,EVEW (SR %PFIVXS

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,EVEW(SR%PFIVXS
4SXVSQYPEXSREGMHSIR97%IR
7IEXXPI7PI[
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197%?-'A
'EVE6EJEIPE
897%
1%63>-%
%97%
7XSVQ&MVH
'97%
?&'A
;IIOIRH7YVTVMWI
5YMIX%QIVMGER
3MP*EFPI
2SVXLIVR(ERGIV
1EOI'LERKI
%97%
?&'A
7SYXL3GIER
6SFIVXS
?'A
)UYEP'LERKI
&SPH6IEWSRMRK
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7IGVIXEVMEX?-'A
0EWWMI(IEV
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(IQYVI
7TIGXEGYPEV&MH
2SVXLIVR*EFPI
2IEVGXMG
2EXEPQE
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7LMRMRK7YR
,EMP8S6IEWSR?'A
&VEQEPIE
%VXW%RH0IXXIVW
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| 1EMHIR 7TIGMEP ;IMKLX 7EVEXSKE QXWEVIREHIVVSXERHS TSV  GTSW E
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&EPP
|8LVII'LMQRI]W,STIJYP7XEOIW+V7EVEXSKEQXWEVIREIWGSPXERHSE&S]W%X
8SWGSRSZE]WYTIVERHSE;MRI4SPMGI7IXXPIJSV1IHEP
%PSW%•SW 97%
| 8VEZIVW7XEOIW +V 7EVEXSKE QXWEVIREHIVVSXERHS E 6EXXPIWREOI&VMHKI.;
&PYI 6YPIV 3R -GI 1EPMFY +PS[ 1SSRWLMRI 1YPPMR &S[QEReW 'EYWI[E] 7LEGOPIJSVH
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|.MQ(ERH]7XEOIW+V7EVEXSKEQXWEVIREHIVVSXERHSTSVGTSWE1SSRWLMRI
1YPPMR(SQMRYW%PXIVREXMSR&VMPPMERX7TIIH;MPPeW;MPHGEX7GSXYW
|+SXLEQ7XEOIW+V%UYIHYGXQXWWMRX–XMGEHIVVSXERHSTSV€GTSWE2SVQER
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| &IPQSRX 7XEOIW +V &IPQSRX 4EVO QXWEVIRE IWGSPXERHS E ‚ GTS E 6YPIV 3R
-GI]WYTIVREHSE&VMPPMERX7TIIH2ILVS7LEGOPIJSVH%RMQEP/MRKHSQ1YGLS1EGLS1ER
7ERXMZE1SR^SR1EWXIVSJ,SYRHW4VMQI'YX-WReX,I4IVJIGX
|.SGOI]'PYF+SPH'YT7XEOIW+V&IPQSRX4EVOQXWEVIREIWGSPXERHSE*PEX
3YX(VSWWIPQI]IV]HIPERXIHI6SHQER%91MRIV&MVHVYR-GI&S\
%PSW%•SW 97%
| 'MKEV 1MPI ,ERHMGET +V %UYIHYGX QXWEVIRE HIVVSXERHS E +VSYTMI (SPP 'SMP
&YJJYQ,]QR&SSO
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IWGSPXERHS E GF^E E *PEX 3YX ] WYTIVERHS E *SVX 0EVRIH %XMKYR *EWX *EPGSR 6SR XLI
+VIIO+EQI&EPP,]QR&SSO7ER4EFPS6YPIV3R-GI
| :ERPERHMRKLEQ 7XEOIW &IPQSRX 4EVO QXWEVIRE IWGSPXERHS E 8VMGOQIMWXIV ]
WYTIVERHSE%VXLYVeW8EPI.SEReW'LSMGI7EWXVI
