Sadrzaj

(36  ',5(.&,-$ =$ ',675,%8&,-8 (/(.75,A1( (1(5*,-(

65%,-(  %(2*5$'

7(+1,A.$35(3258.$EU
235(0$*/$9(678%$',675,%87,91,+
1$'=(01,+92'29$

73D ,]RODWRUL]DQDG]HPQHYRGRYH
73D ,]ERULXaYU^`HZHL]RODWRUD
73D7HKQLaNLXVORYL]DL]UDGXRVLJXUDaDVD
L]RODWRURP]DVSRTD^ZXPRQWDCX

73E 7HKQLaNLXVORYL]DL]UDGXLPRQWDCX
UDVWDYTDaDLVNORSNHUDVWDYTDaD]D
QDG]HPQHHOHNWURHQHUJHWVNHYRGRYH
(/(.752',675,%8&,-$ 65%,-( 73D

,='$9$A -3 (36 ',5(.&,-$ =$ ',675,%8&,-8

(/(.75,A1( (1(5*,-( 65%,-(
%(2*5$' 9RMYRGH 6WHSH 
7HKQLaNR XUH_HZH 7RPLVODY %RMNRYL` L ?RU_H *OL^L`
.RUHNWXUD 7RPLVODY %RMNRYL` L ?RU_H *OL^L`
5DaXQDUVND REUDGD
FUWHCD ?RU_H *OL^L` L 2OLYHUD 0ROHURYL` 0LQHO
(OHNWURJUDGZD
>WDPSD 067 *DML` %HRJUDG
7LUDC  SULPHUDND

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(36  ',5(.&,-$ =$ ',675,%8&,-8 (/(.75,A1( (1(5*,-(
65%,-(  %(2*5$'

7(+1,A.$35(3258.$EUD

,=%25,8A95>@(:(,=2/$725$

,, ,]GDZH

VHSWHPEDU 

2YLP SUHVWDMH GD YDCL RGJRYDUDMX`D SUHSRUXND RG GHFHPEUD  JRGLQH

(/(.752',675,%8&,-$ 65%,-( 73D

1D RVQRYX SUHGORJD 5DGQH JUXSH 7HKQLaNL VDYHW (36D  'LUHNFLMD ]D

GLVWULEXFLMX HOHNWULaQH HQHUJLMH 6UELMH QD RP VDVWDQNX NRML MH RGU
CDQ  JRGLQH X 1L^X GRQHR MH RGOXNX XVYDMD VH

7(+1,A.$ 35(3258.$ EU D

,=%25 , 8A95>@(:( ,=2/$725$
,, ,]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
 PU =RUDQ 5LVWDQRYL` (OHNWURYRMYRGLQD 1RYL 6DG
 PU 'UDJDQ %DONRVNL (36 %HRJUDG
 PU $OHNVDQGDU -DZL` (OHNWURGLVWULEXFLMD /HVNRYDF
 'HVLPLU %RJL`HYL` (OHNWURVUELMD .UDTHYR
 6ORERGDQ 0DNVLPRYL` (OHNWURGLVWULEXFLMD %HRJUDG
 0LORMH -H]GLPLURYL` (OHNWURGLVWULEXFLMD 8CLFH
 9ODGLFD $OHNVL` (OHNWURGLVWULEXFLMD 9UDZH
 0LRGUDJ 5LVWL` (OHNWURPRUDYD 3RCDUHYDF
 0LRGUDJ $Q_HONRYL` (OHNWURNRVPHW 3UL^WLQD
 0LND .RYDaHYL` (OHNWUR^XPDGLMD .UDJXMHYDF
 'UDJRTXE =GUDYNRYL` (OHNWURGLVWULEXFLMD 1L^
 =ODWLERU 3DYORYL` (OHNWURWLPRN =DMHaDU
 6YHWR]DU *ODPRaOLMD (3 5HSXEOLNH 6USVNH %DZD /XND
 #DUNR 0L`LQ (OHNWURYRMYRGLQD 1RYL 6DG
 %UDQNR -DN^L` (OHNWURVUELMD >DEDF
 )HGRUD /RQaDUHYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 6ORERGDQ .XMRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
AODQRYL 5DGQH JUXSH
 ?RU_H *OL^L` (OHNWURGLVWULEXFLMD %HRJUDG
 %UDWLVODY $ODJL` (OHNWURGLVWULEXFLMD 1L^
 6UHWR 3DODOL` (OHNWURYRMYRGLQD 1RYL 6DG
 'UDJRTXE 1LNROL` (OHNWURWLPRN =DMHaDU
 .UVWR #LCL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 7RPLVODY %RMNRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG

VHSWHPEDU 

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

 236(* 9$#(:$ , 1$0(1$

 2YD SUHSRUXND VH RGQRVL QD L]ERU L]RODWRUD ]D SULKYDWDZH JROLK
SURYRGQLND $Oa XCDGL HOHNWURHQHUJHWVNLK QDG]HPQLK YRGRYD QD]LY
QRJ QDSRQD  N9  N9  N9 L  N9
 2YD SUHSRUXND LPD FLT GD
XWYUGL RVQRYQH WHKQLaNH ]DKWHYH ]D L]ERU L XaYU^`HZH L]RODWRUD
RGDEHUH WLSRYH L]RODWRUD ]D QRVH`H L ]DWH]QR SULKYDWDZH JROLK
SURYRGQLND QDG]HPQRJ YRGD SR QDSRQVNLP QLYRLPD L V RE]LURP QD
UDG X XVORYLPD ]DJD_HZD
WLSL]LUD PHKDQLaNH NDUDNWHULVWLNH L]RODWRUD
WLSL]LUD XaYU^`HZH SRWSRUQLK L]RODWRUD QD QRVDa PHKDQLaNLP
VSDMDZHP
WLSL]LUD NRUL^`HZH L]RODWRUVNLK ODQDFD
SUHSRUXaL LVSLWLYDZH L]RODWRUD

 7(50,1, , '(),1,&,-( -86 1$

 ,]RODWRU GHR QDG]HPQRJ YRGD NRML VOXCL ]D HOHNWULaQR L]RORYDZH L
PHKDQLaNR XaYU^`HZH RSUHPH LOL SURYRGQLND
 3XQL L]RODWRU L]RODWRU aLMH MH WHOR RG KRPRJHQRJ L]RODFLRQRJ PDWH
ULMDOD
 .UXWL L]RODWRU L]RODWRU SUHGYL_HQ NDR NUXW RVORQDF SURYRGQLND
QDG]HPQRJ YRGD NRML MH L]ORCHQ SUHWHCQR QDSUH]DZLPD QD VDYLMDZH L
SULWLVDN
 3RWSRUQL L]RODWRU ]D QRVDa NUXWL L]RODWRU aLML MH L]RODFLRQL GHR
QDPHZHQ ]D NUXWR SRVWDYTDZH QD SRWSRUQX NRQVWUXNFLMX SRPR`X QRVD
aD NRML XOD]L X L]RODWRU
 3RWSRUQL L]RODWRU ]D YRG NUXWL L]RODWRU aLML MH L]RODFLRQL GHR
WUDMQR VSRMHQ VD PHWDOQRP RVQRYRP L QDPHZHQ ]D NUXWR SRVWDYTDZH
QD SRWSRUQX NRQVWUXNFLMX
 >WDSQL L]RODWRU L]RODWRU VDVWDYTHQ RG L]RODFLRQRJ GHOD FLOLQ
GULaQRJ REOLND VD NULOLPD VD PHWDOQRP DUPDWXURP QD RED NUDMD
 >XSTL L]RODWRU L]RODWRU RWYRUHQ QD RED NUDMD
 .DSDVWL L]RODWRU L]RODWRU VDVWDYTHQ RG L]RODFLRQRJ GHOD X REOL
NX ]YRQD LOL GLVND VD DUPDWXURP X RVL L]RODWRUD
 -HGLQLFD L]RODWRUVNRJ ODQFD NDSDVWL LOL ^WDSQL L]RODWRU aLMH DU
PDWXUH RPRJX`XMX JLETLYX YH]X L]PH_X MHGLQLFD ODQFD LOL VD DUPDWX
URP ]D SRYH]LYDZH
 ,]RODWRUVNL ODQDF GYH LOL YL^H PH_XVREQR SRYH]DQLK MHGLQLFD
L]RODWRUVNRJ ODQFD QDPHZHQLK ]D JLETLYX YH]X SURYRGQLND QDG]HP
QRJ YRGD NRMH VX L]ORCHQH XJODYQRP QDSUH]DZX QD LVWH]DZH
 2SUHPTHQL L]RODWRUVNL ODQDF MHGDQ LOL YL^H PH_XVREQR SRYH]D
QLK L]RODWRUVNLK ODQDFD VD DUPDWXUDPD NDR X SRJRQX

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

 1HSURERMQL L]RODWRU L]RODWRU NODVH $ L]RODWRU LOL MHGLQLFD

L]RODWRUD aLMD MH GXCLQD QDMNUD`H VWD]H SURERMD NUR] aYUVWL GLHOHN
WULN MHGQDND QDMPDZH SRORYLQL QD]QDaHQH YUHGQRVWL SX]QH VWD]H
 3X]QD VWD]D NOL]QD VWD]D QDMNUD`L UD]PDN GXC VSRTD^ZH SRYU
^LQH L]RODWRUD L]PH_X SURYRGTLYLK GHORYD QD NRMH VH GRYRGL UDG
QL QDSRQ
 1D]QDaHQH NDUDNWHULVWLNH QXPHULaNH YUHGQRVWL YHOLaLQD QDSRQ
SUHORPQR RSWHUH`HZH LWG NRMH GHILQL^X UDG L]RODWRUD X XVORYL
PD NRML VX XWYU_HQL X VWDQGDUGLPD L VOXCH ]D LVSLWLYDZH L JDUDQ
FLMX SURL]YR_DaD

