Download as pdf or txt
Download as pdf or txt
You are on page 1of 86

FCD LGAIM0058-00

USER INSTRUCTIONS

Digital Positioner 3200MD

3200MD Digital

LGENIM0059-09 12/13

Installation
Operation
Maintenance
PositionerSafety Manual

Installation, Operation and Maintenance Instructions

User instructions - Digital Positioner 3200MD LGENIM0059-08 10/13

Contents
1
2

Terms Concerning Safety


General Information
3.1 Unpacking
3.2 Storage
3.3 Pre-installation Inspection
Logix 3200MD
Positioner Overview
4.1 Specifications
4.2 Positioner Operation
4.3 Detailed Sequence
of Positioner Operations
Mounting and Installation
5.1 Mounting to Valtek Linear
Mark One Valves
5.2 Mounting to Standard
Valtek Rotary Valves
5.3 Optional Valtek Rotary
Mounting Procedure
5.4 NAMUR Rotary Mounting
5.5 Tubing Positioner to Actuator
Wiring and Grounding Guidelines
6.1 4-20 mA Command Input Wiring
6.2 Grounding Screw
6.3 Compliance Voltage
6.4 Cable Requirements
6.5 Intrinsically Safe Barriers
Startup
7.1 Logix 3200MD Local Interface Operation
7.2 Initial DIP Switch Settings
7.3 Operation of Configuration
DIP Switch Settings
7.4 Setup of the Cal Dip-Switch for the Quick Calibration
operating mode.
7.5 QUICK-CAL Operation
7.6 Local Control of Valve Position
7.7 Factory Reset
7.8 Command Reset
7.9 Version number checking
7.10 Logix 3200MD Status Condition
7.11 ValveSight Configuration and Diagnostic Software and
HART 375 Handheld Communicator
Maintenance and Repair
8.1 Driver Module Assembly

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

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Terms Concerning Safety


The safety terms DANGER, WARNING, CAUTION and NOTE are
used in these instructions to highlight particular dangers and/
or to provide additional information on aspects that may not be
readily apparent.

DANGER: Indicates that death, severe personal injury


and/or substantial property damage will occur if proper
precautions are not taken.

WARNING: Indicates that death, severe personal injury


and/or substantial property damage can occur if proper
precautions are not taken.

CAUTION: Indicates that minor personal injury and/or


property damage can occur if proper precautions are not
taken.

! NOTE: indicates and provides additional technical informa-

tion, which may not be very obvious even to qualified personnel.


Compliance with other, not particularly emphasized notes, with
regard to transport, assembly, operation and maintenance and
with regard to technical documentation (e.g., in the operating
instruction, product documentation or on the product itself) is
essential, in order to avoid faults, which in themselves might
directly or indirectly cause severe personal injury or property
damage.

WARNING: Standard industry safety practices must be


adhered to when working on this or any process control
product. Specifically, personal protective and lifting devices
must be used as warranted.

Unpacking and Storage

3.1

Unpacking

1. While unpacking the Logix 3200MD positioner, check the


packing list against the materials received. Lists describing the
system and accessories are included in each shipping
container.
2. When lifting the system from the shipping container, position
lifting straps to avoid damage to mounted accessories. Systems
with valves up to six inches may be lifted by actuator lifting ring.
On larger systems, lift unit using lifting straps or hooks through
the yoke legs and outer end of body.

General Information

The following instructions are designed to assist in unpacking,


installing and performing maintenance as required on Valtek Logix
3200MD digital positioners. Series 3000 is the term used for all
the positioners herein; however, specific numbers indicate features
specific to model (i.e., Logix 3200 indicates that the positioner has
HART protocol). See Logix 3200MD Model Number table in this
manual for a breakdown of specific model numbers. Product users
and maintenance personnel should thoroughly review this bulletin
prior to installing, operating, or performing any maintenance on the
valve.
Separate Valtek Flow Control Products Installation, Operation,
Maintenance instructions cover the valve (such as IOM 1 or IOM 27)
and actuator (such as IOM 2 or IOM 31) portions of the system and
other accessories. Refer to the appropriate instructions when this
information is needed.
To avoid possible injury to personnel or damage to valve parts,
WARNING and CAUTION notes must be strictly followed. Modifying
this product, substituting non-factory parts or using maintenance
procedures other than outlined could drastically affect performance
and be hazardous to personnel and equipment, and may void existing warranties.

WARNING: Substitution of components may impair intrinsic safety.

WARNING: When lifting a valve/actuator assembly with


lifting straps, be aware the center of gravity may be above
the lifting point. Therefore, support must be given to prevent the valve/actuator from rotating. Failure to do so can
cause serious injury to personnel or damage to nearby
equipment.

3. In the event of shipping damage, contact the shipper


immediately.
4. Should any problems arise, contact a Flowserve Flow Control
Division representative.

3.2

Storage

Control valve packages (a control valve and its instrumentation)


can be safely stored in an enclosed building that affords environmental protection; heating is not required. Control valve packages
must be stored on suitable skids, not directly on the floor. The
storage location must also be free from flooding, dust, dirt, etc.

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.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

2. Inspect the solenoid and positioner soft goods and replace as


necessary.

Logix 3200MD
Positioner Overview

The Logix 3200MD digital positioner is a two-wire 4-20 mA input digital


valve positioner. The positioner is configurable through the local user
interface. The Logix 3200MD utilizes the HART protocol to allow twoway remote communications with the positioner. The Logix 3200MD
positioner can control both double- and single-acting actuators with
linear or rotary mountings. The positioner is completely powered by
the 4-20 mA input signal. Start up current must be at least 3.6 mA
without AO card or 3.85 mA with AO card.

4.1

Specifications

Table III: Environmental Conditions


-40 to 176F

Operating Temperature Range

Standard

Transport and Storage


Temperature Range

-40 to 176F (-40 to 80C)

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).

Table IV: Physical Specifications


Housing Material Cast, powder-painted aluminum, stainless steel
Soft Goods

Buna-N / Florosilicone

Weight

8.3 pounds (3.9 kg) aluminum


20.5 pounds (9.3 kg) stainless steel

Table I: Electrical Specifications


Two-wire, 4-20 mA

Power Supply

10.0 to 30.0 VDC

Deadband

<0.1% full scale

Repeatability

<0.05% full scale

Add 20 when HART communication active

Linearity

<0.5% (rotary), <0.8%, (sliding stem) full scale

Communications

HART Protocol

Air Consumption

<0.3 SCFM (0.5 Nm3/hr) @ 60 psi (4 barg)

Minimum Operating
Current

3.6 mA without AO board

Air Capacity

12 SCFM @ 60 psi (4 barg) (0.27 Cv)

Maximum Voltage

30.0 VDC

Compliance Voltage
Effective Resistance

10.0 VDC @ 20 mA
495 @ 20 mA Typical

3.85 mA with AO board

Table II: ValveSight Suite Software Specifications


Computer

Table V: Positioner Specifications

Minimum Pentium processor running Windows 95, 98,


NT, 2000, XP, 32 MB total memory (64 MB recommended), 30 MB available hard disk space, CD-ROM
drive

Ports

1 minimum available with 8 maximum possible. (Can


also communicate via PCMCIA and USB connections)

HART Modem

RS-232/PCMCIA card/USB

HART Filter

May be required in conjunction with some DCS


hardware

HART MUX

MTL 4840/ELCON 2700

Table VI: 4 to 20 mA Analog Output Specifications


Potential Range of Rotation

40 - 95

Power Supply Range

12.5 to 40 VDC, (24 VDC typical)

Maximum Load Resistance (ohms)

(Supply voltage - 12.5) / 0.02

Current Signal Output

4-20 mA

Linearity

1.0% F.S.

Repeatability

0.25% F.S.

Hysteresis

.2% F.S.

Operating Temperature

-40 to 176F, -40 to 80C

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Table VII: Hazardous Area Certifications




North America (FM/CSA)

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

Special Conditions for Safe Use:

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

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

4.2

Positioner Operation

The Logix 3200MD positioner is an electric feedback instrument.


Figure 1 shows a Logix 3200MD positioner installed on a doubleacting linear actuator for air-to-open action.
The Logix 3200MD receives power from the two-wire, 4-20 mA
input signal. However, since this positioner utilizes HART communications, two sources can be used for the command signal:
Analog and Digital. In Analog source, the 4-20 mA signal is used for
the command source. In Digital source, the level of the input 4-20
mA signal is ignored and a digital signal, sent via HART, is used as
the command source. The command source can be accessed with
ValveSight software, the HART 375 communicator, or other host
software.
Whether in Analog or Digital Source, 0% is always defined as the
valve closed position and 100% is always defined as the valve
open position. In Analog Source, the 4-20 mA signal is converted
to a percentage. During loop calibration, the signals corresponding
to 0% and 100% are defined. The input signal in percent passes
through a characterization/limits modifier block. The positioner no
longer uses CAMs or other mechanical means to characterize the
output of the positioner. This function is done in software, which
allows for in-the-field customer adjustment. The positioner has three
basic modes: Linear, Equal Percent (=%) and Custom characterization. In Linear mode, the input signal is passed straight through to

the control algorithm in a 1:1 transfer. In Equal Percent (=%) mode,


the input signal is mapped to a standard 30:1 rangeability =% curve.
If Custom characterization is enabled, the input signal is mapped to
either a default =% output curve or a custom, user-defined 21-point
output curve. The custom user-defined 21-point output curve is
defined using a handheld or ValveSight software. In addition, two
user-defined features, Soft Limits and MPC (Minimum Position
Cutoff), may affect the final input signal. The actual command being
used to position the stem, after any characterization or user limits
have been evaluated, is called the Control Command.
The Logix 3200MD uses a two-stage, stem-positioning algorithm.
The two stages consist of an inner-loop, spool control and an outerloop, stem position control. Referring again to Figure 1, a stem
position sensor provides a measurement of the stem movement.
The Control Command is compared against the Stem Position. If
any deviation exists, the control algorithm sends a signal to the
inner-loop control to move the spool up or down, depending upon
the deviation. The inner-loop then quickly adjusts the spool position.
The actuator pressures change and the stem begins to move. The
stem movement reduces the deviation between Control Command
and Stem Position. This process continues until the deviation goes
to zero.
The inner-loop controls the position of the spool valve by means of
a driver module. The driver module consists of a temperature-compensated hall effect sensor and a piezo valve pressure modulator.

Figure 1: Logix 3200MD Digital Positioner Schematic (air-to-open configuration)


HART Terminals

Analog Output Signal

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

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Figure 2: System Positioning Algorithm

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

A more detailed example explains the control function. Assume the


unit is configured as follows:
Unit is in Analog command source.
Custom characterization is disabled (therefore characterization is
Linear).
No soft limits enabled. No MPC set.

