FESTOOL DUO-HI Hybrid Site Light

Product's Documents

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

User Manual

This is the main product document for model DUO-HI.

The file format is pdf, 19 pages, you can download this manual here .

background
FO 0SJHJOBMJOTUSVDUJPOT
GS /PUJDFEVUJMJTBUJPOEPSJHJOF
FT .BOVBMEFJOTUSVDDJPOFTPSJHJOBM 
%60)*
*.1035"/5
3FBECFGPSFVTJOH
*.1035"/5
-JSFBWBOUVTBHF
*.1035"/5&
-FFSBOUFTEFVTBS
1SPEVDU4FSWJDF2VFTUJPOT $BMM
 
'FTUPPM(NC)
8FSUTUSBF
8FOEMJOHFO
(FSNBOZ
XXXGFTUPPMVTBDPN
@#
background
3
2
1
2B
3
2
1
2A
1-1
1-3
1-4
1-2
1-5
1-6
1-7
1-8
1-9
1-14
1-10
1-13
1-11
1-12
1-15
1
background
max. 2,00 m (78-47/64")
2
click
3
1
ST DUO 200
5
23,5°
4
3
3-1
background
min.
46
3
/
10
lb
8-1
8-1
8
250 mm (9 27/32")
15 mm
Ø10-12 mm
(25/64"-15/32")
(19/32")
7
7-1
3
2
3
4
2
1
1
click
click
6A 6B
AC
DC
background
&OHMJTI
$POUFOUT
"CPVUUIJTNBOVBM
4ZNCPMT
4BGFUZXBSOJOHT
*OUFOEFEVTF
5FDIOJDBMEBUB
1BSUTPGUIFEFWJDF`'VODUJPOBMEFTDSJQUJPO
#BUUFSZQBDL
$PNNJTTJPOJOH
0QFSBUJPO
 4FUUJOHT
 .PVOUJOHUIFEFWJDF
 4FSWJDFBOENBJOUFOBODF
 "DDFTTPSJFT
 &OWJSPONFOU
 (FOFSBMJOGPSNBUJPO
"CPVUUIJTNBOVBM
4BWFUIFTFJOTUSVDUJPOT
*UJTJNQPSUBOUGPSZPVUPSFBEBOEVOEFSTUBOEUIJT
NBOVBM5IFJOGPSNBUJPOJUDPOUBJOTSFMBUFTUPQSPUFDUJOH
ZPVSTBGFUZBOEQSFWFOUJOHQSPCMFNT5IFTZNCPMT
CFMPXBSFVTFEUPIFMQZPVSFDPHOJ[FUIJTJOGPSNBUJPO
%"/(&3 %FTDSJQUJPOPGJNNJOFOUIB[BSEBOE
GBJMVSFUPBWPJEIB[BSEXJMMSFTVMUJO
EFBUI
8"3/*/( %FTDSJQUJPOPGIB[BSEBOEQPTTJCMF
SFTVMUJOHJOKVSFTPSEFBUI
$"65*0/ %FTDSJQUJPOPGIB[BSEBOEQPTTJCMF
SFTVMUJOHJOKVSJFT
/05*$& %FTDSJQUJPOPGQPTTJCMFEBNBHFPGUIF
EFWJDFPSJUTTVSSPVOEJOHT
4ZNCPMT
8BSOJOHPGHFOFSBMEBOHFS
8BSOJOHPGFMFDUSJDTIPDL
3FBEUIFPQFSBUJOHNBOVBMBOETBGFUZXBSOJOHT
min.
21 kg
.JOJNVNMPBEDBQBDJUZPGUIFTVTQFOTJPOSPQF
8FBSQSPUFDUJWFHPHHMFT
8FBSBEVTUNBTL
*OTFSUJOHUIFCBUUFSZQBDL
3FNPWFUIFCBUUFSZQBDL
$POOFDUUIFNBJOTQPXFSDBCMF
%JTDPOOFDUJOHUIFNBJOTQPXFSDBCMF
4BGFUZDMBTT**
77PMUT
%$ %JSFDUDVSSFOU
_"$ "MUFSOBUJOHDVSSFOU
8 8BUUT
)[ )FSU[
N .FUFS
Ü *ODIFT
LH ,JMPHSBNT
MC 1PVOET
m$ %FHSFFT$FMTJVT
m' %FHSFFT'BISFOIFJU
MN -VNFOT
$"65*0/
'PSVTFPOMZXJUI
'&4500-CBUUFSJFT#1
"55&/5*0/
VUJMJTFSTFVMFNFOU
BWFDMFTCBUUFSJFT'&4500-#1
13&$"6$*/
1BSBVTP
TPMBNFOUF
DPOMBTCBUFSBT'&4500-#1
$"65*0/'PSVTFPOMZXJUI'&4500-CBUUFSJFT#1`
4BGFUZXBSOJOHT
*.1035"/54"'&5:*/4536$5*0/4
8"3/*/(ß
3FBEBMMTBGFUZXBSOJOHTJOTUSVDUJPOTJMMVTUSBUJPOT
BOETQFDJGJDBUJPOTQSPWJEFEXJUIUIJTNBDIJOF'BJMVSFUPGPMMPXBMM
JOTUSVDUJPOTMJTUFECFMPXNBZSFTVMUJOFMFDUSJDTIPDLGJSFBOEPSTFSJPVT
JOKVSZ
4BWFBMMXBSOJOHTBOEJOTUSVDUJPOTGPSGVUVSFSFGFSFODF
'PMMPXUIFPQFSBUJOHNBOVBMGPSUIFDIBSHFSBOEUIF
CBUUFSZQBDL
¾ )BOEMFUIFEFWJDFXJUIDBSF5IFEFWJDFNBZ
HFOFSBUFIFBUXIJDIJODSFBTFTUIFSJTLPGGJSFBOE
FYQMPTJPOT
&OHMJTI
background
/FWFSVTFUIFEFWJDFJOQPUFOUJBMMZFYQMPTJWF
FOWJSPONFOUT
5IFTJUFMJHIUJTJOUFOEFEGPSVTFJOBOFOWJSPONFOU
JOXIJDIEFQPTJUTPGOPODPOEVDUJWFEVTUPOUIFMJHIU
DBOCFFYQFDUFE
5IJTQPSUBCMFQSPEVDUIBTBQPMBSJ[FEQMVHPOFCMBEF
JTXJEFSUIBOUIFPUIFSBTBGFBUVSFUPSFEVDFUIF
SJTLPGFMFDUSJDTIPDL5IJTQMVHXJMMGJUJOBQPMBSJ[FE
PVUMFUPOMZPOFXBZ*GUIFQMVHEPFTOPUGJUDPOUBDU
BRVBMJGJFEFMFDUJDJBO/FWFSVTFXJUIBOFYUFOTJPO
DPSEVOMFTTQMVHDBOCFGVMMZJOTFSUFE%POPUBMUFS
UIFQMVH
%POPUDPWFSUIFEFWJDFXIFOTXJUDIFEPO5IF
EFWJDFIFBUTVQEVSJOHPQFSBUJPOBOEDBODBVTF
CVSOT
%POPUUPVDIUIFMJHIUTPVSDFEVSJOHPQFSBUJPO5IF
MJHIUTPVSDFDBOIFBUVQEVSJOHPQFSBUJPO
8BSOJOHPGIBSNGVMMJHIUSBEJBUJPO%POPUMPPLJOUP
UIFMJHIUCFBNGPSMPOHQFSJPET%POPUEJSFDUUIF
MJHIUCFBNUPXBSETPUIFSQFPQMFPSBOJNBMT*O
BDDPSEBODFXJUI*&$`UIFEFWJDFJTTBGFJONPTU
DPOEJUJPOTPGVTFFYDFQUJODBTFTPGFYDFQUJPOBMMZ
MPOHFYQPTVSFBOEEJSFDUFZFFYQPTVSFUPUIFMJHIU
CFBN5IFEFWJDFJTJOUIFFYFNQUSJTLHSPVQSJTL
HSPVQOPQIPUPCJPMPHJDBMIB[BSE
)BWFZPVSEFWJDFSFQBJSFECZRVBMJGJFETQFDJBMJTU
TUBGGBOEBMXBZTVTFPSJHJOBMTQBSFQBSUT
5IFMJHIUTPVSDFGJUUFE
JOUIJTEFWJDFNVTUPOMZCFSFQMBDFECZUIF
NBOVGBDUVSFSPSBDVTUPNFSTFSWJDFXPSLTIPQJO
PSEFSUPFOTVSFUIBUZPVSEFWJDFPQFSBUFTSFMJBCMZ
%POPUVTFUIFEFWJDFGPSJMMVNJOBUJOHUIFSPBE5IF
EFWJDFJTOPUBQQSPWFEGPSJMMVNJOBUJOHUIFSPBE
5PQSFWFOUBIB[BSESFHVMBSMZDIFDLUIFNBJOT
QMVHBOEUIFNBJOTDPOOFDUJPODBCMF%JTDPOOFDU
BEBNBHFENBJOTDPOOFDUJPODBCMFGSPNUIFQPXFS
TVQQMZJNNFEJBUFMZBOEIBWFUIFNBJOTDPOOFDUJPO
DBCMFSFQMBDFECZBOBVUIPSJTFEDVTUPNFSTFSWJDF
XPSLTIPQ
%POPUDPOUJOVFUPVTFUIFEFWJDFJGJUJTEBNBHFE
0OMZVTFUIF'FTUPPMCBUUFSZQBDLTJOUFOEFEGPSUIF
EFWJDF6TJOHPUIFSCBUUFSZQBDLTQPTFTBGJSFIB[BSE
BOENBZDBVTFQFSTPOBMJOKVSZ
%POPUJODJOFSBUFUIFEFWJDFTCBUUFSZGPSEJTQPTBM
0OMZVTFUIFEFWJDFJGUIFQSPUFDUJWFDPWFSJT
DPOOFDUFEBOEFOHBHFE
&OTVSFBTUBCMFGPPUJOHPSTFDVSFNPVOUJOHXIFO
TFDVSJOHUPBUSJQPEPOBOIBOHJOHSPQFPSTFDVSJOH
POTDSFXT*OUIFFWFOUPGVOTUBCMFGPPUJOHPS
JOTFDVSFNPVOUJOHUIFEFWJDFNBZGBMMBOEDBVTF
QFSTPOOBMJOKVSJFTPSNBUFSJBMEBNBHF
,FFQUIFEFWJDFBXBZGSPNDIJMESFO5IFEFWJDFJT
OPUBUPZ
%POPUPQFSBUFBUBMUJUVEFTFYDFFEJOH`NBCPWF
TFBMFWFM
*OUFOEFEVTF
5IFTJUFMJHIUJTEFTJHOFEGPSQPSUBCMFUFNQPSBSZ
JMMVNJOBUJPOJOEPPSTBOEPVUEPPST5IFCBUUFSZQBDL
DBOCFVTFEPVUEPPST*1`0QFSBUJPOXJUIBNBJOT
DPOOFDUJPODBCMFTIPVMEPOMZUBLFQMBDFJOBESZXPSLJOH
FOWJSPONFOU*1`9&OTVSFUIFFMFDUSJDBMTBGFUZPGUIF
QPXFSDPOOFDUJPO
5IFEFWJDFJTOPUTVJUBCMFGPSJMMVNJOBUJOHSPPNTJO
SFTJEFOUJBMCVJMEJOHT
5IFVTFSJTMJBCMFGPSJNQSPQFSPSOPOJOUFOEFEVTF
/05*$&4PNFTUBUFTIBWFBEEJUJPOBMSFHVMBUJPOTGPS
VTJOHFMFDUSJDBMFRVJQNFOUPODPOTUSVDUJPOTJUFT5IFTF
OBUJPOBMSFHVMBUJPOTNBZSFTUSJDUUIFVTFPGUIFTJUF
MJHIUPSJNQPTFBEEJUJPOBMSFRVJSFNFOUT0CTFSWFUIF
BQQMJDBCMFOBUJPOBMSFHVMBUJPOT
5FDIOJDBMEBUB
4JUFMJHIU %60)`*
"$NPEFQPXFSTVQQMZ `7_
'SFRVFODZ `)[
3BUFEDVSSFOUDPOTVNQUJPO `"
%$NPEFSBUFEWPMUBHF `7
-JHIUTPVSDF `Y``8-&%
-&%MVNJOPVTGMVY `MN
$PMPVSUFNQFSBUVSF `,
$PMPVSSFOEFSJOHJOEFY3B `
4FSWJDFMJGFPG-&%T- ``I
8FJHIUXJUIPVUCBUUFSZQBDL `MC`LH
$PNQBUJCMFCBUUFSZQBDLT 'FTUPPM#1`TFSJFT
"NCJFOUUFNQFSBUVSFEVSJOH
PQFSBUJPO
`p'`p'
`p$`p$
1SPUFDUJPODMBTT #BUUFSZ
PQFSBUJPO%$
NPEF
.BJOT
PQFSBUJPO"$
NPEF
`
*1`
`
*1`9
#MVFUPPUI
n
'SFRVFODZ `.)[`.)[
&GGFDUJWFJTPUSPQJDSBEJBUFE
QPXFS&*31
``E#N
1BSUTPGUIFEFWJDF`'VODUJPOBMEFTDSJQUJPO
<>
1MVH`JUDPWFS
<>
6OMPDLJOHDMBNQ
<>
$BSSZJOHIBOEMF
<>
$BCMFDMBNQ
<>
$BQBDJUZJOEJDBUPS
<>
#MVFUPPUI
n
-&%
<>
0OPGGCVUUPO`SPUBSZLOPCGPSBEKVTUJOHUIFMJHIU
JOUFOTJUZ
<>
#BUUFSZQBDLDPNQBSUNFOU
<>
3FBSGFFU
<>
4MPUUFEIPMFTGPSXBMMNPVOUJOH
<>
-JHIUTPVSDF
&OHMJTI
background
<>
7FOUJMBUJPOTMPUT
<>
5SJQPENPVOU
<>
'SPOUGFFU
<>
.BJOTDPOOFDUJPODBCMF
"DDFTTPSJFTTIPXOPSEFTDSJCFEBSFOPUBMXBZTJODMVEFE
JOUIFTDPQFPGEFMJWFSZ
5IFTQFDJGJFEJMMVTUSBUJPOTBQQFBSBUUIFCFHJOOJOHPGUIF
0QFSBUJOH*OTUSVDUJPOT
#BUUFSZQBDL
#FGPSFVTJOHUIFCBUUFSZQBDLDIFDLUIBUUIFCBUUFSZ
JOUFSGBDFJTDMFBO"OZDPOUBNJOBUJPOPGUIFCBUUFSZ
JOUFSGBDFNBZJNQBJSDPSSFDUDPOUBDUBOEMFBEUPUIF
DPOUBDUTCFJOHEBNBHFE
"GBVMUZDPOUBDUNBZSFTVMUJOUIFNBDIJOFPWFSIFBUJOHPS
CFJOHEBNBHFE
5IFCBUUFSZJOTUBMMBUJPONVTUCFEPOFJOBDDPSEBODF
XJUIUIFTUPSBHFCBUUFSZSVMFTPGUIF$BOBEJBO
&MFDUSJDBM$PEF1BSU*
<">
3FNPWFUIFCBUUFSZQBDL
<#>
click
*OTFSUUIFCBUUFSZQBDLVOUJMJUDMJDLTJOUP
QMBDF
:PVDBOGJOEGVSUIFSJOGPSNBUJPOBCPVUUIFCBUUFSZ
QBDLJOUIFPQFSBUJOHNBOVBMGPSUIFCBUUFSZQBDL
$PNNJTTJPOJOH
` `
8"3/*/(
6OBVUIPSJTFEWPMUBHFPSGSFRVFODZ
3JTLPGBDDJEFOUT
0CTFSWFUIFJOGPSNBUJPOPOUIFOBNFQMBUF
0CTFSWFUIFDPVOUSZTQFDJGJDT
`
$"65*0/
)FBUJOHPGUIFQMVH`JUDPOOFDUJPOJGUIFCBZPOFUGJUUJOHJT
OPUDPNQMFUFMZMPDLFE
3JTLPGCVSOT
#FGPSFTXJUDIJOHPOUIFEFWJDFNBLFTVSFUIBUUIF
CBZPOFUGJUUJOHBUUIFNBJOTDBCMFJTDMPTFEGVMMZBOE
MPDLFE
8"3/*/(ß"MXBZTTXJUDIPGGUIFEFWJDFCFGPSF
DPOOFDUJOHBOEEJTDPOOFDUJOHUIFNBJOTDPOOFDUJPO
DBCMF
$POOFDUJOHBOEEJTDPOOFDUJOHUIFNBJOTDPOOFDUJPO
DBCMF`<>TFFGJHVSF`<">`<#>
 4XJUDIJOHUIFEFWJDFPOPGG
4XJUDIJOHPO
*OTFSUUIFNBJOTQMVHPSBCBUUFSZQBDL
#SJFGMZQSFTTUIFPOPGGCVUUPO`<>
5IFEFWJDFTUBSUTXJUIUIFMJHIUJOUFOTJUZJUIBEXIFOJU
XBTMBTUTXJUDIFEPGG
"EKVTUUIFMJHIUJOUFOTJUZVTJOHUIFSPUBSZLOPC`<>
"TJOHMFGMBTIJOEJDBUFTUIBUUIFCSJHIUFTUPSEBSLFTU
MJHIUJOUFOTJUZIBTCFFOSFBDIFE
4XJUDIJOHPGG
#SJFGMZQSFTTUIFPOPGGCVUUPO`<>
6OQMVHUIFNBJOTQMVH
8JOEUIFNBJOTDPOOFDUJPODBCMFPOUPUIFDBSSZJOH
IBOEMF`<>)PPLUIFFOEPGUIFDBCMFPOUPUIF
DBCMFDMBNQQSPWJEFE`<>TFFGJHVSF`<>
 5FNQFSBUVSFNPOJUPSJOH
*GUIFQFSNJTTJCMFPQFSBUJOHUFNQFSBUVSFJTFYDFFEFE
UIFEFWJDFBVUPNBUJDBMMZSFEVDFTJUTMJHIUPVUQVU*G
UIFUFNQFSBUVSFDPOUJOVFTUPCFFYDFFEFEEFTQJUFUIF
SFEVDFEMJHIUPVUQVUUIFQPXFSTVQQMZJTDPNQMFUFMZ
JOUFSSVQUFE
 &YUFOTJPO$PSE
*GBOFYUFOTJPODPSEJTSFRVJSFEJUNVTUIBWFTVGGJDJFOU
DSPTTTFDUJPOUPQSFWFOUBOFYDFTTJWFESPQJOWPMUBHFPS
PWFSIFBUJOH"OFYDFTTJWFESPQJOWPMUBHFSFEVDFTUIF
PVUQVUBOEDBOMFBEUPGBJMVSFPGUIFNPUPS5IFUBCMF
CFMPXTIPXTZPVUIFDPSSFDUDPSEEJBNFUFSBTBGVODUJPO
PGUIFDPSEMFOHUIGPSUIJTUPPM
$PSE4J[FJO"8(
5PPMAT"NQFSF3BUJOH $PSE-FOHUIJO'FFU
   


