Compresor Atlas Coopco

7/29/2019 Compresor Atlas Coopco

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Atlas Copco

www.atlascopco.com

Fecha de impresin ......... 28/02/2005

Manual de instrucciones

GA55, GA75, GA90C

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, denominacin demodelos, nmero de las piezas y diseos.


2/152

+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

&GUETKREKPIGPGTCN

+0641&7%%+0

(.7,1&'#+4'

5+56'/#&'#%'+6'

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3/152

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+05647%%+10'5&'(70%+10#/+'061;/#06'0+/+'061

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4/152

#06'5&'#44#0%#4

#44#037'

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

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/1614&'#%%+10#/+'061

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'52'%+(+%#%+10'5&'.#%'+6'

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(+.641&'#+4'

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

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+06'4472614'5&'.5'%#&14+(&

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

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5/152

+PUVTWEEKQPGURCTCGNWUQFGNFGRUKVQFGCKTG

+05647%%+10'5&'751

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6/152

/CPWCNFGKPUVTWEEKQPGU

2TGECWEKQPGUFGUGIWTKFCF

+EQPQUFGUGIWTKFCF

+PVGTRTGVCEKP

2TGECWEKQPGUFGUGIWTKFCFFWTCPVGKPUVCNCEKP

2TGECWEKQPGUIGPGTCNGU

'NQRGTCTKQFGDGNNGXCTCNCRTEVKECNCUPQTOCUFGUGIWTKFCFKPFKECFCURCTCGUVGVTCDCLQ[QDUGTXCT

VQFCUNCUQTFGPCP\CU[TGSWGTKOKGPVQUNQECNGUGUVCDNGEKFQUGPOCVGTKCFGUGIWTKFCF

5KEWCNSWKGTKPFKECEKPFGNCUSWGUGEKVCPCEQPVKPWCEKPPQEWORNKGTCEQPNCNGIKUNCEKPNQECNUG

CRNKECTNCOUGUVTKEVC

.CKPUVCNCEKPHWPEKQPCOKGPVQOCPVGPKOKGPVQ[TGRCTCEKQPGUUNQUGNNGXCTPCECDQRQTRGTUQPCN

CWVQTK\CFQ[EQORGVGPVG

0QUGEQPUKFGTCCNEQORTGUQTECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTGTGURKTCDNGGNCKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCUPQTOCU[NG[GU

NQECNGU

#PVGUFGGORG\CTGNVTCDCLQFGOCPVGPKOKGPVQTGRCTCEKPQCLWUVGQEQORTQDCEKPFKUVKPVCFGNC

CVGPEKPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN

XQNVCLG[FGURTGUWTKEGGNEQORTGUQT#FGOUUGCDTKT[UGDNQSWGCTGNKPVGTTWRVQTUGRCTCFQTFG

GPGTICGNEVTKEC

0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPC

RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ

JICNQEQPOWEJQEWKFCFQ[RTQVLCUGNQUQLQU

2GNKITQFGOWGTVG

#XKUQ

1DUGTXCEKPKORQTVCPVG

#VNCU%QREQFGENKPCVQFCTGURQPUCDKNKFCFRQTEWCNSWKGTFCQQNGUKP

TGUWNVCPVGFGNPQEWORNKOKGPVQFGGUVCURTGECWEKQPGUQFGNCPQ

QDUGTXCEKPFGNCRTGECWEKPJCDKVWCN[GNFGDKFQEWKFCFQGPNCKPUVCNCEKP

OCPGLQOCPVGPKOKGPVQQTGRCTCEKPCWPSWGPQUGJC[COGPEKQPCFQ

GZRTGUCOGPVG


7/152


2TGECWEKQPGUFWTCPVGNCKPUVCNCEKP

.COSWKPCUNQFGDGNGXCPVCTUGWVKNK\CPFQGNGSWKRQCRTQRKCFQEQPHQTOGCNCUPQTOCVKXCUXKIGPVGU

GPOCVGTKCFGUGIWTKFCF6QFCUNCURKG\CUUWGNVCUQRKXQVCPVGUFGDGPUWLGVCTUGEQPUGIWTKFCFCPVGU

FGNGXCPVCT'UVVGTOKPCPVGOGPVGRTQJKDKFQSWGFCTUGQRCUCTGPNC\QPCFGTKGUIQRQTFGDCLQFG

WPCECTICNGXCPVCFC.CCEGNGTCEKP[FGUCEGNGTCEKPFGGNGXCEKPFGDGPCLWUVCTUGCNQUNOKVGUFG

UGIWTKFCF2PICUGGNECUEQFGUGIWTKFCFCNVTCDCLCTEGTECFGGSWKRQGNGXCFQTQCTGQ

%QNQSWGNCOSWKPCFQPFGGNCKTGCODKGPVGUGCNQOUHTGUEQ[NKORKQRQUKDNG5KGUPGEGUCTKQ

KPUVCNGWPEQPFWEVQFGUWEEKP0WPECQDUVTW[CNCVQOCFGCKTG&GDGTGFWEKTUGCNOPKOQNC

GPVTCFCFGNCJWOGFCFSWGCEQORCCCNCKTGFGCURKTCEKP

&GDGTGVKTCTEWCNSWKGTDTKFCQDVWTCFQTCVCRPVCRCQDQNUCUFGFGUGECPVGCPVGUFGEQPGEVCTNCU

VWDGTCU

.CUOCPIWGTCUFGCKTGFGDGTPUGTFGNVCOCQEQTTGEVQ[CFGEWCFCUCNCRTGUKPFGVTCDCLQ0WPEC

WUGOCPIWGTCUFGUICUVCFCUFGVGTKQTCFCUQFGUJKNCEJCFCU.CUVWDGTCUFGFKUVTKDWEKP[UWU

EQPGZKQPGUFGDGTPUGTFGNVCOCQEQTTGEVQ[CFGEWCFCUCNCRTGUKPFGVTCDCLQ

'NCKTGCURKTCFQGUVCTNKDTGFGJWOQUQXCRQTGUKPHNCOCDNGURGLFKUQNXGPVGUFGRKPVWTCSWG

RQFTCPRTQFWEKTWPKPEGPFKQQGZRNQUKPKPVGTPC

%QNQSWGNCVQOCFGCKTGGPWPUKVKQFQPFGPQRWGFCCURKTCTTQRCUUWGNVCUFGNCURGTUQPCU

%QORTWGDGSWGNCVWDGTCFGFGUECTICSWGXCFGUFGGNEQORTGUQTCNTGHTKIGTCFQTRQUVGTKQTQCNCTGF

FGCKTGRWGFGFKNCVCTRQTGHGEVQUFGNECNQT[PQGUVGPEQPVCEVQEQPOCVGTKCNKPHNCOCDNGQEGTECFG

UVG

0QUGRWGFGGLGTEGTPKPIWPCHWGT\CGZVGTPCUQDTGNCXNXWNCFGUCNKFCFGCKTGGNVWDQEQPGEVCFQPQ

RWGFGGUVCTUQOGVKFQCGUHWGT\Q

5KUGKPUVCNCWPEQPVTQNTGOQVQNCOSWKPCNNGXCTWPECTVGNGPRQUKEKPXKUKDNGKPFKECPFQ2'.+)41

'UVCOSWKPCVKGPGEQPVTQNTGOQVQ[RWGFGRQPGTUGGPOCTEJCUKPRTGXKQCXKUQ

.CUOSWKPCUFGDGPKPUVCNCTUGFGOCPGTCSWGUGFKURQPICFGWPHNWLQCFGEWCFQFGCKTGFG

GPHTKCOKGPVQ[SWGGNCKTGFGGUECRGPQTGEKTEWNGCNCGPVTCFC

.CUEQPGZKQPGUGNEVTKECUFGDGPTGCNK\CTUGFGCEWGTFQEQPNQUEFKIQUNQECNGU.CKPUVCNCEKPFGDG

TGCNK\CTUGCVKGTTC[RTQVGIGTUGFGEQTVQEKTEWKVQURQTOGFKQFGHWUKDNGUGPVQFCUNCUHCUGU&GDG

KPUVCNCTUGWPKPVGTTWRVQTUGRCTCFQTFGGPGTICGNEVTKECEQPEKGTTGEGTECFGNEQORTGUQT

'POSWKPCUEQPUKUVGOCFGCTTCPSWGRCTCFCCWVQOVKEQQUKGUVCEVKXCFCNCHWPEKPFG

TGCTTCPSWGCWVQOVKEQFGURWUFGKPVGTTWREKPFGNXQNVCLGUGHKLCTEGTECFGNVCDNGTQFG

KPUVTWOGPVQUWPECTVGNSWGFKIC'UVCOSWKPCRWGFGRQPGTUGGPOCTEJCUKPRTGXKQCXKUQ

'PNQUUKUVGOCUHQTOCFQURQTXCTKQUEQORTGUQTGUFGDGPKPUVCNCTUGXNXWNCUOCPWCNGURCTCCKUNCT

ECFCEQORTGUQT0QFGDGEQPHKCTUGGPNCUXNXWNCUCPVKTTGVQTPQXNXWNCUFGTGVGPEKPRCTCCKUNCT

UKUVGOCUCRTGUKP

0WPECCPWNGPKOCPKRWNGNQUFKURQUKVKXQUFGUGIWTKFCFPKNCURTQVGEEKQPGUQNQUCKUNCOKGPVQUOQPVCFQUGPNCOSWKPC%CFCTGEKRKGPVGCRTGUKPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC

OSWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKPUWRGTKQTCNCCVOQUHTKECUGRTQVGIGTEQPWP

FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKPUKGUVQHWGTCPGEGUCTKQ

&GDGRTQVGIGTQCKUNCTNCUVWDGTCUWQVTCURCTVGUSWGCNECPEGPVGORGTCVWTCUUWRGTKQTGUCNQUu%

u(SWGRWGFCVQECTCEEKFGPVCNOGPVGGNRGTUQPCNFWTCPVGGNHWPEKQPCOKGPVQPQTOCN.CUQVTCU

VWDGTCUCVGORGTCVWTCGNGXCFCUGOCTECTPCFGEWCFCOGPVG

5KGNUWGNQPQGUVPKXGNCFQQRWGFGGUVCTUWLGVQCKPENKPCEKPXCTKCDNGEQPUWNVGCN%GPVTQFG

5GTXKEKQC%NKGPVGUFG#VNCU%QREQ


8/152


2TGECWEKQPGUFGUGIWTKFCFFWTCPVGHWPEKQPCOKGPVQ





CRNKECTNCOUGUVTKEVC



0QUGEQPUKFGTCCNEQORTGUQTEQOQECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTG

TGURKTCDNGGNCKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCU

PQTOCU[NG[GUNQECNGU

#PVGUFGGHGEVWCTEWCNSWKGTVCTGCFGOCPVGPKOKGPVQQTGRCTCEKPCLWUVGQEQORTQDCEKPFKUVKPVC

FGNCCVGPEKPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN


GPGTICGNEVTKEC

0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPC

RGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ

JICNQEQPOWEJQEWKFCFQ[RTQVLCUGNQUQLQU

2TGECWEKQPGUFWTCPVGHWPEKQPCOKGPVQ

7UGUQNCOGPVGGNVKRQ[VCOCQEQTTGEVQUFGEQPGZKQPGU[CEEGUQTKQU#NUQRNCTCKTGCVTCXUFG

WPCOCPIWGTCQVWDGTCCUGITGUGFGSWGUGUWLGVCHKTOGOGPVGGNGZVTGOQCDKGTVQ7PGZVTGOQ

NKDTGIQNRGCTEQOQWPNVKIQ[RQFTECWUCTNGUKQPGU#UGITGUGFGSWGNCUOCPIWGTCUGUVP

EQORNGVCOGPVGFGURTGUWTK\CFCUCPVGUFGFGUEQPGEVCTNCU

.CURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU

RCTCCUGIWTCTUGFGSWGPCFKGGUVXGTKHKECPFQNCOSWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG

EQNQECTWPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKPCTTCPECRQTEQPVTQNTGOQVQCFKUVCPEKC

0WPECJCICHWPEKQPCTNQUITWRQUGPNWICTGUFQPFGGZKUVCNCRQUKDKNKFCFFGCURKTCTGOCPCEKQPGU

KPHNCOCDNGUQVZKECU

0WPECJCICHWPEKQPCTNCOSWKPCRQTFGDCLQQGPEKOCFGUWUNOKVGU

%QPUWNVGVCODKPNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF

FWTCPVGHWPEKQPCOKGPVQ [2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQ

2WGFGSWGCNIWPCURTGECWEKQPGUPQTGUWNVGPUKGORTGCRNKECDNGUCNCOSWKPCFGUETKVC

CSW




OCPGLQOCPVGPKOKGPVQQTGRCTCEKPCWPSWGPQUGJC[COGPEKQPCFQGZRTGUCOGPVG


9/152


/CPVGPICEGTTCFCUVQFCUNCURWGTVCUFGNCECTTQEGTCFWTCPVGGNHWPEKQPCOKGPVQ5NQRWGFGP

CDTKTUGRQTDTGXGVKGORQRGLRCTCGHGEVWCTEQORTQDCEKQPGU7UGRTQVGEVQTGUFGQFQUCNCDTKTWPC

RWGTVC

.CURGTUQPCUSWGRGTOCPG\ECPGPWPCODKGPVGQWPCUCNCFQPFGGNPKXGNFGUQPKFQCNECPEGQ

GZEGFCF$#FGDGPWUCTRTQVGEVQTGUFGQFQU

%QORTWGDGRGTKFKECOGPVGSWG

6QFCUNCURTQVGEEKQPGUUGGPEWGPVTCPGPUWNWICTRGTHGEVCOGPVGCUGIWTCFCU

6QFCUNCUOCPIWGTCU[QVWDGTCUFGPVTQFGNITWRQUGGPEWGPVTCPGPDWGPCUEQPFKEKQPGUDKGP

UWLGVCU[SWGPQUGTQ\CP

0QGZKUVGPHWICU

6QFQUNQUVGPUQTGUGUVPCRTGVCFQU

6QFQUNQUECDNGUGNEVTKEQUUGGPEWGPVTCPUGIWTQU[GPDWGPCUEQPFKEKQPGU

.CUXNXWNCUFGUGIWTKFCF[NQUQVTQUFKURQUKVKXQUFGGXCEWCEKPFGRTGUKPPQGUVPCVCUECFQU

RQTGUECOCUQRKPVWTC .CXNXWNCFGUCNKFC[TGFFGCKTGGUFGEKTVWDQUCEQRNCOKGPVQUEQNGEVQTGUXNXWNCU

OCPIWGTCUGVEUGGPEWGPVTCPGPDWGPGUVCFQUKPFGUICUVGUCPQTOCNGU[VTCVCFQU

CFGEWCFCOGPVG

5KUGWUCGNCKTGFGTGHTKIGTCEKPECNKGPVGFGEQORTGUQTGUGPWPUKUVGOCFGECNGHCEEKPRQTCKTG

RGLRCTCECNGPVCTWPVCNNGTJC[SWGVQOCTRTGECWEKQPGUEQPVTCNCRQNWEKP[EQPVCOKPCEKP

GXGPVWCNFGNCKTGTGURKTCDNG

0QSWKVGPKPIWPCRCTVGFGNOCVGTKCNKPUQPQTK\CPVGPKNQECODKGFGUKVKQ

0WPECCPWNGPKOCPKRWNGNQUFKURQUKVKXQUFGUGIWTKFCFPKNCURTQVGEEKQPGUQNQUCKUNCOKGPVQU

OQPVCFQUGPNCOSWKPC%CFCFGRUKVQCRTGUKPQFKURQUKVKXQCWZKNKCTKPUVCNCFQHWGTCFGNC

OSWKPCSWGXC[CCEQPVGPGTCKTGCRTGUKPUWRGTKQTCNCCVOQUHTKECUGRTQVGIGTEQPWP

FKURQUKVKXQQFKURQUKVKXQURCTCGXCEWCTFKEJCRTGUKPUKGUVQHWGTCPGEGUCTKQ

2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQQTGRCTCEKQPGU

%QPUWNVGVCODKPNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCF

FWTCPVGKPUVCNCEKP[2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQ


CSW




OCPGLQOCPVGPKOKGPVQQTGRCTCEKPCWPSWGPQUGJC[COGPEKQPCFQ

GZRTGUCOGPVG


10/152






CRNKECTNCOUGUVTKEVC



0QUGEQPUKFGTCCNEQORTGUQTEQOQECRC\FGUWOKPKUVTCTCKTGTGURKTCDNG2CTCQDVGPGTCKTG

TGURKTCDNGGNCKTGEQORTKOKFQFGDGUGTRWTKHKECFQEQTTGEVCOGPVGRCTCGUVGWUQEQPHQTOGCNCU

PQTOCU[NG[GUNQECNGU

#PVGUFGGHGEVWCTEWCNSWKGTVCTGCFGOCPVGPKOKGPVQQTGRCTCEKPCLWUVGQEQORTQDCEKPFKUVKPVC

FGNCCVGPEKPTWVKPCTKCRCTGGNEQORTGUQTRWNUGGNDQVPFGRCTCFCFGGOGTIGPEKCFGUEQPGEVGGN


GPGTICGNEVTKEC

0QLWGIWGPWPECEQPGNCKTGEQORTKOKFQ0QNQCRNKSWGCNCRKGNPKFKTKLCEJQTTQUFGCKTGCPKPIWPCRGTUQPC0QWVKNKEGPWPECGNCKTGEQORTKOKFQRCTCNKORKCTUGNCTQRC#NWUCTNQRCTCNKORKCTGNGSWKRQ

JICNQEQPOWEJQEWKFCFQ[WUGRTQVGEEKPRCTCNQUQLQU

2TGECWEKQPGUFGUGIWTKFCFFWTCPVGOCPVGPKOKGPVQQTGRCTCEKQPGU

2PICUGUKGORTGWPCUICHCUFGUGIWTKFCF

7UGUQNCOGPVGNCUJGTTCOKGPVCUCFGEWCFCUCNVTCDCLQFGOCPVGPKOKGPVQ[TGRCTCEKP

5NQRQFTPWVKNK\CTUGTGRWGUVQUQTKIKPCNGU

.QUVTCDCLQUFGOCPVGPKOKGPVQUGNNGXCTPCECDQPKECOGPVGEWCPFQNCOSWKPCUGJC[CGPHTKCFQ

#FGOUGNGSWKRQFGCTTCPSWGFGDGNNGXCTWPECTVGNSWGFKICRGLUGGUVVTCDCLCPFQPQRQPGTGP

OCTEJC

.CURGTUQPCUSWGCEEKQPCPGSWKRQURQTEQPVTQNTGOQVQFGDGPVQOCTNCURTGECWEKQPGUCFGEWCFCU

RCTCCUGIWTCTUGFGSWGPCFKGGUVXGTKHKECPFQNCOSWKPCQVTCDCLCPFQGPGNNC#GUVGHKPUG

EQNQECTWPCXKUQCFXKTVKGPFQSWGGNGSWKRQGPEWGUVKPCTTCPECRQTEQPVTQNTGOQVQCFKUVCPEKC

#PVGUFGFGUOQPVCTEWCNSWKGTEQORQPGPVGRTGUWTK\CFQCUNGGNITWRQFGVQFCUNCUHWGPVGUFG

RTGUKP[CNKXKGVQFQGNUKUVGOCFGRTGUKP

0WPECWUGFKUQNXGPVGUKPHNCOCDNGUPKVGVTCENQTWTQFGECTDQPQRCTCNKORKCTNCURKG\CU6QOGOGFKFCU

FGUGIWTKFCFEQPVTCXCRQTGUVZKEQUFGNSWKFQUFGNKORKG\C

'ZVTGOGNCNKORKG\CFWTCPVGNQUVTCDCLQUFGOCPVGPKOKGPVQ[TGRCTCEKP%WDTCNCURKG\CU[NCU

CDGTVWTCUEQPWPRCQNKORKQRCRGNQEKPVCCFJGUKXCGXKVCPFQCUSWGRGPGVTGRQNXQ

0WPECUWGNFGPKNNGXGCECDQPKPIWPCQRGTCEKPSWGKORNKSWGGNWUQFGECNQTEGTECFGNUKUVGOCFG

CEGKVG.QUVCPSWGUFGCEGKVGFGDGPRWTICTUGEQORNGVCOGPVGEQPXCRQTRQTGLGORNQCPVGUFG

GHGEVWCTVCNGUQRGTCEKQPGU0QUWGNFGPKOQFKHKSWGPWPECTGEKRKGPVGUCRTGUKP

#NCOGPQTUGCNQUQURGEJCFGUQDTGECNGPVCOKGPVQFGWPCRCTVGKPVGTPCFGWPCOSWKPCFGDG

RCTCTUGUVC[PQCDTKTPKPIWPCVCRCFGKPURGEEKPJCUVCWPCXG\VTCPUEWTTKFQDCUVCPVGVKGORQFG

GPHTKCOKGPVQCHKPFGGXKVCTGNTKGUIQFGKIPKEKPGURQPVPGCFGNXCRQTFGCEGKVGCNGPVTCTGP

EQPVCEVQEQPGNCKTG

0WPECWVKNKEGWPCHWGPVGFGKNWOKPCEKPEQPNNCOCNKDTGRCTCKPURGEEKQPCTGNKPVGTKQTFGWPCOSWKPC

FGRUKVQFGRTGUKPGVE

#UGITGUGFGSWGPQJCPSWGFCFQJGTTCOKGPVCURKG\CUUWGNVCUQVTCRQUFGPVTQQGPEKOCFGNC

OSWKPC


11/152


#PVGUFGFGLCTNCOSWKPCNKUVCRCTCWUQFGURWUFGNOCPVGPKOKGPVQQTGXKUKPEQORTWGDGSWGNCU

RTGUKQPGU[VGORGTCVWTCUFGHWPEKQPCOKGPVQ[NQUCLWUVGUFGVKGORQUQPEQTTGEVQU%QORTWGDGSWG

NQUFKURQUKVKXQUFGEQPVTQN[RCTCFCGUVPKPUVCNCFQU[HWPEKQPCPEQTTGEVCOGPVG5KUGJCSWKVCFQGN

IWCTFCCEQRNCOKGPVQFGNGLGFGCEEKQPCOKGPVQFGNEQORTGUQTEQORTWGDGSWGGUVTGKPUVCNCFQ

'ZCOKPGGNVWDQFGKORWNUKP[GNKPVGTKQTFGNFGRUKVQUGRCTCFQTFGCEGKVGECFCXG\SWGUGECODKG

GNGNGOGPVQUGRCTCFQTRCTCXGTUKGZKUVGPFGRUKVQUFGECTDP5KUQPGZEGUKXQUFGDGPTGVKTCTUG

2TQVGLCGNOQVQTGNHKNVTQFGCKTGNQUEQORQPGPVGUGNEVTKEQU[TGIWNCFQTGUGVEFGNCGPVTCFCFG

JWOGFCFRGLFWTCPVGNCNKORKG\CEQPXCRQT

#UGITGUGFGSWGVQFQGNOCVGTKCNKPUQPQTK\CPVGRGLGPNCECTTQEGTC[NQUUKUVGOCUFGGPVTCFC[

UCNKFCFGCKTGFGNEQORTGUQTUGJCNNCGPDWGPGUVCFQ5KGUVWXKGTCPFCCFQUTGGORNEGNQUEQP

OCVGTKCNQTKIKPCNFG#VNCU%QREQRCTCGXKVCTSWGCWOGPVGGNPKXGNFGRTGUKPFGUQPKFQ

0WPECWVKNKEGFKUQNXGPVGUEWUVKEQUSWGRWGFCPQECUKQPCTFCQCNOCVGTKCNFGNCTGFFGCKTGRGLNCU

VC\CUFGRQNKECTDQPCVQ

5GJCEGJKPECRKGPNCUUKIWKGPVGURTGECWEKQPGUFGUGIWTKFCFCNOCPGLCTGNTGHTKIGTCPVG

0WPECCURKTGNQUXCRQTGUFGNTGHTKIGTCPVG%QORTWGDGSWGGNTGCFGVTCDCLQGUVXGPVKNCFCCFGEWCFCOGPVGWVKNKEGWPCOUECTCRTQVGEVQTCUKHWGTCPGEGUCTKQ

7UGUKGORTGIWCPVGUGURGEKCNGU'PECUQFGEQPVCEVQFGNTGHTKIGTCPVGEQPNCRKGNGPLWCIWGEQP

CDWPFCPVGCIWC'PECUQFGEQPVCEVQFGNTGHTKIGTCPVGNSWKFQEQPNCRKGNCVTCXUFGNCTQRCPQ

CTTCPSWGPKUGSWKVGNCRTGPFCOQLGNCTQRCCDWPFCPVGOGPVGEQPCIWCJCUVCSWGJC[C

FGUCRCTGEKFQVQFQGNTGHTKIGTCPVGCRNKSWGFGURWUNQURTKOGTQUCWZKNKQU

2PICUGUKGORTGIWCPVGURTQVGEVQTGURCTCGNKOKPCTGNTKGUIQFGNGUKQPGUECWUCFCURQTRKG\CUFG

OSWKPCUUQDTGECNGPVCFCURGLCNUCECTCEGKVG

%QPUWNVGVCODKPNCURTGECWEKQPGUFGUGIWTKFCFUKIWKGPVGU2TGECWEKQPGUFGUGIWTKFCFFWTCPVGKPUVCNCEKP[2TGECWEKQPGUFGUGIWTKFCFFWTCPVGHWPEKQPCOKGPVQ


CSW


12/152


&GUETKREKPIGPGTCN

+PVTQFWEEKP

+PVTQFWEEKP

.QU)#C)#%[)#C)#%UQPEQORTGUQTGUFGVQTPKNNQEQPKP[GEEKPFGCEGKVGFGWPCGVCRC

[CEEKQPCFQURQTOQVQTGNEVTKEQ.QUEQORTGUQTGUGUVPTGHTKIGTCFQURQTCKTG

.QU)#C)#%[)#C)#%TGHTKIGTCFQURQTCIWCUQPEQORTGUQTGUFGVQTPKNNQEQPKP[GEEKP

FGCEGKVGFGWPCGVCRC[CEEKQPCFQURQTOQVQTGNEVTKEQ

)#9QTMRNCEG

.QU)#9QTMRNCEGGUVPCNQLCFQUFGPVTQFGWPCECTTQEGTCKPUQPQTK\CPVG.QUEQORTGUQTGUGUVP

EQPVTQNCFQURQTGNTGIWNCFQT'NGMVTQPKMQPs++FG#VNCU%QREQ'NOFWNQFGEQPVTQNGNGEVTPKEQGUVKPUVCNCFQGPNCRWGTVCRQTGNNCFQFGNCPVGTQ'NCTOCTKQGNEVTKEQFQPFGGUVGNCTTCPECFQTFGNOQVQTUG