Tubed
ATO

+
+
+

D/A
Output
Percentage

Inner
Loop
Spool
Control
Stem
Position
Sensor

stem position. With this positive deviation, the control algorithm


sends a signal to move the spool up from its present position. As the
spool moves up, the supply air is applied to the bottom of the actuator and air is exhausted from the top of the actuator. This new pressure differential causes the stem to start moving towards the desired
position of 75 percent. As the stem moves, the Deviation begins to
decrease. The control algorithm begins to reduce the spool opening.
This process continues until the Deviation goes to zero. At this point,
the spool will be back in its null or balanced position. Stem movement will stop and the desired stem position is now achieved.
One important parameter has not been discussed to this point: Inner
loop offset. Referring to Figure 2, a number called Inner loop offset
is added to the output of the control algorithm. In order for the spool
to remain in its null or balanced position, the control algorithm must
output a non-zero spool command. This is the purpose of the Inner
loop offset. The value of this number is equivalent to the signal that
must be sent to the spool position control to bring it to a null position with zero deviation. This parameter is important for proper control and is optimized and set automatically during stroke calibration.

Valve has zero deviation with a present input signal of 12 mA.


Loop calibration: 4 mA = 0% command, 20 mA = 100% command.
Actuator is tubed and positioner is configured air-to-open.
Given these conditions, 12 mA represents a Command source of
50 percent. Custom characterization is disabled so the Command
source is passed 1:1 to the Control Command. Since zero deviation
exists, the Stem Position is also at 50 percent. With the stem at the
desired position, the spool valve will be at a middle position that balances the pressures above and below the piston in the actuator. This
is commonly called the null or balanced spool position.
Assume the input signal changes from 12 mA to 16 mA. The positioner sees this as a Command source of 75 percent. With Linear
characterization, the Control Command becomes 75 percent. Deviation is the difference between Control Command and Stem Position :
Deviation = 75% - 50% = +25%, where 50 percent is the present
7

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Figure 3: Linear Mark One Control Valve Mounting


Logix 3200IQ
Positioner

Bracket
Bolts

Bracket

Locknut
Washer
Follower
Arm

Positioner
Bolts
Nut
Nut
Lock Washer

Nut
Stem Clamp

Follower Pin

Take-off Arm

Bolts
Metal Washers

Mounting and Installation

5.1

Mounting to Valtek Linear


Mark One Valves

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.

To mount a Logix 3200MD positioner to a Valtek linear Mark One


valve, refer to Figure 3 and proceed as outlined below. The following
tools are required:

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)

6. Insert the lower mounting bolt and tighten the bolting.

716" box wrench

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.

38" open-end wrench


1. Remove washer and nut from follower pin assembly. Insert pin
into the appropriate hole in follower arm, based on stroke length.
The stroke lengths are stamped next to their corresponding
holes in the follower arms. Make sure the unthreaded end of the
pin is on the stamped side of the arm. Reinstall lock washer and
tighten nut to complete follower arm assembly.

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.

8. Slide the appropriate pin slot of the take-off arm, based on


stroke length, over the follower arm pin. The appropriate stroke
lengths are stamped by each pin slot.
9. Center the take-off arm on the rolling sleeve of the follower pin.
10. Align the take-off arm with the top plane of the stem clamp and
tighten bolting. Torque to 120 in-lb.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

38" socket with extension


! NOTE: If mounted properly, the follower arm should be
horizontal when the valve is at 50% stroke and should move
approximately 30 from horizontal over the full stroke of the
valve. If mounted incorrectly, a stroke calibration error will
occur and the indicator lights will blink a RGGY code indicating
the position sensor has gone out of range on one end of travel.
Reposition the feedback linkage or rotate the position sensor to
correct the error.

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.

4. Using four -20 x " bolts, fasten positioner to universal


bracket using appropriate hole pattern (stamped on bracket).
5. Using a " end wrench and two 516-18 x " bolts, attach bracket
to actuator transfer case pad. Leave these bolts slightly loose
until final adjustments are made.
6. Rotate take-off arm so the follower pin will slide into the slot on
the take-off arm. Adjust the bracket position as needed noting
the engagement of the follower pin and the take-off arm slot.

532" Allen wrench


" open-end wrench
716" open-end wrench
Figure 4: Standard Rotary Mounting

Positioner Bolts -20 (4)*


Bracket Bolts 5/16 -18 (2, not shown)

Take-off Arm, Rotary


Lock Washer (2)
10-32 Bolt
10-32 Nut

Logix 3200MD
Digital Positioner

Self-tapping Screws (2)

Spline Lever Adapter

10-32 Nut
Lock Washer

Follower Arm

* Located in appropriate
hole pattern as indicated on
bracket. (25, 50, 100/200)

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

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

! NOTE: Remember to remove the air supply before re-adjusting

1. Tube the Logix 3200MD positioner to the actuator according


to the instructions given in Section 5.5, Tubing Positioner to
Actuator.

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.

! NOTE: If the take-off arm slips, the positioner must be


recalibrated.

3. Hold the take-off arm in place; tighten the screw of the take-off
arm.

! NOTE: The take-off arm should be snug enough to hold the


follower arm in place but allow movement when pushed.

WARNING: Failure to follow this procedure will result in


positioner and/or linkage damage. Check air-action and
stroke carefully before lockdown of take-off arm to spline
lever adapter.

4. Connect regulated air supply to appropriate port in manifold.

5.3

5. Remove main cover and locate DIP switches and QUICK-CAL


button.

(See Figure 5)

6. Refer to sticker on main board cover and set DIP switches


accordingly. (A more detailed explanation of the DIP switch
settings is given in Section 7, Startup.)
7. Press the QUICK-CAL button for three to four seconds or
until the positioner begins to move. The positioner will now
perform a stroke calibration.
8. If the calibration was successful the green LED will blink GGGG
or GGGY and the valve will be in control mode. Continue with
step 9. If calibration failed, as indicated by a RGGY blink code,

Optional Valtek Rotary


Mounting Procedure

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

Figure 5: Optional Rotary Mounting

ek
Valt

Locknuts (2)
Tripper
Tripper Clamp

Bracket Bolts 5/16-18 (2)


Ball Joint Ends

Follower Arm
Bolts (2)
Rotate Positioner 90
Tie Rod*

* Tie Rod must be cut to desired length.

10

10-32 Nut
Lock Washer

Mounting Bolts -20 (4)

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

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.

NAMUR Rotary Mounting

The Logix 3200MD includes an option for NAMUR Rotary mounting.


The NAMUR shaft option provides mounting to standard brackets
for valve automation. The NAMUR option is not recommended for
high performance valves since the normal alignment tolerances can
cause a degradation in valve performance. Care must be taken when
mounting the positioner using a NAMUR configuration to prevent
damage to the shaft. Mount the positioner and rotate into position
using the following table:
Logix 3200 Positioner NAMUR Mounting
Actuator Rotation from
NAMUR Positioner shaft
FAIL POSITION (as viewed from
preloading instructions
positoner mounting end)

Counter Clockwise

Insert positioner shaft into


feedback slot with valve in the
FAIL POSITION and rotate 105
and bolt into place.

Clockwise

Insert positioner shaft into


feedback slot with valve in FAIL
Position and rotate positioner
CCW 15 and bolt in place

5.5

Tubing Positioner to Actuator

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).

Air-to-open and air-to-close are determined by the actuator tubing,


not the software. When air action selection is made during configuration, that selection tells the control which way the actuator
has been tubed. The top output port is called Output 1. It should be
tubed to the side of the actuator that must receive air to begin the
correct action on increasing signal. Verify that tubing is correct prior
to a stroke calibration. Proper tubing orientation is critical for the
positioner to function correctly and have the proper failure mode.
Refer to Figure 5 and follow the instructions below:
Linear Double-acting Actuators

For a linear air-to-open actuator, the Output 1 port of the


positioner manifold is tubed to the bottom side of the actuator.
The Output 2 port of the positioner manifold is tubed to the top
side of the actuator. For a linear air-to-close actuator the above
configuration is reversed.
Rotary Double-acting Actuators

For a rotary actuator, the Output 1 port of the positioner manifold


is tubed to the bottom side of the actuator. The Output 2 port of
the positioner manifold is tubed to the top side of the actuator.
This tubing convention is followed regardless of air action. On
rotary actuators, the transfer case orientation determines the air
action.
Single-acting Actuators
For single-acting actuators, the Output 1 port is always tubed to the
pneumatic side of the actuator regardless of air action. The Output 2
port must be plugged.

11

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Wiring and Grounding


Guidelines

(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

The green grounding screw, located inside the termination cap,


should be used to provide the unit with an adequate and reliable
earth ground reference. This ground should be tied to the same
ground as the electrical conduit. Additionally, the electrical conduit
should be earth grounded at both ends of its run.

6.3

WARNING: The green grounding screw must not be used


to terminate signal shield wires.

Compliance Voltage

(See Figure 7)

12

Figure 6: Field Termination

4-20 mA Command Input Wiring

Verify polarity when making field termination connection. The Logix


3200 is reverse polarity protected. Wire 4-20 mA current source to
the input terminal labeled 4-20 mA Input on the user interface board
(See Figure 6). Never connect a voltage source directly across the
Logix 3200MD terminals. The current must always be limited for
4-20 mA operation. Minimum operating current is 3.6 mA.

6.2

Output compliance voltage refers to the voltage limit that can be


provided by the current source. A current loop system consists of
the current source, wiring resistance, barrier resistance (if present),
and the Logix 3200MD positioner impedance. The Logix 3200MD
digital positioner requires that the current loop system allows for
a 10.0 VDC drop across the positioner at maximum loop current.
The 10.0 VDC drop across the Logix 3200MD positioner terminals
is generated by the positioner from the 4-20 mA loop current input.
The actual voltage at the terminals varies from 9.8 to 10.0 VDC
depending on the current mA signal, HART communications, and
ambient temperature.

HART
4-20 mA
INPUT

ANALOG
OUTPUT

HART Terminals
4-20 mA Feedback
Terminals (Optional)

Housing EARTH
Terminal
Field
Terminators

Connect Shield at Source


Ground 4-20 mA Current Source
Shielded Cable

4-20 mA Current Source

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

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.

WARNING: Never connect a voltage source directly across


the positioner terminals. This could cause permanent
circuit board damage.

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

The calculated voltage must be greater than 10 VDC in order to


safely support the Logix 3200MD digital positioner.
Example:
DCS Compliance Voltage = 19 VDC

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

Figure 7: Compliance Voltage


Rbarrier (if present)

Rwire

+
Compliance
Voltage

Current
Source
Current

Logix
3200IQ

10
VDC
-

13

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

In order to calculate the maximum network capacitance, use the


following formula:

Figure 8: Local User Interface


LEDs

65
Cnetwork (F) (R
- 0.0032
barrier + Rwire + 390)

DIP Switch Block

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

Maximum Cable Length =

0.08 F
= 3636 ft.
0.000022 F/foot

To control cable resistance, 24 AWG cable should be used for runs


less than 5000 feet. For cable runs longer than 5000 feet, 20 AWG
cable should be used.

6.5

Intrinsically Safe Barriers

When selecting an intrinsically safe barrier, make sure the barrier is


HART compatible. Although the barrier will pass the loop current and
allow normal positioner control, if not compatible, it may prevent
HART communication.

Startup

7.1

Logix 3200MD Local Interface


Operation

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

Initial DIP Switch Settings

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.

