prospectus 11 12
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8/3/2019 Prospectus 11 12
http://slidepdf.com/reader/full/prospectus-11-12 1/36
^xiw~dg}tw 8>??*?8
Mtxsdw}ie Gbtxgb ia Deckoem Qikte}oxv Ofmdm ^xfjoxv WgbiikMtxsdw}ie+ Hkoemaixm+ Mixwd}
M]?? >_O]dk)Aor0 >?842 =48833
Djofk0 iaafgdNmtxsdw}ie%mixwd}%wgb%tlSdhwf}d0 sss%mtxsdw}ie%mixwd}%wgb%tl
Etjhdx ia ~t~fkw ie xikk0 ?86Ocd xoecd0 = ‗ ?? vdoxw
Afqd gkowwdw^t~fk Omjfwwfie Etjhdx aix Xdgd~}fie fw 8>
Bdom ]dogbdx0 Kfp Sdwkdv*Hoxldx
Gbofx ia Ciqdxeixw0 @oved Biwaixm
Atx}bdx feaixjo}fie ohit} dmtgo}fie fe Mixwd} jov hd ih}ofedm axij0
Gbfkmxde‖w WdxqfgdwMixwd} Gite}v Gitegfk
Gite}v BokkMixgbdw}dx
8/3/2019 Prospectus 11 12
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8/3/2019 Prospectus 11 12
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8/3/2019 Prospectus 11 12
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‒Sbdxd dqdxvied bow o axfdem
!
Dqdxv}bfec fw ~iwwfhkd‖
‒Sd boqd o xfcb} }i kdoxe oem ~kovXdw~dg}fec i}bdxw dqdxv mov
Jolfec axfdemw oem boqfec ate ]bdxd‖w o gboegd aix dqdxvied‖
"gxdo}dm hv Wgbiik Gitegfk&
Itx wgbiik fw o Gbxfw}foe gijjtef}v sbfgb gxdo}dw o bo~~v+ wdgtxd oem w}fjtko}fec kdoxefecdeqfxiejde} sbdxd sd xdw~dg} i}bdxw+ cofe gieafmdegd fe itxwdkqdw oem oxd xdomv }i xfwd }i eds
gbokkdecdw‡
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Ow o Gbxfw}foe wgbiik itx ofjw oxd0
?%]i dtf~ dqdxv gbfkm }i }bxfqd ow ~ox} ia }bd kigok+ eo}fieok oem ckihok gijjtef}v<degitxocfec }ikdxoegd+ xdw~dg} oem biedw}v
8%]i etx}txd gbfkmxde }i hdgijd femd~demde}+ ji}fqo}dm oem xdwitxgdatk kdoxedxw+deohkfec }bdj }i xdogb }bdfx Cim*cfqde ~i}de}fok
7%]i few~fxd o cdedxiwf}v ia w~fxf} sf}bfe itx gbfkmxde sbfgb degitxocdw }bdj }ihdgijd gieafmde}+ sdkk*joeedxdm+ xdw~dg}atk oem tk}fjo}dkv bo~~v femfqfmtokw
=%]i ~xiji}d xdkfcfitw temdxw}oemfec oem o cxisfec o~~xdgfo}fie ia }bd Gbxfw}foeaof}b fe ixmdx }i degitxocd ‒mdd~ }bfelfec‖ oem mdqdki~jde} ia qoktdw aix kfad
4%]i mdqdki~ gbfkmxde‖w w~fxf}tokf}v }bxitcb okk oxdow ia }bd gtxxfgtktj
]bdwd ofjw sdxd gxdo}dm hv w}oaa+ gbfkmxde oem ciqdxeixw ie itx ‒Qoktdw oem Qfwfie Mov‖ * Axfmov 87xm Ig}ihdx 8>>6
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Wgbiik W}oaa
Bdom ]dogbdx Jxw Kfp Sdwkdv*Hoxldx
Owwfw}oe} Bdom }dogbdx Jxw Efgiko Hxiild
I}bdx ]dogbfec W}oaa Jfww Jdk Gko~bojJxw @tmf}b GxdwwsdkkJxw Djjo Gxia}Jfww Xdhdggo @oglwieJxw @i Jix}fjdx Jxw @tkfo Wofe}Jxw Qxie Woe}dx Jfww @oed W}fxlJxw Qok Owb "Axdegb =+ 4!1&
Wt~~kv ) ?0? }tf}fie Jxw Xisdeo Jf}gbdkkJxw Djjo Gxia}Jxw @tkfo Wofe}
Omjfe)Afeoegd Iaafgdx Jxw ̂ d}o Gxtj~kfeGkdxfgok Owwfw}oe} Jxw Qfglv Kdsfw
]dogbfec Owwfw}oe}w Jfww Bdfmf CoaaedvJfww Woemxo BikkisovJxw Qxie @doewJxw ]feo Ldqdxe
Jxw Kveed Svo}}
Ktegb*}fjd Wt~dxqfwixv Jxw Lo}d HdglbojOwwfw}oe}w Jxw Joemv ̂ ox}xfmcd
Jxw Gkofxd Sxfcb}Jxw Wtd Wjf}b
Lf}gbde Joeocdx @oved Axv
Giil ]xogv Moswie+Owwfw}oe} Giil Gbdxvk GikdwOwwfw}oe} Giil Goxikfed Wvldw Mxfqdxw0 Jfxfoj ^oxldx ! Hdglv Gkoxl
Gkdoedx fe Gboxcd Jxw Wtd Wjf}b
^xdjfwdw Joeocdx Jx @ibe Hoeefw}dx
^dxf~o}d}fg Jtwfg W}oaa
Jtwfgfoewbf~ ~xicxojjd Ldqfe ̂ deaikmJtwfg Dewdjhkd Jxw Kotxo VoxxisCtf}ox }tf}fie Jx Coxd}b Lfec^dxgtwwfie ]tf}fie Jx Coxd}b LfecW}xfecw ]tf}fie Jxw Mixi}o W}desol^foei ]tf}fie Jxw Kotxo Voxxis Siimsfem }tf}fie Jx @ibe Sdwkdv*Hoxldx
Boemv ^osw ^xd ‗ Wgbiik W}oaa
Boemv ^osw joeocdx Jxw Kvemwov JgLfekdv*EfgbikwMd~t}v Joeocdx Jxw Bdkde BoegiglGbfkmgoxd sixldx Jfww Kotxo Kojh
8/3/2019 Prospectus 11 12
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Wgbiik Ciqdxeixw
Jxw @oved Biwaixm Gbofxjoe oem Aitemo}fieCiqdxeix
Jxw Kdwkdv Hxvefec Qfgd Gbofxjoe oemAitemo}fie Ciqdxeix
Xdq% W}d~bde Gitk}dx Fegtjhde}
Jxw Kfp Sdwkdv*Hoxldx Bdom ]dogbdx
Jfww Woemxo Bikkisov W}oaa Ciqdxeix
Jxw Jommv Kdsfw*Wjf}b Aitemo}fie Ciqdxeix
Jxw Efgiko Hxiild ]dogbdx Ciqdxeix
Jxw Eomfed Kdsfe*Cxov ^oxde} Ciqdxeix
Jx% @ibe ̂ otkkdv JHD Aitemo}fie Ciqdxeix
Jxw @oed Oecdkk ^oxde} Ciqdxeix
Jx ̂ o}xfgl Hictd Aitemo}fie Ciqdxeix
Jxw Kvemo Xiwd JHD Aitemo}fie Ciqdxeix
Jx Xihfe @deefecw GWO Ciqdxeix
Jxw Oemxdo @iedw Aitemo}fie Ciqdxeix
Jfww ]xtmv Bov}dx Gkdxl }i }bd Ciqdxefec Himv
]bd Ateg}fie ia }bd Ciqdxefec Himv]bd Ciqdxeixw boqd o cdedxok xdw~iewfhfkf}v aix }bd daadg}fqdjoeocdjde} ia }bd wgbiik+ og}fec sf}bfe }bd axojdsixl wd} hveo}fieok kdcfwko}fie oem hv }bd ~ikfgfdw ia }bd Kigok Dmtgo}fieOt}bixf}v oem }bd Mfigdwd% ]bd Bdom ]dogbdx bow }bdxdw~iewfhfkf}v aix }bd mov }i mov xteefec ia }bd wgbiik%
]bd Ciqdxeixw jdd} aixjokkv o} kdow} iegd o }dxj oem }bdxd oxd}bd aikkisfec wth gijjf}}ddw0
• Afeoegd oem Cdedxok ^tx~iwdw feg% Bdok}b oem Woad}v
• Gtxxfgtktj oem W}oaafec
• Wgbiik Fj~xiqdjde} Cxit~
• ATKK CIQDXEFEC HIMV
Ciqdxeixw oxd xdw~iewfhkd aix o~~ife}jde}w jomd sf}bfe }bdwgbiik%
‒Ciqdxeixw ~kov oe it}w}oemfec xikd fe bdk~fec }bd wgbiik }ijiqd aixsoxm oem ~xiqfmd drgd~}fieok wt~~ix} fe joevfj~ix}oe} ow~dg}w ia wgbiik kfad‖ IAW]DM O~xfk 8>?>
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Hoglcxitem Feaixjo}fie
