One World Technologies GD125 Garage Door Opener User Manual GD125 220 trilingual 01 EN

One World Technologies, Inc. Garage Door Opener GD125 220 trilingual 01 EN

Contents

Users Manual-2

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%JXIVXLIWIRWSVWLEZIFIIREPMKRIHVIXMKLXIRJEWXIRIVW
;LIR XLI WIRWSV PIRWIW EVI MR XLI GSVVIGX TSWMXMSR
XLI MRZMWMFPI PMKLX FIEQ IQMXXIH F] XLI XVERWQMXXIV [MPP
FI GETXYVIH F] XLI VIGIMZIV ERH XLI 0)(W [MPP WLMRI
GSRXMRYSYWP]
238)-JERSFNIGXGVSWWIWXLITEXLSJXLIFIEQERSTIR
KEVEKIHSSV[MPPRSXGPSWIERHEGPSWMRKKEVEKIHSSV
WLSYPHWXSTERHVIZIVWIXSXLIJYPP]STIRTSWMXMSR
%PMKRMRKXLIWEJIX]WIRWSVWJSVQYPXMTPIHSSVW
;LIRQYPXMTPIKEVEKIHSSVSTIRIVWEVIMRWXEPPIHI\XVEGEVI
QYWXFIXEOIRXSTVIZIRXQMWEPMKRQIRXERHGVSWWIHWMKREPW
FIX[IIRIEGLWIXSJWIRWSVW
;LIVITSWWMFPIMRWXEPPXVERWQMXXMRKWEJIX]WIRWSVWSRER
EHNEGIRXWYVJEGIJEGMRKE[E]JVSQIEGLSXLIVERHXS[EVH
XLIVIGMIZIVW
'SRRIGXXLIKEVEKIHSSVSTIRIVXSER%'TS[IVWYTTP]
 238)1EOIWYVIXLITS[IVWYTTP]MWRSVQEPLSYWILSPH
ZSPXEKIZSPXW%'SRP],^
%PMKRIEGLWIXSJWIRWSVWEWHIWGVMFIHIEVPMIV
)RKPMWL
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7%*)8=7)2736(-%+2378-'*))(&%'/
0)(*92'8-327
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32 32 2STVSFPIQMRHMGEXIH 2SEGXMSRVIUYMVIH
3** 3**
4S[IVLIEHMWYRTPYKKIH
;MVIW JVSQ TS[IV LIEH QE] FI
HEQEKIH
;MVIWRSXGSRRIGXIH
;MVIWGSRRIGXIHXSXLI[VSRKXIVQMREP
3RISVFSXLWIRWSVWEVIHIJIGXMZI
'SRRIGXXSTS[IVWYTTP]
6ITPEGIHEQEKIHSVFVSOIR[MVIW
'SRRIGX[MVIWXSTS[IVLIEH
'SRRIGX[MVIWXSXLIGSVVIGXXIVQMREP
'SRXEGX GYWXSQIV WIVZMGI JSV
EWWMWXERGI
3** 32 3RISVFSXLWIRWSVWEVIHIJIGXMZI 'SRXEGX GYWXSQIV WIVZMGI JSV
EWWMWXERGI
32 3**
8LIWEJIX]WIRWSVWEVISYXSJEPMKRQIRX
8LIWEJIX]WIRWSVWEVISFWXVYGXIH
3RISVFSXLWIRWSVWEVIHIJIGXMZI
7EJIX] WIRWSV XVERWQMXXIV MW RSX
WIRHMRKFIEQ
%PMKRXLIWEJIX]WIRWSVW
6IQSZI EPP SFNIGXW FIX[IIR XLI
WEJIX]WIRWSVW
'SRXEGX GYWXSQIV WIVZMGI JSV
EWWMWXERGI
'SRXEGX GYWXSQIV WIVZMGI JSV
EWWMWXERGI
32 *0-'/)6-2+
7EJIX] WIRWSV VIGIMZIV MW MR HMVIGX
WYRPMKLX
3RISVFSXLWIRWSVWEVIHIJIGXMZI
'LERKI XLI TSWMXMSR SJ XLI WIRWSV
VIGIMZIVSVVIZIVWIXLITSWMXMSRWSJ
FSXLWIRWSVW7IIJMKYVI
'SRXEGX GYWXSQIV WIVZMGI JSV
EWWMWXERGI
)RKPMWL
7)88-2+8,)(33686%:)00-1-87
8JJ+NLZWJX
(%2+)6
)RWYVIXLEXXLIWEJIX]WIRWSVWEVIMRWXEPPIHERH[SVOMRK
TVSTIVP];MXLSYXXLITVSTIVWEJIX]HIZMGIWMRTPEGIE
GPSWMRKKEVEKIHSSVGSYPHOMPPSVWIVMSYWP]MRNYVIWSQISRI
MRMXWTEXL
238-')
8LMW XEWO VIUYMVIW XLI KEVEKI HSSV STIRIV XS FI
GSRRIGXIHXSETS[IVWSYVGI
8LIGSRWSPISR]SYVKEVEKIHSSVSTIRIVQEOIWMXIEW]XS
WIXXLISTIRERHGPSWITSWMXMSRWSJ]SYVHSSV8LISTIRIV
[MPPEYXSQMGEPP]WIRWIXLI[IMKLXSJ]SYVHSSVERHTVSZMHI
XLIJSVGIVIUYMVIHXSSTIRERHGPSWIMX
*MK
-278%00%8-32
*YPP]3TIR
4SWMXMSR
*YPP]3TIR
4SWMXMSR
*YPP]'PSWIH
4SWMXMSR
*MK
*MK
*MK
;M*M 4VSKVEQ 7IX (S[R 9T
)RKPMWL
'SVVIGX
*YPP]3TIR4SWMXMSR
-RGSVVIGX
*YPP]3TIR4SWMXMSR
*MK
*MK
;LIR E KEVEKI HSSV MW JYPP] GPSWIH XLIVI WLSYPHRX FI
ER]WTEGIFIX[IIRXLIHSSVERHXLIKEVEKIJPSSV;LIRE
HSSVMWJYPP]STIRMXWLSYPHTVSZMHIIRSYKLGPIEVERGIJSV
ZILMGPIW XS XVEZIP WEJIP] YRHIVRIEXL MX 9WI GEYXMSR [LIR
WIXXMRKXLISTIRTSWMXMSRJSVWMRKPITERIPKEVEKIHSSVW-J
EWMRKPITERIPHSSVMWSTIRIHWSJEVXLEXMXFIKMRWXSWPERX
FEGO[EVHWI\GIWWMZIFSYRGMRKERHNIVOMRKQE]SGGYVEW
XLIHSSVQSZIWWIIJMKYVI
238-')
(SRSXSTIRSVGPSWIXLIKEVEKIHSSVYWMRKXLIMRHSSV
OI]TEH SV VIQSXIW YRXMP XLI XVEZIP PMQMXW LEZI FIIR
TVSTIVP]WIX (SMRK WS GSYPH GEYWI WIZIVIHEQEKIXS
XLIKEVEKIHSSVSVXLIKEVEKIHSSVSTIRIV
'SRRIGXXLIKEVEKIHSSVSTIRIVXSER%'TS[IVWYTTP]
 238)1EOIWYVIXLITS[IVWYTTP]MWRSVQEPLSYWILSPH
ZSPXEKIZSPXW%'SRP],^
&IJSVIWIXXMRKXLIXVEZIPPMQMX
4YPPXLIIQIVKIRG]VIPIEWIVSTIHS[RERHQERYEPP]STIR
XLIKEVEKIHSSVYRXMPXLISYXIVXVSPPI]IRKEKIWXLIMRRIV
XVSPPI]
;%62-2+
'SRJMVQXLEXXLIMRRIVXVSPPI]MWMRXLISVMIRXEXMSRWLS[R
MRJMKYVI%RMRGSVVIGXP]MRWXEPPIHMRRIVXVSPPI]GSYPH
VIWYPXMRXLIKEVEKIHSSVSTIRIVSTIVEXMRKMRXLISTTSWMXI
HMVIGXMSRJVSQMXWMRXIRHIHQSZIQIRXERHVIWYPXMRHIEXL
SVWIVMSYWTIVWSREPMRNYV]JVSQXLIQSZMRKKEVEKIHSSV
3RGI]SYFIKMRWIXXMRKXLIXVEZIPPMQMXW]SYLEZIX[SQMR
YXIWXSGSQTPIXIIEGLWXIT-JEWXITMWRSXGSQTPIXIH[MXLMR
X[SQMRYXIWXVEZIPPMQMXMRJSVQEXMSRJSVXLISTIRERHGPSWIH
TSWMXMSR[MPPFIIVEWIH
8SWIXXLIXVEZIPPMQMXJSVXLISTIRTSWMXMSR
4VIWWERHLSPHXLI94FYXXSRJSVXLVIIWIGSRHW%JXIV
]SYVIPIEWIXLIFYXXSRMX[MPPFIKMRFPMROMRKERHGSRXMRYI
FPMROMRKYRXMPXLIXVEZIPPMQMXLEWFIIRWIX
4VIWWERHLSPHXLI94FYXXSRXSQSZIXLIKEVEKIHSSV
XSXLISTIRTSWMXMSR
*SVJMRIEHNYWXQIRXWTVIWWERHVIPIEWIXLI94SV(3;2
FYXXSRW
3RGIXLIHSSVMWMRXLIHIWMVIHSTIRTSWMXMSRTVIWWXLI
7)8FYXXSRXSWXSVIXLIXVEZIPPMQMX3RGIXLIXVEZIP
PMQMXMWWXSVIHXLI94FYXXSR[MPPWXSTFPMROMRKERHWLMRI
GSRXMRYSYWP]
238) -J XLI WEJIX] WIRWSVW EVI SFWXVYGXIH HYVMRK XLMW
TVSGIWW XVEZIP PMQMX MRJSVQEXMSR JSV XLI STIR ERH GPSWIH
TSWMXMSR[MPPFIIVEWIH
6IPIEWI
0IZIV
3YXIV
8VSPPI]
3YXIV
8VSPPI]
-RRIV
8VSPPI]
-RRIV
8VSPPI]
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)RKPMWL
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*MK
7IX (S[R 9T
