How to improve the energy efficiency of a compressed air system

k9bmw@H E@ :>AC@G6 E96 6?6C8J 677:4:6?4J @7 2 4@>AC6DD65 2:C DJDE6>k^9bm

kAmr@>AC6DD65 2:C :D 4C:E:42= :? >2?J k2 9C67lQ9EEADi^^HHH]BF:?4J4@>AC6DD@C]4@>^3=@8^2AA=:42E:@?D\@7\2:C\4@>AC6DD@CD^Qm:?5FDEC:2= 2?5 ?@?:?5FDEC:2= 2AA=:42E:@?Dk^2m[ :?4=F5:?8 A@H6C:?8 A?6F>2E:4 E@@=D 2?5 4@?G6J@C DJDE6>D[ 4=62?:?8 6BF:A>6?E 2?5 2:C7:==:?8 2>FD6>6?E A2C< @3;64ED] (9:=6 AC6DDFC:K65 2:C :D 2? :?5:DA6?D23=6 D@FC46 @7 A@H6C[ 4@>AC6DD65 2:C DJDE6>D 2C6 D@>6 @7 E96 >@DE 6?6C8J\:?E6?D:G6 >249:?6D]k^Am

kAmx>AC@G:?8 E96 677:4:6?4J @7 2 4@>AC6DD65 2:C DJDE6> 42? A@D:E:G6=J :>A24E 2 3FD:?6DD’D 3@EE@> =:?6] %9:D 8F:56 7C@> k2 9C67lQ9EEADi^^HHH]BF:?4J4@>AC6DD@C]4@>^nFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lA2CE?6CD9:ADU2>AjFE>042>A2:8?l6>\DJ?5:42E:@?\6?6C8J677:4:6?4J4@>AC6DD652:CDJDE6>Qm"F:?4J r@>AC6DD@Ck^2m 6IA=@C6D AC24E:42= E:AD 7@C :?4C62D:?8 E96 6?6C8J 677:4:6?4J @7 4@>AC6DD65 2:C DJDE6>D 2?5 =@H6C:?8 @A6C2E:?8 4@DED]k^Am

k9bm`] &?56CDE2?5 E96 6I:DE:?8 DJDE6>k^9bm

kAm%96 7:CDE DE6A E@ 4FC3:?8 A@H6C H2DE286 2?5 :>AC@G:?8 E96 677:4:6?4J @7 J@FC 4@>AC6DD65 2:C DJDE6> :D E@ 4@?5F4E 2 4@>AC696?D:G6 2F5:E @7 J@FC 6I:DE:?8 DJDE6>] p AC@76DD:@?2= 2?2=JD:D @7 E96 4@>AC6DD@C H:== 96=A J@F :56?E:7J 2C62D @7 :>AC@G6>6?E[ 2==@H:?8 J@F E@ 4C62E6 2 DEC2E68J 7@C 4@DE D2G:?8D] %JA:42==J[ 2 AC@76DD:@?2= DJDE6> 2F5:E :?G@=G6D E96 7@==@H:?8]k^Am

kF=mk=:mkDEC@?8m!6C7@C>2?46 2?2=JD:Dik^DEC@?8m %9:D :D 2? 6G2=F2E:@? @7 9@H E96 >249:?6 @A6C2E6D[ :?4=F5:?8 E96 DE2?52C5 @A6C2E:?8 9@FCD[ 6?6C8J 4@?DF>AE:@?[ AC6DDFC6 =6G6=D 2?5 2:C @FEAFE] r@?5F4E:?8 A6C7@C>2?46 2?2=JD:D 2?5 C64@C5:?8 52E2 @G6C 2 DA64:7:4 A6C:@5 2==@HD 2 E649?:4:2? E@ D66 9@H E96 DJDE6> 3692G6D F?56C 5:776C6?E 4@?5:E:@?D]k^=:mk=:mkDEC@?8mtI:DE:?8 2AA=:42E:@?Dik^DEC@?8m p H2=<\E9C@F89 @7 E96 6?E:C6 724:=:EJ AC@G:56D 52E2 @? E96 G2C:@FD AC@46DD6D E92E C6BF:C6 4@>AC6DD65 2:C] s6E2:=65 52E2 @? FD6 42D6D :D <6J E@ :56?E:7J:?8 H2DE286 2?5 :?2AAC@AC:2E6 FD6D]k^=:mk=:mkDEC@?8mx56?E:7J:?8 492==6?86Dik^DEC@?8m ~?46 2 AC@76DD:@?2= 4@==64ED E96 ?646DD2CJ 52E2[ E96J 2?2=JK6 :E E@ 82:? :?D:89E :?E@ :DDF6D 2?5 :56?E:7J A2EE6C?D @7 :?677:4:6?4J] %96D6 G2CJ[ 7C@> :?4@?D:DE6?4:6D 36EH66? 2:C DFAA=J 2?5 56>2?5 E@ 6?6C8J 5C2:? @FED:56 AC@5F4E:@? 9@FCD]k^=:mk^F=m

