$FFX0DUN
+WKQJQKSPXQK\FJLiFVk$FFX0DUN

0F/F 

,*LLWKLX$FFX0DUN7UDQJ
7tQKQQJmXYLWFD$FFX0DUN7UDQJ
/jPFiFKQjRNKLQJ$FFX0DUN"7UDQJ
,,7RPLQOmXJLFKRPmKjQJ7UDQJ
0LQOmXJL6725$*($5($OjJu"7UDQJ
&iFKWRPLQOmXJL6725$*($5($7UDQJ
,,,7KLWOSFiF)LOHTX\QKFKRKWKQJ7UDQJ
0{LWUmQJVGQJ86(5(19,521OjJu"7KLWOSQKmWKQjR"7UDQJ
%QJTX\QKGXEP127&+7UDQJ
/SEQJTX\QKFiFWKDPVYFKLWLW33,(&(3/277UDQJ
/SEQJTX\QKFiFWKDPVYVk30$5.(53/277UDQJ
/SEQJTX\QKJKLFK~NKLYPXYjVk$1127$7,217UDQJ
/SEQJTX\QKWQJPXKD\NKRQJP%/2&.%8))(57UDQJ
/SEQJTX\QKJLiFVk/D\/LPLW7UDQJ

,9/SEQJTX\WFQK\F7UDQJ
96KyD7UDQJ
TX\QKPLQOmXJLFKRPmKjQJFQQKS7UDQJ
6KRi7UDQJ
%jQVKyD7UDQJ
%QJWKFkQ0HQXVKRi7UDQJ
&RQWUVKRi&KXW7UDQJ
1JKDFDFiFQ~WWUrQFRQWUVKyD7UDQJ
4X\QKLPWKXFWtQKEQJFRQWUVKyD7UDQJ
&KQFiFOQKWURQJ0HQXVKyD7UDQJ
4X\QKLPWKXFWtQKEQJ0HQXVKyD7UDQJ
&KXQEFiFFKLWLWVKyD7UDQJ
QKYPXWUrQEjQVKyD7UDQJ
&iFWK{QJWLQP{WFKLWLW7UDQJ
1KQJWK{QJWLQFQWKLWFKRPLFKLWLW7UDQJ
*KLFK~WUrQmQJFKXYL7UDQJ
&iFmQJQLYLWURQJFKLWLW7UDQJ
.KLQjRWKuGQJQKmQQLYL7UDQJ
&iFEmFVKyDPWFKLWLWFkEQ7UDQJ
&iFKVKyDFiFVLPFELW7UDQJ
&iFKVKyDPXOQJFiFF7UDQJ
&iFKVKyDFKLWLWL[QJ7UDQJ
&iFKVKyDPWFKLWLWVDR&RS\3LHFH7UDQJ
6KyDGXEPQJKLrQJ7UDQJ
&iFKVKyDGXEPQJKLrQJGQJEQJTX\WFQK\F7UDQJ
&iFKVKyDGXEPQJKLrQJNKLQKSPXOQJ7UDQJ
&iFKVKyDFiFmQJQLYLWURQJFKLWLW7UDQJ
&iFKVKyDQKLXmQJFDQKVL7UDQJ
&iFKVKyDFKLWLWOQ7UDQJ
&KXQEFKLWLWOQVKyD7UDQJ
&iFEmFVKyDPWFKLWLWOQ7UDQJ

  7UDQJ


&iFKVKyDFiFJyF7UDQJ
&iFKVKyDFKLWLWGiQ7UDQJ
&iFKVKyDFKLWLWQLWLS7UDQJ
9,1K\F7UDQJ
1K\F1XVKyDPXPWF7UDQJ
&iFEmFWLQKjQKQK\FEQJEQJTX\WFQK\F7UDQJ
9t'NLXQK\F7UDQJ
9,,.LPWUDFKLWLW7UDQJ
9,,,9FKLWLW9PX7UDQJ
&iFKYPXYjFiFODFKQ7UDQJ
/SEQJWXFKQWFYFKRPi\Y7UDQJ
;yDEQJWKLWOSWFFDPi\Y7UDQJ
,;/SEQJWKQJNrFKLWLWPRGHO7UDQJ
/SEQJWKQJNrFiFFKLWLWFDPmKjQJ02'(/7UDQJ
&iFKWRPW0RGHO7UDQJ
;/SWiFQJKLSVk2UGHUYjVOWiFQJKLS7UDQJ
/SWiFQJKLSJLiFVk25'(57UDQJ
WRPW2UGHU7UDQJ
;OVkJLUDJLiF7UDQJ
;,*LiFVk7UDQJ
0VkJLiFYjJLLWKLXYQJOjPYLFJLiFVk7UDQJ
*LiFFiFFKLWLWYjRWURQJVk7UDQJ
&KFQQJFDWKDQKF{QJF7RROER[7UDQJ
&iFSKtPKWUJLiFVk7UDQJ
/mXVkYjyQJFDVJLiFVk7UDQJ
*LiFVkWQJ7UDQJ
;,,9Vk7UDQJ
9VkWUFWLSWFDVJLiFVk7UDQJ
9PWKD\QKLXVkWFDV$FFX0DUN([SORUHU7UDQJ
&iFW\ELQWURQJEQJY0DUN3ORW0HWULF7UDQJ
*LFiFVkYWEQJY0DUN3ORW0HWULF7UDQJ
9VkWKHRPXQWKD\LEQJWKDPVY7UDQJ
7KD\LTX\QKJKLFK~FKRVk7UDQJ
;,,,7PGQJPi\YKRFK\FiFWSWLQDQJY7UDQJ
;,9&iFKQKS[XWYj[yDFiFGOLXFD$FFX0DUN7UDQJ
1KSFiF)LOH1pQ=LSYjRKWKQJ$FFX0DUN7UDQJ
1KSFiF)LOH1pQ=LSWURQJP{LWUmQJ$FFX0DUN7UDQJ
1KSFiF)LOH1pQ=LSWURQJP{LWUmQJ:LQGRZV7UDQJ
&iFKQKSQKDQK)LOH1pQ=LSWURQJP{LWUmQJ:LQGRZV7UDQJ
&iFKQKSYjLFKLWLWPXFDKWKQJ/HFWUDYjR$FFX0DUN7UDQJ
&iFK1pQ;XWFiFWSWLQGOLXFD$FFX0DUN7UDQJ
&iFK1pQGOLXFD$FFX0DUNWURQJP{LWUmQJ$FFX0DUN7UDQJ
&iFK1pQGOLXFD$FFX0DUNWURQJP{LWUmQJ:LQGRZV7UDQJ
&iFK;yDFiFWSWLQGOLXFD$FFX0DUN7UDQJ
;9*LLWKLXY3'67KLWNYjFKQKPX




,*LLWKLX$FFX0DUN

7tQKQQJmXYLWFD$FFX0DUN
&iF SKLrQ EQ PL FD $FFX0DUN KLQ QD\ m Fy QKLX WKD\ LVR YLFiFSKLrQ EQ
WUmFk\JLDRGLQKRjQWRjQJLQJQKm:LQGRZV([SORUHUWURQJKLXKjQK:LQGRZV
 9LKWKQJ$FFX0DUNzLKLFXKuQKPi\WtQKFDRYjSKLFK\WUrQK
LXKjQK:LQGRZV;3
70HQXFKtQKFD$FFX0DUNEQFyWKYjRFDVOjPYLF7KLWNQKSPXKRF
*LiFVkYYPWFiFKQKDQKQKWYjKLXTXQKWVRYLFiFSKLrQEQWUmFk\
7 FD V FKtQK FD $FFX0DUN ([SORUHU EQ Fy WK WR FiF PLQ OmX JL W P{L
WUmQJVGQJOSEQJWKQJNrFKLWLWKD\EQJTX\QKJLiFVkGXEPYYFKR
PLPLQOmXJLULrQJ
7FDVFKtQKFD$FFX0DUN([SORUHUEQFyWKPFiFFDVNKiFQKmWKLWN
PXQKSPXJLiFVkKRFFKX\QPXVkFQJQKmFiFEiRFiRUDPi\YEQ
FyWK&RS\&XW3DVWHKD\Oj'HOHWHFiFGOLXWmkQJWQKm:LQGRZV

 /jPFiFKQjRNKLQJ$FFX0DUN"
6DXNKLPi\WtQKFDEQmFEWYjNKLQJKRjQFKQKWUrQPjQKuQK[[XWKLQ
0HQXFKtQKFD$FFX0DUNQKmKuQKErQ


1XNK{QJWK\[XWKLQEQFyWKNtFKKRWEQJWURQJFiFKVDX.tFKKRWYjR

ELXWmQJ*HUEHU/DXQFK3DG WUrQPjQKuQKKRF*HUEHU/DXQFK3DGWURQJ
PHQX6WDUWNtFKKRW$FFX0DUN
7UrQ0HQXFKtQKFD$FFX0DUNFyQ~WWUzQPjX[DQKPLQ~WWUzQy
FyFKDQKQJFKFQQJNKiFQKDX

1~WWKQKWWUrQFQJ7KLWNPXQKSPXTX\QKEmFQK\PX


 7UDQJ



3DWWHUQ'HVLJQ7KLWNPXPSKQPP3'6YYjWKLWNPXWUrQPi\WtQK
(GLW'LGLWL]HVRQVDPXmVKyD6RQWKRYjLXFKQKFiFGOLXmVKyD
WPXJF
*UDGH5XOH(GLWRUPFDVVRQWKR%QJ4X\7F1K\&FKRFiFLPWUrQ
FiFFKLWLWPX
,PSRUW8VHU6HWWLQJV7KLWOSFKQKSNKXQJmLGQJFKRSKpSQJmL
VGQJWKLWOSFiFFKQKSNKXGOLXWFiFSKLrQEQWUmFyKRFQKSNKXG
OLXWFiFSKQPPNKiFQKm/HFWUD7XNDWHFK,QYHVWURQLFDYY
([SRUW8VHU6HWWLQJV&iFFK[XWNKXFDQJmLGQJFKRSKpSWKLW
OSFiFFK[XWNKXGOLXWSKQPPQj\VDQJSKQPPNKiF

1~WWKWWUrQ[XQJ*LiFVkWREQJWKQJNrFKLWLWJLiFTX\
QKQmFJLiFTX\QKGXEP


0DUNHU0DNLQJ*LiFVk&KRSKpSFK~QJWDPPjQKuQKJLiFVkUDWLQ
KjQKJLiFVk

7UDQJ 
0RGHO(GLWRUV6RQWKRPmKjQJ&KRSKpSPPWFKmkQJWUuQKUDVRQWKR
FiFWK{QJWLQYPmKjQJKD\FzQJLOj/S%QJ7KQJ.r&KL7LWFKRPWPmKjQJ
/D\/LPLW(GLWRUV6RQWKRJLLKQJLiFVk&KRSKpSEWUtVS[SVk
WUrQPWJLLKQQKWQKGQJ[iFQKQmFJLiFTX\QKJLiFPWFKLXFKLX
KD\JLiFWGRYY
1RWFK(GLWRUV6RQWKRGXEPFKRSKpSPPWFKmkQJWUuQKUDVRQ
WKRFiFTX\WFYjFiFKVGQJFiFORLGXEP
%ORFN%XIIHU.KRQJP;iFQKFiFNKRQJFiFKJLDFiFFKLWLWPX
NKLWDJLiFVk
2UGHU3URFHVV6OWUuQKWJLiFVkPmKjQJ
2UGHU(GLWRUV6RQWKRWUuQKWJLiFVk[iFQKNKYLQmFJLiFNLXY
GXEPNKRQJPVOmQJYjFJLiFWUrQVkyYY
$QQRWDWLRQ%QJJKLFK~NLXORLFiFFKLWLWPX
0DWFKLQJ;iFQKFiFYWUtLYLYLNiSGQJLYLYLN.D5{KD\.6F
$XWR0DUN(GLW6RQWKRFKJLiFVkWQJ
0.,PSRUW5HSRUW1KSNKXFiFEiRFiRFD0LFURPDUN

1~WWKWWUrQ[XQJ0i\YYjPi\&W


0DUNHU3ORW9Vk'QJYFiFVkPXUDPi\Y
0DUNHU3ORW3DUDPHWHU%QJ7K{QJVPi\YFKR6kGQJWKLWOSFiF
WK{QJVFKRPi\YNKLYFiF6kPX
3LHFH3ORW9FKLWLW'QJYFiFFKLWLWPXUDPi\Y
3LHFH3ORW3DUDPHWHU%QJ7K{QJVPi\YFKR&KL7LWPXGQJ
WKLWOSFiFWK{QJVFKRPi\YNKLYFiF&KL7LWPX
&XW*HQHUDWLRQ7RmQJFWWUrQVkPX
&XW*HQ3DUDPHWHU%QJWKLWOSFiFWK{QJVNKLFK~QJWDPXQVLQK
mQJFWFiFFKLWLWPXWUrQVk
&XW3ORW'QJFWVkPXFWVkVDXNKLY

1~WWKWWUrQ[XQJYjRFDV$FFX0DUN([SORUHUk\OjFDVWKmQJ
[X\rQVGQJ7URQJFDVQj\EQFyWKWRUDYj[yDFiFPLQOmXJLFKRPLNKiFK
KjQJKRFkQKjQJEQFQJFyWKWFiFWKLWOSFKRVkPi\Y
  7UDQJ



$FFX0DUN([SORUHU&DVWQJTXiWFD$FFX0DUN&KRSKpSFK~QJWDWKFKLQ
FiFF{QJYLFQKm7RYj[yDFiFPLQOmXJL0FiFQJGQJYY
+DUGZDUH&RQIILJXUDWLRQ7KLWOSFXKuQKSKQFQJFDKWKQJ
$FFX0DUN8WLOLWLHV&iFWLQtFKFyWKVGQJWURQJ$FFX0DUN
,QVWDOO/LFHQVH&jLWEQTX\QSKQPPKWKQJWKHRNKyDFQJ
$FWLYLW\/RJ)LOHJKLOLFiFKRWQJFD$FFX0DUN
3DWWHUQ&RQYHUVLRQ:L]DUGWKXWELQLPXVGQJWKXWW
QJELQLPX
/FRQYHUW%LQL/RJLFVGQJFKX\QLFiFWSEQYKRFVk
PXWFiFSKQPPQJGQJNKiFVDQJ$FFX0DUN
';)&RQYHUW%ELQL');
8VHU(QYLURQPHQWV7KLWOSP{LWUmQJVGQJ9tGQKmWKLW
OSkQYRFiFWK{QJVQJmLGQJYY

1~W[DQKGmLFQJ&DVQj\FKDFiFWjLOLXKmQJGQVGQJK
WKQJSKQPPFD$FFX0DUNEQJ7LQJ$QK


7UDQJ  


,,7RPLQOmXJL

0LQOmXJL6725$*($5($OjJu"FiFKWRUDPWPLQOmXJL"
0LQOmXJLOjQKQJYQJKRWQJGRQJmLGQJ[iFQKOjQkLOmXJLFiFWK{QJWLQ
FKLWLWFDPmKjQJQKmFiFFKLWLWFDPXPmFiFORLVkFDPmKjQJKD\QKLXPmKjQJ
FiFEQJTX\QKYJLiFVkPWFKLXKDLFKLXKD\OjJLiFWGRTX\QKYGXEP
EmFQK\FFDPmKjQJTX\QKFKRPi\YKD\Pi\FWYOQJFYULFYFyWrQKD\
NK{QJWrQ'QJQKLXPLQOmXJLFKRSKpSEQWFKFF{QJYLFYjVS[SWK{QJWLQQKDQK
FKyQJ
&iFPLQOmXJLFyWKWRYj[RiWURQJ$FFX0DUN([SORUHUWX\QKLrQEQFQJFyWKWRYj
[RiFiFPLQOmXJLQj\WURQJ:LQGRZV([SORUHUKD\WURQJ0\&RPSXWHU1KmQJWRPLQ
OmXJLKSOEQSKLWRFK~QJWURQJ$FFX0DUN([SORUHU

&iFKWRPLQOmXJL6725$*($5($
7URQJFDV0HQXFKtQKFD$FFX0DUNEQEPFKXWYjRQ~WWKWWUrQ[XQJYjR
FDV$FFX0DUN([SORUHUVDXyEP~SFKXWYjRELXWmQJ$FFX0DUN([SORUHU

SKtDWUrQFQJErQWUiL[XWKLQFDVFKtQKFD$FFX0DUN([SORUHUQKm
VDX


WRPLQOmXJLEQEPFKXWYjR& WURQJFDV$FFX0DUN([SORUHU

VDXyYjR)LOH1HZ 6WRUDJH$UHD

 7UDQJ




[XWKLQKSWKRLQKmVDX


%QKm\LQWrQPLQOmXJLEP2.KRFEPSKtP(QWHU
x /XQrQLIQWrQPLIQWKHRWrQNKiFKKjQJOjFKwKR?FVYGjLWYLDOjNWy
YjNK{QJVuGmQJSKtPFiFK/5SPaWO/Q/\oFiFWrQNKiFKKjQJVDXyNK{QJF/Q
O?SO)LYLOFQj\WUsNKLFyNKiFKKjQJPcL
.KLEQWRUDPWPLQOmXJLPLWURQJPLQyVFyPFQKFiF)LOHVDX
R 3&877(5TX\QKFKRPi\FW
R 30$5.(53/27TX\QKFKRPi\YVk
R 3127&+TX\QKYGXEP
R 33,(&(3/27TX\QKFKRPi\YNKLYFKLWLWPX
R 386(5(19,521TX\QKYP{LWUmQJVGQJ



&iFK[RiPWPLQOmXJLKRFLWrQPWPLQOmXJLFQJQKmFiFWSWLQGOLX
WURQJ$FFX0DUN([SORUHU&iFEQFyWKOjPLXQj\WmkQJWQKmWURQJ:LQGRZV
FKLWLWFWK[LQ[HPSKQVDX

7UDQJ  



,,,7KLWOSFiF)LOHTX\QKWURQJKWKQJ

0{LWUmQJVGQJ86(5(19,521OjJu"7KLWOSQKmWKQjR"
0{LWUmQJVGQJ86(5(19,5210(17OX{QmFWRUDWURQJPLPLQOmXJLPL
WURQJP{LWUmQJVGQJOjQKQJTX\QKY+R0pWKD\,QFKTX\QKYUQJ
mQJPD\NKLFWFDQFKLWLWTX\QKNKLFKQKVDVk
WKLWOSP{LWUmQJVGQJWKHR\rXFXQJmLVGQJ7URQJFDV$FFX0DUN([SORUH
EQEPFKXWWUiLYjRPLQOmXJLPLWREP~SYjR mFyVQ
PUDFKQKVDKRFWR)LOHPLEQYjR)LOH1HZ3DUDPHWHU7DEOH8VHU
(QYLURQPHQW[HPKuQKGmLk\


+RFOjEQEPFKXWWUiLYjRPLQOmXJLPLWRVDXymDFKXWVDQJWUDQJErQSKL
EPFKXWSKL[XWKLQKSWKRLFKQ1HZ3DUDPHWHU7DEOH8VHU(QYLURQPHQW
[HPKuQKGmLk\



WUrQPjQKuQK[XWKLQFDVFKtQKFD8VHU(QYLURQPHQWQKmVDX

 7UDQJ



127$7,21FKQKR&0Oj0(75,&,1&+Oj,03(5,$/
35(&,6,21FKtQK[iFFKQFKVWKSSKkQO\VDXGXSK\WQFKV
6($0$//2:$1&(LQUQJmQJPD\FWFDQFKLWLWNKLJLiFVk
29(5:5,7(0$5(5JKLqOLVkYLWrQFDVkmFyVQ
 <(6KWKQJVWQJJKLqVkNKL[OWiFQJKLSFyWrQJLQJVkmOmXWUmF
y
 12KWKQJVNK{QJJKLqVkNKL[OWiFQJKLSFyWrQJLQJVkmOmXWUmFy
YjEiROL
 352037KWKQJVKLNKL[OWiFQJKLSFyWrQJLQJVkmOmXWUmFyO~Fy
EQFyWKFKQJKLq<(6KRFNK{QJJKLq12
6DXyFiFEQJKLOLEPYjRELXWmQJKuQKFKLFDPP JLQJX\rQWrQF
EPYjRKuQK JKLYLWrQNKiFyQJFDVOL

 %QJTX\QKGXEP127&+
3127&+OjEQJTX\QKYGXEPWUrQFKLWLWNKLYPXKD\YVk
WKLWOSEQJTX\QKGXEPWKHR\rXFXQJmLVGQJ7URQJFDV$FFX0DUN
([SORUHEQEPFKXWWUiLYjRPLQOmXJLPLWREPYjR)LOH1HZ3DUDPHWHU7DEOH
127&+WUrQPjQKuQK[XWKLQFDVFKtQKFD3127&+QKmVDX



127&+7<3(NLXEPGX%DRJPFiFNLXQKmVDX
7UDQJ  
 


 3(5,0(7(5:,'7+LQUQJWUrQmQJFKXYL
 ,16,'(:,'7+LQUQJErQWURQJFKLWLW
 127&+'(37+LQVkXFDEPGXYjRWURQJFKLWLWUDQJRjL

6DXNKLVDFiFPFWUrQWKHR\rXFXVQ[XWFiFEQJKLOLEPYjRELXWmQJKuQKFKLF
DPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiFyQJFDVOL
/XOSPWOQFiFNLXEPWKmQJGQJVDXyNK{QJFQOSOLYLFQj\WUNKL
FyVDL

/SEQJTX\QKFiFWKDPVYFKLWLW33,(&(3/27
33,(&(3/27OjEQJTX\QKFKRPi\YNKLYFiFFKLWLWPXOQJFiFFKD\ULF

WKLWOSEQJTX\QKWKDPVYFKLWLWWKHR\rXFXQJmLVGQJ7URQJFDV
$FFX0DUN([SORUHEQEPFKXWWUiLYjRPLQOmXJLPLWREPYjR)LOH1HZ
3DUDPHWHU7DEOH3LHFH3ORWWUrQPjQKuQK[XWKLQFDVFKtQKFD33,(&(3/27QKm
VDX


 527$7,21LQJyFTX\QKKmQJYFKLWLWVRYLELrQJL\FDQKVLVRQJ
VRQJPpSJL\FDQKVLYX{QJJyFYLPpSJL\
 6&$/(;LQWOYFKLWLWWKHRWUF;WOWKFQXPXQSKyQJWRKD\WKX
QKEQKm\LQWOYjRk\W
 6&$/(<LQWOYFKLWLWWKHRWUF<WOWKFQXPXQSKyQJWRKD\WKX
QKEQKm\LQWOYjRk\W
 32,17180%(56FKQLQKD\NK{QJLQVFDFiFLPWUrQFiFFKLWLW
 *5$'(58/(180%(56FKQLQKD\NK{QJLQVTX\WFQK\FFDFiFLP
QK\FWUrQFiFFKLWLWPX

  7UDQJ


 &211(&7*5$'(32,176FKQQLKD\NK{QJQLFiFLPQK\FFDFiFF
NKLYPXOQJYjRQKDX
 127&+7$%/(EQJTX\QKGXEPPFQKOj3127&+
 3,(&($1127$7,21FKQ&(17(5YFiFJKLFK~JLDFKLWLWKRF*5$,1
YFiFJKLFK~WUrQmQJFDQKVL
 3/276,=(FKQ1(67YFiFFOQJKRF6,1*/(YFiFFULQKDX
 3(5,0722/FKQF{QJFYFKXYLFKLWLW3(1E~WKD\.1,)(GDRLYLPi\
YFyGDR
7,7/(%/2&.$1127$7,21FKQYKD\NK{QJYWLrXFKRPLFKLWLW
  1$0(QLGXQJWLrX
  '$7(QJj\WKiQJ
  &$7(*25<YKD\NK{QJYORLFKLWLW3&
  '(6&5,37,21YKD\NK{QJYP{WFKLWLW3'
  58/(/,%5$5<YKD\NK{QJYWrQEQJTX\WFQK\F
  $5($YKD\NK{QJYGLQWtFKFKLWLW
  3(5,0(7(5YKD\NK{QJYFKXYLFKLWLW
  6,=(YKD\NK{QJYGLFFDFKLWLW
  /$%(/6YKD\NK{QJYQKmQQLYLWURQJFKLWLW
7,7/(%/2&./2&$7,21FKQPWWURQJFiFYWUtGmLk\FKRWLrX
  %27/()7JyFGmLErQWUiL
  723/()7JyFWUrQErQWUiL
  %275,*+7JyFGmLErQSKL
  7235,*+7JyFWUrQErQSKL
 /$%(/722/FKQF{QJFYFiFmQJQLYLPFQKOjE~W3(1
 6,=(723/27FKQFYUDELPi\Y
  $//YWWFFiFFk\OjODFKQPFQK
  60$//(67YFQKQKW
  /$5*(67YFOQQKW
  %$6(YFJF
6DXNKLVDFiFPFWUrQWKHR\rXFXVQ[XWFiFEQJKLOLEPYjRELXWmQJKuQK
FKLFDPP QrQJKLWrQWKHR\rXFXY9OQJFKD\9ULFEPYjRKuQK 
JKLYLWrQNKiFyQJFDVOL
/XOSPWOQ~QJ\rXFXVQ[XWVDXyNK{QJFQOSOLYLFQj\WUNKLFyVD
L

/SEQJTX\QKFiFWKDPVYVk30$5.(53/27
WKLWOSEQJTX\QKWKDPVYVkWKHR\rXFXQJmLVGQJQKmYVkYLWO
WKFYjWKXQKKRFFKYJKLFK~XVkYGXFQNEQOjPQKmVDX7URQJFDV
$FFX0DUN([SORUHEQEPFKXWWUiLYjRPLQOmXJLPLWREPYjR)LOH1HZ
3DUDPHWHU7DEOH0DUNHU3ORWWUrQPjQKuQK[XWKLQFDVFKtQKFD30$5.(53/27
QKmVDX

7UDQJ  

 



