LG Electronics USA P940 Cellular/PCS GSM/EDGE and PCS WCDMA Phone with WLAN, Bluetooth and RFID User Manual

LG Electronics MobileComm USA, Inc. Cellular/PCS GSM/EDGE and PCS WCDMA Phone with WLAN, Bluetooth and RFID

Users Manual

Part 15.21 statement
" Change or Modifications that are not expressly approved by the manufacturer could void the user's
authority to operate the equipment.
Part 15.105 statement
This equipment has been tested and found to comply with the limits for a class B digital device,
pursuant to Part 15 of the FCC Rules. These limits are designed to provide reasonable protection against
harmful interference in a residential installation. This equipment generates uses and can radiate radio
frequency energy and, if not installed and used in accordance with the instructions, may cause harmful
interference to radio communications. However, there is no guarantee that interference will not occur in
a particular installation. If this equipment does cause harmful interference or television reception, which
can be determined by turning the equipment off and on, the user is encouraged to try to correct the
interference by one or more of the following measures:
-Reorient or relocate the receiving antenna.-Increase the separation between the equipment and receiver.
-Connect the equipment into an outlet on a circuit different from that to which the receiver is connected.
-Consult the dealer or an experienced radio/TV technician for help.
FCC Part 15 Class B Compliance
This device and its accessories comply with part 15 of FCC rules and ICES-003 Class B digital
apparatus requirements for Industry Canada. Operation is subject to the following two conditions:(1)
This device and its accessories may not cause harmful interference, and (2) this device and its
accessories must accept any interference received, including interference that may cause undesired
operation.
Body-worn Operation
This device has been tested for body-worn operations with the distance of 1.0cm (0.39 inches) between
the users body and the phone. To comply with FCC RF exposure requirements, a minimum separation
distance of 1.0cm (0.39 inches) must be maintained from the user's body. Third-party belt-clips, holsters,
and similar accessories containing metallic components should not be used. Body-worn accessories that
cannot maintain 1.0cm (0.39 inches) separation distance between the user's body and the phone, and
have not been tested for typical body-worn operations may not comply with FCC RF exposure limits
and should be avoided.
Wi-Fi Caution.
Within the 5.15–5.25 GHz band, U-NII devices will be restricted to indoor operations
to reduce any potential for harmful interference to co-channel MSS operations.
The device shall automatically discontinue transmission in case of either absence of information to
transmit or operational failure. These provisions are not intended to preclude the transmission of control
or signaling information or the use of repetitive codes used by certain digital technologies to complete
frame or burst intervals.
This EUT is not intended for sale in the U.S.A
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7SQIWGVIIRMQEKIWQE]FI
HMJJIVIRXHITIRHMRKSR]SYV
TLSRITVSZMHIV
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UYMGOOI]WEXXLIFSXXSQSJXLI
WGVIIR5YMGOOI]WTVSZMHIIEW]SRI
XSYGLEGGIWWXSXLIJYRGXMSRW]SY
YWIXLIQSWX
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YTXLIXSYGLWGVIIRHMEPTEHXSQEOI
EGEPP
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]SYVGSRXEGXW
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EGGIWWXLIQIWWEKMRKQIRY8LMW
MW[LIVI]SYGERGVIEXIERI[
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=SYV,SQIWGVIIR
8SYGLXLI%TTPMGEXMSRWXEFEXXLI
FSXXSQSJXLIWGVIIR=SYGERXLIR
ZMI[EPP]SYVMRWXEPPIHETTPMGEXMSRW8S
STIRER]ETTPMGEXMSRWMQTP]XSYGL
XLIMGSRMRXLIETTPMGEXMSRWPMWX
'YWXSQMWMRKXLI,SQIWGVIIR
=SYGERGYWXSQMWI]SYV,SQIWGVIIR
F]EHHMRK[MHKIXWWLSVXGYXWJSPHIVW
SV[EPPTETIVW*SVQSVIGSRZIRMIRGI
YWMRK]SYVTLSRIEHH]SYVJEZSYVMXI
[MHKIXWXSXLI,SQIWGVIIR
8SEHHMXIQWSR]SYV,SQIWGVIIR
,SQIWGVIIR"1IRY"%HH
36
8SYGLERHLSPHXLIIQTX]TEVXSJ
XLI,SQIWGVIIR
-RXLI%HH1SHIQIRYWIPIGX
MXIQW]SY[ERXXSEHH=SY[MPP
XLIRWIIEHHIHMXIQWSRXLI,SQI
WGVIIR
(VEKMXXSXLIPSGEXMSR]SY[ERX
ERHPMJX]SYVJMRKIV
8SVIQSZIERMXIQJVSQXLI,SQI
WGVIIR
,SQIWGVIIR"XSYGLERHLSPHXLI
MGSR]SY[ERXXSVIQSZI"HVEKMX
XS
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d
8SEHHERETTPMGEXMSRMGSR
XSXLI,SQIWGVIIRJVSQXLI
%TTPMGEXMSRWQIRYXSYGLERH
LSPHXLIETTPMGEXMSR]SY[ERXXS
EHH
6IXYVRMRKXSVIGIRXP]YWIH
ETTPMGEXMSRW
8SYGLERHLSPHXLI,SQIOI]
8LIWGVIIRHMWTPE]WETSTYT[MXL
MGSRWSJETTPMGEXMSRW]SYYWIH
VIGIRXP]
8SYGLERMGSRXSSTIRXLI
ETTPMGEXMSR3VXSYGLXLI&EGO
OI]XSVIXYVRXS]SYVGYVVIRX
ETTPMGEXMSR
2SXMJMGEXMSRHVE[IV
8LIRSXMJMGEXMSRHVE[IVVYRWEGVSWW
XLIXSTSJ]SYVWGVIIR
(EXE
'SRRIGXMZMX]
2*'
&PYIXSSXL
;M*M
6MRK
:MFVEXMSR



8SYGLERHWPMHIXLIRSXMJMGEXMSR
HVE[IVHS[R[MXL]SYVJMRKIV
3VSRXLI,SQIWGVIIRTVIWWXLI
1IRYOI]ERHWIPIGX2SXMJMGEXMSRW
,IVI]SYGERGLIGOERHQEREKI
WSYRH;M*M&PYIXSSXLERH2*'EW
[IPPEWSXLIVRSXMJMGEXMSRW
:MI[MRKXLIWXEXYWFEV
8LIWXEXYWFEVYWIWHMJJIVIRXMGSRW
XSHMWTPE]TLSRIMRJSVQEXMSRWYGL
EWWMKREPWXVIRKXLRI[QIWWEKIW
FEXXIV]PMJIEGXMZI&PYIXSSXLERH
HEXEGSRRIGXMSRW
&IPS[MWEXEFPII\TPEMRMRKXLI
QIERMRKSJMGSRW]SYVIPMOIP]XSWII
MRXLIWXEXYWFEV
-GSR (IWGVMTXMSR
2S7-1GEVH
2SWMKREP
%MVTPERIQSHI
'SRRIGXIHXSE;M*M
RIX[SVO
;M*M(MVIGXMWSR
;MVIHLIEHWIX
-GSR (IWGVMTXMSR
'EPPMRTVSKVIWW
'EPPLSPH
7TIEOIVTLSRI
4LSRIQMGVSTLSRIMWQYXIH
1MWWIHGEPP
&PYIXSSXLMWSR
'SRRIGXIHXSE&PYIXSSXL
HIZMGI
2*'MWSR
7]WXIQ[EVRMRK
%PEVQMWWIX
2I[ZSMGIQEMP
6MRKIVMWWMPIRGIH
:MFVEXIQSHI
&EXXIV]JYPP]GLEVKIH
&EXXIV]MWGLEVKMRK
(EXEMRERHSYX
4LSRIMWGSRRIGXIHXS4'
ZME97&GEFPI
=SYV,SQIWGVIIR

=SYV,SQIWGVIIR
-GSR (IWGVMTXMSR
(S[RPSEHMRKHEXE
9TPSEHMRKHEXE
+47MWEGUYMVMRK
6IGIMZMRKPSGEXMSRHEXE
JVSQ+47
3R7GVIIR4LSRI
GSRRIGXIH
QSVIRSXMJMGEXMSRWRSX
HMWTPE]IH
(EXEMWW]RGMRK
(S[RPSEHJMRMWLIH
2I[+QEMP
2I[+SSKPI8EPOQIWWEKI
2I[QIWWEKI
7SRKMWTPE]MRK
9TGSQMRKIZIRX
*1VEHMSXYVRIHSRMRXLI
FEGOKVSYRH
97&XIXLIVMRKMWEGXMZI
4SVXEFPI;M*MLSXWTSXMW
EGXMZI
-GSR (IWGVMTXMSR
&SXL97&XIXLIVMRKERH
TSVXEFPILSXWTSXEVIEGXMZI
3RWGVIIROI]FSEVH
=SYGERIRXIVXI\XYWMRKXLI
SRWGVIIROI]FSEVH8LISRWGVIIR
OI]FSEVHETTIEVWEYXSQEXMGEPP]
SRXLIWGVIIR[LIR]SYRIIHXS
IRXIVXI\X8SQERYEPP]HMWTPE]XLI
OI]FSEVHWMQTP]XSYGLEXI\XJMIPH
[LIVI]SY[ERXXSIRXIVXI\X
9WMRKXLIOI]TEHIRXIVMRKXI\X
8ETSRGIXSGETMXEPMWIXLIRI\X
PIXXIV]SYX]TI(SYFPIXETJSVEPP
GETW
8ETXSW[MXGLXSXLIRYQFIVW
ERHW]QFSPWOI]FSEVH=SYGEREPWS
XSYGLERHLSPHXLMWXEFXSZMI[XLI
7IXXMRKWQIRY
8ETXSZMI[SVTVIWWERHLSPHXS
GLERKIXLI[VMXMRKPERKYEKI
8ETXSMRWIVXERIQSXMGSR[LIR
[VMXMRKEQIWWEKI
8ETXSIRXIVEWTEGI
8ETXSGVIEXIERI[PMRIMRXLI
QIWWEKIJMIPH
8ETXSHIPIXIXLITVIZMSYW
GLEVEGXIV

8ETXSLMHIXLISRWGVIIROI]FSEVH
)RXIVMRKEGGIRXIHPIXXIVW
;LIR]SYWIPIGX*VIRGLSV7TERMWL
EWXLIXI\XIRXV]PERKYEKI]SYGER
IRXIVWTIGMEP*VIRGLSV7TERMWL
GLEVEGXIVWIKÅ
*SVI\EQTPIXSMRTYXÅXSYGLERH
LSPHXLIEOI]YRXMPXLI^SSQMROI]
KVS[WFMKKIVERHHMWTPE]WGLEVEGXIVW
JVSQHMJJIVIRXPERKYEKIW
8LIRWIPIGXXLIWTIGMEPGLEVEGXIV]SY
[ERX
+SSKPIEGGSYRXWIXYT