kAmp?2=JK:?8 J@FC 6I:DE:?8 DJDE6> 2?5 :56?E:7J:?8 :ED 492==6?86D :D ?646DD2CJ :7 J@F H2?E E@ AC:@C:E:K6 D@=FE:@?D 32D65 @? :>A24E]k^Am

k9bma] ~AE:>:K6 AC6DDFC6 5C@Ak^9bm

kAmxE’D 492==6?8:?8 E@ 2G@:5 2 AC6DDFC6 5C@A :? 2 4@>AC6DD65 2:C DJDE6>[ 2D 5@:?8 D@ C6BF:C6D E96 4@>AC6DD@C E@ @A6C2E6 2E 2 9:896C AC6DDFC6] w@H6G6C[ E96 9:896C E96 4@>AC6DD@C 5:D492C86 AC6DDFC6[ E96 >@C6 A@H6C :E 4@?DF>6D] x7 J@F :?4C62D6 E96 @A6C2E:?8 AC6DDFC6 3J a A@F?5D A6C DBF2C6 :?49 82F86[ E96 >249:?6’D A@H6C 4@?DF>AE:@? :?4C62D6D 3J `T]k^Am

kAm%96C67@C6[ @AE:>:K:?8 E96 DJDE6> 7@C 677:4:6?4J =:6D :? >:?:>:K:?8 E96 AC6DDFC6 5C@A E@ ?@ >@C6 E92? `_T 36EH66? E96 4@>AC6DD@C 5:D492C86 2?5 E96 A@:?E @7 FD6] p?J >@C6 E92? E9:D >62?D J@FC DJDE6> FD6D 6I46DD 6?6C8J]k^Am

kAm%96C6 2C6 5:776C6?E 724E@CD C6DA@?D:3=6 7@C E96 2>@F?E @7 AC6DDFC6 5C@A :? 4@>AC6DD65 2:C DJDE6>D[ DF49 2D A:A:?8 5:2>6E6C[ DFC7246 E6IEFC6[ 7:EE:?8D 2?5 G2=G6D[ 2:C DA665[ 2?5 2:C EC62E>6?E 6BF:A>6?E] %96D6 724E@CD 42? D:8?:7:42?E=J C65F46 2:C 4@?DF>AE:@? 2?5 42FD6 9:89 AC6DDFC6 5C@AD :? E96 DJDE6>]k^Am

kAmp? 2:C DJDE6> 2DD6DD>6?E H:== AC@G:56 G2=F23=6 52E2 E@ 96=A J@F >2:?E2:? >:?:>F> AC6DDFC6 5C@A 2?5 :>AC@G6 677:4:6?4J]k^Am

k9bmb] t=:>:?2E6 =62< D@FC46Dk^9bm

kAm{62<D E92E 8@ F??@E:465 :? 4@>AC6DD65 2:C DJDE6>D 42? =625 E@ D:8?:7:42?E =@DD6D 5F6 E@ A@H6C H2DE286 2?5 C65F465 AC@5F4E:G:EJ] u@C 6I2>A=6[ 2 DJDE6> 2F5:E @7 |:<C@? x?5FDEC:6D :? a_ab 7@F?5 =62<D :? 23@FE k2 9C67lQ9EEADi^^64@=@8J]H2]8@G^3=@8^2F8FDE\a_ab^E24<=:?8\E@I:4D\64@=@8J\96=AD\3FD:?6DD\D2G6\4@DED\2?5\C65F46\A@H6C\FD6\H:E9\2:C\=62<\2F5:EQmEH@\E9:C5D @7 E96 724:=:EJk^2m[ H9:49 H6C6 6DE:>2E65 E@ 4@DE E96 4@>A2?J S`df[___ 2??F2==J]k^Am

