Bosch Solution 16i User manual

6R
O
XW
L
R
Q
L6R
O
XW
L
R
Q
L
6
HFXULW\
6
\VWH
P6
HFXULW\
6
\VWH
P
8
VHU
*
XLG
H8
VHU
*
XLG
H
(1(1
4FDVSJUZ4ZTUFNT

4PMVUJPOJ
%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
$PQZSJHIU/PUJDF
6OMFTT PUIFSXJTF JOEJDBUFE UIJT QVCMJDBUJPO JT UIF
DPQZSJHIUPG#PTDI4FDVSJUZ4ZTUFNT1UZ-UEi#PTDIw"MM
SJHIUTBSFSFTFSWFE:PVNBZEPXOMPBEBTJOHMFDPQZPGUIJT
QVCMJDBUJPO#ZEPXOMPBEJOHUIFQVCMJDBUJPOZPVBHSFFUIBU
ZPVXJMMJPOMZVTFUIFQVCMJDBUJPOGPSZPVSPXOSFGFSFODF
JJOPUDPNNFSDJBMMZFYQMPJUPSDIBSHFBOZQFSTPOGPSUIF
VTFPGUIFQVCMJDBUJPOBOEJJJOPUNPEJGZUIFQVCMJDBUJPO
JOBOZXBZXJUIPVUUIFQSJPSXSJUUFOQFSNJTTJPOPG#PTDI
&YDFQU BT TQFDJmFE BCPWF PS XIFSF BVUIPSJTFE CZ UIF
$PQZSJHIU"DU$UIOPQBSUPGUIJTQVCMJDBUJPONBZ
CFSFQSPEVDFEUSBOTNJUUFENPEJmFEPSTUPSFEJOBOZGPSN
PSCZBOZNFBOTXJUIPVUUIFQSJPSXSJUUFOQFSNJTTJPOPG
#PTDI
5SBEFNBSLT
5ISPVHIPVU UIJT EPDVNFOU USBEFNBSL OBNFT NBZ IBWF
CFFOVTFE3BUIFSUIBO QVUBUSBEFNBSL TZNCPMJOFWFSZ
PDDVSSFODFPGBUSBEFNBSLOBNFXFTUBUFUIBUXFBSFVTJOH
UIFOBNFTPOMZJOBOFEJUPSJBMGBTIJPOBOEUPUIFCFOFmUPG
UIFUSBEFNBSLPXOFSXJUIOPJOUFOUJPOPGJOGSJOHFNFOUPG
UIFUSBEFNBSL
/PUJDFPG-JBCJMJUZ
8IJMF FWFSZ FõPSU IBT CFFO UBLFO UIF BDDVSBDZ PG UIJT
EPDVNFOUOFJUIFS#PTDI4FDVSJUZ4ZTUFNT1UZ-UEOPSBOZ
PGJUTPöDJBMSFQSFTFOUBUJWFTTIBMMIBWFBOZMJBCJMJUZUPBOZ
QFSTPOPSFOUJUZXJUISFTQFDUUPBOZMJBCJMJUZMPTTPSEBNBHF
DBVTFEPSBMMFHFEUPCFDBVTFEEJSFDUMZPSJOEJSFDUMZCZUIF
JOGPSNBUJPODPOUBJOFEJOUIJTCPPL4IPVMEZPVmOEBOZ
FSSPSPOJODPOTJTUFODZQMFBTFOPUJGZVTBDDPSEJOHMZ
#PTDI4FDVSJUZ4ZTUFNT1UZ-UESFTFSWFTUIFSJHIUUPNBLF
DIBOHFTUPGFBUVSFTBOETQFDJmDBUJPOTBUBOZUJNFXJUIPVU
QSJPS OPUJmDBUJPO JO UIF JOUFSFTU PG POHPJOH QSPEVDU
EFWFMPQNFOUBOEJNQSPWFNFOU
5FMFQFSNJU/PUF
5IFHSBOUPGB5FMFQFSNJUGPSBEFWJDFJOOPXBZJOEJDBUFT
5FMFDPN BDDFQUBODF PG SFTQPOTJCJMJUZ GPS UIF DPSSFDU
PQFSBUJPOPGUIBUEFWJDFVOEFSBMMPQFSBUJOHDPOEJUJPOT
5IJTFRVJQNFOUTIBMMOPUCFVTFEJOBOZNBOOFSUIBUDPVME
DPOTUJUVUFBOVJTBODFUPPUIFS5FMFDPNDVTUPNFST
*NNFEJBUFMZEJTDPOOFDUUIJTFRVJQNFOUTIPVMEJUCFDPNF
QIZTJDBMMZEBNBHFEBOEBSSBOHFGPSJUTEJTQPTBMPSSFQBJS
5IF USBOTNJU MFWFM GSPN UIJT EFWJDF JT TFU BT B mYFE MFWFM
BOECFDBVTFPGUIJTUIFSFNBZCFDJSDVNTUBODFTXIFSFUIF
QFSGPSNBODF JT MFTT UIBO PQUJNBM  #FGPSF SFQPSUJOH TVDI
PDDVSSFODFTBTGBVMUTQMFBTFDIFDLUIFMJOFXJUIBTUBOEBSE
UFMFQFSNJUUFEUFMFQIPOF
:DUQLQJV
5IJTQSPEVDUNVTUCFJOTUBMMFECZBRVBMJmFEBOE
MJDFOTFETFDVSJUZJOTUBMMFS
5IJTQSPEVDUNBZOPUQFSGPSNBTFYQFDUFEJG
JOTUBMMFEJODPSSFDUMZ
4PNFGFBUVSFTPGUIJTQSPEVDUSFRVJSFBXPSLJOH
UFMFQIPOFMJOFUPPQFSBUFBOEUFMFQIPOF
DPNNVOJDBUJPOTFSWJDFQSPWJEFSDIBSHFTNBZCF
BQQMJDBCMF
"VTUSBMJBOTUBOEBSE"4SFRVJSFSFHVMBSTFSWJDF
CZRVBMJmFEBOEMJDFOTFETFDVSJUZQFSTPOTBOE
SFHVMBSVTFSUFTUJOH1MFBTFDPOTVMUZPVSTFDVSJUZ
BMBSNDPNQBOZGPSGVSUIFSEFUBJMT
*ODPSSFDUQSPHSBNNJOHPGPQUJPOTDBOSFTVMUJO
PQFSBUJPODPOUSBSZUPXIBUNBZCFEFTJSFE
-FBWFUIFNBJOTBEBQUFSQMVHHFEJOBUBMMUJNFT
-FBWFUIFUFMFQIPOFMJOFQMVHHFEJOBUBMMUJNFT
VOEFSOPSNBMDPOEJUJPOT
/PUJDFUP0XOFS
5IBOLZPV GPS TFMFDUJOH UIF 4PMVUJPO J 4FDVSJUZ $POUSPM 1BOFM GPS ZPVS TFDVSJUZ OFFET :PVS TZTUFN JODMVEFT NBOZ
BEWBODFEGFBUVSFTBOEGVODUJPOTXIJDIXJMMCFQSPHSBNNFEBOEDPOmHVSFECZZPVSTFDVSJUZDPOTVMUBOUEVSJOHJOTUBMMBUJPO
%FQFOEJOHPOUIFDPOmHVSBUJPOBOEZPVSBDDFTTMFWFMZPVNBZIBWFUIFBCJMJUZUPQSPHSBNDFSUBJOGFBUVSFTXJUIJOUIF
TZTUFNUPTVJUDIBOHFTJOZPVSTFDVSJUZOFFET'PSFYBNQMFZPVNBZXJTIUPDIBOHFB6TFS/BNFPS1*/OVNCFSXIFOB
TUBõNFNCFSMFBWFT
5IJTNBOVBMFYQMBJOTBMMBTQFDUTPGTZTUFNPQFSBUJPOBTXFMMBTEFUBJMMJOHUIFWBSJPVTQSPHSBNNJOHPQUJPOTBWBJMBCMFUP
ZPV8FBTLUIBUZPVUBLFUIFUJNFUPSFBEUIJTNBOVBMDBSFGVMMZBOEUIBUZPVIBWFZPVSJOTUBMMFSFYQMBJOUIFCBTJDTZTUFN
PQFSBUJPOBOEDPOmHVSBUJPOUPZPVXIFOUIFJOTUBMMBUJPOJTDPNQMFUF


%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
$PQZSJHIU/PUJDF 
5SBEFNBSLT 
/PUJDFPG-JBCJMJUZ 
/PUJDFUP0XOFS 
5FMFQFSNJU/PUF 
$POUFOUT 
1SPHSBNNJOH.FOV 
*OUSPEVDUJPO 
'FBUVSFT 
6TFST(VJEF 
3FQPSUJOH"MBSNT 
"CPVUUIF,FZQBE 
,FZQBE,FZT 
4UBUVT*DPOT-&%T 
,FZQBE5POFT 
#BTJD4ZTUFN0QFSBUJPO 
5VSOJOH"O"SFB"MM0O 
5VSOJOH"O"SFB1BSU0O1BSU0O 
5VSOJOH5IF4ZTUFN0õ 
4JMFODJOH"MBSNT 
"VUPNBUJD"SNJOH 
3FNPUF"SNJOH2VJDL"SN 
%VSFTTPS4JMFOU"MBSNT 
%5.'$POUSPM'VODUJPOT 
1SPHSBNNJOH5FYU6TJOH5IF,FZQBE 
4ZTUFN1SPHSBNNJOH 
&SBTF6TFS 
$IBOHF0XO1*/ 
$IBOHF0UIFS1*/ 
"EE1*/ 
%FMFUF1*/ 
1SPYJNJUZ5PLFOT$BSET 
"EE5PLFO 
%FMFUF5PLFO 
5PLFO4UBUVT 
3'3BEJP,FZGPCT 
"EE,FZGPC 
%FMFUF,FZGPC 
6TFS/BNF 
"SFB"TTJHONFOU 
5JNFS(SPVQT 
5JNFS(SPVQ 
"DDFTT"TTJHONFOU 
"SFBT 
"SFB4UBUVT 
5VSO"SFB0O 
5VSO"MM"SFBT0O 
5VSO"MM"SFBT0õ 
.PWF5P"SFB 
$IJNF0O0õ 
$IJNF.PEF 
"SFB/BNF 
*OQVU0QUJPOT 
;POF4UBUVT 
#ZQBTT;POFT 
4FU$IJNF;POFT 
4FU1BSU;POFT 
4NPLF4FOTPS3FTFU 
;POF/BNF 
8BML5FTU"MM;POFT 
8BML5FTU"4JOHMF;POF 
0VUQVU0QUJPOT 
0VUQVU4UBUVT 
5VSO0VUQVU0O0õ 
0VUQVU/BNF 
&YUFSOBM4JSFO5FTU 
*OUFSOBM4JSFO5FTU 
4USPCF5FTU 
$PNNVOJDBUJPO3FQPSUJOH 
$BMM"OTXFS3"4 
$BMM'PSXBSE0O0õ 
&NBJM4ZTUFN-PH 
%JSFDU-JOL$POOFDU 
4FU%PNFTUJD1IPOF/VNCFS 
$BMM'PSXBSE0O/VNCFS 
$BMM'PSXBSE0õ/VNCFS 
6TFS3"41*/ 
$VTUPNFS3FHJTUSBUJPO 
4FOE5FTU3FQPSU 
%FWJDFTBOE0QUJPOBM.PEVMFT 
-"/4UBUVT 
7PMVNF 
$POUSBTU 
#BDLMJHIU 
4ZTUFN0QUJPOTBOE&WFOUT 
1BOFM4UBUVT 
4ZTUFN5SPVCMF 
)JTUPSZ-PH 
4FU%BUF5JNF 
4VNNFS5JNF0O 
4VNNFS5JNF0õ 
4DIFEVMFT 
/BNF 
5JNF 
%BZ 
/BNF 
4UBSU4UPQ%BZ 
,FZQBE)J-P5FNQ 
8BML5FTU"MM;POFT 
#BUUFSZ5FTU 
*OTUBMMBUJPO%FUBJMT 
*OEFY 
$POUFOUT

4PMVUJPOJ
%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
1SPHSBNNJOH.FOV
5IF4PMVUJPOJDPOUSPMQBOFMJODMVEFTBOFYUFOTJWFSBOHFPGGFBUVSFTBOEPQUJPOTXIJDIFOBCMFZPVSJOTUBMMFSUPUBZMPS
UIFTZTUFNUPTVJUZPVSFYBDUTFDVSJUZSFRVJSFNFOUT5IFQBOFMJODMVEFTBOVNCFSPGVTFSPQUJPOTXIJDIDBOCFDIBOHFE
PSNPEJmFECZZPVJGBOEXIFOSFRVJSFE
5IJTHVJEFFYQMBJOTFBDIPGUIFTFJOEFUBJMBOEJODMVEFTFYBNQMFTPOIPXUPVTFFBDIQBSUJDVMBSGFBUVSF5IFFYBNQMFT
TIPXIPXUPQFSGPSNFBDIGVODUJPOVTJOHUIFNFOVPSMPBDUJPOOVNCFSTJOUIFTZTUFN*UJTBMTPQPTTJCMFUPBDDFTTNBOZ
PGUIFPQUJPOTVTJOHUIFTJNQMFUFYUNFOVTTIPXOJOUIFUBCMFCFMPX
5PBDDFTTUIFUFYUNFOVTFOUFSZPVS1*/<.&/6>LFZ0ODFUIF"DDFTTNFOVBQQFBSTVTFUIF<Ĺ><><ĸ>BOE<ĺ>
OBWJBHBUJPOLFZTUPNPWFBSPVOEUIFNFOVTBOEPQUJPOT5PESJMMEPXOJOUPBOPQUJPOQSFTTUIF<0,>LFZBOEGPMMPXUIF
QSPNQUT5PNPWFCBDLPOFMFWFMQSFTTUIF<.&/6>LFZ8IFOQSPHSBNNJOHMPDBUJPOTQSFTTJOHUIF<0,>LFZXJMMTBWF
ZPVSDIBOHFTBOEQSFTTJOHUIF<.&/6>LFZXJMMBCPSUBOZDIBOHFTZPVIBWFNBEFJOUIBUMPDBUJPO5PFYJUQSPHSBNNJOH
BUBOZUJNFQSFTTBOEIPMEUIF<.&/6>LFZGPSTFDPOET
*GZPVBSFVODMFBSPOBOZJUFNTJOUIJTHVJEFQMFBTFDPOUBDUZPVSJOTUBMMFSBTUIFZBSFCFTUFRVJQFEUPBOTXFSRVFTUJPOT
SFMFBUJOHUPZPVSQBSUJDVMBSJOTUBMMBUJPO
.FOV/ %JTQMBZ "DDFTT.FOV .FOV/ %JTQMBZ $PNNT.FOV
 &B1P $IBOHF0XO1*/  B %PNFTUJD1IPOF/
 &B0 $IBOHF0UIFS1*/  &0 0 $BMM'PSXBSE0O0õ
 N$$ "SFB"TTJHONFOU  &0 1 $BMM'PSXBSE0O1I/
 $1P "EE1*/  &0 $BMM'PSXBSE0õ1I/
 $1@ "EE5PLFO  &$"$  $BMM"OTXFS3"4
 $)@ "EE,FZGPC  P&@ %JSFDU$POOFDU
 "P %FMFUF1*/  &O $VTUPNFS3FHJTUSBUJPO
 "@ %FMFUF5PLFO  B" 4FOE5FTU3FQPSU
 "@ %FMFUF,FZGPC  OB$
 "BO &SBTF6TFS
 !* 5JNFS(SPVQ
 OB$ "DDFTT"TTJHONFOU
 ,_1@ 5PLFO4UBUVT %FWJDFT.FOV
 N $! 6TFS/BNF  &BN@" 7PMVNF
 &B&@ $POUSBTU
"SFBT.FOV  &B" #BDLMJHIU
 &0 0 $IJNF0O0õ  &1B )J-P5FNQFSBUVSF
 &_ $IJNF.PEF  .$/B4 -"/4UBUVT
 $B/$! "SFB/BNF
*OQVUT.FOV
 $O ;POF4UBUVT
 $ #ZQBTT;POFT 4ZTUFN.FOV
 )PB 4NPLF4FOTPS3FTFU  4$O 1BOFM4UBUVT
 &B9 4FU$IJNF;POFT  &.@# 4FU%BUF5JNF
 B 4FU1BSU;POFT  4B0 4VNNFS5JNF0O
 B 8BML5FTU";POF  4B0 4VNNFS5JNF0õ
   8BML5FTU"MM;POFT  +P"@ 7JFX)JTUPSZ-PH
  $! ;POF/BNF  4 .@ &NBJM)JTUPSZ-PH
 " 4ZTUFN5SPVCMF
0VUQVUT.FOV  B$ #BUUFSZ5FTU
 $O 0VUQVU4UBUVT  4P! 4DIFEVMF5JNF
 0 B0 5VSO0VUQVU0O0õ  4_'$ 4DIFEVMF%BZ
 P &YUFSOBM4JSFO5FTU  4/$! 4DIFEVMF/BNF
 ,  *OUFSOBM4JSFO5FTU  +@ $! )PMJEBZ/BNF
  4USPCF5FTU  +@P! )PMJEBZ%BUFT
 01 $! 0VUQVU/BNF $@6 1BOFM*OGPSNBUJPO
5BCMF1SPHSBNNJOH.FOV4USVDUVSF


