EKRIX 'SRXEGX 7[MXGL *IEXYVMRK 0S6E;%2o ;7 9WIV +YMHI 1MPIWMKLX -S8
7EJIX] 4VIGEYXMSRW 1MPIWMKLX [MPP RSX WLSYPHIV VIWTSRWMFMPMX] JSV ER] PSWW SV HEQEKI VIWYPXMRK JVSQ RSX JSPPS[MRK XLI MRWXVYGXMSRW SJ XLMW STIVEXMRK KYMHI 8LI HIZMGI QYWX RSX FI VIQSHIPIH MR ER] [E] (S RSX TPEGI XLI HIZMGI GPSWI XS SFNIGXW [MXL REOIH JPEQIW (S RSX TPEGI XLI HIZMGI [LIVI XLI XIQTIVEXYVI MW FIPS[ EFSZI XLI STIVEXMRK VERKI 1EOI WYVI IPIGXVSRMG GSQTSRIRXW HS RSX HVST SYX SJ XLI IRGPSWYVI [LMPI STIRMRK ;LIR MRWXEPPMRK XLI FEXXIV] TPIEWI MRWXEPP MX EGGYVEXIP] ERH HS RSX
'LERKIW SV QSHMJMGEXMSRW XS XLMW YRMX RSX I\TVIWWP] ETTVSZIH F] XLI TEVX] VIWTSRWMFPI JSV GSQTPMERGI GSYPH ZSMH XLI YWIVƅW EYXLSVMX] XS STIVEXI XLI IUYMTQIRX 8LI QMRMQYQ WITEVEXMSR KIRIVEPP] FI YWIH MW EX PIEWX GQ 'ST]VMKLX k 1MPIWMKLX %PP VMKLXW VIWIVZIH %PP MRJSVQEXMSR MR XLMW KYMHI MW TVSXIGXIH F] GST]VMKLX PE[ ;LIVIF] RS SVKERM^EXMSR SV MRHMZMHYEP WLEPP GST] SV VITVSHYGI XLI [LSPI SV TEVX SJ XLMW YWIV KYMHI F] ER] QIERW [MXLSYX [VMXXIR EYXLSVM^EXMSR JVSQ
'SRXIRXW 4VSHYGX -RXVSHYGXMSR ϱ 3ZIVZMI[ ϱ *IEXYVIW ϱ ,EVH[EVI -RXVSHYGXMSR
4VSHYGX -RXVSHYGXMSR 3ZIVZMI[ ;7 WMQTP] IREFPIW ]SY XS ORS[ [LIR WSQISRI IRXIVW XLI SJJMGI FYMPHMRK XLVSYKL E HSSV [MRHS[ SV WSQIXLMRK LEW FIIR QSZIH 8LI QMRMQEP QEKRIX MW TPEGIH MRWMHI XLI TSVXEFPI TEVX [LMPI XLI WIRWSV MW MRWMHI XLI JM\IH TEVX XLEX GER FI EXXEGLIH XS HSSV [MRHS[ SV SXLIV SFNIGXW ; 7 GER FI IEWMP] QSYRXIH SR XLI HSSVW TERIW SV GEFMRIXW KVIEXP] TVSZMHMRK VIEP ETTPMGEXMSRW JSV WQEVX LSQIW WQEVX SJJMGIW SV WQEVX JEGXSVMIW 7IRWSV HEXE EVI XVERWQMXXIH MR VIEP XMQI YWMRK XL
,EVH[EVI 3ZIVZMI[ 7IRWSV 1EKRIX 0)( 4EXXIVRW *YRGXMSR (SSV ;MRHS[ 7XEXYW 2IX[SVO 7XEXYW 8EQTIV (IXIGXMSR %GXMSR 7[MXGL 3R 3JJ RIX[SVO YRVIKMWXIVIH 7[MXGL 3R 3JJ RIX[SVO VIKMWXIVIH 7IRH NSMR RIX[SVO VIUYIWXW .
