EnglishDeutsch
 logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Gaggenau
  6. •
  7. Ventilation Hood
  8. •
  9. Gaggenau AW240120 User manual

Gaggenau AW240120 User manual

Other manuals for AW240120

2

This manual suits for next models

1

Other Gaggenau Ventilation Hood manuals

Gaggenau AW 200-790 Product guide

Gaggenau

Gaggenau AW 200-790 Product guide

Gaggenau AF210162 User manual

Gaggenau

Gaggenau AF210162 User manual

Gaggenau AC250190 User manual

Gaggenau

Gaggenau AC250190 User manual

Gaggenau AH 530-720 Product guide

Gaggenau

Gaggenau AH 530-720 Product guide

Gaggenau AL400122 User manual

Gaggenau

Gaggenau AL400122 User manual

Gaggenau AL 400 722 User manual

Gaggenau

Gaggenau AL 400 722 User manual

Gaggenau AH 400-731 User manual

Gaggenau

Gaggenau AH 400-731 User manual

Gaggenau AW230120 User manual

Gaggenau

Gaggenau AW230120 User manual

Gaggenau AC2001.1 User manual

Gaggenau

Gaggenau AC2001.1 User manual

Gaggenau AL400721/01 User manual

Gaggenau

Gaggenau AL400721/01 User manual

Gaggenau AT 400-730 User manual

Gaggenau

Gaggenau AT 400-730 User manual

Gaggenau AW 442 User manual

Gaggenau

Gaggenau AW 442 User manual

Gaggenau VL 051-907 Product guide

Gaggenau

Gaggenau VL 051-907 Product guide

Gaggenau AW442120 User manual

Gaggenau

Gaggenau AW442120 User manual

Gaggenau AH 590-120 Product guide

Gaggenau

Gaggenau AH 590-120 Product guide

Gaggenau AR413122 AD854048 User manual

Gaggenau

Gaggenau AR413122 AD854048 User manual

Gaggenau AL200180 User manual

Gaggenau

Gaggenau AL200180 User manual

Gaggenau AH 320-701 User manual

Gaggenau

Gaggenau AH 320-701 User manual

Gaggenau AI280120 User manual

Gaggenau

Gaggenau AI280120 User manual

Gaggenau AH 590-720 Product guide

Gaggenau

Gaggenau AH 590-720 Product guide

Gaggenau AW 221190CN Assembly instructions

Gaggenau

Gaggenau AW 221190CN Assembly instructions

Gaggenau VL 040-107 Product guide

Gaggenau

Gaggenau VL 040-107 Product guide

Gaggenau AI200702 Product guide

Gaggenau

Gaggenau AI200702 Product guide

Gaggenau AI480180 User manual

Gaggenau

Gaggenau AI480180 User manual

Popular Ventilation Hood manuals by other brands

Haier CXW-219-D67 null

Haier

Haier CXW-219-D67 null

emmeti RECUPA MED A-140 Installation and use manual

emmeti

emmeti RECUPA MED A-140 Installation and use manual

Nibe F135 user manual

Nibe

Nibe F135 user manual

Zephyr Spruce AK9834BS Use, care and installation guide

Zephyr

Zephyr Spruce AK9834BS Use, care and installation guide

Kuppersberg INTRO 60 Technical Passport

Kuppersberg

Kuppersberg INTRO 60 Technical Passport

Hisense MH6INBG manual

Hisense

Hisense MH6INBG manual

Miele DA 1255 Operating and installation instructions

Miele

Miele DA 1255 Operating and installation instructions

Broan 46000 Specification sheet

Broan

Broan 46000 Specification sheet

GE Profile PV977 Owner's Manual & Installation Instructions

GE

GE Profile PV977 Owner's Manual & Installation Instructions

FALMEC FFRIA24W5FS Instruction booklet

FALMEC

FALMEC FFRIA24W5FS Instruction booklet

Whirlpool RH2600XL-1 SERIES installation instructions

Whirlpool

Whirlpool RH2600XL-1 SERIES installation instructions

ETNA AV360RVS Instructions for use

ETNA

ETNA AV360RVS Instructions for use

JUNO JDF603E6 installation manual

JUNO

JUNO JDF603E6 installation manual

Miele DA 6708 D Operating and installation instructions

Miele

Miele DA 6708 D Operating and installation instructions

Tricity Bendix LE 150 Installation & operating instructions

Tricity Bendix

Tricity Bendix LE 150 Installation & operating instructions

AEG X68163BV1 user manual

AEG

AEG X68163BV1 user manual

AEG 125 D operating instructions

AEG

AEG 125 D operating instructions

Smeg KSEV97X instruction manual

Smeg

Smeg KSEV97X instruction manual

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

Copyright 2026 Manuals.Online. All Rights Reserved.

