7HKQLaNDSUHSRUXNDEU ,]ERULSRODJDZHHQHUJHWVNLKNDEORYD XHOHNWURGLVWULEXWLYQLPPUHCDPD N9N9N9L LN9 ,9L]GDZH VHSWHPEDU
(36 ',5(.&,-$ =$ ',675,%8&,-8 (/(.75,A1( (1(5*,-(%HRJUDG 9RMYRGH 6WHSH
7HKQLaNDSUHSRUXNDEU
,]ERULSRODJDZHHQHUJHWVNLKNDEORYDXHOHNWURGLVWULEXWLYQLPPUHCDPD
N9N9N9LLN9
,9L]GDZH
VHSWHPEDU
2YLP SUHVWDMH GD YDCL WHKQLaND SUHSRUXND EU RG RNWREUD JRGLQH
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
,='$9$A ,RJ L]GDZD QRYHPEDU 326/2912 8'58#(:( (/(.752',675,%8&,-( 65%,-(
,='$9$A ,,RJ L]GDZD GHFHPEDU 326/2912 8'58#(:( (/(.752',675,%8&,-( 65%,-(
,='$9$A ,,,RJ L]GDZD RNWREDU 326/2912 8'58#(:( (/(.752',675,%8&,-( 65%,-(
,='$9$A ,9RJ L]GDZD VHSWHPEDU (36 ',5(.&,-$ =$ ',675,%8&,-8 (/(.75,A1((1(5*,-(
7HKQLaNR XUH_HZH 7RPLVODY %RMNRYL`.RUHNWXUD 7RPLVODY %RMNRYL`5DaXQDUVND REUDGD FUWHCD 9ODGLPLU .UVWL` L %LTDQD 6WRMDQRYL`>WDPSD 067 *DML` %HRJUDG7LUDC SULPHUDND
1DSRPHQH X] ,9R L]GDZH 73
,9R L]GDZH 73 MH UDaXQDUVNL REUD_HQR L SULSUHPTHQR ]D NRPSDNWGLVN 3R VDGUCDMX RYR L]GDZH VH UD]OLNXMH RG ,,,RJ L]GDZD RG RNWREUD JRGLQH SR WRPH ^WR MH
• XEDaHQR QRYR SRJODYTH
• XQHWH L]PHQH L GRSXQH EU
• GHWDTQLMH REUD_HQD SRJODYTD L
• LVSUDYTHQH XRaHQH ^WDPSDUVNH JUH^NH
• L]PHZHQL QHNL GHORYL NRML VH SR]LYDMX QD SRMHGLQH VWDQGDUGH NDRL WDaNH GUXJLK SUHSRUXND NRMH VX X PH_XYUHPHQX L]PHZHQH
• XQHWH WHUPLQROR^NH L GUXJH L]PHQH X VNODGX VD QRYLPVWDQGDUGLPD L GLVWULEXWLYQRP SUDNVRP
.RG SR]LYDZD QD QHNX WHKQLaNX SUHSRUXNX (' 6UELMH WUHED NRULVWLWLQDMQRYLMH L]GDZH RGJRYDUDMX`H SUHSRUXNH
5DGQD JUXSD ]D L]UDGX 73
VHSWHPEDU
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
,] DUKLYH
1D RVQRYX SUHGORJD 5DGQH JUXSH .RPLVLMD ]D WHKQLaND SLWDZD SUL 3RVORYQRP XGUXCHZX HOHNWURGLVWULEXFLMH 6UELMH XVYDMD
7(+1,A.8 35(3258.8 EU
,]ERU L SRODJDZH HQHUJHWVNLK NDEORYD
X HOHNWURGLVWULEXWLYQLP PUHCDPD
N9 N9 N9 LL N9
,,,H L]GDZH
3UHGORCHQD UH^HZD VX X VNODGX VD YDCH`LP SURSLVLPD L VWDQGDUGLPD L]DGRYRTDYDMX ]DKWHYH VLJXUQRVWL IXQNFLRQDOQRVWL L HNRQRPLaQRVWL
AODQRYL 7HKQLaNRJ VDYHWD
-RYDQ 0LOL` (OHNWURGLVWULEXFLMD %HRJUDG
GU 'UDJXWLQ 6WDQRMHYL` (OHNWURGLVWULEXFLMD %HRJUDG 5RGRTXE 0DUNRYL` (OHNWURVUELMD .UDTHYR %UDQH 1LMHPaHYL` (OHNWUR^XPDGLMD .UDJXMHYDF 0LRGUDJ 3DYNRYL` (OHNWURWLPRN =DMHaDU 0LORMH -H]GLPLURYL` (OHNWURGLVWULEXFLMD 8CLFH PU -RVLI 6SLUL` (OHNWURGLVWULEXFLMD /HVNRYDF 6WDQL^D 7DVL` (OHNWURGLVWULEXFLMD 9UDZH =RUDQ 0DQaL` (OHNWURGLVWULEXFLMD 3LURW =ODWNR *DYUDQ (OHNWURPRUDYD 3RCDUHYDF 3DQWD *UNRYL` (OHNWURNRVPHW 3UL^WLQD /XND *HRUJLMHYL` (OHNWURYRMYRGLQD 1RYL 6DG 7RPLVODY %RMNRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG )HGRUD /RQaDUHYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG .UVWR #LCL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
AODQRYL 5DGQH JUXSH
%RULVODY /DOHYL` (OHNWURGLVWULEXFLMD %HRJUDG =RUDQ 'DQL` (OHNWURYRMYRGLQD 1RYL 6DG %REDQ 0LODQRYL` (OHNWUR^XPDGLMD .UDJXMHYDF PU #LYNR 'REURVDYTHYL` )DEULND NDEORYD 6YHWR]DUHYR PU 0LURVODY 3DYORYL` )DEULND NDEORYD =DMHaDU 7RPLVODY %RMNRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
RNWREDU
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
1D RVQRYX SUHGORJD 5DGQH JUXSH 7HKQLaNL VDYHW (36 'LUHNFLMD ]D GLVWULEXFLMX HOHNWULaQH HQHUJLMH 6UELMH MH QD RP VDVWDQNX NRML MH RGUCDQ JRGLQH X 6XUGXOLFL GRQHR RGOXNX XVYDMD VH
7(+1,A.$35(3258.$EU
,]ERULSRODJDZHHQHUJHWVNLKNDEORYDXHOHNWURGLVWULEXWLYQLPPUHCDPD
N9N9N9LN9
,9 L]GDZH
3UHGORCHQD UH^HZD VX X VNODGX VD YDCH`LP SURSLVLPD L VWDQGDUGLPD L]DGRYRTDYDMX ]DKWHYH VLJXUQRVWL IXQNFLRQDOQRVWL L HNRQRPLaQRVWL
AODQRYL 7HKQLaNRJ VDYHWD
PU 0LODGLQ 7DQDVNRYL` 3UHGVHGQLN 7HKQLaNRJ VDYHWD (OHNWURGLVWULEXFLMD %HRJUDG
GU -RVLI 6SLUL` (OHNWURGLVWULEXFLMD /HVNRYDF PU =RUDQ 5LVWDQRYL` (OHNWURYRMYRGLQD 1RYL 6DG 'UDJDQ %DONRVNL (36 %HRJUDG 0LORVDY )LOLSRYL` (OHNWURVUELMD .UDTHYR 0LRGUDJ 3DYNRYL` (OHNWURWLPRN =DMHaDU 0LRGUDJ 0LTNRYL` (OHNWURGLVWULEXFLMD 9UDZH 0LRGUDJ 6LPL` (OHNWURGLVWULEXFLMD %HRJUDG 0LRGUDJ $Q_HONRYL` (OHNWURNRVPHW 3UL^WLQD 0LRGUDJ 5LVWL` (OHNWURPRUDYD 3RCDUHYDF 0LWDU $OHNVL` (OHNWUR^XPDGLMD .UDJXMHYDF 'UDJRTXE =GUDYNRYL` (OHNWURGLVWULEXFLMD 1L^ #DUNR 0L`LQ (OHNWURYRMYRGLQD 1RYL 6DG $OHNVDQGDU 3HWURYL` (OHNWURVUELMD 9DTHYR )HGRUD /RQaDUHYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG 6ORERGDQ .XMRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
AODQRYL 5DGQH JUXSH
GU 6WRMDQ 1LNRODMHYL` (OHNWURGLVWULEXFLMD %HRJUDG =YRQNR 0LWURYL` )DEULND NDEORYD -DJRGLQD +DQD $OEDKDUL #LJUDL 1RYNDEO 1RYL 6DG %UDQLVODY 6WHYDQRYL` (OHNWURVUELMD -DJRGLQD $OHNVDQGDU 0RJLQ (OHNWURYRMYRGLQD 1RYL 6DG 7RPLVODY %RMNRYL` (36 'LUHNFLMD ]D GLVWULEXFLMX
VHSWHPEDU
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
236(* 9$#(:$ , 1$0(1$
2YD SUHSRUXND VH RGQRVL QD L]ERU L SRODJDZH SRG]HPQLK HQHUJHWVNLK NDEORYD NRML VH NRULVWH X HOHNWURGLVWULEXWLYQLP PUHCDPD
6UELMH QD]LYQLK QDSRQD N9 N9 N9 L N92YD SUHSRUXND VH QH RGQRVL QD NRQVWUXNFLMH NDEORYD SRVHEQH QDPHQHNDR QD NDEORYH RWSRUQH SUHPD JRUHZX UXGDUVNH NDEORYH NDR L QDVLJQDOQH NDEORYH,]ERU L SRODJDZH QDG]HPQLK HQHUJHWVNLK NDEORYD VDPRQRVH`L NDEORYVNL VQRSRYL YU^L VH SUHPD 73 (' 6UELMH
2YD SUHSRUXND MH XVDJOD^HQD VD YDCH`LP WHKQLaNLP SURSLVLPD LVWDQGDUGLPD NDR L VD WHKQLaNLP SUHSRUXNDPD (' 6UELMH
2YD SUHSRUXND WUHED GD
• RGUHGL RVQRYQH XVORYH X NRMLPD WUHED GD UDGL HQHUJHWVNL NDEO
• L]YU^L WLSL]DFLMX RVQRYQLK NRQVWUXNFLMD HQHUJHWVNLK NDEORYD SRQDSRQVNLP QLYRLPD NRMH QDMYL^H RGJRYDUDMX XVORYLPD UDGD LHNVSORDWDFLMH HOHNWURGLVWULEXWLYQLK PUHCD
• L]YU^L WLSL]DFLMX SUHVHND SURYRGQLND L HOHNWULaQH ]D^WLWH
• SUHSRUXaL RVQRYQH QDaLQH SRODJDZD HQHUJHWVNLK NDEORYD NDR LSRVHEQH XVORYH SRODJDZD X VSHFLMDOQLP XVORYLPD XNU^WDZH VDSXWHYLPD L CHOH]QLFRP SRODJDZH SUHNR PRVWRYD XNU^WDZH LSDUDOHOQR YR_HZH VD WHOHNRPXQLNDFLRQLP YRGRYLPD WRSORYRGRPYRGRYRGRP L GUXJLP NRPXQDOQLP LQVWDODFLMDPD
• SUHSRUXaL QDaLQH VSDMDZD SURYRGQLND L L]UDGX NDEORYVNLK VSRMQLFD L ]DYU^QLFD
• SUHSRUXaL LVSLWLYDZH HQHUJHWVNRJ NDEOD
• XWYUGL SURUDaXQ GR]YRTHQLK VWUXMQLK RSWHUH`HZD HQHUJHWVNLK NDEORYD
• SUHSRUXaL QDaLQ NRUL^`HZD HQHUJHWVNLK NDEORYD NDR X]HPTLYDaD
7(50,1, , '(),1,&,-(
.DEO YUVWD HOHNWULaQRJ YRGD NRML VH VDVWRML RG MHGQH LOL YL^H CLODL RGJRYDUDMX`LK ]D^WLWQLK VORMHYD
3URYRGQLN PHWDOQL GHR NDEOD QDPHZHQ SURYR_HZX VWUXMH
#LOD GHR NDEOD NRML VH VDVWRML RG SURYRGQLND L]RODFLMH L VODERSURYRGQLK VORMHYD DNR SRVWRMH
-H]JUR NDEOD VNXS SRXCHQLK CLOD VD RGJRYDUDMX`RP LVSXQRP DNRSRVWRML
,VSXQD HOHPHQW NDEOD NRMLP VH LVSXZDYD PH_XSURVWRU L]PH_X CLODGD EL VH GRELR NUXCQL SUHVHN NDEOD $NR MH LVSXQD QDaLZHQD RGVODERSURYRGQRJ PDWHULMDOD RQD VOXCL NDR SURYRGQD YH]D L]PH_XHOHNWULaQH ]D^WLWH L VODERSURYRGQLK VORMHYD RNR CLOD NDEOD
3OD^W ]D^WLWQL VORM RG SROLYLQLOKORULGD 39& LOL SROLHWLOHQD
3( NRML ^WLWL HOHPHQWH NDEOD RG YODJH L KHPLMVNLK XWLFDMD D XPDZRM PHUL L RG PHKDQLaNLK R^WH`HZD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
0HWDOQL SOD^W EH^DYQD FHY RG RORYD LOL DOXPLQLMXPD NRMD VH SRVWDYTD SUHNR MH]JUD NDEOD VD FLTHP GD ^WLWL L]RODFLMX RG YODJH LKHPLMVNLK LOL PHKDQLaNLK R^WH`HZD
$UPDWXUD VORM RG PHWDOQLK WUDND LOL CLFD NRML ^WLWL NDEO RGSUHNRPHUQLK PHKDQLaNLK QDSUH]DZD L R^WH`HZD NDEOD
6ODERSURYRGQL VORM HNUDQ NDEOD VORM NRML VH SRVWDYTD LVSRG L]RODFLMH L L]QDG L]RODFLMH L VOXCL ]D UDGLMDOQR REOLNRYDZH L RJUDQLaHZH HOHNWULaQRJ SRTD
(OHNWULaQD ]D^WLWD PHWDOQL VORM NRML VOXCL ]D RJUDQLaHZH HOHNWULaQRJ SRTD ]D RGYR_HZH VWUXMH ]HPTRVSRMD L ]D^WLWX RG LQGLUHNWQRJ GRGLUD .RG MHGQRCLOQLK NDEORYD HOHNWULaQD ]D^WLWD VH SRVWDYTD L]QDG VODERSURYRGQRJ VORMD L]RODFLMH GRN NRG WURCLOQLKNDEORYD RQD PRCH GD VH SRVWDYL SUHNR VYDNH CLOH LOL GD EXGH]DMHGQLaND ]D VYH CLOH
.DEORYVNL VQRS SRXCHQL VQRS MHGQRCLOQLK HQHUJHWVNLK NDEORYD
1D]QDaHQH NDUDNWHULVWLNH QXPHULaNH YUHGQRVWL YHOLaLQD QDSRQVWUXMD LWG NRMH GHILQL^X UDG NDEOD X XVORYLPD NRML VX XWYU_HQL XVWDQGDUGLPD L VOXCH ]D LVSLWLYDZH L JDUDQFLMX SURL]YR_DaD
3ROLPHU L]RODFLMD PDWHULMDOL JUXSD PDWHULMDOD ]D L]RODFLMX ND
EORYD RG SROLYLQLOKORULGD 39& WHUPRSODVWLaQRJ SROLHWLOHQD
3( L XPUHCHQRJ SROLHWLOHQD 83(
7(+1,A., 32'$&, , 32*216., 86/29,
(QHUJHWVNL NDEO WUHED GD EXGH NRQVWUXLVDQ SURL]YHGHQ L LVSLWDQ XVNODGX VD SUL]QDWLP VYHWVNLP GRVWLJQX`LPD L VOHGH`LP VWDQGDUGLPD
• -86 1& .DEORYL VD L]RODFLMRP RG LPSUHJQLVDQRJ SDSLUD L
