manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Ingersoll-Rand
  6. •
  7. Grinder
  8. •
  9. Ingersoll-Rand GRX07A-14RC-2 User manual

Ingersoll-Rand GRX07A-14RC-2 User manual

0



23(5$725·6 0$18$/
,1&/8',1* 23(5$7,21 ,167$//$7,21  0$,17(1$1&(
6(&7,21
0$18$/
3DUW 1XPEHU
5HYLVHG
9
.
 ,1*(562//5$1' &203$1<
-
35,17(' ,1 86$
,QJHUVROO5DQG &RPSDQ\
 86 1R  1RUWK
-
32 %R[ 
-
6RXWKHUQ 3LQHV 1& 
$52 7RRO 3URGXFWV
)RU SDUWV DQG VHU LFH LQIRUPDWLRQ FRQWDFW \RXU ORFDO $52 GLVWULEXWRU RU WKH &XVWRPHU 6HU LFH 'HSW RI WKH ,QJHUVROO5DQG
'LVWULEXWLRQ &HQWHU :KLWH +RXVH 71 DW 3+   )$;  
6(5,(6 *5$ $1' *5;$ $1*/( *5,1'(56
6HULHV *5$ DQG *5;$ $QJOH *ULQGHUV DUH GHVLJQHG IRU FORVHTXDUWHU ZRUN LQ WKH HWDO
IDEULFDWLQJ LQGXVWU\ VKLS\DUGV SLSH IDEULFDWLRQ DQG OL LWHG VSDFH DSSOLFDWLRQV 7KH\ DUH
SDUWLFXODUO\ JRRG ZKHUH FRQGXLWV SLSHV GXFWV HWF SDVV WKURXJK EXONKHDGV RU IUD HV 7KHVH
V DOO $QJOH *ULQGHUV DUH YHU\ HIILFLHQW IRU JULQGLQJ ZHOG EHDG DQG OHDYLQJ D ILQH ILQLVK
$52 LV QRW UHVSRQVLEOH IRU FXVWR HU RGLILFDWLRQ RI WRROV IRU DSSOLFDWLRQV RQ ZKLFK $52 ZDV
QRW FRQVXOWHG
,03257$17 6$)(7< ,1)250$7,21 (1&/26('
5($' 7+,6 0$18$/ %()25( 23(5$7,1* 722/
,7 ,6 7+( 5(63216,%,/,7< 2) 7+( (03/2<(5 72 3/$&( 7+( ,1)250$7,21
,1 7+,6 0$18$/ ,172 7+( +$1'6 2) 7+( 23(5$725
)$,/85( 72 2%6(59( 7+( )2//2:,1* :$51,1*6 &28/' 5(68/7 ,1 ,1-85<
3/$&,1* 722/ ,1 6(59,&(
x$OZD\V RSHUDWH LQVSHFW DQG PDLQWDLQ WKLV WRRO LQ
DFFRUGDQFH ZLWK $PHULFDQ 1DWLRQDO 6WDQGDUGV
,QVWLWXWH 6DIHW\ &RGH IRU 3RUWDEOH $LU 7RROV
$16, % 
x)RU VDIHW\ WRS SHUIRUPDQFH DQG PD[LPXP
GXUDELOLW\ RI SDUWV RSHUDWH WKLV WRRO DW  SVLJ
  EDU  N3D PD[LPXP DLU SUHVVXUH DW WKH
LQOHW ZLWK µ  PP LQVLGH GLDPHWHU DLU VXSSO\
KRVH
x$OZD\V WXUQ RII WKH DLU VXSSO\ DQG GLVFRQQHFW WKH
DLU VXSSO\ KRVH EHIRUH LQVWDOOLQJ UHPRYLQJ RU
DGMXVWLQJ DQ\ DFFHVVRU\ RQ WKLV WRRO RU EHIRUH
SHUIRUPLQJ DQ\ PDLQWHQDQFH RQ WKLV WRRO
x'R QRW XVH GDPDJHG IUD\HG RU GHWHULRUDWHG DLU
KRVHV DQG ILWWLQJV
x%H VXUH DOO KRVHV DQG ILWWLQJV DUH WKH FRUUHFW VL]H
DQG DUH WLJKWO\ VHFXUHG 6HH 'ZJ 73' IRU D
W\SLFDO SLSLQJ DUUDQJHPHQW
x$OZD\V XVH FOHDQ GU\ DLU DW  SVLJ   EDU
 N3D PD[LPXP DLU SUHVVXUH 'XVW FRUURVLYH
IXPHV DQGRU H[FHVVLYH PRLVWXUH FDQ UXLQ WKH
PRWRU RI DQ DLU WRRO
x'R QRW OXEULFDWH WRROV ZLWK IODPPDEOH RU YRODWLOH
OLTXLGV VXFK DV NHURVHQH GLHVHO RU MHW IXHO
x'R QRW UHPRYH DQ\ ODEHOV 5HSODFH DQ\ GDPDJHG
ODEHO
86,1* 7+( 722/
x$OZD\V ZHDU H\H SURWHFWLRQ ZKHQ RSHUDWLQJ RU
SHUIRUPLQJ PDLQWHQDQFH RQ WKLV WRRO
x$OZD\V ZHDU KHDULQJ SURWHFWLRQ ZKHQ RSHUDWLQJ
WKLV WRRO
x.HHS KDQGV ORRVH FORWKLQJ DQG ORQJ KDLU DZD\
IURP URWDWLQJ HQG RI WRRO
x$QWLFLSDWH DQG EH DOHUW IRU VXGGHQ FKDQJHV LQ
PRWLRQ GXULQJ VWDUW XS DQG RSHUDWLRQ RI DQ\ SRZHU
WRRO
x.HHS ERG\ VWDQFH EDODQFHG DQG ILUP 'R QRW
RYHUUHDFK ZKHQ RSHUDWLQJ WKLV WRRO +LJK UHDFWLRQ
WRUTXHV FDQ RFFXU DW RU EHORZ WKH UHFRPPHQGHG
DLU SUHVVXUH
x7RRO DFFHVVRULHV PD\ FRQWLQXH WR URWDWH EULHIO\
DIWHU WKURWWOH LV UHOHDVHG
x$LU SRZHUHG WRROV FDQ YLEUDWH LQ XVH 9LEUDWLRQ
UHSHWLWLYH PRWLRQV RU XQFRPIRUWDEOH SRVLWLRQV PD\
EH KDUPIXO WR \RXU KDQGV DQG DUPV 6WRS XVLQJ
DQ\ WRRO LI GLVFRPIRUW WLQJOLQJ IHHOLQJ RU SDLQ
RFFXUV 6HHN PHGLFDO DGYLFH EHIRUH UHVXPLQJ XVH
x8VH DFFHVVRULHV UHFRPPHQGHG E\ $52
x:KHQHYHU WKH $QJOH +HDG LV LQVWDOOHG RU UHSRVL
WLRQHG WKH 7KURWWOH /HYHU PXVW EH SRVLWLRQHG VR
WKDW UHDFWLRQ WRUTXH ZLOO QRW WHQG WR UHWDLQ WKH
WKURWWOH LQ WKH ´21µ SRVLWLRQ
x7KLV WRRO LV QRW GHVLJQHG IRU ZRUNLQJ LQ H[SORVLYH
DWPRVSKHUHV
x7KLV WRRO LV QRW LQVXODWHG DJDLQVW HOHFWULF VKRFN
7KH XVH RI RWKHU WKDQ JHQXLQH $52 UHSODFHPHQW SDUWV PD\ UHVXOW LQ VDIHW\ KD]DUGV GHFUHDVHG WRRO SHUIRUPDQFH DQG
LQFUHDVHG PDLQWHQDQFH DQG PD\ LQYDOLGDWH DOO ZDUUDQWLHV
5HSDLUV VKRXOG EH PDGH RQO\ E\ DXWKRUL]HG WUDLQHG SHUVRQQHO &RQVXOW \RXU QHDUHVW $52 $XWKRUL]HG 6HUYLFHQWHU
)
(
3
0


:$51,1* /$%(/ ,'(17,),&$7,21
)$,/85( 72 2%6(59( 7+( )2//2:,1* :$51,1*6 &28/' 5(68/7 ,1 ,1-85<
$OZD\V ZHDU H\H SURWHFWLRQ
ZKHQ RSHUDWLQJ RU SHUIRUP
LQJ PDLQWHQDQFH RQ WKLV
WRRO
:$51,1* :$51,1*
$OZD\V ZHDU KHDULQJ
SURWHFWLRQ ZKHQ RSHUDWLQJ
WKLV WRRO
$OZD\V WXUQ RII WKH DLU VXS
SO\ DQG GLVFRQQHFW WKH DLU
VXSSO\ KRVH EHIRUH LQVWDOO
LQJ UHPRYLQJ RU DGMXVWLQJ
DQ\ DFFHVVRU\ RQ WKLV WRRO
RU EHIRUH SHUIRUPLQJ DQ\
PDLQWHQDQFH RQ WKLV WRRO
:$51,1*
$LU SRZHUHG WRROV FDQ
YLEUDWH LQ XVH 9LEUDWLRQ
UHSHWLWLYH PRWLRQV RU
XQFRPIRUWDEOH SRVLWLRQV PD\
EH KDUPIXO WR \RXU KDQGV
DQG DUPV 6WRS XVLQJ DQ\
WRRO LI GLVFRPIRUW WLQJOLQJ
IHHOLQJ RU SDLQ RFFXUV 6HHN
PHGLFDO DGYLFH EHIRUH
UHVXPLQJ XVH
:$51,1*
'R QRW FDUU\ WKH WRRO E\
WKH KRVH
:$51,1* :$51,1*
'R QRW XVH GDPDJHG IUD\HG
RU GHWHULRUDWHG DLU KRVHV
DQG ILWWLQJV
:$51,1*
.HHS ERG\ VWDQFH EDODQFHG
DQG ILUP 'R QRW RYHUUHDFK
ZKHQ RSHUDWLQJ WKLV WRRO
:$51,1*
SHUDWH DW  SVLJ  EDU
 N3D 0D[LPXP DLU SUHVVXUH
 SVLJ
EDUN3D
*5,1'(5 63(&,),& :$51,1*6
)$,/85( 72 2%6(59( 7+( )2//2:,1* :$51,1*6 &28/' 5(68/7 ,1 ,1-85<
x'R QRW XVH WKLV WRRO LI DFWXDO IUHH VSHHG H[FHHGV WKH
QDPHSODWH USP
x%HIRUH PRXQWLQJ D ZKHHO DIWHU DQ\ WRRO UHSDLU RU
ZKHQHYHU D *ULQGHU LV LVVXHG IRU XVH FKHFN IUHH
VSHHG RI *ULQGHU ZLWK D WDFKRPHWHU WR PDNH FHUWDLQ
LWV DFWXDO VSHHG DW  SVLJ  EDU  N3D GRHV QRW
H[FHHG USP VWDPSHG RU SULQWHG RQ WKH QDPHSODWH
*ULQGHUV LQ XVH RQ WKH MRE PXVW EH VLPLODUO\
FKHFNHG DW OHDVW RQFH HDFK VKLIW
x$OZD\V XVH WKH UHFRPPHQGHG $52 :KHHO *XDUG
IXUQLVKHG ZLWK WKH *ULQGHU
x'R QRW XVH DQ\ JULQGLQJ ZKHHO EXU RU RWKHU
DFFHVVRU\ KDYLQJ D PD[LPXP RSHUDWLQJ VSHHG OHVV
WKDQ WKH IUHH VSHHG RI WKH *ULQGHU LQ ZKLFK LW LV
EHLQJ XVHG $OZD\V FRQIRUP WR PD[LPXP USP RQ
JULQGLQJ ZKHHO EORWWHUV
x,QVSHFW DOO JULQGLQJ ZKHHOV IRU FKLSV RU FUDFNV SULRU WR
PRXQWLQJ 'R QRW XVH D ZKHHO WKDW LV FKLSSHG RU
FUDFNHG RU RWKHUZLVH GDPDJHG 'R QRW XVH D ZKHHO
WKDW KDV EHHQ VRDNHG LQ ZDWHU RU DQ\ RWKHU OLTXLG
x0DNH FHUWDLQ JULQGLQJ ZKHHO SURSHUO\ ILWV WKH
DUERU 'R QRW XVH UHGXFLQJ EXVKLQJV WR DGDSW D
ZKHHO WR DQ\ DUERU XQOHVV VXFK EXVKLQJV DUH
VXSSOLHG E\ DQG UHFRPPHQGHG E\ WKH ZKHHO
PDQXIDFWXUHU
x$IWHU PRXQWLQJ D QHZ ZKHHO KROG WKH *ULQGHU
XQGHU D VWHHO ZRUNEHQFK RU LQVLGH D FDVWLQJ DQG UXQ LW
IRU DW OHDVW  VHFRQGV 0DNH FHUWDLQ QR RQH LV
ZLWKLQ WKH RSHUDWLQJ SODQH RI WKH JULQGLQJ ZKHHO ,I
D ZKHHO LV GHIHFWLYH LPSURSHUO\ PRXQWHG RU WKH
ZURQJ VL]H DQG VSHHG WKLV LV WKH WLPH LW ZLOO XVXDOO\
IDLO
x:KHQ VWDUWLQJ ZLWK D FROG ZKHHO DSSO\ LW WR WKH
ZRUN VORZO\ XQWLO WKH ZKHHO JUDGXDOO\ ZDUPV XS
0DNH VPRRWK FRQWDFW ZLWK WKH ZRUN DQG DYRLG
DQ\ EXPSLQJ DFWLRQ RU H[FHVVLYH SUHVVXUH
x$OZD\V UHSODFH D GDPDJHG EHQW RU VHYHUHO\ ZRUQ
ZKHHO JXDUG 'R QRW XVH D ZKHHO JXDUG WKDW KDV
EHHQ VXEMHFWHG WR D ZKHHO IDLOXUH
x0DNH FHUWDLQ ZKHHO IODQJHV DUH DW OHDVW  WKH
GLDPHWHU RI JULQGLQJ ZKHHO IUHH RI QLFNV EXUUV DQG
VKDUS HGJHV $OZD\V XVH ZKHHO IODQJHV IXUQLVKHG E\
WKH PDQXIDFWXUHU QHYHU XVH D PDNHVKLIW IODQJH RU D
SODLQ ZDVKHU 7LJKWHQ )ODQJH 1XW VHFXUHO\
x*XDUG RSHQLQJ PXVW IDFH DZD\ IURP RSHUDWRU
%RWWRP RI ZKHHO PXVW QRW SURMHFW EH\RQG JXDUG
FRQWLQXHG
0


