manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Gaggenau
  6. •
  7. Ventilation Hood
  8. •
  9. Gaggenau AR 401 142 User manual

Gaggenau AR 401 142 User manual

Other manuals for AR 401 142

1

Other Gaggenau Ventilation Hood manuals

Gaggenau VL 200 120 User manual

Gaggenau

Gaggenau VL 200 120 User manual

Gaggenau AW240191 Operating and maintenance instructions

Gaggenau

Gaggenau AW240191 Operating and maintenance instructions

Gaggenau AH 590-120 Product guide

Gaggenau

Gaggenau AH 590-120 Product guide

Gaggenau AI 400720 User manual

Gaggenau

Gaggenau AI 400720 User manual

Gaggenau AI 280720 User manual

Gaggenau

Gaggenau AI 280720 User manual

Gaggenau AF210762 User manual

Gaggenau

Gaggenau AF210762 User manual

Gaggenau AC 402 User manual

Gaggenau

Gaggenau AC 402 User manual

Gaggenau AW 250 User manual

Gaggenau

Gaggenau AW 250 User manual

Gaggenau AH 600-190 Product guide

Gaggenau

Gaggenau AH 600-190 Product guide

Gaggenau AH 590-720 Product guide

Gaggenau

Gaggenau AH 590-720 Product guide

Gaggenau AI540722 Product guide

Gaggenau

Gaggenau AI540722 Product guide

Gaggenau RW 404 User manual

Gaggenau

Gaggenau RW 404 User manual

Gaggenau AW 25 User manual

Gaggenau

Gaggenau AW 25 User manual

Gaggenau VL 414 User manual

Gaggenau

Gaggenau VL 414 User manual

Gaggenau AT 400-730 User manual

Gaggenau

Gaggenau AT 400-730 User manual

Gaggenau AT 400 User manual

Gaggenau

Gaggenau AT 400 User manual

Gaggenau AW 2 Series User manual

Gaggenau

Gaggenau AW 2 Series User manual

Gaggenau AI540122 Product guide

Gaggenau

Gaggenau AI540122 Product guide

Gaggenau VL 051-107 Service manual

Gaggenau

Gaggenau VL 051-107 Service manual

Gaggenau VL 414 712 User manual

Gaggenau

Gaggenau VL 414 712 User manual

Gaggenau AW 260-170 Assembly instructions

Gaggenau

Gaggenau AW 260-170 Assembly instructions

Gaggenau VL040-707 Product guide

Gaggenau

Gaggenau VL040-707 Product guide

Gaggenau AI 442 120 CN User manual

Gaggenau

Gaggenau AI 442 120 CN User manual

Gaggenau AH360120 Product guide

Gaggenau

Gaggenau AH360120 Product guide

Popular Ventilation Hood manuals by other brands

Gorenje S3 IHGC963S4X manual

Gorenje

Gorenje S3 IHGC963S4X manual

KOBE ISX2136SQB-1 Installation instructions and operation manual

KOBE

KOBE ISX2136SQB-1 Installation instructions and operation manual

U.S. Products ADVANTAGE-100H Information & operating instructions

U.S. Products

U.S. Products ADVANTAGE-100H Information & operating instructions

Kuppersberg DUDL 4 LX Technical Passport

Kuppersberg

Kuppersberg DUDL 4 LX Technical Passport

Framtid HW280 manual

Framtid

Framtid HW280 manual

Thermador HGEW 36 FS installation manual

Thermador

Thermador HGEW 36 FS installation manual

Electrolux LFT769X user manual

Electrolux

Electrolux LFT769X user manual

AEG X69453MVO UK user manual

AEG

AEG X69453MVO UK user manual

Broan B5836SS manual

Broan

Broan B5836SS manual

Heinner HDCH-6060RGBK quick start guide

Heinner

Heinner HDCH-6060RGBK quick start guide

Baumatic AS35SS instruction manual

Baumatic

Baumatic AS35SS instruction manual

Franke FTF 604 XS V2 Instructions for use and installation

Franke

Franke FTF 604 XS V2 Instructions for use and installation

Best UCB3I30SBW installation instructions

Best

Best UCB3I30SBW installation instructions

Gram EFU 503-90 X instruction manual

Gram

Gram EFU 503-90 X instruction manual

CIARRA CBCS6803 Installation and user manual

CIARRA

CIARRA CBCS6803 Installation and user manual

sauter SHG501 Instructions for installation and use

sauter

sauter SHG501 Instructions for installation and use

Franke 392-17 User instructions

Franke

Franke 392-17 User instructions

FALMEC Polar Black 35 Instruction booklet

FALMEC

FALMEC Polar Black 35 Instruction booklet

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

Copyright 2025 Manuals.Online. All Rights Reserved.

*9000974088*  

$5
Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
Þ1RWLFHGHPRQWDJH
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
Û,QVWUXFFLRQHVGHPRQWDMH
ì,QVWUXo}HVGHPRQWDJHP
Ù
ó0RQWHULQJVDQYLVQLQJ
×0RQWHULQJVYHMOHGQLQJ
ê0RQWHULQJVYHLOHGQLQJ
Ý$VHQQXVRKMH
Ü3DLJDOGXVMXKHQG
ä0RQWDYLPRLQVWUXNFLMD
å0RQWąçDVLQVWUXNFLMD
îΗμπροςιυηώξνλνμρίες
õ΅μπροςιυϕώζλνμρίες
ùΛνμρίεγίςμЧπБίςκϊЉϊ
Ö0RQWiçQtQiYRG
ï0RQWiçQ\QiYRG
ë,QVWUXNFMDPRQWDŰX
ô0RQWDMN×ODYX]X


PLQ


PLQ

PLQ








;;
;

9 9 9
9

de
Ø.POUBHFBOMFJUVOH
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
%JFTF"OMFJUVOHTPSHG¤MUJHMFTFO/VSEBOOL¶OOFO4JF*IS(FS¤U
TJDIFSVOESJDIUJHCFEJFOFO%JF(FCSBVDITVOE.POUBHFBOMFJ
UVOHG¼SFJOFOTQ¤UFSFO(FCSBVDIPEFSG¼S/BDICFTJU[FSBVGCF
XBISFO
/VSCFJGBDIHFSFDIUFN&JOCBVFOUTQSFDIFOEEFS.POUBHFBOMFJ
UVOHJTUEJF4JDIFSIFJUCFJN(FCSBVDIHFX¤ISMFJTUFU%FS*OTUBMMB
UFVSJTUG¼SEBTFJOXBOEGSFJF'VOLUJPOJFSFOBN"VGTUFMMVOHTPSU
WFSBOUXPSUMJDI
'¼SEJF*OTUBMMBUJPON¼TTFOEJFBLUVFMMH¼MUJHFO#BVWPSTDISJGUFO
VOEEJF7PSTDISJGUFOEFS¶SUMJDIFO4USPNVOE(BTWFSTPSHFS
CFBDIUFUXFSEFO
/HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFO
G¼ISFO
*NNFS G¼S BVTSFJDIFOE ;VMVGU TPSHFO XFOO EBT (FS¤U JN "CMVGUCF
USJFCHMFJDI[FJUJHNJUFJOFSSBVNMVGUBCI¤OHJHFO'FVFSTU¤UUFWFS
XFOEFUXJSE
3BVNMVGUBCI¤OHJHF'FVFSTU¤UUFO[#HBT¶MIPM[PEFSLPIMF
CFUSJFCFOF)FJ[HFS¤UF%VSDIMBVGFSIJU[FS8BSNXBTTFSCFSFJUFS
CF[JFIFO7FSCSFOOVOHTMVGUBVTEFN"VGTUFMMSBVNVOEG¼ISFOEJF
"CHBTFEVSDIFJOF"CHBTBOMBHF[#,BNJOJOT'SFJF
*O7FSCJOEVOHNJUFJOFSFJOHFTDIBMUFUFO%VOTUBC[VHTIBVCFXJSE
EFS,¼DIFVOEEFOCFOBDICBSUFO3¤VNFO3BVNMVGUFOU[PHFO
PIOFBVTSFJDIFOEF;VMVGUFOUTUFIUFJO6OUFSESVDL(JGUJHF(BTF
BVTEFN,BNJOPEFS"C[VHTTDIBDIUXFSEFOJOEJF8PIOS¤VNF
[VS¼DLHFTBVHU
■&TNVTTEBIFSJNNFSG¼SBVTSFJDIFOEF;VMVGUHFTPSHUXFSEFO
■&JO;VMVGU"CMVGUNBVFSLBTUFOBMMFJOTUFMMUEJF&JOIBMUVOHEFT
(SFO[XFSUFTOJDIUTJDIFS
&JO HFGBISMPTFS #FUSJFC JTU OVS EBOO N¶HMJDI XFOO EFS 6OUFSESVDL
JN"VGTUFMMSBVNEFS'FVFSTU¤UUF1BNCBSOJDIU
¼CFSTDISFJUFU%JFTLBOOFSSFJDIUXFSEFOXFOOEVSDIOJDIU
WFSTDIMJFCBSF GGOVOHFO [# JO 5¼SFO 'FOTUFSO JO 7FSCJOEVOH
NJUFJOFN;VMVGU"CMVGUNBVFSLBTUFOPEFSEVSDIBOEFSFUFDIOJ
TDIF.BOBINFOEJF[VS7FSCSFOOVOHCFO¶UJHUF-VGU
OBDITUS¶NFOLBOO
;JFIFO4JFJOKFEFN'BMMEFO3BUEFT[VTU¤OEJHFO4DIPSOTUFJOGF
HFSNFJTUFSTIJO[VEFSEFOHFTBNUFO-¼GUVOHTWFSCVOEEFT)BV
TFTCFVSUFJMFOLBOOVOE*IOFOEJFQBTTFOEF.BOBINF[VS
#FM¼GUVOHWPSTDIM¤HU
8JSEEJF%VOTUBC[VHTIBVCFBVTTDIMJFMJDIJN6NMVGUCFUSJFCFJO
HFTFU[UJTUEFS#FUSJFCPIOF&JOTDIS¤OLVOHN¶HMJDI
9HUOHW]XQJVJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO4DIVU[
IBOETDIVIFUSBHFO
6WURPVFKODJJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO%BT
"OTDIMVTTLBCFMLBOOCFTDI¤EJHUXFSEFO"OTDIMVTTLBCFM
X¤ISFOEEFS*OTUBMMBUJPOOJDIULOJDLFOPEFSFJOLMFNNFO
6WURPVFKODJJHIDKU
&JOESJOHFOEF'FVDIUJHLFJULBOOFJOFO4USPNTDIMBHWFSVSTBDIFO
4JDIFSTUFMMFOEBTTEJF4UFDLWFSCJOEVOHFOEFS&MFLUSPLBCFMTJDI
JOOFSIBMCEFT(FC¤VEFTCFGJOEFO
6WURPVFKODJJHIDKU
&JOESJOHFOEF'FVDIUJHLFJULBOOFJOFO4USPNTDIMBHWFSVSTBDIFO
4JDIFSTUFMMFO EBTT EBT .POUBHFCMFDI NJU HFFJHOFUFN .BUFSJBM [VS
"VFOXBOEBCHFEJDIUFUJTU
(UVWLFNXQJVJHIDKU
7FSQBDLVOHTNBUFSJBMJTUG¼S,JOEFSHFG¤ISMJDI,JOEFSOJFNJU7FS
QBDLVOHTNBUFSJBMTQJFMFOMBTTFO
$OOJHPHLQH+LQZHLVH
$EOXIWOHLWXQJ
+LQZHLV '¼S#FBOTUBOEVOHFOEJFBVGEJF3PISTUSFDLF
[VS¼DL[VG¼ISFOTJOE¼CFSOJNNUEFS)FSTUFMMFSEFT(FS¤UFTLFJOF
(FX¤ISMFJTUVOH
■%BT(FS¤UFSSFJDIUTFJOFPQUJNBMF-FJTUVOHEVSDIFJOLVS[FT
HFSBEMJOJHFT"CMVGUSPISVOEFJOFON¶HMJDITUHSPFO3PISEVSDI
NFTTFS
■%VSDIMBOHFSBVF"CMVGUSPISFWJFMF3PISC¶HFOPEFS3PISEVSDI
NFTTFSEJFLMFJOFSBMTNNTJOEXJSEEJFPQUJNBMF"CTBVH
MFJTUVOHOJDIUFSSFJDIUVOEEBT-¼GUFSHFS¤VTDIXJSEMBVUFS
■%JF3PISFPEFS4DIM¤VDIF[VN7FSMFHFOEFS"CMVGUMFJUVOH
N¼TTFOBVTOJDIUCSFOOCBSFN.BUFSJBMTFJO
5XQGURKUH
&TXJSEFJO*OOFOEVSDINFTTFSWPONNFNQGPIMFOKFEPDI
NJOEFTUFOTNN
)ODFKNDQlOH
%FS*OOFORVFSTDIOJUUNVTTEFN%VSDINFTTFSEFS3VOESPISFFOU
TQSFDIFO
  PPFD  FP
  PPFD  FP
■'MBDILBO¤MFTPMMUFOLFJOFTDIBSGFO6NMFOLVOHFOIBCFO
■#FJBCXFJDIFOEFO3PISEVSDINFTTFSO%JDIUTUSFJGFOFJOTFU[FO
(OHNWULVFKHU$QVFKOXVV
: 6WURPVFKODJJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO%BT
"OTDIMVTTLBCFMLBOOCFTDI¤EJHUXFSEFO"OTDIMVTTLBCFM
X¤ISFOEEFS*OTUBMMBUJPOOJDIULOJDLFOPEFSFJOLMFNNFO
%JFFSGPSEFSMJDIFO"OTDIMVTTEBUFOTUFIFOBVGEFN5ZQFOTDIJME
BN(FS¤U
%JFTFT(FS¤UFOUTQSJDIUEFO&('VOLFOUTU¶SCFTUJNNVOHFO
%JFTFT(FS¤UEBSGOVSBOFJOFWPSTDISJGUTN¤JHJOTUBMMJFSUF4DIVU[
LPOUBLUTUFDLEPTFBOHFTDIMPTTFOXFSEFO
%JF4DIVU[LPOUBLUTUFDLEPTFJOVONJUUFMCBSFS/¤IF[VN(FS¤U
BOCSJOHFO
■%JF4DIVU[LPOUBLUTUFDLEPTFTPMMUF¼CFSFJOFOFJHFOFO4USPN
LSFJTBOHFTDIMPTTFOTFJO
■*TUEJF4DIVU[LPOUBLUTUFDLEPTFOBDIEFS*OTUBMMBUJPOEFT
(FS¤UFTOJDIUNFIS[VH¤OHMJDINVTTJOEFS*OTUBMMBUJPOFJOBMM
QPMJHFS 5SFOOTDIBMUFS [# -FJUVOHTTDIVU[TDIBMUFS 4JDIFSVOHFO
VOE4DI¼U[FNJUNJOE  NN,POUBLU¶GGOVOHWPSIBOEFOTFJO
0RQWDJHYRUEHUHLWHQ
$FKWXQJ
4UFMMFO4JFTJDIFSEBTTTJDIJN#FSFJDIEFS#PISVOHFOLFJOF
4USPNMFJUVOHFO(BTPEFS8BTTFSSPISFCFGJOEFO
:DQGEHUSUIHQ
■%JF8BOENVTTFCFOTFOLSFDIUVOEBVTSFJDIFOEUSBHG¤IJH
TFJO
■%JF5JFGFEFS#PISM¶DIFSNVTTEFS-¤OHFEFS4DISBVCFOFOU
TQSFDIFO%JF%¼CFMN¼TTFOFJOFOGFTUFO)BMUIBCFO
■'¼S,POTUSVLUJPOFOXJF[#3JHJQT1PSFOCFUPO1PSPUPO.BV
FS[JFHFMN¼TTFOFOUTQSFDIFOEF#FGFTUJHVOHTNJUUFMWFSXFOEFU
XFSEFO
■%BTNBY(FXJDIUEFT(FS¤UTCFUS¤HU NJ
■/VS'BDIQFSTPOBMEBSGEFOFSGPSEFSMJDIFO8BOEEVSDICSVDIIFS
TUFMMFO%JF(FC¤VEFTUBUJLNVTTHBSBOUJFSUCMFJCFO
■#FTDI¤EJHVOHTHFGBISEVSDI,POEFOTBU3¼DLMBVG
.BVFSEVSDIG¼ISVOHOBDIBVFOMFJDIUBCGBMMFOEJOTUBMMJFSFOp
(FG¤MMF
$EOXIWDQVFKOXVV
■"OTDIMVTTTUVU[FO  NNCFJMJFHFOE
■$'   3PIS¼CFSHBOHTTU¼DLWPO  NNBVG 
 NN"OQBTTFOBO PEFS NNEVSDI"CT¤HFOEFS
OJDIUCFO¶UJHUFO%VSDINFTTFS
4POEFS[VCFI¶SCJUUFTFQBSBUCFTUFMMFO
■$'   5FMFTLPQ8BOEEVSDIG¼ISVOH  NNNJUJOUFH
SJFSUFS3¼DLTUBVLMBQQF
4POEFS[VCFI¶SCJUUFTFQBSBUCFTUFMMFO
■$'   -VGUTBNNMFSG¼S'MBDILBO¤MF
4POEFS[VCFI¶SCJUUFTFQBSBUCFTUFMMFO
■$'   -VGUTBNNMFSG¼S3VOESPISF  NN
4POEFS[VCFI¶SCJUUFTFQBSBUCFTUFMMFO
■$'   -VGUTBNNMFSG¼S3VOESPISF  NN
4POEFS[VCFI¶SCJUUFTFQBSBUCFTUFMMFO

