Instruction Manual
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Page 1
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9#4070)-#4.5614</GFKKPRTQFWM VGYGTFGPPKEJVIGTGKPKIVWPFFGUKPƂKGTV CWUIGNKGHGTV&KGUG*[IKGPGOC»PCJOGP OØUUGPXQTFGTGTUVGP$GPWVWPI #WHUVGNNWPIGTHQNIGP'KPG4GKPKIWPI &GUKPHGMVKQPFGT(NÀEJGPIGJÒTVKPFKG NCWHGPFGP&GUKPHGMVKQPUOC»PCJOGP
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{
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$GFKGPGNGOGPVG#PGKIGP #PUEJNØUUGWPFKJTG(WPMVKQP
8
%QPVTQNUFKURNC[UEQPPGEVQTU 'NGOGPVQUFGOCPFQ CPFVJGKTWUGU KPFKECFQTGUEQPGZKQPGU [UWUHWPEKQPGU %QPVTQNUFKURNC[U EQPPGEVQTUCPFVJGKTWUGU
'NGOGPVQUFGOCPFQ KPFKECFQTGUEQPGZKQPGU [UWUHWPEKQPGU
Q
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(WPEVKQPDWVVQPU
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6GENCUFGHWPEKÏP
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1P1HHUYKVEJ
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6GENCFG%10':+10 &'5%10':+10
E
*KNHG6CUVG
E
*GNRDWVVQP
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6GENCFGC[WFC
R
5GKVNKEJGT#PUEJNWUUDGTGKEJ d#PUEJNWUUØDGTUKEJVpCWH 5GKVG
R
.CVGTCNEQPPGEVKQPRCPGN n1XGTXKGYQHEQPPGEVKQPUoQP RCIG
R
5GEVQTNCVGTCNFGEQPGZKQPGU p5KPQRUKUFGEQPGZKQPGUq GPNCR½I
T
5VGWGTMTGW
T
#TTQYDWVVQPU
T
%TWEGVCFGOCPFQU
Y
#DFGEMMNCRRGHØT.CORGPYGEJUGN
Y
%QXGTHQTEJCPIKPINCOR
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6CRCFGEQDGTVWTCRCTCECODKQFG NCN½ORCTC
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8'5#*CNVGTWPI
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8'5#JQNFGT
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%QPGZKÏPGSWKRQVGPEKCN
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0GVCPUEJNWUUDWEJUG
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2QYGTEQTFUQEMGV
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%QPGEVQTFGNCTGF
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0GVUKEJGTWPIUJCNVGT
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(WUGJQNFGT
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2QTVCHWUKDNGFGNCTGF
{
*KPVGTGT#PUEJNWUUDGTGKEJ d#PUEJNWUUØDGTUKEJVpCWH 5GKVG
{
4GCTEQPPGEVKQPRCPGN n1XGTXKGYQHEQPPGEVKQPUoQP RCIG
{
5GEVQTRQUVGTKQTFGEQPGZKQPGU p5KPQRUKUFGEQPGZKQPGUq GPNCR½I
}
-CDGNCWHYKEMNWPI
}
%CDNGYKPFKPI
}
&KURQUKVKXQURCTCGPTQNNCTGNECDNG
5[ODQNGTNÀWVGTWPIGP
5[ODQNUGORNQ[GF
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5[ODQNUGORNQ[GF
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1DUGTXGVJGKPUVTWEVKQPOCPWCNQTTGHGT VQVJGTGCF[TGHGTGPEGIWKFG
1DUGTXGGN/CPWCNFGKPUVTWE EKQPGUQNCUKPFKECEKQPGUFGNCU +PUVTWEEKQPGUTGUWOKFCU
8QTUKEJV
%CWVKQP
#FXGTVGPEKC
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1DUGTXGVJGKPUVTWEVKQPOCPWCN
1DUGTXGGN/CPWCNFGKPUVTWEEKQPGU
8GTDTGPPWPIUIGHCJT
4KUMQHDWTPU
2GNKITQFGSWGOCFWTCU
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5VCPFD[
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.KPGKP
5&
%QPPGEVKQPUQEMGVHQTVJGTGOQVG EQPVTQNQHRGTKRJGTCNWPKVU
5GTXKEG5EJPKVVUVGNNG
5GTXKEGKPVGTHCEG
2QVGPVKCNCWUINGKEJUCPUEJNWUU
2QVGPVKCNGSWCNKCVKQP EQPPGEVQT
8GTOGKFWPIXQP 7OYGNVXGTUEJOWVWPIFWTEJGNGMV TQPKUEJG)GTÀVG %JKPC4Q*5
'NGEVTQPKEKPHQTOCVKQPRTQFWEVRQNNW VKQPEQPVTQN %JKPC4Q*5
%QPGZKÏP75$ 7PKFCFFGVCTLGVC5& %QPGEVQTRCTCGNKPVGTTWRVQTFG RGFCN .KPG1WV
.KPG+P
4GCTOKETQRJQPGKPRWV
#%%
%½OCTCFGXÉFGQCEQNQT 'PVTCFCNCVGTCNRCTCOKETÏHQPQ
75$RQTV 5&ECTFUNQV
#PUEJNWUUDWEJUGHØT(W»UEJCNVGT
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8+
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#%%
'ZRNKECEKÏPFGNQUUÉODQNQU
#%%
'PVTCFCRQUVGTKQTRCTCOKETÏHQPQ %QPGEVQTRCTCGNEQPVTQNTGOQVQFG CRCTCVQUCEEGUQTKQU +PVGTHCRCTCGN5GTXKEKQ6ÅEPKEQ %QPGZKÏPGSWKRQVGPEKCN %QPVTQNFGNCEQPVCOKPCEKÏPECW UCFCRQTRTQFWEVQUFGKPHQTOCEKÏP GNGEVTÏPKEC FKTGEVKXC4Q*5EJKPC
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+++
)GTÀVGCDDKNFWPIGP
+8
$GFKGPGNGOGPVG#PGKIGP #PUEJNØUUGWPFKJTG(WPMVKQP
8
5[ODQNGTNÀWVGTWPIGP
8+
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%QPVGPKFQFGNOCPWCN
+ORQTVCPVKPHQTOCVKQPHQTWUGTUQH -#4.5614<FGXKEGU
+++
2JQVQITCRJUQHVJGWPKV
+8
%QPVTQNUFKURNC[UEQPPGEVQTU CPFVJGKTWUGU
8
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+++
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+8
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8
8+
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8+
