Návod - REMAX CZ sro
Transkript
7/.±1iYRGNREVOX]H 7/. 5HJXORYDQi YHOLþLQD MH ]REUD]HQD QD þW\ĜPtVWQpP þHUYHQpP GLVSOHML D VWDY YêVWXSĤ MH LQGLNRYiQ GYČPL NRQWURONDPL QD GLVSOHML 5HJXOiWRU XPRåĖXMH XORåHQt åiGDQêFK KRGQRW GR SDPČWL D PĤåHPtWGYDYêVWXS\UHOpQHERVROLGVWDWHUHOp665 'OHPRGHOXO]HQDYVWXSSĜLSRMLW & WHUPRþOiQN\ -.6 D LQIUDVHQ]RU\ 7HFQRORJLF ,56 QRUPDOL]RYDQp VLJQiO\ Då P9 Då P9 D RGSRURYpþLGOD3W ( WHUPRþOiQN\ -.6 D LQIUDVHQ]RU\ 7HFQRORJLF ,56 QRUPDOL]RYDQp VLJQiO\ Då P9 Då P9 D SRORYRGLþRYpþLGOD37&D17& ,QRUPDOL]RYDQpDQDORJRYpVLJQiO\P$ 9QRUPDOL]RYDQpDQDORJRYpVLJQiO\999 'DOãt GĤOHåLWp IXQNFH UHJXOiWRUX MVRX DODUP SĜL SRUXãH UHJXODþQt VP\þN\/RRS%UHDN $ODUP GRVDåHQt åiGDQp KRGQRW\ ]YROHQRX U\FKORVWt UDPSD D IXQNFH SURGOHY\ IXQNFH PČNNpKRVWDUWX6RIW6WDUWRFKUDQDNRPSUHVRUXIXQNFtQHXWUiOQt ]yQDDRFKUDQDSDUDPHWUĤUĤ]QêPL~URYQČPLSĜtVWXSX 3,'0,.52352&(62529é 5(*8/È725 ý(/1Ë3$1(/ 1È92'.2%6/8=( Ò92'9WRPWRPDQXiOXMVRXXYHGHQ\YHãNHUpLQIRUPDFHSUR VSUiYQRX LQVWDODFL D SRN\Q\ SUR SRXåLWt D ~GUåEX ]DĜt]HQt 3URWR GRSRUXþXMHPH QiVOHGXMtFt SRN\Q\ GĤNODGQČ SURþtVW 3ĜHVWRåH SĜtSUDYČ WRKRWR GRNXPHQWX E\OD YČQRYiQD YHãNHUi SpþH QHSĜHEtUi YêUREFH 7(&+12/2*,& 6S$ MDNRXNROLY ]RGSRYČGQRVW Y\SOêYDMtFt ] SRXåLWt WRKRWR PDWHULiOX MDNR WDNRYpKR 7RWpå VH Y]WDKXMH L QD YãHFKQ\ I\]LFNp L SUiYQLFNp RVRE\ SRGtOHMtFt VH QD SĜtSUDYČ WRKRWR GRNXPHQWX 0DWHULiO MH YêOXþQêP YODVWQLFWYtP VSROHþQRVWL 7(&+12/2*,& 6S$ NWHUi ]DND]XMH MDNRXNROLY UHSURGXNFL D WR L þiVWHþQRX MDNRå L ãtĜHQt WRKRWR PDWHULiOX SRNXG N QČPX QHGRFKi]t V MHMtP YêVORYQêP VRXKODVHP 7(&+12/2*,& 6S$ VL Y\KUD]XMH SUiYR SURYiGČW Y]KOHGRYp QHER IXQNþQt ]PČQ\ YêURENX EH] SĜHGFKR]tKRXSR]RUQČQt ±2%(&1é323,6 323,6 7/. MH PLNURSURFHVRURYê UHJXOiWRU VUHJXODFt 212)) QHXWUiOQt ]yQRX 212)) D 3,' MHGQRþLQQRX QHER GYRMþLQQRX SĜtPi QHER LQYHU]Qt IXQNFH -H GiOH Y\EDYHQU\FKORX IXQNFt DXWRPDWLFNpKR ODGČQt $872781,1* IXQNFt 6(/)781,1* D DXWRPDWLFNêP YêSRþWHP SDUDPHWUĤ SUR )8==< ěË=(1Ë SĜL 3,'UHJXODFL 7ODþtWNR33URSRXåLWtSURJUDPXSDUDPHWUĤIXQNFtDSUR SRWYU]HQtQDSURJUDPRYDQêFK~GDMĤ 7ODþtWNR'2:13RXåtYiVHSURVQtåHQtKRGQRW\QDNWHUp MH XPtVWČQ NXU]RU D NYêEČUX SDUDPHWUĤ 3ĜLGUåHQt VWLVNQXWpKR WODþtWND MH XåLYDWHO YUiFHQ GR SĜHGFKR]t SURJUDPRYDFt ~URYQČ SĜHGXNRQþHQtPSURJUDPRYiQt0LPRSURJUDPRYiQtXPRåĖXMH ]REUD]HQtDNWXiOQtPČĜHQpKRGQRW\QDYVWXSX7$+3 7ODþtWNR 83 3RXåtYi VH SUR ]YêãHQt KRGQRW\ QD NWHUp MH XPtVWČQ NXU]RU D NYêEČUX SDUDPHWUĤ 3ĜLGUåHQt VWLVNQXWpKR WODþtWND MH XåLYDWHO YUiFHQ GR SĜHGFKR]t SURJUDPRYDFt ~URYQČ SĜHGXNRQþHQtPSURJUDPRYiQt0LPRSURJUDPRYiQtXPRåĖXMH ]REUD]HQtYêVWXSXĜt]HQt]iWČåH .H\ 8 7ODþtWNR VIXQNFt SURJUDPRYiQt SDUDPHWUX ³86UE´ 0ĤåH EêW QDVWDYHQR DNWLYDFH IXQNFH $XWRWXQLQJ D 6HOIWXQLQJ SĜHVWDYHQt UHJXOiWRUX GR UXþQtKR Ĝt]HQt XPOþHQt DODUPX]PČQDDNWLYQtåiGDQpKRGQRW\DY\SQXWtUHJXODFH /HG2876LJQDOL]DFHVWDYXYêVWXSX /HG2876LJQDOL]DFHVWDYXYêVWXSX /HG6(7%OLNiQtVLJQDOL]XMHYVWXSYUHåLPXSURJUDPRYiQt /HG$7676LJQDOL]XMHDNWLYDFLIXQNFH6(/)781,1* VYtWtQHERSURFHV$872781,1*8EOLNi /HG LQGLNXMH åH UHJXORYDQp YHOLþLQD MH SRG åiGDQRX KRGQRWRXSDU$G( /HG LQGLNXMH åH UHJXORYDQp YHOLþLQD MH YåiGDQpP SiVPX63$G(63$G( /HG LQGLNXMH åH UHJXORYDQp YHOLþLQD MH QDG åiGDQRX KRGQRWRXSDU$G( 352*5$029È1Ë 5<&+/e1$67$9(1ËäÈ'$1e+2'127< 7HQWRSRVWXSXPRåĖXMHU\FKOpQDVWDYHQtDNWLYQtåiGDQpKRGQRW\ DPRåQpDODUPRYpKRGQRW\RGVW /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 7/.±1iYRGNREVOX]H 6WLVNQXWtP WODþtWND ³3´ VH QD GLVSOHML ]REUD]t KOiãHQt ³63 Q´ NGH Q þtVOR DNWXiOQt åiGDQp KRGQRW\ D KRGQRWD NWHURX MH PRåQR PČQLW 7ODþtWN\ ³83´ SUR ]Y\ãRYiQt D ³'2:1´ SUR VQLåRYiQtQDVWDYWHSRåDGRYDQRXKRGQRWX 6WLVNQXWtPWODþtWHNVHSRåDGRYDQiKRGQRWD]PČQtSRX]HRMHGQX þtVOLFL 3RNXG W\WR WODþtWND SRGUåtWH QD GpOH QHå VHNXQGX KRGQRWD VH ]DþQH VQLåRYDW QHER ]Y\ãRYDW U\FKOHML D SR GYRX VHNXQGiFKVHU\FKORVW]PČQ\MHãWČ]Yêãt7RXPRåĖXMHU\FKOHMãt QDVWDYHQtåiGDQpKRGQRW\ 3RNXG MH SRåDGRYDQi KRGQRWD GRVDåHQD VWLVNQXWtP WODþtWND ³3´ MH PRåQR XNRQþLW UHåLP U\FKOpKR SURJUDPRYiQt QHER MH PRåQR]REUD]LWDODUPRYpKRGQRW\RGVW 3UR XNRQþHQt U\FKOpKR QDVWDYHQt åiGDQp KRGQRW\ MH QXWQR VWLVNQRX WODþtWNR ³3´ SR ]REUD]HQt SRVOHGQt åiGDQp KRGQRW\ D QHERY\þNDWVHNXQGEH]VWLVNQXWtWODþtWND3RWpWRGREČGRMGH DXWRPDWLFN\NQiYUDWXGRQRUPiOQtKRUHåLPX]REUD]HQt ±9é%ċ5ěË=(1Ë$3$5$0(75ģ 6WLVNQXWtP WODþtWND 3 QD GpOH QHå VMH PRåQR YVWRXSLW GR KODYQtKR PHQX 7ODþtWN\ 83 D '2:1´ MH PRåQR OLVWRYDW YQiVOHGXMtFtQDEtGFH 23(U YVWXSGRPHQXRSHUDþQtFKSDUDPHWUĤ &RQ) YVWXSGRPHQXNRQILJXUDþQtFKSDUDPHWUĤ 2)) SĜHVWDYHQtUHJXOiWRUXGRVWDYXY\SQXWR2)) U(* SĜHVWDYHQt UHJXOiWRUX GR VWDYX DXWRPDWLFNpKR Ĝt]HQt WXQ( DNWLYDFHIXQNFH$XWRWXQLQJQHER6HOIWXQLQJ 23/2 SĜHVWDYHQt UHJXOiWRUX GR UHåLPX UXþQtKR Ĝt]HQt NG\ MH PRåQR WODþtWN\ ³83´ D ³'2:1´ QDVWDYRYDWUHJXORYDQpKRGQRW\ 3R Y\EUiQt MHGQp SRORåN\ MH YêEČU SRWYU]HQ VWLVNQXWtP WODþtWND ³3´ 9êEČU 23(U D &RQ) XPRåĖXMH SĜtVWXS GR SRGPHQX REVDKXMtFtKRMLQpSDUDPHWU\QHERQDEtGN\DYČWãtXSĜHVQČQt 23(U ± 0HQX RSHUDþQtFK SDUDPHWUĤ REVDKXMH SDUDPHWU\ åiGDQp KRGQRW\ D GiOH PĤåH REVDKRYDW YãHFKQ\ SRåDGRYDQp SDUDPHWU\RGVW &RQ) ± 0HQX NRQILJXUDþQtFK SDUDPHWUĤ REVDKXMH YãHFKQ\ RSHUDþQtSDUDPHWU\DIXQNþQtNRQILJXUDþQtSDUDPHWU\DODUP\ UHJXODFHYVWXS\DSRG 9VWXS GR PHQX ³23(U´ VH SURYiGt YêEČUHP QDEtGN\³23(U´ YKODYQtPPHQXDVWLVNQXWtPWODþtWND³3´ 6SRGQt GLVSOHM 69 ]REUD]t NyG SUYQtKR SDUDPHWU ³ @63 ³ D VWLVNQXWtP WODþtWHN ³83´ D ³'2:1´ MH PRåQR Y\EUDW SRåDGRYDQRXVNXSLQXSDUDPHWUĤ 9\EUDQi VNXSLQD SDUDPHWUĤ MH LGHQWLILNRYiQD NyGHP SUYQtKR SDUDPHWUX ]YROHQp VNXSLQ\ NWHUê MH ]REUD]HQ SR VWLVNQXWt WODþtWND³3´ 2SČWRYQêP VWLVNQXWtP WODþtWHN ³83´ D ³'2:1´ MH PRåQR Y\EUDW ]YROHQê SDUDPHWU D VWLVNQXWtP WODþtWND ³3´ MH PRåQR ]REUD]LW NyG SDUDPHWUX D SURJUDPRYDQRX KRGQRWX 7X MH PRåQR QDVWDYLW WODþtWN\ ³83´ QHER ³'2:1´ 8ORåHQt QRYČ QDVWDYHQpKRGQRW\GRSDPČWLVHSURYHGHRSČWRYQêPVWLVNQXWtP WODþtWND³3´ 7ODþtWN\³83´QHER³'2:1´MHPRåQRY\EUDWGDOãtSDUDPHWU D]PČQLWMHKRKRGQRWXGOHSRVWXSXYL]YêãH 3URYêEČUGDOãtVNXSLQ\SDUDPHWUĤSRGUåWHWODþtWND³83´QHER ³'2:1´ SR GREX VHN SRWRP VH ]REUD]HQt QD GLVSOHML 69 YUiWt QD NyG Y\EUDQp VNXSLQ\ SDUDPHWUĤ 8YROQČWH WODþtWNR D QRYRX VNXSLQX SDUDPHWUĤ ]YROWH WODþtWN\ ³83´ D ³'2:1´ 8NRQþHQtUHåLPX SURJUDPRYiQt VH SURYiGt Y\þNiQtP VEH] VWLVNQXWt WODþtWND QHER VWLVNQXWtP WODþtWND ³83´ QHER ³'2:1´GRGRE\QHåEXGHSURJUDPRYiQtXNRQþHQR 9VWXS GR PHQX &RQ) MH FKUiQČQ KHVOHP 1D Y\åiGiQt ]DGHMWH WODþtWN\ ³83´ D ³'2:1´ KHVOR YH WYDUX þtVOD SRVOHGQtVWUDQDWRKRWRQiYRGXDKHVORSRWYUćWHWODþtWNHP³3´ 3RNXG MH KHVOR ]DGiQR QHVSUiYQČ UHJXOiWRU VH YUiWt GR SĜHGFKR]tKR UHåLPX Ĝt]HQt 3RNXG MH KHVOR]DGiQRVSUiYQČQD GLVSOHMLVH]REUD]tLGHQWLILNDþQtNyGSUYQtVNXSLQ\SDUDPHWUĤ³ @63³DWODþtWN\³83´D³'2:1´MHPRåQRY\EUDW]YROHQRX VNXSLQXSDUDPHWUĤ 3URJUDPRYiQt D GDOãt SRVWXS\ SUR PHQX ³&RQ)´ MVRX VKRGQp MDNRSURPHQX³23(U´YL]YêãH 3$5$0(75<352*5$029$&Ë&+Ò5291Ë 2SHUDþQt PHQX ³23(U´ QRUPiOQČ REVDKXMH SDUDPHWU\ NQDVWDYHQt åiGDQp KRGQRW\ -H YãDN PRåQp YãHFKQ\ ]YROHQp SDUDPHWU\ GR WpWR ~URYQČ YNOiGDW D RGHEtUDW 7R VH SURYiGt QiVOHGXMtFtP]SĤVREHP 9VWXSWH GR NRQILJXUDþQtKR PHQX ³&RQ)´ D Y\EHUWH SDUDPHWU NWHUê FKFHWH SURJUDPRYDW QHER MHM QHQt PRåQp