KN 25C, 28B - návod k instalaci, obsluze a údržbě
Transkript
1È92' .,167$/$&,2%6/8=($Ò'5ä% 1È67 11e+23/<129e+2 .21'(1=$ý1Ë+2.27/( .1& 62+ (9(0789$02'8/$&Ë9é.218 .1% 6(=È62%1Ë.(0789$02'8/$&Ë9é.218 '$.21VUR9H9UELQ .UQRY±3RG&YLOtQHP 1iVW QQpSO\QRYpNRWOH.1 2EVDK ÒYRG ' OHåLWiXSR]RUQ Qt 3RXåLWtNRWOH 6\VWpP]QDþHQtQiVW QQêFKNRWO '$.21 3RSLVNRWO .1 5R]P U\NRWOH 2YOiGDFtSDQHO 5R]PtVW QtGtO YNRWOL .1& .1% (OHNWULFNp]DSRMHQtNRWOH.1& (OHNWULFNp]DSRMHQtNRWOH.1% 7HFKQLFNp~GDMHNRWOH.1 1iKUDGQtGtO\.1& 1iKUDGQtGtO\.1% =iNODGQtS tVOXãHQVWYtNRWO .1 =YOiãWQtS tVOXãHQVWYt )XQNFHNRWOH 3URYR]WRSHQt 3URWL]iPUD]RYiRFKUDQDNRWOH 3URYR]789 2EVOXKDNRWOH 8YHGHQtNRWOHGRSURYR]X 3RYLQQRVWLVHUYLVQtKRPHFKDQLNDS LXYiG QtNRWOHGRSURYR]X 6SXãW QtNRWOH 3 HUXãHQtSURYR]XNRWOH 3URYR]QtS HGSLV\ 3URYR] %H]SHþQRVWSURYR]XNRWOH ÒGUåED 2SUDY\ 6HUYLV =S VRE\Y\XåLWtDOLNYLGDFHREDO 8PtVW QtNRWOH.1 %H]SHþQRVWQtDRVWDWQtS HGSLV\ =DY ãHQtNRWOHQD]H 3 LSRMHQtNRWOHNRWRSQpPXV\VWpPX 3 LSRMHQtNSRWUXEtXåLWNRYpYRG\ 3 LSRMHQtQDHOHNWULFNRXVt 3 LSRMHQtNSO\QRYpPSRWUXEt 3 LSRMHQtSURVWRURYpKRWHUPRVWDWX 3URYHGHQtRGWDKXVSDOLQ .RD[LiOQtSURYHGHQtS tNODG\VHVWDYDMHGQRWOLYpGtO\ .RD[LiOQtSURYHGHQtKRUL]RQWiOQt .RD[LiOQtSURYHGHQtYHUWLNiOQt =iUXND 1DVWDYHQtDNRQWURODSURYR]QtFKSDUDPHWU NRWOH.1& $NWXiOQtVWDYNRWOH 0RåQRVWLQDVWDYRYDQêFKSDUDPHWU 1iVW QQpSO\QRYpNRWOH.1 0RQLWRURYiQt 3 tGDYQp]REUD]RYDFtIXQNFHGLVSOHMH 1DVWDYHQtDNRQWURODSURYR]QtFKSDUDPHWU NRWOH.1% $NWXiOQtVWDYNRWOH 1DVWDYRYiQtSDUDPHWU 789 0RQLWRURYiQt 3 tGDYQp]REUD]RYDFtIXQNFHGLVSOHMH 6LJQDOL]DFH]iYDG\YNRWOL.1 0RåQp]iYDG\DMHMLFKRGVWUDQ Qt ,GHQWLILNDFH]iYDGGOHNyGX 3 tORKD 5R]G OHQtOiWHNSRGOHVWXSQ KR ODYRVWL 9êVWXSNRQGHQ]iWX 3 HVWDYEDNRWOHQDMLQpSO\Q\ 9êWODþQiYêãNDþHUSDGODNRWOH.1SRRGHþWHQtWODNRYp]WUiW\NRWOH 1iVW QQpSO\QRYpNRWOH.1 ÒYRG 9iåHQt]iND]QtFLVSROHþQRVW'$.21VUR9iPG NXMH]DUR]KRGQXWtSRXåtYDWWHQWRYêUREHN 1DNRWOH'$.21.1MHYêUREFHPY\GiQRSURKOiãHQtRVKRG YHVP\VOXRGVW]iNRQDþ 6EDQD t]HQtYOiG\þ6E ' OHåLWiXSR]RUQ Qt x ' NODGQêPSURVWXGRYiQtPQiYRGXNREVOX]H]tVNiWHG OHåLWpLQIRUPDFHRNRQVWUXNFLREVOX]HD EH]SHþQpPSURYR]X x 'RGUåXMWHSRN\Q\NHVNODGRYiQtDS HSUDY YêURENXXYHGHQpQDREDOX x 3RUR]EDOHQtNRWOH]NRQWUROXMWH~SOQRVWDNRPSOHWQRVWGRGiYN\ x =NRQWUROXMWH]GDW\SNRWOHDS HGHSVDQêSO\QRGSRYtGiSRåDGRYDQpPXSRXåLWt x 1DNDåGRXLQVWDODFLNRWOHPXVtEêW]SUDFRYiQSURMHNW x ,QVWDODFLVPtSURYiG WSRX]HRGERUQtNVSODWQêPRSUiYQ QtPNWpWRþLQQRVWL x =DSRMHQtNRWOHPXVtRGSRYtGDWSODWQêPS HGSLV PQRUPiPDQiYRGXNREVOX]H x 6H t]HQt XYHGHQt GR SURYR]X D VHUYLV VPt SURYiG W SRX]H VHUYLVQt PHFKDQLN V SODWQêP RVY GþHQtPRGYêUREFH x &K\EQêP]DSRMHQtPPRKRXY]QLNQRXWãNRG\]DNWHUpYêUREFHQHRGSRYtGi x 3 L~GUåE DþLãW QtVHPXVtGRGUåRYDWS HGHSVDQpSRN\Q\ x 9S tSDG SRUXFK\VHREUD WHQDVHUYLVQtKRPHFKDQLND1HRGERUQê]iVDKP åHSRãNRGLWNRWHO x 3URVSUiYQRXIXQNFLEH]SHþQRVWDGORXKRGREêSURYR]GRSRUXþXMHPHSUDYLGHOQpNRQWURO\PLQ MHGQRX]DURNDWRYþHWQ NRQWURO\]iVREQtNX789XNRWOH.1%-HWR]iUXþQtSRGPtQND D]iURYH RFKUDQD9DãtLQYHVWLFH x 3 LGORXKRGREpPRGVWDYHQtNRWOH]SURYR]XGRSRUXþXMHPHX]DY tWS tYRGSO\QXDNRWHORGSRMLW RGHOVtW x 3URRSUDY\VHVPtSRXåtWMHQRULJLQiOQtVRXþiVWN\ x 9 S tSDG YDG ]DYLQ QêFK QHRGERUQRX LQVWDODFt QHGRGUåHQtP S HGSLV QRUHP D QiYRGX N REVOX]HPRQWiåLDSURYR]XYêUREFHQHRGSRYtGi]DW\WRYDG\DQHY]WDKXMHVHQDQ ]iUXND x 3RNXG E\O NRWHO GHOãt GREX PLPR SURYR] Y\SQXWê YSRUXãH MH QXWQR S L MHKR RS WRYQpP VSXãW Qt GR SURYR]X GEiW ]YêãHQp RSDWUQRVWL 9RGVWDYHQpP NRWOL P åH GRMtW N]DEORNRYiQt þHUSDGOD~QLNXYRG\]HV\VWpPXQHERY]LPQtPREGREtN]DPU]QXWtNRWOH x 9êUREFHVLY\KUD]XMHSUiYRSURYHGHQtNRQVWUXNþQtFK]P QNRWOHD]P QYWRPWRQiYRGX 3RXåLWtNRWOH 1iVW QQpSO\QRYpNRWOH'$.21.1MVRXXUþHQ\SURQt]NRWHSORWQtRWRSQpV\VWpP\DRK HY789Y E\WHFKURGLQQêFKGRPHFKSU P\VORYêFKSURYR]RYQiFKDSRGREQêFKREMHNWHFK9HVWDY Qê]iVREQtN 789XNRWOH.1%]DMLã XMHRNDPåLWRX]iVREXWHSOpXåLWNRYpYRG\DMHMtU\FKOêGRK HY.RWOH.1 MVRXYKRGQpSURPRQWiåGRVWDYHEQLFRYêFKNRWHOHQGRYêNRQXN: .RWOHMVRXY\EDYHQ\]DSDORYiQtPHOHNWULFNRXMLVNURXVHOHNWURQLFNRXNRQWURORXSODPHQHLRQL]DFt 6\VWpP]QDþHQtQiVW QQêFKNRWO '$.21 .1'8$.203$.7%($±REFKRGQtQi]HYW\SRYp DG\ MPHQRYLWêYêNRQNRWOHYN: 5NRWHOEH]RK HYX789VPRQRWHUPLFNêPYêP QtNHP &NRPELQRYDQêNRWHOVRK HYHP789 %NRWHOVYHVWDY QêP]iVREQtNHP789 ;NRWHOVFKOD]HQêPKR iNHPSURYHGHQt/2:1R[ .NRWOHYSURYHGHQt.20Ë1 7NRWOHYSURYHGHQt785%2 3 tNODG.1%QiVW QQêNRQGHQ]DþQtSO\QRYêNRWHOW\S.1MPHQRYLWêYêNRQN:RK HY 789YHYHVWDY QpP]iVREQtNXO 1iVW QQpSO\QRYpNRWOH.1 3RSLVNRWO .1 .RQGHQ]DþQtQiVW QQêNRWHO.1PiVSHFLiOQtYêP QtNWHSOD]HVOLWLQ\KOLQtNX6P VSO\QXD Y]GXFKXMHS LSUDYHQDYSRW HEQpPPQRåVWYtSRPRFtYHQWLOiWRUXYHVP ãRYDþL7DNWRMHSRW HEQê SRP UY]GXFKXDSO\QX]DMLãW QYFHOpPUHJXODþQtPUR]VDKX %H]SHþQRVWNRWOHMHKRRFKUDQDMDNRåLSRåDGDYN\XåLYDWHOHMH]DMLãW QDSRPRFt tGtFtHOHNWURQLN\V PLNURSURFHVRUHP3RXåLWtPLNURSURFHVRUXXPRå XMHSRVN\WQRXWXåLYDWHOLNRPIRUWNWHUêE\OG tYH PRåQêMHQS LSRXåLWtGDOãtFK]D t]HQtQDS HNYLWHUPQtUHJXODFHWHSORW\WRSQpYRG\Y]iYLVORVWLQD YHQNRYQtWHSORW .RWOH .1 VH Y\UiEt Y SURYHGHQt 785%2 PDMt X]DY HQRX VSDORYDFt NRPRUX D VSDOLQRYê YHQWLOiWRU 3 tYRG VSDORYDFtKR Y]GXFKX O]H X W FKWR NRWO SURYpVW VNU] REYRGRYRX ]H S HV VW HFKX QHER ]H VSROHþQpKR NRPtQD VDPRVWDWQêP Y]GXFKRYêP SU FKRGHP 7\WR NRWOH QHRGHEtUDMt VSDORYDFt Y]GXFK S tPR]PtVWQRVWLYHNWHUpMVRXXPtVW Q\)LUPD'$.21GRGiYiSURPRQWiåRGWDK VSDOLQNHNRWO P .1RULJLQiOQtGtO\ 5R]P U\NRWOH 2EU5R]P U\NRWOH.1& 2EU5R]P U\NRWOH.1% 1iVW QQpSO\QRYpNRWOH.1 2YOiGDFtSDQHO 2EU .RWHO.1& EDU ) ( ' & % $ $WODþtWNR5(6(7PD]iQt %WODþtWNR02'(YROEDIXQNFHGLVSOHMH &WODþtWNR6725(XNOiGiQtGRSDP WL 'WODþtWNRS LGiYiQtQHERXEtUiQtQDKRGQRW + * (WODþtWNR67(3NURNYS HG )GLVSOHM *PDQRPHWU +KODYQtY\StQDþ .RWHO.1% $WODþtWNR5(6(7PD]iQt %WODþtWNR02'(YROEDIXQNFHGLVSOHMH &WODþtWNR6725(XNOiGiQtGRSDP WL 'WODþtWNRS LGiYiQtQHERXEtUiQtQDKRGQRW (WODþtWNR67(3NURNYS HG )GLVSOHM *PDQRPHWU +KODYQtY\StQDþ 1iVW QQpSO\QRYpNRWOH.1 5R]PtVW QtGtO YNRWOL .1& $XWRPDWLFNêRGY]GXã RYDþ 6SDOLQRYiNRPRUD]HVOLWLQ\KOLQtNX 6HQ]RUYêVWXSQtWHSORW\Y\WiS FtVWRXSDþN\ +R iN 9êP QtN 9HQWLOiWRU 6iQtYHQWLOiWRUX 6HQ]RUYVWXSQtWHSORW\Y\WiS Qt]SiWHþN\ 6LIRQ 3O\QRYêYHQWLO 'LVSOHM 0DQRPHWU 7ODNRYêEêSDVV 7HUPRVWDWLFNêVP ãRYDþ 7URMFHVWQêYHQWLO 6HQ]RU789 9VWXSVWXGHQp789 $NXPXOiWRU789 $XWRPDWLFNêRGY]GXã RYDþ ([SDQ]QtQiGRED ýHUSDGOR 2GWDKVSDOLQ 7ODNRYêVStQDþ 9QLW QtSOiã DNXPXOiWRUX789 $XWRPDWLFNêRGY]GXã RYDþ +R iN 6SDOLQRYiNRPRUD]HVOLWLQ\KOLQtNX 9êP QtN ([SDQ]QtQiGRED 9HQWLOiWRU 6iQtYHQWLOiWRUX 6LIRQ 6HQ]RUYVWXSQtWHSORW\Y\WiS Qt]SiWHþN\ ýHUSDGOR 'LVSOHM 0DQRPHWU 7ODNRYêEêSDVV 7URMFHVWQêYHQWLO 3O\QRYêYHQWLO 6HQ]RU789 %RMOHU 6HQ]RUYêVWXSQtWHSORW\Y\WiS FtVWRXSDþN\ 2GWDKVSDOLQ $XWRPDWLFNêRGY]GXã RYDþ .1% 59VWXSRWRSQpYRG\ 0 9êVWXSRWRSQpYRG\ & 9êVWXSXåLWNRYpYRG\ ) 9VWXSXåLWNRYpYRG\ * 3 tYRGSO\QX 1iVW QQpSO\QRYpNRWOH.1 (OHNWULFNp]DSRMHQtNRWOH.1& 'LVSOHM ' =DSDORYDFtDLRQL]DþQt HOHNWURGD 7UDIR 2YOiGDFtDXWRPDWLND +RQH\ZHOO 0&%$' ; ; ; ) ; i Q U H þ i Q U H þ i Q H O H ] i Q H Y U H þ i O t i Q U H þ E i U G R P i Q H Y U H þ i Q U H þ i Y R å Q D U R i O t E i Q H O H ] i Q H Y U H þ ) ; ; i O t E i Q H Y U H þ i G H ã i G Q K i W X O å i Q U H þ i G Q K þHUYHQi i U G R P þHUYHQi 5 :: RUDQåRYi )LOWU 17& 0 i Q H O H ] i W X O å 17& 9HQWLOiWRU 0 17& i O t E i Q H Y U H þ i Q H O H ] i O t E i Q H Y U H þ 0 ýHUSDGOR 0 i Q H O H ] i Q H Y U H þ i U G R P i U G R P i Q H O H ] i W X O å i G Q K ; % 6 7 7 1 3( / i U G R P 0 0DQRVWDW Y]GXFKX . 17&þLGORWHSORW\WRSQpYRG\ 17&þLGORWHSORW\YUDWQpYRG\ 17&þLGORWHSORW\YDNXPXOiWRUX ) 7ODNRYê VStQDþ YRG\ . 7URMFHVWQê YHQWLO 0 3O\QRYê 9HQNRYQt YHQWLO þLGOR (9 17& 6t RYê S tYRG 9+] 3URVWRURYê WHUPRVWDW 37 1iVW QQpSO\QRYpNRWOH.1 (OHNWULFNp]DSRMHQtNRWOH.1% ([WHUQt WUDIR7 9: =DSDORYDFtDLRQL]DþQt HOHNWURGD 7UDIR 2YOiGDFtDXWRPDWLND +RQH\ZHOO 0&%$' ; ) ; ; ) ; i O t E Y U H ý i O t E Y U H ý i Q H O H ] ; ; i Q H O H ] i Q U H þ i Q U H þ i Q H O H ] ; i Q U H þ ; i O t E i U G R P i Q H Y U H þ 5 i Q U H þ i Y R å Q D U R i O t E i O t E i Q H O H ] i Q H Y U H þ i O t E i Q H Y U H þ i G H ã i Y R å Q D U R i W X O å i Q U H þ i G Q K :: 17& 0 i Q H O H ] i W X O å 17& 17& %86 6( 7$ ) 9HQWLOiWRU 0 i U G R P 0 ýHUSDGOR 0 i U G R P i Q H O H ] i W X O å i G Q K ; 1 / 1 3( / 0 9HQNRYQt 3URVWRURYê þLGOR WHUPRVWDW 17& 37 0DQRVWDW WODNX Y]GXFKX . 