SeaLife ECOshot Manual
Læs nedenfor 📖 manual på dansk for SeaLife ECOshot (164 sider) i kategorien Kamera. Denne guide var nyttig for 51 personer og blev bedømt med 4.5 stjerner i gennemsnit af 2 brugere
Side 1/164
9CVGTRTQQH5JQEMRTQQH
&KIKVCN5RQTVU%COGTC
4GGH/CUVGT/KPK5.
'%1UJQV5.
(QJOLVK
+PUVTWEVKQP/CPWCN
)QVQYYYUGCNKHGECOGTCUEQOUGTXKEGOCPWCNUJVONHQT
'0).+5*(4#0%#+5&'765%*+6#.+#01CPF'52#01.XGTUKQPU
'0
)&&67$7(0(17
6JKU FGXKEG EQORNKGU YKVJ 2CTV QH VJG (%% 4WNGU 1RGTCVKQP KU UWDLGEV VQ VJG
HQNNQYKPIVYQEQPFKVKQPU
6JKUFGXKEGOC[PQVECWUGJCTOHWNKPVGTHGTGPEGCPF
6JKUFGXKEGOWUVCEEGRVCP[KPVGTHGTGPEGTGEGKXGFKPENWFKPIKPVGTHGTGPEGVJCVOC[
ECWUGWPFGUKTGFQRGTCVKQP
0QVG
6JKUGSWKROGPVJCUDGGPVGUVGFCPFHQWPFVQEQORN[YKVJVJGNKOKVUHQT%NCUU$FKIKVCN
FGXKEGURWTUWCPVVQ2CTVQHVJG(%%TWNGU6JGUGNKOKVUCTGFGUKIPGFVQRTQXKFG
TGCUQPCDNG RTQVGEVKQP CICKPUV JCTOHWN KPVGTHGTGPEG KP C TGUKFGPVKCN KPUVCNNCVKQP6JKU
GSWKROGPVIGPGTCVGUWUGUCPFECPTCFKCVGTCFKQHTGSWGPE[GPGTI[CPFKHPQVKPUVCNNGF
CPFWUGFKPCEEQTFCPEGYKVJVJGKPUVTWEVKQPUOC[ECWUGJCTOHWNKPVGTHGTGPEGVQTCFKQ
EQOOWPKECVKQPU*QYGXGTVJGTGKUPQIWCTCPVGGVJCVKPVGTHGTGPEGYKNNPQVQEEWTKPC
RCTVKEWNCT KPUVCNNCVKQP+H VJKUGSWKROGPV FQGU ECWUG JCTOHWN KPVGTHGTGPEG VQTCFKQ QT
VGNGXKUKQPTGEGRVKQPYJKEJECPDGFGVGTOKPGFD[VWTPKPIVJGGSWKROGPVQHHCPFQPVJG
WUGTKUGPEQWTCIGFVQVT[VQEQTTGEVVJGKPVGTHGTGPEGD[QPGQTOQTGQHVJGHQNNQYKPI
OGCUWTGU
4GQTKGPVQTTGNQECVGVJGTGEGKXKPICPVGPPC
+PETGCUGVJGUGRCTCVKQPDGVYGGPVJGGSWKROGPVCPFTGEGKXGT
%QPPGEVVJGGSWKROGPVKPVQCPQWVNGVQPCEKTEWKVFKHHGTGPVHTQOVJCVVQYJKEJVJG
TGEGKXGTKUEQPPGEVGF
%QPUWNVVJGFGCNGTQTCPGZRGTKGPEGFTCFKQ68VGEJPKEKCPHQTJGNR
7UGQHUJKGNFGFECDNGKUTGSWKTGFVQEQORN[YKVJ%NCUU$NKOKVUKP5WDRCTV$QH2CTV
QHVJG(%%TWNGU
&QPQVOCMGCP[EJCPIGUQTOQFKſECVKQPUVQVJGGSWKROGPVWPNGUUQVJGTYKUGURGEKſGF
KPVJGOCPWCN+HUWEJEJCPIGUQTOQFKſECVKQPUUJQWNFDGOCFG[QWEQWNFDGTGSWKTGF
VQUVQRQRGTCVKQPQHVJGGSWKROGPV
'0
5($'7+,6),567
7UDGHPDUN,QIRUPDWLRQ
/KETQUQHVs CPF 9KPFQYUs CTG 75 TGIKUVGTGF VTCFGOCTMU QH /KETQUQHV
%QTRQTCVKQP
2GPVKWOsKUCTGIKUVGTGFVTCFGOCTMQH+PVGN%QTRQTCVKQP
/CEKPVQUJKUCVTCFGOCTMQH#RRNG%QORWVGT+PE
5&ŠKUCVTCFGOCTM
2JQVQ'ZRNQTGTCPF2JQVQ'ZRTGUUCTGVTCFGOCTMU
5GCNKHGs 4GGH/CUVGTs OQKUVWTG OWPEJGTs CPF .CPF 5GCs CTG TGIKUVGTGF
VTCFGOCTMUQH2KQPGGT4GUGCTEJ
1VJGTPCOGUCPFRTQFWEVUOC[DGVTCFGOCTMUQTTGIKUVGTGFVTCFGOCTMUQHVJGKT
TGURGEVKXGQYPGTU
3URGXFW,QIRUPDWLRQ
2TQFWEV FGUKIP CPF URGEKſECVKQPU CTG UWDLGEV VQ EJCPIG YKVJQWV PQVKEG 6JKU
KPENWFGU RTKOCT[ RTQFWEV URGEKſECVKQPU UQHVYCTG UQHVYCTG FTKXGTU CPF WUGTŏU
OCPWCN6JKU7UGT/CPWCNKUCIGPGTCNTGHGTGPEGIWKFGHQTVJGRTQFWEV
6JGRTQFWEVCPFCEEGUUQTKGUVJCVEQOGYKVJ[QWTFKIKVCNECOGTCOC[DGFKHHGTGPV
HTQOVJQUGFGUETKDGFKPVJKUOCPWCN6JKUKUFWGVQVJGHCEVVJCVFKHHGTGPVTGVCKNGTU
QHVGP URGEKH[ UNKIJVN[ FKHHGTGPV RTQFWEV KPENWUKQPU CPF CEEGUUQTKGU VQ UWKV VJGKT
OCTMGV TGSWKTGOGPVU EWUVQOGT FGOQITCRJKEU CPF IGQITCRJKECN RTGHGTGPEGU
2TQFWEVU XGT[ QHVGP XCT[ DGVYGGP TGVCKNGTU GURGEKCNN[ YKVJ CEEGUUQTKGU UWEJ
CU OGOQT[ ECTFU ECDNGU ECTT[KPI ECUGURQWEJGU CPF NCPIWCIG UWRRQTV
1EECUKQPCNN[CTGVCKNGTYKNNURGEKH[CWPKSWGRTQFWEVEQNQTCRRGCTCPEGCPFKPVGTPCN
OGOQT[ECRCEKV[%QPVCEV[QWTFGCNGTHQTRTGEKUGRTQFWEVFGſPKVKQPCPFKPENWFGF
CEEGUUQTKGU
6JGKNNWUVTCVKQPUKPVJKUOCPWCNCTGHQTVJGRWTRQUGQHGZRNCPCVKQPCPFOC[FKHHGT
HTQOVJGCEVWCNFGUKIPQH[QWTFKIKVCNECOGTC
6JGOCPWHCEVWTGTCUUWOGUPQNKCDKNKV[HQTCP[GTTQTUQTFKUETGRCPEKGUKPVJKUWUGT
OCPWCN
6JG5GC.KHGFKIKVCNECOGTCJCUCPQRGTCVKPIU[UVGOECNNGFőſTOYCTGŒVJCVEQPVTQNU
CNNVJG ECOGTCHWPEVKQPU ,WUVNKMG EQORWVGTRTQITCOU CTG WRFCVGF HTQO VKOG VQ
VKOG 5GC.KHG
s OC[ CNUQ TGNGCUG HTGG ſTOYCTG WRFCVGU VQ HWTVJGT GPJCPEG VJG
RGTHQTOCPEGQHVJGECOGTC8KUKVVJG5GC.KHGYGDUKVG(KTOYCTGFQYPNQCFEGPVGT
QPQEECUKQPCPFEJGEMKHVJGTGCTGPGYſTOYCTGWRFCVGUYYYUGCNKHGECOGTCU
EQOUGTXKEGſTOYCTGJVON
(QTWUGTOCPWCNCPFFTKXGTWRFCVGUTGHGTVQQWTYGDUKVGYYYUGCNKHGECOGTCU
EQOQTEQPVCEV[QWTFGCNGT
'0
6$)(7<,16758&7,216
4GCFCPFWPFGTUVCPFCNN CPF DGHQTGWUKPIVJKURTQFWEV9CTPKPIU %CWVKQPU
:DUQLQJV
+HHQTGKIPQDLGEVUQTYCVGTJCXGGPVGTGFVJGECOGTCVWTPVJGRQYGT
1((CPFTGOQXGVJGDCVVGTKGU
%QPVKPWGFWUGKPVJKUUVCVGOKIJVECWUGſTGQTGNGEVTKEUJQEM%QPUWNVVJG
UVQTGQHRWTEJCUG
+H VJG ECOGTC JCU HCNNGP QT KVU ECUG JCU DGGP FCOCIGF VWTP VJG
RQYGT1((CPFTGOQXGVJGDCVVGTKGU
%QPVKPWGFWUGKPVJKUUVCVGOKIJVECWUGſTGQTGNGEVTKEUJQEM%QPUWNVVJG
UVQTGQHRWTEJCUG
&QPQVFKUCUUGODNGEJCPIGQTTGRCKTVJGECOGTC
6JKUOKIJVECWUGſTGQTGNGEVTKEUJQEM(QTTGRCKTQTKPVGTPCNKPURGEVKQP
CUMVJGUVQTGQHRWTEJCUG
&QPQVRNCEGVJGECOGTCQPKPENKPGFQTWPUVCDNGUWTHCEGU
6JKUOKIJVECWUGVJGECOGTCVQHCNNQTVKNVQXGTECWUKPIKPLWT[
-GGRVJGDCVVGTKGUQWVQHVJGTGCEJQHEJKNFTGP
5YCNNQYKPIDCVVGTKGUOKIJVECWUGRQKUQPKPI+HVJGDCVVGT[KUCEEKFGPVCNN[
UYCNNQYGFKOOGFKCVGN[EQPUWNVCRJ[UKEKCP
&Q PQV WUG VJG ECOGTC YJKNG [QW CTG YCNMKPI FTKXKPI QT TKFKPI C
OQVQTE[ENG
6JKUOKIJVECWUG[QWVQHCNNQXGTQTTGUWNVKPVTCHſECEEKFGPV
'0
&DXWLRQV
+PUGTVVJGDCVVGTKGURC[KPIECTGHWNCVVGPVKQPVQVJGRQNCTKV[QTQH
VJGVGTOKPCNU
+PUGTVKPI VJG DCVVGTKGU YKVJ KVU RQNCTKVKGU KPXGTVGF OKIJV ECWUG ſTG CPF
KPLWT[QTFCOCIGVQVJGUWTTQWPFKPICTGCUFWGVQVJGDCVVGT[TWRVWTKPI
QTNGCMKPI
&QPQVſTGVJGƀCUJENQUGVQCP[QPGŏUG[GU
6JKUOKIJVECWUGFCOCIGVQVJGRGTUQPŏUG[GUKIJV
&QPQVUWDLGEVVJG.%&OQPKVQTVQKORCEV
6JKUOKIJVFCOCIGVJGINCUUQPVJGUETGGPQTECWUGVJGKPVGTPCNƀWKFVQ
NGCM+HVJGKPVGTPCNƀWKFGPVGTU[QWTG[GUQTEQOGUKPVQEQPVCEVYKVJ[QWT
DQF[ QT ENQVJGU TKPUG YKVJ HTGUJ YCVGT +H VJG KPVGTPCN ƀWKF JCU GPVGTGF
[QWTG[GUEQPUWNVCRJ[UKEKCPVQTGEGKXGVTGCVOGPV
#ECOGTCKUCRTGEKUKQPKPUVTWOGPV#XQKFFTQRUKORCEVQTGZEGUUKXG
HQTEGYJGPJCPFNKPIVJGECOGTC
6JKUOKIJVECWUGFCOCIGVQVJGECOGTC
&Q PQV TGOQXG VJG DCVVGT[ KOOGFKCVGN[ CHVGT NQPI RGTKQF QH
EQPVKPWQWUWUG
6JGDCVVGT[DGEQOGUJQVFWTKPIWUG6QWEJKPICJQVDCVVGT[OKIJVECWUG
DWTPU
&QPQVYTCRVJGECOGTCQTRNCEGKVKPENQVJQTDNCPMGVU
6JKUOKIJVECWUGJGCVVQDWKNFWRCPFFGHQTOVJGECUGTGUWNVKPIKPſTG
7UGVJGECOGTCKPCYGNNXGPVKNCVGFRNCEG
&QPQVNGCXGVJGECOGTCKPRNCEGUYJGTGVJGVGORGTCVWTGOC[TKUG
UKIPKſECPVN[UWEJCUKPUKFGCECT
6JKUOKIJVCFXGTUGN[CHHGEVVJGECUGQTVJGRCTVUKPUKFGTGUWNVKPIKPſTG
$GHQTG[QWOQXGVJGECOGTCFKUEQPPGEVEQTFUCPFECDNGU
(CKNWTGVQ FQ VJKUOKIJV FCOCIG EQTFUCPF ECDNGU TGUWNVKPI KP ſTGCPF
GNGEVTKEUJQEM
'0
1RWHVRQ%DWWHU\8VDJH
9JGP[QWWUGVJGDCVVGT[ECTGHWNN[TGCFCPFUVTKEVN[QDUGTXGVJG5CHGV[+PUVTWEVKQPU
CPFVJGPQVGUFGUETKDGFDGNQY
7UGQPN[VJGHQNNQYKPI##DCVVGTKGU
z 5GC.KHG0KEMGN/GVCN*[FTKFG0K/*TGEJCTIGCDNGDCVVGTKGU%CTGHWNN[HQNNQY
EJCTIKPIKPUVTWEVKQPU7UKPITGEJCTIGCDNGDCVVGTKGUKUOQUVEQUVGHHGEVKXGCPF
JGNRUUCXGQWTGPXKTQPOGPV
z .KVJKWO PQPTGEJCTIGCDNG DCVVGTKGU .KVJKWO DCVVGTKGU NCUV VJG NQPIGUV QH CNN
DCVVGTKGUDWVVJG[CTGGZRGPUKXGCPFVJG[CTGPQVTGEJCTIGCDNG
z *KIJGPGTI[CNMCNKPGDCVVGTKGU
#XQKFWUKPIVJGDCVVGT[KPGZVTGOGN[EQNFGPXKTQPOGPVUCUNQYVGORGTCVWTGUECP
UJQTVGPVJGDCVVGT[NKHGCPFTGFWEGECOGTCRGTHQTOCPEG
6JGDCVVGT[OC[HGGNYCTOCHVGTNQPIRGTKQFQHEQPVKPWQWUWUGQHVJGECOGTCQTVJG
ƀCUJ6JKUKUPQTOCNCPFPQVCOCNHWPEVKQP
6JGECOGTCOC[HGGNYCTOCHVGTNQPIRGTKQFQHEQPVKPWQWUWUG6JKUKUPQTOCNCPF
PQVCOCNHWPEVKQP
+HVJGECOGTCKUPQVVQDGWUGFHQTCNQPIRGTKQFQHVKOGTGOQXGVJGDCVVGT[HTQO
VJGECOGTCVQRTGXGPVNGCMCIGQTEQTTQUKQP
#NYC[UMGGRVJGDCVVGT[VGTOKPCNUKPCENGCPUVCVG
&KURQUGQHWUGFDCVVGTKGUCEEQTFKPIVQVJGDCVVGT[OCMGTKPUVTWEVKQPU
'0
1RWHVRQ:DWHUSURRI)XQFWLRQ
&QPQVRNCEGVJGECOGTCFKTGEVN[QPVJGUCPFCVVJGDGCEJQTUKOKNCTRNCEGU
6JGECOGTCYKNNUKPMKHFTQRRGFKPYCVGTUQDGUWTGVQCVVCEJVJGUVTCRCPFUNKRVJG
UVTCRQXGT[QWTYTKUVYJGPWUKPIVJGECOGTCKPQTPGCTYCVGT
6JGUKNKEQPGQTKPINQECVGFQPVJGKPUKFGQHVJGYCVGTRTQQHFQQTOWUVDGRGTHGEVN[
ENGCPDGHQTGGCEJWUG4GHGTVQKORQTVCPVQTKPIECTGKPUVTWEVKQPUKPVJKUOCPWCN
$G UWTG VQ EJGEM VJCV VJG YCVGTRTQQH FQQT KU UGEWTGN[ NQEMGF DGHQTG WUKPI VJG
ECOGTCKPCPGPXKTQPOGPVYJGTGKVKUNKMGN[VQIGVYGVQTFKTV[UWEJCUWPFGTYCVGT
QTCV VJGDGCEJ9CVGT UCPF QT FKTVKPUKFGVJG ECOGTC OC[ECWUG HCKNWTG QHVJG
ECOGTC9KRGQHHCP[YCVGTQTFKTVYKVJCFT[ENQVJCUUQQPCURQUUKDNGCHVGTWUKPI
VJGECOGTC
#XQKFQRGPKPIVJGDCVVGT[5&ECTFEQXGTCVVJGDGCEJQTD[VJGUGC9CKVWPVKNVJG
ECOGTCKU EQORNGVGN[FT[ DGHQTG EJCPIKPIVJGDCVVGTKGUQTVJG5&OGOQT[ECTF
#XQKFEJCPIKPIVJGDCVVGTKGUQTECTFYJGTGVJGECOGTCKUNKMGN[VQIGVYGVQTFKTV[
CPFOCMGUWTGVJCV[QWTJCPFUCTGFT[
+HVJGECOGTCKUXGT[FKTV[QTCHVGTKVJCUDGGPWUGFKPVJGUGCOCMGUWTGVJCVKVKU
VWTPGFQHHCPFVJGYCVGTRTQQHFQQTKUſTON[ENQUGFDGHQTGTKPUKPIKVWPFGTTWPPKPI
VCRYCVGTQTNGCXKPIKVKPCDQYNQHENGCPYCVGTHQTCUJQTVVKOGQTOKPWVGU
#XQKFIGVVKPIUWPUETGGPQTUWPQKNQPVJGECOGTCCUKVOC[ECWUGFKUEQNQTCVKQPQHVJG
UWTHCEG+HCP[QKNIGVUQPVJGECOGTCYCUJKVQHHKOOGFKCVGN[YKVJYCTOYCVGT
6JGYCVGTRTQQHHWPEVKQPFQGUPQVCRRN[VQVJGECOGTCŏUCEEGUUQTKGU
'0
&RQWHQWV
+0641&7%6+10
1XGTXKGY
2CEMCIG%QPVGPVU
)'66+0)61-019;174%#/'4#
(TQPV8KGY
4GCT8KGY
.%&/QPKVQT+PHQTOCVKQP
24'2#4+0)6*'%#/'4#
+PUVCNNKPIVJG$CVVGTKGU
+PUGTVKPICPF4GOQXKPICP5&/GOQT[%CTF1RVKQPCN#EEGUUQT[
#VVCEJKPIVJG%COGTC5VTCR
)'66+0)56#46'&
6WTPKPIVJG2QYGT1P1HH
%JQQUKPIVJG5ETGGP.CPIWCIG
5GVVKPIVJG&CVGCPF6KOG
(QTOCVVKPICP5&/GOQT[%CTFQT+PVGTPCN/GOQT[
2*161)4#2*;/1&'
5JQQVKPI+OCIGU6JG$CUKEU
5GVVKPI+OCIG4GUQNWVKQPCPF3WCNKV[
7UKPIVJG<QQO(WPEVKQP
5GVVKPI(QEWU
7UKPIVJG(NCUJ
7UKPIVJG(NCUJKP'ZVGTPCN(NCUJ/QFG
7UKPIVJG5GNH6KOGT
#FLWUVKPIVJG'ZRQUWTG'8%QORGPUCVKQP
5GVVKPI9JKVG$CNCPEG
5GVVKPI9JKVG$CNCPEGKP5'#OQFG
5GVVKPI/CPWCN9JKVG$CNCPEG
5EGPG/QFG5GNGEVKQP
#DQWV5R[/QFG
'0
2.#;$#%-/1&'6*'$#5+%5
8KGYKPI+OCIGU
/CIPKH[KPI+OCIGU
6JWODPCKN&KURNC[
5NKFGUJQY&KURNC[
8+&'1/1&'
4GEQTFKPI8KFGQ%NKRU
2NC[KPI$CEM8KFGQ%NKRU
2.#;$#%-/1&'#&8#0%'&('#674'5
&GNGVKPI+OCIGU8KFGQ%NKRU
2TQVGEVKPI+OCIGU8KFGQ%NKRU
5GVVKPIVJG&21(
%QPPGEVKPIVQC2KEV$TKFIG%QORNKCPV2TKPVGT
6#-+0)70&'49#6'42+%674'5
/CKPVCKPKPICYCVGTRTQQHUGCN
*QYVQ+PUVCNNCPF4GOQXG1TKPI
*QYVQ+PUVCNN&GƀGEVQT
7UKPICPFENGCPKPIECOGTCWPFGTYCVGT
)TGCV7PFGTYCVGT2KEVWTGU/CFG'CU[
64#05('44+0)(+.'5(41/;174&+)+6#.%#/'4#61%1/276'4
5VGR%QPPGEVVJGFKIKVCNECOGTCVQ[QWTEQORWVGT
5VGR&QYPNQCFKOCIGUQTXKFGQENKRU
'&+6+0)51(69#4'+056#..#6+10
+PUVCNNKPI2JQVQ'ZRNQTGT
+PUVCNNKPI2JQVQ'ZRTGUU
75+0)6*'&+)+6#.%#/'4##5#2%%#/'4#
5VGR+PUVCNNVJG2%ECOGTCFTKXGT
5VGR%QPPGEVVJGFKIKVCNECOGTCVQ[QWTEQORWVGT
'0
/'07126+105
%COGTC/GPW
8KFGQ/GPW
2NC[DCEM/GPW
5GVWR/GPW
52'%+(+%#6+105
6417$.'5*116+0)
'0
,1752'8&7,21
2YHUYLHZ
.GVVJG.CPF5GCCFXGPVWTGUDGIKPYKVJ[QWTPGY5GC.KHGYCVGTRTQQHUJQEMRTQQH
FKIKVCN ECOGTC 'SWKRRGF YKVJ VJG NCVGUV FKIKVCN VGEJPQNQI[ OGCPU VJG ECOGTC KU
CWVQOCVKECPFGCU[VQWUG*GTGCTGUQOGQHVJGWPKSWGHGCVWTGUVJCV[QWYKNNUWTGN[
GPLQ[
.CPF5GC
s'ZRQUWTG/QFGU
5RGEKCNGZRQUWTGRTQITCOUHQTVCMKPI
DTKIJV EQNQTHWN WPFGTYCVGT RKEVWTGU
YKVJ GZVGTPCN ƀCUJ CEEGUUQT[ 'ZV
(NCUJ CEEGUUQT[ OQFG QT YKVJQWV
ƀCUJCEEGUUQT[5GCOQFG
52;OQFG
5GVU ECOGTC VQ CWVQOCVKECNN[ VCMG
EQPVKPWQWU KOCIGU CV RTG UGV VKOG
KPVGTXCNU
/GICRKZGNU
# JKIJTGUQNWVKQP %%& UGPUQT
RTQXKFGU OGICRKZGNU HQT JKIJ
SWCNKV[KOCIGU
#WVQƀCUJ
#P CWVQ ƀCUJ UGPUQT CWVQOCVKECNN[
FGVGEVU VJG UJQQVKPI NKIJVKPI
EQPFKVKQPU CPF FGVGTOKPGU YJGVJGT
VJGƀCUJUJQWNFDGWUGF
Œ.625EQNQTKOCIG.%&OQPKVQT
&KIKVCN\QQOZ`Z
/$KPVGTPCNDWKNVKPOGOQT[
/$CXCKNCDNGHQTKOCIGUVQTCIG
+OCIGU ECP DG ECRVWTGF YKVJQWV
WUKPICOGOQT[ECTF
5WRRQTV HQT 5& OGOQT[ ECTF HQT
OGOQT[GZRCPUKQPWRVQ)$
4GEQOOGPF WUKPI QPN[ 5CP&KUM
2CPCUQPKE QT 6QUJKDC DTCPF 5&
ECTFU
75$EQPPGEVKQP75$EQORNKCPV
5VKNN KOCIGU XKFGQ ENKRU QT XQKEG
TGEQTFKPIſNGUVJCV[QWJCXGTGEQTFGF
ECPDGFQYPNQCFGFVQ[QWTEQORWVGT
WUKPIVJG75$ECDNG
&21(HWPEVKQPCNKV[
&21( ECP DG WUGF VQ RTKPV [QWT
KOCIGUQPC&21(EQORCVKDNGRTKPVGT
D[UKORN[KPUGTVKPIVJGOGOQT[ECTF
2KEV$TKFIGUWRRQTV
;QWECPEQPPGEVVJGECOGTCFKTGEVN[
VQ C RTKPVGT VJCV UWRRQTVU 2KEV$TKFIG
CPF RGTHQTO KOCIG UGNGEVKQP CPF
RTKPVKPI WUKPI VJG ECOGTC OQPKVQT
UETGGPCPFEQPVTQNU
5EGPGOQFG
;QW OC[ UGNGEV C RTGXKQWUN[ UGV
TGEQTFKPI OQFG HQT VJG HQNNQYKPI
UKVWCVKQPU #WVQ 5RQTV 0KIJV
2QTVTCKV .CPFUECRG $CEMNKIJV 5GC
'ZV(NCUJQT5R[
2TQXKFGF GFKVKPI UQHVYCTG 2JQVQ
'ZRNQTGT2JQVQ'ZRTGUU
;QW ECP GPJCPEG CPF TGVQWEJ [QWT
KOCIGU QP [QWT EQORWVGT D[ WUKPI
VJGRTQXKFGFGFKVKPIUQHVYCTG
'0
3DFNDJH&RQWHQWV
%CTGHWNN[ WPRCEM [QWT MKV DQZ CPF GPUWTG VJCV [QW JCXG VJG HQNNQYKPI KVGOU +P VJG
GXGPVVJCVCP[KVGOKUOKUUKPIQTKH[QWſPFCP[OKUOCVEJQTFCOCIGRTQORVN[EQPVCEV
[QWTFGCNGT
%QOOQP2TQFWEV%QORQPGPVU
&KIKVCN%COGTC
%COGTC5VTCR
%COGTC2QWEJ
Z###NMCNKPGDCVVGTKGU
Z&GUKEECPVECRUWNG
7UGTŏU/CPWCN
75$%CDNG
5QHVYCTG%&41/
&GƀGEVQTHQTQRVKQPCNƀCUJCEEGUUQT[
5RCTG1TKPIKVGO5.
