Professional Documents
Culture Documents
Valve
Valve
USER INSTRUCTIONS
3200MD Digital
LGENIM0059-09 12/13
Installation
Operation
Maintenance
PositionerSafety Manual
Contents
1
2
3
3
3
3
3
4
4
6
7
8
10
8
9
10
11
11
12
12
12
12
13
14
14
14
14
14
16
16
17
17
17
17
17
17
21
21
11
12
13
15
16
8.2 Regulator
23
8.3 Checking or Setting Internal Regulator Pressure
23
8.4 Spool Valve
24
8.5 Spool Valve Cover
24
8.6 Stem Position Sensor
25
8.7 Main PCB Assembly
26
8.8 Pressure Sensor Board
26
8.9 Customer Interface Board
27
Optional Hardware
28
9.1 Vented Design
28
9.2 HART Modem
28
9.3 4-20 mA Analog Output Board
29
Requirements for Safety Integrity
30
10.1 Fail Safe State
30
10.2 Safety Function
30
10.3 Fail Safe State Response Time
30
10.4 Diagnostic Annunciation and Response Time
30
10.5 Maximum Achievable SIL
31
10.6 Model Selection and Specification of Flowserve 3200MD
Positioner
31
10.7 Installation
31
10.8 Firmware Update
31
10.9 Required Configuration Settings
31
10.10 Reliability Data
31
10.11 Lifetime Limits
32
10.12 Proof Testing
32
Steps for Proof Test
32
10.13 Maintenance
32
10.14 Repair and Replacement
32
10.15 Training Requirements
32
Parts List
34
Logix 3200MD Spare Parts Kits
35
Logix 3200MD Mounting Kits
35
13.1 Valtek Mounting Kits
35
13.2 Logix O.E.M. Mounting Kits
36
13.3 NAMUR Accessory Mounting Kit
Part Numbers
36
How to Order
38
Troubleshooting
39
3.1
Unpacking
General Information
3.2
Storage
3.3
Pre-installation Inspection
If a valve control package has been stored for more than one year,
inspect one actuator by disassembling it per the appropriate Installation, Operation, and Maintenance Instructions (IOM) prior to valve
installation. If O-rings are out-of-round, deteriorated, or both, they
must be replaced and the actuator rebuilt. All actuators must then
be disassembled and inspected. If the actuator O-rings are replaced,
complete the following steps:
1. Replace the pressure-balance plug O-rings.
Logix 3200MD
Positioner Overview
4.1
Specifications
Standard
Operating Humidity
0 - 100% non-condensing
(-40 to 80C)
! NOTE: The air supply must conform to ISA Standard ISA 7.0.01 (a dew
point at least 18 degrees Fahrenheit below ambient temperature, particle
size below five micronsone micron recommendedand oil content not
to exceed one part per million).
Buna-N / Florosilicone
Weight
Power Supply
Deadband
Repeatability
Linearity
Communications
HART Protocol
Air Consumption
Minimum Operating
Current
Air Capacity
Maximum Voltage
30.0 VDC
Compliance Voltage
Effective Resistance
10.0 VDC @ 20 mA
495 @ 20 mA Typical
Ports
HART Modem
RS-232/PCMCIA card/USB
HART Filter
HART MUX
40 - 95
4-20 mA
Linearity
1.0% F.S.
Repeatability
0.25% F.S.
Hysteresis
.2% F.S.
Operating Temperature
Flame Proof
SIRA 03ATEX1387
II 2 GD
Ex d IIB+H2 T5 IP65
Ex tD A21 IP65 T95C (Ta =-40C to +80C)
T5 (Ta = -40C to +80C
Explosion Proof
Class I, Div 1, Groups B,C,D
DIP Class II, III, Div 1 Groups E,F,G
Class I, Zone 1, Ex d IIB+H2 (CSA Only)
T5 Tamb = -40C Ta +80C (CSA Only)
T6 Tamb = -40C Ta +60C
Type 4X
Intrinsically Safe
SIRA 03ATEX2299X
II 1 GD
Ex ia IIC
T4 (Ta = -52C to +85C)
T5 (Ta = -52C to +55C)
Entity Parameters
Ui = 30V
Ii = 100mA
Pi = 800mW
Ci = 30nF Co = 36nF
Li = 0
Intrinsically Safe
Class I,II, III, Div 1, Groups A,B,C,D,E,F,G
Class I, Zone 0, AExia IIC (FM Only)
T4 Tamb = -50C Ta +85C
T5 Tamb = -50C Ta +55C
Type 4X
Entity Parameters
Ui = 30V
Ii = 100mA
Pi = 800mW
Ci = 30nF
Li = 0
Ex iaD 20 T95C
(Ta = -52C to +80C)
Non-Incendive
SIRA 08ATEX4006
II 3 GD
Ex nL nA IIC
Ex tD A22 T95C (Ta = -52C to +80C)
T4 (Ta = -52C to +85C)
T5 (Ta = -52C to +55C)
Non-Incendive
Class I, Div 2, Groups A,B,C,D
T4 Tamb = -50C Ta +85C
T5 Tamb = -50C Ta +55C
Type 4X
Barriers Not Required
IECEx
InMetro
Explosion Proof
IECEx SIR 04.0023X
Ex d IIB+H2 T5
Ta = -40C to +55C
Explosion Proof
TV 11.0070
Ex d IIB+H2 T5 Gb IP65
Ta = -40C -Ta - +80C
Intrinsically Safe
IECEx FMG 05.0003X
Ex ia IIC
T4 Ta = -40C to +85C
T5 Ta = -40C to +55C
Entity Parameters
Ui = 30V
Ii = 100mA
Pi = 800mW
Ci = 30nF
Li = 0
Instrinsically Safe
TV 11.0071X
Ex ia IIC Ga IP65
Ex ia IIIC T95C Da IP65
T4 Ta = -40C-Ta- +85C Ta = -40C-Ta- +85C
T5 Ta = -40C-Ta- +55C
Entity Parameters
Ui = 30Vcc
Ii = 100mA
Pi= 800mW
Ci = 30nF
Li = 0
Ex iaD 20 T95C
Ta = -40C to +80C
KOSHA
Gost
Explosion Proof
10-AV4BO-0560X
Ex d IIB+H2 T5
T5 Ta = -20C to +50C
The equipment must be installed in such a manner as to minimize the risk of impact or friction with other metal surfaces.
To avoid possibility of static discharge clean only with a damp Cloth
In order to maintain the explosion proof certifications do not remove or loosen covers while circuits are live.
For Intrinsically Safe installations the positioner must be connected to suitably rated intrinsically safe equipment, and must be installed in accordance
with intrinsically safe installation standards.
Substitution of components may impair Intrinsic Safety.
5
4.2
Positioner Operation
Main PCB
Digital Position Algorithm
Command
Input Signal
Spool Valve
Flame
Arrestor
Exhaust
Pressure
Sensor Board
Air Supply
Output 1
Flame
Arrestor
Output 2
LED
Display
Filter
Flame
Arrestor
Stem
Position
Sensor
Hall Effect
Sensor
Piezo Valve
Regulator
Air
Supply
Control
Algorithm
Sensor
Inner-Loop
Output
Pmax
Pmin
Gmult
4-20
mA
(Analog
Mode)
Command
In
(Digital
Mode)
Linear Mode
Characterization
Soft Limits
MPC
CONTROL
COMMAND
Deviation
+
-
Integration
Summer
Inner
Loop
Offset
The piezo valve pressure modulator controls the air pressure under
a diaphragm by means of a piezo beam bender. The piezo beam
deflects in response to an applied voltage from the inner-loop electronics. As the voltage to the piezo valve increases, the piezo beam
bends, closing off against a nozzle causing the pressure under
the diaphragm to increase. As the pressure under the diaphragm
increases or decreases, the spool valve moves up or down respectively. The hall effect sensor transmits the position of the spool back
to the inner-loop electronics for control purposes.
4.3
Piezo
Valve
Voltage
Input
Signal
Analog
Digital
Detailed Sequence
of Positioner Operations
Tubed
ATO
+
+
+
D/A
Output
Percentage
Inner
Loop
Spool
Control
Stem
Position
Sensor
Bracket
Bolts
Bracket
Locknut
Washer
Follower
Arm
Positioner
Bolts
Nut
Nut
Lock Washer
Nut
Stem Clamp
Follower Pin
Take-off Arm
Bolts
Metal Washers
5.1
4. Screw one mounting bolt into the hole on the yoke mounting
pad nearest the cylinder. Stop when the bolt is approximately
316" from being flush with mounting pad.
5. Slip the large end of the teardrop shaped mounting hole in the
back of the positioner/bracket assembly over the mounting bolt.
Slide the small end of the teardrop under the mounting bolt and
align the lower mounting hole.
916" open-end wrench (or " for spud sizes 2.88 and smaller)
7. Position the take-off arm mounting slot against the stem clamp
mounting pad. Apply Loctite 222 to the take-off arm bolting and
insert through washers into stem clamp. Leave bolts loose.
3. Align the bracket with the three outer mounting holes on the
positioner. Fasten with " bolts.
2. Slide the double-D slot in the follower arm assembly over the
flats on the position feedback shaft in the back of the positioner.
Make sure the arm is pointing toward the customer interface
side of the positioner. Slide lock washer over the threads on the
shaft and tighten down the nut.
5.2
Mounting to Standard
Valtek Rotary Valves
(See Figure 4)
The standard rotary mounting applies to Valtek valve/actuator assemblies that do not have mounted volume tanks or handwheels.
The standard mounting uses a linkage directly coupled to the valve
shaft. This linkage has been designed to allow for minimal misalignment between the positioner and the actuator. The tools required for
the following procedure are:
316" nutdriver
1. Fasten the spline lever adapter to the splined lever using two 6 x
" self-tapping screws.
2. Slide the take-off arm assembly onto the spline lever adapter
shaft. Insert the screw with star washer through the take-off
arm and add the second star washer and nut. Tighten nut with
socket so arm is lightly snug on the shaft but still able to rotate.
This will be tightened after linkage is correctly oriented.
3. Attach follower arm to positioner feedback shaft using the star
washer and 10-32 nut.
! NOTE: The arm will point up when feedback shaft is in the free
position.
Logix 3200MD
Digital Positioner
10-32 Nut
Lock Washer
Follower Arm
* Located in appropriate
hole pattern as indicated on
bracket. (25, 50, 100/200)
the A/D feedback values were exceeded and the arm must be
adjusted away from the positioners limits. Return to step 2 and
rotate the arm back approximately 10 degrees.
The pin should extend approximately 116" past the take-off arm.
When properly adjusted, securely tighten the bracketing bolts.
Orienting the Take-off Arm for Final Lock Down
take-off arm.
9. Tighten the nut on the take-off arm. The socket head screw of
the take-off arm must be tight, about 40 in-lb.
2. With supply pressure off, rotate the follower arm in the same
direction the shaft would rotate upon a loss of supply pressure.
When the mechanical stop of the follower arm (positioner) is
reached, rotate back approximately 15 degrees.
3. Hold the take-off arm in place; tighten the screw of the take-off
arm.
5.3
(See Figure 5)
The optional rotary mounting applies to Valtek valve/actuator assemblies that are equipped with mounted volume tanks or handwheels.
The optional mounting uses a four-bar linkage coupled to the valve
shaft. The following tools are required:
38" open-end wrench
716" open-end wrench
" open-end wrench
ek
Valt
Locknuts (2)
Tripper
Tripper Clamp
Follower Arm
Bolts (2)
Rotate Positioner 90
Tie Rod*
10
10-32 Nut
Lock Washer
1. Using a " open-end wrench and two 516-18 x " bolts, attach
bracket to actuator transfer case pads. Leave bracket loose to
allow for adjustment.
2. Using four -20 x " bolts and a 716" open-end wrench, fasten
positioner to universal bracket, using the four-hole pattern that
locates the positioner the farthest from the valve. Rotate positioner 90 degrees from normal so gauges are facing upward.
3. Attach follower arm to positioner feedback shaft, using the star
washer and 10-32 nut.
4. Attach tripper and tripper clamp to valve shaft using two -20
bolts and two -20 locknuts. Leave tripper loose on shaft until
final adjustment.
5. Thread ball joint linkage end to tripper and tighten (thread
locking compound such as Loctite is recommended to prevent
back threading). Adjust the length of tie rod so follower arm and
tripper rotate parallel to each other (the rod must be cut to the
desired length). Connect the other ball joint end to follower arm
using a star washer and a 10-32 nut.
6. Tighten bracket and tripper bolting.
7. Check for proper operation, note direction of rotation.
5.4
WARNING: If rotating in wrong direction, serious damage will occur to the positioner and/or linkage. Check
air action and stroke direction carefully before initiating
operation.
Counter Clockwise
Clockwise
5.5
The Logix 3200MD digital positioner is insensitive to supply pressure changes and can handle supply pressures from 30 to 150 psig.
A supply regulator is recommended if the customer will be using
the diagnostic features of the Logix 3200MD but is not required. In
applications where the supply pressure is higher than the maximum
actuator pressure rating a supply regulator is required to lower the
pressure to the actuators maximum rating (not to be confused with
operating range). An air filter is highly recommended for all applications where dirty air is a possibility.
! NOTE: The air supply must conform to ISA Standard ISA 7.0.01
(a dew point at least 18F below ambient temperature, particle
size below five micronsone micron recommendedand oil
content not to exceed one part per million).
11
(See Figure 6)
6.1
WARNING: This product has electrical conduit connections in either thread sizes " NPT or M20 which appear
identical but are not interchangeable. Housings with
M20 threads are stamped with the letters M20 above
the conduit opening. Forcing dissimilar threads together
will damage equipment, cause personal injury and void
hazardous location certifications. Conduit fittings must
match equipment housing threads before installation. If
threads do not match, obtain suitable adapters or contact
a Flowserve representative.
The input loop current signal to the Logix 3200MD digital positioner
should be in shielded cable. Shields must be tied to a ground at only
one end of the cable to provide a place for environmental electrical
noise to be removed from the cable. In general, shield wire should
be connected at the source.
! NOTE: The Logix 3200MD positioner carries an intrinsically safe
barrier rating of 100 mA. Input currents should not exceed 100
mA.
Grounding Screw
6.3
Compliance Voltage
(See Figure 7)
12
6.2
HART
4-20 mA
INPUT
ANALOG
OUTPUT
HART Terminals
4-20 mA Feedback
Terminals (Optional)
Housing EARTH
Terminal
Field
Terminators
The voltage 12.5 VDC is greater than the required 10.0 VDC; therefore, this system will support the Logix 3200MD digital positioner.
The Logix 3200MD positioner has a worst case input resistance
equivalent to 500 at a 20 mA input current.
Determine if the loop will support the Logix 3200MD digital positioner by performing the following calculation.
Voltage = Compliance Voltage (@Current max)
Current max (Rbarrier+Rwire)
Equation 1
6.4
Cable Requirements
The Logix 3200MD digital positioner utilizes the HART Communication protocol. This communication signal is superimposed
on the 4-20 mA current signal. The two frequencies used by the
HART protocol are 1200 Hz and 2200 Hz. In order to prevent
distortion of the HART communication signal, cable capacitance
and cable length restrictions must be calculated. The cable length
must be limited if the capacitance is too high. Selecting a cable
with lower capacitance/foot rating will allow longer cable runs.
In addition to the cable capacitance, the network resistance also
affects the allowable cable length.
Rbarrier = 300
Rwire = 25
Current max = 20 mA
Voltage = 19 VDC 0.020 A (300 + 25 ) = 12.5 VDC
Rwire
+
Compliance
Voltage
Current
Source
Current
Logix
3200IQ
10
VDC
-
13
65
Cnetwork (F) (R
- 0.0032
barrier + Rwire + 390)
Equation 2
Jog Buttons
65
Cnetwork (F) R(R
- 0.0032
Example:
= 300
barrier
barrier + Rwire + 390)
Rwire = 50
Example:
= 22
300pF= 0.000022 F
CRcable
barrier =
foot
foot
Rwire = 50
65
22 pF ==0.000022
= - 0.0032
0.08 F =F
Cmax network (f)
cable
(300 + 50 +C390)
foot
foot
Rotary
Selector
Switch
65
C network (F)
- 0.0032
= 0.08 F = Cmax network (f)
= max
Maximum
Length
(300 + 50Cable
+ 390)
C
QUICK-CAL Button
cable
Maximum
Maximum Cable
Cable Length
Length =
Cmax network
0.08(F)
F
= 3636 ft.
Ccable F/foot
0.000022
0.08 F
= 3636 ft.
0.000022 F/foot
6.5
Startup
7.1
The Logix 3200MD local user interface allows the user to configure
the basic operation of the positioner, tune the response, and calibrate
the positioner without additional tools or configurators. The Local
interface consists of a quick calibration button for automatic zero
and span setting, along with two jog buttons for spanning valve/
actuators with no fixed internal stop in the open position. There is
also a switch block containing 8 switches. Six of the switches are
for basic configuration settings and one is for calibration options.
There is also a gain selector switch for adjusting the positioner gain
settings. For indication of the operational status or alarm conditions
there are also 3 LEDs on the local user interface.
14
7.2
Before placing the unit in service, set the dip-switches in the Configuration and Cal boxes to the desired control options. For a detailed
description of each dip-switch setting, See Sections 1&2.
7.3
Operation of Configuration
DIP Switch Settings
% Control Command
=%
% Control Command
=%
Linear
Custom
Custom
Linear
0.62
8.66
100
10
1.35
10
16.24
90
15
2.22
15
23.17
80
20
3.25
20
30.11
25
4.47
25
35.31
70
30
5.91
30
40.51
60
35
7.63
35
45.42
50
40
9.66
40
50.34
45
12.07
45
54.40
50
14.92
50
58.47
40
30
55
18.31
55
62.39
20
60
22.32
60
66.31
10
65
27.08
65
70.27
70
32.71
70
74.23
75
39.40
75
78.17
80
47.32
80
82.11
85
56.71
85
85.50
90
67.84
90
88.89
95
81.03
95
94.45
100
100.00
100
100.00
0
0
10
20
30
40
50
60
70
80
90 100
% Command
Pos. Characterization
LinearSelect if the actuator position should be directly proportional
to the input signal. (Due to their inherent =% characteristics, this
setting give an =% Cv characteristic for most rotary valves.)
Optional Select if another characteristic is desired, which is set in
conjunction with the next switch, labeled Optional Pos. Char.
Optional Pos. Characterization
If the Pos. Characterization switch is set to optional then this switch
is active with the following options:
The =% option will characterize the actuator response to the input
signal based on a standard 30:1 equal percent rangability curve
Custom If Custom is selected, the positioner will be characterized
to a custom table that must be setup using a properly configured
HART 275 handheld or other host software. The Default setting for
this curve is modified quick open. ( also used for a linear Cv characteristic for most rotary valves)
Auto Tune
This switch controls whether the positioner will auto tune itself or
use preset tuning parameters.
On On enables an auto tune feature that will automatically determine the positioner gain settings based on the current position of the
selectable Gain switch setting and response parameters measured
during the last QUICK-CAL. The gain switch is live meaning the
settings can be adjusted at any time by changing the selectable gain
switch position. (! NOTE that there is a small black arrow indicating
the selection. The slot is NOT in the indicator.)
Figure 10: Adjustable GAIN Switch
GAIN
H
B
C
G
F
Stability Switch
This switch adjusts the position control algorithm of the positioner
for use with low-friction control valves or high-friction automated
valves.
Placing the switch to the left optimizes the response for low friction,
high performance control valves. This setting provides for optimum
response times when used with most low friction control valves.
Placing the switch to the right optimizes the response for valves
and actuators with high friction levels. This setting slightly slows
the response and will normally stop limit cycling that can occur
on high friction valves.
7.4
The eighth DIP switch selects between two calibration options. The
function of the Cal DIP switch is described below.
Auto Select Auto if the valve/actuator assembly has an internal
stop in the open position. In Auto mode the positioner will fully
close the valve and register the 0% position and then open the valve
to the stop to register the 100% position when performing a selfcalibration. See detailed instructions in the next section on how to
perform an auto positioner calibration.
Jog Select Jog if the valve/actuator assembly has no calibration
stop in the open position. In the Jog mode the positioner will fully
close the valve for the 0% position and then wait for the user to set
the open position using the Jog buttons labeled with the up and
down arrows. See the detailed instructions in the next section on
how to perform a manual calibration using the Jog buttons.
16
7.5
QUICK-CAL Operation
initially close the valve then cause a small jump in the valve
position. The jog calibration process will only allow the user to
manually set the span; zero position is automatically always set
at the seat. If an elevated zero is needed a handheld or other PC
based configuration software is required.
When performing a jog calibration the LEDs will flash in a
sequence of Y-G-Y-R (yellow-green-yellow-red) which indicates
that the user must use the jog keys to manually position the
valve to approximately 100%. When the valve is approximately
100% open press both the and buttons simultaneously to
proceed to the next step. The valve will then stroke and then wait
while flashing the Y-G-Y-R sequence again, allowing the user to
adjust the valve position a second time to exactly 100% using the
jog buttons. When the stem is properly positioned press both
the and buttons simultaneously again to register the 100%
position and proceed. No more user actions are required while
the calibration process is completed. When the lights return to a
sequence that starts with a green light the calibration is complete. (See the appendix for an explanation of the various light
sequences)
! NOTE: The Quick-Cal function on performs a stroke calibration and auto-tunes the positioner. It does not perform a
pressure calibration or friction calibration which are necessary to utilize the full Pro diagnostics features.
7.6
7.7
Factory Reset
7.8
Command Reset
7.9
The blink codes used to convey the status of the Logix 3200MD
digital positioner are described in the following table. In general,
any sequence starting with a green light flashing first is a normal
operating mode and indicates that there are no internal problems.
Some diagnostic status results are only available with the Advanced
or Pro diagnostics option.
Second Blink
Value
Third Blink
Value
Yellow
Red
18
Color
Green
GGYG
GGYY
GGRR
GYGG
GYGY
GRGG
YGGY
YGGR
YGYG
YGYY
YGYR
YYGG
YYGY
18
Description
Recommendations
If tight shutoff is not desired reset the tight shutoff limits to the correct
values or adjust the command signal inside of the specified MPC value.
See DTM screen: Configuration/Custom/Position Cutoff.
Control the valve using the jog buttons. This mode may be canceled by
briefly pushing the QUICK-CAL button.
Use the buttons on the positioner to adjust the valve to the desired fully
open position. See the explanation of Jog Calibrate in the QUICK-CAL
section of main document for operation.
Regulate the temperature of the positioner. If the temperature reading is
in error, replace the main board. See DTM screen: Health Status/Positioner Health. This indicator can be disabled.
Adjust the supply pressure to a proper value (30-150 psig) so the positioner can properly calibrate the sensors. Then recalibrate. Briefly push the
QUICK-CAL button to acknowledge this condition and the positioner will
operate using the current short stroke calibration values if valid.
Blink
Code
**YYGR
**YYYG
**YYYY
**YRGG
**YRGY
**YRGR
YRYG
YRRY
**YRRR
RGGY
Description
Recommendations
Regulate the supply pressure at the positioner below the maximum limit
recommended for your actuator. Recalibrate pressure sensors. Check
the pressure sensor board connections. Replace pressure sensor board
if necessary. See DTM screen: Health Status/Actuator Health. This
indicator can be disabled.
Regulate the supply pressure at the positioner above 30 PSI (2.1
bar). Recalibrate pressure sensors. Ensure system air/gas supply is
adequate. Repair kinked supply tubing. Check the pressure sensor board
connections and replace pressure sensor board if necessary. Check for
pneumatic leaks in the actuator and actuator tubing. See DTM screen:
Health Status/Actuator Health. This indicator can be disabled.
Increase the supply pressure. Reduce the friction. Check the actuator
spring. Resize the actuator. Adjust user set limits. See DTM screen:
Health Status/Actuator Health. This indicator can be disabled.
Check response of the valve. If OK, adjust Pilot Relay Response limits.
Check supply pressure. Check the spool for debris, oil, corrosion, ice
on the spool. Clean or replace the spool assembly. Replace the piezo
or driver module assembly. Maintain a clean, water-free air/gas supply.
See DTM screen: Health Status/Positioner Health. This indicator can be
disabled.
Blink
Code
RGGR
RGYG
RGYY
RGRR
RYYG
**RRGG
**RRGY
**RRGR
RRYG
RRYR
RRRY
RRRR
20
Description
INNER LOOP OFFSET TIME OUT ALARM indicates that during
calibration the Inner Loop Offset value did not settle. This could
result in less accurate positioning.
Recommendations
8.1
Regulator
User Interface
Board Connection
Pressure Sensor
Board Connection
Hall Sensor
Connection
Stem Position
Sensor
Connection
Pressure
Modulator
Connection
Main PCB
Retaining
Screw
O-ring
Driver Module
Assembly
Position wires
to the rear
of Modulator
Analog
Output Board
Analog
Output
Board
Connection
Screw
Spool Valve Cover
3. Remove the driver module cover (Figure 14), using a flat bar or
plate in the slot to turn the cover.
Housing
4. Remove the spool valve cover by removing the screw and sliding the cover assembly backwards until the tab is clear of the
slot (Figure 12). The sheet metal cap, hydrophobic filter, and
O-ring should be removed with the spool valve cover. It is not
necessary to take these parts out of the spool valve cover.
Spool
Valve
Block
Spool
5. Being careful not to lose the nylon washer, remove the Phillipshead screw that attaches the driver module to the main housing
(Figure 13).
Spool Valve
Screw
Nylon
Gasket
Driver to
Housing Screw
Barbed Fitting
Flat on
Housing
Flat on
Driver
Module
7. Carefully remove the spool by sliding the end of the spool out of
the connection clip. Excessive force may bend spool.
8. Remove the main cover.
25. Carefully slide the spool into the connecting clip on the top of
the driver module assembly.
10. Disconnect the flexible tubing from the barbed fitting at the
driver
26. Carefully slide the block over the spool, using the machined
surface of the housing base as a register (Figure 13). Slide the
11. Use the " nutdriver to remove the barbed fitting from the driver
module assembly.
block toward the driver module until the two retaining holes line
up with the threaded holes in the base.
12. Unplug the two wiring connections that link the driver module
assembly to the main PCB assembly.
27. Install two spool-valve screws and tighten securely with a Phillips screwdriver (See Figure 13).
13. Feed the two wires on the driver module back into the driver
module compartment so that they stick out the driver module
opening (See Figure 11). This will allow the driver module to
thread out without tangling or cutting the wires.
28. Slide the spool valve cover assembly over the spool valve until
the tang engages into the housing slot. Install spool valve cover
screw and tighten securely (See Figure 12).
14. Grasp the base of the driver module and turn it counterclockwise
to remove. After it is threaded out, carefully retract the driver
module from the housing.
29. Install the plastic board cover. Insert the three retaining screw
through the plastic cover into the threaded boss and tighten
evenly, using a Phillips screwdriver. Do not overtighten (See
Figure 15).
15. Remove the barbed fitting from the side of the new driver module using the " nutdriver.
30. Reconnect power and air supply to the positioner and perform a
stroke calibration.
16. Verify that the O-ring is in place on the top of the new driver
module. Lay the wires back along the side of the driver module
as shown in Figure 11 and hold the wires in position by hand.
17. Gently insert the driver module into the driver module compartment in the housing. Turn the driver module clockwise to thread
it into the housing. Continue rotating the driver module until it
bottoms out.
Plastic Cover
Retaining Screws
Plastic
Board
Cover
18. Once the driver module has bottomed out so that the threads
are fully engaged, rotate the driver module counter clockwise
until the flat on the driver module and the flat on the housing are
aligned. This will align the screw hole for the next step.
Regulator
Main PCB
Retaining
Screws
Main PCB
19. Verify that the nylon gasket is in the counter bore in the driver
module retaining screw hole as shown in Figure 13.
20. Insert a driver-to-housing screw into the driver housing through
the counterbored hole in positioner main housing. Tighten with a
Phillips screwdriver.
21. Reach through the main compartment into the driver module
compartment of the positioner and install the barbed fitting on
the side of the driver module using the " nutdriver.
! NOTE: Do not mix the barbed fitting with those from older
22. Reconnect the flexible tube coming from the regulator to the
barbed fitting.
23. Feed the driver module wires into the main chamber of the housing, and connect them to the main PCB Assembly.
24. Verify that the three O-rings are in the counterbores on the
machined platform where the spool valve block is to be placed
(Figure 25).
22
8.2
Regulator
8.3
Phillips screwdriver
" nutdriver
Replacing Regulator
NOTE: Do not mix the regulator with those from older Logix
positioners. Older models contain regulators with different settings that will not work in the Logix 3200MD model. The regulator pressure setting is printed on the top of the regulator. The
Logix 3200MD regulator is set to 17.4 psig.
11. Install the main PCB into the housing. Insert the retaining screw
through the board into the threaded boss and tighten evenly,
using a Phillips screwdriver. Do not overtighten.
12. Reinstall the five wire connections (six wire connections if the
unit is equipped with the 4-20 mA analog output option).
13. Install the plastic board cover. Insert the three retaining screws
through the plastic cover into the threaded boss and tighten
evenly, using a Phillips screwdriver. Do not overtighten (See
Figure 15).
14. Reinstall all covers.
Regulator Pressure
Test Port
Driver Module
Barbed Fitting
10-32 x 116"
Barbed Tee
(Clippard Minimatic
Part No. T22-2)
Flexible Tube
from Regulator
8. Once the regulator pressure is set, tighten the set screw retaining nut on the top of the regulator, remove the air supply to the
positioner, remove the barbed tee, and reconnect the flexible
tubing from the regulator to the barbed fitting on the side of the
driver module.
9. Install the plastic board cover. Insert the three retaining screws
through the plastic cover into the threaded boss and tighten
evenly, using a Phillips screwdriver. Do not overtighten (See
Figure 15).
10. Reinstall all covers.
8.4
Spool Valve
The spool valve routes the supply air to one side of the actuator
while venting the opposite side (See Figure 1). The position of the
spool valve is controlled by the driver module.
Replacing the Spool Valve
To replace the spool valve, refer to Figures 12, 14 and 25 and proceed as outlined below. The following tools are required:
Phillips screwdriver
1. Make sure the valve is bypassed or in a safe condition.
2. Disconnect the power and air supply to the unit.
10. Slide the spool valve cover assembly over the spool valve until
the tang engages into the housing slot. Install the spool valve
cover screw and tighten securely (See Figure 12).
11. Reconnect power and air supply to the positioner and perform a
stroke calibration.
