SeaLife ECOshot Handleiding
SeaLife
Fotocamera
ECOshot
Lees hieronder de 📖 handleiding in het Nederlandse voor SeaLife ECOshot (164 pagina's) in de categorie Fotocamera. Deze handleiding was nuttig voor 80 personen en werd door 2 gebruikers gemiddeld met 4.5 sterren beoordeeld
Pagina 1/164
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5GNGEVVJGKOCIG[QWYCPVVQFGNGVGYKVJVJG DWVVQPUVJGPRTGUUVJGS T W X
1-DWVVQP
6JGKOCIG[QWŏXGLWUVUGNGEVGFJCUDGGPFGNGVGF
#UCUJQTVEWV[QWECPFGNGVGCP[KOCIGYJKNGKP2NC[DCEMOQFGD[RWUJKPIVJG
UJWVVGTDWVVQP6JKUYKNNFKURNC[VJG=&GNGVG6JKU2KEVWTG!?OGUUCIG
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3URWHFWLQJ,PDJHV9LGHR&OLSV
5GVVJGFCVCVQTGCFQPN[VQRTGXGPVKOCIGUHTQODGKPIGTCUGFD[OKUVCMG
2TQVGEVKPI+OCIGU
2TGUUVJG= ?DWVVQP
6JG NCUV TGEQTFGF KOCIG CRRGCTU
QPVJG.%&OQPKVQT
5GNGEV VJG KOCIG VJCV [QW YCPV VQ
RTQVGEVYKVJVJG DWVVQPUW X
2TGUUVJG DWVVQPS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPU
VJGPRTGUUVJG DWVVQP1-
5GNGEV =5KPING? QT =#NN? YKVJ VJG S T
DWVVQPUVJGPRTGUUVJG DWVVQP1-
5GNGEV =5GV? YKVJ VJG DWVVQPUS T
VJGPRTGUUVJG DWVVQP1-
2TGUUEQPVKPWQWUN[VJG DWVVQPVQW
TGVWTPVQVJGRNC[DCEMOQFG
6JG RTQVGEV KEQP = ? KU FKURNC[GF
YKVJVJGRTQVGEVGFKOCIG
9JGP =#NN?JCU DGGPUGNGEVGF = ?
KUFKURNC[GFYKVJCNNVJGKOCIGU
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6Q%CPEGNVJG2TQVGEVKQP
6QECPEGNRTQVGEVKQPHQTQPN[QPGKOCIGFKURNC[VJGKOCIGVJCV[QWYCPVVQTGOQXG
VJGKOCIGRTQVGEVKQP
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPUHTQOVJGRNC[DCEMOGPWVJGPRTGUUVJG1-
DWVVQP
5GNGEV=5KPING?QT=#NN?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
5GNGEV=%CPEGN?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
2TGUUEQPVKPWQWUN[VJG DWVVQPVQTGVWTPVQVJGRNC[DCEMOQFG6JGTGOQXCNW
QHKOCIGRTQVGEVKQPJCUDGGPGZGEWVGF
2TQVGEVKPI5GNGEVGF+OCIGU
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPUHTQOVJGRNC[DCEMOGPWVJGPRTGUUVJG1-
DWVVQP
5GNGEV=5GNGEV?YKVJVJG DWVVQPUVJGPRTGUUVJG DWVVQPS T 1-
6JGKOCIGUCTGFKURNC[GFKPVJGVJWODPCKNFKURNC[
5GNGEVVJGKOCIG[QWYCPVVQRTQVGEVYKVJVJGST W XDWVVQPUVJGPRTGUUVJG
1-DWVVQP
+H[QWYCPVVQECPEGNVJGRTQVGEVKQPQHUGNGEVGFKOCIGTGURGEVKXGN[HQNNQYVJGUVGRU
OGPVKQPGFKP CDQXGVQUGVő6Q%CPEGNVJG2TQVGEVKQPŒ
(QTOCVVKPI CP 5& OGOQT[ ECTF QXGTTKFGU RTQVGEVKQP CPF GTCUGU CNN KOCIGU
TGICTFNGUUQHVJGKTRTQVGEVGFUVCVWU
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&21(&KIKVCN2TKPV1TFGT(QTOCVCNNQYU[QWVQGODGFRTKPVKPIKPHQTOCVKQPQP[QWT
OGOQT[ECTF$[WUKPI&21([QWECPUGNGEVCPKOCIGVQDGRTKPVGFCPFVJGPURGEKH[
JQYOCP[RTKPVUQTYJKEJKOCIG[QWYQWNFNKMG6CMG[QWTOGOQT[ECTFVQC&21(
GPCDNGF RTKPVGT VJCV CEEGRVU OGOQT[ ECTFU 6JG &21(ECTFEQORCVKDNG RTKPVGT
YKNN TGCF VJG GODGFFGF KPHQTOCVKQP QP VJG OGOQT[ ECTF CPF RTKPV [QWT KOCIGU CU
URGEKſGF
2TGUUVJG= ?DWVVQP
5GNGEV VJG KOCIGVJCV [QW YCPV VQUGV
&21(YKVJVJG DWVVQPUW X
2TGUUVJG DWVVQPS
6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=&21(?YKVJVJG DWVVQPUS T
CPFRTGUUVJG DWVVQP1-
6JG &21( UGVVKPI UETGGP KU
FKURNC[GF
5GNGEV =5KPING?QT =#NN? YKVJ VJG S T
DWVVQPUCPFRTGUUVJG DWVVQP1-
5KPING 5GVU &21( HQT GCEJ
KPFKXKFWCNKOCIG
#NN 5GVU &21( HQT CNN KOCIGU CV
QPEG
5GNGEV =2TKPV 0WO? YKVJ VJG S T
DWVVQPUCPFRTGUUVJG DWVVQP1-
6JKU FKURNC[U VJG PWODGT QH RTKPVU
UGVVKPIUETGGP
5GVVJGPWODGTQHRTKPVUYKVJVJG
ST
DWVVQPUCPFRTGUUVJG DWVVQP1-
;QWECPUGVWRVQRTKPVUHQTGCEJ
KOCIG
5GNGEV =&CVG 2TKPV? YKVJ VJG
S T
DWVVQPUCPFRTGUUVJG DWVVQP1-
6JGFCVGUGVVKPIUETGGPCRRGCTU
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5GNGEV=1P?QT=1HH?YKVJVJG DWVVQPUCPFRTGUUVJG DWVVQPS T 1-
1P6JGFCVGQHVJGRJQVQITCRJYKNNCNUQDGRTKPVGF
1HH6JGFCVGQHVJGRJQVQITCRJYKNNPQVDGRTKPVGF
5GNGEV=2TKPV'PCDNG?YKVJVJG DWVVQPUCPFRTGUUVJG DWVVQPS T 1-
5GNGEV='ZGEWVG?YKVJVJG DWVVQPUCPFRTGUUVJG DWVVQPS T 1-
6JKUETGCVGUCſNGEQPVCKPKPIVJG&21(KPHQTOCVKQPCPFYJGPVJGQRGTCVKQPKU
ſPKUJGFRTGUUVJG DWVVQPEQPVKPWQWUN[VQTGVWTPVQVJGRNC[DCEMOQFGW
6JG &21( KEQP = ? KU FKURNC[GF
QP GCEJ KOCIG VJCV JCU &21(
UGVVKPIU
6JGFCVGVJCVKURTKPVGFQPVJGRJQVQKUVJGFCVGUGVQPVJGECOGTC6QRTKPVVJG
EQTTGEVFCVGQPVJGRJQVQUGVVJGFCVGQPVJGECOGTCDGHQTG[QWRJQVQITCRJVJG
KOCIG4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő5GVVKPIVJG&CVGCPF6KOGŒHQTHWTVJGT
FGVCKNU
$GHQTG[QWRGTHQTOVJG&21(UGVVKPIUQP[QWTECOGTCCNYC[UTGOGODGTVQEQR[
[QWTKOCIGUHTQOVJGKPVGTPCNOGOQT[VQCP5&OGOQT[ECTFſTUV
;QWECPPQVRTKPVOQXKGU
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UVGRVJGſIWTGUJQYPQPVJGTKIJVJCPF
UKFGYKNNCRRGCT
5GNGEV VJG OWNVK KOCIGU VJCV [QW
YCPV VQ RTKPV UKOWNVCPGQWUN[ YKVJ
VJG DWVVQPUW X
5GNGEV VJG =2TKPV 0WO? WR VQ
YKVJVJG DWVVQPUS T
#HVGT UGNGEVKPI VJG FGUKTGF KOCIG
CPFRTKPVKPIPWODGTRTGUUVJG 1-
DWVVQPVQEQPſTO
5GNGEV =2TKPV? YKVJ VJG S T
DWVVQPU CPF RTGUU VJG DWVVQP1-
VQUVCTVRTKPVKPI
6JGRTKPVKPIUVCTVUCPFVJGſIWTGUJQYP
QPVJGTKIJVJCPFUKFGCRRGCTU
6JG =%QORNGVG? YKNN DG FKURNC[GF
VGORQTCTKN[TGOKPFKPI[QWVJCVVJG
RTKPVKPIRTQEGFWTGKUſPKUJGF
+HCRTKPVGTTQTKUFGVGEVGFVJG=2TKPV
'TTQT?YKNNDGFKURNC[GF
6JGKOCIGRTKPVKPIOC[HCKNKHVJGRQYGTVQVJGECOGTCKUEWVQHH
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7$.,1*81'(5:$7(53,&785(6
4GCFCPFWPFGTUVCPFVJGKPUVTWEVKQPUEQPVCKPGFKPVJKUOCPWCNDGHQTGWUKPIVJG
ECOGTCWPFGTYCVGT
&QPQVGZEGGFVJGFGRVJTCVKPIOCTMGFQPVJGECOGTCQTVJGECOGTCOC[NGCM
(QNNQY VJGUG KORQTVCPV 1TKPI ECTG KPUVTWEVKQPU QT VJG YCVGTRTQQH ECOGTC OC[
NGCM
+PURGEVCPFENGCP1TKPICPF1TKPIEQPVCEVUWTHCEGUHQTUCPFJCKTCPFQVJGT
FGDTKUDGHQTGGXGT[WUG
+PURGEV1TKPICPF1TKPIEQPVCEVUWTHCEGUHQTFCOCIGEWVUUETCVEJGUVGCTU
ETCEMU FGPVU CPF CP[ QVJGT KORGTHGEVKQPU 4GRNCEG1TKPI QTJCXG ECOGTC
UGTXKEGF KH VJG 1TKPI QT 1TKPI EQPVCEV UWTHCEGU CTG FCOCIGF &Q PQV WUG
ECOGTC KH 1TKPI QT 1TKPI EQPVCEV UWTHCEGU CTG FCOCIGF 4GRNCEGOGPV 1
TKPIUCTGCXCKNCDNGCV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
/CMG UWTG 1TKPI KU EQORNGVGN[ UGCVGF KPVQ 1TKPI ITQQXG DGHQTG UGCNKPI
DCVVGT[FQQT1TKPIOWUVPQVDGVYKUVGFYJGPUGCVGFKPVJG1TKPIITQQXG
%CTGHWNN[HQNNQY 1TKPI TGOQXCN CPFKPUVCNNCVKQP KPUVTWEVKQPUEQPVCKPGF KPVJKU
OCPWCN
4GRNCEG1TKPIGXGT[[GCTVQGPUWTGRTQRGTUGCN1PN[WUGCRRTQXGF5GC.KHG
1TKPIFGUKIPGFHQTVJGECOGTC
5QCMCPFTKPUGECOGTCKPHTGUJYCVGTCHVGTGCEJWUG7UGENGCPUQHVENQVJVQ
FT[JQWUKPI5VQTGECOGTCQPN[CHVGTECTGHWNENGCPKPICPFYJGPVQVCNN[FT[
%CTGHWNN[ENQUGYCVGTRTQQHFQQTVQUGCNECOGTC
/CMGUWTG1TKPIFQGUPQVUNKRQWVQHVJGITQQXGYJGPUGCNKPI
/CMGUWTGVJGTGCTGPQQDUVTWEVKQPUVJCVRTGXGPVYCVGTRTQQHFQQTHTQOUGCNKPI
RTQRGTN[
0GXGTNGVCP[OQKUVWTGQTFKTVIGVKPUKFGECOGTCYJGPQRGPKPI
(QTITGCVWPFGTYCVGTRKEVWTGU[QWPGGF
%NGCT YCVGT EQPFKVKQPUEQPVTQN [QWTDWQ[CPE[ DGHQTGVCMKPI RKEVWTGU IGV CU
ENQUGCURQUUKDNGVQUWDLGEVKFGCNFKUVCPEGKUŏVQŏ
7UG5GC.KHG'ZVGTPCN(NCUJVQGPJCPEGEQNQTUCPFTGFWEGDCEMUECVVGT
5VQTGECOGTCCVTQQOVGORGTCVWTGKPCENGCPCPFFT[RNCEG
&QPQVGZRQUGECOGTCVQFKTGEVUWPNKIJVHQTRTQNQPIGFRGTKQFUQHVKOG
&QPQVUVQTGECOGTCKPGZVTGOGJKIJVGORGTCVWTGUUWEJCUVJGVTWPMQH[QWT
ECT
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0DLQWDLQLQJDZDWHUSURRIVHDO
+ORQTVCPV
&Q016NWDTKECVG1TKPI
%CTGHWNN[ KPURGEV CPF ENGCP 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU DGHQTG GCEJ
WPFGTYCVGTWUG
+H 1TKPI PGGFU VQ DG TGRNCEGF EQPVCEV [QWT NQECN 5GC.KHG FGCNGT QT XKUKV YYY
UGCNKHGECOGTCUEQOVQNQECVGFCFGCNGTPGCT[QW
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0DLQWDLQLQJDZDWHUSURRIVHDO
'XGT[5GC.KHGECOGTCKUVGUVGFHQTSWCNKV[CPFCYCVGTRTQQHUGCN+VKU[QWTTGURQPUKDKNKV[
VQRTQRGTN[ECTGHQTVJG1TKPICPF1TKPIEQPVCEVUWTHCEGUVQOCKPVCKPCYCVGTRTQQH
UGCN%CTGHWNN[HQNNQYVJGUGKORQTVCPV1TKPIECTGKPUVTWEVKQPU0QVHQNNQYKPIVJGUGECTG
KPUVTWEVKQPUOC[ECWUGVJGECOGTCVQNGCMCPFXQKF[QWTYCTTCPV[
%CTGHWNN[ EWVUKPURGEV 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU HQT FCOCIG
UETCVEJGUVGCTUETCEMUFGPVUCPFCP[QVJGTKORGTHGEVKQPU DGHQTGGXGT[WUG
4WD ſPIGT CNQPI 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU VQ KPURGEV HQT FCOCIG
4GRNCEG1TKPIQTJCXGECOGTCUGTXKEGFKHVJG1TKPIQT1TKPIEQPVCEVUWTHCEGU
CTGFCOCIGF&QPQVWUGECOGTCKH1TKPIQT1TKPIEQPVCEVUWTHCEGUCTGFCOCIGF
4GRNCEGOGPV1TKPIUCTGCXCKNCDNGCV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
+PURGEVCPFTGRNCEG1TKPIKHFCOCIGF#%WV$6GCT%&GPV
%CTGHWNN[ KPURGEVCPF HQT UCPF JCKTENGCP1TKPI CPF1TKPI EQPVCEVUWTHCEGU
CPFQVJGTFGDTKU DGHQTGGXGT[WUG
+PURGEV CPF ENGCP 1TKPI CPF 1TKPI EQPVCEV UWTHCEG HQT JCKT QT ſDGTU CPF
5CPF5CNVQTFGDTKU
/CMGUWTG1TKPIKUEQORNGVGN[UGCVGFKPVQ1TKPIITQQXGDGHQTGUGCNKPIJQWUKPI
1TKPIOWUVPQVDGVYKUVGFYJGPUGCVGFKPVJGQTKPIITQQXG
