Hasselblad XPAN II User manual

6TFSNBOVBM




oBOFXXBZPGTFFJOH
5IBOLZPVGPSDIPPTJOHB)BTTFMCMBE91BO**5IJTDBNFSBJODPSQPSBUFTBOJOOPWBUJWFEVBMGPSNBU
GBDJMJUZQSPWJEJOHBYNNGPSNBUoGVMMQBOPSBNBoBTXFMMBTBDPOWFOUJPOBMYNN
GPSNBUPOUIFTBNFGJMN5IJTNFBOTZPVDBOIBWFBMMUIFDPOWFOJFODFBOEBEWBOUBHFTPGUIF
NNGPSNBUCVUDBOQSPEVDFBOJNBHFXJUIPOFTJEFXJEFSUIBOUIFYDNGPSNBU1VUTJNQMZ
oNFEJVNGPSNBUQBOPSBNBRVBMJUZGSPNBNNDBNFSBXIJMFTUJMMQSPWJEJOHUIFPQUJPOPG
UIFDPOWFOUJPOBMGPSNBU
*UGPMMPXTPOJOUIFXFMMFTUBCMJTIFE)BTTFMCMBEUSBEJUJPOPGTVQFSCDSBGUTNBOTIJQGPVOEFE
POJOUFOTJWFEFWFMPQNFOUXIJDIIBTIFMQFEDSFBUFUIFXPSMEGBNPVTOBNF5IFRVBMJUZBOE
SFMJBCJMJUZPG)BTTFMCMBEFRVJQNFOUXBTDMFBSMZXJUOFTTFEXIFOJUXBTDIPTFOCZ/"4"GPSUIF
MVOBSNJTTJPOT
5IF)BTTFMCMBE91BO**JTBGFBUVSFQBDLFEBOEIJHIMZQSPGFTTJPOBMUPPM*UJODMVEFTCPUIBVUP
NBUJDGBDJMJUJFTBOEUPUBMNBOVBMPWFSSJEFGPSDPNQMFUFDPOUSPMUPTVJUBMMTJUVBUJPOTBOEXPSLJOH
NFUIPET"VUPFYQPTVSFBVUPCSBDLFUJOHDPVQMFESBOHFGJOEFSBOEQSFXJOEBSFKVTUTPNFPGUIF
BEWBOUBHFPVTGFBUVSFT
5IFDBNFSBCPEZJTSPCVTUMZCVJMUGSPNBMVNJOJVNBOEUJUBOJVNGPSUIFMPOHXPSLJOHMJGF
FYQFDUFEGSPNTVDIBDBNFSB5IFJOUFSDIBOHFBCMF)BTTFMCMBEMFOTFTBSFNBEFUPUIFNPTU
FYBDUJOHTUBOEBSETQSPEVDJOHFYDFMMFOUDPWFSBHFBOEASB[PSTIBSQOFTTGPSUPQRVBMJUZJNBHFT
%JHJUBMUFDIOPMPHZDPOUSPMTBIPTUPGGVODUJPOTNBLJOHDBNFSBVTFTJNQMJDJUZJUTFMGTPZPVDBO
DPODFOUSBUFNPSFPODPNQPTJUJPOBOEJNBHFNBLJOH
5IJTJOTUSVDUJPONBOVBMEFTDSJCFTJOEFUBJMIPXUPPQFSBUFZPVS91BO**TPQMFBTFSFBEJUDBSFGVMMZ
*GZPVIBWFBRVFSZQMFBTFEPOPUIFTJUBUFUPDPOUBDUZPVSEFBMFSoXFXBOUZPVUPCF
TBUJTGJFE:PVSEFBMFSDBOBMTPQSPWJEFZPVXJUIUIFMBUFTUJOOFXTBOEUFDIOJDBMEFWFMPQNFOUT
GSPN)BTTFMCMBE"RVBSUFSMZNBHB[JOFo'036.oJTQVCMJTIFEXJUIUIFFNQIBTJTPOQIPUP
HSBQIJDJNBHFSZGFBUVSJOHQIPUPHSBQIFSTGSPNBMMPWFSUIFXPSMEUPQSPWJEFZPVXJUIJOTQJSBUJPO
91BOJNBHFTOPXSFHVMBSMZBQQFBS0VSJOUFSOFUTJUFoXXXIBTTFMCMBEDPNoJTBTPVSDFPG
HFOFSBMBOEUFDIOJDBMJOGPSNBUJPODPODFSOJOH)BTTFMCMBEQSPEVDUT:PVDBOBMTPFNBJMVT
oJOGP!IBTTFMCMBETFoGPSGVSUIFSJORVJSJFT
8FBSFTVSFZPVIBWFNBEFBXJTFDIPJDFXJUIUIJTFYDJUJOHDBNFSB)BTTFMCMBEIBWFQSPWJEFE
UIFQPTTJCJMJUZJUTOPXVQUPZPVUPDSFBUFUIFJNBHFT
8FXJTIZPVHPPEMVDLBOEMPPLGPSXBSEUPTFFJOHUIFSFTVMUT



oBOFXXBZPGTFFJOH
5IBOLZPVGPSDIPPTJOHB)BTTFMCMBE91BO**5IJTDBNFSBJODPSQPSBUFTBOJOOPWBUJWFEVBMGPSNBU
GBDJMJUZQSPWJEJOHBYNNGPSNBUoGVMMQBOPSBNBoBTXFMMBTBDPOWFOUJPOBMYNN
GPSNBUPOUIFTBNFGJMN5IJTNFBOTZPVDBOIBWFBMMUIFDPOWFOJFODFBOEBEWBOUBHFTPGUIF
NNGPSNBUCVUDBOQSPEVDFBOJNBHFXJUIPOFTJEFXJEFSUIBOUIFYDNGPSNBU1VUTJNQMZ
oNFEJVNGPSNBUQBOPSBNBRVBMJUZGSPNBNNDBNFSBXIJMFTUJMMQSPWJEJOHUIFPQUJPOPG
UIFDPOWFOUJPOBMGPSNBU
*UGPMMPXTPOJOUIFXFMMFTUBCMJTIFE)BTTFMCMBEUSBEJUJPOPGTVQFSCDSBGUTNBOTIJQGPVOEFE
POJOUFOTJWFEFWFMPQNFOUXIJDIIBTIFMQFEDSFBUFUIFXPSMEGBNPVTOBNF5IFRVBMJUZBOE
SFMJBCJMJUZPG)BTTFMCMBEFRVJQNFOUXBTDMFBSMZXJUOFTTFEXIFOJUXBTDIPTFOCZ/"4"GPSUIF
MVOBSNJTTJPOT
5IF)BTTFMCMBE91BO**JTBGFBUVSFQBDLFEBOEIJHIMZQSPGFTTJPOBMUPPM*UJODMVEFTCPUIBVUP
NBUJDGBDJMJUJFTBOEUPUBMNBOVBMPWFSSJEFGPSDPNQMFUFDPOUSPMUPTVJUBMMTJUVBUJPOTBOEXPSLJOH
NFUIPET"VUPFYQPTVSFBVUPCSBDLFUJOHDPVQMFESBOHFGJOEFSBOEQSFXJOEBSFKVTUTPNFPGUIF
BEWBOUBHFPVTGFBUVSFT
5IFDBNFSBCPEZJTSPCVTUMZCVJMUGSPNBMVNJOJVNBOEUJUBOJVNGPSUIFMPOHXPSLJOHMJGF
FYQFDUFEGSPNTVDIBDBNFSB5IFJOUFSDIBOHFBCMF)BTTFMCMBEMFOTFTBSFNBEFUPUIFNPTU
FYBDUJOHTUBOEBSETQSPEVDJOHFYDFMMFOUDPWFSBHFBOEASB[PSTIBSQOFTTGPSUPQRVBMJUZJNBHFT
%JHJUBMUFDIOPMPHZDPOUSPMTBIPTUPGGVODUJPOTNBLJOHDBNFSBVTFTJNQMJDJUZJUTFMGTPZPVDBO
DPODFOUSBUFNPSFPODPNQPTJUJPOBOEJNBHFNBLJOH
5IJTJOTUSVDUJPONBOVBMEFTDSJCFTJOEFUBJMIPXUPPQFSBUFZPVS91BO**TPQMFBTFSFBEJUDBSFGVMMZ
*GZPVIBWFBRVFSZQMFBTFEPOPUIFTJUBUFUPDPOUBDUZPVSEFBMFSoXFXBOUZPVUPCF
TBUJTGJFE:PVSEFBMFSDBOBMTPQSPWJEFZPVXJUIUIFMBUFTUJOOFXTBOEUFDIOJDBMEFWFMPQNFOUT
GSPN)BTTFMCMBE"RVBSUFSMZNBHB[JOFo'036.oJTQVCMJTIFEXJUIUIFFNQIBTJTPOQIPUP
HSBQIJDJNBHFSZGFBUVSJOHQIPUPHSBQIFSTGSPNBMMPWFSUIFXPSMEUPQSPWJEFZPVXJUIJOTQJSBUJPO
91BOJNBHFTOPXSFHVMBSMZBQQFBS0VSJOUFSOFUTJUFoXXXIBTTFMCMBEDPNoJTBTPVSDFPG
HFOFSBMBOEUFDIOJDBMJOGPSNBUJPODPODFSOJOH)BTTFMCMBEQSPEVDUT:PVDBOBMTPFNBJMVT
oJOGP!IBTTFMCMBETFoGPSGVSUIFSJORVJSJFT
8FBSFTVSFZPVIBWFNBEFBXJTFDIPJDFXJUIUIJTFYDJUJOHDBNFSB)BTTFMCMBEIBWFQSPWJEFE
UIFQPTTJCJMJUZJUTOPXVQUPZPVUPDSFBUFUIFJNBHFT
8FXJTIZPVHPPEMVDLBOEMPPLGPSXBSEUPTFFJOHUIFSFTVMUT



$POUFOUT
 $POUFOUT
 *OUSPEVDUJPO
 1BSUTDPNQPOFOUT
 1BSUTEFTDSJQUJPO
(&55*/(45"35&%
 "UUBDIJOHUIFTUSBQ
 -PBEJOHUIFCBUUFSJFT
 #BUUFSZDIFDL
 1PXFS
-&/4&4
 -FOTDBTF
 -FOTDBQ
 "UUBDIJOHMFOTFT
 3FNPWJOHMFOTFT
 -FOTDPNQPOFOUT
 'JMUFST
 -FOTTIBEF
 'PDVTJOH
 3BOHFGJOEFSGPDVTJOH
 %FQUIPGGJFME
7*&8'*/%&3
 $IBOHJOHUIFWJFXGJOEFSFZFQJFDF
'03."5
 4UBOEBSE
 1BOPSBNB
130(3"..*/(
'*-.
 'JMNTQFFE*40TFUUJOH
 'JMNMPBEJOH
 &YQPTVSFDPVOUFS
&910463&$0/530-
 "VUPNBUJD
 .BOVBM
 &YQPTVSFDPNQFOTBUJPO
 "VUPCSBDLFUJOH
'*-."%7"/$&
(&/&3"-
 -$%JMMVNJOBUJPO
 $MPTFSBOHFQIPUPHSBQIZ
 'JMNQMBOFJOEFY
 4FMGUJNFS
 .VMUJFYQPTVSF
 *OGSBSFEQIPUPHSBQIZ
 'MBTI
 3FNPUFSFMFBTF
 .JESPMMSFXJOE
 &YQPTVSFIJTUPSZ
 'JMNQSPDFTTJOH
"$$&4403*&4
 2VJDLDPVQMJOHQMBUF
 4QJSJUMFWFM
 674LZGJMUFS
 $FOUSFGJMUFS91BOGPSNN
5*143&.*/%&34
 7JFXGJOEFSFZFQJFDFTFMFDUJPO
5FDIOJDBMTQFDJGJDBUJPOT
 5SPVCMFTIPPUJOH
 &RVJQNFOUDBSFTFSWJDFBOE
HVBSBOUFF
)BTTFMCMBE91BO**
#FDPNFGBNJMJBSXJUIUIFWBSJPVTDPNQPOFOUTPO
UIFDBNFSBCZDIFDLJOHUIFNBHBJOTUGJHToBOE
UIFDPNQPOFOUMJTU"WPJEUPVDIJOHUIFMFOTTVSGBD
FTBOEUBLFDBSFSFHBSEJOHUIFGPDBMQMBOFTIVUUFS
BOEGPSNBUCMJOEXIFOPQFOJOHUIFDBNFSBCBDL
#FHJOCZMPBEJOHUIFCBUUFSJFTTPUIBUZPVDBOHP
UISPVHIBMMUIFDBNFSBTGVODUJPOT5IF91BO**JTB
WFSZTJNQMFDBNFSBUPPQFSBUFGPMMPXJOHXFMMFT
UBCMJTIFESPVUJOFTBOENPTUQIPUPHSBQIFSTTIPVME
CFBCMFUPTVDDFTTGVMMZPQFSBUFJUTUSBJHIUBXBZ
XJUIPVUBOZQSPCMFNT
5IFNPEFTFMFDUPSTXJUDIJTUIFNBJO0/0''
DPOUSPMXIJDIBDUJWBUFTUIFDBNFSB*OGPSNBUJPO
JTQSPWJEFECZUXP-$%QBOFMTBOEBO-$%EJTQMBZ
JOUIFWJFXGJOEFS3FBERVJDLMZUISPVHIUIFNBJO
JUFNTJOUIJTNBOVBMGPSBHFOFSBMPWFSWJFXPG
UIFJOGPSNBUJPOTZTUFNBOEUIFNFDIBOJDTPG
UIFDBNFSB5IFOSFBEBHBJONPSFDBSFGVMMZUIF
SFMFWBOUTFDUJPOTUPHBJOBGJSNFSVOEFSTUBOEJOH
PGJOEJWJEVBMQSPDFEVSFT'MVFODZJOPQFSBUJPOPG
UIFDBNFSBXJMMBMMPXZPVUPDPODFOUSBUFNPSFPO
QJDUVSFUBLJOH
*OUIFUFYUUIFNBJO-$%POUIFCBDLPGUIFDBNFSB
JTSFGFSSFEUPBTDBN-$%BOEUIFTNBMMFYQPTVSF
DPVOUFS-$%BTFYQ-$%BOEUIFWJFXGJOEFSEJTQMBZ
BTWJFX-$%
1PTJUJPOTPGDPNQPOFOUTBOEPSJFOUBUJPOBSF
EFTDSJCFEJOSFMBUJPOUPUIFDBNFSBBTTFFOXIFO
UBLJOHBQIPUPHSBQIJFXJUIUIFMFOTBUUIFGSPOU
VOMFTTPUIFSXJTFTUBUFE
5IFSFMFWBOUJMMVTUSBUJPOTBSFJOEJDBUFECZUIFGJH
VSFTCFTJEFUIFTNBMMIFBEJOHTJOUIFUFYU
1MFBTFSFBEA'JMNQSPDFTTJOHCFGPSFTFOEJOHZPVS
FYQPTFEGJMNUPBGJMNMBCPSBUPSZ


