;=(%2-) 1EKE^]R VIQSRXS[S FYHS[PER] 1 (
::: .$0$'20(%/( 3/
ELXUR#NDPDGRPHEOH SO
1DUR×QLN /2)7
0DQXIDNWXUD .DPDGR 0HEOH
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM
JÇVWRÐFL SLDQNL +5
: QDV]\P LQWHUQHWRZ\P VNOHSLH PHEORZ\P SURMHNWXMHP\ L WZRU]\P\ PHEOH Z\SRF]\QNRZH
] GEDÊRÐFLà R QDMGUREQLHMV]H V]F]HJµÊ\ :V]\VWNR SR WR DE\ LFK FRG]LHQQH X×\WNRZDQLH E\ÊR )XQNFMD VSDQLD SRMHPQLN QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZÃ
QLHSRZWDU]DOQ\P RGF]XFLHP ]DSDGNRZÃ UHJXODFMÃ SXI\ JQLD]GR 86%
: ]Ê
:LHLHP\ ×H PHEOH QD ]DPµZLHQLH WR LQZHVW\FMD QD ODWD 'ODWHJR Z WUDNFLH SURFHVX SURMHNWRZHJR
VNXSLDP\ VLÇ QD SRWU]HEDFK X×\WNRZQLNµZ GRSDVRZXMÃF MH QDZHW GR QDMEDUG]LHM
Z\JµURZDQ\FK RF]HNLZDÌ 2IHUXMHP\ V]HUHJ Uµ×QRURGQ\FK UR]ZLÃ]DÌ å SRF]ÃZV]\ RG PHEOL
WDSLFHURZDQ\FK NRÌF]ÃF QD QRZRF]HVQ\FK PHEODFK GR VDORQX .RU]\VWDP\ Z\ÊÃF]QLH ] 1DUR×QLN /2)7
QDMZ\×V]HM MDNRÐFL PDWHULDʵZ WDN DE\ QDV]H PHEOH E\Ê\ QLH W\ONR QLHSRZWDU]DOQH DOH WDN×H
WUZDÊH 6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM
JÇVWRÐFL SLDQNL +5
=DFKÇFD=DFKÇFDP\ GR ]DNXSµZ Z 0DQXIDNWXU]H .DPDGR 0HEOH å ]DUµZQR RQOLQH MDN L VWDFMRQDUQLH
6HUGHF]QLH ]DSUDV]DP\ )XQNFMD VSDQLD SRMHPQLN QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZÃ
]DSDGNRZÃ UHJXODFMÃ 'R Z\ERUX Z\PLDU WNDQLQD
GRGDWNL Z\NRÌF]HQLH
]Ê
1DUR×QLN /832 1DUR×QLN /RIW
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR L SÊ\W\ PHEORZHM RUD] Z\VRNLHM JÇVWRÐFL SLDQNL +5
JÇVWRÐFL SLDQNL +5
)XQNFMD VSDQLD GZD SRMHPQLNL QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZÃ
)XQNFMD VSDQLD GZD SRMHPQLNL QD SRÐFLHO SµÊND EDUHN SRGXV]NL ]DSDGNRZà UHJXODFMà 'R Z\ERUX Z\PLDU WNDQLQD GRGDWNL
'R Z\ERUX Z\PLDU WNDQLQD GRGDWNL Z\NRÌF]HQLH Z\NRÌF]HQLH
]Ê ]Ê
1DUR×QLN /2)7 6RID /2)7
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM JÇVWRÐFL SLDQNL +5
