manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. NEFF
  6. •
  7. Hob
  8. •
  9. NEFF T58BD20N0 User manual

NEFF T58BD20N0 User manual

Other NEFF Hob manuals

NEFF T M42 Series User manual

NEFF

NEFF T M42 Series User manual

NEFF T25S76N0 User manual

NEFF

NEFF T25S76N0 User manual

NEFF T T 3 Series User manual

NEFF

NEFF T T 3 Series User manual

NEFF T18 D.6 Series User manual

NEFF

NEFF T18 D.6 Series User manual

NEFF T16BT 6 Series User manual

NEFF

NEFF T16BT 6 Series User manual

NEFF T..D82 series User manual

NEFF

NEFF T..D82 series User manual

NEFF T27DA Series User manual

NEFF

NEFF T27DA Series User manual

NEFF N13K30N0 User manual

NEFF

NEFF N13K30N0 User manual

NEFF T26CA Series User manual

NEFF

NEFF T26CA Series User manual

NEFF T59FT50X0/35 Specification sheet

NEFF

NEFF T59FT50X0/35 Specification sheet

NEFF T 1573 User manual

NEFF

NEFF T 1573 User manual

NEFF T4 D7B Series User manual

NEFF

NEFF T4 D7B Series User manual

NEFF T58PS21X0 User manual

NEFF

NEFF T58PS21X0 User manual

NEFF M**R40 SERIES User manual

NEFF

NEFF M**R40 SERIES User manual

NEFF T58 S1 Series User manual

NEFF

NEFF T58 S1 Series User manual

NEFF N23TA19N0 Specification sheet

NEFF

NEFF N23TA19N0 Specification sheet

NEFF T5 L6E Series User manual

NEFF

NEFF T5 L6E Series User manual

NEFF T T48 Series User manual

NEFF

NEFF T T48 Series User manual

NEFF T63S46S0 User manual

NEFF

NEFF T63S46S0 User manual

NEFF T1.D41 Series User manual

NEFF

NEFF T1.D41 Series User manual

NEFF T59 T5 Series User manual

NEFF

NEFF T59 T5 Series User manual

NEFF T4**T4 Series User manual

NEFF

NEFF T4**T4 Series User manual

NEFF T62S15 Series User manual

NEFF

NEFF T62S15 Series User manual

NEFF N14D30N2 User manual

NEFF

NEFF N14D30N2 User manual

Popular Hob manuals by other brands

PreCise BI-2000T user manual

PreCise

PreCise BI-2000T user manual

AEG HK884400XG user manual

AEG

AEG HK884400XG user manual

KKT KOLBE IFZ772EDF Instruction and installation manual

KKT KOLBE

KKT KOLBE IFZ772EDF Instruction and installation manual

premiere PG4VQ255FTN instruction manual

premiere

premiere PG4VQ255FTN instruction manual

AEG HK614000CB user manual

AEG

AEG HK614000CB user manual

Klarstein 10033282 manual

Klarstein

Klarstein 10033282 manual

Zanussi ZGF 782 CTN Instruction booklet

Zanussi

Zanussi ZGF 782 CTN Instruction booklet

Asko H6 Use and care guide

Asko

Asko H6 Use and care guide

Eurotech ED-C3 02 instruction manual

Eurotech

Eurotech ED-C3 02 instruction manual

IKEA Livsgnista manual

IKEA

IKEA Livsgnista manual

Dacor DTT36M974 user manual

Dacor

Dacor DTT36M974 user manual

AEG HKP75410XB user manual

AEG

AEG HKP75410XB user manual

Siemens EX875KYV1E INFORMATION FOR USE

Siemens

Siemens EX875KYV1E INFORMATION FOR USE

AEG CERAMIC HOB 6010 K Installation and operating instructions

AEG

AEG CERAMIC HOB 6010 K Installation and operating instructions

Zanussi ZGF 6420 Instruction booklet

Zanussi

Zanussi ZGF 6420 Instruction booklet

G3 Ferrari Energy user manual

G3 Ferrari

G3 Ferrari Energy user manual

Award H903BG user manual

Award

Award H903BG user manual

Bosch PIN64 T1 Series instruction manual

Bosch

Bosch PIN64 T1 Series instruction manual

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

Copyright 2025 Manuals.Online. All Rights Reserved.

*9001093673*  

Û,QVWUXFFLRQHVGHPRQWDMH
Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
Þ1RWLFHGHPRQWDJH
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
×0RQWHULQJVYHMOHGQLQJ
ê0RQWHULQJVYHLOHGQLQJ
ì,QVWUXo}HVGHPRQWDJHP
ó0RQWHULQJVDQYLVQLQJ
Ý$VHQQXVRKMH
îΗμπροςιυηώξνλνμρίες
ë,QVWUXNFMDPRQWDŰX
ô0RQWDMN×ODYX]X
Ù

%
$
PLQ






PLQ
$




5




PLQ

[

&
$ PLQ

PLQ
PLQ
PLQPLQ%
DE

D E G
PLQ
PLQ
PLQ
PLQ
PLQ
$
PLQ
F









/

/

1

1






%.
*<
%1
*1<(
/

/

/

1
%8
991a 99/1a
91a





%.
*<
%1
*1<(
/

/

1
%8
991a
*<
%.
%1





*1<(
%8
/
1



[



%
% %!