    
    
  
8JSF4J[FTJONN
5PPMAT"NQFSF3BUJOH $PSE-FOHUIJO.FUFST
   
    
    
    
   

6TFPOMZ/35-MJTUFEFYUFOTJPODPSET
/FWFSVTFUXPFYUFOTJPODPSETUPHFUIFS*OTUFBEVTFPOF
MPOHPOF
5IFMPXFSUIF"8(OVNCFSUIFTUSPOHFSUIFDPSE
0QFSBUJPO
 $IBSHFTUBUVTPGUIFCBUUFSZQBDL
*GUIFCPUUPN-&%POUIFDBQBDJUZJOEJDBUPS`<>GMBTIFT
BGUFSTXJUDIJOHPOUIFCBUUFSZQBDLJTGMBUBOENVTUCF
DIBSHFE
*GUIFCBUUFSZQBDLIBTBMPXDIBSHFTUBUVTUIF
EFWJDFHPFTJOUPFNFSHFODZPQFSBUJPOXJUISFEVDFEMJHIU
JOUFOTJUZBOEGMBTIFTUISFFUJNFT5IFEFWJDFTXJUDIFTPGG
XIFOUIFCBUUFSZWPMUBHFJTCFMPX``7
 4FUVQPQUJPOT
4FUVQBOHMF`<>
5IFEFWJDFDBOCFTFUVQJOUXPEJGGFSFOUBOHMFT
4FUUJOHVQUIFEFWJDF
5PLFFQUIFWFOUJMBUJPOTMPUT`<>DMFBSBMXBZTTFUVQ
UIFEFWJDFVTJOHUIF`<>BOE`<>GFFU
&OHMJTI
background
4FUUJOHVQXJUIUSJQPE`<>
$"65*0/ß6TFUIFEFWJDFPOMZXJUIUIF'FTUPPM
45`%60`USJQPE5IFUPUBMIFJHIUPGUIFUSJQPENVTU
OPUFYDFFE``N1MFBTFGPMMPXUIFJOTUSVDUJPOTDPOUBJOFE
JOUIFPQFSBUJOHNBOVBMGPSUIFUSJQPE
'PMEPVUUIFUSJQPEUPUIFMJNJUTUPQ
"UUBDIUIFEFWJDF
5VSOUIFBUUBDIFEEFWJDFVOUJMJUDMJDLTJOUPQMBDF
 4FUUJOHT
 'FTUPPM`"QQ
5IFEFWJDFDBOCFDPOGJHVSFEBOESFNPUFMZDPOUSPMMFEWJB
UIF'FTUPPM`"QQ:PVDBOBMTPCVOEMFNVMUJQMFEFWJDFT
JOUPBHSPVQBOEDPOUSPMUIFNSFNPUFMZUPHFUIFSJOUIF
'FTUPPM`"QQ
1SFTTUIFPOPGGCVUUPO`<>POUIFEFWJDFGPS
BQQSPY``TFDPOETVOUJMUIF#MVFUPPUI
k
-&%`<>
GMBTIFTCMVF
5IFEFWJDFJTSFBEZGPSDPOOFDUJPOGPS`TFDPOET
'PMMPXUIFJOTUSVDUJPOTQSPWJEFEJOUIF'FTUPPM`"QQ
UPBVUIPSJTFUIFTFDVSFDPOOFDUJPO
*OPSEFSUPEFMFUFUIF#MVFUPPUIQBJSJOHJOGPSNBUJPO
BOESFTUPSFUIFGBDUPSZTFUUJOHTPGUIFEFWJDFJOTFSU
UIFNBJOTQMVHBOEUIFOQSFTTUIFPOPGGCVUUPOPO
UIFEFWJDFVOUJMUIF#MVFUPPUIk-&%BOEUIFDBQBDJUZ
JOEJDBUPSGMBTITJNVMUBOFPVTMZ
`/PUBWBJMBCMFJOBMMDPVOUSJFT
 .PVOUJOHUIFEFWJDF
`
8"3/*/(
3JTLPGTUSBOHVMBUJPO
'BTUFOUIFNBJOTQPXFSDBCMFPGUIFEFWJDFTFDVSFMZ
UPUIFXBMMJGUIFNBJOTQPXFSDBCMFJTXJUIJOSFBDI
 0OUIFXBMM`<>
8"3/*/(ß&OTVSFUIBUUIFEFWJDFJTTFDVSFMZGBTUFOFEPS
JTNPVOUFETFDVSFMZ
6TFTDSFXTUPTFDVSFUIFEFWJDFUPUIFXBMMBUUIFUXP
TMPUUFEIPMFT`<>
 0OBSPQF`<>
`
$"65*0/
3JTLPGJOKVSZ
5IFSPQFTBSFUPFOHBHFUIFDBSSZJOHIBOEMF`<>
POMZBOEOPUUIFNBJOTDPOOFDUJPODBCMFTIBMMCF
JODMVEFE
`
$"65*0/
3JTLPGBDDJEFOUT
"OZFYDFTTMFOHUIPGUIFNBJOTDPOOFDUJPODBCMF
NVTUCFLFQUPVUPGUIFXPSLBSFBGPSFYBNQMFCZ
TFDVSJOHUIFNBJOTDPOOFDUJPODBCMFUPPOFPGUIF
TVQQPSUJOHDIBJOTVTJOHBDBCMFUJF
.PVOUUIFEFWJDFPOUIFHVJEFHSPPWF`<>JOUIFDFOUSF
PGUIFDBSSZJOHIBOEMFVTJOHBSPQF
 4FSWJDFBOENBJOUFOBODF
` `
8"3/*/(
3JTLPGJOKVSZFMFDUSJDTIPDL
"MXBZTQVMMUIFNBJOTQMVHGSPNUIFTPDLFUCFGPSF
QFSGPSNJOHBOZTFSWJDJOHBOENBJOUFOBODFXPSLBOE
SFNPWFUIFCBUUFSZQBDL
)BWFBMMNBJOUFOBODFBOESFQBJSXPSLUIBUSFRVJSFT
UIFIPVTJOHUPCFPQFOFEDBSSJFEPVUCZBO
BVUIPSJTFETFSWJDFXPSLTIPQ
`
$"65*0/
$FSUBJODMFBOJOHBHFOUTBOETPMWFOUTBSFIBSNGVMUP
QMBTUJDQBSUT
4PNFPGUIFTFJODMVEFCVUBSFOPUMJNJUFEUP
(BTPMJOF"DFUPOF.FUIZM&UIZM,FUPOF.&,
$BSCPOZM$IMPSJEFDMFBOJOHTPMVUJPOTDPOUBJOJOH
$IMPSJOF"NNPOJBBOEIPVTFIPMEDMFBOFST
DPOUBJOJOH"NNPOJB
`
$"65*0/
3JTLPGJOKVSZ
8FBSQSPUFDUJWFHPPHMFTBOEBEVTUNBTLXIFO
DMFBOJOHUIFEFWJDFXJUIDPNQSFTTFEBJS
$VTUPNFSTFSWJDFBOESFQBJSTNVTUPOMZCFDBSSJFEPVU
CZUIFNBOVGBDUVSFSPSTFSWJDFXPSLTIPQT:PVNVTUPOMZ
VTFPSJHJOBM'FTUPPMTQBSFQBSUT
'VSUIFSJOGPSNBUJPOXXXGFTUPPMVTBDPNTFSWJDF
$MFBOUIFEFWJDFXJUIBTPGUESZDMPUIUPQSFWFOU
EBNBHF%POPUVTFTPMWFOUT
,FFQUIFDPOUBDUTPOUIFEFWJDFDIBSHFSBOECBUUFSZ
QBDLDMFBO
5PFOTVSFDPOTUBOUBJSDJSDVMBUJPOBMXBZTLFFQUIF
DPPMJOHBJSPQFOJOHTPOUIFEFWJDFDMFBOBOEGSFFPG
CMPDLBHFT
 "DDFTTPSJFT
6TFPOMZPSJHJOBM'FTUPPMBDDFTTPSJFTBOE'FTUPPM
DPOTVNBCMFNBUFSJBMJOUFOEFEGPSUIJTNBDIJOF5IFTF
DPNQPOFOUTBSFEFTJHOFETQFDJGJDBMMZGPSUIJTNBDIJOF
6TJOHBDDFTTPSJFTBOEDPOTVNBCMFNBUFSJBMGSPNPUIFS
TVQQMJFSTXJMMNPTUMJLFMZBGGFDUUIFRVBMJUZPGZPVS
SFTVMUTBOEMJNJUXBSSBOUZDMBJNT.BDIJOFXFBSPS
ZPVSPXOQFSTPOBMXPSLMPBENBZJODSFBTFEFQFOEJOHPO
UIFBQQMJDBUJPO1SPUFDUZPVSTFMGBOEZPVSNBDIJOFBOE
QSFTFSWFZPVSXBSSBOUZDMBJNTCZBMXBZTVTJOHPSJHJOBM
'FTUPPMBDDFTTPSJFTBOE'FTUPPMDPOTVNBCMFNBUFSJBMÝ
:PVDBOGJOEUIF10OVNCFSTGPSBDDFTTPSJFTBOEUPPMT
VOEFSXXXGFTUPPMDPN
 &OWJSPONFOU
%POPUEJTQPTFPGUIFEFWJDFBTEPNFTUJDXBTUFß
%JTQPTFPGNBDIJOFTBDDFTTPSJFTBOEQBDLBHJOHBUBO
FOWJSPONFOUBMMZSFTQPOTJCMFSFDZDMJOHDFOUSF0CTFSWF
UIFSFTQFDUJWFOBUJPOBMSFHVMBUJPOT
 (FOFSBMJOGPSNBUJPO

