Compressor
Manual
Application
This manual may not be reproduced in whole or part
without prior permission from EMBRACO.
3_]`bUcc_b1``\YSQdY_^=Q^eQ\
@QWU
9 9^db_TeSdY_^  #
99 BUVbYWUbQdY_^SYbSeYd  $
999 8Ub]UdYSS_]`bUcc_b &
9F 4YQW^_cY^WdXU`b_R\U]  !!
F @b_SUTebUV_bSXQ^WY^WdXU
XUb]UdYSS_]`bUcc_b  #$
F9 6ebdXUbY]`_bdQ^dbUS_]]U^TQdY_^c  $&
F99 6ebdXUbY^V_b]QdY_^  &$
,QGH[
3_]`bUcc_b1``\YSQdY_^=Q^eQ\
,QWURGXFWLRQ
,
4UQbbUVbYWUbQdY_^`b_VUccY_^Q\
CY^SUYdcY^S_b`_bQdY_^Y^=QbSX!)'!5]RbQS_
XQcRUU^T_Y^WYdced]_cdd_[UU`Q^UfUbS\_cUb
bU\QdY_^cXY`gYdXYdcSecd_]UbcDXYcbU\QdY_^cXY`
XQcRUU^dbQ^c\QdUTY^YdcS_]]Yd]U^dd_
S_^dY^e_ec\i`b_fYTUdY]U\idUSX^YSQ\Y^V_b]QdY_^
dXQdS_^dbYRedUcVebdXUbd_dXU`b_VUccY_^Q\[^_g
X_g_V_ebbUVbYWUbQdY_^`b_VUccY_^Q\`Qbd^Ubc
DXU`eb`_cU_VdXYc=Q^eQ\Ycd_VQSY\YdQdUi_eb
g_b[9dYcQfQ\eQR\UQYTd_c_\fY^W`b_R\U]cY^dXU
bUVbYWUbQdY_^cicdU]I_egY\\VY^TdXQdi_ebQbU\i
^UUTd_SXQ^WUQXUb]UdYSS_]`bUcc_b7U^UbQ\\i
dXUVQe\dcQbUY^_dXUb`Qbdc_VdXUcicdU]
9VX_gUfUbi_eT_^UUTd_ceRcdYdedUdXU
S_]`bUcc_bdXYc=Q^eQ\gY\\XU\`i_eT_c_cdU`Ri
cdU`UfU^YVi_eT_^_dXQfUQ\\dXUUaeY`]U^d
DXU=Q^eQ\Q\c_WYfUcc_]UdY`c_^X_gd_`b_\_^W
dXUg_b[Y^W\YVU_VdXUXUb]UdYSS_]`bUcc_b
DXUY^V_b]QdY_^YcUQcid_e^TUbcdQ^TQ^TecUVe\
1\gQic[UU`dXYc=Q^eQ\Y^i_eb`_S[Ud
GYcXY^Wi_eceSSUccY^i_ebg_b[Q^T]Q^i
cQdYcVYUTSecd_]Ubc
6_bVebdXUbY^V_b]QdY_^S_^ce\d_ebcYdU_^dXU
9^dUb^UdQddXUV_\\_gY^WQTTbUcc
gggggg
gggggg
ggg
U]RbQS_S_]RbU]RbQS_S_]Rb
U]RbQS_S_]RbU]RbQS_S_]Rb
U]RbQS_S_]Rb
3_]`bUcc_b1``\YSQdY_^=Q^eQ\
DXUV_\\_gY^WVYWebUcX_gci_edXUUccU^dYQ\
S_]`_^U^dcV_bdXU_`UbQdY_^_V]_cd
bUVbYWUbQdY_^SYbSeYdc
5HIULJHUDWLRQ
&LUFXLW
,,
3_]`bUcc_b
6Y\dUbTbYUb
Ce`UbXUQdUT
bUVbYWUbQ^dV\eYT
Y^WQcU_ecV_b]
XYWX`bUccebU
BUVbYWUbQ^dV\eYTY^
\YaeYT
Q^T_bR\U^TUT
V_b]
=QY^
UfQ`_bQd_b
3_\T`\QdU_b
CUS_^TQbi
UfQ`_bQd_b
3_^TU^cUb
CeSdY_^\Y^U
BUVbYWUbQ^dV\eYTY^
WQcU_ecV_b]\_g
`bUccebU
3Q`Y\\QbideRU
6YWebU!?`UbQdY_^_VQRQcYSbUVbYWUbQdY_^cicdU]
4YcSXQbWU\Y^U
3_]`bUcc_b1``\YSQdY_^=Q^eQ\
DXUS_]`bUcc_bYcQfUbiY]`_bdQ^dYdU]Y^dXU
bUVbYWUbQdY_^SYbSeYd9dcVe^SdY_^Ycd_SYbSe\QdUdXU
bUVbYWUbQ^dV\eYTY^cYTUdXUSYbSeYd
8VHRIFRPSUHVVRUV
DXUSX_YSU_VQS_]`bUcc_bV_bSUbdQY^bUVbYWUbQdY_^
UaeY`]U^dTU`U^Tc_^dXUV_\\_gY^WVQSd_bc*
&RQWURO'HYLFH
1c]U^dY_^UTQR_fUUfUbibUVbYWUbQdY_^
cicdU]^UUTcQS_^db_\TUfYSUDXYc]Qi
RUQ^Uh`Q^cY_^fQ\fU_bSQ`Y\\QbideRU
9^SQ`Y\\QbiUaeY``UTSYbSeYdcdXU
`bUccebUc_^dXUceSdY_^Q^TTYcSXQbWU
cYTUcQbUUaeQ\gXU^dXUS_]`bUcc_bYc
cd_``UT9^dXYc[Y^T_VSYbSeYddXU
S_]`bUcc_bYcUaeY``UTgYdXQ\_g
cdQbdY^Wd_baeU]_d_b
9^Q^Uh`Q^cY_^fQ\fUSYbSeYdX_gUfUb
bUVbYWUbQ^d_^\iV\_gcdXb_eWXdXUfQ\fU
gXU^dXUS_]`bUcc_bYccgYdSXUT_^C_
dXU`bUccebURUdgUU^dXUceSdY_^Q^T
TYcSXQbWUQbU^_dUaeQ\gXU^dXU
S_]`bUcc_bYccd_``UT9^dXYcSQcUdXU
S_]`bUcc_bYcUaeY``UTgYdXQXYWX
cdQbdY^Wd_baeU]_d_b
+HUPHWLF
FRPSUHVVRU
,,,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\
DXUS_]`bUcc_b]_d_bcQ``b_`bYQdUV_b
dXUcUdg_cicdU]cQbUSQ\\UT*
<CD° <_gCdQbdY^WD_baeU
ecUTY^SQ`Y\\QbicicdU]c
8CD°8YWXCdQbdY^WD_baeUecUTY^
Uh`Q^cY_^fQ\fUcicdU]c
&ODVVLILFDWLRQ
&RQWURO
6\VWHP
([DPSOHRI
$SSOLFDWLRQ
<CD
3Q`Y\\Qbi
BUVbYWUbQd_bc
VbUUjUbcQ^T
TbY^[Y^WV_e^dQY^c
8CDS_]`bUcc_bc]QiRUecUTY^
cicdU]cecY^W<CDSQ`Y\\QbideRU
S_]`bUcc_bcgXU^dXU_VVSiS\UcQbUcX_bdUb
^_d`Ub]YddY^WUaeQ\UaeQ\YjUT`bUccebUc
8_gUfUb<CDS_]`bUcc_bcSQ^^_dRUecUT
Y^Uh`Q^cY_^fQ\fUcicdU]c
(YDSRUDWLRQWHPSHUDWXUH
1^_dXUbVQSd_bY^V\eU^SY^WdXUSX_YSU_V
dXUS_]`bUcc_bYcdXUUfQ`_bQd_b
dU]`UbQdebUbQ^WUbUaeYbUTRidXU
cicdU]GU^_g`_Y^d_eddg_UhdbU]U
cYdeQdY_^c*
6bUUjUbcdXQdg_b[Qd\_gdU]`UbQdebUc
fQbiY^WRUdgUU^"%
_
3!#
_
6Q^T
#%
_
3#!
_
6
&RPSUHVVRUV
,QGLFDWHG
1\\5]RbQS_
S_]`bUcc_bc
8CD
5h`Q^cY_^fQ\fU
_b3Q`Y\\Qbi
?^\iS_]`bUcc_bc
gYdXdXU\UddUbHY^
dXUS_TU_V]_TU\
UW*669!"2H
669!"82HUdS
3_]]UbSYQ\V__T
S_e^dUbcc_Vd
TbY^[]QSXY^Uc
BUVbYWUbQdUT
V__TS_e^dUbcQ^T
TYc`\QicQ^T
gQ\[Y^bUVbYWUbQd_bc
,,,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\
4UXe]YTYVYUbdXQdg_b[cQdQ^UfQ`_bQd_b
dU]`UbQdebU_V_fUb
_
3#"
_
6
8UQdQRc_b`dY_^RidXUbUVbYWUbQ^dgY\\
TU`U^T_^dXUUfQ`_bQd_bdU]`UbQdebU
1SUbdQY^`bUccebUS_bbUc`_^Tcd_Q
SUbdQY^dU]`UbQdebUY^dXUUfQ`_bQd_b
DXUWQcTU^cYdiYcXYWXUbQd\_g
dU]`UbQdebUcQ^TdXUbUV_bU_^\iQc]Q\\
aeQ^dYdi_VXUQd]QiRUQRc_bRUTTebY^W
UfQ`_bQdY_^9VdXUbUYcUfQ`_bQdY_^QdQ
XYWXUbdU]`UbQdebUV_bY^cdQ^SU
_
3
#"
_
6dXU`bUccebUQ^TTU^cYdigY\\
Y^SbUQcUQ^T]_bUXUQdgY\\RUQRc_bRUT
6_bdXYcbUQc_^gUSQ^S_^S\eTUdXQd
dXUg_b[bUaeYbUTRidXU]_d_bY^Q
S_]`bUcc_bV_bQXYWXUfQ`_bQdY_^
dU]`UbQdebUgY\\RU]_bUdXQ^dXQd
bUaeYbUTRidXUcQ]US_]`bUcc_bQdQ
\_gUfQ`_bQdY_^dU]`UbQdebU
3_^cUaeU^d\i]_d_bcd_RUecUTY^XYWX
UfQ`_bQdY_^`bUccebUcicdU]c]ecdXQfU
QXYWXUb_`UbQdY^Wd_baeU
DXUS_]`bUcc_bcSQ^RUS\QccYVYUT
QSS_bTY^Wd_dXUYbecUQcV_\\_gc*
82@°8YWX2QS[@bUccebU
8YWXUfQ`_bQdY_^dU]`UbQdebU
=2@°=UTYe]2QS[@bUccebU
=UTYe]UfQ`_bQdY_^dU]`UbQdebU
<2@° <_g2QS[@bUccebU
<_gUfQ`_bQdY_^dU]`UbQdebU
,,,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\
GXU^SX__cY^WdXUbU`\QSU]U^d]_TU\
YdYcfUbiY]`_bdQ^dd_SXUS[dXUS\Qcc_V
dXU_bYWY^Q\S_]`bUcc_b1ci_e[^_g
dXUS_]`bUcc_bc_`UbQdY^WS_^TYdY_^c
SQ^fQbiQSS_bTY^Wd_UQSXTUcYW^
9^dXYcgQic_]UTbY^[Y^WV_e^dQY^c]Qi
^UUTQ^82@gXY\U_dXUbcecUQ^<2@_b
=2@S_]`bUcc_b
7\SHRIUHIULJHUDQWIOXLG
5]RbQS_]Qb[UdcS_]`bUcc_bcV_becU
gYdXB!"Q^T_bR\U^TcB!#$QQ^T
B& QbUVbYWUbQ^dV\eYTc
DXUcUS_]`bUcc_bcTYVVUbVb_]UQSX
_dXUbY^cYTU]_d_b`e]`_Y\di`U
TYc`\QSU]U^dUdSY^_bTUbd_`b_fYTU
dXURUcd`UbV_b]Q^SUQ^TWeQbQ^dUUQ
XYWX\ibU\YQR\U`b_TeSd
&ODVVLILFDWLRQ
(YDSRUDWLRQ
7HPSHUDWXUH
([DPSOHRI
$SSOLFDWLRQ
<2@
<=2@
82@
#%
_
3d_!
_
3
#!
_
6d_!$
_
6
#%
_
3d_%
_
3
#!
_
6d_"#
_
6
%
_
3d_!%
_
3
"'
_
6d_%)
_
6
6bUUjUbc
BUVbYWUbQd_bc
BUVbYWUbQdUTV__T
S_e^dUbcQ^TTbY^[Y^W
V_e^dQY^c
4UXe]YTYVYUbcc_VdTbY^[
]QSXY^UcQ^TTbY^[Y^W
V_e^dQY^c
,,,
4U`U^TY^W_^gXQd[Y^T_VS_]`bUcc_b
]_TU\YcY^f_\fUTYd]QiRUecUTY^Q
bQ^WUVb_]dXU<2@d_82@S\QccYVYSQdY_^
cUUV_\\_gY^WdQR\U
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

,,,
6YWebU"3_]`bUcc_b\QRU\
6YWebU#3_]`bUcc_b\QRU\V_b
B& QbUVbYWUbQ^dV\eYT
6YWebU$3_]`bUcc_b\QRU\V_bB!#$Q
bUVbYWUbQ^dV\eYT
6YWebU%<QRU\V_b3_]`bUcc_bcdXQdSQ^ecUR\U^Tc
D_VQSY\YdQdUYTU^dYVYSQdY_^dXUbUQbU
c`USYQ\\QRU\c_^dXUS_]`bUcc_b
Y^V_b]Y^WdXUbUVbYWUbQ^dV\eYTecUT
CY^SUCU`dU]RUb!))'5]RbQS_XQc
Q``b_fUTc_]UbUVbYWUbQ^dR\U^Tcd_RU
ecUTY^YdcS_]`bUcc_bcQ^T_^\idX_cU
gYdXdXUbUc`USdYfU\QRU\gY\\RU
ceYdQR\UV_bdXUR\U^Tc
DXUR\U^TcQ``b_fUTd_RU
ecUTY^dXU5]RbQS_
S_]`bUcc_bcQbU6H%&
=@#)=@&&Q^T9C35?>$)
%OHQGVDSSURYHG
RQO\IRUXVHZLWKWKH
5FRPSUHVVRUV
$WWHQWLRQ
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

2UV_bUSXQ^WY^WQ^i`Qbd_VdXUbUVbYWUbQdY_^
cicdU]dXUW__TbUVbYWUbQdY_^`b_VUccY_^Q\
e^TUbdQ[UcQVe\\TYQW^_cYcd_YTU^dYVidXUbUQ\
SQecU_VdXU`b_R\U]
DXUV_\\_gY^WdQR\UcX_gcdXU]_cdVbUaeU^dVQY\ebUc
Y^QbUVbYWUbQdY_^cicdU]Q^TdXUYb`_ccYR\USQecUc
6_bUQSX`b_R\U]`bUcU^dUTi_egY\\VY^TYdc
`_ccYR\USQecUc]Qb[UTgYdXQDXU`b_R\U]c
QbU\YcdUTY^dXUe``Ub`Qbd_VdXUdQR\U6_\\_g
dXUQbb_gcQ^Ti_egY\\VY^TQ_^UQSX
`_ccYR\USQecU9^dXUcQ]U\Y^UQcUQSXSQecU
i_egY\\VY^TdXU^e]RUb_VdXUYdU]bU\QdUTd_dXU
^USUccQbiQSdY_^cd_S_bbUSddXU`b_R\U]<__[Y^
dXU=Q^eQ\V_bdXUYdU]S_bbUc`_^TY^Wd_dXQd
QSdY_^Q^T`b_SUUTgYdXSQbU
,9
WKH
SUREOHP
'LDJQRVLQJ
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

([DPSOH
352%/(0
DXUbUVbYWUbQd_bbUVbYWUbQdUcd__]eSX
!cdS_\e]^Y^DQR\U_V=QY^BUVbYWUbQd_b
@b_R\U]c@Qbd!
3266,%/(&$86(
Gb_^WS_^^USdY_^Y^S_^^USdY_^R_h
VYbcdY^!cdS_\e]^
67(36
9dU]""GXU^\__[Y^WV_bdXYcYdU]Y^dXU
=Q^eQ\i_egY\\VY^T*
3XUS[dXUS_^^USdY_^cgYdXdXUXU\`_V
dXUbUVbYWUbQd_bcU\USdbYSQ\TYQWbQ]9VdXU
S_^^USdY_^cQbUS_bbUSdW_RQS[d_dXU
dQR\UQ^Ti_egY\\VY^TQ^_dXUbY^dXU
!cdS_\e]^
DXYcgY\\RUQ^_dXUb`_ccYR\USQecU_VdXU
`b_R\U]*
DXUb]_cdQdT_Uc^_dcgYdSX_VVI_egY\\
VY^TdXUcdU`d_dQ[UY^dXUcQ]U\Y^UYdU]
$#<__[Y^dXU=Q^eQ\e^TUbdXYcYdU]
Q^TdXUcdU`gY\\RUdXUbU*3XUS[YVdXU
dXUb]_cdQdRe\RYcS_bbUSd\iY^cdQ\\UTDeb^
dXUdXUb]_cdQdRedd_^d_dXU\_gUcd`_Y^d
\UQcdS_\TQ^TSXUS[YVdXUS_]`bUcc_b
TYcS_^^USdc9VdXU`b_R\U]S_^dY^eUc
ceRcdYdedUdXUdXUb]_cdQd9V^USUccQbi
i_egY\\Q\c_VY^T_dXUb`_ccYR\USQecUc
V_bdXU`b_R\U]Q\gQicQSS_]`Q^YUTRi
dXU^USUccQbicdU`cDbiV_bi_ebcU\VI_e
gY\\cUUdXQdYdYc]eSXUQcYUbdXQ^Yd\__[c
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

