Compresores Atlas

Manual de instrucciones
GA18 VSD, GA30 VSD
Nota de Copyright
Se prohibe cualquier uso no autorizado o la copia de los contenidos o de

cualquier parte de los mismos.
Esto se aplica en particular a marcas comerciales, denominación de

modelos, número de las piezas y diseños.
Fecha de impresión ......... 08/03/2005
Atlas Copco
www.atlascopco.com
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0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTGTGURKTCDNGGN
CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU
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CVGPEKÉPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN
XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGO±UUGCDTKT±[UGDNQSWGCT±GNKPVGTTWRVQTUGRCTCFQTFG
GPGTIÃCGN¾EVTKEC
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KPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTFGGPGTIÃCGN¾EVTKECEQPEKGTTGEGTECFGNEQORTGUQT
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OQPVCFQUGPNCO±SWKPC%CFCTGEKRKGPVGCRTGUKÉPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC
O±SWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKÉPUWRGTKQTCNCCVOQUH¾TKECUGRTQVGIGT±EQPWP
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5GTXKEKQC%NKGPVGUFG#VNCU%QREQ

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FWTCPVGHWPEKQPCOKGPVQ[2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQ
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2TGECWEKQPGUFGUGIWTKFCFFWTCPVGHWPEKQPCOKGPVQ
GZRTGUCOGPVG
0QUGEQPUKFGTCCNEQORTGUQTEQOQECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTG
TGURKTCDNGGNCKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCU
PQTOCU[NG[GUNQECNGU
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FGNCCVGPEKÉPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN
GPGTIÃCGN¾EVTKEC
J±ICNQEQPOWEJQEWKFCFQ[RTQV¾LCUGNQUQLQU
2TGECWEKQPGUFWTCPVGHWPEKQPCOKGPVQ
7UGUQNCOGPVGGNVKRQ[VCOCÇQEQTTGEVQUFGEQPGZKQPGU[CEEGUQTKQU#NUQRNCTCKTGCVTCX¾UFG
WPCOCPIWGTCQVWDGTÃCCUGIÐTGUGFGSWGUGUWLGVCHKTOGOGPVGGNGZVTGOQCDKGTVQ7PGZVTGOQ
NKDTGIQNRGCT±EQOQWPN±VKIQ[RQFT±ECWUCTNGUKQPGU#UGIÐTGUGFGSWGNCUOCPIWGTCUGUV±P
EQORNGVCOGPVGFGURTGUWTK\CFCUCPVGUFGFGUEQPGEVCTNCU
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RCTCCUGIWTCTUGFGSWGPCFKGGUV¾XGTKHKECPFQNCO±SWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG
EQNQECT±WPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKÉPCTTCPECRQTEQPVTQNTGOQVQ
CFKUVCPEKC
0WPECJCICHWPEKQPCTNQUITWRQUGPNWICTGUFQPFGGZKUVCNCRQUKDKNKFCFFGCURKTCTGOCPCEKQPGU
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0WPECJCICHWPEKQPCTNCO±SWKPCRQTFGDCLQQGPEKOCFGUWUNÃOKVGU

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RWGTVC
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UWLGVCU[SWGPQUGTQ\CP
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RQTGUECOCUQRKPVWTC
Ő .CX±NXWNCFGUCNKFC[TGFFGCKTGGUFGEKTVWDQUCEQRNCOKGPVQUEQNGEVQTGUX±NXWNCU
OCPIWGTCUGVEUGGPEWGPVTCPGPDWGPGUVCFQUKPFGUICUVGUCPQTOCNGU[VTCVCFQU
CFGEWCFCOGPVG
5KUGWUCGNCKTGFGTGHTKIGTCEKÉPECNKGPVGFGEQORTGUQTGUGPWPUKUVGOCFGECNGHCEEKÉPRQTCKTG
RGLRCTCECNGPVCTWPVCNNGTJC[SWGVQOCTRTGECWEKQPGUEQPVTCNCRQNWEKÉP[EQPVCOKPCEKÉP
GXGPVWCNFGNCKTGTGURKTCDNG
0QSWKVGPKPIWPCRCTVGFGNOCVGTKCNKPUQPQTK\CPVGPKNQECODKGFGUKVKQ
0WPECCPWNGPKOCPKRWNGNQUFKURQUKVKXQUFGUGIWTKFCFPKNCURTQVGEEKQPGUQNQUCKUNCOKGPVQU
OQPVCFQUGPNCO±SWKPC%CFCFGRÉUKVQCRTGUKÉPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC
O±SWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKÉPUWRGTKQTCNCCVOQUH¾TKECUGRTQVGIGT±EQPWP
FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKÉPUKGUVQHWGTCPGEGUCTKQ
FWTCPVGKPUVCNCEKÉP[2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQ
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2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQQ
TGRCTCEKQPGU
GZRTGUCOGPVG

0QUGEQPUKFGTCCNEQORTGUQTEQOQECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTG
TGURKTCDNGGNCKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCU
PQTOCU[NG[GUNQECNGU
#PVGUFGGHGEVWCTEWCNSWKGTVCTGCFGOCPVGPKOKGPVQQTGRCTCEKÉPCLWUVGQEQORTQDCEKÉPFKUVKPVC
FGNCCVGPEKÉPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN
GPGTIÃCGN¾EVTKEC
J±ICNQEQPOWEJQEWKFCFQ[WUGRTQVGEEKÉPRCTCNQUQLQU
2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQQTGRCTCEKQPGU
2ÉPICUGUKGORTGWPCUICHCUFGUGIWTKFCF
7UGUQNCOGPVGNCUJGTTCOKGPVCUCFGEWCFCUCNVTCDCLQFGOCPVGPKOKGPVQ[TGRCTCEKÉP
5ÉNQRQFT±PWVKNK\CTUGTGRWGUVQUQTKIKPCNGU
.QUVTCDCLQUFGOCPVGPKOKGPVQUGNNGXCT±PCECDQÐPKECOGPVGEWCPFQNCO±SWKPCUGJC[CGPHTKCFQ
#FGO±UGNGSWKRQFGCTTCPSWGFGDGNNGXCTWPECTVGNSWGFKICRGLUGGUV±VTCDCLCPFQPQRQPGTGP
OCTEJC
.CURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU
RCTCCUGIWTCTUGFGSWGPCFKGGUV¾XGTKHKECPFQNCO±SWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG
EQNQECT±WPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKÉPCTTCPECRQTEQPVTQNTGOQVQ
CFKUVCPEKC
#PVGUFGFGUOQPVCTEWCNSWKGTEQORQPGPVGRTGUWTK\CFQCÃUNGGNITWRQFGVQFCUNCUHWGPVGUFG
RTGUKÉP[CNKXKGVQFQGNUKUVGOCFGRTGUKÉP
0WPECWUGFKUQNXGPVGUKPHNCOCDNGUPKVGVTCENQTWTQFGECTDQPQRCTCNKORKCTNCURKG\CU6QOGOGFKFCU
FGUGIWTKFCFEQPVTCXCRQTGUVÉZKEQUFGNÃSWKFQUFGNKORKG\C
'ZVTGOGNCNKORKG\CFWTCPVGNQUVTCDCLQUFGOCPVGPKOKGPVQ[TGRCTCEKÉP%WDTCNCURKG\CU[NCU
CDGTVWTCUEQPWPRCÇQNKORKQRCRGNQEKPVCCFJGUKXCGXKVCPFQCUÃSWGRGPGVTGRQNXQ
0WPECUWGNFGPKNNGXGCECDQPKPIWPCQRGTCEKÉPSWGKORNKSWGGNWUQFGECNQTEGTECFGNUKUVGOCFG
CEGKVG.QUVCPSWGUFGCEGKVGFGDGPRWTICTUGEQORNGVCOGPVGEQPXCRQTRQTGLGORNQCPVGUFG
GHGEVWCTVCNGUQRGTCEKQPGU0QUWGNFGPKOQFKHKSWGPWPECTGEKRKGPVGUCRTGUKÉP
#NCOGPQTUGÇCNQUQURGEJCFGUQDTGECNGPVCOKGPVQFGWPCRCTVGKPVGTPCFGWPCO±SWKPCFGDG
RCTCTUG¾UVC[PQCDTKTPKPIWPCVCRCFGKPURGEEKÉPJCUVCWPCXG\VTCPUEWTTKFQDCUVCPVGVKGORQFG
GPHTKCOKGPVQCHKPFGGXKVCTGNTKGUIQFGKIPKEKÉPGURQPV±PGCFGNXCRQTFGCEGKVGCNGPVTCTGP
EQPVCEVQEQPGNCKTG
0WPECWVKNKEGWPCHWGPVGFGKNWOKPCEKÉPEQPNNCOCNKDTGRCTCKPURGEEKQPCTGNKPVGTKQTFGWPCO±SWKPC
FGRÉUKVQFGRTGUKÉPGVE
#UGIÐTGUGFGSWGPQJCPSWGFCFQJGTTCOKGPVCURKG\CUUWGNVCUQVTCRQUFGPVTQQGPEKOCFGNC
O±SWKPC

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2CPGNFGEQPVTQN
)GPGTCNKFCFGU
'NTGIWNCFQT'NGMVTQPKMQPIQDKGTPCCNEQORTGUQTOGFKCPVGNCUUKIWKGPVGUQRGTCEKQPGU
Ő #FCRVCEKÉPFGNCUCNKFCFGNEQORTGUQTCNEQPUWOQFGCKTG
Ő 2CTCFCFGNEQORTGUQTECFCXG\SWGUGCPGEGUCTKQ
Ő 4GCTTCPSWGFGNEQORTGUQTEWCPFQUGTGSWKGTC
Ő #TTCPSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLG
JGEJQKPCEVKXQ
'PIGPGTCNGNTGIWNCFQT'NGMVTQPKMQPGLGEWVCNCUUKIWKGPVGUHWPEKQPGU
Ő %QPVTQNCTGNEQORTGUQT
Ő 2TQVGIGTGNEQORTGUQT
Ő /QPKVQTK\CTNQUEQORQPGPVGUUWLGVQUCUGTXKEKQ
Ő #TTCPSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLG
JGEJQKPCEVKXQ
%QPVTQNFGNEQORTGUQT
'NTGIWNCFQTCFCRVCGNUWOKPKUVTQFGCKTGFGNEQORTGUQTCNEQPUWOQFGCKTGCLWUVCPFQNCXGNQEKFCFFGN
OQVQT'NTGIWNCFQTVKGPGGPEWGPVCWPPÐOGTQFGCLWUVGURTQITCOCDNGUGPVTGQVTQU
Ő 2WPVQFGCLWUVGFGRTGUKÉPFGNCTGF
Ő &KUETGRCPEKCFGRCTCFCKPFKTGEVC
Ő &KUETGRCPEKCFGRCTCFCFKTGEVC
Ő $CPFCRTQRQTEKQPCN
Ő 6KGORQFGKPVGITCEKÉP
Ő 8GNQEKFCFOÃPKOC
Ő 6KGORQFGRCTCFCOÃPKOQ
Ő .ÃOKVGFGXGNQEKFCFO±ZKOC
Ő 6KGORQFGTGUVCDNGEKOKGPVQFGRQVGPEKC
UKGUV±CEVKXCFQ

'NTGIWNCFQTFGVKGPGGNEQORTGUQTECFCXG\SWGUGCRTGEKUQ
Ő 2CTCFCKPFKTGEVCGUFGEKTGNEQORTGUQTOCTEJCCXGNQEKFCFOÃPKOC[NCRTGUKÉPFGNCTGFUWDGCNPKXGN
FGRCTCFCKPFKTGEVC%QPUWNVGNCUGEEKÉP#LWUVGURTQITCOCDNGU
Ő 2CTCFCFKTGEVCGUFGEKTGNEQORTGUQTOCTEJCCWPCXGNQEKFCFGPVTGGNOÃPKOQ[O±ZKOQ[NCRTGUKÉP
FGNCTGFUWDGRQTGPEKOCFGNRWPVQFGCLWUVGFGRCTCFCFKTGEVC%QPUWNVGNCUGEEKÉP#LWUVGU
RTQITCOCDNGU
'URQUKDNGRTQITCOCTWPPÐOGTQFGOCPFQUFGCTTCPSWGCWVQO±VKEQRCTCFCSWG
CEVÐCPGPWPVKGORQFCFQ6GPICGPEWGPVCSWGUGGLGEWVCT±WPOCPFQFGCTTCPSWG

UKGUV±RTQITCOCFQ[CEVKXCFQKPENWUQFGURW¾UFGRCTCTGNEQORTGUQT
OCPWCNOGPVG
2TQVGIGTGNEQORTGUQT
2CTCFCFGCNCTOC
5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGRCTCFCFGCNCTOCRTQITCOCFQUG
RCTCT±GNEQORTGUQT'UVQUGKPFKECGPGNFKURNC[
[RCTRCFGCT±GN.'&FGCNCTOCIGPGTCN
'N
EQORTGUQTUGFGVGPFT±VCODK¾PGPECUQFGUQDTGECTICFGNOQVQTFGNXGPVKNCFQT
5QNWEKQPGGNRTQDNGOC[TGCTOGNCPQVKEKC%QPUWNVGCFGO±UNCUGEEKÉP/GPÐ&CVQUFGGUVCFQ
#PVGUFGKPVGPVCTUQNWEKQPCTPCFCEQPUWNVGNCUUGEEKQPGU2TGECWEKQPGUFGUGIWTKFCF
[5QNWEKÉPFGRTQDNGOCU
#XKUQFGRCTCFCFGCNCTOC
7PPKXGNFGCXKUQFGRCTCFCFGCNCTOCGUWPPKXGNRTQITCOCDNGDCLQGNPKXGNFGRCTCFCFGCNCTOC
5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTUWRGTCGNPKXGNFGCXKUQFGRCTCFCRTQITCOCFQ
CRCTGEGT±WPOGPUCLGGPGNFKURNC[
[UGGPEGPFGT±GN.'&FGCNCTOCIGPGTCN
EQPQDLGVQFGCXKUCT
CNQRGTCFQTFGSWGUGGZEGFGGNPKXGNFGCXKUQFGRCTCFC
'NOGPUCLGFGUCRCTGEGGPEWCPVQFGUCRCTGEGNCEQPFKEKÉPFGCXKUQ
#XKUQFGUGTXKEKQ
7PCUGTKGFGCEEKQPGUFGUGTXKEKQUGCITWRCP
GPNQUNNCOCFQU2NCPGUFG5GTXKEKQ#$%GVE%CFC
2NCPFG5GTXKEKQVKGPGWPKPVGTXCNQFGVKGORQRTQITCOCFQ5KUGGZEGFGCNIÐPKPVGTXCNQCRCTGEGT±WPC
PQVKEKCGPGNFKURNC[
EQPQDLGVQFGCXKUCTCNQRGTCFQTFGSWGNNGXGCECDQNCUCEEKQPGUFGUGTXKEKQ
RGTVGPGEKGPVGUCFKEJQRNCP
#XKUQ
6CODK¾PCRCTGEGWPCPQVKEKCFGCXKUQUK
Ő 'PEQORTGUQTGU(WNN(GCVWTGNCVGORGTCVWTCFGNRWPVQFGTQEÃQGZEGFGGNPKXGNFGCXKUQ
4GCTTCPSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLG
'NTGIWNCFQTKPEQTRQTCWPCHWPEKÉPFGCTTCPSWGCWVQO±VKEQFGNEQORTGUQTCNTGUVCDNGEGTUGGNXQNVCLG
FGURW¾UFGWPCKPVGTTWREKÉPGN¾EVTKEC&KEJCHWPEKÉPGUV±FGUCEVKXCFCGPNQUEQORTGUQTGUSWGUCNGPFG
NCH±DTKEC0QQDUVCPVGGURQUKDNGCEVKXCTNCUKCUÃUGFGUGC%QPUWNVGC#VNCU%QREQ

5KGUV±CEVKXCFCNCHWPEKÉP[UKGORTGSWGGNTGIWNCFQTUGGPEWGPVTGGPGNOQFQFG
HWPEKQPCOKGPVQCWVQO±VKEQGNEQORTGUQTXQNXGT±CCTTCPECTCWVQO±VKECOGPVGUKGN
XQNVCLGFGUWOKPKUVTQCNOÉFWNQUGTGUVCDNGEGFGPVTQFGNRGTÃQFQRTQITCOCFQ
'NVKGORQFGTGUVCDNGEKOKGPVQFGRQVGPEKC
GNRGTÃQFQGPGNSWGFGDGTGUVCDNGEGTUGGN
XQNVCLGRCTCRQFGTCTTCPECTCWVQO±VKECOGPVGRWGFGCLWUVCTUGGPVTG[
UGIWPFQUQCN+PHKPKVQ5KGNVKGORQFGTGUVCDNGEKOKGPVQFGRQVGPEKCUGGPEWGPVTC
CLWUVCFQCN+PHKPKVQGNEQORTGUQTXQNXGT±CCTTCPECTUKGORTGFGURW¾UFGWPC
KPVGTTWREKÉPFGNXQNVCLGKPFGRGPFKGPVGOGPVGFGNQSWGUGVCTFGGPTGUVCDNGEGTNQ
6CODK¾PGURQUKDNGRTQITCOCTWPTGVTCUQFGTGCTTCPSWGJCEKGPFQSWGXWGNXCPC
CTTCPECTRQTGLGORNQFQUEQORTGUQTGUFGHQTOCEQPUGEWVKXC
2CPGNFGEQPVTQN
4GIWNCFQT'NGMVTQPKMQP
2CTVGU[HWPEKQPGU
4GHGTGPEKC &GUKIPCEKÉP (WPEKÉP

