KETRON sd4 User manual
MANUALE DI ISTRUZIONI OWNER’S MANUAL
BENUTZERHANDBUCH MANUEL D’INSTRUCTION
*
@e[`Z\
@JKILQ@FE@G<IC8J@:LI<QQ8
@EKIF;LQ@FE<
G8EE<CCF=IFEK8C<
:FEE<JJ@FE@
8::<EJ@FE<;<CCFJKILD<EKF
J<C<Q@FE<;@LEGI<J<KG<IF>ELE8;<CC<KI<MF:@;@JGFE@9@C@
DF;@;@=LEQ@FE8D<EKF
;<J:I@Q@FE<;<CC<DF;8C@KÁ;@=LEQ@FE8D<EKF
f Df[fDXjk\ib\pYfXi[
f Df[f8ZZfi[`fe
f Df[fFi^Xe
f Df[f)oD`[`]`c\
DF;@=@:8I<C8DF;8C@KÁ;@=LEQ@FE8D<EKF
LJ9
><E<I8Q@FE<JFEFI8
><JK@FE<;<CC<MF:@
@GI<J<K
I@:?@8D8I<LEGI<J<K
DF;@=@:8;@LEGI<J<K
<J<DG@F;@DF;@=@:8;@LEGI<J<K
J8CM8I<LEGI<J<K
D<ELKI8EJGFJ<I
DF;@=@:8I<@CM8CFI<;<CC8KI8JGFJ@Q@FE<
DF;@=@:8;<CDF;F;@KI8JGFJ@Q@FE<
DF;@=@:8;<CGLEKF;@JGC@K
D<EL>D
DF;@=@:8;<@G8I8D<KI@
D<ELD@;@
DF;@=@:8I<@C:8E8C<;@I@:<Q@FE<;<CC8MF@:<I@>?K
MF@:<(IO:?8EE<C
DF;@=@:8I<@C:8E8C<;@I@:<Q@FE<;<CC8MF@:<C<=K
MF@:<)IO:?8EE<C
DF;@=@:8I<@C:8E8C<;@I@:<Q@FE<;<CC8MF@:<98JJ
MF@:<*IO:?8EE<C
I
,
.
.
/
/
/
0
0
((
((
()
()
()
()
(*
(+
(,
(,
(,
(,
(-
(-
(-
(.
(.
(.
(.
GX^%
DF;@=@:8I<@C:8E8C<;@KI8JD@JJ@FE<;<CC8MF@:<I@>K?
MF@:<(KO:?8EE<C
DF;@=@:8I<@C:8E8C<;@KI8JD@JJ@FE<;<CC8MF@:<C<=K
MF@:<)KO:?8EE<C
DF;@=@:8I<@C:8E8C<;@KI8JD@JJ@FE<;<CC8MF@:<98JJ
MF@:<*KO:?8EE<C
DF;@=@:8;<CC<8;:?8EE<C
DF;@=@:8I<@C:8E8C<;@KI8JD@JJ@FE<>CF98C<
>CF98CKO:?8EE<C
DF;@=@:8I<@CG8I8D<KIFD@;@FLK%
D<EL=LE:K@FE
DF;@=@:8I<@C>CF98CKLE<;<CCFJKILD<EKF
8KK@M8Q@FE<<;@J8KK@M8Q@FE<;<CC8=LEQ@FE<
È@EK<CC@><EKKI8EJGFJ<IÉ
CË@EK<CC@><EKKI8EJGFJ<I
J<C<Q@FE<;<CK@GF;@I@M<I9<IF>CF98C<
J<C<Q@FE<C8HL8EK@KÁ;@I@M<I9<IF>CF98C<
D<ELLJ<I
I@:?@8D8I<LEFLJ<I
J8CM8I<LEFLJ<I
C<8;F==
J;+<;@KFI
J8CM8I<C<DF;@=@:?<
8>>@FIE8D<EK@;<C=@IDN8I<
JG<:@=@:8K@FEJ
8GG<E;@:<81<C<E:F:FDGC<KF;<@JLFE@;@JGFE@9@C@
8GG<E;@:<91D@;@@DGC<D<EK8K@FE
8GG<E;@:<:1JPJK<D<O:CLJ@M<B<KIFE
(.
(.
(.
(/
(/
(/
(0
(0
(0
(0
(0
(0
)'
)'
)'
)'
)'
)'
)(
./
.0
/)
/+
,
DXelXc\[`@jkilq`fe`
@JKILQ@FE@G<IC8J@:LI<QQ8
@JKILQ@FE@I@>L8I;8EK@@CI@J:?@F;@@E:<E;@F#J:FJJ<<C<KKI@:?<F;8EEF8CC<G<IJFE<%
8mm\ik\eqX1g\ii`[lii\`ci`jZ_`f[``eZ\e[`ffjZfjj\\c\kki`Z_\#efe\jgfii\cfjkild\ekf
XccXg`f^^`Xfld`[`k~%
G<I@:FCF$:fcc\^Xd\ek`\iiXk`[\ccXd\jjXXk\iiXgfjjfefgifmfZXi\jZfjj\\c\kki`Z_\%E\c
[lYY`f]Xk\m\i`]`ZXi\`cMfjkif`dg`Xekf\c\kki`Zf[Xle\c\kki`Z`jkXhlXc`]`ZXkf%Efedf[`]`ZXk\
`cZXmf[`Xc`d\ekXq`fe\`e[fkXq`fe\%
@JKILQ@FE@@DGFIK8EK@G<IC8J@:LI<QQ8<CË@EJK8CC8Q@FE<
8MM<IK<EQ8$LjXe[fgif[fkk`\c\kki`Z`#[fm\k\j\^l`i\XcZle\gi\ZXlq`fe`[`YXj\kiXZl`c\j\^l\ek`1
Gi`dX[`ljXi\cfjkild\ekfc\^^\k\Xkk\ekXd\ek\`cdXelXc\%
HlXe[f cf jkild\ekf m`\e\ ljXkf [X YXdY`e` e\Z\jjXi`X cX gi\j\eqX [` le
X[lckf%
EfeljXk\cfjkild\ekf`eXdY`\ek`[fm\gl\jj\i\jf^^\kkfXjk`cc`Z`[`ffjgilqq`[ËXZhlX#Zfd\
g\i\j\dg`fXZZXekfX[lecXmXe[`ef#leXg`jZ`eX#jlleXjlg\i]`Z`\YX^eXkX\kZ%#\efeXggf^^`Xk\
jfgiXcfjkild\ekfi\Z`g`\ek`Zfek\e\ek`c`hl`[`Z_\gfki\YY\ifg\e\kiXi\Xcjlf`ek\ief%
Cfjkild\ekf[\m\\jj\i\ljXkfjfcfjllejlggfikfiXZZfdXe[Xkf[XcZfjkilkkfi\%
Efefg\iXk\g\icle^_`g\i`f[`X[Xckfmfcld\1`cildfi\\ZZ\jj`mf[Xeefjfg\icXjXclk\%
Cfjkild\ekf[\m\\jj\i\[`jcfZXkf`edf[f[XZfej\ek`ie\leXX[\^lXkXm\ek`cXq`fe\%
Cfjkild\ekf[\m\\jj\i\[`jcfZXkfcfekXef[Xjfi^\ek`[`ZXcfi\Zfd\k\idfj`]fe`#jkl]\\kZ%
Cfjkild\ekf[\m\\jj\i\Zfcc\^XkfXccXi\k\\c\kki`ZXjfcfljXe[f`cZXmf`e[fkXq`fe\%@[Xk`[`
`[\ek`]`ZXq`fe\\[`Xc`d\ekXq`fe\jfef[`\kifcfjkild\ekf%
HlXe[f cf jkild\ekf efe m`\e\ ljXkf g\i cle^_` g\i`f[` `c ZXmf [` Xc`d\ekXq`fe\ [\m\ \jj\i\
[`jZfee\jjf%
@eZXjf[`e\Z\jj`k~#g\i[`jZfee\kk\i\cfjkild\ekf[\ccËXc`d\ekXq`fe\Xq`feXk\cË`ek\iilkkfi\Z_\j`
kifmXe\ccXgXik\gfjk\i`fi\%Cfjkild\ekf[\m\\jj\i\gfj`q`feXkf`edXe`\iXkXc\Z_\cË`ek\iilkkfi\
j`X]XZ`cd\ek\XZZ\jj`Y`c\%
Cfjkild\ekf[\m\\jj\i\gfikXkfgi\jjfleZ\ekifXjj`jk\eqXj\1
X%@cZXmf[`Xc`d\ekXq`fe\fcXgi\jXjfef[Xee\^^`Xk`%
Y%8ccË`ek\iefjfefZX[lk`[\^c`f^^\kk`f[\cc`hl`[f%
Z%jkXkf\jgfjkfXccXg`f^^`X%
[%Efej\dYiX]leq`feXi\efidXcd\ek\f[`dfjkiXle\m`[\ek\ZXcf[`gi\jkXq`fe`%
\%ZX[lkffcfZ_Xjj`j[Xee\^^`Xkf%
Efek\ekXk\[`i`gXiXi\[Xjfc`cfjkild\ekf2hlXcj`Xj`fg\iXq`fe\[\m\\jj\i\\j\^l`kX[X
g\ijfeXc\jg\Z`Xc`qqXkf%
:FEJ<IM8K<HL<JK<@JKILQ@FE@
:FD<FMM@8I<CË@EK<I=<I<EQ88CC8I8;@F&KM
Hl\jkfjkild\ekf]leq`feXe\ccXYXe[X[\cc\iX[`f]i\hl\eq\\j\efej``ejkXccXZfii\kkXd\ek\
\[`ejki\kkXfjj\imXeqX[\cc\`jkilq`fe`glZXljXi\`ek\i]\i\eqXXccXi`Z\q`fe\[`XggXi\ZZ_`
iX[`fk\c\m`j`m`%J\YY\e\cXgif^\kkXq`fe\j`XjkXkX\]]\kklXkXj\Zfe[fc\efid\m`^\ek`\[
-
XYY`Xgi\m`jkfiX^`fe\mfc`gifk\q`fe`ZfekifkXc``eZfem\e`\ek`#efem`jfef^XiXeq`\lej`d`c\
\m\ekf efe gl m\i`]`ZXij`% G\i m\i`]`ZXi\ Z_\ cË`ek\i]\i\eqX m`\e\ ^\e\iXkX gifgi`f [Xccf
jkild\ekf#gifmXk\Xjg\^e\icf\ZfekifccXk\j\cË`ek\i]\i\eqXjZfdgXi\%Gf`i`XZZ\e[\k\cf
\m\i`]`ZXk\j\cË`ek\i]\i\eqXj`i`gi\j\ekX%LeXmfckXm\i`]`ZXkfZ_\cfjkild\ekfcXZXljX
[\ccË`ek\i]\i\eqX#X[fkkXk\leX[\cc\j\^l\ek`d`jli\1
