Philips 10000104 Saeco

Product's Documents

Below are documents related to this product, you can read online or download:
10000104 photo

User Manual Philips

This is the main product document for model 10000104.

The file format is pdf, 88 pages, you can download this manual here .

background
0QFSBUJPOBOENBJOUFOBODFNBOVBM
#FGPSFVTJOHUIFNBDIJOFQMFBTFSFBEUIFBUUBDIFEPQFSBUJOHJOTUSVDUJPOT
$BSFGVMMZSFBEUIFTBGFUZSVMFT
.PEFEhFNQMPJ
7FVJMMF[MJSFBUUFOUJWFNFOUMFNPEFEhFNQMPJ
OPUBNNFOUMFTDPOTJHOFTEFTÏDVSJUÏBWBOUEhVUJMJTFSMhBQQBSFJM
background
*/%&9
8"3/*/(
"11-*"/$&
"$$&4403*&4
*/45"--"5*0/
45"35*/(5)&."$)*/&
4&55*/(5)&-"/(6"(&
i
"26"13*."w'*-5&3
%*41-":
$0''&&"30."
"%+645.&/54
$0''&&*/5&/4*5*:
"%+645*/(5)&)&*()50'5)&%3*153":
'*--*/(5)&.*-,$0/5"*/&3
130%6$5%*41&/4*/( 
&413&440$0''&&-0/($0''&&
%*41&/4*/(#&7&3"(&48*5)(306/%$0''&&
)058"5&3%*41&/4*/(
-"55&."$$)*"50
%*41&/4*/()05.*-,
&413&440."$$)*"50
$"116$$*/0
#&7&3"(&130(3"..*/( 
130(3"..*/('034&-'*/4536$5*/(

130(3"..*/('30.5)&i#&7&3"(&4&55*/(4w.&/6
130(3"..*/(5)&."$)*/& 
."$)*/&4&55*/(4
i-"/(6"(&w.&/6
i
$618"3.&3w.&/6
i8"5&3'*-5&3w.&/6
i
3*/4&w.&/6
i
8"5&3)"3%/&44w.&/6
i"$0645*$"-"3.w.&/6
i."*/5&/"/$&w.&/6
.*-,$*3$6*53*/4&$:$-&
$0''&&8"4)$:$-&
background
*/%&9
.*-,8"4)$:$-&
%&4$"-*/($:$-&
$-0$,4&55*/(4
5*.&4&55*/(
%"5&4&55*/(
5*.&'03."5
45"/%#:4&55*/(
&/&3(:4"7*/(
5*.&34&55*/(
41&$*"-'6/$5*0/4
%&-&5*/("--5)&4&55*/(4
$0''&&*/5)&803-%
$-&"/*/("/%."*/5&/"/$& 
(&/&3"-."$)*/&$-&"/*/(
$-&"/*/(5)&#3&8(3061
(3*/%&3."*/5&/"/$&
.*-,$0/5"*/&3$-&"/*/(
&3303$0%&4 
5&$)/*$"-%"5" 
4"'&5:36-&4 
background
%VSJOHIPNFVTFFWFSZQSFDBVUJPONVTUCFUBLFOUPMJNJUUIFSJTLPGmSFFMFDUSJDTIPDLBOEPSBDDJEFOUT
t3FBEDBSFGVMMZBMMUIFJOTUSVDUJPOTBOEJOGPSNBUJPOMJTUFEJOUIJTNBOVBMBOEJOBOZPUIFSCPPLMFUDPOUBJOFEJOUIF
QBDLBHJOHCFGPSFUVSOJOHPOPSVTJOHUIFFTQSFTTPNBDIJOF
t%POPUUPVDIIPUTVSGBDFT
t5PBWPJEmSFTFMFDUSJDTIPDLTPSBDDJEFOUTEPOPUJNNFSTFUIFDPSEQMVHPSCPEZPGUIFNBDIJOFJOXBUFSPSPUIFS
MJRVJE
t#FFTQFDJBMMZDBSFGVMXIFOVTJOHUIFFTQSFTTPNBDIJOFJOUIFQSFTFODFPGDIJMESFO
t6OQMVHUIFDPSEXIFOUIFNBDIJOFJTOPUJOVTFPSEVSJOHDMFBOJOH-FUJUDPPMEPXOCFGPSFJOTFSUJOHPSSFNPWJOH
QBSUTBOECFGPSFDMFBOJOH
t%POPUVTFUIFNBDIJOFXJUIBEBNBHFEDPSEPSQMVHPSJOUIFDBTFPGGBJMVSFPSCSFBLEPXO)BWFUIFNBDIJOF
DIFDLFEPSSFQBJSFEBUUIFOFBSFTUDVTUPNFSTFSWJDFDFOUFS
t5IFVTFPGBDDFTTPSJFTOPUSFDPNNFOEFECZUIFNBOVGBDUVSFSDBODBVTFEBNBHFUPQSPQFSUZPSJOKVSZUPQFSTPOT
t%POPUVTFUIFFTQSFTTPNBDIJOFPVUEPPST
t.BLFTVSFUIFDPSEEPFTOPUEBOHMFPSUPVDIIPUTVSGBDFT
t,FFQUIFFTQSFTTPNBDIJOFBXBZGSPNIFBUTPVSDFT
t.BLFTVSFUIFFTQSFTTPNBDIJOFhTNBJOTXJUDIJTJOUIF0GGQPTJUJPOCFGPSFQMVHHJOHJUJO5PUVSOJUPGGUVSOUIF
TXJUDIUP0GGBOEVOQMVHUIFDPSEGSPNUIFTPDLFU
t5IFNBDIJOFJTGPSIPNFVTFPOMZ
t#FFYUSFNFMZDBSFGVMXIJMFVTJOHUIFTUFBNFS
5IJTFTQSFTTPNBDIJOFIBTCFFOEFTJHOFEGPSIPNFVTFPOMZ"OZSFQBJSBOEPSBTTJTUBODFXJUIUIF
FYDFQUJPOPGOPSNBMDMFBOJOHBOENBJOUFOBODFPQFSBUJPOTNVTUCFQFSGPSNFECZBOBVUIPSJ[FEDVTUPNFS
TFSWJDFDFOUFS%POPUJNNFSTFUIFNBDIJOFJOXBUFS
t$IFDLUIBUUIFWPMUBHFJOEJDBUFEPOUIFUBHDPSSFTQPOETUPUIBUPGUIFFMFDUSJDBMTZTUFNPGZPVSIPNF
t/FWFSVTFXBSNPSIPUXBUFSUPmMMUIFXBUFSUBOL6TFPOMZDPMEXBUFS
t%POPUUPVDIUIFNBDIJOFhTIPUQBSUTPSUIFQPXFSDPSEXJUIZPVSCBSFIBOETEVSJOHPQFSBUJPO
t/FWFSXBTIUIFNBDIJOFXJUIDPSSPTJWFEFUFSHFOUTPSBCSBTJWFVUFOTJMT6TFPOMZBTPGUDMPUIEBNQFOFEXJUIXBUFS
t5PTMPXEPXOUIFGPSNBUJPOPGMJNFTDBMFXFSFDPNNFOEVTJOHmMUFSFEXBUFS
*.1035"/513&$"65*0/"3:.&"463&4
8"3/*/(
background
t"SBUIFSTIPSUFMFDUSJDBMDPSEIBTCFFOQSPWJEFEUPLFFQJUGSPNUXJTUJOHPSDBVTJOHUSJQQJOH
t&YUFOTJPODPSETDBOCFVTFECVUNVTUCFVTFEXJUIHSFBUDBSF
8IFOBOFYUFOTJPODPSEJTVTFEDIFDLUIBU
B UIFWPMUBHFMJTUFEPOUIFFYUFOTJPODPSEDPSSFTQPOETUPUIFFMFDUSJDBMWPMUBHFPGUIFBQQMJBODF
C UIFDPSEIBTBHSPVOEFEUISFFQSPOHQMVHJGUIFBQQMJBODFhTDPSEJTPGUIJTUZQF
D UIFDPSEEPFTOPUEBOHMFGSPNUIFUBCMFUPBWPJEUSJQQJOH
t%POPUVTFNVMUJTPDLFUT
5IFDPGGFFNBDIJOFJTJOUFOEFEGPSQSFQBSJOHFTQSFTTPCZVTJOHFJUIFSDPGGFFCFBOTPSHSPVOEDPGGFF*U
JODMVEFTBOBVUPNBUJDEFWJDFGPSQSFQBSJOHNJMLQSPEVDUTBOEBIPUXBUFSEJTQFOTFS
5IFNBDIJOFJTFMFHBOUMZEFTJHOFEGPSEPNFTUJDVTFBOEJTOPUTVJUBCMFGPSDPOUJOVPVTIFBWZEVUZVTFPGB
QSPGFTTJPOBMLJOE
8BSOJOHOPMJBCJMJUZJTBTTVNFEGPSBOZEBNBHFDBVTFECZ
t*ODPSSFDUVTFOPUJOBDDPSEBODFXJUIUIFJOUFOEFEVTFT
t3FQBJSTOPUDBSSJFEPVUCZBVUIPSJ[FEDVTUPNFSTFSWJDFDFOUFST
t5BNQFSJOHXJUIUIFQPXFSDPSE
t5BNQFSJOHXJUIBOZQBSUPGUIFNBDIJOF
t5IFVTFPGOPOPSJHJOBMTQBSFQBSUTBOEBDDFTTPSJFT
t'BJMVSFUPEFTDBMFUIFNBDIJOFPSVTFBUUFNQFSBUVSFTCFMPX¡$
*/5)&4&$"4&45)&8"33"/5:*4/057"-*%
,FFQUIFTFPQFSBUJOHJOTUSVDUJPOTJOBTBGFQMBDFBOENBLFUIFNBWBJMBCMFUPBOZPOFFMTFXIPNBZVTFUIFDPGGFF
NBDIJOF'PSGVSUIFSJOGPSNBUJPOPSJGZPVFYQFSJFODFQSPCMFNTOPUDPNQMFUFMZPSTVGmDJFOUMZBEESFTTFEJOUIFTF
JOTUSVDUJPOTQMFBTFDPOUBDUBO"VUIPSJ[FE$VTUPNFS4FSWJDF$FOUFS
,&&15)&4&*/4536$5*0/4
"8"3/*/(53*"/(-&%3"84"55&/5*0/50"--5)&*/4536$5*0/45)"5
"3&*.1035"/5'0364&34"'&5:1-&"4&'0--085)&4&*/4536$5*0/4
$"3&'6--:50"70*%4&3*064*/+63:
)085064&5)&4&01&3"5*/(*/4536$5*0/4
(&/&3"-*/'03."5*0/
*/4536$5*0/4'035)&&-&$53*$"-$03%
background
"RVB1SJNB'JMUFS
(SPVOEDPGGFF
NFBTVSJOHTDPPQ
$MFBOJOHCSVTI
"QQMJDBUPS
$MFBOJOHEFUFSHFOU
8BUFSIBSEOFTT
UFTUFS
"EKVTUNFOULFZ
(SFBTFGPSUIF
CSFXHSPVQ
$BQQVDDJOBUPSF
DMFBOJOHQJO
"EEJUJPOBMNJMLDPOUBJOFS
XJUIPVUDBQQVDDJOBUPSF
"$$&4403*&4
$POUSPMQBOFM
4#4
"11-*"/$&
$PNQBSUNFOUGPSQSF
HSPVOEDPGGFF
#SFXHSPVQ
%SFHTESBXFS
4PDLFUGPSQPXFSDPSE
0QFODPGGFFCFBOIPQQFS
CVUUPO
$PGGFFCFBOIPQQFS
$VQXBSNJOHQMBUF
.BJOTXJUDI
4FSWJDFEPPS
$PGGFFCFBOIPQQFSDPWFS
-JRVJEUSBZ
#VUUPOGPSSBJTJOHMPXFSJOHUIFESJQ
USBZ
#SFXVOJU
%SJQUSBZHSJMMBOEnPBU
$PNQBSUNFOUGPSNJML
DPOUBJOFS
)PUXBUFSTQPVU
8BUFSUBOL
background
*/45"--"5*0/
"UUBDIUIFGFNBMFFOEPGUIF
QPXFSDPSEUPUIFNBDIJOF*OTFSU
UIFNBMFFOEJOUPUIFQPXFS
PVUMFU
1MBDFBDPOUBJOFSCFOFBUIUIFIPU
XBUFSTQPVU
1SFTTUIFCVUUPOPOUIFDPGGFF
IPQQFSUPPQFOUIFDPWFS'JMMUIF
IPQQFSXJUIDPGGFFCFBOT
$MPTFUIFDPWFSQVTIJOHJUEPXO
DPNQMFUFMZ
3FNPWFUIFXBUFSUBOL8F
SFDPNNFOEJOTUBMMJOHUIFi"RVB
1SJNBwmMUFSTFFQBHF
1SFTTUIFNBJOTXJUDIUPUIFi0Ow
QPTJUJPO
.BLFTVSFUIBUUIFNBJOQPXFSCVUUPOJTOPUTXJUDIFEUPUIFi0/wQPTJUJPO
'JMMUIFUBOLXJUIGSFTIESJOLJOH
XBUFS%POPUFYDFFEUIFiNBYw
MFWFMJOEJDBUFEPOUIFXBUFSUBOL
0ODFmMMFEQMBDFUIFUBOLCBDL
JOUPUIFNBDIJOF
45"35*/(5)&."$)*/&
#&'03&1&3'03.*/("/:01&3"5*0/$0.1-&5&
5)&*/45"--"5*0/1"(&4o
50"44&448"5&3)"3%/&444&&i8"5&3
)"3%/&44.&/6w0/1"(&
background


*/45"--"5*0/
4&55*/(5)&-"/(6"(&
5IFTFTFUUJOHTBMMPXZPVUPSFHVMBUFUIFNBDIJOFQBSBNFUFSTUPEJTQFOTFDPGGFFBDDPSEJOHUPUIF
UZQJDBMQBSBNFUFSTPGUIFDPVOUSZXIFSFJUJTVTFE'PSUIJTSFBTPOUIFMBOHVBHFTBSFBMTP
EJGGFSFOUJBUFECZMPDBUJPO
1SFTT
5VSOUPUIFSJHIUXJUIBmOHFS
1SFTT
1SFTT
ZDVVHUILOWHUYRUKDQGHQ
MD
HLQVWHOOXQJHQJHWUÆQNH PDFKLHQHQHLQVWDOOXQJHQ
PDFKLHQHQHLQVWDOOXQJHQ
VSUDFKH
GHXWVFK
VSUDFKH
HQJOLVK
ODQJXDJH
5VSOUPUIFSJHIUXJUIBmOHFS 8IFOUIFEFTJSFEMBOHVBHFJT
EJTQMBZFEQSFTT
5IFNBDIJOFOPXEJTQMBZTUIF
NFTTBHFTJOUIFMBOHVBHF
TFMFDUFE
PDFKLQHVHWWLQJV
ODQJXDJH
1SFTT VOUJMUIFGPMMPXJOH
NFTTBHFJTEJTQMBZFE
H[LW H[LW
1SFTT
8BJUCFGPSFNBLJOHUIF
TFMFDUJPO
ZDWHUILOWHURQ
\HV
*OUIJTQIBTFZPVNVTUEFDJEF
XIFUIFSUPJOTUBMMUIFi"RVB
QSJNBwmMUFS*UTVTFJT
SFDPNNFOEFECZ4BFDP5IF
i"RVBQSJNBwmMUFSQVSJmFTXBUFS
BOEBMMPXTZPVUPUBTUFBMMUIF
BSPNBPGUIFDPGGFF
ZDWHUILOWHURQ
QR
0UIFSXJTFTFMFDUBOEQSFTT
*GZPVXBOUUPJOTUBMMUIFi"RVB
QSJNBwmMUFSHPUPQBHF



background
3FNPWFUIFi"RVB1SJNBwmMUFS
GSPNJUTQBDLBHJOH&OUFSUIFEBUF
PGUIFDVSSFOUNPOUI
*OTFSUUIFBQQMJDBUPSPOUIFmMUFS
i"26"13*."w'*-5&3
5PJNQSPWFUIFRVBMJUZPGUIFXBUFSVTFEJOTUBMMUIFi"RVB1SJNBwmMUFS"GUFSJOTUBMMBUJPOHPUPUIF
mMUFSJOJUJBMJTBUJPOQSPHSBNTFFQSPHSBNNJOH*OUIJTNPEFUIFNBDIJOFBEWJTFTUIFVTFSXIFOUIF
mMUFSNVTUCFSFQMBDFE
*OTFSUUIFmMUFSJOJUTQMBDFXJUIJOUIF
FNQUZUBOLTFFmHVSF
1SFTTEPXOVOUJMJUDMJDLTJOUPQMBDF
3FNPWFUIFmMUFSBQQMJDBUPS
5IFNBDIJOFJOJUJBMJTFTUIFmMUFS
5IFOQSFTT SFQFBUFEMZ8IFOUIFiH[LWwNFTTBHFJTEJTQMBZFEQSFTT *OUIJTXBZUIFNBDIJOF
FOETUIFTUBSUVQQIBTF8BJUVOUJMBUUIFFOEPGUIFQSPDFEVSFUIFEJTQMBZTIPXTXIBUTIPXOPOQBHF
'JMMUIFUBOLXJUIGSFTIXBUFS-FU
UIFmMUFSTPBLGPSNJOVUFT
"GUFSNJOVUFTEJTDBSEUIF
XBUFSJOUIFUBOLBOESFmMMXJUI
GSFTIXBUFS
1MBDFBDPOUBJOFSVOEFSUIF
TQPVU
1SFTT
ZDWHUILOWHURQ
\HV
SUHVVRN
LQLWLDOLVDWLRQ
LQSURJUHVV
LQLWLDOLVDWLRQ
1SFTT BHBJO
GRQH
LQLWLDOLVDWLRQ
1SFTT BHBJO


background
t1SFTTUIF LFZUXJDFUPNBLFDVQT5IJTPQFSBUJPODBOCFQFSGPSNFEVOUJMUIFHSJOEJOHJT
DPNQMFUF
1SFTTUXJDF
#ZQSFTTJOHUIF
LFZUIFSFBSFUISFF
QPTTJCMFTFMFDUJPOTTUSPOHNFEJVNNJMEUIBU
JOEJDBUFUIFBSPNBDPGGFFRVBOUJUZUPCFHSPVOE
CZUIFNBDIJOFGPSUIFQSPEVDUQSFQBSJOH5IJT
LFZFOBCMFTZPVUPTFMFDUBMTPUIFHSPVOEDPGGFF
GVODUJPO
%*41-":
&OUFSUIF
QSPHSBNNJOHNFOV
$0''&&"30."
VWURQJDURPD
HVSUHVVRFRIIHH
4FMFDUUIFQSPEVDUUZQFUPCF
CSFXFEUVSOJOHUIFTFMFDUJPO
EJTDXJUIBmOHFS
4FMFDUUIFDPGGFF
BSPNB
4FMFDUEJTQFOTJOHPG
CFWFSBHFTXJUINJML
$POmSNBUJPOLFZ
)PUXBUFSCSFXJOH
TFMFDUJPOLFZ
VWURQJDURPD
HVSUHVVRFRIIHH
VWURQJDURPD
GRXEOHHVSUHVVR
t5PCSFXDVQTUIFNBDIJOFEJTQFOTFTIBMGPGUIFFOUFSFERVBOUJUZBOECSJFnZJOUFSSVQUTEJTQFOTJOHJO
PSEFSUPHSJOEUIFTFDPOETFSWJOHPGDPGGFF
$PGGFFEJTQFOTJOHJTUIFOSFTUBSUFEBOEDPNQMFUFE*GBNJMLCFWFSBHFIBTCFFODIPTFOUIFNBDIJOF
BVUPNBUJDBMMZNBOBHFTNJMLEJTQFOTJOH
VWURQJDURPD
HVSUHVVRFRIIHH
4&-&$55)&%&4*3&%"30."#&'03&
%*41&/4*/(5)&130%6$5
PHGLXPDURPD
HVSUHVVRFRIIHH
PLOGDURPD
HVSUHVVRFRIIHH
SUHJURXQG
HVSUHVVRFRIIHH
background
.&%*6.
$0''&&
4530/(
$0''&&
.*-%
$0''&&
4#4BEKVTUTUIFJOUFOTJUZPGUIFCSFXFEDPGGFF
BOEDBOFWFOCFBEKVTUFEXIJMFCSFXJOH"OZ
BEKVTUNFOUIBTBOJNNFEJBUFFGGFDUPOUIF
CSFXJOHDPGGFF
$0''&&*/5&/4*5*:
4#4o4"&$0#3&8*/(4:45&.
)FJHIUBEKVTUBCMFESJQUSBZ
5PSBJTFUIFESJQUSBZQSFTTMJHIUMZPOUIFMPXFSQBSUPGUIFCVUUPO5PMPXFSUIFUSBZ
QSFTTMJHIUMZPOUIFVQQFSQBSUPGUIFCVUUPOXIFOUIFEFTJSFEIFJHIUJTSFBDIFE
SFMFBTFUIFCVUUPO
/PUFUIFSFJTBSFEnPBUFSJOUIFESJQUSBZ8IFOJUSJTFTUIFUSBZNVTUCFFNQUJFE
BOEXBTIFE
"%+645*/(5)&)&*()50'5)&%3*153":
'*--*/(5)&.*-,$0/5"*/&3
0QFOUIFNJMLDPNQBSUNFOUBOE
SFNPWFUIFDPOUBJOFSMPDBUFE
XJUIJO
3FNPWFUIFDPOUBJOFSDPWFSBOEQPVSJOUIFNJML
$MPTFUIFDPOUBJOFSBOEQVUJUCBDLJOJUT
BQQSPQSJBUFQMBDF.BLFTVSFUPDBSFGVMMZDMPTFUIF
DPNQBSUNFOU
"%+645.&/54
5IF4#4TZTUFNIBTCFFODBSFGVMMZEFTJHOFEUPHJWFZPVSDPGGFFUIFJOUFOTFUBTUFZPVEFTJSF4JNQMZ
UVSOUIFEJBMBOEZPVXJMMOPUJDFUIBUUIFDPGGFFHPFTGSPNNJMEJOUFOTJUZUPTUSPOHJOUFOTJUZ
"EKVTUUIFESJQUSBZCFGPSFEJTQFOTJOHBOZQSPEVDUT
0OMZUIFDPOUBJOFSXJUIUIFDBQQVDDJOBUPSFNVTUCFmMMFECFGPSFQSFQBSJOHCFWFSBHFTXJUINJML%POPU
VTFNJMLBGUFSUIFCFTUCFGPSFEBUF*NQPSUBOU3FGFSUPUIFJOTUSVDUJPOTGPSNBJOUFOBODFBOEDMFBOJOH
PGUIFDBQQVDDJOBUPSFPOQBHF
8FSFDPNNFOEVTJOHUIFPUIFS
TVQQMJFEDPOUBJOFSUPTUPSFBOZ
SFNBJOJOHNJMLJOUIFSFGSJHFSBUPS
$MFBOUIFDJSDVJUTVTJOHPOMZUIF
DPOUBJOFSXJUIUIFDBQQVDDJOBUPSF
background

5)&%*41&/4*/(0'$0''&&)058"5&3"/%.*-,.":#&45011&%"5"/:5*.&
#:13&44*/(5)&
,&:"("*/
5)&%*41&/4&%.*-,.":#&7&3:)05%"/(&30'4$"-%*/("70*%506$)*/(
*5%*3&$5-:8*5):063)"/%4
$IFDLUIBUBMMUIFDPOUBJOFSTBSFDMFBO5PEPUIJTPQFSBUJPOGPMMPXUIFJOTUSVDUJPOTJOUIFi$MFBOJOHBOE
.BJOUFOBODFwDIBQUFSTFFQBHF
8)&/:06)"7&'*/*4)&%13&1"3*/(#&7&3"(&4$0/5"*/*/(.*-,130$&&%#:$-&"/*/(
5)&$0/5"*/&3"/%5)&."$)*/&4$*3$6*5
5PCSFXDVQTUIFNBDIJOFEJTQFOTFTIBMGPGUIFFOUFSFERVBOUJUZBOECSJFnZJOUFSSVQUTEJTQFOTJOHJOPSEFS
UPHSJOEUIFTFDPOETFSWJOHPGDPGGFF$PGGFFEJTQFOTJOHJTUIFOSFTUBSUFEBOEDPNQMFUFE*GBNJMLCFWFSBHF
IBTCFFODIPTFOUIFNBDIJOFBVUPNBUJDBMMZNBOBHFTNJMLEJTQFOTJOH*GUIFmSTUDPGGFFJTJOUFSSVQUFEUIF
TFDPOEXJMMOPUCFEJTQFOTFE
5)&64&%.*-,)"450#&1301&3-:13&4&37&%
%0/0564&*5"'5&35)&#&45#&'03&%"5&4)08/0/5)&1"$,"(&
&413&440$0''&&-0/($0''&&
4FMFDUUIFDPGGFFBSPNBCZ
QSFTTJOHUIF
LFZPODFPS
NPSFUJNFT
1SFTTUIF
LFZPODFGPS
DVQBOEUXJDFGPSDVQT5IF
TFMFDUFECFWFSBHFXJMMCFCSFXFE
130%6$5%*41&/4*/(
5IJTQSPDFEVSFTIPXTIPXUPEJTQFOTFBOFTQSFTTP5PEJTQFOTFBOPUIFSUZQFPGDPGGFFTFMFDUJUCZTMJEJOH
UIFEJTDXJUIBmOHFS6TFBQQSPQSJBUFFTQSFTTPPSDPGGFFDVQTTPUIBUUIFDPGGFFXJMMOPUPWFSnPX
5IFNBDIJOFFOETEJTQFOTJOHBVUPNBUJDBMMZBDDPSEJOHUPUIFRVBOUJUZEFUFSNJOFECZUIFNBOVGBDUVSFS*UJT
QPTTJCMFUPDVTUPNJ[FUIJTRVBOUJUZ4FFQBHF
VWURQJDURPD
HVSUHVVRFRIIHH
VWURQJDURPD
HVSUHVVRFRIIHH
EUHZLQJLQSURJUHVV
HVSUHVVRFRIIHH
4FMFDUUIFEFTJSFEQSPEVDUUVSOJOH
UIFTFMFDUJPOEJTDXJUIBmOHFS
background

