Manual Compresor Atlas Copco Nuevo 5t1e65
This document was ed by and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this report form. Report 3i3n4
Overview 26281t
More details 6y5l6z
- Words: 5,923
- Pages: 102
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 ......... 05/05/2006
Atlas Copco www.atlascopco.com
+PFKEG
2TGECWEKQPGUFGUGIWTKFCF
+%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
&GUETKREKÉPIGPGTCN
+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'
4GIWNCFQT'NGMVTQPKMQP+
4')7.#&14'.'-6410+-10+
2#0'.&'%10641.
&+52.#;
2+%61)4#/#576+.+<#&15'0.#2#06#..#
2#06#..#24+0%+2#.
#8+51&'2#4#&#&'#.#4/#
2#4#&#&'#.#4/#
#8+51&'5'48+%+1
&'52.#<#45'21461.#52#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%#%+¡04'#4/'&'6'/214+<#&14&'5'48+%+1
5'.'%%+¡0'064'%10641..1%#.4'/1611.#0
+081%#%+¡0&'/1&+(+%#%+¡0&'.+&&'01&12#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#44'#44#037'#761/Š6+%1&'527—5&'(#..1&'.81.6#,'
5'.'%%+¡0'064'#44#037';&1&1.
+081%#%+¡0&'/1&+(+%#%+¡0&'.6+'/21&'4'64#51&'%#4)#
+081%#%+¡0&'/1&+(+%#%+¡0&'6+'/21/›0+/1&'2#4#&#
#%6+8#42416'%%+¡0214%1064#5'Ÿ#
+081%#%+¡0&'/1&+(+%#%+¡0&'#,756'5&'2416'%%+¡0
2#06#..#5&'247'$#
#,756'5241)4#/#$.'5
+PUVCNCEKÉP
&+$7,15&'&+/'05+10'5
24127'56#&'+056#.#%+¡0
%10':+10'5'.—%64+%#5
2+%61)4#/#5
+PUVTWEEKQPGUFGHWPEKQPCOKGPVQ
#06'5&'.#44#037'+0+%+#.
#44#037'+0+%+#.
#06'5&'#44#0%#4
#44#037'
&74#06''.(70%+10#/+'061
%1/241$#4'.&+52.#;
2#4#&#
27'56#(7'4#&'5'48+%+1
/VGPKOKGPVQ
241)4#/#&'/#06'0+/+'06124'8'06+81
/1614&'#%%+10#/+'061
'52'%+(+%#%+10'5&'.#%'+6'
%#/$+1&'#%'+6';(+.6415&'#%'+6'
%#/$+1&'.5'2#4#&14&'#%'+6'
#./#%'0#/+'061&'527—5&'.#+056#.#%+¡0
,7')15&'5'48+%+1 5'48+%'-+65
#LWUVGU[RTQEGFKOKGPVQUFGUGTXKEKQ
(+.641&'#+4'
4'(4+)'4#&14'5
8Š.87.#5&'5')74+&#&
5QNWEKÉPFGRTQDNGOCU
51.7%+¡0&'241$.'/#5
&CVQUV¾EPKEQU
+0&+%#%+10'5'0'.&+52.#;
6#/#Ÿ1&'%#$.'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&'.%1/24'5142#4#)##)#
+PUVTWEEKQPGURCTCGNWUQFGNFGRÉUKVQFGCKTG
+05647%%+10'5&'751
2'&
&+4'%6+8#551$4''37+215#24'5+¡0
/WCNFGKPUVTWEEKQPGU
2TGECWEKQPGUFGUGIWTKFCF
+EQPQUFGUGIWTKFCF
+PVGTRTGVCEKÉP 2GNKITQFGOWGTVG #XKUQ 1DUGTXCEKÉPKORQTVVG
2TGECWEKQPGUFGUGIWTKFCFFWTVGKPUVCNCEKÉP
'NHCDTKEVGFGENKPCVQFCTGURQPUCDKNKFCFRQTEWCNSWKGTFCÇQQNGUKÉP TGUWNVVGFGNPQEWORNKOKGPVQFGGUVCURTGECWEKQPGUQFGNCPQ QDUGTXCEKÉPFGNCRTGECWEKÉPJCDKVWCN[GNFGDKFQEWKFCFQGPNCKPUVCNCEKÉP OGLQOVGPKOKGPVQQTGRCTCEKÉPCWPSWGPQUGJC[COGPEKQPCFQ GZRTGUCOGPVG 2TGECWEKQPGUIGPGTCNGU 'NQRGTCTKQFGDGNNGXCTCNCRT±EVKECNCUPQTOCUFGUGIWTKFCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT VQFCUNCUQTFGP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF 5KEWCNSWKGTKPFKECEKÉPFGNCUSWGUGEKVCEQPVKPWCEKÉPPQEWORNKGTCEQPNCNGIKUNCEKÉPNQECNUG CRNKECT±NCO±UGUVTKEVC .CKPUVCNCEKÉPHWPEKQPCOKGPVQOVGPKOKGPVQ[TGRCTCEKQPGUUÉNQUGNNGXCT±PCECDQRQTRGTUQPCN CWVQTK\CFQ[EQORGVGPVG 0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTGTGURKTCDNGGN CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU NQECNGU #PVGUFGGORG\CTGNVTCDCLQFGOVGPKOKGPVQTGRCTCEKÉPQCLWUVGQEQORTQDCEKÉPFKUVKPVCFGNC CVGPEKÉPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGO±UUGCDTKT±[UGDNQSWGCT±GNKPVGTTWRVQTUGRCTCFQTFG GPGTIÃCGN¾EVTKEC 0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPC RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ J±ICNQEQPOWEJQEWKFCFQ[RTQV¾LCUGNQUQLQU
/WCNFGKPUVTWEEKQPGU
2TGECWEKQPGUFWTVGNCKPUVCNCEKÉP .CO±SWKPCUÉNQFGDGNGXVCTUGWVKNK\FQGNGSWKRQCRTQRKCFQEQPHQTOGCNCUPQTOCVKXCUXKIGPVGU GPOCVGTKCFGUGIWTKFCF6QFCUNCURKG\CUUWGNVCUQRKXQVVGUFGDGPUWLGVCTUGEQPUGIWTKFCFVGU FGNGXVCT'UV±VGTOKPVGOGPVGRTQJKDKFQSWGFCTUGQRCUCTGPNC\QPCFGTKGUIQRQTFGDCLQFG WPCECTICNGXVCFC.CCEGNGTCEKÉP[FGUCEGNGTCEKÉPFGGNGXCEKÉPFGDGPCLWUVCTUGCNQUNÃOKVGUFG UGIWTKFCF2ÉPICUGGNECUEQFGUGIWTKFCFCNVTCDCLCTEGTECFGGSWKRQGNGXCFQTQC¾TGQ %QNQSWGNCO±SWKPCFQPFGGNCKTGCODKGPVGUGCNQO±UHTGUEQ[NKORKQRQUKDNG5KGUPGEGUCTKQ KPUVCNGWPEQPFWEVQFGUWEEKÉP0WPECQDUVTW[CNCVQOCFGCKTG&GDGTGFWEKTUGCNOÃPKOQNC GPVTCFCFGNCJWOGFCFSWGCEQORCÇCCNCKTGFGCURKTCEKÉP &GDGTGVKTCTEWCNSWKGTDTKFCQDVWTCFQTCVCRÉPVCRCQDQNUCUFGFGUGEVGVGUFGEQPGEVCTNCU VWDGTÃCU .CUOIWGTCUFGCKTGFGDGT±PUGTFGNVCOCÇQEQTTGEVQ[CFGEWCFCUCNCRTGUKÉPFGVTCDCLQ0WPEC WUGOIWGTCUFGUICUVCFCUFGVGTKQTCFCUQFGUJKNCEJCFCU.CUVWDGTÃCUFGFKUVTKDWEKÉP[UWU EQPGZKQPGUFGDGT±PUGTFGNVCOCÇQEQTTGEVQ[CFGEWCFCUCNCRTGUKÉPFGVTCDCLQ 'NCKTGCURKTCFQGUVCT±NKDTGFGJWOQUQXCRQTGUKPHNCOCDNGURGLFKUQNXGPVGUFGRKPVWTCSWG RQFTÃRTQFWEKTWPKPEGPFKQQGZRNQUKÉPKPVGTPC %QNQSWGNCVQOCFGCKTGGPWPUKVKQFQPFGPQRWGFCCURKTCTTQRCUUWGNVCUFGNCURGTUQPCU %QORTWGDGSWGNCVWDGTÃCFGFGUECTICSWGXCFGUFGGNEQORTGUQTCNTGHTKIGTCFQTRQUVGTKQTQCNCTGF FGCKTGRWGFGFKNCVCTRQTGHGEVQUFGNECNQT[PQGUV±GPEQPVCEVQEQPOCVGTKCNKPHNCOCDNGQEGTECFG ¾UVG 0QUGRWGFGGLGTEGTPKPIWPCHWGT\CGZVGTPCUQDTGNCX±NXWNCFGUCNKFCFGCKTGGNVWDQEQPGEVCFQPQ RWGFGGUVCTUQOGVKFQCGUHWGT\Q 5KUGKPUVCNCWPEQPVTQNTGOQVQNCO±SWKPCNNGXCT±WPECTVGNGPRQUKEKÉPXKUKDNGKPFKEFQ2'.+)41 'UVCO±SWKPCVKGPGEQPVTQNTGOQVQ[RWGFGRQPGTUGGPOCTEJCUKPRTGXKQCXKUQ 'NQRGTCFQTFGDGCUGIWTCTUGFGSWGNCO±SWKPCGUV±RCTCFC[FGSWGGNKPVGTTWRVQTUGRCTCFQTGUV± CDKGTVQ[DNQSWGCFQVGUFGTGCNK\CTEWCNSWKGTOVGPKOKGPVQQTGRCTCEKÉP2CTCOC[QTUGIWTKFCF NCURGTUQPCUSWGCEEKQPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU RCTCCUGIWTCTUGFGSWGPCFKGGUV¾XGTKHKEFQNCO±SWKPCQVTCDCLFQGPGNNC#GUVGHKPUG EQNQECT±WPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKÉPCTTECRQTEQPVTQNTGOQVQ CFKUVEKC .CUO±SWKPCUTGHTKIGTCFCURQTCKTGFGDGPKPUVCNCTUGFGOGTCSWGUGFKURQPICFGWPHNWLQ CFGEWCFQFGCKTGFGTGHTKIGTCEKÉP[SWGGNCKTGFGGUECRGPQTGEKTEWNGCNCGPVTCFC .CUEQPGZKQPGUGN¾EVTKECUFGDGPTGCNK\CTUGFGCEWGTFQEQPNQUEÉFKIQUNQECNGU.CKPUVCNCEKÉPFGDG TGCNK\CTUGCVKGTTC[RTQVGIGTUGFGEQTVQEKTEWKVQURQTOGFKQFGHWUKDNGUGPVQFCUNCUHCUGU&GDG KPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTFGGPGTIÃCGN¾EVTKECEQPEKGTTGEGTECFGNEQORTGUQT 'PO±SWKPCUEQPUKUVGOCFGCTTSWGRCTCFCCWVQO±VKEQQUKGUV±CEVKXCFCNCHWPEKÉPFG TGCTTSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLGUGHKLCT±EGTECFGNVCDNGTQFG KPUVTWOGPVQUWPECTVGNSWGFKIC'UVCO±SWKPCRWGFGRQPGTUGGPOCTEJCUKPRTGXKQCXKUQ 'PNQUUKUVGOCUHQTOCFQURQTXCTKQUEQORTGUQTGUFGDGPKPUVCNCTUGX±NXWNCUOWCNGURCTCCKUNCT ECFCEQORTGUQT0QFGDGEQPHKCTUGGPNCUX±NXWNCUVKTTGVQTPQ X±NXWNCUFGTGVGPEKÉPRCTCCKUNCT UKUVGOCUCRTGUKÉP 0WPECWNGPKOKRWNGNQUFKURQUKVKXQUFGUGIWTKFCFPKNCURTQVGEEKQPGUQNQUCKUNCOKGPVQU OQPVCFQUGPNCO±SWKPC%CFCTGEKRKGPVGCRTGUKÉPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC O±SWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKÉPUWRGTKQTCNCCVOQUH¾TKECUGRTQVGIGT±EQPWP FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKÉPUKGUVQHWGTCPGEGUCTKQ &GDGRTQVGIGTQCKUNCTNCUVWDGTÃCUWQVTCURCTVGUSWGCNEEGPVGORGTCVWTCUUWRGTKQTGUCNQUu%
u(SWGRWGFCVQECTCEEKFGPVCNOGPVGGNRGTUQPCNFWTVGGNHWPEKQPCOKGPVQPQTOCN.CUQVTCU VWDGTÃCUCVGORGTCVWTCGNGXCFCUGOCTECT±PCFGEWCFCOGPVG
/WCNFGKPUVTWEEKQPGU
2CTCXGTUKQPGUTGHTKIGTCFCURQTCIWCGNUKUVGOCFGCIWCFGTGHTKIGTCEKÉPKPUVCNCFQHWGTCFGNC O±SWKPCFGDGGUVCTRTQVGIKFQRQTWPFKURQUKVKXQFGUGIWTKFCFEQPRTGUKÉPFGCLWUVGEQPHQTOGCNC RTGUKÉPO±ZKOCFGGPVTCFCFGCIWCFGTGHTKIGTCEKÉP 5KGNUWGNQPQGUV±PKXGNCFQQRWGFGGUVCTUWLGVQCKPENKPCEKÉPXCTKCDNGEQPUWNVGCNHCDTKEVG
%QPUWNVGVCODK¾PNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF FWTVGHWPEKQPCOKGPVQ[2TGECWEKQPGUFGUGIWTKFCFFWTVGOVGPKOKGPVQ .CURTGUGPVGURTGECWEKQPGUUQPX±NKFCURCTCO±SWKPCUSWGVTCVGPQEQPUWOCKTGQ ICUKPGTVG'NVTCVCOKGPVQFGQVTQUVKRQUFGICUGZKIGRTGECWEKQPGUCFKEKQPCNGURTQRKCU FGNCCRNKECEKÉPSWGPQHKIWTGPGNVGZVQCNRKG #NIWPCURTGECWEKQPGUUQPFGECT±EVGTIGPGTCN[UQPX±NKFCURCTCXCTKQUVKRQUFG O±SWKPCU[GSWKRQURQTEQPUKIWKGPVGRWGFGSWGCNIWPCUKPFKECEKQPGUPQTGUWNVGP UKGORTGCRNKECDNGUCNCO±SWKPC
2TGECWEKQPGUFGUGIWTKFCFFWTVGHWPEKQPCOKGPVQ
'NHCDTKEVGFGENKPCVQFCTGURQPUCDKNKFCFRQTEWCNSWKGTFCÇQQNGUKÉP TGUWNVVGFGNPQEWORNKOKGPVQFGGUVCURTGECWEKQPGUQFGNCPQ QDUGTXCEKÉPFGNCRTGECWEKÉPJCDKVWCN[GNFGDKFQEWKFCFQGPNCKPUVCNCEKÉP OGLQOVGPKOKGPVQQTGRCTCEKÉPCWPSWGPQUGJC[COGPEKQPCFQ GZRTGUCOGPVG 2TGECWEKQPGUIGPGTCNGU 'NQRGTCTKQFGDGNNGXCTCNCRT±EVKECNCUPQTOCUFGUGIWTKFCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT VQFCUNCUQTFGP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF 5KEWCNSWKGTKPFKECEKÉPFGNCUSWGUGEKVCEQPVKPWCEKÉPPQEWORNKGTCEQPNCNGIKUNCEKÉPNQECNUG CRNKECT±NCO±UGUVTKEVC .CKPUVCNCEKÉPHWPEKQPCOKGPVQOVGPKOKGPVQ[TGRCTCEKQPGUUÉNQUGNNGXCT±PCECDQRQTRGTUQPCN CWVQTK\CFQ[EQORGVGPVG 0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTGTGURKTCDNGGN CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU NQECNGU #PVGUFGGORG\CTGNVTCDCLQFGOVGPKOKGPVQTGRCTCEKÉPQCLWUVGQEQORTQDCEKÉPFKUVKPVCFGNC CVGPEKÉPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGO±UUGCDTKT±[UGDNQSWGCT±GNKPVGTTWRVQTUGRCTCFQTFG GPGTIÃCGN¾EVTKEC 0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPC RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ J±ICNQEQPOWEJQEWKFCFQ[RTQV¾LCUGNQUQLQU
/WCNFGKPUVTWEEKQPGU
2TGECWEKQPGUFWTVGHWPEKQPCOKGPVQ 7UGUQNCOGPVGGNVKRQ[VCOCÇQEQTTGEVQUFGEQPGZKQPGU[CEEGUQTKQU#NUQRNCTCKTGCVTCX¾UFG WPCOIWGTCQVWDGTÃCCUGIÐTGUGFGSWGUGUWLGVCHKTOGOGPVGGNGZVTGOQCDKGTVQ7PGZVTGOQ NKDTGIQNRGCT±EQOQWPN±VKIQ[RQFT±ECWUCTNGUKQPGU#UGIÐTGUGFGSWGNCUOIWGTCUGUV±P EQORNGVCOGPVGFGURTGUWTK\CFCUVGUFGFGUEQPGEVCTNCU .CURGTUQPCUSWGCEEKQPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU RCTCCUGIWTCTUGFGSWGPCFKGGUV¾XGTKHKEFQNCO±SWKPCQVTCDCLFQGPGNNC#GUVGHKPUG EQNQECT±WPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKÉPCTTECRQTEQPVTQNTGOQVQ CFKUVEKC 0WPECJCICHWPEKQPCTNQUITWRQUGPNWICTGUFQPFGGZKUVCNCRQUKDKNKFCFFGCURKTCTGOCEKQPGU KPHNCOCDNGUQVÉZKECU 0WPECJCICHWPEKQPCTNCO±SWKPCRQTFGDCLQQGPEKOCFGUWUNÃOKVGU /VGPICEGTTCFCUVQFCUNCURWGTVCUFGNCECTTQEGTÃCFWTVGGNHWPEKQPCOKGPVQ5ÉNQRWGFGP CDTKTUGRQTDTGXGVKGORQRGLRCTCGHGEVWCTEQORTQDCEKQPGU7UGRTQVGEVQTGUFGQÃFQUCNCDTKTWPC RWGTVC .CURGTUQPCUSWGRGTOG\EGPWPCODKGPVGQWPCUCNCFQPFGGNPKXGNFGUQPKFQCNEEGQ GZEGFCF$ #FGDGPWUCTRTQVGEVQTGUFGQÃFQU %QORTWGDGRGTKÉFKECOGPVGSWG Ő 6QFCUNCURTQVGEEKQPGUUGGPEWGPVTGPUWNWICTRGTHGEVCOGPVGCUGIWTCFCU Ő 6QFCUNCUOIWGTCU[QVWDGTÃCUFGPVTQFGNITWRQUGGPEWGPVTGPDWGPCUEQPFKEKQPGUDKGP UWLGVCU[SWGPQUGTQ\ Ő 0QGZKUVGPHWICU Ő 6QFQUNQUVGPUQTGUGUV±PCRTGVCFQU Ő 6QFQUNQUECDNGUGN¾EVTKEQUUGGPEWGPVTUGIWTQU[GPDWGPCUEQPFKEKQPGU Ő .CUX±NXWNCUFGUGIWTKFCF[NQUQVTQUFKURQUKVKXQUFGGXCEWCEKÉPFGRTGUKÉPPQGUV±PCVCUECFQU RQTGUECOCUQRKPVWTC Ő .CX±NXWNCFGUCNKFC[TGFFGCKTGGUFGEKTVWDQUCEQRNCOKGPVQUEQNGEVQTGUX±NXWNCU OIWGTCUGVEUGGPEWGPVTGPDWGPGUVCFQUKPFGUICUVGUQTOCNGU[VTCVCFQU CFGEWCFCOGPVG 5KUGWUCGNCKTGFGTGHTKIGTCEKÉPECNKGPVGFGEQORTGUQTGUGPWPUKUVGOCFGECNGHCEEKÉPRQTCKTG RGLRCTCECNGPVCTWPVCNNGTJC[SWGVQOCTRTGECWEKQPGUEQPVTCNCRQNWEKÉP[EQPVCOKPCEKÉP GXGPVWCNFGNCKTGTGURKTCDNG 0QSWKVGPKPIWPCRCTVGFGNOCVGTKCNKPUQPQTK\VGPKNQECODKGFGUKVKQ 0WPECWNGPKOKRWNGNQUFKURQUKVKXQUFGUGIWTKFCFPKNCURTQVGEEKQPGUQNQUCKUNCOKGPVQU OQPVCFQUGPNCO±SWKPC%CFCFGRÉUKVQCRTGUKÉPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC O±SWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKÉPUWRGTKQTCNCCVOQUH¾TKECUGRTQVGIGT±EQPWP FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKÉPUKGUVQHWGTCPGEGUCTKQ
%QPUWNVGVCODK¾PNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF FWTVGKPUVCNCEKÉP[2TGECWEKQPGUFGUGIWTKFCFFWTVGOVGPKOKGPVQ .CURTGUGPVGURTGECWEKQPGUUQPX±NKFCURCTCO±SWKPCUSWGVTCVGPQEQPUWOCKTGQ ICUKPGTVG'NVTCVCOKGPVQFGQVTQUGURGEKGUFGICUGZKIGRTGECWEKQPGUCFKEKQPCNGU RTQRKCUFGNCCRNKECEKÉPSWGPQHKIWTGPGNVGZVQCNRKG #NIWPCURTGECWEKQPGUUQPFGECT±EVGTIGPGTCN[UQPX±NKFCURCTCXCTKQUVKRQUFG O±SWKPCU[GSWKRQURQTEQPUKIWKGPVGRWGFGSWGCNIWPCUKPFKECEKQPGUPQTGUWNVGP UKGORTGCRNKECDNGUCNCO±SWKPC
/WCNFGKPUVTWEEKQPGU
2TGECWEKQPGUFGUGIWTKFCFFWTVGOVGPKOKGPVQQ TGRCTCEKQPGU
