Beruflich Dokumente
Kultur Dokumente
ACI Committee 214-ACI 214R-11 - Guide To Evaluation of Strength Test Results of Concrete-American Concrete Institute (ACI) (2011) Estadistica PDF
ACI Committee 214-ACI 214R-11 - Guide To Evaluation of Strength Test Results of Concrete-American Concrete Institute (ACI) (2011) Estadistica PDF
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%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8)%'-6
8EFPI{)\TIGXIHTIVGIRXEKIWSJMRHMZMHYEP 8EFPI{7XERHEVHWSJGSRGVIXIGSRXVSPJSVJG
XIWXWPS[IVXLERJG TWM14E
%ZIVEKI )\TIGXIHTIVGIRX %ZIVEKI )\TIGXIHTIVGIRXEKI 3ZIVEPPZEVMEXMSR
WXVIRKXL EKISJPS[XIWXW WXVIRKXL SJPS[XIWXW 7XERHEVHHIZMEXMSRJSVHMJJIVIRXGSRXVSPWXERHEVHWTWM14E
'PEWWSJ
JG JG STIVEXMSR )\GIPPIRX :IV]KSSH +SSH *EMV 4SSV
JG JG +IRIVEP &IPS[ XS XS XS %FSZI
GSRWXVYGXMSR FIPS[
XS
XS
XS
EFSZI
JG JG XIWXMRK
JG JG 0EFSVEXSV] &IPS[ XS XS XS %FSZI
XVMEPFEXGLIW FIPS[
XS
XS
XS
EFSZI
JG JG
;MXLMRFEXGLZEVMEXMSR
JG JG
'SIJJMGMIRXSJZEVMEXMSRJSVHMJJIVIRXGSRXVSPWXERHEVHW
JG JG 'PEWWSJ
STIVEXMSR )\GIPPIRX :IV]KSSH +SSH *EMV 4SSV
JG JG *MIPHGSRXVSP
XIWXMRK &IPS[ XS XS XS %FSZI
JG JG
JG JG 0EFSVEXSV] &IPS[ XS XS XS %FSZI
XVMEPFEXGLIW
JG JG
JG JG
8EFPI{7XERHEVHWSJGSRGVIXIGSRXVSPJSVJG
JG JG TWM14E
JG JG
3ZIVEPPZEVMEXMSR
JG JG
'PEWWSJ 'SIJJMGMIRXSJZEVMEXMSRJSVHMJJIVIRXGSRXVSPWXERHEVHW
;LIVI I\GIIHWJG F]EQSYRXWLS[R STIVEXMSR )\GIPPIRX :IV]KSSH +SSH *EMV 4SSV
+IRIVEP
GSRWXVYGXMSR &IPS[ XS XS XS %FSZI
XIWXMRK
EREP]WMWSJXLIXIWXVIWYPXWMWTSWWMFPI*MKYVIWLS[WXLI 0EFSVEXSV]
ETTVS\MQEXIHMZMWMSRSJXLIEVIEYRHIVXLIRSVQEPJVIUYIRG] XVMEPFEXGLIW &IPS[ XS XS XS %FSZI
HMWXVMFYXMSRGYVZI-X[EWWIIRXLEXETTVS\MQEXIP] SJXLI ;MXLMRFEXGLZEVMEXMSR
EVIEIUYMZEPIRXXS SJXLIVIWYPXW
PMIW[MXLMR SJXLI 'PEWWSJ 'SIJJMGMIRXSJZEVMEXMSRJSVHMJJIVIRXGSRXVSPWXERHEVHW
EZIVEKIERH PMIW[MXLMR 8LMWTVSTIVX]SJXLIRSVQEP STIVEXMSR )\GIPPIRX :IV]KSSH +SSH *EMV 4SSV
HMWXVMFYXMSR TIVQMXW ER IWXMQEXI SJ XLI TSVXMSR SJ XLI XIWX *MIPHGSRXVSP
XIWXMRK &IPS[ XS XS XS %FSZI
VIWYPXW I\TIGXIH XS JEPP [MXLMR QYPXMTPIW ^ SJ XLI WXERHEVH
0EFSVEXSV]
HIZMEXMSR SJXLIEZIVEKISVSJER]SXLIVWTIGMJMGZEPYI &IPS[ XS XS XS %FSZI
XVMEPFEXGLIW
(EXELMWXSKVEQWXIRHXSQSVIGPSWIP]VIWIQFPIERSVQEP
HMWXVMFYXMSREWXLIWEQTPIWM^IMWMRGVIEWIH;LIRSRP]EJI[
VIWYPXW EVI EZEMPEFPI XLI] QE] RSX JMX XLI WXERHEVH FIPP ;LIXLIVWXERHEVHHIZMEXMSRSVGSIJJMGMIRXSJZEVMEXMSRMW
WLETIH TEXXIVR )VVSVW MR WEQTPMRK QEOMRK GYVMRK ERH XLIETTVSTVMEXIQIEWYVISJHMWTIVWMSRXSYWIMREKMZIRWMXYEXMSR
XIWXMRKGEREPWSGEYWIEPEGOSJEKVIIQIRXFIX[IIRELMWXSKVEQ HITIRHWSR[LMGLQIEWYVIMWQSWXGSRWXERXSZIVXLIVERKISJ
SJWXVIRKXLXIWXVIWYPXWERHERSVQEPHMWXVMFYXMSR*EMPYVIXS WXVIRKXLWSJGSRGIVR*MIPHI\TIVMIRGIMRHMGEXIWXLEXWXERHEVH
WEQTPIMREXVYP]VERHSQQERRIVWEQTPMRKJVSQHMJJIVIRX HIZMEXMSRVIQEMRWVIEWSREFP]GSRWXERXSZIVEPMQMXIHVERKI
TSTYPEXMSRW SV XLI TVIWIRGI SJ WOI[ SV OYVXSWMW MR LMKL SJWXVIRKXLWLS[IZIVWIZIVEPWXYHMIWWLS[XLEXGSIJJMGMIRX
WXVIRKXLGSRGVIXIW'SSO
EVIJEGXSVWXLEXGERVIWYPXMR SJ ZEVMEXMSRMWQSVI RIEVP]GSRWXERXSZIVE[MHIV VERKISJ
WYFWXERXMEP HMJJIVIRGIW FIX[IIR QIEWYVIH WXVIRKXLW ERH E WXVIRKXLWIWTIGMEPP]LMKLIVWXVIRKXLW'SSO
%
