H8GN Katalogov list

Transkript

H8GN Katalogov list
ˆ
ˆ
5R]P U\[[PPã‘Y‘K
3 HStQiPH]LþLQQRVWPLPtVWQpKRþtWDþHVS HGYROERXD
PtVWQpKRþDVRYDþH
ˆ
3 LSRXåLWtIXQNFHþtWDþHVS HGYROERXMHPRåQRS HSQRXW
GLVSOHMQDPtVWQp]REUD]HQtKRGQRW\
ˆ
ˆ
3URIXQNFLþtWDþHPRåQRVW]P Q\P tWND
3URIXQNFLþDVRYDþHO]HSURYiG WF\NOLFNRXNRQWUROXSRPRFt
SURYR]X212))YQDVWDYHQpPGYRXSRORKRYpPPyGX
ˆ
ýW\ LKRGQRW\S HGYROE\NWHUpPRKRXEêW]P Q Q\
WODþtWNHPQDS HGQtPSDQHOXEDQND69
ˆ
%ORNVYRUHN]DEH]SHþHQêSURWLGRW\NXSUVW DVSO XMtFt
9'(3
ˆ
ˆ
.U\WtþHOQtKRSDQHOX1(0$;,3
6SO XMHEH]SHþQRVWQtQRUP\8/&6$D,(&SUiY WDNMDNR
R]QDþHQt&(
1DSiMHFtQDS Wt
9VV
9êVWXS
5HOpRYêS HStQDFtYêVWXS63'7
%H]NRPXQLNDFt
+*1$'
1DSiMHFtQDS Wt
7\SNRPXQLNDþQtKRYêVWXSX
' 9VV
äiGQê .RPXQLNDFHQHQtSRGSRURYiQD
)/. 56
.RPXQLNDFH
56
+*1$')/.
n
-PHQRYLWpQDSiMHFtQDS Wt
5R]VDKSUDFRYQtKRQDS Wt
6SRW HED
=S VREPRQWiåH
9Q MãtS LSRMHQt
8WDKRYDFtPRPHQW
ãURXERYêFKVYRUHN
'LVSOHM
3RþHWPtVW
3DP RYi]iORKD
ýtWDþ
0D[LPiOQtþtWDFt
IUHNYHQFH
5R]VDKþtWiQt
9VWXSQtPyG\
9êVWXSQtPyG\
ýDVRYDþ ýDVRYpUR]VDK\
9VV
DåMPHQRYLWpKRQDS Wt
PD[:SURPD[VV]iW åSURXGRYiãSLþNDS L]DSQXWtPD[$
0RQWiåGRSDQHOX
âURXERYpVYRUN\ãURXE\0
PD[1P
VHJPHQWRYêQHJDWLYQtS HQiãHQt/&'þDVRYp]REUD]HQtKPLQVHF&0:287567727$/
6NXWHþQiKRGQRWDþHUYHQiPPY\VRNpþtVOLFH
3RåDGRYDQiKRGQRWD]HOHQiPPY\VRNpþtVOLFH
39PtVWD
69PtVWD
3 L]REUD]HQtFHONRYpKRVRXþWXPtVW
1XO\YOHYRMVRXSRWODþHQ\
((3520HQHUJQH]iYLVOiSRþHW]iSLV NUiW
+]QHERN+]YL]SR]QiPND
Då
1DKRUXGROXQDKRUXGROXLQGLYLGXiOQtQDKRUXGROXNYDGUDWXUQtYVWXS
1)&QHER.
DåVHFDåVHFDåVHFDåVHFPLQVHFDå
PLQVHFDåPLQKPLQDåKRGPLQKRGDåKRGKRGDå
KRG
0yG\þDVRYDþH
8SO\QXWêþDV8S]EêYDMtFtþDV'RZQ
9êVWXSQtPyG\
$%'()QHER=
9VWXS\
9VWXSQtVLJQiO\
3URþtWDþ&3&3DUHVHW
3URþDVRYDþ6WDUWKUDGORYiQtDUHVHW
9VWXSQtPHWRGD
%H]QDS RYêYVWXSVHSQXWtDUR]HSQXWtNRQWDNWX
,PSHGDQFHVHSQXWt21
PD[N ]E\WNRYêSURXGDVLP$S L =E\WNRYpQDS WtVHSQXWt21PD[9VV
,PSHGDQFHUR]HSQXWt2)) PLQN 3 LORåHQpQDS Wt
PD[9VV
6WDUWUHVHWKUDGOR 0LQLPiOQtãt NDYVWXSQtKRVLJQiOXQHERPVHFYêE U
5HVHWQDSiMHQt
0LQLPiOQtGREDVHF
tGLFtYêVWXS
.RQWDNWQtYêVWXS63'7$S L9VW 9VVRGSRURYi]iW åFRV 0LQLPiOQtS LSRMHQi]iW å
P$S L9VV~URYH FK\E\3UHIHUHQþQtKRGQRWD
6\VWpPUHVHWRYiQt
([WHUQtPDQXiOQtDUHVHWQDSiMHQtSURþDVRYDþYPyGHFK$%'(QHER=
ýHNDFtGREDþLGOD
PD[PVHF9VWXS\QHPRKRXEêWS LMtPiQ\E KHPþHNDFtGRE\þLGODNG\åMVRX tGLFtYêVWXS\
Y\SQXW\
3R]QiPND ýtVODXGiYDQiS LþtWiQtQDKRUXQHERGROXSURPD[LPiOQtþtWDFtU\FKORVWMVRXVQDVWDYHQêPP tWNHP[3RNXGMH
QDVWDYHQD]P QDP tWNDDQDVWDYHQDIUHNYHQFHN+]SDNPD[LPiOQtSRþtWDFtU\FKORVWEXGHVQtåHQDQDS LEOLåQ SRORYLQX0D[LPiOQtSRþtWDFtIUHNYHQFHEXGHVQtåHQDQDSRORYLQXLYS tSDG åHMH]YROHQPyGQDKRUXGRO n
)XQNFHþDVRYDþH 3 HVQRVWGRE\
þLQQRVWLDFK\ED
QDVWDYHQtYþHWQ YOLYXWHSORW\DQDS Wt
,]RODþQtRGSRU
'LHOHNWULFNiSHYQRVW
2GROQRVWSURWLUXãHQt
2GROQRVWSURWLVWDWLFNpHOHNW LQ 2GROQRVWSURWL
3RUXFKD
FKY Qt
=QLþHQt
2GROQRVWSURWL
3RUXFKD
Ui] P
=QLþHQt
'REDåLYRWQRVWL
0HFKDQLFNi
(OHNWULFNi
2NROQtWHSORWD
3UDFRYQt
6NODGRYDFt
2NROQtYOKNRVW
YIYODVWQRVWL(0&
6SO XMtFtQRUP\
%DUYDNU\WX
6WXSH NU\Wt
+PRWQRVW
6WDUWVLJQiOX““PD[PVHF
6WDUWQDSiMHQt““PD[PVHF
PLQ0 S L9VV
9$&+]SRGREXPLQPH]LYêVWXSQtPLVYRUNDPLDQHåLYêPLNRYRYêPL
þiVWPL
9$&+]SRGREXPLQPH]LåLYêPLVYRUNDPLNURP YêVWXSQtFKVYRUHND
QHåLYêPLNRYRYêPLþiVWPL
9$&+]SRGREXPLQPH]LYêVWXSQtPLVYRUNDPLDåLYêPLVYRUNDPL
NURP YêVWXSQtFKVYRUHN
9$&+]SRGREXPLQPH]LNRPXQLNDþQtPLVYRUNDPLDåLYêPLVYRUNDPL
NURP YêVWXSQtFKVYRUHN
9$&+]SRGREXPLQPH]LNRQWDNW\QHXPtVW QêPLYHGOHVHEH
2EGpOQtNRYêSU E K]HVLPXOiWRUXUXãHQt
“9PH]LQDSiMHFtPLVYRUNDPL“9PH]LYVWXSQtPLVYRUNDPL
“N9SRUXFKDþLQQRVWL“N9]QLþHQt
Då+]VMHGQRGXFKRXDPSOLWXGRXPPYNDåGpP]HW tVP U SRGREXPLQ
Då+]VMHGQRGXFKRXDPSOLWXGRXPPYNDåGpP]HW tVP U SRGREXKRG
PVHFNUiWYNDåGpP]HãHVWLVP U PVHFNUiWYNDåGpP]HãHVWLVP U PLOLRQ RSHUDFt
PLQRSHUDFt$S L9VW RGSRURYi]iW å
ƒ&Dåƒ&EH]QiPUD]\QHERNRQGHQ]DFH
ƒ&Dåƒ&EH]QiPUD]\QHERNRQGHQ]DFH
Då
(0,
9\]D RYiQtSRX]GUD
(16NXSLQD7 tGD$
(06
(1
2GROQRVWSURWLHOHNWULFNêP
(1 N9GRW\NRYêYêERM~URYH YêERM P(6'
N9Y]GXãQêYêERM~URYH 2GROQRVWSURWLYIUXãHQt
(1 9PDPSOLWXGRYiPRGXODFH
0+]Då*+]~URYH 9PSXOVQtPRGXODFH
0+]0+]~URYH 2GROQRVWSURWLS LYHGHQêP SRUXFKiP
(1 9Då0+]~URYH 2GROQRVWSURWLSU UD]X
(1 N9QDSiMHFtYHGHQt~URYH N9YVWYêVWVLJQiORYpYHGHQt
~URYH N9NRPXQLNDþQtYHGHQt~URYH 2GROQRVWSURWLS HS Wt
(1 N9PH]LYHGHQtP
QDSiMHFtDYêVWXSQtYHGHQt~URYH N9PH]LX]HPQ QtP
QDSiMHFtDYêVWXSQtYHGHQt~URYH 8/&6$&þ
2GSRYtGi(1,(&6WXSH ]QHþLVW QtS HS WtNDWHJRULH,,
2GSRYtGi9'(3RFKUDQDS HGGRW\NHPSUVW =DGQtGtO.RX RYiãHGi3 HGQtGtO1þHUQi
ýHOQtSDQHO
,3D1(0$W\S;YQLW Qt
=DGQtNU\W
,3
%ORNVYRUHN
,3
3 LEOLåQ J
3URSRMHQtS HQRVRYpFHVW\
.RPXQLNDþQtPHWRGD
6\QFKURQL]DþQtPHWRGD
5\FKORVWS HQRVXYL]SR]Q
3 HQRVRYêNyG
'pONDGDWRYpKRELWX
'pONDVWRSELWX
'HWHNFHFK\E\
3U E åQiNRQWUROD
5R]KUDQt
)XQNFHÄRSDNRYiQt³UHWU\
.RPXQLNDþQtEXIIHU
ýWHQtD]iSLVGR+*1
9tFHERGRYp0XOWLGURS
56GYRXYRGLþRYêSRORYLþQtGXSOH[