SURJUDPRYDW Y PHQX³23(U´.G\åMHSDUDPHWUY\EUiQDNRQWUROND/('6(7 QHVYtWt ]QDPHQi WR åH WHQWR SDUDPHWU MH PRåQR SURJUDPRYDW SRX]HYPHQX³&RQ)´3RNXGNRQWUROND/('6(7VYtWtMHWHQWR SDUDPHWUPRåQRSURJUDPRYDWWDNpYPHQX³23(U´ =PČQD SĜtVWXSX NSDUDPHWUĤP ]MHGQRWOLYêFK PHQX VH SURYiGt VWLVNQXWtPWODþtWND³8´NRQWUROND/('6(7]PČQtVYĤMVWDYD LQGLNXMH PRåQRVWL SURJUDPRYiQt SDUDPHWUX YMHGQRWOLYêFK ~URYQtFK VYtWt PHQX ´23(U´ D ³&RQ)´ QHVYtWt SRX]H PHQX³&RQ)´ $NWLYQt åiGDQi KRGQRWD D DODUPRYp KRGQRW\ MVRX SĜtWRPQ\ SRX]H Y~URYQL U\FKOpKR QDVWDYHQt åiGDQp KRGQRW\ SRSLV YRGVW3RNXGMVRXXYHGHQpSDUDPHWU\SURJUDPRYiQ\MDNR SĜtWRPQ\MVRXSĜtWRPQ\YPHQX³23(U´ /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 0RåQp ]PČQ\ WRKRWR QDVWDYHQt VH SURYiGt GOH SRVWXSX YRGVW DGOHSDUDPHWUX³(GLW´REVDåHQêYHVNXSLQČ³@3$Q³ 7HQWRSDUDPHWUPĤåHEêWQDVWDYHQQiVOHGRYQČ 6( DNWLYQt åiGDQp KRGQRWD PĤåH EêW XSUDYRYiQD ]DWtPFR DODUPRYpKRGQRW\XSUDYRYDWQHO]H $(DNWLYQtåiGDQpKRGQRWDQHPĤåHEêWXSUDYRYiQD]DWtPFR DODUPRYpKRGQRW\XSUDYRYDWO]H 6$(DNWLYQtåiGDQRXKRGQRWXDDODUPRYpKRGQRW\MHPRåQp XSUDYRYDW 6$Q( DNWLYQt åiGDQRX KRGQRWX D DODUPRYp KRGQRW\ QHQt PRåQpXSUDYRYDW ±5(ä,0<5(*8/$&( 5HJXOiWRU PĤåH SUDFRYDW YH WĜHFK UHåLPHFK DXWRPDWLFNp Ĝt]HQt U(*Ĝt]HQtY\SQXWR2))DUXþQtĜt]HQt23/2 3ĜtVWURMVHPĤåHSĜHStQDW]MHGQRKRUHåLPXGRGUXKpKR ]NOiYHVQLFHYêEČUHP]YROHQpKRUHåLPXYKODYQtPPHQX ] NOiYHVQLFH WODþtWNHP ³8´ YKRGQêP QDVWDYHQtP SDU ³86UE´ ³86UE´ WXQ(³86UE´ 23/2³86UE´ 2))MHPRåQpSĜHMtW ]UHåLPX³U(*´GRUHåLPXSURJUDPRYiQtSDUDPHWUĤDQDRSDN DXWRPDWLFN\ SĜtVWURM MH SĜHVWDYHQ GR UHåLPX U(* QD NRQFL $XWR WXQLQJX 3ĜL]DSQXWtSĜtVWURMHVHDXWRPDWLFN\SĜHFKi]tGRUHåLPXYHNWHUpPE\O SĜHGY\SQXWtP $8720$7,&.eěË=(1ËU(*±-HWRQRUPiOQtIXQNFHUHJXOiWRUX %ČKHPDXWRPDWLFNpKRĜt]HQtMHPRåQR]REUD]LWQDVSRGQtPGLVSOHML69 ĜtGtFtYêNRQVWLVNHPWODþtWND³83´ 5R]VDK ĜtGtFtKR YêNRQX MH RG + YêVWXSQtKR YêNRQX SĜL LQYHU]QtDNFLGR&YêVWXSQtKRYêNRQXSĜLSĜtPpDNFL 9<3187e ěË=(1Ë 2)) ± 3ĜtVWURM PĤåH EêW QDVWDYHQ GR UHåLPX ³2))´ WM Ĝt]HQt D YêVWXS\ MVRX Y\SQXW\ $ODUPRYp YêVWXS\ MVRX QDKUD]HQ\QRUPiOQtþLQQRVWt 6.2.29e58ý1ËěË=(1Ë23/2±7RXWRYROERXMHPRåQRUXþQČ QDSURJUDPRYDW SURFHQWR YêNRQX QD YêVWXSX ]UHJXOiWRUX SĜL Y\SQXWt DXWRPDWLFNpKR Ĝt]HQt3RNXGMHSĜtVWURMQDVWDYHQGRWRKRWRUHåLPXMH SURFHQWRYêNRQX]REUD]HQpQDGLVSOHML69VWHMQpMDNRSRVOHGQt]iVDKD O]HMHMPČQLWWODþtWN\³83´D³'2:1´ 9SĜtSDGČDXWRPDWLFNpKRĜt]HQtVHSURJUDPRYDWHOQiKRGQRWDSRK\EXMH RG+GR&1iYUDWGRDXWRPDWLFNpKRĜt]HQt VHSURYiGtYêEČUHPU(*YKODYQtPPHQX 92/%$$.7,91ËäÈ'$1e+2'127< 7/.±1iYRGNREVOX]H 9SĜtSDGČ åH E\ ãSDWQi IXQNFH SĜtVWURMH PRKOD RKUR]LW RVRE\ ]YtĜDWD QHER YČFL MH WĜHED SDPDWRYDW QD QXWQRVW LQVWDODFH GDOãtFK SĜtVWURMĤ NWHUpEXGRXEH]SHþQRVWLYWČFKWRSĜtSDGHFKJDUDQWRYDW ±0(&+$1,&.È0217Èä 3ĜtVWURMVþHOQtPSDQHOHP[PPMHXUþHQSURPRQWiåGRSDQHOX 'R RWYRUX Y SDQHOX [ PP VH SĜtVWURM YVXQH D XFK\Wt SRPRFt VYRUHNNWHUpMVRXVRXþiVWtGRGiYN\ 'RSRUXþXMHPH SRXåtW PH]L SĜtVWURM D SDQHO WČVQČQt DE\ VH ]DMLVWLO VWXSHĖ NU\Wt ,3 1HY\VWDYXMWH SĜtVWURM NRQGHQ]DþQt YOKNRVWL D QDGPČUQpSUDãQRVWL =DMLVWČWH RGSRYtGDMtFt SURXGČQt RNROR FKODGtFtFK RWYRUĤ SĜtVWURMH D Y\KQČWHVHPRQWiåLSĜtVWURMHGRUR]YDGČþĤNWHUpVHSĜHKĜtYDMtQHERNGH MHWHSORWDY\ããtQHåSURSĜtVWURMSRYROHQi 3ĜtVWURMXPLVĢXMWHFRQHMGiOHRG]GURMĤHOHNWURPDJQHWLFNêFKSROtMDNR MVRXPRWRU\VLORYiUHOpVROHQRLGRYpYHQWLO\DSRG 3ĜHG GHPRQWiåL SĜtVWURMH ]SDQHOX MH YåG\ QH]E\WQp RGSRMLW QDSiMHQt SĜtVWURMH ±(/(.75,&.e3ě,32-(1Ë 1D NDåGRX VYRUNX SĜtVWURMH SĜLYHćWH SRX]H MHGHQ YRGLþ YL] QiVOHGQp VFKHPD ]DSRMHQt 8MLVWČWH VH åH QDSiMHQt MH SĜLYHGHQR QD VYRUN\ GOH VFKHPDWX QD SĜtVWURML D åH QDSiMHFt QDSČWt QHQt Y\ããt QHå PD[LPiOQt SRYROHQp 3ĜtVWURMMHXUþHQNWUYDOpPXSĜLSRMHQtPDQHQtRSDWĜHQY\StQDþHPDQL SRMLVWNRX SURWL SĜHSČWt 'RSRUXþXMHPH FKUiQLW MHM VDPRþLQQêP Y\StQDþHP QHER SRMLVWNRX XPtVWČQêPL FR QHMEOtåH N SĜtVWURML D YGRVDKXREVOXK\8Y\StQDþĤPXVtEêWQD]QDþHQRMDNSĜtVWURMRGSRMLW 3RXåtYHMWH SRX]H NDEHO\ VH VSUiYQRX L]RODFt SUR GDQê ~þHO SRGOH ]DWtåHQtDSUDFRYQtWHSORW\ .DEHO\ RG YVWXSQtFK þLGHO YHćWH RGGČOHQČ RG QDSiMHFtFK NDEHOĤ D SRNXG MH NDEHO þLGOD VWtQČQ X]HPQČWH VWtQČQt SRX]H QD MHGQRP NRQFL 3ĜHG VHSQXWtP YêVWXSĤ VH GRSRUXþXMH ]NRQWURORYDW SDUDPHWU\ D VSUiYQRXIXQNFLSĜtVWURMHDE\VH]DEUiQLOR]UDQČQtOLGtD]YtĜDWQHER SRãNR]HQt]DĜt]HQt 7HFQRORJLF 6S$ D MHKR ]iVWXSFL QHQHVRX åiGQRX RGSRYČGQRVW ]D ]UDQČQt OLGt D ]YtĜDW þL ]D SRãNR]HQt ]DĜt]HQt YOLYHP ]QHXåLWt ãSDWQpKRSRXåtYiQtQHERYSĜtSDGČQHGRGUåHQtXYHGHQêFKSRN\QĤþL WHFKQLFNêFK~GDMĤ ±(/(.75,&.e6&+(0$3ě,32-(1Ë 3ĜtVWURMGRYROXMHXORåLWGRSDPČWLDåUĤ]QpåiGDQpKRGQRW\³63³ Då ³63³ D ]YROLW MHGQX NWHUi EXGH DNWLYQt 0D[LPiOQt SRþHW åiGDQêFKKRGQRWMHXUþRYiQSDUDPHWUHPQ63YHVNXSLQČSDUDPHWUĤ ³@63³äiGDQiKRGQRWDNWHUiVHPiDNWLYRYDWVHPĤåH]YROLW SDUDPHWUHP63$WYHVNXSLQČSDUDPHWUĤ³@63³ WODþtWNHP³8´SRNXGMHSDU86UE &+63 DXWRPDWLFN\ 63 D 63 YSĜtSDGČ åH SDUDPHWU³GXUW´ RGVW E\OQDSURJUDPRYiQ äiGDQp KRGQRW\ 63 63 63 63 VH ]REUD]XMt Y]iYLVORVWL QD PD[ SRþWX åiGDQêFK KRGQRW ]YROHQêFK YSDU Q63 D MHMLFK KRGQRW\ O]H PČQLW YUR]PH]t KRGQRW QDVWDYHQêFK YSDUDPHWUHFK ³63//³D³63+/³ 3R]QiPND 9H YãHFK QiVOHGXMtFtFK SĜtNODGHFK MH åiGDQi KRGQRWD R]QDþRYiQDMDNR63MLQDNVHUHJXOiWRUFKRYiSRGOHåiGDQpKRGQRW\ NWHUiMHSUiYČDNWLYQt ±,167$/$&($328ä,7Ë 328ä,7Ë 3ĜtVWURM MH QDYUåHQ D Y\UREHQ MDNR SĜtVWURM NPČĜHQt D UHJXODFL VSOĖXMtFt SRGPtQN\ (1 SUR SRXåLWt GR PQP 3RXåLWt SĜtVWURMH SUR DSOLNDFH QDG UiPHF XYHGHQêFK YWRPWR QiYRGX QHQt ~P\VOQČ SRYROHQR 3ĜtVWURM VH QHVPt SRXåtYDW YQHEH]SHþQêFK SURVWĜHGtFK KRĜODYpQHERYêEXãQpEH]QiOHåLWpRFKUDQ\ 8åLYDWHOUXþt]DGRGUåRYiQtSUDYLGHO(0&WDNpSRLQVWDODFLSĜtVWURMH SĜtSDGQČSRXåLMHRFKUDQQêFKILOWUĤ )81.&( ±0ċě(1Ë$=2%5$=29È1Ë 9ãHFKQ\SDUDPHWU\SURPČĜHQtMVRXREVDåHQ\VHVNXSLQČ³@,Q3´ /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 'OHPRGHOXO]HQDYVWXSSĜLSRMLW & WHUPRþOiQN\ -.6 D LQIUDVHQ]RU\ 7HFQRORJLF ,56 QRUPDOL]RYDQp VLJQiO\ Då P9 Då P9 D RGSRURYpþLGOD3W ( WHUPRþOiQN\ -.6 D LQIUDVHQ]RU\ 7HFQRORJLF ,56 QRUPDOL]RYDQp VLJQiO\ Då P9 Då P9 D SRORYRGLþRYpþLGOD37&D17& ,QRUPDOL]RYDQpDQDORJRYpVLJQiO\P$ 9QRUPDOL]RYDQpDQDORJRYpVLJQiO\99 3R ]YROHQt W\SX YVWXSX MH QH]E\WQp Y\EUDW W\S þLGOD XYHGHQêFK Y SDUDPHWUX³6(Q6´ WHUPRþOiQN\ - - . &U$/ 6 6 QHER SUR LQIUDþHUYHQp VQtPDþH 7(&12/2*,&,56$VOLQHDUL]DFt-,U-QHER.,U&$ RGSRURYpVQtPDþH3W,(&3WWHUPLVWRW\37&.7<3WF QHER17&$7QWF QRUPDOL]RYDQpVLJQiO\SURXGXP$QHERP$ QRUPDOL]RYDQpVLJQiO\QDSČWt999 9QHER9 QRUPDOL]RYDQpVLJQiO\QDSČWtP9P9 P9 'RSRUXþXMHPH SĜtVWURM Y\SQRXW D ]DSQRXW SR QDVWDYHQt WČFKWR SDUDPHWUĤ]D~þHOHPGRVDåHQtVSUiYQpKRPČĜHQt 3UR SĜtVWURMH VHYVWXSHP QD WHSORWQt þLGOR WF UWG MH PRåQR Y\EUDW MHGQRWN\ PČĜHQt & ) SDU ³8QLW´ D W\S YêVOHGQpKR ]REUD]HQt SDU ³G3´ 1DPtVWR WRKR X YVWXSĤ VDQDORJRYêP VLJQiOHP MH QHMGĜtYH QH]E\WQp ]YROLW YêVOHGQp ]REUD]HQt SDU ³G3´ DSRWRPSDU66&KRGQRWXNWHURX PiSĜtVWURM]REUD]LWQD]DþiWNXUR]VDKXP$P99D 9 D SDU )6& KRGQRWX NWHURX PXVt SĜtVWURM ]REUD]LW QD NRQFL UR]VDKXP$P9P99QHER9 9SĜtSDGČ LQIUDþHUYHQpKR þLGOD 7HFQRORJLF ,56$ QDVWDYHQpP SDUDPHWU\-,U-QHER.,U&$VHGiOH]DGiYiSDU³U()/³NWHUêP VH NRULJXMH PRåQi FK\ED PČĜHQt UĤ]QêPL UHIOH[QtPL YODVWQRVWPL PČĜHQpKR PDWHULiOX 3DUDPHWU PĤåH EêW Y\VRNê SUR PDWHULiO\ VYČWOp QHERUHIOH[QtDVQLåXMHVHSURPDWHULiO\WPDYpQHERPiORUHIOH[Qt3UR