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5KEJGTJGKVUJKPYGKUG 'TMNÀTWPIW9CTPWPF8QTUKEJVUJKPYGKUGP 5KEJGTJGKVUXQTUEJTKHVGP $GUVKOOWPIUIGOÀ»G8GTYGPFWPI -QPVTCKPFKMCVKQPGP 3WCNKHKMCVKQPFGU#PYGPFGTU 5KEJGTJGKVUOC»PCJOGPCO#WHUVGNNQTV 5KEJGTJGKVUOC»PCJOGPDGKO'KPUCV FGU)GTÀVGU
5CHGV[KPUVTWEVKQPU 'ZRNCPCVKQPQHYCTPKPIUCPFECWVKQPU 5CHGV[KPUVTWEVKQPU 0QTOCNWUG %QPVTCKPFKECVKQPU 7UGTSWCNKHKECVKQP 5CHGV[RTGECWVKQPUCVVJGUKVGQHKPUVCNNCVKQP 5CHGV[RTGECWVKQPUYJGPQRGTCVKPIVJG FGXKEG
'TUVKPDGVTKGDPCJOG #WURCEMGP )TWPFCWUUVCVVWPI #PUEJNWUUØDGTUKEJV )GTÀVHØT#PYGPFWPIXQTDGTGKVGP 0GVXGTDKPFWPIJGTUVGNNGP -COGTCMQRH8KFGQGPFQUMQRCPUEJNKG»GP 9GK»CDINGKEJFWTEJHØJTGP (WPMVKQPUVGUV <WDGJÒTCPUEJNKG»GP #PUEJNKG»GPXQP75$)GTÀVGP #PUEJNKG»GPGKPGT5&-CTVG #PUEJNKG»GPGKPGU(W»UEJCNVGTU #PUEJNKG»GPGKPGUGZVGTPGP/QPKVQTU 'ZVGTPG8KFGQSWGNNG
1RGTCVKPIVJGFGXKEGHQTVJGHKTUVVKOG 7PRCEMKPIVJGGSWKROGPV $CUKEGSWKROGPV 1XGTXKGYQHEQPPGEVKQPU 2TGRCTKPIVJGFGXKEGHQTWUG %QPPGEVKPINKIJVVQRQYGT %QPPGEVKPIVJGECOGTC JGCFXKFGQUEQRG 9JKVGDCNCPEG 6GUVHQTRTQRGTHWPEVKQPKPI %QPPGEVKPIVJGCEEGUUQTKGU %QPPGEVKPI75$FGXKEGU %QPPGEVKPICP5&ECTF %QPPGEVKPIVJGHQQVUYKVEJ %QPPGEVKPICPGZVGTPCNOQPKVQT 'ZVGTPCN8KFGQ5QWTEG
+PUVTWEEKQPGUFGUGIWTKFCF 'ZRNKECEKÏPTGHGTGPVGCNCUKPFKECEKQPGUFG CNCTOC[CFXGTVGPEKC +PFKECEKQPGUFGUGIWTKFCF 7UQRTGXKUVQ %QPVTCKPFKECEKQPGU %WCNKHKECEKÏPFGNWUWCTKQ /GFKFCUFGUGIWTKFCFGPGNNWICTFG GORNCCOKGPVQ /GFKFCUFGUGIWTKFCFFWTCPVGGNGORNGQ FGNGSWKRQ 2TKOGTCRWGUVCGPOCTEJC &GUGODCNCLG 'SWKRQD½UKEQ 5KPQRUKUFGEQPGZKQPGU 2TGRCTCEKÏPFGNCRCTCVQRCTCNCCRNKECEKÏP 'UVCDNGEGTNCEQPGZKÏPCNCTGF %QPGZKÏPFGNECDGCNFGNC E½OCTCXKFGQGPFQUEQRKQ 4GCNKCTGNDCNCPEGFGDNCPEQU 2TWGDCFGHWPEKQPCOKGPVQ %QPGZKÏPFGNQUCEEGUQTKQU %QPGZKÏPFGCRCTCVQU75$ %QPGZKÏPFGWPCVCTLGVC5& %QPGZKÏPFGWPKPVGTTWRVQTFGRGFCN %QPGZKÏPFGWPOQPKVQTGZVGTPQ (WGPVGFGXÉFGQGZVGTPC
+PJCNV
%QPVGPVU
%QPVGPKFQFGNOCPWCN
$GFKGPJKPYGKUG )TWPFUÀVNKEJGUWT$GFKGPWPI 0CXKICVKQPUVCUVGP (WPMVKQPUVCUVGP -COGTCMQRHVCUVGP (W»UEJCNVGT 6CUVCVWTWPF/CWU *CWRVUETGGP ¸DGTUKEJVFGT(WPMVKQPUVCUVGP FGU*CWRVUETGGPU /GPØ 8QTGKPUVGNNWPIGP 'KPUVGNNWPIGP +PHQNGKUVG $GJCPFNWPIUØDGTUKEJV ¸DGTUKEJVFGT(WPMVKQPUVCUVGPFGT $GJCPFNWPIUØDGTUKEJV $KNFGT&TWEMGP $KNFGT8KFGQUNÒUEJGP $KNFGT8KFGQUWODGPGPPGP ¸DGTUKEJV&CVGPDTQYUGT ¸DGTUKEJVFGT(WPMVKQPUVCUVGPFGU &CVGPDTQYUGTU $GJCPFNWPIGPØDGT&CVGPDTQYUGT CPGKIGP
1RGTCVKPIKPUVTWEVKQPU $CUKEKPHQTOCVKQPQPQRGTCVKQP 0CXKICVKQPMG[U (WPEVKQPDWVVQPU %COGTCJGCFDWVVQPU (QQVUYKVEJ -G[DQCTFCPFOQWUG /CKPUETGGP 1XGTXKGYQHVJGOCKPUETGGPoU HWPEVKQPDWVVQPU /GPW 2TGUGVU 5GVVKPIU +PHQDCT 6TGCVOGPVQXGTXKGY 1XGTXKGYQHVJGVTGCVOGPVQXGTXKGYoU HWPEVKQPDWVVQPU 2TKPVKPIKOCIGU &GNGVKPIKOCIGUXKFGQU 4GPCOKPIKOCIGUXKFGQU &CVCDTQYUGTQXGTXKGY 1XGTXKGYQHVJGFCVCDTQYUGToUHWPEVKQP DWVVQPU &KURNC[VTGCVOGPVUXKCFCVCDTQYUGT
+PUVTWEEKQPGUQRGTCVKXCU 2TKPEKRKQUQRGTCVKXQUD½UKEQU 6GENCUFGPCXGICEKÏP 6GENCUFGHWPEKÏP $QVQPGUFGNECDGCNFGNCE½OCTC +PVGTTWRVQTFGRGFCN 6GENCFQ[TCVÏP 2CPVCNNCRTKPEKRCN 5KPQRUKUFGNCUVGENCUFGHWPEKÏPFGNC RCPVCNNCRTKPEKRCN /GPÖ 2TGCLWUVGU #LWUVGU $CTTCFGKPHQTOCEKÏP 5KPQRUKUFGVTCVCOKGPVQU 5KPQRUKUFGNCUVGENCUFGHWPEKÏPFGNC UKPQRUKUFGVTCVCOKGPVQU +ORTKOKTKO½IGPGU $QTTCTKO½IGPGUXÉFGQU %CODKCTGNPQODTGFGKO½IGPGUXÉFGQU 5KPQRUKUFGNPCXGICFQTFGFCVQU 5KPQRUKUFGNCUVGENCUFGHWPEKÏPFGN PCXGICFQTFGFCVQU +PFKECTNQUVTCVCOKGPVQUCVTCXÅUFGN PCXGICFQTFGFCVQU
+PUVCPFJCNVWPI 5KEJGTWPIUYGEJUGN .CORGYGEJUGNP .CORGPUVWPFGPÀJNGTWTØEMUGVGP 4GKPKIWPIWPF&GUKPHGMVKQP 9CTVWPIWPF5KEJGTJGKVUØDGTRTØHWPI 9CTVWPI 5KEJGTJGKVUØDGTRTØHWPI +PUVCPFUGVWPI 9KEJVKIG*KPYGKUG 'PVUQTIWPI
5GTXKEGCPFTGRCKT (WUGTGRNCEGOGPV 4GRNCEKPIVJGNCOR 4GUGVVKPIVJGNCORTWPVKOGEQWPVGT %NGCPKPICPFFKUKPHGEVKQP /CKPVGPCPEGCPF UCHGV[EJGEM 5GTXKEKPICPFTGRCKT +ORQTVCPVKPHQTOCVKQP &KURQUCN
/CPVGPKOKGPVQ %CODKQFGHWUKDNGU %CODKQFGNCN½ORCTC 4GRQPGTCEGTQGNEQPVCFQTFGJQTCUFGNC N½ORCTC .KORKGC[FGUKPHGEEKÏP /CPVGPKOKGPVQ[EQPVTQNVÅEPKEQFG UGIWTKFCF /CPVGPKOKGPVQ %QPVTQNVÅEPKEQFGUGIWTKFCF 4GRCTCEKQPGU 1DUGTXCEKQPGUKORQTVCPVGU )GUVKÏPFGFGUGEJQ
+PJCNV
%QPVGPVU
%QPVGPKFQFGNOCPWCN
6GEJPKUEJG$GUEJTGKDWPI (GJNGTUWEJNKUVG 6GEJPKUEJG&CVGP 0QTOGPMQPHQTOKVÀV 4KEJVNKPKGPMQPHQTOKVÀV
6GEJPKECNFGUETKRVKQP 6TQWDNGUJQQVKPI 6GEJPKECNFCVC 5VCPFCTFEQORNKCPEG &KTGEVKXGEQORNKCPEG
&GUETKREKQPGUVÅEPKECU .QECNKCEKÏPFGGTTQTGU &CVQUVÅEPKEQU %QPHQTOKFCFEQPNCUPQTOCU %QPHQTOKFCFEQPNCFKTGEVKXC
'TUCVVGKNGGORHQJNGPGU<WDGJÒT 'TUCVVGKNNKUVG -QORCVKDNG-COGTCMÒRHG -QORCVKDNG8KFGQGPFQUMQRG -QORCVKDNG.KEJVMCDGN -QORCVKDNG'PFQUMQRG 'ORHQJNGPGU<WDGJÒT
5RCTGRCTVU TGEQOOGPFGFCEEGUUQTKGU .KUVQHURCTGRCTVU %QORCVKDNGECOGTCJGCFU %QORCVKDNGXKFGQUEQRGU %QORCVKDNGNKIJVECDNG %QORCVKDNGGPFQUEQRGU 4GEQOOGPFGFCEEGUUQTKGU