PHWDOQLP SOD^WRP ]D QD]LYQH QDSRQH GR N9
• -86 1& ,VSLWLYDZH NDEORYD VD L]RODFLMRP RG LPSUHJQL
VDQRJ SDSLUD L PHWDOQLP SOD^WRP ]D QD]LYQH QDSRQH GR N9
• -86 1& .DEORYL VD L]RODFLMRP RG WHUPRSODVWLaQLK PDVD QDED]L SROLYLQLOKORULGD VD SOD^WRP RG SROLYLQLOKORULGD LOL
WHUPRSODVWLaQRJ SROLHWLOHQD ]D QDSRQH GR N9
• -86 1& ,VSLWLYDZH NDEORYD VD L]RODFLMRP RG WHUPRSODVWLaQLK PDVD QD ED]L SROLYLQLOKORULGD VD SOD^WRP RG SROLYL
QLOKORULGD LOL WHUPRSODVWLaQRJ SROLHWLOHQD ]D QDSRQH GR N9
• -86 1& .DEORYL VD L]RODFLMRP RG WHUPRSODVWLaQRJ LOLXPUHCHQRJ SROLHWLOHQD VD SOD^WRP RG WHUPRSODVWLaQLK LOL HOD
VWRPHUQLK PDVD ]D QD]LYQH QDSRQH RG N9 GR N9
• -86 1& ,VSLWLYDZH NDEORYD VD L]RODFLMRP RG WHUPRSODVWLaQRJ LOL XPUHCHQRJ SROLHWLOHQD VD SOD^WRP RG WHUPRSODVWLa
QLK LOL HODVWRPHUQLK PDVD ]D QD]LYQH QDSRQH RG N9 GR N9
• -86 ,(& (QHUJHWVNL NDEORYL VD HNVWUXGRYDQLP SXQLP GLH
OHNWULNRP ]D QD]LYQH QDSRQH RG N9 GR N9
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
(QHUJHWVNL NDEO `H UDGLWL X QRUPDOQLP XVORYLPD
• QDMYL^D WHPSHUDWXUD YD]GXKD R&
• QDMQLCD WHPSHUDWXUD YD]GXKD R&
• VUHGZD JRGL^ZD WHPSHUDWXUD YD]GXKD R& L WOD R&
(QHUJHWVNL NDEO `H UDGLWL X GLVWULEXWLYQRM PUHCL X NRMRM QDMYL^LSRJRQVNL QDSRQ L]QRVL
• N9 X PUHCL QD]LYQRJ QDSRQD N9
• N9 X PUHCL QD]LYQRJ QDSRQD N9
• N9 X PUHCL QD]LYQRJ QDSRQD N9
8]HPTHZD QHXWUDOQLK WDaDND GLVWULEXWLYQLK PUHCD N9 N9L N9 L]YRGH VH SUHPD 73 (' 6UELMH
D 1HXWUDOQD WDaND PUHCH N9 L N9 MH L]RORYDQD LOL X]HPTHQDSUHNR QLVNRRPVNH LPSHGDQVH
E 1HXWUDOQD WDaND PUHCH N9 MH X]HPTHQD SUHNR QLVNRRPVNH LPSHGDQVH
8 GLVWULEXWLYQLP PUHCDPD 6UELMH WLSL]LUDQH VX VOHGH`H YUHGQRVWL PDNVLPDOQLK GR]YRTHQLK WURID]QLK VLPHWULaQLK VWUXMDVQDJD NUDWNLK VSRMHYD L ]HPTRVSRMD
• PUHCD N9 N$ 09$
• PUHCD N9 N$ 09$
• PUHCD N9 N$ 09$7LSVND YUHGQRVW VWUXMH ]HPTRVSRMD X X]HPTHQLP PUHCDPD N9
N9 L N9 MH $ 8 PUHCL N9 L N9 VWUXMD ]HPTRVSRMD PRCH
GD EXGH L YH`D RG $ DOL QDMYL^H $ 73
9UHPH WUDMDZD NUDWNRJ VSRMD L]QRVL QDMYL^H
• V X PUHCL N9 L N9
• V X PUHCL N9
9UHPH WUDMDZD ]HPTRVSRMD W] SUHPD 73D L]QRVLD X L]RORYDQLP PUHCDPD N9 L N9
• W] ≤ V DNR YUHGQRVW XNXSQH NDSDFLWLYQH VWUXMH ]HPTRVSRMD SUHOD]L $
• W] ≤ K DNR YUHGQRVW XNXSQH NDSDFLWLYQH VWUXMH ]HPTRVSRMD QH
SUHOD]L $E X X]HPTHQLP PUHCDPD N9 N9 L N9
• W] ≤ V X PUHCL N9 L N9
• W] ≤ V X PUHCL N9
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
,=%25 .$%/29$ 1,6.2* 1$321$ N9
8 PUHCL QLVNRJ QDSRQD SUHSRUXaXMH VH SULPHQD GYD RVQRYQD WLSDNDEOD QD]QDaHQRJ QDSRQD N9 VO
D 7LS 33$6- -86 1&7R MH aHWYRURCLOQL NDEO VD MHGQRCLaQLP VHNWRUVNLP DOXPLQLMXPVNLP
SURYRGQLFLPD 6ROLGDO 39& L]RODFLMRP LVSXQRP RG JXPH LOL 39&DL 39& SOD^WRP
E 7LS ;3$6- -86 1&7R MH aHWYRURCLOQL NDEO VD MHGQRCLaQLP VHNWRUVNLP DOXPLQLMXPVNLP
SURYRGQLFLPD L]RODFLMRP RG XPUHCHQRJ SROLHWLOHQD 83( LVSXQRPRG JXPH LOL 39&D L 39& SOD^WRP 2YDM WLS NDEOD LPD SUHGQRVWL QDGHOX NRQ]XPD VD YHOLNRP JXVWLQRP RSWHUH`HZD NDR L QD PHVWLPD VDYHOLNLP WHUPLaNLP QDSUH]DZLPD NDEOD SRODJDZH YL^H NDEORYD XLVWL URY SRODJDZH X WOR YHOLNH VSHFLILaQH WRSORWQH RWSRUQRVWLSRODJDZH X EOL]LQL WRSORYRGD LWG
DOXPLQLMXPVNL MHGQRCLaQL VHNWRUVNL SURYRGQLN 39& LOL 83( L]RODFLMD
LVSXQD RG JXPH LOL 39& 39& SOD^W
6O 1LVNRQDSRQVNL NDEO N9
1D PHVWLPD JGH VH RaHNXMX SRYH`DQD PHKDQLaND QDSUH]DZD NDR JUDGLOL^WD SURYL]RULMXPL QH]D^WL`HQL UHJDOL L]ORCHQL PRJX`LP XGDULPD LWG SUHSRUXaXMH VH SULPHQD NDEOD VD DUPDWXURP RG GYH aHOLa
QH WUDNH WLS 33$6- LOL ;3$6- D QD PHVWLPD VD L]X]HWQLPPHKDQLaNLP QDSUH]DZLPD NDR ]D YHUWLNDOQR SRODJDZH X GXCLQL
SUHNR P QD NOL]L^WLPD LWG SUHSRUXaXMH VH NDEO VD DUPDWXURP RG
aHOLaQLK CLFD WLS 33$6- LOL ;3$6-
'R]YRTHQD MH SULPHQD L RGJRYDUDMX`LK NRQVWUXNFLMD VD YL^HCLaQLP
DOXPLQLMXPVNLP SURYRGQLFLPD QD SULPHU33$6 ;3$6 LWG
2EHOHCDYDZH CLOD HQHUJHWVNRJ NDEOD L]YRGL VH QD VOHGH`L QDaLQ
• GYH CLOH ID]QLK SURYRGQLND FUQR
• MHGQD CLOD ID]QRJ SURYRGQLND VPH_H
• CLOD QHXWUDOQRJ SURYRGQLND VYHWORSODYR8 GLVWULEXWLYQLP PUHCDPD MH ]DEUDZHQD SULPHQD NDEORYD NRGNRMLK MH MHGQD RG CLOD REHOHCHQD CXWR]HOHQRP ERMRP
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
,=%25 .$%/29$ N9
8 PUHCL N9 SUHSRUXaXMH VH SULPHQD GYD RVQRYQD WLSD NDEODQD]QDaHQRJ QDSRQD N9
D 7LS 132 $6 -86 1&7R MH WURCLOQL NDEO VD VHNWRUVNLP DOXPLQLMXPVNLP SURYRGQLFLPD LL]RODFLMRP RG QDURaLWR LPSUHJQLVDQRJ SDSLUD SROXaYUVWL NRPSDXQGVD RORYQLP SOD^WRP DUPDWXURP RG GYH aHOLaQH WUDNH L DQWLNRUR]LYQRP ]D^WLWRP RG VORMHYD MXWH L ELWXPHQD VOD
DOXPLQLMXPVNL VHNWRUVNL SURYRGQLN L]RODFLMD CLOH RG QDURaLWR LP
SUHJQLVDQRJ SDSLUD 13 SRMDVQD L]RODFLMD RORYQL SOD^W LPSUHJQLVDQL SDSLU LOL MXWD aHOLaQD DUPDWXUD LPSUHJQLVDQD MXWD
6OD 7URCLOQL NDEO N9 VD SDSLUQRP L]RODFLMRP 132 $6
E 7LS ;+( $ -86 1&7R MH MHGQRCLOQL NDEO WUL NDEOD SRMHGLQDaQR LOL SRXCHQL X VQRSXVD DOXPLQLMXPVNLP RNUXJOLP SURYRGQLNRP L L]RODFLMRP RG XPUHCHQRJ
SROLHWLOHQD 83( VD VODERSURYRGQLP VORMHP LVSRG L L]QDG L]RODFLMH VD HOHNWULaQRP ]D^WLWRP RG EDNDUQLK CLFD L WUDND VD VODERSURYRGQRP EXEUH`RP WUDNRP LVSRG L L]QDG HOHNWULaQH ]D^WLWH VDDOXPLQLMXPVNRP SROLPHU WUDNRP L VSRTD^ZLP SROLHWLOHQVNLP SOD^
WRP YLVRNH JXVWLQH VOE
DOXPLQLMXPVNL SURYRGQLN VODERSURYRGQL VORM SURYRGQLND L]RODFLMD
RG XPUHCHQRJ SROLHWLOHQD VODERSURYRGQL VORM L]RODFLMH VODERSURYRGQD EXEUH`D WUDND HOHNWULaQD ]D^WLWD RG EDNDUQLK CLFD L WUDNH
L]RODFLRQD EXEUH`D WUDND DOXPLQLMXPVND SROLPHU WUDND 3( SOD^W
6OE -HGQRCLOQL 61 NDEO VD83( L]RODFLMRP ;+( $
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
.DEORYVNL SULNTXaFL N9 QD HQHUJHWVNH WUDQVIRUPDWRUH EH]RE]LUD QD RGQRV WUDQVIRUPDFLMH L QD]QDaHQH VQDJH L]YRGH VHMHGQRCLOQLP NDEORYLPD VD L]RODFLMRP RG XPUHCHQRJ SROLHWLOHQD WLS ;+( $ ;+3 LWG
,=%25 .$%/29$ N9
8 PUHCL N9 SUHSRUXaXMH VH SULPHQD GYD RVQRYQD WLSD NDEODQD]QDaHQRJ QDSRQD N9
D 7LS ;+( $ -86 1&7R MH MHGQRCLOQL NDEO WUL NDEOD SRMHGLQDaQR LOL SRXCHQL X VQRSXVD DOXPLQLMXPVNLP RNUXJOLP SURYRGQLNRP L L]RODFLMRP RG XPUHCHQRJ
SROLHWLOHQD 83( VD VODERSURYRGQLP VORMHP LVSRG L L]QDG L]RODFLMH VD HOHNWULaQRP ]D^WLWRP RG EDNDUQLK CLFD L WUDND VD VODERSURYRGQRP EXEUH`RP WUDNRP LVSRG L L]QDG HOHNWULaQH ]D^WLWH VDDOXPLQLMXPVNRP SROLPHU WUDNRP L VSRTD^ZLP SROLHWLOHQVNLP SOD^
WRP YLVRNH JXVWLQH VOE=D L]RODFLMX NDEOD N9 WLSD ;+( $ SUHSRUXaXMH VH SULPHQDSRVWXSND VXYRJ XPUHCDYDZD
E 7LS 13+2 $ -86 1&7R MH WURCLOQL NDEO VD DOXPLQLMXPVNLP RNUXJOLP SURYRGQLFLPD LL]RODFLMRP RG QDURaLWR LPSUHJQLVDQRJ SDSLUD SROXaYUVWL NRPSDXQGVD VODERSURYRGQLP VORMHP LVSRG L L]QDG L]RODFLMH VD RORYQLP SOD^WRP DUPDWXURP RG GYH aHOLaQH WUDNH L DQWLNRUR]LYQRP ]D^WLWRP
RG VORMHYD MXWH L ELWXPHQD VOE
DOXPLQLMXPVNL RNUXJOL SURYRGQLN VODERSURYRGQL VORM SURYRGQLND
L]RODFLMD RG QDURaLWR LSUHJQLVDQRJ SDSLUD 13 VODERSURYRGQL VORM
L]RODFLMH SRMDVQD L]RODFLMD RORYQL SOD^W LPSUHJQLVDQL SDSLU LOLMXWD aHOLaQD DUPDWXUD LPSUHJQLVDQD MXWD
6OE 7URCLOQL NDEO N9 VD SDSLUQRP L]RODFLMRP 13+2 $
.DEORYVNL SULNTXaFL N9 QD HQHUJHWVNH WUDQVIRUPDWRUH EH]RE]LUD QD RGQRV WUDQVIRUPDFLMH L QD]QDaHQH VQDJH L]YRGH VHMHGQRCLOQLP NDEORYLPD VD L]RODFLMRP RG XPUHCHQRJ SROLHWLOHQD WLS ;+( $ ;+3 LWG
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
,=%25 .$%/29$ N9
8 PUHCL N9 SUHSRUXaXMH VH SULPHQD GYD RVQRYQD WLSD NDEODQD]QDaHQRJ QDSRQD N9
D 7LS ;+( $ -86 1&7R MH MHGQRCLOQL NDEO WUL NDEOD SRMHGLQDaQR LOL SRXCHQL X VQRSXVD DOXPLQLMXPVNLP RNUXJOLP SURYRGQLNRP L L]RODFLMRP RG XPUHCHQRJ
SROLHWLOHQD 83( VD VODERSURYRGQLP VORMHP LVSRG L L]QDG L]RODFLMH VD HOHNWULaQRP ]D^WLWRP RG EDNDUQLK CLFD L WUDND VD VODERSURYRGQRP EXEUH`RP WUDNRP LVSRG HOHNWULaQH ]D^WLWH L L]RODFLRQRP EXEUH`RP WUDNRP YRGR]DSWLYQL VORM L]QDG HOHNWULaQH ]D^WLWHVD DOXPLQLMXPVNRP SROLPHU WUDNRP L VSRTD^ZLP SROLHWLOHQVNLP
SOD^WRP YLVRNH JXVWLQH VOE=D L]RODFLMX NDEOD N9 WLSD ;+( $ REDYH]QD MH SULPHQD SRVWXSND VXYRJ XPUHCDYDZD
E 7LS 13+$ $ -86 1&7R MH MHGQRCLOQL NDEO VD DOXPLQLMXPVNLP SURYRGQLNRP L L]RODFLMRPRG QDURaLWR LPSUHJQLVDQRJ SDSLUD SROXaYUVW NRPSDXQG VD SROXSURYRGQLP VORMHP LVSRG L L]QDG L]RODFLMH VD SOD^WRP RG EH^DYQH DOXPLQLMXPVNH FHYL L VSRTD^ZLP SROLHWLOHQVNLP SOD^WRP YLVRNH JX
VWLQH VOE
DOXPLQLMXPVNL RNUXJOL SURYRGQLN VODERSURYRGQL VORM SURYRGQLND
L]RODFLMD RG QDURaLWR LSUHJQLVDQRJ SDSLUD 13 VODERSURYRGQL VORM
L]RODFLMH DOXPLQLMXPVNL SOD^W 3( SOD^W
