SERVICE AND REPAIR MANUAL
4 STROKE ENGINE
PDF processed with CutePDF evaluation edition www.CutePDF.com
5BCMF PG $POUFOUT $IBQUFS
5PQJD
1BHF
$)"15&3
*OUSPEVDUJPO
$)"15&3
#PEZ $PWFS BOE &YIBVTU 4ZTUFN
$)"15&3
4DIFEVMFE .BJOUFOBODF
$)"15&3
-VCSJDBUJOH 4ZTUFN
$)"15&3
'VFM 4ZTUFN
$)"15&3
&OHJOF 3FNPWBM BOE *OTUBMMBUJPO
$)"15&3
$ZMJOEFS )FBE 7BMWF
$)"15&3
$ZMJOEFS BOE 1JTUPO
$)"15&3
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS
$)"15&3
5IF 'JOBM 5SBOTNJTTJPO "TTFNCMZ
$)"15&3
5IF $SBOLDBTF BOE UIF $SBOLTIBGU
$)"15&3
5IF 'SPOU 8IFFM 'SPOU #SBLF
'SPOU #VGGFS BOE UIF 'SPOU 'PSL
$)"15&3
5IF 3FBS 8IFFM UIF 3FBS #SBLF 3FBS 4IPDL
$)"15&3
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN
$)"15&3
*HOJUJPO 4ZTUFN
$)"15&3
4UBSUFS 4ZTUFN
$)"15&3
.FUFST 4XJUDIFT BOE -JHIUJOH 4ZTUFN
*/%&9
(FOFSBM *OGPSNBUJPO 5PQJD
1BHF
&OHJOF BOE 'SBNF /VNCFS 1PTJUJPOT 1SPEVDU 4QFDJmDBUJPOT BOE 5FDIOJDBM %BUB 5FDIOJDBM 5JQT 5PSRVF 4FUUJOHT
5PQJD
1BHF
5PPMT 0JM BOE (SFBTF 4VQQMZ $IBSU $POUSPM $BCMFT BOE 8JSJOH %JBHSBN 'BJMVSF %JBHOPTUJDT
-PDBUJPO GPS &OHJOF /VNCFS 'SBNF /VNCFS
'3".& /6.#&3 $65 104*5*0/ &/(*/& /6.#&3 $65 104*5*0/
(FOFSBM *OGPSNBUJPO 1SPEVDU 4QFDJmDBUJPOT BOE 5FDIOJDBM %BUB 4DPPUFS .PEFM
JL50QT-18
1PXFS
)1 ! 31.
JL50QT-X1/8
5PSRVF
GU MCT ! 31.
JL50QT-14
*OUBLF UJNJOH
„ #5%$ „ "5%$
-FOHUI
NN JODIFT
&YIBVTU UJNJOH
„ ##%$ „ #5%$
7BMWF MBTI
NN
8JEUI
NN JODIFT
)FJHIU
NN JODIFT
*EMF TQFFE
31.
8IFFM CBTF
NN JODIFT
0JM TZTUFN
1SFTTVSF TQMBTI
&OHJOF UZQF
TUSPLF 0)$
0JM QVNQ
*OUFSOBM HFBS
0JM mMUFS
'VMM nPX mMUFS BOE TDSFFO
0JM DBQBDJUZ
- P[
$PPMJOH
%VDUFE GPSDFE BJS
%JTQMBDFNFOU
'VFM SFRVJSFNFOUT
DD
-FBE GSFF HBTPMJOF
%SZ XFJHIU
'SPOU
LHT MCT
3FBS
LHT MCT
5PUBM
LHT MCT
$VSC XFJHIU
"JS DMFBOFS
'PBN BOE QBQFS
$BSCVSFUPS UZQF
$7,
7FOUVSJ
NN
5ISPUUMF NFDIBOJTN
#VUUFSnZ UZQF
*HOJUJPO TZTUFN
$%* UZQF
'SPOU
LHT MCT
„#5%$ ! 31.
3FBS
LHT MCT
4QBSL QMVH
/(, $ )4" $IBNQJPO
5PUBM
LHT MCT
; :
5JSF TJ[F
(BQ
NN JODI
'SPOU
Y
#BUUFSZ
7 ")
3FBS
Y
%SJWF TZTUFN
NN JODIFT
$MVUDI
%SZ NVMUJ QMBUF
5SBOTNJTTJPO
$75
(SPVOE DMFBSBODF
4UPQQJOH EJTUBODF
N GSPN LN IS
GU GSPN NQI
4IJGUJOH
"VUPNBUJD
5VSOJOH SBEJVT
N GU
'JOBM %SJWF
%PVCMF SFEVDUJPO
TU TUFQ
OE TUFQ
&OHJOF 4QFDT
5ZQF
TUSPLF 4*
4UBSUJOH
&MFDUSJD LJDL TUBSU
$ZMJOEFST
4JOHMF
$PNCVTUJPO DIBNCFS
)FNJTQIFSJDBM
7BMWF USBJO
4JOHMF 0)$
#PSF
NN JODIFT
4USPLF
NN JODIFT
%JTQMBDFNFOU
DD
$PNQSFTTJPO SBUJP
4UFFS UVCF BOHMF
„
4UFFSJOH BOHMF
„
5JSF QSFTTVSF GSPOU
LH DN QTJ
5JSF QSFTTVSF SFBS
LH DN QTJ
'SPOU CSBLF
)ZESBVMJD EJTD
3FBS CSBLF
.FDIBOJDBM ESVN
4VTQFOTJPO GSPOU
5FMFTDPQJD
4VTQFOTJPO SFBS
5SBJMJOH BSN
4IPDL BCTPSCFS GSPOU
$PJM TQSJOH IZESBVMJD
$PNQSFTTJPO QSFTTVSF
LH DN
4IPDL BCTPSCFS SFBS
$PJM PWFS IZESBVMJD TIPDL
QTJ
'SBNF UZQF
5VCVMBS TQBDF GSBNF
(FOFSBM *OGPSNBUJPO 5FDIOJDBM 5JQT t3FQMBDF BMM HBTLFUT P SJOHT DJSDMJQT BOE DPUUFS QJOT XIFO QFSGPSNJOH NBJOUFOBODF PO UIF TDPPUFS /VUT BOE CPMUT PO BMM FOHJOF DPWFST TIPVME CF UJHIUFOFE JO B EJBHPOBM QBUUFSO UP VOJGPSNMZ EJTUSJCVUF DMBNQ GPSDF
t4QFDJBM TFSWJDF UPPMT NBZ CF SFRVJSFE UP QFSGPSN NBJOUFOBODF BOE SFQBJST PO UIJT TDPPUFS "MXBZT VTF UIF QSPQFS UPPMT UP QSFWFOU EBNBHF UP UIF TDPPUFS
t$MFBO BOE MVCSJDBUF BMM FOHJOF QBSUT EVSJOH UIF EJTBTTFNCMZ BOE SFBTTFNCMZ QSPDFTT UP QSFWFOU EBNBHF UP UIF FOHJOF
t6TF MVCSJDBOUT SFDPNNFOEFE JO UIJT NBOVBM BU BMM UJNFT UP BTTVSF QFBL QFSGPSNBODF GSPN UIF TDPPUFS
t6TF POMZ HFOVJOF SFQMBDFNFOU QBSUT XIFO QFSGPSNJOH SFQBJST UP UIF TDPPUFS
(FOFSBM *OGPSNBUJPO 5FDIOJDBM 5JQT DPOUJOVFE
t8IFO QFSGPSNJOH NBJOUFOBODF PO UIF TDPPUFS NBLF TVSF UIBU BMM NPWJOH QBSUT BOE DPOUSPMT NPWF GSFFMZ BOE SFUVSO UP UIFJS QSPQFS QPTJUJPO
t8IFO DPOOFDUJOH UIF CBUUFSZ BMXBZT DPOOFDU UIF QPTJUJWF UFSNJOBM mSTU
t8IFO EJTDPOOFDUJOH UIF CBUUFSZ BMXBZT EJTDPOOFDU UIF OFHBUJWF UFSNJOBM mSTU
t.BLF TVSF UIBU UPPMT BOE TFSWJDF FRVJQNFOU EP OPU DPNF JO DPOUBDU XJUI CPUI CBUUFSZ UFSNJOBMT
t$PWFS CPUI CBUUFSZ UFSNJOBMT XJUI B MJHIU DPBU PG HSFBTF UP QSFWFOU DPSSPTJPO
(FOFSBM *OGPSNBUJPO 5FDIOJDBM 5JQT DPOUJOVFE
t8IFO SFQMBDJOH GVTFT BMXBZT VTF BO FYBDU SFQMBDFNFOU %P OPU VTF GVTFT PG B IJHIFS BNQ SBUJOH
t8IFO BTTFNCMJOH XJSF DPOOFDUPST QSFTT mSNMZ UP BTTVSF UIF MPDL UBC GVMMZ FOHBHFT
:&4
t3FQMBDF BMM SVCCFS DBQT PO XJSF DPOOFDUPST BGUFS QFSGPSNJOH NBJOUFOBODF
/0
t8IFO EJTDPOOFDUJOH XJSF DPOOFDUPST QSFTT mSNMZ PO UIF MPDLJOH UBC BOE QVMM UIF CPEZ PG UIF DPOOFDUPST /FWFS QVMM PO UIF XJSFT
t.BLF TVSF UIBU BMM XJSF UFSNJOBMT BSF QSPQFSMZ JO QMBDF CFGPSF BUUFNQUJOH UP BTTFNCMF BOZ XJSF DPOOFDUPS
(FOFSBM *OGPSNBUJPO 5FDIOJDBM 5JQT DPOUJOVFE
t.BLF TVSF UIBU BMM XJSJOH DPOOFDUPST BSF GVMMZ TFBUFE BOE MPDL UVCT FOHBHFE
t/FWFS SFVTF EBNBHFE XJSF UFSNJOBMT PS DPOOFDUPST
t$IFDL JG BMNVDF PG DPOOFDUPS JT DPWFSFE BOE mYBUJPO JT UJHIU
t3FQMBDF BMM SVCCFS DPWFST PO XJSF DPOOFDUPST UP QSFWFOU XBUFS GSPN HFUUJOH JOUP UIF DPOOFDUPS
t4USJQ PG NBJO XJSF NVTU CF mYFE PO BTTJHOFE QPTJUJPO
t.BLF TVSF UIBU BMM QSPUFDUJWF DPWFST BSF QSPQFSMZ JO QMBDF PWFS UIF XJSJOH DPOOFDUPST
t*OTVMBUPS PG BMVNJOVN TUSJQ NVTU CF BGmYFE UP XJSFT t.BLF TVSF UIBU BMM XJSJOH IBSOFTT SFUBJOFST BSF QSPQFSMZ QMBDFE t%P OPU PWFS UJHIUFO XJSJOH UJFT UP QSFWFOU QJODIJOH PG XJSFT t/FWFS SFVTF EBNBHFE XJSF UFSNJOBMT PS DPOOFDUPST
t%P OPU BMMPX XJSJOH IBSOFTT UP IBOH JO MPPTF MPPQT
(FOFSBM *OGPSNBUJPO 5FDIOJDBM 5JQT DPOUJOVFE
t.BLF TVSF UIBU BMM XJSF DMJQT BSF QSPQFSMZ BUUBDIFE
t.BLF TVSF UIBU UIF XJSJOH IBSOFTT BOE BMM XJSFT EP OPU DPOUBDU IPU DPNQPOFOUT PS TVSGBDF QBSUT PG UIF TDPPUFS
/0 :&4
/0
t.BLF TVSF UIBU UIF XJSJOH IBSOFTT BOE BMM XJSFT EP OPU DPOUBDU NPWJOH PS SPUBUJOH QBSUT PG UIF TDPPUFS
t.BLF TVSF UIBU UIF XJSJOH IBSOFTT BOE BMM XJSFT EP OPU DPOUBDU TIBSQ FEHFT PS QBSUT PG UIF TDPPUFS 6TF UBQF UP QSFWFOU EBNBHF UP XJSFT PO TIBSQ FEHFT
/0
:&4
/0
:&4
(FOFSBM *OGPSNBUJPO 5FDIOJDBM 5JQT DPOUJOVFE
t%P OPU QVMM XJSFT UPP UJHIUMZ t6TF UBQF UP QSPUFDU BHBJOTU TIBSQ FEHFT t.BLF TVSF UIBU BMM SVCCFS HSPNNFUT BSF JO QMBDF UP QSPUFDU UIF XJSJOH IBSOFTT t%P OPU SFVTF CSPLFO PS GSBZFE XJSFT t3FQBJS PS SFQMBDF XJSFT BT OFDFTTBSZ
(FOFSBM *OGPSNBUJPO 5FDIOJDBM 5JQT DPOUJOVFE
t%P OPU UXJTU PS LOPU XJSFT XIFO QFSGPSNJOH NBJOUFOBODF PO UIF TDPPUFS
/0
t.BLF TVSF UIBU ZPV VOEFSTUBOE UIF QSPQFS VTF PG UFTU FRVJQNFOU UP QFSGPSN NBJOUFOBODF PO UIF TDPPUFS 5IJT XJMM QSFWFOU BDDJEFOUBM EBNBHF UP UIF FMFDUSJDBM TZTUFN PG UIF TDPPUFS
:&4
t.BLF TVSF UIF XJSJOH IBSOFTTFT UP UIF IBOEMFCBST BSF OPU UPP UJHIU PS UPP MPPTF CZ UVSOJOH UIF IBOEMFCBST CPUI SJHIU BOE MFGU XIJMF NBLJOH TVSF UIFSF JT OP QJODIJOH PS QVMMJOH PG UIF XJSFT
t6TF FMFDUSJDBM DPOUBDU DMFBOFS BOE BCSBTJWF QBQFS UP DMFBO DPSSPTJPO GSPN BOZ XJSF UFSNJOBMT t5BLF DBSF UP QSFWFOU JOBEWFSUFOU EBNBHF UP XJSJOH BOE DBCMFT
/0
(FOFSBM *OGPSNBUJPO 5FDIOJDBM 5JQT DPOUJOVFE
%FmOJUJPOT PG EJBHSBNT 5IF GPMMPXJOH JDPOT BSF VTFE UP IJHIMJHIU JNQPSUBOU PQFSBUJPOT JO UIF TFSWJDF PG UIF TDPPUFS
-VCSJDBUJOH PJM SFRVJSFE
(SFBTF SFRVJSFE
&OHJOF PJM SFRVJSFE
4QFDJBM UPPMT SFRVJSFE
4QFDJBM BUUFOUJPO SFRVJSFE
%BOHFSPVT BOE JNQPSUBOU TQFDJBM DBSF SFRVJSFE
(FOFSBM *OGPSNBUJPO 5PSRVF 4FUUJOHT 4UBOEBSE 5PSRVF 4FUUJOHT (FOFSBM 5PSRVF 3FRVJSFNFOUT GPS 4UBOEBSE 'BTUFOFST 'BTUFOFS 5ZQF
5PSRVF
'BTUFOFS 5ZQF
5PSRVF
NN $BQ 4DSFX NN $BQ 4DSFX NN $BQ 4DSFX NN $BQ 4DSFX NN $BQ 4DSFX
LH DN LH DN LH DN LH DN LH DN
NN 4PDLFU )FBE 4DSFX NN 4PDLFU )FBE 4DSFX NN 'MBOHF )FBE 4DSFX NN 'MBOHF )FBE 4DSFX NN 'MBOHF )FBE 4DSFX
LH DN LH DN LH DN LH DN LH DN
4QFDJBM 5PSRVF 4FUUJOHT 5PSRVF 3FRVJSFNFOUT GPS &OHJOF 'BTUFOFST /VNCFS %JB 6TFE NN
'BTUFOFS 5ZQF
$ZMJOEFS #PMU " $ZMJOEFS #PMU # 0JM 'JMUFS 4DSFFO $BQ &YIBVTU 1JQF 'MBOHF #PMU 'MBOHF 4DSFX #FMU 1VMMFZ 7BMWF "EKVTUFST $BN $IBJO "EKVTUFS (VJEF 1MBUF 4DSFX 0JM 'JMM 4DSFX $MVUDI $PWFS 4DSFX $MVUDI %SJWFO 6OJU .PVOUJOH 4DSFX 4UBSUFS .PUPS .PVOUJOH 4DSFX 0JM 1VNQ .PVOUJOH 4DSFX $MVUDI %SJWFS .PVOUJOH 4DSFX "$( DPJM .PVOUJOH 4DSFX $BN $IBJO "EKVTUFS 4DSFX 4QBSL 1MVH
5PSRVF $PNNFOUT LH N JO MCT
-VCSJDBUF XJUI &OHJOF 0JM -VCSJDBUF XJUI &OHJOF 0JM
5PSRVF 3FRVJSFNFOUT GPS 'SBNF 'BTUFOFST 'BTUFOFS 5ZQF $ZMJOEFS #PMU " $ZMJOEFS #PMU # 0JM 'JMUFS 4DSFFO $BQ &YIBVTU 1JQF 'MBOHF #PMU 'MBOHF 4DSFX #FMU 1VMMFZ 7BMWF "EKVTUFST
/VNCFS %JB 6TFE NN
5PSRVF LH N JO MCT
$PNNFOUT
6TF 4PGU 4FU -PDL 5JUF
(FOFSBM *OGPSNBUJPO 5PPM 3FRVJSFNFOUT FQBJS PG UIF TDPPUFS B DPNQMFUF CBTJD TFU PG NFUSJD TJ[FE UPPMT JT SFRVJSFE 5IJT TIPVME JODMVEF 0QFO FOE XSFODIFT TPDLFUT BOE SBUDIFU IFY LFZT TUSBJHIU BOE 1IJMJQT TDSFX ESJWFST TUBOEBSE QMJFST OFFEMF OPTFE QMJFST XJSF DVUUFST XJSF TUSJQQFST TDSBQFS QJO QVODI IBNNFS BOE TPGU GBDFE NBMMFU 'PS B NPSF FYUFOTJWF UFBS EPXO BOE SFCVJME PG UIF TDPPUFS UIFSF BSF B WBSJFUZ PG TQFDJBM UPPMT UIBU XJMM CF SFRVJSFE 5IFTF JODMVEF UIF GPMMPXJOH t7BMWF TQSJOH DPNQSFTTPS t7BMWF HVJEF SFBNFS t'FFMFS HBHF TFU t4MJEF IBNNFS CFBSJOH BOE TFBM SFNPWFS t#FBSJOH QSFTT t5PSRVF XSFODI t3JOH DPNQSFTTPS t$MVUDI TQSJOH DPNQSFTTPS t'MZ XIFFM QVMMFS t&MFDUSPOJD NVMUJ NFUFS
(FOFSBM *OGPSNBUJPO -VCSJDBUJPO 3FRVJSFNFOUT &OHJOF *UFN -PDBUJPO
3FDPNNFOEFE -VCSJDBOU
WBMWF HVJEF WBMWF TUFN NPWJOH QBSU
4"& 8 &OHJOF 0JM
DBN TIBGU MVH TVSGBDF
"1* 4( (SBEF &OHJOF 0JM
WBMWF SPDLJOH BSN GSJDUJPO TVSGBDF
PJM
DBNTIBGU ESJWF DIBJO
HSFBTF
DZMJOEFS mYFE TDSFX CPMUT BOE OVUT
PJM
BSPVOE QJTUPO BOE QJTUPO SJOH HSPPWF
PJM
BSPVOE QJTUPO QJO
PJM
DZMJOEFS TVSGBDF
PJM
DPOOFDUJOH SPE QJTUPO QJO CPSF
PJM
DPOOFDUJOH SPE CJH FOE
PJM
DSBOLTIBGU 3 - TJEF PJM TFBM
PJM
TUBSUFS SFEVDUJPO SFBS FOHBHJOH NBUJOH QBSU DPVOEFSTIBGU HFBS FOHBHJOH QBSU
PJM
mOBM HFBS FOHBHJOH QBSU
PJM
FBDI CFBSJOH SPUBUJPOBM QBSU
HSFBTF
P SJOH TVSGBDF
PJM
PJM TFBM MJQ
PJM
TUBSUFS JEMF HFBS
PJM
GSJDUJPO TQSJOH NPWJOH QBSU TIBGU NPWJOH QBSU
HSFBTF
TIBGU NPWJOH HSPPWF QBSU
PJM
TUBSUFS ESJWF BYMF
HSFBTF
"$ HFOFSBUPS DPOOFDUPS
BEIFTJWF
(FOFSBM *OGPSNBUJPO $IBTTJT t"QQMZ PJM UP UIF GPMMPXJOH QBSUT t6TF HSFBTF JO UIF QBSUT PUIFS UIBO TQFDJmFE POFT t"QQMZ FOHJOF PJM PS HSFBTF UP UIF NPWJOH QBSUT UP QSFWFOU BCOPSNBM OPJTF BOE UP SBJTF EVSBCJMJUZ
(3&"4& t3&"3 #3",& -&7&3 1*705
&/(*/& 0*- t41&&%0.&5&3 %3*7&
(3&"4& t4&"5 -"5$)
(3&"4& t3&"3 #3",& (6*%& -*/& (3&"4& t3&"3 8)&&- #&"3*/( (3&"4& t41&&% .&5&3 '-&9*#-& 4)"'5 t'30/5 8)&&- #&"3*/( t#3",& $". t'*9&% 1*/ t'30/5 4)0$, "#403#&3 #"4&
(3&"4& t$&/5&3 45"/% 1*705
(3&"4& t#3",& $". "/% 1*/
(FOFSBM *OGPSNBUJPO $BCMF 3PVUJOH %JBHSBN '30/5 #3",& $"#-& '30/5 #3",& 48*5$) -&"%
41&&%0.&5&3 $"#-& 3&"3 #3",& 48*5$) -&"%
5)3055-& $"#-&
."*/ 48*5$) 70-5"(& 3&(6-"5*0/ 3&$5*'*&3
3&"3 #3",& $"#-& )&"%-*()5 -&"% $0//&$503 )&"%-*()5 3&4*45"/$&
)03/
"650."5*$ #: 1"44 45"35&3 3&4*45"/$& '-"4)&3
(FOFSBM *OGPSNBUJPO
70-5"(& 3&(6-"5*0/ 3&$5*'*&3
."*/ )"3/&44
5)3055-& $"#-&
)&"%-*()5 3&4*45"/$& "650."5*$ &/3*$).&/5 3&4*45"/$&
5)3055-& $"#-& 3&"3 #3",& $"#-&
'30/5 %*4$ #3",& )04& 41&&%0.&5&3 $"#-&
(FOFSBM *OGPSNBUJPO
'64& 3&% #"55&3: $"#-& 104*5*7&
(3&&/ #"55&3: $"#-& /&("5*7&
(FOFSBM *OGPSNBUJPO
'6&- -*/&
*(/*5*0/ $0*-
*(/*5*0/ $"#-& 7"$66. -*/&
5)3055-&
$3"/,$"4& 7&/5
30$,&3 $07&3 7&/5
(FOFSBM *OGPSNBUJPO '6&- 7"103 3&563/ 1*1& '6&- 1"44"(& $3"/,$"4& #3&"5)&3
'6&- 4&/403
'7$ '6&$0/530- 7"-7&
."*/ 8*3*/( )"3/&44 5)3055-& $"#-& 7"$66. -*/& 45"35&3 &/3*$).&/5 $"#-& *(/*5*0/ $0*7"$66. -*/& 41"3, 1-6( ."*/ 8*3*/( )"3/&44
$3"/,$"4& #3&"5)&3 45"35&3 &/3*$).&/5
45"35&3 .0503 $"#-&
3 3FE : # :FMMPX CMBDL
%*..&3 48*5$)
1"44
# # 8 8
)&"% -*()5
'6&- .&5&3
#* 8
-#M (3 # -(
0''
0/
#
# ( :
( :
1 1JOL # 8 CMBDL
3&"3 #3",& 48*5$)
0''
0/
#M #MVF #S 3 CSPXO SFE
)03/ #6550/
0''
0/
-(
: :FMMPX ( 3 (SFFO SFE
563/ 48*5$)
-&'5 -*()5
0 0SBOHF #M 8 CMVF XIJUF
#M
(
'30/5 563/
)*() #&". */%*$"503 -*()5
.&5&3 -*()5
563/ */%*$"503 -*()5
'30/5 563/ 3*()5 -*()5
)03/
8
45"35&3 .0503
.
3
(S (SFZ 8 8IJUF
(
#S #SPXO # : CMBDL ZFMMPX
'64&
( : (
'6&- 4&/%&3
#* 8
0/ 0''
0/ 0''
3 : (
48*5$)
#
( :
#* :
#3
8
#M : #MVF ZFMMPX
$%*
(
(S
'-"4)&3 3&-":
# :
( (SFFO
*(/*5&3 $0*-
# 8 (
&.&3(&/$: 4501 48*5$)
-( -JHIU HSFFO -#* -JHIU CMVF
3&$5*'*&3
:
7 ")
#"55&3:
41"3, 1-6(
'30/5 45"35*/( #3",& #6550/
45"35&3 3&-":
: # 8
%H %BSL HSFFO ( : (SFFO ZFMMPX
1
#S
#
3 # 8 (
-*()5 48*5$)
."*/ 48*5$)
:
0
#S
-#*
."(&/5"
:
# 3 #MBDL 3FE
( #
"650 &/3*$)&3
8 3 8IJUF SFE
41&&% -*.*5 4&-&$5"#-& 6/*5
3&"3 563/ -*()5 -&'5
(
5"*- #3",& -*()5
3&"3 563/ -*()5 3*()5
(FOFSBM *OGPSNBUJPO
(FOFSBM *OGPSNBUJPO 5SPVCMF 4IPPUJOH (VJEF 4UBSUFS 'BJMVSF PS )BSE 4UBSUJOH $IFDL "EKVTU
'BVMUZ $POEJUJPO
-PPTFO DBSCVSFUPS PWFSnPX TDSFX BOE DIFDL JG UIFSF JT GVFM JO JU
4VQQMZ BQQMZ FOPVHI GVFM
/P GVFM TVQQMJFE UP DBSCVSFUPS
3FNPWF TQBSL QMVH JOTUBMM JU JO JUT DBQ BOE DPOOFDU JU UP FOHJOF UP GPS TQBSL
5IFSF JT TQBSL PWFS JO TQBSL QMVH
5IFSF JT OP TQBSL PS XFBL TQBSL
5FTU DPNQSFTTJPO QSFTTVSF
/PSNBM DPNQSFTTJPO QSFTTVSF
/P DPNQSFTTJPO QSFTTVSF PS DPNQSFTTJPO QSFTTVSF UPP MPX
4UBSU BDDPSEJOH UP PQFSBUJOH NFUIPE
/P JHOJUJPO TQBSL
&OHJOF IBWJOH JHOJUJPO TQBSL CVU OPU UP TUBSU
3FNPWF TQBSL QMVH BHBJO BOE DIFDL
4QBSL QMVH XFU
4QBSL QMVH ESZ
$BVTF PG 5SPVCMF /P GVFM JO UBOL 1BTTBHF GSPN UBOL UP DBSCVSFUPS CMPDLFE 'MPBU QBTTBHF DMPDLFE "JS IPMF JO GVFM UBOL DBQ CMPDLFE 'VFM mMUFS CMPDLFE 'VFM mMUFS TDSFFO CMPDLFE 7BDVVN TXJUDI GBVMUZ 4QBSL QMVH CBE 4QBSL QMVH EJSUZ BOE CSPLFO $ % * CBE 1JDLVQ DPJM CBE *HOJUJPO DPJM CSPLFO DJSDVJU PS TIPSU DJSDVJU *HOJUJPO DPJM CSPLFO XJSF PS TIPSU DJSDVJU .BJO TXJUDI CBE 4UBSUFS DMVUDI CBE 7BMWF UPP UJHIU 7BMWF TFU CBE $ZMJOEFS QJTUPO PS QJTUPO SJOH CBE $ZMJOEFS HBTLFU MFBLJOH 7BMWF CVSOFE 7BMWF UJNJOH JNQSPQFS "VUPNBUJD DIPLF QFSGPSNBODF "JS JOMFU JNQSPQFS NBOJGPME *HOJUJPO UJNF XSPOH $BSCVSFUPS PJM RVBOJUJUZ SFHVMBUJPO TDSFX CBE $BSCVSFUPS PJM MFWFM UPP IJHI "VUP FOSJDIJOH EFWJDF TUBSU FOSJDINFOU GBVMUZ 5ISPUUMF WBMWF PQFOJOH UPP XJEF
(FOFSBM *OGPSNBUJPO 5SPVCMF 4IPPUJOH (VJEF VOEFS TQFFE OP QPXFS
$IFDL "EKVTU
'BVMUZ $POEJUJPO
4VQQMZ FOHJOF XJUI GVFM BOE XBUDI &OHJOF 31. 0,
-PX &OHJOF 31.
