Hasselblad XPan II User manual

Hasselblad
Brand
Hasselblad
Model
XPan II
Type
User manual
6TFSNBOVBM
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MVOBSNJTTJPOT
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5IJTJOTUSVDUJPONBOVBMEFTDSJCFTJOEFUBJMIPXUPPQFSBUFZPVS91BO**TPQMFBTFSFBEJUDBSFGVMMZ
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t UIFSFNPUFSFMFBTFJTPQFSBUFETFFA3FNPUFSFMFBTF
t UIF-$%CBDLMJHIUJMMVNJOBUJPOCVUUPOJTQSFTTFE
t UIFDBNFSBCBDLJTPQFOFEPSDMPTFE
t UIF.0%&CVUUPOJTQSFTTFE
t UIF
PSCVUUPOJTQSFTTFE
-FOTFT
5IF91BO**VTFTJOUFSDIBOHFBCMFCBZPOFUGJUUJOH
)BTTFMCMBEMFOTFTTQFDJGJDBMMZEFTJHOFEGPSUIF9QBO
9QBO**DBNFSBT5ISFFMFOTFTBSFBWBJMBCMFBNN
"TQIFSJDBMBNNBOEBNN5IFGPMMPXJOHJT
HFOFSBMVTFSJOGPSNBUJPOGPSCPUIUIFNNBOE
UIFNNMFOTFT5IFNNMFOTSFRVJSFTNPSFTQF
DJGJDJOGPSNBUJPOBOEJTUIFSFGPSFTVQQMJFEXJUIJUT
PXOVTFSNBOVBM4FFUIFA5FDIOJDBM4QFDJGJDBUJPOT
UBCMFUPXBSETUIFFOEPGUIJTNBOVBMGPSGVSUIFSEF
UBJMTPGBMMUISFFMFOTFTBTXFMMBTEFQUIPGGJFMEUBCMFT
GPSUIFNNBOENNMFOTFT'VSUIFSJOGPSNB
UJPOPOGJMUFSTDBOBMTPCFGPVOEVOEFSA"DDFTTPSJFT
UPXBSETUIFFOEPGUIJTNBOVBM
-FOTDBTF 
5IFMFOTDBTFDPOTJTUTPGBDPWFSDPWFSCBTFBOEBO
JOUFHSBMSFBSMFOTDBQ5IFMFOTDPWFSJTVOTDSFXFE
BQQSPYJNBUFMZäUVSODPVOUFSDMPDLXJTFUPSFNPWF
ѮFMFOTDBOUIFOCFVOTDSFXFEBQQSPYJNBUFMZäUVSO
DPVOUFSDMPDLXJTFUPSFNPWFGSPNUIFCBTF*GIPX
FWFSZPVDPOUJOVFUPUVSOUIFMFOTDPVOUFSDMPDLXJTF
UIFSFBSMFOTDBQXJMMBMTPCFSFMFBTFEGSPNUIFCBTF
"TUIFDBQJTUIFOBMTPGSFFGSPNUIFMFOTUBLFDBSFOPU
UPESPQJU
-FOTDBQ  
5IFMFOTDBQJTSFNPWFEBOEBUUBDIFECZQJODIJOH
JOXBSETUIFUXPQSPKFDUJPOTPOUIFSJNPGUIFDBQUP
SFMFBTFJUTHSJQ
"MXBZTSFQMBDFUIFDBNFSBCPEZQSPUFDUJWFDPWFSBOEUIFMFOT
DBQTXIFODBNFSBBOEMFOTBSFTFQBSBUFE
"UUBDIJOHMFOTFT  
'JSTUMZUVSOUIFQSPUFDUJWFDPWFSPOUIFDBNFSBCPEZ
DPVOUFSDMPDLXJTFBOESFNPWFJU"MJHOUIFJOEFYPO
UIFMFOTXJUIUIFJOEFYPOUIFDBNFSBCPEZ(SJQQJOH
UIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOHUVSOUIFMFOT
DMPDLXJTFXIFOTFFOGSPNUIFGSPOUVOUJMJUDMJDLTBOE
MPDLTJOUPQPTJUJPOѮFDBNFSBBVUPNBUJDBMMZBEKVTUT
UIFGSBNFJOUIFWJFXêOEFSUPNBUDIUIFGPDBMMFOHUI
PGUIFDIPTFOMFOT
3FNPWJOHMFOTFT BCD
(SJQQJOHUIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOH
UVSOUIFMFOTJOBDPVOUFSDMPDLXJTFEJSFDUJPOXIJMF
EFQSFTTJOHUIFMFOTSFMFBTFCVUUPO
"MXBZTHSJQUIFMFOTCZUIFBUUBDINFOUSJOHXIFOBUUBDIJOH
BOESFNPWJOHBOEOPUCZUIFBQFSUVSFSJOHGPDVTJOHSJOHPS
MFOTTIBEF
-FOTDPNQPOFOUT 
 "QFSUVSFTDBMF
 "QFSUVSFJOEFY
 'PDVTJOHSJOH
 -FOTBUUBDINFOUBMJHONFOUJOEFY
 %JTUBODFTDBMF
 %FQUIPGGJFMETDBMF
 $FOUSBMJOEFY
 *OGSBSFEJOEFY
 "UUBDINFOUSJOH
'JMUFST
4UBOEBSETDSFXUISFBEFE.NNGJMUFSTTIPVMECF
VTFE5XPêMUFSTUPHFUIFSNBZCFVTFEXJUIPVUQSPC
MFNTXJUIWJHOFUUJOH"TUIF91BO**IBTB55-FYQP
TVSFTZTUFNGJMUFSGBDUPSTmUIFBNPVOUPGFYQPTVSF
JODSFBTFOFDFTTBSZGPSFBDIGJMUFSmDBOJOHFOFSBMCF
JHOPSFEBTUIFZBSFBVUPNBUJDBMMZUBLFOJOUPBDDPVOU
5FTUTPSBMUFSOBUJWFFYQPTVSFTTIPVMECFNBEFJOTQF
DJBMDBTFTIPXFWFSUPFOTVSFUIFSFRVJSFESFTVMU
5ISFFEFEJDBUFE)BTTFMCBEGJMUFSTBSFBWBJMBCMF"
674LZGPSHFOFSBMQVSQPTFTBOEUXPDFOUSFGJMUFST
XJUISFTQFDUJWFMZNNBOENNêUUJOHGPSDSJUJDBM
BQQMJDBUJPOTVTJOHUSBOTQBSFODZêMN&BDIêMUFSDBO
BMTPCFDPNCJOFEXJUIPOFBEEJUJPOBMêMUFSJODMVEJOH
QPMêMUFSUZQF
4FFVOEFSA"DDFTTPSJFTGPSGVSUIFSJOGPSNBUJPOBCPVU
EFEJDBUFE674LZBOE$FOUSFGJMUFSTGPS)BTTFMCMBE
91BOMFOTFT
8IFOVTJOHGJMUFSTBOEBIBOEIFMENFUFSCFTVSFUPJODMVEF
BOZGJMUFSGBDUPSTJOUIFFYQPTVSFDBMDVMBUJPOT


t UIFSFNPUFSFMFBTFJTPQFSBUFETFFA3FNPUFSFMFBTF
t UIF-$%CBDLMJHIUJMMVNJOBUJPOCVUUPOJTQSFTTFE
t UIFDBNFSBCBDLJTPQFOFEPSDMPTFE
t UIF.0%&CVUUPOJTQSFTTFE
t UIFPSCVUUPOJTQSFTTFE
-FOTFT
5IF91BO**VTFTJOUFSDIBOHFBCMFCBZPOFUGJUUJOH
)BTTFMCMBEMFOTFTTQFDJGJDBMMZEFTJHOFEGPSUIF9QBO
9QBO**DBNFSBT5ISFFMFOTFTBSFBWBJMBCMFBNN
"TQIFSJDBMBNNBOEBNN5IFGPMMPXJOHJT
HFOFSBMVTFSJOGPSNBUJPOGPSCPUIUIFNNBOE
UIFNNMFOTFT5IFNNMFOTSFRVJSFTNPSFTQF
DJGJDJOGPSNBUJPOBOEJTUIFSFGPSFTVQQMJFEXJUIJUT
PXOVTFSNBOVBM4FFUIFA5FDIOJDBM4QFDJGJDBUJPOT
UBCMFUPXBSETUIFFOEPGUIJTNBOVBMGPSGVSUIFSEF
UBJMTPGBMMUISFFMFOTFTBTXFMMBTEFQUIPGGJFMEUBCMFT
GPSUIFNNBOENNMFOTFT'VSUIFSJOGPSNB
UJPOPOGJMUFSTDBOBMTPCFGPVOEVOEFSA"DDFTTPSJFT
UPXBSETUIFFOEPGUIJTNBOVBM
-FOTDBTF 
5IFMFOTDBTFDPOTJTUTPGBDPWFSDPWFSCBTFBOEBO
JOUFHSBMSFBSMFOTDBQ5IFMFOTDPWFSJTVOTDSFXFE
BQQSPYJNBUFMZäUVSODPVOUFSDMPDLXJTFUPSFNPWF
ѮFMFOTDBOUIFOCFVOTDSFXFEBQQSPYJNBUFMZäUVSO
DPVOUFSDMPDLXJTFUPSFNPWFGSPNUIFCBTF*GIPX
FWFSZPVDPOUJOVFUPUVSOUIFMFOTDPVOUFSDMPDLXJTF
UIFSFBSMFOTDBQXJMMBMTPCFSFMFBTFEGSPNUIFCBTF
"TUIFDBQJTUIFOBMTPGSFFGSPNUIFMFOTUBLFDBSFOPU
UPESPQJU
-FOTDBQ  
5IFMFOTDBQJTSFNPWFEBOEBUUBDIFECZQJODIJOH
JOXBSETUIFUXPQSPKFDUJPOTPOUIFSJNPGUIFDBQUP
SFMFBTFJUTHSJQ
"MXBZTSFQMBDFUIFDBNFSBCPEZQSPUFDUJWFDPWFSBOEUIFMFOT
DBQTXIFODBNFSBBOEMFOTBSFTFQBSBUFE
"UUBDIJOHMFOTFT  
'JSTUMZUVSOUIFQSPUFDUJWFDPWFSPOUIFDBNFSBCPEZ
DPVOUFSDMPDLXJTFBOESFNPWFJU"MJHOUIFJOEFYPO
UIFMFOTXJUIUIFJOEFYPOUIFDBNFSBCPEZ(SJQQJOH
UIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOHUVSOUIFMFOT
DMPDLXJTFXIFOTFFOGSPNUIFGSPOUVOUJMJUDMJDLTBOE
MPDLTJOUPQPTJUJPOѮFDBNFSBBVUPNBUJDBMMZBEKVTUT
UIFGSBNFJOUIFWJFXêOEFSUPNBUDIUIFGPDBMMFOHUI
PGUIFDIPTFOMFOT
3FNPWJOHMFOTFT BCD
(SJQQJOHUIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOH
UVSOUIFMFOTJOBDPVOUFSDMPDLXJTFEJSFDUJPOXIJMF
EFQSFTTJOHUIFMFOTSFMFBTFCVUUPO
"MXBZTHSJQUIFMFOTCZUIFBUUBDINFOUSJOHXIFOBUUBDIJOH
BOESFNPWJOHBOEOPUCZUIFBQFSUVSFSJOHGPDVTJOHSJOHPS
MFOTTIBEF
-FOTDPNQPOFOUT 
 "QFSUVSFTDBMF
 "QFSUVSFJOEFY
 'PDVTJOHSJOH
 -FOTBUUBDINFOUBMJHONFOUJOEFY
 %JTUBODFTDBMF
 %FQUIPGGJFMETDBMF
 $FOUSBMJOEFY
 *OGSBSFEJOEFY
 "UUBDINFOUSJOH
'JMUFST
4UBOEBSETDSFXUISFBEFE.NNGJMUFSTTIPVMECF
VTFE5XPêMUFSTUPHFUIFSNBZCFVTFEXJUIPVUQSPC
MFNTXJUIWJHOFUUJOH"TUIF91BO**IBTB55-FYQP
TVSFTZTUFNGJMUFSGBDUPSTmUIFBNPVOUPGFYQPTVSF
JODSFBTFOFDFTTBSZGPSFBDIGJMUFSmDBOJOHFOFSBMCF
JHOPSFEBTUIFZBSFBVUPNBUJDBMMZUBLFOJOUPBDDPVOU
5FTUTPSBMUFSOBUJWFFYQPTVSFTTIPVMECFNBEFJOTQF
DJBMDBTFTIPXFWFSUPFOTVSFUIFSFRVJSFESFTVMU
5ISFFEFEJDBUFE)BTTFMCBEGJMUFSTBSFBWBJMBCMF"
674LZGPSHFOFSBMQVSQPTFTBOEUXPDFOUSFGJMUFST
XJUISFTQFDUJWFMZNNBOENNêUUJOHGPSDSJUJDBM
BQQMJDBUJPOTVTJOHUSBOTQBSFODZêMN&BDIêMUFSDBO
BMTPCFDPNCJOFEXJUIPOFBEEJUJPOBMêMUFSJODMVEJOH
QPMêMUFSUZQF
4FFVOEFSA"DDFTTPSJFTGPSGVSUIFSJOGPSNBUJPOBCPVU
EFEJDBUFE674LZBOE$FOUSFGJMUFSTGPS)BTTFMCMBE
91BOMFOTFT
8IFOVTJOHGJMUFSTBOEBIBOEIFMENFUFSCFTVSFUPJODMVEF
BOZGJMUFSGBDUPSTJOUIFFYQPTVSFDBMDVMBUJPOT