$QVÉPFGCTTCPSWG $QVÉPRCTCCTTCPECTGNEQORTGUQT'N.'&
UG
GPEKGPFGRCTCKPFKECTSWGGNTGIWNCFQT
'NGMVTQPKMQPGUV±QRGTCVKXQ
&KURNC[ /WGUVTCOGPUCLGUUQDTGGNGUVCFQFG
HWPEKQPCOKGPVQFGNEQORTGUQTNCPGEGUKFCFFG
UGTXKEKQQWPHCNNQ
6GENCUFGFGURNC\COKGPVQ 6GENCURCTCFGURNC\CTUGJCEKCCTTKDCQCDCLQRQTGN
FKURNC[
6GENCFGVCDWNCEKÉP 6GENCRCTCUGNGEEKQPCTGNRCT±OGVTQKPFKECFQRQTNC
HNGEJCJQTK\QPVCN5QNCOGPVGRWGFGPOQFKHKECTUG
NQURCT±OGVTQUUGIWKFQUFGWPCHNGEJCSWGUGÇCNG
CNCFGTGEJC
6GENCUFGHWPEKÉP 6GENCURCTCIQDGTPCT[RTQITCOCTGNEQORTGUQT
.'&FGXQNVCLGEQPGEVCFQ +PFKECSWGGUV±EQPGEVCFQGNXQNVCLG

4GHGTGPEKC &GUKIPCEKÉP (WPEKÉP

.'&FGCNCTOCIGPGTCN 'UV±GPEGPFKFQUKGZKUVGWPGUVCFQFGCXKUQCXKUQ
FGUGTXKEKQQCXKUQFGRCTCFCFGCNCTOC
.'&FGCNCTOCIGPGTCN 2CTRCFGCUKGZKUVGWPCEQPFKEKÉPFGRCTCFCFG
CNCTOCUKUGJCTQVQWPUGPUQTKORQTVCPVGQ
FGURW¾UFGWPCRCTCFCFGGOGTIGPEKC
.'&FGHWPEKQPCOKGPVQCWVQO±VKEQ +PFKECSWGGNTGIWNCFQTGUV±EQPVTQNCPFQGN
EQORTGUQTCWVQO±VKECOGPVG
$QVÉPFGRCTCFC $QVÉPRCTCRCTCTGNEQORTGUQT5GCRCICGN.'&

5 $QVÉPFGRCTCFCFGGOGTIGPEKC 2WNUCFQTRCTCRCTCTGNEQORTGUQTCNKPUVCPVGGP
ECUQFGGOGTIGPEKC&GURW¾UFGUQNWEKQPCTNC
CXGTÃCNKDGTGGNDQVÉPVKTCPFQFG¾N
6GENCUFGHWPEKÉP
2CPGNFGEQPVTQN
6GENCUFGHWPEKÉP
.CUVGENCU
UGWUCPRCTC
Ő +PXQECTQRTQITCOCTCLWUVGU
Ő 4GCTOCTWPCPQVKEKCFGUQDTGECTICFGNOQVQTRCTCFCFGCNCTOCQUGTXKEKQQWPCRCTCFCFG
GOGTIGPEKC
Ő #EEGFGTCVQFQUNQUFCVQUTGEQIKFQURQTGNTGIWNCFQT
.CUHWPEKQPGUFGNCUVGENCUXCTÃCPUGIÐPGNOGPÐSWGUGOWGUVTC.CHWPEKÉPTGCNUGKPFKECLWUVQGPEKOC
FGNCVGENCEQTTGURQPFKGPVG#EQPVKPWCEKÉPUGEKVCPNCUHWPEKQPGUO±UEQOWPGU
&GUKIPCEKÉP (WPEKÉP
#ÇCF #ÇCFGEQOCPFQUFGCTTCPSWGRCTCFCFGNEQORTGUQT
FÃCJQTC
#VT± 8WGNXGCWPCQREKÉPQWPOGPÐSWGUGJCOQUVTCFQCPVGU
%CPE %CPEGNCWPCLWUVGRTQITCOCFQCNRTQITCOCTRCT±OGVTQU
$QTT $QTTCEQOCPFQUFGCTTCPSWGRCTCFCFGNEQORTGUQT
#[WF 8CCNCFKTGEEKÉPFG#VNCU%QREQGP+PVGTPGV
.ÃO /WGUVTCNQUNÃOKVGURCTCWPCLWUVGRTQITCOCDNG
2TKP 8QNXGTFGUFGWPOGPÐCNCRCPVCNNCRTKPEKRCN

&GUKIPCEKÉP (WPEKÉP
/GPÐ 'ORG\CPFQFGUFGNCRCPVCNNCRTKPEKRCNQDVKGPGCEEGUQCNQUUWDOGPÐU
/GPÐ 'ORG\CPFQFGUFGWPUWDOGPÐXWGNXGCWPOGPÐCPVGTKQT
/QF /QFKHKECCLWUVGURTQITCOCDNGU
2TQI 2TQITCOCCLWUVGUOQFKHKECFQU
4GCT 4GCTOCWPVGORQTK\CFQTQWPOGPUCLG
8NXT 8WGNXGCWPCQREKÉPQWPOGPÐSWGUGJCOQUVTCFQCPVGU
'ZVT 'PEQPVTCTNCEQPHKIWTCEKÉPFGNOÉFWNQFGNTGIWNCFQT
6GENCUFGFGURNC\COKGPVQ
2CPGNFGEQPVTQN
.CUVGENCU
RGTOKVGPSWGGNWUWCTKQUGFGURNCEGRQTGNFKURNC[
/KGPVTCUUGOWGUVTGGPNCRQUKEKÉPFGTGEJCFGNFKURNC[WPCHNGEJCSWGUGÇCNGJCEKCCDCLQRWGFGWUCTUG
NCVGENCFGFGURNC\COKGPVQEQPGNOKUOQUÃODQNQRCTCFGURNC\CTUGCNEQORQPGPVGUKIWKGPVG
/KGPVTCUUGOWGUVTGGPNCRQUKEKÉPFGTGEJCFGNFKURNC[WPCHNGEJCSWGUGÇCNGJCEKCCTTKDCRWGFGWUCTUG
NCVGENCFGFGURNC\COKGPVQEQPGNOKUOQUÃODQNQRCTCFGURNC\CTUGCNEQORQPGPVGCPVGTKQT
$QVÉPFGRCTCFCFGGOGTIGPEKC
2CPGNFGEQPVTQN
2CTCRCTCTGNEQORTGUQTKPOGFKCVCOGPVGGPECUQFGGOGTIGPEKCRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC

5

#PVGUFGGORG\CTGNOCPVGPKOKGPVQQTGRCTCEKÉPGURGTGJCUVCSWGJC[CRCTCFQGN
EQORTGUQT[CDTCGNKPVGTTWRVQTUGRCTCFQT
KPUVCNCEKÉPFGNENKGPVGRCTCFGUEQPGEVCTGN
XQNVCLGCNEQORTGUQT
%KGTTGNCX±NXWNCFGUCNKFCFGCKTG[CDTCNCUX±NXWNCUFGFTGPCLGOCPWCNFGEQPFGPUCFQ
RCTCFGURTGUWTK\CTGNUKUVGOCFGCKTG
*C[SWGCRNKECTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
2TQITCOCUFGEQPVTQN
&GUETKREKÉP
#HKPFGHCEKNKVCTNCRTQITCOCEKÉP[GNEQPVTQNUGJCPKORNGOGPVCFQRTQITCOCUFGEQPVTQNOCPFCFQURQT
OGPÐUGPGNTGIWNCFQT

(NWLQFGOGPÐURCTCNQUOQFGNQUFGN)#85&CN)#85&
UKORNKHKECFQ

/GPÐ2CPVCNNCRTKPEKRCN
(WPEKÉP
2CPGNFGEQPVTQN
'NOGPÐFGNCRCPVCNNCRTKPEKRCNOWGUVTCGNGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQT[HQTOCNCRWGTVCFG
GPVTCFCCVQFCUNCUHWPEKQPGUKORNGOGPVCFCUGPGNTGIWNCFQT
2TQEGFKOKGPVQ
.CRCPVCNNCRTKPEKRCNCRCTGEGCWVQO±VKECOGPVGCNEQPGEVCTNCEQTTKGPVG
5KPQUGWUCPPKNCUVGENCUFGHWPEKÉPPKNCUVGENCUEQPHNGEJC
[FWTCPVGCNIWPQUOKPWVQUGN
TGIWNCFQTXQNXGT±CWVQO±VKECOGPVGCNC2CPVCNNCRTKPEKRCN
5KGORTGSWGCRCTG\ECGPNCRCPVCNNCFGWPUWDOGPÐRWNUGNCVGENC 2TKP
(RCTCXQNXGTCNC2CPVCNNC
RTKPEKRCN
'LGORNQFG2CPVCNNCRTKPEKRCN
ň%QORTGUUQT1WVŉ
5CNKFC
EQORTGU
DCT
TRO
/GPÐ
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'NFKURNC[KPFKEC
Ő .CFGUKIPCEKÉPFGNUGPUQT[NCKPFKECEKÉPCEVWCN
Ő 0QVKEKCUFGNGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQT
Ő ,WUVQGPEKOCFGNCUVGENCUFGHWPEKÉP
NCHWPEKÉPCEVWCNFGFKEJCUVGENCU

+PXQECEKÉPFGOGPÐU
&GUETKREKÉP
2CPGNFGEQPVTQN
.CRCPVCNNCRTKPEKRCNCRCTGEGCWVQO±VKECOGPVGCNEQPGEVCTUGGNXQNVCLG
ň%QORTGUUQT1WVŉ
5CNKFC
EQORTGU
DCT
TRO
/GPÐ
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.CVGENCEQPHNGEJCCDCLQ
UGRWGFGWVKNK\CTRCTCWPCEQPUWNVCT±RKFCFGNCUKVWCEKÉPCEVWCNFGN
EQORTGUQT
&GURW¾UFGRWNUCTNCVGENC /GPÐ
(NCQREKÉP &CVQUFGGUVCFQ CRCTGEGT±UGIWKFCFGWPCHNGEJC
JQTK\QPVCN
RCTCUGNGEEKQPCTGUVGOGPÐ
Ő 1DKGPWVKNKEGNCVGENCEQPHNGEJCCDCLQ
JCUVCSWGGNUWDOGPÐFGUGCFQXC[CUGIWKFQFGWPCHNGEJC
JQTK\QPVCN[CEQPVKPWCEKÉPRWNUGNCVGENCFGVCDWNCEKÉP
RCTCUGNGEEKQPCTGUVGOGPÐ

%QPUWNVCT±RKFCFGNGUVCFQCEVWCNFGNEQORTGUQT
2TQEGFKOKGPVQ
2CPGNFGEQPVTQN
&GUFGNCRCPVCNNCRTKPEKRCN
EQPUWNVGNCUGEEKÉP/GPÐ2CPVCNNCRTKPEKRCNRWNUGNCVGENCEQPHNGEJCCDCLQ

CRCTGEGT±WPCRCPVCNNCRCTGEKFCCNCSWGUGOWGUVTCCEQPVKPWCEKÉP
'LGORNQFGNCRCPVCNNCFGGUVCFQFGNEQORTGUQT
(WPEKQPCOCWVQ
ň%QPVTQN.QECNŉ
6GORQTK\CEVKXQ
2TKP #[WF 'ZVTC
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.CNÃPGCKPFKECGNHWPEKQPCOKGPVQCWVQO±VKEQQOCPWCNFGNTGIWNCFQT (WPEKQPCOCWVQ UKIPKHKECSWGGN

TGIWNCFQTCFCRVCCWVQO±VKECOGPVGGNHWPEKQPCOKGPVQFGNEQORTGUQTGUFGEKTCFCRVCGNUWOKPKUVTQFG
CKTGFGNEQORTGUQTCNEQPUWOQ
.CNÃPGCKPFKECUKGNTGIWNCFQTHWPEKQPCEQPGNOQFQFGEQPVTQNNQECNQTGOQVQ %QPVTQN.QECN UKIPKHKEC
SWGNQUDQVQPGUFGCTTCPSWGRCTCFCFGNVGENCFQGUV±PCEVKXCFQU %QPVTQN4GOQVQ UKIPKHKECSWGGUVCU
HWPEKQPGUUGEQPVTQNCPFGHQTOCTGOQVC
.CNÃPGCKPFKECUKGUV±CEVKXCFQQPQGNVGORQTK\CFQTSWGIGPGTCEQOCPFQUFGCTTCPSWG[RCTCFCUGIÐP
KPVGTXCNQUFGHKPKFQUFGVKGORQ
2WNUGNCVGENCEQPHNGEJCCDCLQ
RCTCQDVGPGTO±UFCVQU
GUVCFQTGCNFGNEQORTGUQT%QPUWNVGNC
UGEEKÉP2TQITCOCUFGEQPVTQN

/GPÐ&CVQUFGGUVCFQ
#XKUQ
#PVGUFGGORG\CTGNOCPVGPKOKGPVQQTGRCTCEKÉPRWNUGGNDQVÉPFGRCTCFC

GURGTGJCUVCSWGJC[CRCTCFQGNEQORTGUQTRWNUGGNDQVÉPTQLQFGRCTCFCFG
GOGTIGPEKC[CDTCGNKPVGTTWRVQTUGRCTCFQT
KPUVCNCEKÉPFGNENKGPVGRCTCFGUEQPGEVCT
GNXQNVCLGCNEQORTGUQT
%KGTTGNCX±NXWNCFGUCNKFCFGCKTG[FGURTGUWTKEGGNUKUVGOCFGCKTG
(WPEKÉP
2CPGNFGEQPVTQN
'NUWDOGPÐFG&CVQUFGGUVCFQFCKPHQTOCEKÉPUQDTGGNGUVCFQFGNCUHWPEKQPGUFGRTQVGEEKÉPFGN
EQORTGUQT
RCTCFCFGCNCTOCCXKUQFGRCTCFCFGCNCTOCCXKUQFGUGTXKEKQ[CXKUQ[RGTOKVGSWGUG
TGCTOGWPCRCTCFCFGCNCTOCUQDTGECTICFGNOQVQT[EQPFKEKÉPFGUGTXKEKQ
2TQEGFKOKGPVQ
'ORG\CPFQFGUFGNC2CPVCNNCRTKPEKRCN
X¾CUGGNOGPÐFG2CPVCNNCRTKPEKRCN
Ő 2WNUGNCVGENCň/GPÐŉ
(NCQREKÉPň&CVQUFGGUVCFQŉUGT±UGIWKFCFGWPCHNGEJCJQTK\QPVCN

0QGZKUVGPQVKEKC
Ő 'N.'&
FGCNCTOCIGPGTCNGUV±CRCICFQ[NCPQVKEKCGPGNFKURNC[KPFKECSWGVQFCUNCUEQPFKEKQPGU
UQPPQTOCNGU
ň6QFCUNCUEQPFEUQP1-ŉ

/GPÐ
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'ZKUVGWPOGPUCLGFGRCTCFCFGCNCTOC
Ő 'PECUQFGRCTCFCFGCNCTOCFGNEQORTGUQTRCTRCFGCT±GN.'&

