KARL STORZ ENDOSKOPE
Model 408120 01 Navigation Camera Assistant Instruction Manual V1.0.0 Jan 2012
Instruction Manual
28 Pages
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Page 1
)GDTCWEJUCPYGKUWPI 0CXKICVKQP%COGTC#UUKUVCPV /QFGNN +PUVTWEVKQP/CPWCN 0CXKICVKQP%COGTC#UUKUVCPV /QFGN /CPWCNFGKPUVTWEEKQPGU 0CXKICVKQP%COGTC#UUKUVCPV /QFGNQ
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9KEJVKIGT*KPYGKUHØTFKG $GPWVGTXQP-#4.5614< )GTÀVGPWPF+PUVTWOGPVGP
+ORQTVCPVKPHQTOCVKQP HQTWUGTUQH-#4.5614< KPUVTWOGPVU
+PFKECEKQPGUKORQTVCPVGU RCTCWUWCTKQUFGGSWKRQUG KPUVTWOGPVQUFG-#4.5614<
8KGNGP&CPMHØT+JT8GTVTCWGPKPFGP0COGP -#4.|5614<#WEJKPFKGUGO2TQFWMVUVGEMV WPUGTGICPG'THCJTWPIWPF5QTIHCNV5KGWPF +JT*CWUJCDGPUKEJFCOKVHØTGKPOQFGTPGUWPF JQEJYGTVKIGU+PUVTWOGPVFGT(KTOC-#4.5614< GPVUEJKGFGP
6JCPM[QWHQT[QWTGZRTGUUKQPQHEQPHKFGPEGKP VJG-#4.5614<DTCPFPCOG.KMGCNNQHQWT QVJGTRTQFWEVUVJKURTQFWEVKUVJGTGUWNVQH[GCTU QHGZRGTKGPEGCPFITGCVECTGKPOCPWHCEVWTG;QW CPF[QWTQTICPKCVKQPJCXGFGEKFGFKPHCXQTQH COQFGTPJKIJSWCNKV[KVGOQHGSWKROGPVHTQO -#4.5614<
#ITCFGEGOQUNCEQPHKCPCSWGJCFGRQUKVCFQGPNC OCTEC-#4.5614<'UVGRTQFWEVQEQOQGNTGUVQ FGNQUSWGHCDTKECOQUGUGNTGUWNVCFQFGPWGUVTC CORNKCGZRGTKGPEKC[ECRCEKFCFVÅEPKECU%QPGUVC CFSWKUKEKÏPVCPVQWUVGFEQOQUWKPUVKVWEKÏPUGJCP FGEKFKFQRQTWPRTQFWEVQ-#4.5614<FGITCP RTGEKUKÏPCNVCECNKFCF[VGEPQNQIÉCXCPIWCTFKUVC
&KGXQTNKGIGPFG#PNGKVWPIUQNNJGNHGPFGP 0CXKICVKQP%COGTC#UUKUVCPVTKEJVKICPWYGPFGP #NNGPQVYGPFKIGP'KPGNJGKVGPWPF*CPFITKHHG YGTFGPCPUEJCWNKEJGTMNÀTV$KVVGNGUGP5KGFGU JCNDFKGUG#PNGKVWPIUQTIHÀNVKIFWTEJDGYCJTGP 5KGUKGWOGVYCKIGP0CEJNGUGPUQTIHÀNVKICWH
6JKUKPUVTWEVKQPOCPWCNKUKPVGPFGFVQUGTXGCU CPCKFKPVJGRTQRGTJCPFNKPIQHVJG0CXKICVKQP %COGTC#UUKUVCPV#NNGUUGPVKCNFGVCKNUQHVJG GSWKROGPVCPFCNNCEVKQPUTGSWKTGFQP[QWTRCTV CTGENGCTN[RTGUGPVGFCPFGZRNCKPGF9GVJWU CUMVJCV[QWTGCFVJKUOCPWCNECTGHWNN[DGHQTG RTQEGGFKPIVQYQTMYKVJVJGKPUVTWOGPV-GGR VJKUOCPWCNCXCKNCDNGHQTTGCF[TGHGTGPEG
'UVG/CPWCNFGKPUVTWEEKQPGUEQPVKGPGVQFCU NCUKPFKECEKQPGUPGEGUCTKCURCTCNCEQTTGEVC OCPKRWNCEKÏPFGN0CXKICVKQP%COGTC#UUKUVCPV 4GEQOGPFCOQUUWNGEVWTCFGVGPKFC[EQNQECEKÏP GPWPNWICTXKUKDNGEGTECPQCNCRCTCVQRCTCHCEKNKVCT NCEQPUWNVC2TQEWTGOCPVGPGTGN/CPWCNFG KPUVTWEEKQPGUFGPVTQFGNCHWPFCFGRN½UVKEQSWGUG CFLWPVCRCTCGXKVCTUWFGVGTKQTQ
-#4.5614<CTDGKVGVUVÀPFKICPFGT 9GKVGTGPVYKEMNWPICNNGT2TQFWMVG$KVVGJCDGP 5KG8GTUVÀPFPKUFCHØTFCUUFGUJCND PFGTWPIGP KP(QTO#WUUVCVVWPIWPF6GEJPKMOÒINKEJ UKPF#WUFGP#PICDGP#DDKNFWPIGPWPF $GUEJTGKDWPIGPFKGUGT#PNGKVWPIMÒPPGPFCJGT MGKPG#PURTØEJGJGTIGNGKVGVYGTFGP
-#4.5614<KUEQPUVCPVN[YQTMKPIQPVJG HWTVJGTFGXGNQROGPVQHCNNRTQFWEVU2NGCUG CRRTGEKCVGVJCVEJCPIGUVQVJGUEQRGQHUWRRN[ KPHQTOGSWKROGPVCPFVGEJPQNQI[CTGRQU UKDNGHQTVJKUTGCUQP6JGTGHQTGPQENCKOUOC[ DGFGFWEGFHTQOVJGKPHQTOCVKQPHKIWTGUCPF FGUETKRVKQPUKPVJKUOCPWCN
-#4.5614<VTCDCLCEQPVKPWCOGPVGGPGNFGUC TTQNNQFGVQFQUUWURTQFWEVQU2QTGUVGOQVKXQ NGUTQICOQUEQORTGPFCPSWGRWGFGPRTQFWEKTUG OQFKHKECEKQPGUGPGNUWOKPKUVTQVCPVQGPEWCPVQ CHQTOCEQOQCGSWKRCOKGPVQ[VÅEPKEC&GNCU KPFKECEKQPGUKNWUVTCEKQPGU[FGUETKREKQPGUFGGUVC +PUVTWEEKÏPPQGOCPCRQTGNNQFGTGEJQCNIWPQ
-QORQPGPVGPWPF$GFKGPWPIUGNGOGPVG%QORQPGPVUCPFEQPVTQNU%QORQPGPVGU[GNGOGPVQUFGEQPVTQN
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-QORQPGPVGPWPF $GFKGPWPIUGNGOGPVG
%QORQPGPGPVUCPF EQPVTQNU
1 0CXKICVKQP%COGTC#UUKUVCPV 0%# 2 0%#(KZKGTIGNGPM 3 'KPICPIUDWEJUG0%# 4 #WUICPIUDWEJUG0%# 5 0CXKICVKQPUMCOGTCMCDGN PKEJVKO.KGHGT WOHCPIGPVJCNVGP 6 0%##PUEJNWUUMCDGNMWT 7 -QPVTQNNVCUVG 8 5KIPCN.'&U 9 0CXKICVKQPU-COGTC PKEJVKO.KGHGTWOHCPI GPVJCNVGP 0 )CDGNUEJNØUUGNOO PKEJVKO.KGHGTWOHCPI GPVJCNVGP q +PDWUUEJNØUUGNOO w +PDWUUEJNØUUGNOO e +PDWUUEJNØUUGNOO PKEJVKO.KGHGTWOHCPI GPVJCNVGP r 0%#-COGTCCFCRVGT t /Z(NCEJMQRHUEJTCWDG 5V z /Z(NCEJMQRHUEJTCWDG u -COGTC(KZKGTIGNGPMCFCRVGTOKVZ/ 5EJTCWDGP PKEJVKO.KGHGTWOHCPIGPVJCNVGP i )TKHHUEJTCWDGWT(KZKGTWPIFGU 0%#(KZKGTIGNGPMU
1 2 3 4 5 6 7 8 9 0 q w e r t z u
5[ODQN'TNÀWVGTWPI
5[ODQNFGUETKRVKQP
)GDTCWEJUCPYGKUWPIDGCEJVGP
+++ +8
0CXKICVKQP%COGTC#UUKUVCPV 0%# 0%##TVKEWNCVGF#TO +PRWVUQEMGV0%# 1WVRWVUQEMGV0%# 0CXKICVKQP%COGTC%CDNG PQVKPENWFGF 0%#%QPPGEVKQPECDNGUJQTV %QPVTQNDWVVQP 5KIPCN.'&U 0CXKICVKQP%COGTC PQVKPENWFGF 9TGPEJMG[OO PQVKPENWFGF #NNGPMG[OO #NNGPMG[OO #NNGPMG[OO PQVKPENWFGF 0%#%COGTC#FCRVQT /Z2CPJGCFUETGY RKGEGU /Z2CPJGCFUETGY %COGTC#TO%QPPGEVQTYKVJZ/UETGYU PQVKPENWFGF i *CPFNG5ETGYHQTHKZCVKQPQH0%##TVKEWNCVGF #TO
%QORQPGPVGU[GNGOGPVQU FGEQPVTQN
1 2 3 4 5 6 7 8 9 0 q w e r t z u i
(QNNQYVJGKPUVTWEVKQPOCPWCN
0CXKICVKQP%COGTC#UUKUVCPV 0%# $TCQCTVKEWNCFQFGHKLCEKÏPFGN0%# %QPGEVQTFGGPVTCFCFGN0%# %QPGEVQTFGUCNKFCFGN0%# %CDNGFGNCE½OCTCFGPCXGICEKÏP PQ KPENWKFQGPGNUWOKPKUVTQ %CDNGFGEQPGZKÏPFG0%#EQTVQ $QVÏPFGEQPVTQN &KQFQUNWOKPQUQURCTCUGÍCNGU %½OCTCFGPCXGICEKÏP PQKPENWKFCGPGN UWOKPKUVTQ .NCXGFGDQECOO PQKPENWKFCGPGN UWOKPKUVTQ .NCXGFGDCTTCJGZCIQPCNCEQFCFCOO .NCXGFGDCTTCJGZCIQPCNCEQFCFCOO .NCXGFGDCTTCJGZCIQPCNCEQFCFCOO PQKPENWKFCGPGNUWOKPKUVTQ #FCRVCFQTFG0%#RCTCE½OCTC 6QTPKNNQFGECDGCRNCPC/Z WP 6QTPKNNQFGECDGCRNCPC/Z #FCRVCFQTFGE½OCTCRCTCDTCQCTVKEWNCFQ EQPVTGUVQTPKNNQU/ PQKPENWKFQGPGN UWOKPKUVTQ 6QTPKNNQEQPRQOQRCTCHKLCTGNDTCQCTVKEWNCFQ FGHKLCEKÏPFGN0%#
'ZRNKECEKÏPFGNQUUÉODQNQU }1DUGTXGGN/CPWCNFGKPUVTWEEKQPGU
+PJCNV
%QPVGPVU
©PFKEG
9KEJVKIGT*KPYGKUHØTFKG$GPWVGT XQP-#4.5614<+PUVTWOGPVGP +
+ORQTVCPVKPHQTOCVKQPHQTWUGTUQH -#4.5614<KPUVTWOGPVU +
*KPYGKUGWFKGUGT)GDTCWEJUCPNGKVWPI ++ +PUVTWOGPVGPCDDKNFWPIGP+++ $GFKGPGNGOGPVG#PUEJNØUUG WPFKJTG(WPMVKQPGP+8