*5,1'(5 63(&,),& :$51,1*6
x$OZD\V PDWFK FROOHW VL]H ZLWK DFFHVVRU\ VKDQN VL]H
x$OZD\V LQVHUW WRRO VKDQN QR OHVV WKDQ  PP LQ WKH
FROOHW 7LJKWHQ &ROOHW 1XW VHFXUHO\ WR SUHYHQW
DFFHVVRU\ IURP ZRUNLQJ RXW GXULQJ RSHUDWLRQ RI WKH
*ULQGHU &KHFN WLJKWQHVV RI &ROOHW 1XW EHIRUH
RSHUDWLQJ WKH *ULQGHU 3D\ SDUWLFXODU DWWHQWLRQ WR
WKH IDFW WKDW DOORZHG VSHHG RI D PRXQWHG SRLQW LV
ORZHUHG ZKHQ WKH OHQJWK RI WKH VKDIW LV LQFUHDVHG
EHWZHHQ HQG RI FROOHW DQG PRXQWHG SRLQW RYHUKDQJ
:$51,1* ,QFRUUHFW FRPELQDWLRQV RI JULQGLQJ ZKHHO ZKHHO JXDUG DQG WRRO VSHHG FRXOG UHVXOW LQ LQMXU\
&RUUHFW FRPELQDWLRQV DUH VSHFLILHG EHORZ
*XDUG 3DUW 1XPEHU :KHHO 7\SH :KHHO 'LDPHWHU
LQ PP
0D[LPXP :KHHO
7KLFNQHVV
LQ PP
0D[LPXP 6SHHG
USP
$*      
$*      
3/$&,1* 722/ ,1 6(59,&(
/8%5,&$7,21
,5$; 1R 3 ,5$; 1R  /%
,5$; 1R 3 ,5$; 1R  /%
,5$; 1R 3 ,5$; 1R  /%
$OZD\V XVH DQ DLU OLQH OXEULFDWRU ZLWK WKHVH WRROV
:H UHFRPPHQG WKH IROORZLQJ )LOWHU/XEULFDWRU5HJXODWRU
8QLW
)RU 86$  1R &).*
$IWHU HDF WZR RXUV RI RSHUDWLRQ LI DQ DLU OLQH OXEULFDWRU
LV QRW XVHG LQ HFW  WR  FF RI ,5$; 1R 3 2LO LQWR WKH
$LU ,QOHW
$IWHU HDF HLJ W RXUV RI RSHUDWLRQ LQ HFW DSSUR[LPDWHO\
FF IRU *5$ 0RGHOV DQG  FF IRU *5;$ 0RGHOV
RI ,5$; 1R  /% RU ,5$; 1R  /% *UHDVH LQWR WKH
$QJOH *UHDVH )LWWLQJ
([FHVVLYH OXEULFDWLRQ ZLOO FDXVH JUHDVH WR ZRUN RXW
DURXQG W H $UERU
'R QRW PDUN DQ\ QRQPHWDOOLF VXUIDFH RI W LV WRRO ZLW
FXVWRPHU LGHQWLILFDWLRQ FRGHV 6XF DFWLRQ FRXOG DIIHFW
WRRO SHUIRUPDQFH
0$,1 /,1(6  7,0(6
$,5 722/ ,1/(7 6,=(
72
$,5
6<67(0
72
$,5
722/
/8%5,&$725
5(*8/$725 ),/7(5
%5$1&+ /,1(  7,0(6
$,5 722/ ,1/(7 6,=(
'5$,1 5(*8/$5/< &2035(6625
'ZJ 73'
0


+2: 72 25'(5 &<&/21( *5,1'(56
$1*/( *5,1'(56 ZLWK µ &2//(7
0RGHO 6SHHGUSP
*5$5& 5HDU ([KDXVW 
*5;$5& 5HDU ([KDXVW *UHHQ 
*5;$5& 5HDU ([KDXVW .KDNL 
*5$5& 5HDU ([KDXVW 
$1*/( *5,1'(56 ZLWK  PP :+((/ * $5'
*5$5&0 5HDU ([KDXVW 
$1*/( *5,1'(56 ZLWK µ :+((/ * $5'
*5$5* 5HDU ([KDXVW 
$1*/( *5,1'(56 ZLWK µ :+((/ * $5'
*5;$5* 5HDU ([KDXVW *UHHQ 
*5;$5* 5HDU ([KDXVW .KDNL 
*5$5* 5HDU ([KDXVW 
7KH IROORZLQJ HTXLSPHQW LV DYDLODEOH DW DQ H[WUD SULFH DQG PXVW EH RUGHUHG VHSDUDWHO\
(UJR +DQGOH 3DUW 1R /*$$
$OO WKH PRGHOV OLVWHG DERYH FDQ EH FKDQJHG WR IURQW H[KDXVW WRROV E\ UHYHUVLQJ WKH )ORZ 5LQJ DQG DOLJQLQJ WKH WKH
LQGLFDWRU PDUNV ZLWK WKH OHWWHU ´)µ RQ WKH +RXVLQJ 7R RUGHU D IURQW H[KDXVW WRRO IURP WKH IDFWRU\ VXEVWLWXWH WKH OHWWHU
´)µ IRU WKH OHWWHU ´5µ LQ WKH DERYH PRGHOV ([DPSOH *5$5* 5HDU ([KDXVW 0RGHO EHFRPHV *5$)*
)URQW ([KDXVW 0RGHO
+2: 72 25'(5 &86720 02'(/6
 7R RUGHU D WRRO ZLWK D /RFNLQJ /HYHU VHOHFW WKH
GHVLUHG PRGHO DQG DGG DQ ´/µ WR WKH HQG RI WKH
H[LVWLQJ QXPEHU
([DPSOH *5$5*/
$Q\WLPH D WRRO LV RUGHUHG ZLWK D /RZ3URILOH
&RQFHQWULF )ODQJH LW ZLOO FRPH HTXLSSHG ZLWK D
/RFNLQJ /HYHU IURP WKH IDFWRU\
 7R RUGHU D WRRO ZLWK D /RZ3URILOH &RQFHQWULF )ODQJH
VHOHFW WKH GHVLUHG PRGHO DQG DGG D ´&µ WR WKH HQG RI
WKH H[LVWLQJ QXPEHU
([DPSOH *5$5*&
$Q\WLPH D WRRO LV RUGHUHG ZLWK D /RZ3URILOH
&RQFHQWULF )ODQJH LW ZLOO FRPH HTXLSSHG ZLWK D
/RFNLQJ /HYHU IURP WKH IDFWRU\
 7R RUGHU D WRRO ZLWK SLSHGDZD\ H[KDXVW VHOHFW WKH
GHVLUHG PRGHO DQG DGG D ´3µ WR WKH HQG RI WKH H[LVWLQJ
QXPEHU
([DPSOH *5$5*3
7R RUGHU D FRPELQDWLRQ RI RSWLRQV DGG WKH UHTXLUHG
OHWWHUV WR WKH HQG RI WKH PRGHO QXPEHU LQ WKH
IROORZLQJ RUGHU / RU & 3
([DPSOH *5$5*/3 RU
*5$5*/3'
0


3/$&,1* 722/ ,1 6(59,&(
1(: *5,1'(5 72 $&&(6625< &2/25 0$7&+,1* *8,'(
,QJHUVROO5DQG 7RRO  +RLVW 'LYLVLRQ KDV SLRQHHUHG D QHZ
FRORU FRGH V\VWHP GHVLJQHG WR
 6LPSOLI\ WKH LGHQWLILFDWLRQ RI UDWHG WRRO VSHHG YLD D
XQLTXH FRUUHVSRQGLQJ FRORU PDWFK
 (DVLO\ FRPPXQLFDWH WKH DSSURSULDWH EDFNLQJ SDGV DQG
DFFHVVRULHV IRU HDFK WRRO WKURXJK D PDWFKLQJ FRORU
FRGH V\VWHP RQ WKH EDFNLQJ SDGV DQGRU RWKHU
FRUUHVSRQGLQJ *ULQGHU DFFHVVRULHV
 7KH FKDUW EHORZ GHPRQVWUDWHV WKH FRORU FRGH V\VWHP
EHWZHHQ WKH *ULQGHU DQG WKH DFFHVVRU\
5($' )520 /()7 72 5,*+7
'ZJ 73'
0$18(/ '( / 23(5$7(85
&2035(1$17  (;3/2,7$7,21 ,167$//$7,21  (175(7,(1
)
9
$52 7RRO 3URGXFWV
,QJHUVROO5DQG &RPSDQ\
 86 1R  1RUWK 32 %R[  6RXWKHUQ 3LQHV 1& 
¤
 ,1*(562 5$1' &203$1< ,PSULPp DX[ (8
3RXU OHV LQIRUPDWLRQV UHODWLYHV DX[ SLqFHV HW DX VHUYLFH FRQWDFWH] YRWUH GLVWULEXWHXU $52
0(8/(86(6 '·$1*/( '(6 6e5,(6 *5$ (7 *5;$
127(
/HV HXOHXVHV G·DQJOH GHV 6pULHV *5$ HW *5;$ VRQW GHVWLQpHV DX[ WUDYDX[ GDQV GHV HV
SDFHV UHVWUHLQWV GDQV O·LQGXVWULH GH IDEULFDWLRQ OHV FKDQWLHUV QDYDOV OD IDEULFDWLRQ GH WX\DXWHU
LHV HW OHV DSSOLFDWLRQV j HVSDFH OL LWpV (Q SDUWLFXOLHU HOOHV VRQW LGpDOHV GDQV OHV HQGURLWV R
OHV WXEHV WX\DXWHULHV JDLQHV HWF SDVVHQW j WUDYHUV GHV FORLVRQV RX GHV FKkVVLV &HV SHWLWHV
HXOHXVHV VRQW WUqV HIILFDFHV SRXU OH HXODJH GHV FRUGRQV GH VRXGXUH ORUVTX·XQH ERQQH ILQL
WLRQ HVW UHTXLVH
$52 QH SHXW rWUH WHQX UHVSRQVDEOH GH OD RGLILFDWLRQ GHV RXWLOV SDU OH FOLHQW SRXU OHV DGDSWHU j
GHV DSSOLFDWLRQV TXL Q·RQW SDV pWp DSSURXYpHV SDU $52
$77(17,21
'·,03257$17(6 ,1)250$7,216 '( 6e&85,7e 6217 -2,17(6
/,5( &( 0$18(/ $9$17 '·87,/,6(5 /·287,/
/·(03/2<(85 (67 7(18 '( &20081,48(5 /(6 ,1)250$7,216
'( &( 0$18(/ $8; (03/2<e6 87,/,6$17 &(7 287,/
/( 121 5(63(&7 '(6 $9(57,66(0(176 68,9$176 3(87 &$86(5 '(6 %/(6685(6
0,6( (1 6(59,&( '( /·287,/
x7RXMRXUV H[SORLWHU LQVSHFWHU HW HQWUHWHQLU FHW RXWLO
FRQIRUPpPHQW DX &RGH GH VpFXULWp GHV RXWLOV SQHX
PDWLTXHV SRUWDWLIV GH O·$PHULFDQ 1DWLRQDO 6WDQ
GDUGV ,QVWLWXWH $16, % 
x3RXU OD VpFXULWp OHV SHUIRUPDQFHV RSWLPDOHV HW OD
GXUDELOLWp PD[LPDOH GHV SLqFHV FHW RXWLO GRLW rWUH
FRQQHFWp j XQH DOLPHQWDWLRQ G·DLU FRPSULPp GH 
EDU   N3D PD[LPXP j O·HQWUpH DYHF XQ IOH[LEOH
GH  PP GH GLDPqWUH LQWpULHXU
x&RXSHU WRXMRXUV O·DOLPHQWDWLRQ G·DLU FRPSULPp HW
GpEUDQFKHU OH IOH[LEOH G·DOLPHQWDWLRQ DYDQW G·LQVWDO
OHU GpSRVHU RX DMXVWHU WRXW DFFHVVRLUH VXU FHW RXWLO
RX G·HQWUHSUHQGUH XQH RSpUDWLRQ G·HQWUHWLHQ TXHOFRQ
TXH VXU O·RXWLO
x1H SDV XWLOLVHU GHV IOH[LEOHV RX GHV UDFFRUGV HQGRP
PDJpV HIILORFKpV RX GpWpULRUpV
x6·DVVXUHU TXH WRXV OHV IOH[LEOHV HW OHV UDFFRUGV VRQW
FRUUHFWHPHQW GLPHQVLRQQpV HW ELHQ VHUUpV 9RLU 3ODQ
73' SRXU XQ H[HPSOH W\SH G·DJHQFHPHQW GHV
WX\DXWHULHV
x8WLOLVHU WRXMRXUV GH O·DLU VHF HW SURSUH j XQH SUHVVLRQ
PD[LPXP GH  EDU   N3D /D SRXVVLqUH OHV
IXPpHV FRUURVLYHV HWRX XQH KXPLGLWp H[FHVVLYH SHXY
HQW HQGRPPDJHU OH PRWHXU G·XQ RXWLO SQHXPDWLTXH
x1H MDPDLV OXEULILHU OHV RXWLOV DYHF GHV OLTXLGHV LQIODP
PDEOHV RX YRODWLOHV WHOV TXH OH NpURVqQH OH JDVRO RX OH
FDUEXUDQW G·DYLDWLRQ
x1H UHWLUHU DXFXQH pWLTXHWWH 5HPSODFHU WRXWH pWL
TXHWWH HQGRPPDJpH
87,/,6$7,21 '( / 287,/
x3RUWHU WRXMRXUV GHV OXQHWWHV GH SURWHFWLRQ SHQGDQW
O·XWLOLVDWLRQ HW O·HQWUHWLHQ GH FHW RXWLO
x3RUWHU WRXMRXUV XQH SURWHFWLRQ DFRXVWLTXH SHQGDQW
O·XWLOLVDWLRQ GH FHW RXWLO
x7HQLU OHV PDLQV OHV YrWHPHQWV IORXV HW OHV FKHYHX[
ORQJV pORLJQpV GH O·H[WUpPLWp URWDWLYH GH O·RXWLO
x3UpYRLU HW QH SDV RXEOLHU TXH WRXW RXWLO PRWRULVp HVW
VXVFHSWLEOH G·jFRXSV EUXVTXHV ORUV GH VD PLVH HQ
PDUFKH HW SHQGDQW VRQ XWLOLVDWLRQ
x*DUGHU XQH SRVLWLRQ pTXLOLEUpH HW IHUPH 1H SDV VH
SHQFKHU WURS HQ DYDQW SHQGDQW O·XWLOLVDWLRQ GH FHW
RXWLO 'HV FRXSOHV GH UpDFWLRQ pOHYpV SHXYHQW VH SUR
GXLUH j RX HQ GHVVRXV GH OD SUHVVLRQ G·DLU UHFRP
PDQGpH
x/D URWDWLRQ GHV DFFHVVRLUHV GH O·RXWLO SHXW FRQWLQXHU
SHQGDQW XQ FHUWDLQ WHPSV DSUqV OH UHOkFKHPHQW GH OD
JkFKHWWH
x/HV RXWLOV SQHXPDWLTXHV SHXYHQW YLEUHU SHQGDQW O·H[
SORLWDWLRQ /HV YLEUDWLRQV OHV PRXYHPHQWV UpSpWLWLIV
HW OHV SRVLWLRQV LQFRQIRUWDEOHV SHXYHQW FDXVHU GHV
GRXOHXUV GDQV OHV PDLQV HW OHV EUDV 1·XWLOLVHU SOXV
G·RXWLOV HQ FDV G·LQFRQIRUW GH SLFRWHPHQWV RX GH GRX
OHXUV &RQVXOWHU XQ PpGHFLQ DYDQW GH UHFRPPHQFHU j
XWLOLVHU O·RXWLO
x8WLOLVHU OHV DFFHVVRLUHV UHFRPPDQGpV SDU $52
x$ FKDTXH IRLV TXH OH UHQYRL G·DQJOH HVW LQVWDOOp RX
UHSRVLWLRQQp OH OHYLHU GH FRPPDQGH GRLW rWUH SRVL
WLRQQp GH PDQLqUH j FH TXH OH FRXSOH GH UpDFWLRQ Q·DLW
SDV WHQGDQFH j PDLQWHQLU OH OHYLHU GH FRPPDQGH HQ
SRVLWLRQ ´0$5&+(µ
x&HW RXWLO Q·HVW SDV FRQoX SRXU IRQFWLRQQHU GDQV GHV
DWPRVSKqUHV H[SORVLYHV
x&HW RXWLO Q·HVW SDV LVROp FRQWUH OHV FKRFV pOHFWULTXHV
127(
/·XWLOLVDWLRQ GH UHFKDQJHV DXWUHV TXH OHV SLqFHV G·RULJLQH $52 SHXW FDXVHU GHV ULVTXHV G·LQVpFXULWp UpGXLUH OHV SHUIRUPDQFHV
GH O·RXWLO HW DXJPHQWHU O·HQWUHWLHQ HW SHXW DQQXOHU WRXWHV OHV JDUDQWLHV
/HV UpSDUDWLRQV QH GRLYHQW rWUH HIIHFWXpHV TXH SDU GHV UpSDUDWHXUV TXDOLILpV DXWRULVpV &RQVXOWH] YRWUH &HQWUH GH 6HUYLFH $52
7RRO 3URGXFWV OH SOXV SURFKH