Fi`\ekXk\cËXek\eeX[\ci`Z\m`kfi\iX[`ffKM%
;`jcfZXk\[`m\ijXd\ek\cfjkild\ekfi`jg\kkfXci`Z\m`kfi\iX[`ffKM%
8ccfekXeXk\cfjkild\ekf[Xci`Z\m`kfi\%
:fcc\^Xk\cXjg`eX[\ccfjkild\ekfX[leËXckiXgi\jX`edf[fZ_\jkild\ekf\i`Z\m`kfi\
j`XefZfcc\^Xk`X[l\Z`iZl`k`[`m\ij`%
J\e\Z\jjXi`f#ZfejlckXk\g\ijfeXc\jg\Z`Xc`qqXkf%
8C@D<EK8Q@FE<
HlXe[f j` Zfcc\^X cf jkild\ekf X[ Xcki\ XggXi\ZZ_`Xkli\ Xdgc`]`ZXkfi\# d`o\i# Xcki`
jkild\ek`D@;@#\ZZ% #Xjj`ZliXk\M`Z_\klkk\c\le`k~j`Xefjg\ek\%
C\^^\k\`Zfej`^c`i`^lXi[Xek`cË`ek\i]\i\eqXXcc\IX[`f\KM%
:LI8;<CCFJKILD<EKF
C\ jlg\i]`Z`\ \jk\ie\ [\ccf jkild\ekf [\YYfef \jj\i\ glc`k\ jfckXekf Zfe le gXeef
dfiY`[f\[XjZ`lkkf%EfeljXk\dX`#Y\eq`eX[`cl\ek`fjfcm\ek``e^\e\i\%
8CKI<GI<:8LQ@FE@
J\mfc\k\ljXi\cfjkild\ekf`elegX\j\\jk\if#\[Xm\k\[\`[lYY`i`^lXi[Xek\cËXc`d\ekXq`fe\#
ZfejlckXk\gi\Z\[\ek\d\ek\lek\Ze`ZfhlXc`]`ZXkf%
Cfjkild\ekfefe[\m\\jj\i\dX`jf^^\kkfX]fik`jZfjj\%
8C@D<EK8KFI<<JK<IEF
G\iZfcc\^Xi\cfjkild\ekfXccXgi\jX[\ccXi\k\\c\kki`ZX#ljXi\\jZclj`mXd\ek\cËXc`d\ekXkfi\B<KIFE
]fie`kfZfecfjkild\ekfjk\jjf%CËljf[`Xcki`Xc`d\ekXkfi`gfki\YY\ZfdgfikXi\[Xee`e\`Z`iZl`k`[`
Xc`d\ekXq`fe\[\ccfjkild\ekf%ßg\ikXekf[`gi`dXi`X`dgfikXeqXljXi\^c`X[XkkXkfi`fi`^`eXc`\
Z_`\[\i\[\ck`gf^`ljkfj\[fm\jk\i`fi[`eXicf%
@E=FID8Q@FE<8>C@LK<EK@
X` j\ej` [\ccËXik%(* [\c ;\Zi\kf C\^`jcXk`mf ), cl^c`f )'', e% (,(1 È8kklXq`fe\ [\cc\
;`i\kk`m\ )'')&0,&:<# )'')&0-&:< \ )''*&('/&:< i\cXk`m\ XccX i`[lq`fe\ [\ccËljf [`
jfjkXeq\ g\i`Zfcfj\ e\cc\ XggXi\ZZ_`Xkli\ \c\kki`Z_\ \[ \c\kkife`Z_\# efeZ_ Xccf
jdXck`d\ekf[\`i`]`lk`É%
@c j`dYfcf [\c ZXjjfe\kkf YXiiXkf i`gfikXkf jlccËXggXi\ZZ_`XkliX f jlccX
Zfe]\q`fe\`e[`ZXZ_\`cgif[fkkfXccX]`e\[\ccXgifgi`Xm`kXlk`c\[\m\\jj\i\
iXZZfckfj\gXiXkXd\ek\[X^c`Xcki`i`]`lk`%
CËlk\ek\[fmi~#g\ikXekf#Zfe]\i`i\cËXggXi\ZZ_`XkliX^`lekXX]`e\m`kXX^c`
`[fe\`Z\eki`[`iXZZfckX[`]]\i\eq`XkX[\`i`]`lk`\c\kki`Z`\[\c\kkife`Z`#fggli\i`Zfej\^eXicXXc
i`m\e[`kfi\Xcdfd\ekf[\ccËXZhl`jkf[`leXelfmXXggXi\ZZ_`XkliX[`k`gf\hl`mXc\ek\#`eiX^`fe\[`
lefXlef%CËX[\^lXkXiXZZfckX[`]]\i\eq`XkXg\icËXmm`fjlZZ\jj`mf[\ccËXggXi\ZZ_`XkliX[`jd\jjX
Xci`Z`ZcX^^`f#XckiXkkXd\ekf\XccfjdXck`d\ekfXdY`\ekXcd\ek\ZfdgXk`Y`c\Zfeki`Yl`jZ\X[
\m`kXi\gfjj`Y`c`\]]\kk`e\^Xk`m`jlccËXdY`\ek\\jlccXjXclk\\]Xmfi`jZ\`ci\`dg`\^f\&f`ci`Z`Zcf
[\`dXk\i`Xc`[`Zl`ZfdgfjkXcËXggXi\ZZ_`XkliX%
CfjdXck`d\ekfXYlj`mf[\cgif[fkkf[XgXik\[\ccËlk\ek\ZfdgfikXcËXggc`ZXq`fe\[\cc\jXeq`fe`
Xdd`e`jkiXk`m\gi\m`jk\[XccXefidXk`mXm`^\ek\%
.
@EKIF;LQ@FE<
:fe^iXklcXq`fe`g\iXm\iXZhl`jkXkf`celfmfdf[lcfjlfefB\kifeJ;+%Hl\jkfjkild\ekfm`
Zfej\ek`i~[`jlfeXi\[Xcm`mfZfeleËXdg`X^XddX[`jlfe`\[`XjZfckXi\`mfjki`D`[`]`c\Zfe
leX\ZZ\cc\ek\i\jXjfefiX%>iXq`\Xcc\[l\gfik\D@;@@e\XccXZfee\jj`fe\LJ9`ek\^iXkX#CËJ;+
gl\jj\i\]XZ`cd\ek\Zfee\jjfXhlXclehl\[`jgfj`k`mfD@;@DXjk\iB\pYfXi[#=`jXidfe`Z_\
D@;@#:_`kXii\D@;@#\ZZ%% #fZfcc\^Xkf[`i\kkXd\ek\XhlXcj`Xj`g\ijfeXcZfdglk\igifmm`jkf
[`Zfee\jj`fe`LJ9%C\*)gXik`jfefi\`ek\ie\[\ccfjkild\ekfgfjjfef\jj\i\lk`c`qqXk\`e
mXi`df[`%8[\j\dg`fgfjj`Y`c\i`gif[lii\Zfek\dgfiXe\Xd\ek\[l\d`[`]`c\fjlfeXi\
lef[\`kXek`Gi\j\kjfefi`[\ccfjkild\ekfZfeleXdXjk\ib\pYfXi[\jk\ieXd\eki\m`\e\
\j\^l`kfled`[`]`c\e\ccËXckiXgfikXD@;@[`jgfe`Y`c\%CËJ;+gifmm`jkf[`-+Gi\j\k`dgfjkXk`
[XccXZXjX\[Xcki`-+`ek\iXd\ek\gif^iXddXY`c`[XccËlk\ek\%F^e`jfle[Gi\j\kgl\jj\i\
Zfjk`kl`kf[XledXjj`df[`ki\[`]]\i\ek`jlfe`\[`jgfe\[`eld\ifj`gXiXd\ki`[`\[`k\[`
Zfekifccf%
G8EE<CCF=IFEK8C<
CËJ;+[`jgfe\[`leZfdgc\kfgXee\ccfZfdXe[`kiXd`k\`chlXc\gfjj`Y`c\j\c\q`feXi\\
ZfekifccXi\klkk\c\]leq`fe`\c\i`jfij\jfefi\[\ccfjkild\ekf%
(% Mfcld\DXjk\i%:fekifccX`cmfcld\^cfYXc\[\ccfjkild\ekf%
)% Mfcld\Mf`Z\%:fekifccX`cmfcld\[\ccXj\q`fe\D@;@[\[`ZXkXXccXi`gif[lq`fe\[\cc\ki\
mf`Z\`ek\ie\#I`^_k#C\]k\9Xjji\cXk`m\XccXgfikXD`[`@e)Mf`Z\
*% Mfcld\D`[`]`c\%:fekifccX`cmfcld\^cfYXc\[\ccXj\q`fe\[\[`ZXkXXccXi`gif[lq`fe\[\`
d`[`]`c\f[`Xcki\j\hl\eq\d`[`#\i\cXk`mXXccXgfikXD`[`@e(%
+% KXjk`\i`efeld\i`ZfkiXd`k\`chlXc\gfjj`Y`c\`dgfjkXi\`gXiXd\ki`[\ccfjkild\ekf`e
df[fdXelXc\%
1
2
3
4
5
6
7
9
8
/
,% C\[Z_\`e[`ZXcfjkXkf[`]leq`feXd\ekf[\ccfjkild\ekfFe&F]] \cËXkk`m`k~D`[`[\cc\
gfik\[Ë`e^i\jjf%
-% KXjk`kiXd`k\`hlXc`gfjj`Y`c\XZZ\[\i\X[leXj\i`\[`d\efg\iXk`m`g\icË`dgfjkXq`fe\
[\`df[`[`]leq`feXd\ekf[\ccfjkild\ekf\[\`jlf`gXiXd\ki`%
.%KXjk`g\icXj\c\q`fe\&[\j\c\q`fe\[\cc\ki\mfZ``ek\ie\[\ccfjkild\ekf\ZfekifccXY`c`
kiXd`k\cXgfikXD`[`@e)Mf`Z\%
/% KXjkfg\icXdf[`]`ZXiXg`[X[\ccXkiXjgfj`q`fe\%
0%KXjk`MXcl\"&$g\icXdf[`]`ZX[\`gXiXd\ki`\[\`jlfe``dgfjkXk`jlcc\gXik`d`[`%
:FEE<JJ@FE@
JlcgXee\ccfgfjk\i`fi\jfef[`jgfe`Y`c`c\j\^l\ek`Zfee\jj`fe`1
(% GlcjXek\[`XZZ\ej`fe\Fe&F]]%
)% :fee\jj`fe\g\icËXc`d\ekXkfi\X0mfckj\jk\ief`e[fkXq`fe\Zfecfjkild\ekf %
*% :fee\jj`fe\g\ic\Zl]]`\Zfec\hlXc`XjZfckXi\[`i\kkXd\ek\cfjkild\ekf%