3TIVEXMSR +YMHI 2*' 'SRJMKYVEXMSR ;7 GER FI GSRJMKYVIH ZME E 2*' WYTTSVXIH QSFMPI TLSRI 4YPP SYX XLI FEXXIV] MRWYPEXMRK WLIIX XS TS[IV SR XLI HIZMGI 8LI MRHMGEXSV [MPP PMKLX YT MR KVIIR JSV WIGSRHW [LIR HIZMGI XYVRW SR (S[RPSEH ERH MRWXEPP ƈ1MPIWMKLX 8SSP&S\Ɖ %TT JVSQ +SSKPI 4PE] SV %TTPI 7XSVI )REFPI 2*' SR XLI WQEVXTLSRI ERH STIR 1MPIWMKLX 8SSP&S\ %XXEGL XLI WQEVXTLSRI [MXL 2*' EVIE XS XLI HIZMGI XS VIEH HIZMGI MRJSVQEXMSR &EWMG MRJSVQEXMSR ERH WIXXMRKW SJ HIZMGIW [MPP F
z :ME 880 9%68 MRXIVJEGI MRWMHI XLI HIZMGI 4PIEWI WIPIGX +IRIVEP X]TI XS PSK MR 8SSP&S\ ERH GSRJMKYVI XLI HIZMGI (IJEYPX TEWW[SVH 0S6E;%2 7IXXMRKW 0S6E;%2 WIXXMRKW EVI YWIH JSV GSRJMKYVMRK XLI XVERWQMWWMSR TEVEQIXIVW MR 0S6E;%2o RIX[SVO &EWMG 0S6E;%2 7IXXMRKW +S XS (IZMGI "7IXXMRK "0S6E;%2 7IXXMRKW SJ 8SSP&S\ %TT XS GSRJMKYVI NSMR X]TI %TT )9- %TT /I] ERH SXLIV MRJSVQEXMSR =SY GER EPWS OIIT EPP WIXXMRKW F] HIJEYPX
4EVEQIXIVW (IZMGI )9%TT )9%TTPMGEXMSR 4SVX .
8\ 4S[IV &EWIH SR 0S6E;%2o VIKMSREP TEVEQIXIV HSGYQIRX 2SXI 4PIEWI GSRXEGX WEPIW JSV HIZMGI )9- PMWX MJ XLIVI EVI QER] YRMXW 4PIEWI GSRXEGX WEPIW MJ ]SY RIIH VERHSQ %TT OI]W FIJSVI TYVGLEWI 7IPIGX 38%% QSHI MJ ]SY YWI 1MPIWMKLX -S8 GPSYH XS QEREKI HIZMGIW 3RP] 38%% QSHI WYTTSVXW VINSMR QSHI 0S6E;%2 *VIUYIRG] 7IXXMRKW +S XS 7IXXMRK "0S6E;%2 7IXXMRKW SJ 8SSP&S\ %TT XS WIPIGX WYTTSVXIH JVIUYIRG] ERH WIPIGX GLERRIPW XS WIRH YTPMROW 1EOI WYVI XLI GLERRIPW QEXGL XLI 0S6E;%2o KEXI[E] -J JVIUYI
2SXI *SV 1 QSHIP HIJEYPX JVIUYIRG] MW )9 *SV 1 QSHIP HIJEYPX JVIUYIRG] MW %9 +IRIVEP 7IXXMRKW +S XS (IZMGI "7IXXMRK "+IRIVEP 7IXXMRKW SJ 8SSP&S\ %TT XS GLERKI XLI VITSVXMRK MRXIVZEP IXG 4EVEQIXIVW (IWGVMTXMSR 6ITSVXMRK MRXIVZEP SJ QEKRIX XEQTIV ERH FEXXIV] PIZIP XS RIX[SVO WIVZIV 6ITSVXMRK -RXIVZEP (IJEYPX QMR 2SXI ;7 [MPP EPWS XVERWQMX EPEVQ [LIR QEKRIX WXEXYW MJ GLERKIH SV XEQTIV FYXXSR MW EGXMZEXIH 0)( -RHMGEXSV 0S[ 4S[IV %PEVQ -RXIVZEP )REFPI SV HMWEFPI XLI PM
'LERKI 4EWW[SVH 'LERKI XLI TEWW[SVH JSV 8SSP&S\ %TT XS [VMXI XLMW HIZMGI 1EMRXIRERGI 9TKVEHI (S[RPSEH JMVQ[EVI JVSQ 1MPIWMKLX [IFWMXI XS ]SYV WQEVXTLSRI 3TIR 8SSPFS\ %TT ERH GPMGO ƈ&VS[WIƉ XS MQTSVX JMVQ[EVI ERH YTKVEHI XLI HIZMGI 2SXI 3TIVEXMSR SR 8SSP&S\ MW RSX WYTTSVXIH HYVMRK ER YTKVEHI 3RP] %RHVSMH ZIVWMSR 8SSP&S\ WYTTSVXW XLI YTKVEHI JIEXYVI &EGOYT ;7 WYTTSVXW GSRJMKYVEXMSR FEGOYT JSV IEW] ERH UYMGO HIZMGI GSRJMKYVEXMSR MR FYPO &EGOYT MW EPPS[IH SRP] JSV HIZMGIW
2SXI 7PMHI XLI XIQTPEXI MXIQ PIJX XS IHMX SV HIPIXI XLI XIQTPEXI 'PMGO XLI XIQTPEXI XS IHMX XLI GSRJMKYVEXMSRW 6IWIX XS *EGXSV] (IJEYPX 4PIEWI WIPIGX SRI SJ XLI JSPPS[MRK QIXLSHW XS VIWIX HIZMGI :ME ,EVH[EVI ,SPH SR XLI VIWIX FYXXSR MRWMHI XLI HIZMGI JSV QSVI XLER W %JXIV VIWIX GSQTPIXI XLI MRHMGEXSV [MPP FPMRO MR KVIIR X[MGI ERH HIZMGI [MPP VIFSSX :ME 8SSP&S\ %TT +S XS (IZMGI "6IWIX XS GPMGO ƈ6IWIXƉ XLIR EXXEGL WQEVXTLSRI [MXL 2*' EVIE XS HIZMGI XS GSQTPIXI VIWIX
-RWXEPPEXMSR 1 8ETIW *M\ 8IEV XLI 1 XETIW SJ FSXL TEVXW XLIR QEOI WYVI XLI QEKRIX TEVX MW TPEGIH MRWMHI XLI HSSV TSVXEFPI TEVX ERH WIRWSV MW MRWMHI XLI HSSV JVEQI JM\IH TEVX *SV HSYFPI HSSVW TYX IZIV] TEVX SR IEGL HSSV 7GVI[ *M\ 6IQSZI XLI GSZIV SJ FSXL TEVXW WGVI[ XLI GSZIVW SR XLI QSYRXMRK TSWMXMSRW XLIR MRWXEPP FEGO XLI HIZMGIW
2SXI 8LI RSXGL WMHI SJ QEKRIX WLSYPH JEGI XLI RSXGL WMHI SJ WIRWSV SXLIV[MWI MX QE] EJJIGX XLI WIRWMXMZMX] SJ SR SJJ HIXIGXMSR 8LI TPERI HMWXERGI FIX[IIR WIRWSV ERH QEKRIX WLSYPH RSX FI QSVI XLER QQ ERH XLI LIMKLX HMJJIVIRGI WLSYPH FI PIWW XLER QQ (IZMGI 4E]PSEH %PP HEXE EVI FEWIH SR XLI JSPPS[MRK JSVQEX ,)< 'LERRIP 8]TI (EXE 'LERRIP 8]TI (EXE 'LERRIP &]XI &]XI 2 &]XIW &]XI &]XI 1 &]XIW &]XI *SV HIGSHIV I\EQTPIW TPIEWI JMRH JMPIW SR LXXTW KMX
'LERRIP 8]TI (IWGVMTXMSR &EXXIV] 0IZIP 1EKRIX 7XEXYW !"7[MXGL GPSWI !"7[MXGL STIR 8EQTIV 7XEXYW !"(IZMGI MW MRWXEPPIH !"(IZMGI MW YR MRWXEPPIH 9-28 9RMX )\EQTPI 'LERRIP 8]TI :EPYI &EXXIV] 'LERRIP 8]TI :EPYI 8EQTIV 7XEXYW 9R MRWXEPPIH 'LERRIP 8]TI :EPYI 1EKRIX 7XEXYW 'PSWI !" (S[RPMRO 'SQQERHW ;7 WYTTSVXW HS[RPMRO GSQQERHW XS GSRJMKYVI XLI HIZMGI %TTPMGEXMSR TSVX MW F] HIJEYPX 'LE
