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  9. Champion 75537i User manual

Champion 75537i User manual

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7ERXE*I7TVMRKW'%97%

[[[GLEQTMSRTS[IVIUYMTQIRXGSQ
4368%&0)-2:)68)6 +)2)6%836
7%:)8,)7)-27869'8-327
-QTSVXERX7EJIX]-RWXVYGXMSRW
EVIMRGPYHIHMRXLMWQERYEP
1%()-2',-2%
6):M
1E\;EXXW6EXIH;EXXW
;MVIPIWW6IQSXI)PIGXVMG7XEVX
3;2)6v71%29%034)6%8-2+-27869'8-327
M
13()0291&)6
;IEVIEP[E]W[SVOMRKXSMQTVSZISYVTVSHYGXW8LIVIJSVIXLIIRGPSWIHTVSHYGXQE]HMJJIVWPMKLXP]JVSQXLIMQEKISRXLIGSZIV
;%62-2+
8LI)RKMRI)\LEYWXJVSQXLMWTVSHYGXGSRXEMRWGLIQMGEPWORS[RXSXLI7XEXISJ'EPMJSVRME
XSGEYWIGERGIVFMVXLHIJIGXWSVSXLIVVITVSHYGXMZILEVQ
*''7XEXIQIRX
 8LMWHIZMGIGSQTPMIW[MXL4EVXSJXLI*''6YPIW
3TIVEXMSRMWWYFNIGXXSXLIJSPPS[MRKX[SGSRHMXMSRW
8LMWHIZMGIQE]RSXGEYWILEVQJYPMRXIVJIVIRGI
8LMWHIZMGIQYWXEGGITXER]MRXIVJIVIRGI
VIGIMZIHMRGPYHMRKMRXIVJIVIRGIXLEXQE]GEYWI
YRHIWMVIHSTIVEXMSR

XLITEVX]VIWTSRWMFPIJSVGSQTPMERGIGSYPHZSMHXLI
YWIVvWEYXLSVMX]XSSTIVEXIXLIIUYMTQIRX
238)8LMWIUYMTQIRXLEWFIIRXIWXIHERHJSYRHXS
GSQTP][MXLXLIPMQMXWJSVE'PEWW&HMKMXEPHIZMGI
TYVWYERXXS4EVXSJXLI*''6YPIW8LIWIPMQMXW
EVIHIWMKRIHXSTVSZMHIVIEWSREFPITVSXIGXMSREKEMRWX
LEVQJYPMRXIVJIVIRGIMREVIWMHIRXMEPMRWXEPPEXMSR
8LMWIUYMTQIRXKIRIVEXIWYWIWERHGERVEHMEXIVEHMS
JVIUYIRG]IRIVK]ERHMJRSXMRWXEPPIHERHYWIHMR
EGGSVHERGI[MXLXLIMRWXVYGXMSRWQE]GEYWILEVQJYP
MRXIVJIVIRGIXSVEHMSGSQQYRMGEXMSRW,S[IZIVXLIVI
MWRSKYEVERXIIXLEXMRXIVJIVIRGI[MPPRSXSGGYVMRE
TEVXMGYPEVMRWXEPPEXMSR-JXLMWIUYMTQIRXHSIWGEYWI
LEVQJYPMRXIVJIVIRGIXSVEHMSSVXIPIZMWMSRVIGITXMSR
[LMGLGERFIHIXIVQMRIHF]XYVRMRKXLIIUYMTQIRX
SJJERHSRXLIYWIVMWIRGSYVEKIHXSXV]XSGSVVIGXXLI
MRXIVJIVIRGIF]SRISVQSVISJXLIJSPPS[MRKQIEWYVIW
z 6ISVMIRXSVVIPSGEXIXLIVIGIMZMRKERXIRRE
z -RGVIEWIXLIWITEVEXMSRFIX[IIRXLIIUYMTQIRXERH
VIGIMZIV
z 'SRRIGXXLIIUYMTQIRXMRXSERSYXPIXSRE
GMVGYMXHMJJIVIRXJVSQXLEXXS[LMGLXLIVIGIMZIVMW
GSRRIGXIH
'SRWYPXXLIHIEPIVSVERI\TIVMIRGIHVEHMS8:XIGLRMGMER
JSVLIPT
,EZIUYIWXMSRWSVRIIHEWWMWXERGI#
(SRSXVIXYVRXLMWTVSHYGXXSXLIWXSVI
;)%6),)6)83,)04
:MWMXSYV[IFWMXI
[[[GLEQTMSRTS[IVIUYMTQIRXGSQ
JSVQSVIMRJS
4VSHYGX-RJS9THEXIW
*VIUYIRXP]%WOIH5YIWXMSRW
8IGL&YPPIXMRW
4VSHYGX6IKMWXVEXMSR
zSVz
'EPPSYV'YWXSQIV'EVI8IEQ8SPP*VIIEX

M
1E\;EXXW6EXIH;EXXW
;MVIPIWW6IQSXI)PIGXVMG7XEVX
4368%&0)-2:)68)6+)2)6%836
8%&0)3*'328)287
-RXVSHYGXMSR 
-RXVSHYGXMSR 
4SVXEFPI4S[IV+IRIVEXSV 
%GGIWWSVMIW 
8LMW&SSOPIX 
1ERYEP'SRZIRXMSRW 
7EJIX]6YPIW 
'SRXVSPWERH*IEXYVIW 
+IRIVEXSV 
4EVXW-RGPYHIH 
4S[IV4ERIP 
;MVIPIWW6IQSXI'SRXVSP 
6IQSXI'SRXVSP4S[IV'SRWYQTXMSR 
4S[IV4ERIP0SEH1EREKIQIRX 
%WWIQFP] 
6IQSZIXLI+IRIVEXSVJVSQXLI7LMTTMRK'EVXSR 
'SRRIGXMRKXLI&EXXIV] 
%HH)RKMRI3MP 
%HH*YIP 
+VSYRHMRK 
3TIVEXMSR 
+IRIVEXSV0SGEXMSR 
+VSYRHMRK 
;MVIPIWW6IQSXI7XEVX 
)PIGXVMGERH6IGSMP7XEVX 
1ERYEP'LSOI7XEVX 
)GSRSQ]'SRXVSP7[MXGL 
'SRRIGXMRK)PIGXVMGEP0SEHW 
:('3YXPIX 
:('3YXPIXz&EXXIV]'LEVKMRK 
7XSTTMRKXLI)RKMRI 
(S2SX3ZIVPSEH+IRIVEXSV 
'ETEGMX] 
4S[IV1EREKIQIRX 
3ZIVPSEH3TIVEXMSR 
3TIVEXMSREX,MKL%PXMXYHI 
;MVIPIWW7IX&YXXSR 
7QEVX'LEVKIV 
1EMRXIRERGIERH7XSVEKI 
)RKMRI1EMRXIRERGI 
3MP 
7TEVO4PYKW 
%MV*MPXIV 
'PIERMRK 
7TEVO%VVIWXIV'PIERMRK 
%HNYWXQIRXW 
1EMRXIRERGI7GLIHYPI 
+IRIVEXSV&EXXIV] 
'LEVKIXLI&EXXIV] 
(MWGSRRIGXXLI&EXXIV] 
6IQSXI'SRXVSP&EXXIV] 
+IRIVEXSV1EMRXIRERGI 
7XSVEKI 
+IRIVEXSV7XSVEKI 



*YIP 
3MP 
7TEVO4PYKW 
1EMRXIRERGI:EPZI'PIEVERGI 
%R-QTSVXERX1IWWEKI%FSYX8IQTIVEXYVI 
4EVXW(MEKVEQ 
4EVXW0MWX 
)RKMRI4EVXW(MEKVEQ 
)RKMRI4EVXW0MWX 
;MVMRK(MEKVEQ 
8VSYFPIWLSSXMRK 
;EVVERX] 

6ITEMV6ITPEGIQIRX;EVVERX] 
(S2SX6IXYVR8LI9RMX8S
8LI4PEGI3J4YVGLEWI 
;EVVERX])\GPYWMSRW 
2SVQEP;IEV 
-RWXEPPEXMSR9WIERH1EMRXIRERGI 
3XLIV)\GPYWMSRW 
0MQMXWSJ-QTPMIH;EVVERX]
%RH'SRWIUYIRXMEP(EQEKI 
'SRXEGX-RJSVQEXMSR 
%HHVIWW 
'YWXSQIV7IVZMGI 
8IGLRMGEP7IVZMGI 