8.5
piece. This filter element provides part of the track to secure the
assembly) is easily damaged. Use extreme caution when
O-ring installed in the last step.
handling spool and spool valve block. Do not handle the
6. Place spool valve shroud onto spool valve cover.
spool by the machined portions of spool. The tolerances
7. Place the spool valve cover assembly in place by setting it on
between the block and spool are extremely tight. Contamithe ramp and sliding it until the tab seats in the slot (Figures 12
nation in the block or on the spool may cause the spool to
and 17) and secure with a 8-32 screw.
hang.
4. Remove the spool valve block by removing the two Phillips-head
screws and carefully sliding the block off the spool (Figure 12).
O-ring
Hydrophobic
Filter
Spool
Valve
Cover
Spool
Valve Shroud
8.6
The position feedback assembly transmits valve positions information to the processor. This is accomplished by means of a rotary
position sensor that connects to the valve stem through a feedback
linkage. To provide for accurate tracking of the pin in the slot, the
follower arm is biased against one side of the slot with a rotary
spring. This spring also automatically moves the position feedback
assembly to its limit in the unlikely event of failure of any component
in the linkage.
Stem Position Sensor Replacement
To replace the stem position sensor, refer to Figure 15, 18 and 25
and proceed as outlined below. The following tools are required:
Phillips screwdriver
7. Turn the new position sensor shaft until the dot on the side of
the shaft is aligned with the wires on the side of the position
sensor (Figure 18).
8. Insert the position sensor into the shaft with the wires pointing
toward the main PCB assembly. Turn the position sensor clockwise until bolting slots align with the housing screw holes and
the wires on the sensor protrude over the main PCB assembly.
! NOTE: Do not mix the position sensor with those from older
9. Carefully center the position sensor on the shaft bore, insert and
tighten the screws. Do not overtighten.
10. Route the wires along the side of the position sensor and reconnect to the main PCB assembly.
11. Install the plastic board cover. Insert the three retaining screws through
the plastic cover into the threaded boss and tighten evenly, using a
Phillips screwdriver. Do not overtighten (See Figure 15).
13. Reconnect power and air supply to the positioner and perform a
stroke calibration.
Stem
Position
Sensor
Housing
Feedback
Shaft
Sensor
Cable
Bearing
Stem Position
Sensor Dot
25
8.7
The main printed circuit board (PCB) assembly contains the circuit
board and processor that perform control functions of the positioner.
The main PCB is to be replaced as a unit. None of the components
on the main PCB are serviceable.
Replacing Main PCB Assembly
Phillips screwdriver
Phillips screwdriver
8.8
26
Torque wrench
1. Verify that the two pressure sensor O-rings (item 15) are in
place in the housing.
2. Set the pressure sensor board assembly in place so that the
O-rings make contact with the faces of the pressure sensors.
3. Place the metal stiffener plate (item 12) on top of the pressure
sensor board over the pressure sensors and align the two holes
in the pressure sensor plate with the threaded bosses in the
housing.
4. Insert two screws through the stiffener plate and pressure
sensor board into the threaded holes in the housing and tighten
evenly, to 8 in-lb.
5. Connect the ribbon cable on the pressure sensor board to the
main PCB assembly.
6. Install the plastic board cover. Insert the three retaining screws
through the plastic cover into the threaded boss and tighten
evenly, using a Phillips screwdriver. Do not overtighten.
11. Feed the wires on the back of the new customer user interface
board through the passageway into the main chamber of the
housing.
12. Set the customer interface board in place and secure with three
screws (See Figure 6).
8. Reconnect power and air supply to the positioner. Use ValveSight or a handheld communicator to perform a pressure sensor
calibration.
8.9
16. Install the plastic board cover. Insert the three retaining screws
through the plastic cover into the threaded boss and tighten
evenly, using a Phillips screwdriver. Do not overtighten (See
Figure 15).
Phillips screwdriver
27
Optional Hardware
9.1
Vented Design
Maximum Allowable
Housing
Back Pressure
2.0 psig (0.14 barg)
9.2
HART Modem
The HART modem is a device that connects to the serial communications port of a computer. This modem converts the RS-232
COM port signals to the HART signal. A HART modem is optional in
ValveSight since a MUX can be used in its place. The HART modem
takes power from the RS-232 COM port lines. If using a laptop
computer running on an internal battery, HART communication may
become erratic as the batteries begin to lose charge. This is due to
a reduction in HART modem power. Allow batteries to recharge or
apply AC adapter power to the laptop to correct the problem. A HART
modem is available through your Flowserve representative. (Please
refer to Section 12 for part numbers.)
E
G, H
+
-
FILTER
DCS
28
The spool valve chamber (See Figure 20) must also be vented
through the spool valve cover. Vented-design Logix 3200MD
positioners are supplied from the factory with a fitting installed in
the spool valve cover (item SKU 179477). Connect the necessary
tubing/piping to this fitting to route the exhausted natural gas to
a safe environment. The maximum allowable back pressure in the
spool valve chamber is 8 psig (0.55 barg). Pressures greater than 8
psig will cause vented gas to leak past the spool cover O-ring to the
atmosphere and will result in overshoot of the positioner.
4-20 mA
Current Source
Customer Connection
38" Tubing
LOGIX
Maximum Allowable
Spool Back Pressure
8 psig (0.55 barg)
Drain Wire
+
-
C
D
A, B
+
-
HART Connection
Logix
32XXIQ
9.3
ANALOG
INPUT
OUTPUT
Position Feedback
Current Loop
(Logix Output)
Position Command
Current Loop
(Logix Input)
12 VDC
to 40 VDC
+ Power
Supply
4 to 20 mA
Current Source
+
29
10
Fail Safe State 2: The spool valve is at greater than 95% of full
stroke such that Output (Port) 1 is supply pressure and Output
(Port) 2 is open to venting.
! NOTE that these represent the fail safe state of the positioner.
The valve fail safe state may be different depending on spring
configuration and tubing. Ensure the valve fail-safe state is
appropriate for your application.
A typical response time for the spool to move to a fail safe state
due to a complete and sudden loss of supply pressure or a sudden
command change is less than 50 ms*. The response time may be
slower, possibly up to 1 second with subzero (F) temperatures.
A typical response time for the spool to move to a fail safe state due
to linkage pin failure is less than 200 ms*. The response time may
be slower with stroke lengths longer than 8 inches.
A typical response time for a valve to move to a fail safe state due
to a complete and sudden loss of supply pressure or a sudden
command change can be less than 150 ms*. However, the response
time will vary widely with actuator size, stroke length, starting position, fail safe direction, tubing size, supply pressure, and temperature. The positioner air flow capacity affects the speed of the valve
moving to a fail-safe position. See section 4.1 for air flow capacity.
Test the final valve assembly response time to ensure it meets your
requirements.
*Tests were with a 25 inch double acting actuator, ambient temperature 74F (23.3 C), 60 PSI (4.1 bar) supply, quarter inch tubing,
starting at 50% open, moving to close, .75 inch stroke, 1.5 inch
feedback arm.
30
Upon detection of the alarms, the Analog Output will remain at less
than or equal to 3.6 mA for at least 5 seconds or as long as the
alarm persists.
Should any of the safety related alarms arise, the positioner will
continue to attempt to control to the analog input signal.
The settings of the Pilot Relay Response Alarm and the Position
Deviation Alarm affect the time between the occurrence of a physical
problem and the generation of the alarm. Ensure these settings are
adjusted to an acceptable level. The Pilot Relay Position Limit Alarm
can take up to 8 seconds to generate if the spool sticks suddenly.
Software version 2.08 or later requires the following configuration: Enable the AO safety annunciation using the ValveSight
DTM or a Hand-held device. If using the DTM, locate the Edit
Variablesfeature. Change variable 240 to a value of 1. If using
a Hand-held device, navigate to the Configuration menu. Use
the Write Register function to change variable 240 to a value of
1. The register type is char.
Calibrate the analog input (command). The fail safe state must
correspond to the analog input command at low current. (e.g.
For fail safe state = closed, low command (at least 4 mA)
must correspond with fully closed. For fail-safe state of open,
the low command (at least 4 mA) must correspond with fully
opened.)
Set the MPC such that during normal operation MPC is not active. When MPC is active, some diagnostics are disabled.
It is recommended to lock the local interface to prevent unintended adjustments of the settings by an unauthorized user.
10.7 Installation
Ensure installation is properly performed according to this manual.
Ensure tubing is configured to the actuator so that the fail-safe state
of the positioner matches the desired fail-safe state of the valve.
Ensure the feedback spring is configured for the appropriate fail-safe
direction for the valve. For SIL 2 applications, the positioner may be
ordered with the feedback spring reversed. See Fail Option Feedback
in the How To Order section.
Ensure the A/O board has been installed. If no A/O board has been
installed, follow installation instructions in section 9.3. ! NOTE: After
market installation of the A/O board will void FM and CSA certifications in North America.
! NOTE that the failure rates of the associated sensors and actua-
31
2.
3.
Ensure that the attached valve is fully in the safe state (defined
by application) and has moved to that position within the
allowed time. This tests for all failures that could prevent the
closure of the valve, including electronic and mechanical faults,
as well as valve faults.
4.
5.
32
When the tests listed above are executed a proof test coverage of
95% can be claimed.
10.13 Maintenance
Calibrations should be checked annually.
11
42
6
12
43
13
7
9
14
44
45
46
40
47
36
15
39
41
38
49
10
17
50
16
48
51
37
52
18
53
26
54
25
24
19
55
20
56
29
33
32
21
30
28
34
27
22
23
35
31
33
11
34
Parts List
Item
No.
Part
Item
No.
Part
40
41
42
Screw, Anti-rotation
43
44
45
46
47
48
10
49
11
50
12
51
13
52
Feedback Shaft
14
53
15
54
16
55
Torsion Spring
17
56
E-ring
18
19
Internal Filter
20
21
22
23
Screw, Anti-rotation
24
25
26
27
28
Threaded Plug
29
30
31
32
33
34
35
Flexible Tubing
36
37
Nylon Washer
38
Spool Valve
39
12
Item No.
Description
Quantity
13
Description
Quantity
2
1
2
2
1
1
1
3
1
1
1
2
2
1
25 in2
50 in2*
100-200 in2
Standard
Handwheel
Standard
Handwheel
164432
164433
164434
164433
164435
164436
2.62
Standard
Handwheel
**164437**
164436
2.88
164437
164438
3.38
164439
164440
4.75
164439
164440
* A 50 square in, 2.00 spud with live loading requires kit number. ** Live-loading is not available on a 100 in , 2.62 spud.
2
25 in2
Standard
50 in2*
Optional
Standard
0.44
135429
135432
135430
0.63
135429
135437
135430
100-200 in2
Optional
Standard
135433
135431
Optional
135431
0.75
135429
135438
135430
137212
135431
0.88
135429
135439
135430
137213
135431
135434
1.12
135429
135430
137214
135431
137215
1.50
135429
135430
135431
137216
1.75
135429
135430
135431
137217
* Standard: All rotary valves with standard accessories (end of shaft mount). Optional: All rotary valves with handwheels or volume tanks (linkage design)
35
Brand
Model
Size
Mounting Kit
Masoneilan
(Rotary Actuators)
173298
Brand
Model
Size
30
34
40
50
60
Mounting Kit
213905
141410
0.5" 1.5"
stroke
171516
0.5" 1.5"
stroke
171517
2" stroke
171516
0.5" 1.5"
stroke
171517
2" stroke
70
171518
4" stroke
80
171519
450
Honeywell
Foxboro
Neles
657-8
40
173798
171512
RD
178258
Slid-Std
173567
Linear
178258
VST-VA3R
17-in. dia.
173798
VSL-VA1D
12-in. dia.
173798
9
11
37
36
171720
18
173382
24
173896
11
173235
13
173234
15
186070
18
173382*
24
173896
25
173325
50
173335
100
173336
171722
16
173827
47
173361
48
173361
D
Domotor
200
175141
38
71 Domotor
88
141180
HD
SNA115
Bettis
EL-O-Matic
71-2057AB-D
176179
71-40413BD
176251
37/64
NK313A
175128
AT Series
AT0 AT6
SNA Series
SNA3 SNA2000
N Series
N250.300
R Series
R2 R5
RPC Series
RP TPC11000
G Series
G2009-M11
G3020-M11
E Series
E25 E350
P Series
P35 P4000
Hytork
XL Series
XL45 XL4580
Unitorq
M Series
M20 M2958
Worcester
39 Series
2539 - 4239
Consult factory
171721
13
173298
R314
Rotary
RC
7
0.75"
1.50"
Std
Automax
171549
10
166636
Air-Torque
33
70
173298
Trooper
173371
675
1052
Valtek
Vangard
225
1250
4
35
Automax
Use prefix NK and choose bracket and bolt options from the following table.
Table XII: NAMUR Accessory Mounting Kit Part Numbers
Bracket Option
Description
28
28
313
513
Bolt Option
Description
14
5 percent. At 5 percent, the spool will be driven fully open or fully closed,
depending on the air action of the valve, in order to provide full actuator
Q: My DCS uses 24 VDC, can I run a Logix 3200MD?
saturation and tight shutoff. The positioner will maintain full saturation below
A: A DCS output current card does run from 24 VDC but the card regulates
5 percent command signal. As the command increases, the positioner will
the actual current output. However, if the 24 VDC were applied directly across remain saturated until the command reaches 6 percent (there is a 1 percent
the terminals, nothing would limit the current and the Logix 3200MD Field
hysteresis value added by the positioner). At this point, the stem position will
Termination Board could be damaged. The current source voltage supply can follow the command signal. While in MPC, the Logix 3200MD LEDs will blink
be anywhere between 10 VDC to 30 VDC as long as the current is limited in the GGGY.
4-20 mA range.
Q: I have MPC set to 3 percent but the valve will not go below 10 percent.
Q: I accidentally placed a voltage supply across the Logix 3200MD. How do A: Is a lower soft stop enabled? The lower soft stop must be less than the
I know if I damaged something?
lower PMC setpoint in order for the lower MPC to become active. When the
A: The typical failure in an over-current situation is a short circuit. Your loop
lower soft stop is reached, the positioner will blink a GYGY code. When MPC
current will be maintained but the Logix 3200MD control board will receive
is active, the positioner will blink GGGY.
no power. With power removed from the Logix 3200MD, use an ohmmeter to
measure across the terminals. If the reading is a short (close to zero ohms),
Q: Will soft stops prevent the valve from going to its fail position?
the Customer Interface Board must be replaced. Make sure the positive lead is A: No.
on the + terminal and negative lead is on the - terminal when measuring the
resistance.
Q: What is the difference between models with Standard (3200MD),
Advanced (3210MD) and Pro (3220MD) diagnostics?
Q: What is the input resistance of the Logix 3200MD?
A: All models use the pressure sensors in the positioner control algorithm
A: The Logix 3200MD does not have a simple resistive input. When measuring to enhance valve stability. The model with Advanced diagnostics performs
calculations such as detection of loss of pressure, diagnostic signatures and
the voltage across the Logix 3200MD, it only varies slightly when the current
is changed from 4 mA to 20 mA (9.8 to 10.0 VDC nominal without HART com- data logging. The model with Pro diagnostics adds full diagnostic capabilimunications. Add 0.3 V with HART active). This is because the Logix 3200MD ties including continuous on-line friction, pneumatic leak and actuation ratio
analysis. Pro diagnostics support comprehensive health views in the ValveSis an active device. The resistance at a given current is commonly referred to
ight DTM. Partial stroke tests and long term trends of many key parameters
as the effective resistance.
are also available with Pro diagnostics.
Equation 3
For example:
at 20 mA: Effective resistance = 9.9 VDC/0.02 A = 495
37
15
How to Order
Certifications
-N6
" NPT
M20
Four-way (Double-Acting)
Three-way (Single-Acting)
Three-way Purge (Single Acting) not for use with natural gas (used to purge spring side of actuator
with instrument air)
Four-way Vented (Double-Acting)
Three-way Vented (Single-Acting)
-E
-M
-04
-03
-34
-3P
-4V
-3V
Gauges
-OG
-OS
-KG
-KS
-U
-OO
-OF
-RM
-FR
No special options
4-20 mA Position Feedback
Remote Mount Feedback (Contact Mfg for Cert options) **
4-20 mA Position Feedback and Remote Mount Feedback (Contact Mfg for Cert options)**
For each category, select the code for one of the options.
** Refer to separate IOM LGENIM0001 for Installation, Operation and Maintenance of the Remote Mount Positioner Sensor.
-OF
-40
-KS
-40
Temperature
Special Options
38
-33
-4V
Action
35
-D6
-28
-M
Conduit Connections
-01
-02
-06
-07
-10
-14
-15
-16
-21
-D6
Shaft
MD
-10
Design Version
Material
3
2
0
1
2
0
1
2
3
4
5
Diagnostics
HART
Standard
Advanced (with pressure sensing)
Pro (with sensing and full ValveSight dianostics)
Aluminum, White Paint (Valtek)
Stainless Steel, No Paint (Valtek)
Aluminum, Black Paint (Automax)
Aluminum, Food-Grade White Paint (Automax)
Aluminum, Black Paint (Accord)
Aluminum, Food-Grade White Paint (Accord)
Example
MD
Protocol
Code
3 2
Selection
16
Troubleshooting
Failure
No LED is blinking
Erratic communications
Probable Cause
Corrective Action
Perform QUICK-CAL
39
www.flowserve.com/contact.htm
Flowserve Corporation has established industry leadership in the design and manufacture of its products. When properly
selected, this Flowserve product is designed to perform its intended function safely during its useful life. However, the purchaser
or user of Flowserve products should be aware that Flowserve products might be used in numerous applications under a wide
variety of industrial service conditions. Although Flowserve can (and often does) provide general guidelines, it cannot provide
specific data and warnings for all possible applications. The purchaser/user must therefore assume the ultimate responsibility for
the proper sizing and selection, installation, operation, and maintenance of Flowserve products. The purchaser/user should read
and understand the Installation Operation Maintenance (IOM) instructions included with the product, and train its employees and
contractors in the safe use of Flowserve products in connection with the specific application.
While the information and specifications contained in this literature are believed to be accurate, they are supplied for informative
purposes only and should not be considered certified or as a guarantee of satisfactory results by reliance thereon. Nothing
contained herein is to be construed as a warranty or guarantee, express or implied, regarding any matter with respect to this
product. Because Flowserve is continually improving and upgrading its product design, the specifications, dimensions and
information contained herein are subject to change without notice. Should any question arise concerning these provisions, the
purchaser/user should contact Flowserve Corporation at any one of its worldwide operations or offices.
2011 Flowserve Corporation, Irving, Texas, USA. Flowserve is a registered trademark of Flowserve Corporation.
Flowserve Corporation
Flow Control
1350 N. Mt. Springs Parkway
Springville, UT 84663
USA
Phone: 801 489 8611
Fax: 801 489 3719
Flowserve S.A.S.
12, avenue du Quebec
B.P. 645
91965 Courtaboeuf Cedex
France
Phone: 33 (0) 1 60 92 32 51
Fax: 33 (0) 1 60 92 32 99
Flowserve Pte Ltd.
12 Tuas Avenue 20
Singapore 638824
Singapore
Phone: 65 6868 4600
Fax: 65 6862 4940
Flowserve Australia Pty Ltd.
14 Dalmore Drive
Scoresby, Victoria 3179
Australia
Phone: 61 7 32686866
Fax: 61 7 32685466
Flowserve Ltda.
Rua Tocantins, 128
So Caetano do Sul, SP 09580-130
Brazil
Phone: 55 11 2169 6300
Fax: 55 11 2169 6313
Flowserve Control Valves gmbH
Control Valves - Villach Operation
Kasernengasse 6
9500 Villach Austria
Phone: +43 (0)4242 41181 0
Fax: +43 (0)4242 41181 50
Flowserve (China)
585, Hanwei Plaza
7 Guanghau Road
Beijing, China 100004
Phone: +86 10 6561 1900
Flowserve India Controls
Pvt. Ltd Plot # 4, 1A, E.P.I.P,
Whitefield Bangalore Kamataka
India 560 066
Phone: +91 80 284 10 289
Fax: +91 80 284 10 286
Flowserve Essen GmbH
Schederhofstr. 71
45145 Essen Germany
Phone: +49 (0)201 8919 5
Fax: +49 (0)201 8919 600
Kmmer Valves inc.
'$%-("*.
*2%JHJUBM1PTJUJPOFS
*OTUBMMBUJPO
0QFSBUJPOBOE.BJOUFOBODF*OTUSVDUJPOT
-PHJY1PTJUJPOFST
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
$POUFOUT
5FSNT$PODFSOJOH4BGFUZ
(FOFSBM*OGPSNBUJPO
6OQBDLJOHBOE4UPSBHF
6OQBDLJOH
4UPSBHF
1SFJOTUBMMBUJPO*OTQFDUJPO
-PHJY*21PTJUJPOFS0WFSWJFX
4QFDJmDBUJPOT
1PTJUJPOFS0QFSBUJPO
%FUBJMFE4FRVFODFPG1PTJUJPOFS0QFSBUJPOT
.PVOUJOHBOE*OTUBMMBUJPO
.PVOUJOHUP7BMUFL-JOFBS.BSL0OF7BMWFT
.PVOUJOHUP4UBOEBSE7BMUFL3PUBSZ7BMWFT
0QUJPOBM7BMUFL3PUBSZ.PVOUJOH1SPDFEVSF
5VCJOH1PTJUJPOFSUP"DUVBUPS
8JSJOHBOE(SPVOEJOH(VJEFMJOFT
N"$PNNBOE*OQVU8JSJOH
(SPVOEJOH4DSFX
$PNQMJBODF7PMUBHF
$BCMF3FRVJSFNFOUT
*OUSJOTJDBMMZ4BGF#BSSJFST
4UBSUVQ
-PHJY*2-PDBM*OUFSGBDF0QFSBUJPO
*OJUJBM%*14XJUDI4FUUJOHT
%FTDSJQUJPOPG$POmHVSBUJPO%*14XJUDI4FUUJOHT
%FTDSJQUJPOPG$BM%*14XJUDI4FUUJOHT
26*$,$"-0QFSBUJPO
.BOVBM+PH$BMJCSBUJPO0QFSBUJPO
-PDBM$POUSPMPG7BMWF1PTJUJPO
'BDUPSZ3FTFU
$PNNBOE4PVSDF3FTFU
-PHJY*24UBUVT$POEJUJPO
7FSTJPO/VNCFS$IFDLJOH
4PGU5PPMT$POmHVSBUJPOBOE%JBHOPTUJD4PGUXBSFBOE
)"35)BOEIFME$PNNVOJDBUPS
.BJOUFOBODFBOE3FQBJS
%SJWFS.PEVMF"TTFNCMZ
3FHVMBUPS
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
'$%-("*.
$IFDLJOHPS4FUUJOH*OUFSOBM3FHVMBUPS1SFTTVSF
4QPPM7BMWF
4QPPM7BMWF$PWFS
4UFN1PTJUJPO4FOTPS
.BJO1$#"TTFNCMZ
1SFTTVSF4FOTPS#PBSE
$VTUPNFS*OUFSGBDF#PBSE
0QUJPOBM)BSEXBSF
7FOUFE%FTJHO
)"357)''JMUFS
)"35.PEFN
N""OBMPH0VUQVU#PBSE
1BSUT-JTU
-PHJY*24QBSF1BSUT,JUT
-PHJY*2.PVOUJOH,JUT
7BMUFL.PVOUJOH,JUT
-PHJY0&..PVOUJOH,JUT
/".63"DDFTTPSZ.PVOUJOH,JU1BSU/VNCFST
'SFRVFOUMZ"TLFE2VFTUJPOT
)PXUP0SEFS
5SPVCMFTIPPUJOH
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
5FSNT$PODFSOJOH4BGFUZ
A %"/(&3*OEJDBUFTUIBUEFBUI
TFWFSFQFSTPOBMJOKVSZ
BOEPSTVCTUBOUJBMQSPQFSUZEBNBHFXJMMPDDVSJGQSPQFS
QSFDBVUJPOTBSFOPUUBLFO
B 8"3/*/(*OEJDBUFTUIBUEFBUI
TFWFSFQFSTPOBMJOKVSZ
BOEPSTVCTUBOUJBMQSPQFSUZEBNBHFDBOPDDVSJGQSPQFS
QSFDBVUJPOTBSFOPUUBLFO
@ $"65*0/*OEJDBUFTUIBUNJOPSQFSTPOBMJOKVSZBOEPSQSPQ
FSUZEBNBHFDBOPDDVSJGQSPQFSQSFDBVUJPOTBSFOPUUBLFO
/05&JOEJDBUFTBOEQSPWJEFTBEEJUJPOBMUFDIOJDBMJOGPSNBUJPO
XIJDI
NBZOPUCFWFSZPCWJPVTFWFOUPRVBMJmFEQFSTPOOFM$PNQMJ
BODFXJUIPUIFS
OPUQBSUJDVMBSMZFNQIBTJ[FEOPUFT
XJUISFHBSEUP
USBOTQPSU
BTTFNCMZ
PQFSBUJPOBOENBJOUFOBODFBOEXJUISFHBSEUP
UFDIOJDBMEPDVNFOUBUJPO FH
JOUIFPQFSBUJOHJOTUSVDUJPO
QSPEVDU
EPDVNFOUBUJPOPSPOUIFQSPEVDUJUTFMG
JTFTTFOUJBM
JOPSEFSUPBWPJE
GBVMUT
XIJDIJOUIFNTFMWFTNJHIUEJSFDUMZPSJOEJSFDUMZDBVTFTFWFSF
QFSTPOBMJOKVSZPSQSPQFSUZEBNBHF
(FOFSBM*OGPSNBUJPO
5IFGPMMPXJOHJOTUSVDUJPOTBSFEFTJHOFEUPBTTJTUJOVOQBDLJOH
JOTUBMMJOHBOEQFSGPSNJOHNBJOUFOBODFBTSFRVJSFEPO7BMUFL-PHJY
*2EJHJUBMQPTJUJPOFST4FSJFTJTUIFUFSNVTFEGPSBMMUIF
QPTJUJPOFSTIFSFJOIPXFWFS
TQFDJmDOVNCFSTJOEJDBUFGFBUVSFT
TQFDJmDUPNPEFM JF
-PHJYJOEJDBUFTUIBUUIFQPTJUJPOFSIBT
)"35 QSPUPDPM
4FF-PHJY*2.PEFM/VNCFSUBCMFJOUIJT
NBOVBMGPSBCSFBLEPXOPGTQFDJmDNPEFMOVNCFST1SPEVDUVTFST
BOENBJOUFOBODFQFSTPOOFMTIPVMEUIPSPVHIMZSFWJFXUIJTCVMMFUJO
QSJPSUPJOTUBMMJOH
PQFSBUJOH
PSQFSGPSNJOHBOZNBJOUFOBODFPOUIF
WBMWF
4FQBSBUF7BMUFL'MPX$POUSPM1SPEVDUT*OTUBMMBUJPO
0QFSBUJPO
.BJOUFOBODFJOTUSVDUJPOTDPWFSUIFWBMWF TVDIBT*0.PS*0.
BOEBDUVBUPS TVDIBT*0.PS*0.
QPSUJPOTPGUIFTZTUFNBOE
PUIFSBDDFTTPSJFT3FGFSUPUIFBQQSPQSJBUFJOTUSVDUJPOTXIFOUIJT
JOGPSNBUJPOJTOFFEFE
5PBWPJEQPTTJCMFJOKVSZUPQFSTPOOFMPSEBNBHFUPWBMWFQBSUT
8"3/*/(BOE$"65*0/OPUFTNVTUCFTUSJDUMZGPMMPXFE.PEJGZJOH
UIJTQSPEVDU
TVCTUJUVUJOHOPOGBDUPSZQBSUTPSVTJOHNBJOUFOBODF
QSPDFEVSFTPUIFSUIBOPVUMJOFEDPVMEESBTUJDBMMZBGGFDUQFSGPSNBODF
BOECFIB[BSEPVTUPQFSTPOOFMBOEFRVJQNFOU
BOENBZWPJEFYJTU
JOHXBSSBOUJFT
8"3/*/(4UBOEBSEJOEVTUSZTBGFUZQSBDUJDFTNVTUCFBEIFSFEUP
XIFOXPSLJOHPOUIJTPSBOZQSPDFTTDPOUSPMQSPEVDU4QFDJmDBMMZ
QFSTPOBMQSPUFDUJWFBOEMJGUJOHEFWJDFTNVTUCFVTFEBTXBSSBOUFE
6OQBDLJOHBOE4UPSBHF
6OQBDLJOH
B 8"3/*/(8IFOMJGUJOHBWBMWFBDUVBUPSBTTFNCMZXJUI
MJGUJOHTUSBQT
CFBXBSFUIFDFOUFSPGHSBWJUZNBZCF
BCPWFUIFMJGUJOHQPJOU5IFSFGPSF
TVQQPSUNVTUCFHJWFO
UPQSFWFOUUIFWBMWFBDUVBUPSGSPNSPUBUJOH'BJMVSFUPEP
TPDBODBVTFTFSJPVTJOKVSZUPQFSTPOOFMPSEBNBHFUP
OFBSCZFRVJQNFOU
*OUIFFWFOUPGTIJQQJOHEBNBHF
DPOUBDUUIFTIJQQFS
JNNFEJBUFMZ
4IPVMEBOZQSPCMFNTBSJTF
DPOUBDUB'MPXTFSWF'MPX$POUSPM
%JWJTJPOSFQSFTFOUBUJWF
4UPSBHF
$POUSPMWBMWFQBDLBHFT BDPOUSPMWBMWFBOEJUTJOTUSVNFOUBUJPO
DBOCFTBGFMZTUPSFEJOBOFODMPTFECVJMEJOHUIBUBGGPSETFOWJSPO
NFOUBMQSPUFDUJPOIFBUJOHJTOPUSFRVJSFE$POUSPMWBMWFQBDLBHFT
NVTUCFTUPSFEPOTVJUBCMFTLJET
OPUEJSFDUMZPOUIFnPPS5IF
TUPSBHFMPDBUJPONVTUBMTPCFGSFFGSPNnPPEJOH
EVTU
EJSU
FUD
1SFJOTUBMMBUJPO*OTQFDUJPO
*GBWBMWFDPOUSPMQBDLBHFIBTCFFOTUPSFEGPSNPSFUIBOPOFZFBS
JOTQFDUPOFBDUVBUPSCZEJTBTTFNCMJOHJUQFSUIFBQQSPQSJBUF*OTUBM
MBUJPO
0QFSBUJPO
BOE.BJOUFOBODF*OTUSVDUJPOT *0.
