(Ixigxmrk 7ywgitxmfmpmx) Xs - Rxivkverypev %xxego MR %ywxirmxmg 7xemrpiww 7xiipw

(IWMKREXMSR %
7XERHEVH 4VEGXMGIW JSV

(IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG
7XEMRPIWW 7XIIPW
8LMW WXERHEVH MW MWWYIH YRHIV XLI \IH HIWMKREXMSR % XLI RYQFIV MQQIHMEXIP] JSPPS[MRK XLI HIWMKREXMSR MRHMGEXIW XLI ]IEV SJ
SVMKMREP EHSTXMSR SV MR XLI GEWI SJ VIZMWMSR XLI ]IEV SJ PEWX VIZMWMSR % RYQFIV MR TEVIRXLIWIW MRHMGEXIW XLI ]IEV SJ PEWX VIETTVSZEP %
WYTIVWGVMTX ITWMPSR MRHMGEXIW ER IHMXSVMEP GLERKI WMRGI XLI PEWX VIZMWMSR SV VIETTVSZEP
8LMW WXERHEVH LEW FIIR ETTVSZIH JSV YWI F] EKIRGMIW SJ XLI 97 (ITEVXQIRX SJ (IJIRWI
7GSTI FEWIH SR ZMWYEP I\EQMREXMSR SJ FIRH WTIGMQIRW ERH XLIVIJSVI

8LIWI TVEGXMGIW GSZIV XLI JSPPS[MRK ZI XIWXW GPEWWMIW XLI WTIGMQIRW SRP] EW EGGITXEFPI SV RSREGGITXEFPI
4VEGXMGI %{3\EPMG %GMH )XGL 8IWX JSV 'PEWWMGEXMSR 8LI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV EXXEGO MR XLIWI
SJ )XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 7IGXMSRW XS XIWXW MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI TIVJSVQERGI SJ XLI
MRGPYWMZI QEXIVMEP MR SXLIV GSVVSWMZI IRZMVSRQIRXW 8LIWI XIWXW HS RSX
4VEGXMGI &{*IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX JSV (I TVSZMHI E FEWMW JSV TVIHMGXMRK VIWMWXERGI XS JSVQW SJ GSVVSWMSR
XIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG SXLIV XLER MRXIVKVERYPEV WYGL EW KIRIVEP GSVVSWMSR TMXXMRK SV
7XEMRPIWW 7XIIPW 7IGXMSRW XS MRGPYWMZI WXVIWWGSVVSWMSR GVEGOMRK
4VEGXMGI '{2MXVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXM 238) 7II %TTIRHM\ < JSV MRJSVQEXMSR VIKEVHMRK XIWX WIPIGXMSR
FMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW
8LI ZEPYIW WXEXIH MR 7- YRMXW EVI XS FI VIKEVHIH EW
7IGXMSRW XS MRGPYWMZI
WXERHEVH 8LI MRGLTSYRH IUYMZEPIRXW EVI MR TEVIRXLIWIW ERH
4VEGXMGI ){'STTIV'STTIV 7YPJEXI7YPJYVMG %GMH
QE] FI ETTVS\MQEXI
8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR
%YWXIRMXMG 7XEMRPIWW 7XIIPW 7IGXMSRW XS MRGPYWMZI ERH 8LMW WXERHEVH HSIW RSX TYVTSVX XS EHHVIWW EPP SJ XLI
4VEGXMGI *{'STTIV'STTIV 7YPJEXI 7YPJYVMG WEJIX] GSRGIVRW MJ ER] EWWSGMEXIH [MXL MXW YWI -X MW XLI
%GMH 8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO VIWTSRWMFMPMX] SJ XLI YWIV SJ XLMW WXERHEVH XS IWXEFPMWL ETTVS
MR 1SP]FHIRYQ&IEVMRK %YWXIRMXMG 7XEMRPIWW 7XIIPW 7IGXMSRW TVMEXI WEJIX] ERH LIEPXL TVEGXMGIW ERH HIXIVQMRI XLI ETTPMGE
XS MRGPYWMZI FMPMX] SJ VIKYPEXSV] PMQMXEXMSRW TVMSV XS YWI 7SQI WTIGMG
LEÊVHW WXEXIQIRXW EVI KMZIR MR
8LI 3\EPMG %GMH )XGL 8IWX MW E VETMH QIXLSH SJ ERH
MHIRXMJ]MRK F] WMQTPI IXGLMRK XLSWI WTIGMQIRW SJ GIVXEMR
WXEMRPIWW WXIIP KVEHIW XLEX EVI IWWIRXMEPP] JVII SJ WYWGITXMFMPMX] 6IJIVIRGIH (SGYQIRXW
XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH [MXL GLVSQMYQ GEVFMHI %781 7XERHEVHW
TVIGMTMXEXIW 8LIWI WTIGMQIRW [MPP LEZI PS[ GSVVSWMSR VEXIW MR % 8IWX 1IXLSHW ERH (IRMXMSRW JSV 1IGLERMGEP 8IWXMRK
GIVXEMR GSVVSWMSR XIWXW ERH XLIVIJSVI GER FI IPMQMREXIH SJ 7XIIP 4VSHYGXW
WGVIIRIH JVSQ XIWXMRK EW EGGITXEFPI 8LI IXGL XIWX MW %%1 4VEGXMGI JSV 'PIERMRK (IWGEPMRK ERH 4EWWM
ETTPMGEFPI SRP] XS XLSWI KVEHIW PMWXIH MR XLI MRHMZMHYEP LSX EGMH ZEXMSR SJ 7XEMRPIWW 7XIIP 4EVXW )UYMTQIRX ERH 7]WXIQW
XIWXW ERH GPEWWMIW XLI WTIGMQIRW IMXLIV EW EGGITXEFPI SV EW ( 7TIGMGEXMSR JSV 6IEKIRX ;EXIV
WYWTIGX ) +YMHI JSV 4VITEVEXMSR SJ 1IXEPPSKVETLMG 7TIGMQIRW
8LI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX XLI GSTTIVGSTTIV %71) 'SHI
WYPJEXI WYPJYVMG EGMH XIWX ERH XLI RMXVMG EGMH XIWX EVI FEWIH %71) &SMPIV
4VIWWYVI :IWWIP 'SHI 7IGXMSR -<
SR [IMKLX PSWW HIXIVQMREXMSRW ERH XLYW TVSZMHI E UYERXMXEXMZI
QIEWYVI SJ XLI VIPEXMZI TIVJSVQERGI SJ WTIGMQIRW IZEPYEXIH -R 6IEKIRX 'LIQMGEPW 7TIGMGEXMSRW ERH 4VSGIHYVIW
GSRXVEWX XLI GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH XIWX MW
*SV VIJIVIRGIH %781 WXERHEVHW ZMWMX XLI %781 [IFWMXI [[[EWXQSVK SV
GSRXEGX %781 'YWXSQIV 7IVZMGI EX WIVZMGI$EWXQSVK *SV %RRYEP &SSO SJ %781
7XERHEVHW ZSPYQI MRJSVQEXMSR VIJIV XS XLI WXERHEVHW (SGYQIRX 7YQQEV] TEKI SR
8LIWI TVEGXMGIW EVI YRHIV XLI NYVMWHMGXMSR SJ %781 'SQQMXXII % SR 7XIIP XLI %781 [IFWMXI
7XEMRPIWW 7XIIP ERH 6IPEXIH %PPS]W ERH EVI XLI HMVIGX VIWTSRWMFMPMX] SJ 7YFGSQQMXXII %ZEMPEFPI JVSQ %QIVMGER 7SGMIX] SJ 1IGLERMGEP )RKMRIIVW %71) %71)
% SR 1IXLSHW SJ 'SVVSWMSR 8IWXMRK -RXIVREXMSREP ,IEHUYEVXIVW 8[S 4EVO %ZI 2I[ =SVO 2= LXXT
'YVVIRX IHMXMSR ETTVSZIH 7ITX 4YFPMWLIH 7ITXIQFIV 3VMKMREPP] [[[EWQISVK
ETTVSZIH MR 0EWX TVIZMSYW IHMXMSR ETTVSZIH MR EW % (3- %ZEMPEFPI JVSQ %QIVMGER 'LIQMGEP 7SGMIX] %'7 7M\XIIRXL 7XVIIX 2;
% ;EWLMRKXSR (' LXXT[[[EGWSVK
% 7YQQEV] SJ 'LERKIW WIGXMSR ETTIEVW EX XLI IRH SJ XLMW WXERHEVH