 527$7,21FKQJyFTX\QKKmQJYVkVRYLELrQJL\ELrQVkVRQJ
VRQJPpSJL\ELrQVkYX{QJJyFYLPpSJL\
 3/276(3$5$7,21LQNKRQJFiFKJLDFiFVkNKLY
7URQJ{3/27237,216
 ',(&87%/2&.6FKQFiFKYFiFNKLWQJPX%/2&.<(6FKYmQJWQJ
PX 12YFmQJWQJPXYjmQJFKXYLJF
 3/27*5$,1FKQYKD\NK{QJYmQJFDQKVLFDFKLWLWWURQJVk
  %25'(5FKQPWWURQJFiFFiFKYELrQVkGmLk\
   $//YFFQKELrQ
   121(NK{QJYELrQVk
   %27720FKYELrQGmL
  3,(&(6FKQPWWURQJFiFFiFKYFiFFKLWLWWURQJVk
   $//YWWFFiFFKLWLW
   ),567FKYFKLWLWXWLrQ
   :,1'2:FKYFDVXWLrQ
   %/2&.FKYFiFNKL
 3/$,'675,3(FKQPWWURQJFiFFiFKGmLk\YFiFGXNFDU{
  121(NK{QJY
  %27+YGXFKXNNGFYjQJDQJFFQKVk
  3/$,'FKYGXNQJDQJ
  675,3(FKYGXNGF
  %27/()7FKYNFDU{ELrQGmLYjXErQWUiLVk
  %27+)8//YNGFYjQJDQJ[X\rQKWNKUQJYjFKLXGjLVk

  7UDQJ


   3/$,')8//YNQJDQJ[X\rQKWNKUQJVk
   675,3()8//YNGF[X\rQKWFKLXGjLVk
7URQJ{$1127$7,217URQJ{3ORW3'63LHFH$QQRWDWLRQVFKQ<(6KRF12Y
FiFJKLFK~YjTX\QKWURQJVkY
9jR0$5.(5WUiLFKQPWWURQJFiFYWUtGmLk\YFiFJKLFK~Vk
  121NK{QJYJKLFK~
  %27720/()7,1ELrQGmLErQWUiLErQWURQJ
  %27/()7287ELrQGmLErQWUiLErQQJRjL
  %275,*+7,1ELrQGmLErQSKLErQWURQJ
  %275,*+7287ELrQGmLErQSKLErQQJRjL
  723/()7,1ELrQWUrQErQWUiLErQWURQJ
  723/()7287ELrQWUrQErQWUiLErQQJRjL
  7235,*+7,1ELrQWUrQErQSKLErQWURQJ
  7235,*+7287ELrQWUrQErQSKLErQQJRjL
  (1'/()7,1XVkErQWUiLErQWURQJ
  (1'/()7287XVkErQWUiLErQQJRjL
  (1'5,*+7,1XVkErQSKLErQWURQJ
  (1'5,*+7287XVkErQSKLErQQJRjL
  %27+(1',1FKDLXVkErQWURQJ
 %27+(1'287FKDLXVkErQQJRjL
9jR3,(&(FKQ$//&(17(5YFiFJKLFK~JLDFKLWLWKRF$//*5$,1Y
FiFJKLFK~WUrQmQJFDQKVLFKQ121(YKD\NK{QJYFiFJKLFK~WURQJFKLWLW
9jR%81'/(&2'(6FKQ$/3+$180(5,&KRF180(5,&TX\QKYPmSKL
NLQWUrQFiFFKLWLWWURQJVkOjGQJFKKD\V
 ),567%81'/(LQVKD\FKFiLOjPPmSKLNLQFKRVQSKPXWLrQ
127&+EQJTX\QKGXEPPFQKOj3127&+
7URQJ{63/,&(FKQPWWURQJFiFYWUtGmLk\YFiFGXJKpSWP
 0LQLPXPLQFKLXGjLWLWKLXFDGXJKpSWP
 0D[LPXPLQFKLXGjLWLDFDGXJKpSWPVQj\SKLOQKkQFKLXGjLWLWKLX
 0DUJLQLQNKRQJDQWRjQWKrPYjRKDLXFDGXJKpSWP 
 6HSDUDWLRQLQNKRQJFiFKYGXJKpSWPWtQKWELrQVk
',63/$< 121(NK{QJY
   %27720,1ELrQGmLErQWURQJ
   %27287ELrQGmLErQQJRjL
   723,1ELrQWUrQErQWURQJ
   723287ELrQWUrQErQQJRjL
   ,16,'(ErQWURQJ 
$1127$7,2163/,&(FKQ<(6KRF12YJKLFK~VkGFFiFGXJKpSWP
JKLFK~Qj\JLQJQKmJKLFK~XVk 
 6&$/(;Yj6&$/(<QXEQPXQSKyQJWRKD\WKXQKVkNKLYWKHRWUF;Yj
<Km\LQFiF{6&$/(;Yj6&$/(<EQJFiFJLiWUW0XQYVkWO
WKFFiF{yOj
/$%(/722/0$33,1*FKQF{QJFYPFQKOjE~W3(1
3(5,0722/FKQF{QJFYFKXYLFKLWLW3(1E~WKD\.1,)(GDR
6DXNKLVDFiFPFWUrQWKHR\rXFXVQ[XWFiFEQJKLOLEPYjRELXWmQJKuQK
FKLFDPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiFyQJFDV
OL
/XOSPWOQ~QJ\rXFXVQ[XWVDXyNK{QJFQOSOLYLFQj\WUNKLFyVD
L

/SEQJTX\QKJKLFK~NKLYPXYjVk$1127$7,21

7UDQJ  


7KLWOSEQJTX\QKJKLFK~NKLYPXYjVkWKHR\rXFXQJmLVGQJQKmYFiF
JKLFK~NKLYFiFVkKD\FiFFKLWLWYWURQJPLFKLWLWKD\YELrQVk1KQJWK{QJ
WLQEQQKYWURQJPLFKLWLWKD\GFELrQVkmFTX\QKWURQJEQJTX\QKJKLFK~
mFOSWURQJPjQKuQK$QQRWDWLRQQKmVDX7URQJFDV$FFX0DUN([SORUHEQEPFKXWWUiL
YjRPLQOmXJLPLWREPYjR)LOH1HZ$QQRWDWLRQWUrQPjQKuQK[XWKLQFD
VFKtQKFD$1127$7,21QKmVDX



7URQJGzQJ&RPPHQWVEQLQJKLFK~W\
%rQFW&DWHJRU\OX{QFyPFQKGzQJOj'HIDXOWYj0$5.(5
  'HIDXOWOjQKQJTX\QKJKLFKXQJFKRFiFFKLWLW
  0$5.(5JKLXVk
&iFGzQJErQGmLEQKm\LQ3&FDFKLWLWPjEQPXQFyJKLFK~NKiFELWKRFNKLX
FiFmQJQLYLQKm
  /$%(/,mQJQLYL
  /$%(/6mQJPD\
  /$%(/'GXNKRDQ
  /$%(/FiFNLXmQJQLYLNKiF
%rQFW$1127$7,21EQLQFiFPmWK{QJWLQPXQKWKQJJKLFK~NKLYFKLWLWYjVk
JLDFiFWK{QJWLQOjGX[XQJGzQJLQmFFiFWK{QJWLQyEQFKFQEP
FKXWWUiLYjRPLGzQJy[XWKLQFDV$QQRWDWLRQ)RUPDWVDXyEQFKQWKHR\rXFX
FDEQ
 9tGmPLQKKUD.KLFDVXWLrQFD$1127$7,21[XWKLQQKmKuQKWUrQ
EQiQKWrQFiFOQK/$%(/YjRQKQJGzQJSKtDGmLGzQJ0$5.(5ErQFW&DWHJRU\
WGzQJWKWU[XQJ%rQFW$1127$7,21LGLQYLPLGzQJFDFW&DWHJRU\
EQEPYjRy[XWKLQFDV$QQRWDWLRQ)RUPDWQKmVDX


 7UDQJ




6DXyEQFKQFiFOQKPXQWKFKLQEQJFiFKEPFKXWYjRGzQJy%rQFW
$QQRWDWLRQ7\SHEPQ~W$GGErQFW6HOHFWLRQ[XWKLQFiFGzQJOQKWKHRWKWPj
EQmFKQEPQ~W2.NWWK~FYLFFKQPWGzQJOQK
 &qQKY5\E)QWLGSWmFOjPFKRFiF/$%(/WLGSWKHR
.LKXJKLFK~7KHRE+QJWUrQEDRJ[P
0DUNHU1DPH7rQVk0DUNHU'HVFULSWLRQ0{WVk
2UGHUQXPEHU6KLX2UGHU2UGHU'HVFULSWLRQ0{W2UGHU
0RGHO1DPH7rQPmKjQJ0RGHO3ODLG6WULSH.QJDQJ'F
1HZ/LQH;XQJGzQJPL0RGHO6L]H4XDQOLW\0mKjQJ&6OmQJ
/HQJWK'jLVk8WLOL]DWLRQ3KQWUPKXtFKFDVk
0DUNHU:LGWK.KUQJVk$GG3F%XQGOH7KrPFKLWLW0mF
'DWH1Jj\WROS6\PERO.KLX
&RQVWDQW+QJV6L]H&%XQGOH%y
3LHFH1DPH7rQFKLWLW3LHFH'HVF0{WFKLWLW
3LHFH&DWHJRU\/RLFKLWLW6SOLW3LHFH&KLWLWFKLDQK
3HQ1XPEHU6KLXE~WY/HIW5LJKW%rQWUiL3KL
/LQH7\SH.LXmQJ/DEHO$1KmQ$
/DEHO%1KmQ%3ODFHG$UHD'LQWtFKW
3ODFHG3HULP&KXYLW1XPEHU3ODFHG3LHFHV6FKLWLWmFW
1X\rXFXFDEQmFFKSQKQFDV$QQRWDWLRQ)RUPDWVyQJOLYjTXD\YFD
V$QQRWDWLRQYLFiFOQKmFKSQKQ1KmKuQKGmLk\

7UDQJ 



1X\rXFXFDEQ6DLNK{QJmFFKSQKQFDVEiROL[XWKLQEQEP2.
yQJFDVyOLYjTXD\YjRFDV$QQRWDWLRQ)RUPDWErQFW6HOHFWLRQFyFKPjXYj
[XWKLQFiFGzQJOQKPjXEQKm\VDOLFiFGzQJOQKyVDXyEP2.TXD\Y
FDV$QQRWDWLRQYLFiFOQKmFKSQKQ1KmKuQKSKtDWUrQ
'mLk\OjKuQKEiROL



6DXNKLVDFiFPFWUrQWKHR\rXFXVQ[XWFiFEQJKLOLEPYjRELXWmQJKuQK
FKLFDPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiFyQJFDV
OL1rQW7rQWKHRPFPFtFKYFKLWLWKD\VkYtGVkPX0$8VkVQ[XW
6$1;8$7
/XOSPWOQFiFEQJTX\QKFKRFiFQKXFXNKiFQKDXVDXyNK{QJFQOS
OLYLFQj\WUNKLFyVDL
&iFOQKQrQLQYjRQKmVDX
 1JDQJGzQJ'()$8/7LQ31LQWrQFKLWLW 3&LQORLFKLWLW
3'LQP{WFKLWLW%'LQPmSKLNLQ6=LQFFKLWLW
 1JDQJGzQJ0$5.(5LQ064LQPmFVOmQJ0.WrQVk
06P{WVk21VWiFQJKLS2'P{WWiFQJKLS
0'WrQPmKjQJWKQJNrFKLWLW36FKXNNQJDQJNGF
/FKLXGjLVk8KXtFK:,NKUQJVk
$3FKLWLWKD\VQSKPWKrP'7QJj\WKiQJ
  1JDQJGzQJ/$%(/LQ/7NK{QJY

  7UDQJ


      /7YmQJOLQ
      /7YmQJW
 1JDQJGzQJ/$%(/'LQ6<YGXNKRDQOjGXEQFyWKFKQFiFNLX
GXNKRDQNKiFGzQJOQKV6\PERO%rQFW$QQRWDWLRQ7\SHFDFDV
$QQRWDWLRQ)RUPDW

'cLk\OjPaWVYKuQKPLQKKUD


7UDQJ  

 



/SEQJTX\QKWQJPXKD\NKRQJP%/2&.%8))(5
7KLWOSEQJTX\QKWQJPXKD\NKRQJP%/2&.%8))(5WKHR\rXFXQJmLV
GQJQKmWKrPNKRQJFiFK[XQJTXDQKPWSKQKD\WRjQEFKXYLFKLWLW
%ORFNLQJNKLWRYQJTXDQKFKLWLWWKmQJGQJFKRFiFFKLWLWFKtQKKD\TXDQWUQJQKm
FYHFQSKLFWGS1JRjLUDFzGQJFKRFiFFKLWLWFQN.DU{FWSKiVDXyVS
OLNULFWFKtQK[iF1XGQJPi\FWWQJPi\VFWWKHRFKXYLPUQJ
%XIIHULQJNKRQJPWKmQJGQJYuPFtFKFKQKGDRFWQKPPERFQ
N.DU{FKtQK[iFKD\FzQJL~SFKRYLFFWmFDQWRjQWUiQKNK{QJFWYjRFKLWLWOLQNYu
[SViWQKDXTXiQKQJQkLJyFTXD\GDRTXiKS
'QJFKFQQJRWURQJSKQJLiFVkRNKRQJFiFKJLDFiFFKLWLWFyWKrPNKRQJ
WUQJVRyOjWQJFiFJLiWUNKRQJWUQJWKrPYjRPLFKLWLW
&iFFKLWLWFyWKrPNKRQJWUQJWURQJVkVKLQWKYLmQJFKXYLFKPFKP.KLYVk
KWKQJFKYmQJFKXYLJFFDQKQJFKLWLWy
&iFKWREQJTX\QKNKLYjNKRQJP7URQJFDV$FFX0DUN([SORUHEQEPFKXW
WUiLYjRPLQOmXJLPLWREPYjR)LOH1HZ%ORFN%XIIHUWUrQPjQKuQK[XW
KLQFDVFKtQKFD%ORFN%XIIHUQKmVDX


7URQJ{&RPPHQWVEQFyWKLQKD\NK{QJLQFiFJKLFK~WKHREQ
7URQJFW180LQVTX\WFOQOmWWQKQOQVQj\LQWURQJFW%/2&.%8))
58/(FDEQJTX\QKJLiFVk/$</,0,76
7URQJFW58/(EPQ~WWUiLFKQPWWURQJKDLNLXTX\WFVDX%/2&.WQJPXKD\
%8))(5WKrPNKRQJP
LQUQJWQJPXKD\NKRQJPEQJFPLQFKKD\FDFKXNNYjRFiFSKtDKD\PW
RQ[iFQKEQJLPWKXFWtQK%Yj4FDFKLWLW7URQJPWTX\WFEQFyWKFKQ
  7UDQJ

GQJNLX67$7,&WQJWQJPXKD\NKRQJPJLiWUEQPXQWKrPFQKKRF
'<1$0,&WQJPXKD\NKRQJPFkQJWKHROQKWURQJNKLJLiFVk
67$7,&/()7WUiL723WUrQ5,*+7SKL%27720GmL6(*0(17RQ
'<1$0,&/()7WUiL723WUrQ5,*+7SKL%27720GmL6(*0(17RQ

6DXNKLVDFiFPFWUrQWKHR\rXFXVQ[XWFiFEQJKLOLEPYjRELXWmQJKuQK
FKLFDPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiFyQJFDV
OL1rQW7rQWKHRPFPFtFKWQJPXKD\WKrPNKRQJP.DU{%{QJYtGQKm
KuQKWUrQKRFFiFKuQKPXGmLk\



7UDQJ  
 
/XPWEQJTX\QKWQJPXKD\WKrPNKRQJPFyWKGQJFKRQKLXPmKjQJ
NKiFQKDXFyFQJ\rXFXFQNKD\WQJPXQKmQKDXYL\rXFXOj3&FDFiFFKLWLWWURQJ
FiFPmKjQJySKLJLQJQKDXYjJLQJQKmTX\QKWURQJEQJ/$</,0,76

/SEQJTX\QKJLiFVk/D\/LPLW
WKLWOSEQJTX\QKJLiFVk/D\/LPLWWKHRFiFORLYLNKiFQKDXYj\rXFX
QJmLVGQJWURQJyEQTX\QKSKmkQJSKiSWULYLFKLXFDFiFVQSKPWUrQVk
YjQKQJJLLKQNKL[SFiFFKLWLW7URQJFDV$FFX0DUN([SORUHEQEPFKXWWUiLYjR
PLQOmXJLPLWREPYjR)LOH1HZ/D\/LPLWWUrQPjQKuQK[XWKLQFDV
FKtQKFD/D\/LPLWQKmVDX

 
 7URQJ{&RPPHQWVEQFyWKJKLFK~NKkQYEQJ4X\QKJLiFVkPLQj\
JKLWXEQ
7URQJ{)$%5,&635($'FKXWWUiLFKQSKmkQJSKiSWULYLSKKS
6,1*/(3/<WULOikQPWYLFQJOrQKRF[XQJFWXEjQ)$&(72)$&(
WULPW~SPWFWXEjQ%22.)2/'WUL]LJ]DJXEjQOLQ78%8/$5WUL
YLQJYLWKXQGWNLP



7URQJ{%81'/,1*FKXWWUiLFKQFiFKEWUtKmQJFiFVQSKPWURQJVk
$/7%81'$/7',5PLVQSKPPWFKLX
$/7%81'6$0(',5WWFFiFVQSKPFQJFKLX
6$0(6,=(6$0(',5FQJFFQJFKLX



7URQJFW &$7(*25<LQORL3&FDPLKRFQKyPFKLWLWPjEQPXQTX\QK
QKQJKQFKFELWFKRFK~QJ7'()$8/7GzQJXWLrQFyQJKDOjQKQJJLLKQEQ
TX\QKQJDQJGzQJQj\VmFiSGQJFKRWWFFiFFKLWLWWUFiFFKLWLWNrGRQJErQ
GmL%QFyWKTX\QKFiFKJLiFNKiFQKDXFKRFiFFKLWLWEQJFiFKQyLWUrQ
 /mX3&ORLFKLWLW3LHFH&DWHJRU\JKLk\SKLWUQJYL3&FDFKLWLWNKL
QKSGQJWURQJ02'(/YuY\QrQW3&WKHRPWTX\WFQKWQK

  7UDQJ


7URQJFW3,(&(237,21FKQQKQJFWtQKKQFKEQPXQiSGQJFKRWQJ
ORLFKLWLW3&EQmNrFWErQFWtQKKQFKFKRSKpSEQNLPVRiWKmQJFQJQKm
FiFK[SFKLWLWWURQJVk0FtFKFKtQKOjJL~SEQOWFKLWLWGGjQJNK{QJSKLGQJOQK
YmWOXW2YHUULGH1JRjLUDTX\QKQj\FzQQJQNK{QJFKRFiFFKLWLWOWKD\[RD\KRF
~SPWVDLTX\FiFKVQSKPWURQJTXiWUuQKJLiFVk
/XW-WF+FiFTX\SQKK)QFKGIXFyWKKYLSK)PYkWOX5WNKLJLiFV[
%)QFyWKKNLKPWUDQKwQJYLSK)PyWURQJEiRFiRULrQJYIV[yE9QJOOQK6LQJOH
0DUNHU5HSRUW
%QFyWKEPYjRWQJGzQJFDFW3LHFH2SWLRQ[XWKLQKSWKRL


VDXyFiFEQFKQ
)0FKLWLWFKtQK1XNK{QJTX\QKOjFKtQKWKuKWKQJVFRLORLFKLWLWyOjQK
4X\QKFKLWLWQKGQJFiFFKFQQJFWFiFFKLWLWQKWUmF&XW6PDOO)LUVWKD\
FWFiFFKLWLWQKFKP&XW6PDOO6ORZWURQJEQJWKDPVPi\FWWQJ&XWWHU
3DUDPHWHU7DEOHFD*(5%(5&877(5
):FKLWLWPWFKLXmFSKpSOWTXDWUF;QKmQJNK{QJTXD\
)6FKLWLWmFSKpSTXD\QKmQJNK{QJOWNK{QJ~SPWGQJFKRYLWUkQYj
GQJ
)6:FKLWLWNK{QJmFTXD\YjNK{QJmFOWGQJFKRYL[X{LFKLXKD\PWFKLX
QKmQKXQJKD\FRQJLQJ
)FKLWLWmFSKpSTXD\
)FKLWLWmFSKpSTXD\
))FiFFKLWLWL[QJmFSKpSJS{L0XQGQJOQKQj\WKuWURQJPF0$5.(5
)$%5,&635($'FDEQJTX\QKJLiFVk/$</,0,76SKLFKQSKmkQJSKiSWUL
YL=LJ=DJ%RRN)ROGKD\YLQJ7XEXODU)DEULF
)2FKLWLWSKNK{QJEWEXFSKL[SYjRVk
)1NK{QJYFKLWLWQj\
);NK{QJFWFKLWLWQj\
)8NK{QJWtQKGLQWtFKFKLWLWQj\WURQJKXtFKFDVk
)=FKLWLWmFSKpS[SJQWURQJGXJKpSWPFDVk

7URQJFW)/,3&2'(&KQPWWURQJQKQJPmKLXVDXk\TX\QKFiFKEQPXQ
FKLWLWLFKLXNKLO\FKLWLWyWPHQXELXWmQJFDSKQJLiFVkWYjRVk&iF
FKLWLWKLQWKWUrQPHQXELXWmQJWURQJWmWKQKmNKLQKSWEjQVKRiKD\NKLWKLWN
WURQJ3'60mOWFKRSKpSEQ[SFKLWLWYjRVkYLFKLXNKiFVRYLNKLQKS


7UDQJ 

 )JLQJX\rQWmWKQKmNKLQKSPFQKFKRFiFFKLWLWQJDQJGzQJ'()$8/7
k\OjPFQKQX{Qj\WUQJ
 )TXD\WKHRFKLXNLPQJK
 )OWTXDWUF<
 )OWTXDWUF;
 )TXD\QJmFFKLXNLPQJKOWTXDWUF;
 )TXD\QJmFFKLXNLPQJKTX\QKULrQJFKRFKLWLWQjRyFQLFDQK
VLNKLJLiFNKiFYLNKLQK\FLQQJDQJGzQJ3&FDFKLWLWy
 )TXD\WKHRFKLXNLPQJKTX\QKULrQJFKRFKLWLWQjRyFQLFDQK
VLNKLJLiFNKiFYLNKLQK\FLQQJDQJGzQJ3&FDFKLWLWy
)TXD\WKHRFKLXNLPQJKOWTXDWUF;
)TXD\QJmFFKLXNLPQJKOWTXDWUF;
)TXD\QJmFFKLXNLPQJKTX\QKULrQJFKRFKLWLWQjRyFQL
FDQKVLNKLJLiFNKiFYLNKLQK\FLQQJDQJGzQJ3&FDFKLWLWy
)TXD\WKHRFKLXNLPQJKTX\QKULrQJFKRFKLWLWQjRyFQLFDQK
VLNKLJLiFNKiFYLNKLQK\FLQQJDQJGzQJ3&FDFKLWLWy
)TXD\WKHRFKLXNLPQJKOWTXDWUF;

7URQJFW%/2&.%8))58/(LQVTX\WFWRNKLWQJPXKD\WKrPNKRQJP[XQJ
TXDQKFKLWLW
  )QJDQJGzQJ'()$8/7FKXQJFKRFiFFKLWLW
  )QJDQJGzQJ3&FDFKLWLWQjRyTX\QKULrQJFKRFKLWLWy
7URQJFW7,/7527$7(/,0,7LQWKLrQFDQKVLWLDFKRSKpSNKLJLiFVk

7URQJFW81,76FKQkQYFKRWKLrQFDQK & FP' 


6DXNKLVDFiFPFWUrQWKHR\rXFXVQ[XWFiFEQJKLOLEPYjRELXWmQJKuQK
FKLFDPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiFyQJFDV
OL1rQW7rQWKHRNLXJLiFKD\ORLYLYtGQKm9$,7521;82,&+,(8027&+,(8
%21*
/XOSPWOQFiFEQJTX\QKFKRFiFORLQJX\rQOLXNKiFQKDXVDXyNK{QJ
FQOSOLYLFQj\WUNKLFyVDL
9tGmQKmKuQKWUrQKRFFiFKuQKPXGmLk\


  7UDQJ










7UDQJ  
 

,9/SEQJTX\WFQK\F

/SEQJTX\WFQK\F58/(7$%/(WEmFQK\FFKRWQJLPQK\
FWKHRWUF;Yj<FKRFiFF
+WKQJ$FFX0DUNWQJKyDTXiWUuQKQK\FWKF{QJPWFiFKKLXTX7URQJ
$FFX0DUNPXFiFFWQJWKHRWK{QJVPjEQFKQKWURQJNKLVKRiKm\NLPWUDFKLWLW
WURQJ3'6
1XEQELWFiFKQK\FEQJSKmkQJSKiSWKF{QJNKiLQLPYGFKPXPWFKLWLW
WRUDPXFNWLSFKFOjTXHQWKXFYLEQELYuNKiLQLPFkEQyFQJ~QJYL
$FFX0DUNFKFFKQEQVQKDQKFKyQJWKjQKWKRSKmkQJSKiSQK\FFD*HUEHU
%QWRPWEQJTX\WFQK\FEQJFiFKVDX
7URQJFDV$FFX0DUN([SORUHUEQPPLQOmXJLFyFKDFiFFKLWLWPXFDPm
KjQJFQQK\FYjR)LOH1HZ5XOH7DEOH



KRFEQEPFKXWSKLYjRWUDQJFDVErQSKLFDPLQOmXJLy[XWKLQKSWKRL
VDXyEQFKQ1HZ5XOH7DEOHQKmKuQKVDX



WUrQPjQKuQK[XWKLQFDVFKtQKFD5XOH7DEOHQKmVDX
  7UDQJ




7URQJ{&RPPHQWVLQJKLFK~FQWKLWFKREQJTX\WFQK\F7\E)Q
7URQJ{6L]H1DPHVFKQ180(5,&FVQKKuQKWUrQ
$/3+$180(5,&FFKQKKuQKGcL
7URQJ{%DVH6L]HFKQFJF&&KXQEWEXF
7URQJ{6,=(67(3[iFQKEmFFLYLFVQKKuQKWUrQLYLF&KNK{QJ
SKLLQYjR{Qj\QKKuQKGcL


7URQJ{60$//(676,=(LQYjRWrQFDFQKQKW
7URQJ{1(;76,=(%5($.WFiFFNWLSFiFFFKRPmKjQJ

7UDQJ  

 