6): M


)2+0-7, M
-RXVSHYGXMSR
'SRKVEXYPEXMSRWSR]SYVTYVGLEWISJE'LEQTMSR4S[IV
)UYMTQIRXMRZIVXIVKIRIVEXSV'4)HIWMKRWERHFYMPHW
QEMRXIRERGIXLMWKIRIVEXSV[MPPFVMRK]IEVWSJWEXMWJ]MRK
WIVZMGI
4SVXEFPI4S[IV+IRIVEXSV
8LMWYRMXMWEKEWSPMRIIRKMRIHVMZIREPXIVREXMRKGYVVIRX
%'KIRIVEXSV-XMWHIWMKRIHXSWYTTP]IPIGXVMGEPTS[IV
JSVPMKLXMRKETTPMERGIWXSSPWERHWMQMPEVIUYMTQIRX
6IGSVHXLIQSHIPERHWIVMEPRYQFIVWEW[IPPEWHEXIERHTPEGISJTYVGLEWIJSVJYXYVIVIJIVIRGI,EZIXLMW
MRJSVQEXMSREZEMPEFPI[LIRSVHIVMRKTEVXWERH[LIRQEOMRKXIGLRMGEPSV[EVVERX]MRUYMVMIW
%GGIWWSVMIW
'LEQTMSR4S[IV)UYMTQIRXQERYJEGXYVIWERHWIPPW
EGGIWWSVMIWHIWMKRIHXSLIPT]SYKIXXLIQSWXJVSQ
GEFPIWERHWXSVQOMXWTPIEWIZMWMXSYV[IFWMXIEX
[[[GLEQTMSRTS[IVIUYMTQIRXGSQ
8LMW&SSOPIX
)ZIV]IJJSVXLEWFIIRQEHIXSIRWYVIXLIEGGYVEG]ERH
GSQTPIXIRIWWSJXLIMRJSVQEXMSRMRXLMWQERYEP;IVIWIVZI
XLIVMKLXXSGLERKIEPXIVERHSVMQTVSZIXLITVSHYGXERH
XLMWHSGYQIRXEXER]XMQI[MXLSYXTVMSVRSXMGI
'LEQTMSR4S[IV)UYMTQIRX7YTTSVX
1SHIP2YQFIV
7IVMEP2YQFIV
(EXISJ4YVGLEWI
4YVGLEWI0SGEXMSR

M
*SV3MP8]TIWIIu%HH)RKMRI3MPuWIGXMSR*SV*YIP8]TIWIIu%HH*YIPuWIGXMSR
-2863(9'8-32
6): M


M )2+0-7,
8LMWQERYEPYWIWXLIJSPPS[MRKW]QFSPWXSLIPTHMJJIVIRXMEXIFIX[IIRHMJJIVIRXOMRHWSJMRJSVQEXMSR8LIWEJIX]W]QFSP
MWYWIH[MXLEOI][SVHXSEPIVX]SYXSTSXIRXMEPLE^EVHWMRSTIVEXMRKERHS[RMRKTS[IVIUYMTQIRX
*SPPS[EPPWEJIX]QIWWEKIWXSEZSMHSVVIHYGIXLIVMWOSJWIVMSYWMRNYV]SVHIEXL
1%29%0'32:)28-327
'%98-32MRHMGEXIWETSXIRXMEPP]LE^EVHSYW
WMXYEXMSR[LMGLMJRSXEZSMHIHQE]VIWYPXMRQMRSV
SVQSHIVEXIMRNYV]
'%98-32
'%98-32YWIH[MXLSYXXLIWEJIX]EPIVXW]QFSP
MRHMGEXIWETSXIRXMEPP]LE^EVHSYWWMXYEXMSR[LMGLMJ
RSXEZSMHIHQE]VIWYPXMRTVSTIVX]HEQEKI
'%98-32
(%2+)6MRHMGEXIWERMQQMRIRXP]LE^EVHSYW
WMXYEXMSR[LMGLMJRSXEZSMHIH[MPPVIWYPXMRHIEXL
SVWIVMSYWMRNYV]
(%2+)6
;%62-2+MRHMGEXIWETSXIRXMEPP]LE^EVHSYW
WMXYEXMSR[LMGLMJRSXEZSMHIHGSYPHVIWYPXMR
HIEXLSVWIVMSYWMRNYV]
;%62-2+
-J]SYLEZIUYIWXMSRWVIKEVHMRK]SYVKIRIVEXSV[IGER
LIPT4PIEWIGEPPSYVLIPTPMRIEX
238)

6): M


)2+0-7, M
7%*)8=690)7
+IRIVEXSVI\LEYWXGSRXEMRWGEVFSRQSRS\MHIE
GSPSYVPIWWSHSYVPIWWTSMWSRKEW&VIEXLMRKGEVFSR
QSRS\MHI[MPPGEYWIREYWIEHM^^MRIWWJEMRXMRKSV
HIEXL-J]SYWXEVXXSJIIPHM^^]SV[IEOKIXXSJVIWL
EMVMQQIHMEXIP]
3TIVEXIKIRIVEXSVSYXHSSVWSRP]MRE[IPPZIRXMPEXIH
EVIE
(3238STIVEXIXLIKIRIVEXSVMRWMHIER]FYMPHMRK
MRGPYHMRKKEVEKIWFEWIQIRXWGVE[PWTEGIWERH
WLIHWIRGPSWYVISVGSQTEVXQIRXMRGPYHMRKXLI
KIRIVEXSVGSQTEVXQIRXSJEVIGVIEXMSREPZILMGPI
EVIEXLVSYKL[MRHS[WHSSVWZIRXWSVSXLIV
STIRMRKW
(%2+)6'%6&321323<-()YWMRKEKIRIVEXSV
MRHSSVW'%2/-00=39-21-298)7
(%2+)6
6SXEXMRKTEVXWGERIRXERKPILERHWJIIXLEMV
GPSXLMRKERHSVEGGIWWSVMIW
8VEYQEXMGEQTYXEXMSRSVWIZIVIPEGIVEXMSRGERVIWYPX
/IITLERHWERHJIIXE[E]JVSQVSXEXMRKTEVXW
8MIYTPSRKLEMVERHVIQSZINI[IPV]
3TIVEXIIUYMTQIRX[MXLKYEVHWMRTPEGI
HVE[WXVMRKWSVMXIQWXLEXGSYPHFIGSQIGEYKLX
(%2+)6
+IRIVEXSVTVSHYGIWTS[IVJYPZSPXEKI
(3238XSYGLFEVI[MVIWSVVIGITXEGPIW
(3238YWIIPIGXVMGEPGSVHWXLEXEVI[SVRHEQEKIH
SVJVE]IH
(3238STIVEXIKIRIVEXSVMR[IX[IEXLIV
STIVEXISVWIVZMGIXLIKIRIVEXSV
9WIEKVSYRHJEYPXGMVGYMXMRXIVVYTXIV+*'-MRHEQT
EVIEWERHEVIEWGSRXEMRMRKGSRHYGXMZIQEXIVMEPWYGL
EWQIXEPHIGOMRK
9WIETTVSZIHXVERWJIVIUYMTQIRXXSMWSPEXIKIRIVEXSV
JVSQ]SYVIPIGXVMGYXMPMX]ERHRSXMJ]]SYVYXMPMX]
GSQTER]FIJSVIGSRRIGXMRK]SYVKIRIVEXSVXS]SYV
TS[IVW]WXIQ
(%2+)6
;LIRWIVZMGMRKXLIKIRIVEXSV
(MWGSRRIGXXLIWTEVOTPYK[MVIERHTPEGIMX[LIVIMX
GERRSXGSRXEGXXLITPYK
(3238GLIGOJSVWTEVO[MXLXLITPYKVIQSZIH
9WISRP]ETTVSZIHWTEVOTPYKXIWXIVW
;%62-2+
6YRRMRKIRKMRIWTVSHYGILIEX7IZIVIFYVRWGER
SGGYVSRGSRXEGX
(3238XSYGLLSXWYVJEGIW
%ZSMHGSRXEGX[MXLLSXI\LEYWXKEWIW
%PPS[IUYMTQIRXXSGSSPFIJSVIXSYGLMRK
1EMRXEMREXPIEWXJXGQSJGPIEVERGISREPP
WMHIWXSIRWYVIEHIUYEXIGSSPMRK
1EMRXEMREXPIEWXJXQSJGPIEVERGIJVSQ
GSQFYWXMFPIQEXIVMEPW
;%62-2+
1IHMGEPERH0MJI7YTTSVX9WIW
-RGEWISJIQIVKIRG]GEPPMQQIHMEXIP]
2):)6YWIXLMWTVSHYGXXSTS[IVPMJIWYTTSVX
HIZMGIWSVPMJIWYTTSVXETTPMERGIW
2):)6YWIXLMWTVSHYGXXSTS[IVQIHMGEPHIZMGIW
SVQIHMGEPETTPMERGIW
-RJSVQ]SYVIPIGXVMGMX]TVSZMHIVMQQIHMEXIP]MJ]SY
SVER]SRIMR]SYVLSYWILSPHHITIRHWSRIPIGXVMGEP
IUYMTQIRXXSPMZI
-RJSVQ]SYVIPIGXVMGEPTVSZMHIVMQQIHMEXIP]MJE
PSWWSJTS[IV[SYPHGEYWI]SYSVER]SRIMR]SYV
LSYWILSPHXSI\TIVMIRGIEQIHMGEPIQIVKIRG]
;%62-2+
8LIIRKMRII\LEYWXJVSQXLMWTVSHYGXGSRXEMRW
GLIQMGEPWORS[RXSXLIWXEXISJ'EPMJSVRMEXSGEYWI
GERGIVFMVXLHIJIGXWSVSXLIVVITVSHYGXMZILEVQ
;%62-2+
6IEHXLMWQERYEPXLSVSYKLP]FIJSVISTIVEXMRK]SYV
KIRIVEXSV*EMPYVIXSJSPPS[MRWXVYGXMSRWGSYPHVIWYPX
MRWIVMSYWMRNYV]SVHIEXL
;%62-2+
8LMWTVSHYGXGSRXEMRWEFYXXSRFEXXIV]-J
W[EPPS[IHMXGSYPHGEYWIWIZIVIMRNYV]SVHIEXLMR
NYWXLSYVW7IIOQIHMGEPEXXIRXMSRMQQIHMEXIP]
;%62-2+
6): M


