/SIPOEWX KIFVYMOWEER[MN^MRK (YXGL [EX IIR QSKIPMNOLIHIR ,EVXIPMNO HERO ZSSV HI EERWGLEJ ZER HMX 7EQWYRK TVSHYGX :SSV EERZYPPIRHI WIVZMGI OYRX Y Y[ TVSHYGX VIKMWXVIVIR ST HI [IFWMXI [[[ WEQWYRK GSQ VIKMWXIV :VMNWXEERH ETTEVEEX
OIRQIVOIR ZER Y[ RMIY[I OSIPOEWX &)0%2+6-.
ZIMPMKLIMHWMRJSVQEXMI :)-0-+,)-(7-2*361%8-) PI^IR IR HI^I ZIVZSPKIRW ST IIR ZIMPMKI TPEEXW XI FI[EVIR MR HI FYYVX ZER LIX ETTEVEEX ^SHEX Y HI^I MR HI XSIOSQWX EPXMNH OYRX VEEHTPIKIR +IFVYMO HI^I OSIPOEWX YMXWPYMXIRH ZSSV HI HSIPIMRHIR [EEVZSSV HI^I SRX[SVTIR MW ^SEPW FIWGLVIZIR MR HI KIFVYMOWEER[MN^MRK (I OSIPOEWX MW RMIX FIWXIQH ZSSV KIFVYMO HSSV TIVWSRIR MRGPYWMIJ OMRHIVIR QIX ZIVQMRHIVHI J]WMIOI ^MRXYMKPMNOI SJ QIRXEPI ZEEVHMKLIHIR SJ KIFVIO EER IVZEVMRK IR OIRRMW XIR^MN ^MN SRHIV XSI^MGLX S
ZIMPMKLIMHWMRJSVQEXMI &)0%2+6-.
HI KIFVYMOWEER[MN^MRK XI [SVHIR EERKIWPSXIR IR KITPEEXWX )V FIWXEEX IIR VMWMGS ZER ZIVWXMOOMRK EPW HI OMRHIVIR LIX ZIVTEOOMRKWQEXIVMEEP SZIV LYR LSSJH HSIR 7PYMX LIX WRSIV ST HI NYMWXI QERMIV EER [EEVFMN LIX WRSIV REEV FIRIHIR HMIRX XI LERKIR %PW Y LIX WRSIV SRHIVWXIFSZIR EERWPYMX OYRRIR HVEHIR EJKIWRIHIR [SVHIR [EX FVERH SJ IPIOXVMWGLI WGLSOOIR OER ZIVSSV^EOIR EGLXIVOERX ZER HI OSIPOEWX LIX WRSIV ST ERHIVI [MN^I FIWGLEHMKX (MX ZIVSSV^EEOX FVERHKIZEEV (I OSIPOEWX QSIX [SVH
ZIMPMKLIMHWMRJSVQEXMI &)0%2+6-.
(MX TVSHYGX MW YMXWPYMXIRH FIWXIQH ZSSV LIX FI[EVIR ZER ZSIHMRKW[EVIR MR IIR LYMWLSYHIPMNOI SQKIZMRK *PIWWIR QSIXIR HMGLX REEWX IPOEEV [SVHIR KITPEEXWX ^SHEX ^MN IV RMIX YMX OYRRIR ZEPPIR ZIRXMPIIV HI VYMQXI [EEVMR HI OSIPOEWX MW KITPEEXWX IROIPI QMRYXIR +IFVYMO EPPIIR HI 0)( PEQTIR HMI HSSV HI JEFVMOERX SJ LIX WIVZMGIGIRXIV [SVHIR KIPIZIVH 9 QSIX IVST XSI^MIR HEX OMRHIVIR HI OSIPOEWX RMIX EPW WTIIPKSIH KIFVYMOIR IR SJ IVMR OPMQQIR (IQSRXIIV SJ VITEVIIV HI OSIPOEWX RMIX ^IPJ (MX OER PIMH
ZIMPMKLIMHWMRJSVQEXMI 4PEEXW ZSIHMRKW[EVIR RMIX XI HMGLX FMN HI ZIRXMPEXMISTIRMRKIR EER HI EGLXIVOERX ZER HI OSIPOEWX EERKI^MIR ^MN HI ZVMNI PYGLXGMVGYPEXMI MR HI OSIPOEWX OYRRIR FIPIQQIVIR :IVTEO HI ZSIHMRKW[EVIR KSIH SJ TPEEXW ^I MR ZEGYàQ HS^IR ZSSVHEX Y ^I MR HI OSIPOEWX PIKX &)0%2+6-.