%QOOQP1RVKQPCN#EEGUUQTKGU
5&OGOQT[ECTF
4GEJCTIGCDNG##DCVVGTKGU
5GC.KHG/KPK9KFG#PINGNGPUKVGO5.
5GC.KHG&KIKVCNƀCUJKVGO5.&
/QKUVWTG/WPEJGTsFGUKEECPVECRUWNGU
(QT C EQORNGVG NKUVKPI QH CNN QRVKQPCN CEEGUUQTKGU RNGCUG XKUKV CP CWVJQTK\GF
5GC.KHGFGCNGTQTVJGYGDUKVGYYY5GC.KHGECOGTCUEQO
#EEGUUQTKGUCPFEQORQPGPVUOC[XCT[D[TGVCKNGT
'0
*(77,1*72.12:<285&$0(5$
)URQW9LHZ
5JWVVGTDWVVQP
.GPU
9CVGTRTQQHFQQT
.CVEJ
.CVEJNQEM
2%75$VGTOKPCN
$CVVGT[EQXGT
(NCUJ
5&OGOQT[ECTFUNQV
'0
5HDU9LHZ
#TTQYDWVVQP.GHVW
5GNHVKOGTDWVVQP
#TTQYDWVVQP7RS
DWVVQP/'07
DWVVQP1-
2QYGTUYKVEJ&KIKVCN\QQODWVVQP
2NC[DCEMDWVVQP
#TTQYDWVVQP4KIJVX
(NCUJDWVVQP
#TTQYDWVVQP&QYPT
/1&'DWVVQP
5VTCRJQNFGT
6TKRQFUQEMGV
.%&OQPKVQT
(QEWUUYKVEJ
/CETQOQFG
0QTOCNOQFG
5VCVWU.'&
'0
/&'0RQLWRU,QIRUPDWLRQ
%COGTC/QFG
+PVGTPCN OGOQT[5& OGOQT[ ECTF
KPFKECVQT
= ? 5VCVWUQHKPVGTPCNOGOQT[
= ? 5VCVWUQH5&OGOQT[ECTF
4GOCKPKPIDCVVGT[UVCVWU
= ? (WNNDCVVGT[RQYGT
= ? /GFKWODCVVGT[RQYGT
= ? .QYDCVVGT[RQYGT
= ? 0QDCVVGT[RQYGT
(NCUJOQFG
= ? #WVQ$NCPM
= ? 4GFG[G4GFWEVKQP
= ? (QTEGF(NCUJ
= ? (NCUJ1HH
= ? /CETQ(NCUJ
= ? (CT(NCUJ
(QEWUCTGC
+OCIGUK\G
= ? Z
= ? Z
= ? Z
= ? Z
2QUUKDNGPWODGTQHUJQVU
3WCNKV[
= ? (KPG
= ?5VCPFCTF
= ? 'EQPQO[
&CVGCPFVKOG
5GNHVKOGTKEQP
= U ? UGE
= U ? UGE
= U? UGE
7PUVGCF[JQNFYCTPKPIKEQP
= ? 'ZRQUWTGEQORGPUCVKQP
#
9JKVGDCNCPEG
= ? #WVQ$NCPM
= ? &C[NKIJV
= ? %NQWF[
= ? 6WPIUVGP
= ? (NWQTGUEGPV
= ? /CPWCN9$
=HVO?7PFGTYCVGTNGUUVJCPHVO
= HVO?7PFGTYCVGT ITGCVGT VJCP
HVO
(QEWUOQFG
= ? /CETQ
= ? 0QTOCN
5EGPGOQFG
= ? #WVQ#
= ? 5RQTV
= ? 0KIJV
= ? 2QTVTCKV
= ? .CPFUECRG
= ? $CEMNKIJV
= ? 5GC
= ? 'ZV(NCUJ
= ? 5R[
'0
8KFGQ/QFG
8KFGQOQFG
4GEQTFCDNGOQXKGVKOGCXCKNCDNG
5&OGOQT[ECTFKPFKECVQT
KHRTGUGPV
$CVVGT[RQYGTKPFKECVQT
(QEWUCTGC
+OCIG2NC[DCEM
2NC[DCEMOQFG
5&OGOQT[ECTFKPFKECVQT
KHRTGUGPV
$CVVGT[RQYGTKPFKECVQT
2NC[DCEMKPHQTOCVKQP
8KFGQ2NC[DCEM
2NC[DCEMOQFG
8KFGQOQFG
6QVCNQHTGEQTFGFVKOG
5&OGOQT[ECTFKPFKECVQT
KHRTGUGPV
$CVVGT[RQYGTKPFKECVQT
2NC[DCEMKPFKECVQT
2NC[DCEMKPHQTOCVKQP
3IZE
%6
X
3IZE
%6
8
'0
35(3$5,1*7+(&$0(5$
,QVWDOOLQJWKH%DWWHULHV
7UG##UK\GDCVVGTKGUVQRQYGTVJGECOGTC/CMGUWTGVJCVVJGRQYGTQHVJGFKIKVCN
ECOGTCKUQHHDGHQTGTGOQXKPIVJGDCVVGTKGU
5NKFGVJGNCVEJNQEM VQWPNQEMVJGNCVEJ
CPFQRGPVJGYCVGTRTQQHFQQTCUUJQYP
KPVJGKNNWUVTCVKQP
1RGPVJGKPUKFGDCVVGT[EQXGTCPFKPUGTV
VJG DCVVGTKGU KPVJG EQTTGEV QTKGPVCVKQP
CUUJQYPKPVJGKNNWUVTCVKQP
%NQUG DQVJ VJG DCVVGT[ EQXGT CPF
YCVGTRTQQHFQQTCPFNQEMVJGNCVEJ
6Q TGOQXG VJG DCVVGTKGUVWTP
VJG ECOGTC QHH DGHQTG TGOQXKPI
DCVVGTKGU CPF JQNF VJG ECOGTC
YKVJ VJG YCVGTRTQQH FQQT HCEKPI
UKFGYC[UVJGPQRGPVJGFQQT
+ORQTVCPV /CMG UWTGVJCV [QW
CPF VJG ECOGTC CTG FT[ DGHQTG
QRGPKPIVJGYCVGTRTQQHFQQT
$G ECTGHWN PQV VQ FTQR VJG
DCVVGTKGU YJGP QRGPKPI QT
ENQUKPIVJGDCVVGT[EQXGT
1RGPKPI VJG YCVGTRTQQH FQQT
YKVJ VJG ECOGTC JGNF UKFGYC[U
YKNN RTGXGPV YCVGT FTQRU HQT
GPVGTKPI VJG KPVGTPCN GNGEVTQPKE
CTGCU
'0
,QVHUWLQJDQG5HPRYLQJDQ6'0HPRU\&DUG2SWLRQDO
$FFHVVRU\
6JGFKIKVCNECOGTCEQOGUYKVJ/$QHKPVGTPCNOGOQT[/$CXCKNCDNGHQTKOCIG
UVQTCIGCNNQYKPI[QWVQUVQTGECRVWTGFUVKNNKOCIGUQTXKFGQENKRUKPVJGFKIKVCNECOGTC
+VKUTGEQOOGPFGFVQGZRCPFVJGOGOQT[ECRCEKV[D[WUKPICPQRVKQPCN5&5GEWTG
&KIKVCNOGOQT[ECTFUQVJCV[QWECPUVQTGOQTGſNGU
/CMG UWTG [QWT ECOGTC KU VWTPGF QHH
DGHQTGKPUGTVKPIQTTGOQXKPICOGOQT[
ECTF
1RGPVJGYCVGTRTQQHFQQTCPFVJGPVJG
KPUKFGDCVVGT[EQXGT
+PUGTVCP5&OGOQT[ECTFKPVJGEQTTGEV
QTKGPVCVKQPCUUJQYPKPVJGKNNWUVTCVKQP
%NQUGDQVJ VJGDCVVGT[ CPFDCVVGT[5&
ECTFEQXGTUCPFNQEMVJGNCVEJ
6Q TGOQXG VJG 5& OGOQT[ ECTF
OCMG UWTG VJG ECOGTC KU VWTPGF
QHH2TGUUNKIJVN[QPVJGGFIGQHVJG
OGOQT[ECTFCPFKVYKNNGLGEV
+ORQTVCPV 7UG QPN[ 5CP&KUM 2CPCUQPKE QT 6QUJKDC DTCPF 5& OGOQT[ ECTFU WR
VQ )$KP UK\G 1VJGT DTCPFUCPF NCTIGT 5& /GOQT[ECTFU OC[ YQTM ſPGDWV VJGKT
EQORCVKDKNKV[CPFRGTHQTOCPEGECPPQVDGIWCTCPVGGFYKVJVJGECOGTC
$GUWTGVQ HQTOCVCP5& OGOQT[ECTF YKVJ
VJKU FKIKVCNECOGTC DGHQTG WUKPI KV 4GHGTVQ
UGEVKQPKPVJGOCPWCNVKVNGFő(QTOCVVKPICP
5&/GOQT[%CTFQT+PVGTPCN/GOQT[ŒHQT
HWTVJGTFGVCKNU
6Q RTGXGPV XCNWCDNG FCVC HTQO DGKPI
CEEKFGPVCNN[ GTCUGF HTQO CP 5& ECTF [QW
ECPUNKFGVJGYTKVGRTQVGEVVCDQPVJGUKFGQH
VJG5&OGOQT[ECTFVQő.1%-Œ
6Q UCXG GFKV QT GTCUG FCVC QP CP 5&
OGOQT[ECTF[QWOWUVWPNQEMVJGECTF
'0
$WWDFKLQJWKH&DPHUD6WUDS
#VVCEJVJGUVTCRCUUJQYPKPVJGKNNWUVTCVKQP
/(',QGLFDWRUV
%QNQT 5VCVG &WTKPIRJQVQITCRJ[ &WTKPIEQPPGEVKQPVQC2%
)TGGP 5QNKF 4GCF[HQTUJQV 5[UVGOTGCF[
)TGGP (NCUJKPI #EEGUUKPIſNGUKPRTQITGUU
(NCUJEJCTIKPIKPRTQITGUU
#EEGUUKPIſNGUKPRTQITGUU
'0
*(77,1*67$57('
7XUQLQJWKH3RZHU2Q2II
.QCFVJGDCVVGTKGUCPFKPUGTVCP5&OGOQT[ECTFDGHQTGUVCTVKPI
6Q VWTP VJG RQYGT QP RWUJ CPF JQNF
VJG DWVVQP WPVKN VJG ECOGTC VWTPU1-
QP
6Q VWTP VJG RQYGT QHH RWUJ CPF JQNF
VJG DWVVQP WPVKN VJG ECOGTC VWTPU1-
QHH
6JG RQYGT KU VWTPGFQHHCWVQOCVKECNN[ YJGPVJGECOGTC JCUPQVDGGP QRGTCVGF
HQT CſZGF RGTKQF VKOG 6QTGUWOG VJG QRGTCVKQP EQPFKVKQP VWTP VJG RQYGT QP
CICKP4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő#WVQ1HHŒKPVJG5GVWR/GPWHQTHWTVJGT
FGVCKNU
'0
&KRRVLQJWKH6FUHHQ/DQJXDJH
(QNNQYVJGUVGRUDGNQYVQEJQQUGVJGFGUKTGFNCPIWCIG
2WUJCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
2TGUUVJGS DWVVQPCPFCEEGUUVJG
UGVWROGPWYKVJVJG DWVVQPX
+PVJGXKFGQ= ?OQFGQTRNC[DCEM
= ?OQFG[QWOC[CNUQHQNNQYVJG
UVGR CDQXG VQ CEEGUU VJG UGVWR
OGPW
5GNGEV =.CPIWCIG? YKVJ VJG S T
DWVVQPUVJGPRTGUUVJG DWVVQP1-
6JG .CPIWCIG UGVVKPI UETGGP YKNN
DGFKURNC[GF
5GNGEV VJG FKURNC[GF NCPIWCIG YKVJ
VJG DWVVQPUVJGPRTGUUVJG S T 1-
DWVVQP
6JGUGVVKPIYKNNDGUVQTGF
6Q GZKV HTQO VJG OGPW RTGUU
EQPVKPWQWUN[VJG DWVVQPW'Z+P%COGTC/QFG
'0
6HWWLQJWKH'DWHDQG7LPH
(QNNQYVJGUVGRUDGNQYVQUGVVJGFCVGFKURNC[UV[NGEWTTGPVFCVGCPFVKOG
2WUJCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
2TGUUVJGS DWVVQPCPFCEEGUUVJG
UGVWROGPWYKVJVJG DWVVQPX
+PVJGXKFGQ= ?OQFGQTRNC[DCEM
= ?OQFG[QWOC[CNUQHQNNQYVJG
UVGR CDQXG VQ CEEGUU VJG UGVWR
OGPW
5GNGEV =&CVG6KOG? YKVJ VJG S T
DWVVQPUVJGPRTGUUVJG DWVVQP1-
6JG &CVG6KOG UGVVKPI UETGGP YKNN
DGFKURNC[GF
5GNGEV VJG KVGOŏU ſGNF YKVJ VJG W X
DWVVQPU CPF CFLWUV VJG XCNWG HQT VJG
FCVGCPFVKOGYKVJVJG DWVVQPUS T
6JGFCVGCPFVKOGKUUGVKPVJGQTFGT
[GCTOQPVJFC[JQWTOKPWVG
6JG VKOG KU FKURNC[GF KP JQWT
HQTOCV
#HVGTEQPſTOKPICNNUGVVKPIUCTGEQTTGEV
RTGUUVJG DWVVQP1-
6Q GZKV HTQO VJG OGPW RTGUU
EQPVKPWQWUN[VJG DWVVQPW
'Z+P%COGTC/QFG
'0
)RUPDWWLQJDQ6'0HPRU\&DUGRU,QWHUQDO0HPRU\
6JG VGTO ő(QTOCVVKPIŒ OGCPU RTGRCTKPI CP ő5& /GOQT[ %CTFŒ VQ TGEQTF KOCIGU
VJKURTQEGUUKUCNUQECNNGFőKPKVKCNK\CVKQPŒ6JKUWVKNKV[HQTOCVUVJGKPVGTPCNOGOQT[QT
OGOQT[ECTFCPFGTCUGUCNNUVQTGFKOCIGUCPFFCVC
2WUJCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
2TGUUVJGS DWVVQPCPFCEEGUUVJG
UGVWROGPWYKVJVJG DWVVQPX
+PVJGXKFGQ= ?OQFGQTRNC[DCEM
= ?OQFG[QWOC[CNUQHQNNQYVJG
UVGR CDQXG VQ CEEGUU VJG UGVWR
OGPW
5GNGEV=(QTOCV?YKVJVJG DWVVQPUS T
VJGPRTGUUVJG DWVVQP1-
5GNGEV='ZGEWVG?YKVJVJGSTDWVVQPU
VJGPRTGUUVJG DWVVQP1-
6Q ECPEGN HQTOCVVKPI UGNGEV
=%CPEGN?CPFRTGUUVJG DWVVQP1-
6Q GZKV HTQO VJG OGPW RTGUU
EQPVKPWQWUN[VJG DWVVQPW
'Z+P%COGTC/QFG
+VKUJKIJN[ TGEQOOGPFGFVQHQTOCV VJG 5&OGOQT[ ECTF YJGPVJG ECTFKUſTUV
KPUVCNNGFQTYJGPVJGECTFKUWUGFKPCPQVJGTFGXKEGQTQPCTGIWNCTDCUKU
9JGP[QW HQTOCV CP5& OGOQT[ECTF DG CYCTGVJCV CNN FCVC QHYJKEJ YKNN DG
RGTOCPGPVN[GTCUGF2TQVGEVGFKOCIGUCTGCNUQGTCUGF
6Q HQTOCV VJG KPVGTPCN OGOQT[ FQ PQV KPUGTV C OGOQT[ ECTF KPVQ VJG ECOGTC
1VJGTYKUG[QWYKNNHQTOCVVJGOGOQT[ECTF
(QTOCVVKPIKUCPKTTGXGTUKDNGCEVKQPCPFFCVCECPPQVDGTGEQXGTGFCVCNCVGTVKOG
#P5&OGOQT[ECTFJCXKPICP[RTQDNGOECPPQVDGRTQRGTN[HQTOCVVGF
'0
3+272*5$3+<02'(
6KRRWLQJ,PDJHV7KH%DVLFV
2WUJCPFJQNFVJG DWVVQPWPVKNVJG1-
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
%QORQUG VJG KOCIG QP VJG OQPKVQT
UETGGP UQ VJCV VJG OCKP UWDLGEV KU
YKVJKPVJGHQEWUHTCOG
2TGUUVJGUJWVVGTDWVVQPVQECRVWTGVJG
KOCIG
#
6JGCEVWCNECRVWTGFKOCIGCRRGCTUVQDGNCTIGTVJCPVJGQPGQP.%&CHVGTKOCIG
ECRVWTGF
'0
6HWWLQJ,PDJH5HVROXWLRQDQG4XDOLW\
#U[QWIGVVQMPQYVJGFKIKVCNECOGTC[QWECPUGVVJGKOCIGTGUQNWVKQPPWODGTQH
XGTVKECN CPF JQTK\QPVCN RKZGNU CPF KOCIG SWCNKV[ EQORTGUUKQP TCVKQ DCUGF QP VJG
V[RGUQHKOCIGU[QWYCPVVQUJQQV6JGUGUGVVKPIUCHHGEVVJGPWODGTQHKOCIGUVJCV
ECPDGUVQTGFKPOGOQT[QTQPCOGOQT[ECTF
*KIJGTTGUQNWVKQPCPFJKIJGTSWCNKV[KOCIGURTQXKFGſPGTFGVCKNDWVECWUGVJGKOCIGU
ſNGUK\GVQDGNCTIGT
6QEJCPIGKOCIGTGUQNWVKQPQTKOCIGSWCNKV[RGTHQTOVJGUGUVGRUDGNQY
2WUJCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
2TGUUVJG DWVVQPS
6JG=%CRVWTG?OGPWKUFKURNC[GF
5GNGEV =5K\G? YKVJ VJG DWVVQPUS T
VJGPRTGUUVJG DWVVQP1-
5GNGEVVJGFGUKTGFUGVVKPIYKVJVJG S
TDWVVQPUVJGPRTGUUVJG DWVVQP1-
5GNGEV=3WCNKV[?YKVJVJG
STDWVVQPU
VJGPRTGUUVJG DWVVQP1-
5GNGEVVJGFGUKTGFUGVVKPIYKVJVJG S
TDWVVQPUVJGPRTGUUVJG1-DWVVQP
6Q GZKV HTQO VJG OGPW RTGUU VJG W
DWVVQP
6JG RQUUKDNG PWODGTQH UJQVU CPF TGEQTFKPI VKOG FGRGPFQP VJG UVQTCIG UK\G
TGUQNWVKQPCPFSWCNKV[UGVVKPIUCPFVJGUWDLGEVQHVJGKOCIGVQDGECRVWTGF
'0
3RVVLEOH1XPEHURI5HFRUGDEOH,PDJHV
6JGHTCOGEQWPVGTKPFKECVGUVJGCRRTQZKOCVGPWODGTQHKOCIGUVJCVECPDGUVQTGFQP
VJG5&OGOQT[ECTF6JGPWODGTQHTGEQTFCDNGKOCIGUOC[XCT[FGRGPFKPIQPVJG
TGEQTFGFUWDLGEVVJGECRCEKV[QHVJGOGOQT[ECTFVJGTGCTGſNGUQVJGTVJCPKOCIGUQT
YJGPVJGTGEQTFKPIKUOCFGYJKNGUYKVEJKPIVJGRKEVWTGSWCNKV[QTTGUQNWVKQP
4GUQNWVKQP
3WCNKV[
%QORTGUUKQP
4CVKQ
5&/GOQT[%CTF
/$
+PVGTPCN/GOQT[ /$ /$ /$ /$ /$ )$
Z (KPG
5VCPFCTF
'EQPQO[
Z (KPG
5VCPFCTF
'EQPQO[
Z (KPG
5VCPFCTF
'EQPQO[
Z (KPG
5VCPFCTF
'EQPQO[
6JG CDQXG FCVC UJQYU VJG UVCPFCTF VGUVKPI TGUWNVU 6JGCEVWCN ECRCEKV[XCTKGU
CEEQTFKPIVQVJGUJQQVKPIEQPFKVKQPUCPFUGVVKPIU
$SSUR[LPDWH'XUDWLRQRI5HFRUGLQJ7LPH
+OCIGUK\G
5&/GOQT[%CTF
/$
+PVGTPCN/GOQT[ /$ /$ /$ /$ /$ )$
Z
6JGXCNWGUHQTVJGTGEQTFKPIVKOGOC[XCT[FGRGPFKPIQPVJGUJQQVKPIEQPFKVKQPU
CPFUGVVKPIU
'0
8VLQJWKH=RRP)XQFWLRQ
6JKU ECOGTC KU GSWKRRGF YKVJ Z FKIKVCN \QQO ;QW ECP GPNCTIG VJG UWDLGEVU D[
RTGUUKPIEQPVKPWQWUN[VJG DWVVQP#WUGHWNHGCVWTGCUKVKUJQYGXGTVJGOQTGVJG1-
KOCIGKUOCIPKſGFVJGITCKPGTVJGKOCIGOC[DGEQOG
6QECRVWTGC\QQOGFKOCIGRGTHQTOVJGHQNNQYKPIUVGRU
2WUJCPF JQNFVJG1-DWVVQP WPVKNVJG
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
6QCEVKXCVGVJGFKIKVCN\QQO RWUJCPF
TGNGCUGVJG DWVVQP1-
'CEJRWUJ CPF TGNGCUG QH VJG 1-
DWVVQPYKNNKPETGCUGVJG<QQOWRVQ
:
6JGUVCVWUQHFKIKVCNOCIPKſECVKQPKU
FKURNC[GFQPVJG.%&OQPKVQT
%QORQUG [QWT UEGPG CPF RTGUU VJG
UJWVVGTDWVVQPVQECRVWTGVJGKOCIG
6JGFKIKVCNOCIPKſECVKQPTCPIGUHTQOZVQZ
#U[QWTGEQTFXKFGQENKRUVJG\QQOHWPEVKQPECPPQVDGCEVKXCVGF