YČWãLQXPDWHULiOĤVHGRSRUXþXMHKRGQRWDRGGR 3ĜtVWURM GiOH XPRåĖXMH GRNDOLEURYDW PČĜHQt GOH SRGPtQHN DSOLNDFH SDU³2)6W´D³URW´1DVWDYHQtPSDU³URW´ YSDU³2)6W´MH PRåQp QDVWDYLW NODGQRX QHER ]iSRUQRX RGFK\ONX NWHUi MH SĜHG ]REUD]HQtP SĜLþWHQD NKRGQRWČ PČĜHQp 2GFK\OND MH X YãHFK PČĜHQt NRQVWDQWQt 3RNXG RGFK\OND QHQt YFHOpP UR]VDKX PČĜHQt VWHMQi MH PRåQp XUþLW RGFK\ONX ]H GYRX ERGĤ 9WRPWR SĜtSDGČ VH SDUDPHWU\³2)6W´D³URW´QDVWDYXMtQiVOHGRYQČ ³URW´ ''00 ³2)6W´ '³URW´[0 NGH 0 PČĜHQiKRGQRWD ' ]REUD]RYDQiKRGQRWDSĜLPČĜHQpKRGQRWČ0 0 PČĜHQiKRGQRWD ' ]REUD]RYDQiKRGQRWDSĜLPČĜHQpKRGQRWČ0 3RWRPSĜtVWURM]REUD]XMHQiVOHGXMtFtKRGQRWX '9 09[³URW´³2)6W´ NGH'9 ]REUD]RYDQiKRGQRWD 09 PČĜHQiKRGQRWD 3Ĝ-HSRåDGRYiQRDE\SĜtVWURMSĜL]REUD]RYDOSĜHVQČPČĜHQRX KRGQRWXDOHSĜL]REUD]RYDOKRGQRWXQLåãtR 3RWRP0 ' 0 ' ³URW´ ³2)6W´ [ 3Ĝ-HSRåDGRYiQRDE\SĜtVWURM]REUD]RYDWNG\åPČĜHQiKRGQRWD MHSĜHVQČDOHSĜL]REUD]RYDOKRGQRWXRY\ããt 3RWRP0 ' 0 ' ³URW´ ³2)6W´ [ 3DUDPHWUHP³)L/´ MH PRåQR QDVWDYLW þDVRYRX NRQVWDQWX ILOWUX YVWXSQt PČĜHQpKRGQRW\SURVQtåHQtFLWOLYRVWL]YêãHQtþDVXQDþtWiQt 9SĜtSDGČFK\E\PČĜHQtMHPRåQRSDU³23(´QDVWDYLWYêVWXSQtYêNRQ SĜtVWURMH 9êNRQ MH SRþtWiQ GOH þDVRYpKR F\NOX QDVWDYHQpKR SUR 3,' UHJXOiWRU .GHåWR SUR 212)) UHJXOiWRU\ MH þDVRYê F\NOXV 7/.±1iYRGNREVOX]H DXWRPDWLFN\ QDVWDYHQ QD V QDSĜ YSĜtSDGČ FK\E\ þLGOD SĜL 212)) UHJXODFL D ³23(´ EXGH UHJXODFH DNWLYRYiQD QD VSRWRP VH GHDNWLYXMH QD VD ]ĤVWDQH GHDNWLYRYiQD SR FHORX GREX FK\E\þLGOD =D SRXåLWt SDU ³,Q(´ MH GiOH PRåQp UR]KRGQRXW R SRGPtQNiFK SUR FK\EX þLGOD $ XPRåĖXMH UR]KRGQRXW R FKRYiQt YêVWXSX SĜtVWURMH GOH SDU³23(´ 0RåQRVWLQDVWDYHQtSDU³,Q(´ 2USRGPtQN\MVRXQDGUR]VDKþLGODQHERMHþLGORYDGQp 8USRGPtQN\MVRXSRGUR]VDKþLGODQHERMHþLGORYDGQp 2XUSRGPtQN\MVRXSRGQHERQDGUR]VDKþLGODQHERMHþLGORYDGQp 3DUDPHWUHP ³GL63´ ]H VNXSLQ\ SDUDPHWUĤ ³@3$Q´ MH PRåQp QDVWDYLW QRUPiOQt ]REUD]HQt QD GLVSOHML 69 SĜL RGWiYiQt G() Ĝt]HQt YêNRQX 3RX DNWLYQt åiGDQp KRGQRWČ 63) åiGDQi KRGQRWD SĜL DNWLYDFL UDPS\63RDDODUPRYpKRGQRWČ$/$/ 5R]VYtFHQtP ]HOHQp NRQWURON\ VLJQDOL]XMH åH UHJXORYDQi YHOLþLQD MH YH ]YROHQpP LQWHUYDOX 63$G(63$G( 5R]VYtFHQt NRQWURON\ ± VLJQDOL]XMH åH YHOLþLQD MH SRG KRGQRWRX 63$G( D NRQWUROND VLJQDOL]XMHåHYHOLþLQDMHQDGKRGQRWRX63$G( ±.21),*85$&(9é67838 9ODVWQRVWL YêVWXSĤ SĜtVWURMH PRKRX EêW QDVWDYHQ\ YH VNXSLQČ ³@2XW³ NGH MVRX REVDåHQ\ SDUDPHWU\ ³2)³ D ³2)³ Y ]iYLVORVWL QD SRþWX YêVWXSĤ 9êVWXS\PRKRXEêWQDVWDYHQ\QiVOHGRYQČ U(*+ODYQtUHJXODþQtYêVWXS U(*'UXKêUHJXODþQtYêVWXS $/QR$ODUPRYêYêVWXSQRUPiOQČUR]HSQXW $/OQF$ODUPRYêYêVWXSQRUPiOQČVHSQXW $/QL$ODUPRYêYêVWXSQRUPiOQČVHSQXWVLQGLNDFtRSDþQpNRQWURON\ 2))9êVWXSY\SQXW 3ĜtVOXãQê SRþHW YêVWXSĤ ± SRþHW DODUPĤ PĤåH EêW XUþHQ YH VNXSLQČ SDUDPHWUĤ³@$/´ ±5(*8/$&(212))U(* 9ãHFKQ\ SDUDPHWU\ 212)) UHJXODFH MVRX YH VNXSLQČ SDUDPHWUĤ ³@U(*´ 7\SUHJXODFHVHQDVWDYXMHSDU&RQW 2Q)6QHER 2Q)$9êVWXS SUDFXMH GOH QDVWDYHQt U(* Y ]iYLVORVWL QD PČĜHQt DNWLYQt åiGDQp KRGQRWČ³63´UHåLPXYêVWXSX)XQF´DK\VWHUH]L+6(W 3ĜtVWURMV212))UHJXODFtSUDFXMHVHV\PHWULFNRXK\VWHUH]tSRNXGMH SDU³&RQW 2Q)6QHERVDV\PHWULFNRXK\VWHUH]t³&RQW´ 2Q)D 5HJXODFH SUDFXMH QiVOHGRYQČ YSĜtSDGČ LQYHU]Qt DNFH WRSHQt ³)XQ&´ +($W MH YêVWXS Y\SQXW NG\å UHJXORYDQi YHOLþLQD GRViKQH KRGQRW\ >63 +6(W@ YSĜtSDGČ V\PHWULFNp K\VWHUH]H QHER>63@ YSĜtSDGČ DV\PHWULFNp K\VWHUH]H 9êVWXS MH ]QRYX ]DSQXW NG\å UHJXORYDQiYHOLþLQDSRNOHVQHSRGKRGQRWX>63+6(W@ 1DRSDN YSĜtSDGČ SĜtPp DNFH FKOD]HQt )XQF´ &RR/ MH YêVWXS Y\SQXW NG\å UHJXORYDQi YHOLþLQD GRViKQH KRGQRW\ >63 +6(W@ YSĜtSDGČ V\PHWULFNp K\VWHUH]H QHER >63@ YSĜtSDGČ DV\PHWULFNp K\VWHUH]H 9êVWXS MH ]QRYX ]DSQXW NG\å UHJXORYDQi YHOLþLQD SĜHViKQH KRGQRWX>63+6(W@ 5(*8/$&( 212)) 6 1(875È/1Ë =Ï128 U(*U(* 9ãHFKQ\ SDUDPHWU\ UHJXODFH 212)) VQHXWUiOQt ]yQRX MVRX YH VNXSLQČSDUDPHWUĤ³@U(*´ /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 7/.±1iYRGNREVOX]H WFU±þDVRYêF\NOXVYêVWXSXU(* ,QW±LQWHJUDþQtþDV U6±UXþQtSRVXQSiVPDSURSRUFLRQDOLW\SRX]HSUR³,QW G(U±GHULYDþQtþDV ³)X2&´)X]]\Ĝt]HQtSĜHNPLWX 3RVOHGQtSDUDPHWUXPRåĖXMHSURPČQOLYêSĜHNPLW]DþiWNXSURFHVXQHER ]DEUiQČQt ]PČQČ åiGDQp KRGQRW\ 3DPDWXMWH åH QLåãt KRGQRWD WRKRWR SDUDPHWUXVQLåXMHSĜHNPLW]DWtPFRY\ããtKRGQRWDSĜHNPLW]Y\ãXMH 7HQWR W\S UHJXODFH MH GRVDåHQ NG\å GYD YêVWXS\ MVRX QDVWDYHQ\ MDNR U(*DU(*DSDU³&RQW´ QU 5HJXODFHVQHXWUiOQt]yQRXVHY\XåtYiSURĜt]HQt]DĜt]HQtNGHMHSRXåLW MDN ]DĜt]HQt Y\YROiYDMtFt QiUĤVW UHJXORYDQp YHOLþLQ\ QDSĜ WRSHQt ]YOKþRYDþD]DĜt]HQtY\YROiYDMtFtSRNOHVQDSĜFKODGLþRGYOKþRYDþ ýLQQRVW YêVWXSĤ VH ĜtGt GOH PČĜHQp KRGQRW\ DNWLYQt åiGDQp KRGQRW\ ³63´DK\VWHUH]H+6(W 5HJXODFH SUDFXMH QiVOHGRYQČ YêVWXS\ MVRX Y\SQXW\ NG\å UHJXORYDQi YHOLþLQD GRViKQH åiGDQp KRGQRW\ D ]DSQXW\ NG\å UHJXORYDQi YHOLþLQD YêVWXSXU(*NOHVQHSRGKRGQRWX>63+6(W@QHERXYêVWXSXU(* SĜHNURþtKRGQRWX>63+6(W@ 3URWR MH WĜHED ]DĜt]HQt SUR ]Y\ãRYiQt UHJXORYDQp YHOLþLQ\ SĜLSRMLW NYêVWXSX QDVWDYHQpP U(* ]DWtPFR ]DĜt]HQt SUR VQLåRYiQt YHOLþLQ\ SĜLSRMLWNYêVWXSXQDVWDYHQpPU(* KRGQRWD³)X2&´MH2. KRGQRWD³)X2&´MHY\VRNi KRGQRWD³)X2&´MHQt]Ni ±'92-ý,11eěË=(1Ë3,'U(*U(* 3RNXGMHYêVWXSU(*SRXåtYiQSURĜt]HQtNRPSUHVRUXMHPRåQpY\XåtW IXQNFL³2FKUDQXNRPSUHVRUX³NWHUiRFKUiQtNRPSUHVRUSURWLNUiWNêP F\NOĤP)XQNFHXPRåĖXMHĜtGLWþDV\]DSQXWtYêVWXSXU(*Y]iYLVORVWL QD SRåDGDYFtFK Ĝt]HQt WHSORW\ 2FKUDQD MH IXQNFt W\SX ³]SRåGČQt SR Y\SQXWt³ 2FKUDQD XPRåĖXMH ]DEUiQLW VHSQXWt YêVWXSX YþDVH QDVWDYHQpP YSDU³&3GW³ Y\MiGĜHQê YVHN 9êVWXSX EXGH VHSQXW Då SRXSO\QXWtWpWRGRE\NWHUi]DþQHEČåHWSRSRVOHGQtPY\SQXWtYêVWXSX )XQNFH MH Y\SQXWD SĜL QDVWDYHQt³&3GW³ 2)) .RQWUROND YêVWXSX U(*EČKHPIi]H]SRåGČQtVHSQXWtYêVWXSXEOLNi ±-('12ý,11eěË=(1Ë3,'U(* 9ãHFKQ\ SDUDPHWU\ Y]WDåHQp NWpWR 3,' UHJXODFL MVRX REVDåHQ\ YH VNXSLQČSDUDPHWUĤ³@U(*´ -HGQRþLQQp Ĝt]HQt 3,' SUDFXMH GOH QDVWDYHQt SDU&RQW 3LG D V YêVWXSHPU(*Y]iYLVORVWLQDåiGDQpKRGQRWČ³63´UHåLPXUHJXODFH )XQF´DDOJRULWPX3,'VHGYČPDVWXSQLYROQRVWL 3URWR MH GRVDåHQR YHONp VWDELOLW\ UHJXORYDQp YHOLþLQ\ 9 SĜtSDGČ U\FKOêFK SURFHVĤ PXVt EêW KRGQRWD þDVRYpKR F\NOX³WFU´ QLåãt QHå IUHNYHQFtVStQiQtUHJXORYDQpKRYêVWXSX'RSRUXþXMHVHSURWRSURWRWR Ĝt]HQtDNþQtFKþOHQĤSRXåtWVROLGVWDWHUHOD\665 $OJRULWPXV MHGQRþLQQpKR Ĝt]HQt 3,' VH QDVWDYXMH QiVOHGXMtFtPL SDUDPHWU\ 3E±SiVPRSURSRUFLRQDOLW\ 9ãHFKQ\ SDUDPHWU\ Y]WDåHQp NWpWR 3,' UHJXODFL MVRX REVDåHQ\ YH VNXSLQČSDUDPHWUĤ³@U(*´ 'YRMþLQQp Ĝt]HQt 3,' UHJXODFH VH SRXåtYi NĜt]HQt X ]DĜt]HQt NGH MH SRXåLW MDN ]DĜt]HQt Y\YROiYDMtFt QiUĤVW UHJXORYDQp YHOLþLQ\ QDSĜ WRSHQtD]DĜt]HQtY\YROiYDMtFtSRNOHVQDSĜFKODGLþ 'YRMþLQQp Ĝt]HQt 3,' SUDFXMH GOH QDVWDYHQt SDU&RQW 3LG VH GYČPD UHJXODþQtPL YêVWXS\ U(* D U(* Y]iYLVORVWL QD åiGDQp KRGQRWČ ³63´ D DOJRULWPX 3,' VH GYČPD VWXSQL YROQRVWL =DĜt]HQt Y\YROiYDMtFt]YêãHQtUHJXORYDQpYHOLþLQ\VHSĜLSRMtQDYêVWXSQDVWDYHQê MDNRU(*]DWtPFR]DĜt]HQtSUR]YêãHQtVHSĜLSRMtQDYêVWXSU(* 3URWR MH GRVDåHQR YHONp VWDELOLW\ UHJXORYDQp YHOLþLQ\ 9 SĜtSDGČ U\FKOêFK SURFHVĤ PXVt EêW KRGQRW\ þDVRYêFK F\NOĤ ³WFU´D ³WFU´ QLåãt QHå IUHNYHQFH VStQiQt UHJXORYDQêFK YêVWXSX 'RSRUXþXMH VH SURWRSURWRWRĜt]HQtDNþQtFKþOHQĤSRXåtWVROLGVWDWHUHOD\665 $OJRULWPXV GYRMþLQQpKR Ĝt]HQt 3,' VH QDVWDYXMH QiVOHGXMtFtPL SDUDPHWU\ 3E±SiVPRSURSRUFLRQDOLW\ WFU±þDVRYêF\NOXVYêVWXSXU(* WFU±þDVRYêF\NOXVYêVWXSXU(* ,QW±LQWHJUDþQtþDV U6±UXþQtSRVXQSiVPDSURSRUFLRQDOLW\SRX]HSUR³,QW G(U±GHULYDþQtþDV ³)X2&´)X]]\Ĝt]HQtSĜHNPLWX 3UDW ± SRPČU YêNRQĤ QHER Y]WDK PH]L YêNRQHP ]DĜt]HQt Ĝt]HQpKR YêVWXSHPU(*DYêNRQHP]DĜt]HQtĜt]HQpKRYêVWXSHPU(* 3RNXG MH QDSĜ ³3UDW´ YêVWXS U(* MH GHDNWLYRYiQ D UHJXODFH SUREtKiMDNRSĜLMHGQRþLQQpPĜt]HQt3,'SRX]HQDYêVWXSXU(* ±)81.