3FHVMBUF JHOJUJPO UJNF VTJOH UJNJOH MBNQ *HOJUJPO UJNJOH DPSSFDU
*HOJUJPO UJNJOH JODPSSFDU
7BMWF HBQ JODPSSFDU
5FTU DPNQSFTTJPO QSFTTVSF EFUFSNJOJOH $PNQSFTTJPO QSFTTVSF OPSNBM
"JS mMUFS CMPDLFE 'VFM DIPLF 'VFM UBOL DBQ BJS CMFFEFS CMPDLFE &YIBVTU QJQF CMPDLFE "VUP DIPLF CBE $BSCVSFUPS EJBQISBN CSPLFO "VUPNBUJD PJM DVQ CBE $ % * CBE *HOJUJPO DPJM CBE
7BMWF SFHVMBUJPO GBJMVSF 7BMWF HBQ DPSSFDU
$BVTF PG 5SPVCMF
7BMWF HBQ BEKVTUNFOU JNQSPQFS 7BMWF TFBU FYDFTTJWFMZ XPSO WBMWF PVU TIPPUJOH FYDFTTJWFMZ
$PNQSFTTJPO QSFTTVSF UPP MPX
7BMWF TFBU CBE $ZMJOEFS PS QJTUPO XPSO $ZMJOEFS HBTLFU MFBLJOH 7BMWF UJNJOH CBE
#MPDLFE
$MFBO
%JSUZ PS EJTDPMPSFE
$MFBO 4QBSL QMVH IFBU WBMVF JNQSPQFS
UPP NVDI
&OHJOF PJM UPP NVDI &OHJOF PJM UPP MJUUMF &OHJOF PJM VODIBOHFE
"COPSNBM
0JM QBTTBHF CMPDLFE 0JM QVNQ EFMJWFSZ
$IFDL GPS DBSCVSFUPS CMPDLBHF /P CMPDLBHF 3FNPWF TQBSL QMVH UP DIFDL /PU EJSUZ PS EJTDPMPSFE $IFDL FOHJOF PJM MFWFM PS RVBMJUZ JO DSBOL DBTF /PSNBM MFWFM $IFDL DZMJOEFS IFBE MVCSJDBUJPO /PSNBM $IFDL FOHJOF IFBUJOH /PU UPP IPU
UPP IPU
"DDFMFSBUJPO PS SVO BU B IJHI TQFFE DPOUJOVPVT /P LOPDLJOH
,OPDLJOH
1JTUPO PS DZMJOEFS XPSO .JYUVSF FYDFTTJWFMZ UIJO GVFM JNQSPQFS $PNCVTUJPO DIBNCFS DBSCPO EFQPTJU UPP NVDI *HOJUJPO UJNF UPP FBSMZ $PNCVTUJPO DIBNCFS $BSCPO EFQPTJU UPP NVDI 'VFM CBE $MVUDI TMJQQJOH .JYUVSF XFBL *HOJUJPO UJNJOH UPP FBSMZ
(FOFSBM *OGPSNBUJPO 5SPVCMF 4IPPUJOH (VJEF VOEFS TQFFE OP QPXFS
$IFDL "EKVTU
'BVMUZ $POEJUJPO
$BVTF PG 5SPVCMF
"EKVTU JHOJUJPO UJNF
/PSNBM
"COPSNBM
$ % * CBE 5SJHHFS DPJM CBE
"EKVTU DBSCVSFBUPS BEKVTUJOH TDSFX
(PPE
#BE
.JYUVSF MFBO UP MPPTFO TDSFX
.JYUVSF 5PP SJDI UP UJHIUFO TDSFX
"JS JOUBLFO
)FBU TIJFME CBE $BSCVSFUPS IPME EPXO OVU MPPTF )FBU TIJFME CSPLFO /FHBUJWF QSFTTVSF QJQF CSPLFO
$IFDL GPS DBSCVSFUPS HBTLFU BJS MFBLBHF
/P BJS
3FNPWF TQBSL QMVH BOE JOTUBMM JU JO JUT DBQ BOE DPOOFDU JU XJUI FOHJOF UP DIFDL GPS TQBSL PWFS
(PPE
#BE
$IFDL " $ 7
(PPE
#BE
4QBSL QMVH CBE PS EJSUZ $%* CBE #BUUFSZ EJTDIBSHFE *HOJUJPO DPJM CBE .BJO TXJUDI CBE TQBSL QMVH MFBE CSPLFO PS TIPSU DJSDVJU " $ 7 CBE /FHBUJWF QSFTTVSF QJQF EBNBHFE "JS CMFFEFS CMPDLFE PS EBNBHFE
(FOFSBM *OGPSNBUJPO 5SPVCMF 4IPPUJOH (VJEF IJHI TQFFE
$IFDL "EKVTU
'BVMUZ $POEJUJPO
$BVTF PG 5SPVCMF
"EKVTU JHOJUJPO UJNJOH /PSNBM
"COPSNBM
$ % * CBE 5SJHHFS DPJM CBE
"EKVTU WBMWF HBQ /PSNBM
"COPSNBM
"EKVTUNFOU JNQSPQFS $BNTIBGU XPSO 7BMWF TFBM CBE
"COPSNBM
5PP MJUUMF GVFM 'VFM mMUFS CMPDLFE 7BDVVN TXJUDI CBE
$IFDL GVFM JO BVUPNBUJD PJM DVQ /PSNBM $IFDL DBSCVSFUPS GPS CMPDLBHF /P CMPDLJOH
#MPDLFE
$MFBO
8SPOH
5JNF HFBS NBSLT OPU BMJHOFE
4QSJOH CSPLFO PS GBUJHVFE
4QSJOH CBE
$IFDL WBMWF UJNJOH BEKVTUNFOU $PSSFDU $IFDL WBMWF TQSJOH (PPE
(FOFSBM *OGPSNBUJPO 5SPVCMF 4IPPUJOH (VJEF *NQSPQFS #BUUFSZ $IBSHJOH #BUUFSZ PWFSEJTDIBSHF PS PWFSDIBSHF
$IFDL "EKVTU
'BVMUZ $POEJUJPO
$BVTF PG 5SPVCMF
4UBSU FOHJOF BOE NFBTVSF CBUUFSZ UFSNJOBMT GPS MJNJUFE WPMUBHF
#BUUFSZ WPMUBHF VODIBSHFE
/PSNBM 7
#BUUFSZ TFSWJDF MJGF PWFS #BUUFSZ CBE
5FTU "$ NBHOFUPS DPJM SFTJTUBODF WBMVF
/PSNBM
5FTU WBMWF UPP IJHI
$PJM CBE :FMMPX XJSF CSPLFO DJSDVJU 'BVMUZ DPOOFDUPS
$IFDL SFHVMBUFE SFDUJmFS 5FTU WPMUBHF CZ DPOOFDUJOH SFE XJSF UP QPTJUJWF UFSNJOBM XIJMF OFHBUJWF UFSNJOBM CPEZ
7PMUBHF
/P WPMUBHF
3FE XJSF CSPLFO
$IFDL SFDUJmFS DPOOFDUPS GPS MPPTFO
/PSNBM
'BVMUZ SFHVMBUFE SFDUJmFS 'BVMUZ DPOOFDUPS
"COPSNBM
"$( CBE 5FTU WPMUBHF CZ DPOOFDUJOH HSFFO XJSF UP BOE UP CPEZ
#BUUFSZ XJUI NBJO TXJUDI PO
*NQSPQFSMZ DIBSHFE PWFSDIBSHFE
)BWJOH OP WPMUBHF XJUI NBJO TXJUDI JO PO
(SFFO XJSF CSPLFO
$IFDL SFHVMBUFE SFDUJmFS DPOOFDUPS GPS QPPS DPOUBDU
/PSNBM
4QSJOH CSPLFO PS GBUJHVFE
$POOFDUPS DPOUBDU QPPS 3FHVMBUFE SFDUJmFS CBE
(FOFSBM *OGPSNBUJPO 5SPVCMF 4IPPUJOH (VJEF OP TQBSL
$IFDL "EKVTU
'BVMUZ $POEJUJPO
$BVTF PG 5SPVCMF
3FQMBDF TQBSL QMVH BOE DIFDL BHBJO 4QBSL XFBL PS TQBSLMFTT
4QBSL TUSPOH
'PSNFS TQBSL QMVH CBE
$IFDL TQBSL QMVH DBQ BOE JHOJUJPO DPJM GPS MPPTFOFTT 1SPQFS
-PPTF
4QBSL QMVH DBQ MPPTF
"COPSNBM
1PPS $POUBDU
$IFDL $%* DPOOFDUPS GPS MPPTFOFTT /PSNBM $IFDL GPS DPOEVDUJPO CFUXFFO DPOOFDUPS UFSNJOBMT BOE UFTU $%* SFTJTUBODF /PSNBM
"COPSNBM
$IFDL SFMBUFE QBSUT /PSNBM
"COPSNBM
/PSNBM
"COPSNBM
.BJO TXJUDI CBE 1JDLVQ DPJM CBE *HOJUJPO DPJM CBE .BJO DBCMF CSPLFO $POOFDUPS QMVH QPPS DPOUBDU
6TF $%* UFTUFS UP DIFDL $%* "COPSNBM
/PSNBM
$%* CBE
$IFDL JHOJUJPO DPJM VTJOH $%* UFTUFS "COPSNBM
*HOJUJPO DPJM CBE
(FOFSBM *OGPSNBUJPO #PEZ &YQMPEFE 7JFX
#PEZ $PWFS BOE &YIBVTU 4ZTUFN 5PQJD
1BHF
(FOFSBM *OGPSNBUJPO #PEZ $PWFS 3FNPWBM &YIBVTU 4ZTUFN 3FNPWBM
(FOFSBM *OGPSNBUJPO t%P OPU VTF FYDFTTJWF GPSDF XIFO SFNPWJOH CPEZ QBOFMT 6TF B mSN DPOTJTUFOU GPSDF UP EJTFOHBHF UIF UBCT BOE SFNPWF UIF QBOFMT t%P OPU QSZ PS QPVOE PO UIF CPEZ QBOFMT 5IF NPVOUJOH UBCT BSF OPU EFTJHOFE UP XJUITUBOE QSZJOH QPVOEJOH PS UXJTUJOH 1BSUT UP CF SFNPWFE BOE TFRVFODF PG SFNPWBM t'SPOU IFBEMJHIU BOE NFUFS DPWFS t#BDL IFBEMJHIU BOE NFUFS DPWFS t'SPOU GFOEFS t'SPOU CPEZ DPWFS t'SPOU CPEZ QBOFM t4FBU BOE IFMNFU CPY t3FBS IBOEIPME BOE UBJMMJHIU BTTFNCMZ t'PPUCPBSE DPWFS BOE CBUUFSZ DPWFS t'PPUCPBSE BOE SFBS DPWFS t'SPOU GSBNF DPWFS t$PWFST BOE CPEZ TJEF QBOFMT t#PUUPN DPWFS 5PSRVF SFRVJSFNFOUT t#PEZ NPVOUJOH OVUT BOE TDSFXT LH N t&YIBVTU QJQF CPMUT LH N
#PEZ $PWFS BOE &YIBVTU 4ZTUFN #PEZ $PWFS 3FNPWBM 'SPOU 1BOFM 3FNPWBM 3FNPWF POF GSPOU DPWFS TDSFX GSPN GSPOU PG QBOFM 3FNPWF UXP TDSFXT PO CPUI MFGU BOE SJHIU TJEFT 3FNPWF GSPOU QBOFM *OTUBMM GSPOU QBOFM JO UIF SFWFSTF PSEFS
B
'SPOU $PWFS 3FNPWBM 3FNPWFS SFBS DPWFS MFGU BOE SJHIU TJEF DPWFST BOE GSPOU XIFFM 3FNPWF UXP TDSFXT JO GSPOU DPWFS B BOE SFNPWF UXP TDSFXT PO FBDI TJEF MFGU BOE SJHIU C 3FNPWF GSPOU DPWFS *OTUBMM GSPOU DPWFS JO UIF SFWFSTF SFNPWBM PSEFS .BLF TVSF UP TVQQPSU UIF TDPPUFS XIJMF SFNPWJOH UIF GSPOU XIFFM UP QSFWFOU JU GSPN GBMMJOH
4$3&84 '30/5 $07&3
'30/5 )"/%-&#"3 $07&3
C
'SPOU BOE 3FBS )BOEMFCBS $PWFS 3FNPWBM 3FNPWF UXP TDSFXT PO GSPOU PG IBOEMFCBS DPWFS BOE SFNPWF POF TDSFX JO CPUI SJHIU BOE MFGU TJEFT PG SFBS IBOEMFCBS DPWFS %JTDPOOFDU IFBEMJHIU MFBE BOE SFNPWF GSPOU IBOEMFCBS DPWFS %JTDPOOFDU TQFFEPNFUFS MFBE MFGU BOE SJHIU TXJUDIFT BOE CSBLF TXJUDI DPOOFDUPS 3FNPWF POF mY TDSFX JO SFBS IBOEMFCBS DPWFS 3FNPWF UIF mY TDSFX JO FBDI TJEF PG SFBS IBOEMFCBS DPWFS 3FNPWF SFBS IBOEMFCBS DPWFS 3FNPWF UIF SFNPWBM PSEFS GPS JOTUBMMBUJPO
'30/5 #3",& $"#-& '30/5 #3",& 48*5$) -&"%
41&&%0.&5&3 $"#-&
3&"3 #3",& 48*5$) -&"%
3&"3 #3",& $"#-&
#PEZ $PWFS BOE &YIBVTU 4ZTUFN #PEZ $PWFS 3FNPWBM 3FNPWF NJEEMF MVHHBHF CPY BGUFS PQFOJOH UIF TFBU BOE SFNPWJOH UIF GPVS MPDL OVUT
4&"5
3FNPWF UXP DFOUFS DPWFS TDSFXT 3FNPWF DFOUFS DPWFS 3FNPWF MFGU BOE SJHIU DPWFS
3FNPWF UISFF SFBS SBDL TDSFXT 3FNPWF SFBS SBDL
.*%%-& -6(("(& #09
$&/5&3 $07&3
3FNPWF TDSFXT JO SFBS PG CPEZ QBOFM 3FNPWF UIF UXP TDSFXT JO UIF GSPOU PG UIF CPEZ QBOFM
%JTDPOOFDU TFBU MPDL MFBE 3FNPWF UIF SFNPWBM PSEFS GPS JOTUBMMBUJPO
.BLF TVSF UP DPOOFDU TFBU MPDL MFBE XIFO JOTUBMMJOH CPEZ DPWFS
-6(("(& 3"$,
#PEZ $PWFS BOE &YIBVTU 4ZTUFN 3JHIU BOE -FGU 4JEF .PME 3FNPWBM
3FNPWF UXP SFBS CPEZ TDSFXT 3FNPWF UISFF TDSFXT JO FJUIFS TJEF PG NPME 3FNPWF MFGU BOE SJHIU TJEF QBOFMT
#PEZ VOEFS $PWFS 3FNPWBM 3FNPWF SFBS CPEZ QBOFM /654
3FNPWF MFGU BOE SJHIU TJEF QBOFMT
7
3FNPWF UXP OVUT JO FJUIFS TJEF PG CPEZ VOEFS DPWFS 3FNPWF CPEZ DPWFS #0%: 6/%&3 $07&3
'MPPS 1BOFM 3FNPWBM 3FNPWF CBUUFSZ DPWFS EJTDPOOFDU CBUUFSZ MFBE BOE EJTNPVOU CBUUFSZ %JTDPOOFDU $ % * XJSF BOE UBLF JU PVU PG CBUUFSZ CPY
3FNPWF CPEZ DPWFS 3FNPWF UIF TQFFE MJNJUJOH HPWFSOPS 3FNPWF GPVS DIFDL CPMUT JO UIF nPPS QBOFM 3FNPWF nPPS QBOFM '-003 $07&3
#PEZ $PWFS BOE &YIBVTU 4ZTUFN 'SPOU #PY 3FNPWBM 3FNPWF GSPOU DPWFS BOE GSPOU QBOFM
'30/5 #09
3FNPWF UXP DBUDI CPMUT JO UIF GSPOU PG UIF nPPS QBOFM
3FNPWF UIF GSPOU CPY DBUDI CPMU 3FNPWF NBJO TXJUDI PVUFS SJOH BOE UIFO SFNPWF GSPOU CPY PVUXBSEMZ BOE VQXBSEMZ 'SPOU BOE 3FBS 'FOEFST 3FNPWBM 3FNPWF UIF UXP mY TDSFXT JO UIF GSPOU GFOEFS %JTNPVOU UIF GSPOU GFOEFS
3FNPWF UIF UXP DBUDI CPMUT JO UIF SFBS GFOEFS TUBZ 3FNPWF UIF SFBS GFOEFS TUBZ &YIBVTU 1JQF 3FNPWBM
'30/5 '&/%&3
3FNPWF UIF UXP OVUT JO UIF QJQF KPJOU 3FNPWF UIF UXP QJQF DBUDI CPMUT 3FNPWF UIF FYIBVTU QJQF 3FNPWF UIF KPJOU SJOH t*OTUBMM FYIBVTU QJQF KPJOU SJOH CFGPSF JOTUBMMJOH FYIBVTU QJQF t*OTUBMM FYIBVTU QJQF KPJOU OVUT BOE GBTUFO UIFN BOE UIFO JOTUBMM FYIBVTU QJQF DBUDI CPMUT BOE GBTUFO UIFN
5PSRVF t&YIBVTU QJQF DBUDI CPMU LH N t&YIBVTU QJQF KPJOU KBN OVU LH N t6TF B OFX FYIBVTU QJQF DBSSJFS SJOH XIFO SFBTTFNCMJOH UIF FYIBVTU TZTUFN
4DIFEVMFE .BJOUFOBODF 5PQJD
1BHF
5PQJD
1BHF
'SBNF BOE 5JSF 5ZQF .BJOUFOBODF $IBSU 'VFM 'JMUFS 5ISPUUMF 0QFSBUJPO -FWFS "JS mMUFS 3FQMBDJOH 'SFRVFODZ 4QBSL 1MVH 7BMWF "EKVTUNFOU $BSCVSFUPS *EMF 4QFFE *HOJUJPO 5JNJOH $ZMJOEFS 1SFTTVSF 3FNPWJOH UIF 4QBSL 1MVH 'JOBM 3FEVDUJPO (FBS &OHJOF 0JM
%SJWF #FMU 3FBS #SBLF "SN #SBLF 4ZTUFN 'SPOU #SBLF 3FBS #SBLF 'SPOU -BNQ "EKVTUNFOU $MVUDI &OHBHFNFOU 'SPOU 4VTQFOTJPO 3FBS 4VTQFOTJPO /VU BOE #PMU 5JHIUOFTT $PMMBS 3JN 5JSF "JS 1SFTTVSF 5JSF 4UBOEBSET 4UFFSJOH 4ZTUFN
(FOFSBM *OGPSNBUJPO
8BSOJOH "MXBZT NBLF TVSF ZPV BSF JO B XFMM WFOUJMBUFE BSFB CFGPSF UIF FOHJOF TUBSUT /FWFS TUBSU UIF FOHJOF JO BO FODMPTFE BSFB (BTPMJOF QPXFSFE FOHJOF FYIBVTU GVNFT BSF QPJTPOPVT BOE DBO DBVTF MPTT PG DPOTDJPVTOFTT BOE EFBUI %P OPU TNPLF PS BMMPX PQFO nBNFT PS TQBSLT JO PS OFBS UIF BSFB XIFSF SFGVFMJOH JT QFSGPSNFE PS XIFSF HBTPMJOF JT TUPSFE
4DIFEVMFE .BJOUFOBODF 'SBNF t'SPOU CSBLF MFWFS GSFF QMBZ NN t3FBS CSBLF MFWFS GSFF QMBZ NN
5JSF
VOJU LH DN 1FSTPO
1FSTPOT
'SPOU
QTJ
QTJ
3FBS
QTJ
QTJ
5JSF UZQF t'SPOU Y t3FBS Y 5PSRVF t'SPOU XIFFM BYMF OVU LH N t3FBS XIFFM BYMF OVU LH N
4DIFEVMFE .BJOUFOBODF * *OTQFDU DMFBO MVCSJDBUF BEE mY PS SFQMBDF XIFO OFDFTTBSZ " "EKVTU # $MFBO $ 3FQMBDF % 5JHIUFO
.BJOUFOBODF $IBSU 1FSGPSN SFHVMBS NBJOUFOBODF BDDPSEJOH UP NBJOUFOBODF IBOECPPL
.JMFBHF ,N
'SFRVFODZ 8IJDIFWFS DPNFT mSTU *UFN
LN LN
LN
LN
LN
LN
LN
LN
LN LN LN LN
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
3
3
3
3
3
3
3
3
3
&OHJOF PJM
UIF mSTU LN NJ
&OHJOF PJM mMUFS
LN NJ
$
/PUF
"
/PUF
3
3
$BSCVSFUPS
"
"
"
*
*
*
*
3
3
$MFBO FWFSZ ,N 3FQMBDF XIFO OFDFTTBSZ
4QBSL QMVH
*
#SBLF TZTUFN
*
*
*
*
%SJWF CFMU
*
*
*
*
*
*
* *
4VTQFOTJPO
*
*
*
4DSFXT BOE OVTUT
*
5JSF 4UFFSJOH TUFN CFBSJOH
3
3 OFX 3 LN NJ
7BMWF HBQ
"JS mMUFS
3
NJ
$
'VFM mMUFS TDSFFO (FBS PJM
NJ
*
t'PS TBGFUZ SFBTPOT JU JT SFDPNNFOEFE UIBU TFSWJDF CF QFSGPSNFE CZ B EFBMFS /PUF 'PS NJMFBHF IJHIFS UIBO XIBU JT TQFDJmFE JO UIF DIBSU UIF NBJOUFOBODF TIPVME CF SFQFBUFE BU UIF TBNF JOUFSWBM MJTUFE .PSF GSFRVFOU NBJOUFOBODF JT SFRVJSFE JG UIF WFIJDMF JT VTFE JO EVTUZ BSFBT PS JO SBJO
* *
*
.PSF GSFRVFOU SFQMBDFNFOU JT SFRVJSFE JG UIF WFIJDMF JT TVCKFDUFE UP TFWFS VTF TVDI BT IFBWZ MPBE PQFSBUJPO MPOH USJQT PS PQFSBUJPO JO SBJO
4DIFEVMFE .BJOUFOBODF 'VFM 'JMUFS 3FNPWF MVHHBHF CPY
$IFDL GVFM MJOF GPS BHFJOH PS EBNBHF 3FQMBDF XJUI B OFX POF JO DBTF EBNBHFE PS MFBLJOH 5ISPUUMF -FWFS 0QFSBUJPO $IFDL UISPUUMF GPS QSPQFS PQFSBUJPO $IFDL UISPUUMF HSJQ GSFF QMBZ 'SFF QMBZ NN JO JO "EKVTU GSFF QMBZ VTJOH UIF BEKVTUJOH OVU JO UIF UISPUUMF DBCMF BOE UIF BEKVTUFS BU UIF DBSCVSFUPS t.BKPS BEKVTUNFOU TIPVME CF NBEF BU DBSCVSFUPS t"EKVTU JU CZ MPPTFOJOH UIF KBN OVU BOE SPUBUJOH BEKVTUJOH OVU t'JOF BEKVTUNFOU TIPVME CF NBEF BU UIF UISPUUMF HSJQ t3FNPWF PVUFS DPWFS MPPTFO KBN OVU BOE SPUBUF BEKVTUJOH OVU UP BEKVTU JU
4DIFEVMFE .BJOUFOBODF "JS 'JMUFS 'JMUFS 3FQMBDFNFOU 3FNPWF BJS mMUFS DBQ mY TDSFX BOE SFNPWF UIF BJS mMUFS DBQ $IFDL mMUFS GPS EJSU PS EBNBHF 3FQMBDF BT OFDFTTBSZ %P OPU BUUFNQU UP DMFBO UIF mMUFS FMFNFOU 3FQMBDJOH 'SFRVFODZ
.PSF GSFRVFOU SFQMBDFNFOU JT SFRVJSFE JG WFIJDMF JT ESJWFO PO EVTUZ SPBET PS JO UIF SBJO
"*3 '*-5&3 "*3 '*-5&3 $"1
.BLF TVSF UIF BJS mMUFS DPWFS JT TFDVSFMZ JO QMBDF 4QBSL 1MVH 3FNPWF TQBSL QMVH ("1 %*35: $"3#0/ #6*-% 61 $)&$,*/(
$IFDL TQBSL QMVH GPS CVSOJOH EJSU PS EFQPTJU $MFBO JU XJUI B TQBSL QMVH DMFBOFS PS TUFFM CSVTI JO DBTF PG EJSU PS DBSCPO EFQPTJUT 4QFDJmFE TQBSL QMVH /(, $ )4" $IBNQJPO $IFDL TQBSL QMVH HBQ (BQ NN JO
$IFDL QMVH GPS EJSU DBSCPO CVJME VQ PS DSBDLJOH PG JOTVMBUPS
41"3, 1-6(
NN JODI
$:-*/%&3 )&"% $07&3
*/46-"503 $3"$, $)&$,*/(
4DIFEVMFE .BJOUFOBODF 7BMWF "EKVTUNFOU
"MXBZT DIFDL BOE BEKVTU XJUI FOHJOF UFNQFSBUVSF MPXFS UIBO „$ „'
3FNPWF DZMJOEFS IFBE DPWFS
3PUBUF DPPMJOH GBO UP DBNTIBGU -PDBUF NBSL BU DFOUFS UPQ BMJHOJOH NBHOFUP nZ XIFFM NBSL XJUI UIBU PO DSBOLDBTF .BHOFUP i5w NBSL BOE CPY DSBOLTIBGU NBSL
7BMWF HBQ DIFDLJOH BOE BEKVTUNFOU WBMWF HBQ */ NN JO
&9 NN JO
$:-*/%&3 )&"% $07&3
5P BEKVTU UIF WBMWF HBQ MPPTFO BN OVU BOE SPUBUF BEKVTUJOH OVU 7BMWF "EKVTUNFOU 8SFODI
#F TVSF UP DIFDL WBMWF HBQ BHBJO BGUFS MPDLJOH KBN OVU
)0-& */ $". (&"3 "8": '30. &/(*/& $".4)"'5 $)"*/ (&"3
$BSCVSFUPS *EMF 4QFFE
*EMF BEKVTUNFOU TIPVME CF NBEF XJUI UIF FOHJOF XBSNFE VQ
3FNPWF DPWFS "GUFS UIF FOHJOF XBSNT VQ DPOOFDU JU UP BO FOHJOF SFWPMVUJPO DPVOUFS "EKVTU JEMF TDSFX VOUJM TQFDJmFE SFWPMVUJPO JT PCUBJOFE .JOJNVN JEMJOH TQFFE SQN 3FBEKVTU UIF TDSFX JG UIF JEMF TQFFE JT OPU TUFBEZ PS GVFM DBOOPU CF QSPQFSMZ BQQMJFE
5 ."3,
*%-& 4$3&8
4DIFEVMFE .BJOUFOBODF *HOJUJPO 5JNF
&RVJQQFE XJUI $%* UIFSF JT OP OFFE GPS JHOJUJPO TFUUJOH
$IFDL JHOJUJPO TZTUFN JG JHOJUJPO UJNF JT JODPSSFDU
%JTNPVOU SJHIU CPEZ DPWFS 3FNPWF JHOJUJPO UJNJOH JOTQFDUJPO $IFDL JHOJUJPO UJNJOH VTJOH UIF UJNJOH MJHIU $SBOLDBTF NBSL NVTU CF BMJHOFE XJUI NBSL i'w PO nZXIFFM XIJMF FOHJOF JT BU JEMF TQFFE 5IF UJNJOH TIPVME BEWBODF BT UIF 31. JT JODSFBTFE 5IF UJNJOH NBSL TIPVME BMJHO XJUI UIF DSBOLDBTF NBSL BU 31.
$ZMJOEFS 1SFTTVSF
*(/*5*0/ 5*.*/( */41&$5*0/
.FBTVSF DZMJOEFS QSFTTVSF XJUI UIF FOHJOF XBSNFE VQ %JTNPVOU NJEEMF MVHHBHF CPY BOE NJEEMF DPWFS 3FNPWF TQBSL QMVH *OTUBMM DZMJOEFS QSFTTVSF HBVHF 8JUI UISPUUMF WBMWF GVMMZ PQFO TUBSU TUBSUFS NPUPS UP NFBTVSF DZMJOEFS QSFTTVSF QTJ
$PNQSFTTJPO QSFTTVSF LH DN SQN *G UIF QSFTTVSF JT FYDFTTJWFMZ MPX DIFDL GPS UIF GPMMPXJOH
t7BMWF MFBLBHF t7BMWF HBQ UPP UJHIU t$ZMJOEFS IFBE HBTLFU EBNBHFE t1JTUPO SJOH XPSO t1JTUPO PS DZMJOEFS XPSO
."3, ' 1301&3-: "-*(/&%
$IFDL DPNCVTUJPO DIBNCFS BOE QJTUPO UPQ GPS FYDFTTJWF EFQPTJU JG DPNQSFTTJPO QSFTTVSF JT UPP IJHI
4DIFEVMFE .BJOUFOBODF 'JOBM DIFDL PG HFBS FOHJOF PJM SFEVDUJPO
(&"3 0*- */-&5 )0-& $)&$, )0-&
$IFDLJOH PJM WPMVNF CVJME VQ NBJO GPPU SFTU TP UIBU CVJME VQ CPEZ CFDPNFT WFSUJDBM PO QMBJO HSPVOE
%JTNPVOU HFBS PJM BEKVTUJOH CPMU BGUFS TUPQQJOH FOHJOF
5IF PJM MFWFM TIPVME CF KVTU VOEFS UIF SFHVMBUJPO TDSFX CPMU IPMF "EE HFBS PJM XIFO PJM MFWFM JT UPP MPX
t(FBS PJM SFDPNNFOEFE 4"& 8
0*- %3"*/"(& #0-5 "/% 8"4)&3
#VJME VQ HFBS PJM SFHVMBUPS TDSFX CPMU $POmSN XIFUIFS PS OPU UIF QBDLJOH XBTIFS JT CSPLFO $IBOHJOH (FBS 0JM 3FNPWF HFBS PJM BEKVTUJOH CPMU BOE ESBJO PJM $POmSN XIFUIFS PS OPU QBDLJOH XBTIFS JT CSPLFO "EE SFDPNNFOEFE HFBS PJM
t(FBS PJM DBQBDJUZ M &4 t#PMU UPSRVF LH N MCT
$IFDL JG UIFSF JT BOZ MFBLBHF BGUFS XPSL JT QFSGPSNFE 5SBOTNJTTJPO #FMU %FUBDI UIF MFGU DSBOLDBTF DPWFS $IFDL XIFUIFS UIFSF JT XFBS BOE UFBS PG USBOTNJTTJPO CFMU $IBOHF XJUI OFX POF XIFO OFDFTTBSZ PS EVSJOH UJNFMZ NBJOUFOBODF
53"/4.*44*0/ #&-5
4DIFEVMFE .BJOUFOBODF 3FBS #SBLF "SN $IBOHF OFX QFEBM XIFO CSBLF CBS JT QVMMFE UP TUPQQJOH QPTJUJPO BOE UIF TQBSSPX PG CSBLF BSN JT JO BMJHONFOU XJUI UIF CSBLF QMBUF NBSL
305"5& /65
#SBLF 4ZTUFN 'SPOU #SBLF $IFDL GSFF HBQ PG GSPOU CSBLF CBS t'SFF HBQ NN JO 3PUBUF BEKVTUJOH OVU UP SFHVMBUF GSFF HBQ PG CSBLF CBS
3FBS #SBLF t$IFDL GSFF HBQ PG SFBS CSBLF CBS t'SFF HBQ NN JO
4DIFEVMFE .BJOUFOBODF 'SPOU -BNQ "EKVTUNFOU
6/%&34*%& 0' $07&3
3PUBUF OVU UP BEKVTU GSFF HBQ XIFO JU FYDFFET QSPQFS BEKVTUNFOU
5VSO NBJO TXJUDI UP iPOw BOE TUBSU FOHJOF 3PUBUF BEKVTUJOH TDSFX PG GSPOU MBNQ UP BJN UIF MJHIU
"%+645.&/5 4$3&8
$MVUDI &OHBHFNFOU 4UBSU FOHJOF BOE JODSFBTF 31. TMPXMZ UP DIFDL QFSGPSNBODF PG DMVUDI
t$MVUDI TIPVME FOHBHF BU 31.
t4FSWJDF BOE SFQMBDF DMVUDI BT OFDFTTBSZ TIPVME TMJQQBHF PDDVS
'SPOU 4VTQFOTJPO 1VMM GSPOU CSBLF CBS UJHIUMZ BOE DPNQSFTT GSPOU GPS VQ BOE EPXO UP DIFDL JUT QFSGPSNBODF $IFDL GPS MFBLBHF PG GSPOU GPS BOE PS TPGU TQSJOHT 3FBS 4VTQFOTJPO $PNQSFTT SFBS TIPDLT VQ BOE EPXO UP DIFDL QFSGPSNBODF $IFDL GPS MFBLBHF PG SFBS TIPDL PS TPGU TQSJOHT 4VTQFOE SFBS XIFFM BOE QVTI JU MFGU BOE SJHIU UP DIFDL FOHJOF TVTQFOTJPO TMFFWF GPS XFBS
4DIFEVMFE .BJOUFOBODF /VU BOE #PMU 5JHIUOFTT $IFDL BMM OVUT BOE CPMUT GPS QSPQFS UJHIUOFTT "EKVTU UPSRVF BT OFDFTTBSZ $PMMBS 3JN 5JSF $IFDL UJSF QSFTTVSF
.FBTVSF UJSF QSFTTVSF XIFO UJSF JT DPME
"JS 1SFTTVSF 'SPOU 5JSF
LH DN
QTJ
3FBS 5JSF
LH DN
QTJ
5JSF 4UBOEBSET t'SPOU UJSF Y t3FBS UJSF Y $IFDL JG GSPOU XIFFM BYMF IBT TMBDL $IFDL JG SFBS XIFFM BYMF OVU IBT TMBDL 5JHIUFO XIFO OFDFTTBSZ UP TUJQVMBUFE UPSRVF JG UIFSF JT TMBDL
5PSRVF t'SPOU XIFFM BYMF OVU LH N GU MCT t3FBS XIFFM BYMF OVU LH N GU MCT
#(%#+ 4)2% 02%3352%
4DIFEVMFE .BJOUFOBODF 4UFFSJOH 4XJOH IBOEMFCBST MFGU BOE SJHIU UP DIFDL JG UIFSF JT JOUFSGFSFODF GSPN UIF XJSFT (SBTQ IBOEMFCBST BOE SPUBUF GSPN MFGU UP SJHIU XIJMF IPMEJOH UIF GSPOU XIFFM TUSBJHIU 5IFSF TIPVME CF TMJQQBHF $IFDL TUFFSJOH CFBSJOH BEKVTUNFOU 'PSL TIPVME UVSO GSFFMZ XJUI QMBZ JO CFBSJOH
-VCSJDBUJOH 4ZTUFN -VCSJDBUJOH 4ZTUFN 30$,&3 "3.