kAmr@>AC6DD65 2:C 5:DEC:3FE:@? DJDE6>D ?665 2? FA\E@\52E6 A:A:?8 ?6EH@C< E92E 6=:>:?2E6D =62< 492==6?86D 4@>>@? H:E9 @FE52E65 A:A:?8 DJDE6>D] rFCC6?E :?5FDECJ 25G2?46>6?ED 92G6 =65 E@ A:A:?8 DJDE6>D >256 7C@> C6=:23=6 >2E6C:2=D 2?5 7:EE:?8D E92E @776C =@H AC6DDFC6 5C@A 2?5 244@>>@52E6 >@5:7:42E:@?D E@ 255C6DD =62< D@FC46D]k^Am

k9bmx56?E:7J:?8 2 4@>AC6DD65 2:C =62<k^9bm

kAmr@>AC6DD65 2:C =62<D 42? 36 D:=6?E 6?6C8J H2DE6CD :? 4@>>6C4:2= 2?5 :?5FDEC:2= 724:=:E:6D] w@H 5@ J@F <?@H E92E J@FC DJDE6> 92D 2:C =62<Dn w6C6 2C6 <6J D:8?D E@ H2E49 @FE 7@C]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_e^ab^BF:?4J\4@>AC6DD65\2:C\DJDE6>\`]A?8Q 2=ElQx?7@8C2A9:4 23@FE E96 D:8?D @7 2 4@>AC6DD65 2:C =62<]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m"F:?4J r@>AC6DD@Ck^7:842AE:@?mk^7:8FC6m

kAm k^Am

kF=mk=:mkDEC@?8mpF5:3=6 =62<286ik^DEC@?8m sF6 E@ E96 9:89 AC6DDFC6 @7 E96 6D42A:?8 2:C[ H9:DE=:?8 @C 9:DD:?8 D@F?5D 2C6 4@>>@? H:E9 =62<J 4@>AC6DD65 2:C DJDE6>D] w@H6G6C[ D@>6 =62<D 2C6 :?2F5:3=6 2?5[ E96C67@C6[ 92C56C E@ 56E64E]k^=:mk=:mkDEC@?8m#65F465 6BF:A>6?E A6C7@C>2?46ik^DEC@?8m {62<J 4@>AC6DD@CD 2C6 :?677:4:6?E 2?5 =:<6=J E@ A6C7@C> A@@C=J[ C6DF=E:?8 :? =@H @FEAFE]k^=:mk=:mkDEC@?8m$JDE6> 5@H?E:>6Dik^DEC@?8m uC6BF6?E 4@>AC6DD@C 5@H?E:>6D 42? 36 2 C6DF=E @7 F?:56?E:7:65 =62<D] $:?46 E96 >249:?6 H@C<D 92C56C E@ 4@>A6?D2E6 7@C E96 4@?DE2?E AC6DDFC6 =@DD[ :E DF776CD H62C 2?5 3C62<D 5@H? >@C6 7C6BF6?E=J]k^=:mk=:mkDEC@?8m$A:<6D :? 6?6C8J 3:==Dik^DEC@?8m p? F??@E:465 2:C =62< D:8?:7:42?E=J :?4C62D6D 6?6C8J 4@DED] %92E’D 3642FD6 E96 DJDE6> FD6D >@C6 A@H6C E@ 4@>A6?D2E6 7@C E96 =@DE 2:C 2?5 >66E E96 C6BF:C65 @FEAFE]k^=:mk^F=m

kAm#6>6>36C[ 4@>AC6DD65 2:C =62<D 42? 62D:=J 8@ F??@E:465] *@F >2J 72:= E@ :56?E:7J 2?J @7 E96 23@G6 D:8?D H:E9@FE AC@76DD:@?2= 2F5:E:?8[ 6DA64:2==J :7 J@F 92G6 2 =2C86 @A6C2E:@?] $@>6 =62<D 2C6 :?2F5:3=6] *@F >2J 2=D@ 2EEC:3FE6 DA:<6D :? 6?6C8J FD6 @C =@H 6BF:A>6?E A6C7@C>2?46 E@ @E96C 6I:DE:?8 :DDF6D] xE’D 36DE E@ D4965F=6 k2 9C67lQ9EEADi^^HHH]BF:?4J4@>AC6DD@C]4@>^3=@8^H9J\J@FC\3FD:?6DD\?665D\6?6C8J\2F5:E^Qm2 DJDE6>\H:56 6?6C8J 2F5:Ek^2m 7@C 2 >@C6 244FC2E6 A:4EFC6]k^Am