&($872781,1*$6(/)781,1* 9ãHFKQD SDUDPHWU\ SUR QDVWDYHQt IXQNFt $872781,1* D 6(/) 781,1*MVRXYVH]QDPXSDUDPHWUĤ³@U(*´ )XQNFH $872781,1* D 6(/)781,1* XPRåĖXMt DXWRPDWLFNp QDODGČQtSDUDPHWUĤ3,'UHJXODFH )XQNFH $872781,1* Y\SRþtWiYi SDUDPHWU\ 3,' SRPRFt U\FKOpKR F\NOXQDVWDYRYiQtRGNRQFHMHKRåSDUDPHWU\MVRXNRQVWDQWQtDEČKHP UHJXODFHVHQHPČQt )XQNFH 6(/)781,1* QRUPD QD ]iNODGČ 781(,1 PRQLWRUXMH SURFHVSUĤEČåQČDSDUDPHWU\SĜHSRþtWiYiGOHSRWĜHE\ 2EČIXQNFHDXWRPDWLFNêFKYêSRþWĤ3,'UHJXODFHREVDKXMtQiVOHGXMtFt SDUDPHWU\ 3E±SiVPRSURSRUFLRQDOLW\ WFU±þDVRYêF\NOXVYêVWXSXU(* ,QW±LQWHJUDþQtþDV G(U±GHULYDþQtþDV ³)X2&´±)X]]\Ĝt]HQtSĜHNPLWX DSURGYRMþLQQpĜt]HQt3,'WDNp ³WFU´±þDVRYêF\NOXVUHOpU(* /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 3UDW±SRPČUYêNRQĤU(*U(* 3URDNWLYDFLIXQNFH$872781,1*SRVWXSXMWHQiVOHGRYQČ 1DVWDYWHDDNWLYXMWHSRåDGRYDQRXåiGDQRXKRGQRWX 1DVWDYWHSDU&RQW 3LGQHER 3WSRNXGSĜtVWURMĜtGtPRWRULFN\ RYOiGDQêSRKRQ 1DVWDYWH SDU )XQF SRGOH WRKR MDNRX þLQQRVW EXGH Y\NRQiYDW YêVWXSU(* 1DVWDYWH YêVWXS U(* SRNXG SĜtVWURM ĜtGt ]DĜt]HQt GYRMþLQQRX UHJXODFt3,'QHERPRWRULFN\RYOiGDQêSRKRQ 1DVWDYWHSDU$XWRMDNR ´ ± SRNXG MH DXWRWXQLQJ SRåDGRYiQ DXWRPDWLFN\ YåG\ NG\å MH SĜtVWURM ]DSQXW YSRGPtQNiFK NG\ MH UHJXORYDQi YHOLþLQD QLåãt ³)XQF´ +($WQHå6363QHERY\ããt³)XQF´ &RR/QHå 6363 ±SRNXGMHDXWRWXQLQJSRåDGRYiQDXWRPDWLFN\SĜLSĜtãWtP]DSQXWt SĜtVWURMHYSRGPtQNiFKNG\MHUHJXORYDQiYHOLþLQDQLåãt³)XQF´ +($W QHå 6363 QHER Y\ããt ³)XQF´ &RR/ QHå 6363 D LKQHG MH ODGČQt ]DVWDYHQR 3DUDPHWU ³$XWR´ MH DXWRPDWLFN\XYROQČQGRUHåLPX2)) SRNXGMHDXWRWXQLQJSRåDGRYiQUXþQČMHVSXãWČQ]YROHQtPSDU ³WXQ(´YKODYQtPPHQXQHERSURJUDPRYDFtPWODþtWNHP³8´SĜL ³86UE´ WXQ( 9WRPWR SĜtSDGČ VH DXWRWXQLQJ VSXVWt EH] NRQWURO\ SRGPtQHN UHJXORYDQp YHOLþLQ\ 'RSRUXþXMH VH SRXåtW WXWRYROEXNG\SURFHVQtKRGQRW\MVRXY]GiOHQ\FRPRåQiQHMGiOH RG åiGDQp KRGQRW\ DE\ UHåLP $XWRWXQLQJ )$67 SUREČKO VQHMOHSãtPYêVOHGNHP SRNXG MH DXWRWXQLQJ SRåDGRYiQ VSXVWLW DXWRPDWLFN\ QD NRQFL SURJUDPRYiQtF\NOX6RIW±6WDUWX)XQNFH$XWRWXQLQJMHVSXãWČQD SĜL SRGPtQNiFK NG\ MH UHJ YHOLþLQD QLåãt ³)XQF´ +($W QHå 6363QHERY\ããt³)XQF´ &RR/QHå6363 2SXVĢWHSURJUDPRYiQtSDUDPHWUĤ 3ĜLSRMWHSĜtVWURMN]DĜt]HQtNWHUpPiĜtGLW 6SXVĢWH$XWRWXQLQJY\SQXWtPD]QRYX]DSQXWtPSĜtVWURMHSĜL$XWR D QHER YKODYQtP PHQX Y\EHUWH SDU ³WXQ(´ YKODYQt PHQX QHERVWLVNQČWHWODþtWNR³8´ 1\Qt MH IXQNFH $XWRWXQLQJ VSXãWČQD D MHMt SUĤEČK MH VLJQDOL]RYiQ EOLNDMtFt NRQWURONRX $767 5HJXOiWRU SURYHGH QČNROLN RSHUDFt QD SĜLSRMHQtP]DĜt]HQtDE\Y\SRþtWDOYKRGQpSDUDPHWU\3,'UHJXODFH 3RNXG MH³$XWR´ QHER D $XWRWXQLQJ MH VSXãWČQ QHRYČĜXMt VH SRGPtQN\SĜLNWHUêFKMHUHJXORYDQiYHOLþLQDQLåãt³)XQF´ +($WQHå 6363 QHER Y\ããt ³)XQF´ &RR/ QHå 6363 1D GLVSOHML VH ]REUD]t ³(U$W´ D SĜtVWURM VH YUiWt GR QRUPiOQtKR UHåLPX Ĝt]HQt GOH QDVWDYHQêFKSDUDPHWUĤ3URRGVWUDQČQtFK\ERYpKOiãHQt³(U$W´Ĝt]HQt SĜtVWURMH Y\SQČWH 2)) D SRWRP MHM ]QRYX ]DSQČWH GR DXWRPDWLFNpKR UHåLPXUHJXODFHU(* 3URFHV $XWRWXQLQJX MH RPH]HQ PD[ þDVRYêP LQWHUYDOHP KRGLQ 3RNXG QHQt $XWRWXQLQJ YWRPWR þDVH XNRQþHQ QD GLVSOHML VH ]REUD]t KOiãHQtQR$W 9SĜtSDGČ FK\E\ þLGOD MH SĜtVWURM DXWRPDWLFN\ ]DVWDYHQ 9\SRþtWDQp KRGQRW\MVRXXORåHQ\YSDPČWLSĜtVWURMHGRSDUDPHWUĤĜt]HQp3,' 3R]Q 3ĜtVWURM MH ]YêURE\ QDSURJUDPRYiQ QD VSXãWČQt $XWRWXQLQJX SĜLNDåGpP]DSQXWt$XWR 3URDNWLYDFLIXQNFH6(/)781,1*SRVWXSXMWHQiVOHGRYQČ 1DVWDYWHDDNWLYXMWHSRåDGRYDQRXåiGDQRXKRGQRWX 1DVWDYWHSDU&RQW 3LG 1DVWDYWH SDU )XQF Y]iYLVORVWL QD Ĝt]HQpP SURFHVX SĜHV YêVWXS U(* 1DVWDYWHYêVWXSU(*SRNXGVHMHGQiRGYRMþLQQpĜt]HQt 1DVWDYWHSDU6(/) \(6 2SXVĢWHSURJUDPRYiQtSDUDPHWUĤ 3ĜLSRMWHSĜtVWURMN]DĜt]HQtNWHUpPiĜtGLW 6SXVĢWH IXQNFL 6HOIWXQLQJ YROERX SDU ³WXQ(´ YKODYQtP PHQX QHERVWLVNQČWHWODþtWNR³8´ 3RNXGMHIXQNFH6HOIWXQLQJVSXãWČQDMHMHMtSUĤEČKVLJQDOL]RYiQVYtWtFt NRQWURONRX$767DYãHFKQ\SDUDPHWU\3,'3E,QWG(UDWG QHMVRXMLåYVH]QDPX]REUD]RYiQ\ 3UR ]DVWDYHQt IXQNFH $XWRWXQLQJ QHER XNRQþHQt IXQNFH 6HOIWXQLQJ ]YROWH YPHQX ³6(/´ MHGHQ ] W\SĤ Ĝt]HQt U(* 23/2 QHER 7/.±1iYRGNREVOX]H 2)) -HVWOLåH VH SĜtVWURM EČKHP VSXãWČQt IXQNFH $XWRWXQLQJ QHER 6HOIWXQLQJY\SQHSRMHKR]DSQXWtVHF\NOXV]DKiMt]QRYX ± '26$ä(1Ë äÈ'$1e +2'127< ěË=(128 5<&+/267Ë $ $8720$7,&.e 3ě(3Ë1È1Ë 0(=, '9ċ0, äÈ'$1é0, +2'127$0, 5$03$ 352 1È%ċ+32./(6$352'/(9$ 9ãHFKQ\ SDUDPHWU\ SUR UDPSRYp IXQNFH MVRX XYHGHQ\ Y VH]QDPX SDUDPHWUĤ³@U(*´ -H PRåQp GRViKQRXW åiGDQRX KRGQRWX YSĜHGHP ]YROHQpP þDVH Y NDåGpPSĜtSDGČGHOãtPQHåE\]DĜt]HQtPRKORGRViKQRX7RO]HY\XåtW YWČFK SURFHVHFK Y\WiSČQt FKHPLFNê SUĤP\VO DWG NG\ PXVt EêW åiGDQpKRGQRW\GRVDåHQRSRVWXSQČYGRSĜHGXGDQpPþDVH -DNPLOH SĜtVWURM GRViKQH SUYQt åiGDQp KRGQRW\ 63 MH PRåQp MHM DXWRPDWLFN\SRQDVWDYHQpPþDVHSĜHSQRXWQDGUXKRXåiGDQRXKRGQRWX 63 þtPå ]tVNiPH MHGQRGXFKê DXWRPDWLFNê WHSHOQê F\NOXV 7\WR IXQNFHMHPRåQpY\XåtWSURYãHFKQ\W\S\Ĝt]HQtMHGQRþLQQpDGYRMþLQQp 3,'212))D1HXWUiOQt]yQD212)) )XQNFHMVRXGHILQRYiQ\QiVOHGXMtFtPLSDUDPHWU\ 6/RU 5DPSD SUR QiEČK 3URFHVQt KRGQRWD äiGDQi KRGQRWD Y\MiGĜHQêYMHGQRWNiFKPLQXWiFK 6/R) 5DPSD SUR SRNOHV 3URFHVQt KRGQRWD ! äiGDQi KRGQRWD Y\MiGĜHQêYMHGQRWNiFKPLQXWiFK GXUW ýDV SURGOHY\ QD åiGDQp KRGQRWČ 63 SĜHG DXWRPDWLFNêP SĜHSQXWtPQDåiGDQRXKRGQRWX63Y\MiGĜHQiYKRGLQiFK DPLQXWiFK )XQNFHMVRXGHDNWLYRYiQ\SRNXGMVRXSDUDPHWU\ ,Q) 3RNXGMHåiGDQiKRGQRWD]PČQČQDQHERSR]DSQXWtSĜtVWURMHSĜtVWURM DXWRPDWLFN\ UR]KRGQH NWHURX ]KRGQRW³6/RU´QHER³6/R)´MHQXWQR SRXåtW 3R]Q9SĜtSDGČ3,'UHJXODFHNG\MHSRåDGRYiQDIXQNFH$XWRWXQLQJ D Pi EêW ]iURYHĖ DNWLYQt UDPSRYi IXQNFH VSXVWt VH UDPSD Då SR XNRQþHQtF\NOXODGČQt 3URWR MH YKRGQp SR ]DKiMHQt IXQNFH DXWRWXQLQJ ]DEUiQLW VSXãWČQt UDPSRYpIXQNFH-DNPLOHMHODGČQtGRNRQþHQRGHDNWLYRYDWIXQNFL$XWR WXQLQJ ³$XWR³ 2)) QHVWDYLW SDUDPHWU\ ]YROHQp UDPS\ D SRNXG SRåDGXMHPHDXWRPDWLFNpODGČQtVSXVWLWIXQNFL6HOIWXQLQJ 3ĜVWDUW]KRGQRW\QLåãtQHååiGDQp63DSRNOHVQD63 ±)81.&(62)767$578 9ãHFKQ\SDUDPHWU\SURQDVWDYHQtIXQNFH6RIW6WDUWXMVRXREVDåHQ\YH VNXSLQČSDUDPHWUĤ³@U(*´ )XQNFH6RIW6WDUWO]HY\XåtWSRX]HSĜL3,'Ĝt]HQtDXPRåĖXMHSRNXGMH SĜtVWURM ]DSQXW SR ]YROHQRX GREX OLPLWRYDW ĜtGtFt YêNRQ 7RWR MH YKRGQp SRNXG E\ DNþQt þOHQ NWHUê MH Ĝt]HQ SĜtVWURMHP PRKO EêW SRãNR]HQ Y\ããtP YêNRQHP YH VWDYHFK NG\ MHãWČ QHQt GRVDåHQR MPHQRYLWpKRYêNRQXQDSĜQČNWHUpWRSQpHOHPHQW\ )XQNFHMHGHILQRYiQDQiVOHGXMtFtPLSDUDPHWU\ ³6W3´±9êNRQ6RIW6WDUWX ³6VW´±'RED6RIW6WDUWXY\MiGĜHQiYKRGDPLQ 0RåQRVWLQDVWDYHQtMVRXQiVOHGXMtFt -HVWOLåHMVRXREDSDUDPHWU\QDVWDYHQ\QDKRGQRWXMLQRXQHå2)) 3ĜL]DSQXWtSĜtVWURMHMHQDYêVWXSXYêNRQQDVWDYHQêSDU³6W3´SR GREX QDVWDYHQRX SDU ³66W´ 3ĜtVWURM SUDFXMH SUDNWLFN\ YUXþQtP /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 7/.