'322)'8-2+83
2)8;36/7%2(
():-')7
;M*M
;MXL;M*M]SYGERYWILMKLWTIIH
-RXIVRIXEGGIWW[MXLMRXLIGSZIVEKI
SJXLI[MVIPIWWEGGIWWTSMRX%4
)RNS][MVIPIWW-RXIVRIXYWMRK;M*M
[MXLSYXI\XVEGLEVKIW
'SRRIGXMRKXS;M*MRIX[SVOW
8SYWI;M*MSR]SYVTLSRI]SY
RIIHXSEGGIWWE[MVIPIWWEGGIWW
TSMRXSVLSXWTSX7SQIEGGIWW
TSMRXWEVISTIRERH]SYGERWMQTP]
GSRRIGXXSXLIQ3XLIVWEVILMHHIR
SVYWIWIGYVMX]JIEXYVIW]SYQYWX
GSRJMKYVI]SYVTLSRIXSFIEFPIXS
GSRRIGXXSXLIQ
8YVRSJJ;M*M[LIR]SYVIRSXYWMRK
MXXSI\XIRHXLIPMJISJ]SYVFEXXIV]
-J]SYEVISYXSJXLI;M*M^SRI
SVWIX;M*MXS3**EHHMXMSREP
GLEVKIWQE]FIETTPMIHF]]SYV
QSFMPISTIVEXSVJSVQSFMPIHEXE
YWI
8YVRMRK;M*MSRERHGSRRIGXMRKXS
E;M*MRIX[SVO
%TTPMGEXMSRW"7IXXMRKW"
;MVIPIWWRIX[SVOW";M*M
WIXXMRKW
8SYGL;M*MXSXYVRMXSRERH
WXEVXWGERRMRKJSVEZEMPEFPI;M*M
RIX[SVOW
%PMWXSJEZEMPEFPI;M*MRIX[SVOW
MWHMWTPE]IH7IGYVIHRIX[SVOWEVI
MRHMGEXIHF]EPSGOMGSR
8SYGLERIX[SVOXSGSRRIGXXSMX
-JXLIRIX[SVOMWSTIR]SYEVI
EWOIHXSGSRJMVQXLEX]SY[ERX
XSGSRRIGXXSXLEXRIX[SVOF]
XSYGLMRK'SRRIGX
-JXLIRIX[SVOMWWIGYVIH]SYEVI
TVSQTXIHXSIRXIVETEWW[SVH
SVSXLIVGVIHIRXMEPW%WO]SYV
RIX[SVOEHQMRMWXVEXSVJSVHIXEMPW
8LIWXEXYWFEVHMWTPE]WMGSRXLEX
MRHMGEXI;M*MWXEXYW
&PYIXSSXL
=SYGERYWI&PYIXSSXLXSWIRH
HEXEF]VYRRMRKEGSVVIWTSRHMRK
ETTPMGEXMSRRSXJVSQXLI&PYIXSSXL
QIRYEWSRQSWXSXLIVQSFMPI
TLSRIW


d

d
d

'SRRIGXMRKXS2IX[SVOWERH(IZMGIW

'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
;MXL0+4]SYGERIRNS]
&PYIXSSXLLMKLWTIIH
-JXLIHIZMGI]SY[ERXXSWLEVI
JMPIW[MXLEPWSWYTTSVXWLMKL
WTIIH&PYIXSSXLXLIJMPIW[MPP
EYXSQEXMGEPP]FIXVERWJIVVIH
ZMEXLILMKLWTIIHRIX[SVO8S
YWI&PYIXSSXLLMKLWTIIHHEXE
XVERWJIVTPIEWIQEOIWYVIXLI
;M*MMW3**SR]SYVHIZMGIW
FIJSVIYWI8LIWIXXMRKWJSV
&PYIXSSXLLMKLWTIIHQE]FI
HMJJIVIRXHITIRHWSRXLIHIZMGI
4PIEWIGLIGOXLIHIZMGIW
WIXXMRKW[MXLXLIMVWIVZMGI
TVSZMHIV
8YVRMRKSR&PYIXSSXLERHTEMVMRK
YT]SYVTLSRI[MXLE&PYIXSSXL
HIZMGI
%TTPMGEXMSRW"7IXXMRKW"
;MVIPIWWRIX[SVOW"&PYIXSSXL
"32
+SXS&PYIXSSXLWIXXMRKW"7GER
JSVHIZMGIW
'LSSWIXLIHIZMGI]SY[ERXXSTEMV
YT[MXLJVSQXLIPMWX
3RGIXLITEVMRKMWWYGGIWWJYP]SYV
HIZMGI[MPPGSRRIGXXSXLIHIZMGI
-JXLIHIZMGI]SY[ERXXSTEMVYT
[MXLMWRSXSRXLIPMWXQEOIWYVI
XLEXXEVKIXHIZMGIMWWIXXSFI



(MWGSZIVEFPIXLIRWGEREKEMR
7IRHMRKTMGXYVIWYWMRK&PYIXSSXL
7IPIGXETMGXYVI"1IRY"7LEVI"
&PYIXSSXL
'LIGO[LIXLIV&PYIXSSXLMW32
XLIRWIPIGX7GERJSVHIZMGIW
'LSSWIXLIHIZMGI]SY[ERXXS
WIRHHEXEXSJVSQXLIPMWX
7LEVMRK]SYVTLSRIWHEXE
GSRRIGXMSR
97&XIXLIVMRKERHTSVXEFPI;M*M
LSXWTSXEVIKVIEXJIEXYVIW[LIR
XLIVIEVIRS[MVIPIWWGSRRIGXMSRW
EZEMPEFPI=SYGERWLEVI]SYVTLSRIW
QSFMPIHEXEGSRRIGXMSR[MXLEWMRKPI
GSQTYXIVZMEE97&GEFPI97&
XIXLIVMRK=SYGEREPWSWLEVI]SYV
TLSRIWHEXEGSRRIGXMSR[MXLQSVI
XLEREWMRKPIHIZMGIEXEXMQIF]
XYVRMRK]SYVTLSRIMRXSETSVXEFPI
;M*MLSXWTSX
;LIR]SYVTLSRIMWWLEVMRKMXW
HEXEGSRRIGXMSRERMGSRETTIEVW
MRXLIWXEXYWFEVERHEWERSRKSMRK
RSXMJMGEXMSRMRXLIRSXMJMGEXMSRW
HVE[IV
*SVXLIPEXIWXMRJSVQEXMSREFSYX
XIXLIVMRKERHTSVXEFPILSXWTSXW
MRGPYHMRKWYTTSVXIHSTIVEXMRK
W]WXIQWERHSXLIVHIXEMPWZMWMX
LXXT[[[ERHVSMHGSQXIXLIV




'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SGLERKI97&XIXLIVMRK
TSVXEFPI;M*MLSXWTSXWIXXMRKW
%TTPMGEXMSRW"7IXXMRKW";MVIPIWW
RIX[SVOW"8IXLIVMRK
TSVXEFPILSXWTSX"'LSSWISTXMSRW
XLEX]SY[ERXXSEHNYWX
-J]SYVGSQTYXIVMWVYRRMRK
;MRHS[WSVEVIGIRX
HMWXVMFYXMSRSJWSQIJPEZSYVWSJ
0MRY\WYGLEW9FYRXY]SYHSRX
YWYEPP]RIIHXSTVITEVI]SYV
GSQTYXIVJSVXIXLIVMRK&YXMJ
]SYVIVYRRMRKERIEVPMIVZIVWMSR
SJ;MRHS[WSVERSXLIVSTIVEXMRK
W]WXIQ]SYQE]RIIHXSTVITEVI
]SYVGSQTYXIVXSIWXEFPMWLE
RIX[SVOGSRRIGXMSRZME97&*SV
XLIQSWXGYVVIRXMRJSVQEXMSR
EFSYX[LMGLSTIVEXMRKW]WXIQW
WYTTSVX97&XIXLIVMRKERHLS[
XSGSRJMKYVIXLIQZMWMXLXXT
[[[ERHVSMHGSQXIXLIV
8SVIREQISVWIGYVI]SYV
TSVXEFPILSXWTSX
=SYGERGLERKIXLIREQISJ]SYV
TLSRIW;M*MRIX[SVOREQI77-(
ERHWIGYVIMXW;M*MRIX[SVO
3RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
7IXXMRKW
8SYGL;MVIPIWWRIX[SVOWERH
WIPIGX8IXLIVMRK4SVXEFPI
d


LSXWTSX
)RWYVI4SVXEFPI;M*MLSXWTSXMW
XMGOIH
8SYGL4SVXEFPI;M*MLSXWTSX
WIXXMRKW
8SYGL'SRJMKYVI;M*MLSXWTSX
8LI'SRJMKYVI;M*MLSXWTSX
HMEPSKFS\[MPPSTIR
=SYGERGLERKIXLIRIX[SVO77-(
REQIXLEXSXLIVGSQTYXIVWWII
[LIRWGERRMRKJSV;M*MRIX[SVOW
=SYGEREPWSXSYGLXLI7IGYVMX]
QIRYXSGSRJMKYVIXLIRIX[SVO[MXL
;M*M4VSXIGXIH%GGIWW;4%
WIGYVMX]YWMRKETVIWLEVIHOI]
47/
-J]SYXSYGLXLI;4%47/
WIGYVMX]STXMSRETEWW[SVHJMIPH
MWEHHIHXSXLI'SRJMKYVI;M
*MLSXWTSXHMEPSK-J]SYIRXIVE
TEWW[SVH]SY[MPPRIIHXSIRXIV
XLEXTEWW[SVH[LIR]SYGSRRIGX
XSXLITLSRIWLSXWTSX[MXLE
GSQTYXIVSVSXLIVHIZMGI=SYGER
XSYGL3TIRMRXLI7IGYVMX]QIRY
XSVIQSZIWIGYVMX]JVSQ]SYV;M*M
RIX[SVO



d
d
d
d

'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
%88)28-32
-J]SYWIXXLIWIGYVMX]STXMSR
EW3TIR]SYGERRSXTVIZIRX
YREYXLSVMWIHYWEKISJSRPMRI
WIVZMGIWF]SXLIVTISTPIERH
EHHMXMSREPGLEVKIWGERFI
MRGYVVIH8SEZSMHYREYXLSVMWIH
YWEKI]SYEVIEHZMWIHXSOIIT
XLIWIGYVMX]STXMSREGXMZI
8SYGL7EZI
9WMRKXLI;M*M'EWX
=SYGERWLEVI]SYVQYWMGTMGXYVI
ERHZMHISGSRXIRXFIX[IIRYWIVW
[LSYWI%RHVSMH4LSRIWGSRRIGXIH
ZMEXLIWEQI;M*M;M*M(MVIGXIH
RIX[SVO
'LIGO]SYV;M*M;M*M(MVIGXIH
RIX[SVOMREHZERGIERHQEOIWYVI
XLIYWIVWEVIGSRRIGXIHXSXLIWEQI
RIX[SVO
%TTPMGEXMSRW"7IXXMRKW"
;MVIPIWWRIX[SVOW";M*M
(MVIGX7IXXMRKW";M*M(MVIGX"
32
7IPIGXEHIZMGIXSGSRRIGXJVSQ
XLIWGERRIHHIZMGIPMWX
8SYGL'SRRIGX




)REFPMRK;M*M(MVIGXXSWLEVI
XLVSYKL7QEVX7LEVI
;M*M(MVIGXEYXSQEXMGEPP]WGERW
RIEVF];M*M(MVIGXHIZMGIWERH
XLIWIEVGLIHHIZMGIWEVIPMWXIHEW
XLI]EVIJSYRHERH]SYGERWIPIGXE
WTIGMJMGHIZMGIXSWLEVIQYPXMQIHME
HEXEXLVSYKL7QEVX7LEVI
;M*M(MVIGXGERRSXFIIREFPIH[LMPI
YWMRKSXLIV;M*MJYRGXMSRW
%TTPMGEXMSRW"7IXXMRKW"
;MVIPIWWRIX[SVOW";M*M
(MVIGX7IXXMRKW
)RWYVI;M*M(MVIGXMW32
7IPIGXEHIZMGIXSGSRRIGXJVSQ
XLIWGERRIHHIZMGIPMWX
*SVGIH+VSYTS[RIVQSHIi8SYGL
XSEGXMZEXIKVSYTS[RIVQSHI[LMGL
IREFPIWXLIPIKEG];M*MHIZMGIWXS
GSRRIGXF]WGERRMRK]SYVTLSRI
-RXLMWGEWI]SYQYWXIRXIVXLI
TEWW[SVHXLEXMWWIXMRXLI1IRY"
%HZERGIH"4EWW[SVH