k9bmc] r9@@D6 E96 2AAC@AC:2E6 4@>AC6DD@Ck^9bm

kAmp? 67764E:G6 H2J E@ 6?DFC6 E96 6?6C8J 677:4:6?4J @7 2 4@>AC6DD@C 7C@> E96 86E\8@ :D E@ :?DE2== E96 2AAC@AC:2E6 4@>AC6DD65 2:C DJDE6> 7@C J@FC 724:=:EJ] w6C6 2C6 2 76H 4@?D:56C2E:@?D 7@C D6=64E:?8 E96 C:89E 4@>AC6DD@C E@ >2:?E2:? 677:4:6?4J]k^Am

kF=mk=:mkDEC@?8m'2C:23=6 DA665 5C:G6 E649?@=@8Jik^DEC@?8m '$s E649?@=@8J 2==@HD :?5FDEC:2= >249:?6D 6BF:AA65 H:E9 :E E@ k2 9C67lQ9EEADi^^HHH]BF:?4J4@>AC6DD@C]4@>^3=@8^36?67:ED\G2C:23=6\DA665\5C:G6D^Qm25;FDE >@E@C DA665k^2m 244@C5:?8 E@ E96 56>2?5D @7 2 DA64:7:4 2AA=:42E:@?] r9@@D:?8 4@>AC6DD@CD H:E9 '$s :D :562= 7@C 2AA=:42E:@?D E92E C6BF:C6 5J?2>:4 2:C 56>2?5 — E96 >249:?6 4@?DF>6D @?=J 2D >F49 6?6C8J 2D ?66565]k^=:mk=:mkDEC@?8mr6?EC:7F82= 4@>AC6DD@CDik^DEC@?8m %96D6 962GJ\5FEJ 4@>AC6DD@CD FD6 2 5J?2>:4 4@>AC6DD:@? AC@46DD E92E >2<6D E96> 677:4:6?E 7@C =2C86\D42=6 2:C 56>2?5D] |@56C? 46?EC:7F82= 4@>AC6DD@CD 4@>6 H:E9 25G2?465 :>A6==6CD 56D:8?65 E@ >66E 2:C7=@H 2?5 AC6DDFC6 C6BF:C6>6?ED]k^=:mk=:mkDEC@?8m$:K:?8 C6BF:C6>6?EDik^DEC@?8m !C@A6C D:K:?8 :D 4C:E:42= H96? D6=64E:?8 4@>AC6DD65 2:C DJDE6>D] ~G6CD:K65 @AE:@?D H2DE6 6?6C8J[ H9:=6 F?56CD:K65 @AE:@?D DECF88=6 E@ >66E 56>2?5 2?5 H:E9DE2?5 AC6DDFC6 7=F4EF2E:@?D] *@F H2?E E@ A:4< 2 4@>AC6DD@C D:K6 E92E >2E496D J@FC ?665D E@ :>AC@G6 677:4:6?4J]k^=:mk=:mkDEC@?8m~:=\7C66 2?5 @:=\7=@@565 4@>AC6DD@CDik^DEC@?8m %96 49@:46 36EH66? k2 9C67lQ9EEADi^^HHH]BF:?4J4@>AC6DD@C]4@>^3=@8^9@H\5@\@:=\7C66\2:C\4@>AC6DD@CD\H@C<^Qm@:=\7C66 2:C 4@>AC6DD@CDk^2m 2?5 E96:C @:=\7=@@565 2=E6C?2E:G6D 56A6?5D @? J@FC ?665D] %92E D2:5[ @:=\7C66 2=E6C?2E:G6D 86?6C2==J 92G6 C65F465 =62<D 2?5 6?6C8J 4@?DF>AE:@?]k^=:mk^F=m