±1iYRGNREVOX]H UHåLPX D SĜHVWDYHQt DXWRPDWLFNpKR Ĝt]HQt VH SURYHGH SR XSO\QXWt þDVX³66W´ -H YKRGQp QHQDVWDYRYDW YêNRQ ³6W3´ Y\VRNê SURWRåH IXQNFH VH QHY\SQHSRNXGMHĜtGtFtYêNRQQLåãtQHåYêNRQQDVWDYHQê -HVWOLåH MH SDU ³6W3´ 2)) D GRED QDVWDYHQi SDU ³66W´ 3ĜL ]DSQXWt MH YêNRQ Y\SRþtWDQê 3,' UHJXOiWRUHP UR]GČOHQ QD GREX ³66W´DE\E\ORPRåQRY\SRþtWDWUDPSX9êVWXSQtYêNRQ]DþQHQD KRGQRWČDSURJUHVLYQČQDUĤVWiY]iYLVORVWLQDY\SRþtWDQpUDPSČ QHåGRViKQHþDVX³66W´QHERQHåGRViKQHYêNRQY\SRþtWDQê3,' UHJXOiWRUHP 9\SQXWtIXQNFH6RIW6WDUWMHPRåQpQDVWDYHQtPSDU³6VW´ 2)) .G\åVHY\VN\WQHFK\EDPČĜHQtEČKHP6RIW6WDUWXIXQNFHMHSĜHUXãHQD D SĜtVWURM QDVWDYt YêVWXSQt YêNRQ GOH SDU ³23(´ 3RNXG MH PČĜHQt REQRYHQRIXQNFH6RIW6WDUWXMHVWiOHY\SQXWD 3RNXG MH SRåDGDYHN VSXVWLW IXQNFL $XWRWXQLQJ D 6RIW6WDUW QDVWDYWH SDU ³$XWR´ )XQNFH $XWRWXQLQJ VH VSXVWt DXWRPDWLFN\ QD NRQFL F\NOX 6RIW6WDUWX ]D SRGPtQN\ åH SURFHVQt KRGQRWD MH QLåãt ³)XQF´ +($WQHå6363QHERY\ããt³)XQF´ &RR/QHå6363 /RG( 5(/$7,91Ë 632'1Ë $/$50 $ODUP MH DNWLYRYiQ SRNXG UHJXORYDQiYHOLþLQDNOHVQHSRGKRGQRWX>63$/Q@ +LG( 5(/$7,91Ë +251Ë $/$50 $ODUP MH DNWLYRYiQ SRNXG UHJXORYDQiSĜHNURþtKRGQRWX>63$/Q@ /+G( 5(/$7,91Ë$/$507<382.12$ODUPMHDNWLYRYiQSRNXG UHJXORYDQp YHOLþLQD NOHVQH SRG KRGQRWX >63 $/Q/@QHERSĜHNURþt KRGQRWX>63$/Q+@ ±$/$50<$/ .21),*85$&($/$5029e+29é67838 $ODUP\ MVRX ]iYLVOp QD UHJXORYDQp YHOLþLQČ $/ D SĜHG QDVWHYHQtP MHMLFK IXQNFH MH QXWQp VH UR]KRGQRXW NWHUê YêVWXS EXGH RGSRYtGDW NWHUpPXDODUPX 1HMGĜtYH MH QXWQp QDNRQILJXURYDW YH VNXSLQČ SDUDPHWUĤ ³@2XW´ SDUDPHWU\ Y]WDåHQp NYêVWXSĤP XUþHQêP MDNR DODUP\ ³2)´ ³2)´ 1DVWDYHQt SDUDPHWUĤ Y]WDåHQêFK NH ]YROHQêP YêVWXSĤP MH QiVOHGXMtFt $/QRSRNXGMHDODUPRYêYêVWXS21DODUPMHDNWLYQtSRNXGMH2)) ±DODUPQHQtDNWLYQt $/QF SRNXG MH DODUPRYê YêVWXS 21 DODUP QHQt DNWLYQt SRNXG MH 2))±DODUPMHDNWLYQt $/QL SRNXG MH DODUPRYê YêVWXS 21 DODUP QHQt DNWLYQt SRNXG MH 2))±DODUPMHDNWLYQtDVLJQDOL]RYiQRSDþQRXNRQWURONRX21 DODUP 2)) 9VWXSWH GR VNXSLQ\ SDUDHPWHUĤ ³@$/´ Y]WDåHQêFK NDODUPX NWHUê MVPH VH UR]KRGO\ QDVWDYRYDW D Y SDU ³2$/´ QDVWDYWH NWHUê YêVWXS EXGHDODUPVStQDW )XQNFHDODUPXVHQDVWDYXMHQiVOHGXMtFtPLSDUDPHWU\ $/W7<3$/$508 $E.21),*85$&($/$508 ³$/´+2'127$$/$508 ³$//´632'1Ë$/$50±0,1,080 ³$/+´+251Ë$/$50±0$;,080 ³+$/´+<67(5(=($/$508 ³$/G´=32ä'ċ1Ë$.7,9$&($/$508YVHF $/L&+29È1Ë$/$50893ěË3$'ċ&+<%<0ċě(1Ë $/W ± 7<3 $/$508 MH PRåQR QDVWDYLW W\SĤ FKRYiQt DODUPRYpKRYêVWXSX /R$E $%62/871Ë 632'1Ë $/$50 $ODUP MH DNWLYRYiQ SRNXG UHJXORYDQi YHOLþLQD NOHVQH SRG QDVWDYHQRX KRGQRWX $/Q´ +L$E $%62/871Ë +251Ë $/$50 $ODUP MH DNWLYRYiQ SRNXG UHJXORYDQi YHOLþLQD SĜHNURþt QDVWDYHQRX KRGQRWX $/Q´ $E±.21),*85$&($/$5083DUDPHWUPĤåHEêWQDVWDYHQRG GR ýtVOR RGSRYtGi VRXþWX þtVHO KRGQRW ]YROHQêFK IXQNFt D MHKR Yê]QDPMHQiVOHGXMtFt &+29È1Ë$/$50832=$3187ËDODUPRYêYêVWXSVHPĤåHFKRYDW GYČPL]SĤVRE\GOHSĜLþWHQpKRGQRW\NSDU³$E´ 1250È/1Ë DODUP MH DNWLYRYiQ YåG\ SĜL SRGPtQNiFK SUR DODUP $/$501(1Ë$.7,929È132=$3187ËSRNXGMHSĜL]DSQXWt SĜtVWURM YSRGPtQNiFK SUR DODUP DODUP QHQt DNWLYRYiQ $ODUP MH DNWLYRYiQ SRX]H SRNXG VH UHJXORYDQi YHOLþLQD GRVWDQH ]SiVPD SUR DODUPRYpSRGPtQN\D]QRYXGRQČKR =32ä'ċ1Ë $/$508 DODUPRYê YêVWXS VH PĤåH FKRYDW GYČPL UĤ]QêPL]SĤVRE\GOHSĜLþWHQpKRGQRW\NSDU³$E´ $/$50 1(1Ë =32ä'ċ1 DODUP MH DNWLYRYiQ RNDPåLWČ SĜL DODUPRYêFKSRGPtQNiFK =32ä'ċ1Ë $/$508 SĜL DODUPRYêFK SRGPtQNiFK MH DODUP DNWLYRYiQSRXSO\QXWtGRE\]SRåGČQtQDVWHYHQpYSDU³$/G´YVHF %/2.29È1Ë $/$508 DODUPRYê YêVWXS VH PĤåH FKRYDW GYČPL UĤ]QêPL]SĤVRE\GOHSĜLþWHQpKRGQRW\NSDU³$E´ $/$50 1(1Ë %/2.29È1 DODUP MH DNWLYQt SRX]H SĜL DODUPRYêFKSRGPtQNiFK $/$50 %/2.29È1 DODUP MH DNWLYRYiQ SĜL DODUPRYêFK SRGPtQNiFK D WUYi Då GR Y\SQXWt DODUPX VWLVNQXWtP WODþtWND ³8´ ³86UE´ $DF /+$E $%62/871Ë $/$50 7<38 2.12 $ODUP MH DNWLYRYiQ SRNXG UHJXORYDQp YHOLþLQD NOHVQH SRG QDVWDYHQRX KRGQRWX $/Q/ QHERSĜHNURþtKRGQRWX$/Q+ /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 7/.±1iYRGNREVOX]H 3ĜLDODUPXSĜtVWURM]REUD]XMHKOiãHQt³/E$´DFKRYiVHMDNRYSĜtSDGČ FK\E\ PČĜHQt NG\ YêVWXSQt YêNRQ MH QDVWDYHQ SDU ³23(´ VNXSLQD SDUDPHWUĤ³@,Q3´ 3UR QiYUDW NQRUPiOQt IXQNFL SR DODUPX Y\EHUWH ³2))´ YUHåLPX Ĝt]HQt D SR RSUDYČ þLGOD D DNþQtKR þOHQX QDVWDYWH YKODYQtP PHQX DXWRPDWLFNêUHåLPĜt]HQt³U(*´ 9\SQXWt/RRS%UHDNDODUPXVHSURYiQtQDVWDYHQtP³2/E$´ 2)) ±)81&(7/$ýË7.$³8´ =1$/267$/$50DODUPRYêYêVWXSVHPĤåHFKRYDWGYČPLUĤ]QêPL ]SĤVRE\GOHSĜLþWHQpKRGQRW\NSDU³$E´ 1(=1$/267 $/$508 DODUP MH YåG\ DNWLYQt SRX]H SĜL DODUPRYêFKSRGPtQNiFK =1$/267 $/$508 DODUP MH DNWLYQt SĜL DODUPRYêFK SRGPtQNiFKDPĤåHEêWY\SQXWWODþtWNHP³8´³86UE´ $6LLSĜHVWR åHDODUPRYpSRGPtQN\VWiOHH[LVWXMt $/L±$.7,9$&($/$5083ě,&+<%ċ0ċě(1Ë8PRåĖXMH QDVWDYLW FKRYiQt DODUPX YSĜtSDGČ FK\E\ PČĜHQt \(6 DNWLYDFH DODUPXQR DODUPVHQHDNWLYXMH +<67(5(=($/$508 ýLQQRVW DODUPX ]iYLVt GiOH QD MHKR K\VWHUH]L SDU +$/ NWHUi SUDFXMHYDV\PHWULFNpPUHåLPX 9SĜtSDGČ VSRGQtKR DODUPX VH DODUP ]DSQH SĜL SRNOHVX UHJXORYDQp YHOLþLQ\ SRG QDVWDYHQRX KRGQRWX D Y\SQH VH SĜL QiUĤVWX QDG QDVWDYHQRX KRGQRWX +$/ YSĜtSDGČ KRUQtKR DODUPX VH DODUP ]DSQHSĜLQiUĤVWXUHJXORYDQpYHOLþLQ\QDGQDVWDYHQRXKRGQRWXDY\SQH VHSĜLSRNOHVXSRGQDVWDYHQRXKRGQRWX+$/ 9SĜtSDGČSRSODFKXW\SXRNQRVHSĜtNODGVSRGQtKRDODUPXSRXåLMHQD VSRGQtPH]$//SĜtNODGKRUQtKRDODUPXMHYKRGQêSURKRUQtPH] $/+ $/$503ě,3258â(5(*8/$ý1Ë60<ý.< 9ãHFKQ\ SDUDPHWU\ XUþXMtFt IXQNFL DODUPX SĜL SRUXãH VP\þN\ /RRS %UHDNDODUPMVRXREVDåHQ\YHVNXSLQČSDUDPHWUĤ³@/E$´ )XQNFH MH GRVWXSQi X YãHFK SĜtVWURMĤ D DODUP MH DNWLYRYiQ NG\å MH ]QČMDNpKR GĤYRGX ]NUDW QHER SĜHUXãHQt WHUPRþOiQNX SĜHUXãHQt ]iWČåHNRQWURODVP\þN\SĜHUXãHQD 1HMGĜtYH MH QXWQp XUþLW NWHUê YêVWXS EXGH VORXåLW MDNR DODUPRYê 1DVWDYLWSDUDPHWU\WêNDMtFtVHSRXåtYDQêFKYêVWXSĤ³2)´³2)´ YHVNXSLQČSDUDPHWUĤ³@2XW´ $/QRDODUPRYêYêVWXSMH]DSQXWSRNXGMHDNWLYRYiQDODUPDQDRSDN DODUPRYêYêVWXSMHY\SQXWSRNXGMHDODUPGHDNWLYRYiQ $/QFDODUPRYêYêVWXSMHY\SQXWSRNXGMHDNWLYRYiQDODUPDQDRSDN DODUPRYêYêVWXSMH]DSQXWSRNXGMHDODUPGHDNWLYRYiQ $/QLDODUPRYêYêVWXSMHY\SQXWSRNXGMHDNWLYRYiQDODUPDQDRSDN DODUPRYêYêVWXSMH]DSQXWSRNXGMHDODUPGHDNWLYRYiQ 'iOHYVWXSWHGRVNXSLQDSDUDPHWUĤ³@/E$´DQDVWDYWHSDU³2/E$´± QDNWHUêYêVWXSEXGHDODUPRYêVLJQiODGUHVRYiQ $ODUP SĜL SRUXãH UHJXODþQt VP\þN\/RRS %UHDN DODUP MH DNWLYRYiQ MHVWOLåH YêVWXSQt YêNRQ RGSRYtGi KRGQRW\ SR GREX QDVWDYHQRX SDU/E$WYVHF 7R ]DEUDĖXMH IDOHãQêP DODUPĤP NG\ SDUDPHWU PXVt EêW QDVWDYHQ VRKOHGHPQDþDVXNWHUê]DĜt]HQtSRWĜHEXMHNGRVDåHQtåiGDQpKRGQRW\ QDSĜ VSRXãWČQt ]DĜt]HQt D PČĜHQi KRGQRWD MH GDOHNR RG åiGDQp KRGQRW\ )XQNFL WODþtWND ³8´ MH PRåQR GHILQRYDW SDU ³86UE´ REVDåHQêFK YH VNXSLQČSDUDPHWUĤ³³@3$Q´3DUDPHWUPĤåHEêWQDVWDYHQ QR)EH]IXQNFH WXQ( VWLVNQXWtP WODþtWND QD VMH PRåQR ]DSQRXWY\SQRXW IXQNFH $XWRWXQLQJQHER6HOIWXQLQJ 23/2VWLVNQXWtPWODþtWNDQDVMHPRåQRVHYUiWLW]DXWRPDWLFNpKR U(*GRUXþQtKRĜt]HQt23/2DQDRSDN $DFVWLVNQXWtPWODþtWNDQDVMHPRåQRDODUPY]tWQDYČGRPtNDS $VLVWLVNQXWtPWODþtWNDQDVMHPRåQRDODUPY]tWQDYČGRPtDNWLYQt DODUPNDS &+63 VWLVNQXWtP WODþtWND QD VMH PRåQR URWDFt Y\EUDW MHGHQ ]H þW\ĜXORåHQêFKåiGDQêFKKRGQRW 2)) VWLVNQXWtP WODþtWND QD VMH PRåQR VH YUiWLW ]DXWRPDWLFNp UHJXODFHU(*GRY\SQXWtUHJXODFH2))DQDRSDN ±3$5$0(75<.21),*8$5&(./Ëý(0³.(<³ 3ĜtVWURM MH Y\EDYHQ NRQHNWRUHP NWHUê XPRåĖXMH SRPRFt SURJUDPRYDFtKR NOtþH 7(&12/2*,& .(< VH WĜHPL NRQHNWRU\ ]SĜtVWURMHQDþtWDWQHERGRQČKRYNOiGDWYãHFKQ\IXQNþQtSDUDPHWU\ .Otþ MH YKRGQp SRXåtW SUR KURPDGQp SURJUDPRYiQt SĜtVWURMĤ NWHUp PDMt VWHMQRX NRQILJXUDFL SDUDPHWUĤ QHER NSRĜL]RYiQt NRSLt NRQILJXUDFHDMHMtU\FKOpYORåHQtGRSĜtVWURMH -HSRWĜHEDDE\SĜtVWURMDSURJUDPRYDFtNOtþE\O\SĜLSRMHQ\NQDSiMHQt 3UR QDþtWiQt NRQILJXUDFH ] SĜtVWURMH GR NOtþH MH QXWQR SRVWXSRYDW QiVOHGRYQČ SĜHStQDþHYNOtþL.