clage DEX User manual

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XFSLTCFUSJFCFSGPMHFOEFSEBCFJ
GàSEJF#FBDIUVOHEFSCFTUFIFOEFO
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WPMMWFSBOUXPSUMJDIJTU
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t#FOVU[FO4JFEBT(FSÊUOVSOBDIEFN
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FTTJDIJOUFDIOJTDIFJOXBOEGSFJFN
;VTUBOECFGJOEFU
t7PSEFSFSTUFO*OCFUSJFCOBINFTPXJF
OBDIKFEFS&OUMFFSVOH[#EVSDI
"SCFJUFOJOEFS8BTTFSJOTUBMMBUJPOPEFS
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EBT(FSÊUHFNÊEFO)JOXFJTFOBVG
4FJUF7*FOUMàGUFUXFSEFO
t½GGOFO4JFOJFNBMTEBT(FSÊUPIOF
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EBVFSIBGUVOUFSCSPDIFO[VIBCFO
t/FINFO4JFBN(FSÊUPEFSBOEFO
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UFDIOJTDIFOOEFSVOHFOWPS
t%BT(FSÊUJTUOVSGàSEFO)BVT
HFCSBVDIVOEÊIOMJDIF;XFDLF
JOOFSIBMCHFTDIMPTTFOFSVOEGSPTUGSFJFS
3ÊVNFHFFJHOFUVOEEBSGOVS[VN
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OBDIMÊOHFSFS%VSDIMBVG[FJUBVDIEJF
"SNBUVSFOFOUTQSFDIFOEIFJXFSEFO
t*N4UÚSVOHTGBMMTDIBMUFO4JFTPGPSU
EJF4JDIFSVOHFOBVT#FJFJOFS6OEJDI
UJHLFJUBN(FSÊUTDIMJFFO4JFTPGPSU
EJF,BMUXBTTFS[VMFJUVOH-BTTFO4JFEJF
4UÚSVOHOVSWPN8FSLTLVOEFOEJFOTU
PEFSFJOFNBOFSLBOOUFO'BDIIBOE
XFSLTCFUSJFCCFIFCFO
*OTUBMMBUJPOJOJUJBMPQFSBUJPOBOE
NBJOUFOBODFPGUIJTBQQMJBODF
NVTUPOMZCFDPOEVDUFECZBO
BVUIPSJTFEQSPGFTTJPOBMXIPXJMM
UIFOCFSFTQPOTJCMFGPSBEIFSFODFUP
BQQMJDBCMFTUBOEBSETBOEJOTUBMMBUJPO
SFHVMBUJPOT
8FBTTVNFOPMJBCJMJUZGPSBOZ
EBNBHFTDBVTFECZGBJMVSFUPPCTFSWF
UIFTFJOTUSVDUJPOT
t%POPUVTFUIFBQQMJBODFVOUJMJUIBT
CFFODPSSFDUMZJOTUBMMFEBOEVOMFTTJU
JTJOQFSGFDUXPSLJOHPSEFS
t#FGPSFDPNNJTTJPOJOHGPSUIFGJSTUUJNF
BOEFBDIUJNFUIFBQQMJBODFJTFNQUJFE
FHEVFUPXPSLPOUIFQMVNCJOH
TZTUFNJGUIFSFJTBSJTLPGGSFF[JOHPS
JODBTFPGNBJOUFOBODFUIFBQQMJBODF
NVTUCFWFOUFEJOBDDPSEBODFXJUIUIF
JOTUSVDUJPOTPOQBHF7*
t%POPUSFNPWFUIFGSPOUDPWFSVOEFS
BOZDJSDVNTUBODFTCFGPSFTXJUDIJOHPGG
UIFNBJOTFMFDUSJDBMTVQQMZUPUIFVOJU
t/FWFSNBLFUFDIOJDBMNPEJGJDBUJPOT
FJUIFSUPUIFBQQMJBODFJUTFMGPSUIF
FMFDUSJDBMMFBETBOEXBUFSQJQFT
t5IFBQQMJBODFJTPOMZTVJUBCMFGPS
EPNFTUJDVTFBOETJNJMBSBQQMJDBUJPOT
JOTJEFDMPTFEGSPTUGSFFSPPNTBOE
NVTUPOMZCFVTFEUPIFBUESJOLJOH
XBUFS
t1BZBUUFOUJPOUPUIFGBDUUIBUXBUFS
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QFSDFJWFEBTIPUFTQFDJBMMZCZDIJMESFO
BOENBZDBVTFBGFFMJOHPGCVSOJOH
1MFBTFOPUFUIBUUIFGJUUJOHTBOEUBQT
NBZCFWFSZIPUXIFOUIFBQQMJBODF
IBTCFFOJOVTFGPSTPNFUJNF
t*ODBTFPGNBMGVODUJPOEJTDPOOFDUUIF
GVTFTJNNFEJBUFMZ*ODBTFPGMFBLT
DVUPGGUIFDPMEXBUFSTVQQMZJOTUBOUMZ
3FQBJSTNVTUPOMZCFDBSSJFEPVUCZ
UIFDVTUPNFSTFSWJDFEFQBSUNFOUPSBO
BVUIPSJTFEQSPGFTTJPOBM

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***
 (FSÊUFCFTDISFJCVOH %FTDSJQUJPOPGBQQMJBODF
5IFJOTUBOUBOFPVTXBUFSIFBUFS%&9JT
BNJDSPQSPDFTTPSDPOUSPMMFEQSFTTVSF
SFTJTUBOUXBUFSIFBUFSGPSBEFDFOUSBMJTFE
XBUFSTVQQMZUPPOFPSNPSFUBQ
DPOOFDUJPOT
*UTFMFDUSPOJDDPOUSPMSFHVMBUFTUIFQPXFS
DPOTVNQUJPOEFQFOEJOHPOUIFTFMFDUFE
PVUMFUUFNQFSBUVSFUIFSFTQFDUJWFJOMFU
UFNQFSBUVSFBOEUIFGMPXSBUFUIVT
SFBDIJOHUIFTFUUFNQFSBUVSFFYBDUMZUP
UIFEFHSFFBOELFFQJOHJUDPOTUBOUJO
DBTFPGQSFTTVSFGMVDUVBUJPOT5IFSFRVJSFE
PVUMFUUFNQFSBUVSFDBOCFFOUFSFEPOB
LFZQBEXJUIJOBSBOHFCFUXFFO ¡$
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JTQPTTJCMF
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NJLSPQSP[FTTPSHFTUFVFSUFSESVDLGFTUFS
%VSDIMBVGFSIJU[FS[VSEF[FOUSBMFO
8BSNXBTTFSCFSFJUVOHBOFJOFSPEFS
NFISFSFO;BQGTUFMMFO
%JF&MFLUSPOJLSFHFMUEJF-FJTUVOHT
BVGOBINFJO"CIÊOHJHLFJUWPOEFS
HFXÊIMUFO"VTMBVGUFNQFSBUVSEFS
KFXFJMJHFO&JOMBVGUFNQFSBUVSVOEEFS
%VSDIGMVTTNFOHFVNEJFFJOHFTUFMMUF
5FNQFSBUVSHSBEHFOBV[VFSSFJDIFOVOE
CFJ%SVDLTDIXBOLVOHFOLPOTUBOU[V
IBMUFO%JFHFXàOTDIUF"VTMBVGUFNQFSB
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CFUSBHFOTPEBTTBVDIEFS#FUSJFC[VS
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BCXJTDIFOVOELFJOFTDIFVFSOEFOPEFS
MÚTVOHTNJUUFMIBMUJHFO3FJOJHVOHTNJUUFM
WFSXFOEFO
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TPMMUFO4JFEJF&OUOBINFBSNBUVSFO
1FSMBUPSFOVOE)BOECSBVTFOSFHFM
NÊJHBCTDISBVCFOVOESFJOJHFO
-BTTFO4JFBMMFESFJ+BISFEJFFMFLUSP
VOEXBTTFSTFJUJHFO#BVUFJMFEVSDI
FJOFOBOFSLBOOUFO'BDIIBOEXFSLT
CFUSJFCàCFSQSàGFOVNEJFFJOXBOE
GSFJF'VOLUJPOVOE#FUSJFCTTJDIFSIFJU
KFEFS[FJU[VHFXÊISMFJTUFO
t8JQFPGGQMBTUJDTVSGBDFTBOETBOJUBSZ
GJUUJOHTXJUIBNPJTUDMPUIPOMZ/FWFS
VTFBCSBTJWFDMFBOJOHBHFOUTPS
TPMWFOUT
t'PSBHPPEXBUFSTVQQMZUIFPVUMFU
GJUUJOHTQFSMBUPSTBOETIPXFSIFBET
TIPVMECFVOTDSFXFEBOEDMFBOFEBU
SFHVMBSJOUFSWBMT&WFSZUISFFZFBSTUIF
FMFDUSJDBMBOEQMVNCJOHDPNQPOFOUT
TIPVMECFJOTQFDUFECZBOBVUIPSJTFE
QSPGFTTJPOBMJOPSEFSUPFOTVSFQSPQFS
GVODUJPOJOHBOEPQFSBUJPOBMTBGFUZBUBMM
UJNFT