 261291( 35(3258.( =$ ,=%25 , 8A95>@(:( ,=2/$725$

 ,]ERU L]RODWRUD QDG]HPQRJ YRGD QD]LYQRJ QDSRQD  N9  N9  N9 L
 N9 YU^L VH QD RVQRYX HOHNWULaQLK L PHKDQLaNLK NDUDNWHULVWLND
L]RODWRUD NRMH REH]EH_XMX SULKYDWTLY UL]LN RG SUHVNRND L SUHX]L
PDZH RSWHUH`HZD RG SULKYDWDZD SURYRGQLND QD PHVWX XJUDGZH
D (OHNWULaQH NDUDNWHULVWLNH L]RODWRUD ELUDMX VH SUHPD QD]LYQRP
QDSRQX YRGD L V RE]LURP QD UDG X XVORYLPD ]DJD_HZD
8 VNODGX VD VWDQGDUGRP -86 ,(&  L ]D SURVHaQH XVORYH QD NRQ
]XPQRP SRGUXaMX 6UELMH SUHSRUXaXMH VH L]ERU GYD WLSD L]RODWRUD
]D RGUH_HQL QDSRQVNL QLYR
L]RODWRU VD QRUPDOQRP SX]QRP VWD]RP NRML VH NRULVWL QD QDG
]HPQLP YRGRYLPD NRML VH QDOD]H X VODER LOL XPHUHQR ]DJD_HQRM
VUHGLQL  RYDM L]RODWRU LPD QDMPDZX QD]QDaHQX VSHFLILaQX SX]QX
VWD]X  PPN9 GR  PPN9
L]RODWRU VD GXCRP SX]QRP VWD]RP NRML VH NRULVWH QD QDG]HPQLP
YRGRYLPD NRML VH QDOD]H X ]DJD_HQRM VUHGLQL NDR SRGUXaMD VD MDNRP
LQGXVWULMRP NRMD ]DJD_XMH VUHGLQX L SUHGJUD_D VD GRPLQDQWQLP ]D
JUHYDZHP QD XJDT  RYDM L]RODWRU LPD QDMPDZX QD]QDaHQX VSHFL
ILaQX SX]QX VWD]X  PPN9
,]ERU L]RODWRUD ]D YUOR ]DJD_HQX VUHGLQX QLYR ]DJD_HZD ,9 QDMPDZD
QD]QDaHQD VSHFLILaQD SX]QD VWD]D  PPN9 QLMH SUHGPHW UD]PDWUD
ZD RYH SUHSRUXNH
E 0HKDQLaNH NDUDNWHULVWLNH L]RODWRUD WUHED SR YUHGQRVWL L YUVWL
QDMPDZHJ SUHORPQRJ RSWHUH`HZD QD VDYLMDZH LOL QD LVWH]DZH GD
EH]EHGQR SUHX]PX RaHNLYDQR RSWHUH`HZD RG SULKYDWDZD SURYRGQLND
QD PHVWX XJUDGZH
 =D QDG]HPQH HOHNWURHQHUJHWVNH YRGRYH NRULVWH VH
D SRWSRUQL L]RODWRUL L WR
SRWSRUQL L]RODWRUL ]D YRGRYH
SRWSRUQL L]RODWRUL ]D QRVDa
^XSTL YDTNDVWL QLVNRQDSRQVNL 11 L]RODWRUL
E MHGLQLFH L]RODWRUVNRJ ODQFD L WR
^WDSQL L]RODWRUL
NDSDVWL L]RODWRUL
>XSTL YDTNDVWL 11 L]RODWRUL L MHGLQLFH L]RODWRUVNLK ODQDFD
NRULVWH VH ]D QRVH`H L ]DWH]QR SULKYDWDZH SURYRGQLND

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

3RWSRUQL L]RODWRUL ]D YRGRYH L SRWSRUQL L]RODWRUL ]D QRVDa NR

ULVWH VH QD QRVH`LP L XJDRQLP VWXERYLPD DOL QH VPHMX GD VH NRULVWH
QD ]DWH]QLP VWXERYLPD
 .DR L]RODFLRQL PDWHULMDO ]D L]RODWRUH ]D QDG]HPQH YRGRYH NRUL
VWL VH NHUDPLaND PDVD SRUFHODQ L VO RVLP NDSDVWLK L]RODWRUD ]D
NRMH VH NRULVWL LVNTXaLYR VWDNOR
 3RWSRUQL L]RODWRU ]D QRVDa VH XaYU^`XMH QD QRVDa L]RODWRUD PHKD
QLaNLK VSDMDZHP QDYUWDZHP =DWR SRWSRUQL L]RODWRU L QRVDa L]ROD
WRUD PRUDMX GD LPDMX RGJRYDUDMX`H QDYRMH RGQRVQR QDYRMQH aDXUH
8aYU^`HZH SRWSRUQRJ L]RODWRUD QD QRVDa L]RODWRUD YU^L VH
SUHNR SODVWLaQH QDYRMQH aDXUH NRG 11 L]RODWRUD
SUHNR ]DOLYHQH PHWDOQH QDYRMQH aDXUH NRG YLVRNRQDSRQVNRJ 91
L]RODWRUD
8aYU^`HZH SRWSRUQRJ L]RODWRUD QD QRVDa L]RODWRUD ]DOLYDZHP
EH] QDYRMQH aDXUH VH QH SUHSRUXaXMH L QLMH SUHGPHW UD]PDWUDZD RYH
SUHSRUXNH
 1RVDa SRWSRUQRJ 11 L]RODWRUD VH LVSRUXaXMH ]DMHGQR VD PRQWLUDQRP
QDYXaHQRP SODVWLaQRP QDYRMQRP aDXURP .RULVWL VH SUDYL QRVDa L]R
ODWRUD SUHPD -86 1) ]D PRQWDCX QD NRQ]ROX L VDYLMHQL QRVDa
L]RODWRUD SUHPD -86 1) ]D PRQWDCX QD GUYHQL VWXE
1D VOD GDW MH L]JOHG 11 L]RODWRUD 1  ]D QRVDa
8 WDEHOL  GDWH VX RVQRYQH NDUDNWHULVWLNH 11 L]RODWRUD 1 
1D VOE GDW MH SULPHU L]YR_HZD XaYU^`HZD QLVNRQDSRQVNRJ L]ROD
WRUD 1  QD QRVDa VD SODVWLaQRP QDYRMQRP aDXURP

7DEHOD 
1  PP

D 

E 

G 

G 

G 

G 

K 

5 

1DMPDZH
SUHORPQR
RSWHUH`HZH QD
VDYLMDZH  N1

6OD 1LVNRQDSRQVNL L]RODWRU 1  ]D QRVDa

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

  
'HWDT $


5 



$

  

 
  

'HWDT =
2

= 
4,1


5 


  WHOR L]RODWRUD 1 

   MHGQRVWUXNL QDYRM X RWYRUX ]D

  XaYU^`HZH L]RODWRUD

 SODVWLaQD QDYRMQD aDXUD

 MHGQRVWUXNL QDYRM QD SODVWLaQRM

 aDXUL

17  R]QDND

 WHOR QRVDaD L]RODWRUD

  QDYRM QD JODYL QRVDaD L]RODWRUD

% 'HWDT 9







PLQ PP

6OE 8aYU^`HZH 11 L]RODWRUD QD QRVDa

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

 3RWSRUQL 91 L]RODWRU ]D YRG MH L]UD_HQ RG NHUDPLaNH SRUFXODQ

VNH PDVH L WUHED GD ]DGRYRTL ]DKWHYH VWDQGDUGD -86 ,(&  D
NRULVWL VH X PUHCL  N9  N9 L  N9
8 GLVWULEXWLYQRM PUHCL 6UELMH NRULVWH VH SRWSRUQL L]RODWRUL EH]
DUPDWXUH ]D SULKYDWDZH SURYRGQLND 8 PUHCL  N9 NRULVWH VH L
SRWSRUQL L]RODWRUL VD DUPDWXURP ]D SULKYDWDZH SURYRGQLND DOL RYDM
WLS L]RODWRUD QLMH SUHGPHW UD]PDWUDZD RYH SUHSRUXNH
2VQRYQH HOHNWULaQH NDUDNWHULVWLNH SRWSRUQRJ 91 L]RODWRUD ]D
YRG RGUH_HQH VX QD]QDaHQLP SRGQRVLYLP DWPRVIHUVNLP XGDUQLP QD
SRQRP X GDTHP WHNVWX VNUD`HQD R]QDND /, L QD]QDaHQLP SRGQRVLYLP
QDSRQRP  +] SR NL^L X GDTHP WHNVWX VNUD`HQD R]QDND $&
2VQRYQH PHKDQLaNH NDUDNWHULVWLNH SRWSRUQRJ 91 L]RODWRUD ]D
YRG RGUH_HQH VX QDMPDZLP SUHORPQLP RSWHUH`HZHP QD VDYLMDZH
7LSVND QD]QDaHQD YUHGQRVW SUHORPQRJ RSWHUH`HZD QD VDYLMDZH
SRWSRUQRJ 91 L]RODWRUD ]D YRG L]QRVL  N1
3RWSRUQL 91 L]RODWRU ]D YRG LVSRUXaXMH VH ]DMHGQR VD DQNHU ]DYU
WZHP VD QDYRMHP 0 NRML VH QDYLMD X SULUXEQLFX L]RODWRUD L OHSL
,]RODWRU VH SUHNR DQNHU ]DYUWZD XaYU^`XMH GLUHNWQR QD NRQ]ROX QD
VWXEX QDG]HPQRJ YRGD
1D VO GDW MH L]JOHG SRWSRUQRJ 91 L]RODWRUD /63 L]RODWRU ]D
YRG

 L]RODWRU ]D YRG

 SULUXEQLFD

 DQNHU ]DYUWDZ 0

 ^HVWRXJDRQD QDYUWND 0

6O 3RWSRUQL 91 L]RODWRU ]D YRG

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

8 WDEHOL  GDWH VX RVQRYQH HOHNWULaQH L PHKDQLaNH NDUDNWHUL

VWLNH SRWSRUQRJ 91 L]RODWRUD ]D YRG
7DEHOD  .DUDNWHULVWLNH 91 SRWSRUQLK L]RODWRUD ]D YRG

EURM
2]QDND Um LI AC H h D d Lks
NULOD
[kV] [kV] [kV] [mm] [mm] [mm] [mm] [mm]
5(71       
 
