Users Manual

luopei
初建
20200826
V1.0
SOO_B281_B01-保修卡
SOO_B281_B01
技术要求：
1.材质：108g哑粉（偏白）+哑油
2.尺寸：148*148mm
3.公差：±1mm
4.折叠方式：骑马钉
5.成型后边沿整齐
6.材料和表面工艺符合EU WEEE和RoHS、HF（无卤）要求。
7FSTJPOW
4BGFUZBOE
8BSSBOUZ
0OF1MVT8BUDI
.PEFM✣⎏8$/ǃ8(#
'$$*%"#;8(#
*$"8(#
$.**5*%%1
4BGFUZMOGPSNBUJPOBOE8BSSBOUZ
⬡℀ό〇ήᾆ⋹
*OGPSNBDJpOEF4FHVSJEBEZ(BSBOUnB
⬰㕑⽆⋲⬰㕑㚥∹⎏
悀Ẏ⎥䦈
9
0
⌈⇏䓍嶇㜗乜
0⟩㔱
摝
1C
㯶
)H
擡
$E
℅ẏ撄
$S7*
⢲㹌俬劇
1##
⢲㹌Ḥ劇愲
1#%&
㚡⭋䈁峀ㆮ󱁼䲸
䍇ή完㖦ˊ
ḿ⑙󰵦㚡⭋䈁峀⎥䦈⍢⏃慧
9
0
9
慩⯶
0
9
旜Ẏ
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
䓍㯸
㛄堀㟔ἵ㌆4+5䘜奜⬲亮⇎
0ˊ堀䣒孽㚡⭋䈁峀⛀孽悀Ẏ㇘㚡⛟峀㛨㔱󰵦䘜⏃慧⛟⛀(#5奜⬲䘜旨慧夙㯚ṽᶣDŽ
9ˊ堀䣒孽㚡⭋䈁峀冋⮩⛀孽悀Ẏ䘜㝨ᶘ⛟峀㛨㔱󰵦䘜⏃慧崝→(#5奜⬲䘜旨慧夙㯚ˋ
ᶬᶲℝ㕸ㆨ䄷䘜㚗ṻ㕑㟠ʼ㫼ḿ⑙䪾⎠㪿䙷3P)4㊟Ṽ䍇ή夙㯚DŽ
⵾⚖㞟孞ℝ㔈⫯堀䣒ḿ⑙⛀㛄ό〇㊟⋯奜⬲䘜㫻ⷐ἗䓀㛹Ẏᶣ䘜ÿ䍇ή἗䓀㚷旨Ā󰵳
⸌DŽ㝨ḳℝ悀ㆮ⢮悀乜Ẏ䘜䍇ή἗䓀㚷旨⎇傕ᶦḿ⑙䍇ή἗䓀㚷旨ᶥ⎤DŽ
乜Ẏᶢ䘜἗䓀㚷旨㞟⽯Ằ󱂁Ḧḿ⑙ᶢẓửᶦ󰶄䚐⅊䨙䘜ㆮᶥ⎤䘜䍇ή἗䓀㚷旨㞟⽯DŽ
♸✣⎏ᶥ⎤ḿ⑙⎇傕ᶥ⊝㊄旼󰵴㛒ṽ⢮䘜ℎṮ悀Ẏʼ宏ṽḿ⑙⬶旝撘Ⓠ惥伆󰵳⅞DŽ




















⢈㖦
㛄lj⬡℀ό〇ήᾆ⋹NJ⊝⏃㚡ℋ⬡℀␤㑥Ỵ䘜ό〇ṽ⍢Ⓠ⎦㚥∹ό
〇DŽ἗䓀0OF1MVT㇣堀󰶄⇥ʼ宏󱂁斝宓㇘㚡㑥Ỵ完㖦ṽ⍢ᶣ曺䘜⬡℀
ό〇ʼ⸎ή䓱⢟䓀DŽ
㔈㌆⬡℀
἗䓀曶㌠㛛䫄ᶡ㕑弇Ẏ⋟丿孖⢟䘜⚒Ẏ␤䲓乷ʼ⎇傕⫰⛀孖⢟㕸㱭἗
䓀ㆮ依㱜㺧぀䘜󰵣Ṓό〇䫡⬡℀桦昁DŽ⺒孆぀἗䓀⛀乗⋟丿ㆮ依⮞孖
⢟徙冋぀旜彩䘜ᶘ∸㚥∹󰵦⽛⋟丿DŽ
἗䓀㲀ェḣ树
宏⊗⛀㼆㸗ㆮ書彩䡙⛒䘜⛈㕑἗䓀孖⢟ʼṽ󱂆⺭崏孖⢟ℝ悀䓍嶇㓝
昴DŽ
宏⊗⛀暏暀⣁㮬἗䓀㛄孖⢟DŽ暏暀⣁㮬⎇傕⮔册孖⢟㓝昴ㆮ䓍↓⌉
昁DŽ
宏⛀ć_ć䘜㷁⸾␤_䘜㸗⸾䍇⠛ᶣ἗䓀ʼ⁀啧㷁⸾
⸬ṣḦć_ć󰶄斌㷁⸾彟橰ㆮ彟ỦẲ⼉⑥㇣堀἗䓀ʼ䒲冋徸
ㆨ㇣堀␤䓍㯸䘜㋷⛧DŽ
宏御㊁⛀ćṽᶢǃćṽᶣ䘜䍇⠛㷁⸾󰵦󱁾䓍ʼṽ󱂆徸ㆨ䓍㯸⾿
傕ᶣ日ʼ⼝㛒㖎斌仁䞅DŽ㇣堀⛀㷁⸾ỦḦćㆮ依橰Ḧć㖎⎇
傕㕸㱭彳󱂞⾃󱁾㦹⺧DŽ
宏἗䓀⇎徸ⓞ嬼⎇䘜󱁾䓍☀ǃ㔈㌆乗ǃ䓍㯸␤ℎṮ旜Ẏʼṽ旊㫺㻴
⛀䘜䓍↓ǃ䀃䀖ǃ䆞䁐ㆮℎṮ⌉昁DŽ
宏⊗⮞孖⢟㓖伆⛀旋󱂂䚌⮜䘜⛈㕑ʼ⤚㰕廾Ẃ堀䙰ㆮ䨯⎈⢜DŽ
宏⊗⮞孖⢟書彩䂅㸨ㆮ墐曊䘜䀃㸨ʼ⤚䓍㘮☀ǃ⽆㱺䀡ǃ䁼䭉ǃ䂅
㯌☀ǃ䀡䀃ǃ嚹䁳ㆮℎṮ⎇傕ḿ䒷橰㷁䘜⛈㕑DŽ
㛄孖⢟⍢ℎ惥Ẏ⎇傕⊝⏃ᶘḳ⮧暎Ẏʼ宏⮞孖⢟⍢ℎ惥Ẏ㓖伆⛀󱁸
䩽㌽奾ᶥ⇈䘜⛈㕑DŽ󱁸䩽⎇傕⛀㕸ェ󰶄󰵦㋷⛧㛄孖⢟⍢ℎ惥Ẏʼㆮ
⎶ᶣ⮧暎Ẏ⮔册䨪〇ㆮℎṮ⌉昁DŽ
㛄孖⢟⸎曶䍁ℏʼ󱁸䩽⸬⛀ㆨṒ䙩㈼ᶣ἗䓀孖⢟DŽ
⛀㚡㖦㔟奜⬲䤙㫺἗䓀㕸乗孖⢟䘜⋓䔯⛒㇘ㆮℎ⬛⛒㇘ʼ宏怍⬠孽
⛒㇘䘜奜⬲ʼ宏⊗἗䓀㛄孖⢟ʼ⎾↱Ẳ⸊㈈ℎ⬛䓍⫨孖⢟ㆮ⮔册ℎ
⬛⌉昁DŽ
孖⢟ḿ䒷䘜㕸乗䓍㱺⎇傕Ẳ⼉⑥㢥󱂞⺧⋓䔯孖⢟ㆮ󰵣Ṓ⋓䓀孖⢟䘜
㫻ⷐ⵽Ỵʼ⤚崏㎧☀ǃ㢥󱂞俋嚯ǃ≁⏄☀䫡DŽ剽぀἗䓀Ḟ影ḳ⋓䓀
孖⢟ʼ宏⎩ℎ⇎徸ⓞ⑀孺἗䓀㛄孖⢟䘜旨⇎㛹ẎDŽ
⛀἗䓀㛄孖⢟㖎ʼ宏ᶦ㢥󱂞䘜⋓䔯孖⢟ʸ⤚崏㎧☀ǃ㢥󱂞俋嚯䫡ʹ
ή㊙冋⮩⌰䰋䘜嵵䥓DŽ宏孁孖⢟彴䥓⫭⤟䘜儑悀DŽ
宏孁孖⢟彴䥓曪⮩⸌䘜ᶣ儑DŽ
󱁸䩽␤曪⮩⸌⸬⎠䎞἗䓀㇣堀ʼ἗䓀栩䌟␤㊙亅㖎斌⸬㚡㇘旨⇎DŽ
㖫䅛㖫䆞⋒❷
⛀∸㱑䩱ʸ二ᾆ䩱ʹㆮ書彩㖫䅛䈁⑙ǃ⊮⫾⇎⇚䫡ẓử㖫䅛㖫䆞⋒❷
宏⊗἗䓀㛄孖⢟ʼ⸎怍⬠㇘㚡⚖⻺ㆮ㔟⫯䘜㊟䣒DŽ⛀䅛㱑ㆮ⊮⫾⇎⇚
⫰㓖␤彨弫⋒ㆮ㖫䆞⛒㇘ℝㆮ␀⚌ʼ孖⢟⎇傕⺭崏䆞䁐ㆮ崏䀃DŽ
宏⊗⮞孖⢟⍢ℎ惥Ẏᶦ㖫䅛㵊ừǃ㮬ừㆮ㖫䆞䈁⑙㓖⛀⎤ᶘ䭉⫨󰵦⫰
㓖ㆮ彨弫DŽ
Ḽ徲⬡℀
寀孈⬡℀樖樎㗇぀䘜椮夙俤岻ʼ宏⊗ṦḣẲ↞㓻㲀ェ∳䘜㳓≀DŽ
㰕廾䘜䓍⫨孖⢟⎇傕♸孖⢟䘜㕸乗䓍⸊㈈侤→䍈㓝昴DŽ宏俬䲓⇎徸ⓞ
⑀孺孾乞ό〇DŽ
宏⊗⮞孖⢟㓖⛀㰕廾⬡℀㮬♢ᶢ㕑ㆮ⬡℀㮬♢⯭⺘⎦傕⢷奾⍢䘜⋒❷
ℝDŽ⎾↱⻫⬡℀㮬♢兀偘㖎ʼ㇣堀⍯⇈⼠⻒䘜⢮∳ʼ⎇傕Ẳ⮑廾ℝṒ
⏰徸ㆨᶽ慥Ẽ⭋DŽ
㕸乗孖⢟⎇傕⸊㈈桶㛒䘜桶埤䲓乷ʼ宏怍⬠凂䨒℄⎐䘜䚐ℋ奜⬲ʼ⛀
䤙㫺἗䓀㕸乗孖⢟䘜⛈㕑ʼ宏⊗἗䓀孽孖⢟DŽ
旊㯌旊⮰
孖⢟乧彟㳣孭⸎⛀䈑⬲䘜䍇⠛󰵦堀䍈→旊㯌旊⮰䘜⾿傕DŽ
䓍㯸嫾⏢
㫼ḿ⑙ℝ伆撚䓍㯸ʼ䤙㫺㉞奻ǃ㐶↓ǃ㊼⌣ㆮ㈭󱂞䀃󰵦DŽ
䓍㯸⢜Ḧ㜙Ủ䘜㮬⌣ᶣʼ⎇傕⮔册䆞䁐ㆮ㖫䅛㵊ừㆮ㮬ừ㱜㺧DŽ
⊗伆Ḧ橰㷁䍇⠛󰵦ʼㆮ㙌曊⛀⻒䁠䘜㕽䃿ᶣʼṽ󱂆䆞䁐DŽ
剽→䍈ᶽ慥溫偘ʼ宏⊗乿亅἗䓀DŽ
㊡䃿⻫⛈㱭奜⢜䎞䓍㯸ʼᶥ夙⻫ῲ⭎⹅✛⛖⢜䎞DŽ
宏⊗孭⚖ᾆ䎞ǃ㉞⌐ㆮ㓑塝䓍㯸DŽ䓀ᶥ㫻䠆䘜✣⎏㚌㋺䓍㯸⎇傕Ẳ⮔
册䆞䁐DŽ
宏⊗䓀䠄䈁⌣徃ㆮ⇒䨗䓍㯸DŽ㋷⛧䓍㯸⎇傕⮔册䓍㯸㱜㺧ǃ彟䂅ㆮ崏
䀃DŽ
二㈼␤ήℓ
宏ή㊙孖⢟⍢ℎ惥Ẏ⸊䅽DŽ宏⊗἗䓀⽆㱺䀡ㆮ⏑桦㛒䫡⢮悀∸䂅孖⢟
⮑ℎ彳埤⸊䅽⢜䎞DŽ
宏⊗⛀㷁⸾彟橰ㆮ彟Ủ⋒❷㓖伆孖⢟⍢ℎ惥Ẏʼ⎾↱⎇傕⮔册孖⢟㓝
昴ǃ䛘䀃ㆮ䆞䁐DŽ
⤚㜴ḿ⑙惥㚡䙆峀堀ⶾʼ宏怗󱂆⛀䁠㕽㙌㗪ǃ旋󱂂䚌⮜ǃ橰㷁ǃ㼆㸗
䘜䍇⠛ᶣ἗䓀DŽ⤚ᶥユ㱖㯌ǃ㱖㯯㵊ʼ宏⯕⾃㑾㊅⎦㓖伆Ḧ徲桦旌Ⅱ
⢜䫡⼝⸊䅽DŽ宏⊗἗䓀⽆㱺䀡ǃ⏑桦㛒䫡⢮悀∸䂅孖⢟⮑㼆㸗䘜䙆峀
堀ⶾ彳埤⸊䅽⢜䎞ʼ⎾↱䙆堀曺⎇傕Ẳ→䍈㓎仁ㆮ兀偘䍈对DŽ
⤚㜴ḿ⑙惥㚡㳝刊堀ⶾʼ἗䓀㖎宏ᶥ夙㌽奾㶉刊埻䈁ʼṽ旊㝫刊DŽ
㶝㲙␤二㈼⇥ʼ宏ῴ㫺἗䓀㛄孖⢟ʼ⸎㕅⺘ᶦℎṮ孖⢟䘜㇘㚡彶㌽ㆮ
乗亞DŽ
宏⊗἗䓀䁠⾿⊮⫾⇎⑙ǃ㶝㲯⇚ㆮ⻒㲯㴼⇚㶝㲙孖⢟ㆮℎ惥ẎDŽ宏἗
䓀㶝㲙ǃ⸊䅽䘜弇⶛㑾㊅孖⢟ㆮℎ惥ẎDŽ
䙩䬹ό〇
$.**5*%ǃ䍇ή἗䓀⸌旨ˊ⇥⼘㇣堀ÿ孖伆ℋḦ䙩䬹ό〇Ā󰵦㝽䚣DŽ
ήᾆ㓗䫮
ᶘ∸ᶽ㟔ἵ㌆⚕⭎ᶡ⊝⸎ẰḦ⚕⭎ᶡ⊝⬶埤Ⓠ⎦㚥∹ʼ冂㴠峑依䬖㓎㪹
㕽暎㖎崏㕽ℝ⎇㕸䎞䓉徘岿ʸᶘ∸䓍ⓞ㶸快峅Ḉʹˋ䫄㕽冋䫄㕽ⓞ
⑙󰵴㛒→䍈⾿傕㓝昴ʼ㴠峑依⎇ṽ御㊁徘岿ǃ㋺岿ㆮ依ᾆ䎞ˋ冂䬖㓎㪹
㕽暎㖎崏㕽ℝʼ㛒☀󰵴㛒→䍈⾿傕㓝昴ʼ㴠峑依⎇ṽ御㊁㋺岿ㆮ依ᾆ
䎞ʼ󰵴㛒ᶡ⊝㚡㓠㚷󰵳⸌DŽ
冂䬖㓎㪹㕽崏㕽⎦⸎ᶬ⛀ᶘ⸌ℝʼ⍩䒷曶Ṓ󰵳㋷⛧⾿傕㓝昴ʼ乧㡘㳣
䠆嬼⎦ʼ󰵳䓀㇏∶䎞二ᾆᶲ∹DŽ
曶ή㛹ἣ
ṽᶣそ⅍ᶥ⯶Ḧᶡ⊝力⚌ˊ
ǃ崝彟ᶡ⊝㚡㓠㚷旨ˋ
ǃ㕸㚡㓠䘜ᶡ⊝ↅ孙⍢㚡㓠⍩䤀ˋ
ǃᶡ⊝ↅ孙ᶢ䘜ḿ⑙✣⎏ㆮ亮⎏ᶦⓞ⑙⬶䈁ᶥ䚐䪾⎠䘜ˋ
ǃ㑝冂㴚㓑ᶡ⊝ↅ孙䘜ˋ
ǃ἗䓀徸ㆨ䘜㫻ⷐ䢀㋷ǃ傧㯹⤚ˊ⇆䕭ǃ曶慩⯶僭ⶾ栴刊㓑⍰ˋㆮ♸
㌽奾⊮⫾孭⇚ǃ㌽奾⮮撨䈁ừǃ㌡叕ǃ㊼⌣䫡Ṓ󰵳♸䲸⮔册㋷⛧ˋ
ǃᶥ⎇㈯㉪♸䲸徸ㆨ䘜㋷⛧ˋ
ǃ♸἗䓀ǃ二㈼⍢ή䬹ᶥ⻫徸ㆨ䘜ẓử㋷⛧ˋ
ǃ㛂乧㌠㛛䘜二ᾆǃ宇䓀ǃ䡈㐶ǃ䔧⾕ǃ㹽䓀ǃ彳㵊ǃḣ㓝ǃ㓑≀ǃ
ᶥ㫻䠆䘜἗䓀曶㛄ḿ⑙惥Ẏˋ
ǃℎṮ曶ḿ⑙㛄幃孖嬹ǃ⇎徸ǃ峀慧䫡斆栰侤⮔册䘜㓝昴␤㋷⛧ˋ
协⍮㚥∹ᶦ㓇㊙
牜㚥∹䂅乗ˊ
牜㚌⢲ⷆ≁⎇䘓旞ˊXXXPOFQMVTDPNTVQQPSU
牜⇎徸ⓞˊ㶉⛋⶚ᶟ㘆㉡㕇䥩㈘㚡旨℄⎐
牜⛈⛘ˊ㶉⛋⶚䤧䓈⋒㲈䃎℃嶇㲈䃎⢿⌾$⸿㤔
牜恆亮ˊ

㪺彦἗䓀⽆ό㈃㍧ᶣ㕑Ḥ二䞙ʼ
ℋ㲀⬰㕑℄ắ⎏ㆮℋ㲀⬰㕑⽆⋲ÿᶘ∸㇣㛒Āʼㆨ󰵳ÿ∸㱑Āʱ
悀Ẏ⎥䦈
󰵴㛒
⸌
⸌
⣁
󱁾䓍☀
堀ⶾ僭ⶾ
󰵳Ḟ぀䘜Ⓠ⎦㛛䙢ʼ⛀彳埤ḿ⑙Ⓠ⎦㖎宏ή㊙ḿ⑙ṽ⍢旜Ẏ⬤⤕ǃ⋭
㌆滨℀ʼ⸎㍨ἳ䚐ℋ嬺⋭⎏ǃ⍩䤀⍢ᶡ⊝ↅ孙DŽ
ήᾆ㚷旨
%FGFDUTPSEBNBHFTDBVTFECZNJTVTFOFHMFDUQIZTJDBM
EBNBHFUBNQFSJOHJODPSSFDUBEKVTUNFOUOPSNBMXFBSBOEUFBS
PSJODPSSFDUJOTUBMMBUJPOBGUFSQVSDIBTF
1SJDF犕VDUVBUJPOTCFJOHUIFTPMFSFBTPOGPSSFUVSO
$VTUPNJ[FEDVTUPNFSDPOUSBDUT*OBDDPSEBODFXJUIUIF6,
$POTVNFS3JHIUT"DUBOZHPPETUIBUBSFOPUPGTBUJTGBDUPSZ
RVBMJUZ犔UGPSUIFJSHJWFOQVSQPTFPSBTEFTDSJCFENBZCF
SFUVSOFEGSFFPGDIBSHFXJUIJOEBZTPGEFMJWFSZ1MFBTFTVCNJUB
UJDLFUEFTDSJCJOHUIFQSPCMFNXJUIZPVSEFWJDF*OPSEFSUPCFFMJHJCMF
GPSBSFGVOEZPVNVTUDPOUBDUVTXJUIJOEBZTBOEEFTDSJCFJO
EFUBJMTIPXUIFHPPETXFSFEFGFDUJWFEBNBHFEPSNBUFSJBMMZ
EJ犓FSFOU8FNBZDIPPTFOPUUPBDDFQUSFUVSOTGPSBOZPGUIF
BCPWFNFOUJPOFEDJSDVNTUBODFT*OBMMDBTFTXFXJMMJOTQFDUUIF
QSPEVDUBOEWFSJGZUIFGBVMU5PRVBMJGZGPSBSFQMBDFNFOUPSSFGVOE
EFWJDFNVTUCFJOÿBTOFXĀDPOEJUJPOBOEJODMVEFBMMPSJHJOBMDPOUFOUT
PGUIFQBDLBHF8FSFTFSWFUIFSJHIUUPSFGVTFBSFGVOEPSFYDIBOHF
JGUIFQSPEVDUSFUVSOFEJTEFFNFEUPIBWFCFFOEBNBHFE
4UBUFNFOU
5IJT4BGFUZ*OGPSNBUJPOBOE8BSSBOUZ$BSEDPOUBJOTJOGPSNBUJPOBCPVU
TBGFUZPQFSBUJPOTBOEBGUFSTBMFTTFSWJDFT#FGPSFVTJOHUIF0OF1MVT
XBUDISFBEBMMPQFSBUJPOJOTUSVDUJPOTBOEUIFGPMMPXJOHTBGFUZ
JOGPSNBUJPODBSFGVMMZBOELFFQUIJTJOGPSNBUJPOQSPQFSMZGPSSFGFSFODF
%BUBTFDVSJUZ
%POPUVTFVOBVUIPSJ[FEUIJSEQBSUZTPGUXBSFUPVQHSBEFUIF犔SNXBSF
PSPQFSBUJOHTZTUFNPGUIFXBUDIXIJDINBZSFTVMUJOVTFGBJMVSFT
QFSTPOBMJOGPSNBUJPOEJTDMPTVSFPSPUIFSTFDVSJUZSJTLT:PVBSFBEWJTFE
UPVQHSBEFUIFXBUDIPOMJOFPSBUBOFBSCZ0OF1MVTTFSWJDFDFOUFS
1SFDBVUJPOT
%POPUVTFUIFXBUDIJOEBNQFOWJSPONFOUTPSFOWJSPONFOUTXJUI
NBHOFUJD犔FMETUPBWPJEJOUFSOBMDJSDVJUGBVMUT
%POPUVTFUIFXBUDIJOUIVOEFSTUPSNEBZTUPBWPJEEFWJDFGBVMUTPS
FMFDUSJDTIPDLT
6TFUIFXBUDIJOBOFOWJSPONFOUXIFSFUIFUFNQFSBUVSFJTCFUXFFO
d$BOEd$BOEUIFIVNJEJUZJTCFUXFFOBOEBOETUPSF
UIFXBUDIJOBOFOWJSPONFOUXIFSFUIFUFNQFSBUVSFJTCFUXFFO
d$BOEd$&YUSFNFIFBUPSDPMENBZB犓FDUVTFPSEBNBHF
UIFXBUDIBOECBUUFSZ
$IBSHFUIFXBUDIJOBOFOWJSPONFOUXIFSFUIFUFNQFSBUVSFJT
CFUXFFOd$BOEd$UPBWPJEEFUFSJPSBUFECBUUFSZQFSGPSNBODF
PSTIPSUTUBOECZUJNF*GUIFXBUDIUFNQFSBUVSFJTMPXFSUIBOd$
PSIJHIFSUIBOd$JUDBOOPUFOUFSUIFRVJDLDIBSHJOHNPEF
$IPPTFPOMZDIBSHFSTEBUBDBCMFTCBUUFSJFTBOEPUIFSBDDFTTPSJFT
BQQSPWFEGPSVTFXJUIUIJTNPEFMCZ0OF1MVTUPQSFWFOUFMFDUSJD
TIPDLT犔SFFYQMPTJPOPSPUIFSSJTLT
%POPUFYQPTFUIFXBUDIUPEJSFDUTVOMJHIUTVDIBTPOBDBS
EBTICPBSEPSXJOEPXTJMM
,FFQUIFXBUDIBXBZGSPNTPVSDFTPGIFBUBOE犔SFTVDIBTB
IFBUFSNJDSPXBWFPWFOXBUFSIFBUFSTUPWFDBOEMFPSPUIFS
IJHIUFNQFSBUVSFQMBDFT
,FFQUIFXBUDIBOEJUTBDDFTTPSJFTPVUPGUIFSFBDIPGDIJMESFO
CFDBVTFUIFXBUDIDPOUBJOTEFUBDIBCMFQBSUTUIBUNBZQSFTFOUB
DIPLJOHIB[BSEPSPUIFSSJTLT
5IFXBUDIJTOPUJOUFOEFEGPSVTFCZDIJMESFOBOEDIJMESFOTIPVME
POMZVTFUIFXBUDIXJUIBEVMUTVQFSWJTJPO
*OQMBDFTXIFSFXJSFMFTTEFWJDFTBSFQSPIJCJUFEEPOPUVTFUIF
XBUDIXIJDINBZJOUFSGFSFXJUIPUIFSFMFDUSJDEFWJDFTPSDBVTF
PUIFSSJTLT
3BEJPXBWFTFNJUUFECZUIFXBUDINBZB犓FDUOPSNBMVTFPG
