Environmental Issues and Refrigerants

PDHonline Course M120 (2 PDH)
HVAC Made Easy - Environmental
Issues and Refrigerants
Instructor: A. Bhatia, B.E.
2012
PDH Online | PDH Center
5272 Meadow Estates Drive
Fairfax, VA 22030-6658
Phone & Fax: 703-988-0088
www.PDHonline.org
www.PDHcenter.com
An Approved Continuing Education Provider
!"#$%&'()%*'+,%-%*./012.3).4'5%6++7)+%'.(%8)910:)1'.4+%
$271+)%$2.4).4%
;#8<%6%=%>?>@*%A#B*8%C*;A*<6>@%#@C%DA>E#A%F#8&6@D%
!"#$%&'()%*&+%,'%-.#$&($+&/'#0('&1(*2.$/&3(4%&0%5#2%&(&6.$/'%&2(7#*&%$4.*#$2%$-('&
.668%&#$&-3%&.$-%*$(-.#$('&65('%9&:3%&53#.5%&#;&*%;*./%*($-&.6&.$-%*1#4%$&1.-3&2(7#*&
%$4.*#$2%$-('&5#$5%*$6&#;&5'.2(-%&53($/%&($+&/'#0('&1(*2.$/9&<%;*./%*($-&6%'%5-.#$&
(6682%6&(&=%)&.2,#*-($5%&.$&2.-./(-.$/&-3%&%;;%5-6&#;&%$4.*#$2%$-('&.668%6&($+&6%'%5-.#$&
#;&>?@A&6)6-%29&:3.6&5#8*6%&0*.%;')&%B,'#*%6&-3%&%$4.*#$2%$-('&.668%6&($+&%2,3(6."%&
3#1&-3%6%&.2,(5-&-3%&(.*C5#$+.-.#$.$/&.$+86-*)D&>?@A&%$/.$%%*6&($+&-3%&%$+&86%*69&
>G2.)%&
!"#$%&.6&(&$(-8*('&($+&4.-('&/(6&.$&-3%&8,,%*&(-2#6,3%*%&(0#8-&EFCGH&=.'#2%-%*6&(0#4%&
-3%&%(*-39&:3.6&6-*(-#6,3%*.5&#"#$%&'()%*&63.%'+6&-3%&%(*-3&68*;(5%&;*#2&-3%&3(*2;8'&
%;;%5-6&#;&-3%&68$I6&*(+.(-.#$&0)&;.'-%*.$/&#8-&8'-*(&4.#'%-&J?CK&*()69&&@$)&+(2(/%&-#&-3%&
#"#$%&'()%*&63(''&*%68'-&.$&3./3%*&J?&*(+.(-.#$&*%(53.$/&%(*-3L6&68*;(5%&-3(-&63(''&
(+4%*6%')&(;;%5-&-3%&382($&3%('-3&($+&-3%&%$4.*#$2%$-9&
J'-*(4.#'%-&*()6&MJ?@&($+&J?KN&(*%&(66#5.(-%+&1.-3&68$08*$6D&6=.$&5($5%*D&1%(=%$.$/&#;&
-3%&.228$%&6)6-%2&($+&#-3%*&,3)6.5('&(.'2%$-6&6853&(6&5(-(*(5-69&O$5*%(6%+&%B,#68*%&
,#6%6&(&-3*%(-&-#&382($&3%('-3D&1.'+'.;%D&4%/%-(-.#$&($+&5*#,&,*#+85-.#$9&P#582%$-%+&
%4.+%$5%&63#16&-3(-&.$5*%(6%+&J?K&*(+.(-.#$&(;;%5-6&-3%&382($&.228$%&6)6-%2&($+&-3%&
%5#'#/)&#;&-3%&%(*-39&&
Q3(-&5(86%6&!"#$%&+%,'%-.#$R&&
:3%&65.%$-.;.5&5#$6%$686&68//%6-6&-3(-&#"#$%&+%,'%-.#$&.6&5(86%+&0)&#"#$%&+%,'%-.$/&
6806-($5%6&M!PSN9&&:3%6%&6806-($5%6&(*%&%66%$-.('')&2($&2(+%&53%2.5('6&-3(-&5#$-(.$&
53'#*.$%&#*&0*#2.$%&(-#2&1.-3&.$3%*%$-&53%2.5('&6-(0.'.-)&($+&3(4%&'#$/&'.;%-.2%&.$&-3%&
(-2#6,3%*%D&.$&-3%&*($/%&#;&GH&-#&EFH&)%(*69&:3%6%&53%2.5('6&($+&#-3%*&-*(5%&/(6%6&+*.;-&
8,&.$-#&-3%&6-*(-#6,3%*%&($+&0%5#2%&.$4#'4%+&.$&53'#*.$%C*%'%(6.$/&*%(5-.#$69&:3%&
53'#*.$%&(-#26&-3%$&*%(5-&1.-3&-3%&#"#$%&2#'%58'%6&.$&-3%&,*%6%$5%&#;&68$'./3-&($+&
+%6-*#)&-3%&#"#$%&2#'%58'%69&T86-&#$%&53'#*#;'8#*#5(*0#$&2#'%58'%&5($&+%6-*#)&-%$6&#;&
-3#86($+6&#;&#"#$%&2#'%58'%69&&
A#22#$&!PS&($+&-3%.*&(,,'.5(-.#$6&
@&;%1&5#22#$&#"#$%C+%,'%-.$/&53%2.5('6&(*%&'.6-%+&0%'#1&1.-3&-3%.*&(,,'.5(-.#$6U&C&&
•
A3'#*#;'8#*#5(*0#$6!!
S806-($5%6&'.=%&53'#*#;'8#*#5(*0#$6&(*%&%B-*%2%')&6-(0'%D&6)$-3%-.5&53%2.5('&
5#2,#8$+6&-3(-&5#$-(.$&53'#*.$%D&;'8#*.$%&($+&5(*0#$9&:3%)&1%*%&+%4%'#,%+&.$&
-3%&EVWH6&(6&(&6806-.-8-%&;#*&(22#$.(&*%;*./%*($-69&&
AXA6&(*%&86%+&.$&4(*.#86&(,,'.5(-.#$6&0%5(86%&-3%)&(*%&$#$-#B.5D&$#$;'(22(0'%&
($+&*%'(-.4%')&.$%B,%$6.4%&-#&,*#+85%9&:3%)&(*%&,*.2(*.')&86%+&(6&(&*%;*./%*($-&;#*&
+#2%6-.5&*%;*./%*(-#*6&($+&;#*&,*#+85.$/&;#(2&5863.#$.$/D&.$68'(-.#$D&6#'4%$-6&
($+&6-%*.'."%*69&>#1%4%*D&13%$&AXA6&(*%&*%'%(6%+&.$-#&-3%&(.*D&-3%6%&/(6%6&-*(4%'&
6'#1')&8,1(*+&($+&0*%(=&+#1$&-3%&#"#$%&'()%*9&AXA6&('6#&;.$+&(,,'.5(-.#$6&.$&
(%*#6#'6D&3(.*&2#866%6D&3#86%3#'+&5'%($.$/&,*#+85-6&($+&,(5=(/.$/9&
•
>)+*#&A3'#*#;'8#*#5(*0#$6!!
>)+*#&53'#*#;'8#*#5(*0#$6&M>AXA6N&(*%&53%2.5('&5#2,#8$+6&*%'(-%+&-#&AXA69&
:3.6&2(=%6&>AXA6&'%66&6-(0'%&($+&(0#8-&VF&,%*5%$-&'%66&+(2(/.$/&-#&-3%&#"#$%&
'()%*9&:3%)&(*%&2(.$')&86%+&(6&*%;*./%*($-&.$&+#2%6-.5&(.*&5#$+.-.#$.$/&6)6-%26&
($+&.$&2($8;(5-8*.$/&,'(6-.5D&.$68'(-.#$&($+&,(5=(/.$/9&&
K%5(86%&>AXA6&+#&5#$-*.08-%&-#&#"#$%&+%,'%-.#$D&-3%)&(*%&0%.$/&,3(6%+&#8-&#;&
,*#+85-.#$&($+&86%&0%-1%%$&-3%&)%(*6&YHEHCYHYH9&:3%*%;#*%D&>AXA6&63#8'+&#$')&
0%&86%+&(6&(&63#*-C-%*2&('-%*$(-.4%&*%,'(5.$/&AXA69&&
•
>('#$6!!
:3%6%&(*%&86%+&(6&;.*%&%B-.$/8.63.$/&(/%$-69&
•
EDEDEC-*.53'#*#%-3($%&M2%-3)'&53'#*#;#*2N!
EDEDEC-*.53'#*#%-3($%&;.$+6&(,,'.5(-.#$6&(6&(U&&
•
!" S#'4%$-&;#*&5'%($.$/&%'%5-*#$.5&5.*58.-&0#(*+6&($+&2%-('&1#*=&6853&(6&
1(-53%6&($+&5'#5=1#*=6&&
!" :3.$$%*&6853&(6&-3(-&;#*&5#**%5-.#$&;'8.+&&
!" A'%($.$/&(/%$-&.$&-3%&-%B-.'%&.$+86-*)&M+*)&5'%($.$/N9&&
A(*0#$&-%-*(53'#*.+%!!
A(*0#$&-%-*(53'#*.+%&.6&86%+&(6&(&5'%($.$/&(/%$-&.$&-%B-.'%&($+&%'%5-*#$.56&
.$+86-*.%6"!
•
Z%-3)'&0*#2.+%!
Z%-3)'&0*#2.+%&(6&(&6#.'&;82./($-&.$&;(*2.$/&6%5-#*&
@'-%*$(-.4%6&($+&S806-.-8-%6!
•
•
•
•
•
•
•
:3%*%&3(6&0%%$&5#$6.+%*(0'%&,*#/*%66&.$&;.$+.$/&$#$C#"#$%C+%,'%-.$/&6806-.-8-%6&
;#*&!PS&.$&-3%&'(6-&;%1&)%(*69&S806-.-8-%6&;#*&(.*C5#$+.-.#$.$/&($+&*%;*./%*(-.#$&
(,,'.5(-.#$6&(*%&$#1&(4(.'(0'%D&6853&(6&-3(-&AXACEY&5($&0%&*%,'(5%+&0)&>XAC
EWG(9&@.*C5#$+.-.#$.$/&($+&*%;*./%*(-.#$&,'($-6&3(4%&0%%$&2#+.;.%+&($+&*%C
+%6./$%+&;#*&$#$CAXA&*%;*./%*($-6&
>('#$6&3(4%&0%%$&*%,'(5%+&1.-3&O$%*/%$&($+&XZYHH&53%2.5('&(6&(&;.*%C
%B-.$/8.63.$/&(/%$-&/%$%*('')&86%+&.$&%'%5-*#$.5&,*#5%66.$/&;(5.'.-.%6&#*&5'%($&
*##2&(,,'.5(-.#$69&&&
['(6-.5&;.'2&0800'%&1*(,6&(*%&$#1&1.+%')&86%+&;#*&,(5=(/.$/&2(-%*.('&
[%-*#'%82&6#'4%$-6&5#8'+&0%&6%'%5-%+&.$&,'(5%&#;&AXACEEW&#*&EDEDEC
-*.53'#*#%-3($%&.$&5'%($.$/&(,,'.5(-.#$69&&
@\8%#86&5'%($.$/D&#*&%4%$&$#C5'%($&-%53$#'#/)D&.6&('-%*$(-.4%&,*#5%66%6&-3(-&5($&
0%&86%+&0)&-3%&%'%5-*#$.56&.$+86-*)9&&
Z($)&3#86%3#'+&($+&,%*6#$('&(%*#6#'&,*#+85-6&6853&(6&,(.$-&6,*()6&($+&
.$6%5-.5.+%6&$#1&86%&3)+*#5(*0#$6&M%9/9&,*#,($%&($+&08-($%N&(6&,*#,%''($-6&
.$6-%(+&#;&AXA69&&
P.C2%-3)'&%-3%*&2()&('6#&0%&86%+&(6&,*#,%''($-6&*%,'(5.$/&AXA69&&
!
$503'4)%$H'.:)%'.(%D52I'5%F'130.:%
:3%&-%*26D&/'#0('&1(*2.$/&($+&5'.2(-%&53($/%&(*%&#;-%$&86%+&.$-%*53($/%(0')9&](6%6&
6853&(6&5(*0#$&+.#B.+%D&2%-3($%D&$.-*#86&#B.+%D&($+&*%;*./%*($-6&5*%(-%&(&/*%%$3#86%&
%;;%5-&0)&-*(,,.$/&3%(-&.$&-3%&'#1%*&(-2#6,3%*%9&:3.6&2(=%6&-3%&^(*-3&1(*2%*&0%5(86%&
-3%&68$L6&*()6&(*%&(''#1%+&.$-#&-3%&'#1%*&(-2#6,3%*%&08-&-3%&3%(-&;*#2&-3%6%&*()6&.6$L-&
(0'%&-#&%65(,%9&
A'.2(-%&53($/%&_&/'#0('&1(*2.$/&.6&(&6%5#$+&2(7#*&%$4.*#$2%$-('&53(''%$/%&-#&;(5%&-3%&
>?@A&.$+86-*)9&
Q3(-&5(86%6&-3.6&,3%$#2%$#$R&
:3%&%(*-3&.6&1(*2%+&0)&-3%&6#'(*&*(+.(-.#$&;*#2&-3%&68$9&:3%&%(*-3&($+&-3%&/(66%6&.$&-3%&
(-2#6,3%*%&(06#*0&(0#8-&Y`W&#;&-3%&.$5#2.$/&*(+.(-.#$9&:3%&*%2(.$.$/&E`W&.6&*%;'%5-%+&
0(5=&0)&5'#8+&5#4%*D&(.*0#*$%&,(*-.5'%6&($+&-3%&^(*-3L6&68*;(5%&2#6-')&(6&.$;*(*%+&
*(+.(-.#$9&A%*-(.$&/(6%6&.$&-3%&(-2#6,3%*%&5($&-*(,&-3(-&%$%*/)&($+&6-#,&.-&;*#2&
%65(,.$/9&:3.6&*(.6%6&-3%&%(*-3L6&2%($&-%2,%*(-8*%9&:3%&,*#5%66&.6&#;-%$&*%;%**%+&-#&(6&
-3%&/*%%$3#86%&%;;%5-&($+&-3%&/(6%6&-3(-&5($&-*(,&-3%&%$%*/)&(*%&*%;%**%+&-#&(6&
/*%%$3#86%&/(66%69&&
Q3.'%&6#2%&-*(,,.$/&#;&3%(-&.6&+%6.*%+D&-##&2853&5($&5(86%&-3%&%(*-3&-#&0%5#2%&-##&
1(*29&S5%$(*.#6&6853&(6&,#'(*&.5%&5(,6&2%'-.$/&1.-3&1.+%&6,*%(+&;'##+.$/&(*%&($&
%B-%$6.#$&#;&-3.6&,*#0'%29&A'.2(-%&53($/%&3(,,%$6&$(-8*('')&#4%*&2($)&-3#86($+&#;&
)%(*69&Z#+%*$&65.%$5%&3(6&0%%$&5#''%5-.$/&+(-(&#$')&;#*&(&4%*)&63#*-&-.2%&,%*.#+&2(=.$/&.-&
4%*)&+.;;.58'-&-#&(65%*-(.$&($)&-*%$+69&
Q3.'%&/*%%$3#86%&,*#5%66&.$&($&(55%,-%+&65.%$-.;.5&2#+%'D&-3%*%&(*%&2($)&2%53($.626&
5#$$%5-%+&1.-3&-3%&,*#5%66&(*%&-3(-&(*%&$#-&(6&5'%(*&($+&(*%&6%*.#86')&+%0(-%+9&X#*&
.$6-($5%D&(&*.6.$/&#;&-3%&%(*-36&2%($&-%2,%*(-8*%&63#8'+&,*#+85%&2#*%&%4(,#*(-.#$&#;&
#5%($&1(-%*&($+&3%$5%&2#*%&5'#8+&5#4%*9&:3%&5'#8+&5#4%*&5#8'+&*%+85%&-3%&.$5#2.$/&
6#'(*&*(+.(-.#$&#;;6%-&-3%&/*%%$3#86%&%;;%5-9&:3%*%&.6&%$#8/3&5#$5%*$&-3(-&-3%&@S>@<^&
,#6.-.#$&,(,%*&#$&5'.2(-%&53($/%&68//%6-6&/'#0('&(4%*(/%&68*;(5%&-%2,%*(-8*%6&5#8'+&
*.6%&0)&E9a&-#&b9W&+%/&X&0)&YEHH&1.-3&(&5#**%6,#$+.$/&*.6%&.$&6%(&'%4%'6&#;&b&-#&Wc&.$53%6&
0)&-3%&%$+&#;&$%B-&5%$-8*)9&
A#22#$&]*%%$3#86%&](66%6&
:3%&2(7#*&6#8*5%&.6&A(*0#$&+.#B.+%&MA!YN9&:3%&#-3%*&6806-($5%6&-3(-&(*%&/*%%$3#86%&
/(66%6&(*%&2%-3($%D&$.-*#86&#B.+%D&AXA6D&>AXAD&>XA6D&[XA6&($+&68',38*&3%B(;'#8*.+%&
MSXbN9&&
>#1&<%;*./%*($-6&(;;%5-&5'.2(-%&53($/%R&
<%;*./%*($-6&(;;%5-&5'.2(-%&53($/%&.$&Y&1()69&&
•
•
:3%&;.*6-&1()&.6&13%$&*%'%(6%+&+.*%5-')&.$-#&-3%&(-2#6,3%*%9&Z#6-&#;&-3%&
*%;*./%*($-6&.$&86%&-#+()&3(4%&6#2%&'%4%'&#;&/'#0('&1(*2.$/&,#-%$-.('9&S#2%&(*%&
4%*)&3./39&>#1%4%*&-3%&(5-8('&*%'%(6%&#;&*%;*./%*($-&*%'%(6%+&.6&4%*)&62(''&
%6,%5.('')&13%$&5#2,(*%+&1.-3&A!Y&&
$+
:3%&Y &1()&-3%&*%;*./%*($-6&(;;%5-&5'.2(-%&53($/%&.6&.$+.*%5-&($+&+%('6&1.-3&
6)6-%2&%;;.5.%$5)9&<%;*./%*(-.#$&($+&(.*C5#$+.-.#$.$/&.6&-3%&2(7#*&%$%*/)&.$-%$6.4%&
#,%*(-.#$9&Z853&#;&-3%&%'%5-*.5&,#1%*&86%+&-#&#,%*(-%&*%;*./%*(-.#$&6)6-%2&5#2%6&
;*#2&08*$.$/&#;&;#66.'&;8%'6&-3(-&%2.-&A!Y9&:3%&2#*%&%;;.5.%$-&-3%&*%;*./%*(-.#$&
6)6-%2D&-3%&'%66&A!Y&*%'%(6%+9&O-&.6&%6-.2(-%+&-3(-&.$&d#*-3&@2%*.5(D&E`W&#;&-3%&
%$%*/)&5#$682%+&.6&86%+&.$&08.'+.$/69&^$%*/)&%;;.5.%$-&08.'+.$/6&1.''&3(4%&(&+.*%5-&
($+&2(7#*&(;;%5-&#$&A!Y&%2.66.#$69&A#$6%*4(-.#$&#;&%$%*/)D&'%66&+%,%$+%$5%&#$&
;#66.'&%$%*/)&($+&63.;-.$/&*%$%1(0'%&%$%*/)&13%*%&,#66.0'%&.6&=%)&-#&-3%&
*%+85-.#$&.$&/*%%$3#86%&/(66%69!
!
6.4)1.'402.'5%*99214+!!
Z#$-*%('&[*#-#5#'&
O$&($&(--%2,-&-#&3('-&-3%&+%6-*85-.#$&#;&#"#$%&'()%*&2($)&5#8$-*.%6&,'%+/%+&-#&,3(6%&#8-&
-3%&,*#+85-.#$&($+&%4%$-8('')&-3%&86%&#;&2($)&53%2.5('6&(66#5.(-%+&1.-3&-3.6&,*#0'%29&&
O$&S%,-%20%*&EVacD&($&.$-%*$(-.#$('&-*%(-)&(.2%+&(-&6(4.$/&-3%&^(*-3L6&#"#$%&'()%*D&
=$#1$&(6&-3%&Z#$-*%('&[*#-#5#'&#$&S806-($5%6&-3(-&P%,'%-%&-3%&!"#$%&e()%*D&1(6&
6./$%+&.$&Z#$-*%('D&A($(+(9&&:3%&[*#-#5#'&*%\8.*%6&-#&*%+85%&($+&%'.2.$(-%&-3%&!PS&.$&
(55#*+($5%&1.-3&(/*%%+&653%+8'%69&&
:3%&Z#$-*%('&[*#-#5#'&3(6&0%%$&(2%$+%+&;.4%&-.2%6&6#&;(*9&O-6&5#$-*#'&,*#4.6.#$6&1%*%&
6-*%$/-3%$%+&-3*#8/3&;.4%&(+786-2%$-6&-3(-&(*%&6822(*."%+&0%'#1U&
•
•
•
Z#$-*%('&[*#-#5#'U&<%\8.*%6&FHf&*%+85-.#$&.$&AXA&,*#+85-.#$&0)&YHHH9&!-3%*&
5#2,#8$+6&1%*%&('6#&5#$-*#''%+9&
e#$+#$&@2%$+2%$-U&<%\8.*%6&EHHf&,3(6%&#8-&#;&AXA&,*#+85-.#$&0)&YHHH&
A#,%$3(/%$&@2%$+2%$-U&@+4($5%6&AXA&,3(6%&#8-&-#&EVVb9&S%-&>AXA&
5#$682,-.#$&5(,&.$&EVVb&1.-3&*(-53%-%+&,3(6%&#8-&,'($&(6&;#''#16U&
!" bFf&#;&5(,&.$&YHHG&
!" WFf&#;&5(,&.$&YHEH&
!" EHf&#;&5(,&.$&YHEF&
!" @$+&H9Ff&#;&5(,&.$&YHYH&
:3%&5(,&1(6&6%-&0(6%+&#$&($&!P[C1%./3%+&(4%*(/%&1.-3&EVaV&(6&(&0(6%&)%(*9&
•
•
•
?.%$$(&@2%$+2%$-U&:3%&AXA&,#*-.#$&#;&-3%&>AXA&5(,&1(6&*%+85%+&;*#2&W9Ef&
-#&Y9af&
Z#$-*%('&[*#-#5#'&@2%$+2%$-6U&>AXA&5#$682,-.#$&;*#2&YHYH&-#&YHWH&#$')&0%&
86%+&;#*&6%*4.5%&#$&%B.6-.$/&%\8.,2%$-9&
K%.7.$/&@2%$+2%$-6U&>AXA&,*#+85-.#$&5(,6&.$-*#+85%&-#&+%('&1.-3&%B,#*-&.668%6&
-#&+%4%'#,.$/&5#8$-*.%69&
[*#+85-.#$&#;&AXA6&3(6&0%%$&6-#,,%+&5#2,'%-%')&.$&WE&P%5&EVVF&.$&-3%&JS@9&:3%&#$')&
6#8*5%&#;&AXA6&M.$&,(*-.58'(*&<CEE&($+&<CEYN&.6&*%5'(2(-.#$&;*#2&%B.6-.$/&%\8.,2%$-9&
g)#-#&[*#-#5#'&
g)#-#&[*#-#5#'&1(6&6./$%+&.$&EVVc&5#$4%$-.#$&#$&/'#0('&1(*2.$/&($+&5'.2(-%&53($/%9&
:3%&(+#,-.#$&#;&-3%&g)#-#&,*#-#5#'&6-*%$/-3%$6&-3%&;*(2%1#*=&1.-3&$%1&,#'.5.%6&($+&
2%(68*%6&.$5'8+.$/&\8($-.;.%+&'.2.-(-.#$&($+&*%+85-.#$&#07%5-.4%6&-#&/*%%$3#86%&/(6&
%2.66.#$6&$#-&5#4%*%+&0)&-3%&Z#$-*%('&[*#-#5#'9&
&
;#8<%66%-%8*J86D*8#@<K%
:3%&*%;*./%*($-6&(*%&$#1&6)$#$)2&1.-3&2(7#*&%$4.*#$2%$-('&5#$5%*$69&:3%&6%'%5-.#$&#;&
*./3-&*%;*./%*($-&.6&(&=%)&;(5-#*&.$&-3%&+%5.6.#$&2(=.$/&,*#5%66&+8*.$/&%4('8(-.$/&($)&$%1&
*%;*./%*(-.#$&,*#,#6('9&A8**%$-&($+&($-.5.,(-%+&;8-8*%&*%6-*.5-.#$6&'.2.-&#*&,*#3.0.-&-3%&86%&
#;&5%*-(.$&*%;*./%*($-69&@6&(&2.$.282D&13%$&5#2,(*.$/&6)6-%26&($+&13%$&(''&#-3%*&
-%53$.5('&.668%6&(*%&%\8('D&*%;*./%*($-&6%'%5-.#$&1.''&-.,&-3%&65('%6&#$%&1()&#*&-3%&#-3%*9&
<%,'(5%2%$-6&($+&5#22%*5.('&(4(.'(0.'.-)&3(4%&-#&0%&0#*$&.$&2.$+&+8*.$/&'.;%&5)5'%&
#,%*(-.#$&#;&-3%&>?@A&,'($-9&X#*&+%6./$6&13%*%&-3%&*%;8*0.632%$-&#*&+%2#'.-.#$&#;&
2%53($.5('&*%;*./%*(-.#$&%\8.,2%$-&.$&.$4#'4%+D&-3%&+%6./$%*&1.''&,*#4.+%&+%-(.'%+&6-%,&0)&
6-%,&/8.+($5%&($+&+.(/*(26&#;&-3.6&1#*=&-3(-&5#2,'.%6&1.-3&-3%&*%5#22%$+(-.#$6&#;&
@S>@<^&]8.+%'.$%&W9&&
Z#6-&A#22#$&A#22%*5.('&<%;*./%*($-6&
:3%&-(0'%&0%'#1&3./3'./3-6&5%*-(.$&;(5-6&(0#8-&2#6-&5#22#$')&(4(.'(0'%&*%;*./%*($-6&($+&
-3%&*%;*./%*($-6&#;&-3%&;8-8*%9&&
!
!
<^X<O]^<@d:&
<CYY&MZ#$#53'#*#&+.;'8#*#&2%-3($%N&
X@A:S&
A'(66.;.%+&(6&($&@E&5(-%/#*)&M'#1%*&-#B.5.-)C&$#&
;'(2%&,*#,(/(-.#$N&*%;*./%*($-&0)&@S><@^9&
<YY&.6&#$%&#;&-3%&2#6-&%;;.5.%$-&($+&,#,8'(*&
*%;*./%*($-6&.$&-3%&1#*'+&-3(-&.6&(&$#$CAXA&08-&(&
>AXA9&&
AXAL6&3(4%&('*%(+)&0%%$&,3(6%+&#8-h&-3%&
>AXAL6&+#$L-&3(4%&($&.22%+.(-%&,3(6.$/&#8-&
,'($&08-&63(''&0%&6-#,,%+&;#*&86%&.$&$%1&
2(53.$%6&0)&YHEH&($+&(*%&,%*2.--%+&;#*&86%&
8$-.'&)%(*&YHYH9&&
<CEWG(&M:%-*(;'8#*#&%-3($%N&
&
A'(66.;.%+&(6&($&@E&5(-%/#*)&M'#1%*&-#B.5.-)C&$#&
;'(2%&,*#,(/(-.#$N&*%;*./%*($-&0)&@S><@^9&
O-&.6&($&>XAD&13.53&+#%6$L-&3(4%&.2,(5-&#$&-3%&
#"#$%&+%,'%-.#$&'.=%&AXA6&($+&>AXAL69&
<CEWG(&63(''&0%&-3%&2(.$&'(*/%&5(,(5.-)&
*%;*./%*($-&.$&-3%&>?@A&.$+86-*)&;#*&-3%&
;#*%6%%(0'%&;8-8*%&($+&3(6&$#&,3(6%&#8-&,'($9&
@''&-3%&6%5#$+&/%$%*(-.#$&5%$-*.;8/('D&65*%1&($+&
65*#''&53.''%*6&3(4%&0%%$&+%6./$%+&(*#8$+&<C
EWG(9&&
<CEYW&MP.53'#*#&-*.;'8#*#&%-3($%N&
&
@S><@^&6-($+(*+&WG&5'(66.;.%6&<CEYW&(6&(&KE&
5(-%/#*)&*%;*./%*($-&M3./3%*&-#B.5.-)C$#&;'(2%&
,*#,(/(-.#$N9&&
O-&.6&-3%&>AXA&*%,'(5%2%$-&;#*&AXACEE&($+&(6&
6853&.6&0%.$/&,3(6%+&#8-9&O$&JS@D&<CEYW&.6&
('*%(+)&5(,,%+&($+&1.''&0%&*%+85%+&-#&H9Ff&
,*#+85-.#$&.$&YHYH&;#*&6%*4.5%&#$')&8$-.'&YHWH9&&
<CEYW&.6&86%+&('2#6-&%B5'86.4%')&.$&$%/(-.4%&
,*%668*%&5%$-*.;8/('&53.''%*6&-3(-&#,%*(-%&8$+%*&
4(58829&:3%6%&+#$L-&#;;%*&($)&*%,'(5%2%$-&(-&
,*%6%$-9&
>XACYGF(&.6&,#-%$-.('&$#$C#"#$%&+%,'%-.$/&
<^X<O]^<@d:&
<CcEc&M@22#$.(N&
X@A:S&
(,,'.5(0'%&*%;*./%*($-&6806-.-8-%&;#*&>AXACEYW9&
O-&1(6&,*.2(*.')&+%4%'#,%+&(6&(&;#(2C0'#1.$/&
(/%$-9&
&
<CcEc&3(6&($&%B5%''%$-&,%*;#*2($5%&;#*&'#1&
-%2,%*(-8*%&53.''%*&(,,'.5(-.#$69&
:3%&3%('-3&($+&;'(22(0.'.-)&.668%6&68**#8$+.$/&
(22#$.(&3(4%&0%%$&'.2.-.$/&;(5-#*&.$&.-6&86%9&
]%$%*('')&86%+&#;&5#'+&6-#*(/%&(,,'.5(-.#$69&
[*#4.+%+&-3(-&-3%&6(;%-)&.668%6&(*%&(++*%66%+D&
<CcEc&5($&0%&86%+&.$&#,%$&+*.4%&65*%1&53.''%*69&
O-&.6&$#-&68.-%+&;#*&3%*2%-.5&2#-#*&(,,'.5(-.#$6&
0%5(86%&#;&2(-%*.('&5#2,(-.0.'.-)&5#$6.+%*(-.#$9&
<CcEc&.6&$#-&68.-%+&;#*&5%$-*.;8/('&53.''%*6&
0%5(86%&#;&.-6&'#1&2#'%58'(*&1%./3-9&
<CGEH@&
&
<CGEH@&.6&(&$%(*&("%#-*#,.5&>XA&0'%$+&MFH`FH&
1-9&f&>XACWY&($+&>XACEYFN&-3(-&.6&.$-%$+%+&
;#*&>AXACYY&*%,'(5%2%$-9&&
K%5(86%&.-&.6&$%(*&("%#-*#,.5&.-&.6&68.-(0'%&;#*&
86%&.$&;'##+%+&%4(,#*(-#*&5#$;./8*(-.#$&-3(-&.6&
-),.5('')&#;&'(*/%&53.''%*69&
<CGHcA&
<CcGG&MA(*0#$&+.#B.+%N&
&
&
<CGHcA&.6&($#-3%*&>XA&0'%$+&-3(-&.6&.$-%$+%+&
;#*&>AXACYY&*%,'(5%2%$-D&08-&.-&.6&"%#-*#,.5&
($+&.6&$#-&68.-%+&;#*&86%&.$&(&;'##+%+&
%4(,#*(-#*9&
<CGHcA&3(6&0%%$&86%+&.$&*%5.,*#5(-.$/&53.''%*6&
1.-3&+.*%5-&%B,($6.#$&%4(,#*(-#*69&
<CcGG&.6&(&$#$C-#B.5D&$#$C;'(22(0'%&*%;*./%*($-9&
d#-&4%*)&6855%66;8'&.$&5#22%*5.('&*%;*./%*(-.#$&
+8%&-#&.-6&'#1&5*.-.5('&,#.$-&($+&4%*)&3./3&
#,%*(-.$/&,*%668*%6&#;&(*#8$+&VHH&,6./9&
@,,'.5(-.#$&.$5'8+%&(&+*)&.5%&,*#+85-&;#*&
*%;*./%*(-.#$D&(6&($&($-.6%,-.5&.$&0(5-%*.#'#/)D&
;*#"%$&;##+&.$+86-*)&%-59&
<CYVH&($+&<CbHH(&M[*#,($%&($+&
O6#08-($%N&
&
[*#,($%&($+&O6#08-($%&3(4%&'#1&-#B.5.-)D&/##+&
,%*;#*2($5%&08-&(*%&3./3')&.$;'(22(0'%9&&
d#-&*%5#22%$+%+&;#*&5#22%*5.('&>?@A&
(,,'.5(-.#$69&
&
!-3%*&;(5-6&
#$!%&'()!*+!,-*./!+,0)1!23456,!10*7/1!,1!)(/!+&71)!0(*&0/!&$!87/1/$)!10/$,7&*"!2399!
