Manual Compresor Atlas Copco Nuevo

Manual de instrucciones

GA 15, GA 18, GA 22

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Fecha de impresión impresión ...... ......... ... 05/05/2006 05/05/2006

Atlas Copco www.atlascopco.com

+PFKEG 

2TGECWEK 2TGECWEKQPGU QPGUFG FGUGIW UGIWTKF TKFCF CF                      



+%1015 &' 5')74+&#&  

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24'%#7%+10'5 &' 5')74+&#& &74#06' +056#.#%+¡0  



24'%#7%+10'5 &' 5')74+&#& &74#06' (70%+10#/+'061  

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24'%#7%+10'5 &' 5')74+&#& &74#06' /#06'0+/+'061 1 4'2#4#%+10'5 



&GUETKRE &GUETKREKÉP KÉPIGP IGPGTCN GTCN                        

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+0641&7%%+¡0 

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(.7,1 &' #+4' 

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5+56'/# &' #%'+6' 



5+56'/# &' 4'(4+)'4#%+¡0 

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5+56'/# &' %10&'05#&1 



5+56'/# &' 4')7.#%+¡0 

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5+56'/# '.%64+%1 

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&+#)4#/#5 '.%64+%15 

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5'%#&14 &' #+4' 



4GIWNCFQ 4GIWNCFQT' T'NGMVT NGMVTQPKM QPKMQP QP+ +                     

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4')7.#&14'.'-6410+-10+ 



2#0'. &' %10641. 



&+52.#; 



2+%61)4#/#5 76+.+<#&15 '0 .# 2#06#..# 



2#06#..# 24+0%+2#. 



#8+51 &' 2#4#&# &' #.#4/# 



2#4#&# &' #.#4/#



#8+51 &' 5'48+%+1 



&'52.#<#45' 214 61 .#5 2#06#..#5 



+081%#%+¡0 &' 6'/2'4#674#5 &' 5#.+&# ; 27061 &' 41%1 



+081%#%+¡0 &' *14#5 &' (70%+10#/+'061



+PFKEG 

2TGECWEK 2TGECWEKQPGU QPGUFG FGUGIW UGIWTKF TKFCF CF                      



+%1015 &' 5')74+&#&  



24'%#7%+10'5 &' 5')74+&#& &74#06' +056#.#%+¡0  



24'%#7%+10'5 &' 5')74+&#& &74#06' (70%+10#/+'061  



24'%#7%+10'5 &' 5')74+&#& &74#06' /#06'0+/+'061 1 4'2#4#%+10'5 



&GUETKRE &GUETKREKÉP KÉPIGP IGPGTCN GTCN                        



+0641&7%%+¡0 



(.7,1 &' #+4' 



5+56'/# &' #%'+6' 



5+56'/# &' 4'(4+)'4#%+¡0 



5+56'/# &' %10&'05#&1 



5+56'/# &' 4')7.#%+¡0 



5+56'/# '.%64+%1 



&+#)4#/#5 '.%64+%15 



5'%#&14 &' #+4' 



4GIWNCFQ 4GIWNCFQT' T'NGMVT NGMVTQPKM QPKMQP QP+ +                     



4')7.#&14'.'-6410+-10+ 



2#0'. &' %10641. 



&+52.#; 



2+%61)4#/#5 76+.+<#&15 '0 .# 2#06#..# 



2#06#..# 24+0%+2#. 



#8+51 &' 2#4#&# &' #.#4/# 



2#4#&# &' #.#4/#



#8+51 &' 5'48+%+1 



&'52.#<#45' 214 61 .#5 2#06#..#5 



+081%#%+¡0 &' 6'/2'4#674#5 &' 5#.+&# ; 27061 &' 41%1 



+081%#%+¡0 &' *14#5 &' (70%+10#/+'061





+081%#%+¡0 &' #44#037'5 &'. /1614 



+081%#%+¡0 &' *14#5 &'. /¡&7.1    



+081%#%+¡0 &' *14#5 &' %#4)# 



+081%#%+¡0 &'. 4'. &' %#4)#    



+081%#%+¡04'#4/' &' 6'/214+<#&14 &' 5'48+%+1    



5'.'%%+¡0 '064' %10641. .1%#.4'/161 1.#0   



+081%#%+¡0 &' /1&+(+%#%+¡0 &'.+&&' 01&1 2#4# %10641..#0   



+081%#%+¡0 &' /1&+(+%#%+¡0 &' #,756'5 &' $#0&# &' 24'5+¡0    



/1&+(+%#%+¡0 &' .# 5'.'%%+¡0 &' $#0&# &' 24'5+¡0  



+081%#%+¡0/1&+(+%#%+¡0 &' #,756' &' 6'/214+<#&14 &' 5'48+%+1 



+081%#%+¡0/1&+(+%#%+¡0 &' 70+&#& &' 6'/2'4#674#  



+081%#%+¡0/1&+(+%#%+¡0 &' 70+&#& &' 24'5+¡0   



#%6+8#4 4'#44#037' #761/6+%1 &'5275 &' (#..1 &'. 81.6#,'  



5'.'%%+¡0 '064' #44#037';&1&1. &1.   



+081%#%+¡0 &' /1&+(+%#%+¡0 &'. 6+'/21 &' 4'64#51 &' %#4)# 



+081%#%+¡0 &' /1&+(+%#%+¡0 &' 6+'/21 /0+/1 &' 2#4#&#    



#%6+8#4 2416'%%+¡0 214 %1064#5'# 



+081%#%+¡0 &' /1&+(+%#%+¡0 &' #,756'5 &' 2416'%%+¡0   



2#06#..#5 &' 247'$#    



#,756'5 241)4#/#$.'5     



+PUVCNCEKÉ +PUVCNCEKÉP P                           



&+$7,15 &' &+/'05+10'5     



24127'56# &' +056#.#%+¡0    



%10':+10'5 '.%64+%#5    



2+%61)4#/#5    



+PUVTWEEK +PUVTWEEKQPGU QPGUFG FGHWPEK HWPEKQPCOK QPCOKGPVQ GPVQ                   



#06'5 &'. #44#037' +0+%+#. 



#44#037' +0+%+#.    



#06'5 &' #44#0%#4     





#44#037'



&74#06' '. (70%+10#/+'061 



%1/241$#4 '. &+52.#; 



2#4#&# 



27'56# (7'4# &' 5'48+%+1 



/CPVGPKOKGP /CPVGPKOKGPVQ VQ                         



241)4#/# &' /#06'0+/+'061 24'8'06+81 



/1614 &' #%%+10#/+'061 



'52'%+(+%#%+10'5 &'. #%'+6' 



%#/$+1 &' #%'+6' ; (+.6415 &' #%'+6' 



%#/$+1 &'. 5'2#4#&14 &' #%'+6' 



#./#%'0#/+'061 &'5275 &' .# +056#.#%+¡0 



,7')15 &' 5'48+%+15'48+%' -+65   



#LWUVGU[ #LWUVGU[RTQ RTQEGFK EGFKOKGPVQ OKGPVQUFG UFGUGTX UGTXKEKQ KEKQ                 



(+.641 &' #+4' 



4'(4+)'4#&14'5 



8.87.#5 &' 5')74+&#& 



5QNWEKÉP 5QNWEKÉPFG FGRTQ RTQDNGOCU DNGOCU                      



51.7%+¡0 &' 241$.'/#5 



&CVQUV¾EP &CVQUV¾EPKEQU KEQU                         



+0&+%#%+10'5 '0 '. &+52.#; 



6#/#1 &' %#$.'5 '.%64+%15 



#,756'5 &' 4'. &' 51$4'%#4)# ; (75+$.'5 



+06'4472614'5 &'. 5'%#&14+(& 



%10&+%+10'5 &' 4'('4'0%+# ; ./+6'5 



ɧ &'. %1/24'514 2#4#)##)# 

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+PUVTWEEKQPGURCTCGNWU +PUVTWEEKQPGURCTCGNWUQFGNFGR QFGNFGRÉUKVQFGCKTG ÉUKVQFGCKTG      

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+05647%%+10'5 &' 751    



2'&               



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/CPWCNFGKPUVTWEEKQPGU

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2TGEC GECWEKQPGU FGU GUGIWTKFCF

  

+EQP +EQPQ QUFG UFGU UGI GIW WTKF TKFCF

+PVGTRTGVCEKÉP

2GNKITQFGOWGTVG

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1DUGTXCEKÉPKORQTVCPVG

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2TGECWEK 2TGECWEKQPG QPGUF UFGUGI GUGIWTKF WTKFCF CFFWT FWTCPVG CPVGKP KPUVCNC UVCNCEKÉ EKÉP P

'NHCDTKECPVGFGENKPCVQFCTGURQPUCDKNKFCFRQTEWCNSWKGTFCÇQQNGUKÉP TGUWNVCPVGFGNPQEWORNKOKGPVQFGGUVCURTGECWEKQPGUQFGNCPQ QDUGTXCEKÉPFGNCRTGECWEKÉPJCDKVWCN[GNFGDKFQEWKFCFQGPNCKPUVCNCEKÉP OCPGLQOCPVGPKOKGPVQQTGRCTCEKÉPCWPSWGPQUGJC[COGPEKQPCFQ GZRTGUCOGPVG 2TGECWEKQPGUIGPGTCNGU

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2TGECWEKQPGUFWTCPVGNCKPUVCNCEKÉP

 .CO±SWKPCUÉNQFGDGNGXCPVCTUGWVKNK\CPFQGNGSWKRQCRTQRKCFQEQPHQ TOGCNCUPQTOCVKXCUXKIGPVGU GPOCVGTKCFGUGIWTKFCF6QFCUNCURKG\CUUWGNVCUQRKXQVCPVGUFGDGPUWLGVCTUGEQPUGIWTKFCFCPVGU FGNGXCPVCT'UV±VGTOKPCPVGOGPVGRTQJKDKFQSWGFCTUGQRCUCTGPNC\QPCFGTKGUIQRQTFGDCLQFG WPCECTICNGXCPVCFC.CCEGNGTCEKÉP[FGUCEGNGTCEKÉPFGGNGXCEKÉPFGDGPCLWUVCTUGCNQUNÃOKVGUFG UGIWTKFCF2ÉPICUGGNECUEQFGUGIWTKFCFCNVTCDCLCTEGTECFGGSWKRQGNGXCFQTQC¾TGQ  %QNQSWGNCO±SWKPCFQPFGGNCKTGCODKGPVGUGCNQO±UHTGUEQ[NKORKQRQUKDNG5KGUPGEGUCTKQ  KPUVCNGWPEQPFWEVQFGUWEEKÉP0WPECQDUVTW[CNCVQOCFGCKTG&GDGTGFWEKTUGCNOÃPKOQNC GPVTCFCFGNCJWOGFCFSWGCEQORCÇCCNCKTGFGCURKTCEKÉP  &GDGTGVKTCTEWCNSWKGTDTKF CQDVWTCFQTCVCRÉPVCRCQDQNUCUFGFGUGECPVGCPVGUFGEQPGEVCTNCU VWDGTÃCU  .CUOCPIWGTCUFGCKTGFGDGT±PUGTFGNVCOCÇQEQTTGEVQ[CFGEWCFCUCNCRTGUKÉPFGVTCDCLQ0WPEC WUGOCPIWGTCUFGUICUVCFCUFGVGTKQTCFCUQFGUJKNCEJCFCU.CUVWDGTÃCUFGFKUVTKDWEKÉP[UWU EQPGZKQPGUFGDGT±PUGTFGNVCOCÇQEQTTGEVQ[CFGEWCFCUCNCRTGUKÉPFGVTCDCLQ  'NCKTGCURKTCFQGUVCT±NKDTGFGJWOQ UQXCRQTGUKPHNCOCDNGURGLFKUQNXGPVGUFGRKPVWTCSWG RQFTÃCPRTQFWEKTWPKPEGPFKQQGZRNQUKÉPKPVGTPC  %QNQSWGNCVQOCFGCKTGGPWPUKVKQFQPFGPQRWGFCCURKTCTTQRCUUWGNVCUFGNCURGTUQPCU  %QORTWGDGSWGNCVWDGTÃCFGFGUECTICSWGXCFGUFGGNEQORTGUQTCNTGHTKIGTCFQTRQUVGTKQTQCNCTGF FGCKTGRWGFGFKNCVCTRQTGHGEVQUFGNECNQT[PQGUV±GPEQPVCEVQEQPOCVGTKCNKPHNCOCDNGQEGTECFG ¾UVG  0QUGRWGFGGLGTEGTPKPIWPCHWGT\CGZVGTPCUQDTGNCX±NXWNCFGUCNKFCFGCKTGGNVWDQEQPGEVCFQPQ RWGFGGUVCTUQOGVKFQCGUHWGT\Q  5KUGKPUVCNCWPEQPVTQNTGOQVQNCO±SWKPCNNGXCT±WPECTVGNGPRQUKEKÉPXKUKDNGKPFKECPFQ2'.+)41 'UVCO±SWKPCVKGPGEQPVTQNTGOQVQ[RWGFGRQPGTUGGPOCTEJCUKPRTGXKQCXKUQ 'NQRGTCFQTFGDGCUGIWTCTUGFGSWGNCO±SWKPCGUV±RCTCFC[FGSWGGNKPVGTTWRVQTUGRCTCFQTGUV± CDKGTVQ[DNQSWGCFQCPVGUFGTGCNK\CTEWCNSWKGTOCPVGPKOKGPVQQTGRCTCEKÉP2CTCOC[QTUGIWTKFCF NCURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU RCTCCUGIWTCTUGFGSWGPCFKGGUV¾XGTKHKECPFQNCO±SWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG EQNQECT±WPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKÉPCTTCPECRQTEQPVTQNTGOQVQCFKUVCPEKC  .CUO±SWKPCUTGHTKIGTCFCURQ TCKTGFGDGPKPUVCNCTUGFGOCPGTCSWGUGFKURQ PICFGWPHNWLQ CFGEWCFQFGCKTGFGTGHTKIGTCEKÉP[SWGGNCKTGFGGUECRGPQTGEKTEWNGCNCGPVTCFC  .CUEQPGZKQPGUGN¾EVTKECUFGDGPTGCNK\CTUGFGCEWGTFQEQP NQUEÉFKIQUNQECNGU.CKPUVCNCEKÉPFGDG TGCNK\CTUGCVKGTTC[RTQVGIGTUGFGEQTVQEKTEWKVQURQTOGFKQFGHWUKDNGUGPVQFCUNCUHCUGU&GDG KPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTFGGPGTIÃCGN¾EVTKECEQPEKGTTGEGTECFGNEQORTGUQT  'PO±SWKPCUEQPUKUVGOCFGCTTCPSWGRCTCFCCWVQ O±VKEQQUKGUV±CEVKXCFCNCHWPEKÉPFG TGCTTCPSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLGUGHKLCT±EGTECFGNVCDNGTQFG KPUVTWOGPVQUWPECTVGNSWGFKIC'UVCO±SWKPCRWGFGRQPGTUGGPOCTEJCUKPRTGXKQCXKUQ  'PNQUUKUVGOCUHQTOCFQURQTXCTKQUEQORTGUQTGUFGDGPKPUVCNCTUGX±NXWNCUOCPWCNGURCTCCKUNCT ECFCEQORTGUQT0QFGDGEQPHKCTUGGPNCUX±NXWNCUCPVKTTGVQTPQX±NXWNCUFGTGVGPEKÉPRCTCCKUNCT UKUVGOCUCRTGUKÉP  0WPECCPWNGPKOCPKRWNG NQUFKURQUKVKXQUFGUGIWTKF CFPKNCURTQVGEEKQPGUQNQU CKUNCOKGPVQU OQPVCFQUGPNCO±SWKPC%CFCTGEKRKGPVGCRTGUKÉPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC O±SWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKÉPUWRGTKQTCNCCVOQUH¾TKECUGRTQVGIGT±EQPWP FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKÉPUKGUVQHWGTCPGEGUCTKQ  &GDGRTQVGIGTQCKUNCTNCUVWDGTÃCUWQVTCURCTVGUSWGCNECPEGPVGORGTCVWTCUUWRGTKQTGUCNQUu% u(SWGRWGFCVQECTCEEKFGPVCNOGPVGGNRGTUQPCNFWTCPVGGNHWPEKQPCOKGPVQPQTOCN.CUQVTCU VWDGTÃCUCVGORGTCVWTCGNGXCFCUGOCTECT±PCFGEWCFCOGPVG

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 2CTCXGTUKQPGUTGHTKIGTC FCURQTCIWCGNUKUVGOCFGCIWCFGTGHTKIGTCEKÉPKP UVCNCFQHWGTCFGNC O±SWKPCFGDGGUVCTRTQVGIKFQRQTWPFKURQUKVKXQFGUGIWTKFCFEQPRTGUKÉPFGCLWUVGEQPHQTOGCNC RTGUKÉPO±ZKOCFGGPVTCFCFGCIWCFGTGHTKIGTCEKÉP  5KGNUWGNQPQGUV±PKXGNCFQQ RWGFGGUVCTUWLGVQCKPENKPCEKÉP XCTKCDNGEQPUWNVGCNHCDTKECPVG