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 (FCSBVDI )PXUPVTF
4PCBME4JFEFO8BSNXBTTFSIBIOBO
EFS"SNBUVSÚGGOFOTDIBMUFUTJDIEFS
%VSDIMBVGFSIJU[FSBVUPNBUJTDIFJO
#FJN4DIMJFFOEFS"SNBUVSTDIBMUFU
TJDIEBT(FSÊUBVUPNBUJTDIXJFEFS
BVT
5FNQFSBUVSFJOTUFMMFO
t.JUEFO1GFJMUBTUFO VOE LÚOOFO
4JFEJF8VOTDIUFNQFSBUVSTDISJUUXFJTF
OJFESJHFSPEFSIÚIFSFJOTUFMMFO8FOO
4JFFJONBMLVS[BVGFJOF5BTUFESàDLFO
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8FOO4JFFJOF5BTUFMÊOHFSHFESàDLU
IBMUFOÊOEFSUTJDIEJF5FNQFSBUVS
LPOUJOVJFSMJDI4JFLÚOOFOEJF
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TDIBMUFUEJF)FJ[GVOLUJPOBC
1SPHSBNNUBTUFO
%JFCFJEFO1SPHSBNNUBTUFOFSNÚHMJDIFO
*IOFOTDIOFMMEJFWPSFJOHFTUFMMUF
5FNQFSBUVS[VXÊIMFO8FOO4JFBVG
FJOF1SPHSBNNUBTUFESàDLFOXJSEEJF
WPSFJOHFTUFMMUF5FNQFSBUVSHFXÊIMU
VOEBOHF[FJHU%JF8FSLTFJOTUFMMVOH
CFUSÊHUGàS1SPHSBNN ¡$VOE
GàS1SPHSBNN ¡$4JFLÚOOFO
EJF1SPHSBNNUBTUFONJUFJHFOFO
&JOTUFMMVOHFOCFMFHFO
t%VSDIMÊOHFSFT%SàDLFOEFS1SPHSBNN
UBTUFXJSEEJFWPSIFSHFXÊIMUF
5FNQFSBUVSHFTQFJDIFSU%JF"O[FJHF
XFDITFMUWPOx1jC[Xx1jBVGEFO
OFVHFTQFJDIFSUFO5FNQFSBUVSXFSU%JF
OFVFJOHFTUFMMUF5FNQFSBUVSTUFIU*IOFO
OVOKFEFTNBM[VS7FSGàHVOHXFOO
4JFEJFFOUTQSFDIFOEF1SPHSBNNUBTUF
ESàDLFO
5FNQFSBUVSCFHSFO[VOH
%FS%VSDIMBVGFSIJU[FS%&9JTUNJUFJOFS
[VTDIBMUCBSFO5FNQFSBUVSCFHSFO[VOH
BVTHFTUBUUFU8FSLTFJUJHJTUEJFTFS7FSCSàI
VOHTTDIVU[EFBLUJWJFSU
"TTPPOBTZPVPQFOUIFIPUXBUFS
UBQUIFJOTUBOUBOFPVTXBUFSIFBUFS
TXJUDIFTPOBVUPNBUJDBMMZ8IFO
UIFUBQJTDMPTFEUIFBQQMJBODF
BVUPNBUJDBMMZTXJUDIFTPGG
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 
 &JOMBVGSPIS
 JOMFUQJQF
 
 ,BMUXBTTFSBOTDIMVTTTUàDL
 DPMEXBUFSDPOOFDUJPO
 
 4QSJU[XBTTFSTDIVU[UàMMF

XBUFSTQMBTIQSPUFDUJPO
 TMFFWF
 JO4FU
 %VSDIGàISVOHTUàMMF
 HSPNNFU
 JO4FU
 (w&JOTDISBVCOJQQFM
 TDSFXJOOJQQMFTw
 JO4FU
 'FJOGJMUFS
 GJOFGJMUFS
 