! NOTE: The switch settings in the Configuration box are activated


only by pressing the Quick Cal button, except Auto-tune adjustments that can be made at any time.

7.3

Operation of Configuration
DIP Switch Settings

The first 7 Dip Switches are for basic configuration


Air Action
This must be set to match the configuration of the valve/actuator
mechanical tubing connection and spring location since these determine the air action of the system.
ATO (air-to-open) Select ATO if increasing output pressure from
the positioner port 1 is tubed so it will cause the valve to open.
ATC (air-to-close) Select ATC if increasing output pressure from
the positioner port 1 is tubed so it will cause the valve to close.
Signal at Closed
Normally this will be set to 4 mA for an Air-to-open actuator, and
20 mA for an Air-to-close actuator configuration.
4 mA Selecting 4 mA will make the valve fully closed when the
signal is 4 mA and fully open when the signal is 20 mA.
20 mA Selecting 20 mA will make the valve fully closed when
the signal is 20 mA and fully open when the signal is 4 mA.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Figure 9: Default Custom Characterization

Table VIII: Characteristic Curve Data


% Command

% 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

If the selectable GAIN switch is set to D, C, or B, with the auto


tune switch on, progressively lower gain settings will be used based
on response parameters measured during the last QUICK-CAL.
If the adjustable GAIN selector switch is set to F, G, or H with
the auto tune switch on, progressively higher gain settings will be
calculated and used based on response parameters measured during
the last QUICK-CAL.
If the selectable GAIN switch is set to A the tuning will not be
modified with a QUICK-CAL. Use this setting if custom tuning will
be done using a handheld or other Flowserve software.
15

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Off Off forces the positioner to use one of the factory


preset tuning sets determined by the rotary Gain selector
switch. Settings A through H are progressively higher
gain predefined tuning sets. The Gain selector switch can be
adjusted at any time to modify the tuning parameters.

! NOTE: With Autotune on E is the default adjustable GAIN

selector switch setting for all actuator sizes. Raising or lowering


the gain setting is a function of the positioner/valve response to
the control signal, and is not actuator size dependent.
Spare Switch
If special features have been purchased they may be controlled
by this switch. See special documentation for more details.

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.

! NOTE: This option is more effective on advanced units with the


optional pressure sensors installed.

7.4

Setup of the Cal Dip-Switch for the


Quick Calibration Operating Mode.

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

WARNING: During the QUICK-CAL operation the valve may


stroke unexpectedly. Notify proper personnel that the valve
will stroke, and make sure the valve is properly isolated.

7.5

QUICK-CAL Operation

The QUICK-CAL button is used to locally initiate a calibration of the


positioner. Pressing and holding the QUICK-CAL button for approximately 3 seconds will initiate the calibration. A QUICK-CAL can
be aborted at any time by briefly pressing the QUICK-CAL button and
the previous settings will be retained.
If the Quick calibration switch (be careful not to confuse with the
QUICK-CAL button) is set to Auto and the valve/actuator assembly has the necessary internal stops the calibration will complete
automatically. While the calibration is in progress you will notice a
series of different lights flashing indicating the calibration progress.
When the lights return to a sequence that starts with a green light
the calibration is complete. (See the table X for an explanation of the
various light sequences) The initial calibration of extremely large
or very small actuators may require several calibration attempts.
The positioner adapts to the actuator performance and begins each
calibration where the last attempt ended. On an initial installation it
is recommended that after the first successful calibration that one
more calibration be completed for optimum performance.
If the Quick calibration switch is set to Jog, the calibration will

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.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

7.6

Local Control of Valve Position

7.10 Logix 3200MD Status Condition

Local control of valve position can be done from the user


interface by holding both jog buttons while then simultaneously
pressing the quick cal button for 3 seconds. The and
buttons can then be used to position the valve. While in this
mode the LEDs will flash a YGYY (yellow-green-yellow-yellow)
sequence. To exit the local control mode and return to normal
operation, briefly press the QUICK-CAL button.

WARNING: When operating using local control of the valve,


the valve will not respond to external commands. Notify
proper personnel that the valve will not respond to remote
command changes, and make sure the valve is properly
isolated

7.7

Factory Reset

To perform a factory reset, hold QUICK-CAL button while applying


power and all of the internal variables including calibration will be
reset to factory defaults. The positioner must be re-calibrated after
a factory reset. Tag names and other user configured limits, alarm
settings, and valve information will also be lost and need to be
restored.

WARNING: Performing a factory reset may result in the


inability to operate the valve until reconfigured properly.
Notify proper personnel that the valve may stroke, and
make sure the valve is properly isolated.

7.8

Command Reset

Performing a command reset will reset the command source to


analog if it has been inadvertently left in digital mode. This is done
while a QUICK-CAL is in process by holding down both the and
buttons while briefly pressing the QUICK-CAL button. A new
QUICK-CAL must be done after resetting.

7.9

Version number checking

The version number of the embedded code may be checked at any


time except during a calibration by holding down the button.
This will not alter the operation of the unit other than to change the
blink sequence to 3 blinks indicating the major version number.
Holding the button will give the minor version number without
affecting operation. The version codes are interpreted by adding up
the numbers assigned according to the following table:

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.

7.11 ValveSight Configuration and


Diagnostic Software and HART 375
Handheld Communicator
Flowserve Corporation has written custom configuration and
diagnostic software for the Logix 3200MD digital positioner called
ValveSight. This software is available from a Flowserve representative.
The Logix 3200MD digital positioner supports and is supported by
the HART 375 Handheld Communicator. The Device Description
(DD) files and the manual listed below can be obtained from the
HART Communication Foundation or from your Flowserve representative. For more information please see the following guide:
Product Manual for the HART Communicator.
Diagnostic features such as the datalog, signature tests, and ramp
tests are performed using the ValveSight software. Certain calibration features such as loop calibration, analog output calibration, and
actuator pressure sensor calibrations are performed using the HART
375 Handheld Communicator or using diagnostic software such as
ValveSight.

! NOTE: Warnings and alarms marked by ** have been masked


from the factory. To Initiate diagnostics, perform a stroke,
actuator and friction calibration, set appropriate limits, then
unmask the alarms and warnings using the DTM or DD. Not all
codes are available on all models.

Table IX: Version number checking


First Blink
Value

Second Blink
Value

Third Blink
Value

Yellow

Red

18

Color
Green

For example if holding the button gave a G-G-R code, and


holding the button gave a Y-Y-G code then the resulting version
number would be (0+0+2).(9+3+0) or version 2.12.
17

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Table X: Logix 3200MD Status Condition Codes


Blink
Code
GGGG
GGGY

GGYG

GGYY

NORMAL OPERATION indicates normal, healthy operation


MPC ACTIVE MODE (user set) indicates that tight shutoff (MPC)
is active. The command is beyond the user set limit for tight
shutoff feature. This is a normal condition for all valves when
closed. The factory default setting triggers this at command signals below 1%. This indication may also occur on 3 way valves
at both ends of travel if the high MPC value has been set.
LOCAL INTERFACE DISABLED/ENABLED when DISABLED, indicates PC software has been used to disable the local interface.
This code is only present for a short time when the Quick Cal
button is pressed.
DIGITAL COMMAND SOURCE indicates a HART signal is needed
to change the position command and the analog 4-20 mA input
signal is ignored.

GGRR

SQUAWK MODE ON/OFF (user set) When ON, this indicates a


user has set the positioner to flash a special sequence so that it
can be visually located.

GYGG

POSITION LIMIT ALERT (user set) indicates the position has


reached or is exceeding a user defined upper or lower position
indicator similar to a limit switch indicator.
SOFT STOP LIMIT ALERT (user set) indicates the unit is being
commanded to exceed a user defined upper or lower position
limit and the internal software is holding the position at the limit.
The function is similar to a mechanical limit stop except it is not
active if the unit is un-powered.
CYCLES or TRAVEL LIMIT ALERT (user set) indicates that one of
the cycle or travel limits has been exceeded. The criterion and
count limit are set by the user to track the usage of the valve.
There are accumulators for total valve travel, total valve cycles,
total spool valve travel, and total spool valve cycles. Flowserve
supplied software can identify the specific limit that has been
reached.

GYGY

GRGG

YGGY
YGGR
YGYG

YGYY

YGYR

YYGG

YYGY

18

Description

SIGNATURE IN PROGRESS MODE indicates that a test has been


initiated by Flowserve supplied software
INITIALIZING MODE displays a blink sequence 3 times when the
unit is powering up.
CALIBRATION IS IN PROGRESS indicates a calibration is process. Calibrations such as stroke may be initiated locally with
the QUICK-CAL button or remotely. Other calibrations for the inputs and outputs or pressure sensors are only initiated remotely.
JOG COMMAND STATE indicates the unit has been placed in a
local override mode where the valve can only be stroked using
the two local jog buttons.
JOG CALIBRATION STATE indicates that during a jog calibration,
the unit is waiting for the user to manually adjust the valve position to the desired 100% open position.
POSITIONER TEMPERATURE WARNING (user set) indicates the
internal electronics have exceeded a temperature limit. The minimum limit of the electronics and the default setting is -40F (-40C).
Low temperature may inhibit responsiveness and accuracy. The
maximum limit of the electronics and default setting is 185F (85C).
High temperature may limit the life of the positioner.
PRESSURE OUT OF RANGE WARNING indicates that during a
pressure sensor calibration, the range of applied pressures to
port 1 was too small for optimum performance.

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.

If local control is desired then the local interface must be re-enabled


from the remote software. See DTM screen: Configuration/Basic Local
Interface.
A manual Command Source Reset is provided to change the command
back to analog control mode from the local interface if a PC or hand-held
configurator is not available. This is done while a QUICK-CAL is in progress by holding down both the Jog buttons (up and down) while briefly
pressing the QUICK-CAL button. A new QUICK-CAL must be done after
resetting. See DTM screen: Dashboard.
This mode is canceled if the QUICK-CAL button is briefly pressed, the
Squawk mode is selected again remotely, or more than one hour has
passed since the command was issued. See DTM screen: Configuration/
Custom/LED.
Reset the indicator if more travel is needed or adjust the command signal
back in the specified range. See DTM screen: Configuration/Custom/
Position Cutoff. This indicator can be disabled.
Reset the limit if more travel is needed or adjust the command signal
back in the specified range. See DTM screen: Configuration/Custom/Soft
Limits.

For valve accumulators indications follow routine procedures for


maintenance when the limit is reached such as checking the packing
tightness, and checking linkages for wear, misalignment, and tightness.
After maintenance, reset the cycle accumulator. See DTM screen: Health
Status/Positioner Health. This indicator can be disabled. For spool valve
accumulators inspect for high air consumption and signs of wear. See
DTM screen: Health Status/Positioner Health. This indicator can be
disabled.
Signatures can only be canceled by Flowserve supplied software. See
DTM screen: Diagnostics.
Wait for power up to complete.
Local calibration may be canceled by briefly pushing the QUICK-CAL
button. Remote calibrations can only be canceled by the software.