-FOTTIBEF 
.BUDIUIFSFEJOEFYPOUIFSFBSPGUIF91BOMFOTTIBEF
TFFJMMVTUSBUJPOXJUIUIFSFEJOEFYPOUIFMFOT5VSO
UIFMFOTTIBEFCBZPOFUGJUUJOHDPVOUFSDMPDLXJTF
XIFOTFFOGSPNCFIJOEUIFDBNFSBVOUJMJUDMJDLT
JOUPQMBDFBOEJTTFDVSFEBHBJOTUVOJOUFOUJPOBMSPUB
UJPOCZUIFMPDLJOHEFWJDF91BOMFOTTIBEFTIBWFCFFO
TQFDJGJDBMMZEFTJHOFEGPS91BOMFOTFTPUIFSUZQFTPG
MFOTTIBEFBSFOPUSFDPNNFOEFEѮF91BOMFOTTIBEF
JTEFTJHOFETPUIBUJUTIPVMECFSFNPWFEGJSTUCFGPSF
BGJMUFSPSMFOTDBQJTBUUBDIFEDIBOHFEPSSFNPWFE
3FNPWFUIFMFOTTIBEFBѫFSêSTUQVTIJOHUIFMPDLJOH
EFWJDFDBUDIDPVOUFSDMPDLXJTF
8IFOBO91BOMFOTTIBEFJTGJUUFEUIFSFJTBQBSUJBMCMPDL
JOHPGWJFXJOUIFCPUUPNSJHIUPGUIFWJFXGJOEFSJNBHF
)PXFWFSUIJTJOOPXBZBGGFDUTUIFSFTVMUT
'PDVTJOH
5IFMFOTJTGPDVTFECZUVSOJOHUIFSVCCFSDPWFSFE
GPDVTJOHSJOHUIBUTVSSPVOETUIFMFOTCBSSFM'PDVTJOH
DBOCFFJUIFSWJTVBMWJBUIFWJFXGJOEFSSBOHFGJOEFS
TZTUFNPSNBOVBM'PSUIFGPSNFSTFFA3BOHFêOEFSGP
DVTJOH'PSNBOVBMGPDVTJOHBMJHOUIFDIPTFOEJTUBODF
POUIFEJTUBODFTDBMFBHBJOTUUIFMFOTDFOUSBMJOEFY
3BOHFGJOEFSGPDVTJOH 
5IFSBOHFGJOEFSJTBDPVQMFEUZQFJOUIFGPSNPGB
TNBMMCSJHIUSFDUBOHMFJOUIFDFOUSFPGUIFGJFMEPG
WJFXGSBNFJOUIFWJFXêOEFSUIBUQSPWJEFTBTVQFSJN
QPTFEAHIPTUFEJNBHFPGBDFOUSBMQBSUPGUIFTVCKFDU
GJH5IFMFOTJTUVSOFEVOUJMUIFAHIPTUFEJNBHF
DPJODJEFTXJUIUIFTVCKFDUJNBHFGJHQSPEVDJOHB
TIBSQGPDVTTFUUJOHGPSUIBUQBSUJDVMBSEJTUBODFGSPN
UIFDBNFSB:PVNBZêOEUIBUTVCKFDUTDPOUBJOJOHGFX
PSOPMJOFTPSTIBSQDPOUSBTUTJOUIFJNBHFBSFNPSF
EJēDVMUUPGPDVT5SZQPJOUJOHUIFDBNFSBUPPUIFSBS
FBTPGUIFTVCKFDUDPOUBJOJOHWFSUJDBMMJOFTPSDPOUSBTU
DIBOHFTUIBUBSFBQQSPYJNBUFMZUIFTBNFEJTUBODF
BXBZGSPNUIFDBNFSBGPDVTBUUIPTFQPJOUTBOEUIFO
SFUVSOUPZPVSPSJHJOBMDPNQPTJUJPO:PVNBZBMTPêOE
JUFBTJFSUPUVSOUIFDBNFSBPOJUTTJEFJGUIFSFBSFPOMZ
IPSJ[POUBMMJOFTXJUIJOUIFJNBHFGPSFYBNQMFXIFO
QIPUPHSBQIJOHBOFBSIPSJ[PO
-PPLEJSFDUMZJOUPUIFWJFXGJOEFSBOEOPUGSPNBOBOHMF
PUIFSXJTFJUDBOSFTVMUJOJOBDDVSBUFGPDVTJOH
%FQUIPGGJFME  
%FQUIPGêFMEmUIFBNPVOUPGBDDFQUBCMFTIBSQOFTT
QSPEVDFEBUBHJWFOBQFSUVSFBOEGPDVTTFUUJOHmDBOCF
DBMDVMBUFEBTJOUIFGPMMPXJOHFYBNQMF
5IFBQFSUVSFIBTCFFOTFUBUGBOEUIFGPDVTBU
NFUSFT#ZSFBEJOHBDSPTTGSPNUIFSFMFWBOUBQFSUVSF
NBSLJOHTPOUIFEFQUIPGêFMETDBMFPOFJUIFSTJEFPG
UIFDFOUSBMJOEFYUPUIFGPDVTJOHEJTUBODFTDBMFZPV
DBOTFFUIFFYUFOUPGUIFTIBSQ[POF*OUIJTFYBNQMF
UIFEFQUIPGêFMESBOHFTGSPNBQQSPYNUPN
ѮFSFBSFUXPUBCMFTBUUIFFOEPGUIFJMMVTUSBUJPOTFD
UJPOPGUIJTNBOVBMUIBUEFTDSJCFUIFEFQUIPGGJFME
QSPEVDFECZUIFWBSJPVTDPNCJOBUJPOTPGBQFSUVSF
TFUUJOHTBOEGPDVTTFUUJOHTSFHBSEJOHNNBOE
NNMFOTFT'PSFYBNQMFXIFOGPDVTFEBUNBOE
TFUBUGUIFEFQUIPGêFMEFYUFOETGSPNUPN
XJUIUIFNNMFOTBOEGSPNUPXJUIUIF
NNMFOT4FFTFQBSBUFVTFSNBOVBMGPSNNEFQUI
PGêFMEUBCMF
7JFXGJOEFS
5IFWJFXGJOEFSJTBDPVQMFESBOHFGJOEFSUZQFXJUI
UIFBEEJUJPOBMGFBUVSFPGBVUPNBUJDGJFMEPGWJFX
GSBNFDIBOHFBDDPSEJOHUPUIFGPDBMMFOHUIPGUIF
MFOTBOEDIPTFOGPSNBU5IFGJFMEPGWJFXGSBNFBMTP
NPWFTBVUPNBUJDBMMZUPDPNQFOTBUFGPSQBSBMMBYFS
SPSXIFOQIPUPHSBQIJOHDMPTFTVCKFDUT5IFNN
MFOTQSPEVDFTBMBSHFSSBOHFGJOEFSEPVCMFJNBHF
DPNQBSFEUPUIFNNMFOT5IFWJFXGJOEFSFZF
QJFDFJTJOUFSDIBOHFBCMFUPTVJUJOEJWJEVBMFZFTJHIU
$IBOHJOHUIFWJFXGJOEFSFZFQJFDF
ѮFTUBOEBSEEJPQUSFPGUIFWJFXêOEFSFZFQJFDFJT
'JWFPUIFSTUSFOHUITBSFBWBJMBCMF%%%%
BOE%ѮFFZFQJFDFTTJNQMZTMJEFJOBOEPVUPGUIF
WJFXêOEFSGSBNFDMJDLJOHJOUPQPTJUJPOBOETFDVSFE
CZUIFMPDLJOHEFWJDF1VTIJOHUIFMPDLJOHEFWJDFCVU
UPOBOETJNVMUBOFPVTMZTMJEJOHUIFFZFQJFDFGSPNJUT
MPDLFEQPTJUJPODBOSFMFBTFJU
1MFBTFSFGFSUPUIFA7JFXêOEFSFZFQJFDFTFMFDUJPOUBCMF
UPXBSETUIFFOEPGUIJTNBOVBMGPSBEFUBJMFEEFTDSJQ
UJPOPGDIPJDF


-FOTTIBEF 
.BUDIUIFSFEJOEFYPOUIFSFBSPGUIF91BOMFOTTIBEF
TFFJMMVTUSBUJPOXJUIUIFSFEJOEFYPOUIFMFOT5VSO
UIFMFOTTIBEFCBZPOFUGJUUJOHDPVOUFSDMPDLXJTF
XIFOTFFOGSPNCFIJOEUIFDBNFSBVOUJMJUDMJDLT
JOUPQMBDFBOEJTTFDVSFEBHBJOTUVOJOUFOUJPOBMSPUB
UJPOCZUIFMPDLJOHEFWJDF91BOMFOTTIBEFTIBWFCFFO
TQFDJGJDBMMZEFTJHOFEGPS91BOMFOTFTPUIFSUZQFTPG
MFOTTIBEFBSFOPUSFDPNNFOEFEѮF91BOMFOTTIBEF
JTEFTJHOFETPUIBUJUTIPVMECFSFNPWFEGJSTUCFGPSF
BGJMUFSPSMFOTDBQJTBUUBDIFEDIBOHFEPSSFNPWFE
3FNPWFUIFMFOTTIBEFBѫFSêSTUQVTIJOHUIFMPDLJOH
EFWJDFDBUDIDPVOUFSDMPDLXJTF
8IFOBO91BOMFOTTIBEFJTGJUUFEUIFSFJTBQBSUJBMCMPDL
JOHPGWJFXJOUIFCPUUPNSJHIUPGUIFWJFXGJOEFSJNBHF
)PXFWFSUIJTJOOPXBZBGGFDUTUIFSFTVMUT
'PDVTJOH
5IFMFOTJTGPDVTFECZUVSOJOHUIFSVCCFSDPWFSFE
GPDVTJOHSJOHUIBUTVSSPVOETUIFMFOTCBSSFM'PDVTJOH
DBOCFFJUIFSWJTVBMWJBUIFWJFXGJOEFSSBOHFGJOEFS
TZTUFNPSNBOVBM'PSUIFGPSNFSTFFA3BOHFêOEFSGP
DVTJOH'PSNBOVBMGPDVTJOHBMJHOUIFDIPTFOEJTUBODF
POUIFEJTUBODFTDBMFBHBJOTUUIFMFOTDFOUSBMJOEFY
3BOHFGJOEFSGPDVTJOH 
5IFSBOHFGJOEFSJTBDPVQMFEUZQFJOUIFGPSNPGB
TNBMMCSJHIUSFDUBOHMFJOUIFDFOUSFPGUIFGJFMEPG
WJFXGSBNFJOUIFWJFXêOEFSUIBUQSPWJEFTBTVQFSJN
QPTFEAHIPTUFEJNBHFPGBDFOUSBMQBSUPGUIFTVCKFDU
GJH5IFMFOTJTUVSOFEVOUJMUIFAHIPTUFEJNBHF
DPJODJEFTXJUIUIFTVCKFDUJNBHFGJHQSPEVDJOHB
TIBSQGPDVTTFUUJOHGPSUIBUQBSUJDVMBSEJTUBODFGSPN
UIFDBNFSB:PVNBZêOEUIBUTVCKFDUTDPOUBJOJOHGFX
PSOPMJOFTPSTIBSQDPOUSBTUTJOUIFJNBHFBSFNPSF
EJēDVMUUPGPDVT5SZQPJOUJOHUIFDBNFSBUPPUIFSBS
FBTPGUIFTVCKFDUDPOUBJOJOHWFSUJDBMMJOFTPSDPOUSBTU
DIBOHFTUIBUBSFBQQSPYJNBUFMZUIFTBNFEJTUBODF
BXBZGSPNUIFDBNFSBGPDVTBUUIPTFQPJOUTBOEUIFO
SFUVSOUPZPVSPSJHJOBMDPNQPTJUJPO:PVNBZBMTPêOE
JUFBTJFSUPUVSOUIFDBNFSBPOJUTTJEFJGUIFSFBSFPOMZ
IPSJ[POUBMMJOFTXJUIJOUIFJNBHFGPSFYBNQMFXIFO
QIPUPHSBQIJOHBOFBSIPSJ[PO
-PPLEJSFDUMZJOUPUIFWJFXGJOEFSBOEOPUGSPNBOBOHMF
PUIFSXJTFJUDBOSFTVMUJOJOBDDVSBUFGPDVTJOH
%FQUIPGGJFME  
%FQUIPGêFMEmUIFBNPVOUPGBDDFQUBCMFTIBSQOFTT
QSPEVDFEBUBHJWFOBQFSUVSFBOEGPDVTTFUUJOHmDBOCF
DBMDVMBUFEBTJOUIFGPMMPXJOHFYBNQMF
5IFBQFSUVSFIBTCFFOTFUBUGBOEUIFGPDVTBU
NFUSFT#ZSFBEJOHBDSPTTGSPNUIFSFMFWBOUBQFSUVSF
NBSLJOHTPOUIFEFQUIPGêFMETDBMFPOFJUIFSTJEFPG
UIFDFOUSBMJOEFYUPUIFGPDVTJOHEJTUBODFTDBMFZPV
DBOTFFUIFFYUFOUPGUIFTIBSQ[POF*OUIJTFYBNQMF
UIFEFQUIPGêFMESBOHFTGSPNBQQSPYNUPN
ѮFSFBSFUXPUBCMFTBUUIFFOEPGUIFJMMVTUSBUJPOTFD
UJPOPGUIJTNBOVBMUIBUEFTDSJCFUIFEFQUIPGGJFME
QSPEVDFECZUIFWBSJPVTDPNCJOBUJPOTPGBQFSUVSF
TFUUJOHTBOEGPDVTTFUUJOHTSFHBSEJOHNNBOE
NNMFOTFT'PSFYBNQMFXIFOGPDVTFEBUNBOE
TFUBUGUIFEFQUIPGêFMEFYUFOETGSPNUPN
XJUIUIFNNMFOTBOEGSPNUPXJUIUIF
NNMFOT4FFTFQBSBUFVTFSNBOVBMGPSNNEFQUI
PGêFMEUBCMF
7JFXGJOEFS
5IFWJFXGJOEFSJTBDPVQMFESBOHFGJOEFSUZQFXJUI
UIFBEEJUJPOBMGFBUVSFPGBVUPNBUJDGJFMEPGWJFX
GSBNFDIBOHFBDDPSEJOHUPUIFGPDBMMFOHUIPGUIF
MFOTBOEDIPTFOGPSNBU5IFGJFMEPGWJFXGSBNFBMTP
NPWFTBVUPNBUJDBMMZUPDPNQFOTBUFGPSQBSBMMBYFS
SPSXIFOQIPUPHSBQIJOHDMPTFTVCKFDUT5IFNN
MFOTQSPEVDFTBMBSHFSSBOHFGJOEFSEPVCMFJNBHF
DPNQBSFEUPUIFNNMFOT5IFWJFXGJOEFSFZF
QJFDFJTJOUFSDIBOHFBCMFUPTVJUJOEJWJEVBMFZFTJHIU
$IBOHJOHUIFWJFXGJOEFSFZFQJFDF
ѮFTUBOEBSEEJPQUSFPGUIFWJFXêOEFSFZFQJFDFJT
'JWFPUIFSTUSFOHUITBSFBWBJMBCMF%%%%
BOE%ѮFFZFQJFDFTTJNQMZTMJEFJOBOEPVUPGUIF
WJFXêOEFSGSBNFDMJDLJOHJOUPQPTJUJPOBOETFDVSFE
CZUIFMPDLJOHEFWJDF1VTIJOHUIFMPDLJOHEFWJDFCVU
UPOBOETJNVMUBOFPVTMZTMJEJOHUIFFZFQJFDFGSPNJUT
MPDLFEQPTJUJPODBOSFMFBTFJU
1MFBTFSFGFSUPUIFA7JFXêOEFSFZFQJFDFTFMFDUJPOUBCMF
UPXBSETUIFFOEPGUIJTNBOVBMGPSBEFUBJMFEEFTDSJQ
UJPOPGDIPJDF
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4UBOEBSE B
'PSUIFTUBOEBSENNGPSNBUNNYNNUVSO
UIFGPSNBUTFMFDUPSLOPCUPBMJHOUIFJOEFYFTDPVOUFS
DMPDLXJTFJGBMSFBEZTFUBUUIFQBOPSBNBGPSNBUXIJMF
LFFQJOHUIFDFOUSFCVUUPOEFQSFTTFEѮFWJFXêOEFS
XJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDUGPSNBUGSBNJOH
BOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUFUIFOVNCFSPG
GSBNFTSFNBJOJOHBUUIBUDIPTFOGPSNBU
1BOPSBNB C
'SPNUIFTUBOEBSEGPSNBUUVSOUIFGPSNBUTFMFDUPS
LOPCDMPDLXJTFXIJMFLFFQJOHUIFDFOUSFCVUUPOEF
QSFTTFEBOEBMJHOUIFJOEFYFTUPUIFQBOPSBNBGPSNBU
ѮFMFUUFS
1XJMMCFWJTJCMFPOUIFUPQPGUIFEJBM"HBJO
UIFWJFXêOEFSXJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDU
GPSNBUGSBNJOHBOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUF
UIFOVNCFSPGGSBNFTSFNBJOJOHUIPVHIOPXGPSUIF
QBOPSBNBGPSNBUѮFFYQ-$%BMTPEJTQMBZTB1JOUIF
UPQMFѫPGUIFXJOEPX
&OTVSFZPVUVSOUIFLOPCBTGBSBTJUXJMMHPUPUIFTUPQQPTJ
UJPOXIFOTFMFDUJOHUIFQBOPSBNBGPSNBU
"GMBTIJOH1JOUIFFYQ-$%UPHFUIFSXJUIBMPDLFETIVUUFS
SFMFBTFJOEJDBUFTUIBUFJUIFSUIFGPSNBUTFMFDUPSLOPCJTOPU
QPTJUJPOFEDPSSFDUMZPSUIBUZPVIBWFTXJUDIFEGSPNTUBOEBSE
UPQBOPSBNBGPSNBUXIFOPOMZPOFTUBOEBSETJ[FEVOFY
QPTFEGSBNFSFNBJOFEPOUIFGJMN
1SPHSBNNJOH
1SPHSBNNJOHPGDBNFSBTFUUJOHT
ѮFGPMMPXJOHTFUUJOHTDBOCFQSPHSBNNFE
t 'JMNTQFFE*40o"VUP%9
t &YQPTVSFDPNQFOTBUJPOUPGTUPQJOGTUPQ
JODSFNFOUT
t "VUPCSBDLFUJOHGTUPQPSGTUPQ
t .VMUJFYQPTVSFoFYQPTVSFT
t 'MBTITZODBUUIFCFHJOOJOHi/wPSBUUIFFOEi3wPGUIF
FYQPTVSF
t 'JMNUJQPVUPSmMNGVMMZTQPPMFECBDLJOUPUIFDBTTFUUFXIFO
SFXJOEJOHUIFmMNTFFA'JMNMPBEJOHTFDUJPOGPSBDDFTT
EFUBJMT
"DDFTTUIFNFOVCZQVTIJOHUIF.0%&CVUUPOGPST
4FMFDUUIFSFRVJSFEGVODUJPOCZSFQFBUFEQVTIJOHPGUIF
.0%&CVUUPOBOENBLFUIFDIBOHFTCZVTJOHUIF
PS
CVUUPOT$POêSNUIFTFMFDUFEWBMVFPSPQFSBUJPOBM
NPEFCZ
t 1VTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
t 1VTIJOHUIF.0%&CVUUPOOPUGPSBMMTFUUJOHT
t 8BJUJOHGPSTFDPOET
$POGJSNBUJPOVTJOHUIF.0%&CVUUPOBDDFTTFTUIFOFYUJUFN
POUIFNFOVBTXFMMBTNBLJOHBOFXTFUUJOH
%FUBJMFEJOTUSVDUJPOTGPSSFTQFDUJWFUZQFPGTFUUJOHT
JTQSPWJEFEVOEFSUIFSFTQFDUJWFGVODUJPOIFBEJOHT
GVSUIFSPOJOUIJTNBOVBM
4FMGUJNFSEFMBZTPSTDBOCFTFMFDUFECZQVTIJOH
UIFBSSPX
PS CVUUPOTBѫFSTFUUJOHUIFTIPPUJOH
NPEFTFMFDUPSUP4FMGUJNFS
"MMTFUQBSBNFUFSTFYDFQUGPS"VUPCSBDLFUJOHBOE.VMUJ
FYQPTVSFSFNBJOTUPSFEBGUFSUIFDBNFSBJTTXJUDIFEPGG
'JMN
'JMNTQFFE*40TFUUJOH
*GZPVXBOUUPFYQPTFUIFGJMNBUUIFSFDPNNFOEFE
TQFFE*40"4"%*/BOEUIFGJMNIBTB%9CBSDPEF
POJUBMBSHFQBUUFSODPOTJTUJOHPGFYQPTFENFUBMTVS
GBDFTUIFOTFUUIFTIPPUJOHNPEFTFMFDUPSUP41SFTTUIF
.0%&CVUUPOPOUIFDBN-$%GPST1SFTTSFQFBUFEMZVO
UJM*40BQQFBSTPOUIFUPQMFѫPGUIFEJTQMBZ4FMFDU"VUP
%9CZQSFTTJOHUIF
CVUUPOT$POêSNCZQVTIJOH
.0%&BHBJOPSCZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ"
%9TZNCPMJTTIPXOPOUIFEJTQMBZBOEUIFDPSSFTQPOE
JOH*40SBUJOHJTJOEJDBUFEBѫFSMPBEJOHUIFêMN
*GUIFSFJTOP%9CBSDPEFPOUIFDBTTFUUFPSZPVXBOUUP
BMUFSUIFSFDPNNFOEFE*40SBUJOHPGUIFêMNTFUUIF
êMNTQFFENBOVBMMZCFGPSFMPBEJOHUIFDBTTFUUFJOUP
UIFDBNFSB%PUIJTCZFOUFSJOHUIFGJMNTQFFEQSP
HSBNNJOHNPEFBTEFTDSJCFEGPS%9TFUUJOH4FUUPUIF
SFRVJSFEWBMVFBOEDPOêSNUIFTFUUJOHѮFêMNTQFFE
DBOCFTFUBUèJOUFSWBMTGSPN*40UISPVHIBOE
UIFTFMFDUJPOXJMMCFWJTJCMFPOUIFDBN-$%1SPDFFEUP
MPBEUIFDBNFSBBTEFTDSJCFECFMPX
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4UBOEBSE B
'PSUIFTUBOEBSENNGPSNBUNNYNNUVSO
UIFGPSNBUTFMFDUPSLOPCUPBMJHOUIFJOEFYFTDPVOUFS
DMPDLXJTFJGBMSFBEZTFUBUUIFQBOPSBNBGPSNBUXIJMF
LFFQJOHUIFDFOUSFCVUUPOEFQSFTTFEѮFWJFXêOEFS
XJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDUGPSNBUGSBNJOH
BOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUFUIFOVNCFSPG
GSBNFTSFNBJOJOHBUUIBUDIPTFOGPSNBU
1BOPSBNB C
'SPNUIFTUBOEBSEGPSNBUUVSOUIFGPSNBUTFMFDUPS
LOPCDMPDLXJTFXIJMFLFFQJOHUIFDFOUSFCVUUPOEF
QSFTTFEBOEBMJHOUIFJOEFYFTUPUIFQBOPSBNBGPSNBU
ѮFMFUUFS1XJMMCFWJTJCMFPOUIFUPQPGUIFEJBM"HBJO
UIFWJFXêOEFSXJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDU
GPSNBUGSBNJOHBOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUF
UIFOVNCFSPGGSBNFTSFNBJOJOHUIPVHIOPXGPSUIF
QBOPSBNBGPSNBUѮFFYQ-$%BMTPEJTQMBZTB1JOUIF
UPQMFѫPGUIFXJOEPX
&OTVSFZPVUVSOUIFLOPCBTGBSBTJUXJMMHPUPUIFTUPQQPTJ
UJPOXIFOTFMFDUJOHUIFQBOPSBNBGPSNBU
"GMBTIJOH1JOUIFFYQ-$%UPHFUIFSXJUIBMPDLFETIVUUFS
SFMFBTFJOEJDBUFTUIBUFJUIFSUIFGPSNBUTFMFDUPSLOPCJTOPU
QPTJUJPOFEDPSSFDUMZPSUIBUZPVIBWFTXJUDIFEGSPNTUBOEBSE
UPQBOPSBNBGPSNBUXIFOPOMZPOFTUBOEBSETJ[FEVOFY
QPTFEGSBNFSFNBJOFEPOUIFGJMN
1SPHSBNNJOH
1SPHSBNNJOHPGDBNFSBTFUUJOHT
ѮFGPMMPXJOHTFUUJOHTDBOCFQSPHSBNNFE
t 'JMNTQFFE*40o"VUP%9
t &YQPTVSFDPNQFOTBUJPOUPGTUPQJOGTUPQ
JODSFNFOUT
t "VUPCSBDLFUJOHGTUPQPSGTUPQ
t .VMUJFYQPTVSFoFYQPTVSFT
t 'MBTITZODBUUIFCFHJOOJOHi/wPSBUUIFFOEi3wPGUIF
FYQPTVSF
t 'JMNUJQPVUPSmMNGVMMZTQPPMFECBDLJOUPUIFDBTTFUUFXIFO
SFXJOEJOHUIFmMNTFFA'JMNMPBEJOHTFDUJPOGPSBDDFTT
EFUBJMT
"DDFTTUIFNFOVCZQVTIJOHUIF.0%&CVUUPOGPST
4FMFDUUIFSFRVJSFEGVODUJPOCZSFQFBUFEQVTIJOHPGUIF
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BQQSPQSJBUFDIBOHFTBGUFSXBSETGPSUIFOFYUGJMN
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BOEBXBZGSPNUIFJOEFYQPTJUJPO$BSFGVMMZDMPTFUIF
DBNFSBCBDL1SFTTUIFMFѫQBSUPGUIFCBDLUPXBSETUIF
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3FXJOEUIFGJMNBOESFMPBEUIFDBNFSB
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8IFOUIFNPUPSTUPQTUIFFYQPTVSFDPVOUFSXJMMJO
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SFBEJOHBOENFBTVSFTUIFMJHIUBUUIFTIVUUFSQMBOF