Ő 'PECUQFGWPCRCTCFCFGCNCTOCFGDKFQCWPCVGORGTCVWTCFGOCUKCFQCNVCGPNCUCNKFCFGNGNGOGPVQ
EQORTGUQT

5CNKFCGNGOGPVQ
u%
ň2TFŉ ň/CZŉ
ň/GPÐŉ ň4GCTŉ
( ( (
Ő .QUKPFKECFQTGU
RCTRCFGCP.CRCPVCNNCOWGUVTCNCNGEVWTCCEVWCN
u%GNSWGGNEQORTGUQT
UGGPEWGPVTGRCTCFQ
2TF [GNCLWUVGFGRCTCFC
u%
Ő 5KIWGUKGPFQRQUKDNGFGURNC\CTUGRQTQVTQUOGPÐURGLRCTCEQORTQDCTNQUXCNQTGUFGQVTQU
RCT±OGVTQU
#NXQNXGTCNOGPÐFG &CVQUFGGUVCFQ RCTRCFGCT±NCQREKÉP 2CTCFCU &KEJCQREKÉPRWGFG
UGNGEEKQPCTUGRWNUCPFQNCVGENCFGVCDWNCEKÉP
RCTCXQNXGTCNCRCPVCNNCFGRCTCFCFGCTTKDC
4GCTOGFGRCTCFCFGCNCTOC
Ő &GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCTGOGFKCTNCCXGTÃC&GURW¾UFGTGOGFKCT[
FGUCRCTGEKFCNCEQPFKEKÉPFGRCTCFCFGCNCTOCEQPGEVGGNXQNVCLG[RWNUGNCVGENCň4GCTŉ
(
Ő 2WNUGNCUVGENCU /GPÐ [ 2TKP RCTCXQNXGTCNC2CPVCNNCRTKPEKRCN[TGCTTCPSWGGNEQORTGUQTRQTOGFKQ
FGNDQVÉPFGCTTCPSWG

4GUVCDNGEKOKGPVQFGUQDTGECTICFGNOQVQTFGNXGPVKNCFQT
Ő &GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCTGOGFKCTNCCXGTÃC'NFKU[WPVQTFGNOQVQT
FGNXGPVKNCFQT
3FGDGTGUVCDNGEGTUGOCPWCNOGPVG%QPGEVGGNXQNVCLG[RWNUGNCVGENCŋ4GCTŌ
(
Ő 2WNUGNCUVGENCU /GPÐ [ 2TKP RCTCXQNXGTCNC2CPVCNNCRTKPEKRCN[TGCTTCPSWGGNEQORTGUQTRQTOGFKQ
FGNDQVÉPFGCTTCPSWG

'ZKUVGWPOGPUCLGFGCXKUQFGRCTCFCFGCNCTOC
7PPKXGNFGCXKUQFGRCTCFCFGCNCTOCGUWPPKXGNRTQITCOCDNGDCLQGNPKXGNFGRCTCFCFGCNCTOC
Ő 5KGZKUVGWPCXKUQFGRCTCFCFGCNCTOCGUV±GPEGPFKFQGN.'&
.CRCPVCNNCRTKPEKRCNUGECODKCT±C
WPCRCPVCNNCRCTGEKFCCNCSWGUKIWG
ň%QORTGUUQT1WVŉ
5CNKFC
EQORTGU
DCT
ň2CTQŉ ň#XKUQŉ
ň/GPÐŉ
( ( (
Ő .QUKPFKECFQTGU
RCTRCFGCP
([NCVGENCFGVCDWNCEKÉP
RCTCUGNGEEKQPCTGNOGPÐFG &CVQUFGGUVCFQ
RCTRCFGCNCQREKÉP 2TQVGEEKÉP
Ő &GURN±EGUGCFKEJCQREKÉP[UGNGEEKÉPGNCRWNUCPFQNCVGENCFGVCDWNCEKÉP
#RCTGEGWPCRCPVCNNC
RCTGEKFCCNCSWGUGOWGUVTCCDCLQ

5CNKFCGNGOGPVQ
u%
ň2CTŉ ň/CZŉ
ň/GPÐŉ
( ( (
Ő .CRCPVCNNCKPFKECSWGNCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGCXKUQFG
RCTCFCFGCNCTOCRTQITCOCFQ
Ő 5KGURTGEKUQRCTGGNEQORTGUQTRQTOGFKQFGNDQVÉPFGRCTCFC
[GURGTGJCUVCSWGUGRCTGGN
EQORTGUQT
Ő &GUEQPGEVGGNXQNVCLGTGXKUG[TGCNKEGNCUQRGTCEKQPGUPGEGUCTKCU
Ő 'NOGPUCLGFGCXKUQFGUCRCTGEGT±CWVQO±VKECOGPVGGPEWCPVQFGUCRCTG\ECNCEQPFKEKÉPFGCXKUQ
'ZKUVGWPCXKUQFGUGTXKEKQ
Ő 'N.'&GUV±GPEGPFKFQ
.CRCPVCNNCRTKPEKRCNUGECODKCT±CWPCRCPVCNNCRCTGEKFCCNCSWGUKIWG
ň%QORTGUUQT1WVŉ
5CNKFC
EQORTGU
DCT
ň5GTX4GSWKTŉ
5GTXTGSWGT
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CIWCFGN15&
8WGNXCCKPUVCNCTNCVCRC
+PUVTWEEKQPGUFGHWPEKQPCOKGPVQ[OCPVGPKOKGPVQ
#PVGUFGNNGXCTCECDQEWCNSWKGTQRGTCEKÉPFGOCPVGPKOKGPVQTGRCTCEKÉPQCLWUVG
RTQEGFCFGNCUKIWKGPVGOCPGTC
Ő 2CTGGNEQORTGUQT
Ő 2WNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC
Ő &GUEQPGEVGGNXQNVCLG
Ő %KGTTGNCX±NXWNCFGUCNKFCFGCKTG[CDTCNCX±NXWNCFGFTGPCLGOCPWCNFGN
EQPFGPUCFQUKGZKUVG
Ő &GURTGUWTKEGGNEQORTGUQT
2CTCQDVGPGTKPUVTWEEKQPGUFGVCNNCFCUEQPUWNVG5QNWEKÉPFGRTQDNGOCU
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
+PVGTKQTFG15&
Ő #PVGUFGCTTCPECTEQORTWGDGSWGGNTGEKRKGPVG
GUV±NNGPQ5KGUPGEGUCTKQXKGTVCCIWCGPGN
EQPFWEVQFGTGNNGPQ
JCUVCSWGHNW[CCVTCX¾UFGNVWDQ
8WGNXCCKPUVCNCTNCVCRC

Ő &WTCPVGGNHWPEKQPCOKGPVQFGNEQORTGUQTUGCEWOWNCWPCECRCFGCEGKVGUQDTGGNPKXGNFGNCIWCFGN
TGEKRKGPVG
'PHWPEKÉPFGNCECRCEKFCFFGNEQORTGUQT[FGUWEKENQQRGTCVKXQNCJWOGFCFFGNCKTG
FGGPVTCFC[GNEQPVGPKFQFGCEGKVGFGNCKTGEQORTKOKFQRWGFGPRCUCTXCTKCUUGOCPCUQOGUGUCPVGU
FGSWGUGRWGFCQDUGTXCTWPPKXGNFGCEGKVGGPGNEQNGEVQT

Ő 2GTKÉFKECOGPVGEQORTWGDGSWGGNTGEKRKGPVG
GUV±NNGPQ5KGUPGEGUCTKQXKGTVCCIWCGPGN
EQPFWEVQFGTGNNGPQ
JCUVCSWGHNW[CCVTCX¾UFGNVWDQ
/CPVGPICNCVCRCKPUVCNCFC
)#85&[)#85&
+PUVTWEEKQPGUFGOCPVGPKOKGPVQ
%QPUWNVGNCUGEEKÉP7PKFCF15&RCTCEQPQEGTNCUTGHGTGPEKCU
+PVGTXCNQ *QTCUFG 1RGTCEKÉP

HWPEKQPCOKGPVQ
5GOCPCN %QORTWGDGGNOCPÉOGVTQ
5KNCRTGUKÉPCNECP\CDCT
G

RUKIQECFCJQTCUFGHWPEKQPCOKGPVQTGGORNCEGGNHKNVTQ

RCTGGNEQORTGUQT[FGUEQPGEVGGNXQNVCLG%KGTTGNCX±NXWNCFG
UCNKFCFGCKTGFGURTGUWTKEGGNUKUVGOCFGUCNKFCCDTKGPFQNC
X±NXWNCFGFTGPCLGFGEQPFGPUCFQ
&O[FGUCVQTPKNNGGNHKNVTQ
.NGPGGNPWGXQHKNVTQEQPCIWCCEGKVGNKIGTCOGPVGNCLWPVC
CVQTPÃNNGNQ[CRTKGVGCOCPQ
OGFKCXWGNVCCRTQZKOCFCOGPVG
%QORTWGDGGNEQNCFQT
[UKGUPGEGUCTKQNÃORKGNQ
/GPUWCNOGPVG %QORTWGDGGNPKXGNFGNCEGKVGGPGNEQNGEVQT
5KUGJCNNCECUK
NNGPQFGUEQPGEVGGNVWDQFGCEGKVG
[GPVTGIWGGNCEGKVGCN
UGTXKEKQNQECNFGTGEQIKFCFGCEGKVG8WGNXCCKPUVCNCTWPEQNGEVQT
XCEÃQ
ŋ ŋ %QORTWGDGGNRTGHKNVTQ
NÃORKGNQUKGUPGEGUCTKQ

2KEVQITCOCU
2KEVQITCOCUOQUVTCFQUGP15&
4GHGTGPEKC &GUETKREKÉP
#EGKVG
5CNKFCFGCEGKVG
5CNKFCFGEQPFGPUCFQ
2TGUKÉP
'PVTCFC
2WPVQFGUGTXKEKQ
2TGUKÉPFGGPVTCFCFGNUGRCTCFQT
.WDTKSWGNCLWPVCCVQTPKNNGGNHKNVTQ[CRTKGVGCOCPQ
CRTQZKOCFCOGPVGOGFKCXWGNVC
%QPUWNVGGNHQNNGVQFGKPUVTWEEKQPGUCPVGUFGTGCNK\CTTGRCTCEKQPGUQOCPVGPKOKGPVQ

4GEWRGTCEKÉPFGGPGTIÃC
7PKFCFFGTGEWRGTCEKÉPFGGPGTIÃC
&GUETKREKÉP
.CGPGTIÃCTGSWGTKFCGPEWCNSWKGTRTQEGUQFGEQORTGUKÉPUGEQPXKGTVGGPECNQT2CTCEQORTGUQTGUFG
VQTPKNNQ)#EQPKP[GEEKÉPFGCEGKVGNCOC[QTRCTVGFGNECNQTFGNCEQORTGUKÉPUGFKUKRCCVTCX¾UFGN
UKUVGOCFGCEGKVG.QUUKUVGOCUFGTGEWRGTCEKÉPFGGPGTIÃCFG#VNCU%QREQGUV±PFKUGÇCFQURCTC
TGEQDTCTNCOC[QTRCTVGFGFKEJQECNQTGPHQTOCFGCIWCECNKGPVGUKPPKPIWPCKPHNWGPEKCRGTLWFKEKCNGPGN
TGPFKOKGPVQFGNEQORTGUQT
%QORQPGPVGU
.QUUKUVGOCUFGTGEWRGTCEKÉPFGGPGTIÃCCDCTECPRTKPEKRCNOGPVG
Ő +PVGTECODKCFQT
GUFGECNQTCEGKVGCIWC
Ő 8±NXWNCUGNGEVQTC
UKUVGOCGPNÃPGCCKUNCFQ
8EQPOCPIQ
Ő 8±NXWNCVGTOQUV±VKECFGFGTKXCEKÉPRCTCGN
NQUKPVGTECODKCFQT
GUFGECNQTFGNCTGEWRGTCEKÉPFG
GPGTIÃC
$8
Ő &QUUGPUQTGUFGVGORGTCVWTC
[
Ő .QURGTPQUVWDQUGVETGSWGTKFQU
.QUUKUVGOCUFGTGEWRGTCEKÉPFGGPGTIÃCVCODK¾PKPENW[GPKPUGTVQURCTCNCX±NXWNCFGFGTKXCEKÉP
$8
X¾CUGNCUGEEKÉP(WPEKQPCOKGPVQFGNTGHTKIGTCFQTFGCEGKVGFGNEQORTGUQT
7PKFCFFGTGEWRGTCEKÉPFGGPGTIÃC
7PKFCFFGTGEWRGTCEKÉPFGGPGTIÃCGPNQUOQFGNQUFGN)#CN)#%)#85&[)#85&

6WDQFGGPVTCFCFGCIWC
6WDQFGUCNKFCFGCIWC
5GPUQTFGVGORGTCVWTCVWDQFGGPVTCFCFGCIWC
5GPUQTFGVGORGTCVWTCVWDQFGUCNKFCFGCIWC
6CRÉPFGFTGPCLGFGCEGKVG
6WDQHNGZKDNGFGCEGKVGFGUFGFGRÉUKVQFGCKTGFGNEQORTGUQT
6WDQHNGZKDNGCX±NXWNCFGFGTKXCEKÉP
$8
2KEVQITCOCFGUEQPGEVGGNXQNVCLG[FGURTGUWTKEGGNEQORTGUQTEQPNCNÃPGCFG
TGEWRGTCEKÉPFGGPGTIÃCCPVGUFGGORG\CTGNVTCDCLQFGOCPVGPKOKGPVQQTGRCTCEKÉP
$8 8±NXWNCFGFGTKXCEKÉPFGNKPVGTECODKCFQTFGECNQT
*' +PVGTECODKCFQTFGECNQT
8 8±NXWNCUGNGEVQTC
+PUVCNCEKÉP
.QUEQORQPGPVGURTKPEKRCNGUUGGPUCODNCPGPH±DTKECEQOQWPDNQSWGEQORCEVQSWGGPECLCGPNC
ECTTQEGTÃCFGNEQORTGUQT%QPUWNVGC#VNCU%QREQUQDTGNCKPUVCNCEKÉP[EQPGZKÉPFGNCWPKFCFFG
TGEWRGTCEKÉPFGGPGTIÃC
5KUVGOCUFGTGEWRGTCEKÉPFGGPGTIÃC
)GPGTCNKFCFGU
.QUUKUVGOCUFGTGEWRGTCEKÉPFGGPGTIÃCRWGFGPCRNKECTUGGPEQPEGRVQFGUKUVGOCUFGDCLQCWOGPVQFG
VGORGTCVWTCCNVQHNWLQFGCIWCQUKUVGOCUFGCNVQCWOGPVQFGVGORGTCVWTCDCLQHNWLQFGCIWC
$CLQCWOGPVQFGVGORGTCVWTCCNVQHNWLQFGCIWC
UKUVGOCUFGTGEWRGTCEKÉPFGCIWCEGTTCFQU
2CTCVCNVKRQFGCRNKECEKÉPNCFKHGTGPEKCFGVGORGTCVWTCGPVTGGNCIWCGPGNUKUVGOCFGTGEWRGTCEKÉPFG
GPGTIÃC[GNCEGKVGFGNEQORTGUQTGURGSWGÇC2QTEQPUGEWGPEKCUGPGEGUKVCWPCNVQHNWLQFGCIWCRCTC
WPCO±ZKOCTGEWRGTCEKÉPFGGPGTIÃC
'LGORNQ'NCIWCECNKGPVGUGWUCRCTCOCPVGPGTQVTQOGFKQCWPCVGORGTCVWTCDCUVCPVGCNVCGPEKTEWKVQ
EGTTCFQRGLECNGHCEEKÉPEGPVTCN
#NVQCWOGPVQFGVGORGTCVWTCDCLQHNWLQFGCIWC
UKUVGOCUFGTGEWRGTCEKÉPFGCIWCCDKGTVQU
2CTCGUVGVKRQFGCRNKECEKÉPUGEQPUKIWGWPCNVQCWOGPVQFGNCVGORGTCVWTCFGNCIWCGPGNUKUVGOCFG
TGEWRGTCEKÉPFGGPGTIÃCNQSWGGPEQPUGEWGPEKCEQPNNGXCWPDCLQPKXGNFGHNWLQ
'LGORNQWPEKTEWKVQCDKGTVQFQPFGUGECNKGPVCCIWCHTÃCFGWPCVWDGTÃCFGFKUVTKDWEKÉPRTKPEKRCNRQTGN
UKUVGOCFGTGEWRGTCEKÉPFGGPGTIÃCRCTCWUQGPNCH±DTKECRGLRTGECNGPVCOKGPVQFGCIWCFG
CNKOGPVCEKÉP
(NWLQFGCIWCFGTGEWRGTCEKÉP
2CTCXGTNCUTGHGTGPEKCUEQPUWNVGNCUGEEKÉP7PKFCFFGTGEWRGTCEKÉPFGGPGTIÃC

'NCIWCFGTGEWRGTCEKÉPGPVTCGPNCWPKFCFRQTNCEQPGZKÉPFGGPVTCFC
'PGNKPVGTECODKCFQTFGECNQT

*'GNECNQTFGNCEQORTGUKÉPVTCURCUCFGNCEGKVGFGNEQORTGUQTCNCIWC'NCIWCUCNGFGNKPVGTECODKCFQT
FGECNQT
*'OGFKCPVGNCEQPGZKÉPFGUCNKFC