6OE -HGQRCLOQL NDEO N9 VD SDSLUQRP L]RODFLMRP 13+$ $
=D QDVWDYTDZH GHRQLFD NDEORYVNRJ YRGD L]YHGHQRJ WURCLOQLP WUR
RORYQLP NDEORP VD L]RODFLMRP RG LPSUHJLVDQRJ SDSLUD WLSD ,3=2 13=2 $ LWG PRCH GD VH NRULVWL WURRORYQL NDEO WLSD13=2 $
.DEORYVNL SULNTXaFL N9 QD HQHUJHWVNH WUDQVIRUPDWRUH EH]RE]LUD QD RGQRV WUDQVIRUPDFLMH L QD]QDaHQH VQDJH L]YRGH VHMHGQRCLOQLP NDEORYLPD VD L]RODFLMRP RG XPUHCHQRJ SROLHWLOHQD WLS ;+( $ ;+3 LWG
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
7,3,=$&,-$ 35(6(.$ 35292'1,.$ , (/(.75,A1( =$>7,7(
=D JODYQH QDSRMQH YRGRYH GLVWULEXWLYQLK PUHCD N9 N9 N9L N9 SUHSRUXaXMH VH SULPHQD SURYRGQLND VOHGH`LK SUHVHND
PP$O PP$O PP$O PP$O
7LSVNL SUHVHN SURYRGQLND ]D JODYQH QDSRMQH YRGRYH JUDGVNLK
PUHCD MH PP $O 0H_XWLP ]D SUYH GHRQLFH YRGRYD N9 L]
76 N9 ]ERJ QHSRYRTQLK XVORYD SRODJDZD YHOLNL EURM ND
EORYD X LVWRP URYX SUHSRUXaXMH VH SUHVHN SURYRGQLND PP $O
3UHVHN HOHNWULaQH ]D^WLWH VUHGZHQDSRQVNLK NDEORYD VD L]ROD
FLMRP RG XPUHCHQRJ SROLHWLOHQD ;+( $ L]QRVL
• PP &X ]D SUHVHNH SURYRGQLND $O LOL &X PDZH RG PP
• PP &X ]D SUHVHNH SURYRGQLND $O LOL &X PP L YH`H
35(3258.( =$ 32/$*$:( (1(5*(76.,+ .$%/29$
(QHUJHWVNL NDEORYL VH SRODCX X ]HPTX YRGX X NDQDOH QD UHJDOHQD VWXERYH SUHNR PRVWRYD LWG
7UDVD NDEOD VH ELUD WDNR GD LVSXZDYD RSWLPDOQH WHKQLaNH L HNRQRPVNH XVORYH7UDVD PRUD GD EXGH XVNOD_HQD VD WUDVDPD GUXJLK SRG]HPQLK LQVWDODFLMD YRGRYRGD NDQDOL]DFLMH WHOHIRQD WRSORYRGD JDVRYRGD LWG
=ERJ RJUDQLaHQRJ SURVWRUD X XUEDQL]RYDQLP QDVHTLPD ]D SRODJDZHSRMHGLQLK SRG]HPQLK LQVWDODFLMD SUHSRUXaXMH VH SRGHOD UDVSRORCLYRJ SURVWRUD QD ]RQH1D VO GDW MH SULPHU SRGHOH SH^DaNRJ WURWRDUD QD ]RQH
>LULQD SRMHGLQLK ]RQD ]DYLVL RG UDVSRORCLYRJ SURVWRUD $NR MH RYDMSURVWRU PDOL WDGD PDJLVWUDOQH LQVWDODFLMH YRGRYRGD L WRSORYRGD DSR SRWUHEL L GUXJH LQVWDODFLMH PRJX GD VH SRODCX X NRORYR]
8RELaDMHQD ^LULQD ]RQH ]D HQHUJHWVNH NDEORYH L]QRVL P GRN^LULQH ]RQD ]D RVWDOH LQVWDODFLMH ]DYLVH RG NDSDFLWHWD WLK LQVWDODFLMD L UDVSRORCLYRJ SURVWRUD
3UHSRUXaXMH VH GD VH ]D VPH^WDM SRMHGLQLK LQVWDODFLMD RGUHGL ]RQD VDREH VWUDQH XOLFH
8 RNYLUX UDVSRORCLYH ]RQH HQHUJHWVNL NDEORYL VH UDVSRUH_XMX SR^LULQL L GXELQL 3RODJDZH HQHUJHWVNRJ NDEOD SDUDOHOQR VD ]LGRPLOL WHPHTHP ]JUDGH YU^L VH QD UDVWRMDZX RG QDMPDZH P
(QHUJHWVNL NDEO VH SRODCH UXaQR LOL SULPHQRP PHKDQL]DFLMH9XaHZH NDEOD YU^L VH SRPR`X ]DWH]QH aDUDSH LOL ]DWH]QH VWH]DTNHYH]DQH ]D SURYRGQLNH LOL ]D DUPDWXUX RG aHOLaQLK CLFD1LMH GR]YRTHQR YXaHZH NDEOD PRWRUQLP YR]LORP YXaHZH NDEOD SR]HPTL L XSUHGDZH NDEOD3UL SRODJDZX PRUDMX GD VH LVSXQH ]DKWHYL R GR]YRTHQLP SROXSUHaQLFLPD VDYLMDZD SUHPD WDEHOL L R GR]YRTHQLP YXaQLP VLODPD SUHPDWDEHOL
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
• ( ]RQD ]D HQHUJHWVNH NDEORYH
• * ]RQD ]D JDV
• 9 ]RQD ]D YRGRYRG
• 7 ]RQD ]D WHOHIRQVNH NDEORYH
• -2 ]RQD ]D MDYQR RVYHWTHZH
• .0 ]RQD NRQWDNWQH PUHCH
6O 3RGHOD SH^DaNRJ WURWRDUD QD ]RQH
3ROXSUHaQLFL VDYLMDZD HQHUJHWVNLK NDEORYD QH VPHMX GD EXGX PDZLRG GDWLK X WDEHOL ,]X]HWQR YUHGQRVWL GR]YRTHQLK SROXSUHaQLNDVDYLMDZD L] WDEHOH PRJX GD VH VPDZH ]D RNR DNR VH VDYLMDZHL]YRGL ^DEORQLPD QD SULPHU SUL XYRGX X NDEORYVNX ]DYU^QLFX
7DEHOD 'R]YRTHQL SROXSUHaQLFL VDYLMDZD HQHUJHWVNLK NDEORYD
1D]QDaHQL QDSRQ
NDEOD [ 8R8Q ]7LS NDEOD
'R]YRTHQL SROXSUHaQLN VDYLMDZD [mm]
33$6- 33$6- ⋅' N9
;3$6 ;3$6 ⋅'132 $6 13=2 $ ⋅'
;+( $ ⋅' N9 N9L N9
13+$ ⋅'' VSRTD^ZL SUHaQLN YL^HCLOQRJ NDEOD [mm]' VSRTD^ZL SUHaQLN MHGQRCLOQRJ NDEOD [mm]
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
8 WDEHOL GDWH VX GR]YRTHQH YXaQH VLOH HQHUJHWVNLK NDEORYD X]DYLVQRVWL RG QDaLQD YXaHZD
7DEHOD 'R]YRTHQH YXaQH VLOH HQHUJHWVNLK NDEORYD
1DaLQ YXaHZD NDEOD 7LS NDEOD'R] YXaQDVLOD [N]
33$6- 33$6-;3$6 ;3$6 ;+( $
' ⋅3UHNR ]DWH]QH
aDUDSH 132 $6 13+2 $13+$ 13=2$
' ⋅
⋅ 6$O3UHNR
SURYRGQLND NDEOD VYL WLSRYL NDEORYD ⋅ 6&X
3UHNR aHO DUPDWXUH 33$6- ;3$6- ⋅ 6a
' VSRTD^ZL SUHaQLN NDEOD [mm]6$O XNXSDQ SUHVHN $O SURYRGQLND ]D NRMH VH YXaH NDEO [mm2]6&X XNXSDQ SUHVHN &X SURYRGQLND ]D NRMH VH YXaH NDEO [mm2]6a SUHVHN aHOLaQH DUPDWXUH ]D NRMX VH YXaH NDEO [mm2]
=DWH]QD YXaQD VLOD NRQWUROL^H VH SRPR`X GLQDPRPHWUD D YLWORPRUD GD LPD RVLJXUDa JUDQLaQLN NRML SUHNLGD YXaHZH X VOXaDMX SUHNRUDaHZD GR]YRTHQH YXaQH VLOH =D VPDZHZH YXaQH VLOH NRULVWH VH
NDEORYVNH UROQH NRMH VH SRVWDYTDMX QD UDVWRMDZD RG P GR P
1DMQLCD WHPSHUDWXUD RNROLQH SUL NRMRM MH GR]YRTHQR SRODJDZHHQHUJHWVNRJ NDEOD L]QRVL
• R& ]D SDSLUQH NDEORYH 132 $6 LWG L NDEORYH VD 39&L]RODFLMRP LLOL 39& SOD^WRP 33$6- ;+3 LWG
• R& ]D NDEORYH VD 83( L]RODFLMRP L 3( SOD^WRP ;+( $LWG
7ROHUL^H VH SDG WHPSHUDWXUH L LVSRG GDWLK YUHGQRVWL X WUDMDZX RGQDMYL^H aDVD SRQR`QL PUD]HYL WRNRP aDVD SUH SRODJDZD NDEOD$NR QH PRCH GD VH L]EHJQH SRODJDZH NDEOD NDGD VX WHPSHUDWXUH RNROLQH LVSRG SUHGKRGQR QDYHGHQLK YUHGQRVWL WDGD NDEO SUH SRODJDZD WUHED GD VH ]DJUHMH GUCDZHP X WRSORM SURVWRULML LOL ]DJUHYDZHPRGJRYDUDMX`LP JUHMQLP WHOLPD RGQRVQR SURSX^WDZHP HOHNWULaQHVWUXMH NUR] SURYRGQLNH=DJUHMDQ NDEO WUHED ^WR EUCH GD VH WUDQVSRUWXMH L SRORCL3UL ]DJUHYDZX NDEOD QD NDOHPX SURSX^WDZHP HOHNWULaQH VWUXMHPRUD GD VH NRQWUROL^H WHPSHUDWXUD SOD^WD VSRTD^ZHJ UHGD NDEOD
NRMD QH VPH GD EXGH L]QDG R& DNR MH WHPSHUDWXUD YD]GXKD LVSRG
R& RGQRVQR L]QDG R& DNR MH WHPSHUDWXUD YD]GXKD L]QDG R&
3RVOH SRODJDZD NDEOD D NRG GLUHNWQRJ SRODJDZD X ]HPTX SUHSRWSXQRJ ]DWUSDYDZD NDEOD WUHED GD VH L]YU^L QDSRQVNR LVSLWLYDZH NDEORYVNRJ YRGD SUHPD WDaNL L GD VH VQLPL WUDVDNDEORYVNRJ YRGD
.UDMHYL SRORCHQRJ NDEOD VH REHOHCDYDMX SRPR`X SORaLFD QD NRMLPD VH QDOD]H RVQRYQL SRGDFL R NDEOX L R]QDND SULNTXaND 1LMH GR]YRTHQR SRVWDYTDZH RYH SORaLFH QD CLOX NDEOD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
2EDYH]QR MH YR_HZH NDWDVWUD NDEORYVNLK YRGRYD QD JUDILaNRPSODQX VD SRVHEQR R]QDaHQLP PHVWLPD XNU^WDZD VD GUXJLP NDEORYLPD L SRG]HPQLP LQVWDODFLMDPD VSRMQLP PHVWLPD WDaQLP GXCLQDPDNDEORYD L WUDVD VD XQHWLP RVQRYQLP SRGDFLPD R NDEORYVNRM NDQDOL]DFLML PHVWR GXCLQD EURM FHYL EURM UH]HUYQLK FHYL LWG
',5(.712 32/$*$:( (1(5*(76.,+ .$%/29$ 8 =(048
3UHSRUXaXMH VH GLUHNWQR SRODJDZH HQHUJHWVNLK NDEORYD X]HPTX X NDEORYVNL URY aLMH GLPHQ]LMH ]DYLVH RG QD]QDaHQRJ QDSRQDNDEOD YUVWH WOD NDR L RG EURMD NDEORYD NRML VH SRODCX X LVWL URY
1RUPDOQD GXELQD URYD X NRML VH SRODCH NDEO L]QRVL
• P ]D NDEORYH N9
• P GR P ]D NDEORYD N9 N9 L N92GVWXSDZD VX GR]YRTHQD QD PDZLP GXCLQDPD SUL XNU^WDZLPD VDGUXJLP NDEORYLPD L LQVWDODFLMDPD NDR L X VOXaDMHYLPD QHSRYRTQLKXVORYD SRODJDZD QD SULPHU NDPHQLWR WOR 7DNR_H PRUD GD VHXYDCL L SODQLUDQD NRWD WHUHQD$NR VH ]ERJ UD]QLK SUHSUHND L LQVWDODFLMD NDEO SRODCH QD PDZXGXELQX WUHED GD VH SUHGYLGL GRGDWQD ]D^WLWD NDEOD RG PHKDQLaNLKR^WH`HZD SULPHQRP ]D^WLWQLK FHYL EHWRQVNLK NDEORYLFD LWG
.DEO VH SRODCH WDNR GD EXGH X VUHGLQL VORMD SRVWHTLFH GHETLQH P NRMD VH VWDYTD QD GQR NDEORYVNRJ URYD VO=D QDELMDZH VORMD SRVWHTLFH NRULVWH VH LVNTXaLYR UXaQLQDELMDaL=D SRVWHTLFX VH NRULVWL PH^DYLQD SHVND L ^TXQND NRML LPDMXGREUH NDUDNWHULVWLNH RGYR_HZD WRSORWH YLVRN VDGUCDM NYDUFD
JUDQXODFLMH GR PP QD SULPHU SHVDN 0RUDYDF=D SRVWHTLFX PRCH GD VH NRULVWL L VLWQR]UQDVWD ]HPTD L]RWNRSD LOL GRSUHPTHQD SRG XVORYRP GD QH VDGUCL JUD_HYLQVNL^XW NDPHZH EODWR LOL ]HPTX ]DJD_HQX KHPLNDOLMDPD8 VOXaDMX WH^NLK XVORYD RGYR_HZD WRSORWH L RSDVQRVWL RG LVX^LYDZD WOD QD SULPHU SUL SRODJDZX YL^H NDEORYD X LVWL URY QDL]OD]X L] 76 SUL XNU^WDZX VD WRSORYRGRP LWG NRULVWH VH SRVWHTLFH RG VSHFLMDOQLK PH^DYLQD QD SULPHU PH^DYLQD ^TXQND LSHVND 0RUDYFD VD GRGDWNRP GR POHYHQRJ NUHaZDND PH^DYLQDSHVND L FHPHQWD LWG
.DEORYVNL URY VH NRSD NDR RWYRUHQL URY6DPR X VOXaDMX XNU^WDZD NDEOD VD WUDPYDMVNRP LOL CHOH]QLaNRPSUXJRP NDR L VD SXWHP LOL XOLFRP NDGD QH VPH GD VH RPHWD VDREUD`DM EX^L VH RWYRU ]D FHY NUR] NRMX VH SURYODaL NDEO 8 XUEDQLPQDVHTLPD RYL UDGRYL PRUDMX GD VH YU^H YHRPD SDCTLYR ]ERJ PRJX`QRVWL R^WH`HZD GUXJLK LQVWDODFLMD
.DEO VH SRODCH YLMXJDYR WDNR GD MH GXCLQD NDEOD QDMYL^H YH`DRG GXCLQH WUDVH
,VNRSDQ NDEORYVNL URY PRUD GD EXGH YLGTLYR REHOHCHQ UDGLVLJXUQRVWL SH^DND L YR]LOD 8OD]L X NX`H L SRVORYQH SURVWRULMHWUHED GD LPDMX RGJRYDUDMX`D SUHPR^`HZD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
=DWUSDYDZH NDEORYVNRJ URYD YU^L VH ]HPTRP L] RWNRSD LOL