5(7/       

5(71    

    
5(7/    

5(71    

    
5(7/    

8P  PDNVLPDOQL QDSRQ RSUHPH

/,  QD]QDaHQL SRGQRVLYL DWPRVIHUVNL XGDUQL QDSRQ

$&  QD]QDaHQL SRGQRVLYL QDL]PHQLaQL QDSRQ  +]

1D]QDaHQR SUHORPQR RSWHUH`HZH QD VDYLMDZH  N1

Lks  QDMPDZD QD]QDaHQD GXCLQD SX]QH VWD]H
N - QRUPDOQD SX]QD VWD]D VODER LOL XPHUHQR ]DJD_HQD VUHGLQD
L - GXCD SX]QD VWD]D ]DJD_HQD VUHGLQD

 3RWSRUQL 91 L]RODWRU ]D QRVDa LPD ]DOLYHQX PHWDOQX QDYRMQX aDXUX

RG FLQND LOL DOXPXQLMXPD X NRMX VH QDYU`H QRVDa L]RODWRUD
8aYU^`HZH PHWDOQH QDYRMQH aDXUH X L]RODWRU YU^L VH ]DOLYDZHP
SRUWODQG FHPHQWRP WDNR ^WR VH SUHGKRGQR QD QDYRMQX aDXUX QDQHVH
NRPSHQ]DFLRQL VORM QD SULPHU RG ELWXOLWD D QD WHPH aDXUH VH ]DOH
SL HODVWLaQL SRGPHWDa QD SULPHU RG SOXWH
1D VOD GDW MH L]JOHG YLVRNRQDSRQVNRJ L]RODWRUD 3V a 3Va
]D QRVDa D QD VOE SULPHU L]YR_HZD XaYU^`HZD YLVRNRQDSRQVNRJ
L]RODWRUD 3V a 3V a QD SUDYL QRVDa L]RODWRUD 31, 
8 WDEHOL  GDWH VX RVQRYQH NDUDNWHULVWLNH L]RODWRUD 3V a L
3Va ]D QRVDa

 >XSTL YDTNDVWL 11 L]RODWRU  ^HNO L]RODWRU WUHED GD ]DGR

YRTL ]DKWHYH VWDQGDUGD -86 1) D NRULVWL VH ]D QRVH`H L ]DWH]
QR SULKYDWDZH SURYRGQLND X QLVNRQDSRQVNRM PUHCL
,]RODWRU VH XaYU^`XMH HODVWLaQR QD DOXPLQLMXPVNX NRQ]ROX SUHNR GYD
SODVWLaQD NRQXVQD XOR^ND L RGJRYDUDMX`HJ QRVDaD
7LSVND QD]QDaHQD YUHGQRVW SUHORPQRJ RSWHUH`HZD ^XSTHJ YDT
NDVWRJ 11 L]RODWRUD L]QRVL  N1
1D VOD GDW MH L]JOHG ^XSTHJ L]RODWRUD =  D QD VOE L]JOHG
L]RODWRUD =  ]DMHGQR VD NRQXVQLP XOR^FLPD
8 WDEHOL  GDWH VX RVQRYQH NDUDNWHULVWLNH ^XSTHJ 11 L]RODWRUD

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

+


D



E

G

G

 QDYRMQD aDXUD VD MHGQRVWUXNLP QDYRMHP 1  HODVWLaQL SRGPHWDa

 NRPSHQ]DFLRQL VORM  SRUWODQG FHPHQW

6OD 91 L]RODWRU 3V a 3Va ]D QRVDa

7DEHOD  .DUDNWHULVWLNH SRWSRUQLK 91 L]RODWRUD ]D QRVDa

2]QDND Um LI AC H a d3 d5 b Lks
[kV] [kV] [kV] [mm] [mm] [mm] [mm] [mm] [mm]
3V a         

3V a         

8P  PDNVLPDOQL QDSRQ RSUHPH

/,  QD]QDaHQL SRGQRVLYL DWPRVIHUVNL XGDUQL QDSRQ

$&  QD]QDaHQL SRGQRVLYL QDL]PHQLaQL QDSRQ  +]

1D]QDaHQR SUHORPQR RSWHUH`HZH QD VDYLMDZH  N1

Lks  QDMPDZD QD]QDaHQD GXCLQD SX]QH VWD]D $  %

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D





 YDTDQR
 1


5 
 VLURY
5 


PDWHULMDO








GHWDT  $ $
VWUXJDQR
1





  

PLQ 

YDTDQR
1

0  0

YDULMDQWD  YDULMDQWD 


 PHVWR ]D R]QDNX
SURL]YR_DaD

$ $

6OE 3UDYL QRVDa L]RODWRUD 31, 

]D L]RODWRU 3V a 3V a

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

7DEHOD 
=  PP

D 

E 

F 

G 

G 

G 

G 

G 

G 

H 

K 

5 

5 

1DMPDZH
SUHORPQR
RSWHUH`HZH
 N1

6OD >XSTL YDTNDVWL 11 L]RODWRU

 NRQXVQL XORCDN ^XSTHJ

L]RODWRUD

 ^XSTL L]RODWRU = 

 QRVDa

6OE >XSTL 11 L]RODWRU VD NRQXVQLP XOR^FLPD

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

 .DSDVWD MHGLQLFD L]RODWRUVNRJ ODQFD WUHED GD ]DGRYRTL ]DKWHYH

VWDQGDUGD -86 ,(&  D NRULVWL VH ]D ]DWH]QR SULKYDWDZH SURYRG
QLND QDG]HPQRJ YRGD X PUHCL  N9
,]DORFLRQL GHORYL NDSDVWH MHGLQLFH VX LVNTXaLYR RG VWDNOD
8 GLVWULEXWLYQRM PUHCL 6UELMH NRULVWH VH NDSDVWH MHGLQLFH L]ROD
WRUVNLK ODQDFD VD VSRMHP YLTX^NDRNR R]QDND VSRMD VORYRP &
2VQRYQH PHKDQLaNH NDUDNWHULVWLNH NDSDVWRJ L]RODWRUD RGUH_HQH
VX QDMPDZLP SUHORPQLP RSWHUH`HZHP QD LVWH]DZH 7LSVND QD]QDaHQD
YUHGQRVW SUHORPQRJ RSWHUH`HZD QD LVWH]DZH NDSDVWRJ L]RODWRUD
L]QRVL  N1
%URM NDSDVWLK MHGLQLFD L]RODWRUVNRJ ODQFD V RE]LURP QD UDG X
XVORYLPD ]DJD_HZD X PUHCL  N9
 X VODER LOL XPHUHQR ]DJD_HQRM VUHGLQL
 X ]DJD_HQRM VUHGLQL
1D VOD GDW MH L]JOHG NDSDVWH MHGLQLFH L]RODWRUVNRJ ODQFD 8&
VD QDMPDZRP QD]QDaHQRP GXCLQRP SX]QH VWD]H RG  PP

 SRGPHWDa  RNR  NDSD VD YLTX^NRP  L]RODWRU  aLYLMD  UDVFHSND

6OD .DSDVWD MHGLQLFD L]RODWRUVNRJ ODQFD 8&

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

1D VOE GDW MH L]JOHG RSUHPTHQRJ MHGQRVWUXNRJ L GYRVWUXNRJ ]D

WH]QRJ L]RODWRUVNRJ ODQFD VD NDSDVWLP MHGLQLFDPD 8&

6OE 2SUHPTHQL MHGQRVWUXNL L GYRVWUXNL ]DWH]QL

L]RODWRUVNLODQDF 8&

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

 >WDSQD MHGLQLFD L]RODWRUVNRJ ODQFD ]D QRVH`H L ]DWH]QR SUL

KYDWDZH SURYRGQLND QDG]HPQRJ YRGD WUHED GD ]DGRYRTL ]DKWHYH
VWDQGDUGD -86 ,(&  D NRULVWL VH X PUHCL  N9 L  N9
,]RODFLRQL GHORYL ^WDSQH MHGLQLFH VX RG NHUDPLaNRJ PDWHULMDOD
SRUFHODQ L VO
8 GLVWULEXWLYQRM PUHCL 6UELMH NRULVWH VH ^WDSQH MHGLQLFH L]ROD
WRUVNLK ODQDFD VD VSRTD^ZRP PHWDOQRP DUPDWXURP
2VQRYQH PHKDQLaNH NDUDNWHULVWLNH ^WDSQLK L]RODWRUD RGUH_HQH
VX QDMPDZLP SUHORPQLP RSWHUH`HZHP 7LSVND QD]QDaHQD YUHGQRVW
SUHORPQRJ RSWHUH`HZD L]QRVL  N1 ]D ^WDSQH L]RODWRUH NRML VH
NRULVWH X PUHCL  N9 L  N1 ]D ^WDSQH L]RODWRUH NRML VH NRUL
VWH X PUHCL  N9
1D VOD GDW MH L]JOHG ^WDSQH MHGLQLFH L]RODWRUVNRJ ODQFD VD
VSRTD^ZLP DUPDWXUDPD L VSRMHP RNRYLTX^ND WLS &(
1D VOD GDW MH L]JOHG ^WDSQH MHGLQLFH L]RODWRUVNRJ ODQFD VD
VSRTD^ZLP DUPDWXUDPD L VSRMHP WXaDNJQH]GR WLS %(
8 WDEHOL  GDWH VX RVQRYQH HOHNWULaQH L PHKDQLaNH NDUDNWHUL
VWLNH ^WDSQLK L]RODWRUD VD VSRTD^ZRP DUPDWXURP

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

/
/

'
D VD VSRTD^ZLP DUPDWXUDPD L VSRMHP RNRYLTX^ND WLS &(
/
/
'