'NHCDTKEVGFGENKPCVQFCTGURQPUCDKNKFCFRQTEWCNSWKGTFCÇQQNGUKÉP TGUWNVVGFGNPQEWORNKOKGPVQFGGUVCURTGECWEKQPGUQFGNCPQ QDUGTXCEKÉPFGNCRTGECWEKÉPJCDKVWCN[GNFGDKFQEWKFCFQGPNCKPUVCNCEKÉP OGLQOVGPKOKGPVQQTGRCTCEKÉPCWPSWGPQUGJC[COGPEKQPCFQ GZRTGUCOGPVG 2TGECWEKQPGUIGPGTCNGU 'NQRGTCTKQFGDGNNGXCTCNCRT±EVKECNCUPQTOCUFGUGIWTKFCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT VQFCUNCUQTFGP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF 5KEWCNSWKGTKPFKECEKÉPFGNCUSWGUGEKVCEQPVKPWCEKÉPPQEWORNKGTCEQPNCNGIKUNCEKÉPNQECNUG CRNKECT±NCO±UGUVTKEVC .CKPUVCNCEKÉPHWPEKQPCOKGPVQOVGPKOKGPVQ[TGRCTCEKQPGUUÉNQUGNNGXCT±PCECDQRQTRGTUQPCN CWVQTK\CFQ[EQORGVGPVG 0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTGTGURKTCDNGGN CKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU NQECNGU #PVGUFGGORG\CTGNVTCDCLQFGOVGPKOKGPVQTGRCTCEKÉPQCLWUVGQEQORTQDCEKÉPFKUVKPVCFGNC CVGPEKÉPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGO±UUGCDTKT±[UGDNQSWGCT±GNKPVGTTWRVQTUGRCTCFQTFG GPGTIÃCGN¾EVTKEC 0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPC RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ J±ICNQEQPOWEJQEWKFCFQ[RTQV¾LCUGNQUQLQU 2TGECWEKQPGUFGUGIWTKFCFFWTVGOVGPKOKGPVQQTGRCTCEKQPGU 2ÉPICUGUKGORTGWPCUICHCUFGUGIWTKFCF 7UGUQNCOGPVGNCUJGTTCOKGPVCUCFGEWCFCUCNVTCDCLQFGOVGPKOKGPVQ[TGRCTCEKÉP 5ÉNQRQFT±PWVKNK\CTUGTGRWGUVQUQTKIKPCNGU .QUVTCDCLQUFGOVGPKOKGPVQUGNNGXCT±PCECDQÐPKECOGPVGEWFQNCO±SWKPCUGJC[CGPHTKCFQ #FGO±UGNGSWKRQFGCTTSWGFGDGNNGXCTWPECTVGNSWGFKICRGLUGGUV±VTCDCLFQPQRQPGTGP OCTEJC .CURGTUQPCUSWGCEEKQPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU RCTCCUGIWTCTUGFGSWGPCFKGGUV¾XGTKHKEFQNCO±SWKPCQVTCDCLFQGPGNNC#GUVGHKPUG EQNQECT±WPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKÉPCTTECRQTEQPVTQNTGOQVQ CFKUVEKC %KGTTGNCX±NXWNCFGUCNKFCFGCKTGVGUFGEQPGEVCTQFGUEQPGEVCTWPCVWDGTÃC #PVGUFGFGUOQPVCTEWCNSWKGTEQORQPGPVGRTGUWTK\CFQCÃUNGGNITWRQFGVQFCUNCUHWGPVGUFG RTGUKÉP[CNKXKGVQFQGNUKUVGOCFGRTGUKÉP 0WPECWUGFKUQNXGPVGUKPHNCOCDNGUPKVGVTCENQTWTQFGECTDQPQRCTCNKORKCTNCURKG\CU6QOGOGFKFCU FGUGIWTKFCFEQPVTCXCRQTGUVÉZKEQUFGNÃSWKFQUFGNKORKG\C 'ZVTGOGNCNKORKG\CFWTVGNQUVTCDCLQUFGOVGPKOKGPVQ[TGRCTCEKÉP%WDTCNCURKG\CU[NCU CDGTVWTCUEQPWPRCÇQNKORKQRCRGNQEKPVCCFJGUKXCGXKVFQCUÃSWGRGPGVTGRQNXQ
/WCNFGKPUVTWEEKQPGU
0WPECUWGNFGPKNNGXGCECDQPKPIWPCQRGTCEKÉPSWGKORNKSWGGNWUQFGECNQTEGTECFGNUKUVGOCFG CEGKVG.QUVSWGUFGCEGKVGFGDGPRWTICTUGEQORNGVCOGPVGEQPXCRQTRQTGLGORNQVGUFG GHGEVWCTVCNGUQRGTCEKQPGU0QUWGNFGPKOQFKHKSWGPWPECTGEKRKGPVGUCRTGUKÉP #NCOGPQTUGÇCNQUQURGEJCFGUQDTGECNGPVCOKGPVQFGWPCRCTVGKPVGTPCFGWPCO±SWKPCFGDG RCTCTUG¾UVC[PQCDTKTPKPIWPCVCRCFGKPURGEEKÉPJCUVCWPCXG\VTUEWTTKFQDCUVVGVKGORQFG GPHTKCOKGPVQCHKPFGGXKVCTGNTKGUIQFGKIPKEKÉPGURQPV±PGCFGNXCRQTFGCEGKVGCNGPVTCTGP EQPVCEVQEQPGNCKTG 0WPECWVKNKEGWPCHWGPVGFGKNWOKPCEKÉPEQPNNCOCNKDTGRCTCKPURGEEKQPCTGNKPVGTKQTFGWPCO±SWKPC TGEKRKGPVGCRTGUKÉPGVE #UGIÐTGUGFGSWGPQJSWGFCFQJGTTCOKGPVCURKG\CUUWGNVCUQVTCRQUFGPVTQQGPEKOCFGNC O±SWKPC 6QFQUNQUFKURQUKVKXQUTGIWNCFQTGU[FGUGIWTKFCFFGDGPOVGPGTUGEQPGNFGDKFQEWKFCFQRCTC ICTVK\CTSWGHWPEKQPEQTTGEVCOGPVG'UV±RTQJKDKFQCRCICTGUVQUFKURQUKVKXQU #PVGUFGFGLCTNCO±SWKPCNKUVCRCTCWUQFGURW¾UFGNOVGPKOKGPVQQTGXKUKÉPEQORTWGDGSWGNCU RTGUKQPGU[VGORGTCVWTCUFGHWPEKQPCOKGPVQ[NQUCLWUVGUFGVKGORQUQPEQTTGEVQU%QORTWGDGSWG NQUFKURQUKVKXQUFGEQPVTQN[RCTCFCGUV±PKPUVCNCFQU[HWPEKQPEQTTGEVCOGPVG5KUGJCSWKVCFQGN IWCTFCCEQRNCOKGPVQFGNGLGFGCEEKQPCOKGPVQFGNEQORTGUQTEQORTWGDGSWGGUV±TGKPUVCNCFQ 'ZCOKPGGNVWDQFGKORWNUKÉP[GNKPVGTKQTFGNFGRÉUKVQUGRCTCFQTFGCEGKVGECFCXG\SWGUGECODKG GNGNGOGPVQUGRCTCFQTRCTCXGTUKGZKUVGPTGEKRKGPVGUUGRCTCFQTGUFGCEGKVGRCTCFGRÉUKVQUFG ECTDÉP5KUQPGZEGUKXQUFGDGPTGVKTCTUG 2TQVGLCGNOQVQTGNHKNVTQFGCKTGNQUEQORQPGPVGUGN¾EVTKEQU[TGIWNCFQTGUGVEFGNCGPVTCFCFG JWOGFCFRGLFWTVGNCNKORKG\CEQPXCRQT #UGIÐTGUGFGSWGVQFQGNOCVGTKCNKPUQPQTK\VGRGLGPNCECTTQEGTÃC[NQUUKUVGOCUFGGPVTCFC[ UCNKFCFGCKTGFGNEQORTGUQTUGJCNNCGPDWGPGUVCFQ'PECUQFGFCÇQTGGORN±EGNQRQTOCVGTKCN QTKIKPCNFGNHCDTKEVGRCTCGXKVCTSWGCWOGPVGGNPKXGNFGRTGUKÉPFGUQPKFQ 0WPECWVKNKEGFKUQNXGPVGUE±WUVKEQUSWGRWGFQECUKQPCTFCÇQCNOCVGTKCNFGNCTGFFGCKTGRGLNCU VC\CUFGRQNKECTDQPCVQ 5GJCEGJKPECRK¾GPNCUUKIWKGPVGURTGECWEKQPGUFGUGIWTKFCFCNOGLCTGNTGHTKIGTVG Ő 0WPECCURKTGNQUXCRQTGUFGNTGHTKIGTVG%QORTWGDGSWGGN±TGCFGVTCDCLQGUV±XGPVKNCFC CFGEWCFCOGPVGWVKNKEGWPCO±UECTCRTQVGEVQTCUKHWGTCPGEGUCTKQ Ő 7UGUKGORTGIWVGUGURGEKCNGU'PECUQFGEQPVCEVQFGNTGHTKIGTVGEQPNCRKGNGPLWCIWGEQP CDWPFVGCIWC'PECUQFGEQPVCEVQFGNTGHTKIGTVGNÃSWKFQEQPNCRKGNCVTCX¾UFGNCTQRCPQ CTTSWGPKUGGZVTCKICNCRTGPFCOQLGNCTQRCCDWPFVGOGPVGEQPCIWCJCUVCSWGJC[C FGUCRCTGEKFQVQFQGNTGHTKIGTVGCRNKSWGFGURW¾UNQURTKOGTQUCWZKNKQU 2ÉPICUGUKGORTGIWVGURTQVGEVQTGURCTCGNKOKPCTGNTKGUIQFGNGUKQPGUECWUCFCURQTRKG\CUFG O±SWKPCUUQDTGECNGPVCFCURGLCNUCECTCEGKVG
%QPUWNVGVCODK¾PNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF FWTVGKPUVCNCEKÉP[2TGECWEKQPGUFGUGIWTKFCFFWTVGHWPEKQPCOKGPVQ .CURTGUGPVGURTGECWEKQPGUUQPX±NKFCURCTCO±SWKPCUSWGVTCVGPQEQPUWOCKTGQ ICUKPGTVG'NVTCVCOKGPVQFGQVTQUGURGEKGUFGICUGZKIGRTGECWEKQPGUCFKEKQPCNGU RTQRKCUFGNCCRNKECEKÉPSWGPQHKIWTGPGNVGZVQCNRKG #NIWPCURTGECWEKQPGUUQPFGECT±EVGTIGPGTCN[UQPX±NKFCURCTCXCTKQUVKRQUFG O±SWKPCU[GSWKRQURQTEQPUKIWKGPVGRWGFGSWGCNIWPCUKPFKECEKQPGUPQTGUWNVGP UKGORTGCRNKECDNGUCNCO±SWKPC
/WCNFGKPUVTWEEKQPGU
&GUETKREKÉPIGPGTCN
+PVTQFWEEKÉP
+PVTQFWEEKÉP .QUOQFGNQU)#C)#UQPEQORTGUQTGUFGVQTPKNNQFGGVCRCÐPKECEQPKP[GEEKÉPFGCEGKVG[ CEEKQPCOKGPVQRQTOQVQTGN¾EVTKEQ.QUEQORTGUQTGUGUV±PTGHTKIGTCFQURQTCKTG )#2CEM .QU)#2CEMXCNQLCFQUFGPVTQFGWPCECTTQEGTÃCKPUQPQTK\VG.QUEQORTGUQTGUGUV±PEQPVTQNCFQU RQTGNTGIWNCFQT'NGMVTQPKMQPs+FG#VNCU%QREQ'NOÉFWNQFGEQPVTQNGNGEVTÉPKEQGUV±KPUVCNCFQGPNC RWGTVCRQTGNNCFQFGNVGTQ&GVT±UFGFKEJQRGNUGJCNNCWPCTOCTKQGN¾EVTKEQSWGGPEKGTTCGN CTTECFQTFGNOQVQT
8KUVCFGNVGTCFG)#C)#2CEMOQPVCFQUQDTGUWGNQ .QUEQORTGUQTGUOQPVCFQUUQDTGUWGNQUGKPUVCNFKTGEVCOGPVGGPGNUWGNQ
/WCNFGKPUVTWEEKQPGU
8KUVCFGNVGTCFG)#C)#2CEMOQPVCFQUQDTGFGRÉUKVQ .QUOQFGNQU)#C)#OQPVCFQUUQDTGFGRÉUKVQUGKPUVCNUQDTGWPFGRÉUKVQFGCKTGFGIT ECRCEKFCF #4FGN ICNEWHV 4GHGTGPEKC
&GUKIPCEKÉP
#(
(KNVTQFGCKTG
#4
4GEGRVQTFGCKTG
#8
8±NXWNCFGUCNKFCFGCKTG
%C
4GHTKIGTCFQTFGCKTG
%Q
4GHTKIGTCFQTFGCEGKVG
&O
2WPVQFGFTGPCLGOWCNFGRÉUKVQFGCKTG
'4
4GIWNCFQT'NGMVTQPKMQP+
/
/QVQTFGCEEKQPCOKGPVQ
/6
%QNGEVQTFGEQPFGPUCFQ
1(
(KNVTQFGCEGKVG
15
5GRCTCFQTFGCEGKVG
16
&GRÉUKVQFGCEGKVG
5
$QVÉPFGRCTCFCFGGOGTIGPEKC
)#(WNN(GCVWTG .QU)#(WNN(GCVWTG ((GUV±PEQPVTQNCFQURQTGNTGIWNCFQT'NGMVTQPKMQPs+FG#VNCU%QREQ#FGO±U GUV±PFQVCFQUFGWPUGECFQTFGCKTGKPVGITCFQGPNCECTTQEGTÃCKPUQPQTK\VG'NUGECFQTGNKOKPCGN EQPFGPUCFQFGNCKTGEQORTKOKFQGPHTK±PFQNQCEGTECFGNRWPVQFGEQPIGNCEKÉP[RWTIFQ CWVQO±VKECOGPVGGNEQPFGPUCFQ
/WCNFGKPUVTWEEKQPGU
8KUVCFGNVGTCFG)#C)#(WNN(GCVWTGOQPVCFQUQDTGUWGNQ .QUEQORTGUQTGUOQPVCFQUUQDTGUWGNQUGKPUVCNFKTGEVCOGPVGGPGNUWGNQ
8KUVCFGNVGTCFG)#C)#(WNN(GCVWTGOQPVCFQUQDTGFGRÉUKVQ .QUOQFGNQU)#C)#OQPVCFQUUQDTGFGRÉUKVQUGKPUVCNUQDTGWPFGRÉUKVQFGCKTGFGIT ECRCEKFCF #4FGN ICNEWHV
/WCNFGKPUVTWEEKQPGU
4GHGTGPEKC
&GUKIPCEKÉP
#(
(KNVTQFGCKTG
#4
4GEGRVQTFGCKTG
#8
8±NXWNCFGUCNKFCFGCKTG
%C
4GHTKIGTCFQTFGCKTG
%Q
4GHTKIGTCFQTFGCEGKVG
&O
2WPVQFGFTGPCLGOWCNFGRÉUKVQFGCKTG
&4
5GECFQT
'4
4GIWNCFQT'NGMVTQPKMQP+
/
/QVQTFGCEEKQPCOKGPVQ
1(
(KNVTQFGCEGKVG
15
5GRCTCFQTFGCEGKVG
16
&GRÉUKVQFGCEGKVG
5
$QVÉPFGRCTCFCFGGOGTIGPEKC
/WCNFGKPUVTWEEKQPGU
(NWLQFGCKTG
&KCITCOCUFGHNWLQ
&KCITCOCFGHNWLQ)#2CEM
/WCNFGKPUVTWEEKQPGU
&KCITCOCFGHNWLQ)#(WNN(GCVWTG 4GHGTGPEKC
&GUETKREKÉP
#
6QOCFGCKTG
$
/G\ENCFGCKTGCEGKVG
%
#EGKVG
&
#KTGEQORTKOKFQJÐOGFQ
(
%QPFGPUCFQ
)
#KTGEQORTKOKFQUGEQ
/WCNFGKPUVTWEEKQPGU
&GUETKREKÉP 'NCKTGGUCURKTCFQCVTCX¾UFGNHKNVTQ #([NCX±NXWNCFGGPVTCFCCDKGTVC +8GPGNGNGOGPVQEQORTGUQT
'FQPFGUGEQORTKOG'NCKTGEQORTKOKFQ[GNHNWLQFGCEGKVGRCUCNFGRÉUKVQFGCEGKVG 16'NCKTGUG FGUECTICCVTCX¾UFGNCX±NXWNCFGUCNKFC #8OGFKVGNCX±NXWNCFGRTGUKÉPOÃPKOC 8R[GN TGHTKIGTCFQTFGCKTG %C .CUWPKFCFGU2CEMKPENW[GPWPEQNGEVQTFGEQPFGPUCFQ /6 'PNQUEQORTGUQTGU(WNN(GCVWTGGNCKTGRCUCCVTCX¾UFGNUGECFQTFGCKTG &4VGUFGFGUECTICTUGC VTCX¾UFGNCX±NXWNCFGUCNKFC #88¾CUGVCODK¾PNCUGEEKÉP5GECFQTFGCKTG+(&
5KUVGOCFGCEGKVG
&KCITCOCFGHNWLQ
5KUVGOCFGCEGKVG
4GHGTGPEKCU
&GUETKREKÉP
2CTCWPKFCFGU2CEMHNWLQFGCKTGEQORTKOKFQCNEQNGEVQTFGEQPFGPUCFQ 2CTCWPKFCFGU(WNN(GCVWTGHNWLQFGCKTGEQORTKOKFQCNUGECFQTFGCKTG
/WCNFGKPUVTWEEKQPGU
4GHGTGPEKCU
&GUETKREKÉP
#
6QOCFGCKTG
$
/G\ENCFGCKTGCEGKVG
%
#EGKVG
&
#KTGEQORTKOKFQJÐOGFQ
(
%QPFGPUCFQ
&GUETKREKÉP 'PGNFGRÉUKVQFGCEGKVG 16NCOC[QTRCTVGFGNCEGKVGUGUGRCTCFGHQTOCEGPVTÃHWICFGNCOG\ENCFG CKTGCEGKVG'NTGUVQNQTGVKTCGNUGRCTCFQTFGCEGKVG 15'NCEGKVGUGTGEQIGGPNCRCTVGKPHGTKQTFGN FGRÉUKVQFGCEGKVG 16 .CRTGUKÉPFGNCKTGHWGT\CGNCEGKVGFGUFGGNFGRÉUKVQ 16CVTCX¾UFGNTGHTKIGTCFQT %Q[HKNVTQ 1(CN GNGOGPVQEQORTGUQT '[NQURWPVQUFGNWDTKECEKÉP .CX±NXWNCFGFGTKXCEKÉPVGTOQUV±VKEC $8GORKG\CCCDTKTGNUWOKPKUVTQFGCEGKVGFGNTGHTKIGTCFQT %QCN UWDKTNCVGORGTCVWTCFGNCEGKVGCNRWPVQFGCLWUVG#WPQUu% (RQTGPEKOCFGNRWPVQFGCLWUVG VQFQGNCEGKVGRCUCRQTGNTGHTKIGTCFQT
5KUVGOCFGTGHTKIGTCEKÉP
&KCITCOCFGHNWLQ
5KUVGOCFGTGHTKIGTCEKÉP
/WCNFGKPUVTWEEKQPGU
4GHGTGPEKCU
&GUETKREKÉP
#
6QOCFGCKTG
$
/G\ENCFGCKTGCEGKVG
%
#EGKVG
&
#KTGEQORTKOKFQJÐOGFQ
'
%QPFGPUCFQ
&GUETKREKÉP 'NUKUVGOCFGTGHTKIGTCEKÉPXKGPGFQVCFQFGWPTGHTKIGTCFQTFGCKTG %C[QVTQFGCEGKVG %Q 'NCKTGFGTGHTKIGTCEKÉPNQIGPGTCWPXGPVKNCFQTEQPOQVQTFGCEEKQPCOKGPVQ (0
5KUVGOCFGEQPFGPUCFQ
2WPVQUFGFTGPCLGFGEQPFGPUCFQ
7PKFCFGU2CEMEQPRWPVQUFGFTGPCLGFGEQPFGPUCFQ
7PKFCFGU(WNN(GCVWTGEQPRWPVQFGFTGPCLGFGEQPFGPUCFQ
/WCNFGKPUVTWEEKQPGU
.CUWPKFCFGU2CEMVKGPGPWPEQNGEVQTFGEQPFGPUCFQ /6'NEQNGEVQTFGEQPFGPUCFQGUV±GSWKRCFQEQP WPFTGPCLGOWCN &O[WPFTGPCLGCWVQO±VKEQ &C .CUWPKFCFGU(WNN(GCVWTGVKGPGPWPFKURQUKVKXQFGFTGPCLGGNGEVTÉPKEQ 'NFKURQUKVKXQFGFTGPCLG GNGEVTÉPKEQGUV±GSWKRCFQEQPWPRWPVQFGFTGPCLGCWVQO±VKEQ &C .CUWPKFCFGUOQPVCFCUGPFGRÉUKVQFKURQPGPFGWPRWPVQFGFTGPCLGOWCNCFKEKQPCNGPGNFGRÉUKVQFG CKTG
5KUVGOCFGTGIWNCEKÉP
&KCITCOCFGHNWLQ
5KUVGOCFGTGIWNCEKÉPFG)#C)# &GUECTIC 5KGNEQPUWOQFGCKTGGUKPHGTKQTCNUWOKPKUVTQFGNEQORTGUQTNCRTGUKÉPFGNCTGFCWOGPVCT±%WFQNC RTGUKÉPFGNCTGFCNEEGNCFGFGUECTICUGFGUGPGTIK\CNCX±NXWNCFGUQNGPQKFG ;'N¾ODQNQFGNC X±NXWNCTGVQTPC Ő .CX±NXWNCFGUQNGPQKFG ;FGUCEVKXCNCX±NXWNCFGFGUECTICGZRWNUKÉP 78 Ő .CX±NXWNCFGFGUECTICGZRWNUKÉP 78EQPGEVCNCRTGUKÉPFGNTGEGRVQTFGCKTG EQPNCE±OCTC [ EQPGNQTKHKEKQFGGZRWNUKÉP Ő .CRTGUKÉPFGNCE±OCTC JCEGSWGGN¾ODQNQFGECTIC .2UGFGURNCEGJCEKCCTTKDC Ő .CRTGUKÉPUGGUVCDKNK\CCWPDCLQXCNQT7PCRGSWGÇCEVKFCFFGCKTGUKIWGUKGPFQCURKTCFC[RCUCCN FGUECTICFQT %CTIC %WFQNCRTGUKÉPFGNCTGFDCLGCNCFGECTICNCX±NXWNCFGUQNGPQKFG ;UGGPGTIK\C'N¾ODQNQFG ¾UVC ;UGOWGXGJCEKCCTTKDC
/WCNFGKPUVTWEEKQPGU
Ő .CX±NXWNCFGUQNGPQKFG ;EQPVTQNCNCX±NXWNCFGFGUECTICGZRWNUKÉP 78 Ő .CX±NXWNCFGFGUECTICGZRWNUKÉP 78EKGTTCGNQTKHKEKQFGGZRWNUKÉPFGCKTG [GNUWOKPKUVTQJCEKCNC E±OCTC Ő 'UVQJCEGSWGGN¾ODQNQFGECTIC .2UGFGURNCEGJCEKCCDCLQ[SWGNCX±NXWNCFGGPVTCFC +8UG CDTCRQTEQORNGVQ 5GTGWFCGNUWOKPKUVTQFGCKTG GNEQORTGUQTOCTEJCGPECTIC
5KUVGOCGN¾EVTKEQ
)GPGTCNKFCFGU %QPUWNVGVCODK¾PNCUUGEEKQPGU&KCITCOCUGN¾EVTKEQU[%QPGZKQPGUGN¾EVTKECU %QORQPGPVGUGN¾EVTKEQU 'NUKUVGOCGN¾EVTKEQEQPUVCFGNQUEQORQPGPVGUUKIWKGPVGU
%WDÃEWNQGN¾EVTKEQFG)#C)#GLGORNQVÃRKEQ
/WCNFGKPUVTWEEKQPGU
4GHGTGPEKC
&GUKIPCEKÉP
(
(WUKDNGU
(
(WUKDNGU
(
(WUKDNGURCTCUGECFQT UÉNQGPEQORTGUQTGU(WNN(GCVWTG
(
4GN¾FGUQDTGECTICOQVQTFGNEQORTGUQT
-
%QPVCEVQTCWZKNKCTRCTCUGECFQT UÉNQGPEQORTGUQTGU(WNN(GCVWTG
-
%QPVCEVQTFGNÃPGC
-
%QPVCEVQTFGGUVTGNNC
-
%QPVCEVQTFGVTK±PIWNQ
66
6TUHQTOCFQTGU
:
4GINGVCFGDQTPGU UWOKPKUVTQFGVGPUKÉP
:
4GINGVCFGDQTPGU OQVQT
::
%QPGEVQTGU
2'
$QTPGFGRWGUVCCVKGTTC
/WCNFGKPUVTWEEKQPGU
&KCITCOCUGN¾EVTKEQU
&KCITCOCFG'NGMVTQPKMQP+
/WCNFGKPUVTWEEKQPGU
4GHGTGPEKC
&GUKIPCEKÉP
+PUVCNCEKÉPFGNENKGPVG
1REKÉP
6QFQUNQUXQNVCLGUEQPGZEGREKÉPFG8*\
#TTSWGRCTCFCCFKUVEKC
2TQVGEEKÉPFGNOQVQT
2CTCFCFGGOGTIGPEKC
2CTCFCFGGOGTIGPEKCCFKUVEKC
5WOKPKUVTQFGUGECFQT
6QFQUNQUQVTQUXQNVCLGU
&GUKIPCEKQPGURCTCEQORTGUQTGU'NGMVTQPKMQP+ 4GHGTGPEKC
%QORTGUQT
#
5GECFQT
/
/QVQTFGNEQORTGUQT
26
5GPUQTFGRTGUKÉPUWOKPKUVTQFGCKTG
66
5GPUQTFGVGORGTCVWTCUCNKFCFGNGNGOGPVQ
66
5GPUQTFGVGORGTCVWTC.#6UGECFQT
;
8±NXWNCFGUQNGPQKFG
4GHGTGPEKC
%WDÃEWNQFGCTTSWG
'
4GIWNCFQT'NGMVTQPKMQP
(
(WUKDNGU
(
4GN¾FGUQDTGECTICOQVQTFGNEQORTGUQT
-
%QPVCEVQTFGNÃPGC
-
%QPVCEVQTFGGUVTGNNC
-
%QPVCEVQTFGVTK±PIWNQ
-
4GN¾CWZKNKCTRTQVGEEKÉPFGNOQVQT
5ʼn
&GVGEEKÉPRTGUKÉPTGOQVC
5ʼn
#TTSWGRCTCFCCFKUVEKC
5
2CTCFCFGGOGTIGPEKC
5ʼn