k9bmd] ~AE:>:K6 4@>AC6DD@C 4@?EC@=Dk^9bm

kAmr@>AC6DD@C 4@?EC@= DJDE6>D A=2J 2 9F86 C@=6 :? 6?6C8J 677:4:6?4J[ 6DA64:2==J :? >F=E:4@>AC6DD@C DJDE6>D E92E C6BF:C6 2 >@C6 4@>A=6I 4@?EC@= D@=FE:@?] r@>AC6DD@C 4@?EC@=D 56E6C>:?6 H96? DJDE6>D CF?[ D@ H:E9 >F=E:A=6 4@>AC6DD@CD[ :E’D ?646DD2CJ E@ 56E6C>:?6 H9:49 F?:E @A6C2E6D 2?5 H96? E@ FD6 2FE@>2E:@?]k^Am

kAmw@H 5@6D @AE:>:K:?8 4@>AC6DD@C 4@?EC@=D 96=A H:E9 6?6C8J 677:4:6?4Jn w6C6’D 2? @G6CG:6H @7 D6BF6?46 4@?EC@= 2?5 @AE:>:K65 46?EC2= 4@?EC@= 2?5 9@H 6249 A6C7@C>D]k^Am

kAmkDEC@?8m$6BF6?46 4@?EC@=k^DEC@?8mk^Am

kAmp DE2CE D6BF6?46 4@?EC@= DJDE6> 42? 36 AC@8C2>>65 E@ C624E E@ DJDE6> AC6DDFC6 5C@AD[ H96C6 2? 6IEC2 4@>AC6DD@C DH:E496D @77 E96 =@25 CF??:?8 :7 E96 AC6DDFC6 5C@AD] $:?46 E96 D6BF6?46 C6>2:?D E96 D2>6[ 6G6? H:E9 E96 FD6 @7 '$s\A@H6C65 F?:ED[ AC6DDFC6 G@=F>6D H:== 2=H2JD 36 9:896C E92? C6BF:C65[ =625:?8 E@ 9:89 6?6C8J 3:==D]k^Am

kAmkDEC@?8m~AE:>:K65 46?EC2= 4@?EC@=Dk^DEC@?8mk^Am

kAm(:E9 @AE:>:K65 46?EC2= 4@?EC@==6CD[ E96 :?EF:E:G6 DJDE6> :D 42A23=6 @7 4@??64E:?8 2== 4@>AC6DD@CD[ C65F4:?8 E96 AC6DDFC6 32?5 2?5 @AE:>:K:?8 A6C7@C>2?46 7@C 6?6C8J 677:4:6?4J] (96? AC6DDFC6 5C@AD[ 2 D6BF6?46 4@?EC@==6C D:>A=J D6=64ED E96 ?6IE F?:E C682C5=6DD @7 42A24:EJ] p? @AE:>:K65 4@?EC@==6C 49@@D6D E96 :562= 4@>AC6DD@C 4@>3:?2E:@? E@ 677:4:6?E=J >66E E96 C6BF:C65 2:C 56>2?5] x? 42D6 @7 2 D:8?:7:42?E AC6DDFC6 5C@A[ :E D6=64ED E96 F?:E H:E9 E96 =2C86DE 42A24:EJ E@ 4@>A6?D2E6]k^Am

k9bme] x>A=6>6?E 962E C64@G6CJk^9bm

kAmx>A=6>6?E:?8 962E C64@G6CJ 5@6D?’E ?646DD2C:=J C65F46 E96 6?6C8J 4@?DF>AE:@? @7 J@FC 4@>AC6DD@C[ 3FE :E 5@6D :>AC@G6 E96 @G6C2== 677:4:6?4J @7 J@FC DJDE6>] &A E@ k2 9C67lQ9EEADi^^6?6C8JH2E6C286?4J]8@G]>E^HA\4@?E6?E^FA=@25D^a_ab^_a^t(p\r@>AC6DD65\p:C\$JDE6>]A57Qmh_T @7 E96 6=64EC:42= 6?6C8Jk^2m 2 4@>AC6DD65 2:C DJDE6> 4@?DF>6D :D ?6G6C FD65 2?5 :D 4@?G6CE65 :?E@ 962E]k^Am