GPEWGPVTCFGVTUFGGUVGRCPGN8CKPENWKFQVCODKPWPEQNGEVQTFGEQPFGPUCFQEQPUKUVGOCFGFTGPCLG

CWVQOVKEQ

8KUVCHTQPVCN)#C)#%9QTMRNCEG


13/152


)#9QTMRNCEG(WNN(GCVWTG

.QU)#9QTMRNCEG(WNN(GCVWTG((GUVPEQPVTQNCFQURQTGNTGIWNCFQT'NGMVTQPKMQPs++FG#VNCU%QREQ

#FGOUUGRTQRQTEKQPCPEQPWPUGECFQTFGCKTG'NEQPFGPUCFQUGFTGPCCWVQOVKECOGPVG

.QUEQORTGUQTGU)#C)#%9QTMRNCEG((GUVPFQVCFQUFGWPUGECFQT+(&Q+%&

'PGN)#EQPUGECFQT+(&GNUGECFQTGUVKPVGITCFQGPNCECTTQEGTCKPUQPQTK\CPVG'NUGECFQTGNKOKPCGN

EQPFGPUCFQFGNCKTGEQORTKOKFQGPHTKPFQNQCEGTECFGNRWPVQFGEQPIGNCEKP

'PGN)#EQPUGECFQT+%&GNUGECFQTGUVKPVGITCFQGPNCECTTQEGTCKPUQPQTK\CPVG'NEQORTGUQT[GN

OFWNQFGNUGECFQTUGRTQRQTEKQPCPRQTUGRCTCFQ[FGDGPKPUVCNCTUGGPGNNWICTFGVTCDCLQ'N

EQPFGPUCFQFGNCKTGEQORTKOKFQUGGNKOKPCITCEKCUCNRTQEGUQFGCFUQTEKPFGNUGECFQT

8KUVCVTCUGTC)#C)#%9QTMRNCEG(WNN(GCVWTGUGECFQT+(&

4GH &GUKIPCEKP

#8 8NXWNCFGUCNKFCFGCKTG

&C 5CNKFCCWVQOVKECFGEQPFGPUCFQ

&O 8NXWNCFGFTGPCLGOCPWCNFGEQPFGPUCFQ

'4 4GIWNCFQT'NGMVTQPKMQP++

5 $QVPFGRCTCFCFGGOGTIGPEKC


14/152


8KUVCHTQPVCN)#C)#%(WNN(GCVWTGUGECFQT+%&

4GH &GUKIPCEKP


%C 4GHTKIGTCFQTFGCKTG

%Q 4GHTKIGTCFQTFGCEGKVG

%8 8NXWNCFGTGVGPEKP



&4 5GECFQT

' 'NGOGPVQEQORTGUQT

(0 8GPVKNCFQTFGGPHTKCOKGPVQ

/ /QVQTFGCEEKQPCOKGPVQ

7# &GUECTICFQT

8U 8NXWNCFGEKGTTGFGCEGKVG

4GH &GUKIPCEKP


#8 8NXWNCFGFGTKXCEKPFGUGECFQT



'4 4GIWNCFQT'NGMVTQPKMQP++

+%& 5GECFQT

15& 5GRCTCFQTFGCEGKVGEQPFGPUCFQQREKP



15/152


4GHTKIGTCFQTGUGPEQORTGUQTGUTGHTKIGTCFQURQTCIWC

4GHTKIGTCFQTFGCKTG[TGHTKIGTCFQTFGCEGKVGTGHTKIGTCFQURQTCIWC

(NWLQFGCKTG

&KCITCOCUFGHNWLQ

)#C)#%


16/152


)#C)#%(WNN(GCVWTGUGECFQT+(&


17/152


)#C)#%(WNN(GCVWTGUGECFQT+%&


18/152


4GHGTGPEKCU

0QVCGNXGPVKNCFQTFGGPHTKCOKGPVQPQUGRTQRQTEKQPCGPEQORTGUQTGUTGHTKIGTCFQURQTCIWC

)#C)#%

'NCKTGCURKTCFQRQTGNHKNVTQ#([NCXNXWNCFGGPVTCFCCDKGTVC+8GPGNGNGOGPVQEQORTGUQT'UG

EQORTKOG'NCKTGEQORTKOKFQ[GNCEGKVGRCUCPCNFGRUKVQFGCKTGUGRCTCFQTFGCEGKVG#4CVTCXUFG

NCXNXWNCFGTGVGPEKP%8'NCKTGUGFGUECTICCVTCXUFGNCXNXWNCFGUCNKFC#8OGFKCPVGNCXNXWNCFGRTGUKPOPKOC8R[GNTGHTKIGTCFQTFGCKTG%C

2CTC)#[)#%2CEMQ9QTMRNCEGUGRTQRQTEKQPCWPEQNGEVQTFGJWOGFCF/6EQPRQUVGTKQTKFCF

CNTGHTKIGTCFQTFGCKTG

'PNQUEQORTGUQTGU(WNN(GCVWTGEQPGNUGECFQT+(&GNCKTGRCUCCVTCXUFGNUGECFQTFGCKTG&4CPVGU

FGFGUECTICTUGCVTCXUFGNCXNXWNCFGUCNKFC#88CUGVCODKPNCUGEEKP5GECFQTFGCKTG+(&

'PNQUEQORTGUQTGUEQPGNUGECFQT+%&GNCKTGRCUCCVTCXUFGNUGECFQTFGCKTG&4CPVGUFG

FGUECTICTUGCVTCXUFGNCXNXWNCFGUCNKFC#88CUGVCODKPNCUGEEKP5GECFQTFGCKTG+%&

.CXNXWNCFGTGVGPEKP%8KORKFGGNTGVTQEGUQFGCKTGEQORTKOKFQCNRCTCTUGGNEQORTGUQT.CXNXWNC

FGRTGUKPOPKOC8RKORKFGSWGNCRTGUKPFGNFGRUKVQECKICFGDCLQFGNCRTGUKPOPKOC

4GH &GUETKREKP

# 'PVTCFCFGCKTG

$ #KTGEQORTKOKFQCEGKVG% #KTGEQORTKOKFQ

& #EGKVG

' #KTGUGEQ


19/152


5KUVGOCFGCEGKVG

&KCITCOCFGHNWLQ

5KUVGOCFGCEGKVGFG)#C)#%

0QVCGNXGPVKNCFQTFGGPHTKCOKGPVQPQUGRTQRQTEKQPCGPEQORTGUQTGUTGHTKIGTCFQURQTCIWC

)#C)#%

'PGNFGRUKVQFGCKTGUGRCTCFQTFGCEGKVG#4NCOC[QTRCTVGFGNCEGKVGUGUGRCTCFGNCOG\ENCFGCKTG

CEGKVGFGHQTOCEGPVTHWIC'NTGUVQNQTGVKTCGNUGRCTCFQTFGCEGKVG15'NCEGKVGUGTGEQIGGPGNHQPFQ

FGNFGRUKVQFGCKTGUGRCTCFQTFGCEGKVG#4SWGUKTXGFGVCPSWGFGCEGKVG

'NUKUVGOCFGCEGKVGXCRTQXKUVQFGWPCXNXWNCFGFGTKXCEKP$8%WCPFQNCVGORGTCVWTCFGNCEGKVGGUV

RQTFGDCLQFGEKGTVQXCNQTNCXNXWNCFGFGTKXCEKP$8EKGTTCGNUWOKPKUVTQFGCEGKVGFGUFGGN

TGHTKIGTCFQT%Q

%QPUWNVGNCUGEEKP&CVQUFGNEQORTGUQT RCTCEQPQEGTGNCLWUVGFGNCXNXWNC$8

.CRTGUKPFGNCKTGHWGT\CGNCEGKVGFGUFGGNFGRUKVQFGCKTGUGRCTCFQTFGCEGKVG#4CVTCXUFGNQUHKNVTQU1([NCXNXWNCFGEKGTTG8UCNGNGOGPVQEQORTGUQT'[UWURWPVQUFGNWDTKECEKP

4GHGTGPEKCU &GUETKREKP

2CTCWPKFCFGU2CEM9QTMRNCEGHNWLQFGCKTGEQORTKOKFQCNCXNXWNCFGUCNKFCFGCKTG

2CTCWPKFCFGU(WNN(GCVWTGHNWLQFGCKTGEQORTKOKFQCNUGECFQTFGCKTG

# 'PVTCFCFGCKTG

$ #KTGEQORTKOKFQCEGKVG

% #KTGEQORTKOKFQ

& #EGKVG

' (NWLQFGCIWC


20/152


.CXNXWNCFGFGTKXCEKP$8GORKG\CCCDTKTGNUWOKPKUVTQFGCEGKVGFGNTGHTKIGTCFQT%QCNUWDKTNC

VGORGTCVWTCFGNCEGKVGCNRWPVQFGCLWUVG#WPQUu%(RQTGPEKOCFGNRWPVQFGCLWUVGVQFQGN

CEGKVGRCUCRQTGNTGHTKIGTCFQT

.CXNXWNCFGEKGTTGFGCEGKVG8UKORKFGSWGUGKPWPFGFGCEGKVGGNGNGOGPVQEQORTGUQTCNRCTCTGN

EQORTGUQT.CXNXWNCNCCDTGNCRTGUKPFGUCNKFCFGNGNGOGPVQCNCTTCPECTUGGNEQORTGUQT

5KUVGOCFGTGHTKIGTCEKP

&KCITCOCFGHNWLQ

5KUVGOCFGTGHTKIGTCEKP)#C)#%TGHTKIGTCFQRQTCKTG


21/152


5KUVGOCFGTGHTKIGTCEKP)#C)#%TGHTKIGTCFQRQTCIWC

)#C)#%

'NUKUVGOCFGTGHTKIGTCEKPXKGPGFQVCFQFGWPTGHTKIGTCFQTFGCKTG%C[QVTQFGCEGKVG%Q

'PEQORTGUQTGUTGHTKIGTCFQURQTCKTGGNHNWLQFGNCKTGFGTGHTKIGTCEKPNQIGPGTCWPXGPVKNCFQT(0

.QUEQORTGUQTGUTGHTKIGTCFQURQTCIWCGUVPFQVCFQUFGWPUKUVGOCFGCIWCFGTGHTKIGTCEKP'NCIWC

RCUCRQTGNVWDQFGGPVTCFCNQUVWDQUFGNTGHTKIGTCFQTEQODKPCFQ[GNVWDQFGUCNKFC


# 'PVTCFCFGCKTG

$ #KTGEQORTKOKFQCEGKVG

% #KTGEQORTKOKFQ& #EGKVG

' (NWLQFGCIWC


22/152


5KUVGOCFGEQPFGPUCFQ

2WPVQUFGFTGPCLGFGEQPFGPUCFQGP)#C)#%

2WPVQUFGFTGPCLGFGEQPFGPUCFQGP)#C)#%

.CUXGTUKQPGU)#C)#%GUVPGSWKRCFCUEQPWPEQNGEVQTFGEQPFGPUCFQGPGNUKUVGOCFGUCNKFCFGCKTG&KEJQEQNGEVQTXCRTQXKUVQFGWPCXNXWNCRCTCFTGPCLGCWVQOVKEQFWTCPVGGNHWPEKQPCOKGPVQ

&C[WPCXNXWNCCEEKQPCFCCOCPQRCTCFTGPCLGFGURWUFGWPCRCTCFCFGNEQORTGUQT&O

5KUVGOCFGTGIWNCEKP

&KCITCOCFGHNWLQ

5KUVGOCFGTGIWNCEKPFG)#C)#%

&GUECTIC

5KGNEQPUWOQFGCKTGGUKPHGTKQTCNUWOKPKUVTQFGNEQORTGUQTNCRTGUKPFGNCTGFCWOGPVCT%WCPFQNC

RTGUKPFGNCTGFCNECPEGNCFGFGUECTICUGFGUGPGTIK\CNCXNXWNCFGUQNGPQKFG;'NODQNQFGNC

XNXWNCTGVQTPCCKORWNUQFGWPOWGNNG


&GRUKVQFGCKTG

#NTGHTKIGTCFQTFGCKTG

#NFGUFGGNTGHTKIGTCFQTFGCEGKVG


23/152


.CRTGUKPFGEQPVTQNSWGUGJCNNCRTGUGPVGGPNCUEOCTCUFGNODQNQFGECTIC.2[NCXNXWNCFG

FGUECTIC78UGFGUCJQICCNCCVOUHGTCCVTCXUFGNCXNXWNCFGUQNGPQKFG;