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.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Blink
Code
**YYGR

**YYYG

**YYYY

**YRGG

**YRGY

**YRGR

YRYG

YRRY

**YRRR

RGGY

Description

Recommendations

SUPPLY PRESSURE HIGH WARNING indicates the positioner


has determined that the supply pressure is above the user set
warning limit.

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.

SUPPLY PRESSURE LOW WARNING (user set) indicates that the


supply pressure is below the user set warning limit. Low supply
pressure can cause poor valve response or positioner failure.
The minimum recommended supply pressure is 30 PSI (2.1 bar)
for proper operation. The unit will fail at less than approximately
17 PSI (1.2 bars). Low supply pressure indications can also be
caused by pneumatic leak.
ACTUATION RATIO WARNING (user set) indicates a decreased
ability of the system to actuate the valve. It is based on the ratio
of available force to required force to actuate. It is affected by the
process load, friction, spring force, and available supply pressure.
PILOT RELAY RESPONSE WARNING (user set) indicates that
the pilot relay is sticking or slow to respond. This affects the
responsiveness, increases the chance of limit cycling and
excessive air consumption. The pilot relay is part of the inner
loop and consists of the driver module assembly with piezo (I-P
relay) which is coupled to the spool valve. The value of this
indicator corresponds with inner loop lag. Delayed response can
be caused by a partially clogged piezo or debris, oil, corrosion, or
ice on the spool, or low supply pressure.
FRICTION LOW WARNING (user set) indicates the friction has
passed below the user set limit.

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.

Low friction is usually an indication of improperly loaded packing or seals


in the valve and actuator. See DTM screen: Health Status/Valve Health. This
indicator can be disabled.
PNEUMATIC LEAK WARNING (user set) indicates that the positi- Repair pneumatic leaks at the tubing junctions and actuator seals. Ensure
oner has detected a leak in the actuation assembly. Leakage from proper supply pressure. See DTM screen: Health Status/Actuator Health.
the actuator can cause decreased responsiveness and excessive This indicator can be disabled.
air/gas consumption. Low supply pressure can also trigger this
warning.
Determine if the friction is significantly interfering with the valve control. If
FRICTION HIGH WARNING (user set) indicates the valve/actuator
friction has passed the user set limit. High friction can cause loop not, consider increasing the friction warning limit. Consider the following
to reduce friction: Stroke the valve to clear off build-up. Clear any external
oscillations, poor position control, jerky motion, or valve sticking.
It can be caused by build-up from the process on the stem, trim or mechanical obstruction, loosen the packing, clean the stem, repair or replace the actuator. Highly localized friction or very jerky travel can indicate
seat , by a failing bearing or guides in the valve and actuator,
galling of the trim or stem, excessively tightened packing, linkages, internal galling. Repair or replace internal valve components. See DTM
screen: Health Status/Valve Health. This indicator can be disabled.
or other valve/actuator mechanical issues.
ELECTRONIC INABILITY TO FAIL SAFE WARNING indicates that If alarm persists for more than 30 minutes, the Piezo assembly is damathe piezo may be damaged. This may prevent the proper failure
ged and should be replaced. This indicator can be disabled.
position upon loss of signal/power. This condition may occur
briefly on an air-to-close valve that is held for long periods of
time in the closed position, or and air-to-open valve held in the
open position.
PNEUMATIC INABILITY TO FAIL SAFE WARNING indicates that
Check for high friction. Repair or replace actuator spring. Reduce proupon loss of air supply, the valve may not move to the fail-safe
cess load. This indicator can be disabled.
position. The spring alone is not adequate to overcome the
friction and process load in the system. The system is relying on
pneumatic force to actuate in the direction the spring is pushing.
The failsafe spring may have failed, or it was not sized properly
for the application. Friction or process load may have increased.
FEEDBACK READING PROBLEM DURING CALIBRATION ALARM Check for loose linkages and/or adjust the feedback pin to a position
indicates that during calibration, the range of motion of the positi- closer to the follower arm pivot to create a larger angle of rotation if the
on feedback arm was too small for optimum performance, or the feedback rotation is less than 15 degrees for the total valve travel and
position sensor was out of range.
recalibrate. Briefly pushing the QUICK-CAL button acknowledges this
condition and the positioner will operate using the current short stroke
calibration if otherwise a good calibration. If the condition does not clear
then adjust the positioner mounting, linkage or feedback potentiometer
to move the position sensor back into range then restart the calibration.
This error may be cleared by briefly pushing the QUICK-CAL button,
which will force the positioner to use the parameters from the last good
calibration.
19

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

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

Repeat the stroke calibration to get a more accurate ILO value. To


proceed using the less accurate ILO value, this error may be cleared by
briefly pushing the QUICK-CAL button. Lowering the gain setting may
help if the actuator is unstable during the calibration. Gain settings can
be physically adjusted on the device. A lower letter represents lower gain.
NON-SETTLE TIME OUT ALARM indicates that during calibration, Check for loose linkages or a loose positioner sensor. This error may be
the position feedback sensor did not settle.
cleared by briefly pushing the QUICK-CAL button, which will force the positioner to use the parameters from the last good calibration. This error
may appear on some very small actuators during the initial calibration.
Recalibrating may clear the problem.
NO MOTION TIME OUT ALARM indicates that during calibration, Check linkages and air supply to make sure the system is properly conthere was no motion of the actuator based on the current stroke nected. If the time out occurred because the actuator is very large then
time configuration.
simply retry the Quick cal and the positioner will automatically adjust for
a larger actuator by doubling the time allowed for movement. This error
may be cleared by briefly pushing the QUICK-CAL button, which will force
the positioner to use the parameters from the last good calibration.
FACTORY RESET STATE indicates the unit has had a factory reset Calibrate. Proper Valvesight operation will require stroke, actuator, and
friction calibration to be completed. This indicator can be disabled.
and has not yet been calibrated. The unit will not respond to
commands and will remain in the failsafe position until a calibration is successfully completed.
SUPPLY PRESSURE LOW ALARM (user set) indicates that the
Regulate the supply pressure at the positioner above 30 PSI (2.1
supply pressure is below the user set alarm limit. Low supply
bar). Recalibrate pressure sensors. Ensure system air/gas supply is
pressure can cause poor valve response or positioner failure.
adequate. Repair kinked supply tubing. Check the pressure sensor board
The minimum recommended supply pressure is 30 PSI (2.1 bar) connections and replace pressure sensor board if necessary. Check for
for proper operation. The unit will fail at less than approximately pneumatic leaks in the actuator and actuator tubing. See DTM screen:
17 PSI (1.2 bars). Low supply pressure indications can also be
Health Status/Actuator Health.
caused by pneumatic leak.
PILOT RELAY RESPONSE ALARM (user set) indicates that the
Check response of the valve. If OK, adjust Pilot Relay Response limits.
pilot relay is sticking or extremely slow to respond. This affects
Check the supply pressure. Check the spool for debris, oil, corrosion,
the responsiveness, increases the chance of limit cycling and
ice on the spool. Clean or replace the spool assembly. Replace the piezo
excessive air consumption. The pilot relay consists of the driver or driver module assembly. Maintain a clean, water-free air/gas supply.
module assembly with piezo (I-P relay) which is coupled to
See DTM screen: Health Status/Positioner Health. This indicator can be
the spool valve. Delayed response can be caused by a partially
disabled.
clogged piezo or debris, oil, corrosion, or ice on the spool, or low
supply pressure.
FRICTION LOW ALARM (user set) indicates the friction has
Check for a packing leak. Tighten or replace the valve packing. See DTM
passed below the user set limit. The alarm indicates a more
screen: Health Status/Valve Health. This indicator can be disabled.
severe condition than the warning.
FRICTION HIGH ALARM (user set) indicates the valve/actuator
Determine if the friction is significantly interfering with the valve control.
friction has passed the user set limit. The alarm indicates a more If not, consider increasing the friction warning limit. Consider the
severe condition than the warning. High friction can cause loop
following to reduce friction: Stroke the valve to clear off build-up. Clear
oscillations, poor position control, jerky motion, or valve sticking. any external mechanical obstruction, loosen the packing, clean the stem,
It can be caused by build-up from the process on the stem, trim repair or replace the actuator. Highly localized friction or very jerky travel
or seat, by a failing bearing or guides in the valve and actuacan indicate internal galling. Repair or replace internal valve compontor, galling of the trim or stem, excessively tightened packing,
ents. See DTM screen: Health Status/Valve Health This indicator can be
linkages, or other valve/actuator mechanical issues.
disabled.
PIEZO VOLTAGE ALARM indicates the portion of the circuit board If the unit is functioning and controlling replace the piezo, if it does not
that drives the piezo is bad, or piezo valve itself is bad.
operate replace the main circuit board. This indicator can be disabled.
PILOT RELAY POSITION LIMIT ALARM indicates the pilot relay
Check for adequate supply pressure. A hall sensor problem may be
(spool) appears to be fixed at a limit and is not responding. This cleared by briefly pushing the QUICK-CAL button, which will force the
could be due to low supply pressure, a hall sensor that is out
positioner to use the parameters from the last valid calibration. Check the
of calibration, a broken piezo, stuck spool, or a wire connection
internal wiring harnesses for good connections. Check the spool valve
problem.
for sticking problems. If the positioner still does not operate replace the
piezo, driver module assembly, and/or spool assembly.
ELECTRONICS ERROR OR ALARM indicates the internal data
Error may self clear with time. If error persists, cycle power and comwas not updated correctly. This may affect the function of the
plete a QUICK-CAL. If the error still persists, Check internal wiring and
positioner in various ways or not at all. This can be caused when connectors for electrical shorts or opens. If no problems are found and
intermittent operation occurs when connecting power.
alarm persists, replace the main circuit board.
POSITION DEVIATION ALARM (user set) indicates the difference Review active alarms and warnings to find root causes of this alarm. See
between the command and the actual position has been greater
DTM screen: Alerts/Command Deviation. This indicator can be disabled.
than the user-set limit for longer than a user-set time.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Maintenance and Repair

8.1

Driver Module Assembly

The driver module assembly moves the spool valve by means


of a differential pressure across its diaphragm. Air is routed to
the driver module from the regulator through a flexible hose. A
barbed fitting connects the flexible hose to the driver module
assembly. Wires from the driver module assembly connect the
hall effect sensor and the piezo valve modulator to the main PCB
assembly.
Driver Module Assembly Replacement
To replace the driver module assembly, refer to Figures 11-15 and 25
and proceed as outlined below. The following tools are required:

Figure 11: Driver Module Assembly


Pressure Sensor Board

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

Install Barbed Fitting after


Driver Module is in housing

Pressure Modulator Connector

Hall Sensor Connector

Figure 12: Spool Valve Cover Assembly

Flat plate or bar about 18" thick


Phillips screwdriver
" nutdriver

WARNING: Observe precautions for handling electrostatically


sensitive devices.

Screw
Spool Valve Cover

1. Make sure the valve is bypassed or in a safe condition.


2. Disconnect the power and air supply to the unit.

Figure 13: Spool and Block

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).

WARNING: Spool (extending from the driver module


assembly) is easily damaged. Use extreme caution when
handling spool and spool valve block. Do not handle the
spool by the machined portions of spool. The tolerances
between the block and spool are extremely tight. Contamination in the block or on the spool may cause the spool to
hang.