JNQMBOUBCMFNFEJDBMEFWJDFTPSQFSTPOBMNFEJDBMEFWJDFTTVDIBT
QBDFNBLFSTDPDIMFBSJNQMBOUTBOEIFBSJOHBJET*GZPVVTFUIFTF
NFEJDBMEFWJDFTDPOTVMU0OF1MVTGPSSFTUSJDUJPOTPOVTJOHUIF
XBUDI
8IFOVTJOHUIFXBUDILFFQJUBUMFBTUDNBXBZGSPNJNQMBOUBCMF
NFEJDBMEFWJDFTTVDIBTQBDFNBLFSTBOEDPDIMFBSJNQMBOUT,FFQ
UIFXBUDIBXBZGSPNQSFHOBOUXPNFOTBCEPNFO
,FFQUIFXBUDIBXBZGSPNBEPMFTDFOUTMPXFSBCEPNFO
$IJMESFOBOEBEPMFTDFOUTTIBMMOPUVTFUIFXBUDIGSFRVFOUMZPSGPSB
MPOHUJNF














*O犕BNNBCMFBOEFYQMPTJWFBSFBT
*OJO犕BNNBCMFPSFYQMPTJWFBSFBTTVDIBTHBTTUBUJPOTPSQMBDFT
UIBUTUPSFPSTIJQ犕BNNBCMFBOEFYQMPTJWFTVCTUBODFTPSDIFNJDBMT
EPOPUVTFUIFXBUDIBOEDPNQMZXJUIBMMTZNCPMBOEUFYU
JOEJDBUJPOTUPBWPJEFYQMPTJPOPS犔SF
%POPUTUPSFPSTIJQUIFXBUDIBOEJUTBDDFTTPSJFTXJUI犕BNNBCMF
MJRVJEPSHBTPSFYQMPTJWFTVCTUBODFTJOUIFTBNFCPY
$PNQMZXJUIESJWJOHSVMFTBOEEPOPUEPPUIFSBDUJWJUJFTUIBUSFRVJSF
DPODFOUSBUJPOXIFOESJWJOH
&MFDUSPOJDEFWJDFTJOBDBSNBZCFDPNFGBVMUZEVFUPSBEJPXBWFT
FNJUUFECZUIFXBUDI$POUBDU0OF1MVTGPSSFTUSJDUJPOTPOVTJOHUIF
XBUDI
%POPUQMBDFUIFXBUDIBCPWFUIFBJSCBHJOBDBSPSBSFBTXIFSFUIF
BJSCBHDBODPOUBDUBGUFSJUJO犕BUFT8IFOUIFBJSCBHJO犕BUFTUIF
XBUDIXJUITUSPOHFYUFSOBMGPSDFNBZDBVTFTFSJPVTEBNBHFUP
QFSTPOTJOUIFDBS
%POPUVTFUIFEFWJDFJOQMBDFTPOBOBJSQMBOFXIFSFXJSFMFTT
EFWJDFTBSFQSPIJCJUFECZBJSMJOFTSFHVMBUJPOTCFDBVTFXJSFMFTT
EFWJDFTNBZJOUFSGFSFXJUIUIF犕JHIUTZTUFNPGUIFBJSQMBOF
8BUFSQSPPGBOE"OUJEVTU
5IFXBUDIIBTCFFOUFTUFEUPCFXBUFSQSPPGBOEBOUJEVTUJOTQFDJ犔D
FOWJSPONFOUT
#BUUFSZXBSOJOH
"MJUIJVNCBUUFSZJTCVJMUJOUPUIJTQSPEVDU*UNVTUOPUCFEJTNBOUMFE
JNQBDUFEGPSDFEPVUPSFYQPTFEUP犔SF
"CBUUFSZTVCKFDUFEUPFYUSFNFMZMPXBJSQSFTTVSFUIBUNBZSFTVMUJOBO
FYQMPTJPOPSUIFMFBLBHFPG犕BNNBCMFMJRVJEPSHBT
1MFBTFEPOPUQVUUIFCBUUFSZJOBIJHIUFNQFSBUVSFFOWJSPONFOUPS
FYQPTFJUUPUIFTVOEPJOHTPDPVMEDBVTFJUUPFYQMPEF
1MFBTFEPOPUDPOUJOVFUPVTFUIFQSPEVDUJGUIFCBUUFSZBQQFBSTUPCF
TXPMMFO
1MFBTFEJTQPTFPGUIFCBUUFSZJOBDDPSEBODFXJUIMPDBMSFHVMBUJPOT%P
OPUEJTQPTFPGUIFCBUUFSZBTIPVTFIPMESFGVTF
1MFBTFEPOPUBUUFNQUUPSFQBJSEJTBTTFNCMFPSNPEJGZUIFCBUUFSZ
3FQMBDJOHCBUUFSZCZBOJODPSSFDUUZQFDPVMEMFBEUPFYQMPTJPO
1MFBTFEPOPUQMBDFQSFTTVSFPOPSQJFSDFUIFCBUUFSZXJUIIBSE
PCKFDUT%BNBHJOHUIFCBUUFSZDPVMEDBVTFCBUUFSZMFBLBHF
PWFSIFBUJOHPS犔SFT
,FFQUIFXBUDIBOEJUTBDDFTTPSJFTESZ%POPUVTFFYUFSOBMIFBUJOH
EFWJDFTTVDIBTBNJDSPXBWFPWFOPSIBJSESZFSUPESZUIFXBUDI
%POPUQMBDFUIFXBUDIBOEJUTBDDFTTPSJFTJOBOFYUSFNFIFBUPS
DPMEFOWJSPONFOUUPBWPJEEFWJDFGBVMUT犔SFPSFYQMPTJPOT
*GUIFXBUDIJTFRVJQQFEXJUIBMFBUIFSTUSBQEPOPUFYQPTFUIF
XBUDIUPTUSPOHPSEJSFDUTVOMJHIUPSIJHIUFNQFSBUVSFBOEEBNQ
FOWJSPONFOUT*GUIFMFBUIFSTUSBQJTXFUXJUIXBUFSPSTXFBUXJQF
UIFXBUFSPSTXFBUBOEQMBDFUIFXBUDIBUBDPPMBOEXFMMWFOUJMBUFE
QMBDFUPESZJU%POPUVTFFYUFSOBMIFBUJOHEFWJDFTTVDIBTB
NJDSPXBWFPWFOPSIBJSESZFSUPESZUIFXFU=MFBUIFSTUSBQ
0UIFSXJTFUIFMFBUIFSTUSBQTVSGBDFNBZTISJOLPSJO犕BUF
*GUIFXBUDIJTFRVJQQFEXJUIBMJHIUDPMPSFETUSBQEPOPUDPOUBDUJU
XJUIEBSLDMPUIFTUPBWPJEEZFJOH
#FGPSFDMFBOJOHPSNBJOUFOBODFTUPQVTJOHUIFXBUDIBOE
EJTDPOOFDUJUGSPNPUIFSEFWJDFTPSDBCMFT
%POPUVTFTUSPOHDIFNJDBMTDMFBOJOHBHFOUTPSTUSPOHEFUFSHFOU
UPDMFBOUIFXBUDIPSJUTBDDFTTPSJFT6TFBDMFBOESZBOETPGU
DMPUIUPXJQFUIFXBUDIBOEJUTBDDFTTPSJFT
0OF1MVT%FWJDF8BSSBOUZ*OGPSNBUJPO
0OF1MVTEFWJDFTQVSDIBTFEPOPOFQMVTDPNPSBVUIPSJ[FETBMFT
DIBOOFMTDPNFXJUIBMJNJUFEXBSSBOUZ5IFEVSBUJPOPGUIJTXBSSBOUZ
JTEFQFOEFOUPOUIFPSJHJOBMDPVOUSZPSSFHJPOPGQVSDIBTFBOEJTPOMZ
SFEFFNBCMFXJUIJOUIFPSJHJOBMDPVOUSZPSSFHJPO6OMFTTPUIFSXJTF
TQFDJ犔FEUIJTXBSSBOUZDPWFSTUIFIBSEXBSFDPNQPOFOUTPGUIF
QSPEVDUBTPSJHJOBMMZTVQQMJFEBOEEPFTOPUDPWFSPSQBSUJBMMZDPWFST
TPGUXBSFDPOTVNBCMFJUFNTPSBDDFTTPSJFTFWFOJGQBDLBHFEPSTPME
UPHFUIFSXJUIUIFQSPEVDU5IFMJNJUFEXBSSBOUZPOMZDPWFSTGVODUJPOBM
EFGFDUTPGQSPEVDUDBVTFECZXPSLNBOTIJQPSCVJMENBUFSJBMT'PS
NPSFEFUBJMTQMFBTFDPOUBDU0OF1MVT$VTUPNFS4VQQPSUCZWJTJUJOH
XXXPOFQMVTDPNTVQQPSU
5IFMJNJUFEXBSSBOUZEPFTOPUDPWFS
%FGFDUTPSEBNBHFSFTVMUJOHGSPNBDDJEFOUTOFHMFDUNJTVTFPS
BCOPSNBMVTFBCOPSNBMDPOEJUJPOTPSJNQSPQFSTUPSBHFFYQPTVSF
UPMJRVJENPJTUVSFEBNQOFTTTBOEPSEJSUVOVTVBMQIZTJDBM
FMFDUSJDBMPSFMFDUSPNFDIBOJDBMTUSFTT
4DSBUDIFTEFOUTBOEDPTNFUJDEBNBHFVOMFTTDBVTFECZ0OF1MVT
%FGFDUTPSEBNBHFSFTVMUJOHGSPNFYDFTTJWFGPSDFPSVTFPGNFUBMMJD
PCKFDUTPOUIFUPVDITDSFFO
%FWJDFTUIBUIBWFUIFTFSJBMOVNCFSPSUIF*.&*OVNCFSSFNPWFE
EFGBDFEEBNBHFEBMUFSFEPSNBEFJMMFHJCMF
0SEJOBSZXFBSBOEUFBS
%FGFDUTPSEBNBHFSFTVMUJOHGSPNUIFVTFPGUIFQSPEVDUJO
DPOKVODUJPOPSDPOOFDUJPOXJUIBDDFTTPSJFTQSPEVDUTPS
5SB犖DTBGFUZ














BODJMMBSZQFSJQIFSBMFRVJQNFOUOPUGVSOJTIFEPSBQQSPWFECZ
0OF1MVT
"OZQIZTJDBMGFBUVSFEFGFDUTPSEBNBHFSFTVMUJOHGSPNJNQSPQFS
UFTUJOHPQFSBUJPONBJOUFOBODFJOTUBMMBUJPOTFSWJDFPSBEKVTUNFOU
OPUGVSOJTIFEPSBQQSPWFECZ0OF1MVT
%FGFDUTPSEBNBHFSFTVMUJOHGSPNFYUFSOBMDBVTFTTVDIBTDPMMJTJPO
XJUIBOPCKFDU犔SF犕PPEJOHEJSUXJOETUPSNMJHIUOJOHFBSUIRVBLF
FYQPTVSFUPXFBUIFSDPOEJUJPOTUIFGUCMPXOGVTFPSJNQSPQFSVTF
PGBOZFMFDUSJDBMTPVSDF
%FGFDUTPSEBNBHFSFTVMUJOHGSPNDFMMVMBSTJHOBMSFDFQUJPOPS
USBOTNJTTJPOPSWJSVTFTBOESEQBSUZTPGUXBSFQSPCMFNT
JOUSPEVDFEJOUPUIFQSPEVDU
'SFFXBSSBOUZSFQMBDFNFOUTBOESFQBJSTBSFPOMZWBMJEJOUIF
DPVOUSZPSSFHJPOPGQVSDIBTF1MFBTFDPOUBDU0OF1MVT$VTUPNFS
4VQQPSUGPSNPSFEFUBJMT











$MFBOJOHBOENBJOUFOBODF
3FHVMBUPSZJOGPSNBUJPO
(PUP4FUUJOHT"CPVU3FHVMBUPSZJOGPSNBUJPOPOZPVSXBUDIUP
WJFXQSPEVDUDFSUJ犔DBUJPOJOGPSNBUJPO
3FUVSO1PMJDZ-JNJUFEUP/PSUI"NFSJDB&VSPQF
0OF1MVTQIPOFTBOEBDDFTTPSJFTBSFNBEFUPUIFIJHIFTUTUBOEBSET
BOEVOEFSHPSJHPSPVTUFTUJOH*GZPVBSFOPUTBUJT犔FEXJUIZPVS0OF1MVT
QSPEVDUGPSBOZSFBTPOZPVNBZSFRVFTUBSFUVSOXJUIJODBMFOEBS
EBZTPGEFMJWFSZ0ODFXFBQQSPWFZPVSSFUVSOSFRVFTUBOESFDFJWFUIF
QSPEVDUXFXJMMQFSGPSNTUBOEBSEJOTQFDUJPO"OEJGUIFQSPEVDUQBTTFT
UIFJOTQFDUJPOXFXJMMHJWFZPVBGVMMSFGVOE"OZTIJQQJOHBOEIBOEMJOH
GFFTJODVSSFEJOUIFSFUVSOQSPDFTTBSFOPUDPWFSFECZUIFSFGVOE
3FUVSOSFRVFTUTNBEFPVUTJEFPGUIFEBZQFSJPEXJMMOPUCF
BDDFQUFE8FNBZBMTPDIPPTFOPUUPBDDFQUSFUVSOTXJUIJOUIFTF
DJSDVNTUBODFT
%kDMBSBUJPO
$FUUF犔DIF焿*OGPSNBUJPOTJNQPSUBOUFTTVSMFQSPEVJUFUDBSUFEF
HBSBOUJF煊DPOUJFOUEFTJOGPSNBUJPOTTVSMBTkDVSJUkFUMþVUJMJTBUJPOBJOTJ
RVFEFTJOGPSNBUJPOTTVSMFTFSWJDFBQSjTWFOUF
"WBOUEVUJMJTFSMBNPOUSF0OF1MVTWFVJMMF[MJSFUPVUFTMFTJOTUSVDUJPOT
EVUJMJTBUJPOFUMFTJOGPSNBUJPOTTVSMBTkDVSJUkDJEFTTPVTFU
DPOTFSWF[MFTQPVSSkGkSFODFVMUkSJFVSF
4kDVSJUkEFTEPOOkFT
