Gaggenau AW230120 User manual

*9001070497*  

$: Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
Þ1RWLFHGHPRQWDJH
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
[
[
[
[
[
[
[
[
[
$
PP
PP
PLQ
PP
PD[
PP



%
[
PP
PP
PP
PP
PP



[

NJONN
NBYNN
F
E
[
D

E
D


PP
PP


D
E
[
D
E
F



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
%JF #SFJUF EFS %VOTUBC[VHTIBVCF NVTT NJOEFTUFOT EFS #SFJUF EFS
,PDITUFMMFFOUTQSFDIFO
'¼SEJF*OTUBMMBUJPON¼TTFOEJFBLUVFMMH¼MUJHFO#BVWPSTDISJGUFO
VOEEJF7PSTDISJGUFOEFS¶SUMJDIFO4USPNVOE(BTWFSTPSHFS
CFBDIUFUXFSEFO
#FJEFS"CMFJUVOHWPO"CMVGUTJOEEJFCFI¶SEMJDIFOVOEHFTFU[MJ
DIFO7PSTDISJGUFO[#-BOEFTCBVPSEOVOHFO[VCFBDIUFO
/HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFOG¼I
SFO%JF"CMVGUEBSGXFEFSJOFJOFOJO#FUSJFCCFGJOEMJDIFO3BVDI
PEFS"CHBTLBNJOOPDIJOFJOFO4DIBDIUXFMDIFSEFS&OUM¼GUVOH
WPO"VGTUFMMVOHTS¤VNFOWPO'FVFSTU¤UUFOEJFOUBCHFHFCFOXFS
EFO'BMMTEJF"CMVGUJOFJOFO3BVDIPEFS"CHBTLBNJOHFG¼ISU
XFSEFOTPMMEFSOJDIUJO#FUSJFCJTUNVTTEJF;VTUJNNVOHEFT
[VTU¤OEJHFO4DIPSOTUFJOGFHFSNFJTUFSTFJOHFIPMUXFSEFO
/HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFOG¼I
SFO
*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 ¼CFSTDISFJ
UFU%JFTLBOOFSSFJDIUXFSEFOXFOOEVSDIOJDIUWFSTDIMJFCBSF
GGOVOHFO[#JO5¼SFO'FOTUFSOJO7FSCJOEVOHNJUFJOFN
;VMVGU"CMVGUNBVFSLBTUFOPEFSEVSDIBOEFSFUFDIOJTDIF.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
/HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFOG¼I
SFO#FJ*OTUBMMBUJPOFJOFS-¼GUVOHNJUFJOFSLBNJOHFCVOEFOFO
'FVFSTUFMMFNVTTEJF4USPN[VG¼ISVOHEFS)BVCFNJUFJOFSHFFJH
OFUFO4JDIFSIFJUTTDIBMUVOHWFSTFIFOXFSEFO
%UDQGJHIDKU
%JF 'FUUBCMBHFSVOHFO JN 'FUUGJMUFS L¶OOFO TJDI FOU[¼OEFO %JF WPS
HFHFCFOFO 4JDIFSIFJUTBCTU¤OEF N¼TTFO FJOHFIBMUFO XFSEFO VN
FJOFO)JU[FTUBV[VWFSNFJEFO#FBDIUFO4JFEJF"OHBCFO[V
*ISFN,PDIHFS¤U8FSEFO(BTVOE&MFLUSP,PDITUFMMFO[VTBN
NFOCFUSJFCFOHJMUEFSHS¶UFBOHFHFCFOF"CTUBOE
%BT(FS¤UEBSGOVSBOFJOFS4FJUFEJSFLUOFCFOFJOFN)PDI
TDISBOLPEFSFJOFS8BOEJOTUBMMJFSUXFSEFO%FS"CTUBOE[VS
8BOEPEFS[VN)PDITDISBOLNVTTNJOENNCFUSBHFO
9HUOHW]XQJVJHIDKU
■#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO
4DIVU[IBOETDIVIFUSBHFO
7FSMFU[VOHTHFGBIS
■*TUEBT(FS¤UOJDIUPSEOVOHTHFN¤CFGFTUJHULBOOFTIFSBCGBM
MFO "MMF #FGFTUJHVOHTFMFNFOUF N¼TTFO GFTU VOE TJDIFS NPOUJFSU
XFSEFO
7FSMFU[VOHTHFGBIS
■%BT(FS¤UJTUTDIXFS;VN#FXFHFOEFT(FS¤UFTTJOE
 1FSTPOFOFSGPSEFSMJDI/VSHFFJHOFUF)JMGTNJUUFMWFSXFOEFO
6WURPVFKODJJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO%BT
"OTDIMVTTLBCFMLBOOCFTDI¤EJHUXFSEFO"OTDIMVTTLBCFMX¤I
SFOEEFS*OTUBMMBUJPOOJDIULOJDLFOPEFSFJOLMFNNFO
6WURPVFKODJJHIDKU
%JF 5SFOOVOH EFT (FS¤UFT WPN 4USPNOFU[ NVTT KFEFS[FJU N¶HMJDI
TFJO%BT(FS¤UEBSGOVSBOFJOFWPSTDISJGUTN¤JHJOTUBMMJFSUF
4DIVU[LPOUBLU4UFDLEPTFBOHFTDIMPTTFOXFSEFO'BMMTEFS4UF
DLFSOBDIEFN&JOCBVOJDIUNFISFSSFJDICBSJTUPEFSCFJFJOFN
FSGPSEFSMJDIFO'FTUBOTDIMVTTNVTTJOTUBMMBUJPOTTFJUJHFJOFBMMQP
MJHF5SFOOWPSSJDIUVOHNJUFJOFN,POUBLUBCTUBOEWPONJOE NN
WPSIBOEFOTFJO/VSFJOF&MFLUSPGBDILSBGUEBSGEFO'FTUBOTDIMVTT
BVTG¼ISFO
(UVWLFNXQJVJHIDKU
7FSQBDLVOHTNBUFSJBMJTUG¼S,JOEFSHFG¤ISMJDI,JOEFSOJFNJU7FS
QBDLVOHTNBUFSJBMTQJFMFOMBTTFO
$OOJHPHLQH+LQZHLVH
$FKWXQJ
(FS¤UFTDIBEFO
%JF 0CFSGM¤DIFO EFT (FS¤UFT TJOE FNQGJOEMJDI #FJ EFS *OTUBMMBUJPO
#FTDI¤EJHVOHFOWFSNFJEFO
$EOXIWEHWULHE
: /HEHQVJHIDKU
;VS¼DLHFTBVHUF7FSCSFOOVOHTHBTFL¶OOFO[V7FSHJGUVOHFOG¼I
SFO%JF"CMVGUEBSGXFEFSJOFJOFOJO#FUSJFCCFGJOEMJDIFO3BVDI
PEFS"CHBTLBNJOOPDIJOFJOFO4DIBDIUXFMDIFSEFS&OUM¼GUVOH
WPO"VGTUFMMVOHTS¤VNFOWPO'FVFSTU¤UUFOEJFOUBCHFHFCFOXFS
EFO'BMMTEJF"CMVGUJOFJOFO3BVDIPEFS"CHBTLBNJOHFG¼ISU
XFSEFOTPMMEFSOJDIUJO#FUSJFCJTUNVTTEJF;VTUJNNVOHEFT
[VTU¤OEJHFO4DIPSOTUFJOGFHFSNFJTUFSTFJOHFIPMUXFSEFO
8JSEEJF"CMVGUEVSDIEJF"VFOXBOEHFMFJUFUTPMMUFFJO5FMFTLPQ
.BVFSLBTUFOWFSXFOEFUXFSEFO
$EOXIWOHLWXQJ
+LQZHLV '¼S#FBOTUBOEVOHFOEJFBVGEJF3PISTUSFDLF[VS¼DL[V
G¼ISFOTJOE¼CFSOJNNUEFS)FSTUFMMFSEFT(FS¤UFTLFJOF(FX¤IS
MFJTUVOH
■%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
"CTBVHMFJTUVOHOJDIUFSSFJDIUVOEEBT-¼GUFSHFS¤VTDIXJSEMBV
UFS
■%JF3PISFPEFS4DIM¤VDIF[VN7FSMFHFOEFS"CMVGUMFJUVOHN¼T
TFO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