*HUlWDQGHU$XHQZDQGPRQWLHUHQ
$FKWXQJ
4UFMMFO4JFTJDIFSEBTTTJDIJN#FSFJDIEFS#PISVOHFOLFJOF
4USPNMFJUVOHFO(BTPEFS8BTTFSSPISFCFGJOEFO
 .BVFSEVSDICSVDINJUFJOFN%VSDINFTTFSWPONJOEFTUFOT
 NNIFSTUFMMFO
 5FMFTLPQ8BOEEVSDIG¼ISVOH $'   4POEFS[VCFI¶S CJUUF
TFQBSBUCFTUFMMFOJN.BVFSEVSDICSVDIFJOTFU[FOVOENJU#BV
TDIBVNPEFS.POUBHFLMFCFSGJYJFSFOVOEBCEJDIUFO
+LQZHLV 8BOEEVSDIG¼ISVOH p OBDI BVFO BCGBMMFOE FJOCBVFO
XFHFO,POEFOTBU"CMBVG
 #FGFTUJHVOHTM¶DIFS  NN VOE EJF ,BCFMEVSDIG¼ISVOH NJU FJOFN
%VSDINFTTFS WPO NJOEFTUFOT  NN JO EJF "VFOXBOE CPISFO
%LOG 
 %¼CFMXBOEC¼OEJHFJOES¼DLFO
 .POUBHFCMFDIHFFJHOFUHFHFOEJF"VFOXBOEBCEJDIUFOVOE
GFTUTDISBVCFO %LOG 
 /FU[LBCFMVOE4UFVFSLBCFMEVSDIEJF8BOEG¼ISFO %LOG 
 (FCM¤TFCBVTUFJOBOEBT.POUBHFCMFDITDISBVCFO
 "CMVGUSPIS JOOFO BO 8BOEEVSDIG¼ISVOH CFGFTUJHFO 8JSE FJO "MV
NJOJVNSPISWFSXFOEFUEFO"OTDIMVTTCFSFJDIWPSIFSHM¤UUFO
+LQZHLV *O,PNCJOBUJPONJU(BTHFS¤UFO"MVNJOJVNSPISFVOE
LFJOF ,VOTUTUPGGLBO¤MF WFSXFOEFO "VGHSVOE EFS I¶IFSFO "CMVGU
UFNQFSBUVSL¶OOFOTJDI,VOTUTUPGGLBO¤MFWFSGPSNFO
 4UFVFSFJOIFJUJOOFOBOEFS8BOEGFTUTDISBVCFO
*HUlWDQVFKOLHHQ
 4UFDLFSBO/FU[LBCFMNPOUJFSFO#MBVFO%SBIUJN"OTDIMVTT/
CSBVOFO%SBIUJN"OTDIMVTT-VOEHS¼OHFMCFO%SBIUJNNJUUMF
SFO"OTDIMVTTCFGFTUJHFO4UFDLFSUFJMFNPOUJFSFO;XFJ4DISBV
CFOG¼SEJF;VHFOUMBTUVOHGFTUTDISBVCFO %LOG 
 /FU[LBCFM VOE 4UFVFSLBCFM WPN (FCM¤TFCBVTUFJO BO EFS 4UFVFS
FJOIFJUGFTUFJOTUFDLFO %LOG 
 /FU[XFSLLBCFMWPOEFS4UFVFSFJOIFJU[VS%VOTUBC[VHTIBVCF
GFTUFJOTUFDLFO%JF4UFDLFSN¼TTFOFJOSBTUFO
+LQZHLV %JF"OTDIMVTTCVDITFO9VOE9TJOEJEFOUJTDI
 4UFVFSFJOIFJUBOEBT/FU[BOTDIMJFFOVOE'VOLUJPOQS¼GFO
'BMMTEBT(FS¤UOJDIUGVOLUJPOJFSU%FOLPSSFLUFO4JU[EFS7FSCJO
EVOHTLBCFMQS¼GFO
=XVlW]OLFKHU6FKDOWDXVJDQJ
"SCFJUFOBN[VT¤U[MJDIFO4DIBMUBVTHBOHE¼SGFOOVSWPOFJOFS
RVBMJGJ[JFSUFO&MFLUSP'BDILSBGUVOUFS#FS¼DLTJDIUJHVOHEFSMBOEFT
TQF[JGJTDIFO#FTUJNNVOHFOVOE/PSNFOBVTHFG¼ISUXFSEFO
%BT(FS¤UCFTJU[UFJOFO[VT¤U[MJDIFO4DIBMUBVTHBOH9QPUFOUJ
BMGSFJFS,POUBLU[VN"OTDIMVTTXFJUFSFS(FS¤UFXJF[VN#FJTQJFM
FJOFSCBVTFJUTWPSIBOEFOFO-¼GUVOHTBOMBHF%FS,POUBLUXJSE
HFTDIMPTTFOXFOOEBT(FCM¤TFFJOHFTDIBMUFUJTUVOEHF¶GGOFU
XFOOEBT(FCM¤TFBVTHFTDIBMUFUJTU
%FS4DIBMUBVTHBOHCFGJOEFUTJDIVOUFSFJOFS"CEFDLVOH4DIBMU
MFJTUVOHNBYJNBM 7 ""$%$%BT4JHOBMXFMDIFTBOEFO
,POUBLUBOHFTDIMPTTFOXJSENVTTEFS4DIVU[LMBTTF FOUTQSF
DIFO
9HUQHW]WHU%HWULHE%LOG 
.FISFSF (FS¤UF L¶OOFO WFSOFU[U XFSEFO -JDIU VOE (FCM¤TF BMMFS
(FS¤UFXFSEFOTZODISPOCFUSJFCFO
(FS¤UF¼CFSEJF"OTDIMVTTCVDITFO9VOE9HMFJDIXFSUJHTFSJ
FMM WFSCJOEFO %JF 3FJIFOGPMHF EFS 7FSOFU[VOH IBU LFJOFO &JOGMVTT
'BMMTEJFCFJMJFHFOEFO/FU[XFSLLBCFM[VLVS[TJOEFJO
IBOEFMT¼CMJDIFT/FU[XFSLLBCFMNJOE $BUBCHFTDIJSNUWFS
XFOEFO
.BYJNBMF5FJMOFINFS(FS¤UF(FTBNUM¤OHFBMMFS/FU[XFSLLB
CFM N%JF'VOLUJPOEFS"OMBHFNVTTWPOFJOFSRVBMJGJ[JFSUFO
'BDILSBGUCFJEFS&STUJOTUBMMBUJPOHFQS¼GUXFSEFO
"VTGBMMFJOFT5FJMOFINFST4QBOOVOHTVOUFSCSFDIVOH5SFOOVOH
EFT/FU[XFSLLBCFMTG¼ISU[VN#MPDLJFSFOEFS(FCM¤TFGVOLUJPO
EFTHFTBNUFO4ZTUFNT"MMF5BTUFOBN(FS¤UCMJOLFO
#FJFJOFS7FS¤OEFSVOHEFS,POGJHVSBUJPONVTTEJF"OMBHFOFVJOJ
UJBMJTJFSUXFSEFO
 "CEFDLCMFDIBCTDISBVCFO
 3FTFU5BTUFTPMBOHFES¼DLFOCJTCFJEF-&%QFSNBOFOUMFVDI
UFODB  4FLVOEFO%BOO5BTUFJOOFSIBMC 4FLVOEFOMPTMBT
TFO
 "CEFDLCMFDIBOTDISBVCFO
 'VOLUJPO EFS "OMBHF OBDI EFN *OJUJBMJTJFSFO WPO FJOFS RVBMJGJ[JFS
UFO'BDILSBGUQS¼GFOMBTTFO
*HUlWGHPRQWLHUHQ
 (FS¤UTUSPNMPTNBDIFO
 "CMVGUMFJUVOHFOM¶TFO
 ,BCFMWFSCJOEVOHFOM¶TFO
 7FSTDISBVCVOHFOG¼SEJF#FGFTUJHVOHEFT(FS¤UTM¶TFO
 (FS¤UBCOFINFO
en
Ú*OTUBMMBUJPOJOTUSVDUJPOT
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
3FBEUIFTFJOTUSVDUJPOTDBSFGVMMZ0OMZUIFOXJMMZPVCFBCMFUP
PQFSBUFZPVSBQQMJBODFTBGFMZBOEDPSSFDUMZ3FUBJOUIFJOTUSVDUJPO
NBOVBMBOEJOTUBMMBUJPOJOTUSVDUJPOTGPSGVUVSFVTFPSGPS
TVCTFRVFOUPXOFST
5IFBQQMJBODFDBOPOMZCFVTFETBGFMZJGJUJTDPSSFDUMZJOTUBMMFE
BDDPSEJOH UP UIF TBGFUZ JOTUSVDUJPOT 5IF JOTUBMMFS JT SFTQPOTJCMF GPS
FOTVSJOHUIBUUIFBQQMJBODFXPSLTQFSGFDUMZBUJUTJOTUBMMBUJPO
MPDBUJPO
'PS UIF JOTUBMMBUJPO PCTFSWF UIF DVSSFOUMZ WBMJE CVJMEJOH SFHVMBUJPOT
BOEUIFSFHVMBUJPOTPGUIFMPDBMFMFDUSJDJUZBOEHBTTVQQMJFST
'DQJHURIGHDWK
3JTLPGQPJTPOJOHGSPNGMVFHBTFTUIBUBSFESBXOCBDLJO
"MXBZTFOTVSFBEFRVBUFGSFTIBJSJOUIFSPPNJGUIFBQQMJBODFJT
CFJOHPQFSBUFEJOFYIBVTUBJSNPEFBUUIFTBNFUJNFBTSPPNBJS
EFQFOEFOUIFBUQSPEVDJOHBQQMJBODFJTCFJOHPQFSBUFE
3PPNBJSEFQFOEFOUIFBUQSPEVDJOHBQQMJBODFTFHHBTPJM
XPPEPSDPBMPQFSBUFEIFBUFSTDPOUJOVPVTGMPXIFBUFSTPSXBUFS
IFBUFSTPCUBJODPNCVTUJPOBJSGSPNUIFSPPNJOXIJDIUIFZBSF
JOTUBMMFEBOEEJTDIBSHFUIFFYIBVTUHBTFTJOUPUIFPQFOBJS
UISPVHIBOFYIBVTUHBTTZTUFNFHBDIJNOFZ
*O DPNCJOBUJPO XJUI BO BDUJWBUFE WBQPVS FYUSBDUPS IPPE SPPN BJS JT
FYUSBDUFEGSPNUIFLJUDIFOBOEOFJHICPVSJOHSPPNTBQBSUJBM
WBDVVNJTQSPEVDFEJGOPUFOPVHIGSFTIBJSJTTVQQMJFE5PYJD
HBTFTGSPNUIFDIJNOFZPSUIFFYUSBDUJPOTIBGUBSFTVDLFECBDL
JOUPUIFMJWJOHTQBDF
■"EFRVBUFJODPNJOHBJSNVTUUIFSFGPSFBMXBZTCFFOTVSFE
■"OJODPNJOHFYIBVTUBJSXBMMCPYBMPOFXJMMOPUFOTVSF
DPNQMJBODFXJUIUIFMJNJU
4BGFPQFSBUJPOJTQPTTJCMFPOMZXIFOUIFQBSUJBMWBDVVNJOUIF
QMBDFXIFSFUIFIFBUQSPEVDJOHBQQMJBODFJTJOTUBMMFEEPFTOPU
FYDFFE1BNCBS5IJTDBOCFBDIJFWFEXIFOUIFBJS
OFFEFEGPSDPNCVTUJPOJTBCMFUPFOUFSUISPVHIPQFOJOHTUIBU
DBOOPUCFTFBMFEGPSFYBNQMFJOEPPSTXJOEPXTJODPNJOH
FYIBVTUBJSXBMMCPYFTPSCZPUIFSUFDIOJDBMNFBOT
*OBOZDBTFDPOTVMUZPVSSFTQPOTJCMF.BTUFS$IJNOFZ4XFFQ
)FJTBCMFUPBTTFTTUIFIPVTFTFOUJSFWFOUJMBUJPOTFUVQBOEXJMM
TVHHFTUUIFTVJUBCMFWFOUJMBUJPONFBTVSFTUPZPV
6OSFTUSJDUFEPQFSBUJPOJTQPTTJCMFJGUIFWBQPVSFYUSBDUPSIPPEJT
PQFSBUFEFYDMVTJWFMZJOUIFDJSDVMBUJOHBJSNPEF
5LVNRILQMXU\
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT8FBS
QSPUFDUJWFHMPWFT
5LVNRIHOHFWULFVKRFN
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT5IFTF
NBZEBNBHFUIFDPOOFDUJOHDBCMF%POPULJOLPSQJODIUIF
DPOOFDUJOHDBCMFEVSJOHJOTUBMMBUJPO
5LVNRIHOHFWULFVKRFN
1FOFUSBUJOHNPJTUVSFNBZDBVTFFMFDUSJDTIPDL&OTVSFUIBUUIF
QMVHDPOOFDUJPOTGPSUIFFMFDUSJDDBCMFBSFMPDBUFEXJUIJOUIF
CVJMEJOH