6. Remove the spool valve block by removing the two Phillips-head


screws and carefully sliding the block off the spool (Figure 13).

Spool Valve
Screw

Nylon
Gasket

Driver to
Housing Screw

Figure 14: Driver Module Barbed Fitting

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.

Driver Module Cover


21

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

9. Remove the plastic board cover by removing the three retaining


screws. (See Figure 14.)

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.

31. Reinstall all covers.


Figure 15: Main PCB Assembly

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

Logix positioners. Older models contain orifices that will not


work in the Logix 3200MD model. Orifices are brass-colored,
barbed fittings are silver-colored.

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

Analog Output Board

Pressure Sensor Board

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

8.2

Regulator

The regulator reduces the pressure of the incoming supply air to a


level that the driver module can use.

8.3

Checking or Setting Internal


Regulator Pressure

To replace the regulator, refer to Figures 11 and 15 and proceed as


outlined below. The following tools are required:

To check or set the internal regulator pressure, refer to Figure 16


and proceed as outlined below. The tools and equipment used in the
next procedure are from indicated vendors. The following tools are
required:

Phillips screwdriver

Calibrated pressure gauge (0 to 30 psi)

" nutdriver

116" flexible tubing

Replacing Regulator

WARNING: Observe precautions for handling electrostatically sensitive devices.

1. Make sure valve is bypassed or in a safe condition.


2. Disconnect the power and air supply to the unit.
3. Remove the main cover.
4. Remove the plastic board cover by removing the three retaining
screws (See Figure 15).
5. Remove the five wire connections from the main PCB assembly
(six wire connections if the unit is equipped with the 4-20 mA
analog output option).
6. Remove the retaining screw from the main PCB assembly and
lift the main PCB out of the housing.
7. Remove the four screws from the regulator base. Verify that as
regulator is removed, the O-ring and filter remain in the counterbore (please See Figure 11).
8. Remove tubing and barbed fitting from the regulator base.
9. Install barbed fitting and tubing to the new regulator.
10. Verify O-ring and filter are in the counterbore. Install new regulator using 8-32 x " screws.

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.

Barbed Tee (Clippard Minimatic part number T22-2 or equivalent)


332" Allen wrench
38" open-end wrench
WARNING: Observe precautions for handling electrostatically sensitive devices.
Figure 16: Driver Module Regulator Pressure Check

Regulator Pressure
Test Port

Driver Module
Barbed Fitting
10-32 x 116"

Barbed Tee
(Clippard Minimatic
Part No. T22-2)

Flexible Tube
from Regulator

1. Make sure the valve is bypassed or in a safe condition.


2. Remove the main cover.
3. Remove the plastic board cover by removing the three retaining
screws.
4. Remove the 116" flexible tubing from the barbed fitting on the
side of the driver module.
5. Obtain a barbed tee and two pieces of 116" flexible tubing, a few
inches in length each.
6. Position the barbed tee between the internal regulator and the
driver module by connecting the 116" flexible tubing, found in
the positioner, to one side of the barbed tee. Using one of the
new flexible tubing pieces, connect the barbed tee to the barbed
fitting on the side of the driver module. Connect the remaining
port on the barbed tee to a 0 to 30 psi pressure gauge.
7. Reconnect the air supply to the positioner and read the internal
regulator pressure on the 0 to 30 psig gauge. The internal
pressure should be set to 17.4 0.2 psig. If adjustment is needed,
loosen the set screw retaining nut on the top of the regulator using the 38" open-end wrench. Then adjust the regulator pressure
by turning the set screw on the top of the regulator with the 332"
Allen wrench.
23

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

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

Spool Valve Cover

The spool valve cover incorporates a coalescing filter element in a


two-piece cover. This protects the spool valve chamber from dirt and
moisture and provides a low back pressure vent for exhaust air from
the spool valve.
Replacing Filter in Spool Valve Cover
To replace the filter in the spool valve cover, refer to Figures 12 and
17 and proceed as outlined below. The following tools are required:
Phillips screwdriver
1. Remove the spool cover by removing the screw and sliding the
cover assembly backwards until the tab is clear of the slot. The
sheet metal cover may be removed and cleaned with a brush or
by blowing out with compressed air (Figure 12).
2. Remove the O-ring from around the hydrophobic filter element
and set aside (Figure 17).

3. Remove the molded filter element by pulling it straight out of the


3. Remove the spool valve cover by removing the screw and sliding
chamber cover vent piece.
the cover assembly backwards until the tab is clear of the slot.
4. Install O-ring into base of chamber cover vent piece as shown in
It is not necessary to remove the sheet metal cap, hydrophobic
Figure 17.
filter, or O-ring from this assembly (Figure 14).
5. Place new molded filter element into the chamber cover vent
WARNING:
The
spool
(extending
from
the
driver
module

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).

Figure 17: Spool Valve Cover Assembly

5. Carefully remove spool by sliding end of spool out of connecting


clip. Excessive force may bend the spool.
6. Verify that the three O-rings are in the counterbores on the machined platform where the new spool valve block is to be placed
(Figure 25).
7. Carefully slide the spool into the connecting clip of the driver
module assembly.
8. Carefully slide the block over the spool, using the machined
surface of the housing base as a register (Figure 12). Slide the
block toward the driver module until the two retaining holes line
up with the threaded holes in the base.
9. Install two spool valve screws and tighten securely with a Phillips screwdriver (See Figure 13).
24

O-ring
Hydrophobic
Filter
Spool
Valve
Cover
Spool
Valve Shroud

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

8.6

Stem Position Sensor

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

WARNING: Observe precautions for handling electrostatically sensitive devices.

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

Logix positioners. Older models contain sensors with different


ranges that will not work in the Logix 3200MD model. The wires
on the Logix 3200MD position sensor are red, white and black.

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.

2. Disconnect the power and air supply to the unit.

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).

3. Remove the main cover.

12. Reinstall all covers.

4. Remove the plastic board cover by removing the three retaining


screws (See Figure 15).

13. Reconnect power and air supply to the positioner and perform a
stroke calibration.

1. Make sure the valve is bypassed or in a safe condition.

5. Disconnect the position sensor wires from the main PCB


assembly.
6. Remove the two rotary position sensor-retaining screws and lift
the sensor out of the housing.

Figure 18: Stem Position Sensor Orientation

Stem
Position
Sensor

Housing

Feedback
Shaft

Sensor
Cable
Bearing

Stem Position
Sensor Dot

25

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

8.7

Main PCB Assembly

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

Removing the Pressure Sensor Board


To replace the pressure sensor board, refer to Figures 11, 15 and 25
and proceed as outlined below. The following tools are required:

To replace the main PCB assembly, refer to Figure 11 and 15 and


proceed as outlined below. The following tool is required:

Phillips screwdriver

Phillips screwdriver

WARNING: Observe precautions for handling electrostatically sensitive devices.

WARNING: Observe precautions for handling electrostatically sensitive devices.

1. Make sure the valve is bypassed or in a safe condition.

1. Make sure the valve is bypassed or in a safe condition.

2. Disconnect the power and air supply to the unit.

2. Disconnect the power and air supply to the unit.

3. Remove the main cover.

3. Remove the main cover.

4. Remove the plastic board cover by removing the three retaining


screws (See Figure 15).
5. Remove the five wire connections from the main PCB assembly
(six wire connections if the unit is equipped with the 4-20 mA
analog output option) (See Figure 11).
6. Remove the retaining screw from the main PCB assembly and
lift the main PCB out of the housing (See Figure 15).
7. Install the new main PCB into the housing. Insert the retaining
screw through the board into the threaded boss and tighten,
using a Phillips screwdriver. Do not overtighten.
8. If the old main PCB is equipped with a 4-20 mA analog output
board, gently lift the board off the main PCB. Align the two connectors of the 4-20 mA output board with the mating sockets on
the main PCB and gently press the connectors together.
9. Reinstall the five wire connections (six wire connections if the
unit is equipped with the 4-20 mA analog output option) (See
Figure 11).
10. 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).
11. Reinstall all covers.
12. Reconnect power and air supply to the positioner and reconfigure the positioner being sure to perform a stroke calibration.

8.8

Pressure Sensor Board

The pressure sensor board contains two pressure sensors that


measure the pressure on output ports 1 and 2. The actuator pressure sensors are used in the positioner control algorithm to enhance
valve stability. In positioners with Advanced diagnostics, pressure
data is gathered for supply pressure alarm, signatures and data
logging. In positioners with Pro diagnostics, pressure data is used

26

for full on-line diagnostic analyses. For optimal performance, the


actuator pressure sensors need to be calibrated. The actuator pressure sensor calibration is performed using a HART 375 Handheld
Communicator or configuration software such as ValveSight.

4. Remove the plastic board cover by removing the three retaining


screws (See Figure 15).
5. Disconnect the ribbon cable on the pressure sensor board from
the PCB assembly (See Figure 11).
6. Remove the two screws holding the pressure sensor board to
the housing. Lift the metal stiffener plate off the pressure sensor
board and set aside for future use.
7. Remove the pressure sensor board.
Installing the Pressure Sensor Board
The pressure sensor board is installed on the advanced model only.
To install the pressure sensor board, refer to Figures 11, 15 and 25
and proceed as outlined below. The following tools are required:
Phillips screwdriver

Torque wrench

WARNING: Observe precautions for handling electrostatic


sensitive devices.

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.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

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.

7. Reinstall all covers.

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

Customer Interface Board

The customer interface board provides a connection point inside


the explosion-proof housing for all hookups to the positioner.
Calibration of the loop current and the analog output current
(optional) are performed using a HART 375 Handheld Communicator or configuration software such as ValveSight.

13. Reconnect the field wiring to the customer interface board


terminals.
14. 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.
15. Reinstall the five wire connections (six wire connections if the
unit is equipped with the 4-20 mA analog output option) on the
main PCB assembly (See Figure 11).

Replacing the Customer Interface Board


To replace the customer interface board, refer to Figures 6, 11, 15
and 25 and proceed as outlined below. The following tool is required:

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

17. Reinstall all covers.

WARNING: Observe precautions for handling electrostatic


sensitive devices.

1. Make sure the valve is bypassed or in a safe condition.


2. Disconnect the power and air supply to the unit.
3. Remove the main cover.
4. Remove the plastic board cover by removing the three retaining
screws (See Figure 15).
5. Remove the five wire connections from the main PCB assembly
(six wire connections if the unit is equipped with the 4-20 mA
analog output option) (See Figure 11).
6. Remove the retaining screw from the main PCB assembly and
lift the main PCB out of the housing (See Figure 15).
7. Remove the user interface cover.
8. Disconnect the field wiring from the customer interface board
terminals and remove the three screws that hold the customer
interface board in the housing (See Figure 6).
9. Remove the customer interface board, carefully pulling the wiring through the bore.
10. Verify that the O-ring is in place in the counterbore in the positioner housing.