*MK
;%62-2+
-J]SYEVIRSXEFPIXSJMVWXWIXXLIXVEZIPPMQMXJSVXLISTIR
TSWMXMSRHSRSXWOMTELIEHERHEXXIQTXXSWIXXLIXVEZIP
PMQMXJSVXLIGPSWIHTSWMXMSR-JXLIXVEZIPPMQMXWHSRSXWIX
ERHXLIHSSVHSIWRSXQSZIMRXLIMRXIRHIHHMVIGXMSREW
HIWGVMFIHMRXLMWWIGXMSRSJXLI3TIVEXSVW1ERYEPHSRSX
YWIXLIKEVEKIHSSVSTIRIVERHGSRXEGXGYWXSQIVWIVZMGI
SVEUYEPMJMIHWIVZMGITIVWSRJSVEWWMWXERGI8LIYWISJE
KEVEKIHSSVSTIRIVXLEXMWRSXSTIVEXMRKXLIKEVEKIHSSV
MRXLIGSVVIGXHMVIGXMSRGEROMPPSVWIVMSYWP]MRNYVIWSQISRI
MRXLIQSZMRKHSSVWTEXL
8SWIXXLIXVEZIPPMQMXJSVXLIGPSWIHTSWMXMSR
4VIWWERHLSPHXLI(3;2FYXXSRJSVXLVIIWIGSRHW%JXIV
]SYVIPIEWIXLIFYXXSRMX[MPPFIKMRFPMROMRKERHGSRXMRYI
FPMROMRKYRXMPXLIXVEZIPPMQMXLEWFIIRWIX
4VIWWERHLSPHXLI(3;2FYXXSRXSQSZIXLIKEVEKI
HSSVXSXLIGPSWIHTSWMXMSR
*SVJMRIEHNYWXQIRXWTVIWWERHVIPIEWIXLI94SV(3;2
FYXXSRW
3RGIXLI HSSVMW MRXLIHIWMVIH GPSWIHTSWMXMSR TVIWW
XLI7)8FYXXSRXSTVSKVEQXLIXVEZIPPMQMX3RGIXLI
XVEZIPPMQMXMWWIXXLI(3;2FYXXSR[MPPWXSTFPMROMRKERH
WLMRIGSRXMRYSYWP]
238) -J XLI WEJIX] WIRWSVW EVI SFWXVYGXIH HYVMRK XLMW
TVSGIWW XVEZIP PMQMX MRJSVQEXMSR JSV XLI STIR ERH GPSWIH
TSWMXMSR[MPPFIIVEWIH
8SXIWXXLIXVEZIPPMQMXW
238)8LIKEVEKIHSSVSTIRIV[MPPRSXVIWTSRHXSXLI
VIQSXIWSVOI]TEHWYRXMPXLIXVEZIPPMQMXWLEZIFIIRXIWXIH
4VIWWERHVIPIEWIXLI94FYXXSRERHIRWYVIXLEXXLIHSSV
QSZIWXSXLITVSKVEQQIHSTIRTSWMXMSR8LIFYXXSR[MPP
FPMROEWXLIHSSVQSZIWXLIRWLMRIGSRXMRYSYWP]SRGI
XLIHSSVMWMRXLISTIRTSWMXMSR
4VIWW ERH VIPIEWI XLI (3;2 FYXXSR XS IRWYVI XLEX
XLI HSSV QSZIW XS XLI TVSKVEQQIH HS[R TSWMXMSR
8LI FYXXSR [MPP FPMRO EW XLI HSSV QSZIW XLIR WLMRI
GSRXMRYSYWP]SRGIXLIHSSVMWMRXLIHS[RTSWMXMSR
238)%JXIVXIWXMRKMWGSQTPIXIXLIPMKLXJSVFSXLXLI94
ERH(3;2FYXXSRW[MPPXYVRSJJ
-JXLIXVEZIPPMQMXW[IVIWIXMRGSVVIGXP]XLI]GERFIGPIEVIH
F]TVIWWMRKERHLSPHMRKXLI94FYXXSRJSVXLVIIWIGSRHW
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-278%00-2+%'')7736-)7
8JJ+NLZWJX
8LI KEVEKI HSSV STIRIV GER TS[IV E ZEVMIX] SJ %' ERH
('EGGIWWSVMIW*SVEGSQTPIXIPMWXSJEGGIWWSVMIWZMWMX
[[[V]SFMXSSPWGSQ
;%62-2+
-RWXEPPMRKERHVIQSZMRKEGGIWWSVMIW[MPPVIUYMVIXLIYWI
SJEPEHHIV9WII\XVIQIGEVI[LIRWXERHMRKSREPEHHIV
)RWYVIWSQISRIMWLSPHMRKXLIPEHHIVSRXLIKVSYRHXS
OIITMXWXEFPI*EMPYVIXSWEJIP]YWIEPEHHIVGERGEYWIE
JEPPERHVIWYPXMRHIEXLSVWIVMSYWTIVWSREPMRNYV]
;%62-2+
9WI SRP] VIGSQQIRHIH EGGIWWSVMIW PMWXIH SR SYV
[IFWMXI MR XLMW QERYEP SV MR EHHIRHYQW 9WI SJ
EGGIWWSVMIW XLEX EVI RSX PMWXIH QE] GEYWI XLI VMWO SJ
TIVWSREPMRNYV]-RWXVYGXMSRWJSVWEJIYWISJEGGIWWSVMIW
EVIMRGPYHIH[MXLXLIEGGIWWSV]
;%62-2+
)RWYVIEGGIWWSVMIWEVITVSTIVP]ERHWIGYVIP]GSRRIGXIH
XSXLIMVTSVXSRXLIKEVEKIHSSVSTIRIV*EMPYVIXSTVSTIVP]
WIGYVIXLIEGGIWWSV]GERGEYWIMXXSJEPPERHGSYPHVIWYPX
MRWIVMSYWTIVWSREPMRNYV]SVTVSTIVX]HEQEKI
*SV('EGGIWWSVMIW
7IPIGX SRI SJ XLI EGGIWWSV] TSVXW XS TS[IV ]SYV ('
EGGIWWSV]
,SSOXLIEGGIWWSV]XSXLIXSTSJXLIKEVEKIHSSVSTIRIV
ERHMRWIVXMXMRXSXLIEGGIWWSV]TSVX)RWYVIXLIFSXXSQ
PEXGL SR XLI EGGIWWSV] MW WIGYVIH XS XLI TSVX SR XLI
KEVEKIHSSVSTIRIV
238)('EGGIWWSVMIW[MPPRSXVIGIMZITS[IVYRPIWWXLI
EGGIWWSV]TSVXLEWFIIREGXMZEXIH7II9WMRKXLI-RHSSV
/I]TEHPEXIVMRXLMWWIGXMSR
(ITVIWWPEXGLIWXSVIPIEWIERHVIQSZIXLIEGGIWWSV]
*SV%'EGGIWWSVMIW
6IQSZIEGGIWWSV]TSVXGSZIVWSRXLIPIJXERHVMKLXSJ
XLI%'VIGITXEGPI
-RWIVX%'EGGIWWSV]MRXSXLI%'VIGITXEGPIEWWLS[R
7IGYVIXLIEGGIWWSV]MRTPEGIF]LSSOMRKMXXSXLIXSTSJ
XLIKEVEKIHSSVSTIRIVERHIRWYVIXLIFSXXSQPEXGLSR
XLIEGGIWWSV]MWWIGYVIHXSXLITSVXSRXLIKEVEKIHSSV
STIRIV
(ITVIWWPEXGLIWXSVIPIEWIERHVIQSZIXLIEGGIWWSV]
%GGIWWSV]
4SVX
%'
6IGITXEGPI
34)6%8-32
4S[IV
'SVH
)RKPMWL
*MK
97-2+8,)-2(336/)=4%(
8JJ+NLZWJ
;%62-2+
/IITQSZMRKHSSVMRWMKLX[LIRYWMRKMRHSSVOI]TEH
'SRXEGX[MXLQSZMRKHSSVGERGEYWI()%8,SVWIVMSYW
MRNYV]
8LIMRHSSVOI]TEHLEWFEGOPMKLXWXLEXXYVRSR[LIRKEVEKI
HSSV STIRIV MW GSRRIGXIH XS E TS[IV WYTTP] ;LIR XLI
OI]TEHMWPSGOIHXLIFEGOPMKLXW[MPPFPMRO
-RWXEPPERH[MVIXLIMRHSSVOI]TEHEWHIWGVMFIHIEVPMIVMR
XLI.SXYFQQFYNTSWIGXMSR
8SVEMWISVPS[IVXLIKEVEKIHSSVTVIWWERHVIPIEWIXLI
94(3;2FYXXSR
8SIRXIVERHI\MXZEGEXMSRQSHITVIWWERHLSPHXLI03'/
FYXXSRSRXLIMRHSSVOI]TEHJSVSRIWIGSRH;LIRXLI
YRMXMWMRZEGEXMSRQSHIMXGERSRP]FIGSRXVSPPIHYWMRK
XLIMRHSSVOI]TEHERHWQEVXTLSRIETT8LIYRMX[MPPRSX
VIWTSRHXSGEVVIQSXIW
9T(S[R
&YXXSR
0MKLX
&YXXSR
0SGO
&YXXSR
%GGIWWSV]
4SVX
%GGIWWSV]
4SVX
%GGIWWSV]
4SVX
%GGIWWSV]
4SVX
238)8LI0)(WMRXLIMRHSSVOI]TEH[MPPFPMRO[LIRXLI
YRMXMWMRZEGEXMSRQSHI
8SXYVRXLI0)(PMKLXWSRERHSJJTVIWWERHVIPIEWIXLI
0-+,8FYXXSR
238);LIRXLI0-+,8FYXXSRMWTVIWWIHXLI0)(
PMKLX[MPPMPPYQMREXIJSVXLVIIQMRYXIW
9WIXLI463+6%1FYXXSRXSGSRRIGXGEVVIQSXIW
XSXLIKEVEKIHSSVSTIRIV6IJIVXS4VSKVEQQMRKXLI
'EV6IQSXIWPEXIVMRXLMWWIGXMSR
9WI XLI ;M*M  FYXXSR XS GSRRIGX XLI KEVEKI HSSV
STIRIV XS E [MVIPIWW RIX[SVO 6IJIV XS 9WMRK XLI
7QEVXTLSRI%TTPEXIVMRXLMWWIGXMSR
%GXMZEXMRKERHHIEGXMZEXMRKEGGIWWSV]TSVXW
8SEGXMZEXIEEGGIWWSV]TSVXTVIWWXLIRYQFIVSRXLI
MRHSSVOI]TEHGSVVIWTSRHMRK[MXLXLIHIWMVIHTSVX*SV
I\EQTPIXSEGXMZEXIEGGIWWSV]TSVXTVIWW291&)6
SR]SYVOI]TEH
238)%REGXMZIEGGIWWSV]TSVXGERFIYWIHXSTS[IV