'0
6HWWLQJ)RFXV
+OCIGUECPDGECRVWTGFD[UNKFKPIVJGHQEWUUYKVEJVQUGVVJGHQEWUOQFGU= ?OCETQ
QT= ?PQTOCNOQFG
2WUJCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
5NKFG VJG HQEWU UYKVEJ VQ [QWT FGUKTGF
HQEWUOQFG
%QORQUG [QWT UEGPG CPF RTGUU VJG
UJWVVGTDWVVQP
6JGVCDNGDGNQYYKNNJGNR[QWEJQQUGVJGCRRTQRTKCVGHQEWUOQFG
(QEWUOQFG &GUETKRVKQP
0QTOCN 6JKU OQFG KU UWKVCDNG HQT UJQQVKPI FKUVCPEG QH HVO
VQKPſPKV[
/CETQ 5GNGEV OCETQ VQ ECRVWTG ENQUGWR KOCIGU CV UJQQVKPI
FKUVCPEGQHHVEOVQHVO
7PFGTYCVGT HQEWU TCPIG YKNN XCT[ DGECWUG QH VJG YCVGTŏU OCIPKſECVKQP GHHGEV
0QTOCN HQEWU TCPIG KU HVEO VQ KPſPKV[ /CTEQ HQEWU KU HVEO VQHV
EO
'0
8VLQJWKH)ODVK
6JG ƀCUJKU FGUKIPGF VQ HWPEVKQPCWVQOCVKECNN[ YJGPNKIJVKPIEQPFKVKQPUYCTTCPVVJG
WUGQHƀCUJ6JGECOGTCJCUHQWTƀCUJOQFGU#WVQ(NCUJFGHCWNV4GF'[G(QTEGF
(NCUJCPF0Q(NCUJ;QWECPVCMGCPKOCIGWUKPICFGUKTGFƀCUJOQFGVQUWKV[QWT
EKTEWOUVCPEGU
2WUJCPF JQNFVJG1-DWVVQP WPVKNVJG
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
6QIING VJG DWVVQP WPVKN [QWTX
FGUKTGF ƀCUJ OQFG CRRGCTU QP VJG
.%&OQPKVQT
%QORQUG [QWT UEGPG CPF RTGUU VJG
UJWVVGTDWVVQP
6JGVCDNGDGNQYYKNNJGNR[QWVQEJQQUGVJGCRRTQRTKCVGƀCUJOQFG
(NCUJOQFG &GUETKRVKQP
#WVQ 6JG ƀCUJ ſTGU CWVQOCVKECNN[ CEEQTFKPI VQ VJG
RJQVQITCRJKEEQPFKVKQPU
4GFG[G4GFWEVKQP
7UG VJKU OQFG VQ TGFWEG VJG TGFG[G RJGPQOGPQP
YJGP[QWYCPVVQVCMGPCVWTCNNQQMKPIRJQVQITCRJUQH
RGQRNGCPFCPKOCNUKPNQYNKIJVEQPFKVKQPU
9JGP VCMKPI RJQVQITCRJU VJG TGFG[G RJGPQOGPQP
ECP DG TGFWEGF D[ CUMKPI VJG UWDLGEV RGTUQP VQ
NQQMCVVJGFKIKVCNECOGTCQTIGVCUENQUGVQVJGFKIKVCN
ECOGTCCURQUUKDNG
(QTEGF(NCUJ
6JGƀCUJYKNNCNYC[UſTGTGICTFNGUUQHVJGUWTTQWPFKPI
DTKIJVPGUU5GNGEVVJKUOQFGHQTTGEQTFKPIKOCIGUYKVJ
JKIJEQPVTCUVDCEMNKIJVKPICPFFGGRUJCFQYU
(NCUJ1HH
7UGVJKUOQFGYJGPVJGƀCUJWUGKURTQJKDKVGFQTWPFGT
VJGUKVWCVKQP VJCVVJGFKUVCPEGVQVJGUWDLGEV KUVQQHCT
CYC[HQTVJGƀCUJVQJCXGCP[GHHGEV
'0
8VLQJWKH)ODVKLQ([WHUQDO)ODVK0RGH
9JGP VJG ECOGTCŏU 5EGPG OQFG KU UGV VQ 'ZV (NCUJ VJG ECOGTCŏU ƀCUJ KU UGV VQ
(QTEGF(NCUJCPFYKNNCNYC[UſTG9JGPVJGECOGTCŏUƀCUJſTGUKVYKNNCWVQOCVKECNN[
ſTG VJG QRVKQPCN 'ZVGTPCN (NCUJ CEEGUUQT[ 4GHGT VQ VJG 5GC.KHG (NCUJ KPUVTWEVKQP
OCPWCNHQTFGVCKNGFQRGTCVKPIKPUVTWEVKQPUCDQWVVJGQRVKQPCNGZVGTPCNƀCUJCEEGUUQT[
4GHGTVQVJGUGEVKQPKPVJKUOCPWCNVKVNGFő5EGPG/QFG5GNGEVKQPŒHQTOQTGKPHQTOCVKQP
CDQWVUGNGEVKPIVJG'ZV(NCUJ5EGPGOQFG
+PQTFGTVQCEJKGXGRTQRGTKOCIGGZRQUWTGKVOC[DGPGEGUUCT[VQUGNGEVHTQOQPGQH
VJGHQNNQYKPIVJTGGƀCUJOQFGU
=$NCPM? 6JKUKUVJGFGHCWNVUGVVKPIKFGCNHQTRTQRGTGZRQUWTGHTQO[F
OVQ[FO
= ?/CETQ(NCUJ 6JKUƀCUJUGVVKPIKUKFGCNHQTUJQQVKPIFKUVCPEGUKPUKFGQH[F
O
= ?(CT(NCUJ 5GNGEV VJKU ƀCUJ OQFG HQT DGUV GZRQUWTG DG[QPF [FUO
UJQQVKPIFKUVCPEG
6JG CDQXG UJQQVKPI FKUVCPEG OC[ XCT[ FGRGPFKPI QP YCVGT XKUKDKNKV[ CPF VJG
TGƀGEVKXKV[ QH VJG UWDLGEV 'ZRGTKOGPV YKVJ FKHHGTGPV ƀCUJ OQFGU CPF CFLWUV
CEEQFKPIN[
2TGUUVJG ƀCUJDWVVQPCPFUGNGEVVJGCRRTQRTKCVGƀCUJOQFG
6QHWTVJGTDTKIJVGPQTFCTMGPVJGKOCIGUCFLWUVVJGGZRQUWTGEQORGPUCVKQP
'0
8VLQJWKH6HOI7LPHU
6JGUGNHVKOGTECPDGWUGFKPUKVWCVKQPUUWEJCUITQWRUJQVU9JGPWUKPIVJKUQRVKQP
[QWUJQWNF GKVJGTOQWPVVJGECOGTCQPCVTKRQFTGEQOOGPFGFQTTGUVKVQPCƀCV
NGXGNUWTHCEG
5GEWTGVJGECOGTCVQCVTKRQFQTRNCEG
KVQPCUVCDNGUWTHCEG
2TGUUCPFJQNFVJG DWVVQPWPVKNVJG1-
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
6QIING VJG W DWVVQP WPVKN [QWT
FGUKTGFUGNHVKOGTOQFGCRRGCTUQPVJG
.%&OQPKVQT
1((UUU
=0Q+PFKECVKQP?
%QORQUG [QWT UEGPG CPF RTGUU VJG
UJWVVGTDWVVQP
6JGUGNHVKOGTHWPEVKQPKUCEVKXCVGF
6JGRJQVQITCRJ[KUVJGPVCMGPCHVGT
VJGRTGUGVVKOG
6QECPEGNVJGUGNHVKOGTCVCP[VKOG
RTGUUVJGW DWVVQPVQFKUTWRVVJG
UGSWGPEG
#HVGTQPGUJQVKUVCMGPVJGUGNHVKOGTOQFGKUVWTPGFQHH
+H[QWYKUJVQVCMGCPQVJGTKOCIGWUKPIVJGUGNHVKOGTTGRGCVVJGUGUVGRU
'0
$GMXVWLQJWKH([SRVXUH(9&RPSHQVDWLRQ
;QW ECP OCPWCNN[ CFLWUV VJG GZRQUWTG FGVGTOKPGF D[ VJG FKIKVCN ECOGTC 7UG VJKU
OQFGYJGPVJGRTQRGTGZRQUWTGECPPQVDGQDVCKPGFHQTGZCORNGYJGPVJGEQPVTCUV
FKHHGTGPVDGVYGGPNKIJVCPFFCTMDGVYGGPVJGUWDLGEVCPFVJGDCEMITQWPFKUGZVTGOGN[
NCTIG6JG'8EQORGPUCVKQPXCNWGECPDGUGVKPVJGTCPIGHTQO'8VQ'8
2WUJCPF JQNFVJG1-DWVVQP WPVKNVJG
ECOGTCVWTPUQP
6QIING VJG DWVVQP CPFT/1&'
UYKVEJVQECOGTCQT= ?OQFG
2TGUUVJG DWVVQPS
6JG =%CRVWTG? QT =8KFGQ 1WVRWV?
OGPWKUFKURNC[GF
5GNGEV ='8? YKVJ VJG DWVVQPUS T
VJGPRTGUUVJG DWVVQP1-
7UG QT DWVVQPVQUGVVJGTCPIGQHS T
'8EQORGPUCVKQPXCNWGHTQO'8VQ
'8VJGPRTGUUVJG DWVVQP1-
6Q GZKV HTQO VJG OGPW RTGUU VJG W
DWVVQP
'8
'Z+P%COGTC/QFG
'0
6HWWLQJ:KLWH%DODQFH
6JKU HGCVWTG NGVU [QW OCMG CFLWUVOGPVU VQ EQORGPUCVG HQT FKHHGTGPV NKIJVKPI V[RGU
CEEQTFKPIVQ[QWTUJQQVKPIEQPFKVKQPU6JGECOGTCYKNNCWVQOCVKECNN[UGNGEVVJGDGUV
UGVVKPIYJGP KP#761 9JKVG$CNCPEG +HVJG RKEVWTGEQNQTU CTGQHH UGNGEVVJG 9JKVG
$CNCPEGHQTVJGURGEKſENKIJVKPIV[RG
2WUJ CPF JQNF 1- DWVVQP WPVKN VJG
ECOGTCVWTPUQP
6QIING VJG DWVVQP CPFT/1&'
UYKVEJVQECOGTCQTXKFGQ= ?OQFG
2TGUUVJG DWVVQPS
6JG =%CRVWTG? QT =8KFGQ 1WVRWV?
OGPWKUFKURNC[GF
5GNGEV=9JKVG$CNCPEG?YKVJVJG S T
DWVVQPUVJGPRTGUUVJG DWVVQP1-
5GNGEVVJGFGUKTGFUGVVKPIYKVJVJGS
TDWVVQPUVJGPRTGUUVJG DWVVQP1-
6Q GZKV HTQO VJG OGPW RTGUU VJG W
DWVVQP
'Z+P%COGTC/QFG
'0
6HWWLQJ:KLWH%DODQFHLQ6($PRGH
+P 5'# OQFG VJG HQNNQYKPI YJKVG DCNCPEG QRVKQPU CTG FKURNC[GF #WVQ HVO
HVO OCPWCN 6JG ECOGTC FGHCWNV UGVVKPI KP 5'#OQFG KU HVO ;QW YKNN
PQVKEGVJCVVJG.%&FKURNC[KOCIGJCUCTGFEQNQTVKPVQPNCPF6JKUKUPQTOCNCPFYKNN
PQVCRRGCTTGFYJKNGWPFGTYCVGT
+P'ZVGTPCNƀCUJOQFGVJGYJKVGDCNCPEGKUECNKDTCVGFVQVJGEQNQTVGORGTCVWTGQH
VJG'ZVGTPCN(NCUJ1RVKQPCN#EEGUUQT[;QWUJQWNFPQVOCMGCP[YJKVGDCNCPEG
CFLWUVOGPVUYJGPKP'ZV(NCUJOQFG
'0
6HWWLQJ0DQXDO:KLWH%DODQFH
;QWECPOCPWCNN[UGVCPFUVQTGVJGYJKVGDCNCPEGYJGPVJGOGPWQRVKQPUFQGUPQV
QHHGTCIQQFOCVEJ
2WUJCPFJQNF VJG DWVVQP WPVKNVJG1-
ECOGTCVWTPUQP
2WUJVJG DWVVQPS
6JG=%CRVWTG?OGPWKUFKURNC[GF
5GNGEV=9JKVG$CNCPEG?YKVJVJG S T
DWVVQPUVJGPRWUJVJG DWVVQP1-
5GNGEV =/CPWCN 9$? YKVJ VJG S T
DWVVQPUVJGPRWUJVJG DWVVQP1-
2QKPVVJG ECOGTC CV CΠZ Π#
UJGGV QH YJKVG RCRGT QT YJKVG UNCVG
*QNFVJGRCRGTQTUNCVGCVCTOUNGPIVJ
CPF RWUJ VJG DWVVQP VQ ='ZGEWVG?1-
6JG /CPWCN 9JKVG $CNCPEG KU PQY
UVQTGFKPVJGECOGTC
6Q ECPEGN VJG YJKVG DCNCPEG UGVVKPI
TGRGCV VJG CDQXG RTQEGUU CPF UGNGEV
=%CPEGN?KP5VGR
'Z+P%COGTC/QFG
+VOC[DGJGNRHWNVQJQNFVJGRCRGTQTUNCVGCVCPCPINGOKFYC[DGVYGGPVJGNKIJV
UQWTEGCPFVJGECOGTC
'0
6FHQH0RGH6HOHFWLRQ
;QWECPUGNGEVVJGUEGPGOQFGCEEQTFKPIVQVJGUJQQVKPIUEGPG6JGTGCTGCXCKNCDNG
UEGPGOQFGU
= ? #WVQ 5GNGEVVJKUOQFGVQCFLWUVRQKPVCPFUJQQVCEVKQP#
= ? 5RQTV 5GNGEVVJKUOQFGYJGP[QWYCPVVQRJQVQITCRJHCUVOQXKPI
UWDLGEVU
= ? 0KIJV 5GNGEVVJKUOQFGYJGP[QWYCPVVQVCMGRKEVWTGUQWVFQQTUCV
PKIJV
= ? 2QTVTCKV 5GNGEV VJKU OQFG YJGP [QW YCPV VQ ECRVWTG CP KOCIG VJCV
OCMGUVJGRGTUQPUVCPFQWVCICKPUVVJGDCEMITQWPF
= ? .CPFUECRG 5GNGEV VJKUOQFG VQ ECRVWTGCP KOCIG YKVJ JCTFUJCTRPGUU
CPFJKIJUCVWTCVKQP
= ? $CEMNKIJV 5GNGEVVJKUOQFGYJGP[QWYCPVVQECRVWTGKOCIGUYJGPVJG
NKIJVEQOGUHTQODGJKPFVJGQDLGEV
= ? 5GC 5GNGEV VJKU OQFG YJGP [QW YCPV VQ ECRVWTG WPFGTYCVGT
RJQVQUYJGP016WUKPIQRVKQPCNGZVGTPCNƀCUJCEEGUUQT[
= ? 'ZV(NCUJ 5GNGEV VJKU OQFG YJGP [QW YCPV VQ ECRVWTG WPFGTYCVGT
RJQVQUYJGPWUKPIQRVKQPCNGZVGTPCNƀCUJCEEGUUQT[
= ? 5R[ (QTEQPVKPWQWURKEVWTGUCVUGVVKOGKPVGTXCNU
2WUJCPFJQNF VJG1-DWVVQPWPVKN VJG
ECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
2TGUUVJGS DWVVQP
6JG=%CRVWTG?OGPWKUFKURNC[GF
5GNGEV =5EGPG /QFG? YKVJ VJG S T
DWVVQPUVJGPRTGUUVJG DWVVQP1-
5GNGEV VJG FGUKTGF UEGPG OQFG YKVJ
VJG DWVVQPUVJGPRTGUUVJG S T 1-
DWVVQP
6Q GZKV HTQO VJG OGPW RTGUU VJG W
DWVVQP
'0
$ERXW6S\0RGH
6JKUOQFGKUWUGFVQECRVWTGEQPVKPWQWUKOCIGUCVCRTGUGNGEVGFVKOGKPVGTXCN6JKU
OQFG KU WUGHWN HQTVCMKPI CUGSWGPEGQH KOCIGU NKMG CUWPTKUGQT UWPUGV CPFNCVGT
UGNGEVKPIVJGDGUVKOCIG+VKUCNUQWUGHWNHQTVCMKPICUGTKGUQHRKEVWTGUYKVJQWVDGKPI
FKUEQXGTGFD[VJGUWDLGEVNKMGCDKTFHGGFGT#EQORCEVVTKRQFCEEGUUQT[KUJGNRHWNVQ
MGGRVJGECOGTCCKOGFCVVJGUWDLGEV
6QIINGVJGT/1&'DWVVQPVQECRVWTG
OQFG
C 2TGUUVJG DWVVQPS
D 5GNGEV=5EGPGOQFG?YKVJVJGST
DWVVQPUCPFRTGUUVJG DWVVQP1-
E 5GNGEV=5R[?YKVJVJG DWVVQPUS T
CPFRTGUUVJG DWVVQP1-
F 5GNGEVVJGFGUKTGFVKOGKPVGTXCNYKVJ
VJG DWVVQPU CPF RTGUU VJGS T
1-DWVVQP
G 2TGUUVJG DWVVQPVQGZKVHTQOVJGW
OGPW
#KOVJGECOGTCCVVJGFGUKTGFUWDLGEVQT
UEGPG+VKURTGHGTTGFVQWUGCEQORCEV
VTKRQF UQ VJG ECOGTC KU UVGCF[ CPF
TGOCKPUCKOGFCVVJGUWDLGEV
2TGUU VJG UJWVVGT DWVVQP 6JG ECOGTC
YKNN EQWPVFQYP HTQO UGEQPFU CPF
VCMGVJGſTUVRKEVWTG
6JG .%& FKURNC[ YKNN VJGP VWTP QHH
VQ UCXG DCVVGT[ RQYGT 6JG ECOGTC
YKNN EQPVKPWG VQ VCMG KOCIGU CV VJG
RTGUGNGEVGFVKOGKPVGTXCNWPVKN
C ;QWRTGUUVJGUJWVVGTDWVVQPCICKP
D 6JGOGOQT[KUHWNN
E 6JGDCVVGT[KUGORV[
9JGP VJG KPVGTXCN KU UGV VQ =1HH? VJG .%& FKURNC[ YKNN VWTP QHH CPF VJG ECOGTC
YKNN UVCTV VCMKPI KOCIGU CV C TGIWNCT KPVGTXCN CDQWV UGEQPFU YKVJQWV VJG
EQWPVFQYP
'0
3/$<%$&.02'(7+(%$6,&6
9LHZLQJ,PDJHV
;QWECPFKURNC[VJGUVKNNKOCIGU[QWJCXGLWUVECRVWTGFCVCVKOG
2WUJCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
2TGUUVJG= ?DWVVQP
6JG NCUV TGEQTFGF KOCIG CRRGCTU
QPVJG.%&OQPKVQT
7UGWQTXDWVVQPVQUGNGEVVJGFGUKTGF
KOCIGU
6QXKGYVJGRTGXKQWUKOCIG RTGUU
VJG DWVVQPW
6QXKGY VJG PGZV KOCIG RTGUUVJG
XDWVVQP
6QGZKVHTQORNC[DCEMOQFGRTGUUVJG
= ?QT /1&'DWVVQPT
3IZE
%6
8
6JG RNC[DCEM KPHQTOCVKQP FKURNC[GF QP VJG .%& OQPKVQT YKNN FKUCRRGCT CHVGT
UGEQPFUQHVKOG
+H VJGTGKU PQKOCIGUVQTGFKP VJG KPVGTPCN OGOQT[ QTQPVJG OGOQT[ ECTF =01
+/#)'?OGUUCIGYKNNCRRGCTQPVJGOQPKVQT
'0
0DJQLI\LQJ,PDJHV
9JKNGTGXKGYKPI[QWTKOCIGU[QWOC[GPNCTIGCUGNGEVGFRQTVKQPQHCPKOCIG6JKU
OCIPKſECVKQPCNNQYU[QWVQXKGYſPGFGVCKNU6JG\QQOHCEVQTFKURNC[GFQPVJGUETGGP
UJQYUVJGEWTTGPVOCIPKſECVKQPTCVKQ
2WUJCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
2TGUUVJG= ?DWVVQP
6JG NCUV TGEQTFGF KOCIG CRRGCTU
QPVJG.%&OQPKVQT
6QXKGYVJG RTGXKQWUKOCIGRTGUU
VJG DWVVQPW
6Q XKGYVJG PGZVKOCIG RTGUU VJG
XDWVVQP
%QPVKPWQWUN[RWUJCPFTGNGCUGVJG 1-
DWVVQPVQ\QQOKPQPVJGRKEVWTG
6JGOCIPKſECVKQPHCEVQTKUFKURNC[GF
QPVJG.%&OQPKVQT
6QXKGYFKHHGTGPVRQTVKQPQHVJGKOCIGU
RTGUUVJGST DWVVQPVQCFLWUVW X
VJGFKURNC[CTGC
T
T
T
T
8
6JGOCIPKſECVKQPHCEVQTUTCPIGHTQOZVQZYKVJKPUVCIGUZZZ
ZZZCPFZ
'0
7KXPEQDLO'LVSOD\
6JKUHWPEVKQPCNNQYU[QWVQXKGYVJWODPCKNKOCIGUQPVJG.%&OQPKVQTUKOWNVCPGQWUN[
UQ[QWOC[UGCTEJHQTCRCTVKEWNCTKOCIG
2WUJCPFJQNFVJG DWVVQPWPVKNVJG1-
ECOGTCVWTPUQP
2TGUUVJG= ?DWVVQP
6JG NCUV TGEQTFGF KOCIG CRRGCTU
QPVJG.%&OQPKVQT
%QPVKPWQWUN[RWUJCPFTGNGCUGVJG 1-
DWVVQP WPVKN VJG VJWODPCKN KOCIGU CTG
FKURNC[GF
(QT TGEQTFGF XKFGQ ENKRU VJG = ?