6WDUW±VWRSV\QFKURQL]DFH
ELW VHF
$6&,,
QHERELW QHERELW\
9HUWLNiOQtSDULWDåiGQiVXGiQHEROLFKiYL]SR]QiPND
.RQWUROQt]QDNEORNX%&&
1HQtSRGSRURYiQD
56
1HQtSRGSRURYiQD
E\W ýWHQtVNXWHþQpKRGQRW\DKRGQRWDFHONRYpKRVRXþWXþWHQtD]iSLV
S HGQDVWDYHQêFKDQDVWDYHQêFKKRGQRWS HStQiQtPH]LEORN\69S HStQiQt
PH]LNRPXQLNDFHPL]iSLVGRYROHQ]iSLV]DNi]iQþWHQt]iSLVGDOãtFK
QDVWDYLWHOQêFKSDUDPHWU ]iNODGQtFKDUR]ãt HQêFKIXQNFt
3R]QiPND 5\FKORVWS HQRVXGpONDGDWRYpKRELWXGpONDVWRSELWXDYHUWLNiOQtSDULWDPRKRXEêWQDVWDYHQ\LQGLYLGXiOQ SRPRFt
NRPXQLNDþQtQDVWDYRYDFt~URYQ 'LVSOHMþ
=REUD]XMHVNXWHþQRXKRGQRWXQHER
W\SSDUDPHWUX-HOL]REUD]RYiQ
FHONRYêVRXþHWSDNEXGRX
]REUD]HQ\þW\ LQHMOHY MãtþtVOLFH
PtVWQpKRFHONRYpKRVRXþWX1XO\
VHQH]REUD]XMt
ýLQQRVWGLVSOHMH
,QGLNiWRU
9ê]QDP
&0:
6YtWtYS tSDG XPRåQ Qt]iSLVXNRPXQLNDFH
567
6YtWtE KHPUHVHWXS LSRXåLWtYVWXSXUHVHWXQHERWODþtWNDUHVHWX
287
6YtWtYS tSDG ]DSQXWt tGLFtKRYêVWXSX
727$/
6YtWtYS tSDG ]REUD]HQtFHONRYpKRGQRW\VRXþWX
ýLQQRVWGLVSOHMH
=REUD]XMHMHGQRWNXþDVXMHOL
]YROHQDIXQNFHþDVRYDþH
3 tNODG
%OLNiMHOLQDþDVRYDþL
]REUD]HQRPLQK
PLQKQHERK
7ODþtWNR~URYH 6WLVNQ WHWRWRWODþtWNRS LYêE UX
~URYQ QDVWDYHQtÒURYH QDVWDYHQtMHYROHQDYSR DGt
ÄSUDFRYQt~URYH ³ŒŽ
ÄVH L]RYDFt~URYH ³Ä~URYH SRþiWHþQtKRQDVWDYHQt³ŒŽ
Ä~URYH QDVWDYHQtNRPXQLNDFH³
'LVSOHMþ
=REUD]XMHQDVWDYHQRXKRGQRWX
QHERQDVWDYHQRXKRGQRWX
SDUDPHWUX=REUD]XMHþW\ L
QHMSUDY MãtþtVOLFHKRGQRW\
VRXþWXPtVWMHOL+*1
SRXåLWMDNRþtWDþFHONRYp
KRGQRW\1XO\VHQH]REUD]XMt
7ODþtWNRPyGX
6WLVNQ WHWRWRWODþtWNRS L
YêE UXSDUDPHWU YNDåGp~URYQL
7ODþtWNRGRO .DåGpVWLVNQXWtWRKRWR
WODþtWNDVQLåXMHKRGQRWX
]REUD]HQRXQDGLVSOHML
3URU\FKOpVQtåHQt
KRGQRW\SRGUåWHWRWR
WODþtWNRWUYDOH7DNpYUDFt
QDVWDYHQpSRORåN\
7ODþtWNRQDKRUXUHVHW
.DåGpVWLVNQXWtWRKRWR
WODþtWND]Y\ãXMHKRGQRWX
]REUD]HQRXQDGLVSOHML
3URU\FKOp]YêãHQtKRGQRW\
SRGUåWHWRWRWODþtWNRWUYDOH
7DNpSRVRXYiYS HG
QDVWDYHQpSRORåN\
)XQNFHUHVHWRYiQt
3URUHVHWRYiQtVNXWHþQp
KRGQRW\VWLVNQ WHWRWR
WODþtWNRMHOL]REUD]HQD
VNXWHþQiKRGQRWD-HOLWRWR
WODþtWNRVWLVNQXWRS L
]REUD]HQtFHONRYpKRGQRW\
VRXþWXSDNEXGRX
UHVHWRYiQ\FHONRYiKRGQRWD
VRXþWXLVNXWHþQiKRGQRWD
9VWXS\
9VWXS\þtWDþH
9VWXS\þDVRYDþH
9êVWXS\
&3&3 ” 3 LMtPiVþtWDFtVLJQiO\
” 3 LMtPiYVWXS\LQFUHPHQWXGHNUHPHQWXVDPRVWDWQpDNYDGUDWXUQt
” 3 LLQNUHPHQWDþQtPDGHNUHPHQWDþQtPPyGXMH&3SRXåLWSURYVWXSVRXþWXD&3
SUR]iND]YVWXSXVRXþWX
5HVHW
” 5HVHWXMHVNXWHþQRXKRGQRWX&HONRYiVRXþWRYiKRGQRWDQHQtUHVHWRYiQD
9S tU VWNRYpPPyGXQHERYS tU VWHNSRNOHVPyGXVHYUDFtVNXWHþQiKRGQRWDQD
QXOXYSRNOHVRYpPPyGXVHVNXWHþQiKRGQRWDYUDFtQDQDVWDYHQRXKRGQRWX
” 6þtWDFtYVWXSS LUHVHWXQHQtS LMtPiQ
” ,QGLNiWRU567MHS LUHVHWXUR]VYtFHQ
6WDUW
” =DþtQiþDVRYiQt
5HVHW
” 5HVHWXMHþDVRYDþ9PyGXXSO\QXOêþDVYUDFtþDVQDQXOXYPyGX]EêYDMtFtþDVYUDFt
þDVQDQDVWDYHQRXKRGQRWX
” % KHPUHVHWRYiQt]DVWDYXMHþDVRYiQtDY\StQi tGLFtYêVWXS
” ,QGLNiWRU567E KHPUHVHWRYiQtVYtWt
+UDGOR
” =DND]XMHþDVRYDFtþLQQRVW
287
” .G\åMHGRVDåHQRQDVWDYHQpKRGQRW\MHYêVWXSY\WYR HQSRGOHQDVWDYHQtYêVWXSQtKR
PyGX
7ODþtWND
D
VHSRXåtYDMtSURS HStQiQtPH]LQDVWDYHQtPHQXDPH]LGpONRXGRE\SRNWHURXGUåtWHWODþtWNRGRO SURVWDQRYHQtQD
NWHUpQDVWDYHQtPHQXMVWHVHSRVXQXO7DWRþiVWSRSLVXMHGYDW\SLFNpS tNODG\
3R]QiPND 9QiVOHGXMtFtFKþiVWHFKÄ39³MHSRXåLWRSUR]REUD]HQtVNXWHþQpKRGQRW\DÄ69³SUR]REUD]HQtQDVWDYHQpKRGQRW\
”
9VWXSQtPyG
9êVWXSQtPyG
3RþtWDFtU\FKORVW
ât NDYVWXSQtKRVLJQiOX
'HVHWLQQiþiUND
3 HGQDVWDYHQtP tWND
6DPRVWDWQêYVWXS
)SRþtWiQtS HV
+]
PVHF
åiGQi
åiGQp
”
1DVWDYHQpKRGQRW\MVRXYþLQQRVWLGY VHNXQG\SRWpNG\åMHþLQQRVWWODþtWHN
VNRQþHQDQHERNG\åMHVWLVNQXWRWODþtWNR
QHER
”
ýDVRYêUR]VDK
0yGþDVRYDþH
9êVWXSQtPyG
9êVWXSQtGRED
ât NDYVWXSQtKRVLJQiOX
DåVHF
'2:1GRO ]EêYDMtFtþDV
0yG$
+ROGSRGUåHW
PVHF
”
1DVWDYHQpKRGQRW\MVRXYþLQQRVWLGY VHNXQG\SRWpNG\åMHþLQQRVWWODþtWHN
VNRQþHQDQHERNG\åMHVWLVNQXWRWODþtWNR
QHER
n
9QiVOHGXMtFtPSRSLVXMVRXYãHFKQ\SDUDPHWU\XYHGHQ\YSR DGtYHNWHUpPMVRX]REUD]HQ\1 NWHUpSDUDPHWU\QHPRKRXEêW]REUD]HQ\
Y]iYLVORVWLQDQDVWDYHQtRFKUDQ\DQDSUDFRYQtFKSRGPtQNiFK
3R]QiPND =W FKWR~URYQtSRX]H~URYH SRþiWHþQtKRQDVWDYHQt~URYH QDVWDYHQtNRPXQLNDFtD~URYH QDVWDYHQtUR]ãL XMtFtIXQNFH
PRKRXEêWSRXåLW\NG\åþLQQRVWMH]DVWDYHQD tGLFtYêVWXSMH]DVWDYHQNG\åMVRXW\WRW L~URYQ QDYROHQ\-HOLS HSQXWR
]S WQD~URYH þLQQRVWL]MHGQp]W FKWR~URYQtSDNþLQQRVW]DþtQi
n
”
”
”
”
”
”
”
”
7DWR~URYH MH]REUD]HQDMHOL]DSQXWRQDSiMHQt=WpWR
~URYQ P åHWHS HMtWGR~URYQ RFKUDQD~URYQ SRþiWHþQtKRQDVWDYHQtD~URYQ VH t]HQt
7XWR~URYH QDYROWHQRUPiOQ E KHPþLQQRVWL
% KHPþLQQRVWLPRKRXEêWPRQLWRURYiQ\SRPRFtWODþtWND
VNXWHþQiKRGQRWDQDVWDYHQiKRGQRWDKRGQRWD
FHONRYpKRVRXþWXDþtVORQDVWDYHQtEDQN\69
3URQDYROHQtWpWR~URYQ VWLVNQ WHWODþtWNR
MHGQRXQD
GREXNUDWãtQHåMHGQDVHNXQGD
7DWR~URYH VORXåtSURYORåHQtQDVWDYHQpKRGQRW\69
DåSURþLQQRVWWDWR~URYH REVDKXMHSDUDPHWU\SUR
]iSLVNRPXQLNDFHXPRåQ Q]DEORNRYiQQDVWDYHQt
KRGQRW\EDQN\69DSURGREXF\NOXþDVRYDþPyG=
2GWXGVHP åHWHS HVXQRXWQDQHMY\ããtSDUDPHWU~URYQ þLQQRVWLRFKUDQQp~URYQ QHER~URYQ SRþiWHþQtKR