2KGCUFGTGRWGUVQ CEEGUQTKQUTGEQOGPFCFQU 2KGCUFGTGRWGUVQ %CDGCNGUFGE½OCTCEQORCVKDNGU 8KFGQGPFQUEQRKQUEQORCVKDNGU %CDNGUFGNWEQORCVKDNGU 'PFQUEQRKQUEQORCVKDNGU #EEGUQTKQUTGEQOGPFCFQU
'NGEVTQOCIPGVKEEQORCVKDKNKV[ '/% KPHQTOCVKQP
*KPYGKUGWTGNGMVTQOCIPGVKUEJGP 8GTVTÀINKEJMGKV '/8
+PFKECEKQPGUUQDTGEQORCVKDKNKFCF GNGEVTQOCIPÅVKEC %'/
)GTÀVGDGUEJTGKDWPI
&GUETKRVKQPQHVJGFGXKEG
&GUETKREKÏPFGNCRCTCVQ
)GTÀVGDGUEJTGKDWPI
>6'.'2#%-:KUVGKPTGXQNWVKQPÀTGU-QODKIGTÀV WPFXGTGKPVFKG(WPMVKQPGP$GNGWEJVWPI $KNFFCTUVGNNWPI$KNFXGTCTDGKVWPIWPFGKPGWOHCPI TGKEJG$GJCPFNWPIUFQMWOGPVCVKQPKPGKPGOMQO RCMVGP5[UVGO >6'.'2#%-:KUVOKVCNNGP6'.'%#/%JKR -COGTCMÒRHGPWPF-#4.5614<%%&DCUKGTVGP 8KFGQGPFQUMQRGPMQORCVKDGN &CU)GTÀVDKGVGVCJNTGKEJG(WPMVKQPGPCWHFGO PGWUVGP5VCPFFGT6GEJPKM*KGTWÀJNGPWPVGT CPFGTGO r &QMWOGPVCVKQPFGT$GJCPFNWPICWH75$ 5RGKEJGTQFGT5&-CTVG r 8GTDGUUGTWPIXQP-QPVTCUVWPF$KNFUEJÀTHG FWTEJFKIKVCNG$KNFQRVKOKGTWPIWPFHCUGTQRVKUEJG (KNVGTOÒINKEJMGKVGPHØT(KDGTUMQRG r &KIKVCNGT8KFGQCWUICPIWO#PUEJNWUUGKPGU GZVGTPGP/QPKVQTU r 5VCPFDKNF(WPMVKQPWOd'KPHTKGTGPpFGU 8KFGQDKNFGUCWHFGO$KNFUEJKTO r &KIKVCNGT<QQO r KPFKXKFWGNNGRTQITCOOKGTDCTG8QTGKPUVGNNWPIGP HØTXGTUEJKGFGPG TVGQFGT'KPITKHHG
&GUETKRVKQPQHVJGFGXKEG
6JG6'.'2#%-:KUCTGXQNWVKQPCT[EQODKWPKV CPFEQODKPGUVJGHWPEVKQPUQHKNNWOKPCVKQPKOCIG QTKGPVCVKQPKOCIGRTQEGUUKPICPFCEQORTGJGPUKXG VTGCVOGPVFQEWOGPVCVKQPRTQITCOKPQPGEQORCEV U[UVGO 6JG6'.'2#%-:KUEQORCVKDNGYKVJCNN6'.'%#/ EJKRECOGTCJGCFUCPF-#4.5614<%%& DCUGFXKFGQUEQRGU 6JGWPKVQHHGTUPWOGTQWUUVCVGQHVJGCTVHWPEVKQPU 6JGUGKPENWFG r FQEWOGPVCVKQPQHVJGVTGCVOGPVQP75$UVKEMQT 5&ECTF r KORTQXGFEQPVTCUVCPFKOCIGUJCTRPGUUVJCPMU VQKOCIGQRVKOKCVKQPCPFHKDGTQRVKEHKNVGT RQUUKDKNKVKGUHQTHKDGTUEQRGU r &KIKVCNXKFGQQWVRWVHQTEQPPGEVKPICPGZVGTPCN OQPKVQT r 5VKNNKOCIGHWPEVKQPHQTnHTGGKPIoVJGXKFGQKOCIG QPVJGUETGGP r &KIKVCN<QQO r KPFKXKFWCNN[RTQITCOOCDNGRTGUGVUHQTFKHHGTGPV RJ[UKEKCPUQTKPVGTXGPVKQPU
&GUETKREKÏPFGNCRCTCVQ
'N6'.'2#%-:GUWPTGXQNWEKQPCTKQCRCTCVQ EQODKPCFQSWGTGÖPGNCUHWPEKQPGUFGKNWOKPCEKÏP TGRTGUGPVCEKÏPFGKOCIGPRTQEGUCOKGPVQFGKOC IGP[WPCCORNKCFQEWOGPVCEKÏPFGVTCVCOKGPVQGP WPUKUVGOCEQORCEVQ 'N6'.'2#%-:GUEQORCVKDNGEQPVQFQUNQU ECDGCNGUFGNCE½OCTC6'.'%#/FGEJKR[ EQPNQUXKFGQGPFQUEQRKQUDCUCFQUGP%%&FG -#4.5614< 'NCRCTCVQQHTGEGPWOGTQUCUHWPEKQPGUGPUW XGTUKÏPVÅEPKECO½UOQFGTPC'PVTGGNNCURWGFGP GPWOGTCTUG r &QEWOGPVCEKÏPFGNVTCVCOKGPVQGPOGOQTKC75$ QVCTLGVC5& r /GLQTCFGNEQPVTCUVG[NCPKVKFGFGNCKOCIGP OGFKCPVGQRVKOKCEKÏPFKIKVCNFGNCKOCIGP[ RQUKDKNKFCFGUFGHKNVTCLGRQTHKDTCÏRVKECRCTC HKDTQUEQRKQU r 5CNKFCFKIKVCNFGXÉFGQRCTCNCEQPGZKÏPFGWP OQPKVQTGZVGTPQ r (WPEKÏPFGKOCIGPHKLCRCTCpEQPIGNCTqNCKOCIGP FGXÉFGQGPNCRCPVCNNC r <QQOFKIKVCN r RTGCLWUVGUKPFKXKFWCNOGPVGRTQITCOCDNGURCTC FKHGTGPVGUOÅFKEQUQKPVGTXGPEKQPGUSWKTÖTIKECU
5KEJGTJGKVUJKPYGKUG
5CHGV[KPUVTWEVKQPU
+PUVTWEEKQPGUFGUGIWTKFCF
5KEJGTJGKVUJKPYGKUG
+PUVTWEEKQPGUFGUGIWTKFCF
'TMNÀTWPIW9CTPWPF 8QTUKEJVUJKPYGKUGP
'ZRNCPCVKQPQHYCTPKPIUCPF ECWVKQPU
'ZRNKECEKÏPTGHGTGPVGCNCUKPFK ECEKQPGUFGCNCTOC[CFXGTVGPEKC
&KG$GGKEJPWPIGP9CTPWPI8QTUKEJVWPF*KPYGKU JCDGPURGKGNNG$GFGWVWPIGP9QKOOGTUKGKP FGT)GDTCWEJUCPYGKUWPIXGTYGPFGVYGTFGP UQNNVGFGTPCEJHQNIGPFG6GZVIGPCWIGNGUGPYGT FGPWOGKPGPUKEJGTGPWPFGHHKKGPVGP$GVTKGD FGU5[UVGOUWIGYÀJTNGKUVGP<WTFGWVNKEJGTGP *GTXQTJGDWPIUVGJVFGP$GGKEJPWPIGPWUÀVNKEJ GKP2KMVQITCOOXQTCP
6JGYQTFU9CTPKPI%CWVKQPCPF0QVGEQPXG[ URGEKCNOGCPKPIU9JGTGXGTVJG[CTGWUGFKP VJKUOCPWCNVJG[UJQWNFDGECTGHWNN[TGXKGYGF VQGPUWTGVJGUCHGCPFGHHGEVKXGQRGTCVKQPQHVJKU U[UVGO6QOCMGVJGYQTFUUVCPFQWVOQTGENGCTN[ VJG[CTGCEEQORCPKGFD[CRKEVQITCO
.QUVÅTOKPQU%WKFCFQ#FXGTVGPEKC[0QVCVKGPGP UKIPKHKECFQUGURGEKCNGU%WCPFQCRCTGECPGP CNIWPCRCTVGFGGUVG/CPWCNTGXKUGGUCUGEEKÏP EWKFCFQUCOGPVGRCTCCUGIWTCTNCQRGTCEKÏPKPQEWC [GHKECFGNKPUVTWOGPVQ2CTCFGUVCECTO½UENCTC OGPVGNQUVÅTOKPQUNQUOKUOQUGUV½PRTGEGFKFQU RQTWPRKEVQITCOCCFKEKQPCN
9#4070)9CTPWPIOCEJVCWHGKPG )GHÀJTFWPIFGU2CVKGPVGPQFGTFGU #PYGPFGTUCWHOGTMUCO&KG0KEJV DGCEJVWPIGKPGT9CTPWPIMCPP8GTNGVWP IGPFGU2CVKGPVGPQFGT#PYGPFGTUWT (QNIGJCDGP 8145+%*68QTUKEJVOCEJVFCTCWH CWHOGTMUCOFCUUDGUVKOOVG9CTVWPIU QFGT5KEJGTJGKVUOC»PCJOGPWVTGHHGP UKPFWOGKPG$GUEJÀFKIWPIFGU5[UVGOU WXGTOGKFGP *+09'+5*KPYGKUGGPVJCNVGPURGKGNNG +PHQTOCVKQPGPWT$GFKGPWPIFGU5[UVGOU QFGTUKGGTMNÀTGPYKEJVKIG5CEJXGTJCNVG
9#4070).GUGP5KGFKGUG)GDTCWEJU CPYGKUWPIIGPCWFWTEJDGXQT5KGFCU )GTÀVKP$GVTKGDPGJOGP.GUGP5KG DGUQPFGTUFCU-CRKVGN5KEJGTJGKVUJKPYGKUG CWHOGTMUCOFWTEJWO)GHÀJTFWPIGP+JTGT 2CVKGPVGP+JTGU2GTUQPCNUUQYKG+JTGT GKIGPGP2GTUQPWXGTOGKFGP
5CHGV[KPUVTWEVKQPU
