Installation Instructions

1MFBTFVTFBNPCJMFQIPOFBEBQUFSUPSFDIBSHFUIFDIBSHJOHCJO
:PVNBZDIBSHFWJBB5ZQF$DBCMFDPOOFDUFEUPBDPNQVUFSPSPUIFS
DIBSHFSXJUIB5ZQF$JOUFSGBDF
5IFJOEJDBUPSMJHIUPGUIFDIBSHJOHCPYMJHIUTVQUPJOEJDBUFUIBU
JUJTDIBSHJOH
5PHVBSBOUFFUIFTFSWJDFMJGFPGUIFRVBMJUZFBSCVETQMFBTFSFGFSUP
UIFJOTUSVDUJPOTBTGPMMPXT
1MFBTFLFFQBXBZGSPNIJHIUFNQFSBUVSFIJHIIVNJEJUZBOE
DPSSPTJWFFOWJSPONFOU
1MFBTFBWPJECVNQJOHGBMMJOHCFOEJOHTPBLJOHBOEFUD
1MFBTFEPOPUEJTBTTFNCMFUIFFBSCVETPSDIBSHJOHCJO
1MFBTFEPOPUPWFSDIBSHFGPSBMPOHUJNFXIJDIXJMMTIPSUFOUIF
TFSWJDFMJGF
*OUIFDBTFPGGFFMJOHBOZEJTDPNGPSUPSQBJOQMFBTFTUPQVTJOH
UIFQSPEVDU
1MFBTFVTFDFSUJFE%$7"BEBQUPSGSPNNBOVGBDUVSFSVOEFS
UIFTVQFSWJTJPOPGSFHVMBUPSZBVUIPSJUJFT
3FQFBUFEDIBSHJOHBOEEJTDIBSHJOHXJMMJNQBJSUIFCBUUFSZ
QFSGPSNBODFPWFSUJNFXIJDIJTOPSNBMGPSBMMSFDIBSHFBCMF
FMFDUSPOJDQSPEVDUT
1PXFS21SP
8BUFSQSPPG8JSFMFTT4QPSUT&BSCVET
1SPEVDU1IPUP
6TFS.BOVBM
.'##VUUPO#MVFUPPUI1BJSJOH
Ղ1SPEVDU%FTDSJQUJPOՂ
.'#CVUUPO
.'#.VMUJGVODUJPOCVUUPO
-FGUFBSCVE 3JHIUFBSCVE
4
.
-
-POHQSFTTPOUIFMFGU
.'#CVUUPOGPST
7PMVNF
5BQUIFMFGU.'#CVUUPO
GPSUJNFT
-BTU4POH
-POHQSFTTPOUIFSJHIU.'#
CVUUPOGPST
7PMVNF
5BQUIFSJHIU.'#CVUUPO
GPSUJNFT
/FYU4POH
%PVCMFUBQUIF.'#CVUUPO
POFJUIFSTJEF
.VTJD1MBZJOH1BVTF
%PVCMFUBQUIF.'#CVUUPO
POFJUIFSTJEF
$BMM*O
8IFOOJTIJOHBQIPOFDBMM
EPVCMFUBQFJUIFS.'#CVUUPO
)BOH6Q
-POHQSFTTFJUIFS.'#
CVUUPOGPST
*OUIFTUBOECZNPEFUBQFJUIFS
.'#CVUUPOGPSUJNFTUPBDUJWBUF
4JSJWPJDFBTTJTUBOU%PVCMFUBQPO
CPUIFBSCVETUPEFBDUJWBUFUIF4JSJ
$BMM3FKFDUJPO
Y
"DUJWBUF%FBDUJWBUF4JSJ
0/0''TXJUDI
*OUIFSTUUJNFVTFUBLFUIFFBSCVETGSPNUIFDIBSHJOHCJOBOEQFFM
PUIFQSPUFDUJWFMN0ODFQVUJOUPUIFDIBSHJOHCJOUIFFBSCVETXJMM
UVSOPBOEJOJUJBUFSFDIBSHJOHBVUPNBUJDBMMZ8IFOUBLFOPVUGSPNUIF
DIBSHJOHCJOUIFFBSCVETXJMMUVSOPOBVUPNBUJDBMMZ
"GUFSVTFQVUUIFFBSCVETJOUPUIFDIBSHJOHCJOBOEJUXJMMUVSOP
BVUPNBUJDBMMZ
)PXUPSFDIBSHFUIFFBSCVET
1MBDFUIFFBSCVETJOUPUIFDIBSHJOHCJOUIFFBSCVETXJMMUVSOPBOE
JOJUJBUFSFDIBSHJOHBVUPNBUJDBMMZ%VSJOHSFDIBSHJOHUIFEZOBNJD
JOEJDBUPSMJHIUTPOUIF-&%EJTQMBZPGUIFDIBSHJOHCJOXJMMCFUVSOFEPO
0ODFUIFFBSCVETBSFGVMMZSFDIBSHFEUIFCMVFJOEJDBUPSMJHIUTPO
UIFFBSCVETXJMMHPP
)PXUPSFDIBSHFUIFDIBSHJOHCJO .PCJMFQIPOFUSBOTNJTTJPOSBOHF
1BDLJOH$POUFOUT
3FNBSLT
8IZDBOOPU*EFUFDU#MVFUPPUI 
8IZ#MVFUPPUIQBJSJOHGBJMVSF
8BUFSQSPPGTQFDJDBUJPO
8BUFSQSPPGJOEBJMZBDUJWJUJFTJODMVEJOHTXFBUJOHSBJOJOHGBDFXBTIJOH
BOETIPXFSJOHFYDFQUTXJNNJOHJOXBUFSFUD
/PUFUIBUUIF#MVFUPPUITJHOBMPGNPCJMFQIPOFTDBOUCFUSBOTNJUUFE
JOXBUFS
)PXUPQBJS
5BLFUIFFBSCVETPVUPGUIFDIBSHJOHCJOBOEJUXJMMTUBSUXPSL
BVUPNBUJDBMMZ
5IFSFEBOECMVFMJHIUTXJMMBTIBMUFSOBUJWFMZFOUFSJOHQBJSJOHNPEF
"DDFTTUIF4FUUJOHTPGNPCJMFQIPOFUBCMFU#MVFUPPUI4FBSDI
1PXFS21SP1BJS$POOFDU1MBZNVTJD
1JDLVQUIFFBSCVETGSPNUIFDIBSHJOHCJOUPFOUFSJOUPUIF
QBJSJOHNPEFXJUIUIFSFEBOECMVFMJHIUTBTIJOHBMUFSOBUJWFMZ
"DDFTTUIF4FUUJOHTPGNPCJMFQIPOFUBCMFU#MVFUPPUI
4FBSDI1PXFS21SP1BJSJOH$POOFDUJOH1MBZNVTJD
3FEBOECMVFMJHIUT
BTIBMUFSOBUJWFMZ
5IFSFEBOECMVFMJHIUT
BTIPOPOFTJEFPOMZ
1BJSXJUI1$-BQUPQ
5VSOPOUIFDPNQVUFS4FUUJOHT%FWJDFT#MVFUPPUIBOE0UIFS%FWJDFT
*OJUJBUF#MVFUPPUI"EE#MVFUPPUIPS0UIFS%FWJDFT4FBSDI#MVFUPPUI
1PXFS21SP1BJS$POOFDU1MBZNVTJD
/PUFT*GUIFDPNQVUFSIBTOPU#MVFUPPUIGVODUJPOQMFBTFJOTFSUB
#MVFUPPUIBEBQUPSBOEEPXOMPBEB#MVFUPPUIESJWFS
GPSOPSNBMGVODUJPOJOH
)PXUPSFTFU
1MBDFUIFFBSCVETJOUPUIFDIBSHJOHCJOUIFFBSCVETXJMMUVSOP
BOEJOJUJBUFDIBSHJOHBVUPNBUJDBMMZ5BLFUIFFBSCVETPVUPGUIF
DIBSHJOHCJOUIFFBSCVETXJMMUVSOPOBVUPNBUJDBMMZBOESFTFU
7FSTJPO
#MVFUPPUITVQQPSU
$PNNVOJDBUJPOSBOHF
'SFRVFODZCBOE
&MFDUSJDBMJNQFEBODF
4UBOECZUJNF
$BMMUJNF
.VTJDQMBZJOHUJNF
&BSCVETCBUUFSZDBQBDJUZ
)PTUCBUUFSZDBQBDJUZ
$IBSHJOHCJOSFDIBSHJOHUJNF
)FBEQIPOFDIBSHJOHUJNF
7
"%1"73$1)'1)41&%3
N
()[()[
Ēp
I
I
I
N"I
N"I
I
I
"CPWFXBUFS *OXBUFS
3BOHFNTJHOBM
USBOTNJUUFEOPSNBMMZ
3BOHFNTJHOBM
JOUFSSVQUFE
5IFUSBOTNJTTJPOEJTUBODFPGUIFNPCJMFQIPOFJTTIPXOJOUIF
GPMMPXJOHDIBSU
1MFBTFBWPJEEJTBTTFNCMFSFBTTFNCMFUIFQSPEVDUJODBTFPGGBJMVSF
PSSFBDDJEFOU