'ST]VMKLX %781 -RXIVREXMSREP &EVV ,EVFSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4% 9RMXIH 7XEXIW
'ST]VMKLX%781-RXIVREXMSREP
4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781
0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM
2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 2SXJSV6IWEPI1(8
-73 7XERHEVH 8LIVI EVI X[S GPEWWIW SJ WTIGMQIRW XS FI GSRWMHIVIH
-73 (IXIVQMREXMSR SJ 6IWMWXERGI XS -RXIVKVERYPEV FEWI QIXEP ERH TVSGIWWEJJIGXIH QIXEP
'SVVSWMSR SJ 7XEMRPIWW 7XIIPW4EVX *IVVMXMG %YWXIRMXMG 4VSGIWWEJJIGXIH QIXEP GSRXEMRW ER] GSRHMXMSR XLEX
ERH *IVVMXMG%YWXIRMXMG (YTPI\ 7XEMRPIWW 7XIIPW EJJIGXW XLI GSVVSWMSR TVSTIVXMIW SJ XLI QEXIVMEP MR E RSRYRMJSVQ
'SVVSWMSR 8IWX MR 1IHME 'SRXEMRMRK 7YPJYVMG %GMH [E] WYGL EW FYX RSX PMQMXIH XS [IPHW GEVFYVMÎH RMXVMHIH SV
S\MHMÎH WYVJEGIW QIGLERMGEP HIJSVQEXMSR ERH EVIEW EJJIGXIH
4YVMX] SJ 6IEKIRXW F] LIEX &EWI QIXEP LEW RSRI SJ XLIWI GSRHMXMSRW
4YVMX] SJ 6IEKIRXW{6IEKIRX KVEHI GLIQMGEPW WLEPP FI &IGEYWI 4VEGXMGIW & ' ERH * MRZSPZI MQQIVWMRK XLI
YWIH MR EPP XIWXW 9RPIWW SXLIV[MWI MRHMGEXIH MX MW MRXIRHIH XLEX IRXMVI WTIGMQIR ERH EZIVEKMRK XLI QEWW PSWW SZIV XLI XSXEP
EPP VIEKIRXW GSRJSVQ XS XLI WTIGMGEXMSRW SJ XLI 'SQQMXXII SR WTIGMQIR EVIE ERH FIGEYWI [IPHMRK GEVFYVMÊXMSR QIGLERMGEP
%REP]XMGEP 6IEKIRXW SJ XLI %QIVMGER 'LIQMGEP 7SGMIX] [LIVI HIJSVQEXMSR ERH XLI PMOI EJJIGX SRP] TEVX SJ E WTIGMQIR XLI
WYGL WTIGMGEXMSRW EVI EZEMPEFPI 3XLIV KVEHIW QE] FI YWIH TVIWIRGI SJ TVSGIWWEJJIGXIH QIXEP MR E WTIGMQIR GER EJJIGX XLI
TVSZMHIH MX MW VWX EWGIVXEMRIH XLEX XLI VIEKIRX MW SJ WYJJMGMIRXP] XIWX VIWYPX MR ER YRTVIHMGXEFPI [E] HITIRHMRK SR XLI TVSTSV
LMKL TYVMX] XS TIVQMX MXW YWI [MXLSYX PIWWIRMRK XLI EGGYVEG] SJ XMSRW SJ XLI EVIE EJJIGXIH
XLI XIWX VIWYPX -J XLI TVIWIRGI SJ XLIWI SV SXLIV PSGEPMÎH GSRHMXMSRW MW
4YVMX] SJ ;EXIV{9RPIWW SXLIV[MWI MRHMGEXIH VIJIVIRGIW E GSRGIVR XS XLI TYVGLEWIV XLIR XIWXW XLEX HS RSX EZIVEKI XLI
XS [EXIV WLEPP FI YRHIVWXSSH XS QIER VIEKIRX [EXIV EW HIRIH QEWW PSWW SZIV XLI XSXEP WTIGMQIR WYVJEGI EVIE WYGL EW 4VEGXMGI
F] 8]TI -: SJ 7TIGMGEXMSR ( % XLI 3\EPMG %GMH )XGL 8IWX SV 4VEGXMGI ) XLI 'STTIV'STTIV
7YPJEXI7YPJYVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS
46%'8-') %{3<%0-' %'-( )8', 8)78 *36 -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW WLSYPH FI
'0%77-*-'%8-32 3* )8', 7869'896)7 3* GSRWMHIVIH
%978)2-8-' 78%-20)77 78))07
7YQQEV] SJ 4VEGXMGI
7GSTI
% WTIGMQIR VITVIWIRXEXMZI SJ XLI QEXIVMEP XS FI IZEPY
8LI 3\EPMG %GMH )XGL 8IWX MW YWIH JSV EGGITXERGI SJ
EXIH MW TSPMWLIH XS E WTIGMIH RMWL ERH SZIVIXGLIH YWMRK
[VSYKLX SV GEWX EYWXIRMXMG WXEMRPIWW WXIIP QEXIVMEP FYX RSX JSV
S\EPMG EGMH IPIGXVSP]XMGEPP] 8LI IXGLIH WTIGMQIR MW XLIR
VINIGXMSR SJ QEXIVMEP 9WI SJ % 4VEGXMGI % EW E WXERHEPSRI
I\EQMRIH YWMRK E QIXEPPYVKMGEP QMGVSWGSTI 8LI IXGLIH WXVYG
XIWX QE] VINIGX QEXIVMEP XLEX XLI ETTPMGEFPI LSX EGMH XIWX [SYPH
XYVI MW GSQTEVIH [MXL VIJIVIRGI TLSXSKVETLW XS HIXIVQMRI
RH EGGITXEFPI WYGL YWI MW SYXWMHI XLI WGSTI SJ XLMW TVEGXMGI
[LIXLIV XLI QEXIVMEP MW EGGITXEFPI SV WYWTIGX 7YWTIGX QEXIVMEP
8LMW XIWX MW MRXIRHIH XS FI YWIH MR GSRRIGXMSR [MXL SXLIV MW XLIR WYFNIGXIH XS XLI WTIGMIH LSX EGMH MQQIVWMSR XIWX
IZEPYEXMSR XIWXW HIWGVMFIH MR XLIWI TVEGXMGIW XS TVSZMHI E VETMH
QIXLSH JSV MHIRXMJ]MRK UYEPMXEXMZIP] XLSWI WTIGMQIRW XLEX EVI
GIVXEMR XS FI JVII SJ WYWGITXMFMPMX] XS VETMH MRXIVKVERYPEV EXXEGO
MR XLIWI SXLIV XIWXW 7YGL WTIGMQIRW LEZI PS[ GSVVSWMSR VEXIW MR 9WI SJ XLI IXGL XIWX EPPS[W VETMH EGGITXERGI SJ WTIGMG
XLI ZEVMSYW LSX EGMH XIWXW [LMGL VIUYMVI JVSQ XS L SJ PSXW SJ QEXIVMEP [MXLSYX XLI RIIH XS TIVJSVQ XMQIGSRWYQMRK
I\TSWYVI 8LIWI WTIGMQIRW EVI MHIRXMIH F] QIERW SJ XLIMV ERH GSWXP] LSX EGMH MQQIVWMSR XIWXW SR XLSWI PSXW
IXGL WXVYGXYVIW [LMGL EVI GPEWWMIH EGGSVHMRK XS XLI GVMXIVME
KMZIR MR 7IGXMSR %TTEVEXYW
8LI 3\EPMG %GMH )XGL 8IWX QE] FI YWIH XS WGVIIR )XGLMRK 'IPP
WTIGMQIRW MRXIRHIH JSV XIWXMRK MR 4VEGXMGI &*IVVMG 7YPJEXI %R IXGLMRK GIPP QE] FI EWWIQFPIH YWMRK GSQTSRIRXW
7YPJYVMG %GMH 8IWX 4VEGXMGI '2MXVMG %GMH 8IWX 4VEGXMGI EW HIWGVMFIH MR XLMW WIGXMSR %PXIVREXMZIP] E GSQQIVGMEP
)'STTIV'STTIV 7YPJEXI 7YPJYVMG %GMH 8IWX ERH 4VEG IPIGXVSTSPMWLIVIXGLIV EW YWIH JSV QIXEPPSKVETLMG WEQTPI
XMGI *'STTIV'STTIV 7YPJEXI 7YPJYVMG %GMH 8IWX TVITEVEXMSR QE] FI YWIH JSV WQEPP WTIGMQIRW TVSZMHIH XLI
GYVVIRX HIRWMX] VIUYMVIQIRX SJ MW QIX
)EGL SJ XLIWI SXLIV TVEGXMGIW GSRXEMRW E XEFPI WLS[MRK
7SYVGI SJ (MVIGX 'YVVIRX{&EXXIV] KIRIVEXSV SV VIG
[LMGL GPEWWMGEXMSRW SJ IXGL WXVYGXYVIW SR E KMZIR WXEMRPIWW
XMIV GETEFPI SJ WYTTP]MRK EFSYX : ERH %
WXIIP KVEHI EVI IUYMZEPIRX XS EGGITXEFPI SV WYWTIGX TIVJSVQERGI
%QQIXIV{*SV HMVIGX GYVVIRX YWIH XS QIEWYVI XLI
MR XLEX TEVXMGYPEV XIWX 7TIGMQIRW LEZMRK EGGITXEFPI IXGL
GYVVIRX SR XLI WTIGMQIR XS FI IXGLIH
WXVYGXYVIW RIIH RSX FI WYFNIGXIH XS XLI LSX EGMH XIWX 7TIGMQIRW
LEZMRK WYWTIGX IXGL WXVYGXYVIW QYWX FI XIWXIH MR XLI WTIGMIH :EVMEFPI 6IWMWXERGI{9WIH XS GSRXVSP XLI GYVVIRX SR
LSX EGMH WSPYXMSR XLI WTIGMQIR XS FI IXGLIH
'EXLSHI{% WXEMRPIWW WXIIP GSRXEMRIV JSV I\EQTPI E
0 UX WXEMRPIWW WXIIP FIEOIV
%ZEMPEFPI JVSQ -RXIVREXMSREP 3VKERMÊXMSR JSV 7XERHEVHMÊXMSR -73 GL HI
PE :SMI'VIYWI '4 ', +IRIZE 7[MXÎVPERH LXXT[[[MWSSVK
%PXIVREXI 'EXLSHI{% TMIGI SJ EX WXEMRPIWW WXIIP EX
*SV WYKKIWXMSRW SR XLI XIWXMRK SJ VIEKIRXW RSX PMWXIH F] XLI %QIVMGER 'LIQMGEP PIEWX EW PEVKI EW XLI WTIGMQIR WYVJEGI
7SGMIX] WII %REPEV 7XERHEVHW JSV 0EFSVEXSV] 'LIQMGEPW &(, 0XH 4SSPI (SVWIX )PIGXVMGEP 'PEQT{8S LSPH XLI WTIGMQIR XS FI IXGLIH
9/ ERH XLI 9RMXIH 7XEXIW 4LEVQEGSTIME ERH 2EXMSREP *SVQYPEV] 97 4LEVQE
ERH XS GSQTPIXI XLI IPIGXVMGEP GMVGYMX FIX[IIR XLI WTIGMQIR ERH
GSTIMEP 'SRZIRXMSR -RG 974' 6SGOZMPPI 1(
8LI FSPHJEGI RYQFIVW MR TEVIRXLIWIW VIJIV XS E PMWX SJ VIJIVIRGIW EX XLI IRH SJ XLI TS[IV WSYVGI WYGL XLEX XLI WTIGMQIR MW XLI ERSHI SJ XLI
XLMW WXERHEVH GIPP
8LI TS[IV WSYVGI VIWMWXSV ERH EQQIXIV QYWX FI WMÎH %HNYWX XLI ZEVMEFPI VIWMWXERGI YRXMP XLI EQQIXIV
ETTVSTVMEXIP] JSV TVSZMHMRK ERH GSRXVSPPMRK XLI GYVVIRX EW VIEHMRK MR EQTIVIW MW IUYEP XS XLI XSXEP MQQIVWIH EVIE SJ XLI
WTIGMIH MR SJ XLMW TVEGXMGI WTIGMQIR MR WUYEVI GIRXMQIXVIW
%W HIWGVMFIH XLI IPIGXVSP]XI GSRXEMRIV MW XLI GEXLSHI % ]IPPS[KVIIR PQ MW KVEHYEPP] JSVQIH SR XLI GEXL
MX QE] FI E WXEMRPIWW WXIIP FIEOIV SV JEFVMGEXIH JVSQ WXEMRPIWW SHI 8LMW MRGVIEWIW XLI VIWMWXERGI SJ XLI IXGLMRK GIPP ;LIR XLMW
WXIIP WYGL EW F] [IPHMRK E WIGXMSR SJ XYFI SV TMTI XS E EX TPEXI SGGYVW VIQSZI XLI PQ F] VMRWMRK XLI MRWMHI SJ XLI WXEMRPIWW
SV WLIIX %PXIVREXMZIP] XLI IPIGXVSP]XI GSRXEMRIV QE] FI KPEWW WXIIP FIEOIV SV XLI WXIIP YWIH EW XLI GEXLSHI [MXL ER EGMH WYGL
SV SXLIV RSRGSRHYGXMRK GSVVSWMSR VIWMWXMRK QEXIVMEP MR PMIY EW ,23
SJ E WXEMRPIWW WXIIP GSRXEMRIV ERH XLI GEXLSHI QE] FI E EX TPEXI
SV WLIIX SJ E GSVVSWMSR VIWMWXMRK EPPS] -R XLMW PEXXIV GEWI XLI EX 8LI XIQTIVEXYVI SJ XLI IXGLMRK WSPYXMSR KVEHYEPP]
WYVJEGI SJ XLI GEXLSHI QYWX FI EX PIEWX EW PEVKI EW JEGMRK ERH MRGVIEWIW HYVMRK IXGLMRK /IIT XLI XIQTIVEXYVI FIPS[ '
ETTVS\MQEXIP] GIRXIVIH SR XLI TVITEVIH WYVJEGI SJ XLI WTIGM 8LMW QE] FI HSRI F] EPXIVREXMRK X[S GSRXEMRIVW 3RI QE] FI
QIR 3XLIV GSRKYVEXMSRW SJ XLI IPIGXVSHIW QMKLX RSX TVSZMHI GSSPIH MR XET [EXIV [LMPI XLI SXLIV MW YWIH JSV IXGLMRK
YRMJSVQ IXGLMRK SZIV XLI WTIGMQIR WYVJEGI -R ER] GEWI XLI 8LI VEXI SJ LIEXMRK HITIRHW SR XLI XSXEP GYVVIRX
WMÎ ERH WLETI SJ XLI WTIGMQIR HMGXEXI XLI WMÎ ERH GSRWXVYGXMSR EQQIXIV VIEHMRK TEWWMRK XLVSYKL XLI GIPP 8LIVIJSVI OIIT
SJ XLI IXGLMRK GIPP ERH SJ XLI TS[IV WSYVGI ERH GSRXVSPW 8LI XLI EVIE XS FI IXGLIH EW WQEPP EW TSWWMFPI [LMPI EX XLI WEQI XMQI
SZIVVMHMRK TVMRGMTPI MW XLEX XLI IXGL RIIHW XS FI YRMJSVQ SZIV QIIXMRK XLI VIUYMVIQIRXW SJ HIWMVEFPI QMRMQYQ EVIE XS FI
XLI WYVJEGI XS FI I\EQMRIH IXGLIH
1IXEPPYVKMGEP 1MGVSWGSTI{*SV I\EQMREXMSR SJ IXGLIH %ZSMH MQQIVWMRK XLI GPEQT LSPHMRK XLI WTIGMQIR MR
QMGVSWXVYGXYVIW EX XS HMEQIXIVW XLI IXGLMRK WSPYXMSR
6MRWMRK{*SPPS[MRK IXGLMRK VMRWI XLI WTIGMQIR XLSV
6IEKIRXW ERH 1EXIVMEPW SYKLP] MR LSX [EXIV ERH XLIR MR EGIXSRI SV EPGSLSP XS EZSMH
)XGLMRK 7SPYXMSR {(MWWSPZI K SJ VIEKIRX GV]WXEPPMÊXMSR SJ S\EPMG EGMH SR XLI IXGLIH WYVJEGI HYVMRK
KVEHI S\EPMG EGMH GV]WXEPW , ' 3 , 3 MR Q0 SJ HV]MRK
VIEKIRX [EXIV 7XMV YRXMP EPP GV]WXEPW EVI HMWWSPZIH -X QE] FI HMJJMGYPX XS VIZIEP XLI TVIWIRGI SJ WXIT
%PXIVREXI )XGLMRK 7SPYXMSR 7II {(MWWSPZI K WXVYGXYVIW SR WSQI WTIGMQIRW GSRXEMRMRK QSP]FHIRYQ %-7-
SJ VIEKIRX KVEHI EQQSRMYQ TIVWYPJEXI 2, 7 3 MR 0 0 [LMGL EVI JVII SJ GLVSQMYQ GEVFMHI
Q0 SJ VIEKIRX [EXIV 7XMV YRXMP HMWWSPZIH WIRWMXMÊXMSR F] IPIGXVSP]XMG IXGLMRK [MXL S\EPMG EGMH -R WYGL
7EQTPMRK ERH 8IWX 7TIGMQIRW GEWIW ER EPXIVREXI IPIGXVSP]XI SJ EQQSRMYQ TIVWYPJEXI QE] FI
YWIH MR TPEGI SJ S\EPMG EGMH 7II %R IXGL JSV SV
8LI WTIGMIH LSX EGMH XIWX TVSZMHIW MRWXVYGXMSRW JSV QMR EX %GQ MR E WSPYXMSR EX VSSQ XIQTIVEXYVI VIEHMP]
WEQTPMRK ERH JSV WTIGMQIR TVITEVEXMSR WYGL EW E WIRWMXMÊXMSR HIZIPSTW WXIT WXVYGXYVIW SR WYGL WTIGMQIRW
LIEX XVIEXQIRX %HHMXMSREP MRWXVYGXMSRW WTIGMG XS 4VEGXMGI %
JSPPS[
8LI TVIJIVVIH WTIGMQIR MW E GVSWWWIGXMSR MRGPYHMRK XLI )\EQMRI XLI IXGLIH WYVJEGI SR E QIXEPPYVKMGEP QMGVS
TVSHYGX WYVJEGI XS FI I\TSWIH MR WIVZMGI 3RP] WYGL RMWLMRK SJ WGSTI EX XS JSV [VSYKLX WXIIPW ERH EX EFSYX JSV
XLI TVSHYGX WYVJEGI WLSYPH FI TIVJSVQIH EW MW VIUYMVIH XS GEWX WXIIPW
VIQSZI JSVIMKR QEXIVMEP
)\EQMRI XLI IXGLIH GVSWWWIGXMSREP EVIEW XLSVSYKLP]
;LIRIZIV TVEGXMGEP YWI E GVSWWWIGXMSREP EVIE SJ GQ F] GSQTPIXI XVEZIVWI JVSQ MRWMHI XS SYXWMHI HMEQIXIVW SJ VSHW
SV QSVI -J ER] GVSWWWIGXMSREP HMQIRWMSR MW PIWW XLER GQ ERH XYFIW JVSQ JEGI XS JEGI SR TPEXIW
XLIR XLI SXLIV HMQIRWMSR SJ XLI GVSWWWIGXMSR WLSYPH FI E 1MGVSWGSTMGEP I\EQMREXMSR SJ E WTIGMQIR WLEPP FI
QMRMQYQ SJ GQ ;LIR FSXL HMQIRWMSRW SJ XLI TVSHYGX EVI QEHI SR QIXEP YREJJIGXIH F] GSPH[SVOMRK GEVFYVMÊXMSR
PIWW XLER GQ YWI E JYPP GVSWW WIGXMSR [IPHMRK ERH XLI PMOI -J ER] SJ XLIWI GSRHMXMSRW EVI JSYRH RSXI
4SPMWLMRK{3R EPP X]TIW SJ QEXIVMEPW TSPMWL GVSWW WIG XLIMV TVIWIRGI MR XLI VITSVX
XMSREP WYVJEGIW XLVSYKL '%1-%27- ?*)4%-73 4A MR 'PEWWMJ] XLI IXGL WXVYGXYVIW MRXS XLI JSPPS[MRK X]TIW
EGGSVHERGI [MXL +YMHI ) TVMSV XS IXGLMRK ERH I\EQMREXMSR 2SXI
2SX EPP WGVEXGLIW RIIH XS FI VIQSZIH 7XIT 7XVYGXYVI *MK {7XITW SRP] FIX[IIR KVEMRW
4VSGIHYVI RS HMXGLIW EX KVEMR FSYRHEVMIW
(YEP 7XVYGXYVI *MK 7SQI HMXGLIW EX KVEMR
;EVRMRK{)XGLMRK WLSYPH FI GEVVMIH SYX YRHIV E FSYRHEVMIW MR EHHMXMSR XS WXITW FYX RS WMRKPI KVEMR GSQTPIXIP]
ZIRXMPEXIH LSSH +EW [LMGL MW VETMHP] IZSPZIH EX XLI IPIGXVSHIW WYVVSYRHIH F] HMXGLIW
[MXL WSQI IRXVEMRQIRX SJ S\EPMG EGMH MW TSMWSRSYW ERH (MXGL 7XVYGXYVI *MK {3RI SV QSVI KVEMRW GSQ
MVVMXEXMRK XS QYGSYW QIQFVERIW TPIXIP] WYVVSYRHIH F] HMXGLIW
)XGL XLI TSPMWLIH WTIGMQIR EX %GQ JSV QMR -WSPEXIH *IVVMXI *MK {3FWIVZIH MR GEWXMRKW ERH
8S SFXEMR XLI GSVVIGX WTIGMIH GYVVIRX HIRWMX] [IPHW 7XITW FIX[IIR EYWXIRMXI QEXVM\ ERH JIVVMXI TSSPW
1IEWYVI XLI XSXEP MQQIVWIH EVIE SJ XLI WTIGMQIR XS -RXIVHIRHVMXMG (MXGLIW *MK {3FWIVZIH MR GEWXMRKW
FI IXGLIH MR WUYEVI GIRXMQIXVIW ERH [IPHW (IIT MRXIVGSRRIGXIH HMXGLIW
*-+ 7XIT 7XVYGXYVI 7XITW &IX[IIR +VEMRW 2S (MXGLIW *-+ (MXGL 7XVYGXYVI 3RI SV 1SVI +VEMRW 'SQTPIXIP]
EX +VEMR &SYRHEVMIW 7YVVSYRHIH F] (MXGLIW
*-+ (YEP 7XVYGXYVI 7SQI (MXGLIW EX +VEMR &SYRHEVMIW