27

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Optional Hardware

9.1

Vented Design

Figure 20: Spool Cover Vent


38" NPT x 38" Swagelok
Tube Fitting

(See Figures 19 and 20)


A standard Logix 3200MD positioner is vented directly to the atmosphere. When supply air is substituted with sweet natural gas, piping
must be used to route the exhausted natural gas to a safe environment. This piping system may cause some positioner back pressure
in the main chamber (from the modulator and regulator) and spool
chamber (from the actuator). Back pressure limitations are described
below.
Two chambers must be vented on the Logix 3200MD positioners:
the main housing chamber and the spool valve chamber (Figures 19
and 20). The main chamber vent is located on the backside of the
positioner (See Figure 19). Vented-design Logix 3200MD positioners are supplied from the factory with a fitting installed in the main
chamber vent. Connect the necessary tubing/piping to this fitting to
route the exhausted natural gas to a safe environment.
The maximum allowable back pressure from the collection device on
the main housing vent is 2.0 psig (0.14 barg). Vent flow rate is 0.5
std ft 3/min (1.4 std liter/min).
WARNING: The back pressure in the main housing must
never rise above 2.0 psig (0.14 barg).

Figure 19: Main Housing Vent

Maximum Allowable
Housing
Back Pressure
2.0 psig (0.14 barg)

" NPT x "


Swagelok Tube Fitting
" FNPT x 18"
NPT Reducer

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.

When using a HART modem with ValveSight or when using the


HART 375 handheld, the leads can be connected anywhere across
the 4-20 mA current signal. The leads are not polarity sensitive.
When using a filter, the connection must be made between the filter
output and the Logix 3200MD (See Figure 22).

Figure 21: HART VHF Filter Schematic

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

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

9.3

4-20 mA Analog Output Board

The Logix 3200MD digital positioner can be supplied to provide an


analog feedback signal of the stem position. This option can also be
retrofitted in the field. The 4-20 mA analog output board is wired in
series with a 12.5 to 40 VDC power supply (See Figure 23). This position feedback option has the following features and specifications:
Does not interfere with positioner operation.
Calibration of the analog output signal is performed using a HART
375 Handheld Communicator or configuration software such as
ValveSight.
In normal operation, the ouput follows the actual position of the
valve whenever possible, including during all failure modes. During loss of power, the output of 3.15 mA is transmitted. When
configured with the safety annunciation feature, the current will fall
below 3.6 mA when safety critical alarms are triggered. The safety
annunciation feature is in effect if the following are both true:
1) The software version is 2.05 - 2.07, or the software version is
2.08 or later and the safety annuciation has been enabled.
2) A safety-critical annunciation is in progress.
See Section 10 for more details.

1. Make sure the valve is bypassed or in a safe condition.


2. Disconnect the power and air supply to the unit.
3. Remove the main cover.
4. Remove the plastic board cover by removing the three retaining
screws (See Figure 15).
5. Disconnect the two wire connection from the side of the
4-20 mA analog output board.
6. Gently lift the 4-20 mA analog output board off the main PCB
assembly.
7. Align the two connectors on the new 4-20 mA analog output
board with the mating sockets on the main PCB board and
gently press the connectors together.
8. Connect the two wire connection coming from the User Interface
board to the side of the 4-20 mA analog output board.
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.
10. Connect the Analog Output filed termination wiring to the Analog
Output terminals on the User Interface board (See Figure 23.)

Immune to RFI/EMI disturbances.


Available for explosion-proof and safe applications (CSA, FM). For
I.S. installations a sepatate barrier is required. Refer to product
label and Flowserve drawing 198736

11. Reinstall all covers.


Figure 23 4-20 mA Analog Output Board

Replacing the 4-20 mA Analog Output Board


To replace the 4-20 mA analog output board, refer to Figures 11,
15 and 25 and proceed as outlined below. The following tools are
required:
Phillips screwdriver

WARNING: Observe precautions for handling electrostatically sensitive devices.

Figure 22: Analog Output Board Power


HART
4-20 mA

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
+

CAUTION: Isolated Power Sources Required.

29

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

10

Requirements for Safety


Integrity

This section provides information and additional user responsibilities


in order to meet Safety Integrity Level 2 (SIL 2) per IEC 61508 Parts
1-3.

10.1 Fail Safe State


The fail safe state for the Logix 3200MD positioner:

Fail Safe State 1: The spool valve is at less than 5% of full


stroke such that Output (Port) 1 is venting and Output (Port) 2
is open to supply pressure.

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.

10.2 Safety Function


The Logix 3200MD positioner moves to fail-safe state upon the following conditions:

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.

10.4 Diagnostic Annunciation and


Response Time

Loss of supply pressure (less than approximately 7 psi).

Fail Safe State 1

Removal of analog input power (less than 4.0 mA)

The Flowserve 3200MD Positioner will report the conditions below


within 1.0 second of occurrence by transition of the Analog Output
to less than or equal to 3.6 mA for as long as the condition exists.

Fail Safe State 1

Analog input less than approximately 2.0 mA.

Disconnection of feedback arm mechanism.

Analog output power less than approximately 12.5 V.

Fail Safe State 1 or 2 (configuration dependent).

Detection of one of the following safety related alarms.

The Logix 3200MD positioner detects and annunciates the following


safety related conditions:

Analog input less than approximately 2.0 mA.

Analog output power less than approximately 12.5 V.

Pilot Relay Response Alarm (user adjustable settings)

Position Deviation Alarm (user adjustable settings)

Pilot Relay Position Limit Alarm

For a detailed description of these alarms, See section 7.10 Logix


3200MD Status Conditions.

30

10.3 Fail Safe State Response Time

Pilot Relay Response Alarm (user adjustable settings)

Position Deviation Alarm (user adjustable settings)

Pilot Relay Position Limit Alarm

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.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

10.5 Maximum Achievable SIL

10.9 Required Configuration Settings

The Flowserve 3200MD Valve Positioner covered by this safety


manual is suitable for use in low demand mode of operation Safety
Integrity Functions (SIF) up to SIL 2 in simplex (1oo1) configurations. The achieved SIL for a particular SIF needs to be verified by
PFDavg calculation for the entire SIF including the failure rates of the
associated sensors and valves that are also part of the SIF.

The following user settable options must be properly configured


for the individual application in order to provide the designed safety
integrity for that application. A method of HART communication is
required such as a HART 375 Handheld Communicator or configuration software such as ValveSight.

Use of the Flowserve 3200MD Valve Positioner in a redundant


(1ooN) configurations is also limited to SIL 2.

Calibrate the A/O board.

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 to be active when the positioner is given an analog


input command to move to the fail safe state. Guarantee tight
shut-off by allowing some degree of margin taking into account
command input tolerances. (For example, if the input command
tolerance is +\- 0.5%, set the MPC to 2% when the fail safe
state is closed.)

Set the MPC such that during normal operation MPC is not active. When MPC is active, some diagnostics are disabled.

Adjust the Pilot Relay Response Alarm settings as desired.

Adjust the Position Deviation Alarm settings as desired.

It is recommended to lock the local interface to prevent unintended adjustments of the settings by an unauthorized user.

For details, contact your Flowserve representative for Failure Mode,


Effects, and Diagnostics Analysis (FMEDA) report number FLO 0911-42 R001 for Logix 3200MD.

10.6 Model Selection and Specification of


Flowserve 3200MD Positioner
In order to be used for SIL 2 applications as stated above, the Logix
3200MD positioner must have software version 2.05 or greater and
an Analog Output board.
The model number can be viewed on the metal tag on the positioner.
You may have a 3200IQ model that was upgraded to a 3200MD in
which case, stickers on the cover will denote the upgrade has taken
place. The software version may be verified by following the instructions in section 7.9. The presence of an Analog Output board can be
verified by removing the covers and viewing the circuit board. See
figure 24.

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.

10.8 Firmware Update


Ensure the firmware version is 2.05 or greater. The software version
may be verified by following the instructions in section 7.9. Only
authorized representatives of Flowserve may update firmware. If
firmware update is required, contact your sales representative. See
the back cover of this manual for contact information.

10.10 Reliability Data


For reliability data, a detailed Failure Mode, Effects, and Diagnostics
Analysis (FMEDA) report has been prepared and is available from
Flowserve with all failure rates and failure modes for use in SIL
verification. See FMEDA report number FLO 09-11-42 R001 for
Logix 3200MD.

! NOTE that the failure rates of the associated sensors and actua-

tors need to be accounted for in the Safety Instrumented Function


(SIF) level Probability of Failure High on Demand PFDavg calculation.

31

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

10.11 Lifetime Limits


The expected lifetime of the Flowserve 3200MD Positioner is approximately 10 years. The reliability data listed the FMEDA report is
only valid for this period. The failure rates of the Flowserve 3200MD
Valve Positioner may increase sometime after this period. Reliability calculations based on the data listed in the FMEDA report for
lifetimes beyond 10 years may yield results that are too optimistic,
i.e. the calculated Safety Integrity Level may not be achieved.

10.12 Proof Testing


The objective of proof testing when used in low demand mode
of operation is to detect failures within Flowserve 3200MD Valve
Positioner and its associated sensors and actuators that may not be
detected by the normal self diagnostics. Of main concern are undetected failures that prevent the safety instrumented function from
performing its intended function.
The frequency of the proof tests (or the proof test interval) is to be
determined in the reliability calculations for the safety instrumented
functions for which the Flowserve 3200MD Valve Positioner is applied. The actual proof tests must be performed at least as frequently
as specified in the calculation in order to maintain required safety
integrity of the safety instrumented function.
The following tests need to be specifically executed when a proof
test is performed. The results of the proof test need to be documented and this documentation should be part of a plant safety
management system. Positioner failures that are detected should be
reported to Flowserve.
To perform the proof testing, a HART communicator such as a 375
Handheld or software such as ValveSight DTM for Logix 3200MD
are required.

Steps for Proof Test


Step Action
1.

Bypass the safety PLC or take other appropriate action to avoid


a false trip.

2.

Set the analog input command to less than 2.0 mA.

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.

Inspect the 3200MD Valve Positioner for any visible damage


or contamination and ensure the follower arm has sufficient
spring bias.

5.

Remove the bypass from the safety PLC or otherwise restore


normal operation

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.

10.14 Repair and Replacement


In the unlikely event that the Flowserve 3200MD Valve Positioner
fails, the failure should be reported to Flowserve. Replace faulty
components according to section 8 of this manual or return the
positioner to Flowserve for service.

10.15 Training Requirements


Activities specified in this manual shall be performed by a service
technician trained in the installation and maintenance of process
instrumentation.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

Figure 24: Exploded Drawing


2

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

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

11

34

Parts List

Item
No.

Part

Item
No.