1MFBTFLFFQBXBZGSPNDPSSPTJWFMJRVJETUPQSFWFOUUIFQSPEVDUGSPN
EBNBHF
1MFBTFBWPJEFYQPTVSFUPFYUSFNFUFNQFSBUVSFTCFMPX˫
PSBCPWF˫
1MFBTFLFFQCFZPOEUIFSFBDIPGLJETPSQFUT
1MFBTFNJOEDPOUBDUXJUITIBSQPCKFDUTUPBWPJETDSBUDI
1MFBTFBWPJEVTFJOUIVOEFSJOHBOESBJOJOHEBZTUPQSFWFOUEBNBHFPS
FMFDUSJDBMTIPDL
*OUIFDBTFPGOPOVTFGPSBCPWFBNPOUIQMFBTFDIBSHFSFHVMBSMZGPS
NBJOUFOBODF
"TUIF#MVFUPPUITJHOBMDBOOPUUSBOTNJUJOXBUFSJUJTOPUTVJUBCMFGPS
TXJNNJOHGPSEJWJOH
5IF#MVFUPPUISBOHJTNQMFBTFFOTVSFOPPCTUBDMFTBOE
QMBDFUIFNPCJMFQIPOFDMPTFUPUIFFBSCVET
*GUIFFBSCVETBSFDPOOFDUFEUPPUIFSNPCJMFQIPOFPSEFWJDFT
QMFBTFEJTDPOOFDUSTU
1MFBTFSFCPPUUIF#MVFUPPUIEFWJDFBOESFTFUUIFFBSCVET
"UUFOUJPO
8IBUTIPVME*EPJGUIFSFJTOPTPVOEJOUIFMFGU
PSSJHIUFBS
3FTFUUIFFBSCVETSFCPPUUIFNPCJMFQIPOFEFMFUFUIFNPCJMFQIPOF
QBJSJOHSFDPSEUIFOTFBSDIBOEQBJSBHBJO*GJUTUJMMGBJMT
QMFBTFEPBTGPMMPXT
1MBDFUIFUXPFBSCVETJOUPUIFDIBSHJOHCJOGPSSFDIBSHJOHNBJOUBJO
UIFSFDIBSHJOHTUBUVTBOEUBQUIF.'#CVUUPOTPGCPUITJEFTGPSUJNFT
8IFOUIFSFEBOECMVFMJHIUTBTIUIFQBJSJOHSFDPSEXJMMCFDMFBSFE
TVDDFTTGVMMZ
5BLFUIFFBSCVETPVUPGUIFDIBSHJOHCJOBOEJOTUIFFBSCVET
XJMMQBJSBVUPNBUJDBMMZ:PVDBOBMTPQBJSCZNBOVBMNPEFUBLFUIF
FBSCVETPVUPGUIFCJOUPJOJUJBUFXIFOUIFSFEBOECMVFMJHIUTBTI
UBQUIF.'#CVUUPOTPOCPUITJEFTGPSUJNFTSFTQFDUJWFMZJOT
UIFFBSCVETXJMMQBJSBVUPNBUJDBMMZ8IFOUIFSFEBOECMVFMJHIUTPG
POFFBSCVEBTIJUJOEJDBUFTTVDDFTTGVMQBJSJOHPGCPUIFBSCVET
8IFOUIFSFEBOECMVFMJHIUTPGPOFFBSCVEBTIJUJOEJDBUFTUIF
TUBUFPGQBJSJOHBOESFRVFTUGPSNBUDIJOHXJUIUIFNPCJMFQIPOF
%FMFUFUIFNPCJMFQIPOFQBJSJOHSFDPSETFBSDIBOESFDPOOFDU
8IZEPUIFFBSCVETUVSOPBVUPNBUJDBMMZ
1MFBTFFOTVSFTVDJFOUCBUUFSZMFWFM*OBEEJUJPOUIFFBSCVETXJMM
BVUPNBUJDBMMZEJTDPOOFDU#MVFUPPUIGPSNJOT1MBDFUIFFBSCVET
CBDLUPUIFDIBSHJOHCJOBOEUIFZXJMMSFTUBSUBGUFSSFDPMMFDUJOH
8IZDBOOPU*SFDIBSHFUIFDIBSHJOHCJO
1MFBTFFOTVSFUIFDIBSHJOHDBCMFPSNPCJMFQIPOFDIBSHFSJTJOB
HPPETUBUFBOEXJUIQSPQFSDPOOFDUJPO
5PFOTVSFQSPQFSDPOOFDUJPOQSFTTUIFMFGUBOESJHIUFBSCVETUPGVMMZ
DPOOFDUUIFDIBSHJOHQPJOUTUPUIFDIBSHJOHCJO
5IFFBSCVEDIBSHJOHQPJOUTNJHIUCFTUBJOFEXJUIEVTUPSTXFBU
8IFOQMBDFUIFNJOUPUIFDIBSHJOHCJOGPSSFDIBSHJOHQMFBTFDMFBO
XJUIBMDPIPMPSDMPUI
1MFBTFXJQFUIFTXFBUPOUIFFBSCVETCFGPSFQVUUJOHJOUPUIF
DIBSHJOHCJOBOEUIFJOEJDBUPSMJHIUTXJMMUVSOPO
FIUFHSBIDFSFTBFMQTSBFQQBXP-ZSFUUB#FOPUUQNPSQFIUFDO0
FBSCVET8IFOUIFOVNCFSEJTQMBZFECZUIF-&%MJHIUTPOUIFDIBSHJOH
OPJUOFUUBZBQFTBFM1OJCHOJHSBIDFIUFHSBIDFSFTBFMQTFIDBFSOJC
U
POPUVTJOHVQUIFCBUUFSZPGUIFFBSCVETBOEDIBSHJOHCJOBTJUNBZ
TIPSUFOUIFTFSWJDFMJGFPGUIFCVJMUJOMJUIJVNCBUUFSZ
&BSCVET
$IBSHFS
5ZQF$DIBSHJOHDBCMF
&BSCVETDBQ
6TFS.BOVBM
*OUIFDBTFPGBOZJTTVFTOPUTQFDJFEIFSFJOQMFBTFDPOUBDU
VTUISPVHI&NBJMBOEXFXJMMSFQMZXJUIJOIPVST
8IZEPUIFFBSCVETQSPEVDFOPTPVOE 0S
XIZEPFTUIFNVTJDQMBZJOHTUPQ
·1MFBTFDIFDLJGUIFNPCJMFQIPOFJTDPOOFDUFEUPUXPBVEJPEFWJDFT
TJNVMUBOFPVTMZ%PVCMFUBQUIFMFGUBOESJHIU.'#CVUUPOTUPEJTDPOOFDU
·5IF#MVFUPPUISBOHFJTNQMFBTFFOTVSFOPPCTUBDMFTBOEQMBDFUIF
NPCJMFQIPOFDMPTFUPUIFFBSCVET
·5IFTUSPOHFOWJSPONFOUBMEJTUVSCBODFBOENBHOFUJDFMEXJMMBFDU
UIFUSBOTNJTTJPOPG#MVFUPPUITJHOBM
·"DDFTTUIFNPCJMFQIPOF#MVFUPPUIJOUFSGBDFDMJDLUIFQBJSJOHEFMFUF
UIFQBJSJOHSFDPSEBOETFBSDIGPS#MVFUPPUIUPQBJSBHBJO
·:PVNBZSFCPPUZPVSNPCJMFQIPOFPSSFTFUUIFFBSCVET
.JDSPQIPOF
.'#CVUUPO
*OEJDBUPSMJHIU
$IBSHJOHQPJOU
#BUUFSZMFWFMPG
MFGUFBSCVE
#BUUFSZMFWFM
#BUUFSZMFWFMPG
SJHIUFBSCVE
5BQGPS
UJNFT
1SFTTUIFDIBSHJOHFOEPGUIFFBSCVEUPNBJOUBJOUIF
DIBSHJOHTUBUVT
%JTDPOOFDU
1BJSJOHTVDDFTTGVM
1PXFSP
1BJSJOHNPEF
1BJSJOHNPEF
1BJSJOHTVDDFTTGVM
1SPEVDUTQFDJDBUJPO
·1MFBTFDIFDLUIFOFUXPSLDPOOFDUJPOPGUIFNPCJMFQIPOF
PCTFSWFUIF*OUFSOFUTQFFEBOETFFJGUIFNVTJDJTTUJMMMPBEJOH
1SFTT
4BGFUZ1SFDBVUJPOT
1PXFS21SP
"VSJDPMBSJ8JSFMFTT4QPSUJWJ
JNQFSNFBCJMJ
'PHMJPJMMVTUSBUJWPEFMQSPEPUUP
Ղ1SPEVDU%FTDSJQUJPOՂ
5BTUPNVMUJGVO[JPOBMF
.'#5BTUPNVMUJGVO[JPOBMF
"VSJDPMBSFTJOJTUSP "VSJDPMBSFEFTUSP
1SFNJBMVOHPJMUBTUP.'#B
TJOJTUSPQFST
7PMVNF
'BJUSFDMJDTVMUBTUP.'#BTJOJTUSP
#SBOPQSFDFEFOUF
1SFNJBMVOHPJMUBTUP.'#B
EFTUSPQFST
7PMVNF