 %VSDIGMVTTNFOHFO
 SFHMFSMNJO
 GMPXMJNJUFSMNJO
 3BINFO
 GSBNF
 
%&9(FSÊUFIBVCF
 %&9IPPE
 
3àDLGMVTTWFSIJOEFSFS
 OPOSFUVSOWBMWF
 
%VSDIGMVTTHFCFS
 GMPXTFOTPS
 
5FNQFSBUVSGàIMFS4FU
UIFSNBMTFOTPSTFU

5FNQFSBUVSGàIMFS4FU
UIFSNBMTFOTPSTFU

%&9#FEJFOGFME
 %&9DPOUSPMQBOFM
 
"VTMBVGSPIS
 PVUMFUQJQF
 
8BSNXBTTFSBOTDIMVTTTUàDL
 )PUXBUFSDPOOFDUJPO

 8BOEIBMUFS
 XBMMCSBDLFU
 
45%#
 
)FJ[FMFNFOUNJU
%SVDLTDIBMUFS
IFBUJOHFMFNFOUXJUI
QSFTTVSFMJNJUFS
 

%&9
*OIBMUTWFS[FJDIOJT $POUFOUT
*IS1SPEVLUXVSEFBVTIPDIXFSUJHFO.BUFSJBMJFOVOE,PNQP
OFOUFOFOUXJDLFMUVOEIFSHFTUFMMUEJFSFDZDFMCBSVOEXJFEFS
WFSXFOECBSTJOE%JFTFT4ZNCPMBVG1SPEVLUFOVOEPEFS
CFHMFJUFOEFO%PLVNFOUFOCFEFVUFUEBTTFMFLUSJTDIFVOE
FMFLUSPOJTDIF1SPEVLUFBN&OEFJISFS-FCFOTEBVFSWPN)BVT
NàMMHFUSFOOUFOUTPSHUXFSEFONàTTFO#SJOHFO4JFCJUUFEJFTF
1SPEVLUFGàSEJF#FIBOEMVOH3PITUPGGSàDLHFXJOOVOHVOE
3FDZDMJOH[VEFOFJOHFSJDIUFUFOLPNNVOBMFO4BNNFMTUFMMFO
C[X8FSLTUPGGTBNNFMIÚGFOEJFEJFTF(FSÊUFLPTUFOMPT
FOUHFHFOOFINFO%JFPSEOVOHTHFNÊF&OUTPSHVOHEJFTFT
1SPEVLUFTEJFOUEFN6NXFMUTDIVU[VOEWFSIJOEFSUNÚHMJDIF
TDIÊEMJDIF"VTXJSLVOHFOBVG.FOTDIVOE6NXFMUEJFTJDIBVT
FJOFSVOTBDIHFNÊFO)BOEIBCVOHEFS(FSÊUFBN&OEFJISFS
-FCFOTEBVFSFSHFCFOLÚOOUFO
(FOBVFSF*OGPSNBUJPOFO[VSOÊDITUHFMFHFOFO4BNNFMTUFMMF
C[X3FDZDMJOHIPGFSIBMUFO4JFCFJ*ISFS(FNFJOEFWFSXBMUVOH
(FTDIÊGUTLVOEFOXFOO4JFFMFLUSJTDIFVOEFMFLUSPOJTDIF
(FSÊUFFOUTPSHFONÚDIUFOUSFUFO4JFCJUUFNJU*ISFN)ÊOEMFS
PEFS-JFGFSBOUFOJO,POUBLU%JFTFIBMUFOXFJUFSF*OGPSNBUJPOFO
GàS4JFCFSFJU%JFTFT4ZNCPMJTUOVSJOEFS&VSPQÊJTDIFO6OJPO
HàMUJH
5IJTTZNCPMPOUIFQSPEVDUTBOEPS
BDDPNQBOZJOHEPDVNFOUTNFBOTUIBUVTFE
FMFDUSJDBMBOEFMFDUSPOJDQSPEVDUTTIPVME
OPUCFNJYFEXJUIHFOFSBMIPVTFIPMEXBTUF'PSQSPQFS
USFBUNFOUSFDPWFSZBOESFDZDMJOHQMFBTFUBLFUIFTFQSPEVDUT
UPEFTJHOBUFEDPMMFDUJPOQPJOUTXIFSFUIFZXJMMCFBDDFQUFE
POBGSFFPGDIBSHFCBTJT"MUFSOBUJWFMZJOTPNFDPVOUSJFT
ZPVNBZCFBCMFUPSFUVSOZPVSQSPEVDUTUPZPVSMPDBMSFUBJMFS
VQPOUIFQVSDIBTFPGBOFRVJWBMFOUOFXQSPEVDU%JTQPTJOH
PGUIJTQSPEVDUDPSSFDUMZXJMMIFMQUPTBWFWBMVBCMFSFTPVSDFT
BOEQSFWFOUBOZQPUFOUJBMOFHBUJWFFGGFDUTPOIVNBOIFBMUI
BOEUIFFOWJSPONFOUXIJDIDPVMEPUIFSXJTFBSJTFGSPNJOBQQSP
QSJBUFXBTUFIBOEMJOH1MFBTFDPOUBDUZPVSMPDBMBVUIPSJUZGPS
GVSUIFSEFUBJMTPGZPVSOFBSFTUEFTJHOBUFEDPMMFDUJPOQPJOU
1FOBMUJFTNBZCFBQQMJDBCMFGPSJODPSSFDUEJTQPTBMPGUIJT
XBTUFJOBDDPSEBODFXJUIOBUJPOBMMFHJTMBUJPO*GZPVBSFB
CVTJOFTTVTFSBOEZPVXJTIUPEJTDBSEFMFDUSJDBMBOEFMFDUSPOJD
FRVJQNFOUQMFBTFDPOUBDUZPVSEFBMFSPSTVQQMJFSGPSGVSUIFS
JOGPSNBUJPO
5IJTTZNCPMJTPOMZWBMJEJOUIF&VSPQFBO6OJPO
  0WFSWJFXQBHF
 $POUFOUT
 &OWJSPONFOUBOESFDZDMJOH
 4BGFUZJOTUSVDUJPOT
 5FDIOJDBMTQFDJGJDBUJPOT
 %JNFOTJPOT
 *OTUBMMBUJPOo
  %JSFDUDPOOFDUJPO
  &MFDUSJDBMDPOOFDUJPOPOMZCZBTQFDJBMJTUo
 *OJUJBMPQFSBUJPOo
 .BJOUFOBODFXPSL
4VQQMFNFOUBSZTIFFUTw0QFSBUJOHJOTUSVDUJPOTi
4BGFUZJOTUSVDUJPOT**
%FTDSJQUJPOPGBQQMJBODF ***
$MFBOJOHBOENBJOUFOBODF***
)PXUPVTF
  5FNQFSBUVSFTFUUJOH *7
  1SPHSBNNFCVUUPOT *7
  5FNQFSBUVSFMJNJUBUJPO *7
  3FTFUUPXPSLTTFUUJOH 7
  )PXUPTBWFFOFSHZ 7
  1PXFSMJNJU 7
  0QFSBUJPOXJUITPMBSTZTUFNT 7*
  7FOUJOHBGUFSNBJOUFOBODFXPSL 7*
5SPVCMFTIPPUJOHBOETFSWJDF 7**
2VJDLSFGFSFODFHVJEF  7***
  ÃCFSTJDIUTEBSTUFMMVOH4FJUF
 *OIBMUTWFS[FJDIOJT
 6NXFMUVOE3FDZDMJOH
 4JDIFSIFJUTIJOXFJTF
 5FDIOJTDIF%BUFO 
 "CNFTTVOHFO
 *OTUBMMBUJPOo
  %JSFLU[BQGVOH
  &MFLUSPBOTDIMVTTOVSEVSDIEFO'BDINBOO o
&STUJOCFUSJFCOBINF o
 8BSUVOHTBSCFJUFO
#FJMBHFx(FCSBVDITBOMFJUVOHGàSEFO"OXFOEFSj
4JDIFSIFJUTIJOXFJTF**
(FSÊUFCFTDISFJCVOH***
3FJOJHVOHVOE1GMFHF***
(FCSBVDI
  5FNQFSBUVSFJOTUFMMFO *7
  1SPHSBNNUBTUFO *7
  5FNQFSBUVSCFHSFO[VOH *7
  8FSLTFJOTUFMMVOHFOXJFEFSIFSTUFMMFO 7
  &OFSHJFTQBSUJQQ  7
  -FJTUVOHTHSFO[F 7
  #FUSJFCBO4PMBSBOMBHFO 7*
  &OUMàGUFOOBDI8BSUVOHTBSCFJUFO 7*
4FMCTUIJMGFCFJ1SPCMFNFOVOE,VOEFOEJFOTU 7**
,VS[BOMFJUVOH 7***
6NXFMUVOE3FDZDMJOH &OWJSPONFOUBOESFDZDMJOH