$POUFOUT
 $POUFOUT
 *OUSPEVDUJPO
 1BSUTDPNQPOFOUT
 1BSUTEFTDSJQUJPO
(&55*/(45"35&%
 "UUBDIJOHUIFTUSBQ
 -PBEJOHUIFCBUUFSJFT
 #BUUFSZDIFDL
 1PXFS
-&/4&4
 -FOTDBTF
 -FOTDBQ
 "UUBDIJOHMFOTFT
 3FNPWJOHMFOTFT
 -FOTDPNQPOFOUT
 'JMUFST
 -FOTTIBEF
 'PDVTJOH
 3BOHFGJOEFSGPDVTJOH
 %FQUIPGGJFME
7*&8'*/%&3
 $IBOHJOHUIFWJFXGJOEFSFZFQJFDF
'03."5
 4UBOEBSE
 1BOPSBNB
130(3"..*/(
'*-.
 'JMNTQFFE*40TFUUJOH
 'JMNMPBEJOH
 &YQPTVSFDPVOUFS
&910463&$0/530-
 "VUPNBUJD
 .BOVBM
 &YQPTVSFDPNQFOTBUJPO
 "VUPCSBDLFUJOH
'*-."%7"/$&
(&/&3"-
 -$%JMMVNJOBUJPO
 $MPTFSBOHFQIPUPHSBQIZ
 'JMNQMBOFJOEFY
 4FMGUJNFS
 .VMUJFYQPTVSF
 *OGSBSFEQIPUPHSBQIZ
 'MBTI
 3FNPUFSFMFBTF
 .JESPMMSFXJOE
 &YQPTVSFIJTUPSZ
 'JMNQSPDFTTJOH
"$$&4403*&4
 2VJDLDPVQMJOHQMBUF
 4QJSJUMFWFM
 674LZGJMUFS
 $FOUSFGJMUFS91BOGPSNN
5*143&.*/%&34
 7JFXGJOEFSFZFQJFDFTFMFDUJPO
5FDIOJDBMTQFDJGJDBUJPOT
 5SPVCMFTIPPUJOH
 &RVJQNFOUDBSFTFSWJDFBOE
HVBSBOUFF
)BTTFMCMBE91BO**
#FDPNFGBNJMJBSXJUIUIFWBSJPVTDPNQPOFOUTPO
UIFDBNFSBCZDIFDLJOHUIFNBHBJOTUGJHToBOE
UIFDPNQPOFOUMJTU"WPJEUPVDIJOHUIFMFOTTVSGBD
FTBOEUBLFDBSFSFHBSEJOHUIFGPDBMQMBOFTIVUUFS
BOEGPSNBUCMJOEXIFOPQFOJOHUIFDBNFSBCBDL
#FHJOCZMPBEJOHUIFCBUUFSJFTTPUIBUZPVDBOHP
UISPVHIBMMUIFDBNFSBTGVODUJPOT5IF91BO**JTB
WFSZTJNQMFDBNFSBUPPQFSBUFGPMMPXJOHXFMMFT
UBCMJTIFESPVUJOFTBOENPTUQIPUPHSBQIFSTTIPVME
CFBCMFUPTVDDFTTGVMMZPQFSBUFJUTUSBJHIUBXBZ
XJUIPVUBOZQSPCMFNT
5IFNPEFTFMFDUPSTXJUDIJTUIFNBJO0/0''
DPOUSPMXIJDIBDUJWBUFTUIFDBNFSB*OGPSNBUJPO
JTQSPWJEFECZUXP-$%QBOFMTBOEBO-$%EJTQMBZ
JOUIFWJFXGJOEFS3FBERVJDLMZUISPVHIUIFNBJO
JUFNTJOUIJTNBOVBMGPSBHFOFSBMPWFSWJFXPG
UIFJOGPSNBUJPOTZTUFNBOEUIFNFDIBOJDTPG
UIFDBNFSB5IFOSFBEBHBJONPSFDBSFGVMMZUIF
SFMFWBOUTFDUJPOTUPHBJOBGJSNFSVOEFSTUBOEJOH
PGJOEJWJEVBMQSPDFEVSFT'MVFODZJOPQFSBUJPOPG
UIFDBNFSBXJMMBMMPXZPVUPDPODFOUSBUFNPSFPO
QJDUVSFUBLJOH
*OUIFUFYUUIFNBJO-$%POUIFCBDLPGUIFDBNFSB
JTSFGFSSFEUPBTDBN-$%BOEUIFTNBMMFYQPTVSF
DPVOUFS-$%BTFYQ-$%BOEUIFWJFXGJOEFSEJTQMBZ
BTWJFX-$%
1PTJUJPOTPGDPNQPOFOUTBOEPSJFOUBUJPOBSF
EFTDSJCFEJOSFMBUJPOUPUIFDBNFSBBTTFFOXIFO
UBLJOHBQIPUPHSBQIJFXJUIUIFMFOTBUUIFGSPOU
VOMFTTPUIFSXJTFTUBUFE
5IFSFMFWBOUJMMVTUSBUJPOTBSFJOEJDBUFECZUIFGJH
VSFTCFTJEFUIFTNBMMIFBEJOHTJOUIFUFYU
1MFBTFSFBEA'JMNQSPDFTTJOHCFGPSFTFOEJOHZPVS
FYQPTFEGJMNUPBGJMNMBCPSBUPSZ



1BSUT$PNQPOFOUT
  -FOTSFMFBTFCVUUPO
 1$GMBTIUFSNJOBM
  7JFXGJOEFSXJOEPX
 4FMGUJNFSMBNQ
  #SJHIUGSBNFJMMVNJOBUJPOXJOEPX
 3BOHFGJOEFSXJOEPX
  )PUTIPF
 'PSNBUTFMFDUPSLOPC
  'PSNBUTFMFDUPSSFMFBTFCVUUPO
 7JFXGJOEFSFZFQJFDFSFMFBTFCVUUPO
 7JFXGJOEFSFZFQJFDF
 7JFXGJOEFS-$%EJTQMBZWJFX-$%
 $BCMFSFMFBTFTPDLFU
 4USBQMVH
 'JMNUZQFXJOEPX
 $BNFSBCBDLSFMFBTFDBUDI
 5SJQPETPDLFU
 #BUUFSZDPNQBSUNFOUDPWFS
 .BJO-$%EJTQMBZQBOFMDBN-$%
 -$%JMMVNJOBUJPOCVUUPO
 .JESPMMSFXJOECVUUPO
 1SPHSBN.0%&CVUUPO
 6Q%PXOCVUUPOT
 4IVUUFSTQFFETFMFDUPSEJBM
 4IVUUFSTQFFETFMFDUPSMPDL
 4IVUUFSTQFFETFMFDUPSJOEFY
 'JMNQMBOFJOEFY
 4IVUUFSSFMFBTFCVUUPO
 &YQPTVSFDPVOUFS-$%FYQ-$%
 4IPPUJOHNPEFTFMFDUPS
 4IPPUJOHNPEFTFMFDUPSMPDL
 4IPPUJOHNPEFTFMFDUPSMFWFS
1BSUT%FTDSJQUJPO
5IFGPMMPXJOHJTBDPODJTFJOUSPEVDUPSZEFTDSJQUJPO
PGUIFNBKPSQBSUTPGUIFDBNFSBUIFGJHVSFTSFGFS
UPUIFJMMVTUSBUJPOTo%FUBJMTPGGVODUJPOTBOE
QSPDFEVSFTDBOCFGPVOEVOEFSUIFBQQSPQSJBUFTFD
UJPOTBOEIFBEJOHTGVSUIFSPOJOUIJTNBOVBM4FF
UIFNBJOJOEFYGPSEFUBJMT
 1$nBTIUFSNJOBM
o GPSëBTIDPOOFDUJPOWJBDPSE
 4FMGUJNFSMBNQ
m DPVOUEPXOUJNFSGPSTIVUUFSSFMFBTFXIFOTFU
BUTFMGUJNFSNPEF
 )PUTIPF
mBDDFTTPSZTIPFXJUIEJSFDUDPOUBDUGPSGMBTI
VOJUT
 'PSNBUTFMFDUPSLOPC
oGPSTUBOEBSEBOEQBOPSBNBGPSNBU
 7JFXmOEFS-$%EJTQMBZ
o 3FGFSSFEUPJOUIFUFYUBTWJFX-$%
 $BCMFSFMFBTFTPDLFU
o GPSWJCSBUJPOGSFFPSSFNPUFTIVUUFSSFMFBTF
 'JMNUZQFXJOEPX
m GPSDPOêSNBUJPOPGXIFUIFSDBNFSBJTMPBEFE
BOEêMNUZQF
 .BJO-$%EJTQMBZQBOFM
o NBJOJOGPSNBUJPOQBOFM3FGFSSFEUPJOUIF
UFYUBTDBN-$%
 -$%JMMVNJOBUJPOCVUUPO
o JOGPSNBUJPOBOEFYQPTVSF-$%JMMVNJOBUJPO
 .JESPMMSFXJOECVUUPO
o GPSSFXJOEJOHêMNCFGPSFDPNQMFUJPO
1SPHSBN.0%&CVUUPO
oGPSQSPHSBNNJOHPGDBNFSBTFUUJOHT
6QEPXOCVUUPOT
oGPSQSPHSBNNJOHPGDBNFSBTFUUJOHT
 4IVUUFSTQFFETFMFDUPSEJBM
oGPSNBOVBMPSBVUPNBUJDTIVUUFSNPEFT
 4IVUUFSTQFFETFMFDUPSMPDL
oSFMFBTFTTFMFDUPSGSPNBVUPNBUJDTFUUJOH


1BSUT$PNQPOFOUT
  -FOTSFMFBTFCVUUPO
 1$GMBTIUFSNJOBM
  7JFXGJOEFSXJOEPX
 4FMGUJNFSMBNQ
  #SJHIUGSBNFJMMVNJOBUJPOXJOEPX
 3BOHFGJOEFSXJOEPX
  )PUTIPF
 'PSNBUTFMFDUPSLOPC
  'PSNBUTFMFDUPSSFMFBTFCVUUPO
 7JFXGJOEFSFZFQJFDFSFMFBTFCVUUPO
 7JFXGJOEFSFZFQJFDF
 7JFXGJOEFS-$%EJTQMBZWJFX-$%
 $BCMFSFMFBTFTPDLFU
 4USBQMVH
 'JMNUZQFXJOEPX
 $BNFSBCBDLSFMFBTFDBUDI
 5SJQPETPDLFU
 #BUUFSZDPNQBSUNFOUDPWFS
 .BJO-$%EJTQMBZQBOFMDBN-$%
 -$%JMMVNJOBUJPOCVUUPO
 .JESPMMSFXJOECVUUPO
 1SPHSBN.0%&CVUUPO
 6Q%PXOCVUUPOT
 4IVUUFSTQFFETFMFDUPSEJBM
 4IVUUFSTQFFETFMFDUPSMPDL
 4IVUUFSTQFFETFMFDUPSJOEFY
 'JMNQMBOFJOEFY
 4IVUUFSSFMFBTFCVUUPO
 &YQPTVSFDPVOUFS-$%FYQ-$%
 4IPPUJOHNPEFTFMFDUPS
 4IPPUJOHNPEFTFMFDUPSMPDL
 4IPPUJOHNPEFTFMFDUPSMFWFS
1BSUT%FTDSJQUJPO
5IFGPMMPXJOHJTBDPODJTFJOUSPEVDUPSZEFTDSJQUJPO
PGUIFNBKPSQBSUTPGUIFDBNFSBUIFGJHVSFTSFGFS
UPUIFJMMVTUSBUJPOTo%FUBJMTPGGVODUJPOTBOE
QSPDFEVSFTDBOCFGPVOEVOEFSUIFBQQSPQSJBUFTFD
UJPOTBOEIFBEJOHTGVSUIFSPOJOUIJTNBOVBM4FF
UIFNBJOJOEFYGPSEFUBJMT
 1$nBTIUFSNJOBM
o GPSëBTIDPOOFDUJPOWJBDPSE
 4FMGUJNFSMBNQ
m DPVOUEPXOUJNFSGPSTIVUUFSSFMFBTFXIFOTFU
BUTFMGUJNFSNPEF
 )PUTIPF
mBDDFTTPSZTIPFXJUIEJSFDUDPOUBDUGPSGMBTI
VOJUT
 'PSNBUTFMFDUPSLOPC
oGPSTUBOEBSEBOEQBOPSBNBGPSNBU
 7JFXmOEFS-$%EJTQMBZ
o 3FGFSSFEUPJOUIFUFYUBTWJFX-$%
 $BCMFSFMFBTFTPDLFU
o GPSWJCSBUJPOGSFFPSSFNPUFTIVUUFSSFMFBTF
 'JMNUZQFXJOEPX
m GPSDPOêSNBUJPOPGXIFUIFSDBNFSBJTMPBEFE
BOEêMNUZQF
 .BJO-$%EJTQMBZQBOFM
o NBJOJOGPSNBUJPOQBOFM3FGFSSFEUPJOUIF
UFYUBTDBN-$%
 -$%JMMVNJOBUJPOCVUUPO
oJOGPSNBUJPOBOEFYQPTVSF-$%JMMVNJOBUJPO
 .JESPMMSFXJOECVUUPO
oGPSSFXJOEJOHêMNCFGPSFDPNQMFUJPO
1SPHSBN.0%&CVUUPO
oGPSQSPHSBNNJOHPGDBNFSBTFUUJOHT
6QEPXOCVUUPOT
oGPSQSPHSBNNJOHPGDBNFSBTFUUJOHT
 4IVUUFSTQFFETFMFDUPSEJBM
oGPSNBOVBMPSBVUPNBUJDTIVUUFSNPEFT
 4IVUUFSTQFFETFMFDUPSMPDL
oSFMFBTFTTFMFDUPSGSPNBVUPNBUJDTFUUJOH