*OGPSNBUJPOBCPVU#MVFUPPUI
k
"TTPPOBTUIFEFWJDFJTDPOOFDUFEUPUIF'FTUPPM`"QQ
WJB#MVFUPPUI
k
BOEUIFTFDVSFDPOOFDUJPOIBTCFFO
&OHMJTI
background
BVUIPSJTFEUIFUPPMXJMMDPOOFDUBVUPNBUJDBMMZUPUIF
'FTUPPM`"QQGSPNUIJTQPJOUPOXBSET5IFUPPMUIFO
SFHVMBSMZTFOETTUBUVTJOGPSNBUJPO*%PQFSBUJOHTUBUVT
FUDWJB#MVFUPPUI
n
5IF#MVFUPPUI
n
XPSENBSLBOEUIFMPHPTBSFSFHJTUFSFE
USBEFNBSLTPG#MVFUPPUI4*(*ODUIFZBSFVTFECZ554
5PPMUFDIOJD4ZTUFNT"($P`,(BOEUIFSFGPSFCZ
'FTUPPMVOEFSMJDFODF
 -JDFODFJOGPSNBUJPO
-JDFODFJOGPSNBUJPOPOBOZPQFOTPVSDFMJDFODFTVTFE
JOUIFQSPEVDUDBOCFGPVOEJOUIF'FTUPPM`"QQBU
*OGPSNBUJPO`1PXFSUPPMPQFOTPVSDFMJDFOTFT
`/PUBWBJMBCMFJOBMMDPVOUSJFT
 64"'FEFSBM$PNNVOJDBUJPOT$PNNJTTJPO
'$$*OUFSGFSFODF4UBUFNFOU
/05&5IJTFRVJQNFOUIBTCFFOUFTUFEBOEGPVOEUP
DPNQMZXJUIUIFMJNJUTGPSB$MBTT#EJHJUBMEFWJDF
QVSTVBOUUPQBSU`PGUIF'$$3VMFT5IFTFMJNJUT
BSFEFTJHOFEUPQSPWJEFSFBTPOBCMFQSPUFDUJPOBHBJOTU
IBSNGVMJOUFSGFSFODFJOBSFTJEFOUJBMJOTUBMMBUJPO5IJT
FRVJQNFOUHFOFSBUFTVTFTBOEDBOSBEJBUFSBEJP
GSFRVFODZFOFSHZBOEJGOPUJOTUBMMFEBOEVTFEJO
BDDPSEBODFXJUIUIFJOTUSVDUJPOTNBZDBVTFIBSNGVM
JOUFSGFSFODFUPSBEJPDPNNVOJDBUJPOT)PXFWFSUIFSF
JTOPHVBSBOUFFUIBUJOUFSGFSFODFXJMMOPUPDDVSJOB
QBSUJDVMBSJOTUBMMBUJPO*GUIJTFRVJQNFOUEPFTDBVTF
IBSNGVMJOUFSGFSFODFUPSBEJPPSUFMFWJTJPOSFDFQUJPO
XIJDIDBOCFEFUFSNJOFECZUVSOJOHUIFFRVJQNFOUPGG
BOEPOUIFVTFSJTFODPVSBHFEUPUSZUPDPSSFDUUIF
JOUFSGFSFODFCZPOFPSNPSFPGUIFGPMMPXJOHNFBTVSFT
3FPSJFOUPSSFMPDBUFUIFSFDFJWJOHBOUFOOB
*ODSFBTFUIFTFQBSBUJPOCFUXFFOUIFFRVJQNFOUBOE
SFDFJWFS
$POOFDUUIFFRVJQNFOUJOUPBOPVUMFUPOBDJSDVJU
EJGGFSFOUGSPNUIBUUPXIJDIUIFSFDFJWFSJT
DPOOFDUFE
$POTVMUUIFEFBMFSPSBOFYQFSJFODFESBEJP57
UFDIOJDJBOGPSIFMQ
/05&"OZDIBOHFTPSNPEJGJDBUJPOTOPUFYQSFTTMZ
BQQSPWFECZUIFQBSUZSFTQPOTJCMFGPSDPNQMJBODFDPVME
WPJEUIFVTFSTBVUIPSJUZUPPQFSBUFUIFFRVJQNFOU
5IJTFRVJQNFOUDPNQMJFTXJUI'$$SBEJBUJPOFYQPTVSF
MJNJUTTFUGPSUIGPSBOVODPOUSPMMFEFOWJSPONFOU5IJT
FRVJQNFOUTIPVMECFJOTUBMMFEBOEPQFSBUFEXJUI
NJOJNVNEJTUBODFDNCFUXFFOUIFSBEJBUPSZPVS
CPEZ5IJTUSBOTNJUUFSNVTUOPUCFDPMPDBUFEPS
PQFSBUJOHJODPOKVODUJPOXJUIBOZPUIFSBOUFOOBPS
USBOTNJUUFS
 $BOBEB344$PNQMJBODF4UBUFNFOU
5IJTEFWJDFDPOUBJOTMJDFODFFYFNQUUSBOTNJUUFST
SFDFJWFSTUIBUDPNQMZXJUI*OOPWBUJPO4DJFODFBOE
&DPOPNJD%FWFMPQNFOU$BOBEBࣞTMJDFODFFYFNQU344T
0QFSBUJPOJTTVCKFDUUPUIFGPMMPXJOHUXPDPOEJUJPOT
`5IJTEFWJDFNBZOPUDBVTFJOUFSGFSFODF
`5IJTEFWJDFNVTUBDDFQUBOZJOUFSGFSFODFJODMVEJOH
JOUFSGFSFODFUIBUNBZDBVTFVOEFTJSFEPQFSBUJPOPGUIF
EFWJDF
'SBO§BJT
4PNNBJSF
QSPQPTEFDFNBOVFM
4ZNCPMFT
$POTJHOFTEFT©DVSJU©
6UJMJTBUJPODPOGPSNF
$BSBDU©SJTUJRVFTUFDIOJRVFT
M©NFOUTEFMBQQBSFJM 
#BUUFSJF
.JTFFOTFSWJDF
'PODUJPOOFNFOU 
 3©HMBHFT
 "DDSPDIFSMBQQBSFJM
 &OUSFUJFOFUNBJOUFOBODF
 "DDFTTPJSFT 
 &OWJSPOOFNFOU 
 3FNBSRVFTH©O©SBMFT
QSPQPTEFDFNBOVFM
$POTFSWF[DFTJOTUSVDUJPOT
*MFTUJNQPSUBOUQPVSWPVTEFMJSFFUEFDPNQSFOESFDF
NBOVFM-FTJOGPSNBUJPOTRVJMDPOUJFOUTFSBQQPSUF
MBQSPUFDUJPOEFWPUSFT©DVSJU©FUEFQS©WFOUJPOEFT
QSPCM¨NFT-FTTZNCPMFTTVJWBOUTTPOUVUJMJT©TQPVS
WPVTBJEFSSFDPOOB®USFDFUUFJOGPSNBUJPO
%"/(&3 %FTDSJQUJPOEVSJTRVFJNNJOFOU
FUMJODBQBDJU©©WJUFSUPVU
SJTRVFRVJQFVUFOUSB®OFSMB
NPSU
"7&35*44&.&/5 %FTDSJQUJPOEFTEBOHFST
QPTTJCMFTFUEFTCMFTTVSFTRVJ
FOS©TVMUFOUPVMBNPSU
"55&/5*0/ %FTDSJQUJPOEFTEBOHFSTFUEFT
©WFOUVFMMFTCMFTTVSFTRVJFO
S©TVMUFOU
"7*4 %FTDSJQUJPOEFTEPNNBHFT
QPUFOUJFMTTVSMBQQBSFJMPV
EBOTTPOFOWJSPOOFNFOU
4ZNCPMFT
"WFSUJUEVOEBOHFSH©O©SBM
"WFSUJUEVOSJTRVFEFE©DIBSHF©MFDUSJRVF
-JSFMBOPUJDFEVUJMJTBUJPOFUMFTDPOTJHOFTEF
T©DVSJU©
NJO
LH
$BQBDJU©EFDIBSHFNJOJNBMFEFMBDPSEFEF
TVTQFOTJPO
'SBO§BJT
 $BOBEB3BEJPGSFRVFODZ3'&YQPTVSF
*OGPSNBUJPO
5IJTFRVJQNFOUDPNQMJFTXJUI*4&%SBEJBUJPOFYQPTVSF
MJNJUTTFUGPSUIGPSBOVODPOUSPMMFEFOWJSPONFOU
5IJTFRVJQNFOUTIPVMECFJOTUBMMFEBOEPQFSBUFEXJUI
NJOJNVNEJTUBODFDNCFUXFFOUIFSBEJBUPSZPVS
CPEZ5IJTUSBOTNJUUFSNVTUOPUCFDPMPDBUFEPS
PQFSBUJOHJODPOKVODUJPOXJUIBOZPUIFSBOUFOOBPS
USBOTNJUUFS
background
1PSUFSVOFQSPUFDUJPOSFTQJSBUPJSF
*OT©SFSMBCBUUFSJF
3FUJSFSMBCBUUFSJF
#SBODIFSMFD¢CMFEFSBDDPSEFNFOUTFDUFVS
%©CSBODIFSMFD¢CMFEFSBDDPSEFNFOUTFDUFVS
$MBTTFEFQSPUFDUJPO**
77PMU
DD
$PVSBOUDPOUJOV
_BD $PVSBOUBMUFSOBUJG
88BUU
)[ )FSU[
N.¨USF
1PVDF
LH ,JMPHSBNNF
MC -JWSF
p$ %FHS©$FMTJVT
p' %FHS©'BISFOIFJU
MN -VNFO
$POTJHOFTEFT©DVSJU©
*.1035"/5&4$0/4*(/&4%&
4$63*5
"7&35*44&.&/5`
-JTF[MFOTFNCMFEFTDPOTJHOFTEF
T©DVSJU©FUEFTJOTUSVDUJPOT-FOPOSFTQFDUEFTDPOTJHOFTEFT©DVSJU©FU
EFTJOTUSVDUJPOTQFVUQSPWPRVFSVOFE©DIBSHF©MFDUSJRVFVOJODFOEJFFUPV
EFTCMFTTVSFTHSBWFT
$POTFSWF[MFOTFNCMFEFTDPOTJHOFTEFT©DVSJU©FUEFTJOTUSVDUJPOTBGJO
EFQPVWPJSMFTDPOTVMUFSVMU©SJFVSFNFOU
3FTQFDUFSMBOPUJDFEVUJMJTBUJPOEVDIBSHFVSFUEFMB
CBUUFSJF
6UJMJTFSMBQQBSFJMBWFDQS©DBVUJPO-BQQBSFJMQFVU
H©O©SFSEFMBDIBMFVSFOUSB®OBOUVOSJTRVFBDDSV
EJODFOEJFFUEFYQMPTJPO
/FQBTUSBWBJMMFSBWFDMBQQBSFJMEBOTVO
FOWJSPOOFNFOUQS©TFOUBOUVOSJTRVFEFYQMPTJPO
-FQSPKFDUFVSEFDIBOUJFSFTUDPO§VQPVSMVUJMJTBUJPO
EBOTVOFOWJSPOOFNFOUEBOTMFRVFMJMGBVUTBUUFOESF
VOFBDDVNVMBUJPOEFQPVTTJ¨SFOPODPOEVDUSJDF
TVSMBMBNQF
$FQSPEVJUQPSUBCMFEJTQPTFEVOFGJDIFQPMBSJT©FVO
DPOUBDUQS©TFOUFVOFTVSGBDFQMVTMBSHFRVFMBVUSF
BGJOEFS©EVJSFMFSJTRVFE©MFDUSPDVUJPO$FUUFGJDIF
OFQFVUªUSFCSBODI©FRVFEBOTVOTFOTEBOTVOF
QSJTFEFDPVSBOUQPMBSJT©F4JMBGJDIFOFSFOUSFQBT
DPNQM¨UFNFOUEBOTMBQSJTFEFDPVSBOUSFUPVSOF[
MB4JMBGJDIFOFSFOUSFUPVKPVSTQBTBESFTTF[
WPVTVO©MFDUSJDJFORVBMJGJ©/VUJMJTF[KBNBJTEF
SBMMPOHFTBVGTJMBGJDIFQFVUªUSFDPNQM¨UFNFOU
JOT©S©FMPSTEVCSBODIFNFOU/FNPEJGJF[QBTMB
GJDIF
/FQBTDPVWSJSMBQQBSFJMQFOEBOUTPO
GPODUJPOOFNFOU-BUFNQ©SBUVSFEFMBQQBSFJM
BVHNFOUFQFOEBOUTPOVUJMJTBUJPOFUMBDDVNVMBUJPO
EFDIBMFVSQFVUQSPWPRVFSEFTCS»MVSFT
/FUPVDIF[QBTMBTPVSDFMVNJOFVTFQFOEBOU
MFGPODUJPOOFNFOU-BTPVSDFMVNJOFVTFQFVU
T©DIBVGGFSQFOEBOUMFGPODUJPOOFNFOU
"WFSUJTTFNFOU`SBZPOOFNFOUMVNJOFVYOPDJG/F
SFHBSEF[QBTMPOHUFNQTMFGBJTDFBVMVNJOFVY
/FEJSJHF[QBTMFGBJTDFBVMVNJOFVYTVSEBVUSFT
QFSTPOOFTPVEFTBOJNBVY4FMPOMBOPSNF
%*/`&/`MBQQBSFJMFTUT»SEBOTMB
QMVQBSUEFTDPOEJUJPOTEVUJMJTBUJPOFYDFQU©FO
DBTEFYQPTJUJPOQSPMPOH©FEFMēJMBVGBJTDFBV
MVNJOFVYEJSFDU-BQQBSFJMFTUSBUUBDI©BVHSPVQF
TBOTSJTRVFHSPVQFEFSJTRVF`QBTEFEBOHFS
QIPUPCJPMPHJRVF
'BJUFTS©QBSFSWPUSFBQQBSFJMVOJRVFNFOUQBSVO
QFSTPOOFMRVBMJGJ©`MFTS©QBSBUJPOTEPJWFOUªUSF
FGGFDUV©FTBWFDEFTQJ¨DFTEPSJHJOFVOJRVFNFOU
-BTPVSDFMVNJOFVTF
DPOUFOVFEBOTDFUBQQBSFJMEPJUVOJRVFNFOUªUSF
SFNQMBD©FQBSMFGBCSJDBOUPVVOBUFMJFSEV4FSWJDF
"QS¨T7FOUFBGJOEFHBSBOUJSMBGJBCJMJU©EFMBQQBSFJM
'SBO§BJT