%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
*OUSPEVDUJPO
:PVSTZTUFNIFMQTUPTFDVSFMJGFQSPQFSUZBOEJOWFTUNFOUT
BHBJOTUmSFUIFGUBOECPEJMZIBSN*UDPOTJTUTPGBLFZQBE
PSLFZQBETTFOTPSTTVDIBTNPUJPOEFUFDUPSTPSEFWJDFT
MPDBUFEPOEPPSTBOEXJOEPXTBOEPUIFSTFOTJOHEFWJDFT
EFTJHOFEUPEFUFDUUIFQSFTFODFPGTNPLFPSDPNCVTUJPO
5IF MPDBUJPO BOE RVBOUJUZ PG TFOTJOH EFWJDFT XJMM IBWF
BMSFBEZCFFOEJTDVTTFEXJUIZPVCZZPVSBMBSNJOTUBMMFS
$POUSPM PG ZPVS TFDVSJUZ TZTUFN JT BDIJFWFE UISPVHI UIF
VOJRVF*$0/LFZQBEXIJDIEJTQMBZTBMMTZTUFNJOGPSNBUJPO
VTJOH*DPO4ZNCPMTXJUIUFYUQSPNQUTGPSNPTUDPNNPO
GVODUJPOT  *UT WFSTBUJMJUZ BOE FBTF PG PQFSBUJPO NBLF JU
JEFBMGPSBOZIPNFPSCVTJOFTTBQQMJDBUJPO
'FBUVSFT
-JTUFE CFMPX BSF UIF NBJO GFBUVSFT PG UIF 4PMVUJPO J
DPOUSPMQBOFM
8SWR)XOO\3URJUDPPDEOH=RQHV
)LUH$ODUP9HULILFDWLRQ
8SWR8QLTXH3,11XPEHUV8VHUV
8SWR5HOD\2XWSXWVYLDRSWLRQDORXWSXWH[SDQGHU
2SHQ&ROOHFWRU2XWSXWV
6XSHUYLVHG6LUHQ'ULYHU
3URJUDPPDEOH6FKHGXOHV
8S7R$UHDVLQFOXGLQJDFRPPRQDUHD
%XLOW,Q'LDOOHU
8S7R)XOO\6XSHUYLVHG,&21.H\SDGV
.H\VZLWFK,QSXW3URJUDPPDEOH
+LVWRU\(YHQW0HPRU\
(0,/LJKWQLQJ7UDQVLHQW3URWHFWLRQ
3URJUDPPDEOH9LD.H\SDG
5HPRWH3URJUDPPDEOH9LD8SORDG'RZQORDG6RIWZDUH
$ODUP(YHQW0HPRU\
$XWRPDWLF7HVW5HSRUWV
%XLOW,Q7HOHSKRQH/LQH)DLO0RQLWRU
6TFST(VJEF
5IJTVTFSTHVJEFTIPXTZPVIPXUPVTFBOENBJOUBJOZPVS
TFDVSJUZTZTUFN*UDPWFSTCBTJDGVODUJPOTTVDIBTUVSOJOH
UIFTZTUFNPOBOEPõBTXFMMBTTPNFHFOFSBMQSPHSBNNJOH
.PSF DPNQMFY QSPHSBNNJOH BOE TZTUFN DPOmHVSBUJPO
TIPVMECFQFSGPSNFECZZPVSJOTUBMMFS
.BOZPGUIFQSPHSBNNJOHGVODUJPOTEFTDSJCFEJOUIJTHVJEF
XJMMIBWFBMSFBEZCFFOQSPHSBNNFECZZPVSBMBSNJOTUBMMFS
XIJMFPUIFSTNBZOFFEUPCFQSPHSBNNFEPSDIBOHFECZ
ZPV%FQFOEJOHPOZPVSQBSUJDVMBSTZTUFNDPOmHVSBUJPO
TPNF GFBUVSFT EFTDSJCFE JO UIJT NBOVBM NBZ OPU CF
BWBJMBCMF1MFBTFEJTDVTTUIJTXJUIZPVSBMBSNJOTUBMMFS
'VODUJPOTPVUMJOFE JO UIJTVTFS HVJEFNBZ SFRVJSFZPVUP
FOUFS ZPVS 1*/ 1FSTPOBM *EFOUJmDBUJPO /VNCFS TP NBLF
TVSFZPVDIPPTFBOVNCFS UIBUJTFBTZ UPSFNFNCFS 'PS
TFDVSJUZSFBTPOTEPOPUXSJUFUIJTDPEFEPXOPSHJWFJUUP
BOZPOFFMTF*GNPSFUIBOPOFQFSTPOOFFETUPPQFSBUFUIF
TZTUFNUIFOZPVTIPVMEDSFBUFBVOJRVFDPEFGPSUIFNJG
UIJT IBT OPU CFFO EPOF CZ ZPVS JOTUBMMFS 5IJT HVJEF XJMM
FYQMBJOIPXUPEPUIJT
1MFBTF UBLF UIF UJNF UP GBNJMJBSJTF ZPVS TFMG XJUI UIF
GPMMPXJOHUFSNTCFGPSFSFBEJOHUIFSFTUPGUIJTHVJEF


















=RQHV
"A;POFJTBEFUFDUJPOEFWJDFPSHSPVQPGEFWJDFTDPOOFDUFE
UPZPVSTFDVSJUZTZTUFN;POFTBSFJEFOUJmFECZUIFBSFB
UIFZ NPOJUPS TVDI BT B GSPOU EPPS CFESPPN XJOEPX PS
IBMMXBZ
)DXOWHG=RQHV
8IFOB[POFTVDIBTBEPPSPSXJOEPXJTDMPTFEJUJTTBJE
UPCFAOPSNBM8IFOUIFEPPSPSXJOEPXJTPQFOUIF[POFJT
TBJEUPCFAGBVMUFE8IFOZPVUVSOZPVSTZTUFNPOZPVXJMM
VTVBMMZXBOUBMMPGUIF[POFTJOZPVSTZTUFNUPCFOPSNBM
BMUIPVHIZPVDBOUVSOZPVSTZTUFNPOXJUIGBVMUFE[POFT
=RQHV7\SHV
5IFSFBSFUXPCBTJDUZQFTPG[POFT/POIPVSBOE
IPVS4FFCFMPX
1RQ+RXU=RQHV
/POIPVS[POFTSFTQPOEUPBMBSNDPOEJUJPOTEFQFOEJOH
VQPO XIFUIFS UIF TZTUFN JT UVSOFE PO PS Põ  5IFZ BSF
QSPHSBNNFEUPFJUIFSSFTQPOEJOTUBOUMZUPBMBSNDPOEJUJPOT
PSUPQSPWJEFBEFMBZGPSZPVUPSFBDIUIFLFZQBEBOEUVSO
UIFTZTUFNPõ7BSJPVT[POFTXJMMCFMPDBUFEUISPVHIPVU
ZPVSQSFNJTFT
8IFO ZPV UVSO ZPVS TZTUFN PO ZPV IBWF UIF PQUJPO PG
UVSOJOH PO BMM [POFT "MM 0O PS KVTU TPNF PG UIF [POFT
1BSU0O3FGFSUP"MM0OBOE1BSU0OPOQBHFGPSNPSF
JOGPSNBUJPO
%\SDVVHG=RQHV
" [POF XIJDI IBT CFFO CZQBTTFE XJMM SFNBJO VOBSNFE
XIFO UIF TZTUFN JT BSNFE :PV NBZ OFFE UP CZQBTT B
[POFXIFOEPJOHSFOPWBUJPOTJOUIFCVJMEJOHPSJGBTFOTPS
CFDPNFTGBVMUZ #ZQBTTFE [POFTXJMMSFTFU UIFOFYUUJNF
UIFTZTUFNJTEJTBSNFE
+RXU=RQHV
IPVS [POFT BSF BMXBZT PO BOE DBOOPU CF UVSOFE Põ
FWFOXIFOUIFTZTUFNJTUVSOFEPõEJTBSNFE5IFSFBSF
UXPUZQFTPGIPVS[POFTmSF[POFTBOEOPOmSF[POFT
:KDW,V$Q$UHD"
5IF 4PMVUJPO J DPOUSPM QBOFM DPNFT EFGBVMUFE BOE
QSPHSBNNFE GPS B TJOHMF BSFB DPOmHVSBUJPO "SFB 
UIFSFGPSF BMM [POFT BSF BTTJHOFE UP "SFB   5IF BMBSN
TZTUFN DBO CF EJWJEFE JOUP  JOEJWJEVBM BSFBT SVOOJOH
PõUIFTBNFDPOUSPMQBOFM*OUIJTDBTFZPVSJOTUBMMBUJPO
DPNQBOZ XPVME BTTJHO EJõFSFOU TFOTPST [POFT UP FBDI
BSFBBDDPSEJOHUPUIFTFDUJPOPGUIFCVMEJOHUIFZBSFJO
&YBNQMF
1BSUJUJPOJOH B DPNNFSDJBM CVTJOFTT UP  JOEJWJEVBM BSFBT
NBZCFBTGPMMPXT
"SFBo.BJOFOUSZFYJUBSFB
"SFBo4BMFT
"SFBo"ENJOJTUSBUJPO
"SFBo%JTQBUDI
&BDI BSFB DBO CF DPOUSPMMFE JOEJWJEVBMMZ BT JG UIFZ XFSF
TFQBSBUFBMBSNTZTUFNT

4PMVUJPOJ

%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
$OO
2
Q
8IFOZPVUVSOBOBSFB"MM0OZPVBSFUVSOJOHPOBMMOPO

I
PVS[POFT
C
PU
I
JOUFSJPSNPUJPO
E
FUFDUPSTBO
E
QFSJNFUFS

EPPSTBOEXJOEPXTPGUIFCVJMEJOH

3D
UW
2Q
8IFO
Z
PVUVSOBOBSFB1BSU0O
Z
PVPOM
Z
UVSOPOTPNFPG
U
IFOPOIPVS[POFT:PVSTFDVSJUZDPNQBOZXJMMQSPHSBN
XI
JD
I
[POFTBSFJOD
M
V
E
F
E
JOU
I
JTQPSUJPO1BSU[POFTNBZ
J
OD
M
V
E
F PO
MZ
U
I
F QFSJNFUFS 
E
PPST BO
E
 XJO
E
PXT PS
Z
PVS
T
ZTUFNPSTFOTPSTJOPUIFSBSFBTP
G
ZPVSQSFNJTFT$IFD
L

X
JU
I
 ZPVS JOTUB
MM
BUJPO DPNQBOZ UP
M
FBSO X
I
JD
I
 [POFT BSF
1
BSU[POFT
3FQPSUJOH"
M
BSNT
:PVS T
Z
TUFN NB
Z

C
F QSPHSBNNF
E
 UP TFO
E
 SFQPSUT UP
B
B
M
BSN NPOJUPSJOH DFOUSF  5
I
FTF DFOUSFT BSF NBOF
E


IST B EBZ BOE DBO UBLF BDUJPO PO ZPVS CFIBM
G
 XIFO
B
O B
M
BSN PDDVST 0ODF U
I
F B
M
BSN SFQPSU JT DPNQ
M
FUF
UI
F T
Z
TUFN SFUVSOT U
I
F UF
M
FQ
I
POF UP OPSNB
M
 PQFSBUJPO

:PVS TFDVSJUZ DPNQBOZ XJMM BEWJTF ZPV IPX ZPVS TZTUFN
I
BTCFFODPOm
H
VSFEGPSBMBSNSFQPSUJO
H

:PVSTZTUFNXJMMNBLFSFQFBUFEBUUFNQUTUPTFOESFQPSUT
U
PUIFNPOJUPSJOHDFOUSF*G
Z
PVST
Z
TUFNGBJMTUPSFQPSUUIF
L
F
Z
QBEXJMMEJTQMB
Z
UIFATFSWJDFT
Z
NCPM

"CPVUUIF,F
Z
QB
E
:PVS
L
F
Z
QB
E

I
BT 
L
F
Z
T PS
C
VUUPOT 5
I
F
C
VUUPOT B
MM
PX
Z
PV UP JOQVU JOTUSVDUJPOT BOE QFS
G
PSN QSPHSBNNJOH BT
SFRVJSFE4PNFCVUUPOTIBWFBTFDPOEBSZ
G
VODUJPOXIJDI
J
TBDUJWBUFEC
Z
IPMEJOHUIFNEPXOGPSUXPTFDPOET
&
B
DI
CV
UU
P
OT
GV
ODUJ
P
OJT
E
FTDSJ
C
F
E

C
FM
P
X

,
F
Z
QBE,F
ZT
,FZ %FTDSJQUJPO
WR
5I
F OVNFSJD
L
F
Z
T B
MM
PX
Z
PV UP FOUFS
Z
PVOVNCFSTXIFOSFRVJSF
E
6
TFU
I
F<.&/6>BO
E
U
I
FOVNFSJD
L
F
Z
T
U
PFOUFS DPNNBOET5IF <.&/6>LF
Z

J
TBMTPVTFEUP
H
PCBDLPOFMFWFMXIFO
OBWJHBUJOHU
I
SPVH
I
NFOVTPSUPFYJUB
QSPHSBNNJOHMPDBUJPOXJUIPVUTBWJOH
DIBO
H
FT

5I
F<0/>
L
F
Z
B
MM
PXT
Z
PVUPUVSOBOBSFB
PSPVU
Q
VUPO5PUVSOBMMBSFBTPOBUUIF
T
BNFUJNFX
I
FOU
I
FTZTUFN
I
BT
C
FFO
Q
BSUJUJPOF
E

Q
SFTT BO
E

I
P
ME
U
I
F <0/>
LFZ
G
PSUXPTFDPOET
5I
F <1"35>
L
F
Z
B
MM
PXT
Z
PV UP UVSO BO
B
SFB1BSU0O5IJTLF
Z
DBOBMTPCFVTFE
U
P CZQBTT B [POF PS NVMUJQMF [POFT
X
IFO
Z
PV QSFTT BOE IPME GPS UXP
T
FDPOET
,FZ %FTDSJQUJPO
5
IF<0''>LFZBMMPXTZPVUPUVSOBOBSFB
PSPVUQVUPõ5PUVSOBMMBSFBTPõBUUIF
T
BNFUJNFX
I
FOU
I
FT
Z
TUFN
I
BT
C
FFO
QBSUJUJPOFE FOUFS 1*/ BOE QSFTT BOE
IPMEUIF<0''>LFZGPSUXPTFDPOET
5IF <0,> LF
Z
 BMMPXT
Z
PV UP TFMFDU
P
QUJPOT BOE DPO
m
SN QSP
H
SBNNJO
H
DI
BOHFT
5IF <."*-> LFZ JT VTFE UP JOJUJBUF B
E
JBMFSUFTUXIFOZPVQSFTTBOEIPMEGPS
UXPTFDPO
E
T
5
I
F
<