]bd wgbiik sow aitemdm fe ?267 ow o Gbtxgb ia Deckoemwgbiik% Wfegd }bo} }fjd f} bow hdde cxoe}dm Ofmdm W}o}twtemdx }bd ?6== Dmtgo}fie Og}+ sbfgb deohkdw f} }i xdjofe
aof}batk }i f}w ixfcfeok Gbtxgb ia Deckoem Aitemo}fie sf}b }bdjo`ixf}v ia }bd Ciqdxeixw xd~xdwde}fec }bd Gbtxgb ia Deckoem+xdadxxdm }i fe }bd ~xiw~dg}tw ow Aitemo}fie Ciqdxeixw%
]bd w}oaa wt~~ix}w }bd ~xfegf~kdw hdbfem o Gbtxgb Wgbiik%]bdwd ~xfegf~kdw oxd xdakdg}dm ei} iekv fe }bd XdkfcfitwDmtgo}fie oem mofkv sixwbf~+ ht} fe }bd mdwfxd }bo} Gbxfw}foefmdokw wbitkm feaixj dqdxv ow~dg} ia }bd wgbiik#w kfad oemwbitkm hd degitxocdm hv }bd droj~kd oem feqikqdjde} ia }bdkigok ^oxfwb Gbtxgbdw% Fe }bfw sov+ }bd Gbxfw}foe gijjtef}v fw~xfqfkdcdm }i atx}bdx }bd dmtgo}fie ia joev gbfkmxde%
Itx wgbiik giewfw}w ia afqd jfrdm ocd gkowwdw giqdxfec }bd 3vdoxw ia ~xfjoxv dmtgo}fie+ o W~dgfok Eddmw sixl oxdo+ oeFG])mxojo wtf}d+ o kfhxoxv oxdo+ o koxcd w~ix}w bokk )mfefecxiij "aix ^D+ gikkdg}fqd sixwbf~ oem mxojo& oem 8 iaafgdw ‗aix }bd Bdom ]dogbdx oem omjfefw}xo}fie) afeoegd% Okkoggijjimo}fie fw eis }i }bd ko}dw} w~dgfafgo}fiew aikkisfecitx xd*htfkm oem xdeiqo}fie sbfgb sow gij~kd}dm fe Otctw}8>>2%
]bd wgbiik fw wd} fe o w}teefec kigo}fie sf}b qfdsw mise }bdW}itx qokkdv oem ia }bd wtxxitemfec bfkkw% ]bd it}miix ~kovoxdo fw sdkk dtf~~dm sf}b omqde}txd ~kov dtf~jde}+ cxowwdmoem }oxjog oxdow% ]bdxd oxd joev it}miix kdoxefec oxdow+mdwfcedm sf}b }bd bdk~ ia gbfkmxde+ ~oxde}w oem }dogbdxw% Itx og}fqd ^oxde} ]dogbdx Owwigfo}fie "^]O& bow atemdm }bdomqde}txd ~kov dtf~jde} oem ~koe}w aix }bd cxitemw%
]bd koemwgo~fec ia }bd cxitemw sow goxxfdm it} }i ~xiqfmdgbfkmxde sf}b }bd jorfjtj i~~ix}tef}v }i de`iv oem kdoxe axij}bdfx deqfxiejde}% Ow o xdwtk} }bdxd oxd oxdow aix gbfkmxde }icxis }bdfx ise ~koe}w oem qdcd}ohkdw ow sdkk ow }i ~kov+ xdkoroem xdakdg}%
Boemv ^osw ^xd*Wgbiik+ oe dr}demdm wgbiikw‖ fef}fo}fqd xte hv}bd Ciqdxefec Himv aix 7 ‗ 4 vdox ikmw+ fw kigo}dm ie }bd wf}doem bow gkiwd kfelw sf}b }bd wgbiik% ]bd temdx*afqdw boqd }bdfx ise wd~oxo}d ~kov oxdo om`ifedm }i ied ia itx ~kovcxitemw o} }bdhogl ia }bd wgbiik% Xdgd~}fie gbfkmxde okwi boqd }bdfx isewd~oxo}d ~kovcxitem oem }ivw% Itx kfelw sf}b }bd gijjtef}v oxdw}xiec oem sd jold twd ia }bd qfkkocd bokk+ ~kovfec afdkmw oem }bdGbtxgb fe ixmdx }i fj~xiqd }bd tokf}v ia dmtgo}fie sd iaadx% Fexd}txe }bd wgbiik fw oqofkohkd aix twd hv }bd gijjtef}v aix mfaadxde} dqde}w oem ~tx~iwdw%
8/3/2019 Prospectus 11 12
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Omjfwwfiew ̂ ikfgv
]bd wgbiik ofjw }i ~xiqfmd o ~kogd aix okk gbfkmxde sbiwdommxdww fw sf}bfe }bd mdwfceo}dm oxdo+ mdafedm ow hdfec }bdoxdo sf}bfe }bd hitemoxfdw ia }bd ~oxfwbdw ia Mtxsdw}ie+Hxvoew}ie oem W}itx~ofed+ ow mdafedm fe }bd wgbiik#w }xtw}
mddm% ]bd ommxdww fw }bd ~kogd sbdxd }bd gbfkm fw ~dxjoede}kvxdwfmde} sf}b bfw ix bdx ~oxde} ix ~oxde}w ix kdcok ctoxmfoew%Sbdxd o gbfkm kfqdw sf}b ~oxde}w sf}b wboxdm xdw~iewfhfkf}vdogb ~ox} ia }bd sddl+ }bd #bijd# ommxdww sfkk hd giewfmdxdm}i hd }bd ommxdww ia }bd ~dxwie sbiwd eojd fw ie }bd gbfkmhdedaf} hiilkd}% ]bfw jov hd o mfaadxde} ommxdww }i }bo} ~xfe}dmie }bd hiil f}wdka%]bd omjfwwfiew ~ikfgv ia Mtxsdw}ie ^xfjoxv Wgbiik fw }i iaadx o ~kogd }i okk o~~kfgoe}w fxxdw~dg}fqd ia wdr+ xdkfcfie+ d}befgf}vix gite}xv ia ixfcfe+ mfwohfkf}v ix ogomdjfg ohfkf}v%
Omjfwwfiew oxd wth`dg} }i }bdxd hdfec omdto}d ~kogdwoqofkohkd fe gkoww oem omdto}d }dogbfec go~ogf}v)wt~~ix}%
Omjfwwfiew oxd wth`dg} }i oev giew}xofe}w t~ie }bd wgbiik hv}bd xdkdqoe} ot}bixf}v "Wokfwhtxv Mfigdwd+ MaDW+ KigokDmtgo}fie Ot}bixf}v& ix sbdxd omjfwwfie sitkm hdfegij~o}fhkd sf}b oxxoecdjde}w fe}demdm }i ~xdwdxqd }bdwgbiik#w xdkfcfitw gboxog}dx%
Sbdxd }bfw wgbiik fw eojdm fe o gbfkm‖w w}o}djde} ia w~dgfokdmtgo}fieok eddmw+ }bd ciqdxefec himv xdgicefwdw o mt}v }i
omjf} }bd gbfkm }i }bd wgbiik%Sbdxd okk ~oxde}ok ~xdadxdegdw aix ~kogdw o} }bd wgbiik goe hdwo}fwafdm+ okk gbfkmxde wddlfec o ~kogd sfkk hd omjf}}dm% Sbdxd}bdxd oxd }ii ads ~kogdw oqofkohkd }i wo}fwav okk ~xdadxdegdw"~thkfwbdm omjfwwfie etjhdx&+ ~kogdw sfkk hd okkigo}dmoggixmfec }i }bd aikkisfec ~xfixf}v ixmdx0*
?% Gbfkmxde sbi oxd kiildm oa}dx hv }bd kigok ot}bixf}v
8% Gbfkmxde sf}b o ~ox}fgtkox jdmfgok+ wigfok ix gij~owwfieo}d
xdowie aix o}}demfec }bd wgbiik+ wt~~ix}dm hv o Mig}ix+
Dmtgo}fie Sdkaoxd Iaafgdx ix Wigfok sixldx%
7% Gbfkmxde kfqfec fe? }bd go}gbjde} oxdo8 sbi sfkk boqd o wfhkfec
okxdomv o}}demfec }bd wgbiik o} }bd }fjd ia omjfwwfie% ]bfw
fegktmdw w}d~+ boka oem aiw}dx wfhkfecw kfqfec fe }bd wojd aojfkv
tef}%=% Gbfkmxde kfqfec fe }bd go}gbjde} oxdo%4% Gbfkmxde kfqfec it}wfmd }bd go}gbjde} oxdo sbi sfkk boqd o
wfhkfec okxdomv o}}demfec }bd wgbiik o} }bd }fjd ia omjfwwfie%
1% Gbfkmxde sbi oxd ho~}fwdm fe}i }bd Gbtxgb ia Deckoem o}}dem
Gbtxgb o} kdow} iegd o jie}b+ wt~~ix}dm hv o kd}}dx axij }bdfx
^oxfwb ̂ xfdw}<
3% Gbfkmxde ia i}bdx gbtxgbdw+ sbfgb oxd jdjhdxw ia Gbtxgbdw