&)0%2+6-./) ;%%67',9;-2+78)/)27 :336 ,)8 :)6;-.
FIZEX -278%00%8-) :%2 9; /3)0/%78 :SSVFIVIMHMRKIR ZSSV HI MRWXEPPEXMI ZER HI OSIPOEWX (I OSIPOEWXHIYV SQHVEEMIR (I OSIPOEWX [EXIVTEW ^IXXIR (I OSIPOEWX MRWXEPPIVIR &)(-)2-2+ :%2 9; /3)0/%78 ,IX FIHMIRMRKWTERIIP GSRXVSPIVIR :SIHMRKWQMHHIPIR FI[EVIR 6)-2-+-2+ )2 32()6,39( :%2 (I SRHIVHIPIR EER HI FMRRIROERX ZIV[MNHIVIR 9; /3)0/%78 (I OSIPOEWX VIMRMKIR %44)2(-< 4VSFPIQIR STPSWWIR FIZEX
MRWXEPPEXMI ZER Y[ OSIPOEWX :336&)6)-(-2+)2 :336 () -278%00%8-) :%2 () /3)0/%78 HI KIFVYMOWEER[MN^MRK XI [SVHIR EERKIWPSXIR IR KITPEEXWX MW ^SEPW FIWGLVIZIR MR HI KIFVYMOWEER[MN^MRK EJ XI ZSIVIR (I FIWXI TPEEXW OMI^IR ZSSV HI OSIPOEWX PYGLXGMVGYPEXMI WIVZMGI QQ QQ QQ QQ SV QQ SV QQ SV QQ QQ QQ QQ (MX LIPTX LIX IRIVKMIZIVFVYMO IR Y[ IRIVKMIVIOIRMRK PEEK XI LSYHIR 8VIO HI OSIPOEWX VIGLX REEV ZSVIR EPW Y MRWXEPPEXMI SRHIVLSYHW SJ WGLSSRQEEO[IVO^EEQ
MRWXEPPEXMI ZER Y[ OSIPOEWX () /3)0/%78()96 31(6%%-)2 : SSVHEX Y HI OSIPOEWXHIYV SQHVEEMX QSIX Y IVST PIXXIR HEX HI RIXOEFIP YMX LIX WXSTGSRXEGX MW KIXVSOOIR %PW HI^I LERHIPMRK HSSV IIR EJXIV WEPIWWIVZMGI [SVHX YMXKIZSIVH ZEPX HI^I RMIX SRHIV HI KEVERXMI :IVIMWX KIVIIHWGLET 2MIX QIIKIPIZIVH 4LMPPMTW OSTWPIYXIP *PEX ,IEH (VMZIV QQ QSIVWPIYXIP ZSSV WGLEVRMIVEW x MRFYWWPIYXIP ZSSV QMHHIRWGLEVRMIV :IV[MNHIV LIX EJHIOPITNI ZER HI WGLEVRMIV FSZIR EER HI HIYV ZER HI OSIPOEWX QIX II
:IV[MNHIV HI OSIPOEWXHIYV YMX HI QMHHIRWGLEVRMIV HSSV HI HIYV VIGLX SQLSSK XI XMPPIR -278%00%8-) /SIPOEWXHIYV MW ^[EEV ^SVK IVZSSV HEX Y ^MGL RMIX ZIV[SRHX FMN LIX ZIV[MNHIVIR ZER HI OSIPOEWXHIYV (IQSRXIIV HI QMHHIPWXI WGLEVRMIV HSSV HI FSYXIR XI ZIV[MNHIVIR :IV[MNHIV HI ZVMI^IVHIYV YMX HI SRHIVWGLEVRMIV HSSV HI HIYV VIGLX SQLSSK XI XMPPIR :VMI^IVHIYV MW ^[EEV ^SVK IVZSSV HEX Y ^MGL RMIX ZIV[SRHX FMN LIX ZIV[MNHIVIR ZER HI ZVMI^IVHIYV MRWXEPPEXMI
MRWXEPPEXMI ZER Y[ OSIPOEWX () /3)0/%78()96 31(6%%-)2 :)6:30+ (VEEM HI WXIPTSXIR EER HI ZSSVOERX PSW IR HVEEM HI WGLVSIZIR PSW [EEVQII HI SRHIVWXI WGLEVRMIV MW FIZIWXMKH :SSVHEX Y LIX SRHIVWXI WGLEVRMIV ZIV[MNHIVX QSIX Y HI WXIPTSXIR ZIV[MNHIVIR :IVTPEEXW HI SRHIVWGLEVRMIVEW :IV[MNHIV HI WGLVSIJ ZER HI EYXS KYMHI IR ZIV[MNHIV HI SRHIVWGLEVRMIVEW QIX IIR QQ QSIVWPIYXIP :IVFMRHX HI SRHIVWGLEVRMIVEW EER HI PMROIVOERX IR ^IX HI SQKIHVEEMHI EYXS KYMHI XIVYK VIGLXWSRHIV EER HI OS