>

L
F
Z
B
MM
PXT
Z
PV UP NPWF U
I
F
D
VSTPSMF
G
UXIFOQSPHSBNNJOHUFYUPS
UFMFQIPOFOVNCFST

5IF
<

>
 LFZ BMMPXT ZPV UP NPWF UIF
D
VSTPS SJ
HI
U X
I
FO QSP
H
SBNNJO
H
 UFYU
P
SUF
M
F
QI
POFOVN
C
FST
5IF <
Ĺ
> LFZ BMMPXT ZPV UP OBWJHBUF
U
I
SPVH
I
NFOVTPSUPUPHH
M
FD
I
BSBDUFST
XIFO QSPHSBNNJOH UFMFQIPOF
OV
N
C
FST

5IF <

>
 LFZ BMMPXT ZPV UP OBWJHBUF
U
I
SPV
HI
NFOVTPSUPUP
HHM
FD
I
BSBDUFST
X
I
FO QSPHSBNNJOH UF
M
FQ
I
POF
O
VNCFST  1SFTTJOH 5IF <

> LFZ XJMM
E
JTQ
M
BZ DVSSFOU USPV
CM
F DPO
E
JUJPOT
X
I
FO U
I
F BSFB U
I
BU U
I
F
L
F
Z
QB
E
 JT
E
JTQMBZJOHJTEJTBSNFE

I
RU

VH
F
1SFTTJOHUIF
<

>
BOE
<
Ĺ
>LF
Z
TUPHFUIFS
BOEIPMEJO
H
UIFNEPXO
G
PSTFDPOET
XJMM DBVTF USJHHFS B 1BOJD BMBSN *
G

Q
SPHSBNNFEUIFTJSFOTXJMMTPVOEBOE
UIFNPOJUPSJO
H
TUBUJPOXJMMCFOPUJ
m
FE

I
RU
VHF
1SFTTJOHUIF
<

>BOE
<

>LFZTUPHFUIFS
BOEIPMEJO
H
UIFNEPXO
G
PSTFDPOET
XJMMUSJHHFSB'JSFBMBSN*GQSPHSBNNFE
UIFTJSFOTXJMMTPVOEBOEUIFNPOJUPSJOH
TU
B
UJ
P
OXJMM
C
FO
P
UJ
m
F
E

I
RU
VHF
1SFTTJO
H
 UIF
<
Ĺ
>
 BOE
<

>
 LFZT UPHFUIFS
BOEIPMEJOHUIFNEPXOGPSTFDPOET
XJMM USJHHFS B .FEJDBM BMBSN *
G

Q
SP
H
SBNNFEUIFTJSFOTXJMMTPVOEBOE
UIFNPOJUPSJOHTUBUJPOXJMMCFOPUJmFE

5
B
CM
F,FZQB
E
,FZTBO
E
5
I
FJS'VODUJPO
,&:1"%&.&3(&/
$
:"-"3.53*((&3
4
,
FZ
4
FRVFODF &WFOU5SJ
HH
FSF
E
É

Ç
)
P
M
E

GP
STFD
P
O
ET
,
F
Z
QB
E
'JSF"
M
BSN
Ç

Ê
)PMEGPSTFDPOE
T
,F
Z
QB
E
1BOJD"
M
BSN
Ê

Æ
)PMEGPSTFDPOE
T
,
FZQBE.FEJDBM"MBS
N
5B
CM
F,FZQB
E
&NFSHFODZ"
M
BSN5SJHHFS
T


%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
'
JHVSF,FZQB
E
&NFSHFODZ"
M
BSN5SJHHFST
4
UBUVT*DPOT-&%

T
5IFGPMMPXJOHUBCMFMJTUTUIFGVODUJPOPGFBDIPGUIF*$0/
4
ZNCPMTBOE-&%*OEJDBUPSTPOUIF*$0/,FZQBE%JTQMBZ

'
JHVSF-$%%JTQMB
Z
4IPXJOH"MM*$0/T
*DPO 4UBUVT .FBOJOH
$5($
5I
F
L
F
Z
QB
E
DBO
E
JTQ
M
B
Z
X
I
JD
I
BSFBToBSF
U
VSOFEPOPSPõWJBUIF"SFB*DPO*OEJDBUPST
0O
5I
F
B
SF
B
JTU
V
SOF
E
"
MM

0
O
P
S1
B
SU
0
O
0
õ
5
IFBSFBJTUVSOFE0
õ
'
M
BT
I
JO
H
'
BTU
5
IF
B
SF
B
I
B
T
B
O
B
M
B
S
N
32:(5
4ZTUFNQPXFSJTOPSNB
M
'MBTIJO
H
4
Z
TUFNQPXFSJTNJTTJO
H
),5(
'
M
BT
I
JO
H
"
mSF
B
M
B
SNJT
B
DUJW
F
0õ
/P

m
SF
B
M
B
SN
0O
'
JSFB
M
BSNJONFNPS
Z
5VSOU
I
F
B
SFB"MM0OBOE0õUP$MFBS


6(59,&(
0O
5
IFFYJTUJO
H
TFSWJDFPSUSPVCMF
DPO
E
JUJPO
I
BT
C
FFOBD
L
OPX
M
F
E
HF
E

0õ
/P
TFSWJDF
P
SUS
PVCM
FD
P
O
E
JUJ
P
OT
FYJTU
'
M
BT
I
JO
H
"
TFSWJDFPSUSPV
CM
FDPO
E
JUJPOJT
Q
SFTFOUUIBUIBTOPUCFFOBDLOPX
M

FE
H
FE

.
3$57
0
O
"
SF
B
JT
B
SNF
E
JO1
B
SU
0
O
P
S1
B
SU
0
O

N
PE
F

0õ
5I
F
B
SF
B
JTO
P
UU
V
SOF
E
1
B
SU
0
O

*DPO 4UBUVT .FBOJOH
2))
0
O
5
IFBSFBJTUVSOFEPõ
0õ
5
IF
B
SF
B
JTU
V
SOF
E
"MM
0
O
P
S1
B
SU
0O
21
0
O
5
IFBSFBJTUVSOFE"MM0
O
0õ
5
IF
B
SF
B
JTU
V
SOF
E

0õ



&+,0(
0O
$IJNFNPEFJT0/
0õ
$IJNFN
PE
FJT
0
õ
3+21(
0O
1
I
P
OF-JOFJO
V
T
F
0
õ
1I
POF-JOFOPUJOVT
F
3F
E

-&%
0O
4ZTUFN"SNF
E
'MBTIJO
H
"
MBS
N
(
SFFO
-&%
0O
4ZTUFN%JTBSNF
E
'MBTIJO
H
"
SFBOPUSFBE
Z
UPUVSOP
O

 
 
 





0
O
;
POF0
Q
FO6OTFBMFEPS'BVMUFE
0õ
;
POF$
M
PTF
E


4FB
M
F
E
PS/PSNB
M
'
M
BT
I
JO
H
;
POFJO"
M
BSNPS"
M
BSN.FNPS
Z
5B
CM
F4UBUVT*$0/T-&%*O
E
JDBUPSTBO
E
5
I
FJS.FBOJOH
T
,FZQBE5POFT
:PVS
L
F
Z
QB
E
FNJUTTFWFSB
M

E
JTUJODUUPOFTUPB
M
FSU
Z
PVB
C
PVU
W
BSJPVTT
Z
TUFNFWFOUT"
EE
JUJPOB
M

C
F
MM
TPSTJSFOTNB
Z
B
M
TP
C
F
DPOOFDUFEUPZPVSTZTUFN#FMMTPSTJSFOTNPVOUFEPOUIF
FYUFSJPSPG
Z
PVSQSFNJTFTBMFSUOFJHICPVSTUPFNFSHFODJFT
BOEQSPWJEFBOBVEJCMFHVJEFGPSQPMJDFBOEmSFmHIUFST
5ZQF .FBOJOH
)
LU
H

$O
D
UP
7
R
Q
H
8IFO B
m
SF [POF TPVOET BO BMBSN UIF
L
FZQB
E
XJ
MM
 TPVO
E
  TFDPO
E
T PO BO
E

T
FDPOETPõSF
Q
FBU

%
XU
J
ODU
\

$O
D
U
P
7
R
Q
H
8IFOBCVSHMBSZ[POFBDUJWBUFTXIJMFZPVS
TZ
TUFN JT UVSOF
E
 PO
Z
PVS
L
F
Z
QB
E
 FNJUT B
DPOUJOVPVT TJSFO UPOF  *U TPVOET GPS UIF
U
JNFTFUCZZPVSTFDVSJUZDPNQBOZ

7
URX
EO
H
7
RQH
8
I
FO B T
Z
TUFN DPNQPOFOU JT OPU
G
VODUJPOJOH QSPQFSMZ ZPVS LFZQBE TPVOET

G
BTUTIPSUCFFQT
G
PMMPXFECZBTFDPOE
Q
BVTFSF
Q
FBU

4PMVUJPOJ

%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
.
H\
3UHVV
7
RQH
1
SFTTJOHBO
Z

L
F
Z
POU
I
F
L
F
Z
QB
E
TPVO
E
TPOF
TI
PSU
C
FFQJO
E
JDBUJOHU
I
BUU
I
F
L
F
Z
QSFTTJT
B
DDFQUFE
(
QWU
\

'
HOD
\

7R
Q
H
8
I
FO
Z
PV FOUFS U
I
F QSFNJTFT U
I
SPVH
I
B
 [POF QSPHSBNNFE
G
PS FOUSZ EFMBZ UIF
LFZQBETPVOEB)J-PXUPOFUPSFNJOEZPV
U
PUVSOPõUIFBSFB*GUIFBSFBJTOPUUVSOFE
P
õ
CF
G
PSFUIFFOUSZEFMBZFYQJSFTBOBMBSN
DPO
E
JUJPOXJ
MM
TPVO
E
BO
E
B SFQPSU NBZ
C
F
T
FOUUP
Z
PVSB
M
BSNDPNQBO
Z
(
[L
W

'
HOD
\

7R
Q
H
"
G
UFSZPVUVSOBOBSFB"MM0OUIFLFZQBEXJMM
T
PVO
E
T
I
PSU
C
FFQ FWFSZ TFDPO
E
  %VSJOH
U
IFMBTUTFDPOETGBTUTIPSUCFF
Q
TXJMMCF
IFBSE*
G
ZPVEPOUFYJUCF
G
PSFUIFEFMBZUJNF
FYQJSFTBOEBOFYJUEFMBZEPPSJTGBVMUFEBO
BM
BSNPDDVST
(UU
RU

7R
Q
H
*
G
ZPV QSFTTBO JODPSSFDULFZ ZPVSLFZQBE
X
J
MM
TPVO
E
BTFDPO
E
UPOF

0
H
Q
X
0
RGH
5
IF LFZQBE XJMM TPVOE B )J  -P UPOF UP
J
O
E
JDBUFZPV
I
BWFFOUFSF
E
.&/6.P
E
FBO
E

B
 -P)J UPOF UP JO
E
JDBUF
Z
PV
I
BWF FYJUF
E
.
&/
6
N
PE
F

&
KLP
H

7R
Q
H
5
IFLF
Z
QBETPVOETGBTUTIPSUCFFQTUPBMFSU
Z
PVXIFOB[POFQSPHSBNNFE
G
PSDIJNFJT
GBV
MUF
E

P
S
V
OTF
B
MMF
E
5
B
CM
F,FZQB
E
5POFTBO
E
5
I
FJS.FBOJOHT
'JHVSF$1J*$0/,F
Z
QB
E
#
BT
J
D4ZTUFN0QFSBU
J
P
O
5
VSOJO
H
"O"SFB"MM0O
6TFUIJT GVODUJPO UPUVSO UIFT
Z
TUFN"MM 0O "T TPPOBT
Z
PVUVSOBOBSFBPOFYJU UJNFXJMMTUBSU&YJUUJNF BMMPXT
Z
PVUPFYJUUIFQSFNJTFTXJUIPVUTPVOEJOHBOBMBSN:PVS
J
OTUBMMFSXJMMQSPHSBNUIFMFOHUIPGFYJUEFMB
Z
UJNFUPTVJU
Z
PVSQSFNJTFT

 .BLFTVSFUIBUBMM[POFTBSFOPSNBMOPUGBVMUFE
5
IFHSFFOJOEJDBUPSMJHIUXJMMCFPOTUFBE
Z
 &OUFS
Z
PVS1*/U
I
FOQSFTTU
I
F<0/>
L
F
Z

*G ZPVS 1*/ JT WBMJE BOE JG BMM [POFT BSF OPSNBM FYJU EFMBZ
U
JNFXJMMTUBSU:PVTIPVMEMFBWFOPX*GUIFDPOUSPM
Q
BOFM
EFUFDUTB
G
BVMUFE[POFZPVTIPVMESFUVSOJUUPOPSNBMPS
C
ZQBTTU
I
F[POF
%VSJOHFYJUEFMB
Z

Z
PVNB
Z
TUPQUIFBSFB
G
SPNUVSOJOHPO
CZFOUFSJOHZPVS1*/
G
PMMPXFECZUIF<0''>LFZ

 5PUVSOUIFT
Z
TUFNPSBSFBPõFOUFS
Z
PVS1*/UIFO
Q
SFTT<0''>

I
/PUF
5
IFTZTUFNJT
G
BDUPSZEF
G
BVMUFE
G
PSPOFBSFB*
G
ZPV
S

J
OTUBMMBUJPO IBT CFFO DPOm
H
VSFE
G
PS NVMUJQMF BSFBT
J
UXJ
MM

C
FQPTTJ
CM
FUPBSNDFSUBJOBSFBTX
I
J
M
F
M
FBWJOH
PUIFSTEJTBSNFE
5
VSO
J
O
H
"O"SFB1BSU0O1BSU0
O
6TFUIJTGVODUJPOUPUVSOBOBSFB1BSU0OPS1BSU0O
1
BSU
0
OBOE1BSU0ONPEFTDBOCFVTFEUPUVSOPOPSBSNPOM
Z

QBSUP
G
UIFBSFBMFBWJO
H
UIFSFTUP
G
UIFBSFBUVSOFEP
õ

:PVSJOTUBMMFSXJMMQSPHSBNXIJDI[POFTBSFNPOJUPSFE
G
PS
1
BSU 0O  5
I
F NBTUFS VTFS DBO QSP
H
SBN X
I
JD
I
 [POFT BSF
NPOJUPSF
E
X
I
FOBOBSFBJTUVSOF
E
BOBSFB1BSU0O

0
ODFZPV
I
BWFUVSOF
E
BO BSFB1BSU0O PS1BSU 0O FYJU
E
F
M
B
Z
UJNFTUBSUTUPDPVOU
E
PXO:PVT
I
PV
ME

M
FBWFB
MM
[POFT
U
IBUBSFBDUJWFCF
G
PSFFYJUEFMBZUJNFFYQJSFT-FBWJOHBDUJWF
[
POFTBGUFSFYJUEFMBZFYQJSFTDBVTFTBOBMBSNFWFOU
6TF1BSU0OPS1BSU0OPOM
Z
XIFO
Z
PVXBOUQBSUPGBO
B
SF
B
U
V
SOF
E

P
O


 .BLFTVSFUIBUBMM[POFTBSFOPSNBMOPUGBVMUFE
 &OUFS
Z
PVS1*/U
I
FOQSFTTU
I
F<1"35>
L
F
Z
PODFUP
B
SNJO1
B
SUN
PE
F


 5PBSNJO1BSU0OQSFTTUIF<1"35>LF
Z
BHBJO
X
JU
I
JOTFDPO
E
T

*G ZPVS 1*/ JT WBMJE BOE BMM [POFT BSF OPSNBM UIF TZTUFN
X
J
MM
BSNJO1BSU0ONP
E
FBO
E
U
I
F&YJU
E
F
M
B
Z
UJNFXJ
MM
TUBSU
*
G
ZPVSTZTUFNIBTB
G
BVMUFE[POFZPVTIPVMESFUVSOJUUP
OPSNBMPSC
Z
QBTTUIFGBVMUFE[POF