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4GRNCEG1TKPIGXGT[[GCTVQGPUWTGRTQRGTUGCN1PN[WUGCRRTQXGF5GC.KHG1
TKPIKVGO5.FGUKIPGFHQTVJKUECOGTC4GRNCEGOGPV1TKPIUCTGCXCKNCDNG
CV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
#HVGTGCEJWUGWPFGTYCVGT
C 5QCMUGCNGFECOGTCKPHTGUJYCVGTHQTCDQWVOKPWVGU/QUVFKXGDQCVUQHHGT
URGEKCNHTGUJYCVGTDWEMGVU URGEKſECNN[HQT WPFGTYCVGTRJQVQ GSWKROGPV&1
016 RWVECOGTC KP HTGUJ YCVGT FGUKIPGFHQT QVJGT FKXG GSWKROGPVNKMGFKXG
OCUM DGECWUG VJCV YCVGT OC[EQPVCKP FGVGTIGPVU YJKEJCTG JCTOHWN VQVJG
ECOGTC
D 2WUJCNNVJGEQPVTQNDWVVQPUUGXGTCNVKOGUYJKNGECOGTCKUUQCMKPIVQENGCPQWV
CP[UCNVYCVGTUCPFQTFKTVVJCVJCUCEEWOWNCVGFFWTKPIWUCIG
E 7UGENGCPUQHVENQVJVQ FT[ECOGTC;QWCPFVJGECOGTCOWUVDG FT[DGHQTG
QRGPKPIYCVGTRTQQHFQQT
6QRTQVGEV[QWT5GC.KHGECOGTCHTQOCDWKNF
WR QH OQKUVWTG KPUGTV C /QKUVWTG /WPEJGT
s
KVGO 5. KPVQ VJG DCVVGT[ EQORCTVOGPV
FWTKPI UVQTCIG 4GRNCEG /QKUVWTG /WPEJGT
YJGP VJG ECRUWNG VWTPU RKPM 6Q QTFGT
OQTGEQPVCEVC5GC.KHG&GCNGT(QTCNKUVQH
FGCNGTUXKUKVYYYUGCNKHGECOGTCUEQO
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6Q WUGCPPQPUJCTRQDLGEVNKMGCETGFKVECTFVQNKHVWR1TKPICVQPGTGOQXG1TKPI
QHVJGEQTPGTU
6Q+PUVCNN1TKPIECTGHWNN[RWUJ1TKPIKPVQITQQXGOCMKPIUWTGVQCNKIPVJGUJCRGQH
VJGQTKPIYKVJVJGUJCRGQHVJGITQQXG$GECTGHWNPQVVQVYKUVVJG1TKPI
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6JGFGƀGEVQTKUQPN[WUGFKPEQODKPCVKQPYKVJVJGQRVKQPCNGZVGTPCNƀCUJCEEGUUQT[
KVGO5.&+V YKNNFGƀGEVVJGECOGTCŏUƀCUJVQ VJG GZVGTPCNƀCUJNKIJVUGPUQT
YJKEJYKNNVJGPſTGVJGGZVGTPCNƀCUJ
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4GHGT VQ KPUVTWEVKQP OCPWCN RTQXKFGF YKVJ QRVKQPCN GZVGTPCN ƀCUJ HQT FGVCKNGF
KPUVTWEVKQPUCPFVTQWDNGUJQQVKPIVKRUQPWUKPIVJGQRVKQPCNGZVGTPCNƀCUJ
5GG[QWTNQECN5GC.KHG FGCNGTQTXKUKVYYYUGCNKHGECOGTCUEQO VQNQECVG FGCNGT
PGCT[QW
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6JKU FGƀGEVQTECP CFCRV VJGQRVKQPCN(NCUJ.KPM QRVKECN ECDNGKVGO5. 6JG
QRVKECN ECDNG KU TGEQOOGPFGF VQ GPUWTG VJCV VJG GZVGTPCN ƀCUJ ſTGU KP CNN NKIJV
EQPFKVKQPU
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9KVJGPFQHECDNGRQKPVKPICVVJGECOGTCŏUƀCUJNKIJVN[VKIJVGP#NNGPUETGYYKVJYTGPEJ
RTQXKFGFWPVKNECDNGKUUGEWTG
%CWVKQP&Q016QXGTVKIJVGPUETGY
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8VLQJDQGFOHDQLQJFDPHUDXQGHUZDWHU
'PVGTKPIVJGYCVGTYKVJECOGTC
&QPQVLWORKPVQVJGYCVGTYKVJECOGTCKP[QWTJCPF*CXGUQOGQPGJCPF[QWVJG
ECOGTCCHVGT[QWJCXGGPVGTGFVJGYCVGT
(QTVKRUQPVCMKPIRKEVWTGUUGG ő)TGCV7PFGTYCVGT2KEVWTGU/CFG'CU[Œ
#HVGTWUKPIECOGTCWPFGTYCVGT
$GHQTGGPVGTKPIFKXGDQCVJCPFVJGECOGTCVQUQOGQPGQPVJGDQCV
/CMGUWTGVJGUGCNGFECOGTCKURNCEGFKPCHTGUJYCVGTVCPMCXCKNCDNGQPOQUVFKXG
DQCVU6JKUYKNNENGCPVJGUCNVYCVGTHTQOVJGECOGTCCPFRTGXGPVUVJGUCNVYCVGT
HTQOFT[KPIQPVJGECOGTCCPF1TKPI0GXGTNGVUCNVYCVGTFT[QPVJGECOGTC5CNV
ET[UVCNUECPFCOCIGVJG1TKPINGPUCPFCVVTCEVOQKUVWTG&T[ECOGTCYKVJENGCP
UQHVVQYGNCHVGTTGOQXKPIHTQOHTGUJYCVGTVCPM
&QPQVGZRQUGECOGTCVQFKTGEVUWPNKIJVŌMGGRKPCUJCFGFCTGCQTWPFGTCFT[
VQYGN
+VKUPQVTGEQOOGPFGFVQQRGPYCVGTRTQQHFQQTYJKNGQPVJGFKXGDQCV#NNQYKPI
JWOKFCKTVQGPVGTVJGECOGTCOC[ECWUGHQIIKPI
+H[QWOWUVQRGPVJGECOGTCYJKNGQPVJGFKXGDQCVOCMGUWTG[QWCPFVJGECOGTC
CTGRGTHGEVN[FT[DGHQTGQRGPKPIVJGYCVGTRTQQHFQQT&QPQVCNNQYVJGKPUKFGQHVJG
ECOGTCVQIGVYGV
%NGCPKPIECOGTCCHVGTWUG
6JGUGCNGFECOGTCOWUVDGVJQTQWIJN[ENGCPGFYKVJHTGUJYCVGTDGHQTGQRGPKPI
0GXGTNGVUCNVYCVGTFT[QPECOGTC5CNVET[UVCNUOC[FCOCIGVJG1TKPINGPUCPF
CVVTCEVOQKUVWTG
0GXGTNGVYCVGTFTQRUFT[QPNGPU9KRGNGPUFT[YKVJENGCPEQVVQPENQVJ
$GHQTGQRGPKPIECOGTCGXGT[VJKPIKPENWFKPI[QWTJCPFUJGCFCPFUWTTQWPFKPI
CTGCOWUVDGVQVCNN[FT[*CXGCFT[VQYGNJCPF[
2TGRCTGECOGTCHQTUVQTCIG
$GHQTGUVQTKPIVJGECOGTCTGOQXGDCVVGTKGU5&ECTFCPFMGGRKPCENGCPFT[CTGC
/CMGUWTGVJGECOGTCCPFCP[CEEGUUQTKGUCTGENGCPCPFFT[DGHQTGUVQTCIG
0GXGT UVQTG ECOGTC KP FKTGEV UWPNKIJV QT KP C FCTM FCOR CTGC 6JG CKTVKIJV
WPDTGCMCDNG5GC.KHG4GGH/CUVGT&T[%CUG+VGO5.KUJKIJN[TGEQOOGPFGF
CNQPI YKVJQ\DCIU QH 5GC.KHG/QKUVWTG/WPEJGT &GUKEECPV+VGO / HQT
VTCXGNCPFUVQTCIG
6Q RTQVGEV [QWT 5GC.KHG ECOGTC HTQO DWKNF WR QH OQKUVWTG KPUGTV C /QKUVWTG
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6CMKPIWPFGTYCVGTRKEVWTGU KUOWEJFKHHGTGPVVJCVVCMKPINCPF RKEVWTGU*GTGCTG VJG
OQUVKORQTVCPVVKRUVQVCMKPIITGCVRKEVWTGUWPFGTYCVGT
%T[UVCN%NGCTYCVGT
%T[UVCN %NGCT YCVGT KU GUUGPVKCN HQT IQQF WPFGTYCVGT RKEVWTGU 4GOGODGT VJG
JWOCP G[G ECP UGG OQTG FGVCKN VJCP C ECOGTC +P QVJGT YQTFU [QWT G[GU UGG
VJGYCVGTCUDGKPIENGCTGTVJCPKVCEVWCNN[KU(NQCVKPIRCTVKENGUNKMGCNICGCPFUKNV
ECWUGNQYXKUKDKNKV[#XQKFUVKTTKPIWRVJGUCPF[DQVVQOYKVJ[QWTſPU6JGUGƀQCVKPI
RCTVKENGU ECWUG UOCNN URQVU VQ CRRGCT KP [QWT RKEVWTG MPQYP CU őDCEMUECVVGTŒ
#NYC[UTGOGODGTVQNKOKV[QWTUJQQVKPIFKUVCPEGVQQHVJGYCVGTXKUKDKNKV[(QT
GZCORNGKHVJGXKUKDKNKV[KUHGGVO[QWUJQWNFMGGR[QWTUJQQVKPIFKUVCPEG
VQYKVJKPHGGVOKPHGGVOXKUKDKNKV[[QWUJQWNFDGPQHWTVJGTVJCPHGGV
EOCYC[HTQO[QWTUWDLGEV
5VC[YKVJKPVJGKFGCNUJQQVKPIFKUVCPEGQHVQHGGV
6JGKFGCNUJQQVKPIFKUVCPEGKUDGVYGGPVQHGGVVQOGVGTU6JKUFKUVCPEG
YKNNTGUWNVKPFGVCKNGFEQNQTHWNRKEVWTGU4GOGODGTVJCVNKIJVFQGUPQVVTCXGNXGT[HCT
WPFGTYCVGTUQVJGENQUGT[QWCTGVQ[QWTUWDLGEVVJGOQTGEQNQTHWNVJGRKEVWTGUYKNN
DG(QTDGUVOQUVEQNQTHWNRKEVWTGUYGCFXKUGWUKPIVJGQRVKQPCN5GC.KHG'ZVGTPCN
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&CFWTEJMÑPPVGPFCU)GJ¼WUGWPF6GKNGKO+PPGTGPDGUEJ¼FKIVYGTFGP
YCUYKGFGTWOGKPGP$TCPFXGTWTUCEJGPMCPP
6TGPPGP5KGXQTFGO6TCPURQTVFGT-COGTCCNNG-CDGNCD
#PFGTGPHCNNUMÑPPGPFKG-CDGNDGUEJ¼FKIVYGTFGPYQFWTEJ$TCPFWPF
5VTQOUEJNCIIGHCJTGPVUVGJV
&'
+LQZHLVH]XU9HUZHQGXQJGHV$NNXV
9GPP 5KG GKPGP #MMW XGTYGPFGP UQNNVGP 5KG FKG PCEJHQNIGPFGP *KPYGKUG WPF
5KEJGTJGKVUCPYGKUWPIGPUQTIH¼NVKIFWTEJNGUGPWPFFKGUGUVTGPIDGHQNIGP
8GTYGPFGP5KGPWTFGPHQNIGPFGP##$CVVGTKGQFGT#MMWV[R
z 5GC.KHG 0KEMGN/GVCNNJ[DTKF#MMWU 0K/* $GHQNIGP 5KG IGPCW FKG
#PYGKUWPIGP \WO .CFGP FGU #MMWU &KG 8GTYGPFWPI XQP #MMWU KUV
MQUVGPGHſ\KGPVWPFWOYGNVUEJQPGPF
z .KVJKWO$CVVGTKGP .KVJKWODCVVGTKGP JCNVGP CO N¼PIUVGPUKPF CDGT UGJT VGWGT
WPFPKEJVYKGFGTCWƀCFDCT
z *KIJ'PGTI[#NMCNKDCVVGTKGP
$GPWV\GP5KG$CVVGTKGP WPF#MMWUPKEJVKPUGJTMCNVGP7OIGDWPIGPFCUKEJFKG
.GDGPUFCWGTFGT $CVVGTKGPWPF #MMWUDGK PKGFTKIGP6GORGTCVWTGP XGTM×T\VWPF
FCOKVFKG.GKUVWPIUH¼JKIMGKVFGT-COGTCXGTTKPIGTVYKTF
0CEJ GKPGT N¼PIGTGP <GKV WPWPVGTDTQEJGPGT $GPWV\WPI FGT -COGTC QFGT FGU
$NKV\GUMCPPUKEJ FGT#MMW YCTOCPH×JNGP'UJCPFGNV UKEJJKGTDGKPKEJVWOGKPG
(GJNHWPMVKQP
0CEJN¼PIGTGTWPWPVGTDTQEJGPGT$GPWV\WPIMCPPUKEJFKG-COGTCYCTOCPH×JNGP
'UJCPFGNVUKEJJKGTDGKPKEJVWOGKPG(GJNHWPMVKQP
0GJOGP5KG FGP#MMWJGTCWUYGPP FKG -COGTC ×DGTGKPGP N¼PIGTGP<GKVTCWO
PKEJVDGPWV\VYKTFWOGKP#WUNCWHGPQFGT -QTTQFKGTGPFGU#MMWU KPFGT-COGTC
\WXGTOGKFGP
#EJVGP5KGKOOGTFCTCWHFCUUFKG-QPVCMVGUCWDGTUKPF
'PVUQTIGP5KG$CVVGTKGPWPF#MMWUGPVURTGEJGPFFGP#PYGKUWPIGP
&'
+LQZHLVH]XU:DVVHUIHVWLJNHLW
.GIGP5KGFKG-COGTCPKTIGPFYQFKTGMVKPFGP5CPF
&CFKG-COGTCKO9CUUGTPCEJWPVGPUKPMVUQNNVGP5KGUKGYGPPUKGKOQFGTKPFGT
0¼JGXQP9CUUGTDGPWV\VYKTFKOOGTCO*CPFIGNGPMDGHGUVKIVVTCIGP
> 14KPI CWU 5KNKMQP FGT UKEJ KO &GEMGN FGU YCUUGTHGUVGP )GJ¼WUGU
DGſPFGVOWUUKOOGTICP\UCWDGTUGKP.GUGP5KGUKEJWPDGFKPIVFKGYKEJVKIGP
2ƀGIGCPYGKUWPIGPH×TFKG14KPIGFWTEJ
2T×HGP5KGKOOGTGTUVQDFCU)GJ¼WUGTKEJVKIIGUEJNQUUGPKUVDGXQT5KGOKVFKG
-COGTCCPGKPGP1TVOKVPGJOGPCPFGTUKGOKVITQ²GT9CJTUEJGKPNKEJMGKVHGWEJV
QFGTUEJOWV\KIYGTFGPMCPP\$WPVGT9CUUGTQFGTCO5VTCPF9CUUGT5CPF
WPF5EJOWV\KPFGT-COGTCMCPP\W(GJNHWPMVKQPGPFGT-COGTCH×JTGP9KUEJGP
5KG8GTUEJOWV\WPIGPWPF9CUUGTUQUEJPGNNYKGOÑINKEJXQPFGT-COGTCCD
©HHPGP5KGFCU$CVVGTKG5&-CTVGPHCEJOÑINKEJUVPKEJVCO5VTCPFQFGTCO/GGT
9GEJUGNP 5KG FKG $CVVGTKGP#MMWU QFGT FKG 5RGKEJGTMCTVG GTUV CWU YGPP FKG
-COGTCXQNNUV¼PFKIIGVTQEMPGVKUVWPFCEJVGP5KGFCTCWHFCUU+JTG*¼PFGVTQEMGP
UKPF9GEJUGNP5KGFKG$CVVGTKGP#MMWUQFGTFKG5RGKEJGTMCTVGPKEJVCWUYGPPFKG
-COGTCHGWEJVQFGTUEJOWV\KIYGTFGPMCPP
9GPPFKG-COGTCUGJTUEJOWV\KIKUVQFGTKO/GGTDGPWV\VYWTFGUEJCNVGP5KG
UKGCWURT×HGP5KGQDFCU)GJ¼WUGFKEJVXGTUEJNQUUGPKUVWPFNCUUGP5KGDKU
/KPWVGPNCPI6TKPMYCUUGTFCT×DGTNCWHGPQFGTNGIGP5KGFKG-COGTCH×TFKGUGP
<GKVTCWOKPGKP$GJ¼NVGTOKVUCWDGTGO6TKPMYCUUGT
#EJVGP5KGFCTCWHFCUUMGKPG5QPPGPETGOGWPF5QPPGPÑNCWHFKG-COGTCIGNCPIGP
FC FCFWTEJ FKG 1DGTƀ¼EJG GPVH¼TDV YGTFGP MCPP 5QNNVG FQEJ ©N CWH FKG -COGTC
IGNCPIGPOWUUFKGUGUUQHQTVOKVYCTOGO9CUUGTCDIGYCUEJGPYGTFGP
&KGYCUUGTHGUVGP'KIGPUEJCHVGPDG\GKJGPUKEJPKEJVCWHFCU-COGTC\WDGJÑT
&'
,QKDOW
'+0(¯*470)
¯DGTUKEJV
2CEMWPIUKPJCNV
+56&+'-#/'4#
#PUKEJVXQPXQTPG
#PUKEJVXQPJKPVGP
5[ODQNGCWHFGO.%&/QPKVQT