+PHQTOCVKQPTGICTFKPIVJKUKPUVTWEVKQPOCPWCN ++ 2KEVWTGUQHVJGKPUVTWOGPVU +++ %QORQPGPVUCPFEQPVTQNU +8
+PFKECEKQPGUKORQTVCPVGURCTC WUWCTKQUFGGSWKRQUGKPUVTWOGPVQU -#4.5614< +
5KEJGTJGKVUJKPYGKUG
*CPFJCDWPI
<YGEMDGUVKOOWPI 3WCNKHKMCVKQPFGU#PYGPFGTU 9CTPWPF8QTUKEJVUJKPYGKUG
+PVGPFGFWUG 7UGTSWCNKHKECVKQP 9CTPKPIUCPFECWVKQPU
*CPFNKPI
#WURCEMGP )TWPFCWUUVCVVWPI $GHGUVKIWPIFGU0%#CO5VCVKX #PUEJNWUUXQP0%#0CXKICVKQPUMCOGTCWPF 0CXKICVKQPUU[UVGO 0%#0CXKICVKQPUMCOGTCWPF 0CXKICVKQPUU[UVGOVTGPPGP &GOQPVCIG #MVKXKGTGPFGU0CXKICVKQP%COGTC#UUKUVCPV $GFGWVWPIFGT.'&5KIPCNG
7PRCEMKPIVJGFGXKEG $CUKEGSWKROGPV #UUGODN[QHCP0%#QPVJGUVCPF %QPPGEVKPI0%#0CXKICVKQP%COGTCCPF 0CXKICVKQP5[UVGO &KUEQPPGEVKPI0%#%COGTCCPF0CXKICVKQP 5[UVGO &KUCUUGODN[ 5GVVKPIWRCPFWUKPIVJG0CXKICVKQP %COGTC#UUKUVCPV &GUETKRVKQPQH.'&NKIJVUCPFOQFGU
4GKPKIWPI&GUKPHGMVKQP 2HNGIG5VGTKNKUCVKQP
%NGCPKPI&KUKPHGEVKQP %CTGCPF5VGTKNKCVKQP
4GKPKIWPI
%NGCPKPI
+PUVCPFJCNVWPI
/CKPVGPCPEG
9CTVWPI +PUVCPFUGVWPI 8GTCPVYQTVNKEJMGKV )CTCPVKG 4KEJVNKPKGPMQPHQTOKVÀV 9KEJVKIG*KPYGKUG 'PVUQTIWPI
5CHGV[KPHQTOCVKQP
/CKPVGPCPEG 5GTXKEKPICPFTGRCKT .KOKVCVKQPQHNKCDKNKV[ 9CTTCPV[ &KTGEVKXGEQORNKCPEG +ORQTVCPVKPHQTOCVKQP &KURQUCN
+PFKECEKQPGUUQDTGGUVG/CPWCNFGKPUVTWEEKQPGU ++ +NWUVTCEKQPGUFGNQUKPUVTWOGPVQU+++ 'NGOGPVQUFGOCPFQEQPGZKQPGU [UWUHWPEKQPGU+8
+PUVTWEEKQPGUFGUGIWTKFCF
/CPGLQ
.KORKGCFGUKPHGEEKÏP EQPUGTXCEKÏP[GUVGTKNKCEKÏP
/CPVGPKOKGPVQ
7UQRTGXKUVQ %WCNKHKECEKÏPFGNWUWCTKQ +PFKECEKQPGUFGCNCTOC[CFXGTVGPEKC
&GUGODCNCLG 'SWKRQD½UKEQ (KLCEKÏPFGN0%#CNUQRQTVG %QPGZKÏPFGN0%#NCE½OCTCFGPCXGICEKÏP [GNUKUVGOCFGPCXGICEKÏP &GUEQPGEVCTGN0%#NCE½OCTCFGPCXGICEKÏP [GNUKUVGOCFGPCXGICEKÏP &GUOQPVCLG #EVKXCTGN0CXKICVKQP%COGTC#UUKUVCPV 5KIPKHKECFQFGNCUUGÍCNGUFGFKQFQUNWOKPQUQU
.KORKGC
/CPVGPKOKGPVQ 4GRCTCEKQPGU 4GURQPUCDKNKFCF )CTCPVÉC %QPHQTOKFCFEQPNCUFKTGEVKXCU 1DUGTXCEKQPGUKORQTVCPVGU )GUVKÏPFGFGUGEJQ
5KEJGTJGKVUJKPYGKUG
5CHGV[KPHQTOCVKQP
+PUVTWEEKQPGUFGUGIWTKFCF
<YGEMDGUVKOOWPI
+PVGPFGFWUG
7UQRTGXKUVQ
>-#4.5614<0CXKICVKQP%COGTC #UUKUVCPV 0%# KUVGKP5[UVGOOKVFGOFKG 0CXKICVKQPUMCOGTC FGT-#4.5614< 0CXKICVKQPUU[UVGOGKPYGK$GYGIWPIUTKEJVWPIGP DGYGIVYGTFGPMCPPUQFCUUGKPCWVQOCVKUEJGU 8GTHQNIGPFGT2CVKGPVGPDGYGIWPIGPFWTEJFKG 0CXKICVKQPUMCOGTCOÒINKEJKUV>0%#YKTFCP FGT4ØEMUGKVGFGT-COGTCDGHGUVKIV
6JG-#4.5614<0CXKICVKQP%COGTC#UUKUVCPV 0%# KUCTGVTQHKVCZKCNECOGTCFTKXGU[UVGO HQTVJG0CXKICVKQP%COGTC QHVJG -#4.|5614<PCXKICVKQPU[UVGOUVQVTCEMCPF HQNNQYVJGOQXGOGPVQHVJGRCVKGPVCWVQOCVKECNN[ 6JG0CXKICVKQP%COGTC#UUKUVCPVOC[QPN[DG QRGTCVGFKPEQPLWPEVKQPYKVJVJGPCXKICVKQPECOGTC OQFGN#P[QVJGTWUGKURTQJKDKVGF 7PCWVJQTKGFEQPXGTUKQPUQTOQFKHKECVKQPUVQVJG 0CXKICVKQP%COGTC#UUKUVCPVCTGPQVCNNQYGFHQT UCHGV[TGCUQPU #FFKVKQPCNGSWKROGPVEQPPGEVGFVQVJGOGFKECN GNGEVTKECNGSWKROGPVOWUVDGCDNGVQRTQXGVJGKT EQORNKCPEGYKVJVJGTGURGEVKXG+'%CPF+51 UVCPFCTFU(WTVJGTOQTGCNNEQPHKIWTCVKQPUUJCNN EQORN[YKVJVJGUVCPFCTFTGSWKTGOGPVUHQTOGFKECN U[UVGOU UGG+'%QT%NCWUGQHVJG TF'FQH+'%TGURGEVKXGN[ #P[QPG EQPPGEVKPICFFKVKQPCNGSWKROGPVVQOGFKECN GNGEVTKECNGSWKROGPVKUCU[UVGOoUEQPHKIWTCVQTCPF KUVJGTGHQTGTGURQPUKDNGHQTVJGU[UVGOEQORNKCPEG YKVJVJGUVCPFCTFTGSWKTGOGPVUHQTVJGU[UVGO 2NGCUGPQVGVJCVNQECNNCYUVCMGRTKQTKV[QXGTVJG CDQXGOGPVKQPGFUVCPFCTFTGSWKTGOGPVU+HKP FQWDVRNGCUGEQPUWNV[QWTNQECNURGEKCNKUVFGCNGTQT VJGVGEJPKECNUGTXKEGFGRCTVOGPV
'NUKUVGOC0CXKICVKQP%COGTC#UUKUVCPV 0%# FG-#4.5614<UKTXGRCTCFGURNCCTNCE½OCTC FGPCXGICEKÏP FGNQUUKUVGOCUFG PCXGICEKÏPFG-#4.|5614<GPFQUFKTGEEKQPGU FGOQXKOKGPVQ[FGGUVGOQFQRGTOKVGUGIWKT NQUOQXKOKGPVQUFGNRCEKGPVGCWVQO½VKECOGPVG OGFKCPVGNCE½OCTCFGPCXGICEKÏP'N0%#UGHKLC GPNCRCTVGRQUVGTKQTFGNCE½OCTC
>0%#FCTHPWTKP8GTDKPFWPIOKVFGT 0CXKICVKQPUMCOGTCXGTYGPFGVYGTFGP &KG8GTYGPFWPIKP8GTDKPFWPIOKVCPFGTP)GTÀVGP KUVPKEJVIGUVCVVGV PFGTWPIGPQFGT/QFKHKMCVKQPGPCO0%#UKPFCWU 5KEJGTJGKVUITØPFGPWPVGTUCIV <WUÀVNKEJG)GTÀVGFKGCPOGFKKPKUEJGGNGMVTKUEJG )GTÀVGCPIGUEJNQUUGPYGTFGPOØUUGPPCEJ YGKUDCTKJTGPGPVURTGEJGPFGP+'%QFGT+51 0QTOGPGPVURTGEJGP $+'%HØTFCVGP XGTCTDGKVGPFG)GTÀVG 9GKVGTJKPOØUUGPCNNG -QPHKIWTCVKQPGPFGPPQTOCVKXGP#PHQTFGTWPIGP HØTOGFKKPKUEJG5[UVGOGGPVURTGEJGP UKGJG+'% QFGT#DUEJPKVVFGT#WUICDGFGT +'%LGYGKNKI 9GTWUÀVNKEJG)GTÀVG CPOGFKKPKUEJGGNGMVTKUEJG)GTÀVGCPUEJNKG»V KUV5[UVGOMQPHKIWTKGTGTWPFKUVFCOKVFCHØTXGT CPVYQTVNKEJFCUUFCU5[UVGOOKVFGPPQTOCVKXGP #PHQTFGTWPIGPHØT5[UVGOGØDGTGKPUVKOOV'UYKTF FCTCWHJKPIGYKGUGPFCUUNQMCNG)GUGVGIGIGP ØDGTQDKIGPPQTOCVKXGP#PHQTFGTWPIGP8QTTCPI JCDGP$GK4ØEMHTCIGPMQPVCMVKGTGP5KGDKVVG +JTGPÒTVNKEJGP(CEJJÀPFNGTQFGTFGP6GEJPKUEJGP &KGPUV 5VCPFCTFFKTGEVKXGTGHGTGPEGU r +'% # #ED E r +'%F r /&&'')#PPGZ+ENCWUGE
5VCPFCTFFKTGEVKXGTGHGTGPEGU r +'% # #ED E r +'%F r /&&''%#PPGZ+%NCWUGE
'N0%#FGDGWVKNKCTUGGZENWUKXCOGPVGGPEQODKPC EKÏPEQPNCE½OCTCFGPCXGICEKÏP0Q GUV½RGTOKVKFQUWWUQGPEQODKPCEKÏPEQPQVTQU CRCTCVQU 2QTTCQPGUFGUGIWTKFCFGUV½RTQJKDKFQGHGEVWCT OQFKHKECEKQPGUQECODKQUGPGN0%# .QUCRCTCVQUCEEGUQTKQUSWGXC[CPCEQPGEVCTUG CGSWKRQUGNGEVTQOÅFKEQUJCPFGEWORNKTNCUPQT OCU%'+Q+51RGTVKPGPVGU RGL%'+RCTC CRCTCVQURTQEGUCFQTGUFGFCVQU [FKURQPGTFG NCEQTTGURQPFKGPVGEGTVKHKECEKÏP#FGO½UVQFCU NCUEQPHKIWTCEKQPGUFGDGPEWORNKTNQUTGSWKUKVQU PQTOCNKCFQURCTCUKUVGOCUOÅFKEQU XÅCUGNC%'+ QNCUGEEKÏPFGNCGFKEKÏPFGNC %'+TGURGEVKXCOGPVG %WCNSWKGTRGTUQ PCSWGEQPGEVGWPCRCTCVQCEEGUQTKQCGSWKRQU GNGEVTQOÅFKEQUGUV½EQPHKIWTCPFQWPUKUVGOC[GU RQTVCPVQTGURQPUCDNGFGSWGGNUKUVGOCUCVKUHC ICNQUTGSWKUKVQUPQTOCNKCFQURCTCUKUVGOCU5G JCEGGZRTGUCEQPUVCPEKCFGSWGNCNGIKUNCEKÏPNQECN VKGPGRTKQTKFCFUQDTGNQUTGSWKUKVQUPQTOCNKCFQU OGPEKQPCFQURTGXKCOGPVG'PECUQFGFWFCNG TQICOQUEQPUWNVCTCUWFKUVTKDWKFQTCWVQTKCFQQCN 5GTXKEKQ6ÅEPKEQ 4GHGTGPEKCUFGPQTOCFKTGEVKXC r %'+ # #ED E r %'+F r /&&%''#PGZQ+EN½WUWNCE