%VSJOHFYJUEFMB
Z

Z
PVNB
Z
TUPQUIFT
Z
TUFNGSPNUVSOJOH
1
BSU0OCZFOUFSJOHZPVS1*/
G
PMMPXFECZUIF<0''>LFZ



%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
 8IFOFYJUUJNFIBTFYQJSFEUIFLFZQBEXJMMEJTQMBZ
UIF1BSU0OJDPO
 5PUVSOUIFTZTUFNPõFOUFSZPVS1*/UIFOQSFTT
<0''>
5VSOJOH5IF4ZTUFN0õ
8IFOUIFTZTUFNJTPOZPVNVTUFOUFSUISPVHIBEFTJHOBUFE
FOUSZ EPPS UP QSFWFOU BO BMBSN  0QFOJOH B EFTJHOBUFE
EPPSFHGSPOUEPPSXJMMTUBSUUIFFOUSZUJNFS%VSJOHFOUSZ
UJNFUIFLFZQBEXJMMFNJUBQVMTJOHUPOFiCFFQwUPSFNJOE
ZPVUPUVSOUIFTZTUFNPõ5PUVSOUIFBSFBPõFOUFSZPVS
1*/GPMMPXFECZUIF<0''>LFZCFGPSFUIFFOUSZEFMBZUJNF
FYQJSFT
*G ZPV FOUFS UISPVHI UIF XSPOH EPPS PS GBJM UP UVSO UIF
TZTUFN Põ CFGPSF UIF FOUSZ EFMBZ UJNF FYQJSFT ZPV NBZ
TPVOE BO BMBSN  *G BO BMBSN PDDVST TJMFODF UIF BMBSN
CZFOUFSJOHZPVS1*/GPMMPXFECZUIF<0''>LFZBOEDBMM
ZPVSTFDVSJUZDPNQBOZUPMFUUIFNLOPXUIBUJUJTOPUBO
FNFSHFODZTJUVBUJPO
 &OUFSZPVS1*/<0''>UPUVSOUIFTZTUFNPSBSFB
Põ5IFLFZQBEXJMMEJTQMBZUIFA0õJDPO
4JMFODJOH"MBSNT
8IFO UIF TZTUFN IBT SFHJTUFSFE BO BMBSN UIF LFZQBE
TBOETJSFOTXJMMTPVOE UPBMFSUQFSTPOOFM UIBUBOBMBSN
PDDVSSFE5IF[POFPS[POFTXIJDIUSJHHFSFEUIFBMBSNXJMM
CFnBTIJOH POUIF LFZQBE EJTQMBZGPSWJTVBM GFFECBDL *G
ZPV FOUFS ZPVS 1*/ CFGPSF UIF TZTUFN EJBMT ZPVS TFDVSJUZ
DPNQBOZUIFBMBSNSFQPSUJTDBODFMMFEJGQSPHSBNNFE
 &OUFSZPVS1*/<0''>UPTJMFODFBOZBMBSNBOEUVSO
UIFTZTUFNPõ5IFLFZQBEXJMMDPOUJOVFUPnBTIUIF
[POFJOEJDBUPSPGUIF[POFXIJDIDBVTFEUIFBMBSN
5IJTJTDBMMFEBMBSNNFNPSZ
 5PDMFBSBMBSNNFNPSZUVSOUIFBSFBPOBOEPõ
BHBJOFH1*/<0/>1*/<0''>
"VUPNBUJD"SNJOH
:PVSTZTUFNNBZIBWFCFFOQSPHSBNNFEUPBVUPNBUJDBMMZ
BSNJUTFMGBUBDFSUBJOUJNFPGUIFEBZ
*G GPS TPNF SFBTPO ZPV BSF TUJMM JO UIF CVJMEJOH XIFO UIF
BVUP BSNJOH JT UBLJOH QMBDF UIFO JU JT QPTTJCMF UP FYUFOE
PSEFMBZUIFBVUPPOUJNFBVUPNBUJDBSNJOHUJNFCZPOF
IPVS JG SFRVJSFE 5IF BVUPPO QSFBMFSU UJNF TPVOET UIF
LFZQBECV[[FSBOEEJTQMBZTUIFXPSE"650POUIFEJTQMBZ
UPXBSOZPV
5PEFMBZFOUFSZPVS1*/<0''>LFZ5IFTZTUFNXJMMQSPNQU
XJUIUIFXPSE%FMBZ 1SFTT<0,>UPDPOmSNUIBUZPVXBOU
UPEFMBZUIFBSNJOHTFRVFODF
&YBNQMF
*G UIF DPOUSPM QBOFM JT QSPHSBNNFE CZ ZPVS JOTUBMMFS UP
BVUPNBUJDBMMZUVSO"MM0OBUQNBOEUIFBVUPPOQSF
BMFSUUJNFTUBSUTCFFQJOHUIFLFZQBEBUQNFOUFSZPVS
1*/<0,> BOE UIFO XIFO QSPNQUFE QSFTT <0,> UP EFMBZ
5IF BVUPPO QSFBMFSU UJNF XJMM DPNNFODF BHBJO  IPVS
MBUFSBUQN*GOPGVSUIFSEFMBZTBSFSFRVFTUFETZTUFN
XJMMBVUPNBUJDBMMZUVSO"MM0OBUQN
3FNPUF"SNJOH2VJDL"SN
*G ZPV GPSHFU UP BSN ZPVS TZTUFN JU NBZ CF QPTTJCMF GPS
ZPVUPSFNPUFMZBSNJUVTJOHBUPVDIUPOFUFMFQIPOFJGUIF
SFNPUFBSNPQUJPOIBTCFFOFOBCMFECZZPVSJOTUBMMFS
5P BSN UIF TZTUFN DBMM UIF OVNCFS XIJDI UIF QBOFM JT
DPOOFDUFEUPBOEXIFOUIFQBOFMBOTXFSTZPVXJMMIFSF
CFFQTJOBDDFOEJOHGSFRVFODZJGUIFQBOFMJTJOUIFEJTBSNFE
DPOEJUJPO1SFTT<><>UPBSN:PVXJMMIFBSCFFQTJO
EFDFOEJOHPSEFSXIFOUIFQBOFMBSNT
"MMBSFBTPOUIFTZTUFNXJMMCFBSNFESFHBSEMFTTPGUIFSF
DPOEJUJPOXIFOVTJOHUIF%5.'RVJDLBSNGVODUJPO
%VSFTTPS4JMFOU"MBSNT
"%VSFTTPS4JMFOU1BOJDBMBSNDBOCFFBTJMZUSJHHFSFEWJB
UIFLFZQBEJGZPVBSFCFJOHGPSDFEUPPQFSBUFUIFTZTUFN
BHBJOTUZPVSXJMM
5PUSJHHFSBEVSFTTFOUFSZPVSOPSNBMVTFS1*/GPMMPXFECZ
UIFMBTUEJHJUTPGZPVSVTFS1*/GPMMPXFECZUIF0/PS0''
LFZ4FFUIFGPMMPXJOHFYBNQMFT
*GZPVS1*/JTUPTFOEBEVSFTTSFQPSUXIFOUIFBSFB
JTPõ&OUFS<><><><><><><0,>PS<0/>
*GZPVS1*/JTUPTFOEBEVSFTTSFQPSUXIFOUIFBSFB
JTPO&OUFS<><><><><><><0''>
%5.'$POUSPM'VODUJPOT
:PVS TZTUFNT UFMFQIPOF MJOF JOUFSGBDF QSPWJEFT GPS
DPNQSFIFOTJWF %5.' DPOUSPM PG JOEJWJEVBM BSFBT BOE
PVUQVUT XJUI GVMM VTFS 1*/ BOE 5*.&3 (3061 BDDFTT
WFSJmDBUJPO
:PVS JOTUBMMFS XJMM BEWJTF ZPV XIJDI %5.' GFBUVSFT IBWF
CFFOFOBCMFEPOZPVSTZTUFN
)PXUP6TF%5.'$POUSPM
$BMMUIFQIPOFOVNCFSXIJDIUIFQBOFMJTDPOOFDUFEUP
BOEXIFOUIFQBOFMBOTXFSTZPVXJMMIFSFBTIPSUXFMDPNF
KJOHMF:PVOPXIBWFBQQSPYJNBUFMZTFDPOETUPFOUFSB
WBMJE1*/BOEMPHPOUPUIFQBOFM
 &OUFS 1*/ GPMMPXFE CZ UIF  LFZ *G UIF 1*/ JT WBMJE UIF
TZTUFN XJMM SFTQPOE XJUI UXP TIPSU CFFQT *G UIF 1*/ JT
JOWBMJEUIFOBTJOHMFMPOHCFFQXJMMCFIFBSE
*GBWBMJE1*/JTOPUFOUFSFEJOUJNFUIFQBOFMXJMMBUUFNQUUP
FTUBCMJTIBNPEFNDPOOFDUJPOXIJDITPVOETWFSZTJNJMBS

4PMVUJPOJ
 %RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
UPBGBYNBDIJOF*GUIJTIBQQFOTZPVXJMMOFFEUPIBOHVQ
GPSBQQSPYJNBUFMZTFDPOETCFGPSFUSZJOHBHBJO
 0ODF WBMJEBUFE UIF GPMMPXJOH DPNNBOET DBO CF
QFSGPSNFE4FFUIFUBCMFCFMPX*GOPLFZTBSFQSFTTFEGPS
TFDPOETUIFOUIFQBOFMXJMMQMBZUIFFYJUKJOHMFCFGPSF
UFSNJOBUJOHUIFTFTTJPOBOEIBOHJOHVQ1SFTTJOHBUBOZ
UJNFXIJMFDPOOFDUFEXJMMDBVTFUIFQBOFMUPUFSNJOBUFUIF
TFTTJPO
%5.'$0/530-'6/$5*0/4
0QFSBUJPO $PNNBOE 3FTQPOTF
2VJDL"SN
"MM"SFBT Y#FFQT
-PH*O
0, 86(53,18FMDPNF
+JOHMF
-PH*O
'BJMFE 86(53,1-POH#FFQ
5VSO"SFB
0/ "SFB/Y#FFQT
-PX)JHI
5VSO"SFB
0'' "SFB/Y#FFQT
)JHI-PX
5VSO
0VUQVU
0/
0VUQVU/Y#FFQT
-PX)JHI
5VSO
0VUQVU
0''
0VUQVU/Y#FFQT
)JHI-PX
&OE
4FTTJPO &YJU+JOHMF
5BCMF%5.'3FNPUF$POUSPM'VODUJPOT
%5.'&9".1-&4
&YBNQMFTCFMPXTIPXTUIFMPHPOTUFQGPSDMBSJUZ*OQSBDUJTF
JTPOMZOFDFTTBSZUPMPHPOPODFQFS%5.'DPOUSPMTFTTJPO
5PUVSO"SFB0/FOUFSUIFGPMMPXJOH
-PH0/
"SN"SFB
5PUVSO0VUQVU0/FOUFSUIFGPMMPXJOH
-PH0/
5VSO0VUQVU0/
5PUVSO0VUQVU0''FOUFSUIFGPMMPXJOH
-PH0/
5VSO0VUQVU0''
I
/PUF
 *GUIF%5.'2VJDL"SNPQUJPOJTFOBCMFEUIFOJUJT
QPTTJCMFUPSFNPUFMZBSNBMMBSFBTXJUIPVUMPHHJOH
POUPUIFQBOFM
4JNQMZFOUFSGPMMPXJOHUIFXFMDPNFKJOHMF

.BLFTVSFUIBUUIFQIPOFCFJOHVTFEUPSFNPUFMZ
DPOUSPMUIFQBOFMJTTFUUPUSBOTNJU%5.'UPOFTXIFO
LFZTBSFQSFTTFEEVSJOHUIFDBMM
5IJTPQUJPOJTEJTBCMFECZEFGBVMUPOTPNFQIPOFT
1SPHSBNNJOH5FYU6TJOH5IF,FZQBE
8IFOQSPHSBNNJOHUFYUWJBUIFLFZQBEFBDIOVNFSJDLFZ
SFQSFTFOUTBEJõFSFOUHSPVQPGDIBSBDUFST
1SFTTJOHUIFTBNFOVNFSJDLFZBHBJOXJMMNPWFUPUIFOFYU
DIBSBDUFS BTTJHOFE UP UIF LFZ FH 1SFTT UIF <> LFZ XJMM
EJTQMBZUIFA"DIBSBDUFSQSFTTUIF<>LFZBHBJOXJMMNPWF
UPUIFA#DIBSBDUFSQSFTTUIF<>LFZBHBJOXJMMNPWFUPUIF
A$DIBSBDUFSFUD
0ODFUIFSFRVJSFEDIBSBDUFSJTEJTQMBZFEVTFUIFBSSPXLFZT
UP NPWF UP UIF OFYU MFUUFS PG UIF XPSE ZPV BSF FOUFSJOH
*G ZPV QSFTT B EJõFSFOU LFZ UIF TZTUFN XJMM BTTVNF ZPV
BSF FOUFSJOH UIF OFYU DIBSBDUFS JO UIF XPSE BOE JU XJMM
BVUPNBUJDBMMZTUFQGPSXBSEQPTJUJPO
5IF LFZ BTTJHONFOUT BOE QSPHSBNNJOH GVODUJPO BSF
JEFOUJDBM UP UIPTF GPVOE PO NPTU mYFE BOE NPCJMF
QIPOFT
3FGFS UP UIF UBCMF CFMPX GPS EFUBJMFE DIBSBDUFS
JOGPSNBUJPO
,FZ $IBSBDUFST"TTJHOFE5P&BDI/VNFSJD,FZ
 |
"#$BCD
%&'EFG
()*HIJ
+,-KLM
./0NOP
1234QRST
567UVW
89:;XYZ[
 41"$& 
4DSPMM6QUISPVHIFOUJSFDIBSBDUFSMJTU
4DSPMM%PXOUISPVHIFOUJSFDIBSBDUFSMJTU
.PWFUPMFGUPOFDIBSBDUFSQPTJUJPO
.PWFUPSJHIUPOFDIBSBDUFSQPTJUJPO
0'' $MFBSGSPNDVSTPSQPTUJJPOUPFOEPGMJOF
5BCMF5FYU$IBSBDUFS4FU
5PTBWFQSPHSBNNJOHDIBOHFTQSFTT<0,>PSQSFTT<.&/6>
UPFYJUXJUIPVUTBWJOH
5IF GPMMPXJOH BEEJUJPOBM TQFDJBM DIBSBDUFST BSF BWBJMBCMF
CZ TDSPMMJOH VTJOH UIF VQ BOE EPXO BSSPX LFZT
!i


%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
4
ZTUFN1SPHSBNN
J
OH
I
/PUF
 5PFOUFSQSPHSBNNJOHNP
E
FTJNQ
M
ZFOUFSZPVS1*/
BOEQSFTTUIF.&/6LF
Z
POUIFLF
Z
QBE
5
IF
E
F
GBV
MU.
B
TUFS
V
TFS1*/JT

$
FFHVV!3,1
&
RGHV!

