Beta 1934MAV70 User manual
Beta
1934MAV70
ISTRUZIONI PER L’USO
INSTRUCTIONS
MODE D’EMPLOI
GEBRUIKSAANWIJZING
!
GEBRAUCHSANWEISUNG
INSTRUCCIONES
INSTRUÇÕES
#
BRUKSANVISNING
&
KÄYTTÖOHJEET
&
INSTRUKTION
BRUKSANVISNING
!
HASZNÁLATI UTASÍTÁS
TALI
.MATLAR
'%
INSTRUKCJA OBSŁUGI
#
1934MAV70
Designed by
Beta
SCHEMA D’IMPIANTO / INSTALLATION SYSTEM
#!$&''#&
AIR COMPRESSOR
'&(##€&
AIR TANK
'&#€)(#!(#€#""'
AUTOMATIC CONDENSATE DRAIN
(&#€$&"$
MAIN FILTER
().#"€!$"(#€"(& ..(#
MAIN PIPEWORK
().#"€u)( ..#
SUPPLY LINE
'&#€#""'
CONDENSATE DRAIN
(&#€&# (#&€ )&(#&s
FILTER-REGULATOR-LUBRICATOR 1/4”
&)"((#s
COUPLER 1/4”
""'(#€&$#s
COUPLING 1/4”
()#;;
HOSE 10 mm
&)"((#s
COUPLER 1/4”
""'(#&$#s
COUPLING 1/4”
& %'%%''')"'.?A )
HIGH-SPEED MICRO-GRINDER, STRAIGHT item 1934MAV70
$/@B"f =2713 3A1@7H7=<3
Part. No. Cod D scription
'C>>=@B$=AB3@7=@3
Rear End Holder
*7B3
Screw
#&7<5>H
O-Ring (2 pcs)
!/<=>=:/27&35=:/H7=<3
Sliding Knob
#&7<5
O-Ring
&/11=@2=(C0=
Hose Plug
$3@<=
Pin
=<<3BB=@3
Plug
$7/AB@/2u;;7AA7=<3
Intake Plate
CA17<3BB=
Ball Bearing
$7/AB@/CA17<3BB=
Bearing Plate
$3@<=
Pin
7:7<2@=
Cylinder
'3B$/:3BB3>H
Vanes Set (3 pcs.)
&=B=@3
Rotor
$/@B"f =2713 3A1@7H7=<3
Part. No. Cod D scription
7AB/<H7/:3
Spacer
7A1= /B3@/:3
Lateral Disc
CA17<3BB=>H
Ball Bearing (2 pcs)
=11=:/CA17<3BB7<B3@</
Interior Bearing Retainer Bus ing
=11=:/CA17<3BB7AB3@</
Outer Bearing Retainer Bus ing
/A323::/$7<H/
Collet Foundation
!/<71=BB=
Sleeve
=>3@167=@=<B/:3
Front Cover
$7<H/;;
Collet 3 mm
673@/23::/$7<H/
Clamping Nut
(C0=23:'7:3<H7/B=@3
Muffler Tube
<3::='B@7<57BC0=>H
Hose Ring (2 pcs)
(C0=@7/
Air Hose
=<<3BB=@3<5@3AA=@7/
Inlet Connector
67/D3>H
Spanner (2 pcs)
()(($&(# &$#''#"#''&'#((!#'".$&**'#ALL THE DETAILS MAY BE SUBjECT TO CHANGES WITHOUT ANY PRIOR NOTICE
Beta
&'%(-"!r#%rg(&"
%"& %'%%''
')"'b
.?A )
!(&'%(-"!r#%
& %'%&&rr!"%
)B3<A7:327AB@70C7B=2/
'('!&&#
))"'
&")"
'
"!&!%'&&') !'
g('--'"%
#2??61B??26?6@056162C2;AB.961.;;6.=2?@<;2
=?6:.16BA696GG.?2?6=.?.?22@24B6?2:.;BA2;G6<;6
<@<@A6AB6?2.002@@<?6
%''!' !''(''#(!' !(
&'%(-"!
&'%(-"!rr&(%--r#%& %'%r&&
r!"%
:<=AB@==073BB7D=W274=@<7@3CB3<A7:7><3C;/B717163
>3@;3BB/<=27:/D=@/@31=<3447173<H/7<')&..
&3AB/1=;C<?C37<B3A=1637:>7c7;>=@B/<B327A>=A7B7D=27
A71C@3HH/>3@=5<7B7>=27CB3<A7:3A73B3*#7<?C/<B=:/1C@/
3:u/BB3<H7=<3>/@B71=:/@3A=<=:/;75:7=@3>@=B3H7=<32/
3D3<BC/:7:3A7=<7
"=<W>=AA707:3?C73:3<1/@3BCBB77B7>727@7A167;//007/;=
13@1/B=27;3BB3@<37<3D723<H//:1C<7B@/7>7cA75<7471/B7D7
&71=@27/;=7<=:B@3163?C3AB=CB3<A7:323D33AA3@3CA/B=
A=:/;3<B32/>3@A=</:3?C/:7471/B=
%&")('"!!&&"!g%
" #%&&
u/@7/1=;>@3AA/>C^1/CA/@35@/D72/<<7/::3>3@A=<3
"=<@7D=:53@3:u/@7/7<27@3H7=<327A3AB3AA7=27/:B@7
u/@7/1634C=@73A132/7BC07>C^>@=D=1/@3A3@72/<<7/::3
>3@A=<31=<B@=::/@3>3@7=271/;3<B3A37BC073=7@/11=@27
A=<=/::3<B/B73=2/<<3557/B7
1=:>7274@CAB/237BC074:3AA707:7>=AA=<=/@@31/@35@/D72/<<7
$@7;/277<B3@D3<7@3>3@?C/:A7/A7=>3@/H7=<3AC::uCB3<A7:3
167C23@3:u7;>7/<B=>@7;/@7=A1/@71/@37:BC0=2/::/>@3AA7=<3
@3A72C/3A1=::35/@3:uCB3<A7:3A=:/;3<B3?C/<2=:=AB3AA=<=<
W7<4C<H7=<3
"=<AC>3@/@3:/>@3AA7=<3;/AA7;/27/@;7AC@/B/
/::u7<5@3AA=/@7/23::uCB3<A7:31=<:=AB3AA=7<4C<H7=<3=27:
D/:=@37<271/B=2/::/B/@563BB/>=AB/AC::uCB3<A7:3
%&)%!'(%
(3<3@3C</27AB/<H/27A71C@3HH/2/::3>/@B7@=B/B7D3
23::uCB3<A7:3
D7B/@327>=@B/@3/113AA=@7/:1=::=1=;31/B3<7<331=::/<33
277<2=AA/@30@/117/:73D3AB7B7:/A167
D7B/@37:1=<B/BB=27/113AA=@732CB3<A7:71=<71/>3::7
D7B/@37:1=<B/BB=27@3BB=1=<5:7/113AA=@77<;=D7;3<B=
2C@/<B332=>=:uCA=
;1<@@.?2@2:=?264B.;A61.9.C<?<=2??61B??26?6@05616
A.4962@0<AA.AB?2
%&%)!'g('--"rr&&"%
%&)16@056./?.@6C6:<9296:2?<A.A6C2
)B7:7HH/@3A=:=323A1:CA7D/;3<B3/113AA=@7/0@/A7D7/235C/B7
/::/D3:=17BPAD7:C>>/B/2/::uCB3<A7:36;;2@@B;0.@< CA/@3
/113AA=@7/0@/A7D71637<271/<=C</D3:=17BP27@3A7AB3<H/>7c
0/AA/27?C3::/23::/;/1167</
"=<CB7:7HH/@3/113AA=@7/0@/A7D72/<<3557/B73=@31/<B7A35<7
271@3>/BC@/32/AA71C@/@A71637:4=@=2747AA/557=<=<A4@3567
1=<B@=:u/:03@=
)B7:7HH/@3A=:=:34:/<53163D3<5=<=4=@<7B31=<:uCB3<A7:3
@=<23::3A>3AA=@7=/:B@//2/BB/B=@7>=B@3003@=2/<<3557/@3
:u/113AA=@7=/0@/A7D=
)B7:7HH/<2=27A167/0@/A7D77<B3@>=<3B3B@/4:/<57/327A1=C<
AC>>=@B=@3A7AB3<B31/@B=<3>@3AA/B==470@/27D3B@=
7AA/@35:7/113AA=@77<;=2=163<=<17A7/57=1=B@/5:7AB3AA7
3:u/:03@=
#D3>@3D7AB/CB7:7HH/B3A3;>@3:/1C447/27>@=B3H7=<3>@3D3@@P
72/<<71/CA/B72/::/3D3<BC/:3@=BBC@/235:7/113AA=@7/0@/A7D7
"3:1/A=:/1C447/27>@=B3H7=<3AC07A1/2371=:>72=DCB7/::/
@=BBC@/23:27A1=:/AB3AA/23D33AA3@3A=AB7BC7B/
)B7:7HH/@30/@@73@327>@=B3H7=<3B@/:u=>3@/B=@335:7/:B@7
:/D=@/B=@7>3@1=<B3<3@37@7A1672=DCB7/A16355733A17<B7::3
%&%')"!-"!)"%"
$@3AB/@3/BB3<H7=<3/::3BC0/H7=<73113AA7D/;3<B3:C<563
:/A17/B3AC:>=AB=27:/D=@=7<13A>71/@331/23@3A=<=:/
>@7;/@7/1/CA/275@/D7:3A7=<7
:3D/B7:7D3::727@C;=@=A7BP>=AA=<=>@=D=1/@3:/>3@27B/
>3@;/<3<B323::uC27B=BA696GG.?2=?<A2G6<;6.B?60<9.?6
0<;@6496.A21.91.A<?2169.C<?<2<1.6?24<9.:2;A6
!/<B3<3@3C</>=A7H7=<323:1=@>=03<07:/<17/B/3A71C@/
!=D7;3<B7@7>3B7B7D73A1=;=23>=A7H7=<7/007</B7/::u3A>=A7H7=<3
27D70@/H7=<7>=AA=<=2/<<3557/@3;/<730@/117/W
1=<A75:7/07:3>@3<23@3A>317/:7>@31/CH7=<7
D7B/@3277<A>7@/@3>=:D3@73A1=@732723B@7B7=?<A2442;1<C6
=.?G6.9:2;A20<;:.@052?6;2.;A6=<9C2?2
:7=>3@/B=@7327:>3@A=</:3/223BB=/::/;/<CB3<H7=<323D=<=
3AA3@347A71/;3<B372=<37>3@>=B3@;/<3557/@3:327;3<A7=<7
7:>3A=3:/>=B3<H/27?C3AB=CB3<A7:3
%C3AB=CB3<A7:3<=<WAB/B=1=AB@C7B=>3@3AA3@3CB7:7HH/B=7<
/@33A=553BB3/@7A167=273A>:=A7=<33<=<W7A=:/B=>3@AB/@3
/1=<B/BB=1=<4=<B7273<3@57/3:3BB@71/
('%"%!"% %(%!'&(%--
%C3AB=CB3<A7:3327AC=71=;>=<3<B732/113AA=@7<=<23D=<=
3AA3@3;=27471/B73=;/<=;3AA7
y<313AA/@7=A/>3@31637:;/B3@7/:3271=AB@CH7=<327?C3AB=
CB3<A7:3>C^3AA3@3A=553BB=/2CAC@/
y7<27A>3<A/07:3A/>3@3163:/D=@/@31=<CB3<A7:7/2/@7/
1=;>@3AA/>C^>@=D=1/@3/:B3D70@/H7=<7
?C7<27D/<<=>@3A3:3/>>@=>@7/B3>@31/CH7=<7
/@3;=:B//BB3<H7=<3/<=<7<B@/>>=:/@3:3;/<7B@/:uCB3<A7:3
32C<=553BB=
#%('%"%!"% -"!%(%!'
&(%--"!&('%
2=1C;3<B7:37<4=@;/H7=<73:37AB@CH7=<74=@<7B71=<?C3AB=
CB3<A7:3
:2/B=@327:/D=@=)<7=<7=AA=17/H7=<7271/B35=@7/3=
'7<2/1/:7
:=<A75:7=23::/=;C<7BPC@=>3/3=5:7<B7:=1/:7
r'/43BG&3?C7@3;3<BA=@/<23:2"=<:31B@71(==:As
"=@;327A71C@3HH/>3@CB3<A7:7;/<C/:7/2/:7;3<B/H7=<3<=<
3:3BB@71/27A>=<707:3>@3AA=C@=>3/<=;;7BB334=@
'B/<2/@27H/B7=<&C323'B/AA/@B@CF3::3A3:57=
!"% #%(!"%%''" !'"g%
:7;3<B/@3:uCB3<A7:31=</@7/>C:7B/3>@7D/27/1?C/=
1=<23<A//2C</>@3AA7=<327/@1/:1=:/B//::u7<5@3AA=
CB3<A7:31=<:=AB3AA=7<4C<H7=<3
)</>@3AA7=<3B@=>>=3:3D/B/@72C13:/2C@/B/23::3>/@B7
;311/<71633>C^1/CA/@35@/D72/<<7/::3>3@A=<3
=::35/@3:uCB3<A7:3/::u7;>7/<B=27/:7;3<B/H7=<3CB7:7HH/<2=5:7
/113AA=@723::327;3<A7=<7;=AB@/B3<3:27A35<=/::35/B=
"=<7<AB/::/@327@3BB/;3<B3<3::u/BB/11=23::uCB3<A7:3@C07<3BB7
@/>727
=<AC:B/@3:37AB@CH7=<7>3@C<1=@@3BB=/11=>>7/;3<B=235:7
/113AA=@7
=<AC:B/@372/B7B31<71727?C3AB=;/<C/:3
(%-"!
$3@/D3@3C<CB7:7HH==BB7;/:3W7<27A>3<A/07:31=::35/@3
:uCB3<A7:3/2C<5@C>>=47:B@=:C0@7471/B=@327:7<3//;71@=<3007/
/@B@35=:/B=/2C35=113/:;7<CB=7;;3BB3<2=:=
A>317/:3=:7='#/@B )B7:7HH/<2=7A=>@/17B/B7
/113AA=@7A7/D@PC</@3A/3:3D/B/1=<C</@72=BB/CAC@/23::3
>/@B7;311/<7163
"3:1/A=:/:7<3/4=AA3A>@=DD7AB/27:C0@7471/B=@3W<313AA/@7=
7;;3BB3@327@3BB/;3<B3<3::uCB3<A7:3C<=:7='#=>>C@3C<
'€/:;3<=C</D=:B//:57=@<=
=<B@=::/@3;3<A7:;3<B3:/:C0@7471/H7=<323:5@C>>=
7<5@/</557323D3<BC/:;3<B3CB7:7HH/@3C<5@/AA=>3@
1CA17<3BB7/:B/D3:=17BP
!<;B@.?2=2A?<96<<<96<162@29
!('!-"!