$3"/,4)"'5
'*-5&3 4$3&&/
&/(*/& 0*- 16.1
-VCSJDBUJOH 4ZTUFN 5PQJD
1BHF
5PQJD
1BHF
0WFSBMM FOHJOF SFRVJSFNFOUT 1SPCMFN EJBHOPTJT &OHJOF PJM mMUFS TDSFFO 0JM 7PMVNF 0JM $IBOHFE
&OHJOF 0JM 1VNQ 3FNPWBM 0JM 1VNQ %JTBTTFNCMZ $IFDLJOH "TTFNCMJOH *OTUBMMBUJPO
0WFSBMM &OHJOF 3FRVJSFNFOUT 4QFDJBM "UUFOUJPO 6TF QSPQFS NPUPS PJM 4"& 8 6TF POMZ DMFBO GSFTI PJM %P OPU SFCVJME PJM QVNQ 3FQMBDF XJUI B OFX QVNQ XIFO OFFEFE $IFDL GPS MFBLBHF BGUFS SFQMBDJOH QVNQ #BTJD .BUFSJBM *UFN
&OHJOF PJM QVNQ
/VONVM WBMVF
3FQMBDF BU
(BQ CFUXFFO JOOFS SPUBUPS BOE FYUFSOBM SPUPS
NN JO
(BQ CFUXFFO FYUFSOBM SPUPS BOE QVNQ CPEZ
NN JO
NN JO
NN JO
(BQ CFUXFFO BOE TVSGBDF PG SPUPS BOE QVNQ CPEZ
1SPCMFN %JBHOPTJT -PTT PG FOHJOF PJM t&OHJOF PJM OBUVSBM DPOTVNQUJPO t&OHJOF PJM MFBLBHF t1JTUPO SJOH XFBS CBE BTTFNCMZ t7BMWF HVJEF PJM TFBM JT XPSO /P PJM QSFTTVSF t1VNQ XPSO t6TF PG XSPOH PJM t0JM MFWFM MPX
&OHJOF CVSOJOH FYDFTTJWF PJM t#MPDLFE PJM QBTTBHF t6TF PG XSPOH PJM t8PSO SJOHT t7BMWFT XPSO PS EBNBHFE
-VCSJDBUJOH 4ZTUFN &OHJOF 0JM 'JMUFS 4DSFFO 0JM 7PMVNF $IFDL PJM XJUI TDPPUFS QBSLFE PO MFWFM HSPVOE PO DFOUFS TUBOE
4DPPUFS NVTU CF PO DFOUFS TUBOE XIFO PJM WPMVNF JT DIFDLFE
3VO FOHJOF GPS UXP PS UISFF NJOVUFT BOE UIFO UVSO JU PGG "GUFS UXP UP UISFF NJOVUFT DIFDL UIF PJM MFWFM
$IFDL UIF PJM MFWFM XIFO UIF PJM EJQTUJDL JT VOTDSFXFE BOE PVU "EE PJM UP VQQFS MJNJU MFWFM PO UIF EJQTUJDL
%*145*$,
0JM $IBOHFE
*U JT FBTJFS UP ESBJO PJM XIFO NPUPS JT XBSN
3FNPWF ESBJO CPMU UP DPNQMFUFMZ ESBJO PJM %JTBTTFNCMF UIF PJM mMUFS TDSFFO DPWFS BOE UBLF PGG UIF PJM mMUFS TDSFFO 6TF IJHI QSFTTVSF BJS UP DMFBO UIF mMUFS TDSFFO 8BTI XJUI TPMWFOU BOE ESZ CFGPSF SFJOTUBMMJOH $IFDL P SJOH GPS EBNBHF 3FQMBDF JG OFDFTTBSZ "TTFNCMF FOHJOF PJM mMUFS TDSFFO BOE mMUFS TDSFFO DPWFS
t5PSTJPO WBMVF LH N GU MCT
"EE BTTJHOFE PJM UP EFUFSNJOFE WPMVNF
%3"*/ #0-5
t&OHJOF PJM DBQBDJUZ t &4
$IFDL GPS PJM MFBLT 3VO FOHJOF GPS NJOVUFT BU JEMF TQFFE 5VSO FOHJOF PGG BOE DIFDL PJM MFWFM "EE PJM JG OFFEFE
*- '*-5&3 4$3&&/ 3*/(
-VCSJDBUJOH 4ZTUFN 0JM 1VNQ 3FNPWBM 3FNPWF FOHJOF SJHIU PVUFS DPWFS GBO NBHOFUPS 3FNPWF BMUFSOBUPS SPUPS 8"4)&3
3FNPWF TUBUPS QVMFT DPJM 3FNPWF FJHIU CPMUT PG SJHIU DSBOLTIBGU DBTF DPWFS BOE UBLF PGG DSBOLTIBGU DBTF DPWFS
3FNPWF XBTIFS BOE mYFE QJO 3FNPWF UIF mYFE OVU PG UIF HFBS JO UIF PJM QVNQ
(&"3 '*9&% /65
5BLF PGG UIF HFBS PG UIF PJM QVNQ 3FNPWF mYFE CPMUT PG PJM QVNQ NPEVMF CPEZ 5BLF PGG PJM QVNQ
5BLF PGG UXP P SJOHT $IFDL P SJOHT GPS EBNBHF
3FQMBDF JG OFDFTTBSZ
0*- 16.1
0 3*/(4
-VCSJDBUJOH 4ZTUFN 0JM 1VNQ %JTBTTFNCMZ 3FNPWF UISFF mYFE TDSFXT JO PJM QVNQ CPEZ
0*- 16.1 #0%: '*9&% 4$3&84
%JTBTTFNCMF PJM QVNQ 0*- 16.1 #0%:
&95&3/"- 30503
$IFDLJOH $IFDL UIF HBQ CFUXFFO UIF PJM QVNQ NPEVMF CPEZ BOE UIF FYUFSOBM SPUBUPS
t6TFE MJNJU NN JO
$IFDL UIF HBQ CFUXFFO UIF TVSGBDF PG UIF SPUBUPS BOE UIF CPEZ
t6TFE MJNJU NN JO
&95&3/"- 30503 */5&3/"- 30503
-VCSJDBUJOH 4ZTUFN "TTFNCMJOH "TTFNCMF JOOFS BOE PVUFS SPUBUPST BOE PJM QVNQ TIBGU #F DBSFGVM PG BMJHONFOU CFUXFFO QVNQ CFBSJOH VOmMMFE DPSOFS BOE JOOFS SPUBUPS VOmMMFE DPSOFS
&95&3/"- 30503 */5&3/"- 30503
16.1 4)"'5
"TTFNCMF QVNQ DPWFS BOE UJHIUFO TDSFXT
*OTUBMMBUJPO 'JSTU QVU UXP P SJOHT BU UIF PJM QVNQ TFBU 1VU PJM QVNQ JO UIF DSBOLTIBGU DBTF
'JSTU BEE PJM UP QVNQ BOE UIFO BTTFNCMF
5JHIUFO UIF UISFF mYFE TDSFXT
0*- 16.1
0 3*/(4
-VCSJDBUJOH 4ZTUFN *OTUBMM HFBS PG PJM QVNQ BOE UIFO mY OVU
t5PSTJPO WBMVF LH N t GU MCT
8"4)&3
"TTFNCMF SJHIU DSBOLTIBGU DBTF DPWFS TDSFXT BOE UJHIUFO "TTFNCMF QVMTF DPJM TUBUPS BOE SPUPS *OTUBMM GBO BOE DPWFS
(&"3 '*9&% /65
16-4& $0*16-4& $0*-
."(/&503 $0*30503
'"/
'"/ $07&3
'VFM 4ZTUFN 8
3&(6-"503 :
( #
0). 8 3&4*4503 &/3*$).&/5
8
8)*5&
:
:&--08
( #
(3&&/ #-"$,
'VFM 4ZTUFN 5PQJD
1BHF
5PQJD
1BHF
(FOFSBM JOGPSNBUJPO 5SPVCMFTIPPUJOH %JTBTTFNCMZ PG $BSCVSFUPS $IFDLJOH "VUP DIPLF "JS DVUPGG WBMWF "TTFNCMJOH 7BDVVN $IBNCFS #SFBL %PXO "TTFNCMZ PG 7BDVVN $IBNCFS 'MPBU CPXM BOE %JTBTTFNCMZ $IFDLJOH 'MPBU 7BMWF
%JTBTTFNCMZ PG "DDFMFSBUPS 1VNQ $IFDLJOH "DDFMFSBUPS 1VNQ "TTFNCMZ PG DBSCVSFUPS %JTBTTFNCMJOH 'VFM UBOL "TTFNCMZ PG 'VFM 5BOL $BSCVSFUPS "EKVTUNFOU "VUPNBUJD 'VFM 7BMWF 'VFM .FUFS 4FOEJOH 6OJU "JS 'JMUFS *OTQFDUJPO
(FOFSBM *OGPSNBUJPO
8BSOJOH 8PSL PO UIF GVFM TZTUFN JO B XFMM WFOUJMBUFE BSFB UIBU JT GSFF PG TQBSLT PS PQFO nBNFT %P OPU CSFBUIF UIF WBQPST GSPN UIF HBTPMJOF 8FBS QSPUFDUJWF HMPWFT UP QSFWFOU TLJO JSSJUBUJPO
t0QFO UIF CPXM ESBJO BOE BMMPX BMM HBTPMJOF JO UIF DBSCVSFUPS UP ESBJO JOUP BO BQQSPQSJBUF DPOUBJOFS QSJPS UP SFNPWJOH PS TFSWJDJOH JU t3FNPWF DPOUSPM DBCMFT BOE XJSFT DBSFGVMMZ UP QSFWFOU EBNBHF
3FQBJSJOH NBUFSJBM
t$IFDL BMM P SJOHT GPS EBNBHF 3FQMBDF BT OFDFTTBSZ t3FNPWF DBSCVSFUPS GSPN UIF TDPPUFS CFGPSF BUUFNQUJOH UP TFSWJDF UIF GVFM CPXM PS WBDVVN DBOJTUFS t8IFO DMFBOJOH UIF DBSCVSFUPS SFNPWF UIF WBDVVN EJBQISBHN CFGPSF VTJOH BJS PS TPMWFOUT GPS DMFBOJOH 5IJT XJMM QSFWFOU EBNBHF UP UIF EJBQISBHN t8IFO TUPSJOH UIF TDPPUFS GPS B QFSJPE PG UJNF FYDFFEJOH POF NPOUI VTF B RVBMJUZ GVFM TUBCJMJ[FS UP QSFWFOU EFUFSJPSBUJPO PG UIF GVFM BOE EBNBHF UP UIF DBSCVSFUPS
4QFDJmDBUJPO
4UBOEBSE WBMWF
$BSCVSFUPS UZQF
$POTUBOU WFMPDJUZ $7,
7FOUVSJ #PSF
NN JO
'VFM -FWFM
NN
.BJO KFU *EMF KFU
NN JO
*EMF TQFFE
31.
5ISPUUMF GSFF QMBZ
NN JO
.JYUVSF TDSFX TFUUJOH
UVSOT PVU
'VFM 4ZTUFN 5SPVCMFTIPPUJOH &OHJOF JT IBSE UP TUBSU t/P TQBSL t-PX DPNQSFTTJPO t/P GVFM JO DBSCVSFUPS #MPDLFE GVFM MJOF #MPDLFE GVFM mMUFS #MPDLFE WBDVVN MJOF -FBLZ WBDVVN MJOF %JSUZ nPBU OFFEMF 'MPBU TFU UPP IJHI 5PP NVDI GVFM UP FOHJOF #MPDLFE BJS mMUFS .BOJGPME BJS MFBL #BE BVUP DIPLF #MPDLFE BJS QBTTBHF JO DBSCVSFUPS "JS GVFM NJYUVSF UPP SJDI PS UPP MFBO t#BE BVUP DIPLF t1MVHHFE JEMF KFU t'MPBU OFFEMF TUVDL PS EJSUZ t'MPBU IFJHIU UPP IJHI PS UPP MPX t#MPDLFE BJS QBTTBHF JO DBSCVSFUPS t%JSUZ BJS mMUFS t"JS MFBL BU DBSCVSFUPS PS NBOJGPME
.JTmSF VOEFS BDDFMFSBUJPO t1PPS TQBSL t"JS NJYUVSF TDSFX UPP MFBO t#BE BDDFMFSBUPS QVNQ 1PPS ESJWBCJMJUZ t8FBL TQBSL CBE JHOJUJPO TZTUFN t#MPDLFE GVFM MJOF t#MPDLFE GVFM mMUFS t#BE GVFM t8BUFS JO GVFM t"JS MFBL BU DBSCVSFUPS PS NBOJGPME t*NQSPQFS nPBU MFWFM t#BE BVUP DIPLF t0CTUSVDUFE KFU JO DBSCVSFUPS t7BDVVN TMJEF TUVDL t%BNBHFE WBDVVN EJBQISBHN t%JSU JO DBSCVSFUPS
'VFM 4ZTUFN %JTBTTFNCMZ PG DBSCVSFUPS
3FNPWF TFBU BOE IFMNFU TUPSBHF UVC 3FNPWF SJHIU TJEF CPEZ QBOFM %JTDPOOFDU DBCMF DPOOFDUPS GPS BVUP DIPLF -PPTFO DBSCVSFUPS ESBJO TDSFX BOE ESBJO GVFM GSPN nPBU CPXM
$"3#63&503 %3"*/ 4$3&8 -0$"5&% -PPTFO DMVNQT JO JOUBLF UVCF 6/%&3/&"5) '-0"5 #08BOE NBJO GPME
-PPTFO UISPUUMF DBCMF BOE SFNPWF GSPN TVQQPSU BOE GSPN UISPUUMF DPOUSPM QMBUF 3FNPWF GVFM MJOF GSPN DBSCVSFUPS
"650 $)0,&
3FNPWF BJS JOMFU UVCF GSPN DBSCVSFUPS BOE QVMM DBSCVSFUPS TUSBJHIU CBDL PVU PG JOUBLF NBOJGPME 3FNPWF BVUP DIPLF GSPN DBSCVSFUPS
'6&- -*/&
$IFDLJOH "VUP $IPLF $IFDL SFTJTUBODF WPMVNF
"*3 */-&5 56#&
4UBOEBSE WBMVF CFMPX XIFO DPME $POOFDU BVUP DIPLF UP 7 CBUUFSZ 1MVOHFS TIPVME FYUFOE JODI JO NJOVUFT
5)3055-& 4$3&8
"*3 4$3&8
5)3055-& $"#-&
'VFM 4ZTUFN $IFDL QJO BOE TFBU GPS XFBS 3FQMBDF JG OFDFTTBSZ
1MBDF BVUP DIPLF JO NPVOUJOH MPDBUJPO BOE QSFTT EPXO mSNMZ
1*/
1VU MPDL SJOH JO QPTJUJPO BOE GBTUFO TDSFX
4$3&8
-0$, 3*/(
"650 $)0,& .06/5*/( -0$"5*0/ '*9 1-"5&
'VFM 4ZTUFN "JS $VU 0GG 7BMWF %JTBTTFNCMF UXP TDSFXT JO GVFM HVJEF mYFE QMBUF BOE SFNPWF mYFE QMBUF %JTBTTFNCMF UXP TDSFXT JO BJS DVU PGG WBMWF 5BLF PGG TQSJOH BOE WBDVVN QMBUF $IFDL GPS XFBS PO QMBUF SFQMBDF JG OFDFTTBSZ $MFBO UIF QBTTBHF XBZ UP SFNPWF EJSU PS WBSOJTI
'6&- (6*%& '*9&% 1-"5&
"TTFNCMJOH *OTUBMM QMBUF UP DBSCVSFUPS
0 3*/(
*OTUBMM TQSJOH BOE DPWFS PG BJS DVU PGG WBMWF #VJME VQ GVFM HVJEF MJOF mYFE QMBUF BOE UJHIUFO UXP TDSFXT #F TVSF UIBU GVSSPX PG WBDVVN QMBUF JT BMJHOFE XJUI UIF DBSCVSFUPS HMPWF .BLF TVSF UIBU DPWFS UJHIUFOT JOUP QMBDF
"*3 $650'' 7"-7& $07&3
413*/( 7"$66. 1-"5&
'VFM 4ZTUFN 7BDVVN $IBNCFS #SFBL EPXO
3FNPWF UXP TDSFXT BOE UBLF PGG DPWFS 3FNPWF TQSJOH EJBQISBHN QJTUPO
$07&3
3FNPWF GVFM QJO BOE TMJEF
5BLF TQFDJBM DBSF OPU UP EBNBHF EJBQISBHN 3FQMBDF JG EBNBHFE
413*/(
$IFDLJOH $IFDL QJO GPS XFBS BOE SFQMBDF JG OFDFTTBSZ
'6&- 1*/
%*"1)3"(. 1*450/
"TTFNCMJOH *OTUBMM QJTUPO PS QMBUF UP CPEZ PG DBSCVSFUPS 1VTI UIF CVUUPO PG UIF QJTUPO UP WBDVVN DIBNCFS TJEF BOE LFFQ PQFO DPNQMFUFMZ *OTUBMM TQSJOH BOE DPWFS *OTUBMM TDSFX
#F TVSF UP IPME TMJEF BOE QJTUPO JO VQ QPTJUJPO XIFO JOTUBMMJOH DPWFS BOE UJHIUFO TDSFX
'VFM 4ZTUFN 'MPBU #PXM %JTBTTFNCMJOH %JTBTTFNCMF UISFF TDSFXT BOE UBLF PGG nPBU CPXM 3FNPWF nPBU QJO TQSJOH 3FNPWF IJHI TQFFE KFU MPX TQFFE KFU BOE GVFM WPMVNF DPOUSPM TDSFX
#F DBSFGVM OPU UP CSFBL UIF GVFM KFUT BOE DPOUSPM TDSFX
$PVOU UIF UVSOT XIFO SFNPWJOH UIF GVFM WPMVNF DPOUSPM TDSFX
8IFO SFJOTUBMMJOH KFUT BOE TDSFXT EP OPU PWFS UJHIUFO
'-0"5 "3&"
'-0"5 #08-
$MFBO KFUT XJUI TPMWFOU BOE DPNQSFTTFE BJS
$MFBO CPEZ PG DBSCVSFUPS CZ CMPXJOH BJS UISPVHI BMM QBTTBHFT
."*/ '6&- +&5 '6&- 1*/ '6&- 1*/ 413": /0;;-& '6&- 70-6.& 3&(6-"5*0/ 4$3&8
'-0"5 1*/
-08 41&&% +&5
'VFM 4ZTUFN $IFDLJOH $IFDL nPBU WBMWF BOE WBMWF TFBU GPS EBNBHF
."*/ '6&- +&5 '6&- 1*/
$IFDL nPBU WBMWF BOE WBMWF TFBU XFBS QJUUJOH PS CVJMEVQ PG EJSU
-08 41&&% +&5
'6&- 1*/ 413": /0;;-&
"OZ MFBLBHF PG UIF WBMWF PS B CVJMEVQ PG EJSU XJMM BGGFDU UIF GVFM MFWFM JO UIF nPBU CPXM BOE DBVTF ESJWBCJMJUZ QSPCMFNT
'6&- 70-6.& 3&(6-"5*0/ 4$3&8
"TTFNCMF UIF MPX TQFFE KFU GVFM QJO TQSBZ OP[[MF GVFM QJO TQSBZ TFBU BOE NBJO KFU JOUP UIF CPUUPN PG UIF DBSCVSFUPS IPVTJOH 4FU UIF GVFM MFWFM JO UIF CPXM CZ BEKVTUJOH UIF GVFM SFHVMBUJPO TDSFX 5IF TUBOEBSE TFUUJOH JT UVSOT QMVT PS NJOVT B UVSO "TTFNCMF UIF nPBU WBMWF nPBU BOE nPBU QJO UP UIF CPUUPN PG UIF DBSCVSFUPS VTJOH UIF SFUBJOFS QJO
$IFDL UIF PQFSBUJPO PG UIF nPBU BOE WBMWF "MM QBSUT TIPVME NPWF GSFFMZ '-0"5 7"-7& BOE OPU CJOE "GUFS BTTFNCMJOH UIF nPBU DIFDL GPS QSPQFS GVFM MFWFM VTJOH B TNBMM SVMFS PS B nPBU HBHF 5IF QSPQFS GVFM MFWFM JT NN JO
'-0"5
'-0"5 1*/
'VFM 4ZTUFN "DDFMFSBUPS 1VNQ 3FNPWF UXP TDSFXT PO QVNQ BOE UBLF PGG DPWFS 5BLF PGG TQSJOH BOE BDDFMFSBUJPO QVNQ QMBUF 0 3*/(
$IFDLJOH $IFDL BDDFMFSBUJPO QVNQ QMBUF GPS DSBDLT PS IBSEFOJOH PG UIF SVCCFS 3FQMBDF BT OFDFTTBSZ
$07&3
$IFDL GPS CMPDLFE GVFM QBTTBHFT $MFBO CZ IJHI QSFTTVSF BJS 3FWFSTF TUFQT UP SFBTTFNCMF 5BLF TQFDJBM DBSF XJUI UIF BDDFMFSBUPS QVNQ QMBUF UP BWPJE EBNBHF
413*/( "$$&-&3"5*0/ 16.1 1-"5&
'VFM 4ZTUFN "TTFNCMZ PG $BSCVSFUPS 4MJEF DBSCVSFUPS DBSFGVMMZ JOUP UIF NBOJGPME NBLJOH TVSF UP BMJHO UIF UBC PO UIF NBOJGPME XJUI UIF OPUDI PO UIF DBSCVSFUPS 4FDVSFMZ UJHIUFO UIF DMBNQ TDSFX UP mY UIF DBSCVSFUPS JO QMBDF %P OPU PWFS UJHIUFO UIF TDSFXT BT UIJT DBO DBVTF EBNBHF UP UIF NBOJGPME
"UUBDI UIF JOMFU QJQF UP UIF SFBS PG UIF DBSCVSFUPS BOE UJHIUFO UIF DMBNQ TDSFX "UUBDI UIF UISPUUMF DBCMF UP UIF UISPUUMF CZ JOTUBMMJOH UIF DBCMF MVH JOUP UIF OPUDI PO UIF UISPUUMF QMBHF *OTFSU UIF PVUFS DBTJOH PG '6&- -*/& UIF UISPUUMF DBCMF JOUP UIF DBCMF "*3 */-&5 56#& TVQQPSU CSBDLFU .BLF TVSF UP BMJHO UIF i%w TIBQF PG UIF BEKVTUJOH TMFFWF XJUI UIF A%w TIBQF IPMF PG UIF CSBDLFU 6TF UIF BEKVTUJOH OVU BOE TUPQ OVU UP TFU UIF DBCMF UFOTJPO $PSSFDU BEKVTUNFOU TIPVME BMMPX JODI PG GSFF QMBZ JO UIF DBCMF "UUBDI UIF GVFM MJOF GSPN UIF UBOL UP UIF JOMFU PO UIF DBSCVSFUPS BOE DMBNQ TFDVSFMZ $POOFDU UIF XJSJOH IBSOFTT GSPN UIF BVUP DIPLF UP UIF QSPQFS DPOOFDUJPO PO UIF NBJO XJSJOH IBSOFTT "GUFS TUBSUJOH UIF FOHJOF TFU UIF JEMF TQFFE VTJOH UIF JEMF BEKVTUJOH TDSFX
5)3055-& 4$3&8
"*3 4$3&8
5)3055-& $"#-&
'VFM 4ZTUFN %JTBTTFNCMJOH 'VFM 5BOL %JTBTTFNCMF UIF CPEZ DPWFS 7"$66. -*/&
%JTDPOOFDU UIF XJSJOH IBSOFTT GSPN UIF GVFM MFWFM TFOEJOH VOJU
%JTDPOOFDU UIF GVFM MJOF BOE WBDVVN MJOF GSPN UIF BVUP GVFM WBMWF 3FNPWF UISFF CPMUT BOE OVUT UP MPPTFO UIF GVFM UBOL '6&- -*/&
3FNPWF UIF GVFM UBOL GSPN UIF GSBNF "TTFNCMZ PG 'VFM 5BOL 3FWFSTF TUFQT GPS SFBTTFNCMZ
'6&- 5"/,
$0/530- 7"-7&
'VFM 4ZTUFN $BSCVSFUPS "EKVTUNFOU
/05& 40.& $0.10/&/54 3&.07&% '03 $-"3*5:
*U JT HFOFSBMMZ OPU OFDFTTBSZ UP BEKVTU UIF NJYUVSF TDSFX PO UIF TJEF PG UIF DBSCVSFUPS 5IJT TDSFX JT QSFTFU BU UIF GBDUPSZ BOE XJMM IBWF MJUUMF FGGFDU PO UIF QFSGPSNBODF PG UIF DBSCVSFUPS
'6&- 70-6.& 3&(6-"5*0/ 4$3&8
*G UIJT TDSFX IBT CFFO SFNPWFE GPS DMFBOJOH PG UIF DBSCVSFUPS JU TIPVME CF SFTFU DBSFGVMMZ 5IF TUBOEBSE TFUUJOH JT UXP UVSOT PVU QMVT PS NJOVT UVSO 5P TFU UIJT QPTJUJPO SVO UIF FOHJOF VOUJM XBSN BOE BMMPX JU UP JEMF 5VSO UIF TDSFX JO PS PVU B MJUUMF BU B UJNF BOE NFBTVSF UIF JEMF 31. 5IF DPSSFDU TFUUJOH JT BDIJFWFE XIFO UIF JEMF TQFFE JT NBYJNJ[FE
"EKVTU UIF JEMF TQFFE PG UIF FOHJOF PODF UIF FOHJOF IBT CFFO XBSNFE VQ 4FU UIF XBSN JEMF TQFFE UP 31. QMVT PS NJOVT 31. $IFDL GPS FOHJOF SFUVSO UP JEMF TQFFE BGUFS SVOOJOH BU QBSU UISPUUMF .BLF TVSF UIBU UIF UISPUUMF DBCMF BMMPXT UIF UISPUUMF DPOUSPM QMBUF UP SFUVSO UP UIF TUPQ TDSFX
3 IDLING SPEED ADJUSTMENT SCREW
AIR INLET TUBE
*G OFFEFE SFBEKVTU UIF NJYUVSF 2 TDSFX UP IFMQ TUBCJMJ[F JEMF QFSGPSNBODF
3 AIR SCREW
'VFM 4ZTUFN "VUPNBUJD 'VFM 7BMWF %JTDPOOFDU UIF GVFM MJOF BOE UIF WBDVVN MJOF GSPN UIF DPOUSPM WBMWF BOE GSPN UIF DBSCVSFUPS BOE JOUBLF NBOJGPME $BSFGVMMZ JOTQFDU UIFTF MJOFT "OZ CMPDLBHF EFUFSJPSBUJPO EBNBHF PS DSBDLJOH PG UIFTF MJOFT DBO DBVTF JNQSPQFS GVODUJPOJOH PG UIF GVFM WBMWF 3FQMBDF UIFTF MJOFT BT OFDFTTBSZ "MXBZT NBLF TVSF UIBU UIF DMBNQT XPSL QSPQFSMZ XIFO SFQMBDJOH UIFTF MJOFT JO PSEFS UP BTTVSF B UJHIU TFBM PG UIF MJOFT BU UIF mUUJOHT PO UIF WBMWF DBSCVSFUPS BOE NBOJGPME
7"$66. -*/&
'6&- -*/&
5P DIFDL UIF PQFSBUJPO PG UIF WBMWF BQQMZ B WBDVVN UP UIF JOQVU mUUJOH PG UIF WBMWF 'VFM TIPVME nPX GSFFMZ XIFO UIF WBDVVN JT BQQMJFE BOE TUPQ XIFO JU JT SFNPWFE /FWFS BUUFNQU UP DMFBO UIF WBMWF XJUI IJHI QSFTTVSF BJS 5IJT XJMM EBNBHF UIF WBMWF BOE SFRVJSF SFQMBDFNFOU 'VFM .FUFS 4FOEJOH 6OJU %JTDPOOFDU UIF TFOEJOH VOJU XJSJOH IBSOFTT %JTDPOOFDU GPVS NPVOUJOH TDSFXT -JGU BOE UVSO UIF TFOEJOH BSN UP BMMPX UIF nPBU BSN BOE nPBU UP CF SFNPWFE GSPN UIF GVFM UBOL 5BLF DBSF OPU UP CFOE PS EBNBHF UIF nPBU BSN BT UIJT DBO DBVTF JNQSPQFS SFBEJOHT $IFDL UIF NPWFNFOU PG UIF BSN *U TIPVME NPWF GSFFMZ XJUIPVU CJOEJOH PS IFTJUBUJPO $IFDL UIF DPOUJOVJUZ PG UIF DPJM *G JU JT PQFO UIF VOJU OFFET SFQMBDFNFOU 8IFO SFBTTFNCMJOH UIF TFOEJOH VOJUT NBLF TVSF UIBU UIF HBTLFU JT OPU EBNBHFE UP BWPJE MFBLBHF
$0/530- 7"-7&
'VFM 4ZTUFN "JS 'JMUFS *OTQFDUJPO 3FNPWF BJS mMUFS DPWFS TDSFXT 3FNPWF DPWFS 3FNPWF BJS mMUFS FMFNFOU
3FNPWF DMBNQ PO BJS JOMFU UVCF
"*3 1*1&
%JTDPOOFDU BJS UVCF GSPN DBSCVSFUPS 3FNPWF BJS CPY .BLF TVSF UIBU UIF FMFNFOU JT DMFBO BOE GSFF PG EJSU BOE PJM &YDFTTJWF EJSU BOE PJM PO UIF FMFNFOU DBO SFEVDF FOHJOF QFSGPSNBODF %VSJOH SFBTTFNCMZ NBLF TVSF UIBU UIF DPWFS BOE UVCF DPOOFDUJPOT BSF UJHIU BOE EP OPU MFBL "JS mMUFS CPY MFBLBHF DBO SFEVDF FOHJOF QFSGPSNBODF
"*3 '*-5&3 "*3 '*-5&3 $07&3
&OHJOF 3FNPWBM BOE *OTUBMMBUJPO 5PQJD
1BHF
4QFDJBM SFRVJSFNFOUT &OHJOF SFNPWBM &OHJOF JOTUBMMBUJPO
4QFDJBM 3FRVJSFNFOUT t3FNPWF BMM CPEZ QBOFMT DBSFGVMMZ UP QSPWJEF FBTF PG BDDFTT UP UIF FOHJOF t6TF DBSF XIFO EJTDPOOFDUJOH UIF CBUUFSZ DBCMFT BOE GVFM MJOFT t6TF QSPUFDUJWF DMPUIJOH TVDI BT HMPWFT BOE TBGFUZ HMBTTFT UP QSPUFDU ZPVS CPEZ
&OHJOF 3FNPWBM BOE *OTUBMMBUJPO &OHJOF 3FNPWBM %JTDPOOFDU UIF CBUUFSZ HSPVOE XJSF
3FNPWF CPEZ QBOFMT UP FYQPTF FOHJOF %JTDPOOFDU UIF FOHJOF HSPVOE XJSF 3FNPWF UIF TQBSL QMVH DBCMF GSPN UIF TQBSL QMVH BOE UIF JHOJUJPO DPJM 7"$66. -*/&
'6&- -*/&
%JTDPOOFDU UIF BVUP DIPLF GSPN UIF XJSJOH IBSOFTT %JTDPOOFDU UIF NBHOFUP XJSFT BOE TUBSUFS NPUPS XJSFT %JTDPOOFDU UIF GVFM MJOF GSPN UIF DBSCVSFUPS BOE UIF WBDVVN MJOF GSPN UIF JOUBLF NBOJGPME %JTDPOOFDU UIF UISPUUMF DBCMF GSPN UIF DBSCVSFUPS 3FNPWF UIF BJS mMUFS CPY
5)3055-& 4$3&8
"*3 4$3&8
5)3055-& $"#-&
&OHJOF 3FNPWBM BOE *OTUBMMBUJPO %JTBTTFNCMF UIF CSBLF DPOUSPM DBCMF GSPN UIF CSBLF DPOUSPM BSN 3FNPWF UIF SFBS TIPDL BCTPSCFS
6/%&34*%& 0' 4$005&3 $)"4*4
3FNPWF UIF FOHJOF TVQQPSU CPMU BOE NPWF UIF DIBTTJT VQ UIF GPSXBSET 4VQQPSU UIF DIBTTJT JO QPTJUJPO UFNQPSBSJMZ 3FNPWF UIF TJEF TUBOE TQSJOH BOE TJEF TUBOE &/(*/& 4611035 #0-5
3FNPWF UIF GSPOU FOHJOF TVQQPSU CPMU UP EJTDPOOFDU UIF FOHJOF GSPN UIF DIBTTJT 4FQBSBUF UIF FOHJOF GSPN UIF DIBTTJT $IFDL UIF DPOEJUJPO PG UIF FOHJOF TVQQPSU JTPMBUJPO NPVOUT *G UIFZ BSF XPSO PS EBNBHFE SFQMBDF UIFN EVSJOH UIF FOHJOF JOTUBMMBUJPO QSPDFTT
&OHJOF 3FNPWBM BOE *OTUBMMBUJPO &OHJOF *OTUBMMBUJPO "UUBDI GSPOU FOHJOF TVQQPSU CPMU JOUP QPTJUJPO BOE UJHIUFO UP LH N GU MCT
B
4MJEF DIBTTJT UP UIF SFBS UP BMJHO UIF SFBS NPVOU BOE JOTUBMM UIF NPVOUJOH CPMU 5JHIUFO UP LH N GU MCT "UUBDI UIF SFBS TIPDL BCTPSCFS BOE UJHIUFO UP LH N GU MCT $PNQMFUF UIF SFNBJOEFS PG UIF BTTFNCMZ QSPDFTT JO SFWFSTF PSEFS PG UIF EJTBTTFNCMZ 8IFO BTTFNCMZ JT DPNQMFUF NBLF TVSF UP DIFDL UIF UISPUUMF BEKVTUNFOU BOE CSBLF BEKVTUNFOU CFGPSF BUUFNQUJOH UP SJEF UIF TDPPUFS
6/%&34*%& 0' 4$005&3 $)"4*4
C
&/(*/& 4611035 #0-5
$ZMJOEFS )FBE 7BMWF
$ZMJOEFS )FBE 7BMWF 5PQJD
1BHF
5PQJD
1BHF