QSJPSUPWBMWF
JOTUBMMBUJPO*G0SJOHTBSFPVUPGSPVOE
EFUFSJPSBUFE
PSCPUI
UIFZ
NVTUCFSFQMBDFEBOEUIFBDUVBUPSSFCVJMU"MMBDUVBUPSTNVTUUIFO
CFEJTBTTFNCMFEBOEJOTQFDUFE*GUIFBDUVBUPS0SJOHTBSFSFQMBDFE
DPNQMFUFUIFGPMMPXJOHTUFQT
3FQMBDFUIFQSFTTVSFCBMBODFQMVH0SJOHT
*OTQFDUUIFTPMFOPJEBOEQPTJUJPOFSTPGUHPPETBOESFQMBDFBT
OFDFTTBSZ
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
-PHJY*2
1PTJUJPOFS0WFSWJFX
5IF-PHJY*2EJHJUBMQPTJUJPOFSJTBUXPXJSFN"JOQVUEJHJ
UBMWBMWFQPTJUJPOFS5IFQPTJUJPOFSJTDPOmHVSBCMFUISPVHIUIFMPDBM
VTFSJOUFSGBDF5IF-PHJY*2VUJMJ[FTUIF)"35QSPUPDPMUPBMMPX
UXPXBZSFNPUFDPNNVOJDBUJPOTXJUIUIFQPTJUJPOFS5IF-PHJY
*2QPTJUJPOFSDBODPOUSPMCPUIEPVCMFBOETJOHMFBDUJOHBDUVB
UPSTXJUIMJOFBSPSSPUBSZNPVOUJOHT5IFQPTJUJPOFSJTDPNQMFUFMZ
QPXFSFECZUIFN"JOQVUTJHOBM4UBSUVQDVSSFOUNVTUCFBU
MFBTUN"XJUIPVU"0DBSEPSN"XJUI"0DBSE
4QFDJmDBUJPOT
5XPXJSF
N"
UP7%$
$PNQMJBODF7PMUBHF
&GGFDUJWF3FTJTUBODF
"EEXIFO)"35DPNNVOJDBUJPOBDUJWF
.JOJNVN0QFSBUJOH
$VSSFOU
N"XJUIPVU"0CPBSE
.BYJNVN7PMUBHF
7%$
N"XJUI"0CPBSE
5BCMF**4PGU5PPMT4VJUF4PGUXBSF4QFDJmDBUJPOT
.JOJNVN1FOUJVNQSPDFTTPSSVOOJOH8JOEPXT
/5
91
.#UPUBMNFNPSZ .#SFDPN
NFOEFE
.#BWBJMBCMFIBSEEJTLTQBDF
$%30.
ESJWF
NJOJNVNBWBJMBCMFXJUINBYJNVNQPTTJCMF $BO
BMTPDPNNVOJDBUFWJB1$.$*"BOE64#DPOOFDUJPOT
)"35.PEFN
341$.$*"DBSE64#
)"35'JMUFS
.BZCFSFRVJSFEJODPOKVODUJPOXJUITPNF%$4
IBSEXBSF
)"35.69
.5-&-$0/
'$%-("*.
UP'
UP$
UP'
-PX
UP$
5SBOTQPSUBOE4UPSBHF
5FNQFSBUVSF3BOHF
UP' UP$
0QFSBUJOH)VNJEJUZ
OPODPOEFOTJOH
/PUF5IFBJSTVQQMZNVTUDPOGPSNUP*4"4UBOEBSE*4" BEFX
QPJOUBUMFBTUEFHSFFT'BISFOIFJUCFMPXBNCJFOUUFNQFSBUVSF
QBSUJDMF
TJ[FCFMPXmWFNJDSPOTPOFNJDSPOSFDPNNFOEFEBOEPJMDPOUFOUOPU
UPFYDFFEPOFQBSUQFSNJMMJPO
)PVTJOH.BUFSJBM
4PGU(PPET
#VOB/'MPSPTJMJDPOF
8FJHIU
QPVOET LH
BMVNJOVN
QPVOET LH
TUBJOMFTTTUFFM
!N"5ZQJDBM
)"351SPUPDPM
1PSUT
0QFSBUJOH5FNQFSBUVSF3BOHF
7%$!N"
$PNNVOJDBUJPOT
$PNQVUFS
4UBOEBSE
5BCMF*71IZTJDBM4QFDJmDBUJPOT
5BCMF*&MFDUSJDBM4QFDJmDBUJPOT
1PXFS4VQQMZ
5BCMF***&OWJSPONFOUBM$POEJUJPOT
5BCMF71PTJUJPOFS4QFDJmDBUJPOT
%FBECBOE
GVMMTDBMF
3FQFBUBCJMJUZ
GVMMTDBMF
-JOFBSJUZ
SPUBSZ
TMJEJOHTUFN
GVMMTDBMF
"JS$POTVNQUJPO
4$'. /NIS
!QTJ CBSH
5BCMF7*UPN""OBMPH0VUQVU4QFDJmDBUJPOT
1PUFOUJBM3BOHFPG3PUBUJPO
1PXFS4VQQMZ3BOHF
UP7%$ 7%$UZQJDBM
.BYJNVN-PBE3FTJTUBODF PINT
4VQQMZWPMUBHF
$VSSFOU4JHOBM0VUQVU
N"
-JOFBSJUZ
'4
3FQFBUBCJMJUZ
'4
)ZTUFSFTJT
'4
0QFSBUJOH5FNQFSBUVSF
UP' UP$
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
5BCMF7**)B[BSEPVT"SFB$FSUJmDBUJPOT
'.$4"
*OUSJOTJDBMMZ4BGF
&YQMPTJPO1SPPG
$MBTT*
%JW
(SPVQT"
#
$
%
$MBTT**
%JW
(SPVQT&
'
(
4FF'JHVSFGPSJOTUBMMBUJPOSFRVJSFNFOUT
$&/&-&$
**(&&YJB**$5
5
*OUSJOTJDBMMZ4BGF
55B$UP$
55B$UP$
**(%&&YE**#)
'MBNFQSPPG
5 5B$UP$
$PNQMJBOU
1PTJUJPOFS0QFSBUJPO
5IF-PHJY*2QPTJUJPOFSJTBOFMFDUSJDGFFECBDLJOTUSVNFOU
'JHVSFTIPXTB-PHJY*2QPTJUJPOFSJOTUBMMFEPOBEPVCMFBDU
JOHMJOFBSBDUVBUPSGPSBJSUPPQFOBDUJPO
5IF-PHJY*2SFDFJWFTQPXFSGSPNUIFUXPXJSF
N"JOQVU
TJHOBM)PXFWFS
TJODFUIJTQPTJUJPOFSVUJMJ[FT)"35DPNNVOJDB
UJPOT
UXPTPVSDFTDBOCFVTFEGPSUIFDPNNBOETJHOBM"OBMPH
BOE%JHJUBM*O"OBMPHTPVSDF
UIFN"TJHOBMJTVTFEGPSUIF
DPNNBOETPVSDF*O%JHJUBMTPVSDF
UIFMFWFMPGUIFJOQVUN"
TJHOBMJTJHOPSFEBOEBEJHJUBMTJHOBM
TFOUWJB)"35
JTVTFEBTUIF
DPNNBOETPVSDF5IFDPNNBOETPVSDFDBOCFBDDFTTFEXJUI
4PGU5PPMTTPGUXBSF
UIF)"35DPNNVOJDBUPS
PSPUIFSIPTU
TPGUXBSF
8IFUIFSJO"OBMPHPS%JHJUBM4PVSDF
JTBMXBZTEFmOFEBTUIF
WBMWFDMPTFEQPTJUJPOBOEJTBMXBZTEFmOFEBTUIFWBMWFPQFO
QPTJUJPO*O"OBMPH4PVSDF
UIFN"TJHOBMJTDPOWFSUFEUPB
QFSDFOUBHF%VSJOHMPPQDBMJCSBUJPO
UIFTJHOBMTDPSSFTQPOEJOHUP
BOEBSFEFmOFE
5IFJOQVUTJHOBMJOQFSDFOUQBTTFTUISPVHIBDIBSBDUFSJ[BUJPOMJN
JUTNPEJmFSCMPDL5IFQPTJUJPOFSOPMPOHFSVTFT$".TPSPUIFS
NFDIBOJDBMNFBOTUPDIBSBDUFSJ[FUIFPVUQVUPGUIFQPTJUJPOFS5IJT
GVODUJPOJTEPOFJOTPGUXBSF
XIJDIBMMPXTGPSJOUIFmFMEDVTUPNFS
BEKVTUNFOU5IFQPTJUJPOFSIBTUISFFCBTJDNPEFT-JOFBS
&RVBM
1FSDFOU
BOE$VTUPNDIBSBDUFSJ[BUJPO*O-JOFBSNPEF
UIFJOQVU
TJHOBMJTQBTTFETUSBJHIUUISPVHIUPUIFDPOUSPMBMHPSJUINJOB
USBOTGFS*O&RVBM1FSDFOU
NPEF
UIFJOQVUTJHOBMJTNBQQFEUP
'JHVSF-PHJY*2%JHJUBM1PTJUJPOFS4DIFNBUJD BJSUPPQFODPOmHVSBUJPO
)"355FSNJOBMT
"OBMPH0VUQVU4JHOBM
.BJO1$#
%JHJUBM1PTJUJPO"MHPSJUIN
$PNNBOE
*OQVU4JHOBM
4QPPM7BMWF
'MBNF
"SSFTUPS
&YIBVTU
1SFTTVSF
4FOTPS#PBSE
"JS4VQQMZ
0VUQVU
'MBNF
"SSFTUPS
0VUQVU
-&%
%JTQMBZ
'JMUFS
'MBNF
"SSFTUPS
4UFN
1PTJUJPO
4FOTPS
)BMM&GGFDU
4FOTPS
3FHVMBUPS
1JF[P7BMWF
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
'JHVSF4ZTUFN1PTJUJPOJOH"MHPSJUIN
"JS
4VQQMZ
5VCFE
"50
$POUSPM
"MHPSJUIN
4FOTPS
*OOFS-PPQ
0VUQVU
1NBY
1NJO
(NVMU
N"
"OBMPH
.PEF
$PNNBOE
*O
%JHJUBM
.PEF
1JF[P
7BMWF
7PMUBHF
*OQVU
4JHOBM
-JOFBS.PEF
"OBMPH
%JHJUBM
$IBSBDUFSJ[BUJPO
4PGU-JNJUT
.1$
$0/530$0.."/%
%FWJBUJPO
*OUFHSBUJPO
4VNNFS
%"
0VUQVU
1FSDFOUBHF
*OOFS
-PPQ
4QPPM
$POUSPM
4UFN
1PTJUJPO
4FOTPS
*OOFS
-PPQ
0GGTFU
BTUBOEBSESBOHFBCJMJUZDVSWF*G$VTUPNDIBSBDUFSJ[BUJPO
JTFOBCMFE
UIFJOQVUTJHOBMJTNBQQFEUPFJUIFSBEFGBVMUPVUQVU
DVSWFPSBDVTUPN
VTFSEFmOFEQPJOUPVUQVUDVSWF5IFDVTUPN
VTFSEFmOFEQPJOUPVUQVUDVSWFJTEFmOFEVTJOHBIBOEIFMEPS
1$TPGUXBSF*OBEEJUJPO
UXPVTFSEFmOFEGFBUVSFT
4PGU-JNJUTBOE
.1$ .JOJNVN1PTJUJPO$VUPGG
NBZBGGFDUUIFmOBMJOQVUTJHOBM
5IFBDUVBMDPNNBOECFJOHVTFEUPQPTJUJPOUIFTUFN
BGUFSBOZ
DIBSBDUFSJ[BUJPOPSVTFSMJNJUTIBWFCFFOFWBMVBUFE
JTDBMMFEUIF
$POUSPM$PNNBOE
5IF-PHJY*2VTFTBUXPTUBHF
TUFNQPTJUJPOJOHBMHPSJUIN
5IFUXPTUBHFTDPOTJTUPGBOJOOFSMPPQ
TQPPMDPOUSPMBOEBOPVUFS
MPPQ
TUFNQPTJUJPODPOUSPM3FGFSSJOHBHBJOUP'JHVSF
BTUFN
QPTJUJPOTFOTPSQSPWJEFTBNFBTVSFNFOUPGUIFTUFNNPWFNFOU
5IF$POUSPM$PNNBOEJTDPNQBSFEBHBJOTUUIF4UFN1PTJUJPO*G
BOZEFWJBUJPOFYJTUT
UIFDPOUSPMBMHPSJUINTFOETBTJHOBMUPUIF
JOOFSMPPQDPOUSPMUPNPWFUIFTQPPMVQPSEPXO
EFQFOEJOHVQPO
UIFEFWJBUJPO5IFJOOFSMPPQUIFORVJDLMZBEKVTUTUIFTQPPMQPTJUJPO
5IFBDUVBUPSQSFTTVSFTDIBOHFBOEUIFTUFNCFHJOTUPNPWF5IF
TUFNNPWFNFOUSFEVDFTUIFEFWJBUJPOCFUXFFO$POUSPM$PNNBOE
BOE4UFN1PTJUJPO5IJTQSPDFTTDPOUJOVFTVOUJMUIFEFWJBUJPOHPFT
UP[FSP
t /PTPGUMJNJUTFOBCMFE/P.1$TFU
5IFJOOFSMPPQDPOUSPMTUIFQPTJUJPOPGUIFTQPPMWBMWFCZNFBOTPG
BESJWFSNPEVMF5IFESJWFSNPEVMFDPOTJTUTPGBUFNQFSBUVSFDPN
QFOTBUFEIBMMFGGFDUTFOTPSBOEBQJF[PWBMWFQSFTTVSFNPEVMBUPS
5IFQJF[PWBMWFQSFTTVSFNPEVMBUPSDPOUSPMTUIFBJSQSFTTVSFVOEFS
BEJBQISBHNCZNFBOTPGBQJF[PCFBNCFOEFS5IFQJF[PCFBN
EFnFDUTJOSFTQPOTFUPBOBQQMJFEWPMUBHFGSPNUIFJOOFSMPPQFMFD
USPOJDT"TUIFWPMUBHFUPUIFQJF[PWBMWFJODSFBTFT
UIFQJF[PCFBN
CFOET
DMPTJOHPGGBHBJOTUBOP[[MFDBVTJOHUIFQSFTTVSFVOEFS
UIFEJBQISBHNUPJODSFBTF"TUIFQSFTTVSFVOEFSUIFEJBQISBHN
JODSFBTFTPSEFDSFBTFT
UIFTQPPMWBMWFNPWFTVQPSEPXOSFTQFD
UJWFMZ5IFIBMMFGGFDUTFOTPSUSBOTNJUTUIFQPTJUJPOPGUIFTQPPMCBDL
UPUIFJOOFSMPPQFMFDUSPOJDTGPSDPOUSPMQVSQPTFT
'$%-("*.
%FUBJMFE4FRVFODF
PG1PTJUJPOFS0QFSBUJPOT
"NPSFEFUBJMFEFYBNQMFFYQMBJOTUIFDPOUSPMGVODUJPO"TTVNFUIF
VOJUJTDPOmHVSFEBTGPMMPXT
t 6OJUJTJO"OBMPHDPNNBOETPVSDF
t $VTUPNDIBSBDUFSJ[BUJPOJTEJTBCMFE UIFSFGPSFDIBSBDUFSJ[BUJPOJT
-JOFBS
t 7BMWFIBT[FSPEFWJBUJPOXJUIBQSFTFOUJOQVUTJHOBMPGN"
t -PPQDBMJCSBUJPON"DPNNBOE
N"DPN
NBOE
t "DUVBUPSJTUVCFEBOEQPTJUJPOFSJTDPOmHVSFEBJSUPPQFO
(JWFOUIFTFDPOEJUJPOT
N"SFQSFTFOUTB$PNNBOETPVSDFPG
QFSDFOU$VTUPNDIBSBDUFSJ[BUJPOJTEJTBCMFETPUIF$PNNBOE
TPVSDFJTQBTTFEUPUIF$POUSPM$PNNBOE4JODF[FSPEFWJBUJPO
FYJTUT
UIF4UFN1PTJUJPOJTBMTPBUQFSDFOU8JUIUIFTUFNBUUIF
EFTJSFEQPTJUJPO
UIFTQPPMWBMWFXJMMCFBUBNJEEMFQPTJUJPOUIBUCBM
BODFTUIFQSFTTVSFTBCPWFBOECFMPXUIFQJTUPOJOUIFBDUVBUPS5IJT
JTDPNNPOMZDBMMFEUIFOVMMPSCBMBODFETQPPMQPTJUJPO
"TTVNFUIFJOQVUTJHOBMDIBOHFTGSPNN"UPN"5IFQPTJ
UJPOFSTFFTUIJTBTB$PNNBOETPVSDFPGQFSDFOU8JUI-JOFBS
DIBSBDUFSJ[BUJPO
UIF$POUSPM$PNNBOECFDPNFTQFSDFOU%FWJB
UJPOJTUIFEJGGFSFODFCFUXFFO$POUSPM$PNNBOEBOE4UFN1PTJUJPO
%FWJBUJPO
XIFSFQFSDFOUJTUIFQSFTFOU
TUFNQPTJUJPO8JUIUIJTQPTJUJWFEFWJBUJPO
UIFDPOUSPMBMHPSJUIN
TFOETBTJHOBMUPNPWFUIFTQPPMVQGSPNJUTQSFTFOUQPTJUJPO"TUIF
TQPPMNPWFTVQ
UIFTVQQMZBJSJTBQQMJFEUPUIFCPUUPNPGUIFBDUVB
UPSBOEBJSJTFYIBVTUFEGSPNUIFUPQPGUIFBDUVBUPS5IJTOFXQSFT
TVSFEJGGFSFOUJBMDBVTFTUIFTUFNUPTUBSUNPWJOHUPXBSETUIFEFTJSFE
QPTJUJPOPGQFSDFOU"TUIFTUFNNPWFT
UIF%FWJBUJPOCFHJOTUP
EFDSFBTF5IFDPOUSPMBMHPSJUINCFHJOTUPSFEVDFUIFTQPPMPQFOJOH
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
'JHVSF-JOFBS.BSL0OF$POUSPM7BMWF.PVOUJOH
-PHJY*2
1PTJUJPOFS
#SBDLFU
#PMUT
#SBDLFU
-PDLOVU
8BTIFS
'PMMPXFS
"SN
1PTJUJPOFS
#PMUT
/VU
/VU
-PDL8BTIFS
/VU
4UFN$MBNQ
'PMMPXFS1JO
5BLFPGG"SN
#PMUT
.FUBM8BTIFST
5IJTQSPDFTTDPOUJOVFTVOUJMUIF%FWJBUJPOHPFTUP[FSP"UUIJTQPJOU
UIFTQPPMXJMMCFCBDLJOJUTOVMMPSCBMBODFEQPTJUJPO4UFNNPWF
NFOUXJMMTUPQBOEUIFEFTJSFETUFNQPTJUJPOJTOPXBDIJFWFE
0OFJNQPSUBOUQBSBNFUFSIBTOPUCFFOEJTDVTTFEUPUIJTQPJOU*OOFS
MPPQPGGTFU3FGFSSJOHUP'JHVSF
BOVNCFSDBMMFE*OOFSMPPQPGGTFU
JTBEEFEUPUIFPVUQVUPGUIFDPOUSPMBMHPSJUIN*OPSEFSGPSUIFTQPPM
UPSFNBJOJOJUTOVMMPSCBMBODFEQPTJUJPO
UIFDPOUSPMBMHPSJUINNVTU
PVUQVUBOPO[FSPTQPPMDPNNBOE5IJTJTUIFQVSQPTFPGUIF*OOFS
MPPQPGGTFU5IFWBMVFPGUIJTOVNCFSJTFRVJWBMFOUUPUIFTJHOBMUIBU
NVTUCFTFOUUPUIFTQPPMQPTJUJPODPOUSPMUPCSJOHJUUPBOVMMQPTJ
UJPOXJUI[FSPEFWJBUJPO5IJTQBSBNFUFSJTJNQPSUBOUGPSQSPQFSDPO
USPMBOEJTPQUJNJ[FEBOETFUBVUPNBUJDBMMZEVSJOHTUSPLFDBMJCSBUJPO
.PVOUJOHBOE*OTUBMMBUJPO
.PVOUJOHUP7BMUFL-JOFBS
.BSL0OF7BMWFT
5PNPVOUB-PHJY*2QPTJUJPOFSUPB7BMUFLMJOFBS.BSL0OF
WBMWF
SFGFSUP'JHVSFBOEQSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOH
UPPMTBSFSFRVJSFE
t cPQFOFOEXSFODI PSGPSTQVETJ[FTBOETNBMMFS
t cCPYXSFODI
t cPQFOFOEXSFODI
3FNPWFXBTIFSBOEOVUGSPNGPMMPXFSQJOBTTFNCMZ*OTFSUQJO
JOUPUIFBQQSPQSJBUFIPMFJOGPMMPXFSBSN
CBTFEPOTUSPLFMFOHUI
5IFTUSPLFMFOHUITBSFTUBNQFEOFYUUPUIFJSDPSSFTQPOEJOH
IPMFTJOUIFGPMMPXFSBSNT.BLFTVSFUIFVOUISFBEFEFOEPGUIF
QJOJTPOUIFTUBNQFETJEFPGUIFBSN3FJOTUBMMMPDLXBTIFSBOE
UJHIUFOOVUUPDPNQMFUFGPMMPXFSBSNBTTFNCMZ
4MJEFUIFEPVCMF%TMPUJOUIFGPMMPXFSBSNBTTFNCMZPWFSUIF
nBUTPOUIFQPTJUJPOGFFECBDLTIBGUJOUIFCBDLPGUIFQPTJUJPOFS
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
.BLFTVSFUIFBSNJTQPJOUJOHUPXBSEUIFDVTUPNFSJOUFSGBDF
TJEFPGUIFQPTJUJPOFS4MJEFMPDLXBTIFSPWFSUIFUISFBETPOUIF
TIBGUBOEUJHIUFOEPXOUIFOVU
"MJHOUIFCSBDLFUXJUIUIFUISFFPVUFSNPVOUJOHIPMFTPOUIF
QPTJUJPOFS'BTUFOXJUICPMUT
"MJHOUIFUBLFPGGBSNXJUIUIFUPQQMBOFPGUIFTUFNDMBNQBOE
UJHIUFOCPMUJOH5PSRVFUPJOMC
4DSFXPOFNPVOUJOHCPMUJOUPUIFIPMFPOUIFZPLFNPVOUJOH
QBEOFBSFTUUIFDZMJOEFS4UPQXIFOUIFCPMUJTBQQSPYJNBUFMZ
cGSPNCFJOHnVTIXJUINPVOUJOHQBE
4MJQUIFMBSHFFOEPGUIFUFBSESPQTIBQFENPVOUJOHIPMFJOUIF
CBDLPGUIFQPTJUJPOFSCSBDLFUBTTFNCMZPWFSUIFNPVOUJOHCPMU
4MJEFUIFTNBMMFOEPGUIFUFBSESPQVOEFSUIFNPVOUJOHCPMUBOE
BMJHOUIFMPXFSNPVOUJOHIPMF
*OTFSUUIFMPXFSNPVOUJOHCPMUBOEUJHIUFOUIFCPMUJOH
/05&*GNPVOUFEQSPQFSMZ
UIFGPMMPXFSBSNTIPVMECFIPSJ[PO
UBMXIFOUIFWBMWFJTBUTUSPLFBOETIPVMENPWFBQQSPYJ
NBUFMZGSPNIPSJ[POUBMPWFSUIFGVMMTUSPLFPGUIFWBMWF*G
NPVOUFEJODPSSFDUMZ
BTUSPLFDBMJCSBUJPOFSSPSXJMMPDDVSBOE
UIFJOEJDBUPSMJHIUTXJMMCMJOLB:3:3PS:33:DPEFJOEJDBUJOH
UIFQPTJUJPOTFOTPSIBTHPOFPVUPGSBOHFPOPOFFOEPGUSBWFM
3FQPTJUJPOUIFGFFECBDLMJOLBHFPSSPUBUFUIFQPTJUJPOTFOTPSUP
DPSSFDUUIFFSSPS
1PTJUJPOUIFUBLFPGGBSNNPVOUJOHTMPUBHBJOTUUIFTUFNDMBNQ
NPVOUJOHQBE"QQMZ-PDUJUFUPUIFUBLFPGGBSNCPMUJOHBOE
JOTFSUUISPVHIXBTIFSTJOUPTUFNDMBNQ-FBWFCPMUTMPPTF
'JHVSF4UBOEBSE3PUBSZ.PVOUJOH
1PTJUJPOFS#PMUT
#SBDLFU#PMUT
OPUTIPXO
5BLFPGG"SN
3PUBSZ
-PDL8BTIFS
#PMU
/VU
-PHJY*2
%JHJUBM1PTJUJPOFS
4FMGUBQQJOH4DSFXT
4QMJOF-FWFS"EBQUFS
/VU
-PDL8BTIFS
'PMMPXFS"SN
-PDBUFEJOBQQSPQSJBUF
IPMFQBUUFSOBTJOEJDBUFEPO
CSBDLFU
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
.PVOUJOHUP4UBOEBSE
7BMUFL3PUBSZ7BMWFT 4FF'JHVSF
'BTUFOUIFTQMJOFMFWFSBEBQUFSUPUIFTQMJOFEMFWFSVTJOHUXPY
TFMGUBQQJOHTDSFXT
5IFTUBOEBSESPUBSZNPVOUJOHBQQMJFTUP7BMUFLWBMWFBDUVBUPSBT
TFNCMJFTUIBUEPOPUIBWFNPVOUFEWPMVNFUBOLTPSIBOEXIFFMT
5IFTUBOEBSENPVOUJOHVTFTBMJOLBHFEJSFDUMZDPVQMFEUPUIFWBMWF
TIBGU5IJTMJOLBHFIBTCFFOEFTJHOFEUPBMMPXGPSNJOJNBMNJTBMJHO
NFOUCFUXFFOUIFQPTJUJPOFSBOEUIFBDUVBUPS5IFUPPMTSFRVJSFEGPS
UIFGPMMPXJOHQSPDFEVSFBSF
t c"MMFOXSFODI
4MJEFUIFUBLFPGGBSNBTTFNCMZPOUPUIFTQMJOFMFWFSBEBQUFS
TIBGU*OTFSUUIFTDSFXXJUITUBSXBTIFSUISPVHIUIFUBLFPGG
BSNBOEBEEUIFTFDPOETUBSXBTIFSBOEOVU5JHIUFOOVUXJUI
TPDLFUTPBSNJTMJHIUMZTOVHPOUIFTIBGUCVUTUJMMBCMFUPSPUBUF
5IJTXJMMCFUJHIUFOFEBGUFSMJOLBHFJTDPSSFDUMZPSJFOUFE
"UUBDIGPMMPXFSBSNUPQPTJUJPOFSGFFECBDLTIBGUVTJOHUIFTUBS
XBTIFSBOEOVU
/05&5IFBSNXJMMQPJOUVQXIFOGFFECBDLTIBGUJTJOUIFGSFF
QPTJUJPO
t PQFOFOEXSFODI
t cPQFOFOEXSFODI
t cTPDLFUXJUIFYUFOTJPO
t cOVUESJWFS
'JHVSF0QUJPOBM3PUBSZ.PVOUJOH
FL
7BMU
-PDLOVUT
5SJQQFS
5SJQQFS$MBNQ
#SBDLFU#PMUT
#BMM+PJOU&OET
'PMMPXFS"SN
#PMUT
3PUBUF1PTJUJPOFS
5JF3PE
5JF3PENVTUCFDVUUPEFTJSFEMFOHUI
/VU
-PDL8BTIFS
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
.PVOUJOH#PMUT
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
6TJOHBFOEXSFODIBOEUXPcYCPMUT
BUUBDICSBDLFU
UPBDUVBUPSUSBOTGFSDBTFQBE-FBWFUIFTFCPMUTTMJHIUMZMPPTF
VOUJMmOBMBEKVTUNFOUTBSFNBEF
3PUBUFUBLFPGGBSNTPUIFGPMMPXFSQJOXJMMTMJEFJOUPUIFTMPUPO
UIFUBLFPGGBSN"EKVTUUIFCSBDLFUQPTJUJPOBTOFFEFEOPUJOH
UIFFOHBHFNFOUPGUIFGPMMPXFSQJOBOEUIFUBLFPGGBSNTMPU
5IFQJOTIPVMEFYUFOEBQQSPYJNBUFMZcQBTUUIFUBLFPGGBSN
8IFOQSPQFSMZBEKVTUFE
TFDVSFMZUJHIUFOUIFCSBDLFUJOHCPMUT
0SJFOUJOHUIF5BLFPGG"SNGPS'JOBM-PDL%PXO
5VCFUIF-PHJY*2QPTJUJPOFSUPUIFBDUVBUPSBDDPSEJOH
UPUIFJOTUSVDUJPOTHJWFOJO4FDUJPO
i5VCJOH1PTJUJPOFSUP
"DUVBUPSw
8JUITVQQMZQSFTTVSFPGG
SPUBUFUIFGPMMPXFSBSNJOUIFTBNF
EJSFDUJPOUIFTIBGUXPVMESPUBUFVQPOBMPTTPGTVQQMZQSFTTVSF
8IFOUIFNFDIBOJDBMTUPQPGUIFGPMMPXFSBSN QPTJUJPOFS
JT
SFBDIFE
SPUBUFCBDLBQQSPYJNBUFMZEFHSFFT
)PMEUIFUBLFPGGBSNJOQMBDFUJHIUFOUIFTDSFXPGUIFUBLFPGG
BSN
/05&5IFUBLFPGGBSNTIPVMECFTOVHFOPVHIUPIPMEUIFGPM
MPXFSBSNJOQMBDFCVUBMMPXNPWFNFOUXIFOQVTIFE
$POOFDUSFHVMBUFEBJSTVQQMZUPBQQSPQSJBUFQPSUJONBOJGPME
B 8"3/*/('BJMVSFUPGPMMPXUIJTQSPDFEVSFXJMMSFTVMU
JOQPTJUJPOFSBOEPSMJOLBHFEBNBHF$IFDLBJSBDUJPO
BOETUSPLFDBSFGVMMZCFGPSFMPDLEPXOPGUBLFPGGBSNUP
TQMJOFMFWFSBEBQUFS
0QUJPOBM7BMUFL3PUBSZ
.PVOUJOH1SPDFEVSF 4FF'JHVSF