2CTCFCFGGOGTIGPEKCCFKUVEKC
6
6TUHQTOCFQT
:
%QPGZKÉPFGUWOKPKUVTQFGGPGTIÃC
:
%QPGZKÉPFGNOQVQT
:
%QPGZKÉPCVKGTTC
::
%QPGEVQTGU
/WCNFGKPUVTWEEKQPGU
4GHGTGPEKC
/ÉFWNQFGEQPVTQNFGNEQORTGUQT
-
4GN¾FGDNQSWGQ
-
4GN¾CWZKNKCTEQPVCEVQTFGGUVTGNNC
-
4GN¾CWZKNKCTEQPVCEVQTFGVTK±PIWNQ
-
4GN¾CWZKNKCTECTICFGUECTIC
-
4GN¾CWZKNKCTUGECFQT
-
4GN¾CWZKNKCTRCTCFCIGPGTCN
+
#TTSWG
2CTCFC
4GHGTGPEKC
'SWKRQQREKQPCN
$
&KURQUKVKXQGNGEVTÉPKEQFGFTGPCLGFGCIWC
;
&TGPCLGEQPVGORQTK\CFQT
-
4GN¾FGUGEWGPEKCFGHCUGU
5
+PVGTTWRVQTRTKPEKRCN
4
%CNGPVCFQTGUVKEQPFGPUCEKÉP
5GECFQTFGCKTG
&GUETKREKÉP
5GECFQTFGCKTG 'NCKTGEQORTKOKFQGPVTCGPGNKPVGTECODKCFQTFGECNQT [UGGPHTÃCOGFKVGGNCKTGUGECFQ[HTÃQSWG UCNG'NCIWCFGNCKTGSWGGPVTCGORKG\CCEQPFGPUCTUG.WGIQGNCKTGHNW[GCVTCX¾UFGNKPVGTECODKCFQT FGECNQTGXCRQTCFQT FQPFGGNTGHTKIGTVGUGGXCRQTCJCEKGPFQSWGGNCKTGEQPVKPÐGGPHTK±PFQUG JCUVCCEGTECTUGCNCVGORGTCVWTCFGGXCRQTCEKÉPFGNTGHTKIGTVG5GEQPFGPUCO±UCIWCGPGNCKTG'N CKTGHTÃQRCUCGPUGIWKFCCVTCX¾UFGNUGRCTCFQT FQPFGVQFQGNEQPFGPUCFQUGUGRCTCFGNCKTG'N EQPFGPUCFQGUFTGPCFQCWVQO±VKECOGPVG'NCKTGUGECFQ[HTÃQRCUCCVTCX¾UFGNKPVGTECODKCFQTFGECNQT
FQPFGUGECNKGPVCOGFKVGGNCKTGFGGPVTCFC
/WCNFGKPUVTWEEKQPGU
4GIWNCFQT'NGMVTQPKMQP+
4GIWNCFQT'NGMVTQPKMQP+
2GNFGEQPVTQN
+PVTQFWEEKÉP 'PIGPGTCNGNTGIWNCFQT'NGMVTQPKMQPGLGEWVCNCUVCTGCUUKIWKGPVGU Ő %QPVTQNFGNEQORTGUQT Ő 2TQVGIGTGNEQORTGUQT Ő /QPKVQTK\CTNQUEQORQPGPVGUUWLGVQUCUGTXKEKQ Ő #TTSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLG JGEJQKPCEVKXQ %QPVTQNCWVQO±VKEQFGNEQORTGUQT 'NTGIWNCFQTOVKGPGNCRTGUKÉPFGNCTGFGPVTGNQUNÃOKVGURTQITCOCDNGUECTIFQ[FGUECTIFQGN EQORTGUQTCWVQO±VKECOGPVG5GVKGPGGPEWGPVCWPPÐOGTQFGCLWUVGURTQITCOCDNGURGLNCURTGUKQPGU FGFGUECTIC[ECTICGNVKGORQOÃPKOQFGRCTCFC[GNPÐOGTQO±ZKOQFGCTTSWGUFGNOQVQT 'NTGIWNCFQTRCTCGNEQORTGUQTECFCXG\SWGUGCRQUKDNGEQPQDLGVQFGTGFWEKTGNEQPUWOQFGGPGTIÃC[ XWGNXGCCTTECTNQCWVQO±VKECOGPVGEWFQDCLGNCRTGUKÉPFGNCTGF 2TQVGIGTGNEQORTGUQT 2CTCFCFGCNCTOC 5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGRCTCFCFGCNCTOCRTQITCOCFQUG RCTCT±GNEQORTGUQT'UVQUGKPFKECGPGNFKURNC[ 'NEQORTGUQTUGRCTCT±VCODK¾PGPECUQFG UQDTGECTICFGNOQVQTFGCEEKQPCOKGPVQ #PVGUFGUQNWEKQPCTEQPUWNVGNCU2TGECWEKQPGUFGUGIWTKFCF
#XKUQFGRCTCFCFGCNCTOC 7PPKXGNFGCXKUQFGRCTCFCFGCNCTOCGUWPPKXGNRTQITCOCDNGDCLQGNPKXGNFGRCTCFCFGCNCTOC 5KCNIWPCFGNCUOGFKFCUGZEGFGGNPKXGNFGCXKUQFGRCTCFCFGCNCTOCRTQITCOCFQUGKPFKECT±GUVQ VCODK¾PEQPQDLGVQFGCXKUCTCNQRGTCFQTVGUFGSWGUGNNGIWGCFKEJQPKXGNFGRCTCFCFGCNCTOC
/WCNFGKPUVTWEEKQPGU
#XKUQFGUGTXKEKQ 5KGNVGORQTK\CFQTFGUGTXKEKQGZEGFGWPXCNQTRTQITCOCFQUGKPFKECT±GUVQGPGNFKURNC[ EQPQDLGVQ FGCXKUCTCNQRGTCFQTSWGNNGXGCECDQEKGTVCUCEEKQPGUFGUGTXKEKQ 4GCTTSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLG 'NTGIWNCFQTKPEQTRQTCWPCHWPEKÉPFGCTTSWGCWVQO±VKEQFGNEQORTGUQTCNTGUVCDNGEGTUGGNXQNVCLG FGURW¾UFGWPCKPVGTTWREKÉPGN¾EVTKEC&KEJCHWPEKÉPGUV±FGUCEVKXCFCGPNQUEQORTGUQTGUSWGUCNGPFG NCH±DTKEC0QQDUVVGGURQUKDNGCEVKXCTNCUKCUÃUGFGUGC%QPUWNVGC#VNCU%QREQ 5KUGJCCEVKXCFQNCHWPEKÉP[CEQPFKEKÉPFGSWGGNOÉFWNQUGGPEQPVTCTCGPGN OQFQFGHWPEKQPCOKGPVQCWVQO±VKEQGNEQORTGUQTXQNXGT±CCTTECT CWVQO±VKECOGPVGUKUGTGUVCDNGEGGNXQNVCLGFGUWOKPKUVTQCNOÉFWNQ
2GNFGEQPVTQN
4GIWNCFQT'NGMVTQPKMQP+
4GH
&GUKIPCEKÉP
(WPEKÉP
5
$QVÉPFGRCTCFCFGGOGTIGPEKC
2WNUCFQTRCTCRCTCTGNEQORTGUQTCN KPUVVGGPECUQFGGOGTIGPEKC &GURW¾UFGUQNWEKQPCTNCCXGTÃCVKTGFGN DQVÉPRCTCFGUDNQSWGCTNQ[RWNUGNCVGENC FGTGCTOG
$QVÉPFGRCTCFC
2WNUCFQTRCTCRCTCTGNEQORTGUQT5G CRCICGN.'& 'NEQORTGUQTUG RCTCT±FGURW¾UFGHWPEKQPCTGPFGUECTIC WPQUUGIWPFQU
$QVÉPFGCTTSWG
2WNUCFQTRCTCCTTECTGNEQORTGUQT'N .'& UGGPEKGPFGNQSWGKPFKECSWG GNTGIWNCFQTGUV±QRGTCVKXQ GP HWPEKQPCOKGPVQCWVQO±VKEQ
&KURNC[
+PFKECGNGUVCFQFGHWPEKQPCOKGPVQFGN EQORTGUQTNQUXCNQTGUCEVWCNOGPVG OGFKFQU[NQURCT±OGVTQURTQITCOCFQU
6GENCFGTGCTOG
6GENCRCTCTGCTOCTGNVGORQTK\CFQTFG UGTXKEKQWPCEQPFKEKÉPFGRCTCFCFG CNCTOCGVEQRCTCXQNXGTCWPFKURNC[ VGTKQT
/WCNFGKPUVTWEEKQPGU
4GH
&GUKIPCEKÉP
(WPEKÉP
6GENCFGGPVTCFC
6GENCRCTCUGNGEEKQPCTQXCNKFCTWP RCT±OGVTQ[CDTKTWPUWDFKURNC[
.'&FGXQNVCLGEQPGEVCFQ
+PFKECSWGGUV±EQPGEVCFQGNXQNVCLG
2KEVQITCOC
8QNVCLGEQPGEVCFQ
.'&FGCNCTOCIGPGTCN
'UV±GPEGPFKFQUKGZKUVGWPCEQPFKEKÉP FGCXKUQ
.'&FGCNCTOCIGPGTCN
2CTRCFGCGPECUQFGWPCEQPFKEKÉPFG RCTCFCFGCNCTOCQRCTCFCFG GOGTIGPEKC
2KEVQITCOC
#NCTOC
.'&FGHWPEKQPCOKGPVQCWVQO±VKEQ
+PFKECSWGGNTGIWNCFQTEQPVTQNCGN EQORTGUQTCWVQO±VKECOGPVGGN EQORTGUQTUGECTICFGUECTICRCTC[ XWGNXGCCTTECTUGIÐPGNEQPUWOQFG CKTG[NCUNKOKVCEKQPGURTQITCOCFCUGPGN TGIWNCFQT 'N.'&GUV±GPEGPFKFQFWTVGGN HWPEKQPCOKGPVQCWVQO±VKEQ[RCTRCFGC EWFQNCWPKFCFUGEQPVTQNCCFKUVEKC
2KEVQITCOC
(WPEKQPCOKGPVQCWVQO±VKEQ
6GENCFGFGURNC\COKGPVQJCEKCCDCLQ
6GENCRCTCFGURNC\CTUGJCEKCCDCLQRQT NCURVCNNCUQRCTCFKUOKPWKTWPCLWUVG
6GENCFGFGURNC\COKGPVQJCEKCCTTKDC
6GENCRCTCFGURNC\CTUGJCEKCCTTKDCRQT NCURVCNNCUQRCTCCWOGPVCTWPCLWUVG
2KEVQITCOC
(WPEKQPCOKGPVQTGOQVQ
&KURNC[
&GUETKREKÉP
0QTOCNOGPVGGNFKURNC[ OWGUVTCNQUKIWKGPVG Ő 'NGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQTRQTOGFKQFGRKEVQITCOCU Ő .CRTGUKÉPFGUCNKFCFGNCKTG Ő .CVGORGTCVWTCCEVWCNGPNCUCNKFCFGNGNGOGPVQEQORTGUQT Ő .CVGORGTCVWTCCEVWCNFGNRWPVQFGTQEÃQFGEQORTGUQTGU(WNN(GCVWTG
/WCNFGKPUVTWEEKQPGU
'NFKURNC[KPFKECVCODK¾PVQFQUNQURCT±OGVTQUOGFKFQU[RTQITCOCFQUX¾CUGNCUGEEKÉP&GURNC\CTUG RQTVQFCUNCURVCNNCU
2KEVQITCOCUWVKNK\CFQUGPNCRVCNNC
2KEVQITCOCU 2KEVQITCOC
&GUETKREKÉP 'UVCFQFGEQORTGUQT%#4)# FWTVGOCTEJCGPECTICRCTRCFGCNCHNGEJC JQTK\QPVCN 'UVCFQFGEQORTGUQT&'5%#4)#
+PFKECEKÉPFG%#4)#[&'5%#4)#
6GORGTCVWTCFGUCNKFCFGNGNGOGPVQ 6GORGTCVWTCFGNRWPVQFGTQEÃQ /QVQTQUQDTGECTICFGOQVQT $QVÉPFGRCTCFCFGGOGTIGPEKC 2KEVQITCOCFGUGTXKEKQ #LWUVGFGTGFQEQPVTQN.#0
2VCNNCRTKPEKRCN
2TQEGFKOKGPVQ %WFQUGEQPGEVGGNXQNVCLGUGOWGUVTCCWVQO±VKECOGPVGNC2VCNNCRTKPEKRCNOWGUVTCGPDTGXGNC UKVWCEKÉPFGHWPEKQPCOKGPVQFGNEQORTGUQT[NCRTGUKÉPFGUCNKFC 2VCNNCRTKPEKRCNGLGORNQVÃRKEQ
DCT
/WCNFGKPUVTWEEKQPGU
.CRVCNNCKPFKECSWGOCTEJCGNEQORTGUQTGPECTIC RCTRCFGCNCHNGEJCJQTK\QPVCN[SWGNCRTGUKÉPFG UCNKFCGUFGDCT G 5KGORTGEQPUWNVGC#VNCU%QREQUKCRCTGEGVGUV
GPGNFKURNC[
%QPUWNVGVCODK¾PNCUGEEKÉP&GURNC\CTUGRQTVQFCUNCURVCNNCU
#XKUQFGRCTCFCFGCNCTOC
&GUETKREKÉP #RCTGEGT±WPCPQVKEKCFGCXKUQFGRCTCFCFGCNCTOCGPECUQFG Ő WPCVGORGTCVWTCFGOCUKCFQCNVCGPNCUCNKFCFGNGNGOGPVQEQORTGUQT Ő WPCVGORGTCVWTCFGOCUKCFQCNVCFGNRWPVQFGTQEÃQRCTCEQORTGUQTGU(WNN(GCVWTG 6GORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQT
Ő 5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGCXKUQFGRCTCFCFGCNCTOC
u%u(UGGPEGPFGT±GN.'&FGCNCTOC [RCTRCFGCT±GNRKEVQITCOCEQTTGURQPFKGPVG 2VCNNCRTKPEKRCNEQPCXKUQFGVGORGTCVWTCFGUCNKFCFGNGNGOGPVQ
RCTRCFGFQ DCT Ő 2WNUGNCVGENCEQPHNGEJC CRCTGEGNCVGORGTCVWTCCEVWCNFGNGNGOGPVQEQORTGUQT 2VCNNCFGCXKUQVGORGTCVWTCFGUCNKFCFGGNGOGPVQ
RCTRCFGFQ u%
/WCNFGKPUVTWEEKQPGU
.CRVCNNCOWGUVTCSWGNCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQORTGUQTGUu% Ő 3WGFCRQUKDNGFGURNC\CTUGRQTQVTCURVCNNCU EQPC[WFCFGNCUVGENCU[RCTCEQORTQDCTGN GUVCFQCEVWCNFGQVTQURCT±OGVTQU Ő 2WNUGGNDQVÉP RCTCRCTCTGNEQORTGUQT[GURGTGJCUVCSWGJC[CRCTCFQGHGEVKXCOGPVG Ő &GUEQPGEVGGNXQNVCLGTGXKUGGNEQORTGUQT[JCICNCUIGUVKQPGUPGEGUCTKCU Ő &GUCRCTGEGT±NCPQVKEKCFGCXKUQVRTQPVQEQOQFGUCRCTG\ECNCEQPFKEKÉPFGCXKUQ 6GORGTCVWTCFGNRWPVQFGTQEÃQ 2CTCEQORTGUQTGUEQPUGECFQTKPVGITCFQ Ő 5KNCVGORGTCVWTCFGNRWPVQFGTQEÃQGZEGFGGNPKXGNFGCXKUQ PQRTQITCOCDNGUGGPEGPFGT±GN.'& FGCNCTOC [RCTRCFGCT±GNRKEVQITCOCEQTTGURQPFKGPVG 2VCNNCRTKPEKRCNEQPCXKUQFGVGORGTCVWTCFGNRWPVQFGTQEÃQ
RCTRCFGFQ DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECNCVGORGTCVWTCCEVWCNFGNRWPVQFGTQEÃQ 2VCNNCFGCXKUQVGORGTCVWTCFGUCNKFCFGGNGOGPVQ
RCTRCFGFQ u% .CRVCNNCOWGUVTCSWGNCVGORGTCVWTCFGNRWPVQFGTQEÃQGUu% Ő 3WGFCRQUKDNGFGURNC\CTUGRQTQVTCURVCNNCU EQPC[WFCFGNCUVGENCU[RCTCEQORTQDCTGN GUVCFQCEVWCNFGQVTQURCT±OGVTQU Ő 2WNUGGNDQVÉP RCTCRCTCTGNEQORTGUQT[GURGTGJCUVCSWGJC[CRCTCFQGHGEVKXCOGPVG Ő &GUEQPGEVGGNXQNVCLGTGXKUGGNEQORTGUQT[JCICNCUIGUVKQPGUPGEGUCTKCU Ő &GUCRCTGEGT±NCPQVKEKCFGCXKUQVRTQPVQEQOQFGUCRCTG\ECNCEQPFKEKÉPFGCXKUQ
2CTCFCFGCNCTOC
&GUETKREKÉP 'NEQORTGUQTUGRCTCT±GPECUQFG Ő WPCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQORTGUQTSWGGZEGFGGNPKXGNFGRCTCFCFGCNCTOC Ő WPGTTQTFGNUGPUQTFGNCRTGUKÉPFGUCNKFC
/WCNFGKPUVTWEEKQPGU
Ő UQDTGECTICFGNOQVQTFGCEEKQPCOKGPVQ 6GORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQT
Ő 5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGRCTCFCFGCNCTOC u% u(RTQITCOCDNGUGRCTCT±GNEQORTGUQTRCTRCFGCT±GN.'&FGCNCTOC UGCRCICT±GN.'&FG HWPEKQPCOKGPVQCWVQO±VKEQ [CRCTGEGT±NCRVCNNCUKIWKGPVG 2VCNNCRTKPEKRCNEQPKPFKECEKÉPFGRCTCFCFGCNCTOCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQ
RCTRCFGFQ DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECNCVGORGTCVWTCCEVWCNFGNGNGOGPVQEQORTGUQT 2VCNNCFGRCTCFCFGCNCTOCVGORGTCVWTCFGUCNKFCFGGNGOGPVQ
RCTRCFGFQ
RCTRCFGFQ
u% .CRVCNNCOWGUVTCSWGNCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQORTGUQTGUu% Ő &GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCTGOGFKCTNCCXGTÃC Ő &GURW¾UFGTGOGFKCT[FGUCRCTGEKFCNCEQPFKEKÉPFGRCTCFCFGCNCTOCEQPGEVGGNXQNVCLG[RQPICGN EQORTGUQTGPOCTEJC 5QDTGECTICFGNOQVQT Ő 'PECUQFGUQDTGECTICFGNOQVQTUGRCTCT±GNEQORTGUQTRCTRCFGCT±GN.'&FGCNCTOC UG CRCICT±GN.'&FGHWPEKQPCOKGPVQCWVQO±VKEQ [CRCTGEGT±NCRVCNNCUKIWKGPVG 2VCNNCRTKPEKRCNEQPKPFKECEKÉPFGRCTCFCFGCNCTOCUQDTGECTICFGNOQVQT
RCTRCFGFQ DCT
/WCNFGKPUVTWEEKQPGU
Ő &GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCTGOGFKCTNCCXGTÃC Ő &GURW¾UFGTGOGFKCT[FGUCRCTGEKFCNCEQPFKEKÉPFGRCTCFCFGCNCTOCEQPGEVGGNXQNVCLG[RQPICGN EQORTGUQTGPOCTEJC
#XKUQFGUGTXKEKQ
&GUETKREKÉP #RCTGEGT±WPCXKUQFGUGTXKEKQCNCNE\CTGNVGORQTK\CFQTFGUGTXKEKQGNKPVGTXCNQFGVKGORQRTQITCOCFQ
Ő 5KGNVGORQTK\CFQTFGUGTXKEKQGZEGFGGNKPVGTXCNQRTQITCOCFQUGGPEGPFGT±GN.'&FGCNCTOC Ő 2WNUGNCVGENCEQPHNGEJC RCTCFGURNC\CTUGJCUVCF [CRCTGEGGNUÃODQNQFGUGTXKEKQ2WNUGNC VGENC UGOQUVTCT±NCOGFKEKÉPCEVWCNFGNVGORQTK\CFQTFGUGTXKEKQGPJTU QZJTU UK GNXCNQTFGNVGORQTK\CFQTFGUGTXKEKQGUUWRGTKQTC 'LGORNQFGWPCRVCNNCFGVGORQTK\CFQTFGUGTXKEKQ F JTU .CRVCNNCOWGUVTCSWGGNXCNQTFGNVGORQTK\CFQTFGUGTXKEKQGU Ő 2WNUGNCVGENCEQPHNGEJC RCTCFGURNC\CTUGJCUVCF [CRCTGEGGNUÃODQNQFGJQTCUFG HWPEKQPCOKGPVQ2WNUGNCVGENC UGOQUVTCT±NCOGFKEKÉPCEVWCNFGNVGORQTK\CFQTFGUGTXKEKQGP JTU QZJTU UKGNXCNQTFGNVGORQTK\CFQTFGUGTXKEKQGUUWRGTKQTC 'LGORNQFGWPCRVCNNCFGJQTCUFGHWPEKQPCOKGPVQ F JTU
Ő 2CTGGNEQORTGUQTFGUEQPGEVGGNXQNVCLG[NNGXGCECDQNCUCEEKQPGUFGUGTXKEKQKPFKECFCU%QPUWNVGNC UGEEKÉP2TQITCOCFGOVGPKOKGPVQRTGXGPVKXQ
/WCNFGKPUVTWEEKQPGU
Ő .CUCEEKQPGUFGUGTXKEKQFGNQUKPVGTXCNQUNCTIQUFGDGPKPENWKTNCUCEEKQPGUFGNQU KPVGTXCNQUEQTVQU 'PGNGLGORNQCTTKDCJC[SWGTGCNK\CTVQFCUNCUQRGTCEKQPGUFGUGTXKEKQ RGTVGPGEKGPVGUCNKPVGTXCNQFGJQTCUFGHWPEKQPCOKGPVQCUÃEQOQNCU RGTVGPGEKGPVGUCNKPVGTXCNQFGJQTCUFGHWPEKQPCOKGPVQ Ő 5KUGWUCCEGKVGOKPGTCNGPXG\FG#VNCU%QREQ4QVQKPLGEVHNWKFJC[SWG FKUOKPWKTUGGNKPVGTXCNQFGNVGORQTK\CFQTFGUGTXKEKQ%QPUWNVGNCUGEEKÉP 2TQITCOCFGOVGPKOKGPVQRTGXGPVKXQ Ő &GURW¾UFGNUGTXKEKQTGCTOGGNVGORQTK\CFQTFGUGTXKEKQ%QPUWNVGNCUGEEKÉP+PXQECEKÉPTGCTOGFG VGORQTK\CFQTFGUGTXKEKQ
&GURNC\CTUGRQTVQFCUNCURVCNNCU
2GNFGEQPVTQN
2GNFGEQPVTQN 'URQUKDNGFGURNC\CTUGRQTVQFCUNCURVCNNCUEQPC[WFCFGNCUVGENCUFGFGURNC\COKGPVQ [.CU RVCNNCUUGFKXKFGPGPRVCNNCUFGTGIKUVTQRVCNNCUFGFCVQUOGFKFQURVCNNCUFGGPVTCFCFKIKVCN
PWOGTCFCUEQOQFKP F RVCNNCUFGRCT±OGVTQU PWOGTCFCUEQOQ2 2 RVCNNCUFGRTQVGEEKQPGU PWOGTCFCUEQOQ2T [RVCNNCUFGRTWGDC
PWOGTCFCUEQOQV &WTVGGNFGURNC\COKGPVQNQUPÐOGTQUFGNCURVCNNCUCRCTGEGPEQPUGEWVKXCOGPVG'PNCOC[QTÃCFG NQUECUQUUGOWGUVTUKOWNV±PGCOGPVGNCWPKFCFFGOGFKEKÉP[GNRKEVQITCOCEQTTGURQPFKGPVGEQPGN PÐOGTQFGNCRVCNNC 'PGNECUQFGWPCXKUQQWPCRCTCFCFGCNCTOCGNRKEVQITCOCEQTTGURQPFKGPVGRCTRCFGCGPNCRVCNNC RTKPEKRCN 'LGORNQ JTU F
5GOWGUVTGNPÐOGTQFGNCRVCNNCF NCWPKFCFWUCFCJTU [GNRKEVQITCOCEQTTGURQPFKGPVG RCTCNCUJQTCUFGHWPEKQPCOKGPVQ2WNUGNCVGENCFGGPVTCFC RCTCKPXQECTNCUJQTCUFGHWPEKQPCOKGPVQ CEVWCNGU 'PGNECUQFGWPCXKUQQWPCRCTCFCFGCNCTOCGNRKEVQITCOCEQTTGURQPFKGPVGRCTRCFGCGPNCRVCNNC RTKPEKRCN
/WCNFGKPUVTWEEKQPGU
4GUWOGPFGNCURVCNNCU
2VCNNCFG GPVTCFCFKIKVCN
&GUKIPCEKÉP
6GOCUTGNCEKQPCFQU
FKP
'UVCFQFGGPVTCFCFKIKVCN
F
*QTCUFGHWPEKQPCOKGPVQ JTUQZ JTU