;LIR]SYVTLSRIFIGSQIWE
KVSYTS[RIVMX[MPPGSRWYQI
QSVIFEXXIV]TS[IVXLER
[LIRMXMWEGPMIRX;M*M(MVIGX
GSRRIGXMSRHSIWRSXTVSZMHI
-RXIVRIXWIVZMGI%HHMXMSREPGSWXW
QE]FIMRGYVVIH[LIRGSRRIGXMRK
ERHYWMRKSRPMRIWIVZMGIW'LIGO
HEXEGLEVKIW[MXL]SYVRIX[SVO
TVSZMHIV
9WMRK7QEVX7LEVI
7QEVX7LEVIYWIW(02%(MKMXEP
0MZMRK2IX[SVO%PPMERGIXIGLRSPSK]
XSWLEVIHMKMXEPGSRXIRXXLVSYKLE
[MVIPIWWRIX[SVO
&SXLHIZMGIWQYWXFI(02%GIVXMJMIH
XSWYTTSVXXLMWJIEXYVI
8SXYVR7QEVX7LEVISRERHEPPS[
WLEVMRKGSRXIRXW
8SYGL%TTPMGEXMSRWXEF ERH
WIPIGX7QEVX7LEVI
4VIWWXLI1IRYOI]ERHWIPIGX
7IXXMRKW
8SYGL(MWGSZIVEFPIGLIGOFS\XS
XYVRSR
8SYGL%P[E]WEGGITXVIUYIWXMJ
]SY[SYPHPMOIXSEYXSQEXMGEPP]
EGGITXWLEVMRKVIUYIWXWJVSQSXLIV
HIZMGIW
8SYGL6IGIMZIJMPIWMJ]SY[SYPH
PMOIXSEYXSQEXMGEPP]EPPS[YTPSEH



d
d
JMPIWXSQ]TLSRIJVSQSXLIV
HIZMGIW
9RHIVXLI7LEVMRKGSRXIRXW
WIGXMSRXSYGLXSGLIGOQEVOXLI
X]TIWSJGSRXIRX]SY[SYPHPMOI
XSWLEVI'LSSWIJVSQ4MGXYVIW
:MHISWERH1YWMG
7QEVX7LEVIMWRS[EGXMZEXIHERH
VIEH]XSWLEVIGSRXIRXW
8SWLEVIGSRXIRXWJVSQVIQSXI
GSRXIRXPMFVEV]XSSXLIVHIZMGIW
0IX]SYVVIRHIVIVHIZMGIIK8:
TPE]QYPXMQIHMEGSRXIRXWJVSQ]SYV
VIQSXIGSRXIRXPMFVEV]IK4'
1EOIWYVIXLEXXLI(02%
JYRGXMSREPMX]SJ]SYVHIZMGIWMW
TVSTIVP]GSRJMKYVIHIK8:ERH
4'
8SYGLXLIXSTVMKLXFYXXSRXSSV
WIPIGXXLIHIZMGIJVSQVIRHIVIV
PMWXW
8SYGLXLIXSTPIJXFYXXSRERH
WIPIGXXLIHIZMGISJXLIVIQSXI
GSRXIRXPMFVEV]
=SYGERFVS[WIXLIGSRXIRXPMFVEV]
8SYGLEGSRXIRXXLYQFREMPSV
TVIWWXLI1IRYOI]ERHWIPIGX4PE]
FYXXSR






'SRRIGXMRKXS2IX[SVOWERH(IZMGIW

'EPPW
'%007
1EOMRKEGEPP
8SYGL XSSTIRXLIOI]TEH
)RXIVXLIRYQFIVYWMRKXLI
OI]TEH8SHIPIXIEHMKMXXSYGL
XLI
8SYGLXLI XSQEOIEGEPP
8SIRHEGEPPXSYGLXLI)RHMGSR
8SIRXIVXSQEOI
MRXIVREXMSREPGEPPWXSYGLERH
LSPH
'EPPMRK]SYVGSRXEGXW
8SYGL XSSTIR]SYVGSRXEGXW
7GVSPPXLVSYKLXLIGSRXEGXPMWX
SVIRXIVXLIJMVWXJI[PIXXIVWSJ
XLIGSRXEGX]SY[ERXXSGEPPF]
XSYGLMRK7IEVGL
-RXLIPMWXXSYGLXLIGSRXEGX]SY
[ERXXSGEPP
%RW[IVMRKERHVINIGXMRKEGEPP
;LIR]SYVIGIMZIEGEPPMR0SGOWXEXI
HVEKXLI XSXLIVMKLXXSERW[IV
MRGSQMRKGEPP







(VEKXLI XSXLIPIJXXSVINIGXER
MRGSQMRKGEPP
(VEKXLI)\GYWIQIWWEKIWFEVJVSQ
XLIFSXXSQMJ]SY[ERXXSWIRHSRI
)\GYWIQIWWEKIW
=SYGERWIRHEQIWWEKIUYMGOP]
YWMRKXLMWJYRGXMSR8LMWMWYWIJYP
MJ]SYRIIHXSVITP]XLIQIWWEKI
HYVMRKEQIIXMRK
%HNYWXMRKGEPPZSPYQI
8SEHNYWXXLIMRGEPPZSPYQIHYVMRK
EGEPPYWIXLI:SPYQIYTERHHS[R
OI]WSRXLIPIJXLERHWMHISJXLI
TLSRI
1EOMRKEWIGSRHGEPP
(YVMRK]SYVJMVWXGEPPXSYGL
(MEPTEH ERHHMEPXLIRYQFIV
%PWS]SYGERWIEVGL]SYVGSRXEGXW
F]XSYGLMRK'SRXEGXW ERH
WIPIGXXLIRYQFIV]SY[ERXXSGEPP
8SYGLXLI XSQEOIXLIGEPP
&SXLGEPPWEVIHMWTPE]IHSRXLIGEPP
WGVIIR=SYVMRMXMEPGEPPMWPSGOIH
ERHTYXSRLSPH
8SYGLXLIHMWTPE]IHRYQFIVXS
XSKKPIFIX[IIRGEPPW3VXSYGL
1IVKIGEPPWXSQEOIEGSRJIVIRGI
GEPP





8SIRHEGXMZIGEPPWXSYGL)RH
SVTVIWW,SQI/I]ERHWPMHIXLI
RSXMJMGEXMSRFEVHS[RERHWIPIGX
)RHGEPP
=SYEVIGLEVKIHJSVIEGLGEPP]SY
QEOI
:MI[MRK]SYVGEPPPSKW
3RXLI,SQIWGVIIRXSYGL ERH
GLSSWIXLI'EPPPSKXEF
:MI[EGSQTPIXIPMWXSJEPPHMEPPIH
VIGIMZIHERHQMWWIHZSMGIGEPPW
8SYGLER]GEPPPSKIRXV]XSZMI[
XLIHEXIXMQIERHHYVEXMSRSJ
XLIGEPP
4VIWWXLI1IRYOI]XLIRXSYGL
(IPIXIEPPXSHIPIXIEPPXLI
VIGSVHIHMXIQW
'EPPWIXXMRKW
=SYGERGSRJMKYVITLSRIGEPPWIXXMRKW
WYGLEWGEPPJSV[EVHMRKERHSXLIV
WTIGMEPJIEXYVIWSJJIVIHF]]SYV
GEVVMIV
3RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFXSSTIRXLI
ETTPMGEXMSRWQIRY


7GVSPPERHXSYGL7IXXMRKW
8ET'EPPWIXXMRKWERHGLSSWIXLI
STXMSRWXLEX]SY[ERXXSEHNYWX


'EPPW


'SRXEGXW

'328%'87
%HHGSRXEGXWXS]SYVTLSRIERH
W]RGLVSRMWIXLIQ[MXLXLIGSRXEGXW
MR]SYV+SSKPIEGGSYRXSVSXLIV
EGGSYRXWXLEXWYTTSVXGSRXEGX
W]RGMRK
7IEVGLMRKJSVEGSRXEGX
-RXLI,SQIWGVIIR
8SYGL XSSTIR]SYVGSRXEGXW
8SYGL7IEVGLERHIRXIVXLI
GSRXEGXREQIYWMRKXLIOI]FSEVH
%HHMRKERI[GSRXEGX
8SYGL IRXIVXLIRI[GSRXEGXW
RYQFIVXLIRTVIWWXLI1IRYOI]
8SYGL%HHXSGSRXEGXWERHXLIR
'VIEXIRI[GSRXEGX
-J]SY[ERXXSEHHETMGXYVIXSXLI
RI[GSRXEGXXSYGLXLIMQEKIEVIE
'LSSWIJVSQ'ETXYVITMGXYVISV
4MGOJVSQ+EPPIV]
7IPIGXXLIGSRXEGXX]TIF]
XSYGLMRK
8SYGLEGEXIKSV]SJGSRXEGX
MRJSVQEXMSRERHIRXIVXLIHIXEMPW
EFSYX]SYVGSRXEGX
8SYGL7EZI







*EZSYVMXIGSRXEGXW
=SYGERGPEWWMJ]JVIUYIRXP]GEPPIH
GSRXEGXWEWJEZSYVMXIW
%HHMRKEGSRXEGXXS]SYV
JEZSYVMXIW
8SYGL XSSTIR]SYVGSRXEGXW
8SYGLEGSRXEGXXSZMI[XLIMV
HIXEMPW
8SYGLXLIWXEVXSXLIVMKLXSJXLI
GSRXEGXWREQI8LIWXEVXYVRW
FPYI
6IQSZMRKEGSRXEGXJVSQ]SYV
JEZSYVMXIWPMWX
8SYGL XSSTIR]SYVGSRXEGXW
8SYGLXLI+VSYTWXEFWIPIGX
*EZSYVMXIWEXXLIXSTSJXLIPMWX
ERHGLSSWIEGSRXEGXXSZMI[MXW
HIXEMPW
8SYGLXLIFPYIWXEVXSXLIVMKLXSJ
XLIGSRXEGXWREQI8LIWXEVXYVRW
KVI]ERHXLIGSRXEGXMWVIQSZIH
JVSQ]SYVJEZSYVMXIW
1SZMRKGSRXEGXWJVSQ]SYVSPH
TLSRIXS]SYVRI[TLSRI
)\TSVX]SYVGSRXEGXWEWE'7:JMPI
JVSQ]SYVSPHTLSRIXS]SYV4'
YWMRKE4'W]RGTVSKVEQ
-RWXEPP4'7YMXI-:SRXLI4'JMVWX
6YRXLITVSKVEQERHGSRRIGX]SYV
%RHVSMHQSFMPITLSRIXSXLI4'
YWMRKE97&GEFPI
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





7IPIGXXLI +SXS*MPI"-QTSVX
ERHWIPIGXXLI'7:JMPIWEZIHSR
]SYV4'
-JXLIJMIPHWMRXLIMQTSVXIH'7:JMPI
EVIHMJJIVIRXJVSQXLSWIMR4'7YMXI
-:]SYRIIHXSQETXLIJMIPHW
%JXIVQETTMRKXLIJMIPHWGPMGO3/
8LIGSRXEGXWEVIXLIREHHIHXS4'
7YMXI-:
-J4'7YMXI-:HIXIGXWXLI
GSRRIGXMSRSJ]SYV0+4
TLSRIYWMRKXLI97&GEFPI
GPMGO7]RGSV7]RGGSRXEGXWXS
W]RGLVSRMWIXLIGSRXEGXWWEZIHSR
]SYV4'[MXL]SYVTLSRI