5IFPQUJPOBMSPUBSZNPVOUJOHBQQMJFTUP7BMUFLWBMWFBDUVBUPSBTTFN
CMJFTUIBUBSFFRVJQQFEXJUINPVOUFEWPMVNFUBOLTPSIBOEXIFFMT
5IFPQUJPOBMNPVOUJOHVTFTBGPVSCBSMJOLBHFDPVQMFEUPUIFWBMWF
TIBGU5IFGPMMPXJOHUPPMTBSFSFRVJSFE
t cPQFOFOEXSFODI
t cPQFOFOEXSFODI
t PQFOFOEXSFODI
6TJOHBPQFOFOEXSFODIBOEUXPcYCPMUT
BUUBDI
CSBDLFUUPBDUVBUPSUSBOTGFSDBTFQBET-FBWFCSBDLFUMPPTFUP
BMMPXGPSBEKVTUNFOU
6TJOHGPVSYCPMUTBOEBcPQFOFOEXSFODI
GBTUFO
QPTJUJPOFSUPVOJWFSTBMCSBDLFU
VTJOHUIFGPVSIPMFQBUUFSOUIBU
MPDBUFTUIFQPTJUJPOFSUIFGBSUIFTUGSPNUIFWBMWF3PUBUFQPTJ
UJPOFSEFHSFFTGSPNOPSNBMTPHBVHFTBSFGBDJOHVQXBSE
3FNPWFNBJODPWFSBOEMPDBUF%*1TXJUDIFTBOE26*$,$"-
CVUUPO
"UUBDIGPMMPXFSBSNUPQPTJUJPOFSGFFECBDLTIBGU
VTJOHUIFTUBS
3FGFSUPTUJDLFSPONBJOCPBSEDPWFSBOETFU%*1TXJUDIFT
BDDPSEJOHMZ "NPSFEFUBJMFEFYQMBOBUJPOPGUIF%*1TXJUDI
TFUUJOHTJTHJWFOJO4FDUJPO
i4UBSUVQw
1SFTTUIF26*$,$"-CVUUPOGPSUISFFUPGPVSTFDPOETPS
VOUJMUIFQPTJUJPOFSCFHJOTUPNPWF5IFQPTJUJPOFSXJMMOPX
QFSGPSNBTUSPLFDBMJCSBUJPO
*GUIFDBMJCSBUJPOXBTTVDDFTTGVMUIFHSFFO-&%XJMMCMJOL((((
PS(((:BOEUIFWBMWFXJMMCFJODPOUSPMNPEF$POUJOVFXJUI
TUFQ*GDBMJCSBUJPOGBJMFE
BTJOEJDBUFECZB:3:3PS:33:
CMJOLDPEF
UIF"%GFFECBDLWBMVFTXFSFFYDFFEFEBOEUIFBSN
NVTUCFBEKVTUFEBXBZGSPNUIFQPTJUJPOFSTMJNJUT3FUVSOUP
TUFQBOESPUBUFUIFBSNCBDLBQQSPYJNBUFMZEFHSFFT
/05&3FNFNCFSUPSFNPWFUIFBJSTVQQMZCFGPSFSFBEKVTUJOH
UBLFPGGBSN
5JHIUFOUIFOVUPOUIFUBLFPGGBSN5IFTPDLFUIFBETDSFXPG
UIFUBLFPGGBSNNVTUCFUJHIU
BCPVUJOMC
XBTIFSBOEOVU
"UUBDIUSJQQFSBOEUSJQQFSDMBNQUPWBMWFTIBGUVTJOHUXP
CPMUTBOEUXPMPDLOVUT-FBWFUSJQQFSMPPTFPOTIBGUVOUJM
mOBMBEKVTUNFOU
5ISFBECBMMKPJOUMJOLBHFFOEUPUSJQQFSBOEUJHIUFO UISFBE
MPDLJOHDPNQPVOETVDIBT-PDUJUFJTSFDPNNFOEFEUPQSFWFOU
CBDLUISFBEJOH
"EKVTUUIFMFOHUIPGUJFSPETPGPMMPXFSBSNBOE
USJQQFSSPUBUFQBSBMMFMUPFBDIPUIFS UIFSPENVTUCFDVUUPUIF
EFTJSFEMFOHUI
$POOFDUUIFPUIFSCBMMKPJOUFOEUPGPMMPXFSBSN
VTJOHBTUBSXBTIFSBOEBOVU
5JHIUFOCSBDLFUBOEUSJQQFSCPMUJOH
$IFDLGPSQSPQFSPQFSBUJPO
OPUFEJSFDUJPOPGSPUBUJPO
B 8"3/*/(*GSPUBUJOHJOXSPOHEJSFDUJPO
TFSJPVTEBN
BHFXJMMPDDVSUPUIFQPTJUJPOFSBOEPSMJOLBHF$IFDL
BJSBDUJPOBOETUSPLFEJSFDUJPODBSFGVMMZCFGPSFJOJUJBUJOH
PQFSBUJPO
/05&*GUIFUBLFPGGBSNTMJQT
UIFQPTJUJPOFSNVTUCF
SFDBMJCSBUFE
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
5VCJOH1PTJUJPOFSUP"DUVBUPS
5IF-PHJY*2EJHJUBMQPTJUJPOFSJTJOTFOTJUJWFUPTVQQMZQSFT
TVSFDIBOHFTBOEDBOIBOEMFTVQQMZQSFTTVSFTGSPNUPQTJH
"TVQQMZSFHVMBUPSJTSFDPNNFOEFEJGUIFDVTUPNFSXJMMCFVTJOH
UIFEJBHOPTUJDGFBUVSFTPGUIF-PHJY*2CVUJTOPUSFRVJSFE*O
BQQMJDBUJPOTXIFSFUIFTVQQMZQSFTTVSFJTIJHIFSUIBOUIFNBYJNVN
BDUVBUPSQSFTTVSFSBUJOHBTVQQMZSFHVMBUPSJTSFRVJSFEUPMPXFSUIF
QSFTTVSFUPUIFBDUVBUPSTNBYJNVNSBUJOH OPUUPCFDPOGVTFEXJUI
PQFSBUJOHSBOHF
"OBJSmMUFSJTIJHIMZSFDPNNFOEFEGPSBMMBQQMJDB
UJPOTXIFSFEJSUZBJSJTBQPTTJCJMJUZ
/05&5IFBJSTVQQMZNVTUDPOGPSNUP*4"4UBOEBSE*4" B
EFXQPJOUBUMFBTU'CFMPXBNCJFOUUFNQFSBUVSF
QBSUJDMFTJ[F
CFMPXmWFNJDSPOTPOFNJDSPOSFDPNNFOEFEBOEPJMDPOUFOU
OPUUPFYDFFEPOFQBSUQFSNJMMJPO
"JSUPPQFOBOEBJSUPDMPTFBSFEFUFSNJOFECZUIFBDUVBUPSUVCJOH
OPUUIFTPGUXBSF8IFOBJSBDUJPOTFMFDUJPOJTNBEFEVSJOHDPO
mHVSBUJPO
UIBUTFMFDUJPOUFMMTUIFDPOUSPMXIJDIXBZUIFBDUVBUPS
IBTCFFOUVCFE5IFUPQPVUQVUQPSUJTDBMMFE0VUQVU*UTIPVMECF
UVCFEUPUIFTJEFPGUIFBDUVBUPSUIBUNVTUSFDFJWFBJSUPCFHJOUIF
DPSSFDUBDUJPOPOJODSFBTJOHTJHOBM7FSJGZUIBUUVCJOHJTDPSSFDUQSJPS
UPBTUSPLFDBMJCSBUJPO1SPQFSUVCJOHPSJFOUBUJPOJTDSJUJDBMGPSUIF
QPTJUJPOFSUPGVODUJPODPSSFDUMZBOEIBWFUIFQSPQFSGBJMVSFNPEF
3FGFSUP'JHVSFBOEGPMMPXUIFJOTUSVDUJPOTCFMPX
8JSJOHBOE(SPVOEJOH
(VJEFMJOFT 4FF'JHVSF
B 8"3/*/(5IJTQSPEVDUIBTFMFDUSJDBMDPOEVJUDPOOFDUJPOT
JOFJUIFSUISFBETJ[FT/15PS.XIJDIBQQFBSJEFOUJDBM
CVUBSFOPUJOUFSDIBOHFBCMF)PVTJOHTXJUI.UISFBETBSF
TUBNQFEXJUIUIFMFUUFST.BCPWFUIFDPOEVJUPQFOJOH
'PSDJOHEJTTJNJMBSUISFBETUPHFUIFSXJMMEBNBHFFRVJQNFOU
DBVTFQFSTPOBMJOKVSZBOEWPJEIB[BSEPVTMPDBUJPODFSUJm
DBUJPOT$POEVJUmUUJOHTNVTUNBUDIFRVJQNFOUIPVTJOH
UISFBETCFGPSFJOTUBMMBUJPO*GUISFBETEPOPUNBUDI
PCUBJO
TVJUBCMFBEBQUFSTPSDPOUBDUB'MPXTFSWFSFQSFTFOUBUJWF
'JHVSF'JFME5FSNJOBUJPO
)"35
N"*/165
"/"-0(
065165
)"355FSNJOBMT
N"'FFECBDL
5FSNJOBMT 0QUJPOBM
-JOFBS%PVCMFBDUJOH"DUVBUPST
'PSBMJOFBSBJSUPPQFOBDUVBUPS
UIF0VUQVUQPSUPGUIF
QPTJUJPOFSNBOJGPMEJTUVCFEUPUIFCPUUPNTJEFPGUIFBDUVBUPS
5IF0VUQVUQPSUPGUIFQPTJUJPOFSNBOJGPMEJTUVCFEUPUIFUPQ
TJEFPGUIFBDUVBUPS'PSBMJOFBSBJSUPDMPTFBDUVBUPSUIFBCPWF
DPOmHVSBUJPOJTSFWFSTFE
)PVTJOH&"35)
5FSNJOBM
'JFME
5FSNJOBUPST
$POOFDU4IJFMEBU4PVSDF
(SPVOEN"$VSSFOU4PVSDF
4IJFMEFE$BCMF
3PUBSZ%PVCMFBDUJOH"DUVBUPST
'PSBSPUBSZBDUVBUPS
UIF0VUQVUQPSUPGUIFQPTJUJPOFSNBOJGPME
JTUVCFEUPUIFCPUUPNTJEFPGUIFBDUVBUPS5IF0VUQVUQPSUPG
UIFQPTJUJPOFSNBOJGPMEJTUVCFEUPUIFUPQTJEFPGUIFBDUVBUPS
5IJTUVCJOHDPOWFOUJPOJTGPMMPXFESFHBSEMFTTPGBJSBDUJPO0O
SPUBSZBDUVBUPST
UIFUSBOTGFSDBTFPSJFOUBUJPOEFUFSNJOFTUIFBJS
BDUJPO
N"$VSSFOU4PVSDF
4JOHMFBDUJOH"DUVBUPST
'PSTJOHMFBDUJOHBDUVBUPST
UIF0VUQVUQPSUJTBMXBZTUVCFEUPUIF
QOFVNBUJDTJEFPGUIFBDUVBUPSSFHBSEMFTTPGBJSBDUJPO5IF0VUQVU
QPSUNVTUCFQMVHHFE
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
N"$PNNBOE*OQVU8JSJOH
7FSJGZQPMBSJUZXIFONBLJOHmFMEUFSNJOBUJPODPOOFDUJPO5IF-PHJY
JTSFWFSTFQPMBSJUZQSPUFDUFE8JSFN"DVSSFOUTPVSDFUP
UIFJOQVUUFSNJOBMMBCFMFEN"*OQVUPOUIFVTFSJOUFSGBDFCPBSE
TFF'JHVSF
/FWFSDPOOFDUBWPMUBHFTPVSDFEJSFDUMZBDSPTTUIF
-PHJY*2UFSNJOBMT5IFDVSSFOUNVTUBMXBZTCFMJNJUFEGPS
N"PQFSBUJPO.JOJNVNPQFSBUJOHDVSSFOUJTN"
5IFJOQVUMPPQDVSSFOUTJHOBMUPUIF-PHJY*2EJHJUBMQPTJUJPOFS
TIPVMECFJOTIJFMEFEDBCMF4IJFMETNVTUCFUJFEUPBHSPVOEBUPOMZ
POFFOEPGUIFDBCMFUPQSPWJEFBQMBDFGPSFOWJSPONFOUBMFMFDUSJDBM
OPJTFUPCFSFNPWFEGSPNUIFDBCMF*OHFOFSBM
TIJFMEXJSFTIPVME
CFDPOOFDUFEBUUIFTPVSDF
/05&5IF-PHJY*2QPTJUJPOFSDBSSJFTBOJOUSJOTJDBMMZTBGFCBS
SJFSSBUJOHPGN"*OQVUDVSSFOUTTIPVMEOPUFYDFFEN"
B 8"3/*/(/FWFSDPOOFDUBWPMUBHFTPVSDFEJSFDUMZBDSPTT
UIFQPTJUJPOFSUFSNJOBMT5IJTDPVMEDBVTFQFSNBOFOUDJSDVJU
CPBSEEBNBHF
%FUFSNJOFJGUIFMPPQXJMMTVQQPSUUIF-PHJY*2EJHJUBMQPTJUJPOFS
CZQFSGPSNJOHUIFGPMMPXJOHDBMDVMBUJPO
7PMUBHF$PNQMJBODF7PMUBHF !$VSSFOU NBY
o
$VSSFOU NBYt 3CBSSJFS3XJSF
&RVBUJPO
5IFDBMDVMBUFEWPMUBHFNVTUCFHSFBUFSUIBO7%$JOPSEFSUP
TBGFMZTVQQPSUUIF-PHJY*2EJHJUBMQPTJUJPOFS
(SPVOEJOH4DSFX
&YBNQMF
%$4$PNQMJBODF7PMUBHF7%$
5IFHSFFOHSPVOEJOHTDSFX
MPDBUFEJOTJEFUIFUFSNJOBUJPODBQ
TIPVMECFVTFEUPQSPWJEFUIFVOJUXJUIBOBEFRVBUFBOESFMJBCMF
FBSUIHSPVOESFGFSFODF5IJTHSPVOETIPVMECFUJFEUPUIFTBNF
HSPVOEBTUIFFMFDUSJDBMDPOEVJU"EEJUJPOBMMZ
UIFFMFDUSJDBMDPOEVJU
TIPVMECFFBSUIHSPVOEFEBUCPUIFOETPGJUTSVO
3CBSSJFS
3XJSF
$VSSFOU NBYN"
B 8"3/*/(5IFHSFFOHSPVOEJOHTDSFXNVTUOPUCFVTFEUP
UFSNJOBUFTJHOBMTIJFMEXJSFT
5IFBDUVBMWPMUBHFBUUIFUFSNJOBMTWBSJFTGSPNUP7%$
EFQFOEJOHPOUIFDVSSFOUN"TJHOBM
)"35DPNNVOJDBUJPOT
BOE
BNCJFOUUFNQFSBUVSF
$PNQMJBODF7PMUBHF 4FF'JHVSF
0VUQVUDPNQMJBODFWPMUBHFSFGFSTUPUIFWPMUBHFMJNJUUIBUDBOCF
QSPWJEFECZUIFDVSSFOUTPVSDF"DVSSFOUMPPQTZTUFNDPOTJTUTPG
UIFDVSSFOUTPVSDF
XJSJOHSFTJTUBODF
CBSSJFSSFTJTUBODF JGQSFTFOU
BOEUIF-PHJY*2QPTJUJPOFSJNQFEBODF5IF-PHJY*2
EJHJUBMQPTJUJPOFSSFRVJSFTUIBUUIFDVSSFOUMPPQTZTUFNBMMPXTGPS
B7%$ESPQBDSPTTUIFQPTJUJPOFSBUNBYJNVNMPPQDVSSFOU
5IF7%$ESPQBDSPTTUIF-PHJY*2QPTJUJPOFSUFSNJOBMTJT
HFOFSBUFECZUIFQPTJUJPOFSGSPNUIFN"MPPQDVSSFOUJOQVU
5IFWPMUBHF7%$JTHSFBUFSUIBOUIFSFRVJSFE7%$UIFSF
GPSF
UIJTTZTUFNXJMMTVQQPSUUIF-PHJY*2EJHJUBMQPTJUJPOFS5IF
-PHJY*2QPTJUJPOFSIBTBXPSTUDBTFJOQVUSFTJTUBODFFRVJWBMFOU
UPBUBN"JOQVUDVSSFOU
$BCMF3FRVJSFNFOUT
5IF-PHJY*2EJHJUBMQPTJUJPOFSVUJMJ[FTUIF)"35$PNNV
OJDBUJPOQSPUPDPM5IJTDPNNVOJDBUJPOTJHOBMJTTVQFSJNQPTFE
POUIFN"DVSSFOUTJHOBM5IFUXPGSFRVFODJFTVTFECZUIF
)"35QSPUPDPMBSF)[BOE)[*OPSEFSUPQSFWFOU
'JHVSF$PNQMJBODF7PMUBHF
3CBSSJFS JGQSFTFOU
3XJSF
$PNQMJBODF
7PMUBHF
$VSSFOU
4PVSDF
$VSSFOU
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
-PHJY
*2
7%$
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
4UBSUVQ
EJTUPSUJPOPGUIF)"35DPNNVOJDBUJPOTJHOBM
DBCMFDBQBDJUBODF
BOEDBCMFMFOHUISFTUSJDUJPOTNVTUCFDBMDVMBUFE5IFDBCMFMFOHUI
NVTUCFMJNJUFEJGUIFDBQBDJUBODFJTUPPIJHI4FMFDUJOHBDBCMF
-PHJY*2-PDBM*OUFSGBDF
XJUIMPXFSDBQBDJUBODFGPPUSBUJOHXJMMBMMPXMPOHFSDBCMFSVOT
0QFSBUJPO
*OBEEJUJPOUPUIFDBCMFDBQBDJUBODF
UIFOFUXPSLSFTJTUBODFBMTP
BGGFDUTUIFBMMPXBCMFDBCMFMFOHUI
5IF-PHJY*2MPDBMVTFSJOUFSGBDF 'JHVSF
BMMPXTUIFVTFSUP
*OPSEFSUPDBMDVMBUFUIFNBYJNVNOFUXPSLDBQBDJUBODF
VTFUIF
GPMMPXJOHGPSNVMB
$OFUXPSL '
b 3
CBSSJFS 3XJSF
&YBNQMF
&RVBUJPO
3CBSSJFS 7
3XJSF 7
Q' '
$DBCMF
GPPU
GPPU
DPOmHVSFUIFCBTJDPQFSBUJPOPGUIFQPTJUJPOFS
UVOFUIFSFTQPOTF
BOEDBMJCSBUFUIFQPTJUJPOFSXJUIPVUBEEJUJPOBMUPPMTPSDPOmHVSBUPST
5IF-PDBMJOUFSGBDFDPOTJTUTPGB26*$,$"-CVUUPOGPSBVUPNBUJD
[FSPBOETQBOTFUUJOH
BMPOHXJUIUXPKPHCVUUPOT BOE
GPS
TQBOOJOHWBMWFBDUVBUPSTXJUIOPmYFEJOUFSOBMTUPQJOUIFPQFO
QPTJUJPO5IFSFJTBMTPB%*1TXJUDICMPDLDPOUBJOJOHFJHIUTXJUDIFT
4FWFOPGUIFTXJUDIFTBSFGPSCBTJDDPOmHVSBUJPOTFUUJOHTBOEPOF
JTGPSDBMJCSBUJPOPQUJPOT5IFSFJTBMTPBSPUBSZTFMFDUPSTXJUDIGPS
BEKVTUJOHUIFQPTJUJPOFSHBJOTFUUJOHT'PSJOEJDBUJPOPGUIFPQFSB
UJPOBMTUBUVTPSBMBSNDPOEJUJPOTUIFSFBSFBMTPUISFF-&%TPOUIF
MPDBMVTFSJOUFSGBDF
'JHVSF-PDBM6TFS*OUFSGBDF
-&%T
'$NBYOFUXPSL G
.BYJNVN$BCMF -FOHUI
%*14XJUDI#MPDL
$NBYOFUXPSL '
$DBCMF
+PH#VUUPOT
3PUBSZ
4FMFDUPS
4XJUDI
'
.BYJNVN$BCMF -FOHUI
GU
'GPPU
5PDPOUSPMDBCMFSFTJTUBODF
"8(DBCMFTIPVMECFVTFEGPSSVOT
MFTTUIBOGFFU'PSDBCMFSVOTMPOHFSUIBOGFFU
"8(
DBCMFTIPVMECFVTFE
26*$,$"-#VUUPO
*OUSJOTJDBMMZ4BGF#BSSJFST
*OJUJBM%*14XJUDI4FUUJOHT
8IFOTFMFDUJOHBOJOUSJOTJDBMMZTBGFCBSSJFS
NBLFTVSFUIFCBSSJFSJT
)"35DPNQBUJCMF"MUIPVHIUIFCBSSJFSXJMMQBTTUIFMPPQDVSSFOUBOE #FGPSFQMBDJOHUIFVOJUJOTFSWJDF
TFUUIF%*1TXJUDIFTJOUIF$PO
BMMPXOPSNBMQPTJUJPOFSDPOUSPM
JGOPUDPNQBUJCMF
JUNBZQSFWFOU
mHVSBUJPOBOE$BMCPYFTUPUIFEFTJSFEDPOUSPMPQUJPOT"EFUBJMFE
)"35DPNNVOJDBUJPO
EFTDSJQUJPOPGFBDI%*1TXJUDITFUUJOHGPMMPXT
/05&5IF-PHJY*2QPTJUJPOFSSFBETUIF%*1TXJUDITFUUJOHT
FBDIUJNFUIF26*$,$"-CVUUPOJTQSFTTFE*GB)"35IBOEIFMEPS
'MPXTFSWF1$TPGUXBSFJTVTFEUPDPOmHVSFBOEUIFODBMJCSBUFUIF
QPTJUJPOFS
UIF%*1TXJUDIFTBSFOPUSFBE5IFBVUPUVOFBEKVTUNFOU
TXJUDIMBCFMFEi("*/wJTBMXBZTMJWFBOEDBOCFBEKVTUFEBUBOZUJNF
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
%FTDSJQUJPOPG$POmHVSBUJPO
%*14XJUDI4FUUJOHT
5IFmSTUTFWFO%*1TXJUDIFTBSFGPSCBTJDDPOmHVSBUJPO5IFGVODUJPO
PGFBDITXJUDIJTEFTDSJCFECFMPX
"JS"DUJPO
5IJTNVTUCFTFUUPNBUDIUIFDPOmHVSBUJPOPGUIFWBMWFBDUVBUPS
NFDIBOJDBMUVCJOHDPOOFDUJPOBOETQSJOHMPDBUJPOTJODFUIFTFEFUFS
NJOFUIFBJSBDUJPOPGUIFTZTUFN
"50 BJSUPPQFO
4FMFDUJOH"50JGJODSFBTJOHPVUQVUQSFTTVSF
GSPNUIFQPTJUJPOFSJTUVCFETPJUXJMMDBVTFUIFWBMWFUPPQFO
"5$ BJSUPDMPTF
4FMFDUJOH"5$JGJODSFBTJOHPVUQVUQSFTTVSF
GSPNUIFQPTJUJPOFSJTUVCFETPJUXJMMDBVTFUIFWBMWFUPDMPTF
4JHOBMBU$MPTFE
/PSNBMMZUIJTXJMMCFTFUUPN"GPSBO"JSUPPQFOBDUVBUPS
BOE
N"GPSBO"JSUPDMPTFBDUVBUPSDPOmHVSBUJPO
N" 4FMFDUJOHN"XJMMNBLFUIFWBMWFGVMMZDMPTFEXIFOUIF
TJHOBMJTN"BOEGVMMZPQFOXIFOUIFTJHOBMJTN"
N" 4FMFDUJOHN"XJMMNBLFUIFWBMWFGVMMZDMPTFEXIFO
UIFTJHOBMJTN"BOEGVMMZPQFOXIFOUIFTJHOBMJTN"
1PT$IBSBDUFSJ[BUJPO
-JOFBS 4FMFDU-JOFBSJGUIFBDUVBUPSQPTJUJPOTIPVMECFEJSFDUMZ
QSPQPSUJPOBMUPUIFJOQVUTJHOBM
0QUJPOBM 4FMFDU0QUJPOBMJGBOPUIFSDIBSBDUFSJTUJDJTEFTJSFE
XIJDIJTTFUJODPOKVODUJPOXJUIUIFOFYUTXJUDI
MBCFMFE0QUJPOBM
1PT$IBS
0QUJPOBM1PT$IBSBDUFSJ[BUJPO
*GUIF1PT$IBSBDUFSJ[BUJPOTXJUDIJTTFUUPPQUJPOBMUIFOUIJTTXJUDI
JTBDUJWFXJUIUIFGPMMPXJOHPQUJPOT
5IFPQUJPOXJMMDIBSBDUFSJ[FUIFBDUVBUPSSFTQPOTFUP
UIFJOQVUTJHOBMCBTFEPOBTUBOEBSEFRVBMQFSDFOUSBOHF
BCJMJUZDVSWF
$VTUPN *G$VTUPNJTTFMFDUFE
UIFQPTJUJPOFSXJMMCFDIBSBDUFS
J[FEUPBDVTUPNUBCMFUIBUNVTUCFTFUVQVTJOHBQSPQFSMZDPO
mHVSFE)"35IBOEIFMEPSPUIFSIPTUTPGUXBSF$VTUPN
DIBSBDUFSJ[BUJPODBOCFUIPVHIUPGBTBiTPGU$".w5IFVTFS
DBOEFmOFBDIBSBDUFSJ[BUJPODVSWFVTJOHQPJOUT5IFDPOUSPM
XJMMMJOFBSMZJOUFSQPMBUFCFUXFFOQPJOUT1PJOUTEPOPUIBWFUPCF
FRVBMMZTQBDFEJOPSEFSUPBMMPXNPSFEFmOJUJPOBUDSJUJDBMDVSWF
BSFBT5IFEFGBVMUWBMVFTXJMMMJOFBSJ[FUIFPVUQVUPGBWBMWFXJUI
BOJOIFSFOUDIBSBDUFSJTUJD FHCBMMWBMWFT
5BCMF7***$IBSBDUFSJTUJD$VSWF%BUB
'JHVSF%FGBVMU$VTUPN$IBSBDUFSJ[BUJPO
$PNNBOE
$VTUPN
-JOFBS
$POUSPM$PNNBOE
$POUSPM$PNNBOE
-JOFBS
$VTUPN
$PNNBOE
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
"VUP5VOF
5IJTTXJUDIDPOUSPMTXIFUIFSUIFQPTJUJPOFSXJMMBVUPUVOFJUTFMG
FWFSZUJNFUIF26*$,$"-CVUUPOJTQSFTTFEPSVTFQSFTFUUVOJOH
QBSBNFUFST
0O 0OFOBCMFTBOBVUPUVOFGFBUVSFUIBUXJMMBVUPNBUJDBMMZ
EFUFSNJOFUIFQPTJUJPOFSHBJOTFUUJOHTCBTFEPOUIFDVSSFOU
QPTJUJPOPGUIFBEKVTUBCMF("*/TXJUDITFUUJOHBOESFTQPOTF
QBSBNFUFSTNFBTVSFEEVSJOHUIFMBTU26*$,$"-5IF("*/
TXJUDIJTMJWF
NFBOJOHUIFTFUUJOHTDBOCFBEKVTUFEBUBOZUJNF
CZDIBOHJOHUIFSPUBSZTXJUDIQPTJUJPO /PUFUIBUUIFSFJTB
TNBMMCMBDLBSSPXJOEJDBUJOHUIFTFMFDUJPO5IFTMPUJOUIFTXJUDI
JT/05UIFJOEJDBUPS
'JHVSF"EKVTUBCMF("*/4XJUDI
*$,1
+
%
&
*
)
XBTTFUUP%JTBCMFE8JUIUIJTTFUUJOHB26*$,$"-POMZ[FSPT
BOETQBOTUIFQPTJUJPOFS
4UBCJMJUZ4XJUDI
5IJTTXJUDIBEKVTUTUIFQPTJUJPODPOUSPMBMHPSJUINPGUIFQPTJUJPOFS
GPSVTFXJUIMPXGSJDUJPODPOUSPMWBMWFTPSIJHIGSJDUJPOBVUPNBUFE
WBMWFT
-PX'SJDUJPO7BMWFT 1MBDJOHUIFTXJUDIUPUIFMFGUPQUJNJ[FT
UIFSFTQPOTFGPSMPXGSJDUJPO
IJHIQFSGPSNBODFDPOUSPMWBMWFT
5IJTTFUUJOHQSPWJEFTGPSPQUJNVNSFTQPOTFUJNFTXIFOVTFE
XJUINPTUMPXGSJDUJPODPOUSPMWBMWFT
)JHI'SJDUJPO7BMWFT 1MBDJOHUIFTXJUDIUPUIFSJHIU
PQUJNJ[FTUIFSFTQPOTFGPSWBMWFTBOEBDUVBUPSTXJUIIJHI
GSJDUJPOMFWFMT5IJTTFUUJOHTMJHIUMZTMPXTUIFSFTQPOTFBOE
XJMMOPSNBMMZTUPQMJNJUDZDMJOHUIBUDBOPDDVSPOIJHIGSJDUJPO
WBMWFT
'
%FTDSJQUJPOPG$BM
%*14XJUDI4FUUJOHT
*GUIFBEKVTUBCMF("*/TFMFDUPSTXJUDIJTTFUUPi&wXJUIUIFBVUP
UVOFTXJUDIPO
B'MPXTFSWFTUBOEBSESFTQPOTFUVOJOHTFUXJMMCF 5IFFJHIUI%*1TXJUDITFMFDUTCFUXFFOUXPDBMJCSBUJPOPQUJPOT5IF
DBMDVMBUFEBOEVTFECBTFEPOSFTQPOTFQBSBNFUFSTNFBTVSFE
GVODUJPOPGUIF$BM%*1TXJUDIJTEFTDSJCFECFMPX
EVSJOHUIFMBTU26*$,$"-
"VUP 4FMFDU"VUPJGUIFWBMWFBDUVBUPSBTTFNCMZIBTBOJOUFSOBM
*GUIFBEKVTUBCMF("*/TFMFDUPSTXJUDIJTTFUUPi%w
i$w
i#w
TUPQJOUIFPQFOQPTJUJPO*O"VUPNPEFUIFQPTJUJPOFSXJMMGVMMZ
PSi"wXJUIUIFBVUPUVOFTXJUDIPO
QSPHSFTTJWFMZMPXFSHBJO
DMPTFUIFWBMWFBOESFHJTUFSUIFQPTJUJPOBOEUIFOPQFOUIF
TFUUJOHTXJMMCFVTFECBTFEPOSFTQPOTFQBSBNFUFSTNFBTVSFE