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FEUPJUTBVUPNBUJDMPBEJOHQPTJUJPOUIFDBNFSBXJMMQSFXJOE
UIFGJMNPOMZBGUFSPQFOJOHBOEDMPTJOHUIFDBNFSBCBDL
*GZPVNBLFBNBOVBM*40TFUUJOHEPOPUGPSHFUUPNBLFUIF
BQQSPQSJBUFDIBOHFTBGUFSXBSETGPSUIFOFYUGJMN
'JMNMPBEJOH 
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BTJOUIFJMMVTUSBUJPOBOEQVTIVQXBSET5IFDBNFSB
CBDLXJMMOPXCFSFMFBTFE
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GJOHFSTPSMFUBGJMNDBTTFUUFESPQPOUPUIFN
8JUIUIFTIPPUJOHNPEFTFMFDUPSTFUBU0''JOTFSUB
NNêMNDBTTFUUFJOUPUIFêMNDPNQBSUNFOUBTJO
UIFJMMVTUSBUJPO/PUFXIJDIXBZSPVOEUIFDBTTFUUF
JTJOTFSUFE5JMUUIFAUPQPGUIFDBTTFUUFBMJUUMFBUêSTU
TPUIBUUIFDBTTFUUFJTTFBUFETFDVSFMZJOUIFDPNQBSU
NFOU1VMMPVUKVTUFOPVHImCVUOPNPSFmêMNMFBEFSUP
BMJHOUIFUPOHVFPGUIFêMNBHBJOTUUIFHSFFOAêMNUJQ
JOEFYMJOFTPUIBUJUSFTUTPOUIFUBLFVQTQPPM&OTVSF
UIFêMNJTMBZJOHEPXOëBUBHBJOTUUIFTIVUUFSIPVTJOH
BOEUIFDBTTFUUFPQFOJOHJTQVMMFEEPXOBDDPSEJOHMZ
*GUIFêMNCPXTVQXBSETJUNBZQVMMUIFêMNUJQCBDL
BOEBXBZGSPNUIFJOEFYQPTJUJPO$BSFGVMMZDMPTFUIF
DBNFSBCBDL1SFTTUIFMFѫQBSUPGUIFCBDLUPXBSETUIF
NBJODBNFSBCPEZVOUJMZPVIFBSBDMJDLUPFOTVSFJU
JTMPDLFE5IFGJMNJTBVUPNBUJDBMMZXJUIESBXODPN
QMFUFMZGSPNUIFDBTTFUUFTFUBUUIFêSTUGSBNFBOEUIF
DBNFSBQPXFSUVSOFEPĒ
ѮFXJOEJOHPGUIFêMNCBDLJOUPUIFDBTTFUUFBѫFSUIF
MBTUFYQPTVSFDBOCFQSPHSBNNFEUPFJUIFSXJOEUIF
êMNGVMMZJOUPUIFDBTTFUUFPSMFBWFBêMNUJQPVUPGUIF
DBTTFUUF.BLFZPVSDIPJDFCZTXJUDIJOHUIFDBNFSB
GSPN0''UP4XIJMFIPMEJOHEPXOUIF.0%&CVUUPOPO
UIFDBN-$%"DBTTFUUFTZNCPMBDDPNQBOJFEXJUIUIF
UFYUPVUPSJOXJMMCFTIPXO4FMFDUXJUIUIF CVU
UPOTXIJDIUZQFZPVQSFGFS$POêSNCZCZQVTIJOHUIF
SFMFBTFCVUUPOIBMGXBZ"DBTTFUUFTZNCPMJMMVTUSBUJOH
ZPVSDIPJDFXJMMOPXTIPXOPOUIFEJTQMBZ
*GBOPO%9GJMNIBTCFFOMPBEFEXIJMFUIF*40QSPHSBNNJOH
XBTTFUBUA"VUPA%9UIFOJUXJMMOPUCFXPVOEGPSXBSEBOE
UIFDBNFSBXJMMOPUPQFSBUF.BLFBNBOVBMGJMNTQFFEQSP
HSBNNJOHBOEMPBEUIFGJMNBHBJO
-PBEUIFDBNFSBXJUIUIFNPEFTFUUJOHBUA0''
8IJMFUIFGJMNJTCFJOHXJUIESBXOUIFDBN-$%XJMM
TIPXUIFêMNTQFFEXIJMFUIFFYQ-$%XJMMDPVOUEPXO
UIFFYQPTVSFT8IFOUIFGJMNIBTCFFODPNQMFUFMZ
XJUIESBXOGSPNUIFDBTTFUUFUIFDBN-$%XJMMUVSO
PĒѮFFYQ-$%XJMMJOEJDBUFUIFOVNCFSPGFYQPTVSFT
SFNBJOJOHBDDPSEJOHUPGPSNBUTFUUJOH
5IFOVNCFSPGFYQPTVSFTSFNBJOJOHXJMMEFQFOEPOUIF
GPSNBUTFUUJOH5IFSFGPSFXJUIBOFXFYQPTVSFDBTTFUUF
GPSJOTUBODFUIFDPVOUFSXJMMTIPXFYQPTVSFTBUTUBOEBSE
GPSNBUCVUPOMZBUQBOPSBNBGPSNBU
*GUIFFYQPTVSFDPVOUFSEPFTOPUTIPXIPXNBOZFYQPTVSFT
BSFSFNBJOJOHJUJTBOJOEJDBUJPOPGBGBVMU0QFOUIFDBNFSB
CBDLBOESFBMJHOUIFUJQPGUIFGJMNXJUIUIFUBLFVQTQPPM
*GUIFFYQPTVSFDPVOUFSGMBTIFTJUJTBOJOEJDBUJPOPGBGBVMU
3FXJOEUIFGJMNBOESFMPBEUIFDBNFSB
5IFDBNFSBXJMMBQQFBSUPPQFSBUFOPSNBMMZFWFOJGJUJT
FNQUZ)PXFWFSOPGJHVSFTXJMMCFWJTJCMFJOUIFFYQ-$%
BOEPGDPVSTFOPJOGPSNBUJPODBOCFTFFOJOUIFGJMNUZQF
XJOEPX
&YQPTVSFDPVOUFS 
ѮFFYQ-$%JOEJDBUFTUIFOVNCFSPGVOFYQPTFEGSBNFT
SFNBJOJOHBVUPNBUJDBMMZDIBOHJOHBGUFSFWFSZFY
QPTVSF*UBMTPUBLFTJOUPBDDPVOUUIFDIPTFOGPSNBU
TFUUJOHBVUPNBUJDBMMZ5IJTNFBOTUIBUCZTXJUDIJOH
UIFGPSNBUTFMFDUPSLOPCCBDLBOEGPSUIZPVDBOTFF
IPXNBOZGSBNFTBSFSFNBJOJOHJOFJUIFSGPSNBUBU
BOZUJNF5IFGJHVSFJOEJDBUFTUIFMBTUGSBNFBOE
XIFOUIBUIBTCFFOFYQPTFEUIFDBNFSBBVUPNBUJDBMMZ
SFXJOETUIFSFNBJOEFSPGUIFGJMNJOUPUIFDBTTFUUF
8IFOUIFNPUPSTUPQTUIFFYQPTVSFDPVOUFSXJMMJO
EJDBUF&FNQUZ
*GUIFDBNFSBCBDLJTPQFOFEUIFDBNFSBXJMMSFXJOE
UIFSFNBJOJOHVOFYQPTFEêMNXIFODMPTJOHUIFCBDL
BHBJO"GUFSUIFGJMNIBTCFFOGVMMZSFXPVOEFYQ-$%
XJMMJOEJDBUFBëBTIJOH&FNQUZBTBXBSOJOH
&YQPTVSF$POUSPM
&YQPTVSFDPOUSPMDBOCFBVUPNBUJDBQFSUVSFQSJPS
JUZPSNBOVBM"QFSUVSFQSJPSJUZNFBOTUIBUUIF
DBNFSBBVUPNBUJDBMMZDIPPTFTBTIVUUFSTQFFEUP
NBUDIUIFBQFSUVSFUIBUZPVIBWFTFU5IF55-FY
QPTVSFNFUFSQSPWJEFTBDFOUSFXFJHIUFEBWFSBHF
SFBEJOHBOENFBTVSFTUIFMJHIUBUUIFTIVUUFSQMBOF
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"ZFMMPX-$%EJTQMBZJOTJEFUIFWJFXGJOEFSTIPXT
UIFTIVUUFSTQFFEBOEUSJBOHMFTZNCPMTJOEJDBUJOH
PWFSPSVOEFSFYQPTVSF
5IFQBUUFSOPGUIFTFOTJUJWFBSFBSFNBJOTUIFTBNF
GPSCPUIUIFOPSNBMBOEQBOPSBNBGPSNBUT*UPD
DVQJFTBDFOUSBMBSFBPGBQQSPYJNBUFMZYNN
WFSUJDBMMZYIPSJ[POUBMMZBOEJTTVJUBCMFGPSSFBEJOHT
XJUIUIFDBNFSBJOCPUIUIFIPSJ[POUBMBOEWFSUJDBM
QPTJUJPOT/PSNBMQIPUPHSBQIJDQSFDBVUJPOTBOE
QSBDUJDFTBQQMZXIFOUBLJOHBOFYQPTVSFSFBEJOH
JOFJUIFSNBOVBMPSBVUPNBUJDNPEFXJUISFHBSEUP
UIFUPOBMWBMVFPGUIFDIPTFONFUFSFEBSFBUIFFG
GFDUPGCSJHIUTLJFTJOMBOETDBQFTUIFDPOUSBTUSBOHF
PGUIFTDFOFCBDLMJHIUTJUVBUJPOTFUD
"VUPNBUJD 
*GTFUXJUIJOUIFNBOVBMTQFFESBOHFUVSOUIFTIVU
UFSTQFFETFMFDUPSEJBMUPBMJHO"BHBJOTUUIFJOEFYPO
UIFDBNFSBCPEZ*UXJMMDMJDLJOUPQPTJUJPO
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFTFUUJOHBDDPSEJOHUPUIFTJHOBMT
JOUIFWJFXGJOEFSUPFOTVSFUIFFYQPTVSFXJMMCF
XJUIJOUIFNFUFSJOHSBOHFBTJOUIFUBCMF
&OTVSFZPVDIFDLUIJTJOGPSNBUJPOXIFOVTJOHBVUPNBUJD
NPEFJODBTFUIFMJHIUJOHDPOEJUJPOTBSFCFZPOEUIFSBOHF
PGUIFNFUFSDBNFSBTFUUJOHTGPSUIFTFOTJUJWJUZPGUIFGJMN
JOVTF5IJTNJHIUIBQQFOXIFOVTJOHBGBTUGJMNJOWFSZ
CSJHIUDPOEJUJPOTPSBTMPXGJMNJOQPPSMJHIUJOHDPOEJUJPOT
GPSFYBNQMF
*OBVUPNBUJDNPEFUIFMPOHFTUFYQPTVSFQPTTJCMFJT
TFDPOET
)PMEJOHUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZEPXOXJMM
MPDLUIFFYQPTVSFSFBEJOH8IFOUIFTIVUUFSSFMFBTF
CVUUPOSFUVSOTUPJUTOPSNBMQPTJUJPOUIFDBNFSBDPO
UJOVFTUPNFBTVSFMJHIUGPSBQQSPYJNBUFMZTFDPOET
5IFDBN-$%BOEWJFX-$%XJMMBMTPTIPXUIF5WWBMVF
TIVUUFSTQFFEGPSUIBUQBSUJDVMBSFYQPTVSFTFUUJOHJO
&7TUFQT
"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPG
SBOHFUPPEBSLPSUPPCSJHIUTDFOF
.BOVBM  
*GTFUBU"EFQSFTTUIFTIVUUFSTQFFEDPOUSPMMPDL
CVUUPO"UUIFTBNFUJNFUVSOUIFTIVUUFSTQFFE
DPOUSPMUPBOZEFTJSFETIVUUFSTQFFEFYDFQU"PS#CZ
BMJHOJOHJUBHBJOTUUIFJOEFY:PVDBOUIFOUVSOUIF
TIVUUFSTQFFEDPOUSPMXJUIPVUIBWJOHUPQSFTTUIF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C 4IVUUFSTQFFETUBCMF DPSSFDUFYQPTVSFUJNF
D 4IVUUFSTQFFETUBCMFBOEnBTIJOH DBMDVMBUFEFYQPTVSFUJNFPGMFTTUIBOTDMPTF
UIFBQFSUVSFVOUJMUIF TZNCPMEJTBQQFBSTBOE
UIFTIVUUFSTQFFEJTTUBCMF
E 4IVUUFSTQFFEBOE
nBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIUDMPTFUIFBQFS
UVSFVOUJMUIFTZNCPMEJTBQQFBSTBOEUIFTIVUUFS
TQFFEJTTUBCMF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C
nBTIJOH NPSFUIBO&7VOEFSFYQPTVSF
D
TIPXJOH &7VOEFSFYQPTVSF
E
TIPXJOH DPSSFDUFYQPTVSF
F
TIPXJOH &7PWFSFYQPTVSF
G
nBTIJOH NPSFUIBO&7PWFSFYQPTVSF
H 4IVUUFSTQFFEBOE
nBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIU
"
6
5
0
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"
/
6
"
-