'SRXEGXW


1IWWEKMRK

1)77%+-2+
=SYV0+4GSQFMRIW717ERH
117MRXSSRIMRXYMXMZIIEW]XSYWI
QIRY
7IRHMRKEQIWWEKI
8SYGL MGSRSRXLILSQIWGVIIR
ERHXSYGL2I[QIWWEKIXSSTIR
EFPEROQIWWEKI
)RXIVEGSRXEGXREQISVGSRXEGX
RYQFIVMRXLI8SJMIPH%W]SY
IRXIVXLIGSRXEGXREQIQEXGLMRK
GSRXEGXWETTIEV=SYGERXSYGLE
WYKKIWXIHVIGMTMIRX=SYGEREHH
QYPXMTPIGSRXEGXW
=SY[MPPFIGLEVKIHJSVEXI\X
QIWWEKIJSVIZIV]TIVWSR]SY
WIRHXLIQIWWEKIXS
8SYGL)RXIVQIWWEKIJMIPHERH
WXEVXXSGSQTSWI]SYVQIWWEKI
4VIWWXLI1IRYOI]XSSTIRXLI
3TXMSRWQIRY'LSSWIJVSQ%HH
WYFNIGX%XXEGL7IRHERH1SVI
8SYGL7IRHXSWIRH]SYVQIWWEKI
8LIQIWWEKIWGVIIRSTIRW[MXL
]SYVQIWWEKIEJXIV6IGMTMIRX
2EQI2YQFIV6IWTSRWIWETTIEV
SRXLIWGVIIR%W]SYZMI[ERH
WIRHEHHMXMSREPQIWWEKIWE
QIWWEKIXLVIEHMWGVIEXIH
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"
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8LIGLEVEGXIVPMQMXQE]
ZEV]JVSQGSYRXV]XSGSYRXV]
HITIRHMRKSRXLIPERKYEKIERH
LS[XLI717MWGSHIH
"
;%62-2+
-JERMQEKIZMHISSVEYHMSJMPI
MWEHHIHXSER717QIWWEKIMX
MWEYXSQEXMGEPP]GSRZIVXIHMRXS
ER117QIWWEKIERH]SYEVI
GLEVKIHEGGSVHMRKP]
8LVIEHIHFS\
1IWWEKIW717117I\GLERKIH
[MXLERSXLIVTEVX]GERFIHMWTPE]IH
MRGLVSRSPSKMGEPSVHIVWSXLEX]SY
GERGSRZIRMIRXP]WIIERSZIVZMI[SJ
]SYVGSRZIVWEXMSR
9WMRK7QMPMIW
0MZIRYT]SYVQIWWEKIWYWMRK
7QMPMIW
;LIR[VMXMRKERI[QIWWEKITVIWW
XLI1IRYOI]XLIRGLSSWI-RWIVX
WQMPI]

'LERKMRK]SYVQIWWEKI
WIXXMRKW
=SYV0+4QIWWEKIWIXXMRKW
EVITVIHIJMRIHWS]SYGERWIRH
QIWWEKIWMQQIHMEXIP]=SYGER
GLERKIXLIWIXXMRKWFEWIHSR]SYV
TVIJIVIRGIW
8SYGL1IWWEKMRKMGSRSRXLILSQI
WGVIIRERHXSYGLXLI1IRYOI]XLIR
XET7IXXMRKW
1IWWEKMRK


)QEMP

)1%-0
=SYGERYWIXLI)QEMPETTPMGEXMSRXS
VIEHIQEMPWJVSQWIVZMGIWSXLIVXLER
+SSKPI1EMP8LI)QEMPETTPMGEXMSR
WYTTSVXWXLIJSPPS[MRKEGGSYRXX]TIW
434-1%4ERH)\GLERKI
=SYVWIVZMGITVSZMHIVSVW]WXIQ
EHQMRMWXVEXSVGERTVSZMHIXLI
EGGSYRXWIXXMRKW]SYRIIH
1EREKMRKERIQEMPEGGSYRX
8LIJMVWXXMQI]SYSTIRXLI)QEMP
ETTPMGEXMSREWIXYT[M^EVHSTIRWXS
LIPT]SYXSWIXYTERIQEMPEGGSYRX
8SEHHERSXLIVIQEMPEGGSYRX
%TTPMGEXMSRW")QEMP"MRXLI
EGGSYRXWGVIIRXSYGL1IRY"%HH
EGGSYRX
%JXIVXLIMRMXMEPWIXYT)QEMPHMWTPE]W
XLIGSRXIRXWSJ]SYVMRFS\-J]SY
LEZIEHHIHQSVIXLERSRIEGGSYRX
]SYGERW[MXGLEQSRKEGGSYRXW
8SGLERKIERIQEMPEGGSYRXW
WIXXMRK
%TTPMGEXMSRW")QEMP"MRXLI
EGGSYRXWGVIIRXSYGL1IRY"
7IXXMRKW
d
d
8SHIPIXIERIQEMPEGGSYRX
%TTPMGEXMSRW")QEMP"MRXLI
EGGSYRXWGVIIRXSYGL1IRY"
7IXXMRKW"XSYGLEREGGSYRX]SY
[ERXXSHIPIXI"6IQSZIEGGSYRX
)QEMPEGGSYRXWGVIIR
=SYGERXSYGLEREGGSYRXXSZMI[MXW
-RFS\8LIEGGSYRXJVSQ[LMGL]SY
WIRHIQEMPF]HIJEYPXMWMRHMGEXIH
[MXLEXMGO
i8SYGLXSSTIR]SYV'SQFMRIH
-RFS\[MXLQIWWEKIWWIRXXSEPPSJ
]SYVEGGSYRXW
1IWWEKIWMRXLI'SQFMRIH-RFS\EVI
GSPSYVGSHIHSRXLIPIJXF]EGGSYRX
YWMRKXLIWEQIGSPSYVWYWIHJSV]SYV
EGGSYRXWMRXLI%GGSYRXWWGVIIR
i8SYGLXLIJSPHIVMGSRXSSTIR
XLIEGGSYRXJSPHIVW
3RP]XLIQSWXVIGIRXIQEMPWMR]SYV
EGGSYRXEVIHS[RPSEHIHXS]SYV
TLSRI8SHS[RPSEHQSVIIEVPMIV
IQEMPQIWWEKIWXSYGL0SEHQSVI
IQEMPWEXXLIFSXXSQSJXLIIQEMPW
PMWX
d

;SVOMRK[MXLEGGSYRXJSPHIVW
)EGLEGGSYRXLEWER-RFS\3YXFS\
7IRXERH(VEJXWJSPHIV(ITIRHMRK
SRXLIJIEXYVIWWYTTSVXIHF]]SYV
EGGSYRXWWIVZMGITVSZMHIV]SYQE]
LEZIEHHMXMSREPJSPHIVW
'SQTSWMRKERHWIRHMRKIQEMP
8SGSQTSWIERHWIRHEQIWWEKI
;LMPIMRXLI)QEMPETTPMGEXMSR
XSYGLXLI1IRYOI]XLIRXSYGL
'SQTSWI
)RXIVEREHHVIWWJSVXLIQIWWEKIW
MRXIRHIHVIGMTMIRX%W]SYIRXIV
XI\XQEXGLMRKEHHVIWWIWEVI
SJJIVIHJVSQ]SYV'SRXEGXW
7ITEVEXIQYPXMTPIEHHVIWWIW[MXL
WIQMGSPSR
%HH'G&GGERHEHHEXXEGLQIRX
JMPIWMJVIUYMVIH
)RXIVXLIXI\XSJXLIQIWWEKI




8SYGLXLI7IRHFYXXSR
-J]SYEVIRXGSRRIGXIHXSE
RIX[SVOJSVI\EQTPIMJ]SYVI
[SVOMRKMREMVTPERIQSHIXLI
QIWWEKIWXLEX]SYWIRHEVIWXSVIH
MR]SYV3YXFS\JSPHIVYRXMP]SYVI
GSRRIGXIHXSERIX[SVOEKEMR-JMX
GSRXEMRWER]TIRHMRKQIWWEKIW
XLI3YXFS\MWHMWTPE]IHSRXLI
%GGSYRXWWGVIIR
;LIRERI[IQEMPEVVMZIWMR
XLIMRFS\]SY[MPPVIGIMZIE
RSXMJMGEXMSRF]WSYRHSVZMFVEXMSR
8ETXLIIQEMPRSXMJMGEXMSRXSWXST
RSXMJMGEXMSRW

)QEMP


'EQIVE

'%1)6%
+IXXMRKXSORS[XLIZMI[JMRHIV
7[MXGLPIRWIWi7[MXGLFIX[IIRXLIVIEViJEGMRKGEQIVEPIRWERHXLI
JVSRXiJEGMRKGEQIVEPIRW
>SSQi>SSQMRSV^SSQSYX%PXIVREXMZIP]]SYGERYWIXLIWMHIZSPYQI
OI]W
& V M K L X R I W W i8LMWHIJMRIWERHGSRXVSPWXLIEQSYRXSJWYRPMKLXIRXIVMRKXLI
MQEKI
7 G I R I  Q S H I i'LSSWIJVSQ%YXS4SVXVEMX0ERHWGETI7TSVXW2MKLXERH
7YRWIX
7IXXMRKWi8SYGLXLMWMGSRXSSTIRXLI7IXXMRKWQIRY
:MHISQSHIi7PMHIXLMWMGSRHS[RXSW[MXGLXSZMHISQSHI
8EOMRKETLSXS
+ E P P I V ] i8SYGLXSZMI[XLIPEWXTLSXS]SYGETXYVIH8LMWIREFPIW]SYXS
EGGIWW]SYVKEPPIV]ERHZMI[WEZIHTLSXSW[MXLMRGEQIVEQSHI

'EQIVE
8EOMRKEUYMGOTLSXS
3TIRXLI'EQIVEETTPMGEXMSR
,SPHXLITLSRITSMRXXLIPIRW
XS[EVHWXLIWYFNIGX]SY[ERXXS
TLSXSKVETL
8SYGLERHLSPHXLI PMKLXP]ERHE
JSGYWFS\[MPPETTIEVMRXLIGIRXVI
SJXLIZMI[JMRHIVWGVIIR
;LIRXLIJSGYWFS\XYVRWKVIIR
XLIGEQIVELEWJSGYWIHSR]SYV
WYFNIGX
8EOI]SYVJMRKIVSJJXLI
3RGI]SYZIXEOIRXLITLSXS
=SYVGETXYVIHTLSXSETTIEVWSRXLI
WGVIIR
7LEVI
8SYGLXSWLEVI]SYV
TLSXSYWMRK7QEVX7LEVI
&PYIXSSXL)QEMP
*EGIFSSO+QEMP
1IWWEKMRK4MGEWE7SGMEP
8[MXXIVSV;M*M'EWX
-J]SYLEZIER727EGGSYRXERH
WIXMXYTSR]SYVTLSRI]SYGER
WLEVI]SYVTLSXS[MXLXLI727
GSQQYRMX]





7IXEW
8SYGLXSYWIXLIMQEKIEWE
'SRXEGXMGSRSV[EPPTETIV
6IREQI
8SYGLXSIHMXXLIREQISJ
XLIWIPIGXIHTMGXYVI
8SYGLXSHIPIXIXLIMQEKI
8SYGLXSXEOIERSXLIVTLSXS
MQQIHMEXIP]=SYVGYVVIRXTLSXS
MWWEZIH
9WMRKXLIEHZERGIHWIXXMRKW
-RXLIZMI[JMRHIVXSYGL XSSTIR
EPPEHZERGIHSTXMSRW
i6IWXSVIEPPGEQIVEHIJEYPX
WIXXMRKW
i8SYGL[LIRIZIV]SY[ERXXS
ORS[LS[XLMWJYRGXMSRSTIVEXIW8LMW
TVSZMHIW]SY[MXLEUYMGOKYMHI
'LERKIGEQIVEWIXXMRKWF]WGVSPPMRK
XLVSYKLXLIPMWX%JXIVWIPIGXMRKXLI
STXMSRXSYGLXLI&EGOOI]
i*SGYWIWSRXLIWTIGMJMGWTSX
i7IPIGXXLIMQEKIVIWSPYXMSR-J
]SYGLSSWIXLILMKLVIWSPYXMSRXLI
JMPIWM^I[MPPMRGVIEWI[LMGLQIERW
]SY[MPPFIEFPIXSWXSVIJI[IVTLSXSW
MRXLIQIQSV]
i8LI-73VEXMRKHIXIVQMRIW
XLIWIRWMXMZMX]SJXLIGEQIVEWPMKLX
WIRWSV8LILMKLIVXLI-73XLIQSVI
WIRWMXMZIXLIGEQIVEMW8LMWMWYWIJYP
MRHEVOIVGSRHMXMSRW[LIR]SYGERRSX
YWIXLIJPEWL