: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
■%JFCFJMJFHFOEFO4DISBVCFOVOE%¼CFMTJOEG¼SNBTTJWFT.BV
FSXFSL HFFJHOFU '¼S BOEFSF ,POTUSVLUJPOFO [# 3JHJQT 1PSFO
CFUPO1PSPUPO.BVFS[JFHFMN¼TTFOFOUTQSFDIFOEF
#FGFTUJHVOHTNJUUFMWFSXFOEFUXFSEFO
■%BTNBY(FXJDIUEFS%VOTUBC[VHTIBVCFCFUS¤HU NJ
(OHNWULVFKHU$QVFKOXVV
: 6WURPVFKODJJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO%BT
"OTDIMVTTLBCFMLBOOCFTDI¤EJHUXFSEFO"OTDIMVTTLBCFMX¤I
SFOEEFS*OTUBMMBUJPOOJDIULOJDLFOPEFSFJOLMFNNFO
%JF FSGPSEFSMJDIFO "OTDIMVTTEBUFO TUFIFO BVG EFN 5ZQFOTDIJME JN
*OOFOSBVNEFT(FS¤UFTEB[V.FUBMMGFUUGJMUFSBVTCBVFO
/lQJHGHU$QVFKOXVVOHLWXQJFDP
%JFTFT(FS¤UFOUTQSJDIUEFO&('VOLFOUTU¶SCFTUJNNVOHFO
: 6WURPVFKODJJHIDKU
%JF 5SFOOVOH EFT (FS¤UFT WPN 4USPNOFU[ NVTT KFEFS[FJU N¶HMJDI
TFJO%BT(FS¤UEBSGOVSBOFJOFWPSTDISJGUTN¤JHJOTUBMMJFSUF
4DIVU[LPOUBLU4UFDLEPTFBOHFTDIMPTTFOXFSEFO'BMMTEFS4UF
DLFSOBDIEFN&JOCBVOJDIUNFISFSSFJDICBSJTUPEFSCFJFJOFN
FSGPSEFSMJDIFO'FTUBOTDIMVTTNVTTJOTUBMMBUJPOTTFJUJHFJOFBMMQP
MJHF5SFOOWPSSJDIUVOHNJUFJOFN,POUBLUBCTUBOEWPONJOE NN
WPSIBOEFOTFJO/VSFJOF&MFLUSPGBDILSBGUEBSGEFO'FTUBOTDIMVTT
BVTG¼ISFO
*HUlWHPDH%LOG $
6LFKHUKHLWVDEVWlQGH%LOG %
,QVWDOODWLRQYRUEHUHLWHQ%LOG 
$FKWXQJ
4UFMMFO4JFTJDIFSEBTTTJDIJN#FSFJDIEFS#PISVOHFOLFJOF
4USPNMFJUVOHFO(BTPEFS8BTTFSSPISFCFGJOEFO
 7POEFS%FDLFCJT[VS6OUFSLBOUFEFS%VOTUBC[VHTIBVCFFJOF
TFOLSFDIUF.JUUFMMJOJFBOEJF8BOE[FJDIOFO
 1PTJUJPOFO G¼S EJF 4DISBVCFO VOE EJF ,POUVS EFT &JOI¤OHFCFSFJ
DIFTBO[FJDIOFO
 '¼OG -¶DIFS NJU   NN VOE #PISUJFGF  NN G¼S EJF #FGFTUJHVO
HFOCPISFOVOEEJF%¼CFMXBOEC¼OEJHFJOES¼DLFO
*HUlWPRQWLHUHQ
:DQGKDOWHUXQJPRQWLHUHQ
 )BMUFXJOLFMG¼SEJF,BNJOWFSCMFOEVOHBOTDISBVCFO %LOG D
 "VGI¤OHVOHFOG¼SEJF%VOTUBC[VHTIBVCFIBOEGFTUBOTDISBV
CFO %LOG E
+LQZHLV 4DISBVCFOOJDIUGFTU[JFIFO
 (FXJOEFCPM[FOTPXFJUFJOTDISBVCFOEBTTFSOPDI PP
BVTEFS8BOESBHU %LOG F
*HUlWDXIKlQJHQXQGDXVULFKWHQ
: 9HUOHW]XQJVJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO4DIVU[
IBOETDIVIFUSBHFO
 4DIVU[GPMJFWPN(FS¤U[VFSTUBOEFS3¼DLTFJUFVOEOBDIEFS
.POUBHFWPMMTU¤OEJHBC[JFIFO
 (FS¤UTPFJOI¤OHFOEBTTFTGFTUBOEFO"VGI¤OHVOHFOFJOSBT
UFU %LOG D
 (FS¤UEVSDI%SFIFOEFS"VGI¤OHVOHFOXBBHFSFDIUBVTSJDIUFO
#FJ#FEBSGEBT(FS¤UOBDISFDIUTPEFSMJOLTWFSTDIJFCFO
%LOG E
6LFKHUXQJVVFKUDXEHQEHIHVWLJHQ
 .FUBMMGFUUGJMUFSBVTCBVFO
 -¶DIFSG¼S4JDIFSVOHTTDISBVCFOBO[FJDIOFO %LOG 
 (FS¤UBCOFINFO
 -¶DIFS G¼S EJF 4JDIFSVOHTTDISBVCFO CPISFO VOE EJF %¼CFM XBOE
C¼OEJHFJOES¼DLFO
 (FS¤UTPFJOI¤OHFOEBTTFTGFTUBOEFO"VGI¤OHVOHFOFJOSBT
UFU
 (FS¤UEVSDI%SFIFOEFS"VGI¤OHVOHFOXBBHFSFDIUBVTSJDIUFO
#FJ#FEBSGEBT(FS¤UOBDISFDIUTPEFSMJOLTWFSTDIJFCFO
 4JDIFSVOHTTDISBVCFOCFGFTUJHFO
*HUlWEHIHVWLJHQ
 4DISBVCFO G¼S EJF "VGI¤OHVOH GFTU BO[JFIFO %BCFJ EJF "VGI¤O
HVOHGFTUIBMUFO %LOG D
 3¤OEFMNVUUFSGFTUBOESFIFO %LOG E
 .FUBMMGFUUGJMUFSFJOCBVFO
*HUlWDQVFKOLHHQ
+LQZHLVH
■#FJ"CMVGUCFUSJFCTPMMUFFJOF3¼DLTUBVLMBQQFFJOHFCBVUXFSEFO
*TUEFN(FS¤ULFJOF3¼DLTUBVLMBQQFCFJHFMFHULBOOTJF¼CFS
EFO'BDIIBOEFMCF[PHFOXFSEFO
■8JSEEJF"CMVGUEVSDIEJF"VFOXBOEHFMFJUFUTPMMUFFJO5FMFT
LPQ.BVFSLBTUFOWFSXFOEFUXFSEFO
$EOXIWYHUELQGXQJKHUVWHOOHQ
$EOXIWURKUPPHPSIRKOHQH*U|H
 "CMVGUSPISEJSFLUBN-VGUTUVU[FOCFGFTUJHFO
 7FSCJOEVOH[VS"CMVGU¶GGOVOHIFSTUFMMFO
 7FSCJOEVOHTTUFMMFOHFFJHOFUBCEJDIUFO
$EOXIWURKUPP
 3FEV[JFSTUVU[FOBN-VGUTUVU[FOCFGFTUJHFO
 "CMVGUSPISBN3FEV[JFSTUVU[FOCFGFTUJHFO
 7FSCJOEVOH[VS"CMVGU¶GGOVOHIFSTUFMMFO
 7FSCJOEVOHTTUFMMFOHFFJHOFUBCEJDIUFO
6WURPDQVFKOXVVKHUVWHOOHQ
 /FU[TUFDLFSJOEJF4DIVU[LPOUBLUTUFDLEPTFTUFDLFO
 #FJFJOFNFSGPSEFSMJDIFO'FTUBOTDIMVTTCJUUFEJF)JOXFJTFJN
,BQJUFM &MFLUSJTDIFS"OTDIMVTTCFBDIUFO
.DPLQYHUEOHQGXQJPRQWLHUHQ
: 9HUOHW]XQJVJHIDKU
#BVUFJMFJOOFSIBMCEFT(FS¤UFTL¶OOFOTDIBSGLBOUJHTFJO4DIVU[
IBOETDIVIFUSBHFO
 ,BNJOWFSCMFOEVOHFOUSFOOFO
%B[VEBT,MFCFCBOEBC[JFIFO
 4DIVU[GPMJFOBOCFJEFO,BNJOWFSCMFOEVOHFOBC[JFIFO
 ,BNJOWFSCMFOEVOHFOJOFJOBOEFSTDIJFCFO
+LQZHLVH
■6N,SBU[FS[VWFSNFJEFO1BQJFSBMT4DIVU[¼CFSEJF,BOUFO
EFS¤VFSFO,BNJOWFSCMFOEVOHMFHFO
■#FJ"CMVGUCFUSJFCEJFJOOFSF,BNJOWFSCMFOEVOHNJUEFO4DIMJU
[FOOBDIVOUFONPOUJFSFO
 ,BNJOWFSCMFOEVOHFOBVGEFN(FS¤UBVGTFU[FO
 *OOFSF,BNJOWFSCMFOEVOHOBDIPCFOTDIJFCFOVOEMJOLTVOE
SFDIUTBN)BMUFXJOLFMFJOI¤OHFO %LOG D
 ,BNJOWFSCMFOEVOHOBDIVOUFOFJOSBTUFO %LOG E
 ,BNJOWFSCMFOEVOH NJU [XFJ 4DISBVCFO TFJUMJDI BO EFO )BMUFXJO
LFMTDISBVCFO %LOG F
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
5IFXJEUIPGUIFFYUSBDUPSIPPENVTUDPSSFTQPOEBUMFBTUXJUIUIF
XJEUIPGUIFIPC
'PS UIF JOTUBMMBUJPO PCTFSWF UIF DVSSFOUMZ WBMJE CVJMEJOH SFHVMBUJPOT
BOEUIFSFHVMBUJPOTPGUIFMPDBMFMFDUSJDJUZBOEHBTTVQQMJFST
8IFO DPOWFZJOH UIF FYIBVTU BJS PGGJDJBM BOE MFHBM SFHVMBUJPOT FH
TUBUFCVJMEJOHSFHVMBUJPOTNVTUCFGPMMPXFE
5LVNRIGHDWK
3JTLPGQPJTPOJOHGSPNGMVFHBTFTUIBUBSFESBXOCBDLJO5IF
FYIBVTUBJSNVTUOPUCFDPOWFZFEJOUPBGVODUJPOJOHTNPLFPS
FYIBVTUHBTGMVFPSJOUPBTIBGUXIJDIJTVTFEUPWFOUJMBUF
JOTUBMMBUJPOSPPNTUIBUDPOUBJOIFBUJOHBQQMJBODFT*GUIFFYIBVTU
BJS JT UP CF DPOWFZFE JOUP B OPOGVODUJPOJOH TNPLF PS FYIBVTU HBT
GMVFZPVNVTUPCUBJOUIFDPOTFOUPGUIFIFBUJOHFOHJOFFS
SFTQPOTJCMF