7DEOHRI0DLQ5HIULJHUDWRU
3UREOHPV3DUW
,9
>_f_\dQWUQd`_gUbce``\i
FUbi\_gf_\dQWUQd`_gUbce``\i
FUbiXYWXf_\dQWU
9^dUbbe`dUTU\USdbYSSQR\U_bgYbY^W
Gb_^WS_^^USdY_^QddXUdUb]Y^Q\R_QbT
GYbY^W_bU\USdbYSQ\S_]`_^U^dcd_eSXY^W
]UdQ\`Qbdc
5\USdbYSQ\S_]`_^U^dcY^dUbbe`dY^WdXUSebbU^dV\_gd_
dXUS_]`bUcc_b
9^dUb^Q\\YWXdT_Uc^_dcgYdSX_VV
9^QTUaeQdUdbQ^cV_b]Ub
9^QTUaeQdUWb_e^TY^W
DXUb]_cdQdcgYdSXUT_VV
DXUb]_cdQdgYdX^_SebbU^d`QccY^WdXb_eWXS_^dQSdc
DXUb]_cdQdT_Uc^_dcgYdSX_VV
DXUb]_cdQdQTZecdUTd_dXU]QhY]e]S_\TUcd
DXUb]_cdQdQTZecdUTd_dXU]Y^Y]e]\UQcdS_\T
DXUb]_cdQd]Q[Y^W^_YcU
DXUb]_cdQdgYdX\__cURe\R
DXUb]_cdQdgYdXY^S_bbUSdRe\R`_cYdY_^
DXUb]_cdQdgYdXVQY\ebU_bYbbUWe\Qb_`UbQdY_^
9^QTUaeQdUdXUb]_cdQd
9^S_bbUSd_fUb\_QT`b_dUSd_b
6Qe\di_fUb\_QT`b_dUSd_b
9^S_bbUSdcdQbdY^WbU\Qi@D3
6Qe\dicdQbdY^WbU\Qi@D3
9^S_bbUSdcdQbdY^WSQ`QSYd_b
6Qe\dicdQbdY^WSQ`QSYd_b
3_]`bUcc_bS_^^USdUTd_Qf_\dQWUTYVVUbU^dVb_]dXU_^Uc`USYVYUT
3_]`bUcc_bgY^TY^WY^dUbbe`dUT_bReb^UT_ed
3_]`bUcc_bgYdXSebbU^d\UQ[QWUd_dXUX_ecY^W
3_]`bUcc_bgYdXXYWXQ]`UbQWUXYWXSebbU^d
5H35CC9F5B56B975B1D9?>
9>CE669395>DB56B975B1D9?>
5<53DB931<C8?3;
>?9C5C
5HD5B>1<CG51D9>7?6D853129>5D
9>D5B>1<CG51D9>7?6D853129>5D
8978@?G5B3?>CE=@D9?>
4?5C>?DG?B;3?=@B5CC?B4?5C>?DCG9D38?>?F5B<?14@B?D53D?B>?DG?B;9>7
4?5C>?DG?B;3?=@B5CC?B4?5C>?DCG9D38?>?F5B<?14@B?D53D?BG?B;9>7
4?5C>?DG?B;3?=@B5CC?BCG9D385C?>?F5B<?14@B?D53D?BG?B;9>7
3266,%/(&$86(6(/(&75,&$/25,*,1
0($685(6
6HHLWHPLQ&KDS,9
!!!
!!"
!!#
"!
""
"#
"$
"%
"&
#!
$!
$"
$#
$$
$%
$&
$'
$(
$)
$!
%!
%"
&
&!&"&#
'!
'"
!)!
!)"
!)#
!))
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

7DEOHRI0DLQ5HIULJHUDWRU
3UREOHPV3DUW
3_^TU^cUbY]`b_`Ub\iVYhUT]UdQ\deRUcd_eSXY^W (!
@QbdYQ\R\_S[QWUY^deRUc ("
3Q`Y\\QbiR\_S[QWUTeUd_gQdUbgQh`QbQVVY^ (#
4YbdiS_fUbUTS_^TU^cUb_b^_QYbSYbSe\QdY_^ ($
9^S_bbUSd\UfU\Y^W_VbUVbYWUbQd_b_bS_]`bUcc_bRQcU )!
>_YcUSQecUTRi_dXUbS_]`_^U^dc )"
3_]`bUcc_bd_eSXY^WdXUgQ\\_bSQRY^Ud )#
@__bT__bcUQ\Y^W !
Gb_^W\_SQdY_^_VdXUbUVbYWUbQd_b !!
FUbiXYWXbU\QdYfUXe]YTYdi_fUb(% !"
BUVbYWUbQd_bgYdX_edVbUUjUbdbQi !#
BUVbYWUbQd_becUTY^UhSUcc !$
BUVbYWUbQd_becUTY^S_bbUSd\i !%
GUd9^ce\QdY_^W\Qccg__\ !&!
4UdUbY_bQdY_^_V_b^_XUQdY^ce\QdY_^ !&"
5h`Q^cY_^_VbUVbYWUbQ^dY^dXUUfQ`_bQd_b !'!
5hSUccbUVbYWUbQ^dV\eYTSXQbWUY^dXUbUVbYWUbQd_b !'"
>_bUVbYWUbQ^dV\eYTSXQbWU !'#
<UQ[QWU_VbUVbYWUbQ^dV\eYT !'$
EcU_VUh`Q^cY_^fQ\fU !(
9^S_bbUSdS_]`bUcc_bY^cdQ\\QdY_^VYhQdY_^ !)$
3_]`bUcc_bY^QTUaeQdUV_bdXUcicdU] !)%
3_]`bUcc_bgYdX\_gSQ`QSYdi !)&
3_]`bUcc_bgYdXY^dUb^Q\^_YcU !)'
3_]`bUcc_b\_S[UTcdQ\\UT !)(
,9
3266,%/(&$86(60(&+$1,&$/25,*,1
0($685(6
6HHLWHPLQ&KDS,9
5H35CC9F5B56B975B1D9?>
9>CE669395>DB56B975B1D9?>
5<53DB93C8?3;
>?9C5C
5HD5B>1<CG51D9>7?6D853129>5D
9>D5B>1<CG51D9>7?6D853129>5D
8978@?G5B3?>CE=@D9?>
4?5C>?DG?B;3?=@B5CC?B4?5C>?DCG9D38?>?F5B<?14@B?D53D?B>?DG?B;9>7
4?5C>?DG?B;3?=@B5CC?B4?5C>?DCG9D38?>?F5B<?14@B?D53D?BG?B;9>7
4?5C>?DG?B;3?=@B5CC?BCG9D385C?>?F5B<?14@B?D53D?BG?B;9>7
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

,9
3UREOHPVDQG6ROXWLRQV
9ROWDJH
1RYROWDJHDWSRZHUVXSSO\
3XUS[ecY^WQf_\d]UdUb_bdUcd
\Q]`
9HU\ORZYROWDJHDWSRZHUVXSSO\
D_U\Y]Y^QdU`b_R\U]c_Vf_\dQWUc
RU\_g! #F!!%F^_]Y^Q\Q^T
!)(F"" F^_]Y^Q\QddXUU^T
_VdXU=Q^eQ\gUbUS_]]U^TdXU
ecU_VQf_\dQWUcdQRY\YjUb
GXU^dXUS_]`bUcc_bT_Uc^_d
cdQbddXU`b_R\U]SQ^RUc_\fUT
]_cd_VdU^RiecY^WdXUbYWXd
cdQbdY^WSQ`QSYd_b
9HU\KLJKYROWDJH
D_U\Y]Y^QdUdXU`b_R\U]_V
f_\dQWUcQR_fU!#"F!!%F
^_]Y^Q\Q^T"$ F"" F
^_]Y^Q\gUbUS_]]U^TdXUecU
_VQf_\dQWUcdQRY\YjUb
(OHFWULFDO3DUWV
,QWHUUXSWHGHOHFWULFFDEOHRUZLULQJ
EcY^WQdUcd\Q]`_b_X]]UdUbSXUS[YV
dXUSQR\U_bgYbY^WYc^_dY^dUbbe`dUT1\c_
SXUS[dXU`\eW
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

:URQJFRQQHFWLRQDWWKHWHUPLQDOERDUG
3XUS[dXUS_^^USdY_^cecY^WdXU
bUVbYWUbQd_bcU\USdbYSQ\TYQWbQ]
:LULQJRUHOHFWULFDOFRPSRQHQWVWRXFKLQJ
PHWDOSDUWV
3XUS[YVdXUbUYcQVQe\dY^dXUY^ce\QdY_^_V
Q^U\USdbYSQ\S_]`_^U^ddXQdYcd_eSXY^W
]UdQ\`Qbdc3_bbUSddXUTUVUSd
(OHFWULFDOFRPSRQHQWVLQWHUUXSWLQJWKH
FXUUHQWIORZWRWKHFRPSUHVVRU
4UVUSdY^ceSXS_]`_^U^dcQcdXUb]_cdQd
QehY\YQbidbQ^cV_b]UbdY]UbUdS3XUS[
,QWHUQDOOLJKWGRHVQRWVZLWFKRII
3XUS[YVdXU\YWXdcgYdSXXQcQ`b_R\U]
ceSXQcQ`__bS_^dQSdY^S_bbUSd\i
Y^cdQ\\UTUdS
,QDGHTXDWHWUDQVIRUPHU
3XUS[YVdXUdbQ^cV_b]UbYcdXU_^Uc`USYVYUT
Y^dXUdQR\UY^3XQ`dUbF9YdU]$
,QDGHTXDWH*URXQGLQJ
(OHFWULFDOGLVFKDUJH
3XUS[dXUWb_e^TS_^^USdY_^
9V^USUccQbibUT_dXUWb_e^TY^W
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

7KHUPRVWDW
7KHUPRVWDWVZLWFKHGRII
Deb^dXUdXUb]_cdQdRedd_^d_]QhY]e]
S_\TUcdQ^TcUUYVdXUS_]`bUcc_bcdQbdc
7KHUPRVWDWZLWKQRFXUUHQWSDVVLQJ
WKURXJKFRQWDFWV
9^cdQ\\QRbYTWUgYbURUdgUU^dXU
dXUb]_cdQddUb]Y^Q\c9VdXUS_]`bUcc_b
cdQbdcceRcdYdedUdXUdXUb]_cdQd
7KHUPRVWDWGRHVQRWVZLWFKRII
3XUS[YVdXUdXUb]_cdQdRe\RYcS_bbUSd\i
Y^cdQ\\UTDeb^dXUdXUb]_cdQdRedd_^d_
dXU]Y^Y]e]\UQcdS_\TQ^TSXUS[YVdXU
S_]`bUcc_bTYcS_^^USdc9VdXU`b_R\U]
S_^dY^eUcceRcdYdedUdXUdXUb]_cdQd
7KHUPRVWDWDGMXVWHGWRWKH
PD[LPXPFROGHVW
Deb^dXUdXUb]_cdQdRedd_^d_dXU
]Y^Y]e]\UQcdS_\TQ^TSXUS[YVdXU
S_]`bUcc_bTYcS_^^USdcgYdXY^dXUbQ^WU
_VecUBUWe\QdUdXUdXUb]_cdQdQ^T
Y^cdbeSddXUecUbX_gd_ecUYdS_bbUSd\i
7KHUPRVWDWDGMXVWHGWRWKH
PLQLPXPOHDVWFROG
BUWe\QdUdXUdXUb]_cdQdd_dXUS_bbUSd
`_cYdY_^Q^TY^cdbeSddXUecUbX_gd_ecU
YdS_bbUSd\i
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

7KHUPRVWDWPDNLQJQRLVH
9^V_b]dXUecUbdXQdQS\YS[Y^W^_YcUYc
^_b]Q\gXU^dXUdXUb]_cdQdcgYdSXUc_^
Q^T_VV9^Q^iSQcU`\UQcUSXUS[
gXUdXUbdXUdXUb]_cdQdYcS_bbUSd\i
Y^cdQ\\UT
7KHUPRVWDWZLWKORRVHEXOE
3_bbUSd\iY^cdQ\\dXUdXUb]_cdQdRe\R
7KHUPRVWDWZLWKLQFRUUHFWEXOE
SRVLWLRQ
9^cdQ\\dXURe\RQSS_bTY^Wd_
]Q^eVQSdebUbcc`USYVYSQdY_^c
7KHUPRVWDWZLWKIDLOXUH
RULUUHJXODURSHUDWLRQ
CeRcdYdedUdXUdXUb]_cdQd
,QDGHTXDWHWKHUPRVWDW
3XUS[YVdXUdXUb]_cdQd]_TU\ecUTYc
bUS_]]U^TUTRidXU]Q^eVQSdebUb9V
^USUccQbiS_^ce\ddXU]Q^eVQSdebUb_V
dXUbUVbYWUbQdY_^cicdU]
7KHUPDO3URWHFWRU
,QFRUUHFWRYHUORDGSURWHFWRU
3XUS[YVdXU_fUb\_QT`b_dUSd_bYcQc
bUS_]]U^TUT9V^_dSXQ^WUdXUcdQbd
bU\QiQ^T`b_dUSd_b[YdV_bdXQdc`USYVYUT
9V^USUccQbiS_^ce\ddXUQedX_bYjUT
gX_\UcQ\Ub_b5]RbQS_
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

)DXOW\RYHUORDGSURWHFWRU
DXUbDXUb
DXUbDXUb
DXUb
]Q\`b]Q\`b
]Q\`b]Q\`b
]Q\`b
_dUSd_b#$_dUSd_b#$
_dUSd_b#$_dUSd_b#$
_dUSd_b#$
3XUS[YVdXUbUYc_hYTQdY_^QddXUdUb]Y^Q\c
Q^TYVdXURY]UdQ\dXUb]Q\`b_dUSd_bTYc[Yc
^_ddgYcdUT1\c_SXUS[YVdXUbUYc
S_^dY^eYdiRUdgUU^#Y^!dUb]Y^Q\cVYW&
9^dXUSQcU_VTQ]QWU_b^_SebbU^d
ceRcdYdedUdXU`b_dUSd_bQ^TcdQbdY^WbU\Qi
DXUbDXUb
DXUbDXUb
DXUb
]Q\`b]Q\`b
]Q\`b]Q\`b
]Q\`b
_dUSd_b$D=_dUSd_b$D=
_dUSd_b$D=_dUSd_b$D=
_dUSd_b$D=
3XUS[YVdXUbUYc_hYTQdY_^QddXUdUb]Y^Q\c
`\eWQ^Tc_S[UdQ^TYVdXUbUYcS_^dY^eYdi
RUdgUU^dXU]9^SQcU_VTQ]QWU_b^_
SebbU^dceRcdYdedUdXU$D=`b_dUSd_bVYW(
,9
6YWebU&DXUb]Q\`b_dUSd_bgYdX_ed\UQT
6YWebU'DXUb]Q\`b_dUSd_bgYdX\UQT
6YWebU($D=dXUb]Q\`b_dUSd_b
!
#
!
#
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

6WDUW5HOD\
BU]_fUdXUS_]`bUcc_bbU\QiSXUS[d_cUUYVdXU
cdQbdbU\QiYcd_c`USYVYSQdY_^DXUbU\QicV_bXYWX
cdQbdY^Wd_baeUS_]`bUcc_bc]_TU\cHUW
66(%2H66! 2HQ^T669!"82H]ecd
^_d^_d
^_d^_d
^_dXQfU
QRbYTWUS_``UbgYbURUdgUU^dUb]Y^Q\c!!Q^T
!#DXYcS_^^USdY_^]ecdRU
]QTUdXb_eWXdXUcdQbdSQ`QSYd_b
6_bdXU_dXUb]_TU\cX_gUfUb
gXUbUdXUecU_VdXUSQ`QSYd_bYc
^_d_R\YWQd_bidXUbU\Qic]ecd
XQfUQRbYTWUS_^^USdY^W
dUb]Y^Q\c!!Q^T!#
,9
6YWebU! <_^WBU\Qi
6YWebU)CX_bdBU\Qi
&!5\USdb_]USXQ^YSQ\bU\Qi6Q^T@G
&!!GYdXdXUbU\QiY^dXUfUbdYSQ\
`_cYdY_^S_Y\T_g^gQbTc
SXUS[YVdXUbUYcS_^dY^eYdi
RUdgUU^bU\QidUb]Y^Q\c
! Q^T!!9V^_dSXQ^WU
dXUbU\Qi
6YWebU!"<_^W6Q^T@G
BU\Qi
6YWebU!!CX_bd6Q^T@GbU\Qi
&!"GYdXdXUbU\QiY^dXUfUbdYSQ\
`_cYdY_^S_Y\e`gQbTcSXUS[YV
dXUbUYcS_^dY^eYdiRUdgUU^bU\Qi
dUb]Y^Q\c! Q^T!!9VdXUbUYc
SXQ^WUdXUbU\QiQ^TbU`UQd
YdU]&!!
6YWebU!$<_^W6Q^T@GBU\Qi6YWebU!#CX_bd6Q^T@GBU\Qi
