M )2+0-7,
7%*)8=690)7
-QTVSTIVXVIEXQIRXSVYWISJXLIKIRIVEXSVGER
HEQEKIMXWLSVXIRMXWPMJIERHZSMH]SYV[EVVERX]
9WIXLIKIRIVEXSVSRP]JSVMRXIRHIHYWIW
3TIVEXISRP]SRPIZIPWYVJEGIW
(3238I\TSWIKIRIVEXSVXSI\GIWWMZIQSMWXYVI
HYWXSVHMVX
(3238EPPS[ER]QEXIVMEPXSFPSGOXLIGSSPMRKWPSXW
-JGSRRIGXIHHIZMGIWSZIVLIEXXYVRXLIQSJJERH
HMWGSRRIGXXLIQJVSQXLIKIRIVEXSV
(3238YWIXLIKIRIVEXSVMJ
z )PIGXVMGEPSYXTYXMWPSWX
z
z )UYMTQIRXZMFVEXIWI\GIWWMZIP]
'%98-32
3TIVEXMSRSJXLMWIUYMTQIRXQE]GVIEXIWTEVOWXLEX
%WTEVOEVVIWXSVQE]FIVIUYMVIH8LISTIVEXSV
;%62-2+
6ETMHVIXVEGXMSRSJXLIWXEVXIVGSVH[MPPTYPPLERHERH
EVQXS[EVHWXLIIRKMRIJEWXIVXLER]SYGERPIXKS
9RMRXIRXMSREPWXEVXYTGERVIWYPXMRIRXERKPIQIRX
XVEYQEXMGEQTYXEXMSRSVPEGIVEXMSR
&VSOIRFSRIWJVEGXYVIWFVYMWIWSVWTVEMRWGSYPHVIWYPX
;LIRWXEVXMRKIRKMRITYPPXLIWXEVXIVGSVHWPS[P]
YRXMPVIWMWXERGIMWJIPXERHXLIRTYPPVETMHP]XSEZSMH
OMGOFEGO
(3238WXEVXSVWXSTXLIIRKMRI[MXLIPIGXVMGEP
HIZMGIWTPYKKIHMR
;%62-2+
)\GIIHMRKXLIKIRIVEXSVvWVYRRMRKGETEGMX]GER
HEQEKIXLIKIRIVEXSVERHSVIPIGXVMGEPHIZMGIW
GSRRIGXIHXSMX
(3238SZIVPSEHXLIKIRIVEXSV
7XEVXXLIKIRIVEXSVERHEPPS[XLIIRKMRIXSWXEFMPM^I
FIJSVIGSRRIGXMRKIPIGXVMGEPPSEHW
'SRRIGXIPIGXVMGEPIUYMTQIRXMRXLISJJTSWMXMSR
ERHXLIRXYVRXLIQSRJSVSTIVEXMSR
8YVRIPIGXVMGEPIUYMTQIRXSJJFIJSVIWXSTTMRKXLI
KIRIVEXSV
(3238XEQTIV[MXLXLIKSZIVRIHWTIIH
(3238QSHMJ]XLIKIRIVEXSVMRER][E]
'%98-32
I\XVIQIP]I\TPSWMZI
*MVISVI\TPSWMSRGERGEYWIWIZIVIFYVRWSVHIEXL
9RMRXIRXMSREPWXEVXYTGERVIWYPXMRIRXERKPIQIRX
XVEYQEXMGEQTYXEXMSRSVPEGIVEXMSR
;LIREHHMRKSVVIQSZMRKJYIP
8YVRXLIKIRIVEXSVSJJERHPIXMXGSSPJSVEXPIEWXX[S
QMRYXIWFIJSVIVIQSZMRKXLIJYIPGET0SSWIRXLI
GETWPS[P]XSVIPMIZITVIWWYVIMRXLIXERO
(3238TYQTKEWHMVIGXP]MRXSXLIKIRIVEXSVEXXLI
KEWWXEXMSR9WIERETTVSZIHGSRXEMRIVXSXVERWJIV
XLIJYIPXSXLIKIRIVEXSV
TMPSXPMKLXWLIEXERHSXLIVWSYVGIWSJMKRMXMSR
(3238PMKLXSVWQSOIGMKEVIXXIW
;LIRWXEVXMRKXLIKIRIVEXSV
(3238EXXIQTXXSWXEVXEHEQEKIHKIRIVEXSV
JYIPPMRIWERHI\LEYWXW]WXIQEVITVSTIVP]MRTPEGI
%PPS[WTMPPIHJYIPXSIZETSVEXIJYPP]FIJSVI
EXXIQTXMRKXSWXEVXXLIIRKMRI
PIZIPKVSYRH
;LIRSTIVEXMRKXLIKIRIVEXSV
(3238QSZISVXMTXLIKIRIVEXSVHYVMRKSTIVEXMSR
(3238XMTXLIKIRIVEXSVSVEPPS[JYIPSVSMPXSWTMPP
;LIRXVERWTSVXMRKSVWIVZMGMRKXLIKIRIVEXSV
1EOIGIVXEMRXLEXXLIJYIPWLYXSJJZEPZIMWMRXLISJJ
TSWMXMSRERHXLIJYIPXEROMWIQTX]
(MWGSRRIGXXLIWTEVOTPYK[MVI
;LIRWXSVMRKXLIKIRIVEXSV
LIEXERHSXLIVWSYVGIWSJMKRMXMSR
(%2+)6

6): M


)2+0-7, M
6IEHXLMWS[RIVvWQERYEPFIJSVISTIVEXMRK]SYVKIRIVEXSV*EQMPMEVM^I]SYVWIPJ[MXLXLIPSGEXMSRERHJYRGXMSRSJXLI
GSRXVSPWERHJIEXYVIW7EZIXLMWQERYEPJSVJYXYVIVIJIVIRGI
 *YIP'ETz6IQSZIXSEHHJYIP
 6IGSMP7XEVXIVz9WIHXSWXEVXXLIIRKMRI
 4S[IV4ERIP
 *SPHE[E],ERHPIz(SRSXYWIXLIJSPHE[E]LERHPI
XSPMJXSVGEVV]XLIYRMX

 'EVV]MRK,ERHPI
 1EMRXIRERGI'SZIV
 2IZIV*PEX;LIIPW
 &EXXIV]%GGIWW'SZIV
+IRIVEXSV
'3286307%2(*)%896)7
4EVXW-RGPYHIH
=SYVMKEWSPMRITS[IVIHKIRIVEXSVWLMTW[MXLXLI
JSPPS[MRKTEVXW
z %YXSQSXMZIWX]PI97&EHETXIV
%ERH%TSVXW 
z %YXSQSXMZIWX]PIFEXXIV]GLEVKIVGEFPIW 
z7QEVXGLEVKIV 
z 3MPJYRRIP 
z7TEVOTPYKWSGOIX 
z 6IQSXI 
  