XKFGQOQFGKEQPYKNNDGFKURNC[GF
7UGVJG DWVVQPVQOQXGS T W X
VJG EWTUQT VQ UGNGEV VJG KOCIG VQ DG
FKURNC[GFCVTGIWNCTUK\G
2TGUU VJG DWVVQP VQ FKURNC[ VJG1-
UGNGEVGFKOCIGQPHWNNUETGGP
+HVJGſTUVFKURNC[GFſNGKUCXKFGQENKRWUG DWVVQPUVQUGNGEVCPKOCIGſNGW X
VJGPRTGUUEQPVKPWQWUN[VJG DWVVQPVQFKURNC[VJGVJWODPCKN1-
+P RNC[DCEM = ? OQFG [QW OC[ CNUQ FKURNC[ VJG VJWODPCKN D[ VJG HQNNQYKPI
UVGRU
2TGUUVJG DWVVQPVQCEEGUUVJGRNC[DCEMOGPWS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=6JWODPCKN?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
'0
6OLGHVKRZ'LVSOD\
6JG UNKFG UJQY HWPEVKQP GPCDNGU [QW VQ RNC[ [QWT KOCIGU DCEM CWVQOCVKECNN[ KP
UGSWGPVKCNQTFGT6JKUKUXGT[WUGHWNCPFGPVGTVCKPKPIHGCVWTGHQTTGXKGYKPITGEQTFGF
KOCIGUCPFHQTRTGUGPVCVKQPU
2TGUUVJG= ?DWVVQP
2TGUUVJG DWVVQPS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV =5NKFG 5JQY? YKVJ VJG S T
DWVVQPUVJGPRTGUUVJG DWVVQP1-
7UG VQ UGNGEV VJG RNC[DCEMS T
KPVGTXCNVJGPRTGUUVJG DWVVQP1-
6JGUNKFGUJQYUVCTVU
6QUVQRVJGUNKFGUJQYFWTKPIRNC[DCEM
RTGUUVJG DWVVQP1-
;QWECP CFLWUVVJGUNKFGUJQYFKURNC[KPVGTXCNYKVJKPVJGTCPIGQH5GE5GE
5GE
6JG#WVQ1HHHWPEVKQPFQGUPQVQRGTCVGFWTKPIUNKFGUJQY
#NNUVKNNKOCIGUKPVJGHQNFGTCTGCWVQOCVKECNN[RNC[GFDCEM
8KFGQENKRUCTGFKURNC[GFVJGſTUVHTCOGKOCIGCPFVJG[CTGPQVRNC[GFDCEM
5NKFGUJQYFKURNC[KUQPN[CEVKXCVGFYJGPOQTGVJCPKOCIGUCTGUVQTGFKPVJG5&
ECTFKPVGTPCNOGOQT[
'0
9,'(202'(
5HFRUGLQJ9LGHR&OLSV
6JKUOQFGCNNQYU[QWVQTGEQTFXKFGQENKRUYKVJUQWPFXKCDWKNVKPOKETQRJQPG
2TGUUCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
2TGUU CPF UYKVEJ VQ = ?T/1&'
OQFG
2TGUU VJG UJWVVGT DWVVQP VQ UVCTV
TGEQTFKPI
6Q UVQR TGEQTFKPI RTGUU VJG UJWVVGT
DWVVQPCICKP
9JGPTGEQTFKPICXKFGQENKRVJGƀCUJECPPQVDGWUGF
;QWYKNNPGGFUWHſEKGPVNKIJVKPIHQTIQQFSWCNKV[XKFGQ+PNQYNKIJVEQPFKVKQPUWUG
CXKFGQNKIJVQRVKQPCNCEEGUUQT[VQKNNWOKPCVGVJGUWDLGEV
'0
3OD\LQJ%DFN9LGHR&OLSV
;QW ECPRNC[ DCEMTGEQTFGFXKFGQ ENKRU# IWKFG VQ QRGTCVKQP CRRGCTU QPVJG .%&
OQPKVQTFWTKPIVJGXKFGQRNC[DCEM
2TGUUVJG= ?DWVVQP
7UG QT VQIQVJTQWIJVJGKOCIGUW X
WPVKN VJG XKFGQ ENKR [QW YCPV VQ RNC[
DCEMKUFKURNC[GF
6QXKGYVJGRTGXKQWUKOCIG RTGUU
VJG DWVVQPW
6QXKGY VJG PGZVKOCIG RTGUUVJG
XDWVVQP
2TGUU VJG DWVVQP VQ UVCTV RNC[KPI1-
DCEMVJGXKFGQENKRU
6QRCWUGQTTGUWOGXKFGQRNC[DCEM
RTGUUVJG DWVVQPCICKP1-
2WUJ VJG DWVVQP YJKNG VJG/1&'
XKFGQENKRKURCWUGFVQTGVWTPVQVJG
DGIKPPKPIQHVJGXKFGQENKR
3IZE
%6
8
6JG RNC[DCEM KPHQTOCVKQP FKURNC[GF QP VJG .%& OQPKVQT YKNN FKUCRRGCT CHVGT
UGEQPFUQHVKOG
6JG\QQOHWPEVKQPECPPQVDGCEVKXCVGFYJKNGRNC[KPIVJGXKFGQENKRUDCEM
6QRNC[DCEMVJGXKFGQENKRUQPVJGEQORWVGTYGTGEQOOGPF[QWVQWUG9KPFQYU
/GFKC2NC[GT 9/2 QTNCVGT;QWECP FQYPNQCF 9/2 XGTUKQP HTQO VJG
YGDUKVGCVYYYOKETQUQHVEQO+HVJGXKFGQECPŏVDGRNC[DCEMKPVJG9/2[QW
JCXGVQWRFCVGVJGTGPGYGFQH9/2HTQOVJG/KETQUQHVYGDUKVG
'0
3/$<%$&.02'($'9$1&(')($785(6
'HOHWLQJ,PDJHV9LGHR&OLSV
7UGVJKUHWPEVKQPVQFGNGVGQPGQTCNNKOCIGUXKFGQENKRUUVQTGFKPVJGKPVGTPCNOGOQT[QT
OGOQT[ECTF2NGCUGPQVGVJCVVJGFGNGVGFKOCIGUQTXKFGQENKRUECPPQVDGTGEQXGTGF
'ZGTEKUGECWVKQPDGHQTGFGNGVKPICſNG
&GNGVKPIKP2NC[DCEM/QFG
2TGUUVJG= ?DWVVQP
6JGNCUVKOCIGYKNNDGFKURNC[GFQP
VJGUETGGP
5GNGEV VJG KOCIG [QW YCPV VQ GTCUG
YKVJVJG DWVVQPUW X
2TGUUVJG DWVVQPS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=&GNGVG?YKVJVJG DWVVQPUS T
VJGPRTGUUVJG DWVVQP1-
6JGFGNGVKQPOGPWKUFKURNC[GF
5GNGEV =5KPING? QT =#NN? YKVJ VJG S T
DWVVQPUVJGPRTGUUVJG DWVVQP1-
5KPING&GNGVGVJGFKURNC[GFKOCIG
QTVJGNCUVKOCIG
#NN&GNGVGCNN QHVJGKOCIGUQP VJG
5&OGOQT[ ECTF GZEGRV HQT VJG
RTQVGEVGFKOCIGU
5GNGEV 5GNGEV VJG KOCIG HTQO VJG
VJWODPCKN FKURNC[ CPF VJGP FGNGVG
KV
5GNGEV='ZGEWVG?YKVJVJGSTDWVVQPU
VJGPRTGUUVJG DWVVQP1-
6QECPEGNFGNGVKQPUGNGEV=%CPEGN?
VJGPRTGUUVJG DWVVQP1-
'0
&GNGVKPI5GNGEVGF+OCIG
2TGUUVJG= ?DWVVQP
2TGUUVJG DWVVQPS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=&GNGVG?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
6JGFGNGVKQPOGPWKUFKURNC[GF
5GNGEV=5GNGEV?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
6JGKOCIGUCTGFKURNC[GFKPVJGVJWODPCKNFKURNC[
5GNGEVVJGKOCIG[QWYCPVVQFGNGVGYKVJVJG DWVVQPUVJGPRTGUUVJGS T W X
1-DWVVQP
6JGKOCIG[QWŏXGLWUVUGNGEVGFJCUDGGPFGNGVGF
#UCUJQTVEWV[QWECPFGNGVGCP[KOCIGYJKNGKP2NC[DCEMOQFGD[RWUJKPIVJG
UJWVVGTDWVVQP6JKUYKNNFKURNC[VJG=&GNGVG6JKU2KEVWTG!?OGUUCIG
'0
3URWHFWLQJ,PDJHV9LGHR&OLSV
5GVVJGFCVCVQTGCFQPN[VQRTGXGPVKOCIGUHTQODGKPIGTCUGFD[OKUVCMG
2TQVGEVKPI+OCIGU
2TGUUVJG= ?DWVVQP
6JG NCUV TGEQTFGF KOCIG CRRGCTU
QPVJG.%&OQPKVQT
5GNGEV VJG KOCIG VJCV [QW YCPV VQ
RTQVGEVYKVJVJG DWVVQPUW X
2TGUUVJG DWVVQPS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPU
VJGPRTGUUVJG DWVVQP1-
5GNGEV =5KPING? QT =#NN? YKVJ VJG S T
DWVVQPUVJGPRTGUUVJG DWVVQP1-
5GNGEV =5GV? YKVJ VJG DWVVQPUS T
VJGPRTGUUVJG DWVVQP1-
2TGUUEQPVKPWQWUN[VJG DWVVQPVQW
TGVWTPVQVJGRNC[DCEMOQFG
6JG RTQVGEV KEQP = ? KU FKURNC[GF
YKVJVJGRTQVGEVGFKOCIG
9JGP =#NN?JCU DGGPUGNGEVGF = ?
KUFKURNC[GFYKVJCNNVJGKOCIGU
'0
6Q%CPEGNVJG2TQVGEVKQP
6QECPEGNRTQVGEVKQPHQTQPN[QPGKOCIGFKURNC[VJGKOCIGVJCV[QWYCPVVQTGOQXG
VJGKOCIGRTQVGEVKQP
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPUHTQOVJGRNC[DCEMOGPWVJGPRTGUUVJG1-
DWVVQP
5GNGEV=5KPING?QT=#NN?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
5GNGEV=%CPEGN?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
2TGUUEQPVKPWQWUN[VJG DWVVQPVQTGVWTPVQVJGRNC[DCEMOQFG6JGTGOQXCNW
QHKOCIGRTQVGEVKQPJCUDGGPGZGEWVGF
2TQVGEVKPI5GNGEVGF+OCIGU
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPUHTQOVJGRNC[DCEMOGPWVJGPRTGUUVJG1-
DWVVQP
5GNGEV=5GNGEV?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
6JGKOCIGUCTGFKURNC[GFKPVJGVJWODPCKNFKURNC[
5GNGEVVJGKOCIG[QWYCPVVQRTQVGEVYKVJVJGST W XDWVVQPUVJGPRTGUUVJG
1-DWVVQP
+H[QWYCPVVQECPEGNVJGRTQVGEVKQPQHUGNGEVGFKOCIGTGURGEVKXGN[HQNNQYVJGUVGRU
OGPVKQPGFKP CDQXGVQUGVő6Q%CPEGNVJG2TQVGEVKQPŒ
(QTOCVVKPI CP 5& OGOQT[ ECTF QXGTTKFGU RTQVGEVKQP CPF GTCUGU CNN KOCIGU
TGICTFNGUUQHVJGKTRTQVGEVGFUVCVWU
'0
6HWWLQJWKH'32)
&21(&KIKVCN2TKPV1TFGT(QTOCVCNNQYU[QWVQGODGFRTKPVKPIKPHQTOCVKQPQP[QWT
OGOQT[ECTF$[WUKPI&21([QWECPUGNGEVCPKOCIGVQDGRTKPVGFCPFVJGPURGEKH[
JQYOCP[RTKPVUQTYJKEJKOCIG[QWYQWNFNKMG6CMG[QWTOGOQT[ECTFVQC&21(
GPCDNGF RTKPVGT VJCV CEEGRVU OGOQT[ ECTFU 6JG &21(ECTFEQORCVKDNG RTKPVGT
YKNN TGCF VJG GODGFFGF KPHQTOCVKQP QP VJG OGOQT[ ECTF CPF RTKPV [QWT KOCIGU CU
URGEKſGF
2TGUUVJG= ?DWVVQP
5GNGEV VJG KOCIGVJCV [QW YCPV VQUGV
&21(YKVJVJG DWVVQPUW X
2TGUUVJG DWVVQPS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=&21(?YKVJVJG DWVVQPUS T
CPFRTGUUVJG DWVVQP1-
6JG &21( UGVVKPI UETGGP KU
FKURNC[GF
5GNGEV =5KPING?QT =#NN? YKVJ VJG S T
DWVVQPUCPFRTGUUVJG DWVVQP1-
5KPING 5GVU &21( HQT GCEJ
KPFKXKFWCNKOCIG
#NN 5GVU &21( HQT CNN KOCIGU CV
QPEG
5GNGEV =2TKPV 0WO? YKVJ VJG S T
DWVVQPUCPFRTGUUVJG DWVVQP1-
6JKU FKURNC[U VJG PWODGT QH RTKPVU
UGVVKPIUETGGP
5GVVJGPWODGTQHRTKPVUYKVJVJG
ST
DWVVQPUCPFRTGUUVJG DWVVQP1-
;QWECPUGVWRVQRTKPVUHQTGCEJ
KOCIG
5GNGEV =&CVG 2TKPV? YKVJ VJG
S T
DWVVQPUCPFRTGUUVJG DWVVQP1-
6JGFCVGUGVVKPIUETGGPCRRGCTU
'0
5GNGEV=1P?QT=1HH?YKVJVJG DWVVQPUCPFRTGUUVJG DWVVQPS T 1-
1P6JGFCVGQHVJGRJQVQITCRJYKNNCNUQDGRTKPVGF
1HH6JGFCVGQHVJGRJQVQITCRJYKNNPQVDGRTKPVGF
5GNGEV=2TKPV'PCDNG?YKVJVJG DWVVQPUCPFRTGUUVJG DWVVQPS T 1-
5GNGEV='ZGEWVG?YKVJVJG DWVVQPUCPFRTGUUVJG DWVVQPS T 1-
6JKUETGCVGUCſNGEQPVCKPKPIVJG&21(KPHQTOCVKQPCPFYJGPVJGQRGTCVKQPKU
ſPKUJGFRTGUUVJG DWVVQPEQPVKPWQWUN[VQTGVWTPVQVJGRNC[DCEMOQFGW
6JG &21( KEQP = ? KU FKURNC[GF
QP GCEJ KOCIG VJCV JCU &21(
UGVVKPIU
6JGFCVGVJCVKURTKPVGFQPVJGRJQVQKUVJGFCVGUGVQPVJGECOGTC6QRTKPVVJG
EQTTGEVFCVGQPVJGRJQVQUGVVJGFCVGQPVJGECOGTCDGHQTG[QWRJQVQITCRJVJG
KOCIG4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő5GVVKPIVJG&CVGCPF6KOGŒHQTHWTVJGT
FGVCKNU
$GHQTG[QWRGTHQTOVJG&21(UGVVKPIUQP[QWTECOGTCCNYC[UTGOGODGTVQEQR[
[QWTKOCIGUHTQOVJGKPVGTPCNOGOQT[VQCP5&OGOQT[ECTFſTUV
;QWECPPQVRTKPVOQXKGU
'0
&RQQHFWLQJWRD3LFW%ULGJH&RPSOLDQW3ULQWHU
+HCRTKPVGTVJCVUWRRQTVU2KEV$TKFIGKUCXCKNCDNGKOCIGUECPDGRTKPVGFD[EQPPGEVKPIVJG
FKIKVCNUVKNNECOGTCFKTGEVN[VQVJG2KEV$TKFIGEQORCVKDNGRTKPVGTYKVJQWVWUKPICEQORWVGT
%QPPGEVKPIVJGECOGTCVQVJGRTKPVGT
%QPPGEV VJG 75$ RQTV QP VJG ECOGTC CPF VJG 75$ LCEM QP VJG RTKPVGT YKVJ VJG
UWRRNKGF75$ECDNGVJGPVWTPQP[QWTECOGTCCPFVJGRTKPVGT
6JGUETGGPHQTUGNGEVKPIVJG75$OQFGKUFKURNC[GF
5GNGEV=2KEV$TKFIG?CPFRTGUUVJG DWVVQP1-
2TKPVKPIKOCIGU
9JGP VJG ECOGTC KU RTQRGTN[ EQPPGEVGF VQ C 2KEV$TKFIG EQORNKCPV RTKPVGT VJG
2KEV$TKFIGOGPWKUFKURNC[GFQPVJGOQPKVQT
5GNGEV VJG KVGO [QW YCPV VQ EQPſIWTG
YKVJVJGS T DWVVQPU CPFRTGUUVJG
1-DWVVQP
=+OCIGU?5GNGEV YJGVJGT[QW YCPV
VQRTKPVURGEKſEKOCIGQTCNNKOCIGU
;QW OC[ CNUQ UGNGEV RTKPVKPI
PWODGTHQTURGEKſEKOCIG
=&CVG2TKPV?#EEQTFKPIVQVJGRTKPVGT
V[RGUGNGEVYJGVJGT[QWYCPVVQRTKPV
VJGKOCIGYKVJFCVGKORTKPVQTPQV
=2CRGT5K\G?5GNGEVVJGFGUKTGFRCRGT
UK\GCEEQTFKPIVQVJGRTKPVGTV[RG
=.C[QWV?5GNGEVVJGFGUKTGFRTKPVKPI
NC[QWVCEEQTFKPIVQVJGRTKPVGTV[RG
=2TKPV? #HVGT CNN UGVVKPIU CTG
EQPſIWTGF UGNGEVVJKU KVGOVQ UVCTV
RTKPVKPI
+H [QW UGNGEV =+OCIGU? KP VJG RTGXKQWU
UVGRVJGſIWTGUJQYPQPVJGTKIJVJCPF
UKFGYKNNCRRGCT5GNGEV=5GNGEV?QT=#NN?