QDVWDYHQt
3URYêE UWpWR~URYQ VWLVNQ WHWODþtWNR
MHGQRXQD
GREXGHOãtQHåW LVHNXQG\Y~URYQLþLQQRVWQHER~URYQL
SRþiWHþQtKRQDVWDYHQt
7DWR~URYH VORXåtSURYêE UIXQNFHPyGXYVWXSX
UR]VDKXþDV PyGXþDVRYDþHYêVWXSQtKRPyGXGRE\
YêVWXSXU\FKORVWLSRþtWiQtãt N\YVWXSQtKRVLJQiOXSRORK\
GHVHWLQQpþiUN\KRGQRW\ÄSUHVFDOH³DY]HVWXSQpVHVWXSQp
KUDQ\YVWXSQtKRVLJQiOX
”
0 åHWHVHS HVXQRXWGR~URYQ QDVWDYHQtUR]ãt HQpIXQNFH
QHER~URYQ QDVWDYHQtNRPXQLNDFt]WpWR~URYQ SRþiWHþQtKR
QDVWDYHQt3URQiYUDWGR~URYQ þLQQRVWVWLVNQ WHWODþtWNR
SRGREXQHMPpQ MHGQDVHNXQGD3URS HVXQGR~URYQ MHGQRXSRGREX
QDVWDYHQtNRPXQLNDFtVWLVNQ WHWODþtWNR
PpQ QHåMHGQDVHNXQGD
”
3URQDYROHQtWpWR~URYQ VWLVNQ WHVRXþDVQ WODþtWND
D
SRGREXDOHVSR W tVHNXQGVWDQGDUGQtKRGQRWD7DWR
~URYH Pi]DEUiQLWQHFKW QpQHERQiKRGQp~SUDY SDUDPHWU ÒURYQ RFKUDQ\QHEXGRX]REUD]HQ\DWDN
SDUDPHWU\YW FKWR~URYQtFKQHPRKRXEêW]P Q Q\
”
3URYêE UWpWR~URYQ VWLVNQ WHWODþtWNR
MHGQRXSRGREX
PpQ QHåMHGQDVHNXQGDY~URYQLSRþiWHþQtKRQDVWDYHQt-HOL
SRXåLWDNRPXQLNDþQtIXQNFHQDVWDYWHNRPXQLNDþQtSRGPtQN\
YWpWR~URYQL.RPXQLNDFHVRVREQtPSRþtWDþHPKRVWLWHOVNê
SRþtWDþGRYROXMHQDVWDYLWKRGQRW\NWHUpPDMtEêWþWHQ\D
]DSLVRYiQ\
”
3URQDYROHQtWpWR~URYQ PXVtWH]P QLWSRþiWHþQt
QDVWDYHQtQDVWDYHQtRFKUDQ\NRPXQLNDFtY~URYQLRFKUDQDQD
ijDSRWRPYORåLWKHVORijY~URYQLSRþiWHþQtQDVWDYHQt
7DWR~URYH MHSURLQLFLDOL]DFLQDVWDYHQtRGEORNRYiQtEDQN\
69DSURSRXåLWtFHONRYpKRþtWDþHQDVWDYHQt]REUD]HQtGRE\
DXWRPDWLFNpKRQiYUDWXDGRE\S HVXQXGR~URYQ RFKUDQD
=WpWR~URYQ VHP åHWHS HVXQRXWGR~URYQ SRþiWHþQtKR
QDVWDYHQt
”
”
n
3969
7RWR]REUD]HQtVHREMHYtMHOL]DSQXWRQDSiMHQt'LVSOHMþ
XYiGtVNXWHþQRXKRGQRWXDþXYiGtQDVWDYHQRXKRGQRWX
=REUD]HQpKRGQRW\EXGRX]iYLVHWQDQDVWDYHQtYêE UXSUR
þtWDþþDVRYDþUR]VDKXGREPyGXþDVRYDþHDQDSROR]H
GHVHWLQQpþiUN\SURYHGHQpY~URYQLSRþiWHþQtKRQDVWDYHQt
3RXåLMWHWODþtWND
D
SUR]P QXQDVWDYHQt
39
'LVSOHMþEXGHXND]RYDWVNXWHþQRXKRGQRWXDGLVSOHMþ
] VWDQHSUi]GQê=REUD]HQpKRGQRW\EXGRX]iYLVHWQD
QDVWDYHQtYêE UXSURþtWDþþDVRYDþUR]VDKXGREPyGX
þDVRYDþHDQDSROR]HGHVHWLQQpþiUN\SURYHGHQpY~URYQL
SRþiWHþQtKRQDVWDYHQt
SURUHVHWRYiQtVNXWHþQpKRGQRW\
6WLVNQ WHWODþtWNR
&HONRYiKRGQRWDVRXþWX
&HONRYiKRGQRWDVRXþWXMH]REUD]HQDSRX]HNG\å
ÄSRXåLWêFHONRYêþtWDþ³E\O]DSQXWY~URYQLQDVWDYHQt
UR]ãt HQpIXQNFH
ýW\ LQHMOHY MãtþtVOLFHPtVWQpKRFHONRYpKRGQRW\VRXþWX
EXGRXXYHGHQ\QDGLVSOHMLþDQHMSUDY MãtþW\ LþtVOLFHEXGRX
XYHGHQ\QDGLVSOHMLþ
3RGUREQRVWLRLQIRUPDFtFKRþLQQRVWLFHONRYpKRþtWDþHYL]
1DVWDYHQtYVWXSQtKRYêVWXSQtKRPyGXQDVWUiQFH127$*
%DQND69
%DQND69MH]REUD]HQDSRX]HNG\åÄSRXåLWiEDQND69³
E\OD]DSQXWDY~URYQLQDVWDYHQtUR]ãt HQpIXQNFH
=YROWHEDQNX6969Då3URSRXåLWtIXQNFHEDQND69
PRKRXEêWS HGHPQDVWDYHQ\þW\ LQDVWDYHQpKRGQRW\69
DåY~URYQLQDVWDYHQt7ODþtWNDQDþHOHMHGQRWN\SDNPRKRX
EêWSRXåLWDE KHPþLQQRVWLQDS HStQiQtPH]LQDVWDYHQêPL
KRGQRWDPL3URPRGHO\VYHVWDY QRXNRPXQLNDFtNRPXQLNDFH
P åHEêWSRXåLWDQDS HStQiQtPH]LQDVWDYHQêPLKRGQRWDPL
t]HQt]iSLVXNRPXQLNDFH
t]HQt]iSLVXNRPXQLNDFHMH]REUD]HQRSRX]HXPRGHO VNRPXQLNDFt
'RYROXMHQHER]DND]XMHNRPXQLNDFL]DSVDWGDWD]RVREQtKR
SRþtWDþHKRVWLWHOVNêSRþtWDþ.RPXQLNDFHP åHEêWSRXåLWD
SURþWHQtGDWEH]RKOHGXQDWRWRQDVWDYHQt
69Då
69DåMH]REUD]HQDSRX]HNG\åÄSRXåLWiEDQND69³
E\OD]DSQXWDY~URYQLQDVWDYHQtUR]ãt HQpIXQNFH
3RXåtYiVHSURQDVWDYHQtSRåDGRYDQpKRGQRW\MHOLSRXåLWD
IXQNFHEDQND692EVOXKDP åHSRXåtYDWWODþtWNDQDþHOQtP
SDQHOXSURS HStQiQtPH]LQDVWDYHQêPLKRGQRWDPL
69Då.G\åVH]P QtQDVWDYHQiKRGQRWDYPyGX
þLQQRVWLQDVWDYHQiKRGQRWD69DåQDVWDYHQiY~URYQL
VH t]HQtSUREDQNX69EXGHWDNp]P Q QD
'REDF\NOX
'REDF\NOXMH]REUD]HQDSRX]HNG\åÄYêVWXSQtPyGSUR
IXQNFLþDVRYDþH³Y~URYQLSRþiWHþQtKRQDVWDYHQtE\O
QDVWDYHQQDÄ=³
1DVWDYXMHGREXF\NOXSRXåLWRXSURGYRXSRORKRYêSURYR]
QDVWDYLWHOQpKREOLNDFtKRPyGX=&\NOLFNp t]HQtP åHEêW
VQDGQRSURYiG QRYHGYRXSRORKRYpPSURYR]XEOLNDFtKRPyGX
SUYQtPQDVWDYHQtPGRE\F\NOXYVH L]RYDFt~URYQLSRXåLWtP
QDVWDYHQpKRGQRW\Y~URYQLþLQQRVWLSUR]P QXSRP UXGRE\
]DSQXWt
t]HQtSU WRNXRWHYtUiQtPD]DYtUiQtP
HOHNWURPDJQHWLFNpKRYHQWLOXSXO]QtP t]HQtP
3RGUREQRVWLRLQIRUPDFtFKRGYRXSRORKRYpPSURYR]XþLQQRVWL
PyGXQDVWDYLWHOQpKRS HStQiQtYL]1DVWDYHQt
YVWXSQtKRYêVWXSQtKRPyGX
9êE UþtWDþþDVRYDþ
9êE USRXåLWt+*1EX MDNRþtWDþQHERþDVRYDþ
9VWXSQtPyG
9VWXSQtPyGMH]REUD]HQSRX]HNG\åÄYêE U
þtWDþþDVRYDþ³E\O\YSRþiWHþQtPQDVWDYHQtQDVWDYHQ\QD
þtWDþ
.G\åMH+*1SRXåLWMDNRþtWDþQDYROWHYVWXSQtPyGQD
SRNOHVS tU VWHNVDPRVWDWQêQHERNYDGUDWXUQtPyG3RNXGMH
Y\EUiQS tU VWHNQHERSRNOHVKUDQDYVWXSQtKRVLJQiOXSUR
&3YVWXSVRXþWXP åHEêWS HSQXWDSRXåLWtPQDVWDYHQt
KUDQ\YVWXSQtKRVLJQiOX
3RGUREQpRLQIRUPDFHRþLQQRVWLYVWXSQtKRPyGXYL]
9VWXSQtYêVWXSQtPyGDSRþtWDQpKRGQRW\
5R]VDKGRE\
9VWXSQtPyGMH]REUD]HQSRX]HNG\åÄYêE U
þtWDþþDVRYDþ³E\O\YSRþiWHþQtPQDVWDYHQtQDVWDYHQ\QD
þDVRYDþ
.G\åMH+*1SRXåLWMDNRþDVRYDþQDVWDYWHþDVRYêUR]VDK
NWHUêPiEêWP HQ
0yGþDVRYDþH
0yGþDVRYDþHMH]REUD]HQSRX]HNG\åÄYêE U
þtWDþþDVRYDþ³E\OYSRþiWHþQtPQDVWDYHQtQDVWDYHQQD
þDVRYDþ
.G\åMH+*1SRXåLWMDNRþDVRYDþQDVWDYWHPyGXSO\QXOê
QHER]EêYDMtFtþDV
9êVWXSQtPyGSURIXQNFLþtWDþH