'BJUSFDMJDTVMUBTUP.'#BEFTUSP
#SBOPTVDDFTTJWP
'BJEPQQJPDMJDTVMUBTUP.'#B
EFTUSPPBTJOJTUSP
3JQSPEVDJ
NFUUJJOQBVTBMBNVTJDB
'BJEPQQJPDMJDTVMUBTUP.'#B
EFTUSPPBTJOJTUSPRVBOEPBSSJWB
VOBDIJBNBUB
3JTQPOEJMBDIJBNBUB
'BJEPQQJPDMJDTVMUBTUP.'#B
EFTUSPPBTJOJTUSPEVSBOUFMB
DIJBNBUBQFSTNNFUUFSMB
4NFUUJMBDIJBNBUB
1SFNJBMVOHPJMUBTUP.'#BEFTUSP
PBTJOJTUSPQFST
/FMMPTUBUPEJTUBOECZGBJUSFDMJD
TVMUBTUP.'#BEFTUSPPBTJOJTUSP
QFSBUUJWBSF4JSJBTTJTUFO[BWPDBMF
2VBOEPJM4JSJ§BUUJWBUPGBJEPQQJP
DMJDTVMUBTUP.'#QFSTQFHOFSF
MBTTJTUFO[BWPDBMF
3JVUBMBDIJBNBUB
Y
Y
Y
"UUJWBEJTBUUJWB4JJS
"DDFOTTJPOFFTQFHOJNFOUP
1FSQSJNPVTPQSFOEJHMJBVSJDPMBSJEBMMBDVTUPEJBEJSJDBSJDBFSJNVPWJ
MBQFMMJDPMBQSPUFUUJWB2VBOEPSJNFUUJHMJBVSJDPMBSJOFMMBDVTUPEJB
EJSJDBSJDBHMJBVSJDPMBSJTQFOHPOPBVUPNBUJDBNFOUFFDPNJODJBOP
BDBSJDBSF2VBOEPQSFOEJHMJBVSJDPMBSJEBMMBDVTUPEJBEJSJDBSJDB
HMJBVSJDPMBSJBDDFOEPOPBVUPNBUJDBNFOUF
2VBOEPOPOVTJHMJBVSJDPMBSJMJSJNFUUJOFMMBDVTUPEJBEJSJDBSJDB
FTQFOHPOPBVUPNBUJDBNFOUF
.FUPEPEJSJDBSJDBEFHMJBVSJDPMBSJ
3JNFUUJHMJBVSJDPMBSJOFMMBDVTUPEJBEJSJDBSJDBHMJBVSJDPMBSJTQFOHPOP
BVUPNBUJDBNFOUFFDPNJODJBOPBDBSJDBSF-PTDIFSNPEFMMBDVTUPEJB
EJSJDBSJDBTJJMMVNJOBJOEJDBOEPDIFHMJBVSJDPMBSJTUBOOPDBSJDBOEP
OFMMBDVTUEJBEJSJDBSJDB
2VBOEPOJTDFMBSJDBSJDBMBTQJBSPTTBTQFHOFS
.FUPEPEJSJDBSJDBEFMMBDVTUPEJBEJSJDBSJDB
$BSJDBMBDVTUPEJBEJSJDBSJDBDPOMBEBUUPSFEJDFMMVMBSF&QPTTJCJMF
DBSJDBSFDPOJMDBWP5ZQFDPJMDBSJDBCBUUFSJFEJJOUFSGBDDJB5ZQFD
-JOEJDBUPSFMVNJOPTPEFMMBTDBUPMBEJSJDBSJDBTJBDDFOEFQFSJOEJDBSF
DIF§JODBSJDB
%JTUBO[BEJUSBTNJTTJPOFEFMDFMMVMBSF
$POUFOVUJOFMMBDPOGF[JPOF
/PUB
1FSDI¨OPOQPTTPUSPWBSFJM#MVFUPPUI
1FSDI¨OPOQPTTPODPOOFUUFSFJM#MVFUPPUI
4QFDJDBJNQFSNFBCJMF
*NQFSNFBCJMJURVPEJUJBOBTVEPSFQJPHHJBMBWBHHJPEFMWJTPEPDDJB
FDDBEFDDF[JPOFEJOVPUPOFMMBDRVB
4JOPUBDIFJMTFHOBMF#MVFUPPUIOPOUSBTNFUUFOFMMBDRVB
.FUPEPEJDPOOFTTJPOF
1SFOEJHMJBVSJDPMBSJEBMMBDVTUPEJBEJSJDBSJDB
-BTQJBMBNQFHHJBBMUFSOBUJWBNFOUFJOSPTTPFCMV
NPEBMJUEJDPOOFTTJPOF
"DDFEJBMMFJNQPTUB[JPOJEFMDFMMVMBSFUBCMFU1$#MVFUPPUI
BUUJWB#MVFUPPUIDFSDB1PXFS21SPDPOOFUUJSJQSPEVDJMBNVTJDB
1SFOEJMBVSJDPMBSFEBMMBDVTUPEJBEJSJDBSJDBFBUUJWBMBNPEBMJUEJ
DPOOFTTJPOF-BTQJBMBNQFHHJBBMUFSOBUJWBNFOUFJOSPTTPFCMV
"DDFEJBMMFJNQPTUB[JPOJEFMDFMMVMBSFUBCMFU1$#MVFUPPUI
BUUJWB#MVFUPPUIDFSDB1PXFS21SPDPOOFUUJ
SJQSPEVDJMBNVTJDB
-BTQJBMBNQFHHJB
BMUFSOBUJWBNFOUFJOSPTTPFCMV
-BTQJBTVVOBVSJDPMBSF
JMMVNJOBJOSPTTPFCMV
FOUSPMBTQJBTVMM
BMUSPBVSJDPMBSF§TQFOUB
.FUPEPEJDPOOFTTJPOFQFS1$-BQUPQ
"DDFEJBMMFJNQPTUB[JPOJEFM1$EJTQPTJUJWP#MVFUPPUIFBMUSJEJTQPTJUJWJ
BHHJVOHJ#MVFUPPUIPBMUSJEJTQPTJUJWJDFSDB#MVFUPPUI1PXFS21SP
DPOOFUUJSJQSPEVDJMBNVTJDB
/PUB1FSJM1$OPOIBJMCMVFUPPUIJOTFSJTDJMBEBUUPSF#MVFUPPUI
FTDBSJDBJMESJWFS#MVFUPPUIQFSMVTPOPSNBMF
.FUPEPEJSFJNQPTUB[JPOF
3JNFUUJHMJBVSJDPMBSJOFMMBDVTUPEJBEJSJDBSJDBHMJBVSJDPMBSJTQFOHPOP
BVUPNBUJDBNFOUFFDPNJODJBOPBDBSJDBSF5JSBGVPSJHMJBVSJDPMBSJ
(MJBVSJDPMBSJBDDFOEPOPBVUPNBUJDBNFOUFFMBSFJNQPTUB[JPOF
§DPNQMFUBUB
7FSTJPO
4VQQPSUP#MVFUPPUI
%JTUBO[BEJDPNVOJDB[JPOF
#BOEBEJGSFRVFO[B
*NQFEFO[BFMFUUSJDB
5FNQPEJTUBOECZ
5FNQPEJDIJBNBUB
5FNQPEJSJQSPEVSSFMBNVTJDB
7
"%1"73$1)'1)41&%3
N
()[()[
Ēp
I
I
I
4PQSBEFMMBDRVB 4PUUQEFMMBDRVB
%JTUBO[BNJMTFHOBMFBSSJWB
OPSNBMNFOUF
%JTUBO[BNJMTFHOBMF§JOUFSSPUUP
-FTFHVFOUJTDIFNFJOEJDBOPMBEJTUBO[BEJUSBTNJTTJPOFEFMDFMMVMBSF
/POTNPOUBSFSJNPOUBSFJMQSPEPUUPQFSFWJUBSFJMHVBTUPPJODFOEJP
4JFWJUBJMDPOUBUUPDPOMJRVJEPDPSSPTJWPQFSOPOEBOOFHHJBSFJMQSPEPUUP
/PONFUUFSFJMQSPEPUUPOFMMBNCJFOUFEJUFNQFSBUVSBJOGFSJPSFEJ˫P
TVQFSJPSFEJ˫կ
5FOFSFJMQSPEPUUPMPOUBOPEBMMBQPSUBUBEFJCBNCJOJPBOJNBMJEPNFTUJDJ
/POGBSFBMQSPEPUUPUPDDBSFPHHFUUJBQQVOUJUJQFSOPOHSBBSMP
/POVUJMJ[[BSFJMQSPEPUUPRVBOEPD§UFNQPSBMFQFSFWJUBSFJMEBOOPP
MFTDPTTFFMFUUSJDIF
1FSRVBOUPOPOVUJMJ[[BJMQSPEPUUPQFSQJ¸EJVONFTFTJDPOTJHMJBEJDBSJDBSMP
SFHPMBSNFOUFQFSVOGVO[JPOBNFOUPTJDVSP
1FSDI¨JMTFHOBMFCMVFUPPUIOPOTJUSBTNFUUFOFMMBDRVBJMTFHOBMFTJ
JOUFSSPNQFSEVSBOUFJMOVPUPPUV
-BEJTUBO[BEJ#MVFUPPUIEJTQPOJCJMF§EJN"TTJDVSBUJDIFOPOFTJTUPOP