+% LjZ`k\Xl[`fjk\i\fC\]kI`^_kg\icXZfee\jj`fe\X[leD`o\ifX[le`dg`Xekf[`
Xdgc`]`ZXq`fe\%
,% :fee\jj`fe\D`[`FLKg\icË`em`f[\`[Xk`D@;@X[lefjkild\ekf\jk\ief%
-% :fee\jj`fe\D@;@@E)Mf`Z\ g\i`cZfcc\^Xd\ekf[`[`jgfj`k`m`D@;@\jk\ie`k`gfDXjk\i
B\pYfXi[#=`jXidfe`Z_\D`[`#\ZZ%%
.% :fee\jj`fe\D@;@@E([\[`ZXkXXcZfekifccfZfek\dgfiXe\f[`(-ZXeXc`D@;@[XgXik\[`le
j\hl\eZ\ifXckif[`jgfj`k`mfD@;@\jk\ief%
/% :fee\jj`fe\LJ9g\i`cZfcc\^Xd\ekf[\ccfjkild\ekfX[leg\ijfeXc:fdglk\ifXckif
[`jgfj`k`mfgifmm`jkf[`Zfee\jj`fe\LJ9DXjk\i%
8::<EJ@FE<;<CCFJKILD<EKF
@e Zfe[`q`fe` [` [\]Xlck cËJ;+ gl \jj\i\ `ddX^`eXkf Zfd\ Zfjk`kl`kf [X [l\ [`]]\i\ek`
^\e\iXkfi` jfefi` k\fi`ZXd\ek\ [`jk`ek`% KiXd`k\ cX gfikX D@;@ @E( gfjj`Y`c\ ZfekifccXi\
j`dlckXe\Xd\ek\j\[`Z`ZXeXc`D@;@\[`dgfjkXi\#g\if^elef[`\jjf#lef[\`,()jlfe`[\ccX
nXm\kXYc\ `ek\ieX% :fek\dgfiXe\Xd\ek\# kiXd`k\ cX gfikX D@;@ @E) Mf`Z\ # gfjj`Y`c\
ZfekifccXi\c\ki\[`]]\i\ek`MfZ`[\ccfjkild\ekf[\efd`eXk\I`^_k#C\]k\9Xjj%;XcgXee\ccf
[\ccf jkild\ekf f kiXd`k\ Gif^iXd Z_Xe^\ D@;@ gfjj`Y`c\ `dgfjkXi\# g\i f^eleX [\cc\
jl[[\kk\mfZ`#lef[\`()/jfle[Gi\j\k[`jgfe`Y`c`e\ccfjkild\ekf%
J<C<Q@FE<;@LEGI<J<KG<IF>ELE8;<CC<KI<MF:@;@JGFE@9@C@
C\ki\mfZ`#ZfekifccXY`c`kiXd`k\`ZXeXc`[\ccXgfikXD@;@@E)Mf`Z\ #gfjjfef\jj\i\Xkk`mXk\
\ ZfekifccXk\ g\i d\qqf [\` ki\ glcjXek` [`jgfjk` jlc gXee\ccf ]ifekXc\ [\ccf jkild\ekf \
1 2 3 4 5 6 7 8
0
[\efd`eXk`i`jg\kk`mXd\ek\C\]k#I`^_kf9Xjj%@cc\[Zfii`jgfe[\ek\X[f^elef[\`jl[[\kk`
kXjk`#`e[`ZXcfjkXkf[\ccXgXik\%
@egXik`ZfcXi\1
@cc\[cXdg\^^`Xek\`e[`ZXZ_\cXgXik\j\c\q`feXkX\gfjkX`edf[Xc`k~[`<[`k%@e
hl\jkfZXjf`c[`jgcXpdfjkiX`celd\if[\ck`dYifGi\j\k j\c\q`feXkf\#[`^`kXe[fle
eld\ifjlc`ckXjk`\i`efeld\i`Zffgi\d\e[f`kXjk`MXcl\"&$#gfjj`Y`c\ZXdY`Xi\`c
k`dYifZfii\ek\%
@cc\[jg\e[f`e[`ZXZ_\cXj\q`fe\efefg\iXk`mXe\jjlejlfefm\ii~^\e\iXkfg\icX
i\cXk`mXmfZ\ %
@cc\[XZZ\jf`e[`ZXZ_\cXj\q`fe\Xkk`mX%
E\cZXjf`eZl`klkk\\*c\mfZ`I`^_k#C\]kf9Xjjj`Xef[`jXkk`mXk\#`c[`jgcXpdfjkiXki\kiXkk`e`
È$$$ÉX[ `e[`ZXi\cf jkXkf[``eXkk`m`k~[\ccfjkild\ekf%Klkk`` gXiXd\ki`[`]leq`feXd\ekf
[\c[`jgfj`k`mfgfjjfef\jj\i\g\ijfeXc`qqXk`\d\dfi`qqXk``elef[\`*)Lj\i[`jgfe`Y`c`%
8ccËXZZ\ej`fe\cËJ;+ZXi`ZXj\dgi\`gXiXd\ki`i\cXk`m`XccfLj\ield\if(%G\i[\]XlckcfLj\i
(`dgfjkXkf`edf[Xc`k~[`]leq`feXd\ekfDXjk\ib\pYfXi[%:fcc\^Xe[fleXkXjk`\iXD`[`
jlccXgfikXD`[`@E)Mf`Z\ jXi~hl`e[`gfjj`Y`c\`e`q`Xi\jlY`kfXjlfeXi\Zfec\mfZ``ek\ie\
[\ccfjkild\ekf%
DF;@;@=LEQ@FE8D<EKF
CËJ;+cXmfiXZfe[l\[`jk`ek\gfik\D@;@[Ë`e^i\jjf\#Xj\Zfe[X[\cdf[f[`]leq`feXd\ekf
j\c\q`feXkf#kXc`gfik\gfjjfef\jj\i\lk`c`qqXk\g\i`cZfcc\^Xd\ekf[`J\hl\eZ\i\jk\ie`
i`gif[lq`fe\[`D`[`]`c\fXcki\j\hl\eq\D@;@ fg\i`cZfcc\^Xd\ekf[`=`jXidfe`Z_\D@;@#
DXjk\ib\pYfXi[#\ZZ%%Zfec\hlXc`ZfekifccXi\c\ki\mfZ`I`^_k#C\]kf9Xjj[\ccfjkild\ekf%
G\i i\e[\i\ g` j\dgc`Z\ cËlk`c`qqf [\ccËJ;+ cX B<KIFE _X gi\[`jgfjkf + [`]]\i\ek` df[`
fg\iXk`m`gi\`dgfjkXk`%
;<J:I@Q@FE<;<CC<DF;8C@KÁ;@=LEQ@FE8D<EKF%
J\^l\leXYi\m\[\jZi`q`fe\[\`df[f[`]leq`feXd\ekf[\ccfjkild\ekf%
Df[fDXjk\ib\pYfXi[
@ehl\jkXdf[Xc`k~cXgfikXD@;@@E(m`\e\lk`c`qqXkXg\icË\j\Zlq`fe\[`D`[`]`c\d\eki\
cXgfikXD@;@@E)g\i`cZfcc\^Xd\ekf[`leXDXjk\ib\pYfXi[%@cZXeXc\[`i`Z\q`fe\jlccX
gfikXD@;@@E)`cZXeXc\D@;@>cfYXcg\i[\]XlckgfjkfX( %
8j\Zfe[X[\cglekf[`jgc`k#XkkiXm\ijfcXdXjk\ib\pYfXi[gfjj`Y`c\g`cfkXi\leXfg`
mfZ`[\ccËJ;+%8kk`mXe[fc\j`e^fc\mfZ`XkkiXm\ijf`i`jg\kk`m`kXjk`e`jlcgXee\ccf[\ccËJ;+
C\]kÆI`^_kÆ9Xjj `cglekf[`jgc`km`\e\`dgfjkXkfXlkfdXk`ZXd\ek\%8[\j\dg`f#
Xkk`mXe[f jfckXekf leX mfZ\# cX dXjk\ib\pYfXi[ jlfe\i~ g\i klkkX cX jlX \jk\ej`fe\
('
d\eki\#Xkk`mXe[fXcd\ef)mfZ`#m\ii~`dgfjkXkfXlkfdXk`ZXd\ek\`cglekf[`jgc`k%G\i
ZXdY`Xi\`cglekf[`jgc`kgi\d\i\Zfek\dgfiXe\Xd\ek\`kXjk`ÈC\X[F]]É\ÈJXm\É\
j\c\q`feXi\cXefkXXkkiXm\ijfcXdXjk\ib\pYfXi[fXkkiXm\ijf`kXjk`ÈMXcl\"&$É%
Df[f8ZZfi[`fe
@ehl\jkXdf[Xc`k~cXgfikXD@;@@E(m`\e\lk`c`qqXkXg\icË\j\Zlq`fe\[\`D`[`]`c\d\eki\
cXgfikXD@;@@E)g\i`cZfcc\^Xd\ekf[`leX=`jXidfe`ZXD@;@%C\ki\mfZ`i`Z\mfef`[Xk`
jlki\ZXeXc`D@;@[`jk`ek`1M(:_#M):_#M*:_g\i[\]Xlckgfjk`i`jg\kk`mXd\ek\X(#)\* %
@ehl\jkXdf[Xc`k~c\*mfZ`jfefg`cfkXY`c`j`e^fcXid\ek\XkkiXm\ijfc\*j\q`fe`[\ccX
]`jXidfe`ZXd`[`C\]kÆI`^_kÆ9Xjj %
Df[fFi^Xe
@ehl\jkXdf[Xc`k~cXgfikXD@;@@E(m`\e\lk`c`qqXkXg\i`cZfcc\^Xd\ekf[`leXg\[Xc`\iX
D@;@ d\eki\ cX gfikX D@;@ @E) g\i `c Zfcc\^Xd\ekf [` lef f [l\kXjk`\i\dXelXc`% @
ZXeXc`[`i`Z\q`fe\[\cc\*mfZ`jfef*ZXeXc`[`jk`ek`1M(:_#M):_#M*:_g\i[\]Xlckgfjk`
i`jg\kk`mXd\ek\X(#)\* %
@ehl\jkXdf[Xc`k~c\*mfZ`jfefg`cfkXY`c`j`e^fcXid\ek\XkkiXm\ijfc\[l\kXjk`\i\\cX
g\[Xc`\iXC\]kÆI`^_kÆ9Xjj %
Df[f)oD`[`]`c\
@ehl\jkXdf[Xc`k~\ekiXdY\c\gfik\m\e^feflk`c`qqXk\g\icË\j\Zlq`fe\[`D`[`]`c\\[
Zfd\j\j`Xm\jj\ifX[`jgfj`q`fe\*)ZXeXc`D`[`%
((
DF;@=@:8I<C8DF;8C@KÁ;@=LEQ@FE8D<EKF