'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 $IJNOFZ 4XFFQ )F
JTBCMFUPBTTFTTUIFIPVTFTFOUJSFWFOUJMBUJPOTFUVQBOEXJMM
TVHHFTUUIFTVJUBCMFWFOUJMBUJPONFBTVSFTUPZPV
6OSFTUSJDUFEPQFSBUJPOJTQPTTJCMFJGUIFWBQPVSFYUSBDUPSIPPEJT
PQFSBUFEFYDMVTJWFMZJOUIFDJSDVMBUJOHBJSNPEF
'DQJHURIGHDWK
3JTLPGQPJTPOJOHGSPNGMVFHBTFTUIBUBSFESBXOCBDLJO*G
JOTUBMMJOHBWFOUJMBUJPOTZTUFNJOBSPPNXJUIBIFBUQSPEVDJOH
BQQMJBODF DPOOFDUFE UP B DIJNOFZGMVF UIF FMFDUSJDJUZ TVQQMZ UP UIF
IPPENVTUCFFRVJQQFEXJUIBTVJUBCMFTBGFUZTXJUDI
5LVNRIILUH
(SFBTFEFQPTJUTJOUIFHSFBTFGJMUFSNBZDBUDIGJSF5IFTQFDJGJFE
TBGFUZEJTUBODFTNVTUCFPCTFSWFEJOPSEFSUPQSFWFOUBO
BDDVNVMBUJPOPGIFBU0CTFSWFUIFTQFDJGJDBUJPOTGPSZPVSDPPLJOH
BQQMJBODF*GHBTBOEFMFDUSJDIPCTBSFPQFSBUFEUPHFUIFSUIF
MBSHFTUTQFDJGJFEEJTUBODFBQQMJFT
0OMZPOFTJEFPGUIFBQQMJBODFNBZCFJOTUBMMFEEJSFDUMZOFYUUPB
IJHITJEFE VOJU PS B XBMM 5IF EJTUBODF CFUXFFO UIF BQQMJBODF BOE
XBMMPSIJHITJEFEVOJUNVTUCFBUMFBTUNN
5LVNRILQMXU\
■$PNQPOFOUT JOTJEF UIF BQQMJBODF NBZ IBWF TIBSQ FEHFT 8FBS
QSPUFDUJWFHMPWFT
3JTLPGJOKVSZ
■5IF BQQMJBODF NBZ GBMM EPXO JG JU IBT OPU CFFO QSPQFSMZ GBTUFOFE
JOQMBDF"MMGBTUFOJOHDPNQPOFOUTNVTUCFGJYFEGJSNMZBOE
TFDVSFMZ
3JTLPGJOKVSZ
■5IFBQQMJBODFJTIFBWZ5PNPWFUIFBQQMJBODF QFPQMFBSF
SFRVJSFE6TFPOMZTVJUBCMFUPPMTBOEFRVJQNFOU
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
*UNVTUBMXBZTCFQPTTJCMFUPEJTDPOOFDUUIFBQQMJBODFGSPNUIF
FMFDUSJDJUZTVQQMZ5IFBQQMJBODFNVTUPOMZCFDPOOFDUFEUPB
QSPUFDUJWFDPOUBDUTPDLFUXIJDIIBTCFFODPSSFDUMZJOTUBMMFE*GUIF
QMVH JT OP MPOHFS BDDFTTJCMF GPMMPXJOH JOTUBMMBUJPO PG UIF BQQMJBODF
PSBGJYFEDPOOFDUJPOJTSFRVJSFEBOBMMQPMFJTPMBUJOHTXJUDINVTU
CFQSFTFOUPOUIFJOTUBMMBUJPOTJEFXJUIBDPOUBDUHBQPGBUMFBTU
NN5IFGJYFEDPOOFDUJPONVTUPOMZCFJOTUBMMFECZBOFMFDUSJDJBO
'DQJHURIVXIIRFDWLRQ
1BDLBHJOHNBUFSJBMJTEBOHFSPVTUPDIJMESFO/FWFSBMMPXDIJMESFO
UPQMBZXJUIQBDLBHJOHNBUFSJBM
*HQHUDOLQIRUPDWLRQ
&DXWLRQ
%BNBHFUPUIFBQQMJBODF
5IF TVSGBDFT PG UIF BQQMJBODF BSF TFOTJUJWF "WPJE EBNBHJOH UIFN
EVSJOHJOTUBMMBUJPO
([KDXVWDLUPRGH
: 5LVNRIGHDWK
3JTLPGQPJTPOJOHGSPNGMVFHBTFTUIBUBSFESBXOCBDLJO5IF
FYIBVTUBJSNVTUOPUCFDPOWFZFEJOUPBGVODUJPOJOHTNPLFPS
FYIBVTUHBTGMVFPSJOUPBTIBGUXIJDIJTVTFEUPWFOUJMBUF
JOTUBMMBUJPOSPPNTUIBUDPOUBJOIFBUJOHBQQMJBODFT*GUIFFYIBVTU
BJS JT UP CF DPOWFZFE JOUP B OPOGVODUJPOJOH TNPLF PS FYIBVTU HBT
GMVFZPVNVTUPCUBJOUIFDPOTFOUPGUIFIFBUJOHFOHJOFFS
SFTQPOTJCMF
*GUIFFYIBVTUBJSJTDPOWFZFEUISPVHIUIFPVUFSXBMMBUFMFTDPQJD
XBMMCPYTIPVMECFVTFE
([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
&KHFNLQJWKHZDOO
■5IFXBMMNVTUCFMFWFMWFSUJDBMBOEBEFRVBUFMZMPBECFBSJOH
■5IFEFQUIPGUIFCPSFIPMFTNVTUCFUIFTBNFMFOHUIBTUIF
TDSFXT5IFXBMMQMVHTNVTUIBWFBTFDVSFHSJQ
■5IFFODMPTFETDSFXTBOEXBMMQMVHTBSFTVJUBCMFGPSTPMJE
CSJDLXPSL4VJUBCMFGBTUFOFSTNVTUCFVTFEGPSPUIFSTUSVDUVSFT
FHQMBTUFSCPBSEQPSPVTDPODSFUFQPSPUPOCSJDLT
■5IFNBYXFJHIUPGUIFFYUSBDUPSIPPEJT NJ
(OHFWULFDOFRQQHFWLRQ
: 5LVNRIHOHFWULFVKRFN
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT5IFTF
NBZEBNBHFUIFDPOOFDUJOHDBCMF%POPULJOLPSQJODIUIF
DPOOFDUJOHDBCMFEVSJOHJOTUBMMBUJPO
5IFSFRVJSFEDPOOFDUJPOEBUBDBOCFGPVOEPOUIFSBUJOHQMBUF
JOTJEFUIFBQQMJBODFUPEPUIJTSFNPWFUIFNFUBMNFTIHSFBTF
GJMUFS
/HQJWKRIWKHFDEOHDSSUR[P
5IJTBQQMJBODFDPNQMJFTXJUIUIF&$JOUFSGFSFODFTVQQSFTTJPO
SFHVMBUJPOT
: 5LVNRIHOHFWULFVKRFN
*UNVTUBMXBZTCFQPTTJCMFUPEJTDPOOFDUUIFBQQMJBODFGSPNUIF
FMFDUSJDJUZTVQQMZ5IFBQQMJBODFNVTUPOMZCFDPOOFDUFEUPB
QSPUFDUJWFDPOUBDUTPDLFUXIJDIIBTCFFODPSSFDUMZJOTUBMMFE*GUIF
QMVH JT OP MPOHFS BDDFTTJCMF GPMMPXJOH JOTUBMMBUJPO PG UIF BQQMJBODF
PSBGJYFEDPOOFDUJPOJTSFRVJSFEBOBMMQPMFJTPMBUJOHTXJUDINVTU
CFQSFTFOUPOUIFJOTUBMMBUJPOTJEFXJUIBDPOUBDUHBQPGBUMFBTU
NN5IFGJYFEDPOOFDUJPONVTUPOMZCFJOTUBMMFECZBOFMFDUSJDJBO