5KEJGTJGKVUJKPYGKUG
5CHGV[KPHQTOCVKQP
+PUVTWEEKQPGUFGUGIWTKFCF
3WCNKHKMCVKQPFGU#PYGPFGTU
7UGTSWCNKHKECVKQP
%WCNKHKECEKÏPFGNWUWCTKQ
>#PYGPFGTFGU0CXKICVKQP%COGTC#UUKUVCPV 0%# UQYKGFKGDGVGKNKIVGP125EJYGUVGTPWPF CPFGTGU2GTUQPCNOØUUGPWOUKEJGTGPWPF GHHGMVKXGP$GVTGKDGPFGU0%#GKPXQP*GTUVGNNGT WPF+PXGTMGJTDTKPIGTCWVQTKUKGTVGU6TCKPKPI GTJCNVGPJCDGPWOGKP0CXKICVKQPUU[UVGOOKV 0%#CPGKPGO2CVKGPVGPGKPUGVGPWFØTHGP&KG #PHQTFGTWPIGPCPGKPGUQNEJG5EJWNWPIMÒPPGP LGPCEJIGNVGPFGPIGUGVNKEJGP4GIGNWPIGPCO 'KPUCVQTVWPVGTUEJKGFNKEJUGKP >$GVTGKDGTFGU0CXKICVKQPUU[UVGOUOKV0%#JCV UKEJGTWUVGNNGPFCUUFGT#PYGPFGTGKPGCFÀSWCVG 'KPYGKUWPIKPFKG-QORQPGPVGPKP'PVURTGEJWPI OKVFGPLGYGKNUIØNVKIGPNQMCNGP)GUGVGPGTJÀNV
9CTPWPF8QTUKEJVUJKPYGKUG
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
9CTPKPIUCPFECWVKQPU
%QPGNQDLGVQFGQDVGPGTNCCWVQTKCEKÏPRCTC WVKNKCTWPUKUVGOCFGPCXGICEKÏPEQPGN0CXKICVKQP %COGTC#UUKUVCPV 0%# GPWPRCEKGPVGVCPVQGN QRGTCFQTFGN0%#EQOQNCUGPHGTOGTCUFGSWKTÏHC PQRCTVKEKRCPVGU[GNRGTUQPCNTGUVCPVGFGDGPJCDGT CUKUVKFQCWPGPVTGPCOKGPVQCWVQTKCFQRQTGNHCDTK ECPVG[GNFKUVTKDWKFQTCHKPFGCUGIWTCTWPCCRNKEC EKÏPUGIWTC[GHGEVKXCFGN0%#.QUTGSWKUKVQURCTC WPCHQTOCEKÏPFGGUVGVKRQRWGFGPXCTKCTUGIÖPNC PQTOCVKXCNGICNXKIGPVGGPGNNWICTFGCRNKECEKÏP 'NWUWCTKQFGNUKUVGOCFGPCXGICEKÏPWVKNKCFQEQP GN0%#JCFGCUGIWTCTSWGGNQRGTCFQTFKURQPIC FGWPGPVTGPCOKGPVQCFGEWCFQGPNQUEQORQPGP VGUFGCEWGTFQEQPNCNGIKUNCEKÏPNQECNXKIGPVG
+PFKECEKQPGUFGCNCTOC[CFXGTVGPEKC
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2NGCUGTGCFVJKUOCPWCNECTGHWNN[CPFHQNNQY VJGKPUVTWEVKQPUGZCEVN[6JG|YQTFU9CTPKPI %CWVKQPCPF0QVGEQPXG[URGEKCNOGCPKPIU 9JGTGXGTVJG[CTGWUGFKPVJKUOCPWCNVJG[ UJQWNFDGECTGHWNN[TGXKGYGFVQGPUWTGVJGUCHG CPFGHHGEVKXGQRGTCVKQPQHVJKURTQFWEV6QHWTVJGT GORJCUKGVJGYQTFU9CTPKPI%CWVKQPCPF 0QVGVJG[CTGRTGEGFGFD[CRKEVQITCO
.GTQICOQUNGGTGUVG/CPWCNEQPNCOC[QTCVGPEKÏP [QDUGTXCTGUVTKEVCOGPVGUWUKPUVTWEEKQPGU.QUVÅT OKPQU%WKFCFQ#FXGTVGPEKC[0QVCVKGPGPUKIPKHK ECFQUOW[GURGEKCNGU%WCPFQCRCTGECPGPCNIW PCRCTVGFGGUVG/CPWCNGNVGZVQUWDUKIWKGPVGJC FGNGGTUGFGVGPKFCOGPVGRCTCCUGIWTCTNCQRGTCEKÏP KPQEWC[GHKECFGNKPUVTWOGPVQ2CTCFGUVCECTO½U ENCTCOGPVGNQUVÅTOKPQU%WKFCFQ#FXGTVGPEKC[ 0QVCNQUOKUOQUGUV½PRTGEGFKFQURQTWPRKEVQ ITCOCCFKEKQPCN
3
9#4070)9CTPWPIOCEJVCWHGKPG )GHÀJTFWPIFGU2CVKGPVGPQFGTFGU#TVGU CWHOGTMUCO&KG0KEJVDGCEJVWPIGKPGT 9CTPWPIMCPP8GTNGVWPIGPFGU2CVKGPVGP QFGTFGU#TVGUWT(QNIGJCDGP
3
9#40+0)#9CTPKPIKPFKECVGUVJCVVJG RGTUQPCNUCHGV[QHVJGRCVKGPVQTRJ[UKEKCP OC[DGKPXQNXGF&KUTGICTFKPIC9CTPKPI EQWNFTGUWNVKPKPLWT[VQVJGRCVKGPVQTRJ[ UKEKCP
3
%7+&#&1'NVÅTOKPQ%WKFCFQNNCOCNC CVGPEKÏPUQDTGWPCUKVWCEKÏPFGRGNKITQ RCTCGNRCEKGPVGQRCTCGNOÅFKEQ.CKPQD UGTXCPEKCFGGUVGCXKUQRQFTÉCEQPNNGXCT NGUKQPGURCTCGNRCEKGPVGQRCTCGNOÅFKEQ
2
8145+%*68QTUKEJVOCEJVFCTCWHCWH OGTMUCOFCUUDGUVKOOVG9CTVWPIUQFGT 5KEJGTJGKVUOC»PCJOGPWVTGHHGPUKPFWO GKPG$GUEJÀFKIWPIFGU+PUVTWOGPVGUW XGTOGKFGP
2
%#76+10#%CWVKQPKPFKECVGUVJCVRCTVK EWNCTUGTXKEGRTQEGFWTGUQTUCHGV[RTGECW VKQPUOWUVDGHQNNQYGFVQCXQKFCP[FCOC IGVQVJGRTQFWEV
2
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1
*+09'+5*KPYGKUGGPVJCNVGPURGKGNNG +PHQTOCVKQPGPWT$GFKGPWPIFGU +PUVTWOGPVGUQFGTUKGGTMNÀTGPYKEJVKIG +PHQTOCVKQPGP
1
016'#PQVGKPFKECVGUURGEKCNKPHQTOCVKQP CDQWVQRGTCVKPIVJGRTQFWEVQTENCTKHKGU KORQTVCPVKPHQTOCVKQP
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016#.QUR½TTCHQUFGPQOKPCFQUEQP GNVÅTOKPQ0QVCEQPVKGPGPKPHQTOCEKQPGU GURGEKCNGURCTCNCOCPKRWNCEKÏPQCENCTCP KPHQTOCEKQPGUKORQTVCPVGU
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)TWPFCWUUVCVVWPI
$CUKEGSWKROGPV
0CXKICVKQP%COGTC#UUKUVCPV YKVJVJGHQNNQYKPICEEGUUQTKGU 0%#/QFWNG 0%#%COGTC#FCRVQT 0%#5ETGY5GVYKVJ#NNGPMG[ 0%##TVKEWNCVGF#TO 0%#%QPPGEVKQP%CDNG +PUVTWEVKQPOCPWCN
0CXKICVKQP%COGTC#UUKUVCPV|EQPNQU UKIWKGPVGUCEEGUQTKQU /ÏFWNQ0%# #FCRVCFQTFG0%#RCTCE½OCTC 5GVFGVQTPKNNQURCTC0%#EQPNNCXG FGDCTTCJGZCIQPCNCEQFCFC $TCQCTVKEWNCFQFGHKLCEKÏPFGN0%# %CDNGFGEQPGZKÏPFGN0%# /CPWCNFGKPUVTWEEKQPGU
3
3
3
0CXKICVKQP%COGTC#UUKUVCPVOKV HQNIGPFGO<WDGJÒT 0%#/QFWN 0%#-COGTCCFCRVGT 0%#5EJTCWDGPUGVOKV+PDWUUEJNØUUGN 0%#(KZKGTIGNGPM 0%##PUEJNWUUMCDGN )GDTCWEJUCPYGKUWPI
%JGEMHQTOKUUKPIKVGOUCPFGXKFGPEGQH UJKRRKPIFCOCIG+VOC[DGVJGECUGVJCVFCOCIG QPN[DGEQOGUCRRCTGPVFWTKPIEQPPGEVKQPQT EQOOKUUKQPKPI (KNGCP[EQORNCKPVUKOOGFKCVGN[YKVJ-#4.5614< QTVJGUWRRNKGT
9#4070)>0CXKICVKQP%COGTC #UUKUVCPV 0%# KUVGKP)GTÀVWTCWU UEJNKG»NKEJGP8GTYGPFWPIOKVFGT 0CXKICVKQPUMCOGTCFGT -#4.5614<0CXKICVKQPUU[UVGOG &KG)GDTCWEJUCPYGKUWPIFGT 0CXKICVKQPUU[UVGOGUQYKGFKGFCTKP IGIGDGPGP9CTPWPF8QTUKEJVUJKPYGKUG UKPFIGPCWGUVGPUWDGCEJVGP
9#40+0)6JG0CXKICVKQP%COGTC #UUKUVCPV 0%# KUQPN[HQTWUGYKVJ VJG0CXKICVKQP%COGTC QHVJG-#4.5614<0CXKICVKQP 5[UVGOU6JGKPUVTWEVKQPOCPWCNU QHVJG0CXKICVKQP5[UVGOUCPFVJG 9CTPKPIUIKXGPKPVJKUOCPWCNUJCXG VQDGUVTKEVN[QDUGTXGF
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%7+&#&1'N0CXKICVKQP%COGTC#UUKUVCPV 0%# GUWPCRCTCVQRTGXKUVQRCTCWVKNKCTUG GZENWUKXCOGPVGEQPNCE½OCTCFGPCXGIC EKÏPFGNQUUKUVGOCUFGPCXG ICEKÏPFG-#4.5614<*C[SWGQDUGTXCT EQPNCOC[QTGZCEVKVWFNQUOCPWCNGUFG KPUVTWEEKQPGUFGNQUUKUVGOCUFGPCXGIC EKÏPCUÉEQOQNCUKPFKECEKQPGUFGCNCTOC[ CFXGTVGPEKCGZRNKECFCUGPÅUVQU
9
*CPFJCDWPI
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4GVKTGNCE½OCTCFGPCXGICEKÏP9LWPVQEQPGN DTCQCTVKEWNCFQFGHKLCEKÏP2HWGTCFGNUQRQTVG FGURWÅUFGCHNQLCTGNVQTPKNNQFGHKLCEKÏPEQPWPC NNCXGFGDQEC0