 'JMNQMBOFJOEFY
o GPSDSJUJDBMGPDVTJOHEJTUBODFNFBTVSFNFOU
 4IVUUFSSFMFBTFCVUUPO
o GPSDBNFSBBDUJWBUJPOXIFOQSFTTFEIBMGXBZ
BOETIVUUFSSFMFBTFXIFOQSFTTFEDPNQMFUFMZ
&YQPTVSFDPVOUFS-$%
o JOEJDBUFTOVNCFSPGVOFYQPTFEGSBNFTMFѫPO
êMNBOEGPSNBUJOEJDBUJPO3FGFSSFEUPJOUIF
UFYUBTFYQ-$%
 4IPPUJOHNPEFTFMFDUPSMFWFS
o GPSDIPJDFCFUXFFO4$BOETFMGUJNFSNPEFT 
(FUUJOH4UBSUFE
"UUBDIJOHUIFTUSBQ 
8JUIUIFCVDLMFBOESFUBJOFSBMSFBEZBUUBDIFEUPUIF
TUSBQQBTTUIFTUSBQFOEGJSTUUISPVHIUIFTUSBQMVH
POUIFDBNFSBUIFOUISPVHIUIFSFUBJOFSBOEêOBMMZ
CBDLUISPVHIUIFCVDLMFBHBJO"MMPXBUMFBTUmDN
PGMPPTFTUSBQCFZPOEUIFCVDLMF4FFUIFJMMVTUSBUJPO
GPSEFUBJMT
-PBEJOHUIFCBUUFSJFT 
4FUUIFTIPPUJOHNPEFTFMFDUPSUP0''6OTDSFXUIF
CBUUFSZDPNQBSUNFOUDBQmTJUVBUFEPOUIFCBTFQMBUF
mDPVOUFSDMPDLXJTFTFWFSBMUVSOTCZJOTFSUJOHBTNBMM
DPJOPSTJNJMBSJOUIFHSPPWF*OTFSUUXPGSFTICBUUFSJFT
-JUIJVN$37XJUIUIFUFSNJOBMTQPTJUJPOFEBTJO
UIFJMMVTUSBUJPO3FQMBDFUIFDBQBOETDSFXDMPDLXJTF
TFWFSBMUVSOTVOUJMTFDVSF
ѮFDBNFSBJTXIPMMZCBUUFSZEFQFOEFOUBOETPJUXJMM
OPUGVODUJPOJOBOZXBZJGUIFCBUUFSJFTIBWFCFFO
PNJUUFEBSFFYIBVTUFEPSIBWFCFFOêUUFEJODPSSFDUMZ
"MXBZTVTFGSFTICBUUFSJFTBOEEPOPUNJYPMEXJUI
OFX1MFBTFEJTDBSEVTFECBUUFSJFTJOBOFOWJSPONFO
UBMMZDPSSFDUXBZ
#BUUFSZDIFDL   
4FUUIFTIPPUJOHNPEFTFMFDUPSUP4$PS ѮFDBN-$%
XJMMJOEJDBUFUIFCBUUFSZTUBUVTCZUIFGPMMPXJOHJDPOT
t 5IFCBUUFSZDBQBDJUZJTBEFRVBUF
t 5IFCBUUFSJFTBSFMPX5IFDBNFSBXJMMGVODUJPOCVUSFQMBDF
CBUUFSJFTTPPO
t 'MBTIJOHCBUUFSZJDPO5IFCBUUFSJFTBSFFYIBVTUFEBOEUIF
DBNFSBXJMMOPUGVODUJPO
ѮFCBUUFSZDIFDLJDPOJTBMXBZTWJTJCMFXIFOUIFDBN
FSBJTJOBDUJWFNPEF$IFDLCBUUFSZTUBUVTSFHVMBSMZ
1PXFS   
0/
4FUUIFTIPPUJOHNPEFTFMFDUPSUP4$PS 
4 oTJOHMFFYQPTVSFNPEF
$ oDPOUJOVPVTFYQPTVSFNPEF
oTFMGUJNFSNPEF
8JUIPVUGJMNJOUIFDBNFSBUIFDBN-$%XJMMEJTQMBZ
BO*40TZNCPMUIFNBOVBMMZTFU*40SBUJOHPSAJO
UIFDBTFPGBOBVUPNBUJD%9TFUUJOHPUIFSDBNFSBTFU
UJOHTBOEBCBUUFSZJDPOTFFêHGPSFYBNQMF8IFO
MPBEFEXJUIêMNIPXFWFSUIFFYQ-$%XJMMBMTPEJTQMBZ
BêHVSFUIBUTIPXTUIFOVNCFSPGVOFYQPTFEGSBNFT
MFѫPOUIFêMNêH
8IFOUIFTIVUUFSSFMFBTFCVUUPOJTQSFTTFEIBMGXBZ
EPXOUIF*40TZNCPMEJTBQQFBSTBOEB5WTZNCPMBQ
QFBSTUJNFWBMVFUPHFUIFSXJUIUIFTFMFDUFETIVUUFS
TQFFEGJH"GUFSUFOTFDPOETPGOPSFTQPOTFUIF
*40TZNCPMBQQFBSTBHBJOSFQMBDJOHUIF5WTZNCPMѮF
WJFX-$%EJTQMBZXJMMTIPXTFMFDUFETIVUUFSTQFFEBOE
FYQPTVSFJOGPSNBUJPO
0''
4FUUIFTIPPUJOHNPEFTFMFDUPSUP0''
"MMJOEJDBUJPOTPOBMMUISFF-$%TEJTBQQFBS
108&34"7&
"GUFSUISFFNJOVUFTPGOPSFTQPOTFGSPNUIFDBNFSB
DPOUSPMTBMMJOEJDBUJPOTPOUIF-$%TXJMMEJTBQQFBS
BOEUIFDBNFSBTXJUDIFTPWFSUPTUBOECZTUBUVTBV
UPNBUJDBMMZ
ЅFDBNFSBXJMMSFBDUJWBUFXIFO
t UIFTIPPUJOHNPEFTFMFDUPSJTNPWFEGSPN0''UP4$PS 
t UIFTIVUUFSSFMFBTFCVUUPOJTQSFTTFEIBMGXBZEPXO


 'JMNQMBOFJOEFY
o GPSDSJUJDBMGPDVTJOHEJTUBODFNFBTVSFNFOU
 4IVUUFSSFMFBTFCVUUPO
o GPSDBNFSBBDUJWBUJPOXIFOQSFTTFEIBMGXBZ
BOETIVUUFSSFMFBTFXIFOQSFTTFEDPNQMFUFMZ
&YQPTVSFDPVOUFS-$%
o JOEJDBUFTOVNCFSPGVOFYQPTFEGSBNFTMFѫPO
êMNBOEGPSNBUJOEJDBUJPO3FGFSSFEUPJOUIF
UFYUBTFYQ-$%
 4IPPUJOHNPEFTFMFDUPSMFWFS
o GPSDIPJDFCFUXFFO4$BOETFMGUJNFSNPEFT 
(FUUJOH4UBSUFE
"UUBDIJOHUIFTUSBQ 
8JUIUIFCVDLMFBOESFUBJOFSBMSFBEZBUUBDIFEUPUIF
TUSBQQBTTUIFTUSBQFOEGJSTUUISPVHIUIFTUSBQMVH
POUIFDBNFSBUIFOUISPVHIUIFSFUBJOFSBOEêOBMMZ
CBDLUISPVHIUIFCVDLMFBHBJO"MMPXBUMFBTUmDN
PGMPPTFTUSBQCFZPOEUIFCVDLMF4FFUIFJMMVTUSBUJPO
GPSEFUBJMT
-PBEJOHUIFCBUUFSJFT 
4FUUIFTIPPUJOHNPEFTFMFDUPSUP0''6OTDSFXUIF
CBUUFSZDPNQBSUNFOUDBQmTJUVBUFEPOUIFCBTFQMBUF
mDPVOUFSDMPDLXJTFTFWFSBMUVSOTCZJOTFSUJOHBTNBMM
DPJOPSTJNJMBSJOUIFHSPPWF*OTFSUUXPGSFTICBUUFSJFT
-JUIJVN$37XJUIUIFUFSNJOBMTQPTJUJPOFEBTJO
UIFJMMVTUSBUJPO3FQMBDFUIFDBQBOETDSFXDMPDLXJTF
TFWFSBMUVSOTVOUJMTFDVSF
ѮFDBNFSBJTXIPMMZCBUUFSZEFQFOEFOUBOETPJUXJMM
OPUGVODUJPOJOBOZXBZJGUIFCBUUFSJFTIBWFCFFO
PNJUUFEBSFFYIBVTUFEPSIBWFCFFOêUUFEJODPSSFDUMZ
"MXBZTVTFGSFTICBUUFSJFTBOEEPOPUNJYPMEXJUI
OFX1MFBTFEJTDBSEVTFECBUUFSJFTJOBOFOWJSPONFO
UBMMZDPSSFDUXBZ
#BUUFSZDIFDL   
4FUUIFTIPPUJOHNPEFTFMFDUPSUP4$PS ѮFDBN-$%
XJMMJOEJDBUFUIFCBUUFSZTUBUVTCZUIFGPMMPXJOHJDPOT
t 5IFCBUUFSZDBQBDJUZJTBEFRVBUF
t 5IFCBUUFSJFTBSFMPX5IFDBNFSBXJMMGVODUJPOCVUSFQMBDF
CBUUFSJFTTPPO
t 'MBTIJOHCBUUFSZJDPO5IFCBUUFSJFTBSFFYIBVTUFEBOEUIF
DBNFSBXJMMOPUGVODUJPO
ѮFCBUUFSZDIFDLJDPOJTBMXBZTWJTJCMFXIFOUIFDBN
FSBJTJOBDUJWFNPEF$IFDLCBUUFSZTUBUVTSFHVMBSMZ
1PXFS   
0/
4FUUIFTIPPUJOHNPEFTFMFDUPSUP4$PS 
4 oTJOHMFFYQPTVSFNPEF
$ oDPOUJOVPVTFYQPTVSFNPEF
oTFMGUJNFSNPEF
8JUIPVUGJMNJOUIFDBNFSBUIFDBN-$%XJMMEJTQMBZ
BO*40TZNCPMUIFNBOVBMMZTFU*40SBUJOHPSAJO
UIFDBTFPGBOBVUPNBUJD%9TFUUJOHPUIFSDBNFSBTFU
UJOHTBOEBCBUUFSZJDPOTFFêHGPSFYBNQMF8IFO
MPBEFEXJUIêMNIPXFWFSUIFFYQ-$%XJMMBMTPEJTQMBZ
BêHVSFUIBUTIPXTUIFOVNCFSPGVOFYQPTFEGSBNFT
MFѫPOUIFêMNêH
8IFOUIFTIVUUFSSFMFBTFCVUUPOJTQSFTTFEIBMGXBZ
EPXOUIF*40TZNCPMEJTBQQFBSTBOEB5WTZNCPMBQ
QFBSTUJNFWBMVFUPHFUIFSXJUIUIFTFMFDUFETIVUUFS
TQFFEGJH"GUFSUFOTFDPOETPGOPSFTQPOTFUIF
*40TZNCPMBQQFBSTBHBJOSFQMBDJOHUIF5WTZNCPMѮF
WJFX-$%EJTQMBZXJMMTIPXTFMFDUFETIVUUFSTQFFEBOE
FYQPTVSFJOGPSNBUJPO
0''
4FUUIFTIPPUJOHNPEFTFMFDUPSUP0''
"MMJOEJDBUJPOTPOBMMUISFF-$%TEJTBQQFBS
108&34"7&
"GUFSUISFFNJOVUFTPGOPSFTQPOTFGSPNUIFDBNFSB
DPOUSPMTBMMJOEJDBUJPOTPOUIF-$%TXJMMEJTBQQFBS
BOEUIFDBNFSBTXJUDIFTPWFSUPTUBOECZTUBUVTBV
UPNBUJDBMMZ
ЅFDBNFSBXJMMSFBDUJWBUFXIFO
t UIFTIPPUJOHNPEFTFMFDUPSJTNPWFEGSPN0''UP4$PS 
t UIFTIVUUFSSFMFBTFCVUUPOJTQSFTTFEIBMGXBZEPXO