 6DXy%PFKXWWUiLYjRWUDQJFDEQJ5XOHV[XWKLQEQJQKmVDX


'zQJ1XPEHUFDFW5XOHWVTX\WFQK\FiQKPi\VTX\WFEQQKJiQFKR
TX\WFQK\Fy
'zQJ&200(07LQFiFWK{QJWLQ*KLFK~WKrPYLPQK\FyYGYWUtRWrQ
WK{QJV
7URQJFiFFW;LQJLiWUEmFQK\FWKHRWUF;FKRFiFF
7URQJFiFFW<LQJLiWUEmFQK\FWKHRWUF<FKRFiFF
7mkQJWQKmY\EQKm\W
VTX\WFYjJLiWUEmFQK\FQ
WKLWFKRPmKjQJ
1JRjLUD%QFyWKGQJFiFOQK
QKm6DRTX\WFQK\F&23<
58/(
  LGXFWJLiWU
QK\F&+$1*(6,*1
  ;RiFFWJLiWU
QK\F&/($5&2/801
0XQWKrPFiFWKXFWtQKFKR
TX\WFQK\FKm\LQYjR{
3RLQW$WWULEXWHWXFKQEQJ
FiFKEPYjRJyFErQWUiLFD{
3RLQW$WWULEXWH[XWKLQKS
WKRLVDX
7URQJ{&XWWLQJ
//LIWDQG3OXQJH'DRFW
QKFOrQ E[XQJ


  7UDQJ


.$OWHUQDWH6WDUW3RLQW%WXLPFW
((QWU\3RLQWLPYjR
7URQJ{0LVF
00703DVWH$GMXVW3RLQWLPGiQLXFKQK
=6WDFNLQJ3RLQWLPQK\FSKkQFiFK
))DFLQJ3RLQW
7URQJ{6PRRWKLQJ
66PRRWKLQJ3RLQW7QLPWLPWUrQFKLWLWOjPWUkQFKLWLW
11RQ6PRRWKLQJ3RLQW.K{QJQLOLQLPWUrQFKLWLWNK{QJOjPWUkQ
1RQH6\VWHP6PRRWKLQJ1LOLQWKHRKWKQJ
7URQJ{6HJPHQW%ORFNLQJ%XIIHULQJ
%6WDUWRI6HJPHQW%WXPWRQWQJF
4(QGRI6HJPHQWLPNWWK~FRQQK\F
1RQH1RUPDO3RLQWLPEuQKWKmQJ
7URQJ{1RWFKHV&iFNLXGXEPWNLXQNLX1RQH1R1RWFKHVOjNK{QJEP
GX
6DXNKLKRjQWWFiFEmFWUrQEQJKLOLYjWWrQFKRTX\WFy1X6DOLEPYjRELX
WmQJKuQKFKLFDPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiF
yQJFDVOL1rQW7rQWKHRPmKjQJ
6DXyEQiSEQJTX\WFQK\FyFKRFKLWLWPXEQFymFFiFFQKmPXQ

96KyD

7UmFNKLQKSPXWEQJVKRiYjRPi\WtQKEQKm\WTX\QKWUrQPi\
WtQKNKLVKRiVRQJWKuPXVmFQKSYjR~QJWrQPLQFDPmKjQJFQQKS
EQJFiFKVDX
7URQJFDV$FFX0DUN([SORUH9LHZ3URFHVV3UHIHUHQFHV'LJLWL]H3URFHVVLQJ
[XWKLQKSWKRL9HULI\2SWLRQV



EPFKXWYjRWURQJ{9HULI\6WRUDJH$UHDWuPQPLQOmXJLFDPmKjQJFQQKS
PXYjRyEP2.[iFQKQ

7UDQJ  




6DXyFiFEQEWXFiFWKDRWiFQKSPXWEQJVKRi6DXNKLVKyDWKjQKF{QJWKuFKL
WLWPXyVWQJOmXYjR~QJPLQOmXJLPjEQmPFQKWUmFy



6KRiOjTXiWUuQKmDFiFFKLWLWPXYjRPi\TXDEjQVKRi%QJFiFKV
KRiEQFyWKTX\QKWWFFiFLPQK\FFiFTX\WFQK\FFiFLPWUXQJJLDQ
FiFVLPFELWFiFGXEPYjFiFmQJQLYLFKRFKLWLWQKSYjRKWKQJ
$FFX0DUN
7UrQEjQVKRiJPFy%jQFRQWUFKXWYjEQJWKFkQKD\PHQXWURQJy
FyEjQSKtPFKYjV
/X0WEjQVKyDSKLOX{QJLVFK.K{QJELEQKD\EWNFiLJuQK
KmQJQFRQWUVKyD

 %jQGiQFKLWLWPXOrQy7UrQPWEjQyFyPWEQJ0HQXVKyD
/X[XQJTXDQKEjQFiFKPpSNKRQJFPOjYQJPjFRQWUVKyDNK{QJQKQ
WtQKLX

 %QJWKFkQ0HQXVKRiOjWSKSFDEjQSKtPYLNKXFKF
QQJYjV0HQXQj\WKmQJQPJyFGmLErQWUiLFDEjQVKRi1yJPFyFiFNW
FDEjQSKtPYjEQJVFQJPWVOQKEQFyWKFKQWKFKLQPWVWiFYV
KRi


  7UDQJ





0XQFKQFiFNWyKD\OOQKWURQJ0HQXKm\WJLDRLPFDWUFGFYjQJDQJWUrQFRQWU
VKRiViWWUrQNWKD\OQKyYjEPQ~W$
1XEQFKQ6WDUW3LHFHQJKDOj%WXVKRiPWFKLWLWPL
1XEQFKQ/DUJH3LHFHOjVKRiFiFFKLWLWOQKkQPWEjQVKyDQKmWKkQYi\FmL
TXQOLQiR&KQFKFQQJQj\WK{QJEiRFKRKWKQJELWOjFzQQDQDJKpSYLFKL
WLWQj\
1XEQFKQ5XOH7DEOHOjFKUDUQJEQDQJVKRiFKLWLWGQJFiFTX\WFQK\F
WURQJPWEQJTX\WFQK\FFyVQWURQJPi\6DXNKLFKQOQKQj\EQSKLFKUDWrQEQJ
TX\WFQK\FPjEQGQJEQJFiFKFKQFiFNWWURQJ0HQXEjQSKtPEQJQ~W$
1XEQFKQ1XPHULF6L]HVOjFKUDUQJEQDQJVKRiFKLWLWOQJFiFFYjGLFFK
JPFiFVYtGQKmF
1XEQFKQ$OSKD6L]HOjFKUDUQJEQDQJVKRiFKLWLWOQJFiFFYjGLFJPFiF
FFKKD\SKLKSFKYLVYGQKm60/;/;;
1XEQFKQ&RS\3LHFHOjVDROLFiFTX\WFQK\F\QKmFKLWLWVKRiQJD\WUmFy
OjPYLFQj\FKLWLWEQDQJVKyDYjFKLWLWEQQKFRS\TX\WFQK\FFDQySKLFy
FKXQJGLF%QNK{QJWKFRS\TX\WFQK\FWEQJTX\WFQK\FFDFKLWLW4X\WF
QK\FSKLQPWURQJFKtQKFKLWLWy
1XEQFKQ.H\ERDUG1KSFiFGOLXP{WYjQKmQQLYLFKRFKLWLW
7UDQJ  

1XEQFKQ,QWHUQDO/DEHOOjFKUDUQJEQVSVKyDmQJQLYL
1XEQFKQ$WWULEXWHOjJiQFiFWKXFWtQKLPFELW%QFQJFyWKJiQWKXFWtQK
EQJFiFKEPQ~W'WUrQFRQWUVKyDNqPWKHRVWmkQJQJ
1XEQFKQ$OW*UDGH/LQHOjFKUDYLFGQJWUFQK\FWKD\WKFKRLPQK\FQjR
y
1XEQFKQ'HJUHH$QJOHOjWRJyFYX{QJWUrQFKLWLW
1XEQFKQ&LUFOH5DGWRPWmQJWUzQEQJFiFKFKQKWkPYjEiQNtQKFyWK
GQJFKRmQJFKXYLYjQLYL
1XEQFKQ&ORVH3LHFHOjEiRUQJEQmNWWK~FVKyDmQJFKXYLFKLWLW+WKQJ
WQJyQJFKLWLWEQJFiFKQLPWmQJWKQJWLPFXLWLLPXPjEQmVKyD
1XEQFKQ0LUURU3LHFHO\L[QJFKLWLWWKHRWUFL[QJQLLPXWLLP
FXLPjEQmVKyD
1XEQFKQ(QG,QSXWOjEiRUQJEQmNWWK~FYLFVKyDFiFFKLWLW
1XEQFKQ'HOHWH3LHFHOj[RiEWWFFiFOQEPQ~WFRQWUVKyDJKLFKLWLWDQJ
QKS
1XEQFKQ'HOHWH7R/DVW3RLQWOj[RiEWWFFiFOQEPQ~WFRQWUVKyDFKRQ
LPQK\FFXLFQJYDVKyD

 &RQWUVKRi&KXWFyQ~WJPFiFVWQPWGXKRDWK 
PWGXWKQJYjFiFFK$%&'&RQWUQj\GQJVDRFKXYLYjFiFWK{QJWLQYFKLWLW
YjR$FFX0DUNJPFiFLPQK\FFiFTX\WFQK\FFiFLPWUXQJJLDQFiFVLPF
ELWFiFGXEPYjFiFmQJQLYL%QJFiFKEPFiFQ~WWUrQFRQWUVKyDWKHRWUuQKWTX\
QKNWKSFKQFiFOQKWURQJ0HQXEQFyWKJKLOLWWFFiFWK{QJWLQFQWKLWWRPW
FKLWLWGQJFKRKWKQJ$FFX0DUN
1JKDFoDFiFQ~WWUrQFRQWUWVYKyDPLQ~WFRQWUVKyDWKKLQPFtFK
VGQJFDQ~Wy
'QJQ~W$3RLQWFKQFiFOQKWURQJ0HQXVKyDYj[iFQKWD;Yj<FKRFiF
LPQK\FLPWUXQJJLDQYjFiFmQJFDQKVL'QJQ~W$[iFQKWR;Yj<FKR
WWFFiFLPWURQJFKLWLWPX
'QJQ~W%5XOH[iFQKPWLPQK\F%PQ~W%NqPWKHRVTX\WFQK\FW
Q
1XEQDQJVKyDPXOQJFiFFEQSKLEPQ~W%NqPWKHRGX7X\QKLrQQXEQ
PXQWKrPGXEPKD\WKXFWtQKFKRLPQK\FyEQSKLEPGXVDXQ~W&Yj'Yt
G$%&'FKNK{QJSKL$%&'
OSOLTX\WFQK\FWPWLPVDQJLPNWLSEQNK{QJFQSKLFKQKVTX\WF
QK\F%QFKFQEP$%WLLPNWLSyQKmY\TX\WFQK\FFDLPWUmFVGQJ
FKRLPy
'QJQ~W&1RWFK[iFQKPWGXEP%PQ~W&NqPWKHRVNLXEPWQ
&iFGXEPNK{QJQKWWKLWSKLOjFiFLPQK\F
'QJQ~W'$WWULEXWHTX\QKPWWKXFWtQKFKRLP%PQ~W'NqPWKHRPWV
WUrQFRQWUVKyD
/X%QFQJFyWKTX\QKWKXFWtQKFKRLPEQJFiFKFKQ$WWULEXWHWURQJ
0HQXVKyDNqPWKHRPmFKWmkQJQJ
'QJQ~W1HVW[iFQKEmFQK\FFKRFKLWLWPXOQJFiFF7UmFWLrQKm\[iF
QKLPWUrQFJFVDXyEPQ~WWLWQJFEWXWFQKQKWQFOQQKW9tG
$%
'QJQ~W 'HOLPLWHUWiFKELWFiFWK{QJWLQEQQKSYjRKWKQJWURQJTXiWUuQKV
KyD1~WQj\FzQJLOjGXKRDWKDVWHULVNKD\GXKRDVDR6WDU
 %PQ~WQj\VDXNKLQKSWrQFKLWLW3LHFH1DPHORLFKLWLW3LHFH&DWHJRU\P{W
FKLWLW3LHFH'HVFULSWLRQSKmkQJSKiSQK\F*UDGH5XOH1XPHULF6L]H$OSKD6L]HYjVDX
NKLEQVKyDmQJFDQKVLFXLFQJFDFKLWLW
 1XFKLWLWNK{QJFymQJQLYLKm\EP VDXNKLVKyDmQJQLYLFXLFQJ

  7UDQJ


4X\SQKLKPWKXaFWtQKE9QJFRQWUWVYKyDEQFyWKTX\QKFiFWKXFWtQK
VDXEQJFRQWUVKyD
'QJQ~W/LIW[iFQKLPQKFOrQYjkPYjR/LIWYj3OXQJHGQJYLPi\FWW
QJFD*7*HUEHU&XWWHUWKXFWtQKQj\EXFGDRFWQKFOrQ[RD\ULE[XQJYLNKLFW
FiFJyFQKQ
'QJQ~W6WDUW[iFQKLPEWXWKD\L$OWHUQDWH6WDUW3RLQWGQJYLPi\
FWWQJFD*7*HUEHU&XWWHUWKXFWtQKQj\FKRSKpSEQFKQFiFYWUtNKiFQKDXEW
XFWPWFKLWLW0LFKLWLWFKRSKpSFyWLLPEWX
'QJQ~W6WDFN[iFQKPWLPVSEQJ6WDFNLQJ7KXFWtQKQj\OjPLPmF
FKQFKXQJFKRFiFFWURQJEFiFFQK\
'QJQ~W$YJ5XOH[iFQKLPQK\FWUXQJEuQK*UDGH3RLQW$YHUDJLQJ%mF
QK\FWLLPQj\mFO\WUXQJEuQKJLDLPQK\FWUmFYjVDXQy7KXFWtQKQj\O\
WUXQJEuQKFDEmFQK\FKRWQJF
'QJQ~W)[G1[W[iFQKLPFiFKXLPVDXQy)L[HG3HULPHWHU1H[W7KXF
WtQKQj\WRPWLPQK\FFiFKLPQK\FVKyDWLSVDXQyPWNKRQJXQKDXFKRWW
FFiFF
'QJQ~W)[G3UHY[iFQKLPFiFKXLPWUmFQy)L[HG3HULPHWHU1H[W
7KXFWtQKQj\WRPWLPQK\FFiFKLPQK\FVKyDQJD\WUmFQyPWNKRQJX
QKDXFKRWWFFiFF
'QJQ~W)DFLQJ[iFQKLPQKKmQJ)DFLQJLPQj\FyWKQPWUrQmQJ
FKXYLKD\QLYL&iFLPQKKmQJFyWKOjLPQK\FKRFLPWUXQJJLDQ&QFy
LPQKKmQJWURQJPWFKLWLW[iFQKmQJQKKmQJ
'QJQ~W6PWK[iFQKLPPP6PRRWKLQJ7KXFWtQKQj\WRVYXWPP
mQJFRQJWLPWLP&yWKTX\QKFKRLPWUXQJJLDQKRFLPQK\F
'QJQ~W16PWK[iFQKLPNK{QJPP1RQ6PRRWKLQJ7KXFWtQKQj\WRV
NK{QJPPmQJWKQJWLPWLP&yWKTX\QKFKRLPWUXQJJLDQKRFLPQK\F

&KQFiFOQKWURQJ0HQXVKyDPLOQEQVKyDPWFKLWLWPXYjRKWKQJ
$FFX0DUNEQSKLGQJ0HQXVKyD9LFFKQFiFOQKWURQJ0HQXVKyDUWkQJLQmD
FRQWUVKyDVDRFKRWkPLPFDKuQKWUzQWUrQFRQWUQPViWWUrQOQKKD\NWEQPXQ
FKQVDXyEPQ~W$PWOQ0LNKLEPPWQ~WFDFRQWUVKyDEQVQJKHWK\PW
WLQJEtS

4X\QKLPWKXFWtQKEQJ0HQXVKyDFiFLPWKXFWtQKFyWKTX\QK
FKRFKLWLWWURQJTXiWUuQKVKyDEQJFiFKFKQW$WWULEXWHWURQJ0HQXVKyDNqPWKHRFKFiL
WmkQJQJ[HPEQJGmLk\
JiQWKXFWtQKLPQKFOrQYjkPYjR/LIWDQG3OXQJHFKQ$WWULEXWHWURQJ0HQXV
KyDNqPWKHRFK/
JiQWKXFWtQKLPEWXWKD\L$OWHUQDWH6WDUW3RLQWFKQ$WWULEXWHWURQJ0HQX
VKyDNqPWKHRFK.
JiQWKXFWtQKLPVSEQJ6WDFNLQJFKQ$WWULEXWHWURQJ0HQXVKyDNqPWKHRFK
=
JiQWKXFWtQKLPQK\FWUXQJEuQK*UDGH3RLQW$YHUDJLQJFKQ$WWULEXWHWURQJ
0HQXVKyDNqPWKHRFK$
JiQWKXFWtQKLPFiFKXLPVDXQy)L[HG3HULPHWHU1H[WFKQ$WWULEXWHWURQJ
0HQXVKyDNqPWKHRFK;
JiQWKXFWtQKLPFiFKXLPWUmFQy)L[HG3HULPHWHU3UHYLRXVFKQ$WWULEXWH
WURQJ0HQXVKyDNqPWKHRFK3
JiQWKXFWtQKLPQKKmQJ)DFLQJFKQ$WWULEXWHWURQJ0HQXVKyDNqPWKHR
FK)
JiQWKXFWtQKLPPP6PRRWKLQJFKQ$WWULEXWHWURQJ0HQXVKyDNqPWKHRFK6
JiQWKXFWtQKLPNK{QJPP1RQ6PRRWKLQJFKQ$WWULEXWHWURQJ0HQXVKyD
NqPWKHRFK1
7UDQJ  

JiQWKXFWtQKLPEWXRQWRNKLKD\NKRQJP6WDUWRI6HJPHQWFKQ
$WWULEXWHWURQJ0HQXVKyDNqPWKHRFK%
JiQWKXFWtQKLPNWWK~FRQWRNKLKD\NKRQJP(QGRI6HJPHQWFKQ
$WWULEXWHWURQJ0HQXVKyDNqPWKHRFK4
JiQWKXFWtQKLPYjRFKRFKLWLWOQ(QWU\FKQ$WWULEXWHWURQJ0HQXVKyDNqP
WKHRFK(
JiQWKXFWtQKLPFKX\QWLSFKRFKLWLWOQ7UDQVLWLRQFKQ$WWULEXWHWURQJ0HQX
VKyDNqPWKHRFK7
.KLFKLWLWmmFQKSYjRKWKQJFyWKTX\QKWKXFWtQKFKRTX\WFQK\FGQJEQJ
5XOH7DEOHEQJFiFKLQFKFiLSKKSYjR{3RLQW$WWULEXWH%QFQJFyWKGQJOQK
(GLW3RLQW$WWULEXWHWURQJ3'6WKrPFiFWKXFWtQKFKRFiFLPFKXYLKD\QLYLFDFKLWLW
&iFWKXFWtQK$3Yj;FKRSKpSEQNLPVRiWmFVGFKFKX\QFDFiFLPNKLQK\F
7KXFWtQK$WtQKEmFQK\FEQJFiFKO\WUXQJEuQKEmFQK\FDLPWUmFYjVDXLP
PDQJWKXFWtQKQj\%mFQK\FDLPPDQJWKXFWtQK;GDWUrQEmFQK\FDLPQK\F
VKyDWLSVDXQy%mFQK\FDLPPDQJWKXFWtQK3GDWUrQEmFQK\FDLPQK\FV
KyDQJD\WUmFQyWFKtQK[iFFDRKm\WKrPPWLPWUXQJJLDQWUrQmQJWUmFYjVDX
LPWKXFWtQK;KD\3WUiQKEGWWLLPWKXFWtQKFQKQKWYjOQQKW+WKQJ
NK{QJFKRSKpSFiFLPQK\FPDQJWKXFWtQK$3Yj;9uWKQXEQWKD\LFiFTX\WF
QK\FPjLPWKXFWtQKQK\WKHRWKuWKXFWtQKVWQJWtQKOLFKRSKKSYLTX\WF
QK\Fy

&KXQEFiFFKLWLWVKyDFKXQEPXFQWKQJL~SFKRYLFVKyDGGjQJ
YjWUiQKmFQKQJVDLVyW&KXQEPXFKR$FFX0DUNFKOjJKLFiFWK{QJWLQOrQPXPLFKL
WLWSKLFyFiFWK{QJWLQQKmWrQFKLWLWORLFKLWLWP{WFKLWLWSKmkQJSKiSQK\FKD\WrQ
EQJTX\WFQK\FFDQKVLFiFVTX\WFQK\FFiFGXEPYjFiFLPWUXQJJLDQ&iF
LPWKXFWtQKYjFiFmQJQLYLFyWKFQJOjPWSKQWURQJYLFFKXQEPXKRFFyWK
WKrPYjRFKLWLWNKLNLPWUDPXVDXNKLVKyD

QKYPXWUrQEjQVKyDFiFFKLWLWWUrQPWEjQWKHRKmQJPjEQPXQ
QyKLQWKWUrQPjQKuQK$FFX0DUN.K{QJEWEXFFKtQK[iFWX\WLB9uNKLFKLWLWmF
QKSYjRKWKQJ$FFX0DUNVWQJ[RD\FKLWLWVDRFKRmQJFDQKVLGFFDFKLWLWQP
WKHRSKmkQJQJDQJ1JKDOjEQSKLYFKmQJFDQKVLWUrQFKLWLWPXWKWFKtQK[iFWX\EQ
FyWKFKQKFDQKVLVDXNKLVKyDQKmQJWWQKWOjEQQrQOjPFKtQK[iFQJD\WX/X
[XQJTXDQKEjQFiFKPpSNKRQJFPOjYQJPjFRQWUVKyDNK{QJQKQWtQKLX

&iFWK{QJWLQP{WFKLWLWFiFWK{QJWLQQj\JL~SEQSKkQELWQKQELWFiFFKL
WLWNKiFQKDX%LYuKLPNKLFiFPmKjQJFDEQOLFKFyKRFFKLWLWQrQEQFQFiF
WK{QJWLQQj\GGjQJQKQELWYjSKkQELWFiFFKLWLWNKLFQ&iFFKLWLWQj\mFQKSYjR
$FFX0DUNEQJFRQWUVKyDYj0HQX/XKiQKY/QPaWWrQQjRyWURQJWK{QJWLQP{W+
NKLVYKyDE)QSK+LFKUQWsQJNWyWURQJ0HQXVYKyDE9QJQ~W$VDXNKLFKUQNWyFXYLFQJ
FoDWrQKm\E-PQ~W 

1KQJWK{QJWLQFQWKLWFKRPLFKLWLWWWFFiFFKLWLWEQVKyDSKLFyFiF
WK{QJWLQVDX
 )7rQFKLWLW3LHFH1DPHOjWrQPjEQWFKRPLFKLWLWWWFFiFFKLWLWWURQJ
FQJPWPLQOmXJLSKLFyWrQULrQJNK{QJWUQJOSJPWQNW
 )/RLFKLWLW3LHFH&DWHJRU\NLXFKLWLWQKmWKkQWUmFWKkQVDXWD\YY/RLFKL
WLWFDFiFFKLWLWWURQJPWPmKjQJ0RGHOSKLOjGX\QKWNK{QJWUQJOSJPWQ
NW
 )0{WFKLWLW'HVFULSWLRQGQJWK{QJWLQSKQj\P{WWKrPYFKLWLWFyWK
NK{QJFQJPWrQNW

 7UDQJ

 )3KmkQJSKiSQK\F*UDGLQJ0HWKRG$FFX0DUNGQJSKmkQJSKiSQK\FFk
EQ%QSKLFKQKSKmkQJSKiSPjEQGQJ
  #5XOH7DEOHEQJTX\QKQK\FJKLWrQFDEQJTX\WFQK\FEQ
GQJFKRFKLWLWEQVKyD
  #1XPHULF$OSKD6L]HFVFKGQJNKLQKSFKLWLWPXOQJFiFF
  #&RS\3LHFH&RS\FKLWLWGQJFKQWrQFKLWLWPjEQFKQFRS\FiF
TX\WFQK\F
 )&DQKVL*UDLQ/LQHmQJQj\QKKmQJFKLWLWGFWKHRFDQKVLFDYLWU
NKLGQJYjLmQJFDQKVLWKD\LmQJFDQKVLQJWKLOjWUF;FkVQK\F

*KLFK~WUrQmQJFKXYLO~FXVKyDEQQrQJKLWWFFiFQ~WFQEPWURQJ
NKLVKyDOrQFKLWLWPXVKyD
7K{QJWLQEQFQJKLWUrQPXEDRJPFiFTX\WFQK\FVGQJNLXEPEQPXQYWUt
FDFiFLPQK\FFiFLPWUXQJJLDQmQJFDQKVLFQJQKmFiFLPWKXFWtQKYjmQJ
QLYL
1XEQVKyDFKLWLWOQEQFzQSKLiQKGXFiFLPFKX\QLLPJKpSWUrQWQJFKL
WLW

&iFmQJQLYLWURQJFKLWLWNKLiQKGXWUrQmQJFKXYLWUmFNKLVKyD
Km\[iFQK[HPFKLWLWFymQJQLYLKD\NK{QJ&iFmQJQLYLzLKLPWORLFELWFiF
Q~WEPWUrQFRQWUVKyDYjmFVKyDVDXNKLVKyDmQJFKXYL
;iFQKFiFmQJQLYLFiFmQJQLYLQKmFiFmQJJKLFK~KD\LPFiFGX
NKRDQFiFKuQKNKRpWLYjFiFKuQKQKYFyWK[iFQKWURQJNKLVKyDEQJPHQXVKyD
7URQJPWVWUmQJKSEQFyWKJiQFKFiLFDULrQJEQTX\QKQKmQQLYL&iFQKmQ
QLYLmFTX\QKWURQJKWKQJQKmVDX

1KmQQLYL 'QJFKR
mQJJKLFK~LP;iFQKUQJYjNKRQJFiFKJLD
$
FiFNWJKLFK~FQK
mQJJKLFK~LP;iFQKUQJFKLXFDRYjNKRQJ
%
FiFKJLDFiFNWJKLFK~FQK
' 'XNKRDQWXFKQQKmQJQrQGQJ
* mQJFDQKVLmFJiQWQJNKLVKyDFQK
+ PWKuQKNKRpWLFQKYjSKLOjKuQKNKpSNtQ
mQJQLYLGRQJmLGQJTX\QKWXFKQQKmQJQrQ
,
GQJ
7UFL[QJmFJiQWQJNKLO\L[QJPWFKLWLW
0
WURQJNKLVKyDFQK
3 mQJFWFDQFQKFQKYjSKLOjmQJFyLP
mQJOmLGQJFKRFiFFKLWLWOQWRKkQEjQVKyDF
7
QK
6 mQJPD\FQK
   
.KLQjRWKuGQJQKmQQLYLFyPWVLXEQFQQKNKLOjPYLFYLFiFQKmQ
QLYLWURQJ$FFX0DUN
)WWFFiFQKmQQLYLmFVKyDVDXNKLmyQJKD\L[QJmQJFKXYL
)FiFQKmQQLYLPDQJQKmQ$%&()+-./01VNK{QJL[QJ
)FiFmQJQLYLPDQJQKmQ'23456789:;<=VL[QJ