%QPUWNVGVCODK¾PNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF FWTCPVGHWPEKQPCOKGPVQ [2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQ  .CURTGUGPVGURTGECWEKQPGUUQPX±NKFCURCTCO±SWKPCUSWGVTCVGPQEQPUWOCPCKTGQ ICUKPGTVG'NVTCVCOKGPVQFGQVTQUVKRQUFGICUGZKIGRTGECWEKQPGUCFKEKQPCNGURTQRKCU FGNCCRNKECEKÉPSWGPQHKIWTCPGPGNVGZVQCNRKG #NIWPCURTGECWEKQPGUUQPFGECT±EVGTIGPGTCN[UQPX±NKFCURCTCXCTKQUVKRQUFG O±SWKPCU[GSWKRQURQTEQPUKIWKGPVGRWGFGSWGCNIWPCUKPFKECEKQPGUPQTGUWNVGP UKGORTGCRNKECDNGUCNCO±SWKPC

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2TGECWEKQPGUFGUGIWTKFCFFWTCPVGHWPEKQPCOKGPVQ


 'NQRGTCTKQFGDGNNGXCTCNCRT±EVKECNCUPQTOCUFGUGIWTK FCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT VQFCUNCUQTFGPCP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF  5KEWCNSWKGTKPFKECEKÉPFGNCUSWGUGEKVCPCEQPVKPWC EKÉPPQEWORNKGTCEQPNCNGIKUNCEKÉPNQECNUG CRNKECT±NCO±UGUVTKEVC  .CKPUVCNCEKÉPHWPEKQPC OKGPVQOCPVGPKOKGPVQ[TGRCTCEKQPGUU ÉNQUGNNGXCT±PCECDQRQTRGTUQ PCN CWVQTK\CFQ[EQORGVGPVG  0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDN G2CTCQDVGPGTCKTGTGURKTCDNGGN CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU NQECNGU  #PVGUFGGORG\CTGNVTCDCLQFGOCPVGPKOKGPVQTGRCTCEKÉ PQCLWUVGQEQORTQDCEKÉPFKUVKPVCFGNC CVGPEKÉPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGO±UUGCDTKT±[UGDNQSWGCT±GNKPVGTTWRVQTUGRCTCFQTFG GPGTIÃCGN¾EVTKEC  0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKS WGCNCRKGNPKFKTKLCEJQTTQU FGCKTGCPKPIWPC RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ J±ICNQEQPOWEJQEWKFCFQ[RTQV¾LCUGNQUQLQU

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2TGECWEKQPGUFWTCPVGHWPEKQPCOKGPVQ

 7UGUQNCOGPVGGNVKRQ[VCOCÇQEQTTGEVQUFGEQPGZKQ PGU[CEEGUQTKQU#NUQRNCTCKTGCVTCX¾UFG WPCOCPIWGTCQVWDGTÃCCUGIÐTGUGFGSWGUGUWLGVCHKTOGOGPVGGNGZVTGOQCDKGTVQ7PGZVTGOQ NKDTGIQNRGCT±EQOQWPN±VKIQ[RQFT±ECWUCTNGUKQPGU#UGIÐTGUGFGSWGNCUOCPIWGTCUGUV±P EQORNGVCOGPVGFGURTGUWTK\CFCUCPVGUFGFGUEQPGEVCTNCU  .CURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU RCTCCUGIWTCTUGFGSWGPCFKGGUV¾XGTKHKECPFQNCO±SWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG EQNQECT±WPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKÉPCTTCPECRQTEQPVTQNTGOQVQCFKUVCPEKC  0WPECJCICHWPEKQPCTNQUITWRQUGPNWICTGUFQPFGGZKUVCNCRQUKDKNKFCFFGCURKTCTGOCPCEKQPGU KPHNCOCDNGUQVÉZKECU  0WPECJCICHWPEKQPCTNCO±SWKPCRQTFGDCLQQGPEKOCFGUWUNÃOKVGU  /CPVGPICEGTTCFCUVQFCU NCURWGTVCUFGNCECTTQEGTÃCFWTCPVGGNHWPEKQP COKGPVQ5ÉNQRWGFGP CDTKTUGRQTDTGXGVKGORQRGLRCTCGHGEVWCTEQORTQDCEKQPGU7UGRTQVGEVQTGUFGQÃFQUCNCDTKTWPC RWGTVC  .CURGTUQPCUSWGRGTOCPG\ECPGPWPCODKGPVGQWPCUCNCFQPF GGNPKXGNFGUQPKFQCNECPEGQ GZEGFCF$#FGDGPWUCTRTQVGEVQTGUFGQÃFQU  %QORTWGDGRGTKÉFKECOGPVGSWG  6QFCUNCURTQVGEEKQPGUUGGPEWGPVTCPGPUWNWICTRGTHGEVCOGPVGCUGIWTCFCU  6QFCUNCUOCPIWGTCU[QVWDGTÃCUFGPVTQFGNITWRQUGGPEWGPVTCPGPDWGPCUEQPFKEKQPGUDKGP UWLGVCU[SWGPQUGTQ\CP  0QGZKUVGPHWICU  6QFQUNQUVGPUQTGUGUV±PCRTGVCFQU  6QFQUNQUECDNGUGN¾EVTKEQUUGGPEWGPVTCPUGIWTQU[GPDWGPCUEQPFKEKQPGU  .CUX±NXWNCUFGUGIWTKFCF[NQUQVTQUFKURQUKVKXQUFGGXCEWCEKÉPFGRTGUKÉPPQGUV±PCVCUECFQU RQTGUECOCUQRKPVWTC 

.CX±NXWNCFGUCNKFC[TGFFGCKTGGUFGEKTVWDQUCEQRNCOKGPVQU EQNGEVQTGUX±NXWNCU OCPIWGTCUGVEUGGPEWGPVTCPGPDWGPGUVCFQUKPFGUICUVGUCPQTOCNGU[VTCVCFQU CFGEWCFCOGPVG

 5KUGWUCGNCKTGFGTGHTKIGTCEKÉPECNKGPVGFGEQORTGUQTGUGPW PUKUVGOCFGECNGHCEEKÉPRQTCKTG RGLRCTCECNGPVCTWPVCNNGTJC[SWGVQOCTRTGECWEKQPGUEQPVTCNCRQNWEKÉP[EQPVCOKPCEKÉP GXGPVWCNFGNCKTGTGURKTCDNG  0QSWKVGPKPIWPCRCTVGFGNOCVGTKCNKPUQPQTK\CPVGPKNQECODKGFGUKVKQ  0WPECCPWNGPKOCPKRWNG NQUFKURQUKVKXQUFGUGIWTKF CFPKNCURTQVGEEKQPGUQNQU CKUNCOKGPVQU OQPVCFQUGPNCO±SWKPC%CFCFGRÉUKVQCRTGUKÉPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC O±SWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKÉPUWRGTKQTCNCCVOQUH¾TKECUGRTQVGIGT±EQPWP FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKÉPUKGUVQHWGTCPGEGUCTKQ

%QPUWNVGVCODK¾PNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU 2TGECWEKQPGUFGUGIWTKFCF FWTCPVGKPUVCNCEKÉP [2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQ  .CURTGUGPVGURTGECWEKQPGUUQPX±NKFCURCTCO±SWKPCUSWGVTCVGPQEQPUWOCPCKTGQ ICUKPGTVG'NVTCVCOKGPVQFGQVTQUGURGEKGUFGICUGZKIGRTGECWEKQPGUCFKEKQPCNGU RTQRKCUFGNCCRNKECEKÉPSWGPQHKIWTCPGPGNVGZVQCNRKG #NIWPCURTGECWEKQPGUUQPFGECT±EVGTIGPGTCN[UQPX±NKFCURCTCXCTKQUVKRQUFG O±SWKPCU[GSWKRQURQTEQPUKIWKGPVGRWGFGSWGCNIWPCUKPFKECEKQPGUPQTGUWNVGP UKGORTGCRNKECDNGUCNCO±SWKPC

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2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQQ TGRCTCEKQPGU


 'NQRGTCTKQFGDGNNGXCTCNCRT±EVKECNCUPQTOCUFGUGIWTK FCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT VQFCUNCUQTFGPCP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF  5KEWCNSWKGTKPFKECEKÉPFGNCUSWGUGEKVCPCEQPVKPWC EKÉPPQEWORNKGTCEQPNCNGIKUNCEKÉPNQECNUG CRNKECT±NCO±UGUVTKEVC  .CKPUVCNCEKÉPHWPEKQPC OKGPVQOCPVGPKOKGPVQ[TGRCTCEKQPGUU ÉNQUGNNGXCT±PCECDQRQTRGTUQ PCN CWVQTK\CFQ[EQORGVGPVG  0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDN G2CTCQDVGPGTCKTGTGURKTCDNGGN CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU NQECNGU  #PVGUFGGORG\CTGNVTCDCLQFGOCPVGPKOKGPVQTGRCTCEKÉ PQCLWUVGQEQORTQDCEKÉPFKUVKPVCFGNC CVGPEKÉPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGO±UUGCDTKT±[UGDNQSWGCT±GNKPVGTTWRVQTUGRCTCFQTFG GPGTIÃCGN¾EVTKEC  0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKS WGCNCRKGNPKFKTKLCEJQTTQU FGCKTGCPKPIWPC RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ J±ICNQEQPOWEJQEWKFCFQ[RTQV¾LCUGNQUQLQU 2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQQTGRCTCEKQPGU

 2ÉPICUGUKGORTGWPCUICHCUFGUGIWTKFCF  7UGUQNCOGPVGNCUJGTTCOKGPVCUCFGEWCFCU CNVTCDCLQFGOCPVGPKOKGPVQ[TGRCTCEKÉP  5ÉNQRQFT±PWVKNK\CTUGTGRWGUVQUQTKIKPCNGU  .QUVTCDCLQUFGOCPVGPKOKGP VQUGNNGXCT±PCECDQÐPKECOGPVGEWCPFQNCO±SWKP CUGJC[CGPHTKCFQ  #FGO±UGNGSWKRQFGCTTCPSWGFGDGNNGXCTWPECTVGNSWGFKICRGLUGGUV±VTCDCLCPFQPQRQPGTGP OCTEJC  .CURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU RCTCCUGIWTCTUGFGSWGPCFKGGUV¾XGTKHKECPFQNCO±SWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG EQNQECT±WPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKÉPCTTCPECRQTEQPVTQNTGOQVQCFKUVCPEKC  %KGTTGNCX±NXWNCFGUCNKFCFGCKTGCPVGUFGEQPGEVCTQFGUEQPGEVCTWPCVWD GTÃC  #PVGUFGFGUOQPVCTEWCNSWKGTEQORQPGPVGRTGUWTK\CFQCÃUNGGNITWRQFGVQFCUNCUHWGPVGUFG RTGUKÉP[CNKXKGVQFQGNUKUVGOCFGRTGUKÉP  0WPECWUGFKUQNXGPVGUKPHNCOCDNGUPKVGVTCENQTWTQFGECTDQPQRCTCNKORKCTNCURKG\CU6QOGOGFKFCU FGUGIWTKFCFEQPVTCXCRQTGUVÉZKEQUFGNÃSWKFQUFGNKORKG\C  'ZVTGOGNCNKORKG\CFWTCPVGNQUVTCDCLQU FGOCPVGPKOKGPVQ[TGRCTCEKÉP%WDTCNCURKG\CU[NCU CDGTVWTCUEQPWPRCÇQNKORKQRCRGNQEKPVCCFJGUKXCGXKVCPFQCUÃSWGRGPGVTGRQNXQ

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'PIGPGTCNGNTGIWNCFQT'NGMVTQPKMQPGLGEWVCNCUVCTGCUUKIWKGPVGU  %QPVTQNFGNEQORTGUQT  2TQVGIGTGNEQORTGUQT  /QPKVQTK\CTNQUEQORQPGPVGUUWLGVQUCUGTXKEKQ  #TTCPSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLGJGEJQKPCEVKXQ %QPVTQNCWVQO±VKEQFGNEQORTGUQT

'NTGIWNCFQTOCPVKGPGNCRTGUKÉPFGNCTGFGPVTGNQUNÃOKVGURTQITCOCDNGUECTICPFQ[FGUECTICPFQGN EQORTGUQT CWVQO±VKECOGPVG5GVKGPGGPEWGPVCWPPÐOGTQFGCLWUVGURTQITCOCDNGURGLNCURTGUKQPGU FGFGUECTIC[ECTICGNVKGORQOÃPKOQFGRCTCFC[GNPÐOGTQO±ZKOQFGCTTCPSWGUFGNOQVQT 'NTGIWNCFQTRCTCGNEQORTGUQTECFCXG\SWGUGCRQUKDNGEQPQDLGVQFGTGFWEKTGNEQPUWOQFGGPGTIÃC[ XWGNXGCCTTCPECTNQCWVQO±VKECOGPVGEWCPFQDCLGNCRTGUKÉPFGNCTGF 2TQVGIGTGNEQORTGUQT

2CTCFCFGCNCTOC 5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGRCTCFCFGCNCTOCRTQITCOCFQUG RCTCT±GNEQORTGUQT'UVQUGKPFKECGPGNFKURNC['NEQORTGUQTUGRCTCT±VCODK¾PGPECUQFG UQDTGECTICFGNOQVQTFGCEEKQPCOKGPVQ #PVGUFGUQNWEKQPCTEQPUWNVGNCU 2TGECWEKQPGUFGUGIWTKFCF 

#XKUQFGRCTCFCFGCNCTOC 7PPKXGNFGCXKUQFGRCTCFCFGCNCTOCGUWPPKXGNRTQITCOCDNGDCLQGNPKXGNFGRCTCFCFGCNCTOC 5KCNIWPCFGNCUOGFKFCUGZEGFGGNPKXGNFGCXKUQFGRCTCFCFGCNCTOCRTQITCOCFQUGKPFKECT±GUVQ VCODK¾PEQPQDLGVQFGCXKUCTCNQRGTCFQTCPVGUFGSWGUGNNGIWGCFKEJQPKXGNFGRCTCFCFGCNCTOC




#XKUQFGUGTXKEKQ

5KGNVGORQTK\CFQTFGUGTXKEKQGZEGFGWPXCNQTRTQITCOCFQUGKPFKECT±GUVQGPGNFKURNC[EQPQDLGVQ FGCXKUCTCNQRGTCFQTSWGNNGXGCECDQEKGTVCUCEEKQPGUFGUGTXKEKQ 4GCTTCPSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLG

'NTGIWNCFQTKPEQTRQTCWPCHWPEKÉPFGCTTCPSWGCWVQO±VKEQFGNEQORTGUQTCNTGUVCDNGEGTUGGNXQNVCLG FGURW¾UFGWPCKPVGTTWREKÉPGN¾EVTKEC&KEJCHWPEKÉPGUV±FGUCEVKXCFCGPNQUEQORTGUQTGUSWGUCNGPFG NCH±DTKEC0QQDUVCPVGGURQUKDNGCEVKXCTNCUKCUÃUGFGUGC%QPUWNVGC#VNCU%QREQ 5KUGJCCEVKXCFQNCHWPEKÉP[CEQPFKEKÉPFGSWGGNOÉFWNQUGGPEQPVTCTCGPGN OQFQFGHWPEKQPCOKGPVQCWVQO±VKEQGNEQORTGUQTXQNXGT±CCTTCPECT CWVQO±VKECOGPVGUKUGTGUVCDNGEGGNXQNVCLGFGUWOKPKUVTQCNOÉFWNQ



2CPGNFG EQPVTQN

4GIWNCFQT'NGMVTQPKMQP+



4GH

&GUKIPCEKÉP

(WPEKÉP

5


2WNUCFQT RCTC RCTCT GN EQORTGUQT CN KPUVCPVGGPECUQFGGOGTIGPEKC &GURW¾UFGUQNWEKQPCTNCCXGTÃCVKTGFGN DQVÉPRCTCFGUDNQSWGCTNQ[RWNUGNCVGENC FGTGCTOG