'NODQNQFGECTIC.2UGOWGXGJCEKCCTTKDC[JCEGSWGNCXNXWNCFGGPVTCFC+8EKGTTGNCCDGTVWTC

FGGPVTCFCFGNCKTG

.CXNXWNCFGFGUECTIC78NCCDTGNCRTGUKPFGNFGRUKVQ&KEJCRTGUKPFGNFGRUKVQFGCKTGGUECRCJCEKCGNFGUECTICFQT7#

.CRTGUKPUGGUVCDKNK\CCWPDCLQXCNQT7PCRGSWGCECPVKFCFFGCKTGUKIWGUKGPFQCURKTCFC[RCUCCN

FGUECTICFQT

'NUWOKPKUVTQFGCKTGUGFKUEQPVKPCGNEQORTGUQTOCTEJCGPFGUECTIC

%CTIC

%WCPFQNCRTGUKPFGNCTGFDCLGCNCFGECTICUGGPGTIK\CNCXNXWNCFGUQNGPQKFG;'NODQNQFGNC

OKUOC;UGOWGXGJCEKCCTTKDCEQPVTCNCHWGT\CFGNOWGNNG

.CRTGUKPFGEQPVTQNUGFKUVTKDW[GFGUFGGNFGRUKVQFGCKTGOGFKCPVGFGNCXNXWNCFGUQNGPQKFG

;CNODQNQFGECTIC.2[NCXNXWNCFGFGUECTIC78

.CXNXWNCFGFGUECTIC78EKGTTCNCCDGTVWTCFGGZRWNUKPFGCKTG'NODQNQFGECTIC.2UGOWGXG

JCEKCCDCLQ[JCEGSWGUGCDTCRQTEQORNGVQNCXNXWNCFGGPVTCFC+8

5GTGCPWFCGNUWOKPKUVTQFGCKTGGNEQORTGUQTOCTEJCGPECTIC

5KUVGOCGNEVTKEQ

)GPGTCNKFCFGU

%QPUWNVGVCODKPNCUUGEEKQPGU&KCITCOCUGNEVTKEQU[%QPGZKQPGUGNEVTKECU

)#C)#%

'NUKUVGOCGNEVTKEQEQPUVCFGNQUEQORQPGPVGUUKIWKGPVGU


24/152


%WDEWNQGNEVTKEQGP)#C)#%GLGORNQVRKEQ

4 GH GTGP EKC &GUKIP CEKP

( (WUKDNGU

( (WUKDNGU

( 4GNFGUQDTGECTICOQVQTFGNEQORTGUQT

3 &KU[WPVQTOQVQTFGXGPVKNCFQTEQORTGUQTGUTGHTKIGTCFQURQTCKTG

- %QPVCEVQTFGNPGC

- %QPVCEVQTFGGUVTGNNC

- %QPVCEVQTFGVTKPIWNQ

6 6TCPUHQTOCFQT

: 4GINGVCFGDQTPGUUWOKPKUVTQFGVGPUKP

: 4GINGVCFGDQTPGU

:: %QPGEVQTGU

2' $QTPGFGRWGUVCCVKGTTC


25/152


&KCITCOCUGNEVTKEQU

&KCITCOCRCTC'NGMVTQPKMQP++

&KCITCOCFGUGTXKEKQFG)#C)#%EQP'NGMVTQPKMQP++[CTTCPECFQTGUVTGNNCVTKPIWNQ

4GH GTGP EKC &GUKI PCEKP

+PUVCNCEKPFGNENKGPVG

--VCOCQEQPHWUKDNGUVKRQ --OGPQTGUFGNVCOCQEQPHWUKDNGUVKRQ

1REKPUGECFQT

6QFQUNQUXQNVCLGU[*\EQPGZEGREKPFG8*\

%QPGZKPGPGUVTGNNCVQFQUNQUFGOUXQNVCLGU

8*\

%QPGZKPGPVTKPIWNQ8*\

2CTCFCFGGOGTIGPEKC

#TTCPSWGRCTCFCCFKUVCPEKC

%CTICFGUECTICTGOQVC

&GVGEEKPRTGUKPTGOQVC


26/152


%QPGZKPGNEVTKECFGNUGECFQT+%&

5QDTGECT ICOQVQTFGCEEKQPCOKGPVQ

5QDTGECT ICOQVQTFGXGPVKNCFQT

(CNNQ'9&

&RFGHKNVTQ&&

&RFGHKNVTQ2&

5GNGEEKPFGDCPFCFGRTGUKPCFKUVCPEKC

1REKPT GNFGUGEWGPEKCFGHCUGU

1REKP'5

2CTCFCFGGOGTIGPEKCCFKUVCPEKC

%QPVCEVQUCWZKNKCTGU


+PUVCNCEKPFGNENKGPVG

%WDEWNQFGNEQORTGUQT

%WDEWNQFGN+%&

1REKP+%&



27/152


&GUKIPCEKQPGURCTC'NGMVTQPKMQP

4GHGTGPEKC 5GPUQTGUXNXWNCUFGUQNGPQKFGFKURQUKVKXQFGFTGPCLGGNGEVTPKEQ

2&6 5GPUQTFGRTGUKPFKHGTGPEKCFGRTGUKPUQDTGUGRCTCFQTFGCEGKVG

26 5GPUQTFGRTGUKPUCNKFCFGCKTG66 5GPUQTFGVGORGTCVWTCUCNKFCFGNGNGOGPVQ

66 5GPUQTFGVGORGTCVWTCGPVTCFCFGCIWCFGTGHTKIGTCEKPEQORTGUQTGUTGHTKIGTCFQU

RQTCIWC

66 5GPUQTFGVGORGTCVWTCUCNKFCFGCIWCFGTGHTKIGTCEKPEQORTGUQTGUTGHTKIGTCFQU

RQTCIWC

66 5GPUQTFGVGORGTCVWTCGPVTCFCUCNKFCFGCIWCFGTGEWRGTCEKPFGGPGTIC

EQORTGUQTGUTGHTKIGTCFQURQTCIWC

66 5GPUQTFGVGORGTCVWTCRWPVQFGTQEQ(WNN(GCVWTGEQP+(&

; 8NXWNCFGUQNGPQKFGFGECTIC

4GHGTGPEKC /QVQTGU

/ /QVQTFGCEEKQPCOKGPVQ

/ /QVQTFGNXGPVKNCFQTEQORTGUQTGUTGHTKIGTCFQURQTCKTG

4GHGTGPEKC #TOCTKQGNEVTKEQRCTC)#C)#%

( (WUKDNGU

( 4GNFGUQDTGECTICOQVQTFGCEEKQPCOKGPVQ

- %QPVCEVQTFGNPGC

- %QPVCEVQTFGGUVTGNNC

- %QPVCEVQTFGVTKPIWNQ

3 &KU[WPVQTOQVQTFGXGPVKNCFQT

6 6TCPUHQTOCFQTGU

:: 4GINGVCUFGDQTPGU

: %QPGEVQTGU

4GHGTGPEKC /FWNQFGEQPVTQN

+ $QVPFGCTTCPSWG

- 4GNFGDNQSWGQ

- 4GNCWZKNKCTEQPVCEVQTFGGUVTGNNC

- 4GNCWZKNKCTEQPVCEVQTFGVTKPIWNQ

- 4GNCWZKNKCTECTICFGUECTIC

- 4GNCWZKNKCTCNVCDCLCRTGUKPFGCKTG

- 4GNCWZKNKCTUGECFQT

- 4GNCWZKNKCTHWPEKQPCOKGPVQOCPWCNCWVQOVKEQ

- 4GNCWZKNKCTCXKUQ

- 4GNCWZKNKCTRCTCFCFGCNCTOC

1 $QVPFGRCTCFC



28/152


4GHGTGPEKC 'SWKRQQREKQPCNRCTC)#C)#%

#+' /FWNQFGGZRCPUKPGPVTCFCCPCNIKEC

# 5GECFQT(WNN(GCVWTGEQP+(&

$ &KURQUKVKXQGNGEVTPKEQFGFTGPCLGFGCIWC'9&

- 4GNCWZKNKCTECTICFGUECTICRCTC'5

- %QPVCEVQTCWZKNKCTEQORTGUQTGPOCTEJCRCTC'5

- 4GNFGUGEWGPEKCFGHCUGU

2&5 +PVGTTWRVQT2&GNVCRCTCHKNVTQ&&KPVGITCFQ

2&5 +PVGTTWRVQT2&GNVCRCTCHKNVTQ2&KPVGITCFQ

4- 2TQVGEEKPFGVGTOKUVQTFGOQVQTFGCEEKQPCOKGPVQRCTCFCFGCNCTOC

4- 2TQVGEEKPFGVGTOKUVQTFGOQVQTFGCEEKQPCOKGPVQCXKUQ

444 %CNGPVCFQTGURTQVGEEKPEQPVTCEQPIGNCEKP

4 %CNGPVCFQTGUCPVKEQPFGPUCEKP

5 +PVGTTWRVQTUGRCTCFQTRTKPEKRCNFGGPGTICGNEVTKEC

65.. 6GTOQUVCVQRTQVGEEKPEQPVTCEQPIGNCEKP

; 8NXWNCFGUQNGPQKFG

; 8NXWNCFGEKGTTGFGCIWCEQORTGUQTGUTGHTKIGTCFQURQTCIWC

4 GH GTGP EKC 5 GECF QT+ %&

' /FWNQ'OKZ

( (WUKDNGU

2&5 +PVGTTWRVQTFKHGTGPEKCNHKNVTQ&&R

26 5GPUQTFGRTGUKPVQTTGUGECFQTC#

26 5GPUQTFGRTGUKPVQTTGUGECFQTC$

66 5GPUQTFGVGORGTCVWTCGPVTCFCFGNUGECFQT

66 5GPUQTFGVGORGTCVWTCFGRWPVQFGTQEQCRTGUKP

6 6TCPUHQTOCFQT

; 8NXWNCFGUQNGPQKFG

; 8NXWNCFGUQNGPQKFG

: 4GINGVCFGDQTPGUUWOKPKUVTQGNEVTKEQ

: 4GINGVCFGDQTPGUVKGTTC

: 4GINGVCFGDQTPGU8%#


29/152


5GECFQTFGCKTG+(&

&KCITCOCFGHNWLQ

5GECFQTFGCKTG)#JCUVC)#%

%KTEWKVQFGCKTGEQORTKOKFQ

'NCKTGEQORTKOKFQGPVTCGPGNKPVGTECODKCFQTFGECNQT[UGGPHTCOGFKCPVGGNCKTGUGECFQ[HTQSWG

UCNG'NCIWCFGNCKTGSWGGPVTCGORKG\CCEQPFGPUCTUG.WGIQGNCKTGHNW[GCVTCXUFGNKPVGTECODKCFQT

FGECNQTGXCRQTCFQTFQPFGGNTGHTKIGTCPVGUGGXCRQTCJCEKGPFQSWGGNCKTGEQPVKPGGPHTKPFQUG

JCUVCCEGTECTUGCNCVGORGTCVWTCFGGXCRQTCEKPFGNTGHTKIGTCPVG5GEQPFGPUCOUCIWCGPGNCKTG'N

CKTGHTQRCUCGPUGIWKFCCVTCXUFGNUGRCTCFQTFQPFGVQFQGNEQPFGPUCFQUGUGRCTCFGNCKTG'N

EQPFGPUCFQUGRWTICCWVQOVKECOGPVGCVTCXUFGNCUCNKFC

'NCKTGUGECFQ[HTQRCUCCVTCXUFGNKPVGTECODKCFQTFGECNQTFQPFGUGECNKGPVCOGFKCPVGGNCKTGSWGGPVTC


# )CUTGHTKIGTCPVG

$ .SWKFQTGHTKIGTCPVG

% %QPFGPUCFQ

#+ 'PVTCFCFGCKTG

#1 5CNKFCFGCKTG

+PVGTECODKCFQTFGECNQTCKTGCKTG

+PVGTECODKCFQTFGECNQTGXCRQTCFQTCKTGTGHTKIGTCPVG

5GRCTCFQTFGEQPFGPUCFQ

5CNKFCFGEQPFGPUCFQ

%QORTGUQTFGTGHTKIGTCPVG

%QPFGPUCFQTFGTGHTKIGTCPVG

5GECFQTHKNVTQFGTGHTKIGTCPVGNSWKFQ

6WDQECRKNCT

8NXWNCFGFGTKXCEKPFGICUECNKGPVG

8GPVKNCFQTFGTGHTKIGTCEKPFGEQPFGPUCFQT

2TGUQUVCVQEQPVTQNFGNXGPVKNCFQT


30/152


%KTEWKVQFGTGHTKIGTCPVG

'NEQORTGUQTFGUECTICICUTGHTKIGTCPVGECNKGPVGCCNVCRTGUKPSWGHNW[GCVTCXUFGNEQPFGPUCFQT

FQPFGUGEQPFGPUCNCOC[QTRCTVGFGNTGHTKIGTCPVG

'NNSWKFQRCUCCVTCXUFGNUGECFQTHKNVTQFGTGHTKIGTCPVGNSWKFQCNVWDQECRKNCT'NTGHTKIGTCPVGUCNG

FGNVWDQECRKNCTCRTGUKPFGGXCRQTCEKP

'NTGHTKIGTCPVGGPVTCGPGNGXCRQTCFQTFQPFGSWKVCECNQTCNCKTGEQORTKOKFQOGFKCPVGWPCPWGXC

GXCRQTCEKPCRTGUKPEQPUVCPVG'NTGHTKIGTCPVGECNGPVCFQUCNGFGNGXCRQTCFQT[GUCURKTCFQRQTGN

EQORTGUQT

.CXNXWNCFGFGTKXCEKPTGIWNCGNHNWLQFGTGHTKIGTCPVG'NXGPVKNCFQTNQEQPGEVCQFGUEQPGEVCGN

KPVGTTWRVQTUGIPGNITCFQFGECTICFGNEKTEWKVQFGTGHTKIGTCPVG

5GECFQTFGCKTG+%&

&KCITCOCFGHNWLQ

5GECFQTFGCKTG)#JCUVC)#%


31/152



# #KTGEQORTKOKFQ

$ #KTGFGEQPVTQN

% #KTGFGRWTIC

#+ 'PVTCFCFGCKTG

#1 5CNKFCFGCKTG


#8 8NXWNCFGUCNKFCFGCKTGUGECFQTHWGTCFGNEKTEWKVQ

%8 8NXWNCFGTGVGPEKP

%8 8NXWNCFGTGVGPEKP

&&R (KNVTQ&&R

&C 5CNKFCFGFTGPCLGCWVQOVKEQEQNGEVQTFGEQPFGPUCFQFGNTGHTKIGTCFQTFGCKTG[

RTGHKNVTQKPVGITCFQ

&O 8NXWNCFGFTGPCLGOCPWCNEQNGEVQTFGEQPFGPUCFQFGNTGHTKIGTCFQTFGCKTG

+2& 2TGHKNVTQKPVGITCFQ

/6 %QNGEVQTFGEQPFGPUCFQFGTGHTKIGTCFQTFGCKTGEQORTGUQT

2&2 5GPUQT FGRWPVQFGTQEQCRTGUKP

24 4GIWNCFQTFGRTGUKPUNQGPEQORTGUQTGUFGDCTRUK

26 5GPUQTFGRTGUKPUCNKFCFGCKTG

26 5GPUQTFGRTGUKPVQTTG6C

26 5GPUQTFGRTGUKPVQTTG6D

4H 4GUVTKEVQT

6C 6QTTG#6D 6QTTG$

66 5GPUQTFGVGORGTCVWTCGPVTCFCFGNUGECFQT

; 8NXWNCFGUQNGPQKFG

; 8NXWNCFGUQNGPQKFG

8NXWNCFGGPVTCFCFGUGECFQT

8NXWNCFGXCU

#EVWCFQTPGWOVKEQ

8NXWNCFGGUECRG

5KNGPEKCFQT

8NXWNCFGGUECRG

5KNGPEKCFQT

8NXWNCFGEKGTTGUGPUQT2&2

(KNVTQFGCKTG

8NXWNCFGEKGTTGRT GUKPFGEQPVTQN


32/152


)GPGTCNKFCFGU

'NUGECFQTVKGPGFQUVQTTGU6C[6DSWGEQPVKGPGPFGUGECPVGWPOCVGTKCNOW[RQTQUQEQPRTGUGPVCEKP

ITCPWNCFCSWGRWGFGCFUQTDGTITCPECPVKFCFFGXCRQTFGCIWC/KGPVTCUGNFGUGECPVGFGWPCVQTTGUGEC

GNCKTGEQORTKOKFQGNFGUGECPVGFGNCQVTCUGTGIGPGTC[XKEGXGTUC.CTGIGPGTCEKPFGNFGUGECPVGUG

NQITCOGFKCPVGGNCKTGFGRWTICFGNCVQTTGFGUGECFQ'NEKENQFGHWPEKQPCOKGPVQFGNUGECFQTGU

TGRGVKVKXQ[UGEQPVTQNCOGFKCPVGGNTGIWNCFQTFGNEQORTGUQT[GNUGPUQT2&2

%KTEWKVQFGCKTGEQORTKOKFQ

'NCKTGEQORTKOKFQSWGGPVTCGPGNUGECFQTUGFKTKIGCWPCFGGUVCUVQTTGUOGFKCPVGWPCXNXWNCFGXCU

EQPVTQNCFCRQTWPCEVWCFQTPGWOVKEQ#OGFKFCSWGGNCKTGUWDGRQTNCVQTTGGNFGUGECPVG

CFUQTDGGNXCRQTFGCIWC[GNCKTGEQORTKOKFQUGUGEC'NCKTGEQORTKOKFQUGEQUCNGFGNUGECFQTRQTNC

XNXWNCCPVKTTGVQTPQ%8Q%8GPNCRCTVGUWRGTKQTFGNCVQTTGFGUGECFQ

%KTEWKVQFGTGIGPGTCEKP

5GFGTKXCWPCRGSWGCECPVKFCFFGCKTGUGEQFGNCUCNKFCFGNUGECFQT[UGGZRCPFGCRTGUKP

CVOQUHTKEC'UVGCKTGFGRWTICDCLCRQTNCECRCFGFGUGECPVGFGNCVQTTGFGTGIGPGTCEKP#OGFKFCSWGNCRTGUKPFGNXCRQTFGNCKTGFGRWTICGUOWEJQOGPQTSWGNCFGNFGUGECPVGNCJWOGFCFUCNGFGN