Part

Housing Logix 3000MD Positioner

40

Screw, Spool Valve to Housing (2)

Main Housing Cover

41

O-ring, Spool Valve (3)

O-ring, Main Housing Cover

42

Screw, Spool Valve Cover

Screw, Anti-rotation

43

Spool Valve Shroud

Plastic Main PCB Cover

44

Spool Valve Cover

Screw, Main PCB Cover Short (2)

45

Hydrophobic Filter, Spool Valve Chamber

Screw, Main PCB Cover Long

46

O-ring, Spool Valve Cover

Main PCB Assembly

47

Pressure Gauge, 0-160 psig (2)

Screw, Main PCB Assembly Retaining

48

Air Screen (3)

10

4-20 mA Analog Output Board (Optional)

49

Screw, Position Feedback Potentiometer to Housing (2)

11

Screw, Pressure Sensor Board (2)

50

Metal Washer (2)

12

Pressure Sensor Board Stiffener

51

Position Feedback Potentiometer

13

Pressure Sensor Board (Advanced Only)

52

Feedback Shaft

14

Pressure Sensor Plug Plate (Standard Only)

53

Screw, Spring to Feedback Shaft

15

O-ring, Pressure Sensor to Housing (2)

54

O-ring, Feedback Shaft

16

Pressure Regulator, 5 to 30 psig (Includes 2 O-rings)

55

Torsion Spring

17

Screw, Regulator Plate to Housing (4)

56

E-ring

18

Hex Barbed Fitting with Captive O-ring

19

Internal Filter

20

O-ring, Interface Plate to Housing Seal

21

Customer Interface Cover

22

O-ring, Customer Interface Cover

23

Screw, Anti-rotation

24

Screw, Customer Interface Board (3)

25

Customer Interface Board

26

O-ring, Customer Interface Board

27

Grounding Screw (2)

28

Threaded Plug

29

Main Vent Cover

30

Screw, Main Vent Cover

31

Driver Module Cover

32

O-ring, Driver Module Cover

33

Driver Module Assembly

34

Hex Barbed Fitting with Captive O-ring

35

Flexible Tubing

36

Screw, Driver to Housing

37

Nylon Washer

38

Spool Valve

39

Spool Valve Block

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

12

Logix 3200MD Spare Parts Kits

Item No.

See Figure 25 for item numbers.


Item No.

Description

Quantity

Kit 2: Driver Module Assembly -40 to 80C Kit, P/N 199786.999.000


16
Pressure Regulator
1
17
Screw, Regulator to Housing
4
33
Driver Module Assembly
1
34
Hex Barbed Fitting w/ Captive O-ring
1
36
Screw, Driver to Housing
1
37
Nylon Washer
1
Kit 3: Spool Assembly Valve Kit, P/N 199787.999.000
38
Spool
1
39
Spool Valve Block
1
40
Screw, Spool Valve to Housing
2
41
O-ring, Spool Valve
3
Kit 4: Pressure Regulator, P/N 215814.999.000
16
Pressure Regulator with Captive O-rings
1
17
Screw, Regulator to Housing
4
Kit 7: Soft Goods Kit, P/N 199789.999.000
3
O-ring, Main Housing Cover
1
15
O-ring, Pressure Sensor to Housing
2
20
O-ring, Regulator to Housing
1
22
O-ring, Customer Interface Cover
1
26
O-ring, Customer Interface Board
1
35
Flexible Tube
1
37
Nylon Washer
1
41
O-ring, Spool Valve to Housing
3
45
Hydrophobic Filter, Spool Valve Chamber
1
46
O-ring, Spool Valve Cover
1
54
O-ring, Feedback Shaft
1

13

Description

Quantity

Kit 8: Pressure Sensor Board Kit, P/N 199791.999.000


11
Screw, Pressure Sensor Board
13
Pressure Sensor Board
15
O-ring, Pressure Sensor to Housing
Kit 9: Main PCB Assembly Kit, P/N 255014.999.000
6
Screw, Main PCB Cover Short
7
Screw, Main PCB Cover Long
8
Main PCB
9
Screw, Main PCB Retaining Screw
Kit 10: User Interface Board Kit, P/N 199793.999.000
24
Screw, Customer Interface to Housing
25
Customer Interface Board
26
O-ring, Customer Interface Board
Kit 11: Analog Output Board Kit, P/N 226527.999
10
Analog Output Board
Kit 12: Position Feedback Potentiometer Kit, P/N 199794.999.000
49
Screw, Feedback Potentiometer to Housing
50
Metal Washer
51
Position Feedback Potentiometer

2
1
2
2
1
1
1
3
1
1
1
2
2
1

Logix 3200MD Mounting Kits

13.1 Valtek Mounting Kits


Table IX: Valtek Linear Mounting Kits
Spud
2.00

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

Table X: Valtork Rotary Mounting Kits*


Spud

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

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

13.2 Logix O.E.M. Mounting Kits

Brand

Model

Size

Mounting Kit

Masoneilan
(Rotary Actuators)

Table XI: Logix O.E.M. Mounting Kits (continued)


33

173298

Brand

Model

Size
30
34
40
50

657 & 667


Fisher

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

Masoneilan (Linear Actuators)

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

*Adjustable mounting kit 173798 may be needed if handwheels are used.

13.3 NAMUR Accessory Mounting Kit


Part Numbers

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

Table XI: Logix O.E.M. Mounting Kits

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

20 mm pinion x 80 mm bolt spacing

28

38 mm pinion x 80 mm bolt spacing

313

30 mm pinion x 80 mm bolt spacing

513

50 mm pinion x 130 mm bolt spacing

Bolt Option

Description

10-24 UNC bolting

10-32 UNF bolting

M5-.8 metric bolting

Example: NK313A, NAMUR Accessory Mounting Kit with 30 mm pinion x


80 mm bolt spacing and 10-24 UNC bolting.

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

14

Frequently Asked Questions

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.

Effective Resistance = (Terminal Voltage)/Current

Equation 3

For example:
at 20 mA: Effective resistance = 9.9 VDC/0.02 A = 495

Q: Can I upgrade from a Standard to Advanced or from Advanced to Pro


diagnostics?
A: Yes. Upgrading can be accomplished using ValveSight DTM software.
After upgrading, pressure and friction calibrations can be performed using
the ValveSight DTM or the HART 375 handheld.

Q: Can I add pressure sensors to my 3200IQ and upgrade it to a 3220MD


with Pro diagnostics?
A: This depends on the certifying agency. Some agencies do not allow field
! NOTE: Your cannot measure across the terminals of an unpowered Logix upgrades which change the physical configuration. If the certifying agency
allows physical upgrades, the pressure sensor board assembly can be pur3200 and get the effective resistance.
chased and installed. A Flowserve technician can update the positioner software from IQ to the desired MD version (Advanced or Pro). If the certifying
Q: How do I know if I need a VHF HART filter?
agency does not allow physical upgrades, a Flowserve technician can update
A: If the current source is interfering with communication, it will affect both
the positioner software from the IQ to the desired MD version (Advanced or
ValveSight and the HART 375 handheld. If the positioner communicates to
ValveSight or the HART 375 handheld when using a current source (a 4-20 mA Pro). If the certifying agency does not allow physical upgrades, a Flowserve
technician can update the positioner software to turn the 3200IQ into a
current calibrator, for example) and not the DCS, it indicates a filter is neces3200MD (with Standard diagnostics) allowing it to work with the ValveSight
sary with that current source. Some 4-20 mA calibrators that work without a
filter are listed below. If one of these is available, try to connect with ValveSight DTM. See the Logix 3200IQ IOM for instruction on removing the plug plate
or the HART 375 handheld again. If communications are established while us- and installing the pressure sensors. For any questions regarding this upgrade
or the certifying agencies rules, contact the Flowserve Springville Quality
ing one of these sources but fails on the original source, a filter is needed.
Department.
Handheld 4-20 mA calibrators which do not require a filter:
Q: Does the QUICK-CAL perform all the required calibrations for an Advanced or Pro Diagnostics level Logix positioner?
Altek Model 334
The Logix 3200MD has a specification of 495 @ 20 mA.

Rochester Instrument Systems (RIS) CL-4002


Unomat UPS-II
Q: I set the MPC at 5 percent. How will the positioner operate?
A: Assume that the present command signal is at 50 percent. If the command
signal is decreased, the positioner will follow the command until it reaches

A: No, the advanced diagnostics feature of the ValveSight technology requires


the user to input the size of the actuator and the supply pressure into the
positioner. This cannot be done with a QUICK-CAL only. Perform a Stroke,
Actuator and Friction calibration through the ValveSight DTM or HART
handheld.

37

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

15

How to Order

Certifications

NAMUR 316 Stainless Steel (VDI/VDE 3845)

-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

SS with brass internals, psi (bar/kPa) (Valtek Standard)


SS with SS internals, psi (bar/kPa)
SS with brass internals, psi (kg/cm2 )
SS with SS internals, psi (kg/cm2 ) KS
No 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

Low Temperature (-40F to 176F; -40C to 80C)

-40

Temperature

Special Options

38

-33

-4V

Action

35
-D6

-28

-M

Conduit Connections

-01
-02
-06
-07
-10
-14
-15
-16
-21

FM/CSA Metal Nameplate - Explosion Proof


FM/CSA Metal Nameplate - Intrinsically Safe
INMETRO Ex ia IIC Ga T4/T5; Ex ia IIIC T95C Da; Ex d IIB+H2 T5 Gb (South America)
ATEX Metal Nameplate - II 2 GD, Ex d IIB +H2, Ex tD A21 (GOST GGTN Ex d IIB + H2)
North American Metal Nameplate, Explosionproof Class I, Div 1, Intrinsically Safe, Non-Incendive
General Purpose
ATEX Metal Nameplate - II 1 GD, Ex ia IIC, Ex iaD A20 (Gost GGTN Ex ia IIC)
IECEx Metal Nameplate - Ex d IIB + H2
IECEx Metal Nameplate - Ex ia IIC Intrinsically Safe
ATEX: Mylar Multiple Concept Label:
Explosion Proof: Ex d IIB+H2 Ex td A21 IP65 T95C
Intrinsically Safe: Ex ia IIC, T4: Ex iaD 20 T950C
Nonincendive: II 3G Ex nL nA IIC, Ex tD A22 T950C
IECEx : Mylar Multiple Concept Label:
Explosion Proof: Ex d IIB+H2 T5; II 2D Ex tD A21
Intrinsically Safe: Ex ia IIC T4, Ex iaD 20 T95C
North America: Mylar Multiple Concept Label:
FM/CSA Explosion Proof, Intrinsically Safe, Non-Incendive
KOSHA Ex d IIB + H2
DD 316 Stainless Steel Shaft (Valtek Standard)

-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

User Instructions - Digital Positioner 3200MD LGENIM0059-09 12/13

16

Troubleshooting

Failure

No LED is blinking

Erratic communications

Unit does not respond to analog


commands

Valve position reading is not


what is expected

Position is driven fully open or


closed and will not respond to
command

Sticking or hunting operation of


the positioner

Probable Cause

Corrective Action

Current source below 3.6 mA without AO card or 3.7 mA


with AO card

Verify current source is outputting at least 3.6 mA


without AO card or 3.7 mA with AO card

Incorrect wiring polarity

Check wiring for correct polarity

Voltage of current source is not high enough

Verify that current source can supply at least 10 V

Current source bandwidth not limited to 25 Hz

Maximum allowable current source rate of change is


924 mA per second

Maximum cable length or cable impedance exceeded

Check cable conduction size, length and capacitance.