7ODNRYê VStQDþ YRG\ . 7URMFHVWQê YHQWLO 0 3O\QRYê YHQWLO (9 6t RYê S tYRG 9+] 17&þLGORWHSORW\WRSQpYRG\ 17&þLGORWHSORW\YUDWQpYRG\ 17&þLGORWHSORW\Y]iVREQtNX 1iVW QQpSO\QRYpNRWOH.1 7HFKQLFNp~GDMHNRWOH.1 7\SNRWOH 0D[LPiOQtYêNRQ VSiG&& 0D[LPiOQt NRQGHQ]DþQt YêNRQVSiG&& 0LQLPiOQtYêNRQ VSiG&& ÒþLQQRVW 9\WiS QiSORFKD 9\WiS QêSURVWRU 3URYR]QtSDUDPHWU\ 0D[SURYR]QtS HWODN 0LQSURYR]QtS HWODN 7HSORWDWRSQpYRG\ 2EMHPH[SDQ]QtQiGUåH 0D[YêãNDRWRSQpVRXVWDY\ 2EMHPDNXPXOiWRUX 7HSORWDVSDOLQ +PRWQRVWQtWRNVSDOLQ (PLVH&2 (PLVH12[ 789 0D[LPiOQtS HWODN789 0LQLPiOQtS HWODN789 5R]VDKWHSORW\ 0D[SU WRNS L'W & 2EMHPYRG\YHYêP QtNX 3DOLYR .DWHJRULHNRWOH 6SRW HED=3 3URSDQ 0D[LPiOQtS HWODN=3 3URSDQ -PHQRYLWêS HWODN=3 3URSDQ 3 tSRMN\ 3O\Q 7RSQiYRGD 789 5R]P U\ 9êãND ât ND +ORXEND +PRWQRVW .RD[LiOQtRGWDK (OHNWULFNpSDUDPHWU\ 1DS Wt 3 tNRQ (OHNWULFNpNU\Wt 3URVWRURYêWHUPRVWDW N: .1& .1% N: N: P P ± ± ± EDU EDU & O P O & JV SSP SSP ± ± ± EDU EDU & OPLQ O ± PD[ PK NJK PEDU PEDU PEDU PEDU ,,+3 ± ± ,,+3 ± ± SDOFH SDOFH SDOFH *ô³ *ô³ * *ô³ *ô³ * PP PP PP NJ PP 9+] : ,3 9 ,3 9 1iVW QQpSO\QRYpNRWOH.1 1iKUDGQtGtO\.1& 3R]LFHREUVWU 1i]HY 9HQWLOiWRU 7 VQ QtYHQWLOiWRUX 3ODQåHWDKR iNX &ORQDViQtYHQWLOiWRUX 6SRMRYDFtWUXENDþHUSYêP QtN =DSDORYDFtHOHNWURGD ,RQL]DþQtHOHNWURGD 7 VQ QtHOHNWURG\ .DEHOHOHNWURG\ 6HQ]RUWRSQpYRG\,1287 2YOiGDFtDXWRPDWLND 9êP QtN$:% 9tNRYêP QtNX .U\WNDYêP QtNX 7 VQ QtYtNDYêP QtNX ,]RODFHYtNDYêP QtNX 7 VQ QtNRQWUROQtKRSU ]RUX ,]RODFHYêP QtNX .DEHOSyORYê 3URSRMRYDFtNDEHORYOSDQHOXSyO 7 VQ QtNRQWUROQtGHVN\YêP QtNX .RQWUROQtGHVNDYêP QtNX 2EMtPNDVHQ]WRSQpYRG\ 3O\QRYiDUPDWXUD959$$ $NXPXOiWRU789 6P ãRYDFtYHQWLO ([SDQ]QtQiGRED 7U\VND ýHUSDGOR56( 3RKRQWURMFHVWQpKRYHQWLOX 7 OHVRWURMFHVWQpKRYHQWLOX 3RMLVWND$ 6QtPDþWODNXYRG\ 6HQ]RURWRSQpYRG\ 3O\QRYiWUXEND 7UXENDYVWXSXSO\QX 7UXENDYVWXSX789 7UXENDYêVWXSX789 7UXENDYêVWXSXWRSQpYRG\ 7UXENDYVWXSXWRSQpYRG\ 7UXENDH[SDQ]QtQiGRE\ 7UXENDYêVWXSXNRQGHQ]iWX .DEHOSyORYê 7 VQ QtVNODSU ]RUXYêP QtNX 6./2SU ]RUXYêP QtNX 3 HGQtSDQHO %RþQtSDQHOSUDYê %RþQtSDQHOOHYê 2YOiGDFtSDQHONRPSOHWQt 9êOLVHNS HGQtKRSDQHOX 2YOiGDFtWODþtWNR +ODYQtY\StQDþ 3URYHGHQtNRWOH 917& *5=& %58& ',6& 78.& &$1& &$1& *5=& &$9& 6(1& &(1& 36&& &23& &23& *5=& *5=& *5=& *5=& &%/& &$9& *5=& 676& 676& 9*6& %2/& 02'& 9$6& 8*/& &,5& 02'& *58& )6%& 35(& 6(1& 78.& 78.& 789& 789& 78.& 78.& 78.& 78.& &%/& *5=& 963& )51& )'8& )'8& 3$1& 3$6& 38/& ,17& 2EMHGQDFtþtVOR 1iVW QQpSO\QRYpNRWOH.1 $XWRPDWLFNêRY]GXãYHQWLO -tPNDþLGODDNXPXOiWRUX 0 tåNDNRWOH.1 9HQNRYQtþLGOR )LOWUVYRGLþHP (OHNWURQLNDGLVSOHMH 0DQRVWDWGUåiN 96)& *8$& 3&,& 6(1& ),/& 6)8& 35(& 1iKUDGQtGtO\.1% 3R]LFHREUVWU 1i]HY 9HQWLOiWRU 7 VQ QtYHQWLOiWRUX 3ODQåHWDKR iNX &ORQDViQtYHQWLOiWRUX 6SRMRYDFtWUXENDþHUSYêP QtN =DSDORYDFtHOHNWURGD 7 VQ QtHOHNWURG\ .DEHOHOHNWURG\ 6HQ]RUWRSQpYRG\,1287 2YOiGDFtDXWRPDWLND 9êP QtN$:% 9tNRYêP QtNX .U\WNDYêP QtNX 7 VQ QtYtNDYêP QtNX ,]RODFHYtNDYêP QtNX 7 VQ QtNRQWUROQtKRSU ]RUX ,]RODFHYêP QtNX .DEHOSyORYê 3URSRMRYDFtNDEHORYOSDQHOXSyO 7 VQ QtNRQWUROQtGHVN\YêP QtNX .RQWUROQtGHVNDYêP QtNX 2EMtPNDVHQ]WRSQpYRG\ 3O\QRYiDUPDWXUD.1% ([SDQ]QtQiGRED 7U\VND ýHUSDGOR56( 3RKRQWURMFHVWQpKRYHQWLOX 7 OHVRWURMFHVWQpKRYHQWLOX 3RMLVWND$ 6QtPDþWODNXYRG\ 6HQ]RU789WRSQpYRG\ 3O\QRYiWUXEND 7UXENDYVWXSXSO\QX .DEHOSyORYê 3U GXFKViQtYHQWLOiWRUX 7 VQ QtVNODSU ]RUXYêP QtNX 6./2SU ]RUXYêP QtNX $XWRPDWLFNêRY]GXãYHQWLO -tPNDþLGODDNXPXOiWRUX 9HQNRYQtþLGOR )LOWUVYRGLþHP (OHNWURQLNDGLVSOHMH 0DQRVWDWGUåiN +R þtNRYiHOHNWURGD]iVREQtNX789 3URYHGHQtNRWOH 917& *5=& %58& ',6& 78.& &$1& *5=& &$9& 6(1& &(1& 36&& &23& &23& *5=& *5=& *5=& *5=& &%/& &$9& *5=& 676& 676& 9*6& 9$6& 8*/& &,5& 02'& *58& )6%& 35(& 6(1& 78.& 78.& &%/& 78.& *5=& 963& 96)& *8$& 6(1& ),/& 6)8& 35(& $1' 2EMHGQDFtþtVOR 1iVW QQpSO\QRYpNRWOH.1 =iNODGQtS tVOXãHQVWYtNRWO .1 8SHY RYDFtãDEORQD 1iYRGNREVOX]H =iUXþQtOLVW 3 tVOXãHQVWYtSURRGYRGNRQGHQ]iWX VLIRQWUXELFHNROHQD 6H]QDPVHUYLVQtFKPHFKDQLN =YOiãWQtS tVOXãHQVWYt 1i]HY REMþtVOR .RD[LiOQtXNRQþHQtYHUWLNiOQt76&& -HGQRGXFKpXNRQþHQtYHUWLNiOQt76&& 'YRMLWpXNRQþHQtYHUWLNiOQt76&& .ROHQRMHGQRGXFKpqSU P76&& 3U FKRGNDãLNPiSU P76&& 3U FKRGNDURYQiSU P76&& .RD[LiOQtS tUXED.,7& .ROHQRNRD[LiOQtqSU POLWLQD.,7& .RD[LiOQtSURGORXåHQtP.,7& .RD[LiOQtXNRQKRUL]RQP.,7& .RD[LiOQtXNRQYHUWLNiOQt76&& -HGQRGXFKpSURGORXåHQtSU PP.,7& -HGQRGXFKpXNRQþKRUL]ViQtQHERY\~VW Qt.,7& -HGQRGXFKpSURGORXåHQtSU PP.,7& 5R]G ORYDþ.,7& 'RSRUXþHQpSURVWRURYpWHUPRVWDW\ 7HUPRVWDW+RQH\ZHOOPHFKDQLFNê 7HUPRVWDW+RQH\ZHOOGLJLWiOQtSURJUDPiWRUWêGHQQt9 0RGXODþQtWHUPRVWDW+RQH\ZHOO 9HQNRYQtþLGORNHNRWOL.1 7 &0&0 &;0& 2VWDWQtGRSRUXþHQi]D t]HQt ,77&= ,QWHOLJHQWQt 7HOHIRQQt 7HUPLQiO SUR MHGQRGXFKp GiONRYp RYOiGDQt HOHNWULFNêFK VSRW HELþ ]DSQXWRY\SQXWR SURVW HGQLFWYtP E åQpKR WHOHIRQQtKR S tVWURMH 0RåQRVW S LSRMHQt Då RVPLþLGHOSUR GiONRYpP HQtWHSORWQH]iYLVORXVLJQDOL]DFtVWDYX]D t]HQtDDXWRPDWLFNêP]S WQêPYROiQtPS L]P Q VWDYX .RQWDNWQt~GDMHSURREMHGQiYiQtQiKUDGQtFKGtO '$.21VUR VNODG1' 9H9UELQ .UQRY±3RG&YLOtQHP VNODG1' ~VW HGQD ID[ LQWHUQHWZZZGDNRQF] 9REMHGQiYFHXYH WHW\SNRWOHS HVQRXDGUHVXREMHGQDWHOHQi]HYDREMHGQDFtþtVORQiKUDGQtKRGtOX 1iVW QQpSO\QRYpNRWOH.1 )XQNFHNRWOH 3URVSUiYQRXIXQNFLPXVtEêWNRWHOS LSRMHQNSO\QRYpPXSRWUXEtSRWUXEtRWRSQpKRV\VWpPXRGWDKX VSDOLQDWDNpPXVtEêW]DMLãW QGRVWDWHþQêS tYRGVSDORYDFtKRY]GXFKXYL]NDS,QVWDODFHNRWOH.RWHO MHQXWQRS LSRMLWNHOHNWULFNpVtWL9+]SRPRFtSRK\EOLYpKRS tYRGXVH]iVWUþNRXVRXþiVWNRWOH GR]iVXYN\VIi]RYêPYRGLþHPYOHYp]Gt FHS LXPtVW Qt]HPQtFtKRNROtNXQDKR H3 LMLQpP]DSRMHQt ]iVXYN\NRWHOQHSUDFXMH 3RS LSRMHQtNRWOHNHOHNWULFNpVtWLD]DSQXWpPKODYQtPY\StQDþLMHYSURYR]XSRX]HSURWL]iPUD]RYi RFKUDQDNRWOH 3UR XYHGHQt NRWOH GR SURYR]X MH QXWQR VWLVNQRXW KODYQt Y\StQDþ 3RGOH SRåDGDYN D QDSURJUDPRYDQêFKSDUDPHWU ]DþQHNRWHOSUDFRYDWEX GRWRSHQtQHERRK tYDW789 9êSDGHNHOHNWULFNpKRQDS WtS HUXãtSURYR]NRWOHSRREQRYHQtGRGiYN\HOHNWULFNpKRSURXGX]DþQH NRWHO]QRYXDXWRPDWLFN\SUDFRYDWSRGOHSRVOHGQtKRQDVWDYHQtSDUDPHWU 3URYR]WRSHQt 3 L SRåDGDYNX QD WRSHQt RG SURVWRURYpKR WHUPRVWDWX VH ]DSQH YHQWLOiWRU 3RWp QiVOHGXMH RWHY HQt SO\QRYpDUPDWXU\DS LYHGHQtSO\QXGRKR iNX6RXþDVQ VHSURYiGt]DSiOHQtSO\QXHOHNWULFNRXMLVNURX -DNPLOH VH ]DSiOt SODPHQ D MH ]MLãW Q LRQL]DþQt SURXG Gi RYOiGDFt DXWRPDWLND SRN\Q SRGOH QDSURJUDPRYDQêFKSDUDPHWU SRN\QNSO\QXOpPXQiE KXKR iNX .RWHORK tYiRWRSQRXYRGXQDSRåDGRYDQRXWHSORWXSRGOH x QDVWDYHQtNRWORYpKRWHUPRVWDWX x SRåDGDYNXSURVWRURYpKRWHUPRVWDWX x YêSRþWXSRåDGRYDQpWHSORW\RWRSQpYRG\QD]iNODG HNYLWHUPQtN LYN\ 3 LGRVDåHQtK\VWHUH]HQDSURJUDPRYDQiKRGQRWDSDUDPHWURWRSQpYRG\]DþQHNRWHOPRGXORYDW DXWRPDWLND]DþQHSO\QXOHVQLåRYDWRWiþN\YHQWLOiWRUX3RGRVDåHQtSRåDGRYDQpWHSORW\RWRSQpYRG\ DXWRPDWLNDNRWOHY\SQHKR iN 3URWL]iPUD]RYiRFKUDQDNRWOH .RWHO.1MHY\EDYHQSURWL]iPUD]RYRXRFKUDQRXNWHUiEUiQt]DPU]QXWtYêP QtNX7DWRRFKUDQDMH ]DORåHQD QD P HQt WHSORW\ WRSQp YRG\ 3 L SRNOHVX WHSORW\ WRSQp YRG\ SRG & ]DStQi þHUSDGOR GR RNUXKXWRSHQt3RNXGVWRXSQHWHSORWDQDG&GRMGHNY\SQXWtþHUSDGODVGRE KHP3 LSRNUDþXMtFtP SRNOHVX WHSORW\ SRG & GRMGH N ]DSQXWt KR iNX QD YêNRQ N MHKR Y\SQXWt GRMGH SR GRVDåHQt WHSORW\& 3URIXQNFLSURWL]iPUD]RYpRFKUDQ\PXVtEêWNRWHOS LSRMHQNVtWLDUPDWXUDQDS tYRGXSO\QXSRG NRWOHPPXVtEêWRWHY HQiDNRWHOPXVtEêW]DSQXWêGRSURYR]XKODYQtPY\StQDþHPQDRYOiGDFtP SDQHOX 8SR]RUQ Qt 3URWL]iPUD]RYi IXQNFH NRWOH QHFKUiQt SURWL ]DPU]QXWt RWRSQê V\VWpP2WRSQê V\VWpP MH SURWRQXWQRFKUiQLWMLQêP]S VREHPQDS tNODGSURVWRURYêPWHUPRVWDWHPVSURWL]iPUD]RYRXIXQNFt 3URYR]789 .RWHO.1& 3 tSUDYDWHSOpXåLWNRYpYRG\789YNRWOtFK.1&PiS HGQRVWS HGY\WiS QtP 2K HY XåLWNRYp YRG\ VH SURYiGt Y DNXPXOiWRUX WRSQp YRG\ SU WRNRYêP ]S VREHP 1HQt OL Y QDSURJUDPRYDQêFK SDUDPHWUHFK SDUDPHWU [[ Y\SQXW RK HY 