(<SĜHSQČWHGRSRORK\2)) SĜLSRMWHNOtþGRVSHFLiOQtKRNRQHNWRUXQDSĜtVWURML7/. XMLVWČWHVHåHSĜtVWURMLNOtþMVRXSĜLSRMHQ\NQDSiMHQt SR]RUXMWHNRQWURONXQDNOtþL.(<3RNXGMH]HOHQiNRQILJXUDFL O]HGRNOtþHQDþtVWDSRNXG]HOHQČEOLNiQHQtYNOtþLNRQILJXUDFH QDþWHQHVSUiYQČ VWLVNQČWHWODþtWNRQDNOtþL SR]RUXMWH NRQWURONX 3R VWLVNQXWt WODþtWND NRQWUROND ]DþQH VYtWLW þHUYHQČDQDNRQFLQDþtWiQtPXVtEêW]HOHQi Q\QtMHPRåQpNOtþRGSĜtVWURMHRGSRMLW 3UR QDKUiYiQt NRQILJXUDFH ] NOtþH GR SĜtVWURMH MH QXWQR SRVWXSRYDW QiVOHGRYQČ SĜHStQDþHYNOtþL.(<SĜHSQČWHGRSRORK\21 SĜLSRMWHNOtþGRVSHFLiOQtKRNRQHNWRUXQDSĜtVWURML7/. XMLVWČWHVHåHSĜtVWURMLNOtþMVRXSĜLSRMHQ\NQDSiMHQt SR]RUXMWHNRQWURONXQDNOtþL.(<3RNXGMH]HOHQiNRQILJXUDFL O]HGRNOtþHQDþtVWDSRNXG]HOHQČEOLNiQHQtYNOtþLNRQILJXUDFH QDþWHQHVSUiYQČ SRNXGMHNRQWUROND]HOHQiVWLVNQČWHWODþtWNRQDNOtþL SR]RUXMWH NRQWURONX 3R VWLVNQXWt WODþtWND NRQWUROND ]DþQH VYtWLW þHUYHQČDQDNRQFLQDKUiYiQtPXVtEêW]HOHQi Q\QtMHPRåQpNOtþRGSĜtVWURMHRGSRMLW /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 3UR GDOãt SRWĜHEQp LQIRUPDFH VL SURVWXGXMWH QiYRG NREVOX]H SURJUDPRYDFtKRNOtþH.(< ±352*5$029e3$5$0(75< =GH MH SRSLV YãHFK SDUDPHWUĤ UHJXOiWRUX 1ČNWHUp QHPXVHMt EêW SĜL SURJUDPRYiQt ]REUD]HQ\ SURWRåH VH SUR XYHGHQê W\S UHJXOiWRU\ QHQDVWDYXMtQHERMVRXDXWRPDWLFN\]DEORNRYiQD ±7$%8/.$3$5$0(75ģ 6NXSLQD³63´SDUDPHWU\åiGDQpKRGQRW\ 3DU 3RSLV 5R]VDK 1DVW 3R]Q Q63 3RþHWSURJUDPRYDWHOQêFK · åiGDQêFKKRGQRW 63$W $NWLYQtåiGDQiKRGQRWD ·Q63 63 äiGDQiKRGQRWD 63//·63+/ 63 äiGDQiKRGQRWD 63//·63+/ 63 äiGDQiKRGQRWD 63//·63+/ 63 äiGDQiKRGQRWD 63//·63+/ 63// 6SRGQtPH]åiGDQp ·63+/ KRGQRW\ 63+/ +RUQtPH]åiGDQp 63//· KRGQRW\ 6NXSLQD³,Q3´SDUDPHWU\PČĜHQtYVWXSX 3DU 3RSLV 5R]VDK 1DVW 3R]Q - 6(Q6 7\SþLGOD & -&U$/6 ,U-,U&$ 3W ( -&U$/6 3WF ,U-,U&$ 3WF1WF , 9 66& 6SRGQtOLPLWUR]VDKXSUR ·)6& QDSČĢRYêQHER SURXGRYêVLJQiO )6& +RUQtOLPLWUR]VDKXSUR 66&· QDSČĢRYêQHER SURXGRYêVLJQiO G3 3RþHWGHVHWLQQêFKPtVW 3W3WF1WF QRUPVLJQiO\ · 8QLW -HGQRWN\PČĜHQtWHSORW\ WFUWG & &) )L/ 'LJLWiOQtILOWUYVWXSX ))·V 2)6W .DOLEUDFH · URW 2WRþHQtNĜLYN\PČĜHQt · ,Q( ³23(´ IXQNFH 2XU2U8U 28U YSĜtSDGČFK\E\PČĜHQt 23( 9êVWXSQt YêNRQ · YSĜtSDGČFK\E\PČĜHQt 6NXSLQD³2XW´SDUDPHWU\YêVWXSĤ 3DU 3RSLV 5R]VDK 1DVW 3R]Q 2) )XQNFHYêVWXSX U(*U(* U(* $/QR$/QF 2)) 2) )XQNFHYêVWXSX U(*U(* 2)) $/QR$/QF 2)) 6NXSLQD³$/´SDUDPHWU\DODUPX$/ 7/.±1iYRGNREVOX]H 5R]VDK 1DVW 3R]Q 2XW 2XW2XW 2XW2XW 2)) /R$E+L$E /R$E $/W 7\SDODUPX$/ /+$E/RG( +LG(/+G( $E )XQNFHDODUPX$/ · $/ +RGQRWDDODUPX$/ $//·$/+ $// 6SRGQt KRGQRWD DODUPX ·$/+ $/ QHER PLQLPiOQt DODUP$/ $/+ +RUQt KRGQRWD DODUPX $//· $/ QHER PD[LPiOQt DODUP$/ +$/ +\VWHUH]HDODUPX$/ 2))· $/G =SRåGČQtDODUPX$/ 2))·V 2)) $/L $NWLYDFH DODUPX $/ QR\(6 QR YSĜtSDGČFK\E\PČĜHQt 6NXSLQD³/E$´SDUDPHWU\/RRS%UHDNDODUPX 3DU 3RSLV 5R]VDK 1DVW 3R]Q 2)) 2/E$ 9êVWXSNDPEXGH 2XW2XW DGUHVRYiQDODUP/E$ 2XW2XW 2)) /E$W ýDVSRWĜHEQêNDNWLYDFL 2))·V 2)) DODUPX/E$ 6NXSLQD³U(*´SDUDPHWU\UHJXODFH 3DU 3RSLV 5R]VDK 1DVW 3R]Q &RQW 7\SUHJXODFH 3LG2Q)$ 3LG 2Q)6QU )XQF )XQNFHYêVWXSXU(J +($W&RR/ +($W +6(W +\VWHUH]H212)) · UHJXODFH &3GW 2FKUDQQêþDVNRPSUHVRUX 2))·V SURU(* $XWR $XWRWXQLQJ 2)) 6(/) 6HOIWXQLQJ QR\(6 QR 3E 3iVPRSURSRUFLRQDOLW\ · ,QW ,QWHJUDþQtþDV 2))·V G(U 'HULYDþQtþDV 2))·V )X2F )X]]\Ĝt]HQt · WFU 0LQLPiOQtGRED]DSQXWt ·V YêVWXSXU(J 3UDW 9êNRQRYêSRPČUU(* · U(* WFU 0LQLPiOQtGRED]DSQXWt ·V YêVWXSXU(* · U6 5XþQtSRVXQSiVPD SURSRUFLRQDOLW\ 6/RU 5DPSDSURQiUĤVW · ,Q) ,Q) XQLWPLQ GXUW ýDVVHWUYiQt · ,Q) ,Q) KUVPLQ 6/R) 5DPSDSURSRNOHV · ,Q) ,Q) XQLWPLQ 6W3 9êNRQ6RIWVWDUWX 2)) 2)) · 2)) 66W ýDV6RIWVWDUWX 2)) · ,Q) KRG±PLQ 3DU 3RSLV 2$/ 9êVWXSNDPEXGH DGUHVRYiQDODUP$/ /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 6NXSLQD³3$Q´SDUDPHWU\RYOiGiQt 3DU 3RSLV 86UE )XQNFHWODþtWND³8´ GL63 =REUD]HQtQDGLVSOHML69 5R]VDK QR)WXQ( 23/2$DF $6L&+63 2)) G()3RX 63)63R $/ 2))· $G( 3RVXQKRGQRW\SURIXQNFL NRQWUROHN (GLW 5\FKOpQDVWDYHQtåiGDQp 6($(6$( KRGQRW\DDODUPX 6$Q( ±323,63$5$0(7(5ģ 1DVW 3R]Q QR) G() 6$( 7/.±1iYRGNREVOX]H UR]VDKX VWHMQRX MH PRåQp SURYpVW NDOLEUDFL ]H GYRX KRGQRW 9WRP SĜtSDGČ]DGHMWHKRGQRWXSDU³2)6W´D³URW³GOHQiVOHGXMtFKY]RUFĤ ³URW´ ''00 ³2)6W´ '³URW´[0 NGH0 PČĜHQiKRGQRWD' ]REUD]RYDQiKRGQRWDSĜLPČĜHQp KRGQRWČ0 0 PČĜHQi KRGQRWD ' ]REUD]RYDQi KRGQRWD SĜL PČĜHQp KRGQRWČ0 3RWRPSUR]REUD]HQtSODWt'9 09[³URW´³2)6W´ NGH'9 ]REUD]RYDQiKRGQRWD09 PČĜHQiKRGQRWD ,Q( ± ³23(´ )81.&( 93ěË3$'ċ &+<%< 0ċě(1Ë 'HILQXMH SRGPtQN\ SUR FK\EX þLGOD D XPRåĖXMH UR]KRGQRXW R YêNRQX YêVWXSX GOHSDU³23(´0RåQRVWLMVRXQiVOHGXMtFt 2USRGPtQN\MVRXQDGUR]VDKþLGODQHERMHþLGORYDGQp 8USRGPtQN\MVRXSRGUR]VDKþLGODQHERMHþLGORYDGQp 2XUSRGPtQN\MVRXSRGUR]VDKþLGODQHERMHþLGORYDGQp 23(±9é67831Ë9é.2193ěË3$'ċ&+<%<0ċě(1Ë8PRåĖXMH QDVWDYLW YêVWXSQt YêNRQ SĜtVWURMH SĜL FK\EQpP PČĜHQt 3UR 212)) UHJXOiWRU\MHYêVWXSQtYêNRQDXWRPDWLFN\QDVWDYHQQDV 6NXSLQD³@63´SDUDPHWU\åiGDQpKRGQRW\ 8PRåĖXMt QDVWDYLW QDVWDYHQt UHJXODþQtFK ERGĤ D QDVWDYHQt IXQNþQtFK UHåLPĤ Q63 ± 32ý(7 352*5$029$7(/1é&+ äÈ'$1é&+ +2'127 6NXSLQD³@2´SDUDPHWU\YêVWXSĤ 8PRåĖXMHQDVWDYLWSRþHWåiGDQêFKKRGQRWNWHUpPRKRXEêWXORåHQ\ 8PRåĖXMHQDVWDYLWIXQNFLYêVWXSĤ Då 2) )81.&( 9é67838 'HILQXMH IXQNFL YêVWXSX 287 63$W ± $.7,91Ë äÈ'$1È +2'127$ -HVWOLåH MH XORåHQR YtFH UHJXODþQt YêVWXS U(* UHJXODþQt YêVWXS U(* DODUPRYê åiGDQêFKKRGQRWXPRåĖXMHY\EUDWDNWLYQtåiGDQRXKRGQRWX YêVWXS±QRUPiOQČRWHYĜHQ$/QRDODUPRYêYêVWXS±QRUPiOQČ]DYĜHQ 63äÈ'$1È+2'127$ $/QF DODUPRYê YêVWXS ± QRUPiOQČ ]DYĜHQ $/QL VLQGLNDFt RSDþQp 63äÈ'$1È+2'127$SRX]HSRNXGMH³Q63³! NRQWURON\QHSRXåtYiVH2)) 63äÈ'$1È+2'127$SRX]HSRNXGMH³Q63³! 2)SRGREQČMDNRSURYêVWXS287 63äÈ'$1È+2'127$SRX]HSRNXGMH³Q63³ 63//632'1Ë0(=äÈ'$1e+2'127<6SRGQtPRåQiKRGQRWD 6NXSLQD³@$/´SDUDPHWU\DODUPX$/ NWHUiO]HQDVWDYLWMDNRåiGDQiKRGQRWD 8PRåĖXMHQDVWDYLWIXQNFLDODUPĤ$/ 63+/ +251Ë 0(= äÈ'$1e +2'127< +RUQt PRåQi KRGQRWD 2$/±9é6783.$0-($'5(629È1$/$50$/'HILQXMHQD NWHUiO]HQDVWDYLWMDNRåiGDQiKRGQRWD NWHUêYêVWXSEXGHDODUP$/DGUHVRYiQ $/W±7<3$/$508$/8PRåĖXMHY\EUDWFKRYiQtDODUPX$ @ 6NXSLQD³ ,Q3´SDUDPHWU\YVWXSX /R$E±$%62/871Ë632'1Ë$/$50$ODUPMHDNWLYRYiQSRNXG 8PRåĖXMHQDVWDYLWUHåLP]REUD]RYiQtPČĜHQtDW\SþLGOD UHJXORYDQiYHOLþLQDNOHVQHSRGKRGQRWXYSDU$/ +&)*±7<39678388PRåĖXMHQDVWDYLWW\SYVWXSXWHUPRþOiQN\ +L$E $%62/871Ë +251Ë $/$50 $ODUP MH DNWLYRYiQ SRNXG WF RGSRURYp VQtPDþH D WHUPLVWRU\ UWG QRUPDOL]RYDQp VLJQiO\ UHJXORYDQiYHOLþLQDVWRXSQHQDGKRGQRWXYSDU$/ SURXGX,DQDSČWt8R/WQHERPČĜHQtQDVpULRYpOLQFH6(U /+$E ± $%62/871Ë $/$50 7<38 2.12 $ODUP MH DNWLYRYiQ 6(Q6±7<3ý,'/$=iYLVtQDQDVWDYHQpPSDU³+&)*´DXPRåĖXMH SRNXG UHJXORYDQi YHOLþLQD NOHVQH SRG KRGQRWX YSDU$// QHER Y\EUDWQiVOHGXMtFtW\S\þLGHO VWRXSQHQDGKRGQRWXYSDU$/+ WHUPRþOiQN\ - - . &U$/ 6 6 D 7(&12/2*,& LQIUDþLGOR /RG( ± 5(/$7,91Ë 632'1Ë $/$50 $ODUP MH DNWLYRYiQ SRNXG ,57&VpULHV-,U-D.,U&$OLQHDUL]DFt UHJXORYDQiYHOLþLQDNOHVQHSRGKRGQRWX>63$/@ RGSRURYpVQtPDþH3W,(&3W +LG( ± 5(/$7,91Ë 632'1Ë $/$50 $ODUP MH DNWLYRYiQ SRNXG WHUPLVWRU\37&.7<3WFD17&$7QWF UHJXORYDQiYHOLþLQDVWRXSQHQDGKRGQRWXYSDU>63$/@ QRUPDOL]RYDQpSURXGRYpVLJQiO\P$DP$ /+G( ± 5(/$7,91Ë $/$50 7<38 2.12 $ODUP MH DNWLYRYiQ QRUPDOL]RYDQpQDSČĢRYpVLJQiO\P9P9 SRNXG UHJXORYDQi YHOLþLQD NOHVQH SRG KRGQRWX >63 $//@ QHER P9999D9 VWRXSQHQDGKRGQRWX>63$/+@ $E ± )81.