1PSUFSEFTMVOFUUFTEFQSPUFDUJPO
background
/FQBTVUJMJTFSMBQQBSFJMTVSMBWPJFQVCMJRVF
-VUJMJTBUJPOEFMBQQBSFJMQPVSM©DMBJSBHFEFMB
DIBVTT©FOFTUQBTBVUPSJT©F
1PVS©WJUFSUPVUEBOHFSW©SJGJF[S©HVMJ¨SFNFOU
MBGJDIFTFDUFVSFUMFD¢CMFEFSBDDPSEFNFOU
TFDUFVS%©CSBODIF[JNN©EJBUFNFOUMFD¢CMFEF
SBDDPSEFNFOUTFDUFVSEFMBMJNFOUBUJPO©MFDUSJRVF
TJMFTUFOEPNNBH©FUGBJUFTMFSFNQMBDFSQBSVO
BUFMJFS4"7BHS©©
/VUJMJTF[QMVTMBQQBSFJMTJMFTUFOEPNNBH©
6UJMJTF[VOJRVFNFOUMFTCBUUFSJFTQS©WVFTQBS
'FTUPPMQPVSMBQQBSFJM-VUJMJTBUJPOEBVUSFT
CBUUFSJFTQFVUFOUSB®OFSEFTCMFTTVSFTFUVOSJTRVF
EJODFOEJF
/FCS»MF[QBTMBCBUUFSJFEFMBQQBSFJMQPVS
M©MJNJOFS
7FJMMF[UPVKPVSTGFSNFSFUFODMFODIFSMFDBQPUEF
QSPUFDUJPOBWBOUEVUJMJTFSMBQQBSFJM
-PSTEFMBGJYBUJPOBWFDVOUS©QJFEVOFDPSEF
TVTQFOEVFPVEFTWJTWFJMMF[BTTVSFSMBTUBCJMJU©`
VOFGJYBUJPOT»SFEFMBQQBSFJM4JMFTUJOTUBCMF
NBMBDDSPDI©PVNBMGJY©MBQQBSFJMQFVUUPNCFSFU
QSPWPRVFSEFTEPNNBHFTDPSQPSFMTPVNBU©SJFMT
5FOF[MBQQBSFJMIPSTEFQPSU©FEFTFOGBOUT
-BQQBSFJMOFTUQBTVOKPVFU
/FQBTVUJMJTFSVOFBMUJUVEFEFQMVTEF`N
6UJMJTBUJPODPOGPSNF
-FQSPKFDUFVSEFDIBOUJFSFTUVOBQQBSFJMQPSUBCMF
EFTUJO©BTTVSFSUFNQPSBJSFNFOUM©DMBJSBHFFO
JOU©SJFVSFUFOFYU©SJFVS-BCBUUFSJFQFVUªUSFVUJMJT©F
FOFYU©SJFVS*1`-FD¢CMFEFSBDDPSEFNFOUTFDUFVS
EPJUVOJRVFNFOUªUSFVUJMJT©EBOTVOFOWJSPOOFNFOUEF
USBWBJMTFD*1`97FJMMFSMBT©DVSJU©©MFDUSJRVFEVQPJOU
EFSBDDPSEFNFOU©MFDUSJRVF
-BQQBSFJMOFDPOWJFOUQBTM©DMBJSBHFEFQJ¨DFTEBOTVO
FOWJSPOOFNFOUEPNFTUJRVF
-VUJMJTBUFVSFTUSFTQPOTBCMFEFTEPNNBHFTQSPWPRV©T
QBSVOFVUJMJTBUJPOOPODPOGPSNF
"7*4%BOTDFSUBJOTQBZTEFTEJTQPTJUJPOT
TVQQM©NFOUBJSFTTBQQMJRVFOUMVUJMJTBUJPO
E©RVJQFNFOUT©MFDUSJRVFTTVSMFTDIBOUJFST$FT
EJTQPTJUJPOTOBUJPOBMFTQFVWFOUSFTUSFJOESFMVUJMJTBUJPO
EVQSPKFDUFVSEFDIBOUJFSPVMFTPVNFUUSFEFT
FYJHFODFTTVQQM©NFOUBJSFT3FTQFDUF[MFTEJTQPTJUJPOT
OBUJPOBMFTBQQMJDBCMFTEBOTWPUSFDBT
$BSBDU©SJTUJRVFTUFDIOJRVFT
1SPKFDUFVSEFDIBOUJFS %60)`*
5FOTJPOTFDUFVSNPEF$" `7_
'S©RVFODF `)[
$PVSBOUBCTPSC©OPNJOBM `"
5FOTJPOOPNJOBMFNPEF$$ `7
"NQPVMFT -&%`Y``8
'MVYMVNJOFVY-&% ``MN
5FNQ©SBUVSFEFDPVMFVS `,
3FOEVEFTDPVMFVST3" `
%VS©FEFWJFEFT-&%- ```I
1PJETTBOTCBUUFSJF `MC`LH
1SPKFDUFVSEFDIBOUJFS 4:4-*5&%60)`*
#BUUFSJFTBQQSPQSJ©FT 4©SJF'FTUPPM#1`
5FNQ©SBUVSFBNCJBOUF
QFOEBOUMFGPODUJPOOFNFOU
`p'`p'
`p$`p$
*OEJDFEFQSPUFDUJPO 'PODUJPOOFNFOU
TVSCBUUFSJF`
NPEF$$`
'PODUJPOOFNFOU
TVSTFDUFVS`
NPEF$"`
`
*1`
`
*1`9
#MVFUPPUI
n
'S©RVFODF `.)[`.)[
1VJTTBODFJTPUSPQFSBZPOO©F
©RVJWBMFOUF1*3&
``E#N
M©NFOUTEFMBQQBSFJM
<>
$BDIFQMVHJU
<>
"JMFUUFEFE©WFSSPVJMMBHF
<>
1PJHO©F
<>
4FSSFD¢CMF
<>
*OEJDBUFVSEFDIBSHF
<>
-&%#MVFUPPUI
n
<>
*OUFSSVQUFVSNBSDIFBSSªU`CPVUPOSPUBUJGQPVS
MFS©HMBHFEFMBQVJTTBODFE©DMBJSBHF
<>
$PNQBSUJNFOUEFMBCBUUFSJF
<>
1JFE
<>
5SPVTPCMPOHTQPVSGJYBUJPONVSBMF
<>
4PVSDFEFMVNJ¨SF
<>
'FOUFTEB©SBUJPO
<>
-PHFNFOUEVUS©QJFE
<>
1JFE
<>
$¢CMFEFSBDDPSEFNFOUTFDUFVS
-FTBDDFTTPJSFTJMMVTUS©TPVE©DSJUTOFGPOUQBTUPVT
QBSUJFEFT©M©NFOUTMJWS©T
-FTJMMVTUSBUJPOTJOEJRV©FTTFUSPVWFOUFOE©CVUEFOPUJDF
EVUJMJTBUJPO
#BUUFSJF
7©SJGJF[MBQSPQSFU©EFT©M©NFOUTEFDPOOFYJPOBWBOU
EJOT©SFSMBCBUUFSJF%FT©M©NFOUTEFDPOOFYJPO
TBMFTFOUSB®OFOUVOSJTRVFEFNBVWBJTDPOUBDUFU
EFOEPNNBHFNFOUEFTDPOUBDUT
6ONBVWBJTDPOUBDUQFVUQSPWPRVFSMBTVSDIBVGGFFU
MFOEPNNBHFNFOUEFMBQQBSFJM
-JOTUBMMBUJPOEFMBCBUUFSJFEPJUªUSFFGGFDUV©F
DPOGPSN©NFOUBVYS¨HMFTSFMBUJWFTBVYCBUUFSJFT
EBDDVNVMBUFVSTEV$PEFDBOBEJFOEFM©MFDUSJDJU©
QBSUJF*
<">
&OMFWFSMBCBUUFSJF
<#>
DMJDL
*OT©SFSMBCBUUFSJFKVTRVTPO
FODMFODIFNFOU
7PVTUSPVWFSF[QMVTEJOGPSNBUJPOTTVSMBCBUUFSJF
EBOTTBOPUJDFEVUJMJTBUJPO
'SBO§BJT

background
.JTFFOTFSWJDF
` `
"7&35*44&.&/5
5FOTJPOPVGSRVFODFOPOBVUPSJTF
3JTRVFEBDDJEFOU
5FOF[DPNQUFEFTJOEJDBUJPOTGPVSOJFTTVSMBQMBRVF
TJHOBMUJRVF
5FOF[DPNQUFEFTTQDJGJDJUTOBUJPOBMFT
`
"55&/5*0/
DIBVGGFNFOUEVSBDDPSEQMVHJUTJMFSBDDPSE
CB¢POOFUUFOFTUQBTDPNQMUFNFOUWFSSPVJMM
3JTRVFEFCSMVSFT
"WBOUEFNFUUSFFONBSDIFMBQQBSFJMBTTVSF[
WPVTRVFMFSBDDPSECB¢POOFUUFTVSMFDCMFEF
SBDDPSEFNFOUTFDUFVSFTUDPNQMUFNFOUGFSNFU
WFSSPVJMM
"7&35*44&.&/5`ß5PVKPVSTUFJOESFMBQQBSFJMBWBOU
EFCSBODIFSPVECSBODIFSMFDCMFEFSBDDPSEFNFOU
TFDUFVS
#SBODIFNFOUFUECSBODIFNFOUEVDCMFEF
SBDDPSEFNFOUTFDUFVS`<>WPJSGJHVSF`<">`<#>
 .JTFFONBSDIFMBSSUEFMBQQBSFJM
.JTFFONBSDIF
#SBODIFSMBGJDIFTFDUFVSPVJOTUBMMFSVOFCBUUFSJF
"QQVZFSCSJWFNFOUTVSMJOUFSSVQUFVSNBSDIF
BSSU`<>
-BQQBSFJMENBSSFMBQVJTTBODFEDMBJSBHFVUJMJTF
BWBOUMBEFSOJSFNJTFMBSSU
3HMFSMBQVJTTBODFEDMBJSBHFBWFDMFCPVUPO
SPUBUJG`<>
-PSTRVFMFOJWFBVNBYJNBMPVNJOJNBMEFQVJTTBODF
EDMBJSBHFFTUBUUFJOUMBQQBSFJMDMJHOPUFVOFGPJT
.JTFMBSSU
"QQVZFSCSJWFNFOUTVSMJOUFSSVQUFVSNBSDIF
BSSU`<>
%CSBODIFSMBGJDIFTFDUFVS
&OSPVMFSMFDCMFEFSBDDPSEFNFOUTFDUFVSTVSMB
QPJHOF`<>"DDSPDIFSMFYUSNJUEVDCMFBV
TFSSFDCMF`<>QSWVDFUUFGJOWPJSGJHVSF`<>
 4VSWFJMMBODFEFMBUFNQSBUVSF
4JMBUFNQSBUVSFEFTFSWJDFBVUPSJTFFTUEQBTTF
MBQQBSFJMEJNJOVFBVUPNBUJRVFNFOUTBQVJTTBODF
MVNJOFVTF&ODBTEFEQBTTFNFOUQSPMPOHEFMB
UFNQSBUVSFNBMHSVOFQVJTTBODFMVNJOFVTFSEVJUF
MBMJNFOUBUJPOMFDUSJRVFFTUDPVQF
 3BMMPOHF
4JMFTUODFTTBJSFEVUJMJTFSVOFSBMMPOHFDFMMFDJEPJU
QSTFOUFSVOFTFDUJPOTVGGJTBOUFQPVSWJUFSVOFQFSUF
EFUFOTJPOFYDFTTJWFPVVOFTVSDIBVGGF6OFQFSUFEF
UFOTJPOFYDFTTJWFSEVJUMBQVJTTBODFFUQFVUQSPWPRVFS
MBEGBJMMBODFEVNPUFVS-FUBCMFBVDJEFTTPVTJOEJRVF
MFEJBNUSFEFDCMFBQQSPQSJFOGPODUJPOEFMBMPOHVFVS
EFDCMFQPVSDFUPVUJM
5BJMMFEFDCMFFO"8(
*OUFOTJUOPNJOBMFEFMPVUJM -POHVFVSEFDCMFFOQJFET
   
    
    
    
    
  
5BJMMFEFDCMFFONN
*OUFOTJUOPNJOBMFEF
MPVUJM
-POHVFVSEFDCMFFONUSFT
   
    
    
    
   