YKVJVJG DWVVQPUCPF RTGUUVJGS T
1-DWVVQP
=5GNGEV?5GNGEVVQRTKPVOWNVKKOCIGU
UKOWNVCPGQWUN[
=#NN?5GNGEVVQRTKPVCNNKOCIGU
='ZKV?'ZKVHTQO+OCIGUQRVKQP
'0
+H [QW UGNGEV =5GNGEV? KP VJG RTGXKQWU
UVGRVJGſIWTGUJQYPQPVJGTKIJVJCPF
UKFGYKNNCRRGCT
5GNGEV VJG OWNVK KOCIGU VJCV [QW
YCPV VQ RTKPV UKOWNVCPGQWUN[ YKVJ
VJG DWVVQPUW X
5GNGEV VJG =2TKPV 0WO? WR VQ
YKVJVJG DWVVQPUS T
#HVGT UGNGEVKPI VJG FGUKTGF KOCIG
CPFRTKPVKPIPWODGTRTGUUVJG 1-
DWVVQPVQEQPſTO
5GNGEV =2TKPV? YKVJ VJG S T
DWVVQPU CPF RTGUU VJG DWVVQP1-
VQUVCTVRTKPVKPI
6JGRTKPVKPIUVCTVUCPFVJGſIWTGUJQYP
QPVJGTKIJVJCPFUKFGCRRGCTU
6JG =%QORNGVG? YKNN DG FKURNC[GF
VGORQTCTKN[TGOKPFKPI[QWVJCVVJG
RTKPVKPIRTQEGFWTGKUſPKUJGF
+HCRTKPVGTTQTKUFGVGEVGFVJG=2TKPV
'TTQT?YKNNDGFKURNC[GF
6JGKOCIGRTKPVKPIOC[HCKNKHVJGRQYGTVQVJGECOGTCKUEWVQHH
'0
7$.,1*81'(5:$7(53,&785(6
4GCFCPFWPFGTUVCPFVJGKPUVTWEVKQPUEQPVCKPGFKPVJKUOCPWCNDGHQTGWUKPIVJG
ECOGTCWPFGTYCVGT
&QPQVGZEGGFVJGFGRVJTCVKPIOCTMGFQPVJGECOGTCQTVJGECOGTCOC[NGCM
(QNNQY VJGUG KORQTVCPV 1TKPI ECTG KPUVTWEVKQPU QT VJG YCVGTRTQQH ECOGTC OC[
NGCM
+PURGEVCPFENGCP1TKPICPF1TKPIEQPVCEVUWTHCEGUHQTUCPFJCKTCPFQVJGT
FGDTKUDGHQTGGXGT[WUG
+PURGEV1TKPICPF1TKPIEQPVCEVUWTHCEGUHQTFCOCIGEWVUUETCVEJGUVGCTU
ETCEMU FGPVU CPF CP[ QVJGT KORGTHGEVKQPU 4GRNCEG1TKPI QTJCXG ECOGTC
UGTXKEGF KH VJG 1TKPI QT 1TKPI EQPVCEV UWTHCEGU CTG FCOCIGF &Q PQV WUG
ECOGTC KH 1TKPI QT 1TKPI EQPVCEV UWTHCEGU CTG FCOCIGF 4GRNCEGOGPV 1
TKPIUCTGCXCKNCDNGCV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
/CMG UWTG 1TKPI KU EQORNGVGN[ UGCVGF KPVQ 1TKPI ITQQXG DGHQTG UGCNKPI
DCVVGT[FQQT1TKPIOWUVPQVDGVYKUVGFYJGPUGCVGFKPVJG1TKPIITQQXG
%CTGHWNN[HQNNQY 1TKPI TGOQXCN CPFKPUVCNNCVKQP KPUVTWEVKQPUEQPVCKPGF KPVJKU
OCPWCN
4GRNCEG1TKPIGXGT[[GCTVQGPUWTGRTQRGTUGCN1PN[WUGCRRTQXGF5GC.KHG
1TKPIFGUKIPGFHQTVJGECOGTC
5QCMCPFTKPUGECOGTCKPHTGUJYCVGTCHVGTGCEJWUG7UGENGCPUQHVENQVJVQ
FT[JQWUKPI5VQTGECOGTCQPN[CHVGTECTGHWNENGCPKPICPFYJGPVQVCNN[FT[
%CTGHWNN[ENQUGYCVGTRTQQHFQQTVQUGCNECOGTC
/CMGUWTG1TKPIFQGUPQVUNKRQWVQHVJGITQQXGYJGPUGCNKPI
/CMGUWTGVJGTGCTGPQQDUVTWEVKQPUVJCVRTGXGPVYCVGTRTQQHFQQTHTQOUGCNKPI
RTQRGTN[
0GXGTNGVCP[OQKUVWTGQTFKTVIGVKPUKFGECOGTCYJGPQRGPKPI
(QTITGCVWPFGTYCVGTRKEVWTGU[QWPGGF
%NGCT YCVGT EQPFKVKQPUEQPVTQN [QWTDWQ[CPE[ DGHQTGVCMKPI RKEVWTGU IGV CU
ENQUGCURQUUKDNGVQUWDLGEVKFGCNFKUVCPEGKUŏVQŏ
7UG5GC.KHG'ZVGTPCN(NCUJVQGPJCPEGEQNQTUCPFTGFWEGDCEMUECVVGT
5VQTGECOGTCCVTQQOVGORGTCVWTGKPCENGCPCPFFT[RNCEG
&QPQVGZRQUGECOGTCVQFKTGEVUWPNKIJVHQTRTQNQPIGFRGTKQFUQHVKOG
&QPQVUVQTGECOGTCKPGZVTGOGJKIJVGORGTCVWTGUUWEJCUVJGVTWPMQH[QWT
ECT
'0
0DLQWDLQLQJDZDWHUSURRIVHDO
+ORQTVCPV
&Q016NWDTKECVG1TKPI
%CTGHWNN[ KPURGEV CPF ENGCP 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU DGHQTG GCEJ
WPFGTYCVGTWUG
+H 1TKPI PGGFU VQ DG TGRNCEGF EQPVCEV [QWT NQECN 5GC.KHG FGCNGT QT XKUKV YYY
UGCNKHGECOGTCUEQOVQNQECVGFCFGCNGTPGCT[QW
'0
0DLQWDLQLQJDZDWHUSURRIVHDO
'XGT[5GC.KHGECOGTCKUVGUVGFHQTSWCNKV[CPFCYCVGTRTQQHUGCN+VKU[QWTTGURQPUKDKNKV[
VQRTQRGTN[ECTGHQTVJG1TKPICPF1TKPIEQPVCEVUWTHCEGUVQOCKPVCKPCYCVGTRTQQH
UGCN%CTGHWNN[HQNNQYVJGUGKORQTVCPV1TKPIECTGKPUVTWEVKQPU0QVHQNNQYKPIVJGUGECTG
KPUVTWEVKQPUOC[ECWUGVJGECOGTCVQNGCMCPFXQKF[QWTYCTTCPV[
%CTGHWNN[ EWVUKPURGEV 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU HQT FCOCIG
UETCVEJGUVGCTUETCEMUFGPVUCPFCP[QVJGTKORGTHGEVKQPU DGHQTGGXGT[WUG
4WD ſPIGT CNQPI 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU VQ KPURGEV HQT FCOCIG
4GRNCEG1TKPIQTJCXGECOGTCUGTXKEGFKHVJG1TKPIQT1TKPIEQPVCEVUWTHCEGU
CTGFCOCIGF&QPQVWUGECOGTCKH1TKPIQT1TKPIEQPVCEVUWTHCEGUCTGFCOCIGF
4GRNCEGOGPV1TKPIUCTGCXCKNCDNGCV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
+PURGEVCPFTGRNCEG1TKPIKHFCOCIGF#%WV$6GCT%&GPV
%CTGHWNN[ KPURGEVCPF HQT UCPF JCKTENGCP1TKPI CPF1TKPI EQPVCEVUWTHCEGU
CPFQVJGTFGDTKU DGHQTGGXGT[WUG
+PURGEV CPF ENGCP 1TKPI CPF 1TKPI EQPVCEV UWTHCEG HQT JCKT QT ſDGTU CPF
5CPF5CNVQTFGDTKU
/CMGUWTG1TKPIKUEQORNGVGN[UGCVGFKPVQ1TKPIITQQXGDGHQTGUGCNKPIJQWUKPI
1TKPIOWUVPQVDGVYKUVGFYJGPUGCVGFKPVJGQTKPIITQQXG
'0
4GRNCEG1TKPIGXGT[[GCTVQGPUWTGRTQRGTUGCN1PN[WUGCRRTQXGF5GC.KHG1
TKPIKVGO5.FGUKIPGFHQTVJKUECOGTC4GRNCEGOGPV1TKPIUCTGCXCKNCDNG
CV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
#HVGTGCEJWUGWPFGTYCVGT
C 5QCMUGCNGFECOGTCKPHTGUJYCVGTHQTCDQWVOKPWVGU/QUVFKXGDQCVUQHHGT
URGEKCNHTGUJYCVGTDWEMGVU URGEKſECNN[HQT WPFGTYCVGTRJQVQ GSWKROGPV&1
016 RWVECOGTC KP HTGUJ YCVGT FGUKIPGFHQT QVJGT FKXG GSWKROGPVNKMGFKXG
OCUM DGECWUG VJCV YCVGT OC[EQPVCKP FGVGTIGPVU YJKEJCTG JCTOHWN VQVJG
ECOGTC
D 2WUJCNNVJGEQPVTQNDWVVQPUUGXGTCNVKOGUYJKNGECOGTCKUUQCMKPIVQENGCPQWV
CP[UCNVYCVGTUCPFQTFKTVVJCVJCUCEEWOWNCVGFFWTKPIWUCIG
E 7UGENGCPUQHVENQVJVQ FT[ECOGTC;QWCPFVJGECOGTCOWUVDG FT[DGHQTG
QRGPKPIYCVGTRTQQHFQQT
6QRTQVGEV[QWT5GC.KHGECOGTCHTQOCDWKNF
WR QH OQKUVWTG KPUGTV C /QKUVWTG /WPEJGT
s
KVGO 5. KPVQ VJG DCVVGT[ EQORCTVOGPV
FWTKPI UVQTCIG 4GRNCEG /QKUVWTG /WPEJGT
YJGP VJG ECRUWNG VWTPU RKPM 6Q QTFGT
OQTGEQPVCEVC5GC.KHG&GCNGT(QTCNKUVQH
FGCNGTUXKUKVYYYUGCNKHGECOGTCUEQO
'0
+RZWR,QVWDOODQG5HPRYH2ULQJ
6Q WUGCPPQPUJCTRQDLGEVNKMGCETGFKVECTFVQNKHVWR1TKPICVQPGTGOQXG1TKPI
QHVJGEQTPGTU
6Q+PUVCNN1TKPIECTGHWNN[RWUJ1TKPIKPVQITQQXGOCMKPIUWTGVQCNKIPVJGUJCRGQH
VJGQTKPIYKVJVJGUJCRGQHVJGITQQXG$GECTGHWNPQVVQVYKUVVJG1TKPI
'0
+RZWR,QVWDOO'HIOHFWRU
6JGFGƀGEVQTKUQPN[WUGFKPEQODKPCVKQPYKVJVJGQRVKQPCNGZVGTPCNƀCUJCEEGUUQT[
KVGO5.&+V YKNNFGƀGEVVJGECOGTCŏUƀCUJVQ VJG GZVGTPCNƀCUJNKIJVUGPUQT
YJKEJYKNNVJGPſTGVJGGZVGTPCNƀCUJ
+PUGTVFGƀGEVQTKPVQ'ZVGTPCN(NCUJDCUGCUUJQYP
4GHGT VQ KPUVTWEVKQP OCPWCN RTQXKFGF YKVJ QRVKQPCN GZVGTPCN ƀCUJ HQT FGVCKNGF
KPUVTWEVKQPUCPFVTQWDNGUJQQVKPIVKRUQPWUKPIVJGQRVKQPCNGZVGTPCNƀCUJ
5GG[QWTNQECN5GC.KHG FGCNGTQTXKUKVYYYUGCNKHGECOGTCUEQO VQNQECVG FGCNGT
PGCT[QW
'0
+RZWR,QVWDOO'HIOHFWRU
6JKU FGƀGEVQTECP CFCRV VJGQRVKQPCN(NCUJ.KPM QRVKECN ECDNGKVGO5. 6JG
QRVKECN ECDNG KU TGEQOOGPFGF VQ GPUWTG VJCV VJG GZVGTPCN ƀCUJ ſTGU KP CNN NKIJV
EQPFKVKQPU
+PUGTVQRVKECNECDNGVJTQWIJVJGJQNGUCUUJQYPDGNQY
9KVJGPFQHECDNGRQKPVKPICVVJGECOGTCŏUƀCUJNKIJVN[VKIJVGP#NNGPUETGYYKVJYTGPEJ
RTQXKFGFWPVKNECDNGKUUGEWTG
%CWVKQP&Q016QXGTVKIJVGPUETGY
'0
8VLQJDQGFOHDQLQJFDPHUDXQGHUZDWHU
'PVGTKPIVJGYCVGTYKVJECOGTC
&QPQVLWORKPVQVJGYCVGTYKVJECOGTCKP[QWTJCPF*CXGUQOGQPGJCPF[QWVJG
ECOGTCCHVGT[QWJCXGGPVGTGFVJGYCVGT
(QTVKRUQPVCMKPIRKEVWTGUUGG ő)TGCV7PFGTYCVGT2KEVWTGU/CFG'CU[Œ
#HVGTWUKPIECOGTCWPFGTYCVGT
$GHQTGGPVGTKPIFKXGDQCVJCPFVJGECOGTCVQUQOGQPGQPVJGDQCV
/CMGUWTGVJGUGCNGFECOGTCKURNCEGFKPCHTGUJYCVGTVCPMCXCKNCDNGQPOQUVFKXG
DQCVU6JKUYKNNENGCPVJGUCNVYCVGTHTQOVJGECOGTCCPFRTGXGPVUVJGUCNVYCVGT
HTQOFT[KPIQPVJGECOGTCCPF1TKPI0GXGTNGVUCNVYCVGTFT[QPVJGECOGTC5CNV
ET[UVCNUECPFCOCIGVJG1TKPINGPUCPFCVVTCEVOQKUVWTG&T[ECOGTCYKVJENGCP
UQHVVQYGNCHVGTTGOQXKPIHTQOHTGUJYCVGTVCPM
&QPQVGZRQUGECOGTCVQFKTGEVUWPNKIJVŌMGGRKPCUJCFGFCTGCQTWPFGTCFT[
VQYGN
+VKUPQVTGEQOOGPFGFVQQRGPYCVGTRTQQHFQQTYJKNGQPVJGFKXGDQCV#NNQYKPI
JWOKFCKTVQGPVGTVJGECOGTCOC[ECWUGHQIIKPI
+H[QWOWUVQRGPVJGECOGTCYJKNGQPVJGFKXGDQCVOCMGUWTG[QWCPFVJGECOGTC
CTGRGTHGEVN[FT[DGHQTGQRGPKPIVJGYCVGTRTQQHFQQT&QPQVCNNQYVJGKPUKFGQHVJG
ECOGTCVQIGVYGV
%NGCPKPIECOGTCCHVGTWUG
6JGUGCNGFECOGTCOWUVDGVJQTQWIJN[ENGCPGFYKVJHTGUJYCVGTDGHQTGQRGPKPI
0GXGTNGVUCNVYCVGTFT[QPECOGTC5CNVET[UVCNUOC[FCOCIGVJG1TKPINGPUCPF
CVVTCEVOQKUVWTG
0GXGTNGVYCVGTFTQRUFT[QPNGPU9KRGNGPUFT[YKVJENGCPEQVVQPENQVJ
$GHQTGQRGPKPIECOGTCGXGT[VJKPIKPENWFKPI[QWTJCPFUJGCFCPFUWTTQWPFKPI
CTGCOWUVDGVQVCNN[FT[*CXGCFT[VQYGNJCPF[
2TGRCTGECOGTCHQTUVQTCIG
$GHQTGUVQTKPIVJGECOGTCTGOQXGDCVVGTKGU5&ECTFCPFMGGRKPCENGCPFT[CTGC
/CMGUWTGVJGECOGTCCPFCP[CEEGUUQTKGUCTGENGCPCPFFT[DGHQTGUVQTCIG
0GXGT UVQTG ECOGTC KP FKTGEV UWPNKIJV QT KP C FCTM FCOR CTGC 6JG CKTVKIJV
WPDTGCMCDNG5GC.KHG4GGH/CUVGT&T[%CUG+VGO5.KUJKIJN[TGEQOOGPFGF
CNQPI YKVJQ\DCIU QH 5GC.KHG/QKUVWTG/WPEJGT &GUKEECPV+VGO / HQT
VTCXGNCPFUVQTCIG
6Q RTQVGEV [QWT 5GC.KHG ECOGTC HTQO DWKNF WR QH OQKUVWTG KPUGTV C /QKUVWTG
/WPEJGTsKVGO5.KPVQVJGDCVVGT[EQORCTVOGPVFWTKPIUVQTCIGUGG2CIG
'0
*UHDW8QGHUZDWHU3LFWXUHV0DGH(DV\
6CMKPIWPFGTYCVGTRKEVWTGU KUOWEJFKHHGTGPVVJCVVCMKPINCPF RKEVWTGU*GTGCTG VJG
OQUVKORQTVCPVVKRUVQVCMKPIITGCVRKEVWTGUWPFGTYCVGT
%T[UVCN%NGCTYCVGT
%T[UVCN %NGCT YCVGT KU GUUGPVKCN HQT IQQF WPFGTYCVGT RKEVWTGU 4GOGODGT VJG
JWOCP G[G ECP UGG OQTG FGVCKN VJCP C ECOGTC +P QVJGT YQTFU [QWT G[GU UGG
VJGYCVGTCUDGKPIENGCTGTVJCPKVCEVWCNN[KU(NQCVKPIRCTVKENGUNKMGCNICGCPFUKNV
ECWUGNQYXKUKDKNKV[#XQKFUVKTTKPIWRVJGUCPF[DQVVQOYKVJ[QWTſPU6JGUGƀQCVKPI
RCTVKENGU ECWUG UOCNN URQVU VQ CRRGCT KP [QWT RKEVWTG MPQYP CU őDCEMUECVVGTŒ
#NYC[UTGOGODGTVQNKOKV[QWTUJQQVKPIFKUVCPEGVQQHVJGYCVGTXKUKDKNKV[(QT
GZCORNGKHVJGXKUKDKNKV[KUHGGVO[QWUJQWNFMGGR[QWTUJQQVKPIFKUVCPEG
VQYKVJKPHGGVOKPHGGVOXKUKDKNKV[[QWUJQWNFDGPQHWTVJGTVJCPHGGV
EOCYC[HTQO[QWTUWDLGEV
5VC[YKVJKPVJGKFGCNUJQQVKPIFKUVCPEGQHVQHGGV
6JGKFGCNUJQQVKPIFKUVCPEGKUDGVYGGPVQHGGVVQOGVGTU6JKUFKUVCPEG
YKNNTGUWNVKPFGVCKNGFEQNQTHWNRKEVWTGU4GOGODGTVJCVNKIJVFQGUPQVVTCXGNXGT[HCT
WPFGTYCVGTUQVJGENQUGT[QWCTGVQ[QWTUWDLGEVVJGOQTGEQNQTHWNVJGRKEVWTGUYKNN
DG(QTDGUVOQUVEQNQTHWNRKEVWTGUYGCFXKUGWUKPIVJGQRVKQPCN5GC.KHG'ZVGTPCN
5.QT&KIKVCN5.&(NCUJ
/QXGECNON[CPFEQPVTQN[QWTDWQ[CPE[DGHQTGVCMKPICRKEVWTG
+VKUXGT[JCTFVQVCMGIQQFRKEVWTGUYJGP[QWCTGOQXKPI.QQMCTQWPFHQTITGCV
RKEVWTGQRRQTVWPKVKGU(KTUVRQUKVKQP[QWTUGNHCVVJGDGUVCPINGCPFPGWVTCNK\G[QWT
DWQ[CPE[ 5GEQPF WUG VJG.%& OQPKVQT VQ RGTHGEVN[ HTCOG [QWT UWDLGEVEJGEM
[QWTUJQQVKPIFKUVCPEGCPFMGGRVJGECOGTCUVGCF[6JKTFDGECNOCPFRCVKGPV
5QOGVKOGU[QWJCXGVQYCKVCNKVVNGDKVUQVJGſUJVJCVYGTGHTKIJVGPGFCYC[EQOG
DCEM&QPŏVEJCUGVJGſUJNGVVJGſUJEQOGVQ[QW
#NYC[UDGKPEQPVTQNQH[QWTDWQ[CPE[DGHQTGVCMKPIRKEVWTGUCPFQDUGTXG
CNNUCHGFKXKPITWNGU
'0
5JQQV OCP[ RKEVWTGU QH VJG UCOG UWDLGEV +H [QW FQPŏV NKMG KV FGNGVG KV
NCVGT
1PGQHVJGITGCVCFXCPVCIGUQHFKIKVCNECOGTCUKUVJCV[QWECPTGXKGYCPFFGNGVG
RKEVWTGUNCVGTUQUJQQVUGXGTCNRKEVWTGUQHVJGUCOGUWDLGEV1PGQHVJGDGUVYC[U
VQNGCTPWPFGTYCVGTRJQVQITCRJ[KUHTQO[QWTIQQFRKEVWTGUCPFDCFRKEVWTGU
'XCNWCVGRKEVWTGHQTRTQRGTGZRQUWTGCPFCFLWUVGZRQUWTGEQORGPUCVKQPCU
PGGFGF
4GHGTVQ UGEVKQPKPVJKUOCPWCNVKVNGFő'ZRQUWTG %QORGPUCVKQPŒHQT OQTGFGVCKNU
+H WUKPI VJG'ZV (NCUJ OQFG CPF QRVKQPCN ƀCUJ CEEGUUQT[ UGNGEV /CETQ(NCUJ
= ?VQFCTMGPRKEVWTG5GNGEVHQT(CT(NCUJ= ?VQDTKIJVGPRKEVWTG;QWECPCNUQ
TGFWEGVJGƀCUJKPVGPUKV[YKVJVJGQRVKQPCN5.&5GC.KHG&KIKVCNCEEGUUQT[VQ
DTKIJVGPQTFCTMGPVJGRKEVWTG
7UG/KPK9KFG#PING.GPUHQTFTCOCVKERKEVWTGU
6JG 9KFG #PINGNGPU KVGO 5. CNNQY [QWVQIGV ENQUGVQ [QWTUWDLGEV HQT
KOCIGUHWNNQHEQNQTUCPFTC\QTUJCTRFGVCKNU
7UGVJG5GC.KHG(NCUJ#EEGUUQTKGUVQGPJCPEGEQNQTCPFDTKIJVPGUU
9CVGTſNVGTUQWVNKIJVCPFTGF[GNNQYEQNQTUTGUWNVKPIKPFCTMGTDNWGTKOCIGU6JG
QPN[ YC[ VQ RTGXGPV VJKUHTQO QEEWTTKPI KU D[ VCMKPI RKEVWTGU CV UJCNNQY FGRVJU
YKVJKP ŏ FGRVJ QPC UWPP[FC[ QTD[ WUKPICTVKſEKCN NKIJVNKMG VJG5GC.KHG
'ZVGTPCN5.QT&KIKVCN5.&(NCUJ6JG(NCUJGCUKN[OQWPVUVQVJGDQVVQO
QHVJGECOGTC6JGƀGZKDNGCTOCNNQYU[QWVQFKTGEVVJGƀCUJCVVJGUWDLGEV'XGP
VYQƀCUJGUECPDGOQWPVGFQPVQVJGECOGTCHQTCPGXGPN[KNNWOKPCVGFCPFUJCFQY
HTGG KOCIG 6JKUU[UVGO DNQEMUVJG DWKNVKP ƀCUJ CPFRTGXGPVU DCEMUECVVGT6JG
ƀGZKDNGƀCUJCTOUCNNQYSWKEMCFLWUVOGPVUQHVJGƀCUJ#PQRVKQPCN(NCUJ&KHHWUGT
ECPDGUPCRRGFQPVQVJGƀCUJJGCFCPFKUJKIJN[TGEQOOGPFGFHQTENQUGWRUJQVU
QHDTKIJVTGƀGEVKXGUWDLGEVU
8KUKVVJG5GC.KHGYGDUKVGHQTWRFCVGFVKRUCPCFXKEG
#P[ WRFCVGU VQ VJG OCPWCN QT CFFKVKQPCN VKRU CPF CFXKEG ECP DG HQWPF QP VJG
5GC.KHGYGDUKVGCVYYYUGCNKHGECOGTCUEQO;QWYKNNſPFCJGNRHWNQPNKPGIWKFG
YKVJOQTGFGVCKNUCDQWVWPFGTYCVGTRJQVQITCRJ[
'0
75$16)(55,1*),/(6)520<285',*,7$/
&$0(5$72&20387(5
5[UVGO4GSWKTGOGPVU9KPFQYU
2GPVKWONNN/*\QTJKIJGT
9KPFQYU/':2QTNCVGT
/$4#/
/$JCTFFKUMURCEG
%&41/FTKXG
#XCKNCDNG75$RQTV
5[UVGO4GSWKTGOGPVU/CEKPVQUJ
2QYGT2%))
15QTNCVGT
/$4#/
/$JCTFFKUMURCEG
%&41/FTKXG
#XCKNCDNG75$RQTV
'0