GRSUHPTHQRP ]HPTRP X VORMHYLPD RG SR P SUL aHPX ]D SUYLVORM NRML VH VWDYTD L]QDG SRVWHTLFH WUHED GD VH NRULVWL VLWQR]UQDVWD ]HPTD 6ORMHYL ]HPTH L]QDG SRVWHTLFH SRMHGLQDaQR VHQDELMDMX PHKDQLaNLP QDELMDaLPD
1DMPDZD ]ELMHQRVW ]HPTH X URYX WUHED GD EXGH -86 8%
3UL ]DWUSDYDZX NDEORYVNRJ URYD L]QDG NDEOD GXC FHOH WUDVHWUHED GD VH SRVWDYH SODVWLaQH XSR]RUDYDMX`H WUDNH3UHSRUXaXMH VH VOHGH`L UDVSRUHG XSR]RUDYDMX`LK WUDND
D 3UL SRODJDZX NDEOD QD UHJXOLVDQLP SRYU^LQDPD SRVWDYTD VH MHGQD
XSR]RUDYDMX`D WUDND QD P L]QDG NDEOD VODE 3UL SRODJDZX NDEOD QD QHUHJXOLVDQLP SRYU^LQDPD SRVWDYTDMX VH
GYH XSR]RUDYDMX`H WUDNH RG NRMLK MH SUYD QD P D GUXJD QD RNR P L]QDG NDEOD VOE
0,8
0,4
0,7
0,8
0,3
0,2
D QD UHJXOLVDQLP SRYU^LQDPD E QD QHUHJXOLVDQLP SRYU^LQDPD
XSR]RUDYDMX`D WUDND ]HPTD QDELMHQD X VORMHYLPD NDEO SRVWHTLFD
6O 'LUHNWQR SRODJDZH NDEOD X ]HPTX
Y $NR VH X LVWL URY SRODCH YL^H NDEORYD WDGD EURM XSR]RUDYDMX`LKWUDND L ZLKRY PH_XVREQL UD]PDN WUHED GD VH RGDEHUH WDNR GD VYL
NDEORYL EXGX SRNULYHQL RYLP WUDNDPD VOY
0,8
0,5 0,
7
61 NDEO SRVWHTLFD ]HPTD QDELMHQD X VORMHYLPD XSR]RUDYDMX`D WUDND 11 NDEORYL RSHND
6OY 'LUHNWQR SRODJDZH YL^H NDEORYD X LVWL URY
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
3ODVWLaQD XSR]RUDYDMX`D WUDND MH FUYHQH ERMH VD XWLVQXWLP XSR]RUHZHP GD VH LVSRG WUDNH QDOD]L HQHUJHWVNL NDEO >LULQD WUDNH
WUHED GD EXGH RNR P D NYDOLWHW PDWHULMDOD WUHED GD JDUDQWXMH
YHN WUDMDZD WUDNH RG JRGLQD
=D SUHOD] LVSRG SXWD X XUEDQL]RYDQLP QDVHTLPD XPHVWR NDEORYVNHNDQDOL]DFLMH SRJODYTH PRCH GD VH NRULVWL GLUHNWQR SRODJDZH
NDEORYD X ]HPTX VO X URY GXELQH P SRVWDYTD VH SRVWHTLFD NDEOD SUHPD WDaNL L]QDG NRMH VH SRVWDYTDMX DUPLUDQR
EHWRQVNH SORaH VORM ]HPTH LVSXQD L VORM PU^DYRJ EHWRQD0%
7
6
5
4
3
2
10,5
0,5
0,2
0,2
0,5
1,4
NDEO SRVWHTLFD DUPLUDQREHWRQVND SORaD VORM ]HPTH LVSXQD
XSR]RUDYDMX`D WUDND EHWRP 0% WDPSRQ SXWD
6O 'LUHNWQR SRODJDZH NDEOD LVSRG SXWD
3RVOH SRODJDZD L]UDGH NDEORYVNLK VSRMQLFD L ]DYU^QLFDQDSRQVNRJ LVSLWLYDZD NRPSOHWQRJ NDEORYVNRJ YRGD L ]DWUSDYDZDNDEORYVND WUDVD VH GRYRGL X SUYRELWQR VWDZH SODQLUD VH]HPTD RGYR]L VH VXYL^QD ]HPTD L PDWHULMDO SRSUDYTDMX VH LDVIDOWLUDMX VDREUD`DMQLFH
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
.$%/296.$ .$1$/,=$&,-$
.DEORYVND NDQDOL]DFLMD VH NRULVWL QD SUHOD]LPD LVSRG NRORYR]DXOLFD SXWHYD WUDPYDMVNLK NRORVHND CHOH]QLaNLK SUXJD NROVNLK
SUROD]D ]D XYR_HZH NDEORYD X 76 N9 73D NUR] GYRUL^WD ]JUDGD NDGD QH PRJX GD VH SRVWLJQX GR]YRTHQD RGVWRMDZDNDEOD X RGQRVX QD GUXJH SRG]HPQH LQVWDODFLMH LWG
.DEORYVND NDQDOL]DFLMD VH L]UD_XMH RG SODVWLaQLK FHYL DOL MHGR]YRTHQD L SULPHQD SUHIDEULNRYDQLK EHWRQVNLK HOHPHQDWD NDEORYLFD ,]QDG FHYL SRVWDYTDMX VH XSR]RUDYDMX`H WUDNH1D VO SULND]DQ MH SULPHU L]YR_HZD NDEORYVNH NDQDOL]DFLMH NRUL^`HZHP SODVWLaQLK FHYL
f_j_ m >cm]
310
10 3 3 3 10
6O 3ULPHU L]YR_HZD NDEORYVNH NDQDOL]DFLMH
0LQLPDOQL XQXWUD^ZL SUHaQLN FHYL PRUD GD EXGH QDMPDZH SXWD YH`L RG VSRTD^ZHJ SUHaQLND NDEOD WURCLOQRJ RGQRVQR VQRSDWUL MHGQRCLOQD NDEOD 8QXWUD^ZL ]LG FHYL PRUD GD EXGH JODGDN
$NR VH FHYL QDVWDYTDMX WDGD SUR^LUHQL CHQVNL NUDM FHYL PRUDGD EXGH YLGTLY D NDEO VH REDYH]QR SURYODaL VD WRJ NUDMD
.DGD VH NRULVWH SODVWLaQH FHYL YH`LK GXCLQD SUHNR P WUHED GDVH XYDCL VWUXMQL NRUHNFLRQL IDNWRU NF ]ERJ RWHCDQLK XVORYDRGYR_HZD WRSORWH NRML ]D SUDNWLaQH SURUDaXQH LPD YUHGQRVWL
• NF DNR VH X FHYL QDOD]L YL^HCLOQL NDEO WLSD ;3$6-132 $6 LWG
• NF DNR VH X FHYL QDOD]L VQRS WUL MHGQRCLOQD NDEOD WLSD
;+( $ 13+$ $ LWG
3UHSRUXaXMH VH SRVWDYTDZH FHYL X QDMYL^H GYD QLYRD VO RVLP
QD L]OD]X L] 76 N9 NRML VH SRVHEQR SURMHNWXMH
$NR VH X NDEORYVNX NDQDOL]DFLMX SRODCX NDEORYL UD]OLaLWLK QDSRQVNLK QLYRD WDGD VH NDEORYL QLCLK QDSRQD SRODCX X YL^L QLYR NDQDOL]DFLMH .DEORYL NRML VH SRODCX UDQLMH ]DX]LPDMX QDMQLCH RWYRUHX NDQDOL]DFLML
2WYRU FHYL NRMD VH QH NRULVWL WUHED GD VH ]DWYRUL SODVWLaQLP aHSRPLOL QD VOLaDQ QDaLQ
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
.$%/296.2 2.12 >$+7
.DEORYVNR RNQR VH NRULVWL QD PHVWX SURPHQH SUDYFD LOL QLYRDNDEORYVNH NDQDOL]DFLMH NDR L QD SUDYRM GHRQLFL NDEORYVNH NDQDOL
]DFLMH NRMD MH GXCD RG P
.DEORYVNR RNQR VH L]YRGL X WURWRDUX D L]X]HWQR L X NRORYR]XXOLFH
.DEORYVNR RNQR ]DMHGQR VD SRNORSFHP PRUD VWDWLaNL GD SRGQHVHVYD RSWHUH`HZD NRMD VH MDYTDMX QD PHVWX XJUDGZH
9HOLaLQD NDEORYVNRJ RNQD ]DYLVL RG EURMD NDEORYD XVORYD UDGD XRNQX GR]YRTHQRJ SROXSUHaQLND VDYLMDZD NDEORYD LWG0LQLPDOQL XOD]QL RWYRU SRNULYHQ SRNORSFHP RG OLYHQRJ JYRC_D
WUHED GD L]QRVL P [ P 1D GQX RNQD WUHED GD EXGH GUHQDCQL RWYRU %RaQL ]LGRYL RNQD PRJX GD EXGX RG EHWRQD LOL RSHND1D VO SULND]DQ MH SULPHU L]YR_HZD NDEORYVNRJ RNQD
Eb\_gb ihNehiZp
65/65
2010
1018
0
25
18025 25
18025 25
2518
025
65
65
6O 3ULPHU L]YR_HZD NDEORYVNRJ RNQD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
35,%/,#$9$:( , 8.5>7$:( (1(5*(76.,+ ,7(/(.2081,.$&,21,+ .$%/29$
'R]YRTHQR MH SDUDOHOQR YR_HZH HQHUJHWVNRJ L WHOHNRPXQLNDFL
RQRJ NDEOD QD PH_XVREQRP UD]PDNX RG QDMPDZH -86 1&
• P ]D NDEORYH N9 N9 L N9
• P ]D NDEORYH N9
8NU^WDZH HQHUJHWVNRJ L WHOHNRPXQLNDFLRQRJ NDEOD YU^L VH QD
UD]PDNX RG QDMPDZH P 8JDR XNU^WDZD WUHED GD EXGH
• X QDVHTHQLP PHVWLPD QDMPDZH R SR PRJX`VWYX ^WR EOLCH R
• YDQ QDVHTHQLK PHVWD QDMPDZH R(QHUJHWVNL NDEO VH SR SUDYLOX SRVWDYTD LVSRG WHOHNRPXQLNDFLRQRJ NDEOD
8NROLNR QH PRJX GD VH SRVWLJQX UD]PDFL SUHPD WDaNDPD L QD WLP PHVWLPD VH HQHUJHWVNL NDEO SURYODaL NUR] ]D^WLWQX FHY DOL
L WDGD UD]PDN QH VPH GD EXGH PDZL RG P
5D]PDFL L XJORYL XNU^WDZD SUHPD WDaNDPD L VH QHRGQRVH QD RSWLaNH NDEORYH DOL L WDGD UD]PDN QH VPH GD EXGH PDZL
RG P
7HOHNRPXQLNDFLRQL NDEORYL NRML VOXCH LVNTXaLYR ]D SRWUHEHHOHNWURGLVWULEXFLMH PRJX GD VH SRODCX X LVWL URY VD HQHUJHWVNLP NDEORYLPD QD QDMPDZHP UD]PDNX NRML VH SURUDaXQRP SRNDCH
]DGRYRTDYDMX`L DOL QH PDZHP RG P3UL SRODJDZX HQHUJHWVNRJ NDEOD N9 SUHSRUXaXMH VH SRODJDZHX LVWL URY L WHOHNRPXQLNDFLRQRJ NDEOD ]D SRWUHEH GDTLQVNRJXSUDYTDZD WUDQVIRUPDWRUVNLK VWDQLFD NRMH SRYH]XMH NDEO
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
35,%/,#$9$:( , 8.5>7$:( (1(5*(76.,+ .$%/29$ 6$#(/(=1,A.20 , 75$09$-6.20 358*20
1D PHVWX XNU^WDZD NDEORYVNRJ YRGD VD CHOH]QLaNRP SUXJRPNDEO VH SRODCH X EHWRQVNL NDQDO RGQRVQR X EHWRQVNX LOL SODVWLaQXFHY XYXaHQX X KRUL]RQWDOQR L]EX^HQ RWYRU QDVLSD WDNR GD MH PRJX`D]DPHQD NDEOD EH] UDVNRSDYDZD GRZHJ VWURMD SUXJH
8NU^WDZH NDEORYVNRJ YRGD VD CHOH]QLaNRP LOL WUDPYDMVNRPSUXJRP WUHED GD VH L]YHGH SRG SUDYLP XJORP L WDNR GD NDEO EXGH
QDMPDZH P LVSRG JRUZH LYLFH ^LQH 0HVWR XNU^WDZD WUHED YLGTLYR GD VH REHOHCL R]QDNDPD RG EHWRQD SODVWLNH LWG1D VO GDW MH SULPHU XNU^WDZD NDEORYVNRJ YRGD VD CHOH]QLaNRPSUXJRP
mihahjZ\Zm_
ljZd_mihahjZ\Zm_
ljZd_p_\ ø 100 mm
fbg
1 m
200 200
100 100
p_\ ø 100 mm
fbg
1m
6O 3ULPHU XNU^WDZD HQHUJHWVNRJ NDEOD VD CHOH]QLaNRPSUXJRP
.RG SDUDOHOQRJ YR_HZD NDEORYVNRJ YRGD VD WUDPYDMVNRP SUXJRP LOL QHNLP GUXJLP SUXCQLP SRVWURMHZHP QD MHGQRVPHUQL SRJRQWUHED GD VH X]PH X RE]LU QHJDWLYDQ XWLFDM MHGQRVPHUQLK OXWDMX`LKVWUXMD QD NDEO 8 YH]L RYRJ SUREOHPD WUHED VDUD_LYDWL VD YODVQLFLPD RYLK SRVWURMHZD UDGL SULPHQH RGJRYDUDMX`H HILNDVQH ]D^WLWH1DaHOQR WUHED GD VH SUHGX]PX VOHGH`H PHUH
• REH]EHGLWL SRX]GDQX JDOYDQVNX YH]X ^LQD WUDPYDMVNH SUXJHRGQRVQR SUXCQRJ SRVWURMHZD QD MHGQRVPHUQL SRJRQ L ^WR ERTXL]RORYDQRVW ^LQD X RGQRVX QD ]HPTX
• SULPHQLWL EDU MHGQX RG VOHGH`LK PHUD
• NRULVWLWL NDEO VD L]RORYDQLP SOD^WRP 33$6- ;+( $13+$ $ LWG
• REH]EHGLWL XGDTHZH NDEOD RG ^LQH RG QDMPDZH P
• NDEO SRORCLWL NUR] SODVWLaQX FHY
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
35,%/,#$9$:( , 8.5>7$:( (1(5*(76.,+ .$%/29$ 6$&(9,0$ 92'292'$ , .$1$/,=$&,-(
1LMH GR]YRTHQR SDUDOHOQR YR_HZH HQHUJHWVNLK NDEORYD LVSRGLOL L]QDG YRGRYRGQLK L NDQDOL]DFLRQLK FHYL
+RUL]RQWDOQL UD]PDN HQHUJHWVNRJ NDEOD RG YRGRYRGQH LOL NDQDOL]DFLRQH FHYL WUHED GD L]QRVL QDMPDZH P ]D NDEORYH N9RGQRVQR QDMPDZH P ]D RVWDOH NDEORYH
3UL XNU^WDZX HQHUJHWVNL NDEO PRCH GD EXGH SRORCHQ LVSRGLOL L]QDG YRGRYRGQH LOL NDQDOL]DFLRQH FHYL QD UDVWRMDZX RGQDMPDZH P ]D NDEORYH N9 RGQRVQR QDMPDZH P ]D RVWDOH
NDEORYH
8NROLNR QH PRJX GD VH SRVWLJQX UD]PDFL SUHPD WDaNDPD L QD WLP PHVWLPD HQHUJHWVNL NDEO VH SURYODaL NUR] ]D^WLWQX FHY
1D PHVWLPD SDUDOHOQRJ YR_HZD LOL XNU^WDZD HQHUJHWVNRJ NDEODVD YRGRYRGQRP LOL NDQDOL]DFLRQRP FHYL URY VH NRSD UXaQR EH]XSRWUHEH PHKDQL]DFLMH
35,%/,#$9$:( , 8.5>7$:( (1(5*(76.,+ .$%/29$ 6$723/292'20