D VD VSRTD^ZLP DUPDWXUDPD L VSRMHP WXaDNJQH]GR WLS %(

6OD >WDSQD MHGLQLFD L]RODWRUVNRJ ODQFD
7DEHOD  .DUDNWHULVWLNH ^WDSQLK L]RODWRUD VD VSRT DUPDWXURP

2]QDND Um LI AC Fm L1 D Lks L
[kV] [kV] [kV] [kN] [mm] [mm] [mm] [mm]
/&(1
    
/%(1
  
/&(/
    
/%(/

/&(1
    
/%(1
  
/&(/
    
/%(/

8P  PDNVLPDOQL QDSRQ RSUHPH

/,  QD]QDaHQL SRGQRVLYL DWPRVIHUVNL XGDUQL QDSRQ

$&  QD]QDaHQL SRGQRVLYL QDL]PHQLaQL QDSRQ  +]

Fm  PHKDQLaNR SUHORPQR RSWHUH`HZH

Lks  QDMPDZD QD]QDaHQD GXCLQD SX]QH VWD]H
-N - QRUPDOQD SX]QD VWD]D VODER LOL XPHUHQR ]DJD_HQD VUHGLQD
-L - GXCD SX]QD VWD]D ]DJD_HQD VUHGLQD

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

1D VOE GDW MH L]JOHG RSUHPTHQRJ MHGQRVWUXNRJ L GYRVWUXNRJ QR

VH`HJ L]RODWRUVNRJ ODQFD VD ^WDSQLP L]RODWRULPD

32=,&,-$  , 
35(0$ -86 ,(& 

/ %(  /  %( 

/  %(  /  %( 
 PP PP

6OE 2SUHPTHQL MHGQRVWUXNL L GYRVWUXNL QRVH`L L]RODWRUVNL

ODQDF VD ^WDSQLP L]RODWRULPD

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

1D VOY GDW MH L]JOHG RSUHPTHQRJ MHGQRVWUXNRJ L GYRVWUXNRJ ]D

WH]QRJ L]RODWRUVNRJ ODQFD VD ^WDSQLP L]RODWRULPD

32=,&,-$  , 
35(0$ -86 ,(& 

/ %(  /  %( 

/  %(  /  %( 
 PP PP

6OY 2SUHPTHQL MHGQRVWUXNL L GYRVWUXNL ]DWH]QL L]RODWRUVNL

ODQDF VD ^WDSQLP L]RODWRULPD

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

 ,=%25 ,=2/$725$
 1LVNRQDSRQVND PUHCD
=D QRVH`H SULKYDWDZH SURYRGQLND 11 PUHCH NRULVWL VH L]ROD
WRU 1  ]D QRVDa VD SODVWLaQRP QDYRMQRP aDXURP WDaND 
=D ]DWH]QR SULKYDWDZH SURYRGQLND 11 PUHCH NRULVWL VH ^XSTL
YDTNDVWL L]RODWRU =  WDaND 
 0UHCD  N9
=D QRVH`H SULKYDWDZH SURYRGQLND NRULVWL VH
SRWSRUQL L]RODWRU ]D YRG SUHSRUXND WDaND 
SRWSRUQL L]RODWRU ]D QRVDa VD ]DOLYHQRP PHWDOQRP QDYRMQRP
aDXURP WDaND 
=D ]DWH]QR SULKYDWDZH SURYRGQLND NRULVWH VH NDSDVWH MHGLQLFH
L]RODWRUVNRJ ODQFD WDaND 
 0UHCD  N9 L  N9
=D QRVH`H SULKYDWDZH SURYRGQLND NRULVWL VH SRWSRUQL L]RODWRU
]D YRG WDaND  L ^WDSQL L]RODWRUL WDaND 
=D ]DWH]QR SULKYDWDZH SURYRGQLND NRULVWH VH ^WDSQL L]RODWRUL
VD VSRTD^ZRP DUPDWXURP WDaND 
 8 VNODGX VD YDCH`LP VWDQGDUGLPD L]RODWRUL NRML VX SUHSRUXaHQL ]D
NRUL^`HZH X PUHCL (' 6UELMH UD]YUVWDYDMX VH NDR
SURERMQL L]RODWRUL 1  =  3V a 3V a L 8&
QHSURERMQL L]RODWRUL ^WDSQL L]RODWRUL WLS &( L WLS %( 91
SRWSRUQL L]RODWRUL ]D YRG WLSD 5  (7 /63 L]RODWRU

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

 ,63,7,9$:$ , 3529(5$ .9$/,7(7$ ,=2/$725$

 3URYHUD NYDOLWHWD PDWHULMDOD YU^L VH SURYHURP JDUDQWRYQLK HOHN
WULaQLK L PHKDQLaNLK NDUDNWHULVWLND PDWHULMDOD XSRWUHETHQLK ]D
L]UDGX L]RODWRUD QRVDaD L DUPDWXUD
3URL]YR_Da MH GXCDQ GD SULEDYL DWHVWH RYOD^`HQH QH]DYLVQH LQVWL
WXFLMH R NYDOLWHWX XJUD_HQRJ PDWHULMDOD
 3URYHUD NYDOLWHWD L]RODWRUD YU^L VH WLSVNLP NRPDGQLP L SUREQLP
SULMHPQLP LVSLWLYDZLPD NRG SURL]YR_DaD L]RODWRUD SUHPD YDCH
`LP VWDQGDUGLPD
,VSLWLYDZH WLSD MH LVSLWLYDZH NRMH YU^L SURL]YR_Da QD MHGQRP L]R
ODWRUX NDR SUHGVWDYQLNX GUXJLK LVWLK LOL VOLaQLK L]RODWRUD
,VSLWLYDZH WLSD VH QH YU^L DNR SURL]YR_Da L]RODWRUD SULORCL
DWHVW R RYRP LVSLWLYDZX QD SUHGVWDYQLNX WRJ WLSD
.RPDGQR LVSLWLYDZH MH LVSLWLYDZH NRMH VH YU^L QD VYDNRP SRMHGL
QRP L]RODWRUX UDGL SURYHUH NYDOLWHWD NRPSRQHQWL PDWHULMDOD L]R
ODWRUD L RWNODZDZD R^WH`HQLK MHGLQLFD X SURFHVX SURL]YRGZH
3UREQR SULMHPQR LVSLWLYDZH MH LVSLWLYDZH NRMH VH YU^L X SULVX
VWYX NRULVQLND NXSFD L SR SUDYLOX REXKYDWD NRPDGQR LVSLWLYDZH
,VSLWLYDZH VH YU^L QD X]RUNX L]RODWRUD X]HWRJ QDVXPFH L] JUXSH
L]RODWRUD NRML VX ]DGRYRTLOL ]DKWHYH NRPDGQLK LVSLWLYDZD L
SURL]YR_Da LK QXGL ]D SUHX]LPDZH 8 VOXaDMX GD L]RODWRU QH RGJRYDUD
NDUDNWHULVWLNDPD NRMH JDUDQWXMH SURL]YR_Da LVSLWLYDZH VH SRQDYTD
MR^ QD MHGQRP L]RODWRUX 8 VOXaDMX GD L RYDM L]RODWRU QH RGJRYDUD
VPDWUD VH GD MH FHOD QDUXaHQD NROLaLQD L]RODWRUD QHLVSUDYQD L
NRULVQLN NXSDF PRCH GD RGXVWDQH RG SUHX]LPDZD L]RODWRUD

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

6$'5#$-

5
6WU
EU
 2SVHJ YDCHZD L QDPHQD 
 7HUPLQL L GHILQLFLMH 
 2VQRYQH SUHSRUXNH ]D L]ERU L XaYU^`HZH L]RODWRUD 
 ,]ERU L]RODWRUD 
 ,VSLWLYDZH L SURYHUD NYDOLWHWD L]RODWRUD 

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

Sadrzaj

(36  ',5(.&,-$ =$ ',675,%8&,-8 (/(.75,A1( (1(5*,-(

65%,-(  %(2*5$'

7(+1,A.$35(3258.$EUD

7(+1,A.,86/29,=$,=5$'826,*85$A$6$
,=2/$72520=$6324$>:80217$#8
=$1$321N9

,, ,]GDZH

VHSWHPEDU 

2YLP SUHVWDMH GD YDCL WHKQLaND SUHSRUXND EU RG PDUWD  JRGLQH

(/(.752',675,%8&,-$ 65%,-( 73D

,='$9$A -3 (36 ',5(.&,-$ =$ ',675,%8&,-8

(/(.75,A1( (1(5*,-( 65%,-(
%(2*5$' 9RMYRGH 6WHSH 
7HKQLaNR XUH_HZH 7RPLVODY %RMNRYL` L ?RU_H *OL^L`
.RUHNWXUD 7RPLVODY %RMNRYL` L ?RU_H *OL^L`
5DaXQDUVND REUDGD
FUWHCD $FD 'UHQNRYL` L %LTDQD 6WRMDQRYL`
>WDPSD 067 *DML` %HRJUDG
7LUDC  SULPHUDND

 7(+1,A.$ 35(3258.$ MVHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

,] DUKLYH 
1D RVQRYX SUHGORJD XCH 5DGQH JUXSH 7HKQLaND NRPLVLMD SUL 3RVORYQRP
XGUXCHZX HOHNWURGLVWULEXFLMH 6UELMH MH QD VYRP RP VDVWDQNX NRML MH
RGUCDQ  JRGLQH X %HRJUDGX XVYRMLOD
7(+1,A.8 35(3258.8 EU 

7(+1,A., 86/29, =$ ,=5$'8 26,*85$A$ 6$ ,=2/$72520 =$

632418 0217$#8 =$ 1$321 '2  N9

, L]GDZH
3UHGORCHQD UH^HZD VX X VNODGX VD VDGD^ZLP WHKQLaNLP L HNRQRPVNLP
PRJX`QRVWLPD X HOHNWURGLVWULEXWLYQLP RUJDQL]DFLMDPD

AODQRYL .RPLVLMH ]D WHKQLaND SLWDZD :