%*41&/4*/(#&7&3"(&48*5)(306/%$0''&&
1SFHSPVOEDPGGFFNVTUCFQPVSFEJOUPUIFBQQSPQSJBUFDPNQBSUNFOUQPTJUJPOFEOFYUUPUIFDPGGFFCFBO
IPQQFS1PVSJOPOMZDPGGFFHSPVOEGPSFTQSFTTPNBDIJOFTBOEOFWFSDPGGFFCFBOTPSJOTUBOUDPGGFFTFFUIF
i#FWFSBHFQSPHSBNNJOHwDIBQUFSPOQBHF
8"3/*/(16513&(306/%$0''&&*/5)&$0.1"35.&/50/-:8)&/:068*4)50
%*41&/4&5)*45:1&0'130%6$5
*/4&350/-:0/&4$0010'(306/%$0''&&"5"5*.&580$6140'$0''&&$"//05#&
%*41&/4&%"55)&4".&5*.&
4FMFDUUIFGVODUJPOCZQSFTTJOH
UIF
LFZPODFPSNPSF
UJNFT
1PVSHSPVOEDPGGFFJOUIFBQQSPQSJBUF
DPNQBSUNFOUVTJOHUIFNFBTVSJOH
TDPPQQSPWJEFEJOUIFBDDFTTPSJFT
/PUF
t "GUFSNJOVUFGSPNXIFOUIFNFTTBHFBQQFBSTJGCSFXJOHIBTOPUTUBSUFEUIFNBDIJOFXJMMSFUVSOUPUIF
NBJONFOVBOEEVNQBOZJOTFSUFEDPGGFFJOUPUIFDPGGFFESFHTESBXFS
t *GOPQSFHSPVOEDPGGFFJTQPVSFEJOUPUIFDPNQBSUNFOUPOMZXBUFSXJMMCFEJTQFOTFE
t *GPSNPSFTDPPQTPGDPGGFFBSFBEEFEUIFNBDIJOFXJMMOPUEJTQFOTFUIFQSPEVDUBOEUIFDPGGFFJOUIF
DPNQBSUNFOUXJMMCFEVNQFEJOUPUIFDPGGFFESFHTESBXFS
*OUIFFYBNQMFHJWFOCFMPXXFDIPTFUPEJTQFOTFBOFTQSFTTPVTJOHQSFHSPVOEDPGGFF5IFDVTUPNJ[FE
DIPJDFPGVTJOHQSFHSPVOEDPGGFFJTTIPXOPOUIFEJTQMBZ
VWURQJDURPD
HVSUHVVRFRIIHH
4FMFDUUIFEFTJSFEQSPEVDUUVSOJOH
UIFTFMFDUJPOEJTDXJUIBmOHFS
SUHJURXQG
HVSUHVVRFRIIHH
"NFTTBHFSFNJOEJOHUIFVTFSUP
QPVSHSPVOEDPGGFFJOUIF
BQQSPQSJBUFDPNQBSUNFOU
DGGSRZGHU
HVSUHVVRFRIIHH
1SFTTUIF LFZUPTUBSU
CSFXJOH
EUHZLQJLQSURJUHVV
HVSUHVVRFRIIHH
background

)058"5&3%*41&/4*/(
"55)&45"354)0354163540')058"5&3.":#&%*41&/4&%8)*$)104&"3*4,
0'4$"-%*/(5)&)058"5&341065$"/3&"$))*()5&.1&3"563&4%0/05
506$)*58*5)#"3&)"/%4
5IFNBDIJOFCSFXTUIF
QSFTFUXBUFSRVBOUJUZ1SFTT
UIF
LFZBGUFSCSFXJOH
UPFYJUUIFi)PUXBUFSw
GVODUJPO
130%6$5%*41&/4*/(
"GUFSUIJTUIFNBDIJOFBMMPXTZPVUP
EJTQFOTFNPSFNJMLJGZPVXJTI5IJT
PQUJPOSFNBJOTBDUJWFGPS
BQQSPYJNBUFMZTFDPOET5PBDUJWBUF
JUQSFTT
VOUJMUIFEFTJSFE
RVBOUJUZJTSFBDIFE
-"55&."$$)*"50
KRWZDWHU
1SFTTUIF LFZ
EUHZLQJLQSURJUHVV
KRWZDWHU
1SFTTUIFLFZ UPTUBSU
CSFXJOH
'JMMUIFNJMLDPOUBJOFS
VWURQJDURPD
HVSUHVVRFRIIHH
1SFTTUIF LFZ
VWURQJDURPD
ODWWHPDFFKLDWR
4FMFDUUIFMBUUFNBDDIJBUPUVSOJOH
UIFTFMFDUJPOEJTDXJUIBmOHFS
VWURQJDURPD
ODWWHPDFFKLDWR
4FMFDUUIFBSPNBCZQSFTTJOHUIF
LFZPODFPSNPSFUJNFT
EUHZLQJLQSURJUHVV
ODWWHPDFFKLDWR
1SFTTUIF LFZPODFGPS
DVQBOEUXJDFGPSDVQT5IF
MBUUFNBDDIJBUPXJMMCFCSFXFE
DGGPLON"
ODWWHPDFFKLDWR
5IFNBDIJOFXJMMQSPQPTFDMFBOJOH
UIFNJMLDJSDVJUT
1SFTTUIF
LFZUPDMFBOUIF
JOUFSOBMDJSDVJUT
ULQVLQJPLONFLUFXLW
ODWWHPDFFKLDWR
background

%*41&/4*/()05.*-,
3FNPWFUIFNJMLDPOUBJOFSGSPNUIF
NBDIJOFJGJUTUJMMDPOUBJOTNJMLQVUJU
CBDLJOUIFSFGSJHFSBUPSGPSB
TVCTFRVFOUFNQMPZNFOUBOEVTFUIF
BEEJUJPOBMDPOUBJOFS3JOTFUIF
DPOUBJOFSXJUIUIFDBQQVDDJOBUPSF
BOEmMMJUXJUIGSFTIXBUFSQMBDFJUJO
UIFNBDIJOFBOEQSFTTUIF
LFZ
*OUIJTQIBTFUIFVTFSDBOOPU
JOUFSWFOFBOENVTUXBJUVOUJMUIF
DZDMFmOJTIFT"GUFSUIJTUIF
NBDIJOFSFUVSOTUPUIFNBJO
NFOV
5)*4130$&%63&.645#&1&3'03.&%'03"--
.*-,130%6$54
3FNPWFUIFDPOUBJOFSSJOTF
BOEESZ
3FQFBUUIFPQFSBUJPOUPCSFXBOPUIFSDVQPGNJML8IFOUIFiULQVLQJPLONFLUFXLWwTZNCPMnBTIFTSJOTFUIF
NJMLDJSDVJUTBTEFTDSJCFEGPSUIFMBUUFNBDDIJBUPTFFQBHFJDPOBOEGPMMPXJOH
ULQVLQJPLONFLUFXLW
LQSURJUHVV
PLONFLUFULQVHF\FOH
VWURQJDURPD
HVSUHVVRFRIIHH
1SFTTUIF LFZ
KRWPLON
4FMFDUUIFIPUNJMLBOEQSFTTUIF
LFZ
DGGPLON"
KRWPLON
*GEFTJSFELFFQUIF LFZ
QSFTTFEVOUJMUIFEFTJSFERVBOUJUZ
JTSFBDIFE
'JMMUIFNJMLDPOUBJOFS
*GUIFVTFSXJTIFTUPDPOUJOVFQSFQBSJOHPUIFSESJOLTUIFNBDIJOF
XJMMLFFQUIFiULQVLQJPLONFLUFXLWwTJHOBMBDUJWF
"GUFSNJOVUFTPGJOBDUJWJUZUIFNBDIJOFSFRVJSFTUIFVTFSUP
QFSGPSNBSJOTJOHDZDMFBTEFTDSJCFEJO4UFQ*GUIFNBDIJOFJT
UVSOFEPGGJNNFEJBUFMZBGUFSEJTQFOTJOHBNJMLQSPEVDUUIFOFYU
UJNFUIFNBDIJOFJTUVSOFEPOJUXJMMSFRVJSFUIFVTFSUPQFSGPSNB
SJOTJOHDZDMF
/PUF#FGPSFQFSGPSNJOHUIFiNJMLSJOTJOHwGVODUJPONBLFTVSFUP
EPUIFGPMMPXJOH
BOBEFRVBUFTJ[FEDPOUBJOFSJTQMBDFEVOEFSUIFCSFXVOJU
UIFNJMLDPOUBJOFSXJUIUIFDBQQVDDJOBUPSFJTmMMFEXJUIGSFTI
ESJOLJOHXBUFSBOEJOTFSUFEJOUIFNBDIJOF
IFXBUFSUBOLJTGVMMPGGSFTIXBUFS
"GUFSEBZTGSPNUIFmSTUEJTQFOTJOHPG
BNJMLCBTFECFWFSBHFUIFNFTTBHF
iPLONFLUFXLWZDVKLQJwJT
EJTQMBZFEJUJTBEWJTBCMFUPDMFBOUIF
NJMLDJSDVJUTBTTIPXOPOQBHF
"GUFSBOPUIFSEBZTUIFNBDIJOFDPNFT
UPBIBMUBOEUIFNJMLDJSDVJUTIBWFUPCF
OFDFTTBSJMZDMFBOFE
PLONFLUFXLWZDVKLQJ
HVSUHVVRFRIIHH


background

130%6$5%*41&/4*/(
&413&440."$$)*"50
$"116$$*/0
8IFOUIFiNJMLDJSDVJUSJOTJOHw
TZNCPMnBTIFTSJOTFUIFNJML
DJSDVJUTBTEFTDSJCFEGPSUIFMBUUF
NBDDIJBUPTFFQBHFJDPO
BOEGPMMPXJOH
VWURQJDURPD
HVSUHVVRFRIIHH
1SFTTUIF LFZ
VWURQJDURPD
HVSUHVVRPDFFKLDWR
4FMFDUUIFFTQSFTTPNBDDIJBUP
UVSOJOHUIFTFMFDUJPOEJTDXJUIB
mOHFS
4FMFDUUIFBSPNBCZQSFTTJOHUIF
LFZPODFPSNPSFUJNFT
VWURQJDURPD
HVSUHVVRPDFFKLDWR
VWURQJDURPD
HVSUHVVRPDFFKLDWR
*GEFTJSFELFFQUIF LFZQSFTTFE
VOUJMUIFEFTJSFENJMLRVBOUJUZJT
SFBDIFE
1SFTTUIF LFZPODFPSUXJDF
UPTUBSUCSFXJOH
DGGPLON"
HVSUHVVRPDFFKLDWR
8IFOUIFiNJMLDJSDVJUSJOTJOHw
TZNCPMnBTIFTSJOTFUIFNJML
DJSDVJUTBTEFTDSJCFEGPSUIFMBUUF
NBDDIJBUPTFFQBHFJDPO
BOEGPMMPXJOH
VWURQJDURPD
HVSUHVVRFRIIHH
1SFNFSFJMUBTUP 
VWURQJDURPD
FDSSXFFLQR
4FMFDUUIFDBQQVDDJOPUVSOJOHUIF
TFMFDUJPOEJTDXJUIBmOHFS
4FMFDUUIFBSPNBCZQSFTTJOHUIF
LFZPODFPSNPSFUJNFT
VWURQJDURPD
FDSSXFFLQR
EUHZLQJLQSURJUHVV
FDSSXFFLQR
*GEFTJSFELFFQUIF LFZQSFTTFE
VOUJMUIFEFTJSFENJMLRVBOUJUZJT
SFBDIFE
1SFTTUIF LFZPODFPSUXJDF
UPTUBSUCSFXJOH
DGGPLON"
FDSSXFFLQR
'JMMUIFNJMLDPOUBJOFS
'JMMUIFNJMLDPOUBJOFS
background
#&7&3"(&130(3"..*/(
130(3"..*/('034&-'*/4536$5*/(
&WFSZCFWFSBHFDBOCFQSPHSBNNFEBDDPSEJOHUPZPVSPXOUBTUFT
'PSDPNQMFUFOFTTQVSQPTFTUIFGPMMPXJOHQBHFEFTDSJCFTIPXUPQSPHSBNBQSPEVDUDPOUBJOJOHNJMLBOEDPGGFFUIF
QBSBNFUFSTUPTFUUPQSPHSBNFBDICFWFSBHFNBZEJGGFSBDDPSEJOHUPUIFUZQFPGCFWFSBHF
'PSBMMCFWFSBHFTZPVDBORVJDLMZQSPHSBNUIFRVBOUJUZPGDPGGFFBOEPSNJMLEJTQFOTFEJOUIFDVQTXIFOFWFS
UIFLFZJTQSFTTFE
4FMFDUUIFUZQFPGCFWFSBHFZPVXBOUUPQSPHSBNUIFOQSFTTBOEIPMEUIF
LFZVOUJMUIFEJTQMBZTIPXT
GPSFYBNQMF
VHOILQVWUXFWDFWLYDWHG
HVSUHVVRFRIIHH
5IFNBDIJOFEJTQFOTFTDPGGFFPSNJML
8IFOUIFSFRVJSFEBNPVOUJTSFBDIFEQSFTTUIF
LFZBHBJO
5IFEJTQMBZXJMMTIPX
0OMZCFWFSBHFTXJUIDPGGFFBOENJMLGPSCFWFSBHFTXJUIDPGGFFBOENJMLZPVOFFEUPTUPSFUIFEFTJSFE
RVBOUJUZEVSJOHUIFSFMFWBOUEJTQFOTJOHCZQSFTTJOHUIF
LFZ
5IFEJTQFOTFERVBOUJUZPGDPGGFFBOEPSNJMLSFNBJOTTUPSFEBOESFQMBDFTBOZQSFWJPVTTFUUJOHT
QHZTXDQWLW\VDYHG
HVSUHVVRFRIIHH
130(3"..*/('30.5)&i#&7&3"(&4&55*/(4w.&/6
5PTFUUIFCFWFSBHFNBLJOHQBSBNFUFSTQSFTTUIF LFZBOETFMFDUiEHYHUDJHVHWWLQJVwCZ
UVSOJOHUIFTFMFDUJPOEJTDXJUIBmOHFS
*OUIJTQIBTFZPVDBO
FYJUUIFQSPHSBN
NPEF
EHYHUDJHVHWWLQJV
#ZTMJEJOHUIFEJTDXJUIBmOHFS
ZPVDBODIBOHFUIFTFUUJOHTGPS
UIFRVBOUJUZPGDPGGFFEJTQFOTFE
TRVBSFBQQSPYNM
UIFRVBOUJUZPGNJMLEJTQFOTFE
TRVBSFBQQSPYNM
UIFDPGGFFUFNQFSBUVSF
UIFDPGGFFQSFCSFXJOH
4FMFDUUIFDPGGFF
BSPNB
SFTUPSFGBDUPSZTFUUJOHT
7BSJBCMFGVODUJPOCBTFEPO
UIFQSPHSBNNJOHMFWFM
4BWFUIFOFXTFUUJOHT
background



#&7&3"(&130(3"..*/(
$IFDLUIBUUIFXBUFSBOEDPGGFF
CFBODPOUBJOFSBSFGVMMQMBDFUIF
DVQVOEFSUIFTQPVU
VWURQJDURPD
HVSUHVVRFRIIHH
1SFTTUIF LFZ
EHYHUDJHVHWWLQJV
ODWWHPDFFKLDWR
VWURQJDURPD
ODWWHPDFFKLDWR
1SFTTUIF LFZPODFPSNPSF
UJNFTUPBEKVTUUIFBSPNBPSTFMFDU
UIFQSFHSPVOEDPGGFFPQUJPO1SFTT
UPTUPSFUIFTFUUJOH
4FMFDUUIFCFWFSBHFUPQSPHSBN
1SFTTUIF
LFZUPDPOmSN
4FMFDUiCFWFSBHFTFUUJOHTw1SFTT
UIF
LFZUPDPOmSN
FRIIHH¡¡
ODWWHPDFFKLDWR
$IBOHFUIFDPGGFFRVBOUJUZCZUVSOJOH
UIFEJTDQSFTT
UPDPOmSN
1SFTT
UPDIBOHFUIFQBSBNFUFS
GSPNDPGGFFUPNJML
PLON¡¡
ODWWHPDFFKLDWR
$IBOHFUIFNJMLRVBOUJUZCZ
UVSOJOHUIFEJTDBOEQSFTT
UPDPOmSN
WHPSHUDWXUHKLJK
ODWWHPDFFKLDWR
1SFTTUIF LFZGPSNPSFUIBO
UXPTFDPOETUPBDDFTTUIFPUIFS
QBSBNFUFSTUPQSPHSBN
WHPSHUDWXUHKLJK
ODWWHPDFFKLDWR
$IBOHFUIFUFNQFSBUVSFWBMVFIJHI
NFEJVNMPXCZUVSOJOHUIFEJTD
XJUIBmOHFS1SFTT
UPTUPSFUIF
TFUUJOH
SUHEUHZLQJQRUPDO
ODWWHPDFFKLDWR
1SFTTUIF LFZUPTFMFDUUIF
QBSBNFUFS
1SFCSFXJOH
$IBOHFUIFQSFCSFXJOHWBMVFOPSNBMTUSPOH
EFBDUJWBUFCZUVSOJOHUIFEJTDXJUIBmOHFS
1SFTT
UPTUPSFUIFTFUUJOH
SUHEUHZLQJQRUPDO
ODWWHPDFFKLDWR
EHYHUDJHVHWWLQJV













background
130(3"..*/(5)&."$)*/&
4PNFPGUIFNBDIJOFTGVODUJPOTDBOCFQSPHSBNNFEUPDVTUPNJ[FPQFSBUJPOTBDDPSEJOHUPZPVS
PXOSFRVJSFNFOUT
VWURQJDURPD
HVSUHVVRFRIIHH
1SFTTUIF LFZUP
 DPOmSNUIFTFMFDUJPO
 TBWFUIFOFXTFUUJOHT
1SFTTUIF
LFZ
5VSOUIFEJTDXJUIZPVSmOHFSUP
 TFMFDUUIFGVODUJPOT
 DIBOHFUIFGVODUJPOQBSBNFUFST
EHYHUDJHVHWWLQJV
#FWFSBHFTFUUJOHT
BMSFBEZEFTDSJCFEPOQBHF
PDFKLQHVHWWLQJV
VSHFLDOIXQFWLRQV
.BDIJOFTFUUJOHTTFFQBHF
4QFDJBMGVODUJPOTTFFQBHF
5PFYJUUIFQSPHSBNNPEF
H[LW H[LW
PS
H




background

i-"/(6"(&w.&/6
130(3"..*/(5)&."$)*/&
."$)*/&4&55*/(4
5PTFUUIFHFOFSBMNBDIJOFPQFSBUJOHQBSBNFUFSTQSFTTUIF LFZBOETFMFDUiPDFKLQH
VHWWLQJVw5VSOUIFTFMFDUJPOEJTDXJUIBmOHFSUP
PDFKLQHVHWWLQJV
ODQJXDJH
PDFKLQHVHWWLQJV
ZDWHUILOWHU
PDFKLQHVHWWLQJV
ZDWHUKDUGQHVV
PDFKLQHVHWWLQJV
ULQVHF\FOH
PDFKLQHVHWWLQJV
FXSZDUPLQJSODWH
PDFKLQHVHWWLQJV
DFRXVWLFDODUP
PDFKLQHVHWWLQJV
PDLQWHQDQFH
PDFKLQHVHWWLQJV
FORFNVHWWLQJV
PDFKLQHVHWWLQJV
VWDQGE\VHWWLQJV
PDFKLQHVHWWLQJV
PDLQWHQDQFH
TFUUIFMBOHVBHFPGUIFNFOVT
TFUUIFNBDIJOFTPQFSBUJPOUISPVHIUIF
i"RVB1SJNBwmMUFS
TFUUIFXBUFSIBSEOFTT
TFUUIFDJSDVJUSJOTFDZDMF
TFUUIFPQFSBUJPOPGUIFDVQXBSNJOH
QMBUF
TFUBDUJWBUFUIFBDPVTUJDBMBSNT
DMFBOUIFNBDIJOFJOUFSOBMDJSDVJUT
TFUUIFDMPDL
TFUUIFTUBOECZBOEUIFUJNFST
5PFYJUBOZMFWFMPGiPDFKLQHVHWWLQJVw
XJUIPVUTBWJOHUIFDIBOHFTNBEFQSFTTUIF
LFZ'PSFYBNQMF
PDFKLQHVHWWLQJV PDFKLQHVHWWLQJV
ODQJXDJH
GHXWVFK
VSUDFKH
4FMFDUUIFEFTJSFEMBOHVBHF"GUFSUIJT
UIFNBDIJOFEJTQMBZTBMMUIFNFTTBHFTJO
UIFMBOHVBHFTFMFDUFE
PDFKLQHVHWWLQJVODQJXDJH5PDIBOHFUIFMBOHVBHFPGUIFEJTQMBZ






background

i$618"3.&3w.&/6
PDFKLQHVHWWLQJV PDFKLQHVHWWLQJV
FXSZDUPLQJSODWH
:PVDBOTFU
 DOZD\VRQ
 DOZD\VRII
 RIILQVWDQGE\
PDFKLQHVHWWLQJVFXSZDUPLQJSODWH
5PTFUUIFPQFSBUJPOPGUIFDVQXBSNJOHQMBUFMPDBUFEPOUIFVQQFSQBSUPGUIFNBDIJOF
i8"5&3'*-5&3w.&/6
PDFKLQHVHWWLQJV PDFKLQHVHWWLQJV
ZDWHUILOWHU
:PVDBOTFU
 RQ
 RII
PDFKLQHVHWWLQJVZDWHUILOWHU
5IJTGVODUJPOQSPWJEFTCFUUFSNBOBHFNFOUPGUIFmMUFSOPUJGZJOHUIFVTFSXIFOUIFmMUFSJTUPCFSFQMBDFE
5IJTGVODUJPONVTU
t CFBDUJWBUFEXIFOZPVXBOUUPVTFUIFi"RVBQSJNBwmMUFS
t CFEFBDUJWBUFEXIFOZPVEPOPUXBOUUPVTFUIFi"RVBQSJNBwmMUFS
ZDWHUILOWHU
ZDWHUILOWHUDFWLYDWLRQ
ZDWHUILOWHU
LQLWLDOLVDWLRQ
3FGFSUPUIFmMUFS
JOJUJBMJTBUJPOQSPDFEVSF
EFTDSJCFEPOQBHF
5IFmMUFSDPOUSPMDBOCFBDUJWBUFEPS
EFBDUJWBUFEGSPNUIJTNFOV
"OFXMZJOTUBMMFEmMUFSDBOCF
JOJUJBMJTFEGSPNUIJTNFOV












background

130(3"..*/(5)&."$)*/&
*NNFSTFUIFXBUFSIBSEOFTTUFTUFSJODMVEFEJO
UIFXFMDPNFQBDLGPSPOFTFDPOEJOXBUFS
$IFDLUIFWBMVF
5IFUFTUDBOCFVTFEPOMZGPS
POFNFBTVSFNFOU
i3*/4&w.&/6
PDFKLQHVHWWLQJV PDFKLQHVHWWLQJV
ULQVHF\FOH
/PUF5IJTSJOTFDZDMFJTQFSGPSNFEFWFSZUJNFUIFNBDIJOFJTUVSOFEPOBGUFSUIFXBSNJOHQIBTF
PDFKLQHVHWWLQJVULQVHF\FOH
5PDMFBOUIFJOUFSOBMUVCFTJOPSEFSUPHVBSBOUFFUIBUUIFCFWFSBHFTBSFEJTQFOTFEPOMZXJUIGSFTIXBUFS5IJT
GVODUJPOIBTCFFOFOBCMFECZUIFNBOVGBDUVSFSPOBMMOFXBQQMJBODFT
:PVDBOTFU
 \HV
 QR
i8"5&3)"3%/&44w.&/6
PDFKLQHVHWWLQJVZDWHUKDUGQHVV
5PBEKVTUUIFMFWFMPGXBUFSIBSEOFTTFYQSFTTFEPOBTDBMFPGUP5IFBQQMJBODFJTQSFTFUBUBIBSEOFTT
WBMVFPG
PDFKLQHVHWWLQJV PDFKLQHVHWWLQJV
ZDWHUKDUGQHVV

ZDWHUKDUGQHVV
4FUBOETUPSFUIFXBUFS
IBSEOFTT











background

i"$0645*$"-"3.w.&/6
PDFKLQHVHWWLQJV PDFKLQHVHWWLQJV
DFRXVWLFDODUP
PDFKLQHVHWWLQJVDFRXVWLFDODUP
5PFOBCMFEJTBCMFUIFBDPVTUJDBMBSNTPGUIFNBDIJOF
:PVDBOTFU
 NH\SUHVVLQJWRQHUPBDUJWBUFEFBDUJWBUFBUPOFFBDIUJNFBLFZJTQSFTTFE
 PLONW\SHZDUQLQJUPBDUJWBUFEFBDUJWBUFBUPOFXIFOUIFNJMLDPOUBJOFSIBTCFFOJOUIFNBDIJOFGPSUPP
MPOH
 FRQILUPDWLRQEHHSUPBDUJWBUFEFBDUJWBUFBUPOFUPDPOmSNUIBUBDPNNBOEQSPEVDUTBWFEFUDIBTCFFO
QFSGPSNFE
 PLONFLUFFOHDQLQJEHHSUPBDUJWBUFEFBDUJWBUFBUPOFXIFOUIFNBDIJOFSFRVJSFTNJMLDJSDVJU
DMFBOJOH
DFRXVWLFDODUP
NH\SUHVVLQJWRQH






background

130(3"..*/(5)&."$)*/&
i."*/5&/"/$&w.&/6
PDFKLQHVHWWLQJV
PDLQWHQDQFH
PDLQWHQDQFH
PLONFLUFULQVHF\FOH
PDFKLQHVHWWLQJVPDLQWHQDQFH
5PDMFBOBMMUIFNBDIJOFTJOUFSOBMDJSDVJUVTFEGPSNBLJOHDPGGFFBOENJML5VSOUIFTFMFDUJPOEJTDXJUIZPVS
mOHFSUP
PDLQWHQDQFH
PLONFLUFULQVHF\FOH
PDLQWHQDQFH
PLONZDVKF\FOH
SJOTFUIFNJMLDJSDVJUTBGUFSNBLJOH
UIFCFWFSBHFT
UIPSPVHIMZDMFBOUIFNJMLDJSDVJUT5IJT
NVTUCFQFSGPSNFEBGUFSBmYFEUJNF
IBTFMBQTFEGSPNUIFmSTUEJTQFOTJOH
PDLQWHQDQFH
FRIIHHZDVKF\FOH
PDLQWHQDQFH
GHVFDOLQJF\FOH
DMFBOUIFCSFXHSPVQ
1FSGPSNUIFEFTDBMJOHDZDMF
.JMLDJSDVJUSJOTFDZDMF
PDFKLQHVHWWLQJVPDLQWHQDQFHPLONFLUFULQVHF\FOH
5PSJOTFUIFNBDIJOFTJOUFSOBMDJSDVJUTVTFEGPSQSFQBSJOHNJML
5IJTTIPSUDZDMFNVTUCFOFDFTTBSJMZQFSGPSNFEBGUFSNJOVUFTGSPNUIFMBTUEJTQFOTJOHPGBCFWFSBHFXJUI
NJML*GUIFSJOTJOHDZDMFJTOPUQFSGPSNFEUIFNBDIJOFDPNFTUPBIBMUBOEEPFTOPUBMMPXUIFEJTQFOTJOHPG
CFWFSBHFT
/PUFCFGPSFQFSGPSNJOHUIJTGVODUJPONBLFTVSFUIBU
BMBSHFFOPVHIDPOUBJOFSJTQPTJUJPOFEVOEFSUIFTQPVU
UIFNJMLDPOUBJOFSIBTCFFOBEFRVBUFMZDMFBOFEPGBMMNJMLSFTJEVFBOEDPOUBJOTGSFTIESJOLJOHXBUFS
UIFXBUFSUBOLDPOUBJOTBTVGmDJFOURVBOUJUZPGXBUFS
\HV
PLONFLUFULQVHF\FOH
LQSURJUHVV
PLONFLUFULQVHF\FOH
3FNPWFUIFDPOUBJOFSSJOTFBOEESZ
8BJUGPSUIFDZDMFUPDPNQMFUF