6WHS&RQQHFWWKHGLJLWDOFDPHUDWR\RXUFRPSXWHU
%QPPGEVQPG GPFQH VJG75$ECDNGVQ
VJG75$RQTVQHVJGECOGTC
%QPPGEV VJG QVJGT GPF QH VJG 75$
ECDNGVQCPCXCKNCDNG75$RQTVQP[QWT
EQORWVGT
2WUJ CPF JQNF VJG DWVVQP QP VJG1-
ECOGTCWPVKNVJGRQYGTVWTPUQP
6JG 75$ UETGGP CRRGCTU QP VJG
.%&FKURNC[
7UG VJG VQ UGNGEV =2%? VJGPS T
RTGUUVJG DWVVQP1-
(TQO VJG 9KPFQYU FGUMVQR FQWDNG
ENKEMQPő/[%QORWVGTŒ
.QQMHQTCPGYő4GOQXCDNGFKUMŒKEQP
6JKU ő4GOQXCDNG FKUMŒ KU CEVWCNN[ VJG
OGOQT[ECTFKP[QWTECOGTC6[RKECNN[
VJGECOGTCYKNNDGCUUKIPGFFTKXGNGVVGT
őGŒQTJKIJGT
&QWDNGENKEMQPVJGTGOQXCDNGFKUMCPF
NQECVGVJG&%+/HQNFGT
&QWDNG ENKEM QP VJG &%+/ HQNFGT VQ
QRGPKVVQſPFOQTGHQNFGTU
;QWT TGEQTFGF KOCIGU CPF XKFGQ
ENKRUYKNNDGKPUKFGVJGUGHQNFGTU
%QR[ 2CUVG QT &TCI0&TQR
KOCIGCPFXKFGQſNGUVQCHQNFGTQP
[QWTEQORWVGT
(QT/CEWUGTUFQWDNGENKEMVJGőWPVKVNGFŒ
QTőWPNCDGNGFŒFKUMFTKXGKEQPQPQWTFGUMVQR
K2JQVQOC[CWVQOCVKECNN[NCWPEJ
'0
6WHS'RZQORDGLPDJHVRUYLGHRFOLSV
9JGPVJGFKIKVCNECOGTCKUVWTPGFQPCPFEQPPGEVGFVQ[QWTEQORWVGTKVKUEQPUKFGTGF
VQDGCFKUMFTKXGLWUVNKMGCƀQRR[FKUMQT%&;QWECPFQYPNQCFVTCPUHGTKOCIGUD[
EQR[KPIVJGOHTQOVJGő4GOQXCDNGFKUMŒőWPVKVNGFŒQTőWPNCDGNGFŒFKUMQPC/CEKPVQUJ
VQ[QWTEQORWVGTJCTFFTKXG
9KPFQYU
1RGP VJG ő4GOQXCDNG FKUMŒ CPF FQWDNG ENKEM QP VJG &%+/ &5%+/ HQNFGT VQ QRGP
KV VQ ſPF OQTG HQNFGTU ;QWT KOCIGU CTG KPUKFG VJGUG HQNFGTU 5GNGEV VJG FGUKTGF
UVKNN KOCIGU QT XKFGQ ENKRU CPFVJGP EJQQUG ő%QR[Œ HTQO VJG ő'FKVŒ OGPW 1RGP VJG
FGUVKPCVKQPNQECVKQPHQNFGTCPFEJQQUGő2CUVGŒHTQOVJGő'FKVŒOGPW;QWOC[CNUQ
FTCICPFFTQRKOCIGſNGUHTQOVJGFKIKVCNECOGTCVQCFGUKTGFNQECVKQP
/CEKPVQUJ
1RGPVJGőWPVKVNGFŒFKUMKEQPCPFVJGFGUVKPCVKQPNQECVKQPQP[QWTJCTFFKUM&TCICPF
FTQRHTQOVJGFKIKVCNECOGTCVQVJGFGUKTGFFGUVKPCVKQP
/GOQT[ ECTF WUGTU OC[ RTGHGT VQ WUG C OGOQT[ ECTF TGCFGT JKIJN[
TGEQOOGPFGF
8KFGQRNC[DCEMCRRNKECVKQPKUPQVKPENWFGFYKVJVJGRCEMCIG/CMGUWTGVJCVXKFGQ
RNC[DCEMCRRNKECVKQPJCUDGGPKPUVCNNGFKP[QWTEQORWVGT
/CMG UWTG DCVVGTKGU JCXG C HWNN EJCTIG DGHQTG EQPPGEVKPI VJG ECOGTC VQ VJG
EQORWVGT
'0
(',7,1*62)7:$5(,167$//$7,21
,QVWDOOLQJ3KRWR([SORUHU
7NGCFs 2JQVQ 'ZRNQTGT RTQXKFGU C UKORNG CPF GHſEKGPV YC[ VQ VTCPUHGT DTQYUG
OQFKH[CPFFKUVTKDWVGFKIKVCNOGFKC#ESWKTGRJQVQUXKFGQQTUQWPFENKRUHTQOXCTKQWU
FKIKVCN FGXKEG V[RGU CPF GCUKN[ DTQYUG QT CFF RGTUQPCN FGUETKRVKQPU OCMG VKOGN[
OQFKſECVKQPUQTFKUVTKDWVGVJGOGFKCVJTQWIJVJGOGFKWOQH[QWTEJQKEG'OCKN2TKPV
5NKFGUJQY 2TGUGPVCVKQPU +V KU CP KPFKURGPUCDNG CNNKPQPG VQQN HQT QYPGTU QH FKIKVCN
ECOGTCU9GD%COU&8ECOEQTFGTUUECPPGTUQTCP[QPGYJQUVTKXGUVQGHHGEVKXGN[
QTICPK\GCNCTIGEQNNGEVKQPQHFKIKVCNOGFKC
+PUGTVVJGGPENQUGF%&41/KPVQ[QWT%&41/FTKXG
9JGPVJGYGNEQOG UETGGPCRRGCTU ENKEM ő+056#.. 2*161':2.14'4 Œ
(QNNQYVJGQPUETGGPKPUVTWEVKQPUVQEQORNGVGVJGKPUVCNNCVKQP
(QTOQTGKPHQTOCVKQPCDQWVVJGQRGTCVKQPQH2JQVQ'ZRNQTGTCRRNKECVKQPUQHVYCTG
TGHGTVQKVUTGURGEVKXGJGNRFQEWOGPVCVKQP
(QT 9KPFQYU :2 WUGTU RNGCUG OCMG UWTG VQ KPUVCNN CPF WUG VJG 2JQVQ
'ZRNQTGTKPő#FOKPKUVTCVQTŒOQFG
2JQVQ'ZRNQTGTKUPQVUWRRQTVGFQP/CEK2JQVQQTK2JQVQKUTGEQOOGPFGF
'0
,QVWDOOLQJ3KRWR([SUHVV
7NGCFs 2JQVQ 'ZRTGUU KU EQORNGVG RJQVQ RTQLGEV UQHVYCTG HQT FKIKVCN KOCIGU 6JG
UVGRD[UVGRYQTMƀQYXKUWCNRTQITCOKPVGTHCEGCPFKPRTQITCOJGNRCUUKUVWUGTUKP
ETGCVKPIGZEKVKPIRJQVQRTQLGEVU#ESWKTGFKIKVCNRJQVQUGHHQTVNGUUN[HTQOFKIKVCNECOGTCU
QTUECPPGTU1TICPK\GVJGOEQPXGPKGPVN[YKVJVJG8KUWCN$TQYUGOQFG7UGJWPFTGFU
QHTGCF[VQWUGVGORNCVGUUWEJCUCNDWOUECTFURQUVGTUUNKFGUJQYUCPFOQTG'FKV
CPFGPJCPEGKOCIGUYKVJRJQVQGFKVKPIVQQNURJQVQITCRJKEſNVGTUCPFURGEKCNGHHGEVU
'ODGNNKUJ RTQLGEVU D[ CFFKPI ETGCVKXG FGUKIP GNGOGPVU UWEJ CU HTCOGU ECNNQWVU
CPFUVCORQDLGEVU5JCTGTGUWNVUYKVJHCOKN[CPFHTKGPFUXKCGOCKNCPFOWNVKRNGRTKPV
QRVKQPU
+PUGTVVJGGPENQUGF%&41/KPVQ[QWT%&41/FTKXG
9JGP VJG YGNEQOG UETGGP CRRGCTUENKEM ő+056#.. 2*161 ':24'55 Œ
(QNNQYVJGQPUETGGPKPUVTWEVKQPUVQEQORNGVGVJGKPUVCNNCVKQP
(QTKPHQTOCVKQPQPJQYVQWUG2JQVQ'ZRTGUUVQGFKVCPFTGVQWEJ[QWTTGEQTFGF
KOCIGURNGCUGTGHGTVQKVUQPNKPGJGNR
(QT 9KPFQYU :2 WUGTU OCMG UWTG VQ KPUVCNN CPF WUG VJG 2JQVQ 'ZRTGUU
YJKNGNQIIGFKPCUCWUGTYKVJCP#FOKPKUVTCVQTCEEQWPV
2JQVQ'ZRTGUUKUPQVUWRRQTVGFQPVJG/CE
+VŏUTGEQOOGPFGFVQUGVVJGEQORWVGTFKURNC[EQNQTVQHWNNEQNQTXKGYUDKVYJGP
VJGWUGTUWUGVJG2JQVQ'ZRTGUUUQHVYCTG
'0
86,1*7+(',*,7$/&$0(5$$6$3&&$0(5$
;QWT FKIKVCNECOGTCECP CEVCUC2%ECOGTC YJKEJCNNQYU[QW VQXKFGQEQPHGTGPEG
YKVJDWUKPGUUCUUQEKCVGUQTJCXGCTGCNVKOGEQPXGTUCVKQPYKVJHTKGPFUQTHCOKN[6Q
WUGVJGFKIKVCNECOGTCHQTXKFGQEQPHGTGPEKPI[QWTEQORWVGTU[UVGOOWUVKPENWFGVJG
KVGOUCUDGNQY
/KETQRJQPG
5QWPFECTF
5RGCMGTUQTJGCFRJQPGU
0GVYQTMQT+PVGTPGVEQPPGEVKQP
8KFGQ EQPHGTGPEKPI QT XKFGQ GFKVKPI UQHVYCTG KU PQV KPENWFGF YKVJ VJG FKIKVCN
ECOGTC
6JKUOQFGKUPQVUWRRQTVGFHQT/CE
6WHS,QVWDOOWKH3&FDPHUDGULYHU
6JG2%ECOGTCFTKXGTKPENWFGFKPVJG%&41/KUGZENWUKXGN[ HQT9KPFQYU6JG2%
ECOGTCHWPEVKQPKUPQVUWRRQTVGFHQT/CERNCVHQTOU
+PUGTVVJGGPENQUGF%&41/KPVQ[QWT%&41/FTKXG
9JGPVJGYGNEQOGUETGGPCRRGCTUENKEM (QNNQYő+056#..2%%#/&4+8'4Œ
VJGQPUETGGPKPUVTWEVKQPUVQEQORNGVGVJGKPUVCNNCVKQP
#HVGTVJGFTKXGTKPUVCNNCVKQPKUEQORNGVGFTGUVCTV[QWTEQORWVGT
'0
6WHS&RQQHFWWKHGLJLWDOFDPHUDWR\RXUFRPSXWHU
%QPPGEVQPGGPFQHVJG75$ECDNGVQVJG75$RQTVQHVJGECOGTC
%QPPGEV VJG QVJGT GPF QH VJG 75$ ECDNG VQ CP CXCKNCDNG 75$ RQTV QP [QWT
EQORWVGT
2WUJCPFJQNFVJG DWVVQPQPVJGECOGTCWPVKNVJGRQYGTVWTPUQP1-
6JG75$UETGGPCRRGCTUQPVJG.%&FKURNC[
7UGVJG VQUGNGEV=2%%COGTC?VJGPRTGUUVJG DWVVQPS T 1-
2QUKVKQP VJG FKIKVCN ECOGTC UVGCFKN[ QP VQR QH [QWT EQORWVGT OQPKVQT QT WUG C
VTKRQF
9JGP WUKPI VJKU FKIKVCN ECOGTC CU C 2% ECOGTC KV KU PGEGUUCT[ VQ KPUVCNN VJG
DCVVGT[KPVQVJGFKIKVCNECOGTC
'0
0(18237,216
&DPHUD0HQX
6JKUOGPWKUHQTVJGDCUKEUGVVKPIUVQDGWUGFYJGPECRVWTKPIUVKNNKOCIGU
2TGUU VJG 1- DWVVQP CPF JQNF KV WPVKN
VJGECOGTCVWTPUQP
6JGECOGTCOQFGFGHCWNVRTGXKGY
KUFKURNC[GF
2TGUUVJG DWVVQPS
6JG=%CRVWTG?OGPWKUFKURNC[GF
5GNGEV VJG FGUKTGF QRVKQP KVGO YKVJ
VJG DWVVQPUVJGPRTGUUVJG S T 1-
DWVVQPVQGPVGTKVUTGURGEVKXGOGPW
5GNGEVVJGFGUKTGFUGVVKPIYKVJVJG S
TDWVVQPUVJGPRTGUUVJG DWVVQP1-
6Q GZKV HTQO VJG OGPW RTGUU VJG W
DWVVQP
5K\G
6JKUUGVUVJGUK\GQHVJGKOCIGVJCVYKNNDGECRVWTGF
= ? Z
= ? Z
= ? Z
= ? Z
3WCNKV[
6JKUUGVUVJGSWCNKV[EQORTGUUKQPTCVGCVYJKEJVJGKOCIGKUECRVWTGF
= ? (KPG
= ?5VCPFCTF
= ? 'EQPQO[
5EGPG/QFG
4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő5EGPG/QFG5GNGEVKQPŒHQTHWTVJGTFGVCKNU
'0
'8
4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő#FLWUVKPIVJG'ZRQUWTG'8%QORGPUCVKQPŒHQT
HWTVJGTFGVCKNU
9JKVG$CNCPEG
6JKUUGVUVJGYJKVGDCNCPEGECRVWTKPIWPFGTCXCTKGV[QHNKIJVKPIEQPFKVKQPUCPFRGTOKVU
KOCIGUVQDGECRVWTGFVJCVCRRTQCEJVJGEQPFKVKQPUVJCVCTGUGGPD[VJGJWOCPG[G
=$NCPM? #WVQ
= ? &C[NKIJV
= ? %NQWF[
= ? 6WPIUVGP
= ? (NWQTGUEGPV
= ? /CPWCN9$
+P5GCOQFGVJGHQNNQYKPIDCNCPEGQRVKQPUCTGFKURNC[GF
#WVQNGUUVJCPHGGVOHVOOQTGVJCPHGGVO HVO/CPWCN
9$
5GNGEVVJGCRRTQRTKCVGWPFGTYCVGTFGRVJHQTDGUVYJKVGDCNCPEG
7PFGTYCVGTEQNQTEQTTGEVKQPKUOQUVGHHGEVKXGYJGPVJGTGKUUWHſEKGPVCODKGPVNKIJV
+VYKNNDGEQOGKPETGCUKPIN[FKHſEWNVVQEQTTGEVHQTEQNQTUDGNQYHVOFGRVJ
/CPWCN 9$6JKU OCPWCNN[ UGVU VJG YJKVG DCNCPEG CPF UVQTGU KV 7UG QH VJKU KU
EQPXGPKGPVYJGPVJGYJKVGDCNCPEGFQGUPQVQHHGTCIQQFOCVEJ4GHGTVQUGEVKQPKP
VJKUOCPWCNVKVNGFő5GVVKPI/CPWCN9JKVG$CNCPEGŒHQTHWTVJGTFGVCKNU
%CPEGN'ZGEWVG
&QPQVOCMGOCPWCNYJKVGDCNCPEGCFLWUVOGPVUYJGPKP'ZV(NCUJOQFGQTVJG
EQNQTUYKNNPQVDGEQTTGEV
+51
6JKU UGVU VJG UGPUKVKXKV[ HQTECRVWTKPI KOCIGU9JGP VJGKOCIGUGPUQT UGPUKVKXKV[ KU
TCKUGFCPF VJG+51 ſIWTGKU KPETGCUGF RJQVQITCRJ[ YKNNDGEQOGRQUUKDNG GXGPKP
FCTMNQECVKQPUDWVVJGOQTGRKZGNCVGFITCKPKGTVJGKOCIGYKNNCRRGCT
#WVQ
'0
%QNQT
6JKUUGVUVJGEQNQTQHVJGKOCIGVJCVYKNNDGRJQVQITCRJGF
5VCPFCTF8KXKF5GRKC/QPQEJTQOG
5CVWTCVKQP
6QECRVWTGCPKOCIG[QWTECOGTCQHHGTU[QWVJTGGFKHHGTGPVFGITGGUQHEQNQTVQOCVEJ
YKVJ[QWTRTGHGTGPEG;QWTKOCIGUYKNNFGOQPUVTCVGFKHHGTGPVKORTGUUKQPD[UGNGEVKPI
FKHHGTGPVFGITGGUQHEQNQT6JKUKUECNNGFő5CVWTCVKQPŒ
*KIJ0QTOCN.QY
5JCTRPGUU
6JKUUGVUVJGUJCTRPGUUQHVJGKOCIGVJCVYKNNDGRJQVQITCRJGF
*CTF0QTOCN5QHV
2TGXKGY
6JKUUGVUYJGVJGTQTPQVVQFKURNC[VJGECRVWTGFKOCIGQPVJGUETGGPKOOGFKCVGN[CHVGT
VJGKOCIGKUECRVWTGF
1P1HH
9JGP =2TGXKGY? KU UGV VQ =1P? CP KPUVCPV FGNGVG UETGGP YKNN CRRGCT CHVGT GCEJ
KOCIGKUECRVWTGF
5GNGEV='ZGEWVG?CPFRTGUUVJG DWVVQPVQFGNGVGVJGKOCIG1-
5GNGEV=%CPEGN?CPFRTGUUVJG DWVVQPVQUCXGVJG KOCIGCPFTGVWTPVQVJG1-
ECRVWTGOQFG
+HPQQRVKQPKUUGNGEVGFVJGKPUVCPVFGNGVGUETGGPYKNNFKUCRRGCTCWVQOCVKECNN[CPF
VJGKOCIGKUUCXGF
&CVG2TKPV
6JGFCVGQHTGEQTFKPIECPDGRTKPVGFFKTGEVN[QPVJGUVKNNKOCIGU6JKUHWPEVKQPOWUVDG
CEVKXCVGFDGHQTGVJGKOCIGKUECRVWTGF
1P1HH
'0
9LGHR0HQX
6JKUOGPWKUHQTVJGDCUKEUGVVKPIUVQDGWUGFYJGPTGEQTFKPIXKFGQENKRU
2WUJCPFJQNFVJG1-DWVVQPWPVKNVJG
ECOGTCVWTPUQP
6QIING VJG DWVVQP CPFT/1&'
UYKVEJVQ= ?OQFG
2TGUUVJG DWVVQPS
6JG =8KFGQ 1WVRWV? OGPW KU
FKURNC[GF
5GNGEV VJG FGUKTGF QRVKQP KVGO YKVJ
VJG DWVVQPUVJGPRTGUUVJG S T 1-
DWVVQPVQGPVGTKVUTGURGEVKXGOGPW
5GNGEVVJGFGUKTGFUGVVKPIYKVJVJG S
TDWVVQPUVJGPRTGUUVJG DWVVQP1-
6Q GZKV HTQO VJG OGPW RTGUU VJG W
DWVVQP
'8
4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő'8ŒKP%COGTC/GPWHQTHWTVJGTFGVCKNU
9JKVG$CNCPEG
4GHGT VQ UGEVKQP KP VJKU OCPWCN VKVNGF ő9JKVG $CNCPEGŒ KP %COGTC /GPW HQT HWTVJGT
FGVCKNU
#WFKQ
6JKUUGVUYJGVJGTVQTGEQTFXKFGQENKRUYKVJCWFKQCPFUGVUVJGXQNWOG
*KIJ.QY1HH
'0
3OD\EDFN0HQX
+PVJG= ?OQFGUGVYJKEJUGVVKPIUCTGVQDGWUGFHQTRNC[DCEM
2TGUUVJG= ?DWVVQP
2TGUUVJG DWVVQPS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV VJG FGUKTGF QRVKQP KVGO YKVJ
VJG DWVVQPUVJGPRTGUUVJG S T 1-
DWVVQPVQGPVGTKVUTGURGEVKXGOGPW
5GNGEVVJGFGUKTGFUGVVKPIYKVJVJG S
TDWVVQPUVJGPRTGUUVJG DWVVQP1-
6Q GZKV HTQO VJG OGPW RTGUU VJG W
DWVVQP
&GNGVG
4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő&GNGVKPI+OCIGU8KFGQ%NKRUŒHQTHWTVJGTFGVCKNU
%QR[VQ%CTF
#NNQYU[QWVQEQR[[QWTſNGUHTQOVJGFKIKVCNECOGTCŏUKPVGTPCNOGOQT[VQCOGOQT[
ECTF1HEQWTUG[QWECPQPN[FQVJKUKH[QWJCXGCOGOQT[ECTFKPUVCNNGFCPFUQOG
ſNGUKPKPVGTPCNOGOQT[
%CPEGN'ZGEWVG
5NKFG5JQY
4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő5NKFGUJQY&KURNC[ŒHQTHWTVJGTFGVCKNU
&21(
4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő5GVVKPIVJG&21(ŒHQTHWTVJGTFGVCKNU
2TQVGEV
4GHGT VQ UGEVKQP KP VJKU OCPWCN VKVNGF ő2TQVGEVKPI +OCIGU8KFGQ %NKRUŒ HQT HWTVJGT
FGVCKNU
6JWODPCKN
4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő6JWODPCKN&KURNC[ŒHQTHWTVJGTFGVCKNU
'0
6HWXS0HQX
5GV[QWTECOGTCŏUQRGTCVKPIGPXKTQPOGPV
6QIING VJG T DWVVQP CPF/1&'
UYKVEJVQECOGTCQTXKFGQ= ?OQFGQT
RTGUUVJG= ?DWVVQP
2TGUUVJGS DWVVQPCPFCEEGUUVJG
UGVWROGPWYKVJVJG DWVVQPX
6JG=5GVWR?OGPWKUFKURNC[GF
5GNGEV VJG FGUKTGF QRVKQP KVGO YKVJ
VJG DWVVQPU CPFRTGUU VJG S T 1-
DWVVQPVQGPVGTKVUTGURGEVKXGOGPW
5GNGEVVJGFGUKTGFUGVVKPIYKVJVJG S
TDWVVQPUCPFRTGUUVJG DWVVQP1-
6Q GZKV HTQO VJG OGPW RTGUU
EQPVKPWQWUN[VJG DWVVQPW
&CVG6KOG
6JKUUGVUVJGFCVGCPFVJGVKOG
4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő5GVVKPI
VJG&CVGCPF6KOGŒHQTHWTVJGTFGVCKNU
(QTOCV
'TCUGU CNN KOCIGU CPF TGHQTOCVU VJG 5&
ECTF NQCFGF KP [QWT ECOGTC 2TQVGEVGF
KOCIGU CTG CNUQ GTCUGF 5& ECTF ECPPQV
DG HQTOCVVGF KH KV KUYTKVGRTQVGEVGF 4GHGT
VQUGEVKQPKPVJKUOCPWCNVKVNGFő(QTOCVVKPI
CP 5& /GOQT[ %CTF QT +PVGTPCN /GOQT[Œ
HQTHWTVJGTFGVCKNU
$GGR
6JKU UGVU YJGVJGT QT PQV VQ OWVG VJG
ECOGTC UQWPF GCEJ VKOG [QW RTGUU VJG
ECOGTCDWVVQP
1P1HH
'0
.CPIWCIG
4GHGT VQ UGEVKQP KP VJKU OCPWCN VKVNGF ő%JQQUKPI VJG 5ETGGP .CPIWCIGŒ HQT HWTVJGT
FGVCKNU
#WVQ1HH
+HPQQRGTCVKQPKURGTHQTOGFHQTCURGEKſERGTKQFQHVKOGVJGRQYGTVQVJGECOGTCKU
CWVQOCVKECNN[VWTPGFQHH6JKUHGCVWTGKUWUGHWNVQTGFWEGDCVVGT[YGCT
/KP/KP/KP1HH
5[U4GUGV
6JKUTGVWTPUCNNDCUKEUGVVKPIUVQVJGECOGTC FGHCWNVUGVVKPIU6JGVKOGUGVVKPIYKNNPQV
DGTGUGV
%CPEGN'ZGEWVG
5[UVGO+PHQ
6JKUFKURNC[UVJGEWTTGPVſTOYCTGXGTUKQPQHVJGECOGTC
'0
63(&,),&$7,216
+VGO &GUETKRVKQP
+OCIG5GPUQT %%&
'HHGEVKXGRKZGNU /GICRKZGNU
+OCIGUK\G 5VKNNKOCIGZZZZ
8KFGQENKRZ
+OCIGSWCNKV[ 5VKNNKOCIG(KPG5VCPFCTF'EQPQO[