RSVQEPHMWXVMFYXMSR GSQTEVMWSR SJ PIZIP SJ GSRXVSP FIX[IIR GSQTVIWWMZI ERH
8EFPI[EWEHETXIHJVSQXLIRSVQEPGYQYPEXMZIHMWXVM JPI\YVEPWXVIRKXLWMWIEWMIVXSIZEPYEXIYWMRKXLIGSIJJMGMIRXSJ
FYXMSR[LMGLMWXLIRSVQEPTVSFEFMPMX]MRXIKVEP0MWXIHMWXLI ZEVMEXMSR8LIGSIJJMGMIRXSJZEVMEXMSRMWEPWSEFIXXIVWXEXMWXMGJSV
TVSFEFMPMX]XLEXEXIWX[MPPJEPPFIPS[ JG [LIRXLIVIUYMVIH [MXLMRFEXGL IZEPYEXMSRW 2IZMPPI 1IXGEPJ
EZIVEKIWXVIRKXLIUYEPWJG ^ 1YVHSGO)VRXVS]6WGLERH%781'
7XERHEVHHIZMEXMSRSVXLIGSIJJMGMIRXSJZEVMEXMSRGERFIYWIHXS
{7XERHEVHWSJGSRXVSP IZEPYEXIXLIPIZIPSJGSRXVSPSJGSRZIRXMSREPWXVIRKXLGSRGVIXI
3RI TVMQEV] TYVTSWI SJ XLI WXEXMWXMGEP IZEPYEXMSR SJ QM\XYVIWFYXJSVWXVIRKXLWI\GIIHMRKTWM14E
XLI
GSRGVIXI HEXE MW XS MHIRXMJ] WSYVGIW SJ ZEVMEFMPMX] 8LMW GSIJJMGMIRXSJZEVMEXMSRMWTVIJIVVIH
ORS[PIHKIGER FI YWIH XS HIXIVQMRI ETTVSTVMEXI WXITW JSV 8EFPIKMZIWGSRXVSPWXERHEVHWETTVSTVMEXIJSVGSRGVIXIW
QEMRXEMRMRKUYEPMX]GSRXVSP7IZIVEPXIGLRMUYIWGERFIYWIH [MXL JG YTXSTWM14E
8EFPITVSZMHIWGSRXVSP
XS HIXIGX ZEVMEXMSRW MR GSRGVIXI TVSHYGXMSR QEXIVMEPW WXERHEVHWJSVGSRGVIXIW[MXLJG I\GIIHMRKTWM14E
TVSGIWWMRKERHLERHPMRKERHGSRXVEGXSVERHXIWXMRKEKIRG] 8LIWIGSRXVSPWXERHEVHW[IVIEHSTXIHFEWIHSRI\EQMREXMSR
STIVEXMSRW%WMQTPIETTVSEGLMWXSGSQTEVISZIVEPPZEVMEFMPMX] ERH EREP]WMW SJ GSQTVIWWMZI WXVIRKXL HEXE F] %'-
ERH[MXLMRFEXGLZEVMEFMPMX]YWMRKWXERHEVHHIZMEXMSRSVGSIJJM 'SQQMXXIIW )ZEPYEXMSR SJ 7XVIRKXL 8IWXW ERH
GMIRXSJZEVMEXMSREWETTVSTVMEXI[MXLTVIZMSYWTIVJSVQERGI ,MKL7XVIRKXL'SRGVIXI7XVIRKXLXIWXW[IVIGSRHYGXIHYWMRK
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8)%'-6
\MR\QQ
G]PMRHIVW8LIGSRXVSPWXERHEVHWEVI 7SQI XIWXW [MPP JEPP FIPS[ JG %'- ERH QSWX SXLIV
XLIVIJSVIETTPMGEFPIXSWTIGMQIRWSJXLMWWM^IXLEXLEZIFIIR FYMPHMRKGSHIW ERH WTIGMJMGEXMSRW IWXEFPMWL WXEXMWXMGEPP]FEWIH
XIWXIH EX HE]W8LIWI WXERHEVHW QE]FIETTPMGEFPI[MXL EGGITXERGIGVMXIVMEJSVGSQTP]MRK[MXLJG EGGITXERGIGVMXIVME
QMRSVHMJJIVIRGIWXSSXLIVG]PMRHIVWM^IWWYGLEW\MR EREPSKSYWXSXLIXSPIVERGIWJSVSXLIVFYMPHMRKQEXIVMEPW
\QQ
EWVIGSKRM^IHMR%781''1 8S WEXMWJ] WXEXMWXMGEPP]FEWIH WXVIRKXLTIVJSVQERGI
8LISZIVEPPERH[MXLMRFEXGLGSIJJMGMIRXSJZEVMEXMSRJSV VIUYMVIQIRXWXLIQMRMQYQVIUYMVIHEZIVEKIWXVIRKXLSJXLI
\MR \QQ
G]PMRHIVW[EWJSYRHXSFIWPMKLXP] GSRGVIXIQM\XYVITVSTSVXMSRJGV WLSYPHI\GIIHJG 8LIJGV MW
LMKLIVGSQTEVIH[MXL\MR\QQ
G]PMRHIVWJSV EJYRGXMSRSJXLIZEVMEFMPMX]SJXIWXVIWYPXWQIEWYVIHF]XLI
XLI WEQI GSRGVIXI QM\XYVI (IX[MPIV IX EP %781 GSIJJMGMIRX SJ ZEVMEXMSR SV WXERHEVH HIZMEXMSR ERH SR XLI
''1
8LIVIJSVIXSVIHYGIXLIZEVMEXMSRSJXIWXVIWYPXW TVSTSVXMSRSJXIWXWEPPS[IHFIPS[XLIWTIGMJMIHWXVIRKXL
JVSQ\MR\QQ
G]PMRHIVWXLIEZIVEKIWXVIRKXLSJ
EXPIEWXXLVII\MR\QQ
G]PMRHIVWWLSYPHFIYWIH {(EXEYWIHXSIWXEFPMWLQMRMQYQVIUYMVIH
XSHIXIVQMRIGSQTVIWWMZIWXVIRKXLEWVIUYMVIHF]%'- EZIVEKIWXVIRKXL
%WEQIEWYVISJXLI[MXLMRFEXGLIVVSVWSQIMRXIVREXMSREP 8SIWXEFPMWLXLIVIUYMVIHEZIVEKIWXVIRKXLJGV ERIWXMQEXI
WTIGMJMIVWJMRHEZIVEKIHTEMVHMJJIVIRGIWYTXSTWM14E
MW RIIHIH SJ XLI ZEVMEFMPMX] SJ GSRGVIXI XS FI WYTTPMIH JSV
VITVIWIRXEXMZISJwKSSHxGSRXVSPERHEGGITXHMJJIVIRGIWYT GSRWXVYGXMSR8LIWXVIRKXLXIWXVIGSVHYWIHXSIWXMQEXIWXERHEVH
XS TWM 14E
EW wEGGITXEFPIx GSRXVSP (E]
HIZMEXMSRSVGSIJJMGMIRXSJZEVMEXMSRWLSYPHVITVIWIRXEKVSYT