BMDVOJPTUBDPMJFJMDFMMVMBSFEFWFFTTFSFQJ¸WJDJOPQPTTJCJMF
/FMDBTPJODVJDJTPOPBMUSJDFMMVMBSJPEJTQPTJUJWJDIFIBOOPDPOOFTTPBHMJ
BVSJDPMBSJTJQSFHBEJEJTDPOOUFSMJQSJNB
3JBUUJWBJMEJTQPTJUJWP#MVFUPPUIFSFJNQPTUBHMJBVSJDPMBSJ
·$POUSPMMBMDIFBSFUFEFMDFMMVMBSFTJBOPSNBMFMBWFMPDJUEFMMBSFUFTJBMFOUB
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DFSDBJM#MVFUPPUIFSJDPOOFUUJHMJBVSJDPMBSJ
4FOPOGVO[JPOBBODPSBTFHVJMFTFHVFOUJPQFSB[JPOJ
3JNFUUJHMJBVSJDPMBSJOFMMBDVTUPEJBEJSJDBSJDBBTTJDVSBUJDIFTJBOPOFMMP
TUBUPEJSJDBSJDBGBJDMJDDPOUFNQPSBOFBNFOUFQFSWPMUFTVJUBTUJ.'#BTJOJTUSP
FBEFTUSP2VBOEPMBTQJBMBNQFHHJBBMUFSOBUJWBNFOUFJOSPTTPFCMV
MFMJNJOB[JPOFEFMMFJOGPSNB[JPOJEJDPOOFTTJPOF§OJUB
5JSBGVPSJHMJBVSJDPMBSJEBMMBDVTUPEJBEJSJDBSJDBBTQFUUBQFSTHMJBVSJDPMBSJ
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BVSJDPMBSJFMBTQJBMBNQFHHJBJOSPTTPFCMVGBJUSFDMJDTVJUBTUJ.'#BTJOJTUSPFB
EFTUSPBMMPTUFTTPUFNQPBTQFUUBQFSTFHMJBVSJDPMBSJTJDPOOFUUPOP
BVUPNBUJDBNFOUF2VBOEPMBTQJBTVVOBVSJDPMBSFMBNQFHHJBJOSPTTPFCMVF
JOEJDBDIFMFEVFBVSJDPMBSJTJDPOOFUUPOPDPOTVDDFTTP
2VBOEPMBTQJBTVVOBVSJDPMBSFMBNQFHHJBBMUFSOBUJWBNFOUFJOSPTTPFCMVF
JOEJDBDIFFOUSBOFMMPTUBUPEJDPOOFTTJPOFTUBBTQFUUBOEPEJDPOOFUUFSFDPOJM
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1FSDI¨HMJBVSJDPMBSJTJTQFOHPOP
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v#JUUF»CFSQS»GFO4JFPC[XFJ"VEJPHFS£UFHMFJDI[FJUJHBOEBT5FMFGPO
BOHFTDIMPTTFOTJOE,MJDLFO4JF[XFJNBMBVG.VMUJGVOLUJPOTUBTUFOMJOLTVOE
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v%FS"CTUBOEWPO#MVFUPPUIJTUN4UFMMFO4JFTJDIFSEBTTFTLFJOF)JOEFSOJTTF
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4JHOBM»CFSUSBHVOHCFFJOUS£DIUJHFO
vOFO4JF#MVFUPPUIEFT5FMFGPOTLMJDLFO4JFBVG,POUBLUWFSCJOEVOHMµTDIFO
4JFEFO%BUFOTBU[EFS7FSCJOEVOHTVDIFO4JFOBDI#MVFUPPUIVOE
WFSCJOEFO4JFXJFEFS
4JFLµOOFOEBT5FMFGPOOFVTUBSUFOPEFSEJF,PQGIµSFS[VS»DLTFU[FO
.JLSPGPO
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-BEF[VTUBOEGSFJHFHFCFOXJSE
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FJOHFTDIBMUFU
7FSCJOEVOHTN
PEVT
.PEPEFFNQBSFKBNJFOUP &NQBSFKBNJFOUPFYJUPTP
1SPEVLUTQF[JLBUJPO
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VOEIBMUFO
4JDIFSIFJUTQS£WFOUJPO
7FSCJOEVOHTEJBHSBNN
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1SPEVLUEJBHSBNN
1PXFS21SP
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4DI¨NBEVQSPEVJU
.PEFEFNQMPJEVQSPEVJU
Ղ1SPEVDU%FTDSJQUJPOՂ
#PVUPONVMUJGPODUJPO
.'##PVUPONVMUJGPODUJPO
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"QQVZF[FUNBJOUFOF[MFCPVUPO
.'#HBVDIFQFOEBOUT
7PMVNF
"QQVZF[USPJTGPJTTVSMFCPVUPO
.'#HBVDIF
$IBOTPOQS¨D¨EFOUF
"QQVZF[FUNBJOUFOF[MFCPVUPO
.'#ESPJUQFOEBOUT
7PMVNF
"QQVZF[USPJTGPJTTVSMFCPVUPO
.'#ESPJU
$IBOTPOTVJWBOUF
%PVCMFDMJRVF[TVSOJNQPSUFRVFM
CPVUPONVMUJGPODUJPOHBVDIFFU
ESPJUF
-FDUVSFQBVTFEFNVTJRVF
1PVSMBQQFMFOUSBOUEPVCMF
DMJRVF[TVSOJNQPSUFRVFMCPVUPO
NVMUJGPODUJPOHBVDIFFUESPJUF
QPVSE¨DSPDIFSMFU¨M¨QIPOF
%¨DSPDIFSMFU¨M¨QIPOF
1PVSMBQQFMFODPVSTEPVCMF
DMJRVF[TVSOJNQPSUFRVFMCPVUPO
NVMUJGPODUJPOHBVDIFFUESPJUF
QPVSSBDDSPDIFSMFU¨M¨QIPOF
3BDDSPDIFSMFU¨M¨QIPOF
"QQVZF[TVSOJNQPSUFRVFMCPVUPO
NVMUJGPODUJPOHBVDIFFUESPJUF
QFOEBOUT
&ONPEFWFJMMFBQQVZF[USPJTGPJTTVS
OJNQPSUFRVFMCPVUPONVMUJGPODUJPO
HBVDIFFUESPJUFQPVSE¨NBSSFS
MBTTJTUBOUWPDBM4JSJ-PSTRVF4JSJFTU
BDUJW¨EPVCMFDMJRVF[TVSOJNQPSUF
RVFMCPVUPONVMUJGPODUJPOHBVDIF
FUESPJUFQPVSE¨TBDUJWFSMBTTJTUBOU
WPDBM4JSJ
3FGVTFSMBQQFM
Y
Y
"DUJWFSE¨TBDUJWFS4JSJ
"MMVNFSFU¨UFJOESFMFT¨DPVUFVST
-PSTEFMBQSFNJ§SFVUJMJTBUJPOSFUJSF[MFT¨DPVUFVSTEVCPUJFSEF
DIBSHFFUSFUJSF[MFMNEFQSPUFDUJPO4JWPVTSFNFUUF[MFT¨DPVUFVST
EBOTMFCPUJFSEFDIBSHFMFT¨DPVUFVSTDPNNFODFSPOUTFDIBSHFSFU
T¨UFJOESPOUBVUPNBUJRVFNFOU4JWPVTSFUJSF[MFT¨DPVUFVSTEVCPUJFS
EFDIBSHFMFT¨DPVUFVSTTBMMVNFSPOUBVUPNBUJRVFNFOU
-PSTRVFMFT¨DPVUFVSTOFTPOUQBTVUJMJT¨TJMTT¨UFJOESPOUBVUPNBUJRVF
NFOUUBOURVJMTTFSPOUSFNJTEBOTMFCPUJFSEFDIBSHF
$PNNFOUDIBSHFSMFT¨DPVUFVST