991a
%1
%.
%8
*<
*1<(
99/1a
91a
%1
%.
%8
*<
*1<(
991a
%1
%.
%8
*<
*1<(

PLQ
PLQ

PLQ
PLQ

es
Û*OTUSVDDJPOFTEFNPOUBKF
2EVHUYDFLRQHVLPSRUWDQWHV
6HJXULGDG MB TFHVSJEBE EVSBOUF FM VTP T³MP FTU¡ HBSBOUJ[BEB TJ MB
JOTUBMBDJ³OTFIBFGFDUVBEPEFNBOFSBDPSSFDUBFOFMBTQFDUP
U©DOJDP Z FO DPOGPSNJEBE DPO FTUBT JOTUSVDDJPOFT EF NPOUBKF -PT
EB±PTDBVTBEPTQPSVONPOUBKFJOBEFDVBEPTFS¡O
SFTQPOTBCJMJEBEEFMJOTUBMBEPS
&TUFBQBSBUPFTU¡EJTF±BEPQBSBTVVTPFOBMUJUVEFTEFIBTUB
 NFUSPT
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
&MBQBSBUPQVFEFDPOUFOFSJNBOFTQFSNBOFOUFTMPTDVBMFT
QVFEFOSFQFSDVUJSFOFMDPSSFDUPGVODJPOBNJFOUPEFJNQMBOUFT
FMFDUS³OJDPTDPNPNBSDBQBTPTPCPNCBTEFJOTVMJOB1PSFMMP
EVSBOUFFMNPOUBKFFTOFDFTBSJPNBOUFOFSVOBEJTUBODJBNOJNB
EFDNSFTQFDUPBJNQMBOUFTFMFDUS³OJDPT
&RQH[LyQHOpFWULFDT³MPBDBSHPEFVOU©DOJDPFTQFDJBMJTUB
BVUPSJ[BEP4FUFOES¡RVFSFHJSQPSMBTEJTQPTJDJPOFTEFMB
DPNQB±BBCBTUFDFEPSBEFFMFDUSJDJEBEEFMB[POB
&MBQBSBUPEFCFTFSDPOFDUBEPBVOBJOTUBMBDJ³OGJKBZEFCFOTFS
JODPSQPSBEPTNFEJPTEFEFTDPOFYJ³OBMBJOTUBMBDJ³OGJKBEF
BDVFSEPBMBTSFHMBNFOUBDJPOFTEFMBJOTUBMBDJ³O
7LSR GH FRQH[LyQ FM BQBSBUP QFSUFOFDF B MB DMBTF EF QSPUFDDJ³O *
ZT³MPQVFEFVUJMJ[BSTFFODPNCJOBDJ³ODPOVOBDPOFYJ³ODPO
DPOEVDUPSEFUPNBBUJFSSB
&MGBCSJDBOUFOPTFIBDFSFTQPOTBCMFEFMGVODJPOBNJFOUP
JOBEFDVBEPZEFMPTQPTJCMFTEB±PTNPUJWBEPTQPSJOTUBMBDJPOFT
FM©DUSJDBTOPBEFDVBEBT
&DEOHGHDOLPHQWDFLyQ TPMPQVFEFTFSJOTUBMBEPQPSVOU©DOJDP
FTQFDJBMJTUBBVUPSJ[BEPPQPSQFSTPOBMU©DOJDPEFM4FSWJDJPEF
"TJTUFODJBDPOGPSNBDJ³OFTQFDGJDB-PTEBUPTEFDPOFYJ³O
OFDFTBSJPTFTU¡OJOEJDBEPTFOMBQMBDBEFDBSBDUFSTUJDBTZFOMPT
FTRVFNBTEFDPOFYJ³O
0RQWDMH EDMR HQFLPHUD MBT QMBDBT EF JOEVDDJ³O TPMP QVFEFO TFS
JOTUBMBEBTTPCSFDBK³OVIPSOPTDPOWFOUJMBDJ³OGPS[BEBEFMB
NJTNBNBSDB%FCBKPEFMBQMBDBEFDPDDJ³OOPTFQVFEFO
JOTUBMBS GSJHPSGJDPT MBWBWBKJMMBT IPSOPT TJO WFOUJMBDJ³O P MBWBEPSBT
&DPSDQDH[WUDFWRUDMBEJTUBODJBNOJNBFOUSFMBDBNQBOB
FYUSBDUPSBZMBQMBDBEFDPDDJ³OEFCFTFSBMNFOPTMBEJTUBODJB
JOEJDBEBFOMBTJOTUSVDDJPOFTEFNPOUBKFEFMBDBNQBOBEF
FYUSBDDJ³O
(QFLPHUDQMBOBIPSJ[POUBMFTUBCMF4JHBMBTJOTUSVDDJPOFTEFM
GBCSJDBOUFEFMBFODJNFSB
4JFMHSPTPSEFMBFODJNFSBEPOEFTFJOTUBMFMBQMBDBFTEJGFSFOUF
BMFTQFDJGJDBEPSFGVFSDFMBFODJNFSBDPOVONBUFSJBMSFTJTUFOUFB
MBUFNQFSBUVSBZBMBHVBIBTUBDPOTFHVJSFMFTQFTPSNOJNP
SFDPNFOEBEP%FPUSBGPSNBOPTFBMDBO[BS¡VOBFTUBCJMJEBE
TVGJDJFOUF
■-BFODJNFSBEPOEFTFJOTUBMFMBQMBDBEFCFTFSSFTJTUFOUFB
QFTPTEF LHBQSPYJNBEBNFOUF
■-BQMBOJUVEEFMBQMBDBEFDPDDJ³OT³MPEFCFDPNQSPCBSTFVOB
WF[JOTUBMBEBFOFMIVFDPEFFODBTUSF
*DUDQWtDVOBJOTUBMBDJ³ODPOFYJ³OPNPOUBKFJOBEFDVBEP
TVQPOFMBQ©SEJEBEFWBMJEF[EFMBHBSBOUBEFMQSPEVDUP
1RWD $VBMRVJFSNBOJQVMBDJ³OFOFMJOUFSJPSEFMBQBSBUP
JODMVZFOEPFMDBNCJPEFMDBCMFEFBMJNFOUBDJ³OEFCFS¡SFBMJ[BSMP
ºOJDBNFOUFQFSTPOBMU©DOJDPEFM4FSWJDJPEF"TJTUFODJBDPO
GPSNBDJ³OFTQFDGJDB
3UHSDUDFLyQGHORVPXHEOHVGHPRQWDMH
ILJXUDV 
0XHEOHVHPSRWUDGRVSFTJTUFOUFTBVOBUFNQFSBUVSBEFp$
DPNPNOJNP
+XHFRSFUJSBSMBTWJSVUBTEFTQV©TEFMPTUSBCBKPTEFDPSUF
6XSHUILFLHVGHFRUWHTFMMBSDPONBUFSJBMSFTJTUFOUFBMDBMPS
0RQWDMHVREUHHOFDMyQILJXUD D
&ODJNFSBEFCFUFOFSDPNPNOJNPVOHSPTPSEF NN
7FOUJMBDJ³O MB EJTUBODJB FOUSF MB QBSUF TVQFSJPS EF MB FODJNFSB Z MB
QBSUFTVQFSJPSEFMDBK³OEFCFTFSEF NN
1RWD 4PMPFOFMDBTPFOFMRVFMPTPCKFUPTNFU¡MJDPTRVFTF
FODVFOUSFOFOFMDBK³OBMDBODFOUFNQFSBUVSBTFMFWBEBTEFCJEPB
MBSFDJSDVMBDJ³OEFMBJSFQSPDFEFOUFEFMBWFOUJMBDJ³OEFMBQMBDB
VUJMJ[BSVOTPQPSUFJOUFSNFEJPEFNBEFSB ILJXUD 
0RQWDMHVREUHKRUQRILJXUDE
&ODJNFSBEFCFUFOFSDPNPNOJNPVOHSPTPSEF  NN
1RWD $POTVMUF MBT JOEJDBDJPOFT EF NPOUBKF EFM IPSOP QPS TJ GVFSB
OFDFTBSJPBVNFOUBSMBEJTUBODJBFOUSFMBQMBDBEFDPDDJ³OZFM
IPSOP
7FOUJMBDJ³OMBEJTUBODJBNOJNBFOUSFFMIPSOPZMBQMBDBEF
DPDDJ³OEFCFEFTFSEF NN
9HQWLODFLyQILJXUD 
1BSBBTFHVSBSVODPSSFDUPGVODJPOBNJFOUPEFMBQBSBUPTFEFCF
UFOFSFODVFOUBVOBBEFDVBEBWFOUJMBDJ³OEFMBQMBDBEFDPDDJ³O
&MWFOUJMBEPSTJUVBEPFOMBQBSUFJOGFSJPSEFMBQBSBUPEFCFBTQJSBS
TVGJDJFOUFDBVEBMEFBJSFGSFTDPQPSMPRVFMPTNVFCMFTEFCFOEF
FTUBSBEBQUBEPTQBSBUBMQSPQ³TJUP1BSBFMMPFTOFDFTBSJP
■VOBTFQBSBDJ³ONOJNBFOUSFMBQBSUFUSBTFSBEFMNVFCMFZMB
QBSFEEFMBDPDJOBZFOUSFMBQBSUFTVQFSJPSEFMBFODJNFSBZMB
QBSUFTVQFSJPSEFMDBK³O ILJXUD D
■VOB BCFSUVSB FO MB QBSUF TVQFSJPS EF MB QBSFE USBTFSB EFM NVFCMF
ILJXUD E
■FOFMDBTPEFOPUFOFSVOBTFQBSBDJ³ONOJNBEF NNFOMB
QBSUFUSBTFSBEFMNVFCMFTFEFCFS¡SFBMJ[BSVOBBCFSUVSBFOMB
QBSUFJOGFSJPSEFMNJTNP ILJXUD F
■TJMBBODIVSBJOUFSJPSEFMNVFCMFFTNFOPSEF NNTFEFCF
IBDFSVODPSUFFOMBTQBSFEFTMBUFSBMFT ILJXUD G
1RWD 4JFMBQBSBUPTFJOTUBMBFOJTMBVPUSPUJQPEFJOTUBMBDJ³OOP
EFTDSJUBFTJNQSFTDJOEJCMFBTFHVSBSMBDPSSFDUBWFOUJMBDJ³OEFMB
QMBDBEFDPDDJ³O
,QVWDODUHODSDUDWRILJXUDV 
1RWD 6TBSHVBOUFTEFQSPUFDDJ³OBMJOTUBMBSMBQMBDB-BT
TVQFSGJDJFTOPWJTJCMFTQVFEFOUFOFSBSJTUBTDPSUBOUFT
&RORFDUHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQHQ
DSDUDWRVVLQFDEOHSUHPRQWDGR
 %BSMBWVFMUBBMBQMBDBEFDPDDJ³OZDPMPDBSMBTPCSFMBNJTNB
CBTFEFMFNCBMBKFTPCSFVOQB±PPTVQFSGJDJFBQUBQBSBFWJUBS
SBZBEVSBT
 -FWBOUBSMBUBQBEFMBDBKBEFDPOFYJ³ODPOBZVEBEFVO
EFTUPSOJMMBEPS ILJXUD 
 2VJUBS FM UPSOJMMP EF TVKFDJ³O Z MFWBOUBS MB BCSB[BEFSB DPO BZVEB
EFVOEFTUPSOJMMBEPS ILJXUD 
 $POFDUBS FYDMVTJWBNFOUF TFHºO FM FTRVFNB EF DPOFYJPOBEP EF
MBDBKBEFDPOFYJ³O ILJXUD 
#/.BSS³O
#6"[VM
(/:&"NBSJMMPZWFSEF
#,/FHSP
(:(SJT
1RWDV
■&ODBTPOFDFTBSJPNPOUBSMPTQVFOUFTEFDPCSFBEKVOUPT
TJHVJFOEPFMFTRVFNBEFDPOFYJ³O
■"TFHVSFTF EF RVF MPT UPSOJMMPT EF MB DBKB EF DPOFYJ³O RVFEFO
BQSFUBEPTEFTQV©TEFSFBMJ[BSMBDPOFYJ³OEFMPTDBCMFT
 'JKBSFMDBCMFEFBMJNFOUBDJ³ODPOMBBCSB[BEFSBZDPMPDBSFM
UPSOJMMPEFTVKFDJ³O ILJXUD 
 $FSSBSMBUBQBEFMBDBKBEFDPOFYJ³O
1RWD &ODBTPEFOFDFTJUBSVODBCMFEFNBZPSMPOHJUVEDPOUBDUF
DPOFM4FSWJDJPEF"TJTUFODJB5©DOJDB
&RORFDUODSODFDGHFRFFLyQILJXUDV
 *OTUBMBSMBTHVBTEFTVKFDJ³O ILJXUD 
࣊ 4JZBIBZJOTUBMBEBTVOBTHVBTEFTVKFDJ³ORVJUBSMBTF
JOTUBMBSMBTHVBTOVFWBT
࣊ &O FODJNFSBT BMJDBUBEBT VTBS MPT BHVKFSPT EF SPTDB JOGFSJPSFT
࣊ &OFODJNFSBTEFQJFESBQFHBSMBTHVBTVUJMJ[BSDPMB
BEIFTJWBUFSNPFTUBCMFRVFTFBBQSPQJBEBQBSBVOJSNFUBMZ
QJFESB
 *OUSPEVDJSFMBQBSBUPFOFMIVFDPEFFODBTUSF
 $PNQSPCBSRVFMBQMBDBEFDPDDJ³ORVFEFBOJWFMDPOMB
FODJNFSB&OFMDBTPEFRVFMBQMBDBOPRVFEFBOJWFMJOTUBMBS
MPT BODMBKFT TVNJOJTUSBEPT RVF TFBO OFDFTBSJPT Z BKVTUBSMPT DPO
DVJEBEP ILJXUD 
1RWD /PVUJMJ[BSEFTUPSOJMMBEPSFTFM©DUSJDPT
■/PBQSJTJPOBSFMDBCMFEFBMJNFOUBDJ³OOJQBTBSMPQPSCPSEFT
BGJMBEPT 4J IBZ VO IPSOP NPOUBEP EFCBKP QBTBS FM DBCMF QPS MBT
FTRVJOBT USBTFSBT EFM IPSOP %FCF DPMPDBSTF EF NBOFSB RVF OP
UPRVFQBSUFTDBMJFOUFTEFMBQMBDBEFDPDDJ³OPEFMIPSOP
■&O FODJNFSBT BMJDBUBEBT TFMMBS MBT KVOUBT FOUSF MPT B[VMFKPT DPO
DBVDIPEFTJMJDPOB