'71=<A75:7/27CB7:7HH/@3:u3A>:=A=/::35/B=1=;3;/<C/:3>3@
A;=<B/@33/AA3;0:/@3:uCB3<A7:33>3@723<B7471/@3:33D3<BC/:7
>/@B727@71/;07=
%!-
%C3AB=CB3<A7:3D73<34/00@71/B=31=::/C2/B=1=<:/;/AA7;/
1C@/A31=<2=:3<=@;327A71C@3HH//BBC/:;3<B3D753<B732W
1=>3@B=2/5/@/<H7/>3@C<>3@7=2=27;3A7
*3<5=<=@7>/@/B75C/AB72=DCB7/2743BB727;/B3@7/:3=27
>@=2CH7=<3;327/<B3@7>@7AB7<==A=AB7BCH7=<3237>3HH72743BB=A7
/<=AB@/27A1@3H7=<3
u3443BBC/H7=<327C<==>7c7<B3@D3<B7<3:>3@7=2=275/@/<H7/
<=<;=27471/:/2/B/27A1/23<H/23::/AB3AA/
"=<A=<=A=553BB7/5/@/<H7/2743BB72=DCB7/::uCAC@//::uCA=
3@@/B==27;>@=>@7=@=BBC@31/CA/B32/1=:>73=1/2CB37<=:B@3
:/5/@/<H7/231/23?C/<2=D3<5=<=/>>=@B/B3;=2747163
?C/<2=:uCB3<A7:3D73<3;/<=;3AA==D73<37<D7/B=
/::u/AA7AB3<H/A;=<B/B=
'=<=3A>@3AA/;3<B33A1:CA72/<<71/CA/B7/>3@A=<33=1=A3
27?C/:A7/A753<3@33=</BC@/27@3BB73=7<27@3BB7
%-"!" "% 'g%'')
e!f
<=7
'r('!&&#
))"'
&")"
'
27167/@7/;=/AAC;3<2=>73</@3A>=<A/07:7BP1637:>@=2=BB=
%"& %'%%''')"'b
.?A )
W1=<4=@;3/::3A35C3<B7<=@;/B7D37<0/A3/7@3?C7A7B723::/
7@3BB7D/!/1167<3
C=5=32/B/273;7AA7=<3
'#*#!(
3<</7=
"=;33?C/:7471/
23:&3A>=<A/07:3
!''!#&
=<A75:73@33:35/B=
''!
$(n$". ;;
* #(n€*)#(# 57@7;7<
$#(". E
((#& s'=<71=
$&''#"u'&.# /@
$&''#"!''! /@
!(&#"(!"!#()#&
;;
#"')!#u&!''!# :;7<
$'# 5
)"..€(#( ;;
* #$&''#"'#"#& 2
>@"
* #€$#(".)'( 2
>@"
* #*&.#" ;A31'#
Beta
!&'%('"!&
&# %"%!%&'%'
6A2: )
!&'%('"! !("%rr
!r!%!%&
(==:27AB@70CB320G
'('!&&#
))"'
&")"
',
'"&"(',)%'"'
(&%
'<?21B02A52?6@8<3.;F1.:.42A<=2<=92/23<?2B@6;4
<??2=.6?6;4A52A<<91<6;4.;F:.6;A2;.;027</@<?
?2=9.06;4.;F.002@@<?62@
%'&'"!&"'!&'%('"!
!(%(,
&',!&'%('"!&r"%rr!r!%!%&
B7A=C@/7;B=AC>>:G/7@B==:AE6716/::=EG=CB=E=@9
3447173<B:G/<2' -
B7A6=E3D3@C<23@AB==2B6/B-#)/@3B63;=AB7;>=@B/<B
tA/43BG23D713u4=@/<GB==:/AB/97<5;3B71C:=CA1/@37AB63
03ABE/G=4>@3D3<B7<57<8C@G
:B6=C56E31/<<=B3<C;3@/B3/::BG>3A=4@7A9A63@3E3B@732
B=:/GAB@3AA=<A=;3=4B63;=ABA75<7471/<B=<3A
3BCA@3;7<2G=CB6/BB67AB==:;CAB03CA32=<:G0GA97::32
E=@93@A/<2B6/BB63;/167<3;CAB<3D3@034=@1322=<=B
=D3@:=/2B63B==:
%&&('""!!'"!'"" #%&&%
=;>@3AA32/7@;/G6/@;>3=>:3A3D3@3:G
=<=B27@31B/7@B=E/@2AG=C=@/<G=B63@>3=>:3
(63/7@1=;7<5=CB=4B636=A3A;/G6/@;>3=>:3A3D3@3:G
>3@7=271/::G16319E63B63@B636=A3A/<2=@47BB7<5A/@3:==A3
/<2=@6/D3033<2/;/532
+67>>7<56=A3A;/G1/CA3A3D3@32/;/53
34=@36/<2:7<5B63B==:1:=A3B63;/7<>:/<B@3:3/A3@3A72C/:
>@3AAC@3/<227A1=<<31BB63B==:=<:GE63<7B7A<=BE=@97<5
$@3AAC@3;CAB<=B3F13320/@/A;3/AC@32/BB63/7@7<:3B
E67:3B63B==:7AE=@97<5=@B63D/:C3A6=E<=<B63B==:>:/B3
%&&")%"(&!&
'B/G/B/A/43BG27AB/<134@=;B63@=B/B7<5>/@BA=4B63B==:
=<=BE3/@/<G/113AA=@G@=C<2G=C@<319AC16/A16/7<A=@
<319:/13A=<=BE3/@/<G0@/13:3BA=@:==A31:=B63A
D=721=<B/1B=4/113AA=@73A/<2B==:AE7B6G=C@6/7@
D=721=<B/1BE7B6/<G/113AA=@73A7<;=B7=<E67:3B63B==:7A
037<5CA32=@/4B3@7B6/A033<CA32
9D.F@D2.?D<?849<C2@A<?21B02A52?6@8<30BAA6;4.;1
/B?;6;4F<B?@293
%&&%&!%" %&)&&"%&
./?.@6C216@0@:<B;A21=<6;A@4?6;16;4=<6;A@.;1@<961
0.?/612?<A.?F/B??@
)A3=<:G/0@/A7D3/113AA=@73AAC7B/0:34=@B63A>332@3/1632
0GB63B==:;2C2? CA3/<G/0@/A7D3/113AA=@73A@C<<7<5A:=E3@
B6/<B63;/167<3
=<=BCA3/<G2/;/532/<2=@1@/1932/0@/A7D3/113AA=@73A
;/93AC@3B6/BB6347F7<56=:32=3A<=B@C0/5/7<ABB63A>7<2:3
)A3=<:GB634:/<53AAC>>:732E7B6B63B==:E/A63@AA>/13@A
=@/<G=B63@/2/>B3@A;/G2/;/53B63/0@/A7D3/113AA=@G
'6=C:2/<G/0@/A7D327A1A03CA32>CB/AB@=<5AC>>=@B
>@3AA0=/@2=@470@35:/AA03BE33<B634:/<53/<2B6327A1
7FB63/113AA=@73A7<AC16/E/G/AB=>@3D3<BB63;4@=;
1:3/@7<5B63A>7<2:3
:E/GAE3/@3/@>@=B31B7=<E63@3/D/7:/0:3B=>@3D3<B/<G
2/;/53A6=C:2/<G/0@/A7D3/113AA=@73A0@3/9
&3>:/133/@>@=B31B7=<747B7A67B0GB630@=93<27A1
)A3>@=B31B7=<0/@@73@A03BE33<B63=>3@/B=@/<2/<G=B63@
E=@93@AB=@32C13B63@7A9A/@7A7<54@=;A>:7<B3@A/<2A>/@9A
%&&%''"*"%!"!'"!&
!7<2B==:=<56=A3A:34B/BB63E=@9AB/B7=<ABC;0:7<5/<2
4/::7<57A:793:GB=@3AC:B7<A3D3@37<8C@G
756<=7A3:3D3:A;/G@3AC:B7<>3@;/<3<B:=AA=463/@7<5
D2.?2.?=?<A20A6<;.@?20<::2;121/FA522:=9<F2?
.;1<?A52?24B9.A6<;@
'B/G7</A/43E3::0/:/<132>=A7B7=<
&3>3B7B7D3;=D3;3<BA/<2/E9E/@2>=A7B7=<A1=;07<32E7B6
D70@/B7=<A;/G1/CA3G=C@6/<2A/<2/@;AB=036/@;32
A>317/:>@31/CB7=<AA6=C:203B/93<
<;<A/?2.A521B@A.;1D.@A2=.?A6.99F=?<A20AF<B?@293
D6A5.369A2?6;4:.@8
=B6B63E=@93@A/<2B63;/7<B/7<3@A;CAB03>6GA71/::G47B4=@
B63A7H3E3756B/<2>=E3@=4B67AB==:
(67AB==:E/A<=B23A75<32B=03CA327</@3/A3F>=A32B=B63
@7A9=43F>:=A7=</<27A<=BA=7<AC:/B32/AB=1=;37<B=1=<B/1B
E7B6>=E3@A=C@13A
"'%&',%$(% !'&
(67AB==:/<27BA>/@BA/<2/113AA=@73A;CAB<=B03;=274732
/<2=@B/;>3@32E7B6
(630C7:27<5;/B3@7/:=4B67AB==:;/G03AC0831BB=E3/@
+=@97<5E7B61=;>@3AA32/7@B==:A;/G@3AC:B7<6756
D70@/B7=<AB63@34=@3B/93/<G>@31/CB7=<A<33232
$@3D3<BG=C@6/<2A4@=;037<5B@/>>3203BE33<B63B==:/<2
/<G=0831B
"%(%'%!"% '"!"('&',%%'"
'""*!
(632=1C;3<BA7<4=@;/B7=</<27<AB@C1B7=<AAC>>:732E7B6B67A
B==:(633;>:=G3@B@/23/AA=17/B7=<A/<2=@B@/23C<7=<A
(63=C<17:/<2=@:=1/:/CB6=@7B73A
r'/43BG&3?C7@3;3<BA4=@/<23:2"=<:31B@71(==:As
/D/7:/0:3/BC@=>3/<=;;7BB334=@'B/<2/@27H/B7=<&C323
'B/AA/@B@CAA3:A3:57C;
%$(% !'&"%#%"#%%"!!'"!
332B63B==:E7B61:3/</7@4@334@=;E/B3@=@1=<23<A/B3/B/
>@3AAC@3=40/@/A;3/AC@32/BB63/7@7<:3BE67:3B63B==:
7AE=@97<5<3F13AA7D3:G6756>@3AAC@3@3AC:BA7</A6=@B3@:743
4=@B63;316/<71/:>/@BA/<2;/G1/CA3>3=>:3B=03A3D3@3:G
6/@;32
=<<31BB63B==:B=B6343327<5>:/<BCA7<5/113AA=@73A=4B63
A/;3A7H3/AB6/BA6=E<7<B633<1:=A322@/E7<5
=<=B47F/<G?C7191=C>:3@A27@31B:G7<B=B63/7@7<:3B
=<AC:BB637<AB@C1B7=<AB=1=<<31BB63/113AA=@73A>@=>3@:G
=<AC:BB63A>317471/B7=<A7<B67A;/<C/:
(%'"!
=@=>B7;/:CA31=<<31BB63B==:B=/47:B3@:C0@71/B=@C<7B
>@=D7232E7B6/</7@=7:;71@=4=5;7F3@7B3;AA3B/B
BE=2@=>A>3@;7<CB3>=C@7<5A>317/:=7:'#7B3;
7<(63/0=D3;3<B7=<32/113AA=@73AE7::B@/<A:/B37<B=/6756
>3@4=@;7<5B==:/<2E3/@@3A7AB/<B;316/<71/:>/@BA
4B63:7<37A<=BAC>>:732E7B6/<G:C0@71/B=@>=C@=7:'#=@
'7<B=B63B==:/B:3/AB=<13/2/G
6319=</;=<B6:G0/A7AE63B63@B6353/@C<7B7A>@=>3@:G
:C0@71/B32)A3q74<33203q6756A>33203/@7<55@3/A3
<;<AB@282?<@2;2<?162@29<69
!'!!
+3@31=;;3<2CA7<5B633<1:=A323F>:=232D73E/A/;/<C/:
B=27A/AA3;0:3/<2/AA3;0:3B63B==:/AE3::/AB=723<B74G/<G
A>/@3>/@BA
33>B63B==:/E/G4@=;2CAB6C;727BG/<27<B3<A31=:2
*%%!',
(67AB==:7A;/<C4/1BC@32/<2B3AB32E7B6B635@3/B3AB1/@37<
/11=@2/<13E7B61C@@3<BA/43BG@35C:/B7=<A/<27A1=D3@320G/
;=<B6E/@@/<BG
+3E7::@3>/7@/<G0@3/92=E<A1/CA320G;/B3@7/:=@
;/<C4/1BC@7<523431BA0G47F7<5B6323431B7D3>7313A=@
@3>:/17<5B63;/B=C@27A1@3B7=<'6=C:2/AA7AB/<1303/A932
4=@2C@7<5B63E/@@/<BG>3@7=2B633F>7@G2/B3=4B67AE/@@/<BG
E7::@3;/7<C<16/<532
(67AE/@@/<BGE7::<=B1=D3@/<G23431BA2C3B=E3/@;7ACA3
=@0@3/92=E<A1/CA320G0:=EA/<2=@4/::A</227B7=<B67A
E/@@/<BGE7::<=:=<53@03D/:7274/<G16/<53A/@3;/23=@74
B63B==:7AB/;>3@32E7B6=@A3<BB=B631CAB=;3@A3@D7137<
>7313A
(67AE/@@/<BG3F>:717B:G3F1:C23A/<G2/;/53B=>3=>:3/<2=@
B67<5AE63B63@27@31B=@1=<A3?C3<B7/:
%'"!""!"% ','"'e !f
%')
E3
'('!&&#
))"'
&")"
',
63@30G13@B74G/AAC;7<54C::@3A>=<A/07:7BGB6/BB63>@=2C1B
&# %"%!%&'%'
6A2: )
1=;>:73AE7B6B634=::=E7<5AB/<2/@2A/11=@27<5B=B63
@3?C7@3;3<BAA3B0GB63r!/167<37@31B7D3s
$:/13/<22/B3=47AAC3
'#*#!( -
/<C/@G
"/;3/<2B7B:3=4B63>3@A=<7<16/@53
!''!#&
!/</57<57@31B=@
&#'"!&
)$(- ;;
&'$ &$!