814$'4'+6'0&'4-#/'4#
'KPUGV\GPFGT$CVVGTKGP#MMWU
'KPUGV\GPWPF*GTCWUPGJOGPFGT5&-CTVGQRVKQPCNGU<WDGJÑT
$GHGUVKIGPFGU-COGTCDCPFU
'456'5%*4+66'
'KP#WUUEJCNVGPFGT-COGTC
'KPUVGNNGPFGT5RTCEJG
'KPUVGNNGPXQP&CVWOWPF7JT\GKV
(QTOCVKGTGPFGUKPVGTPGP5RGKEJGTUWPFFGT5&5RGKEJGTMCTVG
#7(0#*/'/1&75
(QVQITCſGTGP)TWPFNCIGP
'KPUVGNNGPFGT$KNFCWƀÑUWPIWPF$KNFSWCNKV¼V
&KG<QQOHWPMVKQP
'KPUVGNNGPFGT5EJ¼THG
'KPUVGNNGPFGU$NKV\GU
$GPWV\GPFGU$NKV\GUKOGZVGTPGP$NKV\OQFWU
>5GNDUVCWUNÑUGT
'KPUVGNNGPFGT$GNKEJVWPI'8
'KPUVGNNGPFGU9GK²CDINGKEJU
'KPUVGNNGPFGU9GK²CDINGKEJUKO/GGT/QFWU
'KPUVGNNGPFGUOCPWGNNGP9GK²CDINGKEJU
#WUY¼JNGPFGU/QVKXOQFWU
>5RKQP/QFWU
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9+'&'4)#$'/1&75)470&.#)'0
9KGFGTIGDGPXQP$KNFGTP
8GTITѲGTPXQP$KNFGTP
#P\GKIGPXQP/KPKCVWTDKNFGTP
9KGFGTIGDGPCNU&KCUEJCW
8+&'1/1&75
#WHPGJOGPXQP8KFGQENKRU
9KGFGTIGDGPXQP8KFGQENKRU
9+'&'4)#$'/1&75'49'+6'46'(70-6+10'0
.ÑUEJGPXQP$KNFGTP8KFGQENKRU
5EJ×V\GPXQP$KNFGTP8KFGQENKRU
'KPUVGNNGPFGT&21((WPMVKQP
#PUEJNKGUUGPCPGKPGP2KEVDTKFIGMQORCVKDNGP&TWEMGT
#7(0'*/'0810706'49#55'4$+.&'40
5KEJGTUVGNNGPFGT&KEJVJGKV
'KPUGV\GPWPF'PVHGTPGPFGU&KEJVTKPIU
+PUVCNNKGTGPFGU&GƀGMVQTU
$GPWV\GPWPF4GKPKIGPFGT-COGTCWPVGT9CUUGT
)GNWPIGPG7PVGTYCUUGTHQVQUOCEJGP
¯$'464#)'0 810 '+'0 810 &'4 &+)+6#.-#/'4# #7( &'0
%1/276'4
5EJTKVV5EJNKG²GP5KGFKG&KIKVCNMCOGTCCPFGP%QORWVGTCP
5EJTKVV.CFGP5KGFKG$KNFGTQFGT8KFGQENKRUJGTWPVGT
+056#..+'4'0&'4$'#4$'+670)551(69#4'
+PUVCNNKGTGPXQP2JQVQ'ZRNQTGT
+PUVCNNKGTGPXQP2JQVQ'ZRTGUU
8'49'0&'0&'4&+)+6#.'0(161-#/'4##.52%-#/'4#
5EJTKVV+PUVCNNKGTGPFGU2%-COGTCVTGKDGTU
5EJTKVV5EJNKG²GP5KGFKG&KIKVCNMCOGTCCPFGP%QORWVGTCP
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/'0¯126+10'0
/GP×ő-COGTCŒ
/GP×ő8KFGQCWUICDGŒ
/GP×ő9KGFGTICDGŒ
/GP×ő5GVWRŒ
52'<+(+-#6+10'0
('*.'4$'*'$70)
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(,1)¶+581*
¶EHUVLFKW
/KV+JTGTPGWGPYCUUGTWPFUVQ²HGUVGP&KIKVCNMCOGTCMCPPFCU#DGPVGWGTCWHFGO
.CPFWPFWPVGT9CUUGTDGIKPPGP&KG-COGTCKUVOKVFGTPGWGUVGP&KIKVCNVGEJPQNQIKG
CWUIGUVCVVGV 5KG OCEJV XKGNGU CWVQOCVKUEJ WPF KUV GKPHCEJ \W DGPWV\GP 5KG DKGVGV
+JPGP GKPKIG GKP\KICTVKIG (WPMVKQPGP OKV FGPGP 5KG DGUVKOOV +JTG (TGWFG JCDGP
YGTFGP
.CPF5GCs$GNKEJVWPIUOQFK
5RG\KGNNG $GNKEJVWPIUOQFK H×T JGNNG
HCTDGPHTQJG7PVGTYCUUGTDKNFGTFKG5KG
OKV GKPGO GZVGTPGP $NKV\ 'ZV $NKV\
QFGTQJPG$NKV\/GGTCWHPGJOGP
52+10/QFWU
&KG -COGTC PKOOV CWVQOCVKUEJ
GKPG 5GTKG XQP $KNFGTP KP \WXQT
GKPIGUVGNNVGP+PVGTXCNNGPCWH
/GICRKZGN
> JQEJ CWƀÑUGPFG %%&5GPUQT
DKGVGV /GICRKZGN H×T GKPG
JGTCWUTCIGPFG$KNFSWCNKV¼V
#WVQOCVKUEJGT$NKV\
'KP CWVQOCVKUEJGT $NKV\UGPUQT
GTOKVVGNVCWVQOCVKUEJ FKG
7OIGDWPIUNKEJVDGFKPIWPIGP WPF
NGIVHGUVQDFGT$NKV\FC\WIGUEJCNVGV
YKTF
Œ.625.%&(CTDOQPKVQT
&KIKVCN\QQOHCEJ
/$KPVGTPGT5RGKEJGT
/$\WO5RGKEJGTPXQP$KNFGTP
(×T FKG #WHPCJOG FGT $KNFGT YKTF
MGKPG5RGKEJGTMCTVGDGPÑVKIV
7PVGTUV×V\V5&5RGKEJGTMCTVGPDKU
)$
'ORHQJNGP YGTFGP 5&-CTVGP FGT
/CTMGP 5CP&KUM 2CPCUQPKE WPF
6QUJKDC
75$#PUEJNWUU75$MQORCVKDGN
5KG MÑPPGP (QVQU 8KFGQENKRU WPF
6QPCWHPCJOGP×DGTFCU75$-CDGN
CWHFGP%QORWVGT×DGTVTCIGP
&21((WPMVKQP
5KG MÑPPGP &TWEMKPHQTOCVKQPGP CWH
+JTGT 5RGKEJGTMCVG URGKEJGTP FKG
-CTVG KP GKPGP &21(MQORCVKDNGP
&TWEMGT GKPUGV\GP WPF FKG $KNFGT
CWUFTWEMGP
2KEV$TKFIG(WPMVKQP
5KGMÑPPGPFKG-COGTCFKTGMVCPGKPGP
&TWEMGT CPUEJNKG²GP FGT 2KEV$TKFIG
WPVGTUV×V\V 5KG MÑPPGP FCPP FGP
&TWEMXQTICPI FKTGMV ×DGT FGP .%&
/QPKVQTFGT-COGTCUVGWGTP
/QVKXOQFK
5KG MÑPPGP H×T FKG HQNIGPFGP
#WHPCJOGDGFKPIWPIGP GKPGP FGT
XQTGKPIGUVGNNVGP /QFK Y¼JNGP
#WVQOCVKUEJ 5RQTV 0CEJV 2QTVTCKV
.CPFUEJCHV )GIGPNKEJV /GGT 'ZV
$NKV\WPF5RKQP
$KNFDGCTDGKVWPIUUQHVYCTG 2JQVQ
'ZRNQTGT2JQVQ'ZRTGUU
5KG MÑPPGP +JTG (QVQU OKV FGT
$KNFDGCTDGKVWPIUUQHVYCTG CWH FGO
%QORWVGTXGTDGUUGTPWPFTGVQWEJKGTGP
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3DFNXQJVLQKDOW
2CEMGP5KGFKG6GKNGXQTUKEJVKICWUWPFRT×HGP5KGQDFKGHQNIGPFGP6GKNGGPVJCNVGP
UKPF(CNNU GVYCUHGJNGPPKEJVRCUUGPQFGT DGUEJ¼FKIV UGKPUQNNVGYGPFGP5KGUKEJ
WOIGJGPFCP+JTGP*¼PFNGT
#NNIGOGKPG2TQFWMVMQORQPGPVGP
&KIKVCNMCOGTC
6TCIGDCPF
-COGTCVCUEJG
###NMCNKDCVVGTKGP
6TQEMGPOKVVGNMCRUGN
$GPWV\GTJCPFDWEJ
75$-CDGN
5QHVYCTG%&41/
&GƀGMVQTH×TFCUQRVKQPCNG$NKV\\WDGJÑT
'TUCV\FKEJVTKPI6GKN5.
¯DNKEJGU<WDGJÑTQRVKQPCN
5&5RGKEJGTMCTVG
###MMWU
5GC.KHG/KPK9GKVYKPMGNQDLGMVKX6GKN5.
5GC.KHG&KIKVCNDNKV\6GKN5.&
/QKUVWTG/WPEJGTs6TQEMGPMCRUGNP
'KPGXQNNUV¼PFKIG.KUVGFGUIGUCOVGPQRVKQPCNGP<WDGJÑTUGTJCNVGP5KGDGKGKPGO
CWVQTKUKGTVGP5GC.KHG*¼PFNGTQFGTCWHFGT9GDUKVGYYY5GC.KHGECOGTCUEQO
&CU OKVIGNKGHGTVG<WDGJÑTWPF \WIGUKEJGTVG2TQFWMVMQORQPGPVGPJ¼PIGP XQO
*¼PFNGTCD
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$QVLFKWYRQKLQWHQ
2HGKNVCUVG.KPMUW
5GNDUVCWUNÑUGTVCUVG
2HGKNVCUVG1DGPS
6CUVG/'07
6CUVG1-
'KP#WU6CUVG&KIKVCN\QQOVCUVG
9KGFGTICDGVCUVG
2HGKNVCUVG4GEJVUX
$NKV\VCUVG
2HGKNVCUVG7PVGPT
/1&'6CUVG
*CNVGTWPIH×T6TCIGDCPF
(CUUWPIH×T&TGKDGKPUVCVKX
.%&/QPKVQT
(QMWUUEJCNVGT
/CMTQOQFWU
0QTOCNOQFWU
5VCVWUCP\GKIG.'&
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6\PEROHDXIGHP/&'0RQLWRU
-COGTCOQFWU
#P\GKIG H×T KPVGTPGP 5RGKEJGT5&
5RGKEJGTMCTVG
= ? 5VCVWUFGUKPVGTPGP5RGKEJGTU
= ? 5VCVWUFGT5&5RGKEJGTMCTVG
.CFGUVCVWUFGT$CVVGTKGP#MMWU
= ? $CVVGTKGP#MMWUXQNN
= ? $CVVGTKGP#MMWUJCNDXQNN
= ? $CVVGTKGP#MMWUHCUVNGGT
= ? $CVVGTKGP#MMWUNGGT
$NKV\OQFWU
= ? #WVQOCVKUEJ.GGT
= ? 8QTDNKV\
= ? $NKV\#P
= ? $NKV\#WU
= ? 0CJCWHPCJOGDNKV\
= ? (GTPCWHPCJOGDNKV\
(QMWUDGTGKEJ
#WƀÑUWPI
= ? Z
= ? Z
= ? Z
= ? Z
#P\CJNOÑINKEJGT#WHPCJOGP
3WCNKV¼V
= ? (GKP
= ?5VCPFCTF
= ? 'EQ
&CVWOWPF7JT\GKV
5GNDUVCWUNÑUGTU[ODQN
= U ? 5GM
= U ? 5GM
= U? 5GM
9CTPU[ODQNDGK8GTYCEMGNP
= ? $GNKEJVWPIUMQTTGMVWT
#
9GK²CDINGKEJ
= ? #WVQOCVKUEJ.GGT
= ? 5QPPG
= ? 9QNMGP
= ? )N×JNKEJV
= ? 0GQPNKEJV
= ? /CPWGNN
=HVO?'PVHGTPWPI WPVGT 9CUUGT
IGTKPIGTCNUHVO
= HVO?'PVHGTPWPI WPVGT 9CUUGT
OGJTCNUHVO
(QMWUOQFWU
= ? /CMTQ
= ? 0QTOCN
/QVKXOQFWU
= ? #WVQOCVKUEJ#
= ? 5RQTV
= ? 0CEJV
= ? 2QTVTCKV
= ? .CPFUEJCHV
= ? $GNGWEJVWPI
= ? /GGT
= ? 'ZV$NKV\
= ? 5RKQP
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8KFGQOQFWU
8KFGQOQFWU
/ÑINKEJG#WHPCJOGFCWGT
5&5RGKEJGTMCTVGPU[ODQN
YGPPGKPIGUGV\V
$CVVGTKG#MMWNCFGUVCPF
(QMWUDGTGKEJ
$KNFYKGFGTICDG
9KGFGTICDGOQFWU
5&5RGKEJGTMCTVGPU[ODQN
YGPPGKPIGUGV\V
$CVVGTKG#MMWNCFGUVCPF
9KGFGTICDGKPHQTOCVKQPGP
8KFGQYKGFGTICDG
9KGFGTICDGOQFWU
8KFGQOQFWU
)GUCOVG#WHPCJOGFCWGT
5&5RGKEJGTMCTVGPU[ODQN
YGPPGKPIGUGV\V
$CVVGTKG#MMWNCFGUVCPF
9KGFGTICDGU[ODQN
9KGFGTICDGKPHQTOCVKQPGP
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925%(5(,7(1'(5.$0(5$
(LQVHW]HQGHU%DWWHULHQ$NNXV
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-COGTCCWUDGXQT5KGFKG$CVVGTKGP#MMWUGKPUGV\GPQFGTJGTCWUPGJOGP
'PVUKEJGTP5KGFGP4KGIGNWPFÑHHPGP
5KG FGP YCUUGTFKEJVGP &GEMGN UKGJG
#DDKNFWPI
©HHPGP5KGFCU$CVVGTKGHCEJWPFNGIGP
5KG FKG $CVVGTKGP TKEJVKI IGRQNV KP FCU
(CEJUKGJG#DDKNFWPI
5EJNKG²GP 5KG FCU $CVVGTKGHCEJ WPF
FGPYCUUGTFKEJVGP&GEMGNWPFUKEJGTP
5KGFGP4KGIGN
7O FKG $CVVGTKGP#MMWU
JGTCWU\WPGJOGP UEJCNVGP 5KG
\WGTUVFKG -COGTCCWUJCNVGP 5KG
UKGOKV FGOYCUUGTFKEJVGP &GEMGN
\WT5GKVGWPFÑHHPGP5KGFCPPFGP
&GEMGN
9KEJVKI ©HHPGP 5KG FGP
YCUUGTFKEJVGP&GEMGNGTUVFCPP
YGPP UQYQJN +JTG *¼PFG CNU
CWEJ FKG-COGTC ICP\VTQEMGP
UKPF
.CUUGP 5KG FKG $CVVGTKGP#MMWU
PKEJV DGKO ©HHPGP FGU $CVVGTKG
#MMWHCEJUPKEJVJGTWPVGTHCNNGP
9GPP 5KG FGP YCUUGTFKEJVGP
&GEMGN DGKO ©HHPGP FGT
-COGTC UGKVNKEJ JCNVGP
MÑPPGP MGKPG 9CUUGTVTQRHGP
KP FKG GNGMVTQPKUEJGP $GTGKEJG
IGNCPIGP
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=XEHKÐU
&KG&KIKVCNMCOGTCXGTH×IV×DGTGKPGPKPVGTPGP5RGKEJGTXQP/$/$FCXQP\WO
5RGKEJGTP FGT #WHPCJOGP CWH FGO FKG (QVQU WPF 8KFGQENKRU IGURGKEJGTV YGTFGP
MÑPPGP&KG5RGKEJGTMCRC\KV¼VN¼UUVUKEJLGFQEJOKVGKPGTQRVKQPCNGP5&5RGKEJGTMCTVG
GTYGKVGTPUQFCUUPQEJOGJT#WHPCJOGPIGURGKEJGTVYGTFGPMÑPPGP
5EJCNVGP 5KG FKG -COGTC CWU DGXQT
5KGGKPG5RGKEJGTMCTVGGKPUGV\GPQFGT
JGTCWUPGJOGP
©HHPGP 5KG FGP YCUUGTFKEJVGP &GEMGN
WPFFCPPFGP$CVVGTKG#MMWHCEJFGEMGN
5GV\GP 5KG FKG 5&5RGKEJGTMCTVG KP
FGP5VGEMRNCV\UKGJG#DDKNFWPI
5EJNKG²GP 5KG FCU $CVVGTKG#MMWHCEJ
WPF FCU 5&5RGKEJGTMCTVGPHCEJ WPF
UKEJGTP5KGFGP4KGIGN
9GPP 5KG FKG 5&5RGKEJGTMCTVG
JGTCWUPGJOGP OÑEJVGP O×UUGP
5KG \WP¼EJUV FKG -COGTC
CWUUEJCNVGP 9GPP 5KG NGKEJV CWH
FGP 4CPF FGT 5&-CTVG FT×EMGP
YKTFUKGCWUIGYQTHGP
9KEJVKI 'U YKTF GORHQJNGP 5RGKEJGTMCTVGP FGT /CTMGP UCPFKUM 2CPCUQPKE QFGT
6QUJKDC OKV GKPGT 5RGKEJGTMCRC\KV¼V XQP DKU \W )$ \W XGTYGPFGP $GK CPFGTGP