&RQHFWDUHODSDUDWRDODUHGHOpFWULFDILJXUD
■5FOTJ³OWFSQMBDBEFDBSBDUFSTUJDBT
■$POFDUBSFYDMVTJWBNFOUFTFHºOFMFTRVFNBEFDPOFYJ³O
#/.BSS³O
#6"[VM
(/:&"NBSJMMPZWFSEF
#,/FHSP
(:(SJT
■4FHºOFMUJQPEFDPOFYJ³OQVFEFTFSOFDFTBSJPNPEJGJDBSMB
EJTQPTJDJ³OEFMPTUFSNJOBMFTTVNJOJTUSBEPTQPSG¡CSJDB1BSB
FMMPTFS¡OFDFTBSJPDPSUBSMPTUFSNJOBMFTZFMJNJOBSFMBJTMBOUF
OFDFTBSJPQBSBDPMPDBSVOUFSNJOBMRVFVOBEPTDBCMFT
1RWD $PNQSPCBSFMGVODJPOBNJFOUPTJFOFMQBOFMJOEJDBEPSEFM
BQBSBUPBQBSFDF —…‹‹“‹†‚„ ³“TJHOJGJDBRVFFTU¡NBM
DPOFDUBEP%FTDPOFDUBSFMBQBSBUPEFMBSFEZDPNQSPCBSMB
JOTUBMBDJ³OEFMDBCMFEFBMJNFOUBDJ³OFOMBDBKBEFDPOFYJ³OZFO
MBSFEFM©DUSJDB
'HVPRQWDUHODSDUDWR
%FTDPOFDUBSFMBQBSBUPEFMBSFEFM©DUSJDB
&YUSBFSMBQMBDBEFDPDDJ³OFKFSDJFOEPQSFTJ³OEFTEFBCBKP
£$WHQFLyQ
a%B±PTFOFMBQBSBUP/PJOUFOUFFYUSBFSFMBQBSBUPIBDJFOEP
QBMBODBEFTEFBSSJCB
de
Ø.POUBHFBOMFJUVOH
:LFKWLJH+LQZHLVH
6LFKHUKHLWVKLQZHLV%JF4JDIFSIFJUCFJN(FCSBVDIEFT(FS¤UFT
JTUOVSHFX¤ISMFJTUFUXFOOEFS&JOCBVUFDIOJTDILPSSFLUVOE
HFN¤EJFTFS.POUBHFBOMFJUVOHWPSHFOPNNFOXVSEF'¼S4DI¤
EFOEJFEVSDIFJOFOVOTBDIHFN¤FO&JOCBVFOUTUFIFOIBGUFU
EFS.POUFVS
%JFTFT(FS¤UJTU[VS7FSXFOEVOHJO)¶IFOWPOCJT[V
 .FUFSO[VHFMBTTFO
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
%BT(FS¤ULBOO1FSNBOFOUNBHOFUFFOUIBMUFOEJFFMFLUSPOJTDIF
*NQMBOUBUFXJF[#)FS[TDISJUUNBDIFSPEFS*OTVMJOQVNQFOCFFJO
GMVTTFOL¶OOFO%FTIBMCCFJEFS.POUBHFFJOFO.JOEFTUBCTUBOE
WPODN[VFMFLUSPOJTDIFO*NQMBOUBUFOFJOIBMUFO
(OHNWULVFKHU$QVFKOXVV&SNVTTWPOFJOFNLPO[FTTJPOJFSUFO
'BDINBOOWPSHFOPNNFOXFSEFO%BCFJHFMUFOEJF#FTUJNNVO
HFOEFS¶SUMJDIFO4USPNWFSTPSHFS
%BT(FS¤UNVTTBOFJOFSGFTUFO*OTUBMMBUJPOBOHFTDIMPTTFOTFJO
VOEHFN¤EFO*OTUBMMBUJPOTWPSTDISJGUFON¼TTFOFOUTQSFDIFOEF
5SFOOTDIBMUFSFJOHFSJDIUFUXFSEFO
$QVFKOXVVW\SHQ%BT(FS¤UHFI¶SU[VS4DIVU[LMBTTF *VOEEBSG
OVSJO,PNCJOBUJPONJUFJOFNHFFSEFUFO"OTDIMVTTWFSXFOEFU
XFSEFO
%FS)FSTUFMMFS¼CFSOJNNULFJOF7FSBOUXPSUVOHG¼S#FUSJFCTTU¶SVO
HFOPEFSN¶HMJDIF4DI¤EFOEJFBVGFJOFGFIMFSIBGUFFMFLUSJTDIF
*OTUBMMBUJPO[VS¼DL[VG¼ISFOTJOE
1HW]NDEHO %BT/FU[LBCFMEBSGOVSWPOFJOFS[VHFMBTTFOFO'BDI
LSBGUPEFSWPOFJOFNBVTHFCJMEFUFO,VOEFOEJFOTUUFDIOJLFSJOTUBM
MJFSUXFSEFO%JFFSGPSEFSMJDIFO"OTDIMVTTEBUFOCFGJOEFOTJDIBVG
EFN5ZQFOTDIJMEVOEJOEFO"OTDIMVTTQM¤OFO
0RQWDJHXQWHU$UEHLWVSODWWH%JF*OEVLUJPOTQMBUUFOL¶OOFOOVS
¼CFS4DIVCMBEFOPEFS#BDL¶GFONJU-¼GUVOHEFSTFMCFO.BSLFJOT
UBMMJFSUXFSEFO6OUFSEFN,PDIGFMEL¶OOFOLFJOF,¼IMTDIS¤OLF
4Q¼MNBTDIJOFOGFOPIOF-¼GUVOHPEFS8BTDINBTDIJOFOFJOHF
CBVUXFSEFO
$E]XJVHVVH%FS"CTUBOE[XJTDIFOEFS"C[VHTFTTFVOEEFN
,PDIGFMENVTTNJOEFTUFOTEFNJOEFS.POUBHFBOMFJUVOHG¼SEJF
"C[VHTFTTFBOHFHFCFOFO"CTUBOEFOUTQSFDIFO
$UEHLWVSODWWH4JFNVTTFCFOIPSJ[POUBMVOETUBCJMTFJO%JF
"OXFJTVOHFOEFT"SCFJUTQMBUUFO)FSTUFMMFSTCFBDIUFO
8FOOEJF%JDLFEFS"SCFJUTQMBUUFJOEJFEBT,PDIGFMEFJOHFCBVU
XJSEOJDIUEFO7PSHBCFOFOUTQSJDIUEJF"SCFJUTQMBUUFNJUGFVFS
VOEXBTTFSGFTUFN.BUFSJBMWFSTU¤SLFOCJTEJFFNQGPIMFOF.JO
EFTUEJDLFFSSFJDIUJTU"OEFSOGBMMTJTULFJOFBVTSFJDIFOEF4UBCJMJU¤U
HFHFCFO
■%JF"SCFJUTQMBUUFJOEJFEBT,PDIGFMEFJOHFCBVUXJSETPMMUF
#FMBTUVOHFOWPODB LHTUBOEIBMUFO
■%JF &CFOIFJU EFT ,PDIGFMET FSTU ¼CFSQS¼GFO XFOO FT FJOHFCBVU
JTU
*DUDQWLH&JOVOTBDIHFN¤FS&JOCBV"OTDIMVTTPEFSFJOFGFI
MFSIBGUF.POUBHFG¼ISFO[VN7FSMVTUEFS(BSBOUJF
+LQZHLV +FHMJDIF "SCFJUFO BN (FS¤UFJOOFSFO FJOTDIMJFMJDI EFN
"VTUBVTDIEFT/FU[LBCFMTN¼TTFOWPNFJHFOTEBG¼SBVTHFCJMEF
UFO,VOEFOEJFOTUWPSHFOPNNFOXFSEFO
9RUEHUHLWXQJGHU0|EHO$EELOGXQJ 
(LQEDXP|EHO4JFN¼TTFOCJTNJOEFTUFOT p$UFNQFSBUVSCF
TU¤OEJHTFJO
$XVVFKQLWW4Q¤OFOBDIEFO"VTTDIOJUUBSCFJUFOFOUGFSOFO
6FKQLWWIOlFKHQ.JUIJU[FCFTU¤OEJHFN.BUFSJBMWFSTJFHFMO
(LQEDXEHUHLQHP6FKXEIDFK$EELOGXQJ D
"SCFJUTQMBUUF4JFNVTTNJOEFTUFOT NNEJDLTFJO
-¼GUVOH%FS"CTUBOE[XJTDIFOEFS0CFSGM¤DIFEFS"SCFJUTQMBUUF
VOEEFNPCFSFO#FSFJDIEFS4DIVCMBEFNVTT NNCFUSBHFO
+LQZHLV /VSFJOF;XJTDIFOBCMBHFBVT)PM[WFSXFOEFOXFOO
.FUBMMPCKFLUFJOEFS4DIVCMBEFBVGHSVOEEFSSF[JSLVMJFSFOEFO-VGU
EVSDIEJF-¼GUVOHEFT,PDIGFMETIPIF5FNQFSBUVSFOFSSFJDIFO
$EELOGXQJ 
0RQWDJHEHUHLQHP%DFNRIHQ$EELOGXQJE
"CMBHF.VTT¼CFSFJOF.JOEFTUEJDLFWPO  NNWFSG¼HFO
+LQZHLV 4DIMBHFO 4JF JO EFS .POUBHFBOMFJUVOH G¼S EFO #BDLPGFO
OBDIGBMMTEFS"CTUBOE[XJTDIFO,PDIGFMEVOE#BDLPGFOWFSHS¶
FSUXFSEFONVTT
#FM¼GUVOH%FS"CTUBOE[XJTDIFO#BDLPGFOVOE,PDIGFMENVTT
NJOEFTUFOTNNCFUSBHFO
*HEOlVH$EELOGXQJ 
6NFJOFLPSSFLUF'VOLUJPOTXFJTFEFT(FS¤UT[VHBSBOUJFSFO
NVTTEBT,PDIGFMEBOHFNFTTFOCFM¼GUFUXFSEFO
%BEJF-¼GUVOHJNVOUFSFO#FSFJDIEFT(FS¤UTFJOFBVTSFJDIFOEF
'SJTDIMVGU[VGVISCFO¶UJHUN¼TTFOEJF.¶CFMFOUTQSFDIFOEBVTHF
MFHUTFJO)JFS[VXJSE'PMHFOEFTCFO¶UJHU
■FJO .JOEFTUBCTUBOE [XJTDIFO EFS 3¼DLTFJUF EFT .¶CFMT VOE EFS
,¼DIFOXBOE VOE [XJTDIFO EFS 0CFSGM¤DIF EFS "SCFJUTQMBUUF VOE
EFNPCFSFO#FSFJDIEFS4DIVCMBEF $EELOGXQJ D
■FJOFGGOVOHPCFOBOEFS3¼DLTFJUFEFT.¶CFMT
$EELOGXQJ E
■GBMMTEFS.JOEFTUBCTUBOEWPO NNBOEFS3¼DLTFJUFEFT
.¶CFMTOJDIUHFHFCFOJTUNVTTBOEFS6OUFSTFJUFFJOFGGOVOH
BOHFMFHUXFSEFO $EELOGXQJ F
■GBMMT EBT .¶CFM JOOFO OJDIU CSFJUFS BMT  NN JTU &JOTDIOJUUF BO
EFO4FJUFOX¤OEFOWPSOFINFO $EELOGXQJ G
+LQZHLV 8FOOEBT(FS¤UJOFJOFS,PDIJOTFMPEFSFJOFSBOEFSFO
OJDIUCFTDISJFCFOFO*OTUBMMBUJPOFJOHFCBVUXJSENVTTBVGFJOF
BOHFNFTTFOF#FM¼GUVOHEFT,PDIGFMETHFBDIUFUXFSEFO
*HUlWHLQEDXHQ$EELOGXQJHQ 
+LQZHLV ;VN&JOCBVFOEFT,PDIGFMEFT4DIVU[IBOETDIVIFWFS
XFOEFO%JFOJDIUTJDIUCBSFO'M¤DIFOL¶OOFOTDIBSGF,BOUFOBVG
XFJTFO
%HL*HUlWHQRKQHYRULQVWDOOLHUWHV.DEHOGDV1HW]NDEHOLQGLH
$QVFKOXVVGRVHHLQIKUHQ
 %BT ,PDIGFME VNESFIFO VOE BVG EFN #PEFO EFS 7FSQBDLVOH FJ
OFN 5VDI PEFS FJOFS BOEFSFO 0CFSGM¤DIF BCMFHFO VN ,SBU[FS [V
WFSNFJEFO
 %FO %FDLFM EFS "OTDIMVTTEPTF NJUIJMGF FJOFT 4DISBVCFO[JFIFST
BOIFCFO $EELOGXQJ 
 %JF#FGFTUJHVOHTTDISBVCFM¶TFOVOEEJF4DIMBVDITDIFMMFNJUIJM
GFFJOFT4DISBVCFO[JFIFSTBOIFCFO $EELOGXQJ
 /VSHFN¤"CCJMEVOHBOEFS"OTDIMVTTEPTFBOTDIMJFFO
$EELOGXQJ 
#/#SBVO
#6#MBV
(/:&(FMCVOEHS¼O
#,4DIXBS[
(:(SBV
+LQZHLVH
■#FJ#FEBSGCFJMJFHFOEF,VQGFSCS¼DLFOHFN¤"OTDIMVTTCJME
NPOUJFSFO
■%BSBVGBDIUFOEBTTEJF4DISBVCFOBOEFS"OTDIMVTTEPTF
GFTUHF[PHFOXFSEFOOBDIEFNEJF,BCFMBOHFTDIMPTTFOXVS
EFO
 %BT/FU[LBCFMNJUEFS4DIMBVDITDIFMMFCFGFTUJHFOVOEEJF#F
GFTUJHVOHTTDISBVCFBO[JFIFO $EELOGXQJ 
 %FO%FDLFMEFS"OTDIMVTTEPTFTDIMJFFO
+LQZHLV 'BMMTFJOM¤OHFSFT,BCFMCFO¶UJHUXJSEEFO,VOEFO
EJFOTULPOUBLUJFSFO