$#+& E
&" ( sB/>3@'
+#&"$&'')& /@A
!,!)!+#&"$&'')& /@A
!"!)!€"(&" #''. ;;
!,!)!€&#"')!$(#" :;7<
+( 5
#*& "( ;;
'#)"$&'')& 2
>@"
'#)"$#+& 2
>@"
*&(#"€ * ;A31'#
Beta
"rg #"
%" ((&%"'
b)'&&K)K
.?A )
!"'g('&'"!#"(% ((&&
+&r'%!)"g!
#CB7:27AB@70CV>/@
'r('!&r&#
))"'
r&")"
'
r% ''%r"'"% !'r
g('&'(%
C.;A1gBA696@2??T=.?2?23320AB2?A<BA2<=T?.A6<;
1g2;A?2A62;<B@B/@A6AB2?>B29>B2.002@@<6?2>B202@<6A
)(-r%r''!') !'r'"(&r&r#"!'&
r!"'rg('&'"!.36;12?T1B6?292@?6@>B2@
1g.00612;A2;0<B?B@=.?92@<=T?.A2B?@
&(%&&(%'#"(% ((&&+&'
r%!)"g!
"=B@3=0831B743AB234=C@<7@23A=CB7:A><3C;/B7?C3A?C7
>3@;3BB3<B23B@/D/7::3@234/U=<34471/133B3<B=CB3
')&(
$=C@:uCB7:7A/B7=<2uC<=CB7::3;37::3C@27A>=A7B7423AV1C@7BV@3AB3
3<1=@3:u=>V@/B3C@1/@A3C:AC<3<B@3B73<1=@@31B3BC<
;/F7;C;2u/BB3<B7=<2/<A:3A=>V@/B7=<A5/@/<B7AA3<BC<3
>@=B31B7=<34471/131=<B@3:3A@7A?C3A2u/11723<B
*C:u7;>=AA707:7BV232@3AA3@C<3:7AB31=;>:WB323B=CA:3A
@7A?C3A>=AA70:3A<=CA<=CA:7;7B3@=<AP3<17B3@:3A>:CA
A75<7471/B74A
&/>>3:=<A3<=CB@3?C313B=CB7:<32=7BXB@3CB7:7AV?C3>/@C<
>3@A=<<3:?C/:747V3B?C3A=<@V57;32u3F>:=7B/B7=<<32=7B3<
/C1C<1/AXB@34=@1V
"3>=CAA3H>/A:u=CB7:P=>V@3@/D3123A@3<23;3<BA>:CA
V:3DVA3B=C>:CA>C7AA/<BA
%&$(&&rrr"!!+"!rrg%r" #%
u/7@1=;>@7;V>3CB0:3AA3@5@/D3;3<B:3A>3@A=<<3A
"3>/A27@753@:u/7@D3@AA=7=C3<27@31B7=<23B73@A
u/7@?C7AuV16/>>323ABCG/CF>3CB0:3AA3@AV@73CA3;3<B:3A
>3@A=<<3A1=<B@_:3@>V@7=27?C3;3<BA7:3ABCG/CF3B=C:3A
@/11=@2AA=<23AA3@@VA3B=C3<2=;;/5VA
3A1=C>A234=C3B23ABCG/CF4:3F70:3A>3CD3<BXB@34=@B
2/<53@3CF
$=C@B=CB37<B3@D3<B7=<AC@:u=CB7:43@;3@/C>/@/D/<B
:u7<AB/::/B7=<>@7;/7@3:/7AA3@V16/>>3@:/>@3AA7=<@VA72C3::3
>@VA3<B32/<A:3BCG/C3B2V0@/<163@:u=CB7:A3C:3;3<B:=@A?C3
13:C717<u3AB>/A3<4=<1B7=<
"3>/A2V>/AA3@:/>@3AA7=<;/F7;C;230/@;3AC@V3P
:u/@@7DV323:u/7@23:u=CB7:3<VB/B23;/@163=C:/D/:3C@
7<27?CV3>/@:/>:/?C3BB3>@VA3<B3AC@:u=CB7:
('%&r%&$(&
!/7<B3<7@C<327AB/<1323AV1C@7BVD7APD7A23A>/@B73A3<
@=B/B7=<23:u=CB7:
"3>/A>=@B3@2316/Z<3A=C231=::73@A23;X;3?C323A
0@/13:3BA3B23ADXB3;3<BA:/@53A
D7B3@?C3:3A/113AA=7@3A=C:3A=CB7:A<u3<B@3<B3<1=<B/1B
/D31:3A163D3CF
D7B3@B=CB1=<B/1B27@31B/D31:3A/113AA=7@3A3<;=CD3;3<B
>3<2/<B3B/>@WA:uCA/53
#<?A2?A<B7<B?@12@4.;A@12A?.C.69=<B??T1B6?292@
?6@>B2@120<B=B?22A/?Z9B?2
%&$(&%)!'g('&'"!g&&"%&
%&&16@>B2@./?.@63@:2B92@:2B92@O/?<0522A
96:2@?<A.A6C2@
)B7:7A3@C<7?C3;3<B23A/113AA=7@3A/0@/A74A/2/>BVAP:/
D7B3AA32VD3:=>>V3>/@:u=CB7:<uCB7:7A3@3</C1C<1/A23A
/113AA=7@3A/0@/A74A?C77<27?C3<BC<3D7B3AA323@VA7AB/<13
>:CA0/AA3?C313::323:/;/167<3
"3>/ACB7:7A3@2u/113AA=7@3A/0@/A74A3<2=;;/5VA3B=C
>=@B/<B23AA75<3A234X:C@33BAu/AAC@3@?C3:3B@=C2347F/B7=<
<34@=BB3>/A1=<B@3:u/@0@3
"uCB7:7A3@?C3:3A>:/B3/CF4=C@<7A/D31:u=CB7::3A@=<23::3A
1/:3A=C/CB@3A/2/>B/B3C@A>=C@@/73<B3<2=;;/53@
:u/113AA=7@3/0@/A74
$=C@:uCB7:7A/B7=<2327A?C3A/0@/A74A7<B3@>=A3@3<B@3:3>:/B3/C
3B:327A?C3C<AC>>=@B@VA7AB/<B1/@B=<>@3AAV=C470@323
D3@@3
7F3@:3A/113AA=7@3A234/U=<P13?Cu7:<uG/7B/C1C<83C3<B@3
3CF3B:u/@0@3
'7:31/@B3@23>@=B31B7=<3AB>@VA3<B:uCB7:7A3@B=C8=C@A>=C@
>@VD3<7@:3A2=;;/53A1/CAVA>/@:/@C>BC@3VD3<BC3::323A
/113AA=7@3A/0@/A74A
'7:31/@B3@23>@=B31B7=<AC07B23A1=C>AD7=:3<BA2CAP:/
@C>BC@32C27A?C37:4/C2@/>@=1V23@PA/AC0AB7BCB7=<
)B7:7A3@23A0/@@7W@3A23>@=B31B7=<3<B@3:u=>V@/B3C@3B:3A
/CB@3A=>V@/B3C@A/47<23@V2C7@3/C;/F7;C;:3A@7A?C3A2CA
/CF>@=831B7=<A3BVB7<13::3A
%&$(&&(+"!'"!&rr'%)
/7@3/BB3<B7=</CFBCG/CFB@WA:=<5A:/7AAVAAC@:3:73C23
B@/D/7:3<3443B:3A16CB3A3B:3AB@V0C163;3<BAA=<B:/1/CA3
>@7<17>/:323A:VA7=<A5@/D3A
3A<7D3/CF230@C7BV:3DVA>3CD3<B>@=D=?C3@C<3>3@B3
>3@;/<3<B323:u=C[3=<?A2?92@0.@>B2@.;A6/?B6A
0<;@2699T@=.?C<A?22:=9<F2B?2A<B92@?U492:2;A@
!/7<B3<7@C<3>=A7B7=<2C1=@>A073<V?C7:70@V33BAd@3
3A;=CD3;3<BA@V>VB7B74A3B23A>=A7B7=<A;/:1=;;=23A
/AA=17VAP:u3F>=A7B7=<23D70@/B7=<A>3CD3<B4/7@3;/:/CF
;/7<A3B/CF0@/A>@3<2@3:3A;3AC@3A23>@V1/CB7=<
/>>@=>@7V3A
"3>/A7<A>7@3@:/>=CAA7W@33B:3A>/@B71C:3A3<ACA>3<A7=<
2/<A:u/7@=<?A2?B;:.@>B2.;A6=<B@@6U?2
3A=>V@/B3C@A3B:3>3@A=<<3:23:u3<B@3B73<2=7D3<B
>6GA7?C3;3<BXB@33<;3AC@323;/<7>C:3@:3A27;3<A7=<A:3
>=72A3B:/>C7AA/<132313B=CB7:
3B=CB7:<u/>/AVBV1=<AB@C7B>=C@XB@3CB7:7AV2/<A23AH=<3A
P@7A?C32u3F>:=A7=<3B<u3AB>/A7A=:V>=C@3<B@3@3<1=<B/1B
/D3123AA=C@13A2uV<3@573V:31B@7?C3
('%&r!"% &r"!%!!'rr&(%'
"3;=27473@=C/:BV@3@3</C1C<34/U=<13B=CB7:3BA3A
1=;>=A/<BA3B/113AA=7@3A
3A;/BV@7/CF234/0@71/B7=<2313B=CB7:A=<BA=C;7AP:uCAC@3
&/>>3:=<A?C3:3AB@/D/CF@V/:7AVA/D3123A=CB7:AP/7@
1=;>@7;V>3CD3<B>@=2C7@323AD70@/B7=<AV:3DV3A/2=>B3@>/@
1=<AV?C3<BB=CB3A:3A>@V1/CB7=<A/>>@=>@7V3A
"38/;/7A>:/13@:3A;/7<A3<B@3:u=CB7:3B3<=083B?C3:1=<?C3
#"(%)!'rg!"% ''"!&r"!%!!'r
&(%'r)(-r"!&('%
3A2=1C;3<BA7<4=@;/B7=<A3B7<AB@C1B7=<A4=C@<7A/D3113B
=CB7:
*=B@33;>:=G3C@:3A)<7=<A3BAA=17/B7=<A231/BV5=@733B=C
AG<271/:3A
3=<A37:23:/=;;C</CBVC@=>V3<<33B=C:3A
#@5/<7A;3A:=1/CF
'/43BG&3?C7@3;3<BA=@/<23:2"=<:31B@71(==:A
"=@;3A23AV1C@7BV>=C@:3A=CB7:A;/<C3:AP/:7;3<B/B7=<<=<
V:31B@7?C327A>=<70:3/C>@WA2CC@=>3/<=;;7BB334=@
'B/<2/@27H/B7=<&C323'B/AA/@B@CF3::3A3:57?C3
!"% &#"(%(!%! !'r"%%'rrg%
:7;3<B3@:u=CB7:/D3123:u/7@>@=>@3A/<A3/C=C1=<23<A/B7=<
PC<3>@3AA7=<230/@@3:3DV3P:u3<B@V323:u=CB7:3<;/@163
)<3>@3AA7=<B@=>V:3DV3@V2C7B:/2C@V323D7323A
1=;>=A/<BA;V1/<7?C3A3B>3CB>@VA3<B3@23A@7A?C3A5@/D3A
>=C@:3A>3@A=<<3A
@/<163@:u=CB7:P:u7<AB/::/B7=<2u/:7;3<B/B7=<3<CB7:7A/<B:3A
/113AA=7@3A/G/<B:3A27;3<A7=<A7<27?CV3AAC@:3A16V;/
178=7<B
"3>/A7<AB/::3@23@/11=@2A@/>723A27@31B3;3<BP:/>@7A32u/7@
23:u=CB7:
=<AC:B3@:3A7<AB@C1B7=<A>=C@C<1=C>:31=@@31B23A
/113AA=7@3A
=<AC:B3@:3A1/@/1BV@7AB7?C3AB316<7?C3A@3>=@BV3AAC@:/
>@VA3<B3<=B7132uCB7:7A/B7=<
(%'"!
$=C@=0B3<7@C<CA/53=>B7;/:@3:73@:u=CB7:PC<5@=C>3
47:B@3:C0@7471/B3C@23:75<3P;71@=0@=C7::/@2/@B
@V5:VP23CF5=CBB3A>/@;7<CB33B/:7;3<BV/D31:u6C7:3
A>V17/:3'#/@B uCB7:7A/B7=<23A/113AA=7@3A
>@V1V23;;3<B7<27?CVA5/@/<B7@/C<@3<23;3<BV:3DVB=CB3<
/G/<BC<3CAC@3:7;7BV323A1=;>=A/<BA;V1/<7?C3A
<:u/0A3<1323:C0@7471/B3C@2/<A:/:75<37<B@=2C7@3
27@31B3;3<B2/<A:u=CB7:C<36C7:3'#=CC<36C7:3'
/C;=7<AC<34=7A>/@8=C@
=<B@_:3@16/?C3;=7A:/:C0@7471/B7=<2C5@=C>323A
3<5@3</53A3B:31/AV16V/<BCB7:7A3@C<35@/7AA3>=C@
@=C:3;3<BAP5@/<23D7B3AA3
!2=.@BA696@2?12=TA?<92<B1g5B692162@29
!'!!
:3AB1=<A37::V2uCB7:7A3@:/DC3V1:/BV3178=7<B31=;;35C723
>=C@:32V;=<B/533B:u/AA3;0:/5323:u=CB7:=CB@3?C3>=C@
:u723<B7471/B7=<23A>7W13A2VB/16V3AVD3<BC3::3A
=<A3@D3@:u=CB7:3<C<:73CA/<A>=CAA7W@36C;727BV=C4@=72
7<B3<A3
%!'