t UIFSFNPUFSFMFBTFJTPQFSBUFETFFA3FNPUFSFMFBTF
t UIF-$%CBDLMJHIUJMMVNJOBUJPOCVUUPOJTQSFTTFE
t UIFDBNFSBCBDLJTPQFOFEPSDMPTFE
t UIF.0%&CVUUPOJTQSFTTFE
t UIFPSCVUUPOJTQSFTTFE
-FOTFT
5IF91BO**VTFTJOUFSDIBOHFBCMFCBZPOFUGJUUJOH
)BTTFMCMBEMFOTFTTQFDJGJDBMMZEFTJHOFEGPSUIF9QBO
9QBO**DBNFSBT5ISFFMFOTFTBSFBWBJMBCMFBNN
"TQIFSJDBMBNNBOEBNN5IFGPMMPXJOHJT
HFOFSBMVTFSJOGPSNBUJPOGPSCPUIUIFNNBOE
UIFNNMFOTFT5IFNNMFOTSFRVJSFTNPSFTQF
DJGJDJOGPSNBUJPOBOEJTUIFSFGPSFTVQQMJFEXJUIJUT
PXOVTFSNBOVBM4FFUIFA5FDIOJDBM4QFDJGJDBUJPOT
UBCMFUPXBSETUIFFOEPGUIJTNBOVBMGPSGVSUIFSEF
UBJMTPGBMMUISFFMFOTFTBTXFMMBTEFQUIPGGJFMEUBCMFT
GPSUIFNNBOENNMFOTFT'VSUIFSJOGPSNB
UJPOPOGJMUFSTDBOBMTPCFGPVOEVOEFSA"DDFTTPSJFT
UPXBSETUIFFOEPGUIJTNBOVBM
-FOTDBTF   
5IFMFOTDBTFDPOTJTUTPGBDPWFSDPWFSCBTFBOEBO
JOUFHSBMSFBSMFOTDBQ5IFMFOTDPWFSJTVOTDSFXFE
BQQSPYJNBUFMZäUVSODPVOUFSDMPDLXJTFUPSFNPWF
ѮFMFOTDBOUIFOCFVOTDSFXFEBQQSPYJNBUFMZäUVSO
DPVOUFSDMPDLXJTFUPSFNPWFGSPNUIFCBTF*GIPX
FWFSZPVDPOUJOVFUPUVSOUIFMFOTDPVOUFSDMPDLXJTF
UIFSFBSMFOTDBQXJMMBMTPCFSFMFBTFEGSPNUIFCBTF
"TUIFDBQJTUIFOBMTPGSFFGSPNUIFMFOTUBLFDBSFOPU
UPESPQJU
-FOTDBQ   
5IFMFOTDBQJTSFNPWFEBOEBUUBDIFECZQJODIJOH
JOXBSETUIFUXPQSPKFDUJPOTPOUIFSJNPGUIFDBQUP
SFMFBTFJUTHSJQ

"MXBZTSFQMBDFUIFDBNFSBCPEZQSPUFDUJWFDPWFSBOEUIFMFOT
DBQTXIFODBNFSBBOEMFOTBSFTFQBSBUFE
"UUBDIJOHMFOTFT  
'JSTUMZUVSOUIFQSPUFDUJWFDPWFSPOUIFDBNFSBCPEZ
DPVOUFSDMPDLXJTFBOESFNPWFJU"MJHOUIFJOEFYPO
UIFMFOTXJUIUIFJOEFYPOUIFDBNFSBCPEZ(SJQQJOH
UIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOHUVSOUIFMFOT
DMPDLXJTFXIFOTFFOGSPNUIFGSPOUVOUJMJUDMJDLTBOE
MPDLTJOUPQPTJUJPOѮFDBNFSBBVUPNBUJDBMMZBEKVTUT
UIFGSBNFJOUIFWJFXêOEFSUPNBUDIUIFGPDBMMFOHUI
PGUIFDIPTFOMFOT
3FNPWJOHMFOTFT BCD
(SJQQJOHUIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOH
UVSOUIFMFOTJOBDPVOUFSDMPDLXJTFEJSFDUJPOXIJMF
EFQSFTTJOHUIFMFOTSFMFBTFCVUUPO

"MXBZTHSJQUIFMFOTCZUIFBUUBDINFOUSJOHXIFOBUUBDIJOH
BOESFNPWJOHBOEOPUCZUIFBQFSUVSFSJOHGPDVTJOHSJOHPS
MFOTTIBEF
-FOTDPNQPOFOUT 
  "QFSUVSFTDBMF
 "QFSUVSFJOEFY
  'PDVTJOHSJOH
 -FOTBUUBDINFOUBMJHONFOUJOEFY
  %JTUBODFTDBMF
 %FQUIPGGJFMETDBMF
  $FOUSBMJOEFY
 *OGSBSFEJOEFY
  "UUBDINFOUSJOH
'JMUFST
4UBOEBSETDSFXUISFBEFE.NNGJMUFSTTIPVMECF
VTFE5XPêMUFSTUPHFUIFSNBZCFVTFEXJUIPVUQSPC
MFNTXJUIWJHOFUUJOH"TUIF91BO**IBTB55-FYQP
TVSFTZTUFNGJMUFSGBDUPSTmUIFBNPVOUPGFYQPTVSF
JODSFBTFOFDFTTBSZGPSFBDIGJMUFSmDBOJOHFOFSBMCF
JHOPSFEBTUIFZBSFBVUPNBUJDBMMZUBLFOJOUPBDDPVOU
5FTUTPSBMUFSOBUJWFFYQPTVSFTTIPVMECFNBEFJOTQF
DJBMDBTFTIPXFWFSUPFOTVSFUIFSFRVJSFESFTVMU
5ISFFEFEJDBUFE)BTTFMCBEGJMUFSTBSFBWBJMBCMF"
674LZGPSHFOFSBMQVSQPTFTBOEUXPDFOUSFGJMUFST
XJUISFTQFDUJWFMZNNBOENNêUUJOHGPSDSJUJDBM
BQQMJDBUJPOTVTJOHUSBOTQBSFODZêMN&BDIêMUFSDBO
BMTPCFDPNCJOFEXJUIPOFBEEJUJPOBMêMUFSJODMVEJOH
QPMêMUFSUZQF
4FFVOEFSA"DDFTTPSJFTGPSGVSUIFSJOGPSNBUJPOBCPVU
EFEJDBUFE674LZBOE$FOUSFGJMUFSTGPS)BTTFMCMBE
91BOMFOTFT

8IFOVTJOHGJMUFSTBOEBIBOEIFMENFUFSCFTVSFUPJODMVEF
BOZGJMUFSGBDUPSTJOUIFFYQPTVSFDBMDVMBUJPOT


t UIFSFNPUFSFMFBTFJTPQFSBUFETFFA3FNPUFSFMFBTF
t UIF-$%CBDLMJHIUJMMVNJOBUJPOCVUUPOJTQSFTTFE
t UIFDBNFSBCBDLJTPQFOFEPSDMPTFE
t UIF.0%&CVUUPOJTQSFTTFE
t UIFPSCVUUPOJTQSFTTFE
-FOTFT
5IF91BO**VTFTJOUFSDIBOHFBCMFCBZPOFUGJUUJOH
)BTTFMCMBEMFOTFTTQFDJGJDBMMZEFTJHOFEGPSUIF9QBO
9QBO**DBNFSBT5ISFFMFOTFTBSFBWBJMBCMFBNN
"TQIFSJDBMBNNBOEBNN5IFGPMMPXJOHJT
HFOFSBMVTFSJOGPSNBUJPOGPSCPUIUIFNNBOE
UIFNNMFOTFT5IFNNMFOTSFRVJSFTNPSFTQF
DJGJDJOGPSNBUJPOBOEJTUIFSFGPSFTVQQMJFEXJUIJUT
PXOVTFSNBOVBM4FFUIFA5FDIOJDBM4QFDJGJDBUJPOT
UBCMFUPXBSETUIFFOEPGUIJTNBOVBMGPSGVSUIFSEF
UBJMTPGBMMUISFFMFOTFTBTXFMMBTEFQUIPGGJFMEUBCMFT
GPSUIFNNBOENNMFOTFT'VSUIFSJOGPSNB
UJPOPOGJMUFSTDBOBMTPCFGPVOEVOEFSA"DDFTTPSJFT
UPXBSETUIFFOEPGUIJTNBOVBM
-FOTDBTF   
5IFMFOTDBTFDPOTJTUTPGBDPWFSDPWFSCBTFBOEBO
JOUFHSBMSFBSMFOTDBQ5IFMFOTDPWFSJTVOTDSFXFE
BQQSPYJNBUFMZäUVSODPVOUFSDMPDLXJTFUPSFNPWF
ѮFMFOTDBOUIFOCFVOTDSFXFEBQQSPYJNBUFMZäUVSO
DPVOUFSDMPDLXJTFUPSFNPWFGSPNUIFCBTF*GIPX
FWFSZPVDPOUJOVFUPUVSOUIFMFOTDPVOUFSDMPDLXJTF
UIFSFBSMFOTDBQXJMMBMTPCFSFMFBTFEGSPNUIFCBTF
"TUIFDBQJTUIFOBMTPGSFFGSPNUIFMFOTUBLFDBSFOPU
UPESPQJU
-FOTDBQ   
5IFMFOTDBQJTSFNPWFEBOEBUUBDIFECZQJODIJOH
JOXBSETUIFUXPQSPKFDUJPOTPOUIFSJNPGUIFDBQUP
SFMFBTFJUTHSJQ

"MXBZTSFQMBDFUIFDBNFSBCPEZQSPUFDUJWFDPWFSBOEUIFMFOT
DBQTXIFODBNFSBBOEMFOTBSFTFQBSBUFE
"UUBDIJOHMFOTFT  
'JSTUMZUVSOUIFQSPUFDUJWFDPWFSPOUIFDBNFSBCPEZ
DPVOUFSDMPDLXJTFBOESFNPWFJU"MJHOUIFJOEFYPO
UIFMFOTXJUIUIFJOEFYPOUIFDBNFSBCPEZ(SJQQJOH
UIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOHUVSOUIFMFOT
DMPDLXJTFXIFOTFFOGSPNUIFGSPOUVOUJMJUDMJDLTBOE
MPDLTJOUPQPTJUJPOѮFDBNFSBBVUPNBUJDBMMZBEKVTUT
UIFGSBNFJOUIFWJFXêOEFSUPNBUDIUIFGPDBMMFOHUI
PGUIFDIPTFOMFOT
3FNPWJOHMFOTFT BCD
(SJQQJOHUIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOH
UVSOUIFMFOTJOBDPVOUFSDMPDLXJTFEJSFDUJPOXIJMF
EFQSFTTJOHUIFMFOTSFMFBTFCVUUPO

"MXBZTHSJQUIFMFOTCZUIFBUUBDINFOUSJOHXIFOBUUBDIJOH
BOESFNPWJOHBOEOPUCZUIFBQFSUVSFSJOHGPDVTJOHSJOHPS
MFOTTIBEF
-FOTDPNQPOFOUT 
  "QFSUVSFTDBMF
 "QFSUVSFJOEFY
  'PDVTJOHSJOH
 -FOTBUUBDINFOUBMJHONFOUJOEFY
  %JTUBODFTDBMF
 %FQUIPGGJFMETDBMF
  $FOUSBMJOEFY
 *OGSBSFEJOEFY
  "UUBDINFOUSJOH
'JMUFST
4UBOEBSETDSFXUISFBEFE.NNGJMUFSTTIPVMECF
VTFE5XPêMUFSTUPHFUIFSNBZCFVTFEXJUIPVUQSPC
MFNTXJUIWJHOFUUJOH"TUIF91BO**IBTB55-FYQP
TVSFTZTUFNGJMUFSGBDUPSTmUIFBNPVOUPGFYQPTVSF
JODSFBTFOFDFTTBSZGPSFBDIGJMUFSmDBOJOHFOFSBMCF
JHOPSFEBTUIFZBSFBVUPNBUJDBMMZUBLFOJOUPBDDPVOU
5FTUTPSBMUFSOBUJWFFYQPTVSFTTIPVMECFNBEFJOTQF
DJBMDBTFTIPXFWFSUPFOTVSFUIFSFRVJSFESFTVMU
5ISFFEFEJDBUFE)BTTFMCBEGJMUFSTBSFBWBJMBCMF"
674LZGPSHFOFSBMQVSQPTFTBOEUXPDFOUSFGJMUFST
XJUISFTQFDUJWFMZNNBOENNêUUJOHGPSDSJUJDBM
BQQMJDBUJPOTVTJOHUSBOTQBSFODZêMN&BDIêMUFSDBO
BMTPCFDPNCJOFEXJUIPOFBEEJUJPOBMêMUFSJODMVEJOH
QPMêMUFSUZQF
4FFVOEFSA"DDFTTPSJFTGPSGVSUIFSJOGPSNBUJPOBCPVU
EFEJDBUFE674LZBOE$FOUSFGJMUFSTGPS)BTTFMCMBE
91BOMFOTFT

8IFOVTJOHGJMUFSTBOEBIBOEIFMENFUFSCFTVSFUPJODMVEF
BOZGJMUFSGBDUPSTJOUIFFYQPTVSFDBMDVMBUJPOT



-FOTTIBEF  
.BUDIUIFSFEJOEFYPOUIFSFBSPGUIF91BOMFOTTIBEF
TFFJMMVTUSBUJPOXJUIUIFSFEJOEFYPOUIFMFOT5VSO
UIFMFOTTIBEFCBZPOFUGJUUJOHDPVOUFSDMPDLXJTF
XIFOTFFOGSPNCFIJOEUIFDBNFSBVOUJMJUDMJDLT
JOUPQMBDFBOEJTTFDVSFEBHBJOTUVOJOUFOUJPOBMSPUB
UJPOCZUIFMPDLJOHEFWJDF91BOMFOTTIBEFTIBWFCFFO
TQFDJGJDBMMZEFTJHOFEGPS91BOMFOTFTPUIFSUZQFTPG
MFOTTIBEFBSFOPUSFDPNNFOEFEѮF91BOMFOTTIBEF
JTEFTJHOFETPUIBUJUTIPVMECFSFNPWFEGJSTUCFGPSF
BGJMUFSPSMFOTDBQJTBUUBDIFEDIBOHFEPSSFNPWFE
3FNPWFUIFMFOTTIBEFBѫFSêSTUQVTIJOHUIFMPDLJOH
EFWJDFDBUDIDPVOUFSDMPDLXJTF