%&9
 4JDIFSIFJUTIJOXFJTF 4BGFUZJOTUSVDUJPOT
.POUBHFFSTUF*OCFUSJFCOBINFVOE
8BSUVOHEJFTFT(FSÊUFTEàSGFOOVS
EVSDIFJOFOBOFSLBOOUFO'BDIIBOE
XFSLTCFUSJFCFSGPMHFOEFSEBCFJ
GàSEJF#FBDIUVOHEFSCFTUFIFOEFO
/PSNFOVOE*OTUBMMBUJPOTWPSTDISJGUFO
WPMMWFSBOUXPSUMJDIJTU
8JSàCFSOFINFOLFJOF)BGUVOHGàS
4DIÊEFOEJFEVSDI/JDIUCFBDIUVOH
EJFTFS"OMFJUVOHFOUTUFIFO
t#FOVU[FO4JFEBT(FSÊUOVSOBDIEFN
FTLPSSFLUJOTUBMMJFSUXVSEFVOEXFOO
FTTJDIJOUFDIOJTDIFJOXBOEGSFJFN
;VTUBOECFGJOEFU
t7PSEFSFSTUFO*OCFUSJFCOBINFTPXJF
OBDIKFEFS&OUMFFSVOH[#EVSDI
"SCFJUFOJOEFS8BTTFSJOTUBMMBUJPOPEFS
XFHFO'SPTUHFGBISPEFS8BSUVOHNVTT
EBT(FSÊUHFNÊEFO)JOXFJTFOBVG
4FJUFFOUMàGUFUXFSEFO
t½GGOFO4JFOJFNBMTEBT(FSÊUPIOF
WPSIFSEJF4USPN[VGVIS[VN(FSÊU
EBVFSIBGUVOUFSCSPDIFO[VIBCFO
t/FINFO4JFBN(FSÊUPEFSBOEFO
&MFLUSPVOE8BTTFSMFJUVOHFOLFJOF
UFDIOJTDIFOOEFSVOHFOWPS
t%BT(FSÊUJTUOVSGàSEFO)BVT
HFCSBVDIVOEÊIOMJDIF;XFDLF
JOOFSIBMCHFTDIMPTTFOFSVOEGSPTUGSFJFS
3ÊVNFHFFJHOFUVOEEBSGOVS[VN
&SXÊSNFOWPO5SJOLXBTTFSWFSXFOEFU
XFSEFO
t#FBDIUFO4JFEBTT8BTTFSUFNQF
SBUVSFOàCFS¡$CFTPOEFST
CFJ,JOEFSOBMTIFJFNQGVOEFO
XFSEFOVOEFJO7FSCSFOOVOHTHFGàIM
IFSWPSSVGFOLÚOOFO#FEFOLFO4JFEBTT
OBDIMÊOHFSFS%VSDIMBVG[FJUBVDIEJF
"SNBUVSFOFOUTQSFDIFOEIFJXFSEFO
t*N4UÚSVOHTGBMMTDIBMUFO4JFTPGPSU
EJF4JDIFSVOHFOBVT#FJFJOFS6OEJDI
UJHLFJUBN(FSÊUTDIMJFFO4JFTPGPSU
EJF,BMUXBTTFS[VMFJUVOH-BTTFO4JFEJF
4UÚSVOHOVSWPN8FSLTLVOEFOEJFOTU
PEFSFJOFNBOFSLBOOUFO'BDIIBOE
XFSLTCFUSJFCCFIFCFO
*OTUBMMBUJPOJOJUJBMPQFSBUJPOBOE
NBJOUFOBODFPGUIJTBQQMJBODF
NVTUPOMZCFDPOEVDUFECZBO
BVUIPSJTFEQSPGFTTJPOBMXIPXJMM
UIFOCFSFTQPOTJCMFGPSBEIFSFODFUP
BQQMJDBCMFTUBOEBSETBOEJOTUBMMBUJPO
SFHVMBUJPOT
8FBTTVNFOPMJBCJMJUZGPSBOZ
EBNBHFTDBVTFECZGBJMVSFUPPCTFSWF
UIFTFJOTUSVDUJPOT
t%POPUVTFUIFBQQMJBODFVOUJMJUIBT
CFFODPSSFDUMZJOTUBMMFEBOEVOMFTTJUJT
JOQFSGFDUXPSLJOHPSEFS
t#FGPSFDPNNJTTJPOJOHGPSUIFGJSTUUJNF
BOEFBDIUJNFUIFBQQMJBODFJTFNQUJFE
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CPISFO4JFEJF-ÚDIFSNJUFJOFN
NNo#PISFS4FU[FO4JFEJFNJU
HFMJFGFSUFO%àCFMFJOVOETDISBVCFO
4JFEFO8BOEIBMUFSBO
'MJFTFOWFSTBU[PEFS6OFCFOIFJUFO
MBTTFOTJDICJT[VNNEVSDI
EJFNJUHFMJFGFSUFO%JTUBO[IàMTFO
BVTHMFJDIFO%JF%JTUBO[IàMTFOXFSEFO
[XJTDIFO8BOEVOE8BOEIBMUFS
NPOUJFSU
*OTUBMMJOHUIFXBMMCSBDLFU
*GZPVJOTUBMMUIFJOTUBOUBOFPVTXBUFS
IFBUFS%&9JOTUFBEPGBDPOWFOUJPOBM
JOTUBOUBOFPVTXBUFSIFBUFSUIFSFJT
HFOFSBMMZOPOFFEUPESJMMIPMFTGPSUIF
XBMMIPMEFS*OUIJTDBTFZPVPOMZOFFE
UPTDSFXJOUIFEPVCMFOJQQMFTBT
EFTDSJCFEJOBOEUPTFDVSFUIFXBMM
CSBDLFU
5IPSPVHIMZSJOTFUIFXBUFSTVQQMZQJQFT
CFGPSFJOTUBMMBUJPOUPSFNPWFTPJMJOH
GSPNUIFQJQFT
6TJOHBNNIFYBHPOTPDLFU
TDSFXLFZTDSFXUIFTDSFXJOOJQQMFT
JOUPUIFXBMMDPOOFDUJPOT"GUFS
UJHIUFOJOHUIFEPVCMFOJQQMFTNVTU
QSPUSVEFCZNN
)PMEUIFJODMVEFENPVOUJOHUFNQMBUF
POUIFXBMMBOEBMJHOJUTPUIBUUIF
IPMFTJOUIFUFNQMBUFGJUPWFSUIF
DPOOFDUJPOT.BSLUIFESJMMIPMFT
BDDPSEJOHUPUIFUFNQMBUFBOEESJMM
UIFNVTJOHBNNESJMM*OTFSUUIF
JODMVEFEEPXFMTBOETDSFXJOUIFXBMM
CSBDLFU

0GGTFUUJMJOHPSVOFWFOTVSGBDFTDBOCF
DPNQFOTBUFECZVQUPNNXJUIUIF
BJEPGUIFTQBDFSTTVQQMJFE5IFTQBDFST
BSFGJUUFECFUXFFOUIFXBMMBOEXBMM
CSBDLFU