/CTMGPWPF5&5RGKEJGTMCTVGPMCPPFKG-QORCVKDKNKV¼VWPF(WPMVKQPOKVFGT-COGTC
PKEJVICTCPVKGTVYGTFGP
5KGMÑPPGPGKPG5&5RGKEJGTMCTVGGTUVFCPP
XGTYGPFGPYGPPUKGOKVFKGUGT&KIKVCNMCOGTC
HQTOCVKGTV YWTFG 'KPG CWUH×JTNKEJG
$GUEJTGKDWPI ſPFGP 5KG KO #DUEJPKVV
ő(QTOCVKGTGPFGUKPVGTPGP5RGKEJGTUQFGT
GKPGT5&5RGKEJGTMCTVGŒ
&COKV YGTVXQNNG &CVGP PKEJV CWU 8GTUGJGP
XQP FGT 5&5RGKEJGTMCTVG IGNÑUEJV YGTFGP
MÑPPGP5KGFGP5EJTGKDUEJWV\TKGIGNFGTUKEJ
CPFGT 5GKVG FGT 5&5RGKEJGTMCTVG DGſPFGV
KPFKG2QUKVKQPő.1%-ŒUEJKGDGP
9GPP5KG&CVGPCWHGKPGT5&5RGKEJGTMCTVG
URGKEJGTPDGCTDGKVGPQFGTNÑUEJGPOÑEJVGP
O×UUGP 5KG FGP 5EJTGKDUEJWV\TKGIGN YKGFGT
GPVHGTPGP
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%HIHVWLJHQGHV.DPHUDEDQGV
$GHGUVKIGP5KGFCU-COGTCDCPFGPVURTGEJGPFFGT#DDKNFWPI
/('$Q]HLJHQ
(CTDG 5VCVWU 9¼JTGPFFGT#WHPCJOG 9¼JTGPF FGT 8GTDKPFWPI
OKVGKPGO2%
)T×P .GWEJVGV #WHPCJOGDGTGKV 5[UVGODGTGKV
)T×P $NKPMV -COGTCITGKHVCWH&CVGKGP\W
$NKV\YKTFIGNCFGP
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1RVKQP =9GK²CDINGKEJ? WPF FT×EMGP
5KGFCPPCWHFKG 6CUVG1-
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DKUFKG-COGTCCPKUV
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5KGFCPPCWHFKG 6CUVG1-
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= ? #WVQOCVKUEJ 9¼JNGP 5KG FKGUGP /QFWU H×T #WHPCJOGP FKG 5KG UEJPGNN#
WPFQJPGXKGNG8QTGKPUVGNNWPIGPOCEJGPOÑEJVGP
= ? 5RQTV 9¼JNGP5KGFKGUGP/QFWUH×T#WHPCJOGPXQP1DLGMVGPFKG
UKEJUEJPGNNDGYGIGP
= ? 0CEJV 9¼JNGP5KGFKGUGP/QFWUH×T#WHPCJOGPFKG5KGKO&WPMGNP
KO(TGKGPOCEJGPOÑEJVGP
= ? 2QTVTCKV 9¼JNGP5KG FKGUGP /QFWUH×TFKG#WHPCJOG XQP 2GTUQPGPFKG
UKEJUEJCTHXQTGKPGOWPUEJCTHGP*KPVGTITWPFCD\GKEJPGPUQNNGP
= ? .CPFUEJCHV 9¼JNGP 5KG FKGUGP /QFWU H×T #WHPCJOGP OKV FGT
'PVHGTPWPIUGKPUVGNNWPI 7PGPFNKEJ H×TUEJCTHG -QPVWTGP WPF
GKPGJQJG(CTDU¼VVKIWPI
= ? $GNGWEJVWPI 9¼JNGP 5KG FKGUGP /QFWU H×T #WHPCJOGP DGK FGPGP FCU
#WHPCJOGQDLGMVKO)GIGPNKEJVUVGJV
= ? /GGT 9¼JNGP5KGFKGUGP/QFWUYGPP5KG7PVGTYCUUGTCWHPCJOGP
1*0'GKPGPGZVGTPGU$NKV\\WDGJÑTOCEJGPOÑEJVGP
= ? 'ZV$NKV\ 9¼JNGP5KGFKGUGP/QFWUYGPP5KG7PVGTYCUUGTCWHPCJOGP
OKVGZVGTPGO$NKV\\WDGJÑTOCEJGPOÑEJVGP
= ? 5RKQP 9¼JNGP5KGFKGUGP/QFWUH×TGKPG5GTKGXQP#WHPCJOGPFKG
KPGKPGOHGUVIGNGIVGP+PVGTXCNNCWHIGPQOOGPYGTFGP
&T×EMGP5KGUQNCPIGCWHFKG
1-6CUVG
DKUFKG-COGTCCPKUV
>-COGTCOQFWU5VCPFCTFXQTUEJCW
YKTFCPIG\GKIV
&T×EMGP5KGCWHFKG6CUVG S
&CU/GP×=#WHPCJ?YKTFCPIG\GKIV
9¼JNGP5KGOKV FGP6CUVGP FKGS T
1RVKQP=5\GPG/QFWU?WPFFT×EMGP5KG
FCPPCWHFKG 6CUVG1-
9¼JNGP 5KG OKV FGP 6CUVGP S T
GKPGP /QVKXOQFWU CWU WPF FT×EMGP
5KGCWHFKG 6CUVG1-
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVG W
&'
'HU6SLRQ0RGXV
/KVFKGUGO/QFWUMÑPPGP5KGGKPG5GTKGXQP(QVQUKPGKPGO\WXQTGKPIGUVGNNVGP+PVGTXCNN
OCEJGP&KGUGT/QFWUKUVP×V\NKEJWO\$GKPGP5QPPGPCWHQFGT5QPPGPWPVGTICPI
\W HQVQITCſGTGP UQFCUU 5KG UKEJ UR¼VGT FCU DGUVG $KNF CWU FGT 5GTKG CWUY¼JNGP
MÑPPGP 'T KUVP×V\NKEJ WO DGKO (QVQITCſGTGP PKEJV XQO #WHPCJOGQDLGMV GPVFGEMV
\W YGTFGP \$ XQP UEJGWGP 6KGTGP (×T UQNEJG#WHPCJOGP YKTF GORHQJNGP GKP
MQORCMVGU5VCVKX\WXGTYGPFGP
&T×EMGP5KGCWHFKG6CUVGT/1&'WO
\WO#WHPCJOGOQFWU\WYGEJUGNP
C &T×EMGP5KG CWH FKG 6CUVG S
DWVVQP
D 9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP=5\GPG/QFWU?WPFFT×EMGP
5KGFCPPCWHFKG 6CUVG1-
E 9¼JNGP5KGOKV FGP6CUVGPS T
FKG1RVKQP=5RKQP?WPFFT×EMGP5KG
FCPPCWHFKG 6CUVG1-
F 9¼JNGP5KGOKV FGP6CUVGPS T
GKPGP +PVGTXCNN CWU WPF FT×EMGP
5KGCWHFKG 6CUVG1-
G &T×EMGP 5KG CWH FKG 6CUVGW WO
FCU/GP×\WDGGPFGP
4KEJVGP 5KG FKG -COGTC CWH FCU
#WHPCJOGQDLGMV 'U YKTF GORHQJNGP
GKP MQORCMVGU 5VCVKX \W XGTYGPFGP
FCOKV FKG -COGTC HGUV CWH FCU
#WHPCJOGQDLGMVIGTKEJVGVDNGKDV
&T×EMGP 5KG CWH FGP #WUNÑUGT &KG
-COGTC \¼JNV 5GMWPFGP JGTWPVGT
WPFOCEJVFCPPFKGGTUVG#WHPCJOG
7O5VTQO\WURCTGPUEJCNVGVUKEJFGT
.%&/QPKVQT FCDGK CD &KG -COGTC
PKOOV FKG (QVQU KP FGP HGUVIGNGIVGP
<GKVKPVGTXCNNGPCWHDKU
C 5KGPQEJ GKPOCN CWH FGP #WUNÑUGT
FT×EMGP
D >5RGKEJGTXQNNKUV
E &KG$CVVGTKGP#MMWUNGGTUKPF
9GPP5KGCNU+PVGTXCNN=#WU?Y¼JNGPYKTFFGT.%&/QPKVQTCWUIGUEJCNVGVWPFFKG
-COGTCPKOOV FKG (QVQU KPINGKEJO¼²KIGP +PVGTXCNNGP GVYC 5GMWPFGPQJPG
*GTWPVGT\¼JNGPCWH
&'
:,('(5*$%(02'86*581'/$*(1
:LHGHUJHEHQYRQ%LOGHUQ
5KGMÑPPGPUKEJGKP(QVQINGKEJPCEJFGT#WHPCJOGCPUGJGP
&T×EMGP5KGUQNCPIGCWHFKG
1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVG= ?
&KG\WNGV\VIGOCEJVG#WHPCJOGYKTF
CWHFGO.%&/QPKVQTCPIG\GKIV
9¼JNGP5KGFKGIGY×PUEJVGP$KNFGTOKV
W XQFGT CWU
7O FCU XQTJGTIGJGPFG $KNF
CP\WUGJGP FT×EMGP 5KG CWH FKG
6CUVG W
7O FCU P¼EJUVG $KNF CP\WUGJGP
FT×EMGP5KGCWHFKG6CUVG X
7O FGP 9KGFGTICDGOQFWU \W
DGGPFGPFT×EMGP5KGCWH= ?QFGTFKG
/QFWUVCUVG T
&KG 9KGFGTICDGKPHQTOCVKQPGP YGTFGP GKPKIG 5GMWPFGP NCPI CWH FGO .%&
/QPKVQTCPIG\GKIVWPFFCPPYKGFGTCWUIGDNGPFGV
9GPP UKEJ KO KPVGTPGP 5RGKEJGT QFGT CWH FGT 5RGKEJGTMCTVG MGKPG #WHPCJOG
DGſPFGV&KG/GNFWPI=-'+0$+.&?GTUEJGKPVCWHFGO/QPKVQT
&'
9HUJUйHUQYRQ%LOGHUQ
9¼JTGPF FGT $KNFYKGFGTICDG MÑPPGP 5KG GKPGP CWUIGY¼JNVGP $GTGKEJ FGU $KNFU
XGTITѲGTP &CFWTEJ JCDGP 5KG FKG /ÑINKEJMGKV UKEJ FKG (QVQU CWEJ KO &GVCKN
CP\WUGJGP#WHFGO/QPKVQTYKTFFCUCMVWGNNG8GTITѲGTWPIUXGTJ¼NVPKUCPIG\GKIV
&T×EMGP5KGUQNCPIGCWHFKG
1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVG= ?
&KG\WNGV\VIGOCEJVG#WHPCJOGYKTF
CWHFGO.%&/QPKVQTCPIG\GKIV
7O FCU XQTJGTIGJGPFG $KNF
CP\WUGJGP FT×EMGP 5KG CWH FKG
6CUVG W
7O FCU P¼EJUVG $KNF CP\WUGJGP
FT×EMGP5KGCWHFKG6CUVG X
&T×EMGP5KGMWT\CWHFKG1-6CUVGWO
FCU$KNF\WXGTITѲGTP
> 8GTITѲGTWPIUHCMVQT YKTF CWH
FGO.%&/QPKVQTCPIG\GKIV
/KVFGP6CUVGP MÑPPGPS T W X
5KGFGPCPIG\GKIVGP$GTGKEJFGU$KNFU
XGT¼PFGTP
T
T
T
T
8
>8GTITѲGTWPIUHCMVQTTGKEJVXQPZDKUZKP5VWHGPZZZZ
ZZWPFZ
&'
$Q]HLJHQYRQ0LQLDWXUELOGHUQ
/KV FKGUGT (WPMVKQP JCDGP 5KG FKG /ÑINKEJMGKV UKEJ CWH FGO .%&/QPKVQT
/KPKCVWTDKNFGTINGKEJ\GKVKICP\GKIGP\WNCUUGP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVG= ?
&KG\WNGV\VIGOCEJVG#WHPCJOGYKTF
CWHFGO.%&/QPKVQTCPIG\GKIV
&T×EMGP 5KG OGJTOCNU MWT\ CWH FKG
1-6CUVG DKU FKG #WHPCJOGP CNU
/KPKCVWTDKNFGTCPIG\GKIVYGTFGP
$GK8KFGQENKRUYKTFFCU8KFGQU[ODQN
= ?CPIG\GKIV
8GTUEJKGDGP 5KG FGP %WTUQT OKV FGP
6CUVGP S T W XUQFCUUFCU$KNF
KP0QTOCNITѲGCPIG\GKIVYKTF
&T×EMGP5KGCWHFKG 6CUVGWOFCU1-
OCTMKGTVG$KNFCNU8QNNDKNFCP\W\GKIGP
9GPP FCU GTUVG CPIG\GKIVG $KNF GKP 8KFGQENKR KUV Y¼JNGP 5KG OKV FGP 6CUVGP
W X GKPG $KNFFCVGKCWU WPFFT×EMGP 5KG OGJTOCNUCWH FKG 6CUVG WOFKG1-
/KPKCVWTDKNFCP\GKIG\WCMVKXKGTGP
#WEJKO9KGFGTICDGOQFWU= ?MÑPPGP5KGCWHFKGUG9GKUGFKG/KPKCVWTDKNFCP\GKIG
CMVKXKGTGP
&T×EMGP5KGCWHFKG6CUVG WOFCU9KGFGTICDGOGP×CWH\WTWHGPS
&CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPSTFKG1RVKQP=/KPKCVWT?WPFFT×EMGP5KGFCPPCWH
FKG 6CUVG1-
&'
:LHGHUJHEHQDOV'LDVFKDX
/KVFGT&KCUEJCWHWPMVKQPJCDGP5KGFKG/ÑINKEJMGKVUKEJFKG$KNFGTPCEJGKPCPFGTCNU
&KCUEJCWCP\GKIGP \WNCUUGP&KGUG(WPMVKQPKUVUGJTP×V\NKEJ WPFWPVGTJCNVUCO H×T
FKG9KGFGTICDGFGTCWHIGPQOOGP$KNFGTWPFH×T2T¼UGPVCVKQPGP
&T×EMGP5KGCWHFKG6CUVG= ?
&T×EMGP5KGCWHFKG6CUVG S
&CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGP FKGS T
1RVKQP =&KCUEJCW? WPF FT×EMGP 5KG
FCPPCWHFKG 6CUVG1-
9¼JNGP UKG OKV FCUS T
9KGFGTICDGKPVGTXCNN WPF FT×EMGP 5KG
FCPPCWHFKG 6CUVG1-
&KG&KCUEJCWYKTFIGUVCTVGV
7O FKG &KCUEJCW Y¼JTGPF FGT
9KGFGTICDG \W UVQRRGP FT×EMGP 5KG
CWHFKG 6CUVG1-
&CU+PVGTXCNNH×TFKG&KCUEJCWMCPPCWHWPF5GMWPFGPGKPIGUVGNNVYGTFGP
9¼JTGPFFGT&KCUEJCWKUVFKGCWVQOCVKUEJG#WUUEJCNVHWPMVKQPFGCMVKXKGTV
'UYGTFGPCWVQOCVKUEJCNNG$KNFGTGKPGU1TFPGTUCPIG\GKIV
$GK8KFGQENKRUYKTFPWTFCULGYGKNUGTUVG$KNFPKEJVFGTICP\G(KNOCPIG\GKIV
&KG &KCUEJCWHWPMVKQP MCPP PWT FCPP CMVKXKGTV YGTFGP YGPP UKEJ CWH FGT 5&
5RGKEJGTMCTVGQFGTKOKPVGTPGP5RGKEJGTOKPFGUVGPU#WHPCJOGPDGſPFGP
&'
9,'(202'86
$XIQHKPHQYRQ9LGHRFOLSV
/KVFKGUGT(WPMVKQPJCDGP5KGFKG/ÑINKEJMGKV8KFGQENKRUOKV6QP×DGTFCUGKPIGDCWVG
/KMTQHQPCWH\WPGJOGP
&T×EMGP5KGUQNCPIGCWHFKG
1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP 5KG CWH WPFT/1&'
YGEJUGNP5KGKPFGP/QFWU= ?
&T×EMGP5KGCWHFGP#WUNÑUGTWOFKG
#WHPCJOG\WUVCTVGP
7OFKG#WHPCJOG\WDGGPFGPFT×EMGP
5KGGKP\YGKVGU/CNCWHFGP#WUNÑUGT
$GKFGT#WHPCJOGGKPGU8KFGQENKRUMCPPFGT$NKV\PKEJVDGPWV\VYGTFGP
(×TGKPJQEJYGTVKIGU8KFGQDGPÑVKIGP5KGIWVG.KEJVDGFKPIWPIGP$GKUEJNGEJVGP
.KEJVDGFKPIWPIGPMÑPPGP5KGGKPG8KFGQNCORGQRVKQPCNGU<WDGJÑTXGTYGPFGP
WOFCU#WHPCJOGQDLGMVCWU\WNGWEJVGP
&'
6FKÖW]HQYRQ%LOGHUQ9LGHRFOLSV
&KG&CVGPYGTFGPOKVGKPGO5EJTGKDUEJWV\XGTUGJGPFCOKVFKGUG#WHPCJOGPPKEJV
XGTUGJGPVNKEJIGNÑUEJVYGTFGPMÑPPGP
5EJ×V\GPXQP$KNFGTP
&T×EMGP5KGCWHFKG6CUVG= ?