&IGEYWIXLITEMVHMJJIVIRGIWVITVIWIRXXLIVERKISJX[SG]PMRHIV SJEXPIEWXXIWXW(EXEYWIHXSIWXMQEXIZEVMEFMPMX]WLSYPH
XIWXWXLIWXERHEVHHIZMEXMSRWEXXLIWIPIZIPWGERFIIWXMQEXIHF] VITVIWIRX GSRGVIXI TVSHYGIH XS QIIX E WTIGMJMIH WXVIRKXL
HMZMHMRKXLITEMVHMJJIVIRGIF]JVSQ8EFPIXSKIX GPSWIXSXLEXWTIGMJMIHJSVXLITVSTSWIH[SVOERHWMQMPEVMR
TWM14E
ERHTWM14E
VIWTIGXMZIP] GSQTSWMXMSRERHTVSHYGXMSR
8LIVIUYMVIQIRXJSVGSRWIGYXMZIWXVIRKXLXIWXWGERFI
',%48)6{'6-8)6-% WEXMWJMIH YWMRK E XIWX VIGSVH SJ FEXGLIW SJ XLI WEQI
{+IRIVEP GSRGVIXIGPEWW[MXLMRTWM14E
SJWTIGMJMIHJG SVXLI
8LIGSRGVIXIG]PMRHIVWYWIHXSQIEWYVIWXVIRKXLJSVGSRXVEG WXEXMWXMGEP EZIVEKI SJ X[S XIWX VIGSVHW XSXEPMRK SV QSVI
XYEPEGGITXERGIEVIXSFIWEQTPIH%781''1
XIWXW-RXLIPEXXIVGEWIXLITSSPIHWXERHEVHHIZMEXMSRGERFI
JEFVMGEXIH WXERHEVH GYVIH %781 ''1
ERH XIWXIH GEPGYPEXIHYWMRK)U
%781 ''1
YRHIV LMKLP] GSRXVSPPIH GSRHMXMSRW ;LIRXLIRYQFIVSJXIWXVIWYPXWEZEMPEFPIMWJI[IVXLER
+IRIVEPP] XLI WXVIRKXLW SJ XLIWI G]PMRHIVW EVI XLI TVMQEV] EQSVIGSRWIVZEXMZIETTVSEGLMWRIIHIH%'-EPPS[WXIWX
IZMHIRGISJXLIUYEPMX]SJGSRGVIXIYWIHMRXLIWXVYGXYVI8LI VIGSVHW[MXLEWJI[EWXIWXWXSIWXMQEXIXLIWXERHEVHHIZMEXMSR
IRKMRIIVWTIGMJMIWXLIHIWMVIHWXVIRKXLXIWXMRKJVIUYIRG]ERH ,S[IZIVXLIZEPYISJXLIWEQTPIWXERHEVHHIZMEXMSRWLSYPH
XLITIVQMXXIHXSPIVERGIMRGSQTVIWWMZIWXVIRKXL%'-
FIMRGVIEWIHF]YTXS XSEGGSYRXJSVKVIEXIVYRGIVXEMRX]
%R]WTIGMJMIHUYERXMX]WLSYPHFII\TVIWWIH[MXLEXSPIVERGI MRXLIIWXMQEXIHTSTYPEXMSRWXERHEVHHIZMEXMSR%GSRWIVZEXMZI
-X MW MQTVEGXMGEP XS WTIGMJ] ER EFWSPYXI QMRMQYQ WXVIRKXL ETTVSEGLMWXLIVIF]VIUYMVIHERHGSRGVIXIMWTVSTSVXMSRIHXS
FIGEYWIPS[IVWXVIRKXLWEVITSWWMFPIHYIXSVERHSQZEVMEXMSR TVSHYGI LMKLIV EZIVEKI WXVIRKXLW XLER[SYPH FI RIIHIH MJ
IZIR[LIRGSRXVSPMWKSSH QSVIXIWXVIWYPXW[IVIEZEMPEFPIERHXLIWXERHEVHHIZMEXMSR
8LI GSRGVIXI MRHYWXV] LEW HIZIPSTIH QIXLSHSPSKMIW QSVIEGGYVEXIP]HIXIVQMRIH;LIRXLIVIEVIXSWXVIRKXL
YWMRK WXERHEVH TVSFEFMPMWXMG QIXLSHW ERH UYEPMX]GSRXVSP XIWX VIWYPXW XLI GEPGYPEXIH WXERHEVH HIZMEXMSR WLSYPH FI
XIGLRMUYIWXSHIXIVQMRIXLIQEKRMXYHISJXLEXXSPIVERGIEW QYPXMTPMIHF]XLIQSHMJMGEXMSRJEGXSVSFXEMRIHJVSQ8EFPI
MX ETTPMIW XS XLI WTIGMJMGEXMSR ERH XIWXMRK SJ GSRGVIXI XS TVSZMHI IWXMQEXIW GSRWIVZEXMZI IRSYKL XS EGGSYRX JSV
WXVIRKXL 8LI FEWMG EWWYQTXMSR MW XLEX GSRGVIXI WXVIRKXL YRGIVXEMRX] MR GEPGYPEXIH WXERHEVH HIZMEXMSR 8LMW MW XLI
XIWXWEVIRSVQEPP]HMWXVMFYXIH QIXLSHSPSK]EHSTXIHF]%'-'LETXIV
;MXLXLIEGGITXERGISJERSVQEPHMWXVMFYXMSRJSVETSTYPEXMSR ;LIR XLIVI EVI JI[IV XLER WXVIRKXL XIWX VIWYPXW XLI
SJGSRGVIXIXIWXWJSVEKMZIRQIERWXVIRKXLWSQITIVGIRXEKI GEPGYPEXIHWXERHEVHHIZMEXMSRMWRSXWYJJMGMIRXP]VIPMEFPI-R
SJ XIWX VIWYPXW GER FI I\TIGXIH XS JEPP FIPS[ XLI VIUYMVIH XLIWIGEWIWGSRGVIXIMWTVSTSVXMSRIHYWMRK8EFPI[LMGL
GSRGVIXIWXVIRKXLJG ERHWSQI[MPPFIKVIEXIVXLERXLIJG GER FI I\TIGXIH XS VIUYMVI LMKLIV WXVIRKXLW XLER XLSWI
;LIR WEQTPIW EVI WIPIGXIH VERHSQP] XLIVI MW E WQEPP GSQTYXIHJVSQERIWXEFPMWLIHWXERHEVHHIZMEXMSR
TVSFEFMPMX] XLEX XLI PS[ WXVIRKXL VIWYPXW GSVVIWTSRH XS %W E TVSNIGX TVSKVIWWIW ERH QSVI WXVIRKXL XIWXW FIGSQI
GSRGVIXI PSGEXIH MR E GVMXMGEP EVIE 8LI GSRWIUYIRGIW SJ E EZEMPEFPIEPPEZEMPEFPIWXVIRKXLXIWXWWLSYPHFIEREP]^IHXS