 -RYDQ 0LOL` 3UHGVHGQLN .RPLVLMH (OHNWURGLVWULEXFLMD %HRJUDG

 9RMLVODY 3OD]LQL` (OHNWURGLVWULEXFLMD %HRJUDG
 %UDQNR 7DQDVLMHYL` (OHNWURVUELMD .UDTHYR
 7RPLVODY .ULCQDU (OHNWURYRMYRGLQD 1RYL 6DG
 6ODYNR 0LNL` (OHNWURGLVWULEXFLMD %HRJUDG
 9LWRPLU 9DOaL` (OHNWURGLVWULEXFLMD /HVNRYDF
 0LORUDG 3HWURYL` (OHNWURGLVWULEXFLMD 1L^
 #LYRWD 0DUNRYL` (OHNWURGLVWULEXFLMD 9UDZH
 %ODJRMH 0LTNRYL` (OHNWUR^XPDGLMD .UDJXMHYDF
 'UDJRTXE 0ODGHQRYL` (OHNWURWLPRN =DMHaDU
 0ODGHQ 6WULaHYL` (OHNWURPRUDYD 3RCDUHYDF
 3DQWD *UNRYL` (OHNWURNRVRYR 3UL^WLQD
 0LOR^ .UHPL`  6HSWHPEDU 7 8CLFH
 5DWRPLU 9XaL`HYL` (OHNWURNROXEDUD 9DTHYR
 7RPLVODY %RMNRYL` 3RVORYQR XGUXCHZH (' 6UELMH %HRJUDG
 0LOR^ 6WHIDQRYL` 3RVORYQR XGUXCHZH (' 6UELMH %HRJUDG
 .UVWR #LCL` 3RVORYQR XGUXCHZH (' 6UELMH %HRJUDG

AODQRYL 5DGQH JUXSH 

 0LORUDG 3HWURYL` (OHNWURGLVWULEXFLMD 1L^
 6WRMDQ 6WRMNRY (OHNWURYRMYRGLQD 6RPERU
 %RULVODY /DOHYL` (OHNWURGLVWULEXFLMD %HRJUDG

IHEUXDUPDUW 

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

1D RVQRYX SUHGORJD 5DGQH JUXSH 7HKQLaNL VDYHW (36D  'LUHNFLMD ]D GL

VWULEXFLMX HOHNWULaQH HQHUJLMH 6UELMH QD RP VDVWDQNX NRML MH RGUCDQ
 JRGLQH X 1L^X GRQHR MH RGOXNX XVYDMD VH

7(+1,A.$ 35(3258.$ EU D

7(+1,A., =$+7(9, =$ ,=5$'8 26,*85$A$ 6$ ,=2/$72520 =$

632418 0217$#8 =$ 1$321 '2  N9

,, ,]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
 PU =RUDQ 5LVWDQRYL` (OHNWURYRMYRGLQD 1RYL 6DG
 PU 'UDJDQ %DONRVNL (36 %HRJUDG
 PU $OHNVDQGDU -DZL` (OHNWURGLVWULEXFLMD /HVNRYDF
 'HVLPLU %RJL`HYL` (OHNWURVUELMD .UDTHYR
 6ORERGDQ 0DNVLPRYL` (OHNWURGLVWULEXFLMD %HRJUDG
 0LORMH -H]GLPLURYL` (OHNWURGLVWULEXFLMD 8CLFH
 9ODGLFD $OHNVL` (OHNWURGLVWULEXFLMD 9UDZH
 0LRGUDJ 5LVWL` (OHNWURPRUDYD 3RCDUHYDF
 0LRGUDJ $Q_HONRYL` (OHNWURNRVPHW 3UL^WLQD
 0LND .RYDaHYL` (OHNWUR^XPDGLMD .UDJXMHYDF
 'UDJRTXE =GUDYNRYL` (OHNWURGLVWULEXFLMD 1L^
 =ODWLERU 3DYORYL` (OHNWURWLPRN =DMHaDU
 6YHWR]DU *ODPRaOLMD (3 5HSXEOLNH 6USVNH %DZD /XND
 #DUNR 0L`LQ (OHNWURYRMYRGLQD 1RYL 6DG
 %UDQNR -DN^L` (OHNWURVUELMD >DEDF
 )HGRUD /RQaDUHYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 6ORERGDQ .XMRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
AODQRYL 5DGQH JUXSH 
 ?RU_H *OL^L` (OHNWURGLVWULEXFLMD %HRJUDG
 %UDWLVODY $ODJL` (OHNWURGLVWULEXFLMD 1L^
 6UHWR 3DODOL` (OHNWURYRMYRGLQD 1RYL 6DG
 'UDJRTXE 1LNROL` (OHNWURWLPRN =DMHaDU
 .UVWR #LCL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 7RPLVODY %RMNRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG

VHSWHPEDU 

 7(+1,A.$ 35(3258.$ MVHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73D

 236(* 9$#(:$ , 1$0(1$

2YD SUHSRUXND VH RGQRVL QD WLSL]DFLMX RVQRYQLK WHKQLaNLK ]DKWHYD ]D

L]UDGX RVLJXUDaD SULJUD_HQRJ QD SRWSRUQL 11 L]RODWRU ]D QRVDa
2VLJXUDaL VOXCH ]D ]D^WLWX QDG]HPQLK NX`QLK SULNTXaDND
2VLJXUDaL VH REDYH]QR SRVWDYTDMX DNR SULNTXaDN QDSDMD REMHNDW RG
ODNR ]DSDTLYRJ PDWHULMDOD GUYR
2VLJXUDaL VH QH NRULVWH DNR MH SULNTXaDN L]YHGHQ 11 6.6RP WLSD
;$ D PRQWDCD SULNTXaND L]YHGHQD X SRWSXQRVWL SUHPD 73
8 HOHNWURGLVWULEXWLYQRM PUHCL 6UELMH NRULVWH VH GYD WLSD RVLJXUDaD
VD L]RODWRURP ]D QD]QDaHQH VWUXMH WRSTLYLK XPHWDND  $ L  $

 0$7(5,-$/ , 0217$#$ 26,*85$A$ 6$ ,=2/$72520

 2VLJXUDa L L]RODWRU aLQH MHGLQVWYHQL HOHPHQW WDNR GD SULOLNRP

PRQWDCH SURYRGQLND QLMH SRWUHEDQ SRVHEDQ L]RODWRU

8QXWUD^ZL GHR RVLJXUDaD WUHED GD MH NRQVWUXNWLYQR XVNOD_HQ SUHPD
VWDQGDUGX ]D LQVWDODFLRQH RVLJXUDaH WLSD ' WDNR GD MH RPRJX`HQD
SULPHQD . JODYH L WRSTLYRJ XPHWND
 2VLJXUDa VD L]RODWRURP WUHED GD EXGH L]UD_HQ RG NHUDPLaNH PDVH

NRMD LPD SURSLVDQH HOHNWULaQH L PHKDQLaNH NDUDNWHULVWLNH

0HWDOQL GHORYL RVLJXUDaD WUHED GD EXGX UREXVQL L]UD_HQL RG PH

VLQJD L ]D^WL`HQL RG NRUR]LMH FLQNRP JDOYDQL]RYDZHP

.DSD RVLJXUDaD WUHED GD EXGH VD QDYRMQRP aDXURP L]UD_HQRP RG ED

NDUQRJ OLPD ]ERJ RWSRUQRVWL QD DWPRVIHULOLMH

 0RQWDCD RVLJXUDaD VD L]RODWRURP YU^L VH SRPR`X PHWDOQLK QRVDaD
L]RODWRUD YUX`H FLQNRYDQL aHOLN LOL OHJXUD DOXPLQLMXPD VD PRQWL
UDQRP QDYXaHQRP SODVWLaQRP QDYRMQRP aDXURP L WR
QD NRQ]ROX SUHNR SUDYRJ QRVDaD L]RODWRUD SUHPD -86 1)
QD GUYHQL VWXE SUHNR VDYLMHQRJ QRVDaD L]RODWRUD VD QDYRMHP ]D
XYUWDZH X GUYR SUHPD -86 1)
8aYU^`HZH L]RODWRUD QD QRVDa L]RODWRUD YU^L VH PHKDQLaNLP VSD
MDZHP QDYUWDZHP
2WYRU ]D SULaYU^`HZH L]RODWRUD PRUD GD EXGH SUHPD 73D
 =D^WLWD RG NRUR]LMH

3RUHG WRJD ^WR VYH HOHPHQWH RVLJXUDaD VD L]RODWRURP WUHED L]UDGL

WL RG PDWHULMDOD RWSRUQLK QD DWPRVIHULOLMH REOLN L SRORCDM RVLJX
UDaD SULJUD_HQRJ QD L]RODWRU WUHED GD MH WDNDY GD MH RQHPRJX`HQR
SURGLUDZH L ]DGUCDYDZH YRGH XQXWDU SRMHGLQLK HOHPHQDWD 8 WX
VYUKX WUHED REH]EHGLWL GREUR ]DSWLYDZH L]PH_X WHOD RVLJXUDaD L
SULNTXaQLK ]DYUWZHYD SRVWDYTDZHP RGJRYDUDMX`LK SRGPHWDaD
 6YDNL RVLJXUDa VD L]RODWRURP WUHED GD LPD QDGJOD]XUQR XWLVQXW ]QDN
SURL]YR_DaD
 2VLJXUDa VD L]RODWRURP WUHED X VYHPX GD RGJRYDUD VWDQGDUGLPD ]D
L]UDGX L LVSLWLYDZH -86 1( L -86 1)
2 UH]XOWDWLPD LVSLWLYDZD SURL]YR_Da MH GXCDQ GD SULORCL DWHVW
RYOD^`HQH QH]DYLVQH LQVWLWXFLMH

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73D

 1D VO GDW MH SULPHU L]YR_HZD RVLJXUDaD VD L]RODWRURP ]D VSR

TD^ZX PRQWDCX

PHUH VX X [mm]

7LS + D E    F H U T

 $   
       
 $   

E G G G I O  
7LS G G
PLQ QDYRM PLQ PLQ PLQ PLQ PLQ PLQ

 $  (     

0  
 $  (     

3UHORPQR RSWHUH`HZH  N1

6O 2VLJXUDa VD L]RODWRURP

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

Sadrzaj

(36  ',5(.&,-$ =$ ',675,%8&,-8 (/(.75,A1( (1(5*,-(

65%,-(  %(2*5$'