,EVEW(SR%PFIVXS
0-2)%4%8)62%
&)62%6(-2- )GPMTWI %[EVH 'EQTI˜R %—SW 97% +EREHSV HI GW IR EGXYEGMSRIWMRGP4VIEORIWW7+V;LMXIVW7+V.SGOI]'PYF+SPH'YT+V.MQ(ERH]
7+V;LMXIVW7+V~&VIIHIVWe'YT'PEWWMG+V97
)W TEHVI HI 78%= 8,-678= ZIV EVVMFE &3&%2 )QMVEXIW 'ERXEPE 7+V 7XEV )TWSQ+V
'LMTTMRK 2SVXSR 7+V IXG %YWX 97 %04,% ;SSH[EVH 7+V 8VEZIVW 7+V
97 83 ,3236 %2( 7)6:) ;SSH[EVH 7+V 'MKEV 1MPI ,+V 97
699(%;%/)2-2+'EQTISRE%—SWIR2YIZE>IPERHME,EYRYM*EVQ(MEQSRH
7+V IXG97 +3-2(=+31SIX 'LERHSR'LEQTEKRI 7+V%YWXIXG97
&-32()88-+VER'VMXIVMYQ+V-X]IXG97%2+)0%6)2))'LERHIPMIV
7+V IXG 97 % > ;%66-36 *VM^IXXI 7+V IXG 97 -14)6%8-:)
'LEVPIW8S[R'PEWWMG7+VIXG9783=(-2-7GL[ITTIW'V]WXEP1MPI+V%YWX
IXG97;-0&962-RHMERE(IVF]+VIXG97'%:368-2+%HMVSRHEGO
7+V IXG97 +%1-0%8- -VMWL8LSVSYKLFVIH1EVOIXMRK 'LIVV] ,MRXSR7+V-RKP
IXG 9774)00&392(0E'EREHE7+V IXG97>%2&%+,-PPE[EVVE
1IVGYV]/IMXL*2SPER'PEWWMG+V%YWXIXG97631%27,(MWGSZIV],+VIXG
97)77%=6%-()61EG.YWX3ZIV#(SReX(VMZI('1G/E]7+V%YWXIXG97
:-% :-00%++-3 6EMPFMVH 7 +V IXG 97 %0+36-8,17 ,SP] &YPP 7
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nQEHVI
1EVS^MEL7XSVQ&MVHKEREHSVEEPSWEšSWIR-RKPEXIVVE971EHVIHI
%2(631)(%d7,)63Q*YWEMGLM4IKEWYWGWEPSW]EšSWIR97%MRGP*VIH
; ,SSTIV , +V 7EQ * (EZMW 7 ~ &IPQSRX 7 +V ;MPPMEQ (SREPH 7GLEIJIV ,
+V~.SGOI]'PYF+SPH'YT+V(SRR,+V7YFYVFER,+V%VOERWEW(IVF]
+V.MQ(ERH]7+V%P]WLIFE7~ 'PEVO,+V4IKEWYW7 +V (MWGSZIV],
+V974EHVMPPS
794)6*0=Q*YWEMGLM4IKEWYWKEREHSVEPSWEšSWIR97%HIP;LMVPMRK %WL7~
'LEQTEKRI7+V974EHVMPPS
;MXLSYX=SY&EFIL0IQSR(VST/MHRSGSVVMœ1EHVIHI
8%1%6/9>Q7TIMKLXWXS[RGWIR(YFEMMRGP+SHSPTLMR1MPI+V*MVIFVIEO
7+V&YVN2ELEEV+V97
78%=8,-678=Q&IVREVHMRRMZIVEVVMFE
nQEHVI
1%/)',%2+)L6SFIVXSKEREHSVEHIGWEPSW]EšSWIR97%MRGP1MWW0MFIVX]7
o 1SXLIV +SSWI 7 +V 0EHMIW , +V %PEFEQE 7 +V ,IQTWXIEH , +V 1SRQSYXL
3EOW +V 1SPP] 4MXGLIV , +V o 'SEGLMRK 'PYF %QIVMGER 3EOW +V 6YJJMER , +V
+E^IPPI,+V&SRRMI1MWW7+V0SRK0SSO,+Vo7LYZII,+V%GSVR7+V
971EHVIHI
1EVS^MEL7XSVQ&MVHZIVEVVMFE
8-1)',%2+)7L(ER^MKGWEPSWEšSWIR*VERGMEMRGP4VM\-WSPE&IPPE97
1YVMœ1EHVIHI
%+) 3* 6)%732 GEWX ,EPPMRK 'EQTI˜R 1E]SV IR 5EXEV +EREHSV HI GW IR
-RKPEXIVVE5EXEVI -XEPME MRGP5EXEV -RXIVREXMSREP'YT+V ~+VER 4VIQMSHM 1MPERS