1LMH GR]YRTHQR SDUDOHOQR YR_HZH HQHUJHWVNLK NDEORYD LVSRGLOL L]QDG WRSORYRGD
3UL XNU^WDZX HQHUJHWVNL NDEO VH PRQWLUD L]QDG WRSORYRGD DL]X]HWQR L LVSRG WRSORYRGD VO,]PH_X HQHUJHWVNRJ NDEOD L WRSORYRGD VH SUL XNU^WDZX SRVWDYTDWRSORWQD L]RODFLMD RG SROLXUHWDQD SHQX^DYRJ EHWRQD LWG
+RUL]RQWDOQL UD]PDN HQHUJHWVNRJ NDEOD RG VSRTQH LYLFH NDQDOD ]D WRSORYRG VO WUHED GD L]QRVL QDMPDZH D P ]DNDEORYH N9 RGQRVQR QDMPDZH D P ]D RVWDOH NDEORYH
8NROLNR QH PRJX GD VH SRVWLJQX QDMPDZL UD]PDFL L] WDaNH SULPHZXMX VH GRGDWQH ]D^WLWQH PHUH NRMLPD VH REH]EH_XMH GD WHPSHUDWXUQL XWLFDM WRSORYRGD QD NDEO QH EXGH YH`L RG R& NDR
• SRMDaDQD L]RODFLMD L]PH_X WRSORYRGD L HQHUJHWVNRJ NDEOD
• SULPHQD NDEORYD VD L]RODFLMRP RG XPUHCHQRJ SROLHWLOHQD ;3$6- ;+( $
• SULPHQD PHWDOQLK HNUDQD L]PH_X NDEOD L WRSORYRGD VO
• SULPHQD SRVWHTLFH RG VSHFLMDOQLK PH^DYLQD ]D ]DWUSDYDZHWRSORYRGD L NDEOD QD SULPHU PH^DYLQD ^TXQND L SHVND0RUDYFD VD GRGDWNRP GR POHYHQRJ NUHaZDND PH^DYLQDSHVND L FHPHQWD LWG
3UL XNU^WDZX L SDUDOHOQRP YR_HZX HQHUJHWVNRJ NDEOD ]D MDYQRRVYHWTHZH L WRSORYRGD WUHED GD VH RVWYDUL UD]PDN RG QDMPDZH
P
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
6O 8NU^WDZH L SDUDOHOQR YR_HZH HQHUJHWVNRJ NDEOD VDWRSORYRGRP
vr u e
mest o
NDEO PHWDOQH FHYL WRSORYRG XSR]RUDYDMX`D WUDND
6O 3ULPHQD PHWDOQLK HNUDQD L]PH_X NDEOD L WRSORYRGD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
35,%/,#$9$:( , 8.5>7$:( (1(5*(76.,+ .$%/29$ 6$*$6292'20
1LMH GR]YRTHQR SDUDOHOQR YR_HZH HQHUJHWVNLK NDEORYD LVSRGLOL L]QDG JDVRYRGD
5D]PDN L]PH_X HQHUJHWVNRJ NDEOD L JDVRYRGD SUL XNU^WDZX LSDUDOHOQRP YR_HZX WUHED GD EXGH QDMPDZH
• P X QDVHTHQLP PHVWLPD
• P L]YDQ QDVHTHQLK PHVWD
5D]PDFL PRJX GD VH VPDZH GR P DNR VH NDEO SRORCL X ]D^WLWQX
FHY GXCLQH QDMPDZH P VD REH VWUDQH PHVWD XNU^WDZD LOL FHORPGXCLQRP SDUDOHOQRJ YR_HZD
0(?862%12 35,%/,#$9$:( , 8.5>7$:( (1(5*(76.,+.$%/29$
0H_XVREQL UD]PDN HQHUJHWVNLK NDEORYD YL^HCLOQLK RGQRVQRNDEORYVNRJ VQRSD WUL MHGQRCLOQD NDEOD X LVWRP URYX RGUH_XMH VH QD
RVQRYX VWUXMQRJ RSWHUH`HZD DOL QH VPH GD EXGH PDZL RG P SUL
SDUDOHOQRP YR_HZX RGQRVQR P SUL XNU^WDZX'D VH REH]EHGL GD VH X URYX NDEORYL PH_XVREQR QH GRGLUXMX L]PH_XNDEORYD PRCH FHORP GXCLQRP WUDVH GD VH SRVWDYL QL] RSHND NRMH VH
PRQWLUDMX QDVDWLFH QD PH_XVREQRP UD]PDNX RG P
8.5>7$:( (1(5*(76.2* .$%/$ 6$ 387(0 ,=9$1 1$6(4$
8NU^WDZH NDEORYVNRJ YRGD VD SXWHP L]YDQ QDVHTD YU^L VH WDNR^WR VH NDEO SRODCH X EHWRQVNL NDQDO RGQRVQR X EHWRQVNX LOLSODVWLaQX FHY XYXaHQX X KRUL]RQWDOQR L]EX^HQ RWYRU WDNR GD MHPRJX`D ]DPHQD NDEOD EH] UDVNRSDYDZD SXWD9HUWLNDOQL UD]PDN L]PH_X JRUZH LYLFH NDEORYVNH NDQDOL]DFLMH L
SRYU^LQH SXWD WUHED GD L]QRVL QDMPDZH P VO
XSXSR]RR]RUUDDYYDMDMX`HX`H
WWUDNUDNHH
XSXSR]RR]RUUDDYYDMDMX`HX`H
WWUDNUDNHH
FHYFHY ∅
6O 8NU^WDZH NDEOD VD SXWHP L]YDQ QDVHTD
5D]PDN NDEORYVNRJ YRGD RG SXWD L]YDQ QDVHTD SUL SDUDOHOQRPYR_HZX RGQRVQR SULEOLCDYDZX L]QRVL
• ]D DXWRSXW L SXW ,RJ UHGD QDMPDZH P ]D SDUDOHOQR YR_HZH L
QDMPDZH P ]D SULEOLCDYDZH
• ]D SXWHYH L]QDG ,RJ UHGD QDMPDZH P ]D SDUDOHOQR YR_HZH L
QDMPDZH P ]D SULEOLCDYDZH
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
8.5>7$:( (1(5*(76.2* .$%/$ 6$ 92'272.20
8NU^WDZH HQHUJHWVNRJ NDEOD VD YRGRWRNRP UHND NDQDO LWGL]YRGL VH SRODJDZHP SUHNR PRVWRYD SRJODYTH ,]X]HWQR XNU^WDZH VD YRGRWRNRP PRCH GD VH L]YHGH SRODJDZHPNDEOD QD GQR LOL LVSRG GQD YRGRWRND
3RODJDZH HQHUJHWVNRJ NDEOD QD GQR YRGRWRND L]YRGL VH QD PHVWXJGH MH EU]LQD YRGH QDMPDZD L JGH QH SRVWRML PRJX`QRVW YH`HJ RGURQD]HPTH LOL QDVLSDZD PXTD.DEORYL ]D RYR SRODJDZH PRUDMX GD EXGX SRMDaDQL DUPDWXURP RG aH
OLaQLK CLFD QD SULPHU NDEO WLSD ;+( $
3RODJDZH HQHUJHWVNRJ NDEOD LVSRG GQD YRGRWRND L]YRGL VH SUR
YODaHZHP NUR] FHY QD GXELQL RG QDMPDZH P LVSRG GQD YRGRWRND
32/$*$:( (1(5*(76.,+ .$%/29$ 35(.2 026729$
=D SRODJDZH SUHNR PRVWRYD SUHSRUXaXMH VH NRUL^`HZH NDEORYDVD SROLPHUQRP L]RODFLMRP L SROLPHUQLP SOD^WRP ;3$6;+( $ LWG=D SRODJDZH VUHGZHQDSRQVNLK NDEORYD SUHNR PRVWRYD VD LQWHQ]LYQLP YLEUDFLMDPD SUHSRUXaXMH VH NRUL^`HZH WURCLOQLK NDEORYD WLSD ;+( $ 7R MH NDEO NRML VH VDVWRML RG WUL SRXCHQD
MHGQRCLOQD NDEOD ;+( $ NRML MH DUPLUDQ VD RNUXJORP SRFLQNRYDQRP CLFRP L ]D^WL`HQ SROLHWLOHQVNLP SOD^WRP
=D SRODJDZH SUHNR PRVWRYD GR]YRTHQR MH NRUL^`HZH SDSLUQLK NDE
ORYD VD DOXPLQLMXPVNLP SOD^WRP WLSD13+$ $1LMH GR]YRTHQR SRODJDZH HQHUJHWVNLK NDEORYD VD RORYQLPSOD^WRP 132 $6 LWG SUHNR aHOLaQRUH^HWNDVWLK PRVWRYD
3UHSRUXaXMH VH SRODJDZH HQHUJHWVNLK NDEORYD LVSRG SH^DaNLKVWD]D X NDQDOLPD LOL FHYLPD 2YL NDQDOL FHYL QH VPHMX GD VOXCH]D RGYRG DWPRVIHUVNH YRGH D PRUD GD EXGH RPRJX`HQR SULURGQRKOD_HZH NDEORYD .RG YH`HJ PRVWD MH XRELaDMHQR GD VH X ZHJRYRMXQXWUD^ZRVWL SUHGYLGL SRVHEDQ WXQHO VD NRQ]RODPD LOL LVSXVWLPD]D QR^HZH NDEORYD'R]YRTHQR MH L VORERGQR SRODJDZH SR NRQVWUXNFLML PRVWD DNR VXHQHUJHWVNL NDEORYL QHSULVWXSDaQL QHVWUXaQLP OLFLPD L DNR VX]D^WL`HQL RG GLUHNWQRJ ]UDaHZD VXQFD
6YXGD JGH MH WR PRJX`H HQHUJHWVNH NDEORYH WUHED SRODJDWL EH]VSRMQLFD QD PRVWX 3UHSRUXaXMH VH GD NDEORYVNH VSRMQLFH EXGX
XGDTHQH QDMPDZH P RG NUDMHYD PRVWD$NR MH SRVWDYTDZH VSRMQLFH QD PRVWX L]QX_HQR UH^HZH VSRMQLFXWUHED PRQWLUDWL QD QRVH`L VWXE LOL QD QHNR GUXJR VWDELOQR PHVWR
7UHED L]EHJDYDWL SRODJDZH NDEORYD SUHNR GUYHQLK PRVWRYD 8 VXSURWQRP NDEORYVNL YRG VH SRODCH NUR] SODVWLaQX LOL PHWDOQX FHY
1D PHVWLPD SUHOD]D HQHUJHWVNRJ NDEOD VD aHOLaQH NRQVWUXNFLMHPRVWD QD REDOQH RVORQFH PRVWD NDR L QD SUHOD]LPD SUHNR GLODWDFLRQLK GHORYD PRVWD WUHED SUHGYLGHWL RGJRYDUDMX`X UH]HUYX NDEOD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
32/$*$:( -('12#,/1,+ (1(5*(76.,+ .$%/29$
3UHSRUXaXMH VH SRODJDZH MHGQRCLOQLK NDEORYD ;+( $ 13+$$ LWG X WURXJODVWRP VQRSX VOD 1D NUD`LP GHRQLFDPDGR]YRTHQR MH L SRODJDZH X KRUL]RQWDOQRM UDYQL QD PH_XVREQRP
UD]PDNX RG D P VOE6QRS VH IRUPLUD SURYODaHZHP NDEORYD NUR] RGJRYDUDMX`X PDWULFX
SUL RGPRWDYDZX VD WUL NDOHPD )RUPLUDQL VQRS VH QD VYDNLK P GR
P RPRWDYD REXMPLFRP VDPROHSTLYRP WUDNRP LWG
a a
D X WURXJODVWRP VQRSX E X KRUL]RQWDOQRM UDYQL
6O 3RODJDZH MHGQRCLOQLK NDEORYD
'R]YRTHQR MH SRMHGLQDaQR SURYODaHZH MHGQRCLOQRJ NDEOD NUR] FHYRG QHIHURPDJQHWQRJ PDWHULMDOD SRG XVORYRP GD FHY QLMH GXCD RG
P.UR] aHOLaQX FHY GR]YRTHQR MH SURYODaHZH VQRSD NRML aLQHMHGQRCLOQL NDEORYL VYH WUL ID]H
=D SULaYU^`LYDZH MHGQRCLOQLK NDEORYD PRJX GD VH NRULVWHVDPR REXMPLFH RG QHIHURPDJQHWQRJ PDWHULMDOD EDNDU DOXPLQLMXP SODVWLND LWG
1D RED NUDMD NDEORYVNRJ YRGD WUHED JDOYDQVNL GD VH SRYHCXPHWDOQL SOD^WRYL LOL HOHNWULaQH ]D^WLWH VYD WUL MHGQRCLOQDNDEOD L GD VH X]HPTL RYDM VSRM
,]X]HWQR DNR 83( NDEO N9 L N9 ;+( $ LWG SRYH]XMH 76
N9 VD VDPR MHGQRP 76 N9 D SURUDaXQRP LOL PHUHZHP VH GRNDCH GD SRVWRML RSDVQRVW RG L]QR^HZD SRWHQFLMDOD L]
76 N9 WDGD HOHNWULaQH ]D^WLWH 83( NDEORYD PRJX GD
RVWDQX L]RORYDQH X RGQRVX QD X]HPTHZH 76 N9 YLGL SRJODYTH X 73
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
.$%/296., 35,%25
.DEORYVNL SULERU VOXCL ]D ]DWYDUDZH NUDMHYD NDEOD UDGL VSUHaDYDZD SURGRUD YODJH ^WR VH RVWYDUXMH SRPR`X NDEORYVNLK ]DYU^QLFDJODYD ]D XQXWUD^ZX L VSRTD^ZX PRQWDCX L NDEORYVNLK VSRMQLFD3UHSRUXaXMH VH NRUL^`HZH WRSORVNXSTDMX`HJ L KODGQRVNXSTDMX`HJ NDEORYVNRJ SULERUD3URL]YR_Da RGQRVQR LVSRUXaLODF HQHUJHWVNRJ NDEOD REDYH]DQ MH GDREH]EHGL FHORNXSDQ PDWHULMDO DODW L SULERU ]D L]UDGX NDEORYVNLKVSRMQLFD L ]DYU^QLFD NDR L GD L]GD GHWDTQD XSXWVWYD ]D ZLKRYXPRQWDCX
=D VSDMDZH SURYRGQLND SUHSRUXaXMH VH SRVWXSDN SUHVRYDZD -861) DOL MH GR]YRTHQR NRUL^`HZH L VSHFLMDOQLK VWH]DTNL
VD ]DYUWZLPD
6WH]DTNH VD ]DYUWZLPD NRULVWH VH X UDaYDVWLP VSRMQLFDPD 7 LOL< SULNTXaFL NDR L ]D SULNTXaHZH NUDMHYD HQHUJHWVNLK NDEORYDQLVNRJ QDSRQD QD VDELUQLFH UD]YRGQH WDEOH WUDQVIRUPDWRUVNH VWDQLFH 73D LOL NDEORYVNH SULNTXaQH NXWLMH 'RGDWDN 733RYH]LYDZH RGYRMQRJ NDEOD X UDaYDVWRM VSRMQLFL L]YRGL VH EH] SUHVHFDZD SURYRGQLND JODYQRJ YRGD
=D VYDNL WLS SUHVH LOL VWH]DTNH VD ]DYUWZLPD NDR L ]D FHORNXSDQPDWHULMDO ]D SUHVRYDZH PRUD GD VH REH]EHGL DWHVW RYOD^`HQH
QH]DYLVQH LQVWLWXFLMH
=D QLVNRQDSRQVNH NDEORYH 33$6- ;3$6 LWG VH NRULVWHNDEORYVNH VSRMQLFH L ]DYU^QLFH RG WRSORVNXSTDMX`LK LOLKODGQRVNXSTDMX`LK HOHPHQDWD LOL VD QDOLYQLP VLVWHPLPD RGHSRNVLGD LOL SROLXUHWDQD
=D VUHGZHQDSRQVNH NDEORYH ;+( $ 132 $6 LWG SUHSRUXaXMH VH NRUL^HZH NDEORYVNLK VSRMQLFD L ]DYU^QLFD RG WRSORVNXSTDMX`LK KODGQRVNXSTDMX`LK LOL SUHIDEULNRYDQLK HOHPHQDWD