-VUJMJTBUJPOEVOMPHJDJFMUJFSTOPOBVUPSJTkQPVSNFUUSFhOJWFBVMF
NJDSPMPHJDJFMFUMFTZTUjNFEFMBQQBSFJMQFVUQSkTFOUFSEFTSJTRVFTEF
TkDVSJUkUFMTRVFMJOEJTQPOJCJMJUkEFMBQQBSFJMPVMBEJWVMHBUJPOEFWPT
JOGPSNBUJPOTQFSTPOOFMMFT*MFTUSFDPNNBOEkEþF犓FDUVFSMBNJTFh
OJWFBVFOMJHOFPVEBQQPSUFSMBQQBSFJMhVODFOUSFEFTFSWJDF0OF1MVT
QSjTEFDIF[WPVTQPVSVOFNJTFhOJWFBV
1SkDBVUJPOTEFNQMPJ
/VUJMJTF[QBTMBQQBSFJMEBOTVOFOESPJUIVNJEFPVhQSPYJNJUkEVO
DIBNQNBHOkUJRVFB犔OEFOFQBTQSPWPRVFSVOEZTGPODUJPOOFNFOU
EVDJSDVJUJOUFSOFEFMBQQBSFJM
/VUJMJTF[QBTDFUBQQBSFJMQFOEBOUMFTPSBHFT-FTPSBHFTQFVWFOU
QSPWPRVFSVOFQBOOFEFMBQQBSFJMPVVODIPDkMFDUSJRVF
7FVJMMF[VUJMJTFSMBNPOUSFhVOFUFNQkSBUVSFBNCJBOUFFOUSFd$FU
d$FUVOFIVNJEJUkFOUSFFU-BUFNQkSBUVSFEF
TUPDLBHFEPJUlUSFDPNQSJTFFOUSFd$FUd$6OFUFNQkSBUVSF
USPQkMFWkFPVUSPQCBTTFB犓FDUFSBMVUJMJTBUJPOEFMBNPOUSFFU
FOEPNNBHFSBNlNFMBNPOUSFFUMBCBUUFSJF
7FVJMMF[DIBSHFSMBCBUUFSJFhVOFUFNQkSBUVSFBNCJBOUFFOUSFd$
FUd$QPVSkWJUFSEFSkEVJSFMFTQFSGPSNBODFTEFMBCBUUFSJFFUEF
SBDDPVSDJSMFUFNQTEþBVUPOPNJF-BDIBSHFSBQJEFEFMBNPOUSFOF
TFSBQBTQPTTJCMFMPSTRVFMBUFNQkSBUVSFFTUJOGkSJFVSFhd$PV
TVQkSJFVSFhd$
7FVJMMF[VUJMJTFSMFDIBSHFVSMFD煮CMFEFEPOOkFTMBCBUUFSJFFUMFT
BVUSFTBDDFTTPJSFTBHSkkTQBSMFGBCSJDBOUQPVSkWJUFSMFTSJTRVFTEF
DIPDkMFDUSJRVFEJODFOEJFEFYQMPTJPOPVEBVUSFTEBOHFST
/þFYQPTF[QBTMBQQBSFJMhMBMVNJjSFEJSFDUFEVTPMFJMQBSFYFNQMF
VOUBCMFBVEFCPSEEFWPJUVSFPVVOSFCPSEEFGFOlUSF
/FQMBDF[QBTMBQQBSFJMhQSPYJNJUkEFTPVSDFTEFDIBMFVSPVEF
TPVSDFTEFGFVOVUFMMFTRVFSBEJBUFVSTkMFDUSJRVFTGPVSTh
NJDSPPOEFTGPVSTDIBV犓FFBVDVJTJOJjSFTCPVHJFTPVBVUSFT
FOESPJUTTVTDFQUJCMFTEFHkOkSFSEFTUFNQkSBUVSFTkMFWkFT
$FUBQQBSFJMFUTFTBDDFTTPJSFTQFVWFOUDPOUFOJSEFQFUJUFTQJjDFT
7FVJMMF[HBSEFSMBQQBSFJMFUTFTBDDFTTPJSFTIPSTEFQPSUkFEFT
FOGBOUT-FTFOGBOUTQFVWFOUFOEPNNBHFSQBSJOBEWFSUBODF
MBQQBSFJMFUTFTBDDFTTPJSFTPVBWBMFSEFQFUJUFTQJjDFT
QSPWPRVBOUVOFTV犓PDBUJPOPVEBVUSFTEBOHFST
$FUBQQBSFJMOFTUQBTVOKPVFU-FTFOGBOUTEPJWFOUMVUJMJTFSTPVTMB
TVSWFJMMBODFEVOBEVMUF
%BOTMFTFOESPJUTPrMVUJMJTBUJPOEBQQBSFJMTTBOT犔MFTUFYQSFTTk
NFOUJOUFSEJUFWFVJMMF[OFQBTVUJMJTFSDFUBQQBSFJMB犔OEþkWJUFS
EþJOUFSGkSFSBWFDEBVUSFTBQQBSFJMTkMFDUSPOJRVFTPVEþFOUSB煵OFS
EBVUSFTEBOHFST
-FTPOEFTSBEJPHkOkSkFTQBSDFUBQQBSFJMQFVWFOUB犓FDUFSMF
GPODUJPOOFNFOUOPSNBMEFTkRVJQFNFOUTNkEJDBVYJNQMBOUkTPV
EFTkRVJQFNFOUTNkEJDBVYQFSTPOOFMTUFMTRVFMFTTUJNVMBUFVST
DBSEJBRVFTMFTJNQMBOUTDPDIMkBJSFTMFTBQQBSFJMTBVEJUJGTFUD4J
WPVTVUJMJTF[UFMTkRVJQFNFOUTNkEJDBVYWFVJMMF[DPOTVMUFSMFVST
GBCSJDBOUTTVSMFTSFTUSJDUJPOTEVUJMJTBUJPOEFDFUBQQBSFJM
-PSTEFMVUJMJTBUJPOEFDFUBQQBSFJMWFVJMMF[HBSEFSVOFEJTUBODFEBV
NPJOTDNEFTkRVJQFNFOUTNkEJDBVYJNQMBOUkTUFMTRVFMFT
TUJNVMBUFVSTDBSEJBRVFTMFTJNQMBOUTDPDIMkBJSFTFUD7FVJMMF[OF
QBTMBJTTFSMBQQBSFJMUPVDIFSMBCEPNFOEFTGFNNFTFODFJOUFT
7FVJMMF[HBSEFSMBQQBSFJMkMPJHOkEFMBCEPNFOEFTBEPMFTDFOUT
-FTFOGBOUTFUMFTBEPMFTDFOUTEFWSBJFOUVUJMJTFSMBNPOUSFEF
NBOJjSFSBJTPOOBCMFBWFDMBGSkRVFODFFUMBEVSkFEVUJMJTBUJPO
MJNJUkFT
/VUJMJTF[QBTDFUBQQBSFJMEBOTEFTTUBUJPOTTFSWJDFTUBUJPOTEF
NBJOUFOBODFPVhQSPYJNJUkEF[POFTJO犕BNNBCMFTFUFYQMPTJWFT
DPOUFOBOUEFTNBUkSJBVYFUQSPEVJUTDIJNJRVFTJO犕BNNBCMFTFU
PCTFSWF[UPVUFTMFTJD煹OFTPVJOTUSVDUJPOT%BOTEFT[POFTEF
TUPDLBHFFUEFUSBOTQPSUEFDBSCVSBOUPVEFQSPEVJUTDIJNJRVFTPV
EBOTEFTMJFVYFYQMPTJGTMþBQQBSFJMQFVUQSPWPRVFSVOFFYQMPTJPOPV
VOJODFOEJF
/FTUPDLF[QBTFUOFUSBOTQPSUF[QBTMBQQBSFJMFUTFTBDDFTTPJSFT
EBOTMBNlNFCP煵UFRVFEFTMJRVJEFTJO犕BNNBCMFTEFTHB[PVEFT
NBUJjSFTFYQMPTJWFT
/PVCMJF[QBTRVFMBTkDVSJUkBVWPMBOUFTUWPUSFSFTQPOTBCJMJUk
QSFNJjSFFUOFWPVTFOHBHF[QBTEBOTEFTBDUJWJUkTEJTUSBZBOUFT
-kRVJQFNFOUkMFDUSPOJRVFEFMBWPJUVSFQFVUNBMGPODUJPOOFSFO
SBJTPOEJOUFSGkSFODFTSBEJPQSPWFOBOUEFMBQQBSFJM7FVJMMF[
DPOUBDUFSMFGBCSJDBOUQPVSFOTBWPJSQMVT
/FQMBDF[QBTMBQQBSFJMBVEFTTVTEFMBJSCBHEFMBWPJUVSFPVh
QPSUkFEFMBJSCBHBQSjTTPOEkQMPJFNFOU4JOPOMPSTRVFMBJSCBHFTU
HPO犕kMBNPOUSFTVCJSBVOFGPSUFGPSDFFYUFSOFDFRVJQFVUDBVTFS
EFHSBWFTCMFTTVSFTBVYQFSTPOOFTEBOTMBWPJUVSF
-FTBQQBSFJMTTBOT犔MQFVWFOUJOUFSGkSFSBWFDMFTZTUjNFEFWPMEF
MBWJPO7FVJMMF[SFTQFDUFSMFTSkHMFNFOUBUJPOTFOWJHVFVSEFT
DPNQBHOJFTBkSJFOOFT/VUJMJTF[QBTDFUBQQBSFJMEBOTEFTFOESPJUT
PrMVUJMJTBUJPOEBQQBSFJMTTBOT犔MFTUJOUFSEJUF
煘UBODIFFUBOUJQPVTTJjSF
-kRVJQFNFOUBkUkUFTUkFUEkNPOUSkEFTQFSGPSNBODFTkUBODIFTFU
BOUJQPVTTJjSFEBOTEFTFOWJSPOOFNFOUTTQkDJ犔RVFT
$FQSPEVJUDPOUJFOUVOFCBUUFSJFBVMJUIJVNJOUkHSkF*MFTUJOUFSEJUEF
MFEkNPOUFSGSBQQFSTFSSFSPVKFUFSBVGFV
6OFQSFTTJPOFYUSlNFNFOUCBTTFQFVUQSPWPRVFSVOFFYQMPTJPOPV
VOFGVJUFEFMJRVJEFPVEFHB[JO犕BNNBCMFEFMBCBUUFSJF
/FQMBDF[QBTDFQSPEVJUEBOTVOFOWJSPOOFNFOUhIBVUF
UFNQkSBUVSFFUOFMFYQPTF[QBThMBMVNJjSFEJSFDUFEVTPMFJMQPVS
kWJUFSVOFFYQMPTJPO
&ODBTEFHPO犕FNFOUTkWjSFEFMBCBUUFSJFBSSlUF[EFMVUJMJTFS
+FUF[MFTCBUUFSJFTDPOGPSNkNFOUBVYSkHMFNFOUBUJPOTMPDBMFTFUOF
MFTUSBJUF[QBTDPNNFEFTEkDIFUTNkOBHFST
/FTTBZF[QBTEFSkQBSFSEkNPOUFSPVNPEJ犔FSMBCBUUFSJF-F
SFNQMBDFNFOUEFMBCBUUFSJFQBSDFMMFEþVONPEjMFJODPSSFDUQFVU
QSPWPRVFSVOFFYQMPTJPO
/FQSFTTF[QBTPVOFQFSDF[QBTMBCBUUFSJFBWFDEFTPCKFUTEVST
6OFOEPNNBHFNFOUEFMBCBUUFSJFQFVUQSPWPRVFSVOFGVJUFVOF
TVSDIBV犓FPVVOJODFOEJF














































;POFJO犕BNNBCMFFUFYQMPTJWF
4kDVSJUkSPVUJjSF
"WFSUJTTFNFOUEFCBUUFSJF
(BSEF[MBQQBSFJMFUTFTBDDFTTPJSFTBVTFD/VUJMJTF[QBT
EBQQBSFJMTEFDIBV犓BHFFYUFSOFTUFMTRVFEFTGPVSThNJDSPPOEFT
PVEFTTjDIFDIFWFVYQPVSMFTTkDIFS
/FQMBDF[QBTMBQQBSFJMFUTFTBDDFTTPJSFTEBOTEFT[POFTPrMB
UFNQkSBUVSFFTUUSPQkMFWkFPVUSPQCBTTFTJOPODFMBQPVSSBJU
QSPWPRVFSVOEZTGPODUJPOOFNFOUEFMBQQBSFJMVOJODFOEJFPVVOF
FYQMPTJPO
4JMFQSPEVJUFTUEPUkEVOCSBDFMFUFODVJSWFVJMMF[kWJUFSEFMVUJMJTFS
TPVTMFTPMFJMDIBVEhMBMVNJjSFEJSFDUFEVTPMFJMPVEBOTVO
FOWJSPOOFNFOUBWFDVOFUFNQkSBUVSFFUVOFIVNJEJUkkMFWkFT4JMF
QSPEVJUFTUBDDJEFOUFMMFNFOUNPVJMMkBWFDEFMFBVPVEFMBTVFVS
FTTVZF[MFEjTRVFQPTTJCMFFUQMBDF[MFEBOTVOFOESPJUBkSkFU
GSBJTQPVSMFTkDIFS/VUJMJTF[QBTEBQQBSFJMTEFDIBV犓BHFFYUFSOFT
UFMTRVFEFTGPVSThNJDSPPOEFTFUEFTTjDIFDIFWFVYQPVSTkDIFS
MFCSBDFMFUFODVJSNPVJMMkTJOPOMBTVSGBDFEVDVJSQPVSSBJUTF
SkUSkDJSPVTkUFOESF
4JMFQSPEVJUFTUEPUkEVOCSBDFMFUEFDPVMFVSDMBJSFWFVJMMF[OFQBT
UPVDIFSMFTWlUFNFOUTTPNCSFTMPSTEFTPOVUJMJTBUJPOQPVSkWJUFSMFT
UBDIFT
"WBOUMFOFUUPZBHFFUMFOUSFUJFOWFVJMMF[BSSlUFSEVUJMJTFSDFUBQQBSFJM
FUEkDPOOFDUFSUPVUFTMFTDPOOFYJPOTPVEkCSBODIFSMFTD煮CMFTEFT
BVUSFTBQQBSFJMT