+V-X](6'+SPH'YT0(YF~'+%+ISJJVI]*VIIV7+V*EMV[E]7(MKMFIX
*PSSHPMX7-RKP97
1SRIXEV]L(MIWMWRSGSVVMœ1EHVIHI
'SMRWL,EVH7TYRGWIR%YWXVEPME~8&:8LSVSYKLFVIH&VIIHIVWe7+V97
nQEHVI
)UYEP'LERKIL%VXW%RH0IXXIVWKEREHSVEHIGWEPSWEšSWIR97%o'SEGLMRK'PYF
%QIVMGER3EOW+V971EHVIHI
:IV]*EMVL,SRIWX4PIEWYVIGWIR97%971EHVIHI
,EVEW(SR%PFIVXS
8LSVSYKL*EMVL5YMIX%QIVMGERGWIR97%971EHVIHI
;,=;,=;,= Q 1V +VIIPI] GW IR 97% MRGP *YXYVMX] 7 +V 7ERHJSVH 7
+V*PEWL7+V~7[EPI7+V974EHVMPPPSIR97%]'SVIE
74)00&-2()6 Q 8EPI 3J 8LI 'EX GW IR 97% MRGP 7ER %RXSRMS , +V
&IVOIPI] , +V ~ 1IVZ]R 0I6S] , +V +SZIVRSVeW , ~ 7ER 4EWUYEP ,
+V2EXMZI(MZIV,+V.MQ6EWQYWWIR1IQSVME7974EHVMPPS
'EWX*EMVL7MV'EXRSGSVVMœ1EHVIHI
'6-74L)P'SVVIHSVGWIR97%MRGP7ERXE%RMXE3EOW+V7ERXE=WEFIP7
+Vo0I'PI797)RPEVITVSHYGGMœR
7496;-2+L7XSVQ&MVHGWIR97%MRGP'EVSYWIP,+V0EH]1ERRIUYMR,97
1EHVIHI
4IEVP /MXI L 7MPZIV ,E[O KEREHSVE IR -RKPEXIVVE o 7TSVX 3R 1EVGL 7 (SSRWMHI
'YTo6MFFPIWHEPI7+V971EHVIHI
4IEVP&EVPI]L4SPMWL4VIGIHIRXKEREHSVEIR-RKPEXIVVE1EHVIHI
1)-2)61-0%23Q7XE]+SPHGWIR.ETœRMRGP8SQSI7LS0~2MKEXE
/MRIR+V~'LYRMGLM7LMQFYR,EM+V
7,%1%-)0L0]GMYWGWIR-RKPEXIVVEMRGP1EVGL70971EHVIHI
7,%1%0-Q7PIOMVOGWIR-RKPEXIVVEMRGP1EKRSPME70~&YGOLSYRHW7
0~+SVHSR6MGLEVHW7+Vh
2%==-6 GEWX -RHMER 6MHKI GW IR -RKPEXIVVE MRGP 0IRRS\ 7 +V :MGXSV
'LERHPIV 'LEPPIRKI 7 +V :SHEJSRI (MSQIH 7 +V ZIGIW 8LIS *IRRIPP
0IRRS\ 7 +V ~ 7YWWI\ 7 +V 'LEPPIRKI 7 +V ~ 'VMXIVMSR 7 +V ~
5YIIR )PM^EFIXL -- 7 +V = IR *VERGME ~ 4VM\ 1EYVMGI (I +LIIWX +V 97
,-+,)78Q7IPOMVOGWIR-RKPEXIVVE](YFEMMRGP(YFEM'MX]SJ+SPH7+V
~ 6SXLQERW 6S]EPW7X 0IKIV +V :SHEJSRI 'SVSREXMSR 'YT +V +VIEX
:SPXMKIYV7+V~.SGOI]'PYF7+V97
7/=,928)6GEWX1SXMZEXSVGWIR*VERGME-RKPEXIVVE](YFEMMRGP(YFEM'MX]
3J +SPH +V ;SVXLMRKXSRW &YVPMWSR -RRW 7 +V ;MPPMEQ ,MPP %RRMZIVWEV] &SSO
0EYRGL (SSRWMHI 'YT 4VM\ *VIHIVMG HI 0EKVERKI ~ %VG 8VMEP +V ~ 4VM\ HY
.SGOI]'PYF*VIRGL(IVF]+V~+SVHSR6MGLEVHW7+Vh
.EWIYV GEWX 0IEV *ER GW IR -RKPEXIVVE ~ 'ETIP 'YVI 7LEVT 2SZMGIW ,YVHPI ~
+SSH[SSH'YT+V97
1%/)',%2+)L6SFIVXSZIVEVVMFE
7Yn+IRIVEGM–RIR'LMPIREGIVIR
,EVEW(SR%PFIVXS
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