'EQIVE
i-QTVSZIWGSPSYVUYEPMXMIWMR
HMJJIVIRXPMKLXMRKGSRHMXMSRW
i%TTPMIWEVXMWXMGIJJIGXWXSXLI
TMGXYVIW
i7IXEHIPE]EJXIVXLIGETXYVI
FYXXSRMWTVIWWIH8LMWMWMHIEPMJ]SY
[ERXXSFIMRXLITLSXS
i7IPIGXZEVMSYWWLSXQSHIW
i-XEYXSQEXMGEPP]WLS[W]SYXLI
TMGXYVI]SYNYWXXSSO
i%GXMZEXIXSYWI]SYVTLSRIW
PSGEXMSRFEWIHWIVZMGIW8EOI
TMGXYVIW[LIVIZIV]SYEVIERHXEK
XLIQ[MXLXLIPSGEXMSR-J]SYYTPSEH
XEKKIHTMGXYVIWXSEFPSKXLEX
WYTTSVXWKISXEKKMRK]SYGERWIIXLI
TMGXYVIWHMWTPE]IHSREQET
8LMWJYRGXMSRMWSRP]EZEMPEFPI
[LIR+47MWEGXMZI
;LIR]SYI\MXXLIGEQIVEWSQI
WIXXMRKWVIXYVRXSXLIMVHIJEYPXW
WYGLEW[LMXIFEPERGIGSPSYV
XSRIXMQIVERHWGIRIQSHI
'LIGOXLIWIFIJSVI]SYXEOI]SYV
RI\XTLSXS
8LI7IXXMRKWQIRYMW
WYTIVMQTSWIHSZIVXLI
ZMI[JMRHIVWS[LIR]SYGLERKI
IPIQIRXWSJXLIMQEKIGSPSYV
SVUYEPMX]]SYWIIETVIZMI[SJ
XLIMQEKIGLERKIFILMRHXLI
7IXXMRKWQIRY

:MHISGEQIVE
:-()3'%1)6%
+IXXMRKXSORS[XLIZMI[JMRHIV
7[MXGLPIRWIWi7[MXGLFIX[IIRXLIVIEViJEGMRKGEQIVEPIRWERHXLI
JVSRXJEGMRKGEQIVEPIRW
>SSQi>SSQMRSV^SSQSYX%PXIVREXMZIP]]SYGERYWIXLIWMHIZSPYQI
OI]W
& V M K L X R I W W i8LMWHIJMRIWERHGSRXVSPWXLIEQSYRXSJWYRPMKLXIRXIVMRKXLI
ZMHIS
:MHISWM^Ii8SYGLXSWIXXLIWM^IMRTM\IPWSJXLIZMHIS]SYVIGSVH
7IXXMRKWi8SYGLXLMWMGSRXSSTIRXLIWIXXMRKWQIRY
'EQIVEQSHIi7PMHIXLMWMGSRYTXSW[MXGLXSGEQIVEQSHI
7XEVXVIGSVHMRK
+ E P P I V ] i8SYGLXSZMI[XLIPEWXZMHIS]SYVIGSVHIH8LMWIREFPIW]SYXS
EGGIWW]SYVKEPPIV]ERHZMI[]SYVWEZIHZMHISWJVSQ[MXLMRZMHISQSHI

:MHISGEQIVE
7LSSXMRKEUYMGOZMHIS
7PMHIXLI'EQIVEQSHIFYXXSR
HS[RERHXLIMGSRGLERKIWXS 
8LIZMHISGEQIVEZMI[JMRHIV
ETTIEVWSRXLIWGVIIR
,SPHMRKXLITLSRITSMRXXLIPIRW
XS[EVHWXLIWYFNIGX]SY[ERXXS
GETXYVIMR]SYVZMHIS
4VIWWXLI6IGSVH FYXXSRSRGI
XSWXEVXVIGSVHMRK
6)'ETTIEVWEXXLIFSXXSQSJXLI
ZMI[JMRHIV[MXLEXMQIVWLS[MRKXLI
PIRKXLSJXLIZMHIS
8SYGL SRXLIWGVIIRXSWXST
VIGSVHMRK
%JXIVWLSSXMRKEZMHIS
%WXMPPMQEKIVITVIWIRXMRK]SYVZMHIS
[MPPETTIEVSRXLIWGVIIR
4PE]
8SYGLXSTPE]XLIZMHIS
7LEVI
8SYGLXSWLEVI]SYV
TLSXSYWMRK7QEVX7LEVI
&PYIXSSXL)QEMP
*EGIFSSO+QEMP
1IWWEKMRK;M*M'EWXSV
=SYXYFI
6IREQI
8SYGLXSIHMXXLIREQISJ
XLIWIPIGXIHZMHIS






8SYGLXSWLSSXERSXLIVZMHIS
WXVEMKLXE[E]=SYVGYVVIRXZMHIS
MWWEZIH
8SYGLXSHIPIXIXLIZMHIS]SYNYWX
QEHI'SRJMVQF]XSYGLMRK3/
8LIZMI[JMRHIVVIETTIEVW
9WMRKXLIEHZERGIHWIXXMRKW
9WMRKXLIZMI[JMRHIVXSYGL XS
STIREPPXLIEHZERGIHSTXMSRW
i6IWXSVIEPPZMHISGEQIVE
HIJEYPXWIXXMRKW
i8SYGLMJ]SY[ERXXSORS[LS[
XLMWJYRGXMSRSTIVEXIW8LMWTVSZMHIW
]SY[MXLEUYMGOKYMHI
%HNYWXXLIZMHISGEQIVEWIXXMRK
F]WGVSPPMRKXLVSYKLXLIPMWX%JXIV
WIPIGXMRKXLISTXMSRXSYGLXLI&EGO
OI]
i-QTVSZIWGSPSYVUYEPMXMIWMR
HMJJIVIRXPMKLXMRKGSRHMXMSRW
i'LSSWIEGSPSYVXSRIXSYWIJSV
]SYVRI[ZMI[
i7IXEHYVEXMSRPMQMXJSV]SYV
ZMHIS'LSSWIFIX[IIR2SVQEPERH
117XSPMQMXXLIQE\MQYQWM^IXS
WIRHEWER117QIWWEKI
i'LSSWI1YXIXSVIGSVHEZMHIS
[MXLSYXWSYRH
i%YXSVIZMI[EYXSQEXMGEPP]
WLS[W]SYXLIZMHIS]SYNYWX
VIGSVHIH

:MHISGEQIVE
%HNYWXMRKXLIZSPYQI[LIR
ZMI[MRKEZMHIS
8SEHNYWXXLIZSPYQISJEZMHIS[LMPI
MXMWTPE]MRKYWIXLIZSPYQIOI]WSR
XLIPIJXLERHWMHISJXLITLSRI

1YPXMQIHME
1908-1)(-%
=SYGERWXSVIQYPXMQIHMEJMPIWSRE
QIQSV]GEVHJSVIEW]EGGIWWXSEPP
]SYVMQEKIERHZMHISJMPIW
+EPPIV]
8SYGLXLI%TTPMGEXMSRWXEF
XLIRWIPIGX+EPPIV]3TIREPMWXSJ
GEXEPSKYIFEVWXLEXWXSVIEPP]SYV
QYPXMQIHMEJMPIW
1EOIWYVI]SYMRWXEPPEQIQSV]
GEVHMRXLITLSRIXSWEZITLSXSW
ERHEGGIWWEPP]SYVTMGXYVIW
;MXLSYXEQIQSV]GEVHXLI
TLSRIHSIWRSXHMWTPE]TLSXSW
SVZMHISW[MXLSYX4MGEWEMQEKIW
[LMGLEVIMR]SYV4MGEWEEPFYQ
8MQIPMRIZMI[
0+4+EPPIV]TVSZMHIWEXMQIPMRI
ZMI[SJ]SYVTLSXSWERHZMHISW-R
KVMHZMI[QSHIHVEK XS
XLIVMKLXERHXLIHEXI]SYXSSO]SYV
TLSXSWMWHMWTPE]IHWXEVXMRK[MXLXLI
QSWXVIGIRX-J]SYWIPIGXEWTIGMJMG
HEXIEPPXLITLSXSW]SYXSSOSRXLEX
HE]EVIKVSYTIH
1YWMG
=SYV0+4LEWEFYMPXMRQYWMG
TPE]IVXLEXPIXW]SYTPE]EPP]SYV
JEZSYVMXIXVEGOW8SEGGIWWXLIQYWMG
TPE]IVXSYGL1YWMG
8VERWJIVVMRKQYWMGJMPIWYWMRK
97&QEWWWXSVEKIHIZMGIW
'SRRIGXXLI0+4XSE4'
YWMRKE97&GEFPI
-J]SYLEZIRXMRWXEPPIH0+%RHVSMH
4PEXJSVQ(VMZIVSR]SYV4']SY
RIIHXSGLERKIXLIWIXXMRKW
QERYEPP]'LSSWI7IXXMRKW
"7XSVEKIXLIRWIPIGX1EWW
WXSVEKISRP]
8SYGL8YVRSR97&WXSVEKI
=SYGERZMI[XLIQEWWWXSVEKI
GSRXIRXSR]SYV4'ERHXVERWJIV
XLIJMPIW
=SYRIIHXSMRWXEPPER7(GEVH
JMVWX;MXLSYXER7(GEVH]SY
GERRSXYWI97&QEWWWXSVEKI
-J]SYMRWXEPPIH0+%RHVSMH
4PEXJSVQ(VMZIV]SY[MPP
MQQIHMEXIP]WIIETSTYTWE]MRK
8YVRSR97&WXSVEKI





1YPXMQIHME
4PE]MRKEWSRK
-RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFERHWIPIGX
1YWMG
8SYGL7SRKW
7IPIGXXLIWSRK]SY[ERXXSTPE]
8SYGLXSTEYWITPE]FEGO
8SYGLXSVIWYQITPE]FEGO
8SYGLXSWOMTXSXLIRI\XXVEGOMRXLI
EPFYQTPE]PMWXSVWLYJJPI
8SYGLXSWOMTXSXLITVIZMSYWXVEGOMR
XLIEPFYQTPE]PMWXSVWLYJJPI
8SYGLXSWIIQYWMGPMFVEV]WGVIIR
8SYGLXSWIXVITIEXQSHI
8SYGLXSTPE]XLIGYVVIRXTPE]PMWXMR
WLYJJPIQSHI
8SYGLXSWIIXLIGYVVIRXTPE]PMWX
8SYGLXSWIIP]VMGW8LMWSTXMSRMWSR
SRP]MJXLIWSRKMRGPYHIWXLIP]VMGW
8SGLERKIXLIZSPYQI[LMPIPMWXIRMRK
XSQYWMGTVIWWXLIYTERHHS[R
ZSPYQIOI]WSRXLIPIJXLERHWMHISJ
XLITLSRI
8SYGLERHLSPHER]WSRKMRXLIPMWX
-XHMWTPE]W4PE]%HHXSTPE]PMWX9WI
EWVMRKXSRI(IPIXI7LEVI7IEVGL
ERH(IXEMPWEWSTXMSRW