JÇVWRÐFL SLDQNL +5
)XQNFMD VSDQLD SRMHPQLN QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZÃ
)XQNFMD VSDQLD SRMHPQLN QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZà ]DSDGNRZà UHJXODFMà SµÊND EDUHN 'R Z\ERUX Z\PLDU WNDQLQD
]DSDGNRZÃ UHJXODFMÃ
GRGDWNL Z\NRÌF]HQLH
]Ê ]Ê
'OD QDV]\FK NOLHQWµZ Z\NRQXMHP\ SHUVRQDOL]RZDQH PHEOH R GRZROQ\FK Z\PLDUDFK L VSRVRELH
.$0$'2 0(%/( 0LHOHV]\Q NRÊR :LHUXV]RZD %ROHVÊDZLHF 7HOHIRQ Z\NRÌF]HQLD : FHOX UHDOL]DFML LQG\ZLGXDOQHJR ]DPµZLHQLD ]DSUDV]DP\ GR NRQWDNWX
::: .$0$'20(%/( 3/
ELXUR#NDPDGRPHEOH SO
1DUR×QLN /2)7
0DQXIDNWXUD .DPDGR 0HEOH
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM
JÇVWRÐFL SLDQNL +5
: QDV]\P LQWHUQHWRZ\P VNOHSLH PHEORZ\P SURMHNWXMHP\ L WZRU]\P\ PHEOH Z\SRF]\QNRZH
] GEDÊRÐFLà R QDMGUREQLHMV]H V]F]HJµÊ\ :V]\VWNR SR WR DE\ LFK FRG]LHQQH X×\WNRZDQLH E\ÊR )XQNFMD VSDQLD SRMHPQLN QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZÃ
QLHSRZWDU]DOQ\P RGF]XFLHP ]DSDGNRZÃ UHJXODFMÃ SXI\ JQLD]GR 86%
: ]Ê
:LHLHP\ ×H PHEOH QD ]DPµZLHQLH WR LQZHVW\FMD QD ODWD 'ODWHJR Z WUDNFLH SURFHVX SURMHNWRZHJR
VNXSLDP\ VLÇ QD SRWU]HEDFK X×\WNRZQLNµZ GRSDVRZXMÃF MH QDZHW GR QDMEDUG]LHM
Z\JµURZDQ\FK RF]HNLZDÌ 2IHUXMHP\ V]HUHJ Uµ×QRURGQ\FK UR]ZLÃ]DÌ å SRF]ÃZV]\ RG PHEOL
WDSLFHURZDQ\FK NRÌF]ÃF QD QRZRF]HVQ\FK PHEODFK GR VDORQX .RU]\VWDP\ Z\ÊÃF]QLH ] 1DUR×QLN /2)7
QDMZ\×V]HM MDNRÐFL PDWHULDʵZ WDN DE\ QDV]H PHEOH E\Ê\ QLH W\ONR QLHSRZWDU]DOQH DOH WDN×H
WUZDÊH 6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM
=DFKÇFD=DFKÇFDP\ GR ]DNXSµZ Z 0DQXIDNWXU]H .DPDGR 0HEOH å ]DUµZQR RQOLQH MDN L VWDFMRQDUQLH
JÇVWRÐFL SLDQNL +5
6HUGHF]QLH ]DSUDV]DP\ )XQNFMD VSDQLD SRMHPQLN QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZÃ
]DSDGNRZÃ UHJXODFMÃ 'R Z\ERUX Z\PLDU WNDQLQD
GRGDWNL Z\NRÌF]HQLH
]Ê
1DUR×QLN /832 1DUR×QLN /RIW