9êVWXSQtPyGMH]REUD]HQSRX]HNG\åÄYêE U
þtWDþþDVRYDþ³E\OYSRþiWHþQtPQDVWDYHQtQDVWDYHQQD
þtWDþ
0iOLEêW+*1SRXåtYiQMDNRþtWDþQDVWDYWHYêVWXSQtPyG
3RGUREQpLQIRUPDFHRþLQQRVWLYêVWXSQtKRPyGXYL]
1DVWDYHQtYVWXSQtKRYêVWXSQtKRPyGX
9êVWXSQtPyGSURIXQNFLþDVRYDþH
9êVWXSQtPyGMH]REUD]HQSRX]HNG\åÄYêE U
þtWDþþDVRYDþ³E\OYSRþiWHþQtPQDVWDYHQtQDVWDYHQQD
þtWDþ
0iOLEêW+*1SRXåtYiQMDNRþDVRYDþQDVWDYWHYêVWXSQt
PyG
3RGUREQpLQIRUPDFHRþLQQRVWLYêVWXSQtKRPyGXYL]
1DVWDYHQtYVWXSQtKRYêVWXSQtKRPyGX
9êVWXSQtGRED
9êVWXSQtGREDMH]REUD]HQDSRX]HNG\åÄYêVWXSQtPyG
SURIXQNFLþtWDþH³S L~URYQLSRþiWHþQtKRQDVWDYHQtE\O
QDVWDYHQQD&QHER.QHERNG\åÄYêVWXSQtPyGSUR
IXQNFLþDVRYDþH³S L~URYQLSRþiWHþQtKRQDVWDYHQtE\O
QDVWDYHQQD$QHER%
3 LSRXåLWtMHGQRUi]RYpKRYêVWXSXX+*1QDVWDYWHGREX
YêVWXSXSURMHGQRUi]RYêYêVWXSDåVHF
-HGQRUi]RYêYêVWXSP åHEêWSRXåLWSRX]HNG\åMHQDYROHQ
YêVWXSQtPyG&QHER.SURIXQNFLþtWDþHQHERYêVWXSQtPyG$
QHER%SURIXQNFLþDVRYDþH
3RNXGMHYêVWXSQtGREDQDVWDYHQDQDijS LYêE UXIXQNFH
þDVRYDþYêVWXSEXGHSRGUåHQ9êVWXSQtGREDQHP åHEêW
QDVWDYHQDQDijSURIXQNFLþtWDþH
5\FKORVWþtWiQt
5\FKORVWSRþtWiQtMH]REUD]HQDSRX]HNG\åÄYêE U
þtWDþþDVRYDþ³E\OYSRþiWHþQtPQDVWDYHQtQDVWDYHQQD
þtWDþ
-HOL+*1SRXåLWMDNRþtWDþREVOXKDP åHS HStQDWPH]L
PD[LPiOQtPLU\FKORVWPL
+]N+]SUR&3D&3
-HOLYVWXSQtPVLJQiOHPNRQWDNWQDVWDYWHQD+]3 L
SRþtWDFtU\FKORVWL+]MHRGVWUDQ QRFKY QtVLJQiOX
ât NDYVWXSQtKRVLJQiOX
3 HStQiPH]LPLQLPiOQtPLãt NDPLYVWXSQtKRVLJQiOX
PVHFPVHFSURVWDUWUHVHWDYVWXS\EORNRYiQtât N\YãHFK
YVWXSQtFKVLJQiO MVRXQDVWDYHQ\VSROHþQ SRPRFtH[WHUQtKR
YVWXSX
-HOLY\EUiQDIXQNFHþtWDþHSDNMHQDVWDYHQSRX]HUHVHWRYDFt
YVWXSDOHMHOLY\EUiQDIXQNFHþDVRYDþHSDNVWDUWRYDFt
KUDGORYDFtDUHVHWRYDFtYVWXSMVRXQDVWDYHQ\VSROHþQ 3 LSRXåLWtNRQWDNWXSURYVWXSQtVLJQiOQDVWDYWHPVHF3 L
ãt FHYVWXSQtKRVLJQiOXQDVWDYHQpQDPVHFMHRGVWUDQ QR
FKY QtVLJQiOX
3RORKDGHVHWLQQpþiUN\
3RORKDGHVHWLQQpþiUN\MH]REUD]HQDSRX]HNG\åÄYêE U
þtWDþþDVRYDþ³E\OYSRþiWHþQtPQDVWDYHQtQDVWDYHQQD
þtWDþ
7HQWRXUþXMHSRORKXGHVHWLQQpþiUN\SUR3969EDQNX69
69DåDSURKRGQRW\FHONRYpKRVRXþWX6WLVNQ WHWODþtWNR
SURSRVXQGHVHWLQQpþiUN\GROHYDDWODþtWNR
SUR
SRVXQGRSUDYD
3UHVFDOHKRGQRWD
3UHVFDOHKRGQRWDMH]REUD]HQDSRX]HNG\åÄYêE U
þtWDþþDVRYDþ³E\OYSRþiWHþQtPQDVWDYHQtQDVWDYHQQD
þtWDþ
3 HYiGtSRþHWYVWXSQtFKLPSXOV QDMDNRXNROLYKRGQRWX
YUR]VDKXQDVWDYHQtDå
3 tNODG0iWH]REUD]HQt‰‰‰‰PSURV\VWpPNWHUêY\ãOH
LPSXO] NG\åVHS HGP WSRVXQHGRS HGXRP3URYH WH
QiVOHGXMtFtNURN\
1DVWDYWHSRORKXGHVHWLQQpþiUN\S HGGUXKRXþtVOLFL]OHYD
1DVWDYWHSUHVFDOHKRGQRWXQD
+UDQDYVWXSQtKRVLJQiOX
+UDQDYVWXSQtKRVLJQiOXEXGH]REUD]HQDSRX]HNG\å
ÄYVWXSQtPyG³Y~URYQLSRþiWHþQtKRQDVWDYHQtE\O
QDVWDYHQQDS tU VWHNQHERSRNOHV
3 HStQiYVWXSQtKUDQX&3MHOL+*1SRXåLWMDNRþtWDþ
SRNOHVXQHERS tU VWNX3 LPyGXþtWDþHSRNOHVQHERS tU VWHN
&3EXGHIXQJRYDWMDNRYVWXSEORNRYiQtD&3EXGHPtW
]DEORNRYDQpSRþtWiQtNG\å&3EXGHYHVWDYX21
3RGUREQpLQIRUPDFHRþLQQRVWLYVWXSQtKRPyGXYL]
9VWXSQtYêVWXSQtPyGDSRþtWDQpKRGQRW\
3RK\EGRQDVWDYRYDFt~URYQ UR]ãL XMtFtIXQNFH
7RWREXGH]REUD]HQRSRX]HNG\åÄSRþiWHþQt
QDVWDYHQtRFKUDQDNRPXQLNDFt³MHQDVWDYHQDQDij
Y~URYQLRFKUDQD
7RWRQDVWDYHQtXPRå XMHQDVWDYHQtUR]ãL XMtFtIXQNFHSUR
]YêãHQtXåLWHþQRVWLIXQNFtþtWDþþDVRYDþQDPD[LPXP3UR
S HVXQGRQDVWDYRYDFt~URYQ UR]ãL XMtFtIXQNFHYORåWHKHVOR
±]~URYQ SRþiWHþQtKRQDVWDYHQt
,QLFLDOL]DFHSDUDPHWUX
3RXåLWRSURQiYUDWYãHFKQDVWDYHQtQDVWDQGDUGQtKRGQRW\
=DSQ WHLQLFLDOL]DFLSDUDPHWUXDSRVX WHVHQDGDOãtGLVSOHM
]REUD]HQtSURQiYUDWYãHFKQDVWDYHQtQDVWDQGDUGQtKRGQRW\
3RXåLWDEDQND69
1DVWDYWHÄSRXåLWDEDQND69³QD]DSQXWRDS HStQHMWHWODþtWN\
QDSDQHOXPH]LKRGQRWDPL69Då
3URSRXåLWtIXQNFHEDQND69QDVWDYHQiKRGQRWD69Då
PXVtEêWQDVWDYHQDS HGHPY~URYQLVH t]HQt7\WRQDVWDYHQp
KRGQRW\MVRXSDNSRXåLW\E KHPþLQQRVWLSRPRFtWODþtWHNQD
þHOQtPSDQHOXMHGQRWN\
3RXåLWFHONRYêþtWDþ
1DVWDYWHSRXåtYiQtFHONRYpKRþtWDþHGRVWDYX21SUR
]REUD]HQtDSRXåtYiQtFHONRYpKRþtWDþHY~URYQLþLQQRVWL
&HONRYêþtWDþ]REUD]XMHþW\ LQHMOHY MãtPtVWDPLPtVWQpKR
þtWDþHQDGLVSOHMLþDþW\ LQHMSUDY MãtPtVWDQDGLVSOHMLþD
WtPXPRå XMHPLPtVWQp]REUD]HQt
=REUD]HQtGRE\DXWRPDWLFNpKRQiYUDWX
3RNXGMHSRXåLWDWDWRIXQNFHEXGHVHGLVSOHMY~URYQtFK
þLQQRVWDVH t]HQtDXWRPDWLFN\YUDFHWQD]REUD]HQt3969
SRNXGSURQDVWDYHQRXSHULRGXQHE\ODSURYiG QDWODþtWN\
åiGQiþLQQRVWUR]VDKQDVWDYHQtDåVHF
'REDS HGDXWRPDWLFNêPQiYUDWHPGLVSOHMHP åHEêW
QDVWDYHQD]GH3RNXGMHWRWRQDVWDYHQtY\SQXWRIXQNFH
DXWRPDWLFNpKRQiYUDWXQHEXGHYþLQQRVWL
'REDS HVXQXGRRFKUDQQp~URYQ 3RNXGMVRXWODþtWND
D
VWLVNQXWDSRGREXGHOãtQHå
VHNXQG\Y~URYQLþLQQRVW]REUD]HQtVHS HVXQHGR~URYQ RFKUDQD3RXåLMWHWRWRQDVWDYHQtSUR]P QXGRE\åHWODþtWNR
PXVtEêWVWLVNQXWRSRMDNRXNROLYGREXXYQLW UR]VDKXQDVWDYHQt
DåVHF
2FKUDQDþLQQRVWVH t]HQt
1iVOHGXMtFtWDEXONDXND]XMHRFKUDQ\GDQpSURNDåGRX~URYH QDVWDYHQt
ÒURYH ÒURYH þLQQRVWL
ÒURYH QDVWDYHQt
VH t]HQt
3969
'DOãt
1HFKUiQ QR 1HFKUiQ QR
1HFKUiQ QR
1HFKUiQ QR 1HFKUiQ QR
1H]REUD]HQR
EH]SRVXQX
~URYQ 1HFKUiQ QR 1H]REUD]HQR 1H]REUD]HQR
EH]SRVXQX
EH]SRVXQX
~URYQ ~URYQ 3RX]H
1H]REUD]HQR 1H]REUD]HQR