4GSWKUKVQUFGNCIWCFGTGEWRGTCEKÉPRCTCEKTEWKVQUFGCIWCEGTTCFQU
'NWUQFGWPEKTEWKVQFGCIWCFGTGEKTEWNCEKÉPEGTTCFQOKPKOK\CNQUTGSWKUKVQUFGCIWCFGTGNNGPCT2QT
VCPVQGURTCEVKECDNGGEQPÉOKECOGPVGGNWUQFGCIWCDNCPFC[JCUVCFGUOKPGTCNK\CFCGNKOKPCPFQGN
RTQDNGOCFGNQUFGRÉUKVQUECNE±TGQU#WPSWGGNKPVGTECODKCFQTFGECNQTGUFGCEGTQKPQZKFCDNGRWGFG
SWGGNEKTEWKVQFGCIWCEQPGEVCFQCNEQORTGUQTPGEGUKVGKPJKDKFQTGUFGEQTTQUKÉP%QPUWNVGNCVCDNC
UKIWKGPVGRCTCOKPKOK\CTNQURTQDNGOCUECWUCFQURQTCIWCFGOCNCECNKFCF'PECUQFGFWFCEQPUWNVGC
#VNCU%QREQ
#ÇCFCWPRTQFWEVQCPVKEQPIGNCPVGCNCIWC
EQOQINKEQNFGGVKNGPQGPRTQRQTEKÉPCNCVGORGTCVWTC
GURGTCFCRCTCGXKVCTNCEQPIGNCEKÉP
4GSWKUKVQUFGNCIWCFGTGEWRGTCEKÉPRCTCEKTEWKVQUFGCIWCCDKGTVQU
%QPUWNVGNCUGEEKÉP4GSWKUKVQUFGNCIWCFGTGHTKIGTCEKÉP
1RGTCEKÉP
)GPGTCNKFCFGU
'NHNWLQFGCEGKVGFGNEQORTGUQTNQEQPVTQNCPFQUX±NXWNCUVGTOQUV±VKECU
$8[$8NQSWGCUGIWTCWP
HWPEKQPCOKGPVQHKCDNGFGNEQORTGUQT[WPCTGEWRGTCEKÉPFGGPGTIÃCÉRVKOC
5KUVGOCFGTGEWRGTCEKÉPFGGPGTIÃCGPNÃPGC
'NOCPIQFGNCX±NXWNC
8UGJCNNCGPRQUKEKÉPXGTVKECN
Ő #TTCPSWGKPKEKCNFGNEQORTGUQT
%WCPFQGNEQORTGUQTUGRQPICGPOCTEJCGPEQPFKEKQPGUFGHTÃQNCVGORGTCVWTCFGNCEGKVGUGT±DCLC.C
X±NXWNCFGFGTKXCEKÉP
$8EGTTCT±NCCNKOGPVCEKÉPFGCEGKVGFGUFGGNKPVGTECODKCFQTFGECNQT
*'[NC
X±NXWNCFGFGTKXCEKÉP
$8EGTTCT±NCCNKOGPVCEKÉPFGCEGKVGFGUFGGNTGHTKIGTCFQT
%QRCTCKORGFKTSWG
UGGPHTÃGGNCEGKVGFGNEQORTGUQT'NCEGKVGRCUCFGUFGGNUGRCTCFQT
#4CVTCX¾UFGNQUHKNVTQU
1([NC
X±NXWNCFGEKGTTG
8UCNGNGOGPVQEQORTGUQT
'
6QFCNCGPGTIÃCCDUQTDKFCUGWUCRCTCECNGPVCTT±RKFCOGPVGGNCEGKVGFGNEQORTGUQT0QUGTGEWRGTC
PKPIWPCGPGTIÃC
Ő /±ZKOCTGEWRGTCEKÉPFGGPGTIÃC

#NUWDKTNCVGORGTCVWTCFGNCEGKVGNCX±NXWNCFGFGTKXCEKÉP
$8GORKG\CCCDTKTNCNÃPGCFGCNKOGPVCEKÉP
FGCEGKVGCNKPVGTECODKCFQTFGECNQT5KNCVGORGTCVWTCFGNCEGKVGUWDGCWPQUu%
u(VQFQGN
CEGKVGRCUCCVTCX¾UFGNKPVGTECODKCFQTFGECNQT'NCEGKVGRTQEGFGPVGFGNCUCNKFCFGNKPVGTECODKCFQTFG
ECNQTRCUCRQTNQUHKNVTQU
1(NCX±NXWNCFGEKGTTG
8UGNGNGOGPVQEQORTGUQT
'[GNUGRCTCFQT
#4[
XWGNXGCNCGPVTCFCFGNKPVGTECODKCFQTFGECNQT
*'.CX±NXWNCFGFGTKXCEKÉP
$8FGLCHWGTCFGN
EKTEWKVQGNTGHTKIGTCFQTFGCEGKVG
%QOKGPVTCUSWGFGNCVGORGTCVWTCFGNCEGKVGFGDCLQFGEKGTVQXCNQT
'NKPVGTECODKQFGECNQTGPVTGGNCEGKVGFGNEQORTGUQT[GNCIWCFGTGEWRGTCEKÉPGUV±CNO±ZKOQ
Ő $CLQEQPUWOQFGGPGTIÃCTGEWRGTCFC
'PVCNECUQGURQUKDNGSWGUGGPEWGPVTGFGOCUKCFQCNVCNCVGORGTCVWTCFGNCEGKVGSWGUCNGFGN
KPVGTECODKCFQTFGECNQT
*'RCTCKP[GEVCTUGGPGNGNGOGPVQEQORTGUQT
'2QTVCPVQNCX±NXWNCFG
FGTKXCEKÉP
$8CDTKT±NCNÃPGCFGCNKOGPVCEKÉPFGNTGHTKIGTCFQTFGCEGKVGFGNEQORTGUQTRCTCFGLCTGPHTKCT
GNCEGKVGECNKGPVGGPGNTGHTKIGTCFQT
%Q
.CECPVKFCFFGGPGTIÃCUWOKPKUVTCFCCNCIWCUGCFCRVCCNCFGOCPFC
Ő #NVQHNWLQFGCIWCFGTGEWRGTCEKÉPDCLCVGORGTCVWTC
'PVCNECUQGURQUKDNGSWGUGGPEWGPVTGFGOCUKCFQDCLCNCVGORGTCVWTCFGNCEGKVGSWGUCNGFGN
KPVGTECODKCFQTFGECNQT
*'RCTCKP[GEVCTUGGPGNGNGOGPVQEQORTGUQT
'2QTVCPVQNCX±NXWNCFG
FGTKXCEKÉP
$8CDTKT±NCNÃPGCFGCNKOGPVCEKÉPFGNUGRCTCFQTFGCEGKVGFGNEQORTGUQTRCTCFGLCTSWGGN
CEGKVGHTÃQFGNKPVGTECODKCFQTFGECNQT
*'UGOG\ENGEQPGNCEGKVGECNKGPVGFGNUGRCTCFQT
#4
5GVTCPUHKGTGGPGTIÃCFGNCEGKVGFGNEQORTGUQTCNCIWCRGTQGUXGTFCFCWPPKXGNFGVGORGTCVWTC
TGNCVKXCOGPVGDCLQ

5KUVGOCFGTGEWRGTCEKÉPFGGPGTIÃCCKUNCFQ
'NOCPIQFGNCX±NXWNC
8UGJCNNCGPRQUKEKÉPXGTVKECN
'NUKUVGOCFGCEGKVGGUKIWCNCNSWGECTGEGFGNUKUVGOCFGTGEWRGTCEKÉPFGGPGTIÃCUCNXQGPNC
VGORGTCVWTCFGCRGTVWTCFGNCX±NXWNCFGFGTKXCEKÉP
$8
0QUGTGEWRGTCPKPIWPCGPGTIÃC
'UVCUKVWCEKÉPFGDGEQPUKFGTCTUGEQOQGZEGREKQPCNRGLGPECUQFGOCPVGPKOKGPVQFGNUKUVGOCFG
TGEWRGTCEKÉPFGGPGTIÃCQUKPQUGPGEGUKVCGPGTIÃCRQTOWEJQVKGORQ
'PNQUOQFGNQU)#85&[)#85&EKGTTGNCX±NXWNCFGUCNKFCFGNCKTG[RQPICGPOCTEJCNCWPKFCF
CNCXGNQEKFCFOÃPKOCFWTCPVGWPQUOKPWVQUCPVGUFGCKUNCTGNUKUVGOCFGTGEWRGTCEKÉPGPGTIÃCFGN
EQORTGUQT
2CTCTNCWPKFCFFWTCPVGWPRGTKQFQRTQNQPICFQ
5KJC[WPUKUVGOCFGCIWCCDKGTVQ[UKUGRTGX¾PVGORGTCVWTCUFGEQPIGNCEKÉPJC[SWGCKUNCTGNUKUVGOC
FGCIWCFGNEQORTGUQT[RWTICTNQEQPCKTGEQORTKOKFQ
8±NXWNCUVGTOQUV±VKECUFGFGTKXCEKÉP
8±NXWNCUFGFGTKXCEKÉPFGNTGHTKIGTCFQTFGCEGKVG
'NTGHTKIGTCFQTFGCEGKVGFGNEQORTGUQTXCFQVCFQFGWPCX±NXWNCFGFGTKXCEKÉP'UVCEQPUVCFGWPKPUGTVQ
OQPVCFQGPWPCECLC.CX±NXWNCGORKG\CCEGTTCTNCNÃPGCFGFGTKXCEKÉP[CDTKTNCNÃPGCFGNTGHTKIGTCFQTFG
CEGKVGCNNÃOKVGKPHGTKQTFGNCNECPEGFGVGORGTCVWTCCNNÃOKVGUWRGTKQTFGNCNECPEGFGVGORGTCVWTCNCNÃPGC
FGFGTKXCEKÉPGUV±EGTTCFCEQORNGVCOGPVG[VQFQGNCEGKVGRCUCRQTGNTGHTKIGTCFQT
'PNQUOQFGNQUFGN)#85&CN)#85&GNKPUGTVQFGNCX±NXWNCFGFGTKXCEKÉPFGNTGHTKIGTCFQTFG
CEGKVGUGFGDGTGGORNC\CTEQPNCUWOKPKUVTCFCEQPGNGSWKRQ
OCTECFCu%'NKPUGTVQGZVTCÃFQFGNC
X±NXWNCFGFGTKXCEKÉPFGNTGHTKIGTCFQTFGCEGKVG
OCTECFQu%FGDGKPUVCNCTUGGPNCX±NXWNCFG
FGTKXCEKÉPFGNUKUVGOCFGTGEWRGTCEKÉPFGGPGTIÃC
$8EQPUWNVGNCUGEEKÉP7PKFCFFGTGEWRGTCEKÉPFG
GPGTIÃC
&GURW¾UFGKPUVCNCTWPQFGNQUKPUGTVQU[CKUNCFQGNUKUVGOCFGTGEWRGTCEKÉPFGGPGTIÃCNCVGORGTCVWTC
FGUCNKFCFGNGNGOGPVQEQORTGUQTUGT±FG
6GORGTCVWTCFGUCNKFCFGNEQORTGUQT
CRTQZ
/CTECFGX±NXWNC )#85& )#85&

#NECPEGFGVGORGTCVWTC
u%u%
u%u(
u%u%
u%u(
u%u%
u%u(
u%u%
u%u(

8±NXWNCFGFGTKXCEKÉPFGNKPVGTECODKCFQTFGECNQT
'UVCX±NXWNCEQOKGP\CCEGTTCTNCNÃPGCFGFGTKXCEKÉP[CDTKTNCNÃPGCFGNKPVGTECODKCFQTFGECNQTCCRTQZ
u%
u(EWCPFQNCVGORGTCVWTCGUFGCRTQZu%
u(NCNÃPGCFGFGTKXCEKÉPGUV±
VQVCNOGPVGEGTTCFC[VQFQGNCEGKVGHNW[GCVTCX¾UFGNKPVGTECODKCFQTFGECNQT
/CPVGPKOKGPVQ
#EGKVGFGNEQORTGUQT
2CTCXGTNCUTGHGTGPEKCUEQPUWNVGNCUGEEKÉP7PKFCFFGTGEWRGTCEKÉPFGGPGTIÃC
%CODKQFGCEGKVG
%QORTWGDGSWGGNOCPIQFGNCX±NXWNCUGNGEVQTC
8GUV±GPRQUKEKÉPXGTVKECN
UKUVGOCFG
TGEWRGTCEKÉPGPNÃPGC
&GLGHWPEKQPCTNCWPKFCFJCUVCSWGUGECNKGPVG2CTGNCWPKFCFFGUEQPGEVGGNKPVGTTWRVQTUGRCTCFQT
[EKGTTGNCX±NXWNCFGUCNKFCFGCKTG
&GURTGUWTKEGGNEQORTGUQT[XCEÃGGNCEGKVG8¾CUGNCUGEEKÉP%CODKQFGCEGKVG[HKNVTQUFGCEGKVG
&GUCVQTPKNNGGNVCRÉP
RCTCXCEKCTGNKPVGTECODKCFQTFGECNQT
*'8WGNXCCKPUVCNCT[CRTKGVGGN
VCRÉPFGURW¾UFGNFTGPCLG4GKPUVCNG[CRTKGVGGNVCRÉPFGNNGPCFQ
(%
4GCPWFGGNECODKQFGCEGKVGEQOQUGFGUETKDGGPNCUGEEKÉP%CODKQFGCEGKVG[HKNVTQUFGCEGKVG
8±NXWNCUVGTOQUV±VKECUFGFGTKXCEKÉP
.QUKPUGTVQUFGDGPUGTTGGORNC\CFQUECFCCÇQRQTQVTQUPWGXQUCHKPFGCUGIWTCTWPTGPFKOKGPVQ
ÉRVKOQ
+PVGTECODKCFQTFGECNQT
*'
5KGNCWOGPVQFGVGORGTCVWTCUQDTGGNUKUVGOCFGTGEWRGTCEKÉPFGGPGTIÃCFGENKPCFWTCPVGWPRGTÃQFQFG
VKGORQEQPEQPFKEKQPGUFGVTCDCLQD±UKECUKIWCNGUJC[SWGTGXKUCTGNKPVGTECODKCFQTFGECNQT2CTC
NKORKCTGNNCFQFGCEGKVGUWOGTLCGNKPVGTECODKCFQTFGECNQTGPWPCUQNWEKÉPFGUGPITCUCPVG2CTCGNKOKPCT
NQUFGRÉUKVQUECNE±TGQUGPGNEQORCTVKOKGPVQFGCIWCJC[SWGCRNKECTWPRTQEGUQFGFGUECNEKHKECEKÉP
%QPUWNVGC#VNCU%QREQ
&CVQUFGTGEWRGTCEKÉPFGGPGTIÃC
%QPFKEKQPGUFGTGHGTGPEKC
%QPUWNVGNCUGEEKÉP%QPFKEKQPGUFGTGHGTGPEKC[NÃOKVGU
2TGUKÉPGHGEVKXCFGVTCDCLQ
%QPUWNVGNCUGEEKÉP&CVQUFGNEQORTGUQTRCTCNQUOQFGNQUFGN)#85&CN)#85&RCTCEQPQEGTNC
RTGUKÉPFGVTCDCLQPQTOCN
#LWUVGUFGNGEVWTC
#FGO±UFGQVTQUFCVQURWNUCPFQNCVGENCFGFGURNC\COKGPVQUGRWGFGPNGGTNCUVGORGTCVWTCUUKIWKGPVGU

Ő 2CTCWPKFCFGUTGHTKIGTCFCURQTCKTG
Ő .CVGORGTCVWTCFGGPVTCFCFGNCIWCFGNUKUVGOCFGTGEWRGTCEKÉPFGGPGTIÃC
Ő .CVGORGTCVWTCFGUCNKFCFGNCIWCFGNUKUVGOCFGTGEWRGTCEKÉPFGGPGTIÃC
/QFKHKECTCLWUVGU
5KUGGZEGFGPNQUCLWUVGUFGCXKUQRTQITCOCFQURCTCNCVGORGTCVWTCFGNCIWCWPCKPFKECEKÉPFGCXKUQ
CRCTGEGGPGNOÉFWNQFGEQPVTQNFGNEQORTGUQT
'PVTCFCFGVGORGTCVWTC 7PKFCF #LWUVGOÃPKOQ #LWUVGPQOKPCN #LWUVGO±ZKOQ