('EGGIWWSVMIW1YPXMTPITSVXWGERFIEGXMZEXIHEXSRGI
8SHIEGXMZEXIEEGGIWWSV]TSVXTVIWWXLIRYQFIVSRXLI
MRHSSVOI]TEHGSVVIWTSRHMRK[MXLXLITSVX
34)6%8-32
;M*M
&YXXSR
4VSKVEQ
&YXXSR
)RKPMWL
8)78-2+ 8,) %9831%8-' 6):)67%0
7=78)1
8JJ+NLZWJ
(%2+)6
8IWXXLIEYXSQEXMGVIZIVWEPW]WXIQEJXIVMRWXEPPEXMSRTVMSV
XSJMVWXYWIIZIV]QSRXLERHEJXIVER]EHNYWXQIRXWEVI
QEHIXSXLIKEVEKIHSSVXVEZIPPMQMXW-JXLIHSSVGSRXEGXW
ERSFNIGXLMKLIVXLERMRSJJXLIKEVEKIJPSSVETTVS\
XLIWM^ISJE\PEMHJPEXMXWLSYPHWXSTERHVIZIVWIXS
XLIJYPP]STIRTSWMXMSR-JXLIEYXSQEXMGVIZIVWEPW]WXIQ
HSIWRSXJYRGXMSRTVSTIVP]
EGPSWMRKKEVEKIHSSVGSYPH
OMPPSVWIVMSYWP]MRNYVIWSQISRIMRMXWTEXL
;%62-2+
(3 238 STIVEXI XLI KEVEKI HSSV STIRIV YRPIWW XLI
EYXSQEXMGVIZIVWEPW]WXIQMW[SVOMRKGSVVIGXP]*SPPS[MRK
XLMWVYPI[MPPVIHYGIXLIVMWOSJHIEXLSVWIVMSYWTIVWSREP
MRNYV]
4VIWWERHVIPIEWIXLI94(3;2FYXXSRSRXLIMRHSSV
OI]TEHXSVEMWIXLIKEVEKIHSSV
4PEGIEMRFSEVH
ETTVS\XLIWM^ISJE\PEMHJPEX
SRXLIKEVEKIJPSSVFIRIEXLXLIHSSV
4VIWWERHVIPIEWIXLI94(3;2FYXXSRSRXLIMRHSSV
OI]TEHXSPS[IVXLIKEVEKIHSSV
;LIRXLIHSSVWXVMOIW
XLIFSEVHMXWLSYPHVIZIVWIHMVIGXMSRMQQIHMEXIP]
-JXLIKEVEKIHSSVVIZIVWIWHMVIGXMSREJXIVGSRXEGXMRKXLI
FSEVHXLIVIZIVWEP W]WXIQMW[SVOMRKTVSTIVP]ERH RS
EHNYWXQIRXWEVIRIIHIH
-JXLIKEVEKIHSSVWXSTWFIJSVIWXVMOMRKXLIFSEVHSV
WXVMOIWXLIFSEVHERHXLIRWXSTWMRGVIEWIXLIXVEZIPPMQMX
JSVXLIGPSWIHTSWMXMSRERHVITIEXXLIXIWX
-JXLIEYXSQEXMGVIZIVWEPW]WXIQGSRXMRYIWXSJEMPGSRXEGX
GYWXSQIV WIVZMGI SV E UYEPMJMIH WIVZMGI TIVWSR JSV
EWWMWXERGI
*MK
\
9T(S[R
&YXXSR
34)6%8-32
)RKPMWL
463+6%11-2+8,)'%66)138)7
8JJ+NLZWJ
;%62-2+
/IIT QSZMRK HSSV MR WMKLX [LIR YWMRK GEV VIQSXIW
'SRXEGX[MXLQSZMRKHSSVGERGEYWI()%8,SVWIVMSYW
MRNYV]
3RGI]SYFIKMRTVSKVEQQMRKXLIGEVVIQSXIW]SYLEZIX[S
QMRYXIWXSGSQTPIXIIEGLWXIT-JEWXITMWRSXGSQTPIXIH
[MXLMRX[SQMRYXIWTVSKVEQQMRKMRJSVQEXMSR[MPPFIIVEWIH
4VIWW XLI 463+6%1  FYXXSR SR XLI KEVEKI HSSV
STIRIVWGSRWSPISVMRHSSVOI]TEH
8LIQEMRKEVEKIHSSVSTIRIVW0)(W[MPPXYVRSJJERHXLI
463+6%1FYXXSR[MPPJPEWLXLVIIXMQIW
7IPIGXFYXXSRSVSRXLIGEVVIQSXI4VIWWXLIFYXXSR
SRGI
8LIGEVVIQSXIWKVIIR0)([MPPJPEWL
8LI463+6%1FYXXSRSRXLIQEMRYRMXERHMRHSSV
OI]TEH[MPPJPEWLXLVIIXMQIW
8LIKEVEKIHSSVSTIRIVQEMRYRMX0)(W[MPPXYVRSR
8SZIVMJ]XLEXXLITVSKVEQMWWIXTVIWWXLIGEVVIQSXI
FYXXSR]SYWIPIGXIHIEVPMIV
8LIKEVEKIHSSV[MPPSTIRSVGPSWI
6ITIEXXLMWTVSGIWWXSW]RGXLIKEVEKIHSSVSTIRIV[MXL
EREHHMXMSREPVIQSXI
238)&YXXSRWERHGERRSXFSXLFITVSKVEQQIHXSXLI
WEQIKEVEKIHSSVSTIRIV
238)7EJIX]WIRWSVWQYWXEP[E]WFIGSRRIGXIHTVSTIVP]
JSVXLIHSSVXSSTIVEXIJVSQXLIGEVVIQSXI
238)8LIKEVEKIHSSVSTIRIVGERRSXFISTIVEXIH[MXLE
GEVVIQSXIYRXMPXVEZIPPMQMXWLEZIFIIRWIX
97-2+8,)71%684,32)%44
8JJ+NLZWJ
;%62-2+
8SVIHYGIXLIVMWOSJMRNYV]XSTIVWSRWr3RP]IREFPIXLI
6=3&- +EVEKI (SSV 3TIRIV %GGIWWSV] 7]WXIQ %TT
JIEXYVI[LIRMRWXEPPIH[MXLEWIGXMSREPHSSV
;%62-2+
(IZMGIW SV JIEXYVIW WYGL EW XLI 6=3&- +EVEKI (SSV
3TIRIV%GGIWWSV]7]WXIQ%TTXLEXEPPS[]SYXSSTIR
ERHGPSWIXLIKEVEKI[MXLSYXXLIKEVEKIHSSVFIMRKMR
ZMI[WLSYPHSRP]FIYWIH[MXLWIGXMSREPKEVEKIHSSVW
*MK
'EV
6IQSXI
:MWSV
'PMT
&YXXSRW *MK
34)6%8-32
238)%;M*MVSYXIVGSRRIGXIHXSXLIMRXIVRIXMWVIUYMVIH
XSYWIXLIWQEVXTLSRIETT=SY[MPPRSXFIEFPIXSSTIR
]SYV KEVEKI HSSV SV VIGIMZI SXLIV MRJSVQEXMSR JVSQ
MRWXEPPIHEGGIWWSVMIWYWMRKXLIWQEVXTLSRIETTMJ]SYV
LSQIW;M*MGSRRIGXMSR[MXL]SYVKEVEKIHSSVSTIRIV
MWRSXGSRRIGXIHSVJYRGXMSRMRKTVSTIVP]

(S[RPSEHXLI6=3&-¬+EVEKI(SSV3TIRIV%GGIWWSV]
7]WXIQ¬%TTJVSQXLI%TT7XSVISV+SSKPI4PE]7XSVI
*SPPS[XLIMRWXVYGXMSRWTVSZMHIHMRXLIETTERHETTKYMHI
XSGSRXVSP]SYVKEVEKIHSSVSTIRIVERHEGGIWWSVMIW*SV
QSVIMRJSVQEXMSRZMWMX[[[V]SFMXSSPWGSQ
)RKPMWL
-14368%287%*)8=
-27869'8-327
;%62-2+
836)(9')8,)6-7/
3* 7):)6) -2.96=
36()%8,
6)%(%2(*3003;%00-27869'8-327
2IZIVPIXGLMPHVIRSTIVEXISVTPE][MXLHSSVGSRXVSPW
/IITXLIVIQSXIGSRXVSPE[E]JVSQGLMPHVIR
%P[E]WOIITXLIQSZMRKHSSVMRWMKLXERHE[E]JVSQ
TISTPIERHSFNIGXWYRXMPMXMWGSQTPIXIP]GPSWIH23
32)7,390('63778,)4%8,3*8,)13:-2+
(336
2):)6+392()6% 78344)(4%68-%00=34)2
(336
8IWX HSSV STIRIV QSRXLP] 8LI KEVEKI HSSV 1978
VIZIVWISRGSRXEGX[MXLE MRGLSFNIGXSVEF]
 FSEVH PEMH JPEX SR XLI JPSSV %JXIV EHNYWXMRK IMXLIV
XLIJSVGISVXLIPMQMXSJXVEZIPVIXIWXXLIHSSVSTIRIV
*EMPYVIXSEHNYWXXLISTIRIVTVSTIVP]QE]GEYWIWIZIVI
MRNYV]SVHIEXL
*SV TVSHYGXW VIUYMVMRK ER IQIVKIRG] VIPIEWI MJ
TSWWMFPIYWI XLIIQIVKIRG]VIPIEWISRP][LIR XLI
HSSVMWGPSWIH9WIGEYXMSR[LIRYWMRKXLMWVIPIEWI
[MXLXLIHSSVSTIR;IEOSVFVSOIRWTVMRKWQE]EPPS[
XLIHSSVXSJEPPVETMHP]GEYWMRKMRNYV]SVHIEXL
/))4+%6%+)(3364634)60=&%0%2')(7II
S[RIVWQERYEP%RMQTVSTIVP]FEPERGIHHSSVGSYPH
GEYWIWIZIVIMRNYV]SVHIEXL,EZIEUYEPMJMIHWIVZMGI
TIVWSRQEOIVITEMVWXSGEFPIWWTVMRKEWWIQFPMIWERH
SXLIVLEVH[EVI
8LMWSTIVEXSVW]WXIQMWIUYMTTIH[MXLERYREXXIRHIH
STIVEXMSRJIEXYVI8LIHSSVGSYPHQSZIYRI\TIGXIHP]
23 32) 7,390( '6377 8,) 4%8, 3* 8,)
13:-2+(336
7%:)8,)7)
-27869'8-327
;%62-2+
&IJSVI MRWTIGXMRK GPIERMRK SV WIVZMGMRK XLI QEGLMRI
PS[IVXLIKEVEKIHSSVWLYXSJJQSXSV[EMXJSVEPPQSZMRK
TEVXWXS WXSTHMWGSRRIGX YRMXJVSQTS[IVWYTTP]ERH
VIQSZIEPPEGGIWWSVMIW*EMPYVIXSJSPPS[XLIWIMRWXVYGXMSRW