*-+ -WSPEXIH *IVVMXI 4SSPW 3FWIVZIH MR 'EWXMRKW ERH
MR %HHMXMSR XS 7XITW FYX 2S 3RI +VEMR 'SQTPIXIP] 7YVVSYRHIH
;IPHW 7XITW &IX[IIR %YWXIRMXI 1EXVM\ ERH *IVVMXI 4SSPW
8LI IZEPYEXMSR SJ IXGL WXVYGXYVIW GSRXEMRMRK SRP] WXITW

)RH+VEMR 4MXXMRK - *MK {7XVYGXYVI GSRXEMRW E ERH SJ XLSWI WLS[MRK KVEMRW GSQTPIXIP] WYVVSYRHIH F] HMXGLIW
JI[ HIIT IRHKVEMR TMXW EPSRK [MXL WSQI WLEPPS[ IXGL TMXW EX MR IZIV] IPH GER FI GEVVMIH SYX VIPEXMZIP] VETMHP] -R GEWIW XLEX
3J MQTSVXERGI SRP] [LIR XLI RMXVMG EGMH XIWX MW YWIH ETTIEV XS FI HYEP WXVYGXYVIW QSVI I\XIRWMZI I\EQMREXMSR MW
)RH+VEMR 4MXXMRK -- *MK {7XVYGXYVI GSRXEMRW VIUYMVIH XS HIXIVQMRI MJ XLIVI EVI ER] KVEMRW GSQTPIXIP]
RYQIVSYW HIIT IRHKVEMR TMXW EX 3J MQTSVXERGI SRP] IRGMVGPIH -J ER IRGMVGPIH KVEMR MW JSYRH GPEWWMJ] XLI WXIIP EW E
[LIR RMXVMG EGMH XIWX MW YWIH HMXGL WXVYGXYVI
238) %PP TLSXSQMGVSKVETLW [IVI QEHI [MXL WTIGMQIRW XLEX [IVI 3R WXEMRPIWW WXIIP GEWXMRKW EPWS SR [IPH QIXEP XLI
IXGLIH YRHIV WXERHEVH GSRHMXMSRW S\EPMG EGMH VSSQ XIQTIVEXYVI WXITW FIX[IIR KVEMRW JSVQIH F] IPIGXVSP]XMG S\EPMG EGMH IXGLMRK
QMR EX %GQ XIRH XS FI PIWW TVSQMRIRX XLER XLSWI SR [VSYKLX QEXIVMEPW SV
*-+ -RXIVHIRHVMXMG (MXGLIW 3FWIVZIH MR 'EWXMRKW ERH 238) 8LMW SV E KVIEXIV GSRGIRXVEXMSR SJ IRH KVEMR TMXW EX YWMRK
;IPHW (IIT -RXIVGSRRIGXIH (MXGLIW WXERHEVH IXGLMRK GSRHMXMSRW MRHMGEXIW XLEX XLI WTIGMQIR QYWX FI XIWXIH
[LIR WGVIIRMRK MW JSV RMXVMG EGMH XIWX
*-+ )RH +VEMR 4MXXMRK --
WXVYGXYVIW WTIGMQIRW LEZMRK EW QYGL SV QSVI IRH KVEMR TMXXMRK

XLER XLEX WLS[R MR *MK GERRSX FI WEJIP] EWWYQIH XS LEZI PS[
RMXVMG EGMH VEXIW ERH WLSYPH FI WYFNIGXIH XS XLI RMXVMG EGMH XIWX
[LIRIZIV MX MW WTIGMIH 7YGL WLEVT HIIT TMXW WLSYPH RSX FI
GSRJYWIH [MXL XLI WLEPPS[ TMXW WLS[R MR *MKW ERH
8LI YWI SJ XLIWI GPEWWMGEXMSRW HITIRHW SR XLI LSX EGMH

GSVVSWMSR XIWX JSV [LMGL WXEMRPIWW WXIIP WTIGMQIRW EVI FIMRK
WGVIIRIH F] IXGLMRK MR S\EPMG EGMH ERH MW HIWGVMFIH MR IEGL SJ
XLI TVEGXMGIW
4VIGMWMSR ERH &MEW

4VIGMWMSR ERH &MEW{2S MRJSVQEXMSR MW TVIWIRXIH EFSYX
IMXLIV XLI TVIGMWMSR SV FMEW SJ 4VEGXMGI %3\EPMG %GMH )XGL
8IWX JSV GPEWWMGEXMSR SJ )XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW
7XIIPW WMRGI XLI XIWX VIWYPX MW RSRUYERXMXEXMZI
46%'8-') &{*)66-' 790*%8)z790*96-'
238) 8S HMJJIVIRXMEXI FIX[IIR XLI X]TIW SJ TMXW YWI E QEKRMGEXMSR %'-( 8)78 *36 ()8)'8-2+ 797')48-&-0-8=
SJ ERH JSGYW MR XLI TPERI SJ IXGLIH WYVJEGI 8LI TMXW [LMGL RS[ 83 -28)6+6%290%6 %88%'/ -2
ETTIEV GSQTPIXIP] FPEGO EVI IRH KVEMR TMXW %978)2-8-' 78%-20)77 78))07
*-+ )RH +VEMR 4MXXMRK - % *I[ (IIT )RH +VEMR 4MXW
7II MR *MKYVI ERH 7LEPPS[ )XGL 4MXW
7GSTI
8LMW TVEGXMGI HIWGVMFIW XLI TVSGIHYVI JSV GSRHYGXMRK
EVI IRXMVIP] EFWIRX ,S[IZIV ER] WYWGITXMFMPMX] XS MRXIVKVERYPEV XLI FSMPMRK L JIVVMG WYPJEXI WYPJYVMG EGMH XIWX [LMGL
EXXEGO MW VIEHMP] HIXIGXIH F] TVSRSYRGIH HMXGLIW QIEWYVIW XLI WYWGITXMFMPMX] SJ EYWXIRMXMG WXEMRPIWW WXIIPW XS
7SQI [VSYKLX WTIGMQIRW IWTIGMEPP] JVSQ FEV WXSGO MRXIVKVERYPEV EXXEGO
QE] GSRXEMR E VERHSQ TEXXIVR SJ TMXW -J XLIWI TMXW EVI WLEVT ERH 8LI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV EXXEGO MR XLMW
WS HIIT XLEX XLI] ETTIEV FPEGO *MK MX MW TSWWMFPI XLEX XLI XIWX MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI TIVJSVQERGI SJ XLI
WTIGMQIR QE] FI WYWGITXMFPI XS IRH KVEMR EXXEGO MR RMXVMG EGMH QEXIVMEP MR SXLIV GSVVSWMZI IRZMVSRQIRXW 8LI XIWX HSIW RSX
SRP] 8LIVIJSVI IZIR XLSYKL XLI KVEMR FSYRHEVMIW EPP LEZI WXIT TVSZMHI E FEWMW JSV TVIHMGXMRK VIWMWXERGI XS JSVQW SJ GSVVSWMSR
DDDDDDDDDDDDDDDDDDD
SXLIV XLER MRXIVKVERYPEV WYGL EW KIRIVEP GSVVSWMSR TMXXMRK SV -KRSVI TVSGIWWEJJIGXIH EVIEW WII 7IGXMSR ET
WXVIWWGSVVSWMSR GVEGOMRK TPMGEXMSR SJ XLI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX XS TVSGIWW
EJJIGXIH EVIEW MW GYVVIRXP] SYXWMHI XLI WGSTI SJ 4VEGXMGI &
7YQQEV] SJ XLI *IVVMG 7YPJEXI7YPJYVMG %GMH 4VEGXMGI 'SVVSWMSR XIWX WTIGMQIRW LEZMRK EGGITXEFPI IXGL WXVYG
& XYVIW MR XLI 3\EPMG %GMH )XGL 8IWX [MPP FI IWWIRXMEPP] JVII SJ
% WTIGMQIR VITVIWIRXEXMZI SJ XLI QEXIVMEP XS FI IZEPY MRXIVKVERYPEV EXXEGO MR XLI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX 7YGL
EXIH MW MQQIVWIH MR E FSMPMRK WSPYXMSR SJ JIVVMG WYPJEXI ERH WTIGMQIRW EVI EGGITXEFPI [MXLSYX XIWXMRK MR XLI JIVVMG WYPJEXI
WYPJYVMG EGMH JSV E WTIGMIH XMQI 8LI VIWYPXMRK QEWW PSWW MW WYPJYVMG EGMH XIWX %PP WTIGMQIRW LEZMRK WYWTIGX IXGL WXVYGXYVIW
GSRZIVXIH XS E GSVVSWMSR VEXI [LMGL MW GSQTEVIH XS E WTIGMIH WLEPP FI XIWXIH MR XLI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX
QE\MQYQ ZEPYI XS HIXIVQMRI [LIXLIV XLI QEXIVMEP LEW XLI
VIWMWXERGI XS EXXEGO I\TIGXIH SJ XLI KVEHI SJ QEXIVMEP FIMRK %TTEVEXYW
XIWXIH 8LI ETTEVEXYW MW MPPYWXVEXIH MR *MK
238) 3XLIV KVSYRH KPEWW NSMRXW WYGL EW XLI NSMRX QE] EPWS FI
YWIH
8LI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX HIXIGXW WYWGITXMFMP
%R %PPMLR GSRHIRWIV [MXL E QMRMQYQ SJ JSYV FYPFW
MX] XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH TVMQEVMP] [MXL GLVSQMYQ
ERH [MXL E KVSYRH KPEWW NSMRX XS QEXGL XLEX SJ XLI EWO
GEVFMHI TVIGMTMXEXI MR YRWXEFMPMÎH EYWXIRMXMG WXEMRPIWW WXIIPW
7YFWXMXYXMSRW JSV XLMW GSRHIRWIV SV EWO EVI RSX
ERH XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH [MXL WMKQE TLEWI
EPPS[IH 7TIGMGEPP] XLI GSPHRKIV X]TI SJ GSRHIRWIV [MXL
8LI GSVVSWMSR TSXIRXMEP SJ XLI JIVVMG WYPJEXIWYPJYVMG WXERHEVH )VPIRQI]IV EWOW WLEPP RSX FI YWIH 'SVVSWMSR VEXIW
EGMH XIWX LEW FIIR VITSVXIH EW : ZIVWYW E WXERHEVH GEPSQIP SFXEMRIH YWMRK XLI GSPHRKIV X]TI SJ GSRHIRWIV EVI PS[IV XLER
IPIGXVSHI 7') EW GSQTEVIH [MXL XS : JSV 4VEGXMGI ' XLSWI SFXEMRIH YWMRK XLI %PPMLR X]TI SJ GSRHIRWIV [LIXLIV HYI
ERH : JSV 4VEGXMGIW ) ERH * XS PSWW SJ ZETSV SV XS LMKLIV S\]KIR GSRXIRX MR XLI WSPYXMSR SV
238) % LMKLIV GSVVSWMSR TSXIRXMEP MRHMGEXIW QSVI WIZIVIP] S\MHM^MRK FSXL 7YGL PS[IV GSVVSWMSR VEXIW PIEH XS EGGITXERGI SJ QEXIVMEP
GSRHMXMSRW XLEX WLSYPH FI VINIGXIH
% 0 )VPIRQI]IV EWO [MXL E KVSYRH KPEWW NSMRX XS
6ETMH 7GVIIRMRK 8IWX QEXGL XLEX SJ XLI GSRHIRWIV 8LI EWO STIRMRK PMQMXW XLI WMÎ
&IJSVI XIWXMRK MR XLI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX SJ XLI WTIGMQIR E PEVKIV STIRMRK MW HIWMVEFPI
WTIGMQIRW SJ GIVXEMR KVEHIW SJ WXEMRPIWW WXIIPW WII 8EFPI
QE] FI KMZIR E VETMH WGVIIRMRK XIWX MR EGGSVHERGI [MXL
TVSGIHYVIW KMZIR MR 4VEGXMGI % 3\EPMG %GMH )XGL 8IWX JSV
'PEWWMGEXMSR SJ )XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW
4VITEVEXMSR IXGLMRK ERH XLI GPEWWMGEXMSR SJ IXGL WXVYGXYVIW
EVI HIWGVMFIH XLIVIMR 8LI YWI SJ IXGL WXVYGXYVI IZEPYEXMSRW MR
GSRRIGXMSR [MXL XLI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX MW WTIGMIH
MR 8EFPI
,IEX XVIEX XLI QEXIVMEP MR EGGSVHERGI [MXL TVMSV XS
TIVJSVQMRK XLI IXGL XIWX
%GMH )XGL 8IWX [MXL *IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX

+VEHI %GGITXEFPI )XGL 7YWTIGX
7XVYGXYVIW )XGL 7XVYGXYVIW
7XIT HYEP IRH KVEMR -
-- (MXGL
0 7XIT HYEP IRH KVEMR -
-- (MXGL
-- (MXGL
-- (MXGL
-- (MXGL
-- (MXGL
'* 7XIT HYEP MWSPEXIH JIVVMXI TSSPW (MXGL MRXIVHIRHVMXMG HMXGLIW
'* 7XIT HYEP MWSPEXIH JIVVMXI TSSPW (MXGL MRXIVHIRHVMXMG HMXGLIW
'*1 7XIT HYEP MWSPEXIH JIVVMXI TSSPW (MXGL MRXIVHIRHVMXMG HMXGLIW
'*1 7XIT HYEP MWSPEXIH JIVVMXI TSSPW (MXGL MRXIVHIRHVMXMG HMXGLIW
+VEHIW RSX PMWXIH MR XLMW XEFPI IMXLIV LEZI RSX FIIR IZEPYEXIH JSV YWI SJ 4VEGXMGI
% [MXL 4VEGXMGI & SV LEZI FIIR JSYRH XS KMZI EGGITXEFPI VIWYPXW MR XLI IXGL XIWX
[LMPI KMZMRK YREGGITXEFPI VIWYPXW MR 4VEGXMGI & -R XLI PEXXIV GEWI 4VEGXMGIW % [SYPH
TEWW QEXIVMEP XLEX WLSYPH LEZI FIIR WYFNIGXIH XS XLI JIVVMG WYPJEXIWYPJYVMG EGMH
XIWX
7TIGMQIRW LEZMRK XLIWI WXVYGXYVIW WLEPP FI XIWXIH MR XLI JIVVMG WYPJEXIWYPJYVMG
EGMH XIWX
*-+ %TTEVEXYW JSV *IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX
DDDDDDDDDDDDDDDDDDD
+PEWW GVEHPI 2SXI {'ER FI WYTTPMIH F] E KPEWW GSRXEMRW ER] GSRHMXMSR XLEX EJJIGXW XLI GSVVSWMSR TVSTIVXMIW SJ
FPS[MRK WLST -X QYWX FI WMÎH WS EW XS X [MXL XLI WTIGMQIR XLI QEXIVMEP MR E RSRYRMJSVQ [E] WYGL EW FYX RSX PMQMXIH XS
XLVSYKL XLI EWO STIRMRK -X QYWX FI HIWMKRIH XS EPPS[ JVII [IPHW GEVFYVMÎH RMXVMHIH SV S\MHMÎH WYVJEGIW QIGLERMGEP
S[ SJ XLI XIWXMRK WSPYXMSR EVSYRH XLI WTIGMQIR HIJSVQEXMSR ERH EVIEW EJJIGXIH F] LIEX &EWI QIXEP LEW RSRI
SJ XLIWI GSRHMXMSRW
238) 3XLIV IUYMZEPIRX QIERW SJ WTIGMQIR WYTTSVX WYGL EW KPEWW
LSSOW SV WXMVVYTW QE] EPWS FI YWIH 8LI 4VEGXMGI & XIWX MRZSPZIW MQQIVWMRK XLI IRXMVI
WTIGMQIR ERH EZIVEKMRK XLI QEWW PSWW SZIV XLI IRXMVI WYVJEGI SJ
&SMPMRK 'LMTW{9WIH XS TVIZIRX FYQTMRK
XLI WTIGMQIR ;IPHMRK GEVFYVMÊXMSR QIGLERMGEP HIJSVQEXMSR
,MKL :EGYYQ 7MPMGSRI +VIEWI{*SV XLI KVSYRH KPEWW
ERH XLI PMOI EJJIGX SRP] TEVX SJ E WTIGMQIR
NSMRX
8LI QEWW PSWW VEXI JVSQ TVSGIWWEJJIGXIH QIXEP MW
,SX TPEXI GETEFPI SJ TVSZMHMRK LIEX JSV GSRXMRYSYW
I\TIGXIH XS HMJJIV JVSQ XLEX JVSQ FEWI QIXEP XLI TVIWIRGI SJ
FSMPMRK SJ XLI WSPYXMSR
TVSGIWWEJJIGXIH QIXEP MR E WTIGMQIR [MPP EJJIGX XLI GEPGYPEXIH
%R EREP]XMGEP FEPERGI GETEFPI SJ [IMKLMRK XS XLI
XIWX VIWYPX MR ER YRTVIHMGXEFPI [E]
RIEVIWX K
-J XLI TVIWIRGI SJ XLIWI SV SXLIV PSGEPMÎH GSRHMXMSRW
238) (YVMRK XIWXMRK XLIVI MW WSQI HITSWMXMSR SJ MVSR S\MHIW SR XLI MW E GSRGIVR XS XLI TYVGLEWIV XLIR XIWXW XLEX HS RSX EZIVEKI XLI
YTTIV TEVX SJ XLI )VPIRQI]IV EWO 8LMW GER FI VIEHMP] VIQSZIH EJXIV XIWX QEWW PSWW SZIV XLI XSXEP WTIGMQIR WYVJEGI EVIE WYGL EW 4VEGXMGI
GSQTPIXMSR F] FSMPMRK E WSPYXMSR SJ L]HVSGLPSVMG EGMH MR XLI EWO
% XLI 3\EPMG %GMH )XGL 8IWX SV 4VEGXMGI ) XLI 'STTIV'STTIV
(IWMGGEXSV{*SV WXSVEKI SJ TVITEVIH WTIGMQIRW TVMSV 7YPJEXI 7YPJYVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS
XS XIWXMRK -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW WLSYPH FI
GSRWMHIVIH (IXEMPW SJ XLI XIWX ERH EGGITXERGI GVMXIVME WLEPP FI
6IEKIRXW ERH 1EXIVMEPW
EW EKVIIH F] XLI TYVGLEWIV ERH TVSHYGIV
*IVVMG 7YPJEXI ,]HVEXI *I 73 \, 3 EFSYX
*I 73 F] QEWW 9RPIWW SXLIV[MWI WTIGMIH F] XLI TYVGLEWIV XLI TVS
GIHYVIW JSV SFXEMRMRK VITVIWIRXEXMZI FEWI QIXEP WEQTPIW JSV
*IVVMG WYPJEXI MW E WTIGMG EHHMXMZI XLEX IWXEFPMWLIW
VIQSZMRK XLI WTIGMQIRW JVSQ XLI WEQTPIW ERH XLI RYQFIV SJ
ERH GSRXVSPW XLI GSVVSWMSR TSXIRXMEP 7YFWXMXYXMSRW EVI RSX
TIVQMXXIH WTIGMQIRW WLEPP FI EX XLI HMWGVIXMSR SJ XLI TVSHYGIV
7YPJYVMG %GMH , 73 XS F] QEWW 4VITEVEXMSR SJ 8IWX 7TIGMQIRW
*IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX 7SPYXMSR ,IEX XVIEX I\XVEPS[ GEVFSR ERH WXEFMPMÎH KVEHIW EX
4VITEVI Q0 SJ XS WSPYXMSR EW XS ' XS * [LMGL MW XLI VERKI SJ
JSPPS[W QE\MQYQ GEVFMHI TVIGMTMXEXMSR TVMSV XS XIWXMRK 8LI PIRKXL SJ
;EVRMRK{4VSXIGX XLI I]IW ERH YWI VYFFIV KPSZIW XMQI SJ LIEXMRK ERH XLI QIXLSH SJ WYFWIUYIRX GSSPMRK YWIH JSV
JSV LERHPMRK EGMH 4PEGI XLI XIWX EWO YRHIV E LSSH XLMW WIRWMXM^MRK XVIEXQIRX XSKIXLIV [MXL XLI GSVVIWTSRHMRK
*MVWX QIEWYVI Q0 SJ 8]TI -: VIEKIRX [EXIV QE\MQYQ TIVQMWWMFPI GSVVSWMSR VEXI WLEPP FI EW EKVIIH FI
ERH TSYV MRXS XLI )VPIRQI]IV EWO X[IIR XLI QEXIVMEP TVSHYGIV ERH TYVGLEWIV
8LIR QIEWYVI Q0 SJ VIEKIRXKVEHI WYPJYVMG 238) 8LI QSWX GSQQSRP] YWIH WIRWMXM^MRK XVIEXQIRX MW L EX
EGMH %HH XLI EGMH WPS[P] ERH [MXL GSRWXERX WXMVVMRK XS XLI ' *
[EXIV MR XLI )VPIRQI]IV EWO XS EZSMH FSMPMRK F] XLI LIEX 4VITEVI XLI WTIGMQIRW IEGL LEZMRK E XSXEP WYVJEGI EVIE
IZSPZIH SJ XS GQ
238) 0SWW SJ ZETSV VIWYPXW MR GSRGIRXVEXMSR SJ XLI EGMH ;LIVI JIEWMFPI JSV XLI TVSHYGX JSVQ KVMRH EPP XLI
;IMKL K SJ VIEKIRXKVEHI JIVVMG WYPJEXI XS XLI WTIGMQIR WYVJEGIW YWMRK '%1-%27- ?*)4%-73 4A
RIEVIWX K ERH EHH XS XLI WYPJYVMG EGMH WSPYXMSR TETIVFEGOIH [IX SV HV] GPSWIH GSEXIH EFVEWMZI TETIV [MXL
(VST FSMPMRK GLMTW MRXS XLI EWO [EXIV EW E GSSPERX -J EFVEWMZI TETIV MW YWIH HV] TSPMWL WPS[P]
0YFVMGEXI KVSYRH KPEWW NSMRX [MXL WMPMGSRI KVIEWI XS EZSMH SZIVLIEXMRK (S RSX YWI EFVEWMZIW [MXL KVMRHMRK EMHW
'SZIV EWO [MXL GSRHIRWIV ERH GMVGYPEXI GSSPMRK WSQI KVMRHMRK EMHW GSRXEMR YSVMHIW XLEX GER EJJIGX XLI
[EXIV QIEWYVIH GSVVSWMSR VEXI
&SMP XLI WSPYXMSR YRXMP EPP JIVVMG WYPJEXI MW HMWWSPZIH 6IQSZI EPP XVEGIW SJ S\MHI WGEPI ERH LIEX XMRX JSVQIH
WII 2SXI HYVMRK LIEX XVIEXQIRXW %R] WGEPI XLEX GERRSX FI VIQSZIH F]
;EVRMRK{-X LEW FIIR VITSVXIH XLEX ZMSPIRX FSMPMRK KVMRHMRK JSV I\EQTPI MR WXEQTIH RYQFIVW QE] FI VIQSZIH
VIWYPXMRK MR EGMH WTMPPW GER SGGYV -X MW MQTSVXERX XS IRWYVI XLEX F] YWMRK SRI SJ XLI TMGOPMRK WSPYXMSRW HIWGVMFIH MR 4VEGXMGI
XLI GSRGIRXVEXMSR SJ EGMH HSIW RSX MRGVIEWI ERH XLEX ER EHIUYEXI %%1 8EFPI % 6IWMHYEP S\MHI WGEPI GEYWIW KEP
RYQFIV SJ FSMPMRK GLMTW [LMGL EVI VIWMWXERX XS EXXEGO F] XLI ZERMG EGXMSR ERH GSRWIUYIRX EGXMZEXMSR MR XLI XIWX WSPYXMSR
XIWX WSPYXMSR EVI TVIWIRX
1IEWYVI XLI WTIGMQIRW MRGPYHMRK XLI MRRIV WYVJEGIW SJ
7EQTPMRK ER] LSPIW XS XLI RIEVIWX QQ MR ERH GEPGYPEXI XLI
3FXEMR ERH TVITEVI SRP] FEWI QIXEP WEQTPIW XSXEP I\TSWIH EVIE
8LIVI EVI X[S GPEWWIW SJ WTIGMQIRW XS FI GSRWMHIVIH (IKVIEWI XLI WTIGMQIRW YWMRK WYMXEFPI RSRGLPSVMREXIH
FEWI QIXEP ERH TVSGIWWEJJIGXIH QIXEP 4VSGIWWEJJIGXIH QIXEP EKIRXW WYGL EW WSET ERH PYOI[EVQ [EXIV SV EGIXSRI (V] XLI
WTIGMQIRW ERH [IMKL IEGL SRI XS XLI RIEVIWX K 7XSVI XLI JSV GLVSQMYQRMGOIP WXIIPW H ! KGQ
WTIGMQIRW MR E HIWMGGEXSV YRXMP XLI XIWX MW XS FI TIVJSVQIH JSV GLVSQMYQRMGOIPQSP]FHIRYQ WXIIPW H ! KGQ
238) 'SRZIVWMSR JEGXSVW XS SXLIV GSQQSRP] YWIH YRMXW JSV GSVVS
4VSGIHYVI WMSR VEXIW EVI EW JSPPS[W
-J XLI XIWX WSPYXMSR MW RSX EPVIEH] FSMPMRK FVMRK MX XS 1MPPMQIXVIW TIV QSRXL ! MRGLIW TIV QSRXL
FSMPMRK 1MPPMQIXVIW TIV QSRXL ! MRGLIW TIV ]IEV
1MPPMQIXVIW TIV QSRXL ! QMPPMQIXVIW TIV ]IEV
/IIT XLI EWO GSZIVIH [MXL XLI GSRHIRWIV [MXL 1MPPMQIXVIW TIV QSRXL ! QMPW TIV ]IEV
GSSPMRK [EXIV S[MRK I\GITX [LIR MRWIVXMRK SV VIQSZMRK 1MPPMQIXVIW TIV QSRXL HIRWMX] ! QMPPMKVEQW TIV WUYEVI
WTIGMQIRW 7II 2SXI HIGMQIXVI TIV HE]
1MPPMQIXVIW TIV QSRXL HIRWMX] ! KVEQW TIV WUYEVI QIXVI TIV LSYV
8YVR SJJ XLI LIEX WSYVGI ERH EPPS[ XLI FSMPMRK XS
WYFWMHI 4VIGMWMSR ERH &MEW
4PEGI WTIGMQIRW MR KPEWW GVEHPIW 4VIGMWMSR{8LI TVIGMWMSR SJ 4VEGXMGI & MW FIMRK HIXIV
9RGSZIV XLI EWO QMRIH
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XS MRXIVKVERYPEV GSVVSWMSR MW HIRIH SRP] MR XIVQW SJ XLMW
6ITPEGI XLI GSRHIRWIV MQQIHMEXIP] VIWXSVI GSSPMRK TVEGXMGI
[EXIV S[ ERH XYVR SR XLI LIEX WSYVGI
1EVO XLI PMUYMH PIZIP SR XLI EWO XS TVSZMHI E GLIGO SR 46%'8-') '{2-86-' %'-( 8)78 *36
ZETSV PSWW [LMGL [SYPH VIWYPX MR GSRGIRXVEXMSR SJ XLI EGMH -J ()8)'8-2+ 797')48-&-0-8= 83
XLIVI MW ER ETTVIGMEFPI GLERKI MR XLI PIZIP VITIEX XLI XIWX [MXL -28)6+6%290%6 %88%'/ -2
JVIWL WSPYXMSR ERH VIKVSYRH ERH VI[IMKLIH WTIGMQIRW %978)2-8-' 78%-20)77 78))07
'SRXMRYI XLI MQQIVWMSR SJ XLI WTIGMQIRW JSV E XSXEP SJ 7GSTI
L ZI HE]W XLIR VIQSZI XLI WTIGMQIRW VMRWI MR [EXIV SV 8LMW TVEGXMGI HIWGVMFIW XLI TVSGIHYVI JSV GSRHYGXMRK
EGIXSRI ERH HV] XLI FSMPMRK RMXVMG EGMH XIWX EW IQTPS]IH XS QIEWYVI XLI
;IMKL XLI WTIGMQIRW ERH WYFXVEGX XLI RI[ [IMKLXW VIPEXMZI WYWGITXMFMPMX] SJ EYWXIRMXMG WXEMRPIWW WXIIPW XS MRXIV
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XIWX GER FI VYR [MXLSYX MRXIVVYTXMSR JSV L ,S[IZIV MJ XIWX MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI TIVJSVQERGI SJ XLI
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EVI RSX RIGIWWEV] TMXXMRK SV WXVIWWGSVVSWMSR GVEGOMRK
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EHHIH HYVMRK XLI XIWX -J XLI XSXEP [IMKLX PSWW SJ EPP XLI WTIGMIH XMQI 8LI VIWYPXMRK QEWW PSWW MW GSRZIVXIH XS E
WTIGMQIRW MR E EWO I\GIIHW K QSVI JIVVMG WYPJEXI QYWX FI GSVVSWMSR VEXI [LMGL MW GSQTEVIH XS E WTIGMIH QE\MQYQ
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K JSV IEGL K SJ HMWWSPZIH WXEMRPIWW WXIIP EXXEGO I\TIGXIH SJ XLI KVEHI SJ QEXIVMEP FIMRK XIWXIH
7IZIVEP WTIGMQIRW QE] FI XIWXIH WMQYPXERISYWP] 8LI
RYQFIV SV MW PMQMXIH SRP] F] XLI RYQFIV SJ KPEWW GVEHPIW
XLEX GER FI XXIH MRXS XLI EWO 8LI RMXVMG EGMH XIWX HIXIGXW WYWGITXMFMPMX] XS VETMH
MRXIVKVERYPEV EXXEGO EWWSGMEXIH [MXL GLVSQMYQ GEVFMHI TVIGMTM
'EPGYPEXMSR ERH 6ITSVX XEXI
8LI IJJIGX SJ XLI EGMH WSPYXMSR SR XLI QEXIVMEP MW 8LI GSVVSWMSR TSXIRXMEP SJ XLI RMXVMG EGMH XIWX 4VEGXMGI
QIEWYVIH F] HIXIVQMRMRK XLI PSWW SJ [IMKLX SJ XLI WTIGMQIR ' LEW FIIR VITSVXIH EW XS : ZIVWYW E WXERHEVH GEPSQIP
8LI GSVVSWMSR VEXIW WLSYPH FI VITSVXIH EW QMPPMQIXVIW SJ IPIGXVSHI EW GSQTEVIH [MXL : JSV 4VEGXMGI & ERH : JSV
TIRIXVEXMSR TIV QSRXL 2SXI GEPGYPEXIH EW JSPPS[W 4VEGXMGIW ) ERH *
238) ,MKLIV GSVVSWMSR TSXIRXMEP MRHMGEXIW QSVI WIZIVIP] S\MHM^MRK
1MPPMQIXVI TIV QSRXL ; % X H
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[LIVI MX WLSYPH FI MRZSOIH SRP] [LIR XLI QEXIVMEP MW HIWXMRIH JSV RMXVMG EGMH
WIVZMGI
X ! XMQI SJ I\TSWYVI L
% ! EVIE GQ 6ETMH 7GVIIRMRK 8IWX
; ! [IMKLX PSWW K ERH &IJSVI XIWXMRK MR XLI RMXVMG EGMH XIWX WTIGMQIRW SJ
H ! HIRWMX] KGQ
GIVXEMR KVEHIW SJ WXEMRPIWW WXIIP EW KMZIR MR 8EFPI QE] FI
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7XVYGXYVIW 7XVYGXYVIW
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%'- '* 7XIT HYEP MWSPEXIH JIVVMXI TSSPW (MXGL MRXIVHIRHVMXMG HMXGLIW
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+VEHIW RSX PMWXIH MR XLMW XEFPI IMXLIV LEZI RSX FIIR IZEPYEXIH JSV YWI SJ 4VEGXMGI XS XIWXMRK
% [MXL 4VEGXMGI & SV LEZI FIIR JSYRH XS KMZI EGGITXEFPI VIWYPXW MR XLI IXGL XIWX
[LMPI KMZMRK YREGGITXEFPI VIWYPXW MR 4VEGXMGI & -R XLI PEXXIV GEWI 4VEGXMGI % [SYPH 2MXVMG %GMH 8IWX 7SPYXMSR
TEWW QEXIVMEP XLEX WLSYPH LEZI FIIR WYFNIGXIH XS XLI JIVVMG WYPJEXIWYPJYVMG EGMH
XIWX 8LI XIWX WSPYXMSR WLEPP FI [IMKLX EW RMXVMG
7TIGMQIRW LEZMRK XLIWI WXVYGXYVIW WLEPP FI XIWXIH MR XLI RMXVMG EGMH XIWX EGMH HIXIVQMRIH F] EREP]WMW
4VITEVI XLMW WSPYXMSR F] EHHMRK VIEKIRX KVEHI RMXVMG
EGMH ,23 8EFPI XS VIEKIRX [EXIV EX XLI VEXI SJ Q0 SJ
VIEKIRX [EXIV TIV PMXVI SJ VIEKIRX RMXVMG EGMH
KMZIR E VETMH WGVIIRMRK XIWX MR EGGSVHERGI [MXL TVSGIHYVIW
KMZIR MR 4VEGXMGI % 3\EPMG %GMH )XGL 8IWX JSV 'PEWWMGEXMSR SJ ;EVRMRK{4VSXIGX XLI I]IW ERH YWI VYFFIV KPSZIW JSV
)XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 8LI YWI SJ XLI LERHPMRK EGMH 4PEGI XLI XIWX EWO YRHIV E LSSH
IXGL WXVYGXYVI IZEPYEXMSRW MR GSRRIGXMSR [MXL XLI RMXVMG EGMH XIWX 8LI RMXVMG EGMH YWIH WLEPP GSRJSVQ XS XLI %QIVMGER
MW WTIGMIH MR 8EFPI 'LIQMGEP 7SGMIX] 7TIGMGEXMSRW JSV 6IEKIRX 'LIQMGEPW ERH
,IEX XVIEX XLI QEXIVMEP MR EGGSVHERGI [MXL TVMSV XS XLI EHHMXMSREP VIUYMVIQIRXW SJ XLMW XIWX QIXLSH EW WLS[R MR
TIVJSVQMRK XLI IXGL XIWX 8EFPI
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ETTPMGEXMSR SJ XLI RMXVMG EGMH XIWX XS TVSGIWWEJJIGXIH EVIEW
3FXEMR ERH TVITEVI SRP] FEWI QIXEP WEQTPIW
MW GYVVIRXP] SYXWMHI XLI WGSTI SJ 4VEGXMGI ' 8LIVI EVI X[S GPEWWIW SJ WTIGMQIRW XS FI GSRWMHIVIH
'SVVSWMSR XIWX WTIGMQIRW LEZMRK EGGITXEFPI IXGL WXVYG FEWI QIXEP ERH TVSGIWWEJJIGXIH QIXEP 4VSGIWWEJJIGXIH QIXEP
XYVIW MR XLI 3\EPMG %GMH )XGL 8IWX [MPP FI IWWIRXMEPP] JVII SJ GSRXEMRW ER] GSRHMXMSR XLEX EJJIGXW XLI GSVVSWMSR TVSTIVXMIW SJ
MRXIVKVERYPEV EXXEGO MR XLI RMXVMG EGMH XIWX WYGL WTIGMQIRW EVI XLI QEXIVMEP MR E RSRYRMJSVQ [E] WYGL EW FYX RSX PMQMXIH XS
EGGITXEFPI [MXLSYX XIWXMRK MR XLI RMXVMG EGMH XIWX %PP WTIGMQIRW [IPHW GEVFYVMÎH RMXVMHIH SV S\MHMÎH WYVJEGIW QIGLERMGEP
LEZMRK WYWTIGX IXGL WXVYGXYVIW WLEPP FI XIWXIH MR XLI RMXVMG EGMH HIJSVQEXMSR ERH EVIEW EJJIGXIH F] LIEX &EWI QIXEP LEW RSRI
XIWX SJ XLIWI GSRHMXMSRW
8LI 4VEGXMGI ' XIWX MRZSPZIW MQQIVWMRK XLI IRXMVI
%TTEVEXYW WTIGMQIR ERH EZIVEKMRK XLI QEWW PSWW SZIV XLI IRXMVI WYVJEGI SJ
'SRXEMRIV{% 0 )VPIRQI]IV EWO IUYMTTIH [MXL E XLI WTIGMQIR ;IPHMRK GEVFYVMÊXMSR QIGLERMGEP HIJSVQEXMSR
GSPH RKIVX]TI GSRHIRWIV EW MPPYWXVEXIH MR *MK ERH XLI PMOI EJJIGX SRP] TEVX SJ E WTIGMQIR
8LI QEWW PSWW VEXI JVSQ TVSGIWWEJJIGXIH QIXEP MW
7TIGMQIR 7YTTSVXW{+PEWW LSSOW WXMVVYTW SV GVEHPIW
I\TIGXIH XS HMJJIV JVSQ XLEX JVSQ FEWI QIXEP XLI TVIWIRGI SJ
JSV WYTTSVXMRK XLI WTIGMQIRW MR XLI EWO JYPP] MQQIVWIH EX EPP
TVSGIWWEJJIGXIH QIXEP MR E WTIGMQIR [MPP EJJIGX XLI GEPGYPEXIH
XMQIW HYVMRK XLI XIWX ERH WS HIWMKRIH XLEX WTIGMQIRW XIWXIH MR
XIWX VIWYPX MR ER YRTVIHMGXEFPI [E]
XLI WEQI GSRXEMRIV HS RSX GSQI MR GSRXEGX [MXL IEGL SXLIV
MW E GSRGIVR XS XLI TYVGLEWIV XLIR XIWXW XLEX HS RSX EZIVEKI XLI
QEWW PSWW SZIV XLI XSXEP WTIGMQIR WYVJEGI EVIE WYGL EW 4VEGXMGI
7YPJEXI7YPJYVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS
8%&0) 2MXVMG %GMH 'SQTSWMXMSR 0MQMXW