(.BN

(UDVH 8VHU
0(18
5
I
JT D
P
NN
B
O
E

BMMP
XT
B
N
B
TUFS
V
TFS U
P
U
P
FS
B
TF
B
O
P
U
I
FS
VTFS
G
SPNUIFT
Z
TUFN&SBTJOHBVTFSXJMMSFNPWFUIFVTFST
1*/1SPYJNJUZ5PLFOBOE3'LFZ
G
PCDSFEFOUJBMT
&OTVSFUIBUUIFTZTUFNPSBSFBJTUVSOFEPõ

 &OUFS<.BTUFS1*/><.&/6>
&OUFS<><><><0,>5IFLF
Z
QBEXJMMEJTQMB
Z
6SQSPNQUJOH
Z
PVUPFOUFSUIFOVNCFSPGUIFVTFS
UP
FS
B
TF

N

?
&OUFSUIFVTFSOVNCFSUIFO
Q
SFTT<0,>
(. 
5IFLFZQBEXJMMOPXQSPNQUUPDPO
m
SNUIFFSBTVSF
C
Z
QSFTTJOH<0,>

$
FFHVV!3,1
&
RGHV!
(
1P
&KDQJH 2ZQ 3,1
0(18
5
I
JTNFOV
M
FUTZPVD
I
BOHFZPVSPXO1*/* U JT SF DPNNFO
E
F
E

U
IBU
Z
PVXSJUFEPXO
Z
PVSPME1*/BOEUIFOFXPOFCFGPSF
Z
PVCFHJO5IFOFX1*/ NVTUIBWFUIFTBNFOVNCFS P
G

E
JHJUTBTZPVSP
ME
1*/VO
M
FTTZPVSJOTUB
MM
FS
I
BTFOB
CM
F
E
U
I
F
WBSJB
CM
F
M
FOHU
I
1*/PQUJPO0ODFU
I
FD
I
BOHFJTDPNQ
M
FUF
Z
PVTIPVMEEFTUSPZUIFXSJUUFODPQZ

"U GBDUPS
Z
 EFGBVMU FBDI 1*/ JT mYFE UP  EJHJUT JO MFOHUI
0
OMZUIFTFDVSJUZJOTUBMMFSDBODIBOHFUIF1*/MFOHUI
&OUFS
<
6TFS1*/
>

<
.&/6
>
&OUFS<><><><0,>5
I
F
L
FZQB
E
XJ
MM
QSPNQU
ZPVUPFOUFSBOFX1*/

(
1P
&OUFSZPVSOFX1*/BOEUIFOQSFTT<0,>*GBOFSSPS
UPOFTPVOETBOEUIFEJTQMBZSFBETiC"E1JOwZPV
T
IPVMEUS
Z
BEJõFSFOU1*/5IFLF
Z
QBEXJMMOPX
QSPNQUZPVUPFOUFSZPVSOFX1*/BHBJO









(1($
5
&OUFSZPVSOFX1*/BHB
J
O

1SFTT<0,>UPTBWFBOEFYJUPS
Q
SFTT<.&/6>UPFYJU
X
JU
I
PVUTBWJOH:PVS1*/
I
BTOPX
C
FFOD
I
BOHF
E

$
FFHVV!3,1
&
RGHV!
&
B0

&KDQJH 2WKHU 3,1
0(18
*G
Z
PV IBWF B NBTUFS 1*/ UIJT DPNNBOE BMMPXT
Z
PV UP
DIBOHFTPNFCPE
Z
FMTFT1*/*UJTSFDPNNFOEFEUIBU
Z
PV
X
SJUFEPXOUIFPME1*/BOEUIFOFXPOFCF
G
PSFZPVCFHJO
0
ODF U
I
F D
I
BOHF JT DPNQ
M
FUF
Z
PV T
I
PV
ME

E
FTUSP
Z
U
I
F
X
SJUUFODPQ
Z
5IFOFX1*/NVTUIBWFUIFTBNFOVNCFSPG
EJ
H
JUTBTUIFPME1*/
"U
G
BDUPS
Z
EF
G
BVMU FBDI 1*/ JT
m
YFE UP  EJHJUT JO MFOHUI
5IFEF
G
BVMU1*/
G
PS6TFS.BTUFSVTFSJT

 &OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS<><><><0,>5IFLF
Z
QBEXJMMEJTQMB
Z
6SQSPNQUJOH
Z
PVUPFOUFSUIFOVNCFSPGUIFVTFS
UPD
I
BOHF&BD
I
VTFSJOU
I
FTZTUFNJTBTTJHOF
E
B
V
TFSOVNCFSBTXFMMBTB1*//VNCFS
N

?
&OUFSU
I
FVTFSOVN
C
FSUPD
I
BO
H
FU
I
FOQSFTT<0,>
(
1P
&OUFSUIFOFX1*/*GBOFSSPSUPOFTPVOET

PS
iC"E1JOwJTEJTQMBZFEUSZBEJ
õ
FSFOU1*/

1SFTT<0,>UPTBWFBOEFYJUPSQSFTT<.&/6>UPFYJU
X
JUIPVUTBWJOH
$
FFHVV!3,1
&
RGHV!
$1
P
$
GG
3,1
0(18
5IJTNFOVBMMPXTBNBTUFSVTFSUPBEEB1*/
G
PSBOFXVTFS
&BDI NBTUFS VTFS DBO POMZ QSPHSBN OFX 1*/T
G
PS UIPTF
VTFSTU
I
BU
I
BWF
C
FFOBTTJHOF
E
UPU
I
FTBNFBSFBTBTU
I
F
N
BT
U
FSVTFS
"U GBDUPS
Z
 EFGBVMU FBDI 1*/ JT mYFE UP  EJHJUT JO MFOHUI
I
PXFWFSUIJTDBOCFDIBOHFECZZPVSJOTUBMMFSUPTVJUZPVS
O
FFET5IFEFGBVMU1*/GPS6TFS.BTUFSVTFSJT
&OUFS<.BTUFS1*/><.&/6>
&OUFS
<

>

<

>

<

>

<
0,
>












4PMVUJPOJ

%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
5I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZU
I
F6SQSPNQU&OUFSU
I
F
V
TFSOVNCFS
Z
PVXBOUUPBEEUIFOQSFTT<0,>
*G
ZPVTFMFDUBVTFSOVNCFSXIJDIBMSFBEZFYJTUT
B
OFSSPSCFF
Q
XJMMTPVOE*
G
UIJTIB
QQ
FOTTFMFDUB
E
JõFSFOU
V
TFSO
V
N
C
FS

N

?
&
OUFSUIFOFX1*/
G
PSUIFVTFSZPVIBWFTFMFDUFE
*
GBOFSSPSUPOFTPVOETUS
Z
BEJõFSFOU1*/
5I
F
E
JTQ
M
BZXJ
MM
T
I
PXBTZPVFOUFSU
I
FOFX
1
*/

(
1
P
1
SFTT<0,>UPTBWFBO
E
FYJUPSQSFTT<.&/6>UPFYJU
X
JUIPVUTBWJO
H
$
FFHVV!3,1
&
RGHV!
'(.1P
'
HOHWH
3,1
0(18
5
IJT NFOV BMMPXT B NBTUFS VTFS UIF BCJMJUZ EFMFUF PUIFS
VTFST1*/T".BTUFSVTFSDBOPOMZEFMFUFB1*/
G
PSVTFST
UI
BU
I
BWF
C
FFOBTTJHOF
E
UPU
I
FTBNFBSFBTBTU
I
F.BTUFS
VTFS".BTUFSVTFSDBOOPUEFMFUFUIFJSPXO1*/

 &OUFS<.BTUFS1*/><.&/6>
&
OUFS
<

>

<

>

<

>

<
0,
>
5
IFLF
Z
QBEXJMMEJTQMB
Z
UIF6SQSPNQU&OUFSUIF
V
TFSOVN
C
FSZPVXBOUUP
E
F
M
FUFU
I
FOQSFTT<0,>
N

?
*
G
Z
PVIBWFTFMFDUFEBWBMJEVTFSUIFT
Z
TUFNXJMMBT
L

Z
PVUPDPOmSNUIFEFMFUJPO
'
"_


 1SFTT<0,>UP
E
F
M
FUFU
I
F1*/PSQSFTT<.&/6>UP
DB
ODFM






1
SPY
J
N
J
UZ 5
PL
FOT

$
B
S
ET
1
SPYJNJU
Z
UP
L
FOTBO
E
DBS
E
TDBO
C
FVTF
E
BTBOB
M
UFSOBUJWFUP
B
1*/OVNCFSXIFOBSNJOHBOEEJTBSNJOHUIFT
Z
TUFN"
U
PLFOJTBTNBMMQMBTUJDUB
H
DBSEUIBUIBTBVOJRVF*%"VTFS
DBOQMBDFUIFUPLFODBSEJOGSPOUPGBSFBEFSLF
Z
QBEUPUVSO
U
IFT
Z
TUFNPSTQFDJ
m
DBSFBTPOBOEP
õ
5
IJT
G
FBUVSFSFRVJSFTUIBUBUMFBTUPOFQSPYSFBEFSFOBCMFE
L
F
Z
QBEJTmUUFE5IJTTFDUJPOPVUMJOFTIPXUPBEEBOEEFMFUF
QSPYJNJU
Z
UPLFOTPSDBSET*
G

Z
PVUS
Z
UPBEEBUPLFO
G
SPNB
L
FZQBEUIBUEPFTOPUIBWFCVJMUJOSFBEFSUIFTZTUFNXJMM
QSPNQU
Z
PVUPTFMFDUUIFSFBEFS
Z
PVXIJDIUPMFBSOGSPN

:PVTIPVMEEJTDVTTUIJT
G
FBUVSFXJUI
Z
PVSJOTUBMMFS
G
PSNPSF
EFUBJMTPOZPVSQBSUJDVMBSJOTUBMMBUJPO

$
FFHVV!
7
R
N
HQ!
$
1@
$GG 7RNHQ
0(18
5
IJT NFO
V

B
MM
P
XT
B
N
B
TUFS
V
TFS U
P

BEE

B
 OFX U
P
LFO
GP
S
PU
I
FSVTFSTQSPWJ
E
F
E
U
I
F
Z
BSFBTTJHOF
E
UPU
I
FTBNFBSFBT
B
TUIF.
B
TUFS
V
TFS



 &OUFS<.BTUFS1*/><.&/6>
&
OUFS
<

>

<

>

<

>

<
0,
>
5
IFLF
Z
QBEXJMMEJTQMB
Z
UIF6SQSPNQU
&
OUFSU
I
FVTFSOVN
C
FSZPVXBOUUPB
EE
U
I
FUP
L
FO
G
PSUIFO
Q
SFTT<0,>
N?
*
GZPVBSFDVSSFOUMZVTJOHBLFZQBEXJUICVJMUJO
S
FBEFSUIFTZTUFNXJMMQSPNQUZPVUPQSFTFOU
U
IFOFXUPLFOUPUIFLF
Z
QBE0ODFUIFUPLFOJT
Q
SFTFOUF
E
U
I
F
L
FZQB
E
XJ
MM

C
FFQBO
E
SFUVSOUPU
I
F
N
FO
V
14( 
:PVST
Z
TUFNNVTU
I
BWFBU
M
FBTUPOFSFB
E
FSFOB
CM
F
E
L
FZQBE
G
PSBOZUPLFO
G
VODUJPOTUPXPSL







%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
$FFHVV
!7
R
N
H
Q!
.1@
'
HOHWH
7
RNH
Q
0(18
5IJTNFOVBMMPXTBNBTUFSVTFSUPEFMFUFBVTFSTQSPYJNJUZ
U
PLFOPSDBSE0OMZVTFSTXIPCFMPOHUPUIFTBNFBSFBT
BTU
I
FNBTUFSVTFSDBO
C
F
E
F
M
FUF
E

 &OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS
<

>

<

>

<

>

<
0,
>
5
I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZU
I
F6SQSPNQU
&OUFSUIFVTFSOVNCFSXIPTUPLFO
Z
PVXBOUUP
EFMFUFUIFO
Q
SFTT<0,>
N?
*
G
ZPVIBWFTFMFDUFEBWBMJEVTFSXJUIBUPLFOUIF
TZ
TUFNXJMMBTL
Z
PVUPDPOmSNUIFEFMFUJPO

'" 

 1SFTT<0,>BHBJOUPEFMFUFUIFUPLFOPSQSFTT
<.&/6>UPDBODF
M
$
FFHVV!
7
R
N
HQ!
,' 1@
7RNHQ 6WDWXV
0(18
5IJTNFOVBMMPXTBNBTUFSVTFSUPJEFOUJ
G
ZBUPLFOXIJDI
I
BT
C
FFOQSPHSBNNF
E
JOUPU
I
FT
Z
TUFN0O
MZ
UP
L
FOTU
I
BU
I
BWFCFFOBTTJHOFEUPUIFTBNFBSFBTBTUIF.BTUFSVTFS
D
B
O
C
FJ
E
FOUJ
m
F
E

 &OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS<><><><0,>

5IFT
Z
TUFNXJMMQSPNQU
Z
PVUPQSFTFOUUIFUPLFOUP
UPCFJEFOUJG
Z
UPUIFLF
Z
QBE
14( 
0
ODFUIFUPLFOJTQSFTFOUFEUIFT
Z
TUFNXJMMEJTQMB
Z
U
I
FVTFSOVN
C
FSX
I
PU
I
FUP
L
FO
C
F
M
PO
H
TUP*OU
I
F
FYBNQMFCFMPXUIFUPLFOCFMPO
H
TUPVTFS
N

1SFTT
<
0,
>
XIFOmOJTIF
E







3'3BEJP,FZ
G
PC
T
3
BEJP,F
Z
GPCTDBOCFVTFEBTBOBMUFSOBUFNFUIPEGPSVTFST
U
PUVSOBOBSFB

T

POBOEPõBOEPSDPOUSPMBOBVUPNBUJD
EPPSPS
H
BUF
5IJT TFDUJPO PVUMJOFT IPX UP BEE BOE EFMFUF 3' LF
Z
GPCT
G
PSVTFST5IF3',F
ZG
PCNVTUCFDPNQBUJCMFXJUIUIF3'
3
FDFJWFSUIBUIBTCFFOJOTUBMMFECZZPVSTFDVSJUZDPNQBOZ
$
FFHVV!5).H\
I
RE!
$
)@

$GG .H\IRE
0(18
5
I
JT NFOV B
MM
PXT B NBTUFS VTFS UP QSPHSBN PS
M
FBSO U
I
F
VTFSTLFZ
G
PC*%OVNCFSJOUPUIFTZTUFN

 &OUFS<.BTUFS1*/><.&/6>
&OUFS
<

>

<

>

<

>

<
0,
>
5
I
F
L
F
Z
QB
E
XJ
MM

E
JTQ
M
B
Z
U
I
F6SQSPNQU
&OUFSUIFVTFSOVNCFSZPVXBOUUPBEEUIFLFZ
G
PC
G
PSUIFO
Q
SFTT<0,>
N?
5IFLF
Z
QBEXJMMQSPNQU
Z
PVUPFOUFSUIF3'LF
Z
GPC
*%O
V
N
C
FS

(
_,

 &OUFSUIF3',FZ
G
PCT*%/VNCFSPSBMUFSOBUJWFMZ
QSFTTBO
Z
CVUUPOPOUIFLF
Z
GPCUPBVUPNBUJDBMM
Z
M
F
B
SOU
I
F*%O
V
N
C
FS

$
FFHVV!5).H\
I
RE!
(.)@
'HOHWH .H\IRE
0(18
5IJTNFOVBMMPXTBNBTUFSVTFSUPEFMFUFUIF3'LF
Z
GPCUIBU
I
BTCFFOBTTJHOFEUPBVTFS


 &OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS
<

>

<

>

<

>

<
0,
>
5
I
F
L
F
Z
QB
E
XJ
MM

E
JTQ
M
B
Z
U
I
F6SQSPNQU
&OUFSUIFVTFSOVNCFSXIPTLFZ
G
PCZPVXBOUUP
EFMFUFUIFO
Q
SFTT<0,>
N?
8
IFOQSPNQUFEFOUFSUIF3'LF
Z
GPC*%OVNCFS

(  ,
&OUFSUIF3',F
Z
GPCT*%/VNCFSPSBMUFSOBUJWFM
Z

QSFTTBOZCVUUPOPOUIFLFZ
G
PCUPBVUPNBUJDBMMZ
EFMFUFUIF*%OVNCFS









4PMVUJPOJ

%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
$
FFHVV!
8
VHU
3
URSHUW
L
HV! N
$
R
(
8VHU 1DPH
0(18
5
IJT NFOV BMMPXT UIF NBTUFS VTFS UP QSPHSBN UIF VTFST
O
B
NF

"N
B
YJN
V
N
PG


DI
B
S
B
DUFSTD
B
O
C
FFOUFSF
E
JOUIJT
m
FME6TFUIF
<
ĸ
>
BO
E

<
ĺ
>
LF
Z
TUPTDSPMMUIFDVSTPSMFGUBOE
SJHIUUPWJFXUIFFOUJSFVTFSOBNF

5
IFUFYUQSPHSBNNJOHQSPDFEVSFJTWFSZTJNJMBSUPUIBUP
G

NPTUNPCJMFQIPOFT3FGFSUIF1SPHSBNNJOH5FYUTFDUJPO
POQBHF
G
PSNPSFEFUBJMT
6
TFS O
B
NFT
B
SF TU
P
SF
E
 XJU
I

B
TT
P
DJ
B
UF
E
 FWFOUT JO U
I
F
TZ
TUFNTIJTUPS
Z
MPH5IJTFOBCMFTBDDVSBUFBVEJUJOHPGVTFS
NPWFNFOUTBUBMBUFSUJNFJ
G
SF
R
VJSFE/BNFTBSFBMTPVTFE
X
IFOSFQPSUJO
H
BMBSNTBOEBSNEJTBSNFWFOUTJO4.4BOE
PUIFSUFYUCBTFESFQPSUJOHGPSNBUT
&BDI VTFS IBT B EF
G
BVMU OBNF XIJDI DBO CF DIBO
H
FE J
G