PSGEPM^IH^SRISJPS[WXVIRKXLGSRGVIXIMREWXVYGXYVIHITIRH SFXEMR XLIQSWX VIPMEFPIIWXMQEXI SJ XLI WXERHEVH HIZMEXMSR
SRQER]JEGXSVWMRGPYHMRK JSVXLIGSRGVIXIFIMRKYWIHSRXLEXTVSNIGX%VIZMWIHZEPYI
e )EVP]SZIVPSEHTVSFEFMPMX] SJ JGV [LMGLMWX]TMGEPP]PS[IVXLERXLISVMKMREPSRIGSYPH
e 0SGEXMSRERHQEKRMXYHISJXLIPS[UYEPMX]^SRIMRXLI XLIRFIGSQTYXIHERHYWIH
WXVYGXYVEPIPIQIRX
e (IKVIISJVIPMERGITPEGIHSRWXVIRKXLMRHIWMKR {'VMXIVMEJSVWXVIRKXLVIUYMVIQIRXW
e 'EYWISJXLIPS[WXVIRKXLERH 8LIVIEVIWIZIVEPGVMXIVMEXLEXGERFIYWIHXSIRWYVIXLEXE
e -QTPMGEXMSRW IGSRSQMG ERH SXLIV[MWI SJ PSWW SJ GSRGVIXIvW TIVJSVQERGI QIIXW XLI WTIGMJMG VIUYMVIQIRXW
WIVZMGIEFMPMX]SVWXVYGXYVEPJEMPYVI 1SWXWMQTP]XLMWMWHSRIF]VIUYMVMRKXLIEZIVEKIVIUYMVIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8)%'-6
WXVIRKXL JGV XSIUYEPSVI\GIIHXLIWTIGMJMIHWXVIRKXLJG F]E 8LI QMRMQYQ JGV GER FI GSQTYXIH YWMRK 8EFPI SV
QYPXMTPIGLSWIRXSVITVIWIRXXLITIVGIRXEKISJXIWXWEPPS[IH ETTP]MRK )U
XLVSYKL
EW ETTVSTVMEXI [MXL XLI
XSFIHIJIGXMZISJXLIWXVIRKXLZEVMEXMSRXLEXJMRHWETPEGIMR GVMXIVMEPMWXIHMR8EFPI
8EFPI[LMGLMW ;LIR E WTIGMJMGEXMSR VIUYMVIW E GSQFMREXMSR SJ XLI
EZIVEKIRYQFIVSJXIWXWWYGLEWXLIEZIVEKISJXLVIIGSRWIG
JGV !JG ^W VIJIVXS)UF
YXMZIXIWXWXLIWXERHEVHHIZMEXMSRSVGSIJJMGMIRXSJZEVMEXMSR
SJWYGLEREZIVEKI[MPPFIPS[IVXLERXLEXGSQTYXIHYWMRKEPP
%HIXEMPIHHMWGYWWMSRSJXLIGVMXIVMERIIHIHXSJYPP]YXMPM^IXLMW MRHMZMHYEPXIWXVIWYPXW7IGXMSR
7XERHEVHHIZMEXMSR
XEFPI[MXLI\EQTPIWYWMRKXLIIUYEXMSRWMWTVIWIRXIHMR SJEREZIVEKIMWGEPGYPEXIHF]HMZMHMRKXLIWXERHEVHHIZMEXMSR
%WXLIQYPXMTPIETTPMIHXSXLIWXVIRKXLZEVMEXMSRMRGVIEWIW 7IGXMSR
SJMRHMZMHYEPXIWXVIWYPXWF]XLIWUYEVIVSSX
XLIPIWWPMOIP]MX[MPPFIXLEXERMRHMZMHYEPWXVIRKXLXIWX[MPP SJXLIRYQFIVSJXIWXWR
MRIEGLEZIVEKIMRXLIJSVQSJ
I\GIIH JG 8LMWMWWIIRMR*MK[LMGLWLS[WXLEXJSVE )U
MR8EFPI
KMZIR WTIGMJMIH WXVIRKXL XLI EZIVEKI VIUYMVIH WXVIRKXL 8LIZEPYISJRX]TMGEPP]WTIGMJMIHMW8LMWZEPYIWLSYPH
SZIVHIWMKR MRGVIEWIW EW XLI ZEVMEXMSR I\TVIWWIH EW XLI RSXFIGSRJYWIH[MXLXLIRYQFIVSJWXVIRKXLXIWXVIWYPXWYWIH
GSIJJMGMIRXSJZEVMEXMSRVMWIW XS IWXMQEXI XLI QIER SV WXERHEVH HIZMEXMSR SJ XLI VIGSVH
8LIWI IUYEXMSRW EPP VIUYMVI E VIPMEFMPMX] JEGXSV ZEPYI ^ 8EFPI TVSZMHIW ZEPYIW SJ ^ JSV ZEVMSYW TIVGIRXEKIW SJ
[LMGLMWWIPIGXIHXSTVSZMHIEWYJJMGMIRXP]LMKLTVSFEFMPMX] XIWXWJEPPMRKFIX[IIRXLIQIER^ ERHXLITVSFEFMPMX]EXIWX
XLEX JG [MPPFIIUYEPIHSVI\GIIHIH*SVGSRGVIXIWLEZMRKE [MPPJEPPFIPS[XLIQIERQMRYW^ )\EQTPIWEVIWLS[RMR
RSVQEPHMWXVMFYXMSRSJWXVIRKXLXIWXVIWYPXWXLI^ZEPYI GERFI 7IGXMSR
XEOIRJVSQ 8EFPI8LIGSQTYXIHZEPYISJJGV [MPPFIXLI 8LI EQSYRX F] [LMGL JGV I\GIIHW JG HITIRHW SR XLI
WEQI JSV E KMZIR WIX SJ WXVIRKXL XIWX VIWYPXW VIKEVHPIWW SJ EGGITXERGIGVMXIVMEWTIGMJMIHJSVXLITEVXMGYPEVTVSNIGX8LI
[LIXLIV XLI GSIJJMGMIRX SJ ZEVMEXMSR SV WXERHEVH HIZMEXMSR I\EQTPIW XLEX JSPPS[ WLS[ LS[ HMJJIVIRX GVMXIVME QE] FI
IUYEXMSRMWYWIH YWIHXSHIXIVQMRIJGV JSVZEVMSYWWTIGMJMGEXMSRWSVIPIQIRXW
SJWTIGMJMGEXMSRW2YQIVMGEPI\EQTPIWEVITVIWIRXIHMRFSXL
8EFPI{1SHMJMGEXMSRJEGXSVWJSVWXERHEVH MRGLTSYRH ERH 7-YRMXW MRE TEVEPPIP JSVQEX XLEXLEWFIIR
HIZMEXMSR
2YQFIVSJXIWXW 1SHMJMGEXMSRJEGXSVW
*I[IVXLER 6IJIVXS8EFPI
SVQSVI
8EFPISJ%'-
8EFPI{1MRMQYQVIUYMVIHEZIVEKIWXVIRKXL
[MXLSYXWYJJMGMIRXLMWXSVMGEPHEXE
6IUYMVIHEZIVEKI