background

PDFKLQHVHWWLQJV
PDLQWHQDQFH
PDLQWHQDQFH
FRIIHHZDVKF\FOH
$PGGFFXBTIDZDMF
PDFKLQHVHWWLQJVPDLQWHQDQFHFRIIHHZDVKF\FOH
\HV
FRIIHHZDVKF\FOH
LQVHUWWDEOHW
FRIIHHZDVKF\FOH
*OTFSUUIFUBCMFUBTTIPXO
CFGPSF
1SFTT
UPTUBSU
5PDMFBOUIFNBDIJOFTJOUFSOBMDJSDVJUVTFEGPSCSFXJOHDPGGFF
8FSFDPNNFOEDBSSZJOHPVUUIJTXBTIJOHDZDMFPOBNPOUIMZCBTF
/PUFCFGPSFQFSGPSNJOHUIJTGVODUJPONBLFTVSFUIBU
 BMBSHFFOPVHIDPOUBJOFSJTQPTJUJPOFEVOEFSUIFTQPVU
 UIFBQQSPQSJBUFUBCMFUGPSDMFBOJOHUIFCSFXHSPVQIBTCFFOJOTFSUFE
 UIFXBUFSUBOLDPOUBJOTBTVGmDJFOURVBOUJUZPGXBUFS
5)&8"4)$:$-&$"//05#&*/5&33615&%
"1&340/.645#&13&4&/5%63*/(5)&01&3"5*0/
LQSURJUHVV
FRIIHHZDVKF\FOH
8BJUGPSUIFDZDMFUPDPNQMFUF
'PSNPSFBDDVSBUFDMFBOJOH
GPMMPXUIFJOTUSVDUJPOTJO
TFDUJPO
i$MFBOJOHBOENBJOUFOBODFw
GRQH
FRIIHHZDVKF\FOH
8IFOUIFDMFBOJOHDZDMFIBT
mOJTIFEQSFTT
UPDPOmSN






background

130(3"..*/(5)&."$)*/&
PDFKLQHVHWWLQJV
PDLQWHQDQFH
PDLQWHQDQFH
PLONZDVKF\FOH
.JMLXBTIDZDMF
PDFKLQHVHWWLQJVPDLQWHQDQFHPLONZDVKF\FOH
\HV
PLONZDVKF\FOH
GLVSHQVHKRWZDWHULQWR
PLONZDVKF\FOH
5PSJOTFUIFNBDIJOFTJOUFSOBMDJSDVJUTVTFEGPSQSFQBSJOHNJML
5IJTDZDMFJTQSPQPTFEBGUFSEBZTGSPNUIFmSTUEJTQFOTJOHPGBCFWFSBHFXJUINJMLUIFiNJMLDJSDVJU
XBTIJOHwNFTTBHFTUBSUTnBTIJOHTFFQBHFQFSGPSNUIFXBTIJOHDZDMFBTJOEJDBUFEJOUIJTTFDUJPO5IJT
DZDMFNVTUCFOFDFTTBSJMZQFSGPSNFEBGUFSEBZTJOUIJTDBTFUIFiNJMLDJSDVJUXBTIJOHwNFTTBHFSFNBJOT
POBOEUIF
LFZNVTUCFQSFTTFE3FGFSUPUIFJOTUSVDUJPOTBUQPJOU5IFNBDIJOFTXJUDIFTUPUIF
TUBUVTEFTDSJCFEBUQPJOU
/PUFCFGPSFQFSGPSNJOHUIJTGVODUJPONBLFTVSFUIBU
BMBSHFFOPVHIDPOUBJOFSJTBUIBOE
UIFNJMLDPOUBJOFSIBTCFFOBEFRVBUFMZDMFBOFEPGBMMNJMLSFTJEVF
UIFXBUFSUBOLDPOUBJOTBTVGmDJFOURVBOUJUZPGXBUFS
5)&8"4)$:$-&$"//05#&*/5&33615&%"1&340/.645#&13&4&/5%63*/(5)&01&3"5*0/
64&0/-:"/%&9$-64*7&-:5)&1307*%&%%&5&3(&/5
1PTJUJPOUIFNJMLDPOUBJOFS
VOEFSUIFXBUFSTQPVU
1SFTTUIF
LFZUPEJTQFOTF
IPUXBUFSJOUIFDPOUBJOFS
8BJUy
8IFOUIFDPOUBJOFSJTmMMFE
UIFGPMMPXJOHBQQFBSTy
*OTFSUUIFEFUFSHFOUUBCMFUJO
UIFDPOUBJOFS
DGGGHWHUJHQW
PLONZDVKF\FOH
0QFOUIFDPNQBSUNFOUBOE
JOTFSUUIFDPOUBJOFSXJUIUIF
EFUFSHFOU
DGGGHWHUJHQW
PLONZDVKF\FOH
$MPTFUIFDPNQBSUNFOU
1SFTT
UPTUBSU






background












SOHDVHZDLW
PLONZDVKF\FOH
8BJUy
1MBDFBDPOUBJOFSCFOFBUIUIF
IPUXBUFSTQPVU
SUHVVRN
PLONZDVKF\FOH
LQSURJUHVV
PLONZDVKF\FOH
1SFTTUIF LFZUPTUBSU
8BJUGPSUIFXBTIDZDMFUP
m O J T I
8IFOUIFXBTIDZDMFIBT
mOJTIFEUIFGPMMPXJOH
BQQFBSTy
ULQVH
PLONZDVKF\FOH
SUHVVRN
PLONZDVKF\FOH
ULQVH
PLONZDVKF\FOH
3FNPWFUIFNJMLDPOUBJOFS 3JOTFUIFDPOUBJOFSBOEmMMJU
XJUIGSFTIXBUFS
ILOOZLWKZDWHU
PLONZDVKF\FOH
*OTFSUUIFDPOUBJOFSBOEQSFTT
UIF
LFZ
ULQVLQJ
PLONZDVKF\FOH
8BJUy
8IFOUIFSJOTFDZDMFJT
mOJTIFEUIFGPMMPXJOH
BQQFBSTy
3FNPWFUIFNJMLDPOUBJOFS
3JOTFUIFDPOUBJOFSBOEmMMJU
XJUIGSFTIXBUFS
1FSGPSNBOPUIFSSJOTFDZDMFBT
TIPXOQSFWJPVTMZ
"UUIFFOEQSFTTUIF
LFZ
ILOOZLWKZDWHU
PLONZDVKF\FOH
background

130(3"..*/(5)&."$)*/&
4BFDPEFTDBMFSJTSFDPNNFOEFEIPXFWFSZPVDBOVTFBOPOUPYJDBOEPSOPOIBSNGVMEFTDBMJOHQSPEVDUGPSDPGGFF
NBDIJOFTDPNNPOMZBWBJMBCMFPOMJOFPSJODPGGFFTIPQT5IFTPMVUJPOVTFENVTUCFEJTQPTFEPGBDDPSEJOHUPUIF
NBOVGBDUVSFSTJOTUSVDUJPOTBOEPSBDDPSEJOHUPSFHVMBUJPOTJOGPSDFJOUIFDPVOUSZPGVTF
/PUF#FGPSFCFHJOOJOHUIFEFTDBMJOHDZDMFNBLFTVSFUIBU
 BDPOUBJOFSPGBEFRVBUFEJNFOTJPOTJTQPTJUJPOFEVOEFSUIFXBUFSTQPVUBOEUIFCSFXHSPVQ
 5)&i"26"13*."w'*-5&3)"4#&&/3&.07&%
 5IFXBUFSUBOLIBTCFFOmMMFEXJUIUIFEFTDBMJOHTPMVUJPOVQUPUIFMFWFMJOEJDBUFEXJUIBO
1BVTFEFTDBMJOH
5IFEFTDBMJOHBOEPSSJOTJOHDBOCFQBVTFEBOEUIFOSFTUBSUFE8IFOEFTDBMJOHJTJOUFSSVQUFEUIFNBDIJOFXJMM
XBSOUIFVTFSUIBUJUNVTUCFUVSOFEPGG
8"3/*/(%&4$"-*/(.645#&$0.1-&5&%8*5)*/)0634'30.*54*/5&33615*0/
5IFOFYUUJNFUIFNBDIJOFJTUVSOFEPOUIFNBDIJOFXJMMXBSOUIFVTFSUIBUUIFEFTDBMJOHBOEPSSJOTFQSPDFTT
NVTUCFDPNQMFUFE
5PQFSGPSNUIFBVUPNBUJDEFTDBMJOHDZDMF
%FTDBMJOHJTOFDFTTBSZFWFSZNPOUITEFQFOEJOHPOUIFWPMVNFPGVTFBOEIBSEOFTTPGUIFMPDBMXBUFS
TVQQMZ5IFNBDIJOFNVTUCFUVSOFEPOBOEXJMMBVUPNBUJDBMMZNBOBHFUIFEJTUSJCVUJPOPGUIFEFTDBMJOHBHFOU
"1&340/.645#&13&4&/5%63*/(5)&01&3"5*0/
8"3/*/(/&7&364&7*/&("3"4"%&4$"-&3
5IFNBDIJOFJOEJDBUFTUPUIFVTFSUIFOFFEUPQFSGPSNUIFEFTDBMJOH
UISPVHIBnBTIJOHNFTTBHF
5IJTNFTTBHFJTEJTQMBZFEFWFSZCFWFSBHFTNBEFGSPNUIFMBTU
EFTDBMJOH
5IJTEPFTOPUCMPDLUIFNBDIJOFTPQFSBUJPO
5IFDPVOUFSMPDBUFEPOUIFSJHIUPGUIFiEFTDBMFwLFZJTEFDSFBTFEFBDI
UJNFBQSPEVDUJTEJTQFOTFE
CFWFSBHFTCFGPSFCMPDLJOHUIFEJTQMBZXJMMCFHJOUPnBTI
8IFOUIFBWBJMBCMFCFWFSBHFTBSF
mOJTIFEUIFNBDIJOFCMPDLTBOE
NVTUCFEFTDBMFE
3VOEFTDBMJOHDZDMFBTEFTDSJCFE
%FTDBMJOHDZDMF
PDFKLQHVHWWLQJVPDLQWHQDQFHGHVFDOLQJF\FOH
GHVFDOH
HVSUHVVRFRIIHH
GHVFDOH
background

5PQFSGPSNUIFEFTDBMJOHCFGPSFUIFNBDIJOFCMPDLTPSOPUJmFTUIFOFFEUPQFSGPSNJU
PDFKLQHVHWWLQJV
PDLQWHQDQFH
PDLQWHQDQFH
GHVFDOLQJF\FOH
\HV
GHVFDOLQJF\FOH
GHVFDOLQJ
GHVFDOLQJF\FOH
ILOOZDWHUWDQN
GHVFDOLQJF\FOH
LQVHUWWDQN
GHVFDOLQJF\FOH
*OTFSUUIFEFTDBMFSBOEQSFTT
UIF
LFZUPCFHJO
5IFNBDIJOFCFHJOTUP
EJTQFOTFUIFEFTDBMJOHTPMVUJPO
UISPVHIUIFIPUXBUFSTQPVU
5IFEJTQFOTJOHPDDVSTBU
QSFFTUBCMJTIFEJOUFSWBMTJO
PSEFSUPBMMPXUIFTPMVUJPOUPCF
NPSFFGGFDUJWF
8IFOUIFTPMVUJPOJTmOJTIFE
UIFGPMMPXJOHNFTTBHFBQQFBST
POUIFEJTQMBZ
3FNPWFUIFXBUFSUBOLSJOTF
XJUIGSFTIESJOLJOHXBUFSUP
FMJNJOBUFUSBDFTPGEFTDBMJOH
TPMVUJPOUIFOSFmMMXJUIGSFTI
ESJOLJOHXBUFS
*OTFSUUIFUBOLXJUIGSFTI
ESJOLJOHXBUFS
ULQVHF\FOH
GHVFDOLQJF\FOH
ULQVLQJ
GHVFDOLQJF\FOH
GRQH
GHVFDOLQJF\FOH
3JOTFUIFNBDIJOFDJSDVJUTCZ
QSFTTJOHUIF
LFZ
5IFNBDIJOFQFSGPSNTUIFSJOTF
DZDMF%VSJOHUIFSJOTFDZDMFUIF
NBDIJOFNBZSFRVJSFUIFXBUFS
UBOLUPCFmMMFE
1SFTTUIF
LFZBOEFYJUUIF
QSPHSBNNJOHCZQSFTTJOHUIF
LFZ$IFDLUIFRVBOUJUZPG
XBUFSJOUIFUBOLBOEJOTUBMMUIF
i"RVBQSJNBwmMUFSJGEFTJSFE






background

130(3"..*/(5)&."$)*/&
$-0$,4&55*/(4
PDFKLQHVHWWLQJVFORFNVHWWLQJV
5PTFUUIFDVSSFOUUJNFEBUFBOEIPVSGPSNBUUPEJTQMBZ
PDFKLQHVHWWLQJV
FORFNVHWWLQJV
*OUIJTNFOVZPVDBOTFU
 UIFDVSSFOUUJNFIPVSBOENJOVUFT
 UIFIPVSGPSNBUIPVST".1.
 UIFDVSSFOUEBUFEBZoNPOUIoZFBSoEBZPGUIFXFFL
5JNFTFUUJOH
LPSRVWD]LRQLPDFFKLQDFORFNVHWWLQJVWLPHVHWWLQJV
5PTFUUIFDVSSFOUUJNFPOUIFNBDIJOF
PDFKLQHVHWWLQJV
FORFNVHWWLQJV
FORFNVHWWLQJV
WLPHVHWWLQJ
KDP
WLPHVHWWLQJ
PLQ
WLPHVHWWLQJ
4FUUIFNJOVUFTUVSOJOHUIF
TFMFDUJPOEJTDXJUIBmOHFS
4BWFVTJOHUIF
LFZ
4FUUIFIPVSCZUVSOJOHUIF
TFMFDUJPOEJTDXJUIBmOHFS
1SFTTUIF
LFZUPTUPSF








background

5IFNBDIJOFTUPSFTUIF
TFMFDUFEWBMVFSFUVSOTUP
UIFQSFWJPVTTDSFFOBOE
FOBCMFTBOPUIFSQBSBNFUFS
UPCFTFU
5IFNBDIJOFBMTPBMMPXT
EJTQMBZJOHUIFUJNFJOUIF
JOUFSOBUJPOBMGPSNBUI
%BUFTFUUJOH
PDFKLQHVHWWLQJVFORFNVHWWLQJVGDWHVHWWLQJ
5PTFUUIFEBUFEBZNPOUIZFBSEBZPGUIFXFFL4BNFQSPDFEVSFGPSBMMQBSBNFUFST
PDFKLQHVHWWLQJV
FORFNVHWWLQJV
FORFNVHWWLQJV
GDWHVHWWLQJ
GDWHVHWWLQJ
GD\

GD\
4FUCZUVSOJOHUIFTFMFDUJPOEJTD
XJUIBmOHFS
4BWFVTJOHUIF
LFZ
4FMFDUUIFQBSBNFUFSZPVXBOU
UPTFUGPSFYBNQMFiEBZw1SFTT
UIF
LFZUPDPOmSN
5JNFGPSNBU
LPSRVWD]LRQLPDFFKLQDFORFNVHWWLQJVWLPHIRUPDW
5PTFUUIFUJNFWJFXNPEF5IFNPEJmDBUJPOPGUIJTTFUUJOHBEKVTUTBMMUIFQBSBNFUFSTUIBUSFRVJSFWJFXJOH
TFUUJOHUIFUJNF
PDFKLQHVHWWLQJV
FORFNVHWWLQJV
FORFNVHWWLQJV
WLPHIRUPDW
FORFNVHWWLQJV
WLPHIRUPDW
DPSP
WLPHIRUPDW












background





130(3"..*/(5)&."$)*/&
45"/%#:4&55*/(
PDFKLQHVHWWLQJVVWDQGE\VHWWLQJ
VWDQGE\VHWWLQJ
HQHUJ\VDYLQJ
*OUIJTNFOVZPVDBO
&OFSHZTBWJOH
PDFKLQHVHWWLQJVVWDQGE\VHWWLQJHQHUJ\VDYLQJ
#ZEFGBVMUUIFPGGEFMBZUJNFJTTFUUPIPVST
VWDQGE\VHWWLQJ
HQHUJ\VDYLQJ
DIWHUKRXUV
HQHUJ\VDYLQJ
TFUUIFUJNFSTBDUJWBUJPOPGPOPGGUJNFT
oTFUUJOHPOFPOPGGUJNFBEBZ
TFUUIFFOFSHZTBWJOHNPEFUJNFUIBU
NVTUFMBQTFGSPNUIFMBTUCFWFSBHF
NBEFCFGPSFUIFNBDIJOFTXJUDIFTUP
FOFSHZTBWJOHNPEF
PDFKLQHVHWWLQJV
VWDQGE\VHWWLQJV
VWDQGE\VHWWLQJ
WLPHUVHWWLQJ
:PVDBOTFU
 DIWHUPLQXWHUV
 DIWHUPLQXWHUV
 DIWHUKRXU
 DIWHUKRXUV
LPSRVWD]LRQLWLPHU
DWWLYD]LRQHWLPHU
QR
DWWLYD]LRQHWLPHU
:PVDBOTFU
 ZFTUIFNBDIJOFUVSOTPO
BOEPGGBUUIFUJNFTTFU
 OPUIFNBDIJOFJHOPSFT
UIFUJNFTTFU
PDFKLQHVHWWLQJVVWDQGE\VHWWLQJWLPHUVHWWLQJ
5IFUJNFSTDBOPQFSBUFPOMZJGBDUJWBUFECZUIFiUJNFSBDUJWBUJPOwGVODUJPO*GUIJTJTOPUUIFDBTFUIFUJNFST
XJMMIBWFOPFGGFDUPOUIFNBDIJOF
5JNFSTFUUJOH
"DUJWBUJOHUIFUJNFST








background

4FUUJOHBOJOUFSWBMGPSUVSOJOHPOUIFNBDIJOF



VWDQGE\VHWWLQJ
WLPHUVHWWLQJ
WLPHUVHWWLQJ
PRQGD\
:PVDBOTFUUIFPOPGGUJNFT
GPSBMMUIFEBZTPGUIFXFFL
PRQGD\
VZLWFKRQ
:PVDBOTFUBUVSOJOHPOBOEPGGUJNFGPSFBDIEBZPGUIFXFFLJOUIJTDBTFUIFQSPDFEVSFGPSTFUUJOHBO
JOUFSWBMGPS.POEBZJTEJTQMBZFE
KDP
VZLWFKRQPRQGD\
PLQ
VZLWFKRQPRQGD\
PRQGD\
VZLWFKRQ
4FUUIFUVSOPOUJNFUVSOJOHUIF
TFMFDUJPOEJTDXJUIBmOHFS
4FUUIFUVSOPONJOVUFTUVSOJOH
UIFTFMFDUJPOEJTDXJUIBmOHFS
PRQGD\
VZLWFKRII
KDP
VZLWFKRIIPRQGD\
PLQ
VZLWFKRIIPRQGD\
4FUUIFUVSOPGGUJNFUVSOJOHUIF
TFMFDUJPOEJTDXJUIBmOHFS
4FUUIFUVSOPGGNJOVUFTUVSOJOH
UIFTFMFDUJPOEJTDXJUIBmOHFS
PRQGD\
VZLWFKRII
WLPHUVHWWLQJ
PRQGD\
4MJEFUIFEJTDXJUIBmOHFSUP
TFMFDUUIFPUIFSEBZTZPVXBOUUP
QSPHSBN
1SFTT UPFYJUUIF
QSPHSBNNJOHPGUIFTFMFDUFE
EBZ
















background

130(3"..*/(5)&."$)*/&
41&$*"-'6/$5*0/4
5IJTNFOVBMMPXTZPVUPBDDFTTTQFDJBMGVODUJPOTQSFTFOUPOUIFNBDIJOF
5PBDDFTTQSFTTUIF
LFZBOETFMFDUiVSHFLDOIXQFWLRQVw5VSOUIFTFMFDUJPOEJTDXJUIB
mOHFSUP
VSHFLDOIXQFWLRQV
UHVHWVHWWLQJV
VSHFLDOIXQFWLRQV
FRIIHHLQWKHZRUOG
SFTUPSFUIFCBTFNBDIJOFPQFSBUJOH
QBSBNFUFST
QSFQBSFDPGGFFBDDPSEJOHUPUIF
NPTUGBNPVTSFDJQFTJOUIFXPSME
%&-&5*/("--5)&4&55*/(4
VSHFLDOIXQFWLRQV VSHFLDOIXQFWLRQV
UHVHWVHWWLQJV
VSHFLDOIXQWLRQVUHVHWVHWWLQJV
5IFGVODUJPOGPSSFTUPSJOHBMMUIFGBDUPSZTFUUJOHTJTDPOUBJOFEJOUIJTNFOV5IJTGVODUJPOJTQBSUJDVMBSMZ
JNQPSUBOUGPSSFTUPSJOHUIFCBTFQBSBNFUFST
"--5)&$6450.4&55*/(48*--#&-045"/%$"//05#&3&$07&3&%"'5&33&4503*/('"$503:
4&55*/(4:06.645*'%&4*3&%3&130(3"."--5)&."$)*/&4'6/$5*0/4
\HV
UHVHWVHWWLQJV
DUH\RXVXUH"
UHVHWVHWWLQJV
DOOSDUDPHWHUV
KDYHEHHQUHVWRUHG
*GiZFTwJTTFMFDUFEBTVCTFRVFOU
DPOmSNBUJPOJTSFRVFTUFEUPCFTVSF
UIBUZPVXBOUUPQFSGPSNUIFSFTFU
1SFTTUIF
LFZUPSFTFU
5IFEJTQMBZTIPXTGPSTFDPOETUIF
QBSBNFUFSSFTFUDPOmSNBUJPO






background

QSFQBSFUSVFSJTUSFUUPBMMJUBMJBOB QSFQBSFBUZQJDBM/PSUI&VSPQFBO
DPGGFF
QSFQBSFBUZQJDBM'SFODI
4XJTTDPGGFF
QSFQBSFBnBWPVSGVMMBUUFNBDDIJBUP
XJUIPVUUIFGFBSPGOPUCFJOHBCMFUPTMFFQ
QSFQBSFBDPGGFFGPSBEBZGVMM
PGFOFSHZ
QSFQBSFBUZQJDBM*UBMJBOFTQSFTTP
QSFQBSFBUZQJDBM"NFSJDBODPGGFF
$0''&&*/5)&803-%
VSHFLDOIXQFWLRQV
FRIIHHLQWKHZRUOG
FRIIHHLQWKHZRUOG
DPHULFDQFRIIHH
VSHFLDOIXQWLRQVFRIIHHLQWKHZRUOG
5IJTGVODUJPOFOBCMFTUIFVTFSUP
\HV
DPHULFDQFRIIHH
$POmSNUIFTFMFDUJPO
FRIIHHLQWKHZRUOG
VWURQJFRIIHH
FRIIHHLQWKHZRUOG
DPHULFDQFRIIHH
FRIIHHLQWKHZRUOG
,WDOLDQHVSUHVVR
FRIIHHLQWKHZRUOG
JRRGPRUQLQJFRIIHH
FRIIHHLQWKHZRUOG
FRIIHH
FRIIHHLQWKHZRUOG
JRRGQLJKWPLON
FRIIHHLQWKHZRUOG
FDIËFUÊPH
*GGPSFYBNQMFZPVXBOUUPUBTUFBUZQJDBM"NFSJDBODPGGFFZPVNVTU
TFMFDUi"NFSJDBODPGGFFw
4FMFDUUIFEFTJSFECFWFSBHF
VEVSRVLWFUÊPH
DPHULFDQFRIIHH
EUHZLQJLQSURJUHVV
DPHULFDQFRIIHH
VWURQJDURPD
HVSUHVVRFRIIHH
"UUIFFOEUIFNBDIJOFSFUVSOTUP
UIFNBJOTDSFFO
5IFEJTQFOTJOHTUBSUT4FUUIF4#4UPUIFQPTJUJPOTIPXO
TFFQBHF
1SFTT
UPTUBSU






background

$MFBOUIFDBQQVDDJOBUPSFBT
TIPXOJOUIFDPSSFTQPOEJOH
TFDUJPOPOQBHF
$-&"/*/("/%."*/5&/"/$&
8JUIUIFCSVTIDMFBOUIFQSF
HSPVOEDPGGFFDPNQBSUNFOU
4XJUDIPGGUIFNBDIJOFBOE
VOQMVHJU
$MFBOUIFUBOLBOEUIFDPWFS 3FNPWFUIFESJQUSBZFNQUZBOE
XBTIJU
3FNPWFUIFHSPVOETESBXFSBOE
FNQUZBOEXBTIJU
$MFBOUIFEJTQMBZ3FNPWFUIFMJRVJEUSBZFNQUZBOE
XBTIJU
(&/&3"-."$)*/&$-&"/*/(
5IFDMFBOJOHEFTDSJCFECFMPXNVTUCFQFSGPSNFEPODFBXFFL
/PUFJGXBUFSSFNBJOTGPSTFWFSBMEBZTJOUIFUBOLEPOPUSFVTFJU
8"3/*/(%POPUJNNFSTFUIFNBDIJOFJOXBUFS
$MFBOUIFDBQQVDDJOBUPSFBTTIPXOJOUIFDPSSFTQPOEJOHTFDUJPOPOQBHF
background

1SFTTUPPQFOUIFTFSWJDFEPPS
5IFCSFXHSPVQNVTUCFDMFBOFEBUMFBTUPODFBXFFL
8BTIUIFCSFXHSPVQXJUIXBSNXBUFS
8"3/*/(%POPUXBTIUIFCSFXHSPVQXJUIEFUFSHFOUTUIBUDBODPNQSPNJTFJUTDPSSFDUPQFSBUJPO%P
OPUXBTIJOUIFEJTIXBTIFS
1SFTTUIF164)CVUUPOUPSFNPWF
UIFCSFXHSPVQ
3FBTTFNCMFJUCZQSFTTJOHUIF
164)CVUUPO
.BLFTVSFUIFHSPVQJTJOSFTU
QPTJUJPOUIFUXPSFGFSFODFTNVTU
NBUDI
.BLFTVSFUIFDPNQPOFOUTBSF
JOUIFDPSSFDUQPTJUJPO
$MPTFUIFTFSWJDFEPPSBOEJOTFSU
UIFESFHESBXFS
$-&"/*/(5)&#3&8(3061
8BTIBOZDPGGFFSFTJEVFTGSPN
UIFCSFXHSPVQ
8BTIUIFVQQFSmMUFSXJUI
SVOOJOHXBUFS
-VCSJDBUFUIFHVJEFTBOEUIF
PSJOHPGUIFHSPVQPOMZXJUIUIF
TVQQMJFEHSFBTF
background