%&9
 *OTUBMMBUJPO'PSUTFU[VOH *OTUBMMBUJPODPOUJOVBUJPO


%&9
 *OTUBMMBUJPO'PSUTFU[VOH *OTUBMMBUJPODPOUJOVBUJPO
*OTUBMMJOHDPOOFDUJPOQJFDFT
"TTIPXOJOUIFJMMVTUSBUJPOTDSFXUIF
DPMEXBUFSDPOOFDUJPOQJFDFXJUI
UIFVOJPOOVUBOEUIFiTFBMPOUP
UIFDPMEXBUFSDPOOFDUJPO
4DSFXUIFIPUXBUFSDPOOFDUJPOQJFDF
XJUIUIFVOJPOOVUBOEUIFiTFBM
POUPUIFIPUXBUFSDPOOFDUJPO
*OTUBMMJOHUIFBQQMJBODF
5PPQFOUIFBQQMJBODFIPPEUBLFPGG
UIFGBDFQMBUFBOEVOTDSFXUIFNBJO
IPPETDSFX
t 8IFOSFQMBDJOHBOBQQMJBODFUIF
FMFDUSJDBMQPXFSTVQQMZDBCMFNBZCF
DPOOFDUFEJOUIFVQQFSQBSU0OMZJO
TVDIDBTFQSFTTBHBJOTUUIFQSFQBSFE
CSFBLJOHQPJOU4XJUIBCMVOU
JNQMFNFOUFHTDSFXESJWFS
t 4MJUUIFHSPNNFUUPNBUDIUIFDBCMF
TJ[F5IFPQFOJOHJOUIFHSPNNFUTIPVME
CFTMJHIUMZTNBMMFSUIBOUIF
DSPTTTFDUJPOPGUIFDBCMFJOPSEFSUP
FOTVSFPQUJNVNQSPUFDUJPOBHBJOTU
XBUFS'JUUIFHSPNNFUJOUPUIFPQFOJOH
5IFQSPUFDUJPOHSPNNFUNVTUCFVTFE

t 4USJQUIFDBCMFSPVHIMZDNBCPWFUIF
QPJOUXIFSFJUFNFSHFTGSPNUIFXBMM
)PMEUIFQSFQBSFEBQQMJBODFTPUIBUZPV
DBOSPVUFUIFDBCMFJOUPUIFHSPNNFU
XJUIUIFPUIFSIBOE

1MBDFUIFBQQMJBODFPOUIFIFBUFS
CSBDLFUTPUIBUUIFUISFBEFESPE
PGUIFXBMMCSBDLFUGJUTJOUIFQSPWJEFE
IPMFPGUIFBQQMJBODF*GOFDFTTBSZ
TMJHIUDPSSFDUJPOTBSFQPTTJCMFCZ
DBSFGVMMZCFOEJOHUIFUISFBEFESPE
PGUIFXBMMCSBDLFU)PXFWFSJUNVTU
CFQPTTJCMFUPTDSFXPOUIFXBUFS
DPOOFDUJPOQJQFTPGUIFBQQMJBODF
XJUIPVUBQQMZJOHGPSDF
4DSFXUIFUXPiVOJPOOVUTPGUIF
BQQMJBODFATXBUFSDPOOFDUJPOQJQFT
"OTDIMVTTTUàDLFJOTUBMMJFSFO
4DISBVCFO4JFHFNÊ"CCJMEVOHEBT
,BMUXBTTFSBOTDIMVTTTUàDLNJU
ÃCFSXVSGNVUUFSVOEEFSi%JDIUVOH
BOEFO,BMUXBTTFSBOTDIMVTT
4DISBVCFO4JFEBT8BSNXBTTFS
BOTDIMVTTTUàDLNJUÃCFSXVSG
NVUUFSVOEEFSi%JDIUVOHBOEFO
8BSNXBTTFSBOTDIMVTT
(FSÊUNPOUJFSFO
;VN½GGOFOEFT(FIÊVTFTEJF#MFOEF
BCOFINFOVOEEJF[FOUSBMF)BVCFO
TDISBVCFMÚTFO
t*N"VTUBVTDIGBMMLBOOFTWPS
LPNNFOEBTTEJF&MFLUSP[VMFJUVOH
JNPCFSFO(FSÊUFCFSFJDIWPSIBOEFO
JTU/VSEBOOÚGGOFO4JFEJF4PMM
CSVDITUFMMF4BOEFS1SÊHVOHEVSDI
LSÊGUJHFO%SVDLNJUFJOFNTUVNQGFO
8FSL[FVH[#4DISBVCFOESFIFS
t4DIOFJEFO4JFEJF%VSDIGàISVOHTUàMMF
FOUTQSFDIFOEEFN;VMFJUVOHT
RVFSTDIOJUUBVG%BCFJTPMMEJF
½GGOVOHJOEFS5àMMFFUXBTLMFJOFS
BMTEFS2VFSTDIOJUUEFT,BCFMTTFJO
VNFJOFOPQUJNBMFO4DIVU[HFHFO
8BTTFS[VFS[JFMFO1BTTFO4JFEJF
5àMMFJOEFO%VSDICSVDIFJO%JF
4DIVU[UàMMFNVTTWFSXFOEFUXFSEFO
t.BOUFMO4JFEBT&MFLUSPLBCFM
VOHFGÊISDNàCFSEFN8BOE
BVTUSJUUBC/FINFO4JFEBT
WPSCFSFJUFUF(FSÊUTPJOEJF)BOE
EBTT4JFNJUEFSBOEFSFO)BOEEBT
,BCFMJOEJF(VNNJUàMMFGàISFO
LÚOOFO
4FU[FO4JFEBT(FSÊUBVGEFO8BOE
IBMUFSTPEBTTEJF(FXJOEFTUBOHF
EFT8BOEIBMUFSTJOEBTWPSHFTFIFOF
-PDIEFT(FSÊUFTQBTTU%VSDIWPSTJDI
UJHFT#JFHFOEFS(FXJOEFTUBOHFEFT
8BOEIBMUFSTMBTTFOTJDIHFHFCFOFOGBMMT
LMFJOF,PSSFLUVSFOWPSOFINFO%JF
8BTTFSBOTDIMVTTMFJUVOHFOEFT(FSÊUFT
NàTTFOTJDIKFEPDIPIOF(FXBMU
BOXFOEVOHBOTDISBVCFOMBTTFO
4DISBVCFO4JFEJFCFJEFOi
ÃCFSXVSGNVUUFSOEFS8BTTFS



4
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BOTDIMVTTMFJUVOHFOEFT(FSÊUFT
KFXFJMTNJUEFSi%JDIUVOHBVGEJF
JOTUBMMJFSUFO"OTDIMVTTTUàDLF
4DISBVCFO4JFEJF,VOTUTUPGGSÊOEFM
NVUUFSBVGEJF(FXJOEFTUBOHFEFT
8BOEIBMUFST
½GGOFO4JFEJF8BTTFS[VMFJUVOHVOE
ESFIFO4JFEBT"CTQFSSWFOUJMD
JN,BMUXBTTFSBOTDIMVTTTUàDL
MBOHTBNBVG1PT*1SàGFO4JFBMMF
7FSCJOEVOHFOBVG%JDIUJHLFJU
½GGOFOVOETDIMJFFO4JFEBOBDI
NFISGBDIEBT[VHFIÚSJHF
8BSNXBTTFS[BQGWFOUJMCJTLFJOF-VGU
NFISBVTEFS-FJUVOHBVTUSJUUVOEEFS
%VSDIMBVGFSIJU[FSMVGUGSFJJTU
FBDIXJUIUIFiTFBMPOUPUIFGJUUJOHT