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFGJQTCU FGHWPEKQPCOKGPVQ
F
#TTSWGUFGNOQVQT ZQZ
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFG CTTSWGUFGNOQVQT
F
*QTCUFGNOÉFWNQ JTUQZJTU
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFGJQTCU FGNOÉFWNQ
F
*QTCUFGECTIC JTUQZJTU
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFGJQTCU FGECTIC
F
4GN¾FGECTIC ZQZ
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFGTGN¾FG ECTIC
F
.GEVWTCFGNVGORQTK\CFQTFGUGTXKEKQ JTU %QPUWNVGNCUGEEKÉP+PXQECEKÉPTGCTOG QZJTU FGVGORQTK\CFQTFGUGTXKEKQ
F
8GTUKÉPFGNRTQITCOCCEVWCN
2VCNNCFG RCT±OGVTQU
&GUKIPCEKÉP
6GOCUTGNCEKQPCFQU
2
5GNGEEKÉPGPVTGEQPVTQNNQECNTGOQVQQ .#0
%QPUWNVGNCUGEEKÉP5GNGEEKÉPGPVTG EQPVTQNNQECNTGOQVQQ.#0
2
#LWUVCTWP+&FGPQFQRCTCEQPVTQN.#0
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFG OQFKHKECEKÉPFG+&FGPQFQ
2
#LWUVGUFGDFCFGRTGUKÉP
%QPUWNVGNCUGEEKÉP+PXQECEKÉP OQFKHKECEKÉPFGCLWUVGUFGDFCFG RTGUKÉP
2
#LWUVGFGUGNGEEKÉPFGWPCDFCFG RTGUKÉP
%QPUWNVGNCUGEEKÉP/QFKHKECEKÉPFGNC UGNGEEKÉPFGDFCFGRTGUKÉP
2
/QFKHKECEKÉPFGWPVGORQTK\CFQTFG UGTXKEKQ
%QPUWNVGNCUGEEKÉP+PXQECEKÉP OQFKHKECEKÉPFGNVGORQTK\CFQTFGUGTXKEKQ
2
#LWUVGFGWPKFCFFGVGORGTCVWTC
%QPUWNVGNCUGEEKÉP+PXQECEKÉP OQFKHKECEKÉPFGWPKFCFFGVGORGTCVWTC
2
#LWUVGFGWPKFCFFGRTGUKÉP
%QPUWNVGNCUGEEKÉP+PXQECEKÉP OQFKHKECEKÉPFGWPKFCFFGRTGUKÉP
/WCNFGKPUVTWEEKQPGU
2VCNNCFG RCT±OGVTQU
&GUKIPCEKÉP
6GOCUTGNCEKQPCFQU
2
5GNGEEKÉPFGHWPEKÉPTGCTTSWG CWVQO±VKEQFGURW¾UFGHCNNQFGNXQNVCLG
CEVKXQQPQÐPKECOGPVGRCTC#VNCU %QREQ
%QPUWNVGNCUGEEKÉP#EVKXCTTGCTTSWG CWVQO±VKEQFGURW¾UFGHCNNQFGNXQNVCLG
2
5GNGEEKÉPGPVTGCTTSWG;&Q&1.
%QPUWNVGNCUGEEKÉP5GNGEEKÉPGPVTG CTTSWG;&Q&1.
2
#LWUVGFGNVKGORQFGTGVTCUQFGECTIC
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFG OQFKHKECEKÉPFGVKGORQFGTGVTCUQFG ECTIC
2
#LWUVGFGNVKGORQOÃPKOQFGRCTCFC
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFG OQFKHKECEKÉPFGNVKGORQOÃPKOQFG RCTCFC
2
%QPHKIWTCEKÉPFGEQPVTCUGÇC
%QPUWNVGNCUGEEKÉP#EVKXCEKÉPFG RTQVGEEKÉPRQTEQPVTCUGÇC
2VCNNCFG RTQVGEEKQPGU
&GUKIPCEKÉP
6GOCUTGNCEKQPCFQU
2T 2T 2T
2VCNNCUFGRTQVGEEKQPGU
%QPUWNVGNCUGEEKÉP+PXQECEKÉPFG OQFKHKECEKÉPFGCLWUVGUFGRTQVGEEKÉP
2VCNNCFG RTWGDC
&GUKIPCEKÉP
6GOCUTGNCEKQPCFQU
V
'PUC[QFGFKURNC[
%QPUWNVGNCUUGEEKQPGU2VCNNCUFG RTWGDC
V
2TWGDCFGNCX±NXWNCUGIWTKFCF
%QPUWNVGNCUUGEEKQPGU2VCNNCUFG RTWGDC
/WCNFGKPUVTWEEKQPGU
(NWLQFGOGPÐU
(NWLQUKORNKHKECFQFGOGPÐU
/WCNFGKPUVTWEEKQPGU
+PXQECEKÉPFGVGORGTCVWTCUFGUCNKFC[RWPVQFGTQEÃQ
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC UGOQUVTCT±NCVGORGTCVWTCFGUCNKFC
u% .CRVCNNCOWGUVTCSWGNCVGORGTCVWTCFGUCNKFCGUu% Ő 2CTCEQORTGUQTGU(WNN(GCVWTG 2WNUGNCVGENCEQPHNGEJC UGOQUVTCT±NCVGORGTCVWTCFGNRWPVQFGTQEÃQ
u% .CRVCNNCOWGUVTCSWGNCVGORGTCVWTCFGNRWPVQFGTQEÃQGUu% Ő &GURN±EGUGJCEKCCDCLQQCTTKDCRQTNCURVCNNCUEQPC[WFCFGNCUVGENCUEQPHNGEJC [
/WCNFGKPUVTWEEKQPGU
+PXQECEKÉPFGJQTCUFGHWPEKQPCOKGPVQ
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECF
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
ZJTU .CRVCNNCOWGUVTCNCWPKFCFWUCFCZJTU FGNEQORTGUQTUQPJQTCU
+PXQECEKÉPFGCTTSWGUFGNOQVQT
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
[GNXCNQT
NCUJQTCUFGHWPEKQPCOKGPVQ
/WCNFGKPUVTWEEKQPGU
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECF
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
Z 'UVCRVCNNCOWGUVTCGNPÐOGTQFGCTTSWGUFGNOQVQTRQT RQTQUKUGGPEKGPFGZ 'NPÐOGTQFGCTTSWGUFGNOQVQTGU
RQT
+PXQECEKÉPFGJQTCUFGNOÉFWNQ
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECF
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
JTU .CRVCNNCOWGUVTCNCWPKFCFWUCFCJTU UQPJQTCU
[GNXCNQT
NCUJQTCUFGNOÉFWNQFGNEQORTGUQT
/WCNFGKPUVTWEEKQPGU
+PXQECEKÉPFGJQTCUFGECTIC
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECF
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
JTU .CRVCNNCOWGUVTCNCWPKFCFWUCFCJTU FGNEQORTGUQTUQPJQTCU
+PXQECEKÉPFGNTGN¾FGECTIC
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
QZJTU
[GNXCNQT
NCUJQTCUFGECTIC
/WCNFGKPUVTWEEKQPGU
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECF
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
Z 'UVCRVCNNCOWGUVTCGNPÐOGTQFGCEEKQPGUFGFGUECTIC[ECTIC RQTQUKUGGPEKGPFGZ 'NPÐOGTQFGCEEKQPGUFGFGUECTIC[ECTICGU
RQT
+PXQECEKÉPTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECF
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
JTU
.CRVCNNCOWGUVTCNCWPKFCFWUCFCJTU QZ JQTCUZ[GNXCNQT EQORTGUQTJCHWPEKQPCFQFWTVGJQTCUFGUFGGNUGTXKEKQVGTKQT
GN
/WCNFGKPUVTWEEKQPGU
4GCTOGFGNVGORQTK\CFQTFGUGTXKEKQ *C[SWGTGCTOCTGNVGORQTK\CFQTFGURW¾UFGNUGTXKEKQX¾CUGNCUGEEKÉP#XKUQFGUGTXKEKQ Ő &GURN±EGUGJCUVCNCRVCNNCFGTGIKUVTQF
[RWNUGNCVGENCFGGPVTCFC
Ő #RCTGEGT±NCNGEVWTC RQTGLGORNQ Ő 2WNUGNCVGENCFGGPVTCFC UKUGJCGUVCDNGEKFQWPCEQPVTCUGÇCKPVTQFÐ\ECNC .CNGEVWTCRCTRCFGCT± NQSWGKPFKECSWGGURQUKDNGTGCTOCT Ő 2WNUGNCVGENCFGGPVTCFC RCTCTGCTOCTGNVGORQTK\CFQTC RCTCEEGNCTNCQRGTCEKÉP
QRWNUGNCVGENCFGTGCTOG
5GNGEEKÉPGPVTGEQPVTQNNQECNTGOQVQQ.#0
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2 [RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
'NOQFQFGEQPVTQNCEVWCNOGPVGWUCFQUGOWGUVTCEQOQ.1% RCTCEQPVTQNNQECNT' RCTC EQPVTQNTGOQVQQ.#P RCTCEQPVTQN.#0 Ő 2WNUGNCVGENCFGGPVTCFC [UKGUPGEGUCTKQKPVTQFW\ECNCEQPVTCUGÇC'NOQFQFGEQPVTQNCEVWCN RCTRCFGC7VKNKEGNCUVGENCU [ RCTCECODKCTGNOQFQFGEQPVTQN Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTGNPWGXQOQFQFGCTTSWGQRWNUGNCVGENCFGTGCTOG RCTCEEGNCT
/WCNFGKPUVTWEEKQPGU
+PXQECEKÉPFGOQFKHKECEKÉPFGN+&FGPQFQRCTCEQPVTQN.#0
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2
5GOWGUVTCGN+&FGPQFQCEVWCNOGPVGWUCFQ
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
Ő 2WNUGNCVGENCFGGPVTCFC [UKGUPGEGUCTKQKPVTQFW\ECNCEQPVTCUGÇC'N+&FGPQFQCEVWCNOGPVG WUCFQRCTRCFGC7VKNKEGNCUVGENCU [ RCTCECODKCTGN+&FGPQFQ Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTGNPWGXQ+&FGPQFQQRWNUGNCVGENCFGTGCTOGRCTC EEGNCT
+PXQECEKÉPFGOQFKHKECEKÉPFGCLWUVGUFGDFCFGRTGUKÉP
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT
/WCNFGKPUVTWEEKQPGU
Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2 [RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
.CDFCFGRTGUKÉP2D UGOWGUVTCGPGNFKURNC[[RWGFGWVKNK\CTNCVGENC RCTC FGURNC\CTUGJCUVCNCDFCFGRTGUKÉP2D Ő 2WNUGNCVGENCFGGPVTCFC GPNCDFCFGRTGUKÉPFGUGCFC#RCTGEGGNPKXGNFGECTICFGNCDFCFG RTGUKÉPUGNGEEKQPCFC[UGRWGFGWVKNK\CTNCVGENC RCTCFGURNC\CTUGJCUVCGNPKXGNFGFGUECTIC 2TGUKÉPFGECTIC
DCT 2TGUKÉPFGFGUECTIC
DCT Ő 2WNUGNCVGENCFGGPVTCFC RCTCOQFKHKECTGNPKXGNFGECTIC GNXCNQTEQOKGP\CCRCTRCFGCT2WGFG UGTPGEGUCTKQKPVTQFWEKTWPCEQPVTCUGÇC7VKNKEGNCUVGENCU [ RCTCOQFKHKECTNCRTGUKÉPFGECTIC Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTNQUPWGXQUXCNQTGUQRWNUGNCVGENCFGTGCTOGRCTC EEGNCT
/QFKHKECEKÉPFGNCUGNGEEKÉPFGDFCFGRTGUKÉP
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2 [RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
.CDFCFGRTGUKÉPCEVKXC2D UGOWGUVTCGPGNFKURNC[
/WCNFGKPUVTWEEKQPGU
Ő 2WNUGNCVGENCFGGPVTCFC RCTCOQFKHKECTNCUGNGEEKÉPFGDFCFGRTGUKÉP RWGFGUGTPGEGUCTKQ KPVTQFWEKTWPCEQPVTCUGÇC.CDFCFGRTGUKÉPCEVKXC2D EQOKGP\CCRCTRCFGCT
2D Ő 2WNUGNCVGENC RCTCOQFKHKECTNCDFCFGRTGUKÉPCEVKXC2WNUGNCVGENCFGGPVTCFC RCTC EQPHKTOCTQRWNUGNCVGENCFGTGCTOGRCTCEEGNCT
+PXQECEKÉPOQFKHKECEKÉPFGCLWUVGFGVGORQTK\CFQTFG UGTXKEKQ
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2 [RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
GNCLWUVGFGNVGORQTK\CFQTFGUGTXKEKQUGKPFKECGPJTU JQTCUQZJTU JQTCUZ 'LGORNQJTU UKIPKHKECSWGGNVGORQTK\CFQTUGGPEWGPVTCCLWUVCFQCJQTCUFG HWPEKQPCOKGPVQ Ő 2WNUGNCVGENCFGGPVTCFC RCTCOQFKHKECTGUVGXCNQT RWGFGUGTPGEGUCTKQKPVTQFWEKTWPC EQPVTCUGÇCGNXCNQTRCTRCFGC/QFKHKSWGFKEJQCLWUVGEQPC[WFCFGNCUVGENCUEQPHNGEJC [ Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTGNPWGXQXCNQT[XQNXGTCNCURVCNNCUFGRCT±OGVTQU
/WCNFGKPUVTWEEKQPGU
+PXQECEKÉPOQFKHKECEKÉPFGWPKFCFFGVGORGTCVWTC
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2 [RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
.QUCLWUVGURQUKDNGUUQPu% [u( UGOWGUVTCNCWPKFCFCEVWCNOGPVGWUCFC Ő 2WNUGNCVGENCFGGPVTCFC NCWPKFCFRCTRCFGC[WVKNKEGNCUVGENCUEQPHNGEJC [RCTC UGNGEEKQPCTQVTCWPKFCFFGVGORGTCVWTC Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTNCPWGXCWPKFCF[RWNUGNCVGENCFGTGCTOGRCTCXQNXGTC NCRVCNNCFGRCT±OGVTQU
+PXQECEKÉPOQFKHKECEKÉPFGWPKFCFFGRTGUKÉP
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT
/WCNFGKPUVTWEEKQPGU
Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2 [UGOWGUVTNQUCLWUVGURQUKDNGU /RC RUK [DCT RWNUGNCVGENCFGGPVTCFC [RCTRCFGCNCWPKFCFSWGUGWUC CEVWCNOGPVG Ő 2WNUGNCVGENCFGGPVTCFC NCWPKFCFEQOKGP\CCRCTRCFGCT[WVKNKEGNCUVGENCUEQPHNGEJC [ RCTCUGNGEEKQPCTQVTCWPKFCFFGRTGUKÉP Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTNCPWGXCWPKFCFFGRTGUKÉP[RWNUGNCVGENCFGTGCTOG RCTCXQNXGTCNCURVCNNCUFGRCT±OGVTQU
#EVKXCTTGCTTSWGCWVQO±VKEQFGURW¾UFGHCNNQFGNXQNVCLG
&GUETKREKÉP 5ÉNQGURQUKDNGOQFKHKECTGUVGRCT±OGVTQSWGGUCEEGUKDNGGPNCRVCNNC2 WPEÉFKIQ%QPUWNVGC#VNCU%QREQUKFGUGCCEVKXCTGUVCHWPEKÉP
FGURW¾UFGKPVTQFWEKT
5GNGEEKÉPGPVTGCTTSWG;&Q&1.
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\E2 [GNRKEVQITCOCFGNOQVQT[C EQPVKPWCEKÉPRWNUGNCVGENCFGGPVTCFC 'NOQFQFGCTTSWGWVKNK\CFQCEVWCNOGPVGUGOWGUVTC EQOQ;F RCTC;& GUVTGNNCVTK±PIWNQQFQ. RCTC&1. FKTGEVQ Ő 5ÉNQGURQUKDNGOQFKHKECTGUVGRCT±OGVTQFGURW¾UFGKPVTQFWEKTWPEÉFKIQ5KFGDGECODKCTGN RCT±OGVTQEQPUWNVGC#VNCU%QREQ
/WCNFGKPUVTWEEKQPGU
+PXQECEKÉPFGOQFKHKECEKÉPFGNVKGORQFGTGVTCUQFGECTIC
2GNFGEQPVTQN
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\E2 CEQPVKPWCEKÉPRWNUGNCVGENCFGGPVTCFC
[GNRKEVQITCOCFGECTICFGNEQORTGUQT[
U Ő 'UVCRVCNNCOWGUVTCGNVKGORQFGTGVTCUQFGECTIC[NCWPKFCFU OQFKHKECTGUVGXCNQTRWNUGNCVGENCFGGPVTCFC
UGIWPFQU5KFGUGC
Ő 'URQUKDNGSWGUGPGEGUKVGWPCEQPVTCUGÇCQREKQPCNGNXCNQTEQOKGP\CCRCTRCFGCT[UGRWGFGP WVKNK\CTNCUVGENCUEQPHNGEJC [ RCTCOQFKHKECTGNXCNQT Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTGNXCNQTPWGXQQRWNUGNCVGENCFGTGCTOGRCTCEEGNCT
+PXQECEKÉPFGOQFKHKECEKÉPFGVKGORQOÃPKOQFGRCTCFC
2GNFGEQPVTQN
/WCNFGKPUVTWEEKQPGU
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\E2 [GNRKEVQITCOCFGNOQVQT[C EQPVKPWCEKÉPRWNUGNCVGENCFGGPVTCFC
U Ő 'UVCRVCNNCOWGUVTCGNVKGORQOÃPKOQFGRCTCFC[NCWPKFCFU GUVGXCNQTRWNUGNCVGENCFGGPVTCFC
UGIWPFQU5KFGUGCOQFKHKECT
Ő 'NXCNQTEQOKGP\CCRCTRCFGCT[UGRWGFGPWVKNK\CTNCUVGENCUEQPHNGEJC [ RCTCOQFKHKECTGUVG XCNQT Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTGNPWGXQXCNQT
#EVKXCTRTQVGEEKÉPRQTEQPVTCUGÇC
2GNFGEQPVTQN .QUCLWUVGUKORQTVVGUEQOQGNFGNVGORQTK\CFQTFGUGTXKEKQNCDFCFGRTGUKÉPGNOQFQFG EQPVTQNRWGFGPRTQVGIGTUGEQPWPCEQPVTCUGÇC
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
/WCNFGKPUVTWEEKQPGU
2#55 Ő .CEQPVTCUGÇC2#55
CRCTGEGGPNCRVCNNC2WNUGNCVGENCFGGPVTCFC
Ő .CRVCNNCOWGUVTCGNGUVCFQFGNCEQPVTCUGÇCCEVKXCFC1P OQFKHKECTNQRWNUGNCVGENCFGGPVTCFC
QFGUCEVKXCFC1((
5KFGUGC
Ő %CODKGGNXCNQTEQPNCUVGENCUFGFGURNC\COKGPVQ [ Ő 5GNGEEKQPG1P
[RWNUGNCVGENCFGGPVTCFC
Ő 'UETKDCNCPWGXCEQPVTCUGÇC[RWNUGNCVGENCFGGPVTCFC RCTCEQPHKTOCT Ő 8WGNXCCGUETKDKTNCEQPVTCUGÇC[RWNUGNCVGENCFGGPVTCFC RCTCEQPHKTOCT Ő 1P
CRCTGEGGPGNFKURNC[2WNUGNCVGENCFGTGCTOGRCTCXQNXGTCNCRVCNNCFGRCT±OGVTQU .CUEQPVTCUGÇCURGTFKFCUPQRWGFGPTGEWRGTCTUG)WCTFGNCEQPVTCUGÇCGPWP NWICTUGIWTQ
+PXQECEKÉPFGOQFKHKECEKÉPFGCLWUVGUFGRTQVGEEKÉP
2TQVGEEKQPGU
5GRTQRQTEKQPCWPCUGTKGFGCLWUVGUFGRTQVGEEKÉP.CURVCNNCUFGRTQVGEEKÉPGUV±PPWOGTCFCU2T GNRKEVQITCOCOQUVTCFQEQPNCRVCNNCFGRTQVGEEKÉPKPFKECGNQDLGVQFGNCRTQVGEEKÉP .CUEQODKPCEKQPGURQUKDNGUUQP2T 2KEVQITCOC
UGIWKFQFGWPPÐOGTQ[WPQFGNQURKEVQITCOCUUKIWKGPVGU &GUKIPCEKÉP 2T EQPGNRKEVQITCOCFGRTGUKÉPKPFKECNCU RTQVGEEKQPGUFGRTGUKÉP 2T EQPGNRKEVQITCOCFGVGORGTCVWTCFG UCNKFCFGNGNGOGPVQKPFKECNCURTQVGEEKQPGUFG VGORGTCVWTCFGUCNKFCFGNGNGOGPVQ 2T EQPGNRKEVQITCOCFGVGORGTCVWTCFGN RWPVQFGTQEÃQKPFKECNCURTQVGEEKQPGUFG VGORGTCVWTCFGNRWPVQFGTQEÃQ 2T EQPGNRKEVQITCOCFGVGORGTCVWTC CODKGPVGKPFKECNCURTQVGEEKQPGUFGVGORGTCVWTC CODKGPVG
/WCNFGKPUVTWEEKQPGU
'ZKUVGPEWCVTQCLWUVGUFGRTQVGEEKÉPRQUKDNGU Ő 7PPKXGNDCLQFGCXKUQOQUVTCFQGPGNFKURNC[EQOQ#..