 

6): M


M )2+0-7,
4S[IV4ERIP
 *YIP:EPZI/RSF
 4YWL&YXXSR'LSOI
 )GSRSQ]'SRXVSP7[MXGL
 ;MVIPIWW7IX&YXXSR
 6IH4MPSX0EQT
 :('-RTYX
 +VSYRH8IVQMREPz'SRWYPXERIPIGXVMGMERJSVPSGEP
KVSYRHMRKVIKYPEXMSRW
 :('3YXPIX
 'MVGYMX&VIEOIV4YWLFYXXSRz4VSXIGXWXLI
KIRIVEXSVEKEMRWXIPIGXVMGEPSZIVPSEH
 :SPX%'%QT(YTPI\2)1%6z
1E]FIYWIHXSWYTTP]IPIGXVMGEPTS[IVJSVXLI
STIVEXMSRSJ:SPX%'%QTWMRKPITLEWI
,^IPIGXVMGEPPSEHW
'3286307%2(*)%896)7
  








 &EXXIV]7[MXGL
 :SPX%'%QT6IGITXEGPI2)1%886
z1E]FIYWIHXSWYTTP]IPIGXVMGEPTS[IVJSVXLI
STIVEXMSRSJ:SPX%'%QTWMRKPITLEWI
,^IPIGXVMGEPPSEHW
 3MP;EVRMRK0MKLXz'LIGOSMPPIZIP[LIRXLMWPMKLX
XYVRWSR)RKMRI[MPPRSXVYR[LIRMRHMGEXSVMWPMX
 3ZIVPSEH-RHMGEXSV0MKLXz8LMWPMKLXXYVRW32
[LIRXLIKIRIVEXSVMWSZIVPSEHIHERH[MPPGYX
TS[IVXSXLIVIGITXEGPIW
 3YXTYX0MKLXz6IQEMRW32HYVMRKRSVQEP
STIVEXMRKGSRHMXMSRW7LYXW3**[LIRKIRIVEXSVMW
SZIVPSEHIH
 )RKMRI7[MXGL
;EVRMRK(SRSXSTIVEXIEHIZMGI[LMPIMXMWTPYKKIHMRXSXLI:('SYXPIX4VSPSRKIHI\TSWYVIXSIRKMRII\LEYWXGERGEYWI
WIVMSYWMRNYV]SVHIEXL;LMPIGLEVKMRKEHIZMGIHSRSTPEGISRXLII\LEYWXWMHISJXLIKIRIVEXSV)\XVIQILIEXGEYWIHF]I\LEYWX






6): M


)2+0-7, M
'3286307%2(*)%896)7
;MVIPIWW6IQSXI'SRXVSP
8LMWKIRIVEXSVMWIUYMTTIH[MXLE[MVIPIWWVIQSXI
GSRXVSPW]WXIQJSVWXEVXMRKERHWXSTTMRK8LIW]WXIQ
GSRWMWXWSJQEMRGSQTSRIRXW
 6IGIMZIV'SRXVSP1SHYPI6'1
 ;MVIPIWW6IQSXI
 &EXXIV]7[MXGL
 -KRMXMSR7[MXGL
8LI6IQSXI'SRXVSPJYRGXMSRWEVIIREFPIH[LIR
 8LI-KRMXMSR7[MXGLMWMRXLIw32xTSWMXMSR%2(
 8LI&EXXIV]7[MXGLMWMRXLIw32xTSWMXMSR
8LI6IQSXI'SRXVSPJYRGXMSRWEVIHMWEFPIHMJIMXLIVSJ
XLIEFSZIGSRHMXMSRWMWRSXQIX
8SWXEVXXLIKIRIVEXSVF]6IQSXI'SRXVSPTVIWWXLI
w78%68xFYXXSRSRXLI6IQSXISRIXMQI8LIIRKMRI
[MPPEXXIQTXXSWXEVXXMQIW8LI6'1GSRXVSPW
XLI%YXS'LSOIHYVMRKIEGLEXXIQTXXSWXEVX-JXLI
KIRIVEXSVHSIWRSXWXEVXGEPP'LEQTMSR'YWXSQIV'EVI
XIEQJSVEWWMWXERGIEX
8SWXSTXLIKIRIVEXSVF]6IQSXI'SRXVSPTVIWWXLI
w7834xFYXXSRSRXLI6IQSXISRIXMQI
6IQSXI'SRXVSP4S[IV'SRWYQTXMSR
;LMPIXLI-KRMXMSR7[MXGLMWMRXLIw32xTSWMXMSRXLI
6'1MWEGXMZIERH[EMXMRKJSVEVIQSXIWMKREP8LMW
JYRGXMSRVIUYMVIWIPIGXVMGEPGYVVIRXJVSQXLIFEXXIV]
-JXLI-KRMXMSR7[MXGLMWPIJXMRXLIw32xTSWMXMSRJSV
I\XIRHIHTIVMSHWWIZIVEP[IIOWXLIFEXXIV]GERFI
GSQTPIXIP]HVEMRIH
1SZMRKXLI-KRMXMSR7[MXGLXSXLIw3**xTSWMXMSR
HMWEFPIWXLI6IQSXIJYRGXMSRWFYXXLI6'1WXMPP
GSRWYQIWETTVS\MQEXIP]Q%JVSQXLIFEXXIV]
8STVIZIRXFEXXIV]HVEMRTVIWWXLI&EXXIV]7[MXGLXSXLI
w3**xTSWMXMSR8LMWHMWGSRRIGXWTS[IVXSXLI6'1WS
XLIVIMWRSGYVVIRXHVE[SRXLIFEXXIV]
4S[IV4ERIP0SEH1EREKIQIRX
;LIRXLIKIRIVEXSVMRMXMEPP]WXEVXWF]XLI6IQSXIRS
ZSPXEKIMWWYTTPMIHXSXLI4S[IV4ERIPJSVETTVS\MQEXIP]
WIGSRHW8LMWEPPS[WXLIIRKMRIXSVIEGLJYPPWTIIH
FIJSVIIPIGXVMGEPPSEHWEVIETTPMIHXSXLIKIRIVEXSV
;LIRXLIKIRIVEXSVMWWXSTTIHF]XLI6IQSXIXLI
ZSPXEKIXSXLI4S[IV4ERIPMWMQQIHMEXIP]XYVRIHSJJ
8LIRXLIIRKMRIWXSTWETTVS\MQEXIP]WIGSRHWEJXIV
XLIw7834xFYXXSRSRXLI6IQSXIMWTVIWWIH8YVRMRK
XLI4S[IV4ERIPZSPXEKISJJFIJSVIXLIIRKMRIWLYXHS[R
TVSXIGXWGSRRIGXIHETTPMERGIWJVSQFIMRKHEQEKIHF]
RSR,^ZSPXEKI[LMPIXLIKIRIVEXSVGSEWXWXSEWXST
8LISRSJJZSPXEKIHIPE]EXWXEVXYTERHWLYXHS[RSRP]
LETTIR[LIRXLI6IQSXI'SRXVSPMWYWIH8LIVIMWRS
ZSPXEKIHIPE][LIRXLITYWLFYXXSRIPIGXVMGWXEVXSVVIGSMP
WXEVXQIXLSHMWYWIH
;LIRXLITYWLFYXXSRIPIGXVMGWXEVXSVVIGSMPWXEVX
QIXLSHMWYWIHXLISTIVEXSVQYWXFIWYVIEPPIPIGXVMGEP
PSEHWETTPMERGIWEVIXYVRIH3**HYVMRKWXEVXYTERH
WLYXHS[R(EQEKIXSXLIKIRIVEXSVSVXLIEXXEGLIH
ETTPMERGIWGERFIGEYWIHF]WXEVXMRKSVWXSTTMRKXLI
KIRIVEXSV[LMPIETTPMERGIWEVITPYKKIHMRERHXYVRIH32
4S[IV4ERIP0SEH1EREKIQIRX'SRXvH
6): M


M )2+0-7,
%77)1&0=
=SYVKIRIVEXSVVIUYMVIWWSQIEWWIQFP]8LMWYRMXWLMTW
JVSQSYVJEGXSV][MXLSYXSMP-XQYWXFITVSTIVP]WIVZMGIH
[MXLJYIPERHSMPFIJSVISTIVEXMSR
-J]SYLEZIER]UYIWXMSRWVIKEVHMRKXLIEWWIQFP]SJ]SYV
KIRIVEXSVGEPPSYVLIPTPMRIEX4PIEWI
LEZI]SYVWIVMEPRYQFIVERHQSHIPRYQFIVEZEMPEFPI
6IQSZIXLI+IRIVEXSVJVSQXLI7LMTTMRK'EVXSR