7(+1,A.$35(3258.$EUE

7(+1,A.,=$+7(9,
=$,=5$'8,0217$#85$67$94$A$
,6./23.(5$67$94$A$
=$1$'=(01((/(.752(1(5*(76.(92'29(

,, ,]GDZH

VHSWHPEDU 

2YLP SUHVWDMH GD YDCL WHKQLaND SUHSRUXND E RG GHFHPEUD  JRGLQH

(/(.752',675,%8&,-$ 65%,-( 73E

,='$9$A -3 (36 ',5(.&,-$ =$ ',675,%8&,-8

(/(.75,A1( (1(5*,-( 65%,-(
%(2*5$' 9RMYRGH 6WHSH 
7HKQLaNR XUH_HZH 7RPLVODY %RMNRYL` L ?RU_H *OL^L`
.RUHNWXUD 7RPLVODY %RMNRYL` L ?RU_H *OL^L`
5DaXQDUVND REUDGD
FUWHCD ?RU_H *OL^L`
>WDPSD 067 *DML` %HRJUDG
7LUDC  SULPHUDND

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73E

,] DUKLYH

1D RVQRYX SUHGORJD XCH UDGQH JUXSH .RPLVLMD ]D WHKQLaND SLWDZD SUL

3RVORYQRM ]DMHGQLFL HOHNWURGLVWULEXFLMH 6UELMH MH QD RP VDVWDQNX NRML
MH RGUCDQ  JRGLQH X %HRJUDGX GRQHR

7(+1,A.8 35(3258.8 EU   'RSXQD

7HKQLaNL XVORYL ]D L]UDGX UDVWDYTDaD ]D QDG]HPQH YRGRYH GR  N9

,R ,]GDZH
3UHGORCHQD UH^HZD X VNODGX VX VD YDCH`LP SURSLVLPD L VWDQGDUGLPD L
]DGRYRTDYDMX ]DKWHYH IXQNFLRQDOQRVWL L HNRQRPLaQRVWL
AODQRYL .RPLVLMH ]D WHKQLaND SLWDZD

 -RYDQ 0LOL` (OHNWURGLVWULEXFLMD %HRJUDG

 PU 'UDJXWLQ 6WDQRMHYL` (OHNWURGLVWULEXFLMD %HRJUDG
 0LORUDG 3HWURYL` (OHNWURGLVWULEXFLMD 1L^
 $OHNVDQGDU 3UHOL` (OHNWURVUELMD .UDTHYR
 %ODJRMH 0LTNRYL` (OHNWUR^XPDGLMD .UDJXMHYDF
 0LRGUDJ 3DYNRYL` (OHNWURWLPRN =DMHaDU
 0ODGHQ 6WULaHYL` (OHNWURPRUDYD 6PHGHUHYR
 6WDQL^D 7DVL` (OHNWURGLVWULEXFLMD 9UDZH
 -RVLI 3HWUL` (OHNWURGLVWULEXFLMD /HVNRYDF
 3DQWD *UNRYL` (OHNWURNRVRYR 3UL^WLQD
 /XND *HRUJLMHYL` (OHNWURYRMYRGLQD 1RYL 6DG
 )HGRUD /RQaDUHYL` 3RVORYQD ]DMHGQLFD %HRJUDG
 .UVWR #LCL` 3RVORYQD ]DMHGQLFD %HRJUDG
 7RPLVODY %RMNRYL` 3RVORYQD ]DMHGQLFD %HRJUDG

AODQRYL XCH 5DGQH JUXSH

 ?RU_H *OL^L` (OHNWURGLVWULEXFLMD %HRJUDG

 6HS )HUHQF (OHNWURYRMYRGLQD 1RYL 6DG
 2VWRMD 3X^LFD 0LQHOUDVNORSQL DSDUDWL 1RYL 3D]DU
 .UVWR #LCL` 3RVORYQD ]DMHGQLFD %HRJUDG

GHFHPEDU 

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73E

1D RVQRYX SUHGORJD 5DGQH JUXSH 7HKQLaNL VDYHW (36D  'LUHNFLMD ]D

GLVWULEXFLMX HOHNWULaQH HQHUJLMH 6UELMH QD RP VDVWDQNX NRML MH
RGUCDQ  JRGLQH X 1L^X GRQHR MH RGOXNX XVYDMD VH
7(+1,A.$ 35(3258.$ EU E

7(+1,A., 86/29, =$ ,=5$'8 , 0217$#8 5$67$94$A$

, 6./23.( 5$67$94$A$ =$ 1$'=(01( (/(7.52(1(5*(76.(
92'29(

,, ,]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
 PU =RUDQ 5LVWDQRYL` (OHNWURYRMYRGLQD 1RYL 6DG
 PU 'UDJDQ %DONRVNL (36 %HRJUDG
 PU $OHNVDQGDU -DZL` (OHNWURGLVWULEXFLMD /HVNRYDF
 'HVLPLU %RJL`HYL` (OHNWURVUELMD .UDTHYR
 6ORERGDQ 0DNVLPRYL` (OHNWURGLVWULEXFLMD %HRJUDG
 0LORMH -H]GLPLURYL` (OHNWURGLVWULEXFLMD 8CLFH
 9ODGLFD $OHNVL` (OHNWURGLVWULEXFLMD 9UDZH
 0LRGUDJ 5LVWL` (OHNWURPRUDYD 3RCDUHYDF
 0LRGUDJ $Q_HONRYL` (OHNWURNRVPHW 3UL^WLQD
 0LND .RYDaHYL` (OHNWUR^XPDGLMD .UDJXMHYDF
 'UDJRTXE =GUDYNRYL` (OHNWURGLVWULEXFLMD 1L^
 =ODWLERU 3DYORYL` (OHNWURWLPRN =DMHaDU
 6YHWR]DU *ODPRaOLMD (3 5HSXEOLNH 6USVNH %DZD /XND
 #DUNR 0L`LQ (OHNWURYRMYRGLQD 1RYL 6DG
 %UDQNR -DN^L` (OHNWURVUELMD >DEDF
 )HGRUD /RQaDUHYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 6ORERGDQ .XMRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
AODQRYL 5DGQH JUXSH

 ?RU_H *OL^L` (OHNWURGLVWULEXFLMD %HRJUDG

 %UDWLVODY $ODJL` (OHNWURGLVWULEXFLMD 1L^
 6UHWR 3DODOL` (OHNWURYRMYRGLQD 1RYL 6DG
 'UDJRTXE 1LNROL` (OHNWURWLPRN =DMHaDU
 .UVWR #LCL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG
 7RPLVODY %RMNRYL` (36'LUHNFLMD ]D GLVWULEXFLMX %HRJUDG

VHSWHPEDU 

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73E

 236(* 9$#(:$ , 1$0(1$

 2YD SUHSRUXND VH RGQRVL QD XWYU_LYDZH RVQRYQLK WHKQLaNLK ]DKWHYD

]D L]UDGX L NRUL^`HZH UDVWDYTDaD L VNORSNH UDVWDYTDaD X GDTHP
WHNVWX UDVNORSQL DSDUDW ]D QDG]HPQH HOHNWURHQHUJHWVNH YRGRYH
 N9  N9 L  N9
3UHSRUXND WDNR_H XWYU_XMH RS^WH ]DKWHYH ]D WLSL]DFLMX EHWRQVNRJ
VWXED ]D QR^HZH UDVNORSQRJ DSDUDWD ]D QDG]HPQH YRGRYH
 2YLP WHKQLaNLP XVORYLPD RGUH_XMX VH
WHKQLaNL SRGDFL L WHKQLaNL XVORYL X NRMLPD UDGL UDVNORSQL
DSDUDW
PDWHULMDO NRQVWUXNFLMD R]QDaDYDZH XWYU_LYDZH L SURYHUD NYDOL
WHWD WUDQVSRUW XVNODGL^WHZH L RGUCDYDZH UDVNORSQRJ DSDUDWD
NDUDNWHULVWLNH EHWRQVNRJ VWXED ]D QR^HZH UDVNORSQRJ DSDUDWD

 7(50,1, , '(),1,&,-(

 5DVNORSQL DSDUDW DSDUDW SUHGYL_HQ ]D XNTXaLYDZH LOL SUHNLGDZH

VWUXMH
 0HKDQLaNL UDVNORSQL DSDUDW UDVNORSQL DSDUDW NRG NRJD VH NRQ
WDNWL IL]LaNL UD]GYDMDMX
 5DVWDYTDa PHKDQLaNL UDVNORSQL DSDUDW VD XUH_DMHP ]D ]DYLVQR UXa
QR SRNUHWDZH NRML X RWYRUHQRP SRORCDMX REH]EH_XMH UDVWDYQL UD]PDN X
VNODGX VD SURSLVDQLP ]DKWHYLPD NRML MH X VWDZX GD SUHNLGD QH]QDWQH
VWUXMH
 6NORSNDUDVWDYTDa PHKDQLaNL UDVNORSQL DSDUDW NRML PRCH GD
XNTXaXMH SURYRGL L SUHNLGD VWUXMX X QRUPDOQLP XVORYLPD 6NORSND
UDVWDYTDa PRCH GD XNTXaXMH L NUDWNRWUDMQR SURYRGL VWUXMX NUDWNRJ
VSRMD DOL QH PRCH GD SUHNLGD VWUXMX NUDWNRJ VSRMD 6NORSNDUDVWDY
TDa X RWYRUHQRP SRORCDMX LPD YLGQR UD]GYRMHQH NRQWDNWH L ]DGRYR
TDYD ]DKWHYH L]RORYDZD XWYU_HQH ]D UDVWDYTDa

 7(+1,A., 32'$&, , 32*216., 86/29,

 5DVNORSQL DSDUDW SURSLVDQ RYLP WHKQLaNLP ]DKWHYLPD SULPHZXMH VH

]D XJUDGZX QD VWXERYH QDG]HPQLK HOHNWURHQHUJHWVNLK YRGRYD QD]LY
QLK QDSRQD  N9  N9 L  N9 X VYHPX SUHPD 3UDYLOQLNX R WHKQLa
NLP QRUPDWLYLPD ]D L]JUDGZX QDG]HPQLK HOHNWURHQHUJHWVNLK YRGRYD
L RGJRYDUDMX`LP VWDQGDUGLPD
 5DVNORSQL DSDUDW WUHED GD UDGL X QRUPDOQR ]DJD_HQRM RNROLQL QD
RWYRUHQRP SURVWRUX L X VOHGH`LP XVORYLPD
QDMYL^D WHPSHUDWXUD YD]GXKD &
VUHGZD WHPSHUDWXUD YD]GXKD PHUHQD WRNRP  aDVD &
VUHGZD JRGL^ZD WHPSHUDWXUD YD]GXKD &
QDMQLCD WHPSHUDWXUD YD]GXKD &
QDGPRUVND YLVLQD GR  P
GHETLQD VORMD OHGD GR  PP
SULWLVDN YHWUD GR  GD1P