kAm#64@G6C:?8 E96 86?6C2E65 962E 7C@> 2:C 4@>AC6DD@CD 6=:>:?2E6D 6I46DD H2DE286[ 2D J@F 42? C6AFCA@D6 E96 962E E@ 4FE 4@DED :? @E96C 2C62D @7 E96 724:=:EJ] u@C 6I2>A=6[ J@F 42? FD6 C64@G6C65 962E E@ 4@G6C @E96C 6?6C8J\:?E6?D:G6 24E:G:E:6D DF49 2D E96 7@==@H:?8]k^Am

kF=mk=:mkDEC@?8m$A246 962E:?8ik^DEC@?8m w62E:?8 @?6 @C >@C6 2C62D @7 2 724:=:EJ[ 6DA64:2==J :? E96 H:?E6C[ :D 2=C625J 6?6C8J\:?E6?D:G6] $A246 962E:?8 :D 2? :562= FD6 7@C C64@G6C65 H2DE6 962E]k^=:mk=:mkDEC@?8m(2E6C 962E:?8ik^DEC@?8m w62E65 H2E6C :D ?66565 :? >2?J :?5FDEC:2= 2AA=:42E:@?D] x?DE625 @7 5C2:?:?8 6=64EC:4:EJ E@ 962E H2E6C[ J@F 42? C6FD6 E96 962E H2DE6 7C@> J@FC 4@>AC6DD@C 7@C E9:D AFCA@D6]k^=:mk=:mkDEC@?8mw62E\DA64:7:4 2AA=:42E:@?Dik^DEC@?8m #64@G6C65 4@>AC6DD65 2:C 962E :D 2? 67764E:G6 D@=FE:@? 7@C A@H6C:?8 962E\DA64:7:4 @A6C2E:@?D E92E 2C6 2=C625J 4@>>@? :? >2?J :?5FDEC:6D] %96D6 AC@46DD6D :?4=F56 4=62?:?8[ C67:?:?8[ 5CJ:?8[ >6=E:?8 2?5 >@C6]k^=:mk^F=m

k9bmf] ~AE:>:K6 E96 6?5\FD6k^9bm

kAm%96 >@DE 677:4:6?E 4@>AC6DD65 2:C DJDE6>D DE:== 72:= E@ 36 6?6C8J\677:4:6?E :7 E96C6’D 2? :DDF6 2E E96 6?5 FD6 E92E C6DF=ED :? =@DE 2:C] w6C6 2C6 D@>6 @7 E96 DE6AD E@ E2<6 E@ @AE:>:K6 6?5\FD6 D@=FE:@?D]k^Am

kF=mk=:mkDEC@?8m&D6 677:4:6?E 6BF:A>6?Eik^DEC@?8m !@@C\BF2=:EJ ?@KK=6D 2?5 A:A:?8 4@F=5 =625 E@ E96 FD6 @7 >@C6 4@>AC6DD65 2:C E92? ?646DD2CJ] tI2>:?6 A?6F>2E:4 4J=:?56CD E@ 6?DFC6 E96J 2C6 D:K65 4@CC64E=J 7@C E96:C DA64:7:4 2AA=:42E:@?D]k^=:mk=:mkDEC@?8mp=E6C?2E:G6 D@=FE:@?Dik^DEC@?8m ~H?:?8 2 4@>AC6DD65 2:C DJDE6> 5@6D?’E >62? :E’D E96 >@DE 677:4:6?E D@=FE:@? 7@C 2== 2AA=:42E:@?D] %96C6 >2J 36 2=E6C?2E:G6D 7@C DA64:7:4 FD6 42D6D 2C@F?5 J@FC 724:=:EJ E92E 42? :?4C62D6 J@FC 6?6C8J D2G:?8D] tI2>A=6D :?4=F56 G24FF> AF>AD 2?5 =@H\AC6DDFC6 3=@H6CD]k^=:mk=:mkDEC@?8m~? 2?5 @77 2FE@>2E:@?ik^DEC@?8m $:>A=J EFC?:?8 @77 4@>AC6DD65 2:C DJDE6>D H96? ?@E :? FD6 @776CD 2>A=6 6?6C8J D2G:?8D] r@?D:56C:?8 9F>2? 6CC@C :D 2 4@>>@? 42FD6 @7 52>286 2?5 =@DD6D[ 2 DEC:4E @?\@77 A@=:4J >2J ?@E 36 2D 67764E:G6 2D 2? 2FE@>2E65 D9FE\@77 D@=FE:@?]k^=:mk^F=m