789 Gi DXWRPDWLND NRWOH SRN\Q N S HPtVW QtWURMFHVWQpKRYHQWLOX7URMFHVWQêYHQWLORGG OtNRWORYêRNUXKRGRNUXKXWRSQpKRDRWRSQiYRGD FLUNXOXMHS HVDNXPXOiWRU7893RQDK iWtDNXPXOiWRUX789DSRåDGRYDQRXWHSORWXNRWHOY\SQH 9VWXSQt XåLWNRYi YRGD SURFKi]t S HV DNXPXOiWRU NGH GRFKi]t N S HQRVX WHSOD ] RWRSQp YRG\ QD XåLWNRYRX YRGX 1D YêVWXSX XåLWNRYp YRG\ ] NRWOH SURFKi]t 89 S HV VP ãRYDþ NWHUê SRGOH SRW HE\ PtVtYVWXSQtXåLWNRYRXYRGXVYêVWXSQt 9S tSDG QHY\XåtYiQt789MHYKRGQpVQtåLWQDVWDYHQRXWHSORWXYSURJUDPX7HSORWX789MHYêKRGQ Mãt QDVWDYLWQDNRWOLWHUPRVWDWHPQHåPtFKDWYEDWHULL 0D[LPiOQt SU WRN 789 SRåDGRYDQp WHSORW\ MH ]iYLVOê QD WHSORW YVWXSQt VWXGHQp YRG\ ± YL] WDEXOND WHFKQLFNp~GDMH 1iVW QQpSO\QRYpNRWOH.1 .RWOH.1% 3 tSUDYDWHSOpXåLWNRYpYRG\789YNRWOtFK.1%PiS HGQRVWS HGY\WiS QtP 9VWXSQtVWXGHQiXåLWNRYiYRGDS LRGE UX789RFKODGtþLGORWHUPRVWDWXY]iVREQtNXERMOHUX1HQtOL Y QDSURJUDPRYDQêFK SDUDPHWUHFK SDUDPHWU [[ Y\SQXW RK HY 789 S L SRNOHVX WHSORW\ YRG\ Y ]iVREQtNXSRGQDVWDYHQRXWHSORWXNRWHORNDPåLW VSRXãWtQDSRW HEQêYêNRQ 3RVHSQXWtWHUPRVWDWXVHS HSQHWURMFHVWQêYHQWLOXYHGHGRþLQQRVWLþHUSDGORNWHUpS LYHGHY\WiS Ft YRGX GR WRSQp VSLUiO\ Y ]iVREQtNX D NRWHO RK tYi YRGX Y ]iVREQtNX PD[LPiOQtP YêNRQHP 2K HY VWXGHQp YRG\ Y ]iVREQtNX WUYi PLQXW9 S tSDG QHY\XåtYiQt 789 MH YKRGQp VQtåLW WHSORWX QDVWDYHQRXSURRK HY789YL]SURJUDUDPRYiQt 7HSORWX789MHYêKRGQ MãtQDVWDYLWQDNRWOLWHUPRVWDWHPQHåPtFKDWYEDWHULL 2SDW HQtSURWLEDNWHULtPY]iVREQtNX789XNRWO .1% 3RNXGMHRK HYY]iVREQtNXSURYR]RYiQS LQt]NêFKWHSORWiFKq&GRSRUXþXMHPHSURRPH]HQt YêVN\WXEDNWHULtDOHVSR MHGHQNUiW]DWêGHQQDKRGLQX]YêãLWWHSORWXY]iVREQtNX789QDDåq& 2EVOXKDNRWOH 8YHGHQtNRWOHGRSURYR]X 8YHGHQt GR SURYR]X D S tSDGQRX RSUDYX NRWOH VPt SURYpVW SRX]H VHUYLVQt PHFKDQLN VSODWQêP RVY GþHQtPRGYêUREFH 3 L VSXãW Qt NRWOH MH QXWQR ]DVXQRXW ]iVWUþNX GR Vt RYp ]iVXYN\ RWHY tW NXORYê YHQWLO QD YVWXSX SO\QX SRG NRWOHP D VWLVNQRXW KODYQt Y\StQDþ 3 L SURYR]X QDVWDYLW YKRGQp RWiþN\ þHUSDGOD SRGOH WHSORWQtKR VSiGX Y V\VWpPX 3RPRFt RYOiGDFt NOiYHVQLFH D GLVSOHMH MH PRåQR QDVWDYLW YHãNHUp QXWQp SDUDPHWU\SRGOH.RQWURODDþWHQtQDGLVSOHML3RQDVWDYHQtSDUDPHWU RG]NRXãHWIXQNFHNRWOH 3RYLQQRVWLVHUYLVQtKRPHFKDQLNDS LXYiG QtNRWOHGRSURYR]X =NRQWURORYDW]GDLQVWDODFH]D t]HQtRGSRYtGiSURMHNWXQHERUHYL]L 3 HSQRXWPDQXiOQ WURMFHVWQêYHQWLOGRPH]LSRORK\DQDSXVWLWV\VWpP =NRQWURORYDWRGY]GXãQ QtNRWOHDWRSQpKRV\VWpPX =NRQWURORYDW QDSRMHQt SO\QXRYOiGDFt D ]DEH]SHþRYDFt SUYN\ SURYpVW ]NRXãNX W VQRVWL SO\QRYRGX RG KODYQtKR X]iY UX SR KR iN YNRWOL 8SR]RUQ Qt MH ]DNi]iQR RGY]GXã RYDW SO\QRYRGS HVNRWHO =NRQWURORYDWQDSRMHQtNRQGHQ]iWX2GYRGNRQGHQ]iWXPXVtEêWSURYHGHQGRNDQDOL]DFHDVLIRQ PXVtEêWQDSOQ QDVLPOYRG\ =NRQWURORYDWW VQRVWRWRSQpKRRNUXKX =NRQWURORYDW]DSRMHQtHOHNWULFNp]iVXYN\]NRQWURORYDWUHYL]LHOHNWUR =NRQWURORYDWRGWDKVSDOLQ 6SXVWLWNRWHOQDVHNXQGD]QRYXRGY]GXãQLW =NRQWURORYDWPLQLPiOQtDPD[LPiOQtYêNRQYRNUXKXY\WiS Qt 9\]NRXãHWUHJXODFLY\WiS QtDRK HYX789OHWQtD]LPQtSURYR] 1DVWDYLWYKRGQpRWiþN\þHUSDGODDQDVWDYLWVSUiYQêWODNYV\VWpPX 6H]QiPLWSURND]DWHOQ XåLYDWHOHVREVOXKRXNRWOH =DSVDWXYHGHQtNRWOHGRSURYR]XGR]iUXþQtKROLVWX 6SXãW QtNRWOH =NRQWURORYDWS LSRMHQtVSRW HELþHNHOHNWULFNpVtWL 2WHY tWX]DYtUDFtDUPDWXU\QDS tYRGXSO\QXDYRG\ 1DNRWOLQDVWDYLWSRåDGRYDQRXWHSORWXRWRSQpYRG\YL].RQWURODDþWHQtQDGLVSOHML =YROWHWHSORWX789YL].RQWURODDþWHQtQDGLVSOHML1DVWDYHQtWHSORW\789 3 HStQDþHPQDþHUSDGOHQDVWDYWHYKRGQpRWiþN\ 7DNWRVSXãW QêNRWHOSUDFXMHDXWRPDWLFN\SRGOHQDSURJUDPRYDQêFKSDUDPHWU 1iVW QQpSO\QRYpNRWOH.1 3 HUXãHQtSURYR]XNRWOH .RWHOO]HQDNUiWNRXGREXY\SQRXWY\StQDþHPQDSURVWRURYpPWHUPRVWDWXQHERSURJUDPiWRUX 'ORXKRGREp RGVWDYHQt NRWOH Y ]LPQtP REGREt SURYH WH VQtåHQtP WHSORW\ QD SURVWRURYpP WHUPRVWDWX QHERSURJUDPiWRUXQDWHSORWXPLQ&DE\QHGRãORN]DPU]QXWtRWRSQpVRXVWDY\ 9 S tSDG QHSURYR]RYiQt NRWOH Y ]LPQtP REGREt GRSRUXþXMHPH Y\SXVWLW YRGX ] WRSQpKR V\VWpPX X]DY tWS tYRGSO\QXDRGSRMLWNRWHORGHOVtW 'RMGHOLN]DPU]QXWtWRSQpKRV\VWpPXQHXYiG MWHNRWHOGRSURYR]X.RQWDNWXMWHVHUYLV]DMLVW WH GRVWDWHþQpUR]PU]QXWtWRSQpVRXVWDY\DS LXYiG QtNRWOHGRSURYR]XSRVWXSXMWHYHOPLRSDWUQ 3URYR]QtS HGSLV\ 3URYR] .RWHO VPt REVOXKRYDW SRX]H GRVS Op RVRE\ VH]QiPHQp V MHKR IXQNFt D RYOiGiQtP 6H]QiPHQt V REVOXKRXMHSRYLQHQSURYpVWSRXYHGHQtGRSURYR]XVHUYLVQtPHFKDQLN .RWHO PXVt EêW YþDV RGSRMHQ RG HOHNWULFNp VtW D PXVt VH YþDV X]DY tW S tYRG SO\QX GR NRWOH Y S tSDGHFK NG\ E\ PRKO\ Y]QLNQRXW KR ODYp þL YêEXãQp SO\Q\ QHER SiU\ QDS S L SURYiG Qt QiW U OHSHQtOLQROHDDSRGREQ %H]SHþQRVWSURYR]XNRWOH x 3 L LQVWDODFL D XåtYiQt NRWOH PXVt EêW GRGUåHQ\ YãHFKQ\ EH]SHþQRVWQt S HGSLV\]HMPpQD ý61 3RåiUQtEH]SHþQRVWORNiOQtFKVSRW HELþ D]GURM WHSOD x .RWHOREVOXKXMWHGOHSRN\Q YQiYRGXNPRQWiåLDREVOX]HNRWOH x 2EVOXKX NRWOH VPt SURYiG W MHQ GRVS Op RVRE\ ' WL QHVPt EêW SRQHFKiQ\ X NRWOH EH] GR]RUX GRVS OpRVRE\ x 3O\QRYpNRWOH.1QHVPtEêWSRXåLW\NMLQêP~þHO PQHåMHXYHGHQRYWRPWRQiYRGX x 9PtVWQRVWLYHNWHUpMHNRWHOXPtVW QQHVPtEêWSO\QRP UDQLKODYQtX]iY U x 3RYUFKNRWOHVHVPtþLVWLWSRX]HE åQêPLQHKR ODYêPLþLVWtFtPLSURVW HGN\ x 2EVOXKD NRWOH VPt SRX]H VSRXãW W NRWHO GR SURYR]X QDVWDYRYDW WHSORW\ QD WHUPRVWDWHFK RGVWDYRYDWNRWHO]SURYR]XDNRQWURORYDWMHKRSURYR] x 1D VSRW HELþ D GR Y]GiOHQRVWL PHQãt QHå EH]SHþQi Y]GiOHQRVW RG Q KR QHVP Mt EêW NODGHQ\ S HGP W\]KR ODYêFKKPRW x 9 SURVWRUX PtVWQRVWL NGH MH NRWHO XPtVW QQHVPt EêW VNODGRYiQ åiGQê KR ODYê PDWHULiO G HYRSDStUQDIWDDMLQpKR ODYpPDWHULiO\ x 1HMPHQãt S tSXVWQi Y]GiOHQRVW YQ MãtFK REU\V NRWOH D RGWDKX VSDOLQ RG KPRW W åFH D VW HGQ KR ODYêFKNWHUpSR]DSiOHQtEH]GRGiYN\GDOãtWHSHOQpHQHUJLHVDP\XKDVQRXVWXSH KR ODYRVWL %&&PXVtEêWQHMPpQ PP 1HMPHQãtY]GiOHQRVWRGKQRWOHKFHKR ODYêFKSR]DSiOHQtVDP\KR tDVKR tVWXSH KR ODYRVWL &PXVtEêWQHMPpQ PP9]GiOHQRVWPPPXVtEêWGRGUåHQDWDNpYWRPS tSDG NG\ VWXSH KR ODYRVWLQHQtSURNi]iQ5R]G OHQtVWDYHEQtFKKPRWSRGOHVWXSQ KR ODYRVWLMHXYHGHQR YS tOR]HWRKRWRQiYRGX x =DRNROQRVWtYHGRXFtFKNQHEH]SHþtS HFKRGQpKRY]QLNXKR ODYêFKSO\Q QHERSDUS LQLFKåE\ PRKOR Y]QLNQRXW S HFKRGQp QHEH]SHþt SRåiUX QHER YêEXFKX QDS S L OHSHQt OLQROHD 39& DSRGPXVtEêWNRWHOY\ D]HQ]SURYR]X 1iVW QQpSO\QRYpNRWOH.1 ÒGUåED ÒGUåED NRWOH Pi EêW SURYiG QD SUDYLGHOQ PLQLPiOQ MHGQRX ]D URN Q NWHURX ]H VPOXYQtFK VHUYLVQtFK ILUHP XYHGHQêFK Y VH]QDPX MHå MH S LORåHQ N WRPXWR QiYRGX GRGiYDQpPX V NRWOH 3 L SUDYLGHOQp ~GUåE MH ]DSRW HEt ]NRQWURORYDW W VQRVW YãHFK VSRM YRGQtKR D SO\QRYpKR SRWUXEt ]NRQWURORYDWIXQNFLYãHFKRYOiGDFtFKUHJXODþQtFKD]DEH]SHþRYDFtFKSUYN Y\þLVWLWVSDORYDFtNRPRUX KR iNSURSOiFKQRXWYêP QtND]iVREQtN789 9]KOHGHP N WRPX åH E KHP SURYR]X GRFKi]t N RSRW HEHQt RFKUDQQp KR þtNRYp HOHNWURG\ GRSRUXþXMHPHMHMtVWDYPLQLPiOQ MHGHQNUiW]DGYDURN\]NRQWURORYDW 9 S tSDG ]PHQãHQt S YRGQtKR SU P UX HOHNWURG\ PP QD PP SURYH WH MHMt YêP QX QiVOHGXMtFtPSRVWXSHP x =DY HWHDUPDWXUXS tYRGXVWXGHQpYRG\QDYVWXSXNRWOH x 3URYH WH VQtåHQt KODGLQ\ YRG\ Y ]iVREQtNX RWHY HQtP NRKRXWNX WHSOp YRG\ QDS Y QHMEOLåãtP XP\YDGOH S tSDGQ S HV SRMLã RYDFt YHQWLO 789 EDU SRRWRþHQtP RYOiGDFtKR NROHþND GR PH]LSRORK\YHVP UXãLSN\ x 3RPRFtPDWLFRYpKRNOtþHþRGSRMWH]HPQLFtYRGLþDNOtþHPþGHPRQWXMWHHOHNWURGX x 3URYH WH PRQWiå QRYp HOHNWURG\ D S tYRGX VWXGHQp YRG\ GR NRWOH 3UR PRQWiå HOHNWURG\ YåG\ SRXåLMWHQRYpW VQ Qt x 2WHY HWH DUPDWXUX S tYRGX VWXGHQp YRG\ GR NRWOH SURYH WH NRQWUROX W VQRVWL ]iYLWRYpKR VSRMH HOHNWURG\ 2SOiãW QtNRWOHP åHXåLYDWHOþLVWLWYRGRXVHVDSRQiWRYêPS tSUDYNHP 2SUDY\ 9S tSDG SRUXFK\VPtSURYpVWRSUDYXMHQRSUiYQ QêVHUYLVQtPHFKDQLN 6HUYLV .H NDåGpPX QiYRGX N REVOX]H MH S LORåHQ VH]QDP VHUYLVQtFK SRGQLN D PHFKDQLN NWH t VPOXYQ ]DMLã XMt VHUYLV QD NRWOH 9 S tSDG QHVSRNRMHQRVWL V Q NWHUêPL VOXåEDPL 9iV åiGiPH R ]DVOiQt QHER ]DWHOHIRQRYiQt]SUiY\ =S VRE\Y\XåLWtDOLNYLGDFHREDO 2EDO NDUWyQRYi NUDELFH SURGDW GR VE UQêFK VXURYLQ 2EDORYRX IROLL ]39& XPtVWLW GR VE UQpKR NRQWHMQHUXQDSODVW\6SRW HELþSRXNRQþHQtåLYRWQRVWLSURGDWGRVE UQêFKVXURYLQ 1iVW QQpSO\QRYpNRWOH.1 ,QVWDODFHNRWOHDMHKRXPtVW Qt .RWHOVPtLQVWDORYDWSRX]HVHUYLVQtSRGQLNVSODWQêPRSUiYQ QtPSURYiG WLQVWDODFLD~GUåEXSO\QRYêFK