GERVIWYPXMRWIVMSYWTIVWSREPMRNYV]SVTVSTIVX]HEQEKI
;%62-2+
;LIRWIVZMGMRKYWISRP]MHIRXMGEPVITPEGIQIRXTEVXW9WI
SJER]SXLIVTEVXWGSYPHGVIEXIETIVWSREPMRNYV]LE^EVH
SVGEYWITVSHYGXHEQEKI
;%62-2+
4IVMSHMGEPP] MRWTIGX XLI IRXMVI TVSHYGX JSV HEQEKIH
QMWWMRK SV PSSWI TEVXW WYGL EW WGVI[W RYXW FSPXW
GETWIXG8MKLXIRWIGYVIP]EPPJEWXIRIVWERHGETWERH
HSRSXSTIVEXIXLMWTVSHYGXYRXMPEPPQMWWMRKSVHEQEKIH
TEVXWEVIVITPEGIH4PIEWIGSRXEGXGYWXSQIVWIVZMGIJSV
EWWMWXERGI0SSWIQMWWMRKSVHEQEKIHTEVXWGERVIWYPX
MRHIEXLWIVMSYWTIVWSREPMRNYV]SVTVSTIVX]HEQEKI
;%62-2+
-J]SYJIIPYRGSQJSVXEFPITIVJSVQMRKER]SJXLI
QEMRXIRERGIWXITW HIWGVMFIHMR XLMWQERYEP LEZIXLI
QEMRXIRERGI TIVJSVQIH F] E UYEPMJMIH WIVZMGI TIVWSR
-QTVSTIVQEMRXIRERGI SJ XLI KEVEKI HSSV STIRIV GER
VIWYPX MR HIEXL WIVMSYW TIVWSREP MRNYV] SV TVSTIVX]
HEQEKI
;%62-2+
1ER] SJ XLI WXITW HIWGVMFIH MR XLMW 1%-28)2%2')
WIGXMSR VIUYMVI XLI YWI SJ E PEHHIV 9WI I\XVIQI GEVI
[LIRWXERHMRKSREPEHHIV)RWYVIWSQISRIMWLSPHMRK
XLI PEHHIV SR XLI KVSYRH XS OIIT MX WXEFPI  *EMPYVI XS
WEJIP]YWIEPEHHIVGERGEYWIEJEPPERHVIWYPXMRHIEXL
SVWIVMSYWTIVWSREPMRNYV]
+)2)6%01%-28)2%2')
%ZSMH YWMRK WSPZIRXW [LIR GPIERMRK TPEWXMG TEVXW 1SWX
TPEWXMGWEVIWYWGITXMFPI XSHEQEKIJVSQZEVMSYW X]TIW SJ
GSQQIVGMEPWSPZIRXWERHQE]FIHEQEKIHF]XLIMVYWI9WI
GPIERGPSXLWXSVIQSZIHMVXHYWXSMPKVIEWIIXG
1%-28)2%2')
)RKPMWL
;%62-2+
(SRSXEXER]XMQIPIXFVEOIJPYMHWKEWSPMRITIXVSPIYQ
FEWIHTVSHYGXWTIRIXVEXMRKSMPWIXGGSQIMRGSRXEGX
[MXL TPEWXMG TEVXW 'LIQMGEPW GER HEQEKI [IEOIR SV
HIWXVS] TPEWXMG [LMGL GSYPH VIWYPX MR WIVMSYW TIVWSREP
MRNYV]
43;)679440='36(6)40%')1)28
;%62-2+
-JVITPEGIQIRX SJ XLI TS[IV WYTTP] GSVHMW RIGIWWEV]
XLMWQYWXFIHSRIF]XLIQERYJEGXYVIVMRSVHIVXSEZSMH
EWEJIX]LE^EVH
03;)6-2+8,)43;)6,)%(%2(6)13:-2+
8,)6%-0%77)1&0=
8JJ+NLZWJX
-X MW VIGSQQIRHIH XLEX ]SY PS[IV XLI TS[IV LIEH ERH
HMWGSRRIGXMXJVSQXLIVEMPEWWIQFP]FIJSVITIVJSVQMRKER]
QEMRXIRERGI 9WI I\XVIQI GEYXMSR MJ QEMRXIRERGI MW
TIVJSVQIH[LMPIXLIYRMXMWQSYRXIHXSEGIMPMRK
0S[IVXLIKEVEKIHSSVGSQTPIXIP]
4PEGIESVJSSXPEHHIVHMVIGXP]FIRIEXLXLITS[IVLIEH
ERHGPMQFYTXSKEMREGGIWWXSXLIYRMX
1%-28)2%2')
*MK *MK
*MK
*MK
1SYRXMRK
7XVET
;MVIW ;MVIW
9RTPYKXLITS[IVLIEHJVSQ%'TS[IVWYTTP]
6IQSZIXLIGPIZMWTMRERHLMXGLTMRWIGYVMRKXLIHSSV
EVQXSXLISYXIVXVSPPI]
(MWGSRRIGXXLI[MVIWJSVXLIOI]TEHERHWIRWSVW
9WMRKEMRWSGOIXVIQSZIFSPXWERHRYXWGSRRIGXMRK
XLITS[IVLIEHXSXLIQSYRXMRKWXVETW
'EVIJYPP]PS[IVXLITS[IVLIEHERHTPEGIMXSRXSTSJXLI
PEHHIV
;MXL WSQISRIW LIPT WPS[P] HIWGIRH XLI PEHHIV ERH
FVMRKXLITS[IVLIEHHS[R[MXL]SY
238) &I GEVIJYP [LIR PS[IVMRK XLI TS[IV LIEH (S
RSXEPPS[XLITS[IVLIEHERHVEMPEWWIQFP]XSJEPPSVTYPP
E[E]JVSQXLILIEHIVFVEGOIX
;LMPILSPHMRKXLI TS[IV LIEH LEZI WSQISRI VIQSZI
XLISVJSSXPEHHIV
4PEGIXLITS[IVLIEHSRXSTSJETVSTSVSRXLIKVSYRH
[MXLEXS[IPFIRIEXLMX
'PIZMW
4MR
,MXGL
4MR
4S[IV
,IEH
6EMP
%WWIQFP]
)RKPMWL
9WMRK E  MR WSGOIX VIQSZI XLI RYXW ERH FVEGOIX
WIGYVMRKXLIVEMPEWWIQFP]XSXLITS[IVLIEH
6IQSZIXLIVEMPEWWIQFP]ERHWTVSGOIXJVSQXLITS[IV
LIEH
8SVEMWIERHQSYRXXLITS[IVLIEH
7IGYVIXLIVEMPEWWIQFP]XSXLITS[IVLIEHEWHIWGVMFIH
MRXLI&XXJRGQ^WIGXMSRSRTEKI
1SYRXXLITS[IVLIEHXSXLIGIMPMRKFVEGOIXEWHIWGVMFIH
MRXLI.SXYFQQFYNTSWIGXMSRSRTEKIWERH
9WIXLIHSSVEVQWXSGSRRIGXXLISYXIVXVSPPI]XSXLIHSSV
FVEGOIXEWHIWGVMFIHMRXLI.SXYFQQFYNTSWIGXMSRSRTEKIW
ERH
-RWIVXXLIOI]TEHERHWIRWSV[MVIWMRXSXLIETTVSTVMEXI
XIVQMREPWEWHIWGVMFIHMRXLI.SXYFQQFYNTSWIGXMSRSRTEKIW

4PYKXLITS[IVLIEHMRXSER%'TS[IVWYTTP]
1EOIWYVIXLIWEJIX]WIRWSVWEVIEPMKRIHWIXXLIHSSV
XVEZIPPMQMXWERHXIWXXLIEYXSQEXMGVIZIVWEPJIEXYVIEW
HIWGVMFIHMRXLI.SXYFQQFYNTSWIGXMSRSRTEKIW
9TSRGSQTPIXMSRSJMRWXEPPEXMSRERHWIXYTSJ]SYVKEVEKI
HSSVSTIRIVERHGSRXVSPWTIVJSVQEPPSJXLIMXIQWSRXLI
-RWXEPPEXMSR:IVMJMGEXMSR'LIGOPMWXSRTEKIXSIRWYVI
XLIKEVEKIHSSVSTIRIVJYRGXMSRWTVSTIVP]
;%62-2+
*EMPYVIXSGSQTPIXIXLI-RWXEPPEXMSR:IVMJMGEXMSR'LIGOPMWX
ERHZIVMJ]TVSTIVJYRGXMSRSJXLIKEVEKIHSSVSTIRIVGER
VIWYPXMRHIEXLSVWIVMSYWTIVWSREPMRNYV]
1%-28)2%2')
2YX
2YX
&VEGOIX
7XYH
7XYH
7XYH
*MK
*MK
*MK
*MK
'SZIV
7GVI[
7TVSGOIX
8EF W
6EMP
%WWIQFP]
0MKLX
'SZIV
6)13:-2+8,)0-+,8'3:)6
8JJ+NLZWJX
0S[IVXLITS[IVLIEHERHHMWGSRRIGXXLIVEMPEWWIQFP]
4PEGIXLITS[IVLIEHSRXSTSJETVSTSVSRXLIKVSYRH
[MXLEXS[IPFIRIEXLMX[MXLXLIPMKLXGSZIVJEGMRKYT
0SSWIRERHVIQSZIXLIX[SGSZIVWGVI[WSRFSXLWMHIW
SJXLITS[IVLIEH
4YWLMRXLIJSYVXEFWERHKIRXP]VEMWIXLIPMKLXGSZIVE[E]
JVSQXLITS[IVLIEH
238) 9WI GEYXMSR [LIR VIQSZMRK XLI PMKLX GSZIV XS
EZSMHHEQEKMRKXLI[MVIWMRWMHI
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XLIGMVGYMXFSEVHEWWIQFP],EZIXLIQEMRXIRERGITIVJSVQIHF]EUYEPMJMIHWIVZMGITIVWSRMJ]SYEVIRSXGSQJSVXEFPI
TIVJSVQMRKER]SJXLIWITVSGIHYVIW-QTVSTIVLERHPMRKSJIPIGXVMGEPERHIPIGXVSRMGGSQTSRIRXWSJXLIKEVEKIHSSV
STIRIVGERVIWYPXMRHIEXLWIVMSYWTIVWSREPMRNYV]SVTVSTIVX]HEQEKI
7SQIQEMRXIRERGITVSGIHYVIW[MPPVIUYMVI]SYXSHMWGSRRIGX[MVIWJVSQXLIGMVGYMXFSEVHEWWIQFP]9WIXLIGMVGYMXFSEVH
WGLIQEXMGFIPS[XSPSGEXITMRGSRRIGXMSRWJSVXLIQEMRLEPPWIGSRHEV]LEPPOI]FSEVHERXQSXSVQSXSVERH0)(
FSEVH[MVIW