]icd}bdx fe Hxf}ofe oem Eix}bdxe Fxdkoem+ sbi sixwbf~ o} }bdfx
Gbtxgb o} kdow} iegd o jie}b+ wt~~ix}dm hv }bdfx Gbtxgb Kdomdx%
2% Gbfkmxde kfqfec it}wfmd }bd go}gbjde} oxdo sbi mi ei} tokfav
temdx ied ia }bd gxf}dxfo ohiqd%
? Sbdxd o gbfkm kfqdw sf}b ~oxde}w sf}b wboxdm xdw~iewfhfkf}v}bd bijd ommxdww sfkk hd fmde}fafdm ow }bd ommxdww ia }bd~dxwie sbiwd eojd fw ie }bd xdkdqoe} Gbfkm Hdedaf} hiilkd}"ei} }bd ommxdww ie }bd hiilkd}&%8 ]bd go}gbjde} oxdofegktmdw Mtxsdw}ie+ Hxvoew}ie "drgktmfec Kisdx Hxvoew}ie&oem W}itx~ofed "fegktmfec Axoegd Bfkk&%
Fa }ii ads ~kogdw oxd oqofkohkd }i wo}fwav ~xdadxdegdw dr~xdwwdm+oa}dx }bd o~~kfgo}fie ia }bd ohiqd gxf}dxfo+ ~kogdw sfkk hd okkigo}dmie }bd howfw ia }bd gkiwdedww ia }bd gbfkm }i }bd wgbiik+ mdafedmhv w}xofcb} kfed jdowtxdjde} twfec }bd gite}v jo~~fec wvw}dj%Fa }si ix jixd gbfkmxde sf}b }bd wojd ~xfixf}v aix omjfwwfie kfqdoe femfw}fectfwbohkd mfw}oegd axij }bd wgbiik+ ht} goeei} okk hdomjf}}dm+ }bde }bd oqofkohkd ~kogdw sfkk hd mdgfmdm hv }bd gow}fecia ki}w% Fa }bdxd oxd fewtaafgfde} ~kogdw }i oggijjimo}d okk }bdgbfkmxde ia o jtk}f~kd hfx}b "f%d% }sfew+ }xf~kd}w d}g%& }bd ~oxde}w ia
8/3/2019 Prospectus 11 12
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}bd gbfkmxde sfkk hd owldm }i eijfeo}d }bd gbfkm ix gbfkmxde }i}old t~ }bd oqofkohkd etjhdx ia ~kogdw%
Iegd oe iaadx ia o wgbiik ~kogd bow hdde jomd f} jov iekv hdkosatkkv sf}bmxose fe qdxv kfjf}dm gfxgtjw}oegdw+ sbfgbfegktmd oe iaadx ia ~kogd howdm t~ie o axotmtkde} ix
jfwkdomfec o~~kfgo}fie% Sbdxd oe iaadx ia ~kogd fw sf}bmxose+}bd o~~kfgo}fie sfkk hd giewfmdxdm oaxdwb+ oem o xfcb} ia o~~dokiaadxdm fa oe iaadx ia ~kogd fw xdatwdm%
De}xv }i Wgbiik
Gbfkmxde sbi oxd aitx hv 7? Otctw} 8>?8 sfkk hd omjf}}dm feWd~}djhdx 8>?8 oem goe o}}dem atkk }fjd axij }bfw mo}d%
Sd }xv }i jold }bd }xoewf}fie }i wgbiik ow wjii}b ow ~iwwfhkd
aix ~oxde}w oem gbfkmxde% Sd qfwf} }bd gbfkmxde o} bijd oem feEtxwdxfdw sbdxd ~iwwfhkd mtxfec }bd Wtjjdx ]dxj hdaixdwgbiik de}xv% ]bd gbfkmxde w~dem o} kdow} }bxdd jixefecw fe}bdfx eds gkoww cd}}fec }i leis }bd w}oaa "oem }ivw/&%
Gbfkmxde sbi o}}dem itx ^xd*Wgbiik0 Boemv ^osw kdm hv itx qdxv go~ohkd Kvemwov JgLfekdv*Efgbikw+ sfkk boqd joevi~~ix}tef}fdw }i sixl okiecwfmd }bd Xdgd~}fie gkoww oem hdfeqikqdm fe }bd kfad ia }bd wgbiik% Bisdqdx o}}demoegd o} }bd^xd*Wgbiik midw ei} ctoxoe}dd o ~kogd fe }bd wgbiik%
Ie ]tdwmov jixefecw gbfkmxde oxd ohkd }i o}}dem }bd Ji}bdx
! ]immkdx cxit~ fe wgbiik "axij 6%7>oj ‗ ??%7>oj&%]bfwcxit~ fw gokkdm ‒Kf}}kd Xowgokw‖% ‒Xfwfec Afqdw‖ `ifew }bd drfw}fecXdgd~}fie vdox aix w}ixfdw oem wiecw fe }bd Wtjjdx ]dxjhdaixd w}ox}fec wgbiik% Sd okwi bikm oe i~de dqdefec aix eds~oxde}w }i jdd} }bd Xdgd~}fie gkoww }dogbdxw+ jdjhdxw ia }bdCiqdxefec Himv+ }bd ^]O oem i}bdx }dogbdxw%
Sd oxd qdxv ktglv }i boqd itx ise ~kov oxdo aix }bd xdgd~}fiegbfkmxde wi }bo} }bdv goe de`iv dr~kixfec oem kdoxefec fe o woad+aojfkfox deqfxiejde}%
]xoewadx }i ]bd Hkoemaixm Wgbiik fw o} }bd ocd ia ??%
]bd Hkoemaixm Wgbiikw‖ Ed}sixl
Mtxsdw}ie fw ~ox} ia }bd Hkoemaixm Wgbiikw‖ Ed}sixl%]bfw cxit~ ia wgbiikw gij~xfwdw0
• ]bd Hkoemaixm Wgbiik+ aix w}tmde}w ocdm axij ??*?2%
• 2 ^xfjoxv Wgbiikw aix gbfkmxde =*?? vdoxw0Oxgbhfwbi~ Sold+ Hkoemaixm W} Joxv+ Misekoemw+ Mtehtxv+Mtxsdw}ie+ Jfkkmise+ ^fj~dxed oem W~d}fwhtxv%
]bd wgbiikw ofj }i iaadx }i okk }bd Hkoemaixm oxdo gbfkmxde o xfgb
oem gbokkdecfec dmtgo}fie sbfgb sfkk deohkd }bdj }i xdogb }bdfx jorfjtj ~i}de}fok ow at}txd gf}fpdew%]i }bfw dem+ }bd wgbiikwsixl fe gkiwd ~ox}edxwbf~ o} okk kdqdkw }bxitcb ~koeefec oemdqokto}fie jdd}fecw+ `ife} }dogbdx mdqdki~jde} jdd}fecw oemwboxdm xdwitxgdw% Sd iaadx }i itx gbfkmxde0
O bo~~v }xoewf}fie hd}sdde wgbiikw fe }bd oxdo
Gie}fetf}v oem ~xicxdww fe }bdfx kdoxefec
Fegxdowfeckv+ ocxddm ~ikfgfdw oem o~~xiogbdw ogxiww }bdwgbiikw
]bd gbfkmxde fe }bd Hkoemaixm Wgbiikw‖ Ed}sixl oxd de}f}kdm }io}}dem o wgbiik sbfgb ~xiqfmdw o woad+ wdgtxd oem ixmdxkvdeqfxiejde}+ woadctoxmfec }bd xfcb}w ia }dogbdxw }i }dogb oemgbfkmxde }i kdoxe%]bd wgbiikw fe }bd Hkoemaixm oxdo boqd ocxddm ofjw+ ~xfegf~kdwoem o~~xiogbdw giegdxefec ~t~fk hdboqfitx oem mfwgf~kfed% ]bdqow} jo`ixf}v ia ~t~fkw xdw~iem ~iwf}fqdkv }i }bd wojd bfcb
8/3/2019 Prospectus 11 12
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dr~dg}o}fiew }bo} }bdv sfkk jdd} fe okk }bd wgbiikw% Fe gowdw ia jfwhdboqfitx ocxddm woeg}fiew sfkk hd o~~kfdm% ]bd tk}fjo}dwoeg}fie fw drgktwfie axij }bd wgbiik%
Wgbiikw‖ hdboqfitx ~ikfgfdw boqd }bd cxdo}dw} wtggdww sbde}bdv de`iv }bd atkk wt~~ix} ia ~oxde}w% ]dogbdxw+ ~t~fkw oem
~oxde}w okk soe} sdkk*ixmdxdm wgbiik gijjtef}fdw% Bdom}dogbdxw ia }bd Hkoemaixm Wgbiikw‖ Ed}sixl dr~dg} oem oxdcxo}datk aix }bd wt~~ix} ia itx ~oxde}w fe xdfeaixgfec }bdwgbiikw‖ ~xfegf~kdw o} bijd oem fe o~~xiqfec }bd wgbiikw‖og}fiew }i dewtxd ciim hdboqfitx%
]bd Wgbiik Mov
Wgbiik i~dew o} 2%4>oj sf}b xdcfw}xo}fie o} 6%>4oj% ]bdxdfw o hxdolaow} gkth ~xiqfwfie axij 2%>>oj fe }bd wgbiik bokkaix sixlfec ~oxde}w