5IFHSJOEFSOFFETBTMJHIUBEKVTUNFOUUPNBLFUIFDPGGFFBMXBZTJUTCFTUBGUFSNBOZHSJOEJOHDZDMFT
BQQSPYJNBUFMZ
8"3/*/(
5IJTPQFSBUJPOTIPVMECFDBSSJFEPVUDBSFGVMMZBOECZBOFYQFSJFODFEVTFS&NQUZUIFDPGGFFCFBOIPQQFS
5IFTDSFXDPVMEGBMMJOUPUIFHSJOEFSJGJUIBQQFOTSFNPWFJUCFGPSFSFTUBSUJOHUIFNBDIJOF
5IFTOBQJTTJHOBMMFECZBNFTTBHFPOUIFDPGGFFCFBOIPQQFSSFGFSUPUIFTFNFTTBHFTXIFOUIJT
BEKVTUNFOUJTQFSGPSNFE
(3*/%&3."*/5&/"/$&
$-&"/*/("/%."*/5&/"/$&
"EKVTUVOUJMJUDMJDLT3FNPWFTDSFXTBOETFSWJDFEPPS
6OTDSFXUIFTDSFXUIBUIPMETUIF
TFSWJDFEPPSDMPTFE
5IFOSFQPTJUJPOUIFEPPSBOEBUUBDIJUXJUIUIFQSFWJPVTMZSFNPWFETDSFX
5PHVBSBOUFFUIBUUIFQBSUTUIBUDPNFJOUPDPOUBDUXJUINJMLBSFQFSGFDUMZDMFBOBOEUPPQUJNJ[FUIF
QFSGPSNBODFPGZPVS1SJNFB$BQQVDDJOPXFSFDPNNFOEDMFBOJOHUIFBQQSPQSJBUFDPOUBJOFSVOEFSSVOOJOH
XBUFSCFGPSFEJTQFOTJOHNJMLCBTFECFWFSBHFT5PTJNQMJGZUIJTPQFSBUJPOUIFNBDIJOFJTFRVJQQFEXJUIB
TQFDJBMBDDFTTPSZDMFBOJOHQJOUIBUFMJNJOBUFTBOZNJMLSFTJEVFJOUIFDBQQVDDJOBUPSFTFFmH
5IJTPQFSBUJPONVTUCFQFSGPSNFECFUXFFOUXPEJTQFOTJOHDZDMFTPGNJMLCBTFECFWFSBHFTSFHBSEMFTTPG
XIFOUIFMBTUDJSDVJUSJOTFDZDMFXBTQFSGPSNFETFFNBOVBMXIJMFJUJTOPUOFDFTTBSZJODBTFPGDPOTFDVUJWF
EJTQFOTJOH
.*-,$0/5"*/&3$-&"/*/(
3JOTFUIFDPOUBJOFSBOEUIF
DMFBOJOHQJOVOEFSSVOOJOHXBUFS
1SPDFFEXJUIDBVUJPO
*OTFSUUIFDMFBOJOHQJOBMMUIFXBZ
JOUPUIFJOEJDBUFEIPMF
background
&3303$0%&4
(6*%&.&44"(&5)"5"11&"34 )08503&.07&5)&.&44"(&
UHVWDUWIRUVROYHSUREOHP
5VSOPGGBOEBGUFSNJOVUFTUVSOUIFNBDIJOFPOBHBJO
UPSFTUPSFOPSNBMPQFSBUJPO
FDOODVVLVWDQFH
1SPCMFNUIBUSFRVJSFTUIFJOUFSWFOUJPOPGUIFDVTUPNFS
TFSWJDFDFOUSF
LQVHUWGULSWUD\
*OTFSUESJQUSBZ
FORVHEHDQGRRU
$MPTFUIFDPGGFFCFBOIPQQFSDPWFSUPCFBCMFUPCSFX
BOZQSPEVDU
LQVHUWEUHZJURXS
*OTFSUUIFCSFXHSPVQJOJUTQMBDF
LQVHUWGUHJGUDZHU
*OTFSUUIFESFHESBXFS
HPSW\GUHJGUDZHU
3FNPWFUIFHSPVOETESBXFSBOEFNQUZUIFHSPVOETJOBO
BQQSPQSJBUFDPOUBJOFS
/PUF5IFHSPVOETESBXFSNVTUCFFNQUJFEPOMZXIFOUIF
NBDIJOFSFRVJSFTJUBOEXIFOUIFNBDIJOFJTUVSOFEPO
&NQUZJOHUIFESBXFSXJUIUIFNBDIJOFUVSOFEPGGEPFT
OPUBMMPXUIFNBDIJOFUPSFHJTUFSUIBUJUIBTCFFO
FNQUJFE
FORVHGRRU
5PCFBCMFUPNBLFUIFNBDIJOFGVODUJPOBMUIFTJEFEPPS
NVTUCFDMPTFE
ILOOZDWHUWDQN
5IFUBOLNVTUCFSFNPWFESFmMMFEXJUIGSFTIESJOLJOH
XBUFS
HPSW\GULSWUD\
0QFOUIFTJEFEPPSBOEFNQUZUIFESJQUSBZVOEFSUIF
CSFXHSPVQ
FORVHFDSSXFFGRRU
*OTFSUUIFNJMLDPOUBJOFSJOUIFBQQSPQSJBUFDPNQBSUNFOU
UHSODFHILOWHU
5IF"RVB1SJNBmMUFSNVTUCFSFQMBDFEJOUIFGPMMPXJOH
DBTFT
MJUSFTPGXBUFSIBWFCFFOEJTQFOTFE
EBZTIBWFQBTTFETJODFJUTJOTUBMMBUJPO
EBZTIBWFQBTTFEBOEUIFNBDIJOFIBTOPUCFFO
VTFE
/PUFUIJTNFTTBHFBQQFBSTPOMZXIFOiJOTFSUFEwIBT
CFFOTFMFDUFEJOUIFXBUFSmMUFSGVODUJPO4FFQBHF
LQVHUWFDSSXFFLQDWRUH
*OTFSUUIFDBQQVDDJOBUPSFJOUIFNJMLDPOUBJOFS
8JUIPVUUIFDBQQVDDJOBUPSFOPQSPEVDUDPOUBJOJOHNJML
DBOCFEJTQFOTFE
GHVFDOH
"EFTDBMJOHDZDMFNVTUCFQFSGPSNFEPOUIFNBDIJOFT
JOUFSOBMDJSDVJUT
HQHUJ\VDYLQJ
1SFTTUIF
LFZ
PLONFLUFULQVHF\FOH
TFFQBHFBOE
PLONFLUFXLWZDVKLQJ
TFFQBHFBOE
background
 5&$)/*$"-%"5"
4VCKFDUUPFOHJOFFSJOHBOENBOVGBDUVSJOHDIBOHFTEVFUPUFDIOPMPHJDBMEFWFMPQNFOUT
5IFNBDIJOFDPOGPSNTUP&VSPQFBO%JSFDUJWF&&$*UBMJBO-FHJTMBUJWF%FDSFFEBUFEDPODFSOJOH
FMFDUSPNBHOFUJDDPNQBUJCJMJUZ
/PNJOBMWPMUBHF 4FFMBCFMPOUIFBQQMJBODF
1PXFSSBUJOH 4FFMBCFMPOUIFBQQMJBODF
1PXFSTVQQMZ 4FFMBCFMPOUIFBQQMJBODF
4IFMMNBUFSJBM 1MBTUJDB
4J[FXYIYE YYNNwYwYw
1FTP ,HMCT
$BCMFMFOHUI NNw
$POUSPMQBOFM 'SPOUEJTQMBZY
8BUFSUBOL MJUFSTP[3FNPWFBCMF
.JML5BOL DBMJUFSTP[3FNPWFBCMF
$PGGFF#FBO)PQQFS$BQBDJUZ
HSBNTP[PGDPGGFFCFBOT
1VNQQSFTTVSF CBS
#PJMFS 4UBJOMFTTTUFFM
$PGGFFHSJOEFS 8JUIDFSBNJDHSJOEFST
1SFTTVSFTBGFUZEFWJDF #PJMFSQSFTTVSFTBGFUZWBMWF
5FNQFSBUVSFTBGFUZEFWJDF #PJMFSUIFSNPTUBUTBOEUIFSNBMGVTFT
5&$)/*$"-%"5"
background

404
4"'&5:36-&4
*/$"4&0'&.&3(&/$:
*NNFEJBUFMZVOQMVHUIFDPSEGSPNUIFPVUMFU
0/-:64&5)&"11-*"/$&
t *OEPPST
t 'PSQSFQBSJOHDPGGFFIPUXBUFSBOEGPSGPBNJOHNJML
t 'PSEPNFTUJDVTF
t #ZBEVMUTJOOPOBMUFSFEQTZDIPQIZTJDBMDPOEJUJPOT
13&$"65*0/4'035)&64&0'5)&."$)*/&
t %POPUVTFUIFNBDIJOFGPSQVSQPTFTPUIFSUIBOUIPTFJOEJDBUFEBCPWFJOPSEFSUPBWPJEEBOHFS
t %POPUJOUSPEVDFBOZTVCTUBODFTPUIFSUIBOUIPTFJOEJDBUFEJOUIFJOTUSVDUJPONBOVBM
t %VSJOHUIFOPSNBMmMMJOHPGBOZSFTFSWPJSTBMMOFBSCZSFTFSWPJSTNVTUCFDMPTFE
t 'JMMUIFXBUFSUBOLPOMZXJUIGSFTIESJOLJOHXBUFS)PUXBUFSBOEPSBOZPUIFSMJRVJENBZEBNBHFUIFNBDIJOF
t %POPUVTFXBUFSXJUIDBSCPOEJPYJEFBEEFE
t %POPUQVUmOHFSTPSBOZNBUFSJBMPUIFSUIBODPGGFFCFBOTJOUIFDPGGFFHSJOEFS
t #FGPSFNBOJQVMBUJOHUIFDPGGFFHSJOEFSUVSOPGUIFNBDIJOFhTNBJOTXJUDIBOEVOQMVHUIFDPSE
t %POPUQVUJOTUBOUDPGGFFPSXIPMFCFBODPGGFFJOUIFHSPVOEDPGGFFDPOUBJOFS
t 5PPQFSBUFUIFNBDIJOFXJUIUIFUPVDITDSFFOVTFPOMZZPVSmOHFST
$0//&$5*0/50&-&$53*$"-108&3
5IFDPOOFDUJPOUPUIFFMFDUSJDBMOFUXPSLNVTUCFDBSSJFEPVUJOBDDPSEBODFXJUIUIFTBGFUZSFHVMBUJPOTJOGPSDFJO
UIFVTFShTDPVOUSZ
5IFNBDIJOFNVTUCFDPOOFDUFEUPBTPDLFUXIJDIJT
t DPNQBUJCMFXJUIUIFUZQFPGQMVHJOTUBMMFEPOUIFNBDIJOF
t TVJUBCMZTJ[FEUPDPNQMZXJUIUIFSBUJOHTTIPXOPOUIFNBDIJOFJEFOUJmDBUJPOQMBUF
t FGGFDUJWFMZHSPVOEFE
5IFQPXFSDPSENVTUOPU
t DPNFJOUPDPOUBDUXJUIBOZUZQFPGMJRVJEEBOHFSPGFMFDUSJDTIPDLTBOEPSmSF
t CFDSVTIFEBOEPSDPNFJODPOUBDUXJUITIBSQTVSGBDFT
t CFVTFEUPNPWFUIFNBDIJOF
t CFVTFEJGEBNBHFE
t CFIBOEMFEXJUIEBNQPSXFUIBOET
t CFXPVOEJOBDPJMXIFOUIFNBDIJOFJTCFJOHPQFSBUFE
t CFUBNQFSFEXJUI
*/45"--"5*0/
t $IPPTFBTPMJETUBUJPOBSZnBUTVSGBDFOPNPSFUIBO¡PGJODMJOBUJPO
t %POPUJOTUBMMUIFNBDIJOFJOBSFBTXIFSFXBUFSDPVMECFTQSBZFE
t 0QUJNBMPQFSBUJPOBMUFNQFSBUVSF¡$¡$EFHSFFT'BISFOIFJU
t NBYJNVNIVNJEJUZ
t 5IFNBDIJOFTIPVMECFJOTUBMMFEJOBOBEFRVBUFMZMJUWFOUJMBUFEIZHJFOJDMPDBUJPOBOEUIFFMFDUSJDTPDLFUTIPVMECF
XJUIJOFBTZSFBDI
t %POPUQMBDFPOIFBUFETVSGBDFT
t *OTUBMMJUBUMFBTUDNGSPNUIFXBMMTBOEDPPLJOHTVSGBDFT
t %POPUVTFJOQMBDFTXIFSFUIFUFNQFSBUVSFNBZESPQUPBMFWFMFRVBMUPBOEPSMPXFSUIBO¡$EFHSFFT
'BISFOIFJU*GUIFNBDIJOFIBTCFFOFYQPTFEUPTVDIDPOEJUJPOTOPUJGZUIFDVTUPNFSTFSWJDFDFOUFSXIPXJMMIBWFUP
DBSSZPVUBTBGFUZDIFDL
t%POPUVTFUIFNBDIJOFOFBSJOnBNNBCMFBOEPSFYQMPTJWFTVCTUBODFT
t 5IFNBDIJOFNVTUOPUCFVTFEJOBOFYQMPTJWFPSWPMBUJMFBUNPTQIFSFPSXIFSFUIFSFJTBIJHIDPODFOUSBUJPOPGEVTU
PSPJMZTVCTUBODFTTVTQFOEFEJOUIFBJS
t %POPUJOTUBMMUIFNBDIJOFPOUPQPGPUIFSBQQMJBODFT
background
 4"'&5:36-&4
'"*-63&4
t %POPUVTFUIFBQQMJBODFJGBGBJMVSFIBTCFFOWFSJmFEPSTVTQFDUFEGPSFYBNQMFBGUFSCFJOHESPQQFE
t "OZSFQBJSTNVTUCFQFSGPSNFECZBOBVUIPSJ[FEDVTUPNFSTFSWJDFDFOUFS
t %POPUVTFUIFBQQMJBODFXJUIBEFGFDUJWFQPXFSDPSE5IFNBOVGBDUVSFSPSJUTDVTUPNFSTFSWJDFDFOUFSXJMMIBWFUP
SFQMBDFUIFQPXFSDBCMFJGEBNBHFE$BVUJPO&MFDUSJDBM$VSSFOU
t 5VSOPGGUIFBQQMJBODFCFGPSFPQFOJOHUIFTFSWJDFEPPS%BOHFSPGCVSOT
$-&"/*/(%&4$"-*/(
t 'PSDMFBOJOHUIFNJMLBOEDPGGFFDJSDVJUTVTFPOMZSFDPNNFOEFEEFUFSHFOUTQSPWJEFEXJUIUIFNBDIJOF5IFTF
EFUFSHFOUTNVTUOPUCFVTFEGPSPUIFSQVSQPTFT
t #FGPSFDMFBOJOHUIFNBDIJOFUIFNBJOTXJUDINVTUCFUVSOFEUP0''VOQMVHHFEGSPNUIFTPDLFUBOEDPPMFE
EPXO
t ,FFQUIFBQQMJBODFGSPNDPNJOHJOUPDPOUBDUXJUITQMBTIFTPGXBUFSPSJNNFSTJOHJOXBUFS
t %POPUESZUIFNBDIJOFTQBSUTJODPOWFOUJPOBMPSNJDSPXBWFPWFOT
t 5IFNBDIJOFBOEJUTDPNQPOFOUTNVTUCFDMFBOFEBOEXBTIFEBGUFSUIFNBDIJOFIBTOPUCFFOVTFEGPSBDFSUBJO
QFSJPE
3&1-"$&.&/51"354
'PSTBGFUZSFBTPOTVTFPOMZPSJHJOBMSFQMBDFNFOUQBSUTBOEPSJHJOBMBDDFTTPSJFT
8"45&%*4104"-
5IJTQSPEVDUDPNQMJFTXJUI&6%JSFDUJWF&$
5IFTZNCPMPOUIFQSPEVDUPSPOJUTQBDLBHJOHJOEJDBUFTUIBUUIJTQSPEVDUNBZOPUCFUSFBUFEBTIPVTFIPME
XBTUF*OTUFBEJUTIBMMCFIBOEFEPWFSUPUIFBQQMJDBCMFDPMMFDUJPOQPJOUGPSUIFSFDZDMJOHPGFMFDUSJDBMBOE
FMFDUSPOJDFRVJQNFOU
#ZFOTVSJOHUIJTQSPEVDUJTEJTQPTFEPGDPSSFDUMZZPVXJMMIFMQQSFWFOUQPUFOUJBMOFHBUJWFDPOTFRVFODFTGPSUIF
FOWJSPONFOUBOEIVNBOIFBMUIXIJDIDPVMEPUIFSXJTFCFDBVTFECZJOBQQSPQSJBUFXBTUFIBOEMJOHPGUIJT
QSPEVDU'PSNPSFEFUBJMFEJOGPSNBUJPOBCPVUSFDZDMJOHPGUIJTQSPEVDUQMFBTFDPOUBDUZPVSMPDBMDJUZPGmDFZPVS
IPVTFIPMEXBTUFEJTQPTBMTFSWJDFPSUIFTIPQXIFSFZPVQVSDIBTFEUIFQSPEVDU
%"/(&34
t 5IFBQQMJBODFNVTUOPUCFVTFECZDIJMESFOBOEQFSTPOTXIPIBWFOPUCFFOJOGPSNFEPGJUTPQFSBUJPO
t 5IFBQQMJBODFJTEBOHFSPVTUPDIJMESFO8IFOMFGUVOBUUFOEFEVOQMVHGSPNUIFFMFDUSJDBMPVUMFU
t ,FFQUIFDPGGFFNBDIJOFQBDLBHJOHPVUPGUIFSFBDIPGDIJMESFO
t /FWFSEJSFDUUIFKFUPGIPUXBUFSBOEPSTUFBNUPXBSETZPVSTFMGPSPUIFST%BOHFSPGTDBMEJOH
t %POPUJOTFSUPCKFDUTUISPVHIUIFBQQMJBODFTPQFOJOHT%BOHFS&MFDUSJDBM$VSSFOU
t %POPUQVMMPVUUIFQMVHCZZBOLJOHPOUIFQPXFSDPSEPSUPVDIJOHJUXJUIXFUIBOET
t 8BSOJOH%BOHFSPGCVSOJOHXIFOJODPOUBDUXJUIIPUXBUFSTUFBNBOEUIFIPUXBUFSTQPVU
'*3&4"'&5:
*ODBTFPGmSFVTF$BSCPO%JPYJEFFYUJOHVJTIFST$0

%POPUVTFXBUFSPSESZQPXEFSFYUJOHVJTIFST
background
/05&
background
5"#-&%&4."5*µ3&4
.&463&4%&13²$"65*0/*.1035"/5&4
%&4$3*15*0/%&-"11"3&*-
"$$&440*3&4
*/45"--"5*0/
.*4&&/."3$)&%&-"."$)*/&
4²-&$5*0//&3-"-"/(6&
'*-53&j"$26"13*."x
"''*$)&63
"3¼.&%6$"'²
3&(-"(&4
%&/4*5²%6$"'²
3²(-"(&%&-")"65&63%6#"$%²(0655&.&/5
3&.1-*44"(&%63²$*1*&/5%6-"*5
%*453*#65*0/%&4#0*440/4 
$"'²&913&440$"'²$"'²"--0/(²
%*453*#65*0/%&-"#0*440/"7&$%6$"'².06-6
%*453*#65*0/%&"6$)"6%&
-"*5/0*4&55&
%*453*#65*0/%&-"*5$)"6%
$"'²&913&440$3µ.&
$"116$$*/0
130(3".."5*0/%&4#0*440/4 
130(3".."5*0/1063"650"113&/5*44"(&
130(3".."5*0/®1"35*3%6.&/6j3²(-"(&#0*440/4x
130(3".."5*0/%&-"."$)*/& 
3²(-"(&4%&-"."$)*/&
.&/6j-"/(6&x
.&/6j1-"26&$)"6''&5"44&4x
.&/6j'*-53&®&"6x
.&/6j3*/±"(&x
.&/6j%63&5²%&-&"6x
.&/6j"-"3.&440/03&4x
background
5"#-&%&4."5*µ3&4
.&/6j&/53&5*&/x
$:$-&%&3*/±"(&%&4$*3$6*54%6-"*5
$:$-&3*/±"(&$"'²
$:$-&-"7"(&%&4$*3$6*54%6-"*5
$:$-&%&%²5"353"(&
3²(-"(&)03-0(&
3²(-"(&%&-)&63&
3²(-"(&%&-"%"5&
'03."5%&-)&63&
3²(-"(&45"/%#:
²$0/0.*&%²/&3(*&
3²(-"(&%&4.*/65&3*&4
'0/$5*0/441²$*"-&4
"//6-&35064-&43²(-"(&4
$"'²%"/4-&.0/%&
/&550:"(&&5&/53&5*&/
/&550:"(&(²/²3"-%&-"."$)*/&
/&550:"(&%6(3061&%&%*453*#65*0/
&/53&5*&/%&4.&6-&4
/&550:"(&3²$*1*&/5%6-"*5
.&44"(&4%&33&634 
%0//²&45&$)/*26&4 
$0/4*(/&4%&4²$63*5² 
background
-PSTEFMVUJMJTBUJPOEBQQBSFJMTÏMFDUSJRVFTJMFTUJNQPSUBOUEFQSFOESFMFTQSÏDBVUJPOTTVJWBOUFT
BmOEÏWJUFSMFTEÏDIBSDIFTÏMFDUSJRVFTMFTDPVSUTDJSDVJUTFUMFTBDDJEFOUTDPSQPSFMT
t-JSFUPVUFTMFTJOTUSVDUJPOTFUMFTJOEJDBUJPOTEPOOÏFTEBOTDFUUFCSPDIVSFBJOTJRVFUPVUFBVUSFJOGPSNBUJPORVF
DPOUJFOUMFNCBMMBHFBWBOUEFNFUUSFMBNBDIJOFFONBSDIF
t/FQBTUPVDIFSMFTTVSGBDFTDIBVEFTEFMBNBDIJOF
t/FQBTQMPOHFSMFmMÏMFDUSJRVFMBQSJTFPVMBQQBSFJMMVJNÐNFEBOTMFBVPVUPVUBVUSFMJRVJEF
t'BJSFUSÒTBUUFOUJPOMPSTRVFMBQQBSFJMFTUVUJMJTÏQSÒTEFOGBOUT
t%ÏCSBODIFSMBQQBSFJMMPSTRVJMOFTUQBTFOTFSWJDFFUMBJTTF[MFSFGSPJEJSBWBOUEFSFUJSFSMFTBDDFTTPJSFTQPVSMF
OFUUPZBHFPVEFMFTNFUUSFFOQMBDF
t/FQBTVUJMJTFSMBQQBSFJMBWFDVODPSEPOPVVOFQSJTFFONBVWBJTÏUBUPVBQSÒTRVFMBQQBSFJMBJUÏUÏFOEPNNBHÏEF
RVFMRVFNBOJÒSFRVFÎFTPJU$POmF[WPUSFBQQBSFJMBVTFSWJDFBQSÒTWFOUFDPNQÏUFOUMFQMVTQSPDIFQPVSFYBNFO
PVSÏQBSBUJPO
t-VUJMJTBUJPOEBDDFTTPJSFTOPOSFDPNNBOEÏTQBSMFGBCSJDBOUEFMBQQBSFJMQPVSSBJUQPTFSEFTQSPCMÒNFTËDIPTFTFU
ËQFSTPOOFT
t/FQBTVUJMJTFSMhBQQBSFJMBMFYUÏSJFVS
t/FQBTMBJTTFSMFDPSEPOQFOESFEFMBUBCMFPVEFMBTVSGBDFEFUSBWBJMOJUPVDIFSEFTTVSGBDFTDIBVEFT
t/FQBTQPTFSTVSVOFDVJTJOJÒSFPVEBOTVOGPVSDIBVE
t"WBOUEFEÏCSBODIFSMABQQBSFJMNFUUSFUPVKPVSTMAJOUFSSVQUFVSHÏOÏSBMFOQPTJUJPOvÏUFJOUw
t"QQBSFJMEFTUJOÏËVOVTBHFEPNFTUJRVFTFVMFNFOU
t'BJSFUSÒTBUUFOUJPOFOVUJMJTBOUMBWBQFVS
-BNBDIJOFFTUSÏTFSWÏFËVOVTBHFEPNFTUJRVF5PVUFOUSFUJFOFOEFIPSTEVOFUUPZBHFFUEF
MFOUSFUJFOVTVFMQBSMVTBHFSEPJUÐUSFGBJUQBSVOTFSWJDFBQTWFOUFBVUPSJTÏ/FQBTQMPOHFSMB
CBTFEBOTMFBV
t7ÏSJmFSTJMFWPMUBHFDPSSFTQPOECJFOBVYTQÏDJmDBUJPOTBQQBSBJTTBOUTVSMBQMBRVFEFTEPOOÏFTUFDIOJRVFT
t/FKBNBJTNFUUSFEFMFBVUJÒEFPVDIBVEFEBOTMMFSÏTFSWPJSNBJTUPVKPVSTEFMFBVGSPJEF
t/FQBTUPVDIFSMFTTVSGBDFTDIBVEFTEFMBQQBSFJMQFOEBOUMFGPODUJPOOFNFOUFUFOÏMPJHOFSMFDPSEPOÏMFDUSJRVF
t/FKBNBJTOFUUPZFSBWFDEFTQPVESFTËSÏDVSFSPVEFTJOTUSVNFOUTEVST6ODIJGGPOTPVQMFBNPJUJBWFDFBVFTU
TVGmTBOU
t6UJMJTFSEFMFBVQSPQSFPVFOCPVUFJMMFQPVSÏWJUFSMBGPSNBUJPOEFUBSUSF
.&463&4%&13²$"65*0/*.1035"/5&4
13²$"65*0/4
background
t7PUSFBQQBSFJMFTUNVOJEVODPSEPOÏMFDUSJRVFDPVSUBmOEÏWJUFSRVJMOFTFNNÐMFPVRVPOOFTZBDDSPDIF
t0OQFVUVUJMJTFSVOFSBMMPOHFÏMFDUSJRVFFOQSFOBOUDFSUBJOFTQSÏDBVUJPOT7FSJmFS
B RVFTBUFOTJPOFTUBVNPJOTÏHBMFËDFMMFEFMBQQBSFJM
C RVFMMFFTUNVOJFEVOFQSJTFËUSPJTmDIFTBWFDNJTFËMBUFSSFTJDFTUMFDBTQPVSMFDPSEPOEFMBQQBSFJM
D RVFMFDÉCMFOFQFOEFQBTEFMBUBCMFBmOEÏWJUFSEFUSÏCVDIFS
t/FQBTVUJMJTFSEFTQSJTFTNVMUJQMFT
$FUUFNBDIJOFFTUJOEJRVÏFQPVSMBQSÏQBSBUJPOEFDBGÏ&YQSFTTPËQBSUJSEFDBGÏFOHSBJOTPVEFDB
NPVMVFMMFFTUEPUÏFEVOFWBMWFWBQFVSFUFBVDIBVEF-FDPSQTEFMBNBDIJOFBÏUÏDPOÎVQPVSVO
VTBHFEPNFTUJRVFFUOFTUEPODQBTJOEJRVÏQPVSVOGPODUJPOOFNFOUDPOUJOVEFUZQFQSPGFTTJPOOFM
"UUFOUJPO"VDVOFSFTQPOTBCJMJUÏOFTUBTTVNÏFQPVSMFTÏWFOUVFMTEPNNBHFTSÏTVMUBOUEF
tFNQMPJFSSPOÏFUOPODPOGPSNFBVYCVUTQSÏWVT
tSÏQBSBUJPOTFGGFDUVÏFTFOEFIPSTEVOTFSWJDFBQSÒTWFOUFBHSÏÏ
tNBOJQVMBUJPOJODPSSFDUFEFDPSEPOEBMJNFOUBUJPO
tNBOJQVMBUJPOJODPSSFDUFEFUPVUDPNQPTBOUEFMBNBDIJOF
tFNQMPJEFQJÒDFTEFSFDIBOHFFUEBDDFTTPJSFTOPOPSJHJOBVY
tEÏUBSUSBHFOPOFGGFDUVÏPVTJMBNBDIJOFFTUVUJMJTÏFBVOFUFNQÏSBUVSFBNCJBOUFBVEFTTPVTEF¡$
%"/4-&4$"4$*5²4-"("3"/5*&&45"//6-²&
$POTFSWFSDFNPEFEAFNQMPJEBOTVOFOESPJUTßSFUMBKPJOESFËMBNBDIJOFTJVOFBVUSFQFSTPOOFEFWBJU
MVUJMJTFS1PVSEFTSFOTFJHOFNFOUTVMUÏSJFVSTPVFODBTEFQSPCMÒNFTOPOUSBJUÏTPVQBSUJFMMFNFOUUSBJUÏT
EBOTMFQSÏTFOUNPEFEAFNQMPJWFVJMMF[WPVTBESFTTFSBVYTFSWJDFTBQSÒTWFOUFBHSÏFT
$0/4&37&3$&4*/4536$5*0/4
-&53*"/(-&%"7&35*44&.&/5*/%*26&5065&4-&4*/4536$5*0/4
*.1035"/5&41063-"4²$63*5²%&-65*-*4"5&6346*73&4$3616-&6
4&.&/5$&4*/%*$"5*0/41063²7*5&3-&43*426&4%&#-&4463&4
(3"7&4
65*-*4"5*0/%6.0%&%&.1-0*
*/'03."5*0/4(&/&3"-&4
*/4536$5*0/4$0/$&3/"/5-&$03%0/&-&$53*26&
background
-PHFNFOUDBGÏQSÏNPVMV
(SPVQFDBGÏ
3ÏTFSWPJSQPVS
NBSDEFDBGÏ
1SJTFQPVSMBMJNFOUBUJPO
ÏMFDUSJRVF
5PVDIFQPVSMPVWFSUVSFEV
SÏTFSWPJSËHSBJOTEFDBGÏ
3ÏTFSWPJSQPVSHSBJOTEFDBGÏ
1MBRVFBWFDGPODUJPOEF
SÏDIBVGGFNFOUEFTUBTTFT
*OUFSSVQUFVSHÏOÏSBM
1PSUFEFNBJOUFOBODF
"$$&440*3&4
$PVWFSDMFEVSÏDJQJFOU
ËHSBJOTEFDBGÏ
#BDEFSÏDVQÏSBUJPOEFBV
5PVDIFQPVSMFTPVMÒWFNFOUFU
MBCBJTTFNFOUEVCBDEÏHPVUUBHF
4#4
4PSUJFEVDBGÏ
#BDHSJMMFEÏHPVUUBHF
FUnPUUFVS
%JTQPTJUJGQPVSMF
SÏTFSWPJSËMBJU
#VTFEFBVDIBVEF
3ÏTFSWPJSEFBV
%&4$3*15*0/%&-"11"3&*-
5BCMFBVEFDPNNBOEF
'JMUSF"RVBQSJNB
%PTFVSQPVSMF
DBGÏNPVMV
1JODFBVEFOFUUPZBHF
"QQMJDBUFVS
%ÏUFSHFOUQPVSMF
OFUUPZBHF
5FTUEFEVSFUÏ
EFMhFBV
$MÏEFSÏHMBHF
(SBJTTFQPVSMFHSPVQF
EFEJTUSJCVUJPO
"JHVJMMFEFOFUUPZBHF
EVDBQQVDDJOBUPSF
3ÏDJQJFOUEVMBJU
TVQQMÏNFOUBJSF
TBOTDBQQVDDJOBUPSF
background
*/45"--"5*0/
#SBODIFSMBmDIFTVSMBQSJTFTJUVÏF
BVEPTEFMBQQBSFJM#SBODIFS
MBVUSFFYUSÏNJUÏEVDÉCMFTVSVOF
QSJTFEFDPVSBOUBQQSPQSJÏFWPJSMB
QMBRVFUUFEFTEPOOÏFT
1MBDFSVOSÏDJQJFOUTPVTMBCVTF
EFBVDIBVEF
"QQVZFSTVSMFCPVUPOTJUVÏTVSMF
SÏTFSWPJSËDBGÏFOHSBJOTQPVS
PVWSJSMFDPVWFSDMF3FNQMJSMF
SÏTFSWPJSBWFDEVDBGÏFOHSBJOT
'FSNFSMFDPVWFSDMFFOBQQVZBOU
KVTRVBVCPVU
3FUJSFSMFSÏTFSWPJSEFBV
/PVTDPOTFJMMPOTEJOTUBMMFSMF
mMUSFj"RVB1SJNBxWPJSQBHF
"QQVZFSTVSMJOUFSSVQUFVSHÏOÏSBM
FMFNFUUSFTVSMBQPTJUJPO
j"MMVNÏx
4BTTVSFSRVFMJOUFSSVQUFVSHÏOÏSBMOFTUQBTBDUJWÏ
3FNQMJSMFSÏTFSWPJSBWFDEFMFBV
GSBÔDIFFUQPUBCMFFOWFJMMBOUËOF
KBNBJTEÏQBTTFSMFOJWFBV
NBYJNBMNBSRVÏTVSMFSÏTFSWPJS
3FQMBDFSFOmOMFSÏTFSWPJS
.*4&&/."3$)&%&-"."$)*/&
"7"/5%&''&$56&35065&01²3"5*0/$0.1-²
5&3-*/45"--"5*0/1"(&4
"'*/%&3²(-&3-&%&(3²%&%63&5²%&-&"6
70*3j.&/6%63&5²%&-&"6x1"(&
background