:IVTPEEXW LIX EJHIOPITNI ZER LIX QMHHIPWXI WGLEVRMIV ZER PMROIV REEV HI VIGLXIVOERX -278%00%8-) :IV[MNHIV HI WGLVSIJ EER HI VIGLXIVSRHIV^MNHI ZER HI ZVMI^IVHIYV :IVTPEEXW HI HIYVWXST WGLEVRMIVKIPIMHIV IR HIYVWXSTFIYKIP ZER VIGLXW REEV PMROW : IVTPEEXW HI WGLEVRMIVVMRK IR HI VMRKOET ST HI ZVMI^IVHIYV MRWXEPPEXMI
MRWXEPPEXMI ZER Y[ OSIPOEWX () /3)0/%78()96 31(6%%-)2 :)6:30+ 4PEEXW HI ZVMI^IVHIYV ZSSV^MGLXMK XIVYK 1SRXIIV HI QMHHIRWGLEVRMIV QIX FSYXIR EER HI PMROIV^MNHI :IV[MNHIV HI WGLVSIJ EER HI VIGLXIVSRHIV^MNHI ZER HI OSIPOEWXHIYV :IVTPEEXW HI HIYVWXST WGLEVRMIVKIPIMHIV IR HIYVWXSTFIYKIP ZER HI PMROIVOERX +IFVYMO IIR QQ QSIVWPIYXIP SQ HI FSZIRWGLEVRMIVEW PSW XI OSTTIPIR (VEEM HI FSZIRWGLEVRMIV SQ IR FIZIWXMK HI FSZIRWGLEVRMIVEW [IIV MRWXEPPEXMI
1SRXIIV HI FSZIRWXI WGLEVRMIV EER HI PMROIVOERX ZER HI OSIPOEWXHIYV -278%00%8-) 4PEEXW HI OSIPOEWXHIYV ZSSV^MGLXMK XIVYK 7GLVSIJ HEEVRE HI FSYXIR EER SQ HI FSZIRWGLEVRMIV XI QSRXIVIR 6EEHTPIIK TEKMRE ZIVTPEEXWIR REHEX HI HIYV MW SQKIHVEEMH RXIIV HI HIYV EER HI FSZIROERX ZER HI OSIPOEWX MRWXEPPEXMI
MRWXEPPEXMI ZER Y[ OSIPOEWX () /3)0/%78()96 31(6%%-)2 :)6:30+ :IVTPEEXW LIX HIYVOPITNI REEV HI ERHIV OERX ZER HI HIYV ZER HI OSIPOEWX IX IVST HEX HI VSHI FERH ST HI HVEEH EER LIX IMRH ZER HI 0 PMROIVFSZIRWGLEVRMIVOET MW KITPEEXWX :IVTPEEXW LIX EJHIOPITNI ST LIX ZSSVTERIIP REEV HI ERHIVI OERX ZER OSIPOEWX IR ZVMI^IVHIYV KSIH ^MXXIR %PW HMX RMIX LIX KIZEP MW OER IV IIR VYMW SRXWXEER SJ ^MGL GSRHIRW ZSVQIR [EX MRZPSIH LIIJX ST LIX JYRGXMSRIVIR ZER HI OSIPOEWX :IV[MNHIV HI EJHIOOMRK ZER HI
() /3)0/%78 ;%8)64%7 >)88)2 +IZEP (I OSIPOEWX WXEEX PMROW MIXW PEKIV [EXIVTEW WXEEX +IZEP (I OSIPOEWX WXEEX VIGLXW MIXW PEKIV (VEEM HI VIGLXIV ZIVWXIPFEVI TSSX MR HI VMGLXMRK ZER HI TMNP XSXHEX HI OSIPOEWX [EXIVTEW WXEEX MRWXEPPEXMI -278%00%8-) %PW HI ZSSVOERX ZER HI OSIPOEWX MIXW LSKIV WXEEX HER HI EGLXIVOERX OER HI HIYV KIQEOOIPMNOIV KISTIRH IR KIWPSXIR [SVHIR (VEEM HI ZIVWXIPFEVI TSXIR REEV VIGLXW SQ LSKIV REEV PMROW SQ PEKIV XI ^IXXIR
MRWXEPPEXMI ZER Y[ OSIPOEWX () /3)0/%78 -278%00)6)2 2Y HEX Y Y[ RMIY[I OSIPOEWX LIFX KIÓRWXEPPIIVH IR KITPEEXWX OYRX Y HI ZIVWGLMPPIRHI OIRQIVOIR IR JYRGXMIW KEER MRWXIPPIR %PW Y HI ZSPKIRHI WXETTIR YMXZSIVX ^SY Y[ OSIPOEWX LIPIQEEP FIHVMNJWOPEEV QSIXIR ^MNR )PIGXVSRMGW WIVZMGIGIRXIV HI QYYV IR HI OSIPOEWX 6EEHTPIIK HI MRWXEPPEXMI EER[MN^MRKIR MR HI^I KIFVYMOWEER[MN^MRK VEEHTPIIK TEKMRE % PW HI WXIOOIV MR LIX WXSTGSRXEGX ^MX QSIX HI FMRRIRZIVPMGLXMRK KEER FVERHIR ^SHVE Y HI HIYVIR STIRX
FIHMIRMRK ZER Y[ OSIPOEWX ,)8 &)(-)2-2+74%2))0 '328630)6)2 &)(-)2-2+ /SIPOEWX 9 OYRX IIR XIQTIVEXYYV ZSSV HI OSIPOEWXI MRWXIPPIR XYWWIR HI ' IR ' 4S[IV SR ;ERRIIV LIX ETTEVEEX MW MRKIWGLEOIPH FVERHX LIX FIXVIJJIRHI PEQTNI 4S[IV 'SSP /IRRMWKIZMRK SJ HI JYRGXMI 4S[IV 'SSP 7RIPOSIPIR OER [SVHIR MR SJ YMXKIWGLEOIPH 8IQT %PEVQ 4S[IV 'SSP PEQTNI FVERHIR (I OSIPOEWX WGLEOIPX ZSSV QMRYXIR REEV HI QSHYW 4S[IV 'SSP 7RIPOSIPIR ;ERRIIV HI OSIPOEWX ZSSV LIX IIVWX [SVHX MRKIWGLEOIPH
FIHMIRMRK ZER Y[ OSIPOEWX :3)(-2+71-(()0)2 &);%6)2 (I 7EQWYRK OSIPOEWX MW WTIGMEEP SRX[SVTIR ZSSV IIR STXMQEPI FIRYXXMRK ZER HI VYMQXI HSIP LIFFIR Y[ ZSIHMRKW[EVIR PERKIV ZIVW XI LSYHIR (IRO IVEER HEX ZSIHMRKWQMHHIPIR KSIH IR ^S PYGLXHMGLX QSKIPMNO [SVHIR ZIVTEOX SQ HSSVHVMRKIR ZER KIYVIR XI ZSSVOSQIR QERHIR ST HI SSVWTVSROIPMNOI TSWMXMI PEEX ^SEPW [IIVKIKIZIR MR HI MPPYWXVEXMI FIHMIRMRK
&IHMIRMRKWTERIIP +PEWTPEXIR +VSIRXIPEHI ;SVHX KIFVYMOX SQ HI ZIVWLIMH ZER KVSIRXI IR JVYMX XI FILSYHIR *SXSW]RXLIXMWGL ZIVW 0)( STXMSRIIP LSYHX KVSIRXIR IR JVYMX PERKIV ZIVW ;SVHX KIFVYMOX SQ HI ZIVWLIMH ZER KVSIRXI IR JVYMX XI FILSYHIR *SXSW]RXLIXMWGL ZIVW 0)( STXMSRIIP LSYHX KVSIRXIR IR JVYMX PERKIV ZIVW &SZIRWXI QMHHIPWXI SRHIVWXI PEHI ,IX FIWX XI KIFVYMOIR ZSSV LIX FI[EVIR ZER FIZVSVIR TVSHYGXIR ^SEPW MNW FEGSR IR TM^^E 7TIGMEEP ZSSV LIX FI[EVIR ZER ZIVW ZPIIW ZMW SJ KIHVSSKHI ZSI
FIHMIRMRK ZER Y[ OSIPOEWX :3)(-2+71-(()0)2 &);%6)2 3Q QIIV VYMQXI XI QEOIR OYRX Y HI PEHIR HI EJFIIPHMRK (MX MW RMIX ZER MRZPSIH ST HI XLIVQMWGLI IR QIGLERMWGLI OIRQIVOIR (I STWPEKGETEGMXIMX ZSSV HMITKIZVSVIR ZSIHMRKWQMHHIPIR MW FIVIOIRH QIX HI^I PEHIR ZIV[MNHIVH 6EEO HI ZIVHEQTIV RMIX QIX 3RHIVWXI PEHI REXXI LERHIR EER ,IX MW XSIKIWXEER SQ TVSHYGXIR ST HI PIKKIVW MR HI ZVMI^IV XI WXETIPIR 6SSWXIV ZER HI ZIVHEQTIV ZER HI ZVMI^IV VIMRMKMRK IR SRHIVLSYH
VIMRMKMRK IR SRHIVLSYH ZER Y[ OSIPOEWX 0IKTPEXIEYW 8MP HI PIKTPEXIEYW ZSSV^MGLXMK QIX FIMHI LERHIR ST IR XVIO ^I REEV Y XSI +PE^IR PIKTPEXIEY STZSY[FEEV PIKTPEXIEY (IYVFEOOIR 4EO HI HIYVFEOOIR WXIZMK ST QIX FIMHI LERHIR IR XMP ^I ZSSV^MGLXMK ST SQ ^I XI ZIV[MNHIVIR 0EHIR 8VIO HI PEHIR LIPIQEEP YMX IR PMGLX ^I HEEVRE ST SQ ^I XI ZIV[MNHIVIR *VIWL WEJI HVE[IV 'SSP WIPIGX ^SRI HVE[IV 'SSPIV ^SRI HVE[IV *VII^IV (VE[IVW :IVWLIMHWPEHI 0EHI OSIPWIPIGXMI^SRI 0EHI OSIP^SRI :VMI^IVPEHIR
() /3)0/%78 6)-2-+)2 )IR KSIHI ZIV^SVKMRK ZER Y[ 7EQWYRK OSIPOEWX ZIVPIRKX HI PIZIRWHYYV IR HVEEKX FMN EER LIX ZVMNLSYHIR ZER KIYVIR IR FEGXIVMÏR (I FMRRIROERX VIMRMKIR 6IMRMK HI FMRRIR[ERHIR IR MRXIVRI SRHIVHIPIR QIX IIR QMPH WGLSSRQEEOQMHHIP IR ZIIK HI^I HEEVRE EJ QIX IIR HVSKI HSIO 9 OYRX PEHIR IR TPEROIR ZIV[MNHIVIR EPW Y KVSRHMK [MP WGLSSRQEOIR 0IX IVST HEX Y ^I EJHVSSKX EPZSVIRW ^I [IIV XIVYK XI TPEEXWIR (I FYMXIROERX VIMRMKIR 6IMRMK LIX HMKMXEPI TERIIP IR LIX HMWTPE] QIX IIR WGLSRI ^EGL
ETTIRHM\ 463&0)1)2 340377)2 (I OSIPOEWX [IVOX LIPIQEEP RMIX SJ HI XIQTIVEXYYV MW XI LSSK 340377-2+ -W HI XIQTIVEXYYVGSRXVSPI ST LIX ZSSVTERIIP NYMWX MRKIWXIPH# 7GLMNRX HI ^SR ST HI OSIPOEWX SJ ^MNR IV [EVQXIFVSRRIR ZPEOFMN# WIPIGXIIVX [SVHX HI GSQTVIWWSV YMXKIWGLEOIPH (I ZSIHMRKW[EVIR MR HI OSIPOEWX ^MNR FIZVSVIR OSYHWXI XIQTIVEXYYV MRKIWXIPH# KIÓRWXEPPIIVH )V ^MNR SRKI[SRI KIPYMHIR EGGIWWSMVIW WEQIRXVIOOIR SJ YMX^IXXIR )V ^MNR LMXXIFIWXIRHMKI FYM^IR KIÓRWXEPPIIVH EER HI ZSSVLSIOIR (I
QIQS
QIQS
GIIVH MR HI XIQTIVEXYYVOPEWWI EERKIKIZIR ST LIX X]TITPEEXNI /PEWWI 9MXKIFVIMH KIQEXMKH 7]QFSP 72 XSX +IQEXMKH 7YFXVSTMWGL 8VSTMWGL 2 78 8 XSX XSX XSX -RXIVRI XIQTIVEXYVIR OYRRIR [SVHIR FIÓRZPSIH HSSV JEGXSVIR EPW HI TPEEXW ZER HI OSIPOEWX HI SQKIZMRKWXIQTIVEXYYV IR LSI ZEEO HI OSIPOEWX KISTIRH IR KIWPSXIR [SVHX 4EW HI XIQTIVEXYYV ^SZIV EER EPW RSHMK MW SQ HI^I JEGXSVIR XI GSQTIRWIVIR (YXGL 'SVVIGXI ZIV[MNHIVMRK ZER HMX TVSHYGX IPIOXVMWGLI IPIOXVSRMWGLI