k9bmg] x>A=6>6?E AC@A6C 56D:8?k^9bm

kAmr@>AC6DD@CD H:E9 2 H6==\56D:8?65 5:DEC:3FE:@? DJDE6> @776C 36EE6C A6C7@C>2?46 2?5 677:4:6?4J] p =@@A DJDE6> 56D:8? 7@C 2:C 5:DEC:3FE:@?[ 7@C 6I2>A=6[ :D 36EE6C E92? 5625\6?5 =:?6D] xE AC@G:56D E96 2:C H:E9 >F=E:A=6 A2E9D E@ C6249 E96 6?5\FD6 A@:?E[ :>AC@G:?8 2:C7=@H 2?5 C65F4:?8 AC6DDFC6 5C@AD]k^Am

kAmp? 67764E:G6 A:A:?8 DJDE6> D9@F=5 2=D@ 92G6 76H6C 36?5D 2?5 7:EE:?8D] %96D6 C6DEC:4E:@?D AC@>@E6 AC6DDFC6 5C@AD[ 2?5 E96 D2>6 8@6D 7@C :?4@CC64E D:K:?8]k^Am

kAmx? 255:E:@?[ E96 DJDE6> D9@F=5 FD6 2FE@>2E:4 5C2:?D @? 2:C C646:G6CD 2?5 7:=E6CD E@ AC6G6?E 4@?56?D2E6 3F:=5FA[ H9:49 :D C6DA@?D:3=6 7@C 2446=6C2E65 4@CC@D:@? 2?5 :?4C62D65 AC6DDFC6 5C@AD]k^Am

k9bmh] u@DE6C 2 4F=EFC6 @7 6?6C8J 677:4:6?4Jk^9bm

kAm(9:=6 7@4FD:?8 @? E649?:42= 2DA64ED :D ?646DD2CJ E@ :>AC@G6 E96 6?6C8J 677:4:6?4J @7 J@FC 4@>AC6DD@C[ :E’D :>A@CE2?E E@ 4@?D:56C 2 4@>AC696?D:G6 2AAC@249 E@ 4C62E:?8 2 DFDE2:?23=6 6?6C8J 677:4:6?4J AC@8C2>] |2?J @7 E96D6 E649?@=@8:6D 2?5 D>2CE DEC2E68:6D C6=J @? 2 G:E2= 4@>A@?6?E — J@FC E62>]k^Am

kAmu@C 2 DJDE6> E92E 42? 62D:=J 244@F?E 7@C b_T @C >@C6 @7 2== :?5FDEC:2= A@H6C 4@?DF>AE:@?[ :E’D H:D6 E@ 6DE23=:D9 2 4F=EFC6 @7 6?6C8J 677:4:6?4J E@ ?FCEFC6 2 4@==64E:G6 >:?5D6E E92E 5C:G6D 6?6C8J 8@2=D] w6C6 2C6 D@>6 @7 E96 D@=FE:@?D E@ 6DE23=:D9:?8 2 DFDE2:?23=6 4@>A2?J\H:56 4@>AC6DD@C 677:4:6?4J]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_e^ab^BF:?4J\4@>AC6DD65\2:C\DJDE6>\a]A?8Q 2=ElQx?7@8C2A9:4 @? 7@DE6C:?8 2 4F=EFC6 @7 6?6C8J 677:4:6?4J]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m"F:?4J r@>AC6DD@Ck^7:842AE:@?mk^7:8FC6m

kAmkDEC@?8m%C2:?:?8 2?5 2H2C6?6DDk^DEC@?8mk^Am

kAmz?@H=6586 :D <6J E@ 96=A:?8 6>A=@J66D F?56CDE2?5 E96 :>A=:42E:@?D @7 :?677:4:6?E 4@>AC6DD65 DJDE6>D] rC62E6 56G:46 EC2:?:?8 AC@8C2>D 7@C FD6 24C@DD 2== 6>A=@J66 8C@FAD[ 7C@> @A6C2E@CD 2?5 >2:?E6?2?46 E649?:4:2?D E@ E96 >2?286>6?E DE277] !C24E:42= D<:==D :? @A6C2E:@? 2?5 EC@F3=6D9@@E:?8 C65F46 9F>2? 6CC@C[ :>AC@G6 >2:?E6?2?46 2?5 3@@DE 2H2C6?6DD]k^Am