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR L SÊ\W\ PHEORZHM RUD] Z\VRNLHM JÇVWRÐFL SLDQNL +5
JÇVWRÐFL SLDQNL +5
)XQNFMD VSDQLD GZD SRMHPQLNL QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZÃ
)XQNFMD VSDQLD GZD SRMHPQLNL QD SRÐFLHO SµÊND EDUHN SRGXV]NL ]DSDGNRZà UHJXODFMà 'R Z\ERUX Z\PLDU WNDQLQD GRGDWNL
'R Z\ERUX Z\PLDU WNDQLQD GRGDWNL Z\NRÌF]HQLH Z\NRÌF]HQLH
]Ê ]Ê
1DUR×QLN /2)7 6RID /2)7
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM
6WHOD× Z\NRQDQ\ ] GUHZQD OLWHJR SÊ\W\ PHEORZHM RUD] Z\VRNLHM JÇVWRÐFL SLDQNL +5
JÇVWRÐFL SLDQNL +5
)XQNFMD VSDQLD SRMHPQLN QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZÃ
)XQNFMD VSDQLD SRMHPQLN QD SRÐFLHO ]DJʵZNL ] VLHGPLRVWRSQLRZà ]DSDGNRZà UHJXODFMà SµÊND EDUHN 'R Z\ERUX Z\PLDU WNDQLQD
]DSDGNRZÃ UHJXODFMÃ
GRGDWNL Z\NRÌF]HQLH
]Ê ]Ê
'OD QDV]\FK NOLHQWµZ Z\NRQXMHP\ SHUVRQDOL]RZDQH PHEOH R GRZROQ\FK Z\PLDUDFK L VSRVRELH
.$0$'2 0(%/( 0LHOHV]\Q NRÊR :LHUXV]RZD %ROHVÊDZLHF 7HOHIRQ Z\NRÌF]HQLD : FHOX UHDOL]DFML LQG\ZLGXDOQHJR ]DPµZLHQLD ]DSUDV]DP\ GR NRQWDNWX
/DPS\ VWRğRZH
/DPS\ VWRăRZH F]\OL PLQLDWXUNL ODPS SRGăRJRZ\FK WUµMQµJ WR QRZRF]HVQD
IRUPD RĜZLHWOHQLD NWµUD LGHDOQLH VSUDZG]L VLÛ MDNR RĜZLHWOHQLH QRFQH SU]\ /DPSD ZLV]àFD /XQD
㵼NX OXE RĜZLHWOHQLH GHNRUDF\MQH QS QD NRPRG]LH /DPSD VWRăRZD ]HVWDZLRQD
] ODPSÇ ZLV]ÇFÇ F]\ SRGăRJRZÇ WZRU]\ SLÛNQÇ FDăRĜÉ L QLH W\ONR PD IRUPÛ
IXQNFMRQDOQÇ DOH UµZQLHĽ GHNRUDF\MQÇ /DPS\ VWRăRZH VÇ X]XSHăQLHQLHP .ROHNFMD ODPS ZLV]ÇF\FK PDUNL ,PROLJKW WR JHQLDOQH SRG Z]JOÛGHP Z\NRQDQLD D SU]\ W\P QLHVDPRZLFLH SUDNW\F]QH RSUDZ\
RĜZLHWOHQLD VDORQX MDGDOQL F]\ V\SLDOQL 2IHUWD SURGXFHQWD ,PROLJKW SUH]HQWXMH RĜZLHWOHQLRZH /DPS\ /XQD LGHDOQLH SDVXMÇ GR NDĽGHJR ZQÛWU]D 3URIHVMRQDOQLH SUH]HQWXMÇ VLÛ Z VW\ORZ\P SRPLHV]F]HQLX
ODPS\ VWRăRZH Z ZLHOX VW\ODFK NWµUH LGHDOQLH NRPSRQRZDÉ VLÛ EÛGÇ ] PRGQ\P VDORQLH MDN UµZQLHĽ URPDQW\F]QHM V\SLDOQL 'XĽÇ SRSXODUQRĜFLÇ FLHV]Ç VLÛ ODPS\ ] NRORURZ\P QDGUXNLHP /DPS\ Z