E
FTJSF
E
5IF
E
FG
BV
MUO
B
NFT
B
SF
B
TG
P
MM
P
XT

%&'"
6
-5
6
4&3/".&4
6
TFS/VNCFS
%
FGBVMU/BNF

N4( 
$!(

N4(_ _$!
(
Ļ
Ļ


N4(_K_ _$!(
5
BC
MF

%FG
BV
MU
6
TFS/
B
NF
T
5
PD
I
BO
H
FBVTFSOBNF

&
OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<><><><0,>

5
IFLF
Z
QBEXJMMEJTQMB
Z
UIF6SQSPNQU
&
OUFSU
I
FVTFSOVN
C
FSX
I
PTOBNF
Z
PVXBOUUP
DI
BO
H
FU
I
FOQSFTT<0,>
N

?
5
IFLF
Z
QBEXJMMEJTQMB
Z
UIFDVSSFOU6TFS/BNF
6TFUIF
<
ĸ
>
BOE
<
ĺ
>
LF
Z
TUPWJFXUIFFYJTUJOH
V
TFSOBNF5
I
FDVSTPSQPTJUJPOJTJO
E
JDBUF
E

C
ZU
I
F
n
BTIJOHDIBSBDUFSJOUIFOBNF*UJTQPTTJCMFUPFEJU
B
TJOHMFDIBSBDUFSJOUIFOBNFXJUIPVUSFFOFUFSJOH
UI
FFOUJSFO
B
NF

N4(_

6TFUIFUP
<
ĸ
>BOE<
ĺ
>LFZTUPDIBOHFUIFVTFS
O
BNFUFYUBTSFRVJSFE"UBO
Z
UJNF
Z
PVDBOVTFUIF
<
Ĺ
>
BO
E
<
Ļ
>
LFZTUPTDSPMMUISPVHIUIFDPNQMFUFMJTUP
G

B
W
B
JM
BC
MFDI
B
S
B
DUFST


5
PDMFBSBMMUFYUGSPNUIFDVSTPSQPTJUJPOUPUIFSJHIU
Q
SFTTU
I
F<0''>
L
FZ
8
I
FOU
I
FVTFSOBNFJTDPNQ
M
FUFQSFTT<0,>UPTBWF
B
OEFYJUPSQSFTT<.&/6>UPFYJUXJUIPVUTBWJOH










$
FFHVV!
8
VHU
3
URSHUW
L
HV!
N$($
$UHD $VVLJQPHQW
0(18
5I
JTNFOVB
MM
PXTU
I
FNBTUFSVTFSUPQSP
H
SBNX
I
JD
I
BSFBT
UPBVTFSDBODPOUSP
M
&BD
I
VTFSDBO
C
FBTTJHOF
E
UPPOF
PSNVMUJQMFBSFBT5IFNBTUFSVTFSDBOPOMZBTTJHOBOPUIFS
VTFSUPBOZPOFPSNV
M
UJQ
M
FBSFBTU
I
BUU
I
FNBTUFSVTFS
I
BT
CFFOBTTJHOFEUP"UGBDUPS
Z
EFGBVMUFBDIVTFSJTBTTJHOFE
U
PP
Q
FSBUF"SFB


 &OUFS<.BTUFS1*/><.&/6>
&
OUFS
<

>

<

>

<

>

<
0,
>
5
IFLF
Z
QBEXJMMEJTQMB
Z
UIF6SQSPNQU
&
OUFSU
I
FVTFSOVN
C
FSX
I
PTBSFBBTTJHONFOUZPV
X
BOUUPDIBO
H
FUIFOQSFTT<0,>
N?
 5IFLF
Z
QBEXJMMEJTQMB
Z
UIFDVSSFOUBSFBBTTJHONFOU
GP
SUIFTFMFDUF
E

V
TFS

5IFO
V
N
C
FSTU
P

P
OUIF
E
JTQ
M
BZDPSSFTQPO
E
UPBSFBTUP
B
%P
B
 

 1SFTTJOHCVUUPOTUPXJMMUPHHMFUIFBSFB
B
TTJHONFOUPOBOEPõ8IFOUIFOVNCFSJT
E
JTQ
M
BZF
E
U
I
FVTFSXJ
MM

I
BWFBDDFTTUPU
I
FBSFB
X
IFOUIFOVNCFSJTP
õ
UIFVTFSXJMMOPUIBWFBDDFTT
U
PUIFBSFB

 3FQFBU4UFQVOUJ
M
ZPV
I
BWFBTTJHOF
E
U
I
FVTFSUPB
MM

S
F
R
VJSFEBSFBT
 1SFTT<0,>UPTBWFBOEFYJUPS
Q
SFTT<.&/6>UPFYJU
X
JU
I
PVUTBWJO
H
5
JNFS(SPVQT
5
JNFS(SPV
Q
TDBOCFVTFEUP
Q
SFWFOUTFMFDUFEVTFSTGSPN
PQFSBUJOHUIFTZTUFNPVUTJEFHJWFOUJNFTP
G
UIFEBZEBZT
PGUIFXFFLPSFWFOIPMJEBZQFSJPET

5
IJTGVODUJPOBMJU
Z
OFFETUPCFDPOmHVSFEPO
Z
PVST
Z
TUFNC
Z
U
IFJOTUBMMFSIPXFWFSNBTUFSVTFSTDBOBTTJ
H
OPUIFSVTFST
U
P B TQFDJmD UJNFS HSPVQ BT XFMM BT BE
K
VTU UIF TDIFEVMF
U
JNFTBOEEB
Z
TJOXIJDIVTFSTJOUIFHSPVQDBOPQFSBUFUIF
T
ZT
U
FN
.
V
M
UJQ
M
F TD
I
F
E
V
M
FT DBO
C
F BTTPDJBUF
E
 UP B UJNFS
H
SPVQ
I
PXFWFS VTFST DBO POM
Z
 CFMPOH UP POF UJNFS HSPVQ 'PS
FYBNQMFUPBMMPXBHSPVQP
G
VTFSTUPPQFSBUFUIFTZTUFN
C
FUXFFOBNBO
E
QNPO.PO5VF8F
E
BO
E
'SJTD
I
F
E
V
M
F
4I JT SF
R
VJSFE 5P BMMPX P
Q
FSBUJPO CFUXFFO BN BOE

QNPO5IVBTFDPOETDIFEVMF4IJTSFRVJSFE
0
ODFU
I
FTD
I
F
E
V
M
FT
I
BWF
C
FFODSFBUF
E

Z
PVSJOTUB
MM
FSXJ
MM

M
JOL UIFN UP B UJNFS HSPVQ BOE BEWJTF
Z
PV XIJDI UJNFS
H
SPVQOVNCFSIBTCFFOVTFE
.
BTUFSVTFSTDBOOPXSFTUSJDUU
I
FVTFST
CZ

M
JO
L
JOHU
I
FN
U
PUIFBQQSPQSJBUFUJNFSHSPVQ





%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
6
TFST
&BD
I
VTFSDBOPO
MZ

C
F
M
POHUPUJNFSHSPVQ

6F
K
HGX
O
HV
.VMUJQMFTDIFEVMFTDBOCFMJOLFEUPUIFTBNFUJNFS
H
SPVQ

6
Q
UPTD
I
F
E
V
M
FTDBO
C
FDSFBUF
E
7
LPH*URX
SV
S
6QUPEJõFSFOUUJNFS
H
SPVQTDBOCFDSFBUFE

$
FFHVV!8VHU3UR
S
HUWLHV!

R
3
___

7
LPHU
*
URX
S
0(18
5IJTNFOVBMMPXTUIFNBTUFSVTFSBTTJHOB6TFSUPB5JNFS
(
SPVQ 5JNFS(SPVQTDBO CFVTFEUP SFTUSJDU6TFSBDDFTT
U
P CF XJUIJO TQFDJmD UJNFT EFmOFE C
Z
 TDIFEVMFT  &BDI
VTFSDBOPOM
Z
CFBTTJHOFEUPPOF5JNFS(SPVQ4FUUJOHUIJT
PQUJPOUPXJMMHJWFUIFVTFSIPVSBDDFTTUPUIFTZTUFN

&OUFS<.BTUFS1*/><.&/6
>
&OUFS
<

>

<

>

<

>

<
0,
>
5IFLF
Z
QBEXJMMEJTQMB
Z
UIF6SQSPNQU
&OUFSU
I
FVTFSOVN
C
FS
Z
PVXBOUUPBTTJHOU
I
FO
QSFTT
<
0,
>

N

?
6TJOHU
I
FOVNFSJD
L
F
Z
TFOUFSU
I
F5JNFS(SPVQ
O
V
N
C
FS

7
BM
J
E
FOUSJFT
B
SFo


P
S

U
P

E
JT
BCM
F

?

1SFTT<0,>UPTBWFBO
E
FYJUPSQSFTT<.&/6>UPFYJU
X
JUIPVUTBWJOH
$
FFHVV!8VHU3UR
S
HUWLHV!
N
B$

$
FFHVV
$
VVLJQPHQW 0(18
5IJTNFOVBMMPXTUIFNBTUFSVTFSUPBTTJHOPUIFSVTFSTUP
POF PS NPSF BDDFTT
H
SPVQT  "O BDDFTT
H
SPVQ JT VTFE UP
B
MM
PX BO
E
PS SFTUSJDU X
I
JD
I
 VTFST
I
BWF BDDFTT UP WBSJPVT
T
Z
TUFN PVUQVUT  0VUQVUT DBO CF VTFE UP DPOUSPM EPPST
H
BUFTPSSPMMFSEPPSTFUD
:PVT
I
PV
ME

E
JTDVTTU
I
FTFPQUJPOTXJU
I

Z
PVSJOTUB
MM
FS
&OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS
<

>

<

>

<

>

<
0,
>
5
I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZU
I
F6SQSPNQU
&OUFSUIFVTFSOVNCFS
Z
PVXBOUUPBTTJHOUIFO
QSFTT<0,>
N?
5IFLF
Z
QBEXJMMEJTQMB
Z
UIFDVSSFOUBDDFTT
B
TTJHONFOUGPSUIFTFMFDUFEVTFS5IFOVNCFSTUP
POU
I
F
E
JTQ
M
BZDPSSFTQPO
E
UPBDDFTTHSPVQTUP










B%PB
  K
1SFTTJO
H
CVUUPOTUPXJMMUP
HH
MFUIFBDDFTT
B
TTJHONFOUPOBOEPõ8IFOUIFOVNCFSJT
E
JTQ
M
BZF
E
U
I
FVTFS
C
F
M
POHTUPU
I
FBDDFTTHSPVQ
X
IFOUIFOVNCFSJTP
õ
UIFVTFSEPFOOPUCFMPO
H
UP
UIFBDDFTTHSPVQ
3FQFBU4UFQVOUJ
M

Z
PV
I
BWFBTTJHOF
E
U
I
FVTFSUPB
MM
SFRVJSF
E
BDDFTT
H
SPVQT
1SFTT<0,>UPTBWFBOEFYJUPS
Q
SFTT<.&/6>UPFYJU
X
JU
I
PVUTBWJO
H

"SF
BT
5
I
F 4P
M
VUJPO J DPOUSP
M
 QBOF
M

I
BT U
I
F B
C
J
M
JU
Z
UP
C
F
Q
BSUJUJPOFE V
Q
 UP  JOEJWJEVBM BSFBT &BDI BSFB DBO CF
JOEFQFOEBOUMZ DPOUSPMMFE 5IJT TFDUJPO PVUMJOFT WBSJPVT
D
P
NN
B
O
E
TU
IB
UD
P
OUS
PM
JO
E
JWJ
EVBM

B
SF
B
T

$
UHDV!
&
RPPDQGV! .
$
UHD
6
WDWXV 0(18
5IJTNFOVBMMPXTVTFSTUIFBCJMJU
Z
WJFXUIFBSFBTUBUVTP
G

U
IFD
V
SSFOU
B
SF
B

P
SUIFTU
B
U
V
T
PG

B

E
J
õ
FSFOU
B
SF
B
5IJTNFO
V
JTPO
MZ
BWBJ
M
B
CM
FWJBB
L
F
Z
QB
E
X
I
PTDPSSFTQPO
E
JOHBSFBJT
U
VSOFEP
õ

 &OUFS<.BTUFS1*/><.&/6>
&OUFS
<

>

<

>

<

>

<
0,
>
*G
Z
PVST
Z
TUFNIBTCFFODPOmHVSFEUPIBWFNPSF
U
I
BOPOFBSFBU
I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZU
I
F"
Q
SPN
Q
U&OUFSUIF"SFBOVNCFSUPDIFDLUIF
O
QSFTT<0,>
$?
5IFLF
Z
QBEXJMMEJTQMB
Z
UIFBSFBTUBUVTJOGPSNBUJPO

*
G
UIFBSFBJTUVSOFE"MM0OUIFLFZQBEXJMMEJTQMBZ
,4_0/
*GUIFBSFBJTUVSOFE"MM0õUIFLF
Z
QBEXJMMEJTQMB
Z
,4 0))
*G"SFBJTUVSOFE1BSU0O.PEFUIFLF
Z
QBEXJMM
E
JTQ
M
B
Z
$ 0/
5PFYJU
Q
SFTT<0,>











4PMVUJPOJ


%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
$
UHDV!
&
RPPDQGV! .
7XUQ $UHD 2Q
0(18
5
IJTNFOVBMMPXTZPVUPUVSOBOTJOHMFBSFB"MM0O*GZPVS
TZ
TUFN IBT CFFO DPOmHVSFE UP IBWF NVMUJQMF BSFBT UIFO
U
IFLFZQBEXJMMQSPNQUZPVUPTFMFDUUIFBSFBZPVXJTIUP
BSN

 &OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<.&/6><><><><0,>*GZPVSTZTUFN
IBTCFFODPO
mH
VSFEUPIBWFNPSFUIBOPOFBSFB
U
IFLF
Z
QBEXJMMEJTQMB
Z
UIF"QSPNQU&OUFSUIF
"SFBOVN
C
FSUP"SNU
I
FOQSFTT<0,>UPBSN
$
?
$
UHDV!
&
RPPDQGV!
.
7XUQ $OO $UHDV 2Q
0(18
5I
JT NFOV B
MM
PXT ZPV UP UVSO PO B
MM
 BSFBT U
I
BU ZPVS 1*/
I
BT
C
FFOBTTJHOF
E
UPBUU
I
FTBNFUJNF"
MM
0O5
I
F
L
F
Z
QB
E

EJTQMB
Z
TCFMPXTIPXUIFBSFBJDPOTBOEPOJOEJDBUJOH
U
I
B
U
CP
UI"SF
B

B
O
E
"SF
B

B
SF
B
SNF
E

 &OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<.&/6><><><><0,>5
I
F
L
FZQB
E

X
JMMEJTQMB
Z
UIFXPSEi-&"7&wJOUIFEJTQMB
Z
BOEUIF
F
YJUXBSOJOHCFFQFSXJMMTPVOE:PVTIPVMEMFBWFBMM
B
SF
B
TO
P
X

32:(5
21
8IFOFYJUUJNFIBTFYQJSFEUIFLF
Z
QBEXJMMEJTQMB
Z
U
IBUUIFIPNFBSFB"SFBJOUIJTDBTFJTPO

BOE
UIB
U
B
SF
B
JT
BM
T
P

P
OWJ
B
U
I
F
B
SF
B
JD
P
OT

32:(5
21
$5($
I
/PUF
"SFBJDPOTXJMMPOM
Z
EJTQMB
Z
J
G
QSPHSBNNFEUPEPTP
 CZZPVSTFDVSJUZJOTUBMMFS
I

$
UHDV!
&
RPPDQGV! .
7
XUQ
$
OO
$
UHDV
2
I
I
0(18
5
IJTNFOVBMMPXT
Z
PVUPUVSOPõBMMBSFBTUIBU
Z
PVS1*/IBT
CFFOBTTJHOFEUPBU UIFTBNFUJNF "UMFBTUPOF LFZQBE
POUIFT
Z
TUFNNVTUCFJOBEJBTSNFEBSFBCFGPSF
Z
PVDBO
B
DDFTTUIJTDPNNBOE