FGUGECPVG'NCKTGFGRWTICJOGFQUGFGUECTICGPNCCVOUHGTCCVTCXUFGNCXNXWNCFGGUECRGQ

[FGNUKNGPEKCFQTQ

%KTEWKVQFGCKTGFGEQPVTQN

7PCUGIWPFCRCTVGFGCKTGUGEQRCUCRQTNCXNXWNCFGCKTGFGEQPVTQN[GNHKNVTQFGNCKTGJCUVC

NNGICTCNCUXNXWNCUFGUQNGPQKFG;G;

6CODKPUGKPUVCNCWPTGIWNCFQTFGRTGUKP24GPVTGGNHKNVTQFGCKTG[NCUXNXWNCUFGUQNGPQKFGGP

WPKFCFGUFGDCTRUK

%WCPFQWPCFGNCUXNXWNCUFGUQNGPQKFGUGGPGTIK\CGNCKTGFGEQPVTQNGPVTCGPGNCEVWCFQTPGWOVKEQ[GPNCXNXWNCFGGUECRGQ

'NUGPUQT2&22&2OKFGGNRWPVQFGTQEQCRTGUKPFGNCKTGEQORTKOKFQSWGUCNGFGNCVQTTGFGUGECFQ

'PEWCPVQGNRWPVQFGTQEQCRTGUKPUWRGTCGNRWPVQFGCLWUVGGNTGIWNCFQT'NGMVTQPKMQPECODKCTNCU

VQTTGUGUFGEKTNCVQTTGTGIGPGTCFCGORG\CTCUGECTGNCKTGEQORTKOKFQ[NCQVTCVQTTGUGTGIGPGTCT


33/152



4GIWNCFQT'NGMVTQPKMQPs

++

2CPGNFGEQPVTQN

)GPGTCNKFCFGU

'PIGPGTCNGNTGIWNCFQT'NGMVTQPKMQPGLGEWVCNCUUKIWKGPVGUHWPEKQPGU

%QPVTQNCTGNEQORTGUQT

2TQVGIGTGNEQORTGUQT

/QPKVQTK\CTNQUEQORQPGPVGUUWLGVQUCUGTXKEKQ

#TTCPSWGCWVQOVKEQFGURWUFGKPVGTTWREKPFGNXQNVCLGJGEJQKPCEVKXQ

2CTC)#9QTMRNCEG((EQP+%&

'NTGIWNCFQTVCODKPOCPVKGPGGNRWPVQFGTQEQCRTGUKPFGNUGECFQTGPVTGCLWUVGURTQITCOCDNGUCN

FGHKPKTWPVKGORQFGEQPOWVCEKP5GVKGPGPGPEWGPVCWPCUGTKGFGCLWUVGURTQITCOCDNGU

%QPVTQNCWVQOVKEQFGHWPEKQPCOKGPVQFGNEQORTGUQT

'NTGIWNCFQTOCPVKGPGNCRTGUKPFGNCTGFGPVTGNQUNOKVGURTQITCOCDNGUECTICPFQ[FGUECTICPFQGN

EQORTGUQTCWVQOVKECOGPVG5GVKGPGGPEWGPVCWPPOGTQFGCLWUVGURTQITCOCDNGURGLNCURTGUKQPGU

FGFGUECTIC[ECTICGNVKGORQOPKOQFGRCTCFC[GNPOGTQOZKOQFGCTTCPSWGUFGNOQVQT

'NTGIWNCFQTRCTCGNEQORTGUQTECFCXG\SWGUGCRQUKDNGEQPQDLGVQFGTGFWEKTGNEQPUWOQFGGPGTIC[

XWGNXGCCTTCPECTNQCWVQOVKECOGPVGEWCPFQDCLGNCRTGUKPFGNCTGF%CUQFGUGTFGOCUKCFQDTGXGGNRGTQFQFGFGUECTICRTGXKUVQGNEQORTGUQTUKIWGHWPEKQPCPFQCHKPFGGXKVCTRGTQFQUFGRCTCFC

FGOCUKCFQDTGXGU

2TQVGIGTGNEQORTGUQT

2CTCFCFGCNCTOC

5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGRCTCFCFGCNCTOCRTQITCOCFQUGRCTCTGNEQORTGUQT'UVQUGKPFKECGPGNFKURNC[[RCTRCFGCTGN.'&FGCNCTOCIGPGTCN

'URQUKDNGRTQITCOCTWPPOGTQFGOCPFQUFGCTTCPSWGCWVQOVKEQRCTCFCSWG

CEVCPGPWPVKGORQFCFQ6GPICGPEWGPVCSWGUGGLGEWVCTWPOCPFQFGCTTCPSWG

UKGUVRTQITCOCFQ[CEVKXCFQKPENWUQFGURWUFGRCTCTGNEQORTGUQT

OCPWCNOGPVG


34/152


'NEQORTGUQTUGRCTCTVCODKPGPECUQFGUQDTGECTICFGNQUUKIWKGPVGUEQORQPGPVGU

/QVQTFGCEEKQPCOKGPVQ

/QVQTFGXGPVKNCFQT

5QNWEKQPGGNRTQDNGOC[TGCTOGNCPQVKEKC%QPUWNVGVCODKPGN/GP&CVQUFGGUVCFQ

#XKUQFGRCTCFCFGCNCTOC

7PPKXGNFGCXKUQFGRCTCFCFGCNCTOCGUWPPKXGNRTQITCOCDNGDCLQGNPKXGNFGRCTCFCFGCNCTOC

5KNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQTUWRGTCGNPKXGNFGCXKUQFGRCTCFCFGCNCTOC

RTQITCOCFQCRCTGEGTWPCPQVKEKCGPGNFKURNC[[UGGPEGPFGTGN.'&FGCNCTOCIGPGTCNEQP

QDLGVQFGCXKUCTCNQRGTCFQTFGSWGUGGZEGFGGNPKXGNFGCXKUQFGRCTCFCFGCNCTOC

'NOGPUCLGFGUCRCTGEGGPEWCPVQFGUCRCTGEGNCEQPFKEKPFGCXKUQ

#XKUQFGUGTXKEKQ

7PCUGTKGFGCEEKQPGUFGUGTXKEKQUGCITWRCPGPNQUNNCOCFQU2NCPGUFG5GTXKEKQ#$%GVE%CFC

2NCPFG5GTXKEKQVKGPGWPKPVGTXCNQFGVKGORQRTQITCOCFQ5KUGGZEGFGCNIPKPVGTXCNQCRCTGEGTWPC

PQVKEKCGPGNFKURNC[EQPQDLGVQFGCXKUCTCNQRGTCFQTFGSWGNNGXGCECDQNCUCEEKQPGUFGUGTXKEKQ

RGTVGPGEKGPVGUCFKEJQRNCP

#XKUQ

6CODKPCRCTGEGWPCPQVKEKCFGCXKUQUK

'PEQORTGUQTGUTGHTKIGTCFQURQTCIWCNCVGORGTCVWTCFGNCIWCFGTGHTKIGTCEKPGZEGFGGNPKXGNFGCXKUQ

'PEQORTGUQTGU(WNN(GCVWTGEQPUGECFQT+(&NCVGORGTCVWTCFGNRWPVQFGTQEQGUFGOCUKCFQCNVCGP

TGNCEKPEQPNCVGORGTCVWTCCODKGPVG

'P)#9QTMRNCEG((EQPUGECFQT+%&NCVGORGTCVWTCFGNRWPVQFGTQEQGUFGOCUKCFQCNVC

'P)#9QTMRNCEG((EQP+%&NCRTGUKPFGNQUTGEKRKGPV GUFGNUGECFQTGUKPHGTKQTCNNOKVGOPKOQQ

UWRGTKQTCNNOKVGOZKOQ

4GCTTCPSWGCWVQOVKEQFGURWUFGKPVGTTWREKPFGNXQNVCLG

'NTGIWNCFQTKPEQTRQTCWPCHWPEKPFGCTTCPSWGCWVQOVKEQFGNEQORTGUQTCNTGUVCDNGEGTUGGNXQNVCLG

FGURWUFGWPCKPVGTTWREKPGNEVTKEC&KEJCHWPEKPGUVFGUCEVKXCFCGPNQUEQORTGUQTGUSWGUCNGPFGNCHDTKEC0QQDUVCPVGGURQUKDNGCEVKXCTNCUKCUUGFGUGC%QPUWNVGC#VNCU%QREQ

#PVGUFGUQNWEKQPCTEQPUWNVGNCU 2TGECWEKQPGUFGUGIWTKFCF

5KGUVCEVKXCFCNCHWPEKP[UKGORTGSWGGNTGIWNCFQTUGGPEWGPVTGGPGNOQFQFG

HWPEKQPCOKGPVQCWVQOVKEQGNEQORTGUQTXQNXGTCCTTCPECTCWVQOVKECOGPVGUKGN

XQNVCLGFGUWOKPKUVTQCNOFWNQUGTGUVCDNGEGFGPVTQFGNRGTQFQRTQITCOCFQ

'NVKGORQFGTGUVCDNGEKOKGPVQFGRQVGPEKCGNRGTQFQGPGNSWGFGDGTGUVCDNGEGTUGGN

XQNVCLGRCTCRQFGTCTTCPECTCWVQOVKECOGPVGRWGFGCLWUVCTUGGPVTG[

UGIWPFQUQCN+PHKPKVQ5KGNVKGORQFGTGUVCDNGEKOKGPVQFGRQVGPEKCUGGPEWGPVTC

CLWUVCFQCN+PHKPKVQGNEQORTGUQTXQNXGTCCTTCPECTUKGORTGFGURWUFGWPC

KPVGTTWREKPFGNXQNVCLGKPFGRGPFKGPVGOGPVGFGNQSWGUGVCTFGGPTGUVCDNGEGTNQ

6CODKPGURQUKDNGRTQITCOCTWPTGVTCUQFGTGCTTCPSWGJCEKGPFQSWGXWGNXCPC

CTTCPECTRQTGLGORNQFQUEQORTGUQTGUFGHQTOCEQPUGEWVKXC


35/152


2CPGNFGEQPVTQN

4GIWNCFQT'NGMVTQPKMQP

2CTVGU[HWPEKQPGU

4GHGTGPEKC &GUKIPCEKP (WPEKP

$QVPFGCTTCPSWG $QVPRCTCCTTCPECTGNEQORTGUQT'N.'&UG

GPEKGPFGRCTCKPFKECTSWGGNTGIWNCFQT

'NGMVTQPKMQPGUVQRGTCVKXQ

&KURNC[ /WGUVTCOGPUCLGUUQDTGGNGUVCFQFG

HWPEKQPCOKGPVQFGNEQORTGUQTNCPGEGUKFCFFG

UGTXKEKQQWPHCNNQ

6GENCUFGFGURNC\COKGPVQ 6GENCURCTCFGURNC\CTUGJCEKCCTTKDCQCDCLQRQTGN

FKURNC[

6GENCFGVCDWNCEKP 6GENCRCTCUGNGEEKQPCTGNRCTOGVTQKPFKECFQRQTNC

HNGEJCJQTK\QPVCN5QNCOGPVGRWGFGPOQFKHKECTUG

NQURCTOGVTQUUGIWKFQUFGWPCHNGEJCSWGUGCNG

CNCFGTGEJC

6GENCUFGHWPEKP 6GENCURCTCIQDGTPCT[RTQITCOCTGNEQORTGUQT

.'&FGXQNVCLGEQPGEVCFQ +PFKECSWGGUV EQPGEVCFQGNXQNVCLG

.'&FGCNCTOCIGPGTCN 'UVGPEGPFKFQUKGZKUVGWPGUVCFQFGCXKUQCXKUQ

FGUGTXKEKQQCXKUQFGRCTCFCFGCNCTOC

.'&FGCNCTOCIGPGTCN 2CTRCFGCUKGZKUVGWPCEQPFKEKPFGRCTCFCFG

CNCTOCUKUGJCTQVQWPUGPUQTKORQTVCPVGQ

FGURWUFGWPCRCTCFCFGGOGTIGPEKC .'&FGHWPEKQPCOKGPVQCWVQOVKEQ +PFKECSWGGNTGIWNCFQTGUVEQPVTQNCPFQGN

EQORTGUQTCWVQOVKECOGPVG

$QVPFGRCTCFC $QVPRCTCRCTCTGNEQORTGUQT5GCRCICGN.'&

'NEQORTGUQTUGRCTCTFGURWUFGHWPEKQPCT

GPFGUECTICWPQUUGIWPFQU

5 $QVPFGRCTCFCFGGOGTIGPEKC 2WNUCFQTRCTCRCTCTGNEQORTGUQTCNKPUVCPVGGP

ECUQFGGOGTIGPEKC&GURWUFGUQNWEKQPCTNC

CXGTCNKDGTGGNDQVPVKTCPFQFGN


36/152


6GENCUFGHWPEKP

2CPGNFGEQPVTQN

6GENCUFGHWPEKP

.CUVGENCUUGWUCPRCTC

%CTICTFGUECTICTGNEQORTGUQTCOCPQ

+PXQECTQRTQITCOCTCLWUVGU

4GCTOCTWPCPQVKEKCFGUQDTGECTICFGNOQVQTRCTCFCFGCNCTOCQUGTXKEKQQWPCRCTCFCFG

GOGTIGPEKC

#EEGFGTCVQFQUNQUFCVQUTGEQIKFQURQTGNTGIWNCFQT

.CUHWPEKQPGUFGNCUVGENCUXCTCPUGIPGNOGPSWGUGOWGUVTC.CHWPEKPTGCNUGKPFKECLWUVQGPEKOC

FGNCVGENCEQTTGURQPFKGPVG#EQPVKPWCEKPUGEKVCPNCUHWPEKQPGUOUEQOWPGU

&GUKIPCEKP (WPEKP#CF #CFGEQOCPFQUFGCTTCPSWGRCTCFCFGNEQORTGUQTFCJQTC

#VT 8WGNXGCWPCQREKPQWPOGPSWGUGJCOQUVTCFQCPVGU

%CPE %CPEGNCWPCLWUVGRTQITCOCFQCNRTQITCOCTRCTOGVTQU

$QTT $QTTCEQOCPFQUFGCTTCPSWGRCTCFCFGNEQORTGUQT

#[WF 8CCNCFKTGEEKPFG#VNCU%QREQGP+PVGTPGV

.O /WGUVTCNQUNOKVGURCTCWPCLWUVGRTQITCOCDNG

%CTI %CTICTGNEQORTGUQTCOCPQ

2TKP 8QNXGTFGUFGWPOGPCNCRCPVCNNCRTKPEKRCN

/GP 'ORG\CPFQFGUFGNCRCPVCNNCRTKPEKRCNQDVKGPGCEEGUQCNQUUWDOGPU

/GP 'ORG\CPFQFGUFGWPUWDOGPXWGNXGCWPOGPCPVGTKQT

/QF /QFKHKECCLWUVGURTQITCOCDNGU

2TQI 2TQITCOCCLWUVGUOQFKHKECFQU

4GCT 4GCTOCWPVGORQTK\CFQTQWPOGPUCLG

8NXT 8WGNXGCWPCQREKPQWPOGPSWGUGJCOQUVTCFQCPVGU

&GUE &GUECTICTGNEQORTGUQTCOCPQ

'ZVT 'PEQPVTCTNCEQPHKIWTCEKPFGNOFWNQFGNTGIWNCFQT


37/152


6GENCUFGFGURNC\COKGPVQ

2CPGNFGEQPVTQN

.CUVGENCURGTOKVGPSWGGNWUWCTKQUGFGURNCEGRQTGNFKURNC[

/KGPVTCUUGOWGUVTGGPNCRQUKEKPFGTGEJCFGNFKURNC[WPCHNGEJCSWGUGCNGJCEKCCDCLQRWGFGWUCTUGNCVGENCFGFGURNC\COKGPVQEQPGNOKUOQUODQNQRCTCFGURNC\CTUGCNEQORQPGPVGUKIWKGPVG