*9000978450*  

$:
$: Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
Þ1RWLFHGHPRQWDJH
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
[
[ [
[
[
[
[
[
[
PLQ
PP
PD[
PP
PLQ
PP
PP
PLQ
PP
$
PP PP


%
[
PP
PP
PP
PP
PP

[
D
E

DE
PP
PP


D

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

[
D
E
F


;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
$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 
 "VGI¤OHVOHFO G¼S EJF %VOTUBC[VHTIBVCF IBOEGFTU NBY 1P
BOTDISBVCFO %LOG D
 (FXJOEFCPM[FOTPXFJUFJOTDISBVCFOEBTTFSOPDI PP
BVTEFS8BOESBHU %LOG E
*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BVGI¤OHFO
 4JDIFSVOHTTDISBVCFOCFGFTUJHFO
 .FUBMMGFUUGJMUFSFJOCBVFO
*HUlWEHIHVWLJHQ
 4JDIFSVOHTLBQQFONJUEFN1GFJMOBDIPCFOBVGEJF"VGI¤OHVO
HFOES¼DLFOCJTTJFFJOSBTUFO %LOG D
 3¤OEFMNVUUFSNJU6OUFSMFHTDIFJCFGFTUBOESFIFO %LOG 
6LFKHUXQJVNDSSHQHQWIHUQHQ
'BMMTEJF4JDIFSVOHTLBQQFOFOUGFSOUXFSEFON¼TTFOFJOFOGMB
DIFO4DISBVCFOESFIFSWFSXFOEFO %LOG 
*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
*HUlWGHPRQWLHUHQ
 ,BNJOWFSCMFOEVOHM¶TFO
 (FS¤UTUSPNMPTNBDIFO
 "CMVGUMFJUVOHFOM¶TFO
 4JDIFSVOHTLBQQFOFOUGFSOFO
 3¤OEFMTDISBVCF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
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
&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GJYJOHCSBDLFUGPSUIFGMVFEVDU )LJ
 4DSFXPOUIFCSBDLFUTGPSUIFFYUSBDUPSIPPEIBOEUJHIUNBY
1P)LJD
 4DSFX JO UIF UISFBEFE CPMU MFBWJOH JU QSPUSVEJOH PVU PG UIF XBMM CZ
²PP)LJE
$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GMVTIXJUIUIFXBMM
 .PVOUUIFBQQMJBODF
 4FDVSFUIFTBGFUZTDSFXT
 'JUUIFNFUBMHSFBTFGJMUFS
6HFXULQJWKHDSSOLDQFH
 8JUI UIF BSSPX VQXBSET QSFTT UIF TBGFUZ DBQT POUP UIF CSBDLFUT
VOUJMUIFZFOHBHF )LJD
 4DSFXPOUIFLOVSMFEOVUBOEXBTIFSGJSNMZ )LJ