 6IQSZIIZIV]XLMRKJVSQXLIGEVXSRI\GITXXLI
KIRIVEXSV
 9WMRKXLIGEVV]MRKLERHPIWSJXLIYRMXGEVIJYPP]
VIQSZIXLIKIRIVEXSVJVSQXLIFS\X[STISTPIPMJXMRK
MWVIGSQQIRHIH

 0SSWIRXLIGSZIVWGVI[WERHVIQSZIXLI
QEMRXIRERGIGSZIV
 9WMRKEWGVI[HVMZIVVIQSZIXLIX[S
QEMRXIRERGIGSZIVWGVI[WJVSQXLIFEXXIV]
QEMRXIRERGIGSZIV%
 3RGIXLIWGVI[WLEZIFIIRVIQSZIHXLIVYFFIV
TYPPXEFSRXLIGSZIVGERFITYPPIHSYXXSLIPT
PSSWIRERHHMWPSHKIXLIQEMRXIRERGIGSZIV%
 6IQSZIXLIFEXXIV]QEMRXIRERGIGSZIV%
8LIVIGSQQIRHIHSMPX]TIMW;EYXSQSXMZI
SMP
238)
-JXLIFEXXIV]GEFPIWEVIRSXZMWMFPISRGIXLIFEXXIV]
QEMRXIRERGIGSZIVLEWFIIRVIQSZIHTPIEWIRSXI
XLEXGEFPIWQE]FIXYGOIHYTEFSZIXLIFEXXIV]
RSX MR TPEMR ZMI[
238)
%HH)RKMRI3MP
'SRRIGXMRKXLI&EXXIV]
(3238EXXIQTXXSGVEROSVWXEVXXLIIRKMRIFIJSVI
X]TIERHEQSYRXSJSMP(EQEKIXSXLIKIRIVEXSVEW
EVIWYPXSJJEMPYVIXSJSPPS[XLIWIMRWXVYGXMSRW[MPP
ZSMH]SYV[EVVERX]
'%98-32

 %HHYTXSUX0SJWXERHEVHIRKMRISMPERH
 'LIGOIRKMRISMPPIZIPHEMP]ERHEHHEWRIIHIH
 'YX^MTXMIXLEXMWFMRHMRKXLIFEXXIV]GEFPIW
XSKIXLIV
 9WMRKEWGVI[HVMZIVYRWGVI[XLIFEXXIV]FSPXMRXLI
VIHTSWMXMZIFEXXIV]XIVQMREP
 'SRRIGXXLIVIHTSWMXMZI[MVIPIEHXSXLI
TSWMXMZIXIVQMREPSRXLIFEXXIV]YWMRKXLIFSPX
 4YPPVYFFIVWLIEXLSZIVFEXXIV]GEFPIGSRRIGXMSR
ERHFEXXIV]XIVQMREP
 6ITIEXWXITWJSVXLIFPEGORIKEXMZIFEXXIV]
[MVIPIEHERHFPEGORIKEXMZIFEXXIV]XIVQMREP
%

6): M


)2+0-7, M
%77)1&0=
%HH)RKMRI3MP'SRXvH
8LIIRKMRIMWIUYMTTIH[MXLEPS[SMPWLYXSJJERH
[MPPWXST[LIRXLISMPPIZIPMRXLIGVEROGEWIJEPPW
FIPS[XLIXLVIWLSPHPIZIP
'%98-32
'LIGOSMPSJXIRHYVMRKXLIFVIEOMRTIVMSH6IJIVXS
XLI1EMRXIRERGIWIGXMSRJSVVIGSQQIRHIHWIVZMGI
MRXIVZEPW
238)
8LIKIRIVEXSVVSXSVLEWEWIEPIHTVIPYFVMGEXIHFEPP
FIEVMRKXLEXVIUYMVIWRSEHHMXMSREPPYFVMGEXMSRJSV
XLIPMJISJXLIFIEVMRK
238)
7]RXLIXMGSMPQE]FIYWIHEJXIVXLILSYVMRMXMEP
FVIEOMRTIVMSH9WMRKW]RXLIXMGSMPHSIWRS
MRGVIEWIXLIVIGSQQIRHIHSMPGLERKIMRXIVZEP
238)
XLIFVIEOMRTIVMSHJSVXLIYRMX(YVMRKXLIFVIEO
MRTIVMSHWXE]EXSVFIPS[SJXLIVYRRMRK
[EXXVEXMRKERHZEV]XLIPSEHSGGEWMSREPP]XSEPPS[
WXEXSV[MRHMRKWXSLIEXERHGSSP%HNYWXMRKXLI
PSEH[MPPEPWSGEYWIIRKMRIWTIIHXSZEV]ERHLIPT
WIEXTMWXSRVMRKW%JXIVXLILSYVFVIEOMRTIVMSH
GLERKIXLISMP
238)
;IEXLIV[MPPEJJIGXIRKMRISMPERHIRKMRI
TIVJSVQERGI'LERKIXLIX]TISJIRKMRISMPYWIH
FEWIHSR[IEXLIVGSRHMXMSRWXSWYMXXLIIRKMRI
RIIHW
238)
6): M


M )2+0-7,
%77)1&0=
+VSYRHMRK
=SYVKIRIVEXSVQYWXFITVSTIVP]GSRRIGXIHXSER
ETTVSTVMEXIKVSYRHXSLIPTTVIZIRXIPIGXVMGWLSGO
%KVSYRHXIVQMREPGSRRIGXIHXSXLIJVEQISJXLIKIRIVEXSV
LEWFIIRTVSZMHIHSRXLITS[IVTERIP*SVVIQSXI
KVSYRHMRKGSRRIGXSJEPIRKXLSJLIEZ]KEYKI%;+
QMRMQYQGSTTIV[MVIFIX[IIRXLIKIRIVEXSVKVSYRH
XIVQMREPERHEGSTTIVVSHHVMZIRMRXSXLIKVSYRH;I
IPIGXVMGMERXSIRWYVIGSQTPMERGI[MXLPSGEPIPIGXVMGEPGSHIW
*EMPYVIXSTVSTIVP]KVSYRHXLIKIRIVEXSVGERVIWYPX
MRIPIGXVMGWLSGO
;%62-2+
%HH*YIP
 9WIGPIERJVIWLVIKYPEVYRPIEHIHJYIP[MXLE
QMRMQYQSGXERIVEXMRKSJERHERIXLERSP
GSRXIRXSJPIWWXLERF]ZSPYQI
 (3238QM\SMP[MXLJYIP
 'PIERXLIEVIEEVSYRHXLIJYIPGET
 6IQSZIXLIJYIPGET
 7PS[P]EHHJYIPXSXLIXERO(32383:)6*-00
MRQQSJWTEGIPIJXMRXLIXEROMWVIUYMVIH
JSVJYIPI\TERWMSRQSVIXLERMRQQMW
VIGSQQIRHIH*YIPGERFIJSVGIHSYXSJXLIXEROEWE
XLIXEROMXMWVIGSQQIRHIHXSPIEZIIRSYKLWTEGIJSV
XLIJYIPXSI\TERH
 7GVI[SRXLIJYIPGETERH[MTIE[E]ER]WTMPPIH
JYIP
9WIVIKYPEVYRPIEHIHKEWSPMRI[MXLEQMRMQYQ
SGXERIVEXMRKSJ
(SRSXQM\SMPERHKEWSPMRI
*MPPXEROXSETTVS\MQEXIP]MRQQFIPS[
XLIXSTSJXLIXEROXSEPPS[JSVJYIPI\TERWMSR
(3238TYQTKEWHMVIGXP]MRXSXLIKIRIVEXSVEXXLI
KEWWXEXMSR9WIERETTVSZIHGSRXEMRIVXSXVERWJIV
XLIJYIPXSXLIKIRIVEXSV
JYIPXERO
'%98-32
4SYVMRKJYIPXSSJEWXXLVSYKLXLIJYIPWGVIIRQE]
;%62-2+
3YVIRKMRIW[SVO[IPP[MXLSVPIWWIXLERSP
FPIRHJYIPW;LIRYWMRKFPIRHIHJYIPWXLIVIEVI
WSQIMWWYIW[SVXLRSXMRK
z )XLERSPKEWSPMRIFPIRHWGEREFWSVFQSVI[EXIV
XLERKEWSPMRIEPSRI
z 8LIWIFPIRHWGERIZIRXYEPP]WITEVEXIPIEZMRK
[EXIVSVE[EXIV]KSSMRXLIXEROJYIPZEPZIERH
GEVFYVIXSV
z ;MXLKVEZMX]JIHJYIPWYTTPMIWXLMWGSQTVSQMWIH
JYIPGERFIHVE[RMRXSXLIGEVFYVIXSVERHGEYWI
HEQEKIXSXLIIRKMRIERHSVTSXIRXMEPLE^EVHW
z 8LIVIEVISRP]EJI[WYTTPMIVWSJJYIPWXEFMPM^IV
XLEXEVIJSVQYPEXIHXS[SVO[MXLIXLERSPFPIRH
JYIPW
z %R]HEQEKIWSVLE^EVHWGEYWIHF]YWMRK
MQTVSTIVJYIPMQTVSTIVP]WXSVIHJYIPERH
SVMQTVSTIVP]JSVQYPEXIHWXEFMPM^IVWEVIRSX
GSZIVIHF]QERYJEGXYVIvW[EVVERX]
-XMWEHZMWEFPIXSEP[E]WWLYXSJJXLIJYIPWYTTP]
VYRXLIIRKMRIXSJYIPWXEVZEXMSRERHHVEMRXLIXERO
[LIRXLIIUYMTQIRXMWRSXMRYWIJSVQSVIXLER
HE]W
238)
%HH*YIP'SRXvH