1YWMGJMPIGST]VMKLXWQE]FI
TVSXIGXIHF]MRXIVREXMSREP
XVIEXMIWERHREXMSREPGST]VMKLX
PE[W
8LIVIJSVIMXQE]FIRIGIWWEV]XS
SFXEMRTIVQMWWMSRSVEPMGIRGIXS
VITVSHYGISVGST]QYWMG
-RWSQIGSYRXVMIWREXMSREP
PE[WTVSLMFMXTVMZEXIGST]MRK
SJGST]VMKLXIHQEXIVMEP&IJSVI
HS[RPSEHMRKSVGST]MRKXLIJMPI
GLIGOXLIREXMSREPPE[WSJXLI
VIPIZERXGSYRXV]GSRGIVRMRKXLI
YWISJWYGLQEXIVMEP
*16EHMS
=SYV0+4LEWEFYMPXMR*1
6EHMSWS]SYGERXYRIMRXS]SYV
JEZSYVMXIWXEXMSRWERHPMWXIRSRXLI
KS
=SYRIIHXSYWI]SYVLIEHTLSRIW
XSPMWXIRXSXLIVEHMS-RWIVXXLIQ
MRXSXLILIEHTLSRINEGO

8SW[MXGL2*'SRSVSJJ
*VSQXLI,SQIWGVIIRXSYGLERH
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MGSR XSXYVRMXSR
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9WMRK2*'
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WIXXMRKMJHMWEFPIH
9WMRK8EK[VMXMRK
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7IPIGX2I[XEFERHWIPIGXXLI
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1IQS'EPP8I\XQIWWEKIERH
7GLIHYPI
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EXEKSVEHIZMGIERHWIPIGX
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8SYGLXLIFEGOSJ]SYVHIZMGIXSE
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8SVIEHEWIVZMGIXEKXSYGLXLI
WIVZMGIXEKSVSXLIV2*'HIZMGI
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;LIREXEKSVHIZMGIMWVIGSKRMWIH
GSVVIWTSRHMRKMRJSVQEXMSRMW
HMWTPE]IH
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4PIXW]SYORS[LS[QYGLXMQI
MWPIJXFIJSVIXLIEPEVQ[MPPWSYRH
7IX7RSS^IHYVEXMSR:MFVEXMSR
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8SYGL7EZI
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8SGLIGOXLIIZIRXXSYGLXLIHEXI
8SYGLXLI1IRYOI]MJ]SY[ERX
XSEHHERI[IZIRX8SYGL2I[
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8SYGL;LEXXLIRIRXIVXLIIZIRX
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WXEVXERHJMRMWL
%PWSXSYGL;LIVIXLIRIRXIVXLI
PSGEXMSR
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IRXIVXLIHIXEMPW
-J]SY[ERXXSVITIEXXLIEPEVQWIX
6ITIXMXMSRERHWIX6IQMRHIVWMJ
RIGIWWEV]
8SYGL7EZIXSWEZIXLIIZIRXMR
XLIGEPIRHEV
'LERKMRK]SYVGEPIRHEVZMI[
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JMRHXLIHMJJIVIRXZMI[X]TIWSJ
XLI'EPIRHEV(E];IIO1SRXL
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ER]XMQIYWMRKXLIMVQSFMPIHIZMGIW
1EREKMRKJMPIW
4SPEVMW3JJMGITVSZMHIWQSFMPIYWIVW
[MXLGSRZIRMIRXJMPIQEREKIQIRX
JIEXYVIWMRGPYHMRKGST]MRKGYXXMRK
ERHTEWXMRKERHHIPIXMRKJMPIWERH
JSPHIVWVMKLXSRXLIHIZMGI
:MI[MRKJMPIW
1SFMPIYWIVWGERRS[IEWMP]ZMI[E
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1MGVSWSJX3JJMGIHSGYQIRXWERH
%HSFI4(*VMKLXSRXLIMVQSFMPI
HIZMGIW;LIRZMI[MRKHSGYQIRXW
YWMRK4SPEVMW3JJMGIXLISFNIGXWERH
PE]SYXVIQEMRXLIWEQIEWMRXLIMV
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[SVPHSJKEQIWQYWMGRI[WWTSVX
IRXIVXEMRQIRXERHQYGLQSVIVMKLX
SR]SYVQSFMPITLSRI;LIVIZIV]SY
EVIERH[LEXIZIV]SYIRNS]
%HHMXMSREPGLEVKIWETTP][LIR
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ERHHS[RPSEHMRKGSRXIRX'LIGO
HEXEGLEVKIW[MXL]SYVRIX[SVO
TVSZMHIV
9WMRKXLI[IFXSSPFEV
8SYGLXSKSFEGOETEKI
8SYGLXSKSJSV[EVHWETEKI
XSXLITEKI]SYGSRRIGXIHXS
EJXIVXLIGYVVIRXSRI8LMWMWXLI
STTSWMXISJ[LEXLETTIRW[LIR
]SYTVIWWXLI&EGOOI][LMGL
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8SYGLXSWLS[EPP]SYVSTIR
[MRHS[W
8SYGLXSEHHERI[[MRHS[
8SYGLXSGLERKI[IFFVS[WIV
WIXXMRKW
9WMRKSTXMSRW
4VIWWXLI1IRYOI]XSZMI[STXMSRW
&SSOQEVOWi:MI[]SYVGYVVIRX
FSSOQEVOWERHEHHERI[
FSSOQEVO=SYGEREPWSZMI[]SYV
FVS[WIVLMWXSV]
%HHFSSOQEVOi%HHXLIGYVVIRX
[IFTEKIEWEFSSOQEVO
6IEHMXPEXIVi%HHIHMR6IEHMX
PEXIV
%HH677*IIHi%HHXLIGYVVIRX
[IFTEKIXSXLI677JIIH
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XLI[IFTEKI[MXLSXLIVW
1SVI
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PIXXIVWSV[SVHWSRXLIGYVVIRX[IF
TEKI
7IPIGXXI\X%PPS[W]SYXSGST]ER]
XI\XJVSQXLI[IFTEKI
%HHWLSVXGYXXS,SQI%HHXLI
WLSVXGYXJSVXLIGYVVIRX[IFTEKI
XSXLI,SQIWGVIIR
4EKIMRJS(MWTPE]WXLI[IFTEKI
MRJSVQEXMSR
(S[RPSEHW(MWTPE]W]SYV
HS[RPSEHLMWXSV]
d
d
d
d
d
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0+3R7GVIIR4LSRI
0+327'6))24,32)

0+3R7GVIIR4LSRIEPPS[W]SY
XSZMI[]SYVQSFMPITLSRIWGVIIR
JVSQE4'ZMEE97&&PYIXSSXLSV
;M*MGSRRIGXMSR
=SYGEREPWSGSRXVSP]SYVQSFMPI
TLSRIJVSQ]SYV4'YWMRKXLIQSYWI
SVOI]FSEVH
3R7GVIIR4LSRIMGSRW
'SRRIGXW]SYVQSFMPITLSRIXS
]SYV4'SVHMWGSRRIGXWMX
6SXEXIWXLI3R7GVIIR4LSRI
[MRHS[SRP]EZEMPEFPIEX
ETTPMGEXMSRWXLEXWYTTSVX
VSXEXMSR
0EYRGLIW0+,SQI4ERSVEQESV
GLERKIWXLI3R7GVIIR4LSRI
TVIJIVIRGIW
)\MXWXLI3R7GVIIR4LSRI
TVSKVEQ
1E\MQMWIWXLI3R7GVIIR4LSRI
[MRHS[
1MRMQMWIWXLI3R7GVIIR4LSRI
[MRHS[
3R7GVIIR4LSRIJIEXYVIW
6IEPXMQIXVERWJIVERHGSRXVSP
(MWTPE]WERHGSRXVSPW]SYVQSFMPI
TLSRIWGVIIR[LIRGSRRIGXIHXS
]SYV4'
1SYWIGSRXVSP%PPS[W]SYXS
GSRXVSP]SYVQSFMPITLSRIF]YWMRK
XLIQSYWIXSGPMGOERHHVEKSR]SYV
4'WGVIIR
8I\XMRTYX[MXLOI]FSEVH%PPS[W
]SYXSGSQTSWIEXI\XQIWWEKI
SVRSXIYWMRK]SYVGSQTYXIV
OI]FSEVH
*MPIXVERWJIVQSFMPITLSRIXS
4'7IRHWEJMPIJVSQ]SYVQSFMPI
TLSRIIK+EPPIV]:MHIS4PE]IV
1YWMGERH4SPEVMW3JJMGIXS]SYV
4'7MQTP]VMKLXGPMGOERHHVEKXS
WIRHEJMPIXS]SYV4'
*MPIXVERWJIV4'XSQSFMPI
TLSRI7IRHWJMPIWJVSQ]SYV4'
XS]SYVQSFMPITLSRI7MQTP]WIPIGX
XLIJMPIW]SY[MWLXSXVERWJIVERH
HVEKERHHVSTMRXSXLI3R7GVIIR
4LSRI[MRHS[8LIJMPIW]SYWIRH
EVIWXSVIHSR374JSPHIV
6IEPXMQIIZIRXRSXMJMGEXMSRW
4VSQTXWETSTYTXSMRJSVQ]SYSJ
ER]MRGSQMRKGEPPWSVXI\XEW[IPP
EWEPEVQERHIZIRXRSXMJMGEXMSRW
d
d
d
d
d
d

0+3R7GVIIR4LSRI
0+,SQI4ERSVEQE7LS[WXLI
[LSPI[SVOWTEGIWSJ0+,SQI=SY
GERIEWMP]SVKERMWIMGSRWSV[MHKIXW
ERHVYRERETTPMGEXMSRF]HSYFPI
GPMGOMRKXLIWLSVXGYX
4PIEWIQEOIWYVI0+,SQIMWE
HIJEYPXPEYRGLIV
-RWXEPPMRK3R7GVIIR4LSRISR
]SYV4'
-J]SYMRWXEPP0+4'7YMXI-:XLI3R
7GVIIR4LSRITVSKVEQ[MPPEPWSFI
HS[RPSEHIHSR]SYV4'8LIR]SY
GERMRWXEPPXLI3R7GVIIR4LSRISR
]SYV4'
'SRRIGXMRK]SYVTLSRIXS]SYV
4'
3R7GVIIR4LSRITVSZMHIW97&
&PYIXSSXLERH;M*MGSRRIGXMSR
4PIEWIJSPPS[XLIMRWXVYGXMSRSR
'SRRIGXMSR;M^EVHSJ374TVSKVEQ
d4PIEWIQEOIWYVIXLEX3R7GVIIR
4LSRIGLIGOFS\MR7IXXMRKW"
;MVIPIWWRIX[SVO"3R7GVIIR
4LSRIWIXXMRKWMWWIPIGXIH
4PIEWIQEOIWYVIXLEXXLI
FEXXIV]QE]VYRSYXQSVIUYMGOP]
HYIXSXLIGYVVIRXGSRWYQTXMSR
MJ3R7GVIIR4LSRIMWGSRRIGXIH
ZME;M*M
'LIGOMRKXLI3R7GVIIR4LSRI
GSRRIGXMSR
3RGIXLIHIZMGIWLEZIFIIR
GSRRIGXIHHVEKHS[RXLIWXEXYW
FEVEXXLIXSTSJXLILSQIWGVIIR
XSGLIGOXLI3R7GVIIR4LSRI
GSRRIGXMSRWXEXYW
(MWGSRRIGXMRK]SYVTLSRIJVSQ
]SYV4'
'PMGO MRXLIXSTPIJXSJXLI3R
7GVIIR4LSRI[MRHS[3VHVEKHS[R
XLIRSXMJMGEXMSRFEVEXXLIXSTSJXLI
LSQIWGVIIRERHWIPIGX3R7GVIIR
4LSRIGSRRIGXIH8SYGL3OMRXLI
HMWGSRRIGXHMEPSK