]REUD]LW
EH]SRVXQX
EH]SRVXQX
~URYQ ~URYQ 1HFKUiQ QR
=REUD]HQtD]P Q\QDVWDYHQtMVRXPRåQp
3RX]H]REUD]LW =REUD]HQtMHPRåQp
1H]REUD]HQREH]SRVXQX~URYQ =REUD]HQtDSRVXQ\~URYQ QHMVRXPRåQp
ÒURYH SRþiWHþQtKRQDVWDYHQtMHDYWpWR~URYQLQDVWDYHQt
QHQtGiQDåiGQiRFKUDQD
2FKUDQDSRþiWHþQtQDVWDYHQtNRPXQLNDFH
3 HVXQGRSRþiWHþQtKRQDVWDYHQtQDVWDYHQtNRPXQLNDFtQHER
~URYQ QDVWDYHQtUR]ãL XMtFtIXQNFHMHRPH]HQ
1DVWDYHQt
ÒURYH ÒURYH ÒURYH SRþiWHþQtKR
QDVWDYHQt
QDVWDYHQt
QDVWDYHQt
NRPXQLNDFt
UR]ãL XMtFt
IXQNFH
2.
2.
2.
2.
2.
1(
1(
1(
1(
2.
3RVXQGRGDOãtFK~URYQtPRåQê
1(
3RVXQGRGDOãtFK~URYQtQHQtPRåQê
6WDQGDUGQtQDVWDYHQtMH
2FKUDQD]P Q\QDVWDYHQt
2PH]XMH]P Q\QDVWDYHQtSRPRFtWODþtWHNQDþHOQtPSDQHOX
1DVWDYHQt
9ê]QDP
2))
1DVWDYHQtPRKRXEêW]P Q QDSRPRFtWODþtWHN
21
1DVWDYHQtQHPRKRXEêW]P Q QDSRPRFtWODþtWHN
6WDQGDUGQtQDVWDYHQtMH2))
2FKUDQDUHVHWRYDFtKRWODþtWND
=DEUD XMHSRXåLWtWODþtWNDUHVHW
1DVWDYHQt
9ê]QDP
2))
+RGQRW\39DFHONRYpKRVRXþWXPRKRXEêW
QDVWDYHQ\SRPRFtWODþtWNDUHVHW
21
+RGQRW\39DFHONRYpKRVRXþWXQHPRKRXEêW
QDVWDYHQ\SRPRFtWODþtWNDUHVHW
6WDQGDUGQtQDVWDYHQtMH2))
6SHFLILNDFHNRPXQLNDFHMVRXQDVWDYHQ\Y~URYQLQDVWDYHQt
NRPXQLNDFH1DþHOQtPSDQHOXSURYH WHLQGLYLGXiOQtQDVWDYHQt
NRPXQLNDFH
3DUDPHWU\NRPXQLNDFHDMHMLFKQDVWDYHQtMVRXXYHGHQ\
YQiVOHGXMtFtWDEXOFH
3DUDPHWU
=REUD]HQt 1DVWDYHQt
1DVWDYHQi
KRGQRWD
Då
ýtVOR
Då NRPXQLNDþQt
MHGQRWN\
5\FKORVW
QHER
S HQRVX
NEVHF
ELW 'pOND
NRPXQLNDþQtFK
GDW
6WRSELW\
äiGQi
3DULWD
VXGiQHER OLFKi
3R]QiPND =REUD]HQtXYHGHQiYþHUQpPREGpOQtþNXMVRX
VWDQGDUGQtQDVWDYHQt
1DVWDYHQtSURYHGHQiY~URYQLQDVWDYHQt
NRPXQLNDFtMVRXRGEORNRYiQDNG\åMHQDSiMHQt
RS W]DSQXWR
3 HGSURYiG QtPNRPXQLNDFtSURYH WHQiVOHGXMtFtSRVWXSX
WODþtWHNQDþHOQtPSDQHOXDQDVWDYWHþtVORNRPXQLNDþQt
MHGQRWN\U\FKORVWS HQRVXDRVWDWQtQDVWDYHQt3RGUREQRVWLR
PHWRGiFKþLQQRVWLRVWDWQtFKNRPXQLNDþQtFKQDVWDYHQtYL]
NRPXQLNDþQtS tUXþND
SRGREXQHMPpQ VHNXQG\D
6WLVNQ WHWODþtWNR
S HVX WHVH]~URYQ þLQQRVWGR~URYQ SRþiWHþQt
QDVWDYHQt
DS HVX WHVH]~URYQ 6WLVNQ WHWODþtWNR
SRþiWHþQtQDVWDYHQtGR~URYQ QDVWDYHQtNRPXQLNDFt
DP WHSRORåN\WDNMDNMH
6WLVNQ WHWODþtWNR
XYHGHQRQtåH
3RXåLMWHWODþtWND
D
SUR]P QXQDVWDYHQtGDW
6MHGQR WHQDVWDYHQtNRPXQLNDFtVQDVWDYHQtPRVREQtKR
SRþtWDþHQHERGDOãtKRNRPXQLNDþQtKR]D t]HQt
ýtVORNRPXQLNDþQtMHGQRWN\
3 LNRPXQLNDFLVKRVWLWHOVNêPSRþtWDþHPQDVWDYWHþtVOR
MHGQRWN\SURKRVWLWHOVNêSRþtWDþWDNDE\E\OVFKRSHQ
LGHQWLILNRYDWNDåGRXMHGQRWNXýtVORP åHEêWQDVWDYHQR
YUR]VDKXRGGRVS tU VWNHP6WDQGDUGQtQDVWDYHQt
MHGQRWN\MH3 LSRXåLWtYtFHMHGQRWHNQHEXGRXMHGQRWN\
SUDFRYDWVSUiYQ SRNXGMHVWHMQpþtVORS LG OHQRYtFHQHå
MHGQpMHGQRWFH
5\FKORVWS HQRVX
1DVWDYWHU\FKORVWS HQRVXNRPXQLNDFHVKRVWLWHOVNêP
SRþtWDþHP1DVWDYHQtRGSRYtGiQiVOHGXMtFtPS HQRVRYêP
U\FKORVWHP
EVHFEVHFEVHFD
EVHF
'pONDNRPXQLNDþQtFKGDW
'pONDNRPXQLNDþQtFKGDWP åHEêW]P Q QDEX QD
QHERELW 6WRSELW\
6WRSELW\PRKRXEêWQDVWDYHQ\EX QDQHER
3DULWD
3DULWDP åHEêWQDVWDYHQDQDåiGQRXVXGRXQHEROLFKRX
n
0yG83S tU VWHN
9VWXSQt 83
KUDQD
'2:1
0yG'2:1SRNOHV
3R]QiPND $]QDPHQiPLQLPiOQtãt NXVLJQiOXD%SRåDGXMHDOHVSR PLQLPiOQtãt N\VLJQiOX3RNXGW\WRSRGPtQN\QHMVRX
VSOQ Q\P åHQDVWDWFK\EDSRþtWiQtQHER±
1iVOHGXMtFtWDEXONDY\VY WOXMHV\PERO\+D/YHYêãHXYHGHQêFKJUDIHFK
6\PERO
/
9VWXS
=NUDWRYDQê
5R]SRMHQê
n
0yG
YêVWXSX
1
)
&
.
0yGYVWXSX
'2:1'RO 831DKRUX
83'2:11DKRUXGRO %&
3R]QiPND WGREDYêVWXSXW±D<W0pQ QHåGREDYêVWXSX
3RNXGQDVWDQHFK\EDQDSiMHQtE KHP]DSQXWtYêVWXSEXGHRS W]DSQXWNG\åQDSiMHQtE\ORREQRYHQR3UR
MHGQRUi]RYêYêVWXSEXGHYêVWXSRS WVHSQXWSRGREXWUYiQtQDVWDYHQpYêVWXSQtGRE\MDNPLOHQDSiMHQtE\ORRS W
REQRYHQR
ýDVRYiQtYêVWXSX]QRYXVSXãW QpE KHPMHGQRUi]RYpKRYêVWXSXMHLJQRURYiQR
” &HONRYêþtWDþSRNUDþXMHYSRþtWiQtVNXWHþQp
KRGQRW\EH]RKOHGXQDWR]GDYVWXSUHVHWX
UHVHWRYDFtPWODþtWNHPE\OSURYHGHQSUR
UHVHWRYiQt39
” .G\åMHKRGQRWDFHONRYpKRþtWDþH
UHVHWRYiQDMHYHVWHMQRXGREXUHVHWRYiQDL
39
” 5R]VDKFHONRYpKRþtWDþHMH
3RNXGFHONRYêþtWDþS HNURþtWXWRKRGQRWX
SRþtWiQtVHYUDFtGR3RNXGþtWDþNOHVQH
SRGREMHYtVHKRGQRWD
0yG$6LJQiO21±]SRåG QtYL]SR]QiPND
0yG'6LJQiO2))±]SRåG Qt
0yG)6W iGDMtFt
0yG%3 HStQDþYL]SR]QiPND
0yG(,QWHUYDO
0yG='YRXSRORKRYê212))QDVWDYLWHOQêVW tGDþ
3R]QiPND -HGQRUi]RYêYêVWXSQHERÄ+2/'³YêVWXSPRKRXEêWQDYROHQ\SURYêVWXSW
9HOLNRVWYêVWXSXP åHEêWVH t]HQD]P QRXQDVWDYHQpGRE\F\NOXQDKRGQRWXPH]LKRGQRWRXD-HOLGREDF\NOXURYQD
YêVWXSEXGHYåG\FN\2))1HQtOLGREDF\NOXURYQDDE\OOLVWDY21QDVWDYHQQDSDNYêVWXSEXGHYåG\2))-HOLVWDY21
QDVWDYHQQDYêVWXSEXGHYåG\FN\21
.G\åQDVWDQHFK\EDQDKODYQtPGLVSOHMLVH]REUD]tNyGFK\E\3URYH WHSURWLRSDW HQtSRGOHNyGX
'LVSOHMþ
%OLNi
VHF
'LVSOHMþ
%H]]REUD]HQt
%H]]REUD]HQt
=REUD]HQD
QDVWDYHQi
KRGQRWDQHER
EH]]REUD]HQt
2EVDKFK\E\
&K\EDSDP WL5$0
&K\EDSDP WL((3
&K\ED&38
6NXWHþQiKRGQRWD
SRGWHþHQD
3URWLRSDW HQt
9\SQ WHQDSiMHQtDRS W]DSQ WH3RNXGVWiOHQHQtREQRYHQDQRUPiOQt
þLQQRVWP åHEêWSRW HEQpRSUDYLWQHERY\P QLW+*13RNXGMH
REQRYHQDQRUPiOQtþLQQRVWY\SQXWtPD]DSQXWtPMHPRåQpåHMH]GH
UXãHQt=NRQWUROXMWH]GDYEOt]NRVWLQHQt]GURMUXãHQt