*NQPSUBOU JOGPSNBUJPO 5SPVCMF EJBHOPTJT $BNTIBGU %JTBTTFNCMZ $IFDLJOH PG $BNTIBGU #FBSJOH 3PDLFS "SN $ZMJOEFS )FBE %JTBTTFNCMZ $ZMJOEFS )FBE #SFBL %PXO $IFDLJOH $ZMJOEFS )FBE 7BMWF BOE 7BMWF (VJEF
7BMWF 4FBU $IBNGFS $VUUJOH 5PPMT 7BMWF 4FBU $VUUJOH #VJMEJOH VQ PG $ZMJOEFS )FBE *OTUBMMJOH $ZMJOEFS )FBE $BNTIBGU "TTFNCMZ $BNTIBGU $IBJO 3FHVMBUPS "TTFNCMJOH
*NQPSUBOU *OGPSNBUJPO t8IFO XPSLJOH PO UIF DZMJOEFS IFBE BOE WBMWF USBJO BMXBZT VTF FOHJOF PJM UP MVCSJDBUF TMJEJOH QBSUT XIFO BTTFNCMJOH /FWFS BTTFNCMF ESZ QBSUT JOUP UIF WBMWF USBJO
t8IFO NFBTVSJOH QBSUT UP EFUFSNJOF XFBS XBTI UIF QBSUT XJUI TPMWFOU BOE ESZ UIFN JO PSEFS UP HFU BDDVSBUF NFBTVSFNFOUT t8IFO EJTBTTFNCMJOH UIF WBMWF DPNQPOFOUT LFFQ UIFN JO PSEFS BOE SFJOTUBMM UIFN JO UIF SFWFSTF PSEFS
t5IF DBNTIBGU JT MVCSJDBUFE CZ FOHJOF PJM TVQQMJFE WJB BO PJM QBTTBHF JO UIF DZMJOEFS IFBE .BLF TVSF UIBU UIJT QBTTBHF JT DMFBO BOE PQFO XIFO ZPV SFBTTFNCMF UIF IFBE *UFN 7BMWF HBQ DPME
4UBOEBSE WBMWF */
&9
LH DN SQN
$ZMJOEFS IFBE DPNQSFTTFE QSFTTVSF $ZMJOEFS IFBE TVSGBDF UXJTUJOH $BNTIBGU DPWFS BOHMF IFJHIU 7BMWF SPDLFS BSN JOOFS EJBNFUFS 7BMWF SPDLFS BSN CFBSJOH PVUFS EJBNFUFS 7BMWF TFBU BOHMF 7BMWF CBS PVUFS EJBNFUFS 7BMWF HVJEF QJQF JOOFS EJBNFUFS (BQ CFUXFFO WBMWF CBS BOE HVJEF QJQF 7BMWF TQSJOH
6TFE -JNJU
*/
&9
*/
&9
*/
&9
*/
&9
*/
&9
*/
&9
*/
&9
*OOFS TQSJOH
0VUFS TQSJOH
$ZMJOEFS )FBE 7BMWF 5PSRVF 7BMVF t$BNTIBGU CPMU GU MCT t-VCSJDBUF UISFBET XJUI PJM t7BMWF HBQ BEKVTUJOH TDSFX DBQ GU MCT
(FOFSBM UPPMT t7BMWF TQSJOH DPNQSFTTPS t EFHSFFT */ &9 t7BMWF TFBU SFBNFS NN t1MBOF SFBNFS EFHSFFT */ t7BMWF TFBU SFBNFS NN t1MBOF SFBNFS EFHSFFT &9 t7BMWF TFBU SFBNFS NN t1MBOF SFBNFS EFHSFFT */ &9 t7BMWF TFBU SFBNFS NN t3FBNFS EBNQJOH mYUVSF NN
4QFDJBM UPPMT t7BMWF TQSJOH DPNQSFTTPS BDDFTTPSJFT t7BMWF HBQ SFHVMBUPSZ TQBOOFS t7BMWF HVJEF TDSFXESJWFS t7BMWF HVJEF SFBNFS
4MPX 4QFFE )JUDI $PNQSFTTJPO QSFTTVSF UPP MPX #BE WBMWF HBQ #VSOJOH PS DVSWJOH PG WBMWF #BE WBMWF UJNJOH #SPLFO WBMWF TQSJOH #BE WBMWF TFBU -FBLBHF PG DZMJOEFS IFBE HBTLFU 8BSQFE DZMJOEFS IFBE TVSGBDF PS DSBDLJOH #BE TQBSL QMVH $PNQSFTTJPO 1SFTTVSF 5PP )JHI t5PP NVDI DBSCPO CVJMEVQ JO DPNCVTUJPO DIBNCFS 8IJUF 4NPLF GSPN &YIBVTU 1JQF t8FBSJOH PG WBMWF HVJEF t#SPLFO PJM TFBM "COPSNBM /PJTF t#BE WBMWF HBQ t#SPLFO PS CVSOJOH PG WBMWF PS WBMWF TQSJOH t8FBSJOH BOE CSFBLJOH PG DBNTIBGU t8FBSJOH PG JOOFS DIBJO BEKVTUJOH QMBUF t8FBSJOH PG DBN TIBGU BOE WBMWF SPDLFS BSN
5SPVCMF %JBHOPTJT t$POmSN QPPS PQFSBUJPO PG DZMJOEFS IFBE CZ NFBTVSJOH QSFTTVSF PS CZ OPJTF QSPEVDFE CZ FOHJOF VQQFS FOE
$ZMJOEFS )FBE 7BMWF %JTBTTFNCMJOH PG $BNTIBGU %JTBTTFNCMF NJEEMF DPWFS
3FNPWF GPVS CPMUT BOE UXP OVUT UBLF PGG WBMWF DPWFS
%JTBTTFNCMF DBN DIBJS BEKVTUJOH CPMU BOE TQSJOH 6TF UIF LJDL TUBSU MFWFS UP TMPXMZ UVSO FOHJOF VOUJM i5w NBSL PO nZXIFFM MJOFT VQ XJUI JOEJDBUPS PO DSBOLDBTF $IFDL QPTJUJPO PG DBNTIBGU UP mOE JG CPUI WBMWFT BSF DMPTFE 5IF IPMF JO UIF DBN HFBS TIPVME CF BXBZ GSPN UIF FOHJOF *G UIJT JT OPU DPSSFDU SPUBUF UIF DSBOL POF SFWPMVUJPO UP BDIJFWF UIJT BMJHONFOU
$:-*/%&3 )&"% $07&3
3FNPWF GPVS CPMUT BOE SFNPWF DBNTIBGU DBQT
$".4)"'5 $)"*/ (&"3
)0-& */ $". (&"3 "8": '30. &/(*/&
5 ."3,
$ZMJOEFS )FBE 7BMWF 3FNPWF SPDLFS BSNT BOE QJWPUT
B
3FNPWF DBNTIBGU HFBS GSPN DBNTIBGU DIBJO 3FNPWF DBNTIBGU
1*7054
$IFDL $BNTIBGU $IFDL DBN MJGU t6TF MJNJU */ NN CFMPX DIBOHF t&9 NN CFMPX DIBOHF
C 30$,&3 "3.4
$IFDL TVSGBDF PG DBN MPCFT GPS XFBSZ TVSGBDF CSFBLEPXO TDVGmOH PS DSBDLJOH $IFDL DBNTIBGU BOE CFBSJOH GPS MPPTF mU PS EBNBHF *G BOZ FYDFTTJWF XFBS PS EBNBHF JT GPVOE SFQMBDF UIF DBNTIBGU
$".4)"'5
$".4)"'5 #&"3*/(
$ZMJOEFS )FBE 7BMWF
4,46
$ZMJOEFS )FBE 7BMWF $IFDLJOH PG $BNTIBGU #FBSJOH 3PDLFS "SN
$IFDL JG DBNTIBGU CFBSJOH mYFE TFBU BOE DBNTIBGU SPDLFS BSN BOE DBNTIBGU SPDLFS CFBSJOH JT XPSO PS CSPLFO
$".4)"'5 '*9&% 4&"5
.FBTVSF PVUFS EJBNFUFS PG DBNTIBGU CFBSJOH mYFE TFBU BOE DBNTIBGU SPDLFS BSN 6TFE MJNJU NN JO $IBOHF JG XPSO MBSHFS
t*OOFS EJBNFUFS PG DBNTIBGU SPDLFS BSN 6TFE MJNJU NN JO $IBOHF JG XPSO MBSHFS
t0VUFS EJBNFUFS PG DBNTIBGU SPDLFS BSN CFBSJOH BOE DBNTIBGU SPDLFS BSN 6TFE MJNJU NN JO $IBOHF JG XPSO MBSHFS
t5IF HBQ CFUXFFO DBNTIBGU SPDLFS BSN BOE DBNTIBGU SPDLFS BSN CFBSJOH 6TFE MJNJU NN JO $IBOHF JG XPSO MBSHFS
%JTBTTFNCMZ PG $ZMJOEFS )FBE 3FNPWF DBNTIBGU CFBSJOH
3FNPWF DBSCVSFUPS
3FNPWF FYIBVTU QJQF
3FNPWF JOMFU NBOJGPME
$".4)"'5 30$,&3 "3. #&"3*/(
$ZMJOEFS )FBE 7BMWF 3FNPWF GBO DPWFS 3FNPWF CPMU BOE TDSFX PG FOHJOF DPWFS %JTBTTFNCMF BOE SFNPWF FOHJOF DPWFS 1VMM VQ PO DZMJOEFS IFBE UP CSFBL HBTLFU BOE TMJEF PGG DZMJOEFS TUBOET 5BLF PGG MPDBUJPO QJO BOE DZMJOEFS IFBE HBTLFU
-0$"5*/( 1*/ $:-*/%&3 )&"% ("4,&5
5BLF PGG DBNTIBGU DIBJO HVJEF CBS
$".4)"'5 $)"*/ (6*%& #"3
$:-*/%&3 )&"%
$ZMJOEFS )FBE 7BMWF #SFBLJOH %PXO PG $ZMJOEFS )FBE 6TF WBMWF TQSJOH DPNQSFTTPS UP UBLF PGG MPDL DMJQ BOE TVQQPSUFS BOE WBMWF TQSJOH TQSJOH TFBU WBMWF
1MBDF QBSUT JO TFRVFODF BGUFS EJTBTTFNCMJOH BOE BTTFNCMF JO SFWFSTF PSEFS EVSJOH SFBTTFNCMZ
413*/( 7"-7& $0.13&4403
$MFBO DBSCPO EFQPTJUT GSPN DPNCVTUJPO DIBNCFS 3FNPWF HBTLFU NBUFSJBM PO DZMJOEFS IFBE TVSGBDF
%PO U EBNBHF DZMJOEFS IFBE TFBMJOH TVSGBDF
$IFDLJOH $ZMJOEFS )FBE
$IFDL TQBSL QMVH IPMF GPS EBNBHF $IFDL WBMWF TQSJOH TFBUT GPS BMJHONFOU 6TFE MJNJU NN JO BCPWF BMJHO t.FBTVSF MFOHUI PG JOOFS BOE PVUFS TQSJOHT 6TFE MJNJU t$IBOHF JG JOOFS TQSJOH CFMPX NN JO t$IBOHF JG PVUFS TQSJOH JT CFMPX NN JO
$0.#645*0/ $)".#&3
$ZMJOEFS )FBE 7BMWF 7BMWF BOE 7BMWF (VJEF $IFDL JG WBMWF JT CFBU CVSOU PS CSPLFO $IFDL JG WBMWF BOE WBMWF HVJEF BSF CMPDLFE
.FBTVSF FWFSZ WBMWF TUFN T PVUFS EJBNFUFS t6TFE MJNJU $IBOHF JG CFMPX NN
3FNPWF DBSCPO EFQPTJUT GSPN WBMWF HVJEF VTJOH B SFBNFS
3PUBUF SFBNFS JO QSPQFS EJSFDUJPO BOE EP OPU TUPQ SPUBUJPO UP QVTI JO PS QVMM PVU
7"-7& 1*1& 3&".&3
.FBTVSF JOOFS EJBNFUFS PG FWFSZ WBMWF HVJEF 6TFE MJNJU */ $IBOHF JG BCPWF NN &9 $IBOHF JG BCPWF NN
7BMWF HVJEF SFQMBDFNFOU 0QFSBUF DZMJOEFS BU UIF UFNQFSBUVSF PG BCPVU „$ „$ „'
)FBU DZMJOEFS IFBE RVJDLMZ BOE FWFOMZ UP QSFWFOU XBSQJOH
1SFTT DVU PS QSZ PVU UIF WBMWF HVJEF
#F DBSFGVM UP OPU EBNBHF DZMJOEFS IFBE TVSGBDF
7"-7& (6*%& 4$3&8 %3*7&3 50 13: 065 (6*%&
$ZMJOEFS )FBE 7BMWF 1SFTT JO UIF OFX WBMWF HVJEF 4QSFBE FOHJOF PJM PO OFX P SJOH BOE CVJME VQ OFX WBMWF HVJEF QJQF .BLF TVSF DZMJOEFS IFBE JT TUJMM XBSN XIFO QSFTTJOH JO OFX HVJEFT
7"-7& (6*%& 4$3&8 %3*7&3 50 13: 065 (6*%&
4J[F WBMWF HVJEF XJUI SFBNFS BGUFS JOTUBMMJOH
6TF DVUUJOH PJM PO SFBNFS 3PUBUF SFBNFS JO QSPQFS EJSFDUJPO BOE EP OPU TUPQ SPUBUJPO UP QVODI JO PS QVMM PVU
$MFBO DZMJOEFS IFBE BOE HFU SJE PG DVU CJUT PG NFUBM BOE EVTU
4QFDJBM UPPMT t7BMWF HVJEF QJQF SFBNFS t7BMWF 4FBU $IFDLJOH BOE $PSSFDUJOH t7BMWF 4FBU $IFDLJOH 3FNPWF DBSCPO EFQPTJU GSPN DPNCVTUJPO DIBNCFS WBMWFT
7"-7& 1*1& 3&".&3
4QSFBE FNFSZ PO TFBU TVSGBDF CFUXFFO WBMWF BOE WBMWF TFBU 6TF QPMJTIJOH CBS UP XFBS JO WBMWF 5BLF PVU WBMWF BOE DIFDL WBMWF TFBU TVSGBDF $IBOHF JG WBMWF TVSGBDF JT DPVSTF PS GBDJBM QPMJTIFE
7BMWF TFBU TVSGBDF XJEUI DIFDLJOH 6TFE MJNJU BCPWF NN JO DPSSFDU
$PSSFDU WBMWF TFBU XJUI DIBNGFSFE UPPM JG TVSGBDF XJEUI JT OPU FWFO UPP XJEF PS UPP OBSSPX
NN JO NBY
7"-7& 4&"5 463'"$& 8*%5)
$ZMJOEFS )FBE 7BMWF 7BMWF 4FBU $IBNGFS $VUUJOH 5PPMT 3FGFS UP WBMWF DIBNGFSFE UPPM IBOECPPL GPS EFUBJMT 1SFTT BOE SPUBUF XJUI LH MC GPSDF UP QPMJTI BOE DVU XIFO DPSSFDUJOH
IN, EX: (30mm)
60•
IN, EX: (32mm)
32•
IN: (24.5mm)
45•
6TF DIBNGFSFE UPPM BGUFS TQSFBEJOH FOHJOF PJM PO JU
EX: (27.5mm)
7BMWF 4FBU $VUUJOH
CORSE SURFACE
%P OPU QPMJTI PS DVU FYDFTTJWFMZ $VU QSJNBSZ TVSGBDF XJUI DVUUJOH IFBE $IBNGFS JOOFS FEHF XJUI DVUUJOH IFBE $PSSFDU JOOFS TVSGBDF CZ TJYUZ EFHSFF DIBNGFSFE UPPM
VALVE SEAT SURFACE WIDTH
32•
VALVE SEAT SURFACE WIDTH
60•
$ZMJOEFS )FBE 7BMWF 5SJN WBMWF TFBU UP BTTJHOFE TFBU XJEUI BOE WBMWF TFBU XJEUI XJUI EFHSFF DIBNGFSFE DVUUJOH UPPM
NN
JO
4UBOEBSE WBMWF NN JO $IFDL DPOUBDU QMBDF PG WBMWF TFBU 1PMJTI XJUI EFHSFF DIBNGFSFE DVUUJOH UPPM JG IF DPOUBDU QMBDF JT UPP IJHI 5SJN UP BTTJHOFE XJEUI XJUI EFHSFF DIBNGFSFE DVUUJOH UPPM 1PMJTI WBMWF DPOUBDU TVSGBDF XJUI FNFSZ BOE QPMJTIJOH CBS BGUFS DPSSFDUJOH CBS
„
$0/5"$5 1-"$& 500 )*()
B
7"-7& 4&"5 463'"$& 8*%5)
8BTI BOE DMFBO DZMJOEFS BOE WBMWF BGUFS QPMJTIJOH BOE HSJOEJOH
„
3PUBUF BOE QSFTT TPGUMZ XIFO QPMJTIJOH %PO U QVU FNFSZ JOUP WBMWF BOE WBMWF $0/5"$5 1-"$& 500 -08 HVJEF QJQF XIFO QPMJTIJOH C
7"-7& 4&"5
4QSFBE SFE JOL PO EFHSFF TFBU TVSGBDF BOE DPOmSN JG UIF DFOUFS PG UIF DPOUBDU TVSGBDF PG UIF WBMWF JT FWFO BGUFS DPSSFDUJPO
463'"$& 8*%5)
#VJMEJOH 6Q PG $ZMJOEFS )FBE #VJME 6Q 4QSJOH 4FBU
„
6TF OFX PJM TFBMT XIFO SFBTTFNCMJOH
4QSFBE FOHJOF PJM PO WBMWF TUFN BOE QVU JOUP WBMWF HVJEF #VJME VQ JOOFS BOE PVUFS WBMWF TQSJOH BOE QVU JO WBMWF DPMMBS VTJOH TQSJOH DPNQSFTTPS
413*/( 7"-7& $0.13&4403
$ZMJOEFS )FBE 7BMWF 6TF WBMWF TQSJOH DPNQSFTTPS BDDFTTPSZ UP NBLF WBMWF DPOUBDU XJUI WBMWF DPMMBS 5BQ XJUI QMBTUJD NBMMFU UXP PS UISFF UJNFT TPGUMZ PO UIF FOET PG UIF WBMWF UP TFBU DPMMBST
413*/( 7"-7& $0.13&4403
8IFO VTJOH NBMMFU CF DBSFGVM UP OPU EBNBHF WBMWFT
*OTUBMMJOH $ZMJOEFS )FBE *OTUBMM MPDBUJOH QJO BOE HBTLFU *OTUBMM DBN DIBJO BEKVTUFS QMBUF 4MJEF DZMJOEFS IFBE PWFS TUVET BOE JOUP QMBDF
$:-*/%&3 )&"% ("4,&5
$:-*/%&3 )&"% -0$"5*/( 1*/ $".4)"'5 $)"*/ (6*%& #"3
$ZMJOEFS )FBE 7BMWF $BNTIBGU "TTFNCMZ "TTFNCMF SPDLFS BSN BOE SPDLFS TIBGU
B 30$,&3 "3.4
.BLF BMJHONFOU CFUXFFO TIBGU FOE BOE mYFE TDSFX CPMU IPMF PG DBNTIBGU TFBU XIFO WBMWF SPDLFS TIBGU JT BTTFNCMFE
*OTUBMM UIF DBNTIBGU JOUP UIF DZMJOEFS IFBE 4FBU UIF DBNTIBGU JOUP UIF mYFE TFBU BOE DIFDL BMJHONFOU
C 30$,&3 4)"'5
$".4)"'5
$".4)"'5 '*9&% 4&"5
*OTUBMM DBNTIBGU mYFE TFBU 3PUBUF nZXIFFM BOE BMJHO i5w NBSL PO nZXIFFM XJUI DSBOLTIBGU NBSL "MJHO UIF DBNTIBGU DIBJO HFBS SPVOE IPMF BXBZ GSPN FOHJOF *OTUBMM DBNTIBGU DIBJO PO DBNTIBGU HFBS "TTFNCMF mYFE TUVET "TTFNCMF DBNTIBGU TFBU TQBDF BOE OVU JOUP DZMJOEFS IFBE 5JHIUFO DZMJOEFS IFBE OVU BOE CPMU TFDVSFMZ
$".4)"'5 $)"*/ (&"3
5PSRVF WBMWF $BNTIBGU mYFE OVU LH N GU MCT
)0-& */ $". (&"3 "8": '30. &/(*/&
5 ."3,
$ZMJOEFS )FBE 7BMWF $BNTIBGU $IBJO 3FHVMBUPS "TTFNCMJOH 'JSTU CVJME VQ DBNTIBGU DIBJO SFHVMBUPS BOE TQBDFS 4FDPOE MPDL UXP mYFE CPMUT 5IJSE QVU TQSJOH JOUP DBNTIBGU DIBJO SFHVMBUPS -BTU BTTFNCMF UIF P SJOH BOE mYFE CPMU
1SFTT EPXO SFHVMBUPS NBTUFS KBX BOE ESJWF EPXO ESJWJOH CBS XIFO DBNTIBGU DIBJO SFHVMBUPS JT BTTFNCMFE
5PSTJPO WBMWF LH N 3FHVMBUF WBMWF HBQ
$IBOHF UIF SJOH PG IF DZMJOEFS IFBE DPWFS BOE BTTFNCMF UIF DZMJOEFS IFBE DPWFS
1VU P SJOH JOUP GVSSPX
'63308 $07&3
0 3*/(
6/%&34*%& 0' $:-*/%&3 )&"% $07&3
$ZMJOEFS )FBE 7BMWF -PDL mYFE TDSFX CPMU PG DZMJOEFS IFBE DPWFS
5PSTJPO WBMWF LH N
4QSFBE HSFBTF PO UISFBEJOH QPTJUJPO PG DBNTIBGU mYFE TFBU TDSFX CPMU -PDL UXP PS UISFF UJNFT BU EJBHPOBM PG DBNTIBGU mYFE TFBU TDSFX DBQ
$:-*/%&3 )&"% $07&3
$ZMJOEFS BOE 1JTUPO
$ZMJOEFS BOE 1JTUPO 5PQJD
1BHF
5PQJD
.BUFSJBM 5SPVCMFTIPPUJOH 3FNPWJOH UIF DZMJOEFS $IFDLJOH UIF $ZMJOEFS
3FNPWJOH UIF QJTUPO "TTFNCMJOH UIF QJTUPO "TTFNCMJOH UIF DZMJOEFS
1BHF
*NQPSUBOU 1PJOUT t5IF XPSL PO UIF DZMJOEFS BOE QJTUPO DBO CF EPOF PO UIF FOHJOF XJUIPVU DPNQMFUF EJTBTTFNCMZ t"GUFS UBLJOH UIFN BQBSU DMFBO BOE ESZ UIF DZMJOEFS BOE QJTUPO XJUI UIF DPNQSFTTFE BJS CFGPSF NFBTVSJOH BOE UFTUJOH
VOJU NN *UFN $ZMJOEFS
1JTUPO
*%
/PSNBM TJ[F
.BY 4FSWJDF "MMPXBODF
%JTUPSUJPO
$ZMJOESJDJUZ
0VU PG SPVOEOFTT
$MFBSBODF CFUXFFO UIF SJOH BOE UIF SJOH HSPPWF
$PNQSFTTFE HBQ
1JTUPO SJOH
0% PG QJTUPO
$IFDL QPJOU PG 0%
NN BXBZ GSPN TLJSU
$MFBSBODF CFUXFFO QJTUPO BOE DZMJOEFS
*% PG UIF QJTUPO QJO IPMF
0% PG UIF QJTUPO QJO
$MFBSBODF CFUXFFO UIF QJTUPO QJO BOE UIF IPMF
*% PG UIF TNBMM FOE PG UIF DPOOFDUJOH SPE
5SPVCMFTIPPUJOH t*O DBTF PG EJGmDVMUZ TUBSUJOH PS VOTUFBEZ SVOOJOH BU MPX TQFFET DIFDL JG UIFSF JT XIJUF TNPLF DPNJOH PVU PG UIF BJS IPMF QJQF PG UIF DSBOLDBTF *G UIBU JT UIF DBTF UIF QJTUPO SJOH JT XPSO CVSOU PS CSPLFO -PX $PNQSFTTJPO 1SFTTVSF t5IF QJTUPO SJOH JT XPSO CVSOU PS CSPLFO t5IF QJTUPO DZMJOEFS JT XPSO PS EBNBHFE
$PNQSFTTJPO 1SFTTVSF JT 5PP )JHI t$BSCPO EFQPTJUT PO UIF QJTUPO BOE UIF DPNCVTUJPO DIBNCFS 8IJUF 4NPLF $PNJOH 0VU PG UIF &YIBVTU 1JQF t5IF QJTUPO SJOH JT XPSO PS EBNBHFE t5IF QJTUPO DZMJOEFS JT XPSO PS EBNBHFE ,OPDLJOH /PJTF CZ UIF 1JTUPO t5IF DZMJOEFS UIF QJTUPO PS UIF QJTUPO SJOH JT XPSO t5IF QJTUPO QJO BOE JUT IPMF BSF XPSO
$ZMJOEFS BOE 1JTUPO 3FNPWJOH UIF $ZMJOEFS
%FUBDI UIF DZMJOEFS IFBE SFGFS UP 3FNPWF UIF DIBJO HVJEF PG UIF DBN DIBJO
$:-*/%&3 )&"%
3FNPWF UIF DZMJOEFS /05& $)"*/ 3&.07&% '30. *--6453"5*0/ '03 $-"3*5:
3FNPWF UIF DZMJOEFS HBTLFU BOE UIF MPDBUJOH QJO GSPN UIF UPQ PG UIF DZMJOEFS BOE UIF CBTF PG UIF DZMJOEFS ("4,&5
3FNPWJOH UIF 1JTUPO 3FNPWF UIF QJTUPO QJO TOBQ SJOH
"UUFOUJPO %PO U ESPQ UIF TOBQ SJOH JOUP UIF DSBOLDBTF
5BLF PVU UIF QJTUPO QJO BOE UIFO UIF QJTUPO -0$"5*/( 1*/
1VTI UIF QJTUPO QJO GSPN UIF TJEF PQQPTJUF UIF SFNPWFE TOBQ SJOH 6TF B TNBMM QVODI PS ESJGU QJO JG OFDFTTBSZ BOE UPQ HFOUMZ XJUI B TPGU GBDFE CVNNFS
6TF DBVUJPO UP LFFQ GSPN TDSBUDIJOH UIF QJTUPO TVSGBDFT
B
1*450/ 4/"1 3*/(
1*450/ 1*450/ 1*/
C
$ZMJOEFS BOE 1JTUPO $IFDLJOH UIF QJTUPO UIF QJTUPO QJO BOE UIF QJTUPO SJOH
"UUFOUJPO %PO U EBNBHF PS CSFBL UIF SJOH 1*450/ 1*/
3FNPWF BMM PG UIF DBSCPO EFQPTJUT GSPN UIF SJOH HSPPWF .PVOU UIF SJOH BOE NFBTVSF UIF DMFBSBODF PG UIF SJOH HSPPWF
.BYJNVN TFSWJDF BMMPXBODF 5IF UPQ SJOH 3FQMBDF XIFO JU HPFT CFZPOE NN JO
5IF TFDPOE SJOH 3FQMBDF XIFO JU HPFT CFZPOE NN JO
3FNPWF UIF QJTUPO SJOHT *OTUBMM UIF QJTUPO SJOHT JOUP UIF CPUUPN PG UIF DZMJOEFS
1*450/ 4/"1 3*/(
1*450/
"UUFOUJPO 6TF UIF QJTUPO IFBE UP QSFTT UIF SJOHT JOUP QMBDF JO UIF DZMJOEFS
.FBTVSF UIF QJTUPO SJOH HBQ JO CPSF
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
.FBTVSF UIF *% PG UIF QJTUPO QJO IPMF
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
1*450/ 3*/( ("1
$ZMJOEFS BOE 1JTUPO .FBTVSF UIF 0% PG UIF QJTUPO QJO .BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU JT CFMPX NN JO
.FBTVSF UIF 0% PG UIF QJTUPO
"UUFOUJPO .FBTVSF JU JO B QPTJUJPO XIJDI GPSNT EFHSFF XJUI UIF DFOUFS PG UIF QJTUPO QJO BOE XIJDI JT NN BXBZ GSPN UIF TLJSU
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU JT CFMPX NN JO
1*450/ 1*/
.FBTVSF UIF DMFBSBODF CFUXFFO UIF QJTUPO QJO BOE UIF QJO IPMF .BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO $IFDLJOH UIF $ZMJOEFS $IFDL XIFUIFS JU T TDSBUDIFE XPSO PS EBNBHFE JO JUT JOOFS TVSGBDF
.FBTVSF JUT *% JO UISFF QPTJUJPOT VQQFS NJEEMF BOE MPXFS XIJDI GPSN EFHSFFT Y Z EJSFDUJPO XJUI UIF QJTUPO IPMF .BYJNVN TFSWJDF BMMPXBODF 3FQBJS PS SFQMBDF XIFO JU HPFT CFZPOE NN JO 5IF EJGGFSFODF CFUXFFO 9 BOE : EJSFDUJPOT JT PVU PG SPVOEOFTT 5IF DZMJOESJDJUZ JT UIF *% EJGGFSFODF CFUXFFO 9 BOE : EJSFDUJPOT NFBTVSJOH BU UISFF QPTJUJPOT VQQFS NJEEMF BOE MPXFS 5IF MBSHFTU NFBTVSFE WBMVF XJMM CF DPOTJEFSFE UIF SFTVMU 5IJT JOEJDBUFT B UBQFS PG UIF DZMJOEFS .BYJNVN TFSWJDF BMMPXBODF 0VU PG SPVOEOFTT 3FQBJS PS SFQMBDF XIFO JU HPFT CFZPOE NN JO $ZMJOESJDJUZ 3FQBJS PS SFQMBDF XIFO JU HPFT CFZPOE NN JO
*/ 611&3 .*%%-& -08&3
:
&9 9
$ZMJOEFS BOE 1JTUPO $IFDL UIF EJTUPSUJPO PG UIF DZMJOEFS
.BYJNVN TFSWJDF BMMPXBODF 3FQBJS PS SFQMBDF XIFO JU HPFT CFZPOE NN JO
.FBTVSF UIF *% PG UIF TNBMM FOE PG UIF DPOOFDUJOH SPE
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
"UUFOUJPO %PO U TDSBUDI UIF QJTUPO PS CSFBL UIF QJTUPO SJOH
8IFO SFQMBDJOH UIF SJOH LFFQ UIF TVSGBDF XJUI UIF i5w NBSL VQ
"GUFS BTTFNCMJOH NBLF TVSF UIBU UIF SJOH DBO CF UVSOFE GSFFMZ JO UIF SJOH HSPPWF
$0//&$5*/( 30%
-JHIUMZ DPBU UIF SJOHT XJUI FOHJOF PJM CFGPSF JOTUBMMJOH UIFN PO UIF QJTUPO
„
501 3*/(
„ „
/% 3*/(
.BLF TVSF UP LFFQ SJOH FOE HBQT SPUBUFE BU „ JODSFNFOUT
4*%& 3*/( &91"/%*/( 3*/(
$PWFS QJTUPO BOE SJOHT XJUI B MJHIU DPBU PG FOHJOF PJM
4*%& 3*/( NN JO
NN JO
501 3*/( 4&$0/% 3*/( 0*- 3*/(
$ZMJOEFS BOE 1JTUPO *OTUBMM UIF DIBJO HVJEF MFWFS PG UIF DBN
"UUFOUJPO .BLF TVSF UIBU UIF MVH PG UIF HVJEF MFWFS FOUFST UIF OPUDI PG UIF DZMJOEFS
"TTFNCMJOH UIF 1JTUPO 4DSBQF BXBZ UIF HBTLFU BEIFSJOH PO UIF TVSGBDF PG UIF DSBOLDBTF
"UUFOUJPO #F TVSF OPU UP MFU BOZ NBUUFS ESPQ JOUP UIF DSBOLDBTF
"TTFNCMF UIF QJTUPO BOE UIF QJTUPO QJO
"UUFOUJPO 8IFO BTTFNCMJOH LFFQ UIF NBSL iJOw PO UIF UPQ PG UIF QJTUPO UPXBSE UIF JOMFU WBMWF
#F TVSF OPU UP MFU UIF QJTUPO QJO TOBQ SJOH GBMM JOUP UIF DSBOLDBTF 6TF B DMPUI UP LFFQ EFCSJT PVU PG UIF DSBOLDBTF
1*450/ 4/"1 3*/(
C
B
1*450/ 1*450/ 1*/
$ZMJOEFS BOE 1JTUPO "TTFNCMJOH UIF $ZMJOEFS *OTUBMM UIF MPDBUJOH QJO BOE UIF HBTLFU UP UIF DSBOLDBTF $PBU UIF JOOFS TVSGBDF PG UIF DZMJOEFS UIF QJTUPO BOE UIF QJTUPO SJOH XJUI PJM 8IFO BTTFNCMJOH UIF QJTUPO SJOHT UIFZ NVTU CF DPNQSFTTFE JOUP UIF DZMJOEFS
"UUFOUJPO %PO U EBNBHF PS CSFBL UIF QJTUPO SJOH
#F TVSF OPU UP NBLF UIF QPTJUJPO PG UIF SJOH HBQ QPJOU UP UIF JOMFU BOE PVUMFU WBMWFT BOE QBSBMMFM XJUI UIF QJTUPO SJOH
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS 5PQJD
1BHF
5PQJD
1BHF