VSRW HELþ 1DLQVWDODFLNRWOHPXVtEêW]SUDFRYiQSURMHNWGOHSODWQêFKS HGSLV 8YHGHQtGRSURYR]XDS tSDGQRXRSUDYXVPtSURYpVWMHQPHFKDQLNVSODWQêPRVY GþHQtPRGYêUREQtKR ]iYRGXYL]VH]QDPVHUYLVQtFKILUHPYS tOR]H 9HGOH NRWOH YOHYR L YSUDYR PXVt EêW ]DMLãW Q YROQê S tVWXS PLQLPiOQ P D S HG NRWOHP P SUR PRQWiå D RSUDY\ 1DG NRWOHP VH ]iVREQtNHP 789 PXVt EêW PLQLPiOQ P ]G YRGX ~GUåE\ KR þtNRYp HOHNWURG\ 9QH]E\WQêFK S tSDGHFK O]H NRWHO QDPRQWRYDW EH] S HGHSVDQpKR PtVWD NROHP NRWOH 3 L RSUDY YãDN EXGH QXWQR YQ NWHUêFK S tSDGHFK FHOê NRWHO GHPRQWRYDW .RWHO PXVt EêW LQVWDORYiQPLQLPiOQ PQDGSRGODKRX 3URVW HGtYQ PåMHXPtVW QNRWHOPXVtRGSRYtGDWRE\þHMQpPXSURVW HGtGOHý61 3 L LQVWDODFL D XåtYiQt NRWOH PXVt EêW ]G YRGX EH]SHþQRVWQtFK RSDW HQt ]KOHGLVND SRåiUQt RFKUDQ\ GRGUåHQ\ S HGSLV\ GOH ý61 ]HMPpQD GRGUåRYiQt S tSXVWQêFK QHMPHQãtFK Y]GiOHQRVWt RG SRYUFKXKR ODYêFKPDWHULiO 1HMPHQãt S tSXVWQi Y]GiOHQRVW YQ MãtFK REU\V NRWOH D NRX RYRGX RG KPRW W åFH D VW HGQ W åFH KR ODYêFK NWHUp SR ]DSiOHQt EH] GRGiYN\ GDOãt WHSOHQp HQHUJLH XKDVQRXVWXSQ KR ODYRVWL % & & PXVtEêWQHMPpQ PPNRWOHYSURYHGHQt785%21HMPHQãtY]GiOHQRVWKPRWOHKFHKR ODYêFKSR ]DSiOHQtKR tDVKR tVWXSQ KR ODYRVWL&GYRMQiVREHNWMPP 9]GiOHQRVWPPPXVtEêWGRGUåHQDWDNpYS tSDG NG\VWXSH KR ODYRVWLKPRW\QHQtSURNi]iQ 8PtVW QtNRWOH.1 .RWOH.1PDMtX]DY HQRXVSDORYDFtNRPRUXQDViYDMtVSDORYDFtY]GXFK]YHQNRYQtKRSURVWRUXD] KOHGLVNDREMHPXPtVWQRVWLDY WUiQtPtVWQRVWLSURMHMLFKLQVWDODFLQHSODWtåiGQpRPH]HQt 3 LLQVWDODFLRGNRX HQtNRWOHO]HWDNp]YROLWYDULDQWXVHViQt]PtVWQRVWL9WRPWRS tSDG MHQXWQR tGLWVH S HGSLV\SURRWHY HQêSO\QRYêVSRW HELþNRWHOYSURYHGHQt.20Ë1 .RWOH YSURYHGHQt NRPtQ PDMtRWHY HQRX VSDORYDFt NRPRURX 6SDORYDFt Y]GXFK MH RGHEtUiQ S tPR ]PtVWQRVWL NGHVHNRWHOQDFKi]t0tVWQRVWP åHSRVN\WRYDWEX S tPRXYHQWLODFLQDViYiQtY]GXFKX GRPtVWQRVWL]YHQNXYHQWLODþQtPLRWYRU\QHERYHQWLODFLQHS tPRXQDViYiQt]YHGOHMãtFKPtVWQRVWt3 L QHS tPp YHQWLODFL QHVPt EêWMDNRYHGOHMãtPtVWQRVWPtVWQRVWRGNXGVHQDViYiY]GXFKSRXåLWDORåQLFH QHERþiVWGRPXVQHEH]SHþtPSRåiUXVNODGWRSQêFKOiWHNJDUiå 'R SURVWRUX NRWOH VRWHY HQRX VSDORYDFt NRPRURX QHER GR SURVWRUX S LSRMHQêFK PXVt EêW ] t]HQ QHX]DYtUDWHOQêRWYRUQHERRWYRU\RFHONRYpYHOLNRVWLYROQpKRSU H]XDOHVSR GPQDN:YêNRQX NRWOH.1FFDGP9HQWLODþQtRWYRUE\P OEêWXPtVW QXSRGODK\ -VRXOLYPtVWQRVWLXPtVW Q\GDOãtVSRW HELþHNWHUpY\åDGXMtSURVYRXIXQNFLYHQWLODFLQDS RGViYDþH YHOLNRVW YHQWLODþQtKR RWYRUX VH PXVt ~P UQ ]YêãLW 9PtVWQRVWL NGH MH NRWHO XPtVW Q QHVPt EêW LQVWDORYiQVDFtYHQWLOiWRUGLJHVWR 8PtVW QtNRWOH.1YNRXSHOQiFK .RWOH.1PDMtNU\Wt,3DYNRXSHOQiFKMHO]HXPtVWLWGR]yQ\þ 3RGOH VRXþDVQp SODWQp QRUP\ ý61 O]H XPtVWLW SO\QRYê QiVW QQê NRWHO VHOHNWULFNêP NU\WtP,3GRNRXSHOQ\GR]yQ\þ]DS HGSRNODGXåHEXGRXVSOQ Q\W\WRSRGPtQN\ x =iVXYNDNWHUiQDSiMtHO]D t]HQtNRWOHMHXPtVW QDY]yQ þDMHMLãW QDSURXGRYêPFKUiQLþHPVH MPHQRYLWêPY\EDYRYDFtPSURXGHP,$1QHS HNUDþXMtFtPP$ x -HSRXåLWRGRSO XMtFtSRVSRMRYiQtMDNR]YêãHQiRFKUDQDS HG~UD]HPHOHNWULFNêPSURXGHP x .RWHOQHQtY\VWDYHQSURXG PYRG\ 3 LQHGRGUåHQtYêãHXYHGHQêFKSRGPtQHN]DQLNi]iUXNDQDVWDQRYHQêYêUREHN 1iVW QQpSO\QRYpNRWOH.1 %H]SHþQRVWQtDRVWDWQtS HGSLV\ 1DSURMHNWRYiQtPRQWiåSURYR]DREVOXKXNRWOHVHY]WDKXMtQiVOHGXMtFtQRUP\ x ý61ÒVW HGQtY\WiS QtSURMHNWRYiQtPRQWiå x ý61=DEH]SHþRYDFt]D t]HQtSUR~VW HGQtY\WiS QtDRK HYXåLWNRYpYRG\ x ý613RåiUQtEH]SHþQRVWORNiOQtFKVSRW HELþ D]GURM WHSODGRN: x ý617HSORYRGQtDQt]NRWODNpSDUQtNRWOH (1 x ý613URVW HGtSURHOHNWULFNi]D t]HQt x ý61þiVW(OHNWULFNpVSRW HELþHSURGRPiFQRVWDSRGREQp~þHO\ x ý613O\QRYRG\DS tSRMN\VQt]NêPDVW HGQtPWODNHP x (1(OHNWULFNpVSRW HELþHSURGRPiFQRVWDSRG~þHO\ x ý61 (1 =iVRERYiQt SO\QHP ± 3O\QRYRG\ YEXGRYiFK ± 3URYR]Qt SRåDGDYN\ 1HMY\ããt SURYR]QtWODNEDU x ý612GE UQtSO\QRYi]D t]HQtQDVYtWLSO\QD]HPQtSO\QYEXGRYiFK x ý61ý612GE UQi]D t]HQtQD3%YEXGRYiFK x ý61 (1 .RWOH QD SO\QQi SDOLYD SUR ~VW HGQt Y\WiS Qt ± =YOiãWQt SRåDGDYN\ QD NRPELQRYDQp NRWOH VMPHQRYLWêP WHSHOQêP S tNRQHP QHMYêãH N: SURYR]RYDQp ]D ~þHOHP S tSUDY\WHSOpXåLWNRYpYRG\ x ý61 (1 .RWOH QD SO\QQi SDOLYD SUR ~VW HGQt Y\WiS Qt ± =YOiãWQt SRåDGDYN\ QD NRQGHQ]DþQtNRWOHVMPHQRYLWêPWHSHOQêPS tNRQHPQHMYêãHN: x 73 * 9\~VW Qt RGWDK VSDOLQ RG VSRW HELþ QD SO\QQi SDOLYD QD YHQNRYQt ]GL IDViG D Y]GiOHQRVWLXPtVW QtRGRNHQQDEXGRY SURNRWOHSURYHGHQtWXUER 3O\QRYpQiVW QQpNRWOH.1QHVPtEêWSRXåLW\NMLQêP~þHO PQHåMHXYHGHQRYQiYRGXNLQVWDODFL DREVOX]HNRWOHYL]NDSLWROD3RXåLWtNRWOHVWU 1iVW QQpSO\QRYpNRWOH.1 =DY ãHQtNRWOHQD]H =DY ãHQtNRWOHPXVtEêWSURYHGHQRQD]iNODG SRVRX]HQtQRVQRVWL]GLSURMHNWDQWPRQWiåQtILUPDWDN DE\ E\OR ]DUXþHQR EH]SHþQp D VSROHKOLYp ]DY ãHQt NRWOH 9WDEXOFH WHFKQLFNêFK ~GDM YQiYRGX MH XYHGHQD KPRWQRVW NRWOH EH] YRG\ .RWHO MH QXWQR ]DY VLW QD ]H YKRGQêP VSRMRYDFtP PDWHULiOHP KPRåGLQN\ãURXE\ãURXE\VNU]]H VRKOHGHPQDNYDOLWX]GLYD2GYRG]SRMLVWQpKRYHQWLOXMHQXWQR S LSRMLWQDRGSDGQtSRWUXEt .1% 0YêVWXSWRSQpYRG\ 5YVWXSWRSQpYRG\ *S tYRGSO\QX &YêVWXS789 )YVWXS789 REUâDEORQDSURXPtVW QtNRWOHQD]H .1& 1iVW QQpSO\QRYpNRWOH.1 3 LSRMHQtNRWOHNRWRSQpPXV\VWpPX .RWOH .1 MVRX XUþHQ\ SUR RWRSQp V\VWpP\ V QXFHQêP RE KHP U\FKORVW SURXG Qt YRG\ MH PRåQR QDVWDYLWYROERXS HStQDþHXPtVW QêPQDþHUSDGOH 3 HGQDSOQ QtPRWRSQpKRV\VWpPXYRGRXMH]DSRW HEtWHQWRV\VWpP iGQ Y\þLVWLW7RSODWtKODYQ SUR VWDUp V\VWpP\ VH VDPRWtåQêP SURYR]HP 9W FKWR S tSDGHFK MH ]DSRW HEt RWRSQi W OHVD L UR]YRG\ SURSOiFKQRXWQ NROLNUiW 3 HGþHUSDGOHPQDYVWXSX]RWRSQpKRV\VWpPXGRNRWOHPXVtEêWQDPRQWRYiQILOWUPH]LNXORYêP NRKRXWHP D þHUSDGOHP )LOWU GRSRUXþXMHPH PRVD]Qê VERþQtP þLãW QtP )LOWU VH PXVt PLQLPiOQ [ URþQ Y\þLVWLWSRGOHYHOLNRVWLDVWi tV\VWpPX3URYiG Qt~GUåE\ILOWUXMH]QDþQ XVQDGQ QRMHOLS HGL ]D ILOWU QDPRQWRYiQ NXORYê X]iY U )LOWU D NXORYp X]iY U\ QHMVRX GRGiYiQ\ MDNR S tVOXãHQVWYt NRWOH )LOWU]DQHVHQêQHþLVWRWDPLP åHEêWS tþLQRX]YêãHQpKOXþQRVWLNRWOH2GYRG]SRMLVWQpKRYHQWLOXPXVt EêWQDSRMHQQDRGSDGQtSRWUXEt 7YUGRVW YRG\ YRWRSQpP V\VWpPX QHGRSRUXþXMHPH Y\ããt QHå PYDOO 3UR RWRSQê V\VWpP GRSRUXþXMHPHþLVWRXS HILOWURYDQRXGHã RYRXYRGX 9NRWOLMHYHVWDY QDH[SDQ]QtQiGREDNWHUiXPRå XMHS LSRMHQtQDX]DY HQêRWRSQêV\VWpP3RNXG WRY\åDGXMHRWRSQêV\VWpPMHQXWQRQDV\VWpPQDPRQWRYDWGDOãtWODNRYRXQiGREX 3 LUHNRQVWUXNFLY\WiS QtQHERPRQWiåLQRYpKRV\VWpPXGRSRUXþXMHPHSRXåtWPDORREVDKRYiRWRSQi W OHVD D SRWUXEt PHQãtFK GLPHQ]t Y]KOHGHP NU\FKOpPX QiE KX VRXVWDY\ QD SRåDGRYDQRX WHSORWX D SRP UQ YHONpSUXåQRVWLV\VWpPX 3UR ]DMLãW Qt PLQLPiOQtKR SU WRNX RWRSQp YRG\ NRWOHP PXVt EêW S L SRXåLWt WHUPRVWDWLFNêFK YHQWLO DOHVSR MHGHQ RNUXK S HV QHX]DYtUDWHOQp RWRSQp W OHVR QDS :& NRXSHOQD 9 QHMQLåãtP ERG Y\WiS FtKRV\VWpPXPXVtEêWXPtVW QY\SRXãW FtYHQWLO 3RVWXS S L QDSRXãW Qt YRG\ 3 L QDSRXãW Qt YRG\ PXVt EêW NRWHO RGSRMHQê RG HOHNWULFNp VtW 3 HPtVW WHPDQXiOQ WURMFHVWQêYHQWLOGRPH]LSRORK\2WHY tWRGY]GXã RYDFtYHQWLO\QDNRWOLLQD V\VWpPXY\WiS QtV\VWpPQDWODNRYDWQDEDU]QRYXRGY]GXãQLWDGRWODNRYDW 3 LSRMHQtNSRWUXEtXåLWNRYpYRG\ 3 LSRMHQt NSRWUXEt YRGRYRGQtKR DGX D SRWUXEt RGE UX 789 GRSRUXþXMHPH SURYpVW NXORYêPL X]iY U\ 3 HWODNRYêYHQWLOMHQXWQRS LSRMLWKRGQêP]S VREHPQDRGSDGQtSRWUXEt0D[LPiOQtS HWODNXåLWNRYp YRG\]YRGRYRGQtKR DGXMHEDU 8SR]RU XMHPH XåLYDWHOH NRWOH QD QXWQRVW Y QRYDW ]YêãHQRX SR]RUQRVW MDNRVWL SRXåtYDQp YRG\ SUR RWRSQê V\VWpP L RK HY 789 9Q NWHUêFK S tSDGHFK MH SRXåLWi YRGD S tOLã WYUGi QHER YiSHQLWi QHRGSRYtGDMtFt SODWQêP K\JLHQLFNêP S HGSLV P SUR SLWQRX YRGX 9W FKWR S tSDGHFK PXVt EêW YRNUXKXY\WiS QtLS tYRGX789]DEXGRYDQiDOHVSR PDJQHWLFNi~SUDYDYRG\-HGQiVHKODYQ RYRGX ]HVWXGQtDMLQêFKQHNRQWURORYDWHOQêFK]GURM =iVREQtN789±NRWHO.1% 2EMHP]iVREQtNXMHOSURWLNRUR]LMHFKUiQ QVPDOWHPKR þtNRYRXDQRGRXDMHRSDW HQWHSHOQRX L]RODFt]H[SDQGRYDQpKRSRO\XUHWDQXEH]SRXåLWtIUHRQ 3 LSRMHQtQDHOHNWULFNRXVt .RWOH .1 MVRX Y\EDYHQ\ W tåLORYêP S tYRGHP VYLGOLFt 3 LSRMXMt VH GR LQVWDORYDQp Vt RYp ]iVXYN\ XPtVW Qp SREOtå NRWOH QHMGiOH P RG NRWOH =iVXYND PXVt RGSRYtGDW RFKUDQ QXORYiQtP QHER ]HPQ QtP6tWRYpQDS WtPXVtEêW9+],QVWDODFH]iVXYN\S LSRMHQtSURVWRURYpKRWHUPRVWDWXD VHUYLV HOHNWULFNp þiVWL NRWOH VPt SURYiG W SRX]H RVRED VRGERUQRX HOHNWURWHFKQLFNRX NYDOLILNDFt