9#40+0)#9CTPKPIKPFKECVGUVJCVVJG RGTUQPCNUCHGV[QHVJGRCVKGPVQTWUGTOC[ DGGPFCPIGTGF(CKNWTGVQQDUGTXGC 9CTPKPIEQWNFTGUWNVKPKPLWT[VQVJGRCVKGPV QTWUGT %#76+10#%CWVKQPKPFKECVGUVJCV RCTVKEWNCTUGTXKEGRTQEGFWTGUQTRTGECW VKQPUOWUVDGHQNNQYGFVQCXQKFRQUUKDNG FCOCIGVQVJGU[UVGO 016'#0QVGKPFKECVGUURGEKCNKPHQTOCVKQP CDQWVQRGTCVKPIVJGU[UVGOQTENCTKƂGU KORQTVCPVKUUWGU
9#40+0)4GCFVJKUKPUVTWEVKQPOCPWCN VJQTQWIJN[CPFDGHCOKNKCTYKVJKVUEQPVGPVU RTKQTVQWUKPIVJKUFGXKEG4GCFVJGUGEVKQP QPUCHGV[KPUVTWEVKQPUECTGHWNN[VQCXQKF RWVVKPI[QWTRCVKGPVURGTUQPPGNQT[QWTUGNH CVTKUM
%7+&#&1'NVÅTOKPQ%WKFCFQNNCOCNC CVGPEKÏPUQDTGWPCUKVWCEKÏPFGRGNKITQ RCTCGNRCEKGPVGQRCTCGNWUWCTKQ.C KPQDUGTXCPEKCFGGUVGCXKUQRQFTÉC EQPNNGXCTNGUKQPGURCTCGNRCEKGPVGQRCTC GNWUWCTKQ #&8'46'0%+#'NVÅTOKPQ#FXGTVGPEKC NNCOCNCCVGPEKÏPUQDTGFGVGTOKPCFCU OGFKFCUFGOCPVGPKOKGPVQQFGUGIWTKFCF SWGJCPFGNNGXCTUGCECDQCƂPFGGXKVCT GNFGVGTKQTQFGNUKUVGOC 016#.QUR½TTCHQUFGPQOKPCFQUEQPGN VÅTOKPQ0QVCEQPVKGPGPKPHQTOCEKQPGU GURGEKCNGURCTCGNOCPGLQFGNUKUVGOCQ CENCTCPRTQEGFKOKGPVQUKORQTVCPVGU
%7+&#&1.GCFGVGPKFCOGPVGGUVG /CPWCNFGKPUVTWEEKQPGUCPVGUFGWUCTGN GSWKRQ.GCEQPGURGEKCNCVGPEKÏPGN ECRÉVWNQ+PUVTWEEKQPGUFGUGIWTKFCFCƂP FGGXKVCTRQPGTGPRGNKITQCUWURCEKGPVGU CUWRGTUQPCNQCWUVGFOKUOQ
5KEJGTJGKVUJKPYGKUG
5CHGV[KPUVTWEVKQPU
+PUVTWEEKQPGUFGUGIWTKFCF
5KEJGTJGKVUXQTUEJTKHVGP
5CHGV[KPUVTWEVKQPU
+PFKECEKQPGUFGUGIWTKFCF
9#4070)8GTNGVWPIUIGHCJTHØT 2CVKGPVGPWPFQFGT#PYGPFGT$GKO $GVTKGDKPGZRNQUKQPUIGHÀJTFGVGP$GTGKEJGP DGUVGJV'ZRNQUKQPUIGHCJT$GVTGKDGP5KG FCU)GTÀVPKGKPGZRNQUKQPUIGHÀJTFGVGP $GTGKEJGP 9#4070)+PHGMVKQPUIGHCJTHØT2CVKGPVGP &KG5[UVGOMQORQPGPVGP8GTUQTIWPIUIG TÀV6CUVCVWT/CWU2TKPVGTWPF5RGKEJGT OGFKGPUKPFMGKPG2CVKGPVGPCPYGPFWPIU VGKNG5KGFØTHGPFCJGTPKEJVKP$GTØJTWPI OKVFGO2CVKGPVGPMQOOGPQFGTKPFGT 2CVKGPVGPWOIGDWPICDIGNGIVYGTFGP 9#4070)2TØHGP5KGFKGUGU)GTÀVXQT LGFGT#PYGPFWPICWHUGKPG(WPMVKQPUHÀJKI MGKV5QNNVGFCU)GTÀVDYFKG.CORG CWUHCNNGPKUVGKP'TUCVIGTÀVDGTGKVWJCNVGP 9#4070))GTÀVCW»GTJCNDFGT 4GKEJYGKVGXQP2CVKGPVGPCWHUVGNNGP 9#4070)&CUFWTEJFCU'PFQUMQR CWUIGUVTCJNVG.KEJVMCPPCO.KEJVCWUICPI CPFGP'PFƃÀEJGPFGU.KEJVMCDGNUWPFCP FGT5RKVGFGU'PFQUMQRUWJQJGP 6GORGTCVWTGPHØJTGP7OFCU4KUKMQXQP 8GTDTGPPWPIGPIGTKPIWJCNVGPKUVFKG .KEJVSWGNNGKOOGTOKVFGTMNGKPUVOÒINKEJGP *GNNKIMGKVUGKPUVGNNWPIWDGVTGKDGPFKGHØT FKGQRVKOCNG$GNGWEJVWPIFGUGPFQUMQRK UEJGP)GDKGVUGTHQTFGTNKEJKUV
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ƂDGTQRVKENKIJVECDNGCPFCV VJGVKRQHVJGGPFQUEQRG6QTGFWEGVJGTKUM QHDWTPUVJGNKIJVUQWTEGUJQWNFCNYC[UDG QRGTCVGFCVVJGNQYGUVRQUUKDNGDTKIJVPGUU UGVVKPIYJKEJUVKNNCNNQYUQRVKOCNKNNWOKPCVKQP QHVJGGPFQUEQRKEƂGNF
%7+&#&14KGUIQFGNGUKQPGURCTCGN RCEKGPVG[QGNWUWCTKQ5KUGRQPGGP UGTXKEKQGPQPCUGZRWGUVCUCRGNKITQFG GZRNQUKQPGU0QRQPICPWPECGNCRCTCVQGP UGTXKEKQGPQPCUGZRWGUVCUCRQUKDNGU GZRNQUKQPGU %7+&#&14KGUIQFGKPHGEEKÏPRCTCGN RCEKGPVG.QUEQORQPGPVGUFGNUKUVGOC.C WPKFCFFGCNKOGPVCEKÏPGNVGENCFQGNTCVÏP NCKORTGUQTC[NQUUQRQTVGUFGFCVQUPQ UQPRKGCUFGCRNKECEKÏPGPGNRCEKGPVG 2QTGNNQPQJCPFGGPVTCTGPEQPVCEVQEQP GNRCEKGPVGPKUGTFGRQUKVCFQUGPUWU KPOGFKCEKQPGU %7+&#&1%QORTWGDGNCECRCEKFCFFG HWPEKQPCOKGPVQFGGUVGCRCTCVQCPVGUFG ECFCCRNKECEKÏP'PECUQFGSWGGNCRCTCVQ QNCN½ORCTCHCNNGPJC[SWGVGPGTFKURQPK DNGWPCRCTCVQFGTGRWGUVQ %7+&#&1+PUVCNGGNGSWKRQHWGTCFGN CNECPEGFGNQURCEKGPVGU %7+&#&1.CNWKTTCFKCFCCVTCXÅUFGN GPFQUEQRKQRWGFGRTQFWEKTVGORGTCVWTCU GNGXCFCUGPNCUCNKFCFGNWGPNCU UWRGTƂEKGUƂPCNGUFGNECDNGFGNW[GPNC RWPVCFGNGPFQUEQRKQ2CTCTGFWEKTGN TKGUIQFGSWGOCFWTCUWVKNKEGUKGORTGNC HWGPVGFGNWEQPGNCLWUVGFGNWOKPQUKFCF OÉPKOQRQUKDNGSWGTGUWNVGPGEGUCTKQRCTC KNWOKPCTFGOCPGTCÏRVKOCGN½TGC GPFQUEÏRKEC
5KEJGTJGKVUJKPYGKUG
9#4070)&KGCP#PCNQIWPF&KIKVCN UEJPKVVUVGNNGP 5KIPCNGKPWPFCWUIÀPIG CPUEJNKG»DCTGP<WUCVIGTÀVGOØUUGP IGOÀ»FGT+'%HØTGNGMVTQOGFKKPK UEJG)GTÀVGQFGTFGT+'%HØT &CVGPXGTCTDGKVWPIUIGTÀVGCWHIGDCWVWPF IGRTØHVUGKP#W»GTFGOOØUUGPCNNG -QODKPCVKQPGPFGT5[UVGOPQTO+'% GPVURTGEJGP9GTWUÀVNKEJG )GTÀVGCPFKG5KIPCNGKPQFGTCWUIÀPIG CPUEJNKG»VMQPƂIWTKGTVGKPOGFKKPKUEJGU 5[UVGOWPFKUVFGUJCNDFCHØTXGTCPVYQTV NKEJFCUUFCU5[UVGOFKG#PHQTFGTWPIGP IGO+'%GTHØNNV 9#4070)8GTNGVWPIUIGHCJTDGKO 7OICPIOKVFGT.CORG+O'ZVTGOHCNNMCPP FKG.CORGGZRNQFKGTGP6TCIGP5KGDGKO 7OICPIOKVFGT.CORGKOOGT5EJWVMNGK FWPIWPF5EJWVDTKNNG 8145+%*6(ØTFKG&CVGPUKEJGTJGKVKUVGU YKPIGPFGTHQTFGTNKEJFKG&CVGPTGIGNOÀ »KIWUKEJGTP-#4.5614<MCPPHØT &CVGPXGTNWUVGMGKPG*CHVWPIØDGTPGJOGP &KG8GTCPVYQTVWPIHØTFKG&CVGPNKGIVDGKO $GVTGKDGT 8145+%*6&CU'KPFTKPIGPXQP(NØUUKI MGKVGPKPFCU)GJÀWUGKUVWPDGFKPIVW XGTOGKFGP 8145+%*6&CU)GTÀVPWTOKVFGTCWHFGO 6[RGPUEJKNFCPIGIGDGPGP5RCPPWPI DGVTGKDGP 8145+%*60WT5KEJGTWPIGPOKVFGP CPIGIGDGPGP9GTVGPXGTYGPFGP
5CHGV[KPUVTWEVKQPU