5LVNRIHOHFWULFVKRFN
1FOFUSBUJOHNPJTUVSFNBZDBVTFFMFDUSJDTIPDL&OTVSFUIBUUIF
NPVOUJOHQMBUFJTTFBMFEPOUPUIFPVUTJEFXBMMVTJOHTVJUBCMF
NBUFSJBM
'DQJHURIVXIIRFDWLRQ
1BDLBHJOHNBUFSJBMJTEBOHFSPVTUPDIJMESFO/FWFSBMMPXDIJMESFO
UPQMBZXJUIQBDLBHJOHNBUFSJBM
*HQHUDOLQIRUPDWLRQ
([KDXVWGXFW
1RWH 5IF EFWJDF NBOVGBDUVSFS EPFT OPU BTTVNF BOZ XBSSBOUZ GPS
DPNQMBJOUTBUUSJCVUBCMFUPUIFQJQFTFDUJPO
■5IFEFWJDFBDIJFWFTJUTPQUJNVNQFSGPSNBODFCZNFBOTPGB
TIPSUTUSBJHIUFYIBVTUBJSQJQFBOEBTMBSHFBQJQFEJBNFUFSBT
QPTTJCMF
■"TBSFTVMUPGMPOHSPVHIFYIBVTUBJSQJQFTNBOZQJQFCFOETPS
QJQFEJBNFUFSTUIBUBSFTNBMMFSUIBONNUIFPQUJNVN
FYUSBDUJPOQFSGPSNBODFJTOPUBDIJFWFEBOEGBOOPJTFJT
JODSFBTFE
■5IF QJQFT PS IPTFT GPS MBZJOH UIF FYIBVTU BJS MJOF NVTU DPOTJTU PG
OPODPNCVTUJCMFNBUFSJBM
5RXQGSLSHV
"OJOOFSEJBNFUFSPGNNCVUBUMFBTUNNJT
SFDPNNFOEFE
)ODWGXFWV
5IFJOOFSDSPTTTFDUJPONVTUDPSSFTQPOEUPUIFEJBNFUFSPGUIF
SPVOEQJQFT
GLDPPFDFP
GLDPPFDFP
■'MBUEVDUTTIPVMEOPUIBWFBOZTIBSQEFGMFDUJPOT
■6TFTFBMJOHTUSJQTGPSEFWJBUJOHQJQFEJBNFUFST
(OHFWULFDOFRQQHFWLRQ
: 5LVNRIHOHFWULFVKRFN
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT5IFTF
NBZEBNBHFUIFDPOOFDUJOHDBCMF%POPULJOLPSQJODIUIF
DPOOFDUJOHDBCMFEVSJOHJOTUBMMBUJPO
5IFSFRVJSFEDPOOFDUJPOJOGPSNBUJPOJTPOUIFBQQMJBODFT
JEFOUJGJDBUJPOQMBUF
5IJTBQQMJBODFDPNQMJFTXJUIUIF&$JOUFSGFSFODFTVQQSFTTJPO
SFHVMBUJPOT
5IJTBQQMJBODFNBZCFDPOOFDUFEUPBDPSSFDUMZJOTUBMMFEFBSUIFE
TPDLFUPOMZ
'JUUIFFBSUIFETPDLFUJODMPTFQSPYJNJUZUPUIFBQQMJBODF
■5IFFBSUIFETPDLFUTIPVMECFDPOOFDUFEWJBJUTPXODJSDVJU
■*GUIFFBSUIFETPDLFUJTOPMPOHFSBDDFTTJCMFBGUFSJOTUBMMJOHUIF
BQQMJBODF BO BMMQPMF JTPMBUJOH TXJUDI FH DJSDVJU CSFBLFS GVTFT
BOEDPOUBDUPSTXJUIBUMFBTUBNNDPOUBDUHBQNVTUCF
JODMVEFEJOUIFJOTUBMMBUJPO
,QVWDOODWLRQSUHSDUDWLRQ
&DXWLRQ
&OTVSFUIBUUIFSFBSFOPFMFDUSJDXJSFTHBTPSXBUFSQJQFTJOUIF
BSFBXIFSFIPMFTBSFUPCFNBEF
&KHFNLQJWKHZDOO
■5IFXBMMNVTUCFMFWFMWFSUJDBMBOEBEFRVBUFMZMPBECFBSJOH
■5IFEFQUIPGUIFCPSFIPMFTNVTUCFUIFTBNFMFOHUIBTUIF
TDSFXT5IFXBMMQMVHTNVTUIBWFBTFDVSFHSJQ
■4VJUBCMFGBTUFOFSTNVTUCFVTFEGPSPUIFSTUSVDUVSFTTVDIBT
QMBTUFSCPBSEQPSPVTDPODSFUFBOEQPSPUPOCSJDLT
■5IFNBYXFJHIUPGUIFBQQMJBODFJT NJ
■0OMZTQFDJBMJTUQFSTPOOFMNVTUDSFBUFUIFSFRVJSFEXBMM
CSFBLUISPVHI5IFCVJMEJOHTVQQPSUTUSVDUVSFNVTUSFNBJOJO
QMBDF
■3JTLPGEBNBHFEDBVTFECZSFUVSOJOHDPOEFOTBUF*OTUBMMUIF
XBMMCSFBLUISPVHIXJUIBTMJHIUPVUXBSEHSBEJFOUpEPXOXBSE
TMPQF
([KDXVWFRQQHFWLRQ
■$POOFDUJPOQJFDF NN EJBNFUFSFODMPTFE
■$' 1JQFBEBQUFSGPSDPOOFDUJOHQJQFTGSPN
EJBNNUPEJBNN5PBEBQUUPBEJBNFUFSPG
PSNNTBXPGGUIFEJBNFUFSUIBUJTOPUSFRVJSFE
0QUJPOBMBDDFTTPSZQMFBTFPSEFSTFQBSBUFMZ
■$'   5FMFTDPQJDXBMMPVUMFUEJB  NN
XJUIJOUFHSBUFECBDLGMPXGMBQ
0QUJPOBMBDDFTTPSZQMFBTFPSEFSTFQBSBUFMZ
■$' "JSDPMMFDUPSGPSUXPGMBUEVDUT
0QUJPOBMBDDFTTPSZQMFBTFPSEFSTFQBSBUFMZ
■$' "JSDPMMFDUPSGPSUXPSPVOEQJQFTEJBNN
0QUJPOBMBDDFTTPSZQMFBTFPSEFSTFQBSBUFMZ
■$'   "JS DPMMFDUPS GPS UXP SPVOE QJQFT  NN EJBNFUFS
0QUJPOBMBDDFTTPSZQMFBTFPSEFSTFQBSBUFMZ
)LWWLQJWKHDSSOLDQFHRQWKHRXWVLGHZDOO
&DXWLRQ
&OTVSFUIBUUIFSFBSFOPFMFDUSJDXJSFTHBTPSXBUFSQJQFTJOUIF
BSFBXIFSFIPMFTBSFUPCFNBEF
 $SFBUF UIF XBMM CSFBLUISPVHI XJUI B EJBNFUFS PG BU MFBTU  NN
 *OTFSU UIF UFMFTDPQJD XBMM PVUMFU $'   PQUJPOBM BDDFTTPSZ
QMFBTFPSEFSTFQBSBUFMZJOUPUIFXBMMCSFBLUISPVHIBOETFDVSF
BOETFBMVTJOHDPOTUSVDUJPOGPBNPSDPOTUSVDUJPOBEIFTJWF
1RWH *OTUBMMUIFXBMMPVUMFUXJUIBOPVUXBSEHSBEJFOUPGpUP
BMMPXGPSDPOEFOTBUFESBJOBHF
 %SJMM  NN NPVOUJOH IPMFT BOE UIF DBCMF QBTTBHF XJUI B EJBNFUFS
PGBUMFBTU NNJOUPUIFPVUTJEFXBMM )LJ 
 1SFTTJOUIFXBMMQMVHTGMVTIXJUIUIFXBMM
 4FBMUIFNPVOUJOHQMBUFBQQSPQSJBUFMZBHBJOTUUIFPVUTJEFXBMM
BOEUJHIUFOJU )LJ 
 (VJEFUIFNBJOTDBCMFBOEUIFDPOUSPMDBCMFUISPVHIUIFXBMM
)LJ 
 4DSFXUIFGBONPEVMFPOUPUIFNPVOUJOHQMBUF
 4FDVSFUIFFYIBVTUBJSQJQFJOUPUIFXBMMPVUMFU*GBOBMVNJOJVN
QJQFJTVTFETNPPUIUIFDPOOFDUJPOBSFBCFGPSFIBOE
1RWH 8IFO DPNCJOFE XJUI HBTGJSFE BQQMJBODFT VTF BMVNJOJVN
QJQFT %P OPU VTF BOZ QMBTUJD QJQFT %VF UP UIF IJHIFS FYUSBDUFE
BJSUFNQFSBUVSFQMBTUJDQJQFTNBZCFDPNFEFGPSNFE
 4DSFXUIFJOOFSDPOUSPMVOJUUPUIFXBMM
&RQQHFWLQJWKHDSSOLDQFHWRWKHSRZHUVXSSO\
 'JUUIFQMVHPOUPUIFNBJOTDBCMF4FDVSFUIFCMVFXJSFJO
DPOOFDUJPO/UIFCSPXOXJSFJODPOOFDUJPO-BOEUIFHSFFO
ZFMMPXXJSFJOUIFDFOUSBMDPOOFDUJPO'JUUIFDPOOFDUPSQBSUT
5JHIUFOUXPTDSFXTGPSUIFTUSBJOSFMJFG )LJ 
 'JSNMZJOTFSUUIFNBJOTDBCMFBOEDPOUSPMDBCMFGSPNUIFGBO
NPEVMFJOUPUIFDPOUSPMVOJU )LJ 
 'JSNMZJOTFSUUIFOFUXPSLDBCMFGSPNUIFDPOUSPMVOJUUPUIF
FYUSBDUPSIPPE5IFQMVHNVTUTOBQJOUPQMBDF
1RWH 5IFDPOOFDUJPOTPDLFUT9BOE9BSFJEFOUJDBM
 $POOFDUUIFDPOUSPMVOJUUPUIFNBJOTBOEDIFDLUIBUJUXPSLT
DPSSFDUMZ*GUIFBQQMJBODFEPFTOPUXPSL$IFDLUIBUUIF
DPOOFDUJPODBCMFJTQPTJUJPOFEDPSSFDUMZ
$GGLWLRQDOVZLWFKLQJRXWSXW
8PSLNVTUPOMZCFDBSSJFEPVUPOUIFBEEJUJPOBMTXJUDIJOHPVUQVU
CZBRVBMJGJFEFMFDUSJDJBOJOBDDPSEBODFXJUIUIFDPVOUSZTQFDJGJD
SFRVJSFNFOUTBOETUBOEBSET
5IFBQQMJBODFIBTBOBEEJUJPOBMTXJUDIJOHPVUQVU9QPUFOUJBM
GSFFDPOUBDUUIBUDBOCFVTFEUPDPOOFDUPUIFSBQQMJBODFTTVDI
BT B WFOUJMBUJPO TZTUFN UIBU JT BWBJMBCMF BU UIF JOTUBMMBUJPO TJUF 5IF
DPOUBDU JT DMPTFE XIFO UIF GBO JT TXJUDIFE PO BOE JT PQFOFE XIFO
UIFGBOJTTXJUDIFEPGG
5IF TXJUDIJOH PVUQVU JT MPDBUFE VOEFS B DPWFS .BYJNVN TXJUDIJOH
QPXFS 7 ""$%$5IFTJHOBMUIBUJTDPOOFDUFEUPUIF
DPOUBDUNVTUDPSSFTQPOEUPQSPUFDUJPODMBTT 
1HWZRUNHGRSHUDWLRQ)LJ
4FWFSBMBQQMJBODFTDBOCFOFUXPSLFEUPHFUIFS5IFMJHIUBOEGBO
POFBDIPGUIFBQQMJBODFTBSFPQFSBUFETZODISPOPVTMZ
$POOFDU UIF BQQMJBODFT JO TFSJFT WJB UIF DPOOFDUPS TPDLFUT 9 BOE
9FRVBMWBMVF5IFTFRVFODFPGUIFOFUXPSLJOHEPFTOPUIBWF
BOZFGGFDU*GUIFFODMPTFEOFUXPSLDBCMFTBSFUPPTIPSUVTFB
DPNNFSDJBMMZBWBJMBCMFOFUXPSLDBCMFNJO$BUTIJFMEFE
.BYJNVNOVNCFSPGOFUXPSLFEBQQMJBODFT5PUBMMFOHUIPGBMM
PGUIFOFUXPSLDBCMFT N%VSJOHUIFJOJUJBMJOTUBMMBUJPOB
RVBMJGJFE FMFDUSJDJBO NVTU DIFDL UIBU UIF TZTUFN GVODUJPOT DPSSFDUMZ
*GPOFPGUIFOFUXPSLFEBQQMJBODFTGBJMTQPXFSJOUFSSVQUJPO
OFUXPSLDBCMFEJTDPOOFDUFEUIJTMFBETUPUIFGBOGVODUJPOCFJOH
CMPDLFEGPSUIFFOUJSFTZTUFN"MMPGUIFCVUUPOTPOUIFBQQMJBODF
GMBTI
8IFODIBOHJOHUIFDPOGJHVSBUJPOUIFTZTUFNNVTUCFSF
JOJUJBMJTFE
 6OTDSFXUIFDPWFSQMBUF
 1SFTTBOEIPMEUIFSFTFUCVUUPOVOUJMCPUI-&%TMJHIUVQ
DPOUJOVPVTMZ BQQSPY  TFDPOET 5IFO SFMFBTF UIF CVUUPO XJUIJO
 TFDPOET