=D NDEORYH VD SDSLUQRP L]RODFLMRP 132 $6 LWG GR]YRTHQR MHNRUL^`HZH L NODVLaQRJ NDEORYVNRJ SULERUD
.DEORYVNH VSRMQLFH L ]DYU^QLFH WUHED GD PRQWLUDMX VWUXaQRREXaHQL UDGQLFL NRML VWULNWQR SULPHZXMX VYD XSXWVWYD L ]DKWHYHSURL]YR_DaD SRVHEQR X YH]L WHKQROR^NH aLVWR`H QHSUHNLGQRVWLHOHNWULaQH ]D^WLWH VODERSURYRGQLK VORMHYD L SOD^WD VUHGZHQDSRQVNLK NDEORYD LWG
.DEORYVND ]DYU^QLFD VUHGZHQDSRQVNRJ NDEOD PRUD GD SRVHGXMHSULERU VWH]DTND SOHWHQLFD ]D X]HPTHZH LWG ]D MHGQRVWDYQRSULNTXaHZH PHWDOQRJ SOD^WD L DUPDWXUH RGQRVQR HOHNWULaQH ]D^WLWH NDEOD QD X]HPTLYDa WUDQVIRUPDWRUVNH VWDQLFH LOL VWXED.DEORYVND VSRMQLFD VH SRVHEQR QH X]HPTXMH QH]DYLVQR RG WRJD GDOL MH RG L]RODFLRQRJ PDWHULMDOD LOL PHWDOQD
.RG L]UDGH NDEORYVNH ]DYU^QLFH REDYH]QD MH SULPHQD X]GXCQR ]DSWLYHQLK VWRSLFD SDSXaLFD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
1D VO GDWL VX SULPHUL L]YR_HZD NDEORYVNRJ SULERUD L WR
• VOD WRSORVNXSTDMX`D VSRMQLFD ]D 1183( LOL 39& NDEO
• VOE WRSORVNXSTDMX`D ]DYU^QLFD ]D VSRTD^ZX PRQWDCX ]D
VUHGZHQDSRQVNL MHGQRCLOQL 83( NDEO
• VOY WRSORVNXSTDMX`D VSRMQLFD ]D VUHGZHQDSRQVNL MHGQR
CLOQL 83( NDEO
VSRTD^ZL SOD^W NDEOD CLOD NDEOD VSRMQD aDXUD ]D SUHVRYDZH WRSORVNXSTDMX`D FHY ]D CLOX NDEOD VSRTD^ZD WRSORVNXSTDMX`D FHY
6OD 7RSORVNXSTDMX`D NDEORYVND VSRMQLFD ]D 11 NDEO
/PLQ
NDEORYVND SDSXaD JXPHQD WUDND ]D LVSXQX L ]DSWLYDZH L]RODFLRQL aODQFL GYRVORMQD NRPSR]LWQD WRSORVNXSTDMX`D FHY PDUDPLFD ]D UHJXODFLMX SRTD L]RODFLMD NDEOD VODERSURYRGQL VORM EDNDUQL HNUDQ ]D X]HPTHZH VSRTD^ZL SOD^W NDEOD
6OE 7RSORVNXSTDMX`D NDEORYVND]DYU^QLFD ]D 61 NDEO
.DEO /PLQ
[m] N9
N9
N9
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
VSRTD^ZL SOD^W NDEOD EDNDUQL HNUDQ VODERSURYRGQL VORM PDUDPLFD ]DUHJXODFLMX HOHNWULaQRJ SRTD GYRVORMQD NRPSR]LWQD WRSORVNXSTDMX`D FHY
EDNDUQD PUHCDVWD WUDND L]RODFLMD NDEOD VODERSURYRGQD WUDND VSRMQHaDXUH ]D SUHVRYDZH VSRTD^ZD ]D^WLWQD WRSORVNXSTDMX`D FHY
6OY 7RSORVNXSTDMX`D NDEORYVND VSRMQLFD ]D 61 NDEO
,63,7,9$:( (1(5*(76.,+ .$%/29$ , .$%/296.2*35,%25$
,VSLWLYDZH HQHUJHWVNRJ NDEOD VD SDSLUQRP L]RODFLMRP 132
$6 13+2 $ 13+$ $ LWG YU^L VH SUHPD -86 1&,VSLWLYDZH HQHUJHWVNRJ NDEOD VD L]RODFLMRP RG SROLPHUQLK
PDWHULMDOD ;3$6- 33$6 ;+( $ LWG YU^L VH SUHPD -861& -86 1& L -86 ,(& ,VSLWLYDZH NDEOD L NDEORYVNRJ SULERUD YU^L VH NDR REDYH]QRNRPDGQR LVSLWLYDZH LVSLWLYDZH WLSD VSHFLMDOQR SRVHEQRLVSLWLYDZH L SULMHPQR LVSLWLYDZH.DEORYL L NDEORYVNL SULERU PRUDMX GD SRVHGXMX DWHVW RYOD^`HQH QH]DYLVQH LQVWLWXFLMH
2EDYH]QR NRPDGQR LVSLWLYDZH MH LVSLWLYDZH NRMH VH YU^L QDVYDNRM SURL]YHGHQRM GXCLQL NDEOD LOL VYDNRP HOHPHQWX NDEORYVNRJSULERUD D REXKYDWD
• PHUHZH HOHNWULaQH RWSRUQRVWL SURYRGQLND -86 1&
• REDYH]QD QDSRQVND LVSLWLYDZD WDEHOH L
• PHUHZH IDNWRUD GLHOHNWULaQLK JXELWDND ]D SDSLUQH NDEORYH QD
]QDaHQRJ QDSRQD N9 L N9 13+2 $ 13=2 $
• LVSLWLYDZH SDUFLMDOQLK SUDCZHZD ]D VUHGZHQDSRQVNH NDEORYH
VD SROLPHUQRP L]RODFLMRP ;+( $ LWG
6SHFLMDOQD LVSLWLYDZD VH YU^H GD EL VH SURYHULOR GD OL NDEOLVSXZDYD ]DKWHYH VWDQGDUGD SR NRMHP MH SURL]YHGHQ VWYDU VX SRVHEQRJ GRJRYRUD L]PH_X SURL]YR_DaD L NRULVQLND D REXKYDWDMX
• SURYHUX NRQVWUXNFLMH GLPHQ]LMD SURYRGQLND L]RODFLMH L ]D^WLWQLK VORMHYD
• QDSRQVNR LVSLWLYDZH ]D VUHGZHQDSRQVNH NDEORYH L WR
• aHWYRURaDVRYQR ]D NDEORYH VD SROLPHUQRP L]RODFLMRP VD WURVWUXNRP YUHGQR^`X ID]QRJ QDSRQD
• PLQXWQR ]D SDSLUQH NDEORYH VD YUHGQRVWLPD QDL]PHQLaQLKMHGQRVPHUQLK LVSLWQLK QDSRQD XYH`DQH ]D SXWD SXWD XRGQRVX QD YUHGQRVWL GDWH X WDEHOL
,VSLWLYDZH WLSD MH LVSLWLYDZH NRMH YU^L SURL]YR_Da QD QRYRPWLSX NDEOD VSRMQLFH LOL ]DYU^QLFH NDR SUHGVWDYQLNX GUXJLK LVWLKLOL VOLaQLK WLSRYD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
,VSLWLYDZH WLSD SR SUDYLOX VH QH YU^L DNR SURL]YR_Da NDEOD LOLNDEORYVNRJ SULERUD SULORCL DWHVW R RYRP LVSLWLYDZX QD SUHGVWDYQLNX WRJ WLSD
3ULMHPQR LVSLWLYDZH MH LVSLWLYDZH NRMH VH REDYTD X SULVXVWYXNRULVQLND NXSFD L SR SUDYLOX REXKYDWD ]DKWHYH REDYH]QRJ LVSLWLYDZD D SR GRJRYRUX L ]DKWHYH VSHFLMDOQLK LVSLWLYDZD3ULMHPQR LVSLWLYDZH VH L]YRGL QD QDMPDZH XNXSQH GXCLQH NDEOD LOL QD VSRUD]XPQR XWYU_HQRP EURMX VSRMQLFD LOL ]DYU^QLFD
1DSRQVNR LVSLWLYDZH HQHUJHWVNRJ NDEOD VD SDSLUQRP L]RODFLMRP 132 $6 13+2 $ 13+$ $ LWG VH YU^L MHGQRVPHUQLPLOL QDL]PHQLaQLP QDSRQRP DOL VH SUHSRUXaXMH LVSLWLYDZH MHGQRVPHUQLP QDSRQRP,VSLWQL QDSRQ VH SULNTXaXMH L]PH_X MHGQH CLOH L PHWDOQRJ SOD^WDSUL aHPX VH NRG WURCLOQRJ NDEOD SUHRVWDOH GYH CLOH YH]XMX ]DPHWDOQL SOD^W 9UHGQRVWL LVSLWQLK QDSRQD GDWH VX X WDEHOL
7DEHOD ,VSLWQL QDSRQL SDSLUQLK NDEORYD
1D]QDaHQL QDSRQ NDEOD ,VSLWQL QDSRQ [kV][ Uo/U ] 1DL]PHQLaQL -HGQRVPHUQL
N9
N9
N9
7UDMDZH LVSLWLYDZD 5 min
1DSRQVNR LVSLWLYDZH HQHUJHWVNLK NDEORYD VD L]RODFLMRP RGSROLPHUQLK PDWHULMDOD ;3$6- 33$6 ;+( $ LWG YU^LVH QDL]PHQLaQLP QDSRQRP NRG VUHGZHQDSRQVNLK NDEORYD L QDL]PHQLaQLP LOL MHGQRVPHUQLP QDSRQRP NRG QLVNRQDSRQVNLKNDEORYD9UHGQRVWL LVSLWQLK QDSRQD L GXCLQH WUDMDZD LVSLWLYDZD GDWH VX XWDEHOL ,VSLWQL QDSRQ VH SULNTXaXMH L]PH_X CLOH L HOHNWULaQH]D^WLWH NRG VUHGZHQDSRQVNLK NDEORYD RGQRVQR L]PH_X MHGQH CLOHL SUHRVWDOLK CLOD YH]DQLK QD NUDWNR PH_XVREQR L VD ]HPTRP
7DEHOD ,VSLWQL QDSRQL 39& L 83( NDEORYD
,VSLWQL QDSRQL 39& L 83( NDEORYD [kV]1D]QDaHQL QDSRQNDEOD 1DL]PHQLaQL -HGQRVPHUQL[ Uo/U ] [ 5 min ] [ 24 h ] [ 15 min ] N9
N9
N9
N9
1DSRQVNR LVSLWLYDZH SOD^WD VUHGZHQDSRQVNRJ NDEOD YU^L VH
DNR MH SOD^W L]UD_HQ RG 39&D LOL SROLHWLOHQD,VSLWLYDZH VH YU^L MHGQRVPHUQLP QDSRQRP NRML VH SULNTXaXMH L]PH_X HOHNWULaQH ]D^WLWH LOL DUPDWXUH LOL PHWDOQRJ SOD^WD L ]HPTH
9LVLQD MHGQRVPHUQRJ LVSLWQRJ QDSRQD L]QRVL N99UHPH LVSLWLYDZD SOD^WD NDEOD L]QRVL PLQ
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
3RVOH SRODJDZD VSDMDZD L ]DYU^DYDZD NDEOD YU^L VH QDSRQVNRLVSLWLYDZH NDEORYVNRJ YRGD 1DSRQVNR LVSLWLYDZH YU^L VH LSRVOH RSUDYNH VUHGZHQDSRQVNRJ NDEOD1DSRQVNR LVSLWLYDZH SRVOH SRODJDZD YU^L VH SUHPD WDaNL ]D
132 NDEORYH L WDaNL ]D 83( NDEORYH
,VSLWLYDZH 39& NDEORYD N9 SRVOH SRODJDZD YU^L VH QD
L]PHQLaQLP QDSRQRP N9 LOL MHGQRVPHUQLP QDSRQRP N9 9UHPHLVSLWLYDZD L]QRVL PLQ
'2=924(12 6758-12 237(5(@(:( (1(5*(76.2* .$%/$
6WUXMQR RSWHUH`HZH HQHUJHWVNRJ NDEOD WUHED GD EXGH RJUDQLaHQRWDNR GD WRSORWD SURL]YHGHQD X NDEOX EXGH RGYHGHQD X RNROLQX L GDVH QH SUHNRUDaL PDNVLPDOQD GR]YRTHQD WHPSHUDWXUD SURYRGQLND XQRUPDOQRP SRJRQX L X NUDWNRP VSRMX
'R]YRTHQR VWUXMQR RSWHUH`HZH NDEORYVNRJ YRGD UDaXQD VH SUHPDL]UD]X
QGENWWRSGR] ,NNNN, ⋅⋅⋅⋅= ρθ
JGH MH
,GR] GR]YRTHQR VWUXMQR RSWHUH`HZH NDEORYVNRJ YRGD X DPSHULPD $
NRS VDaLQLODF SURPHQH GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEORYVNRJ
YRGD RG IDNWRUD RSWHUH`HZD P L L]QRVL NRS ]D VWDOQR
LQGXVWULMVNR RSWHUH`HZH IDNWRU RSWHUH`HZD P L NRS ]D SURPHQTLYR GLVWULEXWLYQR RSWHUH`HZH IDNWRU RSWHUH
`HZD P
NθW VDaLQLODF SURPHQH GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEORYVNRJ
YRGD RG WHPSHUDWXUH WOD θW QD GXELQL SRODJDZD NDEOD L X RSVHJX
R& ≤ θW ≤ R& UDaXQD VH SUHPD L]UD]X
( )WW N θ−⋅+=θ
NρW VDaLQLODF SURPHQH GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEORYVNRJ
YRGD RG VSHFLILaQH WRSORWQH RWSRUQRVWL WOD ρW L GRELMD VH L]WDEHOH
NEN VDaLQLODF SURPHQH GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEORYVNRJ
YRGD RG EURMD SRORCHQLK YRGRYD EN X URYX L PH_XVREQRJ XGDTHZDNDEORYVNLK YRGRYD D L GRELMD VH L] WDEHOH
,QG QD]QDaHQD YUHGQRVW GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEORYVNRJ YRGD X DPSHULPD $ NRMX GDMH SURL]YR_Da NDEOD ]D SUDNWLaQH SURUDaXQH PRJX GD VH NRULVWH SRGDFL L] WDEHOD D LE ]D UHIHUHQWQH XVORYH NRML VX GDWL X LVWLP WDEHODPD
WHPSHUDWXUD WOD θW R& VSHFLILaQD WRSORWQD RWSRUQRVW WOD
ρW = .⋅P: GXELQD SRODJDZD K P K P ]D NDEO N9GLVWULEXWLYQR RSWHUH`HZH NRS MHGDQ NDEORYVNL YRG X URYX
=D RGUH_HQL WLS HQHUJHWVNRJ NDEOD L UD]OLaLWH XVORYH SRODJDZD XQD^LP VWDQGDUGLPD VX GDWH YUHGQRVWL VDaLQLRFD NRUHNFLRQLK IDN
WRUD NθW NρW L NEN 9UHGQRVWL RYLK VDaLQLODFD VX SUHNR L]UD]D L
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
WDEHOD X WDaNL SULODJR_HQH ]D SUDNWLaQH SURUDaXQH WDNR GD VH
GRELMDMX YUHGQRVWL VD QDMYH`RP JUH^NRP RG ± 3URPHQD GXELQH SRODJDZD NDEOD LOL JHRPHWULMVNLK NDUDNWHULVWLNDNDEOD LPDMX UHODWLYQR PDOL XWLFDM QD GR]YRTHQR VWUXMQR RSWHUH`HZH NDEOD