4GEQTFKPIOGFKC /$KPVGTPCNOGOQT[/$CXCKNCDNGHQTKOCIGUVQTCIG
5&OGOQT[ECTF1RVKQPCNWRVQ)$
(KNGHQTOCV +OCIGHQTOCV,2')XKFGQHQTOCV/QVKQP,2')#8+
.GPU (PQ
(QECNNGPIVJOOGSWKXCNGPVVQOOKPOOECOGTC
(QEWUTCPIG.#0& /CETQ`EOHVVQHV
0QTOCNEO`KPſPKV[HVVQKPſPKV[
(QEWUTCPIG79 /CETQEOVQEOHVVQHV
0QTOCNEOVQKPſPKV[HVVQKPſPKV[
.%&OQPKVQT Œ.625EQNQT.%&
*KIJTGUQNWVKQP-RKZGNUFKURNC[
5GNHVKOGT UGEFGNC[UGEFGNC[UGEFGNC[
'ZRQUWTGEQORGPUCVKQP '8`'8KP'8KPETGOGPVU
9JKVGDCNCPEG #WVQ&C[NKIJV%NQWF[6WPIUVGP(NWQTGUEGPV/CPWCN9$HVO
HVO
+51 #WVQ
+PVGTHCEG 75$EQPPGEVQT
2QYGT Z###NMCNKPGDCVVGTKGU1RVKQPCN
&KOGPUKQP #RRTQZOOZOOZOOŒZŒZŒ
9GKIJV #RRTQZIYKVJQWVDCVVGTKGUCPFVJG5&OGOQT[ECTF
&GRVJTCVKPI '%1UJQVŏO4GGHOCUVGTOKPKHVO
5JQEMTCVKPI HVO
&GUKIPCPFURGEKſECVKQPUCTGUWDLGEVVQEJCPIGYKVJQWVPQVKEG
(QT OQTG FGVCKNGF URGEKſECVKQPU RNGCUG TGHGT VQ VJG 5GC.KHG YGDUKVG CV YYY
5GC.KHGECOGTCUEQO
'0
7528%/(6+227,1*
4GHGT VQ VJG U[ORVQOU CPF OGCUWTGU NKUVGF DGNQY DGHQTG UGPFKPI VJG ECOGTC
HQT TGRCKTU +H VJG RTQDNGO RGTUKUVU EQPVCEV [QWT NQECN TGUGNNGT QT 5GC.KHG UGTXKEG
EGPVGTKP[QWTEQWPVT[(QTCEQORNGVGNKUVKPIQHUGTXKEGEGPVGTUKP[QWTEQWPVT[XKUKV
YYY5GC.KHGECOGTCUEQO
3RZHU6XSSO\
5[ORVQO %CWUG /GCUWTG
6JGRQYGTFQGUPQV
EQOGQP
6JGDCVVGTKGUCTGPQVNQCFGF .QCFVJGDCVVGTKGUEQTTGEVN[
6JGDCVVGTKGUCTGGZJCWUVGF 4GEJCTIGQTTGRNCEGVJGDCVVGTKGU
6JGRQYGTEWVUQWV
FWTKPIWUG
6JGECOGTCYCUNGHVWPCVVGPFGF
CPFWPWUGFUQVJGCWVQRQYGTQHH
EWVUKVQHH
6WTPVJGRQYGTDCEMQP
6JGDCVVGTKGUCTGGZJCWUVGF 4GEJCTIGQTTGRNCEGVJGDCVVGTKGU
6JGRQYGTFQGUPQV
IQQHH %COGTCOCNHWPEVKQP 4GNQCFVJGDCVVGTKGU
6JGDCVVGTKGUTWP
QWVSWKEMN[
+VKUDGKPIWUGFKPGZVTGOGNQY
VGORGTCVWTG
/CP[UJQVUCTGDGKPIECRVWTGFKP
FCTMRNCEGUKPUKFGTGSWKTKPIƀCUJ
6JGDCVVGTKGUCTGPQVHWNN[
EJCTIGF
6JGDCVVGTKGUCTGPQVWUGFHQT
CPGZVGPFGFRGTKQFQHVKOGCHVGT
EJCTIGF
(WNN[EJCTIGVJGDCVVGTKGUCPF
FKUEJCTIGVJGOHQTCVNGCUVQPG
EQORNGVGE[ENGDGHQTGWUGVQ
OCZKOK\GKVURGTHQTOCPEGCPF
NKHGVKOG
6JGDCVVGTKGUQT
ECOGTCHGGNUYCTO
.QPIRGTKQFQHEQPVKPWQWUWUGQH
VJGECOGTCQTVJGƀCUJ
'0
6KRRWLQJ
5[ORVQO %CWUG /GCUWTG
'XGPKH+RTGUUVJG
UJWVVGTDWVVQPVJG
ECOGTCFQGUPQV
UJQQV
6JGDCVVGTKGUCTGTWPPKPINQY 4GEJCTIGQTTGRNCEGVJGDCVVGTKGU
6JGRQYGTKUPQVQP 6WTPVJGRQYGTQP
6JGECOGTCKUPQVKPUJQQVKPI
OQFG
2TGUUVJGRNC[DCEM= ?VQUYKVEJ
VQUJQQVKPIOQFG
6JGUJWVVGTDWVVQPKUPQVRTGUUGF
CNNVJGYC[
2TGUUVJGUJWVVGTDWVVQPCNNVJG
YC[
6JGOGOQT[ECTFFQGUPQVJCXG
CP[HTGGURCEG
.QCFCPGYECTFQTFGNGVG
WPYCPVGFſNGU
'PFQHOGOQT[ECTFNKHG .QCFCPGYOGOQT[ECTF
6JGƀCUJKUTGEJCTIKPI 9CKVWPVKNVJGUVCVWU.'&QHH
6JGOGOQT[ECTFKUWPTGEQIPK\GF
D[VJGECOGTC
(QTOCVVJGOGOQT[ECTFKPVJKU
ECOGTCDGHQTGKVUſTUVWUGQT
YJGPKVYCUWUGFQVJGTVJCPVJKU
ECOGTC
6JGCWVQRQYGTQHHHWPEVKQPKU
CEVKXCVGF 6WTPVJGRQYGTQPCICKP
6JGOGOQT[ECTFKUYTKVG
RTQVGEVGF 4GOQXGVJGYTKVGRTQVGEVKQP
+OCIGUFQPQV
CRRGCTQPVJG.%&
OQPKVQT
6JGRQYGTKUPQVQP 6WTPVJGRQYGTQP
'0
5[ORVQO %CWUG /GCUWTG
6JGƀCUJFQGU
PQVſTG
6JGƀCUJKUUGVVQƀCUJQHH 5GVVJGƀCUJVQUQOGVJKPIQVJGT
VJCPƀCUJQHHOQFG
6JGƀCUJKUPQVTGCF[QTEJCTIGF
+VVCMGUCRRTQZKOCVGN[UGEQPFU
HQTVJGECOGTCVQTGEJCTIGVJG
HCUJ9CKVHQT.'&KPFKECVQTNKIJV
VQDGUQNKFITGGP
6JGƀCUJKUUGVVQ#WVQCPFVJGTG
KUGPQWIJUWTTQWPFKPINKIJV
%QPUKFGTUGVVKPIVJGƀCUJVQ10VQ
HQTEGVJGƀCUJKPDTKIJVNKIJV
'XGPVJQWIJVJG
ƀCUJſTGFVJG
KOCIGKUFCTM
6JGFKUVCPEGVQVJGUWDLGEVKU
ITGCVGTVJCPƀCUJGHHGEVKXGTCPIG
)GVENQUGTVQ[QWTUWDLGEVCPF
UJQQV
6JGKOCIGKUVQQ
FCTM
6JGKOCIGYCUECRVWTGFKPCFCTM
RNCEGYJKNGUGVVQƀCUJQHH
5GVVJGƀCUJVQUQOGVJKPIQVJGT
VJCPƀCUJQHHOQFG
+VKUWPFGTGZRQUGF
5GVVJGGZRQUWTGEQORGPUCVKQPVQ
CNCTIGTXCNWG
+P'ZV(NCUJOQFGUGVECOGTCVQ
HCTƀCUJVQOCMGKOCIGUDTKIJVGT
6JGKOCIGKUVQQ
DTKIJV +VKUQXGTGZRQUGF
5GVVJGGZRQUWTGEQORGPUCVKQPVQ
CUOCNNGTXCNWG
+P'ZV(NCUJOQFGUGVECOGTC
VQOCETQƀCUJVQOCMGKOCIGU
FCTMGT
6JGKOCIGNCEMU
PCVWTCNEQNQT
.CPFQPN[
6JGKOCIGYCUECRVWTGFKP
EQPFKVKQPUVJCVCTGJCTFHQT#WVQ
9JKVG$CNCPEGVQCFLWUVVQ
/CPWCNN[UGVUGNGEVYJKVGDCNCPEG
6JGWPFGTYCVGT
KOCIGKUDNWGCPF
NCEMUEQNQT
9CVGTſNVGTUQWVTGFCPF[GNNQY
EQNQTU
5GVECOGTCVQ5GCOQFGCPF
UGNGEVCRRTQRTKCVGYJKVGDCNCPEG
7UGQRVKQPCNGZVGTPCN(NCUJ
CEEGUUQT[VQTGUVQTGNQUVEQNQTU
'0
3OD\EDFN
5[ORVQO %CWUG /GCUWTG
%CPPQVRNC[DCEM +VKUPQVUGVVQRNC[DCEMOQFG 2TGUUVJGRNC[DCEM= ?DWVVQP
6JGEQPVGPVUQH
OGOQT[ECTFECPPQV
DGTGRNC[GF
;QWRNC[GFDCEMCOGOQT[ECTF
VJCVYCUPQVHQTOCVVGFD[VJKU
FGXKEG
.QCFGFCECTFVJCVYCUHQTOCVVGF
CPFUVQTGFQPD[VJKUFGXKEG
(KNGUECPPQVDG
FGNGVGF
6JGſNGKURTQVGEVGF %CPEGNRTQVGEVKQP
;QWRNC[GFDCEMCOGOQT[ECTF
VJCVYCUPQVHQTOCVVGFD[VJKU
FGXKEG
.QCFGFCECTFVJCVYCUHQTOCVVGF
CPFUVQTGFQPD[VJKUFGXKEG
%CPPQVHQTOCVC
OGOQT[ECTF
6JGOGOQT[ECTFKUYTKVG
RTQVGEVGF 4GOQXGVJGYTKVGRTQVGEVKQP
'PFQHOGOQT[ECTFNKHG .QCFCPGYOGOQT[ECTF
5.
,CPWCT[
'3
9CUUGTHGUV5VQ²HGUV
&KIKVCNG5RQTVMCOGTC
4GGH/CUVGT/KPK5.
'%1UJQV5.
'HXWVFK
$GPWV\GTJCPFDWEJ
7PVGTYYYUGCNKHGECOGTCUEQOUGTXKEGOCPWCNUJVONſPFGP5KGFKG8GTUKQPGPCWH
'0).+5%*(4#0<©5+5%*&'765%*+6#.+'0+5%*WPF52#0+5%*
&'
)&&(5./581*
&KGUGU)GT¼VGPVURTKEJV#DUEJPKVVFGT(%%8QTUEJTKHVGP>$GVTKGDWPVGTNKGIVFGP
HQNIGPFGP\YGK$GFKPIWPIGP
&KGUGU)GT¼VFCTHMGKPG5VÑTWPIGPXGTWTUCEJGP
&KGUGU)GT¼V OWUUCNNG 5VÑTWPIGPCWHPGJOGPMÑPPGPCWEJFKG5VÑTWPIGP FKG
GKPGPWPGTY×PUEJVGP$GVTKGD\WT(QNIGJCDGP
*KPYGKU
&KGUGU)GT¼VYWTFGIGRT×HVWPFGPVURTKEJVIGO¼²#DUEJPKVVFGT(%%8QTUEJTKHVGP
FGP )TGP\YGTVGP GKPGU FKIKVCNGP )GT¼VGU FGT -NCUUG $ &KGUG )TGP\YGTVG FKGPGP
GKPGOCPIGOGUUGPGP5EJWV\IGIGPUEJ¼FNKEJG+PVGTHGTGP\GPKP9QJPT¼WOGP&KGUGU
)GT¼V GT\GWIVWPF XGTYGPFGV *QEJHTGSWGP\GPGTIKG WPF MCPP UKG CWEJ CDUVTCJNGP
9GPP GU PKEJV GPVURTGEJGPF FGT #PNGKVWPIGP KPUVCNNKGTV WPF DGPWV\V YKTF MCPP GU
5VÑTWPIGP DGKO 4CFKQ WPF (GTPUGJGORHCPI XGTWTUCEJGP 'U MCPP LGFQEJ PKEJV
CWUIGUEJNQUUGPYGTFGPFCUUKPDGUVKOOVGP)GT¼VGPFGPPQEJ5VÑTWPIGPCWHVTGVGP
9GPP FKGUGU )GT¼V DGKO 4CFKQ QFGT (GTPUGJGORHCPI 5VÑTWPIGP XGTWTUCEJV YCU
5KG HGUVUVGNNGP MÑPPGP KPFGO 5KG FCU )GT¼V CWU WPF YKGFGT GKPUEJCNVGP MÑPPGP
5KGXGTUWEJGPOKVGKPGTQFGTOGJTGTGTFGTHQNIGPFGP/C²PCJOGPFKGUGU2TQDNGO
\WDGUGKVKIGP
4KEJVGP5KGFKG'ORHCPIUCPVGPPGPGWCWUQFGTUVGNNGP5KGUKGCPGKPGPCPFGTGP
1TV
8GTITѲGTP5KGFGP#DUVCPF\YKUEJGPFGO)GT¼VWPFFGO'ORH¼PIGT
5EJNKG²GP5KGFCU)GT¼VWPFFGP'ORH¼PIGTCP\YGKWPVGTUEJKGFNKEJG5VTQOMTGKUG
CP
9GPFGP 5KG UKEJ CP GKPGP (CEJJ¼PFNGT QFGT CP GKPGP GTHCJTGPGP 4CFKQ
(GTPUGJVGEJPKMGT
7O FGP -NCUUG$)TGP\YGTVGP IGO¼² #DUEJPKVV 7PVGTCDUEJPKVV $ FGT (%%
8QTUEJTKHVGP\WGPVURTGEJGPO×UUGPCDIGUEJKTOVG-CDGNXGTYGPFGVYGTFGP
&CU )GT¼V FCTH PWT FCPP IG¼PFGTV QFGT OQFKſ\KGTV YGTFGP YGPP 5KG KO
$GPWV\GTJCPFDWEJCWUFT×EMNKEJFC\WCWHIGHQTFGTVYGTFGP#PFGTGPHCNNUMCPP+JPGP
FKG$GVTKGDUGTNCWDPKUH×TFCU)GT¼VGPV\QIGPYGTFGP
&'
925*(%5$8&+/(6(1
,QIRUPDWLRQHQ]X0DUNHQ
/KETQUQHVs WPF 9KPFQYUs UKPF KP FGP 75# GKPIGVTCIGPG /CTMGP FGT /KETQUQHV
%QTRQTCVKQP
2GPVKWOsKUVGKPGGKPIGVTCIGPG/CTMGFGT+PVGN%QTRQTCVKQP
/CEKPVQUJKUVGKPG/CTMGFGT#RRNG%QORWVGT+PE
5&ŠKUVGKPG/CTMG
2JQVQ'ZRNQTGTWPF2JQVQ'ZRTGUUUKPF/CTMGP
5GCNKHGs 4GGH/CUVGTs OQKUVWTG OWPEJGTs WPF .CPF 5GCsUKPF GKPIGVTCIGPG
/CTMGPFGT2KQPGGT4GUGCTEJ
9GKVGTG0COGPWPF2TQFWMVGMÑPPGPFKG/CTMGPD\YGKPIGVTCIGPGP/CTMGPFGT
LGYGKNKIGP'KIGPV×OGTUGKP
,QIRUPDWLRQHQ]XP3URGXNW
PFGTWPIGP FGU &GUKIPU WPF FGT 5RG\KſMCVKQPGP DNGKDGP XQTDGJCNVGP WPF
DGF×THGPMGKPGT#PM×PFKIWPI&C\WIGJÑTGPFKGRTKO¼TGP2TQFWMVURG\KſMCVKQPGP
5QHVYCTG5QHVYCTGVTGKDGTWPFFCU$GPWV\GTJCPFDWEJ&KGUGU$GPWV\GTJCPFDWEJ
KUVGKPGCNNIGOGKPG4KEJVNKPKGH×TFKG8GTYGPFWPIFKGUGU2TQFWMVGU
&KG -COGTC UGNDUV UQYKG FCU <WDGJÑT FCU 5KG \WUCOOGP OKV FGT -COGTC
DGMQOOGPJCDGPMÑPPGPXQPFGP$GUEJTGKDWPIGPKPFKGUGO$GPWV\GTJCPFDWEJ
CDYGKEJGP&CUNKGIV FCTCPFCUUFKGXGTUEJKGFGPGP'KP\GNJ¼PFNGTQHVCWHITWPF
FGT WPVGTUEJKGFNKEJGP /CTMVCPHQTFGTWPIGP -WPFGPY×PUEJG WPF IGQITCRJKUEJ
WPVGTUEJKGFNKEJ IGRT¼IVGT 2T¼HGTGP\GP CPFGTGU <WDGJÑT KP FCU 2TQFWMVRCMGV
GKPUEJNKG²GP&KG2TQFWMVRCMGVGFGTLGYGKNKIGP'KP\GNJ¼PFNGTWPVGTUEJGKFGPUKEJ
UGJTQHVKPUDGUQPFGTGDGKO<WDGJÑTYKG5RGKEJGTMCTVGP-CDGNP-COGTCVCUEJGP
WPF 5RTCEJWPVGTUV×V\WPI )GNGIGPVNKEJ IGDGP 'KP\GNJ¼PFNGT GKPG DGUQPFGTG
2TQFWMVHCTDG&GUKIPQFGTGKPGDGUVKOOVG5RGKEJGTITѲGFGUKPVGTPGP5RGKEJGTU
CP'KPGIGPCWG2TQFWMVDGUEJTGKDWPIOKVFGOGPVJCNVGPGP<WDGJÑTGTJCNVGP5KG
XQP+JTGO(CEJJ¼PFNGT
&KG#DDKNFWPIGPKPFKGUGO$GPWV\GTJCPFDWEJFKGPGP\WO'TMN¼TGPFGT(WPMVKQPGP
WPFMÑPPGPXQOVCVU¼EJNKEJGP&GUKIP+JTGT-COGTCCDYGKEJGP
>*GTUVGNNGT×DGTPKOOVMGKPG*CHVWPIH×T(GJNGTQFGTYKFGTURT×EJNKEJG#PICDGP
KPFKGUGO$GPWV\GTJCPFDWEJ
&KG5GC.KHG&KIKVCNMCOGTC XGTH×IV×DGTGKP$GVTKGDUU[UVGOOKVFGT$G\GKEJPWPI
ő(KTOYCTGŒ FCU CNNG -COGTCHWPMVKQPGP UVGWGTV 9KG CWEJ FKG 2TQITCOOG DGK
%QORWVGTP XQP <GKV \W <GKV CMVWCNKUKGTV YGTFGPYKTF 5GC.KHG
sW7 MQUVGPNQUG
(KTOYCTG#MVWCNKUKGTWPIGPDGTGKVUVGNNGPFKGFKG.GKUVWPIFGT-COGTCXGTDGUUGTP
5EJCWGP5KGIGNGIGPVNKEJCWHFGT9GDUKVGXQP5GC.KHGDGKO(KTOYCTG&QYPNQCF
%GPVGT XQTDGK WPF RT×HGP 5KG QD GU PGWG (KTOYCTG#MVWCNKUKGTWPIGP IKDV
YYYUGCNKHGECOGTCUEQOUGTXKEGſTOYCTGJVON
+PHQTOCVKQPGP \WO $GPWV\GTJCPFDWEJ WPF 6TGKDGT7RFCVGU GTJCNVGP 5KG CWH
WPUGTGT9GDUKVGYYYUGCNKHGECOGTCUEQOQFGTXQP+JTGO*¼PFNGT
&'
6,&+(5+(,76$1:(,681*(1
$GXQT5KGFKGUGU2TQFWMVXGTYGPFGPUQNNVGP5KGCNNG WPF 9CTP 8QTUKEJVUJKPYGKUG
UQTIH¼NVKIFWTEJNGUGPWPFXGTUVGJGP
:DUQKLQZHLVH
9GPP(TGOFMÑTRGTQFGT9CUUGTKPFKG-COGTCGKPIGFTWPIGPUKPF
UEJCNVGP5KGFKG-COGTC#75WPFPGJOGP5KGFKG$CVVGTKGP#MMWU
JGTCWU
#PFGTGPHCNNU DGUVGJV $TCPF WPF 5VTQOUEJNCIIGHCJT 9GPFGP 5KG UKEJ
CPFGP*¼PFNGTDGKFGO5KGFKG-COGTCGTYQTDGPJCDGP
9GPPFKG-COGTCJGTWPVGTIGHCNNGPKUVQFGTFCU)GJ¼WUGDGUEJ¼FKIV
YWTFGUEJCNVGP5KGFKG-COGTC#75WPFPGJOGP5KGFKG$CVVGTKGP
#MMWUJGTCWU
#PFGTGPHCNNU DGUVGJV $TCPF WPF 5VTQOUEJNCIIGHCJT 9GPFGP 5KG UKEJ
CPFGP*¼PFNGTDGKFGO5KGFKG-COGTCGTYQTDGPJCDGP
&KG-COGTCFCTHPKEJVXQP+JPGPCWUGKPCPFGTIGPQOOGPOQFKſ\KGTV
QFGTTGRCTKGTVYGTFGP
'U DGUVGJV $TCPF WPF 5VTQOUEJNCIIGHCJT 9GPFGP 5KG UKEJ DGK
GTHQTFGTNKEJGP4GRCTCVWTGPWPF+PURGMVKQPGPFGU+PPGTGPFGT-COGTCCP
FGP*¼PFNGTDGKFGO5KGFKG-COGTCGTYQTDGPJCDGP
.GIGP5KGFKG-COGTCPWTCWHUVCDKNG7PVGTNCIGP
#PFGTGPHCNNU MCPP FKG -COGTC JGTWPVGTHCNNGP QFGT ŌMKRRGP WPF UQ
8GTNGV\WPIGPXGTWTUCEJGP
$GYCJTGP 5KG FKG $CVVGTKGP#MMWU CW²GTJCND FGT 4GKEJYGKVG XQP
-KPFGTPCWH
'KP*GTWPVGTUEJNWEMGPFGT$CVVGTKGP#MMWUMCPP\WT8GTIKHVWPIH×JTGP
9GPPGKP#MMWQFGTGKPG$CVVGTKGXGTUGJGPVNKEJXGTUEJNWEMVYQTFGPKUV
O×UUGP5KGWOIGJGPFGKPGP#T\VCWHUWEJGP
8GTYGPFGP 5KG FKG -COGTC PKEJV DGKO .CWHGP QFGT DGKO (×JTGP
GKPGU(CJT\GWIU
5KGMÑPPVGPUVQNRGTPQFGTGKPGP8GTMGJTUWPHCNNXGTWTUCEJGP
&'
9RUVLFKWVKLQZHLVH
.GIGP5KGFKG$CVVGTKGP#MMWUTKEJVKIIGRQNVWPFGKP
9GTFGP FKG $CVVGTKGP#MMWU HCNUEJ JGTWO GKPIGNGIV DGUVGJV $TCPF
WPF 8GTNGV\WPIUIGHCJT QFGT FCU )GT¼V MCPP FWTEJ GKP $GTUVGP QFGT
#WUNCWHGPFGU#MMWUDGUEJ¼FKIVYGTFGP
.ÑUGP5KGFGP$NKV\PKEJV\WPCJGCPFGP#WIGPCPFGTGT2GTUQPGPCWU
&CFWTEJMÑPPGPFKG#WIGPIGUEJ¼FKIVYGTFGP
#EJVGP5KGFCTCWHFCUUFGT.%&/QPKVQTMGKPGP5VѲGPCWUIGUGV\V
YKTF
&CFWTEJ MCPP FCU &KURNC[ FGU /QPKVQTU DGUEJ¼FKIV YGTFGP QFGT FKG
(N×UUKIMGKVKO+PPGTPCWUNCWHGP9GPPFKGUG(N×UUKIMGKVKPFKG#WIGPCWH
+JTG*CWVQFGTFKG-NGKFWPIIGNCPIGPUQNNVGOWUUUKGUQHQTVOKVMNCTGO
9CUUGT CDIGUR×NV YGTFGP +UV FKG (N×UUKIMGKV KP FKG #WIGP IGNCPIV
O×UUGP5KGUKEJWOIGJGPFKPOGFK\KPKUEJG$GJCPFNWPIDGIGDGP
'KPG -COGTC KUV GKP 2T¼\KUKQPUIGT¼V .CUUGP 5KG UKG PKEJV
JGTWPVGTHCNNGPWPFIGJGP5KGXQTUKEJVKIOKVFGT-COGTCWO
#PFGTGPHCNNUMCPPFKG-COGTCDGUEJ¼FKIVYGTFGP
'PVPGJOGP 5KG FKG $CVVGTKGP#MMWU PKEJV UQHQTV PCEJFGO 5KG FKG
-COGTC×DGTGKPGPN¼PIGTGP<GKVTCWOFCWGTPFXGTYGPFGVJCDGP
&KG $CVVGTKGP#MMWU YGTFGP DGK FGT $GPWV\WPI JGK² $GK $GT×JTWPI
MÑPPVGP5KGUKEJXGTDTGPPGP
9KEMGNP5KGFKG-COGTCPKEJVGKPWPFNGIGP5KGUKGPKEJVCWH6×EJGT
QFGT&GEMGP
&CFWTEJMÑPPVGGU\WGKPGO*KV\GUVCWKPFGT-COGTCMQOOGPYQFWTEJ
UKEJFCU)GJ¼WUGXGTHQTOGPMCPP&CT×DGTJKPCWUDGUVGJV$TCPFIGHCJT
8GTYGPFGP 5KG FKG -COGTC WPF FCU <WDGJÑT KOOGT KP IWV DGN×HVGVGP
7OIGDWPIGP
.CUUGP 5KG FKG -COGTC PKEJV CP 1TVGP NKGIGP CP FGPGP FKG
6GORGTCVWTGPUVCTMCPUVGKIGPMÑPPGP\$KPGKPGO(CJT\GWI
&CFWTEJMÑPPVGPFCU)GJ¼WUGWPF6GKNGKO+PPGTGPDGUEJ¼FKIVYGTFGP
YCUYKGFGTWOGKPGP$TCPFXGTWTUCEJGPMCPP