GOH Y\KOiãN\þ6E 3RXåLWtSURGOXåRYDFtFKNDEHO VQHRGERUQRXLQVWDODFtVH]DND]XMH 1iVW QQpSO\QRYpNRWOH.1 3 LSRMHQtNSO\QRYpPSRWUXEt 3 HGQDSRMHQtPSO\QRYRGXQDNRWHOPXVtEêWSO\QRYRGRG]NRXãHQD]UHYLGRYiQ 3RQDSRMHQtQDNRWHOVHPXVt]QRYXYãHFKQ\SO\QRYpVSRMHRG]NRXãHWYþHWQ SRWUXEtDDUPDWXUYNRWOL âURXERYp VSRMH SO\QRYpKR SRWUXEt SRWUXEt XåLWNRYp YRG\ D SRWUXEt WRSQp YRG\ QHVPt EêW QDPiKiQ\ åiGQêPLS tGDYQêPLVLODPL 3 LSRMHQtSURVWRURYpKRWHUPRVWDWX .RWHO.1&D.1%MHPRåQR tGLWNRWORYêPWHUPRVWDWHPSURVWRURYêPWHUPRVWDWHPYHQNRYQtP þLGOHP .RWHO.1& t]HQtNRWOHNRWORYêPWHUPRVWDWHP x 9 QDVWDYRYDQêFK SDUDPHWUHFK 3DUDPHWU [[ ]YROtPH PD[LPiOQt SRåDGRYDQRX WHSORWX Y\WiS Ft YRG\YNRQHNWRUXSURS LSRMHQtWHUPRVWDWXPXVtEêWSURSRMHQ\VYRUN\7D7 x t]HQtNRWOHSURVWRURYêPWHUPRVWDWHPQHERWêGHQQtPSURJUDPiWRUHP /]HSRXåtWOLERYROQêWHUPRVWDWVHVStQDFtPEH]QDS RYêPNRQWDNWHPQD9 9QDVWDYHQêFKSDUDPHWUHFK]YROtPHDGDSWLYQtUHJXODFLYL]SURJUDPRYiQtQDVWDYRYDQêFKSDUDPHWU SDUDPHWU 7HUPRVWDW MH S LSRMHQ QD VYRUN\ 7 D 7 Y NRQHNWRUX SUR S LSRMHQt Vt RYpKR QDSiMHQt7HSORWDWRSQpYRG\MHSRWRPQDVWDYHQDQDSURMHNWRYDQRXWHSORWX t]HQt NRWOH SURVWRURYêP WHUPRVWDWHP D YHQNRYQtP þLGOHP V XS HGQRVWQ QtP SURVWRURYpKR x WHUPRVWDWX 3 L RWHY HQt NRQWDNW SURVWRURYpKR WHUPRVWDWX Y PtVWQRVWLNGH MH XPtVW Q SURVWRURYê WHUPRVWDW MH SRåDGRYDQi WHSORWD VH NRWHO Y\SQH 9 QDVWDYRYDQêFK SDUDPHWUHFK ]YROWH QHDGDSWLYQt UHJXODFL V SDUDPHWUHP 9 VHUYLVQtP UHåLPX VH QDVWDYt SDUDPHWU\ SUR t]HQt NRWOH YHQNRYQtP þLGOHP SDUDPHWU;;;;;;;;) x t]HQtNRWOHSURVWRURYêPWHUPRVWDWHPDYHQNRYQtPþLGOHPVXS HGQRVWQ QtPYHQNRYQtKRþLGOD 3 L RWHY HQt NRQWDNW SURVWRURYpKR WHUPRVWDWX Y PtVWQRVWLNGH MH XPtVW Q SURVWRURYê WHUPRVWDW MH SRåDGRYDQi WHSORWD NRWHO VQtåt VYRX SUDFRYQt N LYNX R 'W Y\SQH 9 QDVWDYRYDQêFK SDUDPHWUHFK ]YROWHQHDGDSWLYQtUHJXODFLVSDUDPHWUHP9VHUYLVQtPUHåLPXVHQDVWDYtSDUDPHWU\SUR t]HQt NRWOHYHQNRYQtPþLGOHPSDUDPHWU;;;;;;;;) .RWHO.1% x t]HQtNRWOHNRWORYêPWHUPRVWDWHP 9 QDVWDYRYDQêFK SDUDPHWUHFK 3DUDPHWU [[ ]YROtPH PD[LPiOQt SRåDGRYDQRX WHSORWX Y\WiS Ft YRG\YNRQHNWRUXSURS LSRMHQtWHUPRVWDWXPXVtEêWSURSRMHQ\VYRUN\7D7 x t]HQtNRWOHSURVWRURYêPWHUPRVWDWHPQHERWêGHQQtPSURJUDPiWRUHP /]HSRXåtWOLERYROQêWHUPRVWDWVHVStQDFtPEH]QDS RYêPNRQWDNWHPQD9 9QDVWDYHQêFKSDUDPHWUHFK]YROtPHDGDSWLYQtUHJXODFLYL]SURJUDPRYiQtQDVWDYRYDQêFKSDUDPHWU SDUDPHWU 7HUPRVWDW MH S LSRMHQ QD VYRUN\ 7 D 7 Y NRQHNWRUX SUR S LSRMHQt Vt RYpKR QDSiMHQt7HSORWDWRSQpYRG\MHSRWRPQDVWDYHQDQDSURMHNWRYDQRXWHSORWX t]HQt NRWOH SURVWRURYêP WHUPRVWDWHP D YHQNRYQtP þLGOHP V XS HGQRVWQ QtP SURVWRURYpKR x WHUPRVWDWX 3 L RWHY HQt NRQWDNW SURVWRURYpKR WHUPRVWDWX Y PtVWQRVWLNGH MH XPtVW Q SURVWRURYê WHUPRVWDW MH SRåDGRYDQi WHSORWD VH NRWHO Y\SQH 9 QDVWDYRYDQêFK SDUDPHWUHFK ]YROWH QHDGDSWLYQt UHJXODFL V SDUDPHWUHP 9 VHUYLVQtP UHåLPX VH QDVWDYt SDUDPHWU\ SUR t]HQt NRWOH YHQNRYQtP þLGOHP SDUDPHWU;;;;$;;E;;& t]HQtNRWOHSURVWRURYêPWHUPRVWDWHPDYHQNRYQtPþLGOHPVXS HGQRVWQ QtPYHQNRYQtKRþLGOD x 3 L RWHY HQt NRQWDNW SURVWRURYpKR WHUPRVWDWX Y PtVWQRVWLNGH MH XPtVW Q SURVWRURYê WHUPRVWDW MH SRåDGRYDQi WHSORWD NRWHO VQtåt VYRX SUDFRYQt N LYNX R 'W Y\SQH 9 QDVWDYRYDQêFK SDUDPHWUHFK ]YROWHQHDGDSWLYQtUHJXODFLVSDUDPHWUHP9VHUYLVQtPUHåLPXVHQDVWDYtSDUDPHWU\SUR t]HQt NRWOHYHQNRYQtPþLGOHPSDUDPHWU;;;;$;;E;;& 9HQNRYQtþLGORMHQXWQRS LSRMLWGRNRQHNWRUXSURS LSRMHQtVt RYpKRQDSiMHQt9HQNRYQtþLGORMH S LSRMHQRQDVYRUN\R]QDþHQp6D%9WRPWRS tSDG MHQXWQRQDVWDYLWSDUDPHWU\SUR HNYLWHUPQtUHJXODFL7RWRQDVWDYHQtSURYiGtVHUYLVQtSUDFRYQtN 1iVW QQpSO\QRYpNRWOH.1 (NYLWHUPQtUHJXODFH (OHNWURQLNDNRWOH.1%XPRå XMHSRS LSRMHQtYHQNRYQtKRþLGODY\XåtWYêKRGHNYLWHUPQtUHJXODFH WHSORW\WRSQpYRG\3RGOH]P Q\YHQNRYQtWHSORW\HOHNWURQLNDY\SRþtWiYiSRW HEQRXWHSORWXWRSQpYRG\ WDNDE\QHGRFKi]HORNH]E\WHþQpPXRFKOD]RYiQtY\WiS QpKRREMHNWX3RNXGMH]DSRMHQVRXþDVQ SURVWRURYêWHUPRVWDWMHPRåQRQDVWDYLWSRåDGRYDQRXWHSORWXYREMHNWXSRGOHLQGLYLGXiOQtKRSRåDGDYNX XåLYDWHOH7HSORWDVHY\SRþtWiYiSRGOHN LYN\HNYLWHUPQtUHJXODFHNWHUiMHXUþHQDGY PDERG\ PLQLPiOQtWHSORW\WRSQpYRG\QDS &S LYHQNRYQtWHSORW QDS &DPD[LPiOQtWHSORW\WRSQp YRG\QDS &S LYHQNRYQtWHSORW QDS &1HMYêKRGQ MãtHNYLWHUPQtN LYNXDGDOãtSDUDPHWU\ UHJXODFHQDVWDYXMHVHUYLVQtSUDFRYQtNS LSURJUDPRYiQtSDUDPHWU NRWOHYVHUYLVQtPPyGX 1DVWDYHQt]YêURE\ WHSORWD WRSQpYRG\& 3 tNODGHNYLWHUPQtN LYN\ HNYLWHUPQtN LYND YHQNRYQtWHSORWD& 1iVW QQpSO\QRYpNRWOH.1 3URYHGHQtRGWDKXVSDOLQ 3UR QDYUKRYiQt Y\~VW Qt RGWDKX VSDOLQ MH QXWQR SRXåtW WHFKQLFNi SUDYLGOD 73* 9\~VW Qt RGWDKXVSDOLQRGVSRW HELþ QDSO\QQiSDOLYDQDYHQNRYQt]GLIDViG 3RNXGMHSRXåLWRWDNpViQt]KODYLFHYHUWLNiOQtKRXNRQþHQtRGWDKXMHQXWQpDE\KODYLFHE\ODQHMY\ããtPERGHP YRNUXKXPDE\GRFKi]HORNGRVWDWHþQpPX HG QtVSDOLQRNROQtPY]GXFKHP 6SROHþQRVW '$.21 VUR GRGiYi YãHFKQ\ SRW HEQp RULJLQiOQt GtO\ SUR PRQWiå RGWDKX VSDOLQ NH NRWO P .1 3UR PRQWiå RGWDKX VSDOLQ D S tYRGX VSDORYDFtKR Y]GXFKX VH VPt SRXåtW SRX]H RULJLQiOQtGtO\NWHUpGRGiYiVSROHþQRVW'$.21VUR 2GWDKP åHEêWYHGHQYRGRURYQ LVYLVOH 3RGOH]S VREXS tYRGXVSDORYDFtKRY]GXFKXDRGYRGXVSDOLQG OtPHRGWDK\QD x '928758%.29e S tYRG VSDORYDFtKR Y]GXFKX D RGYRG VSDOLQ MH SURYHGHQ RGG OHQ &HONRYi WODNRYi ]WUiWD SRWUXEt QHVPt EêW Y Wãt QHå 3D FRå S HGVWDYXMH QDS SRXåLWt GYRX NROHQ VH VRXþWHPGpOHNMHGQRWOLYêFKGtO RERXY WYtPD[PS LYRGRURYQpPSURYHGHQtDPD[PS L VYLVOpPSURYHGHQtDSU FKRGXS HVVW HFKX x .2$;,È/1Ë S tYRG VSDORYDFtKR Y]GXFKX L RGYRG MH SURYHGHQ VRXRVêP SRWUXEtP &HONRYi WODNRYi]WUiWDSRWUXEtQHVPtEêWY WãtQHå3DFRåS HGVWDYXMHQDS SRXåLWtMHGQRKRNRD[LiOQtKR NROHQDVFHONRYRXGpONRXRGWDKXPD[P .RD[LiOQtSRWUXEtPXVtPtWVSiGPLQLPiOQ RGNRWOHVP UHPGRO 3URYHGHQtRGWDKXVSDOLQ 6SROHþQRVW'$.21VURGRGiYiNHNRWO P%($SRW HEQpNRPSRQHQW\SRPRQWiåRGWDK 2GWDKP åHEêWYHGHQYRGRURYQ LVYLVOH 3UR QDYUKRYiQt Y\~VW Qt RGWDK VSDOLQ MH QXWQR SRXåtYDW WHFKQLFNi SUDYLGOD 73 * 9\~VW Qt RGWDKXVSDOLQRGVSRW HELþ QDSO\QQiSDOLYDQDYHQNRYQt]GLIDViG 7DWRWHFKQLFNiSUDYLGODY\GiYi *$6VUR6RNROVNi3UDKD 3 LQiYUKXRGWDKXVSDOLQMHQXWQR]YiåLWPRåQRVWNRQGHQ]DFHVSDOLQY]iYLVORVWLQDGpOFHRGWDKX VSDOLQDMHKRSURYHGHQt 'YRXWUXENRYpSURYHGHQtKRUL]RQWiOQt 1iVW QQpSO\QRYpNRWOH.1 'YRXWUXENRYpSURYHGHQtYHUWLNiOQt .ROHQRqPP76&& REMHGQDFtþtVOR WODNRYi]WUiWD3DViQt3DRGYRGVSDOLQ 5R]G ORYDþ.,7& REMHGQDFtþtVOR WODNRYi]WUiWD3D 1iVW QQpSO\QRYpNRWOH.1 -HGQRGXFKpXNRQþHQtKRUL]RQWiOQtRGYRGVSDOLQPP.,7& REMHGQDFtþtVOR WODNRYi]WUiWD3DRGYRGVSDOLQ -HGQRGXFKpXNRQþHQtKRUL]RQWiOQtSURViQtPP.,7& REMHGQDFtþtVOR WODNRYi]WUiWD3DViQt -HGQRGXFKpSURGORåHQt/ PPP.,7& REMHGQDFtþtVOR WODNRYi]WUiWD3DViQt3DRGYRGVSDOLQ -HGQRGXFKpSURGORåHQt/ PPP.,7& REMHGQDFtþtVOR WODNRYi]WUiWD3DViQt3DRGYRGVSDOLQ 1iVW QQpSO\QRYpNRWOH.1 -HGQRGXFKpXNRQþHQtYHUWLNiOQtPP76&& REMHGQDFtþtVOR WODNRYi]WUiWD3DRGYRGVSDOLQ .RD[LiOQtSURYHGHQtS tNODG\VHVWDYDMHGQRWOLYpGtO\ .RD[LiOQtSURYHGHQtKRUL]RQWiOQt .RD[LiOQtSURYHGHQtYHUWLNiOQt 1iVW QQpSO\QRYpNRWOH.1 .ROHQRNRD[LiOQtqPP.,7& REMHGQDFtþtVOR .RD[LiOQtS tUXEDPP.,7& REMHGQDFtþtVOR .RD[LiOQtSURGORXåHQtPP.,7& REMHGQDFtþtVOR .RD[LiOQtXNRQþHQtKRUL]RQWiOQtPP.,7& REMHGQDFtþtVOR 1iVW QQpSO\QRYpNRWOH.1 3U FKRGNDãLNPi76&& REMHGQDFtþtVOR 3U FKRGNDURYQi76&& REMHGQDFtþtVOR .RD[LiOQtXNRQþHQtYHUWLNiOQtPP76&& REMHGQDFtþtVOR 1iVW QQpSO\QRYpNRWOH.1 =iUXND 'pONDSRVN\WRYDQp]iUXN\D]iUXþQtSRGPtQN\MVRXXYHGHQ\Y]iUXþQtPOLVW GRGiYDQpPMDNR]iNODGQt S tVOXãHQVWYtNRWOH 9êUREFHVLY\KUD]XMHSUiYRQDMDNpNROL]P Q\SURYiG QpYUiPFLWHFKQLFNpKR]GRNRQDORYiQtYêUREN 3R]RUNRWHOPXVtXYpVWGRSURYR]XQ NWHUi]HVPOXYQtFKVHUYLVQtFKILUHPVSROHþQRVWL'$.21XYHGHQi YVH]QDPXGRGiYDQpPMDNR]iNODGQtS tVOXãHQVWYtNHNRWOL $GUHVDSURXSODWQ QtS tSDGQêFKUHNODPDFtXYêUREFH '$.21VUR 9H9UELQ .UQRY±3RG&YLOtQHP UHNODPDFH~VW HGQD±ID[ HPDLOGDNRQ#GDNRQF] 9ãHREHFQp]iUXþQtSRGPtQN\ 7\WR ]iUXþQt SRGPtQN\ VH Y]WDKXMt QD YHãNHUp ]ERåt SURGiYDQp VSROHþQRVWt '$.21 D Y\MDG XMt YãHREHFQp ]iVDG\ SRVN\WRYiQt ]iUXN QD WRWR ]ERåt 'pOND SRVN\WRYDQp ]iUXN\ MH XYHGHQD Y]iUXþQtP OLVW GRGiYDQpP VH ]ERåtP6SROHþQRVW'$.21UXþt]DWRåHYêUREHNEXGHPtWSRFHORXGREX]iUXN\YODVWQRVWLXYHGHQpYQiYRGX NREVOX]HDYFHUWLILNiWXDWR]DS HGSRNODGXåHYêUREHNEXGHXåtYiQ]S