$QVÉP FG RCTCFC

2WNUCFQT RCTC RCTCT GN EQORTGUQT 5G CRCICGN.'&'NEQORTGUQTUG RCTCT±FGURW¾UFGHWPEKQPCTGPFGUECTIC WPQUUGIWPFQU



$QVÉP FG CTTCPSWG

2WNUCFQT RCTC CTTCPECT GN EQORTGUQT 'N .'&UGGPEKGPFGNQSWGKPFKECSWG GNTGIWNCFQTGUV±QRGTCVKXQGP HWPEKQPCOKGPVQCWVQO±VKEQ



&KURNC[

+PFKEC GN GUVCFQ FG HWPEKQPCOKGPVQ FGN EQORTGUQTNQUXCNQTGUCEVWCNOGPVG OGFKFQU[NQURCT±OGVTQURTQITCOCFQU



6GENC FG TGCTOG

6GENC RCTC TGCTOCT GN VGORQTK\CFQT FG UGTXKEKQWPCEQPFKEKÉPFGRCTCFCFG CNCTOCGVEQRCTCXQNXGTCWPFKURNC[ CPVGTKQT


4GH

&GUKIPCEKÉP

(WPEKÉP



6GENC FG GPVTCFC

6GENC RCTC UGNGEEKQPCT Q XCNKFCT WP RCT±OGVTQ[CDTKTWPUWDFKURNC[



.'& FG XQNVCLG EQPGEVCFQ

+PFKEC SWG GUV± EQPGEVCFQ GN XQNVCLG



2KEVQITCOC

8QNVCLG EQPGEVCFQ



.'& FG CNCTOC IGPGTCN

'UV± GPEGPFKFQ UK GZKUVG WPC EQPFKEKÉP FGCXKUQ



.'& FG CNCTOC IGPGTCN

2CTRCFGC GP ECUQ FG WPC EQPFKEKÉP FG RCTCFCFGCNCTOCQRCTCFCFG GOGTIGPEKC



2KEVQITCOC

#NCTOC



.'& FG HWPEKQPCOKGPVQCWVQO±VKEQ

+PFKEC SWGGN TGIWNCFQTEQPVTQNCGN EQORTGUQTCWVQO±VKECOGPVGGN EQORTGUQTUGECTICFGUECTICRCTC[ XWGNXGCCTTCPECTUGIÐPGNEQPUWOQFG CKTG[NCUNKOKVCEKQPGURTQITCOCFCUGPGN TGIWNCFQT 'N.'&GUV±GPEGPFKFQFWTCPVGGN HWPEKQPCOKGPVQCWVQO±VKEQ[RCTRCFGC EWCPFQNCWPKFCFUGEQPVTQNCCFKUVCPEKC



2KEVQITCOC

(WPEKQPCOKGPVQ CWVQO±VKEQ



6GENCFGFGURNC\COKGPVQJCEKC CDCLQ

6GENC RCTCFGURNC\CTUGJCEKC CDCLQRQT NCURCPVCNNCUQRCTCFKUOKPWKTWPCLWUVG



6GENCFGFGURNC\COKGPVQJCEKC CTTKDC

6GENC RCTCFGURNC\CTUGJCEKC CTTKDCRQT NCURCPVCNNCUQRCTCCWOGPVCTWPCLWUVG



2KEVQITCOC

(WPEKQPCOKGPVQ TGOQVQ



&KURNC[

&GUETKREKÉP

0QTOCNOGPVGGNFKURNC[OWGUVTCNQUKIWKGPVG  'NGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQTRQTOGFKQFGRKEVQITCOCU  .CRTGUKÉPFGUCNKFCFGNCKTG  .CVGORGTCVWTCCEVWCNGPNCUCNKFCFGNGNGOGPVQEQORTGUQT  .CVGORGTCVWTCCEVWCNFGNRWPVQFGTQEÃQFGEQORTGUQTGU(WNN(GCVWTG




'NFKURNC[KPFKECVCODK¾PVQFQUNQURCT±OGVTQUOGFKFQU[RTQITCOCFQUX¾CUGNCUGEEKÉP&GURNC\CTUG RQTVQFCUNCURCPVCNNCU



2KEVQITCOCUWVKNK\CFQUGPNCRCPVCNNC

2KEVQITCOCU 2KEVQITCOC

&GUETKREKÉP

'UVCFQFGEQORTGUQT%#4)#FWTCPVGOCTEJCGPECTICRCTRCFGCNCHNGEJC JQTK\QPVCN 'UVCFQFGEQORTGUQT&'5%#4)#

+PFKECEKÉPFG%#4)#[&'5%#4)#

6GORGTCVWTCFGUCNKFCFGNGNGOGPVQ

6GORGTCVWTCFGNRWPVQFGTQEÃQ

/QVQTQUQDTGECTICFGOQVQT $QVÉPFGRCTCFCFGGOGTIGPEKC

2KEVQITCOCFGUGTXKEKQ #LWUVGFGTGFQEQPVTQN.#0



2CPVCNNCRTKPEKRCN

2TQEGFKOKGPVQ

%WCPFQUGEQPGEVGGNXQNVCLGUGOWGUVTCCWVQO±VKECOGPVGNC2CPVCNNCRTKPEKRCNOWGUVTCGPDTGXGNC UKVWCEKÉPFGHWPEKQPCOKGPVQFGNEQORTGUQT[NCRTGUKÉPFGUCNKFC 2CPVCNNCRTKPEKRCNGLGORNQVÃRKEQ

DCT 




.CRCPVCNNCKPFKECSWGOCTEJCGNEQORTGUQTGPECTICRCTRCFGCNCHNGEJCJQTK\QPVCN[SWGNCRTGUKÉPFG UCNKFCGUFGDCTG 5KGORTGEQPUWNVGC#VNCU%QREQUKCRCTGEGVGUVGPGNFKURNC[

%QPUWNVGVCODK¾PNCUGEEKÉP&GURNC\CTUGRQTVQFCUNCURCPVCNNCU



#XKUQFGRCTCFCFGCNCTOC

&GUETKREKÉP

#RCTGEGT±WPCPQVKEKCFGCXKUQFGRCTCFCFGCNCTOCGPECUQFG  WPCVGORGTCVWTCFGOCUKCFQCNVCGPNCUCNKFCFGNGNGOGPVQEQORTGUQT  WPCVGORGTCVWTCFGOCUKCFQCNVCFGNRWPVQFGTQEÃQRCTCEQORTGUQTGU(WNN(GCVWTG 6GORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQT



5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGCXKUQFGRCTCFCFGCNCTOC u%u(UGGPEGPFGT±GN.'&FGCNCTOC[RCTRCFGCT±GNRKEVQITCOCEQTTGURQPFKGPVG

2CPVCNNCRTKPEKRCNEQPCXKUQFGVGORGTCVWTCFGUCNKFCFGNGNGOGPVQ

RCTRCFGCPFQ DCT   2WNUGNCVGENCEQPHNGEJCCRCTGEGNCVGORGTCVWTCCEVWCNFGNGNGOGPVQEQORTGUQT  2CPVCNNCFGCXKUQVGORGTCVWTCFGUCNKFCFGGNGOGPVQ

RCTRCFGCPFQ u% 




.CRCPVCNNCOWGUVTCSWGNCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQORTGUQTGUu%  3WGFCRQUKDNGFGURNC\CTUGRQTQVTCURCPVCNNCUEQPC[WFCFGNCUVGENCU[RCTCEQORTQD CTGN GUVCFQCEVWCNFGQVTQURCT±OGVTQU  2WNUGGNDQVÉPRCTCRCTCTGNEQORTGUQT[GURGTGJCUVCSWGJC[CRCTCFQGHGEVKXCOGPVG  &GUEQPGEVGGNXQNVCLGTGXKUGGNEQORTGUQT[JCICNCUIGUVKQPG UPGEGUCTKCU  &GUCRCTGEGT±NCPQVKEKCFGCXKUQVCPRTQ PVQEQOQFGUCRCTG\ECNCEQPFKEKÉ PFGCXKUQ 6GORGTCVWTCFGNRWPVQFGTQEÃQ

2CTCEQORTGUQTGUEQPUGECFQTKPVGITCFQ  5KNCVGORGTCVWTCFGNRWPVQ FGTQEÃQGZEGFGGNPKXGNFGCXKUQPQRTQITCOCD NGUGGPEGPFGT±GN.'& FGCNCTOC[RCTRCFGCT±GNRKEVQITCOCEQTTGURQPFKGPVG 2CPVCNNCRTKPEKRCNEQPCXKUQFGVGORGTCVWTCFGNRWPVQFGTQEÃQ

RCTRCFGCPFQ DCT  

2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECNCVGORGTCVWTCCEVWCNFGNRWPVQFGTQEÃQ 

2CPVCNNCFGCXKUQVGORGTCVWTCFGUCNKFCFGGNGOGPVQ

RCTRCFGCPFQ u%  .CRCPVCNNCOWGUVTCSWGNCVGORGTCVWTCFGNRWPVQFGTQEÃQGUu%  3WGFCRQUKDNGFGURNC\CTUGRQTQVTCURCPVCNNCUEQPC[WFCFGNCUVGENCU[RCTCEQORTQD CTGN GUVCFQCEVWCNFGQVTQURCT±OGVTQU  2WNUGGNDQVÉPRCTCRCTCTGNEQORTGUQT[GURGTGJCUVCSWGJC[CRCTCFQGHGEVKXCOGPVG  &GUEQPGEVGGNXQNVCLGTGXKUGGNEQORTGUQT[JCICNCUIGUVKQPG UPGEGUCTKCU  &GUCRCTGEGT±NCPQVKEKCFGCXKUQVCPRTQ PVQEQOQFGUCRCTG\ECNCEQPFKEKÉ PFGCXKUQ



2CTCFCFG CNCTOC

&GUETKREKÉP

'NEQORTGUQTUGRCTCT±GPECUQFG  WPCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQOR TGUQTSWGGZEGFGGNPKXGNFGRCTCFCFGCNCTOC  WPGTTQTFGNUGPUQTFGNCRTGUKÉPFGUCNKFC




 UQDTGECTICFGNOQVQTFGCEEKQPCOKGPVQ 6GORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQT

 5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGRCTCFCFGCNCTOCu% u(RTQITCOCDNGUGRCTCT±GNEQORTGUQTRCTRCFGCT±GN.'&FGCNCTOCUGCRCICT±GN.'&FG HWPEKQPCOKGPVQCWVQO±VKEQ[CRCTGEGT±NCRCPVCNNCUKIWKGPVG 2CPVCNNCRTKPEKRCNEQPKPFKECEKÉPFGRCTCFCFGCNCTOCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQ

RCTRCFGCPFQ DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECNCVGORGTCVWTCCEVWCNFGNGNGOGPVQEQORTGUQ T 2CPVCNNCFGRCTCFCFGCNCTOCVGORGTCVWTCFGUCNKFCFGGNGOGPVQ

RCTRCFGCPFQ

RCTRCFGCPFQ

u%  .CRCPVCNNCOWGUVTCSWGNCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQORTGUQTGUu%  &GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCTGOGFKCTNCCXGTÃC  &GURW¾UFGTGOGFKCT[FGUCRCTGEKFCNCEQPF KEKÉPFGRCTCFCFGCNCTOCEQPGEVGGNXQNVCLG[RQPICGN EQORTGUQTGPOCTEJC 5QDTGECTICFGNOQVQT



'PECUQFGUQDTGECTICFGNOQVQTUGRCTCT±GNEQORTGUQTRCT RCFGCT±GN.'&FGCNCTOCUG CRCICT±GN.'&FGHWPEKQPCOKGPVQCWVQO±VKEQ[CRCTGEGT±NCRCPVCNNCUKIWKGPVG

2CPVCNNCRTKPEKRCNEQPKPFKECEKÉPFGRCTCFCFGCNCTOCUQDTGECTICFGNOQVQT

RCTRCFGCPFQ DCT 






&GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCTGOGFKCTNCCXGTÃC

 &GURW¾UFGTGOGFKCT[FGUCRC TGEKFCNCEQPFKEKÉPFGRCTCFCFGCNCTOCEQPGEVGGNXQNVCLG[RQPIC GN EQORTGUQTGPOCTEJC



#XKUQ FGUGTXKEKQ

&GUETKREKÉP

#RCTGEGT±WPCXKUQFGUGTXKEKQCNCNECP\CTGNVGORQTK\CFQTFGUGTXKEKQGNKPVGTXCNQFGVKGORQRTQITCOCFQ



5KGNVGORQTK\CFQTFGUGTXKEKQGZEGFGGNKPVGTXCNQRTQITCOCFQUGGPEGPF GT±GN.'&FGCNCTOC

 2WNUGNCVGENCEQPHNGEJCRCTCFGURNC\CTUGJCUVCF[CRCTGEGGNUÃODQNQFGUGTXKEKQ2WNUGNC VGENCUGOQUVTCT±NCOGFKEKÉPCEVWCNFGNVGORQTK\CFQTFGUGTXKEKQGPJTUQZJTUUK GNXCNQTFGNVGORQTK\CFQTFGUGTXKEKQGUUWRGTKQTC 'LGORNQFGWPCRCPVCNNCFGVGORQTK\CFQTFGUGTXKEKQ F JTU  .CRCPVCNNCOWGUVTCSWGGNXCNQTFGNVGORQTK\CFQTFGUGTXKEKQGU 

2WNUGNCVGENCEQPHNGEJCRCTCFGURNC\CTUGJCUVCF[CRCTGEGGNUÃODQNQFGJQT CUFG HWPEKQPCOKGPVQ2WNUGNCVGENCUGOQUVTCT±NCOGFKEKÉPCEVWCNFGNVGORQTK\CFQTFGUGTXKEKQGP JTUQZJTUUKGNXCNQTFGNVGORQTK\CFQTFGUGTXKEKQGUUWRGTKQTC

'LGORNQFGWPCRCPVCNNCFGJQTCUFGHWPEKQPCOKGPVQ F JTU 

 2CTGGNEQORTGUQTFGUEQPGEVGGNXQNVCLG[NNGXGCECDQNCUCEEKQPGUFGUGTXKEKQKPFKECFCU%QPUWNVGNC UGEEKÉP2TQITCOCFGOCPVGPKOKGPVQRTGXGPVKXQ




 .CUCEEKQPGUFGUGTXKEKQFGNQUKPVGTXCNQUNCTIQUFGDGPKPENWKTNCUCEEKQPGUFGNQU KPVGTXCNQUEQTVQU 'PGNGLGORNQCTTKDCJC[SWGTGCNK\CTVQFCUNCUQRGTCEKQPGUFGUGTXKEKQ RGTVGPGEKGPVGUCNKPVGTXCNQFGJQTCUFGHWPEKQPCOKGPVQCUÃEQOQNCU RGTVGPGEKGPVGUCNKPVGTXCNQFGJQTCUFGHWPEKQPCOKGPVQ  5KUGWUCCEGKVGOKPGTCNGPXG\FG#VNCU%QREQ4QVQKPLGEVHNWKFJC[SWG FKUOKPWKTUGGNKPVGTXCNQFGNVGORQTK\CFQTFGUGTXKEKQ%QPUWNVGNCUGEEKÉP 2TQITCOCFGOCPVGPKOKGPVQRTGXGPVKXQ  &GURW¾UFGNUGTXKEKQTGCTOGGNVGORQTK\CFQTF GUGTXKEKQ%QPUWNVGNCUGEEKÉP +PXQECEKÉPTGCTOGFG VGORQTK\CFQTFGUGTXKEKQ



&GURNC\CTUGRQTVQFCUNCURCPVCNNCU



'URQUKDNGFGURNC\CTUGRQTVQFCUNCURCPVCNNCUEQPC[WFCFGNCUVGENCUFGFGURNC\COKGPVQ[.CU RCPVCNNCUUGFKXKFGPGPRCPVCNNCUFGTGIKUVTQRCPVCNNCUFGFCVQUOGFKFQURCPVCNNCUFGGPVTCFCFKIKVCN PWOGTCFCUEQOQFKPFRCPVCNNCUFGRCT±OGVTQUPWOGTCFCUEQOQ2 2RCPVCNNCUFGRTQVGEEKQPGUPWOGTCFCUEQOQ2T[RCPVCNNCUFGRTWGDC PWOGTCFCUEQOQV &WTCPVGGNFGURNC\COKGPVQNQUPÐOGTQUFGNCURCPVCNNCUCRCTGEGPEQPUGEWVKXCOGPVG'PNCOC[QTÃCFG NQUECUQUUGOWGUVTCPUKOWNV±PGCOGPVGNCWPKFCFFGOGFKEKÉP[GNRKEVQITCOCEQTTGURQPFKGPVGEQPGN PÐOGTQFGNCRCPVCNNC 'PGNECUQFGWPCXKUQQWPCRCTCFCFGCNCTOCGNRKEVQITCOCEQTTGURQPFKGPVGRCTRCFGCGPNCRCPVCNNC RTKPEKRCN 'LGORNQ JTU F

5GOWGUVTCPGNPÐOGTQFGNCRCPVCNNCFNCWPKFCFWUCFCJTU[GNRKEVQITCOCEQTTGURQPFKGPVG RCTCNCUJQTCUFGHWPEKQPCOKGPVQ2WNUGNCVGENCFGGPVTCFCRCTCKPXQECTNCUJQTCUFGHWPEKQPCOKGPVQ CEVWCNGU 'PGNECUQFGWPCXKUQQWPCRCTCFCFGCNCTOCGNRKEVQITCOCEQTTGURQPFKGPVGRCTRCFGCGPNCRCPVCNNC RTKPEKRCN