6TGPPGP5KGXQTFGO6TCPURQTVFGT-COGTCCNNG-CDGNCD
#PFGTGPHCNNUMÑPPGPFKG-CDGNDGUEJ¼FKIVYGTFGPYQFWTEJ$TCPFWPF
5VTQOUEJNCIIGHCJTGPVUVGJV
&'
+LQZHLVH]XU9HUZHQGXQJGHV$NNXV
9GPP 5KG GKPGP #MMW XGTYGPFGP UQNNVGP 5KG FKG PCEJHQNIGPFGP *KPYGKUG WPF
5KEJGTJGKVUCPYGKUWPIGPUQTIH¼NVKIFWTEJNGUGPWPFFKGUGUVTGPIDGHQNIGP
8GTYGPFGP5KGPWTFGPHQNIGPFGP##$CVVGTKGQFGT#MMWV[R
z 5GC.KHG 0KEMGN/GVCNNJ[DTKF#MMWU 0K/* $GHQNIGP 5KG IGPCW FKG
#PYGKUWPIGP \WO .CFGP FGU #MMWU &KG 8GTYGPFWPI XQP #MMWU KUV
MQUVGPGHſ\KGPVWPFWOYGNVUEJQPGPF
z .KVJKWO$CVVGTKGP .KVJKWODCVVGTKGP JCNVGP CO N¼PIUVGPUKPF CDGT UGJT VGWGT
WPFPKEJVYKGFGTCWƀCFDCT
z *KIJ'PGTI[#NMCNKDCVVGTKGP
$GPWV\GP5KG$CVVGTKGP WPF#MMWUPKEJVKPUGJTMCNVGP7OIGDWPIGPFCUKEJFKG
.GDGPUFCWGTFGT $CVVGTKGPWPF #MMWUDGK PKGFTKIGP6GORGTCVWTGP XGTM×T\VWPF
FCOKVFKG.GKUVWPIUH¼JKIMGKVFGT-COGTCXGTTKPIGTVYKTF
0CEJ GKPGT N¼PIGTGP <GKV WPWPVGTDTQEJGPGT $GPWV\WPI FGT -COGTC QFGT FGU
$NKV\GUMCPPUKEJ FGT#MMW YCTOCPH×JNGP'UJCPFGNV UKEJJKGTDGKPKEJVWOGKPG
(GJNHWPMVKQP
0CEJN¼PIGTGTWPWPVGTDTQEJGPGT$GPWV\WPIMCPPUKEJFKG-COGTCYCTOCPH×JNGP
'UJCPFGNVUKEJJKGTDGKPKEJVWOGKPG(GJNHWPMVKQP
0GJOGP5KG FGP#MMWJGTCWUYGPP FKG -COGTC ×DGTGKPGP N¼PIGTGP<GKVTCWO
PKEJVDGPWV\VYKTFWOGKP#WUNCWHGPQFGT -QTTQFKGTGPFGU#MMWU KPFGT-COGTC
\WXGTOGKFGP
#EJVGP5KGKOOGTFCTCWHFCUUFKG-QPVCMVGUCWDGTUKPF
'PVUQTIGP5KG$CVVGTKGPWPF#MMWUGPVURTGEJGPFFGP#PYGKUWPIGP
&'
+LQZHLVH]XU:DVVHUIHVWLJNHLW
.GIGP5KGFKG-COGTCPKTIGPFYQFKTGMVKPFGP5CPF
&CFKG-COGTCKO9CUUGTPCEJWPVGPUKPMVUQNNVGP5KGUKGYGPPUKGKOQFGTKPFGT
0¼JGXQP9CUUGTDGPWV\VYKTFKOOGTCO*CPFIGNGPMDGHGUVKIVVTCIGP
> 14KPI CWU 5KNKMQP FGT UKEJ KO &GEMGN FGU YCUUGTHGUVGP )GJ¼WUGU
DGſPFGVOWUUKOOGTICP\UCWDGTUGKP.GUGP5KGUKEJWPDGFKPIVFKGYKEJVKIGP
2ƀGIGCPYGKUWPIGPH×TFKG14KPIGFWTEJ
2T×HGP5KGKOOGTGTUVQDFCU)GJ¼WUGTKEJVKIIGUEJNQUUGPKUVDGXQT5KGOKVFKG
-COGTCCPGKPGP1TVOKVPGJOGPCPFGTUKGOKVITQ²GT9CJTUEJGKPNKEJMGKVHGWEJV
QFGTUEJOWV\KIYGTFGPMCPP\$WPVGT9CUUGTQFGTCO5VTCPF9CUUGT5CPF
WPF5EJOWV\KPFGT-COGTCMCPP\W(GJNHWPMVKQPGPFGT-COGTCH×JTGP9KUEJGP
5KG8GTUEJOWV\WPIGPWPF9CUUGTUQUEJPGNNYKGOÑINKEJXQPFGT-COGTCCD
©HHPGP5KGFCU$CVVGTKG5&-CTVGPHCEJOÑINKEJUVPKEJVCO5VTCPFQFGTCO/GGT
9GEJUGNP 5KG FKG $CVVGTKGP#MMWU QFGT FKG 5RGKEJGTMCTVG GTUV CWU YGPP FKG
-COGTCXQNNUV¼PFKIIGVTQEMPGVKUVWPFCEJVGP5KGFCTCWHFCUU+JTG*¼PFGVTQEMGP
UKPF9GEJUGNP5KGFKG$CVVGTKGP#MMWUQFGTFKG5RGKEJGTMCTVGPKEJVCWUYGPPFKG
-COGTCHGWEJVQFGTUEJOWV\KIYGTFGPMCPP
9GPPFKG-COGTCUGJTUEJOWV\KIKUVQFGTKO/GGTDGPWV\VYWTFGUEJCNVGP5KG
UKGCWURT×HGP5KGQDFCU)GJ¼WUGFKEJVXGTUEJNQUUGPKUVWPFNCUUGP5KGDKU
/KPWVGPNCPI6TKPMYCUUGTFCT×DGTNCWHGPQFGTNGIGP5KGFKG-COGTCH×TFKGUGP
<GKVTCWOKPGKP$GJ¼NVGTOKVUCWDGTGO6TKPMYCUUGT
#EJVGP5KGFCTCWHFCUUMGKPG5QPPGPETGOGWPF5QPPGPÑNCWHFKG-COGTCIGNCPIGP
FC FCFWTEJ FKG 1DGTƀ¼EJG GPVH¼TDV YGTFGP MCPP 5QNNVG FQEJ ©N CWH FKG -COGTC
IGNCPIGPOWUUFKGUGUUQHQTVOKVYCTOGO9CUUGTCDIGYCUEJGPYGTFGP
&KGYCUUGTHGUVGP'KIGPUEJCHVGPDG\GKJGPUKEJPKEJVCWHFCU-COGTC\WDGJÑT
&'
,QKDOW
'+0(¯*470)
¯DGTUKEJV
2CEMWPIUKPJCNV
+56&+'-#/'4#
#PUKEJVXQPXQTPG
#PUKEJVXQPJKPVGP
5[ODQNGCWHFGO.%&/QPKVQT
814$'4'+6'0&'4-#/'4#
'KPUGV\GPFGT$CVVGTKGP#MMWU
'KPUGV\GPWPF*GTCWUPGJOGPFGT5&-CTVGQRVKQPCNGU<WDGJÑT
$GHGUVKIGPFGU-COGTCDCPFU
'456'5%*4+66'
'KP#WUUEJCNVGPFGT-COGTC
'KPUVGNNGPFGT5RTCEJG
'KPUVGNNGPXQP&CVWOWPF7JT\GKV
(QTOCVKGTGPFGUKPVGTPGP5RGKEJGTUWPFFGT5&5RGKEJGTMCTVG
#7(0#*/'/1&75
(QVQITCſGTGP)TWPFNCIGP
'KPUVGNNGPFGT$KNFCWƀÑUWPIWPF$KNFSWCNKV¼V
&KG<QQOHWPMVKQP
'KPUVGNNGPFGT5EJ¼THG
'KPUVGNNGPFGU$NKV\GU
$GPWV\GPFGU$NKV\GUKOGZVGTPGP$NKV\OQFWU
>5GNDUVCWUNÑUGT
'KPUVGNNGPFGT$GNKEJVWPI'8
'KPUVGNNGPFGU9GK²CDINGKEJU
'KPUVGNNGPFGU9GK²CDINGKEJUKO/GGT/QFWU
'KPUVGNNGPFGUOCPWGNNGP9GK²CDINGKEJU
#WUY¼JNGPFGU/QVKXOQFWU
>5RKQP/QFWU
&'
9+'&'4)#$'/1&75)470&.#)'0
9KGFGTIGDGPXQP$KNFGTP
8GTITѲGTPXQP$KNFGTP
#P\GKIGPXQP/KPKCVWTDKNFGTP
9KGFGTIGDGPCNU&KCUEJCW
8+&'1/1&75
#WHPGJOGPXQP8KFGQENKRU
9KGFGTIGDGPXQP8KFGQENKRU
9+'&'4)#$'/1&75'49'+6'46'(70-6+10'0
.ÑUEJGPXQP$KNFGTP8KFGQENKRU
5EJ×V\GPXQP$KNFGTP8KFGQENKRU
'KPUVGNNGPFGT&21((WPMVKQP
#PUEJNKGUUGPCPGKPGP2KEVDTKFIGMQORCVKDNGP&TWEMGT
#7(0'*/'0810706'49#55'4$+.&'40
5KEJGTUVGNNGPFGT&KEJVJGKV
'KPUGV\GPWPF'PVHGTPGPFGU&KEJVTKPIU
+PUVCNNKGTGPFGU&GƀGMVQTU
$GPWV\GPWPF4GKPKIGPFGT-COGTCWPVGT9CUUGT
)GNWPIGPG7PVGTYCUUGTHQVQUOCEJGP
¯$'464#)'0 810 '+'0 810 &'4 &+)+6#.-#/'4# #7( &'0
%1/276'4
5EJTKVV5EJNKG²GP5KGFKG&KIKVCNMCOGTCCPFGP%QORWVGTCP
5EJTKVV.CFGP5KGFKG$KNFGTQFGT8KFGQENKRUJGTWPVGT
+056#..+'4'0&'4$'#4$'+670)551(69#4'
+PUVCNNKGTGPXQP2JQVQ'ZRNQTGT
+PUVCNNKGTGPXQP2JQVQ'ZRTGUU
8'49'0&'0&'4&+)+6#.'0(161-#/'4##.52%-#/'4#
5EJTKVV+PUVCNNKGTGPFGU2%-COGTCVTGKDGTU
5EJTKVV5EJNKG²GP5KGFKG&KIKVCNMCOGTCCPFGP%QORWVGTCP
&'
/'0¯126+10'0
/GP×ő-COGTCŒ
/GP×ő8KFGQCWUICDGŒ
/GP×ő9KGFGTICDGŒ
/GP×ő5GVWRŒ
52'<+(+-#6+10'0
('*.'4$'*'$70)
&'
(,1)¶+581*
¶EHUVLFKW
/KV+JTGTPGWGPYCUUGTWPFUVQ²HGUVGP&KIKVCNMCOGTCMCPPFCU#DGPVGWGTCWHFGO
.CPFWPFWPVGT9CUUGTDGIKPPGP&KG-COGTCKUVOKVFGTPGWGUVGP&KIKVCNVGEJPQNQIKG
CWUIGUVCVVGV 5KG OCEJV XKGNGU CWVQOCVKUEJ WPF KUV GKPHCEJ \W DGPWV\GP 5KG DKGVGV
+JPGP GKPKIG GKP\KICTVKIG (WPMVKQPGP OKV FGPGP 5KG DGUVKOOV +JTG (TGWFG JCDGP
YGTFGP
.CPF5GCs$GNKEJVWPIUOQFK
5RG\KGNNG $GNKEJVWPIUOQFK H×T JGNNG
HCTDGPHTQJG7PVGTYCUUGTDKNFGTFKG5KG
OKV GKPGO GZVGTPGP $NKV\ 'ZV $NKV\
QFGTQJPG$NKV\/GGTCWHPGJOGP
52+10/QFWU
&KG -COGTC PKOOV CWVQOCVKUEJ
GKPG 5GTKG XQP $KNFGTP KP \WXQT
GKPIGUVGNNVGP+PVGTXCNNGPCWH
/GICRKZGN
> JQEJ CWƀÑUGPFG %%&5GPUQT
DKGVGV /GICRKZGN H×T GKPG
JGTCWUTCIGPFG$KNFSWCNKV¼V
#WVQOCVKUEJGT$NKV\
'KP CWVQOCVKUEJGT $NKV\UGPUQT
GTOKVVGNVCWVQOCVKUEJ FKG
7OIGDWPIUNKEJVDGFKPIWPIGP WPF
NGIVHGUVQDFGT$NKV\FC\WIGUEJCNVGV
YKTF
Œ.625.%&(CTDOQPKVQT
&KIKVCN\QQOHCEJ
/$KPVGTPGT5RGKEJGT
/$\WO5RGKEJGTPXQP$KNFGTP
(×T FKG #WHPCJOG FGT $KNFGT YKTF
MGKPG5RGKEJGTMCTVGDGPÑVKIV
7PVGTUV×V\V5&5RGKEJGTMCTVGPDKU
)$
'ORHQJNGP YGTFGP 5&-CTVGP FGT
/CTMGP 5CP&KUM 2CPCUQPKE WPF
6QUJKDC
75$#PUEJNWUU75$MQORCVKDGN
5KG MÑPPGP (QVQU 8KFGQENKRU WPF
6QPCWHPCJOGP×DGTFCU75$-CDGN
CWHFGP%QORWVGT×DGTVTCIGP
&21((WPMVKQP
5KG MÑPPGP &TWEMKPHQTOCVKQPGP CWH
+JTGT 5RGKEJGTMCVG URGKEJGTP FKG
-CTVG KP GKPGP &21(MQORCVKDNGP
&TWEMGT GKPUGV\GP WPF FKG $KNFGT
CWUFTWEMGP
2KEV$TKFIG(WPMVKQP
5KGMÑPPGPFKG-COGTCFKTGMVCPGKPGP
&TWEMGT CPUEJNKG²GP FGT 2KEV$TKFIG
WPVGTUV×V\V 5KG MÑPPGP FCPP FGP
&TWEMXQTICPI FKTGMV ×DGT FGP .%&
/QPKVQTFGT-COGTCUVGWGTP
/QVKXOQFK
5KG MÑPPGP H×T FKG HQNIGPFGP
#WHPCJOGDGFKPIWPIGP GKPGP FGT
XQTGKPIGUVGNNVGP /QFK Y¼JNGP
#WVQOCVKUEJ 5RQTV 0CEJV 2QTVTCKV
.CPFUEJCHV )GIGPNKEJV /GGT 'ZV
$NKV\WPF5RKQP
$KNFDGCTDGKVWPIUUQHVYCTG 2JQVQ
'ZRNQTGT2JQVQ'ZRTGUU
5KG MÑPPGP +JTG (QVQU OKV FGT
$KNFDGCTDGKVWPIUUQHVYCTG CWH FGO
%QORWVGTXGTDGUUGTPWPFTGVQWEJKGTGP
&'
3DFNXQJVLQKDOW
2CEMGP5KGFKG6GKNGXQTUKEJVKICWUWPFRT×HGP5KGQDFKGHQNIGPFGP6GKNGGPVJCNVGP
UKPF(CNNU GVYCUHGJNGPPKEJVRCUUGPQFGT DGUEJ¼FKIV UGKPUQNNVGYGPFGP5KGUKEJ
WOIGJGPFCP+JTGP*¼PFNGT
#NNIGOGKPG2TQFWMVMQORQPGPVGP
&KIKVCNMCOGTC
6TCIGDCPF
-COGTCVCUEJG
###NMCNKDCVVGTKGP
6TQEMGPOKVVGNMCRUGN
$GPWV\GTJCPFDWEJ
75$-CDGN
5QHVYCTG%&41/
&GƀGMVQTH×TFCUQRVKQPCNG$NKV\\WDGJÑT
'TUCV\FKEJVTKPI6GKN5.
¯DNKEJGU<WDGJÑTQRVKQPCN
5&5RGKEJGTMCTVG
###MMWU
5GC.KHG/KPK9GKVYKPMGNQDLGMVKX6GKN5.
5GC.KHG&KIKVCNDNKV\6GKN5.&
/QKUVWTG/WPEJGTs6TQEMGPMCRUGNP
'KPGXQNNUV¼PFKIG.KUVGFGUIGUCOVGPQRVKQPCNGP<WDGJÑTUGTJCNVGP5KGDGKGKPGO
CWVQTKUKGTVGP5GC.KHG*¼PFNGTQFGTCWHFGT9GDUKVGYYY5GC.KHGECOGTCUEQO
&CU OKVIGNKGHGTVG<WDGJÑTWPF \WIGUKEJGTVG2TQFWMVMQORQPGPVGPJ¼PIGP XQO
*¼PFNGTCD
&'
'$6,67',(.$0(5$
$QVLFKWYRQYRUQH
#WUNÑUGT
1DLGMVKX
9CUUGTFKEJVGT&GEMGN
4KGIGN
4KGIGNURGTTG
2%75$#PUEJNWUU
$CVVGTKG#MMWHCEJ
$NKV\
5&5RGKEJGTMCTVGPUVGEMRNCV\
&'
$QVLFKWYRQKLQWHQ
2HGKNVCUVG.KPMUW
5GNDUVCWUNÑUGTVCUVG
2HGKNVCUVG1DGPS
6CUVG/'07
6CUVG1-
'KP#WU6CUVG&KIKVCN\QQOVCUVG
9KGFGTICDGVCUVG
2HGKNVCUVG4GEJVUX
$NKV\VCUVG
2HGKNVCUVG7PVGPT
/1&'6CUVG
*CNVGTWPIH×T6TCIGDCPF
(CUUWPIH×T&TGKDGKPUVCVKX
.%&/QPKVQT
(QMWUUEJCNVGT
/CMTQOQFWU
0QTOCNOQFWU
5VCVWUCP\GKIG.'&
Produkt Specifikationer
| Mærke: | SeaLife |
| Kategori: | Kamera |
| Model: | ECOshot |
Har du brug for hjælp?
Hvis du har brug for hjælp til SeaLife ECOshot stil et spørgsmål nedenfor, og andre brugere vil svare dig
Kamera SeaLife Manualer
21 August 2024
20 August 2024
20 August 2024
19 August 2024
18 August 2024
18 August 2024
18 August 2024
17 August 2024
17 August 2024
17 August 2024
Kamera Manualer
- Kamera Bosch
- Kamera SilverCrest
- Kamera Acer
- Kamera Ozito
- Kamera Denver
- Kamera Sony
- Kamera Canon
- Kamera Samsung
- Kamera GE
- Kamera Panasonic
- Kamera TP-Link
- Kamera Philips
- Kamera Lenco
- Kamera Gigaset
- Kamera Braun
- Kamera Logitech
- Kamera Epson
- Kamera Daewoo
- Kamera Technaxx
- Kamera HP
- Kamera Sanyo
- Kamera Easypix
- Kamera Grundig
- Kamera D-Link
- Kamera Arlo
- Kamera Bushnell
- Kamera Pyle
- Kamera Fujifilm
- Kamera Nikon
- Kamera Kodak
- Kamera Lenovo
- Kamera Olympus
- Kamera Nedis
- Kamera Zorki
- Kamera Optoma
- Kamera Creative
- Kamera Azden
- Kamera Casio
- Kamera Trevi
- Kamera Trust
- Kamera Laserliner
- Kamera Blaupunkt
- Kamera JVC
- Kamera Leica
- Kamera Hitachi
- Kamera Medion
- Kamera Exakta
- Kamera EZVIZ
- Kamera König
- Kamera Gembird
- Kamera Powerfix
- Kamera Alpine
- Kamera Netgear
- Kamera Maginon
- Kamera Avaya
- Kamera Nest
- Kamera Vtech
- Kamera BenQ
- Kamera Bresser
- Kamera Anker
- Kamera Sigma
- Kamera Pentax
- Kamera Rollei
- Kamera Xiaomi
- Kamera Moultrie
- Kamera Viewsonic
- Kamera Imou
- Kamera Polaroid
- Kamera Ricoh
- Kamera Aida
- Kamera Konica-Minolta
- Kamera Foscam
- Kamera Kyocera
- Kamera GoPro
- Kamera Lorex
- Kamera Cobra
- Kamera Velleman
- Kamera FLIR
- Kamera Swann
- Kamera Eufy
- Kamera Celestron
- Kamera Ring
- Kamera Fluke
- Kamera Hikvision
- Kamera AVerMedia
- Kamera Reolink
- Kamera EVE
- Kamera Prixton
- Kamera Marshall Electronics
- Kamera General Electric
- Kamera SPC
- Kamera Hanwha
- Kamera ARRI
- Kamera BirdDog
- Kamera Bauhn
- Kamera MuxLab
- Kamera Spypoint
- Kamera Vivitar
- Kamera Ansco
- Kamera Vimar
- Kamera Oregon Scientific
- Kamera Dahua Technology
- Kamera SereneLife
- Kamera Lexibook
- Kamera Intel
- Kamera SJCAM
- Kamera Scosche
- Kamera Speco Technologies
- Kamera Joy-It
- Kamera Kogan
- Kamera Levenhuk
- Kamera Emerson
- Kamera Minox
- Kamera Burris
- Kamera Silvergear
- Kamera Elmo
- Kamera AViPAS
- Kamera UniView
- Kamera AquaTech
- Kamera Alfatron
- Kamera BZBGear
- Kamera PTZ Optics
- Kamera Daitsu
- Kamera Agfa
- Kamera AgfaPhoto
- Kamera Argus
- Kamera Lumens
- Kamera Yashica
- Kamera Sygonix
- Kamera Mamiya
- Kamera Zenit
- Kamera Fuji
- Kamera Minolta
- Kamera EverFocus
- Kamera RunCam
- Kamera Aplic
- Kamera FIMI
- Kamera Meade
- Kamera Contax
- Kamera Sinji
- Kamera Traveler
- Kamera Digital Watchdog
- Kamera Getac
- Kamera Ikegami
- Kamera Pelco
- Kamera ZeissIkon
- Kamera Dorr
- Kamera HOLGA
- Kamera Praktica
- Kamera Hasselblad
- Kamera Moto Mods (Motorola)
- Kamera Fantasea Line
- Kamera Brinno
- Kamera Z CAM
- Kamera General
- Kamera Ergoguys
- Kamera Strex
- Kamera Berger & Schröter
- Kamera Leitz Focomat IIc
- Kamera Cosina
- Kamera Videology
- Kamera InfiRay
- Kamera Videotec
- Kamera GoXtreme
- Kamera IOptron
- Kamera Cambo
- Kamera Kobian
- Kamera Kyocera Yashica
- Kamera Red Digital Cinema
- Kamera Konica
- Kamera Akaso
- Kamera Seek Thermal
- Kamera Ikelite
- Kamera Adeunis
- Kamera Hoppstar
- Kamera PatrolEyes
- Kamera Camouflage
- Kamera HuddleCamHD
- Kamera Linhof
- Kamera Aquapix
- Kamera KanDao
Nyeste Kamera Manualer
29 Marts 2025
29 Marts 2025
27 Marts 2025
12 Marts 2025
12 Marts 2025
14 Januar 2025
13 Januar 2025
12 Januar 2025
11 Januar 2025
11 Januar 2025