7UDQJ  

 )1XEQ[iFQKPWKuQKNKRpWLSKLOjmQJQLYLNKpSNtQEQJQKmQQLYL+EQ
VFyWK[SFiFFKLWLWYjRWURQJKuQKyNKLJLiFVk

&iFEmFVKyDPWFKLWLWFkEQ
7URQJWUuQKWGmLk\NKLEQFKQPWPFWURQJPHQXVKyDEQSKLWWkPLPFDFRQ
WUVKyDYjRErQWUrQPFyYjEPQ~W$WUrQFRQWUVKyD
7UuQKWQj\FKREQPWYtGYFiFKVKyDPWFKLWLWFyFiFGXEPGQJEQJTX\WFQK\
F
%mF%WXEQJYLFGiQFKLWLWOrQEjQVKyDWKHRKmQJEQmWtQKEmFQK\FYj
FDQKVLQPQJDQJ7UiQKWFKLWLWYjRYQJFKWFDEjQVKyD
6DXyYjREmF&KQ6WDUW3LHFHWURQJPHQXVKyDQKSWK{QJWLQP{WFKLWLW
QKS7rQFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQWKHRWKW0mKjQJ9L&KLWLWYjNtWYtG$9&775FXLFQJEP
Q~W 
QKS/RLFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQOj7rQWWFDFKLWLWYjNtWYtG775FXLFQJEPQ~W 
QKS0{WFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$FyWKK
EWWUYQJQGX?WWrQWKuWXYjFQJSK+LNtWyFXLFQJEPQ~W 
FKQ5XOH7DEOHWURQJ0HQXVKyD
QKS7rQFDEQJTX\WFQK\FEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyD
EQJQ~W$FXLFQJEPQ~W 
%mF1KSmQJFDQKVLWWkPLPFDFRQWUWUrQLPXErQWUiLFDmQJFDQK
VLYjEPQ~W$QKmWKEQmiQKGXXErQWUiLFDmQJFDQKVL6DXyGLFKX\QFRQ
WUVDQJSKLWWkPLPFDFRQWUWUrQLPXErQSKLFDmQJFDQKVLYjEPQ~W$
QKmY\EQmiQKGXXErQSKLFDmQJFDQKVL;RQJULEPQ~W 
%mF%WXQKSFKLWLWEWXWJyFGmLErQWUiLPWRQWKQJKD\mQJJS
{LWWkPLPFDFRQWUWUrQLPWKQKWFyWKOjLPWUXQJJLDQKD\LPQK\FUL
EPQ~W$VDXyGLFKX\QWKHRFKLXNLPQJK[XQJTXDQKFKLWLWYjEPQ~W$WUrQFiF
LPWUXQJJLDQ&iFLPWUXQJJLDQGQJ[iFQKFiFRQFKXYLFRQJQXNK{QJFyFiF
LPWUXQJJLDQWKuKWKQJVYPWmQJWKQJKD\mQJFRQJWXYjRJyFJLDLPQK\
FOLrQWLS
QXyOjFiFLPQK\FWKuEPQ~W$%NqPWKHRVTX\WFQK\F
QXyOjFiFLPGXEPNK{QJQK\FWKuFKFQEPQ~W$Yj&NqPWKHRVNLX
EPSKKSWQ
.KLEQQYWUtFyFiFLPGXEPQK\FWKuKm\WWkPLPFDFRQWUWUrQYWUt
FyGXEPYjEPQ~W$%NqPWKHRVTX\WFQK\FULEPQ~W&NqPWKHRNLXEPSK
KSWQ/X0WFKLWLWFyWKFyFGXEPQK\FYjNK{QJQK\F
QXyOjFiFLPJyFWWKuEPQ~W$%NqPWKHRVWmkQJQJYLVTX\WFQK\F
ULEPQ~W&NqPWKHRNLXEPSKKSWQYjEPWKrPQ~W'
%mF/SOLEmFFKRQNKLVKyDKWWWFFiFLPQK\FLPWUXQJJLDQYjFiF
GXEPWURQJFKLWLW
%mFNWWK~FFKLWLWVDXNKLVKyDLPFXLFQJFDFKLWLWKm\FKQ&ORVH3LHFH
WURQJ0HQXVKyDULEPQ~W 7KDRWiFQj\YPWmQJWKQJQLLPVKyDFXLFQJ
QLPVKyDXWLrQ
/X1GXE)QVYKyDFKLWLGWYL[qQJE)QNK{QJWKKFKUQ&ORVH3LHFHPjSK+LFKUQ0LUURU
3LHFHULEPQ~W 7KDRWiFQj\O-\YL[qQJFKXYLFQJYcLWK{QJWLQQK+\FiFoDFKLWLGW1GX
E)QPXYQVYKyDeQJQaLYLE)QFKDkFE-PQ~W 
1XEQmNWWK~FYLFVKyDKm\FKQ(QG,QSXWWURQJ0HQXVKyD
1XEQFQVKyDWLSFKLWLWNKiFWKuFKmDFKQ(QG,QSXWYLKm\WUYEmFYjOSOL
WUuQKWQj\QNKLVKyD[RQJFKLWLWFXLFQJVDXyFKQ(QG,QSXW
/X%)QSK+LFKUQ(QG,QSXWWKuE)QPcLFyWKKJULGwOLOXWK{FoDFiFFKLWLGWVYKRiWURQJ
3LHFH9HULI\

  7UDQJ

&iFKVKyDFiFVLPFELW.KLEQVKyDKWKQJ$FFX0DUNWQJJiQFKR
PLLPQK\FPWVWKW+WKQJEWXiQKWVYjWLSWFOQOmWFKRQKW
6KyDVLPFELWFKRSKpSEQJiQPWVFELWFKRLPWKD\YuKWKQJWQJJiQ
VFKRLPy
'QJFKFQQJQj\FymFFiFVLPGX\QKWNKiFELWVRYLFiFLPNKiF6LPF
ELWWKmQJGQJNKLFQNFiFFKLWLWWKD\LWK{QJVFiFFKLWLWKD\FiFFKLWLWGiQ
6LPFELWFyWKGjLWQFKVEQFyWKGQJEWNVQjRWQ7X\
QKLrQFKRKXKWFiFQJGQJFDVLPFELWQrQWWFKVWUOrQ
JiQVLPFELWWWkPLPFDFRQWUWUrQLPEQPXQULEPQ~W$NqPWKHRV
FELW$
1XLPFELWQJWKLOjLPQK\FWKuEPWKrPQ~W%NqPWKHRVTX\WFQK\F

&iFKVKyDPXOQJFiFF$FFX0DUNFKRSKpSEQQKSFiFFKLWLWPXOQJFiF
F1HVW%mFQK\FmFWRWUFWLSWUrQEjQVKyDNKLEQVKyDPXOQJF
7UuQKWVDXk\OjYtGYFiFKVKyDPWFKLWLWPXOQJFiFF
%mF%WXEQJYLFGiQFKLWLWOrQEjQVKyDWKHRKmQJEQmWtQKEmFQK\FYj
FDQKVLQPQJDQJ7UiQKWFKLWLWYjRYQJFKWFDEjQVKyD
%mF6DXy&KQ6WDUW3LHFHWURQJPHQXVKyDQKSWK{QJWLQP{WFKLWLW
QKS7rQFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQWKHRWKW0mKjQJ9L&KLWLWYjNtWYtG$9&775FXLFQJEP
Q~W 
QKS/RLFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQOj7rQWWFDFKLWLWYjNtWYtG775FXLFQJEPQ~W 
QKS0{WFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$FyWKK
EWWUYQJQGX?WWrQWKuWXYjFQJSK+LNtWyFXLFQJEPQ~W 
&KQ1XPHULF6L]HKRF$OSKD6L]HWURQJ0HQXVKyD1XFiFFFKJPFiFVYGQKm
KD\WKuKm\FKQ1XPHULF6L]H1XFiFFEDRJPFiFFKQKm60
/KD\SKLKSFKYLVQKm;;/;/KD\WKuKm\FKQ
$OSKD6L]H
%mF4X\QKGLF%WXWFJFEQJFiFKEPQ~W$OrQFKKD\VWmkQJQJ
WURQJ0HQXVKyD[RQJULEPQ~W 
1XEQGQJFVKm\TX\QKEmFFFKrQKOFKJLDFiFVFQKmLYLFiFF
KRFLYLFiFFULEPQ~W 
%mF1KSWWFFiFFWURQJGLFOQJOQOmWWQKWLOQNFFJFVDXPLF
Km\EPQ~W 
%mFVKyDmQJFDQKVLWWUiLTXDSKLWWkPLPFDFRQWUWUrQLPXErQWUiL
FDmQJFDQKVLYjEPQ~W$QKmWKEQmiQKGXXErQWUiLFDmQJFDQKVL6DX
yGLFKX\QFRQWUVDQJSKLWWkPLPFDFRQWUWUrQLPXErQSKLFDmQJFDQKVL
YjEPQ~W$QKmY\EQmiQKGXXErQSKLFDmQJFDQKVL;RQJULEPQ~W 
%mF6KyDFKLWLWWKHRFKLXNLPQJKEWXWJyFGmLErQWUiLVKyDFiFLP
QK\FWUrQFJFWWkPLPFDFKFQQJWUWUrQLPQK\FFDFJFEPQ~W$NqP
WKHRQ~W%VDXyLWFQKQKWEPQ~WWUrQFiFLPWmkQJQJYLWQJFQFOQ
QKWNFFJF
/X1GXLKPQK+\Fiy[QJWKeLOjLKPE-PKD\LKPWKXaFWtQKKm\NK{QJE-PG-XVDX
Q~W%6DXQ~W%E)QSK+LE-PFiFQ~WWQJqQJFKRG-XE-PKD\WKXaFWtQKVDXyPcLE-PQ~W
WUrQFiFFi9Gm$%&'FKqNK{QJSK+L$%&'
%mF6KyDFiFLPWUXQJJLDQWUrQFJF'LFKX\QWKHRFKLXNLPQJK[XQJTXDQK
FKLWLWYjEPQ~W$.KLEQQYWUtFyGXEPKm\EPQ~W$NqPWKHR&YjVWmkQJQJ
YLNLXEP
/SOLEmFFKRPLLPQK\FWUrQFJF&iFLPQK\FYjLPWUXQJJLDQ[HQN
QKDXEQKm\WKFKLQEmFYjWmkQJQJ[HQNQKDX
%mF6DXNKLVKyDLPFXLFQJFDFKLWLWKm\FKQ&ORVH3LHFHWURQJ0HQXVKyDUL
EPQ~W 7KDRWiFQj\YPWmQJWKQJQLLPVKyDFXLFQJQLPVKyDXWLrQ
7UDQJ 

/X1GXE)QVYKyDFKLWLGWYL[qQJE)QKm\FKUQ0LUURU3LHFHWKD\FKR&ORVH3LHFHVDX
yE-PQ~W 7KDRWiFQj\O-\YL[qQJFKXYLFQJYcLWK{QJWLQQK+\FiFoDFKLWLGW1GXE)Q
PXYQVYKyDeQJQaLYLE)QFKDkFE-PQ~W 
%mF7KFKLQPWWURQJWKDRWiFVDX
1XEQmNWWK~FYLFVKyDKm\FKQ(QG,QSXWWURQJ0HQXVKyD
1XEQFQVKyDWLSFKLWLWNKiFWKuFKmDFKQ(QG,QSXWYLKm\WUYEmFYjOSOL
WUuQKWQj\QNKLVKyD[RQJFKLWLWFXLFQJVDXyFKQ(QG,QSXW
/X%)QSK+LFKUQ(QG,QSXWWKuE)QPcLFyWKKJULGwOLOXWK{FoDFiFFKLWLGWVYKRiWURQJ
3LHFH9HULI\

&iFKVKyDFKLWLWL[QJPERFKtQK[iFFKRFKLWLWL[QJWWQKW
QrQVKyDmQJFDQKVLWUQJYLLPXYjFXLWUFL[QJLPXYjFXLNKLVKyD
FKLWLW
7UuQKWVKyDWmkQJWQKmVKyDPWFKLWLWFkEQFKNKiFOjVDXNKLVKyDLPFXLFQJ
SKLFKQ0LUURU3LHFHWKD\FKR&ORVH3LHFH

&iFKVKyDPWFKLWLWVDR&RS\3LHFH3KmkQJSKiSQj\FKRSKpSEQQKSPW
FKLWLWPLQK\FEQJFiFK&RS\FiFTX\WFQK\FWPWFKLWLWmFyWURQJ$FFX0DUN
WKD\YuGQJEQJTX\WFQK\F&KFQQJQj\FyWKGQJ&RS\FiFTX\WFQK\FWFKL
WLWPXOQJKD\FiFTX\WFQK\FmVDLWURQJFiFFKLWLWVDXNKLQKSVDQJFKLWLWPL
&KLWLWEQQK&RS\TX\WFQK\FFDQyYjFKLWLWEQVVKyDSKLWURQJFQJPWPLQ
OmXJLYjFyFKXQJGLF7WFFiFTX\WFQK\FFQFKRFKLWLWPLSKLFyWURQJFKLWLWF
7UuQKWVDXk\OjYtGYFiFKVKyDPWFKLWLW&RS\
%mF%WXEQJYLFGiQFKLWLWOrQEjQVKyDWKHRKmQJEQmWtQKEmFQK\FYj
FDQKVLQPQJDQJ7UiQKWFKLWLWYjRYQJFKWFDEjQVKyD
6DXyYjREmF&KQ6WDUW3LHFHWURQJPHQXVKyDQKSWK{QJWLQP{WFKLWLW
QKS7rQFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQWKHRWKW0mKjQJ9L&KLWLWYjNtWYtG$9&775FXLFQJEP
Q~W 
QKS/RLFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQOj7rQWWFDFKLWLWYjNtWYtG775FXLFQJEPQ~W 
QKS0{WFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$FyWKK
EWWUYQJQGX?WWrQWKuWXYjFQJSK+LNtWyFXLFQJEPQ~W 
FKQ&RS\3LHFHWURQJ0HQXVKyD
QKS7rQFDFKLWLWPjEQPXQVDRFiFTX\WFQK\FFDQyEQJFiFKFKQFiFNW
WmkQJQJYLWrQFDFKLWLWWURQJ0HQXVKyDEQJQ~W$FXLFQJEPQ~W 
%mF1KSmQJFDQKVLWWkPLPFDFRQWUWUrQLPXErQWUiLFDmQJFDQK
VLYjEPQ~W$QKmWKEQmiQKGXXErQWUiLFDmQJFDQKVL6DXyGLFKX\QFRQ
WUVDQJSKLWWkPLPFDFRQWUWUrQLPXErQSKLFDmQJFDQKVLYjEPQ~W$
QKmY\EQmiQKGXXErQSKLFDmQJFDQKVL;RQJULEPQ~W 
%mF6KyDFKXYLFKLWLWVKyDFKXYLFKLWLWWKHRFKLXNLPQJKEWXWJyF
GmLErQWUiL6KyDFiFLPQK\FLPWUXQJJLDQLPEPWKXFWtQKFQWKLWJLQJQKm
NKLVKyDFiFFKLWLWFkEQ
VDXNKLVKyDLPFXLFQJFDFKLWLWKm\FKQ&ORVH3LHFHWURQJ0HQXVKyDULEPQ~W
 7KDRWiFQj\YPWmQJWKQJQLLPVKyDFXLFQJQLPVKyDXWLrQ
/X1GXE)QVYKyDFKLWLGWYL[qQJE)QNK{QJWKKFKUQ&ORVH3LHFHPjSK+LFKUQ0LUURU
3LHFHULEPQ~W 7KDRWiFQj\O-\YL[qQJFKXYLFQJYcLWK{QJWLQQK+\FiFoDFKLWLGW1GX
E)QPXYQVYKyDeQJQaLYLE)QFKDkFE-PQ~W 
/~FQj\EQFyWKVKyDFiFmQJQLYLFKRFKLWLW%PQ~W VDXPLmQJQLYL
1XEQmNWWK~FYLFVKyDKm\FKQ(QG,QSXWWURQJ0HQXVKyD
1XEQFQVKyDWLSFKLWLWNKiFWKuFKmDFKQ(QG,QSXWYLKm\WUYEmFYjOSOL
WUuQKWQj\QNKLVKyD[RQJFKLWLWFXLFQJVDXyFKQ(QG,QSXW

  7UDQJ


/X%)QSK+LFKUQ(QG,QSXWWKuE)QPcLFyWKKJULGwOLOXWK{FoDFiFFKLWLGWVYKRiWURQJ
3LHFH9HULI\

6KyDGXEPQJKLrQJFiFGXEPQJKLrQJFyWKVKyDKD\WRUDWURQJ3'6&iF
GXEPQj\KLQWKQJKLrQJWURQJ3'6KD\NKLYUD&K~QJFyWKmFFWQJKLrQJWUrQPi\FW
WQJ*HUEHU&XWWHU
&yFiFKVKyDGXEPQJKLrQJ'QJEQJTX\WFQK\FYjGQJPXOQJFiFF
&iFKVKyDGXEPQJKLrQJGQJEQJTX\WFQK\F
 OjPWKHR~QJWUuQKWQKmNKLVKyDPWFKLWLWFkEQ
 NKLQYWUtFyGXEPEPQ~W$WUrQFRQWUVKyD
 QKSPWVLPFELWWXFKQ
 EPQ~W%NqPWKHRVTX\WFQK\F
 EPQ~W&YjVNLXGXEP
 mDFRQWUVKyDQYWUtPjEQPXQO\OjPLPFXLFKRGXEPULEPQ~W&
/X*yFQJKLrQJFoDG-XE-PkF[iFSQKE9QJLKPWKqQK-WWUrQeQJFKXYLNKLE)Q
E-PQ~W$YjYSWUtQLE)QE-PQ~W&aVkXYjFKLIXUaQJFoDG-XE-PkFTX\SQKE9QJ
FiFJLiWUSWQJqQJYcLNLKXG-XE-PWURQJE+QJWKDPVYFiFG-XE-P7URQJ3LHFH9HULI\
G-XE-PQJKLrQJFQJKLKQWKSYX{QJJyFYcLeQJFKXYLFKLWLGWJLYQJQKFiFG-XE-P
WK{QJWKeQJNKiF
&iFKVKyDGXEPQJKLrQJNKLQKSPXOQJ
 OjPWKHR~QJWUuQKWQKmNKLVKyDPWFKLWLWPXOQJ
 NKLQYWUtFyGXEPEPQ~W$WUrQFRQWUVKyD
 QKSPWVLPFELWWXFKQ
 EPQ~W%
 EPQ~W&YjVNLXGXEP
 mDFRQWUVKyDQYWUtPjEQPXQO\OjPLPFXLFKRGXEPULEPQ~W&
/X*yFQJKLrQJFoDG-XE-PkF[iFSQKE9QJLKPWKqQK-WWUrQeQJFKXYLNKLE)Q
E-PQ~W$YjYSWUtQLE)QE-PQ~W&aVkXYjFKLIXUaQJFoDG-XE-PkFTX\SQKE9QJ
FiFJLiWUSWQJqQJYcLNLKXG-XE-PWURQJE+QJWKDPVYFiFG-XE-P7URQJ3LHFH9HULI\
G-XE-PQJKLrQJFQJKLKQWKSYX{QJJyFYcLeQJFKXYLFKLWLGWJLYQJQKFiFG-XE-P
WK{QJWKeQJNKiF
EPQ~WWUrQLPFKXYLWmkQJQJYLWQJF

&iFKVKyDFiFmQJQLYLWURQJFKLWLWGQJFRQWUVKyDEQFyWK[iFQKY
WUtFDFiFmQJQLYL%QJFiFKJiQFiFPmVFELWJLOjQKmQQLYL$FFX0DUNKLXmF
NLXmQJQLYLEQDQJVKyDWURQJFKLWLW
1XEQQKVKyDYjLmQJQLYLQJTXrQTX\QKQKmQQLYLFKRPLmQJ
 6KyDFKLWLWWKHRWUuQKWWK{QJWKmQJFKRPLFKLWLWyQJL[QJKD\OQJFiFF
 6DXNKLFKQ&ORVH3LHFHKD\0LUURU3LHFHWURQJ0HQXVKyDFKmDEPQ~W YLKm\
FKQ,QWHUQDO/DEHOWURQJ0HQXVKyDNqPWKHRFKFiLWmkQJQJYLQKmQQLYL0W
VQKmQQLYLGR$FFX0DUNTX\QKVNKiFEQFyWKWTX\QK
 'mLk\OjYtGYVKyDPWVmQJQLYL
 'XNKRDQ'ULOO+ROHmDFRQWUQYWUtEQPXQFyPWGXNKRDQWURQJFKL
WLWULEPQ~W$FKRGXNKRDQNK{QJQK\F1XOjGXNKRDQQK\FWKuEPWKrPQ~W%
NqPWKHRVTX\WFQK\F
1XFiFGXNKRDQQK\FJLQJQKDXVKyDYWUtGXNKRDQNWLSEQJQ~W$1XGXNKRDQ
NWLSQK\FNKiFKD\EQPXQVKyDPWmQJQLYLNKiFKm\FKQQKmQQLYLSKKS
YjVKyDmQJQLYLyEQJQ~W$FKRmQJQLYLNK{QJQK\FQXmQJQLYLFyQK\
FWKuEPWKPQ~W%NqPWKHRVTX\WFQK\F
 &iFmQJJKLFK~YjLPmDFRQWUQXErQWUiLFDmQJULEPQ~W$
FKRmQJJKLFK~NK{QJQK\F1XmQJJKLFK~FyQK\FWKuEPWKrPQ~W%NqPWKHR
VTX\WFQK\F6DXyGLFKX\QFRQWUVDQJXErQSKLFDmQJYjEPQ~W$1KmY\
EQ[iFQK[RQJmQJJKLFK~LP
7UDQJ  

mQJJKLFK~LPSKLVKyDWRWKjQKKuQKIVKyDmQJJKLFK~LPWUmF
WLrQKm\VKyDLPXQKmKmQJGQWUrQULVDXymDFRQWUVKyDQLPWKUL
EPQ~W$FKRmQJJKLFK~NK{QJQK\F1XmQJJKLFK~FyQK\FWKuEPWKrPQ~W%
NqPWKHRVTX\WFQK\F
/XFiFeQJJKLFK~U-WWLOQOkLNKLVYKyDFiFFKLWLGWQKWKD\FKRFiFJKLFK~?FELOW
1GXE)QNK{QJW)ReQJJKLFK~FiFJKLFK~VEYEYjJLwDFKLWLGWKD\GUFWKHRFDQKVkLYjFyWKK
WUjQUDQJRjLFKXYLFKLWLGW1aLGXQJJKLFK~kFYEWUrQP_LFKLWLGWkFTX\SQKWURQJE+QJ
TX\SQKJKLFK~$QQRWDWLRQ(GLWWRU
  &iFmQJQLYLQKYFiFmQJQj\FyWKNKpSNtQKRFNK{QJLYL
QKQJmQJQLYLNKpSNtQKm\EWXVKyDWJyFGmLErQWUiL7LSWFVKyDQKmPWFKL
WLWWK{QJWKmQJEQJQ~W$KD\$%VTX\WFQK\F7LLPFXLFKQ&ORVH3LHFHL
YLQKQJmQJQLYLNK{QJNKpSNtQKm\VKyDWKHRmQJKD\KuQKFDFK~QJEQJQ~W$
KD\$%VTX\WFQK\FQKmQJWLLPFXLNK{QJFKQ&ORVH3LHFH
  &iFmQJFWFDQ&iFmQJFWFDQFKQKYWUtFKLWLWyFyWKFWFDQNKL
JLiFVkJLOjFWFDQFQK6DXNKLFKQ,QWHUQDO/DEHOWURQJ0HQXVKyDFKQFK3
WURQJEjQSKtPVKyD7LSWKHRVKyDLPFDmQJFDQWUrQmQJFKXYLFKLWLWNqPWKHR
TX\WFQK\FOLrQTXDQKD\FiFWKXFWtQKQXFQ
  mQJWUzQVDXNKLFKQ,QWHUQDO/DEHOWURQJ0HQXVKyDFKQFK&LUFOH
&WU5DGWURQJ0HQXVKyDmDFRQWUVKyDQWkPFDmQJWUzQFyWKOjLPQK\F
EPQ~W$7LSWKHRVKyDLPWUrQFKXYLKuQKWUzQ+WKQJWQJYKuQKWUzQy
  LPGQJW\FKQGQJFKRPi\FWWQJ*(5%(5&XWWHU\OjLP
Pi\GQJOLQKYOLXFWULFKOQKWLSWKHR6DXNKLFKQ,QWHUQDO/DEHOWURQJ0HQX
VKyDFKQFKFiLWmkQJQJYLQKmQQLYLWURQJEjQSKtPVKyD6DXyVKyDLPY
WUtPRQJPXQNqPWKHRTX\WFQK\FOLrQTXDQKD\FiFWKXFWtQKQXFQ
6DXNKLVKyDmQJQLYLFXLFQJEPQ~W WUrQFRQWUVKyD
7KFKLQWURQJWKDRWiFVDX
1XEQmNWWK~FYLFVKyDKm\FKQ(QG,QSXWWURQJ0HQXVKyD
1XEQFQVKyDWLSFKLWLWNKiFWKuFKmDFKQ(QG,QSXWYLKm\WUYEmFYjOSOL
WUuQKWQj\QNKLVKyD[RQJFKLWLWFXLFQJVDXyFKQ(QG,QSXW
/X%)QSK+LFKUQ(QG,QSXWWKuE)QPcLFyWKKJULGwOLOXWK{FoDFiFFKLWLGWVYKRi
WURQJ3LHFH9HULI\

&iFKVKyDQKLXmQJFDQKVL6KyDQKLXmQJFDQKVLFiFWUFQK\F
FELWKXGQJQXEQGQJ$FFX0DUNQK\FFiFVQSKPQKmRWPOyWiRFmL
%WXEQJYLFGiQFKLWLWOrQEjQVKyDWKHRKmQJEQmWtQKEmFQK\FYjFDQKVL
QPQJDQJ7UiQKWFKLWLWYjRYQJFKWFDEjQVKyD
&KQ6WDUW3LHFHWURQJPHQXVKyDQKSWK{QJWLQP{WFKLWLW
QKS7rQFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQWKHRWKW0mKjQJ9L&KLWLWYjNtWYtG$9&775FXLFQJEP
Q~W 
QKS/RLFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQOj7rQWWFDFKLWLWYjNtWYtG775FXLFQJEPQ~W 
QKS0{WFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$FyWKK
EWWUYQJQGX?WWrQWKuWXYjFQJSK+LNtWyFXLFQJEPQ~W 
&KQ5XOH7DEOHWURQJ0HQXVKyD
1KS7rQFDEQJTX\WFQK\FEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyD
EQJQ~W$FXLFQJEPQ~W 
1KSmQJFDQKVLWWkPLPFDFRQWUWUrQLPXErQWUiLFDmQJFDQKVLYj
EPQ~W$QKmWKEQmiQKGXXErQWUiLFDmQJFDQKVL6DXyGLFKX\QFRQWU
VDQJSKLWWkPLPFDFRQWUWUrQLPXErQSKLFDmQJFDQKVLYjEPQ~W$QKm
Y\EQmiQKGXXErQSKLFDmQJFDQKVL
mQJFDQKVLXWLrQQj\mFFRLOjmQJFDQKVLFKtQKPDQJV