6,*1,),&$7,21 '(6 e7,48(77(6 '·$9(57,66(0(17
$77(17,21
/( 121 5(63(&7 '(6 $9(57,66(0(176 68,9$176 3(87 &$86(5 '(6 %/(6685(6
3RUWHU WRXMRXUV GHV OXQHWWHV
GH SURWHFWLRQ SHQGDQW
O·XWLOLVDWLRQ HW O·HQWUHWLHQ GH
FHW RXWLO
$77(17,21 $77(17,21
3RUWHU WRXMRXUV XQH
SURWHFWLRQ DFRXVWLTXH
SHQGDQW O·XWLOLVDWLRQ GH FHW
RXWLO
/HV RXWLOV SQHXPDWLTXHV
SHXYHQW YLEUHU SHQGDQW
O·H[SORLWDWLRQ /HV YLEUDWLRQV
OHV PRXYHPHQWV UpSpWLWLIV HW OHV
SRVLWLRQV LQFRQIRUWDEOHV
SHXYHQW FDXVHU GHV GRXOHXUV
GDQV OHV PDLQV HW OHV EUDV
1·XWLOLVHU SOXV G·RXWLOV HQ FDV
G·LQFRQIRUW GH SLFRWHPHQWV RX
GH GRXOHXUV &RQVXOWHU XQ
PpGHFLQ DYDQW GH UHFRPPHQFHU
j XWLOLVHU O·RXWLO
$77(17,21
1H SDV WUDQVSRUWHU O·RXWLO
SDU VRQ IOH[LEOH
$77(17,21
$77(17,21
*DUGHU XQH SRVLWLRQ pTXLOLEUpH HW
IHUPH 1H SDV VH SHQFKHU WURS
HQ DYDQW SHQGDQW
O·XWLOLVDWLRQ GH FHW RXWLO
$77(17,21
WLOLVHU GH O·DLU FRPSULPp
j XQH SUHVVLRQ PD[LPXP
GH  EDU  N3D
 SVLJ
EDUN3D
&RXSHU WRXMRXUV O·DOLPHQWDWLRQ
G·DLU FRPSULPp HW GpEUDQFKHU OH
IOH[LEOH G·DOLPHQWDWLRQ DYDQW
G·LQVWDOOHU GpSRVHU RX DMXVWHU
WRXW DFFHVVRLUH VXU FHW RXWLO RX
G·HQWUHSUHQGUH XQH RSpUDWLRQ
G·HQWUHWLHQ TXHOFRQTXH VXU O·RX
WLO
$77(17,21
$77(17,21
1H SDV XWLOLVHU GHV IOH[LEOHV RX
GHV UDFFRUGV HQGRPPDJpV
HIILORFKpV RX GpWpULRUpV
$9(57,66(0(176 63e&,),48(6 $8; 0(8/(86(6
$77(17,21
/( 121 5(63(&7 '(6 $9(57,66(0(176 68,9$176 3(87 &$86(5 '(6 %/(6685(6
x1H SDV XWLOLVHU FHW RXWLO VL OD YLWHVVH j YLGH UpHOOH
GpSDVVH FHOOH LQGLTXpH VXU OD SODTXH VLJQDOpWLTXH
x$YDQW GH PRQWHU XQH PHXOH DSUqV WRXWH UpSDUDWLRQ GH
O·RXWLO RX DYDQW GH IRXUQLU XQH PHXOHXVH SRXU
XWLOLVDWLRQ YpULILHU OD YLWHVVH j YLGH GH OD PHXOHXVH
DYHF XQ WDFK\PqWUH SRXU V·DVVXUHU TXH OD YLWHVVH UpHOOH
j  EDU   N3D QH GpSDVVH SDV FHOOH SRLQoRQQpH RX
LPSULPpH VXU OD SODTXH VLJQDOpWLTXH /HV PHXOHXVHV
VRUWLHV VXU FKDQWLHU GRLYHQW rWUH YpULILpHV GH OD PrPH
IDoRQ DX PRLQV XQH IRLV SDU SRVWH
x8WLOLVHU WRXMRXUV OH SURWqJHPHXOH $52 IRXUQL DYHF OD
PHXOHXVH
x1H MDPDLV XWLOLVHU XQH PHXOH XQH IUDLVH RX WRXW DXWUH
DFFHVVRLUH D\DQW XQH YLWHVVH GH VHUYLFH LQIpULHXUH j OD
YLWHVVH j YLGH GH OD PHXOHXVH VXU ODTXHOOH LO HVW PRQWp
5HVSHFWHU WRXMRXUV OD YLWHVVH PD[LPXP LQVFULWH VXU OHV
GLVTXHV HQ SDSLHU GH OD PHXOH
x,QVSHFWHU WRXWHV OHV PHXOHV DYDQW GH OHV PRQWHU SRXU
YpULILHU TX·HOOHV QH SUpVHQWHQW SDV G·pFODWV RX GH
ILVVXUHV 1H MDPDLV XWLOLVHU XQH PHXOH pFDLOOpH ILVVXUpH
RX D\DQW XQ HQGRPPDJHPHQW TXHOFRQTXH 1H MDPDLV
XWLOLVHU XQH PHXOH TXL D pWp WUHPSpH GDQV O·HDX RX WRXW
DXWUH OLTXLGH
x6·DVVXUHU TXH OD PHXOH VH PRQWH FRUUHFWHPHQW VXU
O·DUEUH 1H SDV XWLOLVHU GH EDJXHV UpGXFWULFHV j PRLQV
TXH FHV EDJXHV VRLHQW UHFRPPDQGpHV HW IRXUQLHV SDU OH
IDEULFDQW GH OD PHXOH
x$SUqV DYRLU PRQWp XQH QRXYHOOH PHXOH WHQLU OD
PHXOHXVH VRXV XQ pWDEOL HQ DFLHU RX GDQV XQH SLqFH
FRXOpH HW OD IDLUH WRXUQHU SHQGDQW DX PRLQV 
VHFRQGHV 6·DVVXUHU TXH SHUVRQQH QH VH WLHQW GDQV OH
SODQ GH URWDWLRQ GH OD PHXOH 7RXWH PHXOH GpIHFWXHXVH
PDO PRQWpH RX GH GLPHQVLRQ HW YLWHVVH LQFRUUHFWHV VH
FDVVHUD JpQpUDOHPHQW j FH PRPHQW Oj
x3RXU FRPPHQFHU OH WUDYDLO DYHF XQH PHXOH IURLGH
O·DSSOLTXHU OHQWHPHQW FRQWUH OD SLqFH MXVTX·j FH TXH OD
PHXOH V·pFKDXIIH SURJUHVVLYHPHQW 0HWWUH OD PHXOH HQ
FRQWDFW DYHF OD SLqFH HQ GRXFHXU HQ pYLWDQW WRXW FKRF
RX SUHVVLRQ H[FHVVLYH
x5HPSODFHU WRXMRXUV XQ SURWqJHPHXOH HQGRPPDJp
WRUGX RX WUqV XVp 1H SDV XWLOLVHU XQ SURWqJHPHXOH TXL
D pWp VRXPLV j OD UXSWXUH G·XQH PHXOH
x6·DVVXUHU TXH OHV IODVTXHV GH PHXOH FRXYUHQW DX PRLQV
 GX GLDPqWUH GH OD PHXOH HW TX·LOV VRQW H[HPSWV
G·HQWDLOOHV GH EDYXUHV HW G·DUrWHV YLYHV 8WLOLVHU
WRXMRXUV OHV IODVTXHV IRXUQLV SDU OH IDEULFDQW QH
MDPDLV XWLOLVHU GH IODVTXH GH SURYHQDQFH GRXWHXVH RX
GH URQGHOOH SODWH 6HUUHU IHUPHPHQW O·pFURX GX
IODVTXH
x/·RXYHUWXUH GX SURWqJHPHXOH GRLW rWUH RULHQWpH F{Wp
RSSRVp j O·RSpUDWHXU /H EDV GH OD PHXOH QH GRLW SDV
GpSDVVHU OH SURWqJHPHXOH

$9(57,66(0(176 63(&,),48(6 $8; 0(8/(86(6
x7RXMRXUV FKRLVLU XQH SLQFH DGDSWpH j OD GLPHQVLRQ GH
OD TXHXH GH O·DFFHVVRLUH
x/D TXHXH GH O·RXWLO GRLW WRXMRXUV rWUH LQVpUpH GDQV OD
SLQFH VXU DX PRLQV  PP 6HUUHU IHUPHPHQW O·pFURX
GH SLQFH SRXU pYLWHU WRXW GHVVHUUDJH GH O·DFFHVVRLUH
SHQGDQW O·HPSORL GH OD PHXOHXVH 9pULILHU OH VHUUDJH GH
O·pFURX GH SLQFH DYDQW GH PHWWUH OD PHXOHXVH HQ
PDUFKH 1H MDPDLV RXEOLHU TXH OD YLWHVVH DGPLVVLEOH
G·XQH PHXOH VXU WLJH GRLW rWUH UpGXLWH ORUVTXH OD
ORQJXHXU GH OD WLJH HQWUH OH ERXW GH OD SLQFH HW OD PHXOH
SRUWHjIDX[ HVW DXJPHQWpH
$77(17,21 8QH PDXYDLVH FRPELQDLVRQ GH URXH G·DIIWDJH GH SURWHFWLRQ GH URXH HW GH YLWHVVH GH O·RXWLO SHXW SURYRTXHU XQ
DFFLGHQW FRUSRUHO /HV FRPELQDLVRQV FRUUHFWHV VRQW VSpFLILpHV FLGHVVRXV
5pIpUHQFHGHOD
SURWHFWLRQ
7\SH GH URXH 'LDPqWUH GH URXH
PP SR
(SDLVVHUX PD[LPDOH
GH URXH
PP SR
9LWHVVH PD[LPDOH
WPLQ
$*      
$*      
0,6( (1 6(59,&( '( /·287,/
/8%5,),&$7,21
,5$; 1R 3 ,5$; 1R  /%
,5$; 1R 3 ,5$; 1R  /%
,5$; 1R 3 ,5$; 1R  /%
8WLOLVHU WRXMRXUV XQ OXEULILFDWHXU D HF FHV RXWLOV 1RXV
UHFRPPDQGRQV O·HPSORL GX ILOWUHUpJXODWHXUOXEULILFDWHXU
VXL DQW 
(8
 1
R
 &).* 
7RXWHV OHV GHX[ KHXUHV GH IRQFWLRQQHPHQWVLXQ
OXEULILFDWHXU GH OLJQH Q·HVW SDV XWLOLVp LQMHFWHU  j  FP