Wgbiik demw o} 7%7>~j "sf}b oe oa}dx wgbiik gkth oqofkohkdaxij 7~j ‗ 1~j o} gde}xdw edoxhv+ sf}b }xoew~ix} ~xiqfmdmaxdd&
]bdxd fw o jfm*jixefec hxdol ia ?4 jfet}dw% Ktegb fwhd}sdde ?8%>> oem ?~j aix Ldv W}ocd ? oem ?8%>> oem?8%4>~j aix Ldv W}ocd 8% ]bdxd fw oe oa}dxeiie hxdol ia ?4jfet}dw aix gbfkmxde fe Ldv W}ocd ?% ]bd wgbiik sfkk ei}oggd~} xdw~iewfhfkf}v aix oev gbfkm kda} ie }bd ~xdjfwdw hdaixd
2%4>oj% Aix }bd woad}v ia vitx gbfkm sd owl vit }i gij~kvsf}b }bfw xdtdw}% O} }bfw }fjd+ gbfkmxde oxd ohkd }i de}dx }bdgkowwxiij oem hdcfe o jixefec og}fqf}v ~xd~oxdm hv }bd gkoww}dogbdx% ^kdowd dewtxd vitx gbfkm fw fe wgbiik fe }fjd aix xdcfw}xo}fie o} 6%>4oj oem }bo} vit) vitx xd~xdwde}o}fqd fw}bdxd }i gikkdg} }bdj ~xij~}kv o} 7%7>~j%
Sd giewfmdx }bdwd xit}fedw o qf}ok ~ox} ia aiw}dxfec ciim o}}f}tmdw}i wgbiik oem }bd kdoxefec ~xigdww%
Gox ^oxlfec
^kdowd ihwdxqd }bd ~oxlfec xdw}xfg}fiew fe ~kogd it}wfmd }bdwgbiik% ]bdv okkis aix }bd woad gikkdg}fie ia gbfkmxde hv htw ix }orf% Sd boqd oe ocxddjde} fe ~kogd }bo} okkisw }bd twd ia }bdQfkkocd Bokk Gox ^oxl aix ~oxde}w sbde }bdv oxd ~fglfec t~ ix mxi~~fec iaa gbfkmxde% ]bfw ocxddjde} o~~kfdw sbdedqdx }bdxd fww~ogd sf}bfe }bd gox ~oxl% ]bdxd jov hd }fjdw sbde }bd gox ~oxlfw atkk sf}b goxw ia bokk twdxw% ]bdxd fw okwi ~kde}v ia w~ogd t~ }bdxiom0 Bovgijhd aix ~oxlfec+ sf}b `tw} o wbix} sokl }i }bd wgbiik%
Soklfec
Ow o Bdok}b ^xiji}fec Wgbiik sd degitxocd gbfkmxde }i sokl~ox} ix okk ia }bd sov }i wgbiik% Sd okwi wt~~ix} gbfkmxde sbiboqd }olde }bdfx gvgkd ~xiafgfdegv }dw} }i gvgkd }i wgbiik% Dogb}dxj o ‒Sdkkfd Sokl‖ fw ixcoefwdm "? jfkd aix }bd vitecdx gbfkmxdeoem 4 jfkdw aix }bd ikmdx gbfkmxde& oem fw kfeldm }i }bd gbfkmxde‖wkdoxefec sbdedqdx ~iwwfhkd%
]xoew~ix}
]bd Gite}v }xoew~ix} ~ikfgv fw }i ~xiqfmd axdd }xoew~ix} aix
gbfkmxde kfqfec jixd }boe }si jfkdw axij }bd wgbiik "}bxdd jfkdw fa iqdx dfcb} vdoxw ikm&% F} fw okwi ~iwwfhkd aix ~oxde}w ia gbfkmxdekfqfec edoxdx }i o~~kv aix #giegdwwfieoxv# wdo}w ie oev oqofkohkdwgbiik }xoew~ix}% ]bdxd fw gtxxde}kv }xoew~ix} ~xiqfmdm axijHxvoew}ie oem W}itx~ofed mfxdg}fiew% Gbfkmxde sfkk oksovw hdgikkdg}dm axij+ ix mxi~~dm o}+ }bd ocxddm w}i~%
8/3/2019 Prospectus 11 12
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Ei Micw ie }bd Wgbiik ̂ xdjfwdw
Fe }bd fe}dxdw}w ia bvcfded+ ~kdowd mi ei} hxfec micw ie}i }bdwgbiik ~xdjfwdw% ]boel vit%
Et} Axdd Wgbiik
Fe }bd fe}dxdw}w ia gbfkmxde sf}b et} okkdxcfdw+ ~kdowd mi ei}fegktmd oev aiim gie}ofefec et}w fe vitx gbfkm‖w ~ogldm ktegb%
Wjilfec
]bd Ciqdxeixw boqd omi~}dm o (EI*WJILFEC( ~ikfgv% ]bfwjdoew }bo} }bd sbikd ia }bd Mtxsdw}ie wf}d bow eis hddemdwfceo}dm ow o (Ei*Wjilfec( oxdo% Wjilfec fw ei} okkisdmo} oev }fjd+ fegktmfec mtxfec kd}}fecw ix sddldem og}fqf}fdw%
Ktegb
O} Mtxsdw}ie sd hdkfdqd }bo} kdoxefec }i do} ~xi~dxkv fw oefj~ix}oe} ~ox} ia o gbfkm#w dmtgo}fie% Gbfkmxde oxd degitxocdm}i boqd o bi} wgbiik jdok o} ktegb}fjd giildm hv Kigok AiimKfelw%
Kigok Aiim Kfelw
Kigok Aiim Kfelw fw o ei}*aix*~xiaf} ixcoefwo}fie sf}b ohoglcxitem fe gijjtef}v aiim fef}fo}fqdw% ]bdv mdkfqdx axdwbkv~xd~oxdm bi} jdokw }i btemxdmw ia wgbiik gbfkmxde ogxiwwMixwd} dqdxv mov ia dqdxv }dxj% ]bdfx }ow}v jdetw gboecdxdctkoxkv+ oem ado}txd wijd ia }bd hdw} axdwb kigok oemwdowieok ~ximtgd oqofkohkd% ^oxde}w ix goxdxw goe ixmdx jdokw iekfed o} sss%kigokaiimkfelw%ixc%tl)wgbiikjdokw%Gbfkmxde cd} o cxdo} qoktd+ bdok}bv ktegb }bo} bdk~w }bdj
giegde}xo}d fe }bd oa}dxeiie+ oem degitxocdw o ~iwf}fqd+ wigfokxdko}fiewbf~ sf}b aiim% ]bd tokf}v ia Kigok Aiim Kfelw‖ aiim fwdqdxv}bfec }i }bdj+ oem fe 8>>6 }bdv sdxd }bd afxw} wgbiik go}dxdx }i hd osoxmdm }bd Cikm Joxl Go}dxfec Osoxm hv }bd Aiim aix Kfad^ox}edxwbf~%
Jdokw giw} §8%?> oem oxd giildm kigokkv+ fe lf}gbdew o} }bdHkoemaixm Gbfkmxde‖w Gde}xd% Sd degitxocd }bd gbfkmxde }i joldwdewfhkd jdet gbifgdw oem }i }xv mfaadxde} aiimw wi }bo} }bdvboqd o qoxfdm mfd}% Gbfkmxde jov okwi do} }bdfx ise ~ogldmktegbdw fe }bd bokk sf}b o axtf} wjii}bfd fa }bdv sfwb% Gbfkkdmmxfelfec so}dx fw okwi oqofkohkd aix okk%
Aojfkfdw fe xdgdf~} ia Fegijd Wt~~ix} oxd de}f}kdm }i axdd wgbiikjdokw+ ~xiqfmdm hv o gie}xog} }bxitcb Gite}v Bokk% Feaixjo}fieoem aixjw oxd oqofkohkd axij }bd Wgbiik Iaafgd%
8/3/2019 Prospectus 11 12
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Sd mi degitxocd aojfkfdw sbi oxd de}f}kdm }i axdd wgbiikjdokw }i gkofj aix }bdj "ix }i kd} itx Wdgxd}oxv leis }bdv oxddkfcfhkd& ow }bd }i}ok etjhdx fw twdm hv }bd MaDW oem Kigok
Dmtgo}fie Ot}bixf}v }i bdk~ md}dxjfed }bd atemfec mdkdco}dm}i }bd wgbiik htmcd}%
Weoglw ! Mxfelw
Ldv W}ocd ? gbfkmxde oxd cfqde o axtf} weogl aix jixefec hxdolow ~ox} ia }bd Axtf} oem Qdcd}ohkd Wgbdjd% Ikmdx gbfkmxde
goe hxfec }bdfx ise axtf} weogl ix ~oxde}w goe ~ov aix ied }bxitcb}bd wgbdjd%
O hi}}kd ia so}dx goe hd hxitcb} }i wgbiik }i }old fe}i }bdgkowwxiij% ]bd Wgbiik Iaafgd wdkkw so}dx hi}}kdw+ sbfgb boqdhdde dr}dewfqdkv }dw}dm oem oxd ~xiqde }i ldd~ kdolw }i ojfefjtj/