.FUUF[MFT¨DPVUFVSTEBOTMFCPUJFSEFDIBSHFMFT¨DPVUFVST
T¨UFJHOFOUBVUPNBUJRVFNFOUFUDPNNFODFOUTFDIBSHFS-BCBOOJ§SF
-&%TVSM¨DSBOEVCPUJFSEFDIBSHFTBMMVNFJOEJRVBOURVFMFCPUJFSEF
DIBSHFFTUFOUSBJOEFDIBSHFSMFT¨DPVUFVST
6OFGPJTRVFMFT¨DPVUFVSTTPOUDPNQM§UFNFOUDIBSH¨TMFVSTWPZBOUT
SPVHFTT¨UFJHOFOU
DIBSHFSMFCPUJFSEFDIBSHF
7FVJMMF[VUJMJTFSMBEBQUBUFVSEVU¨M¨QIPOFQPSUBCMFQPVSDIBSHFSMF
CPUJFSEFDIBSHF-FD¡CMF5ZQFDEFMPSEJOBUFVSPVMFTBVUSFTDIBSHFVST
BZBOUMJOUFSGBDFEF5ZQFDQFVWFOU©USFVUJMJT¨TQPVSMBDIBSHF
-FWPZBOUMVNJOFVYEVCPUJFSEFDIBSHFTBMMVNFQPVSJOEJRVFS
RVJMFTUFODIBSHF
%JTUBODFEFUSBOTNJTTJPOEVU¨M¨QIPOFNPCJMF
%BOTMFNCBMMBHFEVQSPEVJUJMFYJTUF
3FNBSRVF
1PVSRVPJKFOBSSJWFQBTUSPVWFS#MVFUPPUI 
1PVSRVPJKFOBSSJWFQBTNFDPOOFDUFSBV#MVFUPPUI
4Q¨DJDBUJPOT¨UBODIFT
UBODIFMFBVEBOTMBWJFRVPUJEJFOOFUSBOTQJSBUJPOQMVJFMBWBHFEV
WJTBHFEPVDIFFUDNBJTMBOBUBUJPOOFTUQBTJODMVTF
$FRVFWPVTEFWF[OPUFSDFTURVFMFTJHOBM#MVFUPPUIEFWPUSF
U¨M¨QIPOFOFQFVUQBT©USFUSBOTNJTEBOTMFBV
$PNNFOUS¨BMJTFSMBQQBSJFNFOU
1SFOF[MFT¨DPVUFVSTEVCPUJFSEFDIBSHFFUJMTTFSPOUBMMVN¨T
-FWPZBOUSPVHFFUMFWPZBOUCMFVDMJHOPUFOUEFNBOJ§SFBMUFSOBUJWF
.PEFEBQQBSJFNFOU
"DUJWF[MFTQBSBN§USFTEFWPUSFU¨M¨QIPOFEFWPUSFUBCMFUUF
#MVFUPPUI"DUJWF[#MVFUPPUI3FDIFSDIF1PXFS21SP
"QQBSJFNFOUDPOOFYJPO-FDUVSFEFMBNVTJRVF
1SFOF[MFT¨DPVUFVSTEVCPUJFSEFDIBSHFFUMFT¨DPVUFVSTBDUJW¨T
FOUSFOUEBOTMFNPEFEBQQBSJFNFOUMFWPZBOUSPVHFFUMFWPZBOU
CMFVDMJHOPUFOUEFNBOJ§SFBMUFSOBUJWF
"DUJWF[MFTQBSBN§USFTEFWPUSFU¨M¨QIPOFEFWPUSFUBCMFUUF
#MVFUPPUI"DUJWF[#MVFUPPUI3FDIFSDIF1PXFS21SP
"QQBSJFNFOUDPOOFYJPO-FDUVSFEFMBNVTJRVF
-FTWPZBOUTSPVHFTFUMFT
WPZBOUTCMFVTDMJHOPUFOUEF
NBOJ§SFBMUFSOBUJWF
-FWPZBOUSPVHFFUMFWPZBOU
CMFVEVO¨DPVUFVSDMJHOPUFOUEF
NBOJ§SFBMUFSOBUJWFFUDFVYEFM
BVUSF¨DPVUFVSTPOUJOBDUJW¨T
$PNNFOUBQQBJSFSBWFDVOPSEJOBUFVSPSEJOBUFVSQPSUBCMF
"DUJWF[MFTQBSBN§USFTEFMPSEJOBUFVS"QQBSFJMT#MVFUPPUIFUBVUSFT
BQQBSFJMT"DUJWF[#MVFUPPUI"KPVUF[#MVFUPPUIPVEBVUSFTBQQBSFJMT
3FDIFSDIFEFTBQQBSFJMT#MVFUPPUI1PXFS21SP"QQBSJFNFOU
DPOOFYJPOMFDUVSFEFMBNVTJRVF3FNBSRVF4JWPUSFPSEJOBUFVS
OFTUQBT¨RVJQ¨EF#MVFUPPUIWFVJMMF[CSBODIFSMBEBQUBUFVS#MVFUPPUI
FUU¨M¨DIBSHFSMFQJMPUF#MVFUPPUIBWBOUMVUJMJTBUJPOOPSNBMF
$PNNFOUS¨BMJTFSMBS¨JOJUJBMJTBUJPO
1MBDF[MFT¨DPVUFVSTEBOTMFCPUJFSEFDIBSHFMFT¨DPVUFVST
T¨UFJHOFOUBVUPNBUJRVFNFOUFUDPNNFODFOUTFDIBSHFS
-PSTRVFWPVTSFUJSF[MFT¨DPVUFVSTJMTTBMMVNFOU
BVUPNBUJRVFNFOUFUMBS¨JOJUJBMJTBUJPOFTUBJOTJUFSNJO¨F
7FSTJPO
1SJTFFODIBSHF#MVFUPPUI
%JTUBODFEFDPNNVOJDBUJPO
#BOEFEFGS¨RVFODF
3¨TJTUBODF¨MFDUSJRVF
5FNQTEFWFJMMF
5FNQTEFDPOWFSTBUJPO
5FNQTEFMFDUVSFEFNVTJRVF
$BQBDJU¨EFMBCBUUFSJFEFT
¨DPVUFVST
$BQBDJU¨EFMBCBUUFSJFEV
CPUJFSEFDIBSHF
5FNQTEFDIBSHFEFT
¨DPVUFVST
5FNQTEFDIBSHFEV
CPUJFSEFDIBSHF
7
"%1"73$1)'1)41&%3
N
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I
I
I
N"I
N"I
I
I
4VSMFBV 4PVTMFBV
-PSTRVFMBEJTUBODFFTUN
MFTJHOBMQFVUBUUFJOESFOPSNBMFNFOU
-PSTRVFMBEJTUBODFN
MFTJHOBMFTUJOUFSSPNQV
-BHVSFTVJWBOUFNPOUSFMBEJTUBODFEFUSBOTNJTTJPOEVU¨M¨QIPOF
NPCJMF
/FE¨NPOUF[QBTOFS¨BTTFNCMF[QBTMFQSPEVJUQPVS¨WJUFSVONBVWBJ
TGPODUJPOOFNFOUPVVOJODFOEJF
WJUF[UPVUDPOUBDUBWFDEFTMJRVJEFTDPSSPTJGTQPVS¨WJUFSMFT
EPNNBHFTDBVT¨TBVQSPEVJU
/FQMBDF[QBTMFT¨DPVUFVSTEFTUFNQ¨SBUVSFTFYUS©NFT
JOG¨SJFVSF˫PVTVQ¨SJFVSF˫
(BSEF[MFT¨DPVUFVSTM¨DBSUEFTFOGBOUTPVEFTBOJNBVYEFDPNQBHOJF
/FMBJTTF[QBTMFT¨DPVUFVSTFOUSFSFODPOUBDUBWFDEFTPCKFUTQPJOUVT
TJOPOJMFTUGBDJMFEFQSPEVJSFEFTSBZVSFT
/VUJMJTF[QBTMFT¨DPVUFVSTEBOTMFTPSBHFTQPVS¨WJUFSMFTEPNNBHFTPV
MFTDIPDT¨MFDUSJRVFT
1PVSMFT¨DPVUFVSTRVJOFTPOUQBTVUJMJT¨TQFOEBOUQMVTEVONPJTBO
EBTTVSFSVOGPODUJPOOFNFOUTºSWFVJMMF[DIBSHFSFUFOUSFUFOJSS¨HVMJ§SFNFOU
MFT¨DPVUFVST
UBOUEPOO¨RVFMFTJHOBMEVDBTRVF#MVFUPPUIOFQFVUQBT©USFUSBOTNJTEBOT
MFBVMBOBUBUJPOFUMBQMPOH¨FFOUSBOFSPOUMBE¨DPOOFYJPOPVMJOUFSSVQUJPO
EVTJHOBM
1VJTRVFMBEJTUBODFCMVFUPPUIFTUEFNBTTVSF[WPVTRVJMOZB
QBTEPCTUSVDUJPOTFURVFWPUSFU¨M¨QIPOFEPJU©USFQSPDIFEFT¨DPVUFVST
4JMFT¨DPVUFVSTPOU¨U¨DPOOFDU¨TEBVUSFTU¨M¨QIPOFTQPSUBCMFTPV