&( $/$508 $/ 8PRåĖXMH QDVWDYLW IXQNFL DODUPX 66& ± 632'1Ë /,0,7 52=6$+8 352'29e+2 $ 1$3ċġ29e+2 $/ ]DGiQtP þtVOD RG GR ýtVOR MH GiQR VRXþWHP MHGQRWOLYêFK 6,*1È/8 +RGQRWD NWHURX SĜtVWURM ]REUD]XMH SRNXG MH YVWXSX KRGQRW]YROHQêFKIXQNFtDMHKRYê]QDPMHQiVOHGXMtFt PLQLPiOQt KRGQRWD PČĜHQpKR UR]VDKX P$ P9 9 QHER &+29È1Ë$/$50832=$3187Ë 9 1250È/1Ë DODUP MH DNWLYRYiQ YåG\ SĜL SRGPtQNiFK SUR )6& ± +251Ë /,0,7 52=6$+8 352'29e+2 $ 1$3ċġ29e+2 DODUP 6,*1È/8 +RGQRWD NWHURX SĜtVWURM ]REUD]XMH SRNXG MH YVWXSX $/$501(1Ë$.7,929È132=$3187ËSRNXGMHSĜL]DSQXWt PD[LPiOQt KRGQRWD PČĜHQpKR UR]VDKX P$ P9 P9 9 SĜtVWURM YSRGPtQNiFK SUR DODUP DODUP QHQt DNWLYRYiQ $ODUP MH QHER9 DNWLYRYiQ SRX]H SRNXG VH UHJXORYDQi YHOLþLQD GRVWDQH ]SiVPD SUR G3 ± 32ý(7 '(6(7,11é&+ 0Ë67 8PRåĖXMH ]YROLW ]REUD]HQt DODUPRYpSRGPtQN\D]QRYXGRQČKR PČĜHQpKRGQRW\9SĜtSDGČWHSORWQtFK =32ä'ċ1Ë$/$508 þLGHO3W3WF1WFXPRåĖXMHQDVWDYHQtSRX]HD $/$50 1(1Ë =32ä'ċ1 DODUP MH DNWLYRYiQ RNDPåLWČ SĜL 8QLW ± -('127.< 0ċě(1Ë 7(3/27< 3RNXG MH WHSORWD PČĜHQD DODUPRYêFKSRGPtQNiFK WHSORWQtPþLGOHPWHQWRSDUDPHWUGHILQXMHMHGQRWN\]REUD]HQtWHSORW\YH =32ä'ċ1Ë $/$508 SĜL DODUPRYêFK SRGPtQNiFK MH DODUP VWXSQtFK&HOVLD&QHER)DKUHQKHLWD) DNWLYRYiQ SR XSO\QXWt GRE\ ]SRåGČQt QDVWDYHQp YSDU ³$/QG´ Y )LOW ± ',*,7È/1Ë ),/75 967838 8PRåĖXMH QDVWDYLW þDVRYRX VHN NRQVWDQWX VRIWZDURYpKR ILOWUX Y VHN NWHUi VQLåXMH FLWOLYRVW QD %/2.29È1Ë$/$508 SRUXFK\YVWXSXURVWRXFtþDVþWHQtYVWXSX $/$50 1(1Ë %/2.29È1 DODUP MH DNWLYQt SRX]H SĜL 2)6W±.$/,%5$&(.ODGQiQHER]iSRUQiKRGQRWDNDOLEUDFHNWHUi DODUPRYêFKSRGPtQNiFK VHSĜLþtWiNPČĜHQpKRGQRWČSĜHG]REUD]HQtP $/$50 %/2.29È1 DODUP MH DNWLYRYiQ SĜL DODUPRYêFK URW ± 1$72ý(1Ë 0ċěË&Ë .ě,9.< 7tPWR ]SĤVREHP QHQt SRGPtQNiFK D WUYi Då GR Y\SQXWt DODUPX VWLVNQXWtP WODþtWND ³8´ QDSURJUDPRYDQi NDOLEUDFH Y SDU ³2)6W´ VWHMQi SUR FHOê UR]VDK ³86UE´ $DF PČĜHQt 1DVWDYHQtP SDU ³URW´ MH KRGQRWD SDU³2)6W´ MH WDWR =1$/267$/$50 KRGQRWDSĜLþWHQDNQDPČĜHQpKRGQRWČSĜHG]REUD]HQtP2GFK\ONDMHX YãHFK PČĜHQt NRQVWDQWQt 3RNXG QHFKFHWH QDVWDYLW NDOLEUDFL YFHOpP /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 1(=1$/267 $/$508 DODUP MH YåG\ DNWLYQt SRX]H SĜL DODUPRYêFKSRGPtQNiFK =1$/267 $/$508 DODUP MH DNWLYQt SĜL DODUPRYêFK SRGPtQNiFKDPĤåHEêWY\SQXWWODþtWNHP³8´³86UE´ $6LLSĜHVWR åHDODUPRYpSRGPtQN\VWiOHH[LVWXMt $/±+2'127$$/$508$/+RGQRWDDODUPX$/SURVSRGQtD KRUQtDODUP $// ± /2: $/$50 $/ 6SRGQt DODUP $/ SRNXG MH DODUP W\SX RNQD $/+±+251Ë$/$50$/+RUQtDODUP$/SRNXGMHDODUPW\SX RNQD +$/ ± +<67(5(=( $/$508 $/ $V\PHWULFNp SiVPR Y]WDåHQp NKRGQRWČ DODUPX $/ NWHUp GHILQXMH KRGQRWX SUR Y\SQXWt DODUPX $/ $/G ± =32ä'ċ1Ë $.7,9$&( $/$508 $/ 8PRåĖXMH GHILQRYDW ]SRåGČQtDNWLYDFHDODUPX$/SRNXGMH]DSQXWDIXQNFH]SRåGČQtSDU ³$E´ $/L ± &+29È1Ë $/$508 $/ 93ěË3$'ċ &+<%< 0ċě(1Ë 8PRåĖXMH GHILQRYDW SRGPtQN\ DNWLYDFH DODUPX SĜL FK\EČ PČĜHQt DODUPEXGHDNWLYRYiQ\(6QHERQHEXGHQR 6NXSLQD³/E$´SDUDPHWU\/RRS%UHDN$ODUP±SRUXFK\UHJXODþQt VP\þN\ REVDKXMH SDUDPHWU\ SRUXFK\ UHJXODþQt VP\þN\ NRQWUROD SĜHUXãHQt NWHUp VH Y\XåLMt SĜL MHMt SRUXãH ]NUDWX WHUPRþOiQNX SĜHUXãHQt]iWČåHRSRG 2/E$ ± 9é6783 .$0 -( $/$50 /E$ $'5(629È1 GHILQXMH QD NWHUêYêVWXSEXGH/223%5($.DODUPDGUHVRYiQ /E$W ± ý(6 327ě(%1é . $.7,9$&, /223 %5($. $/$508 =SRåGČQt ]iVDKX /RRS %UHDN DODUPX $ODUP MH DNWLYRYiQ SRNXG YêVWXSQtYêNRQRGSRYtGiKRGQRW\SRGREXQDVWDYHQRXYWRPWR SDUDPHWUXVHNXQG\ 6NXSLQD³@U(*´SDUDPHWU\UHJXODFHREVDKXMHSDUDPHWU\UHJXODFH &RQW±7<35(*8/$&(XPRåĖXMHY\EUDWW\SUHJXODFH3,'3LG 212))VQHV\PHWULFNRXK\VWHUH]t2Q)$212))VHV\PHWULFNRX K\VWHUH]t2Q)6QHXWUiOQt]yQD212))QU )XQF ± )81.&( 9é67838 U(* XPRåĖXMH QDVWDYLW IXQNFL UHJXODþQtKR YêVWXSX U(* D ]YROLW LQYHU]Qt DNFL ± WRSHQt +($W QHERSĜtPRXDNFLFKOD]HQt&RR/ +6(W±+<67(5(=(212))5(*8/$&(SRORYLþQtSiVPRNROHP åiGDQpKRGQRW\NWHUpGHILQXMH ]DStQDFtDY\StQDFtKRGQRWXSĜLĜt]HQt YêVWXSĤ212))UHJXODFt2Q)$2Q)6QU $XWR±)81.&($872781,1*XPRåĖXMHY\EUDWSURYiGČQtIXQNFH $XWRWXQLQJ ´ ± SRNXG MH DXWRWXQLQJ SRåDGRYiQ DXWRPDWLFN\ YåG\ NG\å MH SĜtVWURM ]DSQXW YSRGPtQNiFK NG\ MH UHJXORYDQi YHOLþLQD QLåãt ³)XQF´ +($WQHå6363QHERY\ããt³)XQF´ &RR/QHå 6363 ±SRNXGMHDXWRWXQLQJSRåDGRYiQDXWRPDWLFN\SĜLSĜtãWtP]DSQXWt SĜtVWURMHYSRGPtQNiFKNG\MHUHJXORYDQiYHOLþLQDQLåãt³)XQF´ +($W QHå 6363 QHER Y\ããt ³)XQF´ &RR/ QHå 6363 D LKQHG MH ODGČQt ]DVWDYHQR 3DUDPHWU ³$XWR´ MH DXWRPDWLFN\XYROQČQGRUHåLPX2)) SRNXGMHDXWRWXQLQJSRåDGRYiQUXþQČMHVSXãWČQ]YROHQtPSDU ³WXQ(´YKODYQtPPHQXQHERSURJUDPRYDFtPWODþtWNHP³8´SĜL ³86UE´ WXQ( 9WRPWR SĜtSDGČ VH DXWRWXQLQJ VSXVWt EH] NRQWURO\ SRGPtQHN UHJXORYDQp YHOLþLQ\ 'RSRUXþXMH VH SRXåtW WXWRYROEXNG\SURFHVQtKRGQRW\MVRXY]GiOHQ\FRPRåQiQHMGiOH RGåiGDQpKRGQRW\SURWRåHDE\UHåLP$XWRWXQLQJ)$67SUREČKO VQHMOHSãtPYêVOHGNHP SRNXG MH DXWRWXQLQJ SRåDGRYiQ VSXVWLW DXWRPDWLFN\ QD NRQFL SURJUDPRYiQtF\NOX6RIW±6WDUWX)XQNFH$XWRWXQLQJMHVSXãWČQD SĜL SRGPtQNiFK NG\ MH UHJ YHOLþLQD QLåãt ³)XQF´ +($W QHå 6363QHERY\ããt³)XQF´ &RR/QHå6363 3RNXGMHF\NOXV$XWRWXQLQJYEČKXEOLNiNRQWUROND$7 6(/) ± )81.&( 6(/)781,1* SDUDPHWU VH SRXåtYi NDNWLYDFL \(6 QHER GHDNWLYDFL QR 6HOIWXQLQJ -DNPLOH MH IXQNFH DNWLYRYDQi MHVSXãWČQDYêEČUHPSRORåN\³WXQ(´YKODYQtPPHQXQHERWODþtWNHP8 QDSURJUDPRYDQpP YSDU ³86UE´ WXQ( 3RNXG MH IXQNFH 6HOI WXQLQJSURYiGČQDVYtWtWUYDOHNRQWUROND$7DYãHFKQ\SDUDPHWU\3,' 3E,QWG(UDWGQHMVRXMLåGiOH]REUD]RYiQ\ 7/.±1iYRGNREVOX]H 3E ± 3È602 352325&,21$/,7< ãtĜND SiVPD RNROR åiGDQp KRGQRW\YHNWHUpSUDFXMHSURSRUFLRQiOQtĜt]HQt ,QW ± ,17(*5$ý1Ë ý$6 LQWHJUDþQt þDV QDVWDYHQê YDOJRULWPX 3,' Y\MiGĜHQêYVHNXQGiFK G(U±'(5,9$ý1Ëý$6LQWHJUDþQtþDVQDVWDYHQêYDOJRULWPX3,' Y\MiGĜHQêYVHNXQGiFK )X2F)8==<ěË=(1Ë3ě(.0,78SDUDPHWUXPRåĖXMHHOLPLQRYDW SĜHNPLW SĜL ]DKiMHQt SURFHVĤ QHER ]PČQČ åiGDQp KRGQRW\ 1Låãt KRGQRWD WRKRWR SDUDPHWUX VQLåXMH SĜHNPLW ]DWtPFR Y\ããt SĜHNPLW ]Y\ãXMH WFU ± 0,1,0È/1Ë '2%$ =$3187Ë 9é67838 U(* þDV F\NOX YêVWXSXU(*SĜL3,'UHJXODFLY\MiGĜHQêYVHNXQGiFK 3UDW±9é.2129é320ċ5U(*U(*SDUDPHWUNWHUêPMHPRåQp QDVWDYLW SRPČU YêNRQĤ PH]L ]DĜt]HQtP QD YêVWXSX U(* QDSĜ FKOD]HQt D ]DĜt]HQtP QD YêVWXSX U(* QDSĜ WRSHQt YSĜtSDGČ GYRMþLQQp3,'UHJXODFH WFU 0,1 '2%$ =$3187Ë 9é67838 U(* þDV F\NOX YêVWXSX U(*SUR3,'UHJXODFLY\MiGĜHQêVVHNXQGiFK U6 58ý1Ë 32681 3È60$ 352325&,21$/,7< SRVXQ SiVPD SURSRUFLRQDOLW\SURHOLPLQRYiQtFK\ESRNXGQHQtSĜtWRPQDLQWHJUDþQt KRGQRWD3DUDPHWUMH]REUD]HQSRX]HSĜLQDVWDYHQtSDU³,QW´ 3DUDPHWU\ UDPS XPRåĖXMtFt GRVDåHQt åiGDQp KRGQRW\ YH ]YROHQpP þDVH -DNPLOH MH GRVDåHQD SUYQt åiGDQi KRGQRWD 63 MH PRåQp SR QDVWDYHQpP þDVH SĜHSQXWt QD GUXKRX åiGDQRX KRGQRWX 63 7R XPRåĖXMHMHGQRGXFKêWHSORWQtF\NOXVSURYãHFKQ\W\S\UHJXODFH 6/RU±5$03$3521È5ģ67JUDGLHQWUDPS\SURQiUĤVWSĤVREtFt SRNXG MH UHJXORYDQi YHOLþLQD QLåãt QHå DNWLYQt åiGDQi KRGQRWD ± Y\MiGĜHQêYMHGQRWNiFKPLQXWX3RNXGMHSDUDPHWU ,Q)UDPSDQHQt DNWLYQt GXUW ± ý$6 6(759È1Ë þDV VHWUYiQt QD åiGDQp KRGQRWČ 63 SĜHG DXWRPDWLFNêP SĜHSQXWtP QD 63 Y\MiGĜHQi YKRG D PLQ 7R XPRåĖXMHMHGQRGXFKêWHSORWQtF\NOX3RNXGMHSDUDPHWU ,Q)UDPSD QHQtDNWLYQt 6/R)5$03$35232./(6JUDGLHQWUDPS\SURSRNOHVSĤVREtFt SRNXG MH UHJXORYDQi YHOLþLQD Y\ããt QHå DNWLYQt åiGDQi KRGQRWD ± Y\MiGĜHQêYMHGQRWNiFKPLQXWX3RNXGMHSDUDPHWU ,Q)UDPSDQHQt DNWLYQt 3DUDPHWU\ IXQNFH 6RIW6WDUWX XPRåĖXMtFt OLPLWRYDW ĜtGtFt YêNRQ SR ]DSQXWtYH]YROHQpPþDVH)XQNFHMHDNWLYQtSRX]HSUR3,'UHJXODFL 6W3±9é.2162)767$578SRNXGQHQtSDUDPHWU³66W´QDVWDYHQ QD KRGQRWX 2)) ]DGiYi VH YêNRQ QD YêVWXSX SR GREX ³66W´ RG ]DSQXWtSĜtVWURMH 3ĜtVWURMSUDFXMHYUXþQtFKSRGPtQNiFKD]DSQXWtDXWRPDWLFNpUHJXODFH VHSURYHGHSRXSO\QXWtþDVX³66W´ 1DPtVWR WRKR SRNXG SDU ³6W3´ 2)) D GRED QDVWDYHQi YSDU ³66W´ MH SR ]DSQXWt YêNRQ Y\SRþtWDQê 3,' UHJXOiWRUHP UR]GČOHQ QD GREX³66W´DE\E\ORPRåQRY\SRþtWDWUDPSX9êVWXSQtYêNRQ]DþQHQD KRGQRWČDSURJUHVLYQČQDUĤVWiY]iYLVORVWLQDY\SRþtWDQpUDPSČQHå GRViKQH þDVX ³66W´ QHER QHå VH GRViKQH YêNRQ Y\SRþtWDQê 3,' UHJXOiWRUHP 66W±ý$662)767$578SRX]HSUR3,'þDV6RIW6WDUWXGOHSDU ³6W3´]DGDQêYKRGLQiFKQHERPLQXWiFK 9\SQXWtIXQNFH6RIW6WDUWMHQDVWDYHQtPSDU³66W´ 2)) 6NXSLQD³@3$Q´SDUDPHWU\XåLYDWHOVNpKRUR]KUDQtREVDKXMH SDUDPHWU\SURWODþtWNR8DIXQNFHGLVSOHMH 8VUE ± )81.