VREHPNWHUêYêUREFHVWDQRYLOYQiYRGX NREVOX]H 0RQWiåYêURENXPXVtEêWSURYHGHQDSRGOHSODWQêFKS HGSLV QRUHPDSRN\Q YêUREFHS LSURYR]XGRGUåXMWH SRN\Q\YêUREFHXYHGHQpYQiYRGX 8YêUREN NGHMHY]iUXþQtPOLVW S HGHSViQRXYHGHQtGRSURYR]XVPOXYQtVHUYLVQtILUPRXQHERXYHGHQtGR SURYR]X D SURYHGHQt URþQt SURKOtGN\ VPOXYQt VHUYLVQt ILUPRX VPt XYHGHQt YêURENX GR SURYR]X SURYHGHQt SUDYLGHOQp ~GUåE\ D SURKOtGN\ YêURENX D RGVWUDQ Qt S tSDGQp YDG\ SURYpVW SRX]H VHUYLVQt PHFKDQLN Q NWHUp ]H VPOXYQtFKVHUYLVQtFKILUHPVSROHþQRVWL'$.21XYHGHQêFKYVH]QDPXGRGiYDQpPMDNR]iNODGQtS tVOXãHQVWYtN YêURENX 6HUYLVQt PHFKDQLN MH SRYLQHQ SURNi]DW VH S HG SURYHGHQtP VHUYLVQtKR ]iVDKX SODWQêP SU ND]HP VHUYLVQtKR PHFKDQLND SUR GDQê W\S YêURENX Y\VWDYHQêP YêUREFHP 3 L XYiG Qt YêURENX GR SURYR]X L S L SURYiG Qt SUDYLGHOQp ~GUåE\ D SURKOtGN\ YêURENX MH PHFKDQLN SRYLQHQ SURYpVW YãHFKQ\ þLQQRVWL SRGOH SODWQêFK S HGSLV Y]WDKXMtFtFKVHNGDQpPX]D t]HQtDYãHFKQ\þLQQRVWLS HGHSVDQpYQiYRGXNREVOX]HY\]NRXãHQtIXQNFHYêURENX ]HMPpQD MHKR RYOiGDFtFK D ]DEH]SHþRYDFtFK SUYN X NRWO NRQWUROX W VQRVWL NRX RYRGX QHER RGWDKXVSDOLQWDK NRPtQDD iGQpVH]QiPHQtVSRW HELWHOHVREVOXKRXYêURENX 6SRW HELWHOXSODW XMHSUiYD]RGSRY GQRVWL]DYDG\XSURGiYDMtFtKRXQ NWHUpQHMEOLåãtVHUYLVQtILUP\XYHGHQp YVH]QDPXGRGiYDQpPMDNR]iNODGQtS tVOXãHQVWYtNYêURENXS tSDGQ XVSROHþQRVWL'$.21.DåGiUHNODPDFH PXVtEêWXSODWQ QDQHSURGOHQ SR]MLãW Qt]iYDG\ 3 LXSODWQ QtUHNODPDFHMHVSRW HELWHOSRYLQHQS HGORåLW iGQ Y\SOQ Qê]iUXþQtOLVWDGRNODGR]DSODFHQtYêURENX 9S tSDG UHNODPDFHYêURENXXNWHUpKRMHYêUREFHPS HGHSViQRXYHGHQtGRSURYR]XVPOXYQtVHUYLVQtILUPRX MH VSRW HELWHO SRYLQHQ URYQ å S HGORåLW GRNODG R SURYHGHQt D ~KUDG XYHGHQt GR SURYR]X VPOXYQtP VHUYLVHP VSROHþQRVWL '$.21 3RNXG MH YêUREFHP S HGHSViQR SURYHGHQt URþQt SURKOtGN\ VPOXYQt VHUYLVQt ILUPRX MH VSRW HELWHOSRYLQHQS HGORåLWGRNODGRSURYHGHQtD~KUDG URþQt~GUåE\DSURKOtGN\YêURENXSURYHGHQpVPOXYQtP VHUYLVHPVSROHþQRVWL'$.21QHMGpOHGRP VtFHYþHWQ RGGDWDXYHGHQtGRSURYR]XDQHMGpOHGRP VtFH YþHWQ RGGDWDSURYHGHQtSRVOHGQtSURKOtGN\ 3 LS HSUDY DVNODGRYiQtYêURENXPXVtEêWGRGUåRYiQ\SRN\Q\XYHGHQpQDREDOX3URRSUDY\VHVPtSRXåtWMHQ RULJLQiOQtVRXþiVWN\ 6SROHþQRVW'$.21VLY\KUD]XMHSUiYRUR]KRGQRXW]GDS LEH]SODWQpPSURYHGHQtRSUDY\Y\P QtQHERRSUDYt YDGQêGtO'tO\Y\P Q QpY]iUXþQtGRE VHVWiYDMtPDMHWNHPVSROHþQRVWL'$.21 )LUPD '$.21 SRVN\WXMH ]iUXNX QD YêUREN\ NWHUp E\O\ SURGiQ\ RILFLiOQt FHVWRX WM DXWRUL]RYDQêP GLVWULEXWRUHPVSROHþQRVWL'$.213RNXG]iND]QtNNRXStYêUREHNNWHUêQHE\OGRYH]HQRILFLiOQtFHVWRXQHERVL YêUREHNViPS LYH]HMHSRYLQQRVWtSURGHMFHPXSRVN\WQRXW]iUXþQtSRGPtQN\GOHREþDQVNpKR]iNRQtNX2ILFLiOQt FHVWDGRYR]XMHGiQDMD]\NRYRXPXWDFt]iUXþQtKROLVWX3URX]QiQt]iUXN\PXVtEêWXYêURENXRULJLQiOQt]iUXþQt OLVWYMD]\NRYpPXWDFLGDQp]HP Y\GDQêYêUREFHPQHERRILFLiOQtPGRYR]FHP 1iVW QQpSO\QRYpNRWOH.1 1iURNQDEH]SODWQpSURYHGHQtRSUDY\Y]iUXFH]DQLNi x x x x x x x x x x 3 LSRUXãHQt]iUXþQtFKSRGPtQHN 1HMVRXOLS LUHNODPDFLS HGORåHQ\S tVOXãQpGRNODG\ .G\åVFKi]tR]QDþHQtYêURENXYêUREQtPþtVOHPGDWDNyGHPQHERMHYêUREQtþtVORQHERGDWDNyGQHþLWHOQê 3 LQHGRGUåHQtSRN\Q YêUREFHXYHGHQêFKYQiYRGX -HGQiOLVHRRSRW HEHQtYêURENX]S VREHQpMHKRREY\NOêPXåtYiQtP 9]QLNODOLYDGD]G YRGXQHGRGUåHQtS HGSLV QRUHPDSRN\Q YQiYRGXNREVOX]HS LLQVWDODFLSURYR]X QHER~GUåE YêURENX 9]QLNODOLYDGD]iVDKHPGRYêURENXYUR]SRUXVSRN\Q\YQiYRGXNREVOX]HQHERYUR]SRUXVH]iUXþQtPL SRGPtQNDPL -HGQiOLVHRYDG\YêP QtN þHUSDGHOW tFHVWQêFKYHQWLO DMLQêFKþiVWtK\GUDXOLFNêFKRNUXK SO\QRYêFK DUPDWXUKR iN DSRGREQ NWHUpMVRX]S VREHQ\]DQHVHQtPQHþLVWRWDPL]RWRSQpKRV\VWpPXYRGRYRGQtKR DGXSO\QRYRG QHERQHþLVWRWDPLYHY]GXFKXSURVSDORYiQt 9S tSDG YDGQHERãNRGY]QLNOêFKS LS HSUDY 9S tSDG YDGQHERãNRGY]QLNOêFKåLYHOQtSRKURPRXþLMLQêPLQHS HGYtGDWHOQêPLMHY\ 7\WRYãHREHFQp]iUXþQtSRGPtQN\UXãtYãHFKQDRVWDWQtXVWDQRYHQtWêNDMtFtVH]iUXþQtFKSRGPtQHNXYHGHQi YQiYRGXNREVOX]HNWHUiE\E\ODYUR]SRUXVW PLWRXVWDQRYHQtPL 1iVW QQpSO\QRYpNRWOH.1 1DVWDYHQtDNRQWURODSURYR]QtFKSDUDPHWU NRWOH.1& 9HãNHUi E åQi REVOXKD NRWOH XåLYDWHOHP MH VRXVW HG QD GR RYOiGDFtKR SDQHOX SRPRFt NWHUpKR O]H ]REUD]LW YHãNHUp SDUDPHWU\ ]DGiYDW MHMLFK KRGQRWX D ]REUD]LW IXQNþQt D SRUXFKRYp VWDY\ NRWOH 3R S LSRMHQt QDSiMHFtKR QDS Wt SRQ NROLNDPLQXWiFKQXWQêFKNRWHVWRYiQtDSURYHGHQtRGY]GXã RYDFtKR SURJUDPX VH HOHNWURQLND S HSQH GR NOLGRYpKR Y\SQXWpKR VWDYX 9H Y\SQXWpP VWDYX MH Y NRWOL DNWLYQt SURWL]iPUD]RYiRFKUDQD =DSQXWt NRWOH VH SURYHGH WODþtWNHP +ODYQt Y\StQDþ =DSQXWt MH LQGLNRYiQR UR]VYtFHQtP KODYQtKR Y\StQDþH ýW\ PtVWQêGLVSOHM]REUD]XMHVNXWHþQRXWHSORWXWRSQpYRG\QHERWHSORWX789SRGOHWRKRYHNWHUpP UHåLPXVHNRWHOSUiY QDFKi]t5RYQ åVHQDGLVSOHML]REUD]XMtSRUXFKRYpVWDY\VLGHQWLILNDþQtPNyGHP FK\E\ .21752/$$ý7(1Ë1$',63/(-, 3URXåLYDWHOHMVRXNGLVSR]LFL]iNODGQtDS tGDYQp]REUD]RYDFtIXQNFHGLVSOHMH =iNODGQt]REUD]RYDFtIXQNFH DNWXiOQtVWDYNRWOH QDVWDYHQtSDUDPHWU PRQLWRURYiQt 3 tGDYQp]REUD]RYDFtIXQNFH PD[LPiOQtYêNRQ PLQLPiOQtYêNRQ 3 HG SURJUDPRYiQtP NRWOH GRSRUXþXMH YêUREFH 'DNRQ VUR S HþtVW G NODGQ QiYRG SUR SURJUDPRYiQtDWHSUYHSRWRPS LVWRXSLWNPDQXiOQtSUiFLVMHGQRWOLYêPLWODþtWN\ 8UþXMtFtP SUR S HSURJUDPRYiQt ~GDM YNRWOL MH VWLVNQXWt WODþtWND 6725( YL] QDVWDYHQt SDUDPHWU 1iKRGQêP VWLVNQXWtP WODþtWHN 02'( 67(3 D QHQt PRåQp NRWHO S HSURJUDPRYDW $NWXiOQtVWDYNRWOH 7DWR]REUD]RYDFtIXQNFHGLVSOHMHMHIXQNFt]iNODGQtDGLVSOHMVHGRWRKRWR]REUD]HQt YåG\DXWRPDWLFN\QDYUiWt $NWXiOQtVWDYMHVLJQDOL]RYiQQDOHYpVWUDQ GLVSOHMHSRPRFtþtVHOEH]WHþN\ 1DSUDYpþiVWLGLVSOHMHMHXGiQDDNWXiOQtWHSORWDYêVWXSQtY\WiS FtYRG\ WHSORWDYêVWXSQtWRSQpYRG\ SDUDPHWUDNWXiOQtKRVWDYX 1iVW QQpSO\QRYpNRWOH.1 3DUDPHWU\DNWXiOQtKRVWDYX [[ NRWHOSRGQDS WtPSDX]D [[ SURY WUiYiQtV [[ ]DSDORYiQtV [[ SURYR]WRSHQt [[ SURYR]789 [[ RþHNiYiQtPLQLPiOQtFKRWiþHNYHQWLOiWRUX [[ Y\URYQiYiQtWHSORW S LSURYR]XWRSHQtWHSORWDYêVWXSQtWRSQpYRG\MHRq&Y\ããtQHåKRGQRWD SRåDGRYDQiQDVWDYHQi S LSURYR]X789WHSORWDYVWXSQtWRSQpYRG\MHRq&Y\ããtQHåSRåDGRYDQi WHSORWDYRG\ 789 [[ GRE KþHUSDGODYSURYR]XWRSHQt [[ GRE KþHUSDGODYSURYR]X789 [[ QHåiGRXFtVWDYNRWOH WHSORWDYêVWXSQtY\WiS FtYRG\MHY\ããtQHåq& UR]GtOY\WiS FtFKWHSORWYRG\MHY WãtQHåq& YVWXSQtWRSQiYRGDMHWHSOHMãtQHåYêVWXSQt QiU VWWHSORW\YêVWXSQtWRSQpYRG\MHY WãtQHåq&V -HOLNRWHOYSURYR]XMHMHKRþLQQRVWSUH]HQWRYiQDQDGLVSOHMLYêãHXYHGHQêPLSDUDPHWU\ 3 tNODG 1DGLVSOHMLMHWHQWR~GDM 7R]QDPHQiåHNRWHOMHYSURYR]XWRSHQtþtVORDWHSORWDYêVWXSQtWRSQp YRG\MHq&þtVOR %\ODOLDNWLYRYiQDåiGRVWR789Q NGRRWRþLONRKRXWNHPWHSOpYRG\QD GLVSOHMLVHREMHYtWHQWR~GDM .RWHOMHYSURYR]XQD789þtVORDWHSORWDYêVWXSQtWRSQpYRG\WRSQiYRGD RK tYi 789MHq&þtVOR 3RPLQHOLåiGRVWR789NRKRXWHNWHSOpYRG\MHGRWDåHQREMHYtVHQD GLVSOHML~GDM 'REtKiþHUSDGORþtVOR 3 HMGHOLNRWHOGRSURYR]XWRSHQtþtVORVH]P QtQDþtVORDþtVOLFHYSUDYR EXGHDNWXDOL]RYiQDSRGOHWHSORW\YêVWXSQtWRSQpYRG\ 1DVWDYHQtSDUDPHWU 'RIXQNFHQDVWDYHQtSDUDPHWU VH]DNWXiOQtKRVWDYXþtVOLFHYOHYRMHEH]WHþN\ GRVWDQHPH MHGQtP]PiþNQXWtPWODþtWND02'( 1DVWDYHQtSDUDPHWU MHFKDUDNWHUL]RYiQRQHEOLNDMtFtWHþNRX]DSUYQtþtVOLFtYOHYR ]P QDWODþtWNHP67(3 ]P QDWODþtWNHP QDVWDYHQiKRGQRWD QDVWDYRYDQêSDUDPHWU 1DVWDYRYiQtSDUDPHWU VHSURYiGtQiVOHGRYQ WODþtWNHP67(3Y\YROiPHQDGLVSOHMSDUDPHWUNWHUêFKFHPHP QLW WODþtWNHPQDVWDYtPHSRåDGRYDQRXKRGQRWX ]PiþNQHPHWODþtWNR6725(SURXORåHQtGRSDP WL GLVSOHM[SUREOLNQHQDG ND]åHSDUDPHWUE\OXORåHQGRSDP WL 1iVW QQpSO\QRYpNRWOH.1 0RåQRVWLQDVWDYRYDQêFKSDUDPHWU 1DVWDYRYiQtSDUDPHWU 789 [[ 1DVWDYHQt789 7XWRKRGQRWXMHPRåQR]YROLWYUR]PH]tq& [[ 3DUDPHWUSRX]HSUR789 789Y\SQXWD 789]DSQXWDK\VWHUH]Hq&þHUSDGORMHGHVWiOH 789]DSQXWDK\VWHUH]Hq&þHUSDGORGREtKiS LEOLåQ PLQ 789]DSQXWDK\VWHUH]Hq&þHUSDGORGREtKiS LEOLåQ PLQ 789]DSQXWDK\VWHUH]Hq&þHUSDGORGREtKiS LEOLåQ PLQ 789]DSQXWDK\VWHUH]Hq&þHUSDGORGREtKiS LEOLåQ PLQ 1DVWDYRYiQtSDUDPHWU SURWRSHQt [[ 3DUDPHWUSRX]HSURWRSHQt 7RSHQtY\SQXWR 7RSHQt]DSQXWRVGRE KHPþHUSDGOD 7RSHQt]DSQXWRVWUYDOêPFKRGHPþHUSDGOD [[ 1DVWDYHQt~URYQ SURJUDPX QHDGDSWLYQtMHOLDNWLYRYiQDåiGRVWRWHSORNRWHOSUDFXMHPLQQD PLQLPiOQtYêNRQ3RPLQ]YêãtVY MYêNRQQDPD[LPiOQt-DNPLOHWHSORWD YêVWXSQtYRG\WRSHQtGRViKQHK\VWHUH]HS HGQDVWDYHQRXKRGQRWRXYêVWXSQt YRG\WRSHQtNRWHO]DþQHVY MYêNRQPRGXORYDWS