)DNWRU RSWHUH`HZD P MH RGQRV VUHGZHJ L PDNVLPDOQRJ RSWHUH`HZD
L L]QRVL P ]D VWDOQR LQGXVWULMVNR RSWHUH`HZH GRN ]D SUR
PHQTLYR GLVWULEXWLYQR RSWHUH`HZH L]QRVL RNR P L WRSULEOLCQR RGJRYDUD GQHYQRP GLMDJUDPX RSWHUH`HZD VD FLNOLaQLPVPHZLYDZHP PDNVLPDOQRJ RSWHUH`HZD X WUDMDZX RG VDWL VD RSWHUH`HZHP X YLVLQL PDNVLPDOQRJ RSWHUH`HZD X QDUHGQLK VDWL
6SHFLILaQD WRSORWQD RWSRUQRVW WOD ρW ]DYLVL RG YUVWH WOD^TXQDN SHVDN ]HPTD L] RWNRSD LWG L VDGUCDMD YODJH X WOX X WRNXJRGLQH 8 YUHPH PDNVLPDOQRJ JRGL^ZHJ RSWHUH`HZD GLVWULEXWLYQRJNRQ]XPD ]LPVNL SHULRG UDaXQD VH VD QRUPDOQRP YODCQR^`X WODLVSRG VORERGQLK L DVIDOWLUDQLK SRYU^LQD X NRMLPD VH QDOD]L NDEOWDNR GD VH ]D SUDNWLaQH SURUDaXQH L SURVHaQH XVORYH UDGD GLVWULEXWLYQH PUHCH L SRODJDZD X VNODGX VD RYRP SUHSRUXNRP PRCH GD
XVYRML ρW ≈ .⋅P: NρW RVLP ]D GRPLQDQWQR SHVNRYLWR WOR NDGD
PRCH GD VH XVYRML ρW ≈ .⋅P: L WDGD MH NρW ≈
.DGD VH X LVWL URY SRODCH YHOLNL EURM HQHUJHWVNLK NDEORYD QD
SULPHU QD L]OD]X L] 76 ; N9 L 76 ; N9 YUHGQRVW VDaLQLRFD
NEN WDEHOD PRCH GD EXGH YHRPD PDOD L SUHQRVQD PR` NDEORYD]QDWQR XPDZHQD 7DNYL VOXaDMHYL WUHED SRVHEQR GD VH DQDOL]LUDMX3UREOHP VH UH^DYD
• XVYDMDZHP YH`HJ SUHVHND SURYRGQLND YRGD WDaND
• SULPHQRP NDEORYD VD L]RODFLMRP RG XPUHCHQRJ SROLHWLOHQD WLSD
;3$6- ;+( $ LWG
• SULPHQRP SRVWHTLFH RG VSHFLMDOQLK PH^DYLQD QD SULPHU PH^DYLQD ^TXQND L SHVND 0RUDYFD VD GRGDWNRP GR POHYHQRJNUHaZDND PH^DYLQD SHVND L FHPHQWD LWG
5DVSRUHG NDEORYD SUL SRODJDZX X LVWL URY PRCH GD EXGH X MHGQRP
QLYRX LOL X GYD QLYRD SDNHW NDEORYD .RUHNFLRQL IDNWRUL X REDRYD VOXaDMD VX SULEOLCQR MHGQDNL ]D MHGQDN EURM NDEORYD X URYX =DWRVH SRODJDZH X GYD QLYRD SUHSRUXaXMH WDPR JGH MH SURVWRU ]D VPH^WDMNDEORYD PDOL L JGH SRVWRMH XVORYL ]D SRX]GDQR RWNULYDZH NYDUD XNDEOX L ZHJRYX RSUDYNX
'R]YRTHQR VWUXMQR RSWHUH`HZH NDEOD X ]LPVNRP SHULRGX ,GR]=YUHPH PDNVLPDOQRJ JRGL^ZHJ RSWHUH`HZD GLVWULEXWLYQRJ NRQ]XPDRGQRVQR X OHWZHP SHULRGX ,GR]/ ]D SURVHaQH NDUDNWHULVWLNH WOD
ρW = .⋅P: MHGDQ NDEO X URYX L RVWDOH XVORYH NRML VX NDUDNWHULVWLaQL ]D NRQ]XPQR SRGUXaMH 6UELMH UDaXQDMX VH L] RGQRVD
,GR]= ⋅ ,QG L ,GR]/ ,QG ≈ ⋅,GR]=JGH MH ,QG QD]QDaHQD YUHGQRVW GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEODaLMH YUHGQRVWL VX GDWH X WDEHODPD D L E
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
6DaLQLRFL SURPHQH GR]YRTHQLK VWUXMD HQHUJHWVNLK NDEORYD
6DaLQLODF SURPHQH GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEORYVNRJ YRGD RG
WHPSHUDWXUH WOD θW
( )WW N θ−⋅+=θ
7DEHOD 6DaLQLODF SURPHQH GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDE
ORYVNRJ YRGD RG VSHFLILaQH WRSORWQH RWSRUQRVWL WODρW
ρW [K⋅m/W]
132 NρW 83( 39&
7DEHOD 6DaLQLODF SURPHQH GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD
NDEORYVNRJ YRGD RG EURMD EN NDEORYD SRORCHQLK X URYX
%URM NDEORYD X
URYX EN
D = P NEN D = P
D PH_XVREQR XGDTHZH NDEORYVNLK YRGRYD X URYX
7DEHOD D 1D]QDaHQH YUHGQRVWL GR]YRTHQLK VWUXMQLK RSWHUH`HZD11 NDEORYD ]D SURPHQTLYR GLVWULEXWLYQR RSWHUH`HZH
1D]QDaHQD YUHGQRVW GR]YRTHQH VWUXMH Ind [ A ]
39& NDEO 83( NDEO
1D]QDaHQLSUHVHNNDEOD[mm2] &X $O &X $O
θW = & ρW = .⋅P: NRS K = P EN
7DEHOD E 1D]QDaHQH YUHGQRVWL GR]YRTHQLK VWUXMQLK RSWHUH`HZD61 NDEORYD ]D SURPHQTLYR GLVWULEXWLYQR RSWHUH`HZH
1D]QDaHQD YUHGQRVW GR]YRTHQH VWUXMH Ind [ A ]
132 NDEO 83( NDEO
N9 L N9 N9 N9 L N9 N9
1D]QDaHQLSUHVHNNDEOD[mm2]
&X $O &X $O &X $O &X $O
[
[
[
θW = & ρW = .⋅P: EN NRS
K = P K = P ]D NDEO N9132 NDEO WURCLOQL 132 $6 13=2 $ LWG83( NDEO WUL MHGQRCLOQD X VQRSX ;+( $ LWG
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
3ULPHU 3URUDaXQ GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEOD
.RMX VQDJX X QD^LP XVORYLPD PRJX GD SUHQHVX SRMHGLQDaQR SRORCHQLHQHUJHWVNL NDEORYL QD WHULWRULML VWDURJ %HRJUDGD L 1RYRJ %HRJUDGDD XRaL 1RYH JRGLQH YUHPH PDNVLPDOQRJ JRGL^ZHJ RSWHUH`HZD NRQ]XPDE X OHWZLP PHVHFLPD"Y 2GDEUDWL 11 NDEORYH NRMLP WUHED SUHQHWL PDNVLPDOQX UDVSRORCLYX
VQDJX (7D X 76 ; N9 LQVWDOLVDQH VQDJH N9$
5H^HZH
D 3URVHaQD GQHYQD WHPSHUDWXUD WOD XRaL 1RYH JRGLQH L]QRVL θW ≈ R& ^WRRGJRYDUD REDYTHQLP GXJRJRGL^ZLP PHUHZLPD QD GXELQDPD NRMH VX SUL
EOLCQH GXELQDPD SRODJDZD HQHUJHWVNLK NDEORYD P GR P SD VDaLQLODF SURPHQH GR]YRTHQRJ VWUXMQRJ RSWHUH`HZD NDEORYVNRJ YRGD RG WHP
SHUDWXUH WOD θW L]QRVL
( ) ( ) N WW =−⋅+=θ−⋅+=θ
6SHFLILaQD WRSORWQD RWSRUQRVW WOD ρW ]DYLVL RG YUVWH WOD ^TXQDNSHVDN ]HPTD L] RWNRSD LWG L VDGUCDMD YODJH X WOX X WRNX JRGLQH 8]LPVNLP PHVHFLPD NDGD MH L PDNVLPDOQR RSWHUH`HZH GLVWULEXWLYQRJNRQ]XPD UDaXQD VH VD QRUPDOQRP YODCQR^`X WOD ^WR MH SRYRTQR VDVWDQRYL^WD GR]YRTHQLK VWUXMQLK RSWHUH`HZD
8 VWDURP GHOX %HRJUDGD ρW VH NUH`H RG ρW .⋅P: GR ρW .⋅P: SD
SUHPD WDEHOL VDaLQLODF SURPHQH GR]YRTHQH VWUXMH L]QRVL NρWV% ≈ GR NρWV%
=D GDTL SURUDaXQ XVYRMDPR NρWV%
^WR PRCH GD VHNRULVWL L NDR SURVHaQD JRGL^ZD YUHGQRVW ]D WHULWRULMX 6UELMH 6SHFL
ILaQD WRSORWQD RWSRUQRVW WOD ]D 1RYL %HRJUDG SHVDN VH NUH`H ρW ≈
.⋅P: X YUHPH PDNVLPDOQRJ JRGL^ZHJ RSWHUH`HZD GLVWULEXWLYQRJ NRQ
]XPD ]LPL GR ρW ≈ .⋅P: OHWL SD SUHPD WDEHOL GRELMDPR VDaL
QLODF NρW1% ≈ ]LPL L NρW1% ≈ OHWL1D]QDaHQH YUHGQRVWL GR]YRTHQLK VWUXMQLK RSWHUH`HZD ,QG ]D SURPHQTLYR
GLVWULEXWLYQR RSWHUH`HZH NRS L P GDWH VX X WDEHODPD GRN ]D VWDOQR LQGXVWULMVNR RSWHUH`HZH RGJRYDUDMX`H YUHGQRVWL L] WLK
WDEHOD WUHED SRPQRCLWL IDNWRURP NRS P 3UHPD WRPH GR]YRTHQR VWUXMQR RSWHUH`HZH NDEORYVNRJ YRGD ]D GLVWULEXWLYQR RSWHUH`HZH X ]LPVNRP SHULRGX QD WHULWRULML VWDURJ %HRJUDGD
WR MH L SURVHN ]D WHULWRULMX 6UELMH ,GR]=V% L 1RYRJ %HRJUDGD ,GR]=1% EL`H
QGQGQGENWV%WRSGR]=V% ,,,NNNN, ⋅=⋅⋅⋅⋅=⋅⋅⋅⋅= ρθ
QGQGQGENW1%WRSGR]=1% ,,,NNNN, ⋅=⋅⋅⋅⋅=⋅⋅⋅⋅= ρθ
1D SULPHU NDEO 132 $6 N9 [ PP $O XRaL 1RYH JRGLQH PRCHSURVHaQR GD VH RSWHUHWL WDEHOD E
,GR]=V% ⋅ ,QG ⋅ $ 09$
GRN EL X XVORYLPD OR^H VSHFLILaQH WRSORWQH RWSRUQRVWL WOD QRUPDOQRYODCDQ SHVDN WOR LVSRG DVIDOWLUDQLK LOL VORERGQLK SRYU^LQD QD WHULWRULML 1RYRJ %HRJUDGD PRJDR GD VH RSWHUHWL VD
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
,GR]=1% ⋅ ,QG ⋅ $ ≈ 09$
8 WDEHOL 3UD GDMX VH UH]XOWDWL SURUDaXQD GR]YRTHQLK VWUXMQLKRSWHUH`HZD VQDJD NDEORYD X YUHPH PDNVLPDOQRJ JRGL^ZHJ RSWHUH
`HZD GLVWULEXWLYQRJ NRQ]XPD ]LPVNL SHULRG ,GR]= ⋅ ,QG ]DNDEORYH VD DOXPLQLMXPVNLP SURYRGQLFLPD NRML VH ]D SURVHaQH NDUDNWH
ULVWLNH WOD ρW = .⋅P: NRULVWH X GLVWULEXWLYQLP PUHCDPD 6UELMH8 VOXaDMX QDSDMDZD SRWUR^DaD VD VWDOQLP RSWHUH`HZHP LQGXVWULMD
YUHGQRVWL L] WDEHOH 3UD WUHED SRPQRCLWL IDNWRURPNRS
7DEHOD 3UD 'R]YRTHQD VWUXMQD RSWHUH`HZD VQDJH NDEORYD VD$O
SURYRGQLFLPD X ]LPVNRP SHULRGX FRV ϕ
GR]YRTHQD VWUXMD GR]YRTHQD VQDJD
N9 N9 N9 N9
,]RODFLMDNDEOD
3UHVHN $OSURYRGQLND
[mm2][A] [kW*] [A] [MVA] [A] [MVA] [A] [MVA]
39&
132
83(
θW = R& ρW = .⋅P: K = P GR P EN NRS GLVWULEXWLYQL NRQ]XP
E 1D RVQRYX REDYTHQLK PHUHZD XVYDMDPR GD VUHGZD GQHYQD WHPSHUDWXUD
WOD X OHWZHP SHULRGX L]QRVL θW ≈ R& SD VDaLQLODF SURPHQH GR]YRTHQRJ
VWUXMQRJ RSWHUH`HZD NDEORYVNRJ YRGD RG WHPSHUDWXUH WOD θW L]QRVL NθW
GRN VDaLQLRFL NρW NEN L NRS LPDMX YUHGQRVWL GDWH SRG D3UHPD WRPH GR]YRTHQR VWUXMQR RSWHUH`HZH NDEORYVNRJ YRGD X OHWZHPSHULRGX QD WHULWRULML VWDURJ %HRJUDGD WR MH L SURVHN ]D WHULWRULMX
6UELMH ,GR]/V% L 1RYRJ %HRJUDGD ,GR]/1% EL`H
GR]=V%QGQGQGENWV%WRSGR]/V% ,,,,NNNN, ⋅≈=⋅⋅⋅⋅=⋅⋅⋅⋅= ρθ
GR]=1%QGQGQGENW1%WRSGR]/1% ,,,,NNNN, ⋅≈⋅=⋅⋅⋅⋅=⋅⋅⋅⋅= ρθ
1D SULPHU NDEO 132 $6 N9 [ PP $O X OHWZLP PHVHFLPD PRCH
SURVHaQR GD VH RSWHUHWL ,GR]/V% ,QG $ ≈ 09$
GRN EL X XVORYLPD OR^H VSHFLILaQH WRSORWQH RWSRUQRVWL WOD VXY SHVDNOHWL WHULWRULMD 1RYRJ %HRJUDGD PRJDR GD VH RSWHUHWL
,GR]/1% ⋅ ,QG ⋅ $ ≈ 09$
3UHPD WRPH ]D SURVHaQH NDUDNWHULVWLNH WOD ρW = .⋅P: GR]YRTHQR VWUXMQR RSWHUH`HZH NDEOD X OHWZHP SHULRGX MH ,GR]/ ,QG L GRELMD VHL] WDEHOD D L E
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
Y 'R]YRTHQR VWUXMQR RSWHUH`HZH (7D X YUHPH PDNVLPDOQRJ JRGL^ZHJ RSWHUH`HZD GLVWULEXWLYQRJ NRQ]XPD ]LPVNL SHULRG ,GR](7 L]QRVLYLGL 'RGDWDN 9 73
,GR](7 ⋅ ,Q ⋅ N9$
8 76 ; N9 LPD L]YRGD 11 73D SD VYDNL NDEO WUHED GD SUHQHVH X
SURVHNX RNR N9$ RGQRVQR VWUXMX , $ X VLVWHPX QDSDMDZD
[ 9 LOL , $ X VLVWHPX QDSDMDZD [ 9 ,] WDEHOH
3UD VH YLGL GD RYH VWUXMH PRJX SRMHGLQDaQR GD SUHQHVX L 39& NDEORYL
SUHVHND PP $O 0H_XWLP ]ERJ SRODJDZD YL^H NDEORYD X LVWL URY QD
L]OD]X L] 76 GDTX DQDOL]X `HPR L]YHVWL ]D 39& L 83( NDEORYH WLSVNRJ