 4DSFXJOUIFDPWFSQMBUF
 "GUFSJOJUJBMJTBUJPOIBWFBRVBMJGJFEFMFDUSJDJBODIFDLUIBUUIF
TZTUFNGVODUJPOTDPSSFDUMZ
5HPRYLQJWKHDSSOLDQFH
 %JTDPOOFDUUIFBQQMJBODFGSPNUIFQPXFSTVQQMZ
 %JTDPOOFDUUIFFYIBVTUBJSMJOFT
 6OEPUIFDBCMFDPOOFDUJPOT
 6OEPUIFTDSFXDPOOFDUJPOTGPSTFDVSJOHUIFBQQMJBODF
 3FNPWFUIFBQQMJBODF
fr
Þ/PUJDFEFNPOUBHF
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
-JSFBUUFOUJWFNFOUDFNBOVFM$FOFTURVBMPSTRVFWPVTQPVSSF[
VUJMJTFS WPUSF BQQBSFJM DPSSFDUFNFOU FU FO UPVUF T©DVSJU© $POTFSWFS
MBOPUJDFEVUJMJTBUJPOFUEFNPOUBHFQPVSVOVTBHFVMU©SJFVSPV
QPVSMFQSPQSJ©UBJSFTVJWBOU
-BT©DVSJU©EFM࣐BQQBSFJMM࣐VTBHFFTUHBSBOUJFT࣐JMB©U©FODBTUS©
DPOGPSN©NFOUMBOPUJDFEFNPOUBHF-FNPOUFVSFTU
SFTQPOTBCMF EV GPODUJPOOFNFOU DPSSFDU TVS MF MJFV P¹ MBQQBSFJM FTU
JOTUBMM©
-࣐JOTUBMMBUJPOEPJUBWPJSMJFVFOSFTQFDUBOUMFTQSFTDSJQUJPOT
BDUVFMMFNFOUFOWJHVFVSEBOTMFC¢UJNFOUBJOTJRVFMFT
QSFTDSJQUJPOTQVCMJ©FTQBSMFTDPNQBHOJFTEJTUSJCVUSJDFT
E࣐©MFDUSJDJU©FUEFHB[
'DQJHUGHPRUW 
*MZBSJTRVFEJOUPYJDBUJPOQBSS©BTQJSBUJPOEFTHB[EFDPNCVTUJPO
&ODBTEVUJMJTBUJPOTJNVMUBO©FEFMBQQBSFJMFONPEF©WBDVBUJPO
EFMBJSFUEVOGPZFSDPNCVTUJPOBMJNFOU©FOBJSBNCJBOUWFJMMF[
JNQ©SBUJWFNFOUDFRVFMBQQPSUEBJSTPJUTVGGJTBOU
-FTGPZFSTDPNCVTUJPOBMJNFOU©TFOBJSBNCJBOUQBSFYFNQMF
BQQBSFJMTEFDIBVGGBHFBVHB[BVCPJTBVGJPVMPVBVDIBSCPO
MFTDIBVGGFFBVDIBVGGFFBVBDDVNVMBUFVSTQS©M¨WFOUMBJSEF
DPNCVTUJPOEBOTMBQJ¨DFP¹JMTTPOUJOTUBMM©TFUSFKFUUFOUMFTHB[
EFGVN©FMFYU©SJFVSQBSMFCJBJTEVOTZTU¨NFTQ©DJGJRVF
DIFNJO©FQBSFYFNQMF
-PSTRVF MB IPUUF BTQJSBOUF FTU FO NBSDIF FMMF QS©M¨WF EF MBJS EBOT
MB DVJTJOF FU EBOT MFT QJ¨DFT WPJTJOFT  TJ MBQQPSU EBJS GSBJT FTU USPQ
GBJCMF VOF E©QSFTTJPO TF GPSNF %FT HB[ UPYJRVFT QSPWFOBOU EF MB
DIFNJO©FPVEVDPOEVJUE©WBDVBUJPOTPOUS©BTQJS©TEBOTMFT
QJ¨DFTEIBCJUBUJPO
■*M GBVU EPOD UPVKPVST TBTTVSFS RVF MBQQPSU EBJS GSBJT FTU TVGGJTBOU
■-BQS©TFODFEVOFWFOUPVTFU©MFTDPQJRVFEBQQPSUFU
E©WBDVBUJPOEBJSOFTVGGJUQBTBTTVSFSMFSFTQFDUEFMBWBMFVS
MJNJUF
-FGPODUJPOOFNFOUT»SEFMBQQBSFJMOFTUQPTTJCMFRVFTJMB
E©QSFTTJPO EBOT MB QJ¨DF P¹ FTU JOTUBMM© MF GPZFS OF E©QBTTF QBT 
1BNCBS0OZQBSWJFOUFOQS©TFODFEPVWFSUVSFTOPO
PCUVSBCMFTBN©OBH©FTQBSFYEBOTMFTQPSUFTGFOªUSFTFUFO
BTTPDJBUJPOBWFDEFTWFOUPVTFTU©MFTDPQJRVFTEBENJTTJPO
©WBDVBUJPOEFMBJSUSBWFSTMBNB§POOFSJFPVQBSEBVUSFT
NFTVSFTUFDIOJRVFTQFSNFUUBOUMBJSEBGGMVFSQPVSBTTVSFSMB
DPNCVTUJPO
%FNBOEF[UPVKPVSTDPOTFJMBVNB®USFSBNPOFVSDPNQ©UFOURVJ
QPVSSB ©WBMVFS MFOTFNCMF EV S©TFBV EF WFOUJMBUJPO EF MB NBJTPO FU
WPVTQSPQPTFSMFNPZFOMFNJFVYBEBQU©QPVSMB©SBUJPO
4J MB IPUUF BTQJSBOUF FTU VUJMJT©F FYDMVTJWFNFOU FO NPEF SFDZDMBHF
MFGPODUJPOOFNFOUFTUQPTTJCMFTBOTSFTUSJDUJPOT
5LVTXHGHEOHVVXUH 
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT1PSUFSEFTHBOUTEFQSPUFDUJPO
5LVTXHGHFKRFpOHFWULTXH 
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT*MZBSJTRVFEFOEPNNBHFNFOUEVD¢CMFEBMJNFOUBUJPO
1FOEBOUM࣐JOTUBMMBUJPOWFJMMFSOFQBTQMJFSOJDPJODFSMFD¢CMF
E࣐BMJNFOUBUJPO
5LVTXHG·pOHFWURFXWLRQ 
6OFJOGJMUSBUJPOEIVNJEJU©QFVUQSPWPRVFSVODIPD©MFDUSJRVF
4BTTVSFS RVF MFT DPOOFYJPOT EFT D¢CMFT ©MFDUSJRVFT TF USPVWFOU 
MJOU©SJFVSEVC¢UJNFOU
5LVTXHG·pOHFWURFXWLRQ 
6OFJOGJMUSBUJPOEIVNJEJU©QFVUQSPWPRVFSVODIPD©MFDUSJRVF
7FJMMFSJTPMFSMBQMBRVFEFGJYBUJPOBWFDVONBU©SJBVBQQSPQSJ©
WFSTMFNVSFYU©SJFVS
5LVTXHGDVSK\[LH 
-FNBU©SJFMEFNCBMMBHFFTUEBOHFSFVYQPVSMFTFOGBOUT/F
QFSNFUUF[KBNBJTBVYFOGBOUTEFKPVFSBWFDMFTNBU©SJBVY
E࣐FNCBMMBHF
&RQVLJQHVJpQpUDOHV
&RQGXLWGpYDFXDWLRQ
5HPDUTXH -FGBCSJDBOUEFMBQQBSFJMOBTTVNFBVDVOFHBSBOUJF
QPVSMFTQSPCM¨NFTEFGPODUJPOOFNFOUMJ©TMBUVZBVUFSJF
■-BQQBSFJMBUUFJOUVOSFOEFNFOUEBVUBOUNFJMMFVSRVFMFUVZBV
E©WBDVBUJPOFTUDPVSUFUESPJUFURVFTPOEJBN¨USFFTUHSBOE
■4JMFTUVZBVYE©WBDVBUJPOTPOUMPOHTQS©TFOUFOUEFOPNCSFVY
DPVEFTPVPOUVOEJBN¨USFJOG©SJFVSNNMBQVJTTBODF
NBYJNBMF EBTQJSBUJPO OF TFSB QBT BUUFJOUF FU MB©SBUFVS GFSB QMVT
EFCSVJU
■-FTUVZBVYSJHJEFTPVTPVQMFTDPOTUJUVBOUMFDPOEVJU
E©WBDVBUJPOEPJWFOUªUSFGBCSJRV©TEBOTVONBU©SJBVOPO
JOGMBNNBCMF
7X\DX[URQGV
/PVT SFDPNNBOEPOT VO EJBN¨USF JOU©SJFVS EF  NN NBJT EBV
NPJOTNN
*DLQHVSODWHV
-BTFDUJPOJOU©SJFVSFEPJUDPSSFTQPOESFBVEJBN¨USFEFTUVZBVY
SPOET
PPHQYFP
PPHQYFP
■-FT HBJOFT QMBUFT OF EPJWFOU QBT QS©TFOUFS EF E©WPJFNFOUT USPQ
JNQPSUBOUT
■4J EFT UVZBVY EF QMVTJFVST EJBN¨USFT TPOU VUJMJT©T JM GBVU QS©WPJS
EFTCBOEFTE©UBODI©JU©
%UDQFKHPHQWpOHFWULTXH
: 5LVTXHGHFKRFpOHFWULTXH 
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT*MZBSJTRVFEFOEPNNBHFNFOUEVD¢CMFEBMJNFOUBUJPO
1FOEBOUM࣐JOTUBMMBUJPOWFJMMFSOFQBTQMJFSOJDPJODFSMFD¢CMF
E࣐BMJNFOUBUJPO
-FTEPOO©FTEFSBDDPSEFNFOUO©DFTTBJSFTTFUSPVWFOUTVSMB
QMBRVFTJHOBM©UJRVFTVSMBQQBSFJM
$FUBQQBSFJMFTUDPOGPSNFBVYEJTQPTJUJPOT$&S©HJTTBOU
M࣐BOUJQBSBTJUBHF
-࣐BQQBSFJMOFQPVSSBªUSFSBDDPSE©RV࣐VOFQSJTFGFNFMMF
S©HMFNFOUBJSFNFOUSBDDPSE©FMBUFSSF
*OTUBMMFSMBQSJTFGFNFMMFDPOUBDUTEFUFSSFQSPYJNJU©EF
MBQQBSFJM
■*M GBVESBJU RVF MB QSJTF GFNFMMF  DPOUBDUT EF UFSSF TPJU SBDDPSE©F
WJBVODJSDVJU©MFDUSJRVFE©EJ©
■4J MB QSJTF GFNFMMF  DPOUBDUT EF UFSSF OFTU QMVT BDDFTTJCMF BQS¨T
MJOTUBMMBUJPOEFMBQQBSFJMJMGBVUJOUFSDBMFSEBOTMFD¢CMBHFVO
TFDUJPOOFVSPNOJQPMBJSFEJTKPODUFVSQPVSQSPU©HFSMBMJHOF
GVTJCMFTFUDPOUBDUFVSTQS©TFOUBOUVOFPVWFSUVSFE࣐BVNPJOT
NNFOUSFMFTDPOUBDUT
3UpSDUHUOHPRQWDJH
$WWHQWLRQ
7FJMMF[  DF RVJM OZ BJU QBT EF DPOEVJUFT ©MFDUSJRVFT EF UVZBVY EF
HB[PVEFBVBVOJWFBVEFTQFS§BHFT
9pULILHUOHPXU
■-FNVSEPJUªUSFQMBUWFSUJDBMFUPGGSJSVOFQPSUBODFTVGGJTBOUF
■-BQSPGPOEFVSEFTUSPVTQFSD©TEPJUªUSFBEBQU©FMBMPOHVFVS
EFTWJT-FTDIFWJMMFTEPJWFOUPGGSJSVOFSFUFOVFT»SF
■1PVS EFT NBU©SJBVY EF DPOTUSVDUJPO UFMT RVF QBS FY MF 3JHJQT MF
C©UPODFMMVMBJSFMFTCSJRVFT1PSPUPOJMGBVUVUJMJTFSEFTNPZFOT
EFGJYBUJPODPSSFTQPOEBOUT
■-BQQBSFJMQ¨TFBVNBYJNVN NJ