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"ZFMMPX-$%EJTQMBZJOTJEFUIFWJFXGJOEFSTIPXT
UIFTIVUUFSTQFFEBOEUSJBOHMFTZNCPMTJOEJDBUJOH
PWFSPSVOEFSFYQPTVSF
5IFQBUUFSOPGUIFTFOTJUJWFBSFBSFNBJOTUIFTBNF
GPSCPUIUIFOPSNBMBOEQBOPSBNBGPSNBUT*UPD
DVQJFTBDFOUSBMBSFBPGBQQSPYJNBUFMZYNN
WFSUJDBMMZYIPSJ[POUBMMZBOEJTTVJUBCMFGPSSFBEJOHT
XJUIUIFDBNFSBJOCPUIUIFIPSJ[POUBMBOEWFSUJDBM
QPTJUJPOT/PSNBMQIPUPHSBQIJDQSFDBVUJPOTBOE
QSBDUJDFTBQQMZXIFOUBLJOHBOFYQPTVSFSFBEJOH
JOFJUIFSNBOVBMPSBVUPNBUJDNPEFXJUISFHBSEUP
UIFUPOBMWBMVFPGUIFDIPTFONFUFSFEBSFBUIFFG
GFDUPGCSJHIUTLJFTJOMBOETDBQFTUIFDPOUSBTUSBOHF
PGUIFTDFOFCBDLMJHIUTJUVBUJPOTFUD
"VUPNBUJD 
*GTFUXJUIJOUIFNBOVBMTQFFESBOHFUVSOUIFTIVU
UFSTQFFETFMFDUPSEJBMUPBMJHO"BHBJOTUUIFJOEFYPO
UIFDBNFSBCPEZ*UXJMMDMJDLJOUPQPTJUJPO
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFTFUUJOHBDDPSEJOHUPUIFTJHOBMT
JOUIFWJFXGJOEFSUPFOTVSFUIFFYQPTVSFXJMMCF
XJUIJOUIFNFUFSJOHSBOHFBTJOUIFUBCMF
&OTVSFZPVDIFDLUIJTJOGPSNBUJPOXIFOVTJOHBVUPNBUJD
NPEFJODBTFUIFMJHIUJOHDPOEJUJPOTBSFCFZPOEUIFSBOHF
PGUIFNFUFSDBNFSBTFUUJOHTGPSUIFTFOTJUJWJUZPGUIFGJMN
JOVTF5IJTNJHIUIBQQFOXIFOVTJOHBGBTUGJMNJOWFSZ
CSJHIUDPOEJUJPOTPSBTMPXGJMNJOQPPSMJHIUJOHDPOEJUJPOT
GPSFYBNQMF
*OBVUPNBUJDNPEFUIFMPOHFTUFYQPTVSFQPTTJCMFJT
TFDPOET
)PMEJOHUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZEPXOXJMM
MPDLUIFFYQPTVSFSFBEJOH8IFOUIFTIVUUFSSFMFBTF
CVUUPOSFUVSOTUPJUTOPSNBMQPTJUJPOUIFDBNFSBDPO
UJOVFTUPNFBTVSFMJHIUGPSBQQSPYJNBUFMZTFDPOET
5IFDBN-$%BOEWJFX-$%XJMMBMTPTIPXUIF5WWBMVF
TIVUUFSTQFFEGPSUIBUQBSUJDVMBSFYQPTVSFTFUUJOHJO
&7TUFQT
"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPG
SBOHFUPPEBSLPSUPPCSJHIUTDFOF
.BOVBM  
*GTFUBU"EFQSFTTUIFTIVUUFSTQFFEDPOUSPMMPDL
CVUUPO"UUIFTBNFUJNFUVSOUIFTIVUUFSTQFFE
DPOUSPMUPBOZEFTJSFETIVUUFSTQFFEFYDFQU"PS#CZ
BMJHOJOHJUBHBJOTUUIFJOEFY:PVDBOUIFOUVSOUIF
TIVUUFSTQFFEDPOUSPMXJUIPVUIBWJOHUPQSFTTUIF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C 4IVUUFSTQFFETUBCMF DPSSFDUFYQPTVSFUJNF
D 4IVUUFSTQFFETUBCMFBOEnBTIJOH DBMDVMBUFEFYQPTVSFUJNFPGMFTTUIBOTDMPTF
UIFBQFSUVSFVOUJMUIF TZNCPMEJTBQQFBSTBOE
UIFTIVUUFSTQFFEJTTUBCMF
E 4IVUUFSTQFFEBOE
nBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIUDMPTFUIFBQFS
UVSFVOUJMUIFTZNCPMEJTBQQFBSTBOEUIFTIVUUFS
TQFFEJTTUBCMF
B 4IVUUFSTQFFEBOE
nBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C
nBTIJOH NPSFUIBO&7VOEFSFYQPTVSF
D
TIPXJOH &7VOEFSFYQPTVSF
E
TIPXJOH DPSSFDUFYQPTVSF
F
TIPXJOH &7PWFSFYQPTVSF
G
nBTIJOH NPSFUIBO&7PWFSFYQPTVSF
H 4IVUUFSTQFFEBOE
nBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIU
"
6
5
0
.
"
/
6
"
-