WBMWFUPUIFTUPQUPSFHJTUFSUIFQPTJUJPOXIFOQFSGPSNJOH
EVSJOHUIFMBTU26*$,$"-
BTFMGDBMJCSBUJPO4FFEFUBJMFEJOTUSVDUJPOTJOUIFOFYUTFDUJPOPO
IPXUPQFSGPSNBOBVUPQPTJUJPOFSDBMJCSBUJPO
*GUIFBEKVTUBCMF("*/TFMFDUPSTXJUDIJTTFUUPi'w
i(w
PSi)w
XJUIUIFBVUPUVOFTXJUDIPO
QSPHSFTTJWFMZIJHIFSHBJOTFUUJOHT
XJMMCFDBMDVMBUFEBOEVTFECBTFEPOSFTQPOTFQBSBNFUFST
NFBTVSFEEVSJOHUIFMBTU26*$,$"-
0GG 0GGGPSDFTUIFQPTJUJPOFSUPVTFPOFPGUIFGBDUPSZ
QSFTFUUVOJOHTFUTEFUFSNJOFECZUIFBEKVTUBCMF("*/
TFMFDUPSTXJUDI4FUUJOHTi"wUISPVHIi)wBSFQSPHSFTTJWFMZ
IJHIFSHBJOQSFEFmOFEUVOJOHTFUT5IF("*/TFMFDUPSTXJUDI
JTMJWFBOEDBOCFBEKVTUFEBUBOZUJNFUPNPEJGZUIFUVOJOH
QBSBNFUFST
/05&i&wJTUIFEFGBVMUBEKVTUBCMF("*/TFMFDUPSTXJUDITFUUJOH
GPSBMMBDUVBUPSTJ[FT3BJTJOHPSMPXFSJOHUIFHBJOTFUUJOHJTB
GVODUJPOPGUIFQPTJUJPOFSWBMWFSFTQPOTFUPUIFDPOUSPMTJHOBM
BOEJTOPUBDUVBUPSTJ[FEFQFOEFOU
+PH 4FMFDU+PHJGUIFWBMWFBDUVBUPSBTTFNCMZIBTOPQIZTJ
DBMDBMJCSBUJPOTUPQJOUIFPQFOQPTJUJPO*OUIF+PHNPEFUIF
QPTJUJPOFSXJMMGVMMZDMPTFUIFWBMWFGPSUIFQPTJUJPOBOEUIFO
XBJUGPSUIFVTFSUPTFUUIFPQFOQPTJUJPOVTJOHUIF+PHCVUUPOT
MBCFMFEXJUIUIFVQBOEEPXOBSSPXT4FFUIFEFUBJMFEJOTUSVD
UJPOTJOUIFOFYUTFDUJPOPOIPXUPQFSGPSNBNBOVBMDBMJCSBUJPO
VTJOHUIF+PHCVUUPOT
B 8"3/*/(%VSJOHUIF26*$,$"-PQFSBUJPOUIFWBMWF
NBZTUSPLFVOFYQFDUFEMZ/PUJGZQSPQFSQFSTPOOFMUIBU
UIFWBMWFXJMMTUSPLF
BOENBLFTVSFUIFWBMWFJTQSPQFSMZ
JTPMBUFE
26*$,$"-0QFSBUJPO
$POmHVSBUJPO4XJUDIFT
5IF26*$,$"-CVUUPOJTVTFEUPMPDBMMZJOJUJBUFBDBMJCSBUJPOPG
&OBCMFE #ZTFMFDUJOH&OBCMFE
UIF-PHJY*2XJMMSFBEBMMPG
UIFQPTJUJPOFS1SFTTJOHBOEIPMEJOHUIF26*$,$"-CVUUPOGPS
UIFDPOmHVSBUJPOTXJUDIFTFBDIUJNFB26*$,$"-JTQFSGPSNFE
BQQSPYJNBUFMZUISFFTFDPOETXJMMJOJUJBUFUIFDBMJCSBUJPO*GUIF
UPEFUFSNJOFUIFDPOmHVSBUJPO
$POmH4XJUDIFTPQUJPOJTFOBCMFE
UIFTFUUJOHTPGBMMUIFDPOmHVSB
UJPOTXJUDIFTBSFSFBEBOEUIFPQFSBUJPOPGUIFQPTJUJPOFSBEKVTUFE
%JTBCMFE 4FMFDUJOH%JTBCMFESFUBJOTUIFMBTUDPOmHVSBUJPOJO
NFNPSZ GSPNUIFMBTUTVDDFTTGVMDBMJCSBUJPO
CFGPSFUIFTXJUDI BDDPSEJOHMZ"26*$,$"-DBOCFBCPSUFEBUBOZUJNFCZCSJFnZ
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
QSFTTJOHUIF26*$,$"-CVUUPOBOEUIFQSFWJPVTTFUUJOHTXJMMCF
SFUBJOFE
*GUIF2VJDL$BMJCSBUJPOTXJUDI CFDBSFGVMOPUUPDPOGVTFUIJTXJUIUIF
26*$,$"-CVUUPO
JTTFUUP"VUPBOEUIFWBMWFBDUVBUPSBTTFNCMZ
IBTUIFOFDFTTBSZJOUFSOBMTUPQTUIFDBMJCSBUJPOXJMMDPNQMFUFBVUP
NBUJDBMMZ8IJMFUIFDBMJCSBUJPOJTJOQSPHSFTTZPVXJMMOPUJDFBTFSJFT
PGEJGGFSFOUMJHIUTnBTIJOHJOEJDBUJOHUIFDBMJCSBUJPOQSPHSFTT8IFO
UIFMJHIUTSFUVSOUPBTFRVFODFUIBUTUBSUTXJUIBHSFFOMJHIUUIFDBMJ
CSBUJPOJTDPNQMFUF"OFYQMBOBUJPOPGUIFWBSJPVTMJHIUTFRVFODFT
GPMMPXT5IFJOJUJBMDBMJCSBUJPOPGFYUSFNFMZMBSHFPSTNBMMBDUVBUPST
NBZSFRVJSFTFWFSBMDBMJCSBUJPOBUUFNQUT5IFQPTJUJPOFSBEBQUTUP
UIFBDUVBUPSQFSGPSNBODFBOECFHJOTFBDIDBMJCSBUJPOXIFSFUIF
MBTUBUUFNQUFOEFE0OBOJOJUJBMJOTUBMMBUJPOJUJTSFDPNNFOEFEUIBU
BGUFSUIFmSTUTVDDFTTGVMDBMJCSBUJPOUIBUPOFNPSFDBMJCSBUJPOCF
DPNQMFUFEGPSPQUJNVNQFSGPSNBODF
B 8"3/*/(8IFOPQFSBUJOHVTJOH26*$,$"-PSMPDBMDPO
USPM
UIFWBMWFXJMMOPUSFTQPOEUPFYUFSOBMDPNNBOET/PUJGZ
QSPQFSQFSTPOOFMUIBUUIFWBMWFXJMMOPUSFTQPOEUPSFNPUF
DPNNBOEDIBOHFT
BOENBLFTVSFUIFWBMWFJTQSPQFSMZ
JTPMBUFE
.BOVBM+PH$BMJCSBUJPO0QFSBUJPO
*GUIF2VJDL$BMJCSBUJPOTXJUDIJTTFUUP+PH
UIFDBMJCSBUJPOXJMM
JOJUJBMMZDMPTFUIFWBMWFUIFODBVTFBTNBMMKVNQJOUIFWBMWF
QPTJUJPO5IFKPHDBMJCSBUJPOQSPDFTTXJMMPOMZBMMPXUIFVTFSUP
NBOVBMMZTFUUIFTQBO[FSPQPTJUJPOJTBVUPNBUJDBMMZBMXBZTTFU
BUUIFTFBU*GBOFMFWBUFE[FSPJTOFFEFEBIBOEIFMEPSPUIFS
1$CBTFEDPOmHVSBUJPOTPGUXBSFJTSFRVJSFE8IFOQFSGPSNJOH
BKPHDBMJCSBUJPO
UIF-&%TXJMMnBTIJOBTFRVFODFPG:33(
ZFMMPXSFESFEHSFFO
XIJDIJOEJDBUFTUIBUUIFVTFSNVTUVTF
UIF+PHCVUUPOT BOE
UPNBOVBMMZQPTJUJPOUIFWBMWFUP
BQQSPYJNBUFMZ8IFOUIFWBMWFJTBQQSPYJNBUFMZ
PQFOQSFTTCPUIUIF+PHCVUUPOT BOE
TJNVMUBOFPVTMZ
UPQSPDFFEUPUIFOFYUTUFQ5IFWBMWFXJMMTUSPLFBOEUIFOXBJU
XIJMFnBTIJOHUIF:33(TFRVFODFBHBJO
BMMPXJOHUIFVTFSUP
BEKVTUUIFWBMWFQPTJUJPOBTFDPOEUJNFUPFYBDUMZVTJOHUIF
+PHCVUUPOT BOE
8IFOUIFTUFNJTQSPQFSMZQPTJUJPOFE
QSFTTCPUIUIF+PHCVUUPOT BOE
TJNVMUBOFPVTMZBHBJOUP
SFHJTUFSUIFQPTJUJPOBOEQSPDFFE/PNPSFVTFSBDUJPOT
BSFSFRVJSFEXIJMFUIFDBMJCSBUJPOQSPDFTTJTDPNQMFUFE8IFO
UIFMJHIUTSFUVSOUPBTFRVFODFUIBUTUBSUTXJUIBHSFFOMJHIU
UIFDBMJCSBUJPOJTDPNQMFUF"OFYQMBOBUJPOPGUIFWBSJPVTMJHIU
TFRVFODFTGPMMPXT
'$%-("*.
-PDBM$POUSPMPG7BMWF1PTJUJPO
-PDBMDPOUSPMPGWBMWFQPTJUJPODBOCFBDIJFWFEGSPNUIFVTFSJOUFS
GBDFCZIPMEJOHEPXOCPUI+PHCVUUPOTBOEUIF26*$,$"-CVUUPO
TJNVMUBOFPVTMZGPSUISFFTFDPOET8IJMFJOUIJTNPEFUIF-&%TXJMM
nBTIB:(33 ZFMMPXHSFFOSFESFE
TFRVFODF6TFUIFUXP+PHCVU
UPOT BOE
UPNBOVBMMZDPOUSPMUIFQPTJUJPOPGUIFWBMWF5PFYJU
UIFMPDBMDPOUSPMNPEFBOESFUVSOUPOPSNBMPQFSBUJPO
CSJFnZQSFTT
UIF26*$,$"-CVUUPO
'BDUPSZ3FTFU
B 8"3/*/(1FSGPSNJOHBGBDUPSZSFTFUNBZSFTVMUJOUIFJO
BCJMJUZUPPQFSBUFUIFWBMWFVOUJMSFDPOmHVSFEQSPQFSMZ/PUJGZ
QSPQFSQFSTPOOFMUIBUUIFWBMWFNBZTUSPLF
BOENBLFTVSF
UIFWBMWFJTQSPQFSMZJTPMBUFE
$PNNBOE4PVSDF3FTFU
1FSGPSNJOHBDPNNBOETPVSDFSFTFUXJMMSFTFUUIFDPNNBOE
TPVSDFUPBOBMPHTPVSDFJGJUIBTCFFOJOBEWFSUFOUMZMFGUJOEJHJUBM
NPEF5IJTJTEPOFXIJMFB26*$,$"-JTJOQSPDFTTCZIPMEJOH
EPXOCPUIUIF+PHCVUUPOT BOE
XIJMFCSJFnZQSFTTJOH
UIF26*$,$"-CVUUPO"OFX26*$,$"-NVTUCFEPOFBGUFS
SFTFUUJOH
-PHJY*24UBUVT$POEJUJPO
5IFCMJOLDPEFTVTFEUPDPOWFZUIFTUBUVTPGUIF-PHJY*2
EJHJUBMQPTJUJPOFSBSFEFTDSJCFEJOUIFUBCMFCFMPX*OHFOFSBM
BOZTFRVFODFTUBSUJOHXJUIBHSFFOMJHIUnBTIJOHmSTUJTBOPSNBM
PQFSBUJOHNPEFBOEJOEJDBUFTUIBUUIFSFBSFOPJOUFSOBMQSPCMFNT
"OZTFRVFODFTUBSUJOHXJUIBZFMMPXMJHIUnBTIJOHJOEJDBUFTUIBU
UIFVOJUJTJOBTQFDJBMDBMJCSBUJPOPSUFTUNPEF
PSUIBUUIFSFXBTB
DBMJCSBUJPOQSPCMFN"OZTFRVFODFTUBSUJOHXJUIBSFEMJHIUnBTIJOH
JOEJDBUFTUIBUUIFSFJTBOPQFSBUJPOBMQSPCMFNXJUIUIFVOJU
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
(
:
:(:(
4JHOBUVSFUFTUJOQSPHSFTT 5IJTJTBUFTUJOJUJBUFECZ
'MPXTFSWFTVQQMJFETPGUXBSFUIBUDBOPOMZCFDBODFMMFECZ
UIBUTPGUXBSF
:::(
-PPQDBMJCSBUJPOJOQSPHSFTT $BMJCSBUJPOTFRVFODF
DPOUSPMMFECZBIBOEIFMEPS'MPXTFSWFTVQQMJFETPGUXBSF
UIBUDBOPOMZCFDBODFMMFECZUIBUTPGUXBSF
:3((
4USPLFDBMJCSBUJPOJOQSPHSFTT $BMJCSBUJPOTFRVFODF
TUBSUFEFJUIFSVTJOHUIFMPDBM26*$,$"-CVUUPOPSCZ
BIBOEIFMEPS'MPXTFSWFTVQQMJFETPGUXBSF*UNBZCF
DBODFMMFECZCSJFnZQVTIJOHUIF26*$,$"-CVUUPO
:(33
-PDBMKPHDPOUSPMNPEF 5IFVOJUIBTCFFOQMBDFEJOB
MPDBMPWFSSJEFNPEFXIFSFUIFWBMWFDBOPOMZCFTUSPLFE
VTJOHUIFUXPMPDBMKPHCVUUPOT*UNBZCFDBODFMMFECZ
CSJFnZQVTIJOHUIF26*$,$"-CVUUPO
::(3
1SFTTVSFDBMJCSBUJPOJOQSPHSFTT $BMJCSBUJPOTFRVFODF
DPOUSPMMFECZBIBOEIFMEPS'MPXTFSWFTVQQMJFETPGUXBSF
UIBUDBOPOMZCFDBODFMMFECZUIBUTPGUXBSF
::::
-PDBMVTFSJOUFSGBDFEJTBCMFE 1$TPGUXBSFIBTCFFO
VTFEUPEJTBCMFUIFMPDBMJOUFSGBDF*GMPDBMDPOUSPMJT
EFTJSFEUIFOUIFMPDBMJOUFSGBDFNVTUCFSFFOBCMFEGSPN
UIFSFNPUFTPGUXBSF5IJTDPEFJTPOMZQSFTFOUGPSBTIPSU
UJNFXIFOUIF26*$,$"-CVUUPOJTQSFTTFE
:33(
8BJUJOH "EKVTUUPGVMMPQFOQPTJUJPOTFUUJOHGSPN
6TFSPOMZVTFEEVSJOH+PHDBMJCSBUJPOTFFFYQMBOBUJPOJO
4FDUJPO
i26*$,$"-
wGPSPQFSBUJPO
:3:(
4FUUJOH*-PGGTFUXIJMFDBMJCSBUJOH "OBVUPNBUJDTUFQJO
UIFDBMJCSBUJPOQSPDFTTUIBUJTEPOFXJUIUIFWBMWFBU
QPTJUJPO5IJTNVTUCFDPNQMFUFEGPSQSPQFSDBMJCSBUJPO
:3::
/PGFFECBDLNPUJPOXIJMFDBMJCSBUJOH *OEJDBUFTUIBU
UIFSFXBTOPNPUJPOPGUIFBDUVBUPSCBTFEPOUIFDVSSFOU
TUSPLFUJNFDPOmHVSBUJPO$IFDLMJOLBHFTBOEBJSTVQQMZ
UPNBLFTVSFUIFTZTUFNJTQSPQFSMZDPOOFDUFE*GUIF
UJNFPVUPDDVSSFECFDBVTFUIFBDUVBUPSJTWFSZMBSHF
UIFOTJNQMZSFUSZUIF26*$,$"-BOEUIFQPTJUJPOFSXJMM
BVUPNBUJDBMMZBEKVTUGPSBMBSHFSBDUVBUPSCZEPVCMJOHUIF
UJNFBMMPXFEGPSNPWFNFOU5IJTFSSPSNBZCFDMFBSFECZ
CSJFnZQVTIJOHUIF26*$,$"-CVUUPO
XIJDIXJMMGPSDF
UIFQPTJUJPOFSUPVTFUIFQBSBNFUFSTGSPNUIFMBTUHPPE
DBMJCSBUJPO
:3:3
'FFECBDLPVUPGSBOHF $BMJCSBUJPOFSSPSJOEJDBU
JOHUIBUUIFQPTJUJPOTFOTPSXBTPVUPGSBOHFEVSJOHUIF
DBMJCSBUJPOPGUIFDMPTFEQPTJUJPO5PDPSSFDUUIFDPOEJUJPO
BEKVTUUIFQPTJUJPOFSNPVOUJOH
MJOLBHFPSGFFECBDLQP
UFOUJPNFUFSUPNPWFUIFQPTJUJPOTFOTPSCBDLJOUPSBOHF
UIFOSFTUBSUUIFDBMJCSBUJPO5IJTFSSPSNBZCFDMFBSFECZ
CSJFnZQVTIJOHUIF26*$,$"-CVUUPO
XIJDIXJMMGPSDF
UIFQPTJUJPOFSUPVTFUIFQBSBNFUFSTGSPNUIFMBTUHPPE
DBMJCSBUJPO
/PSNBMPQFSBUJPO "OBMPH$PNNBOENPEF/PFSSPST
BMFSUT
PSXBSOJOHT
(((:
5JHIUTIVUPGG .1$
BDUJWF 5IFDPNNBOEJTCFMPXUIF
VTFSTFUMJNJUGPSUJHIUTIVUPGGGFBUVSF5IJTJTBOPSNBM
DPOEJUJPOGPSBDMPTFEWBMWF5IFGBDUPSZEFGBVMUTFUUJOH
JTDPNNBOE5PDMFBSUIFDPOEJUJPOVTFIBOEIFMEPS
'MPXTFSWFTVQQMJFETPGUXBSFUPSFTFUUIFUJHIUTIVUPGGJG
UIFSBOHFJTJODPSSFDUPSBEKVTUUIFDPNNBOETJHOBMBCPWF
UIFTQFDJmFE.1$WBMVF
%JHJUBMDPNNBOENPEF 5IFBOBMPHN"JOQVUTJH
OBMJTJHOPSFEJOUIJTNPEFBOEBIBOEIFMEPS'MPXTFSWF
TVQQMJFETPGUXBSFJTOFFEFEUPDIBOHFUIFQPTJUJPO
DPNNBOE /PUFBDPNNBOESFTFUJTQSPWJEFEUPDIBOHF
UIFDPNNBOECBDLUPBOBMPHDPOUSPMNPEFGSPNUIFMPDBM
JOUFSGBDFJGB1$PSIBOEIFMEDPOmHVSBUPSJTOPUBWBJMBCMF
((:3
*OJUJBMJ[JOH 5IJTTFRVFODFTIPVMEPOMZCFWJTJCMFGPS
UISFFTFRVFODFTXIFOQPXFSJOHVQUIFVOJU
((3(
$ZDMFMJNJUFYDFFEFE VTFSTFU
5IFDZDMFMJNJUTFUCZ
UIFVTFSIBTCFFOFYDFFEFE5PDMFBSVTFIBOEIFMEPS
'MPXTFSWFTVQQMJFETPGUXBSFUPSFTFU
((3:
5SBWFMMJNJUFYDFFEFE VTFSTFU
5IFUPUBMBDDVNVMBUFE
USBWFMMJNJUTFUCZUIFVTFSIBTCFFOFYDFFEFE5PDMFBS
VTFIBOEIFMEPS'MPXTFSWFTVQQMJFETPGUXBSFUPSFTFU
(::3
-PXFSTPGUTUPQSFBDIFE VTFSTFU
5IFVOJUJTCFJOH
DPNNBOEFEUPFYDFFEBVTFSEFmOFEMPXFSQPTJUJPOMJNJU
BOEUIFJOUFSOBMTPGUXBSFJTIPMEJOHUIFQPTJUJPOBUUIF
MJNJU5IFGVODUJPOJTTJNJMBSUPBNFDIBOJDBMMJNJUTUPQFY
DFQUJUJTOPUBDUJWFJGUIFVOJUJTVOQPXFSFE5PDMFBSUIF
DPOEJUJPOVTFIBOEIFMEPS'MPXTFSWFTVQQMJFETPGUXBSFUP
SFTFUUIFMJNJUJGNPSFUSBWFMJTOFFEFEPSBEKVTUUIFDPN
NBOETJHOBMCBDLJOUIFTQFDJmFESBOHF
(:3:
6QQFSTPGUTUPQSFBDIFE VTFSTFU
5IFVOJUJTCFJOH
DPNNBOEFEUPFYDFFEBVTFSEFmOFEVQQFSQPTJUJPOMJNJU
BOEUIFJOUFSOBMTPGUXBSFJTIPMEJOHUIFQPTJUJPOBUUIF
MJNJU5IFGVODUJPOJTTJNJMBSUPBNFDIBOJDBMMJNJUTUPQFY
DFQUJUJTOPUBDUJWFJGUIFVOJUJTVOQPXFSFE5PDMFBSUIF
DPOEJUJPOVTFIBOEIFMEPS'MPXTFSWFTVQQMJFETPGUXBSFUP
SFTFUUIFMJNJUJGNPSFUSBWFMJTOFFEFEPSBEKVTUUIFDPN
NBOETJHOBMCBDLJOUIFTQFDJmFESBOHF
(3:3
-PXFSQPTJUJPOBMFSU VTFSTFU
5IFQPTJUJPOIBT
SFBDIFEPSJTFYDFFEJOHBVTFSEFmOFEMPXFSQPTJUJPO
JOEJDBUPSTJNJMBSUPBMJNJUTXJUDIJOEJDBUPS5PDMFBSUIF
DPOEJUJPOVTFIBOEIFMEPS'MPXTFSWFTVQQMJFETPGUXBSF
UPSFTFUUIFJOEJDBUPSJGNPSFUSBWFMJTOFFEFEPSBEKVTUUIF
DPNNBOETJHOBMCBDLJOUIFTQFDJmFESBOHF
(33:
6QQFSQPTJUJPOBMFSU VTFSTFU
5IFQPTJUJPOIBT
SFBDIFEPSJTFYDFFEJOHBVTFSEFmOFEVQQFSQPTJUJPO
JOEJDBUPSTJNJMBSUPBMJNJUTXJUDIJOEJDBUPS5PDMFBSUIF
DPOEJUJPOVTFIBOEIFMEPS'MPXTFSWFTVQQMJFETPGUXBSF
UPSFTFUUIFJOEJDBUPSJGNPSFUSBWFMJTOFFEFEPSBEKVTUUIF
DPNNBOETJHOBMCBDLJOUIFTQFDJmFESBOHF
*OEJDBUJPOBOE3FTPMVUJPO
"OZTFRVFODFTUBSUJOHXJUIBHSFFOMJHIUnBTIJOHmSTUJT
BOPSNBMPQFSBUJOHNPEFBOEJOEJDBUFTUIBUUIFSFBSF
OPJOUFSOBMQSPCMFNT
((((
((:(
*EFOUJmFS
*OEJDBUJPOBOE3FTPMVUJPO
$PMPST
*EFOUJmFS
$PMPST
-PHJY1PTJUJPOFST
"OZTFRVFODFTUBSUJOHXJUIBZFMMPXMJHIUJOEJDBUFTUIBU
UIFVOJUJTJOBTQFDJBMDBMJCSBUJPOPSUFTUNPEF
PSUIBU
UIFSFXBTBDBMJCSBUJPOQSPCMFN
$POUJOVFEPOQBHF
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
:333
:3(3
3
'FFECBDLPVUPGSBOHF $BMJCSBUJPOFSSPSJOEJDBU
JOHUIBUUIFQPTJUJPOTFOTPSXBTPVUPGSBOHFEVSJOHUIF
DBMJCSBUJPOPGUIFPQFOQPTJUJPO5PDPSSFDUUIFDPOEJUJPO
BEKVTUUIFQPTJUJPOFSNPVOUJOH
MJOLBHFPSGFFECBDLQP
UFOUJPNFUFSUPNPWFUIFQPTJUJPOTFOTPSCBDLJOUPSBOHF
UIFOSFTUBSUUIFDBMJCSBUJPO5IJTFSSPSNBZCFDMFBSFECZ
CSJFnZQVTIJOHUIF26*$,$"-CVUUPO
XIJDIXJMMGPSDF
UIFQPTJUJPOFSUPVTFUIFQBSBNFUFSTGSPNUIFMBTUHPPE
DBMJCSBUJPO
'FFECBDLTQBOUPPTNBMM 5IFSBOHFPGNPUJPOPG
UIFQPTJUJPOGFFECBDLBSNXBTUPPTNBMMGPSPQUJNVN
QFSGPSNBODF$IFDLGPSMPPTFMJOLBHFTBOEPSBEKVTUUIF
GFFECBDLQJOUPBQPTJUJPODMPTFSUPUIFGPMMPXFSBSNQJWPU
UPDSFBUFBMBSHFSBOHMFPGSPUBUJPOBOESFDBMJCSBUF#SJFnZ
QVTIJOHUIF26*$,$"-CVUUPOBDLOPXMFEHFTUIJTDPOEJ
UJPOBOEUIFQPTJUJPOFSXJMMPQFSBUFVTJOHUIFDVSSFOUTIPSU
TUSPLFDBMJCSBUJPOJGPUIFSXJTFBHPPEDBMJCSBUJPO
'FFECBDLVOTUBCMFXIJMFDBMJCSBUJOH $IFDLGPSMPPTF
MJOLBHFTPSMPPTFQPTJUJPOFSTFOTPS5IJTFSSPSNBZCF
DMFBSFECZCSJFnZQVTIJOHUIF26*$,$"-CVUUPO
XIJDI
XJMMGPSDFUIFQPTJUJPOFSUPVTFUIFQBSBNFUFSTGSPNUIF
MBTUHPPEDBMJCSBUJPO5IJTFSSPSNBZBQQFBSPOTPNFWFSZ
TNBMMBDUVBUPSTEVSJOHUIFJOJUJBMDBMJCSBUJPO3FEPJOHUIF
DBMJCSBUJPONBZDMFBSUIFQSPCMFN
3:3:
1JMPUSFMBZVQQFSQPTJUJPOBMFSU $IFDLUPNBLFTVSF
UIFBJSTVQQMZJTDPOOFDUFE"MTPDIFDLUIFJOUFSOBMXJS
JOHIBSOFTTFTGPSHPPEDPOOFDUJPOT5IJTFSSPSNBZCF
DMFBSFECZCSJFnZQVTIJOHUIF26*$,$"-CVUUPO
XIJDI
XJMMGPSDFUIFQPTJUJPOFSUPVTFUIFQBSBNFUFSTGSPNUIF
MBTUHPPEDBMJCSBUJPO*GUIFQPTJUJPOFSTUJMMEPFTOPUPQFS
BUFSFQMBDFUIFQOFVNBUJDSFMBZBTTFNCMZ
33((
8BUDIEPHUJNFSUJNFPVU BMTPMJTUFEBTJOUFSOBMWPMUBHF
SFGFSFODF
5IJTJTPGUFODBVTFEXIFOJOUFSNJUUFOU
PQFSBUJPOPDDVSTXIFODPOOFDUJOHQPXFS3FNPWFQPXFS
BOEUIFOSFDPOOFDUUPDMFBS*GQSPCMFNQFSTJTUTJUJTBCBE
FMFDUSPOJDBTTFNCMZ
SFQMBDF
33:(
*OUFSOBMUFNQFSBUVSFBMFSU 5IFJOUFSOBMQPTJUJPOFS
UFNQFSBUVSFJTDVSSFOUMZFYDFFEJOHPQFSBUJPOBMMJNJUTPG
' $
PS' $
1PTJUJPOEFWJBUJPO VTFSTFU
5IFQPTJUJPOIBT
FYDFFEFEVTFSEFmOFEFSSPSCBOECFUXFFODPNNBOEBOE
QPTJUJPO
3(::
1SFTTVSFSFBEJOHPVUPGSBOHF 5IFJOUFSOBMQSFTTVSF
TFOTPSTBSFFJUIFSTBUVSBUFEXJUIBQSFTTVSFPWFSQTJ
PSUIFTFOTPSIBTGBJMFE$IFDLTVQQMZQSFTTVSFBOEJG0,
DIFDLUIFQSFTTVSFTFOTPSCPBSEDPOOFDUJPOTBOESFQMBDF
QSFTTVSFTFOTPSCPBSEJGOFDFTTBSZ
3(:3
-PTTPGTVQQMZQSFTTVSF 5IF1PTJUJPOFSIBTEFUFSNJOFE
UIBUUIFTVQQMZQSFTTVSFJTCFMPXQTJ$IFDLUIFTVQQMZ
QSFTTVSFBOEJG0,DIFDLUIFQSFTTVSFTFOTPSCPBSEDPO
OFDUJPOTBOESFQMBDFQSFTTVSFTFOTPSCPBSEJGOFDFTTBSZ
.JOJNVNSFDPNNFOEFETVQQMZQSFTTVSFJTQTJGPS
QSPQFSPQFSBUJPO
3:::
1JMPUSFMBZOPONPUJPOBMFSU $IFDLUPNBLFTVSFUIFBJS
TVQQMZJTDPOOFDUFE"MTPDIFDLUIFJOUFSOBMXJSJOHIBS
OFTTFTGPSHPPEDPOOFDUJPOT5IJTFSSPSNBZCFDMFBSFE
CZCSJFnZQVTIJOHUIF26*$,$"-CVUUPO
XIJDIXJMMGPSDF
UIFQPTJUJPOFSUPVTFUIFQBSBNFUFSTGSPNUIFMBTUHPPE
DBMJCSBUJPO*GUIFQPTJUJPOFSTUJMMEPFTOPUPQFSBUFSFQMBDF
UIFQOFVNBUJDSFMBZBTTFNCMZ
1JMPUSFMBZMPXFSQPTJUJPOBMFSU $IFDLUPNBLFTVSF
UIFBJSTVQQMZJTDPOOFDUFE"MTPDIFDLUIFJOUFSOBMXJS
JOHIBSOFTTFTGPSHPPEDPOOFDUJPOT5IJTFSSPSNBZCF
DMFBSFECZCSJFnZQVTIJOHUIF26*$,$"-CVUUPO
XIJDI
XJMMGPSDFUIFQPTJUJPOFSUPVTFUIFQBSBNFUFSTGSPNUIF
MBTUHPPEDBMJCSBUJPO*GUIFQPTJUJPOFSTUJMMEPFTOPUPQFS
BUFSFQMBDFUIFQOFVNBUJDSFMBZBTTFNCMZ
'$%-("*.