7IXXMRKW

7)88-2+7
-RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEFXLIRWGVSPPXS
ERHXSYGL7IXXMRKW
;MVIPIWWRIX[SVOW
,IVI]SYGERQEREKI;M*MERH
&PYIXSSXL=SYGEREPWSWIXYTQSFMPI
RIX[SVOWERHW[MXGLXSEMVTPERI
QSHI
%MVTPERIQSHIi%JXIVW[MXGLMRK
XSEMVTPERIQSHIEPP[MVIPIWW
GSRRIGXMSRWEVIHMWEFPIH
;M*Mi8YVRWSR;M*MXSGSRRIGXXS
EZEMPEFPI;M*MRIX[SVOW
;M*MWIXXMRKWi%PPS[W]SYXSWIXYT
ERHQEREKI[MVIPIWWEGGIWWTSMRXW
7IXRIX[SVORSXMJMGEXMSRSVEHHE
;M*MRIX[SVO8LIEHZERGIH;M*M
WIXXMRKWWGVIIRMWEGGIWWIHJVSQ
XLI;M*MWIXXMRKWWGVIIR4VIWWXLI
1IRYOI]ERHXSYGL%HZERGIH
;M*M(MVIGX7IXXMRKWi7IX;M*M
(MVIGXHIZMGIREQIERHWGERJSV
SXLIVHIZMGIW
,S[XSSFXEMRXLI1%'EHHVIWW
8SWIXYTEGSRRIGXMSRMRWSQI
[MVIPIWWRIX[SVOW[MXL1%'
JMPXIVW]SYQE]RIIHXSIRXIVXLI
1%'EHHVIWWSJ]SYV0+4
MRXSXLIVSYXIV
=SYGERJMRHXLI1%'EHHVIWW
MRXLIJSPPS[MRKYWIVMRXIVJEGI
8SYGL%TTPMGEXMSR"7IXXMRKW
";MVIPIWWRIX[SVOW";M*M
WIXXMRKWERHTVIWWXLI1IRYOI]
8LIRWIPIGX%HZERGIH"1%'
%HHVIWW
&PYIXSSXLi8YVRWSR&PYIXSSXLXS
GSRRIGXXS&PYIXSSXLHIZMGIW
&PYIXSSXLWIXXMRKWi7IXHIZMGI
REQIHMWGSZIVEFPIQSHIWGERJSV
SXLIVHIZMGIW%PXIVREXMZIP]GLIGOE
PMWXSJ&PYIXSSXLHIZMGIWXLEX]SYZI
TVIZMSYWP]GSRJMKYVIHEW[IPPEW
XLSWIHIXIGXIH[LIRXLITLSRIPEWX
WGERRIHJSV&PYIXSSXLHIZMGIW
8IXLIVMRKTSVXEFPILSXWTSXi=SY
GERGSRJMKYVIXLI97&XIXLIVMRKERH
TSVXEFPI;M*MLSXWTSXWIXXMRKW

7IXXMRKW

:42WIXXMRKWi(MWTPE]WXLIPMWXSJ
:MVXYEP4VMZEXI2IX[SVOW:42WXLEX
]SYZITVIZMSYWP]GSRJMKYVIH%PPS[W
]SYXSEHHHMJJIVIRXX]TIWSJ:42
1SFMPIRIX[SVOWi7IXSTXMSRW
JSVHEXEVSEQMRKRIX[SVOQSHI
STIVEXSVWEGGIWWTSMRXREQIW
%42WERHWSSR
3R7GVIIR4LSRIWIXXMRKWi%PPS[W
]SYXSXYVRSR3R7GVIIR4LSRI
ERHXSGLERKIXLI3R7GVIIR4LSRI
TEWW[SVHXLIHIJEYPXTEWW[SVHMW

'EPPWIXXMRKW
*M\IH(MEPMRK2YQFIVW"
7IPIGX*M\IH(MEPMRK2YQFIVWXS
XYVRSRERHGSQTMPIEPMWXSJRYQFIVW
XLEXGERFIGEPPIHJVSQ]SYVTLSRI
=SYPPRIIH]SYV4-2[LMGLMW
EZEMPEFPIJVSQ]SYVSTIVEXSV3RP]
RYQFIVW[MXLMRXLIJM\IHHMEPPMWXGER
FIGEPPIHJVSQ]SYVTLSRI
:SMGIQEMP"
:SMGIQEMPWIVZMGIi%PPS[W]SY
XSWIPIGX]SYVGEVVMIVWZSMGIQEMP
WIVZMGI
:SMGIQEMPWIXXMRKWi-J]SYEVIYWMRK
]SYVGEVVMIVWZSMGIQEMPWIVZMGIXLMW
STXMSREPPS[W]SYXSIRXIVXLITLSRI
RYQFIVXSYWIJSVPMWXIRMRKXSERH
QEREKMRK]SYVZSMGIQEMP
3XLIVGEPPWIXXMRKW"
'EPPFEVVMRKi7IPIGX[LIR]SY
[SYPHPMOIGEPPWXSFIFEVVIH)RXIV
XLIGEPPFEVVMRKTEWW[SVH4PIEWI
GLIGO[MXL]SYVRIX[SVOSTIVEXSV
EFSYXXLMWWIVZMGI
'EPPVINIGXi%PPS[W]SYXSWIXXLI
GEPPVINIGXJYRGXMSR'LSSWIJVSQ3JJ
6INIGXSRPMWXSV6INIGXEPPGEPPW
)\GYWIQIWWEKIWi;LIR]SY[ERX
XSVINIGXEGEPP]SYGERWIRHEUYMGO
QIWWEKIYWMRKXLMWJYRGXMSR8LMW
MWYWIJYPMJ]SYRIIHXSVINIGXEGEPP
HYVMRKEQIIXMRK
:MHISGEPPWIXXMRKWi'LERKI]SYV
ZMHISGEPPWIXXMRKW
'EPPJSV[EVHMRKi'LSSWI[LIXLIV
XSHMZIVXEPPGEPPW[LIRXLIPMRIMW
FYW][LIRXLIVIMWRSERW[IVSV
[LIR]SYLEZIRSWMKREP
'EPPHYVEXMSRi:MI[XLIHYVEXMSRSJ
GEPPWMRGPYHMRKEPPGEPPWHMEPPIHGEPPW
VIGIMZIHGEPPWERHPEWXGEPP
'EPPGSWXWi:MI[XLIGLEVKIW
ETTPMIHXS]SYVGEPPW8LMWWIVZMGIMW
RIX[SVOHITIRHIRXWSQISTIVEXSVW
HSRSXWYTTSVXXLMWJYRGXMSR
%HHMXMSREPWIXXMRKWi8LMWPIXW]SY
GLERKIXLIJSPPS[MRKWIXXMRKW
'EPPIV-('LSSWI[LIXLIVXS
HMWTPE]]SYVRYQFIVSRER
SYXKSMRKGEPP
d

7IXXMRKW
'EPP[EMXMRK-JGEPP[EMXMRK
MWEGXMZEXIHXLILERHWIX[MPP
RSXMJ]]SYSJERMRGSQMRKGEPP
[LMPI]SYEVISRXLITLSRI
HITIRHMRKSR]SYVRIX[SVO
TVSZMHIV
d
7SYRH
+IRIVEP"
7MPIRXQSHIi%PPS[W]SYXSWMPIRGI
EPPWSYRHWMRGPYHMRKGEPPERH
RSXMJMGEXMSRVMRKXSRIWI\GITXXLI
EYHMSJVSQQYWMGERHZMHISWERH
ER]EPEVQW]SYLEZIWIX1IHMEERH
EPEVQWQYWXFIWMPIRGIHMRXLIMVS[R
ETTPMGEXMSRW
:MFVEXIi%PPS[W]SYXSWIX]SYV
TLSRIXSZMFVEXI[LIR]SYVIGIMZIER
MRGSQMRKGEPP
:SPYQIiEPPS[W]SYXSWIXXLI
ZSPYQIJSVVMRKXSRIWQIHMEERH
EPEVQW-J]SYYRGLIGOXLISTXMSR
YWIMRGSQMRKGEPPZSPYQIJSV
RSXMJMGEXMSRW]SYGERWIXXLIZSPYQI
JSVMRGSQMRKGEPPWERHRSXMJMGEXMSRW
WITEVEXIP]
-RGSQMRKGEPPW"
4LSRIVMRKXSRIi%PPS[W]SYXSWIX
]SYVHIJEYPXMRGSQMRKGEPPVMRKXSRI
2SXMJMGEXMSRW"
2SXMJMGEXMSRVMRKXSRIi%PPS[W
]SYXSWIX]SYVHIJEYPXRSXMJMGEXMSR
VMRKXSRI
*IIHFEGO"
%YHMFPIXSYGLXSRIWi%PPS[W]SY
XSWIXXLITLSRIXSTPE]XSRIW[LIR
YWMRKXLIHMEPTEHXSHMEPRYQFIVW
%YHMFPIWIPIGXMSRi%PPS[W]SYXS
WIX]SYVTLSRIXSTPE]EWSYRH[LIR
]SYXSYGLFYXXSRWMGSRWERHSXLIV
SRWGVIIRMXIQWXLEXVIEGXXS]SYV
XSYGL
7GVIIRPSGOWSYRHWi%PPS[W]SYXS
WIX]SYVTLSRIXSTPE]EWSYRH[LIR
PSGOMRKERHYRPSGOMRKXLIWGVIIR
,ETXMGJIIHFEGOi%PPS[W]SYXSWIX
]SYVTLSRIXSZMFVEXIFVMIJP][LIR
]SYXSYGLXLIWSJXOI]WERHGEVV]SYX
SXLIVEGXMSRW
(MWTPE]
&VMKLXRIWWi%HNYWXXLIWGVIIR
FVMKLXRIWW
%YXSVSXEXIWGVIIRi7IXXSW[MXGL
SVMIRXEXMSREYXSQEXMGEPP][LIR]SY
VSXEXIXLITLSRI
%RMQEXMSRi7IXXSHMWTPE]ER
ERMQEXMSR
7GVIIRXMQISYXi7IXXLIXMQIJSV
WGVIIRXMQISYX

7IXXMRKW
(MWTPE]JSRXi'LERKIXLIHMWTPE]
JSRX
+IWXYVI
9WIQSXMSRKIWXYVIWi%HNYWXXLI
KIWXYVIWIXXMRKWJSVXLIXI\XMRTYX
JMIPHMRGSQMRKGEPPEPEVQKEPPIV]ERH
ZMHISTPE]IV
6IWIXKIWXYVIWIRWSVi'EPMFVEXI
XLIQSXMSRWIRWSV[MXLXLITLSRI
TPEGIHSREJPEXWYVJEGI
0SGEXMSRWIGYVMX]
9WI[MVIPIWWRIX[SVOWi-J]SY
WIPIGX9WI[MVIPIWWRIX[SVOW]SYV
TLSRIHIXIVQMRIW]SYVETTVS\MQEXI
PSGEXMSRYWMRK;M*MERHQSFMPI
RIX[SVOW;LIR]SYWIPIGXXLMW
STXMSR]SYVIEWOIH[LIXLIV]SY
GSRWIRXXSEPPS[MRK+SSKPIXSYWI
]SYVPSGEXMSR[LIRTVSZMHMRKXLIWI
WIVZMGIW
9WI+47WEXIPPMXIWi-J]SYWIPIGX
9WI+47WEXIPPMXIW]SYVTLSRI
HIXIVQMRIW]SYVPSGEXMSRXSWXVIIX
PIZIPEGGYVEG]
7IXYTWGVIIRPSGOi7IXERYRPSGO
TEXXIVRXSWIGYVI]SYVTLSRI
3TIRWEWIXSJWGVIIRWXLEXKYMHI
]SYXLVSYKLHVE[MRKEWGVIIR
YRPSGOTEXXIVR=SYGERWIXE4-2SV
4EWW[SVHMRWXIEHSJE4EXXIVRSV
PIEZIMXEW2SRI
;LIR]SYXYVRSR]SYVTLSRISV
[EOIYTXLIWGVIIR]SYVIEWOIHXS
HVE[]SYVYRPSGOTEXXIVRXSYRPSGO
XLIWGVIIR
7IXYT7-169-1GEVHPSGOi7IX
YT7-169-1GEVHPSGOSVGLERKIXLI
7-169-14-2
:MWMFPITEWW[SVHWi7IPIGXXSWLS[
TEWW[SVHWEW]SYX]TIXLIQSV
HIWIPIGXXSLMHITEWW[SVHWEW]SY
X]TIXLIQ
7IPIGXHIZMGIEHQMRMWXVEXSVWi%HH
SRISVQSVIEHQMRMWXVEXSVW
9WIWIGYVIGVIHIRXMEPWi%PPS[W]SY
XSEGGIWWWIGYVIGIVXMJMGEXIW
-RWXEPPJVSQ7(GEVHi'LSSWIXS
MRWXEPPIRGV]TXIHGIVXMJMGEXIWJVSQ
]SYV7(GEVH
7IXTEWW[SVHi7IXSVGLERKIXLI
GVIHIRXMEPWXSVEKITEWW[SVH
'PIEVWXSVEKIi'PIEVGVIHIRXMEPWJSV
EPPGSRXIRXERHVIWIXTEWW[SVH
%TTPMGEXMSRW
=SYGERZMI[ERHQEREKIXLI
ETTPMGEXMSRW
9RORS[RWSYVGIWi(IJEYPXWIXXMRK
XSMRWXEPPRSR1EVOIXETTPMGEXMSRW