7RWRQHQtVNXWHþQiFK\ED7RWR]REUD]HQtR]QDPXMHåHVNXWHþQiKRGQRWD
NOHVODSRGKRGQRWXQLåãtQHå±5HVHWXMWHSRXåLWtPYVWXSXUHVHWXQHER
VWLVNQXWtPWODþtWND8SMHOL]REUD]HQRı±±±Ä
3R]QiPND .yG\FK\EMVRX]REUD]HQ\SRX]HNG\åMH]REUD]HQR3969QHER39
3R]QiPND 9ãHFKQ\XYHGHQpUR]P U\MVRXYPLOLPHWUHFKSRNXGQHQtXYHGHQRMLQDN
” 9ORåWH+*1GRREGpOQtNRYpKRYê H]XYORåWH
]H]DGXDGDSWpUD]DWODþWH+*1GRYê H]XWDN
KOXERNRMDNMHWRPRåQp3UR]DMLãW Qt+*1
SRXåLMWHãURXE\3URYRGRW VQRXPRQWiå+*1
YORåWHYRGRW VQpW VQ QtDGRWiKQ WHãURXE\
” 3 LPRQWiåLGYRXQHERYtFHYêUREN GRYê H]X ]DMLVW WHDE\RNROQtWHSORWDQHS HNURþLODGDQRX
VSHFLILNDFL
n
n
3RXåLMWHQiVOHGXMtFtOLVRYDQpVYRUN\SURãURXEN\0
3R]QiPND DMVRXSURSRMHQ\YQLW Q 1HSRXåtYHMWHQH]DSRMHQpVYRUN\MDNRYêYRG\
UHOp
1HSRXåtYHMWHYêUREHNYPtVWHFKY\VWDYHQêFKS VREHQt
KR ODYêFKQHERYêEXãQêFKSO\Q 1HGRGUåHQtP åH
]S VRELWH[SOR]L
äLYRWQRVWYêVWXSQtFKUHOp]iYLVtQDVStQDFtNDSDFLW D
VStQDFtFKSRGPtQNiFK9H]P WHY~YDKXVNXWHþQp
SRGPtQN\SRXåLWtDSRXåLMWHYêUREHNNWHUêGRYROXMH
MPHQRYLWRX]iW åDGREXHOHNWULFNpåLYRWQRVWL3RXåtYiQt
YêURENXSRGRE åLYRWQRVWLP åH]S VRELWRSDORYiQt
NRQWDNW QHERMHMLFKVKR HQt
1HUR]HEtUHMWHQHRSUDYXMWHQHERQHXSUDYXMWHYêUREHN
1HGRGUåHQtP åH]S VRELW~UD]HOHNWULFNêPSURXGHP
SRåiUQHERSRUXFKXYþLQQRVWL
1HGRYROWHDE\NRYRYpS HGP W\QHERYRGLYpGUiWN\
YQLNO\GRYêURENX1HGRGUåHQtP åH]S VRELW~UD]
HOHNWULFNêPSURXGHPSRåiUQHERSRUXFKXYþLQQRVWL
”
”
”
”
”
”
”
”
6NODGXMWHS LVSHFLILNRYDQpWHSORW 3RNXG+*1E\O
VNODGRYiQS LWHSORW QLåãtQH屃&SRQHFKWHVWiW+*1
S LSRNRMRYpWHSORW QHMPpQ KRGLQ\S HGSRXåLWtP
3RXåtYHMWHYêUREHNXYQLW VSHFLILNRYDQêFKKRGQRWSUR
YLEUDFHUi]\SRQR RYiQtGRYRG\DY\VWDYRYiQtS VREHQt
ROHMH
1HSRXåtYHMWHYêUREHNYPtVWHFKS VREHQtSUDFKX
NRUR]LYQtFKSDUQHERS tPpPXS VREHQtVOXQHþQtFK
SDSUVN 3RXåtYHMWHYêUREHNXYQLW UR]VDKXMPHQRYLWêFKKRGQRW
WHSORW\DYOKNRVWL
9êUREHNMHQDYUåHQSURQDSiMHQt9VV3 LSRMHQtQD
QDS WtMLQpQHåMPHQRYLWpMDNRQDS Då9VW P åHSRãNRGLWSUYN\XYQLW 2GG OWHYVWXSQtVLJQiOQt]D t]HQtDYVWXSQtS tYRGQtYRGLþH
RG]GURMHUXãHQtQHERRGY\VRNRQDS RYêFKYRGLþ NWHUp
Y\WYi HMtUXãHQt
2GG OWHYêUREHNRG]GURM VWDWLFNpHOHNW LQ\NG\å
SRXåtYiWHYêUREHNYSURVW HGtNGHVHY\VN\WXMHYHONp
PQRåVWYtVWDWLFNpHOHNW LQ\QDS WYDURYiQtVRXþiVWHN
SUDãQpQHERWHNXWpPDWHULiO\GRSUDYRYDQpSRWUXEtP
1HY\VWDYXMWHYêUREHNRUJDQLFNêPUR]SRXãW GO PMDNRMVRX
HGLGODQHEREHQ]tQNRQFHQWURYDQp]iVDGLWpQHERN\VHOp
PDWHULiO\
1HSRXåtYHMWHYêUREHNYPtVWHFKNGHP åHGRMtWNH
NRQGHQ]RYiQtSDUYG VOHGNXY\VRNpYOKNRVWLQHERNGH
MVRXSUXGNp]P Q\WHSORW\
=DMLVW WHVSUiYQp]DSRMHQtVYRUHNVHVSUiYQRXSRODULWRX
8GUåXMWHQDSiMHFtQDS WtXYQLW GRYROHQpKRUR]VDKX
3 LSRMWHQDSiMHFtQDS WtS HVUHOpQHERVStQDþWDNDE\
QDS WtGRViKORVYpGDQpKRGQRW\RNDPåLW 3RNXGQDS Wt
VWRXSiSRVWXSQ P åHEêWQDSiMHFt]GURMUHVHWRYiQQHER
YêVWXS\EXGRXYHVWDYX21
3 L]DSQXWtQDSiMHFtKR]GURMHRNDPåLW SURWHþH]DStQDFt
SURXGS LEOLåQ $9]iYLVORVWLQDNDSDFLW ]GURMH
YêUREHNQHPXVtQDVWDUWRYDWY]KOHGHPNWRPXWR
VYRGRYpPXSURXGX1DSiMHFt]GURMPXVtPtWWHG\
GRVWDWHþQ YHONRXNDSDFLWX
3URKODYQtQDSiMHFt]GURMQHERQDSiMHFt]GURMSURYVWXSQt
]D t]HQtSRXåLMWHQDSiMHFt]GURMVWUDQVIRUPiWRUHPMHKRå
SULPiUQtVWUDQDMHL]RORYiQDRGVHNXQGiUQtVWUDQ\DMHKRå
VHNXQGiUQtYLQXWtQHQtX]HPQ QR
3RQHFKiQtYêVWXS +*1YHVWDYX21S LY\VRNpWHSORW SRGORKRXGREXP åHXU\FKOLWVWiUQXWtYQLW QtFKVRXþiVWHN
MDNRMVRXHOHNWURO\WLFNpNRQGHQ]iWRU\3URWRSRXåtYHMWH
YêUREHNYNRPELQDFLVUHOpY\KQ WHVHSRQHFKiQtYêURENX
SRGREXGHOãtQHåP VtFVYêVWXSHPYHVWDYX21
3 L]DSQXWtDY\SQXWtQDSiMHFtKR]GURMHMHPRåQRS LMtPDW
YVWXSQtVLJQiOQRUPiOQ QHVWDELOQ QHERQHS LMtPDWY EHFMDN
MHXYHGHQRQDGLDJUDPXQtåH
=DSQ WHDY\SQ WHQDSiMHQtSRPRFtUHOpVPLQLPiOQtVStQDFt
VFKRSQRVWt$SUR]DEUiQ QtSRãNR]HQtNRQWDNW YG VOHGNX
]DStQDFtKRSURXGXS L]DSQXWt]GURMHDMHKRY\SQXWt
3 L]DSQXWt]GURMH]DStQDFtSURXGWHþHRNDPåLW 'HMWHSURWR
SR]RUQDQDVWDYHQt~URYQ QDGSURXGRYpRFKUDQ\SRXåLWpKR
QDSiMHFtKR]GURMH
3URGRYROHQtGRE\]DSQXWtSHULIHUQtFK]D t]HQtþLGODDSRG
+*1RGVWDUWXMHþDVRYDFtþLQQRVWPH]LDPVHFSRWp
NG\MHQDSiMHQt]DSQXWRYL]VFKpPDYêãH=WRKRG YRGX
YþLQQRVWHFKNGHþDVRYiQt]DþtQiRG]DSQXWtQDSiMHQt
]REUD]HQtþDVXEXGH]DþtQDWRGPVHF3RNXGMH
QDVWDYHQiKRGQRWDPVHFQHERPpQ GREDGRNXGYêVWXS
QH]DSQHEXGHSHYQiKRGQRWDPH]LD1RUPiOQt
þLQQRVWMHPRåQiSURQDVWDYHQRXKRGQRWXPVHFQHER
YtFH9DSOLNDFtFKNGHMHSRåDGRYDQiKRGQRWDPVHF
QHERPpQ SRXåLMWHRGVWDUWRYiQtþDVRYiQtRGYVWXSQtKR
VLJQiOX
-HOL+*1SRXåLWVQDSiMHQtPVWDUWXMtFtPYPyGX)WM
QHS HWUåLWiþLQQRVWVYêVWXSHPYHVWDYXSRGUåHQtKROGEXGH
]GHFK\EDþDVRYDþHS LEOLåQ PVHFS LNDåGpP]DSQXWt
+*1YG VOHGNXYODVWQRVWtYQLW QtFKREYRG 3RXåLMWH+*1
VHVWDUWRYiQtVLJQiOHPSRNXGMHSRåDGRYiQDS HVQRVW
þDVRYDþH
9þLQQRVWLMDNRþtWDþ
.G\åP QtPHQDVWDYHQRXKRGQRWXE KHPþLQQRVWLYêVWXS
S HSQHGRVWDYX21NG\åQDVWDYHQiKRGQRWDVHURYQi
VNXWHþQpKRGQRW 9þLQQRVWLMDNRþDVRYDþ
.G\åP QtPHQDVWDYHQRXKRGQRWXE KHPþLQQRVWLSRNXG
QDVWDYHQiKRGQRWDMHP Q QDWDNåHQtåHXYHGHQpSRGPtQN\
MVRXVSOQ Q\þDVRYDþSUDFXMHVWHMQêP]S VREHPMDNRNG\å
VNXWHþQiKRGQRWDGRViKQHQDVWDYHQpKRGQRW\SURWRåHVWiOê