&
OUFS
<
.BTUFS1*/
>

<
.&/6
>





&
OUFS<><><><0,>5
I
FTZTUFNXJ
MM
OPX
E
JTBSNBMMBSFBTUIBUBSFJOUIFBSNFEDPOEJUJPO
Q
SPWJ
E
F
E
U
I
FVTFS
C
F
M
PO
H
TPS
I
BTBDDFTTUPU
I
FBSFB

$
UHDV!
&
RPPDQGV!
.
0RYH 7R $UHD
0(18
5
IJTNFOVBMMPXTZPVUPNPWFUIFGPDVTPGBLFZQBEGSPN
POFBSFBUPBOPUIFS0ODFUIFLF
Z
QBETGPDVTIBTDIBOHFE
Z
PVXJMMCFBCMFUPTFFUIFTUBUVTP
G
UIF[POFTJOUIBUBSFB
B
OEBMTPQFSGPSNGVODUJPOTBTJGZPVXFSFVTJOHUIFLFZQBE
M
PDBUFJOU
I
BUBSFB
&
OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<><><><0,>*G
Z
PVST
Z
TUFNIBTCFFO
D
PO
m
HVSFEUPIBWFNPSFUIBOPOFBSFBUIFLFZQBE
X
JMMEJTQMBZUIF"QSPNQU
&
OUFSUIF"SFBOVNCFSUPNPWFUPUIFO
Q
SFTT<0,>

$ 0))
5I
F
L
FZQB
E
XJ
MM
OPXNPWFUPU
I
FSFRVFTUF
E
BSFB
*
G
Z
PVEPOPUIBWFBDDFTUPUIFTFMFDUFEBSFBUIF
T
ZTUFNXJ
MM
TPVO
E
BUSPV
CM
F
C
FFQBO
E
U
I
F
L
FZQB
E

G
PDVTXJMMSFNBJOVODIBO
H
FE
5IFLF
Z
QBEEJTQMB
Z
TUIFBSFBXIJDIJTDVSSFOUM
Z
JO
G
PDVTBUBMMUJNFT*OUIFBCPWFFYBNQMF"SFBJTJO
GP
D
V
T

5
IFLFZQBEXJMMSFUVSOUPJUTIPNFBSFBTFDPOET
BGUFSUIFMBTULF
Z
QSFTT
I
/PUF
*G
UIFLF
Z
QBEIBTCFFOQSPHSBNNFEUPCFBSPBNJOH
LFZQBEUIFOZPVDBOVTFUIF
I
<ĸ
@

B
O
E
<
ĺ
>
LF
Z
TUP
NPWFCFUXFFOBSFBTBUBOZUJNF
/PU
F
$
UHDV!
&
RPPDQGV!
&0 0)
&KLPH2Q2I
I
0(18
$
IJNF NPEF BMMPXT ZPV UP NPOJUPS B [POF PS HSPVQ P
G

[
POFTX
I
J
M
FU
I
FT
Z
TUFNPSBSFBJTJOU
I
F
E
JTBSNF
E
TUBUF5
I
F
TZ
TUFNDBOCFQSPHSBNNFEUPTPVOEUIFLF
Z
QBECV[[FSPS
B
DUJWBUFBQSP
H
SBNNBCMFPVUQVUXIFOUIFDPSSFTQPOEJO
H
$
IJNF [POF PS [POFT BSF USJ
HH
FSFE 5IJT GFBUVSF DBO CF
VTFGVMXIFO
Z
PVOFFEUPNPOJUPSUIFGSPOUPSCBDLFOUSBODF
U
PUIFQSFNJTFT
5
IJTNFOV BMMPXTBVTFS UPUVSO DIJNFNPEF POBOE Põ
0
OM
Z
LF
Z
QBETQSPHSBNNFEUPTPVOEUIFDIJNFUPOFXJMM
CFIFBSEXIFOB[POFQSP
H
SBNNFE
G
PSDIJNFJT
G
BVMUFE
5I
FNBTUFSVTFSDBOQSP
H
SBNX
I
JD
I
[POFTBSFNPOJUPSF
E

G
PSDIJNFBMBSNTJONFOVMPDBUJPO
&
OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<><><><0,>5IFT
Z
TUFNXJMMEJTQMB
Z

U
IFDVSSFOUDIJNFTUBUF*G
Z
PVST
Z
TUFNIBTCFFO
D
PO
m
HVSFE
G
PSNVMUJQMFBSFBTZPVXJMMCFQSPNQUFE
U
PFOUFSUIFBSFBOVNCFSUPQSPHSBN
*
OU
I
FFYBNQ
M
F
C
F
M
PXD
I
JNFNP
E
Fi*40''w













%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
,
4_0)
)
5PUVSO$IJNFNPEFPOTJNQMZQSFTTUIF0/LFZ
B
OEUIFEJTQMB
Z
XJMMTIPXi*40/wUIFLF
Z
QBEXJMM
BM
TP
E
JTQ
M
BZU
I
FD
I
JNF*$0/

5IFLFZQBEXJMMEJTQMBZUIF
G
PMMPXJOHXIFODIJNF
NPEFJTUVSOFEPõ
,4 0/

 1SFTTU
I
F<0,>
L
F
Z
UPFYJU
I
/PUF
*
UJTQPTTJCMFUPUVSODIJNFNPEFPOBOEP
õ
QSFTTJOH
UIFLFZEPXOGPSTFDPOET0OMZUIFBSFBDVSSFOUMZ
I
JOGPDVTXJMMPQFSBUFXIFOVTJOHUIJTNFUIPE
/PUF
$
UHDV!
&
RPPDQGV!
& 
&
KLPH
0
RGH 0(18
$
IJNF NPEF BMMPXT UIF NBTUFS VTFS UP DPOUSPM UIF XBZ
D
I
JNFB
M
BSNTPQFSBUF5
I
FSFBSFPQUJPOTBWBJ
M
B
CM
F
$IJNF"MXB
Z
T
8
JMM TPVOE UIF DIJNF BMBSN XIJMF FWFS UIF [POFT
Q
SPHSBNNFEGPS$IJNFBSFPQFOPSGBVMUFE
&
_
$..
$IJNFGPSTPNBOZTFDPOET
.BYTFDPOET
8
JMM TPVOE UIF DIJNF BMBSN GPS UIF QSPHSBNNFE UJNF
S
FHBSEMFTTP
G
IPXMPOHUIFDIJNF[POFTSFNBJOTPQFOPS
GBV
MUF
E
&
_
$IJNFBGUFSTPNBOZTFDPOET
.BYTFDPOET
8
JMM TPVOE UIF DIJNF BMBSN POMZ B
G
UFS UIF DIJNF [POFT
I
BTCFFOPQFOPSGBVMUFEGPSUIFQSPHSBNNFEUJNF

_&

$IJNF-BUDIJOH
8
J
MM
TPVO
E
U
I
FD
I
JNFB
M
BSNVOUJ
M
BWB
M
J
E
VTFSDP
E
FJTFOUFSF
E

G
PMMPXFECZUIF<0,>LFZ5IJTXJMMSFTFUUIF$IJNF"MBSN

& .$
5IFTFUUIFDIJNFNPEF
&OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS<><><><0,>*
G

Z
PVST
Z
TUFNIBTCFFO
DPOmHVSFEGPSNVMUJQMFBSFBT
Z
PVXJMMCFQSPNQUFE




UPFOUFSU
I
FBSFBOVN
C
FSUPQSPHSBN5
I
FTZTUFN
X
JMMEJTQMB
Z
UIFDVSSFOUDIJNFNPEFGPSUIBUBSFB
6TFU
I
F
<
Ĺ
>
BO
E

<
Ļ
>
L
F
Z
TUPTF
M
FDUU
I
FSFRVJSF
E
D
I
JNF
UZQFNPEF*
G
BUJNFQBSBNFUFSJTSFRVJSFE
G
PSUIF
DIPTFONPEFTJNQM
Z
FOUFSUIFSFRVJSFWBMVFJO
T
FDPO
E
TBO
E
U
I
FQSFTT<0,>UPTBWF
$
UHDV!$UHD3UR
S
HUWLHV!
$
B
$R(
$UHD 1DPH
0(18
5IJTNFOVBMMPXTZPVUPQSPHSBNUIFOBNF
G
PSFBDIBSFB
5IFBSFBOBNFDBOCFVQUPDIBSBDUFSTMPOH"UGBDUPS
Z
EF
G
BVMUPOM
Z
"SFBJTVTFE5IFDPOUSPMQBOFMDBOIBWFB
N
BYJNVNP
G
JOEFQFOEFOUBSFBTQSP
H
SBNNFE
&OUFS<.BTUFS1*/><.&/6
>
&OUFS<><><><0,>*
G
ZPVSTZTUFNIBTCFFO
DPOmHVSFEUPIBWFNPSFUIBOPOFBSFBUIFLF
Z
QBE
X
J
MM

E
JTQ
M
B
Z
U
I
F"QSPNQU
&OUFSUIF"SFBOVNCFSUPWJFXUIFO
Q
SFTT<0,>

$?
5
I
F
L
F
Z
QB
E
XJ
MM

E
JTQ
M
B
Z
U
I
FDVSSFOU"SFB/BNF
6TFU
I
F
<
ĸ
>BO
E

<
ĺ
>
L
FZTUPWJFXU
I
FFYJTUJOH
B
SFBOBNF5IFDVSTPSQPTJUJPOJTJOEJDBUFEC
Z
UIF
n
BTIJOHDIBSBDUFSJOUIFOBNF*UJTQPTTJCMFUPFEJU
B
TJO
HM
FD
I
BSBDUFSJOU
I
FOBNFXJU
I
PVUSFFOFUFSJO
H
UIFFOUJSFOBNF
4P
6TFUIFUP


<
ĸ
>
BOE
<
ĺ
>LF
Z
TUPDIBOHFUIFBSFB
OBNFUFYUBTSFRVJSF
E
"UBOZUJNFZPVDBOVTFU
I
F
<
Ĺ
>
BOE
<
Ļ
>LF
Z
TUPTDSPMMUISPVHIUIFDPNQMFUFMJTUP
G

B
WBJMBCMFDIBSBDUFST
5PDMFBSBMMUFYU
G
SPNUIFDVSTPSQPTJUJPOUPUIFSJ
H
IU
QSFTTUIF<0''>LFZ
8
IFOUIF"SFBOBNFJTDPN
Q
MFUF
Q
SFTT<0,>UPTBWF
B
O
E
FYJUPSQSFTT<.&/6>UPFYJUXJU
I
PVUTBWJO
H
%
&'"6-5"3&"/".&4
"SF
B
/
V
N
C
F
S
%
FG
BV
MU/
B
N
F

4P 4!

$
$_

$$ 

$
$_
5
BCMF%F
G
BVMU"SFB/BNFT











4PMVUJPOJ


%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
*
OQVU0QU
J
POT
5I
FDPOUSP
M
QBOF
M

I
BTVQUPBNBYJNVN[POFT8
I
FO
U
IF PQUJPOBM SBEJP SFDFJWFS JT mUUFE BO
Z
 BWBJMBCMF [POF
DBOCFQSP
H
SBNNFEBTBXJSFMFTT[POF:PVSJOTUBMMFSXJMM
B
EWJTF
Z
PVPOUIFFYBDUNBLFVQBOEDPOmHVSBUJPOPG
Z
PVS
TZ
T
U
FN
,
QSXWV!
&
RPPDQGV!
$O
=RQH 6WDWXV
0(18
5
IJT NFOV BMMPXT ZPV UP WJFX UIF TUBUVT PS DPOEJUJPO P
G

FBD
I
[POFPOU
I
FT
Z
TUFN5
I
FSFBSFU
I
SFFQPTTJ
CM
FTUBUFT
X
IJDI DBO CF EJTQMB
Z
FE ;POF /PSNBM ;POF 0QFO PS
;POF4IPSUFE5IFTUBUVTEJTQMBZXJMMBMTPTIPXUIF[POF
SFTJTUBODFX
I
JD
I
JT
C
FJOHNFBTVSF
E

CZ
U
I
FDPOUSP
M
QBOF
M

&
OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<><><><0,>5
I
F
L
F
Z
QB
E
XJ
MM

E
JTQ
M
B
Z
UI
F;OQSPNQU&OUFSU
I
F[POFOVN
C
FSZPVXBOU
U
PDIFDLUIFO
Q
SFTT<0,>

9 ? 
5
IFLFZQBEXJMMEJTQMBZUIF[POFTUBUVTJO
G
PSNBUJPO
5
IF
m
STUTDSFFOXJMMEJTQMB
Z
UIF[POFTUBUF
5I
FSFBSFQPTTJ
CM
FTUBUFT
 /PSNB
M
;POFJTD
M
PTF
E
BO
E
SFB
E
Z
4
I
PSU;POFJTT
I
PSUF
E
BO
E
OPUSFB
E
Z

 0QFO;POFJTPQFOBOEOPUSFBE
Z
/
03R$
.
5
IFTFDPOETDSFFOXJMMEJTQMB
Z
UIF[POFSFTJTUBODF
J
OP
I
NT5
I
JTJTU
I
FBDUVB
M
SFTJTUBODF
C
FJO
H

N
FBTVSFECZUIFDPOUSPMQBOFM


K
1
SFTTUIF<0,>LF
Z
UPFYJU
,
Q
S
XWV!&RPPDQGV!
%
$

%
\SDVV
=
RQH
V
0(18
5
IJTNFOVBMMPXTZPVUPCZQBTTPOFPSNPSF[POFTCF
G
PSF
Z
PVBSNUIFTZTUFNJO"MM0O1BSU0OPS1BSU0ONPEFT
8
I
FOB[POFJT
CZ
QBTTF
E
JUJTOPUB
CM
FUP
E
FUFDUJOUSVTJPO
PSTPVOEBOBMBSN"MMOPOCZQBTTFE[POFTXJMMDPOUJOVFUP
PQFSBUFBTOPSNBM
"
C
VSH
M
BS
Z
[POFXJ
MM
BVUPNBUJDB
MMZ

C
FVO
CZ
QBTTF
E
X
I
FO
Z
PVUVSO UIFDPSSFTQPOEJOHBSFBP
õ
EJTBSN "OZ)S
m
SFPS)S OPO
m
SF[POFTXJMMOFFE UPCFNBOVBMMZ VO
CZ
QBTTF
E

&
OUFS
<
.BTUFS1*/
>

<
.&/6
>











&
OUFS<><><><0,>5
I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZ
U
IF;OQSPNQUXIJDIXJMMnBTIJOEJDBUJOHUIBU
Z
PVBSFJO
E
BUBFOUS
Z
NP
E
F"O
Z
[POFTX
I
JD
I
BSF
D
VSSFOUMZCZQBTTFEXJMMBMTPCF
n
BTIJOH
*
G
Z
PVST
Z
TUFNJTDPOmHVSFEGPSNVMUJQMFBSFBTUIF
B
SFB*DPOGPSUIFDVSSFOUBSFBXJMMBMTPCFEJTQMB
Z
FE

I
/PUF
:PV DBO POM
Z
C
Z
QBTT [POFT JO UIF DVSSFOU BSFB
5P CZQBTT [POFTJO BOPUIFSBSFBFYJUQSPHBNNJOH
I
NPEF BOE NPWF UP UIF SFRVJSFE BSFB CFGPSF
/
P
U
F
SFQFBUJO
H

G
SPNTUFQ
5
P
C
ZQBTTB[POFFOUFSU
I
F[POFOVN
C
FSBO
E
U
I
FO
Q
SFTT<0,>5IF[POFJOEJDBUPSXJMMCFHJOUP
n
BTI
5
PVO
CZ
QBTTB[POFU
Z
QFU
I
F[POFOVN
C
FSBO
E
U
I
FO
Q
SFTT<0,>
9 ?