6UJMJTFSVOJRVFNFOUEFTSBMMPOHFTIPNPMPHVFT/35-
/FKBNBJTVUJMJTFSEFVYSBMMPOHFTFOTFNCMF"VMJFVEF
DFMBVUJMJTFSVOFSBMMPOHFQMVTMPOHVF
1MVTMBWBMFVS"8(FTUGBJCMFQMVTMFEJBNUSFEV
DCMFFTUMFW
'PODUJPOOFNFOU
 /JWFBVEFDIBSHFEFMBCBUUFSJF
-PSTRVFMB-&%EVCBTTVSMJOEJDBUFVSEFDIBSHF`<>
DMJHOPUFBQSTMBNJTFFONBSDIFMBCBUUFSJFFTUWJEFFU
EPJUUSFSFDIBSHF
-PSTRVFMFOJWFBVEFDIBSHFEFMBCBUUFSJFFTUGBJCMF
MBQQBSFJMQBTTFFONPEFEFGPODUJPOOFNFOUEVSHFODF
BWFDVOFQVJTTBODFEDMBJSBHFSEVJUFFUDMJHOPUFUSPJT
GPJT-BQQBSFJMTFDPVQFMPSTRVFMBUFOTJPOEFMBCBUUFSJF
UPNCFBVEFTTPVTEF``7
 1PTJUJPOOFNFOUTQPTTJCMFT
"OHMFEJOTUBMMBUJPOBVTPM`<>
-JOTUBMMBUJPOEFMBQQBSFJMBVTPMFTUQPTTJCMF`BOHMFT
EJGGSFOUT
*OTUBMMFSMBQQBSFJMBVTPM
"GJORVFMFTGFOUFTEBSBUJPO`<>SFTUFOUEHBHFT
UPVKPVSTVUJMJTFSMFTQJFET`<>FU`<>QPVSJOTUBMMFS
MBQQBSFJMBVTPM
*OTUBMMBUJPOTVSUSQJFE`<>
"55&/5*0/`ß6UJMJTFSMBQQBSFJMVOJRVFNFOUBWFDMF
USQJFE'FTUPPM45`%60`-BIBVUFVSUPUBMFEVUSQJFE
OFEPJUQBTEQBTTFS`N5FOF[DPNQUFEFMBOPUJDF
EVUJMJTBUJPOEVUSQJFE
%QMJFSMFUSQJFEKVTRVFOCVUF
.FUUSFFOQMBDFMBQQBSFJM
"QSTMBWPJSNJTFOQMBDFUPVSOFSMBQQBSFJMKVTRV
DFRVJMTFODMFODIF
'SBOBJT

background
 3HMBHFT
 'FTUPPM`"QQ
-B'FTUPPM`"QQQFSNFUEFDPOGJHVSFSFUUMDPNNBOEFS
MBQQBSFJM%BOTMB'FTUPPM`"QQWPVTQPVWF[BVTTJSVOJS
FOVOHSPVQFQMVTJFVSTBQQBSFJMTFUMFTUMDPNNBOEFS
FOTFNCMF
"QQVZFSTVSMJOUFSSVQUFVSNBSDIFBSSU`<>EF
MBQQBSFJMQFOEBOUFOW``TFDPOEFTKVTRVDFRVF
MB-&%#MVFUPPUI
k
`<>DMJHOPUFFOCMFV
-BQQBSFJMFTUQSUQPVSMBDPOOFYJPOQFOEBOU
`TFDPOEFT
1PVSBVUPSJTFSMBDPOOFYJPOTDVSJTFTVJWSFMFT
JOTUSVDUJPOTGPVSOJFTEBOTMB'FTUPPM`"QQ
1PVSTVQQSJNFSMFTJOGPSNBUJPOTEFKVNFMBHF
#MVFUPPUIFUSUBCMJSMFTSHMBHFTEVTJOFEF
MBQQBSFJMCSBODIF[MBGJDIFTFDUFVSQVJTBQQVZF[
TVSMJOUFSSVQUFVSNBSDIFBSSUEFMBQQBSFJMKVTRV
DFRVFMB-&%#MVFUPPUIkFUMJOEJDBUFVSEFDIBSHF
DMJHOPUFOUFONNFUFNQT
`/FTUQBTEJTQPOJCMFEBOTDIBRVFQBZT
 "DDSPDIFSMBQQBSFJM
`
"7&35*44&.&/5
3JTRVFEUSBOHMFNFOU
4JDFDCMFEFSBDDPSEFNFOUTFDUFVSEFMBQQBSFJMTF
USPVWFMBIBVUFVSEFWPTNBJOTGJYF[MFBVNVSEF
NBOJSFWJUFSUPVUEBOHFS
 "VNVS`<>
"7&35*44&.&/5`ß7FJMMF[GJYFSMBQQBSFJMEFNBOJSF
TSFPVMBDDSPDIFSTVGGJTBNNFOUTPMJEFNFOU
'JYFSMBQQBSFJMBVNVSFOVUJMJTBOUMFT`USPVT
PCMPOHT`<>FUEFTWJT
 wVOFDPSEF`<>
`
"55&/5*0/
3JTRVFTEFCMFTTVSFT
'JYF[MFTDPSEFTVOJRVFNFOUMBQPJHOF`<>FO
WFJMMBOUUFOJSMFDCMFEFSBDDPSEFNFOUTFDUFVS
MDBSU
`
"55&/5*0/
3JTRVFEBDDJEFOU
4JMFDCMFEFSBDDPSEFNFOUTFDUFVSFTUUSPQMPOH
BDDSPDIF[MFQBSFYFNQMFMVOFEFTDIB¡OFTEF
TPVUJFOBWFDVOFBUUBDIFBVUPCMPRVBOUFQPVSMF
SFUJSFSEFMB[POFEFUSBWBJM
"DDSPDIFSMBQQBSFJMVOFDPSEFBVDFOUSFEFMBQPJHOF
FOVUJMJTBOUMBDBOOFMVSFEFHVJEBHF`<>
 &OUSFUJFOFUNBJOUFOBODF
` `
"7&35*44&.&/5
3JTRVFTEFCMFTTVSFTEDIBSHFMFDUSJRVF
"WBOUUPVUFPQSBUJPOEFNBJOUFOBODFPVEFOUSFUJFO
ECSBODIF[UPVKPVSTMBGJDIFTFDUFVSEFMBQSJTFEF
DPVSBOUFUSFUJSF[MBCBUUFSJF
$POGJF[UPVUFTMFTPQSBUJPOTEFNBJOUFOBODFFU
EFSQBSBUJPOODFTTJUBOUMPVWFSUVSFEVCP¡UJFS
VOJRVFNFOUVOBUFMJFS4"7BHS
`
"55&/5*0/
$FSUBJOTQSPEVJUTOFUUPZBOUTFUTPMWBOUTTPOUOPDJGT
QPVSMFTQJDFTFOQMBTUJRVF
2VFMRVFTFYFNQMFTEFQSPEVJUOPDJGFTTFODF
BDUPOFNUIZMUIZMDUPOF.&,DIMPSVSFEF
DBSCPOZMFTPMVUJPOTOFUUPZBOUFTDPOUFOBOUEV
DIMPSFEFMBNNPOJBDFUMFTQSPEVJUTNOBHFST
DPOUFOBOUEFMBNNPOJBD
`
"55&/5*0/
3JTRVFTEFCMFTTVSFT
-PSTEVOFUUPZBHFEFMBQQBSFJMMBJSDPNQSJN
QPSUF[EFTMVOFUUFTEFQSPUFDUJPOFUVOFQSPUFDUJPO
SFTQJSBUPJSF
-FTPQSBUJPOTEFTFSWJDFBQSTWFOUFFUMFT
SQBSBUJPOTEPJWFOUVOJRVFNFOUUSFFGGFDUVFTQBSMF
GBCSJDBOUPVEFTBUFMJFSTBHST6UJMJTFSVOJRVFNFOUEFT
QJDFTEUBDIFTEPSJHJOF'FTUPPM
*OGPSNBUJPOTDPNQMNFOUBJSFT`XXXGFTUPPMVTBDPN
TFSWJDF
1PVSWJUFSUPVUEPNNBHFOFUUPZFSMBQQBSFJMBWFD
VODIJGGPOTFDFUEPVY/FQBTVUJMJTFSEFTPMWBOU
7FJMMF[DFRVFMFTDPOUBDUTEFCSBODIFNFOUEF
MBQQBSFJMEVDIBSHFVSFUEFMBCBUUFSJFSFTUFOU
QSPQSFT
1PVSHBSBOUJSMBDJSDVMBUJPOEFMBJSMFTPSJGJDFTEBJS
EFSFGSPJEJTTFNFOUTVSMBQQBSFJMEPJWFOUUPVKPVST
SFTUFSQSPQSFTFUEHBHT
 "DDFTTPJSFT
6UJMJTF[VOJRVFNFOUMFTBDDFTTPJSFT'FTUPPMFU
DPOTPNNBCMFT'FTUPPMEPSJHJOFQSWVTQPVSDFUUF
NBDIJOFDBSDFTDPNQPTBOUTTZTUNFTTPOU
QBSGBJUFNFOUBEBQUTMFTVOTQBSSBQQPSUBVYBVUSFT
4JWPVTVUJMJTF[EFTBDDFTTPJSFTFUDPOTPNNBCMFT
EBVUSFTNBSRVFTMBRVBMJUEVSTVMUBUQFVUUSF
EHSBEFFUMFTSFDPVSTFOHBSBOUJFQFVWFOUUSF
TPVNJTEFTSFTUSJDUJPOT-VTVSFEFMBNBDIJOFPV
WPUSFDIBSHFQFSTPOOFMMFQFVWFOUBVHNFOUFSTFMPO
DIBRVFBQQMJDBUJPO1PVSDFUUFSBJTPOQSPUHF[WPVT
WPUSFNBDIJOFFUWPTESPJUTMBHBSBOUJFFO
VUJMJTBOUFYDMVTJWFNFOUEFTBDDFTTPJSFT'FTUPPMFUEFT
DPOTPNNBCMFT'FTUPPMEPSJHJOFÝ
7PVTUSPVWFSF[MFTSGSFODFTEFTBDDFTTPJSFTFUEFT
PVUJMTTVSXXXGFTUPPMDPN
 &OWJSPOOFNFOU
/FKFUF[QBTMBQQBSFJMBWFDMFTPSEVSFTNOBHSFTß
&MJNJOF[MBQQBSFJMMFTBDDFTTPJSFTFUMFTFNCBMMBHFT
'SBOBJT

background
EFGB§PODPNQBUJCMFBWFDMFOWJSPOOFNFOU3FTQFDUF[MFT
QSFTDSJQUJPOTOBUJPOBMFTFOWJHVFVS
 3FNBSRVFTH©O©SBMFT

*OGPSNBUJPOTSFMBUJWFT#MVFUPPUI
n
%¨TRVFMBQQBSFJMFTUSFMJ©WJB#MVFUPPUI
n
MB
'FTUPPM`"QQFURVFMBDPOOFYJPOT©DVSJT©FB©U©
BVUPSJT©FJMTFDPOOFDUFBVUPNBUJRVFNFOUMB
'FTUPPM`"QQQBSMBTVJUF-BQQBSFJMFOWPJFBMPST
S©HVMJ¨SFNFOUEFTJOGPSNBUJPOTE©UBU*%©UBUEF
GPODUJPOOFNFOUFUDWJB#MVFUPPUI
n
-BNBSRVFWFSCBMF#MVFUPPUI
n
FUMFTMPHPTTPOUEFT
NBSRVFTE©QPT©FTEF#MVFUPPUI4*(*ODFUTPOUVUJMJT©T
TPVTMJDFODFQBS5545PPMUFDIOJD4ZTUFNT"($P,(FU
EPODQBS'FTUPPM(NC)
 *OGPSNBUJPOTSFMBUJWFTBVYMJDFODFT
7PVTUSPVWFSF[MFTJOGPSNBUJPOTSFMBUJWFTBVY©WFOUVFMMFT
MJDFODFT0QFO4PVSDFVUJMJT©FTEBOTMFQSPEVJUEBOTMB
'FTUPPM`"QQTPVT*OGPSNBUJPOT`-JDFODFT0QFO4PVSDF
EFTPVUJMT
`/FTUQBTEJTQPOJCMFEBOTDIBRVFQBZT
 64"$PNNJTTJPOG©E©SBMFEFTDPNNVOJDBUJPOT
'$$%©DMBSBUJPODPODFSOBOUMFTJOUFSG©SFODFT
3FN`DFUBQQBSFJMB©U©TPVNJTEFTUFTUTRVJ
POUQFSNJTEFDPOTUBUFSTBDPOGPSNJU©BVYMJNJUFT
BQQMJDBCMFTBVYBQQBSFJMTOVN©SJRVFTEFMBDMBTTF
#TVJWBOUMBQBSUJF`EVS¨HMFNFOUEFMB'$$
$FTMJNJUFTTPOUDPO§VFTQPVSPGGSJSVOFQSPUFDUJPO
SBJTPOOBCMFDPOUSFMFTJOUFSG©SFODFTOVJTJCMFTEBOTVO
FOWJSPOOFNFOUEPNFTUJRVF$FUBQQBSFJMH©O¨SFVUJMJTF
FUQFVU©NFUUSFEFM©OFSHJFEFSBEJPGS©RVFODFFU
TJMOFTUQBTJOTUBMM©FUVUJMJT©DPOGPSN©NFOUDFT
JOTUSVDUJPOTQFVUQSPWPRVFSEFTJOUFSG©SFODFTOVJTJCMFT
QPVSMFTSBEJPDPNNVOJDBUJPOT$FQFOEBOUJMOFYJTUF
BVDVOFHBSBOUJFRVFDFTJOUFSG©SFODFTOFTFQSPEVJSPOU
QBTEBOTVOFJOTUBMMBUJPORVFMDPORVF4JDFUBQQBSFJM
QSPWPRVFEFTJOUFSG©SFODFTOVJTJCMFTQPVSMBS©DFQUJPO
SBEJPQIPOJRVFPVU©M©WJTVFMMFDFRVJQFVUªUSFE©UFSNJO©
FO©UFJHOBOUMBQQBSFJMQVJTFOMFSBMMVNBOUMVUJMJTBUFVS
&TQB±PM
OEJDFEFDPOUFOJEPT
4PCSFFTUFNBOVBM 
4NCPMPT
*OEJDBDJPOFTEFTFHVSJEBE
6TPQSFWJTUP
%BUPTU©DOJDPT 
$PNQPOFOUFTEFMBIFSSBNJFOUB 
#BUFSB 
1VFTUBFOTFSWJDJP 
'VODJPOBNJFOUP
 "KVTUFT 
 4VTQFOTJ³OEFMBIFSSBNJFOUB
 .BOUFOJNJFOUPZDVJEBEP 
 "DDFTPSJPT 
 .FEJPBNCJFOUF
 0CTFSWBDJPOFTHFOFSBMFT
4PCSFFTUFNBOVBM
&TJNQPSUBOUFRVFVTUFEMFBZFOUJFOEBFTUFNBOVBM-B
JOGPSNBDJ³ORVFDPOUJFOFTFSFMBDJPOBDPOMBQSPUFDDJ³O
EFTVTFHVSJEBEZMBQSFWFODJ³OEFQSPCMFNBT
-PTTNCPMPTRVFTJHVFOTFVUJMJ[BOQBSBBZVEBSMPB
SFDPOPDFSFTUBJOGPSNBDJ³O
1&-*(30 %FTDSJQDJ³OEFQFMJHSPJONJOFOUF
ZGSBDBTPQBSBFWJUBSSJFTHPTRVF
QPESBODBVTBSMBNVFSUF
"%7&35&/$*" %FTDSJQDJ³OEFQFMJHSPZQPTJCMFT
MFTJPOFTSFTVMUBOUFTPMBNVFSUF
13&$"6$*/ %FTDSJQDJ³OEFQFMJHSPZQPTJCMFT
MFTJPOFTSFTVMUBOUFT
"7*40 %FTDSJQDJ³OEFMPTQPTJCMFTEB±PT
FOFMEJTQPTJUJWPPFOTVFOUPSOP
4NCPMPT
"WJTPEFQFMJHSPHFOFSBM
'SBO§BJT