.RFKIHOGDXIVHW]HQ$EELOGXQJ
 )BMUFTDIJFOFOBOCSJOHFO $EELOGXQJ 
࣊ 8FOO CFSFJUT )BMUFTDIJFOFO BOHFCSBDIU TJOE EJFTF FOUGFSOFO
VOEOFVFBOCSJOHFO
࣊ #FJHFGMJFTUFO"SCFJUTQMBUUFOEJFVOUFSFO(FXJOEFCPISVOHFO
WFSXFOEFO
࣊ #FJ"SCFJUTQMBUUFOBVT4UFJOEJF4DIJFOFOBOLMFCFOEB[VIJU
[FCFTU¤OEJHFO[VN7FSLMFCFOWPO.FUBMMVOE4UFJOHFFJHOF
UFO,MFCTUPGGWFSXFOEFO
 %BT(FS¤UJOEJF&JOCBVOJTDIFFJOTDIJFCFO
 %BSBVGBDIUFOEBTTEBT,PDIGFMEBVGEFSTFMCFO)¶IFXJFEJF
"SCFJUTQMBUUF JTU 'BMMT EBT ,PDIGFME OJDIU BVG EFSTFMCFO )¶IF JTU
CFJ #FEBSG EJF NJUHFMJFGFSUFO 7FSBOLFSVOHFO JOTUBMMJFSFO VOE WPS
TJDIUJHGFTU[JFIFO $EELOGXQJ 
+LQZHLV ,FJOFFMFLUSJTDIFO4DISBVCFOESFIFSWFSXFOEFO
■/FU[LBCFMOJDIUFJOLMFNNFOVOEOJDIU¼CFSTDIBSGF,BOUFOG¼I
SFO#FJVOUFSHFCBVUFN#BDLPGFOEJF-FJUVOHBOEFOIJOUFSFO
&DLFOEFT#BDLPGFOT[VS"OTDIMVTTEPTFG¼ISFO%JF-FJUVOH
NVTTTPJOTUBMMJFSUXFSEFOEBTTTJFLFJOFIFJFO4UFMMFOEFT
,PDIGFMETPEFSEFT#BDLPGFOTCFS¼ISU
■#FJHFGMJFTUFO"SCFJUTQMBUUFO'MJFTFOGVHFONJU4JMJLPOLBVUTDIVL
BCEJDIUFO
*HUlWDQVFKOLHHQ$EELOGXQJ
■4QBOOVOH4JFIF5ZQFOTDIJME
■/VSHFN¤"OTDIMVTTEJBHSBNNBOTDIMJFFO
#/#SBVO
#6#MBV
(/:&(FMCVOEHS¼O
#,4DIXBS[
(:(SBV
■+FOBDI"OTDIMVTTBSUNVTTFWFOUVFMMEJF"OPSEOVOHEFSWPN
8FSLHFMJFGFSUFO,MFNNFOWFS¤OEFSUXFSEFO%BG¼SN¼TTFO
FWFOUVFMMEJF,MFNNFOHFL¼S[UVOEEJF*TPMJFSVOHFOUGFSOUXFS
EFOVNFJOF,MFNNFFJO[VTFU[FOEJF[XFJ,BCFMWFSCJOEFU
+LQZHLV CFSQS¼GFOEFS#FUSJFCTCFSFJUTDIBGU&STDIFJOUJOEFS
"O[FJHFEFT(FS¤UFT —…‹‹“‹†‚„ PEFS “JTUFTOJDIUSJDIUJH
BOHFTDIMPTTFO%BT(FS¤UWPOEFS4USPNWFSTPSHVOHUSFOOFOVOE
EFO"OTDIMVTTEFT4USPNLBCFMT¼CFSQS¼GFO
$XVEDXGHV*HUlWV
%BT(FS¤UWPN4USPNOFU[USFOOFO
7POVOUFOHFHFOEBT,PDIGFMEES¼DLFOVOEEBT,PDIGFMEIFSBVT
OFINFO
$FKWXQJ
4DI¤EFO BN (FS¤U 7FSTVDIFO 4JF OJDIU EBT (FS¤U EVSDI )FCFMO
WPOPCFO[VFOUOFINFO
en
Ú*OTUBMMBUJPOJOTUSVDUJPOT
,PSRUWDQWQRWHV
6DIHW\ 4BGFUZ JO VTF JT POMZ HVBSBOUFFE JG UIF UFDIOJDBM JOTUBMMBUJPO
PGUIFIPCIBTCFFODBSSJFEPVUDPSSFDUMZBOEJOBDDPSEBODFXJUI
UIFBTTFNCMZJOTUSVDUJPOT5IFJOTUBMMBUJPOUFDIOJDJBOTIBMMCF
MJBCMFGPSBOZEBNBHFDBVTFEBTBSFTVMUPGVOTVJUBCMFJOTUBMMBUJPO
5IJTBQQMJBODFJTPOMZQFSNJUUFEGPSVTFBUIFJHIUTVQUP
NFUSFT
: :HDUHUVRIHOHFWURQLFLPSODQWV
5IFBQQMJBODFNBZDPOUBJOQFSNBOFOUNBHOFUTXIJDINBZBGGFDU
FMFDUSPOJDJNQMBOUTFHIFBSUQBDFNBLFSTPSJOTVMJOQVNQT
5IFSFGPSFEVSJOHJOTUBMMBUJPOXFBSFSTPGFMFDUSPOJDJNQMBOUTNVTU
NBJOUBJOBNJOJNVNEJTUBODFPGDNGSPNUIFBQQMJBODF
(OHFWULF FRQQHFWLRQ 0OMZ CZ BO BVUIPSJTFE TQFDJBMJTU UFDIOJDJBO
5IFHVJEFMJOFTTFUPVUCZUIFMPDBMFMFDUSJDJUZQSPWJEFSNVTUCF
PCTFSWFE
5IFBQQMJBODFNVTUCFDPOOFDUFEUPBGJYFEJOTUBMMBUJPOBOE
BQQSPQSJBUFJTPMBUJOHTXJUDIFTNVTUCFTFUVQJOBDDPSEBODFXJUI
UIFJOTUBMMBUJPOJOTUSVDUJPOT
7\SHRIFRQQHFWLRQ5IFBQQMJBODFGBMMTVOEFSQSPUFDUJPODMBTT *
BOEDBOPOMZCFVTFEJODPNCJOBUJPOXJUIBHSPVOEJOHDPOEVDUPS
DPOOFDUJPO
5IFNBOVGBDUVSFSBDDFQUTOPSFTQPOTJCJMJUZGPSBOZNBMGVODUJPOPS
EBNBHFDBVTFECZJODPSSFDUFMFDUSJDBMJOTUBMMBUJPOT
0DLQVFDEOH 5IFNBJOTDBCMFNVTUPOMZCFJOTUBMMFECZB
RVBMJGJFEQSPGFTTJPOBMPSCZBUSBJOFEBGUFSTBMFTFOHJOFFS5IF
SFRVJSFEDPOOFDUJPOEBUBJTMPDBUFEPOUIFSBUJOHQMBUFBOEJOUIF
DJSDVJUEJBHSBNT
,QVWDOOLQJEHORZDZRUNWRS5IFJOEVDUJPOQMBUFTDBOPOMZCF
JOTUBMMFEBCPWFESBXFSTPSPWFOTGSPNUIFTBNFCSBOE/P
SFGSJHFSBUPSTEJTIXBTIFSTPWFOTXJUIPVUWFOUJMBUJPOPSXBTIJOH
NBDIJOFTDBOCFJOTUBMMFECFMPXUIFDPPLUPQ
([WUDFWLRQFKLPQH\5IFDMFBSBODFCFUXFFOUIFFYUSBDUJPO
DIJNOFZBOEUIFIPCNVTUBUMFBTUNBUDIUIFDMFBSBODFTQFDJGJFE
GPSUIFFYUSBDUJPODIJNOFZJOUIFJOTUBMMBUJPOJOTUSVDUJPOT
+REGMBUIPSJ[POUBMTUBCMF'PMMPXUIFIPCNBOVGBDUVSFST
JOTUSVDUJPOT
*GUIFUIJDLOFTTPGUIFXPSLUPQJOUPXIJDIUIFIPCJTJOTUBMMFEEPFT
OPUDPNQMZXJUIUIFTQFDJGJDBUJPOTSFJOGPSDFUIFXPSLUPQVTJOHB
GJSFBOEXBUFSSFTJTUBOUNBUFSJBMVOUJMJUSFBDIFTUIFNJOJNVN
UIJDLOFTT0UIFSXJTFTVGGJDJFOUTUBCJMJUZDBOOPUCFHVBSBOUFFE
■5IFXPSLUPQJOUPXIJDIUIFIPCJTJOTUBMMFETIPVMEXJUITUBOE
MPBETPGBQQSPY LH
■0OMZDIFDLUIFFWFOOFTTPGUIFIPCBGUFSJUIBTCFFOJOTUBMMFE
:DUUDQW\BOVOTVJUBCMFJOTUBMMBUJPODPOOFDUJPOPSBTTFNCMZXJMM
JOWBMJEBUFUIFQSPEVDUXBSSBOUZ
1RWH "OZDIBOHFUPUIFBQQMJBODFTJOUFSJPSJODMVEJOHDIBOHJOH
UIFQPXFSDBCMFNVTUPOMZCFQFSGPSNFECZTQFDJBMMZUSBJOFE
NFNCFSTPGUIF5FDIOJDBM"TTJTUBODF4FSWJDF
3UHSDULQJWKHFXSERDUGILJXUH 
%XLOWLQNLWFKHQXQLWV.JOJNVNUFNQFSBUVSFSFTJTUBODFPGp$
*DS3FNPWFBOZTIBWJOHTBGUFSQFSGPSNJOHDVUUJOHXPSL
&XWVXUIDFHV4FBMXJUIIFBUSFTJTUBOUNBUFSJBM
$VVHPEO\RYHUGUDZHUILJXUH D
8PSLUPQ.VTUIBWFBNJOJNVNUIJDLOFTTPG NN
7FOUJMBUJPO 5IF DMFBSBODF CFUXFFO UIF TVSGBDF PG UIF XPSLUPQ BOE
UIFVQQFSBSFBPGUIFESBXFSNVTUCF NN
1RWH 0OMZ VTF B XPPEFO JOUFSNFEJBUF TIFMG JG NFUBM PCKFDUT JO UIF
ESBXFSSFBDIIJHIUFNQFSBUVSFTEVFUPUIFSFDJSDVMBUJOHBJSGSPN
UIFIPCTWFOUJMBUJPO ILJXUH 
$VVHPEO\RYHURYHQILJXUHE
)PCNVTUIBWFBNJOJNVNUIJDLOFTTPG  NN
1RWH *GUIFEJTUBODFCFUXFFOUIFIPCBOEPWFONVTUCF
JODSFBTFESFGFSUPUIFJOTUBMMBUJPOJOTUSVDUJPOTGPSUIFPWFO
7FOUJMBUJPO 5IF EJTUBODF CFUXFFO UIF PWFO BOE UIF IPC NVTU CF BU
MFBTUNN
9HQWLODWLRQILJXUH 
5PHVBSBOUFFUIBUUIFBQQMJBODFXPSLTDPSSFDUMZUIFIPCNVTUCF
TVGGJDJFOUMZWFOUJMBUFE
4JODF UIF WFOUJMBUJPO JO UIF MPXFS TFDUJPO PG UIF BQQMJBODF SFRVJSFT
BTVGGJDJFOUTVQQMZPGGSFTIBJSUIFDVQCPBSETNVTUCFEFTJHOFE
BDDPSEJOHMZ5IFGPMMPXJOHJTSFRVJSFEGPSUIJT
■" NJOJNVN DMFBSBODF CFUXFFO UIF SFBS PG UIF DVQCPBSE BOE UIF
LJUDIFOXBMMBOECFUXFFOUIFTVSGBDFPGUIFXPSLUPQBOEUIF
VQQFSBSFBPGUIFESBXFS ILJXUH D
■"OPQFOJOHBUUIFUPQUPUIFSFBSPGUIFDVQCPBSE )LJXUH E
■*G UIF NJOJNVN DMFBSBODF PG  NN JT OPU QSPWJEFE BU UIF SFBS PG
UIFDVQCPBSEZPVNVTUDSFBUFBOPQFOJOHPOUIFVOEFSTJEF
ILJXUH F
■*G UIF JOTJEF PG UIF DVQCPBSE JT OP XJEFS UIBO  NN NBLF DVU
PVUTJOUIFTJEFQBOFMT ILJXUH G
1RWH *GUIFBQQMJBODFJTJOTUBMMFEJOBOJTMBOEVOJUPSBOPUIFS
JOTUBMMBUJPOUIBUJTOPUEFTDSJCFEIFSFZPVNVTUFOTVSFUIBUUIF
IPCJTTVGGJDJFOUMZWFOUJMBUFE
,QVWDOOLQJWKHDSSOLDQFHILJXUHV 
1RWH 8FBSQSPUFDUJWFHMPWFTUPGJUUIFIPC5IFOPOWJTJCMF
TVSGBDFTNBZIBWFTIBSQFEHFT
2Q DSSOLDQFHV WKDW GR QRW KDYH D SUHLQVWDOOHG FDEOH LQVHUW WKH
PDLQVFDEOHLQWRWKHVRFNHW
 5VSO UIF IPC PWFS BOE QVU JU EPXO PO UIF CBTF PG UIF QBDLBHJOH
BDMPUIPSBOPUIFSTVSGBDFJOPSEFSUPQSFWFOUTDSBUDIFT
 6TFBTDSFXESJWFSUPMJGUVQUIFTPDLFUTDPWFS ILJXUH 
 6OEPUIFNPVOUJOHTDSFXBOEVTFBTDSFXESJWFSUPMJGUUIFIPTF
DMBNQ ILJXUH 
 0OMZDPOOFDUJOBDDPSEBODFXJUIUIFJMMVTUSBUJPOPOUIFTPDLFU
ILJXUH 
#/#SPXO
#6#MVF
(/:&:FMMPXBOEHSFFO
#,#MBDL
(:(SFZ