BQQBSFJMTWFVJMMF[EBCPSEMFTEJTTPDJFS
3FE¨NBSSF[WPUSFQ¨SJQI¨SJRVF#MVFUPPUIFUFTTBZF[EFS¨JOJUJBMJTFS
MFT¨DPVUFVST
"UUFOUJPO
2VFEPJTKFGBJSFMPSTRVJMOZBQBTEFTPOEBOT
M¨DPVUFVSHBVDIFPVEBOTM¨DPVUFVSESPJU
-BQSFNJ§SF¨UBQFDPOTJTUFS¨JOJUJBMJTFSMFT¨DPVUFVSTSFE¨NBSSFS
MFU¨M¨QIPOFTVQQSJNFSMFOSFHJTUSFNFOUEFDPOOFYJPOEVU¨M¨QIPOF
SFDIFSDIFSQVJTS¨BMJTFSEFOPVWFBVVOBQQBSJFNFOU
4JMFT¨DPVUFVSTOFGPODUJPOOFOUUPVKPVSTQBTTVJWF[MFT¨UBQFTDJEFTTPVT
1MBDF[MFTEFVY¨DPVUFVSTEBOTMFCPUJFSEFDIBSHFQPVSDIBSHFS
-FT¨DPVUFVST¨UBOUFODIBSHFDMJRVF[GPJTTVSMFCPVUPONVMUJGPODUJPOHBVDIF
PVESPJUDFNPNFOUMFWPZBOUSPVHFFUMFWPZBOUCMFVDMJHOPUFOUEFVYGPJT
JOEJRVBOURVFMFT¨DPVUFVSTPOUS¨VTTJFBDFSMFTJOGPSNBUJPOTEBQQBSJFNFOU
1SFOF[MFT¨DPVUFVSTHBVDIFFUESPJUEVCPUJFSEFDIBSHFDFVYDJTBMMVNFOU
FUBUUFOEF[T-FT¨DPVUFVSTTFDPVQMFOUBVUPNBUJRVFNFOUPVQBTTFOUFO
NPEFNBOVFMQSFOF[MFT¨DPVUFVSTHBVDIFFUESPJUQPVSMFTBMMVNFSMFTWPZBOUT
SPVHFFUCMFVDMJHOPUFOUFUFON©NFUFNQTUSJQMFDMJRVF[TVSMFCPVUPO
NVMUJGPODUJPOHBVDIFPVESPJUFUBUUFOEF[T-FT¨DPVUFVSTTFDPVQMFSBEF
NBOJ§SFBVUPNBUJRVF-PSTEVDMJHOPUFNFOUEFTWPZBOUTSPVHFFUCMFVEFMVO
EFTEFVY¨DPVUFVSTDFMBJOEJRVFRVFMFTEFVY¨DPVUFVSTTPOUBQQBSJ¨FTEF
NBOJ§SFDPSSFDUF
-PSTEVDMJHOPUFNFOUBMUFSOBUJGEFTWPZBOUTSPVHFFUCMFVEFMVOEFT
EFVY¨DPVUFVSTDFRVJTJHOJFRVFMFT¨DPVUFVSTFOUSFOUEBOTM¨UBU
EBQQBSJFNFOUFUEFNBOEFOUEFTBTTPDJFSBWFDMFU¨M¨QIPOF
4VQQSJNF[MIJTUPSJRVFEFDPOOFYJPOEFWPUSFU¨M¨QIPOFW¨SJF[MFFU
SFDPNNFODF[MBQQBSJFNFOU
1PVSRVPJMFT¨DPVUFVSTT¨UFJHOFOUJMTEF
NBOJ§SFBVUPNBUJRVF
"TTVSF[WPVTRVFMFT¨DPVUFVSTPOUBTTF[EFCBUUFSJF&OPVUSFMFT¨DPVUFVST
TFE¨DPOOFDUFOUBVUPNBUJRVFNFOUEF#MVFUPPUIQFOEBOUNJOSFNFUUF[MFT
¨DPVUFVSTEBOTMFCPUJFSEFDIBSHFFUSFQSFOF[MFTJMTTBMMVNFSPOU
BVUPNBUJRVFNFOU
1PVSRVPJKFOBSSJWFQBTDIBSHFSMFCPUJFS
EFDIBSHF
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PVEVDIBSHFVSEFU¨M¨QIPOFQPSUBCMF
*MQFVUZBWPJSVONBVWBJTDPOUBDU"QQVZF[TVSMFT¨DPVUFVSTHBVDIFFUESPJU
BWFDWPTEPJHUTFUDPOOFDUF[FOUJ§SFNFOUMFTDPOUBDUTEFDIBSHFEFT¨DPVUFVST
HBVDIFFUESPJUBVCPUJFSEFDIBSHF
*MQFVUZBWPJSEFTUBDIFTEFTBMFU¨EFQPVTTJ§SFPVEFTVFVSTVSMFTDPOUBDUT
EFDIBSHFTVSMFT¨DPVUFVSTHBVDIFFUESPJU-PSTRVFWPVTSFNFUUF[MFT¨DPVUFVST
EBOTMFCPUJFSEFDIBSHFQPVSMFTDIBSHFSFTTVZF[MFTBWFDEFMBMDPPMPVVO
DIJPO
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DIBSHFQPVSDIBSHFSMFWPZBOUEFT¨DPVUFVSTTBMMVNF
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1PVSMFT¨DPVUFVSTEFIBVUFRVBMJU¨BOEFQSPMPOHFSMFVSEVS¨FEFWJF
WFVJMMF[DPOTVMUFSMFTJOTUSVDUJPOTTVJWBOUFT
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EFMBDPSSPTJPO
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DFMBS¨EVJSBJUMBEVS¨FEFWJF
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MVUJMJTBUJPO
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QFVWFOUFOUSBOFSVOFE¨HSBEBUJPOEFTQFSGPSNBODFTEFMBCBUUFSJFBVM
EVUFNQTDFMBFTUOPSNBMQPVSUPVTMFTBQQBSFJMT¨MFDUSPOJRVFTS
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VTUISPVHI&NBJMBOEXFXJMMSFQMZXJUIJOIPVST
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4BRVFMPTBVSJDVMBSFTEFMBDBKBEFDBSHBZEFTHBSSFMBQFM¬DVMB
QSPUFDUPSBDVBOEPMPTVTFQPSQSJNFSBWF[7VFMWBBDPMPDBSMPT
BVSJDVMBSFTFOFMFTUVDIFEFDBSHBMPTBVSJDVMBSFTDPNFO[BSOBDBSHBSTF
ZBQBHBSTFBVUPNUJDBNFOUF"MSFUJSBSMPTBVSJDVMBSFTEFMFTUVDIFEF
DBSHBMPTBVSJDVMBSFTTFFODFOEFSOBVUPNUJDBNFOUF
$VBOEPMPTBVSJDVMBSFTOPFTUOFOVTPTFBQBHBSOBVUPNUJDBNFOUF
EFTQV¨TEFDPMPDBSTFFOFMFTUVDIFEFDBSHB
$²NPDBSHBSMPTBVSJDVMBSFT
%FTQV¨TEFDPMPDBSMPTBVSJDVMBSFTFOFMFTUVDIFEFDBSHBTFBQBHBSO
BVUPNUJDBNFOUFZMVFHPDPNFO[BSOBDBSHBS-BMV[JOEJDBEPSBFOMB
QBOUBMMBEFMFTUVDIFEFDBSHBMPRVFJOEJDBRVFMPTBVSJDVMBSFTFTUO
TJFOEPDBSHBEPTQPSFMFTUVDIFEFDBSHB
$VBOEPMPTBVSJDVMBSFTFTU¨ODPNQMFUBNFOUFDBSHBEPTMBMV[
JOEJDBEPSBSPKBEFMPTBVSJDVMBSFTFTUBSBQBHBEB
$BSHVFFMFTUVDIFEFDBSHB
6UJMJDFFMBEBQUBEPSEFMUFM¨GPOPN²WJMQBSBDBSHBSFMFTUVDIFEFDBSHB
UBNCJ¨OQVFEFVUJMJ[BSFMDBCMF5ZQFDEFMPSEFOBEPSVPUSPTDBSHBEPSFT
EFJOUFSGB[5ZQFDQBSBDBSHBS
-BMV[JOEJDBEPSBEFMBDBKBEFDBSHBTFFODJFOEFQBSBJOEJDBS