S LþtWDFtV\VWpPMHYþLQQRVWL9]iYLVORVWLQDYêVWXSQtPPyGX
WRWRP åHPtW]DQiVOHGHNåHYêVWXSEXGHYHVWDYX21
0yGþDVRYDþH83 6NXWHþQiKRGQRWD•QDVWDYHQiKRGQRWD
0yGþDVRYDþH'2:1 8SO\QXWiGRED•QDVWDYHQiKRGQRWD
6NXWHþQiKRGQRWD 3R]QiPND -HOLPyG'2:1SDNYHOLNRVWQDVWDYHQp
KRGQRW\MHS LSRþtWiQDQHERRGHþWHQDNH
VNXWHþQpKRGQRW 9þLQQRVWLMDNRþtWDþ
9êVWXSS HMGHGRVWDYX21SRNXGQDVWDYHQiKRGQRWDVH
URYQiVNXWHþQpKRGQRW 9êVWXSS HMGHGRVWDYX2))MHOL
VWLVNQXWRWODþtWNRUHVHWXQHERYVWXSUHVHWXMHYHVWDYX21
9þLQQRVWLMDNRþDVRYDþ
D-HOLYêVWXSQtPyGQDVWDYHQQD$%MHGQRUi]RYêYêVWXS
'QHER)YêVWXSS HSQHGRVWDYX21NG\åMHQDYVWXSX
VWDUWRYDFtVLJQiO
E-HOLYêVWXSQtPyGQDVWDYHQQD%þLQQRVWSRGUåHQt(
QHER=YêVWXS] VWDQHYHVWDYX2))GRNRQFHLNG\åMHQD
YVWXSXVWDUWRYDFtVLJQiO
3URYHGHQtNRQWDNW 63'7MHGQRSyORYêS HStQDFtVHVNOiGi
]636712SUDFRYQtNRQWDNWD63671&NOLGRYêNRQWDNW
'EHMWHQDWRDE\QHY]QLNOREYRGVW tERGRYêP]NUDWRYDFtP
REYRGHP]NUDWQDSiMHQtVREORXNHP
1iVOHGXMtFtWDEXONDXND]XMH]SRåG QtRGGRE\VLJQiOXUHVHWQD
YVWXSXGRGRE\NG\MHYêVWXSYHVWDYX2))
0LQLPiOQtãt NDVLJQiOX
UHVHW
PVHF
PVHF
'REDYêVWXSQtKR]SRåG Qt
DåPVHF
DåPVHF
1iVOHGXMtFtWDEXONDXND]XMH]SRåG QtRGGRE\NG\KRGQRWD
þDVRYDþHSURFKi]tQDVWDYHQRXKRGQRWRXGRNXGQHQtVLJQiOQD
YêVWXSX
6NXWHþQpKRGQRW\YPyGX$QHER.
tGLFtYêVWXS
0D[LPiOQt
'REDYêVWXSQtKR
SRþtWDFtU\FKORVW
]SRåG Qt
.RQWDNWQtYêVWXS +]
DåPVHF
N+]
DåPVHF
5 ]QRVWLYH]SRåG QtFKMVRXYG VOHGNXUR]GtOQêFKPyG D
SRGPtQHN
3 LWiKQ WHGYDPRQWiåQtãURXE\QDDGDSWRUX'RWDKXMWHMH
VW tGDY NDåGêFKYLONXWDNDE\E\O\S LWDKRYiQ\VWHMQRXVLORX
3RYUFKSDQHOX+*1MHYRGRW VQêRGSRYtGi1(0$;YQLW Qt
SURVW HGtD,33UR]DEUiQ QtSU QLNXYRG\GRYQLW QtFK
REYRG S HVPH]HUXPH]LþtWDþHPDSUDFRYQtPSDQHOHP
YORåWHJXPRYpW VQ QtGRGiYDQpV+*1PH]LþtWDþD
SUDFRYQtSDQHOD]DMLVW WHJXPRYpW VQ QtDGDSWRUHP
<)SUR]DSXãW Qt
3URSRGUREQRVWLRNRPXQLNDþQtFKIXQNFtFKVHREUD WHQD
3RN\Q\NREVOX]HS HGQDVWDYLWHOQpKRþtWDþHþDVRYDþH
.DWDORJþ0
9\SO WH9DãHQDVWDYHQpKRGQRW\YHVORXSFL1DVWDYHQpKRGQRW\QiVOHGXMtFtFKWDEXOHNDY\XåtYHMWHWDEXON\MDNRU\FKORXSRP FNX
1i]HYSDUDPHWUX
3DUDPHWU
2FKUDQDþLQQRVWLVH t]HQt
2FKUDQDNRPXQLNDFt
SRþiWHþQtKRQDVWDYHQt
2FKUDQD]P Q\QDVWDYHQt
2FKUDQDWODþtWNDUHVHWX
1i]HYSDUDPHWUX
6NXWHþQi 39
KRGQRWD
39
1DVWDYHQi
KRGQRWD
69
69
ýtWDþ
ýDVRYDþ
ýtWDþ
ýDVRYDþ
9êVWXSQt
PyG$%
'()
3DUDPHWU
39
&HONRYiKRGQRWDVRXþWX
%DQND69
Då Då DåþDVRYêUR]VDK PLQ
DåþDVRYêUR]VDK KPLQ
1DVWDYHQi
KRGQRWD
6WDQGDUGQt
KRGQRWD
DåþDVRYêUR]VDK K
DåþDVRYêUR]VDK K
DåYVWXSQtPyG QDKRUXQHERGRO DåYVWXSQtPyG LQGLYLGXiOQt
QHERNYDGUDWXUQt
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK PLQV
6WDQGDUGQt
KRGQRWD
5R]VDKQDVWDYHQt
]REUD]HQt
Då±±±±39±
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK PLQV
ýDVRYDþ
9êVWXSQt
PyG=
5R]VDKQDVWDYHQt
DåþDVRYêUR]VDK PLQ
DåþDVRYêUR]VDK KPLQ
DåþDVRYêUR]VDK K
DåþDVRYêUR]VDK K
Då
6WHMQpMDNRSUR39YHYêãHXYHGHQpP
VORXSFL3969
Då
-HGQRWND
-HGQRWND
6HNXQGD
6HNXQGD
6HNXQGD
6HNXQGD
0LQXWD
6HNXQGD
0LQXWD
+RGLQD
0LQXWD
+RGLQD
+RGLQD
1DVWDYHQi
KRGQRWD
6HNXQGD
6HNXQGD
6HNXQGD
6HNXQGD
0LQXWD
6HNXQGD
0LQXWD
+RGLQD
0LQXWD
+RGLQD
+RGLQD
1i]HYSDUDPHWUX
3DUDPHWU
t]HQt]iSLVX
NRPXQLNDFH
69
69
69
69
'RED
F\NOX
ýDVRYDþ
YêVWXSQt
PyG=
5R]VDKQDVWDYHQt
]REUD]HQt
6WDQGDUGQt
KRGQRWD
1DVWDYHQi
KRGQRWD
6HNXQGD
6HNXQGD
6HNXQGD
6HNXQGD
0LQXWD
6HNXQGD
0LQXWD
+RGLQD
0LQXWD
+RGLQD
+RGLQD
6WHMQpMDNRSUR39YHYêãHXYHGHQpPVORXSFL
3969
6WHMQpMDNRSUR39YHYêãHXYHGHQpPVORXSFL
3969
6WHMQpMDNRSUR39YHYêãHXYHGHQpPVORXSFL
3969
6WHMQpMDNRSUR39YHYêãHXYHGHQpPVORXSFL
3969
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK V
DåþDVRYêUR]VDK PLQV
DåþDVRYêUR]VDK PLQ
DåþDVRYêUR]VDK KPLQ
DåþDVRYêUR]VDK K
DåþDVRYêUR]VDK K
1i]HYSDUDPHWUX
3DUDPHWU
9êE UþtWDþþDVRYDþ
0yGYVWXSX
ýDVRYêUR]VDK
0yGþDVRYDþH
9êVWXSQtPyGSUR
IXQNFLþtWDþH
9êVWXSQtPyGSUR
IXQNFLþDVRYDþH
'RED
ýtWDþ
YêVWXSX ýDVRYDþ
3RþtWDFtU\FKORVW
ât NDYVWXSQtKR
VLJQiOX
3R]LFHGHVHWLQQp
þiUN\
+RGQRWDSUHVFDOH
+UDQDYVWXSQtKR
VLJQiOX
'REDS HVXQXGR
~URYQ RFKUDQD
1i]HYSDUDPHWUX
ýtVORNRPXQLNDþQt
MHGQRWN\
3 HQRVRYiU\FKORVW
'pONDGDW
3RþHWVWRSELW 3DULWD
5R]VDKQDVWDYHQt
]REUD]HQt
Då
Då
Då
6WDQGDUGQt
KRGQRWD
6HNXQGD
6HNXQGD
Då
3DUDPHWU
5R]VDKQDVWDYHQt
]REUD]HQt
Då
6WDQGDUGQt
KRGQRWD
6HNXQGD
-HGQRWND
1DVWDYHQi
KRGQRWD
-HGQRWND
-HGQRWND
1DVWDYHQi
KRGQRWD
NEV
ELW
ELW
1i]HYSDUDPHWUX
3DUDPHWU
5R]VDKQDVWDYHQt
]REUD]HQt
6WDQGDUGQt
KRGQRWD
-HGQRWND
1DVWDYHQi
KRGQRWD
,QLFLDOL]DFHSDUDPHWU 3RXåLWtEDQN\69
3RXåLWtFHONRYpKR
þtWDþH
6HNXQGD
'REDDXWRPDWLFNpKR
Då
QiYUDWX]REUD]HQt
6HNXQGD
'REDS HVXQXGR
Då ~URYQ RFKUDQD
9â(&+1<52=0 5<-62890,/,0(75(&+
3URS HYRGPLOLPHWU QDSDOFHQiVREWH3URS HYRGJUDP QDXQFHQiVREWH
.DWDORJRYpþtVOR0( 9]iMPXY\OHSãHQtYêURENX]P Q\Y\KUD]HQ\
20521&RUSRUDWLRQ
20521(OHFWURQLFVVSROVUR
,QGXVWULDO$XWRPDWLRQ&RPSDQ\
âUREiURYD
35$+$
0DHVXULQJDQG6XSHUYLVRU\&RQWUROV'HSDUWPHQW 7HO
WK)O&U\VWDO7RZHU%OGJ 6KLURPL&KXRNX
)D[
2VDND-DSDQ
(PDLORIILFH#RPURQF]
7HO)D[
KWWSWHFKRPURQF]