&KG\WNGV\VIGOCEJVG#WHPCJOGYKTF
CWHFGO.%&/QPKVQTCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGP FCUW X
$KNF CWU FCU OKV GKPGO .ÑUEJUEJWV\
XGTUGJGPYGTFGPUQNN
&T×EMGP5KGCWHFKG6CUVG S
&CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP5KGFKG1RVKQP=5EJWV\?OKVFGP
6CUVGP CWU WPF FT×EMGP 5KGS T
FCPPCWHFKG 6CUVG1-
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG 1RVKQP ='KP\GNDKNF? QFGT =#NNG? WPF
FT×EMGP5KGFCPPCWHFKG 6CUVG1-
9¼JNGP5KGFKG1RVKQP='KPUV?OKVFGP
6CUVGP CWU WPF FT×EMGP 5KGS T
FCPPCWHFKG 6CUVG1-
&T×EMGP5KGYKGFGTJQNVCWHFKG6CUVG
W WO \WO 9KGFGTICDGOQFWU
\WT×EM\WMGJTGP
&KGIGUEJ×V\VGP $KNFGTYGTFGPOKV
FGO5[ODQN= ?IGMGPP\GKEJPGV
9GPP 5KG =#NNG? IGY¼JNV JCDGP
GTUEJGKPGP CNNG $KNFGT OKV FGO
5[ODQN= ?
&'
#WHJGDGPFGU.ÑUEJUEJWV\GU
7OFGP.ÑUEJUEJWV\PWTH×TGKPGKP\GNPGU$KNFCWH\WJGDGPTWHGP5KGFKGUGU$KNFCWH
FGO.%&/QPKVQTCWH
9¼JNGP5KGKO9KGFGTICDGOGP×OKVFGP6CUVGP FKG1RVKQP=5EJWV\?WPFS T
FT×EMGP5KGFCPPCWHFKG 6CUVG1-
9¼JNGP5KGOKVFGP6CUVGP FKG1RVKQP='KP\GNDKNF?QFGT=#NNG?WPFFT×EMGPS T
5KGFCPPCWHFKG 6CUVG1-
9¼JNGP5KGOKVFGP6CUVGP FKG1RVKQP=#DDTWEJ?WPFFT×EMGP5KGFCPPCWHS T
FKG 6CUVG1-
&T×EMGP 5KG YKGFGTJQNV CWH FKG 6CUVG WO \WO 9KGFGTICDGOQFWUW
\WT×EM\WMGJTGP &CU $KNF KUV LGV\V PKEJV OGJT OKV GKPGO .ÑUEJUEJWV\
XGTUGJGP
5EJ×V\GPXQPOCTMKGTVGP$KNFGTP
9¼JNGP5KGKO9KGFGTICDGOGP×OKVFGP6CUVGP FKG1RVKQP=5EJWV\?WPFS T
FT×EMGP5KGFCPPCWHFKG 6CUVG1-
9¼JNGP5KGFKG1RVKQP=5GKVG?OKVFGP6CUVGPSTCWUWPFFT×EMGP5KGFCPPCWH
FKG 6CUVG1-
&KG$KNFGTGTUEJGKPGPKPFGT/KPKCVWTDKNFCP\GKIG
9¼JNGP5KGOKVFGP6CUVGPSTW FCU$KNFCWUFCUIGUEJ×V\VYGTFGPUQNNX
WPFFT×EMGP5KGFCPPCWHFKG 6CUVG1-
9GPP5KGFGP .ÑUEJUEJWV\FGUOCTMKGTVGP$KNFUCWHJGDGPOÑEJVGPH×JTGP5KG
FKGKO#DUEJPKVV DGUEJTKGDGPGP5EJTKVVGCWUő#WHJGDGPFGU.ÑUEJUEJWV\GUŒ
$GKO (QTOCVKGTGP GKPGT 5&5RGKEJGTMCTVG YKTF FGT .ÑUEJUEJWV\ CWHIGJQDGP
7PIGCEJVGVFGU.ÑUEJUEJWV\GUYGTFGPCNNG#WHPCJOGPIGNÑUEJV
&'
9¼JNGP5KGOKVFGP6CUVGP FKG1RVKQP='KP?QFGT=#WU?WPFFT×EMGP5KGS T
FCPPCWHFKG 6CUVG1-
'KP &CU&CVWOFGT#WHPCJOGYKTFIGFTWEMV
#WU &CU&CVWOFGT#WHPCJOGYKTFPKEJVIGFTWEMV
9¼JNGP5KG OKV FGP 6CUVGP FKG 1RVKQP =&TWEMGP CMVKX? WPF FT×EMGP 5KGS T
FCPPCWHFKG 6CUVG1-
9¼JNGP5KGOKVFGP6CUVGP FKG1RVKQP=#WUH×JT?WPFFT×EMGP5KGFCPPCWHS T
FKG 6CUVG1-
&CDGKYKTFGKPG&CVGKOKVFGP&21(&CVGPGTUVGNNV&T×EMGP5KGCDUEJNKG²GPF
CWHFKG6CUVG WO\WO9KGFGTICDGOQFWU\WT×EM\WMGJTGPW
&KG$KNFGTOKV&21('KPUVGNNWPIGP
UKPF OKV FGO &21(5[ODQN = ?
XGTUGJGP
#WH FGP (QVQUYKTFFCU &CVWO CWHIGFTWEMVFCUCWEJKPFGT-COGTCGKPIGUVGNNV
KUV &COKV CWHFGO (QVQ FCUTKEJVKIG &CVWO IGFTWEMV YKTF O×UUGP UKG XQT FGT
#WHPCJOGFCU&CVWOKPFGT-COGTCGKPUVGNNGP9GKVGTG+PHQTOCVKQPGPFC\WſPFGP
5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő'KPUVGNNGPXQP&CVWOWPF7JT\GKVŒ
$GXQT 5KG OKV FGT -COGTC FKG &21('KPUVGNNWPIGP HGUVNGIGP O×UUGP 5KG FKG
$KNFGTCWUFGOKPVGTPGP5RGKEJGTCWHGKPG5&5RGKEJGTMCTVGNCFGP
(KNOGMÑPPGPPKEJVIGFTWEMVYGTFGP
&'
$QVFKOLHVVHQDQHLQHQ3LFWEULGJHNRPSDWLEOHQ'UXFNHU
9GPP5KGGKPGP&TWEMGTJCDGPFGT2KEV$TKFIGWPVGTUV×V\VMÑPPGP5KGFKG-COGTCQJPG
FGP%QORWVGTFKTGMVCPFGP&TWEMGTCPUEJNKG²GP
#PUEJNKG²GPFGT-COGTCCPFGP&TWEMGT
5EJNKG²GP 5KG FCU OKVIGNKGHGTVG 75$-CDGNCP FGP 75$#PUEJNWUU FGT-COGTC
WPFCPFGP75$#PUEJNWUUFGU&TWEMGTUCP
&CU(GPUVGT\WO#WUY¼JNGPFGU75$/QFWUYKTFCPIG\GKIV
9¼JNGP5KG=2KEV$TKFIG?WPFFT×EMGP5KGFCPPCWHFKG
1-6CUVG
&TWEMGPFGT$KNFGT
9GPP FKG-COGTCCP GKPGP OKV 2KEV$TKFIG MQORCVKDNGP &TWEMGT CPIGUEJNQUUGP KUV
GTUEJGKPVCWHFGO/QPKVQTFCU2KEV$TKFIG/GP×
9¼JNGP5KGOKVFGP6CUVGPS FGPT
'KPVTCI CWU FGT MQPſIWTKGTV YGTFGP
UQNNWPFFT×EMGP5KGCWHFKG 6CUVG1-
=$KNFGT? .GIGP 5KG HGUV QD PWT
DGUVKOOVG$KNFGTQFGTQDCNNG$KNFGT
IGFTWEMVYGTFGPUQNNGP5KGMÑPPGP
CWEJ FKG #P\CJN FGT #WUFTWEMG
HGUVNGIGP
=&CVWO? ,G PCEJ &TWEMGTV[R
MÑPPGP5KGHGUVNGIGPQDFCU&CVWO
CWUIGFTWEMVYGTFGPUQNN
=2CRKGTHQTOCV?9¼JNGPUKGGKPH×TFGP
&TWEMGTV[RIGGKIPGVGU2CRKGTHQTOCV
=.C[QWV?9¼JNGP5KGGPVURTGEJGPF
FGU&TWEMGTV[RUGKP&TWEMNC[QWVCWU
=&TWEMGP?9GPPCNNG'KPUVGNNWPIGP
CDIGUEJNQUUGP UKPF MCPP FGT
&TWEMIGUVCTVGVYGTFGP
9GPP5KGDGKOXQTJGTIGJGPFGP5EJTKVV
=$KNFGT? CWUIGY¼JNV JCDGP GTUEJGKPV
FKG#DDKNFWPI TGEJVUCWH FGO/QPKVQT
9¼JNGP5KGOKVFGP6CUVGPS T FKG
1RVKQP=5GKVG?QFGT =#NNG?WPFFT×EMGP
5KGFCPPCWHFKG 6CUVG1-
=5GKVG? 9¼JNGP 5KG FKGUG 1RVKQP
WOGKP\GNPG$KNFGTCWU\WY¼JNGP
=#NNG? #NNG $KNFGT UQNNGP IGFTWEMV
YGTFGP
='PFG?*KGTDGGPFGP5KGFCU/GP×
&'
9GPP5KGDGKOXQTJGTIGJGPFGP5EJTKVV
=9¼JNGP?CWUIGY¼JNVJCDGPGTUEJGKPV
FKG#DDKNFWPITGEJVUCWHFGO/QPKVQT
9¼JNGP 5KG OKV FGP 6CUVGP W X
CNNG $KNFGT CWU FKG \WUCOOGP
CWUIGFTWEMVYGTFGPUQNNGP
9¼JNGP5KGOKVFGP6CUVGP S T
FKG 1RVKQP =&TWEMCP\CJN? DKU \W
9GPP 5KG FKG $KNFGT WPF FKG
&TWEMCP\CJN HGUVIGNGIV JCDGP
FT×EMGP5KG\WO$GUV¼VKIGPCWHFKG
1-6CUVG
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP =&TWEMGP CMVKX? WPF FT×EMGP
5KGFCPPCWHFKG 6CUVG1-
> &TWEM YKTF IGUVCTVGV WPF CWH
FGO /QPKVQT GTUEJGKPV FKG #DDKNFWPI
TGEJVU
#WH FGO /QPKVQT GTUEJGKPV
MWT\ FKG /GNFWPI =&TWEMG? WO
CP\W\GKIGPFCUUFGT&TWEMXQTICPI
CDIGUEJNQUUGPKUV
9GPP GKP &TWEMHGJNGT CWHVTKVV
GTUEJGKPVFKG/GNFWPI=&TWEMHGJNGT?
>&TWEMHGJNGTMCPPCWHVTGVGPYGPPFKG-COGTCPKEJVOGJTOKV5VTQOX
YKTF
&'
$8)1(+0(1921817(5:$66(5%,/'(51
.GUGP5KGUKEJUQTIH¼NVKIFKG#PNGKVWPIFWTEJDGXQT5KGFKG7PVGTYC
DGPWV\GP
¯DGTUEJTGKVGP5KGPKEJVFKGCWHFGT-COGTCCPIGIGDGPG /CZKOCNVKGHG
9CUUGTGKPFTKPIGPMCPP
(×JTGP5KGFKGUGYKEJVKIGP5EJTKVVG\WT&KEJVTKPIRƀGIGCWUFCUQPUVFK
WPFKEJVYGTFGPMCPP
2T×HGPWPFTGKPKIGP5KGFGP&KEJVTKPIWPFFKG#WƀCIGƀ¼EJGPFGU&KEJV
'PVHGTPGP5KGXQTLGFGT$GPWV\WPI5CPF*CCTGWPFCPFGTG(TGOFMÑTRG
2T×HGP5KGFGP&KEJVTKPIWPFFKG&KEJVTKPICWƀCIGƀ¼EJGPCWH5EJ¼FGP5EJ
-TCV\GT4KUUG$T×EJGW9GEJUGNP5KGFGP&KEJVTKPICWUQFGTNCUU
FKG-COGTCTGRCTKGTGP YGPPFGT &KEJVTKPIQFGT FKG&KEJVTKPICWƀCI
DGUEJ¼FKIVUKPF8GTYGPFGP 5KGFKG -COGTCPKEJV YGPPFGT &KEJVTKP
FKG&KEJVTKPICWƀCIGƀ¼EJGPDGUEJ¼FKIVUKPF'TUCV\FKEJVTKPIGGTJCNVG
CWVQTKUKGTVGP5GC.KHG*¼PFNGTP
5VGNNGP 5KG UKEJGT FCUU FGT &KEJVTKPI HGUV KP FGT 4KNNG UKV\V D
-COGTCXGTUEJNKG²GP$GKO'KPUGV\GPFGU&KEJVTKPIUFCTHFKGUGTPKEJV
YGTFGP
$GHQNIGP5KGUQTIH¼NVKIFKG#PYGKUWPIGP\WO'KPUGV\GPWPF*GTCWUP
FGU&KEJVTKPIU
9GEJUGNP 5KG FGP &KEJVTKPI GKPOCN RTQ ,CJT CWU 8GTYGPFGP 5KG H×T
-COGTCPWTXQO*GTUVGNNGTGORHQJNGPG5GC.KHG&KEJVTKPIG
4GKPKIGP5KGFKG-COGTCPCEJLGFGO6CWEJICPIUQTIH¼NVKIOKV6TKPMYC
6TQEMPGP5KGFCU)GJ¼WUGOKVGKPGOUCWDGTGPYGKEJGP6WEJCD6TQ
5KGFKG-COGTCKOOGTXQNNUV¼PFKICD
5EJNKG²GP5KGUQTIH¼NVKIFGPYCUUGTFKEJVGP&GEMGNFGT-COGTC
5VGNNGP5KGUKEJGTFCUUFGT&KEJVTKPIDGKO8GTUEJNKG²GPFGU&GEMGN
FGT4KNNGJGTCWUTWVUEJV
5VGNNGP 5KG UKEJGT FCUU MGKPG (TGOFMÑTRGT FGP YCUUGTFKEJVGP 8GT
XGTJKPFGTP
#EJVGP5KGFCTCWHFCUUDGKO©HHPGPMGKP9CUUGT QFGT5EJOWV\KPFKG
IGT¼V
(×TIGNWPIGPG7PVGTYCUUGTCWHPCJOGPDGPÑVKIGP5KG
-NCTGU9CUUGTGKPGTWJKIG*CPFMQPVTQNNKGTGP5KG+JTGP#WHVTKGD
OÑINKEJUVIGTKPIGP#DUVCPF\WO#WHPCJOGQDLGMVFGTKFGCNG#DUVCPF
DKUEO
8GTYGPFGP 5KG FGP GZVGTPGP 5GC.KHG$NKV\ WO (CTDGP \W XGTDGUUGTP
4×EMUVTGWWPI\WXGTOGKFGP
$GYCJTGP5KGFKG-COGTCDGK4CWOVGORGTCVWTCPGKPGOUCWDGTGPWPFVT
1TVCWH
.GIGP5KGFKG-COGTCPKEJV×DGTGKPGPN¼PIGTGP<GKVTCWOKPFKTGMVGU5QP
$GYCJTGP5KG FKG-COGTC PKEJVCP1TVGPCWH DGKFGPGP FKG 6GORGTCV
UGJTJQEJCPUVGKIGPMÑPPGP\$KO-QHHGTTCWOFGU#WVQU
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6LFKHUVWHOOHQGHU'LFKWKHLW
9KEJVKI
>&KEJVTKPIFCTH0+%*6GKPIGHGVVGVYGTFGP
2T×HGP 5KG XQT LGFGO 6CWEJICPI UQTIH¼NVKI FGP &KEJVTKPI WPF
&KEJVTKPICWƀCIGƀ¼EJGP
9GPP FGT &KEJVTKPI CWUIGYGEJUGNV YGTFGP OWUU YGPFGP 5KG UKEJ CP GK
5GC.KHG*¼PFNGT #WH FGT 9GDUKVGYYYUGCNKHGECOGTCUEQO \GKIGP YKT +JPGP
YGNEJGT*¼PFNGTKP+JTGT7OIGDWPIKUV
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6LFKHUVWHOOHQGHU'LFKWKHLW
,GFG5GC.KHG-COGTCYWTFGCWHKJTG3WCNKV¼VWPF9CUUGTFKEJVJGKVIGVGUVGV&COKVFKG
-COGTCYCUUGTFKEJVDNGKDVO×UUGP5KGKOOGTUQTIH¼NVKIFGP<WUVCPFFGU&KEJVTKPIU
RT×HGPWPFGTJCNVGP(×JTGP5KGFKGUGYKEJVKIGP2ƀGIGCPYGKUWPIGPH×TFGP&KEJVTKPI
CWU9GPP5KGFKGUG#PYGKUWPIGPPKEJVUQTIH¼NVKIDGHQNIGPMCPPFKG-COGTCWPFKEJV
YGTFGPWPF5KGXGTNKGTGPFCOKV+JTG)CTCPVKGCPURT×EJG
2T×HGP5KG FGPXQTLGFGO6CWEJICPI &KEJVTKPIWPFFKG#WƀCIGƀ¼EJGPFGU
&KEJVTKPIUUQTIH¼NVKICWH5EJ¼FGP5EJPKVVG-TCV\GT4KUUG'KPMGTDWPIGPW
4GKDGP5KGFC\WOKVFGO(KPIGTCWH FGO&KEJVTKPIWPFCWHFGP#WƀCIGƀ¼EJGP
GPVNCPI WO OÑINKEJG 5EJ¼FGP \W GTH×JNGP 9GPP FGT &KEJVTKPI QFGT FKG
#WƀCIGƀ¼EJGPDGUEJ¼FKIVUKPFO×UUGPFKGUGCWUIGYGEJUGNVQFGTFKG-COGTC
IGYCTVGV YGTFGP 8GTYGPFGP 5KG FKG -COGTC PKEJV YGPP FGT &KEJVTKPI QFGT
FKG &KEJVTKPICWƀCIGƀ¼EJGP DGUEJ¼FKIV UKPF 'TUCV\FKEJVTKPIG GTJCNVGP 5KG DGK
CWVQTKUKGTVGP5GC.KHG*¼PFNGTP
2T×HGP 5KG FGP &KEJVTKPI WPF YGEJUGNP 5KG KJP DGK GKPGO 5EJCFGP CWU
