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7IGXMSR{*SYRHEXMSRW
   ERH

'67-174%TTIRHM\'TVSZMHIWZEPYEFPIMRJSVQEXMSRGSRGIVRMRKHIZIPSTQIRXSJHIXEMPWJSVTPEGIQIRXSJ
VIMRJSVGIQIRX
8LIXSPIVERGIJSVVIHYGXMSRMRGSZIVMRVIMRJSVGMRKWXIIPQE]VIUYMVIEVIHYGXMSRMRQEKRMXYHI[LIVIXLIVIMRJSVGIH
GSRGVIXIMWI\TSWIHXSGLPSVMHIWSVXLIIRZMVSRQIRX;LIVITSWWMFPII\GIWWGSZIVXSSXLIVTVSXIGXMSRSJXLIVIMRJSVGMRK
WXIIPWLSYPHFIWTIGMJMIHMRWXIEHSJVIHYGIHXSPIVERGIFIGEYWISJXLIEGGYVEG]SJPSGEXMRKVIMRJSVGMRKWXIIPYWMRK
WXERHEVHJEFVMGEXMSREGGIWWSVMIWERHMRWXEPPEXMSRTVSGIHYVIW
8LI7TIGMJMIVQE]IPIGXXSWTIGMJ]EPXIVREXIXSPIVERGIJSVLSVM^SRXEPHIZMEXMSRSJTVIWXVIWWMRKVIMRJSVGMRKSVTVIWXVIWWMRK
HYGXW
8SPIVERGIKMZIRMWJSVKIRIVEPETTPMGEXMSR7TIGMJMGHIWMKRYWISJIQFIHHIHMXIQWQE]VIUYMVIHXLI7TIGMJMIVXSHIWMK
REXIXSPIVERGIWSJVIHYGIHQEKRMXYHIJSVZEVMSYWIQFIHHIHMXIQW

8SPIVERGIWKMZIREVIJSVKIRIVEPETTPMGEXMSR6IJIVXS%'-JSVKYMHERGI
4PYWXSPIVERGIJSVXLIZIVXMGEPHMQIRWMSRMWRSXWTIGMJMIHFIGEYWIRSPMQMXMWMQTSWIH7TIGMJMIVWLSYPHHIWMKREXITPYW

XSPIVERGIMJHIWMVIH
7IGXMSR{'EWXMRTPEGIGSRGVIXIJSVFYMPHMRKW

'LSWITPYWXSPIVERGIJSVWPEFXLMGORIWW

7TIGMJMIVWEVIGEYXMSRIHXLEXEXMKLXIVXSPIVERGIWLSYPHFIWTIGMJMIH[LIVIXLIVIMWETSXIRXMEPJSVGYXXMRKVIMRJSVGIQIRX
'LSSWI;EZMRIWW-RHI\EWEPXIVREXMZIXSQIXLSHWWTIGMJMIHMR7IGXMSRSV8IWXMRKWLEPPFIMREGGSVHERGI[MXL

%781)17TIGMJMIH3ZIVEPP7YVJEGI;EZMRIWW-RHI\ERH1MRMQYQ0SGEP7YVJEGI;EZMRIWW-RHI\QYWXFIWTIGMJMIH

(IWMKREXIXIWXMRKEKIRG]

(IWMKREXIHMWXVMFYXMSRSJXIWXVITSVXW
'LSSWIGSQTYXIVM^IHWMQYPEXMSRSJQERYEPWXVEMKLXIHKI

7TIGMJ]QMRMQYQRYQFIVSJWEQTPIWXIWXTVSGIHYVIQYWXFIVITVSHYGMFPI ERHEGGITXERGIGVMXIVME

%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW
8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW
7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW
)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI
'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]
7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME
*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW
4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP
&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW
%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI

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[[[GSRGVIXISVK

7TIGMJMGEXMSRJSV8SPIVERGIWJSV'SRGVIXI'SRWXVYGXMSR
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8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW
8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR
-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW
1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

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