'PVTCFCFGCIWCFGTGEWRGTCEKÉPFG u%
GPGTIÃC
4GVTCUQCNCUGÇCNFGCXKUQ UGI %QPUWNVGC#VNCU
%QREQ
4GVTCUQGPGNCTTCPSWG UGI %QPUWNVGC#VNCU
&GDGUGTOGPQTSWGGNTGVTCUQCNCUGÇCN %QREQ
FGCXKUQ
5CNKFCFGCIWCFGTGEWRGTCEKÉPFG u% &GRGPFGFGNC
GPGTIÃC CRNKECEKÉP
4GVTCUQCNCUGÇCN UGI %QPUWNVGC#VNCU
%QREQ
4GVTCUQGPGNCTTCPSWG UGI %QPUWNVGC#VNCU
%QREQ
2CTCOQFKHKECTWPCLWUVGEQPUWNVGNCUGEEKÉP/QFKHKECTRCT±OGVTQU
'PGTIÃCTGEWRGTCDNG
.CGPGTIÃCTGEWRGTCDNGRWGFGECNEWNCTUGWVKNK\CPFQNCHÉTOWNCUKIWKGPVG
'0'4)#4'%72'4#&#
M9ZHNWLQFGCIWC
NUZCWOGPVQFGVGORGTCVWTCFGNCIWC
%
'PNCUVCDNCUUKIWKGPVGUUGRTQRQTEKQPCPGLGORNQUVÃRKEQUGZEGRVQRCTCNCGPGTIÃCTGEWRGTCFC
%QPUWNVGC#VNCU%QREQRCTCEQPQEGTNCUGURGEKHKECEKQPGU
&CVQURCTCUKUVGOCUFGDCLQCWOGPVQFGVGORGTCVWTCCNVQHNWLQFGCIWC
CXGNQEKFCFO±ZKOC
2CTCGNOQFGNQ)#85&
2TGUKÉPFGVTCDCLQ DCT
G C
2TGUKÉPFGVTCDCLQ RUKI C
'PGTIÃCTGEWRGTCDNG M9
'PGTIÃCTGEWRGTCDNG JR
(NWLQFGCIWC NOKP
(NWLQFGCIWC EHO
6GORGTCVWTCFGCIWCFGGPVTCFC u%
6GORGTCVWTCFGCIWCFGGPVTCFC u(
6GORGTCVWTCFGCIWCFGUCNKFC u%
6GORGTCVWTCFGCIWCFGUCNKFC u(

2CTCGNOQFGNQ)#85&
G C
(NWLQFGCIWC NOKP
(NWLQFGCIWC EHO
&CVQURCTCUKUVGOCUFGCNVQCWOGPVQFGVGORGTCVWTCDCLQHNWLQFGCIWC
CXGNQEKFCFO±ZKOC
2CTCGNOQFGNQ)#85&
G C
(NWLQFGCIWC NOKP
(NWLQFGCIWC EHO
2CTCGNOQFGNQ)#85&
G C
(NWLQFGCIWC NOKP
(NWLQFGCIWC EHO

+PUVCNCEKÉP
&KDWLQUFGFKOGPUKQPGU
/QFGNQU)#85&[)#85&
/QFGNQU)#85&[)#85&

2CUQFGECDNGGN¾EVTKEQ
5CNKFCFGFGTKXCEKÉPFGUGECFQT
XGTUKÉPUGECFQT
'PVTCFCFGCKTGFGTGHTKIGTCEKÉPFGEQPXGTVKFQT
4GHTKIGTCEKÉPFGNUGECFQT
5CNKFCFGCKTGEQORTKOKFQ
2WPVQFGFTGPCLGFGCIWC15&
4GHTKIGTCEKÉPFGEQORTGUQT[EQPXGTVKFQT
5CNKFCFGCKTG
'PVTCFCFGCKTGFGTGHTKIGTCEKÉPFGUGECFQT[FGHKNVTQFGCKTG
'PVTCFCFGCKTGFGTGHTKIGTCEKÉPFGOQVQT[EQORTGUQT
2CEM
%GPVTQFGITCXGFCF
2GUQ
(WNN(GCVWTG
+PENWKFQCEGKVG

2TQRWGUVCFGKPUVCNCEKÉP
/QFGNQU)#85&[)#85&
'LGORNQFGUCNCFGNEQORTGUQTOQFGNQU)#85&[)#85&
6GZVQGPFKDWLQ

'URCEKQNKDTGOÃPKOQSWGFGDGTGUGTXCTRCTCNCKPUVCNCEKÉPFGNEQORTGUQT

%QORTGUQT

2TQRWGUVCUFGXGPVKNCEKÉP

/QFGNQU)#85&[)#85&
+PUVCNGGNEQORTGUQTUQDTGWPUWGNQPKXGNCFQ[UÉNKFQSWGRWGFCUQRQTVCTUWRGUQ
2QUKEKÉPFGNCX±NXWNCFGUCNKFCFGCKTGEQORTKOKFQ
'NNCTIQO±ZKOQFGNCUVWDGTÃCUVQVCNGU
KPENWUQNCVWDGTÃCFGKPVGTEQPGZKÉPGPVTGGN
EQORTGUQT[GNFGRÉUKVQUGECNEWNCFGNCHQTOCUKIWKGPVG
FR
.ZZ3E
FZR
FFK±OGVTQKPVGTKQTFGNVWDQFGUCNKFCGPOO
FRECÃFCFGRTGUKÉP
O±ZKOQTGEQOGPFCFQDCTRUK
.NQPIKVWFFGNVWDQFGUCNKFCGPO
RRTGUKÉPCDUQNWVCGPNCUCNKFCFGNEQORTGUQTGPDCT
C
3EUWOKPKUVTQFGCKTGNKDTGFGNEQORTGUQTGPNU
8GPVKNCEKÉPNCURCTTKNNCUFGCURKTCEKÉP[GNXGPVKNCFQTFGDGPKPUVCNCTUGFGHQTOCSWG
UGGXKVGNCTGEKTEWNCEKÉPFGNCKTGFGTGHTKIGTCEKÉPCNEQORTGUQTQCNUGECFQT.C
XGNQEKFCFO±ZKOCFGNCKTGCVTCX¾UFGNCURCTTKNNCUGUFGOU
HVU
.CO±ZKOCECÃFCFGRTGUKÉPCFOKUKDNGUQDTGNQUEQPFWEVQUFGCKTGFGTGHTKIGTCEKÉP
FGRGPFGFGNCVGORGTCVWTCCODKGPVG%QPUWNVGC#VNCU%QREQ
.CVGORGTCVWTCO±ZKOCFGNCKTGGPNCCDGTVWTCFGCURKTCEKÉPFGNEQORTGUQTGUFG
u%
u([NCOÃPKOCGUFGu%u(
2CTCNCUCNVGTPCVKXCU[FGNQUOQFGNQUFGN)#85&CN)#85&NC
ECRCEKFCFFGXGPVKNCEKÉPPGEGUCTKCRCTCNKOKVCTNCVGORGTCVWTCGPNCUCNCFG
EQORTGUQTGURWGFGECNEWNCTUGFGNCOCPGTCUKIWKGPVG
Ő 3X0F6RCTC)#85&9QTMRNCEG
Ő 3X
0 F6RCTC)#85&9QTMRNCEG(WNN(GCVWTG
3XECRCEKFCFFGXGPVKNCEKÉPTGSWGTKFCGPOU
0GPVTCFCCNGLGFGNEQORTGUQTGPM9
F6CWOGPVQFGVGORGTCVWTCGPUCNCFGNEQORTGUQT
2CTCNCUCNVGTPCVKXCU[NCECRCEKFCFFGNXGPVKNCFQTFGDGKIWCNCTNCECRCEKFCFFGN
XGPVKNCFQTFGNEQORTGUQTCWPCECTICFGRTGUKÉPKIWCNCNCECÃFCFGRTGUKÉPUQDTGNQU
EQPFWEVQUFGCKTG
.QUVWDQUFGFTGPCLGCNEQNGEVQTPQFGDGPGPVTCTGPEQPVCEVQEQPGNCIWCFGN
EQNGEVQT#VNCU%QREQFKURQPGFGUGRCTCFQTGUFGCEGKVGCIWC
VKRQ15&RCTC
UGRCTCTNCOC[QTRCTVGFGNCEGKVGFGNEQPFGPUCFQCHKPFGCUGIWTCTSWGGN
EQPFGPUCFQEWORNGNQUTGSWKUKVQUFGNCNGIKUNCEKÉPOGFKQCODKGPVCN
/ÉFWNQFGEQPVTQNEQPRCPGNFGOQPKVQTK\CEKÉP
2QUKEKÉPFGGPVTCFCFGNECDNGFGUWOKPKUVTQ
(KNVTQVKRQ&&HKNVTCEKÉPEQPHKPGUIGPGTCNGU'NHKNVTQGNKOKPCRCTVÃEWNCUUÉNKFCUJCUVC
OKETÉOGVTQ[EQPVGPKFQUFGCEGKVGTGUKFWCNO±ZKOQUFGOIO'URQUKDNG
KPUVCNCTWPHKNVTQFGCNVCGHKEKGPEKCVKRQ2&EQPRQUVGTKQTKFCFCWPHKNVTQ&&6CNHKNVTQ
GNKOKPCRCTVÃEWNCUUÉNKFCUJCUVCOKETÉOGVTQ[EQPVGPKFQUFGCEGKVGTGUKFWCN
O±ZKOQUFGOIO2CTCGXKVCTQNQTGU[XCRQTGUFGCEGKVGJC[SWGKPUVCNCTWP
HKNVTQVKRQ3&EQPRQUVGTKQTKFCFCNHKNVTQ2&
5GTGEQOKGPFCKPUVCNCTVWDQUFGFGTKXCEKÉPEQPX±NXWNCUFGDQNCUQDTGECFCHKNVTQ
EQPQDLGVQFGCKUNCTNQUHKNVTQUFWTCPVGNQUVTCDCLQUFGUGTXKEKQUKPGPVQTRGEGTGN
UWOKPKUVTQFGCKTGEQORTKOKFQ
5KUVGOCFGFGTKXCEKÉPRCTCFGLCTHWGTCFGNEKTEWKVQGNUGECFQTFWTCPVGNQUVTCDCLQUFG
UGTXKEKQ
QREKQPCNEQPUWNVGC#VNCU%QREQ
5GRCTCFQTFGCIWCFGCNVQTGPFKOKGPVQGNKOKPCWPFGNCJWOGFCFFGNCKTG
EQORTKOKFQEWCPFQGNUGECFQTUGFGLCHWGTCFGNEKTEWKVQ

#VGPEKÉP
'NVTCDCLQEQPOCSWKPCTKCEQPVTQNCFCRQTWPEQPXGTVKFQTFGHTGEWGPEKCTGSWKGTG
RTGECWEKQPGUFGUGIWTKFCFGURGEKCNGU'UVCURTGECWEKQPGUFGUGIWTKFCFFGRGPFGP
FGNVKRQFGTGFWUCFC
UKUVGOC6066Q+6%QPUWNVGC#VNCU%QREQ

%QPGZKQPGUGN¾EVTKECU
%QPGZKQPGUGN¾EVTKECURCTCNQUOQFGNQU)#85&[)#85&


+PUVCNCEKÉPFGNENKGPVG

1REKÉP

1REKÉPUGECFQT

2CTCEQOWPKECEKÉPEQP45

%QPGZKÉPGPGUVTGNNCVQFQUNQUFGO±UXQNVCLGU

%QPGZKÉPGPVTK±PIWNQ8*\

5GECFQT

5GECFQTOQPQH±UKEQ

5GECFQTVTKH±UKEQ

5WOKPKUVTQFGUGECFQT

1VTQUXQNVCLGU
/QFGNQUFGN)#CN)#85&
+PUVCNGWPKPVGTTWRVQTUGRCTCFQT
%QORTWGDGSWGGUV±PDKGPUWLGVQUCUWUDQTPGUNQUECDNGUGJKNQUFGNOQVQTGPGNCTOCTKQGN¾EVTKEQ
%QORTWGDGNQUHWUKDNGU%QPUWNVGNCUGEEKÉP#LWUVGUFGNQUHWUKDNGU
%QPGEVGGNUWOKPKUVTQFGGPGTIÃCGN¾EVTKECCNQUDQTPGU
[FGNEQPVCEVQT
-
%QPGEVGGNEQPFWEVQTFGRWGUVCCVKGTTCCNRGTPQFGVKGTTC
2'

4GSWKUKVQUFGNCIWCFGTGHTKIGTCEKÉP
)GPGTCNKFCFGU
5GKPFKECPNQUTGSWKUKVQUUKIWKGPVGUEQOQPQTOCIGPGTCNRCTCRTGXGPKTRTQDNGOCUEQPGNCIWCFG
TGHTKIGTCEKÉP'PECUQFGFWFCEQPUWNVGC#VNCU%QREQ
/±ZKOQUTGEQOGPFCFQU 5KUVGOCFGTGEKTEWNCEKÉP 5KUVGOCFGRCUQEQPVKPWQ

%NQTWTQ
%N KPHGTKQTCOIN KPHGTKQTCOIN

5WNHCVQ
51 KPHGTKQTCOIN KPHGTKQTCOIN
6QVCNFGUWUVCPEKCUUÉNKFCU KPHGTKQTCOIN KPHGTKQTCOIN
5WUVCPEKCUUÉNKFCUUWURGPFKFCU KPHGTKQTCOIN KPHGTKQTCOIN

5K1
%NQTQNKDTG
%N KPHGTKQTCOIN KPHGTKQTCOIN
#OQPÃCEQ
0* KPHGTKQTCOIN KPHGTKQTCOIN
%QDTG KPHGTKQTCOIN KPHGTKQTCOIN
*KGTTQ KPHGTKQTCOIN KPHGTKQTCOIN
/CPICPGUQ KPHGTKQTCOIN KPHGTKQTCOIN
1ZÃIGPQ KPHGTKQTCOIN KPHGTKQTCOIN
&WTG\CECTDQPCVCFC
EQOQ OIN OIN
%C%1
/CVGTKCNQTI±PKEQ
-/P1 KPHGTKQTCOIN KPHGTKQTCOIN
5KPCNICU
5KPCEGKVG
1DUGTXCEKÉP
'NENQTWTQ[GNUWNHCVQUQPKPVGTCEVKXQU'PWPUKUVGOCFGRCUQEQPVKPWQNCUWOCFGNQUEWCFTCFQUPQ
RWGFGGZEGFGTFG2CTCWPUKUVGOCFGTGEKTEWNCEKÉPEQPGNVTCVCOKGPVQ[NQUEQPVTQNGUFGDKFQUUG
RGTOKVGWPCUWOCFGNQUEWCFTCFQUFGJCUVC1DU¾TXGUGSWGGNXCNQTFGUWNHCVQFGDGKPENWKTGN
UWNHKVQGXGPVWCNOGPVGRTGUGPVG

2KEVQITCOCU
2KEVQITCOCUOQFGNQU)#85&[)#85&
&GUEQPGEVGGNXQNVCLG[FGURTGUWTKEGGNEQORTGUQTCPVGUFGTGCNK\CTVCTGCUFG
TGRCTCEKÉPQOCPVGPKOKGPVQ
/CPVGPICEGTTCFCUNCURWGTVCUFWTCPVGGNHWPEKQPCOKGPVQ
&GUEQPGEVGGNXQNVCLGCPVGUFGSWKVCTNCEWDKGTVCRTQVGEVQTCFGPVTQFGNEWDÃEWNQ
GN¾EVTKEQ
2WPVQFGFTGPCLGOCPWCNFGEQPFGPUCFQ
2WPVQFGFTGPCLGCWVQO±VKEQFGEQPFGPUCFQ
&GVGPICGNEQORTGUQTCPVGUFGNKORKCTNQUTGHTKIGTCFQTGU
#EGKVGNKIGTCOGPVGNCLWPVCFGNHKNVTQFGCEGKVGCVQTPKNNG[CRTKGVGEQPNCOCPQ
OGFKC
XWGNVCCRTQZKOCFCOGPVG
#XKUQXQNVCLG
%QPUWNVGGNNKDTQFGKPUVTWEEKQPGUCPVGUFGGPITCUCT
%QPUWNVGGN.KDTQFGKPUVTWEEKQPGURCTCEQPQEGTGNUGPVKFQFGIKTQFGNOQVQTCPVGUFG
EQPGEVCTGNEQORTGUQTGN¾EVTKECOGPVG
'NEQORTGUQTUKIWGRTGUWTK\CFQFWTCPVGUGIWPFQUFGURW¾UFGFGUEQPGEVCTGN
XQNVCLG
2CTGUFGCRTKGVGRCTCRGTPQUFGCEGTQ
(GQNCVÉP
%W<P
&GUEQPGEVGGNXQNVCLG[GURGTGOKPWVQUEQOQOÃPKOQCPVGUFGSWKVCTNCTGLKNNC
7DKECEKÉPFGDQSWKNNCTGGPITCUGQHWPEKQPCOKGPVQCWVQO±VKEQ