/VUJMJTF[QBTEFQSPEVJUTDIJNJRVFTQVJTTBOUTEBHFOUTEF
OFUUPZBHFPVEFEkUFSHFOUTQVJTTBOUTQPVSOFUUPZFSMBQQBSFJMPV
TFTBDDFTTPJSFT7FVJMMF[VUJMJTFSVODIJ犓POEPVYQSPQSFFUTFDQPVS
FTTVZFSMBQQBSFJMPVTFTBDDFTTPJSFT
*OGPSNBUJPOTSkHMFNFOUBJSFT
"DDkEF[h焿1BSBNjUSFT煏QSPQPT*OGPSNBUJPOTSkHMFNFOUBJSFT煊
TVSWPUSFNPOUSFQPVSDPOTVMUFSMFTJOGPSNBUJPOTSFMBUJWFThMB
DFSUJ犔DBUJPOEVQSPEVJU
*OGPSNBUJPOTSFMBUJWFThMBHBSBOUJFEFTBQQBSFJMT0OF1MVT
-FTBQQBSFJMT0OF1MVTBDIFUkTTVSPOFQMVTDPNPVQBSMFCJBJTEF
DBOBVYEFWFOUFBHSkkTCkOk犔DJFOUEVOFHBSBOUJFMJNJUkF-BEVSkFEF
DFUUFHBSBOUJFEkQFOEEVQBZTPVEFMBSkHJPOEPSJHJOFEFMBDIBUFU
OFTUSFNCPVSTBCMFRVFEBOTMFQBZTPVMBSkHJPOEPSJHJOF4BVG
TQkDJ犔DBUJPODPOUSBJSFDFUUFHBSBOUJFDPVWSFMFTDPNQPTBOUTNBUkSJFMT
EVQSPEVJUUFMTRVFGPVSOJThMPSJHJOFFUOFDPVWSFQBTPVBMPST
TFVMFNFOUEFNBOJjSFQBSUJFMMFMFTMPHJDJFMTMFTDPOTPNNBCMFTPVMFT
BDDFTTPJSFTNlNFTJDFVYDJTPOUGPVSOJTPVWFOEVTBWFDMFQSPEVJU-B
HBSBOUJFMJNJUkFOFDPVWSFRVFMFTEkGBVUTGPODUJPOOFMTEVQSPEVJU
DBVTkTQBSMBNBJOE燍VWSFPVMFTNBUkSJBVYEVQSPEVJU1PVSQMVTEF
EkUBJMTDPOUBDUF[MFTFSWJDFDMJFOUjMF0OF1MVTFOBMMBOUTVS
POFQMVTDPNTVQQPSU
$FRVFOFDPVWSFQBTMBHBSBOUJFMJNJUkF
%FTEkGFDUVPTJUkTPVEFTEPNNBHFTSkTVMUBOUEBDDJEFOUTEF
OkHMJHFODFTEFNBVWBJTFVUJMJTBUJPOPVEVUJMJTBUJPOBOPSNBMFEF
DPOEJUJPOTBOPSNBMFTPVEFTUPDLBHFJOBQQSPQSJkEFYQPTJUJPOhEV
MJRVJEFEFMIVNJEJUkEVTBCMFPVEFMBTBMFUkEFTQSFTTJPOT
JOIBCJUVFMMFTQIZTJRVFTkMFDUSJRVFTPVkMFDUSPNkDBOJRVFT
%FTSBZVSFTEFTCPTTFMVSFTFUEFTEkH煮UTDPTNkUJRVFTTBVGTJMT
TPOUEVGBJUEF0OF1MVT
%FTEkGFDUVPTJUkTPVEFTEkH煮UTSkTVMUBOUEVOFGPSDFFYDFTTJWF
FYFSDkFTVSMkDSBOUBDUJMFPVEVOFNJTFFODPOUBDUEPCKFUT
NkUBMMJRVFTBWFDDFEFSOJFS
-FTBQQBSFJMTEPOUMFOVNkSPEFTkSJFPVMFOVNkSP*.&*POUkUk
SFUJSkTNBRVJMMkTFOEPNNBHkTBMUkSkTPVSFOEVTJMMJTJCMFT
-VTVSFPSEJOBJSF
-FTEkGFDUVPTJUkTPVMFTEkH煮UTSkTVMUBOUEFMVUJMJTBUJPOEVQSPEVJU
BWFDEFTBDDFTTPJSFTQSPEVJUTPVkRVJQFNFOUTBVYJMJBJSFTPV
QkSJQIkSJRVFTOPOGPVSOJTFUBQQSPVWkTQBS0OF1MVT
-FTEkGFDUVPTJUkTEFDBSBDUkSJTUJRVFTQIZTJRVFTPVMFTEkH煮UT
SkTVMUBOUEVOFNBOJQVMBUJPOJOBQQSPQSJkFUFTUTGPODUJPOOFNFOU
NBJOUFOBODFJOTUBMMBUJPOSkQBSBUJPOPVBKVTUFNFOUOPOGPVSOJFOJ
BQQSPVWkFQBS0OF1MVT
-FTEkGFDUVPTJUkTPVEkH煮UTSkTVMUBOUEFDBVTFTFYUFSOFTDPMMJTJPO
BWFDVOPCKFUJODFOEJFJOPOEBUJPOTBMFUkTUFNQlUFGPVESF
USFNCMFNFOUEFUFSSFFYQPTJUJPOhEFTDPOEJUJPOTDMJNBUJRVFTWPM
GVTJCMFTHSJMMkTVUJMJTBUJPOEFTPVSDFkMFDUSJRVFJOBQQSPQSJkFFUD
-FTEkGFDUVPTJUkTPVEkH煮UTSkTVMUBOUEFMBSkDFQUJPOPVMFOWPJEF
TJHOBVYDFMMVMBJSFTEFWJSVTFUEBVUSFTQSPCMjNFTEFMPHJDJFMTUJFST
JOUSPEVJUTEBOTMFQSPEVJU
-FTSFNQMBDFNFOUTFUSkQBSBUJPOTHSBUVJUTEBOTMFDBESFEFMB
HBSBOUJFOFTPOUWBMBCMFTRVFEBOTMFQBZTEBDIBUPVMBSkHJPO
EBDIBU$POUBDUF[MFTFSWJDFDMJFOUjMF0OF1MVTQPVSFOTBWPJSQMVT
1PMJUJRVFEFSFUPVSTMJNJUkFhM"NkSJRVFEV/PSEFUhM&VSPQF
-FTUkMkQIPOFTFUBDDFTTPJSFT0OF1MVTTPOUGBCSJRVkTFOSFTQFDUBOU
MFTOPSNFTMFTQMVTkMFWkFTFUJMTTPOUTPVNJThEFTUFTUTSJHPVSFVY4J
QPVSVOFSBJTPORVFMDPORVFWPVTOlUFTQBTTBUJTGBJUEFWPUSFQSPEVJU
0OF1MVTWPVTEJTQPTF[EFKPVSTDBMFOEBJSFThQBSUJSEFTBMJWSBJTPO
QPVSEFNBOEFShMFSFUPVSOFS6OFGPJTRVFOPVTBVSPOTBQQSPVWk
WPUSFEFNBOEFEFSFUPVSFUSF煳VMFQSPEVJUOPVTF犓FDUVFSPOTVOF
"VDVOFEFNBOEFEFSFUPVSQSkTFOUkFFOEFIPSTEFMBQkSJPEFEFT
RVJO[FKPVSTOFTFSBBDDFQUkF
/PVTQPVWPOTkHBMFNFOUDIPJTJSEFOFQBTBDDFQUFSEFSFUPVST
EBOTMFTDBTTVJWBOUT
%kGFDUVPTJUkTPVEkH煮UTDBVTkTBQSjTMBDIBUQBSVOFNBVWBJTF
VUJMJTBUJPOVOFOkHMJHFODFEFTEPNNBHFTQIZTJRVFTVOFBMUkSBUJPO
VOSkHMBHFFSSPOkVOFVTVSFOPSNBMFPVVOFJOTUBMMBUJPOJODPSSFDUF
%FT犕VDUVBUJPOTEFQSJYkUBOUMBTFVMFFUVOJRVFSBJTPOEVSFUPVS
%FTDPOUSBUTDMJFOUTQFSTPOOBMJTkT$POGPSNkNFOUhMBMPJ6,
$POTVNFS3JHIUT"DUUPVUFNBSDIBOEJTFRVJOFTUQBT
EFRVBMJUkTBUJTGBJTBOUF
BEBQUkFhTB犔OBMJUkBMMkHVkFPV
DPOGPSNFhTBEFTDSJQUJPOQPVSSBlUSFSFUPVSOkF
EBOTMFTKPVSTEFTBMJWSBJTPO.FSDJEPVWSJSVOEPTTJFSEkDSJWBOU
MFQSPCMjNFSFODPOUSkBWFDWPUSFBQQBSFJM1PVSQPVWPJSBWPJSESPJUh
VOSFNCPVSTFNFOUWPVTEFWF[OPVTDPOUBDUFSEBOTMFTKPVSTFU
EkDSJSFFOEkUBJMFORVPJMFQSPEVJUFTUEkGFDUVFVYFOEPNNBHkPV
EJ犓kSFOUEFMBSUJDMFDPNNBOEk/PVTQPVWPOTDIPJTJSEFOFQBT
BDDFQUFSEFSFUPVSTEBOTMFTDBTTVTNFOUJPOOkT%BOTUPVTMFTDBT
OPVTFYBNJOFSPOTMFQSPEVJUFUDPO犔SNFSPOTMFQSPCMjNF1PVS
EPOOFSMJFVhVOSFNQMBDFNFOUPVhVOSFNCPVSTFNFOUMBQQBSFJM
EPJUlUSFDPNNFOFVGFUDPNQSFOESFMFDPOUFOVEPSJHJOFEVDPMJT
/PVTOPVTSkTFSWPOTMFESPJUEFSFGVTFSVOSFNCPVSTFNFOUPVVO
kDIBOHFTJOPVTFTUJNPOTRVFMFQSPEVJUSFUPVSOkBkUk
FOEPNNBHk

.BJOUFOBODFFUFOUSFUJFO
'$$SFHVMBUPSZDPOGPSNBODF
'$$TUBUFNFOU
5IJTEFWJDFDPNQMJFTXJUIQBSUPGUIF'$$3VMFT0QFSBUJPOJT
TVCKFDUUPUIFGPMMPXJOHUXPDPOEJUJPOT
5IJTEFWJDFNBZOPUDBVTFIBSNGVMJOUFSGFSFODFBOE
5IJTEFWJDFNVTUBDDFQUBOZJOUFSGFSFODFSFDFJWFEJODMVEJOH
JOUFSGFSFODFUIBUNBZDBVTFVOEFTJSFEPQFSBUJPO
5IJTEFWJDFIBTCFFOUFTUFEBOEGPVOEUPDPNQMZXJUIUIFMJNJUT
GPSB$MBTT#EJHJUBMEFWJDFQVSTVBOUUP1BSUPGUIF'$$3VMFT
5IFTFMJNJUTBSFEFTJHOFEUPQSPWJEFSFBTPOBCMFQSPUFDUJPOBHBJOTU
IBSNGVMJOUFSGFSFODFJOBSFTJEFOUJBMJOTUBMMBUJPO5IJTFRVJQNFOU
HFOFSBUFTVTFTBOEDBOSBEJBUFESBEJPGSFRVFODZFOFSHZBOEJGOPU
JOTUBMMFEBOEVTFEJOBDDPSEBODFXJUIUIFJOTUSVDUJPOTNBZDBVTF
IBSNGVMJOUFSGFSFODFUPSBEJPDPNNVOJDBUJPOT)PXFWFSUIFSFJTOP
HVBSBOUFFUIBUJOUFSGFSFODFXJMMOPUPDDVSJOBQBSUJDVMBSJOTUBMMBUJPO*G
UIJTFRVJQNFOUEPFTDBVTFIBSNGVMJOUFSGFSFODFUPSBEJPPSUFMFWJTJPO
SFDFQUJPOXIJDIDBOCFEFUFSNJOFECZUVSOJOHUIFFRVJQNFOUP犓BOE
POUIFVTFSJTFODPVSBHFEUPUSZUPDPSSFDUUIFJOUFSGFSFODFCZPOFPS
NPSFPGUIFGPMMPXJOHNFBTVSFT
3FPSJFOUPSSFMPDBUFUIFSFDFJWJOHBOUFOOB
*ODSFBTFUIFTFQBSBUJPOCFUXFFOUIFFRVJQNFOUBOESFDFJWFS
$POOFDUUIFFRVJQNFOUJOUPBOPVUMFUPOBDJSDVJUEJ犓FSFOUGSPNUIBUUP
XIJDIUIFSFDFJWFSJTDPOOFDUFE
$POTVMUUIFEFBMFSPSBOFYQFSJFODFESBEJP57UFDIOJDJBOGPSIFMQ
'$$$BVUJPO
$IBOHFTPSNPEJ犔DBUJPOTOPUFYQSFTTMZBQQSPWFECZUIFQBSUZ
SFTQPOTJCMFGPSDPNQMJBODFDPVMEWPJEUIFVTFSýTBVUIPSJUZUPPQFSBUF
UIFFRVJQNFOU
5IFBOUFOOBTVTFEGPSUIJTUSBOTNJUUFSNVTUOPUCFDPMMPDBUFEPS
PQFSBUFJODPOKVODUJPOXJUIBOZPUIFSBOUFOOBPSUSBOTNJUUFS
4IPEBTSFHVMB熍OnNJPQBU燓FOnNJ&6
4QPMF熍OPTU0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UEUnNUPEFLMBSVKF
TIPEVSiEJPWkIP[B燓n[FOnUZQV8(#TLSJUkSJJFWSPQTLkTNwSOJDF
&6
$FM煾UFYUQSPIMi燛FOnPTIPEwTQPENnOLBNJ&6KFLEJTQP[JDJOB
OiTMFEVKnDnJOUFSOFUPWkBESFTF
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
4IPEB3P)4
5FOUPQSPEVLUTQMzVKFQPENnOLZQPV燷JUnVS熍JU煾DIOFCF[QF熍O煾DIMiUFLW
FMFLUSJDL煾DIBFMFLUSPOJDL煾DI[B燓n[FOnDITUBOPWFOkOB燓n[FOnN