  7UDQJ


6KyDFiFmQJFDQKVLSKWKHREmF+WKQJJiQFKRPLmQJPWVOQOmWWV

6DXNKLVKyDmQJFDQKVLFXLFQJEPQ~W 
%WXVKyDFKLWLWWKHRWUuQKWQKmLYLFKLWLWEuQKWKmQJ
.KLQLPQK\FPjEQQKO\mQJFDQKVLSKOjPWUFQK\FFKQ$OW*UDLQ
/LQHWURQJ0HQXVKyD
6DXyEPQ~WWUrQFRQWUVKyDWmkQJQJYLVWKWFDmQJFDQKVLSKy
%uQKWKmQJKWKQJWQJO\mQJFDQKVLFKtQKOjPWUFQK\FWUNKLEQFKQK
PWmQJFDQKVLSKQjRNKiF6DXNKLmFFKQmQJFDQKVLSKyVOjPWUFQK\F
FKRQNKLEQFKQmQJNKiF
6KyDFiFLPQK\FEQJQ~W$Yj%NqPWKHRVTX\WFQK\F
/SOLFiFEmFQLWUFQK\FFKQmQJFDQKVLNKiFNFmQJFKtQK
V0LTX\WFQK\FWURQJFKLWLWFyWKQK\WKHRFiFWUFmQJFDQKVLNKiFQKDX

&iFKVKyDFKLWLWOQ1XEQFyFKLWLWTXiOQVRYLEjQVKyDEQYQFyWK
VKyDQyYjRWURQJ$FFX0DUN3KmkQJSKiSVKyDFKLWLWOQFKRSKpSEQVKyDFKLWLWFy
NtFKWKmFQ[PpW7KmQJGQJFRiRFmLFiQKEXP
 &KXQEFKLWLWOQVKyD
 &KLDFKLWLWOQWKjQKPWVSKQYDEjQVKyDNK{QJFKPUDYQJFKWFDEjQ
FKLDFKLWLWKm\YmQJQJDQJYjFiFmQJWKQJFyWKWLmQJWURQJFKLWLW
 iQKVFKRPL{EWXWJyFGmLErQWUiLYjWLSWFWKHRFKLXNLPQJK
 9mQJFDQKVLWURQJ{VFDFKLWLW
 iQKGXLPQKYWUrQPLmQJFKLD{WUmQJFKLDJLD{XYj{FXL
 iQKGXWWFFiFLPQK\FYjLPWUXQJJLDQWUrQFiF{
 iQKGXWWFFiFLPJKpSQLWUrQFiFmQJFKLD{
 *KLFiFWK{QJWLQP{WJPWrQFKLWLWORLFKLWLWP{WFKLWLWYjEQJTX\WFQK\F


&iFEmFVKyDPWFKLWLWOQ
 %WXEQJYLFGiQ{VFDFKLWLWOrQEjQVKyDWKHRKmQJEQL[QJWtQKEmF
QK\FYjFDQKVLQPQJDQJ7UiQKWFKLWLWYjRYQJFKWFDEjQ
&KQ6WDUW3LHFHWURQJPHQXVKyDQKSWK{QJWLQP{WFKLWLW
QKS7rQFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQWKHRWKW0mKjQJ9L&KLWLWYjNtWYtG$9&775FXLFQJEP
Q~W 
QKS/RLFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$QrQW
WrQOj7rQWWFDFKLWLWYjNtWYtG775FXLFQJEPQ~W 
QKS0{WFKLWLWEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyDEQJQ~W$FyWKK
EWWUYQJQGX?WWrQWKuWXYjFQJSK+LNtWyFXLFQJEPQ~W 
FKQ5XOH7DEOHWURQJ0HQXVKyD

7UDQJ  


QKS7rQFDEQJTX\WFQK\FEQJFiFKFKQFiFNWSKKSWURQJ0HQXVKyD
EQJQ~W$FXLFQJEPQ~W 
1KSmQJFDQKVLWWkPLPFDFRQWUWUrQLPXErQWUiLFDmQJFDQKVL
YjEPQ~W$QKmWKEQmiQKGXXErQWUiLFDmQJFDQKVL6DXyGLFKX\QFRQWU
VDQJSKLWWkPLPFDFRQWUWUrQLPXErQSKLFDmQJFDQKVLYjEPQ~W$QKm
Y\EQmiQKGXXErQSKLFDmQJFDQKVL;RQJULEPQ~W 
&KQ/DUJH3LHFHWURQJ0HQXVKyD
%WXVKyDFKLWLWWLPQK\FJyFGmLErQWUiLVKyDWKHRFKXYLFD{V
.K{QJmFEWXWLKPJKpSYjRKD\LKPJKpSUD6KyDFiFLPJKpSQLYjRYjUDQKm
FiFLPQK\FKD\WUXQJJLDQNKiFWURQJFKXYLFKLWLW
.KLVKyD[RQJ{VFKQ&ORVH3LHFHWURQJ0HQXVKyDQKmQJ.+1*%017 
%QFKFKQ&ORVH3LHFHPWOQFKRWRjQETXiWUuQK
1XEQFQVKyDmQJQLYLWURQJ{DQJVKyDKm\FKQ,QWHUQDO/DEHOYjFKFiL
WmkQJQJYLQKmQQLYLWURQJ0HQXVKyD6DXyVKyDmQJQLYLQKmLYLFKLWLW
WKmQJ
&KQ/DUJH3LHFHWURQJ0HQXVKyD
6KyDFiFLPQKYWURQJ{EQJQ~W$VDXyJPLQJPXUDNKLEjQ
W{WLSWKHROrQEjQYjVKyDFiFLPQKYWKHR~QJWKWEmF
6KyDFKXYLFD{yEWXWLPJKpSYjR6KyD[RQJFKXYLFKLWLWWKuVKyDLP
JKpSUD
/SOLFiFEmFWQFKRFiF{FzQOL
%PQ~W VDXNKLNWWK~F{FXLFQJ
&XLFQJKm\EP(QG,QSXW

&iFKVKyDFiFJyFFKFQQJQj\FKRSKpSEQWKrPJyFYjRLP
WURQJFKLWLW&yWKGQJFKRFFKLWLWOQmQJQLYL
;iFQKJyFEQJLPPWLPWUmFYjPWLPVDXLP[OjQKJyFYX{QJ
FXLFQJOjLPWLYWUtEQPXQWJyFYX{QJ
 /jPWKHRWUuQKWVKyDPWFKLWLWNKpSNtQWK{QJWKmQJ
 QYWUtWUrQFKXYLFKLWLWQkLEQPXQWJyFYX{QJVKyDLPWKQKWYjLPWK
QKmKmQJGQWUrQ
 &KQ'HJUHH$QJOHWURQJ0HQXVKyD
 6KyDLPWK
 7LSWFVKyDQWFKLWLWQKmEuQKWKmQJ

&iFKVKyDFKLWLWGiQFKLWLWGiQOjFiFFKLWLWGQJWRFiFPXJKpSF
LPQj\FKRSKpSEQJKpSPWFKLWLWQKJLOjFKLWLWGiQ3DVWH3LHFHYLFiFFKLWLWOQ
JLOjFKLWLWP3DUHQW3LHFH%QFyWKVKyDFKLWLWGiQYjRWURQJKD\UDQJRjLFKLWLWP
6KyDFiFFKLWLWGiQYjFKLWLWPJLQJQKmVKyDFiFFKLWLWWK{QJWKmQJ7X\QKLrQFyPW
VLPFQQKJL~SFKRYLFVKyDGGjQJKkQ
 .KLVKyDFKLWLWP
 6KyDFKLWLWPWKHRFKLXNLPQJK
 ;iFQKFiFLPGiQJKpSEQJFiFKJiQFiFVLPFELW
 mQJJKpSSKLOjmQJWKQJQLLPJKpS
 LPVKyDXYjFXLWURQJFKLWLWP.K{QJWKOjFiFLPJKpS
 &iFLPJKpSWUrQFKLWLWPYjFKLWLWGiQSKLWUQJNKS
.KLVKyDFKLWLWGiQ
 6KyDFKLWLWGiQWKHRFKLXNLPQJK
 ;iFQKFiFLPGiQJKpSEQJFiFKJiQFiFVLPFELW
 mQJJKpSSKLOjmQJWKQJQLLPJKpS
 LPVKyDXYjFXLWURQJFKLWLWP3KLOjFiFLPJKpS
 &iFLPJKpSWUrQFKLWLWPYjFKLWLWGiQSKLWUQJNKS

 \  7UDQJ

&iFKVKyDFKLWLWQLWLS&KLWLWQLWLSFyWKQK\FFyWKNK{QJ.KL[O
WiFQJKLSKWKQJWFKLWLWQLWLSEQJFiFK[SmQJFDQKVLFDFK~QJFKQJQKDX
LPWKQKWFDmQJFDQKVLFDFKLWLWQLWLSmFWWUQJLPWKQKWFDmQJ
FDQKVLFDFKLWLWP
 6KyDFKLWLWPEQJSKmkQJSKiSWK{QJWKmQJ
 .KLNWWK~FNK{QJJFKLWLWPNKLEjQVKyD
 WFKLWLWWLSQL~QJYjRYWUtWUrQFKLWLWP
 &KQ)ORORZ2QWURQJ0HQXVKyD
 1KSWrQFKLWLWORLFKLWLWP{WEQJTX\WFQK\FFKRFKLWLWWLSQL
/XFKLWLGWQYLWLGSYjFKLWLGWPASK+LFyFKXQJOR)LFKLWLGW3LHFH&DWHJRU\
 6KyDmQJFDQKVLWUrQFKLWLWWLSQL
 &KQ,QWHUQDO/DEHOYjFKFiLWmkQJQJWURQJPHQXVKyD
 6KyDKuQKFDFKLWLWWLSQLULEP 
 &KQ(QG,QSXW
+WSKQ1KS0X



9,1K\F

1K\F1XVKyDPXPWF
.KLEQQK\FPWFKLWLWEQJWD\EQEWXWFJFYjGFKFKX\QWUrQPWEjQOrQ
WUrQ[XQJGmLUDQJRjLYjRWURQJWRPXFiFFNKiF
.KLQK\FWURQJ$FFX0DUNEQFQJEWXWFJFQKmQJWKD\YuQK\FWUrQPWEjQ
$FFX0DUNQK\FWUrQPWKWUFWRFKX\QQJWKHRWUF;Yj<WKD\WKFKX\QQJOrQ
[XQJYjUDYjR7URQJ$FFX0DUNNKLFKLWLWmFQK\FWFQKQKWQFOQQKWKD\
WFJFOrQYj[XQJWXWKHRSKmkQJSKiSQK\FEQFKQ
.KLQK\FEQJSKmkQJSKiSWKF{QJEQWK\WRjQEFKLWLWNKLQyWKD\L$FFX0DUN
[HP[pWWQJLP[iFQKKuQKGiQJFKLWLWFiFLPyJLOjLPQK\F&KX\QQJ
WKHRWUF;Yj<WKKLQNKRQJFiFKYjKmQJGFKFKX\QWFQj\QFNKiF
+uQKGmLk\P{WWUFWRGQJ[iFQKLPFKX\QQJkPKD\GmkQJWKHRWUF;
KD\<mQJQJDQJFDEQJVKRiJLOjWUF;mQJGFJLOjWUF<*LDRLPFDWUF
;Yj<JLOjJFWDFyWROj
9Gm*LDV;GmkQJWmkQJQJYLFKX\QQJOrQWUrQFDFKLWLWPXQJQJKD
OjVDQJSKLFDEQJVKRi
 *LDV;kPWmkQJQJ
YLFKX\QQJ[XQJGmLFD
FKLWLWPXQJQJKDOjVDQJWUiL
FDEQJVKRi
 *LDV<GmkQJWmkQJ
QJYLFKX\QQJUDQJRjLFD
FKLWLWPXQJQJKDOjOrQWUrQ
FDEQJVKRi
 *LDV<kPWmkQJQJ
YLFKX\QQJYjRWURQJFDFKL
WLWPXQJQJKDOj[XQJGmL
FDEQJVKRi

/mX%)QSK+LO5SE+QJTX\W7FQK+\Fi5XOH7DEOHWUcFNKLQK5SP3XWsE+QJ
VYKRi9cLP3XQK5SQFi%)QFyWKKLIQFiFEcFQK+\FiWURQJE+QJ5XOH7DEOH
WUcFKR?FVDXNKLQK5SP3XWsE+QJVYKRi

7UDQJ  

 
&iFEmFWLQKjQKQK\FEQJEQJTX\WFQK\FFKiSGQJNKLEQ
WKLWNEQJ3'6FQJQKmVKyDPXPWFFJFFWKQKmVDX
WUmFKWEQSKL[iFQKEmFQK\FFKRFiFLPWUrQWQJFKLWLWPXFiFLPQK\
JLQJQKDXQrQWFQJPWVTX\WF'DYjREQJWK{QJVFDVQSKP[iFQKEmF
QK\FFKRWQJLPQK\FWKHRKDLWUF;Yj</mXQrQ[iFQKWUF;WKHRFKLXFDQK
VLGFFDFKLWLW.KLGiQFKLWLWOrQEjQVKRiKm\GiQVDRFKRmQJFDQKVLGFQPWKHR
SKmkQJQJDQJ~QJWKHRFKLXPjEQ[iFQKWUFQK\FWUiQKQKPOQ
9KuQKFiFFKLWLWFKtQKWURQJPmKjQJ~QJFKLXFDQKVLYj[X{LFKLXWURQJVQSKP
*iQVTX\WFQK\FYjWtQKEmFQK\FWKHRWUF;Yj<WLFiFLPFkEQFDFiFFKLWLW
PXWKHREQJWK{QJVFDPmKjQJ6TX\WFEWXWYjWQJGQQKW&iFLPQK\
FJLQJQKDXVPDQJFQJPWVTX\WF
0WNKLEQFKFKR$FFX0DUNUQJPXFQSKLWQJWKQjRKWKQJFyWKGQJOLQKQJ
WK{QJWLQyOQQj\TXDOQNKiF
/mX&yNLXQK\FEQFKQFiFNLXyQKmVDX
 60$///$5*(,1&5(0(17$/WtQKEmFQK\FJLDFiFFOLQNWFQK
QFOQ
 %$6(83'2:1&808/$7,9(FQJGQEmFQK\FWF*FOrQYj[XQJ
 %$6(83'2:1,1&5(0(17$/WtQKEmFQK\JLDFiFFOLQNWF*FOrQ
Yj[XQJ
ODFKQPWWURQJEDNLXWtQKEmFQK\QKmWUrQEQYjR9LHZ*UDGH2SWLRQV
7URQJFDV5XOH7DEOHQKmKuQKGmLk\


[XWKLQKSWKRLODFKQ*UDGH2SWLRQVQKmVDX


6DXyEQEPYjRKuQKWDPJLiFFD{*UDGH0HWKRGYjFKQNLXWtQKEmFQK\WKHRPXQ
FDEQVDXyEP2.[iFQKQ




  7UDQJ


9t'mPWFKLWLWFyFiFF;660/;/;;/FJFOj0FiFF
QK\GjLXPLFFPWKHRWUF;YjFPWKHRWUF<&iFLPQK\FmTX\QK
OjYj
 9tGm60$///$5*(,1&5(0(17$/WtQKEmFQK\FJLDFiFF
OLQNWFQKQFOQ




7KuEQLQFiFJLiWUQK\FYjRFW;Yj<FKRFiFLPQK\FQKmVDX




7UDQJ 

 9tGm%$6(83'2:1&808/$7,9(FQJGQEmFQK\FWF
*FOrQYj[XQJ




7KuEQLQFiFJLiWUQK\FYjRFW;Yj<FKRFiFLPQK\FQKmVDX





 7UDQJ

 9tGm%$6(83'2:1,1&5(0(17$/WtQKEmFQK\FJLDFiFF
OLQNWF*FOrQYj[XQJ




7KuEQLQFiFJLiWUQK\FYjRFW;Yj<FKRFiFLPQK\FQKmVDX




6DXNKLKRjQWWFiFEmFWUrQEQJKLOLYjWWrQFKRTX\WFy1X6DOLEPYjRELX
WmQJKuQKFKLFDPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiF
yQJFDVOL1rQW7rQWKHRPmKjQJ
6DXyEQiSEQJTX\WFQK\FyFKRFKLWLWPXEQFymFFiFFQKmPXQ



7UDQJ 

9,,.LPWUDFKLWLW

.LPWUDFKLWLWVKRi3,(&(9(5,)<
.KLPWFKLWLWmFVKyDYjRKWKQJ$FFX0DUNKWKQJOmXFKLWLWyWKjQK'
OLXVKyD'LJLWL]HG'DWDGDQKViFKWKWFiFQ~WEPWUrQFRQWUVKyDWKFKLQ
WURQJTXiWUuQKVKyDFKLWLWyWURQJPLQOmXJL'LJLWL]HU
'OLXVKyDSKLmFFKX\QLVDQJGOLXFKLWLWFD$FFX0DUNWKuPLGQJ
JLiFVkKD\YUDmF
.LPWUDFKtQK[iFFDFiFFKLWLWPLVKyDYLEmFFKtQKQKmVDX
x .LPWUDFKLWLWVDXNKLVKyD3LHFH9HULI\LQJ
x .LPWUDFKLWLWWURQJ3'6
x 9FKLWLW3LHFH3ORWWLQJ
/jPYLFWUrQPi\WtQKWLQKjQKOQOmWFiFEmFVDX
 %PFKXWWUiLYjRELXWmQJ'LJLWL]HUWURQJWUDQJErQWUiLFDFDV
$FFX0DUN([SORUHUWUDQJErQSKLFDFDV$FFX0DUN([SORUHUV[XWKLQFiF
)LOHVKyDPjEQYDQKSW%jQ6+yD
 6DXyEPFKXWSKLYjR)LOH6+yDy[XWKLQKSWKRLEQFKQ
9HULI\


 +WKQJVWQJNLPWUDTXiWUuQKVKyDFDEQ%QVWK\+SWKRL
NLPWUDFKLWLWYDQKS[XWKLQYjFK\


6DXNKLFK\KWWKu[XWKLQPWWURQJKDLKSWKRLWK{QJEiRNWTXVKyDQKS
PXFDEQQKmVDX
  7UDQJ
 

 1XNK{QJEOLKWKQJEiRFKLWLWmmFQKS~QJYjKLQWKWURQJFDV
SKtDWUrQFDKSWKRL&iF{WURQJPjQKuQK6XFFHVVVKLQWKWK{QJWLQFKLWLW&KL
WLWVmFWQJOmXYjRPLQOmXJLPFQKPjEQmTX\QKWUmFNKLVKyD
VDXyEQPPLQOmXJLFDPmKjQJyYjVDQJEmFNLPWUDFKLWLWEQJFKmkQJ
WUuQK3'6



%QEP~SFKXWWUiLYjRWrQFKLWLWPXYDVKyDWKjQKF{QJyKRFEPFKXW
SKLYjRFKLWLWPXy[XWKLQKSWKRLEQFKQ3DWWHUQ'HVLJQPFKLWLW
yWURQJFDV7KLW.0XYjNLPWUD
 1XFyOLKWKQJEiR(UURU3URFHVVLQJWURQJ{)DLOXUHFDVErQGmLFD
KSWKRLKm\yQJKSWKRLWK{QJEiROLYjEPFKXWSKLYjR)LOH6+yDFKmD
WKjQKF{QJy[XWKLQKSWKRL

7UDQJ 
 

6DXyEQFKQ2SHQPFDV(',7',*,7,=(YjVDOLVKyDFKR~QJWUuQK
W\rXFXKRFOjEQFyWKEFKLWLWyLYjWLQKjQKVKyDOLFKRFKLWLWy&iF
WUuQKWVKyDFDEQEOLVFyPjX




VDOLEQEPYjRJyFErQWUiLFD{PjXy[XWKLQPWKSWKRLV
[XQJVDXyEQFyWKFKQPWWURQJFiFGzQJOQKyFKRSKKSYLTXiWUuQKQKS
PXFDEQWUrQEQJVKyD

  7UDQJ





%QFyWKFKqQWKrPGzQJKD\[RiEWGzQJEQJFiFKEPFKXWSKLYjRGzQJy
[XWKLQKSWKRL


1XFKQ,QVHUW5RZFKqQGzQJ'HOHWH5RZ[yDGzQJ&OHDU&RQWHQWV[yDQL
GXQJFDGzQJy
6DXNKLVD[RQJEQEPYjRKuQK JKLOL1XYQFzQGzQJFKPjX[XWKLQWKuWLS
WFVDFKR~QJ1XVDXNKLEQJKLOLPjNK{QJWK\GzQJFKPjX[XWKLQQDWKuEQm
VD~QJ+m\yQJFDV(GLW'LJLWL]HOLYjTXD\YNLPWUDPXEQJ3'6QKmSKQWUrQ
/X6DXNKLGwOLOXVYKyDkFFKX\KQ]LVDQJGwOLOXFKLWLGWFoD$FFX0DUNWKu
FKLWLGWVYKyDyVEkFWyaQJOXYjRPLIQOXJLwPjE)QmTX\SQKWUcFNKLVY
KyD
6DXNKLNLPWUDFKLWLWyWURQJFDV7KLW.0X3DWWHUQ'HVLJQEQKm\YFKLWLWyUD
ELPi\YNLPWUDOLPWOQQDFKRFKtQK[iF;HP9&KL7LW3LHFH3ORWSKQVDX


9,,,9FKLWLW9PX

.KLYFiFFKLWLWPXKWKQJFQFYjR
%QJ7KDP69&KL7LW3LHFH3ORW3DUDP
%QJ4X\QK*KL&K~$QQRWDWLRQ7DEOH
&iF&&Q96L]HV
'RY\E7WEXaFEQSKLLQ\FiFWKDPVWUrQFKREQJ3LHFH3ORW
1JRjLUDFzQQKQJWKDPVPFQKNKiFEQFyWKODFKQKRFWKD\LWKHRFDEQ
&KQNLXY3ORW$V
&KQtFKY3ORW'HVW
&KQWFFKR0i\90HGLD
&KQVOmQJEQY1XPEHURI&RSLHV
7UDQJ  


YPWKD\QKLXFKLWLWPXEQJ0i\9QJWKLEQPXQYOQJFiFF
YjRQKDXQKmNKLVKyDPXOQJFKD\YkQFYYEQOjPQKmVDX
7URQJFDV$FFX0DUN([SORUHUEQEPFKXWWUiLYjRPLQOmXJLFyFKDFiFFKLWLWPX
FQY



6DXyEQEPFKXWSKLYjRWrQFKLWLWPXFQY[XWKLQKSWKRLEQFKQ
6HQG7R3ORWWHU[XWKLQKSWKRL3LHFH3ORWQKmVDX



/XPXYQYEQKLIXFKLWLGWFoDPaWPmKjQJYjFQJWURQJPLIQOXJLwyE)QOjPQKVDX

  7UDQJ
1GXFiFFKLWLGWyOLIQQKDXE)QKm\E-PSKtP6KLIWYjE-PFKXaWWUiLYjRFKLWLGWWUrQ
FQJJLwQJX\rQSKtP6KLIWYjE-PFKXaWWUiLYjRFKLWLGWGcLFQJVDXyQK+SKtP6KLIWYj
E-PFKXaWSK+LYjRWrQFoDPaWWURQJFiFFKLWLGWmOyDFKUQy[X-WKLOQKaSWKR)LE)Q
FKUQ6HQG7R3ORWWHU
1GXFiFFKLWLGWyNK{QJOLIQQKDXE)QKm\E-PSKtP&WUOYjE-PFKXaWWUiLYjRWrQFoD
WsQJFKLWLGWPXYQYEVDXyQK+SKtP&WUOYjE-PFKXaWSK+LYjRWrQFoDPaWWURQJFiFFKLWLGW
mOyDFKUQy[X-WKLOQKaSWKR)LE)QFKUQ6HQG7R3ORWWHU
7KqWy7rQFoDFiFFKLWLGWPjE)QF/QYE[EkFWKKKLOQgFiFGzQJFoD{3LHFHSKtDGcL
FXYLFoDE+QJ
TX\QKNLXYkQFKD\YOQJFiFF%QEPYjR{3LHFH3ORW3DUDP[XWKLQ
KSWKRLEQODFKQQKmVDX


%QKm\FKQNLXYWKHRPXQEQJFiFKEPFKXWWUiLYjRNLXYVDXyEP2.[iF
QKQ
TX\QKNLXJKLFK~FKRFKLWLWmFYEQEPFKXWWUiLYjR{$QQRWDWLRQ7DEOH[XW
KLQKSWKRLVDX


6DXyEQEPFKXWWUiLYjRNLXEQPXQYjEP2.[iFQKQ
ODFKQFiFFPjEQPXQYEQEPFKXWWUiLYjR{6L]HV[XWKLQKSWKRLOD
FKQFiFFQKmVDX

7UDQJ 



%QKm\FKQFiFFPXQYVDXyEP2.[iFQKQ
/X1GXQKLIXFKLWLGWFQJkFYEFKXQJWURQJPaWOOQKWKuFiFFKLWLGWySK+LFyFQJ
FKXQJG+LFiYjFiFFKLWLGWyVEkFYEYcLFiFFiJLYQJQKDXWUrQFQJPaWOOQKNK{QJWKKYE
FKLWLGWQj\PaWFiYjFKLWLGWNKiFPaWFiNKiF
1GXFiFFiOLIQQKDXE)QKm\E-PSKtP6KLIWYjE-PFKXaWWUiLYjRFi/XWLrQJLw
QJX\rQSKtP6KLIWYjE-PFKXaWWUiLYjRFiFXYLFQJVDXyQK+SKtP6KLIWYjE-PFKXaWWUiL
YjR2.K[iFQK5Q
1GXFiFFiyNK{QJOLIQQKDXE)QKm\E-PSKtP&WUOYjE-PFKXaWWUiLYjRWrQFoDWsQJ
FiPXYQYEVDXyQK+SKtP&WUOYjE-PFKXaWWUiLYjR2.K[iFQK5Q