G\idf[`]`ZXi\cXdf[Xc`k~fg\iXk`mXZfii\ek\e\Z\jjXi`f1
Gi\d\i\`ckXjkfDf[\%@ci\cXk`mfc\[`e`q`XXcXdg\^^`Xi\\[`c[`jgcXpdfjkiXleXj`^cXZ_\
`[\ek`]`ZX`cdf[f[`]leq`feXd\ekfXkklXcd\ek\j\c\q`feXkf%@gfjj`Y`c`df[ffg\iXk`m`\
c\i\cXk`m\j`^c\m\e^fefhl`[`j\^l`kfi`gfikXk\1
f ÈD8JÉ1DXjk\ib\pYfXi[[\]Xlck
f È8::É1 8ZZfi[`fe
f ÈFI>É1 Fi^Xe
f ÈD@;É1)oD`[`]`c\
Gi\d\i\`kXjk`MXcl\"&$g\idf[`]`ZXi\cXdf[Xc`k~[`]leq`feXd\ekf[\ccfjkild\ekf%
LJ9
CXZfee\jj`fe\LJ9Zfej\ek\`cZfcc\^Xd\ekf\cXZfdle`ZXq`fe\D@;@kiXcËJ;+\[leg\ijfeXc
Zfdglk\i%@egXik`ZfcXi\hlXe[fcËJ;+m`\e\Zfee\jjfX[le[`jgfj`k`mfLJ9DXjk\i\jjf`e
^iX[f[`gi\c\mXi\cXe\Z\jjXi`Xk\ej`fe\[`Xc`d\ekXq`fe\i`Z_`\jkXg\i`cjlf]leq`feXd\ekf
[`i\kkXd\ek\[XccXgi\jXLJ9%CXjfcXZfee\jj`fe\LJ9g\ikXekfjl]]`Z`\ek\g\iXZZ\e[\i\
cfjkild\ekf\gfj`q`feXicfe\cdf[ffg\iXk`mfj\c\q`feXkf%CXgi`dXmfckXZ_\cËJ;+m`\e\
Zfcc\^XkfX[leXgfikXLJ9[`leZfdglk\im`\e\i`c\mXkf\`ejkXccXkfXlkfdXk`ZXd\ek\[Xc
j`jk\dX%@c[`jgfj`k`mfm`\e\i`ZfefjZ`lkf[Xcg\ijfeXcZfdglk\iZfd\;\m`Z\D@;@gifmm`jkf
[`ki\gfik\D@;@m`iklXc`[`]]\i\ek`%@cZfdgfikXd\ekf[`kXc`gfik\giXk`ZXd\ek\cfjk\jjf[`
hl\cc\i\Xc`gfjk\jlci\kif[\ccfjkild\ekf%CfjZXdY`f[\`[Xk`D@;@kiXcËJ;+\[`cG:m`XLJ9
Zfej\ek\[`j]ilkkXi\cfjkild\ekfXeZ_\Zfd\`ek\i]XZZ`XD@;@%Jlggfe`Xdf`e]Xkk`[`Xm\i\
X[`jgfj`q`fe\leXDXjk\ib\pYfXi[Xm\ek\`cZcXjj`ZfZfee\kkfi\D`[`Flkg\ekXgfcXi\ \[`
mfc\icXZfcc\^Xi\X[le:fdglk\ijgifmm`jkf[\ccËXggfj`kfZfee\kkfi\D`[`@e%G\ii`jfcm\i\
`c gifYc\dX jl]]`Z`\ek\ `ek\igfii\ cËJ;+ kiX cX DXjk\ib\pYfXi[ \ `c :fdglk\i e\c df[f
j\^l\ek\1
E\ccËlk`c`qqXi\cXZfee\jj`fe\LJ9fZZfii\]Xi\Xkk\eq`fe\Xc]XkkfZ_\#\jj\e[fklkk\c\gfik\
D@;@j\dgi\Zfcc\^Xk\#gfjj`Y`c\Z_\`[Xk`D@;@`eljZ`kX[Xcg\ijfeXcZfdglk\im\e^Xef
i`em`Xk` X^c` `e^i\jj` [\ccf jk\jjf gif[lZ\e[f ]Xjk`[`fj` cffg jfefi`% G\i \m`kXi\ hl\jk`
gifYc\d` e\Z\jjXi`f [`jXY`c`kXi\ cX ]leq`fe\ D`[` K_il [\c j\hl\eZ\i lk`c`qqXkf fggli\
`dgfjkXi\jlÈF==Éc\ljZ`k\D`[`[\ccËJ;+%G\i`[\kkX^c`ZfejlckXi\cXj\q`fe\D\elD`[`[`
hl\jkfdXelXc\%
()
><E<I8Q@FE<JFEFI8
CX^\e\iXq`fe\jfefiX[\ccfjkild\ekfZfdgfjkX[Xcc\j\^l\ek`j\q`fe`1
*YXeZ_`>D[X()/jlfe`f^elef
*);ildj\k
/)>iffm\;ild)
<j`jk\lelck\i`fi\jg\Z`XcYXeb[X()/jlfe`g\ilekfkXc\[`,()jlfe`[`]]\i\ek`%
Jfef[`jgfe`Y`c``efcki\()/Gi\j\kf^elef[\`hlXc`gl\jj\i\Zfjk`kl`kf[XledXjj`df[`
ki\jlfe`>D%LeGi\j\k`eXcki\gXifc\leXZfdY`eXq`fe\jlfe`Z_\gl\jj\i\Xjj\^eXkXX[
f^eleX[\cc\ki\j\q`fe`I`^_k#C\]k
f9Xjj[\ccfjkild\ekf%8[\j\dg`f#
`c Gi\j\k +0 G`XefJki`e^j
Zfjk`kl`kf [X` j\^l\ek` * jlfe`
jfmiXggfjk`%
><JK@FE<;<CC<MF:@
G\if^eleX[\cc\mfZ`[\ccfjkild\ekfI`^_k#C\]k#\9Xjjfcki\X[\]`e`i\`cGi\j\kjfefif#
gfjj`Y`c\[\]`e`i\cËfkkXmX#`cmfcld\\XY`c`kXi\f[`jXY`c`kXi\cX]leq`fe\dlk\%
CXj\^l\ek\gifZ\[liXdfjkiXZfd\df[`]`ZXi\`gXiXd\ki`[`leXmfZ\%
Gi\d\i\`ckXjkfi\cXk`mfXccXmfZ\[Xdf[`]`ZXi\I`^_k#C\]k#9Xjj %@cC\[cXdg\^^`Xek\
`e[`ZXZ_\cXgXik\e\ccfjkXkf[`<[`k\gl\jj\i\df[`]`ZXkX%
G\i df[`]`ZXi\ le k`dYif jl]]`Z`\ek\ [`^`kXi\ `c eld\if [\c Gi\j\k jlc kXjk`\i`ef
eld\i`Zf'$0f\]]\kklXi\lefjZifccZfe`kXjk`MXcl\"&$%
G\idf[`]`ZXi\cËfkkXmXk\e\i\gi\dlkf`ckXjkf[\ccXmfZ\I`^_k#C\]kf9Xjj \gi\d\i\`
kXjk`MXcl\"fMXcl\$%;liXek\`cZXdY`f[\ccËfkkXmX`c[`jgcXpdfjki\i~cXc\kk\iXÊfËj\^l`kX
[XlemXcfi\eld\i`ZfX[`e[`ZXi\`cmXcfi\[\ccËXck\iXq`fe\XggfikXkXIXe^\$)#") %
CX df[`]`ZX [\c mfcld\ i\cXk`mf XccX mfZ\ Zfii\ek\ gl \jj\i\ \]]\kklXkX X^\e[f jlc
gfk\eq`fd\kif)Mf`Z\ gfjkfjlcgXee\ccf[\ccfjkild\ekf%8[f^e`jgfjkXd\ekf[\c
gfk\eq`fd\kif`c[`jgcXpm`jlXc`qqX`cmXcfi\[\cmfcld\[\ccXmfZ\j\c\q`feXkXg\ihlXcZ_\
j\Zfe[f%
G\i Xkk`mXi\ cX ]leq`fe\ dlk\ jl]]`Z`\ek\ [`jXkk`mXi\ cX mfZ\ gi\d\e[f `c kXjk`ef
Zfii`jgfe[\ek\I`^_k#C\]kf9Xjj %
@GI<J<K
@()/Gi\j\k[\ccfjkild\ekfjfefZfjjl[[`m`j`1
;X(X-+Gi\j\kdf[`]`ZXY`c`dXefejfmiXjZi`m`Y`c`
;X-,X()/Gi\j\kdf[`]`ZXY`c`\jfmiXjZi`m`Y`c`
<Ëgfjj`Y`c\df[`]`ZXi\lef[\`gi`d`-+Gi\j\kdXXcdfd\ekf[\cjXcmXkX^^`f[fmi~\jj\i\
d\dfi`qqXkf`eleXcfZXq`fe\Z_\mX[X-,X()/%@jlfe`Gi\j\kjfefi`Z_`XdXY`c`[XgXee\ccf
kiXd`k\`ckXjk`\i`efeld\i`Zf'Æ0fkiXd`k\jZifcc]XkkfZfe`kXjk`MXcl\"&$%Fmm`Xd\ek\
gfjj`XdfXeZ_\i`Z_`XdXi\`cjlfefGi\j\kXkkiXm\ijflegif^iXdZ_Xe^\D@;@%G\if^e`
mfZ\gfjj`Y`c\ZXdY`Xi\`ck`dYifjZ\^c`\e[fcfkiXlef[\`()/Gi\j\k[`jgfe`Y`c`%
I@:?@8D8I<LEGI<J<K
G\iXjj\^eXi\lejlfefGi\j\kX[leX[\cc\ki\mfZ`e\Z\jjXi`f1
f J\c\q`feXi\cXmfZ\jlccXhlXc\j`mlfc\ZXi`ZXi\`cGi\j\kgi\d\e[flef[\`kXjk`
(*
I`^_k#C\]kf9Xjj%
f ;`^`kXi\`celd\if[\cGi\j\kjlckXjk`\i`efeld\i`Zff\]]\kklXi\lejZifccZfekXjk`
MXcl\"&$%
DF;@=@:8;@LEGI<J<K
:fd\^`~[\kkff^e`jlfefGi\j\kgl\jj\i\Zfjk`kl`kf[XledXjj`df[`*[`]]\i\ek`jlfe`%
G\idf[`]`ZXi\fZi\Xi\leelfmfGi\j\kj\^l`i\cXgifZ\[liX[`j\^l`kfi`gfikXkX1
J\c\q`feXi\`cGi\j\k[Xdf[`]`ZXi\Zfe`c`ckXjk`\i`efeld\i`Zf'$0fZfe`kXjk`MXcl\"&$%
Gi\d\i\ `c glcjXek\ È<[`kÉ g\i \ekiXi\ e\ccX i\cXk`mX df[Xc`k~% @c [`jgcXp dfjki\i~