3_]`bUcc_b1``\YSQdY_^=Q^eQ\

(0HOHFWURPHFKDQLFDOUHOD\
&"!GYdXdXUbU\QiY^Q^i`_cYdY_^
SXUS[YVdXUbUYcS_^dY^eYdi
RUdgUU^ bU\QidUb]Y^Q\c!Q^T"
9V^_dSXQ^WUdXUbU\Qi
,9
6YWebU!%5=bU\Qi
&""GYdXdXUbU\QiY^dXUfUbdYSQ\
`_cYdY_^bU\QiS_Y\e`gQbTc
SXUS[YVdXUbUYcS_^dY^eYdi
RUdgUU^bU\QidUb]Y^Q\c!Q^T #
9V^_dSXQ^WUdXUbU\QiQ^T
bU`UQdYdU]&"!
&"#GYdXdXUbU\QiY^dXUfUbdYSQ\
`_cYdY_^S_Y\T_g^gQbTcSXUS[YV
dXUbUYcS_^dY^eYdiRUdgUU^
dUb]Y^Q\c!Q^T#9VdXUbUYc
SXQ^WUdXUbU\Qi
6YWebU!&5=bU\Qi
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

37&5HOD\
GYdXdXUXU\`_VQ^_X]]UdUb]UQcebU
dXU_X]YSbUcYcdQ^SURUdgUU^dUb]Y^Q\c
"Q^T#1db__]dU]`UbQdebUdXUVYWebUc
]ecdRU^UQbdX_cUY^dXUQR_fUdQR\U*
,9
(0UHOD\ZLWKH[WHUQDOHOHFWULFDOEULGJH
9^dXUcQ]UgQiQcgYdXbU\QicY^dXU@GQ^T657
Wb_e`cdXU5=S_]`bUcc_bbU\QicQbUceYdQR\UV_b
ecY^WQcdQbdSQ`QSYd_bVYW!(
1cdQbdY^WSQ`QSYd_bY^Q``\YSQdY_^cgXUbUdXYc
S_]`_^U^dYcbUaeYbUT]ecdRUecUTRibU]_fY^W
dXURbYTWURUdgUU^dXUdUb]Y^Q\c#Q^T$Q^T
S_^^USdY^WdXUSQ`QSYd_bRUdgUU^dXUcUdUb]Y^Q\c
cUUVYW!(Q^T!)DXYc]_TYVYSQdY_^T_Uc^_d
Q\dUbdXU`UbV_b]Q^SUSXQbQSdUbYcdYSc_VdXUbU\Qic
6YWebU!(CdQ^TQbTcdQbdY^W
bU\Qi
5\USdbYSQ\
2bYTWU
6YWebU!)GYdXSQ`QSYd_b
6YWebU!'°@D3
5HOD\²37&
2KP5HVLVWDQFH
: 2+06
(51!2H
'=$B'HHH(=$B'HHH(51!$3H
(51$2H(51#2H(51"!3H
(51%2H
'="" HHH(="" HHH(51!'3H
"(Q%":
#(Q%&:
#%Q&%:
!$Q"&:
!'&Q"&$:
DXU
HH
HH
HSQ^RUQ^e]RUb_bQSXQbQSdUb
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

6WDUWLQJ&DSDFLWRU
,QFRUUHFWVWDUWLQJFDSDFLWRU
3XUS[YVdXUSQ`QSYdQ^SUQ^Tf_\dQWU
fQ\eUcQbUceYdQR\UV_bdXUS_]`bUcc_b
3_^ce\ddXU5]RbQS_3_]`bUcc_b
1``\YSQdY_^DQR\U_bdXU]Q^eVQSdebUb_V
dXUbUVbYWUbQdY_^cicdU]9VdXU
SQ`QSYdQ^SUfQ\eUYcgb_^WSXQ^WUdXU
SQ`QSYd_bV_bdXU_^UbUS_]]U^TUT
)DXOW\VWDUWLQJFDSDFLWRU
3XUS[dXQddXUf_\dQWUY^dXU_ed`edYcdXU
cQ]UQcdXQdcX_gY^W_^dXUSQ`QSYd_b
,9
6YWebU" CdQbdY^W3Q`QSYd_b
'RQRWWRXFKWKH
WHUPLQDOVRIDFKDUJHG
FDSDFLWRU7KLVFRXOG
EHIDWDO
&DXWLRQ
>UhdS_^^USddXUSQ`QSYd_bY^cUbYUcgYdX
QdUcdRe\RQ^T_RcUbfU*
^_b]Q\\e]Y^_cYdi_VdXURe\R*VQe\di
3Q`QSYd_b`\QdUccX_bdSYbSeYdY^W
Re\RT_Uc^_d\YWXde`*VQe\di3Q`QSYd_b
`\QdUc_`U^
Re\RgYdX\Ucc\e]Y^_cYdidXUSQ`QSYd_b
Yc?;
9VdXUSQ`QSYd_b\UQ[c_bXQcQSbQS[
Yd]ecdRUSXQ^WUT
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

3LSHVDQG&RPSRQHQWV
&RQGHQVHULPSURSHUO\IL[HG
PHWDOWXEHVWRXFKLQJ
GYdXdXUS_]`bUcc_bY^_`UbQdY_^SXUS[
dXU]UdQ\`QbdcY^S_^dQSd6_bUhQ]`\U
dXUSQ`Y\\Qbid_eSXY^WdXUVY\dUbTbiUb
S_^TU^cUbY^S_bbUSd\iY^cdQ\\UTY^dXU
SQRY^UdUdSVYW"!
3DUWLDOEORFNDJHLQWXEHV
2\_S[UTdeRUcWU^UbQ\\i_SSebQcQbUce\d
_VY^S_bbUSdRbQjY^WUhSUccYfUQTTYdY_^Q\
]QdUbYQ\c_\YT`QbdYS\UcVb_]
TUdUbY_bQdY_^_VdXUVY\dUbTbYUbTUcYSSQ^d_b
UhSUccYfURU^TY^WY^dXUdeRU
DX_b_eWXY^fUcdYWQdY_^YcbUaeYbUTd_
c_\fUdXYc[Y^T_V`b_R\U]
3XUS[dXUSbYdYSQ\`_Y^dcceSXQcdXUVY\dUb
TbYUbcSbUU^cQ^TSQ`Y\\QbiY^\Ud
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

&DSLOODU\EORFNDJHGXHWRZDWHU
ZD[SDUDIILQ
3XUS[YVYSUXQcV_b]UTQddXUU^dbQ^SU
d_dXUUfQ`_bQd_bGQb]dXYc`_Y^dQ^T
SXUS[YVdXUbUVbYWUbQ^dV\eYTcdQbdc
SYbSe\QdY^W9Vc_YdYcQcYW^dXQddXUbUYc
gQdUbY^dXUcicdU]9^dXYcSQcUi_e
]ecdbU]_fUdXUgQdUbVb_]dXUSYbSeYd
bU`\QSUdXUVY\dUbTbYUbQ^T`edY^Q^Ug
bUVbYWUbQ^dV\eYTSXQbWU
CUUdXU^USUccQbi`b_SUTebUcV_b
SXQ^WY^WdXUXUb]UdYSS_]`bUcc_bVb_]
`QWU#$_^gQbTcY^dXYc=Q^eQ\
,9
6YWebU"!@b_RQR\Uc_ebSUc_V^_YcUY^bUVbYWUbQd_bc
CdQRY\Ydi_V
bUVbYWUbQd_b
cdbeSdebU
BUVbYWUbQ^d
V\_g
CYjU_V`b_SUccdeRU
]ecdRUaeYdUcX_bd
2\QTUc_ed_VRQ\Q^SU
Q^TdXUf_\e]U_VQYb
TbQg^Y^RidXUVQ^Y^
V_bSUTfU^dY\QdY_^cicdU]c
6QcdU^Y^W_V
S_^TU^cUb
DeRY^W
=ecdRUgYdX
RU^Tc
BUVbYWUbQd_b
VQcdU^Y^WRQb
BUVbYWUbQd_bRQcU 3_]`bUcc_bVQcdU^Y^W
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

'LUW\FRYHUHGFRQGHQVHU
RUQRDLUFLUFXODWLRQ
3\UQ^dXUS_^TU^cUbQ^Te^R\_S[
dXUQYb`QccQWUc
1RLVHFDXVHGE\RWKHU
&RPSRQHQWVRU3UREOHPV
,QFRUUHFWOHYHOLQJRIUHIULJHUDWRU
RUFRPSUHVVRUEDVH
9VdXUbUYcQ^_YcUSXUS[YVYdTYcQ``UQbc
gXU^dXUbUVbYWUbQd_bYc\UfU\UT
1RLVHFDXVHGE\RWKHUFRPSRQHQWV
3XUS[YVdXU^_YcUcdQbdcY^S_]`_^U^dc
ceSXQc*VQ^dXUb]_cdQddbQ^cV_b]Ub
f_\dQWUcdQRY\YjUbUdS
&RPSUHVVRUWRXFKLQJ
WKHZDOORUFDELQHW
9VdXUS_]`bUcc_bYcY^_^U_VdX_cU
S_^TYdY_^cYdcfYRbQdY_^cSQ^RUS_]U
^_Yci=_fUdXUS_]`bUcc_bQgQiQ^T
dXU^_YcUcX_e\TTYcQ``UQb
3RRU'RRU6HDOLQJ
 'RRURUSDFNLQJ
3XUS[d_cUUYVdXUT__bYcVYddY^WRQT\i
_bYVdXUWQc[UdbeRRUbcUQ\Y^WcdbY`_V
T__bYcTQ]QWUTe^W\eUTUdS1TZecd
dXUT__bQ^T_bSXQ^WUdXUcUQ\Y^WcdbY`
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

:URQJ/RFDWLRQ
IRUWKH5HIULJHUDWRU
9HQWLODWLRQDQGRWKHUFDXVHV
DXUbUVbYWUbQdY_^cicdU]]ecd^_dRU
`\QSUT^Uhdd_cd_fUcce^Uh`_cUT
gQ\\cQ^T`\QSUcgYdX_edfU^dY\QdY_^
DXUbUVbYWUbQdY_^cicdU]\_cUcYdc
`UbV_b]Q^SUgXU^Y^dXU
QV_bU]U^dY_^UTcYdeQdY_^c
,9
9HU\+LJK5HODWLYH+XPLGLW\
RYHU
&OLPDWLFFRQGLWLRQV
5h`\QY^d_dXUSecd_]UbdXQddXYcYc^_d
QTUVUSdY^dXUbUVbYWUbQd_bRedQ
SXQbQSdUbYcdYS_VdXUbUWY_^Q\S\Y]QdU
6YWebU""°;YdSXU^
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

5HIULJHUDWRUZLWKRXW)UHH]HU7UD\
 0LVVLQJRUZURQJXVHRIWKHWUD\
3XUS[YVdXUTYfYTY^WdbQiYcRUY^WecUT
Q^TYVYdYcY^cdQ\\UTS_bbUSd\i
Y^cY^W\UT__bbUVbYWUbQd_bc
5HIULJHUDWRU8VHGLQ([FHVV
 )UHTXHQWGRRURSHQLQJ
9^cdbeSddXUecUb^_dd__`U^dXUT__b
c_VbUaeU^d\i
5HIULJHUDWRU8VHG,QFRUUHFWO\
 /DFNRILQWHUQDODLUFLUFXODWLRQ
9^cdbeSddXUecUb^_dd_ecU`\QcdYS
d_gU\c_^dXUcXU\fUc^_becUdXUdbQi
TUV\USd_bY^dXUTUVb_cdY^W`_cYdY_^UdS
7KHUPDO,QVXODWLRQ
 :HWLQVXODWLRQJODVVZRRO
4YcS_fUbgXUbUdXUgQdUbU^dUbcQ^T
S_bbUSdYd
 'HWHULRUDWLRQRIRU
QRKHDWLQVXODWLRQ
<_SQdUQ^TceRcdYdedU_bS_]`\UdUdXU
dXUb]Q\Y^ce\QdY_^
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

5HIULJHUDQW)OXLG
 ([SDQVLRQRIUHIULJHUDQW
LQHYDSRUDWRU
5h`\QY^d_dXUSecd_]UbdXQdYdYc
^_b]Q\dXQddXUbUYcQSUbdQY^^_YcU
gXU^Uh`Q^cY_^_SSebcDXU^_YcU
\UfU\fQbYUcQSS_bTY^Wd_dXUdi`U_V
UfQ`_bQd_bQ^TbUVbYWUbQd_b
 ([FHVVUHIULJHUDQWIOXLG
FKDUJHLQWKHUHIULJHUDWRU
3XUS[YVdXUbUYcS_^TU^cQdY_^_^
dXUceSdY_^\Y^U_edcYTUdXUSQRY^Ud
9Vc_Y^cdQ\\dXUS_bbUSdbUVbYWUbQ^d
V\eYTSXQbWU
 1RUHIULJHUDQWIOXLGFKDUJH
1^YbbUWe\Qb\QiUb_VYSUV_b]cY^dXU
UfQ`_bQd_b9^cdQ\\Q^UgbUVbYWUbQ^d
V\eYTSXQbWUY^dXUcicdU]
 /HDNDJHRIUHIULJHUDQWIOXLG
3XUS[dXU\UQ[QWU`_Y^dbU]_fUYd_b
SXQ^WUdXU`Qbd9^cdQ\\Q^Ug
bUVbYWUbQ^dV\eYTSXQbWU
8VHRI([SDQVLRQ9DOYH
 +LJKVWDUWLQJWRUTXH
3XUS[YVdXUbUVbYWUbQdY_^cicdU]ecUc
Q^Uh`Q^cY_^fQ\fU9Vc_5]RbQS_
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

S_]`bUcc_bcgYdXdXU\UddUbH662H
Q^T6682HY^dXUYb^Q]U_b67
S_]`bUcc_bcgYdXdXUc`USYVYSbU\Qi
d_SXQ^WUYdd_8CDcUUYdU]#"Y^
3XQ`dUbF9]ecdRUecUT
&RPSUHVVRU
 &RPSUHVVRUFRQQHFWHGWRDYROWDJH
GLIIHUHQWIURPWKHRQHVSHFLILHG
EcUQdbQ^cV_b]Ub_bSXQ^WUdXU
S_]`bUcc_b
 &RPSUHVVRUZLQGLQJ
LQWHUUXSWHGRUEXUQHGRXW
GYdXdXUXU\`_VQ^_X]]UdUb
]UQcebUdXU]QY^Q^TQehY\YQbiS_Y\
bUcYcdQ^SUc
6YWebU"#3_]`bUcc_b3_Y\DUcd
,PSRUWDQWH
,PSRUWDQW
9VdXU\Q]`W_Uc_^dXU
]QY^S_Y\Yc^_dRb_[U^
7KHRKPLFUHVLVWDQFHFDQYDU\RQH
ZD\RUWKHRWKHU,IWKHUHLVQRRKPPHWHU
DYDLODEOHWKHQXVHDWHVWODPSDQGFKHFNLI
WKHUHLVDQ\EUHDNLQWKHFRLO3ODFHWKHWHVW
HQGVRQWKHPDLQDQGDX[LOLDU\WHUPLQDOV
,IWKHODPSGRHVQRWOLJKWXSLQHLWKHU
FDVHFKDQJHWKHFRPSUHVVRU
3_]`bUcc_b@G657 3_]`bUcc_b5=
@-=QY^3_Y\
1-1ehY\YQbi3_Y\
3-3_]]_^
3
@
1
1
3
@
,9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

 &RPSUHVVRUZLWKFXUUHQWOHDNDJH
WRWKHKRXVLQJ
3_^^USddXU]UW_X]UdUbdUb]Y^Q\cd_
dXUS_]]_^`Y^_VdXUXUb]UdYS
dUb]Y^Q\Q^TWb_e^TY^WdUb]Y^Q\_VdXU
S_]`bUcc_bGYdX% F43f_\dQWU
dXUbUQTY^WcX_e\TcX_gQbUcYcdQ^SU
_V_fUb"=9VdXUbUYc^_
]UW_X]UdUbecUQdUcd\Q]`Qc
V_\\_gc*S_^^USd_^U_VdXUdUcd`_Y^dc
d_dXUS_]]_^`Y^_VdXUXUb]UdYS
dUb]Y^Q\Q^TQ^_dXUbd_dXUWb_e^TY^W
dUb]Y^Q\_VdXUS_]`bUcc_b9VdXURe\R
\YWXdce`SXQ^WUdXUS_]`bUcc_b
,9
6YWebU"$@G6573_]`bUcc_b3_Y\DUcd
9VdXU\Q]`\YWXdce`Y^Q^i
_VdXUSQcUcdXUS_]`bUcc_b]ecd
RUSXQ^WUT
3
@
1
3
@1
6YWebU"$Q5=3_]`bUcc_b3_Y\DUcd
9VdXU\Q]`\YWXdce`Y^Q^i
_VdXUSQcUcdXUS_]`bUcc_b]ecd
RUSXQ^WUT
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