Podobné dokumenty

8QLYHU]iOQt ţtWDţ - produktinfo.conrad.com

8QLYHU]iOQt ţtWDţ - produktinfo.conrad.com SRãNR]HQ StVWURM QHSUDFXMH SR GHOãtP VNODGRYiQt ]D QHSt]QLYêFK podmínek – SR WUDQVSRUWX ]D W åNêFK SRGPtQHN

Více

PH 15 Návod

PH 15 Návod =DFKi]HQtVHOHNWULFNêPSĜtYRGQtPNDEHOHP =DFKi]HMWHVHOHNWULFNêPSĜtYRGQtPNDEHOHPRSDWUQČ&KUDĖWHMHMSĜHGRVWUêPLKUDQDPLVNĜtSQXWtP DWDKHP1LNG\QHY\WDKXMWH]iVWUþNX]H]iVXYN\WDKiQtP]D...

Více

ýDVRYDţ

ýDVRYDţ S tNODG\RVWDWQtFKPRåQêFKRSHUDFt $121DWG YãHFKQ\RSHUDFHVORJLFNêPLVLJQiO\ 3 tNODG2SHUDFHVþtWDþHP&þtWiQtQDKRUXGROXLQLFLDOL]DFHS HGQDVWDYHQt]MLãW QtVWDYXþtWDþHDWG

Více

7. část

7. část MH DVL MDVQp åH Y UR]ViKOêFK ORJLFNêFK VRXVWDYiFK EXGH ]DSRWHEt YHONpKR PQRåVWYt VSRM$ PH]L MHGQRWOLYêPL ORJLFNêPL REYRG\ HãHQtP MH Y\WYRHQt Q NROLND VSRM$  ]iNODGQtFK SR NWHUêFK E\FKRP S...

Více

SACE Emax - VF servis

SACE Emax - VF servis 6NODGRYiQt]YHGiQt]ERåtDKPRWQRVWL -LVWLþFKUiQ QêYQ MãtPGHY QêPSRX]GUHPMHXSHYQ QSRPRFtãURXE$N GRSUDYQtSORãLQ QHERGQXEHGQ\0i-OLMLVWLþ EêWVNODGRYiQSRNUDWãtGREXDSDNXYHGH...

Více

Volitelný mód

Volitelný mód VWLVNQXWRSRGREXNUDWãtQHåMHGQDVHNXQGDMVRXS HStQiQ\SDUDPHWU\-HOL stisknuto po dobu 1 sekunda nebo déle, pak se objeví na displeji nabídka. Od WRKRWRERGXS LSRSLVXþLQQRVWLWODþtWHN...

Více

Sériová komunikace regulátoru CLARE .0

Sériová komunikace regulátoru CLARE .0 .D©G¬ UHJXOgWRU SÎLSRMHQ¬ NÎmGmFmPX 3& PXVm PmW VYRX MHGLQH³QRX DGUHVX NWHURXMHPR©QRQDVWDYLW UH©LP6(783REODVW6(5&KSROR©ND6(51R 

Více

Bluetooth GPS Přijímač

Bluetooth GPS Přijímač port & baud rate : 38400.

Více

6XSHU U\FKOi QDEtMHţND - produktinfo.conrad.com

6XSHU U\FKOi QDEtMHţND - produktinfo.conrad.com NRQWUROD D S tSDGQp Y\SQXWt S L JUDGLHQWX QDS

Více

Text práce ve formátu PDF

Text práce ve formátu PDF 1DWHQWR3MHWDNpSLSRMHQRERXVWUDQQêVQtPDþ YL]REUYêãH NWHUê]DMLã"XMHSHVQRXSRORKXYODVFH D]iURYHIXQJXMHMDNRGHWHNWRU]iE UX 3URVLJQDOL]DFLYê]QDPQêFKVWDY$ ]iVHNU\E\Y\ELWt...

Více