L]S VRERYDW DGDSWLYQtMHOLDNWLYRYiQDåiGRVWRWHSORNRWHOSUDFXMHQDPLQLPiOQt YêNRQSUYQtFKPLQXW3RPLQXWiFKVWiOHåiGRVWRWHSORRGSURVWRURYpKR WHUPRVWDWX NRWHO]DþQHE KHPPLQXW]Y\ãRYDWVY MYêNRQRGPLQLPDGR PD[LPD1DNRQFLåiGRVWLRWHSOR]DþQHNRWHOS HNDONXORYiYDWVY MYêNRQVH VQtåHQtPPD[LPiOQtKRQDPLQLPiOQtYêNRQ 1D]iNODG SRP UXPH]L]DSQXWtPDY\SQXWtPSURVWRURYpKRWHUPRVWDWXNRWHO Y\SRþWHWHSHOQêYêNRQSURY\WiS QêREMHNWDQD]iNODG WRKRS L]S VREXMH VY MYêNRQ [[ 7HSORWDYêVWXSQtWRSQpYRG\ 0 åHEêWQDVWDYHQDYUR]PH]tq& 1DVWDYHQpSDUDPHWU\MHPRåQRVLSURKOtåHWVWLVNQXWtPWODþtWND67(3 3 tNODG]P Q\QDVWDYHQêFKSDUDPHWU 7HSORWD789MHQDSURJUDPRYiQDQDq&DMHSURQiVY\VRNi 9OHWQtPREGREtFKFHPHY\SQRXWWRSHQt 3URYHGHQt]P Q\WHSORW\789 GLVSOHMXND]XMHDNWXiOQtVWDYNRWOHSUYQtþtVOLFH]OHYDMHEH]WHþN\ 6WLVNQHPHWODþtWNR02'(DE\FKRPVHGRVWDOLGRQDVWDYRYiQtSDUDPHWU ]DþtVOLFtSUYQt]OHYDPXVtEêWWHþND 1DGLVSOHMLMHWHQWR~GDM 1DVWDYRYiQtSDUDPHWU 789þtVORDKRGQRWDWHSORW\789XORåHQi YSDP WLþtVOR WODþtWNHPQDVWDYtPHWHSORWX789QDS & ]PiþNQHPHWODþtWNR6725(SURXORåHQtGRSDP WL GLVSOHM[SUREOLNQHQDG ND]åHSDUDPHWUE\OXORåHQGRSDP WL 1iVW QQpSO\QRYpNRWOH.1 9\SQXWtWRSHQtSUROHWQtREGREt GLVSOHMXND]XMHDNWXiOQtVWDYNRWOHSUYQtþtVOLFH]OHYDMHEH]WHþN\ 6WLVNQHPHWODþtWNR02'(DE\FKRPVHGRVWDO\GRQDVWDYRYiQtSDUDPHWU ]DþtVOLFt SUYQt]OHYDPXVtEêWWHþND 0DþNiPHWODþtWNR67(3WDNGORXKRGRNXGVHQDGLVSOHMLQHREMHYtQDSR]LFL YOHYRþtVORQDS 1DVWDYRYiQtSDUDPHWUXWRSHQtþtVORDWRSHQt]DSQXWRVGRE KHPþHUSDGOD þtVOR WODþtWNHPQDVWDYtPH ]PiþNQHPHWODþtWNR6725(SURXORåHQtGRSDP WL GLVSOHM[SUREOLNQHQDG ND]åHSDUDPHWUE\OXORåHQGRSDP WL 1HEXGHPHOLMLå]DVDKRYDWGRSURJUDPRYiQtNRWOHGLVSOHMVHDXWRPDWLFN\QDYUiWtGR ]REUD]RYiQtDNWXiOQtKRVWDYX 0RQLWRURYiQt =DNWXiOQtKRVWDYXSUYQtþtVOLFH]OHYDMHEH]WHþN\VHGYRMtPVWLVNQXWtPWODþtWND02'(QHER] QDVWDYHQêFKSDUDPHWU ]DSUYQtþtVOLFt]OHYDMHWHþNDMHGQtPVWLVNQXWtPWODþtWND02'( GRVWDQHPHGRPRQLWRURYiQt 3 LWRPWR]REUD]HQtQiPWHþND]DþtVOHPYOHYRSUREOLNiYi ]P QDWODþtWNHP67(3 DNWXiOQtWHSORWD VOHGRYDQêSDUDPHWU ýtVHOQpS L D]HQtSDUDPHWU PRQLWRURYDQêPYHOLþLQiP [[ 7HSORWDYêVWXSQtYRG\Y\WiS Qt [[ 7HSORWDYVWXSQtYRG\Y\WiS Qt [[ 7HSORWD789YDNXPXOiWRUX789 [[ 6HQ]RUYHQNRYQtWHSORW\ [[ 7HSORWDYêVWXSQtWRSQpYRG\Y\SRþWHQiGOHYHQNRYQtKRVHQ]RUXRPH]HQi ]DGDQRXWHSORWRXYêVWXSQtWRSQpYRG\ [[ 1iU VWWHSORW\VWRXSDþN\[[ q&VHN [[ 1iU VWWHSORW\VWRXSDþN\[[ q&VHN [[ 1iU VWWHSORW\VWRXSDþN\[[ q&VHN 2SDNRYDQêPWLVNQXWtPWODþtWND67(3VLP åHPHQDGLVSOHMLY\YRODWSRåDGRYDQRX PRQLWRURYDQRXYHOLþLQX 3 tGDYQp]REUD]RYDFtIXQNFHGLVSOHMH 0D[LPiOQtYêNRQY\VRNiWHSORWDY\WiS FtYRG\ =REUD]HQtQDGLVSOHML +;; WHSORWDYêVWXSQtY\WiS FtYRG\ V\PERO]REUD]HQtPD[LPiOQtKRYêNRQX 1iVW QQpSO\QRYpNRWOH.1 6RXþDVQêP]PiþNQXWtPWODþtWND02'(DWODþtWNDEXGHNRWHOSRGREXPLQXW SUDFRYDWQDPD[LPiOQtYêNRQ % KHPW FKWRPLQXWMHIXQNFHUHJXODFHYêNRQXY\SQXWD3RX]HYS tSDG NG\åWHSORWD YêVWXSQtWRSQpYRG\GRViKQHKRGQRW\q&VHNRWHOY\SQHDEXGH]DSQXWDåSR GRE EORNDFH QHERDåK\VWHUH]HYêVWXSQtWRSQpYRG\GRViKQHVYp]DGDQpKRGQRW\ 0LQLPiOQtYêNRQQt]NiWHSORWDY\WiS FtYRG\ =REUD]HQtQDGLVSOHML /;; WHSORWDYêVWXSQtY\WiS FtYRG\ V\PERO]REUD]HQtPLQLPiOQtKRYêNRQX 6RXþDVQêP]PiþNQXWtPWODþtWND02'(DWODþtWNDEXGHNRWHOSRGREXPLQXW SUDFRYDWQDPLQLPiOQtYêNRQ 1iVW QQpSO\QRYpNRWOH.1 1DVWDYHQtDNRQWURODSURYR]QtFKSDUDPHWU NRWOH.1% 9HãNHUi E åQi REVOXKD NRWOH XåLYDWHOHP MH VRXVW HG QD GR RYOiGDFtKR SDQHOX SRPRFt NWHUpKR O]H ]REUD]LW YHãNHUp SDUDPHWU\ ]DGiYDW MHMLFK KRGQRWX D ]REUD]LW IXQNþQt D SRUXFKRYp VWDY\ NRWOH 3R S LSRMHQt QDSiMHFtKR QDS Wt SRQ NROLNDPLQXWiFKQXWQêFKNRWHVWRYiQtDSURYHGHQtRGY]GXã RYDFtKR SURJUDPX VH HOHNWURQLND S HSQH GR NOLGRYpKR Y\SQXWpKR VWDYX 9H Y\SQXWpP VWDYX MH Y NRWOL DNWLYQt SURWL]iPUD]RYiRFKUDQD =DSQXWt NRWOH VH SURYHGH WODþtWNHP +ODYQt Y\StQDþ =DSQXWt MH LQGLNRYiQR UR]VYtFHQtP KODYQtKR Y\StQDþH ýW\ PtVWQêGLVSOHM]REUD]XMHVNXWHþQRXWHSORWXWRSQpYRG\QHERWHSORWX789SRGOHWRKRYHNWHUpP UHåLPXVHNRWHOSUiY QDFKi]t5RYQ åVHQDGLVSOHML]REUD]XMtSRUXFKRYpVWDY\VLGHQWLILNDþQtPNyGHP FK\E\ .21752/$$ý7(1Ë1$',63/(-, 3URXåLYDWHOHMVRXNGLVSR]LFL]iNODGQtDS tGDYQp]REUD]RYDFtIXQNFHGLVSOHMH =iNODGQt]REUD]RYDFtIXQNFH DNWXiOQtVWDYNRWOH QDVWDYHQtSDUDPHWU PRQLWRURYiQt 3 tGDYQp]REUD]RYDFtIXQNFH PD[LPiOQtYêNRQ PLQLPiOQtYêNRQ 3 HG SURJUDPRYiQtP NRWOH GRSRUXþXMH YêUREFH 'DNRQ VUR S HþtVW G NODGQ QiYRG SUR SURJUDPRYiQtDWHSUYHSRWRPS LVWRXSLWNPDQXiOQtSUiFLVMHGQRWOLYêPLWODþtWN\ 8UþXMtFtP SUR S HSURJUDPRYiQt ~GDM YNRWOL MH VWLVNQXWt WODþtWND 6725( YL] QDVWDYHQt SDUDPHWU 1iKRGQêP VWLVNQXWtP WODþtWHN 02'( 67(3 D QHQt PRåQp NRWHO S HSURJUDPRYDW $NWXiOQtVWDYNRWOH 7DWR]REUD]RYDFtIXQNFHGLVSOHMHMHIXQNFt]iNODGQtDGLVSOHMVHGRWRKRWR]REUD]HQt YåG\DXWRPDWLFN\QDYUiWt $NWXiOQtVWDYMHVLJQDOL]RYiQQDOHYpVWUDQ GLVSOHMHSRPRFtþtVHOEH]WHþN\ 1DSUDYpþiVWLGLVSOHMHMHXGiQDDNWXiOQtWHSORWDYêVWXSQtY\WiS FtYRG\ WHSORWDYêVWXSQtWRSQpYRG\ SDUDPHWUDNWXiOQtKRVWDYX 1iVW QQpSO\QRYpNRWOH.1 3DUDPHWU\DNWXiOQtKRVWDYX [[ NRWHOSRGQDS WtPSDX]D [[ SURY WUiYiQtV [[ ]DSDORYiQtV [[ SURYR]WRSHQt [[ SURYR]789 [[ RþHNiYiQtPLQLPiOQtFKRWiþHNYHQWLOiWRUX [[ Y\URYQiYiQtWHSORW S LSURYR]XWRSHQtWHSORWDYêVWXSQtWRSQpYRG\MHRq&Y\ããtQHåKRGQRWD SRåDGRYDQiQDVWDYHQi S LSURYR]X789WHSORWDYVWXSQtWRSQpYRG\MHRq&Y\ããtQHåSRåDGRYDQi WHSORWDYRG\ 789 [[ GRE KþHUSDGODYSURYR]XWRSHQt [[ GRE KþHUSDGODYSURYR]X789 [[ QHåiGRXFtVWDYNRWOH WHSORWDYêVWXSQtY\WiS FtYRG\MHY\ããtQHåq& UR]GtOY\WiS FtFKWHSORWYRG\MHY WãtQHåq& YVWXSQtWRSQiYRGDMHWHSOHMãtQHåYêVWXSQt QiU VWWHSORW\YêVWXSQtWRSQpYRG\MHY WãtQHåq&V -HOLNRWHOYSURYR]XMHMHKRþLQQRVWSUH]HQWRYiQDQDGLVSOHMLYêãHXYHGHQêPLSDUDPHWU\ 3 tNODG 1DGLVSOHMLMHWHQWR~GDM 7R]QDPHQiåHNRWHOMHYSURYR]XWRSHQtþtVORDWHSORWDYêVWXSQtWRSQp YRG\MHq&þtVOR %\ODOLDNWLYRYiQDåiGRVWR789Q NGRRWRþLONRKRXWNHPWHSOpYRG\QD GLVSOHMLVHREMHYtWHQWR~GDM .RWHOMHYSURYR]XQD789þtVORDWHSORWDYêVWXSQtWRSQpYRG\WRSQiYRGD RK tYi 789MHq&þtVOR 3RPLQHOLåiGRVWR789NRKRXWHNWHSOpYRG\MHGRWDåHQREMHYtVHQD GLVSOHML~GDM 'REtKiþHUSDGORþtVOR 3 HMGHOLNRWHOGRSURYR]XWRSHQtþtVORVH]P QtQDþtVORDþtVOLFHYSUDYR EXGHDNWXDOL]RYiQDSRGOHWHSORW\YêVWXSQtWRSQpYRG\ 1DVWDYHQtSDUDPHWU 'RIXQNFHQDVWDYHQtSDUDPHWU VH]DNWXiOQtKRVWDYXþtVOLFHYOHYRMHEH]WHþN\ GRVWDQHPH MHGQtP]PiþNQXWtPWODþtWND02'( 1DVWDYHQtSDUDPHWU MHFKDUDNWHUL]RYiQRQHEOLNDMtFtWHþNRX]DSUYQtþtVOLFtYOHYR ]P QDWODþtWNHP67(3 ]P QDWODþtWNHP QDVWDYHQiKRGQRWD QDVWDYRYDQêSDUDPHWU 1DVWDYRYiQtSDUDPHWU VHSURYiGtQiVOHGRYQ WODþtWNHP67(3Y\YROiPHQDGLVSOHMSDUDPHWUNWHUêFKFHPHP QLW WODþtWNHPQDVWDYtPHSRåDGRYDQRXKRGQRWX ]PiþNQHPHWODþtWNR6725(SURXORåHQtGRSDP WL GLVSOHM[SUREOLNQHQDG ND]åHSDUDPHWUE\OXORåHQGRSDP WL 1iVW QQpSO\QRYpNRWOH.1 1DVWDYRYiQtSDUDPHWU 789 [[ [[ 1DVWDYHQt789 7XWRKRGQRWXMHPRåQR]YROLWYUR]PH]tq& 3DUDPHWUSRX]HSUR789 789Y\SQXWD 789]DSQXWDK\VWHUH]Hq&þHUSDGORMHGHVWiOH 789]DSQXWDK\VWHUH]Hq&þHUSDGORGREtKiS LEOLåQ PLQ 789]DSQXWDK\VWHUH]Hq&þHUSDGORGREtKiS LEOLåQ PLQ 789]DSQXWDK\VWHUH]Hq&þHUSDGORGREtKiS LEOLåQ PLQ 789]DSQXWDK\VWHUH]Hq&þHUSDGORGREtKiS LEOLåQ PLQ 1DVWDYRYiQtSDUDPHWU SURWRSHQt [[ 3DUDPHWUSRX]HSURWRSHQt 7RSHQtY\SQXWR 7RSHQt]DSQXWRVGRE KHPþHUSDGOD 7RSHQt]DSQXWRVWUYDOêPFKRGHPþHUSDGOD [[ 1DVWDYHQt~URYQ SURJUDPX QHDGDSWLYQtUHJXODFH t]HQtNRWOHSURVWRURYêPWHUPRVWDWHPDYHQNRYQtP þLGOHPVXS HGQRVWQ QtPSURVWRURYpKRWHUPRVWDWX QHDGDSWLYQtUHJXODFH± t]HQtNROHSURVWRURYêPWHUPRVWDWHPDYHQNRYQtP þLGOHPVXS HGQRVWQ QtPYHQNRYQtKRþLGOD DGDSWLYQtUHJXODFH± t]HQtNRWOHSRX]HSURVWRURYêPWHUPRVWDWHP 1HDGDSWLYQtUHJXODFH±MHOLDNWLYRYiQDåiGRVWRWHSORNRWHOSUDFXMHPLQQDPLQLPiOQtYêNRQ3R PLQXW ]YêãtVY MYêNRQQDPD[LPiOQt-DNPLOHWHSORWDYêVWXSQtYRG\WRSHQt GRViKQHK\VWHUH]HS HGQDVWDYHQRXKRGQRWRXYêVWXSQtYRG\WRSHQtNRWHO ]DþQHVY MYêNRQPRGXORYDWS L]S VRERYDW $GDSWLYQtUHJXODFH±MHOLDNWLYRYiQDåiGRVWRWHSORNRWHOSUDFXMHQDPLQLPiOQtYêNRQSUYQtFK PLQXW-HOLSRPLQXWiFKVWiOHåiGRVWRWHSORRGSURVWRURYpKRWHUPRVWDWX NRWHO]DþQHE KHPPLQXW]Y\ãRYDWVY MYêNRQRGPLQLPDGRPD[LPD1D NRQFLåiGRVWLWHSOR]DþQHNRWHOS HNDONXORYiYDWVY MYêNRQVHVQtåHQtP PD[LPiOQtKRQDPLQLPiOQtYêNRQ1D]iNODG SRP UXPH]LY\SQXWtPD ]DSQXWtPSURVWRURYpKRWHUPRVWDWXNRWHOY\SRþWHWHSHOQêYêNRQSURY\WiS Qê REMHNWDQD]iNODG WRKRS