,QFRUUHFWFRPSUHVVRU
LQVWDOODWLRQ IL[DWLRQ
3XUS[YVdXUbeRRUbWb_]]UdcQbUd__
dYWXd9Vc_\__cU^dXU]_dXUbgYcUdXYc
TUdbQSdcVb_]dXUfYRbQdY_^TQ]`Y^W
,9
6YWebU"%BeRRUb4Q]`Ubc
2_\d
>ed
BeRRUbTQ]`Ubc
GQcXUb
C\UUfU
3_]`bUcc_bRQcU
3QRY^UdRQcU
9>3?BB53D 3?BB53D
&RPSUHVVRULQDGHTXDWHIRU
WKHV\VWHP
3_^ce\ddXU5]RbQS_3_]`bUcc_b
1``\YSQdY_^DQR\U3XQ^WUdXU
S_]`bUcc_bV_bdXUbYWXd]_TU\
&RPSUHVVRUZLWKORZFDSDFLW\
DXYcTUVUSdYc^_dS_]]_^9Vi_eQbU
^_dQRc_\edU\icebUgXUdXUbdXYcYcdXU
TUVUSd]_fU_^d_dXU_dXUb`_ccYR\U
SQecUc9V^_^UQ``\idXU^SXQ^WU
dXUS_]`bUcc_b
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

&RPSUHVVRUZLWKLQWHUQDOQRLVH
9VdXU^_YcUS_^dY^eUcQVdUbQ^Q\ijY^W
Q\\dXUQc`USdcTUcSbYRUTQR_fU
Yd]YWXdS_]UVb_]dXUS_]`bUcc_b
9^dXYcSQcUSXQ^WUYd
,9
:HFDQRQO\FRQVLGHUKLJK
DPSHUDJHLIWKHWKHUPDO
SURWHFWRULVZRUNLQJ
,PSRUWDQW
'RQRWPLVWDNHQRLVHVLQVLGH
WKHFRPSUHVVRUZLWKQRLVHVIURP
WKHUHIULJHUDWLRQV\VWHP
VHHLWHPV
DQG
,PSRUWDQW
&RPSUHVVRUORFNHGVWDOOHG
3XUS[Q\\`_ccYR\USQecUcTUcSbYRUT
QR_fU9V^USUccQbiSXQ^WUdXU
S_]`bUcc_b
&RPSUHVVRUZLWKKLJKDPSHUDJH
KLJKFXUUHQW
3XUS[Q\\`_ccYR\USQecUcTUcSbYRUT
QR_fU9V^USUccQbi SXQ^WUdXU
S_]`bUcc_b
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

1VdUbS_]`\UdY^WQ\\dXUQ^Q\icUc_^`_ccYR\UVQe\dc
Y^dXUbUVbYWUbQdY_^cicdU]i_egY\\RUQR\Ud_
TUSYTUgXUdXUbdXUS_]`bUcc_bbUQ\\i^UUTcd_RU
SXQ^WUT_b^_d
2UV_bUcdQbdY^WdXUSXQ^WU`b_SUcci_e]ecdRU
cebUdXQdQS_]`bUcc_b]_TU\YcQfQY\QR\UgYdX
YTU^dYSQ\SXQbQSdUbYcdYScd_dXU_bYWY^Q\cicdU]
bUVbYWUbQ^dQ^TS_]`QdYR\UVY\dUbTbYUbY^
QTTYdY_^d_dXU`b_`Ubd__\cQ^TUaeY`]U^d
3URFHGXUH
IRUFKDQJLQJWKH
KHUPHWLF
FRPSUHVVRU
2ULJLQDO
6\VWHP
5HFRPPHQGDWLRQ $OWHUQDWLYH
B!"
B!#$Q
B& Q
B!"
B!#$Q
B& Q
2\U^Tc
°
°
%HIRUHFKRRVLQJWKH
FRPSUHVVRUFKHFNWKHRULJLQDO
UHIULJHUDQWRIWKHV\VWHP
DQGIROORZWKHLQVWUXFWLRQV
EHORZ
'RQ·W
)RUJHW
GYdXbUWQbTd_dXUecU_VXUb]UdYSS_]`bUcc_bc
UhdbQSQbU]ecdRUdQ[U^RUSQecUdXYcYcQc`USYQ\
S_]`_^U^dS_^cYcdY^WRQcYSQ\\i_VQ^U\USdbYS
]_d_b]USXQ^YSQ\[YdS_]`bUccY_^`e]`\eRU_Y\
Q^TdXUR_TigYdXdXUgX_\UXUb]UdYS[YdcUQ\UT
9
GXU^YdYc^_d`_ccYR\Ud_YTU^dYVidXU
S_]`bUcc_bd_RUceRcdYdedUTdXU
^UgS_]`bUcc_b]QiRUSX_cU^
gYdXdXUXU\`_VdXU5]RbQS_
1``\YSQdY_^DQR\U_bVb_]Y^V_b]QdY_^
gYdXdXUbUVbYWUbQd_bc]Q^eVQSdebUb
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

DXUS_]`bDXUS_]`b
DXUS_]`bDXUS_]`b
DXUS_]`b
Ucc_b]ecd^_dRUcgYdSXUT_^Ucc_b]ecd^_dRUcgYdSXUT_^
Ucc_b]ecd^_dRUcgYdSXUT_^Ucc_b]ecd^_dRUcgYdSXUT_^
Ucc_b]ecd^_dRUcgYdSXUT_^
gYdX_edYdcRUY^W`bgYdX_edYdcRUY^W`b
gYdX_edYdcRUY^W`bgYdX_edYdcRUY^W`b
gYdX_edYdcRUY^W`b
_`Ub\iY^cdQ\\UTY^dXU_`Ub\iY^cdQ\\UTY^dXU
_`Ub\iY^cdQ\\UTY^dXU_`Ub\iY^cdQ\\UTY^dXU
_`Ub\iY^cdQ\\UTY^dXU
bb
bb
b
UVbYWUbQdY_^cicdU]UVbYWUbQdY_^cicdU]
UVbYWUbQdY_^cicdU]UVbYWUbQdY_^cicdU]
UVbYWUbQdY_^cicdU]
GXU^ReiY^WQ^Ug5]RbQS_S_]`bUcc_bT_^_d
T_e^^USUccQbidUcdcDXUVQSd_biXQcQ\bUQTi
dUcdUTYdQci_eSQ^cUU^Y^dXUWeQbQ^dUUcUQ\
QSS_]`Q^iY^WYd
?^\ibU]_fUdXU`\eWcVb_]dXUS_]`bUcc_bdeRUc
QddXUdY]UgXU^YdYcY^cdQ\\UTY^dXUbUVbYWUbQdY_^
cicdU]9^dXYcgQii_egY\\`bUfU^d]_YcdebUQ^T
TYbdVb_]U^dUbY^WdXUS_]`bUcc_b


 (VVHQWLDOHTXLSPHQWDQGWRROVWR
FKDQJHDKHUPHWLFFRPSUHVVRU
PDLQWDLQLQJWKHTXDOLW\DQGJXDUDQWH
RIWKHFRPSUHVVRUVZRUNLQJOLIH
! FQSee]`e]`]Y^Y]e]_V!"SV]_b]_bU+
" <UQ[TUdUSd_bS_]`QdYR\UgYdXdXUbUVbYWUbQ^d
V\eYTecUTY^dXUcicdU]+
# 4UfYSUcV_bbUVbYWUbQ^dSXQbWU+
$ @bUSYcY_^cSQ\Uc_R\YWQd_biecUV_b
R\U^TcQ^TSXQbWUbUSUYfY^WSi\Y^TUb+
% 3XQbWUSi\Y^TUbgYdXWbQTeQdUTRQ^T+
& CQ^T`Q`Ub+
' BUS_fUbiTUfYSUV_becUTbUVbYWUbQ^dV\eYT+
( 3_``UbdeRUSbY]`Ub+
) DeRY^WSeddUb+
!  3i\Y^TUbd_bUSUYfUecUTbUVbYWUbQ^dV\eYT+
!! BeRRUb`\eWc+
!" C`Q^^Ub+
!# DeRU`UbV_bQdY^WfQ\fU+
9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

!$ C_\TUbY^Wb_Tc+
!% 2bQjY^WV\eh+
!& FQSee]WQeWU+
!' ?hiQSUdi\U^U_bQhYWQcgU\TY^WUaeY`]U^d+
!( 4UfYSUV_bSXUS[Y^WU\USdbYSYdibQ^WU
]e\dY]UdUbdUcd\Q]`Q^T_dXUbc+
!) @bUccebUX_cUQ^Q\ijUbgYdXbUdU^dY_^fQ\fU+
"  3_^^USd_bcVQcdS_e`\Y^WcX_cUcgYdX]Q^YV_\T+
"! E^YfUbcQ\`\YUbc+
"" C]Q\\S\Q]`
+RZWRUHPRYHDXVHGFRPSUHVVRU
GUbUS_]]U^TdXQddXUecUTbUVbYWUbQ^dV\eYTYc
S_\\USdUTV_b\QdUbbUSiS\Y^W_bY^SY^UbQdY_^
QSS_bTY^Wd_dXUV_\\_gY^W`b_SUTebU*
6YbcdY^cdQ\\Q`UbV_bQdY^WfQ\fUY^dXU
S_]`bUcc_b`b_SUccdeRU3_^^USddXU
`UbV_bQdY^WfQ\fUd_dXUbUS_fUbiUaeY`]U^d
dXQdYcdXU^S_^^USdUTd_dXUbUSUYfY^WSi\Y^TUb
>_gZecdS_^^USddXUbUS_fUbiUaeY`]U^d
?`U^dXUbUSUYfY^WSi\Y^TUbfQ\fUQ^TdXU^dXU
`UbV_bQdY^WfQ\fU
9dYcfUbiY]`_bdQ^dd_[UU`dXUbUS_fUbi
UaeY`]U^d_`UbQdY^WQc\_^WQcYdYc^USUccQbi
d_S_\\USdQ\\bUVbYWUbQ^dDXUTebQdY_^_VdXYc
`b_SUccgY\\TU`U^T_^dXUUaeY`]U^decUT
Q^TbUVbYWUbQdY_^cicdU]
<__cU^dXU`_Y^dcgXUbUdXUS_]`bUcc_bYcVYhUT
d_dXUcicdU]+
9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

E^T_dXUS_^^USdY_^cVb_]dXUU\USdbYSQ\cdQbdY^W
Q^T`b_dUSdY_^TUfYSUc+
BU]_fUQ\\_hYTQdY_^Q^T`QY^decY^WcQ^T`Q`Ub
VYW"&QY^dXURbQjY^WbUWY_^d_VQSY\YdQdU
RbQjY^W\QdUb+
GQb]dXURbQjY^WbUWY_^VYW"&RY^_bTUbd_
cU`QbQdUdXUS_]`bUcc_bVb_]dXUcicdU]c
`Y`Y^W+
1VdUbS__\Y^WS\_cU_VVdXUS_]`bUcc_bdeRUcQ^T
cicdU]cdeRUcgYdXbeRRUb`\eWcVYW"&S+
<__cU^dXU\_S[cdXQdVYhdXUS_]`bUcc_bRQcUd_
dXUcicdU]
6YWebU"&QCQ^T`Q`UbY^WdXUdeRU
6YWebU"&RCU`QbQdY^WdXUS_]`bUcc_b
Vb_]dXUcicdU]cdeRUc
6YWebU"&S3\_cY^WdXUdeRUcgYdX
beRRUb`\eWc
9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9
+RZWR5HPRYHWKH)LOWHU'ULHU
BU]U]RUbdXQdSXQ^WY^WdXUS_]`bUcc_bQ\c_
bUaeYbUcQSXQ^WU_VdXUVY\dUbTbYUbY^dXU_bTUb
QcV_\\_gc*
C\_g\igQb]dXUc_\TUbY^WbUWY_^_VdXU
SQ`Y\\QbigYdXdXUVY\dUbTbiUbQ^TQddXUcQ]U
dY]U`e\\dXUSQ`Y\\QbigYdX`\YUbcecY^W
]_TUbQdUV_bSU^_dd_RbUQ[YdY^cYTUdXUVY\dUb
TbYUb@bUVUbQR\iTebY^WdXUbU]_fQ\_VdXU
SQ`Y\\Qbi]Q[U^Ydb_WU^SYbSe\QdUd_`bUfU^d
dXUSQ`Y\\QbiU^TVb_]R\_S[Y^We`
1VdUbS__\Y^WS\_cU_VVdXUU^T_VdXUSQ`Y\\Qbi
deRUgYdXQbeRRUb`\eW
,PSRUWDQWFRPPHQWV
1^_dXUb`b_SUTebUdXQd^_b]Q\\i`bUfU^dc
R\_S[Y^WdXUSQ`Y\\QbiYcd_bU]_fUdXUU^TdXQd
XQTRUU^RbQjUTd_dXUVY\dUbTbYUbEcY^WQVY\U
]Q[UQc]Q\\Wb__fUQb_e^TdXUSQ`Y\\QbiQ^T
RU^TYde^dY\YdRbUQ[c>UfUbdXU\UccY^SQcUc_V
ceSSUccYfUbU_`UbQdY_^c_VdXUcQ]UcicdU]dXU
cX_bdU^Y^W_VdXUdeRUgY\\cYW^YVYSQ^d\iQ\dUbdXU
SQ`Y\\QbiV\_gQ^TZU_`QbTYjUdXU`UbV_b]Q^SU_V
dXUbUVbYWUbQdY_^cicdU]
GXU^bU]_fY^WdXUVY\dUbi_e]ecd^_dXUQdYd
e^^USUccQbY\i_dXUbgYcUgQdUbbUdQY^UTY^YdgY\\
U^dUbdXUcicdU]`Y`Y^W
5]YccY_^_V363cB!"B!!UdSY^d_dXUQYb
QVVUSdcdXU_j_^U\QiUbE^dY\Q]_bUUVVUSdYfU
c_\edY_^Q``UQbcV_bS_\\USdY^WbUS_fUbY^W
bUSiS\Y^WQ^T^UedbQ\YjY^WdXUXQb]Ve\UVVUSd_VdXU
bUVbYWUbQ^d`\UQcUQddU]`d^_dd_bU\UQcU363c
Y^d_dXUU^fYb_^]U^d@b_`UbUaeY`]U^dYc
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

QfQY\QR\UV_bbUVbYWUbQdY_^`b_VUccY_^Q\cd_bUSiS\U
ecUTbUVbYWUbQ^dc=_bUY^V_b]QdY_^]QiRU
_RdQY^UTVb_]dXUbUVbYWUbQ^dgX_\UcQ\Ubc
>UfUb>UfUb
>UfUb>UfUb
>UfUbecUQ\S_X_\_b_dXUbRi`b_TeSdcQcQ
c_\fU^dDXUiSQecUS_bb_cY_^_^dXUS_]`bUcc_b
deRUcQ^T]UdQ\\YS`QbdcQ^TdXUU\USdbYS
Y^ce\QdY_^RUS_]UcRbYdd\U
?^\iecUVY\dUbcgYdXTUcYSSQ^dcceYdQR\UV_bdXU
di`U_VbUVbYWUbQ^dcUUdQR\U"3XQ`dUbF9
 +RZWR&OHDQDXVHG
5HIULJHUDWLRQ6\VWHP
>_dQ\\S_]`bUcc_bSXQ^WUcbUaeYbUS\UQ^Y^WdXU
\_gQ^TXYWX`bUccebUdeRUc
3\UQ^Y^WYcbUS_]]U^TUTY^SQcUcgXUbUYdYc
cec`USdUTdXQddXUbUQbUXYWX\UfU\c_V
S_^dQ]Y^QdY_^_VgQdUbQ^TbUcYTeUcbUce\dY^WVb_]
dXUReb^_ed_VdXUS_]`bUcc_bgY^TY^W9^dXUcU
SQcUc*
9^B!"cicdU]ci_ecX_e\T]Q[UdXUQSdeQ\B!"
_bB!!_bdXUTUWbUQcUbB!$!R_bF5BDB5<H6
SYbSe\QdUgXU^YdYc\YaeYT
9^cicdU]c_`UbQdY^WgYdXB!#$Qi_e]QiecUdXU
B!$!RTUWbUQcUb_bF5BDB5<H6V_bS\UQ^Y^W
D_`b_dUSddXUU^fYb_^]U^dQ^TbUTeSUUh`U^cUc
gXU^SXQ^WY^WS_]`bUcc_bcV\eYTV_bS\UQ^Y^WdXU
e^YdcS_]`_^U^dc]ecdSYbSe\QdUY^S\_cUTSYbSeYdc
1ddXYccdQWUgXU^SXQ^WY^WdXUS_]`bUcc_bdXU
bUdeb^\Y^UcXQ\\RUTYcS_^^USdUTVb_]dXU
S_]`bUcc_bQ^TdXUSQ`Y\\QbiTYcS_^^USdUTVb_]
dXUVY\dUbTbYUb
9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9
D_S_]`\UdUdXUS\UQ^Y^W_`UbQdY_^`b_SUUTQc
V_\\_gc*
@\QSUQVQcdS_e`\Y^W_^dXUbUdeb^\Y^U
Q^TS_^^USdYd_^dXUS\UQ^Y^W]QSXY^Uc
_ed\UdcYTU+
3_^^USddXUSQ`Y\\Qbid_dXU
S\UQ^Y^W]QSXY^UµcceSdY_^
cYTU\UQfY^WYd_`UbQdY^W
V_bQb_e^T!%]Y^edUc+
2\Qcdc_]U^Ydb_WU^
Y^d_dXYcSYbSeYdd_
bU]_fUQ^iS\UQ^Y^W
V\eYTbUcYTeU
<Qcd\idXUS_^TU^cUb
]ecd RUS\UQ^UTD_T_c_
i_e]ecdbU`UQddXU`bUfY_ec
_`UbQdY_^S_^^USdY^W_^UU^T_VdXUS_^TU^cUbd_
dXU_ed\UdcYTUQ^TdXU_dXUbd_dXUS\UQ^Y^W
]QSXY^UcceSdY_^deRU
,QVWDOODWLRQRIILOWHUGULHU
=Q[UQc]Q\\RU^TY^dXUSQ`Y\\Qbid_
`bUfU^dYdVb_]W_Y^Wd__VQbY^d_dXUVY\dUb
Q``b_hY]QdU\i!%]] %)³+
EcY^WQS\Q]`_`U^e`dXUdg_cYTUc
_VdXUVY\dUbTbYUbgXU^RbQjY^W+
6YWebU"'3Q`Y\\QbideRU
6YWebU"(9^cUbdY^WdXUSQ`Y\\QbiY^d_
dXUVY\dUbTbYUb
,ILWLVQRWSRVVLEOHWRXVHDEORZWRUFKZLWK
SURSHUFDSDFLW\WREUD]HWKHRLOFRROHUWXEHV
752LQWKHV\VWHPVWXEHVSURFHHGDVIROORZV
EHIRUHSODFLQJWKHFRPSUHVVRULQWKHUHIULJHUDWLRQ
V\VWHPWLSLWWRWKHRSSRVLWHVLGHIURPWKH752
EUD]HDSSUR[LPDWHO\PPµFRSSHU
WXEHDWHDFKHQGRIWKH752:LWKWKH752
H[WHQGHGLWZLOOFHUWDLQO\QRWEH
GLIILFXOWWREUD]HLWRQWRWKH
V\VWHPVWXEHV
,PSRUWDQW
!%]]
 %)³
2QO\XVHILOWHUVWKDW
FRQWDLQPROHFXODUVLHYH
GHVLFFDQWVLQVLGH
,PSRUWDQW
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