Refer to Section 6.4, Cable Requirements

HART modem connected to PC RS-232 port not receiving enough power

Verify laptop battery is not low

Interference with I.S. barrier

Must use HART-compatible I.S. barrier

Current Source stripping (filtering) HART signal.

Use the HART filter (VHF) available from Flowserve

Unit is in digital command mode

Switch to analog command mode by doing a Command


Source Reset from the local interface or with a handheld
communicator or ValveSight (please refer to Section 7.8,
Command Source Reset, or the quick start guide for
detailed instructions).

Error occurred during calibration

Check blink codes on positioner and correct


calibration error. Recalibrate

Positioner tubing backwards

Re-tube the actuator

Stem position sensor mounting is off 180

Remount position sensor

Stroke not calibrated

Perform QUICK-CAL

Tight shutoff (M.P.C)* is active

Verify settings using PC or handheld software

Customer characterization or soft stops active

Verify customer characterization and soft stops

Stroke not calibrated

Check DIP switch settings and calibrate valve stroke

Inner-loop hall sensor not connected

Verify hardware connections

Wrong air action entered in software

Check ATO (Air-to-open) and ATC


(Air-to-close) settings. Recalibrate

Actuator tubing backward

Verify ATO/ATC actuator tubing

Electro-pneumatic converter malfunctioning

Replace electro-pneumatic converter

Control parameter inner-loop offset is too high/low

Adjust inner-loop offset and see if proper control


resumes

Contamination of the driver module

Check air supply for proper filtering and meeting ISA


specifications ISA-7.0.01. Check the spool valve for
contamination

Control tuning parameters not correct

Adjust gain settings using local gain switch

Packing friction high

Enable the stability DIP switch on the local interface


and recalibrate. If problem persists, enable pressure
control with handheld communicator or ValveSight and
recalibrate

Corroded or dirty spool valve

Disassemble and clean spool valve

*M.P.C.: Minimum position cutoff

39

FCD LGENIM0059-09 12/13

To find your local Flowserve representative please use the Sales


Support Locator System found at:

www.flowserve.com/contact.htm

or call USA 801 489-8611

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.

1300 Parkway View Drive


Pittsburgh, Pa 15205 USA
Tel.: +1 412 787 8803
Fax: +1 412 787 1944
NAF Ab
Gelbgjutaregatan 2
SE-581 87 Linkping Sweden
Phone: +46 (0)13 31 61 00
Fax: +46 (0)13 13 60 54

'$%-("*.

*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

5IFTBGFUZUFSNT%"/(&3 8"3/*/( $"65*0/BOE/05&BSF


VTFEJOUIFTFJOTUSVDUJPOTUPIJHIMJHIUQBSUJDVMBSEBOHFSTBOEPSUP
QSPWJEFBEEJUJPOBMJOGPSNBUJPOPOBTQFDUTUIBUNBZOPUCFSFBEJMZ
BQQBSFOU

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

 8IJMFVOQBDLJOHUIF-PHJY*2QPTJUJPOFS DIFDLUIFQBDLJOH


MJTUBHBJOTUUIFNBUFSJBMTSFDFJWFE-JTUTEFTDSJCJOHUIFTZTUFN
BOEBDDFTTPSJFTBSFJODMVEFEJOFBDITIJQQJOHDPOUBJOFS
 8IFOMJGUJOHUIFTZTUFNGSPNUIFTIJQQJOHDPOUBJOFS QPTJUJPO
MJGUJOHTUSBQTUPBWPJEEBNBHFUPNPVOUFEBDDFTTPSJFT4ZTUFNT
XJUIWBMWFTVQUPTJYJODIFTNBZCFMJGUFECZBDUVBUPSMJGUJOHSJOH
0OMBSHFSTZTUFNT MJGUVOJUVTJOHMJGUJOHTUSBQTPSIPPLTUISPVHI
UIFZPLFMFHTBOEPVUFSFOEPGCPEZ

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

$BTU QPXEFSQBJOUFEBMVNJOVN TUBJOMFTTTUFFM

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" # $ %

$MBTT** %JW (SPVQUT& ' (

$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

 4MJEFUIFBQQSPQSJBUFQJOTMPUPGUIFUBLFPGGBSN CBTFEPO


TUSPLFMFOHUI PWFSUIFGPMMPXFSBSNQJO5IFBQQSPQSJBUFTUSPLF
MFOHUITBSFTUBNQFECZFBDIQJOTMPU
 $FOUFSUIFUBLFPGGBSNPOUIFSPMMJOHTMFFWFPGUIFGPMMPXFSQJO

 "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

 6TJOHGPVSYCPMUT GBTUFOQPTJUJPOFSUPVOJWFSTBM


CSBDLFUVTJOHBQQSPQSJBUFIPMFQBUUFSO TUBNQFEPOCSBDLFU


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 3CBSSJFS 3XJSF

&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

7PMUBHF7%$o"t  


7%$

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

5PQFSGPSNBGBDUPSZSFTFU EJTDPOOFDUQPXFS IPMEUIF26*$,$"-


CVUUPOEPXO BOESFDPOOFDUQPXFS1FSGPSNJOHBGBDUPSZSFTFUXJMM
DBVTFBMMPGUIFJOUFSOBMWBSJBCMFT JODMVEJOHDBMJCSBUJPO UPCFSFTFUUP
GBDUPSZEFGBVMUT5IFQPTJUJPOFSNVTUCFSFDBMJCSBUFEBGUFSBGBDUPSZ
SFTFU5BHOBNFTBOEPUIFSVTFSDPOmHVSFEMJNJUT BMBSNTFUUJOHT 
BOEWBMWFJOGPSNBUJPOXJMMBMTPOFFEUPCFSFTUPSFE

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::



1JF[PWPMUBHFFSSPS #BEFMFDUSPOJDBTTFNCMZ SFQMBDF

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

%JBHOPTUJDGFBUVSFTTVDIBTUIFEBUBMPH TJHOBUVSFUFTUT BOESBNQ


UFTUTBSFQFSGPSNFEVTJOHUIF4PGU5PPMTTPGUXBSF$FSUBJODBMJCSB
UJPOGFBUVSFTTVDIBTMPPQDBMJCSBUJPO BOBMPHPVUQVUDBMJCSBUJPO BOE
BDUVBUPSQSFTTVSFTFOTPSDBMJCSBUJPOTBSFQFSGPSNFEVTJOHUIF)"35
)BOEIFME$PNNVOJDBUPSPSVTJOHEJBHOPTUJDTPGUXBSF
TVDIBT4PGU5PPMT

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

 #FJOHDBSFGVMOPUUPMPTFUIFOZMPOXBTIFS SFNPWFUIF1IJMMJQT


IFBETDSFXUIBUBUUBDIFTUIFESJWFSNPEVMFUPUIFNBJOIPVTJOH
'JHVSF


 %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

FWFOMZ VTJOHB1IJMMJQTTDSFXESJWFS%POPUPWFSUJHIUFO TFF


'JHVSF

 3FJOTUBMMBMMDPWFST



$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

 $BSFGVMMZDFOUFSUIFQPTJUJPOTFOTPSPOUIFTIBGUCPSF JOTFSUBOE


UJHIUFOUIFTDSFXT%POPUPWFSUJHIUFO

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

5PSFQMBDFUIFQSFTTVSFTFOTPSCPBSE SFGFSUP'JHVSFT BOE


BOEQSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
t 1IJMMJQTTDSFXESJWFS

NPEFMUPBOBEWBODFENPEFM SFGFSUP'JHVSFT BOEBOE


QSPDFFEBTPVUMJOFECFMPX5IFGPMMPXJOHUPPMTBSFSFRVJSFE
t 1IJMMJQTTDSFXESJWFS
 .BLFTVSFUIFWBMWFJTCZQBTTFEPSJOBTBGFDPOEJUJPO
 %JTDPOOFDUUIFQPXFSBOEBJSTVQQMZUPUIFVOJU
 3FNPWFUIFNBJODPWFS
 3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF

 3FNPWFUIFUXPTDSFXTIPMEJOHUIFQSFTTVSFTFOTPSQMVHQMBUF
UPUIFIPVTJOH-JGUUIFNFUBMTUJGGFOFSQMBUFPGGUIFQSFTTVSFTFO
TPSQMVHQMBUFBOETFUBTJEFGPSGVUVSFVTF
 3FNPWFUIFQSFTTVSFTFOTPSQMVHQMBUFBOEEJTDBSE
*OTUBMMJOHUIF1SFTTVSF4FOTPS#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

 7FSJGZUIBUUIFUXPQSFTTVSFTFOTPS0SJOHT JUFN


BSFJO
QMBDFJOUIFIPVTJOH

 3FNPWFUIFQMBTUJDCPBSEDPWFSCZSFNPWJOHUIFUISFFSFUBJOJOH
TDSFXT TFF'JHVSF


 4FUUIFQSFTTVSFTFOTPSCPBSEBTTFNCMZJOQMBDFTPUIBUUIF
0SJOHTNBLFDPOUBDUXJUIUIFGBDFTPGUIFQSFTTVSFTFOTPST

 %JTDPOOFDUUIFSJCCPODBCMFPOUIFQSFTTVSFTFOTPSCPBSEGSPN
UIF1$#BTTFNCMZ TFF'JHVSF


 1MBDFUIFNFUBMTUJGGFOFSQMBUF JUFN


POUPQPGUIFQSFTTVSF
TFOTPSCPBSEPWFSUIFQSFTTVSFTFOTPSTBOEBMJHOUIFUXPIPMFT
JOUIFQSFTTVSFTFOTPSQMBUFXJUIUIFUISFBEFECPTTFTJOUIF
IPVTJOH

 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



1SFTTVSF3FHVMBUPS UPQTJH *ODMVEFT0SJOHT



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

&YQMPTJPOQSPPG&&YE**# ) "5&9**( $&/&-&$

&YQMPTJPOQSPPG$MBTT* %JW (SPVQT# $ %*OUSJOTJDBMMZ4BGF$MBTT* 


%JW (SPVQT"UISPVHI( '. $4"
'./POJODFOEJWF$4"$MBTT* 
%JW $MBTT* ;POF (SPVQ**# )BOE&YJB$MBTT ;POF 
(SPVQ**$ $4"0OMZ

(FOFSBM1VSQPTF
*OUSJOTJDBMMZ4BGF&&YJB**$55 4UBOEBSE5FNQ' $
5B' $
' $

-PX5FNQ' $
5B' $
' $
"5&9**( $&/&-&$

%%4UBJOMFTT4UFFM4IBGU 7BMUFL4UBOEBSE



$FSUJmDBUJPOT

*2

*2

%FTJHO7FSTJPO

.BUFSJBM

%JBHOPTUJDT

)"35
4UBOEBSE
"EWBODFE
"MVNJOVN 8IJUF1BJOU 7BMUFL

4UBJOMFTT4UFFM /P1BJOU 7BMUFL

"MVNJOVN #MBDL1BJOU "VUPNBY

"MVNJOVN 'PPE(SBEF8IJUF1BJOU "VUPNBY

"MVNJOVN #MBDL1BJOU "DDPSE

"MVNJOVN 'PPE(SBEF8IJUF1BJOU "DDPSE

 

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"

You might also like