ki\kiXkk`e`È$$$É\`c\[I`^_k#C\]k\9Xjj`e`q`\iXeefXcXdg\^^`Xi\`e[`ZXe[fZ_\
e\Z\jjXi`fjZ\^c`\i\`cjlfef[\cGi\j\kZ_\j`mlfc\df[`]`ZXi\%
J\c\q`feXi\lef[\`ki\jlfe`Z_\Zfdgfe\`cGi\j\kgi\d\e[flef[\`kXjk`e`I`^_k#C\]k
f9Xjj%8kk\eq`fe\1`ehl\jkXdf[Xc`k~`kXjk`e`I`^_k#C\]k\9Xjjefe_XeefcXcfif
Zfejl\kX]leq`feXc`k~dXj\imfefjfcXd\ek\g\i[\]`e`i\hlXc\jlfef#XggXik\e\ek\Xc
Gi\j\k#[fmi~\jj\i\jfkkfgfjkfXcc\fg\iXq`fe`[`<[`k%LeXmfckX\]]\kklXkXcXj\c\q`fe\
[\cjlfef`c[`jgcXpdfjkiX`celd\if[\ck`dYifZfii`jgfe[\ek\fggli\dfjkiXcXjZi`kkX
ÈF==Ée\cZXjf`eZl``cjlfef`ehl\jk`fe\efelk`c`qqXkfe\cGi\j\kjkXkf[`dlk\ %
J\c\q`feXi\`cjlfef[X`ej\i`i\e\cGi\j\kkiXd`k\`kXjk`MXcl\ "&$%@e kfkXc\`jlfe`
[`jgfe`Y`c`jfef,()\`i`jg\kk`m`efd`jfef`e[`ZXk`e\ccË8gg\e[`Z\8[`hl\jkfdXelXc\%
CXdf[`]`ZX[\`gXiXd\ki`[\cjlfef>Dgl\jj\i\\]]\kklXkXg\id\qqf[\ckXjk`\i`ef
eld\i`Zf`eZfdY`eXq`fe\Zfe`kXjk`MXcl\"&$%8[f^e`eld\if[\ckXjk`\i`efeld\i`Zf
Zfii`jgfe[\`e]Xkk`legXiXd\kif\[`kXY`c\%K\e\e[fgi\dlkflef[\`eld\i`#`c[`jgcXp
dfjkiXgi`dXleXj`^cX[`ki\c\kk\i\Z_\`e[`ZXjlhlXc\gXiXd\kifj`jkX`ek\im\e\e[f#
gf`#[fgfhlXcZ_\j\Zfe[f#`ci\cXk`mfmXcfi\%
G\idf[`]`ZXi\`cMfcld\[\cjlfef#k\e\i\gi\dlkf`ckXjkf(%@c[`jgcXpdfjki\i~cXj`^cX
ÈMFCÉ\jlZZ\jj`mXd\ek\`cmXcfi\[\cmfcld\XkklXcd\ek\`dgfjkXkf%Df[`]`ZXi\`cmXcfi\
Zfe`kXjk`MXcl\"&$iXe^\'$-* %
G\i df[`]`ZXi\ cf J_`]k `e j\d`kfe` [\c jlfef# k\e\i\ gi\dlkf `c kXjkf )% @c [`jgcXp
dfjki\i~cXj`^cXÈJ?=É\jlZZ\jj`mXd\ek\`cmXcfi\XkklXcd\ek\`dgfjkXkf%Df[`]`ZXi\`c
mXcfi\Zfe`kXjk`MXcl\"&$iXe^\$)+")+ %
G\idf[`]`ZXi\cË`ekfeXq`fe\[\cjlfefKle\ #k\e\i\gi\dlkf`ckXjkf*%@c[`jgcXp
dfjki\i~cXj`^cXÈKLEÉ\jlZZ\jj`mXd\ek\`cmXcfi\XkklXcd\ek\`dgfjkXkf%Df[`]`ZXi\`c
mXcfi\Zfe`kXjk`MXcl\"&$iXe^\$-+"-* %
G\idf[`]`ZXi\@c]ifek\jk\i\f[\cjlfefGXe #k\e\i\gi\dlkf`ckXjkf+%@c[`jgcXp
dfjki\i~cXj`^cXÈG8EÉ\jlZZ\jj`mXd\ek\`cmXcfi\XkklXcd\ek\`dgfjkXkf%Df[`]`ZXi\`c
mXcfi\Zfe`kXjk`MXcl\"&$iXe^\C-+I-* %CXc\kk\iXÈ:ÉjkXg\iZ\ek\i%
G\idf[`]`ZXi\`cIXe^\fg\iXk`mf[\cjlfefIXe^\C\]k&I`^_k #gi\d\i\`ckXjkf,%8ccX
gi`dXgi\jj`fe\`c[`jgcXpm`jlXc`qqXÈC<=ÉIXe^\C\]k \jlZZ\jj`mXd\ek\cXefkX%8ccX
j\Zfe[Xgi\jj`fe\`c[`jgcXpm`jlXc`qqXÈI@>ÉIXe^\I`^_k \jlZZ\jj`mXd\ek\cXefkX%
@Zf[`Z`kXjkfgfjjfef\jj\i\`ej\i`k`j`Xlk`c`qqXe[f`kXjk`MXcl\"&$fggli\gi\d\e[f
`i\cXk`m`kXjk`jl[`leXkXjk`\iXD@;@DXjk\iZfcc\^XkXXccË`e^i\jjfD@;@@E)%Gi\d\e[f
Zfek\dgfiXe\Xd\ek\`kXjk`MXcl\"&$`cgXiXd\kifiXe^\m`\e\gfjkf`eÈF==É`edf[f
[X[`jXkk`mXi\`cc`d`k\[`iXe^\C\]kfI`^_k [\cjlfef%
G\idf[`]`ZXi\`cIXe^\[`]leq`feXd\ekf`e[`eXd`ZX[\cjlfefM\cfZ`kpCfn&?`^_ #
(+
gi\d\i\c`kXjkf-%8ccXgi`dXgi\jj`fe\`c[`jgcXpm`jlXc`qqXcXjZi`kkXÈCFNÉM\cfZ`kpCfn
\jlZZ\jj`mXd\ek\`cmXcfi\`dgfjkXkf%8ccXj\Zfe[Xgi\jj`fe\`c[`jgcXpm`jlXc`qqXÈ?@>É
M\cfZ`kp?`^_ \jlZZ\jj`mXd\ek\`cmXcfi\`dgfjkXkf%CXdf[`]`ZX[\`mXcfi``dgfjkXkX
Xmm`\e\kiXd`k\`kXjk`MXcl\"&$%
G\idf[`]`ZXi\cXhlXek`k~[`I`m\iY\if[\cjlfef#k\e\i\gi\dlkf`ckXjkf-%@c[`jgcXp
m`jlXc`qqXcXjZi`kkXÈI<MÉ\jlZZ\jj`mXd\ek\`cmXcfi\`dgfjkXkf%Df[`]`ZXi\`cmXcfi\Zfe
`kXjk`MXcl\"&$%iXe^\'-* %
G\i df[`]`ZXi\ `c k`gf [` \]]\kkf Xggc`ZXkf Xc jlfef# gi\d\i\ `c kXjkf .%@c [`jgcXp
m`jlXc`qqXcX jZi`kkXÈ<==É\ jlZZ\jj`mXd\ek\`c k`gf [`\]]\kkf`dgfjkXkf%<Ë gfjj`Y`c\
j\c\q`feXi\lejfcf\]]\kkfg\if^e`Gi\j\k%C\fgq`fe`[`jgfe`Y`c`g\ihl\jkfgXiXd\kif
jfef1
fÈF==É1 E\jjle\]]\kkf
f
È:?FÉ1 :_filj
fÈ;@JÉ1 ;`jkfijfi
fÈ;<CÉ1 ;\cXp
f
ÈJCFÉ1 C\jc`\Jcfn
fÈ=8JÉ1 C\jc`\=Xjk%
G\i`dgfjkXi\cX]leq`fe\Èj\e[\]]\ZkjÉ[\cjlfef#k\e\i\gi\dlkf`ckXjkf0%@c[`jgcXp
m`jlXc`qqXcXjZi`kkXÈJE;É\jlZZ\jj`mXd\ek\`cmXcfi\`dgfjkXkf%Df[`]`ZXi\`cgXiXd\kif
Zfe`kXjk`MXcl\"&$iXe^\'X-* %
G\i`e[`ZXi\j\`cjlfef[fmi~i`jgfe[\i\X`Zfekifcc`JljkX`e\[<ogi\jj`fe#gi\d\i\
`ckXjkf'%8ccXgi`dXgi\jj`fe\`c[`jgcXpm`jlXc`qqXÈJLJÉ\gf`cfjkXkfZ_\gl\jj\i\
ÈFEÉfggli\ÈF==É%8ccXj\Zfe[Xgi\jj`fe\`c[`jgcXpm`jlXc`qqXÈ<OGÉ\gf`cfjkXkfZ_\
gl\jj\i\ÈFEÉfggli\ÈF==É%Df[`]`ZXi\c\`dgfjkXq`fe`Zfe`kXjk`MXcl\"&$%
Klkk` ` gXiXd\ki` gfjjfef \jj\i\ d\jj` `e
Zfe[`q`fe\ [` [\]Xlck gi\d\e[f
Zfek\dgfiXe\Xd\ek\`kXjk`MXcl\"\MXcl\$%E\c
ZXjf[\cMfcld\#gi\d\e[fZfek\dgfiXe\Xd\ek\
` kXjk` MXcl\" \ MXcl\$# j` `dgfjkX cX mfZ\ `e
Zfe[`q`fe\[`dlk\\`c[`jgcXpm`jlXc`qqXÈF==É%
C\fg\iXq`fe`[`\[`kgfjjfef\jj\i\i`g\klk\jl
klkk`\ki\`jlfe`Z_\Zfdgfe^fef`cGi\j\k%G\i
j\c\q`feXi\`c jlfef [X \[`kXi\gi\d\i\` kXjk`
I`^_kjlfef( #C\]kjlfef) f9Xjjjlfef* %
G\i ljZ`i\ [XccX df[Xc`k~ [` \[`k [\c Gi\j\k#
gi\d\i\`ckXjkf<[`k%;`cXkfm`\e\i`gfikXkXcX
dXggX Zfdgc\kX [\cc\ ]leq`fe` Xjj\^eXk\ X[
f^e`kXjkf[\ckXjk`\i`efeld\i`ZfXccË`ek\ief[\c
d\el<[`k%
<J<DG@F;@DF;@=@:8;@LEGI<J<K
Jlggfe`Xdf [` mfc\i df[`]`ZXi\ `c Gi\j\k +0 G`XefJki`e^j kiXj]fidXe[fcf `e le
G`XefFi^Xe%
(,
J\c\q`feXi\cXmfZ\I`^_kgi\d\e[f`ci\cXk`mfglcjXek\c\[I`^_kcXdg\^^`Xek\