3B=CB7:3AB4/0@7?CV3BB3ABV/D31:3>:CA5@/<2A=7<3<
@3A>31B/<B:3A<=@;3A23AV1C@7BV/1BC3::3;3<B3<D75C3C@3B
3AB1=CD3@B>/@C<35/@/<B7323€;=7A
(=CB3A:3A>/<<3A2C3APC<2V4/CB;/BV@73:=C23>@=2C1B7=<
A3@=<B@V>/@V3A3</8CAB/<B=CAC0AB7BC/<B:3A>7W13A
2V431BC3CA3AP<=B@327A1@VB7=<:/@V/:7A/B7=<2uC<3=C23
>:CA73C@A7<B3@D3<B7=<A<3;=27473>/A:/2/B32uV16V/<1323:/
5/@/<B73
/5/@/<B73<31=CD@3>/A:3A>@=0:W;3A2CAP:uCAC@323A
1=;>=A/<BAPC<CA/533@@=<V=C7<1=@@31B23:u=CB7:/CF
@C>BC@3A1/CAV3A>/@23A1=C>A3B=C16CB3A:/5/@/<B73<3
Au/>>:7?C3@/>/A3<=CB@33<1/A23;=27471/B7=<A/C
/:BV@/B7=<A23:u=CB7:=C073<A713:C7173AB3<D=GVP:u/AA7AB/<13
B316<7?C32V;=<BV
(=CA:3A2=;;/53A1/CAVA/CF>3@A=<<3A3B=C16=A3A
27@31BA3B=C7<27@31BA3B23?C3:?C353<@3=C</BC@3?C313
A=7BA=<B3F1:CA23:/5/@/<B73
%'"!r"!"% 'rr%')
e!&f
/A=CAA75<V3
'r('!&&#
))"'
&")"
'
2V1:/@33<3</AAC;/<B:/B=B/:3@3A>=<A/07:7BV?C3:3>@=2C7B
%" ((&%"'b)'&&K)K
.?A )
3AB1=<4=@;3/CF<=@;3AAC7D/<B3AAC@:/0/A323A1=<27B7=<A
@3?C7A3A>/@:/7@31B7D3!/167<3A
73C3B2/B32uV;7AA7=<
'#*#!(
/<D73@
"=;3B4=<1B7=<2C@3A>=<A/0:3
!''!#&
2;7<7AB@/B3C@V:V5CV
%'%&'$(&'!$(&
$(€$" ;;
*(''€€* B@;7<
$)''" E
(u&&*u& s'€=<7?C3
$&''#"u)( '(#" /@
$&''#"!,!)! /@
j"(&)&!"!)!()-) ;;
#"'#!!(#"u&!,!)! :;7<
$#' 5
#"))&(#( ;;
"*)€$&''#"'#"#& 2
>@"
"*)$)''" 2
#)'(%) >@"
"*)*&(#"' ;A31'#
Beta
%(&!*-! !
"&!%'
!&# !
6A2: )
%(&!*-!)""%%'!
&&# !&
'(&)()&
'('!&&#
))"'
&")"
',
-"!% %""%)!!
%(%
":52A?6@60<C.;2;642C<?:C.;@05.12A2C2?:6712;/67
52A6;42/?B68;2:2;<3?2=.?2?2;C.;12:.056;252A
<;12?5<B1<3C2?C.;42;C.;A<2/25<?2;6@52A
;<<1G.829678<:1242529242/?B68@..;D67G6;4G<?4CB9164
1<<?A292G2;
)&!&'%('&)""%%'!&
&# !&
3B7A=<A2=3:=;>3@A:C16B53@332A16/>B3:3D3@3<E//@;33
D37:753<3447173<B53E3@9B9/<E=@23<
"73BB3;7<7A63B035@78>3:7892/B)H3:42303:/<5@789AB3
D37:756372A0782@/53//<3:9ABC953@332A16/>:3D3@B2==@C7B3@AB
H=@5DC:275B36/<23:3<=;=<53D/::3<B3D==@9=;3<
+789C<<3<673@<73B=>/::3;=53:7893@7A71=uA7<5//<;//@
03</2@C993<E7823;33AB03:/<5@789AB3
7B53@332A16/>;/5/::33<530@C79BE=@23<2==@D/99C<275
>3@A=<33:3<63B/>>/@//B;/5<73B=<53>/AB3<=D3@03:/AB
E=@23<
)%!'%()!!&('!"#
#%&('
C16B=<23@6=532@C99/<3@<AB753D3@E=<27<53<D3@==@H/93<
&716B<==7B>3@A:C16B=>CH3:4=4/<23@3<
3531=;>@7;33@23:C16BD/<C7B23A:/<53<9/<D3@E=<27<53<
D3@==@H393<1=<B@=:33@@353:;/B7523A:/<53<3<//<A:C7B7<53<
=>03A16/2757<53<3<=>1=@@31B303D3AB757<5
*==@6/<23:7<53<//<63B/>>/@//BA:C7B33@AB23:C16BB=3D=3@
/4://B23A/;3<53>3@AB3:C16B=<BA</>>3<3<=<B9=>>3:63B
/>>/@//BC7BA:C7B3<2/:A63B<73B7<E3@97<57A
32@C9;/5<73B230/@=D3@A16@7823<53;3B3<//<23
:C16B7<://BB7823<A63B7<530@C79H78<D/<63B/>>/@//B=4
/<23@A//<5353D3<=>63B:/03:D/<63B/>>/@//B
)%! ')%&""%-!
:784=>33<D37:753/4AB/<2D/<232@//73<2323:3<D/<63B
/>>/@//B
@//5533</113AA=7@3A@=<2236/:AH=/:A93BB7<53<=4
AB@=>2/AA3<
*3@;782B1=<B/1BD/</113AA=7@3A3<63B/>>/@//B;3BCE6//@
*3@;782B1=<B/1B;3B03E353<2323:3<B7823<A=4</63B
530@C79
?..4A6712;@52AD2?8.9A671D2?85.;1@05<2;2;<:52A
?6@60<C.;/?.;1<3@;67D<;12;A2C2?8926;2;
)%!!)%! '&((%&# '%!
@05BB?@0567C2;@967=@A2;2;1<<?@967=@0567C2;2;
5.?1:2A.92;3?2G2;
30@C79C7BA:C7B3<2B=3036=@3<27353A1679BH78<//<23
@=B/B73A<3:6372D/<63B/>>/@//B530@C79;<<6A33<B=3036=@3<
273:/<5H/;3@2@//7B2/<23//<5353D3<E//@23
30@C79533<03A16/27523<=4530/@AB3<A:78>=4A16CC@A16784
1=<B@=:33@=423A:78>=4A16CC@A16784:=A@=<223/AH7B=;
E@78D7<5B3D==@9=;3<
30@C79C7BA:C7B3<22307863B/>>/@//B53:3D3@23AB3C<>:/B3<
D:/993A:C7B@7<53<=4/<23@3BCAA3<ABC993<9C<<3<23A16784
03A16/2753<
7863B530@C79D/<A16CC@A1678D3<=<23@AB3C<23H32==@63B
>://BA3<D/<33<AB3C<A167844703@5:/A=4A/;3<53>3@AB
;/B3@7//:BCAA3<AB3C<>://B3<23A16784
!=<B33@23A1678D3<H=2/<752/B@=<223/A533<E@78D7<5
=<BAB//B
@//57<273<;=53:789/:B782536==@03A163@;7<5=;:3BA3:B3
D==@9=;3<
*3@D/<5==@=4536==@03A163@;7<57<273<23H3H78<53@//9B
2==@63B0@393<D/<33<A16784
$://BA/4A163@;7<5A;7223:3<BCAA3<23E3@93@3</<23@
>3@A=<3<=;63B53D//@2/B9/<=<AB//<C7BD3@A>:7<B3@7<5B3
D3@9:37<3<
)%!!%''"'*%" &'!!
*3@;782B2/BB3:/<5=D3@B=::753:C16BA:/<53<H716=>23
E3@9D:=3@03D7<23<AB@C793:3<3<D/::3<9C<<3<=<53D/::3<
D3@==@H/93<
(36==553:C72A<7D3/C9/<B=B0:78D3<23536==@AB==@<7A:3723<
1?..4425<<?/2@052?:6;4.9@C<<?42@05?2C2;C<<?6212?2
D2?8;2:2?2;<39<8.92C<<?@05?63A2;
"33;33<5=3233<AB/073:3E3@96=C27<5//<
&3>3B7B73D303E357<53<3<=<6/<2753E3@96=C27<59C<<3<7<
1=;07</B73;3BD70@/B736/<23<3</@;3<A16/23<<33;
A>317/:3D==@H=@5A;//B@353:3<
*==@9=;3<63B7</23;3<D/<AB=4=4/4D/:1?..422;
@A<3:.@82?
.=E3:23530@C793@A/:A23=<23@6=C2A;=<B3C@A;=3B3<4GA739
7<AB//BH78<=;;3B63B53E716B4=@;//B3<239@/16B=;B3
5//<
7B/>>/@//B7A<73B=<BE7993:2=;530@C79BB3E=@23<7<33<
=;53D7<5;3B=<B>:=447<5A53D//@3<63B7A<73B53[A=:33@2
B353<1=<B/1B;3B3:39B@7A1639@/16B0@=<<3<
!%)&)""%&%'!
7B/>>/@//B3<H78<=<23@23:3<=46C:>ABC993<;=53<<73B
E=@23<53E78H752
30/A7A;/B3@7/:3<D/<27B/>>/@//BH78<//<A:78B/53
=<23@63D75
3BE3@93<;3B>3@A:C16B53@332A16/>9/<@3AC:B3@3<7<6=53
D70@/B73<33;2//@=;23<=2753D==@H=@5A;//B@353:3<
*==@9=;2/BC6/<2039:3;2@//9BBCAA3<63B/>>/@//B3<33<
/<23@D==@E3@>
)""%)%%!"% '")%)
%#')"!
=1C;3<B3<7<4=@;/B733<530@C79A7<AB@C1B73A27307827B
/>>/@//BE=@23<;3353:3D3@2
E3@953D3@D/90=<23<=403@=3>A=@5/<7A/B73
3@//2D/<C@=>3A33;33<A16/>>3<3<=4:=9/:3
7<AB/<B73A
r'/43BG@3?C7@3;3<BA4=@6/<263:2<=<3:31B@71$=E3@B==:As
D3@9@7850//@078C@=>3A3=;;7AA73D==@"=@;/:7A/B73&C3
23'B/AA/@B@CAA3:3:573
!*-!!)""%!"('!&('!
30@C79D==@63B/>>/@//B/:B782A16=<3:C16BD@78D/<E/B3@=4
1=<23<A;3B33<2@C9D/<0/@53;3B3<//<23:C16B7<://B
B7823<A63BE3@93<D/<63B/>>/@//B
3<B36=53:C16B2@C9:372BB=B33<9=@B3@3:3D3<A2CC@D==@23
;316/<7A16323:3<3<9/<B=B3@<AB75:3BA3::3723<
':C7B63B/>>/@//B//<230@=<530@C79;/93<2D/<63B
B=3036=@3<D/<H=/:A/453033:27A7<07853D=3523B393<7<5
':C7B533<A<3:9=>>3:7<527@31B//<=>63B/>>/@//B
&//2>:33523530@C79A//<E78H7<5=;236C:>ABC993<1=@@31B
//<B3A:C7B3<
&//2>:33523A>317471/B73A7<23H3530@C79A//<E78H7<5
& %!
*==@63B=>B7;//:530@C79A:C7B63B/>>/@//B//<=>
:C16B:3727<5D==@H73<D/<33<47:B3@@32C133@D3<B73:D==@H73<
D/<=:73<3D3://@7B3;A/453AB3:2=>BE332@C>>3:A
>3@;7<CCB53DC:2;3BA>317/:3=:73'#7B3;
30@C79;/93<2D/<23H3B=3036=@3<H/:63B/>>/@//B
=>B7;//:E3@93<3<:/<53@3:3D3<A2CC@5/@/<23@3<D/<23
;316/<7A16323:3<
<273<3@533<=:73<3D3://@//<E3H757A;=3B3@;7<7;//:
33<;//:>3@2/5;7:7:7B3@=:73'#=4'7<23
:C16B7<://BD/<63B/>>/@//B573B3<
=<B@=:33@;//<23:789A=423B/<2E73:3<1=@@31B53A;33@2H78<
30@C797<273<<=2756==5B=3@75:/53@D3B
2/?B68422;=2A?<92B:<3162@29<962
"!%"(
+78/2D7A3@3<530@C79B3;/93<07863B23;=<B3@3<3<
;=<B3@3<D/<23=<23@23:3<B393<7<5/:A@716B:78<3<B3
63@93<<7<5D/<23=<23@23:3<
=C2B63B/>>/@//BE35D/<AB=4D=16B7563723<3FB@3;39=C
%!'
7B/>>/@//B7AD3@D//@27523<53B3AB;3B235@==BAB3
H=@5DC:27563727<=D3@33<AB3;;7<5;3B236C72753D37:756372A
@716B:78<3<3<5/@/<233@B33<1=@@31B3E3@97<5D==@33<>3@7=23
D/<;//<23<
+78HC::3</::34=CB3<D3@63:>3<273//<B==<0//@H78<=<AB//<
B3<53D=:53D/<;/B3@7//:4=CB3<=4A:316B3>@=2C9B732==@63B
D3@D/<53<D/<9/>=BB3=<23@23:3<=>9=AB3<<273<3@B7823<A
235/@/<B73>3@7=23530@393<D==@2=3<H/:235/@/<B73
D3@D/:2/5<73BD3@/<23@3<
35/@/<B73D3@>:716B7<553:2B<73BD==@C7BD/:2==@A:78B/53
=<8C7AB3036/<23:7<5=4C7BD/:2==@D/::3<=4=D3@03:/AB7<5
(3D3<A7AD3@D/:B235/@/<B73D3@>:716B7<57<273<3@
D3@/<23@7<53<//<63B/>>/@//B>://BA63003<53D=<23<
A:316B=<23@6=C2=42/B63B/>>/@//B7<:=AA323:3<B3@
@3>/@/B73E=@2B//<530=23<
35/@/<B73D3@>:716B7<553:2B3F>:7173B<73BD==@3<75327@31B3=4
7<27@31B3A16/23273=<BAB//B//<;3<A3<=4D==@E3@>
A31C<2/7@3A16/235323@423E7<AB3FB@/E3@93<H
)%%!)!")%!&' ! ' !
%'!!
+78
'('!&&#
)6.)<9A.
&")"
'
*3@9:/@3<673@078=<23@3753<D3@/<BE==@23:78963722/B27B
>@=2C9B
"&!%' !&# !
A2: )
D=:2=3B1=<4=@;23@716B:78<3<D=:53<A2303>/:7<53<D/<D/<
r!/167<3&716B:78<3<s
$://BA3<2/BC;D/<=<23@B393<7<5
'=D71=!B/:73
/</C@G
"//;3<B7B3:D/<2303D=3523
!713@7
7@31B3C@
&#'&
'((#)& ;;
#" '((#&"( #;7<
!,' &( E
"' )('&#& s'#"'
+&&) /@
!,! (#'("€&) /@
!"! €"""
!(&' " ;;
!, )(*&&) ;7<
+( 5
(#( "( €;;
)'"("'(('"*) 2
>@"
)'*&!#"'"*) 2
>@"
*&("*) ;A31'#
Beta
%(&!*&(!