1MRMQYQ 1E\MQYQ
2MXVMG %GMH ,23
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%WL TTQ
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7YPJEXI EW 73 TTQ
%VWIRMG %W TTQ
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GSRWMHIVIH (IXEMPW SJ XLI XIWX ERH EGGITXERGI GVMXIVME WLEPP FI 8LI WXERHEVH XIWX MW XS XIWX SRP] SRI WTIGMQIR SJ IEGL
EW EKVIIH F] XLI TYVGLEWIV ERH TVSHYGIV QEXIVMEP SV PSX SJ QEXIVMEP ,S[IZIV MR GEWI SJ HMWTYXI XLI YWI
9RPIWW SXLIV[MWI WTIGMIH F] XLI TYVGLEWIV XLI TVS SJ EX PIEWX X[S WTIGMQIRW JSV GLIGO TYVTSWIW MW VIGSQQIRHIH
GIHYVIW JSV SFXEMRMRK VITVIWIRXEXMZI FEWI QIXEP WEQTPIW JSV
4VSGIHYVI
VIQSZMRK XLI WTIGMQIRW JVSQ XLI WEQTPIW ERH XLI RYQFIV SJ
WTIGMQIRW WLEPP FI EX XLI HMWGVIXMSR SJ XLI TVSHYGIV 9WI E WYJJMGMIRX UYERXMX] SJ XLI RMXVMG EGMH XIWX WSPYXMSR
XS GSZIV XLI WTIGMQIRW ERH XS TVSZMHI E ZSPYQI SJ EX PIEWX
;LIR WTIGMQIRW EVI GYX F] WLIEVMRK XLI WLIEVIH IHKIW
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WLEPP FI VIRMWLIH F] QEGLMRMRK SV KVMRHMRK TVMSV XS XIWXMRK
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4VITEVEXMSR SJ 8IWX 7TIGMQIRW 9WI E WITEVEXI GSRXEMRIV JSV IEGL XIWX WTIGMQIR
%W QER] EW XLVII WTIGMQIRW QE] FI XIWXIH MR XLI
,IEX XVIEX I\XVEPS[ GEVFSR ERH WXEFMPMÎH KVEHIW EX
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XS ' XS * [LMGL MW XLI VERKI SJ
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QE\MQYQ GEVFMHI TVIGMTMXEXMSR TVMSV XS XIWXMRK 8LI PIRKXL SJ
-J QSVI XLER SRI SJ XLI WTIGMQIRW XIWXIH MR XLI WEQI
XMQI SJ LIEXMRK ERH XLI QIXLSH SJ WYFWIUYIRX GSSPMRK YWIH JSV
GSRXEMRIV JEMP XS TEWW XLI XIWX VIXIWX EPP XLI WTIGMQIRW MR
XLMW WIRWMXM^MRK XVIEXQIRX XSKIXLIV [MXL XLI GSVVIWTSRHMRK
WITEVEXI GSRXEMRIVW
QE\MQYQ TIVQMWWMFPI GSVVSWMSR VEXI WLEPP FI EW EKVIIH FI
X[IIR XLI QEXIVMEP TVSHYGIV ERH TYVGLEWIV 238) )\GIWWMZI GSVVSWMSR SJ SRI WTIGMQIR QE] VIWYPX MR EGGIPIV
EXIH GSVVSWMSR SJ XLI SXLIV WTIGMQIRW XIWXIH [MXL MX )\GIWWMZI GSVVSWMSR
238) 8LI QSWX GSQQSRP] YWIH WIRWMXM^MRK XVIEXQIRX MW L EX QE] SJXIR FI HIXIGXIH F] GLERKIW MR XLI GSPSV SJ XLI XIWX WSPYXMSR ERH MX
' * QE] FI ETTVSTVMEXI XS TVSZMHI WITEVEXI GSRXEMRIVW JSV WYGL WTIGMQIRW
238) 8LI WMÎ ERH WLETI SJ XLI WTIGMQIR QYWX FI GSRWMHIVIH [MXL [MXLSYX [EMXMRK YRXMP XLI IRH SJ XLI XIWX TIVMSH % VIGSVH WLSYPH FI QEHI
VIWTIGX XS EZEMPEFPI JEGMPMXMIW JSV EGGYVEXI [IMKLMRK ERH XLI ZSPYQI SJ XIWX WLS[MRK [LMGL WTIGMQIRW [IVI XIWXIH XSKIXLIV
WSPYXMSR XS FI YWIH 2SVQEPP] XLI QE\MQYQ GSRZIRMIRX [IMKLX SJ E
WTIGMQIR MW EFSYX K -R XLI GEWI SJ FEV [MVI ERH XYFYPEV TVSHYGXW XLI %JXIV XLI WTIGMQIRW LEZI FIIR TPEGIH MR XLI EGMH MR XLI
TVSTSVXMSR SJ XLI XSXEP EVIE VITVIWIRXIH F] XLI I\TSWIH GVSWW WIGXMSR QE] GSRXEMRIV TEWW GSSPMRK [EXIV XLVSYKL XLI GSRHIRWIV FVMRK XLI
MRYIRGI XLI VIWYPXW 'VSWWWIGXMSREP EVIEW MR XLIWI TVSHYGXW QE] FI EGMH XS E FSMP SR XLI LSX TPEXI ERH OIIT FSMPMRK XLVSYKLSYX XLI
WYFNIGX XS IRH KVEMR EXXEGO MR RMXVMG EGMH 8LI TVSTSVXMSR SJ IRH KVEMR MR XLI XIWX TIVMSH 2SXI %JXIV IEGL XIWX TIVMSH VMRWI XLI WTIGM
WTIGMQIR WLSYPH XLIVIJSVI FI OITX PS[ YRPIWW WYGL WYVJEGI MW EGXYEPP] XS
FI I\TSWIH MR WIVZMGI MRZSPZMRK RMXVMG EGMH -R XLMW PEXXIV GEWI XLI QIRW [MXL [EXIV ERH XVIEX F] WGVYFFMRK [MXL VYFFIV SV E R]PSR
TVSTSVXMSR SJ IRH KVEMR MR XLI WTIGMQIR WLSYPH FI OITX LMKL FVYWL YRHIV VYRRMRK [EXIV XS VIQSZI ER] EHLIVMRK GSVVSWMSR
;LIVI JIEWMFPI JSV XLI TVSHYGX JSVQ KVMRH EPP XLI TVSHYGXW XLIR HV] ERH [IMKL XLIQ (V]MRK QE] FI JEGMPMXEXIH
WTIGMQIR WYVJEGIW YWMRK '%1-%27- ?*)4%-73 4A MJ HIWMVIH F] HMTTMRK XLI WTIGMQIRW MR EGIXSRI EJXIV XLI] EVI
TETIVFEGOIH [IX SV HV] GPSWIH GSEXIH EFVEWMZI TETIV [MXL WGVYFFIH
[EXIV EW E GSSPERX -J EFVEWMZI TETIV MW YWIH HV] TSPMWL WPS[P] ;EVRMRK{-X LEW FIIR VITSVXIH XLEX ZMSPIRX FSMPMRK
XS EZSMH SZIVLIEXMRK (S RSX YWI EFVEWMZIW [MXL KVMRHMRK EMHW VIWYPXMRK MR EGMH WTMPPW GER SGGYV -X MW MQTSVXERX XS IRWYVI XLEX
WSQI KVMRHMRK EMHW GSRXEMR YSVMHIW XLEX GER EJJIGX XLI XLI GSRGIRXVEXMSR SJ EGMH HSIW RSX MRGVIEWI ERH XLEX ER EHIUYEXI
QIEWYVIH GSVVSWMSR VEXI RYQFIV SJ FSMPMRK GLMTW [LMGL EVI VIWMWXERX XS EXXEGO F] XLI
6IQSZI EPP XVEGIW SJ S\MHI WGEPI ERH LIEX XMRX JSVQIH XIWX WSPYXMSR EVI TVIWIRX
HYVMRK LIEX XVIEXQIRXW %R] WGEPI XLEX GERRSX FI VIQSZIH F] 238) 8EOI GEVI XS TVIZIRX GSRXEQMREXMSR SJ XLI XIWXMRK WSPYXMSR
KVMRHMRK JSV I\EQTPI MR WXEQTIH RYQFIVW QE] FI VIQSZIH IWTIGMEPP] F] YSVMHIW IMXLIV FIJSVI SV HYVMRK XLI XIWX )\TIVMIRGI LEW
F] YWMRK SRI SJ XLI TMGOPMRK WSPYXMSRW HIWGVMFIH MR 4VEGXMGI WLS[R XLEX XLI TVIWIRGI SJ IZIR WQEPP EQSYRXW SJ L]HVSYSVMG EGMH [MPP
MRGVIEWI XLI GSVVSWMSR VEXI MR XLI RMXVMG EGMH XIWX -X MW RSX TIVQMWWMFPI JSV
%%1 8EFPI % I\EQTPI XS GSRHYGX RMXVMGL]HVSYSVMG EGMH XIWXW MR XLI WEQI LSSH [MXL
1IEWYVI XLI WTIGMQIR MRGPYHMRK XLI MRRIV WYVJEGIW SJ RMXVMG EGMH XIWXW
ER] LSPIW XS XLI RIEVIWX QQ MR ERH GEPGYPEXI XLI 8LI WXERHEVH XIWX GSRWMWXW SJ ZI FSMPMRK TIVMSHW SJ
XSXEP I\TSWIH EVIE MR GQ L IEGL [MXL E JVIWL XIWX WSPYXMSR FIMRK YWIH MR IEGL TIVMSH
(IKVIEWI XLI WTIGMQIR YWMRK WYMXEFPI RSRGLPSVMREXIH % GSQFMREXMSR SJ SRI L TIVMSH ERH X[S L
EKIRXW WYGL EW WSET ERH PYOI[EVQ [EXIV SV EGIXSRI 2SXI TIVMSHW RSX RIGIWWEVMP] MR XLEX SVHIV MRWXIEH SJ ZI L XIWX
(V] XLI WTIGMQIRW ERH [IMKL IEGL SRI XS XLI RIEVIWX K TIVMSHW QE] FI YWIH MJ WS EKVIIH F] XLI TYVGLEWIV
7XSVI XLI WTIGMQIRW MR E HIWMGGEXSV YRXMP XLI XIWX MW XS FI 'EPGYPEXMSR ERH 6ITSVX
TIVJSVQIH
'EPGYPEXMSR{8LI IJJIGX SJ XLI EGMH SR XLI QEXIVMEP
238) 8LI GPIERMRK XVIEXQIRX HIWGVMFIH QE] FI WYTTPIQIRXIH F] WLEPP FI QIEWYVIH F] HIXIVQMRMRK XLI PSWW SJ [IMKLX SJ XLI
MQQIVWMRK XLI WTIGMQIR MR RMXVMG EGMH JSV I\EQTPI [IMKLX EX XS
' XS * JSV QMR JSPPS[IH F] VMRWMRK HV]MRK ERH
WTIGMQIR EJXIV IEGL XIWX TIVMSH ERH JSV XLI XSXEP SJ XLI XIWX
[IMKLMRK -R XLI GEWI SJ WQEPPHMEQIXIV XYFYPEV WTIGMQIRW [LMGL GERRSX TIVMSHW 9WMRK )U GEPGYPEXI XLI GSVVSWMSR VEXI JSV IEGL
FI GSRZIRMIRXP] VIWYVJEGIH SR XLI MRWMHI MX MW HIWMVEFPI XS MRGPYHI MR XLI WTIGMQIR JSV IEGL XIWX TIVMSH ERH JSV XLI XSXEP SJ XLI XIWX
TVITEVEXMSR ER MQQIVWMSR MR FSMPMRK RMXVMG EGMH JSV XS L YWMRK TIVMSHW
XLI WEQI ETTEVEXYW EW JSV XLI EGXYEP XIWX 8LI TYVTSWI SJ XLIWI XVIEXQIRXW
MW XS VIQSZI ER] WYVJEGI GSRXEQMREXMSR XLEX QE] RSX FI EGGSQTPMWLIH F] 6ITSVX{6ITSVX XLI GEPGYPEXIH GSVVSWMSR VEXIW JSV XLI
XLI VIKYPEV GPIERMRK QIXLSH ERH [LMGL QE] MRGVIEWI XLI ETTEVIRX [IMKLX MRHMZMHYEP TIVMSHW MR GLVSRSPSKMGEP SVHIV EW [IPP EW XLI
EZIVEKI JSV XLI ZI XIWX TIVMSHW -J XLI QSHMIH XIWX TIVMSHW XIWXMRK MR XLI GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH XIWX %PP
EVI YWIH XLIR MHIRXMJ] IEGL VIWYPX EW XS XLI WIUYIRGI WTIGMQIRW LEZMRK WYWTIGX IXGL WXVYGXYVIW QYWX FI XIWXIH MR XLI
ERH PIRKXL SJ XLI XIWX TIVMSH GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH XIWX
,IEX XVIEX XLI QEXIVMEP [LIR VIUYMVIH F] ERH MR
4VIGMWMSR ERH &MEW EGGSVHERGI [MXL TVMSV XS TIVJSVQMRK XLI IXGL XIWX
4VIGMWMSR{8LI TVIGMWMSR SJ 4VEGXMGI ' MW FIMRK HIXIV
7YQQEV] SJ 4VEGXMGI
QMRIH
% WYMXEFPI WEQTPI SJ ER EYWXIRMXMG WXEMRPIWW WXIIP
&MEW{8LMW TVEGXMGI LEW RS FMEW FIGEYWI XLI VIWMWXERGI
IQFIHHIH MR GSTTIV WLSX SV KVMRHMRKW MW I\TSWIH XS FSMPMRK
XS MRXIVKVERYPEV GSVVSWMSR MW HIRIH SRP] MR XIVQW SJ XLMW
EGMHMIH GSTTIV WYPJEXI WSPYXMSR JSV L %JXIV I\TSWYVI MR XLI