4GUWOGPFGNCURCPVCNNCU



2CPVCNNCFG GPVTCFCFKIKVCN

&GUKIPCEKÉP

6GOCU TGNCEKQPCFQU

FKP

'UVCFQFG GPVTCFC FKIKVCN

F

*QTCUFGHWPEKQPCOKGPVQJTUQZ JTU

%QPUWNVGNCUGEEKÉP+PXQECEKÉPFGJQTCU FGHWPEKQPCOKGPVQ

F

#TTCPSWGU FGNOQVQT Z QZ

%QPUWNVGNC UGEEKÉP+PXQECEKÉPFG CTTCPSWGUFGNOQVQT

F

*QTCUFGNOÉFWNQJTUQZJTU

%QPUWNVG NC UGEEKÉP +PXQECEKÉPFGJQTCU FGNOÉFWNQ

F

*QTCUFGECTICJTU QZJTU

%QPUWNVGNCUGEEKÉP+PXQECEKÉPFGJQTCU FGECTIC

F

4GN¾ FG ECTIC Z Q Z

%QPUWNVG NC UGEEKÉP +PXQECEKÉPFGTGN¾FG ECTIC

F

.GEVWTC FGNVGORQTK\CFQTFGUGTXKEKQJTU %QPUWNVGNCUGEEKÉP+PXQECEKÉPTGCTOG QZJTU FGVGORQTK\CFQTFGUGTXKEKQ

F

8GTUKÉP FGNRTQITCOCCEVWCN

2CPVCNNCFG RCT±OGVTQU

&GUKIPCEKÉP

6GOCU TGNCEKQPCFQU

2

5GNGEEKÉPGPVTGEQPVTQNNQECNTGOQVQQ .#0

%QPUWNVGNCUGEEKÉP5GNGEEKÉPGPVTG EQPVTQNNQECNTGOQVQQ.#0

2

#LWUVCTWP+&FGPQFQRCTCEQPVTQN.#0

%QPUWNVGNCUGEEKÉP+PXQECEKÉPFG OQFKHKECEKÉPFG+&FGPQFQ

2

#LWUVGU FG DCPFC FG RTGUKÉP

%QPUWNVG NC UGEEKÉP +PXQECEKÉP OQFKHKECEKÉPFGCLWUVGUFGDCPFCFG RTGUKÉP

2

#LWUVGFGUGNGEEKÉPFGWPCDCPFCFG RTGUKÉP

%QPUWNVGNCUGEEKÉP/QFKHKECEKÉPFGNC UGNGEEKÉPFGDCPFCFGRTGUKÉP

2

/QFKHKECEKÉPFGWPVGORQTK\CFQTFG UGTXKEKQ

%QPUWNVGNCUGEEKÉP+PXQECEKÉP OQFKHKECEKÉPFGNVGORQTK\CFQTFGUGTXKEKQ

2

#LWUVG FG WPKFCFFG VGORGTCVWTC

%QPUWNVG NC UGEEKÉP +PXQECEKÉP OQFKHKECEKÉPFGWPKFCFFGVGORGTCVWTC

2

#LWUVG FG WPKFCF FG RTGUKÉP

%QPUWNVG NC UGEEKÉP +PXQECEKÉP OQFKHKECEKÉPFGWPKFCFFGRTGUKÉP


2CPVCNNCFG RCT±OGVTQU

&GUKIPCEKÉP

6GOCU TGNCEKQPCFQU

2

5GNGEEKÉPFGHWPEKÉP TGCTTCPSWG CWVQO±VKEQFGURW¾UFGHCNNQFGNXQNVCLG CEVKXQQPQÐPKECOGPVGRCTC#VNCU %QREQ

%QPUWNVGNCUGEEKÉP#EVKXCTTGCTTCPSWG CWVQO±VKEQFGURW¾UFGHCNNQFGNXQNVCLG

2

5GNGEEKÉPGPVTGCTTCPSWG;&Q&1.

%QPUWNVG NCUGEEKÉP5GNGEEKÉPGPVTG CTTCPSWG;&Q&1.

2

#LWUVGFGNVKGORQFGTGVTCUQFGECTIC

%QPUWNVGNCUGEEKÉP +PXQECEKÉPFG OQFKHKECEKÉPFGVKGORQFGTGVTCUQFG ECTIC

2

#LWUVGFGNVKGORQ OÃPKOQFG RCTCFC

%QPUWNVG NCUGEEKÉP+PXQECEKÉPFG OQFKHKECEKÉPFGNVKGORQOÃPKOQFG RCTCFC

2

%QPHKIWTCEKÉP FG EQPVTCUGÇC

%QPUWNVG NC UGEEKÉP #EVKXCEKÉPFG RTQVGEEKÉPRQTEQPVTCUGÇC

2CPVCNNCFG RTQVGEEKQPGU

&GUKIPCEKÉP

6GOCU TGNCEKQPCFQU

2T 2T 2T

2CPVCNNCUFG RTQVGEEKQPGU

%QPUWNVG NC UGEEKÉP +PXQECEKÉPFG OQFKHKECEKÉPFGCLWUVGUFGRTQVGEEKÉP

2CPVCNNCFG RTWGDC

&GUKIPCEKÉP

6GOCU TGNCEKQPCFQU

V

'PUC[Q FG FKURNC[

%QPUWNVG NCU UGEEKQPGU 2CPVCNNCUFG RTWGDC

V

2TWGDC FG NC X±NXWNC UGIWTKFCF

%QPUWNVG NCU UGEEKQPGU2CPVCNNCUFG RTWGDC




(NWLQFGOGPÐU

(NWLQUKORNKHKECFQFGOGPÐU






+PXQECEKÉPFGVGORGTCVWTCUFGUCNKFC[RWPVQFGTQEÃQ


'ORG\CPFQFGUFGNC2CPVCNNCRTKPEKRCN

DCT   2WNUGNCVGENCEQPHNGEJCUGOQUVTCT±NCVGORGTCVWTCFGUCNKFC

u%  .CRCPVCNNCOWGUVTCSWGNCVGORGTCVWTCFGUCNKFCGUu%  2CTCEQORTGUQTGU(WNN(GCVWTG 2WNUGNCVGENCEQPHNGEJCUGOQUVTCT±NCVGORGTCVWTCFGNRWPVQFGTQEÃQ

u% 

.CRCPVCNNCOWGUVTCSWGNCVGORGTCVWTCFGNRWPVQFGTQEÃQGUu%  &GURN±EGUGJCEKCCDCLQQCTTKDCRQTNCURCPVCNNCUEQP C[WFCFGNCUVGENCUEQPHNGEJC[






+PXQECEKÉPFGJQTCUFGHWPEKQPCOKGPVQ



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECF[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC 

ZJTU  .CRCPVCNNCOWGUVTCNCWPKFCFWUCFCZJTU[GNXCNQTNCUJQTCUFGHWPEKQPCOKGPVQ FGNEQORTGUQTUQPJQTCU



+PXQECEKÉPFGCTTCPSWGUFGNOQVQT






DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECF[RWNUGCEQPVKPW CEKÉPNCVGENCFGGPVTCFC 

Z  'UVCRCPVCNNCOWGUVTCGNPÐOGTQFGCTTCPSWGUFGNOQVQTRQTRQTQUKUGGPEKGPFGZRQT 'NPÐOGTQFGCTTCPSWGUFGNOQVQTGU



+PXQECEKÉPFGJQTCUFGNOÉFWNQ



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECF[RWNUGCEQPVKPW CEKÉPNCVGENCFGGPVTCFC 

JTU  .CRCPVCNNCOWGUVTCNCWPKFCFWUCFCJTU[GNXCNQTNCUJQTCUFGNOÉFWNQFGNEQORTGUQT UQPJQTCU






+PXQECEKÉPFGJQTCUFGECTIC



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECF[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC 

JTU  .CRCPVCNNCOWGUVTCNCWPKFCFWUCFCJTUQZJTU[GNXCNQTNCUJQTCUFGECTIC FGNEQORTGUQTUQPJQTCU



+PXQECEKÉPFGNTGN¾FGECTIC






DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECF[RWNUGCEQPVKPW CEKÉPNCVGENCFGGPVTCFC 

Z  'UVCRCPVCNNCOWGUVTCGNPÐOGTQFGCEEKQPGUFGFGUECTIC[ECTICRQTQUKUGGPEKGPFGZRQT 'NPÐOGTQFGCEEKQPGUFGFGUECTIC[ECTICGU



+PXQECEKÉPTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECF[RWNUGCEQPVKPW CEKÉPNCVGENCFGGPVTCFC  JTU 

.CRCPVCNNCOWGUVTCNCWPKFCFWUCFCJTUQZJQTCUZ[GNXCNQTGN EQORTGUQTJCHWPEKQPCFQFWTCPVGJQTCUFGUFGGNUGTXKEKQCPVGTKQT




4GCTOGFGNVGORQTK\CFQTFGUGTXKEKQ

*C[SWGTGCTOCTGNVGORQTK\CFQTFGURW¾UFGNUGTXKEKQX¾CUGNCUGEEKÉP #XKUQFGUGTXKEKQ  &GURN±EGUGJCUVCNCRCPVCNNCFGTGIKUVTQ F[RWNUGNCVGENCFGGPVTCFC  #RCTGEGT±NCNGEVWTCRQTGLGORNQ  2WNUGNCVGENCFGGPVTCFCUKUGJCGUVCDNGEKFQWPCEQPVTCUGÇCKPVTQ FÐ\ECNC .CNGEVWTCRCTRCFGCT±NQSWGKPFKECSWGGURQUKDNGTGCTOCT  2WNUGNCVGENCFGGPVTCFCRCTCTGCTOCTGNVGORQTK\CFQTCQRWNUGNCVGENCFGTGCTOG RCTCECPEGNCTNCQRGTCEKÉP



5GNGEEKÉPGPVTGEQPVTQNNQECNTGOQVQQ.#0



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC 'NOQFQFGEQPVTQNCEVWCNOGPVGWUCFQUGOWGUVTCEQOQ.1%RCTCEQPVTQNNQECNT'RCTC EQPVTQNTGOQVQQ.#PRCTCEQPVTQN.#0  2WNUGNCVGENCFGGPVTCFC[UKGUPGEGUCTKQKPVTQFW\ECNCEQPVTCUGÇC'NOQFQFGEQPVT QNCEVWCN RCTRCFGC7VKNKEGNCUVGENCU[RCTCECODKCTGNOQFQFGEQPVTQN  2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTGNPWGXQOQFQ FGCTTCPSWGQRWNUGNCVGENCFGTGCTOG RCTCECPEGNCT






+PXQECEKÉPFGOQFKHKECEKÉPFGN+&FGPQFQRCTCEQPVTQN.#0



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC 5GOWGUVTCGN+&FGPQFQCEVWCNOGPVGWUCFQ 

2WNUGNCVGENCFGGPVTCFC[UKGUPGEGUCTKQKPVTQF W\ECNCEQPVTCUGÇC'N+&FGPQFQCEVWCNOGPV G WUCFQRCTRCFGC7VKNKEGNCUVGENCU[RCTCECODKCTGN+&FGPQFQ

 2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTGNPWGXQ+&FGPQF QQRWNUGNCVGENCFGTGCTOGRCTC ECPEGNCT



+PXQECEKÉPFGOQFKHKECEKÉPFGCLWUVGUFGDCPFCFGRTGUKÉP



DCT 




 2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC .CDCPFCFGRTGUKÉP2DUGOWGUVTCGPGNFKURNC[[RWGFGWVKNK\CTNCVGENCRCTC FGURNC\CTUGJCUVCNCDCPFCFGRTGUKÉP2D  2WNUGNCVGENCFGGPVTCFCGPNCDCPFCFGRTGUKÉPFGUGCFC#RCTGEGGNPKXGNFGECTICFGNCDCPFCFG RTGUKÉPUGNGEEKQPCFC[UGRWGFGWVKNK\CTNCVGENCRCTCFGURNC\CTUGJCUVCGNPKXGNFGFGUECTIC 2TGUKÉPFGECTIC

DCT  2TGUKÉPFGFGUECTIC

DCT   2WNUGNCVGENCFGGPVTCFCRCTCOQFKHKECTGNPKXGNFGECTICGNXCNQTEQOKGP\CCRCTRCFGCT2WGFG UGTPGEGUCTKQKPVTQFWEKTWPCEQPVTCUGÇC7VKNKEGNCUVGENCU[RCTCOQFKHKECTNCRTGUKÉPFGECTIC  2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTNQUPWGXQU XCNQTGUQRWNUGNCVGENCFGTGCTOGRCTC ECPEGNCT



/QFKHKECEKÉPFGNCUGNGEEKÉPFGDCPFCFGRTGUKÉP



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC .CDCPFCFGRTGUKÉPCEVKXC2DUGOWGUVTCGPGNFKURNC[




 2WNUGNCVGENCFGGPVTCFCRCTCOQFKHKECTNCUGNGEEKÉPFGDCPFCFGRTGUKÉPRWGF GUGTPGEGUCTKQ KPVTQFWEKTWPCEQPVTCUGÇC.CDCPFCFGRTGUKÉPCEVKXC2DEQOKGP\CCRCTRCFGCT

2D  2WNUGNCVGENCRCTCOQFKHKECTNCDCPFCFGRT GUKÉPCEVKXC2WNUGNCVGENCFGGPVTCFCRCTC EQPHKTOCTQRWNUGNCVGENCFGTGCTOGRCTCECPEGNCT



+PXQECEKÉPOQFKHKECEKÉPFGCLWUVGFGVGORQTK\CFQTFG UGTXKEKQ



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC GNCLWUVGFGNVGORQTK\CFQTFGUGTXKEKQUGKPFKECGPJTUJQTCUQZJTUJQTCUZ 'LGORNQJTUUKIPKHKECSWGGNVGORQTK\CFQTUGGPEWGPVTCCLWUVCFQCJQTCUFG HWPEKQPCOKGPVQ  2WNUGNCVGENCFGGPVTCFCRCTCOQFKHKECTGUVGXCNQTRWGFGUGTPGEGUCTKQKPVTQFW EKTWPC EQPVTCUGÇCGNXCNQTRCTRCFGC/QFKHKSWGFKEJQCLWUVGEQPC[WFCFGNCUVGENCUEQPHNGEJC[ 

2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTGNPWGXQXCNQT [XQNXGTCNCURCPVCNNCUFGRCT±OGVTQU






+PXQECEKÉPOQFKHKECEKÉPFGWPKFCFFGVGORGTCVWTC



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC .QUCLWUVGURQUKDNGUUQPu%[u(UGOWGUVTCNCWPKFCFCEVWCNOGPVGWUCFC  2WNUGNCVGENCFGGPVTCFCNCWPKFCFRCTRCFGC[WVKNKEGNCUVGENCUEQPHNGEJC[RCTC UGNGEEKQPCTQVTCWPKFCFFGVGORGTCVWTC 



2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTNCPWGXCWPKFCF[RWNUGNCVGENCFGTGCTOGRCTCXQNXGTC NCRCPVCNNCFGRCT±OGVTQU

+PXQECEKÉPOQFKHKECEKÉPFGWPKFCFFGRTGUKÉP



DCT 




 2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2[UGOWGUVTCPNQUCLWUVGURQ UKDNGU /RCRUK[DCTRWNUGNCVGENCFGGPVTCFC[RCTRCFGCNCWPKFCFSWGUGWUC CEVWCNOGPVG  2WNUGNCVGENCFGGPVTCFCNCWPKFCFEQOKGP\CCRCTRCF GCT[WVKNKEGNCUVGENCUEQPHNGEJC[ RCTCUGNGEEKQPCTQVTCWPKFCFFGRTGUKÉP 

2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTNCPWGXCWPKFCFF GRTGUKÉP[RWNUGNCVGENCFGTGCTOG RCTCXQNXGTCNCURCPVCNNCUFGRCT±OGVTQU



#EVKXCTTGCTTCPSWGCWVQO±VKEQFGURW¾UFGHCNNQFGNXQNVCLG

&GUETKREKÉP

5ÉNQGURQUKDNGOQFKHKECTGUVGRCT±OGVTQSWGGUCEEGUKDNGGPNCRCPVCNNC2FGURW¾UFGKPVTQFWEKT WPEÉFKIQ%QPUWNVGC#VNCU%QREQUKFGUGCCEVKXCTGUVCHWPEKÉP



5GNGEEKÉPGPVTGCTTCPSWG;&Q&1.