/KGPVTCUUGOWGUVTGGPNCRQUKEKPFGTGEJCFGNFKURNC[WPCHNGEJCSWGUGCNGJCEKCCTTKDCRWGFGWUCTUG

NCVGENCFGFGURNC\COKGPVQEQPGNOKUOQUODQNQRCTCFGURNC\CTUGCNEQORQPGPVGCPVGTKQT

$QVPFGRCTCFCFGGOGTIGPEKC

2CPGNFGEQPVTQN

2CTCRCTCTGNEQORTGUQTKPOGFKCVCOGPVGGPECUQFGGOGTIGPEKCRWNUGGNDQVPFGRCTCFCFGGOGTIGPEKC

5

#PVGUFGGORG\CTGNOCPVGPKOKGPVQQTGRCTCEKPGURGTGJCUVCSWGJC[CRCTCFQGN

EQORTGUQT[CDTCGNKPVGTTWRVQTUGRCTCFQTKPUVCNCEKPFGNENKGPVGRCTCFGUEQPGEVCTGN

XQNVCLGCNEQORTGUQT

%KGTTGNCXNXWNCFGUCNKFCFGCKTG[CDTCNCUXNXWNCUFGFTGPCLGOCPWCNFGEQPFGPUCFQ

RCTCFGURTGUWTK\CTGNUKUVGOCFGCKTG

*C[SWGCRNKECTVQFCUNCU2TGECWEKQPGUFGUGIWTKFCF RGTVKPGPVGU


38/152


2TQITCOCUFGEQPVTQN

&GUETKREKP

#HKPFGHCEKNKVCTNCRTQITCOCEKP[GNEQPVTQNUGJCPKORNGOGPVCFQRTQITCOCUFGEQPVTQNOCPFCFQURQT

OGPUGPGNTGIWNCFQT

(NWLQFGOGPUFG)#C)#%UKORNKHKECFQ


39/152


(NWLQFGOGPUFG)#C)#%9QTMRNCEG(WNN(GCVWTGEQPUGECFQT+(&UKORNKHKECFQ


40/152


(NWLQFGOGPUFG)#C)#%9QTMRNCEG(WNN(GCVWTGEQPUGECFQT+%&UKORNKHKECFQ


41/152


/GPRTKPEKRCN

/GP2CPVCNNCRTKPEKRCN

(WPEKP

2CPGNFGEQPVTQN

'NOGPFGNCRCPVCNNCRTKPEKRCNOWGUVTCGNGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQT[HQTOCNCRWGTVCFG

GPVTCFCCVQFCUNCUHWPEKQPGUKORNGOGPVCFCUGPGNTGIWNCFQT

2TQEGFKOKGPVQ

.CRCPVCNNCRTKPEKRCNCRCTGEGCWVQOVKECOGPVGCNEQPGEVCTNCEQTTKGPVG

5KPQUGWUCPPKNCUVGENCUFGHWPEKPPKNCUVGENCUEQPHNGEJC[FWTCPVGCNIWPQUOKPWVQUGN

TGIWNCFQTXQNXGTCWVQOVKECOGPVGCNC2CPVCNNCRTKPEKRCN

2TQITCOCT (WPEKP

2CPVCNNCRTKPEKRCN /WGUVTCGPDTGXGGNGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQT'UNCRWGTVCFG

GPVTCFCCVQFCUNCUHWPEKQPGU

&CVQUFGGUVCFQ +PXQECGNGUVCFQFGNCUHWPEKQPGUFGRTQVGEEKPFGNEQORTGUQTRCTCFCFG

CNCTOCCXKUQFGRCTCFCFGCNCTOCCXKUQFGUGTXKEKQ[CXKUQ4GCTOCWPC

RCTCFCFGCNCTOCUQDTGECTICFGNOQVQT[EQPFKEKPFGUGTXKEKQ

&CVQUOGFKFQU +PXQECNQUFCVQUCEVWCNOGPVGOGFKFQU[GNGUVCFQFGWPCUGTKGFGGPVTCFCU

%QPVCFQTGU +PXQECNCUJQTCUFGHWPEKQPCOKGPVQJQTCUGPECTICJQTCUFGNTGIWNCFQT

OFWNQ[POGTQFGCTTCPSWGUFGNOQVQT

'PUC[Q 2TQDCTRCPVCNNC

/QFKHKECTRCTOGVTQU /QFKHKECNQUCLWUVGUFG

2CTOGVTQURGLRTGUKQPGUFGECTIC[FGUECTIC

2TQVGEEKQPGURGLPKXGNFGRCTCFCFGCNCTOCRCTCVGORGTCVWTC

2NCPGUFGUGTXKEKQVGORQTK\CFQTGURCTCRNCPGUFGUGTXKEKQ (WPEKQPGUFGTGNQLOCPFQUFGCTTCPSWGRCTCFCDCPFCFGRTGUKP

CWVQOVKEQUFGNEQORTGUQT

%QPHKIWTCEKPJQTCHGEJCKFKQOCFGXKUWCNK\CEKP

5GTXKEKQ +PXQECRNCPGUFGUGTXKEKQ[TGCTOCNQUVGORQTK\CFQTGUFGURWUFGNNGXCTC

ECDQNCUCEEKQPGUFGUGTXKEKQRGTVGPGEKGPVGUCWPRNCP

&CVQUIWCTFCFQU +PXQECNQUFCVQUIWCTFCFQUFCVQUFGNVKOCRCTCFCFGCNCTOCNVKOCRCTCFC

FGGOGTIGPEKC


42/152


5KGORTGSWGCRCTG\ECGPNCRCPVCNNCFGWPUWDOGPRWNUGNCVGENC2TKP(RCTCXQNXGTCNC2CPVCNNC

RTKPEKRCN

'LGORNQFG2CPVCNNCRTKPEKRCN

'NFKURNC[KPFKEC

.CFGUKIPCEKPFGNUGPUQT[NCKPFKECEKPCEVWCN

0QVKEKCUFGNGUVCFQFGHWPEKQPCOKGPVQFGNEQORTGUQT

,WUVQGPEKOCFGNCUVGENCUFGHWPEKPNCHWPEKPCEVWCNFGFKEJCUVGENCU

+PXQECEKPFGOGPU

&GUETKREKP

2CPGNFGEQPVTQN

.CRCPVCNNCRTKPEKRCNCRCTGEGCWVQOVKECOGPVGCNEQPGEVCTUGGNXQNVCLG

.CVGENCEQPHNGEJCCDCLQUGRWGFGWVKNK\CTRCTCWPCEQPUWNVCTRKFCFGNCUKVWCEKPCEVWCNFGN

EQORTGUQT

&GURWUFGRWNUCTNCVGENC/GP(NCQREKP&CVQUFGGUVCFQCRCTGEGTUGIWKFCFGWPCHNGEJC

JQTK\QPVCN

2WNUGNCVGENCFGVCDWNCEKPRCTCUGNGEEKQPCTGUVGOGP

%QORTGUUQT1WV5CNKFC

EQORTGU

DCT

#WVQOVETIFQ

/GP 7PNQCF&GUE

( ( (

%QORTGUUQT1WV5CNKFC

EQORTGUDCT

#WVQOVETIFQ

/GP &GUE

( ( (


43/152


1DKGPWVKNKEGNCVGENCEQPHNGEJCCDCLQJCUVCSWGGNUWDOGPFGUGCFQXC[CUGIWKFQFGWPCHNGEJC

JQTK\QPVCN[CEQPVKPWCEKPRWNUGNCVGENCFGVCDWNCEKPRCTCUGNGEEKQPCTGUVGOGP

/GP&CVQUFGGUVCFQ

#XKUQ

(WPEKP

2CPGNFGEQPVTQN

'NUWDOGPFG&CVQUFGGUVCFQFCKPHQTOCEKPUQDTGGNGUVCFQFGNCUHWPEKQPGUFGRTQVGEEKPFGN

EQORTGUQTRCTCFCFGCNCTOCCXKUQFGRCTCFCFGCNCTOCCXKUQFGUGTXKEKQ[CXKUQ[RGTOKVGSWGUG

TGCTOGWPCRCTCFCFGCNCTOCUQDTGECTICFGNOQVQT[EQPFKEKPFGUGTXKEKQ

2TQEGFKOKGPVQ

'ORG\CPFQFGUFGNC2CPVCNNCRTKPEKRCNXCUGGNOGPFG2CPVCNNCRTKPEKRCN

2WNUGNCVGENC/GP(NCQREKP&CVQUFGGUVCFQUGTUGIWKFCFGWPCHNGEJCJQT K\QPVCN

2WNUGNCVGENCFGVCDWNCEKP

0QGZKUVGPQVKEKC

'N.'&FGCNCTOCIGPGTCNGUVCRCICFQ[NCPQVKEKCGPGNFKURNC[KPFKECSWGVQFCUNCUEQPFKEKQPGU

UQPPQTOCNGU

#PVGUFGGORG\CTGNOCPVGPKOKGPVQQTGRCTCEKPRWNUGGNDQVPFGRCTCFC

GURGTGJCUVCSWGJC[CRCTCFQGNEQORTGUQTRWNUGGNDQVPTQLQFGRCTCFCFG

GOGTIGPEKC[CDTCGNKPVGTTWRVQTUGRCTCFQTKPUVCNCEKPFGNENKGPVGRCTCFGUEQPGEVCT

GNXQNVCLGCNEQORTGUQT

%KGTTGNCXNXWNCFGUCNKFCFGCKTG[FGURTGUWTKEGGNUKUVGOCFGCKTG

6QFCUNCUEQPFEUQP1-

/GP

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44/152


'ZKUVGWPOGPUCLGFGRCTCFCFGCNCTOC

'PECUQFGRCTCFCFGCNCTOCFGNEQORTGUQTRCTRCFGCTGN.'&

'PECUQFGWPCRCTCFCFGCNCTOCFGDKFQCWPCVGORGTCVWTCFGOCUKCFQCNVCGPNCUCNKFCFGNGNGOGPVQ

EQORTGUQT

.QUKPFKECFQTGURCTRCFGCP.CRCPVCNNCOWGUVTCNCNGEVWTCCEVWCNu%GNSWGGNEQORTGUQT

UGGPEWGPVTGRCTCFQ2TF[GNCLWUVGFGRCTCFCu%

5KIWGUKGPFQRQUKDNGFGURNC\CTUGRQTQVTQUOGPURGLRCTCEQORTQDCTNQUXCNQTGUFGQVTQU

RCTOGVTQU

#NXQNXGTCNOGPFG&CVQUFGGUVCFQRCTRCFGCTNCQREKP2CTCFCU&KEJCQREKPRWGFG

UGNGEEKQPCTUGRWNUCPFQNCVGENCFGVCDWNCEKPRCTCXQNXGTCNCRCPVCNNCFGRCTCFCFGCTTKDC

4GCTOGFGRCTCFCFGCNCTOC

&GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCUQNWEKQPCTNCCXGTC&GURWUFGTGOGFKCT