■4FVM EV QFSTPOOFM RVBMJGJ© EPJU QSBUJRVFS MB USBWFST©F NVSBMF -B
TUBUJRVFEVC¢UJNFOUEPJUSFTUFSHBSBOUJF
■3JTRVFEFOEPNNBHFNFOUQBSMFSFGMVYEFDPOEFOTBU*OTUBMMFS
MFDPOEVJUEFUSBWFST©FFOMJODMJOBOUM©H¨SFNFOUWFSTMFCBT
QFOUFEFpMFYU©SJFVS
6RUWLHHQpYDFXDWLRQH[WpULHXUH
■1J¨DFEFDPOOFYJPONNKPJOUF
■$'   QJ¨DFEFUSBOTJUJPOEVUVZBVEF  NNTVS
  NN"EBQUFS PV NNFOTDJBOUMF
EJBN¨USFOPOSFRVJT
"DDFTTPJSFFOPQUJPODPNNBOEFST©QBS©NFOU
■$'   $POEVJUEFUSBWFST©FU©MFTDPQJRVFEF  NN
BWFDDMBQFUBOUJSFUPVSJOU©HS©
"DDFTTPJSFFOPQUJPODPNNBOEFST©QBS©NFOU
■$' DPMMFDUFVSEBJSQPVSHBJOFTQMBUFT
"DDFTTPJSFFOPQUJPODPNNBOEFST©QBS©NFOU
■$' DPMMFDUFVSEBJSQPVSDPOEVJUTSPOETNN
"DDFTTPJSFFOPQUJPODPNNBOEFST©QBS©NFOU
■$'   DPMMFDUFVSEBJSQPVSDPOEVJUTSPOET  NN
"DDFTTPJSFFOPQUJPODPNNBOEFST©QBS©NFOU
0RQWDJHGHODSSDUHLOVXUOHPXUH[WpULHXU
$WWHQWLRQ
7FJMMF[  DF RVJM OZ BJU QBT EF DPOEVJUFT ©MFDUSJRVFT EF UVZBVY EF
HB[PVEFBVBVOJWFBVEFTQFS§BHFT
 1SBUJRVFSVOFUSBWFST©FNVSBMFEVOEJBN¨USFEBVNPJOT
 NN
 *OUSPEVJSFMFDPOEVJUEFUSBWFST©FU©M©TDPQJRVF $'  
BDDFTTPJSFFOPQUJPODPNNBOEFST©QBS©NFOUEBOTMB
USBWFST©FNVSBMFFUDPMNBUFSBWFDEFMBNPVTTFFYQBOTJCMF
QPVSBTTVSFSM©UBODI©JU©
5HPDUTXH .POUFSMFDPOEVJUEFUSBWFST©FFOMJODMJOBOUEFp
WFSTMFYU©SJFVSDBVTFEFM©DPVMFNFOUEFTDPOEFOTBUT
 1FSDFSEFTUSPVTEFGJYBUJPOEF NNFUMFUSPVEFQBTTBHFEFT
D¢CMFTEVOEJBN¨USFEBVNPJOT NNEBOTMFNVSFYU©SJFVS
ILJ 
 &OGPODFSMFTDIFWJMMFTGMFVSEVNVS
 $PMNBUFSMBQMBRVFEFGJYBUJPOEFNBOJ¨SFBQQSPQSJ©FDPOUSFMF
NVSFYU©SJFVSFUMBWJTTFS ILJ 
 1BTTFSMFD¢CMFTFDUFVSFUMFD¢CMFEFDPNNBOEFUSBWFSTMF
NVS ILJ 
 7JTTFSMFNPUFVST©QBS©TVSMBQMBRVFEFGJYBUJPO
 'JYFSMFDPOEVJUE©WBDVBUJPOMJOU©SJFVSTVSMFDPOEVJUEF
USBWFST©FEVNVS&ODBTEVUJMJTBUJPOEVOUVCFFOBMVNJOJVN
MJTTFSBVQS©BMBCMFMB[POFEFSBDDPSEFNFOU
5HPDUTXH &ODPNCJOBJTPOBWFDEFTBQQBSFJMTHB[VUJMJTFS
EFTUVZBVYFOBMVNJOJVNFUOPOEFTHBJOFTQMBTUJRVFT-FT
HBJOFTQMBTUJRVFTQPVSSBJFOUTFE©GPSNFSFOSBJTPOEFMB
UFNQ©SBUVSF©MFW©FEFMBJSWJDJ©
 7JTTFSMVOJU©EFDPNNBOEFMJOU©SJFVSTVSMFNVS
5DFFRUGHPHQWGHODSSDUHLO
 .POUFSMBGJDIFTVSMFD¢CMFTFDUFVS'JYFSMFGJMCMFVEBOTMF
SBDDPSE / MF GJM NBSSPO EBOT MF SBDDPSE - FU MF GJM WFSUKBVOF EBOT
MFSBDDPSEEVNJMJFV.POUFSMFTQJ¨DFTEFMBGJDIF7JTTFSEFVY
WJTQPVSMFTFSSFD¢CMF ILJ 
 $POOFDUFS GFSNFNFOU MF D¢CMF TFDUFVS FU MF D¢CMF EF DPNNBOEF
EVNPUFVST©QBS©TVSMVOJU©EFDPNNBOEF ILJ 
 $POOFDUFSGFSNFNFOUMFD¢CMFS©TFBVEFMVOJU©EFDPNNBOEF
WFSTMBIPUUFBTQJSBOUF-FTDPOOFDUFVSTEPJWFOUTFODMJRVFUFS
5HPDUTXH -FTQSJTFTEFSBDDPSEFNFOU9FU9TPOU
JEFOUJRVFT
 $POOFDUFSMVOJU©EFDPNNBOEFBVTFDUFVSFUDPOUS´MFSMF
GPODUJPOOFNFOU4JMBQQBSFJMOFGPODUJPOOFQBTW©SJGJFSMB
GJYBUJPODPSSFDUFEFTD¢CMFTEFSBDDPSEFNFOU
6RUWLHGHFRPPXWDWLRQVXSSOpPHQWDLUH
-FTUSBWBVYTVSMBTPSUJFEFDPNNVUBUJPOTVQQM©NFOUBJSFEPJWFOU
VOJRVFNFOU ªUSF FGGFDUV©T QBS VO ©MFDUSJDJFO RVBMJGJ© FO SFTQFDUBOU
MFTS¨HMFNFOUTFUOPSNFTTQ©DJGJRVFTBVQBZT
-BQQBSFJMQPTT¨EFVOFTPSUJFEFDPNNVUBUJPOTVQQM©NFOUBJSF
9DPOUBDUTBOTQPUFOUJFMQPVSMFSBDDPSEFNFOUEBVUSFT
BQQBSFJMTUFMTRVFVOFJOTUBMMBUJPOEFWFOUJMBUJPOFYJTUBOUFD´U©
TJUF-FDPOUBDUFTUGFSN©MPSTRVFMFWFOUJMBUFVSFTUFONBSDIFFU
FTUPVWFSUMPSTRVFMFWFOUJMBUFVSFTU©UFJOU
-BTPSUJFEFDPNNVUBUJPOTFTJUVFTPVTVODBDIF1VJTTBODFEF
DPNNVUBUJPONBYJNBMF 7 ""$%$-FTJHOBMRVJFTU
SBDDPSE©BVDPOUBDUEPJUDPSSFTQPOESFMBDMBTTFEFQSPUFDUJPO
8WLOLVDWLRQHQUpVHDXILJ
1MVTJFVSTBQQBSFJMTQFVWFOUªUSFJOUFSDPOOFDU©T-BMVNJ¨SFFUMB
WFOUJMBUJPOEFUPVTMFTBQQBSFJMGPODUJPOOFOUEFNBOJ¨SF
TZODISPOF
3FMJFSMFTBQQBSFJMTFOT©SJFWJBMFTQSJTFTEFSBDDPSEFNFOU9FU
9©RVJWBMFOUFT-PSESFEFMJOUFSDPOOFYJPOOBQBTEJOGMVFODF
4JMFTD¢CMFTS©TFBVGPVSOJTTPOUUSPQDPVSUTVUJMJTFSVOD¢CMF
S©TFBVVTVFMEVDPNNFSDFBVNPJOT$BUCMJOE©
/PNCSFNBYE࣐BQQBSFJMTQPVWBOUªUSFDPOOFDU©TBVS©TFBV
 BQQBSFJMT -POHVFVS UPUBMF EF UPVT MFT D¢CMFT S©TFBV   N -B
GPODUJPO EF MJOTUBMMBUJPO EPJU ªUSF W©SJGJ©F QBS VO UFDIOJDJFO RVBMJGJ©
MPSTEFMJOTUBMMBUJPOJOJUJBMF
-BQBOOFEVOBQQBSFJMDPVQVSFEFUFOTJPOT©QBSBUJPOEVD¢CMF
S©TFBVDPOEVJUBVCMPDBHFEFMBGPODUJPOEFWFOUJMBUJPOEF
MFOTFNCMFEVTZTU¨NF5PVUFTMFTUPVDIFTTVSMBQQBSFJM
DMJHOPUFOU
&ODBTEFNPEJGJDBUJPOEFMBDPOGJHVSBUJPOMJOTUBMMBUJPOEPJUªUSF
S©JOJUJBMJT©F
 %©WJTTFSMBU´MFEFQSPUFDUJPO
 "QQVZFS TVS MB UPVDIF 3FTFU KVTRV DF RVF MFT EFVY -&% TPJFOU
BMMVN©FTFODPOUJOVFOW  TFDPOEFT3FM¢DIFSFOTVJUFMB
UPVDIFEBOTMFTTFDPOEFT
 7JTTFSMFU´MFEFQSPUFDUJPO
 'BJSF W©SJGJFS MB GPODUJPO EF MJOTUBMMBUJPO QBS VO UFDIOJDJFO RVBMJGJ©
BQS¨TMJOJUJBMJTBUJPO
'pPRQWHUODSSDUHLO
 .FUUSFMBQQBSFJMIPSTUFOTJPO
 %©UBDIFSMFTDPOEVJUTE©WBDVBUJPO
 %©UBDIFSMFTKPODUJPOTEFTD¢CMFT
 %FTTFSSFSMFTWJTTBHFTQPVSMBGJYBUJPOEFMBQQBSFJM
 &OMFWFSMBQQBSFJM
it
â*TUSV[JPOJQFSJMNPOUBHHJP
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
-FHHFSFBUUFOUBNFOUFMFQSFTFOUJJTUSV[JPOJQFSMVTP4PMPDPT¬¨
QPTTJCJMFVUJMJ[[BSFMBQQBSFDDIJPJONPEPTJDVSPFDPSSFUUP
$VTUPEJSFDPOMBNBTTJNBDVSBMFQSFTFOUJJTUSV[JPOJQFSMVTPFJM
NPOUBHHJPJODBTPEJVOVUJMJ[[PGVUVSPPDFTTJPOFBUFS[J
-BTJDVSF[[BEJVUJMJ[[P¨HBSBOUJUBTPMPJODBTPEJJOTUBMMB[JPOF
TFDPOEPMFSFHPMFEJCVPOBUFDOJDBSJQPSUBUFOFMMFJTUSV[JPOJEJ
NPOUBHHJP-JOTUBMMBUPSF¨SFTQPOTBCJMFEFMDPSSFUUP
GVO[JPOBNFOUPOFMMVPHPEJJOTUBMMB[JPOF
1FS M࣐JOTUBMMB[JPOF ¨ OFDFTTBSJP SJTQFUUBSF MF EJTQPTJ[JPOJ JO NBUFSJB
EJFEJMJ[JBBUUVBMNFOUFJOWJHPSFFMFOPSNFEFMGPSOJUPSFMPDBMFEJ
FMFUUSJDJUFHBT
3HULFRORGLPRUWH
*HBTEJDPNCVTUJPOFSJBTQJSBUJQPTTPOPDBVTBSFBWWFMFOBNFOUP
OFDFTTBSJPBTTJDVSBSFTFNQSFVOBMJNFOUB[JPOFEJBSJB
TVGGJDJFOUFRVBOEPMBQQBSFDDIJPJONPEBMJUBTQJSB[JPOFWJFOF
VUJMJ[[BUPDPOUFNQPSBOFBNFOUFBVOGPDPMBSFEJQFOEFOUFEBMMBSJB
BNCJFOUF
*GPDPMBSJDIFEJQFOEPOPEBMMBSJBBNCJFOUFQFSFTBHBTPMJP
MFHOBPDBSCPOFTDBMEBCBHOPDBMEBJFFMFUUSJDIFSJDBWBOPMBSJB
QFSMBDPNCVTUJPOFEBMMBTUBO[BFEFMJNJOBOPJHBTEJTDBSJDP
BMMFTUFSOPBUUSBWFSTPVOJNQJBOUPQFSFTDBNJOP
*ODPODPNJUBO[BEFMMBDBQQBBDDFTBEBMMBDVDJOBFEBMMFTUBO[F
BEJBDFOUJWJFOFTPUUSBUUBEFMMBSJBTFO[BVOBMJNFOUB[JPOF
TVGGJDJFOUF EJ BSJB TJ DSFB EFQSFTTJPOF * HBT WFMFOPTJ EBM DBNJOP P
EBMMBDBQQBEJBTQJSB[JPOFWFOHPOPSJBTQJSBUJOFMMFTUBO[F
■"TTJDVSBSFTFNQSFVOBMJNFOUB[JPOFEJBSJBTVGGJDJFOUF
■6OBQFSUVSBOFMNVSPQFSBMJNFOUB[JPOFTDBSJDPBSJBOPO
HBSBOUJTDFJMSJTQFUUPEFMWBMPSFMJNJUF
6O FTFSDJ[JP TJDVSP ¨ QPTTJCJMF TPMP TF MB EFQSFTTJPOF OFMMB TUBO[B
JO DVJ ¨ JOTUBMMBUP JM GPDPMBSF OPO TVQFSB J  1B  NCBS 2VFTUP
¨HBSBOUJUPTFMBSJBOFDFTTBSJBBMMBDPNCVTUJPOFQV²BGGMVJSFOFMMB
TUBO[BBUUSBWFSTPBQFSUVSFOPOGJTTFQFSFTQPSUFGJOFTUSFJO
DPNCJOB[JPOFDPOVODBOBMFEJBEEV[JPOFTDBSJDPBSJBPBMUSF
NJTVSFUFDOJDIF