238)8LIWGLIQEXMGMWSVMIRXIH[MXLXLIQSXSVTMRGSRRIGXMSRMRXLIFSXXSQVMKLXGSVRIV
& 2FNS-FQQ
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8JJ+NLZWJX
0S[IVXLITS[IVLIEHERHHMWGSRRIGXXLIVEMPEWWIQFP]
6IQSZIXLIPMKLXGSZIV
(MWGSRRIGXXLI0)(FSEVHERHFYXXSRFSEVH[MVIWJVSQ
XLIGMVGYMXFSEVH
6IQSZIXLIJSYVWGVI[WWIGYVMRKXLIYTTIVTSVXMSRSJ
XLIPMKLXGSZIVXSXLIPS[IVTSVXMSR
0MJXXLIYTTIVTSVXMSRSJXLIPMKLXGSZIVE[E]JVSQXLI
PS[IVTSVXMSR
4PEGIXLIYTTIVTSVXMSRSJXLIPMKLXGSZIVSREJPEXWYVJEGI
[MXLXLISPH0)(FSEVHJEGMRKYT
7UYII^IXLIXSTSJXLITPEWXMGTMRWXSVIPIEWIXLISPH0)(
FSEVH
6IQSZIXLISPH0)(FSEVHERH[MVI
%PMKRXLILSPIWMRXLI0)(FSEVH[MXLXLITPEWXMGTMRW
-RWXEPPXLI0)(FSEVH[MXLXLI0)(WJEGMRKYT
6SYXIXLI0)(FSEVH[MVIXLVSYKLXLILSPIMRXLIYTTIV
TSVXMSRSJXLIPMKLXGSZIV
6IEWWIQFPIXLIPMKLXGSZIV
'SRRIGXXLI0)(FSEVH[MVIXSXLI0)(FSEVHGSRRIGXMSR
SRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
'SRRIGX XLI FYXXSR FSEVH [MVI XS XLI OI] FSEVH
GSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
%XXEGLXLIPMKLXGSZIVXSXLITS[IVLIEH
6EMWIERHQSYRXXLITS[IVLIEHEWHIWGVMFIHIEVPMIV
6)40%'-2+8,)&98832&3%6(
8JJ+NLZWJ
0S[IVXLITS[IVLIEHERHHMWGSRRIGXXLIVEMPEWWIQFP]
6IQSZIXLIPMKLXGSZIV
(MWGSRRIGXXLI0)(FSEVHERHFYXXSRFSEVH[MVIWJVSQ
XLIGMVGYMXFSEVH
6IQSZIXLIJSYVWGVI[WWIGYVMRKXLIYTTIVTSVXMSRSJ
XLIPMKLXGSZIVXSXLIPS[IVTSVXMSR
0MJXXLIYTTIVTSVXMSRSJXLIPMKLXGSZIVE[E]JVSQXLI
PS[IVTSVXMSR
4YPPXLIFYXXSRFSEVH[MVIXLVSYKLXLILSPIMRXLIYTTIV
TSVXMSRSJXLIPMKLXGSZIV
4PEGIXLIPS[IVTSVXMSRSJXLIPMKLXGSZIVSREJPEXWYVJEGI
[MXLXLISPHFYXXSRFSEVHJEGMRKHS[R
6IQSZIXLIWGVI[WWIGYVMRKXLISPHFYXXSRFSEVHERH
VIQSZIXLIFSEVH
4PEGIXLIRI[FYXXSRFSEVHSRXSXLIPS[IVTSVXMSRSJXLI
PMKLXGSZIVERHWIGYVI[MXLWGVI[W
6SYXIXLIFYXXSRFSEVH[MVIXLVSYKLXLILSPIMRXLIYTTIV
TSVXMSRSJXLIPMKLXGSZIV
6IEWWIQFPIXLIPMKLXGSZIV
'SRRIGXXLI0)(FSEVH[MVIXSXLI0)(FSEVHGSRRIGXMSR
SRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
*MK
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7GVI[
7GVI[
7GVI[
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'SRRIGX XLI FYXXSR FSEVH [MVI XS XLI OI] FSEVH
GSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
%XXEGLXLIPMKLXGSZIVXSXLITS[IVLIEH
6EMWIERHQSYRXXLITS[IVLIEHEWHIWGVMFIHIEVPMIV
7GVI[
7GVI[
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6IQSZIXLIPMKLXGSZIV
(MWGSRRIGXXLI0)(FSEVHERHFYXXSRFSEVH[MVIWJVSQ
XLIGMVGYMXFSEVH
7IXXLIPMKLXGSZIVEWMHI
4PEGIXLITS[IVLIEHSREJPEXWYVJEGI[MXLXLIXSTSJXLI
QSXSVJEGMRKYT
0SGEXIXLISPHQEMRERHWIGSRHEV]LEPPWIRWSVWSRXST
SJXLIQSXSV
6IQSZI XLI SPH QEMR LEPP WIRWSV JVSQ XLI QSXSV ERH
HMWGSRRIGX XLI QEMR LEPP WIRWSV [MVI JVSQ XLI GMVGYMX
FSEVH
'SRRIGX XLI RI[ QEMR LEPP WIRWSV XS XLI QSXSV ERH
GSRRIGX XLI QEMR LEPP WIRWSV [MVI XS XLI QEMR LEPP
GSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
6IQSZIXLISPH WIGSRHEV]LEPPWIRWSV JVSQXLIQSXSV
ERHHMWGSRRIGXXLIWIGSRHEV]LEPPWIRWSV[MVIJVSQXLI
GMVGYMXFSEVH
'SRRIGXXLIRI[WIGSRHEV]LEPPWIRWSVXSXLIQSXSVERH
GSRRIGXXLIWIGSRHEV]LEPPWIRWSV[MVIXSXLIWIGSRHEV]
LEPPGSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
'SRRIGXXLI0)(FSEVH[MVIXSXLI0)(FSEVHGSRRIGXMSR
SRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
'SRRIGX XLI FYXXSR FSEVH [MVI XS XLI OI] FSEVH
GSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
%XXEGLXLIPMKLXGSZIVXSXLITS[IVLIEH
6EMWIERHQSYRXXLITS[IVLIEHEWHIWGVMFIHIEVPMIV
6)40%'-2+8,)13836
8JJ+NLZWJXFSI
0S[IVXLITS[IVLIEHERHHMWGSRRIGXXLIVEMPEWWIQFP]
6IQSZIXLIPMKLXGSZIV
(MWGSRRIGXXLI0)(FSEVHERHFYXXSRFSEVH[MVIWJVSQ
XLIGMVGYMXFSEVH
7IXXLIPMKLXGSZIVEWMHI
4PEGIXLITS[IVLIEHSREJPEXWYVJEGI[MXLXLIXSTSJXLI
QSXSVJEGMRKYT
(MWGSRRIGX XLI QEMR ERH WIGSRHEV] LEPP WIRWSV [MVIW
JVSQXLIGMVGYMXFSEVH
(MWGSRRIGXXLITSWMXMZIERHRIKEXMZIPIEHWJSVXLIQSXSV
TS[IVGEFPIJVSQXLIGMVGYMXFSEVH
0SSWIRERHVIQSZIXLIQSXSVFSPXWSRXLIYRHIVWMHISJ
XLIQSXSV
6IQSZISPHQSXSVERH[MVIW
4PEGIRI[QSXSVMRTS[IVLIEHERHWIGYVI[MXLFSPXW
'SRRIGX XLI QEMR LEPP WIRWSV [MVI XS XLI QEMR LEPP
GSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
'SRRIGXXLIWIGSRHEV]LEPPWIRWSV[MVIXSXLIWIGSRHEV]
LEPPGSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
*MK
*MK
,EPP7IRWSV
7IGSRHEV]
1SXSV4S[IV
'EFPI
,EPP7IRWSV
1EMR
1SXSV
1SXSV
&SPX
1SXSV
&SPX
'SRRIGXTSWMXMZIPIEHJSVXLIQSXSVTS[IVGEFPIXSXLI
QSXSVGSRRIGXMSRERHXLIRIKEXMZIPIEHXSXLIQSXSV
GSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
'SRRIGXXLI0)(FSEVH[MVIXSXLI0)(FSEVHGSRRIGXMSR
SRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
'SRRIGX XLI FYXXSR FSEVH [MVI XS XLI OI] FSEVH
GSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
%XXEGLXLIPMKLXGSZIVXSXLITS[IVLIEH
6EMWIERHQSYRXXLITS[IVLIEHEWHIWGVMFIHIEVPMIV
)RKPMWL
1%-28)2%2')
6)40%'-2+8,)6*%28)22%
8JJ+NLZWJ
0S[IVXLITS[IVLIEHERHHMWGSRRIGXXLIVEMPEWWIQFP]
6IQSZIXLIPMKLXGSZIV
(MWGSRRIGXXLI0)(FSEVHERHFYXXSRFSEVH[MVIWJVSQ
XLIGMVGYMXFSEVH
7IXXLIPMKLXGSZIVEWMHI
4PEGIXLITS[IVLIEHSREJPEXWYVJEGI[MXLXLIXSTSJXLI
QSXSVJEGMRKYT
6IQSZIXLISPH6*ERXIRREJVSQXLIGMVGYMXFSEVHERH