8IFOBO91BOMFOTTIBEFJTGJUUFEUIFSFJTBQBSUJBMCMPDL
JOHPGWJFXJOUIFCPUUPNSJHIUPGUIFWJFXGJOEFSJNBHF
)PXFWFSUIJTJOOPXBZBGGFDUTUIFSFTVMUT
'PDVTJOH
5IFMFOTJTGPDVTFECZUVSOJOHUIFSVCCFSDPWFSFE
GPDVTJOHSJOHUIBUTVSSPVOETUIFMFOTCBSSFM'PDVTJOH
DBOCFFJUIFSWJTVBMWJBUIFWJFXGJOEFSSBOHFGJOEFS
TZTUFNPSNBOVBM'PSUIFGPSNFSTFFA3BOHFêOEFSGP
DVTJOH'PSNBOVBMGPDVTJOHBMJHOUIFDIPTFOEJTUBODF
POUIFEJTUBODFTDBMFBHBJOTUUIFMFOTDFOUSBMJOEFY
3BOHFGJOEFSGPDVTJOH 
5IFSBOHFGJOEFSJTBDPVQMFEUZQFJOUIFGPSNPGB
TNBMMCSJHIUSFDUBOHMFJOUIFDFOUSFPGUIFGJFMEPG
WJFXGSBNFJOUIFWJFXêOEFSUIBUQSPWJEFTBTVQFSJN
QPTFEAHIPTUFEJNBHFPGBDFOUSBMQBSUPGUIFTVCKFDU
GJH5IFMFOTJTUVSOFEVOUJMUIFAHIPTUFEJNBHF
DPJODJEFTXJUIUIFTVCKFDUJNBHFGJHQSPEVDJOHB
TIBSQGPDVTTFUUJOHGPSUIBUQBSUJDVMBSEJTUBODFGSPN
UIFDBNFSB:PVNBZêOEUIBUTVCKFDUTDPOUBJOJOHGFX
PSOPMJOFTPSTIBSQDPOUSBTUTJOUIFJNBHFBSFNPSF
EJēDVMUUPGPDVT5SZQPJOUJOHUIFDBNFSBUPPUIFSBS
FBTPGUIFTVCKFDUDPOUBJOJOHWFSUJDBMMJOFTPSDPOUSBTU
DIBOHFTUIBUBSFBQQSPYJNBUFMZUIFTBNFEJTUBODF
BXBZGSPNUIFDBNFSBGPDVTBUUIPTFQPJOUTBOEUIFO
SFUVSOUPZPVSPSJHJOBMDPNQPTJUJPO:PVNBZBMTPêOE
JUFBTJFSUPUVSOUIFDBNFSBPOJUTTJEFJGUIFSFBSFPOMZ
IPSJ[POUBMMJOFTXJUIJOUIFJNBHFGPSFYBNQMFXIFO
QIPUPHSBQIJOHBOFBSIPSJ[PO

-PPLEJSFDUMZJOUPUIFWJFXGJOEFSBOEOPUGSPNBOBOHMF
PUIFSXJTFJUDBOSFTVMUJOJOBDDVSBUFGPDVTJOH
%FQUIPGGJFME  
%FQUIPGêFMEmUIFBNPVOUPGBDDFQUBCMFTIBSQOFTT
QSPEVDFEBUBHJWFOBQFSUVSFBOEGPDVTTFUUJOHmDBOCF
DBMDVMBUFEBTJOUIFGPMMPXJOHFYBNQMF
5IFBQFSUVSFIBTCFFOTFUBUGBOEUIFGPDVTBU
NFUSFT#ZSFBEJOHBDSPTTGSPNUIFSFMFWBOUBQFSUVSF
NBSLJOHTPOUIFEFQUIPGêFMETDBMFPOFJUIFSTJEFPG
UIFDFOUSBMJOEFYUPUIFGPDVTJOHEJTUBODFTDBMFZPV
DBOTFFUIFFYUFOUPGUIFTIBSQ[POF*OUIJTFYBNQMF
UIFEFQUIPGêFMESBOHFTGSPNBQQSPYNUPN
ѮFSFBSFUXPUBCMFTBUUIFFOEPGUIFJMMVTUSBUJPOTFD
UJPOPGUIJTNBOVBMUIBUEFTDSJCFUIFEFQUIPGGJFME
QSPEVDFECZUIFWBSJPVTDPNCJOBUJPOTPGBQFSUVSF
TFUUJOHTBOEGPDVTTFUUJOHTSFHBSEJOHNNBOE
NNMFOTFT'PSFYBNQMFXIFOGPDVTFEBUNBOE
TFUBUGUIFEFQUIPGêFMEFYUFOETGSPNUPN
XJUIUIFNNMFOTBOEGSPNUPXJUIUIF
NNMFOT4FFTFQBSBUFVTFSNBOVBMGPSNNEFQUI
PGêFMEUBCMF
7JFXGJOEFS
5IFWJFXGJOEFSJTBDPVQMFESBOHFGJOEFSUZQFXJUI
UIFBEEJUJPOBMGFBUVSFPGBVUPNBUJDGJFMEPGWJFX
GSBNFDIBOHFBDDPSEJOHUPUIFGPDBMMFOHUIPGUIF
MFOTBOEDIPTFOGPSNBU5IFGJFMEPGWJFXGSBNFBMTP
NPWFTBVUPNBUJDBMMZUPDPNQFOTBUFGPSQBSBMMBYFS
SPSXIFOQIPUPHSBQIJOHDMPTFTVCKFDUT5IFNN
MFOTQSPEVDFTBMBSHFSSBOHFGJOEFSEPVCMFJNBHF
DPNQBSFEUPUIFNNMFOT5IFWJFXGJOEFSFZF
QJFDFJTJOUFSDIBOHFBCMFUPTVJUJOEJWJEVBMFZFTJHIU
$IBOHJOHUIFWJFXGJOEFSFZFQJFDF
ѮFTUBOEBSEEJPQUSFPGUIFWJFXêOEFSFZFQJFDFJT
'JWFPUIFSTUSFOHUITBSFBWBJMBCMF%%%%
BOE%ѮFFZFQJFDFTTJNQMZTMJEFJOBOEPVUPGUIF
WJFXêOEFSGSBNFDMJDLJOHJOUPQPTJUJPOBOETFDVSFE
CZUIFMPDLJOHEFWJDF1VTIJOHUIFMPDLJOHEFWJDFCVU
UPOBOETJNVMUBOFPVTMZTMJEJOHUIFFZFQJFDFGSPNJUT
MPDLFEQPTJUJPODBOSFMFBTFJU
1MFBTFSFGFSUPUIFA7JFXêOEFSFZFQJFDFTFMFDUJPOUBCMF
UPXBSETUIFFOEPGUIJTNBOVBMGPSBEFUBJMFEEFTDSJQ
UJPOPGDIPJDF


-FOTTIBEF  
.BUDIUIFSFEJOEFYPOUIFSFBSPGUIF91BOMFOTTIBEF
TFFJMMVTUSBUJPOXJUIUIFSFEJOEFYPOUIFMFOT5VSO
UIFMFOTTIBEFCBZPOFUGJUUJOHDPVOUFSDMPDLXJTF
XIFOTFFOGSPNCFIJOEUIFDBNFSBVOUJMJUDMJDLT
JOUPQMBDFBOEJTTFDVSFEBHBJOTUVOJOUFOUJPOBMSPUB
UJPOCZUIFMPDLJOHEFWJDF91BOMFOTTIBEFTIBWFCFFO
TQFDJGJDBMMZEFTJHOFEGPS91BOMFOTFTPUIFSUZQFTPG
MFOTTIBEFBSFOPUSFDPNNFOEFEѮF91BOMFOTTIBEF
JTEFTJHOFETPUIBUJUTIPVMECFSFNPWFEGJSTUCFGPSF
BGJMUFSPSMFOTDBQJTBUUBDIFEDIBOHFEPSSFNPWFE
3FNPWFUIFMFOTTIBEFBѫFSêSTUQVTIJOHUIFMPDLJOH
EFWJDFDBUDIDPVOUFSDMPDLXJTF

8IFOBO91BOMFOTTIBEFJTGJUUFEUIFSFJTBQBSUJBMCMPDL
JOHPGWJFXJOUIFCPUUPNSJHIUPGUIFWJFXGJOEFSJNBHF
)PXFWFSUIJTJOOPXBZBGGFDUTUIFSFTVMUT
'PDVTJOH
5IFMFOTJTGPDVTFECZUVSOJOHUIFSVCCFSDPWFSFE
GPDVTJOHSJOHUIBUTVSSPVOETUIFMFOTCBSSFM'PDVTJOH
DBOCFFJUIFSWJTVBMWJBUIFWJFXGJOEFSSBOHFGJOEFS
TZTUFNPSNBOVBM'PSUIFGPSNFSTFFA3BOHFêOEFSGP
DVTJOH'PSNBOVBMGPDVTJOHBMJHOUIFDIPTFOEJTUBODF
POUIFEJTUBODFTDBMFBHBJOTUUIFMFOTDFOUSBMJOEFY
3BOHFGJOEFSGPDVTJOH 
5IFSBOHFGJOEFSJTBDPVQMFEUZQFJOUIFGPSNPGB
TNBMMCSJHIUSFDUBOHMFJOUIFDFOUSFPGUIFGJFMEPG
WJFXGSBNFJOUIFWJFXêOEFSUIBUQSPWJEFTBTVQFSJN
QPTFEAHIPTUFEJNBHFPGBDFOUSBMQBSUPGUIFTVCKFDU
GJH5IFMFOTJTUVSOFEVOUJMUIFAHIPTUFEJNBHF
DPJODJEFTXJUIUIFTVCKFDUJNBHFGJHQSPEVDJOHB
TIBSQGPDVTTFUUJOHGPSUIBUQBSUJDVMBSEJTUBODFGSPN
UIFDBNFSB:PVNBZêOEUIBUTVCKFDUTDPOUBJOJOHGFX
PSOPMJOFTPSTIBSQDPOUSBTUTJOUIFJNBHFBSFNPSF
EJēDVMUUPGPDVT5SZQPJOUJOHUIFDBNFSBUPPUIFSBS
FBTPGUIFTVCKFDUDPOUBJOJOHWFSUJDBMMJOFTPSDPOUSBTU
DIBOHFTUIBUBSFBQQSPYJNBUFMZUIFTBNFEJTUBODF
BXBZGSPNUIFDBNFSBGPDVTBUUIPTFQPJOUTBOEUIFO
SFUVSOUPZPVSPSJHJOBMDPNQPTJUJPO:PVNBZBMTPêOE
JUFBTJFSUPUVSOUIFDBNFSBPOJUTTJEFJGUIFSFBSFPOMZ
IPSJ[POUBMMJOFTXJUIJOUIFJNBHFGPSFYBNQMFXIFO
QIPUPHSBQIJOHBOFBSIPSJ[PO

-PPLEJSFDUMZJOUPUIFWJFXGJOEFSBOEOPUGSPNBOBOHMF
PUIFSXJTFJUDBOSFTVMUJOJOBDDVSBUFGPDVTJOH
%FQUIPGGJFME  
%FQUIPGêFMEmUIFBNPVOUPGBDDFQUBCMFTIBSQOFTT
QSPEVDFEBUBHJWFOBQFSUVSFBOEGPDVTTFUUJOHmDBOCF
DBMDVMBUFEBTJOUIFGPMMPXJOHFYBNQMF
5IFBQFSUVSFIBTCFFOTFUBUGBOEUIFGPDVTBU
NFUSFT#ZSFBEJOHBDSPTTGSPNUIFSFMFWBOUBQFSUVSF
NBSLJOHTPOUIFEFQUIPGêFMETDBMFPOFJUIFSTJEFPG
UIFDFOUSBMJOEFYUPUIFGPDVTJOHEJTUBODFTDBMFZPV
DBOTFFUIFFYUFOUPGUIFTIBSQ[POF*OUIJTFYBNQMF
UIFEFQUIPGêFMESBOHFTGSPNBQQSPYNUPN
ѮFSFBSFUXPUBCMFTBUUIFFOEPGUIFJMMVTUSBUJPOTFD
UJPOPGUIJTNBOVBMUIBUEFTDSJCFUIFEFQUIPGGJFME
QSPEVDFECZUIFWBSJPVTDPNCJOBUJPOTPGBQFSUVSF
TFUUJOHTBOEGPDVTTFUUJOHTSFHBSEJOHNNBOE
NNMFOTFT'PSFYBNQMFXIFOGPDVTFEBUNBOE
TFUBUGUIFEFQUIPGêFMEFYUFOETGSPNUPN
XJUIUIFNNMFOTBOEGSPNUPXJUIUIF
NNMFOT4FFTFQBSBUFVTFSNBOVBMGPSNNEFQUI
PGêFMEUBCMF
7JFXGJOEFS
5IFWJFXGJOEFSJTBDPVQMFESBOHFGJOEFSUZQFXJUI
UIFBEEJUJPOBMGFBUVSFPGBVUPNBUJDGJFMEPGWJFX
GSBNFDIBOHFBDDPSEJOHUPUIFGPDBMMFOHUIPGUIF
MFOTBOEDIPTFOGPSNBU5IFGJFMEPGWJFXGSBNFBMTP
NPWFTBVUPNBUJDBMMZUPDPNQFOTBUFGPSQBSBMMBYFS
SPSXIFOQIPUPHSBQIJOHDMPTFTVCKFDUT5IFNN
MFOTQSPEVDFTBMBSHFSSBOHFGJOEFSEPVCMFJNBHF
DPNQBSFEUPUIFNNMFOT5IFWJFXGJOEFSFZF
QJFDFJTJOUFSDIBOHFBCMFUPTVJUJOEJWJEVBMFZFTJHIU
$IBOHJOHUIFWJFXGJOEFSFZFQJFDF
ѮFTUBOEBSEEJPQUSFPGUIFWJFXêOEFSFZFQJFDFJT
'JWFPUIFSTUSFOHUITBSFBWBJMBCMF%%%%
BOE%ѮFFZFQJFDFTTJNQMZTMJEFJOBOEPVUPGUIF
WJFXêOEFSGSBNFDMJDLJOHJOUPQPTJUJPOBOETFDVSFE
CZUIFMPDLJOHEFWJDF1VTIJOHUIFMPDLJOHEFWJDFCVU
UPOBOETJNVMUBOFPVTMZTMJEJOHUIFFZFQJFDFGSPNJUT
MPDLFEQPTJUJPODBOSFMFBTFJU
1MFBTFSFGFSUPUIFA7JFXêOEFSFZFQJFDFTFMFDUJPOUBCMF
UPXBSETUIFFOEPGUIJTNBOVBMGPSBEFUBJMFEEFTDSJQ
UJPOPGDIPJDF