"&*!'&
%"&'&%
.?A )
%(&!*&(!M%
!!&'(!*!&%
+&.)*&(&"*#"
'r('!&r&#
))"'
r&")"
',
(!!' !%
(&H!!
)<?7212??AC<;2/?.B05%2=.?.AB?*.?AB;4<12?
-B/25X?D205@29
&!&#(!'%%(&!*&(!
( %& (%B:#2?@<;2;@05P12;GB
C2?:2612;
&%'&!*&M%!!&'(!
*!&%
)<A3@.73:7AB3A@C19:C4BE3@9H3C53HC:7343@<27334439B7D3A
C<2'&'@037B3<3@;`5:7163<
3@E3A3<B:716AB3'7163@637BA4/9B=@4e@8323@BD=<+3@9H3C5
A7<2832=16'A3:0AB23<<C4;3@9A/;937BC<2$4:353A7<2
23@03AB3'16CBHD=@*3@:3BHC<53<
+7@9`<<3<673@<716B/::33@23<9:7163<34/6@3</C4:7AB3<
E=::3<832=1637<75323@E716B75AB3<63@D=@6303<
3/16B3<'732/@e03@67</CA2/g273A3A+3@9H3C5
/CAA16:73g:716D=</16>3@A=</:D3@E3<23BE3@23<C<223@
@36H/6:03@3716<73;/:Ae03@4=@23@BE3@23<2/@4.E7<53<'73
2/A+3@9H3C5<73;/:A/C4273 37ABC<5A03@371635@`g3@3@
C<2=23@:37ABC<5A4R6753@3@3@RB3
%!(%!%(('!&(&&
@C19:C4B9/<<A16E3@3*3@:3BHC<53<D3@C@A/163<
&716B3<'7323<@C19:C4BAB@/6:<73;/:A/C4A716A3:0AB=23@/C4
/<23@3$3@A=<3<
73/CA23< 37BC<53</CAB@3B3<23 C4B9/<<HCA16E3@3<
*3@:3BHC<53<4e6@3<N03@>@e43<'73@353:;Rg75=0273
37BC<53<C<2=23@<A16:eAA3:=193@C<2=23@03A16R275BA7<2
);63@A16:/53<23'16:RC163273C<B3@@C19AB363<9`<<3<
A16E3@3*3@:3BHC<53<</16A716H7363<
)<B3@0@3163<'73D=@8323;7<5@744/;+3@9H3C5AB3BA273
C4BHC4C6@3<B:/AB3<'73273 C4B:37BC<5D=;@C19C<29C>>3:<
'732/A+3@9H3C53@AB</16D`::753;'B7::AB/<2D=<23@
C4B:37BC<5/0
N03@A16@37B3<'73<73;/:A23<;/F7;/:3< C4B2@C19D=<
0/@53;3AA3</<23@<A16:CgAB3::323A7<3B@730
0347<2:7163<+3@9H3C5A=23@23</C423;/B3<A167:2/;
+3@9H3C5/<535303<3<+3@B
)%&!%!
/:B3<'7353<e53<2'7163@637BA/0AB/<2HC/::3<@=B73@3<23<
(37:3<23A+3@9H3C5A
(@/53<'73937<33BB3<=23@/:ABe163@@;0R<23@C<2E37B3
:372C<5
16B3<'732/@/C42/g.C036`@C<2+3@9H3C5<716B;7B23<
//@3<7<3@e6@C<59=;;3<
*3@;3723<'7323<27@39B3<=<B/9B;7B7<3E35C<5
0347<2:7163;.C036`@ER6@3<2C<2</1623;30@/C16
'?.42;&62GB:&05BAGC<?&05;6AA2;B;1)2?/?2;;B;42;
@A2A@&6052?526A@5.;1@05B52
%! %()"!&-(L%
&A[AG@0526/2;&05?B==@0526/2;B;1&059263@A63A2
*3@E3<23<'73/CAA16:73g:7162/AHC@3A16E7<275937B23A
+3@9H3C5A>/AA3<23'16:374HC036`@16B3<'73B;/216;4A
2/@/C42/g2/A'16:374HC036`@4e@37<36`63@3@36H/6:/:A
2734e@2/A3@RB/<535303<3HC53:/AA3<7AB
*3@E3<23<'73937<03A16R275B3AC<2=23@A716B0/@3&7AA3
/C4E37A3<23A'16:374HC036`@C<2D3@53E7AA3@<'73A7162/g
273343AB75C<5A0=6@C<5<716B/<23@'16:374A>7<23:@370B
*3@E3<23<'73<C@273;7B23;+3@9H3C553:7343@B3<
'>/<<4:/<A163<)<B3@:35A163703<$/gA163703<=23@/<23@3
$/gABe1939`<<B3<2/A'16:374HC036`@03A16R2753<
353<'73037;30@/C16D=<'BeBHA163703<37<343AB3
)<B3@:/53HE7A163<'>/<<4:/<A16C<2'163703$@3g>/>>3
=23@:/A4/A3@
343AB753<'732/A.C036`@=6<3'>73:/<23@'16:374A>7<23:
*3@E3<23<'73E=D=@53A363<AB3BA273'16CBH6/C03'73
A16eBHB'73D=@'16R23<4/::A2/A'16:374HC036`@0@3163<
A=::B3
%!(%%'
%'&!(!!
16B3<'73/C4e03@:/<53 37BC<53</;@037BA>:/BH'Be@H3
A7<22736RC475AB3)@A/1634e@A16E3@3*3@:3BHC<53<
.C6=633@RCA16>353:9`<<3<HC2/C3@6/4B3;*3@:CAB23A
36`@A4e6@3<*3@E3<23<'7323<D=;@037B5303@C<2=23@
23@3B@730A=@2<C<53;>4=6:3<3<36`@A16CBH
/:B3<'7323<`@>3@7;:371653E716BC<2AC163<'7337<3<
A7163@3<'B/<2
+7323@6=:B33E35C<5A/0:RC43C<2C<03?C3;3/:BC<5
9`<<3<7<*3@07<2C<5;7B/C4B@3B3<23<*70@/B7=<3<A16R2:716
4e@R<23C<2@;3A37<@5@3743<'73/<53;3AA3<3
'16CBH;/g</6;3<
'16eBH3<'73A716D=@23;7</B;3<D=<'B/C0C<2
*3@/@037BC<5A@e19ABR<23<2C@162/A(@/53<37<3@
'B/C0;/A93
/A3273<C<5AC<2+/@BC<5A>3@A=</:;Cg9`@>3@:7164e@
23<);5/<5;7B@`g33E716BC<2 37ABC<5AD3@;`53<23A
+3@9H3C5A7<23@ /53A37<
73A3A+3@9H3C5375<3BA716<716B4e@23<30@/C167<
3F>:=A7=<A534R6@23B3@);530C<5C<27AB4e@23<=<B/9B;7B
3:39B@7A163<<3@573?C3::3<<716B/CA@37163<27A=:73@B
*'%&%'&)"%&%'!
73A3A+3@9H3C5A=E73A37<33AB/<2C<2.C036`@B37:3
2e@43<<716B53R<23@BC<2=23@;/<7>C:73@BE3@23<
323<93<'732/g2/A4e@2733@AB3::C<5273A3A+3@9H3C5A
D3@E3<23B3!/B3@7/:<=@;/:3;*3@A16:37gC<B3@E=@43<7AB
3/16B3<'73C<0327<5B2/g273@037B;7B
@C19:C4BE3@9H3C53<6=63'16E7<5C<53<D3@C@A/163<9/<<
@5@3743<'732/63@3<BA>@3163<23'16CBH;/g</6;3<
16B3<'7303A=<23@A2/@/C42/gA716273R<23<716B
HE7A163<23;+3@9H3C5C<237<3;/<23@3<#0839B
D3@4/<53<
M%*'%M%!&%'&!*&
"!&('%!&''
736<3<;7B273A3;+3@9H3C5/CA536R<275B3<=9C;3<B3
<4=@;/B7=<3<C<2<E37AC<53<
3<@037B5303@2733@C4A53<=AA3<A16/4B3<C<2=23@
3E3@9A16/4B3<
3<&/B23@C@=>R7A163<)<7=<C<2=23@273`@B:7163<
36`@23<
r'/43BG&3?C7@3;3<BA=@/<23:2"=<:31B@71(==:As
'7163@637BA/<4=@23@C<53</<<716B3:39B@7A1603B@7303<3
/<2E3@9H3C533@6R:B:716037C@=>3/<=;;7BB334=@
'B/<2/@27H/B7=<&C323'B/AA/@B@CF3::3A3:573<
)"%&%'!M%!!"%%'!
('!&(&&
*3@A=@53<'732/A+3@9H3C5;7BA/C03@3@43C16B75937BA4@373@
C4B03737<3;@C19D=<0/@53;3AA3</<23@
<A16:CgAB3::323A7<3B@7300347<2:7163<+3@9H3C5A
7<HC6=63@@C194e6@BHC6=63;*3@A16:37g23@
;316/<7A163</CB37:3C<29/<<HCA16E3@3<*3@:3BHC<53<
4e6@3<
*3@E3<23<'734e@23<<A16:Cg23A+3@9H3C5A/<273
*3@A=@5C<5A/<:/53<C@53375<3B3A.C036`@3/16B3<'73273
0;3AAC<53<7<23@037:7353<23<!=<B/53H3716<C<5
<AB/::73@3<'73937<3'16<3::9C>>:C<53<27@39B/;
+3@9H3C5/<A16:Cg
3/16B3<'73273<E37AC<53<4e@37<3<9=@@39B3<<A16:Cg
23@.C036`@B37:3
3/16B3<'732737<23@30@/C16A/<E37AC<5/C4534e6@B3<
B316<7A163</B3<
& %(!
e@37<3<37<E/<24@373<3B@730A=::B32/A+3@9H3C5C<0327<5B
/<37<3+/@BC<5A37<637B;7B!79@=`:3@@B
/<53A16:=AA3<E3@23<273/C4HE37(@=>43<>@=!7<CB3
37<53AB3::B7ABC<2;7B23;'>3H7/:`:'#@B
/@037B3B73A3.C036`@B37:3A=@53<4e@6`63@3A
37ABC<5AD3@;`53<03753@7<53@3;*3@A16:37g23@
;316/<7A163<3AB/<2B37:3
AB937< 37ABC<5A`:3@7<23@ 37BC<5D=@6/<23<;Cg
;7<23AB3<A37<;/:BR5:716M:D=;(G>'#=23@'
27@39B7<2/A+3@9H3C5535303<E3@23<
N03@>@e43<'7337<;/:;=</B:716273'16;73@C<523@
./6<@/25@C>>3C<2D3@E3<23<'73535303<3<4/::A3BB4e@
=1653A16E7<275937BA:/53@
)2?D2;12;&62826;?1<12?62@29X9
*%'(!
3273<3<'73A7160373;=<B/53C<2.CA/;;3<0/C23A
+3@9H3C5AA=E73HC@3AB7;;C<503<`B75B3@@A/BHB37:323@
037:7353<23<F>:=A7=<AH3716<C<5
3E/6@3<'732/A+3@9H3C5;`5:716AB7<<716BHC9/:B3@
);530C<5/C42734@37D=<'B/C0C<23C16B75937B7AB
%!'
73A3A+3@9H3C5E7@2;7B23@5@`gB3<'=@54/:B3<BA>@3163<2
23@HC@.37B53:B3<23<'7163@637BA03AB7;;C<53<63@53AB3::B
C<253>@e4B73/@/<B7303B@R5B!=</B3
'16R23<273/C4!/B3@7/:=23@3@B75C<5A436:3@
HC@e19HC4e6@3<A7<2E3@23<C<3<B53:B:7162C@16&3>/@/BC@
=23@CAB/CA1623@23439B3<(37:303A37B75B73C@164e6@C<5
37<3@=23@;36@3@3@&3>/@/BC@3<6/B937<3@:37CAE7@9C<5/C4
273/@/<B732/C3@23A+3@9H3C5A
*=<23@/@/<B73/CA53A16:=AA3<A7<2'16R23<273/C4
</Be@:71630<CBHC<5C<A/1653;Rg3<30@/C16@e163
7<4=:53D=<'16:R53<C<2=23@'Be@H3<HC@e19HC4e6@3<A7<2
/@e03@67</CAD3@4R::B273/@/<B73E3<<2/A+3@9H3C5
53R<23@B;/<7>C:73@B=23@23;C<23<273<AB7<H3@:35B3;
.CAB/<2e03@5303<EC@23
CA2@e19:716/CA53A16:=AA3<A7<2$3@A=<3<C<2=23@
'/16A16R23<835:7163@3@9C<4B27@39B3@C<2=23@7<27@39B3@
@B
"!"% 'H'&%H%(!
73@;7B03ABRB753<E7@
'r('!&&#
))"'
&")"
'
2/g273/C/@B23A$@=2C9BA
"&*!'& %"&'&%
.?A )
4=:53<23<37<A16:R5753<)&716B:7<73<3<BA>@716B
CAAB3::C<5A=@BC<22/BC;
'#*#!(
/<C/@
)<B3@H3716<3B3@
!''!#&
3A16R4BA4e6@3@
'!&'!
'$""." ;;
&. ! & ) );7<
!,&!#!"( E
)("' )'' s'9=<7A16
(&'&) €/@
!,&) /@
!""""j )(' ) ;;
!, )(*&&) :;7<
+( 5
+( ;;
' &)$ 2
>@"
' '()"'$ 2
>@"
*&(#" ;A31'#
Beta
!&'%("!&
%"& %"%%''&
)"&
.?A )
!(!&'%("!&#%
& %"%&%'&,!(%&
&&!"('(&)$#&
'('!&@=.
C6.)"'
&")"
'
!'%%"'"% !'