$SSOLDQFHGLPHQVLRQV)LJ $
6DIHW\FOHDUDQFHV)LJ %
3UHSDULQJIRULQVWDOODWLRQ)LJ
&DXWLRQ
&OTVSFUIBUUIFSFBSFOPFMFDUSJDXJSFTHBTPSXBUFSQJQFTJOUIF
BSFBXIFSFIPMFTBSFUPCFNBEF
 .BSL B WFSUJDBM DFOUSF MJOF PO UIF XBMM GSPN UIF DFJMJOH UP UIF MPXFS
FEHFPGUIFFYUSBDUPSIPPE
 .BSLUIFQPTJUJPOTGPSUIFTDSFXTBOEUIFDPOUPVSPGUIF
BUUBDINFOUBSFB
 %SJMMGJWFNNIPMFTUPBEFQUIPGNNGPSUIFBUUBDINFOUT
BOEQSFTTJOUIFXBMMQMVHTGMVTIXJUIUIFXBMM
,QVWDOOLQJWKHDSSOLDQFH
)LWWLQJWKHZDOOEUDFNHW
 4DSFXPOUIFBOHMFCSBDLFUGPSUIFGMVFEVDU )LJ D
 4DSFXPOCSBDLFUTGPSUIFFYUSBDUPSIPPEIBOEUJHIU )LJ E
1RWH %POPUGJSNMZUJHIUFOUIFTDSFXT
 4DSFX JO UIF UISFBEFE CPMU MFBWJOH JU QSPUSVEJOH PVU PG UIF XBMM CZ
²PP)LJ F
$WWDFKLQJDQGDOLJQLQJWKHDSSOLDQFH
: 5LVNRILQMXU\
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT8FBS
QSPUFDUJWFHMPWFT
 'JSTUSFNPWFUIFQSPUFDUJWFGPJMGSPNUIFCBDLPGUIFBQQMJBODF
BOEGPMMPXJOHJOTUBMMBUJPOSFNPWFUIFGPJMDPNQMFUFMZ
 8IFO BUUBDIJOH UIF BQQMJBODF FOTVSF UIBU JU FOHBHFT GJSNMZ XJUI
UIFCSBDLFUT )LJD
 "MJHOUIFBQQMJBODFIPSJ[POUBMMZCZUVSOJOHUIFCSBDLFUT*G
SFRVJSFENPWFUIFBQQMJBODFUPUIFSJHIUPSUPUIFMFGU )LJE
6HFXULQJWKHVDIHW\VFUHZV
 3FNPWFUIFNFUBMHSFBTFGJMUFS
 .BSLUIFIPMFTGPSUIFTBGFUZTDSFXT )LJ 
 3FNPWFUIFBQQMJBODF
 #PSFUIFIPMFTGPSUIFTBGFUZTDSFXTBOEQSFTTJOUIFXBMMQMVHT
TPUIBUUIFZBSFGMVTIXJUIUIFXBMM
 8IFO BUUBDIJOH UIF BQQMJBODF FOTVSF UIBU JU FOHBHFT GJSNMZ XJUI
UIFCSBDLFUT
 "MJHOUIFBQQMJBODFIPSJ[POUBMMZCZUVSOJOHUIFCSBDLFUT*G
SFRVJSFENPWFUIFBQQMJBODFUPUIFSJHIUPSUPUIFMFGU
 4FDVSFUIFTBGFUZTDSFXT
6HFXULQJWKHDSSOLDQFH
 'JSNMZUJHIUFOUIFTDSFXTGPSUIFCSBDLFUT)PMEUIFCSBDLFUT
UJHIUMZXIFOEPJOHTP )LJD
 'JSNMZUJHIUFOUIFLOVSMFEOVUT )LJ E
 'JUUIFNFUBMHSFBTFGJMUFS
&RQQHFWLQJWKHDSSOLDQFHWRWKHSRZHUVXSSO\
1RWHV
■'PSFYIBVTUBJSPQFSBUJPOBCBDLGMPXGMBQTIPVMECFGJUUFE*GB
CBDLGMPX GMBQ IBT OPU CFFO JODMVEFE XJUI UIF BQQMJBODF JU DBO CF
PCUBJOFEGSPNBTQFDJBMJTUSFUBJMFS
■*G UIF FYIBVTU BJS JT DPOWFZFE UISPVHI UIF PVUFS XBMM B UFMFTDPQJD
XBMMCPYTIPVMECFVTFE
&RQQHFWLQJWKHDLUH[WUDFWRU
([KDXVWDLUSLSHPPUHFRPPHQGHGVL]H
 "UUBDIUIFFYIBVTUBJSQJQFEJSFDUMZUPUIFBJSQJQFDPOOFDUPS
 $POOFDUJUUPUIFBJSFYUSBDUPSPQFOJOH
 4FBMUIFKPJOUTBQQSPQSJBUFMZ
([KDXVWDLUSLSHPP
 "UUBDIUIFSFEVDJOHDPOOFDUPSUPUIFBJSQJQFDPOOFDUPS
 4FDVSFUIFFYIBVTUBJSQJQFUPUIFSFEVDJOHDPOOFDUPS
 $POOFDUJUUPUIFBJSFYUSBDUPSPQFOJOH
 4FBMUIFKPJOUTBQQSPQSJBUFMZ
(VWDEOLVKLQJDFRQQHFWLRQWRWKHPDLQV
 1MVHUIFNBJOTQMVHJOUPUIFFBSUIFETPDLFU
 *GBGJYFEDPOOFDUJPOJTSFRVJSFEGPMMPXUIFJOTUSVDUJPOTJOUIF
&MFDUSJDBMDPOOFDUJPOTFDUJPO
$WWDFKLQJWKHIOXHGXFW
: 5LVNRILQMXU\
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT8FBS
QSPUFDUJWFHMPWFT
 4FQBSBUFUIFGMVFEVDUT
5PEPUIJTSFNPWFUIFBEIFTJWFUBQF
 3FNPWFUIFQSPUFDUJWFGPJMGSPNCPUIGMVFEVDUT
 1VTIPOFGMVFEVDUJOUPUIFPUIFS
1RWHV
■5PQSFWFOUTDSBUDIFTMBZQBQFSPWFSUIFFEHFTPGUIFMPXFS
GMVFEVDUUPQSPUFDUUIFTVSGBDF
■'PS EVDUFE PQFSBUJPO GJU UIF JOOFS GMVF EVDU XJUI JUT TMPUT GBDJOH
EPXOXBSET
 1MBDFUIFGMVFEVDUTPOUIFBQQMJBODF
 1VTIUIFJOOFSGMVFEVDUVQXBSETBOEBUUBDIJUUPUIFGJYJOH
CSBDLFUTPOUIFMFGUBOESJHIU )LJD
 1SFTTUIFGMVFEVDUEPXOXBSETVOUJMJUFOHBHFT )LJE
 4DSFXUIFGMVFEVDUUPUIFTJEFTPGUIFGJYJOHCSBDLFUVTJOHUXP
TDSFXT )LJF
fr
Þ/PUJDFEFNPOUBHF
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
-JSFBUUFOUJWFNFOUDFNBOVFM$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©
-BMBSHFVSEFMBIPUUFBTQJSBOUFEPJU©RVJWBMPJSDFMMFEFMBUBCMF
EFDVJTTPO
-࣐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[
-FNPEFE©WBDVBUJPOEFMBJSWJDJ©EFWSBªUSFDPOGPSNFBVY
BSSªU©T NVOJDJQBVY QS©GFDUPSBVY FU BVY QSFTDSJQUJPOT M©HBMFT QBS
FYBVYPSEPOOBODFTQVCMJRVFTBQQMJDBCMFTBVC¢UJNFOU
'DQJHUGHPRUW 
*M Z B SJTRVF EJOUPYJDBUJPO QBS S©BTQJSBUJPO EFT HB[ EF DPNCVTUJPO
-࣐BJSTPSUBOUOFEPJUQ©O©USFSOJEBOTVOFDIFNJO©FFOTFSWJDF
EFTUJO©F  ©WBDVFS MB GVN©F PV EFT HB[ CS»M©T OJ EBOT VOF HBJOF
TFSWBOUB©SFSMFTMPDBVYP¹TPOUJOTUBMM©TEFTGPZFST
DPNCVTUJPO4JM࣐BJSTPSUBOUDJSDVMFQBSVOFDIFNJO©FOPOFO
TFSWJDFEFTUJO©F©WBDVFSMBGVN©FPVEFTHB[CS»M©TJMGBVESB
WPVTQSPDVSFSM࣐BDDPSEEVSBNPOFVSDPNQ©UFOUEBOTWPUSF
RVBSUJFS
'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
'DQJHUGHPRUW 
*M Z B SJTRVF EJOUPYJDBUJPO QBS S©BTQJSBUJPO EFT HB[ EF DPNCVTUJPO
-PSTEFMJOTUBMMBUJPOEVOFWFOUJMBUJPOBWFDVOGPZFSSFMJ©VOF
DIFNJO©F MBMJNFOUBUJPO ©MFDUSJRVF EF MB IPUUF EPJU ªUSF NVOJF EVO
DJSDVJUEFT©DVSJU©BQQSPQSJ©
5LVTXHGLQFHQGLH 
-FT E©Q´UT EF HSBJTTF EBOT MF GJMUSF  HSBJTTF QFVWFOU TFOGMBNNFS
-FTEJTUBODFTEFT©DVSJU©JOEJRV©FTEPJWFOUªUSFSFTQFDU©FTBGJO
E©WJUFSVOFBDDVNVMBUJPOEFDIBMFVS7FVJMMF[SFTQFDUFSMFT
JOEJDBUJPOTSFMBUJWFTWPUSFBQQBSFJMEFDVJTTPO4JWPUSFUBCMFEF
DVJTTPODPNCJOFEFTGPZFSTHB[FU©MFDUSJRVFM©DBSUNBYJNBM
T࣐BQQMJRVF
*MFTUQFSNJTEFNPOUFSMBQQBSFJMBWFDVOTFVMDPU©EJSFDUFNFOU
D´U©EVONFVCMFIBVUPVQS¨TEVONVSIBVU-BEJTUBODFWFSTMB
QBSPJPVMFNFVCMFIBVUEPJUªUSFEBVNPJOTNN
5LVTXHGHEOHVVXUH 
■%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFT
BSªUFTWJWFT1PSUFSEFTHBOUTEFQSPUFDUJPO
3JTRVFEFCMFTTVSF 
■4J MBQQBSFJM OFTU QBT DPSSFDUFNFOU GJY© JM QFVU UPNCFS 5PVT MFT
©M©NFOUT EF GJYBUJPO EPJWFOU ªUSF NPOU©T TPMJEFNFOU FU EF GB§PO
T»SF
3JTRVFEFCMFTTVSF 
■-BQQBSFJMFTUMPVSE QFSTPOOFTTPOUO©DFTTBJSFTQPVS
E©QMBDFSMBQQBSFJM6UJMJTFSFYDMVTJWFNFOUEFTNPZFOT
BQQSPQSJ©T
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 
" UPVU NPNFOU JM EPJU ªUSF QPTTJCMF EF T©QBSFS MBQQBSFJM EV S©TFBV
©MFDUSJRVF-BQQBSFJMEPJUªUSFSBDDPSE©JNQ©SBUJWFNFOUVOF
QSJTF EF DPVSBOU EF T©DVSJU© JOTUBMM©F EF NBOJ¨SF S©HMFNFOUBJSF 4J
MBQSJTFOFTUQMVTBDDFTTJCMFBQS¨TNPOUBHFPVTJVO
SBDDPSEFNFOU FO GJYF FTU JOEJTQFOTBCMF JM GBVU QS©WPJS D´U© TFDUFVS
VOEJTQPTJUJGEFDPVQVSFPNOJQPMBJSFBWFDVO©DBSUFNFOUEFT
DPOUBDUTEBVNPJOTNN-FSBDDPSEFNFOUFTUFYDMVTJWFNFOU
S©TFSW©VO©MFDUSJDJFORVBMJGJ©
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
$WWHQWLRQ
%PNNBHFEFMBQQBSFJM
-FT TVSGBDFT EF M࣐BQQBSFJM TF QFVWFOU GBDJMFNFOU TF SBZFS -PST EF
M࣐JOTUBMMBUJPO©WJUF[EFMFTFOEPNNBHFS
0RGHeYDFXDWLRQGHO·DLU
: 'DQJHUGHPRUW 
*M Z B SJTRVF EJOUPYJDBUJPO QBS S©BTQJSBUJPO EFT HB[ EF DPNCVTUJPO
-࣐BJSTPSUBOUOFEPJUQ©O©USFSOJEBOTVOFDIFNJO©FFOTFSWJDF
EFTUJO©F  ©WBDVFS MB GVN©F PV EFT HB[ CS»M©T OJ EBOT VOF HBJOF
TFSWBOUB©SFSMFTMPDBVYP¹TPOUJOTUBMM©TEFTGPZFST
DPNCVTUJPO4JM࣐BJSTPSUBOUDJSDVMFQBSVOFDIFNJO©FOPOFO
TFSWJDFEFTUJO©F©WBDVFSMBGVN©FPVEFTHB[CS»M©TJMGBVESB
WPVTQSPDVSFSM࣐BDDPSEEVSBNPOFVSDPNQ©UFOUEBOTWPUSF
RVBSUJFS
4JM࣐BJSTPSUBOUUSBWFSTFMBQBSPJFYU©SJFVSFJMGBVESBJUVUJMJTFSVOF
WFOUPVTFU©MFTDPQJRVF
&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©
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
■-FTWJTFUDIFWJMMFTDJKPJOUFTDPOWJFOOFOUQPVSMBNB§POOFSJF
NBTTJWF &O QS©TFODF E࣐BVUSFT NBU©SJBVY EF DPOTUSVDUJPO Q FY
MBQMBRVFEFQM¢USFMFC©UPODFMMVMBJSFMFTCSJRVFT1PSPUPOJM
GBVUVUJMJTFSEFTNPZFOTEFGJYBUJPODPSSFTQPOEBOUT
■-BIPUUFBTQJSBOUFQ¨TF NJNBY
%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EBOTMFDPNQBSUJNFOUJOU©SJFVSEFM࣐BQQBSFJM
QPVSDFGBJSFSFUJSF[MFGJMUSFN©UBMMJRVFHSBJTTF
/RQJXHXUGXFkEOHGHEUDQFKHPHQWHQYP
$FUBQQBSFJMFTUDPOGPSNFBVYEJTQPTJUJPOT$&S©HJTTBOU
M࣐BOUJQBSBTJUBHF
: 5LVTXHG·pOHFWURFXWLRQ 
" UPVU NPNFOU JM EPJU ªUSF QPTTJCMF EF T©QBSFS MBQQBSFJM EV S©TFBV
©MFDUSJRVF-BQQBSFJMEPJUªUSFSBDDPSE©JNQ©SBUJWFNFOUVOF
QSJTF EF DPVSBOU EF T©DVSJU© JOTUBMM©F EF NBOJ¨SF S©HMFNFOUBJSF 4J
MBQSJTFOFTUQMVTBDDFTTJCMFBQS¨TNPOUBHFPVTJVO
SBDDPSEFNFOU FO GJYF FTU JOEJTQFOTBCMF JM GBVU QS©WPJS D´U© TFDUFVS
VOEJTQPTJUJGEFDPVQVSFPNOJQPMBJSFBWFDVO©DBSUFNFOUEFT
DPOUBDUTEBVNPJOTNN-FSBDDPSEFNFOUFTUFYDMVTJWFNFOU
S©TFSW©VO©MFDUSJDJFORVBMJGJ©
'LPHQVLRQVGHODSSDUHLOILJ $
'LVWDQFHVGHVpFXULWpILJ%
3UpSDUHUOLQVWDOODWLRQILJ
$WWHQWLRQ
7FJMMF[  DF RVJM OZ BJU QBT EF DPOEVJUFT ©MFDUSJRVFT EF UVZBVY EF
HB[PVEFBVBVOJWFBVEFTQFS§BHFT
 %VQMBGPOEBVCPSEJOG©SJFVSEFMBIPUUFBTQJSBOUFUSBDFSVOF
MJHOFN©EJBOFWFSUJDBMFTVSMFNVS
 .BSRVFSMFTFNQMBDFNFOUTEFTWJTFUMFDPOUPVSEFMB[POF
E࣐BDDSPDIBHF
 1PVS MFT GJYBUJPOT QFSDFS DJOR USPVT EF  NN EF  FU QSPGPOET EF
NNQVJTFOGPODFSMFTDIFWJMMFTKVTRV࣐GMFVSEVNVS