1RWHV
■*GSFRVJSFEJOTUBMMUIFFODMPTFEDPQQFSCSJEHFTJOBDDPSEBODF
XJUIUIFDJSDVJUEJBHSBN
■&OTVSFUIBUUIFTDSFXTBSFTDSFXFEJOUJHIUMZPOUIFTPDLFU
BGUFSUIFDBCMFTIBWFCFFODPOOFDUFE
 6TFUIFIPTFDMBNQUPTFDVSFUIFNBJOTDBCMFBOEUJHIUFOUIF
NPVOUJOHTDSFX ILJXUH 
 $MPTFUIFDPWFSPOUIFTPDLFU
1RWH 'PSBMPOHFSDBCMFZPVNVTUDPOUBDUBGUFSTBMFTTFSWJDF
3XWWLQJWKHKRELQSODFHILJXUH
 "UUBDIJOHUIFNPVOUJOHSBJMT ILJXUH 
࣊ *GNPVOUJOHSBJMTIBWFBMSFBEZCFFOBUUBDIFESFNPWFUIFTF
BOEBUUBDIOFXPOFT
࣊ 6TFUIFMPXFSUISFBEFEIPMFTGPSUJMFEXPSLTVSGBDFT
࣊ 'PSTUPOFXPSLTVSGBDFTHMVFUIFSBJMTUPEPUIJTVTFBIFBU
SFTJTUBOUBEIFTJWFTVJUBCMFGPSHMVJOHNFUBMBOETUPOF
 1VTIUIFBQQMJBODFJOUPUIFJOTUBMMBUJPOSFDFTT
 &OTVSFUIBUUIFIPCJTBUUIFTBNFIFJHIUBTUIFXPSLUPQ*GUIF
IPCJTOPUBUUIFTBNFIFJHIUJGSFRVJSFEJOTUBMMBOEDBSFGVMMZ
UJHIUFOUIFTVQQMJFEBODIPST ILJXUH 
1RWH %POPUVTFBOFMFDUSJDTDSFXESJWFS
■%POPUUSBQUIFNBJOTDBCMFBOEEPOPUSPVUFJUPWFSTIBSQ
FEHFT*GUIFPWFOJTBCVJMUVOEFSUZQFSPVUFUIFDBCMFPOUIF
SFBS DPSOFST PG UIF PWFO UP UIF TPDLFU 5IF MJOF NVTU CF JOTUBMMFE
JOTVDIBXBZUIBUJUEPFTOPUDPNFJOUPDPOUBDUXJUIBOZIPU
TFDUJPOTPGUIFIPCPSUIFPWFO
■'PSUJMFEXPSLTVSGBDFT4FBMUIFUJMFKPJOUTXJUITJMJDPOFSVCCFS
&RQQHFWLQJWKHDSSOLDQFHILJXUH
■7PMUBHF4FFUIFSBUJOHQMBUF
■0OMZDPOOFDUJOBDDPSEBODFXJUIUIFDJSDVJUEJBHSBN
#/#SPXO
#6#MVF
(/:&:FMMPXBOEHSFFO
#,#MBDL
(:(SFZ
■%FQFOEJOHPOUIFUZQFPGDPOOFDUJPOUIFBSSBOHFNFOUPGUIF
DMBNQTTVQQMJFECZUIFGBDUPSZNBZOFFEUPCFDIBOHFE'PS
UIJTUIFDMBNQTNBZIBWFUPCFTIPSUFOFEBOEUIFJOTVMBUJPO
NBZ IBWF UP CF SFNPWFE JO PSEFS UP JOTFSU B DMBNQ UIBU DPOOFDUT
UIFUXPDBCMFT
1RWH $IFDLUIBUUIFBQQMJBODFJTSFBEZGPSPQFSBUJPO*G —…‹‹
“‹†‚„ PS “BQQFBST PO UIF BQQMJBODFT EJTQMBZ UIF BQQMJBODF JT
OPUDPOOFDUFEDPSSFDUMZ%JTDPOOFDUJUGSPNUIFQPXFSTVQQMZBOE
DIFDLUIFQPXFSDPSEDPOOFDUJPO
8QLQVWDOOLQJWKHDSSOLDQFH
%JTDPOOFDUUIFBQQMJBODFGSPNUIFNBJOT
1VTIUIFIPCVQXBSETGSPNCFMPXUPSFNPWFJU
&DXWLRQ
%BNBHFUPUIFBQQMJBODF%POPUUSZUPSFNPWFUIFBQQMJBODFCZ
QSZJOHJUPVUGSPNBCPWF
fr
Þ/PUJDFEFNPOUBHF
5HPDUTXHVLPSRUWDQWHV
6pFXULWp MBT©DVSJU©QFOEBOUMVUJMJTBUJPOOFTUHBSBOUJFRVFTJ
MJOTUBMMBUJPOB©U©FGGFDUV©FEFNBOJ¨SFDPSSFDUFEVQPJOUEFWVF
UFDIOJRVFFUDPOGPSN©NFOUDFTJOTUSVDUJPOTEFNPOUBHF
-JOTUBMMBUFVS TFSB SFTQPOTBCMF EF UPVU EPNNBHF QSPWPRV© QBS VO
NPOUBHFJODPSSFDU
$FUBQQBSFJMQFVUªUSFVUJMJT©EFTIBVUFVSTBMMBOUKVTRV
  N¨USFT
: 3RUWHXUVGLPSODQWVpOHFWURQLTXHV 
-BQQBSFJMQFVUDPOUFOJSEFTBJNBOUTQFSNBOFOUTRVJQFVWFOU
JOGMVFSTVSEFTJNQMBOUT©MFDUSPOJRVFTQBSFYTUJNVMBUFVST
DBSEJBRVFTPVQPNQFTJOTVMJOF1PVSDFUUFSBJTPOMPSTEV
NPOUBHFSFTQFDUFSVOFEJTUBODFNJOJNVNEFDNQBSSBQQPSU
BVYJNQMBOUT©MFDUSPOJRVFT
&RQQH[LRQpOHFWULTXH OFQFVUªUSFFGGFDUV©FRVFQBSVO
TQ©DJBMJTUFBVUPSJT©*MEFWSBTVJWSFMFTEJTQPTJUJPOTEVGPVSOJTTFVS
E©MFDUSJDJU©EBOTMB[POF
-BQQBSFJMEPJUªUSFSBDDPSE©VOFJOTUBMMBUJPOGJYFFUEFT
TFDUJPOOFVSTDPSSFTQPOEBOUTEPJWFOUBWPJS©U©JOTUBMM©T
DPOGPSN©NFOUBVYQSFTDSJQUJPOTEJOTUBMMBUJPO
7\SHGHEUDQFKHPHQW MBQQBSFJMGBJUQBSUJFEFMBDMBTTFEF
QSPUFDUJPO *FUOFQFVUªUSFVUJMJT©RVBWFDVOFQSJTFQPTT©EBOUVO
DPOEVDUFVSEFQSJTFEFUFSSF
-FGBCSJDBOUTFE©HBHFEFUPVUFSFTQPOTBCJMJU©RVBOUBV
GPODUJPOOFNFOUJOBQQSPQSJ©FUBVYQPTTJCMFTEPNNBHFT
QSPWPRV©TQBSEFTJOTUBMMBUJPOT©MFDUSJRVFTOPOBQQSPQSJ©FT
&kEOHVHFWHXU  MFD¢CMFTFDUFVSEPJUVOJRVFNFOUªUSFJOTUBMM©QBS
VOQFSTPOOFMBVUPSJT©PVQBSVOUFDIOJDJFORVBMJGJ©EVTFSWJDF
BQS¨TWFOUF-FTWBMFVSTEFSBDDPSEFNFOUSFRVJTFTTFUSPVWFOU
TVSMBQMBRVFTJHOBM©UJRVFFUTVSMFTTDI©NBTEFDPOOFYJPO
0RQWDJHVRXVOHSODQGHWUDYDLOMFT QMBRVFT  JOEVDUJPO EPJWFOU
VOJRVFNFOUªUSFJOTUBMM©FTBVEFTTVTEFUJSPJSTPVEFGPVST
EJTQPTBOUEVOFWFOUJMBUJPOEFMBNªNFNBSRVF*MOFTUQBT
QPTTJCMF EF NPOUFS VO S©GSJH©SBUFVS VO MBWFWBJTTFMMF VO GPVS TBOT
WFOUJMBUJPOOJVOMBWFMJOHFTPVTMBUBCMFEFDVJTTPO
+RWWH MBEJTUBODFFOUSFMBIPUUFFUMBUBCMFEFDVJTTPOEPJUBV
NJOJNVNDPSSFTQPOESFMBEJTUBODFJOEJRV©FQPVSMBIPUUFEBOT
MFTJOTUSVDUJPOTEFNPOUBHF
3ODQGHWUDYDLO QMBUIPSJ[POUBMTUBCMF3FTQFDUF[MFT
JOTUSVDUJPOTEVGBCSJDBOUEVQMBOEFUSBWBJM
4J M©QBJTTFVS EV QMBO EF USBWBJM NPOU© EBOT MB UBCMF EF DVJTTPO OF
DPSSFTQPOEQBTBVYJOEJDBUJPOTSFOGPSDFSMFQMBOEFUSBWBJMBWFD
VONBU©SJBVJNQFSN©BCMFFUS©GSBDUBJSFKVTRVBUUFJOESF
M©QBJTTFVSNJOJNBMFSFRVJTF4JOPOBVDVOFTUBCJMJU©TVGGJTBOUF
OFTUHBSBOUJF
■-FQMBOEFUSBWBJMRVJFTUNPOU©EBOTMBUBCMFEFDVJTTPOEPJU
QPVWPJSTVQQPSUFSFOW LH
■7©SJGJFSMBQMBO©JU©EFMBUBCMFEFDVJTTPOVOFGPJTRVFMMFFTU
NPOU©F
*DUDQWLH  VOF NBVWBJTF JOTUBMMBUJPO VO NBVWBJT CSBODIFNFOU PV
VO NPOUBHF JOBEBQU© QFVWFOU DPOEVJSF  MB QFSUF EF WBMJEJU© EF MB
HBSBOUJFEVQSPEVJU
5HPDUTXH 5PVUFNBOJQVMBUJPOMJOU©SJFVSEFMBQQBSFJMZ
DPNQSJTMFSFNQMBDFNFOUEVD¢CMFEBMJNFOUBUJPOEFWSBªUSF
FGGFDUV©FQBSEVQFSTPOOFMUFDIOJRVFEVTFSWJDFEBTTJTUBODF
UFDIOJRVFBZBOUSF§VVOFGPSNBUJPOTQ©DJGJRVF
3UpSDUDWLRQGHVPHXEOHVILJXUH 
0HXEOHV HQFDVWUpV  DBQBCMFT EF S©TJTUFS  VOF UFNQ©SBUVSF EBV
NPJOT p$
&UHX[GHQFDVWUHPHQW SFUJSFSMFTDPQFBVYEVTMBE©DPVQF
6XUIDFHV GH GpFRXSH  TDFMMFS  MBJEF EVO NBU©SJBV S©TJTUBOU  MB
DIBMFVS
0RQWDJHVXUWLURLUVFKpPD D
1MBOEFUSBWBJM TPO©QBJTTFVSNJOJNVNEPJUªUSFEF NN
7FOUJMBUJPO MBEJTUBODFFOUSFMBTVSGBDFEVQMBOEFUSBWBJMFUMB
QBSUJFTVQ©SJFVSFEVUJSPJSEPJUªUSFEF NN
5HPDUTXH 6UJMJTFSVOJRVFNFOUVOTVQQPSUJOUFSN©EJBJSFFOCPJT
TJEFTPCKFUTN©UBMMJRVFTEVUJSPJSBUUFJHOFOUEFTUFNQ©SBUVSFT
©MFW©FT FO SBJTPO EF MBJS SFDJSDVMBOU WJB MB WFOUJMBUJPO EF MB UBCMF EF
DVJTTPO ILJXUH 
0RQWDJHVXUIRXUVFKpPD E
1MBOEFUSBWBJM TPO©QBJTTFVSNJOJNVNEPJUªUSFEF  NN
5HPDUTXH 7FVJMMF[DPOTVMUFSMBOPUJDFEFNPOUBHFEVGPVSTJMB
EJTUBODFFOUSFMBUBCMFEFDVJTTPOFUMFGPVSEPJUªUSFBHSBOEJF
7FOUJMBUJPO-BEJTUBODFFOUSFMFGPVSFUMBUBCMFEFDVJTTPOEPJU
ªUSFEBVNPJOTNN
9HQWLODWLRQILJXUH 
"GJO EF HBSBOUJS VO GPODUJPOOFNFOU DPSSFDU EF MBQQBSFJM MB UBCMF EF
DVJTTPOEPJUªUSFTVGGJTBNNFOUWFOUJM©F
UBOU EPOO© RVF MB WFOUJMBUJPO EBOT MB QBSUJF JOG©SJFVSF EF MBQQBSFJM
SFRVJFSU VOF BNFO©F EBJS GSBJT TVGGJTBOUF MFT NFVCMFT EPJWFOU ªUSF
BEBQU©TFODPOT©RVFODF*MDPOWJFOUQPVSDFGBJSFEFQSPD©EFS
DPNNFTVJU 
■VOFEJTUBODFNJOJNBMFFOUSFMFEPTEVNFVCMFFUMFNVSEFMB
DVJTJOFFUFOUSFMBTVSGBDFEVQMBOEFUSBWBJMFUMBQBSUJF
TVQ©SJFVSFEVUJSPJS ILJXUH D
■VOFPVWFSUVSFFOIBVUMBSSJ¨SFEVNFVCMF ILJXUH E
■TJ MB EJTUBODF NJOJNBMF EF  NN OFTU QBT SFTQFDU©F  MBSSJ¨SF
EVNFVCMFVOFPVWFSUVSFEPJUªUSFDS©©FBVGPOE ILJXUH F
■TJMJOU©SJFVSEVNFVCMFOFTUQBTQMVTMBSHFRVF NNEFT
FODPDIFTEPJWFOUªUSFFGGFDUV©FTTVSMFTQBSPJTMBU©SBMFT
ILJXUH G
5HPDUTXH 4J MBQQBSFJM FTU NPOU© EBOT VO ®MPU EF DVJTTPO PV VOF
BVUSF JOTUBMMBUJPO OPO E©DSJUF WFJMMFS  MB WFOUJMBUJPO BE©RVBUF EF MB
UBCMFEFDVJTTPO