G·KXLOH ,5$; 1R 3 GDQV OH UDFFRUG G·DGPLVVLRQ
7RXWHV OHV KXLW KHXUHV GH IRQFWLRQQHPHQW LQMHFWHU HQ LURQ
FP

SRXU OHV PRGqOHV *5$ HW  FP

SRXU OHV PRGqOHV
*5;$ GH JUDLVVH ,5$; 1R  /% RX 1R  /% GDQV
OH UDFFRUG GH JUDLVVDJH GX UHQ RL G·DQJOH
7RXW JUDLVVDJH H[FHVVLI FDXVHUD O·H[WUXVLRQ GH OD JUDLVVH
DXWRXU GH O·DUEUH
$9(57,66(0(17
1H SDV PDUTXHU OHV FRGHV G·LGHQWLILFDWLRQ FOLHQW VXU OHV
VXUIDFHV QRQ PpWDOOLTXHV GH FHW RXWLO 'H WHOOHV DFWLRQV
SRXUUDLHQW DIIHFWHU OHV SHUIRUPDQFHV GH O·RXWLO
78<$87(5,( 35,1&,3$/(
$8 02,16  )2,6 /$ ',0(1
6,21 '( /·$'0,66,21 '·$,5
'( /·287,/
9(56 /(
5e6($8 '·$,5
&2035,0e
9(56
/·287,/
31(8
0$7,48(
/8%5,),&$7(85
5e*8/$7(85
),/75(
/,*1( 6(&21'$,5( $8
02,16  )2,6 /$ ',0(1
6,21 '( /·$'0,66,21
'·$,5 '( /·287,/
9,'$1*(5
5e*8/,Ë5(0(17
&2035(66(85
3ODQ 73'
*8Ì$ '(/ 23(5$5,2
0$1(-2 ,167$/$&, 1 < 0$17(1,0,(172 (
9
$52 7RRO 3UR XFWV
,QJHUVROO5DQ &RPSDQ\
 86 1R  1RUWK 32 %R[  6RXWKHUQ 3LQHV 1& 
¤
 ,1*(562//5$1' &203$1< ,PSUHVR HQ ((88
3RXU OHV LQIRUP WLRQV UHO WLYHV X[ SLqFHV HW X VHUYLFH FRQW FWH] YRWUH GLVWULEXWHXU $52
$02/$'25$6 $1*8/$5(6 '( /$6 6(5,(6 *5$ < *5;$
127$
/DV D RODGRUDV DQJXODUHV GH ODV VHULHV *5$ \ *5;$ HVWiQ GLVHxDGDV SDUD XVR HQ WUDEDMRV UHDOL]D
GRV GH FHUFD HQ OD LQGXVWULD GH IDEULFDFLyQ GH HWDO DVWLOOHURV IDEULFDFLyQ GH WXERV \ DSOLFDFLRQHV HQ
ODV TXH HO HVSDFLR GH WUDEDMR HV UHGXFLGR 5HVXOWDQ HVSHFLDO HQWH SUiFWLFDV SDUD DTXHOODV VLWXDFLRQHV
HQ ODV TXH ORV FRQGXFWRV WXEHUtDV HWF DWUDYLHVDQ WDELTXHV R EDVWLGRUHV (VWDV SHTXHxDV D RODGRUDV
DQJXODUHV VRQ X\ HILFDFHV SDUD UHFWLILFDU FRUGRQHV GH VROGDGXUD \ GHMDU XQ DFDEDGR ILQR
$52 QR DFHSWDUi UHVSRQVDELOLGDG DOJXQD SRU OD RGLILFDFLyQ GH ODV KHUUD LHQWDV HIHFWXDGD SRU HO
FOLHQWH SDUD ODV DSOLFDFLRQHV TXH QR KD\DQ VLGR FRQVXOWDGDV FRQ $52
$9,62
6( $'-817$ ,1)250$&,Ð1 ,03257$17( '( 6(*85,'$'
/($ (67( 0$18$/ $17(6 '( 87,/,=$5 /$ +(55$0,(17$
(6 5(63216$%,/,'$' '( /$ (035(6$ $6(*85$56( '( 48(
(/ 23(5$5,2 (67e $/ 7$172 '( /$ ,1)250$&,Ð1 48( &217,(1( (67( 0$18$/
(/ +$&(5 &$62 20,62 '( /26 $9,626 6,*8,(17(6 32'5Ì$ 2&$6,21$5 /(6,21(6
3$5$ 321(5 /$ +(55$0,(17$
(1 6(59,&,2
x8WLOLFH H[DPLQH \ PDQWHQJD VLHPSUH HVWD
KHUUDPLHQWD FRQIRUPH DO FyGLJR GH VHJXULGDG SDUD
KHUUDPLHQWDV QHXPiWLFDV SRUWiWLOHV GH OD $PHULFDQ
1DWLRQDO 6WDQGDUGV ,QVWLWXWH $16, % 
x3DUD PD\RU VHJXULGDG UHQGLPLHQWR ySWLPR \ ODUJD YLGD
~WLO GH ODV SLH]DV XWLOLFH HVWD KHUUDPLHQWD D XQD SUHVLyQ
GH DLUH Pi[LPD GH  SVLJ   EDU  N3D FRQ XQD
PDQJXHUD GH VXPLQLVWUR GH DLUH FRQ GLiPHWUR LQWHUQR GH
 PP
x&RUWH VLHPSUH HO VXPLQLVWUR GH DLUH \ GHVFRQHFWH OD
PDQJXHUD GH VXPLQLVWUR GH DLUH DQWHV GH LQVWDODU
GHVPRQWDU R DMXVWDU FXDOTXLHU DFFHVRULR GH HVWD
KHUUDPLHQWD R DQWHV GH UHDOL]DU FXDOTXLHU RSHUDFLyQ GH
PDQWHQLPLHQWR GH OD PLVPD
x1R XWLOLFH PDQJXHUDV GH DLUH \ UDFRUHV GDxDGRV
GHVJDVWDGRV R GHWHULRUDGRV
x$VHJ~UHVH GH TXH WRGRV ORV UDFRUHV \ PDQJXHUDV VHDQ
GHO WDPDxR FRUUHFWR \ HVWpQ ELHQ DSUHWDGRV (O (VT
73' PXHVWUD XQD GLVSRVLFLyQ FDUDFWHUtVWLFD GH ODV
WXEHUtDV
x8VH VLHPSUH DLUH OLPSLR \ VHFR D XQD SUHVLyQ Pi[LPD GH
 SVLJ   EDU  N3D (O SROYR ORV JDVHV FRUURVLYRV
\ HO H[FHVR GH KXPHGDG SXHGHQ HVWURSHDU HO PRWRU GH
XQD KHUUDPLHQWD QHXPiWLFD
x1R OXEULTXH ODV KHUUDPLHQWDV FRQ OtTXLGRV LQIODPDEOHV R
YROiWLOHV WDOHV FRPR TXHURVHQR JDVRLO R FRPEXVWLEOH
SDUD PRWRUHV D UHDFFLyQ
x1R VDTXH QLQJXQD HWLTXHWD 6XVWLWX\D WRGD HWLTXHWD
GDxDGD
87,/,=$&,Ð1 '( /$ +(55$0,(17$
x8VH VLHPSUH SURWHFFLyQ RFXODU FXDQGR XWLOLFH HVWD
KHUUDPLHQWD R UHDOLFH RSHUDFLRQHV GH PDQWHQLPLHQWR HQ
OD PLVPD
x8VH VLHPSUH SURWHFFLyQ SDUD ORV RtGRV FXDQGR XWLOLFH
HVWD KHUUDPLHQWD
x0DQWHQJD ODV PDQRV OD URSD VXHOWD \ HO FDEHOOR ODUJR
DOHMDGRV GHO H[WUHPR JLUDWRULR GH OD KHUUDPLHQWD
x$QWLFLSH \ HVWp DWHQWR D ORV FDPELRV UHSHQWLQRV HQ HO
PRYLPLHQWR GXUDQWH OD SXHVWD HQ PDUFKD \ XWLOL]DFLyQ
GH WRGD KHUUDPLHQWD PRWRUL]DGD
x0DQWHQJD XQD SRVWXUD GHO FXHUSR HTXLOLEUDGD \ ILUPH
1R HVWLUH GHPDVLDGR ORV EUD]RV DO PDQHMDU OD
KHUUDPLHQWD 3XHGHQ GDUVH HOHYDGRV SDUHV GH UHDFFLyQ D
OD SUHVLyQ GH DLUH UHFRPHQGDGD H LQFOXVR D SUHVLRQHV
LQIHULRUHV
x/RV DFFHVRULRV GH OD KHUUDPLHQWD SRGUtDQ VHJXLU JLUDQGR
EUHYHPHQWH GHVSXpV GH KDEHUVH VROWDGR OD SDODQFD GH
PDQGR
x/DV KHUUDPLHQWDV QHXPiWLFDV SXHGHQ YLEUDU GXUDQWH HO
XVR /D YLEUDFLyQ ORV PRYLPLHQWRV UHSHWLWLYRV R ODV
SRVLFLRQHV LQFyPRGDV SXHGHQ GDxDUOH ORV EUD]RV \
PDQRV (Q FDVR GH LQFRPRGLGDG VHQVDFLyQ GH
KRUPLJXHR R GRORU GHMH GH XVDU OD KHUUDPLHQWD
&RQVXOWH FRQ HO PpGLFR DQWHV GH YROYHU D XWLOL]DUOD
x8WLOLFH ~QLFDPHQWH ORV DFFHVRULRV $52 UHFRPHQGDGRV
x&XDQGR VH LQVWDOH R UHSRVLFLRQH OD FDEH]D DQJXODU OD
SDODQFD GH PDQGR GHEHUi FRORFDUVH GH IRUPD TXH OD
UHDFFLyQ GH SDU QR WLHQGD D UHWHQHU HO PDQGR HQ OD
SRVLFLyQ GH ´21µ $&&,21$0,(172
x(VWD KHUUDPLHQWD QR KD VLGR GLVHxDGD SDUD WUDEDMDU HQ
DPELHQWHV H[SORVLYRV
x(VWD KHUUDPLHQWD QR HVWi DLVODGD FRQWUD GHVFDUJDV
HOpFWULFDV
127$
(O XVR GH SLH]DV GH UHFDPELR TXH QR VHDQ ODV DXWpQWLFDV SLH]DV $52 SXHGH SRQHU HQ SHOLJUR OD VHJXULGDG UHGXFLU HO UHQGL
PLHQWR GH OD KHUUDPLHQWD \ DXPHQWDU ORV FXLGDGRV GH PDQWHQLPLHQWR QHFHVDULRV DVt FRPR LQYDOLGDU WRGD JDUDQWtD
/DV UHSDUDFLRQHV VyOR VH GHEHQ HQFRPHQGDU D SHUVRQDO GHELGDPHQWH FXDOLILFDGR \ DXWRUL]DGR &RQVXOWH FRQ HO FHQWUR GH VHUYL
FLR DXWRUL]DGR $52 7RRO 3URGXFWV PiV SUy[LPR