 
0RQWHUODSSDUHLO
0RQWDJHGHODIL[DWLRQPXUDOH
 7JTTFSMBDPSOJ¨SFBGGFDU©FBVDBQPUEFMBDIFNJO©F ILJ D
 7JTTFSMFTEJTQPTJUJGTE࣐BDDSPDIBHFEFMBIPUUFBTQJSBOUFMB
NBJOTFVMFNFOU ILJ E
5HPDUTXH /FQBTTFSSFSMFTWJT
 7JTTFSMFCPVMPOGJMFU©BVTTJMPJORVFQPTTJCMFEFTPSUFRVJM
E©QBTTFFODPSFEF PPEVNVS ILJ F
$FFURFKHUHWDOLJQHUO·DSSDUHLO
: 5LVTXHGHEOHVVXUH 
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT1PSUFSEFTHBOUTEFQSPUFDUJPO
 3FUJSFSMBQFMMJDVMFQSPUFDUSJDFE࣐BCPSEEVEPTEFMBQQBSFJMQVJT
JOU©HSBMFNFOUVOFGPJTMFNPOUBHFBDIFW©
 "DDSPDIFS M࣐BQQBSFJM EF TPSUF RV࣐JM TFODSBOUF GFSNFNFOU EBOT MFT
QJ¨DFTE࣐BDDSPDIBHF ILJD
 "MJHOFSMBQQBSFJMIPSJ[POUBMFNFOUFOUPVSOBOUMFTQJ¨DFT
EBDDSPDIBHF4JO©DFTTBJSFE©QMBDFSMBQQBSFJMWFSTMBHBVDIF
PVMBESPJUF ILJE
)L[HUOHVYLVGHVpFXULVDWLRQ
 %©QPTFSMFGJMUSFHSBJTTFN©UBMMJRVF
 5SBDFSMFTUSPVTEFTWJTEFT©DVSJTBUJPO ILJ 
 &OMFWFSMBQQBSFJM
 1FSDFSMFTUSPVTQPVSMFTWJTEFT©DVSJTBUJPOFUFOGPODFSMFT
DIFWJMMFSB[EVNVS
 "DDSPDIFS M࣐BQQBSFJM EF TPSUF RV࣐JM TFOHBHF GFSNFNFOU EBOT MFT
EJTQPTJUJGTE࣐BDDSPDIBHF
 "MJHOFSMBQQBSFJMMIPSJ[POUBMFFOUPVSOBOUMFTEJTQPTJUJGT
EBDDSPDIBHF4JO©DFTTBJSFE©DBMFSMBQQBSFJMWFSTMBESPJUFPV
MBHBVDIF
 'JYFSMFTWJTEFT©DVSJTBUJPO
)L[HUO·DSSDUHLO
 4FSSFSGFSNFNFOUMFTWJTEVEJTQPTJUJGEBDDSPDIBHF5PVUFO
NBJOUFOBOUMFEJTQPTJUJGEBDDSPDIBHF ILJ D
 4FSSFSGFSNFNFOUM©DSPVNPMFU© ILJ E
 .FUUSFFOQMBDFMFGJMUSFN©UBMMJRVFHSBJTTF
5DFFRUGHPHQWGHODSSDUHLO
5HPDUTXHV
■&ONPEFWBDVBUJPOEFMBJSVODMBQFUBOUJSFUPVSEPJUªUSF
JOTUBMM©4JVODMBQFUBOUJSFUPVSOFTUQBTKPJOUMBQQBSFJMJMFTU
FOWFOUFEBOTMFDPNNFSDFTQ©DJBMJT©
■4JM࣐BJSTPSUBOUUSBWFSTFMBQBSPJFYU©SJFVSFJMGBVESBJUVUJMJTFSVOF
WFOUPVTFU©MFTDPQJRVF
5pDOLVHUOHUDFFRUGHPHQWGHOpYDFXDWLRQGHODLU
&RQGXLWG·pYDFXDWLRQPPGLDPqWUHUHFRPPDQGp
 'JYFSMFDPOEVJUE©WBDVBUJPOEJSFDUFNFOUTVSMFNBODIPO
E࣐©WBDVBUJPO
 3©BMJTFSMBKPODUJPOWFSTMPSJGJDFE©WBDVBUJPOEBJS
 UBODIFSMFT[POFTEFKPODUJPOEFGB§POBQQSPQSJ©F
&RQGXLWG·pYDFXDWLRQPP
 'JYFSMFNBODIPOS©EVDUFVSDPOUSFMFNBODIPOE࣐©WBDVBUJPO
 'JYFSMFDPOEVJUE࣐©WBDVBUJPODPOUSFMFNBODIPOS©EVDUFVS
 3©BMJTFSMBKPODUJPOWFSTMPSJGJDFE©WBDVBUJPOEBJS
 UBODIFSMFT[POFTEFKPODUJPOEFGB§POBQQSPQSJ©F
5pDOLVHUOHUDFFRUGHPHQWpOHFWULTXH
 #SBODIF[MBGJDIFTFDUFVSTVSMBQSJTFBWFDUFSSF
 4J VO SBDDPSEFNFOU GJYF FTU O©DFTTBJSF SFTQFDUF[ MFT DPOTJHOFT
EBOTMFDIBQJUSF 3BDDPSEFNFOU©MFDUSJRVF
0RQWHUOHFDSRWGHFKHPLQpH
: 5LVTXHGHEOHVVXUH 
%FTQJ¨DFTMJOU©SJFVSEFMBQQBSFJMQFVWFOUQS©TFOUFSEFTBSªUFT
WJWFT1PSUFSEFTHBOUTEFQSPUFDUJPO
 4©QBSFSMFTDBQPUTEFDIFNJO©F
1PVSDFGBJSFSFUJSFSMFSVCBOBEI©TJG
 3FUJSFSMFTQFMMJDVMFTQSPUFDUSJDFTSFDPVWSBOUMFTEFVYDBQPUTEF
DIFNJO©F
 'BJSFDPVMJTTFSMFTDBQPUTEFDIFNJO©FM࣐VOEBOTM࣐BVUSF
5HPDUTXHV
■1PVS©WJUFSMFTSBZVSFTQPTFSEVQBQJFSUJUSFEFQSPUFDUJPO
TVSMFTCPSETEVDBQPUFYU©SJFVS
■&ODBTEFGPODUJPOOFNFOUFONPEFWBDVBUJPOEFMBJS
NPOUFSMFDBQPUEFDIFNJO©FJOU©SJFVSMFTGFOUFTPSJFOU©FT
WFSTMFCBT
 1PTFSMFTDBQPUTEFDIFNJO©FTVSM࣐BQQBSFJM
 1PVTTFS MF DBQPU EF DIFNJO©F JOU©SJFVS WFST MF IBVU FU MBDDSPDIFS
TVSMFTD´U©THBVDIFFUESPJUDPOUSFMBDPSOJ¨SFEFSFUFOVF
)LJ D
 &ODMFODIFSMFDBQPUEFDIFNJO©FWFSTMFCBT )LJE
 "M࣐BJEFEFEFVYWJTWJTTFSMFDBQPUEFDIFNJO©FMBU©SBMFNFOU
DPOUSFMBDPSOJ¨SFEFSFUFOVF )LJF
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
-BMBSHIF[[BEFMMBDBQQBEJBTQJSB[JPOFEFWFDPSSJTQPOEFSF
BMNFOPBMMBMBSHIF[[BEFJQVOUJEJDPUUVSB
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
1FS RVBOUP DPODFSOF MB DPOEV[JPOF EFMMBSJB FTBVTUB ¨ OFDFTTBSJP
SJTQFUUBSFMFOPSNBUJWFEJMFHHFVGGJDJBMJBEFTOPSNBUJWF
VSCBOJTUJDIFQSPWJODJBMJ
3HULFRORGLPRUWH
*HBTEJDPNCVTUJPOFSJBTQJSBUJQPTTPOPDBVTBSFBWWFMFOBNFOUP
-࣐BSJB FTBVTUB OPO EFWF FTTFSF JNNFTTB JO VO DBNJOP QFS JM GVNP
P QFS J HBT EJ TDBSJDP GVO[JPOBOUF O© JO VO QP[[P EJ BFSB[JPOF EFJ
MPDBMJEJJOTUBMMB[JPOFEJGPDPMBSJ/FMDBTPJODVJM࣐BSJBFTBVTUB
EFCCBFTTFSFJNNFTTBJOVODBNJOPQFSGVNPPHBTEJTDBSJDP
OPOJOGVO[JPOF¨OFDFTTBSJPPUUFOFSFM࣐BVUPSJ[[B[JPOFEJVO
UFDOJDPTQFDJBMJ[[BUP
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PRUWH
*HBTEJDPNCVTUJPOFSJBTQJSBUJQPTTPOPDBVTBSFBWWFMFOBNFOUP
*ODBTPEJJOTUBMMB[JPOFEJVOTJTUFNBEJBTQJSB[JPOF
DPOUFNQPSBOFBNFOUFBVOGPDPMBSFDPMMFHBUPBMDBNJOP
MBMJNFOUB[JPOFEFMMBDBQQBEFWFFTTFSFQSPWWJTUBEJVOBEFHVBUP
DPNBOEPEJTJDVSF[[B
3HULFRORGLLQFHQGLR
*EFQPTJUJEJHSBTTPQSFTFOUJOFMGJMUSPQFSHSBTTJQPTTPOP
JODFOEJBSTJ-FEJTUBO[FEJTJDVSF[[BQSFTDSJUUFEFWPOPFTTFSF
NBOUFOVUFQFSFWJUBSFVOBDDVNVMPEJDBMPSF"UUFOFSTJBMMF
JOEJDB[JPOJ SFMBUJWF BM QSPQSJP QJBOP EJ DPUUVSB 4F WFOHPOP JOTUBMMBUJ
QVOUJ EJ DPUUVSB B HBT FE FMFUUSJDJ JOTJFNF ¨ OFDFTTBSJP SJTQFUUBSF MB
EJTUBO[BNBTTJNBJOEJDBUB
-࣐BQQBSFDDIJP EFWF FTTFSF JOTUBMMBUP TPMP TV VO MBUP EJSFUUBNFOUF B
GJBODPEJVOBSNBEJPBMUPPVOBQBSFUF-BEJTUBO[BEBMMBQBSFUFP
EBVOBSNBEJPBMUPEFWFFTTFSFEJBMNFOPNN
3HULFRORGLOHVLRQL
■"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ*OEPTTBSFHVBOUJQSPUFUUJWJ
1FSJDPMPEJMFTJPOJ
■4FMBQQBSFDDIJPOPOWJFOFGJTTBUPDPSSFUUBNFOUFQV²DBEFSF
5VUUJHMJFMFNFOUJEJGJTTBHHJPEFWPOPFTTFSFNPOUBUJJONPEP
TBMEPFTJDVSP
1FSJDPMPEJMFTJPOJ
■-BQQBSFDDIJP¨QFTBOUF1FSTQPTUBSMPPDDPSSPOP QFSTPOF
6UJMJ[[BSFFTDMVTJWBNFOUFBVTJMJBEFHVBUJ
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
%FWFFTTFSFQPTTJCJMFJORVBMTJBTJNPNFOUPTFQBSBSF
MBQQBSFDDIJPEBMMBSFUFFMFUUSJDB-BQQBSFDDIJPQV²FTTFSF
DPMMFHBUPTPMBNFOUFBVOBQSFTBDPONFTTBBUFSSBJOTUBMMBUB
TFDPOEPMFJTUSV[JPOJ4FJOTFHVJUPBMNPOUBHHJPMBTQJOBOPO
SJTVMUBQJ¹BDDFTTJCJMFPJODBTPEJBMMBDDJBNFOUPGJTTPPDDPSSF
QSFEJTQPSSFBMNPNFOUPEFMMJOTUBMMB[JPOFVOEJTQPTJUJWPEJ
TFQBSB[JPOFVOJWFSTBMFDPOVOBEJTUBO[BEJDPOUBUUPEJBMNFOP
NN-࣐BMMBDDJBNFOUPGJTTPEFWFFTTFSFFTFHVJUPFTDMVTJWBNFOUF
EBVOUFDOJDPTQFDJBMJ[[BUP
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
$WWHQ]LRQH
%BOOJBMMBQQBSFDDIJP
-FTVQFSGJDJEFMM࣐BQQBSFDDIJPTPOPEFMJDBUF&WJUBSFEBOOJEVSBOUF
MJOTUBMMB[JPOF
0RGDOLWjDVSLUD]LRQH
: 3HULFRORGLPRUWH
*HBTEJDPNCVTUJPOFSJBTQJSBUJQPTTPOPDBVTBSFBWWFMFOBNFOUP
-࣐BSJB FTBVTUB OPO EFWF FTTFSF JNNFTTB JO VO DBNJOP QFS JM GVNP
P QFS J HBT EJ TDBSJDP GVO[JPOBOUF O© JO VO QP[[P EJ BFSB[JPOF EFJ
MPDBMJEJJOTUBMMB[JPOFEJGPDPMBSJ/FMDBTPJODVJM࣐BSJBFTBVTUB
EFCCBFTTFSFJNNFTTBJOVODBNJOPQFSGVNPPHBTEJTDBSJDP
OPOJOGVO[JPOF¨OFDFTTBSJPPUUFOFSFM࣐BVUPSJ[[B[JPOFEJVO
UFDOJDPTQFDJBMJ[[BUP
4FM࣐BSJBFTBVTUBWJFOFDPOEPUUBBUUSBWFSTPMBQBSFUFFTUFSOB¨
OFDFTTBSJPVUJMJ[[BSFVOBDBTTFUUBNVSBMFUFMFTDPQJDB
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
&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
■-FWJUJFJUBTTFMMJJOEPUB[JPOFTPOPQSPHFUUBUJQFSNVSJNBTTJDDJ
JO NBUUPOJ 1FS BMUSJ UJQJ EJ DPTUSV[JPOJ BE FT 3JHJQT DBMDFTUSV[[P
QPSPTPNBUUPOJ1PSPUPO¨OFDFTTBSJPVUJMJ[[BSFFMFNFOUJEJ
GJTTBHHJPBEFHVBUJ
■*MQFTPNBYEFMMBDBQQBEJBTQJSB[JPOF¨QBSJB NJ
&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EJDPMMFHBNFOUPOFDFTTBSJTPOPTVMMBUBSHIFUUBJEFOUJGJDBUJWB
OFMMB QBSUF JOUFSOB EFMM࣐BQQBSFDDIJP B UBMF TDPQP SJNVPWFSF JM GJMUSP
NFUBMMJDPBOUJHSBTTP
/XQJKH]]DGHOFDYRGLFROOHJDPHQWRFLUFDP
2VFTUPBQQBSFDDIJP¨DPOGPSNFBJSFRVJTJUJEJQSPUF[JPOF3'*
EFMM࣐6OJPOF&VSPQFB
: 3HULFRORGLVFDULFDHOHWWULFD
%FWFFTTFSFQPTTJCJMFJORVBMTJBTJNPNFOUPTFQBSBSF
MBQQBSFDDIJPEBMMBSFUFFMFUUSJDB-BQQBSFDDIJPQV²FTTFSF
DPMMFHBUPTPMBNFOUFBVOBQSFTBDPONFTTBBUFSSBJOTUBMMBUB
TFDPOEPMFJTUSV[JPOJ4FJOTFHVJUPBMNPOUBHHJPMBTQJOBOPO
SJTVMUBQJ¹BDDFTTJCJMFPJODBTPEJBMMBDDJBNFOUPGJTTPPDDPSSF
QSFEJTQPSSFBMNPNFOUPEFMMJOTUBMMB[JPOFVOEJTQPTJUJWPEJ
TFQBSB[JPOFVOJWFSTBMFDPOVOBEJTUBO[BEJDPOUBUUPEJBMNFOP
NN-࣐BMMBDDJBNFOUPGJTTPEFWFFTTFSFFTFHVJUPFTDMVTJWBNFOUF
EBVOUFDOJDPTQFDJBMJ[[BUP
'LPHQVLRQLGHOODSSDUHFFKLRILJ $
'LVWDQ]HGLVLFXUH]]DILJ%
3UHSDUD]LRQHGHOOLQVWDOOD]LRQHILJ
$WWHQ]LRQH
"DDFSUBSTJDIFOFMMBSFBEFJGPSJOPOTJBOPQSFTFOUJDBWJFMFUUSJDJO©
DPOEVUUVSFEFMHBTPEFMMBDRVB
 %BMTPGGJUUPGJOPBMMPTQJHPMPJOGFSJPSFEFMMBDBQQBEJBTQJSB[JPOF
EJTFHOBSFVOBMJOFBNFEJBOBWFSUJDBMFTVMMBQBSFUF
 5SBDDJBSFMFQPTJ[JPOJEFMMFWJUJFJMQSPGJMPEFMM࣐BSFBEJBHHBODJP
 &TFHVJSF DJORVF GPSJ DPO   NN F VOB QSPGPOEJU EJ  NN QFS
JGJTTBHHJFJOTFSJSFEFOUSPJUBTTFMMJGJOPBMMJWFMMPEFMMBQBSFUF
0RQWDJJLRGHOO·DSSDUHFFKLR
0RQWDUHLOVXSSRUWRPXUDOH
 "WWJUBSFMFTUBGGFEJTVQQPSUPQFSJMSJWFTUJNFOUPEFMDBNJOP
ILJ D
 "WWJUBSF TBMEBNFOUF MF TPTQFOTJPOJ QFS MB DBQQB EJ BTQJSB[JPOF
ILJE
$YYHUWHQ]D /POTUSJOHFSFMFWJUJ
 "WWJUBSF JM QFSOP GJMFUUBUP JO NPEP DIF TQPSHB EBMMB QBSFUF BODPSB
EJ PPILJ F