:Xi`ZXi\`cGi\j\k+0`ej\i\e[f'+0jlckXjk`\i`efeld\i`Zf`c[`jgcXpm`jlXc`qqX'+0
<ekiXi\`edf[f<[`kgi\d\e[f`ci\cXk`mfglcjXek\c\[<[`k#I`^_k#C\]k\9XjjcXdg\^$
^`Xek`#`c[`jgcXpm`jlXc`qqXÈ$$$É
Gi\d\i\`cglcjXek\C\]kg\idf[`]`ZXi\cXj\Zfe[XmfZ\[\cgi\j\kc\[C\]kcXdg\^^`Xe$
k\#`c[`jgcXpm`jlXc`qqX','Z_\`celd\if[\cjlfef>DZfii`jgfe[\ek\XJcfnJki`e^
J\c\q`feXi\`cjlfef')'Zfii`jgfe[\ek\Xcjlfef:_liZ_ k\e\e[fgi\dlkf`ckXjkfMX$
cl\$`c[`jgcXpm`jlXc`qqX')'
G\iXld\ekXi\`cmfcld\[\ck`dYif:_liZ_k\e\i\gi\dlkf`ckXjkf(\Zfek\dgfiXe\X$
d\ek\gi\d\i\`ckXjkfMXcl\"i\^fcXe[f`cmfcld\Xg`XZ`d\ekf%
Gi\d\i\`ckXjkfÈ<[`kÉg\iljZ`i\\kfieXi\XccXZfe[`q`fe\`e`q`Xc\
8kk\eq`fe\#Xhl\jkfglekf#ZXi`ZXe[fleXckifGi\j\k#klkk\c\df[`]`Z_\\]]\kklXk\Xe[iXeef
g\ij\j\efej`\]]\kklXlejXcmXkX^^`f[\cGi\j\k%
J8CM8I<LEGI<J<K
G\ijXcmXi\legi\j\k`eleX[\cc\cfZXq`fe`[`d\dfi`X[`jgfe`Y`c`\]]\kklXi\cXj\^l\ek\
gifZ\[liX1
K\e\i\gi\dlkf`cglcjXek\ÈJXm\Ég\iXcZle`j\Zfe[`%
HlXe[f`c[`jgcXp`e`q`XXcXdg\^^`Xi\#kiXd`k\`ckXjk`\i`efeld\i`Zf#`ej\i`i\cXcfZXq`fe\
`eZl`jXcmXi\`cGi\j\kZfii\ek\[X-,X()/ %
Gi\d\i\elfmXd\ek\`ckXjkfJXm\g\iZfe]\idXi\cËfg\iXq`fe\[`jXcmXkX^^`f%
<Ëgfjj`Y`c\jXcmXi\leGi\j\kjlj\jk\jjfjfckXekfj\j`kifmX`eleXcfZXq`fe\Z_\mX[X-,
X()/%
D<ELKI8EJGFJ<I
CËJ;+[`jgfe\[`ki\[`m\ij`df[`[`kiXjgfj`q`fe\j\c\q`feXY`c``eYXj\Xcc\\j`^\eq\[\ccËlk\e$
k\%E\ccXdf[Xc`k~>cfYXcKiXjgfj\cXkiXjgfj`q`fe\^cfYXc\\X^`jZ\jlccË`ek\iXdXZZ_`eX%
E\ccXdf[Xc`k~JfcfD`[`]`c\cXkiXjgfj`q`fe\X^`jZ\jfcXd\ek\jlccXgfikXD@;@[\[`ZXkXXccX
i`gif[lq`fe\[\`D`[`]`c\%@edf[Xc`k~JfcfB\pYfXi[cXkiXjgfj`q`fe\X^`jZ\jfcfjlcc\*mfZ`
I`^_k#C\]k\9Xjj%
DF;@=@:8I<@CM8CFI<;<CC8KI8JGFJ@Q@FE<1
Gi\d\i\`ckXjkfKiXjgfj\i%@ci\cXk`mfc\[`e`q`\i~XcXdg\^^`Xi\\`c[`jgcXpdfjki\i~`c
mXcfi\Zfii\ek\d\ek\`dgfjkXkf%
Df[`]`ZXi\`cmXcfi\`dgfjkXkfkiXd`k\`kXjk`MXcl\"&$iXe^\$)+")+ %
Gi\d\i\elfmXd\ek\`ckXjkfKiXejgfj\ig\iljZ`i\[Xcd\el\kfieXi\XccXdf[Xc`k~[`
gcXp%
J\`cmXcfi\[\ckiXejgfj\i[`m\ijf[X'#`cc\[i\cXk`mfi`dXe\XZZ\jf`e]fidXe[fcËlk\ek\
Z_\Xkk`mXleXkiXjgfj`q`fe\%
DF;@=@:8;<CDF;F;@KI8JGFJ@Q@FE<%
K\e\i\gi\dlkfg\ihlXcZ_\j\Zfe[f`ckXjkfKiXejgfj\i]`efXhlXe[fjlc[`jgcXpefe
ZfdgXi\cXj`^c\[\ccXdf[Xc`k~XkklXcd\ek\`dgfjkXkX%
Df[`]`ZXi\c\`dgfjkXq`fe`Zfe`kXjk`MXcl\"&$
@df[`gi\m`jk`jfefhl`[`j\^l`kf\c\eZXk`%
>cfYXckiXejgfj\1cXkiXjgfj`q`fe\^cfYXc\%@c[`jgcXpm`jlXc`qqXcXj`^cXÈ>CFÉ
JfcfD`[`]`c\1cXkiXjgfj`q`fe\X^`jZ\jfcfjl`D`[`]`c\%@c[`jgcXpm`jlXc`qqXcXj`^cXÈD@;É
(-
JfcfB\pYfXi[1cXkiXjgfj`q`fe\X^`jZ\jfcfjlcc\ *mfZ`I`^_k#C\]k\9Xjj%@c [`jgcXp
m`jlXc`qqXcXj`^cXÈB<PÉ
G\iXkk`mXi\cX]leq`fe\[`@ek\cc`^\ekKiXejgfj\iZfejlckXi\cXj\q`fe\D\el=leZk`fe%
DF;@=@:8;<CGLEKF;@JGC@K
@cglekf[`jgc`k[\]`e`jZ\`ciXe^\fg\iXk`mf[\cc\*MfZ`I`^_k#C\]k\9Xjj%
G\idf[`]`ZXi\`cglekf[`jgc`kj\^l`i\c\gifZ\[liXhl`[`j\^l`kf[\jZi`kkX1
Gi\d\i\Zfek\dgfiXe\Xd\ek\`kXjk`e`ÈC\X[F]]É\ÈJXm\É
Gi\d\i\cXefkXZ_\`e[`m`[lX`cglekf[`jgc`kjlccXdXjk\ib\pYfXi[D@;@Zfcc\^XkXXccf
jkild\ekff`dgfjkXi\`cmXcfi\[\j`[\iXkfkiXd`k\`kXjk`e`ÈMXcl\"&$É%
8ci`cXjZ`f[\`kXjkf`celfmfglekf[`jgc`k[`m\ekXfg\iXk`mf%
D<EL>D
;liXek\cË\j\Zlq`fe\[`leD`[`]`c\gfjj`Y`c\\]]\kklXi\[\cc\df[`]`Z_\`ek\dgfi\Xc\jlcc\
kiXZZ\D`[`[\cYiXefZ_\j`jkXXjZfckXe[f%@egXik`ZfcXi\gfjj`Y`c\ZXdY`Xi\g\if^e`ZXeXc\
D`[``j\^l\ek`gXiXd\ki`1
mfcld\
gif^iXdZ_Xe^\
jfcf
J\g\ileXkiXZZ`XXkk`mf`cgXiXd\kifÊjfcfË#jXi~gfjj`Y`c\j\ek`i\jfcfhl\jkËlck`dXkiXZZ`X
fklkk\hl\cc\jlZl``cgXiXd\kifÊjfcfËXkk`mf%
DF;@=@:8;<@G8I8D<KI@
Gi\d\i\`ckXjkf>D%@cc\[`e`q`XXcXdg\^^`Xi\\`c[`jgcXpdfjkiX`cZXeXc\D`[`jlZl`j`
Xe[i~X[X^`i\%
J\c\q`feXi\`cZXeXc\D@;@`eZl`j`mf^c`fefXggfikXi\c\df[`]`Z_\Zfe`kXjk`MXcl\"&$%
8kk\eq`fe\#`celd\if[`ZXeXc`j\c\q`feXY`c`[Xcd\el>DZXdY`XXj\Zfe[X[\cdf[f[`
]leq`feXd\ekf[\ccfjkild\ekf%
@egXik`ZfcXi\e\ccXdf[Xc`k~1
f DXjk\ib\pYfXi[\8ZZfi[`fe1`ZXeXc`j\c\q`feXY`c`jfef(-#Z`fhl\cc`i\cXk`m`XccX
gfikXD@;@@E(%
f )oD`[`]`c\1jfef*)#`gi`d`(-i\cXk`m`XccXgfikXD@;@@E(\^c`Xcki`(-XccXgfikXD@;@
@E)%
f Fi^Xe1efe[`jgfe`Y`c\e\jjleZXeXc\\`c[`jgcXpm`jlXc`qqXki\kiXkk`e`È$$$É%
G\idf[`]`ZXi\`cMfcld\#gi\d\i\`ckXjkf<[`k&Mfc%@ci\cXk`mfc\[`e`q`XXcXdg\^^`Xi\\[
`c[`jgcXpdfjkiX`cmXcfi\[\cmfcld\XkklXc\[\ccXkiXZZ`XD@;@j\c\q`feXkX%Df[`]`ZXi\`c
mXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
G\idf[`]`ZXi\`cGif^iXdZ_Xe^\#gi\d\i\`ckXjkf=leZk`fe&G%:_%@ci\cXk`mfc\[`e`q`XX
cXdg\^^`Xi\\[`c[`jgcXpdfjkiX`celd\ifgif^i\jj`mf[\cjlfefXkklXcd\ek\`dgfjkXkf
jlccXkiXZZ`Xj\c\q`feXkX%Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
G\id\kk\i\`eJfcfcXkiXZZ`Xj\c\q`feXkX#gi\d\i\`ckXjkfD`[`&Jfcf%@ci\cXk`mfc\[`e`q`X
XcXdg\^^`Xi\\[`c[`jgcXpdfjkiXcfjkXkfFE&F== [\ccXkiXZZ`XD@;@j\c\q`feXkX%Df[`]`$
ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%LeXmfckX`dgfjkXkXcXkiXZZ`X`edf[Xc`k~ÊjfcfË
\jjXm\ii~ZfekiXjj\^eXkXe\cd\el>DZfeleglek`efXZZXekfXceld\if[\cZXeXc\i\$
(.