Ő 7PPKXGNCNVQFGCXKUQOQUVTCFQGPGNFKURNC[EQOQ#.*
Ő 7PPKXGNDCLQFGRCTCFCFGCNCTOCOQUVTCFQGPGNFKURNC[EQOQ5F.
Ő 7PPKXGNCNVQFGRCTCFCFGCNCTOCOQUVTCFQGPGNFKURNC[EQOQ5F*
'LGORNQFGNCRVCNNCFGRTQVGEEKÉP
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\EC2T UGIWKFQFGWPPÐOGTQ[NCVGORGTCVWTCFGUCNKFC FGNGNGOGPVQ[CEQPVKPWCEKÉPRWNUGNCVGENCFGGPVTCFC
u% 2T
#.* Ő 'NPKXGNFGCXKUQFGVGORGTCVWTCCNVC#.* [GNPKXGNFGRCTCFCFGVGORGTCVWTCCNVC5F* 7VKNKEGNCUVGENCUFGFGURNC\COKGPVQ [RCTCECODKCTFGNPKXGNFGCXKUQCNPKXGNFGRCTCFC[RWNUG NCVGENCFGGPVTCFC RCTCOQFKHKECTGNXCNQT Ő 'NXCNQTCRCTGEGGPGNFKURNC[ Ő 2WNUGNCVGENCFGGPVTCFC RCTCOQFKHKECTGNXCNQT Ő 'URQUKDNGSWGUGPGEGUKVGWPCEQPVTCUGÇCQREKQPCNGNXCNQTEQOKGP\CCRCTRCFGCT[UGRWGFGP WVKNK\CTNCUVGENCUEQPHNGEJC [ RCTCOQFKHKECTGNXCNQT Ő 2WNUGNCVGENCFGGPVTCFC RCTCRTQITCOCTGNXCNQTPWGXQQRWNUGNCVGENCFGTGCTOGRCTCEEGNCT
/WCNFGKPUVTWEEKQPGU
.QUCLWUVGURTQITCOCDNGUUÉNQRWGFGPOQFKHKECTUGFGPVTQFGWPQUNÃOKVGU RGTOKVKFQU
2VCNNCUFGRTWGDC
'PUC[QFGFKURNC[
'ORG\FQFGUFGNC2VCNNCRTKPEKRCN
DCT Ő 2WNUGNCVGENCEQPHNGEJC JCUVCSWGCRCTG\ECV
[RWNUGCEQPVKPWCEKÉPNCVGENCFGGPVTCFC
2TWGDCFGNCX±NXWNCUGIWTKFCF 'PNCRVCNNCFGRTWGDCV UGKPENW[GWPCRTWGDCFGNCX±NXWNCFGUGIWTKFCF.CUX±NXWNCUFG UGIWTKFCFUÉNQRWGFGPRTQDCTUGFGURW¾UFGKPVTQFWEKTWPEÉFKIQ5KVKGPGSWGRTQDCTNCUX±NXWNCUFG UGIWTKFCFEQPUWNVGC#VNCU%QREQ
/WCNFGKPUVTWEEKQPGU
#LWUVGURTQITCOCDNGU
2CT±OGVTQURTGUKQPGUFGFGUECTICECTICRCTC)#2CEM #LWUVG OÃPKOQ
#LWUVGFG H±DTKEC
#LWUVG O±ZKOQ
2TGUKQPGUFGFGUECTIC 2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
DCT G
2TGUKQPGUFGECTIC
/WCNFGKPUVTWEEKQPGU
#LWUVG OÃPKOQ
#LWUVGFG H±DTKEC
#LWUVG O±ZKOQ
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
RUKI
#LWUVG OÃPKOQ
#LWUVGFG H±DTKEC
#LWUVG O±ZKOQ
2CT±OGVTQURTGUKQPGUFGFGUECTICECTICRCTC)#(WNN(GCVWTG[)0
2TGUKQPGUFGFGUECTIC
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG DCT
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
DCT G
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
RUKI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK
DCT G
/WCNFGKPUVTWEEKQPGU
#LWUVG OÃPKOQ
#LWUVGFG H±DTKEC
#LWUVG O±ZKOQ
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGDCT
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
RUKI
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
DCT G
2TGUKÉPFGECTIC EQORTGUQTGUFGRUK
RUKI
#LWUVG OÃPKOQ
#LWUVGFG H±DTKEC
#LWUVG O±ZKOQ
6KGORQFGHWPEKQPCOKGPVQGPGUVTGNNCFGN UGI OQVQT
6KGORQFGTGVTCUQFGECTIC GUVTGNNC VTK±PIWNQ
UGI
0ÐOGTQFGCTTSWGUFGNOQVQT
CTTSWGUFÃC
6KGORQFGRCTCFCOÃPKOQ
UGI
6KGORQFGRCTCFCRTQITCOCFQ
UGI
6KGORQNÃOKVGFGEQOWPKECEKÉP
UGI
2TGUKÉPFGFGUECTIC EQORTGUQTGUFG RUK 2TGUKQPGUFGECTIC
2CT±OGVTQU
/WCNFGKPUVTWEEKQPGU
2TQVGEEKQPGU #LWUVG OÃPKOQ
#LWUVGFG H±DTKEC
#LWUVG O±ZKOQ
6GORGTCVWTCFGUCNKFCFGNGNGOGPVQ EQORTGUQT PKXGNFGCXKUQFGRCTCFCFG CNCTOC
u%
6GORGTCVWTCFGUCNKFCFGNGNGOGPVQ EQORTGUQT PKXGNFGCXKUQFGRCTCFCFG CNCTOC
u(
6GORGTCVWTCFGUCNKFCFGNGNGOGPVQ EQORTGUQT PKXGNFGRCTCFCFGCNCTOC
u%
6GORGTCVWTCFGUCNKFCFGNGNGOGPVQ EQORTGUQT PKXGNFGRCTCFCFGCNCTOC
u(
#XKUQFGUGTXKEKQ %QPUWNVGVCODK¾PNCUGEEKÉP2TQITCOCFGOVGPKOKGPVQRTGXGPVKXQ %QPUWNVGC#VNCU%QREQUKJC[SWGECODKCTWPCLWUVGFGVGORQTK\CFQT.QUKPVGTXCNQUPQRWGFGPGZEGFGT NQUKPVGTXCNQUPQOKPCNGU[FGDGPEQKPEKFKTNÉIKECOGPVG%QPUWNVGNCUGEEKÉP+PXQECEKÉPOQFKHKECEKÉPFGN VGORQTK\CFQTFGUGTXKEKQ 6GTOKPQNQIÃC 6¾TOKPQ
+PVGTRTGVCEKÉP
#4#8(
4GCTTSWGCWVQO±VKEQFGURW¾UFGKPVGTTWREKÉPFGNXQNVCLG%QPUWNVGNCUGEEKÉP 4GIWNCFQT'NGMVTQPKMQP+
6GORGTCVWTCFG UCNKFCFGN GNGOGPVQ EQORTGUQT
'NTGIWNCFQTUGPGICT±CCEGRVCTCLWUVGUKNÉIKEQURGLUKGNPKXGNFGCXKUQGUV± RTQITCOCFQCu%u(GNNÃOKVGOÃPKOQFGNPKXGNFGRCTCFCUGECODKCT±C u%u(.CFKHGTGPEKCTGEQOGPFCFCGPVTGGNPKXGNFGCXKUQ[GNPKXGNFGRCTCFC FGCNCTOCGUFGu%u(
4GVTCUQCNC 'UGNRGTÃQFQFWTVGGNEWCNFGDGGZKUVKTNCUGÇCNVGUFGSWGUGRCTGGNEQORTGUQT UGÇCNFGRCTCFC 5KGURTGEKUQSWGUGRTQITCOGGUVGCLWUVGCQVTQXCNQTEQPUWNVGC#VNCU%QREQ FGCNCTOC 6KGORQFG 'UGNRGTÃQFQFWTVGGNEWCNFGDGTGUVCDNGEGTUGGNXQNVCLGRCTCXQNXGTCCTTECT TGUVCDNGEKOKGPVQ CWVQO±VKECOGPVG#EEGUKDNGUKGUV±CEVKXCFQGNTGCTTSWGCWVQO±VKEQ%QPUWNVG FGRQVGPEKC 4GIWNCFQT'NGMVTQPKMQP+2CTCCEVKXCTNCHWPEKÉPFGTGCTTSWGCWVQO±VKEQEQPUWNVG C#VNCU%QREQ
6KGORQFG RCTCFCOÃPKOQ
7PCXG\RCTCFQCWVQO±VKECOGPVGGNEQORTGUQTSWGFCT±RCTCFQRQTGNVKGORQ OÃPKOQFGRCTCFC UGIWPFQUCRTQZKOCFCOGPVGRCUGNQSWGRCUGEQPNCRTGUKÉP FGNCTGFFGCKTG%QPUWNVGC#VNCU%QREQUKTGSWKGTGWPCLWUVGKPHGTKQTC UGIWPFQU
2TGUKÉPFG FGUECTICECTIC
'NTGIWNCFQTPQCEGRVCT±CLWUVGUKNÉIKEQURGLUKNCRTGUKÉPFGFGUECTICGUV± RTQITCOCFCCDCT GRUKIGNNÃOKVGO±ZKOQFGNCRTGUKÉPFGECTICUG ECODKCT±CDCT GRUKI.COÃPKOCFKHGTGPEKCFGRTGUKÉPTGEQOGPFCFCGPVTG ECTIC[FGUECTICGUFGDCTRUKI
/WCNFGKPUVTWEEKQPGU
+PUVCNCEKÉP
&KDWLQUFGFKOGPUKQPGU
&KDWLQUFGFKOGPUKQPGU)#C)#
)#C)#2CEMOQPVCFQGPGNUWGNQ
/WCNFGKPUVTWEEKQPGU
)#C)#(WNN(GCVWTGOQPVCFQGPGNUWGNQ
/WCNFGKPUVTWEEKQPGU
)#C)#2CEMOQPVCFQGPFGRÉUKVQ
/WCNFGKPUVTWEEKQPGU
)#C)#(WNN(GCVWTGOQPVCFQGPFGRÉUKVQ
6KRQ
)# 2CEM
)# 2CEM
)# 2CEM
)#(WNN (GCVWTG
)#(WNN (GCVWTG
)#(WNN (GCVWTG
2GUQFGNCXGTUKÉP OQPVCFCGPGN UWGNQ MI
2GUQFGNCXGTUKÉP OQPVCFCGP FGRÉUKVQ MI
/WCNFGKPUVTWEEKQPGU
4GH
&GUKIPCEKÉP
'PVTCFCFGCKTGFGNEQORTGUQT
'PVTCFCFGCKTGFGTGHTKIGTCEKÉP[OQVQT
5CNKFCFGCKTGEQORTKOKFQ
5CNKFCFGCKTGFGTGHTKIGTCEKÉPFGNEQORTGUQT[OQVQT
'PVTCFCFGECDNGGN¾EVTKEQ
'PVTCFCFGCKTGFGTGHTKIGTCEKÉPFGNUGECFQT
5CNKFCFGCKTGFGTGHTKIGTCEKÉPFGNUGECFQT
2WPVQFGFTGPCLGCWVQO±VKEQ
2WPVQFGFTGPCLGOWCN
2TQRWGUVCFGKPUVCNCEKÉP
'LGORNQFGUCNCFGEQORTGUQTGU
/WCNFGKPUVTWEEKQPGU
&GUETKREKÉP
+PUVCNGGNEQORTGUQTUQDTGWPUWGNQPKXGNCFQ[UÉNKFQSWGRWGFCUQRQTVCTUWRGUQ .CFKUVEKCOÃPKOCTGEQOGPFCFCGPVTGNCRCTVGUWRGTKQTFGNCWPKFCF[GNVGEJQGU FGOO RWNI.CFKUVEKCGPVTGNCWPKFCF[NCURCTGFGUFGENCTCFCUGUGN OÃPKOQ .CFKUVEKCTGEQOGPFCFCGUOORCTCHCEKNKVCTGNCEEGUQ 5GRTQJÃDGCVQTPKNNCTEQPRGTPQUGNFGRÉUKVQFGCKTGCNUWGNQ
2QUKEKÉPFGNCX±NXWNCFGUCNKFCFGCKTGEQORTKOKFQ RWGFGWDKECTUGGPCODQUNCFQU FGNFGRÉUKVQFGCKTG
'NNCTIQO±ZKOQFGNCUVWDGTÃCUVQVCNGU KPENWUQNCVWDGTÃCFGKPVGTEQPGZKÉPGPVTGGN EQORTGUQT[GNFGRÉUKVQUGECNEWNCFGNCHQTOCUKIWKGPVG FR .ZZ3E FZR FFK±OGVTQKPVGTKQTFGNVWDQFGUCNKFCGPOO FRECÃFCFGRTGUKÉP O±ZKOQTGEQOGPFCFQDCTRUK .NQPIKVWFFGNVWDQFGUCNKFCGPO RRTGUKÉPCDUQNWVCGPNCUCNKFCFGNEQORTGUQTGPDCT C 3EUWOKPKUVTQFGCKTGNKDTGFGNEQORTGUQTGPNU
8GPVKNCEKÉPNCURCTTKNNCUFGCURKTCEKÉP[GNXGPVKNCFQTFGDGPKPUVCNCTUGFGHQTOCSWG UGGXKVGNCTGEKTEWNCEKÉPFGNCKTGFGTGHTKIGTCEKÉPCNEQORTGUQT.CXGNQEKFCFO±ZKOC FGNCKTGCVTCX¾UFGNCURCTTKNNCUGUFGOU HVU 0QUGCFOKVGPEQPFWEVQUFGCKTGFGTGHTKIGTCEKÉP .CVGORGTCVWTCO±ZKOCFGNCKTGGPNCVQOCFGNEQORTGUQTGUFGu% u( NC OÃPKOCGUFGu%u( 3XECRCEKFCFFGXGPVKNCEKÉPTGSWGTKFCGPOU 0GPVTCFCCNGLGFGNEQORTGUQTGPM9 F6CWOGPVQFGVGORGTCVWTCGPUCNCFGNEQORTGUQT
'PVTCFCFGECDNGFGTGF
%QPGZKQPGUGN¾EVTKECU
&GUETKREKÉP %QPUWNVGVCODK¾PNCUGEEKÉP&KCITCOCUGN¾EVTKEQU +PUVCNGWPKPVGTTWRVQTUGRCTCFQT %QORTWGDGSWGGUV±PDKGPUWLGVQUCUWUDQTPGUNQUECDNGUGJKNQUFGNOQVQTGPGNCTOCTKQGN¾EVTKEQ %QORTWGDGNQUHWUKDNGU[GNCLWUVGFGNTGN¾FGUQDTGECTIC8¾CUGNCUGEEKÉP#LWUVGUFGTGN¾FG UQDTGECTIC[HWUKDNGU %QPGEVGNQUECDNGUFGUWOKPKUVTQFGRQVGPEKCCUWUDQTPGU..[. %QPGEVGGNEQPFWEVQTPGWVTQCNEQPGEVQT 0 %QPGEVGGNRGTPQFGNEQPFWEVQTFGVKGTTC 2' 'POQFGNQUFGN)#CN)#(WNN(GCVWTG Ő 'NUWOKPKUVTQFGXQNVCLGCNUGECFQTFGDGUGTOQPQH±UKEQFG85GUWOKPKUVTCGNXQNVCLGCNUGECFQT RQTNQUEQPVCEVQUFGNTGN¾ -¾UVQUUGEKGTTCNCTTECTUGGNEQORTGUQT2CTCXQNVCLGUFG UWOKPKUVTQFGNEQORTGUQTFKHGTGPVGUFGZ8O±UPGWVTQZ8NCCNKOGPVCEKÉPCNUGECFQT NCUWOKPKUVTCWPVTUHQTOCFQT
/WCNFGKPUVTWEEKQPGU
2KEVQITCOCU
2KEVQITCOCUOQFGNQUFGN)#CN)#
4GHGTGPEKC
&GUKIPCEKÉP
#XKUQEQPUWNVGGN.KDTQFGKPUVTWEEKQPGUGPNQTGHGTGPVGCNUGPVKFQFGIKTQFGNOQVQT VGUFGEQPGEVCTGNEQORTGUQTGN¾EVTKECOGPVG
2CTGUFGCRTKGVGRCTCRGTPQUFGCEGTQ (GQNCVÉP %W
#XKUQCURKTCEKÉP
#EGKVCTNKIGTCOGPVGNCLWPVCFGNHKNVTQFGCEGKVGCVQTPKNNCT¾UVG[CRTGVCTCOQ
OGFKCXWGNVCCRTQZKOCFCOGPVG
%QPUWNVGGN.KDTQFGKPUVTWEEKQPGUVGUFGTGCNK\CTOVGPKOKGPVQ
#XKUQXQNVCLG
#XKUQRKG\CUECNKGPVGU
#PVGUFGCTTECTDNQSWGCTVQFCUNCUEQORWGTVCUFGNCECTTQEGTÃC Ő 5KUGVKTCFGNCJQLCJCEKCCDCLQRCTCTGNEQORTGUQT[FGUEQPGEVCTGNXQNVCLG Ő +PXKGTVCNCUFQUNÃPGCUFGGPVTCFC4GRKVCGNRCUQVGTKQT Ő 5KNCJQLCUCNVCNCTQVCEKÉPFGNOQVQTGUEQTTGEVC
2WPVQFGFTGPCLGOWCNFGEQPFGPUCFQ
2WPVQFGFTGPCLGCWVQO±VKEQFGEQPFGPUCFQ
#XKUQFGUEQPGEVCTGNXQNVCLG[FGURTGUWTK\CTGNEQORTGUQTVGUFGTGCNK\CT TGRCTCEKQPGU
#XKUQFGUEQPGEVGNCCNKOGPVCEKÉPGN¾EVTKECVGUFGCDTKT
/WCNFGKPUVTWEEKQPGU
+PUVTWEEKQPGUFGHWPEKQPCOKGPVQ
#PVGUFGNCTTSWGKPKEKCN
5GIWTKFCF 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCURTGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGUKPENWKFCU NCUSWGUGKPFKEGPGNRTGUGPVGOWCN
(WPEKQPCOKGPVQGPCNVKVWFGZVGTKQTGU 5KGNEQORTGUQTUGGPEWGPVTCKPUVCNCFQGPGZVGTKQTGUQUKGURQUKDNGSWGNCVGORGTCVWTCFGCURKTCEKÉPFGN CKTGFGUEKGPFCRQTFGDCLQFG%(JC[SWGVQOCTRTGECWEKQPGU%QPUWNVGC#VNCU%QREQGPVCN ECUQ[VCODK¾PUKHWPEKQPCCWPCCNVKVWFUWRGTKQTCO HV &GURNC\COKGPVQNGXVCOKGPVQ 7PKFCFOQPVCFCGPGNUWGNQGNEQORTGUQTRWGFGOQXGTUGEQPWPCECTTGVKNNCGNGXCFQTC2TQEWTGPQFCÇCT PKPIWPCFGNCUEQPGZKQPGUKPUVCNCFCUFGDCLQFGNDCUVKFQTCNOQXGTNCECTTGVKNNCQGNEQORTGUQT2CTC GNGXCTGNEQORTGUQTEQORTWGDGSWGNCUJQTSWKNNCUUGNQUWHKEKGPVGOGPVGNCTICURCTCRTQRQTEKQPCTWP UQRQTVGGUVCDNG 7PKFCFOQPVCFCGPFGRÉUKVQOWGXCGNEQORTGUQTEQPWPCECTTGVKNNCGNGXCFQTCEQNQEFQNCUJQTSWKNNCU FGDCLQFGNQUUQRQTVGUFGGNGXCEKÉPSWGUGGPEWGPVTKPUVCNCFQUGPVTGNQURKGUFGNFGRÉUKVQFGCKTG #UGIÐTGUGFGEQNQECTNCUJQTSWKNNCUGPGNEGPVTQFGNFGRÉUKVQFGCKTG[NGXVGEQPEWKFCFQ #TTSWG[RCTCFCCFKUVEKCGPEQORTGUQTGUFQVCFQUFGNTGIWNCFQT'NGMVTQPKMQP+ &GLGSWGNCUOQFKHKECEKQPGUNCUEQORTWGDG#VNCU%QREQ2CTGGNEQORTGUQT[ FGUEQPGEVGGNXQNVCLGVGUFGEQPGEVCTGSWKRQGZVGTPQ5GRGTOKVGPÐPKECOGPVG EQPVCEVQUNKDTGUFGXQNVCLG #TTSWG[RCTCFCCFKUVEKC Ő %QPGEVGWPDQVÉPFGCTTSWGRCTCFCRTQITCOCFCGPVTGNQUDQTPGU[FGNVCDNGTQFGDQTPGU
:%QPUWNVGNCUGEEKÉP5KUVGOCGN¾EVTKEQRCTCNQECNK\CTNCTGINGVCFGDQTPGU
#TTSWGKPKEKCN
5GIWTKFCF 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
/WCNFGKPUVTWEEKQPGU
2TQEGFKOKGPVQ 2CTCEQPQEGTNCWDKECEKÉPFGNCX±NXWNCFGUCNKFCFGCKTG[NCUEQPGZKQPGUFGFTGPCLG EQPUWNVGNCUUGEEKQPGU+PVTQFWEEKÉP[5KUVGOCFGEQPFGPUCFQ
(KLCFQTGUFGVTURQTVGFGNOQVQT[ECLCFGGPITCLGU
2QUKEKÉPFGNCOKTKNNCFGPKXGNFGCEGKVG
/WCNFGKPUVTWEEKQPGU
%WDÃEWNQGN¾EVTKEQ
7DKECEKÉPFGNCJQLC
/WCNFGKPUVTWEEKQPGU
%QPUWNVGNCUUGEEKQPGU6COCÇQFGECDNGUGN¾EVTKEQU2TQRWGUVCUFGKPUVCNCEKÉP[&KDWLQUFG FKOGPUKQPGU
*C[SWGSWKVCTNQUHKLCFQTGUFGVTURQTVGRKPVCFQUFGTQLQUKIWKGPVGU Ő 2GTPQU Ő %CUSWKNNQU Ő 5QRQTVGU
%QORTWGDGSWGGUV±PJGEJCUNCUEQPGZKQPGUGN¾EVTKECUEQPHQTOGCNQUEÉFKIQUNQECNGU[SWG VQFQUNQUECDNGUGUV±PDKGPUWLGVQUCUWUDQTPGU 'NGSWKRQFGDGRQPGTUGCVKGTTC[RTQVGIGTUGFGEQTVQEKTEWKVQURQTOGFKQFGHWUKDNGUFGVKRQ KPGTVGGPVQFCUNCUHCUGU&GDGKPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTEGTECFGNEQORTGUQT
%QORTWGDGSWGGNVTUHQTOCFQT 6GUV±DKGPEQPGEVCFQ 2CTCWPKFCFGU(WNN(GCVWTGGZEGRVQRCTCXQNVCLGUFGXQNVCLGU8[8 0EQORTWGDG SWGGNVTUHQTOCFQT 6GUV±DKGPEQPGEVCFQ %QORTWGDGGNCLWUVGFGNTGN¾FGUQDTGECTICFGNOQVQTFGCEEKQPCOKGPVQ ( %QORTWGDGSWGGNTGN¾FGUQDTGECTICXCCLWUVCFQRCTCTGCTOGOWCN
+PUVCNGNCX±NXWNCFGUCNKFCFGCKTG #8EQPUWNVGNCUGEEKÉP+PVTQFWEEKÉPRCTCEQPQEGTNC WDKECEKÉPFGNCX±NXWNC %KGTTGNCX±NXWNC %QPGEVGNCTGFFGCKTGCNCX±NXWNC 'PEQORTGUQTGUGSWKRCFQUEQPWPCFGTKXCEKÉPFGUGECFQTKPUVCNGNCX±NXWNCFGUCNKFCFGCKTGGP GNVWDQFGFGTKXCEKÉPFGNUGECFQT
%QPGEVGNCUUCNKFCUFGFTGPCLGFGNEQPFGPUCFQCWPEQNGEVQTFGFTGPCLG %QPUWNVGNCUGEEKÉP5KUVGOCFGEQPFGPUCFQ
%QORTWGDGGNPKXGNFGCEGKVG8¾CUGNCUGEEKÉP%CODKQFGCEGKVG[HKNVTQUFGCEGKVG
2TQX¾CUGFGCFJGUKXQUSWGCXKUGPCNQRGTCFQTFGSWG Ő 'URQUKDNGSWGGNEQORTGUQTXWGNXCCCTTECTCWVQO±VKECOGPVGFGURW¾UFGKPVGTTWREKÉPFGN XQNVCLG UKGUV±CEVKXCFQEQPUWNVGC#VNCU%QREQ Ő 'NEQORTGUQTXCEQPVTQNCFQCWVQO±VKECOGPVG[RWGFGSWGCTTSWGGPEWCNSWKGTOQOGPVQ
(KLGNCJQLC SWGGZRNKECGNRTQEGFKOKGPVQFGEQORTQDCEKÉPFGNCFKTGEEKÉPFGTQVCEKÉPFGN OQVQTCNCUCNKFCFGCKTGFGTGHTKIGTCEKÉPFGNEQORTGUQT%QPUWNVGNCUGEEKÉP&KDWLQUFG FKOGPUKQPGU %QPGEVGGNXQNVCLG#TTSWGGNEQORTGUQT[R±TGNQCNKPUVVG%QORTWGDGNCFKTGEEKÉPFG TQVCEKÉPFGNOQVQTFGCEEKQPCOKGPVQ /EWFQIKTCRQTKPGTEKCJCUVCRCTCT %QORTWGDGNCTQVCEKÉPFGNOQVQTWUFQNCJQLC 5KNCFKTGEEKÉPFGTQVCEKÉPFGNOQVQTGU EQTTGEVCNCGVKSWGVCFGNCRCTTKNNCFGNCRCTVGUWRGTKQTUCNVCT±5KNCJQLCRGTOGEGGPUW RQUKEKÉPNCFKTGEEKÉPFGTQVCEKÉPGUKPEQTTGEVC 5KNCFKTGEEKÉPFGTQVCEKÉPFGNOQVQTFGCEEKQPCOKGPVQGUKPEQTTGEVCCDTCGNKPVGTTWRVQT UGRCTCFQTGKPXKGTVCFQUNÃPGCUGN¾EVTKECUFGGPVTCFC 4GN¾FGUGEWGPEKCFGHCUGUQREKQPCN Ő 5KGNEQORTGUQTPQNQITCTCCTTECTEQORTWGDGGNFKURNC[ Ő 5KGNFKURNC[OWGUVTCGNRKEVQITCOCFGUQDTGECTICFGNOQVQTEQORTWGDGGNTGN¾FGUGEWGPEKC FGHCUG 7PCFKTGEEKÉPFGTQVCEKÉPKPEQTTGEVCFGNOQVQTFGCEEKQPCOKGPVQRWGFGECWUCTFCÇQUCN EQORTGUQT
'PEQORTGUQTGUGSWKRCFQUEQPWPTGIWNCFQT'NGMVTQPKMQP+EQORTWGDGNQUCLWUVGUX¾CUGNC UGEEKÉP#LWUVGU
2QPICGNEQORTGUQTGPOCTEJC[FGLGSWGHWPEKQPGFWTVGCNIWPQUOKPWVQU%QORTWGDGSWGGN EQORTGUQTHWPEKQPCEQPPQTOCNKFCF
/WCNFGKPUVTWEEKQPGU
#PVGUFGCTTECT
2TQEGFKOKGPVQ
%QORTWGDGGNPKXGNFGCEGKVGCÇCFCUKGURTGEKUQ8¾CUGNCUGEEKÉP#TTSWGKPKEKCN
#TTSWG
2TQEGFKOKGPVQ 2CTCEQPQEGTNCRQUKEKÉPFGNCX±NXWNCFGUCNKFCFGCKTG[NCUEQPGZKQPGUFGFTGPCLG EQPUWNVGNCUUGEEKQPGU+PVTQFWEEKÉP[5KUVGOCFGEQPFGPUCFQ
2GNFGEQPVTQNFG'NGMVTQPKMQP+
2CUQ
#EEKÉP
%QPGEVGGNXQNVCLG%QORTWGDGSWGUGGPEKGPFGGN.'&FGXQNVCLGEQPGEVCFQ
#DTCNCX±NXWNCFGUCNKFCFGCKTG
2WNUGGNDQVÉPFGCTTSWG FGNRGNFGEQPVTQN'NEQORTGUQTUGRQPGGPOCTEJC[GN.'& FGHWPEKQPCOKGPVQCWVQO±VKEQ UGGPEKGPFG&KG\UGIWPFQUFGURW¾UFGCTTECTGNOQVQTFG CEEKQPCOKGPVQEQPOWVCFGGUVTGNNCCVTK±PIWNQ[GNEQORTGUQTGORKG\CCHWPEKQPCTGPECTIC
/WCNFGKPUVTWEEKQPGU
&WTVGGNHWPEKQPCOKGPVQ
2TQEGFKOKGPVQ 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU%QPUWNVG VCODK¾PNCUGEEKÉP5QNWEKÉPFGRTQDNGOCU .CTGVKTCFCFGNRGNHTQPVCN RGNFGUGTXKEKQFWTVGGNHWPEKQPCOKGPVQRTQXQECT±GN CRCICFQCWVQO±VKEQFGNCWPKFCFFGURW¾UFGEKGTVQVKGORQUGIÐPNCXGTUKÉPFGN EQORTGUQT 5KNQUOQVQTGUGUV±PFGVGPKFQU[GN.'& GPEGPFKFQNQUOQVQTGURQFTÃRQPGTUGGP OCTEJCCWVQO±VKECOGPVG
2GNFGEQPVTQN'NGMVTQPKMQP+
7DKECEKÉPFGNCOKTKNNCFGPKXGNFGCEGKVGFG)#C)# 2WNUGGNDQVÉPFGRCTCFCEKGTTGNCX±NXWNCFGUCNKFCFGCKTG[CDTCNQUFKURQUKVKXQUFGFTGPCLGOWCNFGN EQPFGPUCFQ UKNQUJWDKGTC%QPUWNVGNCUGEEKÉP+PVTQFWEEKÉP[NCUGEEKÉP5KUVGOCFGEQPFGPUCFQRCTC EQPQEGTNCWDKECEKÉPFGNCX±NXWNCFGUCNKFCGNFKURQUKVKXQFGFTGPCLGFGCIWC 2WNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC
/WCNFGKPUVTWEEKQPGU
%QORTWGDGGNPKXGNFGCEGKVGCKPVGTXCNQUTGIWNCTGU6TGUOKPWVQUFGURW¾UFGRCTCTNCOKTKNNC )NFGDG GPEQPVTCTUGGPVTG[NNGPC'URGTGJCUVCSWGUGRCTGGNEQORTGUQT UGIWPFQUFGURTGUWTKEGGN UKUVGOCFGCEGKVGFGUCVQTPKNNFQGNVCRÉPFGNNGPCFQFGCEGKVG (%WPCUQNCXWGNVC[GURGTGWPQU OKPWVQU'ZVTCKICGNVCRÉP[CÇCFCCEGKVGJCUVCNNGPCTGNPKXGNFGNCOKTKNNC+PUVCNG[CRTKGVGGNVCRÉP (% 5KGUV±GPEGPFKFQGN.'&FGHWPEKQPCOKGPVQCWVQO±VKEQ GNTGIWNCFQTIQDKGTPCGNEQORTGUQT CWVQO±VKECOGPVGGUFGEKTECTICTFGUECTICTRCTCTNQUOQVQTGU[XQNXGTCCTTECT %QORTWGDGSWGUGFGUECTICEQPFGPUCFQFWTVGGNHWPEKQPCOKGPVQCKPVGTXCNQUTGIWNCTGU%QPUWNVGNC UGEEKÉP5KUVGOCFGEQPFGPUCFQ
%QORTQDCTGNFKURNC[
2TQEGFKOKGPVQ
2GNFGEQPVTQN'NGMVTQPKMQP+ 'PEQORTGUQTGUGSWKRCFQUEQPWPTGIWNCFQT'NGMVTQPKMQP+EQORTWGDGGNFKURNC[ TGIWNCTOGPVGNQU RKEVQITCOCUKPFKEGNGUVCFQFGNEQORTGUQTX¾CUGNCUGEEKÉP2KEVQITCOCUWVKNK\CFQUGPNCRVCNNC *CICNCUIGUVKQPGUPGEGUCTKCUUKGUV±GPEGPFKFQQRCTRCFGCGN.'&FGCNCTOC X¾UGNCUUGEEKQPGU #XKUQFGUGTXKEKQ#XKUQFGRCTCFCFGCNCTOC[2CTCFCFGCNCTOC
2CTCFC
4GIWNCFQT'NGMVTQPKMQP
2GNFGEQPVTQNFG'NGMVTQPKMQP+
/WCNFGKPUVTWEEKQPGU
2TQEGFKOKGPVQ 2CUQ
#EEKÉP
2WNUGGNDQVÉPFGRCTCFC 'N.'&FGHWPEKQPCOKGPVQCWVQO±VKEQ UGCRCIC[GN EQORTGUQTUGFGVKGPGVTUEWTTKFQUUGIWPFQUFGHWPEKQPCOKGPVQUKPECTIC
2CTCRCTCTGNEQORTGUQTGPECUQFGGOGTIGPEKCRWNUGGNDQVÉPFGRCTCFCFG GOGTIGPEKC 'N.'&FGCNCTOC RCTRCFGC 'PEQORTGUQTGUEQP'NGMVTQPKMQP+FGURW¾UFGUQNWEKQPCTNCCXGTÃCVKTGFGNDQVÉP RCTCFGUDNQSWGCTNQ[RWNUGNCVGENCFGTGCTOG VGUFGTGCTTECT
%KGTTGNCX±NXWNCFGUCNKFCFGCKTG #8EQPUWNVGNCUGEEKÉP+PVTQFWEEKÉP
#DTCGNRWPVQFGFTGPCLGOWCN &O &GUEQPGEVGGNXQNVCLG
2WGUVCHWGTCFGUGTXKEKQ
#XKUQ 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
2TQEGFKOKGPVQ 2CUQ
#EEKÉP
2CTGGNEQORTGUQT[EKGTTGNCX±NXWNCFGUCNKFCFGCKTG
#DTCGNRWPVQFGFTGPCLGOWCNFGEQPFGPUCFQ UKNQJWDKGTC%QPUWNVGNCUGEEKÉP 5KUVGOCFGEQPFGPUCFQRCTCNQECNK\CTNCX±NXWNCFGFTGPCLG
&GUEQPGEVGGNXQNVCLG[UGRCTGGNEQORTGUQTFGNCTGFOCVTK\
FGUCVQTPKNNGGNVCRÉPFGNNGPCFQFGCEGKVGWPCUQNCXWGNVCPQO±UCHKPFGRGTOKVKT SWGGUECRGNCRTGUKÉPGXGPVWCNFGNUKUVGOC %QPUWNVGNCUGEEKÉP%CODKQFGCEGKVG[HKNVTQUFGCEGKVGRCTCNQECNK\CTGNVCRÉPFG NNGPCFQ
%KGTTG[FGURTGUWTKEGNCRCTVGFGNCTGFFGCKTGEQPGEVCFCCNCX±NXWNCFGUCNKFC 5GRCTGGNVWDQFGUCNKFCFGCKTGFGNEQORTGUQTFGNCTGFFGCKTG
8CEÃGGNCEGKVG
8CEÃGGNEKTEWKVQFGEQPFGPUCFQ[FGUEQPGEVGNQUVWDQUFGEQPFGPUCFQFGNCTGFFG EQPFGPUCFQ
/WCNFGKPUVTWEEKQPGU
/VGPKOKGPVQ
2TQITCOCFGOVGPKOKGPVQRTGXGPVKXQ
2GNFGEQPVTQN
2GNFGEQPVTQN'NGMVTQPKMQP+ #XKUQ #PVGUFGNNGXCTCECDQEWCNSWKGTQRGTCEKÉPFGOVGPKOKGPVQTGRCTCEKÉPQCLWUVG RTQEGFCFGNCUKIWKGPVGOGTC Ő 2CTGGNEQORTGUQT Ő 2WNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC Ő &GUEQPGEVGGNXQNVCLG Ő %KGTTGNCX±NXWNCFGUCNKFCFGCKTG[CDTCNCUX±NXWNCUFGFTGPCLGOWCNFGN EQPFGPUCFQUKGZKUVGP Ő &GURTGUWTKEGGNEQORTGUQT 2CTCQDVGPGTKPUVTWEEKQPGUFGVCNNCFCUEQPUWNVG5QNWEKÉPFGRTQDNGOCU 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU )CTVÃC[TGURQPUCDKNKFCFFGNRTQFWEVQ 7VKNKEGÐPKECOGPVGRKG\CUCWVQTK\CFCU%WCNSWKGTFCÇQQCXGTÃCTGUWNVVGFGNWUQFGRKG\CUPQ CWVQTK\CFCUPQGUV±EWDKGTVQRQTNC)CTVÃCPKRQTNC4GURQPUCDKNKFCFFGN2TQFWEVQ ,WGIQUFGUGTXKEKQ UGTXKEGMKVU 5GGPEWGPVTFKURQPKDNGU UGTXKEGMKVU RCTCTGXKUKQPGUQOVGPKOKGPVQRTGXGPVKXQ X¾CUGNC UGEEKÉP,WGIQUFGUGTXKEKQ UGTXKEGMKVU %QPVTCVQUFGUGTXKEKQ #VNCU%QREQQHTGEGXCTKQUVKRQUFGEQPVTCVQUFGUGTXKEKQGXKV±PFQNGCUÃEWCNSWKGTVTCDCLQFG OVGPKOKGPVQRTGXGPVKXQ%QPUWNVGCN%GPVTQFG5GTXKEKQC%NKGPVGUFG#VNCU%QREQ )GPGTCNKFCFGU #NTGXKUCTECODKGVQFCUNCULWPVCULWPVCUVÉTKECU[CTFGNCUFGUOQPVCFCU
/WCNFGKPUVTWEEKQPGU
+PVGTXCNQU 'N%GPVTQFG5GTXKEKQC%NKGPVGUFG#VNCU%QREQNQECNRWGFGQDXKCTGNRTQITCOCFGOVGPKOKGPVQ GURGEKCNOGPVGGPNQSWGUGTGHKGTGCNQUKPVGTXCNQUFGUGTXKEKQGPHWPEKÉPFGNCUEQPFKEKQPGUCODKGPVCNGU [FGVTCDCLQFGNEQORTGUQT .CUEQORTQDCEKQPGUFGNQUKPVGTXCNQUNCTIQUFGDGPVCODK¾PKPENWKTNCUFGNQUKPVGTXCNQUEQTVQU #EEKQPGUFGUGTXKEKQRCTCEQORTGUQTGUEQPTGIWNCFQT'NGMVTQPKMQP+ #FGO±UFGNCUEQORTQDCEKQPGUFKCTKCU[VTKOGUVTCNGUNCUQRGTCEKQPGUFGUGTXKEKQUGCITWRGP KPVGTXCNQUFGVKGORQ JQTCUFGHWPEKQPCOKGPVQ'NTGIWNCFQTGUV±FQVCFQFGWPVGORQTK\CFQTFGUGTXKEKQ RTQITCOCDNG#RCTGEGT±WPCXKUQFGUGTXKEKQCNCNE\CTGNVGORQTK\CFQTFGUGTXKEKQGNKPVGTXCNQFG VKGORQRTQITCOCFQEQPUWNVGNCUGEEKÉP#XKUQFGUGTXKEKQ'PVCNECUQJC[SWGEQORTQDCTNCUJQTCUFG HWPEKQPCOKGPVQ4GCNKEGNCUQRGTCEKQPGUFGUGTXKEKQSWGEQTTGURQPFGPCNCUJQTCUFGHWPEKQPCOKGPVQ GURGEKHKECFCUGPGNRTQITCOCUKIWKGPVG4GCTOGGNVGORQTK\CFQTFGUGTXKEKQFGURW¾UFGCECDCFQGN UGTXKEKQEQPUWNVGNCUGEEKÉP+PXQECEKÉPTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ 2TQITCOCFGOVGPKOKGPVQRTGXGPVKXQ )GPGTCNKFCFGU 2GTÃQFQ
1RGTCEKÉP
&KCTKQ
%QORTWGDGGNPKXGNFGNCEGKVG
ŋ
%QORTWGDGNCUKPFKECEKQPGUGPGNFKURNC[
ŋ
%QORTWGDGSWGUGFGUECTICEQPFGPUCFQFWTVGNCECTIC
ŋ
2WTIWGGNEQPFGPUCFQ
ŋ
%QORTWGDGGNKPFKECFQTFGUGTXKEKQFGNQUHKNVTQU&&Z[2&Z UKNQUJWDKGTC
%CFCOGUGU
%QORTWGDGNQUTGHTKIGTCFQTGUNÃORKGNQUGPECUQRTGEKUQ
ŋ
2CTCWPKFCFGU(WNN(GCVWTGEQORTWGDGGNEQPFGPUCFQTFGNUGECFQT[NÃORKGNQUKGU PGEGUCTKQ
ŋ
'ZVTCKICGNGNGOGPVQHKNVTVGFGCKTG.KORKCTEQPEJQTTQFGCKTG[TGXKUCT /±UCOGPWFQUKUGVTCDCLCGPWPCODKGPVGRQNXQTKGPVQ 4GGORNCEGGNGOGPVQUFCÇCFQUQOW[EQPVCOKPCFQU
ŋ
4GGORNCEGGNGNGOGPVQFGHKNVTQFGNEWDÃEWNQ
#PWCNOGPVG
4GGORNCEGNQUHKNVTQU&&Z[2&ZQGPEWVQGNKPFKECFQTFGRTGUKÉPCRWPVGCNC \QPCTQLC
2CTC)#C)# *QTCUFG HWPEKQPCOKGPVQ
1RGTCEKÉP
5KUGWVKNK\C4QVQ(QQFITCFG(NWKFFG#VNCU%QREQECODKGGNCEGKVG
5KUGWVKNK\C4QVQKPLGEV(NWKFFG#VNCU%QREQECODKGGNCEGKVG
4GGORNCEGGNGNGOGPVQHKNVTVGFGCKTG
4GGORNCEGGNGNGOGPVQFGHKNVTQFGNEWDÃEWNQ
.KORKGNQUTGHTKIGTCFQTGU
2CTCWPKFCFGU(WNN(GCVWTGNKORKGGNEQPFGPUCFQTFGNUGECFQT
4GGORNCEGGNHKNVTQ[UGRCTCFQTFGCEGKVG
%QORTWGDGNCUNGEVWTCUFGRTGUKÉP[VGORGTCVWTC
.NGXGCECDQWPCRTWGDCFGNQU.'&FKURNC[
/WCNFGKPUVTWEEKQPGU
*QTCUFG HWPEKQPCOKGPVQ
1RGTCEKÉP
%QORTWGDGRQTUKJC[HWICUFGCKTG
'PWPKFCFGU2CEMGZVTCKICFGUOVGNG[NKORKGNCX±NXWNCFGHNQVCFQTFGNEQNGEVQT FGEQPFGPUCFQ%QPUWNVGNCUGEEKÉP5KUVGOCFGEQPFGPUCFQ
2TWGDGNCHWPEKÉPFGRCTCFCFGVGORGTCVWTC
2TWGDGNCUX±NXWNCUFGUGIWTKFCF
5KUGWVKNK\C4QVQ:VGPF&WV[(NWKFFG#VNCU%QREQECODKGGNCEGKVG
+ORQTVVG Ő %QPUWNVGUKGORTGC#VNCU%QREQRCTCOQFKHKECTGNCLWUVGFGWPVGORQTK\CFQT Ő 2CTCEQPQEGTGNKPVGTXCNQFGECODKQFGCEGKVG[HKNVTQFGCEGKVGGPEQPFKEKQPGU GZVTGOCUFGVGORGTCVWTCJWOGFCFQCKTGFGTGHTKIGTCEKÉPEQPUWNVGC#VNCU %QREQ Ő &GDGTGRCTCTEWCNSWKGTHWICKPOGFKCVCOGPVG*C[SWGUWUVKVWKTVWDGTÃCUQLWPVCU HNGZKDNGUFCÇCFCU
/QVQTFGCEEKQPCOKGPVQ
2CTC)#C)# .QUEQLKPGVGUFGNOQVQTGUV±PNWDTKECFQUFGRQTXKFC
'URGEKHKECEKQPGUFGNCEGKVG
0QOG\ENGPWPECCEGKVGUFGOCTECUQVKRQUFKHGTGPVGU 2CTCCUGIWTCTWPCDWGPCECNKFCFFGNCEGKVGFTGPGGNEQORTGUQTGPVQFQUNQURWPVQU FGFTGPCLG.QUCEGKVGUWUCFQUSWGUGFGLGPGNEQORTGUQTRWGFGPEQPVCOKPCTGN UKUVGOCFGCEGKVG
5GTGEQOKGPFCOW[GPECTGEKFCOGPVGWVKNK\CT#VNCU%QREQ(NWKF EQPUWNVGNCUGEEKÉP2TQITCOCFG OVGPKOKGPVQRTGXGPVKXQ #VNCU%QREQ4QVQ+PLGEV(NWKF #EGKVGRCTCWPKFCFGU+'%[WPKFCFGU%5#7.EQPWPXQNVCLGFGOQVQTFG8 #VNCU%QREQ4QVQ+PLGEV(NWKFGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQPKP[GEEKÉP FGCEGKVGSWGOVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ4QVQ+PLGEV(NWKFRWGFGWVKNK\CTUGRCTC EQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu% u([u% u(
EQPUWNVGNCUGEEKÉP,WGIQUFGUGTXKEKQ
/WCNFGKPUVTWEEKQPGU