(7,48(7$6 '( $9,62
$9,62
(/ +$&(5 &$62 20,62 '( /26 $9,626 6,*8,(17(6 32'5Ì$ 2&$6,21$5 /(6,21(6
$'9(57(1&,$
/DV KHUUDPLHQWDV QHXPiWLFDV
SXHGHQ YLEUDU GXUDQWH HO XVR
/D YLEUDFLyQ ORV PRYLPLHQWRV
UHSHWLWLYRV R ODV SRVLFLRQHV
LQFyPRGDV SRGUtDQ GDxDUOH ORV
EUD]RV \ ODV PDQRV (Q FDVR
GH LQFRPRGLGDG VHQVDFLyQ GH
KRUPLJXHR R GRORU GHMDU GH
XVDU OD KHUUDPLHQWD &RQVXOWDU
DO PpGLFR DQWHV GH YROYHU D XWL
OL]DUOD
1R FRJHU OD KHUUDPLHQWD
SRU OD PDQJXHUD SDUD OH
YDQWDUOD
$'9(57(1&,$
0DQWHQHU XQD SRVWXUD GHO FXHU
SR HTXLOLEUDGD \ ILUPH 1R HVWL
UDU GHPDVLDGR ORV EUD]RV DO
PDQHMDU OD KHUUDPLHQWD
0DQHMDU OD KHUUDPLHQWD D XQD
SUHVLyQ GH DLUH Pi[LPD GH 
SVLJ  EDU N3D
 SVLJ
EDUN3D
&RUWDU VLHPSUH HO VXPLQLVWUR
GH DLUH \ GHVFRQHFWDU OD PDQ
JXHUD GH VXPLQLVWUR GH DLUH
DQWHV GH LQVWDODU UHWLUDU R DMXV
WDU FXDOTXLHU DFFHVRULR GH HVWD
KHUUDPLHQWD R DQWHV GH UHDOL]DU
FXDOTXLHU RSHUDFLyQ GH PDQ
WHQLPLHQWR GH OD PLVPD
1R XWLOL]DU PDQJXHUDV GH DLUH
\ DFFHVRULRV GDxDGRV GHV
JDVWDGRV QL GHWHULRUDGRV
$'9(57(1&,$
$'9(57(1&,$
$'9(57(1&,$
$'9(57(1&,$
$'9(57(1&,$
$'9(57(1&,$
8VH VLHPSUH SURWHFFLyQ RFXODU
FXDQGR XWLOLFH HVWD KHUUDPLHQWD
R UHDOLFH RSHUDFLRQHV GH
PDQWHQLPLHQWR HQ OD PLVPD
8VH VLHPSUH SURWHFFLyQ SDUD
ORV RtGRV FXDQGR XWLOLFH HVWD
KHUUDPLHQWD
$9,626 (63(&Ì),&26 62%5( /$6 $02/$'25$6
$9,62
(/ +$&(5 &$62 20,62 '( /26 $9,626 6,*8,(17(6 32'5Ì$ 2&$6,21$5 /(6,21(6
x1R XWLOLFH HVWD KHUUDPLHQWD VL OD YHORFLGDG HQ YDFtR
UHDO VXSHUD OD YHORFLGDG TXH LQGLFD OD SODFD GH
LGHQWLILFDFLyQ
x$QWHV GH PRQWDU XQD PXHOD GHVSXpV GH KDEHUVH
UHSDUDGR OD KHUUDPLHQWD R FXDQGR VH SURSRUFLRQD XQD
DPRODGRUD SDUD VX XVR FRPSUXHEH OD YHORFLGDG HQ
YDFtR GH OD DPRODGRUD FRQ XQ WDFyPHWUR SDUD
DVHJXUDUVH GH TXH VX YHORFLGDG UHDO D  SVLJ
 EDU  N3D QR H[FHGD GH OD YHORFLGDG HVWDPSDGD
R LPSUHVD HQ OD SODFD GH LGHQWLILFDFLyQ /DV
DPRODGRUDV TXH \D HVWiQ HQ XVR WDPELpQ VH GHEHQ
H[DPLQDU FRPR PtQLPR XQD YH] HQ FDGD WXUQR GH
WUDEDMR
x8WLOLFH VLHPSUH HO FXEUHPXHOD $52 UHFRPHQGDGR \
VXPLQLVWUDGR FRQ OD DPRODGRUD
x1R XWLOLFH QXQFD XQD PXHOD DEUDVLYD IUHVD X RWUR
DFFHVRULR FX\D YHORFLGDG Pi[LPD GH IXQFLRQDPLHQWR
VHD LQIHULRU D OD YHORFLGDG HQ YDFtR GH OD DPRODGRUD HQ
OD TXH VH YD D XWLOL]DU 2EVHUYH VLHPSUH OD YHORFLGDG
Pi[LPD LQGLFDGD HQ OD DUDQGHOD GH VXMHFLyQ GH OD
PXHOD
x,QVSHFFLRQH WRGDV ODV PXHODV DQWHV GH PRQWDUODV SDUD
FRPSUREDU TXH QR WHQJDQ PXHVFDV QL JULHWDV 1R
XWLOLFH XQD PXHOD TXH SUHVHQWH PXHVFDV JULHWDV R GDxR
DOJXQR 1R XWLOLFH XQD PXHOD TXH KD\D HVWDGR HQ
UHPRMR HQ DJXD R HQ FXDOTXLHU RWUR OtTXLGR
x$VHJ~UHVH GH TXH OD PXHOD TXHGH ELHQ DMXVWDGD HQ HO
HMH 1R XWLOLFH FDVTXLOORV UHGXFWRUHV SDUD DGDSWDU XQD
PXHOD DO HMH VDOYR TXH pVWRV KD\DQ VLGR VXPLQLVWUDGRV
\ UHFRPHQGDGRV SRU HO IDEULFDQWH GH OD PXHOD
x'HVSXpV GH KDEHU PRQWDGR XQD PXHOD QXHYD VXMHWH OD
DPRODGRUD GHEDMR GH XQ EDQFR GH DFHUR R GHQWUR GH
XQD SLH]D GH IXQGLFLyQ \ KiJDOD JLUDU GXUDQWH 
VHJXQGRV FRPR PtQLPR $VHJ~UHVH TXH QR KD\D QDGLH
HQ HO HQWRUQR GH RSHUDFLyQ GH OD PXHOD 6L OD PXHOD HV
GHIHFWXRVD HVWi PDO PRQWDGD R HV GHO WDPDxR \
YHORFLGDG LQFRUUHFWDV QRUPDOPHQWH IDOODUi HQ HVWH
PRPHQWR
x&XDQGR SRQJD HQ PDUFKD XQD PXHOD HQ IUtR DSOtTXHOD
OHQWDPHQWH DO WUDEDMR SDUD TXH VH FDOLHQWH
JUDGXDOPHQWH +DJD FRQWDFWR VXDYHPHQWH FRQ OD SLH]D
D WUDEDMDU \ HYLWH ORV UHERWHV R HO H[FHVR GH SUHVLyQ
x&DPELH VLHPSUH XQ FXEUHPXHOD GDxDGR WRUFLGR R
PX\ GHVJDVWDGR 1R XWLOLFH XQ FXEUHPXHOD TXH KD\D
HVWDGR HQ XVR DO URPSHUVH XQD PXHOD FRQWLQ~D
x$VHJ~UHVH GH TXH ODV EULGDV GH OD PXHOD WHQJDQ XQ
GLiPHWUR GH DO PHQRV  GHO GLiPHWUR GH OD PXHOD \
TXH QR WHQJDQ FRUWHV UHEDEDV QL ERUGHV DILODGRV
8WLOLFH VLHPSUH ODV EULGDV GH PXHOD VXPLQLVWUDGDV SRU
HO IDEULFDQWH QR XVH QXQFD XQD EULGD FDVHUD R
DUDQGHOD QRUPDO $SULHWH ELHQ OD WXHUFD GH OD EULGD
x/D DEHUWXUD GHO FXEUHPXHOD GHEH HVWDU RULHQWDGD HQ
VHQWLGR FRQWUDULR DO RSHUDULR /D SDUWH LQIHULRU GH OD
PXHOD QR GHEH VREUHVDOLU GHO FXEUHPXHOD

$9,626 (63(&Ì),&26 62%5( /$6 $02/$'25$6
x8WLOLFH VLHPSUH OD SLQ]D FX\R WDPDxR FRUUHVSRQGD FRQ
HO WDPDxR GHO HMH GHO DFFHVRULR
x,QWURGX]FD VLHPSUH HO HMH GH OD KHUUDPLHQWD HQ OD
SLQ]D XQ PtQLPR GH  PP $SULHWH ELHQ OD WXHUFD GH
OD SLQ]D SDUD HYLWDU TXH VH VDOJD HO DFFHVRULR GXUDQWH
HO IXQFLRQDPLHQWR GH OD DPRODGRUD &RPSUXHEH HO
DSULHWH GH OD WXHUFD GH OD SLQ]D DQWHV GH DFFLRQDU OD
DPRODGRUD 3UHVWH HVSHFLDO DWHQFLyQ DO KHFKR GH TXH OD
YHORFLGDG SHUPLWLGD GH XQ DFFHVRULR PRQWDGR
GLVPLQX\H FXDQGR VH LQFUHPHQWD OD ORQJLWXG GHO HMH
HQWUH HO H[WUHPR GH OD SLQ]D \ HO DFFHVRULR
$9,62 &RPELQDFLRQHV LQFRUUHFWDV GH UXHGD GH UHFWLILFDFLyQ SURWHFWRU GH UXHGD \ YHORFLGDG GH KHUUDPLHQWD SXHGDQ
UHVXOWDU HQ OHVLRQDPLHQWRV /DV FRPELQDFLRQHV FRUUHFWDV VH HVSHFLILFDQ D FRQWLQXDFLyQ
1~PHUR GH 3LH]D GHO
3URWHFWRU
7LSR GH 5XHGD 'LiPHWUR GH 5XHGD
PP LQ
*URVRU 0i[LPR GH
5XHGD
PP LQ
9HORFLGDG 0i[LPD
USP
$*      
$*      
3$5$ 321(5 /$ +(55$0,(17$ (1 6(59,&,2
/8%5,&$&,Ð1
,5$; 1E 3 ,5$; 1E  /%
,5$; 1E 3 ,5$; 1E  /%
,5$; 1E 3 ,5$; 1E  /%
8WLOLFH VLHPSUH XQ OXEULFDGRU GH DLUH FRPSULPLGR FRQ HVWDV
KHUUDPLHQWDV 5HFRPHQGDPRV HO VLJXLHQWH FRQMXQWR GH
ILOWUROXEULFDGRUUHJXODGRU
((88
 1 E &).* 
'HVSXpV GH FDGD GRV KRUDV GH IXQFLRQDPLHQWR VL QR VH XVD
XQ OXEULFDGRU GH DLUH FRPSULPLGR LQ\HFWH  FF GH DFLWH
,5$; 1E3 HQ OD DGPLVLyQ GH DLUH
'HVSXpV GH FDGD RFKR KRUDV GH IXQFLRQDPLHQWR LQ\HFWH
XQRV  FF PRGHORV *5$ R  FF PRGHORV *5;$ GH
JUDVD ,5$; 1E/%R1E /% HQ HO HQJUDVDGRU GH OD
FDEH]D DQJXODU (O H[FHVR GH OXEULFDFLyQ KDUi TXH VDOJD
JUDVD DOUHGHGRU GHO HMH
35(&$8&,Ð1
1R PDUTXH QLQJXQD VXSHUILFLH QR PHWiOLFD GH HVWD
KHUUDPLHQWD FRQ ORV FyGLJRV GH LGHQWLILFDFLyQ GH FOLHQWH
7DO DFFLyQ SRGUtD DIHFWDU DO UHQGLPLHQWR GH OD
KHUUDPLHQWD
78%(5Ì$6 35,1&,3$/(6 
9(&(6 (/ 7$0$f2 '(
(175$'$ '( +(55$0,(17$
1(80É7,&$
$/ 6,67(0$
1(80É7,&2
$/$
+(55$
0,(17$
1(80É7,&$
/8%5,&$'25
5(*8/$'25 ),/752
78%(5Ì$ '( 5$0$/
 9(&(6 (/ 7$0$f2
'( (175$'$ '(
+(55$0,(17$
1(80É7,&$
385*$5
3(5,Ð',&$0(17(
&2035(625
(V  73'
0$18$/ '2 23(5$'25
,1&/8,1'2 )81&,21$0(172 ,167$/$d®2 ( 0$187(1d®2
3
9
$52 7RRO 3URGXFWV
,QJHUVROO5DQG &RPSDQ\
 86 1R  1RUWK 32 %R[  6RXWKHUQ 3LQHV 1& 
.
 ,1*(562 5$1' &203$1< ,PSUHVVR QRV (8$
3DUD REWHU LQIRUPDo}HV VREUH SHoDV H DVVLVWrQFLD FRQWDFWH R VHX GLVWULEXLGRU ORFDO $52
6e5,(6 '( (60(5,/$'25$6 $1*8/$5(6 *5$ ( *5;$
$9,62
$V VpULHV GH (V HULODGRUDV $QJXODUHV *5$ H *5;$ VmR FRQFHELGDV SDUD WUDEDOKR H LQG~VWULD GH
HWDLV GH WXERV HVWDOHLURV LQG~VWULDV HVSDFLDLV OL LWDGDV (ODV VmR SDUWLFXODU HQWH ERDV RQGH FRQGX
WDV WXERV FDQDLV HWF SDVVH DWUDYpV GH TXDGURV SULQFLSDLV RX HVWUXWXUDV $V (V HULODGRUDV VmR XLWR
HILFLHQWHV QR HV HULOD HQWR GH FRUGmR GH VROGD GHL[DQGR X DFDED HQWR ILQR
$ $52 QmR p UHVSRQViYHO SRU RGLILFDo}HV IHLWDV SHOR FOLHQWH H IHUUD HQWDV QDV TXDLV D $52 QmR WHQKD
VLGR FRQVXOWDGD
$'9(57È1&,$
,1)250$d®2 '( 6(*85$1d$ ,03257$17( (0 $1(;2
/(,$ (67( 0$18$/ $17(6 '( 23(5$5 $ )(55$0(17$
e '$ 5(63216$%,/,'$'( '2 (035(*$'25 &2/2&$5 $ ,1)250$d®2
'(67( 0$18$/ 1$6 0®26 '2 23(5$'25
2 1®2 &8035,0(172 '$6 6(*8,17(6 $'9(57È1&,$6 32'( 5(68/7$5 (0 )(5,0(1726
&2/2&$1'2 $ )(55$0(17$ (0
)81&,21$0(172
x6HPSUH RSHUH LQVSHFFLRQH H PDQWHQKD HVWD IHUUD
PHQWD GH DFRUGR FRP R &yGLJR GH 6HJXUDQoD GR
,QVWLWXWR $PHULFDQR GH 3DGU}HV 1DFLRQDLV SDUD
)HUUDPHQWDV 3QHXPiWLFDV 3RUWiWHLV $16,
% 
x3DUD VHJXUDQoD Pi[LPR GHVHPSHQKR H Pi[LPD
GXUDELOLGDGH GDV SHoDV RSHUH HVWD IHUUDPHQWD FRP
XPD SUHVVmR GH DU Pi[LPD GH  EDU  N3D
 SVLJ QD HQWUDGD GD PDQJXHLUD GH DOLPHQWDomR
GHDUFRPGLkPHWURLQWHUQRGHPPµ
x'HVOLJXH VHPSUH D DOLPHQWDomR GH DU H GHVFRQHFWH D
PDQJXHLUD GH DOLPHQWDomR GH DU DQWHV GH LQVWDODU
UHPRYHU RX DMXVWDU TXDOTXHU DFHVVyULR QHVWD IHUUD
PHQWD RX DQWHV GH H[HFXWDU TXDOTXHU VHUYLoR GH
PDQXWHQomR QHVWD IHUUDPHQWD
x1mR XVH PDQJXHLUDV GH DU RX DGDSWDGRUHV GDQLILFD
GRV JDVWRV RX GHWHULRUDGRV
x&HUWLILTXHVH GH TXH WRGDV DV PDQJXHLUDV H DGDSWD
GRUHV VHMDP GR WDPDQKR FRUUHFWR H HVWHMDP DSHUWD
GRV FRP ILUPH]D 9HMD R 'HVHQKR 73' SDUD XP
DUUDQMR WtSLFR GH WXEDJHP
x8VHVHPSUHDUVHFRHOLPSRFRPSUHVVmRPi[LPD
GH  EDU  N3D  SVLJ 3y IXPRV FRUURVLYRV
HRX KXPLGDGH H[FHVVLYD SRGHP DUUXLQDU R PRWRU
GH XPD IHUUDPHQWD SQHXPiWLFD
x1mR OXEULILTXH DV IHUUDPHQWDV FRP OtTXLGRV LQ
IODPiYHLV RX YROiWHLV WDLV FRPR TXHURVHQH GLHVHO RX
FRPEXVWtYHO GH MDFWRV
x1mR UHPRYD QHQKXP UyWXOR 5HSRQKD TXDOTXHU
UyWXOR GDQLILFDGR
86$1'2 $ )(55$0(17$
x8VH VHPSUH yFXORV GH SURWHFomR TXDQGR HVWLYHU RSHU
DQGR RX H[HFXWDQGR VHUYLoR GH PDQXWHQomR QHVWD
IHUUDPHQWD
x8VH VHPSUH SURWHFomR FRQWUD UXtGR DR RSHUDU HVWD
IHUUDPHQWD
x0DQWHQKD DV PmRV SDUWHV GR YHVWXiULR VROWDV H FDEH
ORV FRPSULGRV DIDVWDGRV GD H[WUHPLGDGH HP URWDomR
x$QWHFLSH H HVWHMD DOHUWD D PXGDQoDV UHSHQWLQDV QR
PRYLPHQWR TXDQGR OLJDU H RSHUDU TXDOTXHU IHUUD
PHQWD PRWRUL]DGD
x0DQWHQKD D SRVLomR GR FRUSR HTXLOLEUDGD H ILUPH
1mR H[DJHUH TXDQGR RSHUDU HVWD IHUUDPHQWD 7RUTXHV
GH UHDFomR HOHYDGRV SRGHP RFRUUHU QD RX DEDL[R GD
SUHVVmR GH DU UHFRPHQGDGD
x2V DFHVVyULRV GD IHUUDPHQWD SRGHP FRQWLQXDU D
LPSDFWDU EUHYHPHQWH DSyV D SUHVVmR WHU VLGR DOLYLD
GD
x)HUUDPHQWDV DFFLRQDGDV SQHXPiWLFDPHQWH SRGHP
YLEUDU HP XVR 9LEUDomR PRYLPHQWRV UHSHWLWLYRV
RX SRVLo}HV GHVFRQIRUWiYHLV SRGHP VHU SUHMXGLFLDLV
jV PmRV H DRV EUDoRV 3DUH GH XVDU D IHUUDPHQWD
FDVR RFRUUD DOJXP GHVFRQIRUWR VHQVDomR GH IRUPL
JXHLUR RX GRU 3URFXUH DVVLVWrQFLD PpGLFD DQWHV GH
UHWRUQDU DR WUDEDOKR
x8VH DFHVVyULRV UHFRPHQGDGRV SHOD $52
x4XDQGR TXHU TXH R &DEHoRWH HP cQJXOR VHMD LQVWD
ODGR RX UHSRVWR D 9iOYXOD 5HJXODGRUD GH 3UHVmR
GHYH VHU SRVLFLRQDGD GH PRGR TXH XP WRUTXH GH
UHDFomR QmR WHQGHUi D UHWHU R FXUVR QD SRVLomR
´/,*$'$µ
x(VWD )HUUDPHQWD QmR IRL FRQFHELGD SDUD WUDEDOKRV
HP DWPRVIHUDV H[SORVLYDV
x(VWD )HUUDPHQWD QmR HVWi LVRODGD FRQWUD FKRTXHV
HOpFWULFRV
$9,62
2 XVR GH SHoDV GH VXEVWLWXLomR TXH QmR VHMDP JHQXLQDPHQWH GD $52 SRGHP UHVXOWDU HP ULVFRV GH VHJXUDQoD GLPLQXLomR
GR GHVHPSHQKR GD IHUUDPHQWD DXPHQWR GD QHFHVVLGDGH GH PDQXWHQomR H SRGH LQYDOLGDU WRGDV DV JDUDQWLDV
$V UHSDUDo}HV GHYHP VHU IHLWDV VRPHQWH SRU SHVVRDO WUHLQDGR DXWRUL]DGR &RQVXOWH R &HQWUR GH 6HUYLoRV GD $52 7RRO
3URGXFWV PDLV SUy[LPR