Jfkl goe okwi hd ixmdxdm aix mxfelfec o} hxdol ix ktegb}fjd%^kdowd wdd }bd iaafgd w}oaa aix jixd md}ofkw%
]bd Gtxxfgtktj
]bd afxw} wdg}fie ia }bd ?667 Dmtgo}fie Og} w}o}dw }bo} dqdxv ~t~fkfe jofe}ofedm wgbiikw fw de}f}kdm }i o gtxxfgtktj sbfgb fwhokoegdm oem hxiomkv howdm oem sbfgb+ f} wovw0
• ^xiji}dw }bd wigfok+ w~fxf}tok+ jixok+ gtk}txok+ jde}ok oem
~bvwfgok mdqdki~jde} ia ~t~fkw o} }bd wgbiik oem ia wigfd}v<oem
• ^xd~oxdw wtgb ~t~fkw aix }bd i~~ix}tef}fdw+ xdw~iewfhfkf}fdwoem dr~dxfdegdw ia omtk} kfad%
]bfw gtxxfgtktj+ oxitem sbfgb itx ise wgbiik gtxxfgtktj fwmdqdki~dm+ fw jomd t~ ia }si ~ox}w0
• Xdkfcfitw Dmtgo}fie
• ]bd Eo}fieok Gtxxfgtktj
]bd Eo}fieok Gtxxfgtktj
8/3/2019 Prospectus 11 12
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‒^t~fkw‖ drgdkkde} o}}f}tmdw }i wgbiik oem go~ogf}v aix boxm sixl bdk~ }bdj }i mi dw~dgfokkv sdkk ogomdjfgokkv‖IAW]DM * O~xfk 8>?>
Deckfwb
]bd Wgbiik fw aikkisfec }bd ^xfjoxv Axojdsixl aix Kf}dxogv%
Oe bitx ia kf}dxogv fw }otcb} dogb mov% F} fegktmdw xdomfec+sxf}fec+ w~dkkfec+ w~dolfec oem kfw}defec wlfkkw%
Sd ofj }i ~xiji}d koectocd mdqdki~jde} hv ~xiqfmfecwf}to}fiew oem og}fqf}fdw }bo} dr}dem }bd gbfkmxde#wdr~dxfdegdw%
Sd w}ox} sf}b }bd leiskdmcd }bdv hxfec sf}b }bdj oemdegitxocd }bdj }i dr~xdww }bdjwdkqdw gkdoxkv }bxitcb oqoxfd}v ia w~dolfec oem kfw}defec wf}to}fiew%
Sd ~xiqfmd o sdok}b ia ciim hiilw * hi}b aog} oem afg}fie *
oem sd ofj }i ~xiji}d ~kdowtxd oem de`ivjde} fe }bdw~ilde+ sxf}}de oem ~xfe}dm sixm% Okk gbfkmxde }old hiilwbijd }i wboxd+ oem sd sdkgijd xdw~iewdw oem gijjde}waxij ~oxde}w%
Itx koectocd ~xicxojjd sfkk okwi ~xiqfmd o axojdsixl }iwt~~ix} mdqdki~jde} ia qigohtkoxv+ oggtxo}d xdomfec+ w~dkkfecoem cxojjox%
Gbfkmxde w}xtcckfec sf}b xdomfec oxd bdk~dm sf}b }bd Xo~fmXdomfec Wgbdjd oem sd boqd wdde mxojo}fg fj~xiqdjde}wfe xdomfec ocd sbde gbfkmxde boqd hdde sixlfec ie }bfw%
]bdxd fw ‒daadg}fqd }dogbfec ogxiww }bd wgbiik‡%kdwwieog}fqf}fdw oxd fe}dxdw}fec+ ji}fqo}d ~t~fkw }i mi sdkk oemoxd daadg}fqdkv }oxcd}dm }i bdk~ }biwd ia mfaadxde} ohfkf}fdwjold ciim ~xicxdww‖ IAW]DM * O~xfk 8>?>
]iom+ Xo}}v+ Jikd oem Homcdx fe ‒Sfem fe }bd Sfkkisw‖ hv Ldeed}b Cxobojd * @tkv 8>??
Jo}bw
]bd wgbiik fw aikkisfec }bd ^xfjoxv Axojdsixl aix Jo}bdjo}fgw%Sd ofj }i deohkd dogb gbfkm }i o~~xdgfo}d }bd ~tx~iwd+ ~isdx oem xdkdqoegd ia jo}bdjo}fgw% Sd bi~d }bo} }bd gbfkmxde sfkkafem ~kdowtxd oem de`ivjde} fe jo}bdjo}fgok og}fqf}fdw oem ogieafmdegd fe }bdfx ohfkf}v }i ogbfdqd o} oe o~~xi~xfo}d kdqdk%
]bd gbfkmxde sfkk ~ox}fgf~o}d fe o jo}bdjo}fgw ~xicxojjdgij~xfwfec howfg wlfkkw0 ommf}fie+ wth}xog}fie+ jtk}f~kfgo}fie oemmfqfwfie+ jdowtxdjde}+ mo}o boemkfec+ ~xihohfkf}v oem ~xihkdjwikqfec%
Ikmdx gbfkmxde oxd dr~dg}dm }i hdgijd aojfkfox sf}b }bdfx jtk}f~kfgo}fie }ohkdw%
8/3/2019 Prospectus 11 12
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Wgfdegd
Mtxsdw}ie ~xiqfmdw o w}fjtko}fec deqfxiejde} fe sbfgb }bdgbfkmxde oxd ohkd }i mdqdki~ detfxfec jfemw oem twd }bdfx ohfkf}fdw }i wikqd ~xihkdjw fe o wgfde}fafg sov%
]bdxd oxd i~~ix}tef}fdw }i deohkd }bd gbfkmxde }i mdqdki~ wlfkkwwtgb ow ihwdxqfec+ ~o}}dxefec+ dr~dxfjde}fec+ jdowtxfec+xdgixmfec oem gijjtefgo}fec fe aitx jofe oxdow+ eojdkv0*}bd w}tmv ia kfqfec }bfecw oem }bdfx deqfxiejde}< jo}dxfokw oem}bdfx gboxog}dxfw}fgw< dedxcv oem f}w fe}dxog}fie sf}b jo}dxfokw<oem aixgdw oem }bdfx daadg}w%
]bd Wgfdegd Giixmfeo}ix kdomw o ‒Cfa}dm oem ]okde}dm‖Wgfdegd gkth sf}b gbfkmxde xdgijjdemdm hv }bd }dogbdx owboqfec o ~ox}fgtkox o~}f}tmd aix }bd wth`dg}%
Feaixjo}fie oem Gijjtefgo}fie ]dgbeikicv "FG]&
]bd gbfkmxde twd FG] ogxiww }bd Eo}fieok Gtxxfgtktj }igijjtefgo}d fmdow oem feaixjo}fie< feqdw}fco}d oem oeokvwdfeaixjo}fie< oem gie}xik oem jief}ix dr}dxeok dqde}w%
FG] wlfkkw oxd }otcb} twfec ^Gw+ ed}hiilw oem O~~kd F*~omwsf}b o sfmd xoecd ia wt~~ix}fec dtf~jde} wtgb ow ~xfe}dxw+wgoeedxw+ gojdxow oem xdgixmfec dtf~jde}% Okk gbfkmxdeboqd xdomv oggdww }i gij~t}dxw fe }bd FG] wtf}d oem ko~}i~woxd twdm sfmdkv oxitem }bd wgbiik oem it}miixw% ]bd wgbiiked}sixl bow o sfmd wdkdg}fie ia wia}soxd }i wt~~ix} oemxdfeaixgd }dogbfec fe okk wth`dg}w% Okk gkowwxiijw boqd oefe}dxog}fqd sbf}dhioxm+ oe dwwde}fok aix 8?w} Gde}txv tokf}v}dogbfec oem kdoxefec%]bd wgbiik sdhwf}d fw oe fj~ix}oe} ~ox} ia FG] kdoxefec oem fw~ogldm sf}b kfelw oem xdwitxgdw aix hi}b gbfkmxde oem ~oxde}w%
Xdkfcfitw Dmtgo}fie oem Gikkdg}fqd Sixwbf~
]bd Gbtxgb Wgbiik Few~dg}fie Xd~ix} w}o}dw0
‒]bd bdom }dogbdx ~xiqfmdw few~fxo}fieok kdomdxwbf~‖
‒Hi}b }bd mfw}feg}fqdedww oem daadg}fqdedww ia Mtxsdw}ie^xfjoxv ow o Gbtxgb ia Deckoem wgbiik oxdIT]W]OEMFEC‡%
‒Gbxfw}foe qoktdw oxd gde}xok }i dqdxv ow~dg} ia }bd wgbiik‖wkfad%‖
‒Sf}b ciim tokf}v XD oem o hxiom oem qoxfdm gtxxfgtktj‡~t~fkw jold it}w}oemfec ~dxwieok ~xicxdww‖
‒Kdoxedxw‡xdokkv akitxfwb ow femfqfmtokw‡}bdv xdgdfqd o bfcbw}oemoxm ia goxd+ ctfmoegd oem wt~~ix} axij o mdmfgo}dm}doj ia }dogbdxw oem wt~~ix} w}oaa%‖
‒^t~fkw jold o wfcefafgoe} gie}xfht}fie }i }bd wgbiikgijjtef}v sbfgb wdxqdw ow oe drgdkkde} ~xd~oxo}fie aix xdw~iewfhkd gf}fpdewbf~‖ WFOW * Jov 8>?>