*NQPSUBOU 1PJOUT 5SPVCMFTIPPUJOH %FUBDIJOH UIF -FGU $SBOLDBTF $PWFS 3FNPWJOH UIF 4UBSUJOH 1JWPU $IFDLJOH UIF 4UBSUJOH 1JWPU *OTUBMMJOH UIF 4UBSUJOH "TTFNCMZ "TTFNCMJOH UIF -FGU $SBOLDBTF $PWFS $IFDLJOH UIF %SJWJOH #FMU 3FQMBDJOH UIF %SJWJOH #FMU "TTFNCMJOH UIF %SJWJOH #FMU 5IF %SJWJOH 1VMMFZ %JTNPVOUJOH 5BLJOH UIF %SJWJOH 1VMMFZ "QBSU $IFDLJOH UIF %SJWJOH 1VMMFZ "TTFNCMJOH UIF %SJWJOH 1VMMFZ 5IF 0WFSSVOOJOH $MVUDI 3FNPWBM $IFDLJOH BOE "TTFNCMJOH UIF 0WFSSVOOJOH $MVUDI
5IF $MVUDI 5SBOTNJTTJPO 1VMMFZ 3FNPWJOH UIF $MVUDI 5SBOTNJTTJPO 1VMMFZ %JTBTTFNCMJOH UIF $MVUDI 5SBOTNJTTJPO 1VMMFZ $IFDLJOH UIF $MVUDI 5SBOTNJTTJPO 1VMMFZ 3FQMBDJOH UIF USBOTNJTTJPO QVMMFZ BOE UIF CFBSJOH 5IF $MVUDI 5SBOTNJTTJPO 1VMMFZ "TTFNCMZ "TTFNCMJOH UIF $MVUDI )PVTJOH
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS *NQPSUBOU 1PJOUT t5IJT DIBQUFS JT BCPVU UIF ESJWJOH VOJU UIF DMVUDI ESJWFO VOJU BOE UIF TUBSUJOH MFWFS t5IF XPSL PO UIFN DBO CF EPOF PO UIF FOHJOF XJUIPVU UIF EJTBTTFNCMZ
t5IF TVSGBDF PG UIF ESJWJOH CFMU BOE UIF ESJWF VOJUT BSF OPU BMMPXFE UP IBWF PJM BEIFSJOH UP UIFN *G UIFSF JT BOZ SFNPWF JU UP NJOJNJ[F UIF TMJQ CFUXFFO UIF CFMU BOE UIF ESJWF VOJUT
5FDI $SJUFSJPO *UFN
/PSNBM 4J[F
.BY 4FSJDF "MMPXBCMF
*% PG UIF TMFFWF PG UIF TMJEJOH ESJWJOH QMBUF
0% PG UIF IVC PG UIF TMJEJOH ESJWJOH QMBUF
8JEUI PG UIF ESJWJOH CFMU
5IJDLOFTT PG UIF DMVUDI CSBLF MJOJOH *% PG UIF DMVUDI IPVTJOH
'SFF MFOHUI PG UIF ESJWFO CFMU TQSJOH
0% PG UIF ESJWJOH QMBUF
*% PG UIF TMJEJOH ESJWJOH QMBUF
0% PG UIF SPMMFS
5PSRVF 5IF OVU PG UIF ESJWJOH QMBUF LH N GU MCT 5IF OVU PG UIF DMVUDI IPVTJOH LH N GU MCT 5IF CPMU PG UIF ESJWJOH QMBUF LH N JO MCT 5IF OVU PG UIF DMVUDI ESJWJOH QMBUF LH N JO MCT
5SPVCMFTIPPUJOH 5IF NPUPSDZDMF EPFTO U SVO BGUFS UIF FOHJOF JT TUBSUFE t5IF ESJWJOH CFMU JT XPSO t5IF ESJWJOH QMBUF JT CSPLFO t5IF CSBLF MJOJOH JT XPSO PS CSPLFO t5IF TQSJOH PG UIF ESJWFO QMBUF JT GSBDUVSFE 4VEEFO CSFBLEPXO EVSJOH SVOOJOH t5IF TQSJOH PG UIF CSBLF MJOJOH JT GSBDUVSFE
t6OJWFSTBM TUBOE
t$PNQSFTTJOH EFWJDF GPS DMVUDI TQSJOH t4PDLFU NN GPS 4PDLFU NN GPS UIF mY OVU t#FBSJOH ESJWFS
1PXFS DBO U EFWFMPQ GVMMZ t5IF ESJWJOH CFMU JT XPSO t%JTUPSUJPO PG UIF ESJWFO CFMU TQSJOH t5IF SPMMFS JT XPSO t5IF ESJWJOH QMBUF TVSGBDF JT EJSUZ
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS $-*1 0' 5)& "*3 56#&
%FUBDIJOH UIF -FGU $SBOLDBTF $PWFS
6OMPDL UIF DMJQ GPS UIF BJS UVCF GPS UIF ESJWJOH CFMU 3FNPWF FJHIU CPMUT BOE UIFO UBLF PGG UIF MFGU DSBOLDBTF DPWFS BOE UIF MPDBUJOH QJO $IFDL XIFUIFS UIF HBTLFU JT EBNBHFE PS GSBDUVSFE
3FNPWJOH UIF 4UBSUJOH 1JWPU 45"35*/( 1*705
3FNPWF UIF TUBSUJOH MFWFS GSPN UIF QJWPU 3FNPWF UIF SFUBJOFS BOE UIF XBTIFS GSPN UIF TUBSUJOH QJWPU
5VSO UIF TUBSUJOH QJWPU HFOUMZ BOE SFNPWF UIF ESJWJOH HFBS BOE 8"4)&3 UIF GSJDUJPO TQSJOH UPHFUIFS 3FNPWF UIF TUBSUJOH QJWPU BOE UIF SFUVSO TQSJOH %FUBDI UIF TUBSUJOH QJWPU TMFFWF
45"35*/( -&7&3
'3*$5*0/ 413*/(
45"35*/( 1*705 (&"3
PDF processed with CutePDF evaluation edition www.CutePDF.com
3&563/ 413*/( 45"35*/( 1*705
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS $IFDLJOH UIF 4UBSUJOH 1JWPU $IFDL JG UIF QJWPU BOE UIF HFBS BSF XPSO $IFDL JG UIFSF JT BOZ TPGUOFTT PG UIF TUBSUJOH SFUVSO TQSJOH $IFDL JG UIFSF JT BOZ FYDFTTJWF XFBS PO UIF QJWPU TMFFWF $IFDL JG UIF ESJWFO HFBS JT XPSO PS IBT GBJMFE $IFDL JG UIF GSJDUJPO TQSJOH JT XPSO PS GSBDUVSFE $IFDL JG UIFSF JT BOZ FYDFTTJWF XFBS PO UIF CFBSJOH QBSU PG UIF TUBSUJOH QJWPU BOE PG UIF TIBGU PG UIF ESJWFO HFBS 3FQMBDF BOZ QBSUT TIPXJOH FYDFTTJWF PS VOVTVBM XFBS
1*705 4-&&7&
36##&3 4-&&7& 3&563/ 413*/( 45"35*/( 1*705
'3*$5*0/ 413*/( %3*7&/ (&"3
*OTUBMMJOH UIF 4UBSUJOH "TTFNCMZ
*OTUBMM UIF TUBSUJOH QJWPU TMFFWF BOE UIF SFUVSO TQSJOH UP UIF DSBOLDBTF DPWFS
#&"3*/( 1"35 0' 5)& 4)"'5 0' 5)& %3*7&/ (&"3 #&"3*/( 1"35 0' 45"35*/( 1*705
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS "T TIPXO JO UIF QJDUVSF PO UIF SJHIU BTTFNCMF UIF ESJWFO HFBS BOE UIF GSJDUJPO TQSJOH .BJOUBJO UIF PSJFOUBUJPO BT TIPXO
*OTUBMM UIF TUBSUFS QJWPU B *OTUBMM UIF XBTIFS UIFO UIF SFUBJOFS C C
"TTFNCMJOH UIF -FGU $SBOLDBTF $PWFS
8"4)&3
'JSTU JOTUBMM UIF MPDBUJOH QJO UIFO UIF HBTLFU "TTFNCMF UIF MFGU DSBOLDBTF DPWFS BOE UIFO UJHIUFO UIF FJHIU mY CPMUT EJBHPOBMMZ *OTUBMM UIF BJS UVCF UPHFUIFS BOE UIFO JOTUBMM UIF SFUBJOFS
B 45"35*/( -&7&3
("4,&5
-&'5 $3"/, $07&3
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS $IFDLJOH UIF %SJWJOH #FMU
%FUBDI UIF MFGU DSBOLDBTF DPWFS $IFDL JG UIF ESJWJOH CFMU JT DSBDLFE GSBZFE PS JG UIFSF JT BCOPSNBM XFBS .FBTVSF UIF XJEUI PG UIF CFMU .BYJNVN TFSWJDF BMMPXBODF NN JO
'*9 /65
3FQMBDJOH UIF %SJWJOH #FMU 3FNPWF UIF FJHIU mY CPMUT UIFO SFNPWF IF DSBOLDBTF DPWFS 3FNPWF ESJWJOH QVMMFZ 6TF B SFUBJOJOH EFWJDF UP IPME UIF ESJWJOH QVMMFZ BOE TDSFX PVU PG UIF NN JO CPMU
3&5"*/*/( %&7*$& 03 41"//&3 83&/$)
$-65$) )064*/(
3FNPWF UIF ESJWJOH QVMMFZ 3FNPWF UIF ESJWJOH CFMU GSPN UIF DMVUDI ESJWJOH QVMMFZ
%3*7*/( #&-5 $-65$) %3*7&/ 16--&:
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS "TTFNCMJOH UIF %SJWJOH #FMU 5VSO UIF ESJWJOH QVMMFZ DMPDLXJTF UP LFFQ UIF OPUDIFT PG UIF CFMU JO FYQBOEFE DPOEJUJPO 5IFO JOTUBMM UIF OFX ESJWJOH CFMU
%3*7*/( #&-5
*OTUBMM UIF ESJWJOH CFMU PO UIF ESJWJOH QVMMFZ *OTUBMM UIF ESJWJOH QVMMFZ UIF TUBSUJOH SBUDIFU BOE NN JO XBTIFS 5IFO JOTUBMM BOE UJHIUFO UIF OVU 5PSRVF LH N GU MCT
"UUFOUJPO %VSJOH BTTFNCMZ CF TVSF UP BMJHO UIF TQMJOUT PG UIF ESJWJOH VOJU XJUI UIPTF PO UIF DSBOL TIBGU XJUI UIF SBUDIFU
5IF %SJWJOH 1VMMFZ %JTNPVOUJOH 6TF B SFUBJOJOH EFWJDF PS TQBOOFS XSFODI UP IPME UIF ESJWJOH QVMMFZ
%3*7*/( 16--&:
45"35*/( 1"5$)&3
4DSFX PVU UIF NN JO OVU BOE UIFO SFNPWF UIF SBUDIFU UIF NN JO OVU BOE UIF ESJWJOH QVMMFZ
5BLJOH UIF %SJWJOH 1VMMFZ "QBSU 3FNPWF UIF ESJWJOH QVMMFZ BOE UIF TMFFWF GSPN UIF DSBOLTIBGU
%3*7*/( 16--&:
%3*7*/( 16--&: 4-&&7&
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS 3FNPWF UIF SFUBJOFS 3FNPWF UIF SPMMFST
30--&3
3&5"*/&3
$IFDLJOH UIF ESJWJOH QVMMFZ
$IFDL UIF XFBS PG UIF SPMMFST .FBTVSF UIF 0% PG UIF SPMMFS
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU JT CFMPX NN JO
$IFDL UIF XFBS PG UIF ESJWJOH QVMMFZ TMFFWF .FBTVSF UIF 0% PG UIF NPWJOH TFDUJPO PG UIF TMFFWF
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU JT CFMPX NN JO
%3*7*/( 16--&: 4-&&7&
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS
F %SJWJOH 1VMMFZ
B
*OTUBMM UIF ESJWJOH QVMMFZ TMFFWF BOE UIF ESJWJOH QVMMFZ PO UIF DSBOLTIBGU B *OTUBMM UIF ESJWJOH CFMU PO UIF DSBOLTIBGU C *OTUBMM UIF ESJWJOH QVMMFZ BOE UIF XBTIFS D %3*7*/( 16--&: 4-&&7&
5JHIUFO NN JO OVU 5PSRVF LH N GU MCT
"UUFOUJPO 5IFSF NVTUO U CF BOZ HSFBTF PO UIF TVSGBDF PG UIF ESJWFO CFMU BOE UIF ESJWJOH QVMMFZ
C
5IF 0WFSSVOOJOH $MVUDI 4UBSUFS 1JOJPO
3FNPWBM
3FNPWF UIF MFGU DSBOLDBTF DPWFS 3FNPWF UIF ESJWJOH QVMMFZ 3FNPWF UIF TFBU PG UIF PWFSSVOOJOH DMVUDI 3FNPWF UIF PWFSSVOOJOH DMVUDI
%3*7*/( #&-5
$IFDLJOH BOE "TTFNCMJOH $IFDL JG UIF CFBSJOH QBSU PG UIF PWFSSVOOJOH DMVUDI TIBGU JT XPSO $IFDL JG UIF DMVUDI SVOT TNPPUIMZ $IFDL UIF XFBS PG UIF HFBS BOE UIF CFBSJOH QBSU PG UIF TIBGU $PBU UIF CFBSJOH QBSU PG UIF DMVUDI TIBGU XJUI B CJU PG HSFBTF "TTFNCMF JU JO UIF PQQPTJUF TFRVFODF PG SFNPWBM
C
%3*7*/( 16--&:
07&336//*/( $-65$)
0WFSSVOOJOH $MVUDI
#&"3*/( 4&$5*0/ 0' 4)"'5
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS #,54#( (/53).'
5IF $MVUDI 5SBOTNJTTJPO 1VMMFZ 3FNPWJOH UIF $MVUDI 5SBOTNJTTJPO 1VMMFZ 3FNPWF UIF ESJWJOH QVMMFZ 5IFO VTF B TQBOOFS XSFODI UP IPME UIF DMVUDI IPVTJOH UP TDSFX PVU UIF NN JO OVU 3FNPWF UIF DMVUDI IPVTJOH 3FNPWF UIF DMVUDI USBOTNJTTJPO QVMMFZ 3FNPWF UIF ESJWJOH CFMU GSPN UIF DMVUDI USBOTNJTTJPO QVMMFZ
30!..%2 72%.#( MM &)8 .54
$2)6).' "%,4
#,54#( (/53).'
#,54#( 42!.3-)33)/. 05,,%9
%JTBTTFNCMJOH UIF $MVUDI 5SBOTNJTTJPO 1VMMFZ 6TF B TQSJOH DPNQSFTTPS GPS UIF DMVUDI TQSJOH UP QSFTT EPXO UIF USBOTNJTTJPO QVMMFZ TQSJOH UP SFNPWF UIF TQFDJBM OVU NN JO 3FNPWF UIF DMVUDI TQSJOH 3FNPWF UIF TFBMJOH DPWFS PG UIF TIBGU DPMMBS
3%!, #/6%2).' /& 3(!&4 #/,,!2
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS 3FNPWF UIF HVJEF SPMMJOH QJO GSPN UIF USBOTNJTTJPO QVMMFZ BTTFNCMZ BOE UIFO UBLF PVU UIF P SJOH BOE UIF PJM TFBM $IFDLJOH UIF $MVUDI 5SBOTNJTTJPO 1VMMFZ $IFDL UIF XFBS PG UIF DMVUDI IPVTJOH .FBTVSF UIF *% PG UIF DMVUDI IPVTJOH
0 3*/( 53"/4.*44*0/ 16--&: (6*%*/( 1*/
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
$IFDL UIF XFBS PG UIF DMVUDI MJOJOH .FBTVSF UIF UIJDLOFTT PG UIF MJOJOH
0*- 4&"-
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU JT CFMPX NN JO
.FBTVSF UIF GSFF MFOHUI PG UIF USBOTNJTTJPO QVMMFZ TQSJOH
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU CFMPX NN
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS $IFDL UIF XFBS PG UIF USBOTNJTTJPO QVMMFZ .FBTVSF UIF 0% PG UIF QVMMFZ
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU JT CFMPX NN JO
$IFDL UIF XFBS PG UIF USBOTNJTTJPO QVMMFZ .FBTVSF UIF *% PG UIF QVMMFZ
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
$IFDL JG UIF HVJEF SPMMJOH QJO JT FYDFTTJWFMZ XPSO PS VOFWFOMZ XPSO 3FQMBDF BT OFDFTTBSZ
*//&3 #&"3*/(
3FQMBDJOH UIF USBOTNJTTJPO QVMMFZ BOE UIF CFBSJOH $IFDL UIF OFFEMF CFBSJOH GPS XFBS PS FYDFTTJWF GSFF QMBZ HSJUUZ GFFM PS OPJTF 3FQMBDF BT OFDFTTBSZ
B
3&5"*/&3 3*/(
$IFDL UIF IPVTJOH CFBSJOH GPS XFBS 3FNPWF UIF SFUBJOFS BOE UBLF PVU UIF IPVTJOH CFBSJOH %SJWF JO UIF OFX IPVTJOH CFBSJOH LFFQJOH UIF MJE TJEF VQ )064*/( #&"3*/(
"UUFOUJPO (SFBTF OFX CFBSJOHT XIFO JOTUBMMJOH (SFBTF BCMF UP SFTJTU „
C
#&"3*/( 16--&3
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS %SJWF JO UIF OFX OFFEMF CFBSJOH LFFQJOH UIF iNBSLw TJEF VQ
5IF $MVUDI 5SBOTNJTTJPO 1VMMFZ "TTFNCMZ "TTFNCMF UIF USBOTNJTTJPO QVMMFZ HVJEF QJO BOE PJM TFBM *OTUBMM UIF TFBMJOH DPWFS PG UIF DPMMBS "TTFNCMF UIF USBOTNJTTJPO QVMMFZ EJTL BOE UIF TQSJOH UP UIF DMVUDI BTTFNCMZ QSFTTJOH EPXO XJUI UIF TQSJOH DPNQSFTTPS GPS UIF DMVUDI TQSJOH *OTUBMM UIF NN mY OVU BOE UJHIUFO JU
(6*%& -&7&3 0' 5)& 16--&3
(6*%& 30--*/( 1*/ 0 3*/(
5PSRVF LH N GU MCT
4&"-*/( $07&3 0' 5)& 4)"'5 $0--"3
%SJWJOH #FMU %FWJDF 5IF 4UBSUJOH -FWFS $-65$) )064*/(
"TTFNCMJOH UIF DMVUDI USBOTNJTTJPO QVMMFZ QVU UIF ESJWJOH CFMU POUP UIF DMVUDI USBOTNJTTJPO QVMMFZ UIFO POUP UIF ESJWJOH TIBGU "TTFNCMJOH UIF $MVUDI )PVTJOH 6TF B TQBOOFS XSFODI UP IPME UIF IPVTJOH UIFO JOTUBMM UIF NN JO OVU BOE UJHIUFO JU
41"//&3 83&/$) NN '*9 /65
5PSRVF LH N GU MCT "TTFNCMF UIF MFGU DSBOLDBTF DPWFS
%3*7*/( #&-5
$-65$) )064*/(
$-65$) 53"/4.*44*0/ 16--&:
5IF 'JOBM 5SBOTNJTTJPO "TTFNCMZ
5IF 'JOBM 5SBOTNJTTJPO "TTFNCMZ 5PQJD
1BHF
5PQJD
(FOFSBM *OGPSNBUJPO %JTNBOUMJOH UIF 'JOBM 5SBOTNJTTJPO "TTFNCMZ 3FQMBDJOH #FBSJOH PO UIF TJEF PG UIF USBOTNJTTJPO HFBSCPY DPWFS
3FQMBDJOH UIF #FBSJOH PO UIF TJEF PG UIF DSBOLDBTF
"TTFNCMJOH UIF 'JOBM (FBS 4FU
(FOFSBM *OGPSNBUJPO t%FTJHOBUFE PJM 4"& (FBS 0JM t'JMMJOH - PVODFT t$IBOHJOH - PVODFT
t#FBSJOH QVMMJOH TFU NN t#FBSJOH QVMMJOH TFU NN t4MFFWF TIBGU GPS BTTFNCMJOH UIF DSBOLTIBGU t4MFFWF MFWFS GPS BTTFNCMJOH UIF DSBOLTIBGU
t#FBSJOH PVUFS SBDF ESJWFS NN t#FBSJOH PVUFS SBDF ESJWFS NN t(VJEF MFWFS GPS UIF CFBSJOH ESJWFS NN t(VJEF MFWFS GPS UIF CFBSJOH ESJWFS NN t(VJEF MFWFS GPS UIF CFBSJOH ESJWFS NN t#FBSJOH ESJWFS 5SPVCMFTIPPUJOH 5IF TDPPUFS EPFTO U SVO BGUFS UIF FOHJOF JT TUBSUFE t5IF USBOTNJTTJPO HFBS GBJMFE t5IF ESJWJOH CFMU JT XPSO PS CSPLFO t5IF DMVUDI GBJMFE %FWFMPQJOH BCOPSNBM OPJTF XIFO JU SVOT t5IF HFBS JT XPSO CVSOU PS IBT EBNBHFE UFFUI t5IF CFBSJOH JT XPSO BOE HFUUJOH MPPTF 0JM MFBLBHF t5PP NVDI PJM t5IF PJM TFBM JT CSPLFO
1BHF
5IF 'JOBM 5SBOTNJTTJPO "TTFNCMZ %JTNBOUMJOH UIF mOBM USBOTNJTTJPO BTTFNCMZ 3FNPWF UIF SFBS CSBLF DBCMF '*9 #0-5
3FNPWF UIF SFBS XIFFM SFGFS UP 3FNPWF UIF MFGU DSBOLDBTF DPWFS SFGFS UP 3FNPWF UIF ESJWFO QVMMFZ PG UIF DMVUDI SFGFS UP %SBJO UIF PJM PVU PG UIF mOBM USBOTNJTTJPO 3FNPWF UIF CPMUT PG UIF mOBM USBOTNJTTJPO HFBSCPY 3FNPWF UIF USBOTNJTTJPO HFBSCPY DPWFS 3FNPWF UIF HBTLFU BOE UIF MPDBUJOH QJO %FUBDI UIF mOBM USBOTNJTTJPO HFBSCPY DPWFS
'*/"53"/4.*44*0/ 4)"'5 46# 4)"'5 %3*7*/( 4)"'5
$IFDL UIF mOBM USBOTNJTTJPO BTTFNCMZ $IFDL JG UIF TVC TIBGU HFBS JT XPSO PS EBNBHFE
46# 4)"'5
$IFDL JG UIF mOBM USBOTNJTTJPO HFBS JT CVSOU PS EBNBHFE
'*/"53"/4.*44*0/ 4)"'5
5IF 'JOBM 5SBOTNJTTJPO "TTFNCMZ $IFDL JG UIF CFBSJOH JO UIF MFGU DSBOLDBTF BOE UIF PJM TFBM BSF XPSO PS EBNBHFE
'*/"- 53"/4.*44*0/ 4)"'5 #&"3*/( 46# 4)"'5 #&"3*/(
$IFDL JG UIF ESJWJOH TIBGU UIF NBJO DMVUDI TIBGU BOE UIF HFBS BSF XPSO PS EBNBHFE $IFDL JG UIF PJM TFBM JO UIF CFBSJOH PG UIF USBOTNJTTJPO HFBSCPY DPWFS BOE UIBU PG UIF CFBSJOH PG UIF mOBM HFBS TIBGU BSF XPSO PS IBWF GBJMFE
"UUFOUJPO %PO U EJTNBOUMF UIF mOBM USBOTNJTTJPO HFBSCPY FYDFQU UIBU TPNF QBSUT IBWF UP CF SFQMBDFE 8IJMF SFQMBDJOH UIF ESJWJOH TIBGU UIF PJM TFBM NVTU CF SFQMBDFE CZ OFX POFT
3FQMBDJOH #FBSJOH PO UIF TJEF PG UIF USBOTNJTTJPO HFBSCPY DPWFS
6TF B CFBSJOH QVMMFS UP SFNPWF UIF CFBSJOH JO UIF mOBM USBOTNJTTJPO HFBSCPY 3FNPWF UIF PJM TFBM PO UIF mOBM USBOTNJTTJPO TIBGU %SJWF JO UIF OFX CFBSJOH UP UIF mOBM USBOTNJTTJPO DPWFS
0*- 4&"%3*7*/( 4)"'5 #&"3*/(
5IF 'JOBM 5SBOTNJTTJPO "TTFNCMZ 3FQMBDJOH UIF #FBSJOH PO UIF TJEF PG UIF DSBOLDBTF
3FNPWF UIF ESJWJOH TIBGU UIF DMVUDI NBJO TIBGU 5IFO SFNPWF UIF PJM TFBM PG UIF TIBGU
B %3*7*/( 4)"'5
6TF B CFBSJOH QVMMFS UP SFNPWF UIF CFBSJOH JO UIF mOBM USBOTNJTTJPO HFBSCPY
C 0 3*/(
%SJWF UIF OFX CFBSJOH JOUP UIF mOBM USBOTNJTTJPO HFBSCPY *OTUBMM UIF OFX PJM TFBM GSP UIF ESJWF TIBGU
#&"3*/(
"TTFNCMJOH UIF 'JOBM (FBS 4FU 'JSTU JOTUBMM UIF ESJWF TIBGU JOUP UIF mOBM HFBSCPY 5IFO JOTUBMM UIF mOBM USBOTNJTTJPO HFBS TIBGU PVUQVU TIBGU UP UIF mOBM HFBSCPY
5IF 'JOBM 5SBOTNJTTJPO "TTFNCMZ "UUBDI UIF TVC TIBGU BOE UIF XBTIFS UP UIF mOBM USBOTNJTTJPO HFBSCPY *OTUBMM UIF SFTJO XBTIFS UP UIF TVC TIBGU JOTUBMM UIF MPDBUJOH QJO BOE UIF OFX HBTLFU
46# 4)"'5 3&4*/ 8"4)&3
1VU PO UIF mOBM HFBSCPY DPWFS 5JHIUFO UIF CPMUT PG UIF mOBM HFBSCPY DPWFS
("4,&5
"TTFNCMF UIF DMVUDI ESJWJOH QVMMFZ EJTL SFGFS UP "GUFS BTTFNCMJOH mMM UIF HFBS CPY XJUI X HFBS PJM SFGFS UP
-0$"5*/( 1*/
%FTJHOBUFE HFBS PJM 4"& 7PMVNF PG UIF HFBSCPY 'JMMJOH - PVODFT $IBOHJOH - PVODFT
4DSFX VQ UIF PJM TDSFX BOE UJHIUFO JU
5PSRVF LH N GU MCT
4UBSU UIF FOHJOF UP DIFDL JG UIFSF JT PJM MFBLBHF $IFDL UIF PJM MFWFM 3FQMFOJTI JU XJUI UIF EFTJHOBUFE HFBS PJM XIFO UIF PJM JT OPU TVGmDJFOU UISPVHI UIF PJM DIFDLJOH IPMF
'*9 4$3&8 (&"3 0*- */-&5 )0-& $)&$, )0-&
0*- %3"*/"(& 4$3&8
5IF $SBOLDBTF BOE UIF $SBOLTIBGU
5IF $SBOLDBTF BOE UIF $SBOLTIBGU 5PQJD
1BHF
*NQPSUBOU QPJOUT %JBHOPTJT %JTNBOUMJOH UIF DSBOLDBTF 5IF DSBOLTIBGU "TTFNCMJOH UIF DSBOLDBTF
*NQPSUBOU 1PJOUT t5IF DIBQUFS HJWFT JOTUSVDUJPOT SFMBUFE UP UIF DSBOLTIBGU BOE EJTNBOUMJOH UIF DSBOLDBTF #FGPSF TUSJLJOH JU T OFDFTTBSZ UP UBLF UIF FOHJOF BQBSU
t"$ HFOFSBUPS SFGFS UP $IBQUFS
t$PNQMFUF UIF GPMMPXJOH XPSL CFGPSF UBLJOH UIF DSBOLDBTF BQBSU 3FNPWF UIF GPMMPXJOH
t5IF SFBS XIFFM BOE UIF SFBS CVGGFS SFGFS UP $IBQUFS
t5IF DZMJOEFS IFBE SFGFS UP $IBQUFS
t5IF TUBSUJOH NPUPS SFGFS UP $IBQUFS
t5IF DZMJOEFS BOE UIF QJTUPO SFGFS UP $IBQUFS
t5IF PJM QVNQ SFGFS UP $IBQUFS
t5IF DBSCVSFUPS BOE UIF BJS mMUFS SFGFS UP $IBQUFS
t5IF ESJWJOH QMBUF BOE UIF ESJWFO QMBUF SFGFS UP $IBQUFS
5FDI $SJUFSJB
$SBOLTIBGU
*UFN
/PSNBM TJ[F
5IF DMFBSBODF PG UIF CPUI TJEFT PG UIF CJH FOE PG UIF DPOOFDUJOH SPE
5IF DMFBSBODF PG 9 : EJSFDUJPOT PG UIF KPVSOBM PG UIF CJH FOE PG UIF DPOOFDUJOH SPE
3VO PVU
5PSRVF $SBOLDBTF CPMU LH N GU MCT #PMU GPS UIF DIBJO BEKVTUJOH HVJEF MFWFS DBN LH N GU MCT 5SPVCMFTIPPUJOH "COPSNBM OPJTF GSPN UIF FOHJOF t5IF DSBOLTIBGU CFBSJOH JT HFUUJOH TMBDL t5IF DSBOLTIBGU QJO CFBSJOH JT CFDPNJOH MPPTF
.BY 4FSWJDF "MMPXBODF
5IF $SBOLDBTF BOE UIF $SBOLTIBGU %JTNBOUMJOH UIF $SBOLDBTF
%FUBDI UIF CPMU PG UIF 3&5"*/*/( 4$3&8 0' 5)& $)"*/ DIBJO BEKVTUJOH HVJEF MFWFS (6*%& -&7&3 PG UIF DBN BOE SFNPWF UIF MFWFS 3FNPWF BTTFNCMZ CPMUT PG UIF DSBOLDBTF %JTNBOUMF UIF SJHIU BOE MFGU DSBOLDBTFT
-0$"5*/( 1*/
-0$"5*/( 1*/ $3"/,4)"'5 ("4,&5
"UUFOUJPO %PO U EBNBHF UIF HBTLFU TVSGBDF
8IFO TFQBSBUJOH UIF DSBOLDBTFT EPO U VTF B TDSFXESJWFS UP QSZ UIFN BQBSU
3FNPWF UIF HBTLFU BOE UIF MPDBUJOH QJO 3FNPWF UIF DSBOLTIBGU GSPN UIF DSBOLDBTF
5IF $SBOLDBTF BOE UIF $SBOLTIBGU 4DSBQF UIF HBTLFU BXBZ GSPN UIF KPJOU TVSGBDFT
"UUFOUJPO CF TVSF OPU UP TDSBUDI UIF KPJOU TVSGBDFT
3FNPWF UIF PJM TFBM GSPN UIF MFGU DSBOLDBTF 3FNPWF UIF PJM TFBM GSPN UIF SJHIU DSBOLDBTF
0*- 4&"-
5IF $SBOLTIBGU .FBTVSF UIF MFGU BOE SJHIU DMFBSBODF CFUXFFO CPUI TJEFT PG UIF CJH FOE PG UIF DPOOFDUJOH SPE
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
$3"/,4)"'5
5IF $SBOLDBTF BOE UIF $SBOLTIBGU $IFDL UIF DMFBSBODF PG UIF KPVSOBM PG UIF CJH FOE PG UIF DPOOFDUJOH SPE JO 9 : EJSFDUJPOT
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
.FBTVSF UIF SVO PVU PG UIF DSBOLTIBGU
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
$IFDL JG UIFSF JT BOZ BCOPSNBM OPJTF BOE MPPTFOFTT XIFO UIF DSBOLTIBGU CFBSJOH SFWPMWFT 3FQMBDF UPUBMMZ JG BOZ BCOPSNBM OPJTF MPPTFOFTT JT EFUFDUFE