 
$SSHQGHUHHDOOLQHDUHODSSDUHFFKLR
: 3HULFRORGLOHVLRQL
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ*OEPTTBSFHVBOUJQSPUFUUJWJ
 3JNVPWFSF MB QFMMJDPMB QSPUFUUJWB EBMM࣐BQQBSFDDIJP QSJNB TPMP TVM
MBUPQPTUFSJPSFFDPNQMFUBNFOUFEPQPJMNPOUBHHJP
 "QQFOEFSFM࣐BQQBSFDDIJPJONPEPUBMFDIFTJBCFOBHHBODJBUP
BMMFTPTQFOTJPOJ ILJD
 "MMJOFBSF PSJ[[POUBMNFOUF M࣐BQQBSFDDIJP SVPUBOEP MF TPTQFOTJPOJ
4FOFDFTTBSJPTQPTUBSFMBQQBSFDDIJPWFSTPEFTUSBPWFSTP
TJOJTUSB ILJE
)LVVDUHOHYLWLGLVLFXUH]]D
 3JNVPWFSFJMGJMUSPHSBTTJNFUBMMJDP
 1SBUJDBSFJGPSJQFSMFWJUJEJTJDVSF[[B ILJ 
 3JNVPWFSFMBQQBSFDDIJP
 1SBUJDBSF J GPSJ QFS MF WJUJ EJ TJDVSF[[B F JOTFSJSWJ J UBTTFMMJ B GJMP EFMMB
QBSFUF
 "QQFOEFSFM࣐BQQBSFDDIJPJONPEPUBMFDIFTJBCFOBHHBODJBUP
BMMFTPTQFOTJPOJ
 "MMJOFBSF PSJ[[POUBMNFOUF M࣐BQQBSFDDIJP SVPUBOEP MF TPTQFOTJPOJ
4FOFDFTTBSJPTQPTUBSFMBQQBSFDDIJPWFSTPEFTUSBPWFSTP
TJOJTUSB
 'JTTBSFMFWJUJEJTJDVSF[[B
)LVVDUHO·DSSDUHFFKLR
 4USJOHFSFTBMEBNFOUFMFWJUJQFSMBTPTQFOTJPOF'JTTBSFMB
TPTQFOTJPOF ILJ D
 "WWJUBSFCFOFJEBEJ[JHSJOBUJ ILJ E
 .POUBSFJMGJMUSPHSBTTJNFUBMMJDP
$OODFFLDPHQWRGHOODSSDUHFFKLR
$YYHUWHQ]H
■/FMGVO[JPOBNFOUPBEBSJBEJTDBSJDPEFWFFTTFSFNPOUBUPVO
SBDDPSEPBMFUUBUP4FDPOMBQQBSFDDIJPOPO¨GPSOJUPJMSBDDPSEP
BMFUUBUP¨QPTTJCJMFSFQFSJSMPJOVOOFHP[JPTQFDJBMJ[[BUP
■4FM࣐BSJBFTBVTUBWJFOFDPOEPUUBBUUSBWFSTPMBQBSFUFFTUFSOB¨
OFDFTTBSJPVUJMJ[[BSFVOBDBTTFUUBNVSBMFUFMFTDPQJDB
5HDOL]]D]LRQHGHOFROOHJDPHQWRDOORVFDULFRGHOODULD
7XERGHVSXOVLRQHDULDPPGLPHQVLRQHFRQVLJOLDWD
 'JTTBSFJMUVCPEFTQVMTJPOFBSJBEJSFUUBNFOUFBMNBOJDPUUP
EFMM࣐BSJB
 3FBMJ[[BSFJMDPMMFHBNFOUPBMMBQFSUVSBQFSMPTDBSJDPEFMMBSJB
 4JHJMMBSFFSNFUJDBNFOUFJQVOUJEJDPMMFHBNFOUP
7XERGHVSXOVLRQHDULDPP
 'JTTBSFJMNBOJDPUUPEJSJEV[JPOFBMNBOJDPUUPEFMM࣐BSJB
 'JTTBSFJMNBOJDPUUPEJSJEV[JPOFEFMUVCPEFTQVMTJPOFBSJB
 3FBMJ[[BSFJMDPMMFHBNFOUPBMMBQFSUVSBQFSMPTDBSJDPEFMMBSJB
 4JHJMMBSFFSNFUJDBNFOUFJQVOUJEJDPMMFHBNFOUP
(VHFX]LRQHGHOFROOHJDPHQWRHOHWWULFR
 *OTFSJSFMBTQJOBOFMMBQSFTBDPODPOUBUUPEJUFSSB
 *ODBTPEJBMMBDDJBNFOUPGJTTPQSFTUBSFBUUFO[JPOFBMMF
BWWFSUFO[FDPOUFOVUFOFMDBQJUPMP "MMBDDJBNFOUPFMFUUSJDP
0RQWDUHLOULYHVWLPHQWRGHOFDPLQR
: 3HULFRORGLOHVLRQL
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ*OEPTTBSFHVBOUJQSPUFUUJWJ
 4FQBSBSFJSJWFTUJNFOUJEFMDBNJOP
"UBMFTDPQPSJNVPWFSFJMOBTUSPBEFTJWP
 3JNVPWFSFMBQFMMJDPMBQSPUFUUJWBEBFOUSBNCJJSJWFTUJNFOUJEFM
DBNJOP
 *OTFSJSFJSJWFTUJNFOUJEFMDBNJOPVOPEFOUSPM࣐BMUSP
$YYHUWHQ]H
■1FSFWJUBSFEJQSPWPDBSFHSBGGJNFUUFSFEFMMBDBSUBDPNF
QSPUF[JPOFTPQSBHMJTQJHPMJEFMSJWFTUJNFOUPFTUFSOPEFM
DBNJOP
■/FMGVO[JPOBNFOUPBEBSJBEJTDBSJDPNPOUBSFJMSJWFTUJNFOUP
EFMDBNJOPJOUFSOPDPOMFGFTTVSFSJWPMUFWFSTPJMCBTTP
 $PMMPDBSFJMSJWFTUJNFOUPEFMDBNJOPTPQSBM࣐BQQBSFDDIJP
 4QJOHFSFJMSJWFTUJNFOUPJOUFSOPEFMDBNJOPWFSTPM࣐BMUPF
BQQFOEFSMPBEFTUSBFTJOJTUSBBMMBTUBGGBEJGJTTBHHJP ILJD
 "HHBODJBSFJOCBTTPJMSJWFTUJNFOUPEFMDBNJOP ILJE
 "WWJUBSF JM SJWFTUJNFOUP EFM DBNJOP DPO EVF WJUJ MBUFSBMJ BMMB TUBGGB
EJGJTTBHHJP ILJF
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
%FCSFFEUFWBOEFBG[VJHLBQNPFUNJOTUFOTPWFSFFOLPNFONFU
EFCSFFEUFWBOIFULPPLUPFTUFM
#JKEFJOTUBMMBUJFNPFUFOEFBDUVFMFHFMEJHFCPVXWPPSTDISJGUFOFO
EFWPPSTDISJGUFOWBOEFQMBBUTFMJKLFTUSPPNFOHBTMFWFSBODJFSJO
BDIUXPSEFOHFOPNFO
5FO BBO[JFO WBO EF BGWPFSMVDIU EJFOFO EF PWFSIFJET FO XFUUFMJKLF
WPPSTDISJGUFO[PBMTMPLBMFCPVXWFSPSEFOJOHFOJOBDIUUFXPSEFO
HFOPNFO
/HYHQVJHYDDU
5FSVHHF[PHFO WFSCSBOEJOHTHBTTFO LVOOFO MFJEFO UPU WFSHJGUJHJOH
%FBGWPFSMVDIUNBHOJFUXPSEFOXFHHFMFJEWJBFFOSPPLPG
BGWPFSHBTTDIPPSTUFFOEJFJOHFCSVJLJTOPDIWJBFFOTDIBDIUEJF
EJFOUWPPSEFPOUMVDIUJOHWBOSVJNUFTNFUTUPPLQMBBUTFO.PFUEF
BGWPFSMVDIU OBBS FFO SPPL PG BGWPFSHBTTDIPPSTUFFO XPSEFO HFMFJE
EJFOJFUJOHFCSVJLJTEBOEJFOUIJFSWPPSUPFTUFNNJOHUFXPSEFO
WFSLSFHFOWBOFFOWBLCFLXBNFTDIPPSTUFFOWFHFS
/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
/HYHQVJHYDDU
5FSVHHF[PHFO WFSCSBOEJOHTHBTTFO LVOOFO MFJEFO UPU WFSHJGUJHJOH
#JKEFJOTUBMMBUJFWBOFFOWFOUJMBUJFNFUFFOBGWPFSHFCPOEFO
WVVSCSPO NPFU EF TUSPPNUPFWPFS WBO EF LBQ WPPS[JFO XPSEFO WBO
FFOHFTDIJLUFWFJMJHIFJETTDIBLFMJOH