GSQTVIWWMZIWXVIRKXL 7TIGMJMIHGSQTVIWWMZIWXVIRKXL
JGV !JG TWM
[LIR JG TWMJG 14E
JGV !JG 14E
JGV !JG TWM [LIR JG TWMERHJG TWM
JGV !JG 14E
JG 14EERHJG 14E
JGV !JG TWM
[LIR JG "TWMJG "14E
JGV !JG 14E
*MK {2SVQEP JVIUYIRG] GYVZIW JSV GSIJJMGMIRXW SJ
8EFPISJ%'- ZEVMEXMSRSJERH
8EFPI{)UYEXMSRWXSHIXIVQMRIQMRMQYQVIUYMVIHEZIVEKIWXVIRKXL
'VMXIVMSR 'VMXIVMSR 'VMXIVMSR 'VMXIVMSRj
1E\MQYQTIVGIRXSJ 1E\MQYQTIVGIRXSJQSZMRK 1E\MQYQTIVGIRXSJMRHMZMHYEP 1E\MQYQTIVGIRXSJ
MRHMZMHYEPXIWXW JG EZIVEKISJRGSRWIGYXMZIXIWXW JG XIWXW JG z O
MRHMZMHYEPXIWXW O SJJG
'SIJJMGMIRXSJZEVMEXMSRJSVQYPE JGV !JG z^:
JGV !JG z^: R
JGV !JG z O
z^:
JGV !OJG z^:
)UYEXMSRRYQFIV E
E
E
E
7XERHEVHHIZMEXMSRJSVQYPE JGV !JG ^W JGV ! JG ^W R
JGV !JG z O
^W JGV ! OJG ^W
)UYEXMSRRYQFIV F
F
F
F
'VMXIVMSRMWJSVJG TWM14E
j'VMXIVMSRMWJSVJ "TWM14E
G
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8)%'-6
VIUYMVIW XLEX RS MRHMZMHYEP WXVIRKXL XIWX VIWYPX JEPPW FIPS[ TWM14E
WSXLEXSREZIVEKIRSQSVIXLER SJ
SJJG 8LIWIX[SGVMXIVMEEVIIUYMZEPIRXEXTWM XLIMRHMZMHYEPWXVIRKXLXIWXVIWYPXWJEPPFIPS[JGV
14E
8LIQMRMQYQZEPYISJJGV MWIWXEFPMWLIHWSXLEX 7XERHEVH HIZMEXMSR QIXLSH JG " TWM
RSRGSRJSVQERGISJERMRHMZMHYEPVERHSQXIWXMWERXMGMTEXIH 14E
{%WWYQIEWXERHEVHHIZMEXMSRSJTWM14E
LEW
RSQSVISJXIRXLERMRXMQIWMRIMXLIVGEWI FIIRGEPGYPEXIHJSVEGSRGVIXIQM\XYVI[MXLERJG SJTWM
'SIJJMGMIRXSJZEVMEXMSRQIXLSHJ G TWM 14E
*VSQ 8EFPI SJ XLI RSVQEP TVSFEFMPMX]
14E
{%WWYQIWYJJMGMIRXHEXEI\MWXJSV[LMGLEGSIJJMGMIRX HMWXVMFYXMSRMWQSVIXLERWXERHEVHHIZMEXMSRWFIPS[XLI
SJ ZEVMEXMSR SJ LEW FIIR GEPGYPEXIH JSV E GSRGVIXI QIER9WMRK)UF
[MXLOWIXIUYEPXSJVSQ8EFPI
QM\XYVI[MXLERJG SJTWM14E
*VSQ8EFPI
SJXLIRSVQEPTVSFEFMPMX]HMWXVMFYXMSRMWQSVIXLER JGV ! JG ^W
WXERHEVHHIZMEXMSRWFIPS[XLIQIER9WMRK)UE
[MXL
OWIXXSTWM14E
JVSQ8EFPI JGV !TWMTWM!TWM
?JGV !14E
14E
!14EA
JGV !JG zO
z^:
8LIVIJSVIJSVERJG SJTWM14E
TVSTSVXMSRXLI
JGV !TWMzTWM
?z
A!TWM GSRGVIXIQM\XYVIJSVEREZIVEKIWXVIRKXLRSPIWWXLERTWM
?JGV !14Ez14E
?z
A!14EA 14E
WS XLEX SR EZIVEKI RS QSVI XLER SJ XLI
MRHMZMHYEPWXVIRKXLXIWXVIWYPXWJEPPFIPS[JG
8LIVIJSVIJSVERJG SJTWM14E
TVSTSVXMSRXLI 1YPXMTPI GVMXIVME{-R QER] MRWXERGIW QYPXMTPI
GSRGVIXIQM\XYVIJSVEREZIVEKIWXVIRKXLRSPIWWXLERTWM GVMXIVME EVI WTIGMJMIH %'- VIUYMVIW XLEX GSRGVIXI
14E
WS XLEX SR EZIVEKI RS QSVI XLER SJ XLI WXVIRKXLW GSRJSVQ XS FSXL MRHMZMHYEP XIWX GVMXIVME ERH XLI
MRHMZMHYEP WXVIRKXL XIWX VIWYPXW JEPP FIPS[ JG F] QSVIXLER QSZMRKEZIVEKISJXLVIIXIWXGVMXIVME&IGEYWIFSXLGVMXIVME
TWM14E
EVI MR IJJIGX XLI VIUYMVIH JGV WLSYPH QIIX SV I\GIIH EPP
7XERHEVH HIZMEXMSR QIXLSH JG TWM VIUYMVIQIRXW XLEX MW JGV WLSYPH FI XLI LMKLIWX WXVIRKXL
14E
{%WWYQIWYJJMGMIRXHEXEI\MWXJSV[LMGLEWXERHEVH GEPGYPEXIH YWMRK EPP VIPIZERX GVMXIVME *SV I\EQTPI EWWYQI
HIZMEXMSR SJ TWM 14E
LEW FIIR GEPGYPEXIH JSVE WYJJMGMIRXHEXEI\MWXJSV[LMGLER GSIJJMGMIRXSJZEVMEXMSR
GSRGVIXI QM\XYVI [MXL ER JG SJ TWM 14E
*VSQ LEW FIIR GEPGYPEXIH JSV E GSRGVIXI QM\XYVI [MXL ER JG SJ
8EFPI SJXLIRSVQEPTVSFEFMPMX]HMWXVMFYXMSRMWQSVI TWM14E
8LIVIUYMVIHEZIVEKIWXVIRKXLJSV XLMW
XLERWXERHEVHHIZMEXMSRWFIPS[XLIQIER9WMRK)UF
GSRGVIXIQM\XYVIWLSYPHQIIXFSXLSJXLIWIGVMXIVME
JVSQ8EFPI[MXLOWIXIUYEPXSTWM14E
-RHMZMHYEP WXVIRKXL GVMXIVMSR
JGV !