6): M


)2+0-7, M
34)6%8-32
+IRIVEXSV0SGEXMSR
2):)6STIVEXIXLIKIRIVEXSVMRWMHIER]FYMPHMRK
MRGPYHMRKKEVEKIWFEWIQIRXWGVE[PWTEGIWERHWLIHW
IRGPSWYVISVGSQTEVXQIRXMRGPYHMRKXLIKIRIVEXSV
GSQTEVXQIRXSJEVIGVIEXMSREPZILMGPI4PIEWIGSRWYPX
]SYVPSGEPEYXLSVMX]-RWSQIEVIEWKIRIVEXSVWQYWX
FIVIKMWXIVIH[MXLXLIPSGEPYXMPMX]+IRIVEXSVWYWIHEX
GSRWXVYGXMSRWMXIWQE]FIWYFNIGXXSEHHMXMSREPVYPIWERH
EXEPPXMQIWIZIR[LMPIRSXMRSTIVEXMSR+IRIVEXSVW
QYWXLEZIEXPIEWXJXQSJGPIEVERGIJVSQEPP
GSQFYWXMFPIQEXIVMEP-REHHMXMSRXSGPIEVERGIJVSQEPP
GSQFYWXMFPIQEXIVMEPKIRIVEXSVWQYWXEPWSLEZIEXPIEWX
JXGQSJGPIEVERGISREPPWMHIWXSEPPS[JSV
EHIUYEXIGSSPMRKQEMRXIRERGIERHWIVZMGMRK+IRIVEXSVW
WLSYPHRIZIVFIWXEVXIHSVSTIVEXIHMRXLIFEGOSJE
SVSXLIV[MWIYRHIVWXEMVGEWIWWXEMV[IPPWRI\XXS[EPPW
SVFYMPHMRKWSVMRER]SXLIVPSGEXMSRXLEX[MPPRSXEPPS[
(3238GSRXEMRKIRIVEXSVWHYVMRKSTIVEXMSR%PPS[
KIRIVEXSVWXSTVSTIVP]GSSPFIJSVIXVERWTSVXSVWXSVEKI
4PEGIXLIKIRIVEXSVMRE[IPPZIRXMPEXIHEVIE(3238
TPEGIXLIKIRIVEXSVRIEVZIRXWSVMRXEOIW[LIVII\LEYWX
'EVIJYPP]GSRWMHIV[MRHERHEMVGYVVIRXW[LIRTSWMXMSRMRK
KIRIVEXSV
*EMPYVIXSJSPPS[TVSTIVWEJIX]TVIGEYXMSRWQE]ZSMH
QERYJEGXYVIVvW[EVVERX]
(SRSXSTIVEXISVWXSVIXLIKIRIVEXSVMRVEMRWRS[
SV[IX[IEXLIV
9WMRKEKIRIVEXSVSVIPIGXVMGEPETTPMERGIMR[IX
GSRHMXMSRWWYGLEWVEMRSVWRS[SVRIEVETSSPSV
WTVMROPIVW]WXIQSV[LIR]SYVLERHWEVI[IXGSYPH
VIWYPXMRIPIGXVSGYXMSR
;%62-2+
;%62-2+
TVSHYGIH[MPPFIGSQILSX-JEHIUYEXIGSSPMRKERH
FVIEXLMRKWTEGIEVIRSXWYTTPMIHSVMJXLIKIRIVEXSV
MWFPSGOIHSVGSRXEMRIHXIQTIVEXYVIWGERFIGSQI
+VSYRHMRK
8LIKIRIVEXSVW]WXIQKVSYRHGSRRIGXWXLIJVEQIXSXLI
KVSYRHXIVQMREPWSRXLITS[IVTERIP
z 8LIKIRIVEXSVWXEXSV[MRHMRKMWMWSPEXIHJVSQXLI
JVEQIERHJVSQXLI%'VIGITXEGPIKVSYRHTMR
z )PIGXVMGEPHIZMGIWXLEXVIUYMVIEKVSYRHIHVIGITXEGPI
TMRGSRRIGXMSR[MPPRSXJYRGXMSRMJXLIVIGITXEGPIKVSYRH
TMRMWRSXJYRGXMSREPYRPIWWXLIRIYXVEP[MVIMWFSRHIH
XSXLIJVEQI
;MVIPIWW6IQSXI7XEVX
;MVIPIWWVIQSXIWXEVXMRKMWSRP]TSWWMFPI[MXLMRJIIX
SJXLIKIRIVEXSV;MVIPIWWWMKREPQE]RSXTEWWXLVSYKL
WSQIWSPMHSFNIGXW
(SRSXEXXIQTXXSEHNYWXXLIGEVFYVIXSVGLSOI8LI
VIQSXIERHIPIGXVMGW]WXIQ[MPPEYXSQEXMGEPP]GPSWIERH
STIRXLIGLSOI

WYVJEGI
 8YVRSJJEPPIPIGXVMGEPPSEHWGSRRIGXIHXSXLI
KIRIVEXSV2IZIVWXEVXSVWXSTXLIKIRIVEXSV[MXL
IPIGXVMGEPHIZMGIWTPYKKIHMRERHXYVRIHSR
 8YVRXLI*YIP:EPZIXSXLIw32xTSWMXMSR
 4VIWWXLI&EXXIV]7[MXGLXSw32x
 4VIWWXLI-KRMXMSR7[MXGLXSw32x
 ;-6)0)776)138)78%68TVIWWERHVIPIEWIXLI
w78%68xFYXXSRSRXLILERHLIPH6IQSXI'SRXVSP
HIZMGI(3238LSPHXLIFYXXSRHS[RSRP]TVIWW
XLIFYXXSRSRGI8LIIRKMRI[MPPEXXIQTXXSWXEVXWM\
XMQIW
 %WEJIX]JIEXYVIMWTVSZMHIH[LMGLHIPE]WXLI
IPIGXVMGEPTS[IVEZEMPEFMPMX]HYVMRKWXEVXMRKQSHI
8LIHIPE]PEWXWJSVETTVS\MQEXIP]WIGSRHW
8LIHIPE]MWTVSZMHIHXSTVIZIRXHEQEKIXSXLI
KIRIVEXSVMJIPIGXVMGEPPSEHWEVIMREHZIVXIRXP]XYVRIH
SRHYVMRKIRKMRIWXEVXYT
 -JXLIKIRIVEXSVJEMPWXSWXEVXGLIGOXLIFEXXIV]
GSRHMXMSRERHGEFPIGSRRIGXMSRW
8LIWYTTPMIH:%,FEXXIV]HSIWVIGLEVKI[LMPIXLI
IRKMRIMWVYRRMRKFYXMXMWEPWSVIGSQQIRHIHXLEXXLI
FEXXIV]FIJYPP]GLEVKIHEXPIEWXSRGITIVQSRXL
238)
;LIRXLIFEXXIV]W[MXGLMWMRXLIw32xTSWMXMSRXLI
W[MXGL[MPPPMKLXYTMJXLIFEXXIV]MWWIRHMRKSYXE
GLEVKI-JXLIW[MXGLHSIWRSXPMKLXYT[LMPIMRXLIw32x
TSWMXMSRGLIGOXLEXXLIFEXXIV]GSRRIGXMSRMWWXMPPKSSH
238)
6): M