 
%UDQGJHYDDU
%FWFUBG[FUUJOHFOJOIFUWFUGJMUFSLVOOFOPOUCSBOEFO%F
WPPSHFTDISFWFOWFJMJHIFJETBGTUBOEFOEJFOFOUFXPSEFO
BBOHFIPVEFOPNXBSNUFPQIPQJOHUFWPPSLPNFO/FFNEF
JOTUSVDUJFTWBOVXLPPLUPFTUFMJOBDIU8BOOFFSHBTFO
FMFLUSJTDIFLPPLUPFTUFMMFOTBNFOXPSEFOHFCSVJLUHFMEUEF
HSPPUTUBBOHFHFWFOBGTUBOE
)FUBQQBSBBUNBHTMFDIUTNFU©©O[JKEFEJSFDUOBBTUFFOLBTUPG
UFHFOFFOXBOEXPSEFOHF¯OTUBMMFFSE%FBGTUBOEUPUEFNVVSPG
EFLBTUNPFUNJOTUFOTNNCFESBHFO
5LVLFRYDQOHWVHO
■#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO7FJMJHIFJETIBOETDIPFOFOESBHFO
3JTJDPWBOMFUTFM
■*TIFUUPFTUFMOJFUOBBSCFIPSFOCFWFTUJHEEBOLBOIFUOBBS
CFOFEFOWBMMFO"MMFCFWFTUJHJOHTTDISPFWFONPFUFOWBTUFO
WFJMJHXPSEFOHFNPOUFFSE
3JTJDPWBOMFUTFM
■)FUUPFTUFMJT[XBBS&S[JKOUXFF QFSTPOFOOPEJHPNIFU
BQQBSBBU UF CFXFHFO "MMFFO HFTDIJLUF IVMQNJEEFMFO HFCSVJLFO
*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
0Q FML HFXFOTU NPNFOU NPFU IFU BQQBSBBU WBO EF TUSPPN LVOOFO
XPSEFOBGHFTMPUFO)FUBQQBSBBUNBHBMMFFOPQFFOHFBBSEF
DPOUBDUEPPTXPSEFOBBOHFTMPUFOEJFWPMHFOTEFWPPSTDISJGUFOJT
HF¯OTUBMMFFSE8BOOFFSEFTUFLLFSOBIFUJOCPVXFOOJFUNFFS
CFSFJLCBBSJTPGJOEJFOFFOWBTUFBBOTMVJUJOHJTWFSFJTUNPFUEF
JOTUBMMBUJFXPSEFOWPPS[JFOWBOFFOTUSPPNPOEFSCSFLFSNFUFFO
DPOUBDUPQFOJOHWBONJOTUFOTNN%FWBTUFBBOTMVJUJOHNBH
BMMFFOEPPSFFOFMFLUSJDJFOXPSEFOBBOHFMFHE
9HUVWLNNLQJVJHYDDU
7FSQBLLJOHTNBUFSJBBMJTHFWBBSMJKLWPPSLJOEFSFO,JOEFSFOOPPJU
NFUWFSQBLLJOHTNBUFSJBBMMBUFOTQFMFO
$OJHPHQHDDQZLM]LQJHQ
$WWHQWLH
4DIBEFBBOIFUBQQBSBBU
%FPQQFSWMBLLFOWBOIFUBQQBSBBU[JKOHFWPFMJH7PPSLPN
CFTDIBEJHJOHUJKEFOTEFJOTUBMMBUJF
*HEUXLNPHWDIYRHUOXFKW
: /HYHQVJHYDDU
5FSVHHF[PHFO WFSCSBOEJOHTHBTTFO LVOOFO MFJEFO UPU WFSHJGUJHJOH
%FBGWPFSMVDIUNBHOJFUXPSEFOXFHHFMFJEWJBFFOSPPLPG
BGWPFSHBTTDIPPSTUFFOEJFJOHFCSVJLJTOPDIWJBFFOTDIBDIUEJF
EJFOUWPPSEFPOUMVDIUJOHWBOSVJNUFTNFUTUPPLQMBBUTFO.PFUEF
BGWPFSMVDIU OBBS FFO SPPL PG BGWPFSHBTTDIPPSTUFFO XPSEFO HFMFJE
EJFOJFUJOHFCSVJLJTEBOEJFOUIJFSWPPSUPFTUFNNJOHUFXPSEFO
WFSLSFHFOWBOFFOWBLCFLXBNFTDIPPSTUFFOWFHFS
8PSEUEFBGWPFSMVDIUEPPSEFCVJUFONVVSHFMFJEEBOSBEFOXJKV
BBOFFOUFMFTDPPQNVVSLBTUUFHFCSVJLFO
/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
:DQGFRQWUROHUHQ
■%FXBOENPFUWMBLFOMPPESFDIU[JKOFOWPMEPFOEF
ESBBHWFSNPHFOIFCCFO
■%F EJFQUF WBO EF CPPSHBUFO NPFU PWFSFFOLPNFO NFU EF MFOHUF
WBOEFTDISPFWFO%FQMVHHFONPFUFOHPFEWBTU[JUUFO
■%FCJKHFWPFHEFTDISPFWFOFOQMVHHFO[JKOHFTDIJLUWPPS
NBTTJFWFNVSFO7PPSBOEFSFDPOTUSVDUJFTCJKWHJQTQMBBU
QPSFVTCFUPOQPSPUPOTUFOFONPFUFOCFWFTUJHJOHTNJEEFMFO
XPSEFOHFCSVJLUEJFEBBSWPPSHFTDIJLU[JKO
■)FUNBYHFXJDIUWBOEFBG[VJHLBQCFESBBHU NJ
(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CFOPEJHEFBBOTMVJUHFHFWFOTTUBBOPQIFUUZQFQMBBUKFJOEF
CJOOFOSVJNUFWBOIFUBQQBSBBUEBBSUPFIFUNFUBMFOWFUGJMUFS
EFNPOUFSFO
/HQJWHYDQGHDDQVOXLWOHLGLQJFDP
%JUBQQBSBBUWPMEPFUBBOEFPOUTUPSJOHTWPPSTDISJGUFOWBOEF&(
: 5LVLFRYDQHHQHOHNWULVFKHVFKRN
0Q FML HFXFOTU NPNFOU NPFU IFU BQQBSBBU WBO EF TUSPPN LVOOFO
XPSEFOBGHFTMPUFO)FUBQQBSBBUNBHBMMFFOPQFFOHFBBSEF
DPOUBDUEPPTXPSEFOBBOHFTMPUFOEJFWPMHFOTEFWPPSTDISJGUFOJT
HF¯OTUBMMFFSE8BOOFFSEFTUFLLFSOBIFUJOCPVXFOOJFUNFFS
CFSFJLCBBSJTPGJOEJFOFFOWBTUFBBOTMVJUJOHJTWFSFJTUNPFUEF
JOTUBMMBUJFXPSEFOWPPS[JFOWBOFFOTUSPPNPOEFSCSFLFSNFUFFO
DPOUBDUPQFOJOHWBONJOTUFOTNN%FWBTUFBBOTMVJUJOHNBH
BMMFFOEPPSFFOFMFLUSJDJFOXPSEFOBBOHFMFHE
$IPHWLQJHQYDQKHWDSSDUDDW$IE $
9HLOLJKHLGVDIVWDQGHQ$IE%
,QVWDOODWLHYRRUEHUHLGHQ $IE
$WWHQWLH
;PSH FSWPPS EBU [JDI JO IFU HFCJFE WBO EF PQFOJOHFO HFFO TUSPPN
HBTPGXBUFSMFJEJOHFOCFWJOEFO
 7BOIFUQMBGPOEUPUEFPOEFSLBOUWBOEFBG[VJHLBQFFO
MPPESFDIUFNJEEFMMJKOPQEFNVVSUFLFOFO
 1PTJUJFTWPPSEFTDISPFWFOFOEFPNUSFLMJKOWBOIFU
CFWFTUJHJOHTHFCJFEBGUFLFOFO
 7JKG HBUFO   NN WBO  NN EJFQ CPSFO WPPS EF CFWFTUJHJOHFO
FOEFQMVHHFOHFIFFMJOEFHBUFOEVXFO
$SSDUDDWPRQWHUHQ
:DQGKRXGHUPRQWHUHQ
 %FCFWFTUJHJOHTIPFLWPPSEFTDIPPSTUFFOBGTDIFSNJOH
WBTUTDISPFWFO $IE D
 0QIBOHJOHFO WPPS EF BG[VJHLBQ IBOEWBTU BBOESBBJFO $IE E
$DQZLM]LQJ 4DISPFWFOOJFUWBTUESBBJFO
 %SBBEUBQ JOTDISPFWFO UPU EF[F OPH ²PPVJU EF XBOE TUFFLU
$IE F
$SSDUDDWRSKDQJHQHQXLWOLMQHQ
: 5LVLFRYDQOHWVHO
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO7FJMJHIFJETIBOETDIPFOFOESBHFO
 #FTDIFSNGPMJF FFSTU WBO EF BDIUFSLBOU WBO IFU BQQBSBBU USFLLFO
FOOBEFNPOUBHFWPMMFEJHWFSXJKEFSFO
 )FUBQQBSBBU[PPQIBOHFOEBUIFUTUFWJHWBTU[JUJOEF
PQIBOHJOHFO $IE D
 )FUBQQBSBBUIPSJ[POUBBMVJUMJKOFOEPPSBBOEFPQIBOHJOHFOUF
ESBBJFO%FTHFXFOTULBOIFUBQQBSBBUOBBSMJOLTPGSFDIUT
XPSEFOWFSTDIPWFO $IEE
%RUJVFKURHYHQEHYHVWLJHQ
 .FUBMFOWFUGJMUFSEFNPOUFSFO
 (BUFOWPPSCPSHTDISPFWFONBSLFSFO $IE 
 "QQBSBBUWFSXJKEFSFO
 (BUFO WPPS EF CPSHTDISPFWFO CPSFO FO EF QMVHHFO HFIFFM JO EF
HBUFOEVXFO
 )FUBQQBSBBU[PPQIBOHFOEBUIFUTUFWJHWBTU[JUJOEF
PQIBOHJOHFO
 )FUBQQBSBBUIPSJ[POUBBMVJUMJKOFOEPPSBBOEFPQIBOHJOHFOUF
ESBBJFO%FTHFXFOTULBOIFUBQQBSBBUOBBSMJOLTPGSFDIUT
XPSEFOWFSTDIPWFO
 #PSHTDISPFWFOCFWFTUJHFO