0RQWHUODSSDUHLOILJXUHV 
5HPDUTXH 1PVSMFODBTUSFNFOUEFMBQQBSFJMVUJMJTFSEFTHBOUT
EFQSPUFDUJPO-FTTVSGBDFTOPOWJTJCMFTQFVWFOUQS©TFOUFSEFT
BSªUFTDPVQBOUFT
(QFDVGDSSDUHLOVDQVFkEOHSUpLQVWDOOpLQWURGXLUHOHFkEOH
VHFWHXUGDQVODSULVHGHUDFFRUGHPHQW
 3FUPVSOFSMBUBCMFEFDVJTTPOFUQMBDFSVODIJGGPOPVVOFBVUSF
TVSGBDFTVSMFGPOEEFMFNCBMMBHFQPVS©WJUFSUPVUFSBZVSF
 4PVMFWFSMFDIBQFBVEFMBQSJTFEFSBDDPSEFNFOUMBJEFEVO
UPVSOFWJT ILJXUH 
 %FTTFSSFSMBWJTEFGJYBUJPOFUTPVMFWFSMFDPMMJFSEFTFSSBHF
MBJEFEVOUPVSOFWJT ILJXUH
 &GGFDUVFSMFSBDDPSEFNFOUMBQSJTFEFSBDDPSEFNFOU
VOJRVFNFOUDPOGPSN©NFOUMBGJHVSF ILJXUH 
#/ NBSSPO
#6 CMFV
(/:& KBVOFFUWFSU
#, OPJS
(: HSJT
5HPDUTXHV
■4JO©DFTTBJSFNPOUFSMFTQPOUTFODVJWSFKPJOUTTFMPOMF
TDI©NBEFSBDDPSEFNFOU
■7FJMMFS  DF RVF MFT WJT TPJFOU TPMJEFNFOU GJY©FT TVS MB QSJTF EF
SBDDPSEFNFOUBQS¨TBWPJSSBDDPSE©MFD¢CMF
 'JYFS MF D¢CMF TFDUFVS BWFD MF DPMMJFS EF TFSSBHF FU TFSSFS MB WJT EF
GJYBUJPO ILJXUH 
 'FSNFSMFDIBQFBVEFMBQSJTFEFSBDDPSEFNFOU
5HPDUTXH 4J WPVT BWF[ CFTPJO EVO D¢CMF QMVT MPOH DPOUBDUFS MF
TFSWJDFBQS¨TWFOUF
3RVHUODWDEOHGHFXLVVRQILJXUH
 .POUFSMFTSBJMTEFGJYBUJPO ILJXUH 
࣊ 4JMFTSBJMTEFGJYBUJPOTPOUE©KNPOU©TMFTSFUJSFSFUFO
NPOUFSEFOPVWFBVY
࣊ &ODBTEFQMBOTEFUSBWBJMDBSSFM©TVUJMJTFSMFTBM©TBHFT
UBSBVE©TJOG©SJFVST
࣊ &ODBTEFQMBOTEFUSBWBJMFOQJFSSFDPMMFSMFTSBJMTEFGJYBUJPO
VUJMJTFSQPVSDFMBVOFDPMMFS©TJTUBOUFMBUFNQ©SBUVSF
BQQSPQSJ©FQPVSMFDPMMBHFEFN©UBVYFUEFQJFSSF
 *OT©SFSMBQQBSFJMEBOTMBOJDIFEFODBTUSFNFOU
 7FJMMFSDFRVFMBUBCMFEFDVJTTPOTPJUMBNªNFIBVUFVSRVF
MFQMBOEFUSBWBJM4JMBUBCMFEFDVJTTPOOFTUQBTMBNªNF
IBVUFVSJOTUBMMFSBVCFTPJOMFTBODSBHFTGPVSOJTFUMFTTFSSFS
BWFDQS©DBVUJPO ILJXUH 
5HPDUTXH /FQBTVUJMJTFSEFUPVSOFWJT©MFDUSJRVF
■/FQBTDPJODFSMFD¢CMFTFDUFVSOFQBTMFUJSFSBVEFTTVT
EBSªUFTDPVQBOUFT&ODBTEFGPVSJOTUBMM©FOEFTTPVTGBJSF
QBTTFSMFD¢CMFBVOJWFBVEFTDPJOTBSSJ¨SFEVGPVSKVTRVMB
QSJTFEFSBDDPSEFNFOU-FD¢CMFEPJUªUSFJOTUBMM©EFNBOJ¨SF
OFUPVDIFSBVDVOF[POFDIBVEFEFMBUBCMFEFDVJTTPOPVEV
GPVS
■&ODBTEFQMBOEFUSBWBJMDBSSFM©©UBODI©JGJFSMFTKPJOUTEV
DBSSFMBHFBWFDVOKPJOUFOTJMJDPOF
5DFFRUGHUODSSDUHLOILJXUH
■1PVSMBUFOTJPO WPJSMBQMBRVFTJHOBM©UJRVF
■1SPD©EFSBVSBDDPSEFNFOUVOJRVFNFOUTFMPOMFTDI©NBEF
SBDDPSEFNFOU 
#/ NBSSPO
#6 CMFV
(/:& KBVOFFUWFSU
#, OPJS
(: HSJT
■4FMPOMFUZQFEFSBDDPSEFNFOUMBEJTQPTJUJPOEFTCPSOFT
GPVSOJFTQBSMVTJOFEPJU©WFOUVFMMFNFOUªUSFNPEJGJ©F1PVSDF
GBJSFJMGBVU©WFOUVFMMFNFOUSBDDPVSDJSMFTCPSOFTFUFOMFWFS
MJTPMBOUQPVSVUJMJTFSVOFCPSOFSFMJBOUEFVYD¢CMFT
5HPDUTXH 7©SJGJDBUJPOEFMBEJTQPOJCJMJU©EFTFSWJDF TJ —…‹‹
“‹†‚„ PV “BQQBSB®UEBOTMBGGJDIBHFEFMBQQBSFJMDFEFSOJFS
OFTUQBTDPSSFDUFNFOUSBDDPSE©%©CSBODIFSMBQQBSFJMEF
MBMJNFOUBUJPOTFDUFVSFUW©SJGJFSD¢CMFEBMJNFOUBUJPO
'pPRQWHUODSSDUHLO
%©CSBODIFSMBQQBSFJMEVS©TFBV©MFDUSJRVF
&YUSBJSFMBUBCMFEFDVJTTPOFOFYFS§BOUVOFQSFTTJPOEFQVJTMF
CBT
$WWHQWLRQ
%PNNBHFT DBVT©T  MBQQBSFJM  /F QBT UFOUFS EFYUSBJSF MBQQBSFJM
FOGBJTBOUMFWJFSEFQVJTMFIBVU
it
â*TUSV[JPOJQFSJMNPOUBHHJP
,QGLFD]LRQLLPSRUWDQWL
6LFXUH]]DMBTJDVSF[[BEVSBOUFMVTP¨HBSBOUJUBTPMPTF
MJOTUBMMB[JPOF¨TUBUBFGGFUUVBUBJONPEPDPSSFUUPEBMQVOUPEJWJTUB
UFDOJDP F JO DPOGPSNJU DPO MF QSFTFOUJ JTUSV[JPOJ QFS JM NPOUBHHJP *
EBOOJDBVTBUJEBVONPOUBHHJPJOBEFHVBUPTBSBOOPEJ
SFTQPOTBCJMJUEFMMJOTUBMMBUPSF
DPOTFOUJUPVUJMJ[[BSFRVFTUPBQQBSFDDIJPGJOPBEBMUF[[FEJ