JOUFSJPSXIFSFBêHVSFJTTUBOEJOHJOGSPOUPGBXJOEPX
GPSJOTUBODFPSBHBJOTUTOPXBTBOEZCFBDITJMIPVFU
UFEBHBJOTUBTLZFUDXIFSFUIFCBDLHSPVOEJTWFSZ
MJHIUXIJMFBNVDITNBMMFSCVUJNQPSUBOUQBSUPGUIF
JNBHFJTDPNQBSBUJWFMZNVDIEBSLFS
ѮFPQQPTJUFTJUVBUJPODBOBMTPCFDPSSFDUFEXIFSFGPS
FYBNQMFBMJHIUDPMPVSFEPCKFDUJTQPTJUJPOFEJOGSPOU
PGBWFSZEBSLCBDLHSPVOE*OUIJTDBTFBOBWFSBHFE
55-NFUFSSFBEJOHXJMMTVHHFTUBSFBEJOHUIBUXPVME
QSPEVDFBOPWFSFYQPTFEJNBHF"EFDSFBTFDPNQFOTB
UJPOPGGPSFYBNQMFDBOCFBQQMJFEQSPEVDJOHB
CBDLHSPVOEUPOFUIBUXBTDMPTFSUPUIFPSJHJOBMBOE
EBSLFOJOHUIFPCKFDUUPBNPSFAOBUVSBMUPOF4JNJMBS
TJUVBUJPOTNJHIUCFBOPCKFDUQMBDFEJOTVOMJHIU
BHBJOTUBCBDLHSPVOEJOTIBEPXGPSFYBNQMF
ѮFBNPVOUPGDPNQFOTBUJPOSFRVJSFEXJMMEJĒFSGSPN
DBTFUPDBTFEFQFOEBOUPOUIFTJUVBUJPOBOEUIFEFTJSFE
FĒFDU
%POPUGPSHFUUPSFTFUUIFFYQPTVSFDPNQFOTBUJPOCBDLUP
[FSPBGUFSVTF
"VUPCSBDLFUJOH
5IFBVUPCSBDLFUJOHGVODUJPOBMMPXTZPVUPNBLFB
TFSJFTPGJODSFBTFEBOEEFDSFBTFEFYQPTVSFTJOSBQJE
TVDDFTTJPOUPFOTVSFBOPQUJNBMFYQPTVSFXJUIPVU
IBWJOHUPBMUFSUIFTFUUJOHTBѫFSFBDIFYQPTVSFѮJT
JTQBSUJDVMBSMZVTFGVMXIFOVTJOHSFWFSTBMGJMNUIBU
JOIFSFOUMZIBTMJUUMFUPMFSBODFGPSFYQPTVSFFSSPS*U
VOEFSBOEPWFSFYQPTFTCZBMUFSJOHUIFTIVUUFSTQFFE
VTJOHUIFDIPTFOFYQPTVSFTFUUJOHBTTUBOEBSEQSPWJE
JOHUISFFTFQBSBUFFYQPTVSFT)BMGPSGVMM&7TUFQWBSJ
BUJPOTDBOCFNBEF1SPDFFEBTGPMMPXT
4FUUIFêMNUSBOTQPSUNPEFUP
4PS$
1VTIUIF.0%&CVUUPOPOUIFDBN-$%GPST1VTISF
QFBUFEMZVOUJMBO"&#BOEBTZNCPMBQQFBSJOUIF
MPXFSSJHIUGSBNFPOUIFEJTQMBZ4FMFDUUIFFYQPTVSF
EFWJBUJPOXJUIUIF
CVUUPOT$POGJSNCZ
QSFTTJOH.0%&BHBJOPSCZQSFTTJOHUIFSFMFBTFCVU
UPOIBMGXBZ"O"&#TZNCPMJTTIPXOPOUIFEJTQMBZ
BTXFMMBTUIFTFUFYQPTVSFEFWJBUJPO"TZNCPMJT
BMTPTIPXOPOUIFWJFX-$%
%FUFSNJOFUIFFYQPTVSFBTOPSNBMJONBOVBMPS
ABVUPNBUJDNPEF
1SFTTUIFTIVUUFSSFMFBTFCVUUPOPSSFNPUFSFMFBTF
BOELFFQJUQSFTTFEVOUJMUIFUISFFGSBNFTIBWFCFFO
FYQPTFE
ѮFFYQPTVSFTXJMMDPOTFDVUJWFMZCFTUBOEBSEVOEFS
PWFSѮFZBSFBMTPJOEJDBUFEJOUIFDBN-$%BTGPMMPXT
BTTVNJOH&7JTZPVSDIPJDFPGWBSJBUJPOGPSUIJT
FYBNQMF
MPDLCVUUPOBHBJO*USFNBJOTMPDLFEPOMZBUUIF
"TFUUJOH#FTVSFUPTFUUIFEJBMBUBTQFDJGJDTQFFE
BOEOPUJOCFUXFFOUXPTQFFETBTUIJTXJMMDBVTF
FYQPTVSFFSSPST
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFBOEPSTIVUUFSTQFFEDPOUSPMT
VOUJMUIFUSJBOHMFTZNCPMTCPUIBQQFBSJOUIFWJFX
êOEFSGPSDPSSFDUFYQPTVSF
ѮFDBN-$%BOEWJFX-$%XJMMBMTPJOEJDBUFUIF5WTIVU
UFSTQFFETFUUJOH
"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPGSBOHF
UPPEBSLPSUPPCSJHIUTDFOF
&YQPTVSFDPNQFOTBUJPO
*ODFSUBJOTJUVBUJPOTBQSFGFSBCMFFYQPTVSFNBZCF
PCUBJOFEmUFDIOJDBMMZPSDSFBUJWFMZmCZPWFSSJEJOH
UIFTVHHFTUFEFYQPTVSFѮFSFBSFUXPBMUFSOBUJWFXBZT
UPEPUIJTJOBVUPNBUJDNPEFUIFDIPJDFPGNFUIPE
EFQFOEJOHPOUIFUZQFPGTDFOF8IFSFUIFSFBSFMBSHF
CSJHIUBSFBTmBMBOETDBQFXJUIMBSHFXIJUFDMPVETGPS
FYBNQMFmQPJOUUIFDBNFSBEPXOUPXBSETGPSFHSPVOE
UPOFTBOEQSFTTUIFSFMFBTFCVUUPOIBMGXBZUPMPDLUIF
FYQPTVSF8IJMFNBJOUBJOJOHUIFQSFTTVSFPOUIFCVU
UPOSFUVSOUPUIFEFTJSFEDPNQPTJUJPOBOEQSFTTUIF
CVUUPOBMMUIFXBZEPXOGPSFYQPTVSF
*OTJUVBUJPOTXIFSFUIJTNFUIPEJTOPUQPTTJCMFmXIFSF
UIFSFBSFOPTVJUBCMFBSFBTUPNBLFBSFBEJOHGSPNPS
XIFSFZPVBSFUBLJOHTFWFSBMQJDUVSFTJORVJDLTVDDFT
TJPOGPSFYBNQMFmVTFQSPHSBNNJOHPGUIFFYQPTVSF
DPNQFOTBUJPOJOTUFBE4FUUJOHJOIBMG&7TUFQTJUXJMM
QSPWJEFZPVXJUIUIFEFTJSFEBNPVOUPGDPSSFDUJPO
BVUPNBUJDBMMZ
1SFTTUIF.0%&CVUUPOPOUIFDBN-$%GPST
1SFTTSFQFBUFEMZVOUJMBDPNCJOFETZNCPMBQ
QFBSTJOUIFMPXFSSJHIUGSBNFPOUIFEJTQMBZOPU
UIF"&#TZNCPM
4FMFDUUIFBNPVOUPGDPNQFOTBUJPOXJUIUIF

CVUUPOTBOEDPOêSNCZQVTIJOH.0%&BHBJOPS
CZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
"TZNCPMJTTIPXOPOUIFEJTQMBZBTXFMMBTUIF
BNPVOUPGDPNQFOTBUJPO"TZNCPMBMTPBQQFBSTPO
UIFWJFX-$%UIPVHIOPUUIFBNPVOUPGDPNQFOTBUJPO
'PSFYBNQMFJGZPVXBOUUPQIPUPHSBQIBEBSLêHVSF
BHBJOTUBEPNJOBOUMJHIUCBDLHSPVOEUIFFYQPTVSF
TVHHFTUFEBWFSBHFE55-NFUFSSFBEJOHXJMMQSPEVDF
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MJHIUXIJMFBNVDITNBMMFSCVUJNQPSUBOUQBSUPGUIF
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SBNBGPSNBU

*GPOMZPOFVOFYQPTFEGSBNFJTMFGUPOUIFGJMNUPDPWFSUIF
TUBOEBSEGPSNBUBOEUIFGPSNBUTFMFDUPSJTTXJUDIFEUPAQBO
PSBNBUIFTIVUUFSXJMMMPDLBOEB
1XJMMGMBTIBTBXBSOJOH
(FOFSBM
-$%JMMVNJOBUJPO
8IFOUIFBNCJFOUMJHIUJOHDPOEJUJPOTBSFUPPEBSLUPP
SFBEUIF-$%JOGPSNBUJPOQBOFMTQSFTTUIF-$%CBDL
MJHIUJMMVNJOBUJPOCVUUPOMPDBUFECFMPXUIFDBN-$%
QBOFMBTJOUIFJMMVTUSBUJPOѮFQBOFMTXJMMCFJMMVNJ
OBUFEBOESFNBJOTPVOUJMUIFDBNFSBSFNBJOTJOBDUJWF
GPSBQFSJPEPGêWFTFDPOETѮFMJHIUJOHXJMMUIFOHP
PVUBVUPNBUJDBMMZѮFCVUUPOBMTPIBTBUPHHMFGVOD
UJPOTPZPVDBOUVSOUIFMJHIUJOHPĒTJNQMZCZQSFTTJOH
CVUUPOBHBJO
ѮFWJFX-$%IBTBCBDLMJHIUJOHCSJHIUOFTTBVUPNBUJ
DBMMZDPOUSPMMFECZUIFBNCJFOUMJHIUMFWFM
$MPTFSBOHFQIPUPHSBQIZ
ѮFWJFXêOEFSIBTBOJOUFHSBMQBSBMMBYDPNQFOTBUJPO
GBDJMJUZѮJTBVUPNBUJDBMMZNPWFTUIFQPTJUJPOPGUIF
CSJHIUGSBNFJOUIFWJFXêOEFSJOBDDPSEBODFXJUIUIF
GPDVTJOHEJTUBODFUPFOTVSFDPSSFDUGSBNJOHPGUIF
TVCKFDU


&YQPTVSFEJTQMBZTATUBOEBSE
&YQPTVSFEJTQMBZTAmVOEFS
&YQPTVSFEJTQMBZTAPWFS
ѮFCSBDLFUJOHGVODUJPOXJMMBVUPNBUJDBMMZCFEFBDUJ
WBUFEXIFOUIFDBNFSBJTUVSOFEPĒBOEXJMMIBWFUPCF
SFBDUJWBUFEXIFOTXJUDIFEPOBHBJOѮFGVODUJPODBO
BMTPCFUVSOFEPĒCZQSFTTJOHUIF.0%&CVUUPOBHBJO
*GZPVSFMFBTFUIFQSFTTVSFPOUIFTIVUUFSSFMFBTFCVUUPOPS
SFNPUFSFMFBTFUPPTPPOUIFPQFSBUJPOXJMMOPUDPNQMFUF
8IFOEFQSFTTFEBHBJOUIFTFRVFODFXJMMDBSSZPOGSPN
XIFSFJUTUPQQFE5IBUJTUPTBZJGZPVSFMFBTFUIFQSFTTVSF
BGUFSUIFGJSTUFYQPTVSFGPSFYBNQMFUIFUXPGJOBMFYQPTVSFT
SFNBJOQSPHSBNNFEJOUIFDBNFSB5IFSFGPSFXIFOZPV
EFQSFTTUIFSFMFBTFBHBJOBTTVNJOHZPVIBWFOPUUVSOFE
PGGUIF"&#NPEFPSUIFDBNFSBUIFGJSTUFYQPTVSFXJMM
CFVOEFSFYQPTFECZ&7BOEUIFFYQPTVSFBGUFSUIBU
PWFSFYQPTFECZ&75IFJOGPSNBUJPODPODFSOJOHUIF
SFNBJOJOHGSBNFTSFNBJOTJOUIFDBNFSBFWFOJGJUIBTHPOF
JOUPUIFTUBOECZNPEFCVUUIF"&#TZNCPMBOEUIFGJHVSFT
XJMMCFWJTJCMFBHBJOJOUIFDBN-$%XIFOUIFDBNFSBJT
SFBDUJWBUFE
1BZBUUFOUJPOUPUIFJOGPSNBUJPOJOUIFDBN-$%XIFOXPSL
JOHJOUIF"&#NPEFBOEUPSFNFNCFSUPDBODFMUIJTNPEF
BGUFSVTFFJUIFSCZQSFTTJOHUIF"&#CVUUPOBHBJOPSCZUVSO
JOHPGGUIFDBNFSB'BJMVSFUPEPTPDBODBVTFGSBNFTUPCF
JODPSSFDUMZFYQPTFEBTZPVNBZIBWFJOBEWFSUFOUMZDPOUJOVFE
BOJOUFSSVQUFETFRVFODFPSTUBSUFEBOFXPOF
5IFTUBOEBSEFYQPTVSFXJMMJODMVEFBOZFYQPTVSFDPNQFOTB
UJPOZPVIBWFTFU8IFOVTJOHCPUIFYQPTVSFDPNQFOTB
UJPOBOE"&#POMZUIF"&#TFUUJOHXJMMCFTIPXOPOUIF
DBN-$%
"&#DBOOPUCFBDUJWBUFEXIFOPOMZPOFPSUXPQJDUVSFT
SFNBJOVOFYQPTFEPOUIFGJMN
5IFTIVUUFSXJMMMPDLBOEUIFDBN-$%XJMMJOEJDBUFBGMBTIJOH
"&#ABOEBOVNCFSXIFOUIFCSBDLFUJOHGVODUJPOJTBDUJWBUFE
JOTUBOEBSEGPSNBUXJUIPOMZUISFFQJDUVSFTMFGUBOEUIFGPSNBU
TXJUDIJTDIBOHFEUPQBOPSBNB
5IFTIVUUFSXJMMMPDLBOEBGMBTIJOH1XJMMBQQFBSJOUIF
FYQ-$%JGUIFGPSNBUJTDIBOHFEBGUFSPOFPSUXPFYQPTVSFT
XIJMFUIFDBNFSBJTTFUBU"&#
:PVDBOBOZUJNFDBODFMUIF"&#CZQVTIJOHUIF.0%&
CVUUPO
"&#DBOOPUCFDPNCJOFEXJUI.VMUJFYQPTVSF
'JMNBEWBODF
5IFGJMNJTBEWBODFEBVUPNBUJDBMMZUPUIFOFYU
GSBNFXJUIDPOTJTUFOUTQBDJOHCFUXFFOGSBNFT
SFHBSEMFTTPGGPSNBU5IJTSFTFUUJOHPGUIFGSBNF
QPTJUJPODBOCFIFBSEXIFOUIFGPSNBUTFMFDUPSJT
NPWFE
8IFOUIFNPEFEJBMJTTFUBU
4POFFYQPTVSFJTNBEF
8IFOUIFNPEFEJBMJTTFUBU$DPOTFDVUJWFFYQPTVSFT
BSFNBEFBTMPOHBTUIFSFMFBTFCVUUPOSFNBJOTEF
QSFTTFE*OUIF
$NPEFUIFFYQPTVSFSBUFJTGSBNFTT
JOUIFTUBOEBSEGPSNBUBOEGSBNFTTJOUIFQBOP
SBNBGPSNBU

*GPOMZPOFVOFYQPTFEGSBNFJTMFGUPOUIFGJMNUPDPWFSUIF
TUBOEBSEGPSNBUBOEUIFGPSNBUTFMFDUPSJTTXJUDIFEUPAQBO
PSBNBUIFTIVUUFSXJMMMPDLBOEB
1XJMMGMBTIBTBXBSOJOH
(FOFSBM
-$%JMMVNJOBUJPO
8IFOUIFBNCJFOUMJHIUJOHDPOEJUJPOTBSFUPPEBSLUPP
SFBEUIF-$%JOGPSNBUJPOQBOFMTQSFTTUIF-$%CBDL
MJHIUJMMVNJOBUJPOCVUUPOMPDBUFECFMPXUIFDBN-$%
QBOFMBTJOUIFJMMVTUSBUJPOѮFQBOFMTXJMMCFJMMVNJ
OBUFEBOESFNBJOTPVOUJMUIFDBNFSBSFNBJOTJOBDUJWF
GPSBQFSJPEPGêWFTFDPOETѮFMJHIUJOHXJMMUIFOHP
PVUBVUPNBUJDBMMZѮFCVUUPOBMTPIBTBUPHHMFGVOD
UJPOTPZPVDBOUVSOUIFMJHIUJOHPĒTJNQMZCZQSFTTJOH
CVUUPOBHBJO
ѮFWJFX-$%IBTBCBDLMJHIUJOHCSJHIUOFTTBVUPNBUJ
DBMMZDPOUSPMMFECZUIFBNCJFOUMJHIUMFWFM
$MPTFSBOHFQIPUPHSBQIZ
ѮFWJFXêOEFSIBTBOJOUFHSBMQBSBMMBYDPNQFOTBUJPO
GBDJMJUZѮJTBVUPNBUJDBMMZNPWFTUIFQPTJUJPOPGUIF
CSJHIUGSBNFJOUIFWJFXêOEFSJOBDDPSEBODFXJUIUIF
GPDVTJOHEJTUBODFUPFOTVSFDPSSFDUGSBNJOHPGUIF
TVCKFDU