0*:%;!-/!:)&%&</;!+*7!1=,%%/7!8%,$)1"!>?8&0,%%?!,!7/+7&'/7,)&*$!8%,$)!&1!;/1&'$/;!+*7!
%&+/!0?0%/!*+!4@34A!?/,71!,$;!2399!1(,%%!-/!,.,&%,-%/!+*7!:1/!:$)&%!?/,7!9@9@"!!
>(/!,-1*78)&*$!0(&%%/7!=,0(&$/1!)/0($*%*'?!:1&$'!B,)/7!,1!)(/&7!7/+7&'/7,$)!0*:%;!
-/!/++/0)&./%?!:)&%&</;!,1!,$!,%)/7$,)/!)/0($*%*'?"!>(&1!*8)&*$!=:1)!-/!/.,%:,)/;!
8,7)&0:%,7%?!B(/7/!)(/7/!&1!,!10*8/!*+!B,1)/!(/,)!:)&%&<,)&*$"!
C/B!0(&%%/7!;/1&'$1!=:1)!&$0%:;/!+/,):7/1!)*!7/;:0/!7/+7&'/7,$)!%*11/1"!D/+*7/!
EFE!B/7/!,$!&11:/G!,!%*11!7,)/!*+!4AH!8/7!?/,7!B,1!0*$1&;/7/;!,00/8),-%/"!!D:)!
$*B!)(/!EFE!,$;!IEFE!7/+7&'/7,$)1!,7/!-*)(!,$!/$.&7*$=/$),%!,$;!,$!/0*$*=&0!
0*$0/7$"!>(/!$/B!;/./%*8=/$)1!=&$&=&</!1(,+)!1/,%1J!&$1),%%!&1*%,)&*$!.,%./1!
,7*:$;!+&%)/7!,11/=-%&/1!,$;!:1/!-7,</;!&$1)/,;!*+!+%,7/;!+&))&$'1"!#$!,;;&)&*$!(&'(!
/++&0&/$0?!8:7'/!:$&)1!0,$!%&=&)!)(/!7/+7&'/7,$)!%*11/1!)*!%/11!)(,$!@"AH!8/7!?/,7G!
&$0%:;&$'!)(/!%*11/1!)(,)!*00:7!;:7&$'!1?1)/=!=,&$)/$,$0/"!
K1/!/$.&7*$=/$)3!87/+/77/;!87*;:0)1!)(,)!1(,%%!-/!,.,&%,-%/!+*7!)(/!%&+/!0?0%/!*+!
)(/!8%,$)!+*7!&$1),$0/!,!$*$3EFE!)?8/!7/+7&'/7,$)!1(*:%;!-/!:1/;"!
>(/!0*==/70&,%%?!,.,&%,-%/!7/0&87*0,)&$'G!107/B!,$;!0/$)7&+:',%!0(&%%/7!=,0(&$/1!
0,$!*8/7,)/!*$!$*$3EFE!7/+7&'/7,$)!*8)&*$1"!D:)!)(/!$/B!'/$/7,)&*$!107*%%!,$;!
107/B!=,0(&$/1!(,./!-//$!18/0&+&0,%%?!;/./%*8/;!+*7!:1/!B&)(!23456,!7/+7&'/7,$)"!
>*!;,)/G!)(/!7/0&87*0,)&$'!0*=87/11*71!,.,&%,-%/!(,./!-//$!0*$./7)/;!)*!23456,!
:1/!+7*=!*7&'&$,%!2399!;/1&'$1"!C*!,:)(/$)&0!;,),!&1!,.,&%,-%/!*$!)(/!0,8,0&)?!;/3
7,)&$'L/$(,$0/;!8/7+*7=,$0/!*+!7/0&87*0,)&$'!=,0(&$/!B&)(!23456,!7/+7&'/7,$)"!
>(&1!1(*:%;!-/!&$./1)&',)/;G!1(*:%;!,!7/0&87*0,)&$'!0(&%%/7!=,0(&$/!-/!0*$1&;/7/;"!
&&
&