 NFUSJ
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
-BQQBSFDDIJPQV²DPOUFOFSFNBHOFUJQFSNBOFOUJDIFQPTTPOP
BHJSFTVHMJJNQJBOUJFMFUUSPOJDJRVBMJBEFTQBDFNBLFSPQPNQFEJ
JOTVMJOB1FSUBOUPBMNPNFOUPEFMNPOUBHHJPJQPSUBUPSJEJJNQJBOUJ
FMFUUSPOJDJEFWPOPNBOUFOFSFVOBEJTUBO[BNJOJNBEJDN
&ROOHJDPHQWR HOHWWULFR QV² FTTFSF FGGFUUVBUP TPMP EB VO UFDOJDP
TQFDJBMJ[[BUPBVUPSJ[[BUPPQQPSUVOPSJTQFUUBSFMFEJTQPTJ[JPOJ
EFMMBTPDJFUEJGPSOJUVSBEJFOFSHJBFMFUUSJDBMPDBMF
-BQQBSFDDIJPEFWFFTTFSFDPMMFHBUPBVOJOTUBMMB[JPOFGJTTBFJO
DPOGPSNJUBMMFOPSNFSFMBUJWFBMMJOTUBMMB[JPOFEFWPOPFTTFSF
QSFEJTQPTUJJDPSSJTQPOEFOUJTF[JPOBUPSJ
7LSRGLFROOHJDPHQWRMBQQBSFDDIJPBQQBSUJFOFBMMBDMBTTFEJ
QSPUF[JPOF *FQV²FTTFSFVUJMJ[[BUPFTDMVTJWBNFOUFJO
DPNCJOB[JPOF DPO VOB DPOOFTTJPOF EPUBUB EJ DPOEVUUPSF EJ NFTTB
BUFSSB
*MGBCCSJDBOUFOPO¨SFTQPOTBCJMFEFMGVO[JPOBNFOUPJOBEFHVBUPF
EFJQPTTJCJMJEBOOJDBVTBUJEBJOTUBMMB[JPOJFMFUUSJDIFOPOBEFHVBUF
&DYR GL UHWH JM DBWP EJ SFUF EFWF FTTFSF JOTUBMMBUP FTDMVTJWBNFOUF
EBQFSTPOBMFTQFDJBMJ[[BUPFBVUPSJ[[BUPPEBVOUFDOJDPEFM
TFSWJ[JPEJBTTJTUFO[BDMJFOUJEFCJUBNFOUFGPSNBUP*EBUJQFSJM
DPMMFHBNFOUPOFDFTTBSJTPOPSFQFSJCJMJTVMMBUBSHIFUUBEJ
JEFOUJGJDB[JPOFFOFHMJTDIFNJEJBMMBDDJBNFOUP
0RQWDJJLRVRWWRLOSLDQRGLODYRURJQJBOJBJOEV[JPOFQPTTPOP
FTTFSFJOTUBMMBUJTPMUBOUPBMEJTPQSBEJDBTTFUUJPGPSOJEPUBUJEJ
TJTUFNBEJBFSB[JPOFEFMMPTUFTTPNBSDIJP"MEJTPUUPEFMQJBOPEJ
DPUUVSBOPOQPTTPOPFTTFSFNPOUBUJGSJHPSJGFSJMBWBTUPWJHMJFGPSOJ
TFO[BTJTUFNBEJBFSB[JPOFPMBWBUSJDJ
&HQWURGLDVSLUD]LRQHMBEJTUBO[BUSBJMDFOUSPEJBTQJSB[JPOFFJM
QJBOPEJDPUUVSBEFWFDPSSJTQPOEFSFBMNFOPBMMBEJTUBO[BJOEJDBUB
QFSJMDFOUSPEJBTQJSB[JPOFOFMMFJTUSV[JPOJQFSJMNPOUBHHJP
3LDQRGLODYRURQJBUUPPSJ[[POUBMFFTUBCJMF"UUFOFSTJBMMF
JTUSV[JPOJEFMGBCCSJDBOUFEFMQJBOPEJMBWPSP
4FMPTQFTTPSFEFMQJBOPEJMBWPSPBMMJOUFSOPEFMRVBMFWJFOF
JODBTTBUPJMQJBOPEJDPUUVSBOPODPSSJTQPOEFBJSFRVJTJUJSJDIJFTUJ
SJOGPS[BSFJMQJBOPEJMBWPSPDPONBUFSJBMFSFGSBUUBSJPFSFTJTUFOUF
BMMBDRVBGJOPBSBHHJVOHFSFMPTQFTTPSFNJOJNPDPOTJHMJBUP*O
DBTPDPOUSBSJPOPOWJFOFHBSBOUJUBVOBTVGGJDJFOUFTUBCJMJU
■*MQJBOPEJMBWPSPBMMJOUFSOPEFMRVBMFWJFOFJODBTTBUPJMQJBOPEJ
DPUUVSBEFWFFTTFSFJOHSBEPEJTPTUFOFSFDBSJDIJEJDB LH
■$POUSPMMBSF MB QMBOBSJU EFM QJBOP EJ DPUUVSB TPMP EPQP DIF ¨ TUBUP
JODBTTBUP
*DUDQ]LDMBHBSBO[JBEFMQSPEPUUPOPO¨WBMJEBTFMJOTUBMMB[JPOF
MBDPOOFTTJPOFPJMNPOUBHHJPWFOHPOPFGGFUUVBUJJONBOJFSB
JNQSPQSJB
$YYHUWHQ]D 2VBMTJBTJUJQPEJNBOJQPMB[JPOFBMMJOUFSOP
EFMMBQQBSFDDIJP JODMVTB MB TPTUJUV[JPOF EFM DBWP EJ BMJNFOUB[JPOF
EFWF FTTFSF FGGFUUVBUB FTDMVTJWBNFOUF EB QFSTPOBMF EFM TFSWJ[JP EJ
BTTJTUFO[BUFDOJDBEFCJUBNFOUFGPSNBUP
3UHSDUD]LRQHGHLPRELOLILJXUD 
0RELOLDGLQFDVVRSFTJTUFOUJBVOBUFNQFSBUVSBNJOJNBEJp$
)RURSJNVPWFSFJUSVDJPMJEPQPMFPQFSB[JPOJEJUBHMJP
6XSHUILFLGLWDJOLRDIJVEFSMFFSNFUJDBNFOUFDPONBUFSJBMF
SFTJTUFOUFBMDBMPSF
0RQWDJJLRVRSUDLOFDVVHWWRILJXUD D
*MQJBOPEJMBWPSPEFWFBWFSFVOPTQFTTPSFNJOJNPEJ NN
4JTUFNBEJBFSB[JPOFMBEJTUBO[BUSBMBTVQFSGJDJFEFMQJBOPEJ
MBWPSPFMBQBSUFTVQFSJPSFEFMDBTTFUUPEFWFFTTFSFEJ NN
$YYHUWHQ]D 6UJMJ[[BSFFTDMVTJWBNFOUFVOSJQJBOPJOUFSNFEJPJO
MFHOPQPJDI©HMJPHHFUUJNFUBMMJDJOFMDBTTFUUPSBHHJVOHPOP
UFNQFSBUVSF MFWBUF B DBVTB EFM SJDJSDPMP EBSJB BUUSBWFSTP JM TJTUFNB
EJBFSB[JPOFEFMQJBOPEJDPUUVSB ILJXUD 
 