#PVGUFGNCTTCPSWGKPKEKCN
5GIWTKFCF
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCURTGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGUKPENWKFCU
NCUSWGUGKPFKECPGPGNRTGUGPVGOCPWCN
(WPEKQPCOKGPVQCITCPCNVKVWF
%QPUWNVGC#VNCU%QREQUKXCCVTCDCLCTCWPCCNVKVWFUWRGTKQTCO
HV
&GURNC\COKGPVQNGXCPVCOKGPVQ
'URQUKDNGFGURNC\CTGNEQORTGUQTEQPC[WFCFGWPCECTTGVKNNCGNGXCFQTCGPNCUTCPWTCUFGNDCUVKFQT
2TQEWTGPQFCÇCTNCECTTQEGTÃCFWTCPVGGNNGXCPVCOKGPVQQVTCPURQTVG#PVGUFGNGXCPVCTGNEQORTGUQT
XWGNXCCKPUVCNCTNQURGTPQUFGVTCPURQTVGX¾CUGNCUGEEKÉP#TTCPSWGKPKEKCN#UGIÐTGUGFGSWGNCU
JQTSWKNNCUUQDTGUCNGPFGUFGGNQVTQNCFQFGNDCUVKFQT6CODK¾PGURQUKDNGNGXCPVCTGNEQORTGUQTFGURW¾U
FGKPVTQFWEKTXKICUGPNCUTCPWTCU#UGIÐTGUGFGSWGNCUXKICUPQUGFGUNK\CP[SWGUQDTGUCNGPFGUFGGN
DCUVKFQTFGOCPGTCWPKHQTOG.CUECFGPCUFGDGPOCPVGPGTUGRCTCNGNCUCNCECTTQEGTÃCEQPC[WFCFG
UGRCTCFQTGUFGECFGPCRCTCPQFCÇCTCNEQORTGUQT'NGSWKRQFGGNGXCEKÉPFGDGGUVCTEQNQECFQFGHQTOC
SWGGNEQORTGUQTUGNGXCPVGRGTRGPFKEWNCTOGPVG.GX±PVGNQEQPUWCXKFCFRTQEWTCPFQSWGPQUGVWGT\C
#TTCPSWGKPKEKCN
5GIWTKFCF
'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU%QPUWNVG
VCODK¾PNCUGEEKÉP5QNWEKÉPFGRTQDNGOCU
2TQEGFKOKGPVQ
2CTCEQPQEGTNCRQUKEKÉPFGNCX±NXWNCFGUCNKFCFGCKTG[NCUEQPGZKQPGUFGFTGPCLG
EQPUWNVGNCUUGEEKQPGU+PVTQFWEEKÉP[5KUVGOCFGEQPFGPUCFQ

(KLCFQTGUFGVTCPURQTVGFGNQUOQFGNQU)#85&[)#85&
7DKECEKÉPFGNCOKTKNNCFGPKXGNFGCEGKVGGPNQUOQFGNQU)#85&[)#85&

#TOCTKQGN¾EVTKEQFGNQUOQFGNQU)#85&[)#85&GLGORNQVÃRKEQ
%QPUWNVGNCUUGEEKQPGU6COCÇQFGECDNGUGN¾EVTKEQU2TQRWGUVCUFGKPUVCNCEKÉP[&KDWLQUFG
FKOGPUKQPGU
*C[SWGSWKVCTNQUHKLCFQTGUFGVTCPURQTVGRKPVCFQUFGTQLQUKIWKGPVGU
Ő 2GTPQU

Ő %CUSWKNNQU

Ő 5QRQTVGU

'ZVTCKICNQUECUSWKNNQUTQLQUFGCODQUUQRQTVGUFGNCECLCFGGPITCPCLGU[FGNFGRÉUKVQFGCKTG
%QORTWGDGSWGGUV±PJGEJCUNCUEQPGZKQPGUGN¾EVTKECUEQPHQTOGCNQUEÉFKIQUNQECNGU[SWG
VQFQUNQUECDNGUGUV±PDKGPUWLGVQUCUWUDQTPGU
'NGSWKRQFGDGRQPGTUGCVKGTTC[RTQVGIGTUGFGEQTVQEKTEWKVQURQTOGFKQFGHWUKDNGUFGVKRQ
KPGTVGGPVQFCUNCUHCUGU&GDGKPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTEGTECFGNEQORTGUQT
%QORTWGDGNQUJKNQUUGNGEVQTGUFGXQNVCLGRQTGNNCFQRTKOCTKQFGNQUVTCPUHQTOCFQTGU
Ő 6
%QORTWGDGGNCLWUVGFGNFKU[WPVQT
3%QORTWGDGVCODK¾PSWGGNKPVGTTWRVQTGPGNFKU[WPVQT
UGJCNNCGPNCRQUKEKÉP+
+PUVCNGNCX±NXWNCFGUCNKFCFGCKTG
#8EQPUWNVGNCUGEEKÉP+PVTQFWEEKÉPRCTCEQPQEGTNC
RQUKEKÉPFGNCX±NXWNC
%KGTTGNCX±NXWNC
%QPGEVGNCTGFFGCKTGCNCX±NXWNC
'PEQORTGUQTGUGSWKRCFQUEQPWPCFGTKXCEKÉPFGUGECFQTKPUVCNGNCX±NXWNCFGUCNKFCFGCKTGGP
GNVWDQFGFGTKXCEKÉPFGNUGECFQT
+PUVCNGNCX±NXWNCOCPWCNFGFTGPCLGFGEQPFGPUCFQ
&O
%KGTTGNCX±NXWNC
2CTCNQUOQFGNQU)#85&[)#85&(WNN(GCVWTGKPUVCNGNCX±NXWNCFGFTGPCLGFG
EQPFGPUCFQ
&O
%KGTTGNCX±NXWNC

%QPGEVGNCUUCNKFCUFGFTGPCLGOCPWCN[CWVQO±VKEQFGNEQPFGPUCFQCWPEQNGEVQT%QPUWNVGNC
UGEEKÉP5KUVGOCFGEQPFGPUCFQ[RCTCGNECUQFGWP15&EQPUWNVGNCUGEEKÉP+PUVCNCEKÉP
2CTCNQUOQFGNQU)#85&[)#85&(WNN(GCVWTGEQPGEVGCFGO±UNCUUCNKFCUFGFTGPCLG
CWVQO±VKEQ[OCPWCNFGNUGECFQTCWPEQNGEVQT
.QUVWDQUFGFTGPCLGCNEQNGEVQTPQFGDGPGPVTCTGPEQPVCEVQEQPGNCIWC2CTCFTGPCTCIWC
EQPFGPUCFCRWTCJC[SWGKPUVCNCTWPUGRCTCFQTFGCEGKVGCIWCFGXGPVCEQOQQREKÉPGP#VNCU
%QREQEQPUWNVGNCUGEEKÉP7PKFCF15&5KNCUVWDGTÃCUGUV±PKPUVCNCFCUGPGNGZVGTKQTFGWPC
UCNCFQPFGUGRWGFGPRTQFWEKTJGNCFCUJC[SWGCKUNCTNCU
%QORTWGDGGNPKXGNFGCEGKVG
.CCIWLCFGNKPFKECFQTFGPKXGN
)+FGDGGPEQPVTCTUGGPGNECORQUWRGTKQTFGNC\QPCXGTFGQGP
NC\QPCPCTCPLC
5GRWGFGCÇCFKTCEGKVGEQPNCDQVGNNCFGCEGKVGFG#VNCU%QREQSWGUGUWOKPKUVTCRQTUGRCTCFQ
LWPVQEQPGNEQORTGUQT
2TQX¾CUGFGCFJGUKXQUSWGCXKUGPCNQRGTCFQTFGSWG
Ő 'URQUKDNGSWGGNEQORTGUQTXWGNXCCCTTCPECTCWVQO±VKECOGPVGFGURW¾UFGKPVGTTWREKÉPFGN
XQNVCLG
UKGUV±CEVKXCFQEQPUWNVGC#VNCU%QREQ
Ő 'NEQORTGUQTXCEQPVTQNCFQCWVQO±VKECOGPVG[RWGFGSWGCTTCPSWGGPEWCNSWKGTOQOGPVQ
Ő 6CODK¾PGURQUKDNGSWGUGCEEKQPGOGFKCPVGEQPVTQNTGOQVQ
%QPGEVGGNXQNVCLG#TTCPSWGGNEQORTGUQT[R±TGNQCNKPUVCPVG
'PEQORTGUQTGUTGHTKIGTCFQURQTCKTGEQORTWGDGNCFKTGEEKÉPFGTQVCEKÉPFGNOQVQTFGN
XGPVKNCFQT.CRNCECFGNXGPVKNCFQTVKGPGHNGEJCUFGTQVCEKÉPXKUKDNGUCVTCX¾UFGNCTGLKNNCGPGN
VGEJQ5KNCFKTGEEKÉPFGTQVCEKÉPGUKPEQTTGEVCCDTCGNKPVGTTWRVQTUGRCTCFQTFGNCNÃPGCFG
UWOKPKUVTQFGXQNVCLGFGUEQPGEVGGNXQNVCLGGKPXKGTVCFQUNÃPGCUGN¾EVTKECUFGGPVTCFC
%QORTWGDGNCFKTGEEKÉPFGTQVCEKÉPFGNOQVQTFGCEEKQPCOKGPVQ
/OKGPVTCUGNOQVQTGUV±
IKTCPFQRQTKPGTEKCCPVGUFGFGVGPGTUGNCFKTGEEKÉPEQTTGEVCGUNCKPFKECFCRQTWPCHNGEJCGPNC
ECLCFGGPITCPCLGU5KNCFKTGEEKÉPFGTQVCEKÉPGUKPEQTTGEVCRCTGGNOQVQTCDTCGNKPVGTTWRVQT
UGRCTCFQTFGNCNÃPGCFGUWOKPKUVTQFGXQNVCLGGKPXKGTVCFQUEQPGZKQPGUFGGPVTCFCFGNOQVQTFG
CEEKQPCOKGPVQ
%QORTWGDGNQUCLWUVGURTQITCOCFQU%QPUWNVGNCUGEEKÉP#LWUVGURTQITCOCDNGU
2QPICGNEQORTGUQTGPOCTEJC[FGLGSWGHWPEKQPGFWTCPVGCNIWPQUOKPWVQU%QORTWGDGSWGGN
EQORTGUQTHWPEKQPCEQPPQTOCNKFCF
#PVGUFGCTTCPECT
1DUGTXCEKQPGU
Ő 5KGNEQORTGUQTPQUGJCWVKNK\CFQFWTCPVGNQUÐNVKOQUOGUGUUGTGEQOKGPFC
GPECTGEKFCOGPVGSWGUGOGLQTGNCNWDTKECEKÉPFGNGNGOGPVQEQORTGUQTCN
CTTCPECT
Ő #HNQLGNCCDTC\CFGTC
[FGUEQPGEVGNCOCPIWGTCFGGPVTCFC

Ő 'PNQUOQFGNQUFGN)#85&CN)#85&XKGTVCN
75ICN
+ORICNFGCEGKVGGPGNTGEWRGTCFQTFGCFOKUKÉP

Ő 8WGNXCCKPUVCNCTNCOCPIWGTCFGGPVTCFC

7DKECEKÉPFGNTGEWRGTCFQTFGCFOKUKÉPGPNQUOQFGNQU)#85&[)#85&
2TQEGFKOKGPVQ
%QPUWNVGNCUGEEKÉP#TTCPSWGKPKEKCNRCTCEQPQEGTNCWDKECEKÉPFGNQUEQORQPGPVGUFGNUKUVGOC
FGCEGKVG
%QORTWGDGGNPKXGNFGCEGKVG
)+[CÇCFCUKGURTGEKUQ.CCIWLCFGDGGPEQPVTCTUGGPGNECORQ
UWRGTKQTFGNC\QPCXGTFGQGPNC\QPCCPCTCPLCFC5KNCCIWLCUGGPEWGPVTCGPNC\QPC.19

$#,1FGURTGUWTKEGGNUKUVGOCFGCEGKVG
EQPUWNVGNCUGEEKÉP5QNWEKÉPFGRTQDNGOCU'URGTGC
SWGGNEQORTGUQTUGFGURTGUWTKEG#HNQLGGNVCRÉPFGNNGPCFQFGCEGKVG
(%FGUCVQTPKNNCPFQUÉNQ
EQPWPCXWGNVCRCTCSWGGUECRGNCRTGUKÉPSWGRQFTÃCJCDGTUGCEWOWNCFQGPGNUKUVGOC'ZVTCKIC
GNVCRÉPFGNNGPCFQ[CÇCFCCEGKVGJCUVCSWGGNPKXGNCNECPEGGNEWGNNQFGNNGPCFQ#RTKGVGGN
VCRÉP
5KGUV±EQORNGVCOGPVGGZVTCÃFCNCRCTVGTQLCFGNKPFKECFQTFGUGTXKEKQFGNHKNVTQFGCKTGTGGORNCEG
GNGNGOGPVQFGNHKNVTQFGCKTG4GUVCDNG\ECGNKPFKECFQTFGUGTXKEKQ
8+CRTGVCPFQGNDQVÉPGPGN
GZVTGOQFGNEWGTRQ[TGCTOGGNCXKUQFGUGTXKEKQ
EQPUWNVGNCUGEEKÉP/GPÐ5GTXKEKQ
#TTCPSWG
2TQEGFKOKGPVQ
2CTCEQPQEGTNCRQUKEKÉPFGNCX±NXWNCFGUCNKFCFGCKTG[NCUEQPGZKQPGUFGFTGPCLG
EQPUWNVGNCUUGEEKQPGU+PVTQFWEEKÉP[5KUVGOCFGEQPFGPUCFQ

2CPGNFGEQPVTQN
%QPGEVGGNXQNVCLG%QORTWGDGSWGUGGPEKGPFGGN.'&FGXQNVCLGEQPGEVCFQ
#RCTGEGGN
OGPUCLGň%QORTGUQTQHHŉ
#DTCNCX±NXWNCFGUCNKFCFGCKTG
#8
%KGTTGNCX±NXWNCFGFTGPCLGFGEQPFGPUCFQ
&O
'PNQUOQFGNQU)#85&[)#85&(WNN(GCVWTGEKGTTGVCODK¾PNCX±NXWNCFGFTGPCLGFG
EQPFGPUCFQ
&O
2WNUGGNDQVÉPFGCTTCPSWG
FGNRCPGNFGEQPVTQN'NEQORTGUQTUGRQPGGPOCTEJC[GN.'&
FGHWPEKQPCOKGPVQCWVQO±VKEQ
UGGPEKGPFG
&WTCPVGGNHWPEKQPCOKGPVQ
2TQEGFKOKGPVQ
#HKPFGCUGIWTCTWPGPHTKCOKGPVQUWHKEKGPVGFGNOQVQTNCURWGTVCUFGDGPRGTOCPGEGT
EGTTCFCUFWTCPVGGNHWPEKQPCOKGPVQ[UÉNQUGRQFT±PCDTKTDTGXGOGPVGRCTCNNGXCTC
ECDQEQORTQDCEKQPGU
5KNQUOQVQTGUGUV±PFGVGPKFQU[GN.'&
GPEGPFKFQNQUOQVQTGURQFTÃCPRQPGTUGGP
OCTEJCCWVQO±VKECOGPVG
2CPGNFGEQPVTQN

7DKECEKÉPFGNCOKTKNNCFGPKXGNFGCEGKVGGPNQUOQFGNQU)#85&[)#85&
%QORTWGDGGNPKXGNFGCEGKVGFWTCPVGGNHWPEKQPCOKGPVQNCCIWLCFGNKPFKECFQTFGPKXGN
)NFGDG
GPEQPVTCTUGGPNC\QPCXGTFGFGNQEQPVTCTKQRWNUGGNDQVÉPFGRCTCFC
[GNFGRCTCFCFGGOGTIGPEKC