PLQLPDOLVW\F]Q\PL DUDQĽDFMDPL QRZRF]HVQ\PL DOH UµZQLHĽ W\PL Z NODV\F]Q\P VW\OX LQLPDOLVW\F]Q\PL DUDQĽDFMDPL QRZRF]HVQ\PL DOH UµZQLHĽ W\PL Z NODV\F]Q\P VW\OX
P ]\J]DNL ] PRW\ZHP RULHQWDOQHM NRQLF]\Q\ PDURNDąVNLHM F]\ WUDG\F\MQHM SHSLWNL OXE GUREQ\FK JURV]NµZ FLHV]Ç VLÛ RJURPQÇ
SRSXODUQRĜFLÇ ZĜUµG QRZRF]HVQ\FK L RGZDĽQ\FK DUDQĽDFML /DPS\ ] WDNLP F\IURZ\P QDGUXNLHP Z\UµĽQLDMÇ VLÛ Ľ\Z\PL L
WUZDă\PL NRORUDPL NWµUH XU]HNDMÇ NDĽGHJR NOLHQWD 0DUND LPR/LJKW PRĽH VLÛ SRFKZDOLÉ V]HURNÇ RIHUWÇ ODPS GOD G]LHFL
'HNRUDF\MQHHNRUDF\MQH DEDĽXU\ SU]HGVWDZLDMÇFH NRORURZH PRW\Z\ ] EDMHN EDUZQH *UDIILWL F]\ G]LHFLÛFD ZL]MÛ OHĜQ\FK V]ODNµZ
'
ZSURZDG]L GR SRNRMX G]LHFND EDĜQLRZ\ NOLPDW
/DPSD 1RZRF]HVQH SODIRQ\ /('
SRGğRJRZD /XQD 1RZRF]HVQ\RZRF]HVQ\ GHVLJQ L V]HURND JDPD PRGHOL SODIRQµZ LPROLJKW VSUDZL ĽH PRĽQD GRSDVRZDÉ MH GR NDĽGHJR SRPLHV]F]HQLD
1
1RZRF]HVQH SODIRQ /(' VWHURZDQ\ MHVW ]D SRPRFÇ SLORWD MDN L UµZQLHĽ SRGVWDZRZH WU\E\ SUDF\ ODPS\ PRĽQD ]PLHQLDÉ ]D SRPRFÇ
SU]HăÇF]QLND ĜFLHQQHJR ']LÛNL ]GDOQHPX VWHURZDQLX PRĽQD UHJXORZDÉ LQWHQV\ZQRĜÉ L EDUZÛ ĜZLDWăD 3ODIRQ ĜZLHFL RG ]LPQHM
/DPS\ SRGăRJRZH VWRMÇFH WR F]ÛVWH X]XSHăQLHQLH DUDQĽDFML ĜZLHWOQHM VDORQX F]\ V\SLDOQL EDUZ\ NWµUD MHVW RSW\PDOQD SRGF]DV Z\NRQ\ZDQLD FRG]LHQQ\FK F]\QQRĜFL GR FLHSăHM EDUZ\ ĜZLDWăD NWµUD VSU]\MD URPDQW\F]Q\P
)XQNFMRQDOQH L Z\JRGQH Z XĽ\WNRZDQLX GRGDWNRZR GRĜZLHWODMÇ VWUHIÛ Z\SRF]\QNRZÇ NRODFMRP L RGSRF]\QNRZL 'RGDWNRZR SLORWHP PRĽQD ]PLHQLDÉ QDWÛĽHQLH
MHGQRF]HĜQLH EXGXMÇF QDVWURMRZÇ DWPRVIHUÛ ZH ZQÛWU]DFK ĜZLDWăD ]D SRPRFÇ ĜFLHPQLDQLD 3RGF]DV RJOÇGDQLD WHOHZL]ML PRĽQD
XVWDZLÉ GHOLNDWQH ĜZLDWăR D SRGF]DV FRG]LHQQ\FK SUDF
= ]DJZDUDQWRZDÉDJZDUDQWRZDÉ QDMPRFQLHMV]H RĜZLHWOHQLH 3ODIRQ OHG
=DUµZQRDUµZQR Z UHSUH]HQWDF\MQ\FK VDORQDFK MDN L SU]\WXOQ\FK V\SLDOQLDFK ODPS\ SRGăRJRZH