[FGUCRCTGEKFCNCEQPFKEKPFGRCTCFCFGCNCTOCEQPGEVGGNXQNVCLG[RWNUGNCVGENC4GCT(

2WNUGNCUVGENCU/GP[2TKPRCTCXQNXGTCNC2CPVCNNCRTKPEKRCN[TGCTTCPSWGGNEQORTGUQTRQTOGFKQ

FGNDQVPFGCTTCPSWG

4GCTOGFGUQDTGECTICFGNOQVQT

&GUEQPGEVGGNXQNVCLG[JCICNCUIGUVKQPGUPGEGUCTKCURCTCUQNWEKQPCTNCCXGTC'NTGNFGUQDTGECTIC

(UGTGCTOCCWVQOVKECOGPVGFGURWUFGGPHTKCTUGCNEQPVTCTKQGNFKU[WPVQTFGNXGPVKNCFQT3

FGDGTGCTOCTUGCOCPQ%QPGEVGGNXQNVCLG[RWNUGNCVGENC4GCT(

2WNUGNCUVGENCU/GP[2TKPRCTCXQNXGTCNC2CPVCNNCRTKPEKRCN[TGCTTCPSWGGNEQORTGUQTRQTOGFKQ

FGNDQVPFGCTTCPSWG

'ZKUVGWPOGPUCLGFGCXKUQFGRCTCFCFGCNCTOC

7PPKXGNFGCXKUQFGRCTCFCFGCNCTOCGUWPPKXGNRTQITCOCDNGDCLQGNPKXGNFGRCTCFCFGCNCTOC

5KGZKUVGWPCXKUQFGRCTCFCFGCNCTOCGUVGPEGPFKFQGN.'&.CRCPVCNNCRTKPEKRCNUGECODKCTC

WPCRCPVCNNCRCTGEKFCCNCSWGUKIWG

5CNKFCGNGOGPVQ

u%

2TF /CZ

/GP 4GCT

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%QORTGUUQT1WV5CNKFC

EQORTGU

DCT

2CTQ #XKUQ

/GP &GUE

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45/152


.QUKPFKECFQTGURCTRCFGCP.QUKPFKECFQTGU2CTQ#XKUQCRCTGEGPCNVGTPCFCOGPVGEQPNCU

PQVKEKCUSWGKPFKECPUKGNEQORTGUQTOCTEJCGPFGUECTICQECTIC

2WNUGNCVGENC/GP([NCVGENCFGVCDWNCEKPRCTCUGNGEEKQPCTGNOGPFG&CVQUFGGUVCFQ

RCTRCFGCNCQREKP2TQVGEEKP

&GURNEGUGCFKEJCQREKP[UGNGEEKPGNCRWNUCPFQNCVGENCFGVCDWNCEKP#RCTGEGWPCRCPVCNNCRCTGEKFCCNCSWGUGOWGUVTCCDCLQ

.CRCPVCNNCKPFKECSWGNCVGORGTCVWTCGPNCUCNKFCFGNGNGOGPVQEQORTGUQTGZEGFGGNPKXGNFGCXKUQFG

RCTCFCFGCNCTOCRTQITCOCFQ

5KGURTGEKUQRCTGGNEQORTGUQTRQTOGFKQFGNDQVPFGRCTCFC[GURGTGJCUVCSWGUGRCTG

GHGEVKXCOGPVG

&GUEQPGEVGGNXQNVCLGTGXKUG[TGCNKEGNCUQRGTCEKQPGUPGEGUCTKCU

'NOGPUCLGFGCXKUQFGUCRCTGEGTCWVQOVKECOGPVGGPEWCPVQFGUCRCTG\ECNCEQPFKEKPFGCXKUQ

'ZKUVGWPCXKUQFGUGTXKEKQ

'N.'&GUVGPEGPFKFQ.CRCPVCNNCRTKPEKRCNUGECODKCTCWPCRCPVCNNCRCTGEKFCCNCSWGUKIWG

.QUKPFKECFQTGURCTRCFGCP[NCPQVKEKCFGCXKUQFGUGTXKEKQCRCTGEGCNVGTPCFCOGPVGEQPNCU

PQVKEKCUSWGKPFKECPUKGNEQORTGUQTOCTEJCGPFGUECTICQECTIC

2WNUGNCVGENC/GP([NCVGENCFGVCDWNCEKPRCTCUGNGEEKQPCTGNOGPFG&CVQUFGGUVCFQ

RCTRCFGCNCQREKP5GTXKEKQ

&GURNEGUGCFKEJCQREKP[UGNGEEKPGNCRWNUCPFQNCVGENCFGVCDWNCEKPRWGFGSWGRCTRCFGGPFQUQREKQPGU

'PVTCFCUUKUGGZEGFGGNPKXGNFGUGTXKEKQRTQITCOCFQFGWPEQORQPGPVGRGLNCECFCFG

RTGUKPOZKOCFGNUGRCTCFQTFGCEGKVG

2NCPGUUKUGGZEGFGGNKPVGTXCNQFGWPRNCPFGUGTXKEKQ

2CTGGNEQORTGUQT[FGUEQPGEVGGNXQNVCLG

5KNCPQVKEKCFGUGTXKEKQUGTGHKTKC'PVTCFCUUGRCTCFQTFGCEGKVGTGGORNCEGGNUGRCTCFQTEQPGEVG

GNXQNVCLGFGURNEGUGGPGNOGPFG&CVQUFGGUVCFQC'PVTCFCU[RWNUGNCVGENC4GCTRCTCTGCTOCT

NCPQVKEKCFGUGTXKEKQ

5KGNCXKUQFGUGTXKEKQJCECTGHGTGPEKCC2NCPTGCNKEGNCUCEEKQPGUFGUGTXKEKQTGNCVKXCUCNQURNCPGU

KPFKECFQU4GCTOGNQUVGORQTK\CFQTGUFGNQURNCPGUEQTTGURQPFKGPVGU2PICUGGPEQPVCEVQEQPGN%GPVTQFG5GTXKEKQCN%NKGPVGFG#VNCU%QREQ%QPUWNVGNCUGEEKP/GP5GTXKEKQ

5CNKFCFGGNGOGPVQ

u%

2CT /CZ

/GP

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%QORTGUUQT1WV5CNKFC

EQORTGUDCT

5GTX4GSWKT5GTXTGSWGT

/GP &GUE

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46/152


'ZKUVGWPCPQVKEKCFGCXKUQ

'UVGPEGPFKFQGN.'&[CRCTGEGTGPNCRCPVCNNCWPOGPUCLGFGCXKUQ

.QUKPFKECFQTGURCTRCFGCP[NCPQVKEKCFGCXKUQCRCTGEGCNVGTPCFCOGPVGEQPNCUPQVKEKCUSWG

KPFKECPUKGNEQORTGUQTOCTEJCGPFGUECTICQECTIC'UVGCXKUQKPFKEC

'PEQORTGUQTGUTGHTKIGTCFQURQTCIWCNCVGORGTCVWTCFGNCIWCFGTGHTKIGTCEKPGZEGFGGNPKXGNFG

CXKUQRTQITCOCFQ

'PEQORTGUQTGU(WNN(GCVWTGEQPUGECFQT+(&NCVGORGTCVWTCFGNRWPVQFGTQEQGUFGOCUKCFQCNVC

GPTGNCEKPEQPNCVGORGTCVWTCCODKGPVG

'P)#9QTMRNCEG((EQPUGECFQT+%&NCVGORGTCVWTCFGNRWPVQFGTQEQGZEGFGGNPKXGNFGCXKUQ

'P)#9QTMRNCEG((EQP+%&NCRTGUKPFGNQUTGEKRKGPVGUFGNUGECFQTGUKPHGTKQTCNNOKVGOPKOQ

QUWRGTKQTCNNOKVGOZKOQ

2CTGGNEQORTGUQT[FGUEQPGEVGGNXQNVCLG+PURGEEKQPGGNEQORTGUQT[UQNWEKQPG

/GP&CVQUOGFKFQU

2CPGNFGEQPVTQN

(WPEKP

+PXQECTKPHQTOCEKPCEGTECFGNQUFCVQUOGFKFQUCEVWCNOGPVG[GNGUVCFQFGCNIWPCUGPVTCFCURGL

RTQVGEEKPFGUQDTGECTICFGNOQVQT%QPUWNVGGNHNWLQFGOGPUGPNCUGEEKP2TQITCOCUFGEQPVTQN

2TQEGFKOKGPVQ


2WNUGNCVGENC/GP(

2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWG&CVQUOGFKFQUCRCTG\ECUGIWKFQFGWPCHNGEJC

JQTK\QPVCN

#EVKXGGNOGPRWNUCPFQNCVGENCFGVCDWNCEKP

#NRWNUCTNCUVGENCUFGFGURNC\COKGPVQGPEQPVTCTWPPOGTQFGFCVQUCEVWCNOGPVGOGFKFQU

5KWPQFGNQUUGPUQTGUXCEQPGEVCFQCWPCHWPEKPFGRCTCFCFGCNCTOCUGTXKEKQQCXKUQGURQUKDNG

KPXQECTVCPVQGNXCNQTCEVWCNOGPVGOGFKFQEQOQGNPKXGNEQTTGURQPFKGPVGFGRCTCFCFGCNCTOCCXKUQ

QUGTXKEKQEQPVCPUNQRWNUCTNCVGENC


47/152


/GP%QPVCFQTGU

2CPGNFGEQPVTQN

(WPEKP

2CTCKPXQECT

.CUJQTCUFGHWPEKQPCOKGPVQ

.CUJQTCUFGECTIC

'NPOGTQFGCTTCPSWGUFGNOQVQT

'NPOGTQFGJQTCUSWGGNTGIWNCFQTOFWNQJCGUVCFQDCLQVGPUKP

'NPOGTQFGEKENQUFGECTIC

2TQEGFKOKGPVQ


2WNUGNCVGENC/GP(

2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWGNCQREKP%QPVCFQTGUXC[CUGIWKFCFGWPCHNGEJC

JQTK\QPVCN

2WNUGNCVGENCFGVCDWNCEKPRCTCCEVKXCTGNOGP

#NRWNUCTNCVGENCEQPHNGEJCUGRWGFGPGPEQPVTCTNQUFCVQUOGPEKQPCFQUCPVGTKQTOGPVG

'LGORNQFGWPCRCPVCNNC%QPVCFQTGU

*QTCU(PEVQ

JTU JTU

/GP

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48/152


/GP2TWGDC

2CPGNFGEQPVTQN

(WPEKP

.NGXCTCECDQWPCRTWGDCFGFKURNC[GUFGEKTEQORTQDCTUKGNFKURNC[[NQU.'&UKIWGPKPVCEVQU

2CTCEQORTGUQTGUEQP'9&FKURQUKVKXQUFGFTGPCLGGNGEVTPKEQEQORTQDCTGN'9&

2TQEGFKOKGPVQ


2WNUGNCVGENC/GP(

2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWGNCQREKP2TWGDCXC[CUGIWKFCFGWPCHNGEJCJQTK\QPVCN


.CQREKP2TQDCTRCPVCNNCUGTUGIWKFCFGWPCHNGEJCJQTK\QPVCN

2CTCRTQDCTGNFKURNC[RWNUGNCVGENC&WTCPVGNCRTWGDCGNTGIWNCFQTIGPGTCTWPCUGTKGFG

RCVTQPGUGPGNFKURNC[SWGRGTOKVGPCNWUWCTKQEQORTQDCTSWGECFCRZGNHWPEKQPCCPFGHQTOC

PQTOCNNQU.'&UGGPEKGPFGPCNCXG\

2CTCRTQDCTNQUFKURQUKVKXQUGNGEVTPKEQUFGFTGPCLGFGCIWCRWNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWG

NCQREKP2WTICGNGEVTPCRCTG\ECUGIWKFCFGWPCHNGEJCJQTK\QPVCN


2WNUGNCVGENC#TTCPSWG8GTKHKSWGSWGUGCDTGNCXNXWNCRCTCFGUECTICTEQPFGPUCFQ5WGNVGNCVGENC

#TTCPSWGFGURWUFGNCRTWGDC

2WNUGNCVGENC#VTRCTCXQNXGTCNOGPCPVGTKQT

2WNUGNCVGENC/GP(RCTCXQNXGTCNUWDOGP

/GP/QFKHKECEKPFGRCTOGVTQU

(WPEKP

/QFKHKECTWPPOGTQFGCLWUVGURTQITCOCDNGU

2CTOGVTQUXCUGNCUGEEKP/QFKHKECTRCTOGVTQU

2TQVGEEKQPGUXCUGNCUGEEKP/QFKHKECTRTQVGEEKQPGU

#LWUVGUFGRNCPGUFGUGTXKEKQXCUGNCUGEEKP/QFKHKECTNQUCLWUVGUFGRNCPGUUGTXKEKQ


49/152


#LWUVGUFGNCHWPEKPFGTGNQLXCUGNCUGEEKP/QFKHKECTNQUCLWUVGUFGNCHWPEKPFGTGNQL

#LWUVGUFGEQPHKIWTCEKPXCUGNCUGEEKP/QFKHKECTNQUCLWUVGUFGEQPHKIWTCEKP

/QFKHKECEKPFGRCTOGVTQU

2CPGNFGEQPVTQN

(WPEKP

/QFKHKECTWPPOGTQFGRCTOGVTQU%QPUWNVGGNHNWLQFGOGPUGPNCUGEEKP2TQITCOCUFGEQPVTQN

2TQEGFKOKGPVQ


2WNUGNCVGENC/GP(

2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWG/QFKHKERCTOGVXC[CUGIWKFCFGWPCHNGEJCJQTK\QPVCN


'NRTKOGTEQORQPGPVG2CTOGVTQUCRCTGEGTUGIWKFQFGWPCHNGEJCJQTK\QPVCN

2WNUGNCVGENCFGVCDWNCEKPUGOQUVTCTPGNRTKOGTEQORQPGPVG2TGUKPECTIC[UWCLWUVG

2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWGGNRCTOGVTQSWGUGXCCOQFKHKECTCRCTG\ECUGIWKFQFG

WPCHNGEJCJQTK\QPVCN

/QFKHKECTRTGUKQPGUFGECTIC[FGUECTIC

5KCUUGFGUGCGNQRGTCFQTRWGFGRTQITCOCTFQUDCPFCUFGRTGUKPDCPFC[DCPFCEQPRTGUKQPGU

FGECTIC[FGUECTICFKHGTGPVGU.QUCLWUVGURCTCNCDCPFCXCPKPFKECFQU2TGUKPECTIC[2TGUKPFGUECTINQUCLWUVGURCTCNCDCPFCXCPKPFKECFQU2TGUECTIC[2TGUFGUECTIC