'PSNBU
4UBOEBSE  B
'PSUIFTUBOEBSENNGPSNBUNNYNNUVSO
UIFGPSNBUTFMFDUPSLOPCUPBMJHOUIFJOEFYFTDPVOUFS
DMPDLXJTFJGBMSFBEZTFUBUUIFQBOPSBNBGPSNBUXIJMF
LFFQJOHUIFDFOUSFCVUUPOEFQSFTTFEѮFWJFXêOEFS
XJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDUGPSNBUGSBNJOH
BOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUFUIFOVNCFSPG
GSBNFTSFNBJOJOHBUUIBUDIPTFOGPSNBU
1BOPSBNB   C
'SPNUIFTUBOEBSEGPSNBUUVSOUIFGPSNBUTFMFDUPS
LOPCDMPDLXJTFXIJMFLFFQJOHUIFDFOUSFCVUUPOEF
QSFTTFEBOEBMJHOUIFJOEFYFTUPUIFQBOPSBNBGPSNBU
ѮFMFUUFS1XJMMCFWJTJCMFPOUIFUPQPGUIFEJBM"HBJO
UIFWJFXêOEFSXJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDU
GPSNBUGSBNJOHBOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUF
UIFOVNCFSPGGSBNFTSFNBJOJOHUIPVHIOPXGPSUIF
QBOPSBNBGPSNBUѮFFYQ-$%BMTPEJTQMBZTB1JOUIF
UPQMFѫPGUIFXJOEPX

&OTVSFZPVUVSOUIFLOPCBTGBSBTJUXJMMHPUPUIFTUPQQPTJ
UJPOXIFOTFMFDUJOHUIFQBOPSBNBGPSNBU

"GMBTIJOH1JOUIFFYQ-$%UPHFUIFSXJUIBMPDLFETIVUUFS
SFMFBTFJOEJDBUFTUIBUFJUIFSUIFGPSNBUTFMFDUPSLOPCJTOPU
QPTJUJPOFEDPSSFDUMZPSUIBUZPVIBWFTXJUDIFEGSPNTUBOEBSE
UPQBOPSBNBGPSNBUXIFOPOMZPOFTUBOEBSETJ[FEVOFY
QPTFEGSBNFSFNBJOFEPOUIFGJMN
1SPHSBNNJOH
1SPHSBNNJOHPGDBNFSBTFUUJOHT
ѮFGPMMPXJOHTFUUJOHTDBOCFQSPHSBNNFE
t 'JMNTQFFE*40o"VUP%9
t &YQPTVSFDPNQFOTBUJPOUPGTUPQJOGTUPQ
JODSFNFOUT
t "VUPCSBDLFUJOHGTUPQPSGTUPQ
t .VMUJFYQPTVSFoFYQPTVSFT
t 'MBTITZODBUUIFCFHJOOJOHi/wPSBUUIFFOEi3wPGUIF
FYQPTVSF
t 'JMNUJQPVUPSmMNGVMMZTQPPMFECBDLJOUPUIFDBTTFUUFXIFO
SFXJOEJOHUIFmMNTFFA'JMNMPBEJOHTFDUJPOGPSBDDFTT
EFUBJMT
"DDFTTUIFNFOVCZQVTIJOHUIF.0%&CVUUPOGPST
4FMFDUUIFSFRVJSFEGVODUJPOCZSFQFBUFEQVTIJOHPGUIF
.0%&CVUUPOBOENBLFUIFDIBOHFTCZVTJOHUIFPS
CVUUPOT$POêSNUIFTFMFDUFEWBMVFPSPQFSBUJPOBM
NPEFCZ
t 1VTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
t 1VTIJOHUIF.0%&CVUUPOOPUGPSBMMTFUUJOHT
t 8BJUJOHGPSTFDPOET

$POGJSNBUJPOVTJOHUIF.0%&CVUUPOBDDFTTFTUIFOFYUJUFN
POUIFNFOVBTXFMMBTNBLJOHBOFXTFUUJOH
%FUBJMFEJOTUSVDUJPOTGPSSFTQFDUJWFUZQFPGTFUUJOHT
JTQSPWJEFEVOEFSUIFSFTQFDUJWFGVODUJPOIFBEJOHT
GVSUIFSPOJOUIJTNBOVBM
4FMGUJNFSEFMBZTPSTDBOCFTFMFDUFECZQVTIJOH
UIFBSSPXPSCVUUPOTBѫFSTFUUJOHUIFTIPPUJOH
NPEFTFMFDUPSUP4FMGUJNFS

"MMTFUQBSBNFUFSTFYDFQUGPS"VUPCSBDLFUJOHBOE.VMUJ
FYQPTVSFSFNBJOTUPSFEBGUFSUIFDBNFSBJTTXJUDIFEPGG
'JMN
'JMNTQFFE*40TFUUJOH
*GZPVXBOUUPFYQPTFUIFGJMNBUUIFSFDPNNFOEFE
TQFFE*40"4"%*/BOEUIFGJMNIBTB%9CBSDPEF
POJUBMBSHFQBUUFSODPOTJTUJOHPGFYQPTFENFUBMTVS
GBDFTUIFOTFUUIFTIPPUJOHNPEFTFMFDUPSUP41SFTTUIF
.0%&CVUUPOPOUIFDBN-$%GPST1SFTTSFQFBUFEMZVO
UJM*40BQQFBSTPOUIFUPQMFѫPGUIFEJTQMBZ4FMFDU"VUP
%9CZQSFTTJOHUIFCVUUPOT$POêSNCZQVTIJOH
.0%&BHBJOPSCZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ"
%9TZNCPMJTTIPXOPOUIFEJTQMBZBOEUIFDPSSFTQPOE
JOH*40SBUJOHJTJOEJDBUFEBѫFSMPBEJOHUIFêMN
*GUIFSFJTOP%9CBSDPEFPOUIFDBTTFUUFPSZPVXBOUUP
BMUFSUIFSFDPNNFOEFE*40SBUJOHPGUIFêMNTFUUIF
êMNTQFFENBOVBMMZCFGPSFMPBEJOHUIFDBTTFUUFJOUP
UIFDBNFSB%PUIJTCZFOUFSJOHUIFGJMNTQFFEQSP
HSBNNJOHNPEFBTEFTDSJCFEGPS%9TFUUJOH4FUUPUIF
SFRVJSFEWBMVFBOEDPOêSNUIFTFUUJOHѮFêMNTQFFE
DBOCFTFUBUèJOUFSWBMTGSPN*40UISPVHIBOE
UIFTFMFDUJPOXJMMCFWJTJCMFPOUIFDBN-$%1SPDFFEUP
MPBEUIFDBNFSBBTEFTDSJCFECFMPX


'PSNBU
4UBOEBSE  B
'PSUIFTUBOEBSENNGPSNBUNNYNNUVSO
UIFGPSNBUTFMFDUPSLOPCUPBMJHOUIFJOEFYFTDPVOUFS
DMPDLXJTFJGBMSFBEZTFUBUUIFQBOPSBNBGPSNBUXIJMF
LFFQJOHUIFDFOUSFCVUUPOEFQSFTTFEѮFWJFXêOEFS
XJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDUGPSNBUGSBNJOH
BOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUFUIFOVNCFSPG
GSBNFTSFNBJOJOHBUUIBUDIPTFOGPSNBU
1BOPSBNB   C
'SPNUIFTUBOEBSEGPSNBUUVSOUIFGPSNBUTFMFDUPS
LOPCDMPDLXJTFXIJMFLFFQJOHUIFDFOUSFCVUUPOEF
QSFTTFEBOEBMJHOUIFJOEFYFTUPUIFQBOPSBNBGPSNBU
ѮFMFUUFS1XJMMCFWJTJCMFPOUIFUPQPGUIFEJBM"HBJO
UIFWJFXêOEFSXJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDU
GPSNBUGSBNJOHBOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUF
UIFOVNCFSPGGSBNFTSFNBJOJOHUIPVHIOPXGPSUIF
QBOPSBNBGPSNBUѮFFYQ-$%BMTPEJTQMBZTB1JOUIF
UPQMFѫPGUIFXJOEPX

&OTVSFZPVUVSOUIFLOPCBTGBSBTJUXJMMHPUPUIFTUPQQPTJ
UJPOXIFOTFMFDUJOHUIFQBOPSBNBGPSNBU

"GMBTIJOH1JOUIFFYQ-$%UPHFUIFSXJUIBMPDLFETIVUUFS
SFMFBTFJOEJDBUFTUIBUFJUIFSUIFGPSNBUTFMFDUPSLOPCJTOPU
QPTJUJPOFEDPSSFDUMZPSUIBUZPVIBWFTXJUDIFEGSPNTUBOEBSE
UPQBOPSBNBGPSNBUXIFOPOMZPOFTUBOEBSETJ[FEVOFY
QPTFEGSBNFSFNBJOFEPOUIFGJMN
1SPHSBNNJOH
1SPHSBNNJOHPGDBNFSBTFUUJOHT
ѮFGPMMPXJOHTFUUJOHTDBOCFQSPHSBNNFE
t 'JMNTQFFE*40o"VUP%9
t &YQPTVSFDPNQFOTBUJPOUPGTUPQJOGTUPQ
JODSFNFOUT
t "VUPCSBDLFUJOHGTUPQPSGTUPQ
t .VMUJFYQPTVSFoFYQPTVSFT
t 'MBTITZODBUUIFCFHJOOJOHi/wPSBUUIFFOEi3wPGUIF
FYQPTVSF
t 'JMNUJQPVUPSmMNGVMMZTQPPMFECBDLJOUPUIFDBTTFUUFXIFO
SFXJOEJOHUIFmMNTFFA'JMNMPBEJOHTFDUJPOGPSBDDFTT
EFUBJMT
"DDFTTUIFNFOVCZQVTIJOHUIF.0%&CVUUPOGPST
4FMFDUUIFSFRVJSFEGVODUJPOCZSFQFBUFEQVTIJOHPGUIF
.0%&CVUUPOBOENBLFUIFDIBOHFTCZVTJOHUIFPS
CVUUPOT$POêSNUIFTFMFDUFEWBMVFPSPQFSBUJPOBM
NPEFCZ
t 1VTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
t 1VTIJOHUIF.0%&CVUUPOOPUGPSBMMTFUUJOHT
t 8BJUJOHGPSTFDPOET

$POGJSNBUJPOVTJOHUIF.0%&CVUUPOBDDFTTFTUIFOFYUJUFN
POUIFNFOVBTXFMMBTNBLJOHBOFXTFUUJOH
%FUBJMFEJOTUSVDUJPOTGPSSFTQFDUJWFUZQFPGTFUUJOHT
JTQSPWJEFEVOEFSUIFSFTQFDUJWFGVODUJPOIFBEJOHT
GVSUIFSPOJOUIJTNBOVBM
4FMGUJNFSEFMBZTPSTDBOCFTFMFDUFECZQVTIJOH
UIFBSSPXPSCVUUPOTBѫFSTFUUJOHUIFTIPPUJOH
NPEFTFMFDUPSUP4FMGUJNFS

"MMTFUQBSBNFUFSTFYDFQUGPS"VUPCSBDLFUJOHBOE.VMUJ
FYQPTVSFSFNBJOTUPSFEBGUFSUIFDBNFSBJTTXJUDIFEPGG
'JMN
'JMNTQFFE*40TFUUJOH
*GZPVXBOUUPFYQPTFUIFGJMNBUUIFSFDPNNFOEFE
TQFFE*40"4"%*/BOEUIFGJMNIBTB%9CBSDPEF
POJUBMBSHFQBUUFSODPOTJTUJOHPGFYQPTFENFUBMTVS
GBDFTUIFOTFUUIFTIPPUJOHNPEFTFMFDUPSUP41SFTTUIF
.0%&CVUUPOPOUIFDBN-$%GPST1SFTTSFQFBUFEMZVO
UJM*40BQQFBSTPOUIFUPQMFѫPGUIFEJTQMBZ4FMFDU"VUP
%9CZQSFTTJOHUIFCVUUPOT$POêSNCZQVTIJOH
.0%&BHBJOPSCZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ"
%9TZNCPMJTTIPXOPOUIFEJTQMBZBOEUIFDPSSFTQPOE
JOH*40SBUJOHJTJOEJDBUFEBѫFSMPBEJOHUIFêMN
*GUIFSFJTOP%9CBSDPEFPOUIFDBTTFUUFPSZPVXBOUUP
BMUFSUIFSFDPNNFOEFE*40SBUJOHPGUIFêMNTFUUIF
êMNTQFFENBOVBMMZCFGPSFMPBEJOHUIFDBTTFUUFJOUP
UIFDBNFSB%PUIJTCZFOUFSJOHUIFGJMNTQFFEQSP
HSBNNJOHNPEFBTEFTDSJCFEGPS%9TFUUJOH4FUUPUIF
SFRVJSFEWBMVFBOEDPOêSNUIFTFUUJOHѮFêMNTQFFE
DBOCFTFUBUèJOUFSWBMTGSPN*40UISPVHIBOE
UIFTFMFDUJPOXJMMCFWJTJCMFPOUIFDBN-$%1SPDFFEUP
MPBEUIFDBNFSBBTEFTDSJCFECFMPX