5HPRYLQJWKHVDIHW\FDSV
*G UIF TBGFUZ DBQT IBWF UP CF SFNPWFE VTF B GMBUIFBE TDSFXESJWFS
)LJ
&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
1RWH *GVTJOHBOBMVNJOJVNQJQFTNPPUIUIFDPOOFDUJPOBSFB
CFGPSFIBOE
([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\
$PNQPOFOUTJOTJEFUIFBQQMJBODFNBZIBWFTIBSQFEHFT8FBS
QSPUFDUJWFHMPWFT
 4FQBSBUFUIFGMVFEVDUT
5PEPUIJTSFNPWFUIFBEIFTJWFUBQF
 3FNPWFUIFQSPUFDUJWFGPJMGSPNCPUIGMVFEVDUT
 1VTIPOFGMVFEVDUJOUPUIFPUIFS
1RWHV
■5PQSFWFOUTDSBUDIFTMBZQBQFSPWFSUIFFEHFTPGUIFMPXFS
GMVFEVDUUPQSPUFDUUIFTVSGBDF
■'PS EVDUFE PQFSBUJPO GJU UIF JOOFS GMVF EVDU XJUI JUT TMPUT GBDJOH
EPXOXBSET
 1MBDFUIFGMVFEVDUTPOUIFBQQMJBODF
 1VTIUIFJOOFSGMVFEVDUVQXBSETBOEBUUBDIJUUPUIFGJYJOH
CSBDLFUTPOUIFMFGUBOESJHIU )LJD
 1SFTTUIFGMVFEVDUEPXOXBSETVOUJMJUFOHBHFT )LJE
 4DSFXUIFGMVFEVDUUPUIFTJEFTPGUIFGJYJOHCSBDLFUVTJOHUXP
TDSFXT )LJF
5HPRYLQJWKHDSSOLDQFH
 -PPTFOUIFGMVFEVDU
 %JTDPOOFDUUIFBQQMJBODFGSPNUIFQPXFSTVQQMZ
 -PPTFOUIFFYIBVTUBJSMJOFT
 3FNPWFUIFTBGFUZDBQT
 -PPTFOUIFNJMMFETDSFX
 3FNPWFUIFBQQMJBODF
fr
Þ/PUJDFEFNPOUBHF
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
-JSFBUUFOUJWFNFOUDFNBOVFM$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©
-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)LJ $
'LVWDQFHVGHVpFXULWp)LJ%
3UpSDUHUO·LQVWDOODWLRQ
$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DIFNJO©F )LJ
 7JTTFSMFTQJ¨DFTEBDDSPDIBHFEFMBIPUUFBTQJSBOUFMBNBJO
TFVMFNFOUVODPVQMFEF 1PNBY )LJD
 7JTTFS MF CPVMPO GJMFU© EF TPSUF RV࣐JM E©QBTTF FODPSF EF PP
EVNVS )LJE
$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 )LJ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 )LJE
)L[HUOHVYLVGHVpFXULVDWLRQ
 3FUJSFSMFGJMUSFN©UBMMJRVFHSBJTTF
 .BSRVFSMFTUSPVTQPVSMFTWJTEFT©DVSJTBUJPO )LJ
 &OMFWFSMBQQBSFJM
 1FSDFSMFTUSPVTQPVSMFTWJTEFT©DVSJTBUJPOFUFOGPODFSMFT
DIFWJMMFTKVTRV࣐BVSBTEVNVS
 "DDSPDIFSMBQQBSFJM
 'JYFSMFTWJTEFT©DVSJTBUJPO
 .FUUSFFOQMBDFMFGJMUSFN©UBMMJRVFHSBJTTF
 
)L[HUO·DSSDUHLO
 4VSMFTNPZFOTE࣐BDDSPDIBHFFOGPODFSMFTDBQVDIPOTEF
T©DVSJTBUJPOKVTRV࣐DFRV࣐JMTTFODMJRVFUUFOUFUFOWFJMMBOUDF
RVFMBGM¨DIFQPJOUFWFSTMFIBVU )LJD
 7JTTFSM©DSPVNPMFU©BWFDMBSPOEFMMF )LJ
(QOHYHUOHVFDSXFKRQVGHVpFXULVDWLRQ
4࣐JMGBVUFOMFWFSMFTDBQVDIPOTEFT©DVSJTBUJPOVUJMJTFSVO
UPVSOFWJTQBOFQMBUF )LJ
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
5HPDUTXH 4JWPVTVUJMJTF[VODPOEVJUFOBMVNJOJVNMJTTF[
QS©BMBCMFNFOUMB[POFEFSBDDPSEFNFOU
&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
'pPRQWHUODSSDUHLO
 %©UBDIFSMFDBQPUEFDIFNJO©F
 .FUUSFMBQQBSFJMIPSTUFOTJPO
 %©UBDIFSMFTDPOEVJUTE©WBDVBUJPO
 &OMFWFSMFTDBQVDIPOTEFT©DVSJTBUJPO
 %©WJTTFSMBWJTNPMFU©F
 &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
-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