*/45"--"5*0/
4²-&$5*0//&3-"-"/(6&
$FUUFGPODUJPOQFSNFUEFSÏHMFSMFTQBSBNÒUSFTEFMBNBDIJOFQPVSMBEJTUSJCVUJPOEVDBGÏFOGPODUJPOEFT
QBSBNÒUSFTTUBOEBSEEVQBZTEVUJMJTBUJPO$FTUQPVSRVPJDFSUBJOFTMBOHVFTTPOUEJGGÏSFODJÏFTBVTTJFO
GPODUJPOEVMJFV
"QQVZFSTVS
5PVSOFSBWFDMFEPJHUWFSTMB
ESPJUF
"QQVZFSTVS
"QQVZFSTVS
ZDVVHUILOWHUYRUKDQGHQ
MD
HLQVWHOOXQJHQJHWUÆQNH PDFKLHQHQHLQVWDOOXQJHQ
PDFKLHQHQHLQVWDOOXQJHQ
VSUDFKH
GHXWVFK
VSUDFKH
IUDQFDLV
ODQJXH
5PVSOFSBWFDMFEPJHUWFSTMB
ESPJUF
-PSTRVFMBMBOHVFDIPJTJFFTU
BGmDIÏFBQQVZFSTVS
-BNBDIJOFNBJOUFOBOUBGmDIF
MFTNFTTBHFTEBOTMBMBOHVF
DIPJTJF
UËJODJHVPDFKLQH
ODQJXH
"QQVZFSTVS KVTRVËBGmDIFS
MFNFTTBHFTVJWBOU
VRUWLH VRUWLH
"QQVZFSTVS
"UUFOESFBWBOUEFGGFDUVFSMF
DIPJY
SUËVHQFHILOWUHHDX
RXL
%ÏDJEFSEVSBOUDFUUFQIBTFTJ
WPVTJOTUBMMF[MFmMUSFj"RVB
QSJNBx4BFDPFODPOTFJMMF
MVUJMJTBUJPO-FmMUSFj"RVB
QSJNBxÏQVSFMFBVFUQFSNFUEF
HPßUFSUPVUMBSÙNFEVDBGÏ
SUËVHQFHILOWUHHDX
QRQ
%BOTMFDBTDPOUSBJSFTÏMFDUJPOOFS
FUBQQVZFSTVS
1PVSJOTUBMMFSMFmMUSFj"RVB
QSJNBxQBTTFSËMBQBHF



background
&OMFWFSMFmMUSFj"RVB1SJNBxEF
MFNCBMMBHFÏUBCMJSMBEBUFEV
NPJTDPVSBOU
*OTÏSFSMBQQMJDBUFVSEBOTMFmMUSF
'*-53&j"$26"13*."x
1PVSBNÏMJPSFSMBRVBMJUÏEFMFBVVUJMJTÏFJOTUBMMFSMFmMUSFj"RVB1SJNBx"QSÒTMJOTUBMMBUJPOQSPDÏEFSBWFD
MFQSPHSBNNFEJOJUJBMJTBUJPOEVmMUSFWPJSQSPHSBNNBUJPOEFNBOJÒSFËDFRVFMBNBDIJOFQVJTTFQSÏWFOJS
MVUJMJTBUFVSQPVSMFSFNQMBDFNFOUEVmMUSF
*OTÏSFSMFmMUSFEBOTTPOMPHFNFOU
ËMJOUÏSJFVSEVSÏTFSWPJSWJEF
WPJSmHVSF"QQVZFSKVTRVBVQPJOU
EBSSÐU¼UFSMBQQMJDBUFVSEVmMUSF
-BNBDIJOFJOJUJBMJTFMFmMUSF
&OTVJUFBQQVZFSTVS QMVTJFVSTGPJT"QQVZFSTVS RVBOEMJOTDSJQUJPOjVRUWLHxBQQBSBÔU-B
NBDIJOFUFSNJOFBJOTJMBQIBTFEFNJTFFONBSDIF2VBOEMBQSPDÏEVSFFTUUFSNJOÏFBUUFOESFRVFDFRVJFTU
JOEJRVÏËMBQBHFBQQBSBJTTFTVSMBGmDIFVS
3FNQMJSMFSÏTFSWPJSBWFDEFMFBV
GSPJEFQPUBCMF-BJTTFSMFmMUSF
EBOTMFSÏTFSWPJSQMFJOQFOEBOU
NJOVUFT
1PTJUJPOOFSVOSÏTFSWPJSBV
EFTTPVTEVEJTUSJCVUFVS
"QQVZFSTVS
SUËVHQFHILOWUHHDX
RXL
DSSX\HUVXURN
LQLWLDOLVDWLRQ
HQFRXUV
LQLWLDOLVDWLRQ
"QQVZFSËOPVWFBVTVS
HIIHFWXË
LQLWLDOLVDWLRQ
"QQVZFSËOPVWFBVTVS


background
"''*$)&63
t1PVSPCUFOJSUBTTFTBQQVZFSGPJTTVSMBUPVDIF $FUUFPQÏSBUJPOFTUQPTTJCMFKVTRVËDFRVF
MBNPVUVSFTPJUUFSNJOÏF
BQQVZFSGPJT
5SPJTTÏMFDUJPOTTPOUQPTTJCMFTFOBQQVZBOUTVSMB
UPVDIF
GPSUNPZFOFUMÏHFSRVJ
JOEJRVFOUMBSÙNFRVBOUJUÏEFDBGÏRVFMB
NBDIJOFNPVUQPVSMBQSÏQBSBUJPOEFMBCPJTTPO
$FUUFUPVDIFQFSNFUÏHBMFNFOUEFTÏMFDUJPOOFS
MBGPODUJPOEFDBGÏQSÏNPVMV
"DDÏEFSBVNFOVEF
QSPHSBNNBUJPO
"3¼.&%6$"'²
DUÖPHIRUW
FDIËH[SUHVVR
4ÏMFDUJPOOFSMFUZQFEF
CPJTTPOËQSÏQBSFSFOGBJTBOU
UPVSOFSMFEJTRVFEF
TÏMFDUJPOEVOEPJHU
4ÏMFDUJPOOFSMBSÙNF
EVDBGÏ
4ÏMFDUJPOOFS
EJTUSJCVUJPOEF
CPJTTPOTËCBTFEFMBJU
5PVDIFEFDPOmSNBUJPO
5PVDIFEFTÏMFDUJPO
EJTUSJCVUJPOEFBVDIBVEF
DUÖPHIRUW
FDIËH[SUHVVR
DUÖPHIRUW
H[SUHVVRGRXEOH
t1PVSMBQSÏQBSBUJPOEFUBTTFTMBNBDIJOFEJTUSJCVFMBNPJUJÏEFMBRVBOUJUÏSÏHMÏFFUJOUFSSPNQU
CSJÒWFNFOUMBEJTUSJCVUJPOQPVSNPVESFMBTFDPOEFEPTFEFDBGÏ
-BEJTUSJCVUJPOEFDBGÏFTUFOTVJUFSFQSJTFFUUFSNJOÏF4JMTBHJUEVOFCPJTTPOËCBTFEFMBJUMB
NBDIJOFHÒSFBVUPNBUJRVFNFOUMBEJTUSJCVUJPOEVMBJU
DUÖPHIRUW
FDIËH[SUHVVR
4²-&$5*0//&3-"3¼.&
406)"*5²"7"/5
%&13²1"3&3-"#0*440/
DUÖPHPR\HQ
FDIËH[SUHVVR
DUÖPHOËJHU
FDIËH[SUHVVR
SUËPRXOX
FDIËH[SUHVVR
background
3&(-"(&4
$"'&
.0:&/
$"'&
'035
$"'&
-&(&3
1PVSSÏHMFSMBEFOTJUÏEVDBGÏEJTUSJCVÏ-F
SÏHMBHFQFVUÏHBMFNFOUÐUSFFGGFDUVÏEVSBOUMB
EJTUSJCVUJPOEVDBGÏ$FSÏHMBHFBVOFGGFU
JNNÏEJBUTVSMBEJTUSJCVUJPOTÏMFDUJPOOÏF
%&/4*5²%6$"'²
4#4o4"&$0#3&8*/(4:45&.
#BDEÏHPVUUFNFOUSÏHMBCMFFOIBVUFVS
"QQVZFSMÏHÒSFNFOUTVSMBQBSUJFJOGÏSJFVSFEFMBUPVDIFQPVSTPVMFWFSMFCBDPV
CJFOTVSMBQBSUJFTVQÏSJFVSFQPVSMFCBJTTFS6OFGPJTMBIBVUFVSTPVIBJUÏFBUUFJOUF
SFMÉDIFSMBUPVDIF
3FNBSRVFMFCBDEÏHPVUUFNFOUDPOUJFOUVOnPUUFVSSPVHFRVJTFTPVMÒWFRVBOEJM
GBVUWJEFSMFCBDFUMFMBWFS
3²(-"(&%&-")"65&63%6#"$%²(0655&.&/5
3&.1-*44"(&%63²$*1*&/5%6-"*5
0VWSJSMFMPHFNFOUEVSÏDJQJFOUEV
MBJUFUSFUJSFSMFSÏDJQJFOUTJUVÏË
MJOUÏSJFVS
&OMFWFSMFDPVWFSDMFEVSÏDJQJFOUFUZWFSTFSMFMBJU
3FGFSNFSMFSÏDJQJFOUFUMFSFNFUUSFEBOTTPO
MPHFNFOUFOWÏSJmBOUEFCJFOGFSNFSDFEFSOJFS
-FEJTQPTJUJG4#4BÏUÏTQÏDJBMFNFOUDPOÎVQPVSQFSNFUUSFEFEPOOFSMBEFOTJUÏFUMJOUFOTJUÏEFHPßU
WPVMVFTBVDBGÏ*MTVGmUEFUPVSOFSMFCPVUPOQPVSNPEJmFSMFDBSBDUÒSFRVJDPSSFTQPOEMFNJFVYBV
HPßU
*MOFGBVUSFNQMJSRVFMFSÏDJQJFOUÏRVJQÏEFDBQQVDDJOBUPSFBWBOUEFQSÏQBSFSVOFCPJTTPORVFMDPORVF
ËCBTFEFMBJU/FQBTVUJMJTFSMFMBJUBQSÒTMBEBUFEFQÏSFNQUJPO*NQPSUBOU4FSFQPSUFSËMBTFDUJPO
SFMBUJWFËMFOUSFUJFOFUBVOFUUPZBHFËMBQBHF
/PVTWPVTDPOTFJMMPOTEVUJMJTFS
MBVUSFSÏDJQJFOUGPVSOJFOEPUBUJPO
QPVSDPOTFSWFSMÏWFOUVFMMBJUQBT
VUJMJTÏBVSÏGSJHÏSBUFVS/VUJMJTFS
RVFMFSÏDJQJFOUDPNQMFUEF
DBQQVDDJOBUPSFQPVSMFOFUUPZBHF
EVDJSDVJU
3ÏHMFSMBIBVUFVSEVCBDEÏHPVUUFNFOUBWBOUEFEJTUSJCVFSMFTCPJTTPOT
background

%*453*#65*0/%&4#0*440/4
-"%*453*#65*0/%6$"%&-&"6$)"6%&&5%6-"*51&65³53&*/5&330.16&
®5065.0.&/5&/"116:"/5%&/067&"6463-"506$)&
-&-"*5%*453*#6²1&65"55&*/%3&%&45&.1²3"563&4²-&7²&43*426&%&
#36-63&4²7*5&35065$0/5"$5%*3&$5"7&$-&4."*/4
7ÏSJmFSTJUPVTMFTSÏDJQJFOUTTPOUQSPQSFTTVJWSFQPVSDFMBMFTJOEJDBUJPOTEVDIBQJUSFj/FUUPZBHFFU
FOUSFUJFOxWPJSQBHF
"13µ4-"%*453*#65*0/%&#0*440/4®#"4&%&-"*5-&3²$*1*&/5%6-"*5&5-&4
$*3$6*54%&-A"11"3&*-%0*7&/5³53&-"7²4
1PVSMBQSÏQBSBUJPOEFUBTTFTMBNBDIJOFEJTUSJCVFMBNPJUJÏEFMBRVBOUJUÏSÏHMÏFFUJOUFSSPNQUCSJÒWFNFOU
MBEJTUSJCVUJPOQPVSNPVESFMBTFDPOEFEPTFEFDBGÏ-BEJTUSJCVUJPOEFDBGÏFTUFOTVJUFSFQSJTFFUUFSNJOÏF
4JMTBHJUEVOFCPJTTPOËCBTFEFMBJUMBNBDIJOFHÒSFBVUPNBUJRVFNFOUMBEJTUSJCVUJPOEVMBJU4JMB
EJTUSJCVUJPOEVQSFNJFSDBGÏFTUJOUFSSPNQVFMFTFDPOEOFTFSBQBTEJTUSJCVÏ
$0/4&37&3-&-"*565*-*4²%&'"±0/"113013*²&/&1"4-65*-*4&3"13µ4-"
%"5&%&1²3&.15*0/3&1035²&463-&.#"--"(&
$"'²&913&440$"'²$"'²"--0/(²
4ÏMFDUJPOOFSMBSÙNFEVDBGÏFO
BQQVZBOUVOFPVQMVTJFVSTGPJT
TVSMBUPVDIF
"QQVZFSTVSMBUPVDIF
VOFGPJT
QPVSUBTTFFUEFVYGPJTQPVSEFVY
UBTTFT-BEJTUSJCVUJPOEFMBCPJTTPO
TÏMFDUJPOOÏFDPNNFODFBMPST
$FUUFQSPDÏEVSFNPOUSFDPNNFOUQSÏQBSFSVOFYQSFTTP1PVSQSÏQBSFSVOBVUSFUZQFEFDBGÏMFTÏMFDUJPOOFS
FOGBJTBOUHMJTTFSMFEPJHUTVSMFEJTRVF6UJMJTFSEFTUBTTFTBQQSPQSJÏFTQPVSÏWJUFSRVFMFDBGÏOFEÏCPSEF
-BNBDIJOFUFSNJOFBVUPNBUJRVFNFOUMBEJTUSJCVUJPOEVDBGÏTFMPOMFTRVBOUJUÏTSÏHMÏFTFOVTJOF*MFTUQPTTJCMFEF
QFSTPOOBMJTFSMFTRVBOUJUÏTWPJSQBHF
DUÖPHIRUW
FDIËH[SUHVVR
DUÖPHIRUW
FDIËH[SUHVVR
GLVWULEXWLRQHQFRXUV
FDIËH[SUHVVR
$IPJTJSMBCPJTTPOTPVIBJUÏFFO
GBJTBOUUPVSOFSMFEJTRVFEF
TÏMFDUJPOEVOEPJHU
background

%*453*#65*0/%&-"#0*440/"7&$%6$"'².06-6
7FSTFSMFDBGÏQSÏNPVMVEBOTMFDPNQBSUJNFOUQSÏWVËDFUFGGFUËDÙUÏEVSÏTFSWPJSËDBGÏFOHSBJOT/F
WFSTFSRVFEVDBGÏNPVMVQPVSNBDIJOFTËDBGÏFYQSFTTPNBJTKBNBJTEVDBGÏFOHSBJOTPVTPMVCMFWPJS
DIBQJUSFj1SPHSBNNBUJPOCPJTTPOxQBHF
"55&/5*0/$&/&4526&26"/%0/%&4*3&13&1"3&36/&#0*440/®#"4&%&$"'²
13&.06-626*-'"657&34&3$&5:1&%&$"'&%"/4-&$0.1"35*.&/5
/&7&34&3266/&4&6-&.&463&%&$"'&.06-6®-"'0*4*-/&451"413&76%&
13²1"3&3%&69$"'&4&/.&.&5&.14
4ÏMFDUJPOOFSMBGPODUJPOFO
BQQVZBOUVOFPVQMVTJFVSTGPJT
TVSMBUPVDIF

7FSTFSMFDBGÏNPVMVEBOTMF
DPNQBSUJNFOUQSÏWVËDFUFGGFUË
MBJEFEFMBNFTVSFGPVSOJF
3FNBSRVF
t 4JMBEJTUSJCVUJPOOFEÏNBSSFQBTEBOTMBNJOVUFRVJTVJUMBGmDIBHFEFMBQBHFÏDSBOMBNBDIJOF
SFUPVSOFBVNFOVQSJODJQBMFUEÏDIBSHFMÏWFOUVFMDBGÏJOUSPEVJUEBOTMFUJSPJSËNBSD
t 4JMFDBGÏQSÏNPVMVOFTUQBTWFSTÏEBOTTPODPNQBSUJNFOUMBNBDIJOFOFEJTUSJCVFSBRVFEFMFBV
t 4JPVQMVTJFVSTNFTVSFTEFDBGÏTPOUBKPVUÏFTEBOTMFDPNQBSUJNFOUMBNBDIJOFOFEJTUSJCVFQBTEF
CPJTTPOFUMFDBGÏWFSTÏTFSBEÏDIBSHÏEBOTMFUJSPJSËNBSD
%BOTMFYFNQMFDJEFTTPVTMVUJMJTBUFVSBDIPJTJEFQSÏQBSFSVODBGÏFYQSFTTPFOVUJMJTBOUEVDBGÏQSÏNPVMV
-FDIPJYQFSTPOOBMJTÏEVUJMJTFSEVDBGÏQSÏNPVMVBQQBSBÔUTVSMBGmDIFVS
DUÖPHIRUW
FDIËH[SUHVVR
4ÏMFDUJPOOFSMBCPJTTPOTPVIBJUÏF
FOGBJTBOUUPVSOFSMFEJTRVFEF
TÏMFDUJPOEVOEPJHU
SUËPRXOX
FDIËH[SUHVVR
-BQBHFÏDSBOSBQQFMMFË
MVUJMJTBUFVSEFWFSTFSMFDBGÏNPVMV
EBOTMFDPNQBSUJNFOUQSÏWVËDFU
FGGFU
LQVËUHUSRXGUH
FDIËH[SUHVVR
"QQVZFSTVSMBUPVDIF MB
EJTUSJCVUJPODPNNFODF
GLVWULEXWLRQHQFRXUV
FDIËH[SUHVVR
background

%*453*#65*0/%&4#0*440/4
%*453*#65*0/%&"6$)"6%&
*-1&65:"70*326&-26&4&$-"#064463&4%&"6$)"6%&"6%&#65"7&$3*426&
%&#36-63&4-"#64&1063-"%*453*#65*0/%&-&"61&65"55&*/%3&%&4
5&.1&3"563&4&-&7&&4&7*5&35065$0/5"$5%*3&$5"7&$-&4."*/4
-BNBDIJOFEJTUSJCVFMB
RVBOUJUÏEFBVQSPHSBNNÏF
1PVSRVJUUFSMBGPODUJPOj&BV
DIBVEFxBQSÒTMB
EJTUSJCVUJPOBQQVZFSTVSMB
UPVDIF
-BNBDIJOFQFSNFUFOTVJUFBV
CFTPJOEFEJTUSJCVFSVOFRVBOUJUÏ
TVQQMÏNFOUBJSFEFMBJU$FUUFPQUJPO
SFTUFBDUJWÏFFOWJSPOTFDPOEFT
QPVSMBDUJWFSBQQVZFSTVSMBUPVDIF
TBOTMBSFMÉDIFSKVTRVËPCUFOJS
MBRVBOUJUÏTPVIBJUÏF
-"*5/0*4&55&
HDXFKDXGH
"QQVZFSTVSMBUPVDIF
GLVWULEXWLRQHQFRXUV
HDXFKDXGH
"QQVZFSTVSMBUPVDIF QPVS
DPNNFODFSMBEJTUSJCVUJPO
3FNQMJSMFSÏTFSWPJSËMBJU
DUÖPHIRUW
FDIËH[SUHVVR
"QQVZFSTVSMBUPVDIF 
DUÖPHIRUW
ODLWQRLVHWWH
$IPJTJSMFMBJUOPJTFUUFFOGBJTBOU
UPVSOFSMFEJTRVFEFTÏMFDUJPOEVO
EPJHU
DUÖPHIRUW
ODLWQRLVHWWH
4ÏMFDUJPOOFSMBSÙNFFOBQQVZBOU
VOFPVQMVTJFVSTGPJTTVSMB
UPVDIF
GLVWULEXWLRQHQFRXUV
ODLWQRLVHWWH
"QQVZFSTVSMBUPVDIF VOF
GPJTQPVSUBTTFFUEFVYGPJTQPVS
EFVYUBTTFT-BEJTUSJCVUJPOEV
MBJUOPJTFUUFDPNNFODF
DMRXWHUGXODLW"
ODLWQRLVHWWH
-BNBDIJOFQSPQPTFMFOFUUPZBHF
EFTDJSDVJUTEVMBJU
"QQVZFSTVSMBUPVDIF
QPVS
OFUUPZFSMFTDJSDVJUTJOUFSOFT
ULQÉDJHFLUFXLWODLW
ODLWQRLVHWWH
background