_

3
FQFBUTUFQGPSBO
Z
BEEJUJPOBM[POFTUIBU
Z
PV
O
FF
E
UP
C
ZQBTT
1
SFTT<0,>UPTBWFBOEFYJUPS
Q
SFTT<.&/6>UPFYJU
X
JUIPVUTBWJOH

I
/PUF
:PVDBOBMTPBDDFTTUIF;POF#ZQBTTGVODUJPOCZ 
FOUFSJOHZPVS1*/BOEUIFOSFTTJOHUIF1"35#ZQBTT
I
LFZEPXOGPSTFDPOET
/PU
F
,
QSXWV!
&
RPPDQGV!
&
B

6HW &KLPH =RQHV
0(18
5I
JTNFOVB
MM
PXTZPVUPQSPHSBN[POFTUP
C
FNPOJUPSF
E
X
IFO UIF T
Z
TUFN JT UVSOFE Põ  $IJNF NPEF JT JEFBM UP
NPOJUPS B
G
SPOU EPPS UP TPVOE UIF LF
Z
QBE CV[[FS XIFO
PQFOFE
G
BVMUFE
&
OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<><><><0,>5
I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZ
U
IF;OQSPNQUXIJDIXJMM
n
BTIJOEJDBUJOHUIBU
Z
PVBSFJOEBUBFOUS
Z
NPEF"O
Z
[POFTXIJDIBSF
D
VSSFOU
M
ZTFUBT$
I
JNF;POFTXJ
MM

C
F
E
JTQ
M
BZF
E

*
G
Z
PVST
Z
TUFNJTDPOmHVSFEGPSNVMUJQMFBSFBTUIF
B
SFB*DPO
G
PSUIFDVSSFOUBSFBXJMMBMTPCFEJTQMBZFE

5
PTFUB$IJNF;POFFOUFSUIF[POFOVNCFS
B
OEUIFO
Q
SFTT<0,>5IF[POFJOEJDBUPSXJMMCF
E
JTQ
M
BZF
E
5PSFNPWFU
I
FD
I
JNF[POFUZQFU
I
F[POF
O
VNCFSBOEUIFOQSFTT<0,>
9 ?

__
3
FQFBUTUFQ
G
PSBOZBEEJUJPOBMDIJNF[POFT
 1SFTT<0,>UPTBWFBO
E
FYJUPSQSFTT<.&/6>UPFYJU
X
JUIPVUTBWJOH
















%RVFK6HFXULW\6\VWHPV%/&&8)75
4PMVUJPOJ6TFS(VJEF
,
QSXWV!
&
RPPDQGV!
1
B
6HW 3DUW  =RQHV
0(18
5
I
JTNFOV B
MM
PXTZPVUPQSPHSBNX
I
JD
I
[POFT BSFUP
C
F
N
POJUPSF
E
X
I
FOBO BSFB
I
BT
C
FFOUVSOF
E
1BSU 0O #
Z
E
F
GBV
MU
B
MM[
P
OFT
B
SFN
P
OJU
P
SF
E
XIFOJO1
B
SU
0
O.
PE
F

6TFU
I
JTPQUJPOUPTFUX
I
JD
I
[POFTT
I
PV
ME
OPU
C
FNPOJUPSF
E
JO1BSU0ONP
E
F

&OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS<><><><0,>5IFLF
Z
QBEXJMMEJTQMB
Z
UIF;OQSPNQUXIJDIXJMMnBTIJOEJDBUJOHUIBUZPV
B
SFJOEBUBFOUSZNPEF
"OZ[POFTX
I
JD
I
BSFDVSSFOU
M
ZTFUBT1BSU[POFT
X
JMMOPUCFEJTQMBZFE;POFTUIBUBSFEJTQMBZFEXJMM
CFBBDUJWF[POFTXIFOUIFT
Z
TUFNJTBSNFEJO1BSU
0
ON
PE
F

*G
Z
PVST
Z
TUFNJTDPOmHVSFEGPSNVMUJQMFBSFBTUIF
B
SFB*DPOGPSUIFDVSSFOUBSFBXJMMBMTPCFEJTQMBZFE

5PTFUB1BSU[POFFOUFSU
I
F[POFOVN
C
FS
B
OEUIFO
Q
SFTT<0,>5IF[POFJOEJDBUPSXJMM
C
FFYUJOHVJT
I
F
E
5PSFNPWFB1BSU[POFU
Z
QF
U
I
F[POFOVN
C
FSBO
E
U
I
FOQSFTT<0,>5
I
F[POF
J
OEJDBUPSXJMMBQQFBSJOUIFEJTQMB
Z

9 ?


_

_

__

__

_
K
3FQFBUTUFQGPSBO
Z
BEEJUJPOBM1BSU[POFT
Z
PV
SFRV
J
SF

 1SFTT<0,>UPTBWFBOEFYJUPS
Q
SFTT<.&/6>UPFYJU
X
JU
I
PVUTBWJO
H

I
/PUF
*
OUIFBCPWFFYBN
Q
MF[POFTBOEXJMMCF
BDUJWFXIFOUIFTZTUFNJTBSNFEJO1BSUNPEF 
I
;POFTBOEXJMMOPUCFBDUJWF
/PUF
,
QSXWV!
&
RPPDQGV!

PB

6PRNH 6HQVRU 5HVHW
0(18
*G ZPVS TZTUFN IBT TNPLF TFOTPST mUUFE UIFZ NBZ CF
Q
PXFSF
E

CZ
 B TQFDJB
M
 PVUQVU PO U
I
F QBOF
M
X
I
JD
I
 DBO
C
F
N
BOVBMMZSFTFUCZNBTUFSVTFST6TFUIJT
G
VODUJPOUPSFTFU
Z
PVSTNPLFEFUFDUPSTJGBGBMTFBMBSNPDDVST

&OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS<><><><0,>5
I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZ
UIFX
P
S
E
#
6
4:
GP
S

TFD
P
O
E
TXIJMFUIFTN
P
LF
T
FOTPSTBSFSFTFU
%O
5
I
F
L
FZQB
E
XJ
MM
BVUPNBUJDB
MM
ZSFUVSOUPU
I
FNFOV
X
IFO
B
MMTN
P
LF
E
FUFDU
P
STJOUIF
B
SF
B
I
B
WF
C
FFO
SFTFU
I
/PUF
*G

Z
PVST
Z
TUFNJTDPOmHVSFE
G
PSNVMUJQMFBSFBT
Z
PV
NBZCFBTLFEUPTFMFDUUIFBSFBUPSFTFU
I








,
QSXWV!
=
RQH
3
URSHUW
L
HV! 
$
R
(
=RQH 1DPH
0(18
5
I
JT NFOV B
MM
PXT U
I
F NBTUFS VTFS UP QSP
H
SBN U
I
F [POF
O
BNFT6
Q
UPDIBSBDUFSTDBOCFFOUFSFEGPSFBDI[POF
OB
NF


6
TFUIF
<
ĸ
>
B
O
E

<
ĺ
>
LFZTUPTDSPMMUIFDVSTPSMF
G
U
BO
E
SJ
HI
UUPWJFXU
I
FFOUJSF[POFOBNF
5IFUFYUQSPHSBNNJOHQSPDFEVSFJTWFS
Z
TJNJMBSUPUIBUP
G

N
PTUNPCJMFQIPOFT3F
G
FSUIF1SP
H
SBNNJO
H
5FYUTFDUJPO
POQB
H
FGPSNPSFEFUBJMT
;POF OBNFT BSF TUPSFE XJUI BTTPDJBUFE FWFOUT JO UIF
T
ZTUFNT IJTUPSZ MPH  5IJT FOBCMFT BDDVSBUF BVEJUJOH P
G

FWFOUTBUBMBUFSUJNFJGSFRVJSFE/BNFTBSFBMTPVTFEXIFO
S
FQPSUJOHBMBSNTBOEBSNEJTBSNFWFOUTJO4.4BOEPUIFS
U
FYUCBTFESFQPSUJO
H

G
PSNBUT
&BDI [POF IBT B EFGBVMU OBNF XIJDI DBO CF DIBOHFE J
G

EFTJSFE5IFEF
G
BVMUOBNFTBSFBT
G
PMMPXT
%&'"6-5;0/&/".&4
;
P
OF/
V
N
C
FS
%
F
GBV
MU/
B
N
F

9@

_


9@  
Ļ
Ļ

9@  
5
BCMF%F
G
BVMU;POF/BNFT
&OUFS
<
.BTUFS1*/
>

<
.&/6
>
&OUFS<><><><0,>5
I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZ
UIF;OQSPNQU&OUFSUIF[POFOVNCFSZPVXBOU
UPQSPHSBNUIFOQSFTT<0,>

9 ?
5IFLFZQBEXJMMEJTQMBZUIFDVSSFOU;POF/BNF
6TFUIF
<
ĸ
>
BOE
<
ĺ
>LF
Z
TUPWJFXUIFFYJTUJOH
;POFOBNF5
I
FDVSTPSQPTJUJPOJTJO
E
JDBUF
E

C
ZU
I
F
n
BTIJO
H
DIBSBDUFSJOUIFOBNF*UJTQPTTJCMFUPFEJU
B
TJOHMFDIBSBDUFSJOUIFOBNFXJUIPVUSFFOFUFSJOH
U
I
FFOUJSFO
B
NF

9
@ _

6TFU
I
FUP
<
ĸ
>BOE<
ĺ
>LFZTUPDIBOHFUIF;POF
/BNFUFYUBTSFRVJSFE"UBO
Z
UJNF
Z
PVDBOVTFUIF
<
Ĺ
>
BO
E

<
Ļ
>LF
Z
TUPTDSPMMUISPVHIUIFDPNQMFUFMJTUP
G

B
W
B
JM
BC
MFDI
B
S
B
DUFST


5PDMFBSBMMUFYU
G
SPNUIFDVSTPSQPTJUJPOUPUIFSJHIU
QSFTTU
I
F<0''>
L
F
Z

8I
FOU
I
F;POF/BNFJTDPNQ
M
FUFQSFTT<0,>UPTBWF
B
OEFYJUPSQSFTT<.&/6>UPFYJUXJUIPVUTBWJOH










4PMVUJPOJ

%RVFK6HFXULW\6\VWHPV%/&&8)75
6TFS(VJEF
,
QSXWV!,QSXW7HVWLQ
J
!
 
:DON 7HVW $OO =RQHV
0(18
5I
JTNFOVB
MM
PXT
Z
PVUPUFTUB
MM
[POFTXJU
I
JOBOBSFBBUU
I
F
T
BNFUJNF5PTVDDFTT
G
VMMZXBMLUFTUFBDI[POFZPVNVTU
PQFOBO
E
D
M
PTFFBD
I
[POF

&
OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<><><><0,>5
I
F
L
FZQB
E
XJ
MM

E
JTQ
M
BZ
B
MJTUP
G
BMM[POFTUPCFUFTUFE*
G
ZPVSTZTUFNJT
D
POmHVSFEGPSNVMUJQMFBSFBTUIFO
Z
PVNB
Z
CF
Q
SPNQUF
E
UPTF
M
FDUU
I
FBSFBUPUFTU


K

 0
Q
FOBOEDMPTFFBDI[POFUIBUOFFETUPCFUFTUFE
"[POFUIBUIBTCFFOTVDDFTT
G
VMMZUFTUFEXJMMOP
MPOHFSCFEJTQMB
Z
FEPOUIFLF
Z
QBEEJTQMB
Z
8IFOBMM[POFTIBWFCFFOUFTUFEUIFLF
Z
QBEXJMM
E
JTQ
M
BZ1"44
1$44

 1SFTT
<
0,
>
UPFYJ
U
,
QSXWV!
,
QSXW
7
HVW
L
QJ!

B
:
DON
7
HVW
$

6
LQJOH
=
RQ
H
0(18
5
IJTNFOVBMMPXTZPVUPTFMFDUBTJOHMF[POFUPCFUFTUFE
W
J
B
X
BML
UFTU

&
OUFS
<
.BTUFS1*/
>

<
.&/6
>
&
OUFS<><><><0,>5
I
F
L
F
Z
QB
E
XJ
MM

E
JTQ
M
B
Z
UI
F;OQSPNQU&OUFSU
I
F[POFOVN
C
FSZPVXBOU
U
PUFTUUIFO
Q
SFTT<0,>
9 ?

_


 0QFOBOEDMPTFUIF[POFUPCFUFTUFE*GUIF[POF
U
FTUXBTTVDFTT
G
VMUIFLFZQBEXJMMEJTQMBZ1"44
5IFT
Z
TUFNXJMMBMTPDIJSQUIFTJSFOTGPSTFDPOEJG
U
IF[POFUFTUXBTTVDTFTTGVMNBLJO
H
JUFBTJFSGPSPOF
Q
FSTPOUPEPUIFUFTU
1$44

 1SFTT<0,>UPFYJUXIFOmOJTIFE








0
VUQVU0QU
J
PO
T
5I
FDPOUSP
M
QBOF
M
DBO
I
BWFVQUPPVUQVUT'PVSPVUQVUT
B
SFBWBJMBCMFBTTUBOEBSEXJUIBOBEEJUJPOBMGPVSBWBJMBCMF
X
IFOUIFPQUJPOBMPVUQVUFYQBOEFSJT
m
UUFE
0
VUQVUTBSF VTF
E
UP PQFSBUFTJSFOTTUSP
C
F
M
JH
I
UTFUD BO
E

DBOBMTPCFVTFEUPDPOUSPMBVUPNBUJDEPPSTBOEHBUFT

:PVS JOTUB
MM
FS XJ
MM
B
E
WJTF ZPV PO U
I
F FYBDU NB
L
FVQ BO
E

DPOmHVSBUJPOPG
Z
PVST
Z
TUFN
2
XW
S
XWV!&RPPDQGV!
4$O
2XWSXW 6WDWXV
0(18
5
IJTNFOVBMMPXT
Z
PVUPWJFXUIFUIFDVSSFOUTUBUVTPGFBDI
PV
UQ
V
U
&
OUFS<.BTUFS1*/><.&/6
>
 &OUFS<><><><0,>5IFLF
Z
QBEXJMMEJTQMB
Z
U
IF0QQSPNQU&OUFSUIFPVUQVUOVNCFS
Z
PV
X
BOUUPWJFXU
I
FOQSFTT<0,>

01?

 5IFLFZQBEXJMMOPXEJTQMBZUIFTUBUVTP
G
UIF
T
FMFDUFEPVU
Q
VU5IFSFBSF
Q
PTJCMFTUBUFT
*
40''PVU
Q
VUJT0''
*
40/0VUQVUJT0/BO
E

$
0/53#$POOFDUJPO5SPVCMF*
G
DPOFDUJPOUSPVCMF
J
TTIPXOUIFSFNB
Z
CFBQSPCMFNXJUIBOPVUQVU
E
FWJDFPOU
I
FTZTUFN*OU
I
JTDBTFZPVT
I
PV
ME

D
POUBDU
Z
PVSJOTUBMMFS
G
PS
G
VSUIFSJO
G
PSNBUJPO

5IFLF
Z
QBEXJMMEJTQMB
Z
UIFGPMMPXJOHXIFOPVUQVU
J
T
0
''

,_@
5IFLFZQBEXJMMEJTQMBZUIF
G
PMMPXJOHXIFOPVUQVU
J
T0/

, 0/

5IFLF
Z
QBEXJMMEJTQMB
Z
UIFGPMMPXJOHXIFOPVUQVU
J
TJOUS
PCM
F

&@ 5


 1SFTT<0,>UPFY
J
U

2
XWSXWV!
&
RPPDQGV!
0
B
0
7
XUQ2XWSXW2Q

2I
I
0(18
5
IJTNFOVBMMPXTZPVUPNBOVBMMZDPOUSPMTZTUFNPVUQVUT
U
IBUIBWFCFFOQSPHSBNNFECZZPVSJOTUBMMFS0VUQVUTDBO
C
F QSPHSBNNF
E
UPDPOUSP
M
 TJSFOT TUSP
C
F
M
JH
I
UT PVUTJ
E
F
M
JHIUJOHQPPMQVNQTXBUFSJOHTZTUFNTFUD