#'KPUEJPKVV$4KUU%-GTDG
2T×HGPWPFTGKPKIGP5KGFGP&KEJVTKPIWPFFKG#WƀCIGƀ¼EJGPFGU&KEJVTKPIU
'PVHGTPGP5KG 5CPF*CCTGWPFCPFGTG(TGOFMÑTRGTXQTLGFGT$GPWV\WPI
2T×HGP WPF TGKPKIGP 5KG FGP &KEJVTKPI WPF FKG #WƀCIGƀ¼EJGP FGU &KEJVTKPIU
'PVHGTPGP5KG*CCTGQFGT(CUGTPWPF5CPF5CN\QFGTCPFGTG(TGOFMÑTRGT
5VGNNGP5KGUKEJGTFCUUFGT&KEJVTKPIHGUVKPFGT4KNNGUKV\VDGXQT5KGFCU)GJ¼WUG
XGTUEJNKG²GP$GKO'KPUGV\GPFGU&KEJVTKPIUFCTHFKGUGTPKEJVIGFTGJVYGTFGP
&'
9GEJUGNP5KGFGP&KEJVTKPIGKPOCNRTQ,CJTCWU8GTYGPFGP5KGH×TFKG-COGTCPWT
XQO*GTUVGNNGTGORHQJNGPG5GC.KHG&KEJVTKPIG6GKN5.'TUCV\FKEJVTKPIG
GTJCNVGP5KGDGKCWVQTKUKGTVGP5GC.KHG*¼PFNGTP
0CEJLGFGO6CWEJICPI
C .GIGP 5KG FKG -COGTC EC /KPWVGP NCPI KP 6TKPMYCUUGT &KG OGKUVGP
6CWEJDQVG XGTH×IGP ×DGT URG\KGNNG 6TKPMYCUUGTIGH¼²G FKG H×T7PVGTYCUUGTH
QVQCWUT×UVWPIGPXQTIGUGJGPUKPF .GIGP5KGFKG -COGTC0+%*6KP9CUUGT
FCUH×TFKGTGUVNKEJG6CWEJCWUT×UVWPIXQTIGUGJGPKUVFCJKGT4GKPKIWPIUOKVVGN
GPVJCNVGPUGKPMÑPPGPFKGUEJ¼FNKEJH×TFCU)GJ¼WUGUKPF
D &T×EMGP5KGY¼JTGPFFGU'KPYGKEJGPUOGJTOCNUCWHCNNG$GFKGPVCUVGPFCOKV
FCU5CN\YCUUGTWPFFGT5CPFWPF5EJOWV\FGTUKEJFQTVCPIGUCOOGNVJCV
XQNNUV¼PFKIJGTCWUIGNÑUVYGTFGP
E 6TQEMPGP5KGFKG-COGTCOKVGKPGOUCWDGTGPYGKEJGP6WEJCD6TQEMPGP5KG
+JTG*¼PFGWPFFKG-COGTCUQTIH¼NVKICDDGXQT5KGFGPYCUUGTFKEJVGP&GEMGN
ÑHHPGP
&COKV UKEJ KP FGT 5GC.KHG-COGTC MGKPG
(GWEJVKIMGKV PKGFGTUEJNCIGP MCPP UQNNVGP
5KG DGKO #WHDGYCJTG GKPGP /QKUVWTG
/WPEJGTs6TQEMGPOKVVGN6GKN5.KPFCU
$CVVGTKG#MMWHCEJNGIGP 9GEJUGNPUKGFGP
/QKUVWTG /WPEJGT6TQEMGPOKVVGN CWU YGPP
FKG -CRUGN TQUCHCTDGP KUV 9GKVGTG -CRUGNP
MÑPPGP 5KG DGK GKPGO 5GC.KHG*¼PFNGT
DGUVGNNGP'KPG.KUVG FGT*¼PFNGTſPFGP 5KG
WPVGTYYYUGCNKHGECOGTCUEQO
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(LQVHW]HQXQG(QWIHUQHQGHV'LFKWULQJV
7O FGP JGDGP 5KG KJP \WP¼EJUV CP GKPGT FGT 'EMGP OKV&KEJVTKPI \W GPVHGTPGP
GKPGOPKEJVUEJCTHGP)GIGPUVCPFJGTCWU
7O FGP FT×EMGP 5KG KJPXQTUKEJVKIKP FKG4KNNG #EJVGP 5KG&KEJVTKPI GKP\WUGV\GP
FCTCWHFCUUFGT&KEJVTKPIIGPCWKPFKG(QTOFGT4KNNGGKPIGRCUUVYKTF>&KEJVTKPI
FCTHFCDGKPKEJVXGTFTGJVYGTFGP
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,QVWDOOLHUHQGHV'HIOHNWRUV
&KGUGT&GƀGMVQTMCPPCNU#FCRVGTH×TFCUQRVKQPCNG(NCUJ.KPM-CDGN6GKN5.
XGTYGPFGV YGTFGP 'U YKTF GORHQJNGP FCU QRVKUEJG -CDGN \W DGPWV\GP WO
UKEJGT\WUVGNNGPFCUUFGTGZVGTPG$NKV\DGKCNNGP.KEJVDGFKPIWPIGPCWUIGNÑUVYKTF
(×JTGP5KGFCUQRVKUEJG-CDGNYKGWPVGPCDIGDKNFGVFWTEJFKG©HHPWPIGP
5EJTCWDGP5KGFCU-CDGNFCUOKVFGOGKPGP'PFG\WO$NKV\FGT-COGTC\GKIVOKV
GKPGO5EJTCWDGPFTGJGTXQTUKEJVKIWPFUQTIH¼NVKIHGUV
#EJVWPI&KG5EJTCWDGFCTH0+%*6×DGTFTGJVYGTFGP
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%HQXW]HQXQG5HLQLJHQGHU.DPHUDXQWHU:DVVHU
'KPVCWEJGPOKVFGT-COGTC
5RTKPIGP5KGPKEJVOKVFGT-COGTCKPFGP*¼PFGPKPU9CUUGT)GJGP5KG\WGTUV
KPU9CUUGTWPFNCUUGP5KGUKEJFCPPFKG-COGTCTGKEJGP
6KRRU \WO (QVQITCſGTGP ſPFGP 5KG WPVGT ő)GNWPIGPG 7PVGTYCUUGTHQVQU
OCEJGPŒ
0CEJFGO6CWEJICPI
4GKEJGP 5KG GKPGT \YGKVGP 2GTUQP GTUV FKG -COGTC WPF UVGKIGP 5KG FCPP GTUV
UGNDUVCWUFGO9CUUGT
.GIGP 5KG FKG -COGTC KP GKP )GH¼² OKV 6TKPMYCUUGT FCU CWH FGP OGKUVGP
6CWEJDQQVGPFCH×TXQTIGUGJGPKUV&CFWTEJYKTFFCU5CN\YCUUGTGPVHGTPVDGXQT
GU CWH FGT -COGTC WPF FGO &KEJVTKPI CPVTQEMPGP MCPP .CUUGP 5KG PKGOCNU
5CN\YCUUGTCWHFGT-COGTCVTQEMPGP5CN\MTKUVCNNGMÑPPGPFGP&KEJVTKPIWPFFCU
1DLGMVKXDGUEJ¼FKIGPWPF(GWEJVKIMGKVCP\KGJGP6TQEMPGP5KGFCPPFKG-COGTC
OKVGKPGOUCWDGTGPYGKEJGP6WEJVTQEMGP
.GIGP5KGFKG-COGTCPKEJVKPFKTGMVGU5QPPGPNKEJVUQPFGTPDGYCJTGP5KGUKGCP
GKPGOUEJCVVKIGP1TVWPVGTGKPGOVTQEMGPGP*CPFVWEJCWH
'UYKTFPKEJVGORHQJNGPFKG-COGTCUEJQPCWHFGO$QQV\WÑHHPGP9GPPHGWEJVG
.WHVKPFKG-COGTCIGNCPIVMCPPUKEJFKG(GWEJVKIMGKVKO+PPGTPPKGFGTUEJNCIGP
9GPP5KGFKG-COGTCCWHFGO6CWEJDQQVÑHHPGPO×UUGPCEJVGP5KGFCTCWHFCUU
UKGXQTJGTUQTIH¼NVKICDIGVTQEMPGVYWTFG#EJVGP5KGFCTCWHFCUUMGKP9CUUGTKP
FKG-COGTCIGNCPIV
4GKPKIGPFGT-COGTC
$GXQT FKG -COGTC IGÑHHPGV YKTF OWUU UKG UQTIH¼NVKI OKV 6TKPMYCUUGT IGTGKPKIV
YGTFGP.CUUGP 5KGPKGOCNU 5CN\YCUUGTCWHFGT -COGTCVTQEMPGP 5CN\MTKUVCNNG
MÑPPGPFGP&KEJVTKPIWPFFCU1DLGMVKXDGUEJ¼FKIGPWPF(GWEJVKIMGKVCP\KGJGP
.CUUGP 5KG MGKPG 9CUUGTVTQRHGPCWH FGO 1DLGMVKX VTQEMPGP 6TQEMPGP 5KG FCU
1DLGMVKXOKVGKPGOUCWDGTGP$CWOYQNNVWEJCD
9GPP5KG FKG-COGTC ÑHHPGPOWUU CNNGUGKPUEJNKG²NKEJ +JTGT*¼PFG XQNNUV¼PFKI
VTQEMGPUGKP.GIGP5KGUKEJGKPVTQEMGPGU6WEJDGTGKV
8QTDGTGKVGPFGT-COGTCH×TFKG#WHDGYCJTWPI
$GXQT 5KG FKG -COGTC YGINGIGP O×UUGP UKG FKG $CVVGTKGP#MMWU WPF FKG 5&
5RGKEJGTMCTVG JGTCWUPGJOGP &KG -COGTC WPF FCU IGUCOVG <WDGJÑT O×UUGP
XQNNMQOOGPVTQEMGPUGKP
.GIGP 5KG FKG -COGTC PKGOCNU KP FKTGMVGU 5QPPGPNKEJV QFGT KP GKPG FWPMNG
HGWEJVG 7OIGDWPI <WO 4GKUGP WPF H×T FKG #WHDGYCJTWPI YKTF FCU NWHVFKEJVG
WPFDTWEJHGUVG5GC.KHG4GGH/CUVGT&T[%CUG6GKN5.\WUCOOGPOKVQ\
$GWVGNPFGU5GC.KHG/QKUVWTG/WPEJGT6TQEMGPOKVVGNU6GKN/GORHQJNGP
&COKVUKEJKPFGT5GC.KHG-COGTCMGKPG(GWEJVKIMGKVPKGFGTUEJNCIGPMCPPUQNNVGP
5KGDGKO#WHDGYCJTGGKPGP/QKUVWTG/WPEJGT
s6TQEMGPOKVVGN6GKN5.KPFCU
$CVVGTKG#MMWHCEJNGIGPUKGJG5GKVG
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*HOXQJHQH8QWHUZDVVHUIRWRVPDFKHQ
7PVGTYCUUGTHQVQUUKPFGVYCUICP\CPFGTGUCNU.CPFHQVQU*KGTGTJCNVGP5KGGKPKIGFGT
YKEJVKIUVGP6KRRUH×TVQNNG7PVGTYCUUGTHQVQU
-TKUVCNNMNCTGU9CUUGT
-TKUVCNNMNCTGU9CUUGTUKPFUGJTYKEJVKIWOIWVG7PVGTYCUUGTHQVQU\WOCEJGP&CU
OGPUEJNKEJG#WIGMCPPFGVCKNNKGTVGTUGJGPCNUGKPG-COGTC+JTG#WIGPUGJGPFCU
9CUUGTCNUQMNCTGTCNUGUVCVU¼EJNKEJKUV5EJYGDGRCTVKMGN\$XQP#NIGPMÑPPGP
FKG 5KEJV XGTUEJNGEJVGTP 4×JTGP 5KG OKV +JTGP (NQUUGP MGKPGP 5CPF CWH &KGUG
5EJYGDGMÑTRGTGTUEJGKPGPCNUMNGKPG2WPMVGCWHFGP(QVQUCWEJő4×EMUVTGWWPIŒ
IGPCPPV$GITGP\GP5KGFKG'PVHGTPWPIKOOGTCWHFGT5KEJVYGKVG9GPPFKG
5KEJVYGKVG\$ODGVT¼IVUQNNVGFKG'PVHGTPWPIPKEJVOGJTCNUODGVTCIGP
$GK GKPGT 5KEJVYGKVG XQP O UQNNVG FCU #WHPCJOGQDLGMV PKEJV YGKVGT CNU EO
GPVHGTPVUGKP
$NGKDGP5KGKPPGTJCNDFGTKFGCNGP'PVHGTPWPIXQPDKUEO
&KG KFGCNG 'PVHGTPWPI NKGIV \YKUEJGP WPF EO &CPP GTJCNVGP 5KG
FGVCKNTGKEJG HCTDGPRT¼EJVKIG (QVQU &GPMGP 5KG FCTCP FCUU FCU .KEJV WPVGT
9CUUGT PKEJV YGKV NGWEJVGV UQFCUU FKG $KNFGT HCTDGPHTQJGT YGTFGP LG P¼JGT
5KG UKEJ CO #WHPCJOGQDLGMV DGſPFGP $GUVG 'TIGDPKUUG GTJCNVGP 5KG OKV FGO
QRVKQPCNGP5GC.KHG'ZVGTPCN5.QFGT&KIKVCN5.&$NKV\
$GYGIGP 5KG UKEJ TWJKI WPF MQPVTQNNKGTGP 5KG +JTGP #WHVTKGD DGXQT 5KG
HQVQITCſGTGP
'UKUVUGJTUEJYGTIWVG(QVQU\WOCEJGPYGPPOCPUKEJDGYGIV5GJGP5KGUKEJ
PCEJ#WHPCJOGQDLGMVGPWO 2QUKVKQPKGTGP5KG UKEJ\WP¼EJUV KPGKPGOI×PUVKIGP
9KPMGNWPFPGWVTCNKUKGTGP5KG+JTGP#WHVTKGD#TTCPIKGTGP5KGFCU#WHPCJOGQDLGMV
CWH FGO .%&/QPKVQT RT×HGP 5KG FKG 'PVHGTPWPI WPF JCNVGP 5KG FKG -COGTC
TWJKI$NGKDGP5KGTWJKIWPFIGFWNFKI/CPEJOCNOWUUOCPGVYCUYCTVGPDKUFKG
GTUEJTGEMVGP (KUEJG YKGFGT \WT×EMMQOOGP ,CIGP 5KG PKEJVJKPVGT FGP (KUEJGP
JGTUKGMQOOGP\W+JPGP
0GWVTCNKUKGTGP5KGKOOGTGTUV+JTGP#WHVTKGDDGXQT5KGHQVQITCſGTGPWPF
DGCEJVGP5KGCNNG6CWEJTGIGNP
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',*,7$/.$0(5$$8)'(1&20387(5
5[UVGOCPHQTFGTWPIGP9KPFQYU
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9KPFQYU/':2QFGTJÑJGT
/$4#/
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%&41/.CWHYGTM
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2QYGT2%))
15QFGTJÑJGT
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%&41/.CWHYGTM
(TGKGT75$#PUEJNWUU
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6FKULWW 6FKOLH¹HQ 6LH GLH 'LJLWDONDPHUD DQ GHQ
&RPSXWHUDQ
5EJNKG²GP 5KG GKP 'PFG FGU 75$
-CDGNU CP FGP 75$#PUEJNWUU FGT
-COGTCCP
5EJNKG²GP 5KG FCU CPFGTG 'PFG FGU
75$-CDGNU CP GKPGP HTGKGP 75$
#PUEJNWUUFGU%QORWVGTUCP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
FGT-COGTCDKUUKGGKPIGUEJCNVGVKUV
#WH FGO .%&/QPKVQT GTUEJGKPV
FCU75$(GPUVGT
9¼JNGP5KGOKVFGP6CUVGP FKGS T
1RVKQP=2%?WPFFT×EMGP5KGFCPPCWH
FKG 6CUVG1-
-NKEMGP5KGCWHFGO9KPFQYU&GUMVQR
FQRRGNVCWHFCUő#TDGKVURNCV\Œ5[ODQN
&QTV YKTF FCU 5[ODQN GKPGU PGWGP
ő#WUVCWUEJDCTGP &CVGPVT¼IGTUŒ
CPIG\GKIV &KGUGT ő#WUVCWUEJDCTG
&CVGPVT¼IGTŒ KUV FKG 5RGKEJGTMCTVG
FKG UKEJ KP FGT -COGTC DGſPFGV
0QTOCNGTYGKUG YKTF FGT -COGTC
FKG .CWHYGTMUDG\GKEJPWPI ő'Œ QFGT
PCEJHQNIGPFG $WEJUVCDGP FGU
#NRJCDGVU\WIGYKGUGP
-NKEMGP5KGFQRRGNVCWHFKGUGU.CWHYGTM
KPFGOUKEJFGT&%+/1TFPGTDGſPFGV
-NKEMGP 5KG FQRRGNV CWH FGP &%+/
1TFPGT &CTKP DGſPFGP UKEJ PQEJ
YGKVGTG1TFPGT
+PFKGUGP1TFPGTPDGſPFGPUKEJFKG
CWHIGPQOOGPGP$KNFGT
5KG MÑPPGP FKG $KNF WPF
8KFGQFCVGKGP KP GKPGP 1TFPGT CWH
FGO %QORWVGT MQRKGTGP D\Y
FQTVJKPXGTUEJKGDGP
/CE -NKEMGP 5KG CWH FGO 5EJTGKDVKUEJ
FQRRGNV CWH FCU .CWHYGTM őWPDGPCPPVŒ
QFGT őQJPG $G\GKEJPWPIŒ K2JQVQ YKTF
CWVQOCVKUEJIGUVCTVGV