RVFTFFTUDBSHBOEP
%JTUBODJBEFUSBOTNJTJ²OEFMUFM¨GPOPN²WJM
&MFNCBMBKFEFMQSPEVDUPDPOUJFOF
0CTFSWBDJPOFT
1PSRV¨OPQVFEPFODPOUSBS#MVFUPPUI 
1PSRV¨OPQVFEPDPOFDUBSB#MVFUPPUI
&TQFDJDBDJ²OJNQFSNFBCMF
*NQFSNFBCMFE²NFTUJDPUSBOTQJSBDJ²OMMVWJBMBWBEPEFDBSBEVDIBFUD
QFSPFYDFQUPOBUBDJ²O
-PRVFEFCFUFOFSFODVFOUBFTRVFMBTF°BM#MVFUPPUIEFTVUFM¨GPOP
OPTFQVFEFUSBOTNJUJSFOBHVB
$²NPFNQBSFKBS
3FD²HFMPTEFMFTUVDIFEFDBSHBQBSBFODFOEFSMPT
-BTMVDFTSPKPZB[VMQBSQBEFBOBMUFSOBUJWBNFOUF
NPEPEFFNQBSFKBNJFOUP
"DUJWBSMBDPOHVSBDJ²OEFMUFM¨GPOPN²WJMUBCMFUB#MVFUPPUI
BDUJWBS#MVFUPPUICVTDBS1PXFS21SPˊFNQBSFKBSDPOFDUBS
SFQSPEVDJSN¹TJDB
3FDPKBMPTBVSJDVMBSFTEFMFTUVDIFEFDBSHBZFOUSFFOFMNPEPEF
FNQBSFKBNJFOUPMBTMVDFTSPKPZB[VMQBSQBEFBOBMUFSOBUJWBNFOUF
"DUJWBSMBDPOHVSBDJ²OEFMUFM¨GPOPN²WJMUBCMFUB#MVFUPPUIˊ
BDUJWBS#MVFUPPUIˊ#VTDBS1PXFS21SPFNQBSFKBSDPOFDUBSˊ
SFQSPEVDJSN¹TJDB
-BTMVDFTSPKBTZB[VMFT
QBSQBEFBOBMUFSOBUJWBNFOUF
-VDFTSPKBZB[VMFOVOP
OPFODFOEJEBFOPUSP
.¨UPEPEFFNQBSFKBNJFOUPEFPSEFOBEPSQPSUUJM
"DUJWBSMBDPOHVSBDJ²OEFMPSEFOBEPSEJTQPTJUJWPT#MVFUPPUIZPUSPT
EJTQPTJUJWPTBDUJWBS#MVFUPPUIB°BEJS#MVFUPPUIVPUSPTEJTQPTJUJWPT
CVTDBSEJTQPTJUJWPT#MVFUPPUI1PXFS21SPFNQBSFKBSDPOFDUBS
SFQSPEVDJSN¹TJDB
/PUBTJFMPSEFOBEPSOPUJFOF#MVFUPPUIJOTFSUFFMBEBQUBEPSEF
#MVFUPPUIEFTDBSHVFFMDPOUSPMBEPS#MVFUPPUIBOUFTEFTVVTPOPSNBM
$²NPSFTUBCMFDFS
$PMPRVFMPTBVSJDVMBSFTFOFMFTUVDIFEFDBSHBZMPTBVSJDVMBSFTTF
BQBHBSOBVUPNUJDBNFOUFZDPNFO[BSOBDBSHBSTF6OBWF[RVJUBEPT
MPTBVSJDVMBSFTTFFODFOEFSOBVUPNUJDBNFOUFBMNJTNPUJFNQP
TFDPNQMFUBSFMSFTUBCMFDJNJFOUP
7FSTJPO
4PQPSUF#MVFUPPUI
%JTUBODJBEFDPNVOJDBDJ²O
#BOEBEFGSFDVFODJB
*NQFEBODJBFM¨DUSJDB
5JFNQPEFFTQFSB
5JFNQPEFDPOWFSTBDJ²O
5JFNQPEFSFQSPEVDDJ²OEFN¹TJDB
$BQBDJEBEEFMBCBUFS¬BEF
MPTBVSJDVMBSFT
$BQBDJEBEEFMBCBUFS¬BEFMFTUVDIF
EFDBSHB
5JFNQPEFDBSHBEFMPT
BVSJDVMBSFT
5JFNQPEFDBSHBEFMFTUVDIF
EFDBSHB
7
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$VBOEPMBEJTUBODJBNMBTF°BM
QVFEFMMFHBSOPSNBMNFOUF
$VBOEPMBEJTUBODJBNMBTF°BMTF
JOUFSSVNQF
-BEJTUBODJBEFUSBOTNJTJ²OEFMUFM¨GPOPN²WJMTFNVFTUSBFOMB
HVSBTJHVJFOUF
1PSGBWPSOPEFTNPOUFWVFMWBBNPOUBSFMQSPEVDUPQBSBFWJUBSGBMMBTP
JODFOEJPT
&WJUFFMDPOUBDUPDPOM¬RVJEPDPSSPTJWPQBSBFWJUBSFMEB°PBMQSPEVDUP
/PMPTQPOHBFOUFNQFSBUVSBTFYUSFNBTJOGFSJPSFTB˫PTVQFSJPSFTB˫
.BOUFOHBMPTBVSJDVMBSFTBMFKBEPTEFOJ°PTPNBTDPUBT
.BOUFOHBMPTBVSJDVMBSFTBMFKBEPTEFPCKFUPTBMBEPTEFMPDPOUSBSJPFTGDJM
EFSBTDBS
1PSGBWPSOPVUJMJDFFODPOEJDJPOFTDMJNUJDBTEFUPSNFOUBQBSBFWJUBSEB°PT
PEFTDBSHBTFM¨DUSJDBT
1BSBMPTBVSJDVMBSFTRVFOPTFVTBOEVSBOUFNTEFVONFTDBSHVFZ
NBOUFOHBSFHVMBSNFOUFMPTBVSJDVMBSFTQBSBHBSBOUJ[BSVOGVODJPOBNJFOUP
TFHVSP
%BEPRVFMBTF°BMEFMBVSJDVMBS#MVFUPPUIOPTFQVFEFUSBOTNJUJSFOFM
BHVBMBOBUBDJ²OPFMCVDFPQSPWPDBSRVFMBTF°BMTFEFTDPOFDUF
PTFJOUFSSVNQB
%BEPRVFMBEJTUBODJBEF#MVFUPPUIFTEFNBTFH¹SFTFEFRVFOPIBZB
PCTUSVDDJPOFTZRVFTVUFM¨GPOPN²WJMFTU¨DFSDBEFMPTBVSJDVMBSFT
4JDVBMRVJFSPUSPUFM¨GPOPN²WJMPEJTQPTJUJWPTFIBDPOFDUBEPBMPTBVSJDVMBSFT
EFTFNQBS¨KFMPTQSJNFSP
3FJOJDJFFMEJTQPTJUJWP#MVFUPPUIFJOUFOUFSFTUBCMFDFSMPTBVSJDVMBSFT
1SFDBVDJ²O
2V¨EFCPIBDFSTJOPIBZTPOJEPFOFMBVSJDVMBS
J[RVJFSEPPEFSFDIP
1SJNFSPSFTUBCMF[DBMPTBVSJDVMBSFTSFJOJDJFFMUFM¨GPOPN²WJMFMJNJOFFMSFHJTUSP
EFDPOFYJ²OEFMUFM¨GPOPN²WJMCVTRVFZBDPOUJOVBDJ²OFNQBSFKFEFOVFWP
4JMPTBVSJDVMBSFTB¹OOPGVODJPOBOTJHBMPTQBTPTBDPOUJOVBDJ²O
1POHBMPTBVSJDVMBSFTFOFMFTUVDIFQBSBDBSHBSBTFH¹SFTFEFRVFFTU¨OFOFM
FTUBEPEFDBSHBIBHBDMJDWFDFTFOMPTCPUPOFTNVMUJGVODJ²OJ[RVJFSEPP
EFSFDIPBMNJTNPUJFNQP&OFTUFNPNFOUPMBTMVDFTSPKBZB[VMQBSQBEFBO
EPTWFDFTMPRVFJOEJDBRVFMPTBVSJDVMBSFTIBOCPSSBEPMBJOGPSNBDJ²OEF
FNQBSFKBNJFOUP
4FSFDPHFOMPTBVSJDVMBSFTJ[RVJFSEPZEFSFDIPEFMFTUVDIFEFDBSHBQBSBFM
FODFOEJEPFTQFSFTMPTBVSJDVMBSFTTFFNQBSFKBOBVUPNUJDBNFOUFP
DBNCJBOBMNPEPNBOVBM4FSFDPHFOMPTBVSJDVMBSFTJ[RVJFSEPZEFSFDIPQB
SBFMFODFOEJEPMBTMVDFTSPKBZB[VMQBSQBEFBOZBMNJTNPUJFNQPIBHBUSJQMF
DMJDFOMPTCPUPOFTNVMUJGVODJ²OJ[RVJFSEPPEFSFDIPZFTQFSFTMPT
BVSJDVMBSFTTFFNQBSFKBSOBVUPNUJDBNFOUF4JMBTMVDFTSPKBZB[VMEF