*OEJDBUJPOBOE3FTPMVUJPO
33::
33:3
*OUFSOBMWPMUBHFSFGFSFODFFSSPS *OEJDBUFTUIBUUIF
DJSDVJUCPBSEJTESBXJOHUPPNVDIQPXFS$IFDLJOUFSOBM
XJSJOHBOEDPOOFDUPSTGPSFMFDUSJDBMTIPSUTJGOPTIPSUT
BSFQSFTFOU
SFQMBDFUIFFMFDUSPOJDBTTFNCMZ
333:
/73".DIFDLTVNFSSPS 5IFDIFDLTVNPGUIFJOUFSOBM
EBUBXBTOPUVQEBUFEDPSSFDUMZ$ZDMFQPXFSBOEDPNQMFUF
B26*$,$"-JGFSSPSQFSTJTUT$IFDLJOUFSOBMEBUBUP
WFSJGZDPSSFDUTFUUJOHT*GUIFFSSPSTUJMMPDDVST
SFQMBDFUIF
FMFDUSPOJDBTTFNCMZ
"OZTFRVFODFTUBSUJOHXJUIBSFEMJHIUJOEJDBUFTUIBU
UIFSFJTBOPQFSBUJPOBMQSPCMFNXJUIUIFVOJU
3(33
3::3
*EFOUJmFS
*EFOUJmFS
:33:
*OEJDBUJPOBOE3FTPMVUJPO
$PMPST
$PMPST
-PHJY1PTJUJPOFST
7FSTJPO/VNCFS$IFDLJOH
5IFWFSTJPOOVNCFSPGUIFFNCFEEFEDPEFNBZCFDIFDLFEBUBOZ
UJNFFYDFQUEVSJOHBDBMJCSBUJPOCZIPMEJOHEPXOUIFVQBSSPX+PH
CVUUPO
5IJTXJMMOPUBMUFSUIFPQFSBUJPOPGUIFVOJUPUIFSUIBO
UPDIBOHFUIFCMJOLTFRVFODFUPUISFFCMJOLTJOEJDBUJOHUIFNBKPS
WFSTJPOOVNCFS)PMEJOHUIFEPXOBSSPX+PHCVUUPO
XJMMHJWF
UIFNJOPSWFSTJPOOVNCFSXJUIPVUBGGFDUJOHPQFSBUJPO5IFWFSTJPO
DPEFTBSFJOUFSQSFUFECZBEEJOHVQUIFOVNCFSTBTTJHOFEBDDPSEJOH
UPUIFGPMMPXJOHUBCMF
$PMPS
'JSTU
CMJOLWBMVF
4FDPOE
CMJOLWBMVF
5IJSE
CMJOLWBMVF
(SFFO
:FMMPX
3FE
'PSFYBNQMFJGIPMEJOHUIFVQBSSPX+PHCVUUPO
HBWFB((3
DPEF
BOEIPMEJOHUIFEPXOBSSPX+PHCVUUPO
HBWFB::(
DPEFUIFOUIFSFTVMUJOHWFSTJPOOVNCFSXPVMECF
PSWFSTJPO
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
4PGU5PPMT$POmHVSBUJPOBOE
%JBHOPTUJD4PGUXBSFBOE)"35
)BOEIFME$PNNVOJDBUPS
'MPXTFSWF$PSQPSBUJPOIBTXSJUUFODVTUPNDPOmHVSBUJPOBOE
EJBHOPTUJDTPGUXBSFGPSUIF-PHJY*2EJHJUBMQPTJUJPOFSDBMMFE
4PGU5PPMT5IJTTPGUXBSFBOEUIF4PGU5PPMT2VJDL4UBSU(VJEFBSF
BWBJMBCMFGSPNB'MPXTFSWFSFQSFTFOUBUJWF
5IF-PHJY*2EJHJUBMQPTJUJPOFSTVQQPSUTBOEJTTVQQPSUFECZ
UIF)"35)BOEIFME$PNNVOJDBUPS5IF%FWJDF%FTDSJQUJPO
%%
mMFTBOEUIFNBOVBMTMJTUFECFMPXDBOCFPCUBJOFEGSPNUIF
)"35$PNNVOJDBUJPO'PVOEBUJPOPSGSPNZPVS'MPXTFSWFSFQSFTFO
UBUJWF'PSNPSFJOGPSNBUJPOQMFBTFTFFUIFGPMMPXJOHHVJEFT
'JHVSF%SJWFS.PEVMF"TTFNCMZ
1SFTTVSF4FOTPS#PBSE
.BJOUFOBODFBOE3FQBJS
%SJWFS.PEVMF"TTFNCMZ
1SFTTVSF4FOTPS
#PBSE$POOFDUJPO
4UFN1PTJUJPO
4FOTPS
$POOFDUJPO
1SFTTVSF
.PEVMBUPS
$POOFDUJPO
.BJO1$#
3FUBJOJOH
4DSFX
0SJOH
%SJWFS.PEVMF
"TTFNCMZ
1PTJUJPOXJSFT
UPUIFSFBS
PG.PEVMBUPS
"OBMPH
0VUQVU#PBSE
1SFTTVSF.PEVMBUPS$POOFDUPS
6TFS*OUFSGBDF
#PBSE$POOFDUJPO
)BMM4FOTPS
$POOFDUJPO
t 1SPEVDU.BOVBMGPSUIF)"35$PNNVOJDBUPS
t -PHJY*2%JHJUBM1PTJUJPOFSXJUI)"35$PNNVOJDB
UPS6TFS(VJEF
3FHVMBUPS
*OTUBMM#BSCFE'JUUJOHBGUFS
%SJWFS.PEVMFJTJOIPVTJOH
"OBMPH
0VUQVU
#PBSE
$POOFDUJPO
)BMM4FOTPS$POOFDUPS
'JHVSF4QPPM7BMWF$PWFS"TTFNCMZ
4DSFX
4QPPM7BMWF$PWFS
5IFESJWFSNPEVMFBTTFNCMZNPWFTUIFTQPPMWBMWFCZNFBOT
PGBEJGGFSFOUJBMQSFTTVSFBDSPTTJUTEJBQISBHN"JSJTSPVUFEUP
UIFESJWFSNPEVMFGSPNUIFSFHVMBUPSUISPVHIBnFYJCMFIPTF"
CBSCFEmUUJOHDPOOFDUTUIFnFYJCMFIPTFUPUIFESJWFSNPEVMF
BTTFNCMZ8JSFTGSPNUIFESJWFSNPEVMFBTTFNCMZDPOOFDUUIF
IBMMFGGFDUTFOTPSBOEUIFQJF[PWBMWFNPEVMBUPSUPUIFNBJO1$#
BTTFNCMZ
.BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
t 'MBUQMBUFPSCBSBCPVUcUIJDL
%JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
3FNPWFUIFESJWFSNPEVMFDPWFS 'JHVSF
VTJOHBnBUCBSPS
QMBUFJOUIFTMPUUPUVSOUIFDPWFS
3FNPWFUIFTQPPMWBMWFDPWFSCZSFNPWJOHUIFTDSFXBOETMJE
JOHUIFDPWFSBTTFNCMZCBDLXBSETVOUJMUIFUBCJTDMFBSPGUIF
%SJWFS.PEVMF"TTFNCMZ3FQMBDFNFOU
TMPU 'JHVSF
5IFTIFFUNFUBMDBQ
IZESPQIPCJDmMUFS
BOE
5PSFQMBDFUIFESJWFSNPEVMFBTTFNCMZ
SFGFSUP'JHVSFTBOE
0SJOHTIPVMECFSFNPWFEXJUIUIFTQPPMWBMWFDPWFS*UJTOPU
BOEQSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
OFDFTTBSZUPUBLFUIFTFQBSUTPVUPGUIFTQPPMWBMWFDPWFS
t 1IJMMJQTTDSFXESJWFS
t OVUESJWFS
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJ
DBMMZTFOTJUJWFEFWJDFT
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
B 8"3/*/(4QPPM FYUFOEJOHGSPNUIFESJWFSNPEVMF
BTTFNCMZ
JTFBTJMZEBNBHFE6TFFYUSFNFDBVUJPOXIFO
IBOEMJOHTQPPMBOETQPPMWBMWFCMPDL%POPUIBOEMFUIF
TQPPMCZUIFNBDIJOFEQPSUJPOTPGTQPPM5IFUPMFS
BODFTCFUXFFOUIFCMPDLBOETQPPMBSFFYUSFNFMZUJHIU
$POUBNJOBUJPOJOUIFCMPDLPSPOUIFTQPPMNBZDBVTF
UIFTQPPMUPIBOH
'JHVSF4QPPMBOE#MPDL
)PVTJOH
4QPPM
7BMWF
#MPDL
4QPPM
4QPPM7BMWF
4DSFX
/ZMPO
(BTLFU
%SJWFSUP
)PVTJOH4DSFX
'JHVSF%SJWFS.PEVMF#BSCFE'JUUJOH
#BSCFE'JUUJOH
'MBUPO
)PVTJOH
'MBUPO
%SJWFS
.PEVMF
6TFUIFOVUESJWFSUPSFNPWFUIFCBSCFEmUUJOHGSPNUIFESJWFS
NPEVMFBTTFNCMZ
6OQMVHUIFUXPXJSJOHDPOOFDUJPOTUIBUMJOLUIFESJWFSNPEVMF
BTTFNCMZUPUIFNBJO1$#BTTFNCMZ
'FFEUIFUXPXJSFTPOUIFESJWFSNPEVMFCBDLJOUPUIFESJWFS
NPEVMFDPNQBSUNFOUTPUIBUUIFZTUJDLPVUUIFESJWFSNPEVMF
PQFOJOH TFF'JHVSF
5IJTXJMMBMMPXUIFESJWFSNPEVMFUP
UISFBEPVUXJUIPVUUBOHMJOHPSDVUUJOHUIFXJSFT
(SBTQUIFCBTFPGUIFESJWFSNPEVMFBOEUVSOJUDPVOUFSDMPDLXJTF
UPSFNPWF"GUFSJUJTUISFBEFEPVU
DBSFGVMMZSFUSBDUUIFESJWFS
NPEVMFGSPNUIFIPVTJOH
3FNPWFUIFCBSCFEmUUJOHGSPNUIFTJEFPGUIFOFXESJWFSNPE
VMFVTJOHUIFOVUESJWFS
7FSJGZUIBUUIF0SJOHJTJOQMBDFPOUIFUPQPGUIFOFXESJWFS
NPEVMF-BZUIFXJSFTCBDLBMPOHUIFTJEFPGUIFESJWFSNPEVMF
BTTIPXOJO'JHVSFBOEIPMEUIFXJSFTJOQPTJUJPOCZIBOE
(FOUMZJOTFSUUIFESJWFSNPEVMFJOUPUIFESJWFSNPEVMFDPNQBSU
NFOUJOUIFIPVTJOH5VSOUIFESJWFSNPEVMFDMPDLXJTFUPUISFBE
JUJOUPUIFIPVTJOH$POUJOVFSPUBUJOHUIFESJWFSNPEVMFVOUJMJU
CPUUPNTPVU
0ODFUIFESJWFSNPEVMFIBTCPUUPNFEPVUTPUIBUUIFUISFBET
BSFGVMMZFOHBHFE
SPUBUFUIFESJWFSNPEVMFDPVOUFSDMPDLXJTF
VOUJMUIFnBUPOUIFESJWFSNPEVMFBOEUIFnBUPOUIFIPVTJOHBSF
BMJHOFE5IJTXJMMBMJHOUIFTDSFXIPMFGPSUIFOFYUTUFQ
7FSJGZUIBUUIFOZMPOHBTLFUJTJOUIFDPVOUFSCPSFJOUIFESJWFS
NPEVMFSFUBJOJOHTDSFXIPMFBTTIPXOJO'JHVSF
*OTFSUBESJWFSUPIPVTJOHTDSFXJOUPUIFESJWFSIPVTJOHUISPVHI
UIFDPVOUFSCPSFEIPMFJOQPTJUJPOFSNBJOIPVTJOH5JHIUFOXJUIB
1IJMMJQTTDSFXESJWFS
3FBDIUISPVHIUIFNBJODPNQBSUNFOUJOUPUIFESJWFSNPEVMF
DPNQBSUNFOUPGUIFQPTJUJPOFSBOEJOTUBMMUIFCBSCFEmUUJOHPO
UIFTJEFPGUIFESJWFSNPEVMFVTJOHUIFOVUESJWFS
%SJWFS.PEVMF$PWFS
3FNPWFUIFTQPPMWBMWFCMPDLCZSFNPWJOHUIFUXP1IJMMJQTIFBE
TDSFXTBOEDBSFGVMMZTMJEJOHUIFCMPDLPGGUIFTQPPM 'JHVSF
/05&%POPUNJYUIFCBSCFEmUUJOHXJUIUIPTFGSPNPMEFS-PHJY
QPTJUJPOFST0MEFSNPEFMTDPOUBJOPSJmDFTUIBUXJMMOPUXPSL
JOUIF-PHJY*2NPEFM0SJmDFTBSFCSBTTDPMPSFE
CBSCFE
mUUJOHTBSFTJMWFSDPMPSFE
$BSFGVMMZSFNPWFUIFTQPPMCZTMJEJOHUIFFOEPGUIFTQPPMPVUPG
UIFDPOOFDUJPODMJQ&YDFTTJWFGPSDFNBZCFOETQPPM
3FDPOOFDUUIFnFYJCMFUVCFDPNJOHGSPNUIFSFHVMBUPSUPUIF
CBSCFEmUUJOH
3FNPWFUIFNBJODPWFS
'FFEUIFESJWFSNPEVMFXJSFTJOUPUIFNBJODIBNCFSPGUIFIPVT
JOH
BOEDPOOFDUUIFNUPUIFNBJO1$#"TTFNCMZ
3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF
%JTDPOOFDUUIFnFYJCMFUVCJOHGSPNUIFCBSCFEmUUJOHBUUIF
ESJWFSNPEVMFBTTFNCMZ TFF'JHVSF
'$%-("*.
7FSJGZUIBUUIFUISFF0SJOHTBSFJOUIFDPVOUFSCPSFTPOUIF
NBDIJOFEQMBUGPSNXIFSFUIFTQPPMWBMWFCMPDLJTUPCFQMBDFE
'JHVSF
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
$BSFGVMMZTMJEFUIFTQPPMJOUPUIFDPOOFDUJOHDMJQPOUIFUPQPG
UIFESJWFSNPEVMFBTTFNCMZ
$BSFGVMMZTMJEFUIFCMPDLPWFSUIFTQPPM
VTJOHUIFNBDIJOFE
TVSGBDFPGUIFIPVTJOHCBTFBTBSFHJTUFS 'JHVSF
4MJEFUIF
CMPDLUPXBSEUIFESJWFSNPEVMFVOUJMUIFUXPSFUBJOJOHIPMFTMJOF
VQXJUIUIFUISFBEFEIPMFTJOUIFCBTF
*OTUBMMUXPTQPPMWBMWFTDSFXTBOEUJHIUFOTFDVSFMZXJUIB1IJM
MJQTTDSFXESJWFS TFF'JHVSF
*OTUBMMUIFQMBTUJDCPBSEDPWFS*OTFSUUIFUISFFSFUBJOJOHTDSFX
UISPVHIUIFQMBTUJDDPWFSJOUPUIFUISFBEFECPTTBOEUJHIUFO
FWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO TFF
'JHVSF
3FDPOOFDUQPXFSBOEBJSTVQQMZUPUIFQPTJUJPOFSBOEQFSGPSNB
TUSPLFDBMJCSBUJPO
3FJOTUBMMBMMDPWFST
4MJEFUIFTQPPMWBMWFDPWFSBTTFNCMZPWFSUIFTQPPMWBMWFVOUJM
UIFUBOHFOHBHFTJOUPUIFIPVTJOHTMPU*OTUBMMTQPPMWBMWFDPWFS
TDSFXBOEUJHIUFOTFDVSFMZ TFF'JHVSF
'JHVSF.BJO1$#"TTFNCMZ
1MBTUJD$PWFS
3FUBJOJOH4DSFXT
1MBTUJD
#PBSE
$PWFS
3FHVMBUPS
.BJO1$#
3FUBJOJOH
4DSFXT
.BJO1$#
"OBMPH0VUQVU#PBSE
1SFTTVSF4FOTPS#PBSE
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
3FHVMBUPS
5IFSFHVMBUPSSFEVDFTUIFQSFTTVSFPGUIFJODPNJOHTVQQMZBJSUPB
MFWFMUIBUUIFESJWFSNPEVMFDBOVTF
3FQMBDJOH3FHVMBUPS
5PSFQMBDFUIFSFHVMBUPS
SFGFSUP'JHVSFTBOEBOEQSPDFFEBT
PVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
t 1IJMMJQTTDSFXESJWFS
t OVUESJWFS
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJ
$IFDLJOHPS4FUUJOH*OUFSOBM
3FHVMBUPS1SFTTVSF
5PDIFDLPSTFUUIFJOUFSOBMSFHVMBUPSQSFTTVSF
SFGFSUP'JHVSF
BOEQSPDFFEBTPVUMJOFECFMPX5IFUPPMTBOEFRVJQNFOUVTFEJOUIF
OFYUQSPDFEVSFBSFGSPNJOEJDBUFEWFOEPST5IFGPMMPXJOHUPPMTBSF
SFRVJSFE
t $BMJCSBUFEQSFTTVSFHBVHF UPQTJ
DBMMZTFOTJUJWFEFWJDFT
.BLFTVSFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
%JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
t cnFYJCMFUVCJOH
t #BSCFE5FF $MJQQBSE.JOJNBUJDQBSUOVNCFS5PSFRVJWBMFOU
t c"MMFOXSFODI
3FNPWFUIFNBJODPWFS
3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF
3FNPWFUIFmWFXJSFDPOOFDUJPOTGSPNUIFNBJO1$#BTTFNCMZ
TJYXJSFDPOOFDUJPOTJGUIFVOJUJTFRVJQQFEXJUIUIFN"
BOBMPHPVUQVUPQUJPO
3FNPWFUIFSFUBJOJOHTDSFXGSPNUIFNBJO1$#BTTFNCMZBOE
MJGUUIFNBJO1$#PVUPGUIFIPVTJOH
3FNPWFUIFGPVSTDSFXTGSPNUIFSFHVMBUPSCBTF7FSJGZUIBUBT
SFHVMBUPSJTSFNPWFE
UIF0SJOHBOEmMUFSSFNBJOJOUIFDPVOUFS
CPSF QMFBTFTFF'JHVSF
t cPQFOFOEXSFODI
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJ
DBMMZTFOTJUJWFEFWJDFT
'JHVSF%SJWFS.PEVMF3FHVMBUPS1SFTTVSF$IFDL
3FHVMBUPS1SFTTVSF
5FTU1PSU
%SJWFS.PEVMF
#BSCFE'JUUJOH
c
Y
#BSCFE5FF
$MJQQBSE.JOJNBUJD
1BSU/P5
3FNPWFUVCJOHBOECBSCFEmUUJOHGSPNUIFSFHVMBUPSCBTF
*OTUBMMCBSCFEmUUJOHBOEUVCJOHUPUIFOFXSFHVMBUPS
7FSJGZ0SJOHBOEmMUFSBSFJOUIFDPVOUFSCPSF*OTUBMMOFXSFHVMB
UPSVTJOHYTDSFXT
/05&%POPUNJYUIFSFHVMBUPSXJUIUIPTFGSPNPMEFS-PHJY
QPTJUJPOFST0MEFSNPEFMTDPOUBJOSFHVMBUPSTXJUIEJGGFSFOUTFU
UJOHTUIBUXJMMOPUXPSLJOUIF-PHJY*2NPEFM5IFSFHVMBUPS
QSFTTVSFTFUUJOHJTQSJOUFEPOUIFUPQPGUIFSFHVMBUPS5IF-PHJY
*2SFHVMBUPSJTTFUUPQTJH
*OTUBMMUIFNBJO1$#JOUPUIFIPVTJOH*OTFSUUIFSFUBJOJOHTDSFX
UISPVHIUIFCPBSEJOUPUIFUISFBEFECPTTBOEUJHIUFOFWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO
3FJOTUBMMUIFmWFXJSFDPOOFDUJPOT TJYXJSFDPOOFDUJPOTJGUIF
VOJUJTFRVJQQFEXJUIUIFN"BOBMPHPVUQVUPQUJPO
*OTUBMMUIFQMBTUJDCPBSEDPWFS*OTFSUUIFUISFFSFUBJOJOHTDSFXT
UISPVHIUIFQMBTUJDDPWFSJOUPUIFUISFBEFECPTTBOEUJHIUFO
'$%-("*.