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6FKULWW/DGHQ6LHGLH%LOGHURGHU9LGHRFOLSVKHUXQWHU
9GPP FKG GKPIGUEJCNVGVG &KIKVCNMCOGTC CP FGP %QORWVGT CPIGUEJNQUUGP KUV YKTF
FKGUG YKGGKP&KUMGVVGPQFGT %&41/.CWHYGTM CNUYGKVGTGU .CWHYGTMDGVTCEJVGV
5KGMÑPPGPFKG(QVQUJGTWPVGTNCFGP×DGTVTCIGPKPFGO5KGUKGXQOő#WUVCWUEJDCTGP
&CVGPVT¼IGTŒDGK/CEKPVQUJő7PDGPCPPVŒQFGTő1JPG$G\GKEJPWPIŒCWHFKG(GUVRNCVVG
FGU%QORWVGTUMQRKGTGP
9KPFQYU
©HHPGP5KGFGPő#WUVCWUEJDCTGP&CVGPVT¼IGTŒWPFMNKEMGP5KGFQRRGNVCWHFGP1TFPGT
&%+/&5%+/WOKJP\W ÑHHPGP+JTG$KNFGTDGſPFGP UKEJKP FGPFCTKP DGſPFNKEJGP
1TFPGTP/CTMKGTGP5KGFKGIGY×PUEJVGP$KNFGTQFGT8KFGQENKRUWPFY¼JNGP5KGFCPP
CWU FGO /GP× ő$GCTDGKVGPŒ FKG1RVKQP ő-QRKGTGPŒ ©HHPGP 5KGFCU<KGNXGT\GKEJPKU
1TFPGT WPF Y¼JNGP 5KG CWU FGO /GP× ő$GCTDGKVGPŒ FKG 1RVKQP ő'KPH×IGPŒ 5KG
MÑPPGPFKG $KNFFCVGKGPCWEJXQPFGT&KIKVCNMCOGTCKPFCU IGY×PUEJVG 8GT\GKEJPKU
XGTUEJKGDGP
/CEKPVQUJ
©HHPGP 5KG FCU .CWHYGTM ő7PDGPCPPVŒ WPF FCU <KGNXGT\GKEJPKU CWH FGT (GUVRNCVVG
8GTUEJKGDGP5KGFKG$KNFFCVGKGPXQPFGT&KIKVCNMCOGTCKPFCU<KGNXGT\GKEJPKU
$GK FGT 8GTYGPFWPI XQP 5RGKEJGTMCTVGP MÑPPGP 5KG CWEJ GKPGP -CTVGPNGUGT
DGPWV\GPFTKPIGPFGORHQJNGP
'UKUVMGKP2TQITCOOH×TFKG9KGFGTICDGXQP8KFGQUGPVJCNVGP5VGNNGP5KGUKEJGT
FCUUCWH+JTGO%QORWVGTGKP2TQITCOOH×TFKG9KGFGTICDGXQP8KFGQUKPUVCNNKGTV
KUV
5VGNNGP5KGUKEJGTFCUUFKG$CVVGTKGP#MMWUXQNNUKPFDGXQT5KGFKG-COGTCCP
FGP%QORWVGTCPUEJNKG²GP
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,QVWDOOLHUHQYRQ3KRWR([SORUHU
7NGCFs 2JQVQ 'ZRNQTGT DKGVGV +JPGP GKPG GKPHCEJG WPF GHſ\KGPVG /ÑINKEJMGKV +JTG
FKIKVCNGP/GFKGP\WFWTEJUWEJGP×DGTVTCIGP¼PFGTP.CFGP5KGUKEJ(QVQU8KFGQU
QFGT5QWPFENKRUXQPGKPGOFKIKVCNGP)GT¼VGPJGTWPVGT5WEJGP$GUEJTGKDWPIGPQFGT
H×IGP 5KG GKIGPG JKP\W PGJOGP 5KG PFGTWPIGP XQT QFGT XGTÑHHGPVNKEJGP 5KG FKG
&CVGKGPOKVGKPGO/GFKWO+JTGT9CJN'/CKN&TWEMXGTUKQP&KCUEJCWRT¼UGPVCVKQP
&CU2TQITCOOKUVGKPWPXGT\KEJVDCTGUOWNVKHWPMVKQPCNGU9GTM\GWIH×T$GPWV\GTXQP
&KIKVCNMCOGTCU9GD%COU&8%COEQTFGTP5ECPPGTPWPFCNNGPCPFGTGPFKGGHHGMVKX
GKPGITQ²G5COONWPIFKIKVCNGT/GFKGPQTICPKUKGTGPOÑEJVGP
.GIGP5KGFKGOKVIGNKGHGTVG%&41/KPFCU%&41/.CWHYGTMGKP
9GPP FCU $GITײWPIUHGPUVGT GTUEJGKPV MNKEMGP 5KG CWH ő+056#.. 2*161
':2.14'4Œ $GHQNIGP 5KG H×T FKG +PUVCNNCVKQP FKG #PYGKUWPIGP CWH FGO
$KNFUEJKTO
9GKVGTG +PHQTOCVKQPGP \WT 8GTYGPFWPI XQP 2JQVQ 'ZRNQTGT ſPFGP 5KG KP FGT
FC\WIGJÑTKIGP*KNHG&QMWOGPVCVKQP
9GPP5KG OKV 9KPFQYU :2CTDGKVGPO×UUGP 5KG DGK FGT +PUVCNNCVKQPXQP
2JQVQ'ZRNQTGTCNUő#FOKPKUVTCVQTŒCPIGOGNFGVUGKP
2JQVQ'ZRTGUUYKTFPKEJVXQP/CE%QORWVGTPWPVGTUV×V\V'UYGTFGPK2JQVQWPF
K2JQVQGORHQJNGP
&'
,QVWDOOLHUHQYRQ3KRWR([SUHVV
7NGCFs 2JQVQ 'ZRTGUU KUV GKPG WOHCUUGPFG (QVQRTQLGMV5QHVYCTG H×T FKIKVCNG $KNFGT
/KV FGO 5EJTKVVH×T5EJTKVV#DNCWH FGT XKUWGNNGP $GPWV\GTQDGTƀ¼EJG WPF FGO *KNHG
#UUKUVGPVGPKO2TQITCOOMÑPPGP5KGCWHTGIGPFG(QVQRTQLGMVGGTUVGNNGP.CFGP5KG
UKEJ FKIKVCNG (QVQU O×JGNQU XQP &KIKVCNMCOGTCU QFGT 5ECPPGTP JGTWPVGT 5QTVKGTGP
5KG UKG DGSWGO OKV FGO XKUWGNNGP $TQYUG/QFWU 8GTYGPFGP 5KG *WPFGTVG XQP
XQTIGHGTVKIVGP8QTNCIGPH×T#NDGP-CTVGP2QUVGTP&KCUEJCWGPWXO$GCTDGKVGPWPF
XGTDGUUGTP5KGFKG$KNFGTOKV(QVQDGCTDGKVWPIUYGTM\GWIGPHQVQITCſUEJGP(KNVGTPWPF
5RG\KCNGHHGMVGP8GTHGKPGTP5KG2TQLGMVGOKVMTGCVKXGP&GUKIPGNGOGPVGPYKG4CJOGP
WPF5VGORGNP8GTUGPFGP5KGFCPPFKG'TIGDPKUUGRGT'/CKNQFGTOKVXGTUEJKGFGPGP
CPFGTGP&TWEMQRVKQPGPCP+JTG(COKNKGWPF(TGWPFG
.GIGP5KGFKGOKVIGNKGHGTVG%&41/KPFCU%&41/.CWHYGTMGKP
9GPP FCU $GITײWPIUHGPUVGT GTUEJGKPV MNKEMGP 5KG CWH ő+056#.. 2*161
':24'55 Œ $GHQNIGP 5KG H×T FKG +PUVCNNCVKQP FKG #PYGKUWPIGP CWH FGO
$KNFUEJKTO
9GKVGTG+PHQTOCVKQPGP\WT8GTYGPFWPIXQP2JQVQ'ZRTGUUH×TFKG$KNFDGCTDGKVWPI
ſPFGP5KGKPFGTFC\WIGJÑTKIGP1PNKPG*KNHG
9GPP 5KG OKV 9KPFQYU :2 CTDGKVGP O×UUGPUKG DGK FGT+PUVCNNCVKQP XQP
2JQVQ'ZRTGUUCNUő#FOKPKUVTCVQTŒCPIGOGNFGVUGKP
2JQVQ'ZRTGUUYKTFPKEJVXQP/CE%QORWVGTPWPVGTUV×V\V
9GPP5KG FCU 2TQITCOO2JQVQ'ZRTGUU XGTYGPFGP UQNNVGP FKG#P\GKIGHCTDGP
FGU%QORWVGTUCWHJÑEJUVG(CTDSWCNKV¼V$KVGKPIGUVGNNVYGTFGP
&'
9(5:(1'(1'(5',*,7$/(1)272.$0(5$
$/63&.$0(5$
5KG MÑPPGP FKG -COGTC CWEJ CNU 2%-COGTC XGTYGPFGP &CFWTEJ KUV GU OÑINKEJ
OKV+JTGP)GUEJ¼HVURCTVPGTP 8KFGQMQPHGTGP\GP CD\WJCNVGPQFGT OKV +JTGP(TGWPFGP
QFGT FGT (COKNKG KP 'EJV\GKV őIGIGP×DGT\WUVGJGPŒ 9GPP 5KG FKG &KIKVCNMCOGTC
H×T 8KFGQMQPHGTGP\GP XGTYGPFGP OÑEJVGP OWUU FCU %QORWVGTU[UVGO ×DGT FKG
HQNIGPFGP6GKNGXGTH×IGP
/KMTQHQP
5QWPFMCTVG
.CWVURTGEJGTQFGT-QRHJÑTGT
0GV\YGTMQFGT+PVGTPGVXGTDKPFWPI
'KPG URG\KGNNG 8KFGQMQPHGTGP\UQHVYCTG QFGT 8KFGQDGCTDGKVWPIUUQHVYCTG KUV
PKEJVKO.KGHGTWOHCPIFGT-COGTCGPVJCNVGP
&KGUGT/QFWUYKTFXQP/#%%QORWVGTPPKEJVWPVGTUV×V\V
6FKULWW,QVWDOOLHUHQGHV3&.DPHUDWUHLEHUV
> 2%-COGTCVTGKDGT FGT UKEJ CWH FGT OKVIGNKGHGTVGP %&41/ DGſPFGV KUV
CWUUEJNKG²NKEJ H×T 9KPFQYU XQTIGUGJGP &KG 2%-COGTCHWPMVKQP YKTF XQP /CE
%QORWVGTPPKEJVWPVGTUV×V\V
.GIGP5KGFKGOKVIGNKGHGTVG%&41/KPFCU%&41/.CWHYGTMGKP
9GPP FCU $GITײWPIUHGPUVGT GTUEJGKPV MNKEMGP 5KG CWH ő+056#.. 2%%#/
&4+8'4Œ$GHQNIGP5KGH×TFKG+PUVCNNCVKQPFKG#PYGKUWPIGPCWHFGO$KNFUEJKTO
9GPPFKG+PUVCNNCVKQPFGU6TGKDGTUCDIGUEJNQUUGP KUVUVCTVGP5KGFGP%QORWVGT
PGW
&'
6FKULWW 6FKOLH¹HQ 6LH GLH 'LJLWDONDPHUD DQ GHQ
&RPSXWHUDQ
5EJNKG²GP5KGGKP'PFGFGU75$-CDGNUCPFGP75$#PUEJNWUUFGT-COGTCCP
5EJNKG²GP5KGFCUCPFGTG'PFGFGU75$-CDGNUCPGKPGPHTGKGP75$#PUEJNWUU
FGU%QORWVGTUCP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVGFGT-COGTCDKUUKGGKPIGUEJCNVGVKUV
#WHFGO.%&/QPKVQTGTUEJGKPVFCU75$(GPUVGT
9¼JNGP5KGOKVFGP6CUVGPS T FKG1RVKQP=2%?WPFFT×EMGP5KGFCPPCWHFKG
1-6CUVG
5VGNNGP 5KGFKG&KIKVCNMCOGTC UVCDKNCWH +JTGP %QORWVGTOQPKVQT QFGT XGTYGPFGP
5KGGKP5VCVKX
9GPP5KGFKGUG-COGTCCNU2%-COGTCDGPWV\GPOÑEJVGPOWUUUKEJGKP#MMW
KPFGT-COGTCDGſPFGP
&'
0(1¶237,21(1
0HQÖo.DPHUDp
+PFKGUGO/GP×YGTFGPFKG)TWPFGKPUVGNNWPIGPH×TFCU(QVQITCſGTGPGKPHCEJGT(QVQU
XQTIGPQOOGP
&T×EMGP5KGCWHFKG1-6CUVGWOFKG
-COGTCGKP\WUEJCNVGP
>-COGTCOQFWU5VCPFCTFXQTUEJCW
YKTFCPIG\GKIV
&T×EMGP5KGCWHFKG6CUVG S
&CU/GP×=#WHPCJ?YKTFCPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP
5KG CWH FKG 6CUVG WO KP FCU1-
GPVURTGEJGPFG/GP×\WIGNCPIGP
9¼JNGP5KGOKVFGP6CUVGP GKPGS T
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG 6CUVG1-
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVG W
#WƀÑUWPI
*KGTYKTFFKG#WƀÑUWPIH×TFKG#WHPCJOGPHGUVIGNGIV
= ? Z
= ? Z
= ? Z
= ? Z
3WCNKV¼V
*KGT YKTF FKG 3WCNKV¼V -QORTKOKGTWPIUTCVG HGUVIGNGIV OKV FGT FKG #WHPCJOGP
IGOCEJVYGTFGPUQNNGP
= ? (GKP
= ?5VCPFCTF
= ? 'EQ
&'
5\GPG/QFWU
9GKVGTG+PHQTOCVKQPGPFC\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő#WUY¼JNGP
FGU/QVKXOQFWUŒ
'8
9GKVGTG +PHQTOCVKQPGP JKGT\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ KO #DUEJPKVV
ő'KPUVGNNGPFGT$GNKEJVWPI'8Œ
9GK²CDINGKEJ
*KGT YKTF FGT 9GK²CDINGKEJ H×T FKG #WHPCJOG XQP (QVQU DGK XGTUEJKGFGPGP
.KEJVDGFKPIWPIGP HGUVIGNGIV &CDGK YKTF FCU .KEJV FGT 'ORſPFWPI FWTEJ FCU
OGPUEJNKEJG#WIGCPIGINKEJGP
= ? #WVQOCVKUEJ.GGT
= ? 5QPPG
= ? 9QNMGP
= ? )N×JNKEJV
= ? 0GQPNKEJV
= ? /CPWGNN9$
+O/GGT/QFWUYGTFGPFKGHQNIGPFGP9GK²CDINGKEJQRVKQPGPCPIG\GKIV
#WVQOCVKUEJYGPKIGTCNUOHVOOGJTCNUO HVO/CPWGNN
9¼JNGP5KGFKGGPVURTGEJGPFG9CUUGTVKGHGH×TFGP9GK²CDINGKEJ
&KG (CTDMQTTGMVWT WPVGT 9CUUGT KUV CO GHHGMVKXUVGP DGK CWUTGKEJGPFGO
7OIGDWPIUNKEJV 7PVGT O 6KGHG KUV FKG (CTDMQTTGMVWT KOOGT UEJYGTGT
FWTEJ\WH×JTGP
/CPWGNN 9$ *KGT MCPP FGT 9GK²CDINGKEJ OCPWGNN GKPIGUVGNNV WPF IGURGKEJGTV
YGTFGP&KGUG(WPMVKQPKUVP×V\NKEJYGPPMGKPIGGKIPGVGT9GK²CDINGKEJXQTJCPFGPKUV
9GKVGTG+PHQTOCVKQPGPFC\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő'KPUVGNNGP
FGUOCPWGNNGP9GK²CDINGKEJUŒ
#DDTGEJGP#WUH×JT
0GJOGP 5KG MGKPGP OCPWGNNGP 9GK²CDINGKEJ XQT YGPP FKG -COGTC CWH FGP
/QFWU 'ZV $NKV\ GKPIGUVGNNV KUV FC UQPUV FKG (CTDGP PKEJV TKEJVKI FCTIGUVGNNV
YGTFGP
&'
+51
*KGT YKTF FKG .KEJVGORſPFNKEJMGKV H×T FKG #WHPCJOGP HGUVIGNGIV $GK GKPGT JÑJGTGP
'ORſPFNKEJMGKVWPFGKPGOJÑJGTGP+519GTVFGU$KNFUGPUQTUMCPPOCP#WHPCJOGP
UQICTCPFWPMNGTGP1TVGPOCEJGP&KGUGYGTFGPCNNGTFKPIUITQDMÑTPKIGT
#WVQ
(CTDG
*KGTYKTFFKG(CTDGH×TFKG#WHPCJOGPHGUVIGNGIV
5VCPFCTF-T¼HVKI5GRKC/QPQEJTQO
5¼VVKIWPI
&KG-COGTCDKGVGVFTGK(CTDITCFG\WT#WUYCJN,GPCEJ(CTDITCFGT\GWIGPFKG$KNFGT
GKPGPCPFGTGP'KPFTWEM>(CTDITCFYKTFCWEJő5¼VVKIWPIŒIGPCPPV
*QEJ0QTOCN)GTKPI
5EJ¼THG
*KGTYKTFFKG$KNFUEJ¼THGH×TFKG#WHPCJOGPHGUVIGNGIV
*CTV0QTOCN9GKEJ
8QTUEJCW
*KGT YKTF GKPIGUVGNNV QD GKP $KNF INGKEJ PCEJ FGT #WHPCJOG CWH FGO .%&/QPKVQT
CPIG\GKIVYGTFGPUQNN
'KP#WU
9GPP FKG =8QTUEJCW? CWH ='KP? GKPIGUVGNNV KUV YKTF PCEJ LGFGT #WHPCJOG GKP