%KGTTGNCX±NXWNCFGUCNKFCFGCKTG
#8[CDTCNCX±NXWNCFGFTGPCLGOCPWCN
&O
EQPUWNVGNCUUGEEKQPGU
+PVTQFWEEKÉP[5KUVGOCFGEQPFGPUCFQRCTCEQPQEGTNCWDKECEKÉPFGNCUOKUOCU
2CTCNQUOQFGNQUFGN)#85&CN)#85&(WNN(GCVWTGCDTCCFGO±UNCX±NXWNCOCPWCNFG
EQPFGPUCFQ
&O
'URGTGCSWGGNEQORTGUQTUGFGURTGUWTKEG#HNQLGGNVCRÉPFGNNGPCFQFGCEGKVG
(%FGUCVQTPKNNCPFQUÉNQ
EQPWPCXWGNVCRCTCSWGGUECRGNCRTGUKÉPSWGRQFTÃCJCDGTUGCEWOWNCFQGPGNUKUVGOC'ZVTCKICGN
VCRÉP[CÇCFCCEGKVGJCUVCSWGGNPKXGNCNECPEGNCCDGTVWTCFGNVCRÉPFGNNGPCFQ+PUVCNG[CRTKGVGGN
VCRÉP
(%
5KNCRCTVGEQNQTGCFCFGNKPFKECFQTFGUGTXKEKQ
8+GUV±EQORNGVCOGPVGGZVTCÃFCRCTGGNEQORTGUQT
FGUEQPGEVGGNXQNVCLG[TGGORNCEGGNGNGOGPVQFGNHKNVTQFGCKTG4GRQUKEKQPGGNKPFKECFQTFGUGTXKEKQ
CRTGVCPFQGNDQVÉPGPGNGZVTGOQFGNEWGTRQ
5KGUV±GPEGPFKFQGN.'&FGHWPEKQPCOKGPVQCWVQO±VKEQ
GNTGIWNCFQTEQPVTQNCGNEQORTGUQT
CWVQO±VKECOGPVGGUFGEKTCLWUVCNCXGNQEKFCFFGNEQORTGUQTCNCRTGUKÉPFGNCTGFCTTCPECPFQ[
FGVGPKGPFQGNEQORTGUQTEWCPFQUGCPGEGUCTKQ
%QORTWGDGSWGUGFGUECTICEQPFGPUCFQFWTCPVGGNHWPEKQPCOKGPVQCKPVGTXCNQUTGIWNCTGU%QPUWNVGNC
UGEEKÉP5KUVGOCFGEQPFGPUCFQ[GPECUQFGWP15&EQORTWGDGVCODK¾PGNPKXGNFGNEQNGEVQTFG
CEGKVGEQPUWNVGNCUGEEKÉP+PUVTWEEKQPGUFGOCPVGPKOKGPVQ[HWPEKQPCOKGPVQFG15&.CECPVKFCFFG
EQPFGPUCFQFGRGPFGFGNCUEQPFKEKQPGUFGVTCDCLQ[NCUEQPFKEKQPGUOGFKQCODKGPVCNGU

%QORTQDCTGNFKURNC[
2TQEGFKOKGPVQ
#PVGUFGNNGXCTCECDQVCTGCUFGOCPVGPKOKGPVQTGRCTCEKÉPQCLWUVGFGVGPICGN
EQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC
EKGTTGNCX±NXWNCFGUCNKFCFG
CKTG[CDTCNCUX±NXWNCUFGFTGPCLGOCPWCN
EQPUWNVGNCUUGEEKQPGU+PVTQFWEEKÉP[
5KUVGOCFGEQPFGPUCFQRCTCEQPQEGTNCWDKECEKÉPFGNCUX±NXWNCU'URGTGCSWGGN
EQORTGUQTUGFGURTGUWTKEG#EQPVKPWCEKÉPFGUEQPGEVGGNXQNVCLG
%CFCXG\SWGUGOWGUVTCWPOGPUCLGFGRCTCFCFGCNCTOCCXKUQFGRCTCFCFGCNCTOC
FGOCPFCFGUGTXKEKQGTTQTFGUGPUQTQFGUQDTGECTICFGNOQVQTFGNXGPVKNCFQT
CRCTGEGPKPFKECFQTGURCTRCFGCPVGU
GPNQUGURCEKQUXCEÃQUGPVTGNCUVGENCUFG
HWPEKÉP
FGNFKURNC[
5KFGDGCRCTGEGTO±UFGWPOGPUCLG
RGLVCPVQWPQFGCXKUQEQOQFGUGTXKEKQUG
OQUVTCT±PEQPVKPWCOGPVGFWTCPVGUGIWPFQUECFCXG\
2CPGNFGEQPVTQN
%QORTWGDGGNFKURNC[
TGIWNCTOGPVGRCTCEQPQEGTNCUNGEVWTCU[OGPUCLGU0QTOCNOGPVGGNFKURNC[
OWGUVTCNCRTGUKÉPFGUCNKFCFGNEQORTGUQTNCXGNQEKFCFFGNOQVQT[NCUCDTGXKCVWTCUFGNCUHWPEKQPGUFG
NCUVGENCUFGDCLQFGNFKURNC[
%QORTWGDGUKGORTGGNFKURNC[
[UQNWEKQPGNCUCXGTÃCUUKGUV±GPEGPFKFQQRCTRCFGCGN.'&FGCNCTOC

%QPUWNVGNCUGEEKÉP/GPÐ&CVQUFGGUVCFQ
'PGNFKURNC[
CRCTGEGT±WPOGPUCLGFGUGTXKEKQUKUGJCGZEGFKFQWPKPVGTXCNQFGNRNCPFGUGTXKEKQQGN
PKXGNFGUGTXKEKQFGWPQFGNQUEQORQPGPVGUOQPKVQTK\CFQU.NGXGCECDQNCUCEEKQPGUFGUGTXKEKQFGNQU
RNCPGUKPFKECFQUQTGGORNCEGGNEQORQPGPVG[TGUVCDNG\ECGNVGORQTK\CFQTGPEWGUVKÉPEQPUWNVGNC
UGEEKÉP/GPÐ&CVQUFGGUVCFQ
2WNUGTGIWNCTOGPVGNCVGENCEQPHNGEJCCDCLQ
GPNCRCPVCNNCRTKPEKRCNRCTCQDVGPGTKPHQTOCEKÉPCEGTEC
FGNGUVCFQCEVWCNFGNEQORTGUQT%QPUWNVGNCUGEEKÉP%QPUWNVCT±RKFCFGNGUVCFQCEVWCNFGNEQORTGUQT

2CTCFC
4GIWNCFQT'NGMVTQPKMQP
2CPGNFGEQPVTQN
2TQEGFKOKGPVQ
2WNUGGNDQVÉPFGRCTCFC
'N.'&FGHWPEKQPCOKGPVQCWVQO±VKEQ
UGCRCIC'N
EQORTGUQTUGFGVKGPG
2CTCFGVGPGTGNEQORTGUQTCNKPUVCPVGGPECUQFGGOGTIGPEKCRWNUGGNDQVÉPFG
RCTCFCFGGOGTIGPEKC
'N.'&FGCNCTOC
RCTRCFGC
&GURW¾UFGUQNWEKQPCTNCCXGTÃCVKTGFGNDQVÉPRCTCFGUDNQSWGCTNQ[RWNUGNCVGENC
4GCT
CPVGUFGXQNXGTCCTTCPECT
%KGTTGNCX±NXWNCFGUCNKFCFGCKTG
#8
EQPUWNVGNCUGEEKÉP+PVTQFWEEKÉP[
FGUEQPGEVGGNXQNVCLG
#DTCNCX±NXWNCFGFTGPCLGFGEQPFGPUCFQ
&O%QPUWNVGNCUGEEKÉP5KUVGOCFG
EQPFGPUCFQ
'PNQUOQFGNQU)#85&[)#85&(WNN(GCVWTGCDTCNCX±NXWNCFGFTGPCLGFG
EQPFGPUCFQ
&O
2WGUVCHWGTCFGUGTXKEKQ
2TQEGFKOKGPVQ
&GVGPICGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC[EKGTTGNCX±NXWNCFG
UCNKFCFGCKTG

&GUEQPGEVGGNXQNVCLG[UGRCTGGNEQORTGUQTFGNCTGFOCVTK\
#DTCNC
UX±NXWNC
UFGFTGPCLGOCPWCNEQPUWNVGNCUGEEKÉP5KUVGOCFGEQPFGPUCFQ
RCTCEQPQEGTNCWDKECEKÉPFGNC
UX±NXWNC
U'URGTGCSWGGNEQORTGUQTUG
FGURTGUWTKEG#HNQLGGNVCRÉPFGNNGPCFQFGUCVQTPKNNCPFQUÉNQEQPWPCXWGNVCRCTCSWG
GUECRGNCRTGUKÉPSWGRQFTÃCJCDGTUGCEWOWNCFQGPGNUKUVGOC%QPUWNVGNCUGEEKÉP
%CODKQFGCEGKVG[HKNVTQUFGCEGKVGRCTCNQECNK\CTGNVCRÉPFGNNGPCFQ
%KGTTG[FGURTGUWTKEGNCRCTVGFGNCTGFFGCKTGEQPGEVCFCCNCX±NXWNCFGUCNKFC
5GRCTGGNVWDQFGUCNKFCFGCKTGFGNEQORTGUQTFGNCTGFFGCKTG
8CEÃGGNCEGKVG
8CEÃGGNEKTEWKVQFGEQPFGPUCFQ[FGUEQPGEVGNQUVWDQUFGEQPFGPUCFQFGNCTGFFG
EQPFGPUCFQ

/CPVGPKOKGPVQ
2TQITCOCFGOCPVGPKOKGPVQRTGXGPVKXQ
2CPGNFGEQPVTQN
#XKUQ
#PVGUFGNNGXCTCECDQEWCNSWKGTQRGTCEKÉPFGOCPVGPKOKGPVQTGRCTCEKÉPQCLWUVG
RTQEGFCFGNCUKIWKGPVGOCPGTC
Ő 2CTGGNEQORTGUQT
Ő 2WNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC

Ő &GUEQPGEVGGNXQNVCLG
Ő %KGTTGNCX±NXWNCFGUCNKFCFGCKTG[CDTCNCUX±NXWNCUFGFTGPCLGOCPWCNFGN
EQPFGPUCFQ
Ő &GURTGUWTKEGGNEQORTGUQT
2CTCQDVGPGTKPUVTWEEKQPGUFGVCNNCFCUEQPUWNVG5QNWEKÉPFGRTQDNGOCU
#PVGUFGNOCPVGPKOKGPVQOGE±PKEQ
#DTCNCUX±NXWNCUFGFTGPCLGOCPWCNFGNEQPFGPUCFQ[GURGTGWPOÃPKOQFG
UGIWPFQU
VKGORQSWGVCTFCGNEQORTGUQTGPFGURTGUWTK\CTUG
2CTCEQPQEGTNCWDKECEKÉPFGNQUEQORQPGPVGUEQPUWNVGNCUGEEKÉP5KUVGOCFG
EQPFGPUCFQ
#PVGUFGNOCPVGPKOKGPVQGN¾EVTKEQ
'URGTGWPOÃPKOQFGOKPWVQUCPVGUFGGORG\CTGNOCPVGPKOKGPVQ[CSWGWPC
XG\FGUEQPGEVCFQGNXQNVCLGNQUEQPFGPUCFQTGUFGNCWPKFCFFGTGIWNCEKÉPFG
XGNQEKFCF[CTTCPSWGTGVKGPGPNCCNVCVGPUKÉPFWTCPVGOKPWVQUO±U

)CTCPVÃC[TGURQPUCDKNKFCFFGNRTQFWEVQ
7VKNKEGÐPKECOGPVGRKG\CUCWVQTK\CFCU%WCNSWKGTFCÇQQCXGTÃCTGUWNVCPVGFGNWUQFGRKG\CUPQ
CWVQTK\CFCUPQGUV±EWDKGTVQRQTNC)CTCPVÃCPKRQTNC4GURQPUCDKNKFCFFGN2TQFWEVQ
,WGIQUFGUGTXKEKQ
UGTXKEGMKVU
5GGPEWGPVTCPFKURQPKDNGU UGTXKEGMKVU RCTCTGXKUKQPGUQOCPVGPKOKGPVQRTGXGPVKXQ
X¾CUGNCUGEEKÉP
,WGIQUFGUGTXKEKQ
UGTXKEGMKVU
%QPVTCVQUFGUGTXKEKQ
#VNCU%QREQQHTGEGXCTKQUVKRQUFGEQPVTCVQUFGUGTXKEKQGXKV±PFQNGCUÃEWCNSWKGTVTCDCLQFG
OCPVGPKOKGPVQRTGXGPVKXQ%QPUWNVGCN%GPVTQFG5GTXKEKQC%NKGPVGUFG#VNCU%QREQ
)GPGTCNKFCFGU
#NTGXKUCTECODKGVQFCUNCULWPVCULWPVCUVÉTKECU[CTCPFGNCUFGUOQPVCFCU
+PVGTXCNQU
'N%GPVTQFG5GTXKEKQC%NKGPVGUFG#VNCU%QREQNQECNRWGFGQDXKCTGNRTQITCOCFGOCPVGPKOKGPVQ
GURGEKCNOGPVGGPNQSWGUGTGHKGTGCNQUKPVGTXCNQUFGUGTXKEKQGPHWPEKÉPFGNCUEQPFKEKQPGUCODKGPVCNGU
[FGVTCDCLQFGNEQORTGUQT
.CUEQORTQDCEKQPGUFGNQUKPVGTXCNQUNCTIQUFGDGPVCODK¾PKPENWKTNCUFGNQUKPVGTXCNQUEQTVQU
2NCPGUFGUGTXKEKQ
#FGO±UFGNCUEQORTQDCEKQPGUFKCTKCU[VTKOGUVTCNGUNCUQRGTCEKQPGUFGUGTXKEKQUG
CITWRCPGPRNCPGUNNCOCFQU2NCPGUFG5GTXKEKQ#$GVEEQOQUGGURGEKHKECGPGN
RTQITCOCUKIWKGPVG
%CFCRNCPVKGPGWPKPVGTXCNQFGVKGORQRTQITCOCFQCNSWGFGDGPNNGXCTUGCECDQ
VQFCUNCUCEEKQPGUFGUGTXKEKQRGTVGPGEKGPVGUCFKEJQRNCP#NCNECP\CTGNKPVGTXCNQ
CRCTGEGT±WPOGPUCLGGPNCRCPVCNNCSWGKPFKECSW¾2NCPGUFGUGTXKEKQFGDGP
TGCNK\CTUGEQPUWNVGNCUGEEKÉP/GPÐ&CVQUFGGUVCFQ*C[SWGTGCTOCTNQU
KPVGTXCNQUFGURW¾UFGNUGTXKEKQEQPUWNVGNCUGEEKÉP/GPÐ5GTXKEKQ
2TQITCOCFGOCPVGPKOKGPVQRTGXGPVKXQ
)GPGTCNKFCFGU
2GTÃQFQ 1RGTCEKÉP
&KCTKQ %QORTWGDGGNPKXGNFGNCEGKVG
ŋ %QORTWGDGNCUKPFKECEKQPGUGPGNFKURNC[
ŋ %QORTWGDGSWGUGFGUECTICEQPFGPUCFQFWTCPVGGNHWPEKQPCOKGPVQ

2GTÃQFQ 1RGTCEKÉP
ŋ %QORTWGDGGNKPFKECFQTFGUGTXKEKQFGNHKNVTQFGCKTG
ŋ 2WTIWGGNEQPFGPUCFQ
%CFCOGUGU %QORTWGDGNQUTGHTKIGTCFQTGUNÃORKGNQUGPECUQRTGEKUQ
ŋ 'PEQORTGUQTGUEQPUGECFQTKPVGTPQEQORTWGDGGNEQPFGPUCFQTFGNUGECFQT[
NÃORKGNQGPECUQPGEGUCTKQ
ŋ 4GVKTG[GZCOKPGGNGNGOGPVQFGNHKNVTQFGCKTG5KGUPGEGUCTKQKPUWHNGCKTGRCTC
NKORKCTNQ[GZCOÃPGNQCEQPVKPWCEKÉP
/±UCOGPWFQUKUGVTCDCLCGPWPCODKGPVGRQNXQTKGPVQ
4GGORNCEGGNGOGPVQUFCÇCFQUQOW[EQPVCOKPCFQU
2CTCNQUOQFGNQUFGN)#CN)#85&
*QTCUFG 2NCPFGUGTXKEKQ 1RGTCEKÉP

HWPEKQPCOKGPVQ
5KUGWVKNK\C#VNCU%QREQ(QQF)TCFG(NWKFECODKGGNCEGKVG[
TGGORNCEGGNHKNVTQFGCEGKVG
# 5KUGWVKNK\C#VNCU%QREQ4QVQKPLGEV(NWKFECODKGGNCEGKVG[
5KUGWVKNK\C#VNCU%QREQ5[PVJGVKE2#1(NWKFRCTCCRNKECEKQPGUFG
OGODTCPCECODKGGNCEGKVG[TGGORNCEGGNHKNVTQFGCEGKVG
$ 4GGORNCEGGNGNGOGPVQHKNVTCPVGFGCKTG
$ %QORTWGDGNCUNGEVWTCUFGRTGUKÉP[VGORGTCVWTC
$ .NGXGCECDQWPCRTWGDCFGNQU.'&FKURNC[
$ %QORTWGDGUKJC[HWICU
$ 'PNQUEQORTGUQTGUTGHTKIGTCFQURQTCKTGNKORKGNQU
TGHTKIGTCFQTGU
$ 'ZVTCKICFGUOCPVGNG[NKORKGNCX±NXWNCFGHNQVCFQTFGNEQNGEVQT
FGEQPFGPUCFQ%QPUWNVGNCUGEEKÉP5KUVGOCFGEQPFGPUCFQ
$ 2TWGDGNCHWPEKÉPFGRCTCFCFGVGORGTCVWTC
$ *CICRTQDCTNCX±NXWNCFGUGIWTKFCF
$ .KORKGNCUCNGVCUFGGPHTKCOKGPVQFGNQUOQVQTGUGN¾EVTKEQU
$ %QORTWGDGNCNKORKG\CFGNTGUVTKEVQTGPNCNÃPGCFGDCTTKFQ
% 4GGORNCEGGNUGRCTCFQTFGCEGKVG
% 5KUGWVKNK\C#VNCU%QREQ*&4QVQ(NWKF2NWUECODKGGNCEGKVG[
5KUGWVKNK\C#VNCU%QREQ4QVQ'ZVTGOG&WV[(NWKFECODKGGN
CEGKVG[TGGORNCEGGNHKNVTQFGCEGKVG
+ORQTVCPVG
Ő %QPUWNVGUKGORTGC#VNCU%QREQRCTCOQFKHKECTGNCLWUVGFGWPVGORQTK\CFQT
Ő 2CTCEQPQEGTGNKPVGTXCNQFGECODKQFGCEGKVG[HKNVTQFGCEGKVGGPEQPFKEKQPGU
GZVTGOCUFGVGORGTCVWTCJWOGFCFQCKTGFGTGHTKIGTCEKÉPEQPUWNVGC#VNCU
%QREQ
Ő &GDGTGRCTCTEWCNSWKGTHWICKPOGFKCVCOGPVG*C[SWGUWUVKVWKTVWDGTÃCUQLWPVCU
HNGZKDNGUFCÇCFCU