JG z:
!TWM14E
ERH
JGV !JG zO
^W 1SZMRK EZIVEKI SJ XLVII WXVIRKXL XIWXW GVMXIVMSR
JGV !JG z:
!TWM14E
1SZMRKEZIVEKIGVMXIVMSRKSZIVRWFIGEYWIMXTVSHYGIWXLI
JGV !TWMzTWM
TWM
!TWM
PEVKIWX JGV XLEXMWTWM"TWM14E"14E
?JGV !14Ez14E
14E
!14EA ERH JGV WLSYPHFIXLIPEVKIVWXVIRKXLGEPGYPEXIHJSVXLIX[SGVMXIVME
8LIVIJSVIJSVEWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJTWM ',%48)6{):%09%8-323*(%8%
14E
TVSTSVXMSR XLI GSRGVIXI QM\XYVI JSV ER EZIVEKI {+IRIVEP
WXVIRKXLRSPIWWXLERTWM14E
WSXLEXSREZIVEKI 8LIIZEPYEXMSRSJWXVIRKXLHEXEMWVIUYMVIHMRQER]WMXYE
RSQSVIXLER SJXLIMRHMZMHYEPWXVIRKXLXIWXVIWYPXWJEPP XMSRW8LVIIGSQQSRP]VIUYMVIHETTPMGEXMSRWEVI
FIPS[ JG F]QSVIXLERTWM14E
)ZEPYEXMSRJSVQM\XYVIWYFQMXXEPTYVTSWIW
'SIJJMGMIRXSJZEVMEXMSRQIXLSH JG "TWM )ZEPYEXMSRSJPIZIPSJGSRXVSPERH
14E
{%WWYQIWYJJMGMIRXHEXEI\MWXJSV[LMGLEGSIJJMGMIRX )ZEPYEXMSRXSHIXIVQMRIGSQTPMERGI[MXLWTIGMJMGEXMSRW
SJ ZEVMEXMSR SJ LEW FIIR GEPGYPEXIH JSV E GSRGVIXI 8LIWIIZEPYEXMSRWEVIMQTSVXERXJSVMHIRXMJ]MRKHITEVXYVIW
QM\XYVI[MXLERJG SJTWM14E
*VSQ8EFPI JVSQ HIWMVIH XEVKIX ZEPYIW ERH [LIVI TSWWMFPI EWWMWXMRK
SJXLIRSVQEPTVSFEFMPMX]HMWXVMFYXMSRMWQSVIXLER [MXL JSVQYPEXMRK ER ETTVSTVMEXI VIWTSRWI -R EPP GEWIW
WXERHEVHHIZMEXMSRWFIPS[XLIQIER9WMRK)UE
[MXLO YWIJYPRIWWSJXLIIZEPYEXMSRMWEJYRGXMSRSJXLIEQSYRXSJ
WIXIUYEPXSJVSQ8EFPI XIWXHEXEERHXLIWXEXMWXMGEPVMKSVSJXLIEREP]WMW%TTPMGEXMSRWJSV
VSYXMRIUYEPMX]GSRXVSPERHGSQTPMERGISZIVPETGSRWMHIVEFP]
JGV !JG z^:
1ER]IZEPYEXMSRXSSPWSVXIGLRMUYIWYWIHMRSRIETTPMGEXMSR
EVIETTVSTVMEXIJSVYWIMRERSXLIV
'LETXIV [LMGL VIZMI[W XIGLRMUYIW ETTVSTVMEXI JSV
JGV !TWM
?z
A!TWM GSRGVIXIQM\XYVIWYFQMXXEPIZEPYEXMSRHMWGYWWIWXIGLRMUYIW
?JGV !14E
?z
A!14EA JSV VSYXMRI UYEPMX] GSRXVSP ERH GSQTPMERGI ETTPMGEXMSRW
'VMXIVME JSV VINIGXMRK HSYFXJYP VIWYPXW HIXIVQMRMRK XIWXMRK
8LIVIJSVIJSVERJG WXVIRKXLSJTWM14E
TVSTSVXMSR JVIUYIRG]ERHKYMHIPMRIWJSVEHHMXMSREPXIWXTVSGIHYVIWEVI
XLI GSRGVIXI QM\XYVI JSV ER EZIVEKI WXVIRKXL RS PIWW XLER EPWSHMWGYWWIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8)%'-6
-XMWYWIJYPXSHIXIVQMRIXLIPMOIPMLSSHSJZEVMSYWSYXGSQIW 8EFPI{4VSFEFMPMX]SJEXPIEWXSRIIZIRXMRR
[LIRXLIVIMWEXQSWXE TVSFEFMPMX]SJEXIWXPIWWXLERJG XIWXWJSVWIPIGXIHWMRKPIIZIRXTVSFEFMPMXMIW
F]QSVIXLERTWM14E
ERHEXQSWXE TVSFEFMPMX] R 7MRKPIIZIRXTVSFEFMPMX]! 7MRKPIIZIRXTVSFEFMPMX]!
XLEX XLI QSZMRK EZIVEKI SJ XLVII GSRWIGYXMZI XIWXW [MPP FI
PIWWXLERJG 8LIQE\MQYQTVSFEFMPMX]XLEXEXPIEWXSRIIZIRX
[MPPSGGYV MR RMRHITIRHIRXXIWXWQE] FIIWXMQEXIHYWMRK
)U
0IQMRK
4V_EXPIEWXIZIRX`RXIWXWa!zzT
R
%TTVS\MQEXIP]
[LIVI TMWXLITVSFEFMPMX]SJEWMRKPIIZIRX
;LIR IZEPYEXMRK GSRGVIXI XIWXW T MW XLI WMRKPI IZIRX *SV VSYXMRI FYMPHMRK GSRWXVYGXMSR %'- VIUYMVIW EX
TVSFEFMPMX] SJ RSRGSQTPMERGI [MXL XLI WXVIRKXL GVMXIVME MR PIEWXSRIXIWXTIVHE]8LIVIWLSYPHFISRIXIWXJSVIZIV]]H
%'- &IGEYWITMRGPYHIWFSXLTSWWMFPIGEWIWSJJG F] Q
SJGSRGVIXITPEGIHSVSRIXIWXJSVIZIV]JX
QSVIXLERTWM14E
ERHXLIQSZMRKEZIVEKISJXLVII Q
SJXLIWYVJEGIEVIESJWPEFWERH[EPPWFYX%'-
GSRWIGYXMZIXIWXWJEPPMRKXSPIWWXLERJG TPMIWFIX[IIR TIVQMXWXLIIRKMRIIVXS[EMZIXIWXMRKSRUYERXMXMIWPIWWXLER
ERH ;MXLSYXQSVIHIXEMPWEWWYQIXLITVSFEFMPMX]SJE ]HQ
8IWXMRKJVIUYIRG]WLSYPHWEXMWJ]IEGLGVMXIVMSR
WMRKPIXIWXJEMPMRKXSQIIXXLIWXVIRKXLGVMXIVMESJ%'-XS 8LIWIXIWXMRKJVIUYIRGMIWKIRIVEPP]VIWYPXMRXIWXMRKGSRGVIXIMR
FI 8EFPI TVSZMHIW TVSFEFMPMXMIW SJ EX PIEWX SRI SRISYXSJXSXVYGOW8IWXMRKQSVIJVIUYIRXP]XLERXLMW
SGGYVVIRGISJERSRGSQTPMERXVIWYPXKMZIRZEVMSYWRYQFIVW GERWPS[XLIGSRWXVYGXMSRTVSGIWW
SJMRHITIRHIRXXIWXWR[LIRXLIWMRKPIIZIRXTVSFEFMPMX]T 8IWXMRK IEGL PSEH SJ HIPMZIVIH GSRGVIXI JSV TSXIRXMEP
IUYEPW EXIWXHSIWRSXQIIX%'-WXVIRKXLGVMXIVME
WXVIRKXL MW VEVIP] VIUYMVIH *SV QIQFIVW [LIVI WXVYGXYVEP
ERH EXIWXJEPPWFIPS[JG
TIVJSVQERGI MW WIRWMXMZI XS GSQTVIWWMZI WXVIRKXL XIWXMRK
SRGIJSVIZIV]]HQ
QE]FIETTVSTVMEXI3RIXIWX
8LITVSFEFMPMX]JSVRSRGSQTPMERGIMWRSXXVMZMEPIZIRJSV
JSVIZIV]]HQ
[SYPHFIETTVSTVMEXISRP]JSVXLI