'MFYJCMF5VCF
GSPN3FHVMBUPS
.BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
3FNPWFUIFNBJODPWFS
3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT
3FNPWFUIFcnFYJCMFUVCJOHGSPNUIFCBSCFEmUUJOHPOUIF
TJEFPGUIFESJWFSNPEVMF
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
0CUBJOBCBSCFEUFFBOEUXPQJFDFTPGcnFYJCMFUVCJOH
BGFX
JODIFTJOMFOHUIFBDI
1PTJUJPOUIFCBSCFEUFFCFUXFFOUIFJOUFSOBMSFHVMBUPSBOEUIF
ESJWFSNPEVMFCZDPOOFDUJOHUIFcnFYJCMFUVCJOH
GPVOEJO
UIFQPTJUJPOFS
UPPOFTJEFPGUIFCBSCFEUFF6TJOHPOFPGUIF
OFXnFYJCMFUVCJOHQJFDFT
DPOOFDUUIFCBSCFEUFFUPUIFCBSCFE
mUUJOHPOUIFTJEFPGUIFESJWFSNPEVMF$POOFDUUIFSFNBJOJOH
QPSUPOUIFCBSCFEUFFUPBUPQTJQSFTTVSFHBVHF
3FDPOOFDUUIFBJSTVQQMZUPUIFQPTJUJPOFSBOESFBEUIFJOUFSOBM
SFHVMBUPSQSFTTVSFPOUIFUPQTJHHBVHF5IFJOUFSOBM
QSFTTVSFTIPVMECFTFUUPQTJH*GBEKVTUNFOUJTOFFEFE
MPPTFOUIFTFUTDSFXSFUBJOJOHOVUPOUIFUPQPGUIFSFHVMBUPSVT
JOHUIFcPQFOFOEXSFODI5IFOBEKVTUUIFSFHVMBUPSQSFTTVSF
CZUVSOJOHUIFTFUTDSFXPOUIFUPQPGUIFSFHVMBUPSXJUIUIFc
"MMFOXSFODI
0ODFUIFSFHVMBUPSQSFTTVSFJTTFU
UJHIUFOUIFTFUTDSFXSFUBJO
JOHOVUPOUIFUPQPGUIFSFHVMBUPS
SFNPWFUIFBJSTVQQMZUPUIF
QPTJUJPOFS
SFNPWFUIFCBSCFEUFF
BOESFDPOOFDUUIFnFYJCMF
UVCJOHGSPNUIFSFHVMBUPSUPUIFCBSCFEmUUJOHPOUIFTJEFPGUIF
ESJWFSNPEVMF
*OTUBMMUIFQMBTUJDCPBSEDPWFS*OTFSUUIFUISFFSFUBJOJOHTDSFXT
UISPVHIUIFQMBTUJDDPWFSJOUPUIFUISFBEFECPTTBOEUJHIUFO
FWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO TFF
'JHVSF
BTTFNCMZ
JTFBTJMZEBNBHFE6TFFYUSFNFDBVUJPOXIFO
IBOEMJOHTQPPMBOETQPPMWBMWFCMPDL%POPUIBOEMFUIF
TQPPMCZUIFNBDIJOFEQPSUJPOTPGTQPPM5IFUPMFS
BODFTCFUXFFOUIFCMPDLBOETQPPMBSFFYUSFNFMZUJHIU
$POUBNJOBUJPOJOUIFCMPDLPSPOUIFTQPPMNBZDBVTF
UIFTQPPMUPIBOH
3FNPWFUIFTQPPMWBMWFCMPDLCZSFNPWJOHUIFUXP1IJMMJQTIFBE
TDSFXTBOEDBSFGVMMZTMJEJOHUIFCMPDLPGGUIFTQPPM 'JHVSF
$BSFGVMMZSFNPWFTQPPMCZTMJEJOHFOEPGTQPPMPVUPGDPOOFDUJOH
DMJQ&YDFTTJWFGPSDFNBZCFOEUIFTQPPM
7FSJGZUIBUUIFUISFF0SJOHTBSFJOUIFDPVOUFSCPSFTPOUIFNB
DIJOFEQMBUGPSNXIFSFUIFOFXTQPPMWBMWFCMPDLJTUPCFQMBDFE
'JHVSF
$BSFGVMMZTMJEFUIFTQPPMJOUPUIFDPOOFDUJOHDMJQPGUIFESJWFS
NPEVMFBTTFNCMZ
$BSFGVMMZTMJEFUIFCMPDLPWFSUIFTQPPM
VTJOHUIFNBDIJOFE
TVSGBDFPGUIFIPVTJOHCBTFBTBSFHJTUFS 'JHVSF
4MJEFUIF
CMPDLUPXBSEUIFESJWFSNPEVMFVOUJMUIFUXPSFUBJOJOHIPMFTMJOF
VQXJUIUIFUISFBEFEIPMFTJOUIFCBTF
*OTUBMMUXPTQPPMWBMWFTDSFXTBOEUJHIUFOTFDVSFMZXJUIB1IJM
MJQTTDSFXESJWFS TFF'JHVSF
4MJEFUIFTQPPMWBMWFDPWFSBTTFNCMZPWFSUIFTQPPMWBMWFVOUJM
UIFUBOHFOHBHFTJOUPUIFIPVTJOHTMPU*OTUBMMUIFTQPPMWBMWF
DPWFSTDSFXBOEUJHIUFOTFDVSFMZ TFF'JHVSF
3FJOTUBMMBMMDPWFST
B 8"3/*/(5IFTQPPM FYUFOEJOHGSPNUIFESJWFSNPEVMF
4QPPM7BMWF
5IFTQPPMWBMWFSPVUFTUIFTVQQMZBJSUPPOFTJEFPGUIFBDUVBUPS
XIJMFWFOUJOHUIFPQQPTJUFTJEF TFF'JHVSF
5IFQPTJUJPOPGUIF
TQPPMWBMWFJTDPOUSPMMFECZUIFESJWFSNPEVMF
3FQMBDJOHUIF4QPPM7BMWF
5PSFQMBDFUIFTQPPMWBMWF
SFGFSUP'JHVSFT
BOEBOEQSP
DFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
t 1IJMMJQTTDSFXESJWFS
.BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
%JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
3FDPOOFDUQPXFSBOEBJSTVQQMZUPUIFQPTJUJPOFSBOEQFSGPSNB
TUSPLFDBMJCSBUJPO
4QPPM7BMWF$PWFS
5IFTQPPMWBMWFDPWFSJODPSQPSBUFTBDPBMFTDJOHmMUFSFMFNFOUJOB
UXPQJFDFDPWFS5IJTQSPUFDUTUIFTQPPMWBMWFDIBNCFSGSPNEJSUBOE
NPJTUVSFBOEQSPWJEFTBMPXCBDLQSFTTVSFWFOUGPSFYIBVTUBJSGSPN
UIFTQPPMWBMWF
3FQMBDJOH'JMUFSJO4QPPM7BMWF$PWFS
5PSFQMBDFUIFmMUFSJOUIFTQPPMWBMWFDPWFS
SFGFSUP'JHVSFTBOE
BOEQSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
3FNPWFUIFTQPPMWBMWFDPWFSCZSFNPWJOHUIFTDSFXBOETMJEJOH
t 1IJMMJQTTDSFXESJWFS
UIFDPWFSBTTFNCMZCBDLXBSETVOUJMUIFUBCJTDMFBSPGUIFTMPU
*UJTOPUOFDFTTBSZUPSFNPWFUIFTIFFUNFUBMDBQ
IZESPQIPCJD
3FNPWFUIFTQPPMDPWFSCZSFNPWJOHUIFTDSFXBOETMJEJOHUIF
mMUFS
PS0SJOHGSPNUIJTBTTFNCMZ 'JHVSF
DPWFSBTTFNCMZCBDLXBSETVOUJMUIFUBCJTDMFBSPGUIFTMPU5IF
TIFFUNFUBMDPWFSNBZCFSFNPWFEBOEDMFBOFEXJUIBCSVTIPS
CZCMPXJOHPVUXJUIDPNQSFTTFEBJS 'JHVSF
3FNPWFUIF0SJOHGSPNBSPVOEUIFIZESPQIPCJDmMUFSFMFNFOU
BOETFUBTJEF 'JHVSF
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
3FNPWFUIFNPMEFEmMUFSFMFNFOUCZQVMMJOHJUTUSBJHIUPVUPGUIF 3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF
DIBNCFSDPWFSWFOUQJFDF
*OTUBMM0SJOHJOUPCBTFPGDIBNCFSDPWFSWFOUQJFDFBTTIPXOJO %JTDPOOFDUUIFQPTJUJPOTFOTPSXJSFTGSPNUIFNBJO1$#
BTTFNCMZ
'JHVSF
1MBDFOFXNPMEFEmMUFSFMFNFOUJOUPUIFDIBNCFSDPWFSWFOU
QJFDF5IJTmMUFSFMFNFOUQSPWJEFTQBSUPGUIFUSBDLUPTFDVSFUIF
0SJOHJOTUBMMFEJOUIFMBTUTUFQ
1MBDFTQPPMWBMWFTISPVEPOUPTQPPMWBMWFDPWFS
1MBDFUIFTQPPMWBMWFDPWFSBTTFNCMZJOQMBDFCZTFUUJOHJUPO
UIFSBNQBOETMJEJOHJUVOUJMUIFUBCTFBUTJOUIFTMPU 'JHVSFT
BOE
BOETFDVSFXJUIBTDSFX
'JHVSF4QPPM7BMWF$PWFS"TTFNCMZ
5VSOUIFOFXQPTJUJPOTFOTPSTIBGUVOUJMUIFEPUPOUIFTJEFPG
UIFTIBGUJTBMJHOFEXJUIUIFXJSFTPOUIFTJEFPGUIFQPTJUJPO
TFOTPS 'JHVSF
*OTFSUUIFQPTJUJPOTFOTPSJOUPUIFTIBGUXJUIUIFXJSFTQPJOUJOH
UPXBSEUIFNBJO1$#BTTFNCMZ5VSOUIFQPTJUJPOTFOTPSDMPDL
XJTFVOUJMCPMUJOHTMPUTBMJHOXJUIUIFIPVTJOHTDSFXIPMFTBOE
UIFXJSFTPOUIFTFOTPSQSPUSVEFPWFSUIFNBJO1$#BTTFNCMZ
/PUF%POPUNJYUIFQPTJUJPOTFOTPSXJUIUIPTFGSPNPMEFS
-PHJYQPTJUJPOFST0MEFSNPEFMTDPOUBJOTFOTPSTXJUIEJGGFSFOU
SBOHFTUIBUXJMMOPUXPSLJOUIF-PHJY*2NPEFM5IFXJSFT
POUIF-PHJY*2QPTJUJPOTFOTPSBSFSFE
XIJUFBOECMBDL
0SJOH
)ZESPQIPCJD
'JMUFS
4QPPM
7BMWF
$PWFS
3PVUFUIFXJSFTBMPOHUIFTJEFPGUIFQPTJUJPOTFOTPSBOESFDPO
OFDUUPUIFNBJO1$#BTTFNCMZ
4QPPM
7BMWF4ISPVE
3FNPWFUIFUXPSPUBSZQPTJUJPOTFOTPSSFUBJOJOHTDSFXTBOEMJGU
UIFTFOTPSPVUPGUIFIPVTJOH
4UFN1PTJUJPO4FOTPS
*OTUBMMUIFQMBTUJDCPBSEDPWFS*OTFSUUIFUISFFSFUBJOJOHTDSFXT
UISPVHIUIFQMBTUJDDPWFSJOUPUIFUISFBEFECPTTBOEUJHIUFO
FWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO TFF
'JHVSF
3FJOTUBMMBMMDPWFST
5IFQPTJUJPOGFFECBDLBTTFNCMZUSBOTNJUTWBMWFQPTJUJPOTJOGPSNB
UJPOUPUIFQSPDFTTPS5IJTJTBDDPNQMJTIFECZNFBOTPGBSPUBSZ
3FDPOOFDUQPXFSBOEBJSTVQQMZUPUIFQPTJUJPOFSBOEQFSGPSNB
QPTJUJPOTFOTPSUIBUDPOOFDUTUPUIFWBMWFTUFNUISPVHIBGFFECBDL
TUSPLFDBMJCSBUJPO
MJOLBHF5PQSPWJEFGPSBDDVSBUFUSBDLJOHPGUIFQJOJOUIFTMPU
UIF
GPMMPXFSBSNJTCJBTFEBHBJOTUPOFTJEFPGUIFTMPUXJUIBSPUBSZ
.BJO1$#"TTFNCMZ
TQSJOH5IJTTQSJOHBMTPBVUPNBUJDBMMZNPWFTUIFQPTJUJPOGFFECBDL
BTTFNCMZUPJUTMJNJUJOUIFVOMJLFMZFWFOUPGGBJMVSFPGBOZDPNQPOFOU 5IFNBJOQSJOUFEDJSDVJUCPBSE 1$#
BTTFNCMZDPOUBJOTUIFDJSDVJU
CPBSEBOEQSPDFTTPSUIBUQFSGPSNDPOUSPMGVODUJPOTPGUIFQPTJUJPOFS
JOUIFMJOLBHF
5IFNBJO1$#JTUPCFSFQMBDFEBTBVOJU/POFPGUIFDPNQPOFOUT
4UFN1PTJUJPO4FOTPS3FQMBDFNFOU
POUIFNBJO1$#BSFTFSWJDFBCMF
5PSFQMBDFUIFTUFNQPTJUJPOTFOTPS
SFGFSUP'JHVSF
BOE
3FQMBDJOH.BJO1$#"TTFNCMZ
BOEQSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
5PSFQMBDFUIFNBJO1$#BTTFNCMZ
SFGFSUP'JHVSFBOEBOE
t 1IJMMJQTTDSFXESJWFS
QSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJ
t 1IJMMJQTTDSFXESJWFS
DBMMZTFOTJUJWFEFWJDFT
.BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
%JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJ
DBMMZTFOTJUJWFEFWJDFT
.BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
3FNPWFUIFNBJODPWFS
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
'JHVSF4UFN1PTJUJPO4FOTPS0SJFOUBUJPO
4UFN
1PTJUJPO
4FOTPS
)PVTJOH
'FFECBDL
4IBGU
4FOTPS
$BCMF
#FBSJOH
%JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
3FNPWFUIFNBJODPWFS
3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF
3FNPWFUIFmWFXJSFDPOOFDUJPOTGSPNUIFNBJO1$#BTTFNCMZ
TJYXJSFDPOOFDUJPOTJGUIFVOJUJTFRVJQQFEXJUIUIFN"
BOBMPHPVUQVUPQUJPO
TFF'JHVSF
3FNPWFUIFSFUBJOJOHTDSFXGSPNUIFNBJO1$#BTTFNCMZBOE
MJGUUIFNBJO1$#PVUPGUIFIPVTJOH TFF'JHVSF
*OTUBMMUIFOFXNBJO1$#JOUPUIFIPVTJOH*OTFSUUIFSFUBJOJOH
TDSFXUISPVHIUIFCPBSEJOUPUIFUISFBEFECPTTBOEUJHIUFO
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO
4UFN1PTJUJPO
4FOTPS%PU
*GUIFPMENBJO1$#JTFRVJQQFEXJUIBN"BOBMPHPVUQVU
CPBSE
HFOUMZMJGUUIFCPBSEPGGUIFNBJO1$#"MJHOUIFUXPDPO
OFDUPSTPGUIFN"PVUQVUCPBSEXJUIUIFNBUJOHTPDLFUTPO
UIFNBJO1$#BOEHFOUMZQSFTTUIFDPOOFDUPSTUPHFUIFS
3FJOTUBMMUIFmWFXJSFDPOOFDUJPOT TJYXJSFDPOOFDUJPOTJGUIF
VOJUJTFRVJQQFEXJUIUIFN"BOBMPHPVUQVUPQUJPO
TFF
'JHVSF
*OTUBMMUIFQMBTUJDCPBSEDPWFS*OTFSUUIFUISFFSFUBJOJOHTDSFXT
UISPVHIUIFQMBTUJDDPWFSJOUPUIFUISFBEFECPTTBOEUJHIUFO
FWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO TFF
'JHVSF
3FJOTUBMMBMMDPWFST
3FDPOOFDUQPXFSBOEBJSTVQQMZUPUIFQPTJUJPOFSBOESFDPOmH
VSFUIFQPTJUJPOFSCFJOHTVSFUPQFSGPSNBTUSPLFDBMJCSBUJPO
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
1SFTTVSF4FOTPS#PBSE
0OBEWBODFENPEFM-PHJY*2QPTJUJPOFST
BQSFTTVSFTFO
TPSCPBSEJTJOTUBMMFEJOUIFQPTJUJPOFS5IFQSFTTVSFTFOTPSCPBSE
DPOUBJOTUXPQSFTTVSFTFOTPSTUIBUNFBTVSFUIFQSFTTVSFPOPVUQVU
QPSUTBOE5IFNBJO1$#FMFDUSPOJDTBVUPNBUJDBMMZTFOTFTUIF
QSFTFODFPGUIFQSFTTVSFTFOTPSCPBSE*GQSFTFOU
UIFBDUVBUPSQSFT
TVSFTFOTPSTBSFVTFEJOUIFQPTJUJPOFSDPOUSPMBMHPSJUINUPFOIBODF
WBMWFTUBCJMJUZ'PSPQUJNBMQFSGPSNBODF
UIFBDUVBUPSQSFTTVSFTFO
TPSTOFFEUPCFDBMJCSBUFE5IFBDUVBUPSQSFTTVSFTFOTPSDBMJCSBUJPO
JTQFSGPSNFEVTJOHB)"35)BOEIFME$PNNVOJDBUPSPS
DPOmHVSBUJPOTPGUXBSFTVDIBT4PGU5PPMT
*OUIFTUBOEBSENPEFM
UIFQSFTTVSFTFOTPSCPBSEJTSFQMBDFECZB
QMBUFUIBUQMVHTUIFBDUVBUPSQSFTTVSFTFOTPSQPSUT5IJTQMBUFDBO
CFSFQMBDFECZBQSFTTVSFTFOTPSCPBSEUPmFMEVQHSBEFBTUBOEBSE
NPEFMUPBOBEWBODFENPEFM
3FNPWJOHUIF1SFTTVSF4FOTPS#PBSE "EWBODFE.PEFM
5IFQSFTTVSFTFOTPSCPBSEJTJOTUBMMFEPOUIFBEWBODFENPEFMPOMZ
5PJOTUBMMUIFQSFTTVSFTFOTPSCPBSE
SFGFSUP'JHVSFT
BOE
BOEQSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
t 1IJMMJQTTDSFXESJWFS
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJ
DBMMZTFOTJUJWFEFWJDFT
.BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
%JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
t 5PSRVFXSFODI
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJD
TFOTJUJWFEFWJDFT
3FNPWFUIFNBJODPWFS
3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF
4FUUIFQSFTTVSFTFOTPSCPBSEBTTFNCMZJOQMBDFTPUIBUUIF
0SJOHTNBLFDPOUBDUXJUIUIFGBDFTPGUIFQSFTTVSFTFOTPST
%JTDPOOFDUUIFSJCCPODBCMFPOUIFQSFTTVSFTFOTPSCPBSEGSPN
UIF1$#BTTFNCMZ TFF'JHVSF
3FNPWFUIFUXPTDSFXTIPMEJOHUIFQSFTTVSFTFOTPSCPBSEUP
UIFIPVTJOH-JGUUIFNFUBMTUJGGFOFSQMBUFPGGUIFQSFTTVSFTFOTPS
CPBSEBOETFUBTJEFGPSGVUVSFVTF
3FNPWFUIFQSFTTVSFTFOTPSCPBSE
3FNPWJOHUIF1SFTTVSF4FOTPS1MVH1MBUF 4UBOEBSE.PEFM
5PVQHSBEFBTUBOEBSENPEFMUPBOBEWBODFENPEFM
UIFQSFTTVSF
TFOTPSQMVHQMBUFNVTUCFSFNPWFEBOESFQMBDFECZBQSFTTVSF
TFOTPSCPBSE5IFNBJO1$#FMFDUSPOJDTBVUPNBUJDBMMZTFOTFTUIF
QSFTFODFPGUIFQSFTTVSFTFOTPSCPBSE*GQSFTFOU
UIFBDUVBUPSQSFT
TVSFTFOTPSTBSFVTFEJOUIFQPTJUJPOFSDPOUSPMBMHPSJUINUPFOIBODF
WBMWFTUBCJMJUZ'PSPQUJNBMQFSGPSNBODF
UIFBDUVBUPSQSFTTVSFTFO
TPSTOFFEUPCFDBMJCSBUFE5IFBDUVBUPSQSFTTVSFTFOTPSDBMJCSBUJPO
JTQFSGPSNFEVTJOHB)"35)BOEIFME$PNNVOJDBUPSPS
DPOmHVSBUJPOTPGUXBSFTVDIBT4PGU5PPMT5PVQHSBEFBTUBOEBSE
'$%-("*.
*OTFSUUXPTDSFXTUISPVHIUIFTUJGGFOFSQMBUFBOEQSFTTVSF
TFOTPSCPBSEJOUPUIFUISFBEFEIPMFTJOUIFIPVTJOHBOEUJHIUFO
FWFOMZ
UPJOMC
$POOFDUUIFSJCCPODBCMFPOUIFQSFTTVSFTFOTPSCPBSEUPUIF
NBJO1$#BTTFNCMZ
*OTUBMMUIFQMBTUJDCPBSEDPWFS*OTFSUUIFUISFFSFUBJOJOHTDSFXT
UISPVHIUIFQMBTUJDDPWFSJOUPUIFUISFBEFECPTTBOEUJHIUFO
FWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO
3FJOTUBMMBMMDPWFST
3FDPOOFDUQPXFSBOEBJSTVQQMZUPUIFQPTJUJPOFS6TF4PGU5PPMT
PSBIBOEIFMEDPNNVOJDBUPSUPQFSGPSNBQSFTTVSFTFOTPS
DBMJCSBUJPO
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
$VTUPNFS*OUFSGBDF#PBSE
5IFDVTUPNFSJOUFSGBDFCPBSEQSPWJEFTBDPOOFDUJPOQPJOUJOTJEF
UIFFYQMPTJPOQSPPGIPVTJOHGPSBMMIPPLVQTUPUIFQPTJUJPOFS
$BMJCSBUJPOPGUIFMPPQDVSSFOUBOEUIFBOBMPHPVUQVUDVSSFOU
PQUJPOBM
BSFQFSGPSNFEVTJOHB)"35)BOEIFME$PN
NVOJDBUPSPSDPOmHVSBUJPOTPGUXBSFTVDIBT4PGU5PPMT
3FQMBDJOHUIF$VTUPNFS*OUFSGBDF#PBSE
5PSFQMBDFUIFDVTUPNFSJOUFSGBDFCPBSE
SFGFSUP'JHVSFT
BOEBOEQSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSF
SFRVJSFE
t 1IJMMJQTTDSFXESJWFS
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJD
TFOTJUJWFEFWJDFT
.BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
3FDPOOFDUUIFmFMEXJSJOHUPUIFDVTUPNFSJOUFSGBDFCPBSE
UFSNJOBMT
*OTUBMMUIFNBJO1$#JOUPUIFIPVTJOH*OTFSUUIFSFUBJOJOHTDSFX
UISPVHIUIFCPBSEJOUPUIFUISFBEFECPTTBOEUJHIUFOFWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO
3FJOTUBMMUIFmWFXJSFDPOOFDUJPOT TJYXJSFDPOOFDUJPOTJGUIF
VOJUJTFRVJQQFEXJUIUIFN"BOBMPHPVUQVUPQUJPO
POUIF
NBJO1$#BTTFNCMZ TFF'JHVSF
*OTUBMMUIFQMBTUJDCPBSEDPWFS*OTFSUUIFUISFFSFUBJOJOHTDSFXT
UISPVHIUIFQMBTUJDDPWFSJOUPUIFUISFBEFECPTTBOEUJHIUFO
FWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO TFF
'JHVSF
3FJOTUBMMBMMDPWFST
%JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
0QUJPOBM)BSEXBSF
3FNPWFUIFNBJODPWFS
7FOUFE%FTJHO 4FF'JHVSFTBOE
3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF
"TUBOEBSE-PHJY*2QPTJUJPOFSJTWFOUFEEJSFDUMZUPUIFBUNP
TQIFSF8IFOTVQQMZBJSJTTVCTUJUVUFEXJUITXFFUOBUVSBMHBT
QJQJOH
NVTUCFVTFEUPSPVUFUIFFYIBVTUFEOBUVSBMHBTUPBTBGFFOWJSPO
NFOU5IJTQJQJOHTZTUFNNBZDBVTFTPNFQPTJUJPOFSCBDLQSFTTVSF
JOUIFNBJODIBNCFS GSPNUIFNPEVMBUPSBOESFHVMBUPS
BOETQPPM
DIBNCFS GSPNUIFBDUVBUPS
#BDLQSFTTVSFMJNJUBUJPOTBSFEFTDSJCFE
CFMPX
3FNPWFUIFmWFXJSFDPOOFDUJPOTGSPNUIFNBJO1$#BTTFNCMZ
TJYXJSFDPOOFDUJPOTJGUIFVOJUJTFRVJQQFEXJUIUIFN"
BOBMPHPVUQVUPQUJPO
TFF'JHVSF
3FNPWFUIFSFUBJOJOHTDSFXGSPNUIFNBJO1$#BTTFNCMZBOE
MJGUUIFNBJO1$#PVUPGUIFIPVTJOH TFF'JHVSF
3FNPWFUIFVTFSJOUFSGBDFDPWFS
%JTDPOOFDUUIFmFMEXJSJOHGSPNUIFDVTUPNFSJOUFSGBDFCPBSE
UFSNJOBMTBOESFNPWFUIFUISFFTDSFXTUIBUIPMEUIFDVTUPNFS
JOUFSGBDFCPBSEJOUIFIPVTJOH TFF'JHVSF
3FNPWFUIFDVTUPNFSJOUFSGBDFCPBSE
DBSFGVMMZQVMMJOHUIFXJS
JOHUISPVHIUIFCPSF
7FSJGZUIBUUIF0SJOHJTJOQMBDFJOUIFDPVOUFSCPSFJOUIFQPTJ
UJPOFSIPVTJOH
'FFEUIFXJSFTPOUIFCBDLPGUIFOFXDVTUPNFSVTFSJOUFSGBDF
CPBSEUISPVHIUIFQBTTBHFXBZJOUPUIFNBJODIBNCFSPGUIF
IPVTJOH
5XPDIBNCFSTNVTUCFWFOUFEPOUIF-PHJY*2QPTJUJPOFSTUIF
NBJOIPVTJOHDIBNCFSBOEUIFTQPPMWBMWFDIBNCFS 'JHVSFTBOE
5IFNBJODIBNCFSWFOUJTMPDBUFEPOUIFCBDLTJEFPGUIFQPTJ
UJPOFS TFF'JHVSF
7FOUFEEFTJHO-PHJY*2QPTJUJPOFSTBSF
TVQQMJFEGSPNUIFGBDUPSZXJUIBmUUJOHJOTUBMMFEJOUIFNBJODIBNCFS
WFOU$POOFDUUIFOFDFTTBSZUVCJOHQJQJOHUPUIJTmUUJOHUPSPVUFUIF
FYIBVTUFEOBUVSBMHBTUPBTBGFFOWJSPONFOU
5IFNBYJNVNBMMPXBCMFCBDLQSFTTVSFGSPNUIFDPMMFDUJPOEFWJDFPO
UIFNBJOIPVTJOHWFOUJTQTJH CBSH
7FOUnPXSBUFJT
TUEGU NJO TUEMJUFSNJO
B 8"3/*/(5IFCBDLQSFTTVSFJOUIFNBJOIPVTJOHNVTU
OFWFSSJTFBCPWFQTJH CBSH
4FUUIFDVTUPNFSJOUFSGBDFCPBSEJOQMBDFBOETFDVSFXJUIUISFF
TDSFXT TFF'JHVSF
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
'JHVSF.BJO)PVTJOH7FOU
.BYJNVN"MMPXBCMF
)PVTJOH
#BDL1SFTTVSF
QTJH CBSH
/15Y
4XBHFMPL5VCF'JUUJOH
c
'/15Y
/153FEVDFS
)"357)''JMUFS
)"35DPNNVOJDBUJPOTVQFSJNQPTFTUXPGSFRVFODJFT
)[BOE
)[
POUIF%$N"DVSSFOUTJHOBM4PNFDVSSFOUTPVSDFT
%$4PSN"DBMJCSBUPS
DBOJOUFSGFSFXJUIUIF)"35TJHOBM5IJT
NBZQSFWFOUDPNNVOJDBUJPOXJUI4PGU5PPMTPSUIF)"35
IBOEIFME*OUFSNJUUFOUDPNNVOJDBUJPONBZBMTPCFUIFSFTVMUPGB
)"35JODPNQBUJCMFDVSSFOUTPVSDF*OUIJTDBTF
BmMUFSJTOFDFT
TBSZCFUXFFOUIFDVSSFOUTPVSDFBOE-PHJYUPBMMPX)"35
DPNNVOJDBUJPO
'MPXTFSWFNBLFTBmMUFS 1BSU/P
UIBUNVTUCFVTFEPO
FBDIN"MJOFJGUIFDVSSFOUTPVSDFJOUFSGFSFTXJUIDPNNVOJDB
UJPO TFF'JHVSF
5IFmMUFSEPFTOPUBGGFDUUIF%$DVSSFOUCVU
QSFWFOUTUIFTPVSDFGSPNBGGFDUJOHUIF)"35GSFRVFODJFT5IFmMUFS
DPNFTJOB%*/SBJMNPVOUQBDLBHF
'JHVSF4QPPM$PWFS7FOU
c
c
/15Y4XBHFMPL
5VCF'JUUJOH
'JHVSF)"357)''JMUFS
.BYJNVN"MMPXBCMF
4QPPM#BDL1SFTTVSF
QTJH CBSH
$VTUPNFS$POOFDUJPO
c
5VCJOH
5IFTQPPMWBMWFDIBNCFS TFF'JHVSF
NVTUBMTPCFWFOUFE
UISPVHIUIFTQPPMWBMWFDPWFS7FOUFEEFTJHO-PHJY*2QPTJUJPO
FSTBSFTVQQMJFEGSPNUIFGBDUPSZXJUIBmUUJOHJOTUBMMFEJOUIFTQPPM
WBMWFDPWFS JUFN4,6
$POOFDUUIFOFDFTTBSZUVCJOHQJQJOH /05&5IJTmMUFSJTOPUSBUFEGPSVTFJOIB[BSEPVTBSFBT*UTIPVME
CFMPDBUFECFUXFFOUIFDVSSFOUTPVSDFBOEUIFCBSSJFSJOJOUSJOTJDBMMZ
UPUIJTmUUJOHUPSPVUFUIFFYIBVTUFEOBUVSBMHBTUPBTBGFFOWJSPO
TBGFBQQMJDBUJPOT
NFOU5IFNBYJNVNBMMPXBCMFCBDLQSFTTVSFJOUIFTQPPMWBMWF
DIBNCFSJTQTJH CBSH
1SFTTVSFTHSFBUFSUIBOQTJHXJMM
DBVTFWFOUFEHBTUPMFBLQBTUUIFTQPPMDPWFS0SJOHUPUIFBUNP
TQIFSFBOEXJMMSFTVMUJOPWFSTIPPUPGUIFQPTJUJPOFS
'JHVSF)"357)''JMUFS4DIFNBUJD
( )
-0(*9
&
'*-5&3
%$4
'
%SBJO8JSF
" #
-PHJY
99*2
N"
$VSSFOU4PVSDF
)"35$POOFDUJPO
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
)"35.PEFN
5IF)"35NPEFNJTBEFWJDFUIBUDPOOFDUTUPUIFTFSJBMDPNNVOJ
DBUJPOTQPSUPGBDPNQVUFS5IJTNPEFNDPOWFSUTUIF34$0.