4DSFXUIFQMBTUJDLOVSMFEOVUPOUPUIF
UISFBEFESPEPGUIFXBMMCSBDLFU
0QFOUIFXBUFSTVQQMZMJOFUPUIFVOJU
BOETMPXMZPQFOUIFTIVUPGGWBMWFD
JOUIFDPMEXBUFSDPOOFDUJPOQJFDF
1PT*$IFDLBMMDPOOFDUJPOTGPSMFBLT
/FYUPQFOBOEDMPTFUIFIPUXBUFS
UBQQJOHWBMWFTFWFSBMUJNFTVOUJMOP
NPSFBJSFNFSHFTGSPNUIFMJOFBOE
BMMBJSIBTCFFOFMJNJOBUFEGSPNUIF
JOTUBOUBOFPVTXBUFSIFBUFS
#FJ%JSFLU[BQGVOHTJOEEJFCFJEFOi
&JOTDISBVCOJQQFMVOEEJFi%JDI
UVOHFONJUEFOiÃCFSXVSGNVUUFSO
EFT8BSNXBTTFSVOE,BMUXBTTFS
BOTDIMVTTTUàDLFT[VWFSTDISBVCFO
%JFCFJEFOi#MJOELBQQFOEFS
TFJUMJDIFO"CHÊOHFEFT8BSNVOE
,BMUXBTTFSBOTDIMVTTTUàDLFTTJOE
[VEFNPOUJFSFOVOENJUEFNPGGFOFO
&OEFEFS&JOTDISBVCOJQQFM[VWFS
TDISBVCFO%JF8BSNVOE,BMUXBTTFS
BOTDIMVTTTUàDLFTJOEEBOONJUEFOi
%JDIUVOHFOBOEJFiÃCFSXVSGNVUUFS
EFT(FSÊUFTVOE"VTMBVGSPISFT[V
WFSTDISBVCFO
#FJ%JSFLU[BQGVOHJTUFTTJOOWPMM
EBT(FSÊUNJUUFMTEFSNJUHFMJFGFSUFO
%JTUBO[IàMTFOHFNÊOFCFOTUFIFOEFS
;FJDIOVOHBVG"CTUBOE[VNPOUJFSFO
%BCFJJTU[VCFBDIUFOEBTTBVDIEJF
CFJEFO#FGFTUJHVOHTCPISVOHFOJN
VOUFSFO3PISBOTDIMVTTCFSFJDICFOVU[U
XFSEFO
%JF#ÚSEFMTFJUFEFS3PISFTJOENJUi
ÃCFSXVSGNVUUFSOVOEi%JDIUVOHFOBO
EJFTFJUMJDIFOi"CHÊOHFEFT8BSN
VOE,BMUXBTTFSBOTDIMVTTTUàDLFT
[VTDISBVCFO
"CTDIMJFFOETJOEEJF"VTCSàDIFGàSEJF
3PISFJOEFS)BVCFNJUFJOFNTUVNQGFO
(FHFOTUBOEIFSBVT[VCSFDIFO
'PSEJSFDUDPOOFDUJPOUIFUXPiTDSFX
JOOJQQMFTBOEUIFiTFBMTNVTU
CFTDSFXFEJOUPUIFiVOJPOOVUTPG
UIFIPUXBUFSBOEDPMEXBUFS
DPOOFDUPST5IFUXPiDBQTPGUIF
TJEFPVUMFUTPGUIFIPUXBUFSBOEDPME
XBUFSDPOOFDUPSTNVTUCFSFNPWFE
BOETDSFXFEPOUPUIFPQFOFOEPGUIF
TDSFXJOOJQQMFT5IFIPUXBUFS
BOEDPMEXBUFSDPOOFDUPSTNVTUUIFOCF
TDSFXFEJOUPUIFiVOJPOOVUPGUIF
BQQMJBODFBOEEFMJWFSZQJQFUPHFUIFSXJUI
UIFiTFBMT

'PSEJSFDUDPOOFDUJPOJUJTBEWJTBCMFUP
NPVOUUIFBQQMJBODFBUBEJTUBODFBT
JMMVTUSBUFEBMPOHTJEFVTJOHUIFTQBDFS
TMFFWFTTVQQMJFE*UTIPVMEUIFSFGPSFCF
OPUFEUIBUUIFUXPGJYJOHIPMFTOFBSUIF
MPXFSQJQFDPOOFDUJPOTBSFBMTPVTFE

5IFGMBSFEFOEPGUIFQJQFTNVTUCF
TDSFXFEJOUPUIFiTJEFPVUMFUTPGUIF
IPUXBUFSBOEDPMEXBUFSDPOOFDUPST
XJUIiVOJPOOVUTBOEiTFBMT
5IFIPMFTSFRVJSFEGPSUIFQJQFTNVTUUIFO
CFCSPLFOPVUPGUIFIPVTJOHXJUIUIFBJE
PGBCMVOUJNQMFNFOU
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*
 %JSFLU[BQGVOH %JSFDUDPOOFDUJPO
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 *OTUBMMBUJPO'PSUTFU[VOH *OTUBMMBUJPODPOUJOVBUJPO
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 &MFLUSPBOTDIMVTTOVSEVSDIEFO'BDINBOO&MFDUSJDBMDPOOFDUJPOPOMZCZBTQFDJBMJTU
;VCFBDIUFOTJOE
t7%&
t&/
t#FTUJNNVOHFOEFSÚSUMJDIFO
&OFSHJFVOE8BTTFSWFSTPSHVOHT
VOUFSOFINFO
t"OHBCFO5ZQFOTDIJME
t5FDIOJTDIF%BUFO4FJUF
t(FSÊUBO4DIVU[MFJUFSBOTDIMJFFO
#BVMJDIF7PSBVTTFU[VOHFO
t%BT(FSÊUNVTTEBVFSIBGUBOGFTU
WFSMFHUF-FJUVOHFOBOHFTDIMPTTFO
XFSEFO%BT(FSÊUNVTTBOEFO
4DIVU[MFJUFSBOHFTDIMPTTFOXFSEFO
,BCFMRVFSTDIOJUUNBYJNBMNN
t%JF&MFLUSPMFJUVOHFONàTTFOTJDIJO
FJOFNFJOXBOEGSFJFO;VTUBOECFGJOEFO
VOEEàSGFOOBDIEFS.POUBHFOJDIU
NFISCFSàISCBSTFJO
t*OTUBMMBUJPOTTFJUJHJTUFJOFBMMQPMJHF
5SFOOWPSSJDIUVOHNJUFJOFS,POUBLU
ÚGGOVOHTXFJUFWPONJOEFTUFOT
NNQSP1PMWPS[VTFIFO[#àCFS
4JDIFSVOHFO
t;VS"CTJDIFSVOHEFT(FSÊUFTJTUFJO
4JDIFSVOHTFMFNFOUGàS-FJUVOHTTDIVU[
NJUFJOFNEFN(FSÊUFOFOOTUSPNBO
HFQBTTUFO"VTMÚTFTUSPN[VNPOUJFSFO
-BTUBCXVSGSFMBJT
#FJN"OTDIMVTTXFJUFSFS%SFITUSPN
HFSÊUFLBOOFJO-BTUBCXVSGSFMBJT
BOEFO"VFOMFJUFS-BOHFTDIMPTTFO
XFSEFO%B[VNVTTBN(FSÊUFJOF
CFTPOEFSF#FUSJFCTBSUHFXÊIMUXFSEFO
%SàDLFO4JF[VN
OEFSOEFS#FUSJFCTBSU
HMFJDI[FJUJHBMMFWJFS5BTUFO
   