7URQJ{3ORW$V%QEPFKXWWUiLYjRKuQKWDPJLiFFD{FKQNLXYQrQFKQWKHR
PFQKOj,1387YPXQKmNKLQKSYjR




7URQJ{3ORW'HVW%QEPFKXWWUiLYjRKuQKWDPJLiFFKQtFKYQrQOj/2&$/Y
EQJ0i\9PFQK
 QXFKQ'26),/(YUDWSWLQGQJ)LOH'RVNK{QJQrQFKUQ




7URQJ{0HGLD%QEPFKXWWUiLYjRKuQKWDPJLiFFKQWFYFKR0i\9

  7UDQJ




7URQJ{1XPEHURI&RSLHV%QFKQVEQYFQYPFQKOj
6DXyEQEPFKXWWUiLYjRKuQKPLWrQ;DQKKRjQWWF{QJYLFYjFKX\QOQKUDPi\
Y



/S%QJ7KD\L7FFKR0i\9
9uFKWOLXFDJL\YNK{QJWWGQQNKLYTXiQKDQKKD\EUiFKJL\KRFFKWOmQJ
PFFDE~WYNK{QJWWQrQPF[XQJNK{QJXNKLYQKDQKWKuKD\EPWQpWYYY
1rQEQFQSKLWKLWOSEQJTX\QKWFFKRPi\Y
WKLWOSFiFEQJTX\QKYWFFKRPi\YEQOjPQKmVDX
%QEPFKXWSKLYjRELXWmQJFD0i\9gErQSKtDErQSK+LFoDWKDQK7DVNEDUErQ
GcLPjQKuQKQKmKuQKGmLk\


NKL[XWKLQKSWKRLEQFKQ3ORWWHU6HWWLQJV[XWKLQKSWKRLFjLW3ORWWHU
6HWWLQJV




EPYjR)LOH1HZWKLWOSEQJPLKRFYjR)LOH2SHQPFiFEQJFjLWm
FyVQWURQJPi\6DXNKLEQFKQ1HZKD\2SHQWKuFDVWKLWOSWFPi\Y[XWKLQ
UDQKmVDX

7UDQJ 
 

7URQJWUDQJ*HQHUDO
&KDUDFWHU6HWFjLWNWQrQFKQOjFKFKXQ6WDQGDUG
:DLW7LPHWKLJLDQFK
7\SHNLXPi\YFKQ5ROOOjYFXQ
%LWH/HQJWK&KLXGjLFDPLWUDQJJL\YFyWKKFKUQE9QJ,QFKKR?F&P
:LGWKNKUQJFDJL\Y&yWKKFKUQQYSWtQKE9QJ,QFKKR?F&P
7RRO0DSSLQJV&{QJFYFKQ6WDQGDUGF{QJFmFKX1Q
7URQJ{3HQE~WYj.QLIHGDRFDNKXQJ6WDQGDUG7RROVXFKQOj3HQE~W
6FLVVRUFWEQJNpRFKQ0D[OQQKW
(GJH6SDFLQJNKRQJFiFKFQKJL\Y&yWKKFKUQQYSE9QJ,QFKKR?F&P
ODFKQkQYWtQKOj,QFKKD\&PEQOjPQKmVDX7URQJFDV3ORWWHU6HWWLQJVEQ
YjR9LHZ2SWLRQV


[XWKLQKSWKRLODFKQkQYROmQJQKmVDX


6DXyEQiQKGXYjRNLXkQYROmQJPjEQPXQULEP2.[iFQKQ
1XEQFKQkQYROj&0WURQJEQJVKLQWKQKmVDX

  7UDQJ





1XEQFKQkQYROmQJOj,QFKWURQJEQJVKLQWKQKmVDX



6DXNKLODFKQFiFWKDPVFQWKLWFKRWUDQJ*HQHUDOEQEPFKXWWUiLYjRWUDQJ
7RRO6HWWLQJVk\OjWUDQJWKLWOSWFFKRPi\Y&DVFDWUDQJ7RRO6HWWLQJV
QKmVDX


$FFHOHUDWLRQJLDWFWFGLFKX\QFDE~WYQXEQOjWKuJLDWFFDPi\OjFDR
QKWEQLQYjRyVWKuJLDWFFDPi\VOjPWQDF{QJVXW
9HORFLW\9QWFWFYFDE~WQXEQOjWKuPi\VFyYQWFFDRQKWQX
EQLQYjRyVWKuPi\YFFFKP

7UDQJ  


%QFyWKLQJLDWFYjYQWFFKRPi\WKHRFDEQ6DXyJKLOLVGQJWURQJFiF
WUmQJKSFQWKLW
JKLOLQKQJWKLWOSyEQEPFKXWWUiLYjRKuQKFKLFDPP [XWKLQKS
WKRL


6DXyEQLQWrQFKRWSWLQYjR{0HGLD1DPHULEPYjR6DYHFKSQKQQXLQ
WrQNK{QJ~QJKRFNK{QJPXQJKLOLWKuKm\EPYjR&DQFHOKX
7URQJWUDQJ,WHP0DSSLQJYjWUDQJ,QWHUQDO0DSSLQJOjQKQJOQKPFQKFKRPi\YNK{QJ
WKYjNK{QJQrQWKD\L&DVFDWUDQJQj\QKmVDX


  7UDQJ


;yDEQJWKLWOSWFFDPi\Y
[yDFiFEQJWKLWOSWFFDPi\YEQOjPQKmVDX%QEPFKXWSKLYjRELX
WmQJFD0i\9gErQSKtDErQSK+LFoDWKDQK7DVNEDUErQGcLPjQKuQKQKmKuQKGmL
k\


NKL[XWKLQKSWKRLEQFKQ3ORWWHU6HWWLQJV[XWKLQKSWKRLFjLW3ORWWHU
6HWWLQJV


%QEPFKXWWUiLYjR)LOH'HOHWH[XWKLQKSWKRL


6DXyEQEPFKXWWUiLYjRWSWLQPXQ[yDEPYjR'HOHWH[iFQKQQXODFKQ
NK{QJ~QJEP&DQFHOKXODFKQYjWKDRWiFOL


,;/SEQJWKQJNrFKLWLWPRGHO

/SEQJWKQJNrFiFFKLWLWFDPmKjQJ02'(/
%QJWKQJNrFKLWLWFDPWPmKjQJ02'(/OjQKyPWWFFiFFKLWLWWRWKjQKPW
VQSKPKRjQWKLQ&KFQQJ0RGHOGQJWRFiFEQJWKQJNrFKLWLW
;iFQKFiFWKjQKSKQFDPWPmKjQJJP
 1KQJFKLWLWQjRSKLFyWURQJEQJWKQJNrFKLWLW
 &yFKLWLWQjROjFKLWLWGiQKD\WWFDWOjFKLWLWWKmQJ
 /RLQJX\rQOLXFWPLFKLWLW
6OmQJFWPLFKLWLWJPVOmQJFWWmWKQKmNKLVKyDYjVOmQJFWWm
WKOWTXDWUF;<
 &yFKLWLWQjREQQKFKLDNKXQJJLDFiFVQSKPQXFyWKuFKQKmQJJLiFFiFFKL
WLWyFQJKmQJKD\KmQJEWN&iFFKLWLWQj\JLOjFKLWLWQD+DIW3LHFLQJ

7UDQJ  

 
 6OQPWFKLWLWmFSKpSFWFDQWURQJVkk\JLOjFWFDQFkQJ'\QDPLF
3LHFLQJ
 /LXEQFyPXQWKrPFKLWLWGmNKLJLiFVkNK{QJWKmQJWLWNLPYLNKLFy
QKQJFKWUQJOQ
 1KQJODFKQNLXEQQKiSGQJFKRPLFKLWLW

&iFKWRPW0RGHO
WRPW0RGHOEQSKLFKFFKQUQJEQDQJWURQJPLQOmXJLmF[iFQKYj
WURQJPLQyFyFKDFiFFKLWLWPXFDPmKjQJFQQKyPOLWKjQKPW02'(/
7KDRWiFWKLWOS02'(/7URQJFDV$FFX0DUN([SORUHEQEPFKXWWUiLYjRPLQ
OmXJLFyFKDPmKjQJFQOjPEPYjR)LOH1HZ0RGHO+RF7URQJFDV
$FFX0DUN([SORUHEQEPFKXWWUiLYjRPLQOmXJLFyFKDPmKjQJFQOjPEPFKXW
SKLYjRWUDQJErQSKLFDFDV$FFX0DUN([SORUHYjFKQ)LOH1HZ0RGHOWUrQPjQ
KuQK[XWKLQFDVFKtQKFD0RGHOQKmVDX


7URQJ{&RPPHQWVEQFyWKKRFNK{QJLQFiFWK{QJWLQJKLFK~YPmKjQJ
7URQJFW3LHFH1DPHEQEPFKXWWUiLYjRJyFErQWUiLFDWQJGzQJFKQFiFFKLWLW
PXFDPmKjQJymFyWURQJPLQOmXJL%QFyWKFKFQEPYjRPWGzQJXWLrQ
[XWKLQFDVFDPmKjQJFyFKDFiFFKLWLWYjFKQWWFFiFFKLWLWFiFFKLWLWVW
QJ[XWKLQWKWFiFGzQJFDFW3LHFH1DPHWURQJEQJ0RGHO
7URQJFW)DEULFLYLPmKjQJFyORLQJX\rQOLXWUOrQEQFyWKLQNKLXFDORL
QJX\rQOLXFKRFKLWLW9GYLFKtQKOj&YLSKLOj)YLOyWOj/1XPmKjQJFKFy
PWORLYLWKuEQNK{QJFQSKLLQNKLXYjRk\
7URQJFW)OLSVLQVOmQJFDWQJFKLWLWFWWKQKWFyNKLXFKLWLWQKmNKL
QKSFWWKKDLFyNKLX;FKLWLWL[QJTXDWUF;FWWKEDFyNKLX<
FKLWLWL[QJTXDWUF<FWWKWmFyNKLX;<FKLWLWL[QJTXDWUF;<
7URQJFW+DOI3LHFHFKLWLWFyFKLDQDKD\NK{QJ
6DXNKLKRjQWWFiFEmFWUrQEQJKLOLYjWWrQFKR0RGHOy1X6DOLEPYjRELX
WmQJKuQKFKLFDPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiF
yQJFDVOL1rQW7rQWKHRPmKjQJ


  7UDQJ
;/SEQJWiFQJKLSVk2UGHU

/SWiFQJKLSJLiFVk25'(5
FyPWVkEQSKLOSWiFQJKLS2UGHUFKRVky7URQJyEQSKLKSWWFFiF
WK{QJWLQOLrQTXDQQVkQKm0mKjQJEQJWKQJNrFKLWLWEQQKJLiFNKYLYjFiF
EQJWKDPVTX\QKFiFKJLiFFiFKJKLFK~VVQSKPFyOjEQJTX\QKJLiF
PWKD\QKLXFWUrQPWVkYLVOmQJFWK0LVkJLiFFQSKLOSPW25'(5
ULrQJELW

WRPW2UGHUEQSKLFKFFKQUQJEQDQJWURQJPLQOmXJLmF[iF
QKYjWURQJPLQymFyFKD02'(/FDPmKjQJFQOjPVk%QSKLWR0RGHOWUmF
NKLWR2UGHU
7KDRWiFWKLWOSPW2UGHU7URQJFDV$FFX0DUN([SORUHEQEPFKXWWUiLYjRPLQ
OmXJLFyFKDPmKjQJFQOjPEPYjR)LOH1HZ2UGHU+RF7URQJFDV
$FFX0DUN([SORUHEQEPFKXWWUiLYjRPLQOmXJLFyFKDPmKjQJFQOjPEPFKXW
SKLYjRWUDQJErQSKLFDFDV$FFX0DUN([SORUHYjFKQ)LOH1HZ2UGHUWUrQPjQ
KuQK[XWKLQFDVFKtQKFD2UGHUQKmVDX


WUDQJWKQKWFDFDV2UGHUEQLQFiFWK{QJWLQVDX
7URQJ{0DUNHU1DPHEQSKLLQWrQFDVkFQWR%WEXF
7URQJ{2UGHU1XPEHUEQFyWKLQKD\NK{QJLQVFD2UGHU
7URQJ{'HVFULSWLRQEQFyWKLQKD\NK{QJLQGLQJLL
7URQJ{/D\/LPLWVEQEPFKXWWUiLYjRyFKQTX\QKJLiFJLUDWEQJWUDFX
{EWEXF
7URQJ{$QQRWDWLRQEQEPFKXWWUiLYjRyFKQTX\WFFK~JLLJLUDWEQJWUDFX
{EWEXF
7URQJ{1RWFKEQEPFKXWWUiLYjRyFKQTX\QKGXEPJLUDWEQJWUDFX{
EWEXF
7URQJ{)DEULF:LGWKEQSKLLQNKUQJFDVkQKY%WEXF
7URQJ{7DUJHW/HQJWK{Qj\EQFyWKLQKD\NK{QJLQPFGjLmFWtQKFDVkWKHR
QKPFWjLOLXEQJPpWKRF
7URQJ{6KULQN6WUHWFK
7URQJ{%ORFN%XIIHU
7URQJ{0DWFKLQJ
6DXNKLLQ\FiFWK{QJWLQFQWKLWYjRWUDQJWKQKWWKuEQEQFKXWWUiLYjRWUDQJWK~
KDLFDVWUDQJWKKDLQKmVDX
7UDQJ  
 

WUDQJWKKDLFDFDV2UGHUEQLQFiFWK{QJWLQVDX
7URQJ{0RGHO1DPHEQEPFKXWWUiLYjRyJL0RGHOFDPmKjQJPjEQWRVk
JLUDWEQJWUDFXEWEXF
7URQJ{)DEULF7\SHWORLQJX\rQOLXJLiFVkNKLX{Qj\SKLJLQJKWQKm{
)DEULFFD0RGHOPjEQmJKLQXNK{QJ~QJWKuKWKQJVEiROL
7URQJ{0DVWHU7\SH
7URQJFW6L]HEQLQYjRyWrQFDFiFFFQJLiFWUrQPWVkyEWEXF
7URQJFW4XDQWLW\EQLQYjRyVOmQJVQSKPFDWQJFFQJLiFWUrQVkyEW
EXF
6DXNKLKRjQWWFiFEmFWUrQEQJKLOLYjWWrQFKR2UGHUy1X6DOLEPYjRELX
WmQJKuQKFKLFDPP JLQJX\rQWrQFEPYjRKuQK JKLYLWrQNKiF
yQJFDVOL1rQW7rQWKHRPmKjQJFQJYLFFQJLiF

;OVkJLUDJLiF
6DXNKLEQOSYjLQ\FiFWK{QJWLQFQWKLWFKRPW2UGHUYjmOmX2UGHUQj\YjR
~QJPLQOmXJLWKHRPmKjQJEQSKLEP352&(66YjRKuQK PLWrQ[DQK
[OWiFQJKLS2UGHU+WKQJVWQJVOJPWWFFiFWK{QJWLQYFiFFKLWLWYjVk
VDXNKLEQEPFKFQQJ3URFHVVKWKQJVOjPFiFF{QJYLFVDX
 ;HP[pWFiF%QJWKQJNrFKLWLWFiFFYjVOmQJWQJF\rXFX
 *LFiFFKLWLWWFkVGOLX
 SGQJQKQJWKD\LNLXFKRFiFFKLWLWQXFyTX\QK
 SGQJQKQJTX\WFYFQLN.D5{TX\QKWRNKLKD\NKRQJP
FKRFiFFKLWLWWXWKHR\rXFXFDEQ
6DXNKLKRjQWKjQKYLFVOWiFQJKLSKWKQJVWK{QJEiRWuQKWUQJFDPLWiFQJKLS
PjQKuQKV[XWKLQPWWURQJKDLKSWKRLVDX

 7UDQJ
 



1X[XWKLQKSWK{QJEiROLEQVNK{QJWKJLVkyUDJLiFmFTXD\OLNLP
WUDFiFWK{QJWLQYDLQWURQJEQJ2UGHUWK{QJWLQYFTX\QKJLiFNKYLNKLXYL
0RGHO6DXNKLVDVRQJEPOL352&(66YjRKuQK PLWrQ[DQK[OVk
JLUDJLiF
1XW\rXFX[XWKLQKSWKRL6XFFHVVEP2.yQJOLTXD\YjRFDV
$FFX0DUN([SORUHUYjRPLQOmXJLFyFKDPmKjQJEQYDWREQVWK\[XWKLQ

WrQJLQJQKDXFD0DUNHUYj2UGHUYDWRFyKuQKQKmVDX 
6DXNKLKRjQWWFiFEmFWUrQEQFyWKJLVkUDJLiFWUFWLSKRFJLiFWQJ

;,*LiFVk
*LiFVkWUrQPi\WtQKOjPWF{QJYLFFQJJLQJQKmFKkLWUzFKkL[SKuQKY\
7UrQPjQKuQKPi\WtQKEQFyWKQKuQEDRTXiWWRjQEVkPWFiFKGGjQJ.KLJLiF
VkWUrQPi\WtQKEQNK{QJSKLRFDQKVLFDFKLWLWQKmNKLJLiFEQJWD\WUrQPW
PWEjQVkWR
1XEQOjPWKQJNrFKLWLWWURQJ0RGHOFKtQK[iFWKuNKLJLiFVkEQNK{QJSKLOR
QJKQFiFFKLWLWEWKDWKLXKD\VDLFKLXYY
6DXNKLEQVOPW2UGHUWKjQKF{QJWKuEQVFyQJD\PWVkVQVjQJFKEQ
JLUDJLiF6[VEFyWrQ~QJQKNKLE)Q?WWrQFKRQyWURQJE+QJWKLGWO5S2UGHU
%QFyWK\rXFXPi\JLiFWQJWX\QKLrQKLXTXFDJLiFWQJNK{QJFDR

%LXWmQJFDVkOj 9jELXWmQJFD2UGHUOj 


&iFKPVkUDJLiFKD\FKQKVD*LLWKLXYQJOjPYLFFDFDV
JLiFVk
PPWKD\QKLXVkEQYjR7URQJFDV$FFX0DUN([SORUHEPFKXWWUiLYjR
PLQOmXJLFyFKDVkFDPmKjQJFQOjPEP~SFKXWWUiLYjRWrQFDVkPXQP
UD%LKXWkQJFoDV[QKKuQKWUrQ+RFOjEQEPFKXWSKLYjRWrQFDVk[XW
KLQKSWKRLEQFKQ2SHQ 0DUNHU0DNLQJ
/XQGXE)QPgQKLIXV[FQJPaWO~FWKuE)QE-PSKtP6KLIWYjFKXaWWUiLKOyDFKUQ
FiFV[OLIQQKDXE-PSKtP&WUOYjFKXaWWUiLYjRWrQFoDFiFV[NK{QJOLIQQKDX6DXNKL
E-PFKXaWSK+L1GXE)QFKUQ2SHQ $XWRPDUN(GLWOjFKUQFKGaJLiFWyaQJ+LOXTX+
FoDJLiFWyaQJNK{QJFDR

7UDQJ  

 

FDVJLiFVkmFPUDFyKuQKQKmVDX



3KtDWUrQFQJFDFDVJLiFVkOj7KDQK7LrX7LWOH%DUPjX[DQKFyFKDWrQSKQ
PPYjWrQFDVkDQJmFP
7LSWKHROjWKDQK0HQXFKtQK0DLQ0HQXFyPHQXGQJ&KWK[XQJYLFiFFkXOQK
FKRSKpSEQWUX\QKSYjRFiFWXFKQWURQJFKmkQJWUuQKWWUiLTXDSKLJPFy)LOH(GLW
9LHZ3LHFH%XQGOH0DUNHU7RRO+HOSYjPHQX%LX7mQJQKmVDX




7KWFiFQ~WWWUiLTXDSKLOj

  7UDQJ



 0VkYj0VkNWLS *KLOLVkYjRPi\Yj*KLVkYL

WrQPL 3KyQJWRVkFDYQJmFODFKQ 7KKLQ\FKLXGjLVk
 3KyQJWRVk /LrQNWFiFFKLWLW 7KrPFKLWLWYjRVkYj
7KrPEyYjRVk 6DRFKpSVk mDFiFFKLWLWFKmDmFWWURQJVk
OrQWUrQFDFKLWLW 0VkNWLSFyWURQJPLQOmXJL 0TXD\OLVk
WUmFy 4XD\OLVkJF 1KSVkPLYjRYjFXLFQJOj JKLQK
WPWKLFDVkDQJOjPYLF
9QJOjPYLFJPSKQ3KQFiFFKLWLWFKmDmFJLiFYjRVkYj3KQFiFFKLWLWm
mFJLiFYjRWURQJVk
 3KQFiFFKLWLWFKmDmFJLiFYjRWURQJVkQPSKtDWUrQErQWUiL&yFiFKWK
KLQFKLWLW&KLWLWGQJ+uQKQKFDFKtQKFKLWLWy


9j'QJWKKDLFiFFKLWLWmFWUuQKEj\OjGQJWK{QJWLQEQJVYLPWKuQKPXPLQK
KDFDFKLWLWyKuQKPLQKKDmFWSKtDWUrQFQJFDFiFGm\Vy


7URQJyFWXWLrQErQWD\WUiLOjFiFWK{QJWLQYFYjVOmQJVQSKPFDFyFiFFW
WLSWKHROjVOmQJFDFiFFKLWLWSKtDWUrQFiFFaWVYyOjKuQK+QKPLQKKUDFoDFKLWLGWy
1GXSKtDWUrQFyFKLWLGWPjSKtDGcLFoDFKLWLGWyFyFaWVYVRQJVRQJWKuyOjFKLWLGW
YL[qQJQKDX
WKD\LFiFKWKKLQFDFiFFKLWLWOjGQJKuQKKD\GQJVEQOjPQKmVDXEPFKXW
WUiLYjR0HQX(GLWFKQ6HWWLQJV



[XWKLQKSWKRL6HWWLQJVVDXyFKQ,FRQ0HQXWUuQKEj\FKLWLWGQJVKRFFKQ
3LHFH9LHZWKKLQFKLWLWGQJKuQK

7UDQJ  




6DXyFKQ6DYH 2.FKSQKQ
3KQFiFFKLWLWmmFJLiFYjRWURQJVk.KXYFFKtQKEQJLiFVkOjNKXYF
JLDPjQKuQKNKUQJFDVkmFJLLKQELmQJWKQJQPQJDQJPjQKuQK



3KtDGmLFDYQJJLiFVkOjWKDQK7K{QJ7LQFyWiFGQJWK{QJEiRFKREQELWWWFFiF
WK{QJWLQFDVk


7URQJy0'0RGHO1DPHWrQFDPmKjQJWrQFDEQJWKQJNrFKLWLW
 317rQFDFKLWLWFKLWLWmFFKLXViQJKRFEQEPFKXWYjRFKLWLWy
 /1WK{QJEiRGjLFDVk
 6=&FDFKLWLWFKLWLWmFFKLXViQJKRFEQEPFKXWYjRFKLWLWy
 :,UQJFDNKYLJLLKQEQJmQJVRQJVRQJQPQJDQJPjQKuQK
 6$UQJFDmQJPD\EDRTXDQKFKLWLW
 2/[SFKQJOrQQKDX
 7/QJKLrQJJyFEQJEDRQKLrX
 3/WK{QJVNQJDQJ
 67WK{QJVFDNGF
 3OSOLFKXNNQJDQJ
 6OSOLFKXNNGF
  7UDQJ

 )%KSFKFQQJ
 7%KLQWKFKFQQJDQJmFEWFDWKDQKF{QJF7RRO%R[
 &8KRF78&:7:SKQWUPKXtFKFDVkKLQWKL
 &7VFKLWLWFKmDmFWYjRVkWQJVFKLWLWFQWYjRVk
KLQWKKD\NK{QJKLQWKWKDQKWK{QJWLQFDVkEQEPFKXWWUiLYjR9LHZ

0DUNHU,QIR


1JRjLUDFzQFyWKDQK&{QJ&7RROER[[XWKLQKD\WWWKDQKF{QJF7RROER[Qj\EQ
FyWKYjR9LHZ 7RROER[KRFEPYjRQ~W7%FDWKDQK7K{QJ7LQGmLPjQKuQKJLiFVk
WWLEQFyWKEPYjRQ~WSKtDJyFWUrQErQSKLFDWKDQKF{QJFQj\


7KDQK0HQXYjWKDQK&{QJFQj\FyWiFGQJUWOQJL~SEQJLiFVkWmFKLXTX
FDRQKW

*LiFFiFFKLWLGWYjRWURQJV[EQEPFKXWWUiLYjRWQJFKLWLWFyWUrQYQJFKL
WLWKRFFKmDmFWYjRWURQJVkFKLWLWVGtQKWKHRVGLFKX\QFDFKXWYjmDFKL
WLWYjRYWUtPXQ[SWURQJVkVDXyEPSKtPFKXWWUiL
/XV[E7W/XkFJLiFWsSKtDErQWD\WUiLTXDErQSK+L.KLE)QE-PFKXaWWUiLYjRFKL
WLGWFKDkFJLiFgWUrQYQJFKLWLGWWKuFKLWLGWyVEWyaQJkFSKyQJWRUDFyQpWqW
PjXWYjGtQKWKHRVyGLFKX\KQFoDFKXaW1GXE)QNK{QJE-PFKXaWWUiLPjFKQDFKXaWD
YjRYSWUtFoDFKLWLGWQjRWKuFKLWLGWyVEFyPjXViQJOrQ


7UDQJ 

SKyQJWRWRjQEVkEQEPFKXWWUiLYjR%LJ6FDOH6DXNKLmFSKyQJWRWUY
WOQKmFEQEPOLPWOQQDYjRFKtQKQ~WQj\



SKyQJWRWQJYQJWKHREQEQEPYjRQ~W=RRPKuQKFKLFNtQKO~SVDXymD
FKXWYjRYWUtEQPXQSKyQJWRYjEPFKXWWUiLJLQJX\rQSKtPFKXWYjNpRUDVDXy
WKSKtPFKXWNKXYFEQYDODFKQyVmFSKyQJWRUD

  7UDQJ


/XNKLE)QE-PYjNpRFKXaWKOyDFKUQNKXYyFPXYQSKyQJWRE)QVEWK-\PaWeQJ
QpWPjXWU7QJkFNpRUDWKHReQJGLFKX\KQFoDFKXaW6DXNKLE)QWK+SKtPFKXaWWKuNKXYyF
yVEOjWkPFoDNKXYyFkFSKyQJWR1GXE)QPXYQSKyQJWRKQQwDWKuE)QO)LOyDFKUQWLGS
WmFOjPQKY5\KWUgO)LW}OOQKWEDQ/XE)QE-PQ~W%LJ6FDOH