 
$SSDUDDWEHYHVWLJHQ
 4DISPFWFOWPPSEFPQIBOHJOHWBTUBBOESBBJFO%FPQIBOHJOH
IJFSCJKWBTUIPVEFO $IE D
 (FLBSUFMEFNPFSWBTUBBOESBBJFO $IE E
 .FUBMFOWFUGJMUFSJOCSFOHFO
$SSDUDDWDDQVOXLWHQ
$DQZLM]LQJHQ
■7PPS EF BGWPFSMVDIU EJFOU FFO TUVXLMFQ UF XPSEFO JOHFCPVXE *T
FSHFFOTUVXLMFQCJKIFUBQQBSBBUHFWPFHEEBOLBOEF[F
WFSLSFHFOXPSEFOCJKTQFDJBBM[BLFO
■8PSEU EF BGWPFSMVDIU EPPS EF CVJUFONVVS HFMFJE EBO SBEFO XJK V
BBOFFOUFMFTDPPQNVVSLBTUUFHFCSVJLFO
/XFKWDIYRHUYHUELQGLQJPDNHQ
/XFKWDIYRHUEXLVPPDDQEHYROHQGLDPHWHU
 "GWPFSCVJTSFDIUTUSFFLTPQIFUMVDIUBGWPFSBBOTMVJUTUVL
CFWFTUJHFO
 7FSCJOEJOHNFUEFMVDIUBGWPFSPQFOJOHNBLFO
 7FSCJOEJOHTQVOUFOHPFEBGEJDIUFO
/XFKWDIYRHUEXLVPP
 7FSMPPQTUVLPQIFUBBOTMVJUTUVLWBOEFMVDIUBGWPFSCFWFTUJHFO
 -VDIUBGWPFSCVJTWFSMPPQTUVLCFWFTUJHFO
 7FSCJOEJOHNFUEFMVDIUBGWPFSPQFOJOHNBLFO
 7FSCJOEJOHTQVOUFOHPFEBGEJDIUFO
6WURRPDDQVOXLWHQ
 /FUTUFLLFSJOIFUHFBBSEFTUPQDPOUBDUTUFLFO
 *TFFOWBTUFBBOTMVJUJOHOPPE[BLFMJKLWPMHEBOEFBBOXJK[JOHFO
JOIFUIPPGETUVL &MFLUSJTDIFBBOTMVJUJOHPQ
6FKRRUVWHHQDIVFKHUPLQJPRQWHUHQ
: 5LVLFRYDQOHWVHO
#FQBBMEFPOEFSEFMFOJOIFUUPFTUFMLVOOFOTDIFSQFSBOEFO
IFCCFO7FJMJHIFJETIBOETDIPFOFOESBHFO
 4DIPPSTUFFOBGTDIFSNTUVLLFOWBOFMLBBSMPTNBLFO
%BBSUPFIFUQMBLCBOEWFSXJKEFSFO
 #FTDIFSNGPMJFWBOCFJEFTDIPPSTUFFOBGTDIFSNTUVLLFOUSFLLFO
 4DIPPSTUFFOBGTDIFSNTUVLLFOJOFMLBBSTDIVJWFO
$DQZLM]LQJHQ
■0NLSBTTFOUFWFSNJKEFOQBQJFSPWFSEFSBOEFOWBOIFU
CVJUFOTUFTDIPPSTUFFOBGTDIFSNTUVLMFHHFO
■7PPSEFBGWPFSMVDIUIFUCJOOFOTUFTDIPPSTUFFOBGTDIFSNTUVL
NFUEFTMFVWFOOBBSCFOFEFONPOUFSFO
 4DIPPSTUFFOBGTDIFSNTUVLLFOPQIFUBQQBSBBUQMBBUTFO
 #JOOFOTUFTDIPPSTUFFOBGTDIFSNTUVLOBBSCPWFOTDIVJWFOFO
MJOLTFOSFDIUTBBOEFCFWFTUJHJOHTIPFLWBTUNBLFO $IE D
 4DIPPSTUFFOBGTDIFSNTUVLPNMBBHESVLLFOUPUIFUWBTULMJLU
$IE E
 4DIPPSTUFFOBGTDIFSNTUVLNFUUXFFTDISPFWFOCFWFTUJHFOBBO
EF[JKLBOUWBOEFCFWFTUJHJOHTIPFL $IEF