'LGORNQ

2CTCNCDCPFCFGRTGUKP

2TGUKPFGECTICDCT

2TGUKPFGFGUECTICDCT

2CTCNCDCPFCFGRTGUKP

2TGUKPFGECTICDCT

2TGUKPFGFGUECTICDCT

2TQEGFKOKGPVQ


50/152


%QPUWNVGNCUGEEKP2TQEGFKOKGPVQCPVGTKQTRCTCUGNGEEKQPCTNC2TGUKPECTIC

.CRCPVCNNCKPFKECSWGGNCLWUVGEQTTKGPVGGUFGDCTG2CTCOQFKHKECTGNCLWUVGRWNUGNCVGENC

/QF(RCTRCFGCTGNCLWUVG

%QPC[WFCFGNCVGENC.O(UGRWGFGPGPEQPVTCTNCUNKOKVCEKQPGURCTCGNRCTOGVTQ

%CODKGGNCLWUVGEQPC[WFCFGNCUVGENCUFGFGURNC\COKGPVQ

2WNUGNCVGENC2TQI(RCTCRTQITCOCTGNPWGXQCLWUVGQNCVGENC%CPE(RCTCECPEGNCTGN

RTQEGFKOKGPVQFGOQFKHKECEKP

'NRTQEGFKOKGPVQRCTCOQFKHKECTNC2TGUKPFGFGUECTICGURCTGEKFQ

5KGUPGEGUCTKQTGRKVCGNRTQEGFKOKGPVQRCTCNCDCPFCFGRTGUKP

'NRTQEGFKOKGPVQRCTCOQFKHKECTQVTQURCTOGVTQUGURCTGEKFQ

/QFKHKECEKPFGNQUCLWUVGUFGRTQVGEEKP

2CPGNFGEQPVTQN

(WPEKP

/QFKHKECTCLWUVGUFGRTQVGEEKP

2CTCFCFGCNCTOC2TFRQTGLGORNQRCTCNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQEQORTGUQT

#XKUQFGRCTCFCFGCNCTOC2TFCRQTGLGORNQRCTCNCVGORGTCVWTCFGUCNKFCFGNGNGOGPVQ

EQORTGUQT

#XKUQ#XKURQTGLGORNQNCVGORGTCVWTCFGNCIWCFGNQUEQORTGUQTGUTGHTKIGTCFQURQTCIWC #XKUQ#XKURQTGLGORNQGNRWPVQFGTQEQFGRTGUKPOZKOC

2TGUKPFGECTIC

DCT

/GP /QF

( ( (

'NTGIWNCFQTUGPGICTCCEGRVCTPWGXQUXCNQTGUHWGTCFGNQUNOKVGU2WNUGNCVGENC.KO

RCTCEQORTQDCTNCUNKOKVCEKQPGUFGNRCTOGVTQ%QPUWNVG#LWUVGURTQITCOCDNGURCTC

EQPQEGTNQUCLWUVGUOUKORQTVCPVGU


51/152


#XKUQFGUGTXKEKQ5GTXRQTGLGORNQRCTCNCECFCFGRTGUKPOZKOCUQDTGGNUGRCTCFQTFGCEGKVG

%QORTQDCTCNIWPCUEQPFKEKQPGUFGNEQORTGUQTRGLGNGUVCFQFGNQUEQPVCEVQUFGUQDTGECTICFGNOQVQT

#NIWPQURCTOGVTQUPQRWGFGPOQFKHKECTUG

2TQEGFKOKGPVQ


2WNUGNCVGENC/GP(



2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWGNCQREKP2TQVGEEKQPGUXC[CUGIWKFCFGWPCHNGEJC

JQTK\QPVCN

2WNUGNCVGENCFGVCDWNCEKPUGOQUVTCTPGNRTKOGTEQORQPGPVG[UWCLWUVG

2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWGGNEQORQPGPVGSWGUGXCCOQFKHKECTXC[CUGIWKFQFG

WPCHNGEJCJQTK\QPVCN[CEQPVKPWCEKPRWNUGNCVGENCFGVCDWNCEKP

/QFKHKECTCLWUVGUFGVGORGTCVWTCFGNGNGOGPVQEQORTGUQT

%QPUWNVGNCUGEEKP2TQEGFKOKGPVQRCTCUGNGEEKQPCTGNRCTOGVTQ5CNKFC'NGOGPVQ'LGORNQ

.CRCPVCNNCOWGUVTCNCVGORGTCVWTCCEVWCNu%[GNCLWUVGFGRCTCFCFGCNCTOCu%2CTC

OQFKHKECTGUVGCLWUVGRWNUGNCVGENC/QF(GNCLWUVGRCTRCFGCT

%QPC[WFCFGNCVGENC.O(UGRWGFGPGPEQPVTCTNCUNKOKVCEKQPGURCTCGNRCTOGVTQ

%CODKGGNCLWUVGEQPC[WFCFGNCUVGENCUFGFGURNC\COKGPVQ



.CRCPVCNNCOWGUVTCWPCHNGEJCJQTK\QPVCNSWGKPFKECSWGGNXCNQTFGNCXKUQFGRCTCFCFGCNCTOCRWGFG

OQFKHKECTUGGNRTQEGFKOKGPVQGUUKOKNCTCNCFGUETKREKPCPVGTKQT

'NRTQEGFKOKGPVQRCTCOQFKHKECTQVTQUEQORQPGPVGUGURCTGEKFQ2CTCCNIWPQUCLWUVGUGURQUKDNGRTQITCOCTWPTGVTCUQ

5CNKFCGNGOGPVQ

u%

5JF/CZ2TF/Z

/GP /QF

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'NTGIWNCFQTUGPGICTCCEGRVCTPWGXQUXCNQTGUHWGTCFGNQUNOKVGU2WNUGNCVGENC

.ORCTCEQORTQDCTNCUNKOKVCEKQPGUFGNRCTOGVTQ%QPUWNVG#LWUVGURTQITCOCDNGU

RCTCEQPQEGTNQUCLWUVGUOUKORQTVCPVGU


52/152


/QFKHKECEKPFGRNCPGUFGUGTXKEKQ

2CPGNFGEQPVTQN

(WPEKP

/QFKHKECTNQUKPVGTXCNQUFGJQTCURCTCNQUPKXGNGUFGUGTXKEKQ

2NCPGUFGUGTXKEKQ

.CUQRGTCEKQPGUFGUGTXKEKQSWGFGDGPTGCNK\CTUGXCPCITWRCFCUGPRNCPGUNNCOCFQU0KXGNFGUGTXKEKQ#

$%QNCNECP\CTWPKPVGTXCNQCRCTGEGTWPCPQVKEKCGPNCRCPVCNNCSWGKPFKECSW2NCPGUFGUGTXKEKQ

FGDGPTGCNK\CTUG

+PVGTXCNQURTQITCOCFQUFGRNCPGUFGUGTXKEKQ

%QPUWNVGUKGORTGCN%GPVTQFG5GTXKEKQCN%NKGPVGFG#VNCU%QREQRCTCOQFKHKECTGN

CLWUVGFGWPVGORQTK\CFQT.QUKPVGTXCNQUPQRWGFGPGZEGFGTNQUKPFKECFQUCDCLQ[

FGDGPEQKPEKFKTNIKECOGPVG

2NCPGUFGUGTXKEKQ +PVGTXCNQU

2NCPFGUGTXKEKQ# %CFCJQTCUFGHWPEKQPCOKGPVQ

2NCPFGUGTXKEKQ$ %CFCJQTCUFGHWPEKQPCOKGPVQ

2NCPFGUGTXKEKQ% %CFCJQTCUFGHWPEKQPCOKGPVQ

2NCPFGUGTXKEKQ& %CFCJQTCUFGHWPEKQPCOKGPVQ

'NTGIWNCFQTUGPGICTCCEGRVCTPWGXQUXCNQTGUHWGTCFGNQUNOKVGU2WNUGNCVGENC

.ORCTCEQORTQDCTNCUNKOKVCEKQPGUFGNRCTOGVTQ%QPUWNVG#LWUVGURTQITCOCDNGU

RCTCEQPQEGTNQUCLWUVGUOUKORQTVCPVGU


53/152


#EEKQPGUFGUGTXKEKQTGUWNVCPVGUSWGUGFGDGTPTGCNK\CT

2TQEGFKOKGPVQ


2WNUGNCVGENC/GP(

2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWG/QFKHKERCTOGVXC[CUGIWKFCFGWPCHNGEJCJQTK\QPVCN #EVKXGGNOGPRWNUCPFQNCVGENCFGVCDWNCEKP

2WNUGNCVGENCEQPHNGEJCCDCLQJCUVCSWG2NCPUGTXKEKQXC[CUGIWKFCFGWPCHNGEJCJQTK\QPVCN

2WNUGNCVGENCFGVCDWNCEKPCRCTGEGTWPCRCPVCNNCRCTGEKFCCNCSWGUKIWG

.CRCPVCNNCKPFKECNCUJQTCUFGHWPEKQPCOKGPVQCEVWCNGU

2WNUGNCVGENCFGVCDWNCEKPCRCTGEGTWPCRCPVCNNCRCTGEKFCCNCSWGUKIWG

.CRCPVCNNCKPFKECSWGGNPKXGNRCTCGN2NCPFGUGTXKEKQ#UGGPEWGPVTCCLWUVCFQCJQTCUFG

HWPEKQPCOKGPVQ

2WNUGNCVGENC/QF(%QPC[WFCFGNCVGENC.O(UGRWGFGPGPEQPVTCTNCUNKOKVCEKQPGURCTC

GNRCTOGVTQ%CODKGGNKPVGTXCNQEQPC[WFCFGNCUVGENCUEQPHNGEJCCTTKDC[HNGEJCCDCLQ



'NRTQEGFKOKGPVQRCTCOQFKHKECTNQURNCPGUFGUGTXKEKQ$%[&GUUKOKNCT

#EEKQPGUFGUGTXKEKQ

EQPHQTOGC

%CFC

2NCPFGUGTXKEKQ#[$ JQTCUFGHWPEKQPCOKGPVQ

2NCPFGUGTXKEKQ#$[% JQTCUFGHWPEKQPCOKGPVQ



6GORQTUGTXKEKQ

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JTU

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6GORQTUGTXKEKQ

0KXGN#

JTU

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54/152


2TQITCOCT(WPEKPFGTGNQL

2CPGNFGEQPVTQN

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#LWUVG

OZKOQ

6GORGTCVWTCFGGPVTCFCFGNCIWCFG

TGHTKIGTCEKPPKXGNFGCXKUQ

u%

6GORGTCVWTCFGGPVTCFCFGNCIWCFGTGHTKIGTCEKPPKXGNFGCXKUQ

u(

6GORGTCVWTCFGUCNKFCFGNCIWCFG


u%

6GORGTCVWTCFGUCNKFCFGNCIWCFG


u(

4GVTCUQCNCUGCNFGCXKUQ UGI

4GVTCUQGPGNCTTCPSWG UGI

2CTCEQORTGUQTGU(WNN(GCVWTGEQP+%&

VCODKP

#LWUVG

OPKOQ

#LWUVGFG

HDTKEC

#LWUVG

OZKOQ2TGUKPOPKOCFGNTGEKRKGPVGFGNUGECFQT

FWTCPVGGNUGECFQPKXGNFGCXKUQ

DCT

2TGUKPOPKOCFGNTGEKRKGPVGFGNUGECFQT

FWTCPVGGNUGECFQPKXGNFGCXKUQ

RUK

4GVTCUQCNCUGCN UGI

2TGUKPOZKOCFGNTGEKRKGPVGFGN

UGECFQTFWTCPVGGNUGECFQPKXGNFG

CXKUQ

DCT

2TGUKPOZKOCFGNTGEKRKGPVGFGN

UGECFQTFWTCPVGGNUGECFQPKXGNFG

CXKUQ

RUK

4GVTCUQCNCUGCN UGI

2WPVQFGTQEQFGRTGUKPOZKOCPKXGN

FGCXKUQ

u%

2WPVQFGTQEQFGRTGUKPOZKOCPKXGN

FGCXKUQ

u(

4GVTCUQCNCUGCN UGI

4GVTCUQCNCTTCPSWG UGI


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6GTOKPQNQIC

#LWUVG

OPKOQ

#LWUVGFG

HDTKEC

#LWUVG

OZKOQ

2NCPFGUGTXKEKQ#JQTCUFG

HWPEKQPCOKGPVQ

JQTCU

2NCPFGUGTXKEKQ$JQTCUFGHWPEKQPCOKGPVQ

JQTCU

2NCPFGUGTXKEKQ%JQTCUFG

HWPEKQPCOKGPVQ

JQTCU

6TOKPQ +PVGTRTGVCEKP

#4#8( 4GCTTCPSWGCWVQOVKEQFGURWUFGKPVGTTWREKPFGNXQNVCLG%QPUWNVGNCUGEEKP


6GORGTCVWTCFGUCNKFCFGN

GNGOGPVQ

EQORTGUQT

'NTGIWNCFQTUGPGICTCCEGRVCTCLWUVGUKNIKEQURGLUKGNPKXGNFGCXKUQGUVRTQITCOCFQCu%u(GNNOKVGOPKOQFGNPKXGNFGRCTCFCUGECODKCTC

u%u(.CFKHGTGPEKCTGEQOGPFCFCGPVTGGNPKXGNFGCXKUQ[GNPKXGNFGRCTCFC

FGCNCTOCGUFGu%u(

4GVTCUQCNC

UGCNFGRCTCFC

FGCNCTOC

'UGNRGTQFQFWTCPVGGNEWCNFGDGGZKUVKTNCUGCNCPVGUFGSWGUGRCTGGN

EQORTGUQT5KGUPGEGUCTKQSWGUGRTQITCOGGUVGCLWUVGCQVTQXCNQTEQPUWNVGC

#VNCU%QREQ

5GRCTCFQTFG

CEGKVG

7VKNKEGPKECOGPVGUGRCTCFQTGUFGCEGKVGFG#VNCU%QREQ.COZKOCFKHGTGPEKCFG

RTGUKPTGEQOGPFCFCGUFGDCTRUK

6KGORQFG

TGUVCDNGEKOKGPVQ

FGRQVGPEKC

'UGNRGTQFQFWTCPVGGNEWCNFGDGTGUVCDNGEGTUGGNXQNVCLGRCTCXQNXGTCCTTCPECT

CWVQOVKECOGPVG#EEGUKDNGUKGUVCEVKXCFQGNTGCTTCPSWGCWVQOVKEQ%QPUWNVG

4GIWNCFQT'NGMVTQPKMQP++2CTCCEVKXCTNCHWPEKPFGTGCTTCPSWGCWVQOVKEQEQPUWNVG

#VNCU%QREQ

6KGORQFG

RCTCFCOPKOQ

7PCXG\RCTCFQCWVQOVKECOGPVGGNEQORTGUQTSWGFCTRCTCFQRQTGNVKGORQ

OPKOQFGRCTCFCUGIWPFQUCRTQZKOCFCOGPVGRCUGNQSWGRCUGEQPNCRTGUKP

FGNCTGFFGCKTG%QPUWNVGC#VNCU%QREQUKTGSWKGTGWPCLWUVGKPHGTKQTC

UGIWPFQU

2TGUKPFG

FGUECTICECTIC

'NTGIWNCFQTPQCEGRVCTCLWUVGUKNIKEQURGLUKNCRTGUKPFGFGUECTICGUV

RTQITCOCFCCDCTGRUKIGNNOKVGOZKOQFGNCRTGUKPFGECTICUG

ECODKCTCDCTGRUKI.COPKOCFKHGTGPEKCFGRTGUKPTGEQOGPFCFCGPVTG

ECTIC[FGUECTICGUFGDCTRUKI


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#LWUVGUFGECTICFGUECTICRCTC+%&u%

2CTOGVTQURTGUKQPGUFGFGUECTICECTICRCTC)#*\9QTMRNCEG((EQP+%&RWPVQFGTQEQu%

%QPUWNVGNCRNCECFGFCVQUFGNUGECFQTRCTCGNVKRQ+%&

6KR Q)# 6KRQ +%& 2T GUKP OPKOCFG

FGUECTIC

DCTG

2TGUKPPQOKPCNFG

FGUECTIC

DCTG

2TGUKPOZKOCFG

FGUECTIC

DCTG

2TGUKPOPKOCFG

ECTIC

DCTG

2TGUKPPQOKPCNFG

ECTIC

DCTG

2TGUKPOZKOCFG

ECTIC

DCTG

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)#%

)#%


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2CTOGVTQURTGUKQPGUFGFGUECTICECTICRCTC)#*\9QTMR

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