SUHVHND PP $O 2YD DQDOL]D `H SRND]DWL WDEHOD 3UY GD SUHVHN
SURYRGQLND PP $ RPRJX`DYD GD VH PDNVLPDOQD VQDJD (7D PRCH GDL]QHVH L] 76 L SRG QDMWHCLP UHDOQLP XVORYLPD DNR EL VH VYLK 11
NDEORYD SRORCLOR X LVWL URY EN NEN ,GR]= $ > I1). 0H_XWLPYUHGQRVWL QD]QDaHQLK VWUXMD 19 RVLJXUDaD VH ELUDMX SUHPD GR]YRTHQLPVWUXMDPD YRGD WDNR GD VX VWYRUHQL XVORYL GD VH SUHNR RYLK YRGRYDGHOLPLaQR UH]HUYLUDMX L SRWUR^DaL VXVHGQLK 76
.DR LOXVWUDFLMX QDYRGLPR SULPHU NDGD VH NDEORYL SR L]ODVNX L] 76
JUDQDMX X GYD VPHUD WDNR GD MH X LVWRP URYX EN NDEOD ^WR EL PRJOR GDVH WUHWLUD L NDR WLSVNR UH^HZH ,] WDEHOH GRELMDPR GD VDaLQLODF
NEN L]QRVL QDMPDZH NEN WDNR GD GR]YRTHQR VWUXMQR RSWHUH`HZH ,GR]=VYDNRJ RG NDEOD X URYX X RGQRVX QD RGJRYDUDMX`H GR]YRTHQR VWUXMQR
RSWHUH`HZH SRMHGLQDaQR SRORCHQRJ NDEOD ,GR]= NRMH VPR SURUDaXQDOL SRG
D WDEHOD 3UD ]D NDEO SUHVHND PP $O L]QRVL QDMPDZH
,GR]= NEN ⋅ ,GR]= ⋅ $ ]D 39& NDEO L ,GR]= $ ]D 83( NDEO
19 RVLJXUDa PRCH WUDMQR GD SUHQRVL VWUXMX aLMD MH YUHGQRVW QDMPDZH YH`D RG QD]QDaHQH VWUXMH 0H_XWLP SR^WR NRG SRODJDZD NDEOD X LVWL
URY PRCH UHDOQR GD VH REH]EHGL UD]PDN L]PH_X NDEORYD YH`L RG FP ^WREL GDOR YUHGQRVW VDaLQLRFD NEN QH^WR YH`X RG L ]DWR X RED VOXaDMD
ELUDPR 19 RVLJXUDa ,QR $ $NR EL KWHOL GD VH ]ERJ ]DKWHYD UH]HUYL
UDZD SRWUR^DaD VXVHGQLK 76 XSRWUHEH 19 RVLJXUDaL ,QR $ QD L]OD]XL] 76 WUHED GD NRULVWLPR 83( NDEORYH L SRVWHTLFX RG VSHFLMDOQLK PH^DYLQD QD SULPHU PH^DYLQD ^TXQND L SHVND 0RUDYFD VD GRGDWNRP GR POHYHQRJ NUHaZDND PH^DYLQD SHVND L FHPHQWD LWG
5H]XOWDWL SURUDaXQD GDWL VX X WDEHOL 3UY =D UD]OLaLWH XVORYH
UDVSOHWD 11 NDEORYD EURM NDEORYD EN X URYX NRUL^`HZHP VWDQGDUGQH
NDEORYVNH SRVWHTLFH ρWVW .⋅P: NρW LOL SRVWHTLFH RG VSHFLMDOQLK
PH^DYLQD ρWVS .⋅P: NρW X WDEHOL VH GDMX YUHGQRVWL GR]YR
THQLK VWUXMQLK RSWHUH`HZD NDEORYD ,GR]= X YUHPH PDNVLPDOQRJ JRGL^ZHJRSWHUH`HZD NDR L RGJRYDUDMX`H YUHGQRVWL QD]QDaHQLK VWUXMD WRSTLYLK
XPHWDND 19 RVLJXUDaD ,QR X UDVNORSQRP EORNX 11 X 76
5H]XOWDWL SURUDaXQD L L]YHGHQD DQDOL]D RPRJX`DYDMX L GD ]DNTXaLPR GDVD VWDQRYL^WD WHUPLaNLK QDSUH]DZD PDNVLPDOQR JRGL^ZH MHGQRYUHPHQR RSWHUH`HZH (7D VQDJH N9$ PRCH GD VH L]QHVH L] 76 L VD
NDEORYVNLK YRGRYD VYDNL NDEO EL SUHQHR X SURVHNX RNR N9$ RGQRVQRVWUXMX , $ X VLVWHPX QDSDMDZD [ 9 LOL , $ X VLVWHPX
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
QDSDMDZD [ 9 $NR SR_HPR RG UHDOQH SUHWSRVWDYNH GD VH SRL]ODVNX L] 76 NDEORYVNL YRGRYL JUDQDMX EDU X GYD VPHUD VD SR YRGD X
LVWRP URYX YLGL VH GD MH XYHN ,GR]= ! ,
1D RVQRYX SUHGKRGQLK SURUDaXQD L DQDOL]H PRJOL EL GD L]YXaHPR VOHGH`H]DNTXaNH NDR WLSVNR UH^HZH ]D L]YR_HZH UDVSOHWD 11 NDEORYVNLKYRGRYD L] 76 ; N9 VQDJH N9$ SUHSRUXaXMH VH NRUL^`HZH
• 83( NDEORYD ;3$6- SUHVHND [ PP
• SRVWHTLFH RG VSHFLMDOQLK PH^DYLQD RG 76 GR PHVWD JUDQDZD NDEORYVNLK WUDVD X YL^H SUDYDFD
• 19 RVLJXUDaD VD SDWURQLPD WRSTLYLK XPHWDND QDMYL^H ,QR $
7DEHOD 3UY ,]ERU 19 RVLJXUDaD X 76; N9 VQDJH N9$
39& NDEO 83( NDEOEN NEN ρWVW ρWVS ρWVW ρWVS
,GR]= [A]
,QR [A]
,GR]= [A]
,QR [A]
,GR]= [A]
,QR [A]
,GR]= [A]
,QR [A]
,GR]= [A]
,QR [A]
,GR]= [A]
,QR [A]
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
75$163257 , 2'027$9$:( (1(5*(76.,+ .$%/29$
(QHUJHWVNL NDEORYL VH WUDQVSRUWXMX QD NDOHPRYLPD ,]X]HWQR NUD`LNRPDGL NDEORYD PRJX GD VH WUDQVSRUWXMX X QDPRWDQLP NRWXULPD SRGXVORYRP GD VH QH SUHNRUDaH GR]YRTHQL SROXSUHaQLFL VDYLMDZDWDaND
=D LVWRYDU NDEOD NRULVWL VH GL]DOLFD YLTX^NDU UDPSD LWG
.DOHP NDEOD PRUD GD VH SRVWDYL X YHUWLNDODQ SRORCDM NRULVWH`LRGJRYDUDMX`H SRGPHWDaH L GD VH RVLJXUD RG VSRQWDQRJ SRNUHWDZD
.RWUTDZH GUYHQLK NDOHPRYD QLMH GR]YRTHQR RVLP QD NUD`LP GHRQLFDPD QD SULPHU SUL LVWRYDUX .RWUTDZH MH GR]YRTHQR VDPR XSUDYFX VWUHOLFH QD VSRTD^ZRM VWUDQL NDOHPD
=D RGPRWDYDZH NDOHP WUHED GD VH SRGLJQH QD aYUVWL VWDODN.DEO VH RGPRWDYD UDYQRPHUQLP SRYODaHZHP VD JRUZH VWUDQHWDNR GD MH VPHU RGPRWDYDZD VXSURWDQ RG VPHUD VWUHOLFH QD VSRTD^ZRM VWUDQL NDOHPD
(1(5*(76., .$%/29, , 352%/(0$7,.$ 8=(04(:$
.DEO VD SURYRGQLP SOD^WRP WLS 132 $6 13=2 $$ LWGQHSRVUHGQR GHOXMH NDR X]HPTLYDa D X GLVWULEXWLYQLP PUHCDPDQDMaH^`H VH MDYTD X GYD VOXaDMD
• µNUDWDNµ NDEO QD SULPHU SULNTXaDN QD QDG]HPQX YLVRNRQDSRQVNXPUHCX
• µGXJDaDNµ NDEO NRML UDGL X UD]JUDQDWRM NDEORYVNRM VUHGZHQDSRQVNRM PUHCL JUDGVNL NRQ]XP
.UDWDN NDEO X VPLVOX X]HPTHZD SRQD^D VH NDR WUDNDVWL X]HPTLYDa aLMD RWSRUQRVW UDVSURVWLUDZD ]D SURVHaQH YUHGQRVWL SUHVHND NDEORYD NRML VH NRULVWH X GLVWULEXWLYQRM PUHCL L GXELQX
SRODJDZD NDEOD RNR P VH UDaXQD SUHPD L]UD]X
( ) ρ⋅⋅⋅≈N
NNN
/
/OQ5
'XCLQD GR NRMH VH NDEO X VPLVOX X]HPTHZD SRQD^D NDR NUDWDNSURUDaXQDYD VH SUHPD L]UD]X
ρ⋅≈ /N
$NR WUDQVIRUPDWRUVND VWDQLFD N9 UDGL X UD]JUDQDWRMNDEORYVNRM YLVRNRQDSRQVNRM PUHCL JUDGVNL NRQ]XP NDEO SULNTXaHQ QD WUDQVIRUPDWRUVNX VWDQLFX VH SRQD^D NDR GXJDaDN NDEO XVPLVOX X]HPTHZD L LPD VWDOQX YUHGQRVW RWSRUQRVWL UDVSURVWLUDZD NRMD VH UDaXQD SUHPD L]UD]X
ρ⋅≈ 5N
8 RYRM WDaNL R]QDNH X GDWLP L]UD]LPD LPDMX ]QDaHZH
5NN RWSRUQRVW UDVSURVWLUDZD NUDWNRJ NDEOD NDR X]HPTLYDaD X
RPLPD Ωρ VSHFLILaQD HOHNWULaQD RWSRUQRVW WOD X RPPHWULPD ΩP
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
VHSWHPEDU 7(+1,A.$ 35(3258.$
/N GHR XNXSQH GXCLQH NUDWNRJ NDEOD NRML MH X QHSRVUHGQRPNRQWDNWX VD WORP D QDOD]L VH L]YDQ SRYU^LQH NRMX ]DKYDWD
X]HPTLYDa WUDQVIRUPDWRUVNH VWDQLFH X PHWULPD P5N RWSRUQRVW UDVSURVWLUDZD GXJDaNRJ NDEOD NDR X]HPTLYDaD X
RPLPD Ω
.DEO VD QHSURYRGQLP SOD^WRP WLS ;+( $ ;+3 LWG SRVUHGQR GHOXMH NDR X]HPTLYDa MHU SRPR`X HOHNWULaQH ]D^WLWH SRYH]XMH X]HPTLYDaH VXVHGQLK WUDQVIRUPDWRUVNLK VWDQLFD
$NR WUDQVIRUPDWRUVND VWDQLFD N9 UDGL X UD]JUDQDWRMYLVRNRQDSRQVNRM PUHCL JUDGVNL NRQ]XP VYDND WUDQVIRUPDWRUVNDVWDQLFD SRYH]DQD MH VD YL^H WUDQVIRUPDWRUVNLK VWDQLFD WDNR GD VXSUHNR HOHNWULaQLK ]D^WLWD JDOYDQVNL SRYH]DQL L X]HPTLYDaL WLKWUDQVIRUPDWRUVNLK VWDQLFD
9UHGQRVW RWSRUQRVWL UDVSURVWLUDZD NDEOD 5N NDR X]HPTLYDaD XWUDQVIRUPDWRUVNRM VWDQLFL NDGD NDEO SRYH]XMH GYH LOL YL^H VX
VHGQLK WUDQVIRUPDWRUVNLK VWDQLFD SUL ρ ≤ ΩP L]QRVL SULEOLCQR
• 5N ≈ Ω DNR NDEORYVNL YRG SRYH]XMH WUDQVIRUPDWRUVNH VWDQLFH
VD X]HPTLYDaLPD RWSRUQRVWL UDVSURVWLUDZD Ω GR Ω• 5N ≈ Ω DNR NDEORYVNL YRG SRYH]XMH WUDQVIRUPDWRUVNH VWDQLFH
VD X]HPTLYDaLPD RWSRUQRVWL UDVSURVWLUDZD RNR Ω'D EL VH XUDaXQDR HIHNDW VPDZHZD LPSHGDQVH VLVWHPD X]HPTHZDWUDQVIRUPDWRUVNH VWDQLFH ]ERJ XWLFDMD X]HPTLYDaD VXVHGQLK WUDQVIRUPDWRUVNLK VWDQLFD GXC aLWDYRJ NDEORYVNRJ YRGD PRUD GDEXGH REH]EH_HQD SRX]GDQD JDOYDQVND YH]D HOHNWULaQLK ]D^WLWDVXVHGQLK GHRQLFD YRGD QD NDEORYVNLP VSRMQLFDPD ]DYU^QLFDPD L XWUDQVIRUPDWRUVNLP VWDQLFDPD*DOYDQVND YH]D HOHNWULaQLK ]D^WLWD VH SURYHUDYD SRVOH ]DYU^HQH PRQWDCH NDEORYVNH VSRMQLFH LOL ]DYU^QLFH D X WRNX HNVSORDWDFLMH QDMPDZH MHGDQSXW X JRGLQD
'HWDTQR R HIHNWLPD NDEORYD NDR X]HPTLYDaLPD L R SUREOHPX
L]QR^HZD SRWHQFLMDOD L] 76 N9 YLGL X 73 L .RPHQWDUX73
/LWHUDWXUD
-XJRVORYHQVNL VWDQGDUGL R HQHUJHWVNLP NDEORYLPD =ERUQLFL UDGRYD VD VLPSR]LMXPD R HQHUJHWVNLP NDEORYLPD 6WXGLMVNRJ
NRPLWHWD -8.2 &,*5(
%RULVODY /DOHYL` (OHNWURHQHUJHWVNL NDEORYL 3URVSHNWL GRPD`LK SURL]YR_DaD NDEORYD 7HKQLaNH SUHSRUXNH (' 6UELMH
(36 ',5(.&,-$ =$ ',675,%8&,-8 73
7(+1,A.$ 35(3258.$ VHSWHPEDU
6 $ ' 5 # $ -
5EU
6WU
2SVHJ YDCHZD L QDPHQD
7HUPLQL L GHILQLFLMH
7HKQLaNL SRGDFL L SRJRQVNL XVORYL
,]ERU NDEORYD QLVNRJ QDSRQD N9
,]ERU NDEORYD N9
,]ERU NDEORYD N9
,]ERU NDEORYD N9
7LSL]DFLMD SUHVHND SURYRGQLND L HOHNWULaQH ]D>WLWH
3UHSRUXNH ]DSRODJDZH HQHUJHWVNLK NDEORYD
'LUHNWQR SRODJDZH HQHUJHWVNLK NDEORYD X ]HPTX
.DEORYVND NDQDOL]DFLMD
.DEORYVNR RNQR ^DKW
3ULEOLCDYDZH L XNU^WDZH HQHUJHWVNLK L 7. NDEORYD
3ULEOLCDYDZH L XNU^WDZH HQHUJHWVNLK NDEORYD VDCHOH]QLaNRP L WUDPYDMVNRP SUXJRP
3ULEOLCDYDZH L XNU^WDZH HQHUJHWVNLK NDEORYD VDFHYLPD YRGRYRGD L NDQDOL]DFLMH
3ULEOLCDYDZH L XNU^WDZH HQHUJHWVNLK NDEORYD VDWRSORYRGRP
3ULEOLCDYDZH L XNU^WDZH HQHUJHWVNLK NDEORYD VDJDVRYRGRP
0H_XVREQR SULEOLCDYDZH L XNU^WDZH HQHUJHWVNLKNDEORYD
8NU^WDZH HQHUJHWVNRJ NDEOD VD SXWHP L]YDQ QDVHTD
8NU^WDZH HQHUJHWVNRJ NDEOD VD YRGRWRNRP
3RODJDZH HQHUJHWVNLK NDEORYD SUHNR PRVWRYD
3RODJDZH MHGQRCLOQLK HQHUJHWVNLK NDEORYD
.DEORYVNL SULERU
,VSLWLYDZH HQHUJHWVNLK NDEORYD L NDEORYVNRJ SULERUD
'R]YRTHQR VWUXMQR RSWHUH`HZH HQHUJHWVNRJ NDEOD
7UDQVSRUW L RGPRWDYDZH HQHUJHWVNLK NDEORYD
(QHUJHWVNL NDEORYL L SUREOHPDWLND X]HPTHZD