QSFOBOUVOFPVQMVTJFVSTEFTNFTVSFTTVJWBOUFT`
.PEJGJFSMPSJFOUBUJPOEFMBOUFOOFEFS©DFQUJPOPVMB
DIBOHFSEFQMBDF
"VHNFOUFSMBEJTUBODFFOUSFMBQQBSFJMFUMF
S©DFQUFVS
#SBODIFSMBQQBSFJMEBOTMBQSJTFEVODJSDVJU
EJGG©SFOUEFDFMVJBVRVFMMFS©DFQUFVSFTUCSBODI©
%FNBOEFSEFMBJEFBVSFWFOEFVSPVVOUFDIOJDJFO
SBEJP57FYQ©SJNFOU©
3FN`FODBTEFDIBOHFNFOUTPVNPEJGJDBUJPOT
FGGFDUV©FTTBOTMBQQSPCBUJPOFYQSFTTFEVSFTQPOTBCMF
EFMBDPOGPSNJU©MVUJMJTBUFVSSJTRVFEFOFQMVTªUSF
BVUPSJT©TFTFSWJSEFMBQQBSFJM
 $BOBEB`%©DMBSBUJPOEFDPOGPSNJU©$/3
-ࣞ©NFUUFVSS©DFQUFVSFYFNQUEFMJDFODFDPOUFOV
EBOTMFQS©TFOUBQQBSFJMFTUDPOGPSNFBVY$/3
Eࣞ*OOPWBUJPO4DJFODFTFU%©WFMPQQFNFOU©DPOPNJRVF
$BOBEBBQQMJDBCMFTBVYBQQBSFJMTSBEJPFYFNQUTEF
MJDFODF-ࣞFYQMPJUBUJPOFTUBVUPSJT©FBVYEFVYDPOEJUJPOT
TVJWBOUFT
`-ࣞBQQBSFJMOFEPJUQBTQSPEVJSFEFCSPVJMMBHF
`-ࣞBQQBSFJMEPJUBDDFQUFSUPVUCSPVJMMBHF
SBEJP©MFDUSJRVFTVCJNªNFTJMFCSPVJMMBHFFTU
TVTDFQUJCMFEࣞFODPNQSPNFUUSFMFGPODUJPOOFNFOU
$FU©RVJQFNFOUFTUDPOGPSNFBVYMJNJUFTEFYQPTJUJPOBVY
SBZPOOFNFOUTGJY©FTQBSMB'$$QPVSVOFOWJSPOOFNFOU
OPODPOUS´M©$FU©RVJQFNFOUEPJUªUSFJOTUBMM©FUVUJMJT©
BWFDVONJOJNVNEFDNEFEJTUBODFFOUSFMFSBEJBUFVS
FUWPUSFDPSQT$FU©NFUUFVSOFEPJUQBTªUSFDPMPDBMJT©T
PVGPODUJPOOFSFODPOKPODUJPOBWFDVOFBVUSFBOUFOOFPV
©NFUUFVS
FTUJOWJU©FTTBZFSEFSFN©EJFSBVYJOUFSG©SFODFTFO
 $BOBEB*OGPSNBUJPOTDPODFSOBOUMFYQPTJUJPO
BVYGS©RVFODFTSBEJP3'
-FSBZPOOFNFOUEFMBDMBTTFCSFQFDUFM4&%GJYBJFOUVO
FOWJSPOOFNFOUOPODPOUSPMFT*OTUBMMBUJPOFUNJTFFO
DFVWSFEFDFNBUFSJFMEFWSBJUBWFDªDIBOHFVSEJTUBODF
NJOJNBMFFOUSFDNUPODPSQT-BODFVSTPVOFQFVWFOU
QBTDPFYJTUFSDFUUFBOUFOOFPVDBQUFVSTBWFDEBVUSFT
(VBSEFFTUBTJOTUSVDDJPOFT
1FMJHSPEFFMFDUSPDVDJ³O
background
NJO
LH
$BQBDJEBEEFDBSHBNOJNBEFMDBCMFEF
TVTQFOTJ³O
6UJMJ[BSHBGBTEFQSPUFDDJ³O
6UJMJ[BSQSPUFDDJ³OSFTQJSBUPSJB
*OTFSUBSMBCBUFSB
&YUSBFSMBCBUFSB
$POFDUBSFMDBCMFEFDPOFYJ³OBMBSFE
%FTDPOFDUBSFMDBCMFEFDPOFYJ³OBMBSFE
$MBTFEFQSPUFDDJ³O**
7 7PMUJP
$$ $PSSJFOUFDPOUJOVB
_$" $PSSJFOUFBMUFSOB
8 7BUJP
)[ )FSU[JPT
N.FUSP
1VMHBEBT
LH ,JMPHSBNPT
MC -JCSBT
p$ (SBEPT$FMTJVT
p' (SBEPT'BISFOIFJU
MN -ºNFOFT
*OEJDBDJPOFTEFTFHVSJEBE
*/%*$"$*0/&4%&4&(63*%"%
*.1035"/5&4
"%7&35&/$*"-FBZPCTFSWFUPEBTMBTJOEJDBDJPOFTEFTFHVSJEBE4JOP
TFDVNQMFOEFCJEBNFOUFMBTJOEJDBDJPOFTEFTFHVSJEBEZMBTJOTUSVDDJPOFT
QVFEFOQSPEVDJSTFEFTDBSHBTFM©DUSJDBTRVFNBEVSBTPMFTJPOFTHSBWFT
(VBSEFUPEBTMBTJOEJDBDJPOFTEFTFHVSJEBEFJOTUSVDDJPOFTQBSBRVF
TJSWBOEFGVUVSBSFGFSFODJB
5FOHBFODVFOUBFMNBOVBMEFJOTUSVDDJPOFTEFM
DBSHBEPSZEFMBCBUFSB
.BOFKFMBIFSSBNJFOUBDPODVJEBEP-BIFSSBNJFOUB
QVFEFHFOFSBSDBMPSFJODSFNFOUBSFMSJFTHPEF
JODFOEJPPFYQMPTJ³O
/PUSBCBKFDPOMBIFSSBNJFOUBFOFOUPSOPT
QPUFODJBMNFOUFFYQMPTJWPT
&MQSPZFDUPSFTU¡EJTF±BEPQBSBVUJMJ[BSTFFOVO
FOUPSOPFOFMRVFTFQSFWFBMBBDVNVMBDJ³OEFQPMWP
OPDPOEVDUPSTPCSFMBM¡NQBSB
&TUFQSPEVDUPQPSU¡UJMDVFOUBDPOVOFODIVGF
QPMBSJ[BEPVOBEFMBTTVQFSGJDJFTEFDPOUBDUPFT
N¡TBODIBRVFMBPUSBQBSBSFEVDJSFMSJFTHPEF
FMFDUSPDVDJ³O&TUFFODIVGFTPMPFODBKBFOVOB
EJSFDDJ³OFOVOBUPNBEFDPSSJFOUFQPMBSJ[BEB
(JSFFMFODIVGFTJOPFODBKBDPNQMFUBNFOUFFOMB
UPNBEFDPSSJFOUF4JFMFODIVGFTJHVFTJOFODBKBS
Q³OHBTFFODPOUBDUPDPOVOFMFDUSJDJTUBDVBMJGJDBEP
/VODBVUJMJDFVOBMBSHBEPSBNFOPTRVFFMFODIVGF
QVFEBDPOFDUBSTFDPNQMFUBNFOUF/PNPEJGJRVFFM
FODIVGF
/PDVCSBMBIFSSBNJFOUBNJFOUSBTFTU©
GVODJPOBOEP-BIFSSBNJFOUBTFDBMJFOUBEVSBOUFTV
GVODJPOBNJFOUPZQVFEFQSPWPDBSRVFNBEVSBTTJTF
BDVNVMBFMDBMPS
/PUPDBSMBGVFOUFEFMV[DPOFMFRVJQPFONBSDIB
-BGVFOUFEFMV[QVFEFDBMFOUBSTFEVSBOUFFM
GVODJPOBNJFOUP
"EWFSUFODJBEFEB±PTQPSSBEJBDJ³OMVNJOPTB/P
NJSFQSPMPOHBEBNFOUFBMIB[EFMV[/PEJSJKB
OVODBFMIB[EFMV[IBDJBPUSBTQFSTPOBTPIBDJB
BOJNBMFT-BIFSSBNJFOUBFTTFHVSBQBSBTVVTP
FOMBNBZPSBEFDJSDVOTUBODJBTTFHºOMBOPSNB
%*/`&/`FYDFQUPFODBTPEFFYQPTJDJ³O
DPOUJOVBZNVZQSPMPOHBEBEFMPTPKPTBMIB[EFMV[
-BIFSSBNJFOUBTFFODVFOUSBFOFMHSVQPEFSJFTHP
MJCSFHSVQPEFSJFTHP`TJOQFMJHSPGPUPCJPM³HJDP
)BHBSFQBSBSTVIFSSBNJFOUBºOJDBNFOUFQPS
QFSTPOBMU©DOJDPDVBMJGJDBEPZTPMPDPOQJF[BTEF
SFDBNCJPPSJHJOBMFT
-BTVTUJUVDJ³OEFMBGVFOUF
EFMV[JOTUBMBEBFOFTUBIFSSBNJFOUBEFCF
FODBSHBSTFºOJDBNFOUFBMGBCSJDBOUFPBVOUBMMFS
EFTFSWJDJPU©DOJDPBVUPSJ[BEP%FFTUBGPSNBRVFEB
HBSBOUJ[BEBMBTFHVSJEBEEFMBIFSSBNJFOUB
/PVUJMJDFMBIFSSBNJFOUBFOMBDJSDVMBDJ³OWJBM-B
IFSSBNJFOUBOPFTU¡IPNPMPHBEBQBSBMBJMVNJOBDJ³O
FOMBDJSDVMBDJ³OWJBM
1BSBFWJUBSSJFTHPTDPNQSVFCFQFSJ³EJDBNFOUFFM
FODIVGFZFMDBCMFEFDPOFYJ³OBMBSFE%FTDPOFDUF
JONFEJBUBNFOUFFMDBCMFEFDPOFYJ³OBMBSFE
&TQB±PM