9#40+0)6JGCWZKNKCT[FGXKEGUYJKEJ ECPDGEQPPGEVGFWRVQVJGCPCNQICPF FKIKVCNKPVGTHCEGU UKIPCNKPRWVUCPFQWVRWVU OWUVDGCUUGODNGFCPFVGUVGFKP CEEQTFCPEGYKVJVJG+'%HQT OGFKECNGNGEVTKECNGSWKROGPVQTVJG+'% HQTFCVCRTQEGUUKPIGSWKROGPV+P CFFKVKQPCNNEQODKPCVKQPUOWUVEQORN[YKVJ VJG+'%U[UVGOUVCPFCTF#P[ RGTUQPYJQEQPPGEVUCFFKVKQPCNGSWKROGPV VQVJGUKIPCNKPRWVUQTUKIPCNQWVRWVU EQPƂ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
+PUVTWEEKQPGUFGUGIWTKFCF
%7+&#&1.QUGSWKRQUCEEGUQTKQUEQPGE VCFQUCNCUKPVGTHCEGUCPCNÏIKEC[FKIKVCN GPVTCFCU[UCNKFCUFGUGÍCNGU JCPFG JCDGTUKFQEQPUVTWKFQU[XGTKƂECFQU EQPHQTOGCNCPQTOC%'+RCTC CRCTCVQUGNGEVTQOÅFKEQU[CUKOKUOQNC PQTOC%'+RCTCGSWKRQUFG RTQEGUCOKGPVQFGFCVQU#UKOKUOQVQFCU NCUEQPƂIWTCEKQPGUJCPFGEWORNKTEQPGN GUV½PFCT%'+RCTCUKUVGOCU %WCNSWKGTRGTUQPCSWGEQPGEVGWPGSWKRQ CFKEKQPCNCNCUGPVTCFCUQUCNKFCUFG UGÍCNGUGUV½EQPƂIWTCPFQWPUKUVGOC OÅFKEQ[GURQTNQVCPVQTGURQPUCDNGFG SWGGNUKUVGOCEWORNCEQPNQUTGSWKUKVQU FGNGUV½PFCT%'+ %7+&#&14KGUIQFGNGUKQPGUCNOCPKRWNCT NCN½ORCTC'PWPECUQGZVTGOQNCN½ORCTC RQFTÉCNNGICTCGZRNQVCT/KGPVTCUGUVÅ OCPKRWNCPFQNCN½ORCTCNNGXGUKGORTG KPFWOGPVCTKCFGRTQVGEEKÏP[ICHCUFG RTQVGEEKÏP #&8'46'0%+#2CTCNCUGIWTKFCFFGNQU FCVQUGUKORTGUEKPFKDNGOGPVGPGEGUCTKQ CUGIWTCTRGTKÏFKECOGPVGNQUFCVQU -#4.5614<PQRWGFGCUWOKTPKPIWPC TGURQPUCDKNKFCFRQTNCRÅTFKFCFGFCVQU.C TGURQPUCDKNKFCFRQTNQUFCVQUTGECGGPGN WUWCTKQ #&8'46'0%+#'XKVGCVQFCEQUVCNC KPƂNVTCEKÏPFGNÉSWKFQUGPNCECTECUC #&8'46'0%+#%QPGEVGCNCTGFUÏNQEQP NCVGPUKÏPKPFKECFCGPNCRNCECFGGURGEKƂ ECEKQPGU #&8'46'0%+#7VKNKEGÖPKECOGPVG HWUKDNGUEQPNQUXCNQTGUKPFKECFQU
5KEJGTJGKVUJKPYGKUG
5CHGV[KPUVTWEVKQPU
+PUVTWEEKQPGUFGUGIWTKFCF
$GUVKOOWPIUIGOÀ»G 8GTYGPFWPI
0QTOCNWUG
7UQRTGXKUVQ
6JG6'.'2#%-:KUCEQODKWPKVEQORTKUKPIC NKIJVUQWTEGECOGTCEQPVTQNWPKVFQEWOGPVCVKQP >6'.'2#%-:KUVGKP-QODKPCVKQPUIGTÀV WPKVCPFFKURNC[HQTKNNWOKPCVKQPKOCIGRTQEGUUKPI DGUVGJGPFCWU.KEJVSWGNNG-COGTCMQPVTQNNGKPJGKV &QMWOGPVCVKQPUGKPJGKVWPF&KURNC[WT$GNGWEJVWPI VTGCVOGPVFQEWOGPVCVKQPCPFKOCIGQTKGPVCVKQPKP XKFGQGPFQUEQR[ $KNFXGTCTDGKVWPI$GJCPFNWPIUFQMWOGPVCVKQPWPF $KNFFCTUVGNNWPIKPFGT8KFGQGPFQUMQRKG 6JG6'.'2#%-:OC[QPN[DGWUGFYKVJCEEGU UQTKGUYJKEJCTGUVCVGFCUDGKPIUWKVCDNGD[ >6'.'2#%-:FCTHPWTOKV<WDGJÒTXGT -#4.5614<7UGQHVJGRTQFWEVHQTRWTRQUGU YGPFGVYGTFGPFKG-#4.5614<HØTFCU)GTÀV QVJGTVJCPVJQUGFGUETKDGFCDQXGKUPQVCNNQYGF CNUIGGKIPGVDGGKEJPGV&KG8GTYGPFWPIFGU HQTUCHGV[TGCUQPU7PCWVJQTKGFEQPXGTUKQPUQT 2TQFWMVGUCPFGTUCNUQDGPDGUVKOOVKUVCWU OQFKHKECVKQPUVQVJG6'.'2#%-:CTGRTQJKDKVGF 5KEJGTJGKVUITØPFGPPKEJVWNÀUUKI'KIGPOÀEJVKIG 7ODCWVGPQFGT8GTÀPFGTWPIGPFGU6'.'2#%-: HQTUCHGV[TGCUQPU UKPFCWU5KEJGTJGKVUITØPFGPWPVGTUCIV
'N6'.'2#%-:GUWPCRCTCVQEQODKPCFQEQO RWGUVQFGNCHWGPVGFGNWWPKFCFFGEQPVTQNFGNC E½OCTCWPKFCFFGFQEWOGPVCEKÏP[FKURNC[RCTC NCKNWOKPCEKÏPGNRTQEGUCOKGPVQFGKO½IGPGUNC FQEWOGPVCEKÏPFGNVTCVCOKGPVQ[NCTGRTGUGPVCEKÏP FGKO½IGPGUGPXKFGQGPFQUEQRKC 'N6'.'2#%-:UÏNQRWGFGUGTWVKNKCFQEQPNQU CEEGUQTKQUSWG-#4.5614<JC[CKPFKECFQEQOQ KFÏPGQURCTCGUVGGSWKRQ2QTTCQPGUFGUGIWTK FCFPQGUV½RGTOKVKFCNCWVKNKCEKÏPFGNRTQFWEVQ FGHQTOCFKHGTGPVGCNCCTTKDCKPFKECFC2QTTCQPGU FGUGIWTKFCFGUV½RTQJKDKFQGHGEVWCTOQFKHKECEKQ PGUQECODKQUCTDKVTCTKQUGPGN6'.'2#%-:
-QPVTCKPFKMCVKQPGP
%QPVTCKPFKECVKQPU
%QPVTCKPFKECEKQPGU
-QPVTCKPFKMCVKQPGPFKGUKEJFKTGMVCWHFCU /GFKKPRTQFWMVDGKGJGPUKPFFGTGKVPKEJV DGMCPPV>XGTCPVYQTVNKEJG#TVOWUUCPJCPF FGU#NNIGOGKPWUVCPFGUFGU2CVKGPVGPGPVUEJGK FGPQDFKGXQTIGUGJGPG#PYGPFWPIGTHQNIGP MCPP
0QEQPVTCKPFKECVKQPUTGNCVKPIFKTGEVN[VQVJGOGFKECN FGXKEGCTGEWTTGPVN[MPQYP6JGTGURQPUKDNGRJ[UK EKCPOWUVFGEKFGYJGVJGTVJGHQTGUGGPCRRNKECVKQP KUCFOKUUKDNGDCUGFQPVJGIGPGTCNEQPFKVKQPQHVJG RCVKGPV
0QUGEQPQEGPCEVWCNOGPVGEQPVTCKPFKECEKQPGU SWGUGTGHKGTCPFKTGEVCOGPVGCNRTQFWEVQOÅFKEQ 'NOÅFKEQTGURQPUCDNGJCFGFGEKFKTEQPHQTOGCN GUVCFQIGPGTCNFGNRCEKGPVGUKNCCRNKECEKÏPRTGXKU VCRWGFGNNGXCTUGCECDQ
3WCNKHKMCVKQPFGU#PYGPFGTU
7UGTSWCNKHKECVKQP
%WCNKHKECEKÏPFGNWUWCTKQ
>6'.'2#%-:FCTHPWTXQP TVGPWPFOGFK KPKUEJGO#UUKUVGPRGTUQPCNCPIGYGPFGVYGTFGP FKGØDGTGKPGGPVURTGEJGPFGHCEJNKEJG3WCNKHKMCVKQP XGTHØIGPWPFCO)GTÀVGKPIGYKGUGPUKPF
6JG6'.'2#%-:OC[QPN[DGWUGFD[RJ[UKEKCPU CPFOGFKECNCUUKUVCPVUYJQJCXGCEQTTGURQPF KPIURGEKCNKGFSWCNKHKECVKQPCPFYJQJCXGDGGP KPUVTWEVGFKPVJGWUGQHVJGWPKV
'N6'.'2#%-:UÏNQRWGFGUGTGORNGCFQRQT OÅFKEQU[RGTUQPCNFGCUKUVGPEKCOÅFKECSWGFKU RQPICPFGWPCEWCNKHKECEKÏPRTQHGUKQPCNCFGEWCFC [SWGJC[CPTGEKDKFQKPUVTWEEKQPGUUQDTGNCWVKNKC EKÏPFGNCRCTCVQ
60°
5KEJGTJGKVUJKPYGKUG
5CHGV[KPUVTWEVKQPU
5KEJGTJGKVUOC»PCJOGPCO #WHUVGNNQTV
5CHGV[RTGECWVKQPUCVVJGUKVGQH /GFKFCUFGUGIWTKFCFGPGN KPUVCNNCVKQP NWICTFGGORNCCOKGPVQ