&( 7/$ýË7.$ 8 XUþXMH NWHUi ]QiVOHGXMtFtFK IXQNFt EXGHSĜLĜD]HQDWODþtWNX8 QR)EH]IXQNFH WXQ( VWLVNQXWtP WODþtWND QD VMH PRåQR ]DSQRXWY\SQRXW IXQNFH $XWRWXQLQJQHER6HOIWXQLQJ 23/2VWLVNQXWtPWODþtWNDQDVMHPRåQRVHYUiWLW]DXWRPDWLFNpKR U(*GRUXþQtKRĜt]HQt23/2DQDRSDN $DFVWLVNQXWtPWODþtWNDQDVMHPRåQRDODUPY]tWQDYČGRPt $6LVWLVNQXWtPWODþtWNDQDVMHPRåQRDODUPY]tWQDYČGRPtDNWLYQt DODUPNDS &+63 VWLVNQXWtP WODþtWND QD VMH PRåQR URWDFt Y\EUDW MHGHQ ]H þW\ĜXORåHQêFKåiGDQêFKKRGQRW 2)) VWLVNQXWtP WODþtWND QD VMH PRåQR VH YUiWLW ]DXWRPDWLFNp UHJXODFHU(*GRY\SQXWtUHJXODFH2))DQDRSDN /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] GL63 ± =2%5$=(1Ë 1$ ',63/(-, SDUDPHWU NWHUêP O]H QDVWDYLW MDNRX KRGQRWX ]REUD]RYDW QD GLVSOHML PČĜHQi KRGQRWD G() DNWLYQtåiGDQiKRGQRWD 63)DNWLYQtåiGDQiKRGQRWDSĜLUDPSČ 63RĜtGtFtYêNRQ 3RXKRGQRWDDODUPX$/ $/ $G( ± 32681 +2'127< 352 )81.&, .21752/(. MH PRåQR QDVWDYLW IXQNFL WĜHFK NRQWUROHN 5R]VYtFHQtP ]HOHQp NRQWURON\ VLJQDOL]XMH åH UHJXORYDQi YHOLþLQD MH YH ]YROHQpP LQWHUYDOX 63$G(63$G( 5R]VYtFHQt NRQWURON\ ± VLJQDOL]XMH åH YHOLþLQD MH SRG KRGQRWRX 63$G( D NRQWUROND VLJQDOL]XMH åH YHOLþLQD MH QDG KRGQRWRX63$G( (GLW ± 5<&+/e 1$67$9(1Ë $.7,91Ë äÈ'$1e +2'127< $ $/$50ģ XUþXMH NWHUi QDVWDYHQi åiGDQi PĤåH EêW ]YROHQD SĜL U\FKOpPSURJUDPRYiQt 6(DNWLYQtåiGDQiKRGQRWDPĤåHEêWXSUDYRYiQDDKRGQRW\DODUPĤ QHPĤåRXEêWXSUDYRYiQ\ $( DNWLYQt åiGDQi KRGQRWD QHPĤåH EêW XSUDYRYiQD D KRGQRW\ DODUPĤPĤåRXEêWXSUDYRYiQ\ 6$( DNWLYQt åiGDQi KRGQRWD D KRGQRW\ DODUPĤ PĤåRX EêW XSUDYRYiQ\ 6$Q( DNWLYQt åiGDQi KRGQRWD D KRGQRW\ DODUPĤ QHPĤåRX EêW XSUDYRYiQ\ ±352%/e0<Ò'5ä%$$=È58.$ ±6,*1$/,=$&(3258&+ +OiãHQt 'ĤYRG ýLQQRVW =NRQWUROXMWH VSUiYQp SRUXFKDþLGOD PČĜHQi KRGQRWD MH QLåãt SĜLSRMHQt þLGOD NSĜtVWURML D XXXX VSUiYQRXIXQNFLþLGOD QHåOLPLWQtKRGQRWDþLGOD PČĜHQi KRGQRWD MH Y\ããt RRRR QHåOLPLWQtKRGQRWDþLGOD IXQNFH $XWRWXQLQJ QHQt 3ĜHSQČWH SĜtVWURM GR 2)) (U$W PRåQiSURWRåHUHJXORYDQi UHJXODFH 2)) D SRWRP GR UHJXODFH YHOLþLQD MH Y\ããt ³)XQF´ DXWRPDWLFNp +($W QHå 6363 U(* QHER QLåãt ³)XQF´ -DNPLOH VH Y\VN\WQH WDWR FK\ED IXQNFL $XWRWXQLQJX &RR/QHå6363 RSDNXMWH IXQNFH $XWRWXQLQJ QHE\OD =NRQWUROXMWH þLGOR D DNþQt QR$W XNRQþHQDGRKRGLQ þOHQDIXQNFLRSDNXMWH SRUXFKD UHJXODþQtKR =NRQWUROXMWH þLGOR D DNþQt /E$ REYRGX /RRS EUHDN þOHQ D SĜtVWURM SĜHSQČWH GR UHåLPXUHJXODFHU(* DODUP PRåQi FK\ED Y SDPČWL 6WLVNQČWHWODþtWNR³3´ (U(3 ((3520 3ĜL DODUPRYêFK SRGPtQNiFK SĜtVWURM XSUDYt YêVWXS\ GOH QDVWDYHQpKR SDU³23(´DDNWLYXMHSĜtVOXãQpDODUP\SRNXGMHSDU³$/QL´ \(6 ±ý,â7ċ1Ë 'RSRUXþXMHPHþLVWLWSĜtVWURMSRX]HQDYOKþHQêPMHPQêPKDGĜtNHPEH] SRXåLWt DEUD]LYQtFK þLVWtFtFK SURVWĜHGNĤ QHER SURVWĜHGNĤ REVDKXMtFt UR]SRXãWČGODNWHUiE\PRKODSĜtVWURMSRãNRGLW ±=È58.<$235$9< 1D SĜtVWURM VH Y]WDKXMH ]iUXND QD NRQVWUXNþQt D PDWHULiORYp YDG\ PČVtFĤ RGH GQH GRGiQt =iUXND VH Y]WDKXMH QD RSUDY\ SĜtSDGQČ YêPČQXSĜtVWURMH 3ĜtSDGQpVHMPXWtNU\WXQHVSUiYQpKRSRXåLWtQHERQHVSUiYQpLQVWDODFH YHGRXDXWRPDWLFN\N]iQLNX]iUXN\ 9SĜtSDGČ åH GRMGH NSRUXãH SĜtVWURMH Y]iUXþQt GREČ L SR MHMtP XSO\QXWtNRQWDNWXMWHQDãHREFKRGQtRGGČOHQtYDGQêSĜtVWURMMHSRWĜHED ]DVODWQDDGUHVXGLVWULEXWRUDVSRGUREQêPSRSLVHP]iYDG\QDQiNODG\ REMHGQDWHOHSRNXGQHQtGRKRGQXWRMLQDN 7(&+1,&$/'$7$ ±(/(.75,&.eÒ'$-( 1DSiMHQt9VWĜVV9VWĜ+] 3ĜtNRQFFD9$ 7/.±1iYRGNREVOX]H 9VWXS\YVWXSSURWHSORWQtþLGORWF-.6LQIUDþLGOR7HFQRORJLF,56 - D . 57' 3W ,(& 37& .7< ̓ȍ # & 17& $7.ȍ#&QHERP9VLJQiO\P9P9 P9 0 ȍ QHER QRUPDOL]RYDQp VLJQiO\ P$ ȍ 99 9êVWXS\PD[YêVWXS\UHOp636712$$&$$&9VWĜ QHERQDSČĢRYêSURSRKRQ665P$9VV 3RPRFQêYêVWXS9VVP$0D[ äLYRWQRVWUHOpRSHUDFt ,]RODFH=YêãHQiL]RODFHPH]LQt]NRQDSČĢRYRXþiVWtQDSiMHQtDUHOpD þHOQtPSDQHOHP]YêãHQiL]RODFHPH]LQt]NRQDSČĢRYRXþiVWtQDSiMHQt DUHOpDRVWDWQtPLQt]NRQDSČĢRYêPLþiVWPLYVWXS\665YêVWXS\ ±0(&+$1,&.eÒ'$-( .U\WQHKRĜODYêSODVW8/9 5R]PČUD[PP',1KORXENDPP 9iKDFFDJ 0RQWiåGRRWYRUXYSDQHOX[PP 3ĜLSRMHQtãURXERYDFtVYRUNRYQLFHPP 6WXSHĖNU\WtþHOQtKRSDQHOX,3YSDQHOXVWČVQČQtP 3URYR]QtWHSORWD& 3URYR]QtYOKNRVW5+EH]NRQGHQ]DFH 6NODGRYDFtWHSORWD& ±52=0ċ5<2792593$1(/8$0217Èä>PP@ /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF] 9 ³6(Q6´ 9 ³6(Q6´ 7/.±1iYRGNREVOX]H ±2%-('1$&Ë.Ï'< ±)81.ý1ËÒ'$-( 5HJXODFH212))MHGQRþLQQpQHERGYRMþLQQp3,' 0ČĜtFtUR]VDKGOHSRXåLWpVRQG\YL]WDEXONDUR]VDKĤ 5R]OLãHQtGLVSOHMHGOHSRXåLWpVRQG\ &HONRYiSĜHVQRVW]UR]VDKX 9]RUNRYDFtU\FKORVWPV 'LVSOHMþtVOLFHþHUYHQêYêãNDPP 6SOĖXMtFt QRUP\ (&& VPČUQLFH (0& (1 (&& VPČUQLFH/9D(1 ±7$%8/.$0ċě,&Ë&+52=6$+ģ 96783 ³G3´ ³G3´ WF- & & ³6(Q6´ - ) ) WF. & & ³6(Q6´ &U$O ) ) WF6 & & ³6(Q6´ 6 ) ) 3W,(& & & ³6(Q6´ 3W ) ) 37&.7< & & ³6(Q6´ 3WF ) ) 17&$7 & & ³6(Q6´ QWF ) ) P$ ³6(Q6´ P$ ³6(Q6´ P9 ³6(Q6´ P9 ³6(Q6´ P9 ³6(Q6´ 9 ³6(Q6´ 9 ³6(Q6´ 7/.DEFGHH D1$3È-(1Ë $ 9VWĜ & 9VWĜ ' 9VWĜ / 9VWĜ9VV + 9VWĜ E96783 & WHUPRþOiQN\-.6,56P9RGSRURYpVQtPDþH3W ( WHUPRþOiQN\-.6,56P9WHUPLVWRU\3WF1WF , DQDORJRYêP$ 9 DQDORJRYê999 F9é6783287 5 UHOp 2 9VVSUR665 G9é6783287 5 UHOp 2 9VVSUR665 QHQt HH63(&,È/1Ë.Ï' 7/.+(6/2 /2*,7521VUR9ROXWRYi35$+$WHOID[ZZZORJLWURQF]HPDLOLQIR#ORJLWURQF]
Podobné dokumenty
Návod - REMAX CZ sro
3DUDPHWUHP³)L/´ MH PRåQR QDVWDYLW þDVRYRX NRQVWDQWX ILOWUX YVWXSQt
PČĜHQpKRGQRW\SURVQtåHQtFLWOLYRVWL]YêãHQtþDVXQDþtWiQt
9SĜtSDGČFK\E\PČĜHQtMHPRåQRSDU³23(´QDVWDYLWYêV...
Návod - REMAX CZ sro
3RXåtYHMWH SRX]H NDEHO\ VH VSUiYQRX L]RODFt SUR GDQê ~þHO SRGOH
]DWtåHQtDSUDFRYQtWHSORW\
.DEHO\ RG YVWXSQtFK þLGHO YHćWH RGGČOHQČ RG QDSiMHFtFK NDEHOĤ D
SRNXG MH NDEHO ...
THP 24 - REMAX CZ sro
]GURMHQHERĢPRKRXPtW]DQiVOHGHNUĤ]QpSRUXFK\SĜtVWURMH
3RNXG]DĜt]HQtREVDKXMHVW\NDþHMHMLFKåIXQNFHY\YR]XMHVLOQi
UXãHQtMHQXWQpSDUDOHOQt]DSRMHQt5&ILOWUXNFtYFHVW\NDþHD
NRYOi...
Návod - REMAX CZ sro
WDNDE\QHE\O\SĜHNURþHQ\SURYR]QtSRGPtQN\DMHGQRWNDQHE\ODY\VWDYHQD
QiKOêP ]PČQiP WHSORW\ SĜL Y\VRNp YOKNRVWL VQiVOHGNHP NRQGHQ]DFH
Y]GXãQpYOKNRVWL
8SR]RUQČQt 3ĜHG SURYiGČQtP M...
NOVEX 2000 manuál
=$ýË1È0(6(6<67e0(0 NOVEX 2000.............................................................................9
=$3187Ë32ýË7$ý( .........................................................................
Návod - REMAX CZ sro
$/8 +RUQt WHSORWQt OLPLW SUR DODUP 6(7 Då & 6(7 Då ) 3ĜL
GRVDåHQtWpWRWHSORW\GRMGHSRSURGOHYČ$/GNDNWLYDFLDODUPX
$// 'ROQt WHSORWQt OLPLW SUR DODUP ...