-FFSFMNBOVBMEFJOTUSVDDJPOFTZMBT
JOEJDBDJPOFTEFTFHVSJEBE
background
EB±BEPEFMTVNJOJTUSPEFDPSSJFOUFZMM©WFMPBVO
UBMMFSBVUPSJ[BEPQBSBTVTVTUJUVDJ³O
/PVUJMJ[BSFMEJTQPTJUJWPTJQSFTFOUBEB±PT
6UJMJDFºOJDBNFOUFMBTCBUFSBTEF'FTUPPMQSFWJTUBT
QBSBFTUBIFSSBNJFOUB&MVTPEFPUSBTCBUFSBT
QVFEFQSPWPDBSMFTJPOFTZSJFTHPEFJODFOEJP
/PRVFNFMBCBUFSBEFMBIFSSBNJFOUBQBSB
EFTFDIBSMB
6UJMJ[BSMBIFSSBNJFOUBTPMPDPOMBDVCJFSUBEF
QSPUFDDJ³ODFSSBEBZCMPRVFBEB
&ODBTPEFVOBGJKBDJ³OBVOUSQPEFBVOB
DVFSEBDPMHBOUFPBUPSOJMMPTBTFHºSFTFEFRVF
MBQPTJDJ³OTFBFTUBCMFZMBGJKBDJ³OTFBTFHVSB4J
MBQPTJDJ³OOPFTFTUBCMFPMBGJKBDJ³OFTJOTFHVSB
MBIFSSBNJFOUBQVFEFDBFSTFZQSPWPDBSEB±PT
QFSTPOBMFTPNBUFSJBMFT
.BOUFOFSMBIFSSBNJFOUBBMFKBEBEFMPTOJ±PT-B
IFSSBNJFOUBOPFTOJOHºOKVHVFUF
/PVUJMJ[BSBVOBBMUJUVEQPSFODJNBEF`N
TPCSFFMOJWFMEFMNBS
6TPQSFWJTUP
&MQSPZFDUPSFTU¡EFTUJOBEPBMBJMVNJOBDJ³OQPSU¡UJMZ
UFNQPSBMFOJOUFSJPSFTZFYUFSJPSFT&TQPTJCMFVUJMJ[BSMB
CBUFSBFOFYUFSJPSFT*1`4PMPTFEFCFVUJMJ[BSDPOFM
DBCMFEFDPOFYJ³OBMBSFEFOVOFOUPSOPEFUSBCBKPTFDP
*1`9%FCFQSFTUBSTFBUFODJ³OBMBTFHVSJEBEFM©DUSJDB
EFMQVOUPEFDPOFYJ³OEFDPSSJFOUF
-BIFSSBNJFOUBOPFTBQUBQBSBMBJMVNJOBDJ³OEF
FTUBODJBTFOFMIPHBS
&MVTVBSJPSFTQPOEFEFDVBMRVJFSVTPJOEFCJEP
"7*40&OBMHVOPTQBTFTFYJTUFOOPSNBTBEJDJPOBMFT
QBSBFMVTPEFIFSSBNJFOUBTFM©DUSJDBTFOPCSBT&TUBT
OPSNBUJWBTOBDJPOBMFTQVFEFOSFTUSJOHJSFMVTPEFM
QSPZFDUPSPFYJHJSSFRVJTJUPTBEJDJPOBMFT$VNQMBUPEBT
MBTOPSNBTOBDJPOBMFTRVFMFBGFDUFO
%BUPTU©DOJDPT
1SPZFDUPS %60)`*
5FOTJ³OEFMBSFENPEP$" `7_
'SFDVFODJB `)[
$POTVNPFM©DUSJDPOPNJOBM `"
5FOTJ³OOPNJOBMNPEP$$ `7
*MVNJOBDJ³O `Y``8-&%
'MVKPMVNJOPTP-&% ``MN
5FNQFSBUVSBEFDPMPS `,
3FQSPEVDDJ³OEFMPTDPMPSFT
3"
`
7JEBºUJMEFMBTMVDFT-&%- ```I
1FTPTJOCBUFSB `MC`LH
#BUFSBTBEFDVBEBT 'FTUPPM`TFSJF#1`
5FNQFSBUVSBBNCJFOUF
EVSBOUFFMGVODJPOBNJFOUP
`p'`p'
`p$`p$
1SPZFDUPS 4:4-*5&%60)`*
5JQPEFQSPUFDDJ³O 'VODJPOBNJFOUP
DPOCBUFSBNPEP
$$
'VODJPOBNJFOUP
DPODBCMFNPEP
$"
`
*1`
`
*1`9
#MVFUPPUI
n
'SFDVFODJB `.)[`.)[
1PUFODJBJTPUS³QJDBSBEJBEB
FRVJWBMFOUF1*3&
``E#N
$PNQPOFOUFTEFMBIFSSBNJFOUB
<>
1SPUFDDJ³OQMVH`JU
<>
1JO[BEFEFTFODMBWBNJFOUP
<>
&NQV±BEVSB
<>
4VKFUBDBCMFT
<>
*OEJDBDJ³OEFMBDBQBDJEBE
<>
-V[-&%#MVFUPPUI
n
<>
5FDMBEFFODFOEJEPBQBHBEP`CPU³OHJSBUPSJP
QBSBBKVTUBSMBJOUFOTJEBEMVNOJDB
<>
$PNQBSUJNFOUPEFMBCBUFSB
<>
1JFEFBQPZP
<>
0SJGJDJPMPOHJUVEJOBMQBSBGJKBDJ³ONVSBM
<>
'VFOUFEFMV[
<>
3BOVSBTEFWFOUJMBDJ³O
<>
"MPKBNJFOUPQBSBUSQPEF
<>
1JFEFBQPZP
<>
$BCMFEFDPOFYJ³OBMBSFE
-PTBDDFTPSJPTSFQSFTFOUBEPTPEFTDSJUPTOPGPSNBO
QBSUFOUFHSBEFMBEPUBDJ³OEFTVNJOJTUSP
-BTGJHVSBTJOEJDBEBTTFFODVFOUSBOBMQSJODJQJPEFM
NBOVBMEFJOTUSVDDJPOFT
#BUFSB
"OUFTEFDPMPDBSMBCBUFSBDPNQSPCBSRVFMBDPOFYJ³O
EFMBCBUFSBFTU©MJNQJB-BTVDJFEBEFOMBDPOFYJ³OEF
MBCBUFSBQVFEFJNQFEJSFMDPOUBDUPDPSSFDUPZEB±BSMPT
DPOUBDUPT
&MDPOUBDUPEFGFDUVPTPQVFEFPDBTJPOBSFM
TPCSFDBMFOUBNJFOUPZEB±PTFOMBIFSSBNJFOUB
-BJOTUBMBDJ³OEFMBCBUFSBEFCFSFBMJ[BSTF
EFBDVFSEPDPOMBTOPSNBTTPCSFCBUFSBTEF
BMNBDFOBNJFOUPEFM$³EJHP&M©DUSJDP$BOBEJFOTF
1BSUF*
<">
&YUSBJHBMBCBUFSB
<#>
DMJDL
$PMPDBSMBCBUFSBIBTUBRVFFODBKF
&ODPOUSBS¡N¡TJOGPSNBDJ³OTPCSFMBCBUFSBFOFM
NBOVBMEFJOTUSVDDJPOFTEFMBCBUFSB
&TQB±PM

background
1VFTUBFOTFSWJDJP
` `
"%7&35&/$*"
5FOTJ¥OPGSFDVFODJBOPQFSNJUJEB
1FMJHSPEFBDDJEFOUF
5FOHBFODVFOUBMPTEBUPTJOEJDBEPTFOMBQMBDBEF
DBSBDUFSTUJDBT
5FOHBFODVFOUBMBTQBSUJDVMBSJEBEFTEFDBEBQBT
`
13&$"6$*/
$BMFOUBNJFOUPEFMBDPOFYJ¥OQMVH`JUQPSRVFFMDJFSSF
EFCBZPOFUBOPFTUDPNQMFUBNFOUFCMPRVFBEP
1FMJHSPEFRVFNBEVSBT
"OUFTEFDPOFDUBSMBIFSSBNJFOUBBTFH¬SFTFEFRVF
FMDJFSSFEFCBZPOFUBEFMDBCMFEFDPOFYJ¥OBMBSFE
FTUDPNQMFUBNFOUFDFSSBEPZCMPRVFBEP
"%7&35&/$*""QBHBSTJFNQSFMBIFSSBNJFOUBBOUFTEF
DPOFDUBSZEFTDPOFDUBSFMDBCMFEFDPOFYJ¥OBMBSFE
$POFYJ¥OZEFTDPOFYJ¥OEFMDBCMFEFDPOFYJ¥OBMB
SFE`<>WBTFMBJNBHFO`<">`<#>
 $POFYJ¥OZEFTDPOFYJ¥OEFMEJTQPTJUJWP
$POFYJ¥O
$POFDUBSFMFODIVGFPJOTFSUBSVOBCBUFSB
1VMTBSCSFWFNFOUFMBUFDMBEFFODFOEJEP
BQBHBEP`<>
-BIFSSBNJFOUBTFFODJFOEFDPOMBJOUFOTJEBE
MVNOJDBRVFUFOBMB¬MUJNBWF[RVFTFBQBH¥
"KVTUBSMBJOUFOTJEBEMVNOJDBDPOFMCPU¥O
HJSBUPSJP`<>
"MBMDBO[BSMBJOUFOTJEBEMVNOJDBNTCSJMMBOUFV
PTDVSBTFJOEJDBNFEJBOUFVO¬OJDPEFTUFMMP
%FTDPOFYJ¥O
1VMTBSCSFWFNFOUFMBUFDMBEFFODFOEJEP
BQBHBEP`<>
&YUSBFSFMFODIVGF
&OSPMMBSFMDBCMFEFDPOFYJ¥OBMBSFEFOMB
FNQV£BEVSB`<>&OHBODIBSFMFYUSFNPEFMDBCMF
FOFMTVKFUBDBCMFT`<>QSFWJTUPQBSBFMMPWBTFMB
JNBHFO`<>
 $POUSPMEFUFNQFSBUVSB
4JTFTVQFSBMBUFNQFSBUVSBEFTFSWJDJPBENJTJCMF
MBIFSSBNJFOUBSFEVDFBVUPNUJDBNFOUFTVQPUFODJB
MVNJOPTB4JMBUFNQFSBUVSBTFFYDFEFEFNBOFSB
DPOUJOVBEBBQFTBSEFFTUBSFEVDDJ¥OEFMBQPUFODJB
MVNJOPTBFMTVNJOJTUSPEFDPSSJFOUFTFJOUFSSVNQFQPS
DPNQMFUP
 $BCMFEFQSPMPOHBDJ¥O
4JTFOFDFTJUBVODBCMFEFQSPMPOHBDJ¥OFTUFEFCF
UFOFSVOBTFDDJ¥OUSBOTWFSTBMTVGJDJFOUFQBSBFWJUBSVOB
DBEBFYDFTJWBEFWPMUBKFPVOTPCSFDBMFOUBNJFOUP6OB
DBEBFYDFTJWBEFWPMUBKFSFEVDFMBQPUFODJBZQVFEF
PDBTJPOBSVOGBMMPEFMNPUPS-BTJHVJFOUFUBCMBNVFTUSB
FMEJNFUSPDPSSFDUPEFMDBCMFQBSBFTUBIFSSBNJFOUBFO
GVODJ¥OEFTVMPOHJUVE
%JNFOTJPOFTEFMDBCMFFO"8(
"NQFSBKFEFMBIFSSBNJFOUB -POHJUVEEFMDBCMFFOQJFT
   
    
    
    
    
  
%JNFOTJPOFTEFMDBCMFFONN
"NQFSBKFEFMB
IFSSBNJFOUB
-POHJUVEEFMDBCMFFONFUSPT
   
    
    
    
   

6TBSTPMPDBCMFTEFQSPMPOHBDJ¥ODPOUFNQMBEPTQPSFM
FTUOEBS/35-
/PVUJMJ[BSOVODBEPTDBCMFTEFQSPMPOHBDJ¥OKVOUPT
6UJMJ[BSVOPMBSHPFOTVMVHBS
$VBOUPNTCBKPTFBFMO¬NFSP"8(NTGVFSUF
TFSFMDBCMF
'VODJPOBNJFOUP
 &TUBEPEFDBSHBEFMBCBUFSB
4JMBMV[-&%JOGFSJPSEFMBJOEJDBDJ¥OEFMB
DBQBDJEBE`<>QBSQBEFBEFTQVTEFFODFOEFSMB
IFSSBNJFOUBMBCBUFSBFTUEFTDBSHBEBZEFCF
SFDBSHBSTF
$VBOEPFMOJWFMEFDBSHBEFMBCBUFSBFTCBKPMB
IFSSBNJFOUBQBTBBVONPEPEFFNFSHFODJBDPOVOB
JOUFOTJEBEMVNOJDBSFEVDJEBZQBSQBEFBUSFTWFDFT-B
IFSSBNJFOUBTFBQBHBDVBOEPMBUFOTJ¥OEFMBCBUFSBFT
JOGFSJPSB``7
 0QDJPOFTEFFNQMB[BNJFOUP
xOHVMPEFDPMPDBDJ¥O`<>
-BIFSSBNJFOUBTFQVFEFDPMPDBSFO`OHVMPT
EJGFSFOUFT
*OTUBMBDJ¥OEFMBIFSSBNJFOUB
1BSBNBOUFOFSEFTQFKBEBTMBTSBOVSBTEF
WFOUJMBDJ¥O`<>VUJMJ[BSMBIFSSBNJFOUBTJFNQSFDPO
MPTQJFTEFBQPZP`<>Z`<>
.POUBKFDPOUSQPEF`<>
a13&$"6$*/ß6UJMJ[BSMBIFSSBNJFOUBTPMPDPOFM
USQPEF'FTUPPM45`%60`-BBMUVSBUPUBMEFMUSQPEFOP
EFCFTVQFSBS`N0CTFSWBSFMNBOVBMEFJOTUSVDDJPOFT
EFMUSQPEF
%FTQMFHBSFMUSQPEFIBTUBFMUPQF
"£BEJSMBIFSSBNJFOUB
(JSBSMBIFSSBNJFOUBB£BEJEBIBTUBRVFFODBKFFOTV
TJUJP
&TQB£PM