,'(17,),&$d®2 '2 5Ð78/2 '( $'9(57È1&,$
$'9(57È1&,$
2 1®2 &8035,0(172 '$6 6(*8,17(6 $'9(57È1&,$6 32'( 5(68/7$5 (0 )(5,0(172
$'9(57È1&,$
8VH VHPSUH yFXORV GH
SURWHFomR TXDQGR HVWLYHU
RSHUDQGR RX H[HFXWDQGR
DOJXP VHUYLoR GH PDQXWHQomR
QHVWD IHUUDPHQWD
$'9(57È1&,$
8VH VHPSUH SURWHFomR FRQWUD
R UXtGR DR RSHUDU HVWD
IHUUDPHQWD
'HVOLJXH VHPSUH D
DOLPHQWDomR GH DU H
GHVFRQHFWH D PDQJXHLUD GH
DOLPHQWDomR GH DU DQWHV GH
LQVWDODU UHPRYHU RX DMXVWDU
TXDOTXHU DFHVVyULR QHVWD
IHUUDPHQWD RX DQWHV GH
H[HFXWDU DOJXP VHUYLoR GH
PDQXWHQomR QHVWD IHUUDPHQWD
)HUUDPHQWDV DFFLRQDGDV
SQHXPiWLFDPHQWH SRGHP
YLEUDU HP XVR LEUDomR
PRYLPHQWRV UHSHWLWLYRV RX
SRVLo}HV GHVFRQIRUWiYHLV
SRGHP VHU SUHMXGLFLDLV jV
PmRV H DRV EUDoRV 3DUH GH
XVDU D IHUUDPHQWD FDVR RFRUUD
DOJXP GHVFRQIRUWR VHQVDomR
GH IRUPLJXHLUR RX GRU 
3URFXUH DVVLVWrQFLD PpGLFD
DQWHV GH UHWRUQDU DR WUDEDOKR
$'9(57È1&,$
1mR FDUUHJXH D IHUUDPHQWD
VHJXUDQGR QD PDQJXHLUD
$'9(57È1&,$
1mR XVH PDQJXHLUDV GH DU
RX DGDSWDGRUHV GDQLILFDGRV
JDVWRV RX GHWHULRUDGRV
$'9(57È1&,$
0DQWHQKD D SRVLomR GR
FRUSR HTXLOLEUDGD H ILUPH
1mR H[DJHUH TXDQGR RSHUDU
HVWD IHUUDPHQWD 7RUTXHV GH
UHDFomR HOHYDGRV SRGHP
RFRUUHU VRE D SUHVVmR GH DU
UHFRPHQGDGD
$'9(57È1&,$
2SHUH FRP SUHVVmR GR DU
0i[LPD GH  SVLJ 
EDU
 SVLJ
EDUN3D
$'9(57È1&,$ $'9(57È1&,$
$'9(57È1&,$6 (63(&Ì),&$6 62%5( $ (60(5,/$'25$
$'9(57È1&,$
2 1®2 &8035,0(172 '$6 6(*8,17(6 $'9(57È1&,$6 32'( 5(68/7$5 (0 )(5,0(172
x1mR XVH HVWD IHUUDPHQWD VH D YHORFLGDGH OLYUH WRWDO
H[FHGHU D USP LQGLFDGD QD SODFD GH LGHQWLILFDomR
x$QWHV GH PRQWDU R GLVFR GHSRLV GH TXDOTXHU UHSDUDomR
GH IHUUDPHQWD RX TXDQGR VH SUHWHQGH TXH XPD
(VPHULODGRUD VHMD FRORFDGD HP IXQFLRQDPHQWR YHULILTXH
D YHORFLGDGH OLYUH GD (VPHULODGRUD FRP XP WDFRPHWUR
SDUD VH FHUWLILFDU GH TXH D VXD YHORFLGDGH UHDO D
 EDU N3D  SVLJ QmR H[FHGD D USP VHODGD RX
LPSUHVVD QD SODFD GH LGHQWLILFDomR $V (VPHULODGRUDV HP
IXQFLRQDPHQWR GHYHP VHU VLPLODUPHQWH YHULILFDGDV SHOR
PHQRV XPD YH] HP FDGD WXUQR
x8VH VHPSUH R 3URWHFWRU GR 'LVFR GD $52 IRUQHFLGR FRP
D (VPHULODGRUD
x1mR XVH TXDOTXHU GLVFR GH HVPHULODPHQWR EURFD RX
RXWUR DFHVVyULR TXH SRVVXD XPD YHORFLGDGH Pi[LPD GH
RSHUDomR PHQRU GR TXH D YHORFLGDGH OLYUH GD
(VPHULODGRUD TXH HVWHMD D VHU XVDGD 5HVSHLWH VHPSUH D
Pi[LPD USP QRV DGDSWDGRUHV GH GLVFR GH
HVPHULODPHQWR
x9HULILTXH WRGDV RV GLVFRV GH HVPHULODPHQWR SDUD YHU VH
Ki ODVFDV RX UDFKDGXUDV DQWHV GD PRQWDJHP 1mR XVH
XP GLVFR TXH HVWHMD ODVFDGR RX UDFKDGR RX GH DOJXPD
PDQHLUD GDQLILFDGR 1mR XVH XP GLVFR TXH WHQKD VLGR
HQFKDUFDGR FRP iJXD RX TXDOTXHU RXWUR OtTXLGR
x9HULILTXH VH R GLVFR GH HVPHULODPHQWR VH HQFDL[D QD
iUYRUH GH PRQWDJHP 1mR XVH URODPHQWRV UHGXWRUHV
SDUD DGDSWDU XP GLVFR QD iUYRUH GH PRQWDJHP D QmR
VHU TXH WDLV URODPHQWRV WHQKDP VLGR IRUQHFLGRV RX
UHFRPHQGDGRV SHOR IDEULFDQWH GR GLVFR
x'HSRLV GH PRQWDU XP QRYR GLVFR VHJXUH D (VPHULODGRUD
VRE XPD EDQFDGD GH DoR RX GHQWUR GH XPD PROGDJHP H
FRORTXHD HP IXQFLRQDPHQWR SRU  VHJXQGRV 9HULILTXH
VH QmR Ki QLQJXpP GHQWUR GR SODQR GH RSHUDomR 6H R
GLVFR HVWLYHU FRP DOJXP GHIHLWR LQDGHTXDGDPHQWH
PRQWDGR RX VH IRU GR WDPDQKR HUUDGR RX WLYHU
YHORFLGDGH LQFRUUHFWD HVWH p R PRPHQWR HP TXH HOH
QRUPDOPHQWH IDOKDUi
x4XDQGR LQLFLDU XP WUDEDOKR FRP XP GLVFR IULR SRQKDR
D WUDEDOKDU OHQWDPHQWH DWp TXH R GLVFR DTXHoD
JUDGXDOPHQWH )DoD XP FRQWDFWR VXDYH FRP R ORFDO D VHU
WUDEDOKDGR H HYLWH GH H[HFXWDU TXDOTXHU DomR GH
EDWLPHQWR RX SUHVVmR H[FHVVLYD
x5HSRQKD XP SURWHFWRU GR GLVFR VHPSUH TXH HVWLYHU
GDQLILFDGR WRUWR RX VHYHUDPHQWH JDVWR 1mR XVH XP
SURWHFWRU GR GLVFR TXH WHQKD VLGR VXMHLWR D XPD IDOKD GR
GLVFR
x&HUWLILTXHVH GH TXH DV IODQJHV GD URGD VHMDP SHOR
PHQRV  GR GLkPHWUR GR GLVFR GH HVPHULODPHQWR OLYUH
GH FRUWHV DUHVWDV H H[WUHPLGDGHV DILDGDV 8VH VHPSUH
IODQJHV GR GLVFR IRUQHFLGDV SHOR IDEULFDQWH 1XQFD XVH
XPD IODQJH SURYLVyULD RX XPD DQLOKD SODQD $SHUWH EHP
D 3RUFD GD )ODQJH
x$ DEHUWXUD GR SURWHFWRU GHYH HVWDU DIDVWDGD GR
RSHUDGRU 2 IXQGR GR GLVFR QmR GHYH VH H[WHQGHU SDUD
IRUD GR SURWHFWRU FRQWLQXD