&CU)GTÀVFCTHPWTKPOGFKKPKUEJIGPWVVGP 4ÀWOGPDGPWVVYGTFGPFGTGPGNGMVTKUEJG #PNCIGPPCEJFGPPCVKQPCNIØNVKIGP8QTUEJTKHVGP KPUVCNNKGTVUKPF 'UKUVPKEJVHØTFGP$GVTKGDKPGZRNQUKQPUIGHÀJTFG VGP$GTGKEJGPDGUVKOOV&KGUDGFGWVGVWC r $GK8GTYGPFWPIXQPNGKEJVDTGPPDCTGPWPF GZRNQUKQPUHÀJKIGP+PJCNCVKQPU#PÀUVJGUKGOKVVGNP WPFFGTGP)GOKUEJGPFCTHFCU)GTÀVPKEJVKPFGT FCTIGUVGNNVGP)GHCJTGPQPGDGVTKGDGPYGTFGP r &KGUGUIKNVCWEJHØTNGKEJVDTGPPDCTGWPFGZRNQ UKQPUHÀJKIG%JGOKMCNKGP$*CWVFGUKPHGMVKQPU WPF(NÀEJGPUEJPGNNFGUKPHGMVKQPUOKVVGN &CU)GTÀVKUVOKVGKPGT5VGEMXQTTKEJVWPIHØT FGP2QVGPKCNCWUINGKEJCWUIGTØUVGV&KGUGPCEJ /C»ICDGFGTPCVKQPCNIØNVKIGP8QTUEJTKHVGP CPUEJNKG»GP
6JGWPKVOC[QPN[DGWUGFKPOGFKECNTQQOUYJQUG GNGEVTKECNU[UVGOUJCXGDGGPKPUVCNNGFKPCEEQT FCPEGYKVJCRRNKECDNGPCVKQPCNTGIWNCVKQPU +VKUPQVKPVGPFGFHQTWUGKPJCCTFQWUQPGU6JKU OGCPUCOQPIQVJGTVJKPIU r 9JGTGXGTGCUKN[EQODWUVKDNGCPFGZRNQUKXGKPJC NCVKQPCPGUVJGVKEUCPFVJGKTOKZVWTGUCTGWUGF VJGFGXKEGOC[PQVDGQRGTCVGFKPVJGFGOCT ECVGFJCCTFQPG r 6JKUCNUQCRRNKGUHQTGCUKN[EQODWUVKDNGCPF GZRNQUKXGEJGOKECNUGIUMKPFKUKPHGEVCPVUCPF HCUVCEVKPIUWTHCEGFKUKPHGEVCPVU 6JGWPKVKUGSWKRRGFYKVJCEQPPGEVQTHQTCVVCEJKPI CITQWPFNKPG+VUJQWNFDGEQPPGEVGFWRKPCEEQT FCPEGYKVJVJGCRRNKECDNGPCVKQPCNTGIWNCVKQPU
'NGSWKRQUÏNQRQFT½UGTWVKNKCFQGPGURCEKQU OÅFKEQUEW[CKPUVCNCEKÏPGNÅEVTKECJC[CUKFQGHGE VWCFCFGCEWGTFQEQPNCUPQTOCUPCEKQPCNGUFG UGIWTKFCFXKIGPVGU 'NOKUOQPQGUV½RTGXKUVQRCTCUGTWVKNKCFQGP QPCUGZRWGUVCUCRQUKDNGUGZRNQUKQPGU'UVQUKI PKHKECGPVTGQVTCUEQUCU r 5KUGGORNGCPRTQFWEVQUCPGUVÅUKEQURCTC KPJCNCEKÏPH½EKNOGPVGKPHNCOCDNGU[GZRNQUKXQU QUWUOGENCUPQRQFT½WVKNKCTUGGNGSWKRQGP NCUQPCUECNKHKECFCUEQOQRGNKITQUCURQTGUVG OQVKXQ r 'UVQGUX½NKFQVCODKÅPRCTCRTQFWEVQUSWÉOKEQU H½EKNOGPVGKPHNCOCDNGU[GZRNQUKXQUVCNGUEQOQ RGLRTQFWEVQURCTCFGUKPHGEEKÏPFGNCRKGN[ FGUKPHGEVCPVGUT½RKFQURCTCUWRGTHKEKGU 'NGSWKRQGUV½RTQXKUVQFGWPGPEJWHGRCTC EQPGZKÏPGSWKRQVGPEKCN.CEQPGZKÏPJCFGGHGE VWCTUGFGCEWGTFQEQPNCUPQTOCUPCEKQPCNGUFG UGIWTKFCFXKIGPVGU
5KEJGTJGKVUOC»PCJOGPDGKO 'KPUCVFGU)GTÀVGU
5CHGV[RTGECWVKQPUYJGP QRGTCVKPIVJGFGXKEG
/GFKFCUFGUGIWTKFCFFWTCPVG GNGORNGQFGNGSWKRQ
>#PYGPFGTJCVUKEJXQTFGT#PYGPFWPIFGU )GTÀVGUXQPFGT(WPMVKQPUUKEJGTJGKVWPFFGO QTFPWPIUIGOÀ»GP<WUVCPFFGU)GTÀVGUWØDGT GWIGP
+VKUVJGWUGToUTGURQPUKDKNKV[VQOCMGUWTGVJG GSWKROGPVKUUCHGCPFQRGTCVGURTQRGTN[DGHQTG WUG
*+09'+5$GCEJVGP5KGCWEJFKGRTQFWMVDG INGKVGPFGP7PVGTNCIGPFGUXGTYGPFGVGP <WDGJÒTU
016'6JGFQEWOGPVCVKQPCEEQORCP[KPI VJGCEEGUUQTKGUWUGFOWUVCNUQDGQDUGTXGF
+PUVTWEEKQPGUFGUGIWTKFCF
'NWUWCTKQJCFGEGTEKQTCTUGFGNCUGIWTKFCFFG HWPEKQPCOKGPVQ[GNDWGPGUVCFQFGNGSWKRQCPVGU FGECFCCRNKECEKÏPFGNCRCTCVQ 016#2TGUVGVCODKÅPCVGPEKÏPCNC FQEWOGPVCEKÏPCFLWPVCCNQUCEEGUQTKQU WVKNKCFQU
'TUVKPDGVTKGDPCJOG
1RGTCVKPIVJGFGXKEGHQTVJG HKTUVVKOG
2TKOGTCRWGUVCGPUGTXKEKQ
'TUVKPDGVTKGDPCJOG
1RGTCVKPIVJGFGXKEGHQTVJG HKTUVVKOG
2TKOGTCRWGUVCGPOCTEJC
#WURCEMGP
7PRCEMKPIVJGGSWKROGPV
&GUGODCNCLG
'PVPGJOGP5KGFGP6'.'2#%-:WPFFCU <WDGJÒTXQTUKEJVKICWUFGT8GTRCEMWPI ¸DGTRTØHGP5KGFKG.KGHGTWPICWH8QNNUVÀPFKIMGKV WPFCWHGXGPVWGNNG$GUEJÀFKIWPIGP 5QNNVGFKG.KGHGTWPI#PNCUUWT4GMNCOCVKQPIGDGP UQYGPFGP5KGUKEJDKVVGWOIGJGPFCPFGP *GTUVGNNGTQFGT.KGHGTCPVGP9GPPOÒINKEJDGYCJ TGP5KGFKG1TKIKPCNXGTRCEMWPICWHUKGMCPPDGK GKPGO6TCPURQTVFGU)GTÀVGUPØVNKEJUGKP
%CTGHWNN[WPRCEMVJG6'.'2#%-:CPFTGOQXG VJGWPKVCPFKVUCEEGUUQTKGUHTQOVJGKTRCEMCIKPI %JGEMHQTOKUUKPIKVGOUCPFGXKFGPEGQHUJKRRKPI FCOCIG 2NGCUGHKNGCP[EQORNCKPVUYKVJVJGOCPWHCEVWTGTQT UWRRNKGTKOOGFKCVGN[+HRQUUKDNGTGVCKPVJGQTKIKPCN RCEMKPIOCVGTKCNUHQTNCVGTWUGVJGUGECPEQOGKP JCPF[KHVJGWPKVJCUVQDGVTCPURQTVGF
'ZVTCKICEWKFCFQUCOGPVGGN6'.'2#%-:[UWU CEEGUQTKQUFGNGODCNCLG4GXKUGUKGNGPXÉQGUV½ EQORNGVQ[EQORTWGDGRQUKDNGUCXGTÉCUFGVTCPU RQTVG 'PECUQFGTGENCOCEKQPGUFKTÉLCUGKPOGFKCVCOGP VGCNHCDTKECPVGQCNRTQXGGFQT'UTGEQOGPFCDNG IWCTFCTGNGODCNCLGQTKIKPCNRCTCXQNXGTCWVKNKCTNQ GPWPRQUKDNGVTCPURQTVGRQUVGTKQTFGNGSWKRQ
)TWPFCWUUVCVVWPI
$CUKEGSWKROGPV
'SWKRQD½UKEQ
6'.'2#%-: 6CUVCVWTOKV6QWEJRCF 0GVMCDGN 75$5VKEM )GDTCWEJUCPYGKUWPI
6'.'2#%-: -G[DQCTFYKVJVQWEJRCF 2QYGTEQTF 75$UVKEM +PUVTWEVKQPOCPWCN
6'.'2#%-: 6GENCFQEQPVCDNGVCV½EVKN %CDNGFGNCTGF 5VKEM75$ /CPWCNFGKPUVTWEEKQPGU
'TUVKPDGVTKGDPCJOG
1RGTCVKPIVJGFGXKEGHQTVJG HKTUVVKOG
2TKOGTCRWGUVCGPUGTXKEKQ
SD
p
[ ]
SD
A
D
S
p
5&-CTVGPGKPUEJWD
p
5&ECTFUNQV
p
7PKFCFFGVCTLGVC5&
[
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[
Z75$
[
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/KMTQHQPGKPICPI
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/KETQRJQPGKPRWV
]
'PVTCFCRCTCOKETÏHQPQ
A
-COGTCCPUEJNWUU
A
%COGTCEQPPGEVQT
A
%QPGZKÏPFGE½OCTC
S
.KEJVCPUEJNWUU
S
.KIJVEQPPGEVQT
S
%QPGZKÏPFGNW
D
2CTMUVWVGPHØT.KEJVMCDGN
D
%QPPGEVQTHQTNKIJVECDNG
D
2KVÏPFGCRCTECOKGPVQRCTCECDNG FGNW
'TUVKPDGVTKGDPCJOG
1RGTCVKPIVJGFGXKEGHQTVJG HKTUVVKOG