$POTVMUBUFJOPHOJDBTPMPTQB[[BDBNJOPSFTQPOTBCJMFDIF¨JO
HSBEPEJHJVEJDBSFMBWFOUJMB[JPOFDPNQMFTTJWBJODBTBFQSPQPSSF
NJTVSFBEFHVBUF
4FMBDBQQB¨VTBUBTPMPOFMMBNPEBMJUBSJDJSDPMPEBSJBJMTVP
FTFSDJ[JP¨QPTTJCJMFTFO[BMJNJUB[JPOJ
3HULFRORGLOHVLRQL
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ*OEPTTBSFHVBOUJQSPUFUUJWJ
3HULFRORGLVFRVVDHOHWWULFD
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ1PUSFCCFWFOJSFEBOOFHHJBUPJMDBWPEJDPMMFHBNFOUP
%VSBOUFM࣐JOTUBMMB[JPOFGBSFBUUFO[JPOFBOPOQJFHBSFPTFSSBSFJM
DBWPEJDPMMFHBNFOUP
3HULFRORGLVFDULFDHOHWWULFD
-VNJEJUQFSTJTUFOUFQV²DBVTBSFTDPTTFFMFUUSJDIF"DDFSUBSTJ
DIFJDPMMFHBNFOUJBTQJOBEFJDBWJFMFUUSJDJTJUSPWJOPBMMJOUFSOP
EFMMFEJGJDJP
3HULFRORGLVFDULFDHOHWWULFD
-VNJEJUQFSTJTUFOUFQV²DBVTBSFTDPTTFFMFUUSJDIF"DDFSUBSTJ
DIFMBMBNJFSBEJNPOUBHHJPTJBSJWFTUJUBDPOEFMNBUFSJBMFBEBUUP
WFSTPMBQBSFUFFTUFSOB
3HULFRORGLVRIIRFDPHQWR
*MNBUFSJBMFEJNCBMMBHHJP¨QFSJDPMPTPQFSJCBNCJOJ/POMBTDJBSF
NBJDIFJCBNCJOJHJPDIJOPDPOJMNBUFSJBMFEJJNCBMMBHHJP
,QGLFD]LRQLJHQHUDOL
6FDULFRGHOODULD
$YYHUWHQ]D *MQSPEVUUPSFEFMMBQQBSFDDIJPOPOTJBTTVNFBMDVOB
SFTQPOTBCJMJUQFSMFDPOUFTUB[JPOJSFMBUJWFBMDPOEPUUP
■-BQQBSFDDIJP SBHHJVOHF MB NBTTJNB QSFTUB[JPOF DPO VO UVCP EJ
TDBSJDPDPSUPFESJUUPDIFIBVOEJBNFUSPQPTTJCJMNFOUFHSBOEF
■*OQSFTFO[BEJUVCJEFTQVMTJPOFBSJBMVOHIJNPMUFDVSWFPDPO
VOEJBNFUSPJOGFSJPSFBNNOPOTJSBHHJVOHFMBQSFTUB[JPOF
PUUJNBMFEJBTQJSB[JPOFFJMSVNPSFEFMMBWFOUPMBBVNFOUB
■*UVCJPJUVCJGMFTTJCJMJQFSJMDPOEPUUPEJTDBSJDPEFMMBSJBEFWPOP
FTTFSFJONBUFSJBMFJHOJGVHP
7XELURWRQGL
4J DPOTJHMJB VO EJBNFUSP JOUFSOP EJ  NN UVUUBWJB EJ BMNFOP 
NN
&DQDOLSLDWWL
-B TF[JPOF JOUFSOB EFWF DPSSJTQPOEFSF BM EJBNFUSP EFJ UVCJ SPUPOEJ
PPFDFP
PPFDFP
■*DBOBMJQJBUUJOPOEFWPOPQSFTFOUBSFSJOWJJUBHMJFOUJ
■/FMDBTPEJEJBNFUSJEJWFSTJEFMDPOEPUUPVUJMJ[[BSFTUSJTDFEJ
UFOVUB
&ROOHJDPHQWRHOHWWULFR
: 3HULFRORGLVFRVVDHOHWWULFD
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ1PUSFCCFWFOJSFEBOOFHHJBUPJMDBWPEJDPMMFHBNFOUP
%VSBOUFM࣐JOTUBMMB[JPOFGBSFBUUFO[JPOFBOPOQJFHBSFPTFSSBSFJM
DBWPEJDPMMFHBNFOUP
*EBUJOFDFTTBSJQFSMBMMBDDJBNFOUPTJUSPWBOPTVMMBUBSHIFUUBEJ
JEFOUJGJDB[JPOFEFMMBQQBSFDDIJP
2VFTUPBQQBSFDDIJP¨DPOGPSNFBJSFRVJTJUJEJQSPUF[JPOF3'*
EFMM࣐6OJPOF&VSPQFB
2VFTUPBQQBSFDDIJPEFWFFTTFSFDPMMFHBUPVOJDBNFOUFBVOB
QSFTBDPODPOUBUUPEJUFSSBDPOGPSNFBMMFEJTQPTJ[JPOJEJMFHHF
1SFEJTQPSSFVOBQSFTBDPODPOUBUUPEJUFSSBOFMMFJNNFEJBUF
WJDJOBO[FEFMMBQQBSFDDIJP
■-BQSFTBDPODPOUBUUPEJUFSSBEPWSFCCFFTTFSFDPMMFHBUB
BUUSBWFSTPVODJSDVJUPFMFUUSJDPBQBSUF
■4FJOTFHVJUPBMMJOTUBMMB[JPOFEFMMBQQBSFDDIJPMBQSFTBDPO
DPOUBUUP EJ UFSSB OPO ¨ QJ¹ BDDFTTJCJMF ¨ OFDFTTBSJP QSFWFEFSF JO
GBTF EJOTUBMMB[JPOF VO TF[JPOBUPSF VOJWFSTBMF BE FT JOUFSSVUUPSF
BVUPNBUJDP GVTJCJMJ F QSPUF[JPOJ DPO NJO VOBQFSUVSB EJ DPOUBUUP
EJNN
3UHSDUD]LRQHGHOPRQWDJJLR
$WWHQ]LRQH
"DDFSUBSTJDIFOFMMBSFBEFJGPSJOPOTJBOPQSFTFOUJDBWJFMFUUSJDJO©
DPOEVUUVSFEFMHBTPEFMMBDRVB
&RQWUROODUHODSDUHWH
■-B QBSFUF EFWF FTTFSF QJBUUB WFSUJDBMF F TVGGJDJFOUFNFOUF TPMJEB
■-BQSPGPOEJUEFJGPSJEFWFDPSSJTQPOEFSFBMMBMVOHIF[[BEFMMF
WJUJ*UBTTFMMJEFWPOPBWFSFVOBQQPHHJPGJTTP
■1FSBMUSJUJQJEJDPTUSV[JPOJBEFT3JHJQTDBMDFTUSV[[PQPSPTP
NBUUPOJ1PSPUPO¨OFDFTTBSJPVUJMJ[[BSFFMFNFOUJEJGJTTBHHJP
BEFHVBUJ
■*MQFTPNBYEFMMBQQBSFDDIJP¨QBSJB NJ
■-BOFDFTTBSJBBQFSUVSBOFMMBQBSFUFEFWFFTTFSFQSBUJDBUB
TPMUBOUPEBMQFSTPOBMFRVBMJGJDBUP-BTUBUJDJUEFMMFEJGJDJPEFWF
SJNBOFSFVOBHBSBO[JB
■1FSJDPMPEJEBOOJEPWVUJBMSJUPSOPEFMMBDPOEFOTB*OTUBMMBSFJM
EJTQPTJUJWPBQBSFUFJOQPTJ[JPOFMFHHFSNFOUFTQJPWFOUFWFSTP
MFTUFSOPpEJEJTMJWFMMP
&ROOHJDPHQWRGLVFDULFR
■&MFNFOUPEJDPMMFHBNFOUPNNJOEPUB[JPOF
■$' SBDDPSEPEJSJEV[JPOFEBNNB
NN"EBUUBSFBPNNSJNVPWFOEP
MBQBSUFEJEJBNFUSPOPOOFDFTTBSJB
BDDFTTPSJPTQFDJBMFEBPSEJOBSFTFQBSBUBNFOUF
■$'   EJTQPTJUJWPBQBSFUFUFMFTDPQJDPEJ  NN
DPOSBDDPSEPBMFUUBUPJOUFHSBUP
BDDFTTPSJPTQFDJBMFEBPSEJOBSFTFQBSBUBNFOUF
■$' DPMMFUUPSFBSJBQFSDBOBMJQJBUUJ
BDDFTTPSJPTQFDJBMFEBPSEJOBSFTFQBSBUBNFOUF
■$' DPMMFUUPSFBSJBQFSUVCJDJSDPMBSJNN
BDDFTTPSJPTQFDJBMFEBPSEJOBSFTFQBSBUBNFOUF
■$' DPMMFUUPSFBSJBQFSUVCJDJSDPMBSJNN
BDDFTTPSJPTQFDJBMFEBPSEJOBSFTFQBSBUBNFOUF
0RQWDJJLRGHOODSSDUHFFKLRVXOODSDUHWHHVWHUQD
$WWHQ]LRQH
"DDFSUBSTJDIFOFMMBSFBEFJGPSJOPOTJBOPQSFTFOUJDBWJFMFUUSJDJO©
DPOEVUUVSFEFMHBTPEFMMBDRVB
 $SFBSF VOBQFSUVSB OFM NVSP DPO VO EJBNFUSP EJ BMNFOP  NN
 *NNFUUFSFJMEJTQPTJUJWPBQBSFUFUFMFTDPQJDP $'  
BDDFTTPSJPTQFDJBMFEBPSEJOBSFTFQBSBUBNFOUFOFMMBQFSUVSB
OFMNVSPFGJTTBSFFJNQFSNFBCJMJ[[BSFDPOTDIJVNBPDPMMBEJ
NPOUBHHJP
$YYHUWHQ]D *OTFSJSFJMEJTQPTJUJWPBQBSFUFJODMJOBOEPMPWFSTP
MFTUFSOPEJpBNPUJWPEFMMPTDBSJDPEFMMBDPOEFOTB
 1SBUJDBSFEFJGPSJEJGJTTBHHJPEJNNFMBQPTBEFJDBWJDPOVO
EJBNFUSPEJBMNFOPNNOFMMBQBSFUFFTUFSOB ILJ 
 *OTFSJSFJUBTTFMMJBGJMPEFMNVSP
 4JHJMMBSFFGJTTBSFJONBOJFSBBEFHVBUBMBMBNJFSBEJNPOUBHHJP
DPOUSPMBQBSFUFFTUFSOB ILJ 
 'BSQBTTBSFJMDBWPEJSFUFFJMDBWPEJDPOUSPMMPBUUSBWFSTPMB
QBSFUF ILJ 
 'JTTBSFJMNPEVMPWFOUPMBBMMBMBNJFSBEJNPOUBHHJP
 'JTTBSF JM UVCP EFTQVMTJPOF JOUFSOBNFOUF BM EJTQPTJUJWP B QBSFUF
4FTJVUJMJ[[BVOUVCPJOBMMVNJOJPMFWJHBSFQSJNBMB[POBEJ
SBDDPSEP
$YYHUWHQ]D *OBCCJOBNFOUPBEBQQBSFDDIJBHBTVUJMJ[[BSF
TPMUBOUPUVCJJOBMMVNJOJPFOFTTVOBDBOBMJOBJOQMBTUJDB-F
DBOBMJOFJOQMBTUJDBBDBVTBEFMMFMFWBUBUFNQFSBUVSBEFMMBSJB
FTQVMTBQPUSFCCFSPEFGPSNBSTJ
 'JTTBSFMVOJUEJDPOUSPMMPJOUFSOBNFOUFBMMBQBSFUF
$OODFFLDPHQWRGHOODSSDUHFFKLR
 .POUBSFMBTQJOBTVMDBWPEJSFUF'JTTBSFJMGJMPCMVOFM
DPMMFHBNFOUP/JMGJMPNBSSPOFOFMDPMMFHBNFOUP-FJMGJMPWFSEF
HJBMMPOFMDPMMFHBNFOUPDFOUSBMF.POUBSFMFQBSUJEFMMBTQJOB
'JTTBSFEVFWJUJQFSMPTDBSJDPEFMMBUSB[JPOF ILJ 
 *OTFSJSFTBMEBNFOUFJDBWJEJSFUFFJDBWJEJDPOUSPMMPEBMNPEVMP
WFOUPMBOFMMVOJUEJDPNBOEP ILJ 
 *OTFSJSFTBMEBNFOUFJDBWJEJSFUFEFMMVOJUEJDPNBOEPOFMMB
DBQQBEJBTQJSB[JPOF-FTQJOFEFWPOPTDBUUBSFJOQPTJ[JPOF
$YYHUWHQ]D -FQSFTFEJDPMMFHBNFOUP9F9TPOPJEFOUJDIF
 "MMBDDJBSFMVOJUEJDPNBOEPBMMBSFUFFWFSJGJDBSOFJM
GVO[JPOBNFOUP /FM DBTP MBQQBSFDDIJP OPO GVO[JPOJ DPOUSPMMBSF
MBQPTJ[JPOFDPSSFUUBEFJDBWJEJDPMMFHBNFOUP
 