VIPEXMZIP]WQEPPTVSNIGXW*SVI\EQTPIXLIVIMWETTVS\MQEXIP]E
QSWX GVMXMGEP ETTPMGEXMSRW :IV] JVIUYIRX XIWXMRK WLSYPH FI
TVSFEFMPMX]SJLEZMRKEX PIEWX SRI RSRGSQTPMERX XIWX
WTIGMJMIHSRP]JSVGSQTIPPMRKVIEWSRWWYGLEWWTIGMEPM^IHSV
TWM14E
FIPS[JG ERHEKVIEXIVXLER TVSFEFMPMX]
GVMXMGEPQIQFIVETTPMGEXMSRW
XLEXEXPIEWXSRIXIWXJEPPWFIPS[ JG JSVETVSNIGX[MXLSRP]
)EGLHMJJIVIRXGPEWWSJGSRGVIXITPEGIHHYVMRKER]SRIHE]
WIZIRXIWXW8LIVIMWELMKLTVSFEFMPMX]SJWYGLERSGGYVVIRGI
[MPP FI VITVIWIRXIH F] EX PIEWX SRI XIWX %X PIEWX JMZI XIWXW
SRQSWXTVSNIGXWERHMXMWERIEVGIVXEMRX]SRPEVKITVSNIGXW
WLSYPHFIGSRHYGXIHJSVIEGLGPEWWSJGSRGVIXISREKMZIR
IZIR MJ ZEVMEXMSR MW HYI I\GPYWMZIP] XS VERHSQ IJJIGXW ERH
TVSNIGX6IJIVXS%'-%'-ERH%781''1
QMRMQYQEZIVEKIWXVIRKXL[EWHIXIVQMRIHYWMRKWXEXMWXMGEPP]
JSVVSYXMRIXIWXMRKVIUYMVIQIRXW
ZEPMHQIXLSHW4VSFEFMPMXMIWEVIVIHYGIHWSQI[LEX JSVPEVKIV
TVSNIGXW HYI XS XLI IJJIGXW SJMRXIVJIVIRGI LS[IZIVXLI
{6INIGXMSRSJHSYFXJYPWTIGMQIRW
TVSFEFMPMXMIWEVIWXMPPETTVIGMEFPI0IQMRK
%VFMXVEVMP]VINIGXMRKWXVIRKXLXIWXVIWYPXWXLEXETTIEVXSSJEV
SYXSJPMRIMWRSXVIGSQQIRHIHFIGEYWIRSVQEPHMWXVMFYXMSR
{2YQFIVWSJXIWXW ERXMGMTEXIW XLI TSWWMFMPMX] SJ WYGL VIWYPXW (MWGEVHMRK XIWX
*SVETEVXMGYPEVTVSNIGXEWYJJMGMIRXRYQFIVSJXIWXWWLSYPH VIWYPXW MRHMWGVMQMREXIP] GER WIVMSYWP] HMWXSVX XLI WXVIRKXL
FIQEHI XSIRWYVIEGGYVEXIVITVIWIRXEXMSRSJXLI GSRGVIXI HMWXVMFYXMSRQEOMRKEREP]WMWSJVIWYPXWYRVIPMEFPI3GGEWMSREPP]
%'-HIJMRIWEWXVIRKXLXIWXEWXLIEZIVEKIWXVIRKXLSJX[S XLI WXVIRKXL SJ SRI G]PMRHIV JVSQ E KVSYT QEHI JVSQ E
SVQSVIWTIGMQIRWSJXLIWEQIEKIJEFVMGEXIHJVSQEWEQTPI WEQTPIHIZMEXIWWSJEVJVSQXLISXLIVWXLEXMXMWGSRWMHIVIH
XEOIRJVSQEWMRKPIFEXGLSJGSRGVIXI8IWXMRKJVIUYIRG]GER LMKLP] MQTVSFEFPI -JUYIWXMSREFPIZEVMEXMSRW EVI SFWIVZIH
FIIWXEFPMWLIHSRXLIFEWMWSJXMQIIPETWIHSVZSPYQITPEGIH HYVMRK JEFVMGEXMSR GYVMRK SV XIWXMRK SJ E WTIGMQIR XLI
8LIIRKMRIIVWLSYPHFEWIXLIVIUYMVIHRYQFIVSJXIWXWSR WMRKPIG]PMRHIVWTIGMQIRWLSYPHFIVINIGXIHSRXLEXFEWMW
NSFGSRHMXMSRW %781)TVSZMHIWGVMXIVMEJSVVINIGXMRKXLIXIWXVIWYPX
% TVSNIGX [LIVI SRI IRKMRIIV WYTIVZMWIW EPP GSRGVIXI JSVSRIWTIGMQIRMREWIXSJWTIGMQIRW+IRIVEPP]XLIVIWYPX
STIVEXMSRWTVSZMHIWERI\GIPPIRXSTTSVXYRMX]JSVGSRXVSPERH JVSQEWMRKPIWTIGMQIRMREWIXSJXLVIISVQSVIWTIGMQIRW
EGGYVEXIIWXMQEXIWSJXLIQIERERHWXERHEVHHIZMEXMSR[MXL GERFIHMWGEVHIHMJMXWHIZMEXMSRJVSQEXIWXQIERMWKVIEXIV
QMRMQYQ XIWXMRK 3RGI STIVEXMSRW EVI TVSKVIWWMRK XLER XLVII XMQIW XLI TVIZMSYWP] IWXEFPMWLIH [MXLMRFEXGL
WQSSXLP] XIWXW XEOIR IEGL HE] SV WLMJX HITIRHMRK SR XLI WXERHEVHHIZMEXMSR'LETXIV
8LIVIWYPXWLSYPHFIMRZIWXMKEXIH
ZSPYQISJGSRGVIXITVSHYGIHGERFIWYJJMGMIRXXSSFXEMRHEXE MJMXWHIZMEXMSRMWKVIEXIVXLERX[SXMQIWXLI[MXLMRFEXGL
XLEXVIJPIGXXLIZEVMEXMSRWSJXLIGSRGVIXIEWHIPMZIVIH8LI WXERHEVH HIZMEXMSR 8LI XIWX EZIVEKI WLSYPH FI GSQTYXIH
IRKMRIIV GER VIHYGI XLI RYQFIV SJ XIWXW VIUYMVIH F] XLI JVSQXLIVIQEMRMRKWTIGMQIRW%XIWXXLEXMWXLIEZIVEKI
TVSNIGXWTIGMJMGEXMSRWEWXLIPIZIPWSJGSRXVSPSJXLITVSHYGIV SJEPPWTIGMQIRWSJEWMRKPIWEQTPIXIWXIHEXXLIWEQIEKI
PEFSVEXSV]ERHGSRXVEGXSVEVIIWXEFPMWLIH8SEZSMHFMEWEPP WLSYPHRSXFIVINIGXIHYRPIWWMXMWPMOIP]XLEXXLIWTIGMQIRW
WEQTPMRKJSVEGGITXERGIXIWXMRKWLSYPHFIGSRHYGXIHYWMRK EVIJEYPX]8LIXIWXVITVIWIRXWXLIFIWXEZEMPEFPIIWXMQEXIJSV
VERHSQP]WIPIGXIHFEXGLIWSJGSRGVIXI XLIWEQTPIWXVIRKXL
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8)%'-6
',%48)6{6)*)6)2')7 {'MXIHVIJIVIRGIW
{6IJIVIRGIHWXERHEVHWERHVITSVXW %RHIVWSR * ( w7XEXMWXMGEP 'SRXVSPW JSV ,MKL
8LI WXERHEVHW ERH VITSVXW PMWXIH FIPS[ [IVI XLI PEXIWX 7XVIRKXL 'SRGVIXIx ,MKL7XVIRKXL 'SRGVIXI 74
IHMXMSRW EX XLI XMQI XLMW HSGYQIRX [EW TVITEVIH &IGEYWI %QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
XLIWIHSGYQIRXWEVIVIZMWIHJVIUYIRXP]XLIVIEHIVMWEHZMWIH &S\ + ) 4 ,YRXIV ; + ERH ,YRXIV. 7
XSGSRXEGXXLIWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIVXSXLI 7XEXMWXMGWJSV)\TIVMQIRXIVW;MPI]
7SRW2I[=SVOTT
PEXIWXZIVWMSR 'SSO . ) w6IWIEVGL ERH %TTPMGEXMSR SJ ,MKL