kAmkDEC@?8m#@FE:?6 >2:?E6?2?46k^DEC@?8mk^Am

kAmr@>AC6DD@CD C6=J @? C@FE:?6 >2:?E6?2?46 7@C @AE:>2= A6C7@C>2?46] r@?D:56C :>A=6>6?E:?8 2 AC@24E:G6 >2:?E6?2?46 A=2? E92E 8@6D 36J@?5 C624E:G6 C6A2:CD] s6G6=@A 2? 67764E:G6 AC6G6?E:G6 >2:?E6?2?46 DEC2E68J J@FC E62> @C E649?:4:2?D 42? 7@==@H E@ 6?DFC6 677:4:6?4J]k^Am

kAmkDEC@?8mr@?E:?F@FD :>AC@G6>6?Ek^DEC@?8mk^Am

kAm{@?8\E6C> 4@>AC6DD@C 677:4:6?4J C6BF:C6D 4@?E:?F@FD :>AC@G6>6?E 2?5 252AE2E:@? E@ 492?8:?8 ?665D] $4965F=6 A6C:@5:4 DJDE6> 2F5:ED E@ 4@==64E A6C7@C>2?46 52E2 2?5 :56?E:7J 2C62D @7 :>AC@G6>6?E[ 7C@> =62< 56E64E:@? E@ 7F== 4@>AC6DD@C C6A=246>6?E] pD ?6H 25G2?46>6?ED :? 4@>AC6DD65 2:C E649?@=@8J 6>6C86[ J@F H2?E E@ 252AE 2?5 E2<6 25G2?E286 @7 >@C6 6?6C8J\677:4:6?E D@=FE:@?D]k^Am

k9bm|2:?E2:?:?8 6?6C8J 677:4:6?4J @7 4@>AC6DD65 2:C DJDE6>Dk^9bm

kAmp55C6DD:?8 E96 6?6C8J 677:4:6?4J 492==6?86D @7 J@FC 4@>AC6DD65 2:C DJDE6> @776CD 2 A@H6C7F= D@=FE:@? E@ 4FEE:?8 @A6C2E:?8 4@DED[ :>AC@G:?8 @G6C2== 724:=:EJ @A6C2E:@?D 2?5 C65F4:?8 J@FC 724:=:EJ’D 6?6C8J 7@@EAC:?E] %@ >2:?E2:? =@?8\E6C> 6?6C8J 677:4:6?4J[ 2 9@=:DE:4 2AAC@249 4@>3:?:?8 E649?:42= 2DA64ED 2?5 2 4@>>:E>6?E E@ @?8@:?8 @AE:>:K2E:@? :D ?646DD2CJ]k^Am

kAmr@>AC6DD65 2:C DJDE6>D 2C6 2 >FDE\92G6 >249:?6 :? >2?J :?5FDEC:6D] w@H6G6C[ E96:C C6=6G2?46 5@6D?’E >62? J@F >FDE 362C 4C:AA=:?8 6?6C8J 3:==D] %CJ E96 C64@>>6?565 D@=FE:@?D[ DF49 2D :?G6DE:?8 :? 2:C 2F5:ED[ C6D@=G:?8 =62<D 2?5 @AE:>:K:?8 4@>AC6DD@C 4@?EC@=D] x7 6?6C8J H2DE6 :D DE:== 2 4@?46C?[ 4@?D:56C 25G2?465 DEC2E68:6D =:<6 2FE@>2E:@?[ 962E C64@G6CJ 2?5 FA8C25:?8 E@ E96 =2E6DE DJDE6>D]k^Am

kAmk2 9C67lQ9EEADi^^HHH]BF:?4J4@>AC6DD@C]4@>^3=@8^9@H\E@\:>AC@G6\E96\6?6C8J\677:4:6?4J\@7\2\4@>AC6DD65\2:C\DJDE6>^Qmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]2:C4@>AC6DD@CD5:C64E]4@>^E@@=D^BF:?4J\2:C\4@>AC6DD@CD]9E>=nDCD=E:5lp7>q~@Bz}rBHA:zpDC7pw=@JE%F"@FqBe67\>zz2(\ttf7?~#=>*t*:hQmk6>m"F:?4J r@>AC6DD@Ck^6>mk^2m k6>m2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2m]k^Am