&WSPQTLkVOJF&6BKFIPEPEBULZ
4QSiWOiMJLWJEBDFUPIPUPQSPEVLUV
4ZNCPMQ燓F燛LSUOVUkIPPEQBELPWkIPLP燛FWLSPV燷LVOBWB燛FN
QSPEVLUVCBUFSJJEPLVNFOUBDJ熍JPCBMV[OBNFOi燷FUFOUP
QSPEVLUTFTW煾NFMFLUSPOJDL煾NQ燓nTMV燛FOTUWnNOFNiC煾U
MJLWJEPWiOTQPMVTPTUBUOnNPEQBEFNEPNiDOPTUJ,CF[QF熍Ok
SFDZLMBDJWB燛FIP[B燓n[FOnQSPTnNQPV燷JKUFMPLiMOnTZTUkNZQSPTCwS
QPV燷JUkFMFLUSPOJLZOFCPLPOUBLUVKUFQSPEFKDFVOwIP燷CZMP[B燓n[FOn
Q燨WPEOw[BLPVQFOP
&WSPQTLiGSFLWFO熍OnQiTNBBW煾LPO
.BYJNiMOnW煾LPOSBEJPGSFLWFO熍OnIPQ燓FOPTVWFGSFLWFO熍OnDIQiTNFDI
QSPWP[VUPIPUPSiEJPWkIP[B燓n[FOn
.BYJNiMOnW煾LPOKFQSPW燛FDIOBQiTNBOJ燷燛nOF燷OFKWZ燛燛nMJNJUOn
IPEOPUBVWFEFOiWQ燓nTMV燛OkNIBSNPOJ[PWBOkNTUBOEBSEV
/PNJOiMOnMJNJUOnIPEOPUZQSPGSFLWFO熍OnQiTNBBQ燓FOPTPW煾W煾LPO
[i燓FOnNBOFCPWFEFOnNKTPVVUPIPUPSiEJPWkIP[B燓n[FOnOiTMFEVKnDn
#MVFUPPUI.)[E#N
*OGPSNBDFPEPWP[DJ
%PWP[DFEP&6
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEBUIF/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBNUIF/FUIFSMBOET
;HPEOP燕熇[QSBXFN6&
/JOJFKT[ZN0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UEP燕XJBED[B燵F
TQS[熘USBEJPXZUZQV8(#KFTU[HPEOZ[EZSFLUZX熅
1F熿OZUFLTUEFLMBSBDKJ[HPEOP燕DJ6&EPTU熘QOZKFTUOBTUSPOJF
JOUFSOFUPXFKQPEOBTU熘QVK熅DZNBESFTFN
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
;HPEOP燕熇[EZSFLUZX熅3P)4
5FOQSPEVLUKFTU[HPEOZ[EZSFLUZX熅6&JKFK[NJBOBNJX
TQSBXJFPHSBOJD[FOJBTUPTPXBOJBOJFLUpSZDIOJFCF[QJFD[OZDI
TVCTUBODKJXTQS[熘DJFFMFLUSZD[OZNJFMFLUSPOJD[OZN
1SBXJE熿PXBVUZMJ[BDKBQSPEVLUV
1S[FLSF燕MPOZTZNCPMQPKFNOJLBOBLp熿LBDIOBQSPEVLDJF
CBUFSJJMJUFSBUVS[FMVCPQBLPXBOJVP[OBD[B燵FQSPEVLUJKFHP
BLDFTPSJBFMFLUSPOJD[OFOJFQPXJOOZCZ熇XZS[VDBOFSB[FN[
PEQBEBNJEPNPXZNJ"CZCF[QJFD[OJFQPEEB熇VS[熅E[FOJF
SFDZLMJOHPXJOBMF燵ZTLPS[ZTUB熇[MPLBMOZDITZTUFNpX[XSPUVJ[CJpSLJ
MVCTLPOUBLUPXB熇TJ熘[FTQS[FEBXD熅VLUpSFHPVS[熅E[FOJF[PTUB熿P
QJFSXPUOJF[BLVQJPOF
&VSPQFKTLJFQBTNBD[熘TUPUMJXP燕DJJNPD
.BLTZNBMOBNPDOBEBXBOBXQBTNBDID[熘TUPUMJXP燕DJXLUpSZDI
E[JB熿BTQS[熘USBEJPXZ.BLTZNBMOBNPDEMBXT[ZTULJDIQBTNKFTU
NOJFKT[BOJ燵OBKXZ燵T[BXBSUP燕熇HSBOJD[OBPLSF燕MPOBXPEQPXJFEOJDI
VKFEOPMJDPOZDIOPSNBDI;BLSFTZD[熘TUPUMJXP燕DJJOPNJOBMOFXBSUP燕DJ
HSBOJD[OFNPDZOBEBXD[FKQSPNJFOJPXBOFKJMVCQS[FXPE[POFK
NBK熅DF[BTUPTPXBOJFEPUFHPTQS[熘UVSBEJPXFHPT熅OBTU熘QVK熅DF
#MVFUPPUI.)[E#N
*OGPSNBDKFEPUZD[熅DFJNQPSUFSB
*NQPSUFS6&
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEB/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBNUIF/FUIFSMBOET
*OEJB&XBTUFJOGPSNBUJPO
5IFQSPEVDUTNBOVGBDUVSFECZ0OF1MVTDPNQMZXJUIUIF&XBTUF
3VMFTBOEJUTBNFOENFOUT$POTJEFSJOHUIFFYFNQUJPOMJTUFEJO
4$)&%6-&**PGUIF&XBTUF3VMFTUIFDPOUFOUPGIB[BSEPVT
TVCTUBODFTJTBTGPMMPXT
-FBE1COPUPWFSCZXFJHIU
$BENJVN$EOPUPWFSCZXFJHIU
.FSDVSZ)HOPUPWFSCZXFJHIU
)FYBWBMFOUDISPNJVN$SOPUPWFSCZXFJHIU
1PMZCSPNJOBUFECJQIFOZMT1##TOPUPWFSCZXFJHIU
1PMZCSPNJOBUFEEJQIFOZMFUIFST1#%&TOPUPWFS
CZXFJHIU
"UUFSP
8FCTJUFXXXBUUFSPJO
&NBJMJOGP!BUUFSPJO
1IPOF
&YJHP
8FCTJUFXXXFYJHPSFDZDMJOHDPN
&NBJMJOGP!FYJHPSFDZDMJOHDPN
1IPOF
'PSUIFQVSQPTFPGSFDZDMJOHBOESFEVDJOHUIFF犓FDUPGUIF
FOWJSPONFOUUIF&MFDUSJDBM&MFDUSPOJD&RVJQNFOUTIPVMEOPU
CFEJTQPTFEPGXJUIPUIFSIPVTFIPMEXBTUFQMFBTFTFQBSBUF
UIFTFJUFNTGSPNPUIFSUZQFTPGXBTUFBOESFDZDMFUIFNUPUIF
BVUIPSJ[FEFXBTUFDPNQBOZ"TBQBSUPG&XBTUFSFDZDMJOHJOJUJBUJWF
0OF1MVTIBTQBSUOFSFEXJUIUXPBVUIPSJ[FE&XBTUFDPNQBOJFT
OBNFE"UUFSPBOE&YJHP:PVDBODPOUBDU"UUFSPPS&YJHPUPSFDZDMF
ZPVS&XBTUFQSPEVDU'PSGVSUIFSJOGPSNBUJPOZPVDBODPOUBDUBU
&6T3FHFMWFSLTLPOGPSN
)煰SNFEG煻SLMBSBS0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UBUU
SBEJPVUSVTUOJOHTUZQFO8(#煻WFSFOTTU煰NNFSNFEEJSFLUJW
&6
%FOGVMMTU煰OEJHBUFYUFOUJMM&6G煻ST煰LSBOPN煻WFSFOTTU煰NNFMTF犔OOT
Q煱G煻MKBOEFJOUFSOFUBESFTTIUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
3P)4煻WFSFOTTU煰NNFMTF
%FOOBQSPEVLUVQQGZMMFSEJSFLUJW&6PDIEFTTUJMM煰HHPN
CFHS煰OTOJOHFOBWBOW煰OEOJOHFOBWWJTTBGBSMJHB煰NOFOJFMFLUSJTLPDI
FMFLUSPOJTLVUSVTUOJOH
,PSSFLUBWGBMMTIBOUFSJOHBWEFOOBQSPEVLU
%FO煻WFSLSZTTBEFTZNCPMFOG煻STPQUVOOBOTPN犔OOTQ煱
QSPEVLUFOCBUUFSJFUUFYUFOPDIG煻SQBDLOJOHFOJOEJLFSBSBUU
QSPEVLUFOPDIEFTTUJMMI煻SBOEFFMFLUSJTLBLPNQPOFOUFSFKTLB
LBTUBTJIVTI煱MMTBWGBMMFU'煻SBUUQ煱FUUT煰LFSUT煰UU煱UFSWJOOBEJO
FOIFUM煰NOBEFOUJMMFO煱UFSWJOOJOHTBOM煰HHOJOHFMMFSLPOUBLUB
煱UFSG煻ST煰MKBSFOE煰SEVL煻QUFEJOFOIFU
&VSPQFJTLBGSFLWFOTCBOEPDITU煻NG煻ST煻SKOJOH
.BYJNBMSBEJPGSFLWFOTF犓FLU煻WFSG煻STJEFGSFLWFOTCBOEE煰S
SBEJPVUSVTUOJOHFOGVOHFSBS%FONBYJNBMBF犓FLUFOG煻STBNUMJHBCBOE
煰SM煰OHSF煰OEFUI煻HTUBHS煰OTW煰SEFTPNBOHFTJEFOSFMBUFSBEF
)BSNPOJTFSBEFTUBOEBSEFO'SFLWFOTCBOEFUTPDIT煰OEOJOHTF犓FLUFOT
TUS煱MBEPDIFMMFSMFEBEOPNJOFMMBHS煰OTFSG煻SEFOOBSBEJPVUSVTUOJOH煰S
G煻MKBOEF#MVFUPPUI.)[E#N
*NQPSU煻S*OGPSNBUJPO
&6JNQPSU煻S
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEB/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBN/FUIFSMBOET
$VNQMJNJFOUPDPOMBOPSNBUJWBEFMB6&
1PSMBQSFTFOUF0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UE
EFDMBSBRVFFMUJQPEFFRVJQPSBEJPFMkDUSJDP8(#
FTDPOGPSNFDPOMB%JSFDUJWB6&
&MUFYUPDPNQMFUPEFMBEFDMBSBDJpO6&EFDPOGPSNJEBEFTUiEJTQPOJCMF
FOMBEJSFDDJpO*OUFSOFUTJHVJFOUF
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
$VNQMJNJFOUPDPO3P)4
&TUFQSPEVDUPDVNQMFDPOMBEJSFDUJWB6&TPCSFMBSFTUSJDDJpO
EFMVTPEFDJFSUBTTVTUBODJBTQFMJHSPTBTFOFRVJQPTFMkDUSJDPTZ
FMFDUSpOJDPTZTVTDPSSFTQPOEJFOUFTFONJFOEBT
&MJNJOBDJpODPSSFDUBEFFTUFQSPEVDUP
4JFTUFTnNCPMPEFVODPOUFOFEPSDPOSVFEBTUBDIBEPBQBSFDF
FOVOQSPEVDUPFOTVCBUFSnBFOMBEPDVNFOUBDJpOPFOFM
FOWBTFEFMNJTNPTJHOJ犔DBRVFFMQSPEVDUPZTVTBDDFTPSJPT
FMFDUSpOJDPTOPEFCFOEFTFDIBSTFKVOUPDPOMBCBTVSB
EPNkTUJDB1BSBSFDJDMBSEFGPSNBTFHVSBFMEJTQPTJUJWPIB[VTPEFMPT
TJTUFNBTEFEFWPMVDJpOZSFDPHJEBPQPOUFFODPOUBDUPDPOFM
EJTUSJCVJEPSBMRVFTFMPTIBZBTDPNQSBEP
#BOEBTEFGSFDVFODJBFVSPQFBTZQPUFODJB
1PUFODJBNiYJNBEFSBEJPGSFDVFODJBUSBOTNJUJEBFOMBTCBOEBTEF
GSFDVFODJBFOMBTRVFPQFSBFMFRVJQPSBEJPFMkDUSJDP
-BQPUFODJBNiYJNBQBSBUPEBTMBTCBOEBTFTJOGFSJPSBMWBMPSMnNJUF
NiYJNPFTQFDJ犔DBEPFOFMFTUiOEBSBSNPOJ[BEPSFMBDJPOBEP
-BTCBOEBTEFGSFDVFODJBZMPTMnNJUFTOPNJOBMFTEFMBQPUFODJB
USBOTNJUJEBSBEJBEBZPDPOEVDJEBBQMJDBCMFTBFTUFFRVJQPEFSBEJP
TPOMPTTJHVJFOUFT#MVFUPPUI.)[E#N
*OGPSNBDJpOEFMJNQP
*NQPSUBEPSFOMB6&
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEB1BnTFT#BKPT
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&(煐NTUFSEBN1BnTFT#BKPT