TYPPMXE[E]JVSQXLITS[IVLIEH
'SRRIGXXLIRI[6*ERXIRREXSXLIERXGSRRIGXMSRSR
XLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
-RWIVXXLIPSSWIIRHSJXLI6*ERXIRREXLVSYKLXLILSPI
MRXLITS[IVLIEH
+IRXP]TYPPSRXLIPSSWIIRHYRXMPQSWXSJXLI6*ERXIRRE
MWSRXLII\XIVMSVSJXLITS[IVLIEH
'SRRIGXXLI0)(FSEVH[MVIXSXLI0)(FSEVHGSRRIGXMSR
SRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
'SRRIGX XLI FYXXSR FSEVH [MVI XS XLI OI] FSEVH
GSRRIGXMSRSRXLIGMVGYMXFSEVHWJKJWYTXHMJRFYNH
%XXEGLXLIPMKLXGSZIVXSXLITS[IVLIEH
6EMWIERHQSYRXXLITS[IVLIEHEWHIWGVMFIHIEVPMIV*MK
,SPI
6*
%RXIRRE
)RKPMWL
4)6-3(-'1%-28)2%2')7',)(90)
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6ITPEGISVXMKLXIREWRIIHIH
)EGL1SRXL 1ERYEPP]STIRERHGPSWIXLIKEVEKIHSSV-JXLIHSSVHSIWRSXQSZIWQSSXLP]FMRHWSVMWSYX
SJFEPERGILEZIXLIKEVEKIHSSVSVHSSVWTVMRKWVITEMVIHF]EUYEPMJMIHWIVZMGITIVWSR
8IWXXLIEYXSQEXMGVIZIVWEPW]WXIQEWHIWGVMFIHMRXLI.SXYFQQFYNTSWIGXMSR
)ZIV]1SRXLW 8IWXXLIXVEZIPPMQMXWSJXLIKEVEKIHSSVEWHIWGVMFIHMRXLI4UJWFYNTSWIGXMSRERHIRWYVIMX
STIRWERHGPSWIWJYPP]
'LIGOXLIGSRHMXMSRSJXLITS[IVWYTT]GSVH6ITPEGIEWRIIHIH
)EGL=IEV 0YFVMGEXIXLIKEVEKIHSSVVSPPIVWERHLMRKIW8LIKEVEKIHSSVSTIRIVMWPYFVMGEXIH[MXLEWYJJMGMIRX
EQSYRXSJPYFVMGERXJSVXLIPMJISJXLIYRMXYRHIVRSVQEPSTIVEXMRKGSRHMXMSRW8LIVIJSVIRSJYVXLIV
PYFVMGEXMSRSJXLIYRMXMWVIUYMVIH(3238%((09&6-'%288386%'/7
1%-28)2%2')
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MRHYGIZSQMXMRKSVLEZI]SYVGLMPHIEXSVHVMROER]XLMRK
*SVQSVIMRJSVQEXMSRGEPPXLI2EXMSREP&EXXIV]-RKIWXMSR
,SXPMRI8LIFEXXIV]MHIRXMJMGEXMSRRYQFIV
JSVXLMWTVSHYGXMW'6SV'6
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6MWOSJMRNYV]HYIXSJMVII\TPSWMSRSVPIEOEKI(SRSX
HMWEWWIQFPI GLEVKI GVYWL SV I\TSWI XS JMVI SV LMKL
XIQTIVEXYVIW
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6IQSZIXLIFEXXIV]GSZIVF]MRWIVXMRKXLIIHKISJEGSMR
MRXSXLIWPSXERHX[MWXMRK
-RWXEPPXLIFEXXIV]SVFEXXIVMIWEGGSVHMRKXSXLITSPEVMX]
MRHMGEXSVW
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FEXXIV]SVX[SWM^IFEXXIVMIWWXEGOIHXSKIXLIV
6IEWWIQFPI XLI VIQSXI F] EPMKRMRK XLI WIGXMSRW EW
WLS[R
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1EOI WYVI XLI VIQSXI MW WIGYVIP] VIEWWIQFPIH FIJSVI
EXXEGLMRKXLIZMWSVGPMT
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36
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*MK
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8LIJSPPS[MRKEGGIWWSVMIWEVIRSXMRGPYHIH[MXL]SYVKEVEKIHSSVSTIRIVFYXQE]FIEZEMPEFPI[LIVI]SYTYVGLEWIHXLMW
TVSHYGX*SVEWWMWXERGIGEPP
 )\XIRWMSR/MXW+(%)<8JX+(%)<8JX
 +(%)<8JXERH+(%)<8JX
 &PYIXSSXL7TIEOIV +(1
 (YEP0EWIV4EVO%WWMWX +(1
 )\XIRWMSR'SVH6IIP +(1
 7TIIH'SRXVSP*ER +(1
 7IGYVMX]'EQIVE +(1
 ,MKL4S[IVIH-RJPEXSV +(1
 'EV6IQSXI +(%
 3YXHSSV/I]TEH +(%
 7EJIX]7IRWSV +(%
;%62-2+
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SV EGGIWWSVMIW RSX VIGSQQIRHIH F] XLI QERYJEGXYVIV SJ XLMW TVSHYGX 8LI YWI SJ EXXEGLQIRXW SV EGGIWWSVMIW RSX
VIGSQQIRHIHGERVIWYPXMRWIVMSYWTIVWSREPMRNYV]
%'')7736-)7
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%PP SJ XLI GSRWSPI FYXXSRW EVI
FPMROMRKGSRXMRYSYWP]
('ZSPXEKIFIPS[:
('ZSPXEKII\GIIHWZSPXW
(MWGSRRIGXXLIYRMXJVSQXLITS[IVWYTTP]
;EMXWIZIVEPQMRYXIWFIJSVIVIGSRRIGXMRK-J
TVSFPIQTIVWMWXWGSRXEGXGYWXSQIVWIVZMGI
(MWGSRRIGXXLIYRMXJVSQXLITS[IVWYTTP]
;EMXWIZIVEPQMRYXIWFIJSVIVIGSRRIGXMRK-J
TVSFPIQTIVWMWXWGSRXEGXGYWXSQIVWIVZMGI
;LIR WIXXMRK SV XIWXMRK XVEZIP
PMQMXW E FY^^IV WSYRHW ERH XLI
94 FYXXSR MR XLI GSRWSPI FPMROW
GSRXMRYSYWP]
7EJIX] WIRWSV VIGIMZIV GERX FI
HIXIGXIH
-RWTIGX WIRWSV [MVIW JSV HEQEKI ERH
IRWYVI XLI] EVI MRWXEPPIH GSVVIGXP] 6IWIX
XVEZIPPMQMXW
;LIR WIXXMRK SV XIWXMRK XVEZIP
PMQMXW E FY^^IV WSYRHW ERH XLI
(3;2 FYXXSR MR XLI GSRWSPI
FPMROWGSRXMRYSYWP]
7EJIX]WIRWSVXVERWQMXXIVGERXFI
HIXIGXIH
(MWGSRRIGXXLIYRMXJVSQXLITS[IVWYTTP]
-RWTIGXWIRWSV[MVIWJSVHEQEKIERHIRWYVI
XLI] EVI MRWXEPPIH GSVVIGXP] 'SRRIGX XLI
TS[IVWYTTP]ERHVIWIXXVEZIPPMQMXW
;LIRXIWXMRKXVEZIPPMQMXWEFY^^IV
WSYRHW ERH EPP GSRWSPI FYXXSRW
FPMROWIZIRXMQIW
%WXITJSVWIXXMRKXLIXVEZIPPMQMXW[EW
RSXGSQTPIXIH[MXLMRX[SQMRYXIW
'SQTPIXIIEGLWXITJSVWIXXMRKXLIXVEZIP
PMQMXW[MXLMRX[SQMRYXIW
;LIRXIWXMRKXVEZIPPMQMXWEFY^^IV
WSYRHW X[MGI ERH EPP GSRWSPI
FYXXSRWFPMROIPIZIRXMQIW
7EJIX]WIRWSVWFIGEQIQMWEPMKRIH
SVSFWXVYGXIHHYVMRKXIWXMRK
6IQSZIXLISFWXVYGXMSRSVEPMKRXLIWEJIX]
WIRWSVWEWHIWGVMFIHMRXLI.SXYFQQFYNTSERH
4UJWFYNTSWIGXMSRW
8639&0)7,338-2+
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;LIRTVSKVEQQMRKEGEVVIQSXI
EFY^^IVWSYRHWERHEPPGSRWSPI
FYXXSRWFPMROWIZIRXMQIW
% WXIT JSV TVSKVEQQMRK XLI GEV
VIQSXI [EW RSX GSQTPIXIH [MXLMR
X[SQMRYXIW
'SQTPIXIIEGLWXITJSVTVSKVEQQMRKXLI
GEVVIQSXI[MXLMRX[SQMRYXIW
(YVMRK STIVEXMSR XLI STIRIV
WXVYKKPIW XS VEMWI SV PS[IV XLI
HSSV ERH XLIR WXSTW % FY^^IV
WSYRHW GSRXMRYSYWP] ERH XLI
7)8  FYXXSR MR XLI GSRWSPI
FPMROWGSRXMRYSYWP]
1SXSVEQTIVEKILEWI\GIIHIH
EQTW
(SSVWTVMRKXSVWMSRWTVMRKERHSV