]
VWRMÇFH VWDQRZLÇ Z\MÇWNRZ\ HOHPHQW GHNRUDF\MQ\ ,GHDOQLH Z\JOÇGDMÇ Z QRZRF]HVQ\FK SRVLDGD NLOND WU\EµZ SUDF\ Z W\P LQQRZDF\MQ\ WU\E VHQ
SU]HVWURQQ\FK ORIWDFK MDN L ZNRPSRQRZDQH Z QLHZLHONÇ VWUHIÛ Z\SRF]\QNRZÇ ] VRIÇ L XU]ÇG]HQLH SRZROL SU]H] PLQXW Z\JDV]D VLÛ DĽ GR
VWROLNLHP NDZRZ\P /DPS\ SRGăRJRZH VWRMÇFH EXGXMÇ QDVWUµM SRGF]DV ZLHF]RUQHM ]XSHăQHJR Z\ăÇF]HQLD FR XPRĽOLZLD NRPIRUWRZH
NRODFML F]\WDQLD NVLÇĽNL F]\ RJOÇGDQLD WHOHZL]ML QLHNLHG\ WDNĽH Ȃ XVWDZLRQH WXĽ SU]\ ]DV\SLDQLH 3ODIRQ Z\SURGXNRZDQ\ MHVW QD
㵼NX Ȃ ]DVWÛSXMÇ QRFQH ODPSNL 1DMPRGQLHMV]D ODPSD SRGăRJRZD VWRMÇFD PD IRUPÛ SRGVWDZLH LQQRZDF\MQHM WHFKQRORJLL NWµUD QLH
SU]\SRPLQDMÇFÇ VWDW\Z IRWRJUDILF]Q\ WU]\ Z\VRNLH QRJL VÇ SRGVWDZÇ QLH]Z\NOH Z\ND]XMH ĽDGQHJR IDORZDQLD EÇGĻ PLJDQLD FR
GHNRUDF\MQHJRHNRUDF\MQHJR DEDĽXUD 7DNLH ODPS\ SRGăRJRZH VWRMÇFH Z\VWÛSXMÇ Z ZLHOX
G ]
]QDF]QLHQDF]QLH SU]\F]\QLD VLÛ GR RFKURQ\ Z]URNX
NRORU\VW\F]Q\FK ZQÛWU]DFK Ȃ PRGQ\ DEDĽXU PRĽQD GRSDVRZDÉ GR NDĽGHM DUDQĽDFML 3ODIRQ Z\NRQDQ\ MHVW ] EDUG]R GREUHJR L
ZQÛWU]D WUZDăHJR PDWHULDăX ļ\ZRWQRĜÉ GLRG OHG NWµUH
]RVWDă\ ]DVWRVRZDQH Z SODIRQDFK V]DFXMH VLÛ GR
/DPSD VWRMÇFD ] NRORURZ\P NZLDWRZ\P DEDĽXUHP GRVNRQDOH ZNRPSRQXMH VLÛ Z JRG]LQ FLÇJăHJR ĜZLHFHQLD FR
DUDQĽDFMH Z VW\OX SURZDQVDOVNLP %LDă\ DEDĽXU EÇGĻ WHQ ] FKDUDNWHU\VW\F]Q\P JZDUDQWXMH ZLHOROHWQLH NRU]\VWDQLH ] ODPS\
]\J]DNLHP SRGNUHĜOL PRGQÇ VW\OLVW\NÛ VNDQG\QDZVNÇ /DPSD VWRMÇFD SRGăRJRZD ]
F]DUQ\P Z\NRąF]HQLHP WR RERZLÇ]NRZH X]XSHăQLHQLH Z\VWURMX SU]HVWURQQ\FK
ORIWµZ
&2 52%,0<"
.RPSOHNVRZR Z\NRQXMHP\ LQVWDODFMH HOHNWU\F]QH Z ND×GHM
LQZHVW\FML =DSHZQLDP\ GRSDVRZDQLH SHÊQÃ LQWHJUDFMÇ L
NRPSDW\ELOQRÐÅ ZV]\VWNLFK V\VWHPµZ RUD] XU]ÃG]HÌ
*ZDUDQWXMHP\ NRQNXUHQF\MQH FHQ\ QDMZ\×V]Ã MDNRÐÅ
VROLGQRÐÅ RUD] WHUPLQRZRÐÅ Z\NRQ\ZDQ\FK SUDF 6SUDZGÕ
LQVWDODFMH MDNLH UHDOL]XMHP\
,167$/$&-$ ,167$/$&-$