VOE VOEXBSUFOCJTEFSHFXàOTDIUF
8FSUPEFSJN%JTQMBZFSTDIFJOU
 &MFLUSPOJL&MFDUSPOJDDJSDVJUSZ
 )FJ[FMFNFOU)FBUJOHFMFNFOU
 4JDIFSIFJUTESVDLCFHSFO[FSVOE
4JDIFSIFJUTUFNQFSBUVSCFHSFO[FS
4BGFUZQSFTTVSFMJNJUFSBOE4BGFUZ
UIFSNBMDVUPVU
 ,MFNNMFJTUF5FSNJOBMTUSJQ
4DIBMUQMBO8JSJOHEJBHSBN
1MFBTFPCTFSWF
t5IFJOTUBMMBUJPONVTUDPNQMZ
XJUIDVSSFOU*&$PSOBUJPOBMMPDBM
SFHVMBUJPOTBOEBOZQBSUJDVMBS
SFHVMBUJPOTTQFDJGJFECZUIFMPDBM
FMFDUSJDJUZTVQQMZDPNQBOZ
t0CTFSWFUIFSBUJOHQMBUFBOE
UFDIOJDBMTQFDJGJDBUJPOTPOQBHF
t5IFVOJUNVTUCFFBSUIFE
4USVDUVSBMQSFSFRVJTJUFT
t5IFBQQMJBODFNVTUCFJOTUBMMFEWJBB
QFSNBOFOUDPOOFDUJPO)FBUFSNVTU
CFFBSUIFE"NBYJNVNDBCMFTJ[FPG
NNNVTUCFPCTFSWFE
t5IFFMFDUSJDXJSJOHTIPVMEOPUCF
JOKVSFE"GUFSNPVOUJOHUIFXJSJOH
NVTUOPUCFEJSFDUBDDFTTJCMF

t"OBMMQPMFEJTDPOOFDUJOHEFWJDFFH
WJBGVTFTXJUIBDPOUBDUPQFOJOHXJEUI
PGBUMFBTUNNQFSQPMFTIPVMECF
QSPWJEFEBUUIFJOTUBMMBUJPOFOE

t5PQSPUFDUUIFBQQMJBODFBGVTF
FMFNFOUNVTUCFGJUUFEXJUIBUSJQQJOH
DVSSFOUDPNNFOTVSBUFXJUIUIFOPNJOBM
DVSSFOUPGUIFBQQMJBODF
-PBETIFEEJOHSFMBZ
*GGVSUIFSUISFFQIBTFBQQMJBODFTBSF
DPOOFDUFEBMPBETIFEEJOHSFMBZ
 
DBOCFDPOOFDUFEUPQIBTFDPOEVDUPS
-
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"TQFDJBMPQFSBUJOHNPEFNVTUCF
TFMFDUFEPOUIFBQQMJBODFGPSUIJTQVSQPTF
5PDIBOHFUIFPQFSBUJOHNPEFQSFTT
UIFGPVSLFZT   VOE TJNVM
UBOFPVTMZBOEXBJUVOUJMUIFEFTJSFENPEF
PSJTTIPXOPOUIFEJTQMBZUIFO
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/PSNBMFS#FUSJFC
8FSLFJOTUFMMVOH
#FUSJFCNJUOPSNBMFN
-BTUBCXVSGSFMBJT
#FUSJFCNJUFNQGJOEMJDIFN
-BTUBCXVSGSFMBJT
-$% %FTDSJQUJPO
/PSNBMPQFSBUJPO
NBOVGBDUVSFSATTFUUJOH
0QFSBUJPOXJUIOPSNBM
MPBETIFEEJOHSFMBZ
0QFSBUJPOXJUITFOTJUJWF
MPBETIFEEJOHSFMBZ


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 &MFLUSPBOTDIMVTTOVSEVSDIEFO'BDINBOO&MFDUSJDBMDPOOFDUJPOPOMZCZBTQFDJBMJTU
EBOO5BTUFOMPTMBTTFO;VOÊDITUJTUEJF
#FUSJFCTBSU[VXÊIMFOVOEEJF'VOLUJPO
EFT-BTUBCXVSGSFMBJTCFJLMFJOFS(FSÊUF
MFJTUVOH(SBE4PMMXFSUVOEHFSJOHFS
8BTTFSNFOHF[VQSàGFO,PNNUFT[V
FJOFN'MBDLFSOEFT"CXVSGSFMBJTTPNVTT
EJF#FUSJFCTBSUHFXÊIMUXFSEFO
&MFLUSPBOTDIMVTTWPOVOUFO
.BOUFMO4JFEBT"OTDIMVTTLBCFM
VOHFGÊISDNàCFSEFN8BOEBVTUSJUU
BC4DIJFCFO4JFEJF4QSJU[XBTTFS
TDIVU[UàMMFNJUEFSLMFJOFSFO
½GGOVOHWPSBOàCFSEBT"OTDIMVTT
LBCFMTPEBTTEJF4DIVU[UàMMFXBOE
CàOEJHBCTDIMJFU%JFTFWFSIJOEFSU
EBTTFWFOUVFMMFJOESJOHFOEFT8BTTFS
NJUEFO&MFLUSPMFJUVOHFOJO,POUBLU
LPNNU
4JFEBSGOJDIUCFTDIÊEJHUTFJO%JF
4DIVU[UàMMFNVTTWFSXFOEFUXFSEFO
,MBQQIBMUFSOBDISFDIUTLMBQQFO
*TPMJFSFO4JFEJF,BCFMBCVOETDIMJFFO
EJFTFBOEJF"OTDIMVTTLMFNNFO
HFNÊEFTBVG4BCHFCJMEFUFO
4DIBMUQMBOFTBO%BT(FSÊUJTUBOEFO
4DIVU[MFJUFSBO[VTDIMJFFO
;JFIFO4JFEJF4DIVU[UàMMFTPXFJUàCFS
EJF"OTDIMVTTLBCFMEBTTEJF4DIVU[UàMMF
FJOXBOEGSFJJOEJF"VTTQBSVOHEFS
;XJTDIFOXBOEQBTTU"DIUFO4JFEBCFJ
BVGEJF"VTSJDIUVOHEFS4DIVU[UàMMF
FOUTQSFDIFOEEFS"CCJMEVOH,MBQQFO
4JFEFO,MBQQIBMUFS[VSàDLVOESBTUFO
4JFJIOBVGEFS)FJ[QBUSPOFFJO
4FU[FO4JFEBT(FIÊVTFBVGEBT(FSÊU
VOEESFIFO4JFEJF#FGFTUJHVOHT
TDISBVCFFJO%BOBDILÚOOFO4JFEJF
#MFOEFBVGSBTUFO
)JOXFJT
#FJ#FEBSGLBOOEJF"OTDIMVTTLMFNNF
JOEFOPCFSFO(FSÊUFCFSFJDIWFSMFHU
XFSEFO#JUUFGPMHFO4JFIJFS[VEFO
"OXFJTVOHFOJNOÊDITUFO"CTDIOJUU
SFMFBTFUIFLFZT0QFSBUJOHNPEFNVTU
CFTFMFDUFEGJSTUUIVTUPDIFDLUIFDPSSFDU
PQFSBUJPOPGUIFMPBETIFEEJOHSFMBZBU
MPXBQQMJBODFPVUQVUEFHSFFTFUQPJOU
BOEMPXXBUFSGMPXSBUF.PEFNVTU
CFTFMFDUFEJGUIFMPBETIFEEJOHSFMBZ
GMJDLFST
&MFDUSJDBMDPOOFDUJPO
GSPNCFMPX
4USJQBQQSPYJNBUFMZDNPGGUIF
DPOOFDUJOHDBCMFBCPWFUIFXBMMPVUMFU
8JUIUIFTNBMMFSPQFOJOHBIFBETMJEF
UIFXBUFSTQMBTIQSPUFDUJPOTMFFWF
PWFSUIFDPOOFDUJOHDBCMFTP
UIBUUIFTMFFWFJTGMVTIXJUIUIFXBMM
5IJTQSFWFOUTBOZMFBLJOHXBUFSGSPN
DPNJOHJOUPDPOUBDUXJUIUIFFMFDUSJDBM
MFBET
*UNVTUOPUCFDPNFEBNBHFE5IF
QSPUFDUJPOTMFFWFNVTUCFVTFE
0QFOUIFDPOUSPMQBOFMSJHIUXBSET
*OTVMBUFUIFDBCMFTBOEQMVHUIFNJO
UIFDPOOFDUJOHUFSNJOBMTBDDPSEJOH
UPUIFXJSJOHEJBHSBNPOQBHF
5IFBQQMJBODFNVTUCFFBSUIFE