7XVIRKXL 'SRGVIXI 9WMRK 'PEWW ' *P] %WLx 'SRGVIXI
%QIVMGER'SRGVIXI-RWXMXYXI -RXIVREXMSREP:2S.YP]TT
7TIGMJMGEXMSRWJSV7XVYGXYVEP'SRGVIXI 'SSO . ) w TWM 'SRGVIXIx 'SRGVIXI
&YMPHMRK'SHI6IUYMVIQIRXWJSV7XVYGXYVEP -RXIVREXMSREP:2S3GXTT
'SRGVIXIERH'SQQIRXEV] (E]/;'SRGVIXI1M\(IWMKR5YEPMX]'SRXVSP
ERH7TIGMJMGEXMSRXLMVHIHMXMSR)
*27TSRTT
%781-RXIVREXMSREP (IX[MPIV 6 . 7[SV 8 ) ERH 8LSQEW ;
w%GGITXERGI8IWXMRK9WMRK\MR']PMRHIVWx 'SRGVIXI
120% 1ERYEPSR4VIWIRXEXMSRSJ(EXEERH'SRXVSP
-RXIVREXMSREP:2S.ERTT
'LEVX%REP]WMWXL)HMXMSR
(I[EV.(w(IZIPSTQIRXW MR'9791'SRXVSP
''1 4VEGXMGI JSV 1EOMRK ERH 'YVMRK 'SRGVIXI
7]WXIQW JSV 'SRGVIXI 7XVIRKXLx 4VSGIIHMRKW SJ XLI XL
8IWX7TIGMQIRWMRXLI*MIPH
)61'3'SRKVIWW-WXERFYP(IG
''1 8IWX 1IXLSH JSV 'SQTVIWWMZI 7XVIRKXL SJ
)VRXVS] , ' w8LI :EVMEXMSR SJ ;SVOW 8IWX
']PMRHVMGEP'SRGVIXI7TIGMQIRW
'YFIWx 6IWIEVGL 6ITSVX 2S 'IQIRX ERH 'SRGVIXI
''1 7TIGMJMGEXMSRJSV6IEH]1M\IH'SRGVIXI %WWSGMEXMSR0SRHSR9/TT
''1 4VEGXMGI JSV 7EQTPMRK *VIWLP] 1M\IH /SWQEXOE7,/IVOLSJJ&ERH4EREVIWI;'
'SRGVIXI w(IWMKRERH'SRXVSPSJ'SRGVIXI1M\XYVIWx)&JSYVXIIRXL
' 8IWX 1IXLSH JSV 1EOMRK %GGIPIVEXIH IHMXMSR4SVXPERH'IQIRX%WWSGMEXMSR7OSOMI-0TT
'YVMRKERH8IWXMRK'SRGVIXI'SQTVIWWMSR 0IQMRK 1 0 w4VSFEFMPMXMIW SJ 0S[7XVIRKXL
8IWX7TIGMQIRW )ZIRXWMR'SRGVIXIx%'-7XVYGXYVEP.SYVREP:2S
' 4VEGXMGIJSV'SRHYGXMRKER -RXIVPEFSVEXSV] 1E].YRITT
8IWX4VSKVEQXS(IXIVQMRIXLI4VIGMWMSRSJ 1ILXE 4 / ERH 1SRXIMVS 4 . 1 'SRGVIXI
8IWX1IXLSHWJSV'SRWXVYGXMSR1EXIVMEPW 1MGVSWXVYGXYVI 4VSTIVXMIW ERH 1EXIVMEPW XLMVH IHMXMSR
''1 8IWX 1IXLSH JSV 1IEWYVMRK )EVP]%KI 4VIRXMGI,EPPTT
'SQTVIWWMZI7XVIRKXLERH4VSNIGXMRK0EXIV 1IXGEPJ . & w8LI 7TIGMJMGEXMSR SJ 'SRGVIXI
%KI7XVIRKXL 7XVIRKXL4EVX--8LI(MWXVMFYXMSR SJ7XVIRKXL SJ'SRGVIXI
( 7XERHEVH4VEGXMGIJSV6ERHSQ7EQTPMRKSJ JSV7XVYGXYVIWMR'YVVIRX4VEGXMGIx6606ITSVX2S06
'SRWXVYGXMSR1EXIVMEPW 6SEH6IWIEVGL0EFSVEXSV]'VE[XLSVRI&IVOWLMVITT
) 7XERHEVH4VEGXMGIJSV(IEPMRK[MXL3YXP]MRK 1YVHSGO'.w8LI'SRXVSPSJ'SRGVIXI5YEPMX]x
3FWIVZEXMSRW 4VSGIIHMRKW -RWXMXYXMSRSJ'MZMP)RKMRIIVW0SRHSR
:
4EVX.YP]TT
8LIWI TYFPMGEXMSRW QE] FI SFXEMRIH JVSQ XLI JSPPS[MRK 2EXVIPPE1+w)\TIVMQIRXEP7XEXMWXMGWx,ERHFSSO
SVKERM^EXMSRW 2SVITVMRXIH[MXLGSVVIGXMSRW
97(ITEVXQIRXSJ
'SQQIVGI2EXMSREP&YVIEYSJ7XERHEVHWRS[2EXMSREP-RWXM
%QIVMGER'SRGVIXI-RWXMXYXI XYXISJ7XERHEVHWERH8IGLRSPSK]?2-78A
+EMXLIVWFYVK1(
2IZMPPI % 1 w8LI 6IPEXMSR &IX[IIR 7XERHEVH
'SYRXV]'PYF(VMZI
(IZMEXMSR ERH 1IER 7XVIRKXL SJ 'SRGVIXI 8IWX 'YFIWx
*EVQMRKXSR,MPPW1-
1EKE^MRI SJ 'SRGVIXI 6IWIEVGL 0SRHSR
: 2S
[[[GSRGVIXISVK .YP]TT
2IZMPPI % 1 4VSTIVXMIW SJ 'SRGVIXI JSYVXL ERH
%781-RXIVREXMSREP JMREPIHMXMSR4IEVWSR)HYGEXMSR0XH)WWI\9/TT
&EVV,EVFSV(VMZI 6WGL , w7XEXMWXMGEP 5YEPMX] 'SRXVSP SJ
;IWX'SRWLSLSGOIR4% 'SRGVIXIx 1EXIVMEPTVYJYRK (YWWIPHSVJ
: 2S
[[[EWXQSVK 2SZTT
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI
%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW
8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW
7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW
)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI
'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]
7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME
*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW
4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP
&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'-
QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW
%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
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+YMHIXS)ZEPYEXMSRSJ7XVIRKXL8IWX6IWYPXWSJ'SRGVIXI
8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW
8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR
-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW
1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-
[[[GSRGVIXISVK
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI