Feen Marine - Manual EGCS & MAN SCR

!!!------For Training Purpose Only------!!!
FEEN MARINE SCRUBBERS INC.

KawasanIndustriSekupang, Kampung Baru, RT 003/RW 003, Kel. Tanjung Riau
Sekupang, Batam‐Indonesia, Phone +62 7784100382
www.feenmarine.com Document Nbr: SECP - Rev. 3
SOX EmissionsCompliancePlan (SECP)
Hull Number IMO Number Scrubber Serial no.

Type
S447 TBA Open Loop FMS 015-021
Ship Name - SHIPYARD TO FILL
Flag State – SHIPYARD TO FILL

Class - ABS
REVISION HISTORY
REV. DATE MADE APPROVED DESCRIPTION
B 19/02/2018 PJN Issued for ABS
review.
C 04/04/2018 IMH Issued for
ABS review.
1 17/04/2018 HF Revised as per
ABS comment
page 4
2 23/04/2018 HF Revised as per
ABS comment
page 2, 4
3 06/06/2018 HF Revision on
page 5
Page 1 of 5

SHIP
1. The ship is an MR Tanker which will be operating on worldwide trade.
COMBUTION UNITS
2. Scrubbed Units:
 One main propulsion 2 stroke diesel engine (here called “main engine”). Details in appendix 1
Exhaust Gas Declaration.
 Three Auxiliary generator 4 stroke diesel engines (here called “auxillary engine”). Details in
appendix 1 Exhaust Gas Declaration.
3. Unscrubbed units:
 Following Equipment’s fitted onboard are not connected to the EGCS:
1) Emergency Generator
2) Incinerator
3) Auxiliary Boiler
EXHAUST GAS CLEANING (EGC) SYSTEM CONFIGURATION

4. One Exhaust Gas Cleaning (EGC) System per ship, consisting of common automation,
water/Gas monitoring system. 2 exhaust gas cleaning units (scrubbers) arranged to clean the
exhaust gases of the engines and boilers as detailed in 2) and 3) above.
5. The EGC unit is capable of reducing Sox-emissions to an equivalent 0.10% Sulphur in the fuel
when using fuel with 3.50% Sulphur in the fuel, in compliance with MARPOL Annex VI
regulations 4, 14.1 and/ or 14.4 and as detailed in resolution MEPC.259 (68) 9.1.4
6. The EGC system is described in document EGC system- Technical Manual for scheme B (ETM-
B).
7. The design capacity of the EGC system covers all load combinations of the connected engines,
as specified in the Exhaust Gas Declaration(s) (see Appendix 1).
8. The ship is a diesel engine LR2 tanker, registered in Marshall Islands.
COMPLIANCE PRINCIPLES
9. The ship can use three different compliance principles for compliance with the following fuel
Sulphur limits as per MARPOL Annex V
9.1 Inside SOX ECAs, 0.10 %
9.2 Outside SOX ECAs, 3.50 % Sulphur limit before 1.1.2020, and
9.3 0.50 % on and after that date.
Page 2 of 5

10. The three compliance principles are indicated in the table below. The ship can alternate between
different principles during its timeline.
Principle # Compliance Method Scrubbed Other

Engines Combustion
Units
1 Separate compliance Fuels for Applicable Applicable
operation inside and outside ECAs.
2 Only ECA compliant fuel for Applicable Applicable
operation inside and outside ECAs.
3 An EGC system Applicable Not Applicable
COMPLIANCE PRINCIPLE #1 - SEPARATE COMPLIANT FUELS
11. Details of fuel oil for combustion purposes delivered to and used on board shall be recorded by
means of a bunker delivery note accompanied by a representative sample of the fuel oil delivered.
12. If the ship is using separate fuel oils to comply with fuel Sulphur limits inside and outside Emission
Control Areas the ship shall carry a written procedure showing how the fuel oil changeover is to
be done, allowing sufficient time for the fuel oil service system to be fully flushed of all fuel oils
exceeding the applicable Sulphur limit specified for Emission Control Areas prior to entry into that
Area.
13. The volume of low Sulphur fuel oils in each tank as well as the date, time, and position of the ship
when any planned oil-change-over operation is completed prior to the entry into an Emission
Control Area or commenced after exit from such an area, shall be recorded in such log-book as
prescribed by the Administration.
COMPLIANCE PRINCIPLE #2 – ECA COMPLIANT FUEL ONLY
15. If the ship is using separate fuel oils to comply with fuel Sulphur limits inside and outside Emission
Control Areas the ship shall carry a written procedure showing how the fuel oil changeover is to
be done, allowing sufficient time for the fuel oil service system to be fully flushed of all fuel oils
exceeding the applicable Sulphur limit specified for Emission Control Areas prior to entry into that
Area.
COMPLIANCE PRINCIPLE #3 – EGC SYSTEM
16. The volume of low Sulphur fuel oils in each tank as well as the date, time, and position of the ship
when any planned oil-change-over operation is completed prior to the entry into an Emission
Control Area or commenced after exit from such an area, shall be recorded in such log-book as
prescribed by the Administration.
Page 3 of 5

17. Compliance of the EGC system is demonstrated by Scheme B, in accordance with IMO
Resolution MEPC.259(68) 59.1 M. Emissions data is continuously recorded in a tamper proof
recording device to demonstrate that S02/C02 ratio requirement and wash-water discharge
parameters remain within the required limits (refer to item 5 above). The requirement of S02/C02
ratio for the 0.5% S is 21.7 and for the 0.1% S is less than 4.3.
18. Monitoring details for compliance verification are described in the following statutory documents:
 EGC system — Technical Manual for Scheme B — ETM-B
 On board Monitoring Manual — OMM
 EGC Record Book
19. As an alternative to the EGC Record Book, maintenance records may be recorded in the ship's
Planned Maintenance System, as allowed by the Administration (S 4.4.10 — MEPC.259(68)).
20. If the ship is using separate fuel oils to comply with fuel Sulphur limits inside and outside emission
control areas the ship shall carry a written procedure showing how the fuel oil change over is to
be done, allowing sufficient time for the fuel oil service to the flushed of all fuel oils exceeding the
applicable Sulphur limit specified for emission control areas prior to entry into that area.
21. The volume of low Sulphur fuel oils in each tank as well as the date, time and position of the ship
when any planned oil change over operation is completed prior to the entry into an emission
control area or commenced after exit from such an area, shall be recorded in such log -book as
prescribed by the administration.
23. It is required to carry a written procedure showing how the fuel oil change over is to be done, a
log book for recording of fuel oil change over operations carried by vessel operator.
24. In case of a defect of the system leading to exceedance of emission limits

24.1 take corrective actions to restore compliant functionality (refer to Corrective Actions table
6 in ETM-B, or
24.2 change over to compliant fuel
25. In conformity with Regulation 3 of MARPOL Annex VI: "The emission regulations do not apply to
any emission resulting from damage to a ship or its equipment, provided that all reasonable
precautions have been taken after the occurrence of the damage or discovery of the emission for
the purpose of preventing or minimizing the emission".
26. Whenever an accident occurs to a ship or a defect is discovered, which substantially affects the
efficiency or completeness of its equipment covered by MARPOL Annex VI, the master or owner
of the ship shall report at the earliest opportunity to the Flag Administration, a nominated
surveyor, or recognized organization responsible for issuing the relevant certificate (Regulation 5
of MARPOL Annex VI).
Page 4 of 5

APPENDIX 1- Exhaust Gas Declaration
1. This Exhaust Gas Declaration specifies the required capacity of the Exhaust Gas Cleaning (EGC)
unit(s) on the subject ship based on exhaust gas data of connected fuel oil combustion equipment.
The maximum flow rate of exhaust gas of the EGC unit(s) is defined in the ETMB, in accordance
with IMO Resolution MEPC.259(68), section 5.6.1 (b) (i).
EGC UNIT- FMS 001A- CAPACITY REQUIREMENT

2. The EGC unit capacity is designed for an exhaust gas flow of 58,200kg/h.
Combustion unit EGC Design Load Gas Flow, kg/h

Engine 2.1 SECP 100% kg/h
A/E 1,2 & 3 ‐ 2.1 SECP 100% kg/h
Total =EGC capacity requirement 58,200kg/h
EGC UNIT OPERATION
3. The EGC unit FMS 001A is for the connected main propulsion engine and boilers and will only be in
use either sea going or when the vessel is maneuvering into port to a safe mooring.
The EGC unit FMS 001B is for the connected auxiliary engines and will only be in use sea going and
when the vessel is maneuvering into port to a safe mooring or at a safe berth
Reference Documents(hold)
ETM-B
Operations/Maintenance Manual
FMS EGC Record Book
Page 5 of 5
FEEN MARINE SCRUBBERS INC
OPERATION & MAINTENANCE MANUAL
Hull Number IMO Number Scrubber Type Serial No.

S447 9829447 Open Loop FMS015
Ship Name
Marlin Magic
Class
ABS
Flag State
Red Singapore
REVISION HISTORY
REV. DATE MADE CHECKED DESCRIPTION
1 17/08/18 HF Revised as per ABS Comment
2 29/08/18 AK Revised as per ABS Comment
3 05/09/18 AS Revised as per ABS Comment
KawasanIndustriSekupang, KampungBaru, RT 003/RW 003, Kel. Tanjung Riau
www.feenmarine.com Document No: FMS015 Operation & Maintenance Manual
Contents
Contents .................................................................................................................... 2
1. PREFACE.............................................................................................................. 3
2. SAFETY ................................................................................................................. 3
2.1. Safety Icons ............................................................................................................................. 3
2.2. Exhaust Gas ............................................................................................................................. 4
2.3. Electrical Hazard...................................................................................................................... 4
2.4. Mechanical Hazard .................................................................................................................. 4
2.5. Thermal Hazard ....................................................................................................................... 4
2.6. Working at Heights ................................................................................................................. 5
3. HOW THE EGCS WORKS ..................................................................................... 5
3.1. Process Description ................................................................................................................. 6
3.2. Bypass Arrangement ............................................................................................................... 7
4. OPERATING EGC SYSTEM ................................................................................... 8
4.1. Start and Stop the Scrubber .................................................................................................... 9
4.1.1. Start the Scrubber ........................................................................................................... 9
5.1.2. Procedure to Stop the Scrubber ................................................................................... 11
4.2. Acknowledge and Reset Alarm and Warnings ...................................................................... 12
4.2.1. Acknowledge and Reset Buttons .................................................................................. 12
4.2.2. Procedure to Reset Alarm and Warning ....................................................................... 12
4.3. Alarm Group, Alarm List & Potential Cause .......................................................................... 13
4.4. Switch OFF EGC System (Main Power Switch) ...................................................................... 16
4.5. Switch ON EGC System (Main Power Switch) ....................................................................... 16
5. MAINTENANCE SCHEDULES ............................................................................. 17
6. MAINTENANCE PROCEDURE ............................................................................ 20
6.1 Safety Procedure for Work Inside Scrubber ......................................................................... 20
6.2 Prepare For Working Inside The Scrubber ............................................................................ 20
6.3 Drain System Parts Between Pump(S) and Scrubber ............................................................ 22
6.4 Inspect /Clean Scrubber Inner Side ....................................................................................... 23
7. LIST OF ABBREVIATIONS AND ACRONYMS ..................................................... 24
Page 2 of 25
1. PREFACE
This manual describes how to operate and maintain the Feen Marine Exhaust Gas
Cleaning System (EGCS).
The manual explains the main operation tasks e.g. start and stop the scrubber during
normal operation, switch the EGC system on and off for maintenance, acknowledge
and reset alarms and warnings. For a detailed explanation of the control panels and
the touchscreen Human Machine Interface.
The maintenance schedules list preventive maintenance. The schedules contain
references to either supplier manuals (as supplied with the Customer Manual) or to
Feen Marine procedures. These procedures are found in chapter "Maintenance
procedures" of this manual.
Feen Marine encourages all customers to maintain their systems. Regular
maintenance increases the lifespan of the system and reduces repair and replacement
costs. Feen Marine cannot be held accountable for incorrect operation or
maintenance of its systems.
2. SAFETY
Only trained and qualified operators may work on the Feen Marine Scrubber Exhaust
Gas Cleaning system; inexperienced operators must be supervised until they are
proficient enough to operate the system.
Operators must understand all hazards associated with high voltages, moving
machinery and other potentially dangerous situations and must follow guidelines
when working in this environment. Only operate the system after all safety measures
are in place
2.1. Safety Icons
Pay attention to the following safety signs used in this manual and displayed
in relevant locations in your operating environment:
GENERAL WARNING SIGN
DANGER OF ASPHYXIATION
HIGH VOLTAGE
HOT SURFACE
Page 3 of 25
CORROSIVE SUBSTANCE
EYE SHOWER
SAFETY SHOWER
2.2. Exhaust Gas
The Feen Marine Scrubber Exhaust Gas Cleaning system is integrated in the
ship's exhaust system. Avoid inhaling exhaust gas because it is toxic and can
cause you to asphyxiate.
DANGER
Toxic Fumes
Inhaling exhaust gas can cause severe injury or death.
DANGER
Asphyxiation Hazard
Lack of oxygen can cause fainting or death.
2.3. Electrical Hazard
Keep your clothing, hands and feet dry at all times. Do not wear rings, watches,
metal‐rimmed glasses or jewelry when working around electrical circuits.
Follow local guidelines regarding electrical hazards on board the ship.
2.4. Mechanical Hazard
Do not wear rings, watches, jewelry, ties or loose sleeves when working around
moving mechanical parts. Securely tuck all long hair under a cap when working
around moving mechanical parts.
Follow local guidelines regarding mechanical hazards on board the ship.
2.5. Thermal Hazard
Allow hot surfaces or environments to cool down below 40°C. Before conducting
maintenance, measure the surface or environmental temperature. If unable to
cool down below 40°C, use protective clothing.
Page 4 of 25
Follow local guidelines regarding thermal hazards on board the ship.
2.6. Working at Heights
All work at heights must be properly planned correctly, supervised and carried
out in a safe manner. Use suitable work equipment (e.g. scaffold, platform) and
personal protection equipment (e.g. harness).
Follow local guidelines regarding working at height on board the ship.
3. HOW THE EGCS WORKS
The Feen Marine Scrubber Exhaust Gas Cleaning system is designed to remove Sulphur
oxides (SOx) from the exhaust gas. As a secondary effect, part of the particulate matter
(PM) in the exhaust gas is also removed. The exhaust gas is cleaned in the scrubber, by
mixing the exhaust gas thoroughly with sea water. The scrubber is placed between the
engine(s) and the exhaust gas funnel. The exhaust gas enters the scrubber through the
venturi(s), where the gas is cooled and an initial SOx and particle absorption takes
place. Further absorption is done in the packing bed inside the scrubber
The Feen Marine system is equipped with a bypass arrangement consisting of a bypass
damper valves and uptake damper valves. When the bypass damper is open, the
exhaust gas exits directly through the funnel, bypassing the scrubber. When the
uptake damper is open, the exhaust gas flows through the scrubber. One of the valves
is always open to protect the engine(s).
Gas and water analysis equipment monitors the quality of the cleaning process.
Page 5 of 25
3.1. Process Description
The Feen Marine Scrubber Exhaust Gas Cleaning system can be operated in two
modes:
Bypass Mode.
In bypass mode, the exhaust gas exits directly through the funnel and is not cleaned.
(compliant fuel only).
Page 6 of 25
Open‐Loop Mode.
‐ Seawater is used for the exhaust gas cleaning process.
‐ The amount of water is regulated to ensure efficient SOx removal from the
exhaust gas.
‐ The wash‐water that comes out of the scrubber(s) and is discharged the sea. The
quality of the discharged water is monitored.
The Scrubber system is equipped with water analysis and gas analysis units as
shown in Figure. The following table gives an overview of the units, the flow
that is monitored, and the type of measurements.
Analyzer Unit Monitors Measures

Gas Analyzer Exhaust Gas SO2 (ppm) and
(Tag No. 473) CO2 (%) Content
Inlet Water Analyzer Sea Water Inlet to Scrubber pH, Turbidity (NTU)
(Tag No. 471)
Outlet Water Analyzer Wash Water from Scrubber pH, Turbidity
(Tag No. 472) (NTU), PAH (ppb)
3.2. Bypass Arrangement
The bypass arrangement of the scrubber consists of a bypass damper valve and
an uptake damper valve. When the scrubber is switched off or malfunctions, the
bypass damper goes to the open position. As a result, the exhaust gas exits
directly through the funnel, bypassing the scrubber.
The bypass damper has a “failsafe open” spring loaded pneumatic actuator. In
the software, the uptake damper and the corresponding bypass damper are
controlled in such a way that the uptake damper cannot close before the bypass
damper is fully open, and vice versa.
The bypass damper goes to the open position if:
The SCRUBBER STOP button is pressed.
The EMERGENCY STOP button is pushed.
The pneumatic or electrical supply to the bypass damper fails.
Page 7 of 25
There is an alarm in the exhaust inlet module, or an alarm in another

module or device that stops the whole scrubber.
The damper control can be manually overridden with a hand‐wheel located on a
crank case.
Note: The uptake damper behaves differently: when an uncontrolled stop

occurs, the uptake damper goes to the closed position. This is further
explained in Section 4.1.1
4. OPERATING EGC SYSTEM

The scrubber can be operated through the Engine Control Room Panel (ECRP) or the
Local Control Room Panel (LCRP). These panels have buttons and switches and a
Human Machine Interface (HMI) Touch Screen.
The sections in this chapter explain:

Information regarding controlled and uncontrolled system stops.
How to start and stop the scrubber during normal operation.
How to acknowledge and reset alarms and warnings.
How to switch the EGC system ON and OFF for maintenance.
NOTICE
Insufficient damper sealing

The sealing air supply must be available at all times. Without sealing air, exhaust gas
can enter the scrubber when the uptake damper is closed.
NOTICE
Uncontrolled system stops
Only push the Emergency Stop button in case of an emergency. Never use this button
to stop the EGC system for any other reason.
Page 8 of 25
4.1. Start and Stop the Scrubber
4.1.1. Start the Scrubber

When the start button is pushed on the EGCS HMI at ERCP or LRCP,
there will a predetermined startup sequence of the individual units
connected to the system. The sea water pump discharge valve opens,
sea water cooling valve to the scrubber opens, then the sea water
pump will start. When the sea water flow has stabilized, the inlet sea
water analyzer and outlet analyzer start and sampling info is displayed.
The scrubber now ready for cleaning the exhaust gas.
When the Exhaust Selection button is pushed, the exhaust uptake
damper valve from selected running engine opens and the bypass
exhaust damper valve closes. The gas analyzer start reading the SO2
and CO2 content and sending the signal to controller.
Contact the Chief Engineer before starting the scrubber system.
Seawater Valve Line‐Up for Scrubber

1. Sea water inlets to supply pumps Open position
Sea water outlets from supply pumps Confirm in auto

2.
(v/v 706‐1 and v/v 706‐2) mode
3. Instrument panel 1 supply (v/v 43‐1) Open position
Confirm in auto
4. Sea water supply to scrubber (v/v 24)
mode
Page 9 of 25
Sea water supply to EGCS Scrubber spray nozzles (v/v 25‐1 Confirm in auto
5.
and v/v 25‐2) mode
Sea water supply to EGCS Scrubber spray nozzles (v/v 25‐1B
6. Open position
and v/v 25‐2B)
Sea water supply to ME Venturi spray nozzles (v/v 26‐1 and Confirm in auto
7.
v/v 27‐1) mode
Sea water supply to ME Venturi spray nozzles (v/v 26‐1B
8. Open position
and v/v 27‐1B)
Sea water supply to AE Venturi spray nozzles (v/v 26‐2 and Confirm in auto
9.
v/v 27‐2) mode
Sea water supply to AE Venturi spray nozzles (v/v 26‐2B and
10. Open position
v/v 27‐2B)
11. Scrubber overboard (v/vs 707, 708) Open position
12. Inlet water analyzer (v/vs 41‐1, 41‐2) Open position
13. Outlet water analyzer (v/vs 42‐2, 42‐2) Open position
Sealing Air Fan Valve Line Up

1. Seal air fan supply (v/v 30, 31) Open position
2. Instrument panel 2 (v/v 43‐1) Open position
Confirm in auto
3. Seal air supply to uptake valve (v/vs 21‐1, 21‐2, 21‐3, 21‐4)
mode
Confirm in auto
4. Seal air supply to by‐pass valve (v/v 21‐5, 21‐6, 21‐7, 21‐8)
mode
5. Air vent (v/v 28) Close position
Damper Valve Line Up

Confirm in auto
1. Uptake damper valve (v/v 22‐1, 22‐2, 22‐3, 22‐4)
mode
Confirm in auto
2. By‐pass damper valve (v/v 22‐5, 22‐6, 22‐7, 22‐8)
mode
Instrument Air Solenoid Line Up

1. Pneumatic panel supply (v/v 44‐1) Open position
Page 10 of 25
Initial Startup of Scrubber

One Main. Engine and One Aux. Engine and on Compliant Fuel
1. Line walk both Scrubber systems starting with the sea water pumps; confirm the
seawater valves, sealing air fan valves and instrument control air valves are in the
correct position as per the valve lineup sequence as listed in the proceeding pages.
2. Confirm power is available.
3. Confirm emergency stop is not activated. To reset turn clockwise.
4. Energize the master switch on the main control panel.
5. Confirm control power is available and energized.
6. Check that the graphic display is on and check all system conditions are displayed.
7. Confirm sealing fans display indicates 1 fan is running.
8. Confirm all scrubber control panels (solenoid valves, sea water pumps, gas
analyzers, water analyzers, control air, control power) are powered up.
9. Acknowledge and accept the alarms on the panel, this should clear all alarm
conditions, confirm that there are no alarms on the panel, if an alarm still exists
investigate and rectify.
10. Place the system in by‐pass mode and press the start button.
11. Confirm both sea water analyzers and the gas analyzer for Scrubber are operating
and readings are displayed.
12. Confirm sea water pressure and flow have stabilized.
13. Change to Open Loop Mode.
14. CONFIRM THAT THE RUNNING ENGINE INLET DAMPER V/V TO THE SCRUBBER
OPENS AND THE BYPASS DAMPER V/V CLOSES AFTER.
15. Running engine fuel can now be changed over to HFO.
16. Monitor the operating pressures, flows and temperatures until all are stabilized,
paying attention to the water and gas analyzers read outs, confirming that they are
in the acceptable range.
17. Confirm that there are no alarms on the panel.
18. Change to Open Loop mode.
19. CONFIRM THAT THE RUNNING AUX ENGINE INLET DAMPER TO THE SCRUBBER
OPENS AND THE BYPASS DAMPER CLOSES AFTER.
20. Running Aux Engine fuel can now be changed to HFO.
21. As more units are brought on line ensure that the sea water flow is increasing as
required.
5.1.2. Procedure to Stop the Scrubber

CONTROLLED STOP
A controlled stop happens when the EGCS stop button is pressed and a predetermined set
of sequences take place. The bypass dampers on running units will open and the uptake
dampers on those units will close. The venturi sea water cooling valves will remain open for
15 minutes to cool down the inlet venturi, then will close. The scrubber cleaning valves will
remain open for 15 minutes to both cool down the scrubber and ensure the absorbent is
clean and clean water is detected by the outlet analyzer, then the valves will close. Confirm
the water discharge analyzer displays clean water. The water and gas analyzers will stop.
The sea water pumps will stop, system is now shutdown. PLC, the HMI screens and the data
logger stay active.
Page 11 of 25
NOTE:
If the vessel is running on HFO, stopping the scrubber when operating
in an Emission Control Area means that the vessel is no longer in
compliance.
UNCONTROLLED STOP
When the emergency stop is pushed, or the main power supply is switched off the EGC
stops in an uncontrolled way. The following actions take place;
 The bypass damper valves are spring loaded in the closed position and will force
the damper to the open position.
 The uptake damper valves are spring loaded in the open position and will force
the damper to closed position.
 All PLC output signals are switched off ensuring all commands to those outputs
will not be carried out.
 The power supply to the EGC system remains on.
4.2. Acknowledge and Reset Alarm and Warnings
If one or more alarms or warnings become active, a buzzer sounds on the ECRP
and LCRP and ALARM of both control panels starts blinking. It blinks until all
alarms and warnings are reset.
Status and details of all active alarm and warning messages are visible in the
Alarms/Alarm location screen on the HMI (see the section on alarm, warning and
information screens in the Operations manual).
4.2.1. Acknowledge and Reset Buttons
 The buttons on the HMI control panel affect both panels.
4.2.2. Procedure to Reset Alarm and Warning
1. Press the ALARM ACCEPT button on either the LCRP or the ECRP to
acknowledge alarms. This stops the sound of the buzzer on both
panels.
Note: The acknowledge function only silences the audio alarm. All alarms except
the reset alarm continue to flash till corrected.
3. Remove the cause(s) of the alarms/warnings.

Press the ALARM RESET button on either the LCRP or the ECRP. This
resets all alarms and warnings, in both control panels.
Page 12 of 25
4.3. Alarm Group, Alarm List & Potential Cause
Alarm Group
GROUP ACTION
SD‐1 Immediately stop system and bypass valve open and uptake valve
close, change to compliant fuel
SD‐2 Stop system with cooling until bypass valve open and uptake valve
SD‐3 Warning Alarm with Sub‐system, bypass valve open and uptake valve
SD‐4 Warning and change to compliant fuel
SD‐5 Warning
Alarm List
Alarm ID Description Set Point Group

PALL170 SW Supply Low ‐ Low Pressure 3 Bar SD‐1
PRF01 Power Control Failure ‐ SD‐1
SD01 Emergency Shutdown ‐ SD‐1
ZAL1 SW Feed Pump 1 or 2 Run Failure ‐ SD‐1
LAHH180‐B EGCS Scrubber SW High ‐ high Level ‐ SD‐2
ZAL2 Sealing Air Fan Run Failure ‐ SD‐2
CL22‐8 ME Bypass Valve Close Failure ‐ SD‐3
CL22‐7 AE1 Bypass Valve Close Failure ‐ SD‐3
OP22‐1 ME Uptake Valve Open Failure ‐ SD‐3
OP22‐2 AE1 Uptake Valve Open Failure ‐ SD‐3
PAHH124‐1 ME Inlet Gas High ‐ High Pressure 250 mbar SD‐3
PAHH124‐2 AE1 Inlet Gas High ‐ High Pressure 250 mbar SD‐3
PAL120 EGCS Scrubber SW Supply Low Pressure 1.2 bar SD‐3
PAL172 Instrument Air Low Pressure 4 bar SD‐3
PdAHH121 EGCS Scrubber Pressure Drop High – High 15 mbar SD‐3
TAHH140 SW Supply High ‐ High Temperature 35 °C SD‐3
EGCS Scrubber Outlet High ‐ High
TAHH141 45°C SD‐3
Temperature
EGCS Scrubber Discharge Water High – High
TAHH145 45 °C SD‐3
Temperature
TAHH149 EGCS Scrubber Inlet High – High Temperature 45 °C SD‐3
Page 13 of 25
TAHH142‐1 ME Venturi High‐High Temperature 60 °C SD‐3

TAHH142‐2 AE1,2,3 Venturi High‐High Temperature 60 °C SD‐3
TAHH146‐1 ME Inlet Gas High ‐ High Temperature 320 °C SD‐3
TAHH146‐2 AE1 Inlet Gas High ‐ High Temperature 320 °C SD‐3
4.4 (ECA
AAHH6 EGCS Scrubber Gas Emission High – High SD‐4
Mode)
AAH1 SW Inlet Low PH 8.0 PH SD‐5
AAH2 SW Inlet High Turbidity Adjustable SD‐5
AAH3 SW Outlet Scrubber Low PH 3.0 PH SD‐5
AAH4 SW Outlet Scrubber High ∆ Turbidity 24 NTU SD‐5
AAH5 SW Outlet Scrubber High ∆ PAH 40 µg/L SD‐5
4.4 (ECA
AAH6 EGCS Scrubber Gas Emission High SD‐5
Mode)
LAH180 EGCS Scrubber SW High Level ‐ SD‐5
PAH124‐1 ME Inlet Gas High Pressure 230 mbar SD‐5
PAH124‐2 AE1 Inlet Gas High Pressure 230 mbar SD‐5
PAL171 Sealing Air Low Pressure 50 mbar SD‐5
PdAH121 EGCS Scrubber Pressure Drop High 13 mbar SD‐5
TAH140 SW Supply High Temperature 32 °C SD‐5
TAH141 EGCS Scrubber Outlet High Temperature 42°C SD‐5
EGCS Scrubber Discharge Water High
TAH145 42 °C SD‐5
Temperature
TAH149 EGCS Scrubber Inlet High Temperature 42 °C SD‐5
TAH142‐1 ME Venturi High Temperature 55 °C SD‐5
TAH142‐2 AE Venturi High Temperature 55 °C SD‐5
TAH146‐1 ME Inlet Gas High Temperature 282 °C SD‐5
TAH146‐2 AE1 Inlet Gas High Temperature 282 °C SD‐5
Potential Cause
Process Potential Failure

Recommended Action(s)
Function Mode
SW Feed * Run SW Feed Pump with manual change over to switch to

Run Failure
Pump bypass power / DOL starting.
Instrument Air Low Pressure * Line check and pressure check of the Instrument Air Line.
*Check SW Pump.
SW Supply Low Pressure
*Check SW Pump filter for high diff pressure.
SW Supply Low ‐ Low Pressure * Check SW starter panel.
Page 14 of 25
* Check SW Pump
* Line check & pressure check
SW Supply High Temperature N/A
High ‐ High
SW Supply * Line check & temperature check
Temperature
* Line & SW Filter check
SW Inlet Low PH
*Check Inlet analyzer
SW Inlet High Turbidity * Line & SW Filter check
SW Outlet Low PH * Double check and compare to inlet pH
* Double check and compare to inlet Turb. value
SW Outlet High Turbidity
* Line & SW filter check
* Check analyzer
SW Outlet High PAH
* Line & SW filter check
* Line check.
Scrubber Drain High Level
* Overboard valve check
* Line check
Scrubber Drain High ‐ high Level
* Overboard valve check
FOCU Gas Inlet High Temperature * Check FOCU condition
High ‐ high * Check FOCU condition
FOCU Gas Inlet
Temperature * Line condition
Scrubber Gas * Line check
High Temperature
Inlet * Temperature check
Scrubber Gas High ‐ high * Line check
Inlet Temperature * Temperature check
Scrubber Gas * Line check
High Temperature
Outlet * Temperature check
Scrubber Gas High ‐ high * Line check
Outlet Temperature * Temperature check
*Check SW water flow
Scrubber Gas
Gas emission high *Check SW pressure for each spray banks
Outlet
*Reduce FOCU load
* Scrubber line check
Scrubber Gas Gas emission high ‐
*Reduce FOCU load
Outlet high
* Change to compliant fuel
Scrubber
Packing Bed & Pressure Drop High * Scrubber Line check* Check packing bed & demister
Demister
Scrubber * Scrubber Line check
Pressure Drop High
Packing Bed & * Check packing bed & demister
‐ High
Demister * Run scrubber with correct operation MODE
* Instrument airline check & pressure check
Bypass Valve Close Failure * check and troubleshoot damper valve
* Manually operate damper valve
* check and troubleshoot damper valve
Bypass Valve Open Failure
* manual open the valve
* check and troubleshoot damper valve
Uptake Valve Close Failure
* manual close the valve
* Instrument airline check & pressure check
Uptake Valve Open Failure * check and troubleshoot damper valve
* Manually operate damper valve.
* Check sealing air fan starter panel
Sealing Air Fan Run Failure
* Manual operate sealing fan
Page 15 of 25
* Line check and pressure check

* check sealing air fan if any issue
Sealing Air Low Pressure
* operate sealing air fan manually if needed
*Start STBY fan
PLC PROGRAM
When the start button for ME/AE scrubber is pushed on the EGCS display panel
there will a predetermined startup sequence of the individual units connected
to the system. The sea water pump discharge valve opens, sea water cooling
and cleaning valves to the ME/AE scrubber opens, then the sea water pump will
start. When the sea water flow has stabilized, the inlet sea water analyzer and
outlet analyzer start, and sampling info should be displayed. The exhaust
analyzer now starts and the exhaust damper uptake valve(s) from running
engine(s)/boiler(s) opens and the bypass exhaust damper valve(s) closes.
4.4. Switch OFF EGC System (Main Power Switch)
By switching the MAIN switch on the LCRP to the OFF position all power to the
EGC system is switched off. PLC, HMI screens and data logger are off.
1. Press the SCRUBBER STOP button on the ECRP or the LCRP or touch the
Stop button on the HMI.
Result: the scrubber stops scrubbing; STOP button ‐ red light starts
blinking.
When the stop procedure is finalized:
‐ STOP button: red light is continuously ON
‐ START button: green light goes OFF
2. Make sure the EGC system is fully stopped. All modules on the Global
Overview screen on the HMI must show the status "STANDBY".
3. Check on the HMI if the uptake damper is closed and the bypass
damper is open.
4. Turn the scrubber MAIN switch to the OFF position on the LCRP.
Note:
If required for maintenance work, the MAIN switch can be locked in the OFF position with
a padlock.
If the vessel is running on HFO, stopping the scrubber when operating in an Emission
Control Area means that the vessel is no longer in compliance.
4.5. Switch ON EGC System (Main Power Switch)
1. Make sure that it is safe to restart the system.

2. Turn the scrubber MAIN switch to the ON position on the LCRP.
3. If the system was stopped using an emergency stop button: turn the
Page 16 of 25
emergency stop button clockwise to release it. It should spring back into its
home position.
4. Press the RESET EMERCENCY STOP RELAY button, either on the ECRP or the
LCRP.
5. And reset all alarms and warnings as described in Section 4.2
The scrubber can now be started, by following the steps in Section 4.1.1 (to start
the scrubber).
5. MAINTENANCE SCHEDULES
This chapter contains advice for periodic inspection and maintenance. Detailed
procedures can be found in supplier manuals (supplied as part of the Customer
Manuals) or in the Feen Marine EGC Operation/Maintenance Manual.
Below table contains the list of all gauges and transmitters which are installed on
this system.
Equipment Tag No Sensor Range

Exhaust gas analyzer 473 SO2 : 0 – 1000ppm
CO2 : 0 – 20% vol.
Exhaust Gas Pressure Sensor PT124/1‐4 0 – 0.25 bar
Scrubber Inlet
Exhaust Gas Differential PT121, PT121B 0 – 0.25 bar
Pressure Sensor Across
Scrubber Inlet.
Exhaust Gas Temperature TT146/1‐4 0 – 500 degree
Sensor Scrubber Inlet
Exhaust Gas Temperature TT141 Sensor Range: 0 ‐ 100 degree C
Sensor Scrubber Outlet
SW Scrubbing Water Pressure PT120 0 – 4 Bar
Gauge
1. Recorder printout to be taken every 7 days:

 To make sure report format is correct and for hardcopy record
2. Analyzers shall be span calibrated every 90 days:

 Gas Analyzer to calibrated with certified standard gas with 80% of the sensors
range 800‐1000ppm SO2 and 16‐20% CO2
 Zero calibration is performed automatically daily using Instrument air
Page 17 of 25
3. Below equipment shall be tested manually (using maintenance mode on HMI)

every 7 days:
 All Bypass Valves
 All Uptake Valves
4. Below equipment shall be tested manually (using maintenance mode on HMI)

every 30 days:
 All Valves except Bypass and Uptake Valves
 All Manual Valves to be worked
5. Below equipment shall be checked weekly:

 All Pressure and Temperature Sensors, check for abnormal ranges, if abnormal
ranges replace sensor/s.
6. Below equipment shall be checked for every 12 months:

 All Pressure Gauges to be calibrated onboard using pressure calibrator
 All Temperature Gauges to be calibrated onboard using temperature calibrator
7. Frequency drives shall be checked weekly:

 If the drive is installed in a cabinet: there are filters in the cabinet doors that
need cleaning or replacement.
Note : Should Frequency Drives fail, sea water pump can be started manually by changeover the
bypass switch. Sea water flow can to be adjusted manually using discharge valves
8. Packing bed and demister to be cleaned every year with high pressure wash.
Note :
if due to bad combustion there is excessive soot in the scrubber and in the washwater
discharge, washing packing bed and demister maybe required more frequent.
Packing bed material/demister to be replaced every 5 years or earlier should material be
damaged.
9. Additional items to be checked:

 Thickness gauging and record of the EGCS overboard stub piece and
replacement if necessary every 2.5 years
 Inspection of EGCS body internal coating during packing bed washing
 Inspection of exhaust piping, Inspection of Valve seats on the exhaust gas lines
every 3 months
 Items related to class survey – as per class survey requirements
 Battery of PLC to be replaced every 3 years
Page 18 of 25
CORROSION ASSESSMENT:
 Thickness gauging and inspection of the EGCS overboard stub piece and
overboard piping (metal parts) are to be conducted every 2.5 years.
 Internal condition of the Scrubber Coating to be checked on an Annual Basis to
assess the coating condition and in case of coating breakdown, a check on
corrosion status to be done on an Annual Basis.
 Condition of SW Pipes to be carried out as per the PMS of the vessel. It is
recommended to at least perform an Annual Assessment of the SW Piping for
the system.
 Inspection of Dampers (Both Uptake and Bypass) to be carried out using the
flanges provided to inspect the Damper Butterfly Blades and sealing surfaces
on a 6 month basis. Localized cleaning of the sealing surfaces to be done using
compressed air to blow out any accumulated soot from the surfaces. A check
on the corrosion aspect of the Damper housing as well as spindle to be carried
out at this time as well. Localized maintenance to be carried out as required.
System Condition During Maintenance

Some of the maintenance work can be performed while the EGC system is running in
normal operation. Note that this may affect the signals sent to the data logger and,
therefore, the compliance records for the authorities.
If there is a risk regarding personal safety, equipment safety or process control, the
EGC system must be brought into the system condition as described in this manual.
Details on required system conditions are given in the maintenance schedules and in
the maintenance procedures.
NOTICE
Missing logging data
Performing maintenance while the EGC system is running can affect the compliance
records. (Data Recorder) being serviced may fail to send a signal or could send a
wrong signal to the data logger. Always write maintenance activities in the log book.
NOTICE
N Continuous water monitoring
o
In ports, harbors or estuaries inside Emission Control Areas, wash‐water
t
monitoring, and recording must be continuous, unless the EGC system is switched
e
off, or there is no water discharge. Always write maintenance activities in the log
book.:
I
In case the vessel is using compliant fuel, the exhaust does not have to pass through the EGCS
system, the EGCS system must be operated on weekly basis to ensure it is operating correctly.
Page 19 of 25
6. MAINTENANCE PROCEDURE
6.1 Safety Procedure for Work Inside Scrubber
To safely open any part of the scrubber (absorber, venturi(s), stack) for
Purpose
inspection or maintenance work
Frequency As required
System pre‐condition All combustion unit(s) connected to the EG system switched OFF (1)
2 (1 person inside scrubber, 1 person to stand guard at the scrubber
Persons
entrance)
Tools Standard hand tools
Materials None
Personal gas detection system (portable analyzer)
Padlock(s)
Skin and eye protection against contact with soot (gloves, safety
Safety equipment glasses)
Equipment for (radio) contact between persons inside and outside the
scrubber
Fall protection (harness) if needed
(1)
For vessels that have all combustion unit(s) connected to the EGC system, an alternative power
supply is required (e.g. shore power, or power from engines connected to a second, independently
operating EGC system).
6.2 Prepare For Working Inside The Scrubber
The Feen Marine Scrubber Exhaust Gas Cleaning system is integrated into the
ship's exhaust system. Avoid inhaling exhaust gas because it is toxic. Also, the
lack of oxygen in the scrubber can cause asphyxiation. Before working inside the
scrubber (absorber, venturi and ducting), implement all safety precautions and
pre‐conditions listed below. Perform all procedure steps.
DANGER
Toxic Fumes
Inhaling exhaust gas can cause severe injury or death.
DANGER
Asphyxiation Hazard
Lack of oxygen can cause fainting or death.
Page 20 of 25
Note:
Always refer to the order‐specific P&ID drawings in the Customer Manual for tag numbers and
component locations.
1. Make sure that the following safety precautions and pre‐conditions are in place:
Work inside the scrubber should only be done by authorized personnel.
All combustion unit(s) connected to the scrubber must be switched OFF. Their
ON/OFF switch(s) must be locked in the OFF position with a padlock.
A second person must be present at the entrance of the work area. There must
always be (radio) contact with the person(s) working inside the scrubber.
All persons working inside the scrubber and the person standing guard at the
entrance must carry a personal gas detection system (portable analyzer).
Avoid skin contact with dry and wet soot.
Wear fall protection (harness) if there is a falling hazard.
2. Make sure that any additional measures from the ship's safety procedures are in
place.
3. Stop the scrubber through the HMI or the scrubber control panels (See Section 4.3.3).
4. Make sure that the uptake damper is in its closed position.
5. On the gearbox of the uptake valve, engage manual control according to supplier
instructions. This prevents the valve from being opened through the HMI
6. Check that the sealing/purge air fan(s) (#1 & #2) are ON. If not: switch the fan(s) ON
through the HMI. Login level admin is required for this.
7. Check that the sealing/purge air pressure (PT 126) is at least 0.6 bar. If not,
troubleshoot the air supply before continuing.
8. If a valve is present in the purge line to the venturi(s), open the valve:
In case of a hand valve (HV_1180): open the valve manually.
In case of a pressure operated valve (PVc_1180): open the valve through the HMI.
Login level admin is required for this.
9. Purge the scrubber for at least 2 hours.
10. Open the maintenance hatch nearest to the intended work area and measure the
oxygen content. Keep purging until the oxygen level is 20.8%.
11. Set the sealing/purge air fans no. 1 & 2 back to automatic operation through the HMI.
Login level admin is required for this.
12. Turn the scrubber MAIN switch to the OFF position on the Local Control Room Panel and
lock the switch with a padlock.
13. Open / take off all maintenance hatch doors on the scrubber to ensure maximum
ventilation. Install temporary ventilation fan at the lowest maintenance hatch and keep
running during complete operation.
14. Make sure it is safe to enter the scrubber:
Do not enter the scrubber if the temperature of the scrubber surfaces is
above 40°C.
Do not enter the scrubber if the ambient temperature inside the scrubber is
above 40°C.
Measure the oxygen content inside the scrubber. Do not enter the scrubber if the
oxygen level is below 20.8%.
Page 21 of 25
Bring system back into operation

1. Make sure there are no workers in the scrubber.
2. Close / re‐fit all maintenance hatch doors as follows:
a. Make sure sealing surfaces are clean.
b. Close the hatch door or fit the hatch plate and loosely fit 4 bolts, evenly
distributed around the entire hatch.
c. Loosely fit the remaining bolts.
d. Cross‐tighten all bolts until the rubber gasket sticks out evenly around the
hatch.
3. On the gearbox of the uptake valve, disengage the manual control
according to supplier instructions.
4. Remove the padlock from the scrubber MAIN switch on the Local
Control Room Panel and turn the switch to the ON position.
5. Press the RESET EMERGENCY STOP RELAY button on one of the
scrubber control panels to reset the emergency stop.
6. Start the scrubber according to Section 4.1.1
7. Check the system for leaks.
6.3 Drain System Parts Between Pump(S) and Scrubber
To drain the ECG system parts between feed pumps and

Purpose
scrubber.
Frequency As required
System pre‐condition Pumps and scrubber
Persons 1
Tools None
Materials None
Safety equipment Padlock
Note: Always refer to the order‐specific P&ID drawings in the Customer Manual for tag numbers
and component locations.
Drain
1. Stop the scrubber through the HMI or the scrubber control panels (See
Section 4.3.3).
2. Turn the scrubber MAIN switch to the OFF position on the Local Control
Room Panel and lock the switch with a padlock.
3. Confirm the discharge valve(s) upstream of the pumps: tag no. 711‐1
& 711‐2 for sea water pumps.
4. Open the drain valve(s) for sea water pumps.
All piping between the pumps and the sprayers in the venturi(s) and absorber
will now drain.
Page 22 of 25
Bring system back into operation

1. Close the drain valve(s) for sea water pumps.
2. Remove locks and return the sea water discharge valve(s) to auto mode
upstream of the pumps: 706‐1 & 706‐2 for sea water pumps.
3. Remove the padlock from the scrubber MAIN switch on the Local Control
Room Panel and turn the switch to the ON position.
4. Press the RESET EMERGENCY STOP RELAY button on one of the scrubber
control panels to reset the emergency stop.
5. Start the scrubber according to Section 4.1.1
6. Check the system for leak
6.4 Inspect /Clean Scrubber Inner Side
Purpose To inspect, clean and replace parts inside the venturi(s) and packing
bed
Frequency Every 3 months (include an inspection of the uptake damper valve
on a yearly base)
System pre‐condition All combustion units connected to the EGC system switched OFF
Persons 2 (1 person inside scrubber, 1 person to stand guard at the scrubber
entrance)
Tools Water supply and water hose
Standard hand tools
Materials Replacement parts, as required
Safety equipment Personal gas detection system (portable analyzer)
Padlock(s)
Skin and eye protection against contact with soot (gloves, safety
glasses)
Equipment for (radio) contact between persons inside and
outside the scrubber
Fall protection (harness) if needed
Note: If signs of cracks or corrosion (pitting) are found during the inspection, contact Feen
Marine to discuss follow‐up steps.
Page 23 of 25
7. LIST OF ABBREVIATIONS AND ACRONYMS
Term Description
CO2 Carbon Dioxide
ECA Emissions Control Area
ECR Engine Control Room
ECRP Engine Control Room Panel
EG Exhaust Gas
EGC Exhaust Gas Cleaning
FT Flow Transmitter
HC Hydrocarbon(s)
HFO Heavy Fuel Oil
HMI Human Machine Interface
HV Hand Valve
LA Level Alarm switch
LCR Local Control Room
LCRP Local Control Room Panel
LT Level Transmitter
LS Level Switch
M Motor
MCF Motor Controlled Fan
Page 24 of 25
MCR Maximum Continuous Rating
MCP Motor Controlled Pump
MF Motor Fan
MGO Marine Gas Oil
OL Open‐Loop
PAH Polycyclic Aromatic Hydrocarbon
PCV Pressure Controlled Valve
pH Potenza power + H (hydrogen) is a measure of acidity and alkalinity of a

solution
PLC Programmable Logic Controller
PM Particulate Matter (soot)
PT Pressure Transmitter
PV Pressure Valve
QT Quality Transmitter
SOx Sulphur Oxides
SW Sea‐Water (mode, system, button)
TP Touch Panel
TT Temperature Transmitter
UI User Interface
Page 25 of 25
FEEN MARINE SCRUBBERS INC
EGC SYSTEM ‐ TECHNICAL MANUAL FOR SCHEME B

(ETM‐B)
Hull Number IMO Number Scrubber Type Serial No.

S447 9829447 Open Loop FMS 015
Ship Name
Marlin Magic
Class
ABS
Flag State
Red Singapore
REVISION HISTORY
REV. DATE MADE CHECKED DESCRIPTION
1 17/08/18 HF Revised as per ABS Comment
2 19/08/18 AK Revised as per ABS Comment
3 05/09/18 AS Revised as per ABS Comment
Kawasan Industri Sekupang, Kampung Baru, RT 003/RW 003, Kel. Tanjung Riau
www.feenmarine.com Document No: FMS015 - ETM-B
TABLE OF CONTENTS
TABLE OF CONTENTS .................................................................................................................................... 2
INTRODUCTION ............................................................................................................................................ 4
IDENTIFICATION OF THE UNIT ....................................................................................................................... 4
SYSTEM DESCRIPTION .................................................................................................................................. 4
OPERATING THE EGC SYSTEM ....................................................................................................................... 5
SYSTEM PERFORMANCE ............................................................................................................................... 9
OPERATING RANGES .................................................................................................................................. 10

FUEL OIL COMBUSTION UNITS DATA ...................................................................................................................... 10
EXHAUST GAS CLEANING UNIT OPERATING PARAMETERS ........................................................................................... 10
SEAGOING CONDITIONS LIMITATIONS FOR OPERATION OF EGC .................................................................................... 10
CORRECTIVE ACTION .................................................................................................................................. 11
WASHWATER LIMITS .................................................................................................................................. 14
SCRUBBING AND WASHWATER SYSTEM MONITORING ............................................................................... 14

WATER SUPPLY (SCRUBBING) ............................................................................................................................... 14
WASHWATER (EFFLUENT) .................................................................................................................................... 14
WASHWATER NITRATE ANALYSIS ............................................................................................................... 15
REFERENCE DOCUMENTS............................................................................................................................ 15
Page 2 of 15
ABBREVIATIONS
CEMS Continuous Emissions Monitoring Unit

EGC Exhaust gas cleaning unit (scrubber)
EGC RECORD A record of the EGC operating parameters, component
BOOK adjustments, maintenance and service records as appropriate.
Complete exhaust gas cleaning system comprising of absorber and
EGC System
common ancillary, automation and monitoring system.
Device within which the exhaust gas and cleaning medium are
EGC Unit
mixed.
ETM‐B EGC Technical Manual for Scheme – B
IMO International Maritime Organization
MEPC Marine Environmental Protection Committee
OMM Onboard Monitoring Manual
Scrubbing
Part of the EGC System
unit
Scrubbing
Supply water to the EGC unit (open loop)
water
Page 3 of 15
INTRODUCTION
This manual describes technical features of the Exhaust Gas Cleaning System for
SOX removal.
The selected compliance scheme for this system is “Scheme B” in accordance
with IMO MARPOL Annex VI, regulation 14 and built according to MEPC.259 (68)
Guidelines for exhaust gas cleaning systems.
This manual must be approved by the administration and must be kept on the
vessel at all times.
IDENTIFICATION OF THE UNIT
EGCS Manufacturer: Feen Marine Scrubbers Inc.

Model: Multi Stream U-Type Open Loop System.
Identification: FMS015
Combustion Units Connected: M/E: HHI-MAN-B&W-6G50ME-C9.5-HPSCR
A/E 1: HHI-HIMSEN-6H218/32LPSCR
SYSTEM DESCRIPTION
The EGC System installed on board the ship is of the open loop sea water type.
It consists of the following components:
1 PLC based control system
2 sea water scrubbing pumps
2 sealing air fans
1 sox absorber (scrubber tower)
1 CEMS gas analyzer (SO2/CO2)
1 inlet water monitor (pH, turbidity)
1 outlet water analyzer (pH, turbidity, PAH)
8 exhaust gas damper valves
18 remote operated valves
Sensors and indicators for pressure, temperature, level and flow
FEEN MARINE SCRUBBERS open loop EGC units operate on seawater in all
sections of the EGC unit. The wash‐water (Effluent) is released back to the sea.
The system on board has 1 scrubber, serving in total 4 Engines (1 x ME, 3 x AE).
The exhaust gas pipes in the engine casing are connected to the EGC unit after
the silencers.
Bypassing of the EGC unit is possible with an exhaust gas bypass damper valve
arrangement.
The bypass arrangement permits the operation of the engines e.g. during EGC
unit service breaks or when the EGC unit is not needed.
Gas inlet to the EGC unit is arranged radially at the bottom part of the scrubber
via the connected Exhaust Gas Inlets.
Page 4 of 15
The exhaust gas enters the EGC Scrubber unit via the Exhaust Gas Inlet Lines
(EGI) and exits the scrubber through the vertical outlet at the top.
Sensors record inlet temperature and EGC operating parameters as
appropriate, on entering the EGI the scrubbing process begins by cooling and
saturating of the exhaust gases. In the EGI the oxides of Sulphur (mainly S02)
and particulates from the exhaust gas resulting from the combustion process
are absorbed from the exhaust gas flow and into the scrubbing water (SW).
Before the cleaned exhaust gas exits the EGC unit it passes through droplet
separators where entrained water droplets are removed from the exhaust gas
stream.
Scrubbing seawater is sprayed by the EGC unit nozzles in a contra flow

arrangement to the exhaust gas flow.
The spray nozzles are arranged above “wet filters” comprising of random
packing material.
The scrubbing water drains to the bottom (sump) of the EGC unit.
The scrubbing water also absorbs heat and other components from the
exhaust gas stream, the amount of wash‐water is equal to the amount of
scrubbing water (SW) used.
OPERATING THE EGC SYSTEM
Operation Modes
Bypass Mode
In bypass mode, the exhaust gas exits directly through the funnel and is not
cleaned. (Compliant fuel only).
Operating Mode
Exhaust gases from the engine/s are directed into the scrubber by
means of damper valves.
Seawater is used for the exhaust gas cleaning process.
The amount of water is regulated to ensure efficient SOx removal from the
exhaust gas.
The wash‐water that comes out of the Scrubber is discharged into the sea.
The quality of the discharged water is monitored for pH, Turbidity and PAH.
A: Bypass Arrangement
The bypass arrangement of the scrubber consists of bypass damper valves and
an uptake damper valves.
When the scrubber is switched off or malfunctions, the bypass damper goes to
the open position.
As a result, the exhaust gas exits directly through the funnel, bypassing the
scrubber.
The bypass damper has a “failsafe open” spring loaded pneumatic actuator.
Page 5 of 15
In the software, the uptake damper and the corresponding bypass damper are
controlled in such a way that the uptake damper cannot close before the
bypass damper is fully open, and vice versa.
The bypass damper goes to the open position if:

The SCRUBBER STOP button is pressed.
The EMERGENCY STOP button is pushed.
The pneumatic or electrical supply to the bypass damper fails.
There is an alarm in the exhaust inlet module, or an alarm in another module or
device that stops the whole scrubber.
The damper control can be manually overridden with a hand‐wheel located

between the pneumatic actuator and the damper body.
Note: The uptake damper behaves differently: when an uncontrolled stop

occurs, the uptake damper goes to the closed position.
B: Operating the EGC System

The scrubber can be operated through the Main Panel in the ECR or the Local
Panel.
These panels have buttons and switches and a touchscreen Human Machine
Interface (HMI) panel.
The sections in this chapter explains:
Information regarding controlled and uncontrolled system stops.
How to start and stop the scrubber during normal operation.
How to acknowledge and reset alarms and warnings.
How to switch the EGC system ON and OFF for maintenance.
NOTICE
Insufficient damper sealing
The sealing air supply must be available at all times. Without sealing air,
exhaust gas can enter the scrubber when the uptake damper is closed and
can cause damage to the internal coating, packing bed filters and the
demister screen.
Page 6 of 15
NOTICE
Uncontrolled system stops
Only push the Emergency Stop button in case of an emergency. Never use
this button to stop the EGC system for any other reason.
C: Procedures to Start the Scrubber and Engine(s)

When the start button is pushed on the EGCS display panel, there will be a
predetermined startup sequence of the individual units connected to the
system.
The sea water pump discharge valve opens, sea water cooling valves to the
scrubber opens, then the sea water pump will start.
When the sea water flow has stabilized, the inlet sea water analyzer and outlet
water analyzer start, live sampling data will be displayed.
The exhaust analyzer starts and the Exhaust Gas Transfer buttons will become
available, when pressed the exhaust damper uptake valve from running engine
opens and the bypass exhaust damper valve closes.
D: Procedure to Stop the Scrubber

CONTROLLED STOP
A controlled stop happens when the EGCS stop button is pressed and a
predetermined set of sequences take place.
The bypass dampers on running units will open and the uptake dampers on
those units will close. The gas inlet (venturi) sea water cooling valves will
remain open for 15 minutes to cool down the inlet venturi, then will close.
The scrubber cleaning valves will remain open for 15 minutes to both cool
down the scrubber and ensure all acids are flushed out, clean water is
detected by the outlet analyzer, then the valves will close, the scrubbing (SW)
water pump will now stop.
The water and gas analyzers will stop sampling.
The system is now stopped. PLC, the HMI screens and the data logger stay
active.
NOTE: Sealing air fans will only have an indication of running or stopped as
they cannot be started or stopped from the graphics panel.
NOTE: If the vessel is running on HFO and no compliant fuel is available

stopping the scrubber means that the vessel is no longer in compliance.
UNCONTROLLED STOP
Page 7 of 15
When the emergency stop is pushed, or the main power supply is switched off
the EGC stops in an uncontrolled way. The following actions take place:
The bypass damper valves are spring loaded in the closed position and will
force the damper to the open position.
The uptake damper valves are spring loaded in the open position and will
force the damper to closed position.
All PLC output signals are switched off ensuring all commands to those
outputs will not be carried out.
The power supply to the EGC system remains on.
E.1: Acknowledge / Reset Alarms and Warnings

If one or more alarms or warnings become active, a buzzer sounds, and the
alarm button on both control panels starts blinking. It blinks until all alarms and
warnings are reset.
Status and details of all active alarm and warning messages are visible in the
Alarm Event screen on the HMI.
E.2: Acknowledge and Reset Buttons

Alarm Accept and Alarm Reset buttons are available on both control panels.
Alarm Accept button is for acknowledge the alarm.
Alarm Reset button is for reset / clear the alarm.
E.3: Procedure to Reset Alarms and Warnings

Acknowledge alarms/warnings as follows:
Press the Alarm Accept button on either the Main Panel or the Local Panel.
This stops the sound of the buzzer.
NOTE: The acknowledge function only affects the alarms and warnings in
the control panel on which the acknowledge button is touched.
Press the RESET button on the control panel that is currently active.
This resets all alarms and warnings, in both control panels.
NOTE: Alarm and warning messages will only disappear from the "Actual
Alarms/warnings" screen on the control panel touchscreen when the
messages are acknowledged and reset
Switch EGC System ON/OFF
A: Switch OFF EGC System (Main Power Switch)

By switching the MAIN switch on the Main Panel to the OFF position all power
to the EGC system is switched off, PLC, HMI screens and data recorder will be
Page 8 of 15
off.
Press the Stop button on the HMI.
When the stop command is confirmed, the scrubber stops scrubbing and
bypass the exhaust line.
Make sure the EGC system is fully stopped. All modules on the Global
Overview screen on the HMI must show the status "STOP".
Check on the HMI if the uptake damper is closed and the bypass
damper is open.
Turn the scrubber MAIN switch to the OFF position.
NOTE: If required for maintenance work, the Emergency Switch can be

pressed and locked in the Emergency position with a padlock.
NOTE: If the vessel is running on HFO and no compliant fuel is available,

stopping the scrubber means that the vessel is no longer in
compliance.
B: Switch ON EGC System (Main Power Switch)

Make sure that it is safe to restart the system.
Turn the scrubber MAIN switch to the ON position on the Main Panel.
If the system was stopped using an emergency stop button: turn the
emergency stop button clockwise to release it.
And reset all alarms and warnings.
The scrubber can now be started, by following the steps in Section “C” (to start
the engine(s) and scrubber).
SYSTEM PERFORMANCE
This system is designed to reduce SOx‐emissions to a level not exceeding an
equivalent of 0.10 % m/m Sulphur content in the fuel (S02/C02 ratio of 4.3 or
less) in ECA mode and 0.50% (S02/C02 ratio of 21.7 or less) in Global mode,
when the combustion units are operated on a fuel that contains a maximum of
3.50 % m/m Sulphur. Compliance is demonstrated based on monitored and
recorded S02/C02 (ppm/% v/v) ratio values as follows:
S02/C02 Ratios vs Fuel Sulphur Content Table

Fuel Oil Sulphur Content Emission Ratio
(% m/m) S02(ppm) / CO2 (% v/v)
0.50 % 21.7 (Global)
0.10 % 4.3 (ECA)
Page 9 of 15
OPERATING RANGES
Fuel Oil Combustion Units Data
Fuel Oil Combustion Unit Data

Engine Serial Number A/E 1 A/E 2 A/E 3 M/E
Manufacturer HHI‐HIMSEN HHI‐HIMSEN HHI‐HIMSEN HHI‐MAN‐B&W

6G50ME‐C9.5‐
Model 6H218/32LPSCR 6H218/32LPSCR 6H218/32LPSCR
HPSCR
Serial Number KBA006529‐1 KBA006529‐2 KBA006529‐3 KAA006562
Stroke Length
Engine Stroke or Boiler max fuel air ratio 320MM/4‐Stroke 320MM/4‐Stroke 320MM/4‐Stroke 2500mm/2‐
Stroke
960KW 960KW 7180KW
SMCR Power kW 960KW @720RPM
@720RPM @720RPM @86.9RPM
Maximum Allowable Exhaust Gas back
0.05 Kg/cm3 0.05 Kg/cm3 0.05 Kg/cm3 50mbar
pressure
Exhaust Gas Mass Flow @ SMCR kg/h 6,336 Kg/h 6,336 Kg/h 6,336 Kg/h 54,360 Kg/h
Exhaust Gas Cleaning Unit Operating Parameters
EGCS Operating Parameters Table

FMS015 Nom Max Min
Exhaust gas flow 60,000 Kg/h 60,000 Kg/h n/a
Fuel sulphur content 3.5% 3.5% n/a
Exhaust gas temperature in 250°C 320°C n/a
Exhaust gas temperature out 15‐32°C 42°C n/a
Gas pressure drop across absorber 50mmWC 150mmWC n/a
Gas pressure inlet 150mmWC 150mmWC n/a
Scrubbing water flow (SW) 320m³/h 495m³/h 320m³/h
Scrubbing water pressure (SW) 1.2 bar 4.0 bar 0.8 bar
Scrubbing water temperature (SW) 5‐32°C 32°C 5°C
Scrubbing water alkalinity (SW) ¹ 2,200µmol/L ‐ ‐
¹ The system is designed on the basis that standard seawater alkalinity is of

2200µ/mol/l.
Seagoing Conditions Limitations for Operation of EGC
The EGCS Unit is designed for the following ship motion parameters:
Heel (Athwartships): 15 degrees while Pitch (Fore and Aft): 5 degrees
Page 10 of 15
CORRECTIVE ACTION
This Section describes corrective actions in case of exceedances of the applicable

maximum SO2/CO2 ratio, washwater discharge criteria and other performance
issues.
The entire system is operated and monitored by the automation system, should
any of the parameter be outside of the normal range alarms are generated to alert
the operator to take actions to stay compliant within the emissions and water
discharges limits.
The “Corrective Actions Table” below is a guide on what to check and what to do
in the case of exceedance of operating parameters.
CEMS and Water Monitoring readings Outside Limits or Failure of Instruments
In the case that any of the monitors are to give false reading or outside of the limits
listed in the “S02/C02 Ratios vs Fuel Sulphur Content Table“ and/or “Washwater
Discharge Limits Table” actions according to the “Corrective Actions Table” needs to
be followed.
This area is intentionally left Blank
Page 11 of 15
Corrective Actions Table

Alarm/Fault Likely Cause Checks Corrective Action
Check the analyzer for Follow instructions in
operation faults analyzer manual.
CEMS Analyser Fault.
according to manual. Make entry to form 3 in
the record book.
Check scrubbing water Start the stby scrubbing
pump delivery and pump
suction pressure. Swap filters.
Check sea chest filter if Clean filter.
clogged. Replace faulty sensor.
Low scrubbing water
Compare scrubbing If problem cannot be
flow.
water pressure sensor to fixed, stop system and
local gauges. change to compliant
fuel.
Make entry to record
book.
During startup of system CO2 lags behind the SO2 in
analyzer can show high ration as there is low CO2 to
EGC system start up.
calculate the ratio correctly.
High SO2/CO2 Ratio Make entry to record book.
High pressure at spray Change over to
bank indicates blocked compliant fuel, bypass
nozzle. and shut down scrubber
and inspect and
Blocked Nozzle/s.
clean/clear blocked
nozzles.
book.
Check valve position. Re‐set valve(s)
Pump/System valve
shut.
book.
Confirm combustion unit Correct combustion unit
design fuel rate against consumption rate.
Fuel consumption output rating. Change over to
outside combustion unit compliant fuel.
design limit. Stop EGCS.
book.
PAH measurement Check sensor, chamber Clean sensor, chamber
outlet and related hoses for and hoses.
sensor faulty or dirty. cleanliness. See OMM for
Combustion unit Check readings, instructions on fault
(engine) not performing messages on local panel. finding.
correct. Check combustion unit Replace sensor with
for proper operation. spare if found faulty.
Washwater discharges Rectify combustion unit
out of limits. operations.
book.
Turbidity measurement Check sensor, chamber Clean sensor, chamber
inlet / outlet sensor and related hoses for and hoses.
faulty or dirty. cleanliness. See OMM for
Combustion unit Check readings, instructions on fault
Page 12 of 15
(engine) not performing messages on local panel. finding and span check.
correct. Check combustion unit Replace sensor with
Rectify combustion unit
operations.
book.
PH measurement inlet / Check sensor, chamber Clean sensor, chamber
outlet sensor faulty or and related hoses for and hoses.
dirty. cleanliness. See OMM for
Combustion unit (engine) Check readings, instructions on fault
not performing correct. messages on local panel. finding and span check.
Check combustion unit Replace sensor with
Rectify combustion unit
operations.
book.
High high flow rate. Check flow rate Adjust flow rate.
High supply water
pressure. Blockage in feed line Check line and gauges. Remove blockage if
piping. found.
Restriction in scrubber, Verify back pressure Change to compliant
blocked droplet across the scrubber. fuel.
separator or wet filter Bypass scrubber.
structured packing. Isolate scrubber and
make internal inspection
of droplet separator and
wet filter, if found
fouled, clean with high
pressure wash.
High exhaust gas back Make entry to record
pressure. book.
Engine overload. Check engine Change to compliant
performance against fuel.
manufacturers data. Bypass scrubber.
Rectify engine
performance as
recommended by
manufacturer.
book.
No power off. Check power supply Rectify power supply.
Safety circuit tripped. breaker/s Rectify fault causing trip.
System Fails to start. Check the related line Re‐start system.
from short circuit,
measure the continuity.
Page 13 of 15
WASHWATER LIMITS
Washwater Discharges
Washwater discharged to sea is monitored continuously for pH, PAH and
Turbidity according to IMO MEPC 259(68) 10.1.
‐ PAH and Turbidity limits are continuous.
‐ pH limits are during “Port Conditions” “Manoeuvring” and when in
“Estuaries” only.
The limits for washwater discharges are listed in the “Washwater Discharge
Limits Table”
Washwater Discharge Limits Table

Parameter Limit Exceedances Permitted Note
Limit is based on
100% exceedance (83.22 µg/L) allowed
ECA ≤41.61 for 15 minutes in any 12‐hour period
washwater flow of
PAH 60.1T/MWh
(µg/L) 100% exceedance (127.16 µg/L) Limit is based on
Global ≤63.58 allowed for 15 minutes in any 12‐hour washwater flow of
period 38.89T/MWh
Limit is rolling
Turbidity ≤25
20% exceedance (30) allowed for 15
average above the
(FNU) minutes in any 12‐hour period
inlet
Limit is based on
calculated based
methodology stated
pH (Unitless) ≥3.605 n/a in Appendix “A”
FMS015/16
Overboard pH limit.
SCRUBBING and WASHWATER SYSTEM MONITORING

Water Supply (Scrubbing)
The sea water pumps are utilized for open loop operation as the scrubbing medium.
The scrubbing water is monitored for pH and Turbidity.
Washwater (Effluent)
The system is designed with one main drain that splits into 2 overboard
discharges, this is to ensure correct pH dispersion of the wash‐water discharge
to meet the requirements of MEPC.259 (68) .
The Washwater is monitored for pH, Turbidity and PAH.
Washwater Monitoring:
All scrubbing and washwater will be monitored and recorded in the Data
Recorder to comply with IMO Resolution MEPC.259(68) 10.3 water discharge
criteria prior to discharge overboard.
Page 14 of 15
WASHWATER NITRATE ANALYSIS

According to MEPC.259(68) water samples are to be taken for analysis if Nitrate, this is
to be taken at the at the commissioning stage and 3 months prior to any renewal
survey, the analysis should be performed by a recognized laboratory.
Samples to be taken: for both INLET and OUTLET
REFERENCE DOCUMENTS
Document Name Document Number

P&ID FMS015‐701
EGC Record Book FMS015 ‐ EGC Record Book
SECP FMS015 ‐ SECP
Safety Alarm List FMS015 ‐ Safety Alarm List
Operation Maintenance Manual FMS015 ‐ Operation Maintenance Manual
Commissioning and Test Plan FMS015 ‐ Commissioning and Test Plan
Sea Trial Plan FMS015 ‐ Sea Trial Plan
Marpol Certification Test Plan FMS015 ‐ Marpol Certification Test Plan
Overboard pH limit FMS015 Overboard pH limit
This area is intentionally left Blank
Page 15 of 15
www.feenmarine.com Document No: FMS/ OMM - Rev. 4
Project Title:
Project No.: FMS 015,016,017,018,019,020
SPECIFICATION
EGCS – Onboard Monitoring Manual (OMM)
Hull Number IMO Scrubber Serial no.

Number Type
S447 SHIPYARD Open Loop BD3452125-A
TO FILL
Ship Name - SHIPYARD TO FILL
Flag State – SHIPYARD TO FILL
Class - ABS
REV DATE DESCRIPTION PREPARED CHECKED APPROVED

2 04/05/2018 Revised Per ABS comment IM
page 6, 7, 8, 10, 11, 14
3 04/06/2018 Revised per internal calc page HF
11
4 21/06/2018 Revised design, page 6 HF
Page 1 of 18
CONTENTS
SPECIFICATION ................................................................................................................ 1
CONTENTS ....................................................................................................................... 2
1. INTRODUCTION ........................................................................................................ 3
2. MONITORED PARAMETERS...................................................................................... 3
2.1 CONTINUOUS EMISSION MONITORING SYSTEM ........................................................... 4
2.2 EXHAUST GAS ANALYSER........................................................................................ 4
2.3 EXHAUST GAS PRESSURE SENSOR SCRUBBER INLET ...................................................... 5
2.4 EXHAUST GAS DIFFERENTIAL PRESSURE SENSOR ACROSS SCRUBBER INLET ........................ 5
2.5 EXHAUST GAS TEMPERATURE SENSOR SCRUBBER INLET ............................................... 5
2.6 EXHAUST GAS TEMPERATURE SENSOR SCRUBBER OUTLET ............................................ 5
2.7 SW SCRUBBING WATER PRESSURE GAUGE .................................................................... 5
2.8 OPEN LOOP SW SUPPLY AND WASH WATER OVERBOARD DISCHARGE ............................ 6
2.8.1 Sampling System ............................................................................................. 6
2.8.2 PAH .................................................................................................................. 9
2.8.3 PH................................................................................................................... 10
2.8.4 TURBIDITY ...................................................................................................... 12
2.8.5 Nitrates .......................................................................................................... 12
3. DEMONSTRATING COMPLIANCE OF THE EGC SYSTEM ........................................ 12
4. SURVEY OF MONITORING SYSTEMS ...................................................................... 13
5. COMPLIANCE MONITORING AND LIMITS ............................................................. 14
6. RECORDED PARAMETERS IN PROCESS .................................................................. 15
7. DATA LOGGING....................................................................................................... 15
8. SENSORS POSITIONS .............................................................................................. 16
9. APPENDIX 1............................................................................................................. 17
Page 2 of 18
1. Introduction
The maintenance, calibration requirements and survey procedures for the

exhaust gas cleaning system monitoring equipment of the subject ship
identified on the title page are described in this document. The document
covers the instruments and analyzers used to evaluate the performance of
the EGC system in which the EGC unit(s) is/are incorporated.
2. Monitored Parameters
This chapter describes the sensors and parameters to be used in

evaluating the EGC system performance and wash water monitoring, their
service, maintenance and calibration requirements. The parameters
measured by the sensors referred to are also continuously recorded in the
tamper proof data recorder. Services, maintenance and calibrations
should be noted within EGC Record Book.
In addition when one of the sensors listed below is taken out of service for
repair / replacement or calibration the other listed parameters (refer to
record forms of the EGC record book) should be logged on a daily basis in
the EGC Record Book to demonstrate continued system performance and
compliance, provided that parameters remain at the values listed within
section 3 of the ETM-B.
Exhaust Gas bypass valve positions (bypass and inlet to scrubber), water
pressure, water flow, exhaust gas pressure and temperature are logged in
the tamper proof data recording system during operation and provide an
accumulative signal "engine scrubbed" and are to indicate that exhaust
gas is directed to the EGC unit at all times the associated fuel oil
combustion unit is running and being scrubbed.
Sensors In monitoring cabinets' 15N06/10, 15N06/20 and 15N06/21 for
monitoring the quality of scrubbing water supply and wash water discharge
are fed from the main supply and / or overboard discharge. Bypass,
isolation or failure of water supplied to the monitoring cabinets will trigger
an alarm indicating non-compliance and will be recorded in the tamper
proof data logger.
Page 3 of 18
2.1 Continuous emission monitoring system
The MultiCon line includes advanced controllers and recorders with

great potential closed in small casings. MultiCon has been specifically
designed for advanced applications in industrial automatic control
engineering. It does not mean, however, that the device cannot be
applied in smaller systems. MultiCon can be equipped with three isolated
RS-485 interfaces which make it a perfect solution for distributed systems
to work as CPU. Thanks to Ethernet interface the device can be
monitored via the Internet. A wide range of input and output modules
allows to customize MultiCon precisely as the customer requires it. Thanks
to a colour touchscreen working with the user interface becomes a
pleasure, while MultiCon operation playing the role of HMI is intuitive and
comfortable. This is a tamper proof system.
2.2 Exhaust gas analyzer
Feen Marine P&ID tag No. : 473

Sensor Range :
 SO2 : 0 – 1000ppm
 CO2 : 0 – 20% vol.
Page 4 of 18
2.3 Exhaust Gas Pressure Sensor Scrubber Inlet
Feen Marine P&ID tag No.: PT124/1-4 & PT 125/1-2

Sensor Range: 0 – 0.25 bar
2.4 Exhaust Gas Differential Pressure Sensor Across Scrubber Inlet.
Feen Marine P&ID tag No.: PT 121 & PT 121B

Sensor Range: 0 – 0.25 bar
2.5 Exhaust Gas Temperature Sensor Scrubber Inlet
Feen Marine P&ID tag No.: TT 146/1-4 & TT 147/1-2

Sensor Range: 0 – 500 degree C
2.6 Exhaust Gas Temperature Sensor Scrubber Outlet
Feen Marine P&ID tag No.: TT 141

Sensor Range: 0 - 100 degree C
2.7 SW Scrubbing Water Pressure Gauge
Feen Marine P&ID tag No.: PT 120

Sensor Range: 0 – 4 Bar
Page 5 of 18
2.8 Open Loop SW Supply and Wash water Overboard Discharge.
2.8.1 Sampling System

2.8.1.1 Gas Analyzer
Page 6 of 18
2.8.1.2 Inlet Water Analyzer
Page 7 of 18
2.8.1.3 Outlet Water Analyzer
Page 8 of 18
2.8.2 PAH
Page 9 of 18
2.8.3 PH
pH Discharge Criteria
To meet the pH criteria According to MEPC.259(68), dilution prior to discharge is

taken. Below formula describes a calculation method for the dilution ratio. It applies
for circular outlets and follows the jet theory.
Outlet diameter : 65mm ≤ d ≤ 400mm

Reynolds number : 80 000 ≤ Rn ≤ 1 750 000
Distance between multiple outlets
and water surface : min. 10 times the outlet diameter
Dilution Ratio
with :
Co : concentration at flow
Cm : Concentration in center of jet in distance x
x : distance from outlet [m]
d : pipeline diameter [m]
f : factor, which depends on distance of x and diameter d;
Depending on the outlet diameter following factors for f apply with x=4 m:
d 0,400 0,265 0,200 0,160 0,065

[m]
f 0,100 0,170 0,185 0,195 0,195
Factors for diameters in between the listed diameters can be linearly interpolated.
This Empirical Formula is based on Empirical Formula of B.S.Pani et.al .
Page 10 of 18
Eg :
Overboard Stub Piece Diameter (NTS LR2) = 0.275m (i.e. 65mm,/=d,=400mm)

Reynolds number Rn : as per 80,000 </=Rn </= 1,750,000
f = 1.0165 (pls use the table below to interpolate)
D [m] 0,400 0,265 0,200 0,160 0,065

f 0,100 0,170 0,185 0,195 0,195
x = 4m
d = 0.275m
Dilution Ratio S = f.x/d = f.4m/d = 0.165x4 /0.275 = 2.4
So projected Wash water pH from sample point from sampling point within the
vessel is 2.72.
Hence after dilution pH at 4m away from overboard = 2.72 x 2.4 = 6.51
Page 11 of 18
2.8.4 TURBIDITY
2.8.5 Nitrates
As required by MEPC.259(68) – 10.1.5.2, wash water samples are to be
taken at each renewal survey to determine that the Nitrate content of
the wash water, sample should be taken with in 3 months of the
renewal survey. Results of the analysis are to be recorded in the EGC
RECORD BOOK. Nitrate Sample Analysis is to be as per DIN EN ISO
10304.
3. Demonstrating Compliance of The EGC System
The Performance of the EGC unit is subject to on board verification and can
be monitored via Continuous Emission Monitoring System (CEMS). CEMS sends
the relevant data into the EGC System tamper-proof recording device (with
read Only Capability), which then is capable of producing emission reports in
a readily useable format for any 3rd Party Inspector/ Class Surveyor/ Port State
Page 12 of 18
Control Inspector/ Flag State Inspector or any other interested party to review.
The recording interval is set at 0.0035Hz as specified in MEPC.259(68) section
5.4.2 and data is stored for a minimum period of 18 months.
Wash water emissions data is also recorded in the EGC system tamper proof
recording device along with wash water pressure, flow rate at EGCS units inlet
connection, exhaust gas pressure before and pressure drop across the EGCS
unit.
NOTE: Owners/ Operators should be aware that if there is a breakdown of

the recording and processing device, then after change of the unit, the
data recorded in the malfunctioning unit needs to be retained onboard and
available as required.
4. Survey of Monitoring Systems
The monitoring is to be surveyed by:

1. Check physical installation (sensor type, location).
2. Check the calibration certificates of each sensor.
3. Check the calibration requirements of the sensors.
a. CEMS: Check EGC Record Book entries against requirements
specified in this OMM, section 2.2
b. Supply and wash water monitoring modules: Check section 2.8 in
this OMM for the calibration requirements for the sensors used in
wash water monitoring.
4. Check the maintenance, service, and calibration markings from the
EGC Record Book.
5. Compare the emission data provided from the tamper-proof
recording device with the limit values given in chapter 3 of the Feen
Marine EGC System Technical Manual (ETM-B).
6. Verify that logged and reported parameters are normal.
7. Refer to ETM-B "Verification Procedure"
Page 13 of 18
5. Compliance Monitoring and Limits
The various emission limits for the exhaust gas and wash water discharge as
detailed in MEPC.259(68), MARPOL Annex VI Regulation 4,14.1 and 14.4 are
listed below:
Wash water discharge Limits

OPEN LOOP UNIT LIMIT NOTES
pH =/>6.5 7
PAH phe (Phenanthrene µg/litre Max.47.4 1,3,6
equivalence)
PAH phe (Phenanthrene µg/litre Max.94.8 2,3,6
equivalence)
Turbidity NTU Max.25 1,3,4
Turbidity NTU Max. 30 2,3,4
Nitrates Mg/litre Max. 56.9 6
Note 1: Continuous.
Note 2: For a 15-minute period in any 12-hour period.
Note 3: Above sea water inlet values.
Note 4: Can be rolling average of a 15-minute period.
Note 5: Defined at commissioning in accordance with method (ii) of section
10.1.2.1 of MEPC.259 (68) or by approved Calculation-based
methodology 10.1.2.1(ii) of MEPC. 259 (68) refers.
Note 6: Based on a maximum wash water flow rate of 47,5 tons/MWh.
Note 7: Defined at commissioning in accordance with method of section
10.1.2.1.2 of MEPC 259(68)
Typical S02/C02 Ratios based on Fuel Sulphur Content
Fuel Oil Sulphur Content % Ratio Emission

m/m) S02ppm / CO2 %
Vol
0.50 % 21.7
0.10 % 4.3
Note: The use of the ratio emissions limits is only applicable when using
petroleum based distillate or residual fuel oils.
Page 14 of 18
6. Recorded Parameters in Process
The following lists detail other parameters recorded in the tamper proof data
recorder.
1. EGC unit "Running"

2. UTC Time
3. GPS Ships Position
4. Exhaust gas analyzer, SO2 (ppm) Scrubber 1
5. Exhaust gas analyzer, CO2 (%) Scrubber 1
6. S02/ CO2 ratio, Scrubber 1
7. Scrubber 1 Gas Monitoring, no flow alarm
8. Exhaust gas analyzer, SO2 (ppm) Scrubber 2
9. Exhaust gas analyzer, CO2 (%) Scrubber 2
10. S02/ CO2 ratio, Scrubber 2
11. Scrubber 2 Gas Monitoring, no flow alarm
12. Scrubber 1 water Inlet pressure (PT120)
13. Exhaust gas Diferential Pressure Scrubber 1 (PT- 121B, PT-121)
14. Exhaust gas temperature, scrubber 1 inlet (TT-149)
15. Exhaust gas temperature, scrubber 1 outlet (TT-141)
16. Scrubber 2 water Inlet pressure (PT122)
17. Exhaust gas Diferential Pressure Scrubber 2 (PT- 123B, PT-123)
18. Exhaust gas temperature, scrubber 2 inlet (TT-150)
19. Exhaust gas temperature, scrubber 2 outlet (TT-143)
20. Water supply and Wash water PAH (471, 472)
21. Water supply and Wash water pH (471, 472)
22. Water supply and Wash water turbidity (471, 472)
7. Data Logging
The data logger continuously records data as listed in Section 6 above

and detailed in section 4.4.7 of MEPC.259(68), the data is encrypted and
is tamper proof. The data logger only stores the data to a data base for a
minimum period of eighteen months. This data can be printed out in
report format when requested by the user.
To read the data refer to "Guidance on how to read the data" as
detailed in Appendix 1 below.
Data logging frequency is as detailed in MEPC.259(68) section5.4.2.
i.e: < 0.0035Hz ( less than 4.74 minutes).
Page 15 of 18
8. Sensors Positions
Please refer to the P&ID drawing which is part of the drawing package
attached to and as reference document to the ETM-B:
Page 16 of 18
9. Appendix 1
Downloading Data from the Data Logger
- Connect a usb thumb drive in the front of the device. This will
automatically download the recorded data from the device.
Page 17 of 18
Viewing Downloaded Data Software
- Use Loggy Soft which is installed on ECR Computer or any other

computer onboard.
Making MARPOL Printouts for Port State Control Inspectors
Pressure Temperature SW
EGC S02/ CO2 GPS Ships Temperature No flow
SO2 (ppm) CO2 (%) UTC Time scrubber scrubber Pressure PAH pH turbidity
Running ratio Position scrubber inlet alarm
inlet outlet Inlet
10. Appendix 2
Gas & Water Maintenance and Calibration please refer to

 Gas Analyzer Manual
Page 18 of 18
 Water Analyzer Manual
Page 19 of 18
Sekupang, Batam‐Indonesia, Phone +62 7784100382 www.feenmarine.comDocument No: FMS EGC Record Book Rev2
FEEN MARINE EGC RECORD BOOK
Name of the Ship SHIPYARD TO FILL

Distinctive Letters / Call Sign SHIPYARD TO FILL
IMO Number SHIPYARD TO FILL
Book Start Date (dd/ mm/ yyyy)
Book Start Date (dd/ mm/ yyyy)
Signature of Master
Approval Scheme
EGC UNITS
EGC UNIT TYPE EGC UNIT SERIAL NO. COMMENT
MAIN ENGINE AND GEN. ENGINE AS PER ABS STAMP APPLIED FOR THE FOLLOWING:
(MR)
S447~ BD3452125-A Main Scrubber body/name plate
S448 ~ BD3452125-B Auxiliary Scrubber body/name
S449 ~ BD 3503594 plate
S451~BD3502142 All damper valves flange
S452~ BD3519427
body/name plate
Certified main control panels
name plate
ALTHOUGH PUBLISHER HAS TRIED THEIR BEST TO PROVIDE ACCURATE INFORMATION REGARDING THE SUBJECT
COVEREDTHE PUBLISHER AND COPYRIGHT OWNER OF THISPUBLICATION CANNOT TAKE ANY RESPONSIBILITY OR LIABILITY
FOR ANY ERRORS OR OMISSIONS IN THISPUBLICATION OR FOR DISCREPANCIES ARISING FROM THE FEATURES OF ANY
ACTUAL ITEM IN THE RESPECTIVEPRODUCT BEING DIFFERENT FROM THOSE SHOWN IN THIS PUBLICATION. THE PUBLISHER AND
COPYRIGHT OWNERSHALL NOT BE LIABLE UNDER ANY CIRCUMSTANCES, FOR ANY CONSEQUENTIAL, SPECIAL,
CONTINGENT, ORINCIDENTAL DAMAGES OR INJURY, FINANCIAL OR OTHERWISE, SUFFERED BY ANY PART ARISING OUT OF,
CONNECTEDWITH, OR RESULTING FROM THE USE OF THIS PUBLICATION OR THE INFORMATION CONTAINED THEREIN.
Page 1 of 13
DEFINITIONS
EGC Exhaust Gas Cleaning
ETM-B EGC-Technic al Manual — Scheme B
OMM Onboard Monitoring Manual
Scrubbing Water Water pump e d into the EGC units to perform exhaust
gas cleaning
Washwater Contaminated scrubbing water returning from the EGC units
for water treatment
Wash water Residue Impurities extracted from the wash water (also referred as
sludge).
Page 2 of 13
Contents
Contents ........................................................................................... 3
1. PURPOSE OF DOCUMENT ................................................................... 4
2. APPLICATION OF DOCUMENT .............................................................. 4
3. IMO RESOLUTION MEPC 259(68) REQUIREMENTS ....................................... 6
4. INSTRUCTION FOR THE USE OF THIS DOCUMENT ....................................... 7
5. FORM #1 — ETM‐ B MAINTENANCE RECORDS ............................................ 8
6. FORM #2 — OMM MAINTENANCE RECORDS ............................................... 9
7. FORM #3 ‐ DAILY SPOT CHECKS — SHIPS POSITION .................................... 10
8. FORM #4 ‐ DAILY SPOT CHECKS — PARAMETERS ....................................... 11
9. FORM #5 — WASH WATER RESIDUE ...................................................... 12
10. FORM #6 — WASH WATER NITRATE CONCENTRATION .............................. 13
Page 3 of 13
1. PURPOSE OF DOCUMENT
This document describes the form of an EGC Record Book for an Exhaust Gas
Cleaning System for SO x cleaning in accordance with IMO Resolution MEPC.
259(68), adopted by the IMO 17 July 2009.
"An EGC Record Book should be maintained by the ship-owner recording

maintenance and service of the unit including like-for-like repla cement. The
form of this record should be submitted by the EGC system manufacturer
and approved by the Administration. This EGC record book should be
available at surveys as required and may be read in conjunction with
engine room logbooks and other data as necessary to confirm the correct
operation of the EGC unit. Alternatively, this information should be
recorded in the vessel's planned maintenance record system as approved
by the Administration".
The EGC unit (scrubber) is designed for use with the connected fuel oil
combustion equipment running at maximum capacity or as detailed in the
System Exhaust Gas declaration.
2. APPLICATION OF DOCUMENT
IMO Resolution MEPC. 259(68) offers two alternative compliance schemes — A

and
This document applies to Scheme A or B (see title page - delete non-

applicable Approval Scheme). 
 Scheme A - EGC system approval, survey and certification using
parameter and emission checks. Complian ce verification options
referre d to in the ETM-A, and as specified in the tables below.
 Scheme B - EGC system approval, survey and certification using
continuous monitoring of SOx emissions. Compliance verification
options referred to in the ETM-B, and as specified in the tables
below.
When starting a new EGC record Book the data fields on the title page
are to be completed, information on the EGC unit(s) installed c an be
obtained from the SOx Emission Compliance Pla n (SECP).
When making entries into the EGC Record Book, the date, EGC unit
being maintained (identified on t he title page) and the sheets #1, #2,
#3, #4, #5, and #6 as applicable are to be completed.
Page 4 of 13
Any Failure of the EGC system or equipment is to be recorded in the

EGC Record Book. Refer to sections 5.3 and 5.4 of the ETM-B and
section 2 of the OMM.
Each completed operation and maintenance function shall be signed
for and dated by the officer or officers in charge. The master of the Ship
shall sign each c ompleted page.
The forms that are a part of this EGC Record Book have a limited
number of pages it is recommended that copy pages are made
before starting to use the EGC record book. Once the page has been
fille d in a particular section the page must be marke d with its
sequence number, dated and signed and a new page must be
started.
The EGC Record Book shall be kept in such a place on board the ship
as to be readily available for inspection at all reasonable times.
Page 5 of 13
3. IMO RESOLUTION MEPC 259(68) REQUIREMENTS
Exhaust gas cleaning system surveys include checking of EGC Record Book
entries:
 against requirements specified in the ETM-A or B and in the OMM
 of operating parameters required to be recorded daily
 of handling wash water residues
Table 1 - References to sections of MEPC 259(68)

Section Scheme Requirement Forms to
Complete
4.2.2.1 A Maintenance, servicing and adjustments N/ A
4.4.7 A and B Chemical consumption and deliveries N/ A
4.4.8 A Daily spot checks — S02/ CO2 N/ A
4.4.8 A Daily spot checks — Wash water discharge N/ A
4.4.8 A Daily spot checks — parameters N/ A
4.4.10 B Maintenance, servicing and adjustments #1 & 2
4.4.10 A and B Document definition -
7.2 A and B Ships position —GPS signal loss #3
5.5.2 B Daily spot checks - S02/ CO 2 — monitoring #3&4
5.5.2 B Daily spot checks — Wash water — #5
5.5.2 B Daily spot checks - parameters #4
9.2.1.1 A Demonstration of compliance -
9.2.2.1 B Demonstration of compliance -
10.4.2 A and B Storage and disposal of wash water residues #5
10.1.5.2 A and B Nitrate Disc harge concentration #6
Page 6 of 13
4. INSTRUCTION FOR THE USE OF THIS DOCUMENT
The following forms #1-6 are provided to satisfy the requirements stated in the IMO
MEPC 259(68) and should be used as described below; forms #7 - 8 are for record
purposes:
 FORM #1 —ETM- B Maintenance Records, is to be used to keep a

record of all the service, maintenance, adjusting and corrective
actions that have been conducted for the equipment listed in the
ETM- B. Completing this form is mandatory. 
 FORM #2 — OMM Maintenance Records, is to be used to keep a
record of all the service, maintenance, adjustments and corrective
actions that have been conducted for the equipment listed in the
OMM. Completing this form is mandatory. 
 FORM #3 — Daily Spot Checks — form is provided to log ships position
on those occ asion’s that GPS signal is lost and / or failure of EGC
data monitoring and recoding system.
 FORM #4 - Daily Spot Checks of operating parameters — forms are provided
to record once a day operating parameter when EGCS is in operation.
 FORM #5 — Wash water Residues - Th is form is used to record the
storage and disposal to shore facilities of wash water residues.
Completing this form is mandatory.
 FORM #6 - Nitrate concentration — this form is used to record the
calculated (or analyzed) nitrate concentration of the wash water
discharge at commissioning and at renewal surveys
Page 7 of 13
5. FORM #1 — ETM- B MAINTENANCE RECORDS
This form is used to record maintenance, servicing and adjustment actions as

detailed in the ETM-B.
Date Time EGC Action / Remarks Signature

Unit
Signature of Master : ------------------------------------------------

Date : ------------------------------------------------
Page 8 of 13
6. FORM #2 — OMM MAINTENANCE RECORDS
This form is used to record maintena nce, servicing and adjustment a ctions
to OMM.
Date Time EGC Action / Remarks Signature

Unit
Signature of Master : -------------------------------------- Date

: --------------------------------------
Page 9 of 13
7. FORM #3 - DAILY SPOT CHECKS — SHIPS POSITION
This form is to record daily spot checks and the ships position when GPS signal is lost and / or failure
of EGC data monitoring and recording system.
Vessel’s Position Emissions to air Emissions to air OL CL

CEMS1 CEMS2
Discharge monitoring Disch arge monitoring
Date Time Latitude Longitude SO2 CO2 SO2/ C SO2 CO2 SO2/ CO pH PAH Turb Tem pH PAH Turb Temp
O2 2 p
DD/ MM HH:MM ppm % Ration ppm % Ratio - µg /l NTU C - µg /l NTU C
Signature of Master : ----------------------------------------------------------

Date : ----------------------------------------------------------
Page 10 of 13
8. FORM #4 - DAILY SPOT CHECKS — PARAMETERS

PARAMETERS (TO BE RECORDED ONCE A DAY WHEN EGCS IS IN OPERATION)
Date Time SIGNATURE
SUPPLY WATER PRESS.
EXH. GAS TEMP. EGC
EXH. GAS TEMP. EGC

DIFFERENTIAL (mmWG)
EXH.GAS PRESS., EGC
UNIT OUTLET (°C)

SUPPLY WATER FLOW
UNIT INLET (mmWG)

EXH.GAS PRESS.,
SO2(ppm)/ CO2(%)
SUPPLY WATER pH,
UNIT INLET (°C)

EGC SYSTEM INLET
COMBUTION UNIT
LOAD (KW)
EGC UNIT
(BAR)
(T/ H)
Signature of Master : ------------------------------

Date : ------------------------------
Page 11 of 13
9. FORM #5 — WASH WATER RESIDUE

This form is used to record the storage and disposal of wash water residues.
Guidance:
Discharge of residues from the bleed-off treatment unit to a sludge tank on
board is automatic and needs to be recorded in this form only when a line is
opened or closed.
The "From" column is used to indicate from which tank residue is pumped. The
"To" column is used to indicate to which tank residue is discharged, or when
residue is delivered ashore.
Date Time Amount From To Signature

(m3)
Signature of Master : ---------------------------------------------

Date : ---------------------------------------------
Page 12 of 13
10. FORM #6 — WASH WATER NITRATE CONCENTRATION This form is used to

record the wash water nitrate concentra tions. Refer to Enclosure 10 of the
ETM-B for guidance on c alculat ion of Nitrate concentration.
Guidance: Record result and compliance in EGC Record Book (record sheet
#6 below).The Laboratory Analysis Report is to be Attached to this Record
Book as well.Laboratory Analysis Report is to be in accordance to Appendix III
of IMO Resolution MEPC.259(68)
Date Nitrate Normalised Analysing Signature
concentration Concentration Laboratory
analysis mg/ l mg/ l
Signature of Master : -----------------------------------------

Date : -----------------------------------------
Page 13 of 13
MAN B&W
Software Version ERCS / 1707-1 Selective Catalytic Reduction /SCR)

0210-0010-0020
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KPUVCNNCVKQPUVJGTGCEVQTKURNCEGFDGHQTGVJG6%(QT.2KPUVCNNCVKQPUVJGTGCEVQTKU
RNCEGFCHVGTVJG6%+PVJG5%4TGCEVQTVJG01ZKUTGFWEGFECVCN[VKECNN[VQPKVTQIGP
CPFYCVGTD[CFFKPICOOQPKCCUCTGFWEKPICIGPV6JGTGFWEKPICIGPVWUGFHQT
VJG5%4RTQEGUUKUGKVJGT
ϰ CSWGQWUWTGC UQNWVKQP
ϰ CSWGQWUCOOQPKC 0*
6JGECVCN[VKERTQEGUURTQEGGFUKPVJGTGCEVQTYJKEJEQPVCKPUECVCN[UVGNGOGPVU
YKVJCNCTIGPWODGTQHEJCPPGNUCPFVJWURTQXKFKPICNCTIGECVCN[UVUWTHCEGCTGC
5GGHKIWTG
GP

&GUETKRVKQP

/#0$9
(KIWTG+OCIGQHCECVCN[UVGNGOGPVKP5%4TGCEVQTYKVJEJCPPGNUHQTGPUWTKPIQRVKOWO
EQPVCEVDGVYGGPRTQEGUUICUTGFWEKPICIGPVCPFECVCN[UVOCVGTKCN
6JGGORNQ[GFTGFWEKPICIGPVKUKPLGEVGFKPVQVJGXCRQTK\GT+PVJGECUGQHWTGCCU
TGFWEKPICIGPVVJGWTGCFGEQORQUGUKPVQCOOQPKCCPFECTDQPFKQZKFG
#PGUUGPVKCNRCTCOGVGTQHVJG5%4RTQEGUUKUVJGICUVGORGTCVWTGOGCUWTGFCV
UGXGTCNRQKPVUKPVJG5%4NKPG#NQYGTVGORGTCVWTGNKOKVCVGCEJGPIKPGNQCFKU
GUVCDNKUJGFD[VJGUWNHWTGSWKXCNGPVKPVJGHWGNVQCXQKFHQTOCVKQPQH#OOQPKWO
$K5WNHCVG #$5 KPVJG5%4TGCEVQT1PVJGQVJGTJCPFVJGVGORGTCVWTGOWUVPQV
DGVQQJKIJCUVJKUYKNNTGUWNVKPCPKPETGCUGF51HQTOCVKQPKPVJGTGCEVQT
+PQVJGTYQTFUVQGPUWTGCPGHHKEKGPV5%4QRGTCVKQPKVKUETWEKCNVQOCKPVCKP
GZJCWUVICUVGORGTCVWTGUYKVJKPCEGTVCKPVGORGTCVWTGYKPFQY
5%4*KIJ2TGUUWTG2TQEGUU

6JG*25%4RTQEGUUKNNWUVTCVGFKP(KIVCMGURNCEGKPVJG5%4NKPGYJKEJEQP
UKUVUQHVJTGGOCLQTEQORQPGPVUVJG5%4TGCEVQTEQODKPGFXCRQTKUGTOKZGTWPKV
CPFVJGFQUKPIWPKV6JGTGFWEKPICIGPVKUKPLGEVGFD[VJGFQUKPIU[UVGOKPVJG
XCRQTK\GTOKZGTYJKEJYKNNXCRQTK\GCPFOKZYKVJVJGGZJCWUVICU6JGRTGRCTGF
ICUKUNGFVQVJG5%4TGCEVQTYJGTGVJG01ZTGFWEVKQPVCMGURNCEG
&WGVQVJGFGOCPFHQTCTGNCVKXGN[JKIJVGORGTCVWTGQHVJG5%4RTQEGUUKVKUEQP
XGPKGPVVQRNCEGVJG5%4NKPGQPVYQUVTQMGOCTKPGFKGUGNGPIKPGUQPVJGJKIJ
RTGUUWTGUKFGKGDGHQTGVJGVWTDQEJCTIGT$GECWUGQHVJKUCURGEVVJGVGTO*2KU
WUGF&GRGPFKPIQPVJGGPIKPGNQCFVJGGZJCWUVICUVGORGTCVWTGQPVJKUUKFGKU
%JKIJGTVJCPQPVJGNQYRTGUUWTGUKFG
GP

&GUETKRVKQP

/#0$9
(KIWTG*25%4KPUVCNNCVKQP
9JGPQRGTCVKPIKP6KGT++OQFG 5%4PQV[GVGPCDNGFTGCEVQTD[RCUUGF VJG5%4

U[UVGOKUEWVQHHD[VJG4GCEVQT5GCNKPI8CNXG 458 CPFVJG4GCEVQT6JTQVVNG8CNXG
468 6JG4GCEVQT$[RCUU8CNXG 4$8 KUQRGPCPFGZJCWUVICURCUUGUFKTGEVN[VQ
VJGVWTDQEJCTIGT#XGPVKPIU[UVGOKUTWPPKPIKPQTFGTVQMGGRVJG5%4NKPGCPF
VJGTGCEVQTENGCP6JGU[UVGOOKIJVCNUQKPENWFGCP'ZJCWUV)CU$[RCUUXCNXG
')$ VQRTQXKFGVJGGPIKPGYKVJNQYNQCF')$VWPKPIYJGPQRGTCVKPIKP6KGT++
OQFG VJG')$KUPQVUJQYPQP(KI
9JGPQRGTCVKPIKP6KGT+++OQFGVJG5%4U[UVGOYKNNDGGPICIGFKHVJGGZJCWUVICU
VGORGTCVWTGKUCDQXGVJGUWNHWTKECEKFEQPFGPUCVKQPNKOKV % +HPQVCUVCPFD[
JGCVU[UVGOYKNNMGGRVJG5%4U[UVGOCDQXGVJGUWNHWTKECEKFEQPFGPUCVKQPNKOKVKH
RQUUKDNG+HVJGGZJCWUVICUVGORGTCVWTGKUQMVJG5%4NKPGKUQRGPGFD[VJG
XCNXGU458CPF468CPFJGTGCHVGTVJG4$8YKNNDGENQUGF#UUQQPCUICUHNQYU
VJTQWIJVJGTGCEVQTUQQVDNQYKPIKUUVCTVGFKPQTFGTVQCXQKFENQIIKPIQHVJGTGCE
VQTYKVJUQQVRCTVKENGU
'XGPVJQWIJVJGTGCEVQTKURNCEGFDGHQTGVJGVWTDKPGVJGGZJCWUVICUVGORGTCVWTG
YKNNUVKNNPQVDGUWHHKEKGPVN[JKIJCVNQYNQCFUHQTVJG5%4RTQEGUUVQVCMGRNCEG6Q
KPETGCUGVJGVGORGTCVWTGCE[NKPFGTD[RCUUHTQOVJGUECXGPIGCKTTGEGKXGTVQVJG
VWTDKPGKPNGVKUKPUVCNNGF6JGD[RCUUKUEQPVTQNNGFD[VJGE[NKPFGTD[RCUUXCNXG
%$89JGPQRGPKPIVJGD[RCUUVJGICUHNQYVJTQWIJVJGE[NKPFGTUYKNNDG
TGFWEGFYKVJQWVNQUKPIVJGUECXGPIGCKTRTGUUWTGCPFCEEQTFKPIN[VJGGZJCWUV
ICUVGORGTCVWTGYKNNKPETGCUG6JKUU[UVGOOCMGWRGPCDNGUOCKPVGPCPEGQHVJG
UWHHKEKGPVN[JKIJVGORGTCVWTGHQTVJG5%4RTQEGUUVQVCMGRNCEG*QYGXGTVJGE[N
KPFGTD[RCUUYKNNKPETGCUGVJG5(1%FGRGPFKPIQPVJGTGSWKTGFVGORGTCVWTG
KPETGCUG
GP

9JGPCNNVGORGTCVWTGUGPUQTUKPVJG5%4NKPGOGCUWTGCXCNWGYKVJKPVJGCNNQYGF
&GUETKRVKQP
VGORGTCVWTGYKPFQYVJGKPLGEVKQPQHTGFWEKPICIGPVCPFJGPEG01ZTGFWEVKQP
ECPDGIKP

/#0$9
5%4.QY2TGUUWTG2TQEGUU

9JGPQRGTCVKQPCNEQPFKVKQPUGPCDNGTGUVTKEVKQPQHVJGUWNHWTGSWKXCNGPVKPVJGHWGN
FWTKPIVJG5%4QRGTCVKQPVQ5QTNGUUKVKURQUUKDNGVQKPUVCNNC.QY2TGUUWTG
.2 5%4U[UVGO+PVJKUU[UVGOVJG5%4NKPGKURNCEGFCHVGTVJG6%YJKEJRTQ
XKFGUHNGZKDKNKV[HQTCTTCPIKPIVJG5%4KPUVCNNCVKQP6JG.25%4U[UVGOEQPUKUVU
DCUKECNN[QHVJGUCOGOCLQTEQORQPGPVUCUVJG*25%4U[UVGOKG5%4TGCEVQT
XCRQTK\GTOKZGTCPFFQUKPIU[UVGOUGGHKIWTG
(KIWTG.25%4KPUVCNNCVKQP
*QYGXGTUKPEGVJGGZJCWUVICUVGORGTCVWTGKUNQYGTVJCPQPVJGJKIJRTGUUWTG
UKFGFKTGEVKPLGEVKQPQHWTGCCUTGFWEKPICIGPVKPVJGGZJCWUVICUOC[PQVDGHGC
UKDNG6JGTGHQTGC.25%4U[UVGOOC[WVKNK\GU[UVGOUHQTFQUKPICPFXCRQTK\KPI
WTGCUGRCTCVGN[HTQOVJGOCKP5%4GZJCWUVICUFWEV6JGWTGCKUFGEQORQUGFVQ
COOQPKCQWVUKFGQHVJG5%4GZJCWUVICUKPCOKZGTQT#+) COOQPKCKPLGEVKQP
ITKF 5WEJUGRCTCVGFGEQORQUKVKQPU[UVGOOC[EQPUKUVQHCFFKVKQPCNEQORQPGPVU
UWEJCUCDWTPGTDNQYGTCPFXCRQTK\GTXGUUGNUGGGZCORNGKPHKIWTG

GP

&GUETKRVKQP
(KIWTG'ZCORNGQHUGRCTCVGFGEQORQUKVKQP.25%4U[UVGO
9JGPQRGTCVKPIKP6KGT++OQFG 5%4PQV[GVGPCDNGFTGCEVQTD[RCUUGF VJG5%4
U[UVGOKUEWVQHHD[VJGXCNXGDGHQTGTGCEVQTCPFVJGXCNXGCHVGTTGCEVQT6JGXCNXG
KPTGCEVQTD[RCUUKUQRGPCPFGZJCWUVICURCUUGUFKTGEVN[VQUVCEM9JGPQRGTCV
KPIKP6KGT+++OQFGVJG5%4U[UVGOYKNNDGGPICIGFD[QRGPKPIVJGXCNXGDGHQTG
CPFCHVGTTGCEVQTCPFENQUKPIVJGXCNXGKPTGCEVQTD[RCUU6JG')$YKNNQRGPVQ

/#0$9
KPETGCUGVJGVGORGTCVWTGCHVGTVJGVWTDQEJCTIGT
9JGPCNNVGORGTCVWTGUGPUQTUKPVJG5%4NKPGOGCUWTGCXCNWGCDQXGCURGEKHKGF
NKOKVVJGKPLGEVKQPQHTGFWEKPICIGPVCPFJGPEG01ZTGFWEVKQPECPDGIKP
#UVJG.25%4U[UVGOJCUNGUUKORCEVQPVJGGPIKPGRGTHQTOCPEGEQPVTQNQHVJG
UQQVDNQYKPIUVCPFD[JGCVCPFQTXGPVKPIRTQEGUUGUCTGPQVKP/&6UEQRGCPF
VJGUGU[UVGOUYKNNVJGTGHQTGPQVDGVTGCVGFKPVJKUOCPWCNHQT.25%4
5%45[UVGO/CKP%QORQPGPVU

+PVJKUUGEVKQPVJGOCKPEQORQPGPVUHQT5%4KPUVCNNCVKQPUCTGDTKGHN[FGUETKDGF
ϰ 5%44GCEVQT6JGEQPXGTUKQPQH01ZKPVQPKVTQIGPCPFYCVGTVCMGURNCEGJGTG
6JGTGCTGHQWTKORQTVCPVVJKPIUVJCVVJGTGCEVQTOWUVNKXGWRVQ
6JGTGCEVQTXQNWOGEQPVCKPUVJGPGEGUUCT[COQWPVQHECVCN[UVOCVGTKCNKP
QTFGTVQCEJKGXGVJGFGUKTGF01ZTGFWEVKQP6JGECVCN[UVOCVGTKCNOWUVDGMGRV
ENGCPKPQTFGTVQYQTMCUKPVGPFGF
'ZEGUUKXGRTGUUWTGFTQRKUWPFGUKTCDNG5GGUGEVKQP1RGTCVKQP
5CVKUHCEVQT[FKUVTKDWVKQPQHVJGGZJCWUVICUGU6JGOCUUHNQYRTQHKNGVJTQWIJ
VJGTGCEVQTUJQWNFDGCUWPKHQTOCURQUUKDNG6JKUKUVQGPUWTGQRVKOWOEQP
VCEVDGVYGGPVJGRTQEGUUICUCPFVJGECVCN[UV
6JGOGEJCPKECNUVTGPIVJCUYGNNCUVKIJVPGUUOC[PQVDGEQORTQOKUGF
ϰ 5QQV$NQYKPI5[UVGO6QRTGXGPVEQPVCOKPCVKQPQHVJGTGCEVQTGNGOGPVUC
UQQVDNQYKPIU[UVGOKUKPUVCNNGF6JGUQQVDNQYKPIRTQEGUUKURGTHQTOGFRGTK
QFKECNN[YJGPVJGGZJCWUVICURCUUGUVJTQWIJVJG5%4TGCEVQTCPFVJGUQQVKU
NGFQWVYKVJVJGGZJCWUVICUCHVGTDGKPIDNQYPNQQUGHTQOVJGGNGOGPVUKPUKFG
VJGTGCEVQT6JGUQQVDNQYGTUKPUVCNNGFKPVJG5%4TGCEVQTCTGFGUKIPGFKPC
YC[VJCVGPUWTGUQPN[NQYRGTOCPGPVKPETGCUGQHVJGRTGUUWTGNQUUCETQUUVJG
5%4U[UVGOQXGTVKOGKGMGGRVJGVQVCNRTGUUWTGFTQRQHVJG5%4U[UVGO
DGNQYVJGOCZKOWORTGUUWTGNQUUGU
ϰ 'ZVGTPCN&QUKPI*CPFNKPI5[UVGO6JGGZVGTPCNFQUKPIJCPFNKPIU[UVGOKUCDNG
VQUWRRN[VJGTGFWEKPICIGPVDCUGFQPVJGFQUKPIFGOCPFUKIPCNRTQXKFGFD[
VJG/&6EQPVTQNU[UVGO(QTFGVCKNUCDQWVVJGTGFWEKPICIGPVUGGUGEVKQP
(WTVJGTOQTGKVKUCDNGVQENGCPKVUGNHCHVGTWUGD[CHNWUJKPIUGSWGPEG
ϰ 5%4%QPVTQN5GPUQT7PKV 01ZUGPUQTU 6JG01ZUGPUQTUOGCUWTGVJG01Z

EQPEGPVTCVKQPCHVGTVJG5%4TGCEVQTCPFVWTDQEJCTIGTKPQTFGTVQUGEWTGVJCV
QXGTQTWPFGTFQUKPIKUPQVVCMKPIRNCEG
/CKP%QORQPGPVU5RGEKHKECNN[HQT*25%4+PUVCNNCVKQP

ϰ 8CRQTK\GT/KZGT6JGXCRQTK\GTOKZGTWPKVCNQPIYKVJVJG5%4TGCEVQTECPDG
TGICTFGFCUVJGOCLQTEQORQPGPVUKPVJG*25%4U[UVGOEQPHKIWTCVKQP+PVJG
XCRQTK\GTVJGECVCN[VKERTQEGUUKURTGRCTGFD[KPLGEVKPIVJGTGFWEKPICIGPV
YJKEJYKNNXCRQTK\GCPFOKZYKVJVJGGZJCWUVICU6JGRTGRCTGFICUKUNGFVQ
GP
VJG5%4TGCEVQTYJGTGVJG01ZTGFWEVKQPVCMGURNCEG

&GUETKRVKQP
ϰ 8CNXGU6JGTGCTGHQWTOCLQTHWPEVKQPKPIXCNXGUYJKEJEQPVTQNVJGTGURGEVKXG
RTQEGUUHNQYUYKVJKPVJGU[UVGO
6JGXCNXGUCTGEQPVTQNNGFD[VJGOGCUWTGFVGORGTCVWTGUKPVJGU[UVGO6JG
OQUVKORQTVCPVHWPEVKQPCNCURGEVQHVJGGORNQ[GFXCNXGUKUVQGPUWTGVJCVVJG

/#0$9
GPIKPGFQGUPQVDGEQOGFCOCIGFCUCTGUWNVQHWPUWKVCDNGQRGTCVKQPCNEQPFK
VKQPUGIKPUWHHKEKGPVGPGTI[VQVJGVWTDQEJCTIGT$GUKFGUVJKUVJGHNQYEQPVTQN
KUVQUWDUGSWGPVN[GPUWTGCUWKVCDNGVGORGTCVWTGUQVJCVVJGTGFWEVKQPRTQE
GUUECPRTQEGGFUCVKUHCEVQTKN[
0QVGVJCVVJGEQPHKIWTCVKQPCPFPWODGTQHGORNQ[GFXCNXGUECPXCT[CEEQTF
KPIVQVJGPWODGTQHVWTDQEJCTIGTU
8CNXG'ZGTEKUG(WPEVKQP6JKUHWPEVKQPCRRNKGUVQ%$8468CPF4$8 U CPFKU
WUGFHQTVYQFKHHGTGPVRWTRQUGU6JGUGVYQFKHHGTGPVRWTRQUGUCTGCUHQNNQYU
/CMKPIUWTGVJCVVJGXCNXGUFQPoVIGVUVWEM 8CNXG'ZGTEKUG YJKEJKUFGHKPGF

CUHQNNQYU9JGPVJGGPIKPGKUTWPPKPIVJKUHWPEVKQPKUCEVKXCVGFQPEGCFC[
CPFOCMGUVJGXCNXGUOQXGCNKVVNGDKVKPQTFGTVQOCMGUWTGVJG[FQP VIGV
UVWEMKPCEGTVCKPRQUKVKQP+HCXCNXGKUUVWEMKVYKNNVTKIIGTC8CNXG&GXKCVKQP
#NCTO9JGPVJG5%4KUFKUGPICIGFFWGVQ'PIKPG/QFG6KGT++QT5%4/QFG
5VQRQT(CKNWTGVJG468KUENQUGFCPFXGPVKPICKTKUWUGFVQMGGRQWVGZJCWUV
ICU+HVJGTGKUCNQYGTRTGUUWTGKPVJG5%4NKPGVJCPKPVJGD[RCUUNKPGVJG
5%4%QPVTQN5[UVGOYKNNYCKVYKVJVJGGZGTEKUGQH468KPQTFGTVQPQVUWEM
GZJCWUVICUKPVQVJG5%4NKPG
8GTKH[KPIVJCVVJG5%4%QPVTQN5[UVGOJCUEQPVTQNQXGTVJGXCNXGU 8CNXG'ZEK
VCVKQP YJKEJKUFGHKPGFCUHQNNQYU9JGPUVCTVKPIVJGGPIKPGKPCJCTDQTVJG
XCNXGUYKNNDGOQXGFKPQTFGTVQXGTKH[VJCVVJG5%4%QPVTQN5[UVGOJCUEQPVTQN
QXGTVJGXCNXGU6JKUHWPEVKQPKUCEVKXCVGFYJGPVJG5%4%QPVTQN5[UVGO
TGEGKXGUVJG2TGRCTG'PIKPG5VCTVUKIPCNHTQO'%5QTYJGPVJGGPIKPGKUUVCT
VGF
6KGT++JCTDQT4$8 U CPF468QRGP%$8ENQUGF4$8 U CPF%$8CTG
OQXGF468ENQUGUEQORNGVGN[KPQTFGTVQUVCTVVJGGPIKPGYKVJVJG5%4U[U
VGOFKUGPICIGF
6KGT+++JCTDQT4$8 U QRGP468CPF%$8ENQUGF#NNXCNXGUCTGOQXGF
#NNXCNXGGZGTEKUGHWPEVKQPCEVKXCVKQPUCTGNQIIGFKPVJGGXGPVNQIQPVJG/12
ϰ 4586JKUXCNXGKUWUGFVQUGCNVJGTGCEVQTFWTKPIJGCVVTCEKPIXGPVKPIYJGP
VJG5%4U[UVGOKUPQVKPQRGTCVKQP+VKUHWTVJGTOQTGQRGPGFKHVJGRTGUUWTGKP
VJG5%4NKPGKUVQQJKIJEQORCTGFVQVJGRTGUUWTGKPHTQPVQHVJGVWTDQ
EJCTIGT+HVJG5%4KUPQVWUGFHQTQPGOQPVJQTNQPIGTVJG458OWUVDG
OCPWCNN[OQXGFQPEGCOQPVJKPQTFGTVQGPUWTGVJCVVJGXCNXGFQGUPQVIGV
UVWEM6JKUECPDGFQPGHTQOVJG'4%5/12YJGPVJGGPIKPGCPF5%4U[U
VGOCTGPQVTWPPKPICPFQRGTCVKQPKUKPOCPWCNOQFG+VKUCFXKUGFVJCVRTQRGT
QRGPKPICPFENQUKPIQHVJGXCNXGKUEJGEMGFXKUWCNN[
ϰ 468&WTKPIJGCVWROQTGHNQYKUITCFWCNN[HGFVJTQWIJVJG5%4TGCEVQTD[
EQPVTQNQHVJKURCTVKEWNCTXCNXGVJWUGPUWTKPICRTGFGHKPGFOKPKOWOVGORGTC
VWTGHQTVJGGZJCWUVICUCPFCOCZKOWOVGORGTCVWTGFKHHGTGPEG HQTRTQRGT
GPIKPGQRGTCVKQP DGVYGGPVJGGZJCWUVICUVGORGTCVWTGCVVJG5%4KPNGV 6
5%4KP CPFVJGGZJCWUVICUCVVWTDKPGKPNGV 6VWTDKPGKP 6JKUXCNXGKUHWTVJGT
OQTGWUGFVQGSWCNK\GVJGRTGUUWTGKPVJG5%4NKPGKHKVKPETGCUGUVQCDQXGVJG
RTGUUWTGKPVJGD[RCUUNKPGFWTKPIQRGTCVKQPYKVJQWVVJG5%4GPICIGF
ϰ 4$86JKUXCNXG QPGQTOQTG KUWUGFVQD[RCUUVJG5%4TGCEVQTKP6KGT++QRGT
GP

CVKQPCPFFWTKPIHCUVCEEGNGTCVKQPUCPFVQTGIWNCVGVJGHNQYQHRTQEGUUICU
&GUETKRVKQP
FWTKPIJGCVWR9JGPVJG468KUHWNN[QRGPGFVJG4$8XCNXG U YKNNENQUGITCF
WCNN[GPUWTKPICRTGFGHKPGFOCZKOWOVGORGTCVWTGFKHHGTGPEGQXGTVJG5%4
NKPG6JKUGPUWTGUVJCVVJGHNQYVQVJGVWTDQEJCTIGTJCUGPQWIJGPGTI[HQTVJG
GPIKPGVQYQTMRTQRGTN[

/#0$9
ϰ %$84GIWNCVKQPQHVJKUXCNXGKUWUGFVQKPETGCUGVJGGZJCWUVICUVGORGTCVWTG
CVNQYNQCFKHKVKUPGGFGFD[VJGTGCEVQT6JKUXCNXGKUHWTVJGTOQTGWUGFVQ
KPETGCUGVJGVGORGTCVWTGKPVJG5%4TGCEVQTRTKQTVQUVQRRKPIVJGCWZKNKCT[
DNQYGTUHQTCUOQQVJUVQR#FFKVKQPCNN[VJKUXCNXGKUWUGFVQFCORGPGXGPVWCN
VGORGTCVWTGQUEKNNCVKQPU
ϰ 5K2CTVYKVJKPVGITCVGFDQQUVGT6JG5+2#4625RQUKVKQPGTKUWUGFKPQTFGTVQ
GPUWTGUCHGCPFTGNKCDNGTGIWNCVKQPQHXCNXGUKPVJG5%4U[UVGO5KRCTVYKVJ
KPVGITCVGFDQQUVGTKUWUGFKPQTFGTVQGPUWTGCUCVKUHCEVQT[CPFTGNKCDNGUKIPCN
+PUGVWRUYJGTGVJGXCNXGUCTGTGNCVKXGN[UOCNNDQQUVGTUCTGPQVPGEGUUCT[
ϰ 5VCPFD[*GCV5[UVGO#UVCPFD[JGCVU[UVGOHQTCXQKFCPEGQHUWNHWTKECEKF
EQPFGPUCVKQPKPVJG5%4TGCEVQTFWTKPIUVCPFUVKNNCPFUVCTVWRKUKPENWFGFKP
VJG*25%4U[UVGO6JGUVCPFD[JGCVU[UVGOMGGRUVJGVGORGTCVWTGQHVJG
TGCEVQTCDQXGř%KP6KGT+++CTGCUYJKEJKUVJGGZRGEVGFUWNHWTKECEKFEQP
FGPUCVKQPNKOKV(WTVJGTOQTGCRTGJGCVGF5%4TGFWEGUVJGJGCVKPIVKOGUQH
VJG5%4
ϰ 8GPVKPI5[UVGO#XGPVKPIU[UVGOHQTCXQKFCPEGQHUWNHWTKECEKFEQPFGPUCVKQP
KPVJG5%4TGCEVQTFWTKPIUVCPFUVKNNCPFUVCTVWRKUKPENWFGFKPVJG*25%4
U[UVGO6JGTGCEVQTKUXGPVGFYKVJHTGUJCKTFWTKPI6KGT++QRGTCVKQPKGFKUGP
ICIGF5%48GPVKPICNQPGECPPQVRTGXGPVEQPFGPUCVKQPQHUWNRJWTKECEKFFWT
KPI5%4UVCTVWR+PECUGQHCPGTTQTQPVJG5%4U[UVGOVJG5%4NKPGYKNN
ENQUGCPFVJGXGPVKPIU[UVGOYKNNEQPVKPWGVQTWPKPQTFGTVQGPUWTGVJCV
GZJCWUVICUFQGUPQVGPVGTVJG5%4NKPG
ϰ 2TGUUWTG%QPVTQN6JG*25%4U[UVGOKUGSWKRRGFYKVJ468CPF458XCNXGU
KPQTFGTVQCNNQYVJG5%4U[UVGOVQDGEWVQHHKPEGTVCKPEKTEWOUVCPEGU#UVJG
5%4NKPGRTGUUWTGOWUVDGKPUWTGFMGRVWPFGTVJGNQYGUVRTGUUWTGTCVKPIQH
VJG5%4RKRGUTGCEVQTOKZGTICUMGVUGVEKPCNNEQPFKVKQPUKPQTFGTVQUCVKUH[
ENCUUTWNGUCP5%4NKPGQXGTRTGUUWTGEQPVTQNUVTCVGI[OWUVDGEJQUGP5GG
VJGUGEVKQP2TGUUWTG&KHHGTGPEG%QPVTQNHQTVJG/&6RTQRQUGFUQNWVKQP
ϰ #WZKNKCT[$NQYGTU6JGUGDNQYGTUCTGHQWPFQPCNNGPIKPGUDWVVJG[CTGNCTIGT
CPFJCXGCUNKIJVN[FKHHGTGPVHWPEVKQPQPVJQUGYJKEJCTGGSWKRRGFYKVJ*2
5%4&WTKPI5%4UVCTVWRCPFCNUQYJGPWRCPFTWPPKPIDGNQYCRTGFGHKPGF
GPIKPGNQCFVJGCWZKNKCT[DNQYGTOWUVGPUWTGVJCVUWHHKEKGPVRTGUUWTGKURTQXK
FGFVQVJGUECXGPIGCKTTGEGKXGT9JGPVJG5%4KUUVQRRGFVJGCWZKNKCT[
DNQYGTQRGTCVGUKPKVUPQTOCNOCPPGTKPFGRGPFGPVQPVJG5%4RTQEGUU
ϰ 6CPMCPF%QORTGUUQT6JKUWPKV CUUJQYPCVVJGNQYGTNGHVQHHKIWTG KUC
DWHHGTWPKVHQTGPUWTKPICEQPUVCPVCPFUWKVCDNGCKTUWRRN[HQTVJG5%4TGCEVQT
/CKP%QORQPGPVU5RGEKHKECNN[HQT.25%4+PUVCNNCVKQPU

6JG.25%4UGVWRKUHWPFCOGPVCNN[UKOKNCTVQVJG*25%4UGVWR%QORQPGPVU
HQWPFGZENWUKXGN[YKVJKPVJG.25%4UGVWRYKNNPQYDGOGPVKQPGF
ϰ 'ZVGTPCNFGEQORQUKVKQPU[UVGOHQTWTGCKPLGEVKQP6JGFGEQORQUKVKQPWPKVECP
EQPUKUVQHCDNQYGTDWTPGTCPFXCRQTK\GTXGUUGN6JGFGEQORQUKVKQPWPKVKU
WUGFVQGPUWTGRTQRGTXCRQTK\CVKQPQHVJGTGFWEKPICIGPVUKPEGVJGGZJCWUV
ICUVGORGTCVWTGCHVGTVJGVWTDQEJCTIGTKUV[RKECNN[VQQNQYHQTFKTGEVKPLGEVKQPQH
VJGTGFWEKPICIGPVKPVJGGZJCWUVICU
GP

$WTPGT6JGDWTPGTVCMGUUQOGQHVJGRTQEGUUICUGOKVVGFHTQOVJGTGCEVQT
&GUETKRVKQP
CPFJGCVUKVVQCUWKVCDNGVGORGTCVWTGHQTTGFWEKPICIGPVFGEQORQUKVKQPCPF
XCRQTK\CVKQP
$NQYGT6JGDNQYGTGPUWTGUCUWHHKEKGPVOCUUHNQYHQTVJGRTQEGUU

/#0$9
8CRQTK\GT6JGEJQUGPTGFWEKPICIGPVKUKPLGEVGFKPVQVJGXCRQTK\GTXGUUGN
2CTVUQHVJGFGEQORQUKVKQPWPKVECPCNUQDGWUGFVQTGIGPGTCVGVJG5%4TGCE
VQTHTQO#$5D[TCKUKPIVJGVGORGTCVWTGVQUWHHKEKGPVN[JKIJNGXGNUKPYJKEJVJG
#$5KUDWTPGFQHHVJG5%4TGCEVQT % 6JKUECPDGRGTHQTOGFYKVJVJG
5%4NKPGD[RCUUGFCPFVJGDWTPGTCPFDNQYGTCEVKXG4GFWEKPICIGPVKUPQV
KPLGEVGFFWTKPIVJGTGIGPGTCVKQPRTQEGUU
#OOQPKC+PLGEVKQP)TKF6JGJGCVGFRTQEGUUICUHTQOVJG&%7KUKPLGEVGF
CPFOKZGFYKVJVJGGZJCWUVICU
%QORQPGPVU4GSWKTKPI5RGEKCN#VVGPVKQP

+PVJKUUGEVKQPVJGEQORQPGPVUQHVJG/&6RCTVQHVJG5%4U[UVGOTGSWKTKPIURG
EKCNCVVGPVKQPCTGFGUETKDGF
(QT*25%4VJGHQNNQYKPIU[UVGOEQORQPGPVUECPTGSWKTGUQOGCFLWUVOGPVUCPF
CVVGPVKQPKPQTFGTVQGPUWTGUCVKUHCEVQT[RGTHQTOCPEGQHVJG5%4U[UVGO6JGTG
HQTGKVKUCIQQFKFGCVQDGHCOKNKCTYKVJVJGOGVJQFQHYQTMKPIYKVJVJGUGKH
RTGUGPVQPVJGEWTTGPVUGVWR
ϰ 5KGOGPU255KRCTV8CNXG2QUKVKQPGTCPF
ϰ 5KGOGPU8QNWOG$QQUVGT 1PN[HQWPFQPUGVWRUGSWKRRGFYKVJNCTIGXCNXGU
QT
ϰ 5KGOGPU5KRCTVYKVJKPVGITCVGFDQQUVGT QPN[HQWPFQPUGVWRUGSWKRRGFYKVJ
NCTIGXCNXGUCPCNVGTPCVKXGVQVJGUGRCTCVG5KRCTVCPFDQQUVGT
ϰ 5%4QXGTRTGUUWTGNKOKVXCNXG
6JGHKTUVVYQEQORQPGPVUYQTMVQIGVJGTKPQTFGTVQGPUWTGCRTGEKUGCPFCEEWTCVG
TGIWNCVKQPQHVJGXCTKQWUNCTIGUK\GFXCNXGU6JGVJKTFEQORQPGPVKUCPCNVGTPCVKXG
VQVJGVYQHKTUV6JGNCUVEQORQPGPVKUCPKORQTVCPVRCTVQHVJG5%4UCHGV[U[UVGO
(QTDQVJ*2CPF.25%4VJG5%4%QPVTQN5[UVGOTGSWKTGUCNKUVQHUGPUQTU/QUV
QHVJGUGCTGUVCPFCTFUGPUQTUCPFYKNNPQVDGOGPVKQPGFJGTG6JG01ZUGPUQTU
CTGJQYGXGTTGCNK\GFXKCVJG5%4%QPVTQN5GPUQT7PKVCPFTGSWKTGUUQOGURGEKCN
CVVGPVKQP5GGUGEVKQPHQTFGVCKNU
5K2CTVYKVJ+PVGITCVGF$QQUVGT *25%4QPN[
9KVJKPUQOGQHVJGOCPWHCEVWTGTUNKVGTCVWTGVJGKVGOFKUEWUUGFKPVJKU
UGEVKQPKUUQOGYJCVGTTQPGQWUN[TGHGTTGFVQCUVJG+PVGITCN8QNWOG
$QQUVGT4GICTFNGUUQHYJGVJGTVJGVGTOKPVGITCNQTKPVGITCVGFKU
GPEQWPVGTGFTGHGTGPEGKUOCFGVQVJGUCOGKVGO

6JKU5GEVKQPFGUETKDGUIWKFGNKPGUHQTQRVKOCNHWPEVKQPQHVJG5KGOGPU25+PVGITC
VGF8QNWOG$QQUVGTVQIGVJGTYKVJVJG5KGOGPU255+2#46XCNXGRQUKVKQPGTKPC
EQPVTQNNQQR
GP

&GUETKRVKQP

/#0$9
(KIWTG2KEVWTGQHVJG5KGOGPU25+PVGITCVGFXQNWOGDQQUVGT
(KIWTG+PVGITCVGFXQNWOGDQQUVGTUGGPHTQOFKHHGTGPVCPINGCPFYKVJ5K2CTVOQWPVGF
CDQXG
6JGFGXKEGOC[QPN[DGQRGTCVGFYKVJFT[CPFENGCPEQORTGUUGFCKT
KPQTFGTVQCXQKFFCOCIGVQVJGFGXKEG

GP

6JG+PVGITCVGF8QNWOG$QQUVGTKUFGUKIPGFHQTRPGWOCVKECEVWCVQTUVJCVTGSWKTG
&GUETKRVKQP
JKIJHNQYHQTHCUVUVTQMKPIVKOGU+PCFFKVKQPKVECPTGURQPFVQUOCNNQTITCFWCN
KPRWVEJCPIGUYKVJQWVLGQRCTFK\KPIUVGCF[UVCVGCEEWTCE[QTUVCDKNKV[
6JG$QQUVGTEQPVCKPUCPKPVGTPCNUVCDKNK\CVKQPD[RCUUXCNXG6JGD[RCUUQRGPKPIKU

/#0$9
EQPVTQNNGFD[CUETGYFTKXGTCFLWUVOGPVKPVJGDQF[QHVJGDQQUVGTYJKEJRGTOKVU
VWPKPIHQTQRVKOCNF[PCOKETGURQPUG+VKUTGEQOOGPFGFVJCVVJGD[RCUUXCNXGKU
QRGPGFVWTP EQWPVGTENQEMYKUG CVKPKVKCNUVCTVWR
(KIWTG%TQUUUGEVKQPCNXKGYQHVJG+PVGITCVGF8QNWOG$QQUVGT
+PUVCNNCVKQP

+PQTFGTVQGPUWTGEQTTGEVCUUGODN[QHVJG5KGOGPU25+PVGITCVGF8QNWOG$QQU
VGTCPFVJG5KGOGPU255K2CTVHQNNQYVJGRTQEGFWTGIKXGPKPVJGp5K2CTV25
+PVGITCVGFXQNWOGDQQUVGTq+PUVCNNCVKQPKPUVTWEVKQPU
GP

&GUETKRVKQP

/#0$9
9JGPVJG5KGOGPU25+PVGITCVGFXQNWOGDQQUVGTCPF5KGOGPU25
5K2CTVCTGCUUGODNGFVQIGVJGTXGTKH[VJCVVJGUJCHVECPDGTQVCVGFD[
JCPF+HVJKUKUPQVRQUUKDNGNQQUGPCNNUETGYUTQVCVGUJCHVCPFTG
VKIJVGPCNNUETGYU

&GXKEG5GVWR

6JGKPVGITCVGF8QNWOG$QQUVGTOWUVDGUGVWR$'(14'KPKVKCNK\KPIVJG5K2CTV25
XCNXGRQUKVKQPGT6JGp01+0+q PQKPKVKCNK\CVKQP OQFGUGGGZCORNGDGNQYECPDG
WUGFVQRGTHQTOVJKUUGVWR6JG01+0+OQFGYKNNCRRGCTQPEGGNGEVTKECNRQYGTKU
CRRNKGFVQCDTCPFPGY5K2CTV25XCNXGRQUKVKQPGT
+PECUGUYJGTGVJGKPVGITCVGFXQNWOGDQQUVGTKUDGKPITGVTQHKVVGFVQCPKPKVKCNK\GF
5+2#4625XCNXGRQUKVKQPGTHQNNQYUVGRUVQCEVKXCVG01+0+OQFG
2TGUUCPFJQNFp*#0&qDWVVQPHQTCRRTQZUGEVQGPVGTEQPHKIWTCVKQPOQFG
6JGEQPHKIWTCVKQPRCTCOGVGTPWODGTYKNNCRRGCTKPVJGNQYGTNGHVEQTPGTQHFKU
RNC[
6QIINGVJGp*#0&qDWVVQPWPVKNRCTCOGVGTp+0+6#qCRRGCTUQPVJGDQVVQOFKU
RNC[
2TGUUCPFJQNFVJG OKPWUDWVVQPWPVKNpPQqCRRGCTUQPVJGVQRQHVJGFKURNC[
2TGUUCPFJQNFp*#0&qDWVVQPHQTCRRTQZUGEVQGZKVEQPHKIWTCVKQPOQFG
&KURNC[YKNNDGUKOKNCTVQVJGHQNNQYKPI PWOGTKECNXCNWGYKNNXCT[
(KIWTG&KURNC[HQTVJGECUGQHKPVGITCVGFXQNWOGDQQUVGTDGKPITGVTQHKVVGFVQCPKPKVKCNK\GF
UGVVKPI
1PEGCNNRPGWOCVKEEQPPGEVKQPUCTGOCFGCPFVJGCRRTQRTKCVGUWRRN[
RTGUUWTGKUCRRNKGFOQXKPIVJGXCNXGCUUGODN[VJTQWIJVJGGPVKTG
XCNXGUVTQMGECPDGCEEQORNKUJGFWUKPIVJG2NWU CPFQT/KPWU
DWVVQP U

ϰ 6WTPVJGD[RCUUXCNXG U VWTPQRGP EQWPVGTENQEMYKUG

GP

ϰ 2TGUUKPIp qQTppDWVVQPYKNNFGNKXGTCKTUNQYN[VQVJGCEVWCVQT
&GUETKRVKQP
ϰ 2TGUUKPIp qQTppDWVVQPYKNNFGNKXGTCKTUNQYN[VQVJGCEVWCVQT
6QOQXGXCNXGCUUGODN[KPVJGQRRQUKVGFKTGEVKQPRGTHQTORWUJDWVVQPRTQEGFWTG
KPTGXGTUGUGSWGPEG

/#0$9
ϰ +HVJGXCNXGCUUGODN[FQGUPoVOQXGKVOC[DGRQUUKDNGVJCVVJGXCNXGCUUGODN[
KUCVVJGCEVWCVQTUGPFUVQRRQUKVKQP6JGTGHQTGCNVGTPCVGRWUJDWVVQP
UGSWGPEGVQFGNKXGTCKTKPVJGQRRQUKVGFKTGEVKQP
7UKPI CPF DWVVQPUOQXGXCNXGCUUGODN[VQGCEJGPFVTCXGNRQUKVKQP
7UKPI CPF DWVVQPUOQXGXCNXGCUUGODN[VQGCEJGPFVTCXGNRQUKVKQP
5KPEGVJGPWOGTKECNXCNWGQPVJGFKURNC[KUCPWPECNKDTCVGFXCNWGWUGCOGEJCPK
ECNKPFKECVQTQPXCNXGCUUGODN[VQFGVGTOKPGCEVWCNXCNXGRQUKVKQP
4GNGCUGRWUJDWVVQPUVQJQNFXCNXGCUUGODN[VQUQOGOKFVTCXGNRQUKVKQP1PEG
RWUJDWVVQPUCTGTGNGCUGFXCNXGCUUGODN[UJQWNFPQVOQXG
+HXCNXGCUUGODN[EQPVKPWGUVQOQXGCFLWUVD[RCUUXCNXGUCVWTPEQWPVGT
ENQEMYKUG
4GRGCVUVGRWPVKNXCNXGCUUGODN[ECPDGUVQRRGFCVCP[VTCXGNRQUKVKQP
+HUVGRECPPQVDGCEEQORNKUJGFEJGEMHQTCKTNGCMUKPXCNXGCUUGODN[
5GVWRQH+PVGITCVGFXQNWOGDQQUVGTKUEQORNGVGQPEGUVGRECPDGQDVCKPGF
(QTHKPCNGEQOOKUUKQPKPIQHVJG5KGOGPU25+PVGITCVGF8QNWOG$QQUVGTCPF
5KGOGPU255+2#465GGVJGCDQXG255+2#46EJCRVGTCUTGHGTGPEG
/CKPVGPCPEG

6JGUGKPUVTWOGPVUFQPQVPQTOCNN[TGSWKTGCP[TQWVKPGOCKPVGPCPEG
$GHQTGFKUCUUGODNKPIVJGWPKVOCMGUWTGCNNCKTRTGUUWTGVQVJGWPKVKU
VWTPGFQHH

5ETGGPU
6JGUETGGPUCTGNQECVGFKPVJGCKTUWRRN[CPFQWVRWVEQPPGEVKQPU#UETGGPOWUV
DGTGOQXGFHTQOKVUUGCVVQDGENGCPGF5ETGGPUECPDGFCOCIGFFWTKPITGOQXCN
CPFURCTGUETGGPUUJQWNFDGQPJCPF 20#'
2TQEGFWTGHQTENGCPKPIVJGUETGGPU
ϰ 6WTPUWRRN[CKTQHH
ϰ 4GOQXGCUETGGPYKVJCUETKDGD[ECTGHWNN[RWNNKPIQPCPFCTQWPFVJGGFIGQH
VJGUETGGP
ϰ %NGCPVJGUETGGPD[DNQYKPIVJTQWIJKPTGXGTUGFKTGEVKQPYKVJEQORTGUUGFCKT
5QCMVJGUETGGPKPUQNXGPVQTENGCPOGEJCPKECNN[KHPGEGUUCT[
ϰ +PUGTVVJGUETGGPWPVKNKVDQVVQOUWUKPICPQDLGEVUWEJCUVJGGTCUGTGPFQHC
GP

RGPEKNYJKEJYKNNPQVECWUGFCOCIG
&GUETKRVKQP
5JKRRKPICPFUVQTCIG
+HVJG+PVGITCVGF8QNWOG$QQUVGTKUVQDGUVQEMGFUVQTGFQTUJKRRGFVQCPQVJGT
NQECVKQPRTKQTVQRKRKPIOCMGUWTGVJCVVJGHCEVQT[KPUVCNNGFRNCUVKERNWIUCTGKPVJG
RQTVUVQRTGXGPVGPVT[QHOQKUVWTGFKTVQTQVJGTEQPVCOKPCPVU

/#0$9
255KRCTV

6JG5K2CTVEQPVTQNUVJGRQUKVKQPQHVJGXCNXG
6QRGTHQTOCWVQECNKDTCVKQPQHVJG5KGOGPU255K2CTV8CNXG2QUKVKQPGTHQNNQYVJG
EJGEMNKUVDGNQY&WTKPIVJGRTQEGFWTGVJGGPENQUWTGQHVJG5KRCTVUJQWNFDG
TGOQXGFCUFGUETKDGFDGNQY
#DDTGXKCVKQPU
01 0QTOCNN[1RGP
0% 0QTOCNN[%NQUGF
%9 %NQEM9KUG
%%9 %QWPVGT%NQEM9KUG
%JGEMQHVJGXCNXGoUHCKNUCHGRQUKVKQPCPFTQVCVKQPFKTGEVKQP
01%%9KUQWTUVCPFCTFUGVWR*QYGXGTYGJCXGGPEQWPVGTGFECUGUYKVJDQVJ
0%%%90%%9CPF01%9
6QVGUVHCKNUCHGRQUKVKQPCPFTQVCVKQPFKTGEVKQPRTQEGGFCUHQNNQYU
%JGEMVQUGGVJGRQUKVKQPQHVJGDGXGNNGFRQTVKQPQHVJGRQUKVKQPRKGEGCVVJGVQRQH
VJGCEVWCVQT6JGHNCVUGEVKQPKPFKECVGUCPQRGPRQUKVKQP5WDUGSWGPVN[EQPPGEV
VJGCKTUWRRN[6JGTGUWNVCPVRQUKVKQPYKNNFKUENQUG%9QT%%9FKTGEVKQP
6JGHQNNQYKPIKPUVTWEVKQPKUDCUGFQPVJGEQPHKIWTCVKQP01XCNXGYKVJ%%9TQVC
VKQP6JGRTQEGFWTGFGRGPFUWRQPVJGU[UVGOHWPEVKQPCPFUCHGRQUKVKQP+VYKNNDG
PGEGUUCT[VQCFLWUVVJGRTQEGFWTGCEEQTFKPIN[CUVQYJGVJGTVJGCEVWCVQTKU
010%%9%%9
9JGPGXGTOCIPGVRQUKVKQPKUCFLWUVGFVJGCKTUWRRN[OWUVDGEWVQHH
6JKUKUDQVJFWGVQVJGUCHGV[CURGEVQHUWFFGPXCNXGCEVWCVKQPFWTKPI
OCPWCNCFLWUVOGPVCPFKVKUVJGQPN[TGNKCDNGYC[VQHKPFQWVYJGVJGT
VJGXCNXGKUUGVCV010%%9%%9

5K2CTV25%QOOKUUKQPKPI2TGNKOKPCT[%QPPGEVKQPQHECDNGU
+HPQVCNTGCF[FQPGEQPPGEVC
CNNECDNGUCEEQTFKPIVQVJGUWRRNKGFFTCYKPIU
+HPQVCNTGCF[FQPGEQPPGEVVJG2QUKVKQPHGGFDCEMECDNGHTQO0%5UGPUQTVQ
'/%HKNVGTOQFWNG$GECWUGQHVJGNCEMQHURCEGKPVJGXKEKPKV[QHVJG5K2CTVKV
KUTGEQOOGPFGFVQOQWPVVJG0%5ECDNGHKTUV
GP
+HPQVCNTGCF[FQPGEQPPGEVVJG5GV2QKPVECDNGVQVGTOKPCN 5%7%7

EJ
&GUETKRVKQP
+HPQVCNTGCF[FQPGEQPPGEVVJGCNCTOECDNGVQVGTOKPCN 5%7%7
EJ
+HPQVCNTGCF[FQPGEQPPGEVVJG(GGFDCEMECDNGVQVGTOKPCN QP+[
OQFWNG 5%7%7EJ

/#0$9

2TGUU*CPF DQVVQOOCTMYKVJCJCPF HQTOKPKOWOUGEQPFU6JG5K2CTV

IQGUKPVQ%QPHKIWTCVKQPOQFGHQTVJGRCTCOGVGTU
5GV2CTCOGVGT 6[RGQH#EVWCVQT VQqPE5VqD[VJGp qCPFpp#NN01XCNWGU
OWUVWUGPE5VUGVVKPIU
$[RTGUUKPIVJGJCPFsEJCPIGVQRCTCOGVGT6JKUKUUGVVQVJGHCEVQT[
FGHCWNVRQUKVKQPVQ
$[RTGUUKPIJCPFsIQVQ2CTCOGVGTCPFD[WUGQH QTUGNGEV(#..
HQT0QTOCNN[1RGPXCNXGU
$[RTGUUKPIJCPFsIQVQ2CTCOGVGTCPFD[WUGQH QTUGNGEV4KUG
$[RTGUUKPIJCPFIQVQRCTCOGVGTCPFUGVVQ7RFQ
5GVRCTCOGVGTVQCPFRCTCOGVGTVQ
)QVQRCTCOGVGTKPKVKCNKUKPIQH5K2CTV2TGUUp qHQTOKPUGEQPFUHQTUVCTV
KPIKPKVKCVKQP6JG5K2CTVYKNNTWPVJG#WVQOCVKE+PKVKCVKQP2TQITCOYKVJUVGRU
(CKNWTGUCPF6TQWDNGUJQQVKPI
+HVJGKPKVKCNRTQEGUUUVQRUCVp4WPqp4WPqECPDGUVQRRGFFWGVQTGC
UQPUp&QYPXKQNGPEGDCPFXKQNCVGFqCPFp7RVQNGTCPEGDCPFXKQNCVGFq
+Hp&QYPVQNGTCPEGDCPFqKUXKQNCVGFVJGOCIPGVOWUVDGVWTPGFVQ+H
p7RVQNGTCPEGDCPFqKUXKQNCVGFVJGOCIPGVOWUVDGVWTPGFVQ
GP

&GUETKRVKQP

/#0$9
9JGPVJGFKURNC[UJQYUp(KPKUJqsVJG+PKVKCNRTQEGUUKUVGTOKPCVGFUWEEGUU
HWNN[#WVQOCVKE+PKVKCVKQP2TQITCOVGTOKPCVGFUWEEGUUHWNN[
$[RTGUUKPIVJGJCPFEJCPIGVQRCTCOGVGT5GVRCTCOGVGT CNCTO
UYKVEJHWPEVKQP VQpJP#q (CWNV PQVCWVQOCVKE 6JG5K2CTVKUUGVWRVQUGPF
CPCNCTOYJGPKVJCUCHCWNVQTKUPQVKP#WVQOCVKE/QFG
2TGUUJCPFHQTOQTGVJCPUGEQPFUHQTGZKVQH%QPHKIWTCVKQP/QFG+/214
6#06s$'%#75'6*+55#8'52#4#/'6'4%*#0)'55GVWRCPFRCTCO
GVGTUUCXGF&KURNC[YKNNUJQYpUQHVYCTGXGTUKQPqsCPFU[UVGOKUTGCF[VQ
WUG
6GUVXCNXGHWPEVKQPNQECN$[CUJQTVRTGUUQP*CPF[QWECPVQIINGDGVYGGP
p#WVQqCPFp/CPWCNq+P/CPWCNOQFGsVJGXCNXGRQUKVKQPECPDGEJCPIGFD[
RTGUUKPIp qQTpp9JGPHKPKUJGFVGUVKPIsNGCXGVJGEQPVTQNNGTKP#WVQOQFG
6GUVXCNXGHWPEVKQPHTQO/121PVJGp5ECXGPIKPI#KTUETGGPqEJCPIG5%4OQFG
VQp/CPWCNq [QWPGGFVQDGKPp%JKGHqOQFGCPFVJGGPIKPGPGGFUVQDGUVQRRGF
6GUVVJGXCNXGHWPEVKQPD[EJCPIKPIVJGUGVRQKPVVQUGXGTCNFKHHGTGPVRQUKVKQPU
DGVYGGPCPFCPFEJGEMVJCVVJGRQUKVKQPHGGFDCEMKUHQNNQYKPIVJGUGV
RQKPV%JGEMVJCVVJGXCNXGKUENQUGFCVCPFKUHWNN[QRGPCV9JGPHKP
KUJGFVGUVKPIsUYKVEJ5%4OQFGDCEMVQp#WVQq
2TGUUWTG&KHHGTGPEG%QPVTQN *25%4QPN[

6JKUUGEVKQPFGUETKDGUIWKFGNKPGUHQTVJGRCUUKXGRTGUUWTGKPGZEGUUQHCEGTVCKP
NKOKV6JGRTGUUWTGNGXGNKUEQPVTQNNGFWUKPICEQODKPCVKQPQHVJG5%4QXGTRTGUUWTG
NKOKVXCNXGVYQYC[XCNXGUCPFVJG458
GP

&GUETKRVKQP
%NCUUTWNGU
(QTUCHGV[TGCUQPUKVOWUVDGKPUWTGFVJCVVJGRTGUUWTGKPVJG5%4NKPGPGXGT
GZEGGFUVJGRTGUUWTGTCVKPIQHVJG5%4EQORQPGPVU6JGTGHQTG/&6TGSWKTGUC
EQPVTQNHCEKNKV[HQTGZEGUUKXGRTGUUWTGKPVJG5%4NKPGUKPEGVJG5%4U[UVGOECP
DWKNFWRRTGUUWTGKPECUGUYJGPVJG468CPF458XCNXGUCTGENQUGF+PHNQYVQVJG
5%4U[UVGOECPQTKIKPCVGHTQOGPIKPGGZJCWUVXGPVKPIU[UVGOUVCPFD[JGCVU[U

/#0$9
VGO FGRGPFKPIQPV[RG UQQVDNQYKPIU[UVGOCPFCVQOK\KPICKTHTQOWTGCFQUKPI

U[UVGO
%QPEGRV
6JGOCZKOWORTGUUWTGKPVJG5%4NKPGECPDGMGRVKPCNNEQPFKVKQPUD[KPUWTKPIC
OCZKOWORTGUUWTGFKHHGTGPEGDGVYGGPVJG5%4NKPGCPFVJGGZJCWUVICUTGEGKXGT
WUKPICRTGUUWTGFKHHGTGPEGEQPVTQNU[UVGO 5GG(KIWTG 6JGU[UVGOCEVWCVGU
CPQRGPKPIQHVJG458KPECUGQHGZEGUUKXGRTGUUWTGQXGTVJG468HTQOVJG5%4
U[UVGOVQVJGGZJCWUVTGEGKXGT9JGPVJKUJCRRGPUCOCUUHNQYQHCKTHTQOVJG
5%4XQNWOGYKNNGZRCPFKPVQVJGGZJCWUVICUTGEGKXGT6JGTGUWNVKPIRTGUUWTG
DWKNFWRKPVJGGZJCWUVTGEGKXGTOWUVVJGTGHQTGDGEQPVTQNNGFVQCXQKFKPCRRTQRTKCVG
UECXGPIGCKTDCEMHNQYCPFWPYCPVGF6%FKUVWTDCPEG6JGTGHQTGKVKUXGT[KORQT
VCPVVQCFLWUVVJGRTGUUWTGFKHHGTGPEGXCNXGVQVJGCRRTQRTKCVGNGXGNCUCFXKUGFKP
VJGHQNNQYKPI
6JGOCZKOWORTGUUWTGKPVJG5%4NKPGKURGTVJG5%4TGSWKTGOGPVURGEKHKECVKQP
FGHKPGFVQDGDCTC/CZKOWOGZJCWUVTGEGKXGTRTGUUWTGECPDGHQWPFKPVJG
GPIKPGRGTHQTOCPEGFCVCQHVJGURGEKHKEGPIKPGV[RGCPFNC[QWV(TQOVJGUGXCNWGU
VJGOCZKOWOCNNQYCDNGRTGUUWTGFKHHGTGPEGECPDGHQWPF/&6TGEQOOGPFC
RTGUUWTGFKHHGTGPEGXCNXGUGVVKPIKPVJGTCPIGQHDCT
#NQYGTRTGUUWTGFKHHGTGPEGUGVVKPIYKNNTGUWNVKPOQTGHTGSWGPV458QRGPKPIUFWT
KPIGPIKPGNQCFFQYPYJKEJKUKPEQPXGPKGPV#JKIJGTRTGUUWTGUGVVKPIECPEQO
RTQOKUGVJGUCHGV[HWPEVKQPQHVJGU[UVGOCPFKVGPJCPEGUVJGFKUVWTDCPEGQHVJG
6%HTQOVJG458QRGPKPI
(KIWTG*25%4U[UVGOYKVJRTGUUWTGEQPVTQN
5[UVGO&KCITCO
5GG(KIWTG#RTGUUWTGFKHHGTGPEGHTQO2VQ2CDQXGVJGUGVRQKPVYKNNVTKI
GP
IGTVJGRTGUUWTGFKHHGTGPEGXCNXG # YJKEJVJGPEWVUVJGRKNQVCKTVQVJGYC[

XCNXGU $% JGPEGGPHQTEKPIVJG458VQKVUHCKNUCHGRQUKVKQP QRGP TGICTFNGUUQH

&GUETKRVKQP
VJGYC[XCNXG & 9JGPVJGRTGUUWTGFKHHGTGPEGTGCEJGUCRRTQZKOCVGN[

QHVJGUGVRQKPVCHVGTRTGUUWTGGSWCNK\CVKQPVJGRTGUUWTGFKHHGTGPEGXCNXG # IQGU
DCEMVQVJGKPKVKCNUVCVG6JG458RQUKVKQPKUPQYCICKPEQPVTQNNGFD[VJG458
YC[XCNXG &

/#0$9
(KIWTG2TGUUWTGFKHHGTGPEGEQPVTQNRPGWOCVKEFKCITCO
5%41XGTRTGUUWTG.KOKV8CNXG
6JG5%4QXGTRTGUUWTGNKOKVXCNXGKUCXKVCNRCTVQHVJG2TGUUWTG&KHHGTGPEG%QPVTQN
U[UVGOCUUJQYPKP(KIWTG2QTVPWODGTUKPVJGU[ODQNKETGRTGUGPVCVKQPQH
XCNXG # CTGUJQYPQPVJGXCNXGUMGVEJKP(KIWTGUCPF
(KIWTG5%4QXGTRTGUUWTGNKOKVXCNXG
GP

&GUETKRVKQP
5GVVKPIWRVJG2TGUUWTG&KHHGTGPEG%QPVTQN
$GNQYRTQEGFWTGFGUETKDGUJQYVQCFLWUVVJGUGVRQKPVHQTVJGRTGUUWTGFKHHGTGPEG
EQPVTQNU[UVGOCPFJQYVQEQPHKTOVJGU[UVGOUCHGV[HWPEVKQP5GG(KIWTGHQT
XCNXGFGVCKNU

/#0$9
(KIWTG5%4QXGTRTGUUWTGNKOKVXCNXG&GVCKNU
5VGR 2TGEQPFKVKQPUCPFKPKVKCN #EVKQP 'ZRGEVGFTGUWNV

UVCVG
/''%5/QFG0# .QECVGOCPWCNXCNXGCPF
RTGUUWTGICWIGUCU
UJQYPDGNQYD[VJG468

'4%55%4/QFG0# 'PUWTGVJCVCFLWUVOGPV
'PIKPGCVUVCPFUVKNN UETGYKURQUKVKQPGF
KPCUCUVCTVUGVVKPI
GP

&GUETKRVKQP

/#0$9
(KIWTG)CWIGUCPFXCNXG0QVGRQUKVKQPQHEQNQWTGFCTTQYUQPDQVJFKCITCOCPF
EQTTGURQPFKPIRJQVQ
GP

&GUETKRVKQP

/#0$9
/''%5/QFG 5NQYN[ENQUGVJGKPNGVXCNXGUJQYP 2TGUUWTGKPFKECVKQPKPICWIG
0#'4%55%4 CDQXGKPITGGPYJKNGOQPKVQTKPIVJG UJQYKPI5%41WVNGV2TGUUWTG
/QFG0# FKHHGTGPEGDGVYGGPVJG5%4RTGU YKNNKPETGCUGCPFGXGPVWCNN[
'PIKPGCVUVCPF UWTGICWIG UJQYPCDQXGKPDNWG TGCEJVJGYCPVGFUGVVKPI
UVKNN CPFVJGGZJCWUVRTGUUWTGICWIG
UJQYPCDQXGKPTGF WPVKNCUVCDNG
RTGUUWTGQHDCTKUTGCEJGF
6JKURTGUUWTGYKNNDGVJGUGVRQKPVQH
VJGRTGUUWTGFKHHGTGPEGEQPVTQNU[U
VGO0QVG6JGXCNXGKUFKHHKEWNVVQ
CFLWUV6JGHWNNGHHGEVECPDGGZRGE
VGFCRRVQVWTPDGHQTGHWNN[
ENQUGFRQUKVKQP
/''%5/QFG %CTGHWNN[VWTPFQYPVJGCFLWUVOGPV 'XGPVWCNN[458RPGWOCVKE
0#'4%55%4 UETGYWPVKNVJGRKNQVCKTVQVJG458 YC[XCNXGOQXGUVQHCKN
/QFG0# RPGWOCVKEYC[XCNXGKUEWVCPF UCHGRQUKVKQPYJKEJCNNQYU
'PIKPGCVUVCPF VJGPUVQRCFLWUVKPIKOOGFKCVGN[ EQPVTQNCKTVQHNQYVQ458XCNXG
UVKNN 0QYHKZVJGCFLWUVOGPVUETGYD[ CEVWCVQTHQTEKPI458VQ
HCUVGPKPIVJGVKIJVGPKPIDQNV HWNN[QRGP
/''%5/QFG 2TGUUWTGKPFKECVKQPKPICWIGUJQY 2TGUUWTGKPFKECVKQPKPICWIG
0#'4%55%4 KPI5%41WVNGV2TGUUWTGYKNN UJQYKPI5%41WVNGV2TGUUWTG
/QFG0# KPETGCUGCPFGXGPVWCNN[TGCEJVJG FTQRUVQ2KNQVCKTVQ458
'PIKPGCVUVCPF YCPVGFUGVVKPI RPGWOCVKEYC[XCNXGKU
UVKNN UWRRNKGF458RPGWOCVKE
YC[XCNXGOQXGUVQCEVKXCVGF
RQUKVKQPYJKEJCNNQYUPQTOCN
EQPVTQNQH458XCNXGCEVWCVQT
6JGRTGUUWTGFKHHGTGPEGUGV
RQKPVKUPQYCRRNKGF
%QPHKTOCVKQPVJCVUCHGV[UGVVKPIUHQT5%4p468UCHGV[F2qKUEQTTGEV TGICTFNGUUQH
6KGTOQFG
5VGR 2TGEQPFKVKQPUCPF #EVKQP 'ZRGEVGFTGUWNV
KPKVKCNUVCVG
/''%5/QFG0# .QECVGXCNXGUCPF
'4%55%4/QFG RTGUUWTGICWIGUCU
0# UJQYPDGNQYD[VJG
'PIKPGCVUVCPFUVKNN 468
GP

&GUETKRVKQP

/#0$9
(KIWTG.QECVKQPQHXCNXGUCPFRTGUUWTGICWIG
GP

&GUETKRVKQP

/#0$9
/''%5 5NQYN[ENQUGVJGKPNGVXCNXGUJQYP 2TGUUWTGKPFKECVKQPKPICWIGUJQY
/QFG0# CDQXGKPI ITGGPYJKNGOQPKVQTKPI KPI5%41WVNGV2TGUUWTGYKNN
VJG5%4RTGUUWTGICWIG UJQYP KPETGCUGCPFGXGPVWCNN[TGCEJVJG
'4%55%4 CDQXGKPD DNWG UGVRQKPV
/QFG0#
0QVG6JGXCNXGKUFKHHKEWNVVQ 2KNQVCKTVQ458RPGWOCVKEYC[
'PIKPGCV CFLWUV6JGHWNNGHHGEVECPDG XCNXGKUPQYEWV
UVCPFUVKNN GZRGEVGFCRRVQVWTPDGHQTG
HWNN[ENQUGFRQUKVKQP 458RPGWOCVKEYC[XCNXG
OQXGUVQHCKNUCHGRQUKVKQPYJKEJ
CNNQYUEQPVTQNCKTVQHNQYVQ458
XCNXGCEVWCVQTHQTEKPI458VQ
HWNN[QRGP
/''%5 1RGPVJGKPNGVXCNXGUJQYPCDQXG 2TGUUWTGKPFKECVKQPKPICWIGUJQY
ITGGPYJKNGOQPKVQTKPIVJG5%4
/QFG0# KPI KPI5%41WVNGV2TGUUWTGFTQRUVQ
RTGUUWTGICWIG UJQYPCDQXGKP
'4%55%4 DNWG 2KNQVCKTVQ458RPGWOCVKEYC[
/QFG0# XCNXGKUUWRRNKGF
'PIKPGCV 458RPGWOCVKEYC[XCNXG
UVCPFUVKNN OQXGUVQCEVKXCVGFRQUKVKQPYJKEJ
CNNQYUPQTOCNEQPVTQNQH458XCNXG
CEVWCVQT
%QTTGEVUGVVKPIUHQTp4685CHGV[
F2qUGVVKPIUEQPHKTOGF
5%4%QPVTQN5GPUQT7PKV

6JG5%4%QPVTQN5GPUQT7PKVEQPUKUVUQHC01Z%CDKPGVCPFC01Z,WPEVKQP$QZ
YJKEJJQWUGUVYQ01ZUGPUQTU
6JG01ZUGPUQTUCTGPQTOCNN[KPVGPFGFHQTWUGKPJGCX[VTWEMOCEJKPGT[6JG[CTG
VJQWIJCNUQUWKVCDNGHQTVYQUVTQMGGPIKPGCRRNKECVKQPJCXKPICP5%4TGCEVQTCU
NQPICUVJGTGCTGOQFKHKECVKQPUVQEQORN[YKVJOCTKVKOGTGIWNCVKQPU
6JG01ZUGPUQTUCTGGZRQUGFVQGZJCWUVICUGUQTCOKZVWTGQHUECXGPIGCKTCPF
GZJCWUVICUCPFVJGKTNKHGURCPKUTCVGFVQCRRTQZJ(QTVJKUTGCUQP/#0
&KGUGN6WTDQWUGUVYQUGPUQTUHQTOQPKVQTKPICIKPICUYGNNCUQHHUGVFTKHVRTQD
NGOU6JGTGHQTGKVKUCFXKUGFVQCNYC[UMGGRURCTGRCTVUQPDQCTF
6JG01ZUGPUQTUWUG%#0DWUHQTFCVCVTCPUHGTCPFVJGTGHQTGVJG/2%EQPVTQNNGT
HTQO/#0&KGUGN6WTDQECPPQVEQOOWPKECVGFKTGEVN[YKVJVJG01ZUGPUQTU#NN
UKIPCNGZEJCPIGOWUVDGJCTFYKTGFHQTCPCNQIWGCPFFKIKVCNUKIPCNUUGG(KIWTG
#9CIQ2.%KUKPUVCNNGFKPVJG01Z%CDKPGVYJKEJEQPXGTVUVJG%#0VGNGITCOVQ
CPCNQIWGO#CPFRTQXKFGUKPHQTOCVKQPCDQWV01ZUGPUQTUVCVWU#NUQVJG
9CIQ2.%EQPVTQNUVJGEQTTGEVUVCTVWRUGSWGPEGHQTGCEJ01ZUGPUQT5GG(KIWTG

GP

&GUETKRVKQP

/#0$9
(KIWTG&KCITCOHQTUKIPCNGZEJCPIGDGVYGGPVJG/2%01Z%CDKPGV01Z,WPEVKQP$QZCPFVJG01ZUGPUQTU
2.%UGVWR

6JG2.%KUKPUVCNNGFKPVJG01Z%CDKPGVCUUGGPKPHKIWTG
(KIWTG6JG01Z%CDKPGVKPENWFKPIVJG9CIQ2.%CPF+1OQFWNGU
+VKUKORQTVCPVVQUGVVJGHNCVITG[UYKVEJDGNQYVJG9#)1NQIQKP470RQUKVKQP
KHVJG2.%FQGUPQVJCXGVJGEQTTGEVFGHCWNVUGVVKPIU9JGPVJG2.%KUWRCPFTWP
PKPIYKVJQWVCP[HCKNWTGUVJGHQNNQYKPI.'&OWUVJCXGCITGGPNKIJV5GG(KIWTG
GP

&GUETKRVKQP
5;5
470
+1
%#0

/#0$9
(KIWTG(TQPVXKGYQH9CIQ2.%
5%4%QPVTQN7PKVUVCTVWRUGSWGPEG

6JGUVCTVWRUGSWGPEGQHVJG5%4%QPVTQN5GPUQT7PKVKUUGGPKP(KIWTG+VKU
KORQTVCPVVQPQVKEGVJCVVJGUGPUQTUOWUVHQNNQYCJGCVKPIUNQRGRTKQTVQWUG(KTUV
YJGPKVKUJGCVGFKVIKXGUCTGCF[UKIPCNCPFOGCUWTGUC01ZEQPEGPVTCVKQP
GP

&GUETKRVKQP

/#0$9
(KIWTG6KOKPIFKCITCOHQT5VCTVWR
4GRNCEGOGPVQH01ZUGPUQT

'CEJ01ZUGPUQTJGCFKUCPKPVGITCVGFRCTVQHVJGUKIPCNKPVGTHCEGWPKV+VKUPQV
RQUUKDNGVQFKUOQWPVVJG01ZUGPUQTJGCFHTQOVJGUKIPCNKPVGTHCEGWPKVGXGP
VJQWIJKVCRRCTGPVN[JCUCEQPPGEVQTEQPPGEVKQP
GP

&GUETKRVKQP
(KIWTG01ZUGPUQTCUUGODN[6JGUGPUQTJGCFKUCPKPVGITCVGFRCTVQHVJGUKIPCN
KPVGTHCEGWPKV

/#0$9
9JGPCHCKNKPI01ZUGPUQTJGCFPGGFUTGRNCEGOGPVTGPGYCNQHVJGUKIPCNKPVGTHCEG
WPKVKUTGSWKTGF6JGTGHQTGCNCTIGUSWCTGFUGIOGPVKUEWVQWVQHVJGUKNWOKP01Z
,WPEVKQP$QZHQTGCU[01ZUGPUQTCPFUKIPCNKPVGTHCEGWPKVTGRNCEGOGPV6JG,WPE
VKQP$QZKP(KIWTGKUPQVHWNN[CUUGODNGF6JG%#0DWUECDNGKURQKPVKPIQWV
YCTFCPFVJG8RQYGTECDNGKUPQVOQWPVGF[GV
(KIWTG,WPEVKQPDQZYKVJ01ZUGPUQTCPFKPVGTHCEGWPKV
&GRGPFKPIWRQPVJG01ZUGPUQTOCPWHCEVWTGTVJGEQPPGEVQTV[RGQPVJG01Z
UGPUQTUKIPCNKPVGTHCEGWPKVECPEJCPIGHTQO/%10VQ*&5%5V[RG5GG(KI
WTGCPF(KIWTG
GP

&GUETKRVKQP

/#0$9
(KIWTG/%106[EQ'NGEVTQPKE
GP
(KIWTG*&5%5*GCX[&WV[5GCNGF%QPPGEVQT

$QVJEQPPGEVQTV[RGUJCXGCNQEMKPIOGEJCPKUOVJCVJCUVQDGWPNQEMGFDGHQTG
&GUETKRVKQP
VJGEQPPGEVQTECPDGTGOQXGFHTQOVJG01ZUKIPCNKPVGTHCEGWPKV7PNQEMKPIKURGT
HQTOGFGCUKN[YKVJCUJQTVUETGYFTKXGTYKVJCDNCFGYKFVJQHOO

/#0$9
5QHVYCTGWRITCFG

6JG9#)12.%KUGSWKRRGFYKVJCP5&ECTFUNQVYJKEJOCMGUKVGCUKGTVQ
WRITCFGUQHVYCTGYKVJQWVWUKPIVJGRTQITCOOKPIVQQN1RGPVJGVTCPURCTGPVRNCU
VKENKFTKIJVQHVJG9#)1NQIQ (KIWTG YKVJCHNCVJGCFUETGYFTKXGTCPFTGOQXG
VJGQDUQNGVG5&ECTFCPFKPUGTVVJGPGY5&ECTFDGHQTGRQYGT10
4GFWEKPI#IGPV5WRRN[

#URTGXKQWUN[OGPVKQPGFVJGTGCTGQRVKQPUHQTEJQKEGQHTGFWEKPICIGPVGCEJQH
YJKEJJCXGCFXCPVCIGUCPFFKUCFXCPVCIGU
+PCNNECUGUKVKUGUUGPVKCNVJCVDQVJVJGKPLGEVKQPCPFVJGOKZKPIQHVJGTGFWEKPI
CIGPVCTGRGTHQTOGFGHHGEVKXGN[#P[COOQPKCPQVWVKNK\GFKPVJGRTQEGUUFGHKPGF
CUVJGCOOQPKCUNKRKUNKMGN[VQTGCEVYKVJVJGGZJCWUVICUVQDGEQOGCOOQPKWO
DKUWNRJCVG #$50**51 YJGPVJGVGORGTCVWTGQHVJGICUHCNNU6JKUUWDUVCPEG
ECPDGFGRQUKVGFKPVJGGZJCWUVICUU[UVGOGIKPVJGGZJCWUVICUDQKNGT
1RVKQPUHQTEJQKEGUQHTGFWEKPICIGPVCTG
ϰ CSWGQWUWTGC UQNWVKQP
ϰ CSWGQWUCOOQPKC 0*KPUQNWVKQPYKVJ*1
%JCTCEVGTKUVKEUCPF2TQRGTVKGUQHVJG6YQ4GFWEKPI#IGPVU

ϰ 7TGC6JKUUWDUVCPEGKUEQPXGPKGPVVQWUGHQTOCTKPGRWTRQUGUCUKVJCUPQ
UKIPKHKECPVJGCNVJJC\CTFU+VECPDGUVQTGFCUUQNKFUCPFOKZGFQPDQCTF
7UKPIWTGCTGSWKTGUCOQTGEQORNGZXCRQTK\KPICPFOKZKPIRTQEGUUVJCPWUKPI
CSWGQWUCOOQPKCYJKEJKPHNWGPEGUVJGEQORNGZKV[QHVJGNC[QWVQHVJG5%4
U[UVGO
ϰ #SWGQWU#OOQPKC 0* #SWGQWUCOOQPKC 0* CNVJQWIJEQTTQUKXG

CPFJCTOHWNVQVJGJGCNVJCPFGPXKTQPOGPVEQWNFYKVJUQOGRTGECWVKQPUDG
JCPFNGFNKMGWTGC
+PFGRGPFGPVQHVJGUGNGEVGFTGFWEKPICIGPVVJGKPLGEVKQPKURGTHQTOGFKPEQO
DKPCVKQPYKVJEQORTGUUGFCKT
5GV7RUHQT5WRRN[KPIVJG4GFWEKPI#IGPVU

(QTFGVCKNGFKPHQTOCVKQPCDQWVVJGTGFWEKPICIGPVUWRRN[U[UVGORNGCUGEQPUWNV
VJGOCPWCNHTQOVJGCEVWCNUWRRNKGT
ϰ 7TGC#PGZCORNGQHCWTGCUWRRN[U[UVGOKUUJQYPKP(KI(TQOVJGUVQTCIG
VCPMWTGCKURWORGFVQVJGXCRQTK\GTOKZGTD[CWTGCRWORKPVJGUWRRN[WPKV
6JGUWRRN[WPKVCNUQJCUCYCUJYCVGTVCPMCPFCRWORHQTRWTIKPIVJGWTGC
KPLGEVKQPPQ\\NGU#EQPVTQNWPKVEQPVTQNUVJGKPLGEVKQPQHWTGCCPFEQORTGUUGF
CKTKPVQVJGXCRQTK\GT
9JGPVJG5%4RTQEGUUKUUJWVVKPIFQYPVJGWTGCKPLGEVKQPPQ\\NGUCTGRWTIGF
GP

YKVJYCUJYCVGTCPFQTCKTVQRTGXGPVENQIIKPIQHVJGPQ\\NGU6JKURWTIKPI
&GUETKRVKQP
RTQEGUUKUGORNQ[GFCVXCTKQWUUVCIGUCPFRJCUGUQHVJG5%4RTQEGUUCPFKU
YKVJKPVJKUOCPWCNTGHGTTGFVQCU(
(NWUJKPI

/#0$9
(KIWTG7TGCUWRRN[U[UVGOCPFCUUQEKCVGFEQORQPGPVU
ϰ #OOQPKC CSWGQWUUQNWVKQP #OOQPKCUWRRNKGFCUCPCSWGQWUUQNWVKQPQH
0* UQNWVKQP 6JGUVQTCIGVCPMCPFVJGRCTVQHVJGUWRRN[U[UVGOVJCV
KPENWFGUCPGXCRQTCVQTOWUVDGUKVWCVGFKPCUGRCTCVGTQQOCYC[HTQOVJG
OCEJKPGT[TQQOCPFVJGCEEQOOQFCVKQPUUGG(KI
GP

&GUETKRVKQP

/#0$9
(KIWTG#SWGQWUCOOQPKCUWRRN[U[UVGOCPFCUUQEKCVGFEQORQPGPVU
1RGTCVKQP

6JKUUGEVKQPYKNNIQKPVQFGVCKNYKVJJQYVJG*2CPF.25%4U[UVGOUCTGQRGTCVGF
(QTCDTKGHIGPGTCNFGUETKRVKQPUGGUGEVKQP
(QTDQVJ*2CPF.25%4VJGQRGTCVKQPKUXGT[UKOKNCT6JGIGPGTCNVJGQT[CDQWV
VJGQRGTCVKQPKUFGUETKDGFJGTGYJKNGGZCORNGUQHFKHHGTGPVQRGTCVKQPUEGPCTKQUHQT
*2CPF.25%4CTGFGUETKDGFKPUGEVKQPCPFTGURGEVKXGN[#OCVTKZQHVJG
FKHHGTGPVWUGECUGUECPDGUGGPKP6CDNG#PQXGTXKGYQHVJG*/+ECPDGHQWPF
KPUGEVKQP
6JGIGPGTCNQRGTCVKQP UVCTVUVQR QHVJG5%45[UVGOKUJCPFNGFHTQOVJG'%5

/12QTQRVKQPCNN[HTQOVJGDTKFIGYJKNGVJGFGVCKNGFQRGTCVKQPCPFKPHQTOCVKQPKU
JCPFNGFXKCVJG'4%5/12#VVJG'%5/12QTVJGDTKFIGVJG'PIKPG/QFGKU
UKORN[UGNGEVGFCPFVJG5%4%QPVTQN5[UVGO 5%4%5 YKNNUVCTVQTUVQRVJG5%4
U[UVGOYJKNGVJG/''%5YKNNEJQQUGVJGEQTTGURQPFKPI'PIKPG4WPPKPI/QFG
6JG'PIKPG4WPPKPI/QFGKUTGNCVGFVQVJGVKOKPIQHVJGHWGNKPLGEVKQPCPFKUPQVVQ
DGEQPHWUGFYKVJVJG'PIKPG/QFGYJKEJKUCUGNGEVKQPQH6KGT++QT6KGT+++1PG
GP
'PIKPG/QFGECPJCXGUGXGTCN'PIKPG4WPPKPI/QFGU

&GUETKRVKQP
(WTVJGTOQTGCRTGRCTGHWPEVKQPKUCFFGFUQVJCVVJG5%4ECPDGJGCVGFYJKNGUVKNN
DGKPIKP'PIKPG/QFG6KGT++9JGPWUKPIVJKUHWPEVKQPVJG5%4YKNNDGJGCVGFWR
DWVKPLGEVKQPQHTGFWEKPICIGPVCPFJGPEG01ZTGFWEVKQPYKNNHKTUVUVCTVYJGP'PIKPG
/QFGKUUYKVEJGFVQ6KGT+++6JKUHWPEVKQPKUCNUQHQWPFCVVJG'%5/12CPF
QRVKQPCNN[CVVJGDTKFIG1PVJG'4%5/12CPKPFKECVKQPECNNGF5%45GNGEVKQPYKNN

/#0$9
UJQYVJGTGUWNVQHVJG'PIKPG/QFGCPFRTGRCTGUGNGEVKQPHTQOVJG'%5/12
DTKFIG UGG6CDNGHQTGZCORNGU
+PQTFGTVQDGCDNGVQJCPFNGVJGCDQXGQRGTCVKQPHTQOVJG'%5/12QTVJG
DTKFIGVJG5%45[UVGOUJQWNFDGKP5%4/QFG#WVQ+HVJG5%45[UVGOJCUCP
GTTQTVJG5%4%QPVTQN5[UVGOYKNNEJCPIGVJG5%4/QFGVQ(CKNWTGCPFYJGPVJG
HCKNWTGKUTGUGVVQ5VQR6JGQRGTCVQTOWUVVJGPOCPWCNN[EJCPIGVJG5%4/QFG
DCEMVQ#WVQQPVJG'4%5/12RTQXKFGFKVKUEQPHKTOGFVJCVVJGTGCUQPHQTVJG
HCKNWTGKUTGOQXGF+HVJGQRGTCVQTHCKNUVQFQUQVJG5%45[UVGOYKNNPQVUVCTV
GXGPKHVJG'PIKPG/QFGKU6KGT+++6JGCEVWCNUVCVGQHVJG5%45[UVGOKUUJQYPQP
DQVJVJG'4%5/12CPFVJG'%5/12CPFQRVKQPCNN[VJGDTKFIG
6JGQRGTCVQTECPEJQQUGVQUYKVEJVJG5%4/QFGVQ5VQRKHKVHQTUQOGTGCUQPKU
FGUKTGFVQGPUWTGVJCVVJG5%45[UVGOFQGUP VUVCTVTGICTFNGUUQHVJGEJQKEGUQP
VJG'%5/12QTVJGDTKFIG
+VOWUVDGGORJCUK\GFVJCVKHOCKPVGPCPEGQTQVJGTJWOCPYQTMKUVQ
VCMGRNCEGKPQTENQUGVQVJG5%45[UVGOHWTVJGTCEVKQPUVJCP
UGNGEVKPI5%4/QFG5VQRCTGPGEGUUCT[
6JGQRGTCVQTOWUVCNYC[UMGGRVJGUWNHWTGSWKXCNGPVQHVJGHWGNWRFCVGFQPVJG
'%5/12 UGGOCPWCNHQT/''PIKPG UKPEGVJKUYKNNECWUGOCLQTCHHGEVUQPVJG
YQTMKPIVGORGTCVWTGQHVJG5%46JGCEVWCNHWGNUWNHWTGSWKXCNGPVKUUJQYPQPVJG
5%4/CKP5ETGGP#NUQVJGTGFWEKPICIGPVEQPEGPVTCVKQPOWUVCVCNNVKOGUDG
WRFCVGFQPVJG'4%5/12UKPEGKVJCUOCLQTKORCEVQPVJGTGFWEKPICIGPVFQU
KPIFGOCPF+VKUHQWPFQPVJG5%4/CKP5ETGGPCPFVJGQRGTCVQTOWUVDGKP
%JKGHNGXGNVQCFLWUVKVUXCNWG UGGUGEVKQP
6JGQRGTCVQTUJQWNFDGCYCTGVJCVHQT*25%4VJGEQPVTQNCKTVQVJG5%4XCNXGU
OWUVPQVDGTGOQXGFKPC6KGT+++JCTDQWTKGYJGPVJGGPIKPGKUUVQRRGFCPFVJG
'PIKPG/QFGKU6KGT+++UKPEGVJG458CPF468PGGFEQPVTQNCKTVQUVC[ENQUGFUQ
VJCVVJG5VCPFD[JGCVU[UVGOECPYQTMRTQRGTN[
2NGCUGPQVGVJCVVJGGPIKPGKUNKOKVGFVQNQCFYJGPTWPPKPIYKVJ
5%4

7UGT 7UGT 4GUWNVQH 7UGT %QPFK %QPFKVKQP 4GUWNVQHWUGTKPRWV

KPRWV KPRWV WUGTKPRWV KPRWV VKQP CPFCPFEQPFKVKQP
CPF CPF
'PIKPG 5%4 5%45GNGE 5%4 6GORGT (CKNWTGU 5%45[UVGOTGCEVKQP
GP

/QFG EJQKEG VKQP /QFG CVWTGU

&GUETKRVKQP
HQT2TG CPFNQCF
RCTG
5%4
6KGT++ &KUCDNGF 0Q5%4 #WVQ 1- 0QPG 5%4FKUGPICIGFDWV
TGCF[

/#0$9
6KGT++ &KUCDNGF 0Q5%4 #P[ #P[ 5VQR 5%4FKUGPICIGFCPF
PQVTGCF[
6KGT++ &KUCDNGF 0Q5%4 #P[ #P[ 5JWVFQYP 8CNXGUKPHCKNUCHG
*25%4 RQUKVKQP5%4PQV
QPN[ TGCF[
6KGT++ &KUCDNGF 0Q5%4 #WVQ 0QV1- 0QPG 5%4FKUGPICIGFDWV
TGCF[
6KGT++ &KUCDNGF 0Q5%4 5VQR #P[ 0QPG 5%4FKUGPICIGFCPF
PQVTGCF[
6KGT++ 'PCDNGF 2TGRCTG #WVQ 1- 0QPG 5%4JGCVKPIDWVPQV
5%4 FQUKPI
6KGT++ 'PCDNGF 2TGRCTG #P[ #P[ 5VQR 5%4FKUGPICIGFCPF
5%4 PQVTGCF[
6KGT++ 'PCDNGF 2TGRCTG #P[ #P[ 5JWVFQYP 8CNXGUKPHCKNUCHG
5%4 *25%4 RQUKVKQP5%4PQV
QPN[ TGCF[
6KGT++ 'PCDNGF 2TGRCTG #WVQ 0QV1- 0QPG 5%4FKUGPICIGFDWV
5%4 TGCF[
6KGT++ 'PCDNGF 2TGRCTG 5VQR #P[ 0QPG 5%4FKUGPICIGFCPF
5%4 PQVTGCF[
6KGT+++ &KUCDNGF 6KGT+++5%4 #WVQ 1- 0QPG 5%4JGCVKPICPF
GXGPVWCNN[FQUKPI
6KGT+++ &KUCDNGF 6KGT+++5%4 #P[ #P[ 5VQR 5%4FKUGPICIGFCPF
PQVTGCF[
6KGT+++ &KUCDNGF 6KGT+++5%4 #P[ #P[ 5JWVFQYP 8CNXGUKPHCKNUCHG
*25%4 RQUKVKQP5%4PQV
QPN[ TGCF[
6KGT+++ &KUCDNGF 6KGT+++5%4 #WVQ 0QV1- 0QPG 5%4FKUGPICIGFDWV
TGCF[
6KGT+++ &KUCDNGF 6KGT+++5%4 5VQR #P[ 0QPG 5%4FKUGPICIGFCPF
PQVTGCF[
6CDNG5%4OQFGEQPVTQNNQIKE
1RGTCVKQPQH*25%4

+PVJKUUGEVKQPFGVCKNGFGZCORNGUQHVJGQRGTCVKQPQH*25%4KUFGUETKDGF+VKUXGT[
UKOKNCTVQVJCVQH.25%4FGUETKDGFKPUGEVKQP+PHCEVVJGTQNGQHVJGQRGTCVQT
KUVJGUCOGDWVVJGVYQFKHHGTGPVU[UVGOUDGJCXGUNKIJVN[FKHHGTGPV
6KGT++1RGTCVKQP*25%4FKUGPICIGF

9JGPVJGXGUUGNKUPQVKP6KGT+++TGIWNCVGFYCVGTUKVYKNNQRGTCVGKP6KGT++/QFG
JGPEGVJG5%4YKNNDGD[RCUUGF1PVJG'%5/12DTKFIGVJG'PIKPG/QFG6KGT++
YKNNDGUGNGEVGFCPFVJG5%4RTGRCTGHWPEVKQPYKNNDGFKUCDNGF1PVJG'4%5/12
VJG5%45GNGEVKQPYKNNEQPUGSWGPVN[DG 0Q5%4 6JG5%45VCVGUJQYPQPDQVJ
VJG'%5/12DTKFIGCPFVJG'4%5/12YKNNDG5VCPFD[6JG4$8YKNNDGQRGP
GP

CPFVJG458468CPF%$8YKNNDGENQUGFUQVJCVCNNVJGGZJCWUVICUKUNGF
&GUETKRVKQP
FKTGEVN[VQVJGVWTDQEJCTIGT U CPFVJGGPIKPGKUYQTMKPICUKHKVJCFPQ5%4KPUVCN
NGF2NGCUGPQVGVJCVKHVJGRTGUUWTGKPVJG5%4NKPGGZEGGFUVJGRTGUUWTGKPVJG
D[RCUUNKPGGICHVGTCHCUVNQCFFQYPVJGPVJG468YKNNVGORQTCTKN[QRGPUNKIJVN[
VQGSWCNK\GVJGRTGUUWTG+HVJGRTGUUWTGKPVJG5%4NKPGKUVQQJKIJGIFWGVQC

/#0$9
NGCMCIGQHCKTKPVQVJG5%4U[UVGOHTQOCUWDU[UVGOCPFCPQRGPKPIQHVJG468
ECPPQVGSWCNK\GVJGRTGUUWTGVJGRCUUKXG2TGUUWTG&KHHGTGPEG%QPVTQNFGUETKDGFKP
UGEVKQPYKNNQRGPVJG458HWNN[CPFVJGTGD[GSWCNK\GVJGRTGUUWTG
(KIWTG*25%4U[UVGOKP6KGTNNOQFG
9JKNGTWPPKPIKP'PIKPG/QFG6KGTNNVJG/&65%4%QPVTQN5[UVGO 5%4%5 YKNN

DGUGPFKPICUKIPCNVQCPGZVGTPCN8GPVKPIU[UVGOVJCVKVUJQWNFUVCTVCPFMGGR
XGPVKPIVJG5%4NKPGFWTKPI6KGT++QRGTCVKQP6JGXGPVKPIKUMGGRKPIVJGGZJCWUV
ICUEQPVCKPKPIUWNHWTQWVQHVJG EQNF 5%4U[UVGOYJGTGKVYQWNFDGEQQNGFFQYP
CPFEQPFGPUGUWNHWTKECEKFYJKEJYQWNFJCTOVJG5%4U[UVGO
2NGCUGPQVGVJCVKHVJGGPIKPGKUUVQRRGFYJKNG'PIKPG/QFGKU6KGT++VJGTGYKNNDG
PQXGPVKPICPFVJG8CNXG5VCVGYKNNDG8CNXGUKP(CKN5CHGJGPEGVJG458CPF468
XCNXGUYKNNDGQTFGTGFQRGPCPFKVYKNNDGUCHGVQTGOQXGVJGEQPVTQNCKTVQVJG5%4
XCNXGU
5VCTVKPIVJG*25%45[UVGOYJGPGPVGTKPI6KGT+++CTGC

6JGQRGTCVQTOWUVOCPWCNN[UVCTVVJG5%4U[UVGOUGGDQZDGNQY
$GHQTGCRRTQCEJKPIC6KGT+++TGIWNCVGFCTGCUQOGRTGRCTCVKQPUOWUVDGFQPG
(KTUVQHCNNDGHQTGUVCTVKPIVJG5%45[UVGOKVUJQWNFDGXGTKHKGFVJCVVJGUWNHWTEQP
VGPV U QHVJGHWGN U KUEQTTGURQPFKPIVJGURGEKHKECVKQPUQHVJGRTGUGPV5%45[UVGO
CPFKUWRFCVGFVQHKVVJGCEVWCNHWGNWUGF6JGCEVWCNHWGNUWNHWTGSWKXCNGPVKUUJQYP
QPVJG5%4/CKP5ETGGP+HVJKUKUPQVVJGECUGHWGNOWUVDGEJCPIGFCPFQTVJG
XCNWGQHVJGHWGNUWNHWTGSWKXCNGPVOWUVDGWRFCVGF6JKUKUFQPGQPVJG'%5/12
UGGVJG/'/CPWCNHQTFGVCKNU+HVJG5%45[UVGOKUUVCTVGFYKVJCPCEVWCNHWGNUWN
HWTGSWKXCNGPVGZEGGFKPIKVUNKOKVUCPCNCTOYKNNDGTCKUGF4WPPKPIYKVJCHWGNYKVJ
CVQQJKIJEQPVGPVQHUWNHWTYKNNNGCFVQEQPVCOKPCVKQPQHVJGTGCEVQTFGITCFCVKQPQH
GP

VJGECVCN[UVCPFKUPQVEQXGTGFD[VJGYCTTCPV[
&GUETKRVKQP
(WTVJGTOQTGKVUJQWNFDGXGTKHKGFVJCVVJGTGFWEKPICIGPVEQPEGPVTCVKQPXCNWG
UJQYPQPVJG5%4/CKP5ETGGPKUEQTTGURQPFKPIVQVJGCEVWCNTGFWEKPICIGPV
WUGF+HPQVKVUJQWNFDGWRFCVGF6JGQRGTCVQTOWUVDGKPEJKGHNGXGNVQCFLWUVVJG
XCNWG

/#0$9
6JG5%45[UVGOECPVJGPDGUVCTVGF2NGCUGPQVGVJCVCVVJKURQKPVVJG5%45[U
VGOOKIJVDGEQNF9JKNGGPICIKPIVJG5%45[UVGOKVOWUVVJGTGHQTGCNUQDG
JGCVGFYJKEJOKIJVVCMGUQOGVKOGCUVJG5%45[UVGOEQPVCKPUCNCTIGJGCV
ECRCEKV[*QYNQPIVKOGKVVCMGUFGRGPFUQPCXCTKGV[QHHCEVQTUGIVJGURGEKHKE
UGVWRCPFVJGCEVWCNGPIKPGNQCF
6JG5%45[UVGOECPDGUVCTVGFKPVYQYC[UCQPGUVGROGVJQFQTCVYQUVGR
OGVJQF6JGQPGUVGROGVJQFKUVQEJCPIG'PIKPG/QFGVQ6KGT+++FKTGEVN[CPF
VJGPVJG5%4%5YKNNRTQXKFGFVJCVVJG5%4/QFGKU#WVQCPFVJGEQPFKVKQPUHQT
TWPPKPIVJG5%4CTGQM VJGNQCFCPFJGPEGVJGVGORGTCVWTGUCTGJKIJGPQWIJ
UVCTVJGCVKPICPFNCVGTUVCTVFQUKPIQHTGFWEKPICIGPVJGPEGUVCTVVJG01ZTGFWE
VKQP#HQTGOGPVKQPGFVJGJGCVKPIRTQEGUUKUTCVJGTNQPICPFKVKUFKHHKEWNVVQGUVK
OCVGGZCEVN[YJGPVJGCEVWCN01ZTGFWEVKQPKUUVCTVGFD[EJQQUKPIVJKUOGVJQF
+HOQTGEQPVTQNKUFGUKTGFVJGVYQUVGROGVJQFEQWNFDGCPQRVKQP6JGRTGRCTG
5%4HWPEVKQPKUGPCDNGFYJKNGUVKNNDGKPIKP'PIKPG/QFG6KGT++6JG5%4%5YKNN
VJGPUVCTVJGCVKPIVJG5%45[UVGOGZCEVN[CUDGHQTGDWVKVYKNNUVQRCUVJG5%4KU
HWNN[GPICIGFCPFVJGVGORGTCVWTGUKPVJG5%4NKPGCTGUCVKUH[KPI6JG5%45VCVG
YKNNVJGPDG4GCEVQT4GCF[9JGPVJGQRGTCVQTVJGPEJQQUGU'PIKPG/QFG6KGT+++
VJG5%45[UVGOKUCNTGCF[YCTOCPFVJGTGFWEKPICIGPVKPLGEVKQPYKNNUVCTVCU
UQQPCUVJGGZVGTPCN&QUKPIJCPFNKPIU[UVGOKUTGCF[VQUVCTVCEVWCNFQUKPI
5VCTVYKVJRTGRCTGHWPEVKQP 5VCTVYKVJQWVRTGRCTGHWPEVKQP
C %QPVTQNHWGNUWNHWTGSWKXCNGPV C %QPVTQNHWGNUWNHWTGSWKXCNGPV
D %QPVTQN4GFWEKPI#IGPV%QPEGPVTCVKQP D %QPVTQN4GFWEKPI#IGPV%QPEGPVTCVKQP
E %QPVTQN5%4/QFGKU#WVQ E %QPVTQN5%4/QFGKU#WVQ
5GNGEV5%4 'PCDNG2TGRCTGQP'%5 5GNGEV'PIKPG/QFG6KGT+++QP'%5/12
/12
9JGP6KGT+++\QPGKUTGCEJGF5GNGEV
'PIKPG/QFG6KGT+++QP'%5/12
6CDNG1RVKQPUHQTUVCTVWR
0QOCVVGTYJKEJOGVJQFKUWUGFHQTUVCTVKPIVJG5%45[UVGOVJGUCOGUVGRUYKNN
DGRGTHQTOGF6JG[YKNNDGFGUETKDGFKPVJGTGUVQHVJKUUGEVKQP
#UVJGQRGTCVQTEJQQUGU'PIKPG/QFG6KGT+++QTGPCDNGUVJGRTGRCTGHWPEVKQPVJG
5%45VCVGEJCPIGUVQ*GCVKPI6JKUKUUGGPQPVJG'%5/12DTKFIGCPFVJG
'4%5/12#EQPFKVKQPHQTVJKUKUVJCVVJG5%4/QFGKU#WVQCPFVJCVVJGGZJCWUV
ICUVGORGTCVWTGKUCDQXGVJGUWNHWTKECEKFEQPFGPUCVKQPNKOKV1PVJG5%4/CKP
5ETGGPKVKUUGGPVJCVXGPVKPIJCUUVQRRGFDWVVJGUQQVDNQYKPIJCUUVCTVGF5QQV
DNQYKPIKUCNYC[UQPYJGPGZJCWUVICUKURCUUKPIVJG5%4TGCEVQTCUUQQVDNQY
KPIKUPGEGUUCT[VQMGGRVJGTGCEVQTECVCN[UVGNGOGPVUHTQOENQIIKPIFWGVQUQQV
RCTVKENGU
#VVJGUCOGVKOGQPVJG5%48CNXG+PHQUETGGPKVKUUGGPVJCVVJG8CNXG5VCVG
GP

EJCPIGUVQ5%4.KPG/KP1RGP+PVJKUUVCVGVJG458YJKEJKUCPQPQHHXCNXGKU
&GUETKRVKQP
QRGPGFCPFVJGEQPVTQNNCDNG468KUQRGPGFVQCOKPKOWO6JKUOGCPUCUOCNN
RCTVQHVJGGZJCWUVICUKUHNQYKPIVJTQWIJVJG5%4NKPGCPFVJGTGD[RCUUKPIVJG6
5%4KPUGPUQTUVJCVECPPQYDGIKPVQOGCUWTGCEQTTGEVXCNWGQHVJGGZJCWUVICU
VGORGTCVWTG6JGPVJG8CNXG5VCVGEJCPIGUVQ#WVQOCVKECPFVJGXCNXGUCTGEQP
VTQNNGFCWVQOCVKECNN[DCUGFQPCVGORGTCVWTGEQPVTQNNGT8CNXG5VCVGYKNNUVC[KP
#WVQOCVKEWPVKNVJG5%4KUUVQRRGF

/#0$9
(KIWTG*25%4U[UVGOGPICIKPI
1PN[QPGXCNXGKUEQPVTQNNGFCVCVKOG(KTUV468KUQRGPGFHWNN[CPFVJGP4$8KU
ENQUGF+PVJKUYC[ITCFWCNN[OQTGGZJCWUVICUKUNGFVJTQWIJVJG5%4NKPG6JG
XCNXGUCTGEQPVTQNNGFKPUWEJCYC[VJCVVJGFKHHGTGPEGDGVYGGPVJGGZJCWUVICU
VGORGTCVWTG 65%4KP CPFVJGVGORGTCVWTGVJCVVJGVWTDKPGUGGU 6VWTDKPGKP
PGXGTGZEGGFUCRTGFGHKPGFXCNWG6JGOCZKOWOCEEGRVCDNGVGORGTCVWTGFKHHGT
GPEGKUUJQYPQPVJG8CNXG+PHQ5ETGGPQPVJG'4%5/12VQIGVJGTYKVJVJG
CEVWCNVGORGTCVWTGFKHHGTGPEG6JKUEQPVTQNKUVQCNYC[UGPUWTGVJCVQPN[CPCEEGRV
CDNGRCTVQHVJGGPGTI[KPVJGGZJCWUVICUKUWUGFVQJGCVWRVJG5%45[UVGO
KPUVGCFQHDGKPIWUGFVQRQYGTVJGVWTDQEJCTIGT
GP

(KIWTG*25%4U[UVGO6KGTNNNOQFG
&GUETKRVKQP
#UVJG5%45[UVGOKUDGKPIGPICIGFVJGGZJCWUVICUVGORGTCVWTGYKNNV[RKECNN[
KPETGCUG+HVJGGZJCWUVICUVGORGTCVWTGKUUVKNNNQYGTVJCPVJGCEEGRVCDNGVGORGTC
VWTGYKPFQYHQT5%4QRGTCVKQPVJG%$8XCNXGYKNNUVCTVVQQRGP6JG%$8XCNXGKU
TGIWNCVGFUQVJCVCNNVGORGTCVWTGUKPVJG5%4NKPGTGCEJVJG5%4QRGTCVKQPVGO
RGTCVWTGYKPFQYDWVUVKNNMGGRKPIVJGVGORGTCVWTGFKHHGTGPEGDGNQYVJGOCZKOWO

/#0$9
CEEGRVCDNG2NGCUGPQVGVJCVYJGP%$8KUQRGPVJGVGORGTCVWTGOGCUWTGOGPV
DGHQTGVJGVWTDKPG 6VWTDKPGKP KUCHHGEVGFD[EQNFCKTHTQOVJGUECXGPIGCKT
TGEGKXGT6JGTGHQTGVJGVGORGTCVWTGOGCUWTGOGPVCHVGTVJG5%4TGCEVQT 65%4
QWV KUWUGFVQECNEWNCVGVJGCEVWCNVGORGTCVWTGFKHHGTGPEGYJGP%$8KUQRGP1P
VJG8CNXG+PHQ5ETGGPKVKUUJQYPYKVJCITCRJKECNUYKVEJYJKEJUGPUQTKUWUGFHQT
VJGECNEWNCVKQPQHVJGVGORGTCVWTGFKHHGTGPEG
(KIWTG*25%4U[UVGO6KGTNNNOQFGYKVJ%$8QRGP
9JGPVJGEQTTGEVVGORGTCVWTGJCUDGGPTGCEJGFCVCNNOGCUWTGOGPVRQKPVUKPVJG
5%4NKPGVJG5%4KUGPICIGFCPFJGCVGFCPFTGCF[HQTFQUKPI6JG5%45VCVG
UJQYPQPVJG'%5/12DTKFIGCPFVJG'4%5/12EJCPIGUVQ4GCEVQT4GCF[+H
VJG5%45[UVGOYCUUVCTVGFD[UGNGEVKPIVJGGPCDNGRTGRCTGHWPEVKQPPQVJKPIGNUG
YKNNJCRRGPCPFVJG5%45VCVGYKNNEQPVKPWGVQDG4GCEVQT4GCF[ WPNGUUCHCKNWTG
QEEWTUQTGPIKPGNQCFKUEJCPIGFTCRKFN[NGCFKPIVQ4$8QRGPKPI WPVKN'PIKPG
/QFG6KGT+++KUUGNGEVGF9JGPVJKUKUFQPGQTKHVJG5%45[UVGOYCUUVCTVGFD[
UGNGEVKPI'PIKPG/QFG6KGT+++VJG5%45VCVGYKNNEJCPIGVQ&QUKPI'PCDNKPI+P
VJKUUVCVGVJG5%4%5IKXGUUKIPCNVQVJGGZVGTPCN&QUKPIJCPFNKPIU[UVGOVQRTG
RCTGHQTKPLGEVKQPQHTGFWEKPICIGPV9JGPVJGTGFWEKPICIGPVKPLGEVKQPKUTGCF[KV
UKIPCNUDCEMVQVJG5%4%5YJKEJVJGPEJCPIGUUVCVGVQ&QUKPI 5%4#EVKXG
CPFIKXGUVJG&QUKPIJCPFNKPIU[UVGOCTGFWEKPICIGPVUGVRQKPVVJCVKVYKNNHQNNQY
01ZTGFWEVKQPKUCEVKXG
#VNQYNQCFUVJG5%4%5YKNNCNYC[UTGSWGUVVJG'%5VQMGGRVJGDNQYGTUTWP
PKPIDWVKHVJGGPICIGOGPVKUJCRRGPKPIKPCRTGFGHKPGFGPIKPGNQCFYKPFQYVJG
5%4%5YKNNUVQRVJGCWZKNKCT[DNQYGTUTWPTGSWGUVYJGPVJGGPICIGOGPVQHVJG
5%4TGCEVQTKUHKPKUJGF9JGPUVQRRKPIVJGDNQYGTUVJGGZJCWUVICUVGORGTCVWTG
YKNNKPETGCUGYJKEJOKIJVCHHGEVVJGXCNXGEQPVTQNUQVJCV4$8VGORQTCTKN[QRGPU
CPFVJG01ZTGFWEVKQPYKNNDGTGFWEGF+PQTFGTVQRTGXGPVVJKUCPFVQUGEWTGC
UOQQVJUVQRQHVJGDNQYGTUVJG%$8KUVGORQTCTKN[QRGPGFVQJGCVWRCPFRTG
RCTGVJG5%4TGCEVQTHQTVJGJKIJGTGZJCWUVICUVGORGTCVWTG+VKUTGVWTPKPIVQKVU
GP

QTKIKPCNRQUKVKQPUKOWNVCPGQWUN[YKVJUVQRRKPIVJGDNQYGTU#DQXGCRTGFGHKPGF
GPIKPGNQCFVJGDNQYGTUYKNNDGUVQRRGFKOOGFKCVGN[2NGCUGPQVGVJCVCVUQOG
&GUETKRVKQP
NQCFUVJGVGORGTCVWTGKPVJG5%4TGCEVQTOKIJVUVCTVVQQUEKNNCVGCVUQOGRNCPVU
FWGVQVJGVGORGTCVWTGFGNC[ECWUGFD[VJGNCTIGJGCVECRCEKV[KPVJG5%4TGCE
VQT+HVJKUJCRRGPUVJG%$8XCNXGYKNNDGWUGFVQFCORGPVJGQUEKNNCVKQPU6JKUYKNN
JCRRGPCWVQOCVKECNN[

/#0$9
#EEGNGTCVKPIYKVJ*25%4

6JG5%4%5JCPFNGUVJKUCWVQOCVKECNN[
+PVJGECUGYJGTGVJG5%45[UVGOKUGPICIGFCPFVJGGPIKPGKUCEEGNGTCVGFVJG
GZJCWUVICUVGORGTCVWTG 65%4KP YKNNKPETGCUGHCUVYJKNGVJGVGORGTCVWTGQWVQH
VJG5%4 65%4QWV6VWTDKPGKPFGRGPFKPIQP%$8QRGPKPI YKNNQPN[KPETGCUG
UNQYN[FWGVQVJGNCTIGJGCVECRCEKV[QHVJG5%45[UVGO+PQTFGTVQHWNHKNNVJG
TGSWKTGOGPVQHCOCZKOWOVGORGTCVWTGFKHHGTGPEGDGVYGGPVJQUGVYQKVOKIJVDG
PGEGUUCT[HQTVJG5%4%5VQVGORQTCTKN[ENQUG%$8KHKVUQRGPCPFGXGPQRGP
4$8+H4$8QRGPUHWNNHNQYKUPQNQPIGTRCUUKPIVJTQWIJVJG5%45[UVGOCPFHWNN
TGFWEKPICIGPVFQUKPIKUVJGTGHQTGPQNQPIGTRQUUKDNG+HQPGQTOQTGVGORGTCVWTGU
KPVJG5%4NKPGFQGUPQVHWNHKNNVJGPGYCPFJKIJGTTGSWKTGOGPVUVQVGORGTCVWTG
CHVGTCNQCFEJCPIGHWNNTGFWEKPICIGPVFQUKPIKUPGKVJGTRQUUKDNG+PDQVJECUGUC
OKPKOWOFQUKPICOQWPVKUMGRVVQRTGXGPVVJGFQUKPIPQ\\NGHTQOENQIIKPI UGG
UGEVKQP WPVKN4$8KUCICKPENQUGFCPFCNNVGORGTCVWTGUKPVJG5%4NKPGCTG
CICKPYKVJKPVJG5%4QRGTCVKQPVGORGTCVWTGYKPFQY6JGPHWNNHNQYCPFJGPEG6KGT
+++01ZTGFWEVKQPKUEQPVKPWGF
+HVJGGPIKPGKUCEEGNGTCVGFVQCDQXGCRTGFGHKPGFNQCFVJG5%4%5YKNNUVQRVJG
TGSWGUVVQVJG'%5QHTWPPKPIVJGCWZKNKCT[DNQYGTU5GGFGVCKNGFFGUETKRVKQPCVVJG
GPFQHUGEVKQP
5CKNKPIKPVQ6KGT+++JCTDQTYKVJ*25%4

9JGPVJGXGUUGNKUCRRTQCEJKPIC6KGT+++JCTDQTVJG5%4%5YKNNCWVQOCVKECNN[
ENQUGFQYPVJG5%45[UVGOCUVJGGPIKPGNQCFKUUQNQYVJCVVJGGZJCWUVICU
VGORGTCVWTG 65%4KP FGETGCUGUDGNQYVJGUWNHWTKECEKFEQPFGPUCVKQPNKOKV(KTUV
VJG5%45VCVGUJQYPQPVJG'%5/12DTKFIGCPF'4%5/12YKNNEJCPIGVQ
(NWUJKPI#UKIPCNYKNNDGUGPVVQVJGGZVGTPCN&QUKPIJCPFNKPIU[UVGOYJKEJYKNN
UVCTVHNWUJKPIQHVJGTGFWEKPICIGPVFQUKPIU[UVGOCPFPQ\\NGYKVJYCVGTQTCKTQT
DQVJFGRGPFKPIQPVJGV[RGQH&QUKPIJCPFNKPIU[UVGO+HHNWUJKPIKUPQVRGT
HQTOGFEQTTGEVN[VJGTGFWEKPICIGPVOKIJVENQIVJGFQUKPIU[UVGOCPFKPLGEVKQP
PQ\\NG
9JGPHNWUJKPIKUHKPKUJGFVJG5%45VCVGEJCPIGUVQ5VCPFD[CPFVJG8CNXG5VCVG
UJQYPQPVJG8CNXG+PHQ5ETGGPYKNNEJCPIGVQ1RGP5%4$[RCUU6JG%$8YKNN
ENQUGCPFVJG4$8YKNNQRGP9JGPVJG4$8KUHWNN[QRGPVJG8CNXG5VCVGYKNN
EJCPIGVQ%NQUG5%4.KPGCPFVJG468CPFVJG458YKNNENQUG1PVJG5%4/CKP
5ETGGPKVECPDGUGGPVJCVVJGUQQVDNQYKPIYKNNUVQRCPFVJGGZVGTPCN5VCPFD[
*GCV5[UVGOYKNNUVCTV
6JG5VCPFD[JGCVU[UVGOKUOGCPVVQMGGRVJG5%4TGCEVQTCDQXGVJGUWNHWTKECEKF
EQPFGPUCVKQPNKOKVYJGPVJGGPIKPGKUUVQRRGFQTVJGGPIKPGNQCFKUUQNQYVJCV
VJGGZJCWUVICUVGORGTCVWTGKUDGNQYVJGUWNHWTKECEKFEQPFGPUCVKQPNKOKVCPFVJG
'PIKPG/QFGKU6KGT+++
GP

2NGCUGPQVGVJCVYJGPVJGGPIKPGKUUVQRRGFYJKNG'PIKPG/QFGKU6KGT+++VJG458
&GUETKRVKQP
CPFVJG468PGGFVQDGENQUGFKPQTFGTHQTVJG5VCPFD[JGCVU[UVGOVQYQTM
RTQRGTN[6JGTGHQTGVJGEQPVTQNCKTVQVJG458CPFVJG468OWUVPGXGTDGTGOQXGF
YJKNGKPC6KGT+++JCTDQWTJGPEGYJGP'PIKPG/QFGKU6KGT+++

/#0$9
5VCTVKPIHTQO6KGT+++JCTDQTYKVJ*25%4

6JGXGUUGNKUN[KPIKPJCTDQTYKVJUVQRRGFGPIKPG'PIKPG/QFG6KGT+++CPFFKUGP
ICIGF5%4U[UVGODWVYKVJC5VCPFD[JGCVU[UVGOMGGRKPIVJGVGORGTCVWTGQH
VJG5%4CDQXGVJGUWNHWTKECEKFEQPFGPUCVKQPNKOKV#UVJGGPIKPGNQCFTGCEJGUC
NQCFUQJKIJVJCVVJGGZJCWUVICUVGORGTCVWTG 6VWTDKPGKP KPETGCUGUVQCDQXGVJG
UWNHWTKECEKFEQPFGPUCVKQPNKOKVVJG5%4YKNNCWVQOCVKECNN[GPICIGCICKPCU
FGUETKDGFKPUGEVKQP
2NGCUGPQVGVJCVVJG5%4%5YKNNVT[VQGPICIGVJG5%45[UVGOGXGPKHVJG
GZJCWUVICUVGORGTCVWTGKUUQNQYVJCVKVKUPQVRQUUKDNGVQTGCEJVJGVGORGTCVWTG
YKPFQYHQT5%4QRGTCVKQP6JKUKUFQPGVQCNYC[UOCMGUWTGVJCVVJG5%45[UVGO
KUCUENQUGVQVJGFGUKTGFUVCVGKPVJKUECUG&QUKPICURQUUKDNG+HVJGGPIKPG
NQCFVJGPKPETGCUGULWUVUQOWEJVJCVHWNNFQUKPIKURQUUKDNGVJG5%45[UVGOKU
TGCF[
2NGCUGPQVGVJCVVJGXCTKCDNGXCNXGUYKNNDGGZEKVGFCUFGUETKDGFKPUGEVKQP
YKVJKPVJGFQEWOGPV
5VQRRKPI*25%4

6JGQRGTCVQTOWUVOCPWCNN[UVQRVJG5%4U[UVGOUGGDQZDGNQY
9JGPVJGXGUUGNKUGZKVKPIVJG6KGT+++\QPGVJGQRGTCVQTECPEJCPIGVJG'PIKPG
/QFGVQ6KGT++9JGPVJKUKUFQPGVJG5%4%5YKNNEQOOCPFHNWUJKPICPFVJGP
FKUGPICIGVJG5%45[UVGOCUFGUETKDGFKPUGEVKQP$WVKPUVGCFQHUVCTVKPI
VJG5VCPFD[JGCVU[UVGOCUVJG468CPF458ENQUGVJGGZVGTPCN8GPVKPIU[UVGO
YKNNDGQTFGTGFVQUVCTVCPFVJG5%45[UVGOYKNNDGXGPVGFWPVKNKVJCUVQDGWUGF
CICKP
2NGCUGPQVGVJCVYJGPUCKNKPIKPVQC6KGT++JCTDQTVJGXGPVKPIYKNNUVQRCUVJG
GPIKPGUVQRU
5VQR5%4
5GNGEV'PIKPG/QFG6KGT++QP'%5/12
6CDNG1RVKQPUHQTUVQRRKPI
1RGTCVKQPQH.25%4

+PVJKUUGEVKQPFGVCKNGFGZCORNGUQHVJGQRGTCVKQPQH.25%4KUFGUETKDGF+VKUXGT[
UKOKNCTVQVJCVQH*25%4FGUETKDGFKPUGEVKQP+PHCEVVJGTQNGQHVJGQRGTCVQT
KUVJGUCOGDWVVJGVYQFKHHGTGPVU[UVGOUDGJCXGUNKIJVN[FKHHGTGPV
6KGT++1RGTCVKQP.25%4FKUGPICIGF

9JGPVJGXGUUGNKUPQVKP6KGT+++TGIWNCVGFYCVGTUKVYKNNQRGTCVGKP6KGT++/QFG
GP

JGPEGVJG5%4YKNNDGD[RCUUGF1PVJG'%5/12DTKFIGVJG'PIKPG/QFG6KGT++
&GUETKRVKQP
YKNNDGUGNGEVGFCPFVJG5%4RTGRCTGHWPEVKQPYKNNDGFKUCDNGF1PVJG'4%5/12
VJG5%45GNGEVKQPYKNNEQPUGSWGPVN[DG 0Q5%4 6JG5%45VCVGUJQYPQPDQVJ
VJG'%5/12DTKFIGCPFVJG'4%5/12YKNNDG5VCPFD[6JGXCNXGKPTGCEVQT
D[RCUUYKNNDGQRGPCPFVJGXCNXGDGHQTGTGCEVQTCPFXCNXGCHVGTTGCEVQTYKNNDG
ENQUGFUQVJCVCNNVJGGZJCWUVICUKUNGFFKTGEVN[VQVJGUVCEMCPFVJGGPIKPGKU
YQTMKPICUKHKVJCFPQ5%4KPUVCNNGF

/#0$9
(KIWTG.25%4U[UVGOKP6KGTNNOQFG
5VCTVKPIVJG.25%45[UVGOYJGPGPVGTKPI6KGT+++CTGC

6JGQRGTCVQTOWUVOCPWCNN[UVCTVVJG5%4U[UVGOUGGDQZDGNQY
$GHQTGCRRTQCEJKPIC6KGT+++TGIWNCVGFCTGCUQOGRTGRCTCVKQPUOWUVDGFQPG
(KTUVQHCNNDGHQTGUVCTVKPIVJG5%45[UVGOKVUJQWNFDGXGTKHKGFVJCVVJGUWNHWTEQP
VGPVQHVJGHWGNKUEQTTGURQPFKPIVJGURGEKHKECVKQPUQHVJGRTGUGPV5%45[UVGOCPF
KUWRFCVGFVQHKVVJGCEVWCNHWGNWUGF6JGCEVWCNHWGNUWNHWTGSWKXCNGPVKUUJQYPQP
VJG5%4/CKP5ETGGP+HVJKUKUPQVVJGECUGHWGNOWUVDGEJCPIGFCPFQTVJG
XCNWGQHVJGHWGNUWNHWTGSWKXCNGPVOWUVDGWRFCVGF6JKUKUFQPGQPVJG'%5/12
UGGVJG/'/CPWCNHQTFGVCKNU+HVJG5%45[UVGOKUUVCTVGFYKVJCPCEVWCNHWGNUWN
HWTGSWKXCNGPVGZEGGFKPIKVUNKOKVUCPCNCTOYKNNDGTCKUGF6JGNKOKVHQTC.25%4
U[UVGOKU5
(WTVJGTOQTGKVUJQWNFDGXGTKHKGFVJCVVJGTGFWEKPICIGPVEQPEGPVTCVKQPXCNWG
UJQYPQPVJG5%4/CKP5ETGGPKUEQTTGURQPFKPIVJGCEVWCNTGFWEKPICIGPVWUGF
+HPQVKVUJQWNFDGWRFCVGF6JGQRGTCVQTOWUVDGKPEJKGHNGXGNVQCFLWUVVJGXCNWG
6JG5%45[UVGOECPVJGPDGUVCTVGF9JKNGGPICIKPIVJG5%45[UVGOKVOWUV
CNUQDGJGCVGFVQVJG5%4QRGTCVKQPVGORGTCVWTGYKPFQYYJKEJOKIJVVCMGUQOG
VKOGCUVJG5%45[UVGOEQPVCKPUCNCTIGJGCVECRCEKV[*QYNQPIVKOGKVVCMGU
FGRGPFUQPCXCTKGV[QHHCEVQTUGIVJGURGEKHKEUGVWRCPFVJGCEVWCNGPIKPGNQCF
6JG5%45[UVGOECPDGUVCTVGFKPVYQYC[UCQPGUVGROGVJQFQTCVYQUVGR
OGVJQF6JGQPGUVGROGVJQFKUVQEJCPIG'PIKPG/QFGVQ6KGT+++FKTGEVN[CPF
VJGPVJG5%4%5YKNNRTQXKFGFVJCVVJG5%4/QFGKU#WVQCPFVJGEQPFKVKQPUHQT
TWPPKPIVJG5%4CTGQM VJGNQCFCPFJGPEGVJGVGORGTCVWTGUCTGJKIJGPQWIJ
UVCTVJGCVKPICPFNCVGTFQUKPIQHTGFWEKPICIGPVJGPEGUVCTVVJG01ZTGFWEVKQP
GP
#HQTGOGPVKQPGFVJGJGCVKPIRTQEGUUOKIJVDGNQPICPFKVKUFKHHKEWNVVQGUVKOCVG

GZCEVN[YJGPVJGCEVWCN01ZTGFWEVKQPKUUVCTVGFD[EJQQUKPIVJKUOGVJQF
&GUETKRVKQP
+HOQTGEQPVTQNKUFGUKTGFVJGVYQUVGROGVJQFEQWNFDGCPQRVKQP6JGRTGRCTG
5%4HWPEVKQPKUGPCDNGFYJKNGUVKNNDGKPIKP'PIKPG/QFG6KGT++6JG5%4%5YKNN
VJGPUVCTVJGCVKPIVJG5%45[UVGOGZCEVN[CUDGHQTGDWVKVYKNNUVQRCUVJG5%4KU
HWNN[GPICIGFCPFVJGVGORGTCVWTGUKPVJG5%4NKPGCTGUCVKUH[KPI6JG5%45VCVG

/#0$9
YKNNVJGPDG4GCEVQT4GCF[9JGPVJGQRGTCVQTVJGPEJQQUGU'PIKPG/QFG6KGT+++
VJG5%45[UVGOKUCNTGCF[YCTOCPFVJGTGFWEKPICIGPVKPLGEVKQPYKNNUVCTVKOOG
FKCVGN[ FGRGPFKPIQPJQYNQPIVKOGVJGGZVGTPCN&QUKPIJCPFNKPIU[UVGOPGGFUVQ
UVCTVVJGCEVWCNFQUKPI
5VCTVYKVJRTGRCTGHWPEVKQP 5VCTVYKVJQWVRTGRCTGHWPEVKQP
C %QPVTQNHWGNUWNHWTGSWKXCNGPV C %QPVTQNHWGNUWNHWTGSWKXCNGPV
D %QPVTQN4GFWEKPI#IGPV%QPEGPVTCVKQP D %QPVTQN4GFWEKPI#IGPV%QPEGPVTCVKQP
E %QPVTQN5%4/QFGKU#WVQ E %QPVTQN5%4/QFGKU#WVQ
5GNGEV5%4 'PCDNG2TGRCTGQP'%5 5GNGEV'PIKPG/QFG6KGT+++QP'%5/12
/12
9JGP6KGT+++\QPGKUTGCEJGF5GNGEV
'PIKPG/QFG6KGT+++QP'%5/12
6CDNG1RVKQPUHQTUVCTVWR
0QOCVVGTYJKEJOGVJQFKUWUGFHQTUVCTVKPIVJG5%45[UVGOKVYKNNRCUUVJTQWIJ
VJGUCOGUVGRUYJKEJYKNNDGFGUETKDGFKPVJGTGUVQHVJKUUGEVKQP
#UVJGQRGTCVQTEJQQUGU'PIKPG/QFG6KGT+++QTGPCDNGUVJGRTGRCTGHWPEVKQPVJG
5%45VCVGEJCPIGUVQ*GCVKPI6JKUKUUGGPQPVJG'%5/12DTKFIGCPFVJG
'4%5/12#EQPFKVKQPHQTVJKUKUVJCVVJG5%4/QFGKU#WVQCPFVJCVVJGGZJCWUV
ICUVGORGTCVWTGKUCDQXGVJGUWNHWTKECEKFEQPFGPUCVKQPNKOKV9JGPVJG5%45VCVG
EJCPIGUVQ*GCVKPIVJG5%4%5UGPFUCUKIPCNVQVJGGZVGTPCN8CNXGEQPVTQNU[U
VGOVQGPICIGVJG5%49JGPVJG5%4KUGPICIGFCPFCNNVJGGZJCWUVICUHNQYU
VJTQWIJVJG5%4VJGGZVGTPCN8CNXGEQPVTQNU[UVGOUKIPCNUDCEMVQVJG5%4%5
VJCVCNNHNQYKUVJTQWIJ5%46JKUECPDGUGGPQPVJG5%4/CKP5ETGGP
(KIWTG.25%4U[UVGOKP6KGTNNNOQFG
GP

9JGPVJGHWNNGZJCWUVHNQYRCUUGUVJTQWIJVJG5%4CPFVJGEQTTGEVVGORGTCVWTG
&GUETKRVKQP
JCUDGGPTGCEJGFCVCNNOGCUWTGOGPVRQKPVUKPVJG5%4NKPGVJG5%4KUGPICIGF
CPFJGCVGFCPFTGCF[HQTFQUKPI6JG5%45VCVGUJQYPQPVJG'%5/12DTKFIG
CPFVJG'4%5/12EJCPIGUVQ4GCEVQT4GCF[+HVJG5%45[UVGOYCUUVCTVGFD[
UGNGEVKPIVJGGPCDNGRTGRCTGHWPEVKQPPQVJKPIGNUGYKNNJCRRGPCPFVJG5%45VCVG
YKNNEQPVKPWGVQDG4GCEVQT4GCF[ WPNGUUCHCKNWTGQEEWTUQTGPIKPGNQCFKU
EJCPIGF WPVKN'PIKPG/QFG6KGT+++KUUGNGEVGF9JGPVJKUKUFQPGQTKHVJG5%4

/#0$9
5[UVGOYCUUVCTVGFD[UGNGEVKPI'PIKPG/QFG6KGT+++VJG5%45VCVGYKNNEJCPIG
VQ&QUKPI'PCDNKPI+PVJKUUVCVGVJG5%4%5IKXGUUKIPCNVQVJGGZVGTPCN&QUKPI
JCPFNKPIU[UVGOVQUVCTVVJGKPLGEVKQPQHTGFWEKPICIGPV9JGPVJGTGFWEKPICIGPV
KPLGEVKQPKUTGCF[KVUKIPCNUDCEMVQVJG5%4%5YJKEJVJGPEJCPIGUUVCVGVQ
&QUKPI 5%4#EVKXG CPFIKXGUVJG&QUKPIJCPFNKPIU[UVGOCTGFWEKPICIGPVUGV
RQKPVVJCVKVYKNNHQNNQY01ZTGFWEVKQPKUCEVKXG
#EEGNGTCVKPIYKVJ.25%4

#EEGNGTCVKQPYKVJC.25%45[UVGOKUNGUUEQORNGZVJCPCEEGNGTCVKPIYKVJC*2
5%45[UVGOCUVJG.25%45[UVGOFQGUPQVCHHGEVVJGRGTHQTOCPEGQHVJGVWT
DQEJCTIGTU
5CKNKPIKPVQ6KGT+++JCTDQWTYKVJ.25%4

9JGPVJGXGUUGNKUCRRTQCEJKPIC6KGT+++JCTDQTVJG5%4%5YKNNCWVQOCVKECNN[
ENQUGFQYPVJG5%45[UVGOCUVJGGPIKPGNQCFKUUQNQYVJCVVJGGZJCWUVICU
VGORGTCVWTG 65%4KP FGETGCUGUDGNQYCRTGFGHKPGFNKOKV(KTUVVJG5%45VCVG
UJQYPQPVJG'%5/12DTKFIGCPF'4%5/12YKNNEJCPIGVQ(NWUJKPI6JG
5%4%5YKNNUKIPCNVQVJGGZVGTPCNU[UVGOUVJCVVJG5%4UJQWNFPQNQPIGTDG
GPICIGFCPFVJGGZVGTPCN&QUKPIJCPFNKPIU[UVGOYKNNUVCTVHNWUJKPIQHVJGTGFWE
KPICIGPVFQUKPIU[UVGOCPFPQ\\NGYKVJYCVGTQTCKTQTDQVJFGRGPFKPIQPVJG
V[RGQH&QUKPIJCPFNKPIU[UVGO+HHNWUJKPIKUPQVRGTHQTOGFEQTTGEVN[VJGTGFWEKPI
CIGPVOKIJVENQIVJGU[UVGOCPFKPLGEVKQPPQ\\NG
6JGGZVGTPCN8CNXGEQPVTQNU[UVGOYKNNFKUGPICIGVJG5%4CPFTGRQTVDCEMVQVJG
5%4%5VJCVVJGHNQYVJTQWIJVJG5%4KUPQNQPIGTHWNN
6JGGZVGTPCN&QUKPIJCPFNKPIU[UVGOCPFVJGGZVGTPCN8CNXGEQPVTQN
U[UVGOOKIJVDGTGCNK\GFCUQPGUKPINGU[UVGOFGRGPFKPIQPVJG
RTGUGPVUGVWR+HVJG[CTGTGCNK\GFCUFKHHGTGPVU[UVGOUVJG[OWUVJCXG
UWHHKEKGPVKPVGTHCEGVQRGTHQTOCPCEEGRVCDNGENQUGFQYPUGUUKQP

#HVGTCRTGFGHKPGFVKOGHNWUJKPIKUGZRGEVGFVQDGHKPKUJGFCPFVJG5%45VCVG
EJCPIGUVQ5VCPFD[
5VCTVKPIHTQO6KGT+++JCTDQWTYKVJ.25%4

6JGXGUUGNKUN[KPIKPJCTDQTYKVJUVQRRGFGPIKPG'PIKPG/QFG6KGT+++CPFFKUGP
ICIGF5%4U[UVGO#UVJGGPIKPGUVCTVUCPFTGCEJGUCNQCFUQJKIJVJCVVJG
GP

GZJCWUVICUVGORGTCVWTGKPETGCUGUVQCDQXGCRTGFGHKPGFNKOKVVJG5%4YKNNCWVQ
OCVKECNN[GPICIGCICKPCUFGUETKDGFKPUGEVKQP
&GUETKRVKQP
2NGCUGPQVGVJCVVJG5%4%5YKNNVT[VQGPICIGVJG5%45[UVGOGXGPKHVJG
GZJCWUVICUVGORGTCVWTGKUUQNQYVJCVKVKUPQVRQUUKDNGVQTGCEJVJGVGORGTCVWTG

/#0$9
YKPFQYHQT5%4QRGTCVKQP6JKUKUFQPGVQCNYC[UOCMGUWTGVJCVVJG5%45[UVGO
CUENQUGVQVJGFGUKTGFUVCVGKPVJKUECUG&QUKPICURQUUKDNG+HVJGGPIKPGNQCF
VJGPKPETGCUGULWUVUQOWEJVJCVHWNNFQUKPIKURQUUKDNGVJG5%45[UVGOKUTGCF[
5VQRRKPI.25%4

6JGQRGTCVQTOWUVOCPWCNN[UVQRVJG5%4U[UVGOUGGDQZDGNQY
9JGPVJGXGUUGNKUGZKVKPIVJG6KGT+++\QPGVJGQRGTCVQTECPEJCPIGVJG'PIKPG
/QFGVQ6KGT++9JGPVJKUKUFQPGVJG5%4%5YKNNIKXGVKOGVQHNWUJKPICPFFKUGP
ICIGVJG5%45[UVGOCUFGUETKDGFKPUGEVKQP
5VQR5%4
5GNGEV'PIKPG/QFG6KGTNNQP'%5/12
6CDNG1RVKQPUHQTUVQRRKPI
*CTFYCTG

6JG5%4%QPVTQN5[UVGOEQPUKUVUQHVJGHQNNQYKPIJCTFYCTG
ϰ '4%5/12
ϰ /2% U HQT*25%4CPFHQT.25%4
ϰ '/5
ϰ 5GPUQTUCPFECDNGU
6JG'4%5/12KUVJG*/+CPFKPENWFGUCNNVJG5%4UETGGPU+VKUFGUETKDGFKP
UGEVKQPYJGTGGZCORNGUQHUETGGPUJQVUCTGCNUQHQWPF6JG/2%UCTGVJGEQP
VTQNNGTUCPFVJG[CTGCNNQPVJGUCOGPGVYQTMCPFCNUQVJGUCOGPGVYQTMCUVJG
/126JG/2%UCTGFGUETKDGFCHVGTVJGUGEVKQPCDQWVVJG/12CPFVJGPKVKU
FGUETKDGFJQYVJG/2%CPFVJG/12RNC[UVQIGVJGT
6JG5%4%QPVTQN5[UVGOEQOOWPKECVGUYKVJVJG'PIKPG%QPVTQN5[UVGOXKCC
/QFDWUEQPPGEVKQP6JG'PIKPG%QPVTQN5[UVGOEQPUKUVUQHUGXGTCN/2%UCPF
VYQ/12UCPFJCUKVUQYPPGVYQTMFKHHGTGPVHTQOVJG'4%5PGVYQTM
GP

&GUETKRVKQP

/#0$9
(KIWTG+PVGTHCEGDGVYGGP/''%5'4%5CPF'/5
(QTKPUVCNNCVKQPUYKVJ'4%559CP'/5 'PIKPG/CPCIGOGPV5GTXKEGU OWUVDG
KPENWFGF+VEQNNGEVUFCVCHTQODQVJVJG'4%5CPF'%56JG'/5KUFGUETKDGF
UGRCTCVGN[KPVJG '/57UGTIWKFG CPF '/55QHVYCTG+PUVCNNCPF5GVWR HQWPF
QPVJG'/5/12
5GNGEVVJG'/5KEQPKPVJGDQVVQOQHVJGUETGGP
5GNGEV &QEWOGPVU
5GNGEVVJGFQEWOGPVCPFENKEM QRGP
(WTVJGTOQTGVJG5%4%QPVTQN5[UVGOEQPUKUVUQHECDNGUCPFUGXGTCNUGPUQTU
6JGUGCTGOCKPN[UVCPFCTFGSWKROGPVCPFYKNNPQVDGFGUETKDGFJGTG'ZEGRVKQPKU
VJG5%4%QPVTQN5GPUQT7PKVFGUETKDGFKPUGEVKQP
*WOCP/CEJKPG+PVGTHCEG */+

6JKUUGEVKQPYKNNIQKPVQCFGVCKNGFFGUETKRVKQPQHVJG*/+QHVJG5%46JG*/+QH
VJG5%45[UVGOEQPUKUVUOCKPN[QHVJG'4%5/12DWVUQOGKPVGTCEVKQPYKNNCNUQ
DGYKVJVJG'%5/12CPFQTVJGDTKFIG5QOGKPFKECVKQPUDWVVQPUCTGQRVKQPCNQP
VJGDTKFIGFGRGPFKPIQPVJGEQPHKIWTCVKQP
(QT*25%4VJG'4%5/12YKNNJCXGVYQUETGGPU6JG5%4/CKP5ETGGPCPF
VJG8CNXG+PHQ5ETGGP(QT.25%4QPN[CP5%4/CKP5ETGGPKUPGEGUUCT[
GP

&GUETKRVKQP
1XGTXKGYQHOQFGUCPFUVCVGU

6JGHQNNQYKPIKUCPQXGTXKGYQHCNNVJG/QFGUCPF5VCVGUTGNGXCPVHQTVJG5%45[U
VGO

/#0$9
5%4TGNGXCPVKPHQQP'%5/12DTKFIG QRVKQPCN

6JGHQNNQYKPIDWVVQPUKPFKECVKQPQPVJG'%5/12CPFQRVKQPCNN[QPVJGDTKFIGCTG
TGNGXCPVHQTVJG5%45[UVGO6JKUIQGUHQTDQVJVJG*2CPF.25%45[UVGOU
C 'PIKPG/QFG DWVVQPCPFKPFKECVKQP
ϰ 6KGT++'PIKPGTWPPKPICEEQTFKPIVQ6KGT++GOKUUKQPNKOKVU
ϰ 6KGT+++'PIKPGTWPPKPICEEQTFKPIVQ6KGT+++GOKUUKQPNKOKVUKHRQUUKDNG6JKU
TGSWKTGU5%4VQDGGPICIGF
D 5%4 DWVVQP
ϰ 'PCDNG2TGRCTG5%4%CPQPN[DGUGNGEVGFKH'PIKPG/QFGKU6KGT++5%4YKNN
DGJGCVGFDWVTGFWEKPICIGPVKPLGEVKQPYKNNPQVDGUVCTVGF
ϰ &KUCDNG2TGRCTG5%45VQRUVJGRTGJGCVKPIQH5%4
D 5%4 KPFKECVKQP '%5/12QPN[
ϰ 0QV4GCF[5%4ECPPQVDGGPICIGFFWGVQ5%4/QFGKU5VQRQTVJGU[UVGO
JCUCHCKNWTG
ϰ 5VCPFD[5%4KUFKUGPICIGFDWVTGCF[VQGPICIGYJGPQTFGTGFUQCPFQT
EQPFKVKQPUCTGQM
ϰ *GCVKPI5%4KUKPVJGRTQEGUUQHDGKPIJGCVGFVQCUWKVCDNGNGXGNXKCVJG
GZJCWUVICU
ϰ 4GCEVQT4GCF[5%4JCUTGCEJGFUWKVCDNGQRGTCVKQPVGORGTCVWTGCPFCNNHNQY
KURCUUKPIVJTQWIJVJG5%4
ϰ &QUKPI'PCDNKPI6JG&QUKPIJCPFNGU[UVGOKURTGRCTKPITGFWEKPICIGPVKPLGE
VKQP
ϰ &QUKPI 5%4#EVKXG +PLGEVKQPQHTGFWEKPICIGPVKPRTQITGUU
ϰ (NWUJKPI6JG&QUKPIJCPFNKPIU[UVGOKURGTHQTOKPIKVUHNWUJKPIUGSWGPEG
E 6KGT+++5VCVWU KPFKECVKQP DTKFIGQPN[
ϰ 0QV4GCF[4GFWEVKQPQH01ZVQ6KGT+++NKOKVUKUPQVRQUUKDNGFWGVQHCKNWTGKP
6KGT+++RTQEGUUQT6KGT+++U[UVGOKUPQVKP#WVQ/QFG
ϰ 0QV#EVKXCVGF4GFWEVKQPQH01ZVQ6KGT+++NKOKVUKUPQVTGSWGUVGF
ϰ 2TGRCTKPI6JGTGFWEVKQPQH01ZVQ6KGT+++NKOKVUKUDGKPIRTGRCTGF
ϰ 2TGRCTGF6JGTGFWEVKQPQH01ZVQ6KGT+++NKOKVUKURTGRCTGFCPFTGCF[VQUVCTV
YJGPTGSWGUVGF
ϰ #EVKXCVGF6JGTGFWEVKQPQH01ZVQ6KGT+++NKOKVUKUTGSWGUVGFDWVPQVRTGUGPV
FWGVQRTGRCTKPIQH6KGT+++RTQEGUUQTEQPFKVKQPUHQTVJG6KGT+++RTQEGUUCTGPQV
1-
ϰ 01Z4GFWEVKQP#EVKXG4GFWEVKQPQH01ZVQ6KGT+++NKOKVUKUCEVKXG
'4%5/125%4/CKPUETGGPKPHQTOCVKQPEQOOQPHQT*2CPF.25%4

6JGHQNNQYKPIDWVVQPUKPFKECVKQPUQPVJG5%4/CKP5ETGGPCTGEQOOQPHQT*2
GP

CPF.25%4
&GUETKRVKQP
C 5%45GNGEVKQP KPFKECVKQP
ϰ 0Q5%4'PIKPG/QFGKU6KGT++CPFVJGRTGRCTGHWPEVKQPKUPQVGPCDNGFUQVJG
5%4UJQWNFDGKP5VCPFD[
ϰ 2TGRCTG5%4'PIKPG/QFGKU6KGT++CPFVJGRTGRCTGHWPEVKQPKUGPCDNGFUQ
VJG5%4UJQWNFDGJGCVGFWRDWVKPLGEVKQPQHTGFWEKPICIGPVKUPQVUVCTVGF

/#0$9
ϰ 6KGT+++5%4'PIKPG/QFGKU6KGT+++UQ5%4KUJGCVGFCPFKPLGEVKQPQHTGFWEKPI
CIGPVKUUVCTVGFKHEQPFKVKQPUCTGQMHQT5%4
D 5%4/QFG DWVVQP

ϰ #WVQ6JG5%45[UVGOECPDGEQPVTQNNGFCWVQOCVKECNN[FGRGPFKPIQPUGNGE
VKQPUQP'%5/12DTKFIG
ϰ 5VQR6JG5%45[UVGOKUUVQRRGFCPFYKNNPQVUVCTVPQOCVVGTYJCVKUEJQUGP
QP'%5/12DTKFIG
D 5%4/QFG KPFKECVKQP
ϰ #WVQ6JG5%45[UVGOKUCWVQOCVKECNN[EQPVTQNNGF
ϰ 5VQR6JG5%45[UVGOKUUVQRRGFDGECWUGQHOCPWCNUGNGEVKQPHTQOQRGTCVQT
QTDGECWUGCHCKNWTGJCUDGGPTGUGVYKVJQWVQRGTCVQTOCPWCNN[EJCPIKPI5%4
/QFGVQ#WVQ
ϰ (CKNWTG6JG5%45[UVGOJCUCHCKNWTGCPFOWUVDGENQUGFFQYP
ϰ /CPWCN *25%41PN[ 6JG5%4XCNXGUECPDGEQPVTQNNGFOCPWCNN[XKCVJG
5%48CNXG+PHQUETGGPQPVJG'4%5/12
E 5%45VCVG KPFKECVKQP
ϰ 0QV4GCF[5%4ECPPQVDGGPICIGFFWGVQ5%4/QFGKU5VQRQTVJGU[UVGO
JCUCHCKNWTG
ϰ 5VCPFD[5%4KUFKUGPICIGFDWVTGCF[VQGPICIGYJGPQTFGTGFUQCPFQT
EQPFKVKQPUCTGQM
ϰ *GCVKPI5%4KUKPVJGRTQEGUUQHDGKPIJGCVGFVQCUWKVCDNGNGXGNXKCVJG
GZJCWUVICU
ϰ 4GCEVQT4GCF[5%4JCUTGCEJGFUWKVCDNGQRGTCVKQPVGORGTCVWTGCPFCNNHNQY
KURCUUKPIVJTQWIJVJG5%4
ϰ &QUKPI'PCDNKPI6JG&QUKPIJCPFNGU[UVGOKURTGRCTKPITGFWEKPICIGPVKPLGE
VKQP
ϰ &QUKPI 5%4#EVKXG +PLGEVKQPQHTGFWEKPICIGPVKPRTQITGUU
ϰ (NWUJKPI6JG&QUKPIJCPFNKPIU[UVGOKURGTHQTOKPIKVUHNWUJKPIUGSWGPEG
F 6KGT+++5VCVWU KPFKECVKQP
ϰ 0QV4GCF[4GFWEVKQPQH01ZVQ6KGT+++NKOKVUKUPQVRQUUKDNGFWGVQHCKNWTGKP
6KGT+++RTQEGUUQT6KGT+++U[UVGOKUPQVKP#WVQ/QFG
ϰ 0QV#EVKXCVGF4GFWEVKQPQH01ZVQ6KGT+++NKOKVUKUPQVTGSWGUVGF
ϰ 2TGRCTKPI6JGTGFWEVKQPQH01ZVQ6KGT+++NKOKVUKUDGKPIRTGRCTGF
ϰ 2TGRCTGF6JGTGFWEVKQPQH01ZVQ6KGT+++NKOKVUKURTGRCTGFCPFTGCF[VQUVCTV
YJGPTGSWGUVGF
ϰ #EVKXCVGF6JGTGFWEVKQPQH01ZVQ6KGT+++NKOKVUKUTGSWGUVGFDWVPQVRTGUGPV
FWGVQRTGRCTKPIQH6KGT+++RTQEGUUQTEQPFKVKQPUHQTVJG6KGT+++RTQEGUUCTGPQV
1-
ϰ 01Z4GFWEVKQP#EVKXG4GFWEVKQPQH01ZVQ6KGT+++NKOKVUKUCEVKXG
GP

5%48CNXG+PHQUETGGP *25%41PN[
&GUETKRVKQP
6JGHQNNQYKPIDWVVQPUKPFKECVKQPUQPVJG5%48CNXG+PHQUETGGPCTGTGNGXCPVHQT*2
5%4QPN[
C 8CNXG/QFG DWVVQPCPFKPFKECVKQP

/#0$9
ϰ #WVQ8CNXGUCTGHQNNQYKPIVJGUGVRQKPVIKXGPHTQOVJG5%4%5
ϰ /CPWCN8CNXGUHQNNQYVJGOCPWCNUGVRQKPVIKXGPD[VJGQRGTCVQTQPVJG5%4
8CNXG+PHQUETGGPQPVJG'4%5/122NGCUGPQVGVJCVGPIKPGCPFCWZ
DNQYGT U OWUVDGUVQRRGFCPF5%4/QFGOWUVDG5VQRDGHQTGKVKURQUUKDNG
VQUGNGEV8CNXG/QFG/CPWCN
D 8CNXG5VCVG KPFKECVKQP
ϰ 8CNXGUKP(CKN5CHG6JG4$8468CPF458CTGQTFGTGFHWNN[QRGPCPFVJG
%$8KUQTFGTGFHWNN[ENQUGF6JKUJCRRGPUKHCHCKNWTGKPVJG5%45[UVGOOKIJV
TGUWNVKPTKUMQHHNQYVQVJGVWTDQEJCTIGTQTKHVJGGPIKPGKUUVQRRGFKPC6KGTNN
JCTDQWT
ϰ 5VQR6JG5%4KUUVQRRGFKGCNNHNQYKUD[RCUUGFVJTQWIJVJGQRGP4$8
468458CPF%$8CTGENQUGF
ϰ 5%4.KPG/KP1RGP6JG458KUHWNN[QRGPCPF468KUQRGPVQKVUOKPKOWO
QRGPKPIRQUKVKQPKPQTFGTVQIGVCUOCNNGZJCWUVICUHNQYVJTQWIJVJG5%4NKPG
VQUVCDKNK\GVJG65%4KPOGCUWTGOGPVFWTKPIUVCTVWRQH5%4QTHKPKUJHNWUJ
KPIFWTKPIENQUGFQYPQH5%4CHVGTC5JWV&QYPHCKNWTG
ϰ #WVQOCVKE6JGXCNXGUCTGEQPVTQNNGFCWVQOCVKECNN[XKCVJGVGORGTCVWTGEQPVTQN
KPVJG5%4%5
ϰ 1RGP5%4$[RCUU6JG5%4KUDGKPIENQUGFFQYP(KTUVUVGRKUVQQRGPVJG
4$8CPFENQUG%$8KHKVYCUQRGP
ϰ %NQUG5%4.KPG6JG5%4KUDGKPIENQUGFFQYP5GEQPFUVGRKUVQENQUGVJG
458CPF468
ϰ /CPWCN6JG5%4XCNXGUCTGEQPVTQNNGFOCPWCNN[D[VJGQRGTCVQTXKCVJG5%4
8CNXG+PHQUETGGPQPVJG'4%5/12
1XGTXKGYQHQVJGTKPHQQP5%4UETGGPU

6JKUUGEVKQPGZRNCKPUVJGDWVVQPUKPFKECVKQPUQPVJG'4%5/12YJKEJCTGPQV
UVCVGUCPFOQFGU
%QOOQPHQT*2CPF.25%4

C '
'UVKOCVGF'PIKPG.QCF6JGGUVKOCVGFGPIKPGNQCFTGEGKXGFHTQOVJG/''%5
D #
#EVWCN(WGN5WNHWT6JGCEVWCNHWGNUWNHWTGSWKXCNGPVGPVGTGFQPVJGE[NKPFGTNWDTK
ECVKQPUETGGPQPVJG'%5/12
E 4
4GFWEKPI#IGPV(NQY6JGHNQYQHTGFWEKPICIGPVTGSWGUVGFD[VJG5%4%5
CPFFQUGFD[VJG&QUKPIJCPFNKPIU[UVGO
F 4
4GFWEKPI#IGPV%QPEGPVTCVKQP6JGEQPEGPVTCVKQPQHVJGTGFWEKPICIGPV/WUV
DGWRFCVGFD[VJGQRGTCVQT%JKGHNGXGNOWUVDGRTGUGPVKPQTFGTVQWRFCVGVJG
XCNWG
G 6
6TGCEVQTKP8CNWGQHVJGVGORGTCVWTGOGCUWTGOGPVQHVJGUGPUQTRNCEGFCVVJG
KPNGVQHVJG5%4TGCEVQT
GP

H 6
65%4QWV8CNWGQHVJGVGORGTCVWTGOGCUWTGOGPVQHVJGUGPUQTRNCEGFCVVJG
&GUETKRVKQP
QWVNGVQHVJG5%4TGCEVQTCNVGTPCVKXGN[QPVJGHNCPIGQH468
I 0
01ZEQPEGPVTCVKQP8CNWGQH01ZUGPUQTRNCEGFFQYPUVTGCOVJG5%4TGCEVQT
CPFVWTDQEJCTIGT6JGXCNWGQH01ZUGPUQTECPDGUGGPD[UGNGEVKPIVJG&GVCKNU
XKGYQPVJG/1201ZUGPUQTKUWUGFVQUWRGTXKUGVJGXCNWGQH01ZUGPUQT

/#0$9
5RGEKCNHQT*25%4QP5%4/CKP5ETGGP

C /
/KPKOWO&QUKPI6GORGTCVWTG6JGOKPKOWOVGORGTCVWTGVJCVCNNVJGUGPUQTUKP
VJG5%4NKPGOWUVOGCUWTGCDQXGHQTHWNNFQUKPIVQUVCTV
D R
R5%4/QPKVQTKPIQHVJGRTGUUWTGKPVJG5%4NKPG
E F
FR5%46JGRTGUUWTGFKHHGTGPEGQXGTVJG5%4NKPGWUGFVQGUVKOCVGKHFGRQUKVU
CTGDWKNFKPIWR
F 6
65%4KP6JGCXGTCIGQHVYQVGORGTCVWTGUGPUQTUKPUVCNNGFCVVJGKPNGVVQVJG
5%4NKPG6JGXCNWGQHVJGKPFKXKFWCNVGORGTCVWTGOGCUWTGOGPVUECPDGUGGPD[
UGNGEVKPIVJG&GVCKNUXKGYQPVJG/12
G 6
6VWTDKPGKP#XGTCIGQHVJGVGORGTCVWTGUGPUQTUKPUVCNNGFCVVJGVWTDKPGKPNGV
6JGXCNWGQHVJGKPFKXKFWCNVGORGTCVWTGOGCUWTGOGPVUECPDGUGGPD[UGNGEVKPI
VJG&GVCKNUXKGYQPVJG/122NGCUGPQVGVJCVVJGUGOKIJVFKHHGTFWGVQRQQTOKZ
KPIDGVYGGPVJG5%4CPFVJGTGCEVQTD[RCUUNKPGQTRQQTOKZKPIDGVYGGPVJG
5%4CPFVJGE[NKPFGTD[RCUUNKPG
H 5
5QQV$NQYKPI5JQYUKPHQTOCVKQPCDQWVVJG5QQVDNQYKPIU[UVGOCEVWCNUVCVG
%CPDG0QV4GCF[&GCEVKXCVGF#EVKXCVGF9JGPKVKU0QV4GCF[KVYKNNPQVTGCEVQP
VJGEQOOCPFIKXGPD[VJG5%4%59JGPKVKU#EVKXCVGFKVJCUTGEGKXGFVJGTWP
EQOOCPFHTQOVJG5%4%5CPFYJGPKVKU&GCEVKXCVGFKVJCUPQVTGEGKXGFCP[
TWPEQOOCPFHTQO5%4%5+VOWUVDG#EVKXCVGFYJGPGZJCWUVICUHNQYU
VJTQWIJVJG5%4NKPG
I 5
5VCPFD[*GCV5JQYUKPHQTOCVKQPCDQWVVJG5VCPFD[JGCVU[UVGOCEVWCNUVCVG
%CPDG&GCEVKXCVGF#EVKXCVGF9JGPKVKU&GCEVKXCVGFKVJCUTGEGKXGFPQTWPEQO
OCPFHTQOVJG5%4%5CPFYJGPKVKU#EVKXCVGFKVJCUTGEGKXGFCTWPEQOOCPF
HTQOVJG5%4%5+VOWUVDG#EVKXCVGFYJGP'PIKPG/QFGKU6KGT+++CPFNQCF
CPFQTVGORGTCVWTGCTGVQQNQYQT5%4GPICIGOGPV
J 8
8GPVKPI5[UVGO5JQYUKPHQTOCVKQPCDQWVVJG8GPVKPIU[UVGOCEVWCNUVCVG%CP
DG&GCEVKXCVGF#EVKXCVGF9JGPKVKU&GCEVKXCVGFKVJCUTGEGKXGFPQTWPEQOOCPF
HTQOVJG5%4%5CPFYJGPKVKU#EVKXCVGFKVJCUTGEGKXGFCTWPEQOOCPFHTQO
VJG5%4%5+VOWUVDG#EVKXCVGFYJGP'PIKPG/QFGKU6KGT++CPFGPIKPGKUTWP
PKPI
K #
#WZKNKCT[DNQYGTU5JQYUKPHQTOCVKQPCDQWVVJGCWZKNKCT[DNQYGTUCEVWCNUVCVG
TGEGKXGFHTQOVJG/''%5%CPDG5VQRRGF5VCTVKPI4WPPKPI(CKNGF
5RGEKCNHQT*25%4QP8CNXG+PHQ5ETGGP

C 6
6GORGTCVWTGFKHHGTGPEG5JQYUVJGOCZKOWOCNNQYGFVGORGTCVWTGFKHHGTGPEG
CPFVJGCEVWCNVGORGTCVWTGFKHHGTGPEG+VKUUJQYPD[VJGITCRJKEYJKEJVGORGTC
VWTGUGPUQTUCTGEWTTGPVN[WUGFHQTOGCUWTKPIVJGVGORGTCVWTGFKHHGTGPEG
D 4
4GCEVQT5GCNKPI8CNXG5JQYUVJGUGVRQKPVCPFVJGCEVWCNCPINGRQUKVKQPQHVJG
GP

458(QTKPFKECVKQPQHVJGKPFKXKFWCNUYKVEJRQUKVKQPUUGNGEVVJG&GVCKNUXKGYQPVJG
&GUETKRVKQP
/12
E 4
4GCEVQT6JTQVVNG8CNXG5JQYUVJGUGVRQKPVCPFVJGCEVWCNCPINGRQUKVKQPQHVJG
468
F 4
4GCEVQT$[RCUU8CNXG5JQYUVJGUGVRQKPVCPFVJGCEVWCNCPINGRQUKVKQPQHVJG

/#0$9
4$8
G %
%[NKPFGT$[RCUU8CNXG5JQYUVJGUGVRQKPVCPFVJGCEVWCNCPINGRQUKVKQPQHVJG
%$8
5RGEKCNHQT.25%4QP5%4/CKP5ETGGP

C 6
65%4KP6JGXCNWGQHVJGVGORGTCVWTGOGCUWTGOGPVCVVJGKPNGVVQVJG5%4
NKPG
D (
(NQY6JTQWIJ4GCEVQT6JGUVCVWUQHVJGGZJCWUVICUHNQYTGEGKXGFHTQOVJG
8CNXGEQPVTQNU[UVGO%CPDG0QVHWNN(WNN
E 4
4GIGPGTCVKQP5VCVWU6JGUVCVWUQHVJGTGIGPGTCVKQPQHVJG5%4TGCEVQT%CPDG
5VQRRGF4WPPKPI9JGPKVKUTWPPKPI01ZTGFWEVKQPKUPQVRQUUKDNG
5%4(CKNWTGU

6JKUUGEVKQPFGUETKDGUVJGXCTKQWUHCKNWTGUYJKEJECPQEEWTCPFVJGCEVKQPUVCMGP
D[VJG5%4%5KPQTFGTVQEQTTGEVVJGHCKNWTGCPFRTQVGEVVJGKPVGITKV[QHVJG5%4
U[UVGO
(CKNWTG*CPFNKPI
6JG5%4%5OQPKVQTUVJG5%4U[UVGOCPFFGRGPFKPIQPVJGEJCTCEVGTCPF
UGXGTKV[QHVJGHCKNWTG5%45VQRQT5%45JWV&QYPUGSWGPEGKUCEVKXCVGF
ϰ #NCTO CPFEQPVKPWQWU5%4QRGTCVKQP KUVTKIIGTGFKPUKVWCVKQPUYJGTGVJG
CEVWCNQRGTCVKPIEQPFKVKQPUFQPQVFKTGEVN[CHHGEVVJG5%4U[UVGOQTKVUEQPVTQN
6JGRWTRQUGQHVJKUCNGTVKUVQYCTPVJGUVCHHVJCVCPCDPQTOCNEQPFKVKQPGZKUVU
CPFVJCVVJG[CTGVQEQTTGEVVJGHCKNWTG U
ϰ 5%45VQRUGSWGPEGKUCEVKXCVGFKPECUGUYJGTGCHCKNWTGUKVWCVKQPCTKUGUVJCV
FKUCDNGUVJG5%4U[UVGOCPFQT5%4EQPVTQN6JGVTKIIGTKPIHCKNWTGUKVWCVKQPKU
PQVEQPUKFGTGFVQDGQHCPCVWTGVJCVYKNNKPHNKEVFCOCIGWRQPVJGGPIKPGQT
TGCEVQT(NWUJKPIYKNNQEEWTYJKNGVJGXCNXGUQRGTCVGCWVQOCVKECNN[CPFVJGTG
CHVGT5%4QRGTCVKQPYKNNEGCUG4$8YKNNQRGP KHPQVCNTGCF[QRGP CPF468CU
YGNNCU458YKNNENQUG#P5%4UVQRYKNNCNYC[UVTKIIGTCPCNCTOFGUETKDKPIVJG
HCKNWTGECWUKPIVJG5%4UVQR
ϰ 5%45JWV&QYPUGSWGPEGKUWUGFKHCHCKNWTGUKVWCVKQPCTKUGUYJKEJOC[
FKTGEVN[NGCFVQGPIKPGQTTGCEVQTFCOCIGQTDTGCMFQYP4$8468CPF458
QRGPKOOGFKCVGN[CPFHNWUJKPIYKNNDGKPKVKCVGF9JGPVJGHCKNWTGKUEQTTGEVGF
468CPF458YKNNENQUG+HVJGHCKNWTGKUEQTTGEVGFFWTKPIHNWUJKPI468YKNNDG
UGVCVCOKPKOWORQUKVKQPUQCUVQGPUWTGCHNQYVJTQWIJVJGTGCEVQTFWTKPI
HNWUJKPI#P5%4UJWV&QYPYKNNCNYC[UVTKIIGTCPCNCTOFGUETKDKPIVJGHCKNWTG
ECWUKPIVJG5%45JWV&QYP
+VKUWUGHWNVQPQVGCVVJKURQKPVVJGCEVWCNFKHHGTGPEGDGVYGGP5%4
5VQRCPF5%45JWV&QYPCUVJGUGVGTOUUGGOXGT[UKOKNCTCVHKTUV
GP

INCPEG5%45VQRKUEQPUKFGTGFVQDGCNGUUFTCUVKEQEEWTTGPEGCPFKP
&GUETKRVKQP
UWEJCECUG5%4ECPDGTGUWOGFHQNNQYKPITGOGFKCNCEVKQP5%45JWV
&QYPKUVJGTGUWNVQHCOQTGUGTKQWUQRGTCVKPIEQPFKVKQPCPFKU
GPCEVGFVQRTGXGPVFCOCIGVQVJGGPIKPG+PVJKUECUG5%4QRGTCVKQP
OWUVQPN[DGTGUWOGFYJGPVJGECWUGQHVJGHCKNWTGKURKPRQKPVGF
GXCNWCVGFCPFEQTTGEVGF

/#0$9

+HOWNVKRNGHCKNWTGUCTGCEVKXGCVVJGUCOGVKOGGCEJHCKNWTGYKNNVTKIIGTCPKPFKECVKQP
CPFCNCTO
5CHGHCNNDCEMOQFGUCTGQRGTCVKPIOQFG5VQRCPFTWPPKPIOQFG6KGT++
+PECUGQH5%45VQR5%45JWV&QYPCPFQTCPCNCTOKUTGNGCUGFVJG5%4%5
YKNNKPHQTOVJGUJKRCNCTOU[UVGOD[OGCPUQH 5%4%QOOQP#NCTO
5[UVGOUGPUQT (CKNWTG 5%4 5%4 #NCTO 4GOCTMU

UKIPCN 5JWV 5VQR
&QYP
'ZVGTPCN&QUKPI 'ZVGTPCN&QUKPIJCPFNKPIU[U Z Z
*CPFNKPI5[U VGOPQVTGCF[
VGO
&QUKPIGPCDNKPIVKOGFQWV Z Z
&QUKPIPQVCXCKNCDNGKP&QUKPI Z Z
5VCVG
(NWUJKPIUGSWGPEGVKOGFQWV Z Z
4GFWEKPICIGPV &GXKCVKQPDGVYGGPUGVRQKPV Z Z
HGGFDCEM CPFCEVWCNFQUKPICOQWPV
5KIPCNECDNGHCKNWTG Z Z
'ZVGTPCN5QQV 5QQV$NQYKPI5[UVGOPQV Z Z *25%4QPN[
$NQYKPI5[UVGO TGCF[
5QQVDNQYGPCDNGFGXVKOG Z Z *25%4QPN[
QWV
'ZVGTPCN 5VCPFD[*GCVGPICIGFGXKC Z *25%4QPN[
5VCPFD[*GCV VKQPVKOGQWV
5[UVGO
'ZVGTPCN8GPVKPI 8GPVKPIGPICIGFGXKCVKQP Z *25%4QPN[
5[UVGO VKOGQWV
'ZVGTPCN8CNXG 'ZVGTPCN8CNXG5[UVGOPQV Z Z .25%4QPN[
U[UVGO TGCF[
'ZVGTPCN8CNXG5[UVGOGPICIG Z Z .25%4QPN[
VKOGQWV
4GIGPGTCVKQP 4GIGPGTCVKQPCEVKXGYJKNG Z Z .25%4QPN[
5[UVGO 5%4KUTWPPKPI
#WZKNKCT[$NQY #WZDNQYGTUPQVUVCTVGF Z Z *25%4QPN[
GTU
5%44GCEVQT 0QXCNKFFGVGEVKQPQHXCNXG Z Z Z *25%4QPN[
5GCNKPI8CNXG RQUKVKQP
7PGZRGEVGFENQUGF Z Z Z *25%4QPN[
7PGZRGEVGFQRGP Z *25%4QPN[
GP

5%44GCEVQT &GXKCVKQPDGVYGGPUGVRQKPV Z Z Z *25%4QPN[

6JTQVVNG8CNXG CPFCEVWCNRQUKVKQP
&GUETKRVKQP
7PGZRGEVGFENQUGF Z Z Z *25%4QPN[
7PGZRGEVGFQRGP Z *25%4QPN[
(GGFDCEM5KIPCNHCKNWTG YKTG Z Z Z *25%4QPN[

DTGCM

/#0$9

UKIPCN 5JWV 5VQR
&QYP
5%44GCEVQT &GXKCVKQPDGVYGGPUGVRQKPV Z Z *25%4QPN[
$[RCUU8CNXG CPFCEVWCNRQUKVKQP

7PGZRGEVGFENQUGF Z Z *25%4QPN[
7PGZRGEVGFQRGP Z Z *25%4QPN[
(GGFDCEM5KIPCNHCKNWTG YKTG Z Z *25%4QPN[

DTGCM
%[NKPFGT$[RCUU &GXKCVKQPDGVYGGPUGVRQKPV Z Z *25%4QPN[
8CNXG CPFCEVWCNRQUKVKQP
7PGZRGEVGFQRGPENQUGF Z *25%4QPN[
(GGFDCEM5KIPCNHCKNWTG YKTG Z Z *25%4QPN[

DTGCM
'ZJCWUVICU 'ZJCWUVICUVGORGTCVWTGVQQ Z Z *25%4QPN[
VGORGTCVWTG JKIJHQT5%4
'ZJ)CU6GO 65%4KPUKIPCNECDNG Z Z 65%4KPKU
RGTCVWTGUGP HCKNWTG *25%4QPN[
UQTU
65%4QWVUKIPCNECDNGHCKNWTG Z Z
6VWTDKPGKPUKIPCNECDNG Z Z *25%4QPN[
HCKNWTG
6TGCEVQTKPUKIPCNECDNGHCKN Z Z
WTG
65%4KPUGPUQTUFGXKCVKPI Z Z *25%4QPN[
6VWTDKPGKPUGPUQTFGXKCV Z Z *25%4QPN[
KPI
5ECXGPIGCKT 5KIPCNECDNGHCKNWTG Z Z
VGORGTCVWTG
UGPUQT
%QORTGUUQT 5KIPCNECDNGHCKNWTG Z Z
+PNGV6GORGTC
VWTGUGPUQT
%QORTGUUQT 5KIPCNECDNGHCKNWTG Z Z
+PNGV*WOKFKV[
UGPUQT
#ODKGPV2TGU 5KIPCNECDNGHCKNWTG Z Z
UWTG5GPUQT
2TGUUWTGUGPUQT 5KIPCNECDNGHCKNWTG Z *25%4QPN[
KP5%4
2TGUUWTGFKHHGT 5KIPCNECDNGHCKNWTG Z *25%4QPN[
GP

GPEGQXGT468
UGPUQT
&GUETKRVKQP
2TGUUWTGFKHHGT 5KIPCNECDNGHCKNWTG Z *25%4QPN[

GPEGQXGT5%4
UGPUQT
ŜR5%4VQQJKIJ Z *25%4QPN[

/#0$9

UKIPCN 5JWV 5VQR

&QYP
ŜR5%4VQQJKIJHQTTWPPKPI Z Z *25%4QPN[
5%4
01Z5GPUQT 01ZEQPEGPVTCVKQPCHVGT5%4 Z Z
UKIPCNECDNGHCKNWTG
01ZEQPEGPVTCVKQPCHVGT5%4 Z
UKIPCNECDNGHCKNWTG
01ZUGPUQTPQVTGCF[ Z Z
01ZUGPUQTPQVTGCF[ Z
01ZUGPUQTUFGXKCVKPI Z
5%4RTQEGUU 01Z5%4QWVVQQJKIJCNCTO Z Z
.KOKVGTUCVWTCVKQPVKOGFQWV Z Z
(WGNUWNHWTGSWKXCNGPVVQQJKIJ Z
/QFDWU 4%5UGTKCNEQOOWPKECVKQPHCKN Z Z
/QFDWU+PVGTHCEGXGTUKQPOKU Z Z
OCVEJ
/QFDWU%QPHKIWTCVKQPPQ Z Z
OKUOCVEJ
(CKNWTGKP/QFDWUUKIPCNHTQO Z Z
'%5
+HVJG5%44GCEVQTD[RCUUXCNXG U CTGEQORNGVGN[QRGP5%4UVQRHCKNWTGKU
TGNGCUGF
+HVJG5%44GCEVQTD[RCUUXCNXG U CTGPQVEQORNGVGN[QRGP5%4UJWVFQYPHCKNWTG
KUTGNGCUGF
GP

&GUETKRVKQP

/#0$9
/CKP1RGTCVKQP2CPGN /12

6JG/12 /CKP1RGTCVKPI2CPGN KUVJG*WOCP/CEJKPG+PVGTHCEG */+ VJTQWIJ
YJKEJVJG5%4EQPVTQNU[UVGOKUQRGTCVGF6JG5%4%5KUUGRCTCVGHTQOVJGEQP
VTQNU[UVGOHQTVJGGPIKPG6JG/12CUUWEJEQORTKUGUC2%YKVJVJG5%4U[U
VGOUQHVYCTGKPUVCNNGFCVQWEJUETGGPCPFCMG[DQCTFYKVJKPVGITCVGFOQWUG
6JG/12WPKVKUDCUKECNN[CPKPVGITCVGFOCTKPGCRRTQXGFCPFEGTVKHKGF2%YKVJ
VQWEJUETGGP6JGVQWEJUETGGPPGGFUDCTGUMKPEQPVCEVKPQTFGTVQHWPEVKQP#P
CEVWCNKPUVCNNCVKQPEQORTKUGUC/12WPKVCPFCUVCPFCTFFGUKIPGF2%YKVJ%Q%Q5
'&5 QRVKQPCN
9KVJKP/&6NKVGTCVWTGTGHGTGPEGKUOCFGVQDQVJ/12CPF*/+6JG
/12KUFGHKPGFCUVJGCEVWCNRJ[UKECNRCPGNCPF*/+ECPDGTGICTFGF
CUVJGHWPEVKQPCNCVVTKDWVGUCUEQPVCKPGFCPFOCFGCRRNKECDNG

6JG*/+EQPUKUVUQHHQWTHKZGFCTGCUCNYC[UUJQYP5GGHKIWTG
#P#NCTO5VCVWU$CTUJQYKPIVJGQNFGUVPQP#EMPQYNGFIGFCNCTOCPF#NCTO
UVCVWUCVVJGVQRQHVJGUETGGP
#0CXKICVKQP$CTCVVJGTKIJVUKFGQHVJGUETGGP
#6QQNDCTCVVJGDQVVQOQHVJGUETGGP
#5ETGGPCTGC TGUVQHVJG5ETGGP
(KIWTG/12RCPGNUJQYKPI*/+YKVJHQWTHKZGFCTGCUCUFKURNC[GFQPVJG/12
GP

&GUETKRVKQP
6JG*/+QRGTCVGUYKVJVYQRCUUYQTFNGXGNUYJKEJCTG1RGTCVQTNGXGNCPF%JKGH
NGXGN

/#0$9
1RGTCVQTNGXGN
(TQOVJG1RGTCVQTNGXGNKUKVPQVRQUUKDNGVQUGVCP[RCTCOGVGTU+VKUHQTPQTOCN
QRGTCVKQPCPFOQPKVQTKPIQPN[
%JKGHNGXGN
+PCFFKVKQPVQVJG1RGTCVQTNGXGNVJKUWUGTNGXGNJCURTKXKNGIGUVQUGVRCTCOGVGTU
UGVRQKPVU5%4OQFGU #RCUUYQTFOWUVDGUWRRNKGFKPQTFGTVQCEEGUU%JKGH
NGXGN
5%4OQFGUECPCNUQDGUGVCVQRGTCVQTNGXGN+HHQTGZCORNGKVKU
FGUKTGFVQEWVQWVCNCTOUKVKUPGEGUUCT[VQDGCVEJKGHNGXGN

6JGTGKUPQNKOKVKPVJGPWODGTQHWPUWEEGUUHWNCVVGORVUVQGPVGTVJGEQTTGEVRCUU
YQTF6JGRCUUYQTFKUJCTFEQFGFKPVJGU[UVGOCPFECPVJGTGHQTGPQVDG
EJCPIGF
6JGHWPEVKQPCNFGVCKNUCUHQWPFKPVJG*/+QHVJG/12CTGUJQYPKPHKIWTG
(KIWTG(WPEVKQPCNFGVCKNUCUHQWPFKPVJG*/+QHVJG/12
GP

'4%5/12&GUETKRVKQP
&GUETKRVKQP
/12%QORQPGPVU
6JGQRGTCVQTECPVQWEJVJGITCRJKEGNGOGPVUQPVJGUETGGPKPQTFGTVQKPVGTCEV
YKVJVJG5%4%5#75$EQPPGEVKQPKUKPUVCNNGF+PVJGHTQPVRCPGND[VJGUETGGP
5GVWRQHVJG/12WPKVCVEQOOKUUKQPKPIKURGTHQTOGFD[WUGQH75$RNWIUEQP

/#0$9
VCKPKPIQRGTCVKPIU[UVGOCPFRTQITCOUQHVYCTG6JGUGTXKEGMG[DQCTFCPF75$
RNWIUCTGWPFGTPQTOCNEKTEWOUVCPEGUQPN[VQDGWUGFD[/#0&KGUGNRGTUQPPGN
/12+UUWGU
'VJGTPGVEQPPGEVKQPU6JG/12KUGSWKRRGFYKVJCP'VJGTPGVECTFHQTEQPPGEVKQP
VQQVJGTU[UVGOUUWEJCU%Q%Q5'&56QCXQKFXKTWUCPFYQTOUQPVJG/12
URGEKCNECTGOWUVDGVCMGPYJGPEQPPGEVKPIVQPGVYQTMUQHCP[MKPF
&+5%.#+/'4/#0&KGUGNFKUENCKOUTGURQPUKDKNKV[HQTCP[GXGPVQT
EQPFKVKQPVJCVQTKIKPCVGUHTQOKPUVCNNCVKQPQHWPCWVJQTKUGFUQHVYCTG
6JKUKPENWFGUDWVKUPQVNKOKVGFVQXKTWU
6QGORJCUK\GVJGFKUENCKOGT[GNNQYUVKEMGTUCTGRNCEGFCVUWKVCDNG
RNCEGUQPVJG/12WPKVU
%QPVTQN0GVYQTM
6JG/12KUEQPPGEVGFVQVJG5%4%5D[OGCPUQHVJG%QPVTQN0GVYQTMVJCV
KPVGTEQPPGEVUVJGPQFGUKPVJGU[UVGO6JG%QPVTQN0GVYQTMKUKORNGOGPVGFCU
VYQKPFGRGPFGPVPGVYQTMUHQTTGFWPFCPE[
2TGRCTCVKQPUOCFGD[/#0&KGUGN
6JG75$UCUUWRRNKGFCTGCRQTVKQPQHVJGUQHVYCTGCUKPUVCNNGFQPVJG/126JKU
UGVQH75$UOWUVDGMGRVQPUKVGCUDCEMWR
6JGKPUVCNNCVKQPRTQEGFWTGKPDTKGHKUCUHQNNQYU#PGPIKPGGTHTQO/#0&KGUGNQT
VJG.KEGPUGGKPUVCNNUVJGUQHVYCTGVJTQWIJWUGQHVJG75$UCUHQNNQYU
2TQITCO75$PCOGF 75$QH1RGTCVKPI5[UVGO/CKP1RGTCVKQP
2CPGNKUKPUVCNNGFKPVJG/12
2TQITCO75$PCOGF 75$QH'PIKPG%QPVTQN5[UVGO/CKP1RGTC
VKQP2CPGNKUVJG/'U[UVGOUQHVYCTGKPUVCNNGFQPVJG/12
&CVC&KUEPCOGF 5GTXKEG2CTCOGVGT5GV6JGRCTCOGVGTUGVKUNQCFGFVQ
VJG/2%UXKCVJG/12#HVGTKPUVCNNCVKQPCEQR[QHVJG 5GTXKEG2CTCOGVGTU
CTGUCXGFKPCP75$CPFOWUVDGUVQTGFQPUKVG
5GNGEVKQPUCPF+PFKECVKQPUQPVJG/12

1RGTCVKQPQHVJG5%4%5KURGTHQTOGFCVDQVJVJG'%5/12CUYGNNCUVJGUVCPF
CNQPG'4%5/12+PCFFKVKQPUQOGQHVJGUGNGEVKQPEJQKEGUECPDGRGTHQTOGFCV
VJG$TKFIG
6JGHQNNQYKPIUGEVKQPUYKNNDTKGHN[UVCVGVJGUGRQUUKDKNKVKGU+PCFFKVKQPRNGCUGUGG
VJGUETGGPFTCYKPIU
'%5/12

6JG'%5/12RTQXKFGUVJGHQNNQYKPIHWPEVKQPUTGICTFKPI5%4EQPVTQN
GP

&GUETKRVKQP
ϰ 5GNGEVKQPQHQH'PIKPG/QFG 6KGT++6KGT+++
ϰ 5GNGEVKQPQHQH5%42TGRCTG5%4 'PCDNG&KUCDNG
ϰ +PFKECVKQPQH'PIKPG/QFG

/#0$9
ϰ +PFKECVKQPQH5%45VCVG 0QV4GCF[5VCPFD[*GCVKPI4GCEVQT4GCF[&QU
KPI'PCDNKPI&QUKPI(NWUJKPI
'4%5/12

6JG'4%5/12RTQXKFGUVJGHQNNQYKPIHCEKNKVKGUHQT5%4EQPVTQN
ϰ 5GNGEVKQPQH5%4/QFG #WVQ5VQR
ϰ 'PVGTKPIQHVJGWUGFTGFWEKPICIGPVEQPEGPVTCVKQP YV
ϰ /CPWCN5%4EQPVTQNQHXCNXGU *25%4QPN[
$GUKFGUVJGUGCURGEVUVJG'4%5/12FKURNC[UKPFKECVKQPQHVJGRTQEGUURCTCOG
VGTUCPFUVCVWUEQPFKVKQPU
(QTCPQXGTXKGYQHVJGOGPVKQPGFCURGEVUCPFKVGOURNGCUGUGG
GP

&GUETKRVKQP

/#0$9
5%4/QFG1XGTXKGY
GP

&TCYKPI
(KIWTG.25%4/CKPPQFGVCKNU

/#0$9
5%4/QFG1XGTXKGY
GP

&TCYKPI
(KIWTG.25%4/CKPYKVJFGVCKNU

/#0$9
5%4/QFG1XGTXKGY
GP

&TCYKPI
(KIWTG*25%4/CKPPQFGVCKNU

/#0$9
5%4/QFG1XGTXKGY
GP

&TCYKPI
(KIWTG*25%4/CKPYKVJFGVCKNU

/#0$9
5%4/QFG1XGTXKGY
GP

&TCYKPI
(KIWTG*25%48CNXG+PHQPQFGVCKNU

/#0$9
5%4/QFG1XGTXKGY
GP

&TCYKPI
(KIWTG*25%48CNXG+PHQYKVJFGVCKNU

/#0$9

/WNVK2WTRQUG%QPVTQNNGT 6JG/WNVK2WTRQUG%QPVTQNNGTRTQXKFGUHQTEQOOWPKECVKQPDGVYGGPVJG/12*/+
/WNVK2WTRQUG%QPVTQNNGTr&KUOCPVNKPI
CPFVJG5%4U[UVGO%JGEMKPIQHVJG/2%KUEQPVKPWQWUN[RGTHQTOGFD[VJG/12
WPKVU
&KUOCPVNKPIQH/2% &KUEQPPGEVVJGRQYGT
DQCTF EQPPGEVQT
+&MG[ &KUEQPPGEVVJG+&MG[
GP

9QTM%CTF

/#0$9
/2%DQCTF %JGEMRNCEGOGPVQH
EQPPGEVQTUCEEQTFKPI
/WNVK2WTRQUG%QPVTQNNGTr&KUOCPVNKPI
VQVJGVCDNGUJQYPQP
VJGOGVCNRNCVGQPVJG
/2%DQCTF+H
PGEGUUCT[PQVGFQYP
EQPPGEVQT
RNCEGOGPV
%QPPGEVQTU &KUEQPPGEVCNNEQPPGEVQTUQPVJG/2%
DQCTF
4GOQXGVJG/2% 7PUETGYVJG/2%DQCTF
DQCTF CPFTGOQXGKVHTQOVJG
RCPGN
GP

9QTM%CTF

/#0$9

/QWPVKPIVJG/2%DQCTF +HCURCTG/2%DQCTFJCUDGGPWUGFRTGXKQWUN[QPCPQVJGTGPIKPGKVKUPGEGUUCT[
/WNVK2WTRQUG%QPVTQNNGTr/QWPVKPI
VQHQTEGVJG/2%VQWRFCVGUQHVYCTGHTQOVJG/12RCPGN
6JKUKUFQPGKPVJGHQNNQYKPIYC[5GVVJG[GNNQYFKRUYKVEJ0QQPVJGUKFGQHVJG
TGRNCEGOGPV/2%VQ1((
/QWPVVJG/2%CUFGUETKDGF2QYGTQPVJG/2%CPFNGVVJG/2%HKPKUJFQYP
NQCFKPI
9JGPVJG/2%.'&HNCUJGUTGFCPFITGGP #22.1#&A&+2UGGCRRGPFKZ UGV

VJG[GNNQYFKRUYKVEJ0QVQ10
&QPQVOQWPVCP/2%DQCTFWPNGUU
VJGDCEMWRDCVVGT[KUKPUVCNNGF
$CEMWRDCVVGT[ %JGEMVJCVVJGDCEMWRDCVVGT[KU
OQWPVGFCPFVJCVVJG&+2UYKVEJ5KU
KPPGWVTCNRQUKVKQP6JKUOGCPU
CNNUYKVEJGUCTGKPVJGQHHRQUKVKQP
6JKUKUCNUQMPQYPCUDKPCT[
6JKUOGUUCIGKUOCKPN[TGNGXCPV
HQTOCTKPGFKGUGNGPIKPGU
%JCPIKPIVJGDCVVGT[QHVJG
/WNVK2WTRQUG%QPVTQNNGT /2%
OC[ECWUGCTGUGVCPFTGUVCTV
QHVJG/2%6JGTGHQTGQPN[
EJCPIGVJGDCVVGT[YJKNG
VJGUJKRKUKPJCTDQWTYKVJ
GPIKPGUVQRRGFQT
YJGPUCKNKPIKPWPTGUVTKEVGF
CTGCUYJGTGCTGUVCTVQHCP/2%
FQGUPQVKORN[CP[TKUMHQTVJGUJKR
QTVJGGPIKPG
6JGDCVVGT[QPN[UGTXGUCUDCEMWR
UWRRN[HQTVJGDWKNVKPENQEMQHVJG
/2%CPFCNQYDCVVGT[NGXGNHQT
UGXGTCNFC[UWPVKNGPVGTKPIRQTVKU
QHPQEQPUGSWGPEGVQVJGUCHG
QRGTCVKQPQHVJGGPIKPG
GP

9QTM%CTF

/#0$9
&+2UYKVEJGU %JGEMVJCVVJG
&+2UYKVEJGUCPF
QPVJGUKFGQH
VJG/2%DQCTF
CTGUGVVQVJG
QHHRQUKVKQP
/2%DQCTF /QWPVVJG/2%DQCTFKPVJGRCPGN
GP

9QTM%CTF

/#0$9
%QPPGEVQTU /QWPVVJG
EQPPGEVQTUCEEQTFKPI
VQVJGVCDNGUJQYPQP
VJGOGVCNRNCVGQPVJG
/2%DQCTF
+&MG[ /QWPVVJG+&MG[
GP

9QTM%CTF

/#0$9
2QYGTEQPPGEVQT /QWPVVJGRQYGT
EQPPGEVQT
5VCTVWRRTQEGUU

&WTKPIVJGUVCTVWRRTQEGUUVJG.'&YKNNHNCUJCPFVJG/2%DQCTFYKNNTGDQQVUGX
GTCNVKOGU
&WTKPIUVCTVWRVJG/2%XGTKHKGUKHVJG+&MG[KUEQPPGEVGF+VTGCFUVJG+&PWODGT
CPFEJGEMUKHVJGMG[+&KUKPVJGEQTTGEVHQTOCVCPFJCUCXCNKFTCPIGKVTGCFUVJG
&+2UYKVEJ5XCNWGCPFXGTKHKGUKHKVKU 1HH #PGY/2%DQCTFYKNNFQYPNQCF
UQHVYCTGCPFUGVVKPIUHTQOVJG/12RCPGNFWTKPIVJKURTQEGUU
6JGRTQITCOEQORNGVGUVJG+&MG[XGTKHKECVKQPCPFKUPQYTGCF[VQEQPVKPWGVJG
DQQVUGSWGPEG#P[FGXKCVKQPUYKNNUGPFCPGTTQTOGUUCIGXKCVJG.'&6JG
UVCTVWRVKOGQHCPGY/2%DQCTFOC[XCT[DWVYKNNVCMGCDQWVOKPWVGU
9JGPVJG.'&UJQYUITGGPVJG/2%DQCTFKUTWPPKPIPQTOCNN[6JG/2%.'&
KPFKECVKQPUCTGUJQYPQPVJGCRRGPFKZKPVJKURTQEGFWTG
GP

9QTM%CTF

/#0$9
/2%.'&+PFKECVKQP
/2%.'&+PFKECVKQP

&GUETKRVKQP
6JGHKTUVRCTVQHVJKUUGEVKQPFGUETKDGUVJGU[PVCZQHVJG.'&KPFKECVKQPCPFCUUKIPU
CUJQTVFGUETKRVKQPVQGCEJQHVJGWUGFKPFKECVKQPU6JGUGEQPFRCTVRTGUGPVUC
OQTGFGVCKNGFFGUETKRVKQPQHVJGFKHHGTGPVKPFKECVKQPU
5[PVCZ
6JG/2%.'&OC[DGKUUWKPIKPFKECVKQPUD[GKVJGTGOKVVKPIEQPUVCPVNKIJVQTD[
HNCUJKPI6JG.'&KPFKECVKQPUCTGWPKSWGN[KFGPVKHKGFD[VJGEQNQWTVJCVVJG/2%
.'&GOKVU
#HNCUJKPI.'&KPFKECVKQPEQPUKUVUQHVYQRWNUGVTCKPUUGRCTCVGFKPVKOGD[CUGE
QPFRCWUG'CEJQHVJGUGRWNUGVTCKPUTGRTGUGPVUCPKPVGIGT#NNRWNUGUCTGUGV
CICKPUVC[GNNQYDCEMITQWPF6JGHKTUVRWNUGVTCKPYKNNCNVGTPCVGDGVYGGPVJG[GNNQY
DCEMITQWPFCPFCTGFHQTGITQWPFYJKNGVJGUGEQPFYKNNWUGITGGPCUHQTGITQWPF
(KIWTG.'&KPFKECVKQPUU[PVCZ
(QTKFGPVKHKECVKQPQHVJGKPFKECVKQPVJGWUGTOWUVVJGTGHQTGPQVGVJGPWODGTQHTGF
CPFITGGPRWNUGU6JGHKTUVFKIKVKUVJGPWODGTQHTGFRWNUGUCPFVJGUGEQPFFKIKVKU
VJGPWODGTQHITGGPRWNUGU+PVJGKNNWUVTCVKQPCDQXGVJGKPFKECVKQPEQFGYQWNF
VJWUDG
GP

&GUETKRVKQP

/#0$9
+PFKECVKQPU
/2%.'&+PFKECVKQP
(KIWTG.'&RWNUGUKFGPVKHKECVKQPCPFFGUETKRVKQPU

'4414 4GF 6JKUEQFGKUWUGFRTKOCTKN[HQTKPFKECVKPIKHVJG/2%JCUGZRGTK
GPEGFCHCVCNGTTQT*QYGXGTVJG/2%YKNNCNUQWUGVJKUKPFKECVKQP
FWTKPIGCTN[KPKVKCNKUCVKQP6JGTGHQTGVJGWUGTUJQWNFQPN[VCMGVJKU
EQFGCUCPKPFKECVKQPQHGTTQTKHKVRGTUKUVUOQTGVJCPUGEQPFU
+0+6 1TCPIG )GPGTCNN[VJKUEQFGKUWUGFHQTKPFKECVKPIKPKVKCNKUCVKQPDWVVJG/2%
OC[CNUQWUGVJKUKPFKECVKQPVQUKIPCNQPGQHVJGHQNNQYKPIEQPFK
VKQPU
0QRCTCOGVGTU0QXCNKFRCTCOGVGTUCTGCXCKNCDNGVQVJGCRRNKECVKQP
UQHVYCTG%QPHKIWTCVKQPQTVGUVOQFG6JG/2%KUKPCPQPPQTOCN
PQFGOQFG)GPGTCNN[KHVJG+0+6EQFGKUUJQYPNQPIGTVJCP
UGEQPFUVJKUYQWNFKPFKECVGQPGQHVJGNCVVGTEQPFKVKQPU
014/#. )TGGP #RRNKECVKQPKUWRCPFTWPPKPI
%64.A2)/ 1PGQHVJGQPDQCTFOKETQEQPVTQNNGTUKUDGKPIRTQITCOOGF6JKU
KUCRCTVQHVJG/2%KPKVKCNK\CVKQPRTQEGUU
#22.1#&A5%#0 6JGCRRNKECVKQPUQHVYCTGFQYPNQCFRTQITCO DQQVNQCFGT KUVT[KPI
VQHKPFCUGTXGTHTQOYJKEJKVECPFQYPNQCFKVUCRRNKECVKQPRTQ
ITCO+HVJKUEQFGRGTUKUVUKVKPFKECVGUGKVJGTVJCVPQCRRNKECVKQPRTQ
ITCOUGTXGTKUEQPPGEVGFVQVJGPGVYQTMQTVJGPGVYQTMKUDTQMGP
#22.1#&A&190 #PCRRNKECVKQPRTQITCOKUDGKPIFQYPNQCFGF
.1#&
#22.1#&A&+2 6JG[GNNQY&+2UYKVEJQPVJG/2%%27DQCTFECPDGWUGFHQT
HQTEKPIFQYPNQCFQHPGYCRRNKECVKQPUQHVYCTG6QCXQKFNQQRKPIKVKU
VJGTGHQTGTGSWKTGFVJCVVJG[GNNQY&+2UYKVEJDGTGUGVQPEQORNG
VKQPQHUWEJCHQTEGFFQYPNQCF4GUGVKVVQ10FQYP
GP

$116.1#&A5%#0 6JKUKPFKECVKQPKUCPCNQIQWUVQVJG#22.1#&A5%#0KPFKECVKQP
&GUETKRVKQP
GZEGRVVJCVVJKUEQFGKPFKECVGUVJCVVJGTGKUPQVUGTXGTCXCKNCDNG
HTQOYJKEJVJG/2%ECPFQYPNQCFCPGYDQQVNQCFGT6JKUEQFG
UJQWNFQPN[DGKPFKECVGFKHCVVGORVUCTGDGKPIOCFGVQWRFCVGVJG
DQQVNQCFGTWUKPIVJGURGEKCNWRFCVGRTQITCO

/#0$9
$116 #PGYDQQVNQCFGTRTQITCOKUDGKPIFQYPNQCFGFCPFRTQITCOOGF
/2%.'&+PFKECVKQP
.1#&A&190.1#&

&10).'A8'4+(; 6JG+&MG[KUDGKPIEJGEMGF6JKUUJQWNFQPN[VCMGCEQWRNGQH
UGEQPFU
&10).'A'4414 #+&MG[GTTQTJCUDGGPKFGPVKHKGF'KVJGTVJG+&MG[KUOKUUKPIDTQ
MGPQTJQNFUCPKPXCNKFXCNWG6T[VQTGRTQITCOKV
&10).'A&+2 6JG&+2UYKVEJOQWPVGFQPVJG%/+1DQCTFKUWUGFHQTRTQITCO
OKPIVJG+&MG[6JGRTQITCOOKPIRTQEGUUTGSWKTGUVJCVVJKU&+2
UYKVEJDGTGUGVDGHQTGEQORNGVKPI6JKUEQFGKUWUGFHQTKPFKECVKPI
VJKUVQVJGWUGT4GUGVVJG%/+1DQCTF&+2UYKVEJGUVQ1((
FQYP
&10).'A(14/#6 9CKVKPIHQTEQPHKTOCVKQPVQTGHQTOCVVJGTGEQTFUKPVJG&QPINGYKVJ
5VCTVWRCPF2GTUKUVGPV&CVC#TGCKPHQTOCVKQP
&10).'A&+2A%10 +&MG[PQVEQPPGEVGFPQWUCDNGCFFTGUUUWRRNKGFHTQO&+2QT
(.+%6 5GTXKEG6GTOKPCN
&+2A+..' 6JGUGNGEVGFCFFTGUUKUQWVUKFGVJGFGHKPGFTCPIGZ%Z((
)#.A4#0)'
6CDNG&GVCKNGF&GUETKRVKQPQH.'&+PFKECVKQPU
GP

&GUETKRVKQP

/#0$9
/CKPVGPCPEG
/CKPVGPCPEG

+HVJG/2%PGGFUEJCPIKPIQHVJGDCEMWRDCVVGT[VJKUECPDGFQPGYKVJQWVVWTP
KPIQHVJGRQYGTVQVJG/2%*QYGXGT/#0&KGUGN6WTDQTGEQOOGPFUUVQR
RKPIVJG5%4U[UVGOCUCUCHGV[RTGECWVKQP7RQPTGEGKXKPICPGY/2%TGOGO
DGTVQKPUVCNNCPGYDCEMWRDCVVGT[DGHQTGVWTPKPIQPVJGRQYGTHQTVJG/2%
(KIWTG/WNVK2WTRQUG%QPVTQNNGT /2%
+VKUQHVJGWVOQUVKORQTVCPEGVJCVVJG/2%UJCXGCEQPUVCPVRQYGTUQWTEG
6JGTGHQTG/#0&KGUGNTGEQOOGPFUVJCVCVVGPVKQPDGFTCYPVQVJGIGPGTCNOCKP
VGPCPEGQHVJG7PKPVGTTWRVKDNG2QYGT5WRRN[ 725 UWRRN[KPIVJG/2%U/CKPN[
EJCPIGQHDCVVGTKGUCEEQTFKPIVQKPVGTXCNKUKORQTVCPV(QTOQTGKPHQTOCVKQPTGHGT
VQVJGOCPWCNCUUWRRNKGFD[VJGOCPWHCEVWTGT
/CKPVGPCPEG5ETGGPU

6JGOCKPVGPCPEGUETGGPUIKXGCPQXGTCNNXKGYQHVJGUVCVWUQHVJG'%5U[UVGO
UGGPQPVJGHQNNQYKPIUKZUETGGPU
ϰ /2%FGUETKRVKQP
ϰ 5[UVGO8KGY+16GUV
ϰ +PXCNKFCVGF+PRWVU
ϰ 0GVYQTM5VCVWU
ϰ (WPEVKQP6GUV
GP
ϰ 6TQWDNGUJQQVKPI

6JGCDQXGOGPVKQPGFHKXGOCKPVGPCPEGUETGGPUECPDGCEEGUUGFXKCVJGUGEQP
&GUETKRVKQP
FCT[PCXKICVQTD[RTGUUKPIVJGp/CKPVGPCPEGqDWVVQPKPVJGOCKPPCXKICVQT6JG[
CTGOCKPN[WUGFCVGPIKPGEQOOKUUKQPKPIFWTKPIHCWNVHKPFKPIQP+1ECDNKPI
EJCPPGNUCPFGZVGTPCNEQPPGEVKQPUVQUGPUQTUCPFFWTKPIGPIKPGQRGTCVKQP6JG
WUGQHVJGUGUETGGPUKUVJGTGHQTGTGNGXCPVHQTGPIKPGETGYCUYGNN

/#0$9
/CKPVGPCPEG
5[UVGO8KGY+16GUV 5GG&TCYKPI

6QWPFGTUVCPFVJGWUGQHVJKUUETGGPCPGZRNCPCVKQPQHVJGNC[QWVQHVJG/WNVK2WT
RQUG%QPVTQNNGT /2% KUCRRTQRTKCVG
6JG/2%KUCEQORWVGTWPKVYJKEJJCUPQWUGTKPVGTHCEGUWEJCUCFKURNC[QTC
MG[DQCTFDWVJCUCYKFGXCTKGV[QHKPRWVUQWVRWVU +1 HQTKPVGTHCEKPIVQUGPUQTU
CPFCEVWCVQTUQHVJGGPIKPGGI UGGFTCYKPIPGZVRCIG
ϰ +PRWVUHQTGIVCEJQUKIPCNUUVCPFCTF O#VTCPUFWEGTU8UKIPCNU
UYKVEJGUCPF8DKPCT[UKIPCNU
ϰ 1WVRWVUUWEJCU O#CPF8UKIPCNUEQPVCEVUCPFJKIJURGGFUGOK
EQPFWEVQTUYKVEJGU
ϰ &WRNKECVGF%QPVTQN0GVYQTMHQTUGEWTKV[
ϰ 5GTKCNEQOOWPKECVKQPEQPVTQNNGTHQTGKVJGTC4GOQVG+10GVYQTMQTRQKPVVQ
RQKPVUGTKCNEQOOWPKECVKQP
ϰ 5GTXKEGEJCPPGNVQDGEQPPGEVGFVQCNCRVQR2%HQTUGTXKEGRWTRQUGU
(KIWTG/2%CPFKVUEQOOWPKECVKQPRCVJUYKVJCUUQEKCVGFEQORQPGPVU
6JGOCKPRTQEGUUQTQHVJG/WNVK2WTRQUG%QPVTQNNGTKUC/QVQTQNCYJKEJKU
CDKVRTQEGUUQTDQTTQYGFHTQOVJGCWVQOQVKXGKPFWUVT[+VKPENWFGUCPQPEJKR
VKOKPIEQRTQEGUUQTHQTU[PEJTQPKUCVKQPYKVJVJGETCPMUJCHVTQVCVKQPCPFURGGF
OGCUWTGOGPV
6QGCUGVJGRTQFWEVKQPQHVJG/WNVK2WTRQUG%QPVTQNNGTCNNRTQITCOOCDNGEQORQ
PGPVUCTGKPEKTEWKVRTQITCOOCDNGYJKEJCNUQCNNQYUHKGNFWRFCVGQHVJGEQPVTQNNGT
D[OGCPUQHTGNCVKXGN[UKORNGVQQNU6JG/2%EQPVCKPUPQJCTFFKUMQTQVJGTUGPUK
VKXGOGEJCPKECNEQORQPGPVUCPFVJGUQHVYCTGKUUVQTGFKPCPQPXQNCVKNG(NCUJ
241/OGOQT[KGVJGCRRNKECVKQPUQHVYCTGOC[DGUGPVVQCPFRTQITCOOGFKPVQ
GP

VJG/WNVK2WTRQUG%QPVTQNNGTVJTQWIJVJGPGVYQTMCPFVJGTGD[TGUVQTGVJGHWPE
&GUETKRVKQP
VKQPCNKV[CHVGTVJG/WNVK2WTRQUG%QPVTQNNGTJCUDGGPGZEJCPIGFYKVJCURCTGWPKV
HTQOUVQEM

/#0$9
9JGPCPGY/2%KUOQWPVGFKPVJGECDKPGVVJGFQPINGKPVJGECDKPGVKUOQWPVGF
/CKPVGPCPEG
KPVJGFQPINGRNWIKPCHVGTTGEQPPGEVKQPQHCNNYKTGU6JGFQPINGVGNNUVJGpPGYq
/2%KPYJKEJECDKPGVKVKUOQWPVGFCPFKPVJCVYC[YJKEJUQHVYCTGCPFRCTCOG
VGTUKVUJQWNFWRNQCFHTQOVJG/12JCTFFKUM GI%%7#%7QT'+%7#
6JG/2%KUCNUQGSWKRRGFYKVJCNKIJVFKQFGECRCDNGQHUJQYKPIITGGP[GNNQYQT
TGFNKIJV6JKUNKIJVVGNNUVJGGPIKPGGTKPYJCVUVCVWUVJG/2%KU
&WTKPIPQTOCNTWPPKPIVJGFKQFGKUITGGP9JGPVJGFKQFGKU[GNNQYVJG/2%KU
TGDQQVKPIQTKUKP6GUVQT%QPHKIWTCVKQP/QFG9JGPVJGFKQFGKUTGFVJG/2%KU
WPCXCKNCDNG5GGHKIWTGRCIG5GEVKQPHQTNQECVKQPQHFKQFG+H
TGUGVVKPIFQGUPQVUQNXGVJGRTQDNGOYKVJVJGTGFFKQFGVJGPTGRNCEGOGPVQHVJG
/2%OKIJVDGPGEGUUCT[
#TGFNKIJVFKQFGKUPQVENGCTN[VJGUKVWCVKQPUVCVWUVJCVVTKIIGTUCTGRNCEGOGPVQHCP
/2%DWVOGTGN[CJKPVKPVJCVFKTGEVKQP
+HKPFQWDVVJGGPIKPGGTECPWUGVJG/CKPVGPCPEGUETGGPUVQGZRNCKPVJGUVCVWUVQ
UMKNNGFRGTUQPPGNCV/#0&KGUGN6JGEQOOWPKECVKQPYKVJGPIKPGGTUCV/#0&KGUGN
YKNNDGNGUUEQORNKECVGFCPFRQUUKDNGOKUEQPEGRVKQPUOC[DGTWNGFQWVYJGP
GZCEVFGUETKRVKQPUCTGEQOOWPKECVGFVQ/#0&KGUGN
6JGKFGCQHVJG/CKPVGPCPEGUETGGPUKUVQJGNRVJGGPIKPGGTTWPCPFOQPKVQTVJG
'PIKPG%QPVTQN5[UVGO '%5 6JGKEQPUUJQYPQPVJGEQPVTQNNGTUUJQYVJGUVCVWU
QHGCEJUKPINGEQPVTQNNGTGIYJGVJGTKVKUKPOQFG
ϰ #EVKXG
ϰ %QPVTQNNKPI
ϰ 6GUV
ϰ %QPHKIWTCVKQP
ϰ $NQEMGF
ϰ 0QVCEEGUUKDNG
$[RTGUUKPIVJGUKPINGEQPVTQNNGTQPVJKUUETGGPVJGCEVWCNKPRWVUQWVRWVUQP
VJGUGNGEVGFEQPVTQNNGTCTGUJQYPKPCPGYUETGGP
6JGUETGGPUJQYU+PHQ+&CPF&GUETKRVKQPUCPFRTQEGUUGUXCNWGUQHGCEJUKP
INGEJCPPGNQPVJG/2%
6QRGTHQTOCXKGYQHGCEJUKPINGEJCPPGNQTOCPWCNN[UGVVJGQWVRWVQHCEJCP
PGNRTGUUVJGp/2%/QFGqHKGNF %JKGH.GXGN $[FQKPIVJKUCDWVVQPPCOGF
p6GUVqCRRGCTUQPVJGVQQNDCT2TGUUVJKUDWVVQP
%JCPIKPIVQ6'56/QFGYKNN5612VJG/2%HTQOEQPVTQNNKPIVJG
U[UVGO
GP

&GUETKRVKQP

$[RTGUUKPIVJGEJCPPGNPWODGTVQVJGNGHVQPVJGKPFKXKFWCNEJCPPGNCUETGGPKU
UJQYP*GTGYGUGGCUKPINGEJCPPGNCPFVJGUVCVWUCPFXCNWGUQHVJKUEJCPPGNKU
NKUVGFQPVJKUUETGGP

/#0$9
(TQOVJKUUETGGPKPRWVEJCPPGNUECPDGKPXCNKFCVGFCPFXCNKFCVGFCICKP %JKGH
/CKPVGPCPEG
.GXGN
%JCPIKPIVJGUVCVWUQHCEJCPPGNOC[ECWUGVJGU[UVGOVQ
OCNHWPEVKQP

+VOC[DGTGNGXCPVVQKPXCNKFCVGCPKPRWVEJCPPGNQPCP/2%KHVJGUGPUQTNKPMGFVQ
VJGEJCPPGNHQTUQOGTGCUQPQTCPQVJGTQEECUKQPCNN[QTEQPVKPWQWUN[KUIKXKPI
CNCTO
6JGTGCUQPHQTCNCTOEQWNFHQTKPUVCPEGDGCFGHGEVKXGUGPUQTQTNQQUGYKTKPIHTQO
VJGUGPUQTVQVJG/2%
9GTGEQOOGPFVJCVEJCPPGNUQPN[CTGKPXCNKFCVGFKPCITGGOGPVYKVJUMKNNGFRGT
UQPPGNHTQO/#0&KGUGN
+HCEJCPPGNKUKPXCNKFCVGFVJGEJCPPGNKPXQNXGFYKNNCRRGCTKPVJGKPXCNKFCVGF+PRWVU
UETGGP#VVJGUCOGVKOGVJG'%5YKNNEQPVKPWGVQQRGTCVGKPVJGDGUVRQUUKDNG
YC[YKVJQWVVJGKPXCNKFCVGFKPRWVUGPUQTXCNWG
+PXCNKFCVGF+PRWVU

+HCPKPRWVEJCPPGNKUKPXCNKFCVGFKVKUNKUVGFQPVJGUETGGPp+PXCNKFCVGF+PRWVUq+&
PWODGTUKIPCN+&CPFCUJQTVFGUETKRVKQPVQGCUKN[QXGTXKGYCPFTGEQIPKUGVJG
EJCPPGN U KPXQNXGFCTGUJQYPQPVJKUUETGGP
6JGp+PXCNKFCVGF+PRWVUqUETGGPKUCp3WKEM8KGYqJGNRKPIVJGGPIKPGGTNQQMVJTQWIJ
CPFEQPVTQNYJKEJEJCPPGNUJCXGDGGPKPXCNKFCVGF6JKUEQWNFDGJGNRHWNHQT
KPUVCPEGCHVGTCP/2%EJCPIG
+PRWV%JCPPGNUKPXCNKFCVGFECPDGXCNKFCVGFHTQOVJKUUETGGP %JKGH.GXGN
%JCPIKPIVJGUVCVWUQHCEJCPPGNOC[ECWUGVJGU[UVGOVQ
OCNHWPEVKQP