.BLFBNBOVBM*40TFUUJOHCFGPSFVTJOHBOVODPEFEDBT
TFUUFPUIFSXJTFUIFDBNFSBXJMMOPUQSFXJOEUIFGJMN

*GZPVNBLFUIFNBOVBM*40TFUUJOHXJUIUIFGJMNUJQFYUSBDU
FEUPJUTBVUPNBUJDMPBEJOHQPTJUJPOUIFDBNFSBXJMMQSFXJOE
UIFGJMNPOMZBGUFSPQFOJOHBOEDMPTJOHUIFDBNFSBCBDL

*GZPVNBLFBNBOVBM*40TFUUJOHEPOPUGPSHFUUPNBLFUIF
BQQSPQSJBUFDIBOHFTBGUFSXBSETGPSUIFOFYUGJMN
'JMNMPBEJOH  
*OTVCEVFEMJHIUJOHMJѫUIFDBNFSBCBDLSFMFBTFDBUDI
BTJOUIFJMMVTUSBUJPOBOEQVTIVQXBSET5IFDBNFSB
CBDLXJMMOPXCFSFMFBTFE

#FDBSFGVMOPUUPVDIUIFTIVUUFSPSGPSNBUCMJOETXJUIZPVS
GJOHFSTPSMFUBGJMNDBTTFUUFESPQPOUPUIFN
8JUIUIFTIPPUJOHNPEFTFMFDUPSTFUBU0''JOTFSUB
NNêMNDBTTFUUFJOUPUIFêMNDPNQBSUNFOUBTJO
UIFJMMVTUSBUJPO/PUFXIJDIXBZSPVOEUIFDBTTFUUF
JTJOTFSUFE5JMUUIFAUPQPGUIFDBTTFUUFBMJUUMFBUêSTU
TPUIBUUIFDBTTFUUFJTTFBUFETFDVSFMZJOUIFDPNQBSU
NFOU1VMMPVUKVTUFOPVHImCVUOPNPSFmêMNMFBEFSUP
BMJHOUIFUPOHVFPGUIFêMNBHBJOTUUIFHSFFOAêMNUJQ
JOEFYMJOFTPUIBUJUSFTUTPOUIFUBLFVQTQPPM&OTVSF
UIFêMNJTMBZJOHEPXOëBUBHBJOTUUIFTIVUUFSIPVTJOH
BOEUIFDBTTFUUFPQFOJOHJTQVMMFEEPXOBDDPSEJOHMZ
*GUIFêMNCPXTVQXBSETJUNBZQVMMUIFêMNUJQCBDL
BOEBXBZGSPNUIFJOEFYQPTJUJPO$BSFGVMMZDMPTFUIF
DBNFSBCBDL1SFTTUIFMFѫQBSUPGUIFCBDLUPXBSETUIF
NBJODBNFSBCPEZVOUJMZPVIFBSBDMJDLUPFOTVSFJU
JTMPDLFE5IFGJMNJTBVUPNBUJDBMMZXJUIESBXODPN
QMFUFMZGSPNUIFDBTTFUUFTFUBUUIFêSTUGSBNFBOEUIF
DBNFSBQPXFSUVSOFEPĒ
ѮFXJOEJOHPGUIFêMNCBDLJOUPUIFDBTTFUUFBѫFSUIF
MBTUFYQPTVSFDBOCFQSPHSBNNFEUPFJUIFSXJOEUIF
êMNGVMMZJOUPUIFDBTTFUUFPSMFBWFBêMNUJQPVUPGUIF
DBTTFUUF.BLFZPVSDIPJDFCZTXJUDIJOHUIFDBNFSB
GSPN0''UP4XIJMFIPMEJOHEPXOUIF.0%&CVUUPOPO
UIFDBN-$%"DBTTFUUFTZNCPMBDDPNQBOJFEXJUIUIF
UFYUPVUPSJOXJMMCFTIPXO4FMFDUXJUIUIFCVU
UPOTXIJDIUZQFZPVQSFGFS$POêSNCZCZQVTIJOHUIF
SFMFBTFCVUUPOIBMGXBZ"DBTTFUUFTZNCPMJMMVTUSBUJOH
ZPVSDIPJDFXJMMOPXTIPXOPOUIFEJTQMBZ

*GBOPO%9GJMNIBTCFFOMPBEFEXIJMFUIF*40QSPHSBNNJOH
XBTTFUBUA"VUPA%9UIFOJUXJMMOPUCFXPVOEGPSXBSEBOE
UIFDBNFSBXJMMOPUPQFSBUF.BLFBNBOVBMGJMNTQFFEQSP
HSBNNJOHBOEMPBEUIFGJMNBHBJO

-PBEUIFDBNFSBXJUIUIFNPEFTFUUJOHBUA0''
8IJMFUIFGJMNJTCFJOHXJUIESBXOUIFDBN-$%XJMM
TIPXUIFêMNTQFFEXIJMFUIFFYQ-$%XJMMDPVOUEPXO
UIFFYQPTVSFT8IFOUIFGJMNIBTCFFODPNQMFUFMZ
XJUIESBXOGSPNUIFDBTTFUUFUIFDBN-$%XJMMUVSO
PĒѮFFYQ-$%XJMMJOEJDBUFUIFOVNCFSPGFYQPTVSFT
SFNBJOJOHBDDPSEJOHUPGPSNBUTFUUJOH

5IFOVNCFSPGFYQPTVSFTSFNBJOJOHXJMMEFQFOEPOUIF
GPSNBUTFUUJOH5IFSFGPSFXJUIBOFXFYQPTVSFDBTTFUUF
GPSJOTUBODFUIFDPVOUFSXJMMTIPXFYQPTVSFTBUTUBOEBSE
GPSNBUCVUPOMZBUQBOPSBNBGPSNBU

*GUIFFYQPTVSFDPVOUFSEPFTOPUTIPXIPXNBOZFYQPTVSFT
BSFSFNBJOJOHJUJTBOJOEJDBUJPOPGBGBVMU0QFOUIFDBNFSB
CBDLBOESFBMJHOUIFUJQPGUIFGJMNXJUIUIFUBLFVQTQPPM

*GUIFFYQPTVSFDPVOUFSGMBTIFTJUJTBOJOEJDBUJPOPGBGBVMU
3FXJOEUIFGJMNBOESFMPBEUIFDBNFSB

5IFDBNFSBXJMMBQQFBSUPPQFSBUFOPSNBMMZFWFOJGJUJT
FNQUZ)PXFWFSOPGJHVSFTXJMMCFWJTJCMFJOUIFFYQ-$%
BOEPGDPVSTFOPJOGPSNBUJPODBOCFTFFOJOUIFGJMNUZQF
XJOEPX
&YQPTVSFDPVOUFS 
ѮFFYQ-$%JOEJDBUFTUIFOVNCFSPGVOFYQPTFEGSBNFT
SFNBJOJOHBVUPNBUJDBMMZDIBOHJOHBGUFSFWFSZFY
QPTVSF*UBMTPUBLFTJOUPBDDPVOUUIFDIPTFOGPSNBU
TFUUJOHBVUPNBUJDBMMZ5IJTNFBOTUIBUCZTXJUDIJOH
UIFGPSNBUTFMFDUPSLOPCCBDLBOEGPSUIZPVDBOTFF
IPXNBOZGSBNFTBSFSFNBJOJOHJOFJUIFSGPSNBUBU
BOZUJNF5IFGJHVSFJOEJDBUFTUIFMBTUGSBNFBOE
XIFOUIBUIBTCFFOFYQPTFEUIFDBNFSBBVUPNBUJDBMMZ
SFXJOETUIFSFNBJOEFSPGUIFGJMNJOUPUIFDBTTFUUF
8IFOUIFNPUPSTUPQTUIFFYQPTVSFDPVOUFSXJMMJO
EJDBUF&FNQUZ
*GUIFDBNFSBCBDLJTPQFOFEUIFDBNFSBXJMMSFXJOE
UIFSFNBJOJOHVOFYQPTFEêMNXIFODMPTJOHUIFCBDL
BHBJO"GUFSUIFGJMNIBTCFFOGVMMZSFXPVOEFYQ-$%
XJMMJOEJDBUFBëBTIJOH&FNQUZBTBXBSOJOH
&YQPTVSF$POUSPM
&YQPTVSFDPOUSPMDBOCFBVUPNBUJDBQFSUVSFQSJPS
JUZPSNBOVBM"QFSUVSFQSJPSJUZNFBOTUIBUUIF
DBNFSBBVUPNBUJDBMMZDIPPTFTBTIVUUFSTQFFEUP
NBUDIUIFBQFSUVSFUIBUZPVIBWFTFU5IF55-FY
QPTVSFNFUFSQSPWJEFTBDFOUSFXFJHIUFEBWFSBHF
SFBEJOHBOENFBTVSFTUIFMJHIUBUUIFTIVUUFSQMBOF



.BLFBNBOVBM*40TFUUJOHCFGPSFVTJOHBOVODPEFEDBT
TFUUFPUIFSXJTFUIFDBNFSBXJMMOPUQSFXJOEUIFGJMN

*GZPVNBLFUIFNBOVBM*40TFUUJOHXJUIUIFGJMNUJQFYUSBDU
FEUPJUTBVUPNBUJDMPBEJOHQPTJUJPOUIFDBNFSBXJMMQSFXJOE
UIFGJMNPOMZBGUFSPQFOJOHBOEDMPTJOHUIFDBNFSBCBDL

*GZPVNBLFBNBOVBM*40TFUUJOHEPOPUGPSHFUUPNBLFUIF
BQQSPQSJBUFDIBOHFTBGUFSXBSETGPSUIFOFYUGJMN
'JMNMPBEJOH  
*OTVCEVFEMJHIUJOHMJѫUIFDBNFSBCBDLSFMFBTFDBUDI
BTJOUIFJMMVTUSBUJPOBOEQVTIVQXBSET5IFDBNFSB
CBDLXJMMOPXCFSFMFBTFE

#FDBSFGVMOPUUPVDIUIFTIVUUFSPSGPSNBUCMJOETXJUIZPVS
GJOHFSTPSMFUBGJMNDBTTFUUFESPQPOUPUIFN
8JUIUIFTIPPUJOHNPEFTFMFDUPSTFUBU0''JOTFSUB
NNêMNDBTTFUUFJOUPUIFêMNDPNQBSUNFOUBTJO
UIFJMMVTUSBUJPO/PUFXIJDIXBZSPVOEUIFDBTTFUUF
JTJOTFSUFE5JMUUIFAUPQPGUIFDBTTFUUFBMJUUMFBUêSTU
TPUIBUUIFDBTTFUUFJTTFBUFETFDVSFMZJOUIFDPNQBSU
NFOU1VMMPVUKVTUFOPVHImCVUOPNPSFmêMNMFBEFSUP
BMJHOUIFUPOHVFPGUIFêMNBHBJOTUUIFHSFFOAêMNUJQ
JOEFYMJOFTPUIBUJUSFTUTPOUIFUBLFVQTQPPM&OTVSF
UIFêMNJTMBZJOHEPXOëBUBHBJOTUUIFTIVUUFSIPVTJOH
BOEUIFDBTTFUUFPQFOJOHJTQVMMFEEPXOBDDPSEJOHMZ
*GUIFêMNCPXTVQXBSETJUNBZQVMMUIFêMNUJQCBDL
BOEBXBZGSPNUIFJOEFYQPTJUJPO$BSFGVMMZDMPTFUIF
DBNFSBCBDL1SFTTUIFMFѫQBSUPGUIFCBDLUPXBSETUIF
NBJODBNFSBCPEZVOUJMZPVIFBSBDMJDLUPFOTVSFJU
JTMPDLFE5IFGJMNJTBVUPNBUJDBMMZXJUIESBXODPN
QMFUFMZGSPNUIFDBTTFUUFTFUBUUIFêSTUGSBNFBOEUIF
DBNFSBQPXFSUVSOFEPĒ
ѮFXJOEJOHPGUIFêMNCBDLJOUPUIFDBTTFUUFBѫFSUIF
MBTUFYQPTVSFDBOCFQSPHSBNNFEUPFJUIFSXJOEUIF
êMNGVMMZJOUPUIFDBTTFUUFPSMFBWFBêMNUJQPVUPGUIF
DBTTFUUF.BLFZPVSDIPJDFCZTXJUDIJOHUIFDBNFSB
GSPN0''UP4XIJMFIPMEJOHEPXOUIF.0%&CVUUPOPO
UIFDBN-$%"DBTTFUUFTZNCPMBDDPNQBOJFEXJUIUIF
UFYUPVUPSJOXJMMCFTIPXO4FMFDUXJUIUIFCVU
UPOTXIJDIUZQFZPVQSFGFS$POêSNCZCZQVTIJOHUIF
SFMFBTFCVUUPOIBMGXBZ"DBTTFUUFTZNCPMJMMVTUSBUJOH
ZPVSDIPJDFXJMMOPXTIPXOPOUIFEJTQMBZ

*GBOPO%9GJMNIBTCFFOMPBEFEXIJMFUIF*40QSPHSBNNJOH
XBTTFUBUA"VUPA%9UIFOJUXJMMOPUCFXPVOEGPSXBSEBOE
UIFDBNFSBXJMMOPUPQFSBUF.BLFBNBOVBMGJMNTQFFEQSP
HSBNNJOHBOEMPBEUIFGJMNBHBJO