%*453*#65*0/%&-"*5$)"6%
&OMFWFSMFSÏDJQJFOUEVMBJUEFMB
NBDIJOF4JMDPOUJFOUFODPSFEVMBJU
SFNFUUSFDFEFSOJFSBVSÏGSJHÏSBUFVSFO
VUJMJTBOUMFSÏDJQJFOUTVQQMÏNFOUBJSF
GPVSOJFOEPUBUJPOQPVSQPVWPJSMVUJMJTFS
FOTVJUF3JODFSFUSFNQMJSMFSÏDJQJFOU
ÏRVJQÏEFDBQQVDDJOBUPSFBWFDEFMFBV
GSBÔDIF-FNFUUSFEBOTMBNBDIJOFFU
BQQVZFSTVSMBUPVDIF
-VUJMJTBUFVSOFQFVUQBTJOUFSWFOJS
EVSBOUDFUUFQIBTFFUEPJUBUUFOESF
RVFMFDZDMFTPJUUFSNJOÏ-B
NBDIJOFSFUPVSOFFOTVJUFBVNFOV
QSJODJQBM
$&55&130$²%63&&45/²$&44"*3&10635065&4
-&4#0*440/4®#"4&%&-"*5
3FUJSFSMFSÏDJQJFOUMFSJODFS
FUMFTÏDIFS
4JMPOJHOPSFMABWFSUJTTFNFOUEFOFUUPZBHFFURVFMPOEÏTJSFQSÏQBSFS
EBVUSFTCPJTTPOTMFNFTTBHFEFSJOÎBHFEFTDJSDVJUTEVMBJUDPOUJOVF
ËTABGmDIFS4JBVDVOFPQÏSBUJPOOFTUFGGFDUVÏFEBOTMFTNJOVUFT
RVJTVJWFOUMVUJMJTBUFVSTFSBBMPSTPCMJHÏEFGGFDUVFSVODZDMFEF
SJOÎBHFDPNNFEÏDSJUBVQPJOU4JMÏUFJOUMBNBDIJOFBQSÒTMB
EJTUSJCVUJPOEVOFCPJTTPOËCBTFEFMBJUMPSTEVOFOPVWFMMFSFNJTF
FONBSDIFJMTFSBPCMJHÏEFGGFDUVFSMFDZDMFEFSJOÎBHFEFTDJSDVJUTEV
MBJU
3FNBSRVFBWBOUEBDUJWFSDFUUFGPODUJPOTBTTVSFS
RVVOSÏDJQJFOUTVGmTBNNFOUHSBOETFUSPVWFTPVTMBCVTFEV
EJTUSJCVUFVS
MFSÏDJQJFOUEVMBJUÏRVJQÏEFDBQQVDDJOBUPSFDPOUJFOUEFMFBV
GSBÔDIFQPUBCMFFURVJMFTUJOTÏSÏËMJOUÏSJFVSEFMBNBDIJOF
RVFMFSÏTFSWPJSËFBVDPOUJFOOFVOFRVBOUJUÏEFBVTVGmTBOUF
1PVSVOFEJTUSJCVUJPOTVQQMÏNFOUBJSFEFMBJUSÏQÏUFSMBQSPDÏEVSF2VBOEMJOTDSJQUJPOjULQÉDJHFLUFXLWODLWx
DMJHOPUFOFUUPZFSMFTDJSDVJUTEVMBJUDPNNFJOEJRVÏQPVSMFMBJUOPJTFUUFWPJSQBHFJDÙOFFUTVJWBOUFT
ULQÉDJHFLUFXLWODLW
HQFRXUV
F\FOHULQÉDJHODLW
DUÖPHIRUW
FDIËH[SUHVVR
"QQVZFSTVSMBUPVDIF 
ODLWFKDXG
$IPJTJSMFMBJUDIBVEFUBQQVZFS
TVSMBUPVDIF
DMRXWHUGXODLW"
ODLWFKDXG
$POUJOVFSBVCFTPJOËBQQVZFSTVS
MBUPVDIF
KVTRVËDFRVFMB
RVBOUJUÏTPVIBJUÏFTPJUBUUFJOUF
ULQÉDJHFLUFXLWVODLW
FDIËH[SUHVVR
-FNFTTBHFjULQÉDJHFLUFXLWV
ODLWxTBGmDIFBQSÒTKPVSTËQBSUJS
EFMBQSFNJÒSFEJTUSJCVUJPOEVOF
CPJTTPOËCBTFEFMBJU*MFTUDPOTFJMMÏ
EFGGFDUVFSMFMBWBHFEFTDJSDVJUTEVMBJU
DPNNFEÏDSJUËMBQBHF
-PSTRVFKPVSTTVQQMÏNFOUBJSFTTF
TPOUÏDPVMÏTMBNBDIJOFTFCMPRVFFUJM
GBVUFGGFDUVFSPCMJHBUPJSFNFOUMFMBWBHF
EFTDJSDVJUTEVMBJU
3FNQMJSMFSÏTFSWPJSËMBJU


background

%*453*#65*0/%&4#0*440/4
$"'²&913&440$3µ.&
$"116$$*/0
2VBOEMJOTDSJQUJPO
jULQÉDJHFLUFXLWODLWx
DMJHOPUFOFUUPZFSMFTDJSDVJUTEV
MBJUDPNNFJOEJRVÏQPVSMFMBJU
OPJTFUUFWPJSQBHFJDÙOFFU
TVJWBOUFT
DUÖPHIRUW
FDIËH[SUHVVR
"QQVZFSTVSMBUPVDIF 
DUÖPHIRUW
H[SUHVVRFUÊPH
$IPJTJSMFDBGÏDSÒNFFOGBJTBOU
UPVSOFSMFEJTRVFEFTÏMFDUJPOEVO
EPJHU
4ÏMFDUJPOOFSMBSÙNFFOBQQVZBOU
VOFPVQMVTJFVSTGPJTTVSMB
UPVDIF
DUÖPHIRUW
H[SUHVVRFUÊPH
DUÖPHIRUW
H[SUHVVRFUÊPH
$POUJOVFSBVCFTPJOËBQQVZFSTVSMB
UPVDIF
KVTRVËDFRVFMB
RVBOUJUÏEFMBJUTPVIBJUÏFTPJUBUUFJOUF
"QQVZFSTVSMBUPVDIF
VOF
PVEFVYGPJT-BEJTUSJCVUJPO
DPNNFODF
DMRXWHUGXODLW"
H[SUHVVRFUÊPH
2VBOEMJOTDSJQUJPO
jULQÉDJHFLUFXLWODLWx
DMJHOPUFOFUUPZFSMFTDJSDVJUTEV
MBJUDPNNFJOEJRVÏQPVSMFMBJU
OPJTFUUFWPJSQBHFJDÙOFFU
TVJWBOUFT
DUÖPHIRUW
FDIËH[SUHVVR
"QQVZFSTVSMBUPVDIF 
DUÖPHIRUW
FDSSXFFLQR
$IPJTJSMFDBQQVDDJOPFOGBJTBOU
UPVSOFSMFEJTRVFEFTÏMFDUJPOEVO
EPJHU
4ÏMFDUJPOOFSMBSÙNFFOBQQVZBOU
VOFPVQMVTJFVSTGPJTTVSMB
UPVDIF
DUÖPHIRUW
FDSSXFFLQR
GLVWULEXWLRQHQFRXUV
FDSSXFFLQR
$POUJOVFSBVCFTPJOËBQQVZFSTVSMB
UPVDIF
KVTRVËDFRVFMB
RVBOUJUÏEFMBJUTPVIBJUÏFTPJUBUUFJOUF
"QQVZFSTVSMBUPVDIF
VOF
PVEFVYGPJT-BEJTUSJCVUJPO
DPNNFODF
DMRXWHUGXODLW"
FDSSXFFLQR
3FNQMJSMFSÏTFSWPJSËMBJU
3FNQMJSMFSÏTFSWPJSËMBJU
background
130(3".."5*0/%&4#0*440/4
130(3".."5*0/1063"650"113&/5*44"(&
-VUJMJTBUFVSQFVUQSPHSBNNFSDIBRVFCPJTTPOTFMPOTPOHPßUQFSTPOOFM
1PVSÐUSFQMVTQSÏDJTMBQBHFTVJWBOUFNPOUSFDPNNFOUQSPHSBNNFSVOFCPJTTPODPOUFOBOUEVMBJUFUEVDBGÏMFT
QBSBNÒUSFTËTBJTJSQPVSMBQSPHSBNNBUJPOEFDIBRVFCPJTTPOQFVWFOUÐUSFEJGGÏSFOUTFOGPODUJPOEFMBOBUVSFEFMB
CPJTTPO
-BRVBOUJUÏEFDBGÏFUPVEFMBJURVJFTUEJTUSJCVÏFEBOTMBUBTTFDIBRVFGPJTRVFMPOBQQVJFTVSMFCPVUPO
QFVUÐUSFQSPHSBNNÏFSBQJEFNFOUQPVSUPVUFTMFTCPJTTPOT
"QSÒTBWPJSTÏMFDUJPOOÏMFUZQFEFCPJTTPOËQSPHSBNNFSBQQVZFSTVSMBUPVDIF
TBOTMBSFMÉDIFS
KVTRVËDFRVBQQBSBJTTFQBSFYFNQMFTVSMBGmDIFVS
-BNBDIJOFEJTUSJCVFMFDBGÏPVMFMBJU
2VBOEMBRVBOUJUÏTPVIBJUÏFFTUBUUFJOUFBQQVZFSËOPVWFBVTVSMBUPVDIF

-BGmDIFVSJOEJRVF
6OJRVFNFOUMFTCPJTTPOTËCBTFEFDBGÏFUEFMBJUQPVSMFTCPJTTPOTDPOUFOBOUEVDBGÏFUEVMBJUJMGBVU
NÏNPSJTFSMBRVBOUJUÏTPVIBJUÏFEVSBOUMBEJTUSJCVUJPODPSSFTQPOEBOUFFOBQQVZBOUTVSMBUPVDIF
$FUUFRVBOUJUÏEFDBGÏFUPVEFMBJUEJTUSJCVÏFSFTUFNÏNPSJTÏFFUSFNQMBDFMFTSÏHMBHFTQSÏDÏEFOUT
QRXYHOOHTXDQWLWËVDXYËH
FDIËH[SUHVVR
130(3".."5*0/®1"35*3%6.&/6j3²(-"(&#0*440/4x
$FNFOVQFSNFUEFSÏHMFSMFTQBSBNÒUSFTQPVSMBQSÏQBSBUJPOEFTCPJTTPOTBQQVZFSTVSMBUPVDIF
FUTÏMFDUJPOOFSjUËJODJHVERLVVRQVxFOGBJTBOUUPVSOFSMFEJTRVFEFTÏMFDUJPOEVOEPJHU
"VDPVSTEFDFUUFQIBTFPOQFVU
RVJUUFSMB
QSPHSBNNBUJPO
UËJODJHVERLVVRQV
MFGBJUEFMBJTTFSHMJTTFSTPOEPJHU
TVSMFEJTRVFQFSNFUEFNPEJmFS
MFTSÏHMBHFTQPVS
MBRVBOUJUÏEFDBGÏEJTUSJCVÏF
DBSSÏFOWJSPONM
MBRVBOUJUÏEFMBJUEJTUSJCVÏF
DBSSÏFOWJSPONM
MBUFNQÏSBUVSFEVDBGÏ
MBQSÏJOGVTJPOEVDBGÏ
4ÏMFDUJPOOFSMBSÙNF
EVDBGÏ
SÏUBCMJSMFTSÏHMBHFT
QSÏEÏmOJTFOVTJOF
GPODUJPORVJWBSJFTFMPOMF
OJWFBVEFQSPHSBNNBUJPO
TBVWFHBSEFSMFT
OPVWFBVYSÏHMBHFT
background



130(3".."5*0/%&4#0*440/4
7ÏSJmFSTJMFSÏTFSWPJSËFBVFUMF
SÏTFSWPJSËDBGÏFOHSBJOTTPOU
QMFJOTNFUUSFMBUBTTFTPVTMBCVTF
EVEJTUSJCVUFVS
"QQVZFSTVSMBUPVDIF
UËJODJHVERLVVRQV
ODLWQRLVHWWH
DUÖPHIRUW
ODLWQRLVHWWH
"QQVZFSVOFPVQMVTJFVSTGPJTTVSMB
UPVDIF
QPVSSÏHMFSMBSÙNFPV
DIPJTJSEVUJMJTFSMFDBGÏQSÏNPVMV
.ÏNPSJTFSFOBQQVZBOUTVS
4ÏMFDUJPOOFSMBCPJTTPOË
QSPHSBNNFS$POmSNFSFO
BQQVZBOUTVS
4ÏMFDUJPOOFSjSÏHMBHFCPJTTPOTx
"QQVZFSTVSMBUPVDIF
QPVS
DPOmSNFS
FDIË¡¡
ODLWQRLVHWWH
.PEJmFSMBEFOTJUÏEVDBGÏFO
UPVSOBOUMFEJTRVFDPOmSNFSFO
BQQVZBOUTVS
"QQVZFSTVS
QPVSDIBOHFSMFQBSBNÒUSFEF
DBGÏËMBJU
ODLW¡¡
ODLWQRLVHWWH
.PEJmFSMBRVBOUJUÏEFMBJUFO
UPVSOBOUMFEJTRVFFUDPOmSNFS
BWFDMBUPVDIF
WHPSËUDWXUHKDXWH
ODLWQRLVHWWH
"QQVZFSQFOEBOUQMVTEFEFVY
TFDPOEFTTVSMBUPVDIF
QPVS
QPVWPJSBDDÏEFSBVYBVUSFT
QBSBNÒUSFTËQSPHSBNNFS
WHPSËUDWXUHKDXWH
ODLWQRLVHWWH
.PEJmFSMBWBMFVSEFMBUFNQÏSBUVSF
IBVUFNPZFOOFCBTTFFOUPVSOBOU
MFEJTRVFEVOEPJHU.ÏNPSJTFSFO
BQQVZBOUTVS
SUËLQIXVLRQQRUPDOH
ODLWQRLVHWWH
"QQVZFSTVSMBUPVDIF QPVS
TÏMFDUJPOOFSMFQBSBNÒUSF
QSÏJOGVTJPO
.PEJmFSMBWBMFVSEFMBQSÏJOGVTJPOOPSNBMF
GPSUFEÏTBDUJWÏFFOUPVSOBOUMFEJTRVFEVO
EPJHU.ÏNPSJTFSFOBQQVZBOUTVS
SUËLQIXVLRQQRUPDOH
ODLWQRLVHWWH
DUÖPHIRUW
FDIËH[SUHVVR
UËJODJHVERLVVRQV













background

$FSUBJOFTGPODUJPOTEFMBNBDIJOFQFVWFOUÐUSFQSPHSBNNÏFTBmOEFMFTBEBQUFSBVYFYJHFODFT
QFSTPOOFMMFT
DUÖPHIRUW
FDIËH[SUHVVR
"QQVZFSTVSMBUPVDIF QPVS
 DPOmSNFSMBTÏMFDUJPO
 NÏNPSJTFSMFTOPVWFBVYSÏHMBHFT
"QQVZFSTVSMBUPVDIF

'BJSFUPVSOFSMFEJTRVFEVOEPJHUQPVS
 TÏMFDUJPOOFSMFTGPODUJPOT
 NPEJmFSMFTQBSBNÒUSFTEFTGPODUJPOT
UËJODJHVERLVVRQV
3ÏHMBHFCPJTTPOT
EÏKËUSBJUÏËMBQBHF
UËJODJHVPDFKLQH
IRQFWLRQVVSËFLDOHV
3ÏHMBHFTEFMBNBDIJOFWPJSQBHF
'PODUJPOTTQÏDJBMFTWPJSQBHF
1PVSRVJUUFSMBQSPHSBNNBUJPO
VRUWLH VRUWLH
PV
130(3".."5*0/%&-"."$)*/&




background

130(3".."5*0/%&-"."$)*/&
.&/6j-"/(6&x
3²(-"(&4%&-"."$)*/&
1PVSSÏHMFSMFTQBSBNÒUSFTHÏOÏSBVYEFGPODUJPOOFNFOUEFMBNBDIJOFBQQVZFSTVSMBUPVDIF FU
DIPJTJSjUËJODJHVPDFKLQHx'BJSFUPVSOFSMFEJTRVFEFTÏMFDUJPOEVOEPJHUQPVS
UËJODJHVPDFKLQH
ODQJXH
UËJODJHVPDFKLQH
ILOWUHÂHDX
UËJODJHVPDFKLQH
GXUHWËGHOtHDX
UËJODJHVPDFKLQH
F\FOHGHULQÉDJH
UËJODJHVPDFKLQH
SODTXHFKDXIIHWDVVHV
UËJODJHVPDFKLQH
DODUPHVDFRXVWLTXHV
UËJODJHVPDFKLQH
HQWUHWLHQ
UËJODJHVPDFKLQH
UËJODJHVKRUORJH
UËJODJHVPDFKLQH
UËJODJHVWDQGE\
UËJODJHVPDFKLQH
HQWUHWLHQ
TÏMFDUJPOOFSMBMBOHVFEFTNFOVT
TÏMFDUJPOOFSMFGPODUJPOOFNFOUEF
MBQQBSFJMBWFDMFmMUSFj"RVB1SJNBx
DIPJTJSMFEFHSÏEFEVSFUÏEFMFBV
SÏHMFSMFSJOÎBHFEFTDJSDVJUTEFMBQQBSFJM
SÏHMFSMFGPODUJPOOFNFOUEFMBQMBRVF
DIBVGGFUBTTFT
SÏHMFSBDUJWFSMFTBMBSNFTTPOPSFT
MFOFUUPZBHFEFTDJSDVJUTJOUFSOFTEFMB
NBDIJOF
SÏHMFSMIPSMPHF
SÏHMFSMFTUBOECZFUMFTNJOVUFSJFT
1PVSRVJUUFSVOOJWFBVRVFMDPORVFEFjSÏHMBHFTEF
MBNBDIJOFxTBOTNÏNPSJTFSMFTNPEJmDBUJPOT
BQQVZFSTVSMBUPVDIF
1BSFYFNQMF
UËJODJHVPDFKLQH UËJODJHVPDFKLQH
ODQJXH
IUDQFDLV
ODQJXH
4ÏMFDUJPOOFSMBMBOHVFTPVIBJUÏF-B
NBDIJOFBGmDIFFOTVJUFUPVTMFT
NFTTBHFTEBOTMBMBOHVFTPVIBJUÏF
UËJODJHVPDFKLQHODQJXH$FNFOVQFSNFUEFNPEJmFSMBMBOHVFEFMBGmDIFVS






background

.&/6j1-"26&$)"6''&5"44&4x
UËJODJHVPDFKLQH UËJODJHVPDFKLQH
SODTXHFKDXIIHWDVVHV
*MFTUQPTTJCMFEFSÏHMFS
 WRXMRXUVDOOXPËH
 WRXMRXUVËWHLQWH
 ËWHLQWHHQVWDQGE\
UËJODJHVPDFKLQHSODTXHFKDXIIHWDVVHV
$FNFOVQFSNFUEFSÏHMFSMFGPODUJPOOFNFOUEFMBQMBRVFDIBVGGFUBTTFTTJUVÏFEBOTMBQBSUJFTVQÏSJFVSFEF
MBNBDIJOF
.&/6j'*-53&®&"6x
UËJODJHVPDFKLQH UËJODJHVPDFKLQH
ILOWUHÂHDX
*MFTUQPTTJCMFEFSÏHMFS
 DFWLYË
 GËVDFWLYË
UËJODJHVPDFKLQHILOWUHÂHDX
$FUUFGPODUJPOTFSUËNJFVYHÏSFSMFmMUSFFOBWFSUJTTBOUMVUJMJTBUFVSRVBOEJMEPJUÐUSFSFNQMBDÏ$FUUF
GPODUJPOEPJU
t ÐUSFBDUJWÏFRVBOEPOEÏTJSFVUJMJTFSMFmMUSFj"RVBQSJNBx
t ÐUSFEÏTBDUJWÏFTJMPOOFEÏTJSFQBTVUJMJTFSMFmMUSFj"RVBQSJNBx
ILOWUHÂHDX
DFWLYILOWUHÂHDX
ILOWUHÂHDX
LQLWLDOLVDWLRQ
$POTVMUFSMJOJUJBMJTBUJPOEV
mMUSFEÏDSJUFËMBQBHF
$FNFOVQFSNFUEBDUJWFSPVEF
EÏTBDUJWFSMFDPOUSÙMFEVmMUSF
$FNFOVQFSNFUEJOJUJBMJTFSVO
mMUSFOFVGRVJWJFOUEÐUSFNPOUÏ












background

130(3".."5*0/%&-"."$)*/&
1MPOHFSEBOTMFBVMBCBOEFEFUFTUGPVSOJF
BWFDMFLJUQFOEBOUVOFTFDPOEFBmOEF
WÏSJmFSMBEVSFUÏEFMFBV
%ÏUFSNJOFSMBWBMFVS
-BCBOEFOFQFVUÐUSFVUJMJTÏFRVF
QPVSVOFTFVMFNFTVSF
.&/6j3*"(&x
UËJODJHVPDFKLQH UËJODJHVPDFKLQH
F\FOHGHULQÉDJH
3FNBSRVFDFSJOÎBHFEPJUÐUSFGBJUBQSÒTMBQIBTFEFDIBVGGBHFËDIBRVFNJTFFONBSDIFEFMBNBDIJOF
UËJODJHVPDFKLQHF\FOHGHULQÉDJH
$FNFOVQFSNFUMFOFUUPZBHFEFTDPOEVJUFTJOUFSOFTBmOEFHBSBOUJSRVFMBEJTUSJCVUJPOEFTCPJTTPOTTPJU
FGGFDUVÏFVOJRVFNFOUBWFDEFMFBVGSBÔDIF$FUUFGPODUJPOFTUEÏKËBDUJWÏFQBSMFGBCSJDBOUQVPSUPVTMFT
BQQBSFJMTOFVGT
*MFTUQPTTJCMFEFSÏHMFS
 RXL
 QRQ
.&/6j%63&5²%&-&"6x
UËJODJHVPDFKLQHGXUHWËGHOtHDX
$FNFOVQFSNFUEFSÏHMFSMFEFHSÏEFEVSFUÏEFMFBVTVSVOFÏDIFMMFEFË-BQQBSFJMFTUQSÏSÏHMÏTVSMF
EFHSÏEFEVSFUÏ
UËJODJHVPDFKLQH
UËJODJHVPDFKLQH
GXUHWËGHOtHDX

GXUHWËGHOtHDX
3ÏHMFSMBEVSFUÏEFMFBVFU
NÏNPSJTFS











background

.&/6j"-"3.&440/03&4x
UËJODJHVPDFKLQH UËJODJHVPDFKLQH
DODUPHVDFRXVWLTXHV
UËJODJHVPDFKLQHDODUPHVDFRXVWLTXHV
$FNFOVQFSNFUEBDUJWFSPVEFEÏTBDUJWFSMFTTJHOBVYTPOPSFTEFMBQQBSFJM
*MFTUQPTTJCMFEFSÏHMFS
 WRQDSSX\DQWVXUODWRXQPVSBDUJWFSEÏTBDUJWFSMÏNJTTJPOEVOTJHOBMDIBRVFGPJTRVFMPOBQQVJF
TVSVOFUPVDIF
 DYHUWLVVHPHQWTWËODLWQPVSBDUJWFSEÏTBDUJWFSMÏNJTTJPOEVOTJHOBMRVBOEMFSÏDJQJFOUEVMBJUFTU
EFQVJTUSPQMPOHUFNQTEBOTMBNBDIJOF
 WRQDOLWËGHFRQILUPDWLRQQPVSBDUJWFSEÏTBDUJWFSMÏNJTTJPOEVOTJHOBMDPOmSNBOURVFMBDPNNBOEF
BÏUÏFYÏDVUÏFCPJTTPONÏNPSJTÏFFUD
 WRQODYFLUFODLWQPVSBDUJWFSEÏTBDUJWFSMÏNJTTJPOEVOTJHOBMRVBOEMBNBDIJOFBCFTPJORVFMFT
DJSDVJUTEVMBJUTPJFOUMBWÏT
DODUPHVDFRXVWLTXHV
WRQDSSX\DQWVXUODWRX






background

130(3".."5*0/%&-"."$)*/&
.&/6j&/53&5*&/x
UËJODJHVPDFKLQH
HQWUHWLHQ
HQWUHWLHQ
F\FOHULQÉDJHODLW
UËJODJHVPDFKLQHHQWUHWLHQ
$FNFOVQFSNFUEFMBWFSMFTDJSDVJUTJOUFSOFTEFMBNBDIJOFRVJTFSWFOUËMBQSÏQBSBUJPOEVDBGÏFUEVMBJU
'BJSFUPVSOFSMFEJTRVFEFTÏMFDUJPOEVOEPJHUQPVS
HQWUHWLHQ
F\FOHULQÉDJHODLW
HQWUHWLHQ
F\FOHODYDJHODLW
SJODFSMFTDJSDVJUTEVMBJUBQSÒTMB
QSÏQBSBUJPOEFTCPJTTPOT
MBWFSMFTDJSDVJUTEVMBJUËGPOE$FUUF
PQÏSBUJPOFTUPCMJHBUPJSFBVCPVUEVO
EÏMBJQSPHSBNNÏËQBSUJSEFMB
QSFNJÒSFEJTUSJCVUJPO
HQWUHWLHQ
F\FOHULQÉDJHFDIË
HQWUHWLHQ
F\FOHGHGËWDUWUDJH
MBWFSMFHSPVQFEFEJTUSJCVUJPO
MBODFSMFDZDMFEFEÏUBSUSBHF
$ZDMFEFSJOÎBHFEFTDJSDVJUTEVMBJU
UËJODJHVPDFKLQHHQWUHWLHQF\FOHULQÉDJHODLW
$FUUFGPODUJPOQFSNFUEFSJODFSMFTDJSDVJUTJOUFSOFTEFMBNBDIJOFRVJTFSWFOUËMBQSÏQBSBUJPOEVMBJU
$FDZDMFCSFGEPJUÐUSFFGGFDUVÏPCMJHBUPJSFNFOUBQSÒTRVFNJOVUFTTFTPOUÏDPVMÏFTËQBSUJSEFMB
EJTUSJCVUJPOEFMBEFSOJÒSFCPJTTPOËCBTFEFMBJU
3FNBSRVFBWBOUEBDUJWFSDFUUFGPODUJPOWÏSJmFSTJ
VOSÏDJQJFOUEFUBJMMFTVGmTBOUFTFUSPVWFTPVTMBCVTFEVEJTUSJCVUFVS
UPVTMFTSÏTJEVTPOUÏUÏÏMJNJOÏTEVSÏDJQJFOUËMBJUFUTJDFEFSOJFSDPOUJFOUEFMFBVGSBÔDIFQPUBCMF
MFSÏTFSWPJSËFBVDPOUJFOUVOFRVBOUJUÏEFBVTVGmTBOUF
RXL
F\FOHULQÉDJHODLW
HQFRXUV
F\FOHULQÉDJHODLW
3FUJSFSMFSÏDJQJFOUMFSJODFS
FUMFTÏDIFS
"UUFOESFRVFMFDZDMFTPJU
UFSNJOÏ






background

UËJODJHVPDFKLQH
HQWUHWLHQ
HQWUHWLHQ
F\FOHULQÉDJHFDIË
$ZDMFSJOÎBHFDBGÏ
UËJODJHVPDFKLQHHQWUHWLHQF\FOHULQÉDJHFDIË
RXL
F\FOHULQÉDJHFDIË
LQVËUHUODSDVWLOOH
F\FOHULQÉDJHFDIË
*OUSPEVJSFMBQBTUJMMFDPNNF
JOEJRVÏQMVTIBVU
"QQVZFSTVS
QPVS
DPNNFODFS
$FUUFGPODUJPOQFSNFUEFGGFDUVFSMFOFUUPZBHFEFTDJSDVJUTJOUFSOFTEFMBQQBSFJMRVJTFSWFOUËMB
EJTUSJCVUJPOEVDBGÏ*MFTUDPOTFJMMÏEFGGFDUVFSDFDZDMFEFSJOÎBHFVOFGPJTQBSNPJT
3FNBSRVFBWBOUEBDUJWFSDFUUFGPODUJPOWÏSJmFSTJ
VOSÏDJQJFOUEFUBJMMFTVGmTBOUFTFUSPVWFTPVTMBCVTFEVEJTUSJCVUFVS
MBQBTUJMMFTQÏDJBMFQPVSMFOFUUPZBHFBÏUÏJOUSPEVJUFEBOTMFHSPVQFEFEJTUSJCVUJPO
MFSÏTFSWPJSËFBVDPOUJFOUVOFRVBOUJUÏEFBVTVGmTBOUF
-&$:$-&%&-"7"(&/&1&651"4³53&*/5&330.16
1&/%"/5$&55&03"5*0/-"13²4&/$&%6/&1&340//&&45/²$&44"*3&
HQFRXUV
F\FOHULQÉDJHFDIË
"UUFOESFRVFMFDZDMFTPJU
UFSNJOÏ
1PVSOFUUPZFSQMVTËGPOEJM
FTUDPOTFJMMÏEFTVJWSFMFT
JOTUSVDUJPOTSFQPSUÏFTEBOT
MBTFDUJPO
j/FUUPZBHFFUFOUSFUJFOx
HIIHFWXË
F\FOHULQÉDJHFDIË
2VBOEMFDZDMFEFOFUUPZBHFFTU
UFSNJOÏBQQVZFSTVS
QPVS
DPOmSNFS