DVBMRVJFSBEFMPTBVSJDVMBSFTQBSQBEFBOFTUPJOEJDBRVFMPTEPTBVSJDVMBSFT
FTUOFNQBSFKBEPTDPSSFDUBNFOUF
4JMBTMVDFTSPKBZB[VMEFDVBMRVJFSBEFMPTBVSJDVMBSFTQBSQBEFBO
BMUFSOBUJWBNFOUFMPRVFTJHOJDBRVFMPTBVSJDVMBSFTFOUSBOFOFMFTUBEPEF
FNQBSFKBNJFOUPTPMJDJUBOEPFMFNQBSFKBNJFOUPDPOFMUFM¨GPOPN²WJM
&MJNJOFFMSFHJTUSPEFDPOFYJ²OEFMUFM¨GPOPN²WJMDPNQSVFCFZWVFMWB
BFNQBSFKBS
1PSRV¨MPTBVSJDVMBSFTTFBQBHBO
BVUPNUJDBNFOUF
"TFH¹SFTFEFRVFMPTBVSJDVMBSFTUFOHBOTVDJFOUFFOFSH¬B"EFNTMPT
BVSJDVMBSFTTFEFTDPOFDUBSOBVUPNUJDBNFOUFEF#MVFUPPUIEVSBOUFNJO
DPMPDBSOMPTBVSJDVMBSFTEFOVFWPFOFMFTUVDIFEFDBSHBDVBOEPTFTFDBOMPT
BVSJDVMBSFTEFOVFWPTFFODFOEFSOBVUPNUJDBNFOUF
1PSRV¨OPQVFEPDBSHBSFMFTUVDIFEFDBSHB
"TFH¹SFTFEFRVFFMDBCMFEFDBSHBPFMDBSHBEPSEFMUFM¨GPOPN²WJMFTU¨FO
CVFOBTDPOEJDJPOFTZDPOFDUBEPDPSSFDUBNFOUF
1VFEFIBCFSVODPOUBDUPEFDJFOUF1VMTFMPTBVSJDVMBSFTJ[RVJFSEPZEFSFDIP
DPOMPTEFEPTZDPOFDUFDPNQMFUBNFOUFMPTDPOUBDUPTEFDBSHBEFMPT
BVSJDVMBSFTJ[RVJFSEPZEFSFDIPBMFTUVDIFEFDBSHB
1VFEFIBCFSTVDJFEBEQPMWPPNBODIBTEFTVEPSFOMPTDPOUBDUPTEFDBSHB
EFMPTBVSJDVMBSFTJ[RVJFSEPZEFSFDIP$VBOEPWVFMWBBDPMPDBSMPTBVSJDVMBSFT
FOFMFTUVDIFEFDBSHBQBSBDBSHBSMPTM¬NQJFMPTDPOBMDPIPMPVOQB°P
4FRVFFMTVEPSEFMPTBVSJDVMBSFTBOUFTEFWPMWFSBDPMPDBSMPTFOFMFTUVDIF
EFDBSHBQBSBDBSHBSMPTMBMV[JOEJDBEPSBEFMPTBVSJDVMBSFTTFJMVNJOB
$BSHVFMPTBVSJDVMBSFTVOBWF[RVFFTDVDIFVOUPOPEF#BUUFSZ-PX
$BSHVFFMFTUVDIFEFDBSHBDVBOEPFMO¹NFSPEFMBQBOUBMMBEFMV[-&%BMDBODF
FMO¹NFSPEF/PBHPUFMBCBUFS¬BFOMPTBVSJDVMBSFTZFMFTUVDIFEFDBSHB
&TUPQVFEFBDPSUBSMBWJEB¹UJMEFMBCBUFS¬BEFMJUJPJODPSQPSBEB
1BSBMPTBVSJDVMBSFTEFBMUBDBMJEBEDPOFMOEFFYUFOEFSTVWJEB¹UJMDPOTVMUF
MBTTJHVJFOUFTJOTUSVDDJPOFT
.BOUFOHBFTUFQSPEVDUPBMFKBEPEFMFOUPSOPEFBMUBTUFNQFSBUVSBTEFBMUB
IVNFEBEZDPSSPTJWP
1PSGBWPSJNQJEBORVFFTUFQSPEVDUPTFBHPMQFBEPDB¬EPUPSDJEP
TVNFSHJEPFUD
/PEFTNPOUFMPTBVSJDVMBSFTOJFMTPQPSUFEFDBSHB
1PSGBWPSOPTPCSFDBSHVFFMQSPEVDUPUPEPFMUJFNQPMPRVFSFEVDJSTV
WJEB¹UJM
6OBWF[RVFFMQSPEVDUPDBVTFNPMFTUJBTPEPMPSEFKFEFVTBSMP
4FSFRVJFSFFMVTPEFVOBEBQUBEPS%$7"DFSUJDBEPQPSVOGBCSJDBOUF
SFHVMBEP
"VORVFMBDBSHBPMBEFTDBSHBSFQFUJEBTEFMPTBVSJDVMBSFTQVFEFEFHSBEBSFM
SFOEJNJFOUPEFMBCBUFS¬BDPOFMUJFNQPFTUPFTOPSNBMQBSBUPEPTMPT
EJTQPTJUJWPTFMFDUS²OJDPTSFDBSHBCMFT
"VSJDVMBSFT#MVFUPPUI
4PQPSUFEFDBSHB
$BCMFEFDBSHB5ZQFD
5BQBTEFBVSJDVMBSBEJDJPOBM
*OTUSVDDJ²OFTEFMQSPEVDUP
4JFODVFOUSBBMH¹OQSPCMFNBOPNFODJPOBEPBOUFSJPSNFOUF
Q²OHBTFFODPOUBDUPDPOOPTPUSPTQPSDPSSFPFMFDUS²OJDPZ
MFSFTQPOEFSFNPTFOVOQMB[PEFI
1PSRV¨OPIBZTPOJEPFOMPTBVSJDVMBSFT 
0QPSRV¨TFJOUFSSVNQFMBN¹TJDB
·$PNQSVFCFTJMBSFEEFMUFM¨GPOPN²WJMFTOPSNBMMBWFMPDJEBEEFMBSFEFTMFOUB
ZMBN¹TJDBTFFTUDBSHBOEP
·$PNQSVFCFTJFMUFM¨GPOPN²WJMFTUDPOFDUBEPBEPTEJTQPTJUJWPTEFBVEJP
TJNVMUOFBNFOUF)BHBEPCMFDMJDFOMPTCPUPOFTNVMUJGVODJ²OJ[RVJFSEPZEFSFDIP
QBSBTBMJSEFMBDPOFYJ²O
·%BEPRVFMBEJTUBODJBEFM#MVFUPPUIFTEFNBTFH¹SFTFEFRVFOPIBZB
PCTUDVMPTZRVFTVUFM¨GPOPN²WJMFTU¨DFSDBEFMPTBVSJDVMBSFT
·-BUSBOTNJTJ²OEFTF°BM#MVFUPPUIQVFEFWFSTFJOVFODJBEBQPSMBJOUFSGFSFODJB
BNCJFOUBMPQPSDBNQPTNBHO¨UJDPTEFNBTJBEPGVFSUFT
·"DUJWFMBJOUFSGB[#MVFUPPUIEFMUFM¨GPOPN²WJMIBHBDMJDFO&NQBSFKBNJFOUPEF
$POUBDUPFMJNJOFFMSFHJTUSPEFFNQBSFKBNJFOUPCVTRVF#MVFUPPUIZWVFMWBB
FNQBSFKBS
v5BNCJ¨OQVFEFPQUBSQPSSFJOJDJBSFMUFM¨GPOPN²WJMPSFFTUBCMFDFSMPTBVSJDVMBSFT
.JDS²GPOP
#PU²ONVMUJGVODJ²O
-V[JOEJDBEPSB
#BUFS¬BEFMBVSJDVMBS
J[RVJFSEP
#BUFS¬BEFMBVSJDVMBS
EFSFDIP
#BUFS¬BEFMFTUVDIF
EFDBSHB
#BUFS¬BEFMBVSJDVMBS
EFSFDIP
)BHBDMJD
WFDFT
NBOUFOHBQVMTBEBMBQPTJDJ²OEFDBSHBEFMPT
BVSJDVMBSFTDPOVOBNBOPQBSBFWJUBSRVFTFMJCSFFM
FTUBEPEFDBSHB
FTUBEPEF
EFTFNQBSFKBNJFOUP
FTUBEPEF
FNQBSFKBNJFOUPDPSSFDUP
/PFODFOEJEP
.PEPEF
FNQBSFKBNJFOUP
.PEPEFFNQBSFKBNJFOUP &NQBSFKBNJFOUPFYJUPTP
&TQFDJDBDJPOFTEFMQSPEVDUP
.BOUFOHB
QVMTBEP
1SFDBVDJPOFTEFTFHVSJEBE
%JBHSBNBEFFNQBSFKBNJFOUP
#PU²ONVMUJGVODJ²O
%JBHSBNBEFMQSPEVDUP
1PXFS21SP
1PXFS21SP
1PXFS21SP
1PXFS21SP
4
.
-
4
.
-
4
.
-
4
.
-
2
1SP
1PXFS21
2
2
2
2
1SP
1PXFS2
2
2
2
1
2
1SP
1SP
1PXFS 2
12
1
1
2
2
2
1PXFS2
 1
1
2
1SP
1PXFS21