&KFQQJFDWKDQKF{QJF7RROER[LFKLXFKRFKLWLW[RD\FKLWLWKRF
FKQK[LrQFDQKEQEPFKXWWUiLYjRKuQKPLWrQFDQ~W5RWDWHWUrQWKDQK7RROER[
V[XQJPWWKFkQFKREQODFKQ


 &:4XD\WKHRFKLXNLPQJK.KLEQODFKQFKFQQJQj\WKuWUrQ
WKDQKF{QJFVFyELXWmQJQKmVDX


 &&:4XD\QJmFFKLXNLPQJK.KLEQODFKQFKFQQJQj\WKu

WUrQWKDQKF{QJFVFyELXWmQJQKmVDX 
 &:4XD\WKHRFKLXNLPQJK.KLEQODFKQFKFQQJQj\WKuWUrQ

WKDQKF{QJFVFyELXWmQJQKmVDX 
 &&:4XD\QJmFFKLXNLPQJK.KLEQODFKQFKFQQJQj\WKuWUrQ

WKDQKF{QJFVFyELXWmQJQKmVDX 
 URWDWH4XD\.KLEQODFKQFKFQQJQj\WKuWUrQWKDQKF{QJFVFy

ELXWmQJQKmVDX 
/XWKFKLQFiFOQKWUrQk\EQSKLEPFKXWWUiLYjRPWWURQJKDLQ~W9mW

/XWVDX Q~WSKtDWD\SKLFDWKDQKF{QJFVDXyEQmDFKXWWUiLYjR

FKLWLWFKQFKLWLWVDXyEPWLSFKXWSKLFKSQKQ
1XEQEPYjRQ~WErQWD\SKLQKmKuQKGmLk\FyQJKDOjOQKYmWOXWFDEQV
KWWiFGQJNKLEQWKDRWiFPWOQKNKiF


9tGmNKLE)QPXYQTXD\FKLWLGWLPaWJyFaE)QFKUQQ~WTXD\JyFOjaVDX
yE-PYjRQ~W9kWOX5WErQWD\SK+LE-PFKXaWWUiLYjRFKLWLGWWKqQK-WE-PFKXaWSK+LK
TXD\JyFaE)QOjPPaWOOQKNKiFOj[GSOX{QFKLWLGWyYjRWURQJV[WKuNKLE)QE-P
FKXaWSK+LYjRFKLWLGWWKqKTXD\JyFVENK{QJFzQWiFGmQJQwDKFzQWiFGmQJYcLFKLWLGW
7UDQJ  
 
WKqWKuE)QNK{QJkF[GSFKLWLGWWKqQK-WYjRWURQJV[PjVDXNKLTXD\JyFFKRFKLWLGWWKq
QK-WKm\E-POX{QFKXaWSK+LYjRFKLWLGWWKqKTXD\JyFFKRFKLWLGWWKqWKqVDXyKm\
[GSFKLWLGWYjRV[
OQK9mWOXWFDEQFyWiFGQJPmLPmLYLWWFFiFFKLWLWNKLFQWKLWWKuEQSKL
EPFKXWWUiLYjRQ~W9mWOXWWKWErQSKLVDQJWUiLFDWKDQKF{QJF


6DXNKLEQEPFKXWWUiLYjRQ~WQj\WKuFiFOQKKLQKjQKFDQ~W5RWDWHVmFWKFKLQ
EWNQ~FQjRQXEQEPFKXWSKLYjRFKLWLWy
 7LOW&:&KQKQJKLrQJFDQKVLWKHRFKLXNLPQJK.KLEQODFKQFKFQQJ
Qj\WKuWUrQWKDQKF{QJFVFyELXWmQJQKmVDX


 7LOW&&:&KQKQJKLrQJFDQKVLQJmFFKLXNLPQJK.KLEQODFKQFKF

QQJQj\WKuWUrQWKDQKF{QJFVFyELXWmQJQKmVDX 
/XPXYQFKQQKOOFKFDQKVkLFKRFKLWLGWE)QOyDFKUQPaWWURQJFKqFQQJFKQQKOOFKFDQK
VkLWUrQk\VDXyE-PFKXaWWUiLYjRFKLWLGWyKR?FDFKXaWYjRFKLWLGWyKFKLWLGWFy
PjXViQJQrQVDXyE-PFKXaWSK+LYjRFKLWLGWE)QVEWK-\FKLWLGWVETXD\OOFKFDQKYIErQ
y
9DULDEOH&KQKOFKFDQKVLELQLWKHREQ.KLEQODFKQFKFQQJQj\WKuWUrQ

WKDQKF{QJFVFyELXWmQJQKmVDX 
/XPXYQFKQQKOOFKFDQKVkLFKRFKLWLGWYcLFKqFQQJFKQQKOOFKFDQKVkL9DULDEOH
E)QDFKXaWYjRFKLWLGWyKFKLWLGWFyPjXViQJQrQVDXyE-PFKXaWSK+LYjRFKLWLGW
E)QVEWK-\[X-WKLOQPaWWUmFWK;QJqQJPjXWU7QJE)QNK{QJE-PFKXaWPjFKQGLFKX\KQ
FKXaWYIErQQjRWKuFKLWLGWVETXD\OOFKFDQKYIErQyNKLmTXD\OOFKQKPXYQE)QE-P
SKtPFKXaWWUiLPaWO/QQwDKFK-SQK5Q



+RFEQFyWKEPSKtPFK9[XWKLQPWWUFPjXWUQJQKmY\WUrQFKLWLWDQJ
mFFKQVDXyGLFKX\QKmQJFKXWNKLmTXD\OOFKQKPXYQE)QE-PSKtPFKXaW
WUiLPaWO/QQwDKFK-SQK5Q
 5HVHW7LOW7KLWOSOLJyF[{QJKLrQJK\FiFOQKTXD\FKLWLWmOjPmDFKLWLWWUOL
WUQJWKiLFDQKVLEDQX.KLEQODFKQFKFQQJQj\WKuWUrQWKDQKF{QJFVFyELX

WmQJQKmVDX 
K\FiFOQKTXD\FKLWLWmOjPEQFKQFKFQQJQj\VDXyEPFKXWSKLYjRFKLWLW
yFKLWLWVWUOL~QJFDQKVLQKmEDQXKRFEPSKtP%DFNVSDFHVDXNKLODFKQFKL
WLW

  7UDQJ


3RZHU5RWDWH&ORFNZLVH4XD\FKLWLWWKHRFKLXNLPQJK.KLEQODFKQFKF

QQJQj\WKuWUrQWKDQKF{QJFVFyELXWmQJQKmVDX 
3RZHU5RWDWH&RXQWHU&ORFNZLVH4XD\FKLWLWQJmFFKLXNLPQJK.KLEQOD

FKQFKFQQJQj\WKuWUrQWKDQKF{QJFVFyELXWmQJQKmVDX 
&iFFKLWLWNKLJLiFYjRWURQJVkKWKQJPFQKOjOX{QOX{QSKL[SWWUiLVDQJSKLYj
WErQELrQFDVkYjRJLD&iFFKLWLWSKLWLS[~FYLQKDX1XEQPXQ[SFiFFKL
WLWWJLDVkUD[XQJTXDQKWKuEQKm\FKQQ~WF{QJFVDX


VDXyEQEPFKXWWUiLYjRFKLWLWYjmDFKLWLWYjRWURQJVkQYWUtPRQJPXQ
EQEPFKXWSKL[iFQKQWFKLWLWWLYWUtyEQFyWKVGQJEjQSKtPWKLX
TXFDRKkQ

&iFSKtPKWUNKLJLiFVk
.KLFKLWLWmFODFKQFyPjXViQJOrQEQEPFiFQ~WVDXWUrQEjQSKtPVFyWiFGQJ
WmkQJQJ
 'X GLFKX\QFKLWLWWWOrQWUrQ
 'XGLFKX\QFKLWLWWW[XQJSKtDGmL
 'X>GLFKX\QFKLWLWWWVDQJErQWUiL
 'X@GLFKX\QFKLWLWWWVDQJErQSKL
 3KtP3FKSQKQWFKLWLWWURQJVkYWUtKLQWLKRFNK{QJQJ
 3KtPFK9FKQKOFKFDQKVLQKmmWUuQKEj\SKQWUrQ9DULDEOH
 3KtP%DFNVSDFHKXFiFWKDRWiFmFKQKOFKFDQKVLmDFKLWLWWUOLFDQKVL
QKmEDQX
9LEjQSKtPV.KLEQmDYWUtFKXWYjRFKQPWFKLWLWPXWKuFKLWLWyVFyPjX
ViQJOrQVDXyEQEPFiFQ~WFDNKXYFSKtPVWUrQEjQSKtPEQVWK\QKQJWKD\L
FDFKLWLWy\rXFXSKLWWqQ1XP/RFNFiFSKtPWKLXTX


 3KtPGXFyFK'HOFyWiFGQJTXD\FKLWLWWKHRFKLXNLPQJK
 3KtPVFyWiFGQJTXD\FKLWLWQJmFFKLXNLPQJK
 3KtPVFyWiFGQJWUmWFKLWLW[XQJJyFGmLErQWUiLFDVk
 3KtPVFyWiFGQJmDFKLWLW[XQJVkWKHRSKmkQJWKQJQJ
 3KtPVFyWiFGQJWUmWFKLWLW[XQJJyFGmLErQSKLFDVk
 3KtPVFyWiFGQJmDFKLWLWWUmWWKHRKmQJQPQJDQJYjRSKtDWUiLFDVk
 3KtPVFyWiFGQJmDFKLWLW[SYjRNKRQJJLDFDVk
 3KtPVFyWiFGQJQJmFFKLXYLSKtPVmDFKLWLWWUmWWKHRmQJQP
QJDQJYjRSKtDErQSKLFDVk

7UDQJ  


 3KtPVFyWiFGQJQJmFOLYLSKtPVWUmWFKLWLWYjRJyFWUrQErQWUiLFD
Vk
 3KtPVFyWiFGQJQJmFOLYLSKtPVmDFKLWLWWKHRSKmkQJWKQJQJ
OrQELrQSKtDWUrQFDVk
 3KtPVFyWiFGQJQJmFOLYLSKtPVWUmWFKLWLWYjRELrQVkJyF
WUrQSKtDErQSKLFDVk
 3KtPGXKRFSKtP(6&FyWiFGQJK\OQKFKQFKLWLW
 3KtPGX FyWiFGQJOWFKLWLWYLPWJyFOj
 3KtPGXFyWiFGQJTXD\FKLWLWOFKFDQKVLQJmFFKLXNLPQJK
 3KtPGXFyWiFGQJTXD\FKLWLWOFKFDQKVLWKHRFKLXNLPQJK
/XYcLFiFQ~WWUrQEjQSKtPE)QFyWKKWKDRWiFE-WNNKLQjRYcLFKLWLGWmkFFKUQFKL
WLGWkFFKUQOjFKLWLGWFyPjXViQJFiFOOQKWUrQEjQSKtPQj\NK{QJOLrQTXDQKD\SKmWKXaF
YjRWKDQKF{QJFm7RROER[QyFyWiFGmQJWQJWyQKFiFOOQKWUrQWKDQKF{QJFm
9tGFKQKOFKFDQKVLFDFKLWLWVDXEQKm\mDFKXWYjRYWUtFDFKLWLWFKLWLW
FyPjXViQJOrQVDXyEPSKtPGXKRFGX1XEQEPGX WKuFKLWLWVTXD\
.K{QJTXDQWkPQFiFOQKKLQKjQKFDWKDQKF{QJF



/mXVkYjyQJFDVJLiFVk6DXNKLEQJLiFVkKRjQFKQK\FiF
FKLWLWQJQJKDYLYLFQ~W&7JyFFDWKDQKWK{QJWLQWK{QJEiROjNK{QJFKLWLWQjR
WQJVFiFFKLWLWmJLiF


WKuEQKm\EPYjRQ~W OmXOLNWTXyQJVkOL
1XEQEPYjRQ~WOmXOLVkPjWK\[XWKLQKSWKRLVDX


&yQJKDOj&iFFKLWLWFKmDmFJLiFKWYjRWURQJVk%QFyOmXVkOLNK{QJ"QX
QJWKuFKQ<(6QXNK{QJQJWKuFKQ12
QJWKLWKDQKWK{QJWLQQ~W&7VFyKLQWKVFKLWLWFKmDmFJLiFWQJVFKLWLWm
mFJLiFYjRWURQJVk


1XNKXYFFiFFKLWLWJLiFPjNK{QJFzQFKLWLWQjRKRFEQNK{QJQKuQWK\FiFFKLWLW
FKmDmFJLiFPjQ~W&7Qj\WK{QJEiRYQFzQFKLWLWFKmDmFJLiFWKuEQKm\EPYjRQ~W
WUrQWKDQK0HQX&KtQKmDFiFFKLWLWFKmDmFJLiFOrQWUrQYQJFiFFKLWLGWFKD
JLiF

  7UDQJ




1XVkmmFJKLOLVDXyEQOLVDFKDVkKRFOjEQPPWVkmOmXWURQJ
Pi\UDYjVDFKDWKD\LYY7KuNKLEQEPQ~WyQJFDVkOLVWK\[XWKLQKS
WKRLVDX


WKRLVDX&yQJKDOj%QFyJKLOLVkYLQKQJWKD\LYDULNK{QJ"1XEQQJ
YLVWKD\LWKuEP<(6QXNK{QJPXQOmXOLELVVDLYDULWKuKm\EP12
.KLyQJVkOLEQVWK\[XWKLQPWKSWKRLKLEQOj%QFyFKFFKQPXQyQJ
OLNK{QJ"


1XFyFKFFKQEQKm\EP2.1XNK{QJPXQyQJVkOLKm\EP&DQFHO

*LiFVkWQJ
+WKQJFyWKJLiFWQJFKRQKLXVkFQJPWO~FJLiFVkWQJWFDV
*HUEHU/DXQFK3DGEQYjREQYjREPFKXWWUiLYjRQ~WPjX[DQKWKWWUrQ[XQJ
0DUNHU&UHDWLRQ(GLWRUVEP~SYjRELXWmQJ$XWR0DUN(GLW[XWKLQFDV
$XWR0DUN(GLW

7UDQJ  

+RFOjWURQJFDV$FFX0DUN([SORUHEPFKXWWUiLYjRPLQOmXJLFyFKDVkFD
PmKjQJFQOjPEQEPFKXWSKLYjRWrQFDVk[XWKLQKSWKRLEQFKQ
2SHQ$XWRPDUN(GLW




6DXNKLEQFKQ$XWRPDUN(GLWEQVWK\[XWKLQKSWKRLODFKQFiFFK
JLiFWQJQKmVDX



 7UDQJ

 7URQJ{6RXUFH0DUNHUVkJFKD\FzQJLOjVkQJXQOjWrQFDVk
mFPUDWUmFNKLJLiFEQFyWKEPYjRGX FXL{Qj\WuPVkFQ
JLiFFyWURQJFiFPLQOmXJL
 7URQJ{'HVWLQDWLRQ0DUNHUVktFKWrQFDVkVDXNKLJLiFWQJEQFy
WKEPYjRGX FXL{Qj\JKLVkmFJLiFWQJYjRPLQOmXJLPj
EQPXQ
 7URQJ{3ODFHPHQW6WUDWHJ\NLXJLiFKD\FzQJLOjFKLQOmFJLiF
QXEQFKQ/HQJWKKWKQJVJLiFWKHRFiFFKLWLWGjL
QXEQFKQ$UHDJLiFWKHRGLQWtFKFiFFKLWLW
 7URQJ{3LHFH2SWLRQVODFKQFKLWLW
QXEQFKQ$SSO\KWKQJVJLiFFiFFKLWLWWKHRTX\QK
QXEQFKQ,JQRUHKWKQJVJLiFWKHRFiFFKLWLWWKHRNLXWGR
QXEQFKQ$V2UGHUHGKWKQJVJLiFFiFFKLWLWWKHRTX\QKWURQJ
2UGHU
 7URQJ{5HSODFH,I%HWWHUVkmFJLiFWQJQj\VWKD\WKVkFQXVk
PLQj\FyKLXTXKkQVkFQXVkJFYjVktFKFQJWrQ
 7URQJ{2YHUZLWH'HVWLQDWLRQ0DUNHU,I([LVWVVkPLQj\VJKLqOrQVk
FQXVkJFYjVktFKFQJWrQ
 7URQJ{9LHZ0DUNHUQKuQKWKQJJLiFWQJ
 7URQJ{,I3DUWLDO0DUNHUODFKQJLiFWQJSKQ
QXEQFKQ0DLQWDLQ3ODFHGKWKQJVJLQJX\rQFiFFKLWLWmJLiF
QXEQFKQ6WDUW)URP6FUDWFKKWKQJVJLiFWFiFFKLFKmDJLiF
 7URQJ{5HSRUW'HVWLQDWLRQODFKQEiRFiR
QXEQFKQ/RJKWKQJVEiRFiRNWTXEQJYQEQ
QXEQFKQ6FUHHQKWKQJVEiRFiRNWTXVDXNKLJLiFWUrQPjQKuQK
QXEQFKQ%RWKEiRFiRNWTXJLiFEQJFYQEQYjPjQKuQK
 7URQJ{(IIRUWVFJQJSKQWUPKXtFK
 7URQJ{3LHFH*RRGV&RVW*LiWKjQKFKLWLW
VDXNKLODFKQFiF\rXFXJLiFWQJEQEPYjRQ~W3URFHVV(QWU\ Fy
WUrQWKDQK0HQXKWKQJOjPF{QJYLFJLiFWQJ6DXNKLEQEPFKXWWUiLYjR
Q~WyWKuEQVWK\[XWKLQKSWKRL3URFHVVLQJ(QWU\QKmVDX




6DXNKLKSWKRLWUrQFK\KWWKuEQVWK\[XWKLQEiRFiRJLiFQKmVDX
QXEQODFKQEiRFiRNWTXVDXNKLJLiFWQJOj/RJYQEQ


7UDQJ 


TEST



&{QJYLFJLiFFDKWKQJmKRjQWWYjmOmXYjRPLQOmXJLPjEQmTX\QKEQ
Km\yQJFDVEiRFiRYjKSWKRL$XWRPDUN(GLWYjTXD\OLPLQOmXJLPjEQmOmX
VkyPUDNLPWUDOLEQFyWKFQFYjREQJLiFyJLiFOLFKRKLXTXKkQ

;,,9Vk
9VkWUFWLSWFDVJLiFVk
6DXNKLEQJLiFVkKRjQFKQKYVkEQJPi\YEQOjPQKmVDX
7URQJFDVJLiFVkEQEPFKXWWUiLYjR)LOH6HQG7R3ORWWHU
123313
test


  7UDQJ
 
1XFiFFKLWLWFDVkFKmDmFJLiFKWYjRWURQJVkEQVWK\[XWKLQKS
WKRLWK{QJEiR&KLWLWFKmDmFJLiFKWYjRVkEQFyFKSQKQNK{QJ"


1XQJYEQFKQ<(6QJYEP12TXD\OLJLiFVk
.KLFiFFKLWLWmmFJLiFYjRWURQJVkKRFNKLEQFKQ<(6FDKSWKRL
WUrQEQVWK\[XWKLQFDV0DUN3ORW0HWULFQKmVDX



 7URQJ{3ORW'HVWLQDWLRQEQFKQ/RFDOYEQJPi\YFKQ)LOHJKLWKjQK
GQJWSWLQ)LOH
 7URQJ{0HGLDEQFKQWFY
 &W/RFDWLWrQPLQOmXJLFyFKDVkY
 &W0DUNHU1DPHYjFW3ORW1DPHWrQFDVkDQJFQY
 &W3ORW3DUDPHWHU7DEOHEQJTX\QKWKDPVYVk
 &W2UGHU1XPEHUV2UGHUFDVk
 &W$QQRWDWLRQEQJTX\QKJKLFK~NKLYVk
 &W4WLQVOmQJEQYPjEQFQYPFQKOX{QOjV
6DXyEQEPFKXWWUiLYjRKuQKPLWrQPjX[DQK FKX\QOQKYUDPi\
Y

9PWKD\QKLXVkWFDV$FFX0DUN([SORUHU
YPWKD\QKLXVkWURQJFDV$FFX0DUN([SORUHUEQEPFKXWWUiLYjRWrQ
FDVkJLSKtP6KLIWFKQFiFVkOLQQKDXKRFEPSKtP&WUOFKQFiF
VkNK{QJOLQQKDXVDXyEPFKXWSKLYjRWrQFDPWWURQJFiFVkmOD
FKQ[XWKLQWKFkQEQFKQ6HQG7R3ORWWHU[XWKLQFDV
0DUN3ORW0HWULFVDXyEQODFKQYQKmSKQWUuQKEj\WUrQ



7UDQJ  





&iFW\ELQWURQJEQJ0DUN3ORW0HWULFWKHRPFQKFDKWKQJWKuVDX
NKLEQFKQ6HQG7R 3ORWWHUYVkEQFKFQEPQ~WFyKuQKPLWrQPjX
[DQK OjPi\YFyWKEWXOjPF{QJYLFPjEQJLDRSKyFKRQy

*LFiFVkYWEQJ0DUN3ORW0HWULFWEQJ0DUN3ORW0HWULFEQ
PXQJLWKrPFiFVkmFyVQWURQJFiFPLQOmXJLUDYEQEPYjRFXLFD
PLGzQJWURQJFW0DUNHU1DPHFyGX 




[XWKLQFDVQKmVDX


  7UDQJ





EQEPFKXWWUiLYjRGXWDPJLiFFD{/RRNLQFKQPLQOmXJLFyFKDVk
FQYEPYjRWrQFDVkFQYVDXyEP2SHQFKSQKQKRFEP
&DQFHOK\ODFKQ

4X\QKWKDPVNKLYFKRVkWKHRPXQWKDPVPFQKFKRFiFVk
NKLYWKmQJOjYYLWOWKFYjFKLXGjLFDVkWKHRFKLXGjLFDJL\Y
1XEQPXQWKD\LNLXYFKRVkWKuEQEPYjRFXLFiFGzQJFDFW3ORW
3DUDPHWHU7DEOHGzQJWmkQJQJYLVkFQWKD\L[XWKLQFDVQKmVDX


TESTING



EQFKQNLXYPjEQPXQYLLXNLQOjFiFNLXY%QJWKDPVYSKL
mFWKLWOSVQYjSKLFyWURQJPLQOmXJLFyFKDVkyVDXNKLFKQNLXY
EQEP2SHQFKSQKQ%QFyWKYVkWKHRFKLXQJDQJFDNKJL\YVk
WKXQKYLFiFWONKiFQKDXGFQJDQJWXEQ

7UDQJ  
 

7KD\L4X\QKJKLFK~FKRPLVkNKLYNKLYVkPi\YOX{QY
FiFTX\QKJKLFK~FDVkWKHRPFQKYLEQJ$QQRWDWLRQFyTX\QKVQWURQJ
2UGHUPjEQmWRFKRVkyQrQFW$QQRWDWLRQWURQJEQJ0DUN3ORW0HWULF
OX{QOX{QEWUQJ
WKD\LTX\QKJKLFK~FKRPWVkQjRyNKLYVkEQEPFKXWWUiLYjR
FW$QQRWDWLRQYLGzQJWmkQJQJYLVkFQWKD\L




[XWKLQFDV/RRNXS$QQRWDWLRQQKmVDX


GERBER TEST



EQFKQNLX*KLFK~PjEQPXQEP2SHQFKSQKQKRFEP&DQFHO
K\ODFKQ
/XFiFE+QJ7KDPVYYEV[YjE+QJ*KL&K~Qj\SK+LFyWURQJPLIQOXJLwFoD
V[F/QWKD\]Ly

6DXNKLKRjQFKQKYLFiFYLFWKD\LQKmWUrQEQKm\EPYjRKuQKPLWrQPjX[DQK
FKX\QOQKUDPi\Y

  7UDQJ



;,,,7PGQJPi\YKRFK\FiFWSWLQDQJY
.KLPi\YDQJFK\QXYuPWOGRQjRyPjEQSKLGQJOLWKuEQFyWKWKDR
WiFWUrQFiFQ~WFDPi\YKRFWUrQPi\WtQK1KmQJK\FiF)LOHDQJFyWURQJWSWLQ
FDPi\YEQSKLOjPF{QJYLFQj\WUrQPi\WtQK
7UrQPi\WtQKWPGQJPi\YKRFK\FiFWSWLQDQJFyWURQJOQKYEQOjP
QKmVDX%PFKXWSKLYjRELXWmQJPi\YFyWUrQWKDQK7DVNEDU[XWKLQKS
WKRLFKQ4XHXH0DQDJHU


EQVWK\[XWKLQFDV/RFDO3ORW4XHXHQKmVDX





/XFiFFKLWLGWP3XFyELKXWkQJOjKuQK FzQFiFV[KYEFyELKX

WkQJOjKuQK 
WPGQJFKRPi\YEQEPFKXWWUiLYjRQ~W6WRS,PPHGLDWHFyKuQKFKPWUzQ
PjXWUrQWKDQK0HQX

7UDQJ  


[yDFiFWSWLQDQJFyWURQJFDV/RFDO3ORW4XHXHEQOjPQKmVDXYLFiFWS
WLQOLQQKDXEQEPSKtP6KLIWNWKSYLQ~WFKXWWUiL9LFiFWSWLQNK{QJOLQ
QKDXEQEPSKtP&WUONWKSYLQ~WFKXWWUiL6DXyEPEPFKXWWUiLYjRQ~W
'HOHWH-REFyKuQKGXQKkQPjXHQWUrQWKDQK0HQX


VDXNKLEPYjRQ~W[yDyEQVWK\[XWKLQKSWKRL3ORW4XHXHKLEQFy[yD
FiFWSWLQyKD\NK{QJ"1XQJWKuEQFKQ2.QXNK{QJWKuFKQ&DQFHO


;,9&iFKQKS[XWYj[yDGOLXFDKWKQJ$FFX0DUN

&iFK1KSFiF)LOH=LSFiFWSWLQmF1pQYjRKWKQJ$FFX0DUN
&iFWSWLQmF1pQOLFyWKOjFiFFKLWLW0X6kKRFFiF)LOHQJGQJNKiF
YYFK~QJWKmQJmFWRELSKQPP:LQ5$5KRF:LQ=LS%LXWmQJFDFiFWS
WLQVDXNKL1pQOLWKmQJFyKuQKQKmVDX