'JMNQMBOFJOEFY
ѮFêMNQMBOFJOEFYJTTJUVBUFEPOUIFUPQQMBUFPGUIF
DBNFSBUPUIFMFѫPGUIFëBTIIPUTIPFѮJTQSPWJEFT
UIFNPTUBDDVSBUFNBSLGPSEJTUBODFNFBTVSFNFOU
GSPNUIFTVCKFDU
4FMGUJNFS 
4FUUIFNBJOTFMFDUPSEJBMUPUIF JDPOBTJOUIFJM
MVTUSBUJPO
ѮF JDPOBOETFUEFMBZUJNFBQQFBSTJOUIFDBN-$%
QBOFM
4FUEFMBZUJNFDBOCFDIBOHFETPSTXJUIUIF
VQEPXOCVUUPOTPOUIFDBN-$%QBOFM
1SFTTUIFTIVUUFSSFMFBTFCVUUPO
8IFOEFMBZUJNFJTTFUUPTUIFTFMGUJNFSMBNQ
MPDBUFEPOUIFGSPOUPGUIFDBNFSBUPUIFSJHIUPG
UIFWJFXêOEFSXJOEPXMJHIUTVQGPSTFWFOTFDPOET
BOEëBTIFTGPSUISFFTFDPOETBTBDPVOUEPXOJOEJ
DBUJPO8IFOEFMBZUJNFJTTFUUPTUIFTFMGUJNFS
MBNQTUBSUëBTIJOHJNNFEJBUFMZBѫFSSFMFBTF
ѮFTIVUUFSXJMMUIFOêSFBOEUIFêMNXJMMBEWBODF
&WFOJGUIFTFMGUJNFSPQFSBUJPOIBTTUBSUFEZPVDBO
TUPQJUTJNQMZCZUVSOJOHUIFNPEFTXJUDICBDLUP
4$
PS0''
8IFOTFUJOUIFBVUPNBUJDNPEFEPOPUTUBOEJOGSPOUPG
UIFDBNFSBXIFOQSFTTJOHUIFSFMFBTFCVUUPOBTUIJTDPVME
BEWFSTFMZBGGFDUUIFFYQPTVSFSFBEJOH
5IFFYQPTVSFSFBEJOHJTGJYFEBUUIFUJNFPGQSFTTJOHUIF
TIVUUFSSFMFBTFCVUUPOFWFOJO"&NPEF$IFDLUIFSFGPSFUP
TFFUIBUUIFSFIBTCFFOOPDIBOHFJOUIFMJHIUJOHDPOEJUJPOT
EVSJOHUIFEFMBZUJNFCFGPSFFYQPTVSF
.VMUJFYQPTVSF
ѮFDBNFSBDBOCFQSPHSBNNFEUPNBLFVQUPFYQP
TVSFTPGUIFTBNFGSBNF
5PTFMFDUNVMUJFYQPTVSFNPEFQVTIUIF.0%&CVUUPO
POUIFDBN-$%GPST1VTISFQFBUFEMZVOUJMBëBTI
JOHEPVCMFGSBNFTZNCPMBQQFBSTPOUIFEJTQMBZ
4FMFDUNVMUJFYQPTVSFXJUIUIF
CVUUPOTUP
TFMFDUBOPOëBTIJOHEPVCMFGSBNFTZNCPM$POêSN
UIFTFUUJOHCZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
BOEBEPVCMFGSBNFTZNCPMJTTIPXOPOUIFDBN-$%
#ZQVTIJOHUIF CVUUPOSFQFBUFEMZZPVDBOOPX
TFMFDUVQUPFYQPTVSFTEJTQMBZFEPOUIFFYQ-$%
:PVDBOBOZUJNFDBODFMUIFNVMUJFYQPTVSFGVODUJPO
CZQVTIJOHUIF.0%&CVUUPO.VMUJFYQPTVSFDBOOPUCF
DPNCJOFEXJUI"VUPCSBDLFUJOH
*OGSBSFEQIPUPHSBQIZ 
*OGSBSFE*3SBZTXBWFMFOHUITMPOHFSUIBOON
GPSNBOJNBHFPOBQMBOFGVSUIFSBXBZGSPNUIFMFOT
UIBOUIFJNBHFQMBOFGPSWJTJCMFMJHIU5PDPNQFOTBUF
GPSUIJTEJGGFSFODFZPVIBWFUPBMJHOUIFDIPTFOEJT
UBODFBHBJOTUUIFSFE*3JOEFYBOEOPUUIFOPSNBM
DFOUSBMJOEFY1SPDFFEBTGPMMPXT
'PDVTBTVTVBM
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QPTJUFUIFDFOUSBMJOEFYMJOFPOUIFMFOT
/PXSPUBUFUIFGPDVTJOHSJOHUPTFUUIJTEJTUBODFPQ
QPTJUFUIFSFE*3JOEFYTQPUJOTUFBEPGUIFDFOUSBM
JOEFYMJOF
5IFJMMVTUSBUJPOTIPXTBMFOTGPDVTFEBUBQQSPY
NFUSFTGPSJOGSBSFEêMN4FFTQFDJêDêMNJOTUSVDUJPO
MFBëFUGPSEFUBJMTPGêMUFSTêMNTUPSBHFIBOEMJOHBOE
EFWFMPQNFOU
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CFTMJHIUMZGPHHFEPOUIFFEHFPGUIFGJMNGSBNFCZUIFGJMN
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EJTQMBZBTXFMMBTZPVSDIPJDF/PS3
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VQEPXOCVUUPOTPOUIFDBN-$%QBOFM
1SFTTUIFTIVUUFSSFMFBTFCVUUPO
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MPDBUFEPOUIFGSPOUPGUIFDBNFSBUPUIFSJHIUPG
UIFWJFXêOEFSXJOEPXMJHIUTVQGPSTFWFOTFDPOET
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TUPQJUTJNQMZCZUVSOJOHUIFNPEFTXJUDICBDLUP
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BEWFSTFMZBGGFDUUIFFYQPTVSFSFBEJOH
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GPSNBOJNBHFPOBQMBOFGVSUIFSBXBZGSPNUIFMFOT
UIBOUIFJNBHFQMBOFGPSWJTJCMFMJHIU5PDPNQFOTBUF
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UBODFBHBJOTUUIFSFE*3JOEFYBOEOPUUIFOPSNBM
DFOUSBMJOEFY1SPDFFEBTGPMMPXT
'PDVTBTVTVBM
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QPTJUFUIFDFOUSBMJOEFYMJOFPOUIFMFOT
/PXSPUBUFUIFGPDVTJOHSJOHUPTFUUIJTEJTUBODFPQ
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JOEFYMJOF
5IFJMMVTUSBUJPOTIPXTBMFOTGPDVTFEBUBQQSPY
NFUSFTGPSJOGSBSFEêMN4FFTQFDJêDêMNJOTUSVDUJPO
MFBëFUGPSEFUBJMTPGêMUFSTêMNTUPSBHFIBOEMJOHBOE
EFWFMPQNFOU
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CFTMJHIUMZGPHHFEPOUIFFEHFPGUIFGJMNGSBNFCZUIFGJMN
USBOTQPSUFNJUUFSTFOTPSTZTUFN
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SFNPWFUIFêMNCFGPSFIBOEIPXFWFSZPVNVTUQSFTT
UIFNJESPMMSFXJOECVUUPOMPDBUFECFMPXUIFDBN-$%
QBOFMѮFCVUUPOJTSFDFTTFEUPQSFWFOUVOJOUFOUJPOBM
VTFTPVTFUIFUJQPGBCBMMQPJOUQFOPSTJNJMBSUPBD
DFTTJU
&YQPTVSFIJTUPSZ
ѮFUPUBMOVNCFSPGFYQPTVSFTUBLFOXJUIUIFDBNFSB
DBOCFDIFDLFEPOUIFDBN-$%8JUIUIFDBNFSBUVSOFE
PĒEFQSFTTUIF
CVUUPOBOELFFQJUEFQSFTTFEXIJMF
ZPVTXJUDIUIFTIPPUJOHNPEFTFMFDUPSUP4
&BDIVOJUTJHOJGJFTUFOFYQPTVSFT:PVNBZGJOEUIBU
FWFOBCSBOEOFXDBNFSBJOEJDBUFTBSPVOEFYQP
TVSFTUBLFOѮJTJTBSFTVMUPGUFTUJOHEVSJOHNBOVGBD
UVSFBOEJTOPUBTJHOPGVTFEFRVJQNFOU
ѮJTGBDJMJUZJTBIBOEZDIFDLUPTFFXIFUIFSUIFDBN
FSBTIPVMECFTFSWJDFE
'JMNQSPDFTTJOH 
*GZPVIBWFQBOPSBNBGPSNBUFYQPTVSFTPSBNJYUVSF
PGTUBOEBSEBOEQBOPSBNBGPSNBUFYQPTVSFTPOUIF
TBNFSPMMPGêMNCFTVSFUPVTFBêMNQSPDFTTJOHMBCP
SBUPSZUIBUJTBXBSFPGUIFTJUVBUJPOBOEJTRVBMJêFEUP
IBOEMFTVDIDBTFT/PSNBMDPOTVNFSêMNQSPDFTTJOH
GBDJMJUJFTBSFOPUTVJUBCMFBTUIFJSTZTUFNTDBOOPUBMMPX
GPSUIFNJYPGGPSNBUTBOEXJMMDVUUIFêMNJODPSSFDUMZ
'JMNTDPOUBJOJOHPOMZTUBOEBSEGPSNBUJNBHFTIPX
FWFSSFNBJOVOBGGFDUFEBOEZPVNBZVTFBOPSNBM
DPOTVNFSMBC
5IFMBCTUJDLFSTBSFQSPWJEFEBTBDPOWFOJFOUXBZPG
JOGPSNJOHPSSFNJOEJOHUIFêMNMBCPGUIFTJUVBUJPO
&OTVSFUIBUUIFTUJDLFSDPWFSTUIFêMNUZQFCBSDPEF
BOEUIF%9DPEFTUSJQPOUIFDBTTFUUF"EEJUJPOBMTUJDL
FSTBSFBWBJMBCMFGSPNZPVS)BTTFMCMBEEFBMFS:PVNBZ
PGDPVSTFNBSLUIFDBTTFUUFTWFSZDMFBSMZJOTPNFPUIFS
XBZUPFOTVSFUIBUUIFêMNJTDVUNBOVBMMZ
"MXBZTDIFDLXJUIUIFMBCPSBUPSZGJSTUUPBWPJEQSPCMFNT
'VSUIFSJOGPSNBUJPOBCPVUQBOPSBNBGPSNBUQSJOUJOH
BOEUIFMPDBUJPOPGTVJUBCMFQSPDFTTJOHMBCTDBOCFPC
UBJOFEGSPNZPVSMPDBM)BTTFMCMBEEFBMFS
"DDFTTPSJFT
5IF91BO**JTTVQQMJFEXJUIBGSPOUQSPUFDUJWFDBQ
B2VJDLDPVQMJOHQMBUF91BOUPHFUIFSXJUIBIFY
XSFODI"MMFOLFZBOEGJYJOHCPMUBTQJSJUMFWFMBOE
BTUSBQ"UUIFFOEPGUIJTNBOVBMZPVXJMMGJOEBMJTU
DPOUBJOJOHUIFPQUJPOBMBDDFTTPSJFTBWBJMBCMFGPS
UIF91BO**TPNFPGXIJDIBSFEFTDSJCFECFMPX
7BSJPVTGMBTIHVOTDBOCFBUUBDIFEUPUIFIPUTIPF
BOEGMBTICSBDLFUTDBOCFBUUBDIFEWJBUIFUSJQPE
TDSFXPOUIFCBTFQMBUF3FNPUFSFMFBTFToDBCMF
QOFVNBUJDPSFMFDUSJDoDBOCFBUUBDIFEWJBUIF
DBCMFSFMFBTFTPDLFU
2VJDLDPVQMJOHQMBUF
ѮF2VJDLDPVQMJOHQMBUF91BOBMMPXTZPVUP
VTFUIF)BTTFMCMBE5SJQPERVJDLDPVQMJOH4
mBOPQUJPOBMBDDFTTPSZBWBJMBCMFGSPNUIF)BTTFMCMBE
7TZTUFNSBOHFmGPSSBQJEBOETFDVSFBUUBDINFOUUPB
USJQPEBOEJTPOMZOFDFTTBSZGPSVTFJOUIJTDBTF
5IFQMBUFJTTVQQMJFEUPHFUIFSXJUIBGJYJOHCPMUBOE
BIFYBHPOBMA"MMFOLFZXSFODI"MJHOUIFQMBUFBMPOH


3FNPUFSFMFBTF 
"WBSJFUZPGSFNPUFSFMFBTFTDBOCFBUUBDIFEUPUIF
91BO**XIJDIIBTBTUBOEBSEDBCMFSFMFBTFQPSU"OZ
UZQFPGSFMFBTFJTTVJUBCMFPODPOEJUJPOUIBUUIFGJOBM
DPOOFDUPSIBTBTUBOEBSEGJUUJOHBTJOUIFJMMVTUSB
UJPO5IFSFJTBMTPBOPQUJPOBMFMFDUSJDBMSFMFBTFDPSE
GPS91BO***UVTFTUIFTBNFQPSUBTGPSUIFTUBOEBSE
NFDIBOJDBMDBCMFSFMFBTFT
5IFVTFPGBSFNPUFSFMFBTFBDUJWBUFTUIFDBNFSB
JODMVEJOHUIFFYQPTVSFNFUFSBOEGJSFTUIFTIVUUFS
JNNFEJBUFMZ*O"VUPNPEFZPVDBOTFFXIJDITIVUUFS
TQFFEXBTDIPTFOCZUIFDBNFSBPOUIFWJFX-$%BOE
DBN-$%JO.BOVBMNPEFQSFTTUIFTIVUUFSSFMFBTFCVU
UPOIBMGXBZUPBDUJWBUFUIFFYQPTVSFNFUFSBOEBEKVTU
UIFTFUUJOHTCFGPSFNBLJOHBOFYQPTVSFXJUIBDBCMF
SFMFBTF
8IFOUIFTIVUUFSTQFFEJTTFUBUA#UIFESBJOPOUIFCBUUFSJFT
JTTVCTUBOUJBM5IFNBYJNVNFYQPTVSFUJNFBUUIJTTFUUJOHJT
TFDPOET
.JESPMMSFXJOE 
/PSNBMMZUIFêMNJTBVUPNBUJDBMMZSFXPVOEJOUPUIF
DBTTFUUFBGUFSUIFMBTUGSBNFIBTCFFOFYQPTFE5P
SFNPWFUIFêMNCFGPSFIBOEIPXFWFSZPVNVTUQSFTT
UIFNJESPMMSFXJOECVUUPOMPDBUFECFMPXUIFDBN-$%
QBOFMѮFCVUUPOJTSFDFTTFEUPQSFWFOUVOJOUFOUJPOBM
VTFTPVTFUIFUJQPGBCBMMQPJOUQFOPSTJNJMBSUPBD
DFTTJU
&YQPTVSFIJTUPSZ
ѮFUPUBMOVNCFSPGFYQPTVSFTUBLFOXJUIUIFDBNFSB
DBOCFDIFDLFEPOUIFDBN-$%8JUIUIFDBNFSBUVSOFE
PĒEFQSFTTUIF
CVUUPOBOELFFQJUEFQSFTTFEXIJMF
ZPVTXJUDIUIFTIPPUJOHNPEFTFMFDUPSUP4
&BDIVOJUTJHOJGJFTUFOFYQPTVSFT:PVNBZGJOEUIBU
FWFOBCSBOEOFXDBNFSBJOEJDBUFTBSPVOEFYQP
TVSFTUBLFOѮJTJTBSFTVMUPGUFTUJOHEVSJOHNBOVGBD
UVSFBOEJTOPUBTJHOPGVTFEFRVJQNFOU
ѮJTGBDJMJUZJTBIBOEZDIFDLUPTFFXIFUIFSUIFDBN
FSBTIPVMECFTFSWJDFE
'JMNQSPDFTTJOH 
*GZPVIBWFQBOPSBNBGPSNBUFYQPTVSFTPSBNJYUVSF
PGTUBOEBSEBOEQBOPSBNBGPSNBUFYQPTVSFTPOUIF
TBNFSPMMPGêMNCFTVSFUPVTFBêMNQSPDFTTJOHMBCP
SBUPSZUIBUJTBXBSFPGUIFTJUVBUJPOBOEJTRVBMJêFEUP
IBOEMFTVDIDBTFT/PSNBMDPOTVNFSêMNQSPDFTTJOH
GBDJMJUJFTBSFOPUTVJUBCMFBTUIFJSTZTUFNTDBOOPUBMMPX
GPSUIFNJYPGGPSNBUTBOEXJMMDVUUIFêMNJODPSSFDUMZ
'JMNTDPOUBJOJOHPOMZTUBOEBSEGPSNBUJNBHFTIPX
FWFSSFNBJOVOBGGFDUFEBOEZPVNBZVTFBOPSNBM
DPOTVNFSMBC
5IFMBCTUJDLFSTBSFQSPWJEFEBTBDPOWFOJFOUXBZPG
JOGPSNJOHPSSFNJOEJOHUIFêMNMBCPGUIFTJUVBUJPO
&OTVSFUIBUUIFTUJDLFSDPWFSTUIFêMNUZQFCBSDPEF
BOEUIF%9DPEFTUSJQPOUIFDBTTFUUF"EEJUJPOBMTUJDL
FSTBSFBWBJMBCMFGSPNZPVS)BTTFMCMBEEFBMFS:PVNBZ
PGDPVSTFNBSLUIFDBTTFUUFTWFSZDMFBSMZJOTPNFPUIFS
XBZUPFOTVSFUIBUUIFêMNJTDVUNBOVBMMZ
"MXBZTDIFDLXJUIUIFMBCPSBUPSZGJSTUUPBWPJEQSPCMFNT
'VSUIFSJOGPSNBUJPOBCPVUQBOPSBNBGPSNBUQSJOUJOH
BOEUIFMPDBUJPOPGTVJUBCMFQSPDFTTJOHMBCTDBOCFPC
UBJOFEGSPNZPVSMPDBM)BTTFMCMBEEFBMFS
"DDFTTPSJFT
5IF91BO**JTTVQQMJFEXJUIBGSPOUQSPUFDUJWFDBQ
B2VJDLDPVQMJOHQMBUF91BOUPHFUIFSXJUIBIFY
XSFODI"MMFOLFZBOEGJYJOHCPMUBTQJSJUMFWFMBOE
BTUSBQ"UUIFFOEPGUIJTNBOVBMZPVXJMMGJOEBMJTU
DPOUBJOJOHUIFPQUJPOBMBDDFTTPSJFTBWBJMBCMFGPS
UIF91BO**TPNFPGXIJDIBSFEFTDSJCFECFMPX
7BSJPVTGMBTIHVOTDBOCFBUUBDIFEUPUIFIPUTIPF
BOEGMBTICSBDLFUTDBOCFBUUBDIFEWJBUIFUSJQPE
TDSFXPOUIFCBTFQMBUF3FNPUFSFMFBTFToDBCMF
QOFVNBUJDPSFMFDUSJDoDBOCFBUUBDIFEWJBUIF
DBCMFSFMFBTFTPDLFU
2VJDLDPVQMJOHQMBUF
ѮF2VJDLDPVQMJOHQMBUF91BOBMMPXTZPVUP
VTFUIF)BTTFMCMBE5SJQPERVJDLDPVQMJOH4
mBOPQUJPOBMBDDFTTPSZBWBJMBCMFGSPNUIF)BTTFMCMBE
7TZTUFNSBOHFmGPSSBQJEBOETFDVSFBUUBDINFOUUPB
USJQPEBOEJTPOMZOFDFTTBSZGPSVTFJOUIJTDBTF
5IFQMBUFJTTVQQMJFEUPHFUIFSXJUIBGJYJOHCPMUBOE
BIFYBHPOBMA"MMFOLFZXSFODI"MJHOUIFQMBUFBMPOH