7IXXMRKW
"
;%62-2+
(ITIRHMRKSRXLIETTPMGEXMSRW
]SYMRWXEPPXLIQSFMPITLSRIQE]
RSXSTIVEXIGSVVIGXP]ERHGSYPH
FIMPPIKEPP]YWIHXSIWXEFPMWL
]SYVPSGEXMSRERHKEMREGGIWW
XSTIVWSREPMRJSVQEXMSRZMEXLI
-RXIVRIX
8STVSXIGX]SYVTLSRIERH
TIVWSREPHEXESRP]HS[RPSEH
ETTPMGEXMSRWJVSQXVYWXIHWSYVGIW
WYGLEW%RHVSMH1EVOIX
1EREKIETTPMGEXMSRWi1EREKIERH
VIQSZIMRWXEPPIHETTPMGEXMSRW
6YRRMRKWIVZMGIWi'LIGOWIVZMGIW
XLEXEVIGYVVIRXP]VYRRMRK
7XSVEKIYWIi:MI[WXSVEKIYWIHF]
ETTPMGEXMSRW
&EXXIV]YWEKIi7II[LEXLEWFIIR
YWMRKXLIFEXXIV]
(IZIPSTQIRXi7IXSTXMSRWJSV
ETTPMGEXMSRHIZIPSTQIRX
%GGSYRXWW]RG
+IRIVEPW]RGWIXXMRKW"
&EGOKVSYRHHEXEi4IVQMXW
ETTPMGEXMSRWXSW]RGLVSRMWIHEXE
MRXLIFEGOKVSYRH[LIXLIVSVRSX
]SYEVIEGXMZIP][SVOMRKMRXLIQ
(IWIPIGXMRKXLMWWIXXMRKGERWEZI
FEXXIV]TS[IVERHPS[IVWFYXHSIW
RSXIPMQMREXIHEXEYWEKI
%YXSW]RGi4IVQMXWETTPMGEXMSRWXS
W]RGLVSRMWIWIRHERHVIGIMZIHEXE
XSXLIMVS[RWGLIHYPI
1EREKIEGGSYRXW"
0MWXSJEPP+SSKPIEGGSYRXWERHSXLIV
EGGSYRXW]SYLEZIEHHIHXS]SYV
TLSRI
-J]SYXSYGLEREGGSYRXMRXLMW
WGVIIRMXWEGGSYRXWGVIIRSTIRW
4VMZEG]
*EGXSV]HEXEVIWIXi-J]SYWIPIGX
*EGXSV]HEXEVIWIXMX[MPPIVEWIEPPSJ
]SYVTIVWSREPHEXEJVSQXLIMRXIVREP
TLSRIWXSVEKIMRGPYHMRKMRJSVQEXMSR
EFSYX]SYV+SSKPIEGGSYRXER]
SXLIVEGGSYRXW]SYVW]WXIQ
ETTPMGEXMSRHEXEERHWIXXMRKWER]
HS[RPSEHIHETTPMGEXMSRWERH]SYV
(61PMGIRGI
6IWIXXMRKXLITLSRI[MPPRSXIVEWI
ER]W]WXIQWSJX[EVIYTHEXIW]SY
LEZIHS[RPSEHIHSVER]JMPIWSR
]SYVQMGVS7(GEVHWYGLEWQYWMG
SVTLSXSW-J]SYVIWIXXLITLSRI
MRXLMW[E]]SYEVITVSQTXIHXS
VIIRXIVXLIWEQIMRJSVQEXMSRXLEX
]SYIRXIVIH[LIR]SYJMVWXWXEVXIH
%RHVSMH

7IXXMRKW
7XSVEKI
97&GSRRIGXMSRQSHI"
1EWWWXSVEKISRP]i=SYVTLSRIGER
FIYWIHEWEQEWWWXSVEKIHIZMGIMJ
]SYLEZIEQIQSV]GEVHMRWIVXIH
=SYGERWIX1EWWWXSVEKISRP]EWE
HIJEYPXWIXXMRKJSV97&GSRRIGXMSR
QSHI
7(GEVH"
'LIGOXSXEPEZEMPEFPI7(GEVHWTEGI
8SYGL9RQSYRX7(GEVHJSVWEJI
VIQSZEP)VEWI7(GEVHMJ]SY[ERX
XSHIPIXIEPPHEXEJVSQXLI7(GEVH
-RXIVREPWXSVEKI"
'LIGOWXLIEZEMPEFPIWTEGI
0ERKYEKIOI]FSEVH
9WIXLI0ERKYEKIOI]FSEVH
WIXXMRKWXSWIPIGXXLIPERKYEKIERH
VIKMSRJSVXLIXI\XSR]SYVTLSRI
ERHJSVGSRJMKYVMRKXLISRWGVIIR
OI]FSEVHMRGPYHMRK[SVHW]SYZI
EHHIHXSMXWHMGXMSREV]
:SMGIMRTYXSYXTYX
:SMGIMRTYX"
:SMGIVIGSKRMXMSRWIXXMRKWi9WI
XLI:SMGIVIGSKRMXMSRWIXXMRKWXS
GSRJMKYVIXLI%RHVSMHZSMGIMRTYX
JIEXYVI
0ERKYEKI3TIRWEWGVIIR[LIVI
]SYGERWIXXLIPERKYEKI]SYYWI
WTIIGLXSIRXIVXI\X
7EJI7IEVGL3TIRWEHMEPSKFS\
[LIVI]SYGERWIX[LIXLIV]SY
[ERXXLI+SSKPI7EJI7IEVGLJMPXIV
XSFPSGOGIVXEMRVIWYPXW
&PSGOSJJIRWMZI[SVHW;LIR
HIWIPIGXIH+SSKPIZSMGI
VIGSKRMXMSR[MPPVIGSKRMWIERH
XVERWGVMFI[SVHWQER]TISTPI
GSRWMHIVSJJIRWMZI[LIR]SY
YWIWTIIGLXSIRXIVXI\X
;LIRWIPIGXIH+SSKPIZSMGI
VIGSKRMXMSRVITPEGIWXLSWI[SVHW
MRXVERWGVMTXMSRW[MXLETPEGILSPHIV
GSQTVMWIHSJLEWLW]QFSPW
:SMGISYXTYX"
8I\XXSWTIIGLWIXXMRKWi9WI
XLI8I\XXSWTIIGLWIXXMRKWXS
GSRJMKYVIXLI%RHVSMHXI\XXSWTIIGL
W]RXLIWMWIVJSVETTPMGEXMSRWXLEXGER
YWIXLMWJIEXYVI
-J]SYHSRXLEZIWTIIGL
W]RXLIWMWIVHEXEMRWXEPPIHSRP]
XLI-RWXEPPZSMGIHEXEWIXXMRKMW
EZEMPEFPI
0MWXIRXSERI\EQTPI4PE]WEFVMIJ
WEQTPISJXLIWTIIGLW]RXLIWMWIV
YWMRK]SYVGYVVIRXWIXXMRKW
d
d
d
d

7IXXMRKW
%P[E]WYWIQ]WIXXMRKW'LIGO
XSYWIXLIWIXXMRKWSRXLMWWGVIIR
VEXLIVXLERXLIWTIIGLW]RXLIWMWIV
WIXXMRKWEZEMPEFPIMRSXLIV
ETTPMGEXMSRW
(IJEYPX)RKMRI3TIRWEHMEPSK
[LIVI]SYGERWIXXLIXI\XXS
WTIIGLETTPMGEXMSR]SY[ERXXSYWI
MJ]SYLEZIQSVIXLERSRIMRWXEPPIH
-RWXEPPZSMGIHEXE-J]SYVTLSRI
HSIWRSXLEZIWTIIGLW]RXLIWMWIV
HEXEMRWXEPPIHXLMWGSRRIGXWXS
%RHVSMH1EVOIXERHKYMHIW]SY
XLVSYKLXLITVSGIWWSJHS[RPSEHMRK
ERHMRWXEPPMRKXLIHEXE8LMWWIXXMRK
MWRSXEZEMPEFPIMJXLIHEXEMWEPVIEH]
MRWXEPPIH
7TIIGLVEXI3TIRWEHMEPSK[LIVI
]SYGERWIPIGXLS[UYMGOP]]SY
[ERXXLIW]RXLIWMWIVXSWTIEO
0ERKYEKI3TIRWEHMEPSK[LIVI
]SYGERWIPIGXXLIPERKYEKISJ
XLIXI\X]SY[ERXXLIW]RXLIWMWIV
XSVIEH8LMWMWTEVXMGYPEVP]YWIJYP
[LIRGSQFMRIH[MXL%P[E]WYWI
Q]WIXXMRKWXSIRWYVIXI\XMW
WTSOIRGSVVIGXP]EGVSWWEZEVMIX]SJ
ETTPMGEXMSRW
4MGS887'SRJMKYVIXLI4MGS887
WIXXMRKW
d
d
d
d
d
d
%GGIWWMFMPMX]
9WIXLI%GGIWWMFMPMX]WIXXMRKWXS
GSRJMKYVIEGGIWWMFMPMX]TPYKMRW]SY
LEZIMRWXEPPIHSR]SYVTLSRI
6IUYMVIWEHHMXMSREPTPYKMRW
(EXIXMQI
9WI(EXIXMQIWIXXMRKWXSWIXLS[
HEXIWEVIHMWTPE]IH=SYGEREPWSYWI
XLIWIWIXXMRKWXSWIX]SYVS[RXMQI
ERHXMQI^SRIVEXLIVXLERSFXEMRMRK
XLIGYVVIRXXMQIJVSQXLIQSFMPI
RIX[SVO
%FSYXTLSRI
:MI[PIKEPMRJSVQEXMSRERHGLIGO
TLSRIWXEXYWERHWSJX[EVIZIVWMSR
4LSRIWSJX[EVIYTHEXI
0+1SFMPITLSRIWSJX[EVIYTHEXI
JVSQXLI-RXIVRIX
*SVQSVIMRJSVQEXMSREFSYXYWMRKXLMW
JYRGXMSRTPIEWIZMWMXLXXTYTHEXI
PKQSFMPIGSQSVLXXT[[[PKGSQ
GSQQSRMRHI\NWT WIPIGXGSYRXV]
ERHPERKYEKI

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