#VNCU%QREQ4QVQ:VGPF&WV[(NWKF #EGKVGRCTCWPKFCFGU%5#7.[,20GZEGRVQRCTCWPKFCFGUEQPWPXQNVCLGFGOQVQTFG8 #EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKÉPRCTCWPKFCFGU+'%[WPKFCFGU%5#7.EQPWPXQNVCLGFG OQVQTFG8 #VNCU%QREQ4QVQ:VGPF&WV[(NWKFGUWPCEGKVGGURGEKCNRCTCEQORTGUQTGUFGGURKTCN[VQTPKNNQEQP KP[GEEKÉPFGCEGKVGSWGOVKGPGGNEQORTGUQTGPGZEGNGPVGGUVCFQ#VNCU%QREQ4QVQ:VGPF&WV[(NWKF RWGFGWVKNK\CTUGRCTCEQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu% u([ u% u( EQPUWNVGNCUGEEKÉP,WGIQUFGUGTXKEKQ #VNCU%QREQ4QVQ(QQFITCFG(NWKF #EGKVGGURGEKCNUWOKPKUVTCFQEQOQQREKÉP #VNCU%QREQ4QVQ(QQFITCFG(NWKFGUWPNWDTKEVGUKPV¾VKEQFGCNVCECNKFCFGZENWUKXQETGCFQ GURGEKCNOGPVGRCTCEQORTGUQTGUFGVQTPKNNQEQPKP[GEEKÉPFGCEGKVGSWGUWOKPKUVTCKTGRCTCNCKPFWUVTKC FGCNKOGPVCEKÉP'UVGNWDTKEVGOVKGPGGNEQORTGUQTGPRGTHGEVQGUVCFQ'NCEGKVG4QVQ(QQFITCFG RWGFGWVKNK\CTUGRCTCEQORTGUQTGUSWGHWPEKQPGPCWPCVGORGTCVWTCCODKGPVGFGGPVTGu% u([ u% u( EQPUWNVGNCUGEEKÉP,WGIQUFGUGTXKEKQ 1DUGTXCEKÉP 'NFGRÉUKVQFGCKTGVSWGFGCEGKVGNNGXCWPCGVKSWGVCSWGKPFKECGNVKRQFGCEGKVG NNGPCFQGPH±DTKEC
%CODKQFGCEGKVG[HKNVTQUFGCEGKVG
#XKUQ 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
/WCNFGKPUVTWEEKQPGU
2TQEGFKOKGPVQ
%QORQPGPVGUFGNUKUVGOCFGCEGKVGFG)#C)#
*CICHWPEKQPCTGNEQORTGUQTJCUVCSWGUGECNKGPVG2CTGGNOQVQTFGURW¾UFGOKPWVQUFG HWPEKQPCOKGPVQGPFGUECTIC%KGTTGNCX±NXWNCFGUCNKFCFGCKTG[FGUEQPGEVGGNXQNVCLG'URGTG WPQUEWVQUOKPWVQU[FGURTGUWTKEGFGUCVQTPKNNFQGNVCRÉPFGTGNNGPQFGCEGKVG (%PQ O±USWGWPCUQNCXWGNVCRCTCRGTOKVKTSWGUGGUECRGEWCNSWKGTRTGUKÉPSWGRWFKGTCJCDGTGPGN UKUVGOC #DTCVCODK¾PNQUFKURQUKVKXQUFGFTGPCLGOWCNFGNEQPFGPUCFQ UKNQUJWDKGTC
'ZVTCKICGNVCRÉPFGFTGPCLGFGCEGKVG &25CSWGGNCEGKVGCDTKGPFQNCX±NXWNC 8F3WKVG VCODK¾PGNVCRÉPFGFTGPCLGFGNVWDQHNGZKDNG UKVWCFQLWPVQCNGNGOGPVQ[GNVCRÉPFG XGPVKNCEKÉPFGNTGHTKIGTCFQTFGCEGKVG%KGTTGNCX±NXWNC[XWGNXCCKPUVCNCTNQUVCRQPGUFGURW¾U FGNFTGPCLG
4GEQLCGNCEGKVGGPWPTGEKRKGPVG[GPVT¾IWGNQCNUGTXKEKQFGTGEQIKFCFGCEGKVG4GKPUVCNG[ CRTKGVGNQUVCRQPGUFGFTGPCLG[XGPVKNCEKÉPFGURW¾UFGNFTGPCLG
'ZVTCKICGNHKNVTQFGCEGKVG 1(.KORKGGNCUKGPVQFGNFKUVTKDWKFQT.WDTKSWGEQPCEGKVGNCLWPVC FGNPWGXQHKNVTQ[CVQTPÃNNGNQGPUWUKVKQ#RTKGVGHKTOGOGPVGCOQ
'ZVTCKICGNVCRÉPFGNNGPCFQ (% 'POQFGNQU)#C)#KPVTQFW\ECWPEQFQGPGNVCRÉPFGNNGPCFQ (%RCTCHCEKNKVCTGN NNGPCFQ.NGPGGNFGRÉUKVQFGCEGKVG 16EQPCEGKVGJCUVCSWGGNPKXGNNNGIWGCNOGFKQFGNC OKTKNNC )+ %WKFGFGSWGPQECKICUWEKGFCFGPGNUKUVGOC4GKPUVCNG[CRTKGVGGNVCRÉPFGNNGPCFQ (%
*CICHWPEKQPCTGNEQORTGUQTGPECTICWPQUOKPWVQU2CTGGNEQORTGUQT[GURGTGWPQU OKPWVQUCHKPFGRGTOKVKTSWGUGTGRQUGGNCEGKVG
&GURTGUWTKEGGNUKUVGOCFGUCVQTPKNNFQGNVCRÉPFGNNGPCFQ (%WPCUQNCXWGNVCRCTCRGTOKVKT SWGUGGUECRGNCRTGUKÉPSWGRWFKGTCJCDGTGPGNUKUVGOC'ZVTCKICGNVCRÉP 'P)#C)#TGNNGPGGNFGRÉUKVQFGCEGKVGJCUVCSWGNCOKTKNNC )+UGGPEWGPVTGNNGPCGP UWURCTVGU #RTKGVGGNVCRÉPFGNNGPCFQ
4GUVCDNG\ECGNVGORQTK\CFQTFGUGTXKEKQ Ő 2CTCEQORTGUQTGUGSWKRCFQUEQPWPTGIWNCFQT'NGMVTQPKMQP+X¾CUGNCUGEEKÉP+PXQECEKÉP FGTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ
/WCNFGKPUVTWEEKQPGU
%CODKQFGNUGRCTCFQTFGCEGKVG
#XKUQ 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU
2TQEGFKOKGPVQ
%QORQPGPVGUFGNUKUVGOCFGCEGKVGFG)#C)#
*CICHWPEKQPCTGNEQORTGUQTJCUVCSWGUGECNKGPVG2CTGGNEQORTGUQTEKGTTGNC X±NXWNCFGUCNKFCFGCKTG[FGUEQPGEVGGNXQNVCLG'URGTGWPQUEWVQUOKPWVQU[ FGURTGUWTKEGFGUCVQTPKNNFQGNVCRÉPFGTGNNGPQFGCEGKVG (%PQO±USWGWPCUQNC XWGNVCRCTCRGTOKVKTSWGUGGUECRGEWCNSWKGTRTGUKÉPSWGRWFKGTCJCDGTGPGN UKUVGOC
'URGTGOKPWVQU[GZVTCKICGNUGRCTCFQTFGCEGKVG 15.KORKGGNCUKGPVQFGN FKUVTKDWKFQT.WDTKSWGEQPCEGKVGNCLWPVCFGNPWGXQUGRCTCFQT[CVQTPÃNNGNQGPUW UKVKQ#RTKGVGHKTOGOGPVGCOQ
*CICHWPEKQPCTGNEQORTGUQTGPECTICWPQUOKPWVQU2CTGGNEQORTGUQT[GURGTG WPQUOKPWVQUCHKPFGRGTOKVKTSWGUGTGRQUGGNCEGKVG
&GURTGUWTKEGGNUKUVGOCFGUCVQTPKNNFQGNVCRÉPFGNNGPCFQ (%WPCUQNCXWGNVCRCTC RGTOKVKTSWGUGGUECRGNCRTGUKÉPSWGRWFKGTCJCDGTGPGNUKUVGOC'ZVTCKICGNVCRÉP 4GNNGPGGNFGRÉUKVQFGCEGKVGJCUVCSWGNCOKTKNNC )NUGGPEWGPVTGNNGPCGPUWU RCTVGU #RTKGVGGNVCRÉPFGNNGPCFQ
4GUVCDNG\ECGNVGORQTK\CFQTFGUGTXKEKQ Ő 2CTCEQORTGUQTGUGSWKRCFQUEQPWPTGIWNCFQT'NGMVTQPKMQP+X¾CUGNCUGEEKÉP +PXQECEKÉPFGTGCTOGFGVGORQTK\CFQTFGUGTXKEKQ
/WCNFGKPUVTWEEKQPGU
#NOCEGPCOKGPVQFGURW¾UFGNCKPUVCNCEKÉP
2TQEGFKOKGPVQ 2QPICGPOCTEJCGNEQORTGUQTRQTGLGORNQFQUXGEGUCNCUGOCJCUVCSWGUGECNKGPVG%CTIWG[ FGUECTIWGGNEQORTGUQTWPCUEWVCUXGEGU 5KGNEQORTGUQTUGXCCCNOCEGPCTUKPHWPEKQPCTFGXG\GPEWFQVQOGNCUOGFKFCU FGRTQVGEEKÉPSWGEQTTGURQPF%QPUWNVGC#VNCU%QREQ
,WGIQUFGUGTXKEKQ UGTXKEGMKVU
&GUETKREKÉP 5GGPEWGPVTFKURQPKDNGULWGIQUFGUGTXKEKQ UGTXKEGMKVU SWGNGQHTGEGPNQUDGPGHKEKQUFGNCURCTVGU QTKIKPCNGUFG#VNCU%QREQ[CNOKUOQVKGORQOVKGPGPDCLQUWRTGUWRWGUVQFGOVGPKOKGPVQ.QU LWGIQUEQPVKGPGPVQFCUNCURKG\CUPGEGUCTKCURCTCGNUGTXKEKQ 5GTXKEGMKV RCTCHKNVTQUFGCEGKVG[HKNVTQUFGCKTG 5GTXKEGMKV RCTCHKNVTQUFGCEGKVG[HKNVTQUFGCKTG
0ÐOGTQFGRGFKFQ
)#C)#RCTCJQTCUFG HWPEKQPCOKGPVQ HKNVTQU[UGRCTCFQTFGCEGKVG
2CTC)#C)#GNGOGPVQFGNHKNVTQFGN EWDÃEWNQ
,WGIQUFGUGTXKEKQ UGTXKEGMKVU)#C)# ,WGIQUFGUGTXKEKQ UGTXKEGMKVU
0ÐOGTQFGRGFKFQ
8±NXWNCFGRTGUKÉPOÃPKOCRCTCEQORTGUQTGUFG DCTDCTRUKRUK[RUK
8±NXWNCFGRTGUKÉPOÃPKOCRCTCEQORTGUQTGUFG DCT[RUK
'SWKRQFGHNQVCFQT
'SWKRQFGHKNVTQ2&:
-KVFGHKNVTQ&&:
#VNCU%QREQ4QVQ+PLGEV(NWKF %QPUWNVGVCODK¾PNCUGEEKÉP'URGEKHKECEKÉPFGCEGKVG 0ÐOGTQFGRGFKFQ
.CVCFGNKVTQU 75ICN+ORICN
.CVCFGNKVTQU 75ICN+ORICN
$CTTKNFGNKVTQU 75ICN+ORICN
/WCNFGKPUVTWEEKQPGU
#VNCU%QREQ4QVQ:VGPF&WV[(NWKF %QPUWNVGVCODK¾PNCUGEEKÉP'URGEKHKECEKÉPFGCEGKVG 0ÐOGTQFGRGFKFQ .CVCFGNKVTQU 75ICN+ORICN
.CVCFGNKVTQU 75ICN+ORICN
$CTTKNFGNKVTQU 75ICN+ORICN
#VNCU%QREQ4QVQ(QQFITCFG(NWKF %QPUWNVGVCODK¾PNCUGEEKÉP'URGEKHKECEKÉPFGCEGKVG 0ÐOGTQFGRGFKFQ .CVCFGNKVTQU 75ICN+ORICN
$CTTKNFGNKVTQU 75ICN+ORICN
/WCNFGKPUVTWEEKQPGU
#LWUVGU[RTQEGFKOKGPVQUFGUGTXKEKQ
(KNVTQFGCKTG
7DKECEKÉPFGNHKNVTQFGCKTG
(KNVTQFGCKTG)#C)# 4GEQOGPFCEKQPGU 0QGZVTCKICPWPECGNGNGOGPVQEQPGNEQORTGUQTGPOCTEJC 2CTCTGFWEKTCNOÃPKOQGNVKGORQFGRCTCFCFGNEQORTGUQTECODKGGNGNGOGPVQUWEKQRQTQVTQPWGXQ &GUGEJGEWCNSWKGTGNGOGPVQSWGGUV¾FCÇCFQ 2TQEGFKOKGPVQ 2CTGGNEQORTGUQT&GUEQPGEVGGNXQNVCLG 'PWPKFCFGU2CEMGZVTCKICGNRGNNCVGTCN 'PWPKFCFGU(WNN(GCVWTGGZVTCKICGNRGNHTQPVCN 3WKVGGNEQPLWPVQFGNHKNVTQFGCKTG 'ZVTCKICNCVCRCFGNHKNVTQFGCKTG #(IKT±PFQNCGPUGPVKFQQRWGUVQCNCUCIWLCUFGWPTGNQL'ZVTCKIC GNGNGOGPVQHKNVTVG5KGURTGEKUQNKORKGNCEWDKGTVC +PUVCNGGNPWGXQGNGOGPVQ[NCEWDKGTVC 4GCTOGGNCXKUQFGUGTXKEKQFGNHKNVTQFGCKTG %QPUWNVGNCUGEEKÉP+PXQECEKÉPTGCTOGFGVGORQTK\CFQTFGUGTXKEKQRCTCTGCTOCTGNOGPUCLGFG UGTXKEKQGPTGIWNCFQTGU'NGMVTQPKMQP+
4GHTKIGTCFQTGU
.KORKG\C /VGPICNKORKQUNQUTGHTKIGTCFQTGURCTCTGVGPGTNCGHKEKGPEKCFGTGHTKIGTCEKÉP 'PEQORTGUQTGUTGHTKIGTCFQURQTCKTG
/WCNFGKPUVTWEEKQPGU
Ő 2CTGGNEQORTGUQTEKGTTGNCX±NXWNCFGUCNKFCFGCKTG[FGUEQPGEVGGNXQNVCLG Ő %WDTCVQFCUNCURKG\CUFGDCLQFGNQUTGHTKIGTCFQTGU Ő 'ZVTCKICVQFQGNRQNXQFGNQUTGHTKIGTCFQTGUEQPWPEGRKNNQFGEGTFCU0QGORNGGPWPECWPEGRKNNQFG CNCODTGUPKQDLGVQUOGV±NKEQU Ő 5GIWKFCOGPVGUQRNGEQPCKTGEQORTKOKFQGPUGPVKFQQRWGUVQCNHNWLQPQTOCN Ő 5KGURTGEKUQSWGUGNKORKGPNQUTGHTKIGTCFQTGUEQPC[WFCFGWPFGVGTIGPVGEQPUWNVGC#VNCU%QREQ 0WPECWUGWPFKURQUKVKXQNKORKCFQTFGCIWCCCNVCRTGUKÉPRCTCNKORKCTGNEQORTGUQT
8±NXWNCUFGUGIWTKFCF
2QUKEKÉPFGX±NXWNCFGUGIWTKFCF
)#C)#
&GRÉUKVQFGCKTGEQPX±NXWNCFGUGIWTKFCFGPWPKFCFGUOQPVCFCUGPFGRÉUKVQ #EEKQPCOKGPVQ #EEKQPGNCX±NXWNCFGUGIWTKFCFFGUCVQTPKNNFQNCVCRCWPCQFQUXWGNVCU[CVQTPKNN±PFQNCFGPWGXQ 2TWGDC #PVGUFGSWKVCTNCX±NXWNCFGUGIWTKFCFFGURTGUWTKEGGNEQORTGUQT
/WCNFGKPUVTWEEKQPGU
%QPUWNVGNCUGEEKÉP5QNWEKÉPFGRTQDNGOCU .CX±NXWNC 58RWGFGRTQDCTUGGPWPCNÃPGCFGCKTGEQORTKOKFQUGRCTCFC5KPQUGCDTGNCX±NXWNCCNC RTGUKÉPGUVCORCFCGPNCOKUOCEQPUWNVGC#VNCU%QREQ .CX±NXWNC 58UGKPUVCNCGPXGTUKQPGUGPFGRÉUKVQ.CX±NXWNCRWGFGRTQDCTUGGPWPCNÃPGCFGCKTG EQORTKOKFQUGRCTCFC5KPQUGCDTGNCX±NXWNCCNCRTGUKÉPGUVCORCFCGPNCOKUOCEQPUWNVGC#VNCU %QREQ #XKUQ 0QUGRGTOKVGPKPIÐPCLWUVG0WPECFGLGHWPEKQPCTGNEQORTGUQTUKPNCX±NXWNCFGUGIWTKFCF
/WCNFGKPUVTWEEKQPGU
5QNWEKÉPFGRTQDNGOCU
5QNWEKÉPFGRTQDNGOCU
#XKUQ #PVGUFGGORG\CTGNVTCDCLQFGOVGPKOKGPVQQTGRCTCEKÉPUQDTGGNEQORTGUQT RWNUGGNDQVÉPFGRCTCFCGURGTGJCUVCSWGUGRCTGGNEQORTGUQT CRTQZ UGIWPFQURWNUGGNDQVÉPFGRCTCFCFGGOGTIGPEKC[FGUEQPGEVGGNXQNVCLG%KGTTGNC X±NXWNCFGUCNKFCFGCKTGCDTCGNFKURQUKVKXQFGFTGPCLGOWCN &OGPWPKFCFGU 2CEM[CFGO±UCDTCGNRWPVQFGFTGPCLGOWCNFGEQPFGPUCFQ &OGPWPKFCFGU OQPVCFCUGPFGRÉUKVQ&GURTGUWTKEGGNEQORTGUQTCDTKGPFQGNVCRÉPFGNNGPCFQFG CEGKVG (%WPCXWGNVC 2CTCKPHQTOCTUGUQDTGGNGORNC\COKGPVQFGNQUEQORQPGPVGUEQPUWNVGNCU UGEEKQPGU Ő +PVTQFWEEKÉP Ő 5KUVGOCFGEQPFGPUCFQ Ő #TTSWGKPKEKCN #DTC[DNQSWGGGNKPVGTTWRVQTUGRCTCFQT .CX±NXWNCFGUCNKFCFGCKTGRWGFGUGTDNQSWGCFCFWTVGGNOVGPKOKGPVQQ TGRCTCEKQPGUFGNCOGTCUKIWKGPVG Ő %KGTTGNCX±NXWNC Ő 'ZVTCKICGNVQTPKNNQSWGUWLGVCGNOIQEQPNCNNCXGSWGUGGPVTGICEQPGN EQORTGUQT Ő .GXVGGNOIQ[IÃTGNQJCUVCSWGGNTGDQTFGFGDNQSWGQGPGNEWGTRQFGNC X±NXWNCGPECLGGPNCTWTCFGNOIQ Ő +PUVCNGGNVQTPKNNQ 'NQRGTCFQTFGDGQDUGTXCTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCFRGTVKPGPVGU (CNNQU[UQNWEKQPGU 'PEQORTGUQTGUFQVCFQUFGNTGIWNCFQT'NGMVTQPKMQP+UKGN.'&FGCNCTOCGUV±GPEGPFKFQQRCTRCFGC EQPUWNVGNCUGEEKÉP#XKUQFGRCTCFCFGCNCTOC
%QPFKEKÉP
(CNNQ
5QNWEKÉP
'NEQORTGUQTUGRQPGGP #XGTKCFCNCX±NXWNCFGUQNGPQKFG 4GGORNCEGNCX±NXWNC OCTEJCRGTQPQECTICFGURW¾U FGWPRGTÃQFQFGTGVTCUQ 8±NXWNCFGGPVTCFCRGICFCGP RQUKEKÉPEGTTCFC
*CICSWGUGEQORTWGDGNC X±NXWNC
(WICGPVWDQUHNGZKDNGUFGCKTG FGEQPVTQN
4GGORNCEGGNVWDQHNGZKDNG EQPNCHWIC
(WICGPX±NXWNCFGRTGUKÉP OÃPKOC EWFQNCTGFFGCKTG GUV±FGURTGUWTK\CFC
*CICSWGUGEQORTWGDGNC X±NXWNC
/WCNFGKPUVTWEEKQPGU
%QPFKEKÉP
(CNNQ
'NEQORTGUQTPQFGUECTICNC X±NXWNCFGUGIWTKFCFFKURCTC
#XGTKCFCNCX±NXWNCFGUQNGPQKFG 4GGORNCEGNCX±NXWNC
%QPFKEKÉP
5QNWEKÉP
.CX±NXWNCFGGPVTCFCPQEKGTTC
*CICSWGUGEQORTWGDGNC X±NXWNC
(CNNQ
5QNWEKÉP
'NUGRCTCFQTFGEQPFGPUCFQPQ 6WDQHNGZKDNGFGFGUECTIC FGUECTICEQPFGPUCFQFWTVG CVCUECFQ NCECTIC
%QORTWGDG[TGRCTGUGIÐP UGCPGEGUCTKQ
'PWPKFCFGU2CEMNCX±NXWNCFG 'ZVTCKICGNEQPLWPVQFGNC HNQVCFQTHWPEKQPCOCN X±NXWNCFGHNQVCFQTNKORKG[ EQORTW¾DGNQ
%QPFKEKÉP
'PWPKFCFGU(WNN(GCVWTGGN FKURQUKVKXQGNGEVTÉPKEQFG FTGPCLGHWPEKQPCOCN
2WNUGGNDQVÉPFGRTWGDC TGGORN±EGNQUKGUPGEGUCTKQ
(CNNQ
5QNWEKÉP
.CUCNKFCFGCKTGFGNEQORTGUQT 'NEQPUWOQFGCKTGGZEGFGGN QNCRTGUKÉPGUKPHGTKQTCNQ UWOKPKUVTQFGNEQORTGUQT PQTOCN
%QORTWGDGGNGSWKRQ EQPGEVCFQ
'NGOGPVQHKNVTVGCKTGQDUVTWKFQ %CODKGGNGNGOGPVQHKNVTVG #XGTKCFCNCX±NXWNCFGUQNGPQKFG 4GGORNCEGNCX±NXWNC
%QPFKEKÉP
(WICGPVWDQUHNGZKDNGUFGCKTG FGEQPVTQN
4GGORNCEGNQUVWDQU HNGZKDNGUEQPHWICU
.CX±NXWNCFGGPVTCFCPQUG CDTGEQORNGVCOGPVG
*CICSWGUGEQORTWGDGNC X±NXWNC
5GRCTCFQTFGCEGKVGQDUVTWKFQ
4GGORNCEGGNUGRCTCFQTFG CEGKVG
(WICUFGCKTG
*CICSWGTGRCTGPNCUHWICU
.CX±NXWNCFGUGIWTKFCFVKGPG HWICU
5WUVKVW[CNCX±NXWNC
#XGTKCFQGNGNGOGPVQ EQORTGUQT
%QPUWNVGC#VNCU%QREQ
(CNNQ
5QNWEKÉP
%QPUWOQGZEGUKXQFGCEGKVG #EGKVGKPEQTTGEVQRTQFWEG CTTCUVTGFGCEGKVGRQTNCNÃPGCFG GURWOC FGUECTIC
%CODKGCCEGKVGEQTTGEVQ
&GHGEVWQUQGNUGRCTCFQTFG CEGKVG
%QORTWGDGGNUGRCTCFQT 4GGORNCEGUKGUPGEGUCTKQ
/CNHWPEKQPCOKGPVQFGNCNÃPGC FGDCTTKFQ
4GGORNCEGNCX±NXWNC VKTTGVQTPQFGNCNÃPGCFG DCTTKFQ
/WCNFGKPUVTWEEKQPGU
%QPFKEKÉP
(CNNQ
5QNWEKÉP