 
%LXWmQJFiF)LOHmF1pQEQJ %LXWmQJFiF)LOHmF1pQEQJ
FKmkQJWUuQK:LQ5$5 FKmkQJWUuQK:LQ=,3

/XFiFW5SWLQkF1pQWURQJFKQJWUuQK$FFX0DUN([SORUHUWKuPcLFyWKKQK5S
WUyFWLGSWsFuDV]$FFX0DUN([SORUHU&iFW5SWLQ1pQNK{QJW)RWURQJ$FFX0DUN
([SORUHUkFW)RWURQJP{LWUeQJ:LQGRZVWKuNK{QJWKKQK5SWUyFWLGSWURQJFuDV]
$FFX0DUN([SORUHU0jSK+LQK5SWURQJP{LWUeQJ:LQGRZV[HPFKLWLGWFiFKQK5SFm
WKKgSK/QVDX

1KSFiFWSWLQmFQpQWURQJP{LWUmQJ$FFX0DUN([SORUHU
NLPWUD[HPFiFWSWLQyFyWKQKSYjRWUFWLSWFDV$FFX0DUN([SORUHU
KD\NK{QJ"EQOjPQKmVDXEP~SFKXWWUiLYjRWSWLQyNtFKKRWFKFQQJ
PWSWLQyUDQXEQWK\WSWLQyFKDFiF)LOHFyX{LPGOQKmKuQKVDXk\WKuy

 7UDQJ

OjFiFGOLXWRELKWKQJSKQPP/HFWUDNK{QJWKQKSWUFWLSWFDV
$FFX0DUN([SORUHU



1XEQWK\FiFWSWLQyFKDFiF)LOHFyX{L703QKmKuQKVDXk\WKuFyWKQKS
WUFWLSWFDV$FFX0DUN([SORUHU



+RFOjWUDQJErQWUiLFyFiF)LOHYLX{LOj703YjWUDQJErQSKLFDWSWLQmF
PyFyFKDGzQJFK$FFX0DUN([SORUHUFiF)LOHQj\FKFFKQmmFWR
WURQJP{LWUmQJ$FFX0DUN([SORUHU;HPKuQKGmLk\

7UDQJ  

 



.KLEQEP~SFKXWWUiLYjRFiFWSWLQQpQEQWK\FK~QJmFPUDYjFyKuQKQKm
WUrQk\WKuFKFFKQUQJWSWLQymmFWR~QJFiFKWURQJP{LWUmQJ$FFX0DUN
QKSGOLXYjRWURQJKWKQJEQOjPQKmVDX7URQJFDV$FFX0DUN
([SORUHUEQWRPWPLQOmXJLFKDFiFGOLXFQQKSyEPFKXWWUiL
YjRWrQPLQOmXJLyEPFKXWWUiLYjR)LOHFKQ,PSRUW=LSQKmKuQKGmL
k\



EQWK\[XWKLQKSWKRLODFKQ)LOH,PSRUWQKmVDX

 7UDQJ



EQEPFKXWWUiLYjR{/RRNLQWuPmQJGQWLWKmPFFyFKDFiF)LOHQpQ
PjEQFQQKSFK~QJYjRKWKQJFyWKWUrQ$DPPKRFEWNPWWKmPF
QjRWURQJ&'DFQJVDXNKLWuPWK\WSWLQFQQKSEQFyWKEPYjRWrQ
FDWSWLQyVDXyEP2SHQQJKRFEP~SYjRWrQFDWSWLQyEQV
WK\[XWKLQKSWKRLQKmVDX



7URQJFW1DPHWrQFDFiFWSWLQFyWURQJ)LOH1pQy
7URQJFW7\SHORLWSWLQ3LHFHFKLWLWPX0RGHOWKQJNrFKLWLW0DUNHUVk

7URQJFW6L]HNtFKWKmFFDFiFWSWLQy
7URQJFW/DVW0RGLILHGQJj\YjJLWKD\LFXLFQJFDWSWLQy
EQEP&DQFHOKXOQKQKSEP2.KKWKQJEWXTXiWUuQKQKSFiF
WSWLQyYjRKWKQJVDXNKLEQEPQ~W2.EQVWK\[XWKLQKSWKRLKLQWK
TXiWUuQKQKSFiF)LOHGOLXyQKmVDX

7UDQJ  


/XFiFWSWLQGOLXyVmFWQJQKSYjRWrQPLQOmXJLPjEQmTX\
QKWUmFyVDXNKLQKSWKjQKF{QJFQJFyQJKDOjNKLKSWKRLWUrQk\FK\KW
WKuKSWKRLVWQJyQJOLEQVWK\[XWKLQKSWKRLVDX


EQEP2.YjTXD\OLPLQOmXJLmTX\QKWUmFyEQVWK\[XWKLQFiF
WSWLQPLymmFQKSYjRKWKQJ



1KSFiFWSWLQmFQpQWURQJP{LWUmQJ:LQGRZV
1XEQEP~SFKXWWUiL
YjRWSWLQ)LOHQpQNtFK
KRWFKFQQJPWSWLQy
UDQXEQWK\WURQJFiFWS
WLQyNK{QJFKDFiF)LOHFy
X{L703KRFPGOPjOX{Q
Fy)ROGHUPjXYjQJYLWrQ
Oj'DWD 3DUDP
 YtGQKmKuQK
GmLk\

WKuNK{QJWKQKSWUF
WLSWFDV$FFX0DUN
([SORUHUPjSKLOjPQKm
VDXWUmFKWEQKm\W)R
PaWPLIQOXJLwPcLWURQJ
FDV$FFX0DUN([SORUHU
YjKm\JKLQKWrQPLQOmX
JLy

  7UDQJ





VDXyTXD\YP{LWUmQJOjPYLFFD:LQGRZVEP~SFKXWWUiLYjRWSWLQQpQ
yP7SWLQQpQyUD%PFKXWWUiLYjRQ~W([WUDFW7RWLQpQFiF)LOHFy
WURQJWSWLQQj\







VDXNKLEPQ~WWLQpQ([WUDFW7R[XWKLQKSWKRLFKQtFKFKDFiFWS
WLQQpQQKmVDX

7UDQJ  





EPFKXWWUiLYjRFk\WKmPFFyKuQKPjXYjQJFKUD)ROGHUtFKWURQJKuQK
YtGQj\)ROGHUtFKFyWrQOj=LSERL:LQGRZQPWURQJ)ROGHUFyWrQOj'XF9LQK
FDD&EQFyWKWRmQJGQNKiFYLKuQKQj\6DXNKLFKUD)ROGHUtFKEQ
EP2.WLQpQ
TXiWUuQKWLQpQmFWUuQKEj\YLKuQKVDX



6DXNKLKSWKRLFK\WLWSWLQKWVWQJyQJOLEQPWKmPF
FKDFiFWSWLQYDmFWLQpQyUD/mXPWURQJP{LWUmQJ:LQGRZVWURQJYt
GQj\WKmPFFKDFiFWSWLQYDmFWLQpQyFyWrQOj=LSERL:LQGRZEQKm\
&RS\WWFFiFGOLXFyWURQJWKmPFGOLXyOj)ROGHU'DWD 3DUDP
 YjFiFWSWLQNKiF

  7UDQJ



ACCUMARK DATA



&RS\FiFWSWLQyEQEPFKXWWUiLNWKSYLSKtP6KLIWE{LHQWRjQEFiF
WSWLQyVDXyEPFKXWSKL[XWKLQKSWKRLYjFKQ&RS\


KRFOjVDXNKLEQE{LHQFiFWSWLQyEQEPYjRQ~W&RS\WUrQWKDQK0HQXKRFOj
YjR(GLWFKQ&RS\
VDXy3DVWHGiQYjRPLQOmXJLPLPjEQYDWRUDWUmFy

7UDQJ  


NOICHUADULIEU
NOICHUADULIEU


3DVWHGiQFiFGOLXyYjRPLQOmXJLEQSKLPQPLQOmXJLyP{L
WUmQJ:LQGRZVVDXyEPFKXWSKLYjFKQ3DVWHKRFYjR(GLWFKQ3DVWHKRF
EPYjRQ~W3DVWHWUrQWKDQK0HQX
/X0LQOmXJLySKLmFPWURQJP{LWUmQJ:LQGRZV.KLPWURQJP{L
WUmQJ:LQGRZVWKuFiFPLQOmXJLFD$FFX0DUNOX{QOX{QFymQJGQOj
D&?
86(55227 6725$*( WrQFiFPLQOmXJLQKmKuQKGmL
k\


.KLPPLPLQOmXJLFD$FFX0DUNWURQJP{LWUmQJ:LQGRZVEQVWK\FK~QJ
OX{QFyFKD)ROGHU'DWD 3DUDP YjFiFWSWLQNKiF

  7UDQJ



PASTE VAO BEN NAY


YuY\NKLEQEPOQK3DVWHYjRyV[XWKLQKSWKRLVDX


+SWKRLQj\QyLUQJWURQJPLIQOXJLwQj\mFyFiFGwOLOXFQJWrQYcLGwOLOXE)Q
SQK3DVWHYjRy%)QFyJKLqOrQFK~QJNK{QJ"%QKm\EPQ~W<HVKRF<HVWR$OO
QJJKLqOrQFK~QJ
4XiWUuQKQKSGOLXFDFiFWSWLQ1pQmKRjQWWEQTXD\YFDV$FFX0DUN
([SORUHUYjPPLQOmXJLyUDVWK\FiFGOLXmmFQKSQKmKuQKGmLk\

7UDQJ 
 



0WFiFKQKSNKiFWURQJ:LQGRZVkQJLQKkQYjQKDQKKkQ
1XEQEP~SFKXWWUiLYjRWS)LOHQpQNtFKKRWFKFQQJPWSWLQyUDQX
EQWK\WURQJFiFWSWLQyNK{QJFKDFiF)LOHFyX{L703PjOX{QFy)ROGHUPjX
YjQJYLWrQOj'DWD 3DUDP YtGQKmKuQKGmLk\


WKuNK{QJWKQKSWUFWLSWFDV$FFX0DUN([SORUHUPjSKLOjPQKmVDX
WUmFKWEQKm\WRPWPLQOmXJLPLWURQJFDV$FFX0DUN([SORUHUYjKm\JKL
QKWrQPLQOmXJLy

 7UDQJ
 

VDXyTXD\YP{LWUmQJOjPYLFFD:LQGRZVEP~SFKXWWUiLYjRWSWLQQpQ
yP7SWLQQpQyUD%PFKXWWUiLYjRQ~W([WUDFW7RWLQpQFiF)LOHFy
WURQJWSWLQQj\




VDXNKLEPQ~WWLQpQ([WUDFW7R[XWKLQKSWKRLFKQtFKFKDFiFWS
WLQQpQQKmVDX

7UDQJ  



CHON VUNG CAN DE DU LIEU



EPFKXWWUiLYjRFk\WKmPFFyKuQKPjXYjQJFKUD)ROGHUtFKWURQJKuQK
YtGQj\)ROGHUtFKOjPLQOmXJLPjW{LmWRUDWUmFyWURQJP{LWUmQJ
$FFX0DUN([SORUHU)ROGHUFyWrQOj$9,1+QPWURQJD&mQJGQOj
&?8VHUURRW6WRUDJHFiFPLQOmXJLFD$FFX0DUN([SORUHUOX{QQPWURQJ
mQJGQQj\6DXNKLFKUD)ROGHUtFKEQEP2.WLQpQ
TXiWUuQKWLQpQV[XWKLQKSWKRLVDX



+SWKRLQj\QyLUQJWURQJPLIQOXJLwQj\mFyFiFGwOLOXFQJWrQYcLGwOLOXE)Q
SQKQK5SYjRy%)QFyJKLqOrQFK~QJNK{QJ"%QKm\EPQ~W<HVKRF<HVWR$OO
QJJKLqOrQFK~QJ

  7UDQJ


6DXNKLKSWKRLFK\WLWSWLQWKjQKF{QJVWQJyQJOL4XiWUuQKQKSG
OLXFDFiFWSWLQ1pQmKRjQWWEQTXD\YFDV$FFX0DUN([SORUHUYjPPLQ
OmXJLyUDVWK\FiFGOLXmmFQKSQKmKuQKGmLk\



/mXKE+R+PDQWRjQFKRP_LO/QQK5SFiFGwOLOXWsW5SWLQ1pQE)QQrQW)RPaW
PLIQOXJLwPcLKFKRFiFGwOLOXy6DXNKLQK5SWKjQKF{QJE)QFyWKK&RS\FiFGw
OLOXmQK5SyYjRPLIQOXJLwNKiFKR?F[yDLyOjWXE)Q

1KSFiFWSWLQFDKWKQJ/HFWUDYjRKWKQJ$FFX0DUN
&iFWSWLQGOLXFDKWKQJ/HFWUDNK{QJSKLWSWLQQpQOX{QFyX{LOjPGOYt
GQKmKuQKVDX


9LFiFWSWLQFDKWKQJ/HFWUDmFQpQNKLPUDOX{QFyKuQKQKmVDX



7UDQJ 

9LFiFWSWLQQpQQj\EQNK{QJWKQKSYjRKWKQJ$FFX0DUNmF1XEQQKS
WUFWLSW$FFX0DUN([SORUHUWLPWWSWLQQpQFD/HFWUDEQVWK\PWKuQKWUQJ
UQJQKmVDX



EQQJQKSQKmY\PjKm\WLQpQWSWLQyYjRPWWKmPFQjRyWURQJK
WKQJ:LQGRZVWUmFNKLQKS6DXNKLEQWLQpQWSWLQyQKSFiFWSWLQOjFiF
FKLWLWPXFDKWKQJ/HFWUDYjRKWKQJ$FFX0DUNEQOjPQKmVDX
0FDV3DWWHUQ'HVLJQ



6DXNKLFDV3DWWHUQ'HVLJQmFPUDEQYjR)LOHFKQ2SHQ

  7UDQJ





NKL[XWKLQKSWKRL2SHQEQEPFKXWWUiLYjR{/RRNLQWuPmQJGQWL
WKmPFFyFKDWSWLQ/HFWUDQKmVDX

ACCUMARK DATA


7URQJ{)LOHVRIW\SHEQEPYjRGXWDPJLiF[[XQJPWFDVYjEQFKQ
GzQJFyFK/HFWUD0GO PGOEQVWK\WURQJNKXQJFDVFKtQK[XWKLQFiFWS
WLQFD/HFWUDFyWURQJWKmPFQj\VDXyEQFKQWSWLQFQPYjEP2SHQ
FiFFKLWLWPXFDKWKQJ/HFWUDFyWURQJWSWLQyVmFPUDWURQJFDV
3DWWHUQ'HVLJQQKmVDX

7UDQJ  
 


6DXNKLO\FiFFKLWLWPXWWKDQKPHQX[XQJYQJOjPYLFFKtQKFDFDVEQ
YjR)LOHFKQ6DYH$VKRFEPFKXWWUiLYjRQ~W6DYH$VKuQKFKLFDPP
VDXyEPFKXWWUiLYjRWQJFKLWLWPXQKSFK~QJYjRPLQOmXJLFD
$FFX0DUN([SORUHUPjEQmSKLWRUDWUmFy%QVWK\[XWKLQKSWKRL6DYH
$VQKmVDX



7URQJ{6DYHLQEQEPFKXWWUiLYjRGXWDPJLiFFKQWrQPLQOmXJL
7URQJ{)LOHQDPHEQWWrQFKRFKLWLWPXy
VDXyEQEPQ~W6DYHKRjQWWF{QJYLFFKX\QLGOLXWKWKQJ/HFWUD
VDQJKWKQJ$FFX0DUNYjQKSFKLWLWyYjRPLQOmXJLFD$FFX0DUN

  7UDQJ
 QJ
&iFKQpQFiFWSWLQOmXOLYjJLLSKyQJGLQWtFKFKRD
OjTXiWUuQK[XWFiFWSWLQGOLXWURQJKWKQJ$FFX0DUNFKX\QWKjQKWSWLQ1pQ
GQJ)LOH=LSKRF)LOH5$5FiFGOLXyFyWKOjVkFKLWLWPXEQJTX\WF
QK\FKD\OjFiFEQJTX\QKGXEPTX\QKYYY%QFyWK1pQFiFGOLX
Qj\OLOmXYjRDNKiFKD\DPPKRFJLFKRPWPi\WtQKNKiF6DXNKL
FKX\QFiFGOLXyWKjQKWSWLQ1pQEQFyWK[yDFiFGOLXJFWURQJKWKQJ
$FFX0DUNJLLSKyQJGLQWtFKFKRD

1pQFiFWSWLQWURQJP{LWUmQJ$FFX0DUN([SORUHU 7URQJ$FFX0DUN
[XWFiFWSWLQVDQJGQJWSWLQ1pQEQOjPQKmVDX0FDV$FFX0DUN([SORUHU
EPFKXWWUiLYjRPLQOmXJLFyFKDFiFGOLXFQFKX\QVDQJGQJ)LOH1pQ
EPFKXWWUiLNWKSYLSKtP6KLIWFKQFiFWSWLQOLQQKDXKRFFKXWWUiLNWKS
YLSKtP&WUOODFKQFiFWSWLQNK{QJOLQQKDXVDXyEQEPFKXWWUiLYjR)LOH
FKQ([SRUW=LSFKX\QFiFWSWLQmmFODFKQVDQJWKjQKGQJ)LOH1pQ


VDXNKLEQEP([SRUW=LSEQVWK\[XWKLQKSWKRLVDX


7UDQJ  

7URQJ{6DYHLQQkLPjEQVJKLOLWSWLQmF1pQEQFyWKEPFKXWWUiLYjRy
FKUDmQJGQWLtFKFQJKLOL
7URQJ{)LOHQDPHEQWWrQFKRWSWLQQpQy
7URQJ{6DYHDVW\SHGQJWSWLQVDXNKLQpQOX{QPFQKYLX{LOjGQJ=LS
VDXNKLODFKQFiFWK{QJWLQFQWKLWFKRKSWKRL([SRUW7REQEPYjRQ~W
6DYH[XWKLQKSWKRLVDX

GERBER TECH



/XQXEQFyFKX\Q([SRU=LSFiFGOLXOjFiFFKLWLWPXWKuEQVWK\
[XWKLQKSWKRLVDX




EQKm\EPQ~W2.WLSWF6DXNKLTXiWUuQK([SRUW
=LSWKjQKF{QJEQVWK\[XWKLQKSWKRLVDX

EQEPQ~W2.KRjQWWF{QJYLF([SRUW=LS

  7UDQJ



1pQFiFWSWLQ$FFX0DUNWURQJP{LWUmQJ:LQGRZV
7URQJP{LWUmQJ:LQGRZV[XWFiFWSWLQFDKWKQJ$FFX0DUNVDQJGQJWSWLQ
1pQEQOjPQKmVDX
0FDV:LQGRZV([SORUHUYjRD&8VHUURRW6WRUDJHFiFPLQOmXJL
FD$FFX0DUN([SORUHUOX{QQPWURQJmQJGQQj\EPFKXWWUiLYjRWrQPLQ
OmXJLFyFKDFiFGOLXFQFKX\QVDQJGQJ)LOH1pQEPFKXWWUiLNWKSYL
SKtP6KLIWFKQFiFWSWLQOLQQKDXKRFFKXWWUiLNWKSYLSKtP&WUOODFKQ
FiFWSWLQNK{QJOLQQKDXVDXyWKSKtP6KLIWmDYWUtFKXWYjRYWUtFiFWSWLQ
mE{LHQyYjEPFKXWSKL[XWKLQKSWKRL
FKQ$GGWRDUFKLYH




+RFOjEQEPFKXWSKLYjRWrQPLQOmXJLy1pQWRjQEFiFGOLXFyWURQJ
PLQOmXJLyVDXNKLEPFKXWSKLEQVWK\[XWKLQKSWKRLEQFKQ
$GGWRDUFKLYH


7UDQJ  

 


6DXNKLEQFKQ$GGWRDUFKLYHEQVWK\KSWKRLVDX


EPYjRQ~W%URZVHWuPmQJGQWLDFKEQFQWWSWLQVDXNKLQpQ6DX
NKLEPYjRQ~W%URZVHEQVWK\[XWKLQKSWKRLWmkQJWQKmVDX
  7UDQJ



EQEPFKXWWUiLYjRQ~WKuQKWDPJLiFFD{/RRNLQWuPmQJGQWLDFKPj
EQPXQWWSWLQVDXNKLQpQ6DXyEQLQWrQFKRWSWLQQpQyYjRWURQJ{)LOH
QDPH6DXyEPFKXWWUiLYjRQ~W2SHQEQOLWK\KSWKRLVDX


7URQJ{$UFKLYHQDPHKLQWKWrQFDWSWLQVDXNKLQpQYjmQJGQQWSWLQy
YtGQj\WSWLQQpQFyWrQOj7HQ9DR'D\UDU
QPWURQJWKmPF1HZ9LQKFDD(
EQEPQ~W2.EWXTXiWUuQKQpQFiFG
OLX
4XiWUuQK1pQFiFWSWLQymFWK{QJEiREL
KSWKRLQKmVDX

6DXNKL1pQFiFWSWLQyWKjQKF{QJKS
WKRLWUrQk\VWQJyQJOL%QFyWKP
OLDFKPjEQmTX\QKWUmFNKLQpQWURQJ
YtGQj\OjD(?WKmPF1HZ9LQK
WK\WSWLQQpQyFyKuQKQKmVDX

7UDQJ  





NKLEQEP~SYjRWSWLQyPUDEQVWK\FK~QJFyKuQKQKmVDX


EQKm\EPYjRGX;PjXyQJOL4XiWUuQKWRWSWLQQpQFDEQm
WKjQKF{QJ

;yDFiFWSWLQWURQJ$FFX0DUN([SORUHU
%QNK{QJQrQ[yDFiFWSWLQFDKWKQJ$FFX0DUNWURQJP{LWUmQJ:LQGRZV
7URQJ$FFX0DUN[yDFiFWSWLQGOLXEQOjPQKmVDX0FDV$FFX0DUN
([SORUHUEPFKXWWUiLYjRPLQOmXJLFyFKDFiFGOLXFQ[yDEPFKXWWUiL
NWKSYLSKtP6KLIWFKQFiFWSWLQOLQQKDXKRFFKXWWUiLNWKSYLSKtP&WUO
ODFKQFiFWSWLQNK{QJOLQQKDXVDXymDYWUtFKXWYjRWrQFDPWWURQJFiF
WSWLQmFKQyEPFKXWSKL[XWKLQKSWKRLFKQ'HOHWH

  7UDQJ



+RFOjVDXNKLFKQFiFWSWLQFQ[yDEQEPFKXWWUiLYjRQ~W'HOHWH WUrQ
WKDQK0HQXKRFEPSKtP'HOHWHWUrQEjQSKtP6DXNKLEQFKQPWWURQJEDFiFK
[yDWUrQEQVWK\[XWKLQKSWKRLVDX


%PQ~W<HVQJ[yD%PQ~W<HVWR$OO[yDWRjQEFiFWSWLQmiQK
GX%PQ~W1RNK{QJ[yDWSWLQDQJKLQFyWURQJEQJ%PQ~W&DQFHO
K\OQK[yD
/X[yDPWPLQOmXJLEQEPFKXWWUiLYjRWrQPLQOmXJLyEP
FKXWWUiLYjRQ~W'HOHWH WUrQWKDQK0HQX[yDKRFEPFKXWSKLYjRWrQPLQ
OmXJLPXQ[yD[XWKLQKSWKRLFKQ'HOHWH[yDNK{QJWKVGQJSKtP
'HOHWHWUrQEjQSKtP


VDXy[XWKLQKSWKRL&RQILUP'HOHWHQKmKuQKGmLFKQ<HVKRF<HVWR$OO
QJ[yDFKQ1RNK{QJ[yDKRFFKQ&DQFHOK\OQK[yD


7UDQJ  

;9*LLWKLXY3'67KLWNYjFKQKPX


;9,&iFYQNKiF

4XQOKWKQJYjJLiFVk


 &iFEmFVKRiPWFKLWLWWUrQEQJVKyD
 &KQ67$573,(&(WURQJPHQXVKRi
  QK5SWK{QJWLQP{W+FKLWLGW
QKS7rQFKLWLW31EQJQ~W$QrQWWrQWKHRWKW0mKjQJ9L&KL
WLWYjNtWYtG$9&775FXLFQJEPQ~W 
QKS/RLFKLWLW3&EQJQ~W$QrQWWrQOj7rQWWFDFKLWLWYjNtW
YtG775FXLFQJEPQ~W 
QKS0{WFKLWLW3'EQJQ~W$FyWKEWUQJQXWWrQWKuWXYj
FQJSKLNtWFXLFQJEPQ~W 
&KQ58/(7$%/(WURQJPHQXVKRi
  QKS7rQFoDE+QJTX\W7FQK+\FiEQJQ~W$FXLFQJEPQ~W 
QK5SeQJFDQKVkL
 %PQ~W$FKQLPXErQWUiL$LPXErQSKLFDmQJFDQKVL
;RQJEPQ~W 
 %7W/XQK5SFKXYLFKLWLGW
%WXWXPWRQWKQJKD\mQJJS{LYjNWWK~FWLXNLDFDRQ
WKQJy1KSWKHRFKLXNLPQJK'LFKX\QWKHRFKLXNLPQJK[XQJTXDQKFKL
WLW
 &iFLPFKXQJJLDQEPQ~W$
 &iFLPQK\FEPQ~W$%VTX\WFQK\F
&iFLPGXEPEPQ~W$&NLXEPQ
 &iFLPGXEPQK\FEPQ~W$%VTX\WFQK\F&Q
 &iFLPJyFWEPQ~W$%VTX\WFQK\F&QYjEP
WKrPQ~W'
 .GWWK~FFKLWLGW
 VDXNKLVKRiLPFXLFQJFDFKLWLWKm\FKQWURQJOQKVDX
  FKLWLWWKmQJ&/26(3,(&(KRF
  FKLWLWJS{L0,55253,(&(
 eQJQaLYLQGXFy
 FKQ,17(51$//$%(/NqPWKHRFKFiLWmkQJQJYLQKmQQLYL
 %PFK,FKRFiFmQJQLYLQKY1KS7mkQJWQKmFKXYL
%PFK'QKSFKRGXNKRDQ1KS7mkQJWQKmFKXYL
  5LYWKHRFiFmQJQLYLWmkQJWQKmFKXYL
  /SOLEmFFKRPLmQJQLYL
 NWWK~FFKLWLWEPQ~W 
  /SOLFiFEmFWQFKRPLFKLWLW
 1XEQmNWWK~FYLFVKRiKm\FKQ(1',1387WURQJPHQXVKRi


 7UDQJ


7UDQJ