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECP2[GNRKEVQITCOCFGNOQVQT[C EQPVKPWCEKÉPRWNUGNCVGENCFGGPVTCFC'NOQFQFGCTTCPSWGWVKNK\CFQCEVWCNOGPVGUGOWGUVTC EQOQ;FRCTC;&GUVTGNNCVTK±PIWNQQFQ.RCTC&1.FKTGEVQ  5ÉNQGURQUKDNGOQFKHKECTGUVGRCT±OGVTQFGURW¾UFGKPVTQFWEKTWPEÉFKIQ5KFGDGECODKCTGN RCT±OGVTQEQPUWNVGC#VNCU%QREQ






+PXQECEKÉPFGOQFKHKECEKÉPFGNVKGORQFGTGVTCUQFGECTIC



DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECP2[GNRKEVQITCOCFGECTICFGNEQORTGUQT[ CEQPVKPWCEKÉPRWNUGNCVGENCFGGPVTCFC

U   'UVCRCPVCNNCOWGUVTCGNVKGORQFGTGVTCUQF GECTIC[NCWPKFCFUUGIWPFQU5KFGUGC OQFKHKECTGUVGXCNQTRWNUGNCVGENCFGGPVTCFC  'URQUKD NGSWGUGPGEGUKVGWPCEQPVTCUGÇCQREKQ PCNGNXCNQTEQOKGP\CCRCTRCFGCT[UGRWGFGP WVKNK\CTNCUVGENCUEQPHNGEJC[RCTCOQFKHKECTGNXCNQT 



2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTGNXCNQTPWGXQQRWN UGNCVGENCFGTGCTOGRCTCECPEGNCT

+PXQECEKÉPFGOQFKHKECEKÉPFGVKGORQOÃPKOQFGRCTCFC






DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECP2[GNRKEVQITCOCFGNOQVQT[C EQPVKPWCEKÉPRWNUGNCVGENCFGGPVTCFC

U   'UVCRCPVCNNCOWGUVTCGNVKGORQOÃPKOQFGRCTCFC[NCWPKFCFUUGIWPFQU5KFGUGCOQFKHKECT GUVGXCNQTRWNUGNCVGENCFGGPVTCFC  'NXCNQTEQOKGP\CCRCTRCF GCT[UGRWGFGPWVKNK\CTNCUVGENCUEQPHNGEJC[RCTCOQFKHKECTGUVG XCNQT  2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTGNPWGXQXCNQT



#EVKXCTRTQVGEEKÉPRQTEQPVTCUGÇC


.QUCLWUVGUKORQTVCPVGUEQOQGNFGNVGORQTK\CFQTFGUGTXKEKQNCDCPFCFGRTGUKÉPGNOQFQFG EQPVTQNRWGFGPRTQVGIGTUGEQPWPCEQPVTCUGÇC


DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC 




2#55  .CEQPVTCUGÇC2#55CRCTGEGGPNCRCPVCNNC2WNUGNCVGENCFGGPVTCFC  .CRCPVCNNCOWGUVTCGNGUVCFQFGNCEQPVTCUGÇCCEVKXCFC1PQFGUCEVKXCFC1((5KFGUGC OQFKHKECTNQRWNUGNCVGENCFGGPVTCFC  %CODKGGNXCNQTEQPNCUVGENCUFGFGURNC\COKGPVQ[  5GNGEEKQPG1P[RWNUGNCVGENCFGGPVTCFC 

'UETKDCNCPWGXCEQPVTCUGÇC[RWNUGNCVGENCFGGPVTCFCRCTCEQPHKTOCT



8WGNXCCGUETKDKTNCEQPVTCUGÇC[RWNUGNCVGENCFGGPVTCFCRCTCEQPHKTOCT

 1PCRCTGEGGPGNFKURNC[2WNUGNCVGENCFGTGCTOGRCTCXQNXGTCNCRCPVCNNCFGRCT±OGVTQU .CUEQPVTCUGÇCURGTFKFCUPQRWGFGPTGEWRGTCTUG)WCTFGNCEQPVTCUGÇCGPWP NWICTUGIWTQ



+PXQECEKÉPFGOQFKHKECEKÉPFGCLWUVGUFGRTQVGEEKÉP

2TQVGEEKQPGU

5GRTQRQTEKQPCWPCUGTKGFGCLWUVGUFGRTQVGEEKÉP.CURCPVCNNCUFGRTQVGEEKÉPGUV±PPWOGTCFCU2T GNRKEVQITCOCOQUVTCFQEQPNCRCPVCNNCFGRTQVGEEKÉPKPFKECGNQDLGVQFGNCRTQVGEEKÉP .CUEQODKPCEKQPGURQUKDNGUUQP2TUGIWKFQFGWPPÐOGTQ[WPQFGNQURKEVQITCOCUUKIWKGPVGU 2KEVQITCOC

&GUKIPCEKÉP

2TEQPGNRKEVQITCOCFGRTGUKÉPKPFKECNCU RTQVGEEKQPGUFGRTGUKÉP 2TEQPGNRKEVQITCOCFGVGORGTCVWTCFG UCNKFCFGNGNGOGPVQKPFKECNCURTQVGEEKQPGUFG VGORGTCVWTCFGUCNKFCFGNGNGOGPVQ 2TEQPGNRKEVQITCOCFGVGORGTCVWTCFGN RWPVQFGTQEÃQKPFKECNCURTQVGEEKQPGUFG VGORGTCVWTCFGNRWPVQFGTQEÃQ 2TEQPGNRKEVQITCOCFGVGORGTCVWTC CODKGPVGKPFKECNCURTQVGEEKQPGUFGVGORGTCVWTC CODKGPVG




'ZKUVGPEWCVTQCLWUVGUFGRTQVGEEKÉPRQUKDNGU  7PPKXGNDCLQFGCXKUQOQUVTCFQGPGNFKURNC[EQOQ#..  7PPKXGNCNVQFGCXKUQOQUVTCFQGPGNFKURNC[EQOQ#.*  7PPKXGNDCLQFGRCTCFCFGCNCTOCOQUVTCFQGPGNFKURNC[EQOQ5F.  7PPKXGNCNVQFGRCTCFCFGCNCTOCOQUVTCFQGPGNFKURNC[EQOQ5F* 'LGORNQFGNCRCPVCNNCFGRTQVGEEKÉP


DCT  2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\EC2TUGIWKFQFGWPPÐOGTQ[NCVGORGTCVWTCFGUCNKFC FGNGNGOGPVQ[CEQPVKPWCEKÉPRWNUGNCVGENCFGGPVTCFC

u% 2T

#.*  'NPKXGNFGCXKUQFGVGORGTCVWTCCNVC#.*[GNPKXGNFGRCTCFCFGVGORGTCVWTCCNVC5F* 7VKNKEGNCUVGENCUFGFGURNC\COKGPVQ[RCTCECODKCTFGNPKXGNFGCXKUQCNPKXGNFGRCTCFC[RWNUG NCVGENCFGGPVTCFCRCTCOQFKHKECTGNXCNQT  'NXCNQTCRCTGEGGPGNFKURNC[  2WNUGNCVGENCFGGPVTCFCRCTCOQFKHKECTGNXCNQT  'URQUKDNGSWGUGPGEGUKVGWPCEQPVTCUGÇCQREKQ PCNGNXCNQTEQOKGP\CCRCTRCFGCT[UGRWGFGP WVKNK\CTNCUVGENCUEQPHNGEJC[RCTCOQFKHKECTGNXCNQT  2WNUGNCVGENCFGGPVTCFCRCTCRTQITCOCTGNXCNQTPWGXQQRW NUGNCVGENCFGTGCTOGRCTCECPEGNCT




.QUCLWUVGURTQITCOCDNGUUÉNQRWGFGPOQFKHKECTUGFGPVTQFGWPQUNÃOKVGU RGTOKVKFQU



2CPVCNNCUFGRTWGDC

'PUC[QFGFKURNC[


DCT   2WNUGNCVGENCEQPHNGEJCJCUVCSWGCRCTG\ECV[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC  2TWGDCFGNCX±NXWNCUGIWTKFCF

'PNCRCPVCNNCFGRTWGDCVUGKPENW[GWPCRTWGDCFGNCX±NXWNCFGUGIWTKFCF.CUX±NXWNCUFG UGIWTKFCFUÉNQRWGFGPRTQDCTUGFGURW¾UFGKPVTQFWEKTWPEÉFKIQ5KVKGPGSWGRTQDCTNCUX±NXWNCUFG UGIWTKFCFEQPUWNVGC#VNCU%QREQ






#LWUVGURTQITCOCDNGU

2CT±OGVTQURTGUKQPGUFGFGUECTICECTICRCTC)#2CEM #LWUVG OÃPKOQ

#LWUVGFG H±DTKEC

#LWUVG O±ZKOQ

2TGUKQPGUFGFGUECTIC 2TGUKÉPFGFGUECTICEQORTGUQTGUFG DCT

DCTG







2TGUKÉPFGFGUECTICEQORTGUQTGUFG DCT

RUKI







2TGUKÉPFGFGUECTICEQORTGUQTGUFG DCT

DCTG








RUKI







2TGUKÉPFGFGUECTICEQORTGUQTGUFG DCT

DCTG








RUKI



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'NNCTIQO±ZKOQFGNCUVWDGTÃCUVQVCNGUKPENWUQNCVWDGTÃCFGKPVGTEQPGZKÉPGPVTGGN EQORTGUQT[GNFGRÉUKVQUGECNEWNCFGNCHQTOCUKIWKGPVG FR.ZZ3EF ZR FFK±OGVTQKPVGTKQTFGNVWDQFGUCNKFCGPOO FRECÃFCFGRTGUKÉPO±ZKOQTGEQOGPFCFQDCTRUK .NQPIKVWFFGNVWDQFGUCNKFCGPO RRTGUKÉPCDUQNWVCGPNCUCNKFCFGNEQORTGUQTGPDCTC 3EUWOKPKUVTQFGCKTGNKDTGFGNEQORTGUQTGPNU



8GPVKNCEKÉPNCU RCTTKNNCUFGCURKTCEKÉP[GNXGPVKNCFQTFGDGPKPUVCNCTUGFGHQTOCSWG UGGXKVGNCTGEKTEWNCEKÉPFGNCKTGFGTGHTKIGTCEKÉPCNEQORTGUQT.CXGNQEKFCFO±ZKOC FGNCKTGCVTCX¾UFGNCURCTTKNNCUGUFGOUHVU 0QUGCFOKVGPEQPFWEVQUFGCKTGFGTGHTKIGTCEKÉP .CVGORGTCVWTCO±ZKOCFGNCKTGGPNCVQOCFGNEQORTGUQTGUFGu%u(NC OÃPKOCGUFGu%u( 3XECRCEKFCFFGXGPVKNCEKÉPTGSWGTKFCGPO U 0GPVTCFCCNGLGFGNEQORTGUQTGPM9 F6CWOGPVQFGVGORGTCVWTCGPUCNCFGNEQORTGUQT



'PVTCFC FG ECDNG FG TGF



%QPGZKQPGUGN¾EVTKECU

&GUETKREKÉP

%QPUWNVGVCODK¾PNCUGEEKÉP&KCITCOCUGN¾EVTKEQU  +PUVCNGWPKPVGTTWRVQTUGRCTCFQT  %QORTWGDGSWGGUV±PDKGPUWLGVQUCUWUDQTPGUNQ UECDNGUGJKNQUFGNOQVQTGPGNCTOCTKQGN¾EVTKEQ  %QORTWGDGNQUHWUKDNGU[GNCLWUVGFGNTGN¾FGUQDTGECTIC8¾CUGNCUGEEKÉP #LWUVGUFGTGN¾FG UQDTGECTIC[HWUKDNGU   %QPGEVGNQUECDNGUFGUWOKPKU VTQFGRQVGPEKCCUWUDQT PGU..[.  %QPGEVGGNEQPFWEVQTPGWVTQCNEQPGEVQT0  %QPGEVGGNRGTPQFGNEQPFWEVQTFGVKGTTC2' 'POQFGNQUFGN)#CN)#(WNN(GCVWTG  'NUWOKPKUVTQFGXQNVCLGCNUGECFQTFGDGUGTOQPQH±UKEQFG85GUWOKPKUVTCGNXQNVCLGCNUGECFQT RQTNQUEQPVCEVQUFGNTGN¾-¾UVQUUGEKGTTCPCNCTTCPECTUGGNEQORTGUQT2CTCXQNVCLGUFG UWOKPKUVTQFGNEQORTGUQTFKHGTGPVGUFGZ8O±UPGWVTQZ8NCCNKOGPVCEKÉPCNUGECFQT NCUWOKPKUVTCWPVTCPUHQTOCFQT






2KEVQITCOCU

2KEVQITCOCUOQFGNQUFGN)#CN)#

4GH GTGP EKC

&G UKIP CE KÉP



#XKUQEQPUWNVGGN .KDTQFGKPUVTWEEKQPGUGPNQTGHGTGPVGCNUGPVKFQFGIKTQFGNOQVQT CPVGUFGEQPGEVCTGNEQORTGUQTGN¾EVTKECOGPVG



2CTGUFG CRTKGVG RCTCRGTPQU FG CEGTQ(GQ NCVÉP%W


#XKUQ CURKTCEKÉP



#EGKVCTNKIGTCOGPVGNCLWPVCFGNHKNVTQFGCEGKVGCVQTPKNNCT¾UVG[CRTGVCTCOCPQ OGFKCXWGNVCCRTQZKOCFCOGPVG



%QPUWNVGGN.KDTQFGKPUVTWEEKQPGUCPVGUFG TGCNK\CT OCPVGPKOKGPVQ



#XKUQ XQNVCLG



#XKUQ RKG\CU ECNKGPVGU



#PVGUFGCTTCPECT DNQSWGCT VQFCUNCUEQORWGTVCUFG NC ECTTQEGTÃC  5KUGVKTCFGNCJQLCJCEKCCDCLQRCTCTGNEQORTGUQT [FGUEQPGEVCTGNXQNVCLG  +PXKGTVCNCUFQUNÃPGCUFGGPVTCFC4GRKVCGNRCUQCPVGTKQT  5KNCJQLCUCNVCNCTQVCEKÉPFGNOQVQTGUEQTTGEVC



2WPVQ FG FTGPCLG OCPWCN FG EQPFGPUCFQ



2WPVQ FG FTGPCLG CWVQO±VKEQFG EQPFGPUCFQ



#XKUQ FGUEQPGEVCTGNXQNVCLG[FGURTGUWTK\CTGNEQORTGUQTCPVGUFGTGCNK\CT TGRCTCEKQPGU



#XKUQ FGUEQPGEVG NCCNKOGPVCEKÉPGN¾EVTKEC CPVGUFGCDTKT






+PUVTWEEKQPGU FGHWPEKQPCOKGPVQ



#PVGUFGNCTTCPSWGKPKEKCN

5GIWTKFCF

'NQRGTCFQTFGDGQDUGTXCTVQFCUNCURTGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGUKPENWKFCU NCUSWGUGKPFKECPGPGNRTGUGPVGOCPWCN

(WPEKQPCOKGPVQGPCNVKVWFGZVGTKQTGU

5KGNEQORTGUQTUGGPEWGPVTCKPUVCNCFQGPGZVGTKQTGUQUKGURQUKDNGSWGNCVGORGTCVWTCFGCURKTCEKÉPFGN CKTGFGUEKGPFCRQTFGDCLQFG%(JC[SWGVQOCTRTGECWEKQPGU%QPUWNVGC#VNCU%QREQGPVCN ECUQ[VCODK¾PUKHWPEKQPCCWPCCNVKVWFUWRGTKQTCOHV &GURNC\COKGPVQNGXCPVCOKGPVQ 7PKFCFOQPVCFCGPGNUWGNQGNEQORTGUQTRWGFGOQXGTUGEQPWPCECTTGVKNNCGNGXCFQTC2TQEWTGPQFCÇCT

PKPIWPCFGNCUEQPGZKQPGUKPUVCNCFCUFGDCLQFGNDCUVKFQTCNOQXGTNCECTTGVKNNCQGNEQORTGUQT2CTC GNGXCTGNEQORTGUQTEQORTWGDGSWGNCUJQTSWKNNCUUGCPNQUWHKEKGPVGOGPVGNCTICURCTCRTQRQTEKQPCTWP UQRQTVGGUVCDNG 7PKFCFOQPVCFCGPFGRÉUKVQOWGXCGNEQORTGUQTEQPWPCECTTGVKNNCGNGXCFQTCEQNQECPFQNCUJQTSWKNNCU

FGDCLQFGNQUUQRQTVGUFGGNGXCEKÉPSWGUGGPEWGPVTCPKPUVCNCFQUGPVTGNQURKGUFGNFGRÉUKVQFGCKTG #UGIÐTGUGFGEQNQECTNCUJQTSWKNNCUGPGNEGPVTQFGNFGRÉUKVQFGCKTG[NGXCPVGEQPEWKFCFQ #TTCPSWG[RCTCFCCFKUVCPEKCGPEQORTGUQTGUFQVCFQUFGNTGIWNCFQT'NGMVTQPKMQP+

&GLGSWGNCUOQFKHKECEKQPGUNCUEQORTWGDG#VNCU%QREQ2CTGGNEQORTGUQT[ FGUEQPGEVGGNXQNVCLGCPVGUFGEQPGEVCTGSWKRQGZVGTPQ5GRGTOKVGPÐPKECOGPVG EQPVCEVQUNKDTGUFGXQNVCLG #TTCPSWG[RCTCFCCFKUVCPEKC  %QPGEVGWPDQVÉPFGCTTCPSWGRCTCFCRTQITCOCFCGPVTGNQUDQTPGU[FGNVCDNGTQFGDQTPGU :%QPUWNVGNCUGEEKÉP5KUVGOCGN¾EVTKEQRCTCNQECNK\CTNCTGINGVCFGDQTPGU



#TTCPSWG KPKEKCN

5GIWTKFCF

'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU 2TGECWEKQPGUFGUGIWTKFCF RGTVKPGPVGU




2TQEGFKOKGPVQ

2CTCEQPQEGTNCWDKECEKÉPFGNCX±NXWNCFGUCNKFCFGCKTG[NCUEQPGZKQPGUFGFTGPCLG EQPUWNVGNCUUGEEKQPGU +PVTQFWEEKÉP[5KUVGOCFGEQPFGPUCFQ