(/(.75<&=1$ 7(/(7(&+1,&=1$
-HGQD ĆUPD MHGHQ RSLHNXQ -HGQD RGSRZLHG]LDOQRÐÅ :,(/( 02Ö/,:2Ï&, $8720$7<.$ ,167$/$&-$
,17(/,*(171< '20
$/$502:$
'/$ .2*2" ,167$/$&-$ ,11(
$8',2 9,'(2
3ODQXMHV] EXGRZÇ GRPX OXE ]DNXS PLHV]NDQLD" $ PR×H V]\NXMHV] VLÇ QD
JHQHUDOQ\ UHPRQW" 0\ÐOLV] R LQZHVW\FML Z QRZRF]HVQH ]LQWHJURZDQH
LQVWDODFMH HOHNWU\F]QH ]DSHZQLDMÃFH SRQDGSU]HFLÇWQ\ NRPIRUW RUD]
EH]SLHF]HÌVWZR SU]\ MHGQRF]HVQ\FK RV]F]ÇGQRÐFLDFK HQHUJLL"
6SUDZGÕ QDV]Ã RIHUWÇ L SR]QDM NRU]\ÐFL SÊ\QÃFH ] NRPSOHNVRZHM UHDOL]DFML
LQZHVW\FML HOHNWU\F]Q\FK SU]H] GRÐZLDGF]RQ\ ]HVSµÊ VSHFMDOLVWµZ ,167$/$&-(
,17(/,*(171(
(/(.75<&=1(
32=1$- 1$6=( $787<
ï -HVWHÐP\ SURIHVMRQDOLVWDPL GODWHJR NRPSOHNVRZR ]DMPXMHP\ VLÇ UHDOL]DFMÃ LQVWDODFML HOHNWU\F]Q\FK
ï 3U]\JRWRZXMHP\ GRNXPHQWDFMÇ RNDEORZDQLH PRQWD× L NRQĆJXUDFMÇ XU]ÃG]HÌ RUD] V\VWHPµZ
ï %LHU]HP\ SHÊQÃ RGSRZLHG]LDOQRÐÅ ]D ĆQDOQ\ UH]XOWDW QDV]HM SUDF\ F]\OL SUDZLGÊRZH IXQNFMRQRZDQLH ZV]\VWNLFK LQVWDODFML
ï =DSHZQLDP\ VHUZLV JZDUDQF\MQ\ RUD] REVÊXJÇ SRVSU]HGD×RZÃ 1DVL HNVSHUFL FKÇWQLH GRUDG]Ã Z VSUDZDFK GRW\F]ÃF\FK
PRG\ĆNDFML L UR]ZRMX V\VWHPX QDZHW SR RNUHVLH REMÇW\P JZDUDQFMÃ
.203/(.62:2ÏÄ .52. 32 .52.8
=$/(7<
.203/(.62:2Ï&,
SURMHNW LQVWDODFMD PRQWD× VHUZLV
DGDSWDFMD RNDEORZDQLD NRQĆJXUDFMD JZDUDQFMD
ï -HGHQ GHG\NRZDQ\ RSLHNXQ
ï 6]\ENRÐÅ UHDOL]DFML
ï %UDN XNU\W\FK NRV]WµZ
ï 8ÊDWZLRQ\ NRQWDNW ] Z\NRQDZFÃ
LQIR#LQWHOLGRP SO ï 3URIHVMRQDOQH GRUDG]WZR
ZZZ LQWHOLGRP SO ï 'RSDVRZDQLH L LQWHJUDFMD LQVWDODFML
ï
ï *ZD *ZDUDQFMD MDNRÐFL QD FDÊRÐÅ SUDF
&2 52%,0<"
.RPSOHNVRZR Z\NRQXMHP\ LQVWDODFMH HOHNWU\F]QH Z ND×GHM
LQZHVW\FML =DSHZQLDP\ GRSDVRZDQLH SHÊQÃ LQWHJUDFMÇ L
NRPSDW\ELOQRÐÅ ZV]\VWNLFK V\VWHPµZ RUD] XU]ÃG]HÌ
*ZDUDQWXMHP\ NRQNXUHQF\MQH FHQ\ QDMZ\×V]Ã MDNRÐÅ
VROLGQRÐÅ RUD] WHUPLQRZRÐÅ Z\NRQ\ZDQ\FK SUDF 6SUDZGÕ
LQVWDODFMH MDNLH UHDOL]XMHP\
,167$/$&-$ ,167$/$&-$