2bQjUdXUVY\dUbY^d_dXUS_^TU^cUbQ^TSQ`Y\\Qbi
4_^_de^^USUccQbY\iXUQddXUR_Ti_VdXUVY\dUb
TbiUbQ^TdQ[UWbUQdSQbU^_dd_R\_S[dXUdeRUc
9^cdQ\\dXUVQcdS_e`\Y^Wd_]Q[UQfQSee]_^
dXUXYWX`bUccebUcYTU+
DXUVY\dUbTbiUb]ecdRUY^cdQ\\UTY^dXUfUbdYSQ\
`_cYdY_^gYdXdXUSQ`Y\\QbiQddXUR_dd_]
cUUVYWebU")
DXYc`_cYdY_^`bUfU^dcdXUTUcYSSQ^dWbQY^cVb_]
beRRY^WQ^TbU\UQcY^WbUcYTeUc9dQ\c_XU\`c
UaeQ\YjUQ`bUccebUVQcdUbSQ`Y\\QbicicdU]c
6YWebU")6Y\dUb4bYUb
9
DXUcicdU]Yc^_gbUQTid_bUSUYfU
dXU^UgS_]`bUcc_b9^cdQ\\YdY^dXU
S_bbUSd`_cYdY_^Q^TVYhYdd_dXU
RQcU2bQjUdXUceSdY_^Q^T
TYcSXQbWUdeRUcd_dXUbUc`USdYfU
S_]`bUcc_bdeRUc
1\c_RbQjUQdeRU_VQ``b_hY]QdU\i
! ]]#)$³d_dXU`b_SUccdeRU
3Q`Y\\Qbi
3_^TU^cUb
,IWKHUHIULJHUDWLRQV\VWHPKDVQRW
EHHQGHVLJQHGWRXVHWKHFRPSUHVVRUV
RLOFRROLQJWXEH752GRQRWIRUJHW
WRFRQQHFWLW2WKHUZLVHWKH
FRPSUHVVRUZLOOKDYHDVKRUWHU
ZRUNLQJOLIH
,PSRUWDQW
%UD]LQJ'RQRWIRUJHWWRFOHDQ
WKHVXUIDFHWREHEUD]HGZHOO
5HPHPEHUEORFNDJHRIWKH
RXWOHWWXEHZLOOGDPDJHWKH
FRPSUHVVRUYDOYHV\VWHP
,PSRUWDQW
6Y\dUb4bYUb
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9
1ddXU_dXUbU^T_VdXYcdeRUY^cdQ\\QVQcdS_e`\Y^W_b
cY]Y\QbbUWYcdUbd_]Q[UdXUfQSee]Q^TWQcSXQbWU
&DXWLRQZLWK9DFXXP
DQG5HIULJHUDQW)OXLG&KDUJH
>UfUb>UfUb
>UfUb>UfUb
>UfUbecUdXU^UgS_]`bUcc_bQcQfQSee]
`e]`9d]QiQRc_bRTYbdQ^TgQdUbVb_]dXUdeRUc
gXYSXgY\\RUTUdbY]U^dQ\d_Ydc_`UbQdY_^Q^T
g_b[Y^W\YVU
9DFXXP3XPS
1 1\gQicecUQXYWXfQSee]`e]`+
2 GXU^UfUb`_ccYR\U]Q[UQfQSee]_^dXU
XYWXQ^T\_gcYTU+
3 EcUQX_cUUhS\ecYfU\iV_bUQSXbUVbYWUbQ^d*
_^UV_bB!#$QQ^TQ^_dXUbV_bUQSX_VdXU
_dXUbbUVbYWUbQ^dc
4 1``\iQfQSee]e^dY\% µ]8W
")) 8W^UfUb\UccdXQ^" ]Y^edUc
QddXYc\UfU\+
5 9dYcbUS_]]U^TQR\Ud_Y^cdQ\\QSXUS[fQ\fUQd
dXUY^\Ud_VdXUfQSee]`e]`
5HIULJHUDQW)OXLG&KDUJH
9^T_]UcdYSbUVbYWUbQdY_^cicdU]cQcgYdX]_cd
g_b[gYdX\Ydd\UbUVbYWUbQ^dV\eYT\UccdXQ^#% W
!"#%_e^SUcQ^TecUQSQ`Y\\QbideRUQcQS_^db_\
U\U]U^ddXU`UbV_b]Q^SU_VdXUbUVbYWUbQdY_^cicdU]
gY\\fUbi]eSXTU`U^T_^dXUbUVbYWUbQ^dV\eYTSXQbWU
ecUT>_ggYdXQ\dUb^QdYfUbUVbYWUbQ^dV\eYTcYdYcUfU^
]_bUY]`_bdQ^dd_`b_SUUTS_bbUSd\iQ^TecU`b_`Ub
UaeY`]U^dV_bdXYc_`UbQdY_^
5hQ]`\U*QcicdU]gYdXQ^Y^dUb^Q\f_\e]U_V
"( # \YdUbc^_b]Q\\i_`UbQdUcgYdX) !" WbQ]c
#"$"_e^SUc_VB!"bUVbYWUbQ^d
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

GYdXB& QdXUcicdU]cY^dXYcbQ^WU_VY^cYTU
f_\e]U]Qi_^\iXQfU#&$(WbQ]c!#!'_e^SUc
dXQdYcQ``b_hY]QdU\i$ _VdXUB!"SXQbWU
9^bU\QdY_^d_dXU_bYWY^Q\SXQbWUgYdXB!"dXU
B!#$QbUVbYWUbQ^dV\eYTSXQbWUYcQ``b_hY]QdU\i
) Q^TR\U^Tc( 
DXYcVQSdS_^VYb]cdXU^UUTV_bS_bbUSd
`b_SUTebUcQ^T`b_`UbUaeY`]U^dV_b
ceSSUccVe\\iSXQbWY^WQbUVbYWUbQ^dV\eYT
 0DLQHTXLSPHQWWR
&KDUJHWKH5HIULJHUDQW)OXLG
LQ'RPHVWLF6\VWHPV
0DLQ3URFHGXUHVWRUHFKDUJH
5HIULJHUDQW)OXLG


4YcS_fUb_^dXUcicdU]c^Q]U`\QdU
dXUdi`UQ^TaeQ^dYdi_VbUVbYWUbQ^d
QT_`dUTRidXU]Q^eVQSdebUb9VdXU
cicdU]T_Uc^_dXQfUdXYcTQdQ
S_^ce\ddXU]Q^eVQSdebUb
$FFHSWDEOH 1HFHVVDU\ ,GHDO
3XQbWUSi\Y^TUbgYdX
WbQTUTcSQ\U]Q^YV_\T
@bUSYcY_^cSQ\Uc
SXQbWUbUSUYfY^WSi\Y^TUb
]Q^YV_\T
5HIULJHUDQW
B!"
B!#$Q
B& Q
2\U^Tc
@bUSYcY_^cSQ\Uc
SXQbWUbUSUYfY^WSi\Y^TUb
]Q^YV_\T
3XQbWUSi\Y^TUbgYdX
WbQTUTcSQ\U]Q^YV_\T
@bUSYcY_^cSQ\Uc
SXQbWUbUSUYfY^WSi\Y^TUb
]Q^YV_\T
@bUSYcY_^cSQ\Uc
SXQbWUbUSUYfY^WSi\Y^TUb
]Q^YV_\T
9
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9



9Vi_eQbUecY^WcSQ\UcQ^TSXQbWU
bUSUYfUbSi\Y^TUb*
Q GUYWXdXUU]`diSi\Y^TUbDXU
S_bbUSdSXQbWUgY\\RUdXUaeQ^dYdi
ce``\YUTRidXU]Q^eVQSdebUb`\ec
dXUgUYWXd_VdXUU]`diSi\Y^TUb+
R GYdXdXUS_]`bUcc_bcgYdSXUT_VV
S_^^USddXUbUSUYfY^WSi\Y^TUbd_
dXU`b_SUccdeRU
!?`U^dXUfQ\fU_VdXUbUSUYfY^W
Si\Y^TUbQ^TgQYde^dY\dXU
`bUccebUXQcUaeQ\YjUT
Si\Y^TUbcUQ\UTe^Yd
"3\_cUdXUbUSUYfY^WSi\Y^TUb
fQ\fUQ^TcgYdSX_^dXU
S_]`bUcc_b
#7bQTeQ\\i_`U^dXUbUSUYfY^W
Si\Y^TUbfQ\fU
$1VdUbbU]_fY^WdXUSi\Y^TUb
gUYWXYdd_]Q[UcebUdXQdYdYc
S_]`\UdU\iU]`di


 9VecY^WQSXQbWY^WSi\Y^TUbgYdX
WbQTeQdUTRQ^T*
Q GbYdUT_g^dXUf_\e]U_VdXU
S_\e]^bU\QdY^Wd_dXUbUVbYWUbQ^d
d_RUecUT
R 3_^^USddXUSi\Y^TUbd_dXU
`b_SUccdeRUGYdXdXUS_]`bUcc_b
cgYdSXUT_VV_`U^dXUbUWYcdUbe^dY\
dXUaeQ^dYdicdY`e\QdUTRidXU
]Q^eVQSdebUbV\_gc_ed_be^dY\dXU
`bUccebUcY^dXUbUVbYWUbQdY_^
cicdU]Si\Y^TUbQbUUaeQ\9VYd
UaeQ\YjUcRUV_bUdXUSXQbWUYc
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

d_dQ\\iU]`dicgYdSX_^dXU
bUcYcdQ^SU_VdXUSXQbWUSi\Y^TUbd_
Y^SbUQcUdXU`bUccebUQ^TbU\UQcU
dXUbUVbYWUbQ^dd_dXUbUVbYWUbQdY_^
cicdU]9VYdYc^_d`_ccYR\Ud_
Y^SbUQcUdXU`bUccebUY^dXUSXQbWU
Si\Y^TUbdXb_eWXdXUbUcYcdQ^SU
i_e]Qi\_S[dXUbUWYcdUb_VdXU
SXQbWUSi\Y^TUbcgYdSXdXU
S_]`bUcc_b_^Q^TdXU^c\_g\i
_`U^Yde^dY\dXUS_bbUSdbUVbYWUbQ^d
SXQbWUYcdbQ^cVUbbUT
DXYc_`UbQdY_^bUaeYbUcdXQddXU
bUVbYWUbQdY_^`b_VUccY_^Q\dQ[Uc
WbUQdSQbU9^dXUSQcU_V
UhSUccYfUbUVbYWUbQ^dV\eYTdXU
S_]`bUcc_b]QiTbQgY^dXU\YaeYT
bUVbYWUbQ^dV\eYTQ^TRbUQ[dXU
Si\Y^TUbZ_Y^dc_b_dXUbS_]`_^U^dc
1^iVQe\dgY\\TUdbQSdVb_]dXU
cicdU]cW__T`UbV_b]Q^SU


3\_cY^WdXUcUQ\UTe^Yd
Q GYdXdXUS_]`bUcc_bS_^^USdUT
V\QddU^dXU`b_SUccdeRUQcS\_cU
Qc`_ccYR\Ud_dXUVQcdS_e`\Y^W
!>UhdQWQY^V\QddU^Yd[UU`Y^W
dXU`\YUbcVYhUTd_dXUdeRU"Q^T
cgYdSXdXUS_]`bUcc_b_VV
R 2bUQ[dXUdeRUQddXUVYbcdV\QddU^UT
`_Y^dQ^TSXUS[d_cUUYVdXUbUYc
Q^i\UQ[QWU9V^_dc_\TUbdXUU^T
_VdXUdeRUBU]_fUdXU`\YUbcQ^T
SXUS[d_cUUYVdXUbUYc^_\UQ[QWU
7KHV\VWHPPXVWEH
DFFRPSDQLHGIRUWKHILUVW
KRXUDIWHUVWDUWLQJXS
&DXWLRQ
9
""
""
"
!!
!!
!
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

(PEUDFR&RPSUHVVRU7XEHV
DXUTbQgY^WcQ^TdQR\UcY^dXUcUaeU^SUcX_g
dXU`_cYdY_^TYQ]UdUbcQ^TdeRU]QdUbYQ\_VdXU
S_]`bUcc_bc
)XUWKHU
UHFRPPHQGDWLRQV
LPSRUWDQW
9,
,QWKH(0(*DQG)),VHULHVWKH
VXFWLRQWXEHFDQQRWEHLQYHUWHG
ZLWKWKHSURFHVVWXEH,Q3:
DQG))FRPSUHVVRUVWKLV
LQYHUVLRQLVSHUPLWWHG
5HPHPEHU
0DWHULDO
6XFWLRQ 3URFHVV
3_``Ub
&RPSUHVVRU
5=
657
@G
5=6
57@G
&%
&!
2LO&RROHU7XEH
,QVLGH'LDPHWHU
3_``Ub
`\QdUTcdUU\
3_``Ub
3_``Ub
'LVFKDUJH
("
&%
("
("
&%
("
&%
&!
&%
$)$
4_Uc^_decU
DB?
CUUQR_fUdQR\U
CUUQR_fUdQR\U
CUUQR_fUdQR\U
5=T_Uc^_decU
DB?
$''
$)
%!
&%
2LO&RROHU7XEH752
,QVLGH'LDPHWHU
@\UQcUS_^ce\d_ebcQ\UcdUQ]V_b_dXUbS_^VYWebQdY_^cTYQ]UdUbc
  "
  %
 !

 )
 !'
!((
!)#
" !
"%&
  !
  "
  $

  $
  '
PP LQFK
PP LQFK PP LQFK PP LQFK
 !"
  (
 !

 !"
  (
  )
 !"
  (
 !"
  (
 !"
  "
 !"
  (
 !"
  (
 !"
  (
  (
 !"
  (
&%
&%
$)$
 !"
  (
  )
  (
&%
$)$
  (
 !"
  (
&%
%
%
 !(
  &
 !(
  &
 !"
  (
&%
&!
 !"
  (
 !