(KLCFQTGUFGVTCPURQTVGFGNOQVQT[ECLCFGGPITCPCLGU

2QUKEKÉPFGNCOKTKNNCFGPKXGNFGCEGKVG




%WDÃEWNQGN¾EVTKEQ

7DKECEKÉPFGNCJQLC






%QPUWNVGNCUUGEEKQPGU 6COCÇQFGECDNGUGN¾EVTKEQU2TQRWGUVCUFGKPUVCNCEKÉP [&KDWLQUFG FKOGPUKQPGU



*C[SWGSWKVCTNQUHKLCFQTGUFGVTCPURQTVGRKPVCFQUFGTQLQUKIWKGPVGU  2GTPQU  %CUSWKNNQU  5QRQTVGU



%QORTWGDGSWGGUV±PJGEJCUNCUEQPGZKQPGUGN¾EVTKECUEQPHQTOGCNQUEÉFKIQUNQECNGU[SWG VQFQUNQUECDNGUGUV±PDKGPUWLGVQUCUWUDQTPGU 'NGSWKRQFGDGRQPGTUGCVKGTTC[RTQVGIGTUGFGEQTVQEKTEWKVQURQTOGFKQFGHWUKDNGUFGVKRQ KPGTVGGPVQFCUNCUHCUGU&GDGKPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTEGTECFGNEQORTGUQT



%QORTWGDGSWGGNVTCPUHQTOCFQT6GUV±DKGPEQPGEVCFQ 2CTCWPKFCFGU(WNN(GCVWTGGZEGRVQRCTCXQNVCLGUFGXQNVCLGU8[80EQORTWGDG SWGGNVTCPUHQTOCFQT6GUV±DKGPEQPGEVCFQ %QORTWGDGGNCLWUVGFGNTGN¾FGUQDTGECTICFGNOQVQTFGCEEKQPCOKGPVQ( %QORTWGDGSWGGNTGN¾FGUQDTGECTICXCCLWUVCFQRCTCTGCTOGOCPWCN



+PUVCNGNCX±NXWNCFGUCNKFCFGCKTG#8EQPUWNVGNCUGEEKÉP+PVTQFWEEKÉPRCTCEQPQEGTNC WDKECEKÉPFGNCX±NXWNC %KGTTGNCX±NXWNC %QPGEVGNCTGFFGCKTGCNCX±NXWNC 'PEQORTGUQTGUGSWKRCFQUEQPWPCFGTKXCEKÉPFGUGECFQTKPUVCNGNCX±NXWNCFGUCNKFCFGCKTGGP GNVWDQFGFGTKXCEKÉPFGNUGECFQT



%QPGEVGNCUUCNKFCUFGFTGPCLGFGNEQPFGPUCFQCWPEQNGEVQTFGFTGPCLG %QPUWNVGNCUGEEKÉP5KUVGOCFGEQPFGPUCFQ



%QORTWGDGGNPKXGNFGCEGKVG8¾CUGNCUGEEKÉP%CODKQFGCEGKVG[HKNVTQUFGCEGKVG



2TQX¾CUGFGCFJGUKXQUSWGCXKUGPCNQRGTCFQTFGSWG  'URQUKDNGSWGGNEQORTGUQTXWGNXCCCTTCPECTCWVQO±VKECOGPVGFGURW¾UFGKPVGTTWREKÉPFGN XQNVCLGUKGUV±CEVKXCFQEQPUWNVGC#VNCU%QREQ  'NEQORTGUQTXCEQPVTQNCFQCWVQO±VKECOGPVG[RWGFGSWGCTTCPSWGGPEWCNSWKGTOQOGPVQ



(KLGNCJQLCSWGGZRNKECGNRTQEGFKOKGPVQFGEQORTQDCEKÉPFGNCFKTGEEKÉPFGTQVCEKÉPFGN OQVQTCNCUCNKFCFGCKTGFGTGHTKIGTCEKÉPFGNEQORTGUQT%QPUWNVGNCUGEEKÉP&KDWLQUFG FKOGPUKQPGU %QPGEVGGNXQNVCLG#TTCPSWGGNEQORTGUQT[R±TGNQCNKPUVCPVG%QORTWGDGNCFKTGEEKÉPFG TQVCEKÉPFGNOQVQTFGCEEKQPCOKGPVQ/EWCPFQIKTCRQTKPGTEKCJCUVCRCTCT %QORTWGDGNCTQVCEKÉPFGNOQVQTWUCPFQNCJQLC5KNCFKTGEEKÉPFGTQVCEKÉPFGNOQVQTGU EQTTGEVCNCGVKSWGVCFGNCRCTTKNNCFGNCRCTVGUWRGTKQTUCNVCT±5KNCJQLCRGTOCPGEGGPUW RQUKEKÉPNCFKTGEEKÉPFGTQVCEKÉPGUKPEQTTGEVC 5KNCFKTGEEKÉPFGTQVCEKÉPFGNOQVQTFGCEEKQPCOKGPVQGUKPEQTTGEVCCDTCGNKPVGTTWRVQT UGRCTCFQTGKPXKGTVCFQUNÃPGCUGN¾EVTKECUFGGPVTCFC 4GN¾FGUGEWGPEKCFGHCUGUQREKQPCN  5KGNEQORTGUQTPQNQITCTCCTTCPECTEQORTWGDGGNFKURNC[  5KGNFKURNC[OWGUVTCGNRKEVQITCOCFGUQDTGECTICFGNOQVQTEQORTWGD GGNTGN¾FGUGEWGPEKC FGHCUG 7PCFKTGEEKÉPFGTQVCEKÉPKPEQTTGEVCFGNOQVQTFGCEEKQPCOKGPVQRWGFGECWUCTFCÇQUCN EQORTGUQT



'PEQORTGUQTGUGSWKRCFQUEQPWPTGIWNCFQT'NGMVTQPKMQP+EQORTWGDGNQUCLWUVGUX¾CUGNC UGEEKÉP#LWUVGU



2QPICGNEQORTGUQTGPOCTEJC[FGLGSWGHWPEKQPGFWTCPVGCNIWPQUOKPWVQU%QORTWGDGSWGGN EQORTGUQTHWPEKQPCEQPPQTOCNKFCF






#PVGUFG CTTCPECT

2TQEGFKOKGPVQ





%QORTWGDGGNPKXGNFGCEGKVGCÇCFCUKGURTGEKUQ8¾CUGNCUGEEKÉP#TTCPSWGKPKEKCN

#TTCPSWG

2TQEGFKOKGPVQ

2CTCEQPQEGTNCRQUKEKÉPFGNCX±NXWNCFGUCNKFCFGCKTG[NCUEQPGZKQPGUFGFTGPCLG EQPUWNVGNCUUGEEKQPGU +PVTQFWEEKÉP[5KUVGOCFGEQPFGPUCFQ

2CPGNFGEQPVTQNFG'NGMVTQPKMQP+



2CUQ

#EEKÉP



%QPGEVGGNXQNVCLG%QORTWGDGSWGUGGPEKGPFGGN.'&FGXQNVCLGEQPGEVCFQ



#DTCNCX±NXWNCFGUCNKFCFGCKTG



2WNUGGNDQVÉPFGCTTCPSWGFGNRCPGNFGEQPVTQN'NEQORTGUQTUGRQPGGPOCTEJC[GN.'& FGHWPEKQPCOKGPVQCWVQO±VKEQUGGPEKGPFG&KG\UGIWPFQ UFGURW¾UFGCTTCPECTGNOQVQTFG CEEKQPCOKGPVQEQPOWVCFGGUVTGNNCCVTK±PIWNQ[GNEQORTGUQTGORKG\CCHWPEKQPCTGPECTIC




&WTCPVGGNHWPEKQPCOKGPVQ

2TQEGFKOKGPVQ

'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU 2TGECWEKQPGUFGUGIWTKFCF RGTVKPGPVGU%QPUWNVG VCODK¾PNCUGEEKÉP5QNWEKÉPFGRTQDNGOCU .CTGVKTCFCFGNRCPGNHTQPVCNRCPGNFGUGTXKEKQFWTCPVGGNHWPEKQPCOKGPVQRTQXQECT±GN CRCICFQCWVQO±VKEQFGNCWPKFCFFGURW¾UFGEKGTVQVKGORQUGIÐPNCXGTUKÉPFGN EQORTGUQT 5KNQUOQVQTGUGUV±PFGVGPKFQU[GN.'&GPEGPFKFQNQUOQVQTGURQFTÃCPRQPGTUGGP OCTEJCCWVQO±VKECOGPVG

2CPGNFGEQPVTQN'NGMVTQPKMQP+

7DKECEKÉPFGNCOKTKNNCFGPKXGNFGCEGKVGFG)#C)#

2WNUGGNDQVÉPFGRCTCFCEKGTTGNCX±NXWNCFGUCNKFCFGCKTG[CDTCNQUFKURQUKVKXQUFGFTGPCLGOCPWCNFGN EQPFGPUCFQUKNQUJWDKGTC%QPUWNVGNCUGEEKÉP+PVTQFWEEKÉP[NCUGEEKÉP5KUVGOCFGEQPFGPUCFQRCTC EQPQEGTNCWDKECEKÉPFGNCX±NXWNCFGUCNKFCGNFKURQUKVKXQFGFTGPCLGFGCIWC 2WNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC




%QORTWGDGGNPKXGNFGCEGKVGCKPVGTXCNQUTGIWNCTGU6TGUOKPWVQUFGURW¾UFGRCTCTNCOKTKNNC)NFGDG GPEQPVTCTUGGPVTG[NNGPC'URGTGJCUVCSWGUGRCTGGNEQORTGUQTUGIWPFQUFGURTGUWTKE GGN UKUVGOCFGCEGKVGFGUCVQTPKNNCPFQGNVCRÉPFGNNGPCFQFGCEGKVG(%WPCUQNCXWGNVC[GURGTGWPQU OKPWVQU'ZVTCKICGNVCRÉP[CÇCFCCEGKVGJCUVCNNGPCTGNPKXGNFGNCOKTKNNC+PUVCNG[CRTKGVGGNVCRÉP(% 5KGUV±GPEGPFKFQGN.'&FGHWPEKQPCOKGPVQCWVQO±VKEQGNTGIWNCFQTIQDKGTPCGNEQORTGUQT CWVQO±VKECOGPVGGUFGEKTECTICTFGUECTICTRCTCTNQUOQVQTGU[XQNXGTCCTTCPECT %QORTWGDGSWGUGFGUECTICEQPFGPUCFQFWTCPVGGNHWPEKQPCOKGPVQCKPVGTXCNQUTGIWNCTGU%QPUWNVGNC UGEEKÉP5KUVGOCFGEQPFGPUCFQ



%QORTQDCTGNFKURNC[

2TQEGFKOKGPVQ

2CPGNFGEQPVTQN'NGMVTQPKMQP+

'PEQORTGUQTGUGSWKRCFQUEQPWPTGIWNCFQT'NGMVTQPKMQP+EQORTWGDGGNFKURNC[TGIWNCTOGPVGNQU RKEVQITCOCUKPFKECPGNGUVCFQFGNEQORTGUQTX¾CUGNCUGEEKÉP 2KEVQITCOCUWVKNK\CFQUGPNCRCPVCNNC  *CICNCUIGUVKQPGUPGEGUCTKCUUKGUV±GPEGPFKFQQRCTRCFGCGN.'&FGCNCTOCX¾CPUGNCUUGEEKQPGU #XKUQFGUGTXKEKQ#XKUQFGRCTCFCFGCNCTOC[2CTCFCFGCNCTOC



2CTCFC

4GIWNCFQT'NGMVTQPKMQP

2CPGNFGEQPVTQNFG'NGMVTQPKMQP+




2TQEGFKOKGPVQ 2CUQ

#EEKÉP



2WNUG GNDQVÉPFGRCTCFC  'N.'&FGHWPEKQPCOKGPVQ CWVQO±VKEQUGCRCIC[GN EQORTGUQTUGFGVKGPGVTCPUEWTTKFQUUGIWPFQUFGHWPEKQPCOKGPVQUKPECTIC



2CTCRCTCTGNEQORTGUQTGPECUQFGGOGTIGPEKC RWNUGGNDQVÉPFGRCTCFCFG

GOGTIGPEKC'N.'&FGCNCTOCRCTRCFGC 'PEQORTGUQTGUEQP'NGMVTQPKMQP+FGURW¾UFGUQNWEKQPCTNCCXGTÃCVKTGFGNDQVÉP RCTCFGUDNQSWGCTNQ[RWNUGNCVGENCFGTGCTOGCPVGUFGTGCTTCPECT 

%KGTTGNCX±NXWNCFGUCNKFCFG CKTG#8 EQPUWNVG NC UGEEKÉP+PVTQFWEEKÉP



#DTC GN RWPVQ FG FTGPCLG OCPWCN &O &GUEQPGEVGGNXQNVCLG



2WGUVCHWGTCFGUGTXKEKQ

#XKUQ


2TQEGFKOKGPVQ 2CUQ

#EEKÉP



2CTG GNEQORTGUQT[EKGTTG NCX±NXWNC FG UCNKFC FG CKTG



#DTCGNRWPVQFGFTGPCLGOCPWCNFGEQPFGPUCFQUK NQJWDKGTC%QPUWNVGNCUGEEKÉP 5KUVGOCFGEQPFGPUCFQRCTCNQECNK\CTNCX±NXWNCFGFTGPCLG



&GUEQPGEVGGN XQNVCLG[ UGRCTGGNEQORTGUQTFGNC TGFOCVTK\



FGUCVQTPKNNGGNVCRÉP FGNNGPCFQFGCEGKVG WPCUQNCXWGNVCPQO±U CHKPFG RGTOKVKT SWGGUECRGNCRTGUKÉPGXGPVWCNFGNUKUVGOC %QPUWNVGNCUGEEKÉP%CODKQFGCEGKVG[HKNVTQUFGCEGKVGRCTCNQECNK\CTGNVCRÉPFG NNGPCFQ



%KGTTG[FGURTGUWTKEGNCRCTVGFG NCTGFFGCKTGEQPGEVCFCCNCX±NXWNCFGUCNKFC 5GRCTGGNVWDQFGUCNKFCFGCKTGFGNEQORTGUQTFGNCTGFFGCKTG



8CEÃG GN CEGKVG



8CEÃGGN EKTEWKVQ FG EQPFGPUCFQ[FGUEQPGEVGNQUVWDQU FGEQPFGPUCFQFG NC TGFFG EQPFGPUCFQ






/CPVGPKOKGPVQ



2TQITCOCFGOCPVGPKOKGPVQRTGXGPVKXQ


2CPGNFGEQPVTQN'NGMVTQPKMQP+ #XKUQ

#PVGUFGNNGXCTCECDQEWCNSWKGTQRGTCEKÉPFGOCPVGPKOKGPVQTGRCTCEKÉPQCLWUVG RTQEGFCFGNCUKIWKGPVGOCPGTC  2CTGGNEQORTGUQT  2WNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC  &GUEQPGEVGGNXQNVCLG  %KGTTGNCX±NXWNCFGUCNKFCFGCKTG[CDTCNCUX±NXWNCUFGFTGPCLGOCPWCNFGN EQPFGPUCFQUKGZKUVGP  &GURTGUWTKEGGNEQORTGUQT 2CTCQDVGPGTKPUVTWEEKQPGUFGVCNNCFCUEQPUWNVG5QNWEKÉPFGRTQDNGOCU 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU 2TGECWEKQPGUFGUGIWTKFCF RGTVKPGPVGU )CTCPVÃC[TGURQPUCDKNKFCFFGNRTQFWEVQ

7VKNKEGÐPKECOGPVGRKG\CUCWVQTK\CFCU%WCNSWKGTFCÇQQCXGTÃCTGUWNVCPVGFGNWUQFGRKG\CUPQ CWVQTK\CFCUPQGUV±EWDKGTVQRQTNC)CTCPVÃCPKRQTNC4GURQPUCDKNKFCFFGN2TQFWEVQ ,WGIQUFGUGTXKEKQUGTXKEGMKVU

5GGPEWGPVTCPFKURQPKDNGUUGTXKEGMKVURCTCTGXKUKQPGUQOCPVGPKOKGPVQRTGXGPVKXQX¾CUGNC UGEEKÉP,WGIQUFGUGTXKEKQUGTXKEGMKVU %QPVTCVQUFGUGTXKEKQ

#VNCU%QREQQHTGEGXCTKQUVKRQUFGEQPVTCVQUFGUGTXKEKQGXKV±PFQNGCUÃEWCNSWKGTVTCDCLQFG OCPVGPKOKGPVQRTGXGPVKXQ%QPUWNVGCN%GPVTQFG5GTXKEKQC%NKGPVGUFG#VNCU%QREQ )GPGTCNKFCFGU

#NTGXKUCTECODKGVQFCUNCULWPVCULWPVCUVÉTKECU[CTCPFGNCUFGUOQPVCFCU




+PVGTXCNQU

'N%GPVTQFG5GTXKEKQC%NKGPVGUFG#VNCU%QREQNQECNRWGFGQDXKCTGNRTQITCOCFGOCPVGPKOKGPVQ GURGEKCNOGPVGGPNQSWGUGTGHKGTGCNQUKPVGTXCNQUFGUGTXKEKQGPHWPEKÉPFGNCUEQPFKEKQP GUCODKGPVCNGU [FGVTCDCLQFGNEQORTGUQT .CUEQORTQDCEKQPGUFGNQUKPVGTXCNQUNCTIQUFGDGPVCODK¾PKPENWKTNCUFGNQUKPVGTXCNQUEQTVQU #EEKQPGUFGUGTXKEKQRCTCEQORTGUQTGUEQPTGIWNCFQT'NGMVTQPKMQP+