M )2+0-7,
)PIGXVMGERH6IGSMP7XEVX

 (MWGSRRIGXEPPIPIGXVMGEPPSEHWJVSQXLIKIRIVEXSV
2IZIVWXEVXSVWXSTXLIKIRIVEXSV[MXLIPIGXVMGEP
HIZMGIWTPYKKIHMRSVXYVRIHSR
 8YVRXLIJYIPZEPZIXSXLIw3RxTSWMXMSR
 8YVRXLIFEXXIV]W[MXGLXSXLIw3RxTSWMXMSR
 4YWLXLI'LSOIFYXXSRMRXSXLIw'LSOIxTSWMXMSR
 8YVRXLIIRKMRIW[MXGLXSXLIw3RxTSWMXMSR
34)6%8-32
)PIGXVMGERH6IGSMP7XEVX'SRXvH
-JXLIIRKMRIWXEVXWFYXHSIWRSXGSRXMRYIXSVYR
WYVJEGI8LIIRKMRIMWIUYMTTIH[MXLEPS[SMP
WIRWSVXLEX[MPPTVIZIRXXLIIRKMRIJVSQVYRRMRK
[LIRXLISMPPIZIPJEPPWFIPS[EGVMXMGEPXLVIWLSPH
238)
/IITGLSOIFYXXSRMRw'LSOIxTSWMXMSRJSVSRP]
FYXXSRXSXLIw6YRxTSWMXMSRJSVYTXSXLIRI\X
TYPPWSJXLIVIGSMPWXEVXIV8SSQYGLGLSOIPIEHWXS
MRGSQMRKEMV8LMW[MPPGEYWIXLIIRKMRIRSXXSWXEVX
238)
 )0)'86-'78%684VIWWERHLSPHXLIMKRMXMSR
W[MXGLXSXLIw78%68xTSWMXMSR6IPIEWIEWXLI
IRKMRIFIKMRWXSVSPPSZIV-JXLIIRKMRIJEMPWXSWXEVX
PIEWXXIRWIGSRHWFIJSVIEXXIQTXMRKXSWXEVXXLI
IRKMRIEKEMR
 6)'3-078%684YPPXLIWXEVXIVGSVHWPS[P]YRXMP
VIWMWXERGIMWJIPXERHXLIRTYPPVETMHP]
 %WIRKMRI[EVQWYTTYWLXLIGLSOIFYXXSRXSXLI
w6YRxTSWMXMSR

6): M


)2+0-7, M
)GSRSQ]'SRXVSP7[MXGL
8LI)GSRSQ]'SRXVSPW[MXGLGERFIEGXMZEXIHMRSVHIVXS
QMRMQM^IJYIPGSRWYQTXMSRERHRSMWI[LMPISTIVEXMRKXLI
YRMXHYVMRKXMQIWSJVIHYGIHIPIGXVMGEPSYXTYXEPPS[MRK
XLIIRKMRIWTIIHXSMHPIHYVMRKTIVMSHWSJRSRYWI8LI
IRKMRIWTIIHVIXYVRWXSRSVQEP[LIRERIPIGXVMGEPPSEHMW
GSRRIGXIH;LIRXLIIGSRSQ]W[MXGLMWSJJXLIIRKMRI
VYRWEXRSVQEPWTIIHGSRXMRYSYWP]
-JXLIFEXXIV]MWHIEHSVRSXEFPIXSTVSHYGIIRSYKL
GYVVIRXXSTS[IVXLITYWLFYXXSRGLSOIXLIGLSOIMXWIPJ
GERFISTIVEXIHQERYEPP]XSLIPTWXEVXXLIIRKMRI8S
QERYEPP]GLSOIERHWXEVXXLIMRZIVXIVJSPPS[XLIWIWXITW
 0SSWIRXLIWGVI[WERHVIQSZIXLIQEMRXIRERGI
GSZIV%
*SVTIVMSHWSJLMKLIPIGXVMGEPPSEHSVQSQIRXEV]
XYVRIH3**
;%62-2+
1ERYEP'LSOI7XEVX'SRXvH
34)6%8-32
1ERYEP'LSOI7XEVX
 0SGEXIXLI]IPPS[QERYEPGLSOIPIZIV&
 8YVRXLIGLSOIPIZIVXSXLIw',3/)xTSWMXMSR&
 8YVRXLIJYIPZEPZIXSXLIw32xTSWMXMSR
 8YVRXLIIRKMRIW[MXGLXSXLIw32xTSWMXMSR
 4YPPXLIVIGSMPVSTIYRXMPVIWMWXERGIMWJIPXXLIRTYPP
VETMHP]
 %WXLIIRKMRIWXEVXWXSVSPPSZIVQSZIXLIGLSOIPIZIV
XSXLIw692xTSWMXMSR
/IITGLSOIPIZIVMRw'LSOIxTSWMXMSRJSVSRP]TYPP
PIZIVXSXLIw6YRxTSWMXMSRJSVYTXSXLIRI\X
TYPPWSJXLIVIGSMPWXEVXIV8SSQYGLGLSOIPIEHWXS
MRGSQMRKEMV8LMW[MPPGEYWIXLIIRKMRIRSXXSWXEVX
238)
%
&
&
6): M