2TKOGTCRWGUVCGPUGTXKEKQ
)GTÀVHØT#PYGPFWPI XQTDGTGKVGP
2TGRCTKPIVJGFGXKEGHQTWUG
2TGRCTCEKÏPFGNCRCTCVQRCTCNC CRNKECEKÏP
0GVXGTDKPFWPIJGTUVGNNGP
%QPPGEVKPINKIJVVQRQYGT
'UVCDNGEGTNCEQPGZKÏPCNCTGF
)GTÀVCWHGDGPG(NÀEJGUVGNNGP
5GVVJGFGXKEGQPCHNCVUWTHCEG
&GRQUKVGGNCRCTCVQUQDTGWPCUWRGTHKEKGRNCPC
016'#NVGTPCVKXGN[VJGFGXKEGECPDG OQWPVGFQPC8'5#JQNFKPIFGXKEG
016#%QOQCNVGTPCVKXCGNCRCTCVQRWGFG UGTOQPVCFQGPWPFKURQUKVKXQFGUWLGEKÏP 8'5#
0GVMCDGNCPUEJNKG»GP0GVUVGEMGTDKUWO #PUEJNCIKP0GVDWEJUGOGKPUEJKGDGP
+PUGTVVJGRQYGTEQTFKPVQVJGFGXKEGoURQYGT UWRRN[EQTFUQEMGVORWUJKPIVJGRQYGTRNWI HKTON[JQOG
%QPGEVGGNECDNGFGNCTGFKPVTQFWECGNGPEJWHG FGNCTGFJCUVCGNVQRGGPGNEQPGEVQTFGNCTGF O
9#4070))GTÀVPWTOKVFGTCWHFGO 6[RGPUEJKNFCPIGIGDGPGP0GVURCPPWPI DGVTGKDGP 2QVGPVKCNCWUINGKEJUNGKVWPICO 2QVGPVKCNCPUEJNWUUUVKHVFGU6'.'2#%-: CPUEJNKG»GPWPFOKVFGO2QVGPVKCNCWUINGKEJKO 4CWOXGTDKPFGP
9#40+0)1RGTCVGVJGFGXKEGQPN[YKVJ VJGU[UVGOXQNVCIGUVCVGFQPVJGTCVKPI RNCVG %QPPGEVVJGRQVGPVKCNGSWCNKCVKQPECDNGWRVQ VJG6'.'2#%-:oURQVGPVKCNEQPPGEVQTRKPCPF EQPPGEVKVYKVJVJGTQQOoURQVGPVKCNGSWCNKCVKQP
%7+&#&1}%QPGEVGCNCTGFUÏNQEQPNC VGPUKÏPKPFKECFCGPNCRNCECFGGURGEKƂEC EKQPGU %QPGEVGGNECDNGFGEQPGZKÏPGSWKRQVGPEKCNCNC GURKICFGEQPGZKÏPGSWKRQVGPEKCNFGN 6'.'2#%-:[EQPNCEQPGZKÏPGSWKRQVGPEKCN FGNCUCNC
*+09'+5#NVGTPCVKXMCPPFCU)GTÀVCPGKPG 8'5#*CNVGXQTTKEJVWPIOQPVKGTVYGTFGP
'TUVKPDGVTKGDPCJOG
1RGTCVKPIVJGFGXKEGHQTVJG HKTUVVKOG
2TKOGTCRWGUVCGPUGTXKEKQ
-COGTCMQRH8KFGQGPFQUMQRCP UEJNKG»GP
%QPPGEVKPIVJGECOGTCJGCF XKFGQUEQRG
%QPGZKÏPFGNECDGCNFGNCE½OC TCXKFGQGPFQUEQRKQ
-COGTCMQRHWPF.KEJVMCDGNCPUEJNKG»GP
%QPPGEVKPIECOGTCJGCFUCPFNKIJVECDNGU
%QPGZKÏPFGNECDGCNFGNCE½OCTC[GNECDNG FGNW
*+09'+55KGMÒPPGPYCJNYGKUGGKPGP -COGTCMQRHQFGTGKP8KFGQGPFQUMQR CPUEJNKG»GP .KEJVMCDGNOKVFGO.KEJVCPUEJNWUUFGU 6'.'2#%-:XGTDKPFGP
016#7UVGFRWGFGEQPGEVCTCNVGTPCVKXCOGP VGWPECDGCNFGNCE½OCTCQWPXKFGQGPFQU EQRKQ %QPPGEVVJGNKIJVECDNGWRVQVJG6'.'2#%-:oU %QPGEVGGNECDNGFGNWEQPNCEQPGZKÏPRCTCNW FGN6'.'2#%-: NKIJVRQTV
-COGTCMQRHUVGEMGTDKUWO#PUEJNCIKPFKG -COGTCCPUEJNWUUDWEJUGGKPUEJKGDGP -COGTCMQRHOKV'PFQUMQRXGTDKPFGP .KEJVMCDGNOKVFGO'PFQUMQRXGTDKPFGP 8KGTVGNFTGJWPIFGT4ÀPFGNUEJTCWDGCWHFGP 5EJTCWDUQEMGN )GTÀVFWTEJ&TØEMGPFGT6CUVG GKPUEJCNVGP
+PUGTVVJGECOGTCJGCFEQPPGEVQTKPVQVJG ECOGTCEQPPGEVKQPUQEMGVCUHCTCUKVYKNNIQ %QPPGEVVJGECOGTCJGCFWRVQVJGGPFQUEQRG %QPPGEVVJGNKIJVECDNGVQVJGGPFQUEQRGD[ VYKUVKPIVJGMPWTNGFUETGYQPVJGUETGYDCUG VJTQWIJCSWCTVGTVWTP 6WTPVJGFGXKEGQPD[RTGUUKPIVJG DWVVQP
+PVTQFWECGNGPEJWHGFGNECDGCNFGNCE½OCTC JCUVCGNVQRGGPNQUEQPGEVQTGURCTCEQPGZKÏP FGNCE½OCTC %QPGEVGGNECDGCNFGNCE½OCTCEQPGNGPFQU EQRKQ %QPGEVGGNECDNGFGNWEQPGNGPFQUEQRKQ EWCT VQFGXWGNVCFGNVQTPKNNQOQNGVGCFQGPGNECUSWKNNQ TQUECFQ %QPGEVGGNCRCTCVQRTGUKQPCPFQNCVGENC
8KFGQGPFQUMQRCPUEJNKG»GP &GP#PUEJNWUUUVGEMGT.KEJVFGU 8KFGQGPFQUMQRUDKUWO#PUEJNCIKPFGP .KEJVCPUEJNWUUGKPUEJKGDGP
%QPPGEVKPIVJGXKFGQUEQRG +PUGTVVJGXKFGQUEQRGoUNKIJVEQPPGEVQTCUHCTCU KVYKNNIQKPVQVJGNKIJVRQTV
%QPGZKÏPFGNXKFGQGPFQUEQRKQ +PVTQFWECGNGPEJWHGFGEQPGZKÏPFGNWFGN XKFGQGPFQUEQRKQJCUVCGNVQRGGPNCEQPGZKÏP RCTCNW
&GP#PUEJNWUUUVGEMGT-COGTCFGU 8KFGQGPFQUMQRUDKUWO#PUEJNCIKPFGP -COGTCCPUEJNWUUFGU6'.'2#%-:GKPUEJKG DGP )GTÀVFWTEJ&TØEMGPFGT6CUVG GKPUEJCNVGP
+PUGTVVJGXKFGQUEQRGoUECOGTCEQPPGEVQTCU HCTCUKVYKNNIQKPVQVJG6'.'2#%-:oUECOGTC EQPPGEVKQP 6WTPVJGFGXKEGQPD[RTGUUKPIVJG DWVVQP
+PVTQFWECGNGPEJWHGFGEQPGZKÏPFGNCE½OC TCFGNXKFGQGPFQUEQRKQJCUVCGNVQRGGPNC EQPGZKÏPRCTCE½OCTCFGN6'.'2#%-: %QPGEVGGNCRCTCVQRTGUKQPCPFQNCVGENC
016';QWECPGKVJGTEQPPGEVCECOGTC JGCFQTCXKFGQUEQRG
'TUVKPDGVTKGDPCJOG
1RGTCVKPIVJGFGXKEGHQTVJG HKTUVVKOG
2TKOGTCRWGUVCGPUGTXKEKQ
9GK»CDINGKEJFWTEJHØJTGP
9JKVGDCNCPEG
4GCNKCTGNDCNCPEGFGDNCPEQU
*+09'+5(ØJTGP5KGXQTLGFGT#PYGPFWPI GKPGP9GK»CDINGKEJFWTEJ9GPPWXQTFKG INGKEJGP+PUVTWOGPVGWPFFKGINGKEJG .KEJVSWGNNGXGTYGPFGVYWTFGPMCPPFGT 9GK»CDINGKEJGPVHCNNGP 9ÀJNGP5KGFKGIGYØPUEJVG.KEJVKPVGPUKVÀVFWTEJ &TØEMGPFGT6CUVG CWU 4KEJVGP5KGFCU'PFQUMQRDY8KFGQGPFQUMQR CWHGKPGYGK»G(NÀEJG 9GK»CDINGKEJFWTEJ&TØEMGPFGT6CUVG CWU NÒUGP >9GK»CDINGKEJKUVCDIGUEJNQUUGP5KGMÒPPGP LGVVFGP(WPMVKQPUVGUVFWTEJHØJTGP 9#4070)$NGPFIGHCJT$GKCPIGUEJNQU UGPGO.KEJVNGKVGTPKEJVKPFCUQHHGPG'PFG UEJCWGP
(WPMVKQPUVGUV -QPVTQNNKGTGP5KGXQTLGFGT#PYGPFWPIFCU)GTÀV WPF<WDGJÒTCWH$GUEJÀFKIWPIGPWPFCWHFGP J[IKGPKUEJGP<WUVCPF *CNVGP5KGFCU'PFQUMQRCWHGKP1DLGMVWPFØDGT RTØHGP5KGFKG$KNFSWCNKVÀV *+09'+5'TUVPCEJGTHQNITGKEJGO(WPMVKQPU VGUVFØTHGPFCU)GTÀVWPFFCU<WDGJÒT XGTYGPFGVYGTFGP