#FGO±UFGNCUEQORTQDCEKQPGUFKCTKCU[VTKOGUVTCNGUNCUQRGTCEKQPGUFGUGTXKEKQUGCITWRCPGP KPVGTXCNQUFGVKGORQJQTCUFGHWPEKQPCOKGPVQ'NTGIWNCFQTGUV±FQVCFQFGWPVGORQTK\CFQTFGUGTXKEKQ RTQITCOCDNG#RCTGEGT±WPCXKUQFGUGTXKEKQCNCNECP\CTGNVGORQTK\CFQTFGUGTXKEKQGNKPVGTXCNQFG VKGORQRTQITCOCFQEQPUWNVGNCUGEEKÉP #XKUQFGUGTXKEKQ'PVCNECUQJC[SWGEQORTQDCTNCUJQTCUFG HWPEKQPCOKGPVQ4GCNKEGNCUQRGTCEKQPGUFGUGTXKEKQSWGEQTTGURQPFGPCNCUJQTCUFGHWPEKQPCOKGPVQ GURGEKHKECFCUGPGNRTQITCOCUKIWKGPVG4GCTOGGNVGORQTK\CFQTFGUGTXKEKQFGURW¾UFGCECDCFQGN UGTXKEKQEQPUWNVGNCUGEEKÉP+PXQECEKÉPTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ  2TQITCOCFGOCPVGPKOKGPVQRTGXGPVKXQ

)GPGTCNKFCFGU 2GTÃQFQ

1RGTCEKÉP

&KCTKQ

%QORTWGDG GN PKXGN FGN CEGKVG



%QORTWGDG NCU KPFKECEKQPGU GPGN FKURNC[



%QORTWGDG SWG UG FGUECTICEQPFGPUCFQ FWTCPVG NC ECTIC



2WTIWG GN EQPFGPUCFQ



%QORTWGDGGNKPFKECFQT FGUGTXKEKQFGNQUHKNVTQU&&Z[2&ZUKNQUJWDKGTC

%CFCOGUGU

%QORTWGDGNQUTGHTKIGTCFQTGUNÃORKGNQUGPECUQRTGEKUQ



2CTCWPKFCFGU(WNN(GCVWTGEQORTWGDGGNEQPFGPUCFQTFGNUGECFQT[NÃORKGNQ UKGU PGEGUCTKQ



'ZVTCKIC GNGNGOGPVQHKNVTCPVGFGCKTG.KORKCTEQPEJQTTQFG CKTG [TGXKUCT /±UCOGPWFQUKUGVTCDCLCGPWPCODKGPVGRQNXQTKGPVQ 4GGORNCEGGNGOGPVQUFCÇCFQUQOW[EQPVCOKPCFQU



4GGORNCEG GN GNGOGPVQ FG HKNVTQ FGN EWDÃEWNQ

#PWCNOGPVG

4GGORNCEGNQUHKNVTQU&&Z[2&ZQGPEWCPVQGNKPFKECFQTFGRTGUKÉPCRWPVGCNC \QPCTQLC

2CTC)#C)# *QTCUFG HWPEKQPCOKGPVQ

1RGTCEKÉP



5KUGWVKNK\C4QVQ(QQFITCFG(NWKFFG#VNCU%QREQECODKGGNCEGKVG



5KUGWVKNK\C4QVQKPLGEV(NWKFFG#VNCU%QREQECODKGGNCEGKVG



4GGORNCEGGNGNGOGPVQHKNVTCPVGFGCKTG



4GGORNCEGGNGNGOGPVQFG HKNVTQFGNEWDÃEWNQ



.KORKG NQU TGHTKIGTCFQTGU



2CTCWPKFCFGU(WNN(GCVWTGNKORKG GNEQPFGPUCFQTFGN UGECFQT



4GGORNCEGGNHKNVTQ [UGRCTCFQTFG CEGKVG



%QORTWGDGNCUNGEVWTCUFGRTGUKÉP[VGORGTCVWTC



.NGXG CECDQWPC RTWGDC FG NQU.'&FKURNC[




*QTCUFG HWPEKQPCOKGPVQ

1RGTCEKÉP



%QORTWGDG RQT UK JC[ HWICUFG CKTG



'PWPKFCFGU2CEMGZVTCKICFGUOCPVGNG[NKORKGNCX±NXWNCFGHNQVCFQTFGNEQNGEVQT FGEQPFGPUCFQ%QPUWNVGNCUGEEKÉP5KUVGOCFGEQPFGPUCFQ



2TWGDGNCHWPEKÉPFG RCTCFCFGVGORGTCVWTC



2TWGDG NCUX±NXWNCUFG UGIWTKFCF



5KUGWVKNK\C4QVQ:VGPF&WV[(NWKFFG#VNCU%QREQECODKGGNCEGKVG

+ORQTVCPVG

 %QPUWNVGUKGORTGC#VNCU%QREQRCTCOQFKHKECTGNCLWUVGFGWPVGORQTK\CFQT  2CTCEQPQEGTGNKPVGTXCNQFGECODKQFGCEGKVG[HKNVTQFGCEGKVGGPEQPFKEKQP GU GZVTGOCUFGVGORGTCVWTCJWOGFCFQCKTGFGTGHTKIGTCEKÉPEQPUWNVGC#VNCU %QREQ  &GDGTGRCTCTEWCNSWKGTHWICKPOGFKCVCOGPVG*C[SWGUWUVKVWKTVWDGTÃCUQLWPVCU HNGZKDNGUFCÇCFCU



/QVQTFGCEEKQPCOKGPVQ

2CTC)#C)#

.QUEQLKPGVGUFGNOQVQTGUV±PNWDTKECFQUFGRQTXKFC



'URGEKHKECEKQPGUFGNCEGKVG

0QOG\ENGPWPECCEGKVGUFGOCTECUQVKRQUFKHGTGPVGU 2CTCCUGIWTCTWPCDWGPCECNKFCFFGNCEGKVGFTGPGGNEQORTGUQTGPVQFQUNQURWPVQU FGFTGPCLG.QUCEGKVGUWUCFQUSWGUGFGLCPGPGNEQORTGUQTRWGFGPEQPVCOKPCTGN UKUVGOCFGCEGKVG

5GTGEQOKGPFCOW[GPECTGEKFCOGPVGWVKNK\CT#VNCU%QREQ(NWKFEQPUWNVGNCUGEEKÉP2TQITCOCFG OCPVGPKOKGPVQRTGXGPVKXQ #VNCU%QREQ4QVQ+PLGEV(NWKF #EGKVGRCTCWPKFCFGU+'%[WPKFCFGU%5#7.EQPWPXQNVCLGFGOQVQTFG8

#VNCU%QREQ4QVQ+PLGEV(NWKFGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQPKP[GEEKÉP FGCEGKVGSWGOCPVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ4QVQ+PLGEV(NWKFRWGFGWVKNK\CTUGRCTC EQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu%u([u%u( EQPUWNVGNCUGEEKÉP,WGIQUFGUGTXKEKQ




#VNCU%QREQ4QVQ:VGPF&WV[(NWKF #EGKVGRCTCWPKFCFGU%5#7.[,20GZEGRVQRCTCWPKFCFGUEQPWPXQNVCLGFGOQVQTFG8 #EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKÉPRCTCWPKFCFGU+'%[WPKFCFGU%5#7.EQPWPXQNVCLGFG OQVQTFG8

#VNCU%QREQ4QVQ:VGPF&WV[(NWKFGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQP KP[GEEKÉPFGCEGKVGSWGOCPVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ#VNCU%QREQ4QVQ:VGPF&WV[(NWKF RWGFGWVKNK\CTUGRCTCEQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu%u([ u%u(EQPUWNVGNCUGEEKÉP,WGIQUFGUGTXKEKQ #VNCU%QREQ4QVQ(QQFITCFG(NWKF #EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKÉP

#VNCU%QREQ4QVQ(QQFITCFG(NWKFGUWPNWDTKECPVGUKPV¾VKEQFGCNVCECNKFCFGZENWUKXQETGCFQ GURGEKCNOGPVGRCTCEQORTGUQTGUFGVQTPKNNQEQPKP[GEEKÉPFGCEGKVGSWGUWOKPKUVTCP CKTGRCTCNCKPFWUVTKC FGCNKOGPVCEKÉP'UVGNWDTKECPVGOCPVKGPGGNEQORTGUQTGPRGTHGEVQGUVCFQ'NCEGKVG4QVQ(QQFITCFG RWGFGWVKNK\CTUGRCTCEQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu%u([ u%u(EQPUWNVGNCUGEEKÉP,WGIQUFGUGTXKEKQ 1DUGTXCEKÉP

'NFGRÉUKVQFGCKTGVCPSWGFGCEGKVGNNGXCWPCGVKSWGVCSWGKPFKECGNVKRQFGCEGKVG NNGPCFQGPH±DTKEC



%CODKQFGCEGKVG[HKNVTQUFGCEGKVG

#XKUQ





2TQEGFKOKGPVQ

%QORQPGPVGUFGNUKUVGOCFGCEGKVGFG)#C)#





*CICHWPEKQPCTGNEQORTGUQTJCUVCSWGUGECNKGPVG2CTGGNOQVQTFGURW¾UFGOKPWVQUFG HWPEKQPCOKGPVQGPFGUECTIC%KGTTGNCX±NXWNCFGUCNKFCFGCKTG[FGUEQPGEVGGNXQNVCLG'URGTG WPQUEWCPVQUOKPWVQU[FGURTGUWTKEGFGUCVQTPKNNCPFQGNVCRÉPFGTGNNGPQFGCEGKVG(%PQ O±USWGWPCUQNCXWGNVCRCTCRGTOKVKTSWGUGGUECRGEWCNSWKGTRTGUKÉPSWGRWFKGTCJCDGTGPGN UKUVGOC #DTCVCODK¾PNQUFKURQUKVKXQUFGFTGPCLGOCPWCNFGNEQPFGPUCFQUKNQUJWDKGTC



'ZVTCKICGNVCRÉPFGFTGPCLGFGCEGKVG&25CSWGGNCEGKVGCDTKGPFQNCX±NXWNC8F3WKVG VCODK¾PGNVCRÉPFGFTGPCLGFGNVWDQHNGZKDNGUKVWCFQLWPVQCNGNGOGPVQ[GNVCRÉPFG XGPVKNCEKÉPFGNTGHTKIGTCFQTFGCEGKVG%KGTTGNCX±NXWNC[XWGNXCCKPUVCNCTNQUVCRQPGUFGURW¾U FGNFTGPCLG



4GEQLCGNCEGKVGGPWPTGEKRKGPVG[GPVT¾IWGNQCNUGTXKEKQFGTGEQIKFCFGCEGKVG4GKPUVCNG[ CRTKGVGNQUVCRQPGUFGFTGPCLG[XGPVKNCEKÉPFGURW¾UFGNFTGPCLG



'ZVTCKICGNHKNVTQFGCEGKVG1(.KORKGGNCUKGPVQFGNFKUVTKDWKFQT.WDTKSWGEQPCEGKVGNCLWPVC FGNPWGXQHKNVTQ[CVQTPÃNNGNQGPUWUKVKQ#RTKGVGHKTOGOGPVGCOCPQ



'ZVTCKIC GNVCRÉPFGNNGPCFQ(% 'POQFGNQU)#C)#KPVTQFW\ECWPEQFQGPGNVCRÉPFGNNGPCFQ(%RCTCHCEKNKVCTGN NNGPCFQ.NGPGGNFGRÉUKVQFGCEGKVG16EQPCEGKVGJCUVCSWGGNPKXGNNNGIWGCNOGFKQFGNC OKTKNNC)+ %WKFGFGSWGPQECKICUWEKGFCFGPGNUKUVGOC4GKPUVCNG[CRTKGVGGNVCRÉPFGNNGPCFQ(%



*CICHWPEKQPCTGNEQORTGUQTGPECTICWPQUOKPWVQU2CTGGNEQORTGUQT[GURGTGWPQU OKPWVQUCHKPFGRGTOKVKTSWGUGTGRQUGGNCEGKVG



&GURTGUWTKEGGNUKUVGOCFGUCVQTPKNNCPFQGNVCRÉPFGNNGPCFQ(%WPCUQNCXWGNVCRCTCRGTOKVKT SWGUGGUECRGNCRTGUKÉPSWGRWFKGTCJCDGTGPGNUKUVGOC'ZVTCKICGNVCRÉP 'P)#C)#TGNNGPGGNFGRÉUKVQFGCEGKVGJCUVCSWGNCOKTKNNC)+UGGPEWGPVTGNNGPCGP UWURCTVGU #RTKGVGGNVCRÉPFGNNGPCFQ



4GUVCDNG\ECGN VGORQTK\CFQTFGUGTXKEKQ  2CTCEQORTGUQTGUGSWKRCFQUEQPWPTGIWNCFQT'NGMVTQPKMQP+X¾CUGNCUGEEKÉP+PXQECEKÉP FGTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ 




%CODKQFGNUGRCTCFQTFGCEGKVG

#XKUQ


2TQEGFKOKGPVQ

%QORQPGPVGUFGNUKUVGOCFGCEGKVGFG)#C)#



*CICHWPEKQPCTGN EQORTGUQTJCUVCSWGUGECNKGPVG2CTGGNEQORTGUQTEKGTTGNC X±NXWNCFGUCNKFCFGCKTG[FGUEQPGEVGGNXQNVCLG'URGTGWPQUEWCPVQUOKPWVQU[ FGURTGUWTKEGFGUCVQTPKNNCPFQGNVCRÉPFGTGNNGPQFGCEGKVG(%PQO±USWGWPCUQNC XWGNVCRCTCRGTOKVKTSWGUGGUECRGEWCNSWKGTRTGUKÉPSWGRWFKGTCJCDGTGPGN UKUVGOC



'URGTGOKPWVQU[GZVTCKICGNUGRCTCFQTFGCEGKVG15.KORKGGNCUKGPVQFGN FKUVTKDWKFQT.WDTKSWGEQPCEGKVGNCLWPVCFGNPWGXQUGRCTCFQT[CVQTPÃNNGNQGPUW UKVKQ#RTKGVGHKTOGOGPVGCOCPQ



*CICHWPEKQPCTGN EQORTGUQTGPECTICWPQUOKPWVQU2CTGGN EQORTGUQT[GURGTG WPQUOKPWVQUCHKPFGRGTOKVKTSWGUGTGRQUGGNCEGKVG



&GURTGUWTKEG GN UKUVGOC FGUCVQTPKNNCPFQ GN VCRÉP FG NNGPCFQ(% WPC UQNCXWGNVCRCTC RGTOKVKTSWGUGGUECRGNCRTGUKÉPSWGRWFKGTCJCDGTGPGNUKUVGOC'ZVTCKICGNVCRÉP 4GNNGPGGNFGRÉUKVQFGCEGKVGJCUVCSWGNCOKTKNNC)NUGGPEWGPVTGNNGPCGPUWU RCTVGU #RTKGVGGNVCRÉPFGNNGPCFQ



4GUVCDNG\EC GN VGORQTK\CFQT FG UGTXKEKQ  2CTCEQORTGUQTGUGSWKRCFQUEQPWPTGIWNCFQT'NGMVTQPKMQP+X¾CUGNCUGEEKÉP +PXQECEKÉPFGTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ 






#NOCEGPCOKGPVQFGURW¾UFGNCKPUVCNCEKÉP

2TQEGFKOKGPVQ

2QPICGPOCTEJCGNEQORTGUQTRQTGLGORNQFQUXGEGUCNCUGOCPCJCUVCSWGUGECNKGPVG%CTIWG[ FGUECTIWGGNEQORTGUQTWPCUEWCPVCUXGEGU 5KGNEQORTGUQTUGXCCCNOCEGPCTUKPHWPEKQPCTFGXG\GPEWCPFQVQOGNCUOGFKFCU FGRTQVGEEKÉPSWGEQTTGURQPFCP%QPUWNVGC#VNCU%QREQ



,WGIQUFGUGTXKEKQUGTXKEGMKVU

&GUETKREKÉP

5GGPEWGPVTCPFKURQPKDNGULWGIQUFGUGTXKEKQUGTXKEGMKVUSWGNGQHTGEGPNQUDGPGHKEKQUFGNCURCTVGU QTKIKPCNGUFG#VNCU%QREQ[CNOKUOQVKGORQOCPVKGPGPDCLQUWRTGUWRWGUVQFGOCPVGPKOKGPVQ.QU LWGIQUEQPVKGPGPVQFCUNCURKG\CUPGEGUCTKCURCTCGNUGTXKEKQ 5GTXKEGMKVRCTCHKNVTQUFGCEGKVG[HKNVTQUFGCKTG 5GTXKEGMKVRCTCHKNVTQUFGCEGKVG[HKNVTQUFGCKTG