UIFMFOHUIPGUIFDBNFSBTCBTFQMBUFBOETDSFXUIFCPMU
DMPDLXJTFJOUPUIFUSJQPETPDLFUBGFXUVSOT&OTVSF
UIFBMJHONFOUQJOPOUIFQMBUFNBUDIFTJUTSFTQFDUJWF
TPDLFUJOUIFDBNFSBCBTFQMBUFBOEDPOUJOVFUPTDSFX
UIFCPMUVOUJMJUJTTFDVSFMZBUUBDIFE
4QJSJUMFWFM 
5IFEVBMEJSFDUJPOBMTQJSJUMFWFMTJNQMZGJUTJOUPUIF
ëBTIIPUTIPFBOEQSPWJEFTBDIFDLGPSCPUIIPSJ[POUBM
BOEWFSUJDBMQIPUPHSBQIZ5IJTDBOCFQBSUJDVMBSMZ
VTFGVMXIFOQIPUPHSBQIJOHCVJMEJOHTGPSFYBNQMF*O
UIFTFDBTFTUIFVTFPGBUSJQPEPSTUBCMFDBNFSBTVQQPSU
JTQBSUJDVMBSMZSFDPNNFOEFE
&OTVSFIPXFWFSUIBUJUJTêUUFEDPSSFDUMZTFFJMMVTUSB
UJPOT/PUFUIFEJGGFSFODFEFQFOEJOHPOXIFUIFSUIF
DBNFSBJTJOUIFIPSJ[POUBMPSUIFWFSUJDBMQPTJUJPO
$IFDLUIBUUIFTQJSJUMFWFMIBTCFFOQVTIFEBMMUIF
XBZJOUPUIFTIPFBTGBSBTJUXJMMHP3FNFNCFSUIBU
UIFTQJSJUMFWFMJTJOUFOEFEUPCFBOBJEJOMFWFMMJOHBOE
DBOOPUHVBSBOUFFDPNQMFUFBDDVSBDZ$IFDLUIFJNBHF
DBSFGVMMZJOUIFWJFXêOEFS
674LZGJMUFS
5IF674LZGJMUFS91BOJTEFTJHOFEGPS
VTFXJUIUIF)BTTFMCMBENNBOEUIF)BTTFMCMBE
NNMFOTFT5IFGJMUFSBCTPSCTTPNFPGUIFVMUSB
WJPMFUSBZTQSFTFOUJOMJHIUXIJDIDBVTFUIFBQQFBS
BODFPGIB[FQBSUJDVMBSMZOPUJDFBCMFJOQIPUPHSBQIZBU
IJHIBMUJUVEFTGPSFYBNQMFѮFVTFPGB674LZêMUFS
DBOSFEVDFUIJTFĒFDUTPNFXIBUBOEBMTPDBVTFBTMJHIU
XBSNJOHPGUPOFPODPMPVSêMN
ѮFêMUFSDBOTBGFMZCFMFѫPOUIFMFOTGPSNPTUQIPUP
HSBQIJDBQQMJDBUJPOTBTJUQSPWJEFTTPNFQSPUFDUJPOGPS
UIFMFOTGSPOUFMFNFOUOPUPOMZBHBJOTUEVTUBOESBJO
FUDCVUBMTPBHBJOTUTDSBUDIFTBOEBDDJEFOUBMEBNBHF
ѮFêMUFSJTNVMUJDPBUFEUPFOTVSFIJHIBOUJSFëFDUJPO
RVBMJUZ/PEFHSBEBUJPOJO.5'JTTFFOBOEUIFSFJTOP
TIJѫJOGPDVT
$FOUSFGJMUFS91BOGPSNN
5IF$FOUSFGJMUFS91BOGPSNNJTEF
TJHOFEGPSVTFPOMZXJUIUIF)BTTFMCMBENNMFOT

ѮFNNMFOTJTGSFFGSPNWJHOFUUJOHXJUIQBOPSBNB
GPSNBUJNBHFTBUMFOTBQFSUVSFTFUUJOHTTNBMMFSUIBO
G)PXFWFSOBUVSBMMJHIUGBMMPĒBCBTJDMBXPGQIZT
JDTSFEVDFTUIFFYQPTVSFBUUIFDPSOFSTPGUIFJNBHFCZ
SPVHIMZGTUPQ
ѮJTMJHIUGBMMPĒBUUIFDPSOFSTDBVTFTWJTJCMFFĒFDUT
JODSJUJDBMQIPUPHSBQIZXIFOVTJOHUSBOTQBSFODZêMN
8IFOVTJOHOFHBUJWFêMNIPXFWFSOBUVSBMMJHIUGBMM
PĒQSFTFOUJOUSBEJUJPOBMPQUJDBMQSJOUJOHTFUVQTNPTU
GJMNMBCTBOENJOJMBCTBVUPNBUJDBMMZDPNQFOTBUFT
GPSUIJTUPBHSFBUFSFYUFOUJOUIFQSJOUѮFSFGPSFXIFO
VTJOHOFHBUJWFGJMNBOEXJUIUIFMFOTTUPQQFEEPXO
UIFSFNBZCFOPOFFEUPVTFBDFOUSFêMUFS
ѮFPOMZXBZUPFMJNJOBUFMJHIUGBMMPĒBUUIFDPSOFSTJT
UPSFEVDFUIFBNPVOUPGFYQPTVSFBUUIFDFOUSFPGUIF
JNBHF5IF$FOUSFGJMUFS91BOXPSLTCZBDPODFOUSB
UJPOPGOFVUSBMEFOTJUZBUUIFDFOUSFBOEBQSPHSFTTJWF
SFEVDUJPOPGEFOTJUZUPXBSETUIFPVUFSFEHFѮFFĒFDU
BUUIFDFOUSFPGUIFêMUFSDPSSFTQPOETUPBGTUPQSF
EVDUJPOJOFYQPTVSF
ѮFêMUFSJTNVMUJDPBUFEUPFOTVSFIJHIBOUJSFëFDUJPO
RVBMJUZ/PEFHSBEBUJPOJO.5'JTTFFOBOEUIFSFJTOP
TIJѫJOGPDVT
ѮFêMUFSQFSGPSNBODFJTPQUJNJTFEUPHJWFFWFOJMMV
NJOBUJPOBUMBSHFSPSNFEJVNTJ[FEBQFSUVSFT
5JQT3FNJOEFST
1IPUPHSBQIFSTOPSNBMMZVTFEUPXPSLJOHXJUI4-3
DBNFSBTTIPVMEQBSUJDVMBSMZDIFDLUIBUUIFMFOTDBQIBT
CFFOSFNPWFEXIFONBLJOHFYQPTVSFT'MBTIJOHTIVU
UFSTQFFEBOEGMBTIJOHMPXFYQPTVSFTZNCPMXBSOJOH
BQQFBSJOUIFWJFXGJOEFS
5BLFDBSFJGVTJOHPUIFSUZQFTPGMFOTTIBEFPSGJMUFSIPME
FST"TUIF91BO**EPFTOPUIBWFB55-WJFXJOHTZTUFNJU
XJMMCFEJGGJDVMUUPKVEHFFGGFDUTBOEQPTTJCMFWJHOFUUJOH
5IFZNBZBMTPPCTDVSFUIFSBOHFGJOEFSPQUJDTBOEDBVTF
WJTVBMGPDVTJOHEJGGJDVMUJFTUISPVHIUIFWJFXGJOEFS
3FHVMBSMZDIFDLUIBUUIFDPOUSPMTBSFTFUDPSSFDUMZCF
GPSFZPVUBLFBQIPUPHSBQI'PSFYBNQMFZPVNBZIBWF
TFUUIFDBNFSBBU"4"*40PWFSSJEFGPSBQSFWJPVTGJMN
BOEIBWFGPSHPUUFOUPSFTFUUIF"VUP%9DPEFTFUUJOH
0SQFSIBQTZPVIBWFGPSHPUUFOUPSFTFUBOFYQPTVSF
DPNQFOTBUJPO
8IFOVTJOHUIFQBOPSBNBGPSNBUFOTVSFUIBUZPVDPN
QPTFBDDVSBUFMZPSBUMFBTUBMMPXBNBSHJOGPSFSSPS*GZPV
EFDJEFUPDSPQBOJNBHFMBUFSUPMFWFMBIPSJ[POGPSJO
TUBODFZPVNBZCFGPSDFEUPNBTLPGGTMJHIUMZNPSFUIBO
OPSNBMDPNQBSFEUPBTJNJMBSDPSSFDUJPOJOUIFTUBOEBSE
GPSNBUPXJOHUPUIFQBOPSBNBGPSNBUTHSFBUFSMFOHUI


UIFMFOHUIPGUIFDBNFSBTCBTFQMBUFBOETDSFXUIFCPMU
DMPDLXJTFJOUPUIFUSJQPETPDLFUBGFXUVSOT&OTVSF
UIFBMJHONFOUQJOPOUIFQMBUFNBUDIFTJUTSFTQFDUJWF
TPDLFUJOUIFDBNFSBCBTFQMBUFBOEDPOUJOVFUPTDSFX
UIFCPMUVOUJMJUJTTFDVSFMZBUUBDIFE
4QJSJUMFWFM 
5IFEVBMEJSFDUJPOBMTQJSJUMFWFMTJNQMZGJUTJOUPUIF
ëBTIIPUTIPFBOEQSPWJEFTBDIFDLGPSCPUIIPSJ[POUBM
BOEWFSUJDBMQIPUPHSBQIZ5IJTDBOCFQBSUJDVMBSMZ
VTFGVMXIFOQIPUPHSBQIJOHCVJMEJOHTGPSFYBNQMF*O
UIFTFDBTFTUIFVTFPGBUSJQPEPSTUBCMFDBNFSBTVQQPSU
JTQBSUJDVMBSMZSFDPNNFOEFE
&OTVSFIPXFWFSUIBUJUJTêUUFEDPSSFDUMZTFFJMMVTUSB
UJPOT/PUFUIFEJGGFSFODFEFQFOEJOHPOXIFUIFSUIF
DBNFSBJTJOUIFIPSJ[POUBMPSUIFWFSUJDBMQPTJUJPO
$IFDLUIBUUIFTQJSJUMFWFMIBTCFFOQVTIFEBMMUIF
XBZJOUPUIFTIPFBTGBSBTJUXJMMHP3FNFNCFSUIBU
UIFTQJSJUMFWFMJTJOUFOEFEUPCFBOBJEJOMFWFMMJOHBOE
DBOOPUHVBSBOUFFDPNQMFUFBDDVSBDZ$IFDLUIFJNBHF
DBSFGVMMZJOUIFWJFXêOEFS
674LZGJMUFS
5IF674LZGJMUFS91BOJTEFTJHOFEGPS
VTFXJUIUIF)BTTFMCMBENNBOEUIF)BTTFMCMBE
NNMFOTFT5IFGJMUFSBCTPSCTTPNFPGUIFVMUSB
WJPMFUSBZTQSFTFOUJOMJHIUXIJDIDBVTFUIFBQQFBS
BODFPGIB[FQBSUJDVMBSMZOPUJDFBCMFJOQIPUPHSBQIZBU
IJHIBMUJUVEFTGPSFYBNQMFѮFVTFPGB674LZêMUFS
DBOSFEVDFUIJTFĒFDUTPNFXIBUBOEBMTPDBVTFBTMJHIU
XBSNJOHPGUPOFPODPMPVSêMN
ѮFêMUFSDBOTBGFMZCFMFѫPOUIFMFOTGPSNPTUQIPUP
HSBQIJDBQQMJDBUJPOTBTJUQSPWJEFTTPNFQSPUFDUJPOGPS
UIFMFOTGSPOUFMFNFOUOPUPOMZBHBJOTUEVTUBOESBJO
FUDCVUBMTPBHBJOTUTDSBUDIFTBOEBDDJEFOUBMEBNBHF
ѮFêMUFSJTNVMUJDPBUFEUPFOTVSFIJHIBOUJSFëFDUJPO
RVBMJUZ/PEFHSBEBUJPOJO.5'JTTFFOBOEUIFSFJTOP
TIJѫJOGPDVT
$FOUSFGJMUFS91BOGPSNN
5IF$FOUSFGJMUFS91BOGPSNNJTEF
TJHOFEGPSVTFPOMZXJUIUIF)BTTFMCMBENNMFOT