8VFLWDGLFRPPXWD]LRQHVXSSOHPHQWDUH
* MBWPSJ BMMVTDJUB EJ DPNNVUB[JPOF TVQQMFNFOUBSF QPTTPOP FTTFSF
FTFHVJUJFTDMVTJWBNFOUFEBVOFMFUUSJDJTUBTQFDJBMJ[[BUPF
RVBMJGJDBUPOFMSJTQFUUPEFMMFOPSNFFEFMMFEJTQPTJ[JPOJMPDBMJ
-BQQBSFDDIJPEJTQPOFEJVOVTDJUBEJDPNNVUB[JPOF
TVQQMFNFOUBSF9DPOUBUUPQVSPQFSJMDPMMFHBNFOUPEJBMUSJ
BQQBSFDDIJ DPNF BE FTFNQJP VO JNQJBOUP EJ BTQJSB[JPOF QSFTFOUF
JOMPDP*MDPMMFHBNFOUPWJFOFDIJVTPRVBOEPMBWFOUPMB¨BUUJWBF
BQFSUPRVBOEPMBWFOUPMB¨TQFOUB
-VTDJUBEJDPNNVUB[JPOFTJUSPWBTPUUPVOBDPQFSUVSB.BTTJNB
QPUFO[BFSPHBCJMF 7 "$"$$*MTFHOBMFDIFWJFOF
DPMMFHBUPBMDPOUBUUPEFWFDPSSJTQPOEFSFBMMBDMBTTFEJQSPUF[JPOF