&%
&%
&%
 !"
  (
  )
  )
&%
&%
  )
 !"
  (
&%
&%
&!
 !"
  "
 !"
  (
 !"
  (
"%%
"$
#"#
"%%
#"#
#"#
"%%
#"#
"%%
"$
  %
  #
  $

  %
  #
  $
  %
  !
  %
  #
  %
  #
  %
  #
  %
  #
  %
  #
"%%
!)$
  #
"%%
"%%
!)$
  $
  #
"%%
!)$
  #
"%%
!)'
!)'
  '
  "
  '
  "
  %
  #
  %
  #
  %
  #
  %
  #
"%%
"$
  %
  #
  $

"%%
"%%
"%%
  $
  $
  %
  #
"%%
"%%
  %
  #
  $
"%%
"%%
"$
  %
  !
  %
  #
  %
  #
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

@b_SUccDeRU
4YcSXQbWUDeRU
CeSdY_^DeRU
7b_e^TY^W
DUb]Y^Q\
9,9,
6YWebU# 5=3_]`bUcc_bgYdXS_``UbdeRUc
6YWebU#!5=S_]`bUcc_bgYdXS_``Ub`\QdUTcdUU\deRUc
@b_SUccDeRU
4YcSXQbWUDeRU
CeSdY_^DeRU
7b_e^TY^W
DUb]Y^Q\
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

@b_SUccDeRU
4YcSXQbWUDeRU
CeSdY_^DeRU
7b_e^TY^W
DUb]Y^Q\
6YWebU#"657S_]`bUcc_bgYdXS_``UbdeRUc
@b_SUccDeRU
4YcSXQbWUDeRU
CeSdY_^DeRU
7b_e^TY^W
DUb]Y^Q\
6YWebU##657S_]`bUcc_bgYdXS_``Ub`\QdUTcdUU\deRUc
9,
?Y\3__\UbDeRU
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

@b_SUccDeRU
4YcSXQbWUDeRU
CeSdY_^DeRU
7b_e^TY^W
DUb]Y^Q\
6YWebU#$@GS_]`bUcc_bgYdXS_``UbdeRUc
@b_SUccDeRU
4YcSXQbWUDeRU
CeSdY_^DeRU
7b_e^TY^W
DUb]Y^Q\
6YWebU#%@GS_]`bUcc_bgYdXS_``Ub`\QdUTdeRUc
9,9,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

)LOWHU'ULHUV
DXUbUQbUVY\dUbTbYUbcceYdQR\UV_bUQSXbUVbYWUbQ^d
V\eYTCUUdXUV_\\_gY^WdQR\U*
6WDUW&DSDFLWRU
5=2B13?S_]`bUcc_bcgYdXQ^<CD]_d_bgUbU
TUcYW^UTd_g_b[gYdX_edQcdQbdSQ`QSYd_be^TUb
^_b]Q\S_^TYdY_^c_VecU
8_gUfUbgXU^dXUbUQbU`b_R\U]cgYdXdXU
U\USdbYSYdiTYcdbYRedY_^WbYT_be^UaeQ\`bUccebUcQd
dXUcdQbde`QcdQbdY^WSQ`QSYd_bSQ^c_\fUdXU
`b_R\U]EcUdXUc`USYVYUTcdQbdY^WSQ`QSYd_b
QSS_bTY^Wd_dXUV_\\_gY^WdQR\U
DXUY^cdQ\\QdY_^_VQSQ`QSYd_b_edcYTUdXU
c`USYVYSQdY_^c]Qig_bcU^dXUcdQbde`
>_dU*9VdXUS_]`bUcc_bYc^_dg_b[Y^WRUSQecU
dXUbUYc^_cdQbdY^WSQ`QSYd_bSXQ^WY^WYdV_b
dXUY^S_bbUSdS_]`bUcc_b]QiSQecUVebdXUb
TQ]QWUDXU_`UbQdY_^_VdXUdXUb]Q\
`b_dUSd_bSQ^RUR\_S[UT_bTU\QiUTd_dXU
UhdU^d_VSQecY^WdXUS_]`bUcc_bd_Reb^_ed
DXU\UQcdTQ]QWUg_e\TRUcUbY_ecTQ]QWU
d_dXUg_b[Y^W\YVU_VdXUS_]`bUcc_b
))%;DQG))+%;FRPSUHVVRUV
6_b662H6682H_b_dXUbS_]`bUcc_bc
gYdXdXU\UddUbHY^dXUYb^Q]UdXU
cdQbdY^WSQ`QSYd_b]ecdRUecUTQc
cX_g^Y^dXUV_\\_gY^WdQR\Uc*
5HIULJHUDQW
5HFRPPHQGHG)LOWHU'ULHU
H8%H8&E^YfUbcQ\=C%)$
H8'H8)E^YfUbcQ\=C%)$
H8%H8&E^YfUbcQ\=C%)$
H8)E^YfUbcQ\=C%)$
B!"
B!#$Q
B& Q
2\U^Tc
9,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

&RPSUHVVRU
&DSDFLWRUWREH
XVHGLQFDSLOODU\
V\VWHPV
&DSDFLWRUWREH
XVHGLQH[SDQVLRQ
YDOYHV\VWHPV
DXUbU\Qic_VdXUQV_bU]U^dY_^UT
S_]`bUcc_bcXQfUdXUV_\\_gY^W
SXQbQSdUbYcdYSc*
dUb]Y^Q\c!!Q^T!#QbU\_^WUbdXQ^
^_b]Q\d_`Ub]YddXUSQ`QSYd_bc
S_^^USdY_^+
YdT_Uc^_dXQfUdXUS_``UbgYbURbYTWU
RUdgUU^dUb]Y^Q\c!!Q^T!#DXU
S_]`bUcc_bdXUbUV_bUgY\\_^\icdQbdYV
dXUS_bbUc`_^TY^WSQ`QSYd_bYcY^cdQ\\UT
)*$.DQG)*+$.FRPSUHVVRUV
671;Q^T6781;S_]`bUcc_bc<CD
fUbcY_^Y^cdUQT_VecY^WU\USdb_]USXQ^YSQ\
bU\QicQcdX_cUecUTY^6]_TU\cecUQ
@D3di`UbU\QiQ^TdXUb]Q\`b_dUSd_b
9,9,
#'(d_$%$P6!!%F13_b
"##d_"( P6!% F13
!"$d_!$)P6!( F13_b
&$d_''P6"% F13
#'(d_$%$P6!!%F13_b
"##d_"( P6!% F13
!"$d_!$)P6!( F13_b
&$d_''P6"% F13
#'(d_$%$P6!!%F13
!"$d_!$)P6!( F13
#'(d_$%$P6!!%F13
!"$d_!$)P6!( F13
669!"2H!!%F& 8j
669!"2H"" F& 8j
669!"82H!!%F& 8j
669!"82H"" F& 8j
"' d_#"$P6!!%F13
"' d_#"$P6!% F13
"("d_##)P6!( F13
#'(d_$%$P6!% F13
66(%2H!!%F& 8j
66! 2H!!%F& 8j
66! 82H!!%F& 8j
669!"81H!!%F& 8j
"' d_#"$P6!!%F13
"' d_#"$P6!% F13
"("d_##)P6!( F13
#'(d_$%$P6!% F13
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

?^U_VdXU`_gUb\UQTc]ecdRUS_^^USdUT
d_dXUdXUb]Q\`b_dUSd_bQ^TdXU_dXUbd_dXU
dUb]Y^Q\"_VdXU@D3cUUVYW#&
&RPSUHVVRU
9ROWDJH
)UHTXHQF\
5HOD\&RGH
+67
67' 1;
67' 1;
67( 1;
67( 1;
67&%81;
67'%81;
67(%81;
67)%81;
!!%F& 8j
"" F& 8j
!!%F& 8j
"" F& 8j
"" "$ F% 8j
"" "$ F% 8j
"" "$ F% 8j
"" "$ F% 8j
%!#% & ("
%!#% & )
%!#% &! $
%!#% &!!"
%!#% &%)'
%!#% &&
%!#% &&!)
%!#% &#$!
3URWHFWRU&RGH
+67
6WDUW
&DSDFLWRU
!#%%$ $(
!#%%$ %&
!#%%$ (
!#%%$ &$
!#%#$" )
!#%%$$'!
!#%%$ '"
!#%%$!'
"$#")"µ6!% F13
'"((µ6"% F13
"$#")"µ6!% F13
'"((µ6"% F13
&$''µ6"" F13
&$''µ6"" F13
&$''µ6"" F13
&$''µ6"% F13
D_ecU671;6781;S_]`bUcc_bcY^dXU8CDcdQdecQc[5]RbQS_d_`b_fYTUdXU
bU\Qi`b_dUSd_bcX_g^Y^dXUdQR\UQR_fU
9,
6YWebU#&@D3bU\Qi
9^QTTYdY_^d_RUY^W]_bUUVVYSYU^ddXU67
S_]`bUcc_bcSQ^Q\c_RUecUTY^
Q``\YSQdY_^cbUaeYbY^WQXYWXcdQbdY^Wd_baeU
8CDdXQdYcY^Uh`Q^cY_^fQ\fUcicdU]c
D_T_dXYci_e_^\i^UUTd_ceRcdYdedUdXU
@D3gYdXdXU]USXQ^YSQ\bU\QiQ^T
dXUb]Q\`b_dUSd_bc`USYVYUTV_bdXU67
]_TU\V_bdXU8CDQ``\YSQdY_^d_WUdXUb
gYdXdXUbUS_]]U^TUTcdQbdY^WSQ`QSYd_b
QcY^dXUV_\\_gY^WdQR\U*
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

6YWebU#'CX_bdbU\QigYdX_edSQ`QSYd_b 6YWebU#(CX_bdbU\QigYdXSQ`QSYd_b
DUb]Y^Q\!#
DUb]Y^Q\!!
DUb]Y^Q\!#
DUb]Y^Q\!!
3_]]U^dc*
Q67S_]`bUcc_bcV_b8CDQ``\YSQdY_^c]Q[U
Yd_R\YWQd_bid_ecUdXUcdQbdY^WSQ`QSYd_bQ^T
]ecdRUY^cdQ\\UTQSS_bTY^Wd_VYWebU#(+
R DXU67S_]`bUcc_bbU\QiV_b8CD
Q``\YSQdY_^cYcTYVVUbU^dVb_]dXQdecUTY^
66S_]`bUcc_bcgYdXbUWQbTd_dXUV_\\_gY^W
Qc`USdc*
9,9,
dUb]Y^Q\c!!Q^T!#QbU\_^WUbdXQ^^_b]Q\
d_`Ub]YdSQ`QSYd_bcS_^^USdY_^+
YdT_Uc^_dXQfUdXUS_``UbgYbU RbYTWU
RUdgUU^dUb]Y^Q\c!!Q^T!#
DXUS_]`bUcc_bdXUbUV_bUgY\\_^\icdQbdYV
dXUS_bbUc`_^TY^WSQ`QSYd_bYcY^cdQ\\UT9^
dXUcdQbdbU\QiY^VYWebU#'_^U`_gUb\UQT
]ecdRUS_^^USdUTd_dXUdXUb]Q\`b_dUSd_b
dUb]Y^Q\#Q^TdXU_dXUbd_dUb]Y^Q\! _V
dXUbU\Qi+
SdXUecU_VQTYVVUbU^dSQ`QSYd_bVb_]dX_cU
bUS_]]U^TUTY^dXU`bUfY_ecdQR\U]Qi
QVVUSddXU`UbV_b]Q^SU_VdXUdXUb]Q\
`b_dUSd_bQ^TSQecUdXU]_d_bd_Reb^_ed
DUb]Y^Q\!
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

&RPSUHVVRU
7\SHRI
0RWRU
0LQLPXP6WD
ELOL]HU&DSDFLW\
@G5=
662;6682;
671;6781;
662H6682H
<CD
<CD
<CD8CD
<CD8CD
0LQLPXP7UDQV
IRUPHU&DSDFLW\
! F1
" F1
" F1
" F1
! F1
" F1
" F1
" F1
(0FRPSUHVVRUV
5=S_]`bUcc_bcXQfURUU^TUcYW^UTd_
_`UbQdUgYdX_edQcdQbdY^WSQ`QSYd_b
8_gUfUbYVdXUecU_VQSQ`QSYd_bYc
^USUccQbii_e_^\i^UUTd_bU]_fUdXU
S_``UbgYbUU\USdbYSRbYTWURUdgUU^
dUb]Y^Q\#Q^T$Q^TS_^^USdRi
c_\TUbY^WdXUcdQbdY^WSQ`QSYd_bc
dUb]Y^Q\cQccX_g^Y^dXUVYWebUcRU\_g
6YWebU#)5=bU\QigYdX_edSQ`QSYd_b
6YWebU$ 5=bU\QigYdXSQ`QSYd_b
9,
7UDQVIRUPHUDQG9ROWDJH6WDELOL]HU
DXUSQ`QSYdi_VdXYcUaeY`]U^d]ecdRUQSS_bTY^W
d_dXU]_d_bd_gXYSXYdQ``\YUc?dXUbgYcUY^cdUQT
_VY]`b_fY^W_bWeQbQ^dUUY^WdXU^_b]Q\_`UbQdY_^
_VdXUS_]`bUcc_bQ^TYdcU\USdbYSQ\S_]`_^U^dcYd
]QiTQ]QWUYdcUUV_\\_gY^WdQR\U
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

:DWHU
1\Ydd\UgQdUbY^dXUcUQ\UTe^YdSQ^SQecUVbUUjY^W
Q^TR\_S[dXUSQ`Y\\Qbi_ed\UdDXUR\_S[QWU
Q\dX_eWX`QbdYQ\gY\\XQ]`UbdXU_`UbQdY_^_VdXU
bUVbYWUbQdY_^cicdU]=_bU_fUbgQdUbbUQSdc
SXU]YSQ\\igYdXdXUbUVbYWUbQ^dd_V_b]QSYTc
DXUcUQSYTcQddQS[dXU]UdQ\`Qbdc_VdXU
S_]`bUcc_bQ^TTUcdb_idXU]_d_bY^ce\QdY_^
SQecY^WQcX_bdSYbSeYdQ^TReb^_ed
$QWLIUHH]H
=UdXi\Q\S_X_\_bQ^i_dXUbQ^dYVbUUjUYcUhdbU]U\i
XQb]Ve\d_dXUbUVbYWUbQdY_^cicdU]1\S_X_\Q^TYdc
Ri`b_TeSdcQ\c_bUQSdgYdXdXUbUVbYWUbQ^dd_V_b]
QSYTcdXQdQbUTUdbY]U^dQ\d_dXUS_]`bUcc_bQc
TUcSbYRUTY^dXU`bUSUTY^WYdU]1^dYVbUUjUT_Uc
^_dY^ce\QdU_bU\Y]Y^QdUdXUgQdUbVb_]Y^cYTUdXU
cUQ\UTe^YdQ^T_^\i\_gUbcdXUgQdUbcVbUUjY^W
`_Y^dd_`bUfU^dYSUVb_]V_b]Y^WQddXU_ed\Ud_V
dXUSQ`Y\\Qbid_dXUUfQ`_bQd_b
1^dYVbUUjUY^dXU`bUcU^SU_VXUQdQ^TgQdUbbUQSdc
gYdXdXUbUVbYWUbQ^dQ^T\eRU_Y\cd_`b_TeSUQSYTc
dXQdQddQS[`UbV_bQdUdXUQ\e]Y^e]UfQ`_bQd_bc
Q^TY^cYTUS_]`_^U^dc_VdXUS_]`bUcc_bceSXQc
U\USdbYSQ\Y^ce\QdY_^Q^TS_Y\gYbUfQb^YcXUc
9,9,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9,
0RGHOVRI&RPSUHVVRUV
3:
2QcYSdi`U
3_]`bUcc_bbQdUTTYc`\QSU]U^d
BUVbYWUbQ^d
=_d_bDi`U
=QhY]e]bQdUT]_d_bd_baeU
3_]`bUcc_bS__\Y^WDB?
?F $$ 7 : # F $E%7i
8B!#$Q
>989<B!"
;CdQ^TQbTUVVYSYU^Si
18YWXUVVYSYU^Si
>989<gYdX_ed_Y\S__\Ub
GgYdX_Y\S__\Ub
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

(0
2QcYSdi`U
FQ\fUcicdU]
3_]`bUcc_bSQ`QSYdi
BUVbYWUbQ^d
>989<
B!"
5VVYSYU^Si\UfU\Q``\YSQdY_^
5\USdbYSUaeY`]U^d
> CdQ^TQbTUVVYSYU^Si
:  9^dUb]UTYQdUUVVYSYU^Si
5 9]`b_fUTUVVYSYU^Si!cdWU^UbQdY_^
C 9]`b_fUTUVVYSYU^Si"^TWU^UbQdY_^
8 <=82@Q``\YSQdY_^
<2@
> CdQ^TQbTUVVYSYU^Si
:  9^dUb]UTYQdUUVVYSYU^Si
5 9]`b_fUTUVVYSYU^Si!cdWU^UbQdY_^
C 9]`b_fUTUVVYSYU^Si"^TWU^UbQdY_^
4 82@Q``\YSQdY_^
2 <=82@Q``\YSQdY_^
<2@
@ @D3be^SQ`QSYd_b_`dY_^Q\
B BU\Qi
3 @D3be^SQ`QSYd_b]Q^TQd_bi
C @D3be^3Q`cdQbdY^WSQ`QSYd_b
F @D3be^3Q`cdQbdY^WSQ`QSYd_b
_`dY_^Q\
8B!#$Q
3
B& Q
4< 8 %
A $E%7i
5]RbQS_]Y^YS_]`bUcc_b
9  >UgfQ\fUcicdU]
>989<  CdQ^TQbTcicdU]
3Q`QSYdiY^2deX& 8j3XUS[`_Y^dY^<2@TYfYTUTRi!
9,9,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9,
(*
<<2@
= <=82@
882@
B BU\Qi
@ @D3be^SQ`QSYd_b_`dY_^Q\
3 @D3be^SQ`QSYd_b]Q^TQd_bi
H BU\QicdQbdY^WSQ`QSYd_b
2QcYSdi`U
B&7 ; ?
5VVYSYU^Si\UfU\
BUVbYWUbQ^d
1``\YSQdY_^
5\USdbYSUaeY`]U^d
?Y\S__\UbdeRU
!!E$7i
>989<  B!"
8  B!#$Q
3  B& Q
2  B""B!%"Q
C CdQ^TQbT
D !cdWU^UbQdY_^
E "^TWU^UbQdY_^
I #bTWU^UbQdY_^
J $dXWU^UbQdY_^
3Q`QSYdiY^2deX& 8j3XUS[`_Y^dTYfYTUTRi!
>989< GYdX_ed_Y\S__\UbdeRU
G GYdX_Y\S__\UbdeRU
46
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