Ow o Qikte}oxv Ofmdm wgbiik+ Xdkfcfitw Dmtgo}fie fw }otcb} feoggixmoegd sf}b }bd ]xtw} Mddm oem Mfigdwoe Ctfmdkfedw aix X%D% Mdeijfeo}fie }dogbfec fw dqfmde} sbdxd o~~xi~xfo}d%Bisdqdx+ }bd wgbiik fw osoxd ia }bd ?622 Dmtgo}fie Og} oem }bd}dogbfec sfkk xdakdg} xdkfcfitw }xomf}fiew ow jofekv Gbxfw}foe feCxdo} Hxf}ofe sbfkd }olfec fe}i oggite} i}bdx jofe xdkfcfiew%
Atkk twd fw jomd ia }bd kfelw oem i~~ix}tef}fdw oaaixmdm }i tw hvgkiwd gieedg}fiew sf}b }bd ^oxfwb Gbtxgbdw% Qoxfitw gkdxcvxdctkoxkv qfwf} }bd wgbiik oem wboxd sixwbf~ sf}b }bd gbfkmxde%]bd wgbiik ofjw }i bdk~ itx gbfkmxde mdqdki~ o leiskdmcd oemtemdxw}oemfec ia }bd Gbxfw}foe aof}b ow sdkk ow boqfec xdw~dg} oem}ikdxoegd aix i}bdxw%
8/3/2019 Prospectus 11 12
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X%D% fegktmdw *
• oe osoxdedww ia }bd gde}xok hdkfdaw ia Gbxfw}foef}v
• xdgicefwfec oem dr~kixfec xdkfcfitw dr~dxfdegd
• dr~kixfec w~fxf}tok ow~dg}w ia itx mofkv kfqdw
• oe osoxdedww ia }bd fj~ix}oegd ia hdkfda oem aof}b aix femfqfmtokw
• aojfkfoxf}v sf}b ~xog}fgd+ koectocd oem wvjhikw ia mfaadxde}aof}bw
• xdgicefwfec }bo} oe femfqfmtok#w aof}b oaadg}w bfw)bdx kfad oemhdboqfitx
• dr~kixfec ~kogdw ia sixwbf~ oem }bdfx sixwbf~~fecgijjtef}fdw
•temdxw}oemfec }bd gde}xok fj~ix}oegd ia @dwtw }i }bdGbxfw}foe aof}b
O} Mtxsdw}ie sd okwi ofj }i bdk~ }bd gbfkmxde }i mdqdki~ }bdfx ise ~dxwieok cxis}b+ w~fxf}tok oem aof}b mdqdki~jde}% ^oxde}wboqd }bd xfcb} }i sf}bmxos }bdfx gbfkmxde axij XdkfcfitwDmtgo}fie oem Gikkdg}fqd Sixwbf~+ ht} f} fw bi~dm }bo} }bfw fwmied iekv oa}dx giewtk}o}fie sf}b }bd Bdom ]dogbdx%
Wdr Dmtgo}fie
Wdr dmtgo}fie fe itx wgbiik ofjw }i hd0
• O ~ox}edxwbf~ hd}sdde gbfkmxde+ ~oxde}w+ }dogbdxw oemciqdxeixw%
• Cfqde fe o gie}dr} }bo} w}xdwwdw Gbxfw}foe qoktdw fe aojfkvkfad oem btjoe xdko}fiewbf~w%
• Aix okk gbfkmxde fegktmfec }biwd sf}b ~bvwfgok kdoxefec ix dji}fieok mfaafgtk}fdw
^oxde}w oxd xdjfemdm }bo} }bdv boqd }bd xfcb} }i sf}bmxos }bdfx
gbfkm axij wdr dmtgo}fie kdwwiew fa }bdv wi sfwb% Fe }bfw gowd+ okd}}dx axij ~oxde}w w}o}fec }bdfx sfwbdw sitkm hd ld~} ie afkd oemi}bdx og}fqf}fdw oxxoecdm aix }bd gbfkm sbde }bdwd kdwwiew oxd}olfec ~kogd% Atx}bdx feaixjo}fie giegdxefec wgbdjdw ia sixlgoe hd aitem fe }bd wdr dmtgo}fie ~ikfgv%
Gbfkmxde sf}b W~dgfok Dmtgo}fieok Eddmw
]bd ?667 Dmtgo}fie Og} jomd ~xiqfwfie fe wgbiikw ihkfco}ixv aix gbfkmxde sf}b w~dgfok dmtgo}fieok eddmw fegktmfec }biwd sbi afem
kdoxefec wfcefafgoe}kv jixd mfaafgtk} }boe }bd jo`ixf}v ia }bdfx ~ddxwoem }biwd sf}b o wdewixv+ ~bvwfgok ix i}bdx mfwohfkf}v% Temdx ^ox}= ia }bd Mfwohfkf}v Mfwgxfjfeo}fie Og} ?664 "ow ojdemdm hv }bdW~dgfok Dmtgo}fieok Eddmw oem Mfwohfkf}v Og} 8>>?& wgbiikw jtw}ei} }xdo} mfwohkdm w}tmde}w kdww aoqitxohkv+ oem jtw} joldxdowieohkd om`tw}jde}w }i dewtxd }bdv oxd ei} mfwomqoe}ocdmgij~oxdm }i }bdfx ~ddxw% ]bd eddmw ia femfqfmtok ~t~fkw oxd jd} o} Mtxsdw}ie hvixcoefwfec mfaadxde} kdqdkw ia sixl sf}bfe }bd wojd gkoww+mdqdki~fec owwdwwjde} w}xo}dcfdw }i ihwdxqd }bd ogbfdqdjde} ia
okk gbfkmxde oem feqikqfec okk w}oaa fe gtxxfgtktj ~koeefec oem }bd~txgbowd ia xdwitxgdw%
]bd wgbiik joldw ~xiqfwfie aix ohkd oem }okde}dm ~t~fkw ogxiww}bd wgbiik% Md}ofkdm feaixjo}fie goe hd aitem fe }bd W~dgfokDmtgo}fieok Eddmw ~ikfgv+ sbfgb fw howdm ie }bd WDE Gimd ia ^xog}fgd%
8/3/2019 Prospectus 11 12
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‒Drgdkkde} wt~~ix} aix }biwd ~t~fkw sbi boqdwfcefafgoe} kdoxefec+ koectocd ix hdboqfitxok eddmw bdk~w}bdj }i mi dw~dgfokkv sdkk%‖ "IAW]DM O~xfk 8>?>&
8/3/2019 Prospectus 11 12
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Jtwfg
O} Mtxsdw}ie sd oxd ldde }i degitxocd gbfkmxde }i }xv ~kovfecmfaadxde} jtwfgok few}xtjde}w% Vdox = gtxxde}kv boqd sbikdgkoww jtwfg kdwwiew }bxitcb ‒Sfmdx I~~ix}tef}fdw Atemfec‖%]bdxd oxd 8 xdgixmdx cxit~w aix hdcfeedxw oem omqoegdm kdm
hv }dogbdxw o} Mtxsdw}ie oem }bdxd oxd ~dxf~o}d}fg }dogbdxwsbi gijd fe }i }bd wgbiik }i }dogb0
W}xfecw * qfikfe+ gdkki ! ctf}ox+
^foei
Siimsfem * akt}d ! gkoxfed}
Hxoww * gixed} ! }xijhied
Mxtjw%
Jtwfgfoew oxd feqf}dm fe }iwgbiik }i mi mdjiw +few~fxfec gbfkmxde }i kdoxe‡
Oevied goe w}ox}few}xtjde}ok kdwwiew oa}dx gie}og}fec }bd wgbiik iaafgd aix giw}fecw% O jorfjtj ia 8 few}xtjde}ok kdwwiew goe hd}olde fe wgbiik o} oev ied }fjd%
Mtxsdw}ie Aikl Cxit~ ~kovfec o} Mtxsdw}ie Gbtxgb Ad}d
Mtxsdw}ie okwi bow o ciim xd~t}o}fie aix w}xiec oem }tedatkwfecfec% ^t~fkw oem w}oaa }old ~ox} fe wfecfec dqdxv mov oem }bdgbifx fw sdkk o}}demdm ow fw }bd aojfkv goxik wfecfec oxitem }bdqfkkocd o} Gbxfw}jow }fjd% Okk }bd gbfkmxde de`iv wfecfec fe ~ox}w fe}bd oeetok sbikd*wgbiik jtwfgok ~ximtg}fie fe }bd Wtjjdx
]dxj%Xdqdxdem W}d~bde Gitk}dx iaadxw o tltkdkd gkth }i itx gbfkmxde o}ktegb}fjdw oem ~oxde} gkowwdw oxd oqofkohkd fe }bd gijjtef}v}ii%
8/3/2019 Prospectus 11 12
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Ldv W}ocd ? Wgbiik Xdwtk}w * 8>??