&6DPOGPSNJUFJUNFUSFHFMHFWJOH
0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UEWFSLMBBSUIJFSCJKEBUEF
SBEJPBQQBSBUVVSWBOIFUUZQF8(#WPMEPFUBBOEF
SJDIUMJKO&6
%FWPMMFEJHFUFLTUWBOEF&6DPOGPSNJUFJUTWFSLMBSJOHJTCFTDIJLCBBSPQ
IFUWPMHFOEFJOUFSOFUBESFT
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
3P)4OBMFWJOH
%JUQSPEVDUWPMEPFUBBOEFSJDIUMJKO&6FOXJK[JHJOHFO
CFUSF犓FOEFEFCFQFSLJOHWBOIFUHFCSVJLWBOCFQBBMEFHFWBBSMJKLF
TUP犓FOJOFMFLUSJTDIFFOFMFLUSPOJTDIFBQQBSBUVVS
$PSSFDUFWFSXJKEFSJOHWBOEJUQSPEVDU
)FUEPPSHFTUSFFQUFWVJMOJTCBLTZNCPPMPQVXQSPEVDUCBUUFSJK
IBOEMFJEJOHPGWFSQBLLJOHHFFGUBBOEBUIFUQSPEVDUFO[JKO
FMFLUSPOJTDIFBDDFTTPJSFTOJFUCJKIFUIVJTIPVEFMJKLBGWBMNPHFO
XPSEFOHFHPPJE0NVXBQQBSBBUWFJMJHUFSFDZDMFOHFCSVJLUV
QMBBUTFMJKLFSFUPVSFOJO[BNFMTZTUFNFOPGOFFNUVDPOUBDUPQNFUEF
XJOLFMXBBSIFUBQQBSBBUXFSEHFLPDIU
&VSPQFTFGSFRVFOUJFCBOEFOFOWFSNPHFO
.BYJNBBMVJUHF[POEFOSBEJPGSFRVFOUJFWFSNPHFOJOEFGSFRVFOUJFCBO
EFOXBBSJOEFSBEJPBQQBSBUVVSXFSLU)FUNBYJNBMFWFSNPHFOWPPS
BMMFCBOEFOJTNJOEFSEBOEFIPPHTUFHSFOTXBBSEFEJFJTHFTQFDJ犔
DFFSEJOEFHFSFMBUFFSEFHFIBSNPOJTFFSEFOPSN%FGSFRVFOUJFCBOEFO
FOEFOPNJOBMFMJNJFUFOWBOIFU[FOEWFSNPHFOVJUHFTUSBBMEFOPG
HFMFJEWBOUPFQBTTJOHPQEF[FSBEJPBQQBSBUVVS[JKOBMTWPMHU
#MVFUPPUI.)[E#N
*NQPSUFVSJOGPSNBUJF
&6JNQPSUFVS
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEBUIF/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBNUIF/FUIFSMBOET
&6T煰煰E煻TUFOOPVEBUUBNJOFO
0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UEJMNPJUUBBU煰UFOFUU煰
8(#UZZQQJOFOSBEJPMBJUFOPVEBUUBBEJSFLUJJWJ煰&6
&6OWBBUJNVTUFONVLBJTVVTWBLVVUVTPOMVFUUBWJTTBLPLPOBJTVVEFT
TBBOTFVSBBWBTTB*OUFSOFUPTPJUUFFTTB
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
3P)4T煰煰E煻TUFONVLBJTVVT
5煰N煰UVPUFOPVEBUUBBEJSFLUJJWJ煰&6KBTFONVVUPLTJBLPTLJFO
UJFUUZKFOWBBSBMMJTUFOBJOFJEFOL煰ZUU煻SBKPJUVLTJBT煰IL煻KBFMFLUSPOJJLLB
MBJUUFJTTB
5VPUUFFOBTJBONVLBJOFOI煰WJUU煰NJOFO
3BTUJUFUUVQZ煻S煰MMJTFOSPTLBLPSJOTZNCPMJUVPUUFFTTBBLVTTB
LJSKBMMJTVVEFTTBUBJQBLLBVLTFTTBUBSLPJUUBBFUU煰UVPUFUUBKBTFO
FMFLUSPOJTJBMJT煰MBJUUFJUBFJUVMFI煰WJUU煰煰UBMPVTK煰UUFFONVLBOB
,JFSS煰U煰MBJUUFFTJUVSWBMMJTFTUJL煰ZUU煰N煰MM煰QBJLBMMJTJB
LJFSS煰UZTK煰SKFTUFMNJ煰UBJQZZU煰N煰MM煰OFVWPBK煰MMFFONZZK煰MU煰KPMUBUVPUF
IBOLJUUJJO
&VSPPQQBMBJTFUUBBKVVTBMVFFUKBUFIP
4VVSJOSBEJPUBBKVVTUFIPKPLBM煰IFUFU煰煰OSBEJPMBJUUFFOUPJNJOUBUBB
KVVTBMVFJMMB.BLTJNJUFIPLBJLJMMBUBBKVVTBMVFJMMBPOQJFOFNQJLVJO
BTJBONVLBJTUFOIBSNPOJTPJUVKFOTUBOEBSEJFOLPSLFJOSBKBBSWP
5煰N煰OSBEJPMBJUUFFOUBBKVVTBMVFJEFOKBM煰IFUZTUFIPO
T煰UFJMZKBUBJKPIUVOVUUFIPOJNFMMJTSBKBUPWBUTFVSBBWBU
#MVFUPPUI.)[E#N
.BBIBOUVPKBUJFEPU
.BBIBOUVPKB&6TTB
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEB5IF/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBN5IF/FUIFSMBOET
$POGPSNJUkSkHMFNFOUBJSF6&
1BSMBQSkTFOUF0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UE
EkDMBSFRVFDF8(#EFUZQFkRVJQFNFOUSBEJP
FTUDPOGPSNFBVYFYJHFODFTEFMBEJSFDUJWF6&
-FUFYUFDPNQMFUEFMBEkDMBSBUJPOEFDPOGPSNJUk6&QFVUlUSFDPOTVMUk
hMBESFTTFTVJWBOUFIUUQTXXXPOFQMVTDPNDOTVQQPSU
$POGPSNJUkBVYOPSNFT3P)4
$FQSPEVJUFTUDPOGPSNFhMBEJSFDUJWF6&FUhTFT
BNFOEFNFOUTDPODFSOBOUMBMJNJUBUJPOEFMVUJMJTBUJPOEFDFSUBJOFT
TVCTUBODFTEBOHFSFVTFTEBOTMFTkRVJQFNFOUTkMFDUSJRVFTFU
kMFDUSPOJRVFT
.JTFBVSFCVUEFDFQSPEVJU
-FTZNCPMFEFQPVCFMMFCBSSkFEVOFDSPJYTVSWPUSFQSPEVJU
CBUUFSJFEPDVNFOUBUJPOPVFNCBMMBHFJOEJRVFRVFMFQSPEVJUFU
TFTBDDFTTPJSFTkMFDUSPOJRVFTOFEPJWFOUQBTlUSFKFUkTBWFD
MFTEkDIFUTNkOBHFST1PVSSFDZDMFSWPUSFBQQBSFJMFOUPVUF
TkDVSJUkWFVJMMF[VUJMJTFSMFTZTUjNFEFSFUPVSFUEFDPMMFDUFMPDBMPV
DPOUBDUFSMFEkUBJMMBOUBZBOUWFOEVMBQQBSFJMhMPSJHJOF
#BOEFTEFGSkRVFODFTFUQVJTTBODFTEFUSBOTNJTTJPOFVSPQkFOOF
1VJTTBODFNBYJNBMFEFTGSkRVFODFTSBEJPUSBOTNJTFTEBOTMFTCBOEFT
EFGSkRVFODFTEBOTMFTRVFMMFTGPODUJPOOFMkRVJQFNFOUSBEJP
-BQVJTTBODFNBYJNBMFQPVSUPVUFTMFTCBOEFTFTUJOGkSJFVSFhMB
WBMFVSMJNJUFMBQMVTkMFWkFTQkDJ犔kFEBOTMBOPSNFIBSNPOJTkF
DPSSFTQPOEBOUF-FTCBOEFTEFGSkRVFODFTFUMFTMJNJUFTOPNJOBMFTEF
QVJTTBODFEFUSBOTNJTTJPOSBZPOOkFFUPVDPOEVJUFBQQMJDBCMFThDFU
kRVJQFNFOUSBEJPTPOUMFTTVJWBOUFT
#MVFUPPUI.)[E#N
*OGPSNBUJPOTTVSMJNQPSUBUFVS
.BBIBOUVPKB&6TTB
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEB5IF/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBN5IF/FUIFSMBOET
,POGPSNJU煰UNJUEFO&67PSTDISJGUFO
)JFSNJUFSLM煰SUEJF0OF1MVT5FDIOPMPHZ4IFO[IFO$PEBTTEBT
GVOLUFDIOJTDIF(FS煰UEFT5ZQT8(#EJF3JDIUMJOJF&6
FSGtMMU%FSWPMMTU煰OEJHF5FYUEFS&6,POGPSNJU煰UTFSLM煰SVOHJTUVOUFS
GPMHFOEFS*OUFSOFUBESFTTFBCSVGCBS
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
3P)4,POGPSNJU煰U
%JFTFT1SPEVLUFSGtMMUEJF3JDIUMJOJF&6VOEJISF&SH煰O[VOHFO
[VS#FTDIS煰OLVOHEFS7FSXFOEVOHCFTUJNNUFSHFG煰ISMJDIFS4UP犓FJO
&MFLUSPVOE&MFLUSPOJLHFS煰UFO
,PSSFLUF&OUTPSHVOHEJFTFT1SPEVLUT
%BTEVSDIHFTUSJDIFOF.tMMUPOOFOTZNCPMBVG*ISFN1SPEVLU
EFN"LLVEFS%PLVNFOUBUJPOPEFSEFS7FSQBDLVOHHJCUBO
EBTTEBT1SPEVLUVOETFJOFMFLUSPOJTDIFT;VCFI煻SOJDIUNJU
EFNOPSNBMFO)BVTNtMMFOUTPSHUXFSEFOEtSGFO6N*IS(FS煰U
TJDIFS[VSFDZDFMOOVU[FO4JFCJUUFEBTMPLBMF3tDLHBCFVOE
4BNNFMTZTUFNPEFSXFOEFO4JFTJDIBOEFO)煰OEMFSCFJEFNEBT
(FS煰UVSTQStOHMJDIHFLBVGUXVSEF
&VSPQ煰JTDIF'SFRVFO[C煰OEFSVOE-FJTUVOH
.BYJNBMF)PDIGSFRVFO[MFJTUVOHEJFJOEFO'SFRVFO[C煰OEFSOGtSEFO
#FUSJFCEFT'VOLHFS煰UTtCFSUSBHFOXJSE%JFNBYJNBMF-FJTUVOHGtSBMMF
#煰OEFSMJFHUVOUFSEFNI煻DITUFO(SFO[XFSUEFSKFXFJMJHFO
IBSNPOJTJFSUFO/PSN%JFGtSEJFTF'VOLFJOSJDIUVOHHFMUFOEFO
'SFRVFO[C煰OEFSVOE4FOEFMFJTUVOHFOHFTUSBIMUVOEPEFS
MFJUVOHTHFGtISUTJOEXJFGPMHU#MVFUPPUI.)[E#N
*OGPSNBUJPOFO[VN*NQPSUFVS
&6*NQPSUFVS
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEB/JFEFSMBOEF
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBN/JFEFSMBOEF
$POGPSNJUhBMMFOPSNBUJWF6&
$POMBQSFTFOUF0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UE
EJDIJBSBTPUUPMBQSPQSJBSFTQPOTBCJMJUhDIFMBQQBSFDDIJBUVSBEJ
UJQP8(#jDPOGPSNFBMMB%JSFUUJWB6&
*MUFTUPDPNQMFUPEFMMBEJDIJBSB[JPOFEJDPOGPSNJUh6&jEJTQPOJCJMFBM
TFHVFOUFJOEJSJ[[PIUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
$PO犔SNUh3P)4
2VFTUPQSPEPUUPjDPOGPSNFBMMBEJSFUUJWB6&FBMMFTVF
NPEJ犔DIFTVMMBMJNJUB[JPOFEFMMVTPEJEFUFSNJOBUFTPTUBO[FQFSJDPMPTF
BMMJOUFSOPEJTUSVNFOUB[JPOFFMFUUSJDBFEFMFUUSPOJDB
$PSSFUUPTNBMUJNFOUPEFMQSPEPUUP