(/(.75<&=1$ 7(/(7(&+1,&=1$
-HGQD ĆUPD MHGHQ RSLHNXQ -HGQD RGSRZLHG]LDOQRÐÅ :,(/( 02Ö/,:2Ï&, $8720$7<.$ ,167$/$&-$
,17(/,*(171< '20
$/$502:$
'/$ .2*2" ,167$/$&-$ ,11(
$8',2 9,'(2
3ODQXMHV] EXGRZÇ GRPX OXE ]DNXS PLHV]NDQLD" $ PR×H V]\NXMHV] VLÇ QD
JHQHUDOQ\ UHPRQW" 0\ÐOLV] R LQZHVW\FML Z QRZRF]HVQH ]LQWHJURZDQH
LQVWDODFMH HOHNWU\F]QH ]DSHZQLDMÃFH SRQDGSU]HFLÇWQ\ NRPIRUW RUD]
EH]SLHF]HÌVWZR SU]\ MHGQRF]HVQ\FK RV]F]ÇGQRÐFLDFK HQHUJLL"
6SUDZGÕ QDV]Ã RIHUWÇ L SR]QDM NRU]\ÐFL SÊ\QÃFH ] NRPSOHNVRZHM UHDOL]DFML
LQZHVW\FML HOHNWU\F]Q\FK SU]H] GRÐZLDGF]RQ\ ]HVSµÊ VSHFMDOLVWµZ ,167$/$&-(
,17(/,*(171(
(/(.75<&=1(
32=1$- 1$6=( $787<
ï -HVWHÐP\ SURIHVMRQDOLVWDPL GODWHJR NRPSOHNVRZR ]DMPXMHP\ VLÇ UHDOL]DFMÃ LQVWDODFML HOHNWU\F]Q\FK
ï 3U]\JRWRZXMHP\ GRNXPHQWDFMÇ RNDEORZDQLH PRQWD× L NRQĆJXUDFMÇ XU]ÃG]HÌ RUD] V\VWHPµZ
ï %LHU]HP\ SHÊQÃ RGSRZLHG]LDOQRÐÅ ]D ĆQDOQ\ UH]XOWDW QDV]HM SUDF\ F]\OL SUDZLGÊRZH IXQNFMRQRZDQLH ZV]\VWNLFK LQVWDODFML
ï =DSHZQLDP\ VHUZLV JZDUDQF\MQ\ RUD] REVÊXJÇ SRVSU]HGD×RZÃ 1DVL HNVSHUFL FKÇWQLH GRUDG]Ã Z VSUDZDFK GRW\F]ÃF\FK
PRG\ĆNDFML L UR]ZRMX V\VWHPX QDZHW SR RNUHVLH REMÇW\P JZDUDQFMÃ
.203/(.62:2ÏÄ .52. 32 .52.8
=$/(7<
.203/(.62:2Ï&,
SURMHNW LQVWDODFMD PRQWD× VHUZLV
DGDSWDFMD RNDEORZDQLD NRQĆJXUDFMD JZDUDQFMD
ï -HGHQ GHG\NRZDQ\ RSLHNXQ
ï 6]\ENRÐÅ UHDOL]DFML
ï %UDN XNU\W\FK NRV]WµZ
ï 8ÊDWZLRQ\ NRQWDNW ] Z\NRQDZFÃ
LQIR#LQWHOLGRP SO ï 3URIHVMRQDOQH GRUDG]WZR
ZZZ LQWHOLGRP SO ï 'RSDVRZDQLH L LQWHJUDFMD LQVWDODFML
ï
ï *ZD *ZDUDQFMD MDNRÐFL QD FDÊRÐÅ SUDF
Moja taktyka
na ciepły dom
Kompletny zestaw stolarki do domów energooszczędnych i pasywnych.
Ciepłe okna i drzwi wejściowe, rolety zewnętrzne, żaluzje fasadowe
oraz solidna brama garażowa o grubości 60 mm.
Jedna inwestycja - jeden dostawca - gwarancja Twojego spokoju.
Zapraszamy do sieci komfortowych salonów KRISPOL.
www.krispol.pl