]bdwd }ohkdw wbis }bd ~dxgde}ocd ia dkfcfhkd gbfkmxde o} }bd dem ia ldv w}ocd ? ogbfdqfec dogb kdqdk fe }bd wgbiik fe @tkv 8>??%
]bd etjhdx ia dkfcfhkd gbfkmxde fw0 8>% "}bdxdaixd dogb gbfkm hdfec o~~xir 4$&
Afctxdw jov ei} }i}ok ?>> ~dx gde} hdgotwd ia xitemfec%
]DOGBDX OWWDWWJDE]
^dxgde}ocd o} dogb kdqdk
S ? 8 8G 8H 8O7 ix
ohiqdMfwo~~kfdm
gbfkmxdeOhwde}gbfkmxde
W~dolfec
oemkfw}defec > 7> =4 84 > >
Xdomfec > 74 > ?> => ?4 > >
Sxf}fec > 74 ?4 7> ?> ?> > >
Jo}bdjo}fgw > 74 4 8> ?4 84 > >
Wgfdegd > 7> 1> ?> >
S Xd~xdwde}w gbfkmxde sbi oxd sixlfec }isoxmw kdqdk ?+ ht} boqd ei} vd} ogbfdqdm }bd w}oemoxmw eddmdm aix kdqdk ?%
Xdwtk}w aix w~dolfec oem kfw}defec oem wgfdegd oxd howdm ie }dogbdx owwdwwjde} iekv sbdxdow Xdomfec+ Sxf}fec ! Jo}bw }dogbdx owwdwwjde}w oxdwt~~ix}dm hv }dw} xdwtk}w twfec LW? WO]w ~o~dxw%
8/3/2019 Prospectus 11 12
http://slidepdf.com/reader/full/prospectus-11-12 20/36
Ko}dw} Ldv W}ocd ? Eo}fieok Xdwtk}w "8>?>&
]bfw }ohkd wbisw }bd ~dxgde}ocd ia dkfcfhkd gbfkmxde ogbfdqfec dogb kdqdk eo}fieokkv o} }bd dem ia ldv w}ocd ? fe 8>?>%
Afctxdw jov ei} }i}ok ?>> ~dx gde} hdgotwd ia xitemfec%
Xdwtk}w ia }dogbdx owwdwwjde} 8>?>
^dxgde}ocd o} dogb kdqdk
S ? 8 8G 8H 8O 7 ix ohiqd Mfwo~~kfdmgbfkmxde
Ohwde}gbfkmxde
W~dolfec oem
kfw}defec8 ?? 11 8? > >
Xdomfec7 ?8 ?8 87 8= 81 > >
Sxf}fec= ?4 8? 82 8> ?8 > >
Jo}bdjo}fgw8 6 ?1 81 81 8> > >
Wgfdegd8 6 12 8? > >
#S# xd~xdwde}w gbfkmxde sbi oxd sixlfec }isoxmw kdqdk ?+ ht} boqd ei} vd} ogbfdqdm }bd w}oemoxmw eddmdm aix kdqdk ?%
Ko}dw} Ldv W}ocd 8 Eo}fieok Xdwtk}w "8>?>&
8/3/2019 Prospectus 11 12
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]bdwd }ohkdw wbis }bd ~dxgde}ocd ia vdox 1 ~t~fkw ogbfdqfec dogb kdqdk eo}fieokkv fe 8>?>%
Afctxdw jov ei} }i}ok ?>> ~dx gde} hdgotwd ia xitemfec%
]DOGBDX OWWDWWJDE]
^dxgde}ocd o} dogb kdqdk
S ? 8 7 = 4 1^t~fkw
mfwo~~kfdm^t~fkwohwde}
Deckfwb ? ? 7 ?= =6 78 > > >
Jo}bdjo}fgw > ? 7 ?= =1 74 > > >
Wgfdegd ? > 8 ?8 =6 71 > > >
S xd~xdwde}w ~t~fkw sbi oxd sixlfec }isoxmw kdqdk ?+ ht} boqd ei} vd} ogbfdqdm }bd w}oemoxmw eddmdm aix kdqdk ?%
xd~xdwde}w ~t~fkw sbi sdxd ei} de}dxdm aix }bd }dw}w hdgotwd }bdv sdxd sixlfec hdkis kdqdk 7 fe Deckfwb+ jo}bdjo}fgw ix wgfdegd< ~t~fkw osoxmdm o gij~dewo}ixvkdqdk axij }bd }dw}w< oem ~t~fkw de}dxdm aix ht} ei} ogbfdqfec o kdqdk axij }bd }dw}w% 'xd~xdwde}w ~t~fkw sixlfec o} }bd kdqdkw ia }bd }dw}w+ ht} teohkd }i oggdww }bdj%
Ldv W}ocd 8 Wgbiik Xdwtk}w * 8>??
]DW] XDWTK]W
^dxgde}ocd o} dogb kdqdk
Hdkiskdqdk 7
7 = 4^t~fkw
ei} de}dxdm'
^t~fkwohwde}
Deckfwb 1 ?7 =2 77 > ?
Xdomfec 2 2 77 4? > ?
Sxf}fec 4 87 4> 8? > ?
Jo}bdjo}fgw 4 ?= =1 74 > ?
8/3/2019 Prospectus 11 12
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]bdwd }ohkdw wbis }bd ~dxgde}ocd ia ~t~fkw o} }bd dem ia ldv w}ocd 8 ogbfdqfec dogb kdqdk fe }bd wgbiik fe @tkv 8>??%
]bd etjhdx ia dkfcfhkd gbfkmxde fw0 ?>% "}bdxdaixd dogb gbfkm hdfec o~~xir ?>$&
Afctxdw jov ei} }i}ok ?>> ~dx gde} hdgotwd ia xitemfec%
]DOGBDX OWWDWWJDE]
^dxgde}ocd o} dogb kdqdk
S ? 8 7 = 4 1^t~fkw
mfwo~~kfdm^t~fkwohwde}
Deckfwb > > > ?> ?> 2> > > >
Jo}bdjo}fgw > > > > 8> 2> > > >
Wgfdegd > > > > 8> 2> > > >
8/3/2019 Prospectus 11 12
http://slidepdf.com/reader/full/prospectus-11-12 23/36
^OXDE]W OEM ]BD WGBIIK
‒^oxde}w oxd qdxv ~iwf}fqd ohit} }bd wgbiik oem }bd goxdoem }dogbfec }bdfx gbfkmxde xdgdfqd%‖ Gbtxgb Wgbiikfew~dg}fie * Jov 8>?>%
Bijd oem Wgbiik
]bxitcb bijd qfwf}w oem qfwf}fec ~kovcxit~w oem etxwdxfdw+sd dw}ohkfwb gie}og} sf}b dogb gbfkm oem bdx)bfw ~oxde}whdaixd de}xv }i wgbiik oem sd qdxv jtgb o~~xdgfo}d ~oxde}whxfecfec }bdfx gbfkm }i wgbiik ie ~xdkfjfeoxv qfwf}w hdaixdde}dxfec }ii% ]bfw deohkdw hi}b ~oxde} oem gbfkm }i hdgijdoggtw}ijdm }i }bdfx eds wtxxitemfecw oem }dogbdxw% ]i }bfwdem sd oxxoecd }bxdd qfwf}w }isoxmw }bd dem ia }bd }dxjhdaixd }bd gbfkm w}ox}w wgbiik oem okwi o eds ~oxde}w#
dqdefec%Bijd Wgbiik Ocxddjde}w oxd wde} bijd oeetokkv aix okkgbfkmxde oem }bdfx ~oxde}w }i wfce%
^oxde}w# Bdk~ feWgbiik
^oxde}ok wt~~ix}fw qdxv qoktohkd}i }bd wgbiik fe
wi joev sovwoem }bdxd oxdoxdow ia kfad feitx wgbiik sbfgbsitkm hd okjiw}fj~iwwfhkd sf}bit} ~oxde}w# bdk~% Okk ~oxde} bdk~dxw oxd GXHgbdgldm aix woadctoxmfec ~tx~iwdw% Sd xdokfwd }bo} ei}
dqdxvied goe gijjf} }bdjwdkqdw ie o xdctkox howfw+ ok}bitcbfa }bdv goe }bfw fw jiw} sdkgijd aix bdoxfec xdomdxw+ sixlfecsf}b wjokk cxit~w+ bdk~fec it} ie wgbiik }xf~w oem sdkkv soklwoem wt~~ix}fec itx qdxv koxcd xoecd ia oa}dx wgbiik gkthw%Dtokkv }bd iggowfieok bdk~fec boem sitkm hd cxdo}kv
o~~xdgfo}dm%
Sd boqd xdgde}kv ogbfdqdm }bd Dqdxv Gbfkm Jo}}dxw "DGJ&_tokf}v Joxl Cikm ‗ dtfqokde} }i Iaw}dm It}w}oemfec% ]bd^oxde} Og}fie Cxit~ fw qdxv w}xiec oem sd oxd oksovw kiilfecaix eds qikte}ddxw }i `ife }bfw daadg}fqd }doj sbi ofj }i mxfqdaixsoxm }bd DGJ ocdemo0 hdfec bdok}bv+ w}ovfec woad+ de`ivoem ogbfdqd+ ~iwf}fqd gie}xfht}fie oem dgieijfg sdkkhdfectwfec }bd bdk~ ia i}bdx ~oxde}w+ gbfkmxde oem w}oaa sbdeedgdwwoxv%
]DW] XDWTK]W
^dxgde}ocd o} dogb kdqdk
Hdkiskdqdk 7
7 = 4^t~fkw
ei} de}dxdm' ^t~fkw ohwde}
Deckfwb > > 8> 2> > >
Xdomfec > > 8> 2> > >
Sxf}fec > > 8> 2> > >
Jo}bdjo}fgw > > 8> 2> > >
8/3/2019 Prospectus 11 12
http://slidepdf.com/reader/full/prospectus-11-12 24/36
Gite}xv Moegfec o} Mtxsdw}ie Gbtxgb Ad}d
8/3/2019 Prospectus 11 12
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^xiqfwfie aix Sixlfec ^oxde}w
Hxdolaow} GkthO Hxdolaow} Gkth xtew axij 2oj ‗ 6oj o} }bd wgbiik aix
~oxde}w sbi eddm }bfw ~xiqfwfie fe ixmdx }i sixl% F} fw §8%4>~dx wdwwfie% ^kdowd owl fe }bd iaafgd fa vit xdtfxd jixdmd}ofkw%