0RQWDJJLRVXIRUQRILJXUDE
*MQJBOPEJMBWPSPEFWFBWFSFVOPTQFTTPSFNJOJNPEJ  NN
$YYHUWHQ]D $POUSPMMBSF OFMMF JTUSV[JPOJ QFS JM NPOUBHHJP EFM GPSOP
TFMBEJTUBO[BUSBQJBOPDPUUVSBFGPSOPEFWFFTTFSFBVNFOUBUB
7FOUJMB[JPOF MB EJTUBO[B USB GPSOP F QJBOP EJ DPUUVSB EFWF FTTFSF EJ
BMNFOPNN
9HQWLOD]LRQHILJXUD 
1FS HBSBOUJSF JM DPSSFUUP GVO[JPOBNFOUP EFMMBQQBSFDDIJP JM QJBOP EJ
DPUUVSBEFWFFTTFSFBEFHVBUBNFOUFBFSBUP
1PJDI© JM TJTUFNB EJ BFSB[JPOF OFMMB QBSUF JOGFSJPSF EFMMBQQBSFDDIJP
OFDFTTJUBEJVOTVGGJDJFOUFBQQPSUPEJBSJBQVMJUBJNPCJMJEFWPOP
FTTFSFQSFEJTQPTUJJONPEPBEFHVBUP"UBMFTDPQP¨OFDFTTBSJP
RVBOUPTFHVF
■VOBEJTUBO[BNJOJNBUSBJMSFUSPEFMNPCJMFFMBQBSFUFEFMMB
DVDJOBFUSBMBTVQFSGJDJFEFMQJBOPEJMBWPSPFMBQBSUFTVQFSJPSF
EFMDBTTFUUP ILJXUD D
■VOBQFSUVSBJOBMUPTVMSFUSPEFMNPCJMF ILJXUD E
■TFOPO¨QSFTFOUFMBEJTUBO[BNJOJNBEJ NNTVMSFUSPEFM
NPCJMF EFWF FTTFSF QSFEJTQPTUB VOBQFSUVSB OFMMB QBSUF JOGFSJPSF
ILJXUD F
■TF JM NPCJMF BM TVP JOUFSOP OPO ¨ QJ¹ MBSHP EJ  NN QSFWFEFSF
EFMMFGFTTVSFOFMMFQBSFUJMBUFSBMJ ILJXUD G
$YYHUWHQ]D 4FMBQQBSFDDIJPWJFOFNPOUBUPJOVOJTPMBPJO
VOBMUSBJOTUBMMB[JPOFOPOEFTDSJUUBJORVFTUPNBOVBMF¨
OFDFTTBSJPQSPWWFEFSFBVOBFSB[JPOFBEFHVBUBEFMQJBOPEJ
DPUUVSB
0RQWDJJLRGHOODSSDUHFFKLRILJXUH 
$YYHUWHQ]D 1FSJMNPOUBHHJPEFMQJBOPEJDPUUVSBVTBSFHVBOUJ
QSPUFUUJWJ-FTVQFSGJDJOPOWJTJCJMJQPUSFCCFSPQSFTFOUBSFCPSEJ
UBHMJFOUJ
1HJOL DSSDUHFFKL VHQ]D FDYR SUHLQVWDOODWR LQWURGXUUH LO FDYR GL
UHWHQHOODSUHVDGLFROOHJDPHQWR
 $BQPWPMHFSFJMQJBOPEJDPUUVSBFEFQPTJUBSMPTVMGPOEP
EFMMJNCBMMBHHJP TV VO QBOOP P TV VOBMUSB TVQFSGJDJF QFS FWJUBSF
EJHSBGGJBSMP
 4PMMFWBSFJMDPQFSDIJPEFMMBQSFTBEJDPMMFHBNFOUPDPOMBJVUPEJ
VODBDDJBWJUF ILJXUD 
 "MMFOUBSF MB WJUF EJ GJTTBHHJP F TPMMFWBSF MB GBTDFUUB TUSJOHJUVCP DPO
MBJVUPEJVODBDDJBWJUF ILJXUD
 &GGFUUVBSFMBMMBDDJBNFOUPBMMBQSFTBEJDPMMFHBNFOUP
FTDMVTJWBNFOUFJODPOGPSNJUBRVBOUPNPTUSBUPJOGJHVSB
ILJXUD 
#/NBSSPOF
#6CMV
(/:&HJBMMPFWFSEF
#,OFSP
(:HSJHJP
$YYHUWHQ]H
■4FPDDPSSFNPOUBSFJQPOUJDFMMJJOSBNFGPSOJUJJOEPUB[JPOFJO
DPOGPSNJUBMMPTDIFNBEJDPMMFHBNFOUP
■1SFTUBSFBUUFO[JPOFBDIFMFWJUJTVMMBQSFTBEJDPMMFHBNFOUP
WFOHBOPTFSSBUFEPQPDIFTPOPTUBUJDPMMFHBUJJDBWJ
 'JTTBSF JM DBWP EJ SFUF DPO MB GBTDFUUB TUSJOHJUVCP F TFSSBSF MB WJUF
EJGJTTBHHJP ILJXUD 
 $IJVEFSFJMDPQFSDIJPEFMMBQSFTBEJDPMMFHBNFOUP
$YYHUWHQ]D 4F¨OFDFTTBSJPVODBWPQJ¹MVOHPDPOUBUUBSFJM
TFSWJ[JPEJBTTJTUFO[BDMJFOUJ
3RVL]LRQDPHQWRGHOSLDQRGLFRWWXUDILJXUD
 .POUBHHJPEFMMFHVJEFEJTVQQPSUP ILJXUD 
࣊ 4FMFHVJEFEJTVQQPSUPTPOPHJNPOUBUFSJNVPWFSMFF
NPOUBSFRVFMMFOVPWF
࣊ 1FSJQJBOJEJMBWPSPQJBTUSFMMBUJVUJMJ[[BSFJGPSJGJMFUUBUJJOGFSJPSJ
࣊ 1FS J QJBOJ EJ MBWPSP JO QJFUSB JODPMMBSF MF HVJEF VUJMJ[[BSF B UBMF
TDPQPEFMMBEFTJWPSFTJTUFOUFBMDBMPSFFBEBUUPBJODPMMBSF
NFUBMMPFQJFUSB
 *OTFSJSFMBQQBSFDDIJPOFMMBOJDDIJBEJODBTTP
 7FSJGJDBSF DIF JM QJBOP EJ DPUUVSB TJB BMMB TUFTTB BMUF[[B EFM QJBOP
EJMBWPSP4FJMQJBOPEJDPUUVSBOPO¨BMMBTUFTTBBMUF[[B
JOTUBMMBSFTFOFDFTTBSJPHMJBODPSBHHJGPSOJUJJOEPUB[JPOFF
TFSSBSMJDPOBUUFO[JPOF ILJXUD 
$YYHUWHQ]D /POVUJMJ[[BSFBWWJUBUPSJFMFUUSJDJ
■'BSFJONPEPDIFJMDBWPEJSFUFOPOSJNBOHBJODBTUSBUPFOPO
QBTTJTVTQJHPMJWJWJ*ODBTPEJGPSOJTPUUPTUBOUJQPSUBSFJMDBWP
BMMBQSFTBEJDPMMFHBNFOUPGBDFOEPMPQBTTBSFEBMMBOHPMP
QPTUFSJPSFEFMGPSOP*MDBWPEFWFFTTFSFQPTJ[JPOBUPJONPEP
DIFOPOFOUSJJODPOUBUUPDPOBMDVOB[POBDBMEBEFMQJBOPEJ
DPUUVSBPEFMGPSOP
■*ODBTPEJQJBOJEJMBWPSPQJBTUSFMMBUJDIJVEFSFBUFOVUBMFGVHIF
USBMFQJBTUSFMMFNFEJBOUFHPNNBTJMJDPOJDB
$OODFFLDPHQWRGHOODSSDUHFFKLRILJXUD
■5FOTJPOFWFEFSFMBUBSHIFUUBEJJEFOUJGJDB[JPOF
■&GGFUUVBSFMBMMBDDJBNFOUPFTDMVTJWBNFOUFJODPOGPSNJUBM
SFMBUJWPTDIFNB
#/NBSSPOF
#6CMV
(/:&HJBMMPFWFSEF
#,OFSP
(:HSJHJP
■" TFDPOEB EFM UJQP EJ BMMBDDJBNFOUP EFWF FTTFSF FWFOUVBMNFOUF
NPEJGJDBUBMBEJTQPTJ[JPOFEFJNPSTFUUJGPSOJUJEJGBCCSJDB"UBMF
TDPQPQPUSFCCFFTTFSFFWFOUVBMNFOUFOFDFTTBSJPBDDPSDJBSFJ
NPSTFUUJ F SJNVPWFSF MJTPMBNFOUP QFS JNQJFHBSF VO NPSTFUUP DIF
VOJTDFEVFDBWJ
$YYHUWHQ]D 7FSJGJDBEFMMPTUBUPPQFSBUJWPTFTVMEJTQMBZ
EFMMBQQBSFDDIJP DPNQBSF —…‹‹“‹†‚„ P“MBQQBSFDDIJP OPO
¨DPMMFHBUPDPSSFUUBNFOUF4UBDDBSFMBQQBSFDDIJP
EBMMBMJNFOUB[JPOFFMFUUSJDBFWFSJGJDBSFMBMMBDDJBNFOUPEFMDBWP
FMFUUSJDP
6PRQWDUHODSSDUHFFKLR
4DPMMFHBSFMBQQBSFDDIJPEBMMBSFUFFMFUUSJDB
&TUSBSSFJMQJBOPEJDPUUVSBQSFNFOEPEBMCBTTP
$WWHQ]LRQH
%BOOJBMMBQQBSFDDIJP/PODFSDBSFEJFTUSBSSFMBQQBSFDDIJP
GBDFOEPMFWBEBTPQSB
nl
é,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
9HLOLJKHLGEFWFJMJHIFJEHFEVSFOEFIFUHFCSVJLJTBMMFFO
HFHBSBOEFFSE JOEJFO EF NPOUBHF JO UFDIOJTDI PQ[JDIU PQ DPSSFDUF
XJK[FFOJOPWFSFFOTUFNNJOHNFUEJUJOTUBMMBUJFWPPSTDISJGU
VJUHFWPFSEJT%FJOTUBMMBUFVSJTBBOTQSBLFMJKLWPPSTDIBEF
WFSPPS[BBLUEPPSFFOPOHFTDIJLUFNPOUBHF
%JUBQQBSBBUJTUPFHFMBUFOWPPSHFCSVJLUPUFFOIPPHUFUPU
 NFUFS
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
)FU BQQBSBBU LBO QFSNBOFOUNBHOFUFO CFWBUUFO EJF FMFLUSPOJTDIF
JNQMBOUBUFO[PBMTQBDFNBLFSTPGJOTVMJOFQPNQFOLVOOFO
CF¯OWMPFEFO)PVEEBBSPNCJKEFNPOUBHFFFOBGTUBOEWBO
NJOTUFOTDNUPUFMFLUSPOJTDIFJNQMBOUBUFOBBO
(OHNWULVFKHDDQVOXLWLQJEF[FNBHBMMFFOXPSEFOVJUHFWPFSE
EPPSFFOCFWPFHEWBLNBO%F[FXPSEUHFSFHFMEEPPSEF
WPPSTDISJGUFOWBOEFFMFLUSJDJUFJUTNBBUTDIBQQJKWBOEF[POF
)FUBQQBSBBUEJFOUPQFFOWBTUFJOTUBMMBUJFUF[JKOBBOHFTMPUFOFO
EFCFUSFGGFOEFTDIFJEJOHTTDIBLFMBBSTNPFUFODPOGPSNEF
JOTUBMMBUJFWPPSTDISJGUFOXPSEFOHFNPOUFFSE
7\SH DDQVOXLWLQJ IFU BQQBSBBU CFIPPSU UPU CFTDIFSNJOHTLMBTTF *
FONBHBMMFFOXPSEFOHFCSVJLUJODPNCJOBUJFNFUFFOBBOTMVJUJOH
NFUBBSEHFMFJEJOH
%FGBCSJLBOUJTOJFUBBOTQSBLFMJKLWPPSEFPOHFTDIJLUFXFSLJOHFO
EFNPHFMJKLFTDIBEFWFSPPS[BBLUEPPSPOHFTDIJLUFFMFLUSJTDIF
JOTUBMMBUJFT
9RHGLQJVNDEHO %FWPFEJOHTLBCFMNBHBMMFFOEPPSFFOFSLFOE
WBLNBOPGFFOHFTDIPPMEFUFDIOJDVTWBOEFLMBOUFOTFSWJDF
XPSEFO HF¯OTUBMMFFSE %F WFSFJTUF BBOTMVJUHFHFWFOT CFWJOEFO [JDI
PQIFUUZQFQMBBUKFFOJOEFBBOTMVJUTDIFNBT
0RQWDJHRQGHUHHQZHUNEODG%FJOEVDUJFQMBUFOLVOOFOBMMFFO
WJBTDIVJGMBEFOPGFFOCBLPWFONFUWFOUJMBUJFWBOIFU[FMGEFNFSL
XPSEFOHF¯OTUBMMFFSE0OEFSEFLPPLQMBBULVOOFOHFFO
LPFMLBTUFOWBBUXBTNBDIJOFTPWFOT[POEFSWFOUJMBUJFPG
XBTNBDIJOFTXPSEFOJOHFCPVXE
$I]XLJNDS %F BGTUBOE UVTTFO EF BG[VJHLBQ FO EF LPPLQMBBU EJFOU
UFO NJOTUF UF WPMEPFO BBO EF BGTUBOE EJF XPSEU XFFSHFHFWFO JO EF
NPOUBHFIBOEMFJEJOHWPPSEFBG[VJHLBQ