.CX±NXWNCFGUGIWTKFCFFKURCTC #XGTÃCFGNCX±NXWNCFGGPVTCFC FGURW¾UFGECTICT
*CICSWGUGEQORTWGDGNC X±NXWNC
#XGTÃCFGNCX±NXWNCFGRTGUKÉP OÃPKOC
*CICSWGUGEQORTWGDGNC X±NXWNC
#XGTKCFCNCX±NXWNCFG UGIWTKFCF
5WUVKVW[CNCX±NXWNC
#XGTKCFQGNGNGOGPVQ EQORTGUQT
%QPUWNVGC#VNCU%QREQ
#VCUECFQGNGNGOGPVQUGRCTCFQT 4GGORNCEGGNUGRCTCFQTFG FGCEGKVG CEGKVG
%QPFKEKÉP
(CNNQ
5QNWEKÉP
6GORGTCVWTCFGUCNKFCFGN GNGOGPVQEQORTGUQTQFGNCKTG FGUWOKPKUVTQUWRGTKQTCNQ PQTOCN
0KXGNFGCEGKVGFGOCUKCFQDCLQ
%QORTWGDG[EQTTKLC
'PEQORTGUQTGUTGHTKIGTCFQU RQTCKTGCKTGFGTGHTKIGTCEKÉP KPUWHKEKGPVGQFGOCUKCFQCNVCNC VGORGTCVWTCFGNOKUOQ
$WUSWGNCTGUVTKEEKÉPFGNCKTG FGTGHTKIGTCEKÉPQOGLQTGNC XGPVKNCEKÉPFGNCUCNC'XKVG NCTGEKTEWNCEKÉPFGNCKTGFG TGHTKIGTCEKÉP5KUGJCNNC KPUVCNCFQWPXGPVKNCFQTGPNC UCNCFGNEQORTGUQT EQORTWGDGUWECRCEKFCF
#VCUECFQGNTGHTKIGTCFQTFG CEGKVG
.KORKGGNTGHTKIGTCFQT
/CNHWPEKQPCOKGPVQFGNC X±NXWNCFGFGTKXCEKÉP
*CICSWGUGRTWGDGNC X±NXWNC
4GHTKIGTCFQTFGCKTGQDVWTCFQ
.KORKGGNTGHTKIGTCFQT
#XGTKCFQGNGNGOGPVQ EQORTGUQT
%QPUWNVGCN%GPVTQFG 5GTXKEKQC%NKGPVGUFG#VNCU %QREQ
/WCNFGKPUVTWEEKQPGU
&CVQUV¾EPKEQU
+PFKECEKQPGUGPGNFKURNC[
&KURNC[FGNTGIWNCFQT'NGMVTQPKMQP
4GIWNCFQT'NGMVTQPKMQP+ +ORQTVVG .CUNGEVWTCUOGPEKQPCFCUVGTKQTOGPVGUQPX±NKFCUDCLQNCUEQPFKEKQPGUFG TGHGTGPEKC X¾CUGNCUGEEKÉP%QPFKEKQPGUFGTGHGTGPEKC[NÃOKVGU
4GHGTGPEKC
.GEVWTC
2TGUKÉPFGUCNKFCFG CKTG
(NWEVÐCGPVTGNCURTGUKQPGUFGFGUECTIC[ECTICRTQITCOCFCU
6GORGTCVWTCFGUCNKFC 2CTC)#C)#u% u(UQDTGNCVGORGTCVWTCFGNCKTGFG FGNGNGOGPVQ TGHTKIGTCEKÉP EQORTGUQT 6GORGTCVWTCFGNRWPVQ 2CTC)#C)#EQPUWNVGNCUGEEKÉP&CVQUFGNEQORTGUQTRCTC)#C FGTQEÃQ )#
6COCÇQFGECDNGUGN¾EVTKEQU
#VGPEKÉP .CUTGINCUNQECNGUUKIWGPGPXKIQTUKUQPO±UGUVTKEVCUSWGNQUXCNQTGURTQRWGUVQU CDCLQ .CECÃFCFGXQNVCLGPQFGDGGZEGFGTWPFGNXQNVCLGPQOKPCN2WGFGSWGUGC PGEGUCTKQWVKNK\CTECDNGUFGVCOCÇQOC[QTSWGNQUGURGEKHKECFQUCHKPFGEWORNKTEQP GUVCGZKIGPEKC
/WCNFGKPUVTWEEKQPGU
6COCÇQFGECDNGU )#
)#
)#
(TGEWGPEKC *\
8QNVCLG
8
6COCÇQFG ECDNGU
6COCÇQFG ECDNGU
6COCÇQFG ECDNGU
+'%
'UVTGNNCVTK±PIWNQ
OO
OO
OO
%5#7.
'UVTGNNCVTK±PIWNQ
#9)
#9)
#9)
#LWUVGUFGTGN¾FGUQDTGECTIC[HWUKDNGU
4GN¾FGUQDTGECTIC[HWUKDNGU )#
)#
)#
4GN¾FG 4GN¾FG (WUKDNGU UQDTGECTIC RTKPEKRCNGU UQDTGECTIC ( # UWOKPKUVTQ ( # FGN EQORTGUQT
#
)#
)#
)#
4GN¾FG (WUKDNGU RTKPEKRCNGU UQDTGECTIC UWOKPKUVTQ ( # FGN EQORTGUQT
#
(WUKDNGU RTKPEKRCNGU UWOKPKUVTQ FGN EQORTGUQT
#
I.I)
I.I)
(TGEWGPEK C *\
8QNVCLG
8
+'%
'UVTGNNC VTK±PIWNQ
%5#7.
'UVTGNNC VTK±PIWNQ
I.I)
%5#7.
%5#7.
%5#7.
/WCNFGKPUVTWEEKQPGU
+PVGTTWRVQTGUFGNUGECFQT +(&
)GPGTCNKFCFGU .QUFKURQUKVKXQUTGIWNCFQTGU[FGUGIWTKFCFGUV±PCLWUVCFQUGPH±DTKECRCTCQDVGPGTGNO±ZKOQ TGPFKOKGPVQFGNUGECFQT 5GRTQJÃDGCNVGTCTGNCLWUVGFGFKEJQUFKURQUKVKXQU
%QPFKEKQPGUFGTGHGTGPEKC[NÃOKVGU
%QPFKEKQPGUFGTGHGTGPEKC 2TGUKÉP CDUQNWVCFGGPVTCFCFGCKTG
DCT
2TGUKÉP CDUQNWVCFGGPVTCFCFGCKTG
RUK
6GORGTCVWTCFGGPVTCFCFGCKTG
u%
6GORGTCVWTCFGGPVTCFCFGCKTG
u(
*WOGFCFTGNCVKXC
2TGUKÉPFGVTCDCLQRCTC)#CN)#
%QPUWNVGNCUGEEKÉP&CVQUFGN EQORTGUQTRCTC)#C)#
2TGUKÉPO±ZKOCFGVTCDCLQRCTC)#CN)#
%QPUWNVGNCUGEEKÉP&CVQUFGN EQORTGUQTRCTC)#C)#
.ÃOKVGU
2TGUKÉPOÃPKOCFGVTCDCLQ
DCT G
2TGUKÉPOÃPKOCFGVTCDCLQ
RUKI
6GORGTCVWTCO±ZKOCFGGPVTCFCFGCKTG
u%
6GORGTCVWTCO±ZKOCFGGPVTCFCFGCKTG
u(
6GORGTCVWTCOÃPKOCFGGPVTCFCFGCKTG
u%
6GORGTCVWTCOÃPKOCFGGPVTCFCFGCKTG
u(
&CVQUFGNEQORTGUQTRCTC)#C)#
%QPFKEKQPGUFGTGHGTGPEKC 6QFQUNQUFCVQUGURGEKHKECFQUCEQPVKPWCEKÉPUGCRNKEDCLQEQPFKEKQPGUFG TGHGTGPEKCX¾CUGNCUGEEKÉP%QPFKEKQPGUFGTGHGTGPEKC[NÃOKVGU
/WCNFGKPUVTWEEKQPGU
)# 7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
*\
2TGUKÉPO±ZKOC FG DCT G FGUECTIC
2TGUKÉPO±ZKOC FG RUKI FGUECTIC
2TGUKÉPO±ZKOC FG DCT G FGUECTIC WPKFCFGU(WNN (GCVWTG
2TGUKÉPO±ZKOC FG RUKI FGUECTIC WPKFCFGU(WNN (GCVWTG
2TGUKÉPFGVTCDCLQ PQOKPCN
DCT G
2TGUKÉPFGVTCDCLQ PQOKPCN
RUKI
%CÃFCFGRTGUKÉP UQDTGGNUGECFQT WPKFCFGU(WNN (GCVWTG
DCT G
%CÃFCFGRTGUKÉP UQDTGGNUGECFQT WPKFCFGU(WNN (GCVWTG
RUKI
8GNQEKFCFFGNGLG FGNOQVQT
TOKP
2WPVQFGCLWUVG X±NXWNC VGTOQUV±VKEC
u%
2WPVQFGCLWUVG X±NXWNC VGTOQUV±VKEC
u(
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZ
u%
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZ
u(
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZWPKFCFGU (WNN(GCVWTG
u%
(TGEWGPEKC
/WCNFGKPUVTWEEKQPGU
7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZWPKFCFGU (WNN(GCVWTG
u(
2WPVQFGTQEÃQC RTGUKÉPWPKFCFGU (WNN(GCVWTG
u%
2WPVQFGTQEÃQC RTGUKÉPWPKFCFGU (WNN(GCVWTG
u(
2QVGPEKC CNKOGPVCFC2CEM
M9
2QVGPEKC CNKOGPVCFC2CEM
JR
2QVGPEKC CNKOGPVCFC(WNN (GCVWTG
M9
2QVGPEKC CNKOGPVCFC(WNN (GCVWTG
JR
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
M9
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
JR
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
M9
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
JR
4C
4C
4C
4C
4C
4C
4C
4C
6KRQFG TGHTKIGTVG WPKFCFGU(WNN (GCVWTG %VKFCFVQVCN
TGHTKIGTVG WPKFCFGU(WNN (GCVWTG
MI
/WCNFGKPUVTWEEKQPGU
7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
%VKFCFVQVCN
TGHTKIGTVG WPKFCFGU(WNN (GCVWTG
ND
%CRCEKFCFFG CEGKVG
N
%CRCEKFCFFG CEGKVG
75ICN
%CRCEKFCFFG CEGKVG
+ORICN
%CRCEKFCFFG CEGKVG
EWHV
0KXGNFGRTGUKÉP CEÐUVKEC2CEM[ (WNN(GCVWTG
EQPHQTOGC+51
F$ #
7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
*\
2TGUKÉPO±ZKOC FG DCT G FGUECTIC
2TGUKÉPO±ZKOC FG RUKI FGUECTIC
2TGUKÉPO±ZKOC FG DCT G FGUECTIC WPKFCFGU(WNN (GCVWTG
2TGUKÉPO±ZKOC FG RUKI FGUECTIC WPKFCFGU(WNN (GCVWTG
2TGUKÉPFGVTCDCLQ PQOKPCN
DCT G
2TGUKÉPFGVTCDCLQ PQOKPCN
RUKI
%CÃFCFGRTGUKÉP UQDTGGNUGECFQT WPKFCFGU(WNN (GCVWTG
DCT G
%CÃFCFGRTGUKÉP UQDTGGNUGECFQT WPKFCFGU(WNN (GCVWTG
RUKI
)#
(TGEWGPEKC
/WCNFGKPUVTWEEKQPGU
7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
8GNQEKFCFFGNGLG FGNOQVQT
TOKP
2WPVQFGCLWUVG X±NXWNC VGTOQUV±VKEC
u%
2WPVQFGCLWUVG X±NXWNC VGTOQUV±VKEC
u(
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZ
u%
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZ
u(
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZWPKFCFGU (WNN(GCVWTG
u%
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZWPKFCFGU (WNN(GCVWTG
u(
2WPVQFGTQEÃQC RTGUKÉPWPKFCFGU (WNN(GCVWTG
u%
2WPVQFGTQEÃQC RTGUKÉPWPKFCFGU (WNN(GCVWTG
u(
2QVGPEKC CNKOGPVCFC2CEM
M9
2QVGPEKC CNKOGPVCFC2CEM
JR
2QVGPEKC CNKOGPVCFC(WNN (GCVWTG
M9
2QVGPEKC CNKOGPVCFC(WNN (GCVWTG
JR
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
M9
/WCNFGKPUVTWEEKQPGU
7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
JR
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
M9
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
JR
4C
4C
4C
4C
4C
4C
4C
4C
6KRQFG TGHTKIGTVG WPKFCFGU(WNN (GCVWTG %VKFCFVQVCN
TGHTKIGTVG WPKFCFGU(WNN (GCVWTG
MI
%VKFCFVQVCN
TGHTKIGTVG WPKFCFGU(WNN (GCVWTG
ND
%CRCEKFCFFG CEGKVG
N
%CRCEKFCFFG CEGKVG
75ICN
%CRCEKFCFFG CEGKVG
+ORICN
%CRCEKFCFFG CEGKVG
EWHV
0KXGNFGRTGUKÉP CEÐUVKEC2CEM[ (WNN(GCVWTG
EQPHQTOGC+51
F$ #
/WCNFGKPUVTWEEKQPGU
)# 7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
*\
2TGUKÉPO±ZKOC FG DCT G FGUECTIC
2TGUKÉPO±ZKOC FG RUKI FGUECTIC
2TGUKÉPO±ZKOC FG DCT G FGUECTIC WPKFCFGU(WNN (GCVWTG
2TGUKÉPO±ZKOC FG RUKI FGUECTIC WPKFCFGU(WNN (GCVWTG
2TGUKÉPFGVTCDCLQ PQOKPCN
DCT G
2TGUKÉPFGVTCDCLQ PQOKPCN
RUKI
%CÃFCFGRTGUKÉP UQDTGGNUGECFQT WPKFCFGU(WNN (GCVWTG
DCT G
%CÃFCFGRTGUKÉP UQDTGGNUGECFQT WPKFCFGU(WNN (GCVWTG
RUKI
8GNQEKFCFFGNGLG FGNOQVQT
TOKP
2WPVQFGCLWUVG X±NXWNC VGTOQUV±VKEC
u%
2WPVQFGCLWUVG X±NXWNC VGTOQUV±VKEC
u(
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZ
u%
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZ
u(
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZWPKFCFGU (WNN(GCVWTG
u%
(TGEWGPEKC
/WCNFGKPUVTWEEKQPGU
7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
6GORGTCVWTCFGN CKTGSWGUCNGFGNC X±NXWNCFGUCNKFC
CRTQZWPKFCFGU (WNN(GCVWTG
u(
2WPVQFGTQEÃQC RTGUKÉPWPKFCFGU (WNN(GCVWTG
u%
2WPVQFGTQEÃQC RTGUKÉPWPKFCFGU (WNN(GCVWTG
u(
2QVGPEKC CNKOGPVCFC2CEM
M9
2QVGPEKC CNKOGPVCFC2CEM
JR
2QVGPEKC CNKOGPVCFC(WNN (GCVWTG
M9
2QVGPEKC CNKOGPVCFC(WNN (GCVWTG
JR
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
M9
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
JR
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
M9
%QPUWOQFG GPGTIÃC UGECFQTC RNGPCECTIC WPKFCFGU(WNN (GCVWTG
JR
4C
4C
4C
4C
4C
4C
4C
4C
6KRQFG TGHTKIGTVG WPKFCFGU(WNN (GCVWTG %VKFCFVQVCN
TGHTKIGTVG WPKFCFGU(WNN (GCVWTG
MI
/WCNFGKPUVTWEEKQPGU
7PKFCF GU
DCT DCT DCT
DCT
RUK
RUK
RUK
RUK
%VKFCFVQVCN
TGHTKIGTVG WPKFCFGU(WNN (GCVWTG
ND
%CRCEKFCFFG CEGKVG
N
%CRCEKFCFFG CEGKVG
75ICN
%CRCEKFCFFG CEGKVG
+ORICN
%CRCEKFCFFG CEGKVG
EWHV
0KXGNFGRTGUKÉP CEÐUVKEC2CEM[ (WNN(GCVWTG
EQPHQTOGC+51
F$ #
/WCNFGKPUVTWEEKQPGU
+PUVTWEEKQPGURCTCGNWUQFGNFGRÉUKVQFGCKTG
+PUVTWEEKQPGUFGWUQ
+PUVTWEEKQPGU
'UVGTGEKRKGPVGRWGFGEQPVGPGTCKTGRTGUWTK\CFQVGPICGPEWGPVCGNRGNKITQRQVGPEKCN SWGGUVQUWRQPGUKPQNQWVKNK\CEQTTGEVCOGPVG
'UVGTGEKRKGPVGUGWUCT±ÐPKECOGPVGGPECNKFCFFGUGRCTCFQTFGCKTGEQORTKOKFQCEGKVG [HWPEKQPCT±FGPVTQFGNQUNÃOKVGUGURGEKHKECFQUGPNCRNCECFGFCVQU
0QFGDGTGCNK\CTPKPIWPCOQFKHKECEKÉPGPGUVGTGEKRKGPVGPKUQNFFQPKVCNCFTFQPK RQTPKPIÐPQVTQO¾VQFQOGE±PKEQUKPGNRGTOKUQGUETKVQFGNHCDTKEVG
5GKPFKECT±PENCTCOGPVGNCRTGUKÉP[VGORGTCVWTCFGGUVGTGEKRKGPVG
.CX±NXWNCFGUGIWTKFCFFGDGEQTTGURQPFGTEQPRKEQUVTUKVQTKQUFGRTGUKÉPFG XGEGUNCO±ZKOCRTGUKÉPRGTOKUKDNGFGVTCDCLQ&GDGICTVK\CTSWGNCRTGUKÉPPQ GZEGFGT±RGTOGPVGOGPVGNCO±ZKOCRTGUKÉPRGTOKUKDNGFGVTCDCLQFGNTGEKRKGPVG
7VKNKEGUÉNQGNCEGKVGGURGEKHKECFQRQTGNHCDTKEVG
2QTNQVVQPQJC[PGEGUKFCFKPVTÃPUGECFGTGCNK\CTKPURGEEKQPGUKPVGTOGFKCUFGN TGEKRKGPVGUK¾UVGUGWVKNK\CFGPVTQFGNQUNÃOKVGUFGFKUGÇQ[RCTCNQUHKPGUFGWUQRCTC NQUSWGUGJCRTGXKUVQ
2CTCWPKFCFGUOQPVCFCUGPFGRÉUKVQCFGO±U
&GDGGXKVCTUGNCEQTTQUKÉPGPEQPFKEKQPGUFGWUQ2WGFGCEWOWNCTUGEQPFGPUCEKÉPGP GNKPVGTKQTFGNFGRÉUKVQ[¾UVGFGDGFTGPCTUGECFCFÃC'UVGRTQEGUQRWGFGTGCNK\CTUG OWCNOGPVGCDTKGPFQNCX±NXWNCFGFTGPCLGQDKGPOGFKVGFTGPCLGCWVQO±VKEQUK GUV±KPUVCNCFQ
/WCNFGKPUVTWEEKQPGU
2'&
&KTGEVKXCUUQDTGGSWKRQUCRTGUKÉP
%QORQPGPVGUUWLGVQUCNC&KTGEVKXCUQDTGGSWKRQUCRTGUKÉP%' %QORQPGPVGUUWLGVQUCNC&KTGEVKXCUQDTGGSWKRQUCRTGUKÉP%'UWRGTKQTGUQGSWKXCNGPVGUCNC ECVGIQTÃC++ 6KRQFGEQORTGUQT
0ÐOGTQFGRKG\C
&GUETKREKÉP
%NCUGFG2'&
)#C)#
8±NXWNCFGUGIWTKFCF
+8
8±NXWNCFGUGIWTKFCF
+8
8±NXWNCFGUGIWTKFCF
+8
8±NXWNCFGUGIWTKFCF
+8
%NCUKHKECEKÉPIGPGTCN 2CTC)#C)#NQUEQORTGUQTGUEWORNGPNC&KTGEVKXCUQDTGGSWKRQUCRTGUKÉP 2'&RCTCGSWKRQU EQPWPCECVGIQTÃCKPHGTKQTCNC%CVGIQTÃC++
GA 15, GA 18, GA 22
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.
Related Documents 3h463d
Manual Compresor Atlas Copco Nuevo 5t1e65
November 2019 56
Atlas Copco Compresor De Aire 5u5h5t
April 2020 32
Manual Atlas Copco 3p604e
April 2020 67
Atlas Copco Pf4000 Manual 68j5a
November 2019 162
Manual Atlas Copco Ga90 201n21
January 2022 0