(&(%"
#.?.?21B06?=<@6/92@?62@4<@12=2964?<=.?.9.@=2?@<;.@
.;A2@12BA696G.??2=.?.??2.96G.?<=2?.06<;2@12
:.;A2;6:62;A<<@B@A6AB6?.002@<?6<@
%'!' !''""&"&#(!'" !(
!&'%("!&
!&'%("!&&(%#%
& %"%&r%'&r,!(%&
"C3AB@==083B7D=3AAC;7<7AB@/@63@@/;73<B/A<3C;OB71/A?C3
>3@;7B/<B@/0/8/@1=<347173<17/G')&
3B=2/A4=@;/A3A7;>@3A17<270:3@31=@2/@?C33:27A>=A7B7D=
23A35C@72/2;OA7;>=@B/<B33A)'(G/?C33:1C72/2=G
://B3<17]<3<>/@B71C:/@A=<:/A;38=@3A>@=B3117=<3A1=<B@/
>=A70:3A:3A7=<3A
"=3A>=A70:33:3<1/@B=2=A:=AB7>=A23@73A5=A>3@=63;=A
7<B3<B/2=23AB/1/@:=A;OAA75<7471/B7D=A
23;OA3A7;>=@B/<B3@31=@2/@?C33AB/63@@/;73<B/B73<3
?C3A3@CB7:7H/2/b<71/;3<B3>=@>3@A=</:1/:7471/2=
%&"&"&&"!+"!&%
" #% "
:/7@31=;>@7;72=>C3231/CA/@2/\=A5@/D3A/:/A>3@A=</A
"=27@757@3:/7@36/17/AY;7A;=A=6/17/=B@/A>3@A=</A
:/7@3?C3A/:323:/A;/<5C3@/A>C323>@=D=1/@A3@7=A
2/\=A/:/A>3@A=</A1=;>@=0/@>3@7]271/;3<B3?C3:/A
;/<5C3@/AG=:=A3<16C43A<=3ABV<4:=8=AG=<=6/G/<
AC4@72=<7<5b<B7>=232/\=
=A5=:>3A4C3@B3A23;/<5C3@/A>C323</1/@@3/@2/\=A
5@/D3A
<B3A23@3/:7H/@1C/:?C73@=>3@/17]<A=0@3:/63@@/;73<B/
13@@/@3:A7AB3;/23/7@31=;>@7;72=238/@A/:7@B=2/:/>@3A7]<
@3A72C/:23:/;/<5C3@/G23A1=<31B/@:/63@@/;73<B/1C/<2=
G/<=3ABV4C<17=</<2=
"=AC>3@/@:/>@3A7]<;OF7;/23/@3A;3272/23<B@=23
:/3<B@/2/23/7@323:/63@@/;73<B/1C/<2=VAB/3ABV3<;/@16/
=3:D/:=@7<271/2=3<:/>:/1/1=:=1/2/A=0@3:/63@@/;73<B/
%&"&!'(%-&%!'&
!/<B3<3@C</27AB/<17/23A35C@72/21=<:/A>/@B3A3<
;=D7;73<B=23:/63@@/;73<B/
D7B/@::3D/@/113A=@7=A1=:5/2=A23:1C3::=B7>=1/23</AG
1=::/@3AG3D7B/@>C:A3@/AG@=>/6=:5/2/
D7B/@3:1=<B/1B=23/113A=@7=AG63@@/;73<B/A1=<3:1/03::=
D7B/@3:1=<B/1B=27@31B=1=<:=A/113A=@7=A3<;=D7;73<B=
2C@/<B3G23A>CVA23:CA=
#<;2?@2@62:=?24B.;A2@12=?<A2006W;=.?.?21B06?9<@
?62@4<@120<?A2@F>B2:.1B?.@
%&"&"&('&j!&"%"&
%&)"&16@0<@./?.@6C<@:B29.@1216@0<?B21.@
?B21.@.1?.@6C.@F96:.@?<A.A<?6.@
)B7:7H/@b<71/G3F1:CA7D/;3<B3/113A=@7=A/0@/A7D=A
/231C/2=A/:/D3:=172/223A/@@=::/2/>=7@:/63@@/;73<B/<=
CA/@3<<7<5b<1/A=/113A=@7=A/0@/A7D=A?C37<27?C3<C</
D3:=172/223@3A7AB3<17/;OA0/8/23:/;/?C7</
"=CB7:7H/@/113A=@7=A/0@/A7D=A23431BC=A=A<7?C3;C3AB@3<
A75<=A2363<272C@/AG/A35C@/@A323?C3:3:=@74717=23
478/17]<<=@=131=<B@/3:383
)B7:7H/@b<71/;3<B3:/A0@72/A?C3A33<B@35/<8C<B=/:/
63@@/;73<B//@/<23:/A16/D3B/AC=B@=A/2/>B/2=@3A>=2@7/<
1/CA/@2/\=A/:/113A=@7=/0@/A7D=
'7A3CB7:7H/<27A1=A/0@/A7D=A1=:=1/@3<B@3:/0@72/G3:27A1=
C<A=>=@B3@3A7AB3<B31/@B]<5@C3A==470@/23D72@7=
78/@:=A/113A=@7=A23;/<3@/?C3<=A3>@=2CH1/8C35=3<B@3
:=A;7A;=AG3:383
=<233ABV>@3D7AB=CB7:7H/@A73;>@33:/113A=@7=23>@=B3117]<
23:27A1=3AB=3D7B/@O:=A2/\=A1/CA/2=A>=@>=A70:3A@=BC@/A
23:=A/113A=@7=A/0@/A7D=A
<1/A23?C33:/113A=@7=23>@=B3117]<@3170/5=:>3A
1/CA/2=A>/@:/@=BC@/23:27A1=VAB3B3<2@O?C3A3@
AC0AB7BC72=
)B7:7H/@0/@@3@/A23>@=B3117]<3<B@33:=>3@/2=@G:=A23;OA
B@/0/8/2=@3A>/@/;/<B3<3@1=<B3<72=A:=A@73A5=A23072=A/
/AB7::/AG167A>/A
%&"&%')"&&"!"!&'%"
$@3AB/@/B3<17]</:/ABC03@Y/A3F13A7D/;3<B3:/@5/A?C3A3
6/G/<238/2=/0/<2=</2/A3<3::C5/@23B@/0/8=(@=>3H/@G
1/3@3A:/>@7;3@/1/CA/23:3A7=<3A5@/D3A
"7D3:3A23@C72=3:3D/2=A>C323<>@=D=1/@:/>V@272/
>3@;/<3<B323:=Y2=CB7:7H/@:/A>@=B3117=<3A/C27B7D/A
/1=<A38/2/A>=@3:@3A>=<A/0:323:/3;>@3A/G=>=@3:
@35:/;3<B=
!/<B3<3@C</>=A717]<23:1C3@>=3AB/0:3GA35C@/
!=D7;73<B=A@3>3B7B7D=AG>=A717=<3A7<1];=2/A1=;07</2=A
1=<:/3F>=A717]</D70@/17=<3A>C323<2/\/@;/<=AG
0@/H=AA3/1=<A38/B=;/@>@31/C17=<3A3A>317/:3A
D7B/@:/7<A>7@/17]<23>=:D=G3A1=@7/23@3A72C=A>@=B353@A3
>/@17/:;3<B3;327/<B3;OA1/@/A/<B7>=:D=
=A=>3@/2=@3AG3:>3@A=</:23;/<B3<7;73<B=B73<3<?C3
>=A33@1C/:72/23A4YA71/A/231C/2/A>/@/>=23@;/<38/@:/A
27;3<A7=<3A3:>3A=G:/>=B3<17/23:/63@@/;73<B/3<
1C3AB7]<
AB/63@@/;73<B/<=6/A72=1=<AB@C72/>/@/:/CB7:7H/17]<3<
O@3/AA=;3B72/A/@73A5=233F>:=A7=<3AG<=27A>=<323
/7A:/;73<B=1=;=>/@/?C3>C32/3<B@/@3<1=<B/1B=1=<
4C3<B3A233<3@5Y/
"'%&!"% &"!%&#'"&(%
AB/63@@/;73<B/GACA1=;>=<3<B3AG/113A=@7=A<=2303<
A3@;=27471/2=A<7/2C:B3@/2=A
A<313A/@7=3A>317471/@?C33:;/B3@7/:234/0@71/17]<233AB/
63@@/;73<B/>C32323B3@7=@/@A3
A7<27A>3<A/0:3A/03@?C3B@/0/8/@1=<63@@/;73<B/A23/7@3
1=;>@7;72=>C323>@=D=1/@/:B/AD70@/17=<3A>=@3AB3;=B7D=
A3B3<2@O<?C3/2=>B/@:/A>@31/C17=<3A<313A/@7/A
$@3AB/@;C16//B3<17]<>/@/?C3:/A;/<=A<=A33<@323<
3<B@3:/63@@/;73<B/GC<=083B=
#% h&!"% j!"!%&#'"
&(%"!&('%
=A2=1C;3<B=A7<4=@;/17]<37<AB@C117=<3AAC;7<7AB@/2=A
8C<B=/3AB/63@@/;73<B/
=<3:@3A>=<A/0:323::C5/@23B@/0/8=)<7=<3A@3;7=A=
'7<271/B=A
=<3:=<A38=23:/=;C<72/2C@=>3/G=#@5/<7A;=A
:=1/:3A
r'/43BG&3?C7@3;3<BA=@/<23:2"=<:31B@71(==:As
"=@;/A23A35C@72/2>/@/63@@/;73<B/A;/<C/:3A23
/:7;3<B/17]<<=3:V1B@71/27A>=<70:33<C@=>3/<=;;7B33
4=@'B/<2/@27H/B7=<&C323'B/AA/@B@CA3:/AV:571/
!"% &#%"%%'"!+j!%
:7;3<B/@:/63@@/;73<B/1=</7@3:7;>7=G?C3<=1=<B3<5/
/5C/<71=<23<A/17]<23VAB//C</>@3A7]<23/@3A
1/:1C:/2/3<:/3<B@/2/23:/63@@/;73<B/1=<VAB/3<;/@16/
)</>@3A7]<23;/A7/2=3:3D/2/@32C13:/2C@/17]<23:/A
>/@B3A;31O<71/AG>C3231/CA/@5@/D3A2/\=A/:/A>3@A=</A
=<31B/@:/63@@/;73<B//:/7<AB/:/17]<23/:7;3<B/17]<
;327/<B3:=A/113A=@7=A23:/A27;3<A7=<3A?C3A37<271/<3<
3:270C8=/28C<B=
"=7<AB/:/@27@31B/;3<B33<:/1=<3F7]<23:/63@@/;73<B/
3<16C43A@O>72=A
=<AC:B/@:/A7<AB@C117=<3A>/@/C<1=@@31B=/1=>:/;73<B=23
:=A/113A=@7=A
=<AC:B/@:=A2/B=ABV1<71=A233AB3;/<C/:
(%j!
$/@/1=<A35C7@C</0C3</CB7:7H/17]<3A7<27A>3<A/0:3
1=<31B/@:/63@@/;73<B//C<5@C>=47:B@=:C0@71/2=@23:Y<3/
B7>=;71@=<730://@B@35C:/2=/2=A5=B/A>=@
;7<CB=7<B@=2C173<2=3:/137B33A>317/:'#/@B
'7A3CB7:7H/<:=A/113A=@7=A/<B3@7=@;3<B317B/2=AA3=0B3<2@O
C<@3<27;73<B=3:3D/2=1=<C<23A5/AB323:/A>/@B3A
;31O<71/A@32C172=
<1/A=3<?C3:/:Y<3/<=27A>=<5/23:C0@7471/2=@A3@O
<313A/@7=7<B@=2C17@27@31B/;3<B33<:/63@@/;73<B//137B3
'#=073<C<'/:;3<=AC</D3H/:2Y/
=<B@=:/@:/:C0@7471/17]<23:5@C>=233<5@/</83AGA73A
<313A/@7=CB7:7H/@5@/A/>/@/:=A1=<87<3B3A23/:B/D3:=172/2
!<BA696G.?=2A?W92<;6.026A2162@29
!'! !'"
'3/1=<A38/CB7:7H/@3:270C8=/28C<B=1=;=;/<C/:>/@/
23A;=<B/@G3<A/;0:/@:/63@@/;73<B/G>/@/723<B7471/@:/A
>=A70:3A>/@B3A23@31/;07=
:;/13</@:/63@@/;73<B/3<:C5/@3A?C31/@3H1/<23>=:D=
6C;32/2G4@Y=7<B3<A=
%!'i
AB/63@@/;73<B/A34/0@71/GA3>@C30/1=<3:;OF7;=
1C72/2=A35b<:/A<=@;/A23A35C@72/2/1BC/:;3<B3D753<B3A
G3ABO1C073@B/>=@C</5/@/<BY/23;3A3A
'3@3>/@/</D3@Y/A23072/A/23431B=A23;/B3@7/:=23
>@=2C117]<;327/<B33:/@@35:==:/ACAB7BC17]<23:/A>73H/A
23431BC=A/A/<C3AB@/27A1@317]< /@3/:7H/17]<23C</=;OA
=>3@/17=<3A23@3>/@/17]<<=;=27471/@O:/4316/231/2C172/2
23:/5/@/<BY/
"=3ABO<1C073@B=A>=@:/5/@/<BY/:=A>=A70:3A23431B=A
23072=A/:23A5/AB3/:CA=3@@]<3=37</231C/2=@=BC@/A
1/CA/2/A>=@5=:>3AG=1/Y2/A23;OA:/5/@/<BY/>3@23@O
ACD/:723H3<3:;=;3<B=3<3:?C3A3/>=@B3<;=27471/17=<3A
1C/<2=:/63@@/;73<B/A36/G//2C:B3@/2==1C/<2=A33<DY3/
://A7AB3<17/23A;=<B/2/
%C32/<B3@;7</<B3;3<B33F1:C72=A:=A2/\=A1/CA/2=A/
>3@A=</AG=1=A/A231C/:?C73@B7>=G=</BC@/:3H/27@31B=A
G=7<27@31B=A
%j!"!"% %')
eh$(!&f
<=A=B@=A
'('!&@=.
)6.)<9A.
&")"
'
231:/@/;=A/AC;73<2=:/B=B/:@3A>=<A/07:72/223?C33:
>@=2C1B=
%"& %"%%''&)"&
.?A )
A3/8CAB//:/AA75C73<B3A<=@;/B7D/AA35b<:=A@3?C7A7B=A23:/
7@31B7D/!O?C7</A
C5/@G4316/233;7A7]<
'#*#!( -
"&#
"=;0@3G1/@5=3:&3A>=<A/0:3
!''!#&
=<A383@=3:35/2=
'"&'K!"&
$$". €;;
* #"*z# DC3:B/A;7<
$#(" E
&#'"(&& s/A1]<71=
$&'{"(&# /@3A
$&'{"!x,! /@3A
x!(&#"(!z"!#
!")&& ;;
#"')!#!x,!#& :;7<
$'# 5
#"()(#( €;;
"* $&'{"'#"#& 2
>@"
"* $#("|'( 2
>@"
"* *&#"' ;A31'#
Beta
!&'%(Jd& #
%"%%"%%''
)"
?23_ )
!&'%(Jd&&(%!J#%
%%"%&%'"%&
&&!"('(&)z$#&
'('!&&#
)6.)<9A.
&")"
'h
#%&%!'%(
"%'"% !'"('-"%
#.?.?21BG6?<@?6@0<@12.0612;A2@=2@@<.6@
'!' !''""&"&#"!'"&" !(
('-Jc".;A2@12BA696G.??2=.?.?2320AB.?>B.9>B2?