background

130(3".."5*0/%&-"."$)*/&
UËJODJHVPDFKLQH
HQWUHWLHQ
HQWUHWLHQ
F\FOHODYDJHODLW
$ZDMFMBWBHFEFTDJSDVJUTEVMBJU
UËJODJHVPDFKLQHHQWUHWLHQF\FOHODYDJHODLW
RXL
F\FOHODYDJHODLW
GLVWULEHDXFKDXGHGDQV
F\FOHODYDJHODLW
$FUUFGPODUJPOQFSNFUEFMBWFSMFTDJSDVJUTJOUFSOFTEFMBNBDIJOFRVJTFSWFOUËMBQSÏQBSBUJPOEVMBJU
-BNBDIJOFQSPQPTFEFGGFDUVFSDFDZDMFKPVSTBQSÒTMBQSFNJÒSFEJTUSJCVUJPOEFMBQSFNJÒSFCPJTTPOË
CBTFEFMBJUEBOTDFDBTMJOTDSJQUJPOjSJOÎBHFDJSDVJUTMBJUxDMJHOPUFWPJSQBHFFGGFDUVFSMFMBWBHF
DPNNFEÏDSJUEBOTMFQSÏTFOUQBSBHSBQIF$FDZDMFEPJUÐUSFFGGFDUVÏPCMJHBUPJSFNFOUBVCPVUEFKPVST
EBOTDFDBTMJOTDSJQUJPOjSJOÎBHFDJSDVJUTMBJUxSFTUFmYFFUJMGBVUBQQVZFSTVSMFCPVUPO
$POTVMUFS
MFTJOEJDBUJPOTBVQPJOUMBNBDIJOFTFNFUBVQPJOU
3FNBSRVFBWBOUEBDUJWFSDFUUFGPODUJPOWÏSJmFSTJ
VOSÏDJQJFOUEFUBJMMFTVGmTBOUFFTUËQPSUÏFEFMBNBJO
MFSÏDJQJFOUËMBJUBÏUÏDPSSFDUFNFOUMBWÏFUOFDPOUJFOUQMVTEFSÏTJEVTEFMBJU
MFSÏTFSWPJSËFBVDPOUJFOUVOFRVBOUJUÏEFBVTVGmTBOUF
-&$:$-&%&-"7"(&/&1&651"4³53&*/5&330.161&/%"/5$&55&01²3"5*0/-"14&/$&
%6/&1&340//&&45/²$&44"*3&/65*-*4&326&-&%²5&3(&/5'063/*&/%05"5*0/
1MBDFSMFSÏDJQJFOUEVMBJUTPVT
MBCVTFEFBVDIBVEF
"QQVZFSTVSMBUPVDIF
QPVSEJTUSJCVFSMFBVDIBVEF
EBOTMFSÏDJQJFOU"UUFOESF
6OFGPJTMFSÏDJQJFOUSFNQMJ
MÏDSBOBGmDIF
1MPOHFSMBQBTUJMMFEF
EÏUFSHFOUEBOTMFSÏDJQJFOU
YHUVHUOHGËWHUJHQWGDQV
F\FOHODYDJHODLW
0VWSJSMFMPHFNFOUFUJOTÏSFSMF
SÏDJQJFOUBWFDMFEÏUFSHFOU
YHUVHUOHGËWHUJHQWGDQV
F\FOHODYDJHODLW
'FSNFSMFMPHFNFOU
"QQVZFSTVS
QPVS
DPNNFODFS






background












DWWHQGUH693
F\FOHODYDJHODLW
"UUFOESF1MBDFSVOSÏDJQJFOU
TPVTMBCVTFEFBV
DSSX\HUVXURN
F\FOHODYDJHODLW
HQFRXUV
F\FOHODYDJHODLW
"QQVZFSTVSMBUPVDIF 
QPVSGBJSFEÏNBSSFSMFDZDMF
"UUFOESFRVFMFMBWBHFTPJU
UFSNJOÏ
-PSTRVFMFMBWBHFFTUUFSNJOÏ
MÏDSBOBGmDIF
ULQFHU
F\FOHODYDJHODLW
DSSX\HUVXURN
F\FOHODYDJHODLW
ULQFHU
F\FOHODYDJHODLW
3FUJSFSMFSÏDJQJFOUEVMBJU 3JODFSMFSÏDJQJFOUFUMF
SFNQMJSBWFDEFMFBVGSBÔDIF
UHPSOLUGtHDXOH
F\FOHODYDJHODLW
*OUSPEVJSFMFSÏDJQJFOUFU
BQQVZFSTVSMBUPVDIF
ULQÉDJHHQFRXUV
F\FOHODYDJHODLW
"UUFOESF -PSTRVFMFSJOÎBHFFTU
UFSNJOÏMÏDSBOBGmDIF
3FUJSFSMFSÏDJQJFOUEVMBJU 3JODFSMFSÏDJQJFOUFUMF
SFNQMJSBWFDEFMFBVGSBÔDIF
&GGFDUVFSVOBVUSFDZDMFEF
SJOÎBHFFOTVJWBOUMBQSPDÏEVSF
EÏDSJUFBVQBSBWBOU2VBOEMF
DZDMFFTUUFSNJOÏBQQVZFSTVSMB
UPVDIF

UHPSOLUGtHDXOH
F\FOHODYDJHODLW
background

130(3".."5*0/%&-"."$)*/&
*MFTUSFDPNNBOEÏEVUJMJTFSEFQSÏGÏSFODFMFEÏUBSUSBOU4BFDPPVVOEFTQSPEVJUTEÏUBSUSBOUTQPVSNBDIJOFTËDBGÏ
OPOUPYJRVFTOJOPDJGTRVFMPOUSPVWFEBOTMFDPNNFSDF-BTPMVUJPOVUJMJTÏFEPJUÐUSFÏMJNJOÏFDPOGPSNÏNFOUËDF
RVJFTUQSÏWVQBSMFGBCSJDBOUFUPVQBSMFTOPSNFTFOWJHVFVSEBOTMFQBZTPáMBNBDIJOFFTUVUJMJTÏF
3FNBSRVFBWBOUEFDPNNFODFSMFDZDMFEFEÏUBSUSBHFWÏSJmFSTJ
 VOSÏDJQJFOUEFUBJMMFTVGmTBOUFTFUSPVWFTPVTMBCVTFEFBVFUEVEJTUSJCVUFVS
 -&'*-53&j"26"13*."x/&451-64%"/4-&3²4&370*3®&"6
 MFQSPEVJUEÏUBSUSBOUBÏUÏWFSTÏEBOTMFSÏTFSWPJSËFBVKVTRVBVOJWFBVNBSRVÏQBSMFTZNCPMF
"SUEVDZDMFEFEÏUBSUSBHF
-FDZDMFEFEÏUBSUSBHFFUPVEFSJOÎBHFQFVUÐUSFJOUFSSPNQVFUSFQSJTFOTVJUF2VBOEMVUJMJTBUFVSJOUFSSPNQUMF
DZDMFEFEÏUBSUSBHFMBNBDIJOFMBWFSUJURVJMGBVUMÏUFJOESF
"55&/5*0/-&%²5"353"(&%0*5³53&5&3.*/²%"/4-&4)&63&426*46*7&/540/
*/5&33615*0/
-PSTRVFMBNBDIJOFFTUSFNJTFFONBSDIFFMMFTJHOBMFRVFMFQSPDFTTVTEFEÏUBSUSBHFFUPVEFSJOÎBHFEPJU
ÐUSFUFSNJOÏ
$FUUFGPODUJPOQFSNFUEFYÏDVUFSMFDZDMFBVUPNBUJRVFEFEÏUBSUSBHF
-FEÏUBSUSBHFFTUOÏDFTTBJSFUPVTMFTNPJTRVBOEMFBVTÏDPVMFQMVTMFOUFNFOURVFEIBCJUVEFPVRVBOEMB
NBDIJOFMFTJHOBMF-BNBDIJOFEPJUÐUSFBMMVNÏFFUFMMFHÒSFBVUPNBUJRVFNFOUMBEJTUSJCVUJPOEVEÏUBSUSBOU
1&/%"/5$&55&03"5*0/-"13²4&/$&%6/&1&340//&&45/²$&44"*3&
"55&/5*0//&+"."*465*-*4&3%&7*/"*(3&1063%²5"353&3-"."$)*/&
-BNBDIJOFTJHOBMFËMVUJMJTBUFVSRVJMGBVUGBJSFVODZDMFEF
EÏUBSUSBHFHSÉDFËVONFTTBHFRVJDMJHOPUF$FTJHOBM
BQQBSBÔUEJTUSJCVUJPOTBQSÒTMFEÏUBSUSBHFQSÏDÏEFOU
-BMBSNFOFCMPRVFQBTMFGPODUJPOOFNFOUEFMBNBDIJOF-F
DPNQUFVSRVJTFUSPVWFËESPJUFEFMJOTDSJQUJPO
jGËWDUWUHUxBVHNFOUFËDIBRVFQSÏQBSBUJPOEF
CPJTTPOT
-BGmDIFVSTFNFUËDMJHOPUFSEJTUSJCVUJPOTBWBOUMF
CMPDBHF
-PSTRVFMFTEJTUSJCVUJPOT
EJTQPOJCMFTTPOUUFSNJOÏFTMB
NBDIJOFTFCMPRVFFUJMGBVUMB
EÏUBSUSFS'BJSFMFDZDMFEF
EÏUBSUSBHFDPNNFJOEJRVÏDJ
EFTTPVT
$ZDMFEFEÏUBSUSBHF
UËJODJHVPDFKLQHHQWUHWLHQF\FOHGHGËWDUWUDJH
GËWDUWUHU
FDIËH[SUHVVR
GËWDUWUHU
background

1PVSQSPDÏEFSBVEÏUBSUSBHFBWBOURVFMBNBDIJOFTFCMPRVFPVTJHOBMFRVJMFTUUFNQTEFMFGBJSF
UËJODJHVPDFKLQH
HQWUHWLHQ
HQWUHWLHQ
F\FOHGHGËWDUWUDJH
RXL
F\FOHGHGËWDUWUDJH
GËWDUWUDJHHQFRXUV
F\FOHGHGËWDUWUDJH
UHPSOLUUËVHUYRLUGtHDX
F\FOHGHGËWDUWUDJH
LQWURGXLUHOHUËVHUYRLU
F\FOHGHGËWDUWUDJH
7FSTFSMFEÏUBSUSBOUFUBQQVZFS
TVSMBUPVDIF
QPVSGBJSF
EÏNBSSFSMFDZDMF
-BNBDIJOFDPNNFODFBMPSTË
FOWPZFSMFEÏUBSUSBOUEBOTMF
UVZBVEFEJTUSJCVUJPOEFMFBV
DIBVEFËJOUFSWBMMFTQSÏÏUBCMJT
BmOEFQFSNFUUSFËMBTPMVUJPO
EBHJSEFGBÎPOFGmDBDF
2VBOEMBTPMVUJPOFTUUFSNJOÏF
MBGmDIFVSJOEJRVF
&OMFWFSMFSÏTFSWPJSËFBVMF
SJODFSËMFBVGSPJEFQPVS
ÏMJNJOFSUPVUFUSBDFEFTPMVUJPO
EÏUBSUSBOUFFUMFSFNQMJSEFBV
GSPJEFQPUBCMF
3FNFUUSFMFSÏTFSWPJSDPOUFOBOU
EFMFBVGSPJEFQPUBCMFEBOTMB
NBDIJOF
F\FOHGHULQÉDJH
F\FOHGHGËWDUWUDJH
ULQÉDJHHQFRXUV
F\FOHGHGËWDUWUDJH
HIIHFWXË
F\FOHGHGËWDUWUDJH
3JODFSMFTDJSDVJUTEFMB
NBDIJOFFOBQQVZBOUTVSMB
UPVDIF
-BQQBSFJMQSPDÒEFBVSJOÎBHF
%VSBOUMFSJOÎBHFMBNBDIJOFQFVU
EFNBOEFSEFSFNQMJSMFSÏTFSWPJSË
FBV
"QQVZFSTVSMBUPVDIF
FU
RVJUUFSMBQSPHSBNNBUJPOFO
BQQVZBOUËOPVWFBVTVSMBUPVDIF
7ÏSJmFSMBRVBOUJUÏEFBV
EBOTMFSÏTFSWPJSFUNPOUFSBV
CFTPJOMFmMUSFj"RVBQSJNBx






background

130(3".."5*0/%&-"."$)*/&
3²(-"(&)03-0(&
UËJODJHVPDFKLQHUËJODJHVKRUORJH
$FNFOVQFSNFUEFSÏHMFSMIFVSFBDUVFMMFMBEBUFFUMFGPSNBUEBGmDIBHFEFMIFVSFRVFMPOEÏTJSF
BGmDIFS
3ÏHMBHFEFMIFVSF
UËJODJHVPDFKLQHUËJODJHVKRUORJHUËJODJHKHXUH
$FUUFGPODUJPOQFSNFUEFSÏHMFSMIFVSFBDUVFMMFTVSMBNBDIJOF
UËJODJHVPDFKLQH
UËJODJHVKRUORJH
*MTFSUËSÏHMFS
 MIFVSFBDUVFMMFIFVSFFUNJOVUFT
 MFGPSNBUEBGmDIBHFEFMIFVSFIFVSFT".1.
 MBEBUFBDUVFMMFKPVSNPJTBOOÏFKPVSEFMBTFNBJOF
UËJODJHVPDFKLQH
UËJODJHVKRUORJH
UËJODJHVKRUORJH
UËJODJHKHXUH
KDP
UËJODJHKHXUH
PLQ
UËJODJHKHXUH
3ÏHMFSMFTNJOVUFTFOGBJTBOU
UPVSOFSMFEJTRVFEFTÏMFDUJPOEVO
EPJHU.ÏNPSJTFSBVNPZFOEFMB
UPVDIF
3ÏHMFSMIFVSFFOGBJTBOUUPVSOFS
MFEJTRVFEFTÏMFDUJPOEVOEPJHU
.ÏNPSJTFSBVNPZFOEFMB
UPVDIF








background

-BNBDIJOFNÏNPSJTFMB
WBMFVSTÏMFDUJPOOÏFSFUPVSOF
ËMBQBHFÏDSBOQSÏDÏEFOUF
FUQFSNFUEFSÏHMFSVOBVUSF
QBSBNÒUSF
-BNBDIJOFQFSNFU
ÏHBMFNFOUEBGmDIFSMIFVSF
EBOTMFGPSNBUJOUFSOBUJPOBM
I
3ÏHMBHFEFMBEBUF
UËJODJHVPDFKLQHUËJODJHVKRUORJHUËJODJHGDWH
$FUUFGPODUJPOQFSNFUEFSÏHMFSMBEBUFKPVSNPJTBOOÏFKPVSEFMBTFNBJOF.ÐNFQSPDÏEVSFQPVSUPVT
MFTQBSBNÒUSFT
UËJODJHVPDFKLQH
UËJODJHVKRUORJH
UËJODJHVKRUORJH
UËJODJHGDWH
UËJODJHGDWH
MRXU

MRXU
3ÏHMFSFOUPVSOBOUMFEJTRVFEFTÏMFDUJPO
EVOEPJHU.ÏNPSJTFSBVNPZFOEFMB
UPVDIF
4ÏMFDUJPOOFSMFQBSBNÒUSFËSÏHMFS
QBSFYjKPVSx$POmSNFSBWFDMB
UPVDIF
'PSNBUEFMIFVSF
UËJODJHVPDFKLQHUËJODJHVKRUORJHIRUPDWGHOtKHXUH
$FUUFGPODUJPOQFSNFUEFSÏHMFSMFNPEFEBGmDIBHFEFMIFVSF-BNPEJmDBUJPOEFDFSÏHMBHFSÒHMFUPVTMFT
QBSBNÒUSFTRVJEFNBOEFOUVOBGmDIBHFSÏHMBHFEFMIFVSF
UËJODJHVPDFKLQH
UËJODJHVKRUORJH
UËJODJHVKRUORJH
IRUPDWGHOKHXUH
UËJODJHVKRUORJH
IRUPDWGHOKHXUH
DPSP
IRUPDWGHOKHXUH












background





130(3".."5*0/%&-"."$)*/&
3²(-"(&45"/%#:
UËJODJHVPDFKLQHUËJODJHVWDQGE\
UËJODJHVWDQGE\
ËFRQRPLHGËQHUJLH
%BOTDFNFOVPOQFVU
²DPOPNJFEÏOFSHJF
UËJODJHVPDFKLQHUËJODJHVWDQGE\ËFRQRPLHGtËQHUJLH
-FUFNQTEFSFUBSEËMBSSÐUFTUmYÏQBSEÏGBVUËIFVSFT
UËJODJHVWDQGE\
ËFRQRPLHGËQHUJLH
DSUÊVKHXUHV
ËFRQRPLHGËQHUJLH
SÏHMFSMFTNJOVUFSJFTBDUJWBUJPOEFT
IPSBJSFTEBMMVNBHFBSSÐUSÏHMBHFVO
QBSKPVSEVOIPSBJSFEBMMVNBHFBSSÐU
SÏHMFSMFNPEFEÏDPOPNJFEÏOFSHJF
UFNQTRVJEPJUTÏDPVMFSQPVSRVFMB
NBDIJOFTPJUNJTFFOÏDPOPNJF
EÏOFSHJFBQSÒTMBEFSOJÒSFEJTUSJCVUJPO
UËJODJHVPDFKLQH
UËJODJHVWDQGE\
UËJODJHVWDQGE\
UËJODJHPLQXWHULH
*MFTUQPTTJCMFEFSÏHMFS
 DSUÊVPLQXWHV
 DSUÊVPLQXWHV
 DSUÊVKHXUH
 DSUÊVKHXUHV
UËJODJHPLQXWHULH
DFWLYDWLRQPLQXWHULH
QRQ
DFWLYDWLRQPLQXWHULH
*MFTUQPTTJCMFEFDIPJTJS
 RXLMBNBDIJOFTBMMVNF
FUTÏUFJOUBVYIPSBJSFT
SÏHMÏT
 QRQMBNBDIJOFJHOPSF
MFTIPSBJSFTSÏHMÏT
UËJODJHVPDFKLQHUËJODJHVWDQGE\UËJODJHPLQXWHULH
-FTNJOVUFSJFTOFQFVWFOUGPODUJPOOFSRVFTJFMMFTTPOUBDUJWÏFTBWFDMBGPODUJPOjDFWLYDWLRQ
PLQXWHULHVx%BOTMFDBTDPOUSBJSFMFTNJOVUFSJFTOBVSPOUBVDVOFGGFUTVSMFGPODUJPOOFNFOUEFMB
NBDIJOFNÐNFTJFMMFTTPOUSÏHMÏFT
3ÏHMBHFEFTNJOVUFSJFT
"DUJWFSMFTNJOVUFSJFT








background




3ÏHMBHFEVOJOUFSWBMMFEFNJTFFONBSDIF
UËJODJHVWDQGE\
UËJODJHPLQXWHULH
UËJODJHPLQXWHULH
OXQGL
*MFTUQPTTJCMFEFSÏHMFSMFT
IPSBJSFTEBMMVNBHFFU
EBSSÐUEFUPVTMFTKPVSTEF
MBTFNBJOF
OXQGL
PLVHHQPDUFKH
-VUJMJTBUFVSQFVUSÏHMFSVOIPSBJSFEBMMVNBHFFUVOIPSBJSFEBSSÐUQPVSDIBRVFKPVSEFMBTFNBJOFMB
NBDIJOFNPOUSFEBOTDFDBTDPNNFOUQSÏWPJSVOJOUFSWBMMFQPVSMBKPVSOÏFEVMVOEJ
KDP
PLVHHQPDUFKHOXQGL
PLQ
PLVHHQPDUFKHOXQGL
OXQGL
PLVHHQPDUFKH
3ÏHMFSMIFVSFEBMMVNBHFFO
GBJTBOUUPVSOFSMFEJTRVFEF
TÏMFDUJPOEVOEPJHU
3ÏHMFSMFTNJOVUFTEBMMVNBHF
FOGBJTBOUUPVSOFSMFEJTRVFEF
TÏMFDUJPOEVOEPJHU
OXQGL
DUUÌW
KDP
DUUÌWOXQGL
PLQ
DUUÌWOXQGL
3ÏHMFSMIFVSFEBSSÐUFOGBJTBOU
UPVSOFSMFEJTRVFEFTÏMFDUJPO
EVOEPJHU
3ÏHMFSMFTNJOVUFTEBSSÐUFO
GBJTBOUUPVSOFSMFEJTRVFEF
TÏMFDUJPOEVOEPJHU
OXQGL
DUUÌW
UËJODJHPLQXWHULH
OXQGL
'BJSFHMJTTFSMFEPJHUTVSMFEJTRVF
QPVSTÏMFDUJPOOFSMFTBVUSFTKPVSTË
QSPHSBNNFS
"QQVZFSTVS QPVS
RVJUUFSMFSÏHMBHFEVKPVS
TÏMFDUJPOOÏ
















background

130(3".."5*0/%&-"."$)*/&
'0/$5*0/441²$*"-&4
$FNFOVQFSNFUEBDDÏEFSBVYGPODUJPOTTQÏDJBMFTQSÏWVFTTVSMBNBDIJOF
1PVSDFGBJSFBQQVZFSTVSMBUPVDIF
FUDIPJTJSjIRQFWLRQVVSËFLDOHVx'BJSFUPVSOFSMF
EJTRVFEFTÏMFDUJPOEVOEPJHUQPVS
IRQFWLRQVVSËFLDOHV
DQQXOHUOHVUËJODJHV
IRQFWLRQVVSËFLDOHV
FDIËGDQVOHPRQGH
SÏUBCMJSMFTQBSBNÒUSFTEFCBTFEF
MBNBDIJOF
QSÏQBSFSMFDBGÏEBQSÒTMFTSFDFUUFT
MFTQMVTDPOOVFTBVNPOEF
"//6-&35064-&43²(-"(&4
IRQFWLRQVVSËFLDOHV IRQFWLRQVVSËFLDOHV
DQQXOHUOHVUËJODJHV
IRQFWLRQVVSËFLDOHVDQQXOHUOHVUËJODJHV
$FNFOVDPOUJFOUMBGPODUJPOQPVSSÏUBCMJSUPVUFTMFTWBMFVSTSÏHMÏFTFOVTJOF$FUUFGPODUJPOFTUQBSUJDV
MJÒSFNFOUJNQPSUBOUFQPVSSÏUBCMJSMFTQBSBNÒUSFTEFCBTF
5064-&43²(-"(&41&340//&-44&30/5%&'*/*5*7&.&/51&3%64&5/&106330/51-64³53&
3²$61²3²46/&'0*4-&41"3".µ53&445"/%"3%3²5"#-*4-65*-*4"5&6310633"3&130(3".
.&35065&4-&4'0/$5*0/4%&-"."$)*/&4*--&406)"*5&
RXL
DQQXOHUOHVUËJODJHV
YRXVÌWHVVÝUV"
DQQXOHUOHVUËJODJHV
WRXVOHVSDUDPÊWUHV
UËWDEOLV
&OTÏMFDUJPOOBOUjPVJxJMGBVUË
OPVWFBVDPOmSNFSMFDIPJYBmO
EAFNQÐDIFSUPVUSÏUBCMJTTFNFOU
JOWPMPOUBJSFEFTQBSBNÒUSFTEF
CBTF
-FSÏUBCMJTTFNFOUFTUFYÏDVUÏFO
BQQVZBOUTVSMBUPVDIF
-FNFTTBHFRVJDPOmSNFRVFMFT
QBSBNÒUSFTPOUÏUÏBOOVMÏTBQQBSBÔU
QFOEBOUTFDPOEFTTVSMBGmDIFVS






background

QSÏQBSFSVOWÏSJUBCMFDBGÏTFSSÏ
JUBMJFO
QSÏQBSFSVOUZQJRVFDBGÏEF
M&VSPQFEV/PSE
QSÏQBSFSVOUZQJRVFDBGÏ
GSBOÎBJTPVTVJTTF
QSÏQBSFSVOMBJUOPJTFUUFTBWPVSFVYTBOT
DSBJOESFEFOFQBTSÏVTTJSËTFOEPSNJS
QSÏQBSFSVODBGÏQPVSVOF
KPVSOÏFQMFJOFEÏOFSHJF
QSÏQBSFSVOUZQJRVFDBGÏFYQSFTTP
JUBMJFO
QSÏQBSFSVOUZQJRVFDBGÏBNÏSJDBJO
$"'²%"/4-&.0/%&
IRQFWLRQVVSËFLDOHV
FDIËGDQVOHPRQGH
FDIËGDQVOHPRQGH
DPHULFDQFRIIHH
IRQFWLRQVVSËFLDOHVFDIËGDQVOHPRQGH
$FUUFGPODUJPOQFSNFUËMVUJMJTBUFVSEF
RXL
DPHULFDQFRIIHH
$POmSNFSMFDIPJY
FDIËGDQVOHPRQGH
ULVWUHWWR
FDIËGDQVOHPRQGH
DPHULFDQFRIIHH
FDIËGDQVOHPRQGH
HVSUHVVRLWDOLDQR
FDIËGDQVOHPRQGH
JRRGPRUQLQJFRIIHH
FDIËGDQVOHPRQGH
FDIË
FDIËGDQVOHPRQGH
JRRGQLJKWPLON
FDIËGDQVOHPRQGH
FDIËFUÊPH
1PVSEÏHVTUFSQBSFYFNQMFVODBGÏBNÏSJDBJOUZQJRVFTÏMFDUJPOOFS
jDPHULFDQFRIIHHx
4ÏMFDUJPOOFSMBCPJTTPOTPVIBJUÏF
SRVVEVFUÊPH
DPHULFDQFRIIHH
GLVWULEXWLRQHQFRXUV
DPHULFDQFRIIHH
DUÖPHIRUW
FDIËH[SUHVVR
-PSTRVFDFUUFPQÏSBUJPOFTU
UFSNJOÏFMBNBDIJOFSFUPVSOFËMB
QBHFÏDSBOQSJODJQBMF
-BNBDIJOFDPNNFODFËEJTUSJCVFS
MBCPJTTPO
.FUUSFMFEJTQPTJUJG4#4TVSMB
QPTJUJPOJOEJRVÏFWPJSQBHF
"QQVZFSTVS
QPVS
DPNNFODFS






background

/&550:"(&&5&/53&5*&/
/FUUPZF[MFDPNQBSUJNFOUEVDBGÏ
QSÏNPVMVËMBJEFEVQJODFBV
²UFJHOF[MBQQBSFJMFUEÏCSBODIF[
MBQSJTF
-BWF[MFSÏTFSWPJSFUMFDPVWFSDMF 3FUJSF[MFCBDEÏHPVUUFNFOU
WJEF[MFFUOFUUPZF[MF
3FUJSF[MFUJSPJSËNBSDWJEF[MFFU
OFUUPZF[MF
/FUUPZF[MABGmDIFVS3FUJSF[MFCBDEÏHPVUUFNFOU
WJEF[MFFUMBWF[MF
/&550:"(&(²/²3"-%&-"."$)*/&
-FOFUUPZBHFEÏDSJUDJEFTTPVTEPJUTFGGFDUVFSBVNPJOTVOFGPJTQBSTFNBJOF
3FNBSRVFOVUJMJTF[QBTEFMFBVRVJOBQBTÏUÏSFNQMBDÏEFQVJTQMVTJFVSTKPVST
"55&/5*0//FQBTJNNFSHFSMBNBDIJOFEBOTMFBV
1PVSMFOFUUPZBHFEVDBQQVDDJOBUPSFTFSFQPSUFSËMBTFDUJPODPSSFTQPOEBOUFËMBQBHF
3FUJSFSMFSÏDJQJFOUEVMBJUFUMF
MBWFSTFSFQPSUFSËMBQBHF
QPVSMFOFUUPZBHFEV
DBQQVDDJOBUPSF
background