"TTFNCMJOH UIF $SBOLDBTF 6TF UIF GPMMPXJOH UPPMT UP JOTUBMM UIF PJM TFBM PG UIF DSBOLDBTF
t#FBSJOH PVUFS SBDF ESJWFS t#FBSJOH PVUFS SBDF Y NN JO Y JO
$3"/,4)"'5 #&"3*/(
5IF $SBOLDBTF BOE UIF $SBOLTIBGU *OTUBMM UIF DBN DIBJO JOUP UIF MFGU DSBOLDBTF "TTFNCMF UIF DSBOLTIBGU JOUP UIF MFGU DSBOLDBTF
-0$"5*/( 1*/
-0$"5*/( 1*/ $3"/,4)"'5 ("4,&5
"UUFOUJPO #F TVSF OPU UP MFU UIF DIBJO EBNBHF UIF PJM TFBM
1VU UIF OFX MPDBUJOH QJO BOE UIF HBTLFU POUP UIF MFGU DSBOLDBTF
"UUFOUJPO ,FFQ UIF MFGU DSBOLDBTF EPXOXBSE UP BTTFNCMF XJUI UIF SJHIU DSBOLDBTF
5JHIUFO UIF CPMUT PG UIF DSBOLDBTF
5PSRVF LH N GU MCT
5IF $SBOLDBTF BOE UIF $SBOLTIBGU *OTUBMM UIF DBN DIBJO BEKVTUJOH MFWFS *OTUBMM UIF P SJOH POUP UIF CPMU PG UIF DIBJO BEKVTUJOH MFWFS $PBU UIF P SJOH XJUI PJM BOE UIFO MPDL JU
5PSRVF LH N GU MCT
"UUFOUJPO #F TVSF UP QVU UIF P SJOH JOUP UIF HSPPWF
0 3*/(
3&5"*/*/( 4$3&8 0' 5)& $)"*/ (6*%& -&7&3
5IF $SBOLDBTF BOE UIF $SBOLTIBGU
4,46
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL 5PQJD
1BHF
*OTUSVDUJPOT 5SPVCMFTIPPUJOH 3FNPWJOH UIF 4UFFSJOH )BOEMFCBST "TTFNCMJOH UIF 4UFFSJOH )BOEMFCBST 'SPOU 8IFFM 3FNPWBM %JTNBOUMJOH PG 8IFFM "TTFNCMZ PG 8IFFM "TTFNCMJOH UIF GSPOU XIFFM %JTNPVOUJOH UIF 'SPOU 4IPDL
5PQJD
1BHF
%JTNBOUMJOH UIF 'SPOU 4IPDL "TTFNCMJOH 4FRVFODF 5IF 'SPOU 'PSL 3FQMBDJOH UIF #BMM $POF 3BDF 3FQMBDJOH UIF 6QQFS 3BDF "TTFNCMJOH UIF 6QQFS 3BDF $IFDLJOH UIF #SBLF -JOJOH %JTNBOUMJOH UIF 'SPOU #SBLF "TTFNCMJOH UIF 'SPOU #SBLF
/PUFT 8IFO EFUBDIJOH UIF GSPOU XIFFM VTF B KBDL BU UIF CPUUPN PG UIF GSBNF UP TVQQPSU JU .BLF TVSF UIBU UIF TDPPUFS XPO U PWFSUVSO XIFO UIF GSPOU XIFFM JT BXBZ GSPN UIF HSPVOE %VSJOH PQFSBUJPO CF TVSF OPU UP MFU PJM HFU JOUP UIF CSBLF IVC PS POUP UIF CSBLF MJOJOH
5FDI $SJUFSJPO *UFN
/PSNBM 4J[F
#FOEJOH PG UIF XIFFM BYMF
-JNJU NN
JO
3VOPVU PG UIF GSPOU XIFFM SJN
-POHJUVEJOBM )PQ
JO
5SBOTWFSTBM 8PCCMF
JO
*% PG UIF GSPOU CSBLF IVC
JO
JO
5IF UIJDLOFTT PG UIF CSBLF MJOJOH
JO
JO
5IF GSFF MFOHUI PG UIF GSPOU TIPDL TQSJOH
JO
JO
5PSRVF 5IF TUFFSJOH MFWFS 5IF OVU PG UIF TUFFSJOH MFWFS 5IF UPQ SBDF PG UIF TUFFSJOH MFWFS 5IF OVU PG UIF GSPOU CVGGFS 5IF OVU PG UIF GSPOU XIFFM BYMF 5IF CPMU PG UIF CSBLF SPDL BSN
LH N GU MCT LH N GU MCT LH N JO MCT LH N GU MCT LH N GU MCT LH N JO MCT
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL
4QBOOFS XSFODI 0VUFS SBDF QVMMFS Y NN $PNQSFTTPS GPS UIF TIPDL BCTPSCFS 8JUIESBXBM UPPM GPS UIF CBMM CPXM 1MJFST GPS UIF JOOFS SFUBJOFS SJOH
%SJWF CBS 0VUFS SBDF ESJWFS Y NN %JTNBOUMJOH MFWFS NN #FBSJOH QVMMFS #FBSJOH QVMMFS CBS NN 4QSJOH DPNQSFTTPS
%JBHOPTJT
5IF GSPOU XIFFM XPCCMFT
t5IF TUFFSJOH MFWFS JT UPP IFBWZ t5IF UPQ SBDF PG UIF MFWFS JT UPP UJHIU t5IF CBMM JT CSPLFO JO UIF TUFFSJOH NFDIBOJTN t-PX UJSF QSFTTVSF
t%FGPSNFE SJN t#FBSJOH PG UIF GSPOU XIFFM JT HFUUJOH TMBDL t%FGPSNFE XIFFM SJC t6OFWFO UJSF NPVOUJOH PS XFBS t-PPTF BYMF
5IF TUFFSJOH MFWFS JT VOFWFO
t5IF SJHIU BOE MFGU TIPDLT BSF VOFWFO t5IF GSPOU GPSL JT DSPPLFE t5IF GSPOU BYMF JT CFOU
5IF GSPOU TIPDL JT UPP XFBL
1PPS CSBLF GVODUJPO
5IF GSPOU TIPDL JT QSPEVDJOH
t*NQSPQFS CSBLF BEKVTUNFOU t8PSO CSBLF MJOJOH t%JSUZ CSBLF MJOJOH t8PSO DBNTIBGU PG UIF CSBLF MJOJOH t5IF CSBLF IVC JT XPSO t-PPTF CSBLF BDUVBUPS BSN
BCOPSNBM OPJTF
#BE CSBLF GVODUJPO EJTL CSBLF
t"JS JT FOUFSJOH UIF CSBLF TZTUFN t#SBLF nVJE JT EFUFSJPSBUFE t%JSUZ BOE GBJMFE CSBLF EJTL MJOFS BOE PS CSBLF EJTL t8PSO CSBLF QBET t5IF PJM TFBM BOE UIF QJTUPO BSF XPSO PG UIF NBJO DZMJOEFS t$MPHHFE CSBLF nVJE QBTTBHF t%FGPSNFE CSBLF EJTL t0OF TJEF PG UIF CSBLF DBMJQFS JT XPSO
t4QSJOH JT TPGU XPSO PS CSPLFO t-PX PJM MFWFM JO GPSL
t'PSL JT NJTBMJHOFE t#PMU PG UIF GSPOU GPSL JT HFUUJOH MPPTF t-PX PJM MFWFM JO GPSL
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL -&'5 )"/%-&#"3
3FNPWJOH UIF 4UFFSJOH )BOEMFCBST %FUBDI UIF GSPOU BOE SFBS DPWFST PG UIF IBOEMFCBST
#0-5
3FNPWF UIF UXP CPMUT PG UIF MFGU CSBLF MFWFS 3FNPWF UIF CPMUT PG UIF SJHIU IZESBVMJD CSBLF ESVN 5IFTF QBSUT NBZ CF POF BTTFNCMZ
3*()5 )"/%-&#"3
3FNPWF UIF UXP CPMUT PG UIF UISPUUMF DPOUSPM BOE SFNPWF UIF UISPUUMF HSJQ BOE UIF DBCMF 'JOBMMZ SFNPWF UIF UISPUUMF HSJQ GSPN UIF IBOEMF
#0-5
3FNPWF UIF IBOEMFCBS DMBNQ CPMUT
"TTFNCMJOH UIF 4UFFSJOH )BOEMFCBST "MJHO UIF MVH PG UIF IBOEMFCBS DMBNQ UP UIF HSPPWF PG UIF TUFFSJOH MFWFS UIFO JOTUBMM BOE UJHIUFO UIF CPMU
5PSRVF LH N GU MCT
B
C
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL $PBU UIF FOE PG UIF UISPUUMF HSJQ XJUI HSFBTF *OTUBMM UIF UISPUUMF HSJQ BOE UIFO UIF DBCMF
5P BTTFNCMF SFWFSTF PSEFS PG EJTBTTFNCMZ TUFQT
'SPOU 8IFFM 3FNPWBM -JGU UIF GSBNF UP NBLF TVSF UIF GSPOU XIFFM JT PGG UIF HSPVOE 4VQQPSU UIF TDPPUFS JO UIJT QPTJUJPO %FUBDI UIF TDSFX PG UIF TQFFEPNFUFS DBCMF BOE SFNPWF UIF DBCMF 3FNPWF UIF OVU PG UIF GSPOU XIFFM BYMF UBLF PVU UIF BYMF BOE UIF XIFFM
8)&&- "9-&
3FNPWF UIF ESVN EJTL BOE UIF DPMMBS $IFDLJOH
'30/5 %36. #3",& )04& 41&&%0.&5&3 $"#-&
$IFDL UIF TUSBJHIUOFTT PG UIF BYMF 5IF NFUFS JOEJDBUFT PG UIF UPUBM CFOEJOH WBMVF
.BYJNVN TFSWJDF BMMPXBODF 3FQMBDF XIFO JU HPFT CFZPOE NN JO
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL $IFDL UIF SVO PVU PG UIF XIFFM SJN
.BYJNVN TFSWJDF BMMPXBODF )PQ MPOHJUVEJOBM NN JO
8PCCMF USBOTWFSTBM NN JO
3FQMBDF XIFO JU HPFT CFZPOE UIF BCPWF WBMVF 3FQMBDF UIF CFBSJOH XIFO JU QSPEVDFT BCOPSNBM OPJTF PS HFUT MPPTF
53"/47&34"4-"$,&/&% ("1
4-"$,&/&% ("1
%JTNBOUMJOH PG 8IFFM 3FNPWF PJM TFBM
-0/(*56%*/"-
0*- 4&"-
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL %FUBDI UIF SJN CFBSJOH BOE UIF TQBDFS "TTFNCMZ PG 8IFFM 'JMM UIF CFBSJOH XJUI HSFBTF %SJWF UIF MFGU CFBSJOH mSTU *OTUBMM UIF TQBDFS UIFO ESJWF JO UIF SJHIU CFBSJOH
"UUFOUJPO ,FFQ UIF PJM EVTU TFBM TJEF PG UIF CFBSJOH PVUXBSET UIFO ESJWF JU FWFOMZ
#&"3*/(
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL $PBU UIF PJM TFBM XJUI HSFBTF BOE UIFO JOTUBMM JU
$0--"3
"UUBDI UIF DPMMBS "TTFNCMJOH UIF GSPOU XIFFM 1PJOU UIF MVH PG UIF HFBS CBOL PG UIF TQFFEPNFUFS UP UIF OPUDI PG UIF GSPOU GPSL MFH 5IFO BTTFNCMF UIF GSPOU XIFFM *OTUBMM UIF TQFFEPNFUFS BOE BEKVTU JUT SPVUJOH
0*- 4&"-
5JHIUFO "YMF /VU
5PSRVF LH N GU MCT
8)&&- "9-& '30/5 #3",& )04& 41&&%0.&5&3 $"#-&
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL %JTNPVOUJOH UIF 'SPOU 4IPDL 3FNPWF UIF GSPOU XIFFM SFGFS UP 3FNPWF UIF MPXFS GSPOU DPWFS SFGFS UP 3FNPWF UIF VQQFS DMBNQ CPMU -PPTFO UIF MPXFS DMBNQ CPMU UP UBLF PVU UIF GSPOU TIPDL
611&3 $-".1 #0-5
-08&3 $-".1 #0-5
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL %JTNBOUMJOH UIF 'SPOU 4IPDL 501 /65
3FNPWF UIF PJM EVTU TFBM 3FNPWF UIF PVUFS SFUBJOFS 6TF B CFODI WJTF UP IPME UIF GSPOU GPSL CPUUPN UVCF UP SFNPWF UIF HVJEF MFWFS PG UIF EBNQFS UIF TPDLFU IFY IFBE CPMU BOE UIF DPQQFS XBTIFS 6TF B CFODI WJTF UP IPME UIF GSPOU GPSL UVCF 3FNPWF UIF UPQ OVU UIF TQSJOH UIF EBNQFS BOE UIF CVGGFS TQSJOH
"UUFOUJPO 8IFO mYJOH UIF GSPOU GPSL UVCF VTF B DMPUI UP XSBQ JU BOE EPO U FYFSU UPP NVDI GPSDF
.FBTVSF UIF GSFF MFOHUI PG UIF TQSJOH
.BY TFSWJDF BMMPXBODF NN JO
%645 4&"-
%".1&3
3&5"*/&3 0*- 4&"-
'30/5 #6''&3 #0550. 56#&
#0550. #6''&3 413*/(
#0550. #6''&3 56#&
501 #6''&3 413*/(
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL *OTUBMM UIF CVGGFS TQSJOH PO UIF HVJEF MFWFS PG UIF EBNQFS UIFO JOUP UIF GSPOU GPSL UVCF 5IFO JOTUBMM UIF CVGGFS TQSJOH BOE MPDL UIF OVUT
"UUFOUJPO 8IFO MBZJOH EPXO UIF TQSJOH LFFQ UIF DPJM UJHIU PG JU EPXO
6TF B CFODI WJTF UP TFDVSF UIF TIPDL CPUUPN UVCF BOE UIFO UJHIUFO UIF TPDLFU CPMU 4QSFBE UIF UISFBE MPDLJOH DPNQPVOE UP UIF XBTIFS BOE UIF CPMU BOE UIFO UJHIUFO UIFN VQ UPHFUIFS
5PSRVF LH N GU MCT %FTJHOBUFE 4QFDJBM EBNQFS PJM 7PMVNF NM PVODFT
"UUBDI UIF PVUFS SFUBJOFS BOE UIFO UIF EVTU QSPPG DPWFS "TTFNCMJOH 4FRVFODF "UUBDI UIF GSPOU TIPDL *OTUBMM EPXO UIF VQQFS DMBNQ CPMU 5JHIUFO UIF MPXFS BOE VQQFS DMBNQ CPMUT "UUFOUJPO .BLF TVSF UIBU UIF KPJOU PG UIF VQQFS CPMU IPMF BOE UIF HSPPWF PG UIF GSPOU GPSL UVCF GSPOU EBNQFS BSF QSPQFSMZ BMJHOFE "UUBDI UIF GSPOU XIFFM SFGFS UP
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL 5IF 'SPOU 'PSL 'SPOU GPSL SFNPWBM %FUBDI UIF IBOEMFCBS SFGFS UP 3FNPWF UIF GSPOU XIFFM SFGFS UP
3FNPWF UIF DBCMF PG UIF TQFFEPNFUFS UIF SFBS CSBLF DBCMF UIF GSPOU CSBLF IPTF BOE UIF GSPOU CSBLF DBMJQFS 3FNPWF UIF UPQ SBDF PG UIF TUFFSJOH MFWFS BOE TMJEF UIFN PVU PG UIF TUFFSJOH UVCF $IFDL JG UIF CBMM SBDF BOE UIF CBMMT PO UIF DPOF SBDF BSF XPSO PS GBJMFE 3FQMBDF BT OFDFTTBSZ
'30/5 %*4$ #3",& )04& 41&&%0.&5&3 $"#-&
501 #"-- 3"$&
3FQMBDJOH UIF #BMM $POF 3BDF 3FNPWF UIF SBDF XJUI B DIJTFM BOE IBNNFS
"UUFOUJPO %PO U EBNBHF UIF TUFFSJOH MFWFS BOE UIF GSPOU GPSL
6TF B TVJUBCMF ESJWFS UP ESJWF JO UIF OFX DPOF SBDF JOUP QMBDF 3FQMBDJOH UIF 6QQFS 3BDF 3FNPWF UIF VQQFS SBDF VTJOH B QVMMFS PS QSZJOH UPPM
#"-- $0/& 3"$&
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL 1SFTT JO UIF OFX SBDF
"UUFOUJPO #F TVSF UP QSFTT UIF SBDF BMM UIF XBZ JOUP QMBDF
3"$&
"TTFNCMJOH UIF 6QQFS 3BDF $PBU UIF SBDF XJUI HSFBTF BOE TFU UIF SBDF JOUP UIF TMFVUI 5IFO DPBU UIF SBDF XJUI HSFBTF *OTUBMM UIF GSPOU GPSL
3"$&
$PBU UIF UPQ SBDF XJUI HSFBTF BOE TFU JU JO QMBDF "GUFS UJHIUFOJOH UIF UPQ SBDF UVSO JU CBDL BOE GPSUI TFWFSBM UJNFT UP NBLF UIF CFBSJOH TFU JOUP QMBDF
3"$&
*OTUBMM UIF UPQ SBDF BOE UIFO UJHIUFO UIF VQQFS OVU
5PSRVF LH N GU MCT
"UUBDI UIF GSPOU XIFFM SFGFS UP "UUBDI UIF IBOEMF SFGFS UP "UUBDI UIF DBCMFT SFGFS UP
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL $IFDLJOH UIF #SBLF -JOJOH .FBTVSF UIF UIJDLOFTT PG UIF CSBLF MJOJOH 3FQMBDF XIFO JU JT CFMPX NN JO
"UUFOUJPO %PO U BMMPX UIF PJM BEIFSF UP UIF MJOJOH TVSGBDF #3",& %36.
%JTNBOUMJOH UIF 'SPOU #SBLF 3FNPWF UIF BEKVTUJOH OVU PG UIF GSPOU CSBLF 3FNPWF UIF CSBLF MJOJOH 3FNPWF UIF mY CPMU PG UIF CSBLF BSN
3FNPWF UIF CSBLF BSN
"TTFNCMJOH UIF 'SPOU #SBLF 4QSFBE HSFBTF PO UIF NPWJOH QBSUT PG UIF MJOJOH BOE PG UIF mY QJO MPDBUJOH QJO 4QSFBE HSFBTF PO UIF NPWJOH QBSU PG UIF CSBLF DBN TIBGU BOE UIFO BTTFNCMF JU *OTUBMM UIF CSBLF MJOJOH
.*$30.&5&3 #3",& %36. -*/*/(
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL
#3",&
5IF 'SPOU 8IFFM 'SPOU #SBLF 'SPOU #VGGFS BOE UIF 'SPOU 'PSL 4,46
5IF 3FBS 8IFFM UIF 3FBS #SBLF 3FBS 4IPDL
5IF 3FBS 8IFFM UIF 3FBS #SBLF 3FBS 4IPDL 5PQJD
1BHF
5PQJD
1BHF
*NQPSUBOU QPJOUT 5SPVCMFTIPPUJOH %FUBDIJOH UIF 3FBS 8IFFM $IFDLJOH UIF 3FBS 8IFFM "TTFNCMJOH 5IF 3FBS 8IFFM
$IFDLJOH UIF 3FBS #SBLF %JTNBOUMJOH UIF 3FBS #SBLF "TTFNCMJOH UIF 3FBS #SBLF %JTNPVOUJOH UIF 3FBS 4IPDL "TTFNCMJOH UIF 3FBS 4IPDL
*NQPSUBOU 1PJOUT %VSJOH PQFSBUJPO JU T OPU BMMPXBCMF UP IBWF PJM BEIFSF UP UIF JOOFS TVSGBDF PG UIF CSBLF IVC BOE UIF TVSGBDF PG UIF MJOJOH 6TF CSBLF TPMWFOU UP SFNPWF PJM
5FDI $SJUFSJPO $IFDL 1PTJUJPO
*UFN
3FBS 8IFFM
3VOPVU
/PSNBM 4J[F
-JNJU NN
-POHJUVEJOBM )PQ
JO
5SBOTWFSTBM 8PCCMF
JO
*% PG UIF SFBS CSBLF IVC
JO
JO
5IJDLOFTT PG UIF SFBS CSBLF MJOJOH
JO
JO
JO
JO
'SFF MFOHUI PG UIF SFBS TIPDL TQSJOH
5PSRVF 5IF OVU PG UIF SFBS XIFFM BYMF 5IF UPQ PG UIF SFBS CVGGFS 5IF CPUUPN CPMU PG UIF SFBS CVGGFS 5IF DPOOFDUJPO OVU PG UIF TJMFODFS 5IF mY CPMU PG UIF TJMFODFS %JBHOPTJT 5IF SFBS XIFFM XPCCMFT t%FGPSNBUJPO PG UIF SFBS SJN t#BE UJSF NPVOUJOH PS CFOU 5IF SFBS TIPDL JT UPP XFBL t4QSJOH CFOU PS CSPLFO .JTBEKVTUFE CSBLF t8FBS PG UIF CSBLF MJOJOH t8FBS PG UIF CSBLF MJOJOH DBN t#SBLF DBN XPSO t#SBLF IVC XPSO
LHtN LHtN LHtN LHtN LHtN
GU MCT GU MCT GU MCT GU MCT GU MCT
5IF 3FBS 8IFFM UIF 3FBS #SBLF 3FBS 4IPDL %FUBDIJOH UIF 3FBS 8IFFM %FUBDI UIF FYIBVTU QJQF SFGFS UP
3FNPWF UIF OVU PG UIF SFBS XIFFM BYMF 3FNPWF UIF SFBS XIFFM $IFDLJOH UIF 3FBS 8IFFM $IFDL UIF SVO PVU PG UIF SFBS XIFFM
.BYJNVN TFSWJDF BMMPXBODF -POHJUVEJOBM NN JO )PQ 5SBOTWFSTBM NN JO 8PCCMF
3FQMBDF XIFO JU HPFT CFZPOE UIF BCPWF WBMVF
$IFDL UIF SFBS CSBLF IVC .FBTVSF UIF *% PG UIF SFBS CSBLF IVC
.BYJNVN TFSWJDF BMMPXBODF NN JO
3FQMBDF XIFO JU HPFT CFZPOE UIF BCPWF WBMVF
"TTFNCMJOH UIF 3FBS 8IFFM "TTFNCMF JO UIF PQQPTJUF TFRVFODF PG UIF EJTNBOUMJOH
5IF SFBS XIFFM BYMF 5PSRVF LHtN GU MCT 5PSRVF PG UIF FYIBVTU QJQF $POOFDUJPO OVU LHtN GU MCT 'JY CPMU LHtN GU MCT
"UUFOUJPO 8IFO BTTFNCMJOH UIF FYIBVTU QJQF mSTU GBTUFO UIF DPOOFDUJPO BU UIF CFOE BOE UIFO JOTUBMM UIF TVQQPSU CPMU
5IF 3FBS 8IFFM UIF 3FBS #SBLF 3FBS 4IPDL $IFDLJOH UIF #SBLF -JOJOH .FBTVSF UIF UIJDLOFTT PG UIF CSBLF MJOJOH 3FQMBDF XIFO JU JT CFMPX NN JO
"UUFOUJPO %PO U BMMPX PJM BEIFSF UP UIF MJOJOH TVSGBDF
#3",& $". -*/*/(
%JTNBOUMJOH UIF 3FBS #SBLF 3FNPWF UIF BEKVTUJOH OVU PG UIF SFBS CSBLF '*9 #0-5
3FNPWF UIF CSBLF MJOJOH
3FNPWF UIF mY CPMU PG UIF CSBLF BSN 3FNPWF UIF CSBLF BSN #3",& "3. #3",& $". -*/*/(
3FNPWF UIF CSBLF DBN "TTFNCMJOH UIF 3FBS #SBLF 4QSFBE HSFBTF PO UIF NPWJOH QBSUT PG UIF MJOJOH BOE PG UIF mY QJO MPDBUJOH QJO 4QSFBE HSFBTF PO UIF NPWJOH QBSU PG UIF CSBLF DBN TIBGU BOE UIFO BTTFNCMF JU *OTUBMM UIF CSBLF MJOJOH
"%+645*/( /65
5IF 3FBS 8IFFM UIF 3FBS #SBLF 3FBS 4IPDL "TTFNCMF UIF XFBS JOEJDBUJPO CPBSE BOE UIF CSBLF BSN "TTFNCMF UIF CSBLF BSN BOE UIF CSBLF DBN
"UUFOUJPO 1PJOU UIF iHVMMFUw NBSL PG UIF CSBLF BSN UP UIF iEPUw NBSL PG UIF CSBLF DBN BOE UIFO BTTFNCMF UIFN
*OTUBMM BOE UJHIUFO UIF CPMU PG UIF CSBLF BSN *OTUBMM BOE UJHIUFO UIF mY CPMU PG UIF TFU BSN *OTUBMM UIF SFUVSO TQSJOH PG UIF CSBLF BSN *OTUBMM UIF QJO PG UIF CSBLF BSN *OTUBMM UIF BEKVTUJOH OVU PG UIF CSBLF DBCMF
$)"44*4
"TTFNCMF UIF SFBS XIFFM SFGFS UP
"EKVTU UIF DMFBSBODF PG UIF CSBLF MFWFS SFGFS UP
501 #0-5
%JTNPVOUJOH UIF 3FBS 4IPDL 3FNPWF UIF MJE PG UIF CPEZ SFGFS UP 3FNPWF UIF DBTF PG UIF BJS mMUFS SFGFS UP
3FNPWF UIF UPQ CPMU PG UIF SFBS TIPDL 3FNPWF UIF CPUUPN CPMU PG UIF SFBS TIPDL 3FNPWF UIF SFBS TIPDL
#0550. #0-5
5IF 3FBS 8IFFM UIF 3FBS #SBLF 3FBS 4IPDL "TTFNCMJOH UIF 3FBS 4IPDL "UUBDI UIF SFBS TIPDL $)"44*4
*OTUBMM UIF UPQ CPMU PG UIF TIPDL *OTUBMM UIF CPUUPN CPMU PG UIF TIPDL
5JHIUFO UIF OVUT BOE UIF CPMUT
501 #0-5
5PSRVF 5PQ CPMU LHtN GU MCT #PUUPN CPMU LHtN GU MCT "TTFNCMF UIF MJE PG UIF CPEZ
#0550. #0-5
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN
4,46
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN
3&$5*':*/( 70-5"(& 45"#*-*;&3 #"55&3:
3&4*4503
'64&
" $ ."(/&50
(
( :
3&4*4503
"650 &/3*$)&3
" $ ."(/&50
( :
(3&&/ :&--08
(
(3&&/
:
:&--08
8
8
3
3
(
3&$5*':*/( 70-5"(&
0). 8
)&"% -".1 48*5$)
:
8)*5&
45"#*-*;&3
( :
3&%
#"55&3: 7 ")
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN 5PQJD
1BHF
5PQJD
1BHF
*OTUSVDUJPOT %JBHOPTJT 5IF CBUUFSZ 5IF DIBSHJOH TZTUFN 5IF SFDUJGZJOH WPMUBHF TUBCJMJ[FS 5IF NBHOFUP DIBSHJOH DPJM $IFDLJOH UIF SFTJTUPS %JTNBOUMJOH UIF NBHOFUP
5IF $IBSHJOH 4ZTUFN 5FTUJOH TIPSU DJSDVJU "TTFNCMJOH UIF NBHOFUPS 5IF .BHOFUP $IBSHJOH $PJM $IFDLJOH 5IF NBHOFUP MJHIUJOH DPJM $IFDLJOH UIF 3FTJTUPS %JTNPVOUJOH UIF .BHOFUP "TTFNCMJOH UIF .BHOFUP
*NQPSUBOU 1PJOUT 5IF FMFDUSPMZUF EJMVUFE TVMGVSJD BDJE JT WFSZ UPYJD %0 /05 BMMPX BDJE UP TQMBTI POUP DMPUIFT UIF TLJO PS FZFT UP QSPUFDU UIFN GSPN CVSOJOH &ZF DPOUBDU XJUI BDJE NBZ DBVTF CMJOEOFTT *O DBTF PG DPOUBDU XJUI UIF BDJE VTF B MBSHF BNPVOU PG DMFBO XBUFS UP nVTI BOE SJOTF UIF BSFBT JO XIJDI UIF BDJE DBNF JOUP DPOUBDU 4FF B 1IZTJDJBO JNNFEJBUFMZ *G UIF FMFDUSPMZUF BDJE HFUT JOUP DMPUIFT JU XJMM QFSNFBUF UP UIF TLJO 3FNPWF UBJOUFE DMPUIFT JNNFEJBUFMZ BOE UIFO QVU UIFN JO XBUFS UP SJOTF t5IF CBUUFSZ DBO XJUITUBOE OVNFSPVT DZDMFT PG DIBSHJOH BOE EJTDIBSHJOH BT MPOH BT JU JT OPU MFGU JO B EJTDIBSHFE DPOEJUJPO GPS B MPOH QFSJPE PG UJNF t*G UIF CBUUFSZ JT PWFSDIBSHFE JU DBO CF EFUFDUFE CZ DMPTF JOTQFDUJPO PG UIF CBUUFSZ JUTFMG *G UIF CBUUFSZ JT FYQPTFE UP BO FYUSFNF PWFSDIBSHFE DPOEJUJPO JU DBO CSFBL EPXO BOE TIPSU DJSDVJU JOUFSOBMMZ *O UIJT DPOEJUJPO UIF CBUUFSZ XJMM QSPEVDF [FSP WPMUBHF VOEFS BMM MPBE BOE DIBSHF DPOEJUJPOT "O PWFSDIBSHFE CBUUFSZ DBO iCPJM PGGw UIF FMFDUSPMZUF TPMVUJPO 5IJT QSPCMFN DBO CF EVF UP FYDFTTJWF UJNF PO B CBUUFSZ DIBSHFS PS B GBJMFE WPMUBHF SFHVMBUPS t*G UIF TDPPUFS JT MFGU UP TJU GPS B MPOH UJNF PS JT TUPSFE UIF CBUUFSZ XJMM TMPXMZ EJTDIBSHF *U JT BEWJTBCMF UP SFDIBSHF UIF CBUUFSZ CFGPSF BUUFNQUJOH UP TUBSU UIF TDPPUFS BGUFS B QFSJPE PG TUPSBHF t8IFO mMMJOH B OFX CBUUFSZ XJUI BDJE BMMPX JU UP TJU BOE iCSFBUIw GPS mGUFFO NJOVUFT CFGPSF JOTUBMMJOH JU JOUP UIF TDPPUFS PS DIBSHJOH JU *U JT BEWJTBCMF UP DIBSHF B OFX CBUUFSZ BGUFS mMMJOH XJUI BDJE FWFO UIPVHI JU NBZ BQQFBS UP IBWF TVGmDJFOU DIBSHF t8IFO XPSLJOH PO UIF TDPPUFS T FMFDUSJDBM TZTUFN NBLF TVSF UIBU UIF NBJO TXJUDI JT UVSOFE PGG BOE PS UIF CBUUFSZ JT EJTDPOOFDUFE %JTDPOOFDUJOH BOE SFDPOOFDUJOH PG MJWF DJSDVJUT DBO DBVTF IJHI JOTUBOUBOFPVT DVSSFOUT UIBU DBO EBNBHF UIF CBUUFSZ BOE DBVTF JOKVSZ t"OZ TIPSU DJSDVJUJOH PG UIF XJSJOH DBO DBVTF EBNBHF UP UIF CBUUFSZ
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN 5FDI $SJUFSJB *UFN
%BUB $BQBDJUZ 5ZQF 70-5 „$
#BUUFSZ
.BHOFUP
3FDUJmOH 7PMU 4UBCJMJ[FS
7 ") PS 7 ") 'VMMZ DIBSHJOH
7
-PX MJNJU
7
$IBSHJOH $63
4UBOEBSE " 'BTU "
$IBSHJOH IPVST
4UBOEBSE IST 'BTU IS
$BQBDJUZ
,8 SQN
3FTJTUBODF PG MJHIUJOH DPJM „$
#FUXFFO ZFMMPX DMFBO 0).