$'9(57È1&,$6 (63(&Ì),&$6 62%5( $ (60(5,/$'25$
x8VH VHPSUH XPD SLQoD FXMD GLPHQVmR VHMD LJXDO DR
HQFDEDGRXUR DFHVVyULR
x,QVLUD VHPSUH R HQFDEDGRXUR GD IHUUDPHQWD FRP
FRPSULPHQWR TXH QmR VHMD LQIHULRU D  PP QR FROHWH
$SHUWH D 3RUFD GR 3LQoD VHJXUDPHQWH SDUD HYLWDU TXH
R DFHVVyULR VH GHVDMXVWH GXUDQWH D RSHUDomR GD
HVPHULODGRUD 9HULILTXH R DSHUWR GD 3RUFD GR 3LQoD
DQWHV GH RSHUDU D HVPHULODGRUD 3UHVWH SDUWLFXODU
DWHQomR DR IDFWR GH TXH D YHORFLGDGH SHUPLWLGD GH XP
SRQWR PRQWDGR p GLPLQXtGD TXDQGR R FRPSULPHQWR GR
HL[R p DXPHQWDGR HQWUH D H[WUHPLGDGH GD SLQoD H R
SRQWR PRQWDGR SHQGXUDGR
$'9(57È1&,$ &RPELQDo}HV LQFRUUHFWDV GH GLVFR GH HVPHULODPHQWR SURWHFWRUGR GLVFR H YHORFLGDGH GD IHUUDPHQWD SRGH
UHVXOWDU HP IHULPHQWR
$V FRPELQDo}HV FRUUHFWDV HVWD} HVSHFLILFDGDV DEDL[R
1~PHUR GH 3HoD GR
3URWHFWRU
7LSR GR 'LVFR 'LkPHWUR GR 'LVFR (VSHVVXUD 0i[LPD
GR 'LVFR
9HORFLGDGH 0i[LPD
PP SRO PP SRO USP
$*      
$*      
&2/2&$1'2 $ )(55$0(17$ (0 )81&,21$0(172
/8%5,),&$d®2
,5$; 1R 3 ,5$; 1R  /%
,5$; 1R 3 ,5$; 1R  /%
,5$; 1R 3 ,5$; 1R  /%
8VH VHPSUH XP OXEULILFDGRU GH DU GH OLQKD FRP HVWDV
IHUUDPHQWDV 1yV UHFRPHQGDPRV D VHJXLQWH 8QLGDGH
)LOWUR/XEULILFDGRU5HJXODGRU
3DUD
(8$
 1R &).* 
'HSRLV GH FDGD GXDV KRUDV GH RSHUDomR VH HVWL HU XVDQGR
XP OXEULILFDGRU GH DU GH OLQKD LQMHFWH  D  FF GH ÐOHR
,5$; 1R 3 QD (QWUDGD GH $U
'HSRLV GH RLWR KRUDV GH RSHUDomR LQMHFWH FHUFD GH FF SDUD
RV 0RGHORV *5$ H FF SDUD RV 0RGHORV *5;$ GH
0DVVD /XEULILFDGRUD ,5$; 1R  /% RX ,5$; 1R  /%
QR $GDSWDGRU GH ÇQJXOR
/XEULILFDomR ([FHVVLYD SRGHUi FDXVDU GHUUDPDPHQWR GH
PDVVD OXEULILFDGRUD HP WRUQR GD iUYRUH
&8,'$'2
1mR PDUTXH DV VXSHUItFLHV QmR PHWiOLFDV GHVWD IHUUDPHQWD
FRP FyGLJRV GH LGHQWLILFDomR GR FOLHQWH 7DLV DFo}HV SRGHP
DIHFWDU R GHVHPSHQKR GD IHUUDPHQWD
/,1+$6 35,1&,3$,6  9(=(6 2 7$0$1+2 '$
(175$'$ '$ )(55$0(17$ 31(80É7,&$
3$5$
6,67(0$ '( $5
3$5$
)(55$0(17$
31(80É7,&$
/8%5,),&$'25
5(*8/$'25 ),/752
/,1+$ 5$0,),&$'$
 9(=(6 2 7$0$1+2
'$ (175$'$ '$ )(5
5$0(17$ 31(80É7,&$
'5(1(
5(*8/$50(17(
&2035(6625
'HVHQKR 73'

0$,17(1$1&( 6(&7,21 0

'ZJ 73$
6(5,(6 *5$ $1' *5;$ $1*/( *5,1'(56

0$,17(1$1&( 6(&7,21 0

3$57 180%(5 )25 25'(5,1* 3$57 180%(5 )25 25'(5,1*
&RPPRQ SDUWV IRU $// x )URQW5RWRU%HDULQJ /*
*5$ DQG *5;$ *ULQGHUV  )ORZ 5LQJ
 ,QOHW$VVHPEO\  /*$ IRU *5 $ JUHHQ  530    /*
x,QOHW6FUHHQ  5 IRU *5 $ NKDNL  530    /*
x,QOHW6HDO  5/) IRU*5$UHG  /*
 7KURWWOH 9DOYH 6SULQJ 6HDW  /* x +LJK3URILOH)ODQJH  /*
$ 7KURWWOH 9DOYH 6SULQJ  /  $ /RZ3URILOH&RQFHQWULF)ODQJH  /*5
% 7KURWWOH 9DOYH  /*  )ODQJH&ODPS /*
& 7KURWWOH 9DOYH 6HDW  /* i$ ([KDXVW+RVH$GDSWHU  /*
' &DUWULGJH&DVH  /*$ i% ([KDXVW+RVH  5/
 0RWRU+RXVLQJ $/* i& ([KDXVW+RVH5HWDLQHU :7
 7KURWWOH /HYHU  /*  :DUQLQJ /DEHO
 $ /RFNLQJ 7KURWWOH /HYHU $VVHPEO\  /*$ IRU DOO RWKHU PRGHOV HQGLQJ LQ (8    (8
 /HYHU ORFN /* IRUDOORWKHUPRGHOV $/*
/RFN6SULQJ  /* 1DPHSODWH
/RFN3LQ 87  IRU *5$ PRGHOV HQGLQJ LQ (8  $/$(8
 7KURWWOH /HYHU 3LQ  + IRUDOORWKHU*5$PRGHOV  $/$
 7KURWWOH 9DOYH 3OXQJHU  /* IRUDOO*5$PRGHOV $/$
x 5HDU5RWRU%HDULQJ  5 IRU*5 $530  $/$
x 5HDU5RWRU%HDULQJ6SDFHU   IRU*5 $530  $/$
x 5HDU5RWRU%HDULQJ5HWDLQHU  /*
 5RWRU  /* $GGLWLRQDO SDUWV IRU DOO *5$ PRGHOV
x 9DQH3DFNHWVHWRI9DQHV  '*  %HYHO 3LQLRQ DQG %HYHO *HDU
 )URQW(QG3ODWH  /* VROG RQO\ DV D PDWFKHG VHW
 )URQW(QG3ODWH6SDFHU  /* IRU*5$ /$$
x )URQW6HDO&XS$VVHPEO\  +$ IRU*5$ /$$
 1RW LOOXVWUDWHG
x7R NHHS GRZQWLPH WR D PLQLPXP LW LV GHVLUDEOH WR KDYH RQ KDQG FHUWDLQ UHSDLU SDUWV :H UHFRPPHQG WKDW \RX VWRFN RQH SDLU RU VHW RI HDFK SDUW LQGLFDWHG E\ D
EXOOHW x IRU HYHU\ IRXU WRROV LQ VHUYLFH
 ,QFOXGHG ZLWK 0RGHOV WKDW KDYH DQ ´/µ LQ WKH VXIIL[
,QFOXGHG ZLWK 0RGHOV WKDW KDYH D ´&µ LQ WKH VXIIL[
i,QFOXGHG ZLWK 0RGHOV WKDW KDYH D ´3µ LQ WKH VXIIL[
$OZD\V LQVWDOO D /RFNLQJ 7KURWWOH /HYHU $VVHPEO\  $ RQ D WRRO ZLWK D /RZ 3URILOH &RQFHQWULF )ODQJH $ 'R QRW HTXLS D WRRO ZLWK D VWDQGDUG
QRQORFNLQJ 7KURWWOH /HYHU   DQG /RZ 3URILOH &RQFHQWULF )ODQJH 7KLV FDQ DOORZ WKH WRRO WR FRQWLQXH WR UXQ LI GURSSHG RU VHW GRZQ

0$,17(1$1&( 6(&7,21 0

3$57 180%(5 )25 25'(5,1* 3$57 180%(5 )25 25'(5,1*
  $QJOH+RXVLQJ$VVHPEO\  /$$6   $QJOH+RXVLQJ$VVHPEO\  /$$6
 &ODPS6SDFHU /$  &ODPS 6SDFHU  /$
 &ODPS XW  /*  &ODPS XW  /*
 *UHDVH )LWWLQJ  ')  *UHDVH )LWWLQJ  ')
x 8SSHU$UERU%HDULQJ  $* x 8SSHU$UERU%HDULQJ  $*
x :LFN x :LFN /$
IRU*5$  /$  %HYHO*HDU1XW  $*$
IRU*5$  /$ x /RZHU$UERU%HDULQJ $*
 %HYHO*HDU1XW  /$  $UERU
x /RZHU$UERU%HDULQJ /$ IRU*5 $5&  $**
 $UERU IRU*5 $5*  /$
IRU&ROOHW0RGHOV $**  $UERU%HDULQJ&DS $*
IRU:KHHO0RGHOV  $* $GGLWLRQDO SDUWV IRU DOO FROOHW PRGHOV
 $UERU%HDULQJ&DS $*  &ROOHW
$GGLWLRQDO SDUWV IRU DOO *5;$ PRGHOV IRU*5$  *+'
x $UERU&RXSOLQJ  /( IRU*5$5&0 *+'PP
 &ODPS6OHHYH  /( IRU*5 $ '**
 6SLQGOH%HDULQJ1XW /(  1RVHSLHFHIRU*5 $RQO\  $*$
 &RXSOLQJ5HWDLQLQJ5LQJ  5   &ROOHW 1XW
 ([WHQVLRQ+RXVLQJ$VVHPEO\  /$$ IRU*5$  '*$
x 5HDU6SLQGOH%HDULQJ /( IRU*5 $ $*$
 6SLQGOH  /$ $GGLWLRQDO SDUWV IRU DOO ZKHHO PRGHOV
 )URQW6SLQGOH%HDULQJ  /*  :KHHO *XDUG $GDSWHU $VVHPEO\
 %HYHO 3LQLRQ DQG %HYHO *HDU IRU*5 $RQO\  /$$
VROGRQO\DVDPDWFKHGVHW  /$$$  :KHHO*XDUG$GDSWHU6FUHZ 
x7R NHHS GRZQWLPH WR D PLQLPXP LW LV GHVLUDEOH WR KDYH RQ KDQG FHUWDLQ UHSDLU SDUWV :H UHFRPPHQG WKDW \RX VWRFN RQH SDLU RU VHW RI HDFK SDUW LQGLFDWHG E\
D EXOOHW x IRU HYHU\ IRXU WRROV LQ VHUYLFH
 7KH /$$6 $QJOH +RXVLQJ $VVHPEO\ LV IXUQLVKHG ZLWK WKUHH :LFNV 8VH :LFN /$ ZLWKRXW WKH QRWFK RQ *5$ PRGHOV DQG :LFN /$
ZLWK RQH QRWFK RQ *5$ PRGHOV 7KH /$$6 $QJOH +RXVLQJ $VVHPEO\ LV IXUQLVKHG ZLWK WZR :LFNV 8VH :LFN /$ ZLWK WKH QRWFK RQ
*5 $ PRGHOV

0$,17(1$1&( 6(&7,21 0

3$57 180%(5 )25 25'(5,1* 3$57 180%(5 )25 25'(5,1*
 :KHHO *XDUG  $UERU :UHQFK µ KH[ ZUHQFK
IRU *5$5* DQG LQFOXGHG ZLWK DOO PRGHOV XVLQJ
*5;$5* $* 7\SH:KHHOV  $*
IRU*5$5*  $*  $UERU %HDULQJ &DS :UHQFK IRU DOO
 *XDUG/RFN:DVKHU  5 *5;$PRGHOV  $*
 *XDUG 0RXQWLQJ 6FUHZ   )ODQJH XW :UHQFK /VKDSHG
IRU*5$  $* LQFOXGHG ZLWK DOO PRGHOV XVLQJ
IRU*5;$ /$ 7\SH:KHHOV  '
 :KHHO)ODQJH  5$'  &ODPS XW :UHQFK
 )ODQJH XW  $*$ IXUQLVKHG ZLWK DOO *5$ PRGHOV
 )ODQJH6SDFHUIRUµZKHHOVRQO\  /$ µ  /$
$FFHVVRULHV IRU DOO PRGHOV IXUQLVKHG ZLWK DOO *5 $ PRGHOV
 &ROOHW %RG\ :UHQFK RU )ODQJH 6SDFHU µ  /$
:UHQFK LQFOXGHG ZLWK DOO FROOHW PRGHOV  ,5$ 1R 3 2LO  R] ERWWOH  =
IRU *5$  ,5$ 1R 3 2LO  R] ERWWOH  =
GRXEOHHQG µ [ µ  '*  ,5$ 1R/%*UHDVHOEFDQ  /%
IRU *5 $ GRXEOHHQG  ,5$ 1R/%*UHDVHOEFDQ  /%
µ[µ  '*
 &ROOHW 1XW :UHQFK LQFOXGHG ZLWK DOO
FROOHW PRGHOV
IRU *5$
GRXEOHHQG µ [ µ  '*
IRU*5 $µ  &
 1RW LOOXVWUDWHG

0$,17(1$1&( 6(&7,21
'ZJ 73'
/*$$ (5*2 +$1'/( $66(0%/<
3$57 180%(5 )25 25'(5,1*
(UJR+DQGOH$VVHPEO\  /*$$
 +DQGOH$UERU  /*<
 3RVLWLRQ $QFKRU %ROW  /*
 $QFKRU5ROO3LQ  5$
 +DQGOH  /*;
 +DQGOH/RFN6FUHZ  $/
 /RFN6FUHZ:DVKHU  0)
 +DQGOH*ULS  /*:
 $QFKRU%ROW&ODPS  /*
 $OLJQPHQW XW  /*
7KH +DQGOH FDQ EH PRXQWHG IRU ULJKW RU OHIW KDQG RSHUDWLRQ DQG WKH DQJOH EHWZHHQ WKH +DQGOH DQG WKH WRRO FDQ EH DGMXVWHG
E\ ORRVHQLQJ WKH $OLJQPHQW XW  FORVHVW WR WKH 'HDG +DQGOH DQG VOLGLQJ WKH +DQGOH WRZDUG WKH +RXVLQJ RU DZD\ IURP
WKH +RXVLQJ 7KH +DQGOH FDQ EH URWDWHG WR WKH PRVW FRPIRUWDEOH SRVLWLRQ E\ ORRVHQLQJ WKH $OLJQPHQW XW  QH[W WR WKH
$QJOH +HDG DQG WXUQLQJ WKH +DQGOH WR DQ\ RI WKH VL[ DYDLODEOH SRVLWLRQV
 ,QFOXGHG ZLWK PRGHOV WKDW KDYH D ´'µ LQ WKH VXIIL[ 2QO\ DYDLODEOH RQ *5$ 0RGHOV
0