0ÐOGTQFGRGFKFQ

)#C)#RCTCJQTCUFG HWPEKQPCOKGPVQHKNVTQU[UGRCTCFQTFGCEGKVG



2CTC)#C)#GNGOGPVQFGNHKNVTQFGN EWDÃEWNQ



,WGIQUFGUGTXKEKQUGTXKEGMKVU)#C)# ,WGIQU FG UGTXKEKQ UGTXKEG MKVU

0ÐOGTQ FG RGFKFQ

8±NXWNCFGRTGUKÉPOÃPKOCRCTCEQORTGUQTGUFG DCTDCTRUKRUK[RUK



8±NXWNCFGRTGUKÉPOÃPKOCRCTCEQORTGUQTGUFG DCT[RUK



'SWKRQ FG HNQVCFQT

  

'SWKRQ FG HKNVTQ 2&:

  

-KV FG HKNVTQ &&:

  

#VNCU%QREQ4QVQ+PLGEV(NWKF

%QPUWNVGVCODK¾PNCUGEEKÉP 'URGEKHKECEKÉPFGCEGKVG 0ÐOGTQFGRGFKFQ



.CVCFGNKVTQU75ICN+ORICN



.CVCFGNKVTQU75ICN+ORICN



$CTTKNFGNKVTQU75ICN+ORICN




#VNCU%QREQ4QVQ:VGPF&WV[(NWKF

%QPUWNVGVCODK¾PNCUGEEKÉP'URGEKHKECEKÉPFGCEGKVG 0ÐOGTQFGRGFKFQ

.CVCFGNKVTQU75ICN+ORICN






$CTTKNFGNKVTQU75ICN+ORICN



#VNCU%QREQ4QVQ(QQFITCFG(NWKF

%QPUWNVGVCODK¾PNCUGEEKÉP'URGEKHKECEKÉPFGCEGKVG 0ÐOGTQFGRGFKFQ




$CTTKNFGNKVTQU75ICN+ORICN








#LW #LWUVGU UVGU[ [R RTQ TQEG EGF FKOKG KOKGP PVQU VQUF FGUG GUGTX TXKE KEKQ KQ



(KNVTQ FG CKTG

7DKECEKÉPFGNHKNVTQFGCKTG

(KNVTQFGCKTG)#C)# 4GEQOGPFCEKQPGU

 0QGZVTCKICPWPEC 0QGZVTCKICPWPECGN GNGNGOG GNGOGPVQEQP PVQEQPGNEQO GNEQORTGUQTGP RTGUQTGPOCTEJC OCTEJC  2CTCTGFWEKTCNOÃPKOQGNVKG 2CTCTGFWEKTCNOÃPKOQGNVKGORQFGRCTCFCFGN ORQFGRCTCFCFGNEQORTGUQTECODKGGN EQORTGUQTECODKGGNGNGOGPVQUWEKQRQTQVTQPWGXQ GNGOGPVQUWEKQRQTQVTQPWGXQ  &GUGEJGEWCNSWK &GUGEJGEWCNSWKGTGN GTGNGOGPVQ GOGPVQSWGGUV¾ SWGGUV¾FCÇCFQ FCÇCFQ 2TQEGFKOKGPVQ

 2CTGGNEQORT 2CTGGNEQORTGUQT GUQT&GUEQPGEV &GUEQPGEVGGN GGNXQNVCLG XQNVCLG  'PWPKFCFGU2CEM 'PWPKFCFGU2CEMGZVT GZVTCKIC CKICGNRCPGN GNRCPGNNCV NCVGTCN GTCN 'PWPKFCFGU(WNN(GCVWTGGZVTCKICGNRCPGNHTQPVCN  3WKVGGNEQPLWPV 3WKVGGNEQPLWPVQFGNH QFGNHKNVTQFG KNVTQFGCKTG CKTG  'ZVTCKICNCVCRCFGNHKNVTQFGCKTG 'ZVTCKICNCVCRCFGNHKNVTQFGCKTG#(IKT±PFQNCGPUGPVKFQQRWGUVQ #(IKT±PFQNCGPUGPVKFQQRWGUVQ CNCUCIWLCUFGWPTGNQL CNCUCIWLCUFGWPTGNQL'ZVTCKIC 'ZVTCKIC GNGNGOGPVQHKNVTCPVG5KGURTGEKUQNKORKGNCEWDKGTVC  +PUVCNGGNPWGX +PUVCNGGNPWGXQGNG QGNGOGPVQ[ OGPVQ[NC NCEWDKGTVC EWDKGTVC  4GCTOGGNC 4GCTOGGNCXKUQFG XKUQFGUGTXKEK UGTXKEKQFGN QFGNHKNVTQ HKNVTQFGCKTG FGCKTG %QPUWNVGNCUGEEKÉP+PXQECEKÉPTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ %QPUWNVGNCUGEEKÉP +PXQECEKÉPTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ RCTCTGCTOCTGNOGPUCLGFG UGTXKEKQGPTGIWNCFQTGU'NGMVTQPKMQP+



4GHTK HTKIGTCF TCFQTGU TGU

.KORKG\C

/CPVGPICNKORKQUNQUTGHTKIGTCFQTGURCTCTGVGPGTNCGHKEKGPEKCFGTGHTKIGTCEKÉP 'PEQORTGUQTGUTGHTKIGTCFQURQTCKTG




 2CTGGNEQORTGUQTEKGTTGNCX±NXWNCFGUCNKFCFGCKTG[FGUEQPGEVGGNXQNVCLG  %WDTCVQFCUNC %WDTCVQFCUNCURKG\C URKG\CUFGDCLQ UFGDCLQFGNQU FGNQUTGHTKIGT TGHTKIGTCFQTGU CFQTGU  'ZVTCKICVQFQGNRQ NXQFGNQUTGHTKIGTCFQT GUEQPWPEGRKNNQF GEGTFCU0QGORNGGPWPECWPEGRKNNQFG CNCODTGUPKQDLGVQUOGV±NKEQU  5GIWKFCOGPVGUQRNG 5GIWKFCOGPVGUQRNGEQPCK EQPCKTGEQ TGEQORTKOKFQGP ORTKOKFQGPUGPVKFQ UGPVKFQQRWGUVQCN QRWGUVQCNHNWLQPQTOC HNWLQPQTOCN N  5KGURTGEKUQSWGUGNKORKGPNQ UTGHTKIGTCFQTGUEQP C[WFCFGWPFGVGTIGP C[WFCFGWPFGVGTIGPVGEQPUWNVGC#VNCU%QREQ VGEQPUWNVGC#VNCU%QREQ 0WPECWUGWPFKURQUKVKXQNKORKCFQTFGCIWCCCNVCRTGUKÉPRCTCNKORKCTGNEQORTGUQT

  

8±NX 8±NXW WNCU NCUF FGUG GUGI IWTKF TKFCF

2QUKEKÉPFGX±NXWNCFGUGIWTKFCF

)#C)#

&GRÉUKVQFGCKTGEQPX±N &GRÉUKVQFGCKTGEQPX±NXWNCFG XWNCFGUGIWTKFCFGPW UGIWTKFCFGPWPKFCFGUOQPVCFCU PKFCFGUOQPVCFCUGPFGRÉUKVQ GPFGRÉUKVQ #EEKQPCOKGPVQ

#EEKQPGNCX±NXWNCFGUGIWTKFCFFGUCVQTPKNNCPFQNCVCRCWPCQFQUXWGNVCU[CVQTPKNN±PFQNCFGPWGXQ 2TWGDC

#PVGUFGSWKVCTNCX±NXWNCFGUGIWTKFCFFGURTGUWTKEGGNEQORTGUQT

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)GPGTCNKFCFGU

.QUFKURQUKVKXQUTGIWNCFQTGU[FGUGIWTKFCFGUV±PCLWUVCFQUGPH±DTKECRCTCQDVGPGTGNO±ZKOQ TGPFKOKGPVQFGNUGECFQT 5GRTQJÃDGCNVGTCTGNCLWUVGFGFKEJQUFKURQUKVKXQU



%QPFKEKQPGUFGTGHGTGPEKC[NÃOKVGU

%QPFKEKQPGUFGTGHGTGPEKC

2TGUKÉP CDUQNWVC FG GPVTCFC FG CKTG

DCT



2TGUKÉP CDUQNWVC FG GPVTCFC FG CKTG

RUK



6GORGTCVWTC FG GPVTCFC FG CKTG

u%



6GORGTCVWTC FG GPVTCFC FG CKTG

u(



*WOGFCF TGNCVKXC





2TGUKÉP FG VTCDCLQ RCTC )#  CN )# 

%QPUWNVG NC UGEEKÉP &CVQUFGN EQORTGUQTRCTC)#C)#

2TGUKÉP O±ZKOC FG VTCDCLQ RCTC )#  CN )#

%QPUWNVGNCUGEEKÉP &CVQUFGN EQORTGUQTRCTC)#C)#

.ÃOKVGU



2TGUKÉP OÃPKOC FG VTCDCLQ

DCTG



2TGUKÉP OÃPKOC FG VTCDCLQ

RUKI



6GORGTCVWTC O±ZKOC FG GPVTCFC FG CKTG

u%



6GORGTCVWTC O±ZKOC FG GPVTCFC FG CKTG

u(



6GORGTCVWTC OÃPKOC FG GPVTCFC FG CKTG

u%



6GORGTCVWTC OÃPKOC FG GPVTCFC FG CKTG

u(



&CVQUFGNEQORTGUQTRCTC)#C)#

%QPFKEKQPGUFGTGHGTGPEKC

6QFQUNQUFCVQUGURGEKHKECFQUCEQPVKPWCEKÉPUGCRNKECPDCLQEQPFKEKQPGUFG TGHGTGPEKCX¾CUGNCUGEEKÉP%QPFKEKQPGUFGTGHGTGPEKC[NÃOKVGU




)# 7PKFCF GU

DCT

DCT DCT

DCT

 RUK

 RUK

 RUK

 RUK

*\

















2TGUKÉPO±ZKOCFG DCTG FGUECTIC

















2TGUKÉPO±ZKOCFG RUKI FGUECTIC

















2TGUKÉPO±ZKOCFG DCTG FGUECTIC WPKFCFGU(WNN (GCVWTG

















2TGUKÉPO±ZKOCFG RUKI FGUECTIC WPKFCFGU(WNN (GCVWTG

















2TGUKÉPFGVTCDCLQ PQOKPCN

DCTG


















RUKI

















%CÃFCFGRTGUKÉP UQDTGGNUGECFQT WPKFCFGU(WNN (GCVWTG

DCTG


















RUKI

















8GNQEKFCFFGNGLG FGNOQVQT

TOKP

















2WPVQFGCLWUVG X±NXWNC VGTOQUV±VKEC

u%


















u(

















6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC CRTQZ

u%


















u(

















6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC CRTQZWPKFCFGU (WNN(GCVWTG

u%

















(TGEWGPEKC




7PKFCF GU

DCT DCT  DCT

DCT

 RUK

 RUK

 RUK

 RUK


u(

















2WPVQFGTQEÃQC RTGUKÉPWPKFCFGU (WNN(GCVWTG

u%


















u(

















2QVGPEKC CNKOGPVCFC2CEM

M9


















JR

















2QVGPEKC CNKOGPVCFC(WNN (GCVWTG

M9


















JR

















%QPUWOQFG GPGTIÃCUGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG

M9


















JR


















M9


















JR

















4C

4C

4C

4C

4C

4C

4C

4C

















6KRQFG TGHTKIGTCPVG WPKFCFGU(WNN (GCVWTG %CPVKFCFVQVCN TGHTKIGTCPVG WPKFCFGU(WNN (GCVWTG



MI


7PKFCF GU

DCT


DCT

 RUK

 RUK

 RUK

 RUK

%CPVKFCFVQVCN TGHTKIGTCPVG WPKFCFGU(WNN (GCVWTG

ND

















%CRCEKFCFFG CEGKVG

N


















75 ICN


















+OR ICN 
















EWHV

















0KXGNFGRTGUKÉP CEÐUVKEC2CEM[ (WNN(GCVWTG EQPHQTOGC+51 

F$#

















7PKFCF GU

DCT


DCT

 RUK

 RUK

 RUK

 RUK

*\






















































































DCTG


















RUKI


















DCTG


















RUKI

















)#

(TGEWGPEKC






7PKFCF GU


DCT

 RUK

 RUK

 RUK

 RUK


TOKP


















u%


















u(


















u%


















u(


















u%


















u(


















u%


















u(


















M9


















JR


















M9


















JR


















M9


















7PKFCF GU

DCT


DCT

 RUK

 RUK

 RUK

 RUK


JR


















M9


















JR

















4C

4C

4C

4C

4C

4C

4C

4C


MI


















ND


















N


















75 ICN


















+OR ICN 
















EWHV


















F$#




















)# 7PKFCF GU


DCT

 RUK

 RUK

 RUK

 RUK

*\






















































































DCTG


















RUKI


















DCTG


















RUKI


















TOKP


















u%


















u(


















u%


















u(


















u%

















(TGEWGPEKC




7PKFCF GU

DCT


DCT

 RUK

 RUK

 RUK

 RUK


u(


















u%


















u(


















M9


















JR


















M9


















JR


















M9


















JR


















M9


















JR

















4C

4C

4C

4C

4C

4C

4C

4C


















MI






7PKFCF GU


DCT

 RUK

 RUK

 RUK

 RUK


ND


















N


















75 ICN


















+OR ICN 
















EWHV


















F$#




















+PUVTWEEKQPGURCTCGNWUQFGNFGRÉUKVQFGCKTG



+PUVTWEEKQPGUFGWUQ

+PUVTWEEKQPGU



'UVGTGEKRKGPVGRWGFGEQPVGPGTCKTGRTGUWTK\CFQVGPICGPEWGPVC GNRGNKITQRQVGPEKCN SWGGUVQUWRQPGUKPQNQWVKNK\CEQTTGEVCOGPVG



'UVGTGEKRKGPVGUGWUCT±ÐPKECOGPVGGPECNKFCFFGUGRCTCFQTFGCKTGEQORTKOKFQCEGKVG [HWPEKQPCT±FGPVTQFGNQUNÃOKVGUGURGEKHKECFQUGPNCRNCECFGFCVQU



0QFGDGTGCNK\CTPKPIWPCOQFKHKECEKÉPGPGUVGTGEKRKGPVGPKUQNFCPFQPKVCNCFTCPFQPK RQTPKPIÐPQVTQO¾VQFQOGE±PKEQUKPGNRGTOKUQGUETKVQFGNHCDTKECPVG



5G KPFKECT±PENCTCOGPVGNCRTGUKÉP[VGORGTCVWTCFGGUVGTGEKRKGPVG



.CX±NXWNCFGUGIWTKFCFFGDGEQTTGURQPFGTEQPRKEQUVTCPUKVQTKQUFGRTGUKÉPFG XGEGUNCO±ZKOCRTGUKÉPRGTOKUKDNGFGVTCDCLQ&GDGICTCPVK\CTSWGNCRTGUKÉPPQ GZEGFGT±RGTOCPGPVGOGPVGNCO±ZKOCRTGUKÉPRGTOKUKDNGFGVTCDCLQFGNTGEKRKGPVG



7VKNKEGUÉNQGN CEGKVGGURGEKHKECFQRQTGNHCDTKECPVG



2QTNQVCPVQPQJC[PGEGUKFCFKPVTÃPUGECFGTGCNK\CTKPURGEEKQPGUKPVGTOGFKCU FGN TGEKRKGPVGUK¾UVGUGWVKNK\CFGPVTQFGNQUNÃOKVGUFGFKUGÇQ[RCTCNQUHKPGUFGWUQRCTC NQUSWGUGJCRTGXKUVQ

2CTCWPKFCFGUOQPVCFCUGPFGRÉUKVQCFGO±U



&GDGGXKVCTUGNCEQTTQUKÉPGPEQPFKEKQPGUFGWUQ2WGFGCEWOWNCTUGEQPFGPUCEKÉPGP GNKPVGTKQTFGNFGRÉUKVQ[¾UVGFGDGFTGPCTUGECFCFÃC'UVGRTQEGUQRWGFGTGCNK\CTUG OCPWCNOGPVGCDTKGPFQNCX±NXWNCFGFTGPCLGQDKGPOGFKCPVGFTGPCLGCWVQO±VKEQUK GUV±KPUVCNCFQ






2'&



&KTGEVKXCUUQDTGGSWKRQUCRTGUKÉP

%QORQPGPVGUUWLGVQUCNC&KTGEVKXCUQDTGGSWKRQUCRTGUKÉP%'

%QORQPGPVGUUWLGVQUCNC&KTGEVKXCUQDTGGSWKRQUCRTGUKÉP%'UWRGTKQTGUQGSWKXCNGPVGUCNC ECVGIQTÃC++ 6KRQ FG EQORTGUQT

0ÐOGTQ FG RKG\C

&GUETKREKÉP

%NCUG FG 2'&

)#  C )# 

  

8±NXWNC FG UGIWTKFCF

+8

  


+8

  


+8

  


+8

%NCUKHKECEKÉPIGPGTCN

2CTC)#C)#NQUEQORTGUQTGUEWORNGPNC&KTGEVKXCUQDTGGSWKRQUCRTGUKÉP2'&RCTCGSWKRQU EQPWPCECVGIQTÃCKPHGTKQTCNC%CVGIQTÃC++



GA 15, GA 18, GA 22

Manual de Instrucciones

Manual Compresor Atlas Copco Nuevo

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