"QQVZF[TVSMBQPSUFEFTFSWJDF
QPVSMPVWSJS
-FOFUUPZBHFEVHSPVQFEFEJTUSJCVUJPOEPJUTFGGFDUVFSBVNPJOTVOFGPJTQBSTFNBJOF
-BWF[MFHSPVQFEFEJTUSJCVUJPOBWFDEFMFBVUJÒEF
"55&/5*0//FMBWF[QBTMFHSPVQFEFEJTUSJCVUJPOBWFDEFEÏUFSHFOUTRVJQPVSSBJFOUBGGFDUFSTPO
GPODUJPOOFNFOU/FMFMBWF[QBTBVMBWFWBJTTFMMF
1PVSSFUJSFSMFHSPVQFEF
EJTUSJCVUJPOBQQVZF[TVSMB
UPVDIF164)
3FNPOUF[MFTBOTBQQVZFSTVSMB
UPVDIF164)
"TTVSF[WPVTRVFMFHSPVQFEF
EJTUSJCVUJPOFTUFOQPTJUJPOEF
SFQPTMFTEFVYSÏGÏSFODFT
EPJWFOUDPÔODJEFS
"TTVSF[WPVTRVFUPVTMFT
DPNQPTBOUTTFUSPVWFOUEBOT
MBQPTJUJPODPSSFDUF
/&550:"(&%6(3061&%&%*453*#65*0/
-BWFSMFHSPVQFEFEJTUSJCVUJPOFO
ÏMJNJOBOUUPVUSÏTJEVEFDBGÏ
-BWFSMFmMUSFTVQÏSJFVSTPVTMFBV
DPVSBOUF
-VCSJmFSMFTDPOWPZFVSTBJOTJRVF
MFKPJOUUPSJRVFEVHSPVQF
VOJRVFNFOUBWFDMBHSBJTTFGPVSOJF
'FSNFSMBQPSUFEFTFSWJDFFU
JOTÏSFSMFUJSPJSËNBSD
background

"QSÒTQMVTJFVSTDZDMFTEFNPVUVSFFOWJSPOJMFTUOÏDFTTBJSFEhFGGFDUVFSVOQFUJUSÏHMBHFEFTNFVMFT
BmOEhPCUFOJSVODBGÏNPVMVUPVKPVSTQBSGBJU
"55&/5*0/
*MFTUDPOTFJMMÏEFGGFDUVFSDFUUFPQÏSBUJPOFOQSÐUBOUCFBVDPVQEBUUFOUJPOFMMFQFVUÐUSFFGGFDUVÏFQBSVO
VUJMJTBUFVSFYQFSU7JEFSMFSÏTFSWPJSËDBGÏFOHSBJO
*MTFQPVSSBJURVFMBWJTUPNCFËMJOUÏSJFVSEVNPVMJOËDBGÏ4JDFMBTFQBTTFSÏDVQÏSFSMBWJTBWBOUEF
SFNFUUSFMBNBDIJOFFONBSDIF-FDSBOFTUTJHOBMÏQBSVOFJOEJDBUJPOTJUVÏFTVSMFSÏTFSWPJSËDBGÏ4F
SFQPSUFSËDFTJOEJDBUJPOTMPSTEVSÏHMBHF
&/53&5*&/%&4.&6-&4
/&550:"(&&5&/53&5*&/
3ÏHMF[EVODSBO3FUJSF[MBWJTFUMBQPSUF%ÏWJTTF[MBWJTRVJmYFMBQPSUFEF
TFSWJDF
&OTVJUFSFNFUUF[MBQPSUFFOQMBDFFUmYF[MBËMBJEFEFMBWJTRVFWPVTBWF[FOMFWÏFBVQBSBWBOU
"mOEFHBSBOUJSVOOFUUPZBHFQBSGBJUEFTQBSUJFTFODPOUBDUBWFDMFMBJUBJOTJRVFEPQUJNJTFSMFT
QFSGPSNBODFTEFWPUSF1SJNFB$BQQVDDJOPOPVTWPVTDPOTFJMMPOTEFOFUUPZFSMFSÏDJQJFOUQSÏWVËDFUFGGFU
TPVTMFBVDPVSBOUFBWBOUMBEJTUSJCVUJPOEFCPJTTPOTËCBTFEFMBJU1PVSTJNQMJmFSMPQÏSBUJPOEFOFUUPZBHF
MBNBDIJOFBÏUÏÏRVJQÏFBWFDVOBDDFTTPJSFQBSUJDVMJFSBJHVJMMFEFOFUUPZBHFQFSNFUUBOUEÏMJNJOFSUPVTMFT
SÏTJEVTÏWFOUVFMTEFMBJUEVDBQQVDDJOBUPSFWPJSMBmHVSF
$FUUFPQÏSBUJPOEPJUÐUSFUPVKPVSTFGGFDUVÏFFOUSFEFVYDZDMFTEFEJTUSJCVUJPOEFCPJTTPOTËCBTFEFMBJU
TBOTUFOJSDPNQUFEVEFSOJFSDZDMFEFSJOÎBHFEFTDJSDVJUTWPJSMFNPEFEFNQMPJBMPSTRVFMMFOFTUQBT
OÏDFTTBJSFTJMFTEJTUSJCVUJPOTTPOUDPOTÏDVUJWFT
/&550:"(&3²$*1*&/5%6-"*5
3JODFSMFSÏDJQJFOUFUMBJHVJMMFEF
OFUUPZBHFTPVTMFBVDPVSBOUF
®FGGFDUVFSBWFDQSÏDBVUJPO
*OUSPEVJSFMBJHVJMMFEFOFUUPZBHF
EBOTMFUSPVJOEJRVÏKVTRVBVCPVU
background
.&44"(&4%&33&634
.&44"(&4%&33&63 .&463&4®13&/%3&
UHGËPDUUHUSRXUUHVRXGUHOH
SUREOÊPH
"mOEFSÏUBCMJSMFGPODUJPOOFNFOUOPSNBMEF
MBQQBSFJMÏUFJHOF[MFFUSBMMVNF[MFBVCPVUEF
USFOUFTFDPOEFT
DSSHOHUWHFKQLF -BQQBSFJMQSÏTFOUFVOQSPCMÒNFRVJOFQFVUÐUSFÏMJNJOÏ
RVFQBSMFDFOUSFEBTTJTUBODF
LQWEDFGtËJRXWWHPHQW .FUUSFMFCBDEÏHPVUUFNFOUTPVTMFHSPVQFEF
EJTUSJCVUJPO
IHUPHUSRUWHSRXUJUDLQV 'FSNF[MFDPVWFSDMFEVSÏTFSWPJSËHSBJOTEFDBGÏ
BmOEFQFSNFUUSFËMBCPJTTPOEFTÏDPVMFS
LQWJURXSHGLVWULEXWLRQ 3FNFUUF[FOQMBDFMFHSPVQFDBGÏEBOTMF
DPNQBSUJNFOUQSÏWVËDFUFGGFU
LQWURGXLUHWLURLUÂPDUF 3FNFUUF[FOQMBDFMFSÏTFSWPJSEFNBSDEFDBGÏ
YLGHUWLURLUÂPDUF 3FUJSF[MFUJSPJSËNBSDFUWJEF[MFEBOTVOCBDBQQSPQSJÏ
3FNBSRVFMFUJSPJSËNBSDOFQFVUÐUSFWJEÏRVFMPSTRVF
MBNBDIJOFMFEFNBOEF$FUUFPQÏSBUJPOEPJUÐUSF
FGGFDUVÏFRVBOEMBNBDIJOFFTUBMMVNÏF&OFGGFUFO
WJEBOUMFUJSPJSQFOEBOURVFMBQQBSFJMFTUÏUFJOUWPVT
FNQÐDIF[UPVUFOSFHJTUSFNFOUEVWJEBHFFGGFDUVÏ
IHUPHUODSRUWH -BQPSUFMBUÏSBMFEPJUÐUSFGFSNÏFQPVSRVFMBQQBSFJM
GPODUJPOOFDPSSFDUFNFOU
UHPSOLUUËVHUYRLUGtHDX 3FUJSF[MFSÏTFSWPJSEFBVFUSFNQMJTTF[MFEFBV
QPUBCMFGSBÔDIF
YLGHUEDFGtËJRXWWHPHQW 0VWSF[MBQPSUFMBUÏSBMFFUWJEF[MFCBDEFSÏDVQÏSBUJPO
TJUVÏTPVTMFHSPVQFDBGÏ
IHUPHUSRUWHFDSSXF -FSÏDJQJFOUËMBJUEPJUÐUSFQMBDÏEBOTMFSÏTFSWPJS
QSÏWVËDFUFGGFU
UHPSILOWUH -FmMUSF"RVB1SJNBEPJUÐUSFSFNQMBDÏTJMVOFEFT
TJUVBUJPOTTVJWBOUFTTFQSPEVJU
MJUSFTEFBVPOUEÏKËÏUÏEJTUSJCVÏT
KPVSTTFTPOUÏDPVMÏTEFQVJTTPOJOTUBMMBUJPO
KPVSTTFTPOUÏDPVMÏTBVDPVSTEFTRVFMTMBQQBSFJM
OBQBTÏUÏVUJMJTÏ
3FNBSRVFDFNFTTBHFOBQQBSBÔURVFTJMFNFTTBHFj
JOTÏSÏxBÏUÏTÏMFDUJPOOÏEBOTMBGPODUJPOmMUSFËFBV
SFQPSUF[WPVTËMBQBHF
LQWURGXLUHFDSSXFFLQDWRUH .FUUF[MBCVTFËDBQQVDDJOPEBOTMFSÏDJQJFOUËMBJU
4BOTDFEJTQPTJUJGMBQQBSFJMOFQFVUGPVSOJSEF
CPJTTPOTBWFDEVMBJU
GËWDUWUHU 7PVTEFWF[QSPDÏEFSBVEÏUBSUSBHFEFTDJSDVJUT
JOUFSOFTEFMBQQBSFJM
ËFRQRPLHGtËQHUJLH
"QQVZF[TVSMBUPVDIF
ULQÉDJHFLUFXLWVODLW TFSFQPSUFSBVYQBHFTFU
ULQÉDJHFLUFXLWVODLW TFSFQPSUFSBVYQBHFTFU
background
 %0//²&45&$)/*26&4
5PVUFTNPEJmDBUJPOTEFDPOTUSVDUJPOFUEFYÏDVUJPOSÏTFSWÏFTEBOTMFDBESFEVOFBNÏMJPSBUJPOUFDIOJRVFEF
MBQQBSFJM$POGPSNJUÏEFMBQQBSFJMBWFDMBEJSFDUJWFFVSPQÏFOOF$&&SFMBUJWFËMB
DPNQBUJCJMJUÏÏMFDUSPNBHOÏUJRVFBEPQUJPOEFMBMPJEV
5FOTJPOOPNJOBMF DGQMBRVFEVGBCSJDBOUTVSMBQQBSFJM
1VJTTBODFOPNJOBMF DGQMBRVFEVGBCSJDBOUTVSMBQQBSFJM
"MJNFOUBUJPO DGQMBRVFEVGBCSJDBOUTVSMBQQBSFJM
.BUÏSJFMEVCPÔUJFS 1MBTUJRVF
%JNFOTJPOTMYIYQ YYNN
1PJET ,H
-POHVFVSEVDÉCMF NN
5BCMFBVEFDPNNBOEF TVSMFEFWBOUDPNNBOEFEFTDBQBDJUÏTFUBGGJDIBHFTY
3ÏTFSWPJSEFBV MBNPWJCMF
3ÏDJQJFOUËMBJU MBNPWJCMF
$BQBDJUÏEVSÏTFSWPJSËDBGÏ HEFDBGÏFOHSBJOT
1SFTTJPOEFMBQPNQF CBS
$IBVGGFFBV "DJFSJOPYZEBCMF
.PVMJOËDBGÏ FODÏSBNJRVF
%JTQPTJUJGEFTÏDVSJUÏEFMBQSFTTJPO TPVQBQFEFTÏDVSJUÏQSFTTJPOEFTÏMÏNFOUTDIBVGGBOUT
%JTQPTJUJGEFTÏDVSJUÏEFMBUFNQÏSBUVSF UIFSNPTUBUTFUGVTJCMFTUIFSNJRVFT
EFTÏMÏNFOUTDIBVGGBOUT
%0//²&45&$)/*26&4
background

404
$0/4*(/&4%&4²$63*5²
&/$"4%63(&/$&
3FUJSFSJNNÏEJBUFNFOUMBmDIFEFMBQSJTFÏMFDUSJRVF
/65*-*4&3-"11"3&*-
t RVFEBOTEFTMPDBVYGFSNÏT
t RVFQPVSMBQSÏQBSBUJPOEFDBGÏEFBVDIBVEFFUEFNPVTTFEFMBJU
t RVËEFTmOTEPNFTUJRVFT
t RVFQBSEFTBEVMUFTEPUÏTEVOFCPOOFDPOTUJUVUJPOQIZTJRVFFUNFOUBMF
.&463&4%&13²$"65*0/$0/$&3/"/5-65*-*4"5*0/
%&-"11"3&*-
t "mOEÏWJUFSUPVUFTJUVBUJPOEFEBOHFSOFQBTVUJMJTFSMBQQBSFJMËEBVUSFTmOTRVFDFMMFTQSÏWVFT
t /FQBTNFUUSFEBOTMFTSÏTFSWPJSTFUSÏDJQJFOUTEBVUSFTTVCTUBODFTRVFDFMMFTQSÏWVFTEBOTMFNPEFEFNQMPJ
t -PSTRVVOSÏTFSWPJSSÏDJQJFOUBÏUÏDPSSFDUFNFOUSFNQMJUPVTMFTBVUSFTSÏTFSWPJSTEPJWFOUÐUSFGFSNÏT
t /FNFUUSFRVFEFMFBVQPUBCMFGSBÔDIFEBOTMFSÏTFSWPJSEFBVMFBVDIBVEFFUPVEBVUSFTMJRVJEFTQFVWFOU
FOEPNNBHFSMBQQBSFJM
t /FQBTVUJMJTFSEFBVHB[FVTF
t /FQBTNFUUSFMFTEPJHUTEBOTMFNPVMJOËDBGÏFUOFQBTZNFUUSFEBVUSFTTVCTUBODFTRVFEFTHSBJOTEFDBGÏ"WBOU
EJOTQFDUFSMFNPVMJOËDBGÏWPVTEFWF[ÏUFJOESFMBQQBSFJMFOBQQVZBOUTVSMJOUFSSVQUFVSHÏOÏSBMQVJTEÏCSBODIFSMB
mDIFEFMBQSJTFÏMFDUSJRVF
t /FQBTNFUUSFEFDBGÏTPMVCMFPVEFDBGÏFOHSBJOTEBOTMFSÏTFSWPJSQPVSDBGÏFOQPVESF
t "mOEFDPNNBOEFSMABQQBSFJMBVNPZFOEFMAÏDSBOËUPVDIFTUBDUJMFTWPVTEFWF[VOJRVFNFOUVUJMJTFSMFTEPJHUT
3"$$03%&.&/5²-&$53*26&
-FSBDDPSEFNFOUÏMFDUSJRVFEPJUÐUSFDPOGPSNFBVYEJTQPTJUJPOTEFTÏDVSJUÏEFWPUSFQBZT
-BQSJTFÏMFDUSJRVFËMBRVFMMFMBNBDIJOFFTUCSBODIÏFEPJU
t ÐUSFDPNQBUJCMFBWFDMBmDIFEVDÉCMFEFMBQQBSFJM
t QSÏTFOUFSMBCPOOFUBJMMFBmOEFTFDPOGPSNFSBVYJOTUSVDUJPOTEFMBQMBRVFEVGBCSJDBOUTJUVÏFTVSMBQBSUJF
JOGÏSJFVSFEFMBQQBSFJM
t ÐUSFDPSSFDUFNFOUSFMJÏFËMBUFSSF
-FDÉCMFÏMFDUSJRVFOFEPJUFOBVDVODBT
t FOUSFSFODPOUBDUBWFDVORVFMDPORVFMJRVJEFSJTRVFEFEÏDIBSHFÏMFDUSJRVFFUPVEJODFOEJF
t ÐUSFDPJODÏFUPVFOUSFSFODPOUBDUBWFDEFTPCKFUTQPJOUVT
t ÐUSFVUJMJTÏQPVSEÏQMBDFSMBQQBSFJM
t ÐUSFVUJMJTÏMPSTRVJMFTUFOEPNNBHÏ
t ÐUSFFODPOUBDUBWFDEFTNBJOTIVNJEFTPVNPVJMMÏFT
tÐUSFUPSEVMPSTRVFMBQQBSFJMFTUFOTFSWJDF
tÐUSFFOEPNNBHÏ
*/45"--"5*0/
t $IPJTJSDPNNFMJFVEFNQMBDFNFOUEFMBQQBSFJMVOFOESPJUCJFOBNÏOBHÏQMBUFUTPMJEFMBOHMFEJODMJOBJTPOOFEPJU
FOBVDVODBTÐUSFTVQÏSJFVSË¡
t /FQBTQMBDFSMBQQBSFJMEBOTEFTFOESPJUTPáMFBVQPVSSBJUTJOmMUSFSEFEBOT
t 5FNQÏSBUVSFEFTFSWJDFPQUJNBMFFOUSF¡$FU¡$
t )VNJEJUÏNBYJNBMFEFMBJS
t -FMJFVEFNQMBDFNFOUEPJUÐUSFIZHJÏOJRVFCJFOÏDMBJSÏFUCJFOBÏSÏ-BQSJTFÏMFDUSJRVFEPJUÐUSFGBDJMFNFOU
BDDFTTJCMF
t /FQBTQPTFSMBQQBSFJMTVSEFTTVSGBDFTCSßMBOUFTPVDIBVEFT
t 3FTQFDUFSVOJOUFSWBMMFEFDNËQBSUJSEFTNVSTFUEFTQMBRVFTEFDVJTTPO
t /FQBTVUJMJTFSMBQQBSFJMEBOTEFTQJÒDFTBGmDIBOUVOFUFNQÏSBUVSFÏHBMFPVJOGÏSJFVSFË¡$4JMBQQBSFJMFTUFYQPTÏ
ËEFUFMMFTDPOEJUJPOTDPOUBDUFSMFTFSWJDFBQSÒTWFOUFBmORVVODPOUSÙMFEFTÏDVSJUÏQVJTTFÐUSFFGGFDUVÏ
t /FQBTNFUUSFFONBSDIFMBQQBSFJMËQSPYJNJUÏEFTVCTUBODFTGBDJMFNFOUJOnBNNBCMFTFUPVFYQMPTJWFT
t *MFTUTUSJDUFNFOUJOUFSEJUEVUJMJTFSMBQQBSFJMEBOTEFTQJÒDFTTPVNJTFTËVOSJTRVFÏMFWÏEFYQMPTJPOPVEPOUMBJS
DPOUJFOUVOFIBVUFDPODFOUSBUJPOEFQPVESFTPVEFTVCTUBODFTËCBTFEIVJMF
t /FQBTQMBDFSMBNBDIJOFTVSEBVUSFTBQQBSFJMT
background
 $0/4*(/&4%&4²$63*5²
1"//&4
t /FQBTVUJMJTFSMBQQBSFJMFODBTEFQSPCMÒNFTEFGPODUJPOOFNFOUPVFODBTEFEPVUFQBSFYBQSÒTRVF
MBQQBSFJMFTUUPNCÏQBSUFSSF
t 'BJSFQSPDÏEFSBVYSÏQBSBUJPOTÏWFOUVFMMFTQBSMFTFSWJDFBQSÒTWFOUFBHSÏÏ
t /FKBNBJTVUJMJTFSMBQQBSFJMMPSTRVFMFDÉCMFÏMFDUSJRVFFTUEÏGFDUVFVY-FDÉCMFEÏGFDUVFVYEPJUÐUSFSFNQMBDÏQBS
MFQSPEVDUFVSPVMFTFSWJDFBQSÒTWFOUFBHSÏÏEBOHFSDPVSBOUÏMFDUSJRVF
t &UFJOESFMBQQBSFJMBWBOUEPVWSJSMBQPSUFEFNBJOUFOBODF3JTRVFEFCSßMVSFT
/&550:"(&%²5"353"(&
t 1PVSMFOFUUPZBHFEFTDJSDVJUTMBJUFUDBGÏOVUJMJTF[RVFMFTEÏUFSHFOUTSFDPNNBOEÏTFUGPVSOJTBWFDMBNBDIJOF
/VUJMJTF[QBTDFTQSPEVJUTQPVSEFTVTBHFTEJGGÏSFOUT
t "WBOUEFQPVWPJSDPNNFODFSMFOFUUPZBHFMJOUFSSVQUFVSEPJUÐUSFFOQPTJUJPO0''
%ÏCSBODIFSMBmDIFFUMBJTTFSSFGSPJEJSMBQQBSFJM
t 1SPUÏHFSMBQQBSFJMDPOUSFMFTÏDMBCPVTTVSFTEFBVFUOFQBTMFQMPOHFSEBOTMFBV
t /FQBTGBJSFTÏDIFSMFTQJÒDFTEFMBQQBSFJMEBOTMFTGPVSTUSBEJUJPOOFMTFUPVEBOTMFNJDSPPOEFT
t /FUUPZFSMBQQBSFJMFUTFTDPNQPTBOUTBQSÒTVOFNJTFIPSTTFSWJDFQSPMPOHÏF
1*µ$&4%²5"$)²&4
1PVSEFTSBJTPOTEFTÏDVSJUÏUPVKPVSTVUJMJTFSMFTQJÒDFTEÏUBDIÏFTFUMFTBDDFTTPJSFTEVGBCSJDBOU
&-*.*/"5*0/
-FNCBMMBHFQFVUÐUSFSFDZDMÏ
-BQQBSFJMFTUFODPOÎVFUGBCSJRVÏQPVSGBDJMJUFSTBWBMPSJTBUJPOTPOSFDZDMBHFPVTBSÏVUJMJTBUJPODPOGPSNÏNFOUËMB
EJSFDUJWFFVSPQÏFOOF$&&SFMBUJWFBVYBQQBSFJMTÏMFDUSJRVFTFUÏMFDUSPOJRVFTVTBHÏTXBTUFFMFDUSJDBMBOE
FMFDUSPOJDFRVJQNFOU8&&&
-FMPHPDJDPOUSFBQQPTÏTVSMBQQBSFJMJOEJRVFRVFDFQSPEVJUOFQFVUQBTÐUSFÏMJNJOÏBWFDMFTEÏDIFUTNÏOBHFST
OPOUSJÏT
-PSTRVFWPVTBVSF[EÏDJEÏEFWPVTFOTÏQBSFSEÏmOJUJWFNFOUJMDPOWJFOUEFGBJSFQSPDÏEFSËMBDPMMFDUFTÏMFDUJWFEF
DFUBQQBSFJMFOWPVTDPOGPSNBOUBVNPEFEFSFQSJTFNJTFOQMBDFEBOTWPUSFDPNNVOFDPMMFDUFQPODUVFMMFEFT
FODPNCSBOUTEÏDIÒUFSJFPVFOGBJTBOUBQQFMBVTFSWJDFEFSFQSJTFQSPQPTÏQBSWPUSFEJTUSJCVUFVSPVCJFOFOMF
DPOmBOUËEFTPSHBOJTBUJPOTDBSJUBUJWFTFUEFTBTTPDJBUJPOTËCVUOPOMVDSBUJG
&OWPVTBTTVSBOURVFDFQSPEVJUFTUÏMJNJOÏDPSSFDUFNFOUWPVTGBWPSJTF[MBQSÏWFOUJPOEFTDPOTÏRVFODFTOÏHBUJWFT
QPVSMFOWJSPOOFNFOUFUMBTBOUÏIVNBJOF
%"/(&34
t /FQBTMBJTTFSMFTFOGBOUTTFTFSWJSEFMBQQBSFJM$FUUFDPOTJHOFWBVUÏHBMFNFOUQPVSMFTQFSTPOOFTRVJOFDPOOBJTTFOU
QBTMFGPODUJPOOFNFOUEFMBQQBSFJM
t -BQQBSFJMQFVUSFQSÏTFOUFSVOEBOHFSQPVSMFTFOGBOUT4JMBQQBSFJMFTUMBJTTÏTBOTTVSWFJMMBODFEÏCSBODIFSMBmDIF
t /FQBTDPOTFSWFSMFTNBUÏSJBVYEFNCBMMBHFËMBQPSUÏFEFTFOGBOUT
t /FKBNBJTPSJFOUFSMFKFUEFWBQFVSPVEFBVDIBVEFTVSTPJNÐNFPVTVSEBVUSFTQFSTPOOFTSJTRVFEFCSßMVSFT
t /FQBTJOTÏSFSEPCKFUTEBOTMFTPVWFSUVSFTEFMBQQBSFJMEBOHFSDPVSBOUÏMFDUSJRVF
t /FQBTUPVDIFSMBmDIFÏMFDUSJRVFBWFDEFTNBJOTPVEFTQJFETNPVJMMÏTOFQBTEÏCSBODIFSMBmDIFFOUJSBOUTVSMF
DÉCMF
t "UUFOUJPOSJTRVFEFCSßMVSFTMPSTEVDPOUBDUBWFDMFBVDIBVEFMBWBQFVSFUMBCVTFEFBVDIBVEF
1305&$5*0/$0/53&-&4*/$&/%*&4
&ODBTEJODFOEJFVUJMJTFSVOFYUJODUFVSËCBTFEFHB[DBSCPOJRVFFYUJODUFVS$0

/FQBTVUJMJTFSEFBVOJEFYUJODUFVSËCBTFEFQPVESF
background
/05&
background

background

background
5ZQF461/%$PE3FWEFM
4BFDP
*OUFSOBUJPOBM(SPVQ4Q"
7JB5PSSFUUB
*(BHHJP.POUBOP#PMPHOB
5FM
'BY
XXXTBFDPDPN
5IFNBOVGBDUVSFSSFTFSWFTUIFSJHIUUPDIBOHFUIFGFBUVSFTPGUIFQSPEVDUXJUIPVUQSJPSOPUJDF
-FQSPEVDUFVSTFSÏTFSWFMFESPJUEiBQQPSUFSUPVUFTNPEJGJDBUJPOTTBOTQSÏBWJT
ª4BFDP*OUFSOBUJPOBM(SPVQ4Q"

Specifications

Philips 10000104 Questions and Answers

Questions and Answers