3FTJTUBODF PG DIBSHJOH DPJM „$
#FUXFFO XIJUF DMFBO
5ZQF
4JOHMF QIBTF IBMG XBWF 4$3 DIBSHJOH 4$3 IBMG XBWF TIPSU DJSDVJU NPEF
-JNJUFE WPMU
-JHIUJOH
SQN NVMUJNFUFS 31. NFUFS
7
$IBSHJOH
3FTJTUPS
7 SQN
3FTJTUBODF „$
8 0).
3FTJTUBODF „$
8 0).
5PSRVF 5IF CPMU PG UIF USJHHFSJOH DPJM 5IF mY CPMU PG UIF DPJM 5IF mY CPMU PG UIF nZXIFFM 5IF CPMU PG UIF DPPMJOH GBO
0).
LHrN JO MCT LHrN GU MCT LHrN GU MCT LHrN GU MCT
5PPM 6OJWFSTBM mYJOH XSFODI 'MZ XIFFM QVMMFS .VMUJ NFUFS
%JBHOPTJT /P QPXFS TVQQMZ t#BUUFSZ PWFS EJTDIBSHJOH t#BUUFSZ XJSJOH JNQSPQFS t#VSOU GVTF t#SPLFO FMFDUSP TXJUDI MPDL 6OTUBCMF DVSSFOU t#BE CBUUFSZ XJSJOH DPOUBDU t#BE DPOUBDU PG EJTDIBSHJOH TZTUFN t1PPS DPOUBDU TIPSU DJSDVJU PG UIF MJHIUJOH TZTUFN
-PX WPMUBHF t*NQSPQFS CBUUFSZ DIBSHJOH t#BE DPOUBDU t1PPS DIBSHJOH TZTUFN t%BNBHFE SFDUJGZJOH WPMU TUBCJMJ[FS 1PPS DIBSHJOH TZTUFN t#BE DPOUBDU CSFBLJOH PS TIPSU DJSDVJU PG UIF XJSJOH DPOOFDUPS t1PPS SFDUJGZJOH TUBCJMJ[FS t%BNBHFE NBHOFUP
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN %FUBDIJOH UIF #BUUFSZ
3FNPWF UIF TDSFXT PG UIF CBUUFSZ DPWFS VOEFS UIF nPPS NBU 0QFO UIF DPWFS BOE SFNPWF UIF CBUUFSZ DBCMF BUUBDINFOU TDSFXT
"UUFOUJPO 'JSTU EFUBDI UIF OFHBUJWF UFSNJOBM XJSF UIFO UIF
UFSNJOBM XJSF 8IFO EFUBDIJOH UIF QPTJUJWF
UFSNJOBM XJSF NBLF TVSF UIBU UIF UPPM EPFT OPU DPOUBDU UIF GSBNF
8IFO BTTFNCMJOH PQFSBUF JO UIF PQQPTJUF TFRVFODF PG EJTNPVOUJOH
"UUFOUJPO *O PSEFS UP QSFWFOU TIPSU DJSDVJUJOH mSTU DPOOFDU UIF
UFSNJOBM XJSF UIFO UIF OFHBUJWF UFSNJOBM XJSF
$IFDLJOH UIF DIBSHJOH DPOEJUJPO PQFO DJSDVJU WPMU
0QFO UIF CBUUFSZ DPWFS BOE EJTDPOOFDU UIF CBUUFSZ .FBTVSF UIF WPMUBHF BDSPTT UIF UFSNJOBMT PG UIF CBUUFSZ
'VMMZ DIBSHFE 7 *OBEFRVBUFMZ DIBSHFE 7
"UUFOUJPO 6TF B WPMU NFUFS UP DIFDL UIF DIBSHJOH DPOEJUJPO
$IBSHJOH $POOFDU UIF
UFSNJOBM QPMF PG UIF DIBSHFS UP UIF
UFSNJOBM QPMF PG UIF CBUUFSZ BOE UIF OFHBUJWF UFSNJOBM QPMF PG UIF DIBSHFS UP UIF OFHBUJWF UFSNJOBM QPMF PG UIF CBUUFSZ
C B
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN
"UUFOUJPO t/P TQBSLT TIPVME CF BMMPXFE BSPVOE UIF CBUUFSZ
t5VSO PGG UIF DIBSHFS mSTU FJUIFS BU UIF CFHJOOJOH PS UIF FOE PG UIF DIBSHJOH UP QSFWFOU TQBSLT XIJDI DBO DBVTF BO FYQMPTJPO
t8IFO DIBSHJOH PQFSBUF BU UIF DVSSFOU BOE UJNF NBSLFE PO UIF CBUUFSZ
t6OMFTT JO BO FNFSHFODZ TJUVBUJPO EP OPU VTF GBTU DIBSHJOH
t.FBTVSF UIF WPMUBHF POMZ NJOVUFT BGUFS DIBSHJOH
$IBSHJOH DVSSFOU 4UBOEBSE " 'BTU " $IBSHJOH )PVST 4UBOEBSE IST 'BTU IST 8IFO DIBSHJOH FOET 0QFO DJSDVJU WPMUBHF BCPWF 7 /PUF %VSJOH DIBSHJOH UIF UFNQFSBUVSF PG UIF CBUUFSZ JT OPU BMMPXFE UP HP CFZPOE „$ „'
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN 5IF $IBSHJOH 4ZTUFN 5FTUJOH TIPSU DJSDVJU %FUBDI UIF FBSUI XJSF GSPN UIF CBUUFSZ $POOFDU UIF BNNFUFS CFUXFFO UIF UFSNJOBM PG UIF CBUUFSZ BOE UIF FBSUI XJSF UIF NBJO TXJUDI CFJOH JO UIF iPGGw QPTJUJPO UP DIFDL XIFUIFS JU T TIPSU DJSDVJUFE
"UUFOUJPO 5IF
UFSNJOBM UFSNJOBM PG UIF NVMUJ NFUFS JT DPOOFDUFE UP UIF QPMF PG UIF CBUUFSZ XIJMF OFHBUJWF UFSNJOBM XJSF PG UIF NVMUJ NFUFS JT DPOOFDUFE UP UIF FBSUI XJSF
8IFO BO BCOPSNBM TJHO BQQFBST DIFDL JG UIFSF JT B TIPSU DJSDVJU JO UIF NBJO TXJUDI BOE UIF NBJO DBCMF $IFDLJOH UIF $IBSHJOH $POEJUJPO 8IFO UIF CBUUFSZ JT JO GVMM DIBSHJOH DPOEJUJPO VTF B NVMUJ NFUFS UP UFTU "GUFS UIF FOHJOF JT XBSNFE VQ JOTUBMM UIF GVMMZ DIBSHFE CBUUFSZ $POOFDU UIF WPMUNFUFS BDSPTT UIF UFSNJOBMT PG UIF CBUUFSZ 3FNPWF UIF NBJO GVTF BOE DPOOFDU UIF BNNFUFS CFUXFFO UIF UFSNJOBMT $POOFDU UIF 31. NFUFS UP UIF FOHJOF 4UBSU UIF FOHJOF XIFO UIF TQFFE PG UIF FOHJOF TMPXMZ SJTFT NFBTVSF UIF DIBSHJOH WPMUBHF BOE DVSSFOU -JNJUJOH 7PMUBHF $VSSFOU #FMPX 7 " #FMPX SQN
8IFO UIF MJNJUJOH WPMUBHF HPFT CFZPOE UIF BCPWF TDPQF DIFDL UIF SFDUJGZJOH WPMUBHF TUBCJMJ[FS SFGFS UP
4XJUDI 1PTJUJPO
31.
0''
1
)
"
"
"
"
"
"
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN 5IF SFDUJGZJOH WPMUBHF TUBCJMJ[FS $IFDLJOH UIF NBJO DBCMF DJSDVJU %FUBDI UIF 1 QMVH GSPN UIF SFDUJGZJOH WPMUBHF TUBCJMJ[FS $IFDL UIF DPOEVDUJWJUZ CFUXFFO UFSNJOBMT PG UIF NBJO DBCMF JO UIF GPMMPXJOH XBZ
*UFN NBUDIJOH DPMPS XJSF
3&$5*':*/( 70-5"(& 45"#*-*;&3
$IFDLJOH UIF 3FDUJGZJOH 7PMUBHF 3FHVMBUPS "GUFS UIF NBJO DBCMF IBT CFFO UFTUFE BOE GPVOE OPSNBM DIFDL UIF QMVH PG UIF SFDUJGZJOH WPMUBHF TUBCJMJ[FS DPOUBDU XFMM BOE NFBTVSF UIF SFTJTUBODF BNPOH UIF UFSNJOBMT PG UIF SFHVMBUPS
"UUFOUJPO .BLF TVSF UIBU ZPVS mOHFS EPFTO U UPVDI UIF NFUBM QBSU PG UIF UFTU CBS PG UIF NVMUJ NFUFS CFDBVTF UIF IVNBO CPEZ IBT SFTJTUBODF
3&% :&--08
6TF B NVMUJ NFUFS UP UFTU
5FTU QPTJUJPOT QFS DIBSU
8IFO UIF SFTJTUBODF BNPOH UIF UFSNJOBMT JT BCOPSNBM SFQMBDF UIF SFDUJGZJOH WPMUBHF TUBCJMJ[FS
(3&&/ 8)*5&
.VMUJNFUFS .VMUJ NFUFS
8IJUF
:FMMPX
8IJUF
(SFFO
, ,
:FMMPX
, ,
3FE (SFFO
3FE
, ,
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN 5IF .BHOFUP $IBSHJOH $PJM
"UUFOUJPO 5IJT PQFSBUJPO PG UIF NBHOFUP DIBSHJOH DPJM DBO CF BDDFTTFE XJUIJO UIF FOHJOF
$IFDLJOH %FUBDI UIF DPOOFDUJOH QMVH PG UIF NBHOFUP 6TF B NVMUJ NFUFS UP NFBTVSF UIF SFTJTUBODF CFUXFFO UIF XIJUF XJSF PG UIF NBHOFUP BOE UIF HSPVOE
$0//&$5*/( 1-6( 0' ."(/&50
$SJUFSJPO 0). $
8IFO UIF WBMVF HPFT CFZPOE UIF DSJUFSJPO SFQMBDF UIF NBHOFUP DPJM ."(/&50
$IFDLJOH 5IF NBHOFUP MJHIUJOH DPJM
"UUFOUJPO 5IJT PQFSBUJPO PG UIF MJHIUJOH DPJM DBO CF BDDFTTFE XJUIJO UIF FOHJOF
B
%FUBDI UIF DPOOFDUJOH QMVH PG UIF NBHOFUP 6TF B NVMUJ NFUFS UP NFBTVSF UIF SFTJTUBODF CFUXFFO UIF ZFMMPX XJSF BOE UIF HSPVOE
$SJUFSJPO 0). $
8IFO UIF WBMVF HPFT CFZPOE UIF DSJUFSJPO SFQMBDF UIF NBHOFUP DPJM
$IFDLJOH UIF 3FTJTUPS .FBTVSF UIF SFTJTUBODF CFUXFFO UIF SFTJTUPS XJSF BOE UIF HSPVOE
$SJUFSJPO 8 0). 0). 8 0). 0).
%JTNPVOUJOH UIF .BHOFUP %FUBDI UIF SJHIU TJEF HVJEF TUSJQ SFGFS UP
3FNPWF UIF GPVS CPMUT GPVS TDSFXT BOE SFNPWF UIF GBO DPWFS
'"/ $07&3
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN 3FNPWF UIF GPVS CPMUT BOE SFNPWF UIF DPPMJOH GBO
$00-*/( '"/
C 6TF B VOJWFSTBM TPMJE XSFODI UP TFDVSF UIF nZXIFFM %FUBDI UIF mY OVUT PG UIF nZXIFFM 6TF B TQBOOFS XSFODI IPME nZXIFFM XIJMF SFNPWJOH UIF SFUBJOJOH OVU 6TF B nZXIFFM QVMMFS UP SFNPWF UIF nZXIFFM 3FNPWF BOE TBWF UIF LFZ
B
41"//&3 83&/$) '-: 8)&&-
%FUBDI UIF DPOOFDUJOH XJSF PG UIF NBHOFUP
6/*7&34"83&/$)
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN %FUBDI UIF TUBUPS PG UIF NBHOFUP 3FNPWF UIF CPMUT PG UIF USJHHFSJOH DPJM 3FNPWF UIF SVCCFS TMFFWF PG UIF NBHOFUPS XJSF GSPN UIF SJHIU DSBOLDBTF
53*((&3*/( $0*-
3FNPWF UIF USJHHFSJOH DPJM
53*((&3*/( $0*-
'-: 8)&&-
$00-*/( '"/ '"/ $07&3
"TTFNCMJOH UIF .BHOFUP "UUBDI UIF USJHHFSJOH DPJM UP UIF SJHIU DSBOLDBTF
-0$"5*/( ,&:
-PDL UIF mY CPMUT PG UIF USJHHFSJOH DPJM
5PSRVF 5IF USJHHFSJOH DPJM LHtN JO MCT 5IF TUBUPS LHtN GU MCT
4FU VQ UIF SVCCFS TMFFWF PG UIF NBHOFUP XJSF
53*((&3*/( $0*-
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN $POOFDU UIF DPOOFDUJOH XJSF PG UIF NBHOFUPS $MFBO UIF DPOF QBSU PG UIF DSBOLTIBGU BOE PG UIF nZXIFFM #F TVSF UP MBZ UIF MPDBUJOH LFZ PG UIF nZXIFFM JOUP UIF LFZXBZ PO UIF DSBOLTIBGU QSFDJTFMZ 1PJOU UIF HSPPWF PG UIF nZXIFFM UP UIF MPDBUJOH LFZ PO UIF DSBOLTIBGU BOE UIFO BTTFNCMF JU
."(/&50
C
"UUFOUJPO .BLF TVSF UIBU UIFSF JT OP CPMU OVU JOTJEF UIF nZXIFFM BOE UIFO BTTFNCMF JU
6TF B VOJWFSTBM TPMJE XSFODI UP IPME UIF nZXIFFM BOE UIFO MPDL UIF OVU
B
5PSRVF tN 4FU VQ UIF DPPMJOH GBO
5PSRVF LHtN
-0$"5*/( ,&:
$00-*/( '"/
$0//&$5*/( 1-6( 0'."(/&50
41"//&3 83&/$) '-: 8)&&-
B C
6/*7&34"83&/$)
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN *OTUBMM UIF GBO DPWFS BOE TFDVSFMZ UJHIUFO GBTUFOFST
'"/ $07&3
5IF #BUUFSZ BOE UIF $IBSHJOH 4ZTUFN
4,46
*HOJUJPO 4ZTUFN
."*/ 48*5$)
41"3, 1-6(
$%*
" $ ."(/&50 1*$,61 $0*-
."*/ 48*5$) #
#* :
(
# :
*(/*5*0/ $0*-
$%* 6/*5
'64&
#"55&3: 7 ")
#
#-6&
#* :
#-6& :&--08
#:
#-"$, :&--08
(
(3&&/
41"3, 1-6(
*HOJUJPO 4ZTUFN 5PQJD
1BHF
(FOFSBM *OGPSNBUJPO 5SPVCMFTIPPUJOH $%* VOJU JOTQFDUJPO *HOJUJPO $PJM 3FNPWBM 4UFQT .BHOFUP 1JDLVQ $PJM *OTQFDUJPO 4QBSL "EWBODF "OHMF *OTQFDUJPO
(FOFSBM *OGPSNBUJPO t$IFDL JHOJUJPO TZTUFN JO BDDPSEBODF XJUI UIF USPVCMFTIPPUJOH QSPDFEVSF JO 4FDUJPO t"T UIF JHOJUJPO TZTUFN IBT BO FMFDUSJD BVUPNBUJD TQBSL DPOUSPM JO UIF $%* VOJU UIFSF JT OP OFFE GPS TQBSL BEWBODF BOHMF BEKVTUNFOU t$%* TIPVME OPU CF EJTDPOOFDUFE PS TVCKFDUFE UP JOQVU %BNBHF PS GBJMVSF DBO PDDVS t1PPS DPOUBDU NBZ CF UIF DBVTF PG NBOZ GBVMUZ JHOJUJPO TZTUFN DBTFT $IFDL BMM UFSNJOBM DPOOFDUJPOT UP CF TVSF UIFZ BSF DMFBO BOE UJHIU XIFOFWFS USPVCMFTIPPUJOH BO FMFDUSJDBM QSPCMFN
t.BLF TVSF TQBSL QMVH IFBU SBOHF JT DPSSFDU 6TJOH BO JODPSSFDU TQBSL QMVH XJMM SFTVMU JO JNQSPQFS FOHJOF PQFSBUJPO PS TQBSL QMVH EBNBHF t1FBL WPMUBHF JT VTFE BT SFGFSFODF QPJOU JO UFTUT 3FDPSE DPJM SFTJTUBODF UFTUT t8IFO JOTQFDUJOH TQBSL QMVH SFGFS UP SFMBUFE JOTUSVDUJPOT JO $IBQUFS t8IFO SFNPWJOH "$ HFOFSBUPS BOE QJDLVQ DPJM SFGFS UP JOTUSVDUJPOT JO $IBQUFS
3FGFSFODF 4UBOEBSE *UFN 4QFDJmD TQBSL QMVH
4UBOEBSE WBMWF 4UBOEBSE
/(, $ )4" $IBNQJPO ; :
)PU
/(, $ )4"
$PME
/(, $ )4"
4QBSL QMVH HBQ 4QBSL BEWBODF BOHMF
*HOJUJPO DPJM SFTJTUBODF
NN .BYJNVN BEWBODF JO ' QPTJUJPO
„ „ S NJO
1SJNBSZ DPJM
0).
4FDPOEBSZ DPJM
8JUI DBQ
, 0).
8JUIPVU DBQ
, 0).
1JDLVQ DPJM SFTJTUBODF
0).