1VMMUIFQSPUFDUJWFTMFFWFPWFSUIF
DPOOFDUJOHDBCMFTVOUJMUIFTMFFWF
GJUTQFSGFDUMZJOUIFSFDFTTPGUIF
JOUFSNFEJBUFQBOFM"EKVTUUIF
XBUFSTQMBTIQSPUFDUJPOTMFFWFBT
JMMVTUSBUFE3FJOTFSUUIFGSPOUQBSUPGUIF
JOUFSNFEJBUFQBOFM3FJOTFSUUIFDPOUSPM
QBOFMBOEMPDLJUPOUIFUIFIFBUJOH
FMFNFOU
1MBDFUIFIPPEPOUIFBQQMJBODFBOE
TDSFXJOUIFGBTUFOJOHTDSFX"GUFSUIBU
ZPVDBOSFJOTFSUUIFGBDFQMBUF

/PUF
*GOFDFTTBSZUIFDPOOFDUJOHUFSNJOBM
DBOCFEJTQMBDFEUPUIFVQQFSQBSUPGUIF
BQQMJBODF*GZPVXBOUUPEPTPQMFBTF
GPMMPXUIFJOTUSVDUJPOTJOUIFOFYUDIBQUFS
  


%&9
 &MFLUSPBOTDIMVTTOVSEVSDIEFO'BDINBOO&MFDUSJDBMDPOOFDUJPOPOMZCZBTQFDJBMJTU
&MFLUSPBOTDIMVTTWPOPCFO
½GGOFO4JFEJFJNPCFSFO
(FSÊUFCFSFJDIWPSIBOEFOF
4PMMCSVDITUFMMF4BOEFS1SÊHVOH
EVSDILSÊGUJHFO%SVDLNJUFJOFN
TUVNQGFO8FSL[FVH
[#4DISBVCFOESFIFS
4DIOFJEFO4JFEJF%VSDIGàI
SVOHTUàMMFFOUTQSFDIFOE
EFN;VMFJUVOHTRVFSTDIOJUUBVG
%BCFJTPMMEJF½GGOVOHJOEFS
5àMMFFUXBTLMFJOFSBMTEFS2VFS
TDIOJUUEFT,BCFMTTFJOVNFJOFO
PQUJNBMFO4DIVU[HFHFO8BTTFS
[VFS[JFMFO1BTTFO4JFEJF5àMMFJO
EFO%VSDICSVDIFJO%JF4DIVU[
UàMMFNVTTWFSXFOEFUXFSEFO
.BOUFMO4JFEBT&MFLUSPLBCFM
VOHFGÊISDNàCFSEFN8BOE
BVTUSJUUBC/FINFO4JFEBT
WPSCFSFJUFUF(FSÊUTPJOEJF)BOE
EBTT4JFNJUEFSBOEFSFO)BOEEBT
,BCFMJOEJF(VNNJUàMMFGàISFO
LÚOOFO
4FU[FO4JFEBT(FSÊUTPBVG
EFO8BOEIBMUFSEBTTEJF
(FXJOEFTUBOHFEFT8BOEIBMUFST
JOEBTWPSHFTFIFOF-PDIEFT
(FSÊUFTQBTTU
-ÚTFO4JFEJF#FGFTUJHVOHT
TDISBVCFEFS"OTDIMVTTLMFNNF
7FSTFU[FO4JFEJF"OTDIMVTT
LMFNNFBVGEFOPCFSFO'V
#FGFTUJHFO4JFEJF"OTDIMVTT
LMFNNFEPSUXJFEFS
*TPMJFSFO4JFEJF,BCFMBCVOE
TDIMJFFOEJFTFBOEJF"OTDIMVTT
LMFNNFOHFNÊEFTBVG4
BCHFCJMEFUFO4DIBMUQMBOFTBO
%BT(FSÊUJTUBOEFO4DIVU[MFJUFS
BO[VTDIMJFFO
4FU[FO4JFEBT(FIÊVTFBVG
EBT(FSÊUVOEESFIFO4JFEJF
#FGFTUJHVOHTTDISBVCFFJO%BOBDI
LÚOOFO4JFEJF#MFOEFBVGSBTUFO
&MFDUSJDBMDPOOFDUJPOGSPN
BCPWF
0QFOUIFQSFQBSFECSFBLJOH
QPJOU4JOUIFVQQFSQBSUPG
UIFBQQMJBODFCZQSFTTJOHXJUI
BCMVOUJNQMFNFOU
FHTSFXESJWFS
4MJUUIFHSPNNFUUPNBUDI
UIFDBCMFTJ[F5IFPQFOJOHJO
UIFHSPNNFUTIPVMECFTMJHIUMZ
TNBMMFSUIBOUIFDSPTTTFDUJPO
PGUIFDBCMFJOPSEFSUPFOTVSF
PQUJNVNQSPUFDUJPOBHBJOTU
XBUFS'JUUIFHSPNNFUJOUP
UIFPQFOJOH5IFQSPUFDUJPO
HSPNNFUNVTUCFVTFE
4USJQUIFDBCMFSPVHIMZDN
BCPWFUIFQPJOUXIFSFJUFNFSHFT
GSPNUIFXBMM)PMEUIFQSFQBSFE
BQQMJBODFTPUIBUZPVDBOSPVUF
UIFDBCMFJOUPUIFHSPNNFUXJUI
UIFPUIFSIBOE
1MBDFUIFBQQMJBODFPOUIFIFBUFS
CSBDLFUTPUIBUUIFUISFBEFE
SPEPGUIFXBMMCSBDLFUGJUTJOUIF
QSPWJEFEIPMFPGUIFBQQMJBODF
6OTDSFXUIFGBTUFOJOHTDSFXPG
UIFDPOOFDUJOHUFSNJOBM%JTQMBDF
UIFDPOOFDUJOHUFSNJOBMUPUIF
VQQFSGPPU"GGJYUIFDPOOFDUJOH
UFSNJOBMBHBJO
*OTVMBUFUIFDBCMFTBOEQMVH
UIFNJOUIFDPOOFDUJOHUFSNJOBMT
BDDPSEJOHUPUIFXJSJOHEJBHSBN
POQBHF
5IFBQQMJBODFNVTUCFFBSUIFE
1MBDFUIFIPPEPOUIFBQQMJBODF
BOETDSFXJOUIFGBTUFOJOHTDSFX
"GUFSUIBUZPVDBOSFJOTFSUUIF
GBDFQMBUF
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4
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