background
 "KVTUFT
 'FTUPPM`"QQ
-BIFSSBNJFOUBTFQVFEFDPOGJHVSBSZDPOUSPMBSB
EJTUBODJBDPOMB'FTUPPM`"QQ&OMB'FTUPPM`"QQUBNCJO
QVFEFBHSVQBSWBSJBTIFSSBNJFOUBTZDPOUSPMBSMBTB
EJTUBODJBFODPOKVOUP
1VMTFMBUFDMBEFFODFOEJEPBQBHBEP`<>EFMB
IFSSBNJFOUBEVSBOUFBQSPY``TFHVOEPTIBTUBRVF
MBMV[-&%#MVFUPPUI
k
`<>QBSQBEFFFOB[VM
-BIFSSBNJFOUBRVFEBMJTUBQBSBDPOFDUBSTFEVSBOUF
`TFHVOEPT
1BSBBVUPSJ[BSMBDPOFYJ¥OTFHVSBTJHBMBT
JOTUSVDDJPOFTEFMB'FTUPPM`"QQ
1BSBCPSSBSMBJOGPSNBDJ¥OEFFNQBSFKBNJFOUP
#MVFUPPUIZSFTUBCMFDFSMPTBKVTUFTEFGCSJDB
EFMBIFSSBNJFOUBDPOFDUFFMFODIVGFZB
DPOUJOVBDJ¥OQVMTFMBUFDMBEFFODFOEJEPBQBHBEP
EFMBIFSSBNJFOUBIBTUBRVFMBMV[-&%#MVFUPPUIkZ
MBJOEJDBDJ¥OEFMBDBQBDJEBEQBSQBEFFOBMBWF[
`/PEJTQPOJCMFQBSBUPEPTMPTQBTFT
 4VTQFOTJ¥OEFMBIFSSBNJFOUB
`
"%7&35&/$*"
3JFTHPEFFTUSBOHVMBNJFOUP
'JKFDPOGJSNF[BFMDBCMFEFDPOFYJ¥OBMBSFEEFMB
IFSSBNJFOUBBMBQBSFEDVBOEPFMDBCMFEFDPOFYJ¥O
BMBSFEFTUBMBMDBODFEFMBNBOP
 &OMBQBSFE`<>
"%7&35&/$*""TFH¬SFTFEFRVFMBIFSSBNJFOUBFTU
CJFOTVKFUBPTVTQFOEJEB
'JKFMBIFSSBNJFOUBBMBQBSFENFEJBOUFUPSOJMMPTFOMPT
`PSJGJDJPTMPOHJUVEJOBMFT`<>
 "VOBDVFSEB`<>
`
13&$"6$*/
3JFTHPEFMFTJPOFT
'JKFMBTDVFSEBTTPMPBMBFNQV£BEVSB`<>OPTF
EFCFJODMVJSFMDBCMFEFDPOFYJ¥OBMBSFE
`
13&$"6$*/
1FMJHSPEFBDDJEFOUF
3FUJSFMBMPOHJUVETPCSBOUFEFMDBCMFEFDPOFYJ¥OB
MBSFEEFMB[POBEFUSBCBKPQPSFKFNQMPGJKBOEPFM
DBCMFEFDPOFYJ¥OBMBSFEBVOBEFMBTDBEFOBTEF
TPQPSUFDPOVOBCSJEBQBSBDBCMFT
$PMHBSMBIFSSBNJFOUBEFVOBDVFSEBQPSMBSBOVSB
HVB`<>TJUVBEBFOFMDFOUSPEFMBFNQV£BEVSB
 .BOUFOJNJFOUPZDVJEBEP
` `
"%7&35&/$*"
3JFTHPEFMFTJPOFTZFMFDUSPDVDJ¥O
%FTDPOFDUFFMFODIVGFEFMBSFEBOUFTEF
SFBMJ[BSDVBMRVJFSUSBCBKPEFNBOUFOJNJFOUPPEF
DPOTFSWBDJ¥OZFYUSBJHBMBCBUFSB
&ODBSHVFMBSFBMJ[BDJ¥OEFUPEPTMPTUSBCBKPTEF
NBOUFOJNJFOUPZSFQBSBDJ¥ORVFFYJKBOBCSJSMB
DBSDBTBFYDMVTJWBNFOUFBVOUBMMFSBVUPSJ[BEP
`
13&$"6$*/
"MHVOPTQSPEVDUPTEFMJNQJF[BZEJTPMWFOUFTSFTVMUBO
QFSKVEJDJBMFTQBSBMBTQJF[BTEFQMTUJDP
"MHVOPTEFFMMPTJODMVZFOFOUSFPUSPTHBTPMJOB
BDFUPOBNFUJMFUJMBDFUPOB.&,ZPYJDMPSVSPEF
DBSCPOP-PTQSPEVDUPTEFMJNQJF[BOPSNBMNFOUF
DPOUJFOFODMPSPZBNPOBDPZMPTQSPEVDUPTEF
MJNQJF[BEFMIPHBSDPOUJFOFOBNPOBDP
`
13&$"6$*/
3JFTHPEFMFTJPOFT
6UJMJDFHBGBTEFQSPUFDDJ¥OZQSPUFDDJ¥OSFTQJSBUPSJB
DVBOEPMJNQJFMBIFSSBNJFOUBDPOBJSFDPNQSJNJEP
&M4FSWJDJPEF"UFODJ¥OBM$MJFOUFZEFSFQBSBDJPOFTTPMP
FTUEJTQPOJCMFBUSBWTEFMGBCSJDBOUFPEFMPTUBMMFSFT
EFSFQBSBDJ¥O6UJMJDFFYDMVTJWBNFOUFQJF[BTEFSFQVFTUP
PSJHJOBMFTEF'FTUPPM
.TJOGPSNBDJ¥OXXXGFTUPPMVTBDPNTFSWJDF
1BSBFWJUBSRVFTFEB£FMJNQJBSMBIFSSBNJFOUBDPO
VOQB£PTVBWFZTFDP/PVUJMJ[BSEJTPMWFOUFT
.BOUFOFSMJNQJPTMPTDPOUBDUPTEFDPOFYJ¥OEFMB
IFSSBNJFOUBFMDBSHBEPSZMBCBUFSB
1BSBHBSBOUJ[BSVOBDPSSFDUBDJSDVMBDJ¥OEFMBJSF
MBTBCFSUVSBTQBSBFMBJSFEFSFGSJHFSBDJ¥OEFMB
IFSSBNJFOUBEFCFONBOUFOFSTFMJCSFTZMJNQJBT
 "DDFTPSJPT
6UJMJDF¬OJDBNFOUFMPTBDDFTPSJPT'FTUPPMPSJHJOBMFTZ
FMNBUFSJBMEFDPOTVNP'FTUPPMEJTF£BEPTQBSBFTUB
NRVJOBQVFTUPRVFMPTDPNQPOFOUFTEFFTUFTJTUFNB
FTUO¥QUJNBNFOUFBEBQUBEPTFOUSFT-BVUJMJ[BDJ¥OEF
BDDFTPSJPTZNBUFSJBMEFDPOTVNPEFPUSPTGBCSJDBOUFT
QVFEFBGFDUBSBMBDBMJEBEEFMPTSFTVMUBEPTEFUSBCBKPZ
DPOMMFWBSVOBMJNJUBDJ¥OEFMPTEFSFDIPTEFMBHBSBOUB
&MEFTHBTUFEFMBNRVJOBPEFTVDBSHBQFSTPOBMQVFEF
WBSJBSFOGVODJ¥OEFMBBQMJDBDJ¥O6UJMJDF¬OJDBNFOUF
BDDFTPSJPTPSJHJOBMFTZNBUFSJBMEFDPOTVNPEF'FTUPPM
QBSBTVQSPQJBQSPUFDDJ¥OZMBEFMBNRVJOBBTDPNPEF
MPTEFSFDIPTEFMBHBSBOUB
&ODPOUSBSMPTO¬NFSPTEFQFEJEPSFMBUJWPTBMPT
BDDFTPSJPTZMBTIFSSBNJFOUBTFOXXXGFTUPPMDPN
 .FEJPBNCJFOUF
/PEFTFDIFMBIFSSBNJFOUBKVOUPDPOMPTSFTJEVPT
EPNTUJDPT3FDJDMFMBTIFSSBNJFOUBTBDDFTPSJPTZ
FNCBMBKFTEFGPSNBSFTQFUVPTBDPOFMNFEJPBNCJFOUF
3FTQFUFMBOPSNBUJWBWJHFOUFEFMQBT
&TQB£PM

background
 0CTFSWBDJPOFTHFOFSBMFT

*OGPSNBDJ³ONFEJBOUF#MVFUPPUI
n
6OBWF[RVFMBIFSSBNJFOUBTFDPOFDUBNFEJBOUF
#MVFUPPUI
n
BMB'FTUPPM`"QQZMBDPOFYJ³O
TFHVSBTFBVUPSJ[BMBIFSSBNJFOUBTFDPOFDUB
BVUPN¡UJDBNFOUFBMB'FTUPPM`"QQ-BIFSSBNJFOUBFOWB
QFSJ³EJDBNFOUFJOGPSNBDJ³OTPCSFFMFTUBEP*%FTUBEP
EFGVODJPOBNJFOUPFUDNFEJBOUF#MVFUPPUI
n
-BNBSDBEFOPNJOBUJWB#MVFUPPUI
n
ZMPTMPHPUJQPTTPO
NBSDBTSFHJTUSBEBTEF#MVFUPPUI4*(*OD1PSMPUBOUP
UPEPVTPRVF5545PPMUFDIOJD4ZTUFNT"($P,(Z
QPSDPOTJHVJFOUFUBNCJ©O'FTUPPMIBHBOEFEJDIBNBSDB
FTU¡TVKFUPBVODPOUSBUPEFMJDFODJB
 *OGPSNBDJ³OTPCSFMJDFODJBT
&OMB'FTUPPM`"QQTFQVFEFFODPOUSBSJOGPSNBDJ³OTPCSF
MBTMJDFODJBTEFD³EJHPBCJFSUPVUJMJ[BEBTFOFMQSPEVDUP
FO*OGPSNBDJ³O`-JDFODJBTEFD³EJHPBCJFSUPEFMBT
IFSSBNJFOUBT
`/PEJTQPOJCMFQBSBUPEPTMPTQBTFT
 &&`66%FDMBSBDJ³OTPCSFJOUFSGFSFODJBTEFMB
$PNJTJ³O'FEFSBMEF$PNVOJDBDJPOFT'$$
/PUB&TUFFRVJQPIBTJEPTPNFUJEPBDPNQSPCBDJPOFT
RVFEFNVFTUSBORVFDVNQMFDPOMPTMNJUFTFTUBCMFDJEPT
QBSBMPTEJTQPTJUJWPTEJHJUBMFTEFDMBTF#EFBDVFSEPDPO
FMBQBSUBEP`EFMBTOPSNBTEFMB'$$&TUPTMNJUFT
TFIBOFTUBCMFDJEPQBSBPGSFDFSVOBQSPUFDDJ³OSB[POBCMF
DPOUSBJOUFSGFSFODJBTDVBOEPFMBQBSBUPGVODJPOFFOVO
FOUPSOPSFTJEFODJBM&TUFFRVJQPHFOFSBVUJMJ[BZQVFEF
JSSBEJBSFOFSHBEFSBEJPGSFDVFODJBZTJOPTFJOTUBMBZTF
VUJMJ[BEFBDVFSEPDPOMBTJOTUSVDDJPOFTTVNJOJTUSBEBT
QPESBPDBTJPOBSJOUFSGFSFODJBTQFSKVEJDJBMFTQBSBMBT
DPNVOJDBDJPOFTQPSSBEJP4JOFNCBSHPOPFYJTUF
HBSBOUBEFRVFOPTFQSPEV[DBOJOUFSGFSFODJBTFO
BMHVOBJOTUBMBDJ³ODPODSFUB4JFTUFFRVJQPPDBTJPOB
JOUFSGFSFODJBTQFSKVEJDJBMFTFOMBSFDFQDJ³OEFSBEJPP
UFMFWJTJ³OMPDVBMQVFEFDPNQSPCBSTFFODFOEJFOEPZ
BQBHBOEPFMFRVJQPTFSFDPNJFOEBRVFJOUFOUFDPSSFHJS
MBJOUFSGFSFODJBNFEJBOUFVOBEFMBTTJHVJFOUFTBDDJPOFT
7VFMWBBPSJFOUBSPBDPMPDBSMBBOUFOBEFSFDFQDJ³O
"VNFOUFMBTFQBSBDJ³OFOUSFFMFRVJQPZFMSFDFQUPS
$POFDUFFMFRVJQPFOVOBUPNBEFDPSSJFOUFVCJDBEB
FOVODJSDVJUPEJTUJOUPBMEFMSFDFQUPS
1³OHBTFFODPOUBDUPDPOFMEJTUSJCVJEPSPDPOVO
U©DOJDPEFSBEJPZUFMFWJTJ³O
/PUB$VBMRVJFSDBNCJPPNPEJGJDBDJ³OFGFDUVBEPTJO
MBBQSPCBDJ³OFYQSFTBEFMBQBSUFSFTQPOTBCMFEFM
DVNQMJNJFOUPEFMBOPSNBUJWBQVFEFBOVMBSFMEFSFDIP
EFMVTVBSJPQBSBVUJMJ[BSFMFRVJQP
&TUFFRVJQPDVNQMFDPOMPTMNJUFTEFFYQPTJDJ³OBMB
SBEJBDJ³OFTUBCMFDJEPTQPSMB'$$QBSBVOFOUPSOPOP
DPOUSPMBEP&TUFFRVJQPEFCFJOTUBMBSTFZVUJMJ[BSTF
NBOUFOJFOEPVOBEJTUBODJBNOJNBEFDNFOUSFFM
SBEJBEPSZFMDVFSQP&TUFUSBOTNJTPSOPEFCFVCJDBSTF
OJGVODJPOBSKVOUPDPOOJOHVOBPUSBBOUFOBPUSBOTNJTPS
 $BOBE¡EFDMBSBDJ³OEFDPOGPSNJEBEDPO344
&TUFEJTQPTJUJWPJODMVZFUSBOTNJTPSFTSFDFQUPSFT
FYFOUPTEFMJDFODJBRVFDVNQMFODPOMBTOPSNBT344
FYFOUBTEFMJDFODJBEF*OOPWBDJ³O$JFODJBZ%FTBSSPMMP
&DPO³NJDPEF$BOBE¡*4&%4VGVODJPOBNJFOUPFTU¡
TVKFUPBMBTTJHVJFOUFTEPTDPOEJDJPOFT
`FTUFEJTQPTJUJWPOPQVFEFDBVTBSJOUFSGFSFODJBT
FTUFEJTQPTJUJWPEFCFS¡BDFQUBSDVBMRVJFS
JOUFSGFSFODJBJODMVTPBRVFMMBRVFQSPEV[DBVO
GVODJPOBNJFOUPOPEFTFBEPEFMNJTNP
&TQB±PM

 $BOBE¡EFDMBSBDJ³OEFDPOGPSNJEBEDPO344
&TUFFRVJQPDVNQMFDPOMPTMNJUFTEFFYQPTJDJ³OBMB
SBEJBDJ³OFTUBCMFDJEPTQPSFM*4&%QBSBFOUPSOPTOP
DPOUSPMBEPT
&TUFFRVJQPEFCFJOTUBMBSTFZVUJMJ[BSTFNBOUFOJFOEPVOB
EJTUBODJBNOJNBEFDNFOUSFFMSBEJBEPSZFMDVFSQP
&TUFUSBOTNJTPSOPEFCFVCJDBSTFOJGVODJPOBSKVOUPDPO
OJOHVOBPUSBBOUFOBPUSBOTNJTPS

Specifications

Indexed Terms: Dual Power

FESTOOL DUO-HI Questions and Answers

Questions and Answers

Related Products