)
2QcYSdi`U
56B%70
5\USdbYSQ\cicdU]
5VVYSYU^Si\UfU\
1``b_hY]QdUS_]`bUcc_bTYc`\QSU]U^dV_b67S_]`bUcc_bc
Q``b_hY]QdUSQ`QSYdiY^2deX& 8j3XUS[`_Y^dTYfYTUTRi! 
BUVbYWUbQ^d
1``\YSQdY_^
CdQbdY^WSXQbQSdUbYcdYS
?Y\S__\UbdeRUDB?
6 BU\Qi5hdUb^Q\@b_dUSd_b
BU\Qi5hdUb^Q\@b_dUSd_bCdQbdY^WSQ`QSYd_b_`dY_^Q\
D @D35hdUb^Q\@b_dUSd_bbe^SQ`QSYd_b]Q^TQd_bi
7 @D35hdUb^Q\@b_dUSd_b
@D35hdUb^Q\@b_dUSd_bCdQbdY^WSQ`QSYd_b
be^SQ`QSYd_b_`dY_^Q\
>989<  CdQ^TQbTUVVYSYU^Si
5  9]`b_fUT5VVYSYU^Si!cdWU^UbQdY_^
9  9]`b_fUT5VVYSYU^Si"^TWU^UbQdY_^
F  9]`b_fUT5VVYSYU^Si#bTWU^UbQdY_^
C  9]`b_fUT5VVYSYU^Si$dXWU^UbQdY_^
D  9]`b_fUT5VVYSYU^Si%dXWU^UbQdY_^
E  9]`b_fUT5VVYSYU^Si&dXWU^UbQdY_^
1<2@
282@<2@84
882@
>989<  <CDY]`b_fUTUVVYSYU^SiS_]`bUcc_b
;<CD
H8CD
>989<  GYdX_ed_Y\S__\Ub
G  GYdX_Y\S__\Ub
F
!!!#E$%7i
8  B!#$Q
3  B& Q
>989<  B!"
9,9,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

&RPSUHVVRU/DEHO
 *HQHUDO,QIRUPDWLRQIRU8VH
RI5DDQG5DFRPSUHVVRUV
3_]`bUcc_bcgYdXdXU\UddUb8
UW5=9# 85BY^dXUYb^Q]UXQfURUU^TUcYW^UT
d_RUecUTgYdXdXUB!#$QbUVbYWUbQ^dV\eYT
3_]`bUcc_bcgYdXdXU\UddUb3
UW5=9# 35@Y^dXUYb^Q]UXQfURUU^TUcYW^UT
d_RUecUTgYdXdXUB& QbUVbYWUbQ^dV\eYT
0CaPRTPQ[TbTaXP[]d\QTa
12^\_aTbb^aR^ST?Pac]d\QTa
22^\_aTbb^aSTbXV]PcX^]
3;^RZTSa^c^aP\_TaPVT ;A0
5aT`dT]Rh 7i
ATUaXVTaP]c A !
=d\QTa^U_WPbTb  ?7
=^\X]P[e^[cPVT^UR^\_aTbb^a E02
E^[cPVTX]SXRPcX^]) $EfWXcTQPRZVa^d]S
!!EQ[PRZQPRZVa^d]S
4;^V^bX]SXRPcTX]bcXcdcTP__a^eP[^UR^\_aTbb^a
5 1PaR^ST"(aPcX^") P]S%$\X[b
6 ?P_Ta)FWXcT
6aP_WXRb)1[PRZ
BXiT)&g"'\\!&%±g $±
7 3PcT^U\P]dUPRcdaT
8 <P]dUPRcdaX]V_[P]c
9 CWT^aP]VTQP]SXbcWTeXbdP[XST]cXUXRPcX^]
dbTS^][hU^a!!ER^\_aTbb^ab
7
5
! ]]
2
9
6
8
1
3
4
C5BB1D54<9>5
:
9,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

DXUS_]`bUcc_bcSQ^^_de^TUbW_cdQbdY^W_bXYWX
f_\dQWUdUcdce^TUbfQSee]S_^TYdY_^c1\\
5]RbQS_S_]`bUcc_bcXQfUQ\bUQTie^TUbW_^UQ
_^UcUS_^T!&% FXYWXf_\dQWUdUcd
DXUS_]`bUcc_bcSQ^^_dRUSXQbWUTgYdX
Q^dYVbUUjUQWU^dcRUSQecUdXUiQbUXQb]Ve\d_
Y^ce\QdY_^]QdUbYQ\ccUUYdU]%
DXUecU_VQ^dYVbUUjUQWU^dcdbQSUc_VWbUQcU
]Y^UbQ\_Y\Y]`ebYdYUcY^B!#$Q_bdXU`bUcU^SU_V
SX\_bY^QdUTceRcdQ^SUcSQecUcdXUS_]`bUcc_b
gQbbQ^did_RU^e\\Q^Tf_YTcUUYdU]&
3_]`bUcc_bcSQ^^_dRUdUcdUTe^\UccdXUiQbU
S_^^USdUTd_dXUbUVbYWUbQdY_^cicdU]
DXUcicdU]d_gXYSXdXUS_]`bDXUcicdU]d_gXYSXdXUS_]`b
DXUcicdU]d_gXYSXdXUS_]`bDXUcicdU]d_gXYSXdXUS_]`b
DXUcicdU]d_gXYSXdXUS_]`b
Ucc_bgY\\RUUcc_bgY\\RU
Ucc_bgY\\RUUcc_bgY\\RU
Ucc_bgY\\RU
Y^cdQ\\UT]ecdRUTUcYW^UTQ^T`bY^cdQ\\UT]ecdRUTUcYW^UTQ^T`b
Y^cdQ\\UT]ecdRUTUcYW^UTQ^T`bY^cdQ\\UT]ecdRUTUcYW^UTQ^T`b
Y^cdQ\\UT]ecdRUTUcYW^UTQ^T`b
_`Ub\i_`Ub\i
_`Ub\i_`Ub\i
_`Ub\i
`b`b
`b`b
`b
U`QbU`Qb
U`QbU`Qb
U`Qb
UTd_ecUB!#$QQ^TUcdUb_Y\dXQdYcVbUTd_ecUB!#$QQ^TUcdUb_Y\dXQdYcVb
UTd_ecUB!#$QQ^TUcdUb_Y\dXQdYcVbUTd_ecUB!#$QQ^TUcdUb_Y\dXQdYcVb
UTd_ecUB!#$QQ^TUcdUb_Y\dXQdYcVb
UUUU
UUUU
UU
_VQ\[Q\Y^UdbQSUcSX\_bYTUcgQdUb_VQ\[Q\Y^UdbQSUcSX\_bYTUcgQdUb
_VQ\[Q\Y^UdbQSUcSX\_bYTUcgQdUb_VQ\[Q\Y^UdbQSUcSX\_bYTUcgQdUb
_VQ\[Q\Y^UdbQSUcSX\_bYTUcgQdUb
gQhWbgQhWb
gQhWbgQhWb
gQhWb
UQcUUQcU
UQcUUQcU
UQcU
Q^T`QbQVQ^T`QbQV
Q^T`QbQVQ^T`QbQV
Q^T`QbQV
VY^VY^
VY^VY^
VY^
6YWebU$!B!#$QSXU]YSQ\bUQSdY_^RUdgUU^S_^dQ]Y^Q^dcQ^TUcdUb_Y\
9,9,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9,
4eUd_dXUcU^cYdYfYdi_VdXUUcdUb_Y\cecUTY^
B!#$QS_]`bUcc_bcdXUV_\\_gY^W
bUS_]]U^TQdY_^cQbU^USUccQbigXYSXQ\c_
Q``\id_Q^i_dXUbbUVbYWUbQ^d*
9dYcbUS_]]U^TUTdXQd_^UcicdU]_^\iRU
S_^^USdUTd_UQSXfQSee]`e]`+
9dYcbUS_]]U^TUTdXQdQfQSee]RU]QTU_^
R_dXcYTUc_VdXUcicdU]gYdXdXUfQSee]\UfU\
RU\_g &]RQb% µ]8W+
9dYc`bUVUbQR\UdXQddXUfQSee]`e]`c
RUY^cdQ\\UTQddXUcQ]U\UfU\_bRU\_g
dXUS_]`bUcc_b+
EcUX_cUcQccX_bdQ^TgYdXQc\QbWUQ
TYQ]UdUbQc`_ccYR\U+
DXUfQSee]\UfU\]ecdRU]UQcebUTY^dXU
bUVbYWUbQdY_^cicdU]Q^T^_dY^dXU`e]`+
EcUB!$!R_bF5BDB5<H6QcQbU]_fQ\
QWU^dV_bS\UQ^Y^WdXUcicdU]c+
BUVbYWUbQ^dSXQbWY^WQ^TfQSee]UaeY`]U^d
]ecdRUV_bdXUUhS\ecYfUecU_VB!#$Qd_
`bUfU^dS_^dQ]Y^QdY_^RiSX\_bY^UbUcYTeUc+
DXUXQ\_WU^\UQ[TUdUSd_bcSebbU^d\iecUTY^
B!"cicdU]QbU^_dUVVYSYU^dV_bB!#$QDXYc
[Y^T_V\UQ[TUdUSd_bbUQSdcgYdXSX\_bY^UQ
XQ\_WU^gXYSXYc]YccY^WVb_]B!#$QDXYcYc
gXiYdYcbUS_]]U^TQR\Ud_ecUUaeY`]U^d
gYdXXU\Ye]RQcUTTUdUSd_bc
3_]`QSdU\USdb_^YS\UQ[TUdUSd_bcS_]`QdYR\U
gYdXB!#$QbUVbYWUbQ^dQbUQfQY\QR\UY^
dXU]Qb[Ud+
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

D_`bUfU^dUhSUccYfUgQdUbY^dXU
S_]`bUcc_bdXUdeRUc]ecdRU[U`dcUQ\UT
QdQ\\dY]UcDXUbeRRUb`\eWc]ecd_^\iRU
bU]_fUTY]]UTYQdU\iRUV_bURbQjY^WdXU
deRUcd_dXUcicdU]cdeRUcQccX_bdQdY]U
Qc`_ccYR\U^UfUb]_bUdXQ^!%]Y^edUc
BUVbYWUbQdY_^cicdU]]Q^eVQSdebUbcgX_ecU
Y^V\Q]]QR\UbUVbYWUbQ^dcceSXQcB& QQbU
bUS_]]U^TUTd_TUfU\_`QS_bbUSdSXQbWY^W
]UdX_T\UQ[QWUdUcdUdSd_WeQbQ^dUUdXQdQ\\
^USUccQbicQVUdi`b_SUTebUcQbUQT_`dUT
DXUcQ]USQbU`b_SUTebUc]ecdRUQT_`dUTRi
dXUbUVbYWUbQdY_^`b_VUccY_^Q\gX_]Qi
UfU^deQ\\i_`UbQdUB& QcicdU]c
9,9,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9,,
,PSDFWV
:DWHU
9^QbUVbYWUbQdY_^cicdU]ecY^WQ
S_]`bUcc_bdXQd_`UbQdUcgYdXB!"
S_]`QdYR\UgYdX]Y^UbQ\Q^Tci^dXUdYS
\eRU_Y\cQ\Ydd\UgQdUb]UQ^cQ^
U^_b]_ecXQjQbTd_dXUgX_\UcicdU]
9^QbUVbYWUbQdY_^cicdU]ecY^WQ
S_]`bUcc_bdXQd_`UbQdUcgYdXB!#$Q
dXU^UWQdYfUY]`QSdcSQecUTRigQdUb
QbUUfU^WbUQdUbDXU\eRU_Y\cV_bB!#$Q
S_]`bUcc_bcQbUXYWX\iXiWb_cS_`YS
gQdUbQRc_bRY^WQ^Te^cdQR\UUcdUbc
9^QTTYdY_^d_dXUTQ]QWUc]U^dY_^UT
QR_fUYdYcS_]]_^V_bdXUSQ`Y\\QbideRU
d_RUS_]UR\_S[UTTeUd_QSYTbUcYTeUc
)XUWKHU
LQIRUPDWLRQ
6YWebU$"3XU]YSQ\bUQSdY_^RUdgUU^UcdUb_Y\Q^TgQdUb
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9^dXUUfU^d_V`QbdYQ\R\_S[QWUdXU
cicdU]c`UbV_b]Q^SUTb_`cY^`b_`_bdY_^
d_dXUcYjU_VdXUR\_S[QWU9VS_]`\UdU\i
R\_S[UTdXYc`bUfU^dcdXUSYbSe\QdY_^_V
dXUbUVbYWUbQ^dQ^TS_^cUaeU^d\iYdcd_`c
g_b[Y^W
$QWLIUHH]H
1^dYVbUUjUYcUhdbU]U\iXQb]Ve\d_
dXUbUVbYWUbQdY_^cicdU]Uc`USYQ\\iV_b
dXUS_]`bUcc_b
6Ybcd\iRUSQecU_VYdcS_bb_cYfU
SXQbQSdUbYcdYScQ^TXYWXgQdUbS_^dU^d
C_]U_VdXU]QY^UVVUSdcQbU*_hYTU
V_b]QdY_^SQbR_^_^dXUfQ\fU`\QdUc
gUQ[U^Y^WQ^TTUcdb_iY^WdXU]_d_b
Y^ce\QdY_^Q^TS_bb_cY_^_VdXUQ\e]Y^e]
UfQ`_bQd_bc
CUS_^T\iRUSQecUYdT_Uc^_dXQfUdXU
`_gUbd_^UedbQ\YjUdXUUVVUSdc_VdXUgQdUb
1^dYVbUUjU_^\i`bUfU^dcdXUSQ`Y\\QbiVb_]
RUY^WR\_S[UTRiYSURUSQecUYd\_gUbc
dXUVbUUjY^WdU]`UbQdebU_VdXUgQdUb
DXYbT\iRUSQecUYdQddQS[cdXUTUcYSSQ^dc
_VdXUVY\dUbTbYUb
9,,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9,,
6YWebU$#7bQ`XcS_]`QbY^WXiWb_cS_`YSYdiRUdgUU^UcdUb_Y\Q^T]Y^UbQ\_Y\
+\JURVFRSLFLW\
1`b_`UbdiSXQbQSdUbYjY^WdXUQVVY^Ydi_VQ
`b_TeSdgYdXgQdUb5cdUb_Y\cecUTY^
S_]`bUcc_bcdXQdecUB!#$QbUVbYWUbQ^d
QbUXiWb_cS_`YSQ^TS_^cUaeU^d\iXQfU
QXYWXgQdUbQRc_bRY^WSQ`QSYdigXU^
S_]`QbUTd_dXU^Q`XdXU^U]Y^UbQ\_Y\
Q^Tci^dXUdYS_Y\Q\[i\RU^jU^UecUTgYdX
B!"_bB& Q
0LVFLELOLW\LQ/XEH2LO
B!"R\U^TcY^]Y^UbQ\
_bci^dXUdYS_Y\
`UbVUSd]YcSYRY\Ydi
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

DXUB!#$QT_Uc^_dR\U^T
gYdX]Y^UbQ\_bci^dXUdYS
_Y\c^_^]YcSYR\U
BH=C74C82>A
<8=4A0;>8;
A !
4BC4A>8;
A "#P
BH=C74C82>A
<8=4A0;>8;
A "#P
\Ucc \Ucc
9,,
5cdUb_Y\cXQfURUU^c`USYQ\\i
TUfU\_`UTd_g_b[gYdXB!#$Q
QSSU`dQR\U]YcSYRY\Ydi
(TXDOL]LQJ3UHVVXUH
3_^cYTUbY^WdXUcQ]UbUVbYWUbQ^dV\eYT
Q^T_Y\SXQbWUdXUUaeQ\YjY^W`bUccebUc
gY\\RU*
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9,,
&KHPLFDO&RPSDWLELOLW\
 1RQPLVFLEOH5HVLGXH
>_^]YcSYR\UbUcYTeUcQbUdX_cU
dXQdbU]QY^TYcc_\fUTY^dXUUcdUb
_Y\R\U^TQ^TB!#$QQd
dU]`UbQdebUcQR_fU#%
_
3#!
_
6
DXU]QY^`_dU^dYQ\\i^_^]YcSYR\U
`b_TeSdcRU\_^Wd_dXUVQ]Y\YUc_V*
GQh7bUQcUQ^T?Y\c
CY\YS_^UQ^T`QbQVVY^QbUdXU]_cd
e^TUcYbQR\US_]`_^U^dcY^dXU
S_]`_cYdY_^_VdXU
QV_bU]U^dY_^UT`b_TeSdc
DXUcU`b_TeSdcTYcc_\fUY^UcdUb
_Y\QdXYWXdU]`UbQdebUcQcY^dXU
S_]`bUcc_bQ^TS_^TU^cUbQ^T
SQ^RUTbQg^RiB!#$QdXb_eWX
dXUbUVbYWUbQdY_^SYbSeYd9^\_g
dU]`UbQdebUbUWY_^cceSXQcY^
dXUUfQ`_bQd_bQ^TQddXUSQ`Y\\Qbi
_ed\UddXUcU^_^]YcSYR\U
`b_TeSdccU`QbQdUQ^Tc_\YTYVi
dXU^RUS_]Y^WU\U]U^dc_VbYc[
`bY^SY`Q\\iY^dUb]c_VR\_S[QWU
 ,QFRPSDWLEOHUHVLGXHV
9^S_]`QdYR\UbUcYTeUcQbUdX_cU
dXQd]QiQSd_^dXUUcdUb_Y\d_
bUfUbcUdXUbUQSdY_^_VV_b]Y^W
UcdUb_Y\
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