QPSUTJHOBMTUPUIF)"35TJHOBM")"35NPEFNJTPQUJPOBMJO4PGU
5PPMTTJODFB.69DBOCFVTFEJOJUTQMBDF5IF)"35NPEFNUBLFT
QPXFSGSPNUIF34$0.QPSUMJOFT*GVTJOHBMBQUPQDPNQVUFS
SVOOJOHPOBOJOUFSOBMCBUUFSZ
)"35DPNNVOJDBUJPONBZCFDPNF
FSSBUJDBTUIFCBUUFSJFTCFHJOUPMPTFDIBSHF5IJTJTEVFUPBSFEVD
UJPOJO)"35NPEFNQPXFS"MMPXCBUUFSJFTUPSFDIBSHFPSBQQMZ"$
BEBQUFSQPXFSUPUIFMBQUPQUPDPSSFDUUIFQSPCMFN")"35NPEFN
JTBWBJMBCMFUISPVHIZPVS'MPXTFSWFSFQSFTFOUBUJWF 1MFBTFSFGFSUP
4FDUJPOGPSQBSUOVNCFST
8IFOVTJOHB)"35NPEFNXJUI4PGU5PPMTPSXIFOVTJOHUIF)"35
IBOEIFME
UIFMFBETDBOCFDPOOFDUFEBOZXIFSFBDSPTTUIF
N"DVSSFOUTJHOBM5IFMFBETBSFOPUQPMBSJUZTFOTJUJWF8IFO
VTJOHBmMUFS
UIFDPOOFDUJPONVTUCFNBEFCFUXFFOUIFmMUFSPVUQVU
BOEUIF-PHJY*2 TFF'JHVSF
3FQMBDJOHUIFN""OBMPH0VUQVU#PBSE
5PSFQMBDFUIFN"BOBMPHPVUQVUCPBSE
SFGFSUP'JHVSFT
BOEBOEQSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSF
SFRVJSFE
t 1IJMMJQTTDSFXESJWFS
B 8"3/*/(0CTFSWFQSFDBVUJPOTGPSIBOEMJOHFMFDUSPTUBUJ
DBMMZTFOTJUJWFEFWJDFT
'JHVSF"OBMPH0VUQVU#PBSE1PXFS
)"35
N"
"/"-0(
*/165
065165
N""OBMPH0VUQVU#PBSE
5IF-PHJY*2EJHJUBMQPTJUJPOFSDBOCFTVQQMJFEUPQSPWJEFBO
BOBMPHGFFECBDLTJHOBMPGUIFTUFNQPTJUJPO5IJTPQUJPODBOBMTPCF
SFUSPmUUFEJOUIFmFME5IFN"BOBMPHPVUQVUCPBSEJTXJSFEJO
TFSJFTXJUIBUP7%$QPXFSTVQQMZ TFF'JHVSF
5IJTQP
TJUJPOGFFECBDLPQUJPOIBTUIFGPMMPXJOHGFBUVSFTBOETQFDJmDBUJPOT
1PTJUJPO'FFECBDL
$VSSFOU-PPQ
-PHJY0VUQVU
o 7%$
UP7%$
1PXFS
4VQQMZ
t %PFTOPUJOUFSGFSFXJUIQPTJUJPOFSPQFSBUJPO
t $BMJCSBUJPOPGUIFBOBMPHPVUQVUTJHOBMJTQFSGPSNFEVTJOHB)"35
)BOEIFME$PNNVOJDBUPSPSDPOmHVSBUJPOTPGUXBSFTVDI
BT4PGU5PPMT
t 0VUQVUGPMMPXTBDUVBMQPTJUJPOPGWBMWF
JODMVEJOHBMMGBJMVSFNPEFT
PGQPTJUJPOFSFYDFQUMPTTPGQPXFS"OPVUQVUPGN"JTUSBOT
NJUUFEXJUIMPTTPGQPXFSUPUIFQPTJUJPOFS
1PTJUJPO$PNNBOE
$VSSFOU-PPQ
-PHJY*OQVU
UPN"
$VSSFOU4PVSDF
t *NNVOFUP3'*&.*EJTUVSCBODFT
t "WBJMBCMFGPSFYQMPTJPOQSPPGBOETBGFBQQMJDBUJPOT $4"
'.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
.BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
'JHVSFN""OBMPH0VUQVU#PBSE
%JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
3FNPWFUIFNBJODPWFS
3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF
%JTDPOOFDUUIFUXPXJSFDPOOFDUJPOGSPNUIFTJEFPGUIF
N"BOBMPHPVUQVUCPBSE
(FOUMZMJGUUIFN"BOBMPHPVUQVUCPBSEPGGUIFNBJO1$#
BTTFNCMZ
"MJHOUIFUXPDPOOFDUPSTPOUIFOFXN"BOBMPHPVUQVU
CPBSEXJUIUIFNBUJOHTPDLFUTPOUIFNBJO1$#CPBSEBOE
HFOUMZQSFTTUIFDPOOFDUPSTUPHFUIFS
$POOFDUUIFUXPXJSFDPOOFDUJPODPNJOHGSPNUIF6TFS*OUFSGBDF
CPBSEUPUIFTJEFPGUIFN"BOBMPHPVUQVUCPBSE
*OTUBMMUIFQMBTUJDCPBSEDPWFS*OTFSUUIFUISFFSFUBJOJOHTDSFXT
UISPVHIUIFQMBTUJDDPWFSJOUPUIFUISFBEFECPTTBOEUJHIUFO
FWFOMZ
VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO
$POOFDUUIF"OBMPH0VUQVUmMFEUFSNJOBUJPOXJSJOHUPUIF"OBMPH
0VUQVUUFSNJOBMTPOUIF6TFS*OUFSGBDFCPBSE TFF'JHVSF
3FJOTUBMMBMMDPWFST
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
1BSUT-JTU
*UFN
/P
*UFN
/P
1BSU
1BSU
)PVTJOH-PHJY*21PTJUJPOFS
.BJO7FOU$PWFS
.BJO)PVTJOH$PWFS
4DSFX .BJO7FOU$PWFS
0SJOH .BJO)PVTJOH$PWFS
%SJWFS.PEVMF$PWFS
4DSFX "OUJSPUBUJPO
0SJOH %SJWFS.PEVMF$PWFS
1MBTUJD.BJO1$#$PWFS
%SJWFS.PEVMF"TTFNCMZ
4DSFX .BJO1$#$PWFS4IPSU
)FY#BSCFE'JUUJOHXJUI$BQUJWF0SJOH
4DSFX .BJO1$#$PWFS-POH
'MFYJCMF5VCJOH
.BJO1$#"TTFNCMZ
4DSFX %SJWFSUP)PVTJOH
4DSFX .BJO1$#"TTFNCMZ3FUBJOJOH
/ZMPO8BTIFS
N""OBMPH0VUQVU#PBSE 0QUJPOBM
4QPPM7BMWF
4DSFX 1SFTTVSF4FOTPS#PBSE
4QPPM7BMWF#MPDL
1SFTTVSF4FOTPS#PBSE4UJGGFOFS
4DSFX 4QPPM7BMWFUP)PVTJOH
1SFTTVSF4FOTPS#PBSE "EWBODFE0OMZ
0SJOH 4QPPM7BMWF
1SFTTVSF4FOTPS1MVH1MBUF 4UBOEBSE0OMZ
4DSFX 4QPPM7BMWF$PWFS
0SJOH 1SFTTVSF4FOTPSUP)PVTJOH
4QPPM7BMWF4ISPVE
4QPPM7BMWF$PWFS
4DSFX 3FHVMBUPS1MBUFUP)PVTJOH
)ZESPQIPCJD'JMUFS 4QPPM7BMWF$IBNCFS
)FY#BSCFE'JUUJOHXJUI$BQUJWF0SJOH
0SJOH 4QPPM7BMWF$PWFS
*OUFSOBM'JMUFS
1SFTTVSF(BVHF QTJH
0SJOH *OUFSGBDF1MBUFUP)PVTJOH4FBM
"JS4DSFFO
$VTUPNFS*OUFSGBDF$PWFS
4DSFX 1PTJUJPO'FFECBDL1PUFOUJPNFUFSUP)PVTJOH
0SJOH $VTUPNFS*OUFSGBDF$PWFS
.FUBM8BTIFS
4DSFX "OUJSPUBUJPO
1PTJUJPO'FFECBDL1PUFOUJPNFUFS
4DSFX $VTUPNFS*OUFSGBDF#PBSE
'FFECBDL4IBGU
$VTUPNFS*OUFSGBDF#PBSE
4DSFX 4QSJOHUP'FFECBDL4IBGU
0SJOH $VTUPNFS*OUFSGBDF#PBSE
0SJOH 'FFECBDL4IBGU
(SPVOEJOH4DSFX
5PSTJPO4QSJOH
5ISFBEFE1MVH
&SJOH
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
'JHVSF&YQMPEFE%SBXJOH
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
-PHJY*2
4QBSF1BSUT,JUT
4FF'JHVSFGPSJUFNOVNCFST
*UFN
/P
%FTDSJQUJPO
2VBOUJUZ
*UFN
/P
%FTDSJQUJPO
2VBOUJUZ
,JU%SJWFS.PEVMF"TTFNCMZUP$,JU 1/
,JU4PGU(PPET,JU 1/
1SFTTVSF3FHVMBUPS
0SJOH .BJO)PVTJOH$PWFS
4DSFX 3FHVMBUPSUP)PVTJOH
0SJOH 1SFTTVSF4FOTPSUP)PVTJOH
%SJWFS.PEVMF"TTFNCMZ
0SJOH 3FHVMBUPSUP)PVTJOH
)FY#BSCFE'JUUJOHX$BQUJWF0SJOH
0SJOH $VTUPNFS*OUFSGBDF$PWFS
4DSFX %SJWFSUP)PVTJOH
0SJOH $VTUPNFS*OUFSGBDF#PBSE
/ZMPO8BTIFS
'MFYJCMF5VCF
,JU%SJWFS.PEVMF"TTFNCMZUP$,JU 1/
/ZMPO8BTIFS
1SFTTVSF3FHVMBUPS
0SJOH 4QPPM7BMWFUP)PVTJOH
4DSFX 3FHVMBUPSUP)PVTJOH
)ZESPQIPCJD'JMUFS 4QPPM7BMWF$IBNCFS
%SJWFS.PEVMF"TTFNCMZ
0SJOH 4QPPM7BMWF$PWFS
)FY#BSCFE'JUUJOHX$BQUJWF0SJOH
0SJOH 'FFECBDL4IBGU
4DSFX %SJWFSUP)PVTJOH
/ZMPO8BTIFS
,JU4UBOEBSE.PEFM1SFTTVSF4FOTPS1MVH1MBUF,JU
1/
,JU4QPPM"TTFNCMZ7BMWF,JU
1/
4QPPM
4QPPM7BMWF#MPDL
4DSFX 4QPPM7BMWFUP)PVTJOH
0SJOH 4QPPM7BMWF
,JU1SFTTVSF3FHVMBUPS
1/
1SFTTVSF3FHVMBUPSXJUI$BQUJWF0SJOHT
4DSFX 3FHVMBUPSUP)PVTJOH
,JU'FFECBDL4IBGU,JU
1/
'FFECBDL4IBGU
4DSFX 4QSJOHUP'FFECBDL4IBGU
0SJOH 'FFECBDL4IBGU
5PSTJPO4QSJOH
&SJOH
,JU'FFECBDL4IBGU,JU /".63
1/
'FFECBDL4IBGU
4DSFX 4QSJOHUP'FFECBDL4IBGU
0SJOH 'FFECBDL4IBGU
5PSTJPO4QSJOH
&SJOH
4DSFX 1SFTTVSF4FOTPS#PBSE
1SFTTVSF4FOTPS1MVH1MBUF
0SJOH 1SFTTVSF4FOTPSUP)PVTJOH
,JU"EWBODFE.PEFM1SFTTVSF4FOTPS#PBSE,JU
1/
4DSFX 1SFTTVSF4FOTPS#PBSE
1SFTTVSF4FOTPS#PBSE
0SJOH 1SFTTVSF4FOTPSUP)PVTJOH
,JU.BJO1$#"TTFNCMZ,JU
1/
4DSFX .BJO1$#$PWFS4IPSU
4DSFX .BJO1$#$PWFS-POH
.BJO1$#
4DSFX .BJO1$#3FUBJOJOH4DSFX
,JU6TFS*OUFSGBDF#PBSE,JU
1/
4DSFX $VTUPNFS*OUFSGBDFUP)PVTJOH
$VTUPNFS*OUFSGBDF#PBSE
0SJOH $VTUPNFS*OUFSGBDF#PBSE
,JU"OBMPH0VUQVU#PBSE,JU
1/
"OBMPH0VUQVU#PBSE
,JU1PTJUJPO'FFECBDL1PUFOUJPNFUFS,JU
1/
4DSFX 'FFECBDL1PUFOUJPNFUFSUP)PVTJOH
.FUBM8BTIFS
1PTJUJPO'FFECBDL1PUFOUJPNFUFS
)"35'JMUFS
1/
)"35.PEFN
34
1/
1$.*$*"
1/
64#
1/
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
-PHJY*2.PVOUJOH,JUT
7BMUFL.PVOUJOH,JUT
5BCMF*97BMUFL-JOFBS.PVOUJOH,JUT
4QVE
JO
JO
JO
4UBOEBSE
)BOEXIFFM
4UBOEBSE
)BOEXIFFM
4UBOEBSE
)BOEXIFFM
"TRVBSF
TQVEXJUIMJWFMPBEJOHSFRVJSFTLJUOVNCFS
-JWFMPBEJOHJTOPUBWBJMBCMFPOBJO
TQVE
5BCMF97BMUPSL3PUBSZ.PVOUJOH,JUT
4QVE
JO
JO
JO
4UBOEBSE
0QUJPOBM
4UBOEBSE
0QUJPOBM
4UBOEBSE
0QUJPOBM
4UBOEBSE"MMSPUBSZWBMWFTXJUITUBOEBSEBDDFTTPSJFT FOEPGTIBGUNPVOU
0QUJPOBM"MMSPUBSZWBMWFTXJUIIBOEXIFFMTPSWPMVNFUBOLT MJOLBHFEFTJHO
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
-PHJY0&..PVOUJOH,JUT
#SBOE
.PEFM
4J[F
'JTIFS
.PVOUJOH,JU
o
TUSPLF
o
TUSPLF
TUSPLF
o
TUSPLF
TUSPLF
TUSPLF
)POFZXFMM
'PYCPSP
/FMFT
.BTPOFJMBO -JOFBS"DUVBUPST
3%
4MJE4UE
-JOFBS
7457"3
JOEJB
74-7"%
JOEJB
7BMUFL
5SPPQFS
o
4UE
3
)%
4/"
/,"
"54FSJFT
"5o"5
4/"4FSJFT
4/"o4/"
/4FSJFT
/
34FSJFT
3o3
31$4FSJFT
31o51$
(4FSJFT
(.
o(.
3PUBSZ
3$
"VUPNBY
.PVOUJOH,JU
"JS5PSRVF
4J[F
.PEFM
7BOHBSE
#SBOE
"VUPNBY
5BCMF9*-PHJY0&..PVOUJOH,JUT
.BTPOFJMBO
3PUBSZ"DUVBUPST
5BCMF9*-PHJY0&..PVOUJOH,JUT DPOUJOVFE
#FUUJT
&-0.BUJD
&4FSJFT
&o&
14FSJFT
1o1
)ZUPSL
9-4FSJFT
9-o9-
6OJUPSR
.4FSJFT
.o.
8PSDFTUFS
4FSJFT
$POTVMUGBDUPSZ
"EKVTUBCMFNPVOUJOHLJUNBZCFOFFEFEJGIBOEXIFFMTBSFVTFE
/".63"DDFTTPSZ.PVOUJOH,JU
1BSU/VNCFST
#SBDLFU0QUJPO
NNQJOJPOYNNCPMUTQBDJOH
NNQJOJPOYNNCPMUTQBDJOH
NNQJOJPOYNNCPMUTQBDJOH
#PMU0QUJPO
"
6/$CPMUJOH
6/'CPMUJOH
.NFUSJDCPMUJOH
i%w
%PNPUPS
%PNPUPS
"#%
#%
6TFQSFmYi/,wBOEDIPPTFCSBDLFUBOECPMUPQUJPOTGSPNUIFGPM
MPXJOHUBCMF
5BCMF9**/".63"DDFTTPSZ.PVOUJOH,JU1BSU/VNCFST
%FTDSJQUJPO
NNQJOJPOYNNCPMUTQBDJOH
%FTDSJQUJPO
&YBNQMF/,"
/".63"DDFTTPSZ.PVOUJOH,JUXJUINNQJOJPOY
NNCPMUTQBDJOHBOE6/$CPMUJOH
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
'SFRVFOUMZ"TLFE2VFTUJPOT
5PPMTPSUIF)"35IBOEIFMEBHBJO*GDPNNVOJDBUJPOTBSF
FTUBCMJTIFEXIJMFVTJOHPOFPGUIFTFTPVSDFTCVUGBJMTPOUIFPSJHJOBM
TPVSDF
BmMUFSJTOFFEFE
2.Z%$4VTFT7%$
DBO*SVOB-PHJY*2
""%$4PVUQVUDVSSFOUDBSEEPFTSVOGSPN7%$CVUUIFDBSE
)BOEIFMEN"DBMJCSBUPSTXIJDIEPOPUSFRVJSFBmMUFS
SFHVMBUFTUIFBDUVBMDVSSFOUPVUQVU)PXFWFS
JGUIF7%$XFSF
BQQMJFEEJSFDUMZBDSPTTUIFUFSNJOBMT
OPUIJOHXPVMEMJNJUUIFDVSSFOU
t "MUFL.PEFM
BOEUIF-PHJY*2'JFME5FSNJOBUJPO#PBSEDPVMECFEBNBHFE
5IFDVSSFOUTPVSDFWPMUBHFTVQQMZDBOCFBOZXIFSFCFUXFFO7%$ t 3PDIFTUFS*OTUSVNFOU4ZTUFNT 3*4
$-
UP7%$BTMPOHBTUIFDVSSFOUJTMJNJUFEJOUIFN"SBOHF
t 6OPNBU614**
2*BDDJEFOUBMMZQMBDFEBWPMUBHFTVQQMZBDSPTTUIF-PHJY*2
)PXEP*LOPXJG*EBNBHFETPNFUIJOH
"5IFUZQJDBMGBJMVSFJOBOPWFSDVSSFOUTJUVBUJPOJTBTIPSUDJSDVJU
:PVSMPPQDVSSFOUXJMMCFNBJOUBJOFECVUUIF-PHJY*2DPOUSPM
CPBSEXJMMSFDFJWFOPQPXFS8JUIQPXFSSFNPWFEGSPNUIF-PHJY
*2
VTFBOPINNFUFSUPNFBTVSFBDSPTTUIFUFSNJOBMT*GUIF
SFBEJOHJTBTIPSU DMPTFUP[FSPPINT
UIF$VTUPNFS*OUFSGBDF
#PBSENVTUCFSFQMBDFE.BLFTVSFUIFQPTJUJWFMFBEJTPOUIFA
UFSNJOBMBOEOFHBUJWFMFBEJTPOUIFAUFSNJOBMXIFONFBTVSJOHUIF
SFTJTUBODF
28IBUJTUIFJOQVUSFTJTUBODFPGUIF-PHJY*2
"5IF-PHJY*2EPFTOPUIBWFBTJNQMFSFTJTUJWFJOQVU8IFO
NFBTVSJOHUIFWPMUBHFBDSPTTUIF-PHJY*2
JUPOMZWBSJFTTMJHIUMZ
XIFOUIFDVSSFOUJTDIBOHFEGSPNN"UPN" UP7%$
OPNJOBMXJUIPVU)"35DPNNVOJDBUJPOT"EE7XJUI)"35
BDUJWF
5IJTJTCFDBVTFUIF-PHJY*2JTBOBDUJWFEFWJDF5IF
SFTJTUBODFBUBHJWFODVSSFOUJTDPNNPOMZSFGFSSFEUPBTUIFFGGFDUJWF
SFTJTUBODF
&GGFDUJWF3FTJTUBODF 5FSNJOBM7PMUBHF
$VSSFOU
2*IBWF.1$TFUUPQFSDFOUCVUUIFWBMWFXJMMOPUHPCFMPX
QFSDFOU
"*TBMPXFSTPGUTUPQFOBCMFE 5IFMPXFSTPGUTUPQNVTUCFMFTT
UIBOPSFRVBMUP[FSPQFSDFOUJOPSEFSGPSUIF.1$UPCFDPNFBDUJWF
*GBQPTJUJWFMPXFSTPGUTUPQJTXSJUUFO
UIJTTUPQXJMMUBLFQSJPSJUZPWFS
UIF.1$GFBUVSF8IFOUIFMPXFSTPGUTUPQJTSFBDIFE
UIFQPTJUJPOFS
XJMMCMJOLB(::3DPEF
&RVBUJPO
28JMMTPGUTUPQTQSFWFOUUIFWBMWFGSPNHPJOHUPJUTGBJMQPTJUJPO
"/P
'PSFYBNQMF
BUN"&GGFDUJWFSFTJTUBODF7%$"
5IF-PHJY*2IBTBTQFDJmDBUJPOPG!N"
/05&:PVSDBOOPUNFBTVSFBDSPTTUIFUFSNJOBMTPGBOVOQPXFSFE
-PHJYBOEHFUUIFFGGFDUJWFSFTJTUBODF
2)PXEP*LOPXJG*OFFEB7)')"35mMUFS
"*GUIFDVSSFOUTPVSDFJTJOUFSGFSJOHXJUIDPNNVOJDBUJPO
JUXJMM
BGGFDUCPUI4PGU5PPMTBOEUIF)"35IBOEIFME*GUIFQPTJ
UJPOFSDPNNVOJDBUFTUP4PGU5PPMTPSUIF)"35IBOEIFME
XIFOVTJOHBDVSSFOUTPVSDF BN"DVSSFOUDBMJCSBUPS
GPS
FYBNQMF
BOEOPUUIF%$4
JUJOEJDBUFTBmMUFSJTOFDFTTBSZXJUIUIBU
DVSSFOUTPVSDF4PNFN"DBMJCSBUPSTUIBUXPSLXJUIPVUBmMUFS
BSFMJTUFECFMPX*GPOFPGUIFTFJTBWBJMBCMF
USZUPDPOOFDUXJUI4PGU
'$%-("*.
2*TFUUIF.1$BUQFSDFOU)PXXJMMUIFQPTJUJPOFSPQFSBUF
""TTVNFUIBUUIFQSFTFOUDPNNBOETJHOBMJTBUQFSDFOU*GUIF
DPNNBOETJHOBMJTEFDSFBTFE
UIFQPTJUJPOFSXJMMGPMMPXUIFDPN
NBOEVOUJMJUSFBDIFTQFSDFOU"UQFSDFOU
UIFTQPPMXJMMCFESJWFO
GVMMZPQFOPSGVMMZDMPTFE
EFQFOEJOHPOUIFBJSBDUJPOPGUIFWBMWF
JO
PSEFSUPQSPWJEFGVMMBDUVBUPSTBUVSBUJPOBOEUJHIUTIVUPGG5IFQPTJ
UJPOFSXJMMNBJOUBJOGVMMTBUVSBUJPOCFMPXQFSDFOUDPNNBOETJHOBM
"TUIFDPNNBOEJODSFBTFT
UIFQPTJUJPOFSXJMMSFNBJOTBUVSBUFE
VOUJMUIFDPNNBOESFBDIFTQFSDFOU UIFSFJTBQFSDFOUIZTUFSFTJT
WBMVFBEEFECZUIFQPTJUJPOFS
"UUIJTQPJOU
UIFTUFNQPTJUJPOXJMM
GPMMPXUIFDPNNBOETJHOBM8IJMFJO.1$
UIF-PHJY*2-&%T
XJMMCMJOL(((:
28IBUJTUIFEJGGFSFODFCFUXFFOBNPEFMXJUI4UBOEBSEEJBHOPT
UJDTBOEBNPEFMXJUI"EWBODFEEJBHOPTUJDT
"5IFNPEFMXJUI"EWBODFEEJBHOPTUJDTBEETUPQBOECPUUPN
BDUVBUPSQSFTTVSFTFOTPST5IJTBMMPXTGPSNPSFEJBHOPTUJDDBMDVMB
UJPOTTVDIBTMPTTPGQSFTTVSF
GSJDUJPO
BEWBODFETJHOBUVSFT
BOE
USPVCMFTIPPUJOH5IFQSFTTVSFTFOTPST
JGQSFTFOU
BSFBMTPVTFEJO
UIFQPTJUJPOFSDPOUSPMBMHPSJUINUPFOIBODFWBMWFTUBCJMJUZ
2$BO*VQHSBEFGSPNB4UBOEBSEUPBO"EWBODFE
":FT3FGFSFODJOHUIF*0.
BOBEWBODFEQSFTTVSFTFOTPSCPBSEBT
TFNCMZDBOCFQVSDIBTFE4JNQMZSFQMBDFUIFQSFTTVSFTFOTPSQMVH
QMBUFXJUIUIFBEWBODFEQSFTTVSFTFOTPSCPBSE6TJOH4PGU5PPMTPS
UIF)"35IBOEIFME
DPOmHVSFUIFQPTJUJPOFSGPS"EWBODFE
%JBHOPTUJDTBOEQFSGPSNBOBDUVBUPSQSFTTVSFDBMJCSBUJPO
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
)PXUP0SEFS
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'
4QFDJBM0QUJPOT
(BVHFT
5FNQFSBUVSF
&
.
7
7
(
4
6
'
"DUJPO
/
/15
.
'PVSXBZ %PVCMF"DUJOH
5ISFFXBZ 4JOHMF"DUJOH
'PVSXBZ7FOUFE %PVCMF"DUJOH
5ISFFXBZ7FOUFE 4JOHMF"DUJOH
4UBOEBSE5FNQFSBUVSF 'UP'$UP$
-PX5FNQFSBUVSF 'UP'$UP$
(BVHFT 7BMUFLTUBOEBSE
4UBJOMFTT4UFFM(BVHFT
/P(BVHFT
N"1PTJUJPO'FFECBDL
&
$POEVJU$POOFDUJPOT
%
/".634UBJOMFTT4UFFM 7%*7%&
%
4IBGU
(FOFSBM1VSQPTF
*OUSJOTJDBMMZ4BGF&&YJB**$55
4UBOEBSE5FNQ' $
5B' $
' $
-PX5FNQ' $
5B' $
' $
"5&9**( $&/&-&$
%%4UBJOMFTT4UFFM4IBGU 7BMUFL4UBOEBSE
$FSUJmDBUJPOT
*2
*2
%FTJHO7FSTJPO
.BUFSJBM
%JBHOPTUJDT
)"35
4UBOEBSE
"EWBODFE
"MVNJOVN
8IJUF1BJOU 7BMUFL
1SPUPDPM
$PEF
&YBNQMF
4FMFDUJPO
'$%-("*.
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
5SPVCMFTIPPUJOH
'BJMVSF
1SPCBCMF$BVTF
$PSSFDUJWF"DUJPO
$VSSFOUTPVSDFCFMPXN"XJUIPVU"0DBSEPSN" 7FSJGZDVSSFOUTPVSDFJTPVUQVUUJOHBUMFBTUN"XJUI
XJUI"0DBSE
"0DBSEPSN"XJUI"0DBSE
/P-&%JTCMJOLJOH
&SSBUJDDPNNVOJDBUJPOT
6OJUEPFTOPUSFTQPOEUPBOBMPH
DPNNBOET
7BMWFQPTJUJPOSFBEJOHJTOPU
XIBUJTFYQFDUFE
1PTJUJPOJTESJWFOGVMMZPQFOPS
DMPTFEBOEXJMMOPUSFTQPOEUP
DPNNBOE
4UJDLJOHPSIVOUJOHPQFSBUJPOPG
UIFQPTJUJPOFS
*ODPSSFDUXJSJOHQPMBSJUZ
$IFDLXJSJOHGPSDPSSFDUQPMBSJUZ
7PMUBHFPGDVSSFOUTPVSDFJTOPUIJHIFOPVHI
7FSJGZUIBUDVSSFOUTPVSDFDBOTVQQMZBUMFBTU7
$VSSFOUTPVSDFCBOEXJEUIOPUMJNJUFEUP)[
.BYJNVNBMMPXBCMFDVSSFOUTPVSDFSBUFPGDIBOHFJT
N"QFSTFDPOE
.BYJNVNDBCMFMFOHUIPSDBCMFJNQFEBODFFYDFFEFE
$IFDLDBCMFDPOEVDUJPOTJ[F
MFOHUIBOEDBQBDJUBODF
3FGFSUP4FDUJPO
i$BCMF3FRVJSFNFOUTw
)"35NPEFNDPOOFDUFEUP1$34QPSUOPUSFDFJW
JOHFOPVHIQPXFS
7FSJGZMBQUPQCBUUFSZJTOPUMPX
*OUFSGFSFODFXJUI*4CBSSJFS
.VTUVTF)"35DPNQBUJCMF*4CBSSJFS
$VSSFOU4PVSDFTUSJQQJOH mMUFSJOH
)"35TJHOBM
6TFUIF)"35mMUFS 7)'
BWBJMBCMFGSPN'MPXTFSWF
6OJUJTJOEJHJUBMDPNNBOENPEF
4XJUDIUPBOBMPHDPNNBOENPEFCZEPJOHB$PNNBOE
4PVSDF3FTFUGSPNUIFMPDBMJOUFSGBDFPSXJUIBIBOEIFME
DPNNVOJDBUPSPS4PGU5PPMT QMFBTFSFGFSUP4FDUJPO
i$PNNBOE4PVSDF3FTFU
wPSUIFRVJDLTUBSUHVJEFGPS
EFUBJMFEJOTUSVDUJPOT
&SSPSPDDVSSFEEVSJOHDBMJCSBUJPO
$IFDLCMJOLDPEFTPOQPTJUJPOFSBOEDPSSFDU
DBMJCSBUJPOFSSPS3FDBMJCSBUF
1PTJUJPOFSUVCJOHCBDLXBSET
3FUVCFUIFBDUVBUPS
4UFNQPTJUJPOTFOTPSNPVOUJOHJTPGG
3FNPVOUQPTJUJPOTFOTPS
4USPLFOPUDBMJCSBUFE
1FSGPSN26*$,$"-
5JHIUTIVUPGG .1$
JTBDUJWF
7FSJGZTFUUJOHTVTJOH1$PSIBOEIFMETPGUXBSF
$VTUPNFSDIBSBDUFSJ[BUJPOPSTPGUTUPQTBDUJWF
7FSJGZDVTUPNFSDIBSBDUFSJ[BUJPOBOETPGUTUPQT
4USPLFOPUDBMJCSBUFE
$IFDL%*1TXJUDITFUUJOHTBOEDBMJCSBUFWBMWFTUSPLF
*OOFSMPPQIBMMTFOTPSOPUDPOOFDUFE
7FSJGZIBSEXBSFDPOOFDUJPOT
8SPOHBJSBDUJPOFOUFSFEJOTPGUXBSF
$IFDL"50 "JSUPPQFO
BOE"5$
"JSUPDMPTF
TFUUJOHT3FDBMJCSBUF
"DUVBUPSUVCJOHCBDLXBSE
7FSJGZ"50"5$BDUVBUPSUVCJOH
&MFDUSPQOFVNBUJDDPOWFSUFSNBMGVODUJPOJOH
3FQMBDFFMFDUSPQOFVNBUJDDPOWFSUFS
$POUSPMQBSBNFUFSJOOFSMPPQPGGTFUJTUPPIJHIMPX
"EKVTUJOOFSMPPQPGGTFUBOETFFJGQSPQFSDPOUSPM
SFTVNFT
$POUBNJOBUJPOPGUIFESJWFSNPEVMF
$IFDLBJSTVQQMZGPSQSPQFSmMUFSJOHBOENFFUJOH*4"
TQFDJmDBUJPOT*4"$IFDLUIFTQPPMWBMWFGPS
DPOUBNJOBUJPO
$POUSPMUVOJOHQBSBNFUFSTOPUDPSSFDU
"EKVTUHBJOTFUUJOHTVTJOHMPDBMHBJOTXJUDI
1BDLJOHGSJDUJPOIJHI
&OBCMFUIFTUBCJMJUZ%*1TXJUDIPOUIFMPDBMJOUFSGBDF
BOESFDBMJCSBUF*GQSPCMFNQFSTJTUT
FOBCMFQSFTTVSF
DPOUSPMXJUIIBOEIFMEDPNNVOJDBUPSPS4PGU5PPMTBOE
SFDBMJCSBUF
$PSSPEFEPSEJSUZTQPPMWBMWF
%JTBTTFNCMFBOEDMFBOTQPPMWBMWF
.1$.JOJNVNQPTJUJPODVUPGG
'$%-("*.
*2%JHJUBM1PTJUJPOFS*OTUBMMBUJPO 0QFSBUJPOBOE.BJOUFOBODF.BOVBM
'MPX$POUSPM%JWJTJPO
-PHJY1PTJUJPOFST
'MPXTFSWF$PSQPSBUJPOIBTFTUBCMJTIFEJOEVTUSZMFBEFSTIJQJOUIFEFTJHOBOENBOVGBDUVSFPGJUTQSPEVDUT8IFOQSPQFSMZTFMFDUFE
UIJT'MPXTFSWFQSPEVDUJTEFTJHOFEUPQFSGPSN
JUTJOUFOEFEGVODUJPOTBGFMZEVSJOHJUTVTFGVMMJGF)PXFWFS
UIFQVSDIBTFSPSVTFSPG'MPXTFSWFQSPEVDUTTIPVMECFBXBSFUIBU'MPXTFSWFQSPEVDUTNJHIUCFVTFEJOOVNFSPVT
BQQMJDBUJPOTVOEFSBXJEFWBSJFUZPGJOEVTUSJBMTFSWJDFDPOEJUJPOT"MUIPVHI'MPXTFSWFDBO BOEPGUFOEPFT
QSPWJEFHFOFSBMHVJEFMJOFT
JUDBOOPUQSPWJEFTQFDJmDEBUBBOEXBSOJOHT
GPSBMMQPTTJCMFBQQMJDBUJPOT5IFQVSDIBTFSVTFSNVTUUIFSFGPSFBTTVNFUIFVMUJNBUFSFTQPOTJCJMJUZGPSUIFQSPQFSTJ[JOHBOETFMFDUJPO
JOTUBMMBUJPO
PQFSBUJPO
BOENBJOUFOBODFPG
'MPXTFSWFQSPEVDUT5IFQVSDIBTFSVTFSTIPVMESFBEBOEVOEFSTUBOEUIF*OTUBMMBUJPO0QFSBUJPO.BJOUFOBODF *0.
JOTUSVDUJPOTJODMVEFEXJUIUIFQSPEVDU
BOEUSBJOJUTFNQMPZFFT
BOEDPOUSBDUPSTJOUIFTBGFVTFPG'MPXTFSWFQSPEVDUTJODPOOFDUJPOXJUIUIFTQFDJmDBQQMJDBUJPO
8IJMFUIFJOGPSNBUJPOBOETQFDJmDBUJPOTDPOUBJOFEJOUIJTMJUFSBUVSFBSFCFMJFWFEUPCFBDDVSBUF
UIFZBSFTVQQMJFEGPSJOGPSNBUJWFQVSQPTFTPOMZBOETIPVMEOPUCFDPOTJEFSFE
DFSUJmFEPSBTBHVBSBOUFFPGTBUJTGBDUPSZSFTVMUTCZSFMJBODFUIFSFPO/PUIJOHDPOUBJOFEIFSFJOJTUPCFDPOTUSVFEBTBXBSSBOUZPSHVBSBOUFF
FYQSFTTPSJNQMJFE
SFHBSEJOHBOZ
NBUUFSXJUISFTQFDUUPUIJTQSPEVDU#FDBVTF'MPXTFSWFJTDPOUJOVBMMZJNQSPWJOHBOEVQHSBEJOHJUTQSPEVDUEFTJHO
UIFTQFDJmDBUJPOT
EJNFOTJPOTBOEJOGPSNBUJPODPOUBJOFEIFSFJO
BSFTVCKFDUUPDIBOHFXJUIPVUOPUJDF4IPVMEBOZRVFTUJPOBSJTFDPODFSOJOHUIFTFQSPWJTJPOT
UIFQVSDIBTFSVTFSTIPVMEDPOUBDU'MPXTFSWF$PSQPSBUJPOBUBOZPOFPGJUTXPSMEXJEF
PQFSBUJPOTPSPGmDFT
'PSNPSFJOGPSNBUJPOBCPVU'MPXTFSWF$PSQPSBUJPO
WJTJUXXXnPXTFSWFDPNPSDBMM64"
'-084&37&$03103"5*0/
'-08$0/530-%*7*4*0/
/.U4QSJOHT1BSLXBZ
4QSJOHWJMMF
65
1IPOF
'BY
'MPXTFSWF$PSQPSBUJPO
*SWJOH
5FYBT
64"'MPXTFSWFJTBSFHJTUFSFEUSBEFNBSLPG'MPXTFSWF$PSQPSBUJPO
'$%-("*.1SJOUFEJO64"