0$,17(1$1&( 6(&7,21
$OZD\V ZHDU H\H SURWHFWLRQ ZKHQ RSHUDWLQJ RU
SHUIRUPLQJ PDLQWHQDQFH RQ WKLV WRRO
$OZD\V WXUQ RII WKH DLU VXSSO\ DQG GLVFRQQHFW WKH DLU
VXSSO\ KRVH EHIRUH LQVWDOOLQJ UHPRYLQJ RU DGMXVWLQJ
DQ\ DFFHVVRU\ RQ WKLV WRRO RU EHIRUH SHUIRUPLQJ DQ\
PDLQWHQDQFH RQ WKLV WRRO
/8%5,&$7,21
:KHQHYHU RQH RI WKHVH *ULQGHUV LV GLVDVVHPEOHG IRU
RYHUKDXO RU UHSODFHPHQW RI SDUWV OXEULFDWH WKH WRRO DV
IROORZV
 $OZD\V ZLSH WKH 9DQHV  ZLWK D OLJKW ILOP RI RLO
EHIRUH LQVHUWLQJ WKHP LQWR WKH YDQH VORWV
 ,QMHFW  WR  FF RI ,5$; R 3 2LO LQWR WKH DLU
,QOHW $VVHPEO\  DIWHU DVVHPEO\
 :KHQHYHU D QHZ :LFN  RU  LV LQVWDOOHG VRDN WKH
:LFN LQ DSSUR[LPDWHO\  FF RI ,5$; R 3
2LO 'R QRW VXEVWLWXWH DQ\ RWKHU RLO
 :KHQHYHU WKH PRWRU LV GLVDVVHPEOHG UHPRYH WKH ROG
JUHDVH DQG UHILOO WKH FDYLW\ EHKLQG WKH 5HDU 5RWRU
%HDULQJ  ZLWK  FF RI ,5$; R  /% *UHDVH
',6$66(0%/<
*HQHUDO ,QVWUXFWLRQV
 'R QRW GLVDVVHPEOH WKH WRRO DQ\ IXUWKHU WKDQ
QHFHVVDU\ WR UHSODFH RU UHSDLU GDPDJHG SDUWV
 :KHQ JUDVSLQJ D WRRO RU SDUW LQ D YLVH DOZD\V XVH
OHDWKHUFRYHUHG RU FRSSHUFRYHUHG YLVH MDZV WR
SURWHFW WKH VXUIDFH RI WKH SDUW RU WRRO DQG KHOS SUHYHQW
GLVWRUWLRQ 7KLV LV SDUWLFXODUO\ WUXH RI WKUHDGHG
PHPEHUV DQG KRXVLQJV
 'R QRW UHPRYH DQ\ SDUW ZKLFK LV D SUHVV ILW LQ RU RQ D
VXEDVVHPEO\ XQOHVV WKH UHPRYDO RI WKDW SDUW LV
QHFHVVDU\ IRU UHSDLUV RU UHSODFHPHQW
 'R QRW GLVDVVHPEOH WKH WRRO XQOHVV \RX KDYH D
FRPSOHWH VHW RI QHZ JDVNHWV DQG 2ULQJV IRU
UHSODFHPHQW
 'R QRW SUHVV DQ\ QHHGOH EHDULQJ IURP D SDUW XQOHVV
\RX KDYH D QHZ QHHGOH EHDULQJ RQ KDQG IRU
LQVWDOODWLRQ HHGOH EHDULQJV DUH DOZD\V GDPDJHG
GXULQJ WKH UHPRYDO SURFHVV
'LVDVVHPEO\ RI DOO &ROOHW 0RGHO $QJOH +HDGV
 )RU *5$ PRGHOV JUDVS WKH WRRO LQ
FRSSHUFRYHUHG RU OHDWKHUFRYHUHG YLVH MDZV ZLWK WKH
&ROOHW  XSZDUG 8VLQJ WKH &ROOHW %RG\ :UHQFK
 RQ WKH IODWV RI WKH &ROOHW $UERU  DQG
WKH &ROOHW XW :UHQFK  RQ WKH &ROOHW XW 
XQVFUHZ WKH &ROOHW XW DQG UHPRYH WKH &ROOHW
)RU *5;$ PRGHOV JUDVS WKH WRRO LQ
FRSSHUFRYHUHG RU OHDWKHUFRYHUHG YLVH MDZV ZLWK WKH
&ROOHW  XSZDUG 8VLQJ WKH &ROOHW %RG\
:UHQFK  RQ WKH IODWV RI RI WKH &ROOHW $UERU 
DQG WKH &ROOHW XW :UHQFK  RQ WKH &ROOHW XW
 XQVFUHZ WKH &ROOHW XW DQG UHPRYH WKH
RVHSLHFH  DQG &ROOHW
 )RU *5$ PRGHOV XVLQJ D VSDQQHU ZUHQFK
XQVFUHZ DQG UHPRYH WKH $UERU %HDULQJ &DS 
7KLV LV D OHIWKDQG WKUHDG 5RWDWH WKH &DS :UHQFK
FORFNZLVH WR UHPRYH WKH &DS
)RU *5;$ PRGHOV XVLQJ WKH $UERU %HDULQJ &DS
:UHQFK  XQVFUHZ DQG UHPRYH WKH $UERU %HDULQJ
&DS  7KLV LV D OHIWKDQG WKUHDG 5RWDWH WKH &DS
:UHQFK FORFNZLVH WR UHPRYH WKH &DS
,Q WKH IROORZLQJ VWHS GR QRW DOORZ WKH $QJOH +HDG
WR URWDWH ZKHQ VHSDUDWLQJ LW IURP WKH 0RWRU
&RPSRQHQWV PD\ IDOO IURP WKH $QJOH +HDG
 )RU *5$ PRGHOV XVLQJ WKH &ODPS XW
:UHQFK  ORRVHQ WKH &ODPS XW  DQG SXOO WKH
$QJOH +RXVLQJ $VVHPEO\  DZD\ IURP WKH 0RWRU
+RXVLQJ  7KLV LV D OHIWKDQG WKUHDG 5RWDWH WKH
XW :UHQFK FORFNZLVH WR ORRVHQ WKH XW
)RU *5;$ PRGHOV XVLQJ WKH &ODPS XW :UHQFK
 ORRVHQ WKH &ODPS XW  DQG SXOO WKH $QJOH
+RXVLQJ $VVHPEO\  DZD\ IURP WKH ([WHQVLRQ
+RXVLQJ  7KLV LV D OHIWKDQG WKUHDG5RWDWHWKH
XW :UHQFK FORFNZLVH WR ORRVHQ WKH XW
 *UDVS WKH &ROOHW $UERU DQG SXOO WKH DVVHPEOHG $UERU
RXW RI WKH $QJOH +HDG ,I WKH :LFN  RU  QHHGV
UHSODFHPHQW SXOO LW RXW RI WKH $QJOH +RXVLQJ
 ,I WKH 8SSHU $UERU %HDULQJ  RU  QHHGV
UHSODFHPHQW VXSSRUW WKH $QJOH +HDG RQ WKH WDEOH RI
DQ DUERU SUHVV EHDULQJ HQG GRZQ DQG SUHVV WKH
%HDULQJ RXW RI WKH $QJOH +HDG
 *UDVS WKH &ROOHW $UERU LQ FRSSHUFRYHUHG RU
OHDWKHUFRYHUHG YLVH MDZV ZLWK WKH FROOHW HQG
GRZQZDUG 8VLQJ DQ DGMXVWDEOH ZUHQFK XQVFUHZ DQG
UHPRYH WKH %HYHO *HDU XW  RU  DQG OLIW WKH
%HYHO *HDU RII WKH $UERU
 ,I WKH /RZHU $UERU %HDULQJ  RU  PXVW EH
UHSODFHG XVH D SLHFH RI WXELQJ WR VXSSRUW WKH %HDULQJ
RQ WKH WDEOH RI DQ DUERU SUHVV DQG SUHVV WKH $UERU
IURP WKH %HDULQJ

This manual suits for next models

1

Other Ingersoll-Rand Grinder manuals

Ingersoll-Rand TA Series User manual

Ingersoll-Rand

Ingersoll-Rand TA Series User manual

Ingersoll-Rand HD Series User manual

Ingersoll-Rand

Ingersoll-Rand HD Series User manual

Ingersoll-Rand TD-EU Series User manual

Ingersoll-Rand

Ingersoll-Rand TD-EU Series User manual

Ingersoll-Rand TD Series User manual

Ingersoll-Rand

Ingersoll-Rand TD Series User manual

Ingersoll-Rand G3 Series User manual

Ingersoll-Rand

Ingersoll-Rand G3 Series User manual

Ingersoll-Rand VT26 Series User manual

Ingersoll-Rand

Ingersoll-Rand VT26 Series User manual

Ingersoll-Rand M2 Series User manual

Ingersoll-Rand

Ingersoll-Rand M2 Series User manual

Ingersoll-Rand CA series Instruction Manual

Ingersoll-Rand

Ingersoll-Rand CA series Instruction Manual

Ingersoll-Rand 88V60P107 User manual

Ingersoll-Rand

Ingersoll-Rand 88V60P107 User manual

Ingersoll-Rand HA Series User manual

Ingersoll-Rand

Ingersoll-Rand HA Series User manual

Ingersoll-Rand G3 Series User manual

Ingersoll-Rand

Ingersoll-Rand G3 Series User manual

Ingersoll-Rand 77A25F107 Setup guide

Ingersoll-Rand

Ingersoll-Rand 77A25F107 Setup guide

Ingersoll-Rand VT22 Series User manual

Ingersoll-Rand

Ingersoll-Rand VT22 Series User manual

Ingersoll-Rand TA User manual

Ingersoll-Rand

Ingersoll-Rand TA User manual

Ingersoll-Rand 77A Series User manual

Ingersoll-Rand

Ingersoll-Rand 77A Series User manual

Ingersoll-Rand 88H-EU Series User manual

Ingersoll-Rand

Ingersoll-Rand 88H-EU Series User manual

Ingersoll-Rand 61H Series User manual

Ingersoll-Rand

Ingersoll-Rand 61H Series User manual

Ingersoll-Rand 335SG4A Setup guide

Ingersoll-Rand

Ingersoll-Rand 335SG4A Setup guide

Ingersoll-Rand SC Series Setup guide

Ingersoll-Rand

Ingersoll-Rand SC Series Setup guide

Ingersoll-Rand 61H Series User manual

Ingersoll-Rand

Ingersoll-Rand 61H Series User manual

Ingersoll-Rand 61H Series User manual

Ingersoll-Rand

Ingersoll-Rand 61H Series User manual

Ingersoll-Rand 301 User manual

Ingersoll-Rand

Ingersoll-Rand 301 User manual

Ingersoll-Rand G5351 User manual

Ingersoll-Rand

Ingersoll-Rand G5351 User manual

Ingersoll-Rand 88V Series User manual

Ingersoll-Rand

Ingersoll-Rand 88V Series User manual

Popular Grinder manuals by other brands

Makita GD0600 instruction manual

Makita

Makita GD0600 instruction manual

HIKOKI G3618DA Handling instructions

HIKOKI

HIKOKI G3618DA Handling instructions

Pentair Hydromatic TL-Pro Installation and service manual

Pentair

Pentair Hydromatic TL-Pro Installation and service manual

Metkon MOBIPREP Operation & instruction manual

Metkon

Metkon MOBIPREP Operation & instruction manual

Makita GS5000 instruction manual

Makita

Makita GS5000 instruction manual

Drill Master 3150 Assembly and operation instructions

Drill Master

Drill Master 3150 Assembly and operation instructions

DOSKO 2962090 owner's manual

DOSKO

DOSKO 2962090 owner's manual

EINHELL TC-AG 115/750 Original operating instructions

EINHELL

EINHELL TC-AG 115/750 Original operating instructions

SUHNER ABRASIVE LSB 25 Technical document

SUHNER ABRASIVE

SUHNER ABRASIVE LSB 25 Technical document

Neary 555 SRI Service manual

Neary

Neary 555 SRI Service manual

Black & Decker G720G Original instructions

Black & Decker

Black & Decker G720G Original instructions

Berner BACAG BL 18V Original instructions

Berner

Berner BACAG BL 18V Original instructions

Sealey SA671.V3 instructions

Sealey

Sealey SA671.V3 instructions

Atlas Copco LSF19 S300-1 Product instructions

Atlas Copco

Atlas Copco LSF19 S300-1 Product instructions

Makita 906 instruction manual

Makita

Makita 906 instruction manual

BTI WKS 125 VRE operating instructions

BTI

BTI WKS 125 VRE operating instructions

HOLZMANN MASCHINEN NTS 250 user manual

HOLZMANN MASCHINEN

HOLZMANN MASCHINEN NTS 250 user manual

HIKOKI GP18DA Handling instructions

HIKOKI

HIKOKI GP18DA Handling instructions

manuals.online logo
manuals.online logoBrands
  • About & Mission
  • Contact us
  • Privacy Policy
  • Terms and Conditions

Copyright 2025 Manuals.Online. All Rights Reserved.