-PBEUIFDBNFSBXJUIUIFNPEFTFUUJOHBUA0''
8IJMFUIFGJMNJTCFJOHXJUIESBXOUIFDBN-$%XJMM
TIPXUIFêMNTQFFEXIJMFUIFFYQ-$%XJMMDPVOUEPXO
UIFFYQPTVSFT8IFOUIFGJMNIBTCFFODPNQMFUFMZ
XJUIESBXOGSPNUIFDBTTFUUFUIFDBN-$%XJMMUVSO
PĒѮFFYQ-$%XJMMJOEJDBUFUIFOVNCFSPGFYQPTVSFT
SFNBJOJOHBDDPSEJOHUPGPSNBUTFUUJOH

5IFOVNCFSPGFYQPTVSFTSFNBJOJOHXJMMEFQFOEPOUIF
GPSNBUTFUUJOH5IFSFGPSFXJUIBOFXFYQPTVSFDBTTFUUF
GPSJOTUBODFUIFDPVOUFSXJMMTIPXFYQPTVSFTBUTUBOEBSE
GPSNBUCVUPOMZBUQBOPSBNBGPSNBU

*GUIFFYQPTVSFDPVOUFSEPFTOPUTIPXIPXNBOZFYQPTVSFT
BSFSFNBJOJOHJUJTBOJOEJDBUJPOPGBGBVMU0QFOUIFDBNFSB
CBDLBOESFBMJHOUIFUJQPGUIFGJMNXJUIUIFUBLFVQTQPPM

*GUIFFYQPTVSFDPVOUFSGMBTIFTJUJTBOJOEJDBUJPOPGBGBVMU
3FXJOEUIFGJMNBOESFMPBEUIFDBNFSB

5IFDBNFSBXJMMBQQFBSUPPQFSBUFOPSNBMMZFWFOJGJUJT
FNQUZ)PXFWFSOPGJHVSFTXJMMCFWJTJCMFJOUIFFYQ-$%
BOEPGDPVSTFOPJOGPSNBUJPODBOCFTFFOJOUIFGJMNUZQF
XJOEPX
&YQPTVSFDPVOUFS 
ѮFFYQ-$%JOEJDBUFTUIFOVNCFSPGVOFYQPTFEGSBNFT
SFNBJOJOHBVUPNBUJDBMMZDIBOHJOHBGUFSFWFSZFY
QPTVSF*UBMTPUBLFTJOUPBDDPVOUUIFDIPTFOGPSNBU
TFUUJOHBVUPNBUJDBMMZ5IJTNFBOTUIBUCZTXJUDIJOH
UIFGPSNBUTFMFDUPSLOPCCBDLBOEGPSUIZPVDBOTFF
IPXNBOZGSBNFTBSFSFNBJOJOHJOFJUIFSGPSNBUBU
BOZUJNF5IFGJHVSFJOEJDBUFTUIFMBTUGSBNFBOE
XIFOUIBUIBTCFFOFYQPTFEUIFDBNFSBBVUPNBUJDBMMZ
SFXJOETUIFSFNBJOEFSPGUIFGJMNJOUPUIFDBTTFUUF
8IFOUIFNPUPSTUPQTUIFFYQPTVSFDPVOUFSXJMMJO
EJDBUF&FNQUZ
*GUIFDBNFSBCBDLJTPQFOFEUIFDBNFSBXJMMSFXJOE
UIFSFNBJOJOHVOFYQPTFEêMNXIFODMPTJOHUIFCBDL
BHBJO"GUFSUIFGJMNIBTCFFOGVMMZSFXPVOEFYQ-$%
XJMMJOEJDBUFBëBTIJOH&FNQUZBTBXBSOJOH
&YQPTVSF$POUSPM
&YQPTVSFDPOUSPMDBOCFBVUPNBUJDBQFSUVSFQSJPS
JUZPSNBOVBM"QFSUVSFQSJPSJUZNFBOTUIBUUIF
DBNFSBBVUPNBUJDBMMZDIPPTFTBTIVUUFSTQFFEUP
NBUDIUIFBQFSUVSFUIBUZPVIBWFTFU5IF55-FY
QPTVSFNFUFSQSPWJEFTBDFOUSFXFJHIUFEBWFSBHF
SFBEJOHBOENFBTVSFTUIFMJHIUBUUIFTIVUUFSQMBOF



"ZFMMPX-$%EJTQMBZJOTJEFUIFWJFXGJOEFSTIPXT
UIFTIVUUFSTQFFEBOEUSJBOHMFTZNCPMTJOEJDBUJOH
PWFSPSVOEFSFYQPTVSF
5IFQBUUFSOPGUIFTFOTJUJWFBSFBSFNBJOTUIFTBNF
GPSCPUIUIFOPSNBMBOEQBOPSBNBGPSNBUT*UPD
DVQJFTBDFOUSBMBSFBPGBQQSPYJNBUFMZYNN
WFSUJDBMMZYIPSJ[POUBMMZBOEJTTVJUBCMFGPSSFBEJOHT
XJUIUIFDBNFSBJOCPUIUIFIPSJ[POUBMBOEWFSUJDBM
QPTJUJPOT/PSNBMQIPUPHSBQIJDQSFDBVUJPOTBOE
QSBDUJDFTBQQMZXIFOUBLJOHBOFYQPTVSFSFBEJOH
JOFJUIFSNBOVBMPSBVUPNBUJDNPEFXJUISFHBSEUP
UIFUPOBMWBMVFPGUIFDIPTFONFUFSFEBSFBUIFFG
GFDUPGCSJHIUTLJFTJOMBOETDBQFTUIFDPOUSBTUSBOHF
PGUIFTDFOFCBDLMJHIUTJUVBUJPOTFUD
"VUPNBUJD   
*GTFUXJUIJOUIFNBOVBMTQFFESBOHFUVSOUIFTIVU
UFSTQFFETFMFDUPSEJBMUPBMJHO"BHBJOTUUIFJOEFYPO
UIFDBNFSBCPEZ*UXJMMDMJDLJOUPQPTJUJPO
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFTFUUJOHBDDPSEJOHUPUIFTJHOBMT
JOUIFWJFXGJOEFSUPFOTVSFUIFFYQPTVSFXJMMCF
XJUIJOUIFNFUFSJOHSBOHFBTJOUIFUBCMF

&OTVSFZPVDIFDLUIJTJOGPSNBUJPOXIFOVTJOHBVUPNBUJD
NPEFJODBTFUIFMJHIUJOHDPOEJUJPOTBSFCFZPOEUIFSBOHF
PGUIFNFUFSDBNFSBTFUUJOHTGPSUIFTFOTJUJWJUZPGUIFGJMN
JOVTF5IJTNJHIUIBQQFOXIFOVTJOHBGBTUGJMNJOWFSZ
CSJHIUDPOEJUJPOTPSBTMPXGJMNJOQPPSMJHIUJOHDPOEJUJPOT
GPSFYBNQMF

*OBVUPNBUJDNPEFUIFMPOHFTUFYQPTVSFQPTTJCMFJT
TFDPOET
)PMEJOHUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZEPXOXJMM
MPDLUIFFYQPTVSFSFBEJOH8IFOUIFTIVUUFSSFMFBTF
CVUUPOSFUVSOTUPJUTOPSNBMQPTJUJPOUIFDBNFSBDPO
UJOVFTUPNFBTVSFMJHIUGPSBQQSPYJNBUFMZTFDPOET
5IFDBN-$%BOEWJFX-$%XJMMBMTPTIPXUIF5WWBMVF
TIVUUFSTQFFEGPSUIBUQBSUJDVMBSFYQPTVSFTFUUJOHJO
&7TUFQT
"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPG
SBOHFUPPEBSLPSUPPCSJHIUTDFOF
.BOVBM  
*GTFUBU"EFQSFTTUIFTIVUUFSTQFFEDPOUSPMMPDL
CVUUPO"UUIFTBNFUJNFUVSOUIFTIVUUFSTQFFE
DPOUSPMUPBOZEFTJSFETIVUUFSTQFFEFYDFQU"PS#CZ
BMJHOJOHJUBHBJOTUUIFJOEFY:PVDBOUIFOUVSOUIF
TIVUUFSTQFFEDPOUSPMXJUIPVUIBWJOHUPQSFTTUIF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C 4IVUUFSTQFFETUBCMF DPSSFDUFYQPTVSFUJNF
D 4IVUUFSTQFFETUBCMFBOEnBTIJOH DBMDVMBUFEFYQPTVSFUJNFPGMFTTUIBOTDMPTF
UIFBQFSUVSFVOUJMUIFTZNCPMEJTBQQFBSTBOE
UIFTIVUUFSTQFFEJTTUBCMF
E 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIUDMPTFUIFBQFS
UVSFVOUJMUIFTZNCPMEJTBQQFBSTBOEUIFTIVUUFS
TQFFEJTTUBCMF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C nBTIJOH NPSFUIBO&7VOEFSFYQPTVSF
D TIPXJOH &7VOEFSFYQPTVSF
E TIPXJOH DPSSFDUFYQPTVSF
F TIPXJOH &7PWFSFYQPTVSF
G nBTIJOH NPSFUIBO&7PWFSFYQPTVSF
H 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIU
"
6
5
0
.
"
/
6
"
-


"ZFMMPX-$%EJTQMBZJOTJEFUIFWJFXGJOEFSTIPXT
UIFTIVUUFSTQFFEBOEUSJBOHMFTZNCPMTJOEJDBUJOH
PWFSPSVOEFSFYQPTVSF
5IFQBUUFSOPGUIFTFOTJUJWFBSFBSFNBJOTUIFTBNF
GPSCPUIUIFOPSNBMBOEQBOPSBNBGPSNBUT*UPD
DVQJFTBDFOUSBMBSFBPGBQQSPYJNBUFMZYNN
WFSUJDBMMZYIPSJ[POUBMMZBOEJTTVJUBCMFGPSSFBEJOHT
XJUIUIFDBNFSBJOCPUIUIFIPSJ[POUBMBOEWFSUJDBM
QPTJUJPOT/PSNBMQIPUPHSBQIJDQSFDBVUJPOTBOE
QSBDUJDFTBQQMZXIFOUBLJOHBOFYQPTVSFSFBEJOH
JOFJUIFSNBOVBMPSBVUPNBUJDNPEFXJUISFHBSEUP
UIFUPOBMWBMVFPGUIFDIPTFONFUFSFEBSFBUIFFG
GFDUPGCSJHIUTLJFTJOMBOETDBQFTUIFDPOUSBTUSBOHF
PGUIFTDFOFCBDLMJHIUTJUVBUJPOTFUD
"VUPNBUJD   
*GTFUXJUIJOUIFNBOVBMTQFFESBOHFUVSOUIFTIVU
UFSTQFFETFMFDUPSEJBMUPBMJHO"BHBJOTUUIFJOEFYPO
UIFDBNFSBCPEZ*UXJMMDMJDLJOUPQPTJUJPO
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFTFUUJOHBDDPSEJOHUPUIFTJHOBMT
JOUIFWJFXGJOEFSUPFOTVSFUIFFYQPTVSFXJMMCF
XJUIJOUIFNFUFSJOHSBOHFBTJOUIFUBCMF

&OTVSFZPVDIFDLUIJTJOGPSNBUJPOXIFOVTJOHBVUPNBUJD
NPEFJODBTFUIFMJHIUJOHDPOEJUJPOTBSFCFZPOEUIFSBOHF
PGUIFNFUFSDBNFSBTFUUJOHTGPSUIFTFOTJUJWJUZPGUIFGJMN
JOVTF5IJTNJHIUIBQQFOXIFOVTJOHBGBTUGJMNJOWFSZ
CSJHIUDPOEJUJPOTPSBTMPXGJMNJOQPPSMJHIUJOHDPOEJUJPOT
GPSFYBNQMF

*OBVUPNBUJDNPEFUIFMPOHFTUFYQPTVSFQPTTJCMFJT
TFDPOET
)PMEJOHUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZEPXOXJMM
MPDLUIFFYQPTVSFSFBEJOH8IFOUIFTIVUUFSSFMFBTF
CVUUPOSFUVSOTUPJUTOPSNBMQPTJUJPOUIFDBNFSBDPO
UJOVFTUPNFBTVSFMJHIUGPSBQQSPYJNBUFMZTFDPOET
5IFDBN-$%BOEWJFX-$%XJMMBMTPTIPXUIF5WWBMVF
TIVUUFSTQFFEGPSUIBUQBSUJDVMBSFYQPTVSFTFUUJOHJO
&7TUFQT
"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPG
SBOHFUPPEBSLPSUPPCSJHIUTDFOF
.BOVBM  
*GTFUBU"EFQSFTTUIFTIVUUFSTQFFEDPOUSPMMPDL
CVUUPO"UUIFTBNFUJNFUVSOUIFTIVUUFSTQFFE
DPOUSPMUPBOZEFTJSFETIVUUFSTQFFEFYDFQU"PS#CZ
BMJHOJOHJUBHBJOTUUIFJOEFY:PVDBOUIFOUVSOUIF
TIVUUFSTQFFEDPOUSPMXJUIPVUIBWJOHUPQSFTTUIF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C 4IVUUFSTQFFETUBCMF DPSSFDUFYQPTVSFUJNF
D 4IVUUFSTQFFETUBCMFBOEnBTIJOH DBMDVMBUFEFYQPTVSFUJNFPGMFTTUIBOTDMPTF
UIFBQFSUVSFVOUJMUIFTZNCPMEJTBQQFBSTBOE
UIFTIVUUFSTQFFEJTTUBCMF
E 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIUDMPTFUIFBQFS
UVSFVOUJMUIFTZNCPMEJTBQQFBSTBOEUIFTIVUUFS
TQFFEJTTUBCMF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C nBTIJOH NPSFUIBO&7VOEFSFYQPTVSF
D TIPXJOH &7VOEFSFYQPTVSF
E TIPXJOH DPSSFDUFYQPTVSF
F TIPXJOH &7PWFSFYQPTVSF
G nBTIJOH NPSFUIBO&7PWFSFYQPTVSF
H 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIU
"
6
5
0
.
"
/
6
"
-