M )2+0-7,
34)6%8-32
7XSTTMRKXLI)RKMRI
 8YVRSJJERHYRTPYKEPPIPIGXVMGEPPSEHW2IZIVWXEVX
SVWXSTXLIKIRIVEXSV[MXLIPIGXVMGEPHIZMGIWTPYKKIH
MRSVXYVRIHSR
 0IXXLIKIRIVEXSVVYREXRSPSEHJSVWIZIVEPQMRYXIW
XSWXEFMPM^IMRXIVREPXIQTIVEXYVIWSJXLIIRKMRIERH
KIRIVEXSV
 8YVRXLI*YIP:EPZIXSXLIw3**xTSWMXMSR
 0IXXLIIRKMRIVYRYRXMPJYIPWXEVZEXMSRLEWWXSTTIH
XLIIRKMRI8LMWYWYEPP]XEOIWEJI[QMRYXIW
 8YVRXLIIRKMRIW[MXGLXSXLIw3**xTSWMXMSR
 8YVRXLIFEXXIV]W[MXGLXSw3**xTSWMXMSRMJ
ETTPMGEFPI
-QTSVXERX%P[E]WIRWYVIXLEXXLI*YIP:EPZIERHXLI
)RKMRI7[MXGLERHFEXXIV]W[MXGLEVIMRXLIw3**x
TSWMXMSR[LIRXLIIRKMRIMWRSXMRYWI
&IWYVIEPPIPIGXVMGHIZMGIWMRGPYHMRKXLIPMRIWERHTPYK
GSRRIGXMSRWEVIMRKSSHGSRHMXMSRFIJSVIGSRRIGXMSRXS
XLIKIRIVEXSV
238)
(SRSXWXEVXXLIZILMGPI[LMPIXLIFEXXIV]GLEVKMRKGEFPIMW
GSRRIGXIHERHXLIKIRIVEXSVMWVYRRMRK-X[MPPRSXKMZIXLI
FEXXIV]EFSSWXSJTS[IV8LIZILMGPISVXLIKIRIVEXSVQE]
FIHEQEKIH'LEVKISRP]ZIRXIH[IXPIEHEGMHFEXXIVMIW
3XLIVX]TIWSJFEXXIVMIWQE]FYVWXGEYWMRKTIVWSREPMRNYV]
SVHEQEKI
'%98-32
'SRRIGXMRKEKIRIVEXSVXS]SYVIPIGXVMGYXMPMX]GSQTER]vW
TS[IVPMRIWSVXSERSXLIVTS[IVWSYVGIQE]FIEKEMRWX
XLIPE[-REHHMXMSRXLMWEGXMSRMJHSRIMRGSVVIGXP]GSYPH
HEQEKI]SYVKIRIVEXSVERHETTPMERGIWERHGSYPHGEYWI
WIVMSYWMRNYV]SVIZIRHIEXLXS]SYSVEYXMPMX][SVOIV
[LSQE]FI[SVOMRKSRRIEVF]TS[IVPMRIW-J]SYTPER
XSVYRETSVXEFPIIPIGXVMGKIRIVEXSVHYVMRKERSYXEKI
TPIEWIRSXMJ]]SYVIPIGXVMGYXMPMX]GSQTER]MQQIHMEXIP]
ERHVIQIQFIVXSTPYK]SYVETTPMERGIWHMVIGXP]MRXSXLI
KIRIVEXSV(SRSXTPYKXLIKIRIVEXSVMRXSER]IPIGXVMG
SYXPIXMR]SYVLSQI(SMRKWSGSYPHGVIEXIEGSRRIGXMSR
XSXLIYXMPMX]GSQTER]TS[IVPMRIW=SYEVIVIWTSRWMFPI
JSVIRWYVMRKXLEX]SYVKIRIVEXSVvWIPIGXVMGMX]HSIWRSX
JIIHFEGOMRXSXLIIPIGXVMGYXMPMX]TS[IVPMRIW
-JXLIKIRIVEXSV[MPPFIGSRRIGXIHXSEFYMPHMRKIPIGXVMGEP
IPIGXVMGMER'SRRIGXMSRWQYWXMWSPEXIKIRIVEXSVTS[IV
JVSQYXMPMX]TS[IVERHQYWXGSQTP][MXLEPPETTPMGEFPI
PE[WERHGSHIW
238)
'SRRIGXMRK)PIGXVMGEP0SEHW
 0IXXLIIRKMRIWXEFMPM^IERH[EVQYTJSVEJI[
QMRYXIWEJXIVWXEVXMRK
 4PYKMRERHXYVRSRXLIHIWMVIH:SPX%'WMRKPI
TLEWI,^IPIGXVMGEPPSEHW
z (3238GSRRIGXTLEWIPSEHWXSXLIKIRIVEXSV
z (3238GSRRIGX,^PSEHWXSXLIKIRIVEXSV
z (3238SZIVPSEHXLIKIRIVEXSV
;LMPIGLEVKMRKEHIZMGIHSRSXTPEGISRXLII\LEYWXWMHI
SJXLIKIRIVEXSV)\XVIQILIEXGEYWIHF]I\LEYWXGER
;%62-2+
(SRSXSTIVEXIEHIZMGI[LMPIMXMWTPYKKIHMRXSXLI:
('SYXPIX
4VSPSRKIHI\TSWYVIXSIRKMRII\LEYWXGERGEYWIWIVMSYW
MRNYV]SVHIEXL
;%62-2+
:('3YXPIX
8LI:('SYXPIXGERFIYWIH[MXLXLIWYTTPMIH
GLEVKIGEFPIERH97&GLEVKIVERHSXLIVGSQQIVGMEPP]
EZEMPEFPI:('EYXSQSXMZIWX]PITPYKW8LI('SYXTYX
]SYVEGGIWWSV]MRTYXZSPXEKIVERKIMWEXPIEWX:
(';LIRYWMRKXLI('SYXPIXXYVRXLI)GSRSQ]QSHI
W[MXGLXSXLIw3**xTSWMXMSR
:('3YXPIXz&EXXIV]'LEVKMRK
 &IJSVIGSRRIGXMRKXLIFEXXIV]GLEVKMRKGEFPIXSE
FEXXIV]XLEXMWMRWXEPPIHMREZILMGPIHMWGSRRIGXXLI
ZILMGPIFEXXIV]KVSYRHGEFPIJVSQXLIRIKEXMZIz
FEXXIV]XIVQMREP
 4PYKXLIFEXXIV]GLEVKMRKGEFPIMRXSXLI:('
VIGITXEGPISJXLIKIRIVEXSV
 'SRRIGXXLIVIHFEXXIV]GLEVKIVPIEHXSXLIVIH
FEXXIV]XIVQMREP
 'SRRIGXXLIFPEGOzFEXXIV]GLEVKIVPIEHXSXLI
FPEGOzFEXXIV]XIVQMREP
 7XEVXXLIKIRIVEXSV
-QTSVXERX8LI:('SYXPIXMW320=XSFIYWIH[MXL
XLIWYTTPMIH:('FEXXIV]GLEVKMRKGEFPI8LI:
('SYXTYXMWYRVIKYPEXIHERH[MPPHEQEKISXLIV:
('TVSHYGXW;LIRYWMRKXLI:('SYXPIXXYVRXLI
)GSRSQ]QSHIW[MXGLXSXLIw3**xTSWMXMSR&IWYVIEPP
IPIGXVMGHIZMGIWMRGPYHMRKXLIPMRIWERHTPYKGSRRIGXMSRW
EVIMRKSSHGSRHMXMSRFIJSVIGSRRIGXMSRXSXLIKIRIVEXSV

6): M


)2+0-7, M
34)6%8-32
(S2SX3ZIVPSEH+IRIVEXSV
'ETEGMX]
*SPPS[XLIWIWMQTPIWXITWXSGEPGYPEXIXLIVYRRMRKERH
WXEVXMRK[EXXWRIGIWWEV]JSV]SYVTYVTSWIW
 7IPIGXXLIIPIGXVMGEPHIZMGIW]SYTPERSRVYRRMRKEX
XLIWEQIXMQI
 8SXEPXLIVYRRMRK[EXXWSJXLIWIMXIQW8LMWMW
XLIEQSYRXSJTS[IV]SYRIIHXSOIIT]SYVMXIQW
VYRRMRK
 -HIRXMJ]XLILMKLIWXWXEVXMRK[EXXEKISJEPPHIZMGIW
GEPGYPEXIHMRWXIT7YVKI[EXXEKIMWXLII\XVE
FYVWXSJTS[IVRIIHIHXSWXEVXWSQIIPIGXVMGHVMZIR
IUYMTQIRX*SPPS[MRKXLIWXITWPMWXIHYRHIVw4S[IV
1EREKIQIRXx[MPPKYEVERXIIXLEXSRP]SRIHIZMGI
[MPPFIWXEVXMRKEXEXMQI
4S[IV1EREKIQIRX
9WIXLIJSPPS[MRKJSVQYPEXSGSRZIVXZSPXEKIERH
EQTIVEKIXS[EXXW
:SPXW\%QTW!;EXXW
8STVSPSRKXLIPMJISJ]SYVKIRIVEXSVERHEXXEGLIH
HIZMGIWJSPPS[XLIWIWXITWXSEHHIPIGXVMGEPPSEH
 7XEVXXLIKIRIVEXSV[MXLRSIPIGXVMGEPPSEHEXXEGLIH
 %PPS[XLIIRKMRIXSVYRJSVWIZIVEPQMRYXIWXS
WXEFMPM^I

 %PPS[XLIIRKMRIXSWXEFMPM^I
 4PYKMRERHXYVRSRXLIRI\XMXIQ
 %PPS[XLIIRKMRIXSWXEFMPM^I
 6ITIEXWXITWJSVIEGLEHHMXMSREPMXIQ
PSEHWXSXLIKIRIVEXSV
238)
%P[E]WXYVRXLIFEXXIV]W[MXGLXSXLIw3**x
TSWMXMSR[LIRYRMXMWRSXMRYWIXLMW[MPPWXSTXLI
FEXXIV]JVSQFIMRKHVEMRIH*SPPS[XLIQEMRXIRERGI
ERHWXSVEKIMRWXVYGXMSRWJSVXLIKIRIVEXSVERH
FEXXIV][LIRXLIYRMX[MPPRSXFIYWIHJSVETIVMSH
SJ[IIOWSVQSVI
238)
3ZIVPSEH3TIVEXMSR
8LISZIVPSEHMRHMGEXSVPMKLX[MPPXYVRSR[LIRXLIVEXIH
PSEHMWI\GIIHIH;LIRXLIQE\MQYQPSEHMWVIEGLIH
XLI0)([MPPFPMROERHGYXTS[IVXSXLIVIGITXEGPIW8S
VIGSZIVXLITS[IVWLYXHS[RXLIIRKMRI[EMXYRXMPXLI
PMKLXXYVRWSJJERHVIWXEVXXLIKIRIVEXSV
-JXLIIRKMRI[MPPRSXFIYWIHJSVETIVMSHSJX[S
[IIOWSVPSRKIVTPIEWIWIIXLIWXSVEKIWIGXMSRJSVTVSTIV
IRKMRIERHJYIPWXSVEKI
238)
7XSTTMRKXLI)RKMRI'SRXvH
3TIVEXMSREX,MKL%PXMXYHI
8LIHIRWMX]SJEMVEXLMKLEPXMXYHIMWPS[IVXLEREXWIE
PIZIP)RKMRITS[IVMWVIHYGIHEWXLIEMVQEWWERHEMV
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