]DãWLüHQL GLVN W2EUDWLWH VH 6RQ\ SURGDYDþX LOL RYODãWHQRP 6RQ\ VHUYLVX L QDYHGLWH N{G JUHãNH
1SJLB[ EJKFMPWB J LPOUSPMB
7LSNH QD GDOMLQVNRP XSUDYOMDþX L RYRP XUHÿDMX LPDMX LVWX IXQNFLMX DNR LPDMX MHGQDN LOL VOLþDQ QD]LY =D GHWDOMH SRJOHGDMWH VWUDQLFH X ]DJUDGDPD
1SFEOKB TUSBOB
# 8NOMXþXMH XUHÿDM LOL JD SRGHãDYD X SULSUDYQR VWDQMH 6YLMHWOL ELMHOR GRN MH XUHÿDM XNOMXþHQ 6MPäOJDB EJTLB +;[ 3RþLQMH SDX]LUD LOL ]DXVWDYOMD UHSURGXNFLMX !3UHOD]L QD SUHWKRGQR VOMHGHüH SRJODYOMH LOL ]DSLV 3UHWUDåXMH XQDSULMHG LOL XQDWUDJ DNR ]DGUåLWH SULWLVQXWRP $ 2WYDUD LOL ]DWYDUD XORåQLFX GLVND
)%. * JOEJLBUPS 6YLMHWOL NDG MH VSRMHQ +'0, XUHÿDM )% JOEJLBUPS 6YLMHWOL NRG L]OD]D S L S YLGHRVLJQDOD
'- 0'' JOEJLBUPS 6YLMHWOL NDG VX SRND]LYDþ L GUXJL LQGLNDWRUL QD SUHGQMRM SORþL LVNOMXþHQL 4FO[PS EBMKJOTLPH VQSBWMKB B #MV SBZ %JTD JOEJLBUPS 6YLMHWOL NDG XUHÿDM SUHSR]QD %' 6YLMHWOL QHNROLNR VHNXQGL QDNRQ XNOMXþHQMD XUHÿDMD 1PLB[JWB
1PLB[JWB
+P 6YLMHWOL WLMHNRP UHSURGXNFLMH *OGPSNBDJKF P SFQSPEVLDJKJ
] 4BWKFU 0RåHWH SURPLMHQLWL VYMHWOLQX SRND]LYDþD SULWLVNRP WLSNH ', 00(5 VWU
, QIRUPDFLMH R UHSURGXNFLML VX SULND]DQH QD VOMHGHüL QDþLQ
1SJNKFS 1SJ SFQSPEVLDJKJ B %7% 7*%&0 JMJ #% 30. [. . . ] EJTLB
#SPK UFLV FH OBTMPWB #SPK UFLV FH QPHMBWMKB 8]PLWH X RE]LU GD EURM SRJODYOMD QLMH SULND]DQ DNR SURWHNOR YULMHPH QDVORYD SUHOD]L VDWL 1SPUFLMP WSJKFNF OBTMPWB
4USBäOKB TUSBOB
=D SRYH]LYDQMD SRJOHGDMWH VWU GR
"$ */ QSJLMKV OJDB )%. * 065 QSJLMKV OJDB 7*%&0 065 7*%&0 4 7*%&0 QSJLMKV OJDF $0. 10/&/5 7*%&0 065 : 1# $# 13 $3 QSJLMKV OJDF %*(*5"- 065 $0"9*"- 015*$"- QSJLMKV OJDF
"6%*0 065 - 3 QSJLMKV OJDF $) 065165 '30/5 - 3 3&"3 - 3 $&/5&3 800'&3 QSJLMKV OJDF
3KF OJL
#% 30. [. . . ]