/QVQTFGCEEKQPCOKGPVQ
#VGPEKÉP
0QFGDGOG\ENCTUGPWPECITCUCFGOCTECUQVKRQUFKHGTGPVGU
2CTCNQUOQFGNQUFGN)#85&CN)#85&
2WGFGUQNKEKVCTGNVKRQFGITCUCCFGEWCFQC#VNCU%QREQEQPUWNVGNCUGEEKÉP,WGIQUFGUGTXKEKQ
UGTXKEG
MKVU
Ő 2CTCNQUOQFGNQU)#85&[)#85&GNTGGPITCUGFGNQUEQLKPGVGUFGDGTGCNK\CTUGEQP
-.ª$'437+'6$3*
%CPVKFCFI
Q\RQTEQLKPGVG
8KUVCFGDQSWKNNCFGNQUOQFGNQU)#85&[)#85&
2CTCTGGPITCUCTGNOQVQTFGUCVQTPKNNGNCDQSWKNNC
IKT±PFQNCu[XWGNXCCKPUVCNCTNCUGIÐPOWGUVTC
GNRKEVQITCOC
EQPUWNVGNCUGEEKÉP2KEVQITCOCU+PKEKGGNRTQITCOCFGTGGPITCUGFGNUWDOGPÐ
2TWGDC GPGNTGIWNCFQT7PCXG\CECDCFQGNRTQITCOCFGTGGPITCUGFGUGPTQUSWGNCDQSWKNNC[XWGNXCC
KPUVCNCTNCGPUWWDKECEKÉPQTKIKPCN
&WTCPVGGNRTQITCOCFGTGGPITCUGGNEQORTGUQTHWPEKQPCT±CGUECUCXGNQEKFCFWPQUOKPWVQU'NCKTG
EQORTKOKFQGUECRCT±RQTNCX±NXWNCFGUQNGPQKFG

6TCUNNGXCTCECDQVQFCUNCUCEEKQPGUFGUGTXKEKQRGTVKPGPVGUFGVCNNCFCUGPGNň2NCPFG5GTXKEKQŉ
TGUVCDNG\ECGNCXKUQFGUGTXKEKQEQPUWNVGNCUGEEKÉP/GPÐ5GTXKEKQ
'NEQORTGUQTRWGFGRQPGTUGFGPWGXQGPHWPEKQPCOKGPVQEQPVCPUÉNQRWNUCTGNDQVÉPFGCTTCPSWG

'URGEKHKECEKQPGUFGNCEGKVG
0QOG\ENGPWPECCEGKVGUFGOCTECUQVKRQUFKHGTGPVGU
5GTGEQOKGPFCOW[GPECTGEKFCOGPVGWVKNK\CT#VNCU%QREQ(NWKF
EQPUWNVGNCUGEEKÉP2TQITCOCFG
OCPVGPKOKGPVQRTGXGPVKXQ
#VNCU%QREQ4QVQ+PLGEV(NWKF
#EGKVGRCTCWPKFCFGU+'%[WPKFCFGU%5#7.EQPWPXQNVCLGFGOQVQTFG8
#VNCU%QREQ4QVQ+PLGEV(NWKFGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQPKP[GEEKÉP
FGCEGKVGSWGOCPVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ4QVQ+PLGEV(NWKFRWGFGTGUWNVCTÐVKNRCTC
EQORTGUQTGUSWGHWPEKQPGPCVGORGTCVWTCUCODKGPVGFGGPVTGu%
u([u%
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NCUGEEKÉP5GTXKEGMKVU
#VNCU%QREQ*&4QVQ(NWKF2NWU
#EGKVGRCTCWPKFCFGU%5#7.GZEGRVQRCTCWPKFCFGUEQPWPXQNVCLGFGOQVQTFG8
#EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKÉPRCTCWPKFCFGU+'%[WPKFCFGU%5#7.EQPWPXQNVCLGFG
OQVQTFG8
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FGCEGKVGSWGOCPVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ*&4QVQ(NWKF2NWURWGFGWVKNK\CTUGRCTC
u([u%
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EQPUWNVG
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#EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKÉP
#VNCU%QREQ*&4QVQ'ZVTGOG&WV[(NWKFGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQP
KP[GEEKÉPFGCEGKVGSWGOCPVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ#VNCU%QREQ*&4QVQ'ZVTGOG&WV[
(NWKFRWGFGWVKNK\CTUGRCTCEQORTGUQTGUSWGHWPEKQPGPCVGORGTCVWTCUCODKGPVGFGGPVTGu%
u([
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EQPUWNVGNCUGEEKÉP5GTXKEGMKVU
#VNCU%QREQ(QQF)TCFG
#VNCU%QREQ(QQF)TCFG(NWKFGUWPNWDTKECPVGUKPV¾VKEQFGCNVCECNKFCFGZENWUKXQETGCFQGURGEKCNOGPVG
RCTCEQORTGUQTGUFGVQTPKNNQEQPKP[GEEKÉPFGCEGKVGSWGUWOKPKUVTCPCKTGRCTCNCKPFWUVTKCFG
CNKOGPVCEKÉP'UVGNWDTKECPVGOCPVKGPGGNEQORTGUQTGPRGTHGEVQGUVCFQ'NCEGKVG(QQF)TCFGRWGFG
WVKNK\CTUGRCTCEQORTGUQTGUSWGHWPEKQPGPCVGORGTCVWTCUCODKGPVGFGGPVTGu%
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EQPUWNVGNCUGEEKÉP5GTXKEGMKVU
#VNCU%QREQ5[PVJGVKE2#1(NWKFRCTCCRNKECEKQPGUFGOGODTCPC

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ECNKFCFGZENWUKXQETGCFQGURGEKCNOGPVGRCTCCRNKECEKQPGUFGOGODTCPC'UVGNWDTKECPVGOCPVKGPGGN
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FGLGHWPEKQPCTGNEQORTGUQTFWTCPVGOKPWVQUCNCXGNQEKFCFOÃPKOC&GVGPICGNEQORTGUQT
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UGEEKÉP+PVTQFWEEKÉPRCTCEQPQEGTNCRQUKEKÉPFGNVCRÉPFGXGPVKNCEKÉP
82
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2TQEGFKOKGPVQ
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5KGNEQORTGUQTUGXCCCNOCEGPCTUKPHWPEKQPCTFGXG\GPEWCPFQVQOGNCUOGFKFCU
FGRTQVGEEKÉPSWGEQTTGURQPFCP%QPUWNVGC#VNCU%QREQ
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LWGIQUEQPVKGPGPVQFCUNCURKG\CUPGEGUCTKCURCTCGNUGTXKEKQ
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5GTXKEGMKV RCTCUGRCTCFQTFGCEGKVG 0ÐOGTQFGRGFKFQ

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7PCXG\TGCNK\CFCUVQFCUNCUCEEKQPGUFGUGTXKEKQEQPHQTOGCNRNCPFGUGTXKEKQEQTTGURQPFKGPVG
TGUVCDNG\ECGNCXKUQFGUGTXKEKQ
4GHTKIGTCFQTGU
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'PEQORTGUQTGUTGHTKIGTCFQURQTCKTG
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CNCODTGUPKQDLGVQUOGV±NKEQU
Ő 5GIWKFCOGPVGKPUWHNGEQPCKTGEQORTKOKFQGPUGPVKFQQRWGUVQCNHNWLQPQTOCN
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8WGNXCCKPUVCNCTNQURCPGNGUNCVGTCNGU
8±NXWNCFGUGIWTKFCF
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#EEKQPCOKGPVQ
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2TWGDC
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.CX±NXWNC
58RWGFGRTQDCTUGGPWPCNÃPGCFGCKTGEQORTKOKFQUGRCTCFC5KPQUGCDTGNCX±NXWNCCNC
RTGUKÉPKPFKECFCGPNCOKUOCEQPUWNVGC#VNCU%QREQ
#XKUQ
0QUGRGTOKVGPKPIÐPCLWUVG0WPECFGLGHWPEKQPCTGNEQORTGUQTUKPNCX±NXWNCFG
UGIWTKFCF

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RWNUGGNDQVÉPFGRCTCFCGURGTGJCUVCSWGGNEQORTGUQTUGFGVGPICRWNUGGNDQVÉP
FGRCTCFCFGGOGTIGPEKC[FGUEQPGEVGGNXQNVCLG
%KGTTGNCX±NXWNCFGUCNKFCFGCKTG[CDTCNCX±NXWNCFGFTGPCLGOCPWCNFGN
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XWGNVC
2CTCKPHQTOCTUGUQDTGGNGORNC\COKGPVQFGNQUEQORQPGPVGUEQPUWNVGNCU
UGEEKQPGU
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TGRCTCEKQPGUFGNCOCPGTCUKIWKGPVG
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EQORTGUQT
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X±NXWNCGPECLGGPNCTCPWTCFGNOCPIQ
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#PVGUFGNOCPVGPKOKGPVQOGE±PKEQ
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UGIWPFQU
VKGORQSWGVCTFCGNEQORTGUQTGPFGURTGUWTK\CTUG
2CTCEQPQEGTNCWDKECEKÉPFGNQUEQORQPGPVGUEQPUWNVGNCUGEEKÉP5KUVGOCFG
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5GTXKEKQ

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EQORTW¾DGNQ

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PQTOCN
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#XGTKCFCNCX±NXWNCFGUQNGPQKFG 4GGORNCEGNCX±NXWNC
5GRCTCFQTFGCEGKVGQDUVTWKFQ *CICSWGUGTGGORNCEGGN
GNGOGPVQ
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%QREQ

'ZRWNUKQPGUFGNCX±NXWNCFG #XGTÃCFGNCX±NXWNCFGRTGUKÉP %QORTWGDG[TGGORNCEGNCU
UGIWTKFCF OÃPKOC RKG\CUFGHGEVWQUCU
#VCUECFQGNGNGOGPVQUGRCTCFQT 4GGORNCEGGNGNGOGPVQ
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5GRCTCFQTFGCEGKVGQDUVTWKFQ *CICSWGUGTGGORNCEGGN
GNGOGPVQ
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UGIWTKFCF 4GGORNCEGUKGUPGEGUCTKQ
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VWDGTÃCFGNUGECFQTQDVWTCFC #VNCU%QREQRCTCSWGTGXKUG
FGDKFQCNCHQTOCEKÉPFGJKGNQ GNUKUVGOC


6GORGTCVWTCFGUCNKFCFGN 0KXGNFGCEGKVGFGOCUKCFQDCLQ %QORTWGDG[EQTTKLC
GNGOGPVQEQORTGUQTQFGNCKTG
FGUWOKPKUVTQUWRGTKQTCNQ
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KPUWHKEKGPVGQFGOCUKCFQCNVCNC XGPVKNCEKÉPFGNCUCNC'XKVG
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TGHTKIGTCEKÉP5KUGJCNNC
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UCNCFGNEQORTGUQT
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#VCUECFQGNTGHTKIGTCFQTFG .KORKGGNTGHTKIGTCFQT
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X±NXWNCFGFGTKXCEKÉP X±NXWNC
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%QREQ

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4GHGTGPEKC .GEVWTC
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CKTG
6GORGTCVWTCFGUCNKFC #RTQZu%
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CDCLQ
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GUVCGZKIGPEKC
7UGNCGPVTCFCRCTCECDNGQTKIKPCN%QPUWNVGNCUGEEKÉP&KDWLQUFGFKOGPUKQPGU
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CDUQNWVCFGGPVTCFCFGCKTG DCT
2TGUKÉP
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GA18 VSD, GA30 VSD
Manual de Instrucciones
Atlas Copco se distingue como empresa por nuestra
convicción de que sólo podremos destacar en lo que
hacemos si ofrecemos la mejor experiencia tecnológica
posible para ayudar realmente a nuestros clientes a
producir, crecer y triunfar.
Sólo hay una forma de conseguirlo – nosotros lo

llamamos simplemente el estilo Atlas Copco. Se basa en
la interacción, las relaciones a largo plazo y la
participación en los procesos, necesidades y objetivos de
los clientes. Significa que debemos ser flexibles para
adaptarnos a los variados requisitos de las personas que
confían en nosotros.
El compromiso con el negocio de nuestros clientes

dirige nuestro esfuerzo para aumentar su productividad
mediante mejores soluciones. Un compromiso que
comienza prestando pleno apoyo a los productos
existentes y mejorando las cosas continuamente. Pero no
nos detenemos aquí, concebimos y realizamos avances
tecnológicos a través de la innovación. No por simple
amor a la tecnología, sino pensando en los resultados y
en la tranquilidad de nuestros clientes.
Así es como Atlas Copco se esforzará por seguir siendo

la primera elección, atraer nuevos negocios y mantener
nuestra posición como líder de la industria.

Compresores Atlas

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GA18 VSD, GA30 VSD

Se prohibe cualquier uso no autorizado o la copia de los contenidos o de

Esto se aplica en particular a marcas comerciales, denominación de

Fecha de impresión ......... 08/03/2005

 +%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+/+'06114'2#4#%+10'5  

 +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' 

 4')7.#&14'.'-6410+-10s++ 

 2#0'.&'%10641. 

 6'%.#5&'(70%+¡0 

 6'%.#5&'&'52.#<#/+'061 

 $16¡0&'2#4#&#&''/'4)'0%+# 

 241)4#/#5&'%10641. 

 /'0¨2#06#..#24+0%+2#. 

 +081%#%+¡0&'/'0¨5 

 %1057.6#42+&#&'.'56#&1#%67#.&'.%1/24'514 

 /'0¨&#615&''56#&1 

 /'0¨%106#&14'5  

 /'0¨247'$#  

 /'0¨/1&+(+%#%+¡0&'2#4/'6415  

 /1&+(+%#4.15#,756'5&'.%1/24'514/1614  

 /1&+(+%#%+¡0&'2#4/'6415  

 /1&+(+%#%+¡0&'.15#,756'5&'2416'%%+¡0  

 /1&+(+%#%+¡0&'2.#0'5&'5'48+%+1  

 241)4#/#4(70%+¡0&'4'.1,  

 /1&+(+%#%+¡0&'#,756'5&'%10(+)74#%+¡0  

 241)4#/#4/1&15&'%10641.&'.%1/24'514  

 /'0¨5'48+%+1  

 /'0¨&#615)7#4&#&15  

 #,756'5241)4#/#$.'52#4#.15/1&'.15&'.)#85&#.)#85&  

 70+&#&15&  

 +056#.#%+¡0  

 +05647%%+10'5&'(70%+10#/+'061;/#06'0+/+'061  

 2+%61)4#/#5  

 70+&#&&'4'%72'4#%+¡0&''0'4)#  

 5+56'/#5&'4'%72'4#%+¡0&''0'4)#  

 12'4#%+¡0  

 8.87.#56'4/1566+%#5&'&'4+8#%+¡0  

 /#06'0+/+'061  

 &#615&'4'%72'4#%+¡0&''0'4)#  

 &+$7,15&'&+/'05+10'5  

 %10':+10'5'.%64+%#5 

 4'37+5+615&'.#)7#&'4'(4+)'4#%+¡0 

 2+%61)4#/#5 

 #06'5&'.#44#037'+0+%+#. 

 #44#037'+0+%+#. 

 #06'5&'#44#0%#4 

 &74#06''.(70%+10#/+'061 

 %1/241$#4'.&+52.#; 

 2#4#&# 

 27'56#(7'4#&'5'48+%+1 

 241)4#/#&'/#06'0+/+'06124'8'06+81 

 /1614&'#%%+10#/+'061 

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