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FSMPMRK WSPYXMSR XLI WTIGMQIR MW FIRX -RXIVKVERYPEV GVEGOMRK SV
46%'8-') ){'344)6'344)6 790*%8)z GVE^MRK MW IZMHIRGI SJ WYWGITXMFMPMX]
790*96-' %'-( 8)78 *36 ()8)'8-2+ %PXIVREXMZI 8IWXMRK 4VSGIHYVIW
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%88%'/ -2 %978)2-8-' 78%-20)77 78))07 SVHIV XLI WYTTPMIV MW TIVQMXXIH XS QIIX XLI VIUYMVIQIRXW SJ
4VEGXMGI ) F] TIVJSVQMRK E XIWX MR EGGSVHERGI [MXL -73
7GSTI
1IXLSH % TVSZMHIH XLEX XLI XIWXMRK TIVMSH WLEPP FI E
8LMW TVEGXMGI HIWGVMFIW XLI TVSGIHYVI F] [LMGL XLI QMRMQYQ SJ L ;LIR E WIRWMXMÊXMSR XVIEXQIRX MW VIUYMVIH
GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH XIWX MW GSRHYGXIH XS WIRWMXMÊXMSR LIEX XVIEXQIRX 8 ?' '
HIXIVQMRI XLI WYWGITXMFMPMX] SJ EYWXIRMXMG WXEMRPIWW WXIIPW XS * * QMR [EXIV UYIRGLA WLEPP FI YWIH YRPIWW
MRXIVKVERYPEV EXXEGO 8LI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV XLI WYTTPMIV ERH TYVGLEWIV WLEPP EKVII YTSR TVITEVEXMSR SJ
GSVVSWMSR MR XLMW XIWX MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI [IPHIH XIWX TMIGIW XS FI XIWXIH MR XLI EW[IPHIH GSRHMXMSR
TIVJSVQERGI SJ XLI QEXIVMEP MR SXLIV GSVVSWMZI QIHME 8LI XIWX ;LIR XLMW EPXIVREXMZI XIWX TVSGIHYVI MW YWIH MX WLEPP
HSIW RSX TVSZMHI E FEWMW JSV TVIHMGXMRK VIWMWXERGI XS SXLIV JSVQW FI RSXIH SR XLI XIWX VITSVX
SJ GSVVSWMSR WYGL EW KIRIVEP GSVVSWMSR TMXXMRK SV WXVIWW
GSVVSWMSR GVEGOMRK %TTEVEXYW
8LI FEWMG ETTEVEXYW MW HIWGVMFIH MR 7IGXMSR
6ETMH 7GVIIRMRK 8IWX
7TIGMQIR 7YTTSVXW{%R STIR KPEWW GVEHPI GETEFPI SJ
&IJSVI XIWXMRK MR XLI GSTTIVGSTTIV WYPJEXI WYP WYTTSVXMRK XLI WTIGMQIRW ERH GSTTIV WLSX SV KVMRHMRKW MR XLI
JYVMG EGMH XIWX WTIGMQIRW SJ GIVXEMR KVEHIW SJ WXEMRPIWW WXIIP EWO MW VIGSQQIRHIH
WII 8EFPI QE] FI KMZIR E VETMH WGVIIRMRK XIWX MR EGGSVHERGI
[MXL XLI TVSGIHYVIW KMZIR MR 4VEGXMGI % 7IGXMSRW XLVSYKL 238) -X QE] FI RIGIWWEV] XS IQFIH PEVKI WTIGMQIRW WYGL EW JVSQ
LIEZ] FEV WXSGO MR GSTTIV WLSX SR XLI FSXXSQ SJ XLI XIWX EWO % GSTTIV
4VITEVEXMSR IXGLMRK ERH XLI GPEWWMGEXMSR SJ IXGL WXVYG GVEHPI QE] EPWS FI YWIH
XYVIW EVI HIWGVMFIH XLIVIMR 8LI YWI SJ IXGLWXVYGXYVI IZEPYE
XMSRW MR GSRRIGXMSR [MXL XLI GSTTIVGSTTIV WYPJEXI ,IEX 7SYVGI{%R] KEW SV IPIGXVMGEPP] LIEXIH LSX TPEXI
WYPJYVMG EGMH XIWX MW WTIGMIH MR 8EFPI QE] FI YXMPMÎH JSV LIEXMRK XLI XIWX WSPYXMSR ERH OIITMRK MX
'SVVSWMSR XIWX WTIGMQIRW LEZMRK EGGITXEFPI IXGL FSMPMRK XLVSYKLSYX XLI XIWX TIVMSH
WXVYGXYVIW MR XLI 3\EPMG %GMH )XGL 8IWX [MPP FI IWWIRXMEPP] JVII
SJ MRXIVKVERYPEV EXXEGO MR XLI GSTTIVGSTTIV WYPJEXI
WYPJYVMG EGMH XIWX 7YGL WTIGMQIRW EVI EGGITXEFPI [MXLSYX (MWWSPZI K SJ VIEKIRX KVEHI GSTTIV WYPJEXI
'Y73 , 3 MR Q0 SJ HMWXMPPIH [EXIV EHH Q0 SJ
WYPJYVMG EGMH , 73 GT WT KV ERH HMPYXI XS Q0
[MXL HMWXMPPIH [EXIV
%GMH )XGL 8IWX [MXL XLI 'STTIVz'STTIV 7YPJEXIz 7YPJYVMG
%GMH 8IWX 238) 8LI WSPYXMSR [MPP GSRXEMR ETTVS\MQEXIP] [IMKLX SJ
%GGITXEFPI )XGL 7YWTIGX )XGL ERL]HVSYW 'Y73 ERH [IMKLX SJ , 73
+VEHI
7XVYGXYVIW 7XVYGXYVIW
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%-7- 7XIT HYEP IRH KVEMR - ERH -- (MXGL )PIGXVSP]XMG KVEHI GSTTIV WLSX SV KVMRHMRKW QE] FI
YWIH 7LSX MW TVIJIVVIH JSV MXW IEWI SJ LERHPMRK FIJSVI ERH EJXIV
%-7- 0 7XIT HYEP IRH KVEMR - ERH -- (MXGL XLI XIWX
%-7- , 7XIT HYEP IRH KVEMR - ERH -- (MXGL
%-7- 7XIT HYEP IRH KVEMR - ERH -- (MXGL % WYJJMGMIRX UYERXMX] SJ GSTTIV WLSX SV KVMRHMRKW MW XS
%-7- 0 7XIT HYEP IRH KVEMR - ERH -- (MXGL FI YWIH XS GSZIV EPP WYVJEGIW SJ XLI WTIGMQIR [LIXLIV MX MW MR E
%-7- , 7XIT HYEP IRH KVEMR - ERH -- (MXGL ZIRXIH KPEWW GVEHPI SV IQFIHHIH MR E PE]IV SJ GSTTIV WLSX SR
%-7- 0 7XIT HYEP IRH KVEMR - ERH -- (MXGL XLI FSXXSQ SJ XLI XIWX EWO
8LI EQSYRX SJ GSTTIV YWIH EWWYQMRK ER I\GIWW SJ
QIXEPPMG GSTTIV MW TVIWIRX MW RSX GVMXMGEP 8LI IJJIGXMZI KEPZERMG
7TIGMQIRW LEZMRK XLIWI WXVYGXYVIW QYWX FI XIWXIH MR XLI GSTTIVzGSTTIV
WYPJEXIz WYPJYVMG EGMH XIWX GSYTPMRK FIX[IIR GSTTIV ERH XLI XIWX WTIGMQIR QE] LEZI
MQTSVXERGI
DDDDDDDDDDDDDDDDDDD
8LI GSTTIV WLSX SV KVMRHMRKW QE] FI VIYWIH MJ XLI] EVI L EX ' 'EVI WLSYPH FI XEOIR XS EZSMH GEVFYVM^MRK SV
GPIERIH MR [EVQ XET [EXIV EJXIV IEGL XIWX RMXVMHMRK XLI WTIGMQIRW 8LI LIEX XVIEXMRK MW FIWX GEVVMIH SYX MR
EMV SV RIYXVEP WEPX
7TIGMQIR 4VITEVEXMSR
238) 8LI WIRWMXM^MRK XVIEXQIRX ' MW TIVJSVQIH XS GLIGO XLI
8LI WMÎ SJ XLI WEQTPI WYFQMXXIH JSV XIWX ERH XLI EVIE IJJIGXMZIRIWW SJ WXEFMPMÎH ERH QE\MQYQ GEVFSR QEXIVMEPW MR
JVSQ [LMGL MX MW XS FI XEOIR IRH SV QMHHPI SJ GSMP QMH[E] VIWMWXMRK GEVFMHI TVIGMTMXEXMSR LIRGI MRXIVKVERYPEV EXXEGO
WYVJEGI ERH GIRXIV ERH WS JSVXL MW KIRIVEPP] WTIGMIH MR XLI
EKVIIQIRX FIX[IIR XLI TYVGLEWIV ERH XLI WIPPIV 8LI XIWXMRK 8IWX 'SRHMXMSRW
ETTEVEXYW HMGXEXIW XLI REP WMÎ ERH WLETI SJ XLI XIWX WTIGMQIR 8LI ZSPYQI SJ EGMHMIH GSTTIV WYPJEXI XIWX WSPYXMSR
8LI WTIGMQIR GSRKYVEXMSR WLSYPH TIVQMX IEW] IRXVERGI ERH YWIH WLSYPH FI WYJJMGMIRX XS GSQTPIXIP] MQQIVWI XLI WTIGMQIRW
VIQSZEP XLVSYKL XLI RIGO SJ XLI XIWX GSRXEMRIV ERH TVSZMHI E QMRMQYQ SJ Q0GQ Q0MR SJ WTIGMQIR
8EFPI QE] FI YWIH EW E KYMHI XS HIXIVQMRI WYVJEGI EVIE
EGGITXEFPI WTIGMQIR WMÎW 8LIVI QE] FI VIWXVMGXMSRW TPEGIH SR %W QER] EW XLVII WTIGMQIRW GER FI XIWXIH MR XLI WEQI
WTIGMQIR WMÎ F] XLI XIWXMRK ETTEVEXYW GSRXEMRIV -X MW MHIEP XS LEZI EPP XLI WTIGMQIRW MR SRI EWO XS FI
7TIGMQIRW SFXEMRIH F] WLIEVMRK WLSYPH LEZI XLI SJ XLI WEQI KVEHI FYX MX MW RSX EFWSPYXIP] RIGIWWEV] 8LI
WLIEVIH IHKIW QEGLMRIH SV KVSYRH SJJ TVMSV XS XIWXMRK 'EVI WSPYXMSR ZSPYQIXSWEQTPI EVIE VEXMS MW XS FI QEMRXEMRIH
WLSYPH FI XEOIR [LIR KVMRHMRK XS EZSMH SZIVLIEXMRK SV 8LI XIWX WTIGMQIRW WLSYPH FI MQQIVWIH MR EQFMIRX
FYVRMRK % WUYEVIH IHKI MW HIWMVEFPI XIWX WSPYXMSR [LMGL MW XLIR FVSYKLX XS E FSMP ERH QEMRXEMRIH
%R] WGEPI SR XLI WTIGMQIRW WLSYPH FI VIQSZIH QI FSMPMRK XLVSYKLSYX XLI XIWX TIVMSH &IKMR XMQMRK XLI XIWX TIVMSH
GLERMGEPP] YRPIWW E TEVXMGYPEV WYVJEGI RMWL MW XS FI IZEPYEXIH [LIR XLI WSPYXMSR VIEGLIW XLI FSMPMRK TSMRX
'LIQMGEP VIQSZEP SJ WGEPI MW TIVQMWWMFPI [LIR XLMW MW XLI GEWI 238) 1IEWYVIW WLSYPH FI XEOIR XS QMRMQMÎ FYQTMRK SJ XLI
1IGLERMGEP VIQSZEP SJ WGEPI WLSYPH FI EGGSQTPMWLIH [MXL WSPYXMSR [LIR KPEWW GVEHPIW EVI YWIH XS WYTTSVX WTIGMQIRW % WQEPP
KVMX MVSRJVII EPYQMRYQ S\MHI EFVEWMZI EQSYRX SJ GSTTIV WLSX IMKLX XS XIR TMIGIW SR XLI FSXXSQ SJ XLI EWO [MPP
GSRZIRMIRXP] WIVZI XLMW TYVTSWI
)EGL WTIGMQIR WLSYPH FI HIKVIEWIH YWMRK E GPIERMRK
WSPZIRX WYGL EW EGIXSRI EPGSLSP IXLIV SV E ZETSV HIKVIEWIV 8LI XMQI SJ XLI XIWX WLEPP FI E QMRMQYQ SJ L
TVMSV XS FIMRK XIWXIH YRPIWW E PSRKIV XMQI MW EKVIIH YTSR FIX[IIR XLI TYVGLEWIV ERH
XLI TVSHYGIV -J RSX L XLI XIWX XMQI WLEPP FI WTIGMIH SR XLI
%PP EYWXIRMXMG QEXIVMEP MR XLI EWVIGIMZIH QMPP XIWX VITSVX *VIWL XIWX WSPYXMSR [SYPH RSX FI RIIHIH MJ XLI XIWX
ERRIEPIH GSRHMXMSR WLSYPH FI GETEFPI SJ QIIXMRK XLMW XIWX
[IVI XS VYR SV IZIR L -J ER] EHLIVIRX GSTTIV VIQEMRW
7TIGMQIRW SJ I\XVEPS[GEVFSR ERH WXEFMPMÎH KVEHIW
SR XLI WTIGMQIR MX QE] FI VIQSZIH F] E FVMIJ MQQIVWMSR MR
EVI XIWXIH EJXIV WIRWMXM^MRK LIEX XVIEXQIRXW EX XS ' GSRGIRXVEXIH RMXVMG EGMH EX VSSQ XIQTIVEXYVI
XS * [LMGL MW XLI VERKI SJ QE\MQYQ GEVFMHI
TVIGMTMXEXMSR 8LI QSWX GSQQSRP] YWIH WIRWMXM^MRK XVIEXQIRX MW 238) 6IWYPXW MR XLI PMXIVEXYVI MRHMGEXI XLEX XLMW XIWX MW QSVI
WIRWMXMZI MJ MX MW VYR JSV PSRKIV XMQIW
8%&0) 7MÎW SJ 8IWX 7TIGMQIRW