0GVYQTM5VCVWU 5GG&TCYKPI

6JKUUETGGPIKXGUVJGGPIKPGGTCPQXGTCNNXKGYCPFGZCEVUVCVWUQHVJG%QPVTQN0GV
GP

YQTMQHVJG'%5
&GUETKRVKQP
(TQOVJKUUETGGPKVKURQUUKDNGVQUGGVJGUVCVWUQHVJG0GVYQTMWUKPIVJGKEQPU
PCOGFDGNQY +EQPUCTGXKUKDNGCVFTCYKPIDQVVQO

/#0$9
r1-
/CKPVGPCPEG
r6JKU/12
r0Q4GRN[5KPING%JCPPGN
r0Q%QOOWPKECVKQP
r0QV#EEGUUKDNG
r1PNKPG$WV0Q+PHQTOCVKQP
r0QV4GNGXCPV
r4GHGTGPEG
r%TQUU%QPPGEVKQP
9JGPCNNHKGNFUCTGUJQYPYKVJCITGGPǊ EJGEMOCTM GXGT[VJKPIKUQMC[
6JGWUGQHVJGUETGGPDGEQOGUGURGEKCNN[TGNGXCPVYJGPOCPWCNEJGEMUHQTGCTVJ
HCWNVKURGTHQTOGF
'PIKPGOWUVDGUVQRRGFYJGPEJGEMHQTGCTVJHCWNVKURGTHQTOGF

5[UVGO

#NNEQPVTQNNGTUKPVJG'%5CPFXGTUKQPPWODGTUCTGNKUVGFCPFFKURNC[GFKPVJG
#FOKPOCKPPCXKICVQTVKOGUGVCPFKPVCDNGHQTOCV6JGUETGGPUCTG
ϰ 5GV6KOG
ϰ 8GTUKQP 5QHVYCTGCPF+/1%JGEM5WO
5GV6KOG

#VVJG5GV6KOGUETGGPVJGQRGTCVQTECPUGVVJGVKOGFCVGHQT76% %JKGH.GXGN
TGSWKTGF QTUGVVJGVKOGQHHUGVHQT.QECN6KOGKPKPVGTXCNUFQYPVQOKPWVGU
2TGUUKPIGKVJGTVJGp76%&CVG6KOGqQTVJGp.QECN&CVG6KOGqDWVVQPUYKNNFKURNC[
VJGTGNGXCPVVQQNDCTU(TQOVJGUGVQQNDCTU&CVGCPF6KOGECPDGUGV
2TGUUKPIVJGp76%6KOGFKURNC[GFqQTp.QECN6KOG&KURNC[GFqDWVVQPUIKXGUVJG
GP

QRGTCVQTVJGQRVKQPVQEJQQUGDGVYGGPVJGVKOGVJCVKUFKURNC[GFQPVJG/12
&GUETKRVKQP
RCPGN WRRGTTKIJVEQTPGT CPFKPVJGNKUVU CNCTONKUVGXGPVNQIGVE
#NCTOUCPFNQIUCTGTGEQTFGFYKVJDQVJ.QECN6KOG&CVGCPF76%6KOG&CVG
TGICTFNGUUQHYJKEJVKOGFCVG[QWUGVCUFGHCWNV

/#0$9
/CKPVGPCPEG
8GTUKQP

6JKUUETGGPFKURNC[UVJGUQHVYCTGXGTUKQPCPFQVJGTFGVCKNUCDQWVVJGU[UVGO+V
CNUQFKURNC[UKPVCDNGHQTOCVCNNVJGEQPVTQNNGTUVJCVEQORTKUGVJGU[UVGOKPENWFKPI
URGEKHKEKPHQTOCVKQPTGNCVKPIVQGCEJEQPVTQNNGT
5ETGGP+VGOU
+PVJGWRRGTU[UVGOKPHQTOCVKQPNKPGIGPGTCNKPHQTOCVKQPQHVJGU[UVGOKUUJQYP
6JGHKGNFUCTG
ϰ 2TQFWEV0COG8GTUKQP5QHVYCTGXGTUKQPHQTVJGU[UVGO
ϰ 'PIKPG)TQWR0Q'PIKPGDWKNFGTUGPIKPGPWODGT
ϰ +/10Q'PIKPG+/1PWODGT HQTOGT.NQ[FUPWODGT
ϰ 'PIKPG$WKNFGT0COGQHGPIKPGDWKNFGT
ϰ 'PI0Q'PIKPG5GTKCNPWODGT
%QPVTQNNGT7PKV
+PVJG%QPVTQNNGTKPHQTOCVKQPRCPGFCVCHQTGCEJ%QPVTQNNGTKPVJGU[UVGOKUFKU
RNC[GF6JGRCPGEQPVCKPUVJGHQNNQYKPI
ϰ +&0COGQH/2% EQPVTQNNGT
ϰ #FFT0GVYQTM#FFTGUUQH/2%
ϰ 6[RG#RRNKECVKQPITQWRVJG/2%DGNQPIUVQ5%7
2CTCOGVGT%JGEMUWO
ϰ 7UGT
ϰ %JKGH
ϰ 5GTXKEG
ϰ &GUKIP
ϰ +/1&GUKIP
ϰ +/1%JKGH
ϰ &CVCUJQYPKUQPN[HQTKNNWUVTCVKXGRWTRQUG
6JG+/1PWODGTUNKUVGFKPVJKUVCDNGCTGWPKSWGPWODGTU6JG+/1
&GUKIPPWODGTUPGXGTEJCPIGWPNGUUVJG6GEJPKECN(KNGKUWRFCVGF
0GYCRRTQXGF
6JG+/1%JKGHPWODGTOC[EJCPIGYJGPGIEJCPIKPIOQFGQH
GPIKPGQRGTCVKQPVJTQWIJVJG/12
(QTCP[SWGUVKQPUTGICTFKPI+/1PWODGTKPI6GEJPKECN(KNGEQPVCEV
GP
/#0&KGUGN%QRGPJCIGP

&GUETKRVKQP
7UKPIVJG5ETGGP

9JGPVJGUETGGPKUHKTUVFKURNC[GFPQKPHQTOCVKQPCRRGCTUQPVJGVCDNG2TGUUVJG
p4GHTGUJqDWVVQPVQTGVTKGXGVJGU[UVGOKPHQTOCVKQPCPFRCTCOGVGTEJGEMUWOUQH
CNNEQPVTQNNGTUEQPPGEVGFVQVJG'%5

/#0$9
+HCVNGCUVQPGEQPVTQNNGTUWRRNKGUKPHQTOCVKQPQPVJGU[UVGOVJCVFQGUPQVCITGG
/CKPVGPCPEG
YKVJVJGQVJGTEQPVTQNNGTUCYCTPKPIOGUUCIGKUFKURNC[GFKP[GNNQYQPVJGVQQNDCT
UETGGPDQVVQO
2TGUUKPIVJG2TKPVDWVVQPIGPGTCVGUCJCTFEQR[QHVJGKPHQTOCVKQPFKURNC[GFKPVJG
VCDNG KHCRTKPVGTKUEQPPGEVGFVQVJG/12
GP

&GUETKRVKQP

/#0$9
#NCTO*CPFNKPIQPVJG/12
#NCTOU[UVGO

6JGCNCTOUQPVJG/12CTGCNNTGNCVGFVQVJGGPIKPGEQPVTQNU[UVGO '%5
6JG'%5EQOOWPKECVGUYKVJVJGQTFKPCT[CNCTOU[UVGOCPFVJGUCHGV[U[UVGO
6JGUGVJTGGU[UVGOUCTGCDNGVQKPVGTCEVYKVJGCEJQVJGTKGKPECUGQHCUJWV
FQYP
#NCTOJCPFNKPI

#NCTOJCPFNKPIKUECTTKGFQWVHTQOQPGQHVJGHQNNQYKPIHQWTUETGGPU
#NCTO.KUV
'XGPV.QI
/CPWCN%WV1WV.KUV
%JCPPGN.KUV
6JGUGHQWTCNCTOJCPFNKPIUETGGPUECPDGCEEGUUGFXKCVJGUGEQPFCT[PCXKICVQT
D[RTGUUKPIVJGp#NCTOUqDWVVQPKPVJGOCKPPCXKICVQT9JGPRTGUUKPIVJKUDWVVQP
VJGNCVGUVUGNGEVGFCNCTOUETGGPYKNNDGUJQYPQPVJGUETGGP+HPQUETGGPJCURTG
XKQWUN[DGGPUGNGEVGFVJGp#NCTO.KUVqKUUJQYP6JGUETGGPECPVJGPDGEJCPIGF
XKCVJGUGEQPFCT[PCXKICVQT
#NCTO.KUV 5GGFTCYKPI

6JG#NCTO.KUVEQPVCKPUVJGEGPVTCNHCEKNKV[QHVJGCNCTOJCPFNKPICNNQYKPIHQTFKU
RNC[CEMPQYNGFIGOGPVCPFEWVQWVQHTCKUGFCNCTOU&GVCKNGFCNCTOGZRNCPCVKQP
ECPDGCEEGUUGFHQTGCEJQHVJGCNCTOQEEWTTGPEGU
6JGCNCTOUCTGFKURNC[GFKPEJTQPQNQIKECNQTFGTYKVJVJGNCVGUVCNCTOCVVJGVQR
6JGCNCTOUOKIJVDGITQWRGFD[VJG'%5KHVJG[CTGTGNCVGFVQVJGUCOGECWUGKP
QTFGTVQUKORNKH[VJGQXGTXKGYQHVJGCNCTONKUV6JGITQWRECPDGGZRCPFGFD[
UGNGEVKPICITQWRCPFRTGUUKPIVJG DWVVQPQPVJGVQQNDCT0QVCNNCNCTOUCTG
ITQWRGF
+HVJGTGCTGVQQOCP[CNCTOUVQDGFKURNC[GFCVVJGUCOGVKOGQPVJGUETGGPVJG
TGOCKPKPICNCTOUECPDGCEEGUUGFD[RTGUUKPIVJGRCIGWRRCIGFQYPDWVVQPU
QPVJGVQQNDCT
#NCTOURTGUGPVGFKPVJGCNCTONKUVECPDGHQWPFKPVJTGGUVCVGU
#NCTOWPCEMPQYNGFIGF
#NCTOCEMPQYNGFIGF
GP

0QTOCNWPCEMPQYNGFIGF
&GUETKRVKQP
#PCNCTOECPQPN[CRRGCTCUQPGNKPGKPVJGCNCTONKUV#PCEMPQYNGFIGFCNCTO
IQKPIKPVQPQTOCNQTCPCNCTOKPVJGPQTOCNUVCVGDGKPICEMPQYNGFIGFKUKOOGFK
CVGN[TGOQXGFHTQOVJGNKUV

/#0$9
#EMPQYNGFIGOGPVQHCUKPINGCNCTOQTCNNCNCTOUKUCNNQYGFQPDQVJNGXGNU QRGTC
VQTQTEJKGH HTQOVJGp#EMpp#NNqDWVVQPUQPVJGVQQNDCTCVVJGDQVVQOQHVJG
UETGGP 9JGPRTGUUKPIp#EMpp#NNqQPN[VJGCNCTOUXKUKDNGQPVJGUETGGPCTG
CEMPQYNGFIGF
6QUGGCFGVCKNGFCNCTOGZRNCPCVKQPRTGUUVJGTGNGXCPVCNCTONKPG6JGCNCTONKPGKU
VJGPUWTTQWPFGFD[CVJKEMDNWGNKPGUJQYKPIVJCVKVJCUDGGPUGNGEVGF$[RTGUU
KPIVJGDWVVQPp+PHQqQPVJGVQQNDCTCYKPFQYYKNNCRRGCTLWUVCDQXGVJGVQQNDCT
6JKUYKPFQYEQPVCKPU
ϰ &GUETKRVKQP
ϰ %CWUG
ϰ 'HHGEV
ϰ #EVKQP
5QVJGGPIKPGGTKUCDNGVQUVCTVVTQWDNGUJQQVKPIQPVJKURCTVKEWNCTCNCTO 6JG
FGVCKNGFCNCTOGZRNCPCVKQPKUTGOQXGFD[RTGUUKPIVJGUCOGp+PHQqDWVVQP
#NCTONKPGHKGNFUEQNQWTUCPFU[ODQNU

'CEJCNCTONKPGKUFKXKFGFKPVQVJGHQNNQYKPIHKGNFU
#EM6JGCEMPQYNGFIGOGPVUVCVWUHKGNFQHWPCEMPQYNGFIGFCNCTOUEQPVCKPUCP
KEQPVQIINKPIDGVYGGPVYQUVCVGUCNGTVKPIVJGQRGTCVQTQHCWPCEMPQYNGFIGF
CNCTO
6JGUVCVWUQHVJGCNCTOECPCNUQDGKFGPVKHKGFD[VJGDCEMITQWPFEQNQWTCUYGNNCU
VJGITCRJKECNKFGPVKHKECVKQPKPVJG#EMPQYNGFIGOGPVHKGNFQPVJG5ETGGPCUUJQYP
DGNQY

7PCEMPQYNGFIGFCNCTOKPCNCTOUVCVG
7PCEMPQYNGFIGFCNCTOKPPQTOCNUVCVG
6TCPUKVKQPHTQOWPCEMPQYNGFIGFVQCEMPQYNGFIGQHCPCNCTOKP
CNCTOUVCVG
#EMPQYNGFIGFCNCTOKPCNCTOUVCVG
7PCEMPQYNGFIGFCNCTOKUEWVQWV
#NCTOYCURTGXKQWUN[WPCEMPQYNGFIGFKPPQTOCNUVCVG0QYVJG
UVCVGKUPQVCXCKNCDNG
#NCTOYCURTGXKQWUN[WPCEMPQYNGFIGFKPCNCTOUVCVG0QYVJG
GP

UVCVGKUPQVCXCKNCDNG
&GUETKRVKQP
6TCPUKVKQPHTQOWPCEMPQYNGFIGFVQCEMPQYNGFIGQHCPCNCTOKP
PQTOCNUVCVG
#NCTOKUCEMPQYNGFIGFKPPQTOCNUVCVGCPFKPVJGRTQEGUUQHDGKPI
TGOQXGFHTQOVJGCNCTONKUV

/#0$9
#VVJGWRRGTTKIJVEQTPGTQHVJGUETGGPHQWTUOCNNKEQPUCTGUJQYPYJKEJCTG HTQO
NGHVVQTKIJV

0WODGTQHWPCEMPQYNGFIGFCNCTOU
0WODGTQHCEVKXGCNCTOU
0WODGTQH/CPWCN%WVQWVCNCTOU
0WODGTQHKPXCNKFCVGFEJCPPGNU
(TQOVJGVQQNDCTCVVJGDQVVQOQHVJG#NCTO.KUVUETGGPCNCTOUECPDGEWVQWV
&GUETKRVKQP6JKUHKGNFEQPVCKPUVJGCNCTOVGZV GI*%7QKNNGCMCIG
5VCVWU6JKUHKGNFUJQYUVJGUVCVWUQHVJGCNCTOCUQPGQHVJGHQNNQYKPI

ϰ 0QTOCN
ϰ #NCTO
ϰ .QY
ϰ *KIJ
ϰ 0QV#XCKNCDNG
ϰ #WVQ%WVQWV
ϰ /CPWCNEWVQWV
+&6JKUHKGNFEQPVCKPUCWPKSWGCNCTOKFGPVKV[ GI'%7#A 6JKU+&OWUV

CNYC[UDGWUGFHQTTGHGTGPEGCPFTGRQTVKPI
6KOG6JKUHKGNFUJQYUVJGVKOGQHVJGHKTUVQEEWTTGPEGQHVJGCNCTOPQOCVVGTVJG
UVCVWUEJCPIGU6JGVKOGKUUJQYPKPJQWTUOKPWVGUUGEQPFUCPFUGE
GI
'XGPV.QI 5GGFTCYKPI

6JGGXGPVNQIECPDGWUGFHQTXKGYKPIVJGJKUVQT[QHGXGPVUCPFVQUWRRQTVVJG
QRGTCVQTKPVTQWDNGUJQQVKPI'XGPVUUVC[KPVJGNQIGXGPCHVGTVJG[JCXGDGGP
CEMPQYNGFIGFCPFCTGPQNQPIGTCEVKXG#NCTOUCTGNQIIGFYKVJVJTGGGXGPVUKPVJG
'XGPV.QI6JGGXGPVUCTG#NCTO0QTOCNCPF#EMPQYNGFIGF6JGTGECPDGWRVQ
GP

OKNNKQPGXGPVUNQIIGFKPVJGGXGPVNQI
&GUETKRVKQP
6JGGXGPVUCTGUVQTGFKPCFCVCDCUGQPVJG/12oUJCTFFKUEYKVJDQVJNQECNCPF
76%VKOGUVCORU+HOQTGVJCPOKNNKQPGXGPVUCTGNQIIGFVJGQNFGUVGXGPVUCTG
FKUECTFGF

/#0$9
'CEJGXGPV YKVJVJGOQUVTGEGPVGXGPVQPVQR KUUJQYPCUCUKPINGNKPGCPFGCEJ

GXGPVNKPGKUFKXKFGFKPVQVJGHQNNQYKPIHKGNFU
+&7PKV6CI6JKUHKGNFEQPVCKPUCWPKSWGGXGPVKFGPVKV[
&CVG6JKUHKGNFEQPVCKPUVJGFCVGQHVJGGXGPV
6KOG6JKUHKGNFUJQYUVJGVKOGQHVJGGXGPV6JGVKOGKUUJQYPKPJQWTUOKPWVGU
UGEQPFUCPFUGE
&GUETKRVKQP6JKUHKGNFEQPVCKPUVJGCNCTOVGZV GI*%7QKNNGCMCIG
5VCVWU6JKUHKGNFUJQYUGKVJGT0QTOCNQT#NCTO
/%Q5JQYUYJGVJGTVJGCNCTOKU/CPWCN%WV1WVQTPQV
#%Q#WVQOCVKE%WV1WV
#EM6JGCNCTOKUCEMPQYNGFIGF
GP

&GUETKRVKQP

/#0$9
5GCTEJCPFHKNVGT'XGPV.QITGEQTFU

9JGPWUKPIVJG'XGPV.QIVQJGNRCPCN[UKPICPGXGPVFKHHGTGPVUGCTEJCPFHKNVGT
HCEKNKVKGUCTGCXCKNCDNGVQPCTTQYVJGUGCTEJ'ZRNCKPKPIKPDTKGHVJGHCEKNKVKGUCTG QPG
DWVVQPHQTGCEJ
)QVQ&CVG6KOG
6JKUHGCVWTGECPDGJGNRHWNYJGPGZVTCEVKPIKPHQTOCVKQPVQGZVGTPCNRCTVKGUQTYJGP
KPXGUVKICVKPICPGXGPV
9JGPRTGUUKPIVJG)QVQ&CVG6KOGDWVVQPCPQPUETGGPMG[DQCTFCRRGCTUYKVJ
VYQDWVVQPHKGNFUHQT&CVGCPF6KOGTGURGEVKXGN[2TGUUVJGDWVVQPVQDGURGEKHKGF
CPFGPVGTVJGXCNWG6JG&CVGHKGNFKUQDNKICVQT[YJKNGVJG6KOGHKGNFKUQRVKQPCN
2TGUU#RRN[VQGZGEWVGVJGUGCTEJ6JGUGNGEVKQPYKNNDGVJGHKTUVGXGPVCHVGTVJG
URGEKHKGFFCVG CPFVKOG
6JGMG[DQCTFUETQNNDWVVQPUECPDGWUGFCHVGTYCTFUVQPCTTQYVJGUGCTEJ
6KOG5RCP(KNVGT
6JKUHGCVWTGECPDGWUGFKHQPN[CRCTVQHVJGNKUVKUKPVGTGUVKPIGIKHCEGTVCKPTCPIG
QHVJGGXGPVNQINKUVKUVQDGRTKPVGFQTGZRQTVGFGIHQTVTQWDNGUJQQVKPICUUKUVCPEG
CV/#0&KGUGN
'PVGTVJGHTQOVQFCVGCPFVKOGKPVJG6KOG5RCP(KNVGTVQQNDCTD[WUKPIVJG
QPUETGGPMG[DQCTF+HQPN[VJG(TQO&CVGKUGPVGTGFVJG6Q&CVGKUCWVQOCVKECNN[
UGVVQVJGEWTTGPVFCVG#NUQKHQPN[VJG6Q&CVGKUGPVGTGFVJG(TQO&CVGKUCWVQ
OCVKECNN[UGVVQ(TQO6KOG6Q6KOGKUQRVKQPCN2TGUU#RRN[VQGZG
EWVGVJGUGNGEVKQP
6JGVKOGGPVGTGF/756DG76%VKOG

7PKV6CI(KNVGT

9JGPCPCNCTOQEEWTUKVKUUVQTGFKPVJG'XGPV.QID[KVU+& WPKVVCIPWODGT +VKU

RQUUKDNGVQHKNVGTHQTCURGEKHKEECWUGQHGXGPVQTCITQWRQHGXGPVUD[RTGUUKPIVJG
7PKV6CI(KNVGTDWVVQPGIKHQPGYCPVUVQUGGJQYQHVGPCURGEKHKEGXGPVQEEWTU
QTKHGIQPN[GXGPVUTGNCVGFVQCURGEKHKEWPKVCTGKPVGTGUVKPI
6JTGGETKVGTKCDWVVQPU HKNVGTDWVVQPU CRRGCTKPVJGQPUETGGPMG[DQCTFVQFGHKPG

VJGHKNVGT
ϰ 7PKV6JGWPKVPCOGGI5%7
GP
ϰ +PFGZ6JGWPKVPWODGTGI5%7 QPN[CXCKNCDNGKHCWPKVJCUDGGPGPVGTGF

&GUETKRVKQP
ϰ 6CI6JGCNCTOVCIPCOGGI
6JGHKGNFUCTGCNNQRVKQPCN(KGNFUVJCVCTGPQVHKNNGFKPOGCPUnCP[VGZVo2TGUU#RRN[
VQGZGEWVGVJGUGCTEJCPFHKNVGTKPI

/#0$9
5CXKPI'XGPV.QITGEQTFU

'ZRQTV
6JKUDWVVQPKUWUGFYJGPUCXKPIVJG'XGPV.QITGEQTFFKURNC[GFVQC75$OGOQT[
UVKEMVJGJCTFFKUMFTKXG *&& QTYJGPRTKPVKPICJCTFEQR[QHVJGFCVCFKURNC[GF
2TKPVKPI
+HCRTKPVGTKUEQPPGEVGFVQVJG/12JWDRTKPVKPIVJGFKURNC[GFFCVCKURQUUKDNG
2TGUUVJG'ZRQTVDWVVQP
2TGUU2TKPVHTQOVJGRQRWRUETGGP
6QNKOKVVJGCOQWPVQHNKPGUVQDGRTKPVGFUGG6KOG5RCP(KNVGT
(QTVTQWDNGUJQQVKPIRWTRQUGU/#0&KGUGNOC[TGSWGUVCP'XGPV.QI
TGEQTF6JG'XGPV.QITGEQTFECPDGUVQTGFCUCEQORTGUUGFHKNG \KR
QPC75$OGOQT[UVKEMQTQPVJGJCTFFKUEFTKXG *&& D[VJGGPIKPG
ETGY6JG\KRHKNGKUVJGPUGPVD[GOCKNHTQOVJGUJKRoUQTFKPCT[2%VQ
/#0&KGUGN
5CXGVQ75$OGOQT[UVKEM
/#0&KGUGNTGEQOOGPFUVJKUQRVKQPVQFGNKXGTCP'XGPV.QITGEQTFHQTVTQWDNG
UJQQVKPIRWTRQUG
+PUGTVVJG75$OGOQT[UVKEMKPVQVJG/12
1PVJG'XGPV.QIUETGGPRTGUUVJG'ZRQTVDWVVQPCPFVJG'ZRQTV'XGPV.QI
VQQNDCTUJQYUWR&GUVKPCVKQPHKGNFYKNNTGCF75$
1PVJG'ZRQTV'XGPV.QIVQQNDCTRTGUUVJG5CXGDWVVQP
9JGPVJGUCXKPIKUHKPKUJGFVJG&GUVKPCVKQPHKGNFYKNNTGCF5CXGFCPFVJG75$
OGOQT[UVKEMECPDGTGOQXGF
6JGFCVCFKURNC[GFQPVJG'XGPV.QIUETGGPKUPQYUVQTGFQPVJG75$OGOQT[
UVKEM6JGQWVRWVYKNNDGCEQOOCUGRCTCVGFHKNGYKVJVJGPCOG'XGPV.QIFCVG
VKOG \KR
6QNKOKVVJGHKNGUK\GVQDGGZRQTVGFUGG6KOG5RCP(KNVGT
5CXGVQJCTFFKUM
+HC75$OGOQT[UVKEMKUPQVCXCKNCDNGVJG'XGPV.QIFCVCECPDGUCXGFVQVJG
JCTFFKUM
1PVJG'XGPV.QIUETGGPRTGUUVJG'ZRQTVDWVVQPCPFVJG'ZRQTV'XGPV.QI
VQQNDCTQRGPU&GUVKPCVKQPHKGNFYKNNTGCF*&&CUPQ75$OGOQT[UVKEMKU
GP

RNWIIGFKP
&GUETKRVKQP
1PVJG'ZRQTV'XGPV.QIVQQNDCTRTGUUVJG5CXGDWVVQP
9JGPVJGUCXKPIQRGTCVKQPKUHKPKUJGFVJG&GUVKPCVKQPHKGNFYKNNTGCF5CXGF6JG
FCVCFKURNC[GFQPVJG'XGPV.QIUETGGPKUPQYUVQTGFQPVJGJCTFFKUMFTKXG
6JGQWVRWVYKNNDGCEQOOCUGRCTCVGFHKNGYKVJVJGPCOG'XGPV.QIFCVG
VKOG \KR

/#0$9
6QNKOKVVJGHKNGUK\GVQDGGZRQTVGFUGG6KOG5RCP(KNVGT
&WOR
&WORCPF5CXGJCXGVJGUCOGHWPEVKQPCNKV[GZEGRVHQTVJGCEVWCNQWVRWV+G
YJGPVJG&WORDWVVQPKURTGUUGFVJGFKURNC[GF'XGPV.QIKUUCXGFVQVJGNQEC
VKQPUJQYPKPVJG&GUVKPCVKQPHKGNF6JGFCVCJQYGXGTYKNNDGUCXGFCUCP53.
UETKRVCPFEQORTGUUGFVQC\KRHKNG6JGHKNGPCOGYKNNDG'XGPV.QI&WOR&CVG
6KOG \KR
&CVG6KOG KUVJGEWTTGPV76%VKOGYJGPVJGHKNGUYGTGUCXGF
5GCTEJKPIHQTCP'XGPV(TQOC5RGEKHKE&CVGCPF6KOGQTD[6CI0WODGT

6JKUHGCVWTGECPDGJGNRHWNYJGPGZVTCEVKPIKPHQTOCVKQPVQGZVGTPCNRCTVKGUQTYJGP
KPXGUVKICVKPICPGXGPV
9JGPUETQNNKPIWRQTFQYPQPVJG'XGPV.QIUETGGPKUPQVUWHHKEKGPVKVKURQUUKDNG
VQUGCTEJHQTCURGEKHKEGXGPVD[VCIPWODGTD[RTGUUKPIVJGDWVVQPp7PKV6CI(KN
VGTq9JGPCPCNCTOQEEWTUKVKUIKXGPCVCIPWODGTVJCVKUUVQTGFVQIGVJGTYKVJ
VJGCNCTOGXGPV$[YTKVKPIVJKUPWODGTKPVJGFKCNQIDQZCPFRTGUUKPIp#RRN[qVJG
CNCTOGXGPVKUUJQYPQPVJGUETGGP
5KOKNCTN[VJGDWVVQPp6KOG5RCP(KNVGTqUQTVKPIECPDGUGNGEVGF
'PVGTVJGHTQOVQFCVGCPFVKOGKPVJGVQQNDCTD[WUKPIVJGRQRRGFWRMG[DQCTF
2TGUUp#RRN[qVQGZGEWVG0QVGVJCVVJGGPVGTGFVKOGJCUVQDGKP76%VKOG#UC
TGUWNVVJGGXGPVUKPUKFGVJGUGNGEVGFVKOGURCPVQVJGURGEKHKGFFCVGCPFVKOGYKNN
DGUGNGEVGFCPFUJQYPQPVJGUETGGP
(TQOVJGDWVVQPp)QVQ6KOG&CVGqGXGPVUYJKEJVQQMRNCEGCVQPCURGEKHKEVKOG
FCVGECPDGFKURNC[GF0QVGVJCVVJGGPVGTGFVKOGJCUVQDGKP76%VKOG
9JGPCHKNVGTKUPQNQPIGTPGGFGFTGOGODGTVQTGOQXGKV D[RTGUUKPIVJGDWVVQP
CICKP QVJGTYKUGKVOKIJVUGGONKMGVJGGXGPVNQIKUHTQ\GPCPFFQGUPQVTGEGKXG
PGYGXGPVU
'ZRQTVKPIVJG'XGPV.QI

(TQOVJGVQQNDCTp'ZRQTV'XGPV.QIqFKURNC[GFYJGPVJGp'ZRQTVqDWVVQPKU
RTGUUGFKVKURQUUKDNGVQRTKPVCEQR[QHVJG'XGPV.QIQTOCMGCDCEMWR&WOR
WUGFHQTKPHQTOCVKQPVQGZVGTPCNRCTVKGUQTVJGGPIKPGETGYVJGOUGNXGU
5JQWNFGZVGTPCNRCTVKGUCUMHQTCP'XGPV.QITGEQTF HQTVTQWDNGUJQQVKPIRWTRQ
UGU VJG'XGPV.QITGEQTFECPDGUCXGFQPC75$OGOQT[UVKEM QT*CTF&KUE
&TKXGKHPQ75$OGOQT[UVKEMKUCXCKNCDNG CUC\KRHKNG$GCYCTGQHVJGTKUMQHWUKPI
GP

75$UVKEMUIGPGTCNN[
&GUETKRVKQP
6JGHKNGPCOGYKNNDG'
'XGPV.QI&CVG6KOG \KRYJGPVJGHKNGKUUUCXGFQPC75$
OGOQT[UVKEM

/#0$9
+UVJG'XGPV.QIF
FWORGFVQC75$OGOQT[UVKEM QT*CTFFKUE&TKXG VJGHKNGPCOG
'XGPV.QI&WOR&CVG6KOG \KR
YKNNDG'
+PDQVJECUGUVJG&
&CVG6KOGKUVJG76%VKOGYJGPVJGHKNGYCUUCXGF
6JG75$OGOQT[UVKEM EQPVCKPKPIVJG\KRHKNG ECPVJGPDGJCPFECTTKGFVQVJG

UJKRUOCKN2%CPFVJG\KRHKNGOCKNGFVQGZVGTPCNRCTVKGUHQTGXCNWCVKQP
/CPWCN%WV1WV.KUV 5GGFTCYKPI

/CPWCNEWVQWVQHCNCTOUOC[DGWUGFHQTKPUVCPEGKHVJGGPIKPGGTJCUQDUGTXGF
CHCKNWTGQHCUGPUQTVJCVKUPQVFGVGEVGFCWVQOCVKECNN[ UGGDGNQY QTKHHQT
KPUVCPEGCVCEJQRKEMWRKUHCKNKPI VJGGPIKPGTWPPKPIQPVJGTGFWPFCPVVCEJQU[U
VGO CPFKUEQPVKPWQWUN[IKXKPICPCNCTOCPFECPPQVDGTGRNCEGFKOOGFKCVGN[
#NCTOUCTGUQOGVKOGUEWVVGFQWVCWVQOCVKECNN[#WVQOCVKEEWVQWVOC[DGWUGF
D[VJGU[UVGOVQUWRRTGUUCNCTOUYJKEJCTGWPKORQTVCPVKPURGEKHKEUVCVGUGI
YJGPCUGPUQTKUKPXCNKFCVGFD[VJGQRGTCVQT
6JGOCPWCNN[EWVQWVCNCTOUCTGUJQYPKPCUGRCTCVGNKUVYJKEJECPDGCEEGUUGF
HTQOVJGPCXKICVKQPDCT6JGOCPWCNEWVQWVUETGGPKUKPHWPEVKQPCNKV[GSWKXCNGPVVQ
VJGEJCPPGNNKUVUETGGP#PCNCTOECPDGEWVQWVOCPWCNN[HTQOVJGUETGGPU#NCTO
.KUV/CPWCNEWVQWV.KUVQT%JCPPGNNKUV
#NNCNCTOEJCPPGNUVJCVJCXGVJGUVCVWUp/CPWCNEWVQWVqCTGUJQYPKPVJGOCPWCN
EWVQWVUETGGP
4GOQXKPI p4GCEVKXCVKPIq CPGPVT[HTQOVJG/CPWCNEWVQWVNKUVKUFQPGD[JKIJ

NKIJVKPIVJGCNCTO U KPXQNXGFQPVJGUETGGPCPFVJGPRTGUUKPIVJGDWVVQPp4GCEVK
XCVGqKPVJGVQQNDCT
%JCPPGN.KUV 5GGFTCYKPI

6JGEJCPPGNNKUVUETGGPEQPVCKPUUVCVWUKPHQTOCVKQPQHCNNCNCTOEJCPPGNUYKVJKPVJG
'%5PQOCVVGTVJGUVCVWUQHVJGKPFKXKFWCNCNCTOEJCPPGN#UFGHCWNVVJGCNCTO
EJCPPGNUCTGNKUVGFKPVCIPCOGCNRJCDGVKEQTFGT(TQOVJGEJCPPGNNKUVUETGGPKVKU
RQUUKDNGVQEWVQWV CPFTGCEVKXCVG CNCTOEJCPPGNU
GP

&GUETKRVKQP

/#0$9
'4%5/12#NCTO.KUV
GP

&TCYKPI
(KIWTG'4%5/12CNCTONKUV

/#0$9
'4%5/12'XGPV.QI
GP

&TCYKPI
(KIWTG'4%5/12'XGPV.QI

/#0$9
'4%5/12/CPWCN%WV1WV.KUV
GP

&TCYKPI
(KIWTG'4%5/12/CPWCN%WV1WV.KUV

/#0$9
'4%5/12%JCPPGN.KUV
GP

&TCYKPI
(KIWTG'4%5/12%JCPPGN.KUV

/#0$9
'4%5/125[UVGO8KGYN16GUV
GP

&TCYKPI
(KIWTG5[UVGO8KGY+16GUV.25%4

/#0$9
GP

&TCYKPI
(KIWTG5[UVGO8KGY+16GUV*25%4OGFOCZKOWO4$8

/#0$9
GP

&TCYKPI
(KIWTG5[UVGO8KGY+16GUV*25%4YKVJOCZKOWO4$8U

/#0$9
GP

&TCYKPI
(KIWTG5[UVGO8KGY+16GUV5%4%7

/#0$9
GP

&TCYKPI
(KIWTG5[UVGO8KGY+16GUV5%4N

/#0$9
GP

&TCYKPI
(KIWTG5[UVGO8KGY+16GUV5%4+

/#0$9
GP

&TCYKPI
(KIWTG.25%4PGVYQTMUVCVWU

/#0$9
GP

&TCYKPI
(KIWTG*25%4PGVYQTMUVCVWU4$8

/#0$9
GP

&TCYKPI
(KIWTG*25%4PGVYQTMUVCVWU4$8U

/#0$9
5%4'NGEVTKECN&KCITCOU

0QVG4GICTFKPI7UGQHVJG(QNNQYKPI'NGEVTKECN&KCITCOU
9KVJTGHGTGPEGVQVJGKPFKXKFWCNGNGEVTKECNFKCICOUVJGHQNNQYKPIIWKFGNKPGUCTG
CRRNKGF
ϰ 4GHGTCNYC[UVQVJGFKCITCOUCUUWRRNKGFD[GPIKPGDWKNFGT
ϰ 'NGEVTKECNFKCITCOUCTGUWDLGEVVQEQPUVCPVTGXKUKQPCPFEJCPIGCPFECPXCT[
YKVJVJGCEVWCNKPFKXKFWCNKPUVCNNCVKQPU
(QTVJGUGTGCUQPUYGUWRRN[JGTGQPN[VJG1XGTXKGYFTCYKPIUCUVJGUGECPDG
WUGHWNCUQTKGPVCVKQPHQTYJGTGVQUGGMIWKFCPEGKPVJGKPUVCNNCVKQPUCEVWCNUWRRNKGF
FKCITCOU
6GTOKPQNQI[CPF#DDTGXKCVKQPU
':#4%5 'ZVGTPCN#OOQPKWO$KUWNRJCVG4GIGPGTCVKQP%QPVTQN5U[VGO
':85 'ZVGTPCN8CNXG5U[VGO
#/5 #NCTOCPF/QPKVQT5U[VGO
/125%4 /CKP1RGTCVKPI2CPGN5%4
'4%5725 '4%57PKPVGTTWRVGFRQYGTUQWTEG
5%401Z%CDKPGV 5%401Z%CDKPGV
5%4%7 5%4%QPVTQN7PKV
5%4%7%$ 5%4%7%CDKPGV
':&*5 'ZVGTPCN&UQKPI*CPFNKPI5U[VGO
#%7 #WZKNKCT[%QPVTQN7PKV
'%% 'PIKPG%QPVTQN%CDKPVG
#ODKGPV5GPUQT
6CDNG(QTVJG.2FTCYKPIU
GP

&GUETKRVKQP

/#0$9

5%44GCEVQT6JTQVVNG8CNXG
5%44GCEVQT$[RCUU8CNXG4$8
5%4%[NKPFGTD[RCUUXCNXG
#%7 #WZKNKCT[%QPVTQN7PKV
#/5 #NCTO/QPKVQT5[UVGO
%2#7: %QPVTQN2CPGN#WZ$NQYGT5[UVGO
'%% 'PIKPGEQPVTQNECDKPGV
':&*5 'ZVGTPCN&QUKPI*CPFNKPI5[UVGO
':*%5 'ZVGTPCN*GCVKPI%QPVTQN5[UVGO
':5$%5 'ZVGTPCN5QQV$NQYKPI%QPVTQN5[UVGO
':8%5 'ZVGTPCN8CNXG%QPVTQN5[UVGO
,$ ,$5%44GCEVQT5GCNKPI8CNXG
/125%4 /CKP1RGTCVKPI2CPGN5%4
5%401Z%$ 5%401Z%CDKPGV
5%4%7 5%4%QPVTQN7PKV
5%4%7%$ 5%4%7%CDKPGV
5%4+ 5%4+PVGTHCEG7PKV
5%4+%$ 5%4+%CDKPGV
5%4+ 5%4+PVGTHCEG7PKV
5%4+%$ 5%4+%CDKPGV
725 7PKPVGTTWRVGFRQYGTUWRRN[
:6% *WOKFKV[UGPUQT
6CDNG(QTVJG*2FTCYKPIU
GP

&GUETKRVKQP

/#0$9
GP

&GUETKRVKQP
(KIWTG1XGTXKGY5%4%7KPUVCNNCVKQP*2

/#0$9
GP

&GUETKRVKQP
(KIWTG1XGTXKGY5%4%75%4NKPUVCNNCVKQP*2

/#0$9
GP

&GUETKRVKQP
(KIWTG1XGTXKGY5%4NKPUVCNNCVKQP*2

/#0$9
(KIWTG1XGTXKGY5%4NKPUVCNNCVKQP*2
GP

&GUETKRVKQP

GP

/#0$9
(KIWTG0GVYQTMQXGTXKGY*2

&GUETKRVKQP 5%4'NGEVTKECN&KCITCOU

/#0$9
(KIWTG1XGTXKGY2QYGTEQPPGEVKQPU*2
GP

&GUETKRVKQP

/#0$9
GP

&GUETKRVKQP
(KIWTG1XGTXKGY5%4KPUVCNNCVKQP.2

/#0$9
GP

&GUETKRVKQP
(KIWTG1XGTXKGY5%4KPUVCNNCVKQP.2

Feen Marine - Manual EGCS & MAN SCR

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!!!------For Training Purpose Only------!!!

FEEN MARINE SCRUBBERS INC.

SOX EmissionsCompliancePlan (SECP)

Hull Number IMO Number Scrubber Serial no.

Ship Name - SHIPYARD TO FILL

Flag State – SHIPYARD TO FILL

FEEN MARINE SCRUBBERS INC.

1. The ship is an MR Tanker which will be operating on worldwide trade.

EXHAUST GAS CLEANING (EGC) SYSTEM CONFIGURATION

8. The ship is a diesel engine LR2 tanker, registered in Marshall Islands.

9.1 Inside SOX ECAs, 0.10 %

9.3 0.50 % on and after that date.

FEEN MARINE SCRUBBERS INC.

Principle # Compliance Method Scrubbed Other

COMPLIANCE PRINCIPLE #1 - SEPARATE COMPLIANT FUELS

COMPLIANCE PRINCIPLE #2 – ECA COMPLIANT FUEL ONLY

COMPLIANCE PRINCIPLE #3 – EGC SYSTEM

FEEN MARINE SCRUBBERS INC.

24. In case of a defect of the system leading to exceedance of emission limits

FEEN MARINE SCRUBBERS INC.

APPENDIX 1- Exhaust Gas Declaration

EGC UNIT- FMS 001A- CAPACITY REQUIREMENT

Combustion unit EGC Design Load Gas Flow, kg/h

EGC UNIT OPERATION

FEEN MARINE SCRUBBERS INC

OPERATION & MAINTENANCE MANUAL

Hull Number IMO Number Scrubber Type Serial No.

GENERAL WARNING SIGN

2.2. Exhaust Gas

2.3. Electrical Hazard

2.4. Mechanical Hazard

Follow local guidelines regarding thermal hazards on board the ship.

2.6. Working at Heights

3. HOW THE EGCS WORKS

3.1. Process Description

Analyzer Unit Monitors Measures

3.2. Bypass Arrangement

There is an alarm in the exhaust inlet module, or an alarm in another

Note: The uptake damper behaves differently: when an uncontrolled stop

4. OPERATING EGC SYSTEM

The sections in this chapter explain:

Insufficient damper sealing

4.1. Start and Stop the Scrubber

4.1.1. Start the Scrubber

Seawater Valve Line‐Up for Scrubber

Sea water outlets from supply pumps Confirm in auto

3. Instrument panel 1 supply (v/v 43‐1) Open position

11. Scrubber overboard (v/vs 707, 708) Open position

12. Inlet water analyzer (v/vs 41‐1, 41‐2) Open position

13. Outlet water analyzer (v/vs 42‐2, 42‐2) Open position

Sealing Air Fan Valve Line Up

2. Instrument panel 2 (v/v 43‐1) Open position

5. Air vent (v/v 28) Close position

Damper Valve Line Up

Instrument Air Solenoid Line Up

Initial Startup of Scrubber

5.1.2. Procedure to Stop the Scrubber

4.2. Acknowledge and Reset Alarm and Warnings

3. Remove the cause(s) of the alarms/warnings.