I\XIRWMSRWTVMRKMWHEQEKIH
(SSVMWXSSLIEZ]FVSOIRSV
WXYGO
9RTPYKXLIYRMX,EZIHSSVWTVMRKSVHSSV
VITEMVIHSVVITPEGIHF]EUYEPMJMIHWIVZMGI
XIGLRMGMER
9RTPYKXLIYRMX,EZIHSSVWTVMRKVITEMVIH
SVVITPEGIHF]EUYEPMJMIHWIVZMGIXIGLRMGMER
9RTPYK XLI YRMX ,EZI HSSV VITEMVIH SV
VITPEGIHF]EUYEPMJMIHWIVZMGIXIGLRMGMER
;LIREGEVVIQSXIWQEVXTLSRI
SVOI]TEHMWYWIHEFY^^IVWSYRHW
ERHXLI94ERH(3;2FYXXSRW
MRXLIGSRWSPIFPMROGSRXMRYSYWP]
8LIXVEZIPPMQMXWLEZIFIIRIVEWIH
SVLEZIRSXFIIRWIXGSVVIGXP]
7IX XLI XVEZIP PMQMXW EW HIWGVMFIH MR XLI
.SXYFQQFYNTSWIGXMSR
+EVEKIHSSVFIKMRWXSGPSWIXLIR
WXSTWERHVIZIVWIW
8LIKEVEKIHSSVSTIRIVLMXER
SFNIGX[LMPIMX[EWGPSWMRK
6IQSZIXLISFNIGXERHGSRXMRYISTIVEXMSR
+EVEKI HSSV STIRIV MW MR XLI
JYPP] STIR TSWMXMSR ERH GERRSX
FIGPSWIH[MXLEGEVVIQSXI
WQEVXTLSRISVOI]TEH
8LIWEJIX]WIRWSVWEVIRSX
VIGIMZMRKTS[IV
-RWTIGX WIRWSV [MVIW JSV HEQEKI ERH
IRWYVI XLI] EVI MRWXEPPIH GSVVIGXP] 6IWIX
XVEZIPPMQMXW
+EVEKI HSSV STIRIV HSIW RSX
EGXMZEXI [LIR MRHSSV OI]TEH MW
TVIWWIH
8LI[MVIGSRRIGXMRKXLIOI]TEHXS
XLITS[IVLIEHLEWFIIRHEQEKIH
'MVGYMXFVIEOIVMWXVMTTIH
6ITPEGIHEQEKIHSVFVSOIR[MVIW
6IWIXGMVGYMXFVIEOIV
+EVEKIHSSVSTIRIVEGXMZEXIWFYX
XLIKEVEKIHSSVHSIWRSXQSZI
8LISYXIVXVSPPI]MWRSXIRKEKIH[MXL
XLIMRRIVXVSPPI]
8LIHSSVEVQWEVIRSXGSRRIGXIH
XSXLISYXIVXVSPPI]
8LIHSSVEVQWEVIRSXGSRRIGXIH
XSXLIKEVEKIHSSV
4YPPXLIIQIVKIRG]VIPIEWIVSTIERHVEMWI
XLI KEVEKI HSSV YRXMP XLI SYXIV XVSPPI]
IRKEKIWXLIMRRIVXVSPPI]
7IGYVIXLIHSSVEVQW XSXLI SYXIVXVSPPI]
YWMRKGPIZMWERHLMXGLTMR
7IGYVIXLIHSSVEVQWXSXLIKEVEKIHSSV
YWMRKGPIZMWERHLMXGLTMR
)RKPMWL
463&0)1 4377-&0)'%97) 73098-32
+EVEKIHSSVGERRSXFISTIRIHSV
GPSWIH[MXLGEVVIQSXI
8LI KEVEKI HSSV STIRIV MW MR
:EGEXMSR1SHI
4VIWWXLI03'/ FYXXSRSRXLIMRHSSV
OI]TEHSVWQEVXTLSRI ETTXSYRPSGO XLI
KEVEKIHSSVSTIRIV
+EVEKI HSSV STIRIV MW PSYH SV
RSMW]
*EWXIRIVW QE] RSX FI XMKLXIRIH
WIGYVIP]
8LISTIRXVEZIPPMQMXLEWFIIRWIX
MRGSVVIGXP] 7MRKPI 4ERIP (SSVW
3RP]
-RWTIGXXLIIRXMVITVSHYGXJSV PSSWITEVXW
WYGL EW WGVI[W RYXW FSPXW GETW IXG
8MKLXIREPPTEVXWWIGYVIP]
%HNYWXXLIXVEZIPPMQMXWEWHIWGVMFIHMRXLI
.SXYFQQFYNTSWIGXMSR
%'EGGIWWSVMIWRSX[SVOMRK %'TS[IVWYTTP]MWHMWGSRRIGXIH
+*'-MWXVMTTIH
%GGIWWSV]MWMRWXEPPIH[MXLE
VEXMRKSJQSVIXLEREQTW
'SRRIGX%'TS[IVWYTTP]
4VIWWXLIVIWIXFYXXSRSRXLIXSTSJXLIYRMX
6IQSZI XLI EGGIWWSV] ERH TVIWW XLI 
EQTGMVGYMXFVIEOIVVIWIXFYXXSRSRXLIXST
SJXLIYRMX
('EGGIWWSVMIWRSX[SVOMRK %'TS[IVWYTTP]MWHMWGSRRIGXIH
8LITSVXTS[IVMRKXLI('
EGGIWWSV]MWRSXEGXMZEXIH
'SRRIGX%'TS[IVWYTTP]
9WIXLIMRHSSVOI]TEHXSEGXMZEXIXLI
TSVX
'EVVIQSXIRSX[SVOMRK 6*ERXIRREMWSFWXVYGXIH
6IQSXIRSXTVSKVEQQIH
GSVVIGXP]
8LIVIQSXIWWMKREPMWSFWXVYGXIH
4SWMXMSRXLIERXIRREFIPS[XLISTIRIV
4VSKVEQ XLI VIQSXI EW HIWGVMFIH MR XLI
4UJWFYNTSWIGXMSR
1SZIVIQSXIXSEHMJJIVIRXPSGEXMSR
3TIRIV GERX GSRRIGX XS ;M*M
RIX[SVO
;M*MVSYXIVMWRSXGSRRIGXIHXS
XLIMRXIVRIX
3TIRIVRSXTVSKVEQQIH
GSVVIGXP]
;M*MVSYXIVYWMRK;)4WIGYVMX]
WGLIQI
'SRRIGX;M*MVSYXIVXSXLIMRXIVRIX
4VSKVEQYRMXEGGSVHMRKXSETTMRWXVYGXMSRW
'LERKI]SYVRIX[SVOWIGYVMX]WIXXMRKWXS
;4%;4%
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8LI[EVVERX]HSIWRSXI\XIRHXSVITEMVWQEHIRIGIWWEV]
F]RSVQEP [IEV EGXW SJ +SHSV F] XLI YWI SJ TEVXWSV
EGGIWWSVMIW[LMGLEVIIMXLIVMRGSQTEXMFPI[MXLXLI6=3&-¬
FVERHKEVEKIHSSVSTIRIVSVEHZIVWIP]EJJIGXMXWSTIVEXMSR
TIVJSVQERGI SV HYVEFMPMX] 8LMW [EVVERX] I\GPYHIW YRMXW
MRWXEPPIH JSV RSRVIWMHIRXMEP SV GSQQIVGMEP YWI PEFSV
GSWXW JSV MRWXEPPMRK VITEMVIH SV VITPEGIQIRX YRMXW ER]
YREYXLSVM^IHVITEMVWSVQSHMJMGEXMSRWXLIGSWXSJVITPEGMRK
GSRWYQEFPIMXIQWWYGLEWOI]TEHERHVIQSXIFEXXIVMIW
TVSFPIQWXLEXQE]SGGYVEWEVIWYPXSJVEHMSMRXIVJIVIRGI
ERHMXIQWXLEXEVIETEVXSJSVVIPEXIHXSXLIKEVEKIHSSV
MRGPYHMRKFYXRSXPMQMXIHXSHSSVWTVMRKWHSSVLMRKIWHSSV
VSPPIVWERHSXLIVKEVEKIHSSVLEVH[EVI
3RI;SVPH8IGLRSPSKMIW-RGVIWIVZIWXLIVMKLXXSGLERKI
SVMQTVSZIXLIHIWMKRSJER]6=3&-¬FVERHKEVEKIHSSV
STIRIV [MXLSYX EWWYQMRK ER] SFPMKEXMSR XS QSHMJ] ER]
TVSHYGXTVIZMSYWP]QERYJEGXYVIH
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8LMW[EVVERX]KMZIW]SYWTIGMJMGPIKEPVMKLXWERH]SYQE]
EPWSLEZISXLIVVMKLXW[LMGLZEV]JVSQWXEXIXSWXEXI
8LMW[EVVERX] ETTPMIWXS EPP6=3&-¬FVERHKEVEKIHSSV
STIRIVWHMWXVMFYXIHF]3RI;SVPH8IGLRSPSKMIW-RGERH
WSPHMRXLI9RMXIH7XEXIW1I\MGSERH'EREHE
0-1-8)(;%66%28=78%8)1)28
3RI;SVPH8IGLRSPSKMIW-RG[EVVERXWXSXLISVMKMREPVIXEMP
TYVGLEWIVXLEXXLMW6=3&-¬FVERHKEVEKIHSSVSTIRIVMW
JVIIJVSQHIJIGXMRQEXIVMEPERH[SVOQERWLMTERHEKVIIW
XS VITEMV SV VITPEGI EX 3RI ;SVPH 8IGLRSPSKMIW -RGW
HMWGVIXMSRER]HIJIGXMZITVSHYGXSVTEVXJVIISJGLEVKIJSV
XLIJSPPS[MRKXMQITIVMSHWWXEVXMRKJVSQXLIHEXISJTYVGLEWI
 8LVII]IEVW JSVXLI TS[IV LIEHKIEVFS\ VEMPW HSSV
EVQWWIRWSVWVIQSXIWERHOI]TEHW
 0MJIXMQIJSVXLIQSXSVERHFIPX0MJIXMQIWLEPPQIEREW
PSRKEWXLISVMKMREPVIXEMPTYVGLEWIVS[RWXLIKEVEKI
HSSVSTIRIVERH XLISTIRIV MWRSX VIQSZIHJVSQ MXW
SVMKMREPMRWXEPPEXMSR
8LMW[EVVERX]I\XIRHWXSXLISVMKMREPVIXEMPTYVGLEWIVSRP]
ERHGSQQIRGIWSRXLIHEXISJXLISVMKMREPVIXEMPTYVGLEWI
-J[MXLMRXLI[EVVERX]TIVMSHWWXEXIHEFSZIXLMWTVSHYGX