016'2GTHQTOCYJKVGDCNCPEGDGHQTGGXGT[ WUG+HVJGUCOGKPUVTWOGPVUCPFVJGUCOG NKIJVUQWTEGYGTGWUGFRTGXKQWUN[VJGYJKVG DCNCPEGOC[DGQOKVVGF 5GNGEVVJGFGUKTGFNKIJVKPVGPUKV[D[RTGUUKPIVJG DWVVQP 2QKPVVJGGPFQUEQRGXKFGQUEQRGCVCYJKVG UWTHCEG 2GTHQTOVJGYJKVGDCNCPEGD[RTGUUKPIVJG DWVVQP 6JGYJKVGDCNCPEGKUEQORNGVG;QWOC[PQY RGTHQTOVJGVGUVHQTRTQRGTHWPEVKQPKPI 9#40+0)&CPIGTQHINCTG0GXGTNQQMKP VJGQRGPGPFYJGPCNKIJVECDNGKU EQPPGEVGF
6GUVHQTRTQRGTHWPEVKQPKPI $GHQTGGXGT[WUGEJGEMVJGFGXKEGCPFCEEGUUQTKGU HQTFCOCIGCPFJ[IKGPKEUVCVWU (QEWUVJGGPFQUEQRGQPCPQDLGEVCPFEJGEMVJG KOCIGSWCNKV[ 016'6JGFGXKEGCPFCEEGUUQTKGUOC[QPN[ DGWUGFQPEGVJGVGUVHQTRTQRGTHWPEVKQPKPI JCUDGGPUWEEGUUHWNN[EQORNGVGF
016##PVGUFGECFCCRNKECEKÏPNNGXGCECDQ WPDCNCPEGFGDNCPEQU5KCPVGTKQTOGPVGUG WVKNKCTQPNQUOKUOQUKPUVTWOGPVQU[NCOKUOC HWGPVGFGNWUGRWGFGRTGUEKPFKTFGNDCNCPEG FGDNCPEQU 5GNGEEKQPGNCKPVGPUKFCFNWOÉPKECFGUGCFCRTG UKQPCPFQNCVGENC 1TKGPVGGNGPFQUEQRKQQGNXKFGQGPFQUEQRKQ JCEKCWPCUWRGTHKEKGDNCPEC #EVKXGGNDCNCPEGFGDNCPEQURTGUKQPCPFQNC VGENC 'NDCNCPEGFGDNCPEQUJCEQPENWÉFQ#JQTC RWGFGNNGXCTCECDQNCRTWGDCFGHWPEKQPCOKGPVQ %7+&#&14KGUIQFGFGUNWODTCOKGPVQ 0QOKTGPWPECGPGNGZVTGOQNKDTGFGWP RQTVCNWEQPGEVCFQ
2TWGDCFGHWPEKQPCOKGPVQ #PVGUFGECFCCRNKECEKÏPEQPVTQNGGNGUVCFQJKIKÅ PKEQFGNCRCTCVQ[NQUCEEGUQTKQU[EQORTWGDGUK RTGUGPVCFGVGTKQTQU 1TKGPVGGNGPFQUEQRKQJCEKCWPQDLGVQ[EQORTWG DGNCECNKFCFFGNCKOCIGP 016#'NCRCTCVQ[NQUCEEGUQTKQUUÏNQ RWGFGPUGTWVKNKCFQUFGURWÅUFGSWGNC RTWGDCFGHWPEKQPCOKGPVQJC[CEQPENWÉFQ EQPÅZKVQ
'TUVKPDGVTKGDPCJOG
1RGTCVKPIVJGFGXKEGHQTVJG HKTUVVKOG
2TKOGTCRWGUVCGPUGTXKEKQ
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%QPPGEVKPIVJGCEEGUUQTKGU
%QPGZKÏPFGNQUCEEGUQTKQU
#PUEJNKG»GPXQP75$)GTÀVGP
%QPPGEVKPI75$FGXKEGU
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&KG75$5EJPKVVUVGNNGPUKPFWO#PUEJNWUUHQNIGP FGTQRVKQPCNGT2GTKRJGTKGIGTÀVGIGGKIPGV r 6CUVCVWT r /CWU r 75$5VKEM r &TWEMGT
6JG75$RQTVUCTGUWKVCDNGHQTEQPPGEVKPIWRVJG HQNNQYKPIQRVKQPCNRGTKRJGTCNU r -G[DQCTF r /QWUG r 75$UVKEM r 2TKPVGT
.CUKPVGTHCEGU75$UQPCRTQRKCFCURCTCNC EQPGZKÏPFGNQUUKIWKGPVGUCRCTCVQURGTKHÅTKEQU QREKQPCNGU r 6GENCFQ r 4CVÏP r 5VKEM75$ r +ORTGUQTC
*+09'+55EJNKG»GPUKGPWTGKPGP&TWEMGTCP FCU)GTÀVCP&CU#PUEJNKG»GPXQPOGJTCNU GKPGO&TWEMGTMCPPW(WPMVKQPUUVÒTWPIGP HØJTGP
016'1PN[EQPPGEVQPGRTKPVGTWRVQVJG WPKV%QPPGEVKPIWROQTGVJCPQPGRTKPVGT OC[ECWUGVJGWPKVVQOCNHWPEVKQP
*+09'+57PVGTUVØVVG5RGKEJGTOGFKGPWPF &TWEMGTGTJCNVGP5KGCWH#PHTCIG *+09'+5&TWEMGTQFGT5RGKEJGTOGFKGPOKV GZVGTPGT5VTQOXGTUQTIWPIOØUUGPXQPFGT 8GTUQTIWPIUURCPPWPIIGOÀ»+'% IGVTGPPVDYØDGTGKPGP6TGPPVTCPUHQTOCVQT CPIGUEJNQUUGPYGTFGP
016'#NKUVQHUWRRQTVGFUVQTCIGOGFKCCPF RTKPVGTUKUCXCKNCDNGQPTGSWGUV 016'2TKPVGTUCPFUVQTCIGOGFKCYKVJ GZVGTPCNRQYGTUWRRNKGUOWUVDGKUQNCVGFHTQO VJGNKPGXQNVCIGKPCEEQTFCPEGYKVJ+'% QTEQPPGEVGFXKCCPKUQNCVKQP VTCPUHQTOGT
016#%QPGEVGUÏNQWPCKORTGUQTCCN CRCTCVQ.CEQPGZKÏPFGO½UFGWPC KORTGUQTCRWGFGEQPNNGXCTHCNNQUFGHWPEKQPC OKGPVQ 016#2TGXKCUQNKEKVWFQDVKGPGWUVGF UQRQTVGUFGFCVQUGKORTGUQTCUEQORCVKDNGU 016#.CUKORTGUQTCUQUQRQTVGUKPHQTO½VK EQUEQPCNKOGPVCEKÏPGZVGTPCFGEQTTKGPVGJCP FGGUVCTFGUEQPGEVCFQUFGNCVGPUKÏPFG CNKOGPVCEKÏPEQPHQTOGCNCPQTOC%'+ QGUVCTEQPGEVCFQUCVTCXÅUFGWP VTCPUHQTOCFQTFGUGRCTCEKÏP +PVTQFWECGNCRCTCVQ75$GPWPCFGNCUKPVGTHC EGUGZKUVGPVGURCTC75$ 'NCRCTCVQ75$GUTGEQPQEKFQCWVQO½VKECOGPVG #RCTGEGWPOGPUCLGGPNCRCPVCNNC
5VGEMGP5KGFCU75$)GTÀVCPGKPGFGTXQTJCP FGPGP75$5EJPKVVUVGNNGPGKP &CU75$)GTÀVYKTFCWVQOCVKUEJGTMCPPV'U YKTFGKPG/GNFWPICWHFGP$KNFUEJKTOCWUIGIG DGP #OWPVGTGPTGEJVGP$KNFUEJKTOTCPFYKTFFGT 0COGFGU5RGKEJGTOGFKWOUUQYKGFKGTGUVNKEJG 8KFGQCWHPCJOGMCRCKVÀVCPIGGKIV
+PUGTVVJG75$FGXKEGKPQPGQHVJGCXCKNCDNG 75$RQTVU 6JG75$FGXKEGKUTGEQIPKGFCWVQOCVKECNN[# OGUUCIGCRRGCTUQPVJGUETGGP 6JGPCOGQHVJGUVQTCIGOGFKCCPFVJGTGOCKPKPI XKFGQTGEQTFKPIECRCEKV[CRRGCTKPVJGDQVVQOTKIJV JCPFEQTPGTQHVJGUETGGP
'PNCRCTVGKPHGTKQTFGTGEJCFGNDQTFGFGNCRCPVCNNC CRCTGEGKPFKECFQGNPQODTGFGNUQRQTVGFGFCVQU CUÉEQOQNCECRCEKFCFTGUVCPVGRCTCITCDCEKÏPFG XÉFGQ
#PUEJNKG»GPGKPGT5&-CTVG
%QPPGEVKPICP5&ECTF
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5EJKGDGP5KGFKG5&-CTVGKPFGP 5&-CTVGPGKPUEJWD &KG5&-CTVGYKTFCWVQOCVKUEJGTMCPPV'UYKTF GKPG/GNFWPICWHFGP$KNFUEJKTOCWUIGIGDGP #OWPVGTGPTGEJVGP$KNFUEJKTOTCPFYKTFFGT 0COGFGU5RGKEJGTOGFKWOUUQYKGFKGTGUVNKEJG 8KFGQCWHPCJOGMCRCKVÀVCPIGGKIV
+PUGTVVJG5&ECTFKPVQVJG5&ECTFUNQV
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6JG5&ECTFKUTGEQIPKGFCWVQOCVKECNN[# .CVCTLGVC5&GUTGEQPQEKFCCWVQO½VKECOGPVG OGUUCIGCRRGCTUQPVJGUETGGP #RCTGEGWPOGPUCLGGPNCRCPVCNNC 6JGPCOGQHVJGUVQTCIGOGFKCCPFVJGTGOCKPKPI 'PNCRCTVGKPHGTKQTFGTGEJCFGNDQTFGFGNCRCPVCNNC XKFGQTGEQTFKPIECRCEKV[CRRGCTKPVJGDQVVQOTKIJV CRCTGEGKPFKECFQGNPQODTGFGNUQRQTVGFGFCVQU JCPFEQTPGTQHVJGUETGGP CUÉEQOQNCECRCEKFCFTGUVCPVGRCTCITCDCEKÏPFG XÉFGQ