<=2?.SQ<12:.;BA2;SQ<<B@B/@A6AB6?B:.02@@W?6<
!&'%(Jd&&(%!J#%%%"%&
%'"%&
(3;=A1=;==0831B7D=>@7<17>/:4=@<313@43@@/;3<B/A
><3C;OB71/A3471/H3A3')&'
#=>3@/2=@V3A3@OA3;>@3=;3:6=@27A>=A7B7D=23A35C@/<U/
</CB7:7H/US=23?C/:?C3@43@@/;3<B/']C;/;/<CB3<US=
1=@@31B/3/23?C/2/3;1=<8C<US=1=;C;//B3<US=
1=<AB/<B32C@/<B3=>@=13AA==>3@/B7D=V?C35/@/<B7@OC;/
>@=B31US=3471/H1=<B//1723<B3A
/2//7;>=AA707:72/23233:/0=@/@C;/:7AB/1=;B=2=A=A
@7A1=A>=AAYD37A@343@7@3;=AA=;3<B3=A;/7AA75<7471/B7D=A
<A7AB7;=A<=4/1B=23/;O?C7</A]23D3@A3@CB7:7H/2/>=@
>3AA=/:?C/:7471/2=3</=0@75/B=@732/2323/CB7:7H/@23<B@=
2=AD/:=@3A3@357;3A3A>317471/2=A</AC/>:/1/23
1/@/1B3@YAB71/A
%&"&!%!'&h&Jd&%" #% "
#/@1=;>@7;72=>=231/CA/@43@7;3<B=A5@/D3A3;>3AA=/A
"S=27@78/=8/1B=23/@1=;>@7;72=1=<B@/A7>@]>@7==C1=<B@/
B3@137@=A
A4C5/A23/@3;;/<5C37@/A3BC0/53<AAS=>=B3<17/7A
4=<B3A23>3@75=>/@/>3AA=/A*3@747?C3>3@7=271/;3<B3A3=A
BC0=A3:75/Ua3A3ABS=23A/>3@B/2=A=C2/<7471/2=A
A1671=B/2/A23BC0=A4:3FYD37A>=23@S=3AB/@</=@753;23
5@/D3A/1723<B3A
<B3A233431BC/@?C/:?C3@=>3@/US=23;/<CB3<US==C
@3>/@/US=23D3@O4316/@>@3D7/;3<B3=A7AB3;/23/@
1=;>@7;72=23A1/@@35/@=/@@3A72C/:3F7AB3<B3</:7<6/3
23AB/1/@/;O?C7</A=;3<B3/>]A/AC/1=;>:3B/7;=07:7H/US=
"C<1/C:B@/>/AA/@/>@3AAS=;OF7;/230/@;3272=A</
3<B@/2/23/@1=;>@7;72=2/;O?C7</3<?C/<B=3AB/A3
3<1=<B@/3;4C<17=</;3<B==C=D/:=@7<271/2=</@3A>31B7D/
>:/1/231/@/1B3@YAB71/A
"('%"&%&"&
!/<B3@C;/27ABQ<17/23A35C@/<U/@3:/B7D/;3<B3/=A
1=;>=<3<B3A2/43@@/;3<B/?C33AB38/;3;;=D7;3<B=
"S=CB7:7H31=:/@3AD=:B/A5@/D/B/A=C>C:A37@/A3<?C/<B=
3AB7D3@/=>3@/@1=;/;O?C7</D7B3CB7:7H/@@=C>/AA=:B/A
?C323?C/:?C3@4=@;/>=AA/;A3@/B@/Y2/A>3:=;=D7;3<B=
@=B/B7D=2/;O?C7</
C@/<B33/>]A/CB7:7H/US=3D7B3B=2=3?C/:?C3@1=<B/1B=
1=;/13AA]@7=A3;;=D7;3<B=
(A696G29BC.@12=?<A20SQ<=.?.2C6A.??6@0<@120<?A2@2<B
>B26:.1B?.@
%&"&%)"&('-Jc"&&j%"&
%&)"&16@0<@./?.@6C<@?2/<9<@2@0<C.@296:.@
?<A.A6C.@
)B7:7H3b<71/33F1:CA7D/;3<B3/0@/A7D=A/>@=>@7/2=A>/@//A
@=B/Ua3A/B7<572/A>3:/;O?C7</"C<1/CB7:7H3/0@/A7D=A?C3
7<27?C3;D/:=@3A7<43@7=@3A/=A?C3>=23;A3@/B7<572=A>3:/
;O?C7</
"C<1/CB7:7H3/0@/A7D=A2/<7471/2=A3=C1=;A7</7A23?C30@/A
3D3@747?C3A3;>@3A3==@74Y17=2347F/US=<S=@=U/<=D37=
)B7:7H3b<71/33F1:CA7D/;3<B3=A>@/B=A23AC>=@B34=@<3172=A
1=;/;O?C7</(3@3;/B3<US=?C3/CB7:7H/US=23/<7:6/A
1/:U=A=C=CB@=A/2/>B/2=@3A>=23@O2/<7471/@=/13AA]@7=
/0@/A7D=
'3;>@3?C3CB7:7H/@27A1=A/0@/A7D=A/>:7?C3C;AC>=@B3
@3A7AB3<B33;1/@BS=>@3<A/2==C470@/23D72@=3<B@3=>@/B=
23AC>=@B33=27A1=
7F/@=A/13AA]@7=A234=@;//?C3<S=3F7AB/;4=:5/A3<B@3
3:3A3=D37=
'3/;O?C7</4=@2=B/2/23C;/>@=B31US=CB7:7H3/A3;>@3
>/@/3D7B/@=A@7A1=A7<3@3<B3A/C;/3D3<BC/:@C>BC@/2=
/13AA]@7=/0@/A7D=
'C0AB7BC/=1/@B3@23>@=B31US=A3;>@3?C3=;3A;=A=4@/=A
3437B=A2C;/3D3<BC/:@C>BC@/2=27A1=/0@/A7D=
)B7:7H30/@@37@/A23>@=B31US=3<B@3==>3@/2=@3=CB@=A
B@/0/:6/2=@3A?C3A33<1=<B@3;</D7H7<6/<U/>/@/3D7B/@=A
@7A1=A7<3@3<B3AP>@=831US=233AB7:6/U=A34@/5;3<B=A
7<1/<23A13<B3A
%&"&!%!'&h&"!Jd&'%"
(3@1C72/2=A;C7B=3A>317/7A1=;BC0=A235@/<23
1=;>@7;3<B=?C3>=AA/;A3@237F/2=A<=:=1/:23B@/0/:6=
A?C32/A3/A1671=B/2/A>@=D=1/2/A>=@BC0=AAS=C;/2/A
>@7<17>/7A1/CA/A23/1723<B3A23C;/13@B/5@/D72/23
#/:B=<YD3:23@CY2=>=23>@=D=1/@:3Aa3A7@@3D3@AYD37A<=A
=CD72=A2=CB7:7H/2=@)B7:7H3A3;>@3=A27A>=A7B7D=A/C@71C:/@3A
23>@=B31US=7<271/2=A>3:/3<B72/23>/B@=</:3=C>3:=A
@35C:/;3<B=A7<B3@<=A=C:=1/7A
!/<B3<6/A3A3;>@3<C;/>=A7US=A35C@/33?C7:70@/2/
#A;=D7;3<B=A@3>3B7B7D=A3/A>=A7Ua3A7<1=;=2/A
/AA=17/2/AP3F>=A7US=/D70@/Ua3A>=23;>@=D=1/@5@/D3A
:3Aa3A</A;S=A3<=A0@/U=A(=;3A3;>@3/A;3272/A
>@3D3<B7D/A/23?C/2/A
"S=@3A>7@3/A>=37@/A3/A>/@BY1C:/A3;ACA>3<AS=>@3A3<B3A
<=/@)B7:7H3A3;>@3C;/;/A1/@/23>@=B31US=/23?C/2/
B3<23<2=OA27;3<Aa3A>3A=3>=BX<17/231/2/;O?C7</
=A=>3@/2=@3A3=A@3A>=<AOD37A>3:/;/<CB3<US=23D3;
27A>=@2/A1=<27Ua3A4YA71/A<313AAO@7/A>/@/;/<7>C:/@=
3?C7>/;3<B=3;0=/A1=<27Ua3A23A35C@/<U/
AB/43@@/;3<B/<S=4=71=<13072/>/@/CB7:7H/US=3;H=</A
3F>=AB/A/=A@7A1=A233F>:=Aa3A<3;4=77A=:/2/>/@/?C3
>=AA/3<B@/@3;1=<B/1B=1=;4=<B3A233<3@57/3:V1B@71/
"('%&!"% &%')&b&(%!J
"S=;=2747?C3<3;/:B3@3/;O?C7</3=AA3CA1=;>=<3<B3A
=C/13AA]@7=A
#A;/B3@7/7A/>:71/2=A</4/0@71/US=23AB/43@@/;3<B/3ABS=
AC837B=A/=23A5/AB3>@=D=1/2=>3:/CB7:7H/US=
3;0@/;=A?C3=AB@/0/:6=A3431BC/2=A>=@43@@/;3<B/A
><3C;OB71/A>=23@S=>@=2CH7@C;3:3D/2=<YD3:23D70@/Ua3A
>3:=?C3V/1=<A3:6OD3:/2=>B/@/A>@31/CUa3A/23?C/2/A
>/@/;7<7;7H/@=AA3CA3437B=A
"C<1/1=:=?C3/A;S=A3<B@3/43@@/;3<B/3C;?C/:?C3@
=0831B=
#%!"% Jd&" # !'%&
%') !'&(%!J"!&('%
#A2=1C;3<B=A7<4=@;/Ua3A37<AB@CUa3A3<B@35C3A1=;/
43@@/;3<B/
AC/3<B72/23>/B@=</:)<7a3A=CAA=17/Ua3A231:/AA3=C
A7<271/7A/AA7;1=;==A#@5/<7A;=A:=1/7A7<B3@3AA/2=A
r'/43BG&3?C7@3;3<BA=@/<23:2"=<:31B@71(==:As
"=@;/A23'35C@/<U/>/@/43@@/;3<B/A<S=3:V1B@71/A
27A>=<YD37A/B@/DVA2=C@=>3/<=;;7BB334=@
'B/<2/@27H/B7=<&C323'B/AA/B@CF3:/AV:571/
!"% &#%( "Jc"b%%
" #% "
:7;3<B/@/43@@/;3<B/1=;/@:7;>=7A3<B=236C;72/233
1=<23<A/2=A/C;/>@3AAS=230/@=0B72=AP3<B@/2/2/
;O?C7</3<?C/<B=3AB/A33<1=<B@/3;4C<17=</;3<B=
);/>@3AAS=;/7A3:3D/2/@32CH7@O=B3;>=23D72/bB7:2=A
1=;>=<3<B3A;31Q<71=A2/;O?C7</3>=23@O>=@3;@7A1=/
7<B35@72/234YA71/23>3AA=/A303<A
#A/13AA]@7=A23:75/US=2/43@@/;3<B/P@32323/@1=;>@7;72=
23D3@S=@3A>37B/@/A27;3<Aa3A7<271/2/A<=3A?C3;//<3F=
"C<1//>:7?C3B=;/2/A@O>72/A27@31B/;3<B3P3<B@/2/23
/:7;3<B/US=2/;O?C7</
=<AC:B3=;/<C/:237<AB@CUa3A>/@/C;/0=//>:71/US=3
7<AB/:/US=2=A/13AA]@7=A
&347@/A3A3;>@3/=A2/2=A31/@/1B3@YAB71/ABV1<71/A
1=<AB/<B3A<3AB3;/<C/:
(%Jc"
75C3/43@@/;3<B/><3C;OB71/P:7<6/23/@1=;>@7;72=
/B@/DVA23C;47:B@=:C0@7471/2=@23:7<6/@34k
@35C:/2=>/@/5=B/A>=@;7<CB=23]:3='#@34k
CB7:7H/US=23AB3A/13AA]@7=A5/@/<B7@OC;/:B=@3<27;3<B=2/
;O?C7</3C;/;/7=@:=<53D72/232=A1=;>=<3<B3A
;31Q<71=A
"//CAX<17/23C;:C0@7471/2=@7<B@=2CH/27/@7/;3<B3/:5C;
]:3='#=C'27@31B/;3<B3</43@@/;3<B/><3C;OB71/
*3@747?C3;3<A/:;3<B3=1=<8C<B=233<5@3</53A)B7:7H/@C;/
;/AA/>/@/@=:/;3<B=A23/:B/D3:=172/231/A=A38/
<313AAO@7=
!Q<.=96>B2=2A?W92<;2:W92<62@29
!('!Jc"
)B7:7H3=3A?C3;/23>3U/A1=;=5C7/>/@//;=<B/53;3
23A;=<B/53;2/;O?C7<//AA7;1=;=>/@/723<B7471/US=2=A
1=;>=<3<B3A?C3B3<6/<313AA72/2323AC0AB7BC7@
!/<B3<6//;O?C7</<C;:=1/::7;>=A3;>=37@/A3?C3
3AB38//=/0@75=236C;72/233B3;>3@/BC@/A;C7B=0/7F/A
%!'
AB/;O?C7</4=74/0@71/2/3B3AB/2/1=;5@/<23A1C72/2=A3
<=;/7A3A1@C>C:=A=@3A>37B=>3:/A"=@;/A23A35C@/<U/3;
D75=@33ABO1=03@B/>=@C;/5/@/<B7/23;3A3A
'3@S=@3>/@/2/A=CAC0AB7BCY2/AB=2/A/A>3U/A?C3
/>@3A3<B3;?C/:?C3@23437B=7;>CBOD3:/=A;/B3@7/7A=C/=
>@=13AA=>@=2CB7D=3F31CUS=23?C/:?C3@@3>/@/US==C
AC0AB7BC7US=2C@/<B3=>3@Y=2=235/@/<B7/<S=/:B3@/=>@/H=
23D/:72/232/5/@/<B7/
5/@/<B7/<S=1=0@323437B=A@3:/B7D=A/=23A5/AB323
1=;>=<3<B3ACB7:7H/US=7</23?C/2/=C@C>BC@/A>@=D=1/2/A
>=@?C32/A=C>/<1/2/A;=27471/US=2/;O?C7</=C/
/:B3@/US=23?C/:?C3@C;2=AA3CA1=;>=<3<B3A/<C:/@OB=2/
3?C/:?C3@5/@/<B7//<C:/US=2/5/@/<B7/3AB3<23A3
B/;0V;/=A1/A=A3;?C3/;O?C7</A38/3<B@35C3B=B/:=C
>/@17/:;3<B323A;=<B/2/
AB/5/@/<B7/3F1:C7B=2=A=A2/<=A27@31B=A=C7<27@31B=A
1/CA/2=A3;>3AA=/A3=C=0831B=A?C/:?C3@?C3A38/=A3C
5V<3@==C</BC@3H/
%Jc""!"% " %')
eh$(!&f
"]A
'r('!&&#
))"'
&")"
'
231:/@/;=AA=0<=AA/7<B37@/3B=B/:@3A>=<A/07:72/23?C3=
>@=2CB=
%"%%"%%'')"
?23_ )
3ABO1=<4=@;31=;/A"=@;/A/0/7F=7<271/2/A3@3A>37B/=A
@3?C7A7B=A2/7@31B7D/r!O?C7</As
=1/:32/B/233;7AAS=
'#*#!(x
/<37@=
"=;331/@5=2=@3A>=<AOD3:
!''!#&
2;7<7AB@/2=@3:35/2=
%'%i&'&'K!&
) ;;
&#(Kp'!*.# &$!