)XQ]LRQDPHQWRFROOHJDWRILJ
1PTTPOPFTTFSFDPMMFHBUJJOSFUFQJ¹BQQBSFDDIJ-BMVDFFMB
WFOUPMBEJUVUUJHMJBQQBSFDDIJWFOHPOPB[JPOBUFJOTJODSPOJB
$PMMFHBSFJOTFSJFHMJBQQBSFDDIJNFEJBOUFMFQSFTFEJ
DPMMFHBNFOUP9F9FRVJWBMFOUJ-BTFRVFO[BEFM
DPMMFHBNFOUPJOSFUFOPOIBBMDVOBJNQPSUBO[B2VBMPSBJDBWJEJ
SFUF GPSOJUJ TJBOP USPQQP DPSUJ VUJMJ[[BSF VO DBWP EJ SFUF SFQFSJCJMF JO
DPNNFSDJPBMNFOP$BUTDIFSNBUP
/VNFSPNBTTJNPBQQBSFDDIJ-BMVOHIF[[BDPNQMFTTJWBEJ
UVUUJ J DBWJ EJ SFUF  N *M GVO[JPOBNFOUP EFMMJNQJBOUP EFWF FTTFSF
WFSJGJDBUPEBUFDOJDJRVBMJGJDBUJEVSBOUFMBQSJNBJOTUBMMB[JPOF
*M HVBTUP EJ VO QBSUFDJQBOUF JOUFSSV[JPOF EFMMB UFOTJPOF TUBDDBSF JM
DBWPEJSFUFDPNQPSUBJMCMPDDBHHJPEFMMBGVO[JPOFEJWFOUJMB[JPOF
EFMMJOUFSPTJTUFNB-BNQFHHJBOPUVUUJJUBTUJTVMMBQQBSFDDIJP
*ODBTPEJNPEJGJDBEFMMBDPOGJHVSB[JPOFMJNQJBOUPEFWFFTTFSF
JOJ[JBMJ[[BUPOVPWBNFOUF
 4WJUBSFJMQBOOFMMPEJDPQFSUVSB
 1SFNFSF JM UBTUP 3FTFU GJODI© FOUSBNCJ J -&% OPO TJ BDDFOEPOP B
MVDFGJTTBDBTFDPOEJ1PJSJMBTDJBSFJMUBTUPFOUSPTFDPOEJ
 "WWJUBSFJMQBOOFMMPEJDPQFSUVSB
 %PQPMJOJ[JBMJ[[B[JPOFGBSDPOUSPMMBSFJMGVO[JPOBNFOUP
EFMMJNQJBOUPEBUFDOJDJRVBMJGJDBUJ
6PRQWDJJLRGHOODSSDUHFFKLR
 4DPMMFHBSFMBQQBSFDDIJPEBMMBSFUFFMFUUSJDB
 4UBDDBSFJDPOEPUUJEFMMBSJBEJTDBSJDP
 4UBDDBSFJDPMMFHBNFOUJEFJDBWJ
 "MMFOUBSFJSBDDPSEJBWJUFQFSJMGJTTBHHJPEFMMBQQBSFDDIJP
 3JNVPWFSFMBQQBSFDDIJP
nl
é,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
-FFTEF[FHFCSVJLTBBOXJK[JOH[PSHWVMEJHEPPS"MMFFOEBOLVOUV
VXBQQBSBBUHPFEFOWFJMJHCFEJFOFO#FXBBSEF
HFCSVJLTBBOXJK[JOH WPPS MBUFS HFCSVJL PG PN EPPS UF HFWFO BBO FFO
WPMHFOEFFJHFOBBS
%FWFJMJHIFJEJTBMMFFOHFXBBSCPSHECJKFFOEFTLVOEJHFNPOUBHF
WPMHFOTEFNPOUBHFIBOEMFJEJOH%FJOTUBMMBUFVSJT
WFSBOUXPPSEFMJKLWPPSFFOHPFEFXFSLJOHPQEFQMBBUTWBO
PQTUFMMJOH
#JKEFJOTUBMMBUJFNPFUFOEFBDUVFMFHFMEJHFCPVXWPPSTDISJGUFOFO
EFWPPSTDISJGUFOWBOEFQMBBUTFMJKLFTUSPPNFOHBTMFWFSBODJFSJO
BDIUXPSEFOHFOPNFO
/HYHQVJHYDDU
5FSVHHF[PHFOWFSCSBOEJOHTHBTTFOLVOOFOMFJEFOUPUWFSHJGUJHJOH
"MUJKE WPPS WPMEPFOEF MVDIUUPFWPFS [PSHFO XBOOFFS EF MVDIUBGWPFS
QMBBUTWJOEUJOFFOSVJNUFNFUFFOWVVSCSPOEJFHFCSVJLNBBLUWBO
EFBBOXF[JHFMVDIU
7VVSCSPOOFOEJFEFMVDIUJOEFSVJNUFWFSCSVJLFOCJKWBQQBSBUFO
EJFPQHBTPMJFIPVUPGLPMFOXPSEFOHFTUPPLUHFJTFST
XBSNXBUFSUPFTUFMMFOUSFLLFOEFWFSCSBOEJOHTMVDIUVJUEF
PQTUFMMJOHTSVJNUFFOWPFSFOEFHBTTFOWJBFFOBGWPFSCJKW
TDIPPSTUFFOBGOBBSCVJUFO
*ODPNCJOBUJFNFUFFOJOHFTDIBLFMEFBG[VJHLBQXPSEUBBOEF
LFVLFOFOBBOEFSVJNUFTFSOBBTUMVDIUPOUUSPLLFO[POEFS
WPMEPFOEF MVDIUUPFWPFS POUTUBBU FS FFO POEFSESVL (JGUJHF HBTTFO
VJU EF TDIPPSTUFFO PG IFU BGWPFSLBOBBM XPSEFO UFSVHHF[PHFO JO EF
XPPOSVJNUF
■;PSHEBBSPNBMUJKEWPPSWPMEPFOEFWFOUJMBUJF
■&FO WFOUJMBUJFLBTU JO EF NVVS BMMFFO JT OJFU WPMEPFOEF PN BBO EF
NJOJNBMFFJTFOUFWPMEPFO
6LVOUIFUBQQBSBBUBMMFFOEBO[POEFSSJTJDPHFCSVJLFOXBOOFFS
EFPOEFSESVLJOEFSVJNUFXBBSJOEFWVVSCSPO[JDICFWJOEUOJFU
HSPUFS JT EBO  1B  NCBS %JU LBO XPSEFO CFSFJLU XBOOFFS EF
WPPSEFWFSCSBOEJOHCFOPEJHEFMVDIUEPPSOJFUBGTMVJUCBSF
PQFOJOHFOCJKWJOEFVSFOSBNFOJODPNCJOBUJFNFUFFO
WFOUJMBUJFLBTU JO EF NVVS PG BOEFSF UFDIOJTDIF WPPS[JFOJOHFO LBO
XPSEFOUPFHFWPFSE
3BBEQMFFHJOJFEFSHFWBMIFUCFESJKGEBUJOVXIVJT[PSHUWPPSEF
TDIPPSTUFFOSFJOJHJOH%JUCFESJKGJTJOTUBBUIFUUPUBMF
WFOUJMBUJFTZTUFFNWBOVXIVJTUFCFPPSEFMFOFOLBOFFOWPPSTUFM
EPFOWPPSQBTTFOEFNBBUSFHFMFOPQIFUHFCJFEWBOEF
MVDIUUPFWPFS
*OEJFOEFBG[VJHJOHBMMFFONFUSFDJSDVMBUJFXPSEUHFCSVJLUJTFFO
POCFQFSLUHFCSVJLNPHFMJKL
5LVLFRYDQOHWVHO
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO7FJMJHIFJETIBOETDIPFOFOESBHFO
*HYDDUYDQHHQHOHNWULVFKHVFKRN
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO)JFSEPPSLBOEFBBOTMVJULBCFMCFTDIBEJHESBLFO
"BOTMVJULBCFMOJFULOJLLFOPGBGLMFNNFOCJKEFJOTUBMMBUJF
5LVLFRYDQHHQHOHNWULVFKHVFKRN
#JOOFOESJOHFOE WPDIU LBO FFO TDIPL WFSPPS[BLFO;PSH FSWPPS EBU
EFTUFFLWFSCJOEJOHFOWBOEFFMFLUSPLBCFMT[JDICJOOFOIFU
HFCPVXCFWJOEFO
5LVLFRYDQHHQHOHNWULVFKHVFKRN
#JOOFOESJOHFOE WPDIU LBO FFO TDIPL WFSPPS[BLFO;PSH FSWPPS EBU
EFNPOUBHFQMBBUNFUHFTDIJLUNBUFSJBBMOBBSEFCVJUFOXBOEJT
BGHFEJDIU
9HUVWLNNLQJVJHYDDU
7FSQBLLJOHTNBUFSJBBMJTHFWBBSMJKLWPPSLJOEFSFO,JOEFSFOOPPJU
NFUWFSQBLLJOHTNBUFSJBBMMBUFOTQFMFO
$OJHPHQHDDQZLM]LQJHQ
/XFKWDIYRHU
$DQZLM]LQJ 7PPSLMBDIUFOEJFUFXJKUFO[JKOBBOEFCFCVJ[JOH
TUBBUEFGBCSJLBOUWBOIFUBQQBSBBUOJFUHBSBOU
■6WFSLSJKHUEFCFTUFXFSLJOHWBOIFUBQQBSBBUEPPSIFUPQFFO
LPSUFSFDIUMJKOJHFBGWPFSCVJTNFUFFO[PHSPPUNPHFMJKLF
EJBNFUFSBBOUFTMVJUFO
■#JKHFCSVJLWBOMBOHFSVXFBGWPFSCVJ[FOWFFMCPDIUFOPG
CVJTEJBNFUFSTLMFJOFSEBONNXPSEUIFUPQUJNBMF
MVDIUBGWPFSWFSNPHFOOJFUCFSFJLUFOJTIFUWFOUJMBUJFHFMVJE
IBSEFS
■%FCVJ[FOPGEFTMBOHFOEJFWPPSEFMVDIUBGWPFSXPSEFO
HFCSVJLUEJFOFOWBOFFOOJFUCSBOECBBSNBUFSJBBMUF[JKO
5RQGHEXL]HQ
8JKBEWJTFSFOFFOCJOOFOEJBNFUFSWBONNJOFMLHFWBMWBO
NJOTUFOTNN
9ODNNHEXL]HQ
%FCJOOFOEJBNFUFSNPFUPWFSFFOLPNFONFUEFEJBNFUFSWBOEF
SPOEFCVJ[FO
PPFDFP
PPFDFP
■7MBLLFCVJ[FONPHFOHFFOTDIFSQFPNCVJHJOHFOIFCCFO
■(FCSVJLCJKFFOBGXJKLFOEFCVJTEJBNFUFSFFOBGEJDIUTUSJQ
(OHNWULVFKHDDQVOXLWLQJ
: *HYDDUYDQHHQHOHNWULVFKHVFKRN
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO)JFSEPPSLBOEFBBOTMVJULBCFMCFTDIBEJHESBLFO
"BOTMVJULBCFMOJFULOJLLFOPGBGLMFNNFOCJKEFJOTUBMMBUJF
%FWFSFJTUFBBOTMVJUHFHFWFOTTUBBOPQIFUUZQFQMBBUKFWBOIFU
BQQBSBBU
%JUBQQBSBBUWPMEPFUBBOEFPOUTUPSJOHTWPPSTDISJGUFOWBOEF&(