5QHQTVNÑUEJHGPUVGTCPIG\GKIV
9¼JNGP5KG=#WUH×JT?WPFFT×EMGP5KGCWH WOFCU$KNF\WNÑUEJGP1-
9¼JNGP5KG=#DDTWEJ?WPFFT×EMGP5KGCWH WOFCU$KNF\WURGKEJGTPWPF1-
\WO#WHPCJOGOQFWU\WT×EM\WMGJTGP
9GPPMGKPG1RVKQPIGY¼JNVYKTFYKTFFCU5QHQTVNÑUEJHGPUVGTCWUIGDNGPFGVWPF
FCU$KNFYKTFIGURGKEJGTV
&CVWO
&CU &CVWO FGT #WHPCJOG MCPP FKTGMV CWH FKG $KNFGT CWHIGFTWEMV YGTFGP &KGUG
(WPMVKQPOWUUXQTFGT#WHPCJOGCMVKXKGTVYGTFGP
'KP#WU
&'
0HQÖo9LGHRDXVJDEHp
+PFKGUGO/GP× YGTFGP FKG)TWPFGKPUVGNNWPIGPH×TFCU#WHPGJOGP XQP 8KFGQENKRU
XQTIGPQOOGP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVG T/1&'
WPFYGEJUGNP5KGKPFGP= ?/QFWU
&T×EMGP5KGCWHFKG6CUVG S
&CU /GP× =8KFGQCWUICDG? YKTF
CPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP
5KG CWH FKG 6CUVG WO KP FCU1-
GPVURTGEJGPFG/GP×\WIGNCPIGP
9¼JNGP5KGOKVFGP6CUVGP GKPGS T
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG 6CUVG1-
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVG W
'8
9GKVGTG +PHQTOCVKQPGP FC\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT
ő$GNKEJVWPIUMQTTGMVWTŒKO/GP×ő-COGTCŒ
9GK²CDINGKEJ
9GKVGTG +PHQTOCVKQPGP FC\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT
ő9GK²CDINGKEJŒKO/GP×ő-COGTCŒ
#WFKQ
*KGTYKTFGKPIGUVGNNVQDFGT8KFGQENKROKVQFGTQJPG6QPWPFOKVYGNEJGT.CWVUV¼TMG
GTCWHIGPQOOGPYGTFGPUQNN
*QEJ0KGFTKI#WU
&'
0HQÖo:LHGHUJDEHp
.GIGP5KGKO = ?/QFWUHGUV YGNEJG 'KPUVGNNWPIGPH×T FKG 9KGFGTICDGXGTYGPFGV
YGTFGPUQNNGP
&T×EMGP5KGCWHFKG6CUVG= ?
&T×EMGP5KGCWHFKG6CUVG S
&CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP
5KG CWH FKG 1-6CUVG WO KP FCU
GPVURTGEJGPFG/GP×\WIGNCPIGP
9¼JNGP5KGOKVFGP6CUVGP GKPGS T
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG 6CUVG1-
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVG W
.ÑUEJGP
9GKVGTG+PHQTOCVKQPGPJKGT\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő.ÑUEJGP
XQP$KNFGTP8KFGQENKRUŒ
-QRKG -CTVG
/KV FKGUGT (WPMVKQP MÑPPGP 5KG FKG &CVGKGP XQO KPVGTPGP 5RGKEJGT FGT FKIKVCNGP
(QVQMCOGTC CWH GKPG 5RGKEJGTMCTVG MQRKGTGP &C\W O×UUGP &CVGKGP KO KPVGTPGP
5RGKEJGT FGT-COGTCIGURGKEJGTVUGKPWPF GUOWUUUKEJGKPG 5RGKEJGTMCTVGKPFGT
-COGTCDGſPFGP
#DDTGEJGP#WUH×JT
&KCUEJCW
9GKVGTG +PHQTOCVKQPGP JKGT\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT
ő9KGFGTIGDGPCNU&KCUEJCWŒ
&21(
9GKVGTG+PHQTOCVKQPGPFC\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő'KPUVGNNGP
FGT&21((WPMVKQPŒ
5EJWV\
9GKVGTG+PHQTOCVKQPGPJKGT\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő5EJ×V\GP
XQP$KNFGTP8KFGQENKRUŒ
/KPKCVWT
9GKVGTG+PHQTOCVKQPGPJKGT\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő#P\GKIGP
XQP/KPKCVWTDKNFGTPŒ
&'
0HQÖo6HWXSp
*KGTUVGNNGP5KGFKG$GVTKGDUWOIGDWPIFGT-COGTCGKP
&T×EMGP5KGCWHFKG6CUVG T/1&'
WO\WO-COGTCQFGT8KFGQOQFWU= ?
\WYGEJUGNPQFGTFT×EMGP5KGCWHFKG
6CUVG= ?
&T×EMGP5KGCWHFKG6CUVGS WPF
TWHGP 5KGOKV FGT 6CUVGPXFCU/GP×
ő5GVWRŒCWH
&CU/GP×=5GVWR?YKTFCPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP
5KG CWH FKG 1-6CUVG WO KP FCU
GPVURTGEJGPFG/GP×\WIGNCPIGP
9¼JNGP5KGOKVFGP6CUVGP GKPGS T
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG 6CUVG1-
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGOGJTOCNUCWHFKG6CUVG W
&CVWO<GKV
&CFWTEJ YGTFGP FCU &CVWO WPF FKG
7JT\GKVGKPIGUVGNNV
9GKVGTG +PHQTOCVKQPGP FC\W ſPFGP 5KG
KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT
ő'KPUVGNNGPXQP&CVWOWPF7JT\GKVŒ
(QTOCV
.ÑUEJV CNNG #WHPCJOGP WPF HQTOCVKGTV
FKG 5&5RGKEJGTMCTVG FKG UKEJ KP FGT
-COGTC DGſPFGV #WEJ IGUEJ×V\VG
#WHPCJOGP YGTFGP IGNÑUEJV 'KPG 5&
-CTVG MCPP PKEJV HQTOCVKGTVYGTFGP YGPP
UKGUEJTGKDIGUEJ×V\VKUV'KPGCWUH×JTNKEJG
$GUEJTGKDWPI ſPFGP 5KG KO #DUEJPKVV
ő(QTOCVKGTGPFGUKPVGTPGP5RGKEJGTUQFGT
GKPGT5&5RGKEJGTMCTVGŒ
2KGR
*KGT UVGNNGP 5KG GKP QD FKG -COGTC DGKO
'KPUEJCNVGPWPFDGKO$GV¼VKIGPFGT6CUVGP
LGYGKNUGKPGP2KGRVQPGT\GWIGPUQNN
'KP#WU
&'
63(=,),.$7,21(1
'NGOGPV(WPMVKQP $GUEJTGKDWPI
$KNFUGPUQT %%&
'HHGMVKXG2KZGN /GICRKZGN
#WƀÑUWPI (QVQZZZZ
8KFGQENKRZ
$KNFSWCNKV¼V (QVQ(GKP5VCPFCTF'EQ
5RGKEJGTOGFKWO /$KPVGTPGT5RGKEJGT/$\WO5RGKEJGTPFGT#WHPCJOGP
5&5RGKEJGTMCTVGQRVKQPCNDKU\W)$
&CVGKHQTOCV $KNFHQTOCV,2')8KFGQHQTOCV/QVKQP,2')#8+
1DLGMVKX (0T
$TGPPYGKVGOOGPVURTKEJVOODGKGKPGTOO-COGTC
(QMWUDGTGKEJ.#0& /CMTQEOV
0QTOCNWPGPFNKEJHVWPGPFNKEJ
(QMWUDGTGKEJ79 /CMTQEOHV
0QTOCNWPGPFNKEJHVWPGPFNKEJ
.%&/QPKVQT Œ.625(CTD.%&
*QEJCWƀÑUGPFGU&KURNC[OKV2KZGNP
5GNDUVCWUNÑUGT 5GMWPFGP5GMWPFGPWPF5GMWPFGP8GT\ÑIGTWPI
$GNKEJVWPIUMQTTGMVWT '8DKU'8KP5EJTKVVGPXQP'8
9GK²CDINGKEJ #WVQOCVKUEJ5QPPG9QNMGP)N×JNKEJV0GQPNKEJV/CPWGNNHVO
HVO
+51 #WVQOCVKUEJ
#PUEJN×UUG 75$#PUEJNWUU
5VTQOXGTUQTIWPI ###NMCNKDCVVGTKGPQRVKQPCN
#DOGUUWPIGP ECZZOOZZ<QNN
)GYKEJV ECIQJPG$CVVGTKGPWPF5&5RGKEJGTMCTVG
6KGHGPIGGKIPGV '%1#WHPCJOGP<QNNO4GGHOCUVGT/KPKHVO
5VQ²HGUVKIMGKV HVO
PFGTWPIGPXQP&GUKIPWPFVGEJPKUEJGP&CVGPDNGKDGPXQTDGJCNVGP
'KPG CWUH×JTNKEJG .KUVG FGT 5RG\KſMCVKQPGP ſPFGP 5KG CWH FGT 5GC.KHG9GDUKVG
WPVGTYYY5GC.KHGECOGTCUEQO
Product specificaties
| Merk: | SeaLife |
| Categorie: | Fotocamera |
| Model: | ECOshot |
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- Fotocamera Dorr
- Fotocamera Easypix
- Fotocamera Elmo
- Fotocamera Emerson
- Fotocamera Eufy
- Fotocamera EverFocus
- Fotocamera Ezviz
- Fotocamera Flir
- Fotocamera Fluke
- Fotocamera Foscam
- Fotocamera Fuji
- Fotocamera Fujifilm
- Fotocamera GE
- Fotocamera Gembird
- Fotocamera General Electric
- Fotocamera GoPro
- Fotocamera Hasselblad
- Fotocamera Hikvision
- Fotocamera Hitachi
- Fotocamera HOLGA
- Fotocamera Kodak
- Fotocamera Kogan
- Fotocamera Konica
- Fotocamera Konica Minolta
- Fotocamera Konig
- Fotocamera Kyocera
- Fotocamera Kyocera Yashica
- Fotocamera Laserliner
- Fotocamera Leica
- Fotocamera Leitz Focomat IIc
- Fotocamera Lenco
- Fotocamera Lenovo
- Fotocamera Lexibook
- Fotocamera Logitech
- Fotocamera Lorex
- Fotocamera Maginon
- Fotocamera Mamiya
- Fotocamera Meade
- Fotocamera Minolta
- Fotocamera Minox
- Fotocamera Moto Mods (Motorola)
- Fotocamera Nedis
- Fotocamera Nest
- Fotocamera Netgear
- Fotocamera Pentax
- Fotocamera Polaroid
- Fotocamera Powerfix
- Fotocamera Praktica
- Fotocamera Pyle
- Fotocamera Ricoh
- Fotocamera Ring
- Fotocamera Rollei
- Fotocamera Sanyo
- Fotocamera Sigma
- Fotocamera Silvercrest
- Fotocamera Sinji
- Fotocamera SJCAM
- Fotocamera Spypoint
- Fotocamera Sygonix
- Fotocamera Technaxx
- Fotocamera TP Link
- Fotocamera Traveler
- Fotocamera Trust
- Fotocamera Velleman
- Fotocamera Viewsonic
- Fotocamera Vivitar
- Fotocamera Voigtlander
- Fotocamera Yashica
- Fotocamera ZeissIkon
- Fotocamera Joy-it
- Fotocamera Optoma
- Fotocamera Oregon Scientific
- Fotocamera Ozito
- Fotocamera Creative
- Fotocamera Zenit
- Fotocamera Cobra
- Fotocamera Celestron
- Fotocamera Levenhuk
- Fotocamera Aplic
- Fotocamera Arlo
- Fotocamera Imou
- Fotocamera SereneLife
- Fotocamera Akaso
- Fotocamera Trevi
- Fotocamera Intel
- Fotocamera Contax
- Fotocamera Scosche
- Fotocamera Swann
- Fotocamera SPC
- Fotocamera ARRI
- Fotocamera Bauhn
- Fotocamera Prixton
- Fotocamera RunCam
- Fotocamera FIMI
- Fotocamera Ansco
- Fotocamera Cosina
- Fotocamera Exakta
- Fotocamera Zorki
- Fotocamera Aida
- Fotocamera AVerMedia
- Fotocamera Lumens
- Fotocamera Dahua Technology
- Fotocamera UniView
- Fotocamera Reolink
- Fotocamera EVE
- Fotocamera Azden
- Fotocamera Marshall Electronics
- Fotocamera Ergoguys
- Fotocamera Burris
- Fotocamera Liiv360
- Fotocamera Watec
- Fotocamera Silvergear
- Fotocamera Digital Watchdog
- Fotocamera Fantasea Line
- Fotocamera Vimar
- Fotocamera Getac
- Fotocamera Speco Technologies
- Fotocamera Z CAM
- Fotocamera General
- Fotocamera Strex
- Fotocamera Berger & Schröter
- Fotocamera AViPAS
- Fotocamera Syrp
- Fotocamera Hanwha
- Fotocamera Videology
- Fotocamera InfiRay
- Fotocamera Pelco
- Fotocamera Videotec
- Fotocamera Cambo
- Fotocamera Kobian
- Fotocamera Red Digital Cinema
- Fotocamera Alfatron
- Fotocamera Aquapix
- Fotocamera BZBGear
- Fotocamera Seek Thermal
- Fotocamera Ikegami
- Fotocamera MuxLab
- Fotocamera Ikelite
- Fotocamera Adeunis
- Fotocamera Hoppstar
- Fotocamera IOptron
- Fotocamera Moultrie
- Fotocamera PatrolEyes
- Fotocamera Camouflage
- Fotocamera HuddleCamHD
- Fotocamera AquaTech
- Fotocamera PTZ Optics
- Fotocamera Linhof
- Fotocamera GoXtreme
- Fotocamera KanDao
- Fotocamera Kraken Sports
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