&IRH 8IWX
8]TI SJ 1EXIVMEP 7MÎ SJ 8IWX 7TIGMQIR 8LI XIWX WTIGMQIR WLEPP FI FIRX XLVSYKL ERH SZIV
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9T XS QQ MR MR HMEQIXIV MRGP *YPP HMEQIXIV F] QQ MR QMR WII *MK -R RS GEWI WLEPP XLI WTIGMQIR FI FIRX SZIV E
PSRK
3ZIV QQ MR MR HMEQIXIV ']PMRHVMGEP WIKQIRX QQ MR XLMGO
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XS QQ XS MR PSRK
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9T XS QQ MR XLMGO MRGP *YPP XLMGORIWW F] XS QQ XS
MR [MHI F] QQ MR QMR
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XS QQ XS MR [MHI F]
QQ MR QMR PSRK
8YFMRK
9T XS QQ MR MR HMEQIXIV MRGP *YPP VMRK QQ MR [MHI
3ZIV QQ MR MR HMEQIXIV % GMVGYQJIVIRXMEP WIKQIRX QQ
MR QMR PSRK GYX JVSQ E QQ
MR [MHI VMRK
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FIRH
3RI WYVJEGI WLEPP FI ER SVMKMREP WYVJEGI SJ XLI QEXIVMEP YRHIV XIWX ERH MX WLEPP FI
SR XLI SYXWMHI SJ XLI FIRH 'SPHVSPPIH WXVMT SV WLIIXW QE] FI XIWXIH MR XLI
XLMGORIWW WYTTPMIH
EVI WYFNIGXIH XS XLI XIWX WSPYXMSR