$#(w" E
"(&€& s1]<71/
$&''o#€,&z# /@
$&''o#!x,! /@
v!(&#"(&#&!z"!#
#€()#& ;;
#"')!#€&!x,!# :B;7<
$'# 5
#!$&!"(#(#( €;;
"z* $&''o#'#"#& 2
>@"
"z* $#(w"|'( 2
>@"
*&Kp' ;A31'#
Beta
%(&!)&!! &
L)%)" #'%&#
.?A68829 )
!&'%('"!& !(L%
+")!#"% &!
*&(-'(&)&*
'('!&@=.
))"'
&")"
'
&&"(')%%&'
!)H!%!
X?.AA:6;@8.2C2;AB299.=2?@<;?6@82??2=.?2?.3B993X97
B;12?5R992992?/FABA122EA?.A699/25X?2;6;;.;.;CP;1;6;4
H&%(!'#(!'%
!&'%('"!& !(!
&H%'&!&'%('"!%L%+")!
#"% &!
*T@B;T:R@/BB:3D3@3@/><3C;/B7A9/D3@9BG54`@/BB9C<</
CB4`@/3BB34439B7DB=16'I&(/@03B3
3BA9/::CB>39/A/BB23BR<2TR@"A=;R@23<D79B75/AB3
rAR93@63BA/>>/@/B3<s4`@/::/BG>3@/DD3@9BG534B3@A=;23BR@
A9`BA3:=16C>>;R@9A/;63BA=;R@23D79B75/AB3A9G223<;=B
3D3<BC3::/A9/2=@
3BR@7<B3;`8:75B/BBCB4`@/3<:7AB/>T/::/BG>3@/DA9/2=@
;3<D76/@4`@A`9B/BBC>>53D7AA//D23;3AB03BG23:A34C::/
=;76T5/BB23BB/D3@9BG5A9/::3<2/AB/<DR<2/A/D9=;>3B3<B
>3@A=</:
%&%&" (##" %)"##!)
'%,('
(@G19:C4B3<9/<=@A/9//::D/@:75/>3@A=<A9/2=@
&79B/7<B3:C4B3<=;275A8R:D3::3@;=B/<2@/
C4B3<A=;9=;;3@CB74@T<A:/<5/@</9/<=@A/9//::D/@:75/
A9/2=@9=<B@=::3@/>3@7=2D7A=;A:/<5/@</=163::3@
9=>>:7<5/@</R@:=AA/23=163::3@A9/2/23
3>7A9/<23A:/53<4@T<A:/<5/@</9/<=@A/9//::D/@:75/
A9/2=@
<</<<T5=BA=;63:AB/@03B3;32D3@9BG53<9/<CB4`@/AABR<5
6CDC2/<:R55<7<53<B`;A:/<53<>TTB3@ABT3<23B@G19=16
9=>>:/0=@BD3@9BG53B3<2/AB<R@23<</7<B3R@74C<9B7=<
(@G193BA9/::7<B3`D3@AB75//@3<:75BD/2A=;C>>;RBBAD72
:C4B7<A:R>>3B2TD3@9BG53BR@74C<9B7=<3::3@23BDR@23A=;
C>>53A>TA9G:B3<A=;A7BB3@>TD3@9BG53B
%&%)"&"%'%
T::3BBD7AABAR93@63BA/DABT<24@T<D3@9BG53BA@=B3@/<2323:/@
)<2D79/BB0R@/B7::036`@@C<B6/:A3<A=;9328=@=166/:A0/<2
A/;B/@;0/<2=16:`A/9:R23@
)<2D799=<B/9B;32B7::036`@=16D3@9BG5;3227BB6T@
)<2D7927@39B9=<B/9B;32B7::036`@7@`@3:A3C<23@=1634B3@
/<DR<2<7<5
;CP;1.99A61.?/2A@5.;1@8.?3X?.AAB;1C68.?6@82?3X?
8.=;6;4<05/?P;;@8.1.
%&%#I%(!)!)H!!!)
&#!!&'L%@96=;6;4@/?608<?@86C<??<A2?.;12
369.?
<DR<23<2/ABA:7><7<5AB7::036`@A=;R@:R;>:75/4`@23<
6/AB7563BA=;07:2/A/DD3@9BG53B
)<23@7<5/=;ABR<27563B3@A9/::A:7><7<5AB7::036`@/<DR<2/A
A=;6/@3<;=BABT<2A6/AB7563B:R5@3R<;/A97<3<A
<DR<27<B3A9/2/23A:7><7<5AB7::036`@=163::3@;32B3193<>T
A>@719=@=164`@AR9@//BB4/ABARBB<7<5A6T:3B7<B35<723@;=B
/F3:<
<DR<23<2/AB234:R<AA=;:3D3@3@/BA;32D3@9G53B0@719=@
;3::/<:R553::3@/<2@//<>/AA/@3A9C::39C<</A9/2/
A:7><7<5AB7::036`@3B
#;3<A:7><7<5AA97D//<DR<2A>:/13@/;3::/<4:R<A3B=16
A97D/<3BBAB/@9BAB`2>@3AA>/>>3::3@5:/A4703@
'RBB4/ABB7::036`@3<>T3BBARBBAT/BB23B7<B3C>>ABT@3BB
CB@G;;3;3::/<23AA/=16/F3:<
R@23B4`@CBA3BBA/<DR<2/::B72A9G22A68R:;4`@/BBC<2D79/
A9/2/A=;=@A/9/A/D3D3<BC3::/0@=BB>TA:7><7<5AB7::036`@3<
#;A9G22A68R:;3<CBARBBA4`@A:/5A=;=@A/9/A/D0@=BB>T
A97D/<A9/::23<</0GB/ACB
<DR<2A9G22A6`:83<;3::/<=>3@/B`@3<=16/<2@//@03B/@3
4`@/BBAR<9/@7A9A=;=@A/9/A/D5<7AB<7<5/@=164:7A=@
%')%&%'%H!
%'&L%I!!
*/@4`@A79B75;32:T<5/A:/<5/@A=;:R;</BA>T/@03BA>:/BA3<
A<C00:7<5=164/::R@236CDC2A/9:75/=@A/93@</4`@/::D/@:75/
A9/2=@
`50C::3@<7DT9/<=@A/9/3<D/@/9B754`@:CAB/D6`@A3:<
.;CP;15X?@29@8F11@<:?R142@.C.?/2A@46C.?2;<052992?
9.4964A
T::3<AR93@=160/:/<A3@/29@=>>A>=A7B7=<
)>>@3>/23=16=039DR;/ABR::<7<5/@B7::A/;;/<A;32
CBARBB<7<54`@D70@/B7=<3@9/<A9/2/6R<23@=16/@;/@=1623B
@T253A/BBD/@/A>3173::B4`@A79B75
)<2D797</<2<7<5/D2/;;=16/D4/::.;CP;12?129C6@.C
1.::@8F11.;12:.@8
@03B/@3=16C<23@6T::A>3@A=</:A9/::D/@/4GA7A9B:R;>:75/4`@
/BB9C<</036/<2:/AB=@:39/@</D79B3<=169@/4B3</D23BB/
D3@9BG5
3BB/D3@9BG56/@7<B3B7::D3@9/BA4`@/BB/<DR<2/A73BB=;@T23
;32@7A94`@3F>:=A7=<=166/@7<B37A=:3@/BA4`@9=<B/9B;32
3:39B@7A93<3@579R::/
,''%%!"% %H!&H%'!
3<</A>R@@=1623AA3FB@/B7::036`@A9/::7<B3R<2@/A>T
=163::3@;/<7>C:3@/A
3BR@<`2DR<275B/BBD3B//BBB7::D3@9<7<5A;/B3@7/:3B4`@23BB/
D3@9BG59/<D/@/R;<34`@A:7B/53
<DR<2<7<5/DD3@9BG5;32:C4BB@G199/<4@/;9/::/9@/4B75/
D70@/B7=<3@=162R@4`@;TAB34`@A79B7563BATB5R@23@D72B/5/A
(/AB=@4`@A79B7563BB7::/BB7<B3AB719/7<6R<23@</;3::/<D3@BG53B
=163<23:
L%,''%%!"% '"!%!I!
&H%'&
=9C;3<B3<7<4=@;/B7=<3@</=167<AB@C9B7=<3@</A=;
:3D3@3@/BA;32D3@9BG53B
@03BA57D/@3<`@0C<2/194`@3<7<5/@
)&T2=163::3@=;;C</:/<R;<23@
r'/43BG&3?C7@3;3<BA=@/<23:2"=<:31B@71(==:s
'R93@63BA<=@;3@4`@;/<C3::/D3@9BG5;32383:39B@7A9
3<3@57B7::4`@A3:B7::5R<5:75D72C@=>3/<=;;7BB334=@
'B/<2/@27H/B7=<&C323'B/AA/@B@CF3::3A
!"% %L%!"%%'('!&('!!
!/B/D3@9BG53B;32@3<:C4B=164@74@T<D/BB3<3::3@
9=<23<A/B7=<;323BBB@G19>T/@A=;03@R9</AD72
D3@9BG53BA7<A:R>>;3223<</74C<9B7=<
BB4`@6`5BB@G19AR<93@23;39/<7A9/23:/@</ACBAB@R19<7<5
=169/<A9/>//::D/@:75/>3@A=<A9/2=@
=>>:/D3@9BG53BB7::/<:R55<7<53<4`@3<3@57B7::4`@A3:;3268R:>
/D233FB@/B7::036`@3<723AB=@:39/@A=;D7A/A>T@7B<7<53<7
07:/5/
<AB/::3@/7<5/A</009@/</@27@39BB7::D3@9BG53BA/<A:CB<7<5
'37<AB@C9B7=<3@4`@3<9=@@39B9=>>:7<5/D233FB@/B7::036`@3<
'3B39<7A9/4/9B=@3@723<</;/<C/:
& L%!!
`@/BBC>><T3<CB;R@9B/<DR<2<7<5R@23B<`2DR<275B/BB
9=>>:/D3@9BG53BB7::3<47:B3@A;`@8<7<5A3<63B;323<47:B3@
=:830:/<2/@3;32;79@=27;;//@B793:@35:3@/2>T
BDT2@=>>/@7;7<CB3<;32B7::4`@A3:/D23<A>3173::/=:8/<
'#/@B793: 3<=;/BB/<DR<2/23=D/<ABT3<23
B7::036`@3<9/<3<6`5/D9/AB<7<5C>><TA;32:T5BA:7B/53>T
23;39/<7A9/23:/@</
#;:7<83<7<B36/@4`@CBA3BBA;323<A;`@8/@3R@23B<`2DR<275B
/BBB7::4`@A3=:8/<'#3::3@3<'27@39B7D3@9BG53B
;7<AB3<5T<5=;2/53<
=<B@=::3@/D/@83;T</29C5568C:A3<63B3<A;`@8<7<5=16
/<DR<23D3<BC3::B3BB43BB4`@6`56/AB7563BA:/53@
;CP;16;A2=2A?<92B:2992?162@29<97.
(!%I
3B@T253A3</<DR<2<7<5/DA>@R<5A97AA3<707:/5/A=;
;/<C/:4`@<32;=<B3@7<5=16;=<B3@7<5/DD3@9BG53BA/;B4`@
723<B7473@7<5/D3D3<BC3::/@3A3@D23:/@
%!'
3BB/D3@9BG5B7::D3@9/A;326`5AB/=;A=@53<:75B
4`@<CD/@/<235R::/<23AR93@63BA<=@;3@=16BR19A/D3<
5/@/<B7>T3<;T</23@A>3@7=2
3B@3>/@3@/AA9/2=@A=;C>>9=;;7B>T5@C<2/D43:>T
;/B3@7/:3::3@>@=2C9B7=<53<=;TB3@ABR::<7<53::3@CB0GB3/D23
A9/2/2323:/@</34B3@DT@B=;2`;323AA/23:/@BR19A/D3<
;T</23@A5/@/<B7D7:93<7<B39/<`D3@AB75/=@757</:23:3<A
4`@4/::=2/BC;
3B5/@/<B3@/A7<5/43:A=;C>>9=;;7B>T5@C<2/DA:7B/53/D
43:/<DR<2<7<5A`<23@0@GB<7<5A=;=@A/9/BA/DA:/5=163::3@
4/::CB`D3@23BB/4`@4/::3@5/@/<B7<2T23BCB4`@BAR<2@7<5/@
;/<7>C:3@7<5/DD3@9BG53B3::3@=;23<AR<2AB7::9C<2B8R<AB3<
<32;=<B3@/2
3B5/@/<B3@/A/0A=:CB7<B3>3@A=<A9/2=@=163::3@>TA/93@
/<B7<53<27@39B=163::3@7<27@39B
"% '&%'"!'e &!f%')
D7
'('!&@=.
)6.)<9A.
&")"
',
239:/@3@/@TB/5/<234C::ABR<275B/<AD/@/BB>@=2C9B3<
L)%)" #'%&#
.?A68829 )
R@:794=@;75;324`:8/<23<=@;3@3<:75B239@/DA=;C>>53A7
!/A97<27@39B7D
$:/BA=16CB57D<7<5A2/BC;
'#*#!( -
/<C/@7
<AD/@753A</;<=16B7B3:
!''!#&
*3@9ABR::/<237@39B`@
'!&'"%%
'$I""- ;;
*&(*( *;7<
!,*&!#!"( E
)("' )("" s&
&('(&- /@
!,(&- /@
!"' " ;;
!, )(M&&)"" :;7<
*( 5
(#( I" ;;
)(& 2
>@"
)&( 2
>@"
*&(#"'"*J ;A31'#
Table of contents
Languages:
Other Beta Grinder manuals