ETTIEVWXSLEZIEHIJIGXGSZIVIHYRHIVXLIPMQMXIH[EVVERX]
GSRXEGXGYWXSQIVWIVZMGIEX3RI;SVPH
8IGLRSPSKMIW -RG QYWX FI KMZIR E VIEWSREFPI EQSYRX
SJXMQIXSHIXIVQMRI MJE[EVVERX] GPEMQMWZEPMH TVMSVXS
TVSHYGXFIMRKVIQSZIHSVEPXIVIH-JMXMWHIXIVQMRIHXLEX
]SYVGPEMQMWZEPMH]SYQE]FITVSZMHIH[MXLMRWXVYGXMSRW
JSVHMWEWWIQFPMRKERHWLMTTMRKXLITVSHYGXSVHIJIGXMZI
TEVX%R]TEVXSJXLMWTVSHYGXQERYJEGXYVIHSVWYTTPMIHF]
3RI;SVPH8IGLRSPSKMIW-RGERHJSYRHMRXLIVIEWSREFPI
NYHKQIRXSJ3RI;SVPH8IGLRSPSKMIW-RGXSFIHIJIGXMZI
MRQEXIVMEP SV [SVOQERWLMT [MPP FIVITEMVIHSV VITPEGIH
[MXLSYXGLEVKIJSVTEVXW-JHMWEWWIQFP]VIMRWXEPPEXMSRSV
VITEMVMWTIVJSVQIHF]ETVSJIWWMSREPPEFSVGSWXWEVIXLI
WSPIVIWTSRWMFMPMX]SJXLITYVGLEWIV
8LII\TIRWI SJWLMTTMRK XLITVSHYGXJSV [EVVERX][SVO
ERHXLII\TIRWISJ VIXYVRMRKMX FEGOXS XLIS[RIV EJXIV
VITEMVSVVITPEGIQIRX[MPPFITEMHF]XLIS[RIV3RI;SVPH
8IGLRSPSKMIW-RGWVIWTSRWMFMPMX]MRVIWTIGXXSGPEMQWMW
PMQMXIHXSQEOMRKXLIVIUYMVIHVITEMVWSVVITPEGIQIRXWERH
RSGPEMQSJFVIEGLSJ[EVVERX]WLEPPFIGEYWIJSVGERGIPPEXMSR
SVVIWGMWWMSRSJXLIGSRXVEGXSJWEPISJER]6=3&-¬FVERH
TVSHYGX4VSSJSJTYVGLEWI[MPPFIVIUYMVIHXSWYFWXERXMEXI
ER][EVVERX]GPEMQ%PP[EVVERX][SVOQYWXFIETTVSZIH
F]3RI;SVPH8IGLRSPSKMIW-RG
-RWXVYGXMSRWJSVMRWXEPPMRKSTIVEXMRKQEMRXEMRMRKERHXIWXMRK
XLIYRMXEVIMRGPYHIHMRXLISTIVEXSVWQERYEP*EMPYVIXS
WXVMGXP]EHLIVIXSXLSWIMRWXVYGXMSRW[MPPZSMHXLMWPMQMXIH
[EVVERX]
8LMW[EVVERX]HSIWRSXGSZIVER]TVSHYGXXLEXLEWFIIR
WYFNIGXXSQMWYWIRIKPIGXRIKPMKIRGISVEGGMHIRXSVXLEX
LEWFIIRSTIVEXIHMRER][E]GSRXVEV]XSXLISTIVEXMRK
MRWXVYGXMSRW EW WTIGMJMIH MR XLI STIVEXSVW QERYEP 8LMW
[EVVER X] HS IW RS XE TT P]XSE R] HE QE KI XS XL IT VSH YG XX LE X
MWXLIVIWYPXSJMQTVSTIVQEMRXIRERGISVXSER]TVSHYGXXLEX
LEWFIIREPXIVIHSVQSHMJMIHWSEWXSEHZIVWIP]EJJIGXXLI
TVSHYGXWSTIVEXMSRTIVJSVQERGISVHYVEFMPMX]SVXLEXLEW
FIIREPXIVIHSVQSHMJMIHWSEWXSGLERKIMXWMRXIRHIHYWI
)RKPMWL
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8LIJSPPS[MRK*''GSQTPMERGIMRJSVQEXMSRMWJSVXLI+(KEVEKIHSSVSTIRIVSRP]*SVMRJSVQEXMSRVIKEVHMRK
SXLIVTVSHYGXWERHEGGIWWSVMIWVIJIVXSXLIPEFIPWERHHSGYQIRXEXMSRMRGPYHIH[MXLXLSWIMXIQW
;%62-2+
'LERKIWSVQSHMJMGEXMSRWXSXLMWYRMXRSXI\TVIWWP]ETTVSZIHF]XLITEVX]VIWTSRWMFPIJSVGSQTPMERGIGSYPHZSMHXLI
YWIVWEYXLSVMX]XSSTIVEXIXLIIUYMTQIRX
8LMWHIZMGIGSQTPMIW[MXLTEVXSJXLI*''VYPIW3TIVEXMSRMWWYFNIGXXSXLIJSPPS[MRKX[SGSRHMXMSRWXLMWHIZMGIQE]
RSXGEYWILEVQJYPMRXIVJIVIRGIERHXLMWHIZMGIQYWXEGGITXER]MRXIVJIVIRGIVIGIMZIHMRGPYHMRKMRXIVJIVIRGIXLEXQE]
GEYWIYRHIWMVIHSTIVEXMSR
238)8LIKVERXIIMWRSXVIWTSRWMFPIJSVER]GLERKIWSVQSHMJMGEXMSRWRSXI\TVIWWP]ETTVSZIHF]XLITEVX]VIWTSRWMFPI
JSVGSQTPMERGI7YGLQSHMJMGEXMSRWGSYPHZSMHXLIYWIVWEYXLSVMX]XSSTIVEXIXLIIUYMTQIRX
238) 8LMW IUYMTQIRX LEW FIIR XIWXIH ERH JSYRH XS GSQTP] [MXL XLI PMQMXW JSV E 'PEWW & HMKMXEP HIZMGI TYVWYERX XS
TEVXSJXLI*''6YPIW8LIWIPMQMXWEVIHIWMKRIHXSTVSZMHIVIEWSREFPITVSXIGXMSREKEMRWXLEVQJYPMRXIVJIVIRGIMRE
VIWMHIRXMEPMRWXEPPEXMSR8LMWIUYMTQIRXKIRIVEXIWYWIWERHGERVEHMEXIVEHMSJVIUYIRG]IRIVK]ERHMJRSXMRWXEPPIHERH
YWIHMREGGSVHERGI[MXLXLIMRWXVYGXMSRWQE]GEYWILEVQJYPMRXIVJIVIRGIXSVEHMSGSQQYRMGEXMSRW,S[IZIVXLIVIMWRS
KYEVERXIIXLEXMRXIVJIVIRGI[MPPRSXSGGYVMRETEVXMGYPEVMRWXEPPEXMSR-JXLMWIUYMTQIRXHSIWGEYWILEVQJYPMRXIVJIVIRGIXS
VEHMSSVXIPIZMWMSRVIGITXMSR[LMGLGERFIHIXIVQMRIHF]XYVRMRKXLIIUYMTQIRXSJJERHSRXLIYWIVMWIRGSYVEKIHXSXV]
XSGSVVIGXXLIMRXIVJIVIRGIF]SRISVQSVISJXLIJSPPS[MRKQIEWYVIW
 6ISVMIRXSVVIPSGEXIXLIVIGIMZMRKERXIRRE
 -RGVIEWIXLIWITEVEXMSRFIX[IIRXLIIUYMTQIRXERHVIGIMZIV
 'SRRIGXXLIIUYMTQIRXMRXSERSYXPIXSREGMVGYMXHMJJIVIRXJVSQXLEXXS[LMGLXLIVIGIMZIVMWGSRRIGXIH
 'SRWYPXXLIHIEPIVSVERI\TIVMIRGIHVEHMS8:XIGLRMGMERJSVLIPT
8LMW HIZMGI GSQTPMIW [MXL -RRSZEXMSR 7GMIRGI ERH )GSRSQMG (IZIPSTQIRX 'EREHE PMGIRWII\IQTX 677 WXERHEVHW
3TIVEXMSRMWWYFNIGXXSXLIJSPPS[MRKX[SGSRHMXMSRW8LMWHIZMGIQE]RSXGEYWIMRXIVJIVIRGIERH8LMWHIZMGIQYWX
EGGITXER]MRXIVJIVIRGIMRGPYHMRKMRXIVJIVIRGIXLEXQE]GEYWIYRHIWMVIHSTIVEXMSRSJXLIHIZMGI8LMWHIZMGIGSQTPMIW
[MXL677SJ-RRSZEXMSR7GMIRGIERH)GSRSQMG(IZIPSTQIRX'EREHE3TIVEXMSRMWWYFNIGXXSXLIGSRHMXMSRXLEXXLMW
HIZMGIHSIWRSXGEYWILEVQJYPMRXIVJIVIRGI8LMW'PEWW&HMKMXEPETTEVEXYWGSQTPMIW[MXL'EREHMER-')7'IXETTEVIMP
RYQÃVMUYIHIPE'PEWWI&GSRJSVQIÆPERSVQI21&HY'EREHE
8LMWIUYMTQIRXGSQTPMIW[MXL-'VEHMEXMSRI\TSWYVIPMQMXWWIXJSVXLJSVERYRGSRXVSPPIHIRZMVSRQIRX8LMWIUYMTQIRXWLSYPH
FIMRWXEPPIHERHSTIVEXIH[MXLQMRMQYQHMWXERGISJGQFIX[IIRXLIVEHMEXSVERH]SYVFSH]8LMWXVERWQMXXIVQYWXRSX
FIGSPSGEXIHSVSTIVEXMRKMRGSRNYRGXMSR[MXLER]SXLIVERXIRRESVXVERWQMXXIV
9RHIV-RHYWXV]'EREHEVIKYPEXMSRWXLMWVEHMSXVERWQMXXIVQE]SRP]STIVEXIYWMRKERERXIRRESJEX]TIERHQE\MQYQSV
PIWWIVKEMRETTVSZIHJSVXLIXVERWQMXXIVF]-RHYWXV]'EREHE8SVIHYGITSXIRXMEPVEHMSMRXIVJIVIRGIXSSXLIVYWIVWXLI
ERXIRREX]TIERHMXWKEMRWLSYPHFIWSGLSWIRXLEXXLIIUYMZEPIRXMWSXVSTMGEPP]VEHMEXIHTS[IVIMVTMWRSXQSVIXLER
XLEXRIGIWWEV]JSVWYGGIWWJYPGSQQYRMGEXMSR
*SVEHHMXMSREP*''MRJSVQEXMSRVIJIVXSXLIHEXEPEFIPPSGEXIHSRXLIWMHISJXLIYRMX
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