7TIGMQIRW JVSQ [IPHIH XYFIW SZIV QQ MR MR HMEQIXIV WLEPP FI XEOIR
[MXL XLI [IPH SR XLI E\MW SJ XLI FIRH *-+ % &IRX 'STTIVz'STTIV 7YPJEXIz7YPJYVMG %GMH
8IWX 7TIGMQIR
WQEPPIV VEHMYW SV XLVSYKL E KVIEXIV ERKPI XLER XLEX WTIGMIH MR F] FVMRKMRK XLI X[S IRHW XSKIXLIV MR XLI ZMWI ,IEZ] WTIGMQIRW
XLI TVSHYGX WTIGMGEXMSR -R GEWIW SJ QEXIVMEP LEZMRK PS[ QE] VIUYMVI FIRHMRK MR E \XYVI SJ WYMXEFPI HIWMKR %R EMV SV
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QE] TVSZI MQTVEGXMGEP 9WIVW WLEPP MRJSVQ XLSWI GSRHYGXMRK XLI 8YFYPEV TVSHYGXW WLSYPH FI EXXIRIH MR EGGSVHERGI
4VEGXMGI ) XIWX [LIR XLI QEXIVMEP MW MR XLI PS[ HYGXMPMX] LMKLP] [MXL XLI EXXIRMRK XIWX TVIWGVMFIH MR 8IWX 1IXLSHW ERH
WXVIWWIH GSRHMXMSR WYGL EW LMKLP] GSPH [SVOIH QEXIVMEP (IRMXMSRW %
(IXIVQMRI XLI QE\MQYQ ERKPI SJ FIRH [MXLSYX GEYWMRK GVEGOW ;LIR EKVIIH YTSR FIX[IIR XLI TYVGLEWIV ERH XLI
MR WYGL QEXIVMEP F] FIRHMRK ER YRXIWXIH WTIGMQIR SJ XLI WEQI TVSHYGIV XLI JSPPS[MRK WLEPP ETTP] XS EYWXIRMXMG WXEMRPIWW WXIIP
GSRKYVEXMSR EW XLI WTIGMQIR XS FI XIWXIH %JXIV I\TSWYVI XS TPEXIW QQ MR ERH XLMGOIV
XLI EGMHMIH GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH XIWX WSPYXMSR 7EQTPIW WLEPP FI TVITEVIH EGGSVHMRK XS 8EFPI
XLI QE\MQYQ ERKPI SJ FIRH [MXLSYX GEYWMRK GVEGOW EW HIXIV
8LI VEHMYW SJ FIRH WLEPP FI X[S XMQIW XLI WEQTPI
QMRIH JVSQ YRXIWXIH PS[ HYGXMPMX] WTIGMQIRW WLEPP FI YXMPMÎH
XLMGORIWW ERH XLI FIRH E\MW WLEPP FI TIVTIRHMGYPEV XS XLI
MR IZEPYEXMSR SJ XLI WTIGMQIRW I\TSWIH XS XLI EGMHMIH
HMVIGXMSR SJ VSPPMRK
GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH XIWX WSPYXMSR 8LI ERKPI SJ
FIRH YXMPMÎH MR IZEPYEXMRK XIWXIH WTIGMQIRW WLEPP FI VITSVXIH ;IPHW SR QEXIVMEP QQ MR ERH XLMGOIV
(YTPMGEXI WTIGMQIRW WLEPP FI SFXEMRIH JVSQ WLIIX WLEPP LEZI XLI EFSZI FIRH VEHMYW ERH XLI [IPHFEWI QIXEP
QEXIVMEP WS XLEX FSXL WMHIW SJ XLI VSPPIH WEQTPIW QE] FI FIRX MRXIVJEGI WLEPP FI PSGEXIH ETTVS\MQEXIP] MR XLI GIRXIVPMRI SJ XLI
8LMW [MPP EWWYVI HIXIGXMSR SJ MRXIVKVERYPEV EXXEGO VIWYPXMRK JVSQ FIRH
GEVFYVMÊXMSR SJ SRI WYVJEGI SJ WLIIX QEXIVMEP HYVMRK XLI REP *EGI VSSX SV WMHI FIRH XIWXW QE] FI TIVJSVQIH
WXEKIW SJ VSPPMRK ERH XLI X]TI SJ FIRH XIWX WLEPP FI EKVIIH YTSR FIX[IIR XLI
TYVGLEWIV ERH XLI TVSHYGIV 8LI FIRH VEHMYW WLEPP RSX FI PIWW
238) -HIRXMJ] XLI HYTPMGEXI WTIGMQIR MR WYGL E QERRIV EW XS
XLER XLEX VIUYMVIH JSV QIGLERMGEP XIWXMRK MR XLI ETTVSTVMEXI
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XIRWMSR WMHI SJ XLI FIRHW QEXIVMEP WTIGMGEXMSR JSV FEWI QIXEP SV MR %71) 'SHI
7IGXMSR -< JSV [IPHW
7EQTPIW QEGLMRIH JVSQ VSYRH WIGXMSRW SV GEWX QE
XIVMEP WLEPP LEZI XLI GYVZIH SV SVMKMREP WYVJEGI SR XLI SYXWMHI SJ
)ZEPYEXMSR
XLI FIRH
8LI WTIGMQIRW EVI KIRIVEPP] FIRX F] LSPHMRK MR E ZMWI 8LI FIRX WTIGMQIR WLEPP FI I\EQMRIH YRHIV PS[ XS
ERH WXEVXMRK XLI FIRH [MXL E LEQQIV -X MW KIRIVEPP] GSQTPIXIH QEKRMGEXMSR WII *MK 8LI ETTIEVERGI SJ WWYVIW SV
GVEGOW MRHMGEXIW XLI TVIWIRGI SJ MRXIVKVERYPEV EXXEGO WII *MK 7YQQEV] SJ 8IWX 1IXLSH * XLI 'STTIVz'STTIV
7YPJEXIz 7YPJYVMG %GMH 8IWX
;LIR ER IZEPYEXMSR MW UYIWXMSREFPI WII *MK XLI % WTIGMQIR VITVIWIRXEXMZI SJ XLI QEXIVMEP XS FI IZEPY
TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV EXXEGO WLEPP FI HIXIVQMRIH EXIH MW MQQIVWIH MR E FSMPMRK WSPYXMSR SJ GSTTIV WYPJEXI ERH
F] XLI QIXEPPSKVETLMG I\EQMREXMSR SJ XLI SYXIV VEHMYW SJ E WYPJYVMG EGMH JSV E WTIGMIH XMQI % TMIGI SJ GSTTIV MW EPWS
PSRKMXYHMREP WIGXMSR SJ XLI FIRH WTIGMQIR EX E QEKRMGEXMSR SJ MQQIVWIH MR XLI WSPYXMSR XS QEMRXEMR E GSRWXERX GSVVSWMSR
XS TSXIRXMEP 8LI VIWYPXMRK QEWW PSWW MW GSRZIVXIH XS E GSVVSWMSR
'VEGOMRK XLEX SVMKMREXIW EX XLI IHKI SJ XLI WTIGMQIR VEXI [LMGL MW GSQTEVIH XS E WTIGMIH QE\MQYQ ZEPYI XS
WLEPP FI HMWVIKEVHIH 8LI ETTIEVERGI SJ HIJSVQEXMSR PMRIW HIXIVQMRI [LIXLIV XLI QEXIVMEP LEW XLI VIWMWXERGI XS EXXEGO
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WLEPP FI MRZIWXMKEXIH F] FIRHMRK E WMQMPEV WTIGMQIR XLEX [EW 8LI GSTTIVGSTTIV WYPJEXIWYPJYVMG EGMH XIWX HIXIGXW
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FIX[IIR XLIWI WTIGMQIRW WLSYPH EWWMWX MR MRXIVTVIXEXMSR GLVSQMYQ GEVFMHI TVIGMTMXEXI MR YRWXEFMPMÎH GEWX EYWXIRMXMG
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WYPJYVMG EGMH XIWX LEW FIIR VITSVXIH EW : EW GSQTEVIH [MXL
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XLI FSMPMRK GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH XIWX 4VEGXMGI )
[LMGL QIEWYVIW XLI WYWGITXMFMPMX] SJ WXEMRPIWW WXIIPW XS MRXIV
KVERYPEV EXXEGO 238) ,MKLIV GSVVSWMSR TSXIRXMEP MRHMGEXIW QSVI WIZIVIP] S\MHM^MRK
GSRHMXMSRW
8LI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV EXXEGO MR XLMW
XIWX MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI TIVJSVQERGI SJ XLI 6ETMH 7GVIIRMRK 8IWX
QEXIVMEP MR SXLIV GSVVSWMZI IRZMVSRQIRXW 8LI XIWX HSIW RSX &IJSVI XIWXMRK MR XLI GSTTIVGSTTIV WYPJEXI WYP
TVSZMHI E FEWMW JSV TVIHMGXMRK VIWMWXERGI XS JSVQW SJ GSVVSWMSR JYVMG EGMH XIWX WTIGMQIRW SJ GIVXEMR KVEHIW SJ WXEMRPIWW WXIIPW
SXLIV XLER MRXIVKVERYPEV WYGL EW KIRIVEP GSVVSWMSR TMXXMRK SV WII 8EFPI QE] FI KMZIR E VETMH WGVIIRMRK XIWX MR EGGSVHERGI
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DDDDDDDDDDDDDDDDDDD
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EVI HIWGVMFIH XLIVIMR 8LI YWI SJ IXGL WXVYGXYVI IZEPYEXMSRW MR TIVQMXXIH
GSRRIGXMSR [MXL XLI GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH
XIWX MW WTIGMIH MR 8EFPI 7YPJYVMG %GMH , 73 XS F] QEWW
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TIVJSVQMRK XLI IXGL XIWX F] F] MR [MXL E FVMKLX GPIER RMWL %R IUYMZEPIRX EVIE
SJ GSTTIV WLSX SV GLMTW QE] FI YWIH
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XMSR SJ XLI IXGL XIWX XS XLIWI EVIEW MW GYVVIRXP] SYXWMHI XLI WGSTI
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EGMH XIWX 7YGL WTIGMQIRW EVI EGGITXEFPI [MXLSYX XIWXMRK MR XLI 4VITEVI Q0 SJ XIWX WSPYXMSR EW JSPPS[W
GSTTIVGSTTIV WYPJEXI WYPJYVMG EGMH XIWX %PP WTIGMQIRW ;EVRMRK{4VSXIGX XLI I]IW ERH JEGI F] JEGI WLMIPH
LEZMRK WYWTIGX IXGL WXVYGXYVIW WLEPP FI XIWXIH MR XLI GSTTIV ERH YWI VYFFIV KPSZIW ERH ETVSR [LIR LERHPMRK EGMH 4PEGI
GSTTIV WYPJEXI WYPJYVMG EGMH XIWX DDDDDDDDDDDDDDDDDDD
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, 3 ERH EHH XS XLI WYPJYVMG EGMH WSPYXMSR SJ XS GQ
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MX MRXS XLI EWO WTIGMQIR WYVJEGIW YWMRK '%1-%27- ?*)4%-73 4A
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MW HMWWSPZIH
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VIWYPXMRK MR EGMH WTMPPW GER SGGYV -X MW MQTSVXERX XS IRWYVI XLEX
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7EQTPMRK 1IEWYVI XLI WTIGMQIRW MRGPYHMRK XLI MRRIV WYVJEGIW SJ
3FXEMR ERH TVITEVI SRP] FEWI QIXEP WEQTPIW ER] LSPIW XS XLI RIEVIWX QQ MR ERH GEPGYPEXI XLI
8LIVI EVI X[S GPEWWIW SJ WTIGMQIRW XS FI GSRWMHIVIH XSXEP I\TSWIH EVIE
FEWI QIXEP ERH TVSGIWWEJJIGXIH QIXEP 4VSGIWWEJJIGXIH QIXEP (IKVIEWI XLI WTIGMQIRW YWMRK WYMXEFPI RSRGLPSVMREXIH
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XIWX VIWYPX MR ER YRTVIHMGXEFPI [E] WYFWMHI
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FI EPWS ETTPMIH XS ERH '21 QEXIVMEP XLEX WLSYPH FI VINIGXIH 7TIGMGEPP] KVEHIW 0
8LSWI KVEHIW MR [LMGL WMKQE TLEWI QE] JSVQ QYWX FI XIWXIH MR 0 ERH GERRSX FI WGVIIRIH FIGEYWI XLIWI
RMXVMG EGMH XIWX [LIR HIWXMRIH JSV WIVZMGI MR RMXVMG EGMH WXIIPW QE] GSRXEMR WMKQE TLEWI RSX ZMWMFPI MR XLI IXGL WXVYGXYVI
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WTIGMQIR IQFIHHIH MR QIXEPPMG GSTTIV WLSX SV KVMRHMRKW %JXIV SJ [LMGL LEZI FIIR SFWIVZIH SRP] MR GIVXEMR RMXVMG EGMH
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XLI IJJIGXMZIRIWW SJ WXEFMPM^MRK IPIQIRX EHHMXMSRW 'F 8M ERH WYPJEXI WYPJYVMG EGMH XIWX WII 8EFPI +VEHIW RSX PMWXIH MR
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QIXEPPMG GSTTIV WYPJEXI WYPJYVMG EGMH XIWX WII 8EFPI +VEHIW RSX PMWXIH MR
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'*1 '*1 ERH 8M FIIR JSYRH XS KMZI EGGITXEFPI VIWYPXW MR XLI IXGL XIWX [LMPI
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EWWSGMEXIH [MXL WMKQE TLEWI WYPJYVMG EGMH XIWX XLYW TEWWMRK QEXIVMEP XLEX WLSYPH FI VINIGXIH
6)*)6)2')7
*SV SVMKMREP HIWGVMTXMSRW SJ XLI YWI SJ IXGL WXVYGXYVI GPEWWMGEXMSRW WMSR SJ 7XEMRPIWW %PPS]W %781 784 6 * 7XIMKIV[EPH IH %781
WII 7XVIMGLIV 1 % 7GVIIRMRK 7XEMRPIWW 7XIIPW JVSQ XLI L 2MXVMG TT
%GMH 8IWX F] )PIGXVSP]XMG )XGLMRK MR 3\EPMG %GMH %781 &YPPIXMR 2S 8LI YWI SJ GSTTIV XS EGGIPIVEXI XLI MRXIVKVERYPEV GSVVSWMSR SJ
*IFVYEV] T EPWS 6IWYPXW SJ 'SSTIVEXMZI 8IWXMRK WIRWMXMÎH EYWXIRMXMG WXEMRPIWW WXIIPW MR GSTTIV WYPJEXIWYPJYVMG EGMH
4VSKVEQ JSV XLI )ZEPYEXMSR SJ XLI 3\EPMG %GMH )XGL 8IWX %781 [EW VWX HIWGVMFIH F] , . 6SGLE MR XLI HMWGYWWMSR SJ E TETIV F]
&YPPIXMR 2S .ERYEV] T &VEYRW ) ERH 4MIV + 7XELP YRH )MWIR :SP T
*SV SVMKMREP HIWGVMTXMSRW SJ XLI FSMPMRK RMXVMG EGMH XIWX WII ,YI] ; *SV SVMKMREP IZEPYEXMSR SJ XLI GSTTIVGSTTIV WYPJEXIWYPJYVMG EGMH XIWX
6 'SVVSWMSR 8IWX JSV 6IWIEVGL ERH -RWTIGXMSR SJ %PPS]W WII 7GLEVJWXIMR 0 6 ERH )MWIRFVS[R ' 1 %R )ZEPYEXMSR SJ
8VERWEGXMSRW %QIVMGER 7SGMIX] SJ 7XIIP 8VIEXMRK :SP T %GGIPIVEXIH 7XVEYWW 8IWXMRK %781 784 %781 TT
EPWS 6ITSVX SJ 7YFGSQQMXXII -: SR 1IXLSHW SJ 'SVVSWMSR
8IWXMRK 4VSGIIHMRKW %781 :SP 4EVX - T 7YFXPI IJJIGXW HYI XS ZEVMEXMSRW MR GSTTIV WYVJEGI EVIEW KEPZERMG
7XVIMGLIV 1 % 8LISV] ERH %TTPMGEXMSR SJ )ZEPYEXMSR 8IWXW JSV GSRXEGX GSRHIRWIV HIWMKR IXG EVI HIWGVMFIH F] ,IVFWPIF + ERH
(IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR 7XEMRPIWW 7XIIPW ERH 7GL[IRO ; 9RXIVWYGLYRKIR ^YV )MRWXIPPYRK HIW 6IHS\TSXIRXMEPW
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) 6IWYPXW %781 7YFGSQQMXXII % 6SYRH 6SFMR -RXIVKVERY 8IWXW JSV XLI (IXIGXMSR SJ 7YWGITXMFMPMX] XS -RXIVKVERYPEV 'SVVSWMSR
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7XVIMGLIV 1 % -RXIVKVERYPEV 'SVVSWMSR 6IWMWXERGI SJ %YWXIRMXMG EPWS %'7 %REP]XMGEP 6IEKIRXW 7TIGMGEXMSRW 6IGSQQIRHIH F]
7XEMRPIWW 7XIIPW % *IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX %781 &YPPIXMR 'SQQMXXII SR %REP]XMGEP 6IEKIRXW %QIVMGER 'LIQMGEP 7SGMIX]
2S %TVMP TT 1EVGL
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%HHIH 2SXI XS EPPS[MRK SXLIV KPEWW NSMRXW %HHIH RI[ WYFWIGXMSR XS 4VEGXMGI ) XS GPEVMJ]
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7GVIIRMRK )XGL 8IWX
'SQQMXXII % LEW MHIRXMIH XLI PSGEXMSR SJ WIPIGXIH GLERKIW XS XLMW WXERHEVH WMRGI XLI PEWX MWWYI %
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%HHIH RI[ 7IGXMSR SR 4YVMX] SJ 6IEKIRXW 6I[VSXI 4VEGXMGI ' 6IRYQFIVIH WYFWIUYIRX TEVEKVETLW
%HHIH JSYV VIJIVIRGIH HSGYQIRXW RSXIW XEFPIW ERH VIJIVIRGIW XS QEXGL
6I[VSXI 4VEGXMGI % MR XIWX QIXLSH JSVQEX 6IQSZIH VIJIVIRGIW XS XLI QYPXMTPI WEQTPI ETTEVEXYW
2YQFIVIH XLI YRRYQFIVIH RSXIW MR *MKW ERH 6I[VSXI 4VEGXMGI * MR XIWXQIXLSH JSVQEX
6I[VSXI 4VEGXMGI & 6IRYQFIVIH WYFWIUYIRX TEVEKVETLW 6IWXVMGXIH WTIGMQIR X]TI XS FEWI QIXEP
RSXIW XEFPIW ERH VIJIVIRGIW XS QEXGL %HHIH TVSGIHYVEP XI\X
'SVVIGXIH XLI GSRWXERX MR )U 6IZMWIH
%781 -RXIVREXMSREP XEOIW RS TSWMXMSR VIWTIGXMRK XLI ZEPMHMX] SJ ER] TEXIRX VMKLXW EWWIVXIH MR GSRRIGXMSR [MXL ER] MXIQ QIRXMSRIH
MR XLMW WXERHEVH 9WIVW SJ XLMW WXERHEVH EVI I\TVIWWP] EHZMWIH XLEX HIXIVQMREXMSR SJ XLI ZEPMHMX] SJ ER] WYGL TEXIRX VMKLXW ERH XLI VMWO
SJ MRJVMRKIQIRX SJ WYGL VMKLXW EVI IRXMVIP] XLIMV S[R VIWTSRWMFMPMX]
8LMW WXERHEVH MW WYFNIGX XS VIZMWMSR EX ER] XMQI F] XLI VIWTSRWMFPI XIGLRMGEP GSQQMXXII ERH QYWX FI VIZMI[IH IZIV] ZI ]IEVW ERH
MJ RSX VIZMWIH IMXLIV VIETTVSZIH SV [MXLHVE[R =SYV GSQQIRXW EVI MRZMXIH IMXLIV JSV VIZMWMSR SJ XLMW WXERHEVH SV JSV EHHMXMSREP WXERHEVHW
ERH WLSYPH FI EHHVIWWIH XS %781 -RXIVREXMSREP ,IEHUYEVXIVW =SYV GSQQIRXW [MPP VIGIMZI GEVIJYP GSRWMHIVEXMSR EX E QIIXMRK SJ XLI
VIWTSRWMFPI XIGLRMGEP GSQQMXXII [LMGL ]SY QE] EXXIRH -J ]SY JIIP XLEX ]SYV GSQQIRXW LEZI RSX VIGIMZIH E JEMV LIEVMRK ]SY WLSYPH
QEOI ]SYV ZMI[W ORS[R XS XLI %781 'SQQMXXII SR 7XERHEVHW EX XLI EHHVIWW WLS[R FIPS[
8LMW WXERHEVH MW GST]VMKLXIH F] %781 -RXIVREXMSREP &EVV ,EVFSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4%
9RMXIH 7XEXIW -RHMZMHYEP VITVMRXW WMRKPI SV QYPXMTPI GSTMIW SJ XLMW WXERHEVH QE] FI SFXEMRIH F] GSRXEGXMRK %781 EX XLI EFSZI
EHHVIWW SV EX TLSRI JE\ SV WIVZMGI$EWXQSVK IQEMP SV XLVSYKL XLI %781 [IFWMXI
[[[EWXQSVK 4IVQMWWMSR VMKLXW XS TLSXSGST] XLI WXERHEVH QE] EPWS FI WIGYVIH JVSQ XLI 'ST]VMKLX 'PIEVERGI 'IRXIV
6SWI[SSH (VMZI (ERZIVW 1% 8IP LXXT[[[GST]VMKLXGSQ

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8%&0) 2MXVMG %GMH 'SQTSWMXMSR 0MQMXW

8%&0) 7M^IW SJ 8IWX 7TIGMQIRW

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