.ÒUGP5KGFGP-COGTC(KZKGTIGNGPM#FCRVGT uXQPFGT-COGTC 9 FWTEJ'PVHGTPGPFGT $GHGUVKIWPIUUEJTCWDGPOKVGKPGO+PDWUUEJNØUUGN w OO
&GVCEJVJG%COGTC#TO%QPPGEVQTuHTQO VJG0CXKICVKQP%COGTC9D[WPUETGYKPIVJG UETGYUWUG#NNGP-G[OOw
#EQPVKPWCEKÏPTGVKTGGNCFCRVCFQTFGE½OCTCRCTC DTCQCTVKEWNCFQuHWGTCFGNCE½OCTC9FGURWÅU FGCHNQLCTNQUVTGUVQTPKNNQUFGUWLGEKÏPEQPWPCNNCXG FGDCTTCJGZCIQPCNCEQFCFCw OO
$GHGUVKIGP5KGFGP0%#-COGTCCFCRVGTrOKV FGPWIGJÒTKIGP+PDWUUEJTCWDGPtOKVFGO +PDWUUEJNØUUGNOOeCPFGT4ØEMUGKVGFGT 0CXKICVKQPUMCOGTC9&KG0CUGFGU#FCRVGTU OWUUUKEJQDGPDGHKPFGP
#VVCEJVJG0%#%COGTC%QPPGEVQTrVQVJGDCEM QHVJG0CXKICVKQP%COGTC 9KPUWEJCYC[VJCV VJGJQNGUQPVJGEQPPGEVQTCTGEQPEGPVTKEVQVJG VJTGCFJQNGUCVVJGDCEMQHVJG0CXKICVKQP%COGTC CPFVJCVVJGPQUGQHVJGEQPPGEVQTKURCTCNNGNVQVJG VQRRNCPGQHVJG0CXKICVKQP%COGTC
(KLGGNCFCRVCFQTFG0%#RCTCE½OCTCrCNCRCTVG RQUVGTKQTFGNCE½OCTCFGPCXGICEKÏP9EQPNQU VTGUVQTPKNNQUFGJGZ½IQPQKPVGTKQTtRTGXKUVQUCN GHGEVQWUCPFQNCNNCXGFGDCTTCJGZCIQPCNCEQFCFC OOe#JQTCGNOQTTQFGNCFCRVCFQTJCFG SWGFCTUKVWCFQGPNCRCTVGUWRGTKQT
/CPVGPICUWLGVQGNDTCQCTVKEWNCFQFGHKLCEKÏP2[ CHNQLGGNVQTPKNNQEQPRQOQiFGGUVGDTCQ
2
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5GEWTGVJG0%#%COGTC%QPPGEVQTr D[UETGY KPIVJGVJTGG/Z2CPJGCFUETGYUtHQT UETGYKPIWUG#NNGPMG[OOe
*CPFJCDWPI
*CPFNKPI
/CPGLQ
0%#1OKV(KZKGTIGNGPM2OKVFGO)CDGNUEJNØUUGN 0CO5VCVKXHGUVUEJTCWDGP
#VVCEJVJGRTGCUUGODNGF0%#1YKVJ#TVKEWNCVGF #TO2VQVJG5VCPFCPFUGEWTGVKIJVN[D[WUKPI 9TGPEJMG[0
#EQRNGGN0%#1EQPDTCQCTVKEWNCFQFGHKLCEKÏP CNUQRQTVG2 [GPTÏUSWGNQHKTOGOGPVGEQPNCNNCXG FGDQEC0
*CNVGP5KGFCU(KZKGTIGNGPM 2HGUVWPFKGJGP5KG FKG)TKHHUEJTCWDGiCP
*QNF#TVKEWNCVGF#TO2CPFUETGYVJG*CPFNG 5ETGYiVKIJVN[
/CPVGPICUWLGVQGNDTCQCTVKEWNCFQFGHKLCEKÏP2[ CRTKGVGCJQTCGNVQTPKNNQEQPRQOQi
5GVGP5KGFKG0CXKICVKQPUMCOGTC9UQCWHFCU 0%#/QFWN1CWHFCUUFKG0CUGFGU0%# -COGTC#FCRVGTUrKPFKG#WUURCTWPICWHFGT 8QTFGTUGKVGFGU0%#/QFWNURCUUV
#VVCEJVJG0%#1VQVJG0CXKICVKQP%COGTC9 KPUWEJCYC[VJCVVJGPQUGQHVJG0%#%COGTC %QPPGEVQTr HKVUKPVQVJGRTGUJCRGFEWVQHVJG 0%#CPFUGEWTGVJGEQPPGEVKQPD[UETGYKPIVJG /Z2CPJGCFUETGYzWUG#NNGPMG[OO q
#EQRNGNCE½OCTCFGPCXGICEKÏP9CNOÏFWNQ 0%#1FGOQFQSWGGNOQTTQFGNCFCRVCFQT FG0%#RCTCE½OCTCrGPECLGGPNCTCPWTCGPGN FQTUQFGN0%# #EQPVKPWCEKÏPUGHKLCGNOQTTQFGNCFCRVCFQTFG 0%#RCTCE½OCTCrCN0%#CRTGVCPFQGNVQTPKNNQ zRQTGNQTKHKEKQRTGXKUVQCNGHGEVQ2CTCCRTGVCT GUVGVQTPKNNQUGWVKNKCNCNNCXGFGDCTTCJGZCIQPCN CEQFCFCq
#PUEJNWUUXQP0%#0CXKICVKQPU-COGTC WPF0CXKICVKQPUU[UVGO
%QPPGEVKPI0%#0CXKICVKQP%COGTC CPF0CXKICVKQP5[UVGO
%QPGZKÏPFGN0%#NCE½OCTCFGPCXGIC EKÏP[GNUKUVGOCFGPCXGICEKÏP
2
2
2
1
1
9
&KG0CUGFGU0%#-COGTC#FCRVGTUrYKTF CPUEJNKG»GPFOKVFGT5EJTCWDGzFWTEJFKG GPVURTGEJGPFG²HHPWPICO0%#HKZKGTV<WO (GUVKGJGPFGT5EJTCWDGYKTFFGT+PDWUUEJNØUUGN qDGPÒVKIV
8145+%*6&CTCWHCEJVGPFCUUFKG (CTDOCTMKGTWPIGPWPFFKG(QTOXQP 5VGEMGTPWPF$WEJUGPØDGTGKPUVKOOGP &KG5VGEMGTMGKPGUHCNNUOKV)GYCNVKP FKG$WEJUGPGKPFTØEMGP5KGUKPFXGT YGEJUNWPIUUKEJGTCWUIGHØJTVWPFMÒPPGP PWTKPGKPGT2QUKVKQPKPFKG$WEJUGPGKP IGUVGEMVYGTFGP
%#76+100GXGTWUGHQTEGVQKPUGTVVJG RNWIKPVQVJGUQEMGV9JGPEQPPGEVKPIVJG ECDNGUGPUWTGVJCVVJGEQNQTGF OCTMKPIUCPFVJGUJCRGQHVJGRNWICPF UQEMGVCITGG
#&8'46'0%+##UGIÖTGUGFGSWGEQKPEK FCPNCUOCTECUFGEQNQT[NCUHQTOCUFGNQU EQPGEVQTGU[NQUGPEJWHGU0QKPVTQFWEC PWPECEQPXKQNGPEKCNQUGPEJWHGUGPNQU EQPGEVQTGU¥UVQUUÏNQRWGFGPKPUGTVCTUG GPNQUEQPGEVQTGUGPWPCUQNCRQUKEKÏPEQP GNHKPFGKORGFKTRQUKDNGUEQPHWUKQPGU
*CPFJCDWPI
*CPFNKPI
/CPGLQ
5VGEMGP5KGFGPITCWGP5VGEMGTFGU -COGTCMCDGNU 5KPFKG'KPICPIUDWEJUG3CWH FGT4ØEMUGKVGFGU0%#/QFWNU1
+PUGTVVJGITG[RNWIQHVJG0CXKICVKQP%COGTC %CDNG5KPVQVJGKPRWVUQEMGV3CVVJGDCEMQH VJG0%#OQFWNG1
+PUGTVGGNGPEJWHGITKUFGNECDNGFGNCE½OCTC5 GPGNEQPGEVQTFGGPVTCFC3UKVWCFQGPNCRCTVG RQUVGTKQTFGNOÏFWNQ0%#1
&GP5VGEMGTOKVFGTGKPGNPGP(ØJTWPIUPQEMGFGU MWTGP#PUEJNWUUMCDGNU6KPFKG#WUICPIUDWEJUG 4FGU0%#/QFWNU1UVGEMGP
+PUGTVVJGVJGMG[RNWIYKVJUKPINGCNKIPOGPVRKP QHVJG%QPPGEVQT%CDNG5JQTV 6KPVQVJGQWVRWV UQEMGV4CVVJGDCEMQHVJG0%#OQFWNG1
+PVTQFWECGNGPEJWHGRTQXKUVQFGWPCUQNCNGXC IWÉCFGNECDNGFGEQPGZKÏPEQTVQ6GPGNEQPGEVQT FGUCNKFC4FGNOÏFWNQ0%#1
&CUCPFGTG'PFGFGUMWTGP#PUEJNWUUMCDGNU OKVFGP(ØJTWPIUPQEMGPCPFKG'KPICPIU #WUICPIUDWEJUGFGT0CXKICVKQPUMCOGTC9 CPUEJNKG»GP
%QPPGEVQVJGTGPFQHVJGECDNGMG[RNWIYKVJ FQWDNGCNKIPOGPVRKPUVQVJGKPRWVQWVRWVUQEMGV CVVJGDCEMQHVJG0CXKICVKQP%COGTC9
2TQUKICKPVTQFWEKGPFQGNQVTQGZVTGOQFGNECDNG FGEQPGZKÏPEQTVQRTQXKUVQFGFQUNGXCUIWÉC GPGNEQPGEVQTFGGPVTCFCUCNKFCFGNCE½OCTCFG PCXGICEKÏP9
0%#0CXKICVKQPUMCOGTCWPF 0CXKICVKQPUU[UVGOVTGPPGP
&KUEQPPGEVKPI0%#%COGTCCPF0CXKIC VKQP5[UVGO
&GUEQPGEVCTGN0%#NCE½OCTCFGPCXG ICEKÏP[GNUKUVGOCFGPCXGICEKÏP
2
2
2
8145+%*6&KG5VGEMGTPKEJVOKV)GYCNV CWUFGP$WEJUGPKGJGP
<KGJGP5KGFGP5VGEMGTFGUMWTGP #PUEJNWUUMCDGNU6CWUFGT'KPICPIU #WUICPIUDWEJUGFGT0CXKICVKQPUMCOGTC9
%#76+100GXGTWUGHQTEGVQRWNNVJGRNWI QWVQHVJGUQEMGV
&KUEQPPGEVVJGMG[RNWIYKVJFQWDNGCNKIPOGPV RKPUQHVJG%QPPGEVQT%CDNG5JQTV6 HTQOVJG KPRWVQWVRWVUQEMGVCVVJGDCEMQHVJG0CXKICVKQP %COGTC9
#&8'46'0%+#0QVKTGEQPXKQNGPEKC FGNQUGPEJWHGUCNFGUGPEJWHCTNQUFGNQU EQPGEVQTGU 'ZVTCKICGNGPEJWHGFGNECDNGFGEQPGZKÏPEQTVQ 6FGNEQPGEVQTFGGPVTCFCUCNKFCFGNCE½OCTCFG PCXGICEKÏP9
*CPFJCDWPI
*CPFNKPI
/CPGLQ
&GPITCWGP5VGEMGTFGUMWTGP#PUEJNWUUMCDGNU 6CWUFGT#WUICPIUDWEJUG4FGU0%#KGJGP
2WNNQWVVJGMG[RNWIYKVJUKPINGCNKIPOGPVRKPQH VJG%QPPGEVQT%CDNG5JQTV6HTQOVJGQWVRWV UQEMGV 4CVVJGDCEMQHVJG0%#
'ZVTCKICGNGPEJWHGITKUFGNECDNGFGEQPGZKÏP EQTVQ6FGNEQPGEVQTFGUCNKFC4FGN0%#
<KGJGP5KGFGPITCWGP5VGEMGTFGU 0CXKICVKQPUMCOGTC#PUEJNWUUMCDGNU5CWUFGT 'KPICPIUDWEJUG3FGU0%#
2WNNQWVVJGITG[RNWIQHVJG0CXKICVKQP%COGTC ECDNG5HTQOVJGKPRWVUQEMGV3CVVJGDCEMQH VJG0%#
'ZVTCKICGNGPEJWHGITKUFGNECDNGFGEQPGZKÏPFGNC E½OCTCFGPCXGICEKÏP5FGNEQPGEVQTFGGPVTCFC 3FGN0%#
&GOQPVCIG
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&KG$GHGUVKIWPIUUEJTCWDGPFGU0%##FCRVGTU TOKVFGO+PDWUUEJNØUUGNe OO NÒUGPWPFFGP 0%##FCRVGTrXQPFGT0CXKICVKQPUMCOGTC9 GPVHGTPGP
.QQUGPVJG2CPJGCFUETGYzWUKPI#NNGPMG[ OOq 4GOQXGVJG0%#1HTQOVJG0CXKICVKQP%COGTC 9 D[RWNNKPIVJGECOGTCIGPVN[CYC[
.QQUGPVJGVJTGG2CPJGCFUETGYUeWUKPI#NNGP MG[OOeCPFIGPVN[TGOQXGVJG0%#%COGTC %QPPGEVQTrHTQOVJG0CXKICVKQP%COGTC9
#HNQLGGNVQTPKNNQFGUWLGEKÏPzFGNCRCTVGUWRGTKQT FGN0%#1EQPNCNNCXGFGDCTTCJGZCIQPCNCEQFC FCq[CEQPVKPWCEKÏPGZVT½KICNQ #EQPVKPWCEKÏPGORWLGNCE½OCTCFGPCXGICEKÏP 9EQPEWKFCFQJCEKCFGNCPVG
#HNQLGNQUVTGUVQTPKNNQUFGUWLGEKÏPFGNCFCRVCFQTFG 0%#rEQPNCNNCXGFGDCTTCJGZCIQPCNCEQFCFC e OO [FGUOQPVGGNCFCRVCFQTFG0%#r TGVKT½PFQNQFGNCE½OCTCFGPCXGICEKÏP9
*CPFJCDWPI
*CPFNKPI
/CPGLQ
&CU(KZKGTIGNGPM2OKV0%#/QFWN1XQO5VCVKX GPVHGTPGP&CWFKG$GHGUVKIWPIUUEJTCWDGCO 5VCVKXOKVFGO)CDGNUEJNØUUGN0NÒUGP
4GOQXG0%#OQFWNG1YKVJ#TVKEWNCVGF#TO 2 HTQOVJGUVCPFWUKPIYTGPEJMG[0
6QOGGNDTCQCTVKEWNCFQFGHKLCEKÏP2LWPVQEQPGN OÏFWNQ0%#1TGVKT½PFQNQFGNUQRQTVG%QPGUVG HKPCHNQLGGNVQTPKNNQFGUWLGEKÏPFGNUQRQTVGEQPNC NNCXGFGDQEC0
1
1
1
*+09'+5&CU(KZKGTIGNGPM2MCPPPKEJV XQO0%#/QFWN1FGOQPVKGTVYGTFGP
016'6JG#TVKEWNCVGF#TO 2ECPPQVDG TGOQXGFHTQOVJG0%#OQFWNG1
016#'NDTCQCTVKEWNCFQFGHKLCEKÏP2PQ RWGFGFGUOQPVCTUGFGNOÏFWNQ0%#1
*CPFJCDWPI
*CPFNKPI
/CPGLQ
#MVKXKGTGPFGU0CXKICVKQP%COGTC #UUKUVCPV
5GVVKPIWRCPFWUKPIVJG0CXKICVKQP %COGTC#UUKUVCPV
#EVKXCTGN0CXKICVKQP%COGTC#UUKUVCPV
6JG0%#KUCEVKXGQPN[YJGPVJG0CXKICVKQP 5[UVGOKUUYKVEJGFVQVJGPCXKICVKQPOQFGD[ ENKEMKPIQPVJGp5WTIGT[$WVVQPqKPVJGWRRGTDCT
'N0%#GUV½CEVKXCFQÖPKECOGPVGUKGNUKUVGOC FGPCXGICEKÏPUGGPEWGPVTCGPGNpOQFQFG PCXGICEKÏPq2CTCGNNQGUPGEGUCTKQSWGGNDQVÏP p5WTIGT[qJC[CUKFQCEVKXCFQ
1
*+09'+5&KG-COGTCOWUUOCPWGNN CWUIGTKEJVGVYGTFGPFCOKVOKVFGO0%# IGCTDGKVGVYGTFGPMCPP
1
016'/CPWCNRTGCFLWUVOGPVQHVJG ECOGTCOWUVDGRGTHQTOGFKPQTFGTVQ EQPVKPWGYQTMKPIYKVJVJG0%#
1
016#.CE½OCTCJCFGQTKGPVCTUG OCPWCNOGPVGCHKPFGRQFGTVTCDCLCTEQP GN0%#
1
*+09'+59GPPFGT2CVKGPVGPVTCEMGTUKEJ CW»GTJCNDFGT-COGTCTGKEJYGKVGDGHKPFGV GTUEJGKPVCWVQOCVKUEJFGT&KCNQIWO #WUTKEJVGPFGT-COGTC
1
016'+HVJGRCVKGPVVTCEMGTKUPQVXKUKDNG HQTVJGECOGTCVJGFKCNQIQPCNKIPKPIVJG 0CXKICVKQP%COGTCCRRGCTUKPVJGJGNR YKPFQY
1
016#'PGNECUQFGSWGGNNQECNKCFQTFG RCEKGPVGUGGPEWGPVTGHWGTCFGNCNECPEG FGNCE½OCTCCRCTGEGCWVQO½VKECOGPVGGN FK½NQIQRCTCQTKGPVCTNCE½OCTC
>0%#KUVPWTFCPPCMVKXYGPPUKEJFCU 0CXKICVKQPUU[UVGOKOd0CXKICVKQPU/QFWUp DGHKPFGV&CWOWUUFKG5EJCNVHNÀEJGd5WTIGT[p CMVKXKGTVUGKP
#WUTKEJVGPFGT0CXKICVKQPUMCOGTC
2TG#NKIPKPIVJG0CXKICVKQP%COGTC
1TKGPVCEKÏPFGNCE½OCTCFGPCXGICEKÏP
2
2
2
(CUUGP5KGFCU(KZKGTIGNGPMØDGTFGT-COGTC NÒUGP5KGFKG)TKHHUEJTCWDGiWPFTKEJVGP5KG FKG0CXKICVKQPUMCOGTCUQCWUFCUUUKGCWHFGP CO2CVKGPVGPDGHGUVKIVGP2CVKGPVGPVTCEMGTGKIV #WHFGO*KNHG(GPUVGTGTUEJGKPVGKPTQVGT2WPMV FGT+JPGPCPIKDVYKGFCU#TDGKVUGPVTWOFGT 0CXKICVKQPUMCOGTCTGNCVKXWO2CVKGPVGPVTCEMGT CPIGQTFPGVKUV
8145+%*6&CU#WUTKEJVGPFGT 0CXKICVKQPU-COGTCPWTCO(KZKGTIGNGPM XQTPGJOGPPKEJVCO-COGTCOQFWNUGNDUV WO$GUEJÀFKIWPIGPFGU0%#WXGT OGKFGP
*QNFVJG#TVKEWNCVGF#TOCDQXGVJG0CXKICVKQP %COGTCNQQUGPVJGUETGYiCPFCFLWUVVJG 0CXKICVKQP%COGTCUQVJCVKVRQKPVUVQVJGRCVKGPV VTCEMGTUGEWTGFQPVJGRCVKGPV#TGFFQVCRRGCTU QPVJGJGNRYKPFQYYJKEJKPHQTOU[QWJQYVJG YQTMEGPVTGQHVJG0CXKICVKQP%COGTCKUCNKIPGFKP TGNCVKQPVQVJGRCVKGPVVTCEMGT
%#76+10#NYC[UJQNFVJG#TVKEWNCVGF#TO 016VJG0CXKICVKQP%COGTCKVUGNHFWTKPI CP[OCPWCNCFLWUVOGPVOQXGOGPVQHVJG 0CXKICVKQP%COGTC1VJGTYKUGVJG0%# ECPDGFCOCIGF
5WLGVGGNDTCQCTVKEWNCFQFGHKLCEKÏPRQTGPEKOCFG NCE½OCTC[CHNQLGGNVQTPKNNQEQPRQOQiCEQP VKPWCEKÏPRQUKEKQPGNCE½OCTCFGPCXGICEKÏPFG OQFQSWGSWGFGQTKGPVCFCJCEKCGNNQECNKCFQTFG RCEKGPVGHKLCFQCNRCEKGPVG'PNCXGPVCPCFGC[WFC CRCTGEGWPRWPVQTQLQSWGNGKPFKECNCHQTOC GPSWGGUV½FKURWGUVQGNEGPVTQFGVTCDCLQFGNC E½OCTCFGPCXGICEKÏPGPTGNCEKÏPEQPGNNQECNKC FQTFGNRCEKGPVG #&8'46'0%+#%QPGNHKPFGGXKVCTFGVG TKQTQUGPGN0%#NCE½OCTCFGPCXGICEKÏP JCFGQTKGPVCTUGOCPKRWNCPFQÖPKECOGPVG GNDTCQCTVKEWNCFQFGHKLCEKÏP[PQGNRTQRKQ OÏFWNQFGNCE½OCTC
*CPFJCDWPI
*CPFNKPI
/CPGLQ
$GYGIGP5KGFKG0CXKICVKQPUMCOGTCOKVFGO (KZKGTIGNGPMUQFCUUFKGUGT2WPMVKO<GPVTWO FGU-QRHGUFGU2CVKGPVGPU[ODQNUNKGIV4GEJVU PGDGPFGT2CVKGPVGPITCHKMGKIVGKPG&CTUVGNNWPI CWUMQPGPVTKUEJGP-TGKUGPFKG1TKGPVKGTWPI FGT0CXKICVKQPUMCOGTCCP$GYGIGP5KGFKG 0CXKICVKQPUMCOGTCUQFCUUCNNG-TGKUGKPGKPGO /KVVGNRWPMVCPIGQTFPGVUKPF$GKMQTTGMVGT #WUTKEJVWPIGTUEJGKPVFCU2CVKGPVGPU[ODQNITØP $GKMQTTGMVGT1TKGPVKGTWPIGTUEJGKPGPFKG-TGKUG GDGPHCNNUITØP 9ÀJTGPFFGU#WUTKEJVGPUFGT-COGTCNGWEJVGVFKG GPVTCNG-QPVTQNNNGWEJVGCPFGT-QPVTQNNVCUVG7 FGU 0%#FKGCPFGTGP.'&UKPFKPCMVKX
#FLWUVVJG0CXKICVKQP%COGTCYKVJVJG#TVKEWNCVGF #TOUQVJCVVJKUFQVKUKPVJGOKFFNGQHVJGJGCF QHVJGRCVKGPVU[ODQN#ITCRJKEQHEQPEGPVTKE EKTENGUVQVJGTKIJVQHVJGRCVKGPVITCRJKEUJQYU VJGQTKGPVCVKQPQHVJG0CXKICVKQP%COGTC/QXG VJG0CXKICVKQP%COGTCUQVJCVCNNVJGEKTENGUCTG CNKIPGFKPCEGPVTCNRQKPV +HCNKIPGFEQTTGEVN[VJGRCVKGPVU[ODQNVWTPUITGGP +HQTKGPVCVKQPKUEQTTGEVVJGEKTENGUCNUQVWTPITGGP &WTKPIRTGCNKIPOGPVVJG%QPVTQN$WVVQP.'&7QH VJG0%#KUQPVJGQVJGTUCTGUYKVEJGFQHH
&GURNCEGNCE½OCTCFGPCXGICEKÏPEQPDTCQ CTVKEWNCFQFGHKLCEKÏPFGOQFQVCNSWGGUVGRWPVQ GUVÅUKVWCFQGPGNEGPVTQFGNCECDGCFGNKEQPQ FGNRCEKGPVG#NCFGTGEJCLWPVQCNIT½HKEQFGN RCEKGPVGWPCTGRTGUGPVCEKÏPOWGUVTCNCQTKGPVC EKÏPFGNCE½OCTCFGPCXGICEKÏPGPEÉTEWNQUEQP EÅPVTKEQU&GURNCEGNCE½OCTCFGPCXGICEKÏPFG OQFQVCNSWGVQFQUNQUEÉTEWNQUGUVÅPQTFGPCFQU GPWPRWPVQEGPVTCN'PECUQFGSWGNCQTKGPVCEKÏP UGCEQTTGEVCGNKEQPQFGNRCEKGPVGCRCTGEGFG EQNQTXGTFG'PECUQFGQTKGPVCEKÏPEQTTGEVCNQU EÉTEWNQUVCODKÅPCRCTGEGPFGEQNQTXGTFG &WTCPVGNCQTKGPVCEKÏPFGNCE½OCTCUGGPEKGPFG NCN½ORCTCRKNQVQEGPVTCNGPGNDQVÏPFGEQPVTQN7 FGN0%#GPVCPVQSWGNQUQVTQUFKQFQUNWOKPQUQU RGTOCPGEGPKPCEVKXQU
(KZKGTGP5KGFKG2QUKVKQPFGT0CXKICVKQPUMCOGTCOKV FGT)TKHHUEJTCWDGi
(KZVJGRQUKVKQPQHVJG0CXKICVKQP%COGTCD[ HCUVGPKPIVJGUETGYiQHVJG#TVKEWNCVGF#TO
(KLGNCRQUKEKÏPFGNCE½OCTCFGPCXGICEKÏPCRTG VCPFQGNVQTPKNNQEQPRQOQi
0CEJ5GMWPFGPDGIKPPVFGT0%#OKVFGT CWVQOCVKUEJGP8GTHQNIWPIFGT2QUKVKQPFGU 2CVKGPVGPVTCEMGTU
1PEGCFLWUVGFVJG0%#UVCTVUCHVGTUGEQPFU VQCWVQOCVKECNN[VTCEMVJGRQUKVKQPQHVJGRCVKGPV VTCEMGT
&GURWÅUFGVTCPUEWTTKTUGIWPFQUGN0%# EQOKGPCCUGIWKTCWVQO½VKECOGPVGNCRQUKEKÏP FGNNQECNKCFQTFGRCEKGPVG
9ÀJTGPFFGU6TCEMKPI/QFWUYGTFGPGZVTGOG 2QUKVKQPGPXQP0%#-COGTCFWTEJFKG.'& 7 8 CPIGGKIV&KG$GFGWVWPIFGTXGTUEJKGFGPGP .'&5KIPCNGYKTFCWHFGPPÀEJUVGP5GKVGP GTNÀWVGTV
&WTKPIVTCEMKPIOQFGVJG5KIPCN.'&U 78 YKNNFKURNC[CP[GZVTGOGRQUKVKQPKPIQHVJG0%# 0CXKICVKQP%COGTC2NGCUGTGHGTVQHQNNQYKPIRCIGU HQTGZRNCPCVKQPQHVJGFKHHGTGPV.'&OQFGU 0%#ECPDGVWTPGFQHHCVCP[VKOGD[D[RTGUUKPI VJG.'&%QPVTQN$WVVQP7
'UVCPFQCEVKXQGNOQFQFGUGIWKOKGPVQNCURQUK EKQPGUGZVTGOCUFGN0%#NCE½OCTCUGKPFKECP EQPNQUFKQFQUNWOKPQUQU 7[8 'PNCUR½IK PCUUKIWKGPVGUUGGZRNKECGNUKIPKHKECFQFGNCU FKHGTGPVGUUGÍCNGUFGNQUFKQFQUNWOKPQUQU
>0%#MCPPLGFGTGKVFWTEJ&TØEMGPFGT -QPVTQNNVCUVG 7CWUIGUEJCNVGVYGTFGP
'NWUWCTKQRWGFGCRCICTGN0%#GPEWCNSWKGT OQOGPVQRWNUCPFQRCTCGNNQGNDQVÏPFGEQPVTQN7
*CPFJCDWPI
*CPFNKPI
/CPGLQ
$GFGWVWPIFGT.'&5KIPCNG
&GUETKRVKQPQH.'&NKIJVUCPFOQFGU
5KIPKHKECFQFGNCUUGÍCNGUFGFKQFQU NWOKPQUQU
#NNG.'&KPCMVKX 0%#KUVCWUIGUEJCNVGV <WO#MVKXKGTGPFGU6TCEMKPI/QFWUOWUUFCU 0CXKICVKQPUU[UVGOKPFGP0CXKICVKQPUOQFWU IGUEJCNVGVUGKP QFGT 0%#FWTEJ&TØEMGPFGU-QPVTQNNUEJCNVGTU7 CMVKXKGTGP
#NN.'&UKPCEVKXG 0%#KUUYKVEJGFQHH +PQTFGTVQCEVKXCVGVJGVTCEMKPIOQFGQH VJG0%#VJG0CXKICVKQP5[UVGOOWUVDG UYKVEJGFQPVQVJGPCXKICVKQPOQFG QT 2WUJVJG%QPVTQN$WVVQP7KPVJGOKFFNG VQUYKVEJ0%#QP
&KGGPVTCNG-QPVTQNN.GWEJVG7NGWEJVGV
1PN[%QPVTQN$WVVQP7KUCEVKXG
&KG0CXKICVKQPUMCOGTCOWUUOCPWGNNCWHFGP 2CVKGPVGPVTCEMGTCWUIGTKEJVGVYGTFGP
#NNG.'&NGWEJVGP 5VÒTWPIUHTGKGT$GVTKGD 0CEJFGOFKG-COGTCOCPWGNNCWUIGTKEJVGVKUV KUVFGT0%#DGVTKGDUDGTGKVWPFYKTFCWVQOCVKUEJ KPFGP6TCEMKPI/QFWUIGUEJCNVGV
'KPGGKPGNPG.'&KUVKPCMVKX >0%#DGHKPFGVUKEJKPGKPGTGZVTGOGP 2QUKVKQP 9ÀJTGPFFGU6TCEMKPI/QFWUUKIPCNKUKGTGPFKG .'&U8GKPGGZVTGOG2QUKVKQPKPFGTGKPGCWVQ OCVKUEJG5VGWGTWPIPKEJVOGJTOÒINKEJKUV +PFKGUGT5KVWCVKQPOWUUFKG2QUKVKQPXQP0%# WPF0CXKICVKQPUMCOGTCFWTEJ0GWCWUTKEJVWPI FGU(KZKGTIGNGPMGUKP4KEJVWPIFGTKPCMVKXGP .'&PGWCWUIGTKEJVGVYGTFGP
0CXKICVKQP%COGTCJCUVQDGOCPWCNN[ CFLWUVGFUQVJCVVJGRCVKGPVVTCEMGTKUXKUKDNG HQTVJGECOGTC
#NN.'&UCEVKXG 'XGT[VJKPIKU1- 1PEGVJGECOGTCKUOCPWCNN[CFLWUVGF VJG0%#KUTGCF[HQTQRGTCVKQPCPFYKNN DGCWVQOCVKECNN[UYKVEJGFQPVQVJG VTCEMKPIOQFG
5KPING.'&KPCEVKXG 0%#KUKPCPGZVTGOGRQUKVKQP 9JKNGVJG0%#KUKPVJGVTCEMKPIOQFGVJG.'& NKIJVU8YKNNUJQYKHVJGWPKVTGCEJGUCPGZVTGOG RQUKVKQP +HVJGGZVTGOGRQUKVKQPJCUDGGPTGCEJGFCFLWUV VJGRQUKVKQPQHVJG0%#CPF0CXKICVKQP%COGTC D[CFLWUVKPIVJG#TVKEWNCVGF#TOKPVJG FKTGEVKQPQHVJGNQUV.'&NKIJV
6QFQUNQUFKQFQUNWOKPQUQUGUV½PKPCEVKXQU 'N0%#GUV½CRCICFQ 2CTCCEVKXCTGNOQFQFGUGIWKOKGPVQGNUKUVGOC FGPCXGICEKÏPVKGPGSWGGUVCTCEVKXCFQGPGN OQFQFGPCXGICEKÏP QDKGP #EVKXGGN0%#RWNUCPFQGNDQVÏPFGEQPVTQN7 .CN½ORCTCRKNQVQEGPVTCN7GUV½GPEGPFKFC *C[SWGQTKGPVCTNCE½OCTCFGPCXGICEKÏP OCPWCNOGPVGJCEKCGNNQECNKCFQTFGRCEKGPVG
6QFQUNQUFKQFQUNWOKPQUQUGUV½PGPEGPFKFQU (WPEKQPCOKGPVQPQTOCN 7PCXGQTKGPVCFCNCE½OCTCOCPWCNOGPVG GN0%#[CGUV½RTGRCTCFQRCTCGNUGTXKEKQ[ UGCEVKXCCWVQO½VKECOGPVGGPGNOQFQFG UGIWKOKGPVQ
7PÖPKEQFKQFQNWOKPQUQGUV½KPCEVKXQ 'N0%#UGGPEWGPVTCRQUKEKQPCFQGPWPGZVTGOQ 'PGNEWTUQFGNOQFQFGUGIWKOKGPVQNQUFKQFQU NWOKPQUQU8KPFKECPWPCRQUKEKÏPGZVTGOCGPNC EWCN[CPQGURQUKDNGGNOCPFQCWVQO½VKEQ 'PGUVCUKVWCEKÏPJC[SWGTGCLWUVCTNCRQUKEKÏP FGN0%#[FGNCE½OCTCFGPCXGICEKÏPTGQTKGP VCPFQGNDTCQCTVKEWNCFQFGHKLCEKÏPGPNC FKTGEEKÏPFGNFKQFQNWOKPQUQKPCEVKXQ
*CPFJCDWPI
*CPFNKPI
/CPGLQ
.'&UdNCWHGPpKO7JTGKIGTUKPP
4WPPKPINKIJVUKPENQEMYKUGFKTGEVKQP
.QUFKQFQUNWOKPQUQUUGCEVKXCPGPGNUGPVKFQFG NCUCIWLCUFGNTGNQL 'N0%#UGGPEWGPVTCGPGNOQFQ5VCPFD[ CJQ TTQFGGPGTIÉC 'PGUGECUQQGNNQECNKCFQT FGRCEKGPVGPQTGUWNVCXKUKDNGRCTCNCE½OCTCQ GNRCEKGPVGJCRGTOCPGEKFQKPOÏXKNFWTCPVGWP VKGORQ 'N0%#UGTGCEVKXCVCPRTQPVQEQOQGNRCEKGPVG UGOWGXGQGNNQECNKCFQTFGRCEKGPVGXWGNXGC TGUWNVCTXKUKDNGCGHGEVQUFGNCE½OCTC
>0%#DGHKPFGVUKEJKO5VCPFD[/QFWU 'PGTIKGURCTGP 'PVYGFGTKUVFGT2CVKGPVGPVTC EMGTHØTFKG-COGTCPKEJVUKEJVDCTQFGTFGT2CVK GPVYWTFGHØTGKPG9GKNGPKEJVDGYGIV >0%#YKTFTGCMVKXKGTVUQDCNFFGT2CVKGPV DGYGIVDYFGT2CVKGPVGPVTCEMGTHØTFKG -COGTCYKGFGTUKEJVDCTYKTF
#NNG.'&DNKPMGP >0%#JCVGKP(WPMVKQPURTQDNGO 9GPPCNNG.'&INGKEJGKVKIDNKPMGPFCPP DGHKPFGVUKEJFGT0%#KPGKPGT2QUKVKQPKP FGTFKG/QVQTGPWXKGN'PGTIKGDTCWEJGPWO FKGUG2QUKVKQPWJCNVGP&KG2QUKVKQPFGU0%# OWUUOKVFGO(KZKGTIGNGPMPGWLWUVKGTVYGTFGP #PUEJNKG»GPFFGP0%#FWTEJ&TØEMGPFGT -QPVTQNNVCUVG7 PGWUVCTVGP
0%#KUKPVJGUVCPFD[OQFGKPQTFGTVQUCXG RQYGT6JGRCVKGPVVTCEMGTKUPQVXKUKDNGQTVJG RCVKGPVYCUPQVOQXGFHQTCYJKNG 0%#TGCEVKXCVGUQPEGVJGRCVKGPVKFGPVKHKGFD[ VJGRCVKGPVVTCEMGTOQXGUCPFQTKUCICKPXKUKDNG D[VJG0CXKICVKQP%COGTC
(QWT.'&NKIJVUDNKPMKPUGSWGPEG 0%#JCUGPEQWPVGTGFCHWPEVKQPKPIRTQDNGO +HVJGHQWT.'&NKIJVUDNKPMCVVJGUCOGVKOGVJG CEVWCNRQUKVKQPQHVJG0%#TGSWKTGUVQQOWEJ RQYGTVQTWPVJGOQVQTU0%#RQUKVKQPOWUVDG TGCFLWUVGFD[OQXKPI#TVKEWNCVGF#TOQPEG TGCFLWUVGFVJG0%#YKNNTGUVCTVD[RTGUUKPIVJG %QPVTQN$WVVQP7
.QUFKQFQUNWOKPQUQUUGGPEKGPFGPFGOCPGTC KPVGTOKVGPVG 'N0%#RTGUGPVCWPRTQDNGOCHWPEKQPCN 'PECUQFGSWGNQUFKQFQUNWOKPQUQUUG GPEKGPFCPFGOCPGTCKPVGTOKVGPVGGN0%#UG GPEWGPVTCGPWPCRQUKEKÏPVCNSWGNQUOQVQTGU TGSWKGTGPOWEJCGPGTIÉCRCTCOCPVGPGTGUVC RQUKEKÏP'UPGEGUCTKQTGCLWUVCTNCRQUKEKÏPFGN 0%#CVTCXÅUFGNDTCQCTVKEWNCFQFGHKLCEKÏP# EQPVKPWCEKÏPJC[SWGTGKPKEKCTGN0%#RWNUCPFQ GNDQVÏPFGEQPVTQN7
4GKPKIWPI&GUKPHGMVKQPWPF 2HNGIG
%NGCPKPI&KUKPHGEVKQPCPF %CTG
.KORKGCFGUKPHGEEKÏP [EQPUGTXCEKÏP
4GKPKIWPI
%NGCPKPI
.KORKGC
2
8145+%*6'UFØTHGPYGFGT9CUUGTPQEJ CPFGTG(NØUUKIMGKVGPKPFCU)GJÀWUGGKP FTKPIGP&KGUMCPPW-WTUEJNWUUQFGT -QTTQUKQPHØJTGP
2
%#76+109CVGTCPFQVJGTNKSWKFUOWUV PGXGTDGCNNQYGFVQRGPGVTCVGKPVQVJG JQWUKPI6JKUECPTGUWNVKPUJQTVEKTEWKVU CPFEQTTQUKQP
2
#&8'46'0%+#&GDGGXKVCTUGNCKPHKN VTCEKÏPFGCIWCQFGQVTQUNÉSWKFQUGPGN KPVGTKQTFGNCECTECUC'UVQRWGFGEQPNNGXCT EQTVQEKTEWKVQUQEQTTQUKÏP
3 2
9#4070)8QTLGFGT4GKPKIWPIOWUUFGT 0%#XQO5VTQOPGVIGVTGPPVYGTFGP
3
9#40+0)6JGWPKVOWUVDGFKUEQP PGEVGFHTQOVJGRQYGTUWRRN[GCEJVKOGKV KUENGCPGFFKUKPHGEVGF
%7+&#&1#PVGUFGNKORKCTGN0%#JC[SWG FGUEQPGEVCTNQUKGORTGFGNCTGFGNÅEVTKEC
2
%#76+10#UCIGPGTCNTWNGFQPQVWUG CP[RTQFWEVURTGFQOKPCPVN[EQPVCKPKPI CNEQJQNUWEJCUJCPFUMKPFKUKPHGEVCPVUQT TCRKFCEVKQPFKUKPHGEVCPVU
3 2
>0%#OWUUTGIGNOÀ»KICWH5CWDGTMGKVØDGT RTØHVYGTFGP'KPG4GKPKIWPIUQNNVGPWTFWTEJ IGHØJTVYGTFGPYGPPUKGPQVYGPFKIKUV'UQDNKGIV FGO#PYGPFGTFKG4GKPKIWPIUKPVGTXCNNGHGUVW NGIGP&KGUMCPPGKPG4GKPKIWPIYÀJTGPFFGU )GDTCWEJUGKPUEJNKG»GP
8145+%*6)GPGTGNNMGKPGCNMQJQN JCNVKIGP2TQFWMVGYKG*ÀPFG*CWVWPF 5EJPGNNFGUKPHGMVKQPUOKVVGNXGTYGPFGP
&KG#W»GPHNÀEJGPFGU)GTÀVGUOKVGKPGO FGUKPHGMVKQPOKVVGNDGHGWEJVGVGPHNWUGP CTOGP'KPOCNVWEJYKUEJGPFTGKPKIGP<WT 9KUEJFGUKPHGMVKQPGORHGJNGPYKTCWUUEJNKG» NKEJ(NÀEJGPFGUKPHGMVKQPUOKVVGNCWHFGT$CUKU XQPSWCTVÀTGP#OOQPKWOXGTDKPFWPIGP MGKPGCNMQJQNKUEJGP-QPGPVTCVGYKG $5EJPGNNFGUKPHGMVKQPUOKVVGN UQYKG 'KPYGIYKUEJXGTHCJTGPCWHFGT$CUKUXQP #OOQPKWOEJNQTKFGP
4GIWNCTN[KPURGEVVJG0%#HQTENGCPNKPGUU6JG 0%#UJQWNFDGENGCPGFQPN[YJGPPGEGUUCT[6JG HTGSWGPE[QHENGCPKPIOWUVDGFGVGTOKPGFD[VJG WUGT6JKUOC[KPENWFGpKPWUGqENGCPKPI
9KRGENGCPVJGGZVGTKQTUWTHCEGUQHVJGFGXKEG YKVJCFKURQUCDNGNQYNKPVENQVJOQKUVGPGFYKVJ FKUKPHGEVCPV(QTYKRGFQYPFKUKPHGEVKQPYG TGEQOOGPFWUKPIQPN[UWTHCEGFKUKPHGEVCPVU DCUGFQPSWCVGTPCT[COOQPKWOEQORQWPFU PQ UQNWVKQPURTGFQOKPCPVN[EQPVCKPKPICNEQJQNUWEJ CUTCRKFCEVKQPFKUKPHGEVCPVU CPFpFKURQUCDNG FKUKPHGEVCPVOGVJQFUqDCUGFQPCOOQPKWO EJNQTKFG
&GDGEQORTQDCTUGRGTKÏFKECOGPVGUKGN0%#GUV½ NKORKQ.CNKORKGCFGDGGHGEVWCTUGUÏNQEWCPFQ UGCPGEGUCTKQ'UTGURQPUCDKNKFCFFGNWUWCTKQ FGVGTOKPCTGNKPVGTXCNQFGNKORKGC'UVQRWGFG KPENWKTWPCNKORKGCFWTCPVGUWWVKNKCEKÏP
#&8'46'0%+#2QTTGINCIGPGTCNPQ WVKNKEGPKPIÖPRTQFWEVQEQPEQPVGPKFQFG CNEQJQNVCNGUEQOQRTQFWEVQURCTCFGU KPHGEEKÏPFGNCUOCPQUFGNCRKGN[RCTC FGUKPHGEEKÏPT½RKFC
.KORKGNCUUWRGTHKEKGUGZVGTKQTGUFGNCRCTCVQHTQ V½PFQNCUEQPWPRCÍQFGUGEJCDNGSWGFGURTGPFC RQECRGNWUCJWOGFGEKFQEQPWPRTQFWEVQFGU KPHGEVCPVG2CTCNCFGUKPHGEEKÏPRQTHTQVCFQTGEQ OGPFCOQUGZENWUKXCOGPVGGNWUQFGRTQFWEVQU RCTCFGUKPHGEEKÏPFGUWRGTHKEKGUCDCUGFGEQO RWGUVQUFGCOQPKQEWCVGTPCTKQ PQWUGRTQFWEVQU EQPCNEQJQNEQPEGPVTCFQEQOQRGLRTQFWEVQU RCTCFGUKPHGEEKÏPT½RKFC CUÉEQOQpRTQEGFKOKGP VQUFGHTQVCFQEQPWPRTQFWEVQFGUGEJCDNGqC DCUGFGENQTWTQFGCOQPKQ
+PUVCPFJCNVWPI
/CKPVGPCPEG
/CPVGPKOKGPVQ
9CTVWPI
/CKPVGPCPEG
/CPVGPKOKGPVQ
2
8145+%*65VGNNGPUKGUKEJGTFCUUCNNG PQVYGPFKIGP5KEJGTJGKVUOC»PCJOGP YÀJTGPFFGT9CTVWPIUCTDGKVGPDGCEJVGV YGTFGPWO$GUEJÀFKIWPIGPQFGT 8GTNGVWPIGPWXGTOGKFGP
2
%#76+10'PUWTGVJCVCNNVJGPGEGUUCT[ UCHGV[OGCUWTGUCTGQDUGTXGFFWTKPIOCKP VGPCPEGYQTMKPQTFGTVQRTGXGPVFCOCIG CPFKPLWTKGU
2
2
8145+%*6-QPVTQNNKGTGP5KGTGIGNOÀ»KI FKG8GTDKPFWPIYKUEJGP5VCVKXWPF (KZKGTIGNGPMDY(KZKGTIGNGPMWPF-COGTC UQYKGFKG8GTUEJTCWDWPIFGU#FCRVGTUWPF UVGNNGP5KGUKEJGTFCUUFKG8GTDKPFWPIGP UKEJPKEJVNÒUGPMÒPPGP
2
%#76+104GIWNCTN[EJGEMVJGEQPPGE VKQPUDGVYGGPVJG#TVKEWNCVGF#TOCPF 0%#CPF0%#CPFVJG0CXKICVKQP%COGTC CPFGPUWTGVJCVVJGEQPPGEVKQPUECPPQV DGEQOGNQQUG
3
9#40+0)6JG0%#OWUVPQVDGQRGT CVGFKHKVKUPQVTGIWNCTN[OCKPVCKPGFCPF KPURGEVGFKPNKPGYKVJVJGURGEKHKECVKQPUCPF IWKFGNKPGUQHVJGTGNGXCPVNCYU
>0%#XGTNCPIVGKPGTGIGNOÀ»KIG9CTVWPIWPF CNNIGOGKPG4QWVKPGØDGTRTØHWPIGPFWTEJFGP $GVTGKDGT#PYGPFGT>CTVKIG9CTVWPIUCTDGKVGP UKPFPQVYGPFKIWOFGPUKEJGTGPGHHGMVKXGPWPF WXGTNÀUUKIGP'KPUCVFGU0%#WIGYÀJTNGKUVGP 5QNEJG#TDGKVGPWPF2TØHWPIGPUKPFWT'KPJCNVWPI FGTPCEJ/2)IGNVGPFGP5VCPFCTFUPQVYGPFKI #NNG PFGTWPIGPWPFQFGT4GRCTCVWTGPKPPGTJCND FGT)CTCPVKGGKVYGTFGPGZMNWUKXXQO*GTUVGNNGT WPF+PXGTMGJTDTKPIGTQFGTFWTEJXQPKJOCWVQ TKUKGTVG&TKVVGFWTEJIGHØJTV0CEJ#DNCWHFGT )CTCPVKGGKVDKVVGPYKT5KG8QTMGJTWPIGPWT &WTEJHØJTWPIFGT9CTVWPIUCTDGKVGPOKVFGOHØT 5KGWUVÀPFKIGP8GTVTGVGTFGU0%#CDWURTGEJGP (ØTFKGUG(ÀNNGUVGJGPURGKGNNG5GTXKEGXGTVTÀIGWT 8GTHØIWPI9KTGORHGJNGPFCJGTHØTFGP0%#GKP /GFKKPRTQFWMVGDWEJOKVWCFGPFWTEJIGHØJTVGP 4GRCTCVWTGPWPF9CTVWPIUCTDGKVGPOKVFGPGPV URTGEJGPFGP+PHQTOCVKQPGPØDGTFKG#TVFGT#TDGKV FKGFWTEJHØJTGPFG(KTOCWPFCPFGTGYGUGPVNKEJG +PHQTOCVKQPGPWHØJTGP
3
9#4070)>0%#FCTHPKEJVDGVTKGDGP YGTFGPYGPPGTPKEJVTGIGNOÀ»KIFGP 8QTICDGPWPF4KEJVNKPKGPFGTIGNVGPFGP )GUGVGGPVURTGEJGPFIGYCTVGVWPF IGRTØHVYKTF
+PUVCPFUGVWPI
&KG+PUVCPFUGVWPIXQPFGHGMVGP)GTÀVGFCTHPWT FWTEJXQP-#4.5614<CWVQTKUKGTVG2GTUQPGP WPFWPVGT8GTYGPFWPIXQP1TKIKPCNVGKNGPGTHQNIGP
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
5GTXKEKPICPFTGRCKT
&GHGEVKXGKVGOUQHGSWKROGPVOWUVDGUGTXKEGFCPF TGRCKTGFGZENWUKXGN[D[RGTUQPUCWVJQTKGFD[WU CNNTGRCKTYQTMOWUVGORNQ[QTKIKPCNRCTVU
'N0%#TGSWKGTGWPOCPVGPKOKGPVQRGTKÏFKEQ[XGTK HKECEKQPGUIGPGTCNGUFGTWVKPCRQTRCTVGFGNWUWC TKQQRGTCFQT'UVQUVTCDCLQUFGOCPVGPKOKGPVQUQP PGEGUCTKQURCTCICTCPVKCTWPCCRNKECEKÏPUGIWTC GHGEVKXC[HKCDNGFGN0%#6CNGUVTCDCLQU[XGTKHKEC EKQPGUUQPPGEGUCTKQURCTCEWORNKTNQUGUV½PFCTGU X½NKFQUUGIÖPNCNG[FGRTQFWEVQUOÅFKEQU 6QFCUNCUOQFKHKECEKQPGU[QTGRCTCEKQPGUFGPVTQ FGNRGTÉQFQFGICTCPVÉCUQPNNGXCFCUCECDQGZENWUK XCOGPVGRQTGNHCDTKECPVG[FKUVTKDWKFQTQRQTVGTEG TQUSWGGNOKUOQJC[CCWVQTKCFQGZRTGUCOGPVG &GURWÅUFGVTCPUEWTTKFQGNRGTÉQFQFGICTCPVÉCNG TQICOQURQPGTUGGPEQPVCEVQEQPUWTGRTGUGPVCPVG FGN0%#CHKPFGVQOCTOGFKFCURCTCNCGLGEWEKÏP FGNQUVTCDCLQUFGOCPVGPKOKGPVQ2CTCGUVQUECUQU GUV½PCFKURQUKEKÏPEQPVTCVQUGURGEKCNGUFG5GTXKEKQ 6ÅEPKEQ2QTGNNQTGEQOGPFCOQUNNGXCTWPNKDTQFG RTQFWEVQUUCPKVCTKQURCTCGNUKUVGOC0%#EQPUKIPCP FQGPVTGQVTCUNCKPHQTOCEKÏPEQTTGURQPFKGPVGCNQU VTCDCLQUFGOCPVGPKOKGPVQ[TGRCTCEKÏPGHGEVWCFQU EQPNCFGUETKREKÏPFGNVKRQFGVTCDCLQNCGORTGUC TGURQPUCDNG[QVTCUKPHQTOCEKQPGUFGKORQTVCPEKC
2 3
#&8'46'0%+#%GTEKÏTGUGFGSWGUG QDUGTXCPVQFCUNCUOGFKFCUFGUGIWTKFCF PGEGUCTKCUFWTCPVGNCGLGEWEKÏPFGNQU VTCDCLQUFGOCPVGPKOKGPVQCHKPFGGXKVCT FCÍQUQNGUKQPGU #&8'46'0%+#%QPVTQNGRGTKÏFKECOGPVG NCEQPGZKÏPGPVTGGNUQRQTVG[GNDTCQ CTVKEWNCFQ[GPVTGGNDTCQCTVKEWNCFQ[ NCE½OCTCCUÉEQOQNCWPKÏPTQUECFC FGNCFCRVCFQT[CUGIÖTGUGFGSWGGUVCU EQPGZKQPGUPQRWGFGPCHNQLCTUG %7+&#&1'NUKUVGOC0%#PQFGDGUGT WVKNKCFQUKPQJCUKFQUQOGVKFQCOCPVGPK OKGPVQ[XGTKHKECEKQPGURGTKÏFKECUEQPHQTOG CNCUKPFKECEKQPGU[FKTGEVKXCUFGNCNGIKUNC EKÏPX½NKFC
4GRCTCEKQPGU
.QUCRCTCVQUCXGTKCFQUUÏNQFGDGT½PUGTTGRCTCFQU RQTRGTUQPCUCWVQTKCFCURQTPWGUVTCGORTGUC[ WVKNKCPFQRKGCUFGTGRWGUVQQTKIKPCNGU
+PUVCPFJCNVWPI
/CKPVGPCPEG
/CPVGPKOKGPVQ
8GTCPVYQTVNKEJMGKV
.KOKVCVKQPQHNKCDKNKV[
4GURQPUCDKNKFCF
)CTCPVKG
9CTTCPV[
)CTCPVÉC
#NU.KGHGTCPVFKGUGU)GTÀVGUDGVTCEJVGVUKEJ -#4.5614<HØTFKG5KEJGTJGKV<WXGTNÀUUKIMGKV WPF.GKUVWPIFGU+PUVTWOGPVUPWTFCPPCNU XGTCPVYQTVNKEJYGPP /QPVCIG'TYGKVGTWPI0GWGKPUVGNNWPIGP PFGTWPIGPQFGT4GRCTCVWTGPFWTEJXQP -#4.|5614<CWVQTKUKGTVG2GTUQPGPFWTEJIGHØJTV YGTFGPWPFFCU+PUVTWOGPVKP¸DGTGKPUVKOOWPI OKVFGT)GDTCWEJUCPYGKUWPIXGTYGPFGVYKTF
(ØTFKG&CWGTXQPYGK,CJTGPCD¸DGTICDG CPFGP'PFMWPFGPNGKUVGPYKTWPGPVIGNVNKEJ 'TUCVHØTPCEJYGKUDCTHGJNGTJCHVGU/CVGTKCN QFGTOCPIGNJCHVG8GTCTDGKVWPI6TCPURQTVMQUVGP WPF8GTUCPFTKUKMQMÒPPGPFCDGKPKEJVØDGT PQOOGPYGTFGP+O ¸DTKIGP IKNV FKG KP WPUGTGP #NNIGOGKPGP ) GUEJÀHVUDGFKPIWPIGPCPIGIGDGPG )GYÀJTNGKUVWPI $KVVGFKGCPJÀPIGPFG)CTCPVKGMCTVGCWHFGTNGVVGP 5GKVGCWUHØNNGPWPFOÒINKEJUVWOIGJGPFWTØEM UEJKEMGPCP -#4.5614<)OD*%Q-) 2QUVHCEJ &6WVVNKPIGP
(QTVYQ[GCTUCUQHFGNKXGT[VQVJGGPFEWUVQOGT YGCITGGVQTGRNCEGVJGIQQFUHTGGQHEJCTIGKH RTQQHECPDGRTQXKFGFQHHCWNV[OCVGTKCNUQTHCWNV[ YQTMOCPUJKR+PFQKPIUQYGECPPQVCEEGRVVJG EQUVQHVTCPURQTVCVKQPQTVJGTKUMQHUJKROGPV6JG YCTTCPV[TGHGTTGFVQKPQWT5VCPFCTF%QPFKVKQPUQH $WUKPGUUUJCNNCRRN[
%QOQRTQXGGFQTGUFGGUVGKPUVTWOGPVQÖPKEC OGPVGPQUEQPUKFGTCOQUTGURQPUCDNGUFGNCUGIW TKFCFNCHKCDKNKFCF[NCURTGUVCEKQPGUFGNOKUOQGP ECUQFGSWG 'NOQPVCLGCORNKCEKQPGUTGCLWUVGUOQFKHKECEKQPGU QTGRCTCEKQPGUUGTGCNKEGPGZENWUKXCOGPVGCECTIQ FGNCURGTUQPCUCWVQTKCFCURQT-#4.|5614<[ GNKPUVTWOGPVQUGWVKNKEGGPEQPEQTFCPEKCEQPGN /CPWCNFGKPUVTWEEKQPGU
-#4.5614<)OD*%Q-) 2QUVHCEJ 6WVVNKPIGP)GTOCP[
&WTCPVGGNRGTÉQFQFGFQUCÍQUCRCTVKTFGNC HGEJCFGGPVTGICCNENKGPVGHKPCNRTQEGFGOQUC NCTGRQUKEKÏPITCVWKVCRQTHCNVCUEQORTQDCFCU FGNOCVGTKCNQCECDCFQUFGHGEVWQUQU0QPQU JCEGOQUECTIQFGNQUICUVQUFGVTCPURQTVGPK PQUTGURQPUCDKNKCOQUFGNTKGUIQFGGPXÉQ2QT NQ FGO½U TKIG NC ICTCPVÉC GURGEKHKECFC GPPWGUVTCU EQPFKEKQPGUIGPGTCNGUFGGPVTGIC 4QICOQUTGNNGPGPNCVCTLGVCFGICTCPVÉCCFLWPVC SWGCRCTGEGGPNCÖNVKOCR½IKPCGPXK½PFQNCNQ CPVGURQUKDNGC -#4.5614<)OD*%Q-) 2QUVHCEJ 6WVVNKPIGP#NGOCPKC
'KIGPOÀEJVKIG4GRCTCVWTGPWPF PFGTWPIGP CO|+PUVTWOGPVFWTEJPKEJVCWVQTKUKGTVG2GTUQPGP GPVDKPFGPWPUXQPLGINKEJGT*CHVWPIHØTFKG $GVTKGDUU KEJGTJGKVFGU+PUVTWOGPVGU9ÀJTGPF FGT|)CTCPVKGGKVGTNKUEJVFCFWTEJLGINKEJG )GYÀJTNGKUVWPI
1RGPKPIVJGGSWKROGPVQTRGTHQTOCPEGQHCP[ TGRCKTUQTOQFKHKECVKQPUVQVJGGSWKROGPVD[WPCW VJQTKGFRGTUQPUUJCNNTGNGCUGWUHTQOCP[NKCDKNKV[ HQTKVURGTHQTOCPEG#P[UWEJQRGPKPITGRCKTQT OQFKHKECVKQPRGTHQTOGFFWTKPIVJGYCTTCPV[RGTKQF UJCNNXQKFCNNYCTTCPV[
%WCNSWKGTTGRCTCEKÏPQOQFKHKECEKÏPGPGNKPUVTW OGPVQRQTRCTVGFGRGTUQPCUPQCWVQTKCFCUPQU GZKOGFGEWCNSWKGTTGURQPUCDKNKFCFGPTGNCEKÏPEQP NCUGIWTKFCFFGHWPEKQPCOKGPVQFGNKPUVTWOGPVQ %WCNSWKGTOCPKRWNCEKÏPPQCWVQTKCFCTGUEKPFKT½NC ICTCPVÉC
4KEJVNKPKGPMQPHQTOKVÀV
&KTGEVKXGEQORNKCPEG
%QPHQTOKFCFEQPNCUFKTGEVKXCU
&KGUGU/GFKKPRTQFWMVKUVPCEJFGT/GFKECN&GXKEG &KTGEVKXG /&& ''%OKV%'-GPPGKEJGP XGTUGJGP+UVFGO%'-GPPGKEJGPGKPG-GPP 0WOOGTPCEJIGUVGNNVYGKUVFKGUGFKGWUVÀPFKIG DGPCPPVG5VGNNGCWU
6JKUOGFKECNRTQFWEVDGCTUVJG%'OCTMKPCEEQT FCPEGYKVJVJG/GFKECN&GXKEG&KTGEVKXG /&& ''%#EQFGPWODGTCHVGTVJG%'|OCTMKPFK ECVGUVJGTGURQPUKDNGPQVKHKGFDQF[
'UVGRTQFWEVQOÅFKEQGUV½RTQXKUVQFGNUÉODQNQ %'UGIÖPNC/GFKECN&GXKEG&KTGEVKXG /&& %''5KCNUÉODQNQ%'NGUKIWGWPPÖOGTQFG KFGPVKHKECEKÏPFKEJQPÖOGTQFGUKIPCGNQTICPKUOQ PQVKHKECFQEQORGVGPVG
0CEJ/GFKECN&GXKEG&KTGEVKXG /&& /GFKKPRTQFWMVFGT-NCUUG+
-#4.5614<)OD*%Q-)UJCNNDGNKCDNG HQTHCKNWTGQTFGVGTKQTCVKQPKPVJGUCHGQRGTCVKQP QRGTCVKQPCNTGNKCDKNKV[CPFRGTHQTOCPEGQHVJKU GSWKROGPVQPN[UWDLGEVVQVJGEQPFKVKQPUVJCVCNN CUUGODN[U[UVGOGZRCPUKQPUTGCFLWUVOGPVU OQFKHKECVKQPUQTTGRCKTUVQUCOGJCXGDGGP RGTHQTOGFD[-#4.5614<CPFVJCVVJG KPUVTWOGPVJCUDGGPWUGFKPCEEQTFCPEGYKVJKVU QRGTCVKPIKPUVTWEVKQPUCVCNNVKOGU
2NGCUGHKNNQWVVJGCVVCEJGFYCTTCPV[ECTFQPVJG NCUVRCIGCPFTGVWTPKVCUUQQPCURQUUKDNGVQ
#EEQTFKPIVQ/GFKECN&GXKEG&KTGEVKXG /&& 6JKUOGFKECNRTQFWEVDGNQPIUVQ%NCUU+
5GIÖP/GFKECN&GXKEG&KTGEVKXG /&& 2TQFWEVQOÅFKEQFGNITWRQ+