*MTJNCPMPDPOJMDBTTPOFUUPEFJSJ犔VUJCBSSBUPQSFTFOUFTVM
QSPEPUUPTVMMBCBUUFSJBTVMMFQVCCMJDB[JPOJPTVMMBDPOGF[JPOF
JOEJDBDIFJMQSPEPUUPFHMJBDDFTTPSJFMFUUSPOJDJOPOEFWPOP
FTTFSFTNBMUJUJJOTJFNFBJOPSNBMJSJ犔VUJEPNFTUJDJ1FSVOSJDJDMP
TJDVSPEFMEJTQPTJUJWPVUJMJ[[BSFJTJTUFNJEJSBDDPMUBMPDBMJ
PSJWPMHFSTJBMSJWFOEJUPSFEPWFjTUBUPBDRVJTUBUPJMEJTQPTJUJWP
#BOEFEJGSFRVFO[BFQPUFO[BQFSM6OJPOF&VSPQFB
-BQPUFO[BNBTTJNBEJSBEJPGSFRVFO[BOFMMFCBOEFEJGSFRVFO[BJODVJ
PQFSBMBQQBSFDDIJBUVSBSBEJP-BQPUFO[BNBTTJNBQFSUVUUFMFCBOEF
jJOGFSJPSFBMWBMPSFEFMMJNJUFNBTTJNPTQFDJ犔DBUPOFMSFMBUJWPTUBOEBSE
BSNPOJ[[BUP*MJNJUJOPNJOBMJQFSMFCBOEFEJGSFRVFO[BFMBQPUFO[BEJ
USBTNJTTJPOFJSSBEJBUBFPDPOEPUUBBQQMJDBCJMJBMMBQSFTFOUF
BQQBSFDDIJBUVSBSBEJPTPOPJTFHVFOUJ
#MVFUPPUI.)[E#N
*OGPSNB[JPOJTVMMJNQPSUBUPSF
*NQPSUBUPSF6&
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEBUIF/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBNUIF/FUIFSMBOET
3'&YQPTVSF*OGPSNBUJPO
5IJTEFWJDFJTEFTJHOFEBOENBOVGBDUVSFEOPUUPFYDFFEUIFFNJTTJPO
MJNJUTGPSFYQPTVSFUPSBEJPGSFRVFODZ3'FOFSHZTFUCZUIF'FEFSBM
$PNNVOJDBUJPOT$PNNJTTJPOPGUIF64(PWFSONFOU
4QFDJ犔D"CTPSQUJPO3BUF4"3SFGFSTUPUIFSBUFBUXIJDIUIFCPEZ
BCTPSCT3'FOFSHZ5IF'$$4"3MJNJUJT8LHHGPSVTFPOUIF
XSJTUBOE8LHHGPSVTFBHBJOTUUIFIFBE
'PSTQFBLFSNPEFDPNNVOJDBUJPOVTJOHBHBJOTUUIFIFBEQMFBTFLFFQ
BNJOJNVNPGNNTFQBSBUJPOUPFOTVSFFYQPTVSFMFWFMTSFNBJOBUPS
CFMPXUIFBTUFTUFEMFWFMTBOEPOUIFXSJTUXJUIOPTFQBSBUJPO
5FTUTGPS4"3BSFDPOEVDUFEVTJOHTUBOEBSEPQFSBUJOHQPTJUJPOT
BDDFQUFECZUIF'$$XJUIUIFEFWJDFUSBOTNJUUJOHBUJUTIJHIFTU
DFSUJ犔FEQPXFSMFWFMJOBMMUFTUFEGSFRVFODZCBOET"MUIPVHIUIF4"3JT
EFUFSNJOFEBUUIFIJHIFTUDFSUJ犔FEQPXFSMFWFMUIFBDUVBM4"3MFWFMPG
UIFEFWJDFXIJMFPQFSBUJOHDBOCFXFMMCFMPXUIFNBYJNVNSFQPSUFE
WBMVF
$BTFTXJUINFUBMQBSUTNBZDIBOHFUIF3'QFSGPSNBODFPGUIFEFWJDF
JODMVEJOHJUTDPNQMJBODFXJUI3'FYQPTVSFHVJEFMJOFTJOBNBOOFSUIBU
IBTOPUCFFOUFTUFEPSDFSUJ犔FEBOEVTFTVDIBDDFTTPSJFTTIPVMECF
BWPJEFE
*4&%$POGPSNBODF
*4&%4UBUFNFOU
5IJTEFWJDFDPOUBJOTMJDFODFFYFNQUUSBOTNJUUFSTSFDFJWFSTUIBU
DPNQMZXJUI*OOPWBUJPO4DJFODFBOE&DPOPNJD%FWFMPQNFOU$BOBEBþT
MJDFODFFYFNQU344T0QFSBUJPOJTTVCKFDUUPUIFGPMMPXJOHUXP
DPOEJUJPOT
$FUBQQBSFJMDPOUJFOUVOPVQMVTJFVSTkNFUUFVSTSkDFQUFVSTFYFNQUT
EFMJDFODFDPOGPSNFTBVYOPSNT344TBQQMJDBCMFTBVYBQQBSFJMT
SBEJPFYFNQUTEFMJDFODFEþ*OOPWBUJPO4DJFODFTFU%kWFMPQQFNFOU
煘DPOPNJRVF$BOBEB4POGPODUJPOOFNFOUFTUTPVNJTBVYEFVY
DPOEJUJPOTTVJWBOUFT
5IJTEFWJDFNBZOPUDBVTFJOUFSGFSFODF
5IJTEFWJDFNVTUBDDFQUBOZJOUFSGFSFODFJODMVEJOHJOUFSGFSFODF
UIBUNBZDBVTFVOEFTJSFEPQFSBUJPOPGUIFEFWJDF
5IJTEFWJDFDPNQMJFTXJUIUIF$BOBEJBO*$&4$MBTT#
TQFDJ犔DBUJPOT$"/*$&4#/.##
$FUBQQBSFJMOVNkSJRVFEFMB$BOBEJBO*$&4$FUBQQBSFJM
OVNkSJRVFEFMBDMBTTF#FTUDPOGPSNFhMBOPSNF/.#EV
$BOBEB
5IJTFRVJQNFOUDPNQMJFTXJUI*$344οSBEJBUJPOFYQPTVSFMJNJUTTFU
GPSUIGPSBOVODPOUSPMMFEFOWJSPONFOU
$FUkRVJQFNFOUFTUDPOGPSNFBVYMJNJUFTEFYQPTJUJPOBVYSBEJBUJPOT*$
$/3οkUBCMJFTQPVSVOFOWJSPOOFNFOUOPODPOUS煹Mk



-BQQBSFJMOFEPJUQBTQSPWPRVFSEþJOUFSGkSFODFT
-BQQBSFJMEPJUBDDFQUFSUPVUFJOUFSGkSFODFZDPNQSJTMFT
JOUFSGFSFODFTTVTDFQUJCMFTEFODPNQSPNFUUSFMFGPODUJPOOFNFOU



3'&YQPTVSF*OGPSNBUJPO4"3
5IF4"3MJNJUTFUCZ*4&%JT8LHHGPSVTFPOUIFXSJTUBOE
8LHHGPSVTFBHBJOTUUIFIFBE
'PSTQFBLFSNPEFDPNNVOJDBUJPOVTJOHBHBJOTUUIFIFBEQMFBTFLFFQ
BNJOJNVNPGNNTFQBSBUJPOUPFOTVSFFYQPTVSFMFWFMTSFNBJOBUPS
CFMPXUIFBTUFTUFEMFWFMTBOEPOUIFXSJTUXJUIOPTFQBSBUJPO
5FTUTGPS4"3BSFDPOEVDUFEVTJOHTUBOEBSEPQFSBUJOHQPTJUJPOT
BDDFQUFECZUIF*4&%XJUIUIFEFWJDFUSBOTNJUUJOHBUJUTIJHIFTU
DFSUJ犔FEQPXFSMFWFMJOBMMUFTUFEGSFRVFODZCBOET"MUIPVHIUIF4"3JT
EFUFSNJOFEBUUIFIJHIFTUDFSUJ犔FEQPXFSMFWFMUIFBDUVBM4"3MFWFMPG
UIFEFWJDFXIJMFPQFSBUJOHDBOCFXFMMCFMPXUIFNBYJNVNSFQPSUFE
WBMVF
$BTFTXJUINFUBMQBSUTNBZDIBOHFUIF3'QFSGPSNBODFPGUIFEFWJDF
JODMVEJOHJUTDPNQMJBODFXJUI3'FYQPTVSFHVJEFMJOFTJOBNBOOFSUIBU
IBTOPUCFFOUFTUFEPSDFSUJ犔FEBOEVTFTVDIBDDFTTPSJFTTIPVMECF
BWPJEFE
*OGPSNBUJPOTTVSMFYQPTJUJPOBVY3'%"4
-BWBMFVSMJNJUFEV%"4犔YkFQBSM*4%&FTUEF8LHHQPVSVOF
VUJMJTBUJPOBVQPJHOFUFUEF8LHHQPVSVOFVUJMJTBUJPODPOUSFMB
UlUF
1PVSMFTDPNNVOJDBUJPOTFONPEFNBJOTMJCSFTVUJMJTkFTDPOUSFMBUlUF
WFVJMMF[NBJOUFOJSVOFEJTUBODFNJOJNBMFEFNNQPVSBTTVSFSRVFMFT
OJWFBVYEFYQPTJUJPOSFTUFOUBVOJWFBVPVFOEFTTPVTEFTOJWFBVY
UFTUkTFUBVQPJHOFUBVDVOFEJTUBODFOFTUOkDFTTBJSF
-FTUFTUTEF%"4TPOUSkBMJTkTHS煮DFhEFTQPTJUJPOTEFGPODUJPOOF
NFOUTUBOEBSEBDDFQUkFTQBSM*4%&MBQQBSFJMUSBOTNFUUBOUhTPO
OJWFBVEFQVJTTBODFDFSUJ犔kMFQMVTkMFWkEBOTUPVUFTMFTCBOEFTEF
GSkRVFODFTUFTUkFT#JFORVFMF%"4TPJUEkUFSNJOkFOGPODUJPOEVQMVT
IBVUOJWFBVEFQVJTTBODFDFSUJ犔k
MFOJWFBVSkFMEF%"4EFMBQQBSFJMQFOEBOUMVUJMJTBUJPOQFVUlUSF
OFUUFNFOUJOGkSJFVShMBWBMFVSNBYJNBMFJOEJRVkF
-FTkUVJTDPNQPSUBOUEFTQJjDFTNkUBMMJRVFTQFVWFOUB犓FDUFSMF
GPODUJPOOFNFOU3'EFMBQQBSFJMFUQBSUJDVMJjSFNFOUFODFRVJ
DPODFSOFMFSFTQFDUEFTEJSFDUJWFTFONBUJjSFEFYQPTJUJPOBVY3'FU
MFVSVUJMJTBUJPOEPJUlUSFkWJUkF
&63FHVMBUPSZ$POGPSNBODF
)FSFCZ0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UEEFDMBSFTUIBU
UIFSBEJPFRVJQNFOUUZQF8(#JTJODPNQMJBODFXJUI%JSFDUJWF
&6
5IFGVMMUFYUPGUIF&6EFDMBSBUJPOPGDPOGPSNJUZJTBWBJMBCMFBU
UIFGPMMPXJOHJOUFSOFUBEESFTT
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
3P)4$PNQMJBODF
5IJTQSPEVDUDPNQMJFTXJUIEJSFDUJWF&6BOEJUTBNFOENFOUT
POUIFSFTUSJDUJPOPGUIFVTFPGDFSUBJOIB[BSEPVTTVCTUBODFTJO
FMFDUSJDBMBOEFMFDUSPOJDFRVJQNFOU
$PSSFDUEJTQPTBMPGUIJTQSPEVDU
5IFDSPTTFEPVUXIFFMJFCJOTZNCPMPOZPVSQSPEVDUCBUUFSZ
MJUFSBUVSFPSQBDLBHJOHJOEJDBUFTUIBUUIFQSPEVDUBOEJUT
FMFDUSPOJDBDDFTTPSJFTTIPVMEOPUCFEJTQPTFEPGXJUI
IPVTFIPMEXBTUF5PTBGFMZSFDZDMFZPVSEFWJDFQMFBTFVTF
MPDBMSFUVSOBOEDPMMFDUJPOTZTUFNTPSDPOUBDUUIFSFUBJMFSXIFSFUIF
EFWJDFXBTPSJHJOBMMZQVSDIBTFE
&VSPQFBO'SFRVFODZ#BOETBOE1PXFS
.BYJNVNSBEJPGSFRVFODZQPXFSUSBOTNJUUFEJOUIFGSFRVFODZCBOETJO
XIJDIUIFSBEJPFRVJQNFOUPQFSBUFT5IFNBYJNVNQPXFSGPSBMMCBOET
JTMFTTUIBOUIFIJHIFTUMJNJUWBMVFTQFDJ犔FEJOUIFSFMBUFE)BSNPOJ[FE
TUBOEBSE
5IFGSFRVFODZCBOETBOEUSBOTNJUUJOHQPXFSSBEJBUFEBOEPS
DPOEVDUFEOPNJOBMMJNJUTBQQMJDBCMFUPUIJTSBEJPFRVJQNFOUBSFBT
GPMMPXT#MVFUPPUI.)[E#N
*NQPSUFS*OGPSNBUJPO
&6*NQPSUFS
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEBUIF/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBNUIF/FUIFSMBOET
6,*NQPSUFS
6/6.1-64-*.*5&%
#MBDL#VMM:BSEB)BUUPO8BMM-POEPO&$/+)