Oa}dx wgbiik GkthO} Mtxsdw}ie+ sd boqd oxxoecdjde}w sf}b0
i Oxgbsovw Etxwdxv
"gie}og} Woemxo Wko}dx ]dk0 >?842 =4=1>8&
i Hxfcb} W~oxlw
"gie}og} Wboxie Ldqdxe * >3261 2??2==&
Gbfkmxde axij Mtxsdw}ie goe hd ~fgldm t~ hv jfefhtw oem}olde }i }bdwd oa}dx wgbiik gkthw% Gbfkmxde sfkk xdgdfqd o mxfeloem kfcb} weogl% ]bd aogfkf}v xtew t~ }i 1~j% Fa vit xdtfxdatx}bdx feaixjo}fie+ ~kdowd w~dol }i itx iaafgd w}oaa%
Bikfmov GkthwHi}b ia }bd aogfkf}fdw kfw}dm ohiqd iaadx bikfmov gkthw oem itx kigok gbtxgbdw ia}de iaadx wijd bikfmov ~xiqfwfie }ii%
^oxde}w# Dqdefecw
Sd boqd sbo} sd gokk oe #i~de miix# ~ikfgv o} itx wgbiik%
]bfw wfj~kv jdoew }bo} ~oxde}w ix ~xiw~dg}fqd ~oxde}w sbisfwb }i qfwf} }bd wgbiik ix w~dem }fjd ihwdxqfec }bd gbfkmxdeoxd degitxocdm }i mi wi oem ei o~~ife}jde} fw edgdwwoxv%
Dqde }bitcb sd sdkgijd ~oxde}w fe}i wgbiik }i mfwgtww }bdfx
gbfkm#w sixl o} oev }fjd }bo} fw gieqdefde} }i hi}b }dogbdx oem~oxde}+ sd boqd aitem }bo} bikmfec o #wtxcdxv# o} oe o~~ife}dm}fjd fe }bd dqdefec bow hdde qdxv jtgb o~~xdgfo}dm% ^oxde}w#dqdefecw oxd bdkm fe }bd Ot}tje+ W~xfec oem Wtjjdx }dxj%
^oxde} ]dogbdx Owwigfo}fie
]bd wgbiik bow o qdxv gijjf}}dm oem boxm sixlfec ^%]%O%}bo} xofwdw o cxdo} mdok ia jiedv aix wgbiik twd% ^ow} atem*xofwfec dqde}w boqd fegktmdm itx ~i~tkox Vdoxhiil+ goldwokdw+ Gbxfw}jow goxmw+ }do }isdkw+ Gbxfw}jow Gxoa} Aovxd+Dow}dx dcc xoaakd+ Jov Aofx+ ! fgd gxdoj wokdw%
]bd O%C%J% fw bdkm fe Wd~}djhdx% ^kdowd cd} feqikqdm/
WGBIIK IXCOEFWO]FIE
Wgbiik Tefaixj
Wdewfhkd hkogl ix eoqv wbidw aix hi}b cfxkw oem hivw
CFXKW ‗ ^kofe sbf}d ix hktd hkitwd ix ~iki wbfx}Wgbiik wsdo}wbfx} ix wgbiik goxmfcoeHkogl ix cxdv wlfx})~feoaixd mxdww)}xitwdxwSbf}d+ cxdv ix eoqv hktd wiglw)}fcb}wWtjjdx ]dxj0Oev hktd ~xfe} mxdww)wlfx} ix sfe}dx tefaixj
HIVW * Cxdv ix hkogl }xitwdxw^kofe sbf}d ix hktd wbfx} ix ~iki wbfx}Wgbiik wsdo}wbfx}Wtjjdx ]dxj0
8/3/2019 Prospectus 11 12
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Cxdv ix hkogl wbix}w^kofe sbf}d ix hktd wbfx} ix sfe}dx tefaixj%
Okk tefaixj fw oqofkohkd }i htv axij Xoc}ocw fe Hkoemaixm ix hvixmdxfec axij Wgbiik ]xdemw iekfed sf}b axdd mdkfqdxv }i }bd
wgbiik%^kdowd joxl okk hocw oem gki}bfec gkdoxkv sf}b }bd gbfkm‖wwtxeojd% @dsdkkdxv fw tewtf}ohkd aix wgbiik sdox% Sdsitkm owl }bo} ei xfecw+ edglkogdw d}g oxd sixe oem fa gbfkmxde boqd }bdfx doxw ~fdxgdm iekv ~kofe wfkqdx ix cikmw}tmw wbitkm hd sixe% Bofx w}vkdw eddm }i hd wjox} oemkiec bofx }fdm hogl fe cojdw kdwwiew%
^%D% oem Cojdw Lf}
Okk gbfkmxde sfkk eddm }bd aikkisfec gki}bfec0Sbf}d ]*Wbfx}Hkogl Wbix}w^kfjwikkw ix }xofedxwO }xogl wtf} aix cojdw jov hd sixe fe gikmdx sdo}bdx%^%D% hocw sf}b }bd wgbiik kici ie }bdj goe hd ~txgbowdm
Mtxsdw}ie ‒Bfcb Afqd‖ ed}hokk }doj 8>?>*8>??
Mfwgf~kfedSd degitxocd o wdewd ia wdka*mfwgf~kfed dqde sf}b }bdvitecdw} gbfkmxde% Sd bdk~ }bd gbfkmxde }i kdoxe }i boqd goxdoem giewfmdxo}fie aix i}bdxw oem o wdewd ia xdw~iewfhfkf}v feboemkfec ~xi~dx}v hdkiecfec }i }bd wgbiik+ }bdjwdkqdw oemi}bdxw% Wbitkm }bdxd hd ~xihkdjw sf}b o ~ox}fgtkox gbfkm itx ~ikfgv fw }i gie}og} bfw)bdx ~oxde}w fjjdmfo}dkv%
Sd afem }bo} gbfkmxde oxd hdw} bdk~dm sbde ~oxde}w oem}dogbdxw temdxw}oem dogb i}bdx oem sixl }icd}bdx%
Atx}bdx feaixjo}fie giegdxefec mfwgf~kfeoxv ~xigdmtxdw goe hdaitem fe }bd wgbiik#w #Hdboqfitx ^ikfgv#%
Gij~kofe}w ̂ xigdmtxd
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Fa vit sfwb }i jold o gij~kofe} temdx Wdg}fie 87 ia }bdDmtgo}fie Xdaixj Og}+ gi~fdw ia }bd kigok oxxoecdjde}w~xigdmtxd }i hd aikkisdm wbitkm hd xdtdw}dm axij }bd Bdom]dogbdx+ ix ok}dxeo}fqdkv oxd oqofkohkd o} kigok kfhxoxfdw ix axij}bd Gite}v Dmtgo}fie Iaafgdx+ Gbfkmxde‖w Wdxqfgdw+ Gite}v
Bokk+ Mixgbdw}dx M]? ?R@%
BDOK]B OEM SDKAOXD
Xit}fed Jdmfgok Gbdglw
]bd wgbiik etxwd joldw xdctkox qfwf}w }i }bd wgbiik }i goxxvit} bdoxfec }dw}w+ dvd }dw}w oem cdedxok gbdgl*t~w%Wbd okwi owwfw}w fe bdok}b dmtgo}fie oem wdr dmtgo}fiekdwwiew%
Ohwdegd axij Wgbiik
Sd oxd kdcokkv ihkfcdm }i gij~kd}d o}}demoegd xdcfw}dxw%
]bd xdcfw}dx fw joxldm iekfed o} }bd hdcfeefec ia }bd jixefecoem oa}dxeiie wdwwfiew+ xdgixmfec okk ohwdegdw% ]bd xdowieaix }bd ohwdegd jtw} hd w}o}dm * }bfw fegktmdw ko}d oxxfqokw%
^oxde}w jtw} dewtxd }bo} }bdfx gbfkmxde oxxfqd o} wgbiikhd}sdde 2%4> o%j% oem 6%>> o%j% ]bd wgbiik jtw} hdfeaixjdm fa o gbfkm fw }i hd ohwde} hv0
i Wdemfec o ei}d wfcedm hv }bd ~oxde} ) goxdx
i Jolfec o #~bied gokk hdaixd 6%>> o%j%
Bikfmovw mtxfec }dxj }fjd oxd mfwgitxocdm% Bisdqdx+drgd~}fieok ohwdegdw eddm }i hd o~~xiqdm fe omqoegd hv }bd
Bdom ]dogbdx% Aixjw oxd oqofkohkd axij }bd wgbiik iaafgd iexdtdw}%
Gbfkmxde doxe }dxjkv gdx}fafgo}dw aix o}}demoegd ‗ Hxiepd"hdo}fec kow} }dxj‖w $& Wfkqdx "62$,& ix Cikm "?>>$
o}}demoegd&% ]bdxd fw okwi o gkoww xdsoxm wvw}dj%
Djdxcdegfdw) Gie}og}fec ̂ oxde}w
F} fw qf}ok }bo} sd wbitkm hd ohkd }i gie}og} o ~oxde} mtxfec }bdwgbiik mov% ^kdowd dewtxd }bo} sd boqd }bd gixxdg} bijd}dkd~bied etjhdx oem ) ix jihfkd }dkd~bied etjhdx ix }bdetjhdx ia o edfcbhitx)xdko}fqd aix itx xdgixmw% Sd twd o‒]dogbdxw 8 ^oxde}w‖ }dr} jdwwocfec wdxqfgd aix kow} jfet}dgoegdkko}fiew d}g sbfgb fw ~xiqfec ~i~tkox sf}b ~oxde}w%
Dqdxv daaix} fw okwi jomd }i feaixj ~oxde}w qfo sddlkvedswkd}}dx oem }bd wgbiik sdhwf}d%
8/3/2019 Prospectus 11 12
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Mtxsdw}ie W~xfec ]dxj ‒Sdkkv Sokl‖
Wdgtxf}v
]bd Ciqdxeixw dewtxd }bo} w}oaa oem gbfkmxde oxd jomd osoxdia okk fwwtdw xdko}dm }i ~dxwieok woad}v oem wdgtxf}v% ^kdowddewtxd }bo} vit de}dx }bd wgbiik wf}d o} }bd wgbiik iaafgdsbdxd vit sfkk hd owldm }i wfce fe% ]boel vit%
Gbfkm