ѮFNNMFOTJTGSFFGSPNWJHOFUUJOHXJUIQBOPSBNB
GPSNBUJNBHFTBUMFOTBQFSUVSFTFUUJOHTTNBMMFSUIBO
G)PXFWFSOBUVSBMMJHIUGBMMPĒBCBTJDMBXPGQIZT
JDTSFEVDFTUIFFYQPTVSFBUUIFDPSOFSTPGUIFJNBHFCZ
SPVHIMZGTUPQ
ѮJTMJHIUGBMMPĒBUUIFDPSOFSTDBVTFTWJTJCMFFĒFDUT
JODSJUJDBMQIPUPHSBQIZXIFOVTJOHUSBOTQBSFODZêMN
8IFOVTJOHOFHBUJWFêMNIPXFWFSOBUVSBMMJHIUGBMM
PĒQSFTFOUJOUSBEJUJPOBMPQUJDBMQSJOUJOHTFUVQTNPTU
GJMNMBCTBOENJOJMBCTBVUPNBUJDBMMZDPNQFOTBUFT
GPSUIJTUPBHSFBUFSFYUFOUJOUIFQSJOUѮFSFGPSFXIFO
VTJOHOFHBUJWFGJMNBOEXJUIUIFMFOTTUPQQFEEPXO
UIFSFNBZCFOPOFFEUPVTFBDFOUSFêMUFS
ѮFPOMZXBZUPFMJNJOBUFMJHIUGBMMPĒBUUIFDPSOFSTJT
UPSFEVDFUIFBNPVOUPGFYQPTVSFBUUIFDFOUSFPGUIF
JNBHF5IF$FOUSFGJMUFS91BOXPSLTCZBDPODFOUSB
UJPOPGOFVUSBMEFOTJUZBUUIFDFOUSFBOEBQSPHSFTTJWF
SFEVDUJPOPGEFOTJUZUPXBSETUIFPVUFSFEHFѮFFĒFDU
BUUIFDFOUSFPGUIFêMUFSDPSSFTQPOETUPBGTUPQSF
EVDUJPOJOFYQPTVSF
ѮFêMUFSJTNVMUJDPBUFEUPFOTVSFIJHIBOUJSFëFDUJPO
RVBMJUZ/PEFHSBEBUJPOJO.5'JTTFFOBOEUIFSFJTOP
TIJѫJOGPDVT
ѮFêMUFSQFSGPSNBODFJTPQUJNJTFEUPHJWFFWFOJMMV
NJOBUJPOBUMBSHFSPSNFEJVNTJ[FEBQFSUVSFT
5JQT3FNJOEFST
1IPUPHSBQIFSTOPSNBMMZVTFEUPXPSLJOHXJUI4-3
DBNFSBTTIPVMEQBSUJDVMBSMZDIFDLUIBUUIFMFOTDBQIBT
CFFOSFNPWFEXIFONBLJOHFYQPTVSFT'MBTIJOHTIVU
UFSTQFFEBOEGMBTIJOHMPXFYQPTVSFTZNCPMXBSOJOH
BQQFBSJOUIFWJFXGJOEFS
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5IFZNBZBMTPPCTDVSFUIFSBOHFGJOEFSPQUJDTBOEDBVTF
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NNMFOTJONNDBNFSBUFSNTXIFODBNFSBTFUBUQBOPSBNBGPSNBU
$BNFSB-$%JOGPS
NBUJPO
#BUUFSJFT
&YUFSOBMEJNFO
TJPOT
8FJHIU
-&/4&4
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
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UJNFTZODNPEFSFXJOENPEFNVMUJFYQPTVSFCBUUFSZTUBUVTBOEFYQPTVSFIJTUPSZ
*MMVNJOBUFE
$3YWUPUBM
$BNFSBCPEZPOMZNN-YNN8YNN)YY
NNMFOTNN-NN NNMFOTNN-NN
#PEZPOMZHP[XJUIPVUCBUUFSJFT NNMFOTHP[
NNMFOTHP[ NNMFOTHP[
)BTTFMCMBENN"TQIFSJDBMMFOT
CBZPOFUGJUUJOHGoGDPNQPOFOUTFMFNFOUTGPDVTJOHSBOHFNoɆGJMUFS
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ɈNNMFOTJONNDBNFSBUFSNTXIFODBNFSBTFUBUQBOPSBNBGPSNBU
)BTTFMCMBENNMFOT
CBZPOFUGJUUJOHGoGDPNQPOFOUTFMFNFOUTGPDVTJOHSBOHFNoɆGJMUFS
NN"OHMFPGWJFXEJBHIPS¡¡TUBOEBSEGPSNBU¡¡QBOPSBNBGPSNBUɈ
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CBZPOFUGJUUJOHGoGDPNQPOFOUTFMFNFOUTGPDVTJOHSBOHFNoɆGJMUFS
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1PTTJCMFDBVTFTPMVUJPO
:PVS91BO**JTBGVMMZQSPGFTTJPOBMDBNFSBBOETIPVMEQSPWJEFNBOZZFBSTPGTFSWJDFQBSUJDVMBSMZJGUIFBEWJDFJTGPMMPXFE
VOEFSA&RVJQNFOU$BSF4FSWJDFBOE(VBSBOUFF*GBQSPCMFNBSJTFTIPXFWFSDIFDLCBDLJOUIJTNBOVBMUPUIFSFMFWBOU
TFDUJPOGJSTUUBLJOHQBSUJDVMBSOPUFPGUIFTQFDJGJDXBSOJOHT5IFODIFDLUIFUBCMFCFMPXUPTFFJGZPVDBOTPMWFJU3FGFSUPB
)BTTFMCMBE"VUIPSJTFE4FSWJDF$FOUSFJTUIFQSPCMFNQFSTJTUT
$BNFSBEPFTOPUSFBDUXIFO
UIFSFMFBTFCVUUPOJTQSFTTFE
:PVDBOOPUBUUBDIUIFMFOT
:PVDBOOPUSFNPWFUIFMFOT
/FXGJMNIBTOPUXPVOEPOUP
GJSTUGSBNF
8IPMFGJMNVOEFS
PWFSFYQPTFE
4PNFGSBNFTVOFYQPTFE
t .PEFTFMFDUPSJOA0''QPTJUJPO
t #BUUFSJFTPNJUUFEPSFYIBVTUFE
t &OTVSFMFOTJOEFYFTBSFBMJHOFE
t %FQSFTTMFOTSFMFBTFCVUUPOXIJMFUVSOJOHMFOT
t 'JMNUJQJODPSSFDUMZQPTJUJPOFECFGPSFDMPTJOHDBNFSBCBDL
t *40TFUUJOHUP%9QPTJUJPOXJUIBOPO%9DPEFEGJMNDBTTFUUF
t .BOVBMGJMNTQFFE*40TFUJODPSSFDUMZ
t &YQPTVSFDPNQFOTBUJPOOPUTFUBU[FSP
t -FOTDBQOPUSFNPWFE
&RVJQNFOU$BSF4FSWJDFBOE(VBSBOUFF
&26*1.&/5$"3&
5IF)BTTFMCMBE91BO**JTEFTJHOFEUPXJUITUBOEUIF
SJHPVSTPGQSPGFTTJPOBMVTFJONPTUFOWJSPONFOUT5P
BWPJEUIFQPTTJCJMJUZPGEBNBHFIPXFWFSJUTIPVME
CFQSPUFDUFEGSPNUIFGPMMPXJOH
&YUSFNFTPGUFNQFSBUVSF)JHIUFNQFSBUVSFT
DBOIBWFBOBEWFSTFFGGFDUPOCPUIGJMNBOEFRVJQ
NFOU5SZUPBWPJEGSFRVFOUBOETFWFSFUFNQFSBUVSF
DIBOHFT#FQBSUJDVMBSMZDBSFGVMJOIVNJEFOWJSPO
NFOUT$PSSPTJPOPGFMFDUSJDBMDPOUBDUTNBZPDDVSJO
UIFTFTJUVBUJPOTJGTVGGJDJFOUDBSFJTOPUUBLFO"MMPX
UIFFRVJQNFOUUPBDDMJNBUJ[FCFGPSFEJTBTTFNCMZ
5SZUPFOTVSFUIFTUPSBHFDPOEJUJPOTJOTVDIFOWJSPO
NFOUTBSFBTESZBTQPTTJCMF
%VTUBOEHSJU:PVTIPVMEUBLFDBSFUPQSFWFOUEVTU
BOEHSJUGSPNHFUUJOHJOUPZPVSFRVJQNFOU*ODPBTU
BMBSFBTUBLFNFBTVSFTUPQSPUFDUZPVSFRVJQNFOU
GSPNTBOEBOETBMUXBUFSTQSBZ%VTUPOUIFMFOT
HMBTTDBOCFSFNPWFEXJUIBCMPXFSCSVTIPSWFSZ
TPGUMFOTCSVTIJGOFDFTTBSZ4NFBSTPOUIFMFOTHMBTT
TIPVMECFUSFBUFEXJUIHSFBUDBVUJPO*OTPNFDBTFT
UIFZNBZCFSFNPWFEXJUIBIJHIRVBMJUZMFOTDMFBO
JOHTPMVUJPOPOBUJTTVFCVUCFDBSFGVMOPUUPTDSBUDI
UIFMFOTPSUPVDIBOZPGUIFHMBTTTVSGBDFTXJUIZPVS
GJOHFST*GJOBOZEPVCUEPOPUBUUFNQUUPDMFBO
MFOTHMBTTTVSGBDFTZPVSTFMGCVUBMMPXBi)BTTFMCMBE
"VUIPSJ[FE4FSWJDF$FOUFSwUPUSFBUUIFN
*NQBDU:PVSFRVJQNFOUDBOCFEBNBHFECZTF
WFSFQIZTJDBMTIPDLTTPQSBDUJDBMQSPUFDUJWFQSFDBV
UJPOTTIPVMECFUBLFO8IFOOPUJOVTFUSZUPNBLF
BIBCJUPGTUPSJOHZPVSDBNFSBFRVJQNFOUJOTPNF
GPSNPGQSPUFDUJWFDBTFPSCBHUPBWPJEBDDJEFOUBM
EBNBHF
-PTT)BTTFMCMBEFRVJQNFOUJTNVDITPVHIUBG
UFSBOEZPVTIPVMEUBLFPCWJPVTTUFQTUPQSFWFOU
UIFGU/FWFSMFBWFJUWJTJCMFJOBOVOBUUFOEFEDBSGPS
FYBNQMF4FQBSBUFBOETQFDJGJDDBNFSBJOTVSBODF
DPWFSTIPVMECFDPOTJEFSFECZQSPGFTTJPOBMVTFST
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5SPVCMFTIPPUJOH
1SPCMFN
1PTTJCMFDBVTFTPMVUJPO
:PVS91BO**JTBGVMMZQSPGFTTJPOBMDBNFSBBOETIPVMEQSPWJEFNBOZZFBSTPGTFSWJDFQBSUJDVMBSMZJGUIFBEWJDFJTGPMMPXFE
VOEFSA&RVJQNFOU$BSF4FSWJDFBOE(VBSBOUFF*GBQSPCMFNBSJTFTIPXFWFSDIFDLCBDLJOUIJTNBOVBMUPUIFSFMFWBOU
TFDUJPOGJSTUUBLJOHQBSUJDVMBSOPUFPGUIFTQFDJGJDXBSOJOHT5IFODIFDLUIFUBCMFCFMPXUPTFFJGZPVDBOTPMWFJU3FGFSUPB
)BTTFMCMBE"VUIPSJTFE4FSWJDF$FOUSFJTUIFQSPCMFNQFSTJTUT
$BNFSBEPFTOPUSFBDUXIFO
UIFSFMFBTFCVUUPOJTQSFTTFE
:PVDBOOPUBUUBDIUIFMFOT
:PVDBOOPUSFNPWFUIFMFOT
/FXGJMNIBTOPUXPVOEPOUP
GJSTUGSBNF
8IPMFGJMNVOEFS
PWFSFYQPTFE
4PNFGSBNFTVOFYQPTFE
t .PEFTFMFDUPSJOA0''QPTJUJPO
t #BUUFSJFTPNJUUFEPSFYIBVTUFE
t &OTVSFMFOTJOEFYFTBSFBMJHOFE
t %FQSFTTMFOTSFMFBTFCVUUPOXIJMFUVSOJOHMFOT
t 'JMNUJQJODPSSFDUMZQPTJUJPOFECFGPSFDMPTJOHDBNFSBCBDL
t *40TFUUJOHUP%9QPTJUJPOXJUIBOPO%9DPEFEGJMNDBTTFUUF
t .BOVBMGJMNTQFFE*40TFUJODPSSFDUMZ
t &YQPTVSFDPNQFOTBUJPOOPUTFUBU[FSP
t -FOTDBQOPUSFNPWFE
&RVJQNFOU$BSF4FSWJDFBOE(VBSBOUFF
&26*1.&/5$"3&
5IF)BTTFMCMBE91BO**JTEFTJHOFEUPXJUITUBOEUIF
SJHPVSTPGQSPGFTTJPOBMVTFJONPTUFOWJSPONFOUT5P
BWPJEUIFQPTTJCJMJUZPGEBNBHFIPXFWFSJUTIPVME
CFQSPUFDUFEGSPNUIFGPMMPXJOH
&YUSFNFTPGUFNQFSBUVSF)JHIUFNQFSBUVSFT
DBOIBWFBOBEWFSTFFGGFDUPOCPUIGJMNBOEFRVJQ
NFOU5SZUPBWPJEGSFRVFOUBOETFWFSFUFNQFSBUVSF
DIBOHFT#FQBSUJDVMBSMZDBSFGVMJOIVNJEFOWJSPO
NFOUT$PSSPTJPOPGFMFDUSJDBMDPOUBDUTNBZPDDVSJO
UIFTFTJUVBUJPOTJGTVGGJDJFOUDBSFJTOPUUBLFO"MMPX
UIFFRVJQNFOUUPBDDMJNBUJ[FCFGPSFEJTBTTFNCMZ
5SZUPFOTVSFUIFTUPSBHFDPOEJUJPOTJOTVDIFOWJSPO
NFOUTBSFBTESZBTQPTTJCMF
%VTUBOEHSJU:PVTIPVMEUBLFDBSFUPQSFWFOUEVTU
BOEHSJUGSPNHFUUJOHJOUPZPVSFRVJQNFOU*ODPBTU
BMBSFBTUBLFNFBTVSFTUPQSPUFDUZPVSFRVJQNFOU
GSPNTBOEBOETBMUXBUFSTQSBZ%VTUPOUIFMFOT
HMBTTDBOCFSFNPWFEXJUIBCMPXFSCSVTIPSWFSZ
TPGUMFOTCSVTIJGOFDFTTBSZ4NFBSTPOUIFMFOTHMBTT
TIPVMECFUSFBUFEXJUIHSFBUDBVUJPO*OTPNFDBTFT
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Hasselblad XPan II User manual

Hasselblad
Brand
Hasselblad
Model
XPan II
Type
User manual
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