L]S VRELWVY MYODVWQtYêNRQ [[ 7HSORWDYêVWXSQtWRSQpYRG\ 0 åHEêWQDVWDYHQDYUR]PH]tq& 1DVWDYHQpSDUDPHWU\MHPRåQRVLSURKOtåHWVWLVNQXWtPWODþtWND67(3 3 tNODG]P Q\QDVWDYHQêFKSDUDPHWU 7HSORWD789MHQDSURJUDPRYiQDQDq&DMHSURQiVY\VRNi 9OHWQtPREGREtFKFHPHY\SQRXWWRSHQt 3URYHGHQt]P Q\WHSORW\789 GLVSOHMXND]XMHDNWXiOQtVWDYNRWOHSUYQtþtVOLFH]OHYDMHEH]WHþN\ 6WLVNQHPHWODþtWNR02'(DE\FKRPVHGRVWDOLGRQDVWDYRYiQtSDUDPHWU ]DþtVOLFtSUYQt]OHYDPXVtEêWWHþND 1DGLVSOHMLMHWHQWR~GDM 1DVWDYRYiQtSDUDPHWU 789þtVORDKRGQRWDWHSORW\789XORåHQi YSDP WLþtVOR WODþtWNHPQDVWDYtPHWHSORWX789QDS & ]PiþNQHPHWODþtWNR6725(SURXORåHQtGRSDP WL GLVSOHM[SUREOLNQHQDG ND]åHSDUDPHWUE\OXORåHQGRSDP WL 1iVW QQpSO\QRYpNRWOH.1 9\SQXWtWRSHQtSUROHWQtREGREt GLVSOHMXND]XMHDNWXiOQtVWDYNRWOHSUYQtþtVOLFH]OHYDMHEH]WHþN\ 6WLVNQHPHWODþtWNR02'(DE\FKRPVHGRVWDO\GRQDVWDYRYiQtSDUDPHWU ]DþtVOLFt SUYQt]OHYDPXVtEêWWHþND 0DþNiPHWODþtWNR67(3WDNGORXKRGRNXGVHQDGLVSOHMLQHREMHYtQDSR]LFL YOHYRþtVORQDS 1DVWDYRYiQtSDUDPHWUXWRSHQtþtVORDWRSHQt]DSQXWRVGRE KHPþHUSDGOD þtVOR WODþtWNHPQDVWDYtPH ]PiþNQHPHWODþtWNR6725(SURXORåHQtGRSDP WL GLVSOHM[SUREOLNQHQDG ND]åHSDUDPHWUE\OXORåHQGRSDP WL 1HEXGHPHOLMLå]DVDKRYDWGRSURJUDPRYiQtNRWOHGLVSOHMVHDXWRPDWLFN\QDYUiWtGR ]REUD]RYiQtDNWXiOQtKRVWDYX 0RQLWRURYiQt =DNWXiOQtKRVWDYXSUYQtþtVOLFH]OHYDMHEH]WHþN\VHGYRMtPVWLVNQXWtPWODþtWND02'(QHER] QDVWDYHQêFKSDUDPHWU ]DSUYQtþtVOLFt]OHYDMHWHþNDMHGQtPVWLVNQXWtPWODþtWND02'( GRVWDQHPHGRPRQLWRURYiQt 3 LWRPWR]REUD]HQtQiPWHþND]DþtVOHPYOHYRSUREOLNiYi ]P QDWODþtWNHP67(3 DNWXiOQtWHSORWD VOHGRYDQêSDUDPHWU 1iVW QQpSO\QRYpNRWOH.1 ýtVHOQpS L D]HQtSDUDPHWU PRQLWRURYDQêPYHOLþLQiP [[ 7HSORWDYêVWXSQtYRG\Y\WiS Qt [[ 7HSORWDYVWXSQtYRG\Y\WiS Qt [[ 7HSORWD789Y]iVREQtNX789 [[ 6HQ]RUYHQNRYQtWHSORW\ [[ 7HSORWDYêVWXSQtWRSQpYRG\Y\SRþWHQiGOHYHQNRYQtKRVHQ]RUXRPH]HQi ]DGDQRXWHSORWRXYêVWXSQtWRSQpYRG\ [[ 1iU VWWHSORW\VWRXSDþN\[[ q&VHN [[ 1iU VWWHSORW\VWRXSDþN\[[ q&VHN [[ 1iU VWWHSORW\VWRXSDþN\[[ q&VHN 2SDNRYDQêPWLVNQXWtPWODþtWND67(3VLP åHPHQDGLVSOHMLY\YRODWSRåDGRYDQRX PRQLWRURYDQRXYHOLþLQX 3 tGDYQp]REUD]RYDFtIXQNFHGLVSOHMH 0D[LPiOQtYêNRQY\VRNiWHSORWDY\WiS FtYRG\ =REUD]HQtQDGLVSOHML +;; WHSORWDYêVWXSQtY\WiS FtYRG\ V\PERO]REUD]HQtPD[LPiOQtKRYêNRQX 6RXþDVQêP]PiþNQXWtPWODþtWND02'(DWODþtWNDEXGHNRWHOSRGREXPLQXW SUDFRYDWQDPD[LPiOQtYêNRQ % KHPW FKWRPLQXWMHIXQNFHUHJXODFHYêNRQXY\SQXWD3RX]HYS tSDG NG\åWHSORWD YêVWXSQtWRSQpYRG\GRViKQHKRGQRW\q&VHNRWHOY\SQHDEXGH]DSQXWDåSR GRE EORNDFH QHERDåK\VWHUH]HYêVWXSQtWRSQpYRG\GRViKQHVYp]DGDQpKRGQRW\ 0LQLPiOQtYêNRQQt]NiWHSORWDY\WiS FtYRG\ =REUD]HQtQDGLVSOHML /;; WHSORWDYêVWXSQtY\WiS FtYRG\ V\PERO]REUD]HQtPLQLPiOQtKRYêNRQX 6RXþDVQêP]PiþNQXWtPWODþtWND02'(DWODþtWNDEXGHNRWHOSRGREXPLQXW SUDFRYDWQDPLQLPiOQtYêNRQ 1iVW QQpSO\QRYpNRWOH.1 6LJQDOL]DFH]iYDG\YNRWOL.1 =iYDGDYNRWOLMHVLJQDOL]RYiQDWDNåHþtVOLFHYOHYRSUREOLNiYiýtVOLFHYSUDYRVH QD]êYi NyGFK\E\DLGHQWLILNXMH]iYDGX NyGFK\E\ 3URE KQHOLFK\EDNRWHOVH]DEORNXMH-HKRRGEORNRYiQtVHSURYiGtSRRGVWUDQ QtFK\E\ VWLVNQXWtPWODþtWND5(6(7 'RMGHOLN]iYDG YNRWOLþtVOLFHYOHYRSUREOLNiYiSRVWXSXMWHQiVOHGXMtFtP]S VREHP LGHQWLILNXMWH]iYDGXGOHNyGXYL]7DE,GHQWLILNDFH]iYDGGOHNyGX SRVWXSXMWHGOHSRN\Q YWDEXOFH NRWHORGEORNXMWH]PiþNQ WHWODþtWNR5(6(7 0RåQp]iYDG\DMHMLFKRGVWUDQ Qt =iYDGD 9\SQXWêGLVSOHM ' YRG QHQtQDS Wt 'LVSOHMEOLNi 1t]NêSU WRN789 ]DEORNRYDQêNRWHO 1t]NiWHSORWD789 DQt]NêWODNYRG\ E]DQHVHQêUHGXNþQtYHQWLO FXFSDQêILOWU G]DQHVHQiFORQD DFK\EQ QDSURJWHSORWD .RWHORK tYiMHQRP789 DNDSDMtFtNRKRXWN\ EFK\EQ QDSURJWHSORWD 9\WiS QtQHIXQJXMH DQHVHSOêQHERYDGQê SURVWWHUPRVWDW EX]DY HQêYHQWLOQDY\Wi S Qt 2GVWUDQ Qt ]NRQWURORYDWS tYRGSRMLVWN\D YHGHQt ]MLVWLW]iYDGXGOHNyGX D]YêãLWWODNYRG\ EFGY\þLVWLW HYROHMWHVHUYLV DS HSURJUDPRYDW EYROHMWHVHUYLV DRSUDYLW ES HSURJUDPRYDW FYROHMWHVHUYLV DVHSQRXWQHERY\P QLW ERWHY tWS HSURJUDPRYDW FYROHMWHVHUYLV 1iVW QQpSO\QRYpNRWOH.1 &K\EtVLJQiOSODPHQH 0LQLPiOQtWODNYRG\YH Y\WiS FtPV\VWpPX 3 HK iWêNRWHO ,GHQWLILNDFH]iYDGGOHNyGX =NRQWURORYDWGRGiYNXSO\QXDRWHY HQt YHQWLO SO\QX 0DQRVWDWPLQWODNXYRG\MHUR]HSOê'RSOQLW YRGXQDWODNEDUX]DVWXGHQD ]NRQWURORYDWVSUiYQpRWHY HQtYHQWLO YRG\ SRGNRWOHPDY\þLãW QtILOWUX YROHMWHVHUYLV 3 tORKD 5R]G OHQtOiWHNSRGOHVWXSQ KR ODYRVWL 7DE 6WXSH KR ODYRVWLVWDYHEQtFKKPRW 6WDYHEQt KPRW\ D YêUREN\ ] D]HQp GR VWXSQ KR ODYRVWLYêE U]ý61 $QHKR ODYp åXOD StVNRYHF EHWRQ\ FLKO\ NHUDPLFNp RENODGDþN\PDOW\SURWLSRåiUQtRPLWN\ %QHVQDGQRKR ODYp DNXPLQ L]RPLQ KHUDNOLW OLJQRV GHVN\ ] þHGLþRYp SOVWL GHVN\ ]H VNHOQêFK YOiNHQ QRYRGXU &W åFHKR ODYp G HYR OLVWQDWp GXE EXN GHVN\ KREUHP S HNOLåN\ VLUNROLW ZHU]DOLW WYU]HQê SDStU XPDNDUWFHUHQD &VW HGQ KR ODYp G HYR MHKOLþQDWp ERURYLFH PRG tQ VPUN G HYRW tVNRYp D NRUNRYp GHVN\ SU\åRYp SRGODKRYLQ\ &OHKFHKR ODYp G HYRYOiNQLWp GHVN\ KREUD 6RORODN6ROROLW FHOXOy]RYp KPRW\ SRO\XUHWDQ SRO\VW\UpQSRO\HWK\OHQOHKþHQê39& 9êVWXSNRQGHQ]iWX 3 HGVSXãW QtPNRWOHPXVtEêWVLIRQQDSOQ QDVLPOYRG\9êVWXSNRQGHQ]iWXPXVtEêWSURYHGHQ GRNDQDOL]DFHDQHVPtEêWXSUDYHQQHEREORNRYiQ 5R]ERUNRQGHQ]iWX 8ND]DWHO -HGQRWND =MLãW QiKRGQRWD S+ PJO 'XVLWDQ\ PJO 0 &X PJO 2ORYR3E PJO .DGPLXP&G PJO =LQHN=Q PJO 1iVW QQpSO\QRYpNRWOH.1 3 HVWDYEDNRWOHQDMLQpSO\Q\ .RWHO.1%VHY\UiEtY]iNODGQtPSURYHGHQtQD]HPQtSO\Q3URSURYR]QDSURSDQMHQXWQR Y\P QLWWU\VNXSO\QRYpDUPDWXU\9êP QXWU\VN\VPtSURYpVWSRX]HVHUYLVQtSUDFRYQtNVSODWQêP RVY GþHQtPRGYêUREFH3 LS HVWDYE MHQXWQRSURYpVWQDVWDYHQtSO\QRYpDUPDWXU\ 9êP QDWU\VN\ 7U\VNDMHXPtVW QDQDSO\QRYpPYHQWLOX 3RYROWHPDWLFLSR]REUSO\QRYpWUXEN\ 7UXENXSRK\EHPY]K UXYVX WHGRYHQWLOiWRUX 3RYROWHWU\VNXSR]REUQDSO\QRYpPYHQWLOXDY\ãURXEXMWHML 1DãURXEXMWHWU\VNXRGSRYtGDMtFtGUXKXSDOLYDWDE 3O\QRYRXWUXENXQDVX WH]S WQDWU\VNXSO\QRYpKRDGRWiKQ WHPDWLFLSR]REU 8YH WHNRWHOGRSURYR]X =NRQWUROXMWHKRGQRWX&2YHVSDOLQiFKS LFKRGXNRWOHQDPLQDPD[YêNRQ+RGQRWXXSUDYWH RWiþHQtPPDWLFHSR]REUQDKRGQRWXRGSRYtGDMtFt~GDM PWDE 2EU9êP QDWU\VN\ S HYOHþQiPDWLFHSO\QRYN\ WU\VNDQD]HPQtSO\Q WU\VNDQDSURSDQ 7DE 7\SNRWOH .1% .1% .1& .1& 2EU5HJXODFH&2 3DOLYR ]HPQtSO\Q SURSDQ ]HPQtSO\Q SURSDQ 9VWXSQtWODNSO\QX PEDU 5R]VDK&2YH VSDOLQiFK 3U P UWU\VN\PP 1iVW QQpSO\QRYpNRWOH.1 9êWODþQiYêãNDþHUSDGODNRWOH.1SRRGHþWHQtWODNRYp]WUiW\NRWOH 2EU 3U WRNOKRG ,
Podobné dokumenty
ELBO-073 návod
Y OLERYROQpP ED]pQX SR GREX NRXSDFt VH]yQ\ 'RNiåH RKOtGDW
ED]pQ R YHOLNRVWL SĜLEOLåQČ P2 3RNXG E\ E\O ED]pQ
SRGVWDWQČYČWãtQHERPČOSĜtOLãVORåLWêWYDUDYRGQtYOQDVHQHP...
zde. - sk moravia
S HG NRQiQtP ]iYRGX ýOHQ P ãLUãtKR YêE UX UHSUH]HQWDFH GOH VH]QDPX GRGDQpKR 67.
WUHQpURYL UHSUH]HQWDFH XUþHQpNODVLILNiWRUFH WHFKQLFNpPX GHOHJiWRYL D]SUDFRYDWHOL YêVOHGN
SR...
NÁVOD NA MONTÁŽ A PROVOZ
7UDIRQHQtKUDþND1H]NUDWXMWHSĜLSRMHQtWUDID3R]QiPND
SURURGLþH3UDYLGHOQČNRQWUROXMWHWUDIRSRãNR]HQtNDEHOĤ
]iVWUþNXDMHKRREDO
+UDþNXSURYR]XMWHSRX]HVGRSRUXþHQêPLWUDI\1HSRXåtYHM...
KOMPAKT - návod k instalaci a obsluze
3 LGORXKRGREpPRGVWDYHQtNRWOH]SURYR]XGRSRUXþXMHPHX]DY tWS tYRGSO\QXDNRWHORGSRMLWRGHOHNWULFNpVtW
3URRSUDY\VHVPtSRXåtWMHQRULJLQiOQtVRXþiVWN\
9 S tSDG YDG ]DYLQ QêFK QHR...
BEA 24-BK, BEA 24-BT
x =DSRMHQtNRWOHPXVtRGSRYtGDWSODWQêPS HGSLV PQRUPiPDQiYRGXNREVOX]H
x 6H t]HQt XYHGHQt GR SURYR]X D VHUYLV VPt SURYiG W SRX]H VHUYLVQt PHFKDQLN V SODWQêP
RVY GþHQtPRGYê...
CARGOMAX 30 - návod k instalaci, obsluze a údržbě
3 LGORXKRGREpPRGVWDYHQtNRWOH]SURYR]XGRSRUXþXMHPHX]DY tWS tYRGSO\QXDNRWHORGSRMLWRGHOVtW
3URRSUDY\VHVPtSRXåtWMHQRULJLQiOQtVRXþiVWN\
9 S tSDG YDG ]DYLQ QêFK QHRGERUQRX...
dakon fb kompletní rozměry a návod
3RUR]EDOHQtNRWOH]NRQWUROXMWH~SOQRVWDNRPSOHWQRVWGRGiYN\
=NRQWUROXMWH]GDW\SNRWOHRGSRYtGiSRåDGRYDQpPXSRXåLWt
,QVWDODFLVPtSURYiG WSRX]HRGERUQtNVSODWQêPRSUiYQ QtPNWpWRþLQQRVW...
Therm 28 KD
]HSHGXE\ORFKUDQQêNROtNQDKRHDVWHGQtQHERQXORYDFtYRGLþE\OSLSRMHQQDSUDYRXGXWLQNXSRGPtQND
správQpþLQQRVWLNRWOH6t"RYpQDSWtPXVtEêW9±,QVWDODFL]iVXYN\SLSRMHQtS...
MODULEX - návod k instalaci a údržbě
NRWOHPLQLPiOQ MHGQRX]DURNS HG]DþiWNHPWRSQpVH]yQ\
x 3 LGORXKRGREpPRGVWDYHQtNRWOHPLPRSURYR]GRSRUXþXMHPHX]DY HQtS tYRGXSO\QXDRGSRMHQt
RG]GURMHHOHQHUJLH
x 3RNXGE\ONRWHO...