1SJNBSZ JHOJUJPO DPJM QFBL WPMUBHF
0WFS 7
1JDLVQ DPJM QFBL WPMUBHF
0WFS 7
*HOJUJPO 4ZTUFN 5SPVCMFTIPPUJOH )JHI 5FOTJPO 7PMUBHF 5PP -PX t$SBOLTIBGU SFWPMVUJPO UPP TMPX PS CBUUFSZ WPMUBHF UPP MPX t*HOJUJPO TZTUFN XJSJOH MPPTF t'BVMUZ JHOJUJPO DPJM t'BVMUZ $%* VOJU t'BVMUZ QJDLVQ DPJM )JHI 5FOTJPO 7PMUBHF *OUFSNJUUFOU t'BVMUZ NBJO TXJUDI t1PPS $%* UFSNJOBM DPOOFDUJPO t1PPS $%* HSPVOE t'BVMUZ QJDLVQ DPJM t1PPS IJHI UFOTJPO MFBE UFSNJOBM DPOOFDUJPO t'BVMUZ $%* VOJU )JHI 5FOTJPO 7PMUBHF /PSNBM CVU /P 4QBSL t'BVMUZ TQBSL QMVH t'BVMUZ TQBSL QMVH DBQ /P )JHI 5FOTJPO 7PMUBHF t'BVMUZ NBJO TXJUDI t#BUUFSZ EJTDIBSHFE PS GBVMUZ SFDUJmDBUJPO TZTUFN t'BVMUZ DIBSHF TZTUFN t'BVMUZ JHOJUJPO DPJM t'BVMUZ $%* 6OJUFE &RVJOF 'PVOEBUJPO /P *OUFSNJUUFOU )JHI 5FOTJPO 7PMUBHF t'BVMUZ JHOJUJPO DPJM t#BUUFSZ WPMUBHF UPP MPX t'BVMUZ DIBSHF TZTUFN
*HOJUJPO 4ZTUFN $%* *OTQFDUJPO 3FNPWF UIF UISFF TDSFXT GSPN UIF CBUUFSZ DBTF DPWFS
%JTDPOOFDU UIF $%* NPEVMF GSPN UIF XJSF IBSOFTT 5FTU SFTJTUBODF PG UIF UFSNJOBMT XJUI B NVMUJ NFUFS
"UUFOUJPO 4JODF UIFSF JT B TFNJDPOEVDUPS JO SFUVSO DJSDVJU UFTUJOH SFTVMUT NBZ CF TJHOJmDBOUMZ EJGGFSFOU JG EJGGFSFOU NVMUJ NFUFST BSF VTFE
*G UIF QPJOUFS PO UIF EJBM nJDLFST BOE mOBMMZ TUPQT EVSJOH UFTUJOH JU TIPVME CF SFHBSEFE BT OPSNBM #FDBVTF UIF DBQBDJUPS JO UIF $%* NPEVMF JT DIBSHFE XIJMF CFJOH UFTUFE JU DBOOPU EJTDIBSHF
#-"$, :&--08 #-6& :&--08 (3&&/
#-"$, 3&% #-"$, 8)*5&
*HOJUJPO 4ZTUFN *HOJUJPO $PJM 3FNPWBM 4UFQT 3FNPWF UIF NJEEMF CPY 3FNPWF UIF TQBSL QMVH DBQ %JTDPOOFDU UIF XJSFT SFNPWF UIF JHOJUJPO DPJM KBN OVUT BOE SFNPWF UIF JHOJUJPO DPJM *OTQFDUJPO $IFDL UIF JHOJUJPO DPJM DJSDVJU 5IF TQBSL BEWBODF BOHMF EPFT OPU OFFE UP CF BEKVTUFE *G UIF TQBSL BEWBODF JT BCOPSNBM DIFDL UIF $%* QJDLVQ DPJM PS NBHOFUP 3FQMBDF UIF JHOJUJPO DPJM JG OFDFTTBSZ 5FTU UIF QSJNBSZ DPJM SFTJTUBODF UIF TUBOEBSE WBMVF PG XIJDI TIPVME CF Â&#x; 5FTU UIF TFDPOEBSZ DPJM SFTJTUBODF GSPN TQBSL QMVH DBQ OFHBUJWF UFSNJOBMT 5IF TUBOEBSE WBMVF TIPVME CF LÂ&#x; XJUI DBQ BOE LÂ&#x; XJUIPVU DBQ 5FTU DPJM VTJOH BGUFS NBSLFU TQBSL UFTUFS 1FSGPSN UIF GPMMPXJOH JOTQFDUJPO JO BDDPSEBODF XJUI UIF PQFSBUJOH JOTUSVDUJPOT JO UIF NBOVBM
B 4FU UIF JHOJUJPO DPJM UFTUFS TXJUDI UP 7 BOE DPOOFDU UIF UFTUFS UP UIF JHOJUJPO DPJM
C 5VSO UIF TXJUDI UP UIF 0/ QPTJUJPO UP DIFDL TQBSL GSFRVFODZ GSPN UIF JOTQFDUJPO EPPS
*O HPPE DPOEJUJPO 4QBSLJOH DPOUJOVPVTMZ *O GBVMUZ DPOEJUJPO 4QBSLJOH BCOPSNBMMZ
*HOJUJPO 4ZTUFN .BHOFUP 1JDLVQ $PJM *OTQFDUJPO
5IJT UFTU JT UP CF DPOEVDUFE XJUI UIF TUBUPS NPVOUFE JO UIF FOHJOF
3FNPWF UIF GBO DPWFS
'"/ $07&3
%JTDPOOFDU UIF NBHOFUP 5FTU UIF QJDLVQ DPJM SFTJTUBODF CFUXFFO UIF CMVF ZFMMPX BOE HSFFO MFBE UFSNJOBMT XIPTF TUBOEBSE WBMVF JT %JTNPVOUJOH UIF NBHOFUP SFGFS UP $IBSHJOH $PJM *OTQFDUJPO
5FTU UIF DIBSHJOH DPJM SFTJTUBODF CFUXFFO UIF CMBDL SFE BOE UIF HSFFO MFBE UFSNJOBMT XIPTF TUBOEBSE WBMVF JT 4QBSL "EWBODF "OHMF *OTQFDUJPO
4JODF B $%* JT VTFE UIFSF JT OP OFFE UP BEKVTU UIF UJNJOH BEWBODF
*G UIF TQBSL BEWBODF JT BCOPSNBM JOTQFDU $%* QJDLVQ DPJM PS NBHOFUP 3FQMBDF JG OFDFTTBSZ
3FNPWF UJNJOH MJE "GUFS UIF FOHJOF JT XBSNFE VQ DIFDL UIF TQBSL BEWBODF BOHMF CZ UIF TQBSL UJNJOH MBNQ *U JT QSPQFS GPS i'w UP BMJHO XJUI „ XJUI UIF FOHJOF SFWPMWJOH BU B TQFFE PG SQN 5IF TQBSL BEWBODF BOHMF TIPVME CF „ „ S NJO
."(/&50
4UBSUFS 4ZTUFN
#3",& 48*5$)
#3",& 48*5$)
45"35&3 45"35 48*5$)
3&-":
3&-":
( : 3
3
."*/ 48*5$)
: 3
'64& "
(
(
'30/5
3&"3
#"55&3:
#3",& -".1
(
'64&
45"35 .0503 #3",& 48*5$) #
3&%
: 3
:&--08 3&%
( :
(3&&/ :&--08
(
(3&&/
4UBSUFS 4ZTUFN 5PQJD
1BHF
5PQJD
1BHF
(FOFSBM *OGPSNBUJPO 5SPVCMFTIPPUJOH 4UBSUFS .PUPS 3FNPWBM 4UBSUFS %JTBTTFNCMZ 4UBSUFS *OTQFDUJPO *OTQFDUJOH UIF 4UBSUFS 3FMBZ
4UBSUFS .PUPS *OTQFDUJPO 4UBSUFS .PUPS *OTUBMMBUJPO 4UBSUFS 1JOJPO 3FNPWBM 4UBSUFS 1JOJPO *OTQFDUJPO 4UBSUFS 1JOJPO *OTUBMMBUJPO
(FOFSBM *OGPSNBUJPO t5IF TUBSUFS NPUPS DBO CF SFNPWFE XJUIPVU EJTBTTFNCMZ PG UIF FOHJOF
*OTUBMMBUJPO 3FGFSFODF 4UBOEBSE *UFN
4UBOEBSE WBMWF
8FBS -JNJU
4UBSUFS NPUPS CSVTI MFOHUI
NN JO
NN JO
'BTUFOFS 5PSRVF 4QFDJmDBUJPO 4UBSUFS NPUPS DMVUDI DPWFS CPMU LH N GU MCT 4UBSUFS NPUPS DMVUDI KBN OVU LH N GU MCT
)FY LFZ
0QFO FOE XSFODIFT 5SPVCMFTIPPUJOH 4UBSUFS .PUPS %PFT /PU 5VSO t'VTF CSPLFO t#BUUFSZ EJTDIBSHFE t'BVMUZ NBJO TXJUDI t'BVMUZ TUBSUFS DMVUDI t'BVMUZ CSBLF TXJUDI
4UBSUFS .PUPS 5VSOT 0WFS 4MPXMZ t#BUUFSZ EJTDIBSHFE t1PPS PS GBVMUZ DBCMF DPOOFDUJPOT t4UBSUFS NPUPS HFBS TFJ[FE CZ B GPSFJHO PCKFDU 4UBSUFS .PUPS 5VSOT o &OHJOF %PFT /PU 3PUBUF t'BVMUZ TUBSUFS DMVUDI t4UBSUFS NPUPS SFWFSTBM t#BUUFSZ EJTDIBSHFE
4UBSUFS 4ZTUFN 4UBSUFS .PUPS 3FNPWBM
/FWFS XPSL PO UIF TUBSUFS NPUPS VOUJM NBJO TXJUDI JT UVSOFE PGG BOE UIF CBUUFSZ HSPVOE XJSF JT EJTDPOOFDUFE UP FOTVSF UIBU UIF NPUPS DBOOPU UVSO
3FNPWF UIF TUBSUFS NPUPS MFBE DMBNQ 3FNPWF UIF UXP CPMUT BOE SFNPWF UIF TUBSUFS NPUPS 3PMM VQ UIF XBUFS QSPPG SVCCFS DPWFS UP EJTDPOOFDU UIF TUBSUFS NPUPS
45"35&3 .0503 )064*/(
B
C
4UBSUFS %JTBTTFNCMZ 3FNPWF UIF UXP DBTF CPMUT BOE SFNPWF UIF NPUPS IPVTJOH GSPN UIF JOUFSOBM QBSUT 4UBSUFS *OTQFDUJPO *OTQFDU CSVTIFT BOE DPNNVUBUPS GPS XFBS EBNBHF PS EJTDPMPSBUJPO 3FQMBDF JG OFDFTTBSZ $MFBO BUUBDIFE NFUBM QBSUJDMFT GSPN UIF DPNNVUBUPS TVSGBDFT .FBTVSF UIF SFTJTUBODF CFUXFFO FBDI DPOUBDU TVSGBDF PG UIF DPNQPOFOUT .BLF TVSF UIFSF JT OP DPOEVDUJPO DVSSFOU CFUXFFO FBDI DPNNVUBUPS TFHNFOU BOE UIF BSNBUVSF TIBGU
B
C
4UBSUFS 4ZTUFN $IFDL UIF TUBSUFS NPUPS IPVTJOH DPOEVDUJWJUZ #F TVSF UIFSF JT OP DPOEVDUJPO DVSSFOU CFUXFFO UIF DBCMF UFSNJOBM BOE UIF TUBSUFS NPUPS IPVTJOH $IFDL DPOEVDUJWJUZ CFUXFFO UIF MFBE UFSNJOBM BOE UIF CSVTI 3FQMBDF UIFN JG OFDFTTBSZ .FBTVSF UIF CSVTI MFOHUI *UT TFSWJDF MJNJU JT NN JO 3FQMBDF JU JG OFDFTTBSZ $IFDL CSVTI IPMEFS GPS DPOEVDUJPO DVSSFOU 3FQMBDF JG OFDFTTBSZ *OTQFDU CFBSJOH JO GSPOU CSBDLFU GPS TNPPUI SPUBUJPO BOE GPS MPPTFOFTT XIFO JOTUBMMFE 3FQMBDF JU JG OFDFTTBSZ *OTQFDU EVTU DPWFS GPS XFBS PS EBNBHF
0*- 4&"-
#&"3*/(
4UBSUFS 4ZTUFN "QQMZ HSFBTF UP UIF EVTU DPWFS %645 $07&3
*OTUBMM TQSJOH CSVTI JO JUT IPMEFS "QQMZ B MJHIU mMN PG HSFBTF UP CPUI FOET PG UIF TMJEJOH TVSGBDFT PG UIF BSNBUVSF TIBGU *OTUBMM BSNBUVSF JO GSPOU CSBDLFU
.BLF TVSF UIF TVSGBDFT CFUXFFO UIF CSVTI BOE UIF BSNBUVSF BSF OPU EBNBHFE
#F TVSF UIF EVTU DPWFS MJQ JT OPU EBNBHFE CZ UIF BSNBUVSF NPVOU TIBGU
*OTUBMM B OFX P SJOH JO GSPOU CSBDLFU "3."563& 4)"'5
&OHBHF NPUPS IPVTJOH XJUI UIBU PG GSPOU CSBDLFU *OTUBMM UXP IPVTJOH CPMUT
8IFO FOHBHJOH UIF IPVTJOH XJUI UIF GSPOU CSBDLFU JOTUBMM UIF BSNBUVSF mSTU IPME UIF BSNBUVSF TIBGU BOE UIFO JOTUBMM UIF IPVTJOH JO DBTF UIF BSNBUVSF JT ESBXO PVU CZ UIF NBHOFU
4UBSUFS 3FMBZ *OTQFDUJPO 3FNPWF SJHIU TJEF CPEZ QBOFM 8JUI NBJO TXJUDI JO UIF iPOw QPTJUJPO EFQSFTT UIF TUBSUFS CVUUPO UP DIFDL GPS B DMJDL XIJDI JOEJDBUFT QSPQFS PQFSBUJPO PG SFMBZ *G TUBSUFS CVUUPO JT EFQSFTTFE XJUIPVU B DMJDL QFSGPSN UIF GPMMPXJOH TUFQT
t5FTU TUBSUFS SFMBZ WPMUBHF t*OTQFDU TUBSUFS SFMBZ HSPVOE SFUVSO DJSDVJU t*OTQFDU TUBSUFS SFMBZ
"3."563& 4)"'5
'30/5 #3"$,&5
4UBSUFS 4ZTUFN 5P JOTQFDU TUBSUFS SFMBZ WPMUBHF 4UBOE UIF TDPPUFS PO JT DFOUFS TUBOE NFBTVSF UIF WPMUBHF CFUXFFO UIF TUBSUFS SFMBZ OFHBUJWF UFSNJOBM HSFFO ZFMMPX DBCMF BOE UIF HSPVOE 5VSO UIF NBJO TXJUDI UP iPOw QVMM UIF CSBLF MFWFST BOE NBLF TVSF UIF CBUUFSZ WPMUBHF JT BWBJMBCMF BU UIF SFMBZ WPMUT *G UIFSF JT OP CBUUFSZ WPMUBHF JOTQFDU UIF CSBLF TXJUDI FMFDUSJDBM DPOEVDUJWJUZ BOE XJSJOH 5P JOTQFDU TUBSUFS SFMBZ 3FNPWF UIF SJHIU TJEF CPEZ QBOFM %JTDPOOFDU UIF TUBSUFS SFMBZ VOJU DPVQMFS GSPN UIF XJSF IBSOFTT BOE SFNPWF JU 6TF PIN NFUFS PS DPOUJOVJUZ UFTUFS UP DIFDL DPJM
"
$POOFDU UIF NFUFS UP UFSNJOBMT DBSE % 5IJT DJSDVJU TIPVME SFBE DMPTFE 6TF PIN NFUFS PS DPOUJOVJUZ UFTUFS $ $IFDL DPOUBDUPS $POOFDU UIF NFUFS UP UFSNJOBMT " BOE # 5IJT DJSDVJU TIPVME SFBE PQFO XJUI UFSNJOBMT $ BOE % EJTDPOOFDUFE BOE SFBE DMPTFE XJUI UFSNJOBMT $ BOE % BQQMJFE UP WPMU TVQQMZ 4UBSUFS .PUPS *OTUBMMBUJPO "QQMZ HSFBTF UP UIF TUBSUFS NPUPS P SJOH BOE JOTUBMM UIF TUBSUFS NPUPS *OTUBMM UIF UXP CPMUT $POOFDU UIF TUBSUFS NPUPS UFSNJOBMT UP UIF IBSOFTT
%
# $
4UBSUFS 4ZTUFN 3FNPWF UIF GPVS CPMUT BOE SFNPWF UIF DPPMJOH GBO
$00-*/( '"/
C 6TF B VOJWFSTBM TPMJE XSFODI UP TFDVSF UIF nZXIFFM %FUBDI UIF mY OVUT PG UIF nZXIFFM 6TF B TQBOOFS XSFODI IPME nZXIFFM XIJMF SFNPWJOH UIF SFUBJOJOH OVU 6TF B nZXIFFM QVMMFS UP SFNPWF UIF nZXIFFM 3FNPWF BOE TBWF UIF LFZ
B
41"//&3 83&/$) '-: 8)&&-
%FUBDI UIF DPOOFDUJOH XJSF PG UIF NBHOFUP
6/*7&34"83&/$)
.FUFST 4XJUDIFT BOE -JHIUJOH 4ZTUFN
4,46
.FUFST 4XJUDIFT BOE -JHIUJOH 4ZTUFN 5PQJD
1BHF
5PQJD
1BHF
.BJOUFOBODF JOGPSNBUJPO 5SPVCMFTIPPUJOH 'VFM 4FOTPS 3FNPWBM 'VFM 4FOTPS *OTUBMMBUJPO 'VFM 4FOTPS 5FTUJOH 'VFM (BVHF *OTQFDUJPO )BOEMFCBS TXJUDI -JHIU 4XJUDI *OTQFDUJPO 4UBSUFS 4XJUDI *OTQFDUJPO %JNNFS 4XJUDI *OTQFDUJPO 5VSO -JHIU 4XJUDI *OTQFDUJPO &OHJOF 4UPQ 4XJUDI *OTQFDUJPO )PSO 4XJUDI
3FQMBDJOH UIF )PSO 4XJUDI .BJO 4XJUDI *OTQFDUJPO 3FQMBDJOH UIF .BJO 4XJUDI #SBLF -JHIU 4XJUDI *OTQFDUJPO )PSO *OTQFDUJPO 3FQMBDJOH UIF )PSO 4XJUDI 4QFFEPNFUFS 3FNPWBM BOE 3FJOTUBMMBUJPO )FBEMJHIU 3FNPWBM BOE *OTUBMMBUJPO #VMC 3FQMBDFNFOU BOE *OTUBMMBUJPO 5BJMMJHIU CSBLF MJHIU SFBS QPTJUJPO MJHIU PS MJDFOTF MJHIU
.BJOUFOBODF /PERATING 0OINTS t"MXBZT CF TVSF UIBU DPMPST NBUDI XIFO XJSFT BSF DPOOFDUFE UIBU XJSFT BSF JOTUBMMFE JO IBSOFTT UVCF PS TVQQPSUFE CZ JOTVMBUJOH UBQF BGUFS DPOOFDUJPO BOE UIBU DPOOFDUPST NBUDI XJSF DPMPS JO BTTFNCMZ t.BLF TVSF DPOOFDUPST mU QSPQFSMZ UP BTTVSF DPOOFDUJPO t#F TVSF UP BMXBZT UFTU TXJUDI PQFSBUJPO BGUFS JOTUBMMBUJPO 5SPVCMFTIPPUJOH *G UIF CSBLF MJHIU PS UVSO MJHIU GBJMT UP DPNF PO XJUI UIF JHOJUJPO TXJUDI i0/ w JU NBZ CF DBVTFE CZ t#BE CVMC t'BVMUZ TXJUDI t-FBE CSPLFO t'VTF CMPXO t#BUUFSZ EJTDIBSHFE t'BVMUZ XJSF NBUDIJOH t#BE nBTIFS *G UIF GVFM JOEJDBUPS GBJMT UP DPNF PO t-FBE EJTDPOOFDUFE t8JSF CSPLFO t*NQSPQFS nPBU PQFSBUJPO t'BVMUZ GVFM TFOTPS t#BE NFUFS
*G MJHIU JT EJN t'BVMUZ NBHOFUP MJHIUJOH DPJM t&YDFTTJWF WPMUBHF BU NBUDIJOH XJSF PS TXJUDI t'BVMUZ SFDUJmFS SFHVMBUPS *G UIF EJNNFS TXJUDI EPFT OPU PQFSBUF QSPQFSMZ t#BE CVMC t'BVMUZ TXJUDI *G GVFM JOEJDBUPS QPJOUFS NPWFT VOTUFBEJMZ -PPTF MFBE DPOOFDUJPO t'BVMUZ GVFM TFOTPS t'BVMUZ NFUFS
.FUFST 4XJUDIFT BOE -JHIUJOH 4ZTUFN 'VFM 4FOTPS 3FNPWBM
"WPJE TQBSLT BOE nBNFT XIFO XPSLJOH PO UIF GVFM TZTUFN
3FNPWF UIF NJEEMF MVHHBHF CPY 3FNPWF UIF SJHIU CPEZ QBOFM %JTDPOOFDU UIF GVFM TFOTPS GSPN UIF XJSF IBSOFTT 3FNPWF UIF CPMU PG UIF GVFM TFOTPS
.BLF TVSF OPU UP EBNBHF UIF GVFM TFOTPS MFBE
3FNPWF UIF GVFM TFOTPS
#F TVSF UIBU UIF GVFM TFOTPS nPBU JT OPU EBNBHFE
'VFM 4FOTPS *OTUBMMBUJPO 3FWFSTF UIF SFNPWBM QSPDFEVSF GPS JOTUBMMBUJPO #F TVSF UP BMJHO UIF HSPPWF PO UIF GVFM TFOTPS XJUI UIF NBSL PO UIF GVFM UBOL 5IF NBSL PO UIF TFOTPS TIPVME CF BMJHOFE XJUI UIBU PO UIF GVFM UBOL 'VFM 4FOTPS 5FTUJOH 3FNPWF UIF GVFM TFOTPS
-FBE 5FSNJOBM
'MPBU 6Q
'MPBU %PXO
(SFF #MVF 8IJUF
0).
0).
'MPBU 1PTJUJPO
3FBEJOH
.FBTVSF UIF SFTJTUBODF PG FBDI UFSNJOBM XJUI UIF nPBU JO FBDI QPTJUJPO 'VFM (BVHF *OTQFDUJPO 8JUI UIF JHOJUJPO TXJUDI i0/ w DPOOFDU UIF MFBE 5VSO PO UIF UVSO TJHOBM UP CF TVSF UIF CBUUFSZ SFUVSO DJSDVJU JT JOUBDU CFGPSF QFSGPSNJOH UIF JOTQFDUJPO $IFDL UIF HBVHF SFBEJOH CZ DIBOHJOH UIF nPBU QPTJUJPO
6Q
'
%PXO
&
.FUFST 4XJUDIFT BOE -JHIUJOH 4ZTUFN )BOEMFCBS 4XJUDIFT *OTQFDUJPO 3FNPWF UIF TQFFEPNFUFS DPWFS %JTDPOOFDU UIF IBOEMFCBS DPOOFDUPS BOE DIFDL FBDI UFSNJOBM GPS DPOEVDUJPO *OTQFDU FBDI TXJUDI JG BCOPSNBM
:&--08
#308/
1*/, #308/ 8)*5&
-JHIUT 4XJUDI
#-6& 8)*5&
(3&&/ $PMPS #MVF 8IJUF :FMMPX #SPXO #SPXO 8IJUF 1JOL $PEF #* 8
:
#S
#S 8
1
:&--08 3&%
4FU BO 0IN NFUFS BU 9 0). XIFO VTJOH JU
4UBSUFS 4XJUDI $PMPS
:FMMPX 3FE
(SFFO
$PEF
: 3
(
(3&&/
3FMFBTFE
:&--08 3&%
%FQSFTTFE
%JNNFS 4XJUDI 8)*5& $PMPS #MVF 8IJUF #MVF
8IJUF
$PEF #* 8
8
#M
)J
#-"$,
-P
-*()5 #-6&
5VSO -JHIU 4XJUDI $PMPS #MVF 8IJUF #MVF $PEF
(S
-#M
8IJUF 0
3 0GG -
&OHJOF 4UPQ 4XJUDI 3VO 4UPQ
#MBDL #MBDL
-*()5 #-6& (3": 03"/(&
#-"$, 8)*5& #-6&
.FUFST 4XJUDIFT BOE -JHIUJOH 4ZTUFN )PN 4XJUDI $PMPS
-JHIU (SFFO
#-"$,
$PEF
-(
#
#-"$,
3FMFBTFE
-*()5 (3&&/
%FQSFTTFE
3FQMBDJOH UIF IPSO TXJUDI #-"$,
3FNPWF UIF GSPOU QBOFM 3FNPWF UIF IBOEMFCBS DPWFS %JTDPOOFDU UIF XJSF DPOOFDUPS 3FNPWF TXJUDI GSPN IPVTJOH 3FWFSTF UIF SFNPWBM QSPDFEVSF GPS JOTUBMMBUJPO .BJO 4XJUDI *OTQFDUJPO 3FNPWF UIF GSPOU QBOFM %JTDPOOFDU UIF NBJO TXJUDI XJSF DPOOFDUPS UP DIFDL UIF DPOOFDUJPO BU FBDI UFSNJOBM .BJO 4XJUDI $PMPS
3FE
$PEF
3
#MBDL #MBDL 8IJUF (SFFO #
# 8
(
0O 0GG
3FQMBDJOH UIF NBJO TXJUDI 3FNPWF UIF GSPOU QBOFM %JTDPOOFDU UIF NBJO TXJUDI XJSF DPOOFDUPS 3FNPWF UIF UXP NPVOUJOH CPMUT BOE SFNPWF UIF NBJO TXJUDI 3FWFSTF UIF SFNPWBM QSPDFEVSF GPS JOTUBMMBUJPO
(3&&/
#-"$, 8)*5&
(3&&/
3&%
.FUFST 4XJUDIFT BOE -JHIUJOH 4ZTUFN #SBLF -JHIU 4XJUDI *OTQFDUJPO 3FNPWF UIF TQFFEPNFUFS DPWFS %JTDPOOFDU UIF GSPOU CSBLF TXJUDI MFBE 0QFSBUF UIF GSPOU CSBLF MFWFS UP DIFDL UIF TXJUDI GPS QSPQFS PQFSBUJPO %JTDPOOFDU UIF SFBS CSBLF TXJUDI XJSF DPOOFDUPS 0QFSBUF UIF SFBS CSBLF MFWFS UP DIFDL GPS QSPQFS PQFSBUJPO 5IF BCPWF UFTUT DBO CF DPOEVDUFE XJUI B DPOUJOVJUZ UFTUFS PS PIN NFUFS )PSO *OTQFDUJPO 3FNPWF UIF GSPOU QBOFM %JTDPOOFDU UIF IPSO XJSF DPOOFDUPS BOE DPOOFDU UIF UFSNJOBM UP B CBUUFSZ 7 5IF IPSO JT HPPE JG JU TPVOET QSPQFSMZ $IFDL PQFSBUJPO PG TXJUDI XJUI PIN NFUFS PS DPOUJOVJUZ UFTUFS 5P SFQMBDF UIF IPSO TXJUDI %JTDPOOFDU UIF IPSO TXJUDI XJSF DPOOFDUPS 3FNPWF UIF NPVOUJOH CPMU 3FNPWF UIF IPSO 3FWFSTF UIF QSPDFEVSF GPS JOTUBMMBUJPO 4QFFEPNFUFS 3FNPWBM BOE 3FJOTUBMMBUJPO
3FNPWF GSPOU BOE SFBS IBOEMFCBS DPWFST SFGFS UP %JTDPOOFDU BMM UIF XJSJOH DPOOFDUPST 3FNPWF UIF UISFF TFU TDSFXT BOE TQFFEPNFUFS 3FWFSTF UIF SFNPWBM QSPDFEVSF GPS JOTUBMMBUJPO
.FUFST 4XJUDIFT BOE -JHIUJOH 4ZTUFN )FBEMJHIU 3FNPWBM BOE *OTUBMMBUJPO 3FNPWF UIF TQFFEPNFUFS DPWFS SFGFS UP 3FNPWF UIF IFBEMJHIU BEKVTUBCMF CPMU 3FNPWF UIF BMJHONFOU QJO BOE IFBEMJHIU
)&"%-*()5 "%+645"#-& #0-5
3FWFSTF UIF SFNPWBM QSPDFEVSF GPS JOTUBMMBUJPO #F TVSF UP BMJHO UIF IFBEMJHIU UBC XJUI HSPPWF JO PEPNFUFS DPWFS
5IF IFBEMJHIU CFBN TIPVME CF BEKVTUFE BGUFS JOTUBMMBUJPO
#VMC 3FQMBDFNFOU BOE *OTUBMMBUJPO 3FNPWF UIF TQFFEPNFUFS DPWFS
"-*(/.&/5 1*/
6/%&34*%& 0' $07&3
3FNPWF UIF IFBEMJHIU PS GSPOU NBSLFS MJHIU CVMC GPS SFQMBDFNFOU 3FWFSTF UIF QSPDFEVSF GPS JOTUBMMBUJPO 5BJMMJHIU CSBLF MJHIU SFBS QPTJUJPO MJHIU PS MJDFOTF MJHIU 3FNPWF UIF UXP TDSFXT JO UIF SFBS QBOFM 3FNPWF UIF SFBS QBOFM UXP TFU TDSFXT JO SFBS MJHIU DPWFS BOE MJHIU DPWFS 3FNPWF UIF MJHIU CVMC GPS SFQMBDFNFOU 3FWFSTF UIF QSPDFEVSF GPS JOTUBMMBUJPO
)&"%-".1
A. Electric Scooter Assembly
A. Electric Scooter Assembly Topic Important points Torque Settings Scheduled Maintenance Specifications Troubleshooting Rear Wheel Dismantling
Page A-2 A-2 A-3 A-4 A-4 A-5
Topic Rear Wheel Removal Electric Motor Removal Motor Dissasembly Motor Inspection Battery Access and Power Recharging Batteries
Page A-5 A-8 A-10 A-12 A-13 A-16
Important Points The electrolyte (diluted sulfuric acid) is very toxic. DO NOT allow acid to splash onto clothes, the skin or eyes to protect them from burning. Eye contact with acid may cause blindness. In case of contact with the acid, use a large amount of clean water to flush and rinse the areas in which the acid came into contact. See a Physician immediately. If the electrolyte acid gets into clothes, it will permeate to the skin. Remove tainted clothes immediately and then put them in water to rinse. •The batteries can withstand numerous cycles of charging and discharging as long as it is not left in a discharged condition for a long period of time. •If one of the batteries are overcharged, it can be detected by close inspection of the battery itself. If the battery is exposed to an extreme overcharged condition, it can break down and short circuit internally. In this condition, the battery will produce zero voltage under all load and charge conditions. An overcharged battery can “boil off” the electrolyte solution. This problem can be due to excessive time on a battery charger or a failed voltage regulator. •If the scooter is left to sit for a long time or is stored, the battery will slowly discharge. It is advisable to recharge the battery before attempting to start the scooter after a period of storage. •When filling a new battery with acid, allow it to sit and “breath” for fifteen minutes before installing it into the scooter or charging it. It is advisable to charge a new battery after filling with acid even though it may appear to have sufficient charge. •When working on the scooter’s electrical system, make sure that the main switch is turned off and/or the battery is disconnected. Disconnecting and reconnecting of live circuits can cause high instantaneous currents that can damage the battery and cause injury. •Any short-circuiting of the wiring can cause damage to the battery. Torque The nut of the rear wheel axle The top of the rear buffer The bottom bolt of the rear buffer The connection nut of the silencer The fix bolt of the silencer
10.0kg•m 4.5kg•m 3.0kg•m 1.2kg•m 3.5kg•m
75ft lbs 30ft lbs 20ft lbs 10ft lbs 25ft lbs
A. Electric Scooter Assembly Scheduled Maintenance ďż˝
Perform regular maintenance on the following parts as the chart indicates. C = Clean L = Lubricate I = Inspect, check, fix, replace when necessary Frequency Item Controller Charger Front/rear detent Wheel bearing Front/rear suspension Front fork bearing T ire Major side kickstand A ll other body parts A ll screws & nuts Motor bearing
Mileage (km) 124 (200)
621 (1000)
1864 (3000)
3107 (5000)
I
C I I
4972 (8000)
6215 (10000)
7458 (12000)
L L
C I I I I I I I I
I
I
L I
I
I I I L L I I
I I
I f riding the vehicle in dusty or rainy areas, perform maintenance more frequently.
A. Electric Scooter Assembly Specifications ďż˝
No. 1 2 3
Description Product Si ze T read
Description Speedchanging Motor type R ated power
Specifi cations Automatic
1180 mm 110 mm
No. 13 14 15
4 5 6 7
N. W L oad weight Maximum speed Mileage per charge
90 kg <80 kg >40 kg <40 kg
16 17 18 19
R ated current R ated voltage
22A 48V >72%
B attery
S ealed, free protective, leadacid battery
8 9 10 11
B rake distance B rake ways Climbing ability Max torque
<4.5 m M/M >8° 20 N. M
20 21 22 23
B attery capacity Charger T ire
12V 17Ahx4 A merican 3.0-10-4PR 175/225 (kpa)
12
Max noise
64dB(A )
M inimum clearance from ground
Specifi cations 1700x760x1180mm
W orking efficiency
W heel Pr essure (FR /R R )
B lushless mo tor
750W
Troubleshooting Problem Scooter does not start.
Cause No power B attery connection poor
Scooter runs weak.
Weak battery
Scooter starts but does not move.
Motor inoperative
Solution Charge or replace battery/batteries. R econnect battery terminals. R echarge or replace batteries. R eplace 750W motor.
A. Electric Scooter Assembly Dismantling and Removing Rear Wheel Assembly
ďż˝
1. Loosen and remove brake cable mount from Brake Arm.
Attention:
Exercise caution when loosening and removing cable tension spring
2. Loosen and remove brake cable tension spring from Brake Arm. 3. Loosen and remove fasteners securing anti-rotational bracket onto frame and rear wheel axle.
A. Electric Scooter Assembly
ďż˝
Dismantling the Rear Brake 4. Remove the adjusting nut of the rear brake. 5. Remove the ďŹ x bolt of the brake arm. 6. Remove the brake arm. 7. Remove the brake cam. 8. Remove anti-rotational brackets. 9. Remove smaller restraining bracket 10. Remove restraining bolt. When Assembling the Rear Brake A. Spread grease on the moving parts of the lining and of the ďŹ x pin (locating pin). B. Spread grease on the moving part of the brake cam shaft and then assemble it. C. Install the brake lining.
A. Electric Scooter Assembly 11. Assemble the wear indication board and the brake arm. 12. Assemble the brake arm and the brake cam.
�
Attention: Point the “gullet” mark of the brake arm to the “dot” mark of the brake cam, and then assemble them. 13. Install and tighten the bolt of the brake arm.
14. Install and tighten the fix bolt of the set arm. 15. Install the return spring of the brake arm. 16. Install the pin of the brake arm.
17. Install the adjusting nut of the brake cable. 18. Assemble the rear wheel (refer to 13-2). 19. Adjust the clearance of the brake lever (refer to 13-8).
A. Electric Scooter Assembly 20. Slide rear wheel away from frame mounting slots.
ďż˝
21. Slowly remove rear wheel from cam. 22.Carefully loosen all four mounting bolts securing electric motor to rear wheel.
Electric Motor Removal 1. Loosen and remove four mounting bolts securing 750 watt motor to rear wheel.
Attention:
The 750 watt electric motor is very heavy. Exercise caution while removing motor mounting bolts.
Attention:
Give particular attention to the power cable, when removing rear wheel.
A. Electric Scooter Assembly 2. Carefully place rear wheel onto ground with electric motor facing upwards.
ďż˝
3. Using a flat-head screwdriver, cautiously pry the electric motor from the rear wheel rim. 4. Lift and remove electric motor from wheel assembly.
5. Loosen set screw securing collar to motor spindle. 6. Remove and place collar set screw in secure place for reuse.
A. Electric Scooter Assembly Motor Disassembly ďż˝
1. Using the proper screwdriver or bit type and size, carefully loosen each screw that is securing the motor cover, . 2. Remove each screw and set aside for reuse.
Attention:
Removing the screws in a diagonal pattern is recommended to avoid stripping and damaging the screws and the threads.
3. Gently lift and remove the collar from the motor spindle.
Attention:
Exercise caution with the power cable when removing set collar.
A. Electric Scooter Assembly Attention:
Always exercise caution when using any tool to pry one surface from another.
ďż˝
4. Once again, using a flat-head screwdriver, carefully pry motor cover from the motor assembly.
Attention:
Use very mild and steady force when prying, to avoid damaging motor housing and coils.
5.Gently lift and remove the motor cover from the motor assembly.
A. Electric Scooter Assembly Motor Inspection ďż˝
1. Carefully lift and remove motor coil sub-assembly from motor housing.
Attention:
Once again, exercise caution when removing motor sub-assembly to avoid damaging motor coils.
2. Thoroughly inspect coils and coil wires for damage.
A. Electric Scooter Assembly Battery Access and Power Attention:
Exercise caution when removing body panels and fasteners to avoid damage.
1. Loosen and remove fasteners securing left and right side panels. 2. Loosen and remove fasteners securing floor panels and panel beneath scooter seat. 3. Carefully remove body panels (as shown).
A. Electric Scooter Assembly
�
4. Access battery power switch located in rear storage compartment of scooter. 5. Remove power to motor by flipping the power switch to the ‘OFF’ position.
Attention:
Confirm that power is removed from motor before beginning work on vehicle
6. Once power has been removed, disconnect power connection to motor by carefully unclipping and seperating the wire connectors
Attention:
Be sure not to sperate the ground wire connections that are seperate for the connector.
A. Electric Scooter Assembly Battery Access and Removal Attention:
Confirm that power is removed from motor before disconnecting and removing batteries
7. Loosen and remove fasteners securing battery restraining bracket. 8. Remove bracket. 9 Disconnect battery terminals.
Attention:
Disconnect and reconnect positive terminal first, followed by the negative battery terminal.
A. Electric Scooter Assembly 10. Use a volt meter to check battery voltage (as shown).
Recharging Batteries 1. Access charging input recepticle, located inside scooter rear storage compartment. 3. Allow batteries to continue charging until indicator shows that batteries are fully charged.
2. Plug charger into charging recepticle as well as into wall outlet (standard AC).
B. Retro Model Scooter Panels
ďż˝
C. Scooter Panels