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73E

 5DVNORSQL DSDUDW VH SULPHZXMH ]D PRQWDCX QD VWXE X KRUL]RQWDO

QRP SRORCDMX
0RQWDCD UDVNORSQRJ DSDUDWD QD VWXE X YHUWLNDOQRP SRORCDMX QD SUL
PHU NRG VWXEQLK 76 ; N9  YLGL 73Y NRG NDEORYVNLK SULNTXaD
ND QD QDG]HPQL YRG LWG QLMH SUHGPHW UD]PDWUDZD RYH SUHSRUXNH
 5DVNORSQL DSDUDW PRUD GD LPD VOHGH`H QD]QDaHQH NDUDNWHULVWLNH
SUHPD VWDQGDUGX -86 1 .
QD]QDaHQL QDSRQ  N9  N9 L  N9  N9
QD]QDaHQD WUDMQD VWUXMD  $ L  $
QD]QDaHQD VWUXMD LVNTXaHZD UDVWDYTDaD  $  $ L  $
QD]QDaHQD VWUXMD LVNTXaHZD VNORSNH UDVWDYTDaD  L  $
QD]QDaHQD NUDWNRWUDMQD SRGQRVLYD VWUXMD  N$
QD]QDaHQR WUDMDZH NUDWNRJ VSRMD  V
QD]QDaHQD SRGQRVLYD WHPHQD YUHGQRVW VWUXMH  VWUXND YUHGQRVW
QD]QDaHQH NUDWNRWUDMQR SRGQRVLYH VWUXMH
QD]QDaHQL VWHSHQ L]RODFLMH SUHPD SRGDFLPD L] WDEHOH 
7DEHOD  6WHSHQL L]RODFLMH UDVNORSQRJ DSDUDWD
1DMYL^L QDSRQ PUHCH 8P [kV]   
SUHPD ]HPTL   
/, [kV]
QD UDVWDYQRP NRQWDNWX   
SUHPD ]HPTL   
$& [kV] QD UDVWDYQRP NRQWDNWX   
/,  QD]QDaHQL SRGQRVLYL DWPRVIHUVNL XGDUQL QDSRQ
$&  QD]QDaHQL SRGQRVLYL QDL]PHQLaQL QDSRQ  +]
.RRUGLQDFLMD QD]QDaHQRJ QDSRQD QD]QDaHQH VWUXMH QD]QDaHQH NUDWNR
WUDMQR SRGQRVLYH VWUXMH QD]QDaHQH SRGQRVLYH WHPHQH YUHGQRVWL
VWUXMH L QD]QDaHQH VWUXMH LVNTXaHZD YRGD YU^L VH SUHPD VWDQGDUGX
-86 1.

 0$7(5,-$/

 6DVWDY L NYDOLWHW PDWHULMDOD RG NRMLK MH XUD_HQ UDVNORSQL DSDUDW

PRUD GD RGJRYDUD XVORYLPD -XJRVORYHQVNLK VWDQGDUGD L 3UDYLOQLND R
WHKQLaNLP QRUPDWLYLPD ]D L]JUDGZX QDG]HPQLK HOHNWURHQHUJHWVNLK
YRGRYD
 AHOLaQL GHORYL UDVNORSQRJ DSDUDWD PRUDMX GD EXGX ]D^WL`HQL RG
NRUR]LMH YUX`LP FLQNRYDZHP SUHPD 3UDYLOQLNX R WHKQLaNLP PHUDPD L
XVORYLPD ]D ]D^WLWX aHOLaQLK NRQVWUXNFLMD RG NRUR]LMH L 3UDYLOQLNX
R WHKQLaNLP QRUPDWLYLPD ]D L]JUDGZX QDG]HPQLK HOHNWURHQHUJHVNLK
YRGRYD

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73E

 .216758.&,-$

 .RQVWUXNFLMD UDVNORSQRJ DSDUDWD PRUD GD EXGH XVDJOD^HQD VD

VWDQGDUGRP -86 1.
.RQVWUXNFLMD UDVNORSQRJ DSDUDWD WUHED GD EXGH VD NRPSDNWQLP SROR
YLPD  PRGXODUQD NRQVWUXNFLMD WDNR GD VX SRORYL QH]DYLVQR L]PH
ZLYL .RQVWUXNFLMD UDVWDYTDaD WUHED GD EXGH WDNYD GD DGDSWDFLMRP
PRCH GD SRVWDQH VNORSND UDVWDYTDa
 5DVNORSQL DSDUDW WUHED GD LVSXZDYD L VOHGH`H SRVHEQH ]DKWHYH
 ,]RODWRUL WUHED GD EXGX SXQL QHSURERMQL L]RODWRUL VSHFLMDOQR
QDPHZHQL ]D UDVNORSQH DSDUDWH SUHPD VWDQGDUGX -86 ,(& 
1RVH`L PHWDOQL HOHPHQWL L]RODWRUD WUHED SUHNR PHWDOQRJ SRVWR
TD GD LPDMX SRX]GDQX JDOYDQVNX YH]X VD X]HPTLYDaHP VWXED
 .RQWDNWQL HOHPHQWL UDVNORSQRJ DSDUDWD WUHED GD EXGX WDNYL GD
REH]EHGH QHVPHWDQR LVNTXaHZH L SUL QDKYDWDQRP OHGX
 8UH_DM ]D ]DYLVQR UXaQR SRNUHWDZH UDVNORSQRJ DSDUDWD MH SR
OXCQL SRJRQ 5XaLFD XUH_DMD ]D ]DYLVQR UXaQR SRNUHWDZH WUHED GD
EXGH X JRUZHP SRORCDMX SUL ]DWYRUHQRP D X GRZHP SRORCDMX SUL
RWYRUHQRP UDVNORSQRP DSDUDWX VD PRJX`QR^`X ]DNTXaDYDZD NDWDQ
FHP X RED SRORCDMD
 9H]D L]PH_X SULNTXaND QD UDVWDYTDaX L SURYRGQLND QDG]HPQRJ
YRGD PRUD GD EXGH RWSRUQD QD GLQDPLaND QDSUH]DZD XVOHG GHMVWYD
YHWUD L UDGD UDVNORSQRJ DSDUDWD
 5DVNORSQL DSDUDW WUHED GD LPD PRJX`QRVW PHKDQLaNRJ UDVWHUH`HZD
RG SULKYDWDZD SURYRGQLND QDG]HPQRJ YRGD
QD SRVWRTX UDVNORSQRJ DSDUDWD
QD SRVHEQRM NRQ]ROL
$NR VH SULKYDWDZH SURYRGQLND VSRTD^ZHJ YRGD YU^L SUHNR SRVWRTD
UDVNORSQRJ DSDUDWD WDGD
QRPLQDOQD SRGQRVLYD VLOD RG ]DWH]DZD SURYRGQLND NRMD VH SUHQR
VL QD SRVWRTH UDVNORSQRJ DSDUDWD PRUD GD L]QRVL  GD1
UD]PDN L]PH_X RVD SRORYD PRUD GD L]QRVL QDMPDZH  PP
 3ULVWXS VYLP HOHPHQWLPD UDVNORSQRJ DSDUDWD L YLMaDQRP PDWHUL
MDOX WUHED GD EXGH RGR]GR VD VWUDQH VD NRMH SULVWXSD PRQWHU WDNR
GD VH VYH YH]H NRQVWUXNWLYQR UH^DYDMX QD REUQXWRP UDVWDYTDaX D
GHORYL UDVNORSQRJ DSDUDWD WUHED GD EXGX ODNR ]DPHQTLYL
 8aYU^`HZH XUH_DMD ]D ]DYLVQR UXaQR SRNUHWDZH UDVNORSQRJ DSD
UDWD QD EHWRQVNRP VWXEX WUHED GD MH XVDJOD^HQR VD WLSVNLP UH^H
ZHP XaYU^`HZD NRMH MH GDWR QD VO
1RVDa UXaLFH L QRVDa YR_LFH UXaLFH XUH_DMD PRUDMX GD EXGX RG 8
SURILOD VD VWUDQDPD RNUHQXWLP SUHPD VWXEX VD RWYRULPD ]D XaYU^`H
ZH NRML VX GDWL QD VOD L VOE
5XaLFD XSUDYTDaNRJ PHKDQL]PD WUHED GD EXGH PRQWLUDQD WDNR
GD YLVLQD RVRYLQH UXaLFH EXGH QD RNR  P L]QDG SRYU^LQH WOD
GD EXGH XSUDYQR QD YRG RGQRVQR NRG XJDRQLK VWXERYD X SUDYFX VL
PHWUDOH XJOD WUDVH L WR X WHPHQX WXSRJ XJOD

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73E

 .RQWDNWQL HOHPHQWL UDVNORSQRJ DSDUDWD SR VYRMRM IXQNFLML PRUDMX

GD VOXCH LVNTXaLYR ]D SURYR_HZH L SUHNLGDZH SUHGYL_HQLK VWUXMD D
]D SUHNLGDZH OXND WUHED GD VH NRULVWH HOHPHQWL QDPHZHQL ]D WR SD
VH QH SUHSRUXaXMH XSRWUHED NRQWDNWQLK HOHPHQDWD X REOLNX URJRYD
3ULNTXaDN UDVNORSQRJ DSDUDWD RG EDNUD PRUD X RGJRYDUDMX`RM GXCL
QL GD EXGH SRFLQNRYDQ HOHNWUROLWLaNLP SRVWXSNRP L SDVLYL]LUDQ
VO
6WUXMQH VWH]DTNH WUHED GD REH]EHGH SRX]GDQX JDOYDQVNX YH]X $Oa
SURYRGQLND QDG]HPQRJ YRGD VD SULNTXaFLPD QD UDVWDYTDaX

 2=1$A$9$:(

5DVNORSQL DSDUDW PRUD GD LPD QDWSLVQX WDEOLFX SUHPD VWDQGDUGX -86

1.
1DWSLVQX WDEOLFX SRVWDYTD SURL]YR_Da UDVNORSQRJ DSDUDWD
1DWSLVQD WDEOLFD WUHED GD EXGH YLGTLYD L ODNR aLWTLYD RGR]GR

 ,63,7,9$:$ , 3529(5$ .9$/,7(7$

 3URYHUD NYDOLWHWD PDWHULMDOD YU^L VH SURYHURP JDUDQWRYQLK PHKD

QLaNLK NDUDNWHULVWLND PDWHULMDOD XSRWUHETHQLK ]D L]UDGX UDVNORS
QRJ DSDUDWD L XSUDYTDaNRJ PHKDQL]PD
3URL]YR_Da MH GXCDQ GD SULEDYL DWHVWH RYOD^`HQH QH]DYLVQH LQVWL
WXFLMH R NYDOLWHWX XJUD_HQRJ PDWHULMDOD
 3URYHUD NYDOLWHWD UDVNORSQRJ DSDUDWD YU^L VH WLSVNLP NRPDGQLP
L SUREQLP SULMHPQLP LVSLWLYDZLPD NRG SURL]YR_DaD UDVNORSQRJ
DSDUDWD SUHPD VWDQGDUGX -86 1.
,VSLWLYDZH WLSD MH LVSLWLYDZH NRMH YU^L SURL]YR_Da QD MHGQRP
UDVNORSQRP DSDUDWX NDR SUHGVWDYQLNX GUXJLK LVWLK LOL VOLaQLK
UDVNORSQLK DSDUDWD
,VSLWLYDZH WLSD VH QH YU^L DNR SURL]YR_Da UDVNORSQRJ DSDUDWD
SULORCL DWHVW R RYRP LVSLWLYDZX QD SUHGVWDYQLNX WRJ WLSD
.RPDGQR LVSLWLYDZH MH LVSLWLYDZH NRMH VH YU^L QD VYDNRP SRMH
GLQRP UDVNORSQRP DSDUDWX UDGL SURYHUH NYDOLWHWD SURL]YRGZH
3UREQR SULMHPQR LVSLWLYDZH MH LVSLWLYDZH NRMH VH YU^L X SULVX
VWYX NRULVQLND NXSFD QD MHGQRP UDVNORSQRP DSDUDWX ]DMHGQR VD
XUH_DMHP ]D ]DYLVQR UXaQR SRNUHWDZH 8 VOXaDMX GD UDVNORSQL DSDUDW
QH RGJRYDUD NDUDNWHULVWLNDPD NRMH JDUDQWXMH SURL]YR_Da LVSLWLYDZH
VH SRQDYTD MR^ QD MHGQRP UDVNORSQRP DSDUDWX 8 VOXaDMX GD L RYDM
UDVNORSQL DSDUDW QH RGJRYDUD VPDWUD VH GD MH FHOD QDUXaHQD NROLaL
QD UDVNORSQLK DSDUDWD QHLVSUDYQD L NRULVQLN NXSDF PRCH GD RGX
VWDQH RG SUHX]LPDZD

 75$163257 86./$',>7(:( , 2'5#$9$:(

7UDQVSRUW XVNODGL^WHZH L RGUCDYDZH UDVNORSQRJ DSDUDWD PRUD GD

EXGH SUHPD VWDQGDUGX -86 1.

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73E

PLQ 

VWDEOR VWXED
RG EHWRQD

QDYRMQD aDXUD
0


NRPSOHW
(/'6
PLQ  

6OD 8aYU^`HZH QRVDaD UXaLFH XSUDYTDaNRJ PHKDQL]PD

30


2VWDOH PHUH VX X VNODGX

VD VOD




6OE 8aYU^`HZH QRVDaD YR_LFH



XSUDYTDaNRJ PHKDQL]PD

]D 0
  DOXPLQLMXP

  
EDNDU

FLQNRYDQR HOHNWUROLWLaNLP
SRVWXSNRP L SDVLYL]LUDQR GHETLQD
VORMD FLQND  P GR  P

6O 3ULNTXaDN SURYRGQLND YRGD QD UDVNORSQL DSDUDW

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73E

 678% , 0217$#$ 5$6./2312* $3$5$7$

 $NR VH NRULVWL EHWRQVNL VWXE ]D QR^HZH UDVNORSQRJ DSDUDWD ]D

QDG]HPQH YRGRYH  N9 L  N9 WDGD SRUHG RVQRYQLK ]DKWHYD GDWLK X
73D ]D SURMHNWRYDZH SURL]YRGZX LVSLWLYDZH L NRUL^`HZH EH
WRQVNRJ VWXED WUHED GD EXGX LVSXZHQL L VOHGH`L SRVHEQL ]DKWHYL
VWXE MH  LOL 
VWXE PRUD GD EXGH RSUHPTHQ RWYRULPD UXSDPD L aDXUDPD VD QDYR
MHP SUHPD VO
DUPDWXUQD ^LSND NRMD QRVL PHWDOQH aDXUH ]D XaYU^`HZH XSUDY
TDaNRJ PHKDQL]PD SR]LFLMH    L  PRUD QD XGDTHZLPD RG RNR
 P L  P RG YUKD VWXED GD EXGH JDOYDQVNL SRYH]DQD VD DUPD
WXUQRP ^LSNRP NRMD QRVL PHWDOQH aDXUH ]D X]HPTHZH SR]LFLMH  L
 ]DYDULYDZHP SRPR`X SRSUHaQLK DUPDWXUD LVWRJ SUHVHND NDR DU
PDWXUQH ^LSNH VWXED
 ,]ERU L L]YR_HZH WHPHTD ]D EHWRQVNL VWXE ]D PRQWDCX UDVNORS
QRJ DSDUDWD X ]DYLVQRVWL RG QRPLQDOQH VLOH VWDEOD VWXED L RG ND
UDNWHULVWLND WOD QD PHVWX PRQWDCH VWXED YU^L VH SUHPD 73D
SRJODYTH  ,]ERU WHPHTD L WHPHTHZH
'XELQD XNRSDYDZD VWXED WUHED GD L]QRVL RNR  P

 3UHSRUXaXMH VH PRQWDCD UDVNORSQRJ DSDUDWD QD QHSRGLJQXWRP

VWXEX

 =D VWXE EHWRQVNL aHOLaQL GUYHQL QDG]HPQRJ YRGD NRML QRVL UDV
NORSQL DSDUDW REDYH]QR VH L]YRGL X]HPTLYDa VWXED .RULVWL VH
X]HPTLYDa VD GYD SUVWHQD SUHPD 73 WDaND  L VOLND E
,]PH_X SRNUHWQLK REUWQLK GHORYD L SRVWRTD UDVNORSQRJ DSDUDWD
PRUD GD SRVWRML VDYLWTLYD JDOYDQVND YH]D SOHWHQLFD
0HWDOQR SRVWRTH UDVNORSQRJ DSDUDWD L SROXJD ]D UXNRYDZH UDVNORS
QLP DSDUDWRP PRUD SUHNR VDELUQRJ ]HPTRYRGD GD EXGX X JDOYDQVNRM
YH]L VD X]HPTLYDaHP VWXED
.DR VDELUQL ]HPTRYRG NRULVWL VH WDaND  X 73
NRG PHWDOQLK VWXERYD NRQVWUXNFLMD VWXED
NRG DUPLUDQREHWRQVNLK VWXERYD QDMPDZH MHGQD DUPDWXUQD ^LSND
SUHaQLND QDMPDZH  PP NRMD VH SURWHCH RG YUKD GR GQD VWXED
NRG GUYHQLK VWXERYD RNUXJOD aHOLaQD SRFLQNRYDQD CLFD SUHaQLND

 PP LOL SRFLQNRYDQD aHOLaQD WUDND SUHVHND QDMPDZH  PP L
GHETLQH QDMPDZH  PP
*DOYDQVND YH]D SRVWRTD UDVNORSQRJ DSDUDWD VD X]HPTLYDaHP VWXED
L]YRGL VH SUHNR VWH]DTNH ]D X]HPTHZH LVSLWQD VSRMQLFD NRMD VH
L]YRGL SUHPD WDaNL  73

 7(+1,A.$ 35(3258.$ VHSWHPEDU 

(/(.752',675,%8&,-$ 65%,-( 73E















0






0



0

0








 RWYRUL NUR] VWXE ]D XaYU^`HZH QRVDaD UDVWDYTDaD   QDYRMQH aDXUH ]D
XaYU^`HZH QRVDaD YR_LFH XSUDYTDaNRJ PHKDQL]PD  QDYRMQH aDXUH ]D XaYU^
`HZH QRVDaD UXaLFH XSUDYTDaNRJ PHKDQL]PD  QDYRMQD aDXUD ]D X]HPTHZH QRVDaD
UDVNORSQRJ DSDUDWD  VWH]DTND ]D X]HPTHZH VWXED LVSLWQD VSRMQLFD

6O %HWRQVNL VWXE ]D QR^HZH UDVNORSQRJ DSDUDWD

VHSWHPEDU  7(+1,A.$ 35(3258.$ 

(/(.752',675,%8&,-$ 65%,-( 73E

6 $ ' 5 # $ -

5
6WU
EU
 2SVHJ YDCHZD L QDPHQD 
 7HUPLQL L GHILQLFLMH 
 7HKQLaNL SRGDFL L SRJRQVNL XVORYL 
 0DWHULMDO 
 .RQVWUXNFLMD 
 2]QDaDYDZH 
 ,VSLWLYDZH L SURYHUD NYDOLWHWD 
 7UDQVSRUW XVNODGL^WHZH L RGUCDYDZH 
 6WXE L PRQWDCD UDVNORSQRJ DSDUDWD 

 7(+1,A.$ 35(3258.$ VHSWHPEDU