DXU]QY^Y^S_]`QdYR\U
`b_TeSdcQbU*
GQdUb1\[Q\Y^UQ^T3X\_bY^QdUT
@b_TeSdc
DXU`bUcU^SU_VdXUcU`b_TeSdc
SQ^SQecUQ^Y^SbUQcUY^dXU
QSYTYdi_VdXU_Y\dXQdY^Ydcdeb^
gY\\bUQSdgYdX]UdQ\_b`\QcdYS
S_]`_^U^dcDXU_edS_]U_VdXYc
bUQSdY_^QbUS_]`_e^TcdXQdgY\\
bU`bUcU^d`_dU^dYQ\`b_R\U]cV_b
dXUbUVbYWUbQdY_^cicdU]cc_]U
_VgXYSXQbU*`_ccYR\UR\_S[QWU
_VdXUSQ`Y\\Qbi`bU]QdebUVQY\ebU
_VdXUS_]`bUcc_bc]USXQ^YSQ\
S_]`_^U^dcQ^TQ\c_gUQ[U^Y^W
_VY^ce\QdY_^]QdUbYQ\Y^dXU]_d_b
Q^T`\QcdYSS_]`_^U^dc
 2]RQH)RUPDWLRQ3URFHVV
'HVWUXFWLRQ
DXU_j_^UYcV_b]UTgXU^dXU_hiWU^]_\USe\Uc
?
"
QRc_bR`Qbd_VdXUe\dbQfY_\UdbQicVb_]dXUce^
SQecY^WdXUcU`QbQdY_^_VdXU
]_\USe\UcY^dg__hiWU^Qd_]c
DXUcUQd_]cY^dXUYbdeb^R_^T
gYdX_dXUb_hiWU^]_\USe\Ucd_
V_b]_j_^U?
#
gXYSXS_^dQY^c
dXbUU_hiWU^Qd_]c
6YWebU$$?j_^U]_\USe\U
E\dbQfY_\Ud
bQic
?hiWU^
]_\USe\U?
"
?j_^U]_\USe\Uc?
#
9,,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9,,
1``b_hY]QdU\i) _VdXU5QbdXc_j_^UYc\_SQdUT
Y^Q^QdebQ\\QiUbY]]UTYQdU\iQR_fUdXU5QbdXc
cebVQSU[^_g^QcdXUcdbQd_c`XUbU
6YWebU$%°CSXU]QdYS_VdXUQd]_c`XUbYS\QiUbcdXQdU^fU\_`UdXUUQbdX
DXYc^QdebQ\\QiUbV_b]UTRidXU_j_^UQSdcQcQ
`b_dUSdYfUcXYU\TQWQY^cddXUe\dbQfY_\UdbQic
DXU`bY]QbiS_^SUb^QR_eddXU`b_RQR\U
TUcdbeSdY_^_VdXU_j_^U\QiUbRidXU363cgQc
bQYcUTgXU^dXUdXU_bigQc`eR\YcXUTdXQdSX\_bY^U
Qd_]cbU\UQcUTRidXU363cS_e\T]YWbQdUQcVQb
QcdXUcdbQd_c`XUbUQ^TTUcdb_idXU_j_^U
]_\USe\Uc=_\Y^QB_g\Q^T!)'$
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

C_]U363cSQ^\YfUY^dXUQd]_c`XUbUV_b]_bU
dXQ^!" iUQbcdXQdYcdXUiT_^_dTYcc_SYQdUY^dXU
\_gUbQd]_c`XUbUdb_`_c`XUbU1cQbUce\ddXU
363cc\_g\i]YWbQdUd_dXUcdbQd_c`XUbUgXUbUdXUi
QbUQVVUSdUTRiXYWXUb\UfU\c_VbQTYQdY_^bU\UQcY^W
dXUSX\_bY^UgXYSX_^SUVbUUbU`UQdUT\iR_^Tc
gYdX_j_^U]_\USe\Ucd_SQecUdXUcU`QbQdY_^_V
dXU_hiWU^Qd_]cVb_]dXU]_\USe\UY^aeUcdY_^
GYdXdXUTUcdbeSdY_^_VdXU_j_^UXYWXUb\UfU\c_V
bQTYQdY_^dU^Td_`U^UdbQdUdXU5QbdXccebVQSU
=_bU_fUbQc363cY^dXUQd]_c`XUbUXQfUQ
\_^W\YVUQ^TQcQSX\_bY^UQd_]SQ^bU`UQdUT\i
TUcdb_idX_ecQ^Tc_V_j_^U]_\USe\UcYdgY\\
dQ[U]Q^iTUSQTUcV_bdXU_j_^U\QiUbd_bUdeb^
d_Ydc_bYWY^Q\S_^SU^dbQdY_^\UfU\cUfU^QVdUb
dXU363cXQfURUU^S_]`\UdU\iU\Y]Y^QdUT
6b_]dXUdY]UgXU^dXUdXU_bi_VdXUTUcdbeSdY_^
_VdXU_j_^U\QiUbgQc`eR\YcXUTV_bdXUVYbcddY]U
cSYU^dYVYSbUcUQbSXXQcTU]_^cdbQdUTWU^UbQ\
S_^SUb^gYdXdXUY^SbUQcU_VSX\_bY^US_^SU^dbQdY_^
Y^dXUcdbQd_c`XUbUgXYSXQVdUbTUcdb_iY^WdXU
_j_^UbUce\dcY^XUQ\dXQ^TU^fYb_^]U^dQ\XQjQbTc
V_bY^cdQ^SU*
9^SbUQcUY^dXU^e]RUb_Vc[Y^SQ^SUb`QdYU^dc+
9^SbUQcUY^dXU^e]RUb_VSQdQbQSd`QdYU^dc
_Se\Qb+
3b_`TQ]QWU+
4Q]QWUd_QaeQdYS_bWQ^Yc]c]QbY^UQ\WQU+
9^SbUQcUY^U^fYb_^]U^dQ\dU]`UbQdebU
9,,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

+RZLVWKHR]RQHGHVWUR\HG"
363]_\USe\U
1ddXU!cdcdQWUe\dbQfY_\Ud
bQicRbUQ[c
dXU\Y^[
_VQSX\_bY^U
Qd_]Y^
dXU363
]_\USe\U
?hiWU^]_\USe\U
?hiWU^]_\USe\U
6bUU_hiWU^
Qd_]
6YWebU$(2bUQ[Y^dXUS_^^USdY_^
Q^TV_b]QdY_^_V^Ug
]_\USe\Uc
6YWebU$)39?RbUQ[Y^WV_b]Y^W?
"
Q^TVbUU
SX\_bY^UdXQdbUQSdcQWQY^
6bUU
SX\_bY^U
3X\_bY^UQd_]
9,,
E\dbQfY_\Ud\YWXd
?j_^U]_\USe\U
6YWebU$&363]_\USe\U 6YWebU$'363]_\USe\UgYdX
cU`QbQdY_^_VSX\_bY^U
3X\_bY^U
Qd_]
363]_\USe\UgYdXSX\_bY^UcU`QbQdY_^
>UhddXUSX\_bY^UQd_]QddQS[cdXU_j_^U
]_\USe\U?
#
RbUQ[Y^WdXU\Y^[RUdgUU^
dXUQd_]c
1S_]]_^_hiWU^?
"
Q^TSX\_bY^U
]_^_hYTU]_\USe\UQbUV_b]UT
C`\YdY^dXU\Y^[Q^TV_b]QdY_^_V^Ug
]_\USe\Uc
3X\_bY^U]_^_hYTUYce^cdQR\UXQc
Ydc\Y^[Rb_[U^Q^TV_b]cVbUUSX\_bY^U
QWQY^gXYSXgY\\QddQS[Q^TTUcdb_i
Q^_dXUb_j_^U]_\USe\UbU`UQdY^W
dXU`b_SUcc
39?c`\YddY^Wd_V_b]?
"
Q^TVbUUc
SX\_bY^Ud_S_^dY^eUbUQSdY^W
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

0DLQWHQDQFHRIGRPHVWLF
UHIULJHUDWLRQV\VWHP
%OHQGV
>_b]Q\\iS_^cYcdY^W_Vdg__bdXbUU
bUVbYWUbQ^dV\eYTc_VdXU8363di`U
XiTb_SX\_b_V\e_b_SQbR_^c_b83c
XiTb_SQbR_^cXQfUdXUV_\\_gY^W]QY^
SXQbQSdUbYcdYSc*
?j_^U4U`\UdY_^@_dU^dYQ\?4@\Ucc
dXQ^B!"
9dcS_]`_^U^dcT_^_dS_]`\UdU\i
R\U^TQ^TdXYcYcgXidXUiQbUSQ\\UT
^_^QjU_db_`UbUVbYWUbQ^dc
4UfU\_`UTd_RUecUTY^S_]`bUcc_bc
SebbU^d\i]Q^eVQSdebUTV_bB!"
C_]UXQfUbUcdbYSdY_^cbUWQbTY^W\eRU
_Y\Q^T]Qi^_dRUecUTgYdX]Y^UbQ\
_Y\9^ceSXSQcUcdXU_Y\cX_e\TRU
bU`\QSUTRici^dXUdYS_Y\
Q\[i\RU^jU^U
2idXUVQSddXQdYdcS_]`_^U^dcT_^_d
R\U^TS_]`\UdU\iQ^i\UQ[QWUQddXU
WQcU_eccdQWU]QiQVVUSddXU
`UbV_b]Q^SU_VdXUbUVbYWUbQdY_^cicdU]
DXYc_SSebcTeUd_dXUTYVVUbU^d
`b_`UbdYUcQ]_^WdXUbUVbYWUbQ^dcc_
dXQddX_cUgYdX\UccTU^cYdiUcSQ`UVYbcd
Q\dUbY^WYdcS_]`_cYdY_^
9,,
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

9,,
4eUd_`b_R\U]c_VSXU]YSQ\
S_]`QdYRY\YdidXUVY\dUbTbYUb^_b]Q\\i
ecUTV_bQcicdU]dXQd_`UbQdUcgYdX
B!"cXQ\\RUceRcdYdedUTRi_^U
S_]`QdYR\UgYdXdXUR\U^TcUU3XQ`dUb
F9YdU]"
BUVbYWUbQ^dV\eYTcR\U^TY^dXUcicdU]
cXQ\\_^\iRUSXQbWUTQddXU\YaeYT
cdQWUTeUd_dXUQV_bU]U^dY_^UT
TYVVUbU^SUcY^TU^cYdi
$OWHUQDWLYHUHIULJHUDQW5D
3X_cU^d_bU`\QSUdXUB!"RUSQecUYdXQc
`b_`UbdYUccY]Y\Qbd_YdQ^TT_Uc^_dXQfUdXU`_gUb
d_TUcdb_idXU_j_^U\QiUb?4@- 
3_]]U^dc*
<UQ[QWUgY\\SQecU\Ydd\UB!#$QXQc7G@
U^fYb_^]U^dQ\Y]`QSd
?^\ibUS_]]U^TUTV_becUY^^UgcicdU]c
c`USYQ\\iTUcYW^UTV_bYdcecUDXU]QY^
bUQc_^cQbU*
°9d]QibUaeYbUQ^Q\dUbQdY_^Y^dXUSQ`Y\\QbideRU
d_]QY^dQY^dXUcicdU]c`UbV_b]Q^SUgXU^
S_]`QbUTd_dXUecU_VB!"
3_]`bUcc_b1``\YSQdY_^=Q^eQ\

°9dbUaeYbUcQ\\S_]`_^U^dc_VdXUcicdU]d_RU
VbUUVb_]S_^dQ]Y^QdY_^Q\[Q\Y^UceRcdQ^SUc
WbUQcUgQhgQdUb`QbQVVY^cY\YS_^U
SX\_bY^QdUTbUcYTeUcUdSTeUd_dXU
SXQbQSdUbYcdYSc_VdXUS_]`bUcc_bd_RUecUT
D_TQdUdXUbUYc^_TUVY^YdY_^_VQceVVYSYU^d\i
UVVUSdYfUS\UQ^Y^W]UdX_TdXQdYcbU\YQR\UQ^T
bUQc_^QR\ie^S_]`\YSQdUTQ^TgXYSX
WeQbQ^dUUcdXUcY]`\UceRcdYdedY_^_VdXUB!"_V
QT_]UcdYSbUVbYWUbQdY_^cicdU]gYdXB!#$Q
B!#$Q]Qi_^\iRUecUTY^S_]`bUcc_bc
c`USYQ\\iTUcYW^UTV_bYdcecUTeUd_dXUc\YWXd\i
XYWXUb_`UbQdY^W`bUccebUcY^bU\QdY_^d_dXU
Q``\YSQdY_^cgYdXB!"
DXUcUSXQbQSdUbYcdYScbUaeYbUTQ^UgU\USdbYS
]_d_bTUcYW^Q^TSXU]YSQ\\iS_]`QdYR\U
]QdUbYQ\cU]`\_iUTY^Ydc]Q^eVQSdebU
3_]`bUcc_bc`b_TeSUTd_ecUB!"X_gUfUb
XQfU]QdUbYQ\cecUTY^dXUYb]Q^eVQSdebY^W
`b_SUccdXQdQbU^_dS_]`QdYR\UgYdXdXUUcdUb
_Y\ecUTY^dXUcQ]UB!#$Q
4eUd_`b_R\U]c_VSXU]YSQ\S_]`QdYRY\Ydi
YdgY\\RU^USUccQbid_ecUQc`USYQ\VY\dUbTbYUbV_b
dXUB!#$Q
4eUd_dXUXYWXXiWb_cS_`YSYdi_VdXUUcdUb
_Y\ecUTY^dXUS_]`bUcc_bcc`USYVYSQ\\iV_b
B!#$QgUbUS_]]U^TdXQddXUS_]`bUcc_b_b
cicdU]T_Uc^_dbU]QY^_`U^d_dXUQYbV_b]_bU
dXQ^!%]Y^edUcDXUfQSee]`b_SUccecY^WQ
`e]`Yc]Q^TQd_bi
9,,
9VQVdUbdXUcUY^cdbeSdY_^ci_ecdY\\XQfU
T_eRdc`\UQcUT_^_dXUcYdQdUd_SQ\\ec
GG
GG
G
bYdUd_5]RbQS_*bYdUd_5]RbQS_*
bYdUd_5]RbQS_*bYdUd_5]RbQS_*
bYdUd_5]RbQS_*
@b_SUccQ^T@b_TeSdDUSX^_\_Wi7b_e`
7b_e`V_b1ccYcdQ^SUY^1``\YSQdY_^
BeQBeY2QbR_cQ! " 3QYhQ@_cdQ\)!
35@()"!)) !:_Y^fY\\UC32bQjY\
Disclaimer of Liability
The compressors here into introduced were designed for strictly use and
application according to their respective specifications. Any change or
use different from these specifications requires Embraco’s previous
written consent.
Embraco specifically disclaims and excludes any liability to the maximum
extent legally permitted, in relation to compressors improperly used.
Improper use means:
(1) application of the compressors not compliant with their designs and
specifications; and (2) use of the compressors without observation of the
respective safety warnings informed by Embraco’s Technical Bulletin.
Damages and losses generated by improper use of the compressors
manufactured by Embraco will be borne exclusively by the incautious user.
Eventual damage to Embraco’s image will be reimbursed by the non-
compliant user.
Within the material technical boundaries that have to be taken into
consideration, but not limited to, Embraco outlines the running temperatures,
voltage and frequency supply, type of the refrigerant, type and specifications
of the starting device and overload protector.
In case you have any concerns and/or doubts, please do consult
compressors’s accompanying documentation, or contact Embraco for
further information.
The use of certain refrigerants may have been forbidden or restricted
use in some countries, demanding the use of alternative refrigerants.
We advise you to check the specific regulations of your country.
Note: After replacement, the compressor and it's accessories must have
proper processing, and the components must be recycled according
to the material group (ferrous, non-ferrous, polymers, oils, ...) directives.
These recomendations are intended to minimize the adverse impacts that
may be caused to the environment.
-.ecit
onsuo
i
ve
r
p
tuohtiw
n
oit
a
r
etla
o
tt
cejbuSraurbeFet
aD
-
70000e
doCV-80
02
y
.10n
o
i
sre
www.embraco.com
^
Rui Barbosa, 1020 -
89219-901 - Joinville - SC - Brazil
Ph : +55 47 3441-2121
Fax: +55 47 3441-2780
P.O. BOX 91
one
2800 Vista Ridge Drive NE
Suwanee, GA 30024-3510
+1 678 804-1337
+1 678 804-1338
Phone:
Fax:
Via Buttigliera 6
10020 - Riva Presso Chieri (Torino) -
- 10023 Chieri (TO)
Ph : +39 011 943-7111
Fax: +39 011 946-8377
+39 011 946-9950
Italy
P.O. BOX 151
one
29 Yuhua Road
Area B of Beijing Tianzhu Airport Industrial Zone
101312 - Beijing - China
Phone: +86 10 8048-2255
Fax: +86 10 6725-6825
Odorinska Cesta, 2 - 052-01
Spisská Nová Ves - Slovakia
Phone: +42 153 417-2291
+42 153 417-2293
Fax: +42 153 417-2299
^
Italy
Slovakia
U.S.A.
China
Zona Industriale D1- Via Fratelli Gambino, 7
10023 - Chieri (Torino) - Italy
Phone: +39 011 940-5611
Fax: +39 011 940-5656
Europe - Sales Office
Brazil
Torre Alestra, Piso 3 - Office 373
Av. Lázaro Cárdenas 2321 Pte.
P.O. BOX 66260 - San Pedro Garza García
Nuevo León - México
Phone: +52 81 1001-7102
Fax: +52 81 1001-7142
México - Sales Office
Embraco is participating in the United Nations Global Compact.