&/
0WFSIPMEFMTFBG&6SFHVMBUJW
0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UEFSLM煲SFSIFSNFE
BUSBEJPVETUZSTUZQFO8(#FSJPWFSFOTTUFNNFMTFNFE%JSFLUJW
&6
%FOGVMEFPSEMZEBG&6PWFSFOTTUFNNFMTFTFSLM煲SJOHFO犔OEFTQ煱
G煼MHFOEFJOUFSOFUBESFTTFIUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
3P)40WFSFOTTUFNNFMTF
%FUUFQSPEVLUFSJPWFSFOTTUFNNFMTFNFE%JSFLUJW&6PHEFUT
煲OESJOHFSPNCFHS煲OTOJOHBGCSVHFOBGWJTTFGBSMJHFTUP犓FSJFMFLUSJTL
PHFMFLUSPOJTLVETUZS
,PSSFLUCPSUTLB犓FMTFBGEFUUFQSPEVLU
4ZNCPMFUNFELSZETFUPWFSTLSBMEFTQBOEFOQ煱EJUQSPEVLU
CBUUFSJCSVHTBOWJTOJOHFMMFSFNCBMMBHFBOHJWFSBUQSPEVLUFUPH
EFUTFMFLUSPOJTLFUJMCFI煼SJLLFN煱CPSUTLB犓FTTBNNFONFE
BOEFUIVTIPMEOJOHTB犓BME'PSBUHFOCSVHFEJOFOIFETJLLFSU
TLBMEVCSVHFSFUVSPHJOETBNMJOHTTZTUFNFUFMMFSLPOUBLUF
GPSIBOEMFSFOIWPSFOIFEFOCMFWL煼CU
&VSPQ煲JTLFGSFLWFOTC煱OEPHTUS煼N
.BLTJNBMSBEJPGSFLWFOTTUS煼NEFSTFOEFTQ煱GSFLWFOTC煱OE
IWPSJSBEJPVETUZSFUPQFSFSFS%FONBLTJNBMFF犓FLUGPSBMMFC煱OEFS
NJOESFFOEEFOI煼KFTUFHS煲OTFW煲SEJTQFDJ犔DFSFUJEFOUJMI煼SFOEF
IBSNPOJTFSFEFTUBOEBSE'SFLWFOTC煱OEPHUSBOTNJTTJPOTF犓FLU
VETUS煱MUPHFMMFSMFEFUOPNJOFMMFHS煲OTFSEFSH煲MEFSGPSEFUUF
SBEJPVETUZSFSTPNG煼MHFS#MVFUPPUI.)[E#N
*NQPSU煼SJOGPSNBUJPO
&6*NQPSU煼S
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEB)PMMBOE
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBN)PMMBOE
$POGPSNJUBUFBDVSFHMFNFOU熃SJMF6&
1SJOQSF[FOUVMEPDVNFOU0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UE
EFDMBS熃D熃UJQVMEFFDIJQBNFOUSBEJP8(#FTUF煵ODPOGPSNJUBUFDV
%JSFDUJWB6&
5FYUVMDPNQMFUBMEFDMBSB爂JFJEFDPOGPSNJUBUF6&FTUFEJTQPOJCJMMB
VSN熃UPBSFBBESFT熃EFJOUFSOFU
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
$POGPSNJUBUFB3P)4
"DFTUQSPEVTFTUF煵ODPOGPSNJUBUFDV%JSFDUJWB6&爀JDV
NPEJ犔D熃SJMFBDFTUFJBQSJWJOESFTUSJD爂JPOBSFBVUJMJ[熃SJJBOVNJUPS
TVCTUBO爂FQFSJDVMPBTF煵OFDIJQBNFOUFMFFMFDUSJDF爀JFMFDUSPOJDF
&MJNJOBSFBDPSFDU熃BBDFTUVJQSPEVTMBEF爀FVSJ
4JNCPMVMQVCFMFJU熃JBUFDVVO9EFQFQSPEVTCBUFSJFEJO
MJUFSBUVSBEFTQFDJBMJUBUFTBVEFQFBNCBMBKJOEJD熃GBQUVMD熃
QSPEVTVM爀JBDDFTPSJJMFTBMFFMFDUSPOJDFOVUSFCVJFBSVODBUF
煵NQSFVO熃DVEF爀FVSJMFNFOBKFSF1FOUSVBSFDJDMB煵OTJHVSBO爂熃
EJTQP[JUJWVMVUJMJ[B爂JTJTUFNFMFMPDBMFEFSFUVSOBSF爀JDPMFDUBSFTBV
DPOUBDUB爂JW煮O[熃UPSVMEFVOEFBGPTUBDIJ[J爂JPOBUJOJ爂JBMEJTQP[JUJWVM
#FO[JFVSPQFOFEFGSFDWFO爂熃爀JQVUFSF
1VUFSFBNBYJN熃EFGSFDWFO爂熃SBEJPUSBOTNJT熃煵OCFO[JMFEFGSFDWFO爂熃煵O
DBSFGVOD爂JPOFB[熃FDIJQBNFOUVMSBEJP1VUFSFBNBYJN熃QFOUSVUPBUF
CFO[JMFFTUFNBJNJD熃EFD煮UDFBNBJNBSFWBMPBSFMJNJU熃TQFDJ犔DBU熃煵O
TUBOEBSEVMBSNPOJ[BUBGFSFOU-JNJUFMFOPNJOBMFBMFCFO[JMPSEF
GSFDWFO爂熃爀JQVUFSJJEFUSBOTNJTJFSBEJBU熃爀JTBVDPOEVT熃BQMJDBCJMF
BDFTUVJFDIJQBNFOUSBEJPTVOUVSN熃UPBSFMF
#MVFUPPUI.)[E#N
*OGPSNB爂JJEFTQSFJNQPSUBUPS
*NQPSUBUPS煵O6&
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEB/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBNUIF/FUIFSMBOET
$4 /- '* '3 %& *5 %,
&6TSFHFMWFSLLPOGPSN
)FSWFELPOTUBUFSFS0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UE
BUSBEJPVUTUZSTUZQFO8(#FSJTBNTWBSNFEEJSFLUJW&6
%FOGVMMTUFOEJHF&6TBNTWBSTFSLM煲SJOHFOFSUJMHKFOHFMJHWFEG煼MHFOEF
OFUUBESFTTFIUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
3P)44BNTWBS
%FUUFQSPEVLUFUPQQGZMMFSEJSFLUJW&6NFEFOESJOHFSPN
CFHSFOTOJOHBWCSVLBWWJTTFGBSMJHFTUP犓FSJFMFLUSJTLPHFMFLUSPOJTL
VUTUZS
,PSSFLUBWIFOEJOHBWEFUUFQSPEVLUFU
4ZNCPMFUBWFOT煼QQFMEVOLNFELSZTTPWFSQ煱EJUUQSPEVLU
CBUUFSJMJUUFSBUVSFMMFSFNCBMMBTKFJOEJLFSFSBUQSPEVLUFUPHEFUT
FMFLUSPOJTLFUJMCFI煼SJLLFCVSEFCMJLBTUFUTBNNFONFE
IVTIPMEOJOHTBWGBMM'PS煱SFTJSLVMFSFFOIFUFOEJOUSZHUC煼SEV
IFMTUCSVLFMPLBMFSFUVSPHIFOUFTZTUFNFSFMMFSLPOUBLUFGPSIBOEMFSFO
EFSFOIFUFOPQQSJOOFMJHCMFLK煼QU
&VSPQFJTLFGSFLWFOTC煱OEPHLSBGU
.BLTJNBMSBEJPGSFLWFOTF犓FLUPWFSG煼SUJGSFLWFOTC煱OEFOFTPNSBEJPFO
PQFSFSFSJ.BLTJNBMF犓FLUGPSBMMFC煱OEFSNJOESFFOOEFOI煼ZFTUF
HSFOTFWFSEJFOJEFOUJMI煼SFOEF)BSNPOJTFSUFTUBOEBSEFO
%FOOPNJOFMMFHSFOTFOGPSGSFLWFOTC煱OEPHPWFSG煼SJOHTF犓FLUVUTUS煱MU
FMMFSMFEFUGPSEFUUFSBEJPVUTUZSFUFSTPNG煼MHFOEF
#MVFUPPUI.)[E#N
*NQPSU煼SJOGPSNBTKPO
&6JNQPSU煼S
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEBUIF/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBNUIF/FUIFSMBOET
/0
¡¯©²³©ª爟²´¬¬爦±µ¸²§
¥³§°¡±¯爧²¡§0OF1MVT5FDIOPMPHZ4IFO[IFO$P-UE¤§«爨¥©
爦³©¯±¡¤©¯¥®¯°«©²¬爦爣³爧°¯´8(#²´¬¬¯±µ爨¥³¡©¬¥³§¤§£爠¡

¯°«爟±¥爣ª¥爠¬¥¯³§爣¤爟«¸²§爣²´¬¬爦±µ¸²§爣³§爣¤©¡³爠¨¥³¡©²³§
¡ª爦«¯´¨§¤©¥爧¨´²§¤©¡¤©ª³爧¯´
IUUQTXXXPOFQMVTDPNTVQQPSUNBOVBMT
´¬¬爦±µ¸²§3P)4
´³爦³¯°±¯爤爦²´¬¬¯±µ爨¥³¡©¬¥³§¯¤§£爠¡ª¡©³©爣
³±¯°¯°¯©爟²¥©爣³§爣²¶¥³©ª爝¬¥³¯°¥±©¯±©²¬爦³§爣¶±爟²§爣¯±©²¬爞¸
¥°©ª爠¤´¸¯´²©爨²¥§«¥ª³±©ª爦ª¡©§«¥ª³±¯©ª爦¥®¯°«©²¬爦
¸²³爟¡°爦±±©·§³¯´°±¯爤爦³¯爣
¯²爧¬¢¯«¯³¯´¤©¡£±¡¬¬爞¯´ª爝¤¯´¡°¯±±©¬¬爝³¸²³¯
°±¯爤爦³§¬°¡³¡±爠¡³§¢©¢«©¯£±¡µ爠¡爟³§²´²ª¥´¡²爠¡²¡爣
²§¬¡爠¥©爦³©³¯°±¯爤爦ª¡©³¡§«¥ª³±¯©ª爝³¯´¡®¥²¯´爝±¤¥
°±爞°¥©¡¡°¯±±爠°³¯³¡©¬¡¦爠¬¥¯©ª©¡ª爝¡°¯±±爠¬¬¡³¡©¡
¡²µ¡«爟¡¡ª爧ª«¸²§³§爣²´²ª¥´爟爣²¡爣¶±§²©¬¯°¯©爟²³¥³¯°©ª爝
²´²³爟¬¡³¡¥°©²³±¯µ爟爣ª¡©²´««¯£爟爣爟¥°©ª¯©¸爟²³¥¬¥³¯
ª¡³爝²³§¬¡«©¡©ª爟爣爦°¯´¡£¯±爝²³§ª¥¡±¶©ª爝§²´²ª¥´爟
´±¸°¡爤ª爞爣¦爨¥爣²´¶¯³爟³¸ª¡©©²¶爧¯爣
爞£©²³§©²¶爧爣±¡¤©¯²´¶¯³爟³¸°¯´¬¥³¡¤爠¤¥³¡©²³©爣¦爨¥爣
²´¶¯³爟³¸²³©爣¯°¯爠¥爣«¥©³¯´±£¥爠¯±¡¤©¯¥®¯°«©²¬爦爣
¬爞£©²³§©²¶爧爣£©¡爦«¥爣³©爣¦爨¥爣¥爠¡©¬©ª±爦³¥±§¡°爦³§´·§«爦³¥±§
¯±©¡ª爟³©¬爟°¯´ª¡¨¯±爠¦¥³¡©²³¯²¶¥³©ª爦¥¡±¬¯©²¬爞¯°±爦³´°¯
¡¯¯¬¡²³©ª爝爦±©¡³¸¦¸爨²´¶¯³爟³¸ª¡©³§爣©²¶爧¯爣¬¥³爝¤¯²§爣
¡ª³©¯¢¯«¯爧¬¥§爣爟ª¡©¥°¡£¸£©ª爟爣°¯´©²¶爧¯´£©¡¡´³爦³¯
±¡¤©¯¥®¯°«©²¬爦¥爠¡©³¡¥®爟爣#MVFUPPUI.)[E#N
«§±¯µ¯±爠¥爣¥©²¡£¸£爞¡
©²¡£¸£爞¡爣
&BTUFSO4VO5SBEJOH#7
4UBEJPOTUSBBU$/$#SFEBUIF/FUIFSMBOET
3F犕FDUJPO*OWFTUNFOU#7
,FJ[FSTHSBDIU&("NTUFSEBNUIF/FUIFSMBOET
(3
30
1- &4
4&
4ISJOL犔MN
&BTZUFBS
TUJDLFS
3T5PO
.BUFSJBM/BNF
1MBTUJD
1SPQFSUZ
.BUFSJBM
.BSL
.BUFSJBM4VQQMJFS/BNF
#VZ#BDL
1SJDF
$PNQBOZ3FHJTUSBUJPO
/VNCFS
"DDFTTPSJFT
犔YJOHTUSBQ
8BUDIQJMMPX
IPMEFS
5IF1MBTUJDTIPVMECFEJTQPTFEPGJOBDDPSEBODFXJUIBQQMJDBCMFMBXT4VDI1MBTUJDTIPVMEQSFGFSBCMZCFSFDZDMFE
51QSPUFDUJWF
犔MN
$IBSHJOHCBTF
QSPUFDUJWF犔MN
旨⟩⋹ℝ⭑暘㊡⬶旝⊝㛨㚌㕈



9:
."65,/.0(
4IFO[IFO+JUJBOZV5FDIOPMPHZ
$P-UE

4IFO[IFO+JUJBOZV5FDIOPMPHZ
$P-UE
(VBOHEPOHXFJGVQBDLBHJOH
NBUFSJBM$P-UE
%0/((6"/2*9*/-&"5)&3
$0-5%
9:
(VBOHEPOHXFJGVQBDLBHJOH
NBUFSJBM$P-UE
11
16
11
11
1&
111& 1
/FX)VJYJOH)6*;)06
1MBTUJD1BDLBHFT$P-UE
封面 封底
4FSWJDFBOE4VQQPSU
$PNQBOZ*OGPSNBUJPO0OF1MVT5FDIOPMPHZ4IFO;IFO$P-UE
"EESFTT$$$BOE$4IVN:JQ5FSSB#VJMEJOH
#JOIF"WFOVF/PSUI'VUJBO%JTUSJDU4IFO;IFO(VBOH%POH13$