cXk`mf%@ehl\jkfdf[fcË`e[`m`[lXq`fe\[\cc\kiXZZ\D`[`jlZl``cgXiXd\kifÊjfcfËXkk`mf
i`jlck\i~g``dd\[`XkX%
G\ij\c\q`feXi\leXelfmXkiXZZ`X[X\[`kXi\#ljZ`i\[XccXdf[Xc`k~[`\[`k[\`gXiXd\$
ki`gi\d\e[f`ckXjkf<[`k&Mfc#D`[`&Jfcff=leZk`fe&G%:_XkklXcd\ek\j\c\q`feXkfc\[
cXdg\^^`Xek\ \jZ\^c`\i\leXelfmXkiXZZ`XZfe`kXjk`MXcl\"&$%
G\iljZ`i\[Xcd\e[`>D#gi\d\i\`ckXjkfi\cXk`mf%
D<ELD@;@
@ehl\jkfd\elgfjj`Y`c\^\jk`i\klkk``ZXeXc`[`i`Z\q`fe\\[`kiXjd`jj`fe\[\ccfjkild\ekf%
DF;@=@:8;<C:8E8C<>CF98C<;@I@:<Q@FE<
E\cdf[fDXjk\ib\pYfXi[#`c>cfYXcIo:_Xee\ciXggi\j\ekX`cZXeXc\D@;@jlchlXc\gfj$
j`Y`c\#`eYXj\Xcglekf[`jgc`k#`em`Xi\c\efk\Xklkk\\ki\c\mfZ`I`^_k#C\]kf9Xjj[\ccf
jkild\ekf%G\idf[`]`ZXi\`cZXeXc\[`i`Z\q`fe\1
Gi\d\i\`cKXjkfD@;@#`cc\[`e`q`XXcXdg\^^`Xi\\`c[`jgcXpdfjkiX`cmXcfi\[\cZXeXc\
d`[`[`i`Z\q`fe\È>cfYXcIo:_Xee\cÉ%
Df[`]`ZXi\`cZXeXc\[`i`Z\q`fe\lk`c`qqXe[f`kXjk`MXcl\"&$%
8cki`gXiXd\ki`gfjjfef\jj\i\df[`]`ZXk`g\id\qqf[\ckXjk`\i`efeld\i`Zf%<jjf`e]Xkk`#
Zfd\e\cZXjf[\c<[`k[\cGi\j\k#Xkk`mXleXj\i`\[`
[`]]\i\ek`]leq`fe``eYXj\Xceld\if[`kXjkfgi\dl$
kf%8eZ_\`ehl\jkfZXjf#k\e\e[fgi\dlkflef[\`
eld\i`#`c[`jgcXpdfjkiXgi`dXleXj`^cX[`ki\c\kk\$
i\Z_\`e[`ZX`cgXiXd\kifjlchlXc\j`jkX`ek\im\e\e$
[f#gf``ci\cXk`mfmXcfi\%8[\j\dg`f#g\idf[`]`ZXi\
`cZXeXc\[`i`Z\q`fe\[\ccXmfZ\I`^_k#YXjkXk\e\i\
gi\dlkf`ckXjkf(\`c[`jgcXpdfjki\i~gi`dXcXjZi`kkX
ÈM(IÉ#gf``ci\cXk`mfeld\if[`ZXeXc\%K\e\e[fj\d$
gi\gi\dlkf`ckXjkf(#jl]]`Z`\ek\gi\d\i\`kXjk`
MXcl\"&$g\iXld\ekXi\f[`d`el`i\`celd\if[\c
ZXeXc\[\ccXmfZ\I`^_k%;`cXkfi`gfikXkXcXdXggX
[\cc\]leq`fe`[`f^e`j`e^fcfkXjk`ef[\ckXjk`\i`ef
eld\i`ZfXccË`ek\ief[\cd\elD`[`%
DF;@=@:8I<@C:8E8C<;@I@:<Q@FE<;<CC8MF@:<I@>?KMF@:<(IO:?8EE<C
K\e\i\gi\dlkf`ckXjkf(%@c[`jgcXpm`jlXc`qqXcXj`^cXÈM(IÉ\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkfZ_\mX[X(X(-%
Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$
DF;@=@:8I<@C:8E8C<;@I@:<Q@FE<;<CC8MF@:<C<=KMF@:<)IO:?8EE<C
K\e\i\gi\dlkf`ckXjkf)%@c[`jgcXpm`jlXc`qqXcXj`^cXÈM)IÉ\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkfZ_\mX[X(X(-%
Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$
DF;@=@:8I<@C:8E8C<;@I@:<Q@FE<;<CC8MF@:<98JJMF@:<*IO:?8EE<C
K\e\i\gi\dlkf`ckXjkf*%@c[`jgcXpm`jlXc`qqXcXj`^cXÈM*IÉ\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkfZ_\mX[X(X(-%
Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
(/
DF;@=@:8I<@C:8E8C<;@KI8JD@JJ@FE<;<CC8MF@:<I@>?KMF@:<(KO:?8EE<C
K\e\i\gi\dlkf`ckXjkf+%@c[`jgcXpm`jlXc`qqXcXj`^cXÈM(KÉ\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkfZ_\mX[X(X(-%
Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
DF;@=@:8I<@C:8E8C<;@KI8JD@JJ@FE<;<CC8MF@:<C<=KMF@:<)KO:?8EE<C
K\e\i\gi\dlkf`ckXjkf,%@c[`jgcXpm`jlXc`qqXcXj`^cXÈM)KÉ\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkfZ_\mX[X(X(-%
Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
DF;@=@:8I<@C:8E8C<;@KI8JD@JJ@FE<;<CC8MF@:<98JJMF@:<*KO:?8EE<C
K\e\i\gi\dlkf`ckXjkf-%@c[`jgcXpm`jlXc`qqXcXj`^cXÈM*KÉ\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkfZ_\mX[X(X(-%
Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
DF;@=@:8;<CC<8;:?8EE<C
@cc\X[Z_Xee\ciXggi\j\ekX`cZXeXc\Z_\m`\e\d\jjfe\ccfjkXkf[`dlk\hlXe[fj`gi\d\`c
kXjkfC\X[F]]jlcgXee\ccf[\ccfjkild\ekf%Jfc`kXd\ek\`dgfjkXkfjlcZXeXc\D@;@+%
G\idf[`]`ZXi\`cmXcfi\`dgfjkXkf1
K\e\i\gi\dlkf`ckXjkf.%@c[`jgcXpm`jlXc`qqXcXj`^cXÈC;:É\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkfZ_\mX[X(X(-%
Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
DF;@=@:8I<@C:8E8C<;@KI8JD@JJ@FE<>CF98C<>CF98CKO:?8EE<C
K\e\i\gi\dlkf`ckXjkf/%@c[`jgcXpm`jlXc`qqXcXj`^cXÈ>CKÉ\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkfZ_\mX[X(X(-%
Df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
DF;@=@:8I<@CG8I8D<KIFD@;@FLK%
K\e\i\gi\dlkf`ckXjkf0%@c[`jgcXpm`jlXc`qqXcXj`^cXÈFLKÉ\jlZZ\jj`mXd\ek\`cmXcfi\
`dgfjkXkf%
Hl\jkËlck`dfm`\e\ZfjiXggi\j\ekXkf1
f È()É$<ekiXdY\c\gfik\D`[`@e(\D`[`@e)jfefZfcc\^Xk\XccËljZ`kXD`[`Flk%CË\]$
]\kkfhl\ccf[`leJf]kK_il[`\ekiXdY\c\gfik\D`[``e`e^i\jjf%
f È(È$JfcfcXgfikXD`[`@e(Zfcc\^XkXXccËljZ`kXD`[`Flk%CË\]]\kkfhl\ccf[`leJf]k
K_il[\ccXjfcXgfikXD`[`@e(%
f È)È$JfcfcXgfikXD`[`@e)Zfcc\^XkXXccËljZ`kXD`[`Flk%CË\]]\kkfhl\ccf[`leJf]k
K_il[\ccXjfcXgfikXD`[`@e)%
f ÈF==É$E\jjleX[\cc\[l\gfik\D`[``e`e^i\jjfZfcc\^XkXXccËljZ`kXD`[`Flk%
K\e\e[fj\dgi\gi\dlkf`ckXjkf0#df[`]`ZXi\`cmXcfi\lk`c`qqXe[f`kXjk`MXcl\"&$%
=Xi\Xkk\eq`fe\XcgXiXd\kifD`[`Flke\cZXjf[`Zfcc\^Xd\ekfkiXd`k\LJ9%<jj\e[fc\gfik\D@;@
m`iklXc`LJ9leXi\gc`ZX[`hl\cc\i\Xc`#Zfcc\^Xe[fcËJ;+m`XLJ9X[leZfdglk\im\ii~`ejkXliXkf
leZfcc\^Xd\ekfm`iklXc\j`X[\cc\)gfik\D`[`@eZ_\[\ccXgfikXD`[`Flk%J\`cgXiXd\kifD`[`
FlkefegfjkfjlÈF==É#cXmfiXe[fZfelej\hl\eZ\i[fm\XY`c`kXkXcX]leq`fe\K_il#j`gl
i`jZ_`Xi\[`^\e\iXi\lecffge\`d\jjX^^`D`[`%@ehl\jkfZXjfe\Z\jjXi`fd\kk\i\jlÈF==É`c
gXiXd\kifD`[`Flk[\ccËJ;+f[`jXkk`mXi\cX]leq`fe\K_il[\cj\hl\eZ\i%
(0
D<EL=LE:K@FE
@ehl\jkfd\elgfjj`Y`c\ZXdY`Xi\XcZle\`dgfjkXq`fe`[\ccfjkild\ekfZfd\cË`ekfeXq`fe\
^cfYXc\#`ck`gf\[`cc`m\ccf^\e\iXc\[\cI`m\iY\ifefeZ_cËXkk`mXq`fe\[\ccXdf[Xc`k~[`kiX$
jgfj`q`fe\`ek\cc`^\ek\g\i`d`[`]`c\%
DF;@=@:8I<@C>CF98CKLE<;<CCFJKILD<EKF%
Gi\d\i\`ckXjkf=leZk`fe%@cc\[i\cXk`mf`e`q`XXcXdg\^^`Xi\\[`c[`jgcXpdfjkiX`cmXcfi\
[\c>cfYXcKle\XkklXcd\ek\`dgfjkXkf%
Df[`]`ZXi\Zfe`kXjk`MXcl\"&$`cmXcfi\`dgfjkXkfe\ciXe^\Z_\mX[X$,'X",'Z\ekj%
8cki`gXiXd\ki`gfjjfef\jj\i\df[`]`ZXk`g\id\qqf[\ckXjk`\i`efeld\i`Zf%<jjf`e]Xkk`#
Zfd\e\cZXjf[\c<[`k[\cGi\j\k#Xkk`mXleXj\i`\
[`[`]]\i\ek`]leq`fe``eYXj\Xceld\if[`kXjkfgi\$
dlkf%K\e\e[fgi\dlkflef [\` eld\i`#`c[`jgcXp
dfjkiX gi`dX leX j`^cX [` ki\ c\kk\i\ Z_\ `e[`ZX
jlhlXc\gXiXd\kifj`jkX`ek\im\e\e[f#gf`#[fgf
hlXcZ_\j\Zfe[f#`ci\cXk`mfmXcfi\%8[\j\dg`f#g\i
df[`]`ZXi\`cmfcld\^cfYXc\[\ci`m\iY\ifYXjkXk\$
e\i\gi\dlkf`ckXjkf*\`c[`jgcXpdfjki\i~gi`dX
cXjZi`kkXÈMFCÉ#gf``ci\cXk`mfmXcfi\%K\e\e[fj\d$
gi\gi\dlkf`ckXjkf*#jl]]`Z`\ek\gi\d\i\`kXjk`
MXcl\"&$g\iXld\ekXi\f[`d`el`i\cXhlXek`k~[`
i`m\iY\if%;`j\^l`kfi`gfikXkXcXdXggX[\cc\]le$
q`fe`[`f^e`j`e^fcfkXjk`ef[\ckXjk`\i`efeld\i`Zf
XccË`ek\ief[\cd\el=leZk`fe%
8KK@M8Q@FE<<;@J8KK@M8Q@FE<;<CC8=LEQ@FE<È@EK<CC@><EKKI8EJGFJ<IÉ%
K\e\i\gi\dlkf`ckXjkfeld\if(%@c[`jgcXpm`jlXc`qqXcXj`^cXÈ@EKÉ\jlZZ\jj`mXd\ek\cf
jkXkfZ_\gl\jj\i\ÈFEÉfggli\ÈF==É%
Df[`]`ZXi\cË`dgfjkXq`fe\Zfii\ek\kiXd`k\`kXjk`MXcl\"&$%
CË@ek\cc`^\ekKiXejgfj\ileX]leq`fe\dfckflk`c\`ehlXekfZfej\ek\[`dXek\e\i\leX
YlfeX]\[\ck~[\cD`[`]`c\XeZ_\hlXe[fj\kkXkflemXcfi\\c\mXkfg\i`cgXiXd\kifKiXe$
jgfj\i%@e]Xkk`#e\cdfd\ekf`eZl`lejlfefmX]lfi`k\jj`kliX#hl\jkfm`\e\XlkfdXk`ZXd\ek\
i`gfikXkf\ekif`jlf`c`d`k`eXkliXc`%
J<C<Q@FE<;<CK@GF;@I@M<I9<IF>CF98C<
K\e\i\gi\dlkf`ckXjkfeld\if)%@c[`jgcXpm`jlXc`qqXcXj`^cXÈI<MÉ\jlZZ\jj`mXd\ek\
lemXcfi\Z_\mX[X'X.\Zfii`jgfe[\ek\Xck`gf[`i`m\iY\if^cfYXc\j\c\q`feXkf%
Df[`]`ZXi\cË`dgfjkXq`fe\Zfii\ek\kiXd`k\`kXjk`MXcl\"&$%
J<C<Q@FE<C8HL8EK@KÁ;@I@M<I9<IF>CF98C<%
K\e\i\gi\dlkfeld\if*%@c[`jgcXpm`jlXc`qqXcXj`^cXÈMFCÉ\jlZZ\jj`mXd\ek\lemXcf$
i\Z_\mX[X'X(-\Zfii`jgfe[\ek\Xcc`m\ccf[\ci`m\iY\if^cfYXc\j\c\q`feXkf%
Df[`]`ZXi\cË`dgfjkXq`fe\Zfii\ek\kiXd`k\`kXjk`MXcl\"&$%
)'
D<ELLJ<I
>c`Lj\ijfef[\cc\Zfe]`^liXq`fe`^cfYXc`[\ccfjkild\ekfZ_\Zfek\e^fefXccfif`ek\iefklkk`
`gXiXd\ki`[`]leq`feXd\ekf[\ccËJ;+\gfjjfef\jj\i\g\ijfeXc`qqXk`Xg`XZ`d\ekf%Jfef
[`jgfe`Y`c`*)Zfe]`^liXq`fe`Lj\i%CXLj\ield\if(j\dgi\hl\ccXZ_\m`\e\ZXi`ZXkXXc
dfd\ekf[\ccËXZZ\ej`fe\%
I@:?@8D8I<LELJ<I
Gi\d\i\`ckXjkfÈLj\iÉg\i\ekiXi\e\cd\eli\cXk`mf%@cc\[`e`q`XXcXdg\^^`Xi\\`c
[`jgcXpdfjkiX`celd\if[\ccfLj\iXkklXcd\ek\`eljf%
@ej\i`i\`celd\if[\ccfLj\i[XZXi`ZXi\kiXd`k\`ckXjk`\i`efeld\i`Zf'$0fggli\lk`c`q$
qXi\`kXjk`MXcl\"&$g\i\]]\kklXi\lefjZifcckiX^c`lj\i[`jgfe`Y`c`%
Gi\d\i\elfmXd\ek\`ckXjkfLj\ig\iljZ`i\[Xcd\el%
J8CM8I<LELJ<I
LeXmfckXj\kkXk`klkk``gXiXd\ki`[`]leq`feXd\ekf[\ccËJ;+gfjj`Y`c\d\dfi`qqXi\cfjkXkf
[\ccfjkild\ekfjXcmXe[f`elefLj\i%
Gi\d\i\`ckXjkfLj\i%
K\e\i\gi\dlkf`cglcjXek\ÈJXm\Ég\iXcZle`j\Zfe[`j`efhlXe[f`c[`jgcXp`e`q`XXcXd$
g\^^`Xi\%
@ej\i`i\cXcfZXq`fe\[fm\jXcmXi\cXZfe]`^liXq`fe\XkklXc\kiXd`k\`ckXjk`\i`efeld\i`Zf
[X(X*) %
Gi\d\i\elfmXd\ek\`ckXjkfJXm\g\iZfe]\idXi\cËfg\iXq`fe\\[\]]\kklXi\`cjXcmXkX^$
^`f`ed\dfi`X%
C<8;F==
K\e\e[fgi\dlkfg\ihlXcZ_\j\Zfe[f`cglcjXek\C\X[F]]m`\e\d\jjX`edlk\cXd\cf[`X[\c
D`[`]`c\%G\i[\]Xlckhl\jkX]leq`fe\X^`jZ\jlcZXeXc\+dXgfjj`Y`c\df[`]`ZXie\`cmXcfi\
XkkiXm\ijf`cd\el=leZk`fe%
J;+<;@KFI
J;+<[`kfilejf]knXi\[\[`ZXkfg\icXdf[`]`ZX[\`Gi\j\k[\ccËJ;+%<Ëgfjj`Y`c\jZXi`ZXicf
[Xcj`kfl]]`Z`Xc\B\kifennn%b\kife%`k %G\id\qqf[`hl\jkfgif^iXddXcXdf[`]`ZX[\`
Gi\j\kgl\jj\i\]XkkX`edf[fdfckfiXg`[fkiXd`k\leG:[fkXkf[`leXgfikXLJ9%LeXmfckX
Xg\ikf`cgif^iXddX#j\cËJ;+Zfcc\^XkfXkkiXm\ijf`cZXmfLJ9#m\e^fefm`jlXc`qqXk`klkk``
gXiXd\ki`Z_\Zfjk`kl`jZfef`cGi\j\kXkklXcd\ek\j\c\q`feXkfjlccËJ;+%8hl\jkfglekfgfj$
j`Y`c\X^`i\jl`gXiXd\ki`[``ek\i\jj\\#j\Zfcc\^XkXleXdXjk\ib\pYfXi[jlccXgfikXD`[`@e
)#gfjj`Y`c\XjZfckXi\cË\]]\kkf[\cZXdY`Xd\ekf[\`gXiXd\ki``ek\dgfi\Xc\%8kk\eq`fe\1`
gXiXd\ki`[\mfef\jj\i\ZXdY`Xk`jfcfXkkiXm\ijf`cgif^iXddXjlG:2@eZXjfZfekiXi`f#j\j`
df[`]`ZXef`gXiXd\ki`[`i\kkXd\ek\jlccËJ;+#e\Z\jjXi`fi`j`eZife`qqXi\`cgif^iXddXgi\$
d\e[f`ckXjkfÈI\]i\j_É%8eZ_\j\j`j\c\q`feXleXckifGi\j\kjlccËJ;+e\Z\jjXi`fgi\d\i\
ÈI\]i\j_Ég\iX^^`fieXi\`gXiXd\ki`[\ccËJ;+<[`kfi%
J8CM8I<C<DF;@=@:?<
LeXmfckXZfdgc\kXk\c\df[`]`Z_\gfjj`Y`c\jXcmXi\`cGi\j\kjlccËJ;+j\^l\e[fc\efidXc`
gifZ\[li\[`jXcmXkX^^`fm\[`j\q`fe\JXcmXi\leGi\j\k %@eXck\ieXk`mXgfjj`Y`c\jXcmXi\
Other manuals for sd4
1
Table of contents
Other KETRON Recording Equipment manuals
Popular Recording Equipment manuals by other brands
Befaco
Befaco NOISE PLETHORA V1 Assembly guide
Delptronics
Delptronics Trigger Man user manual
National Instruments
National Instruments Gigabit Ethernet (GigE) Interface Device NI... quick start guide
Cochlear
Cochlear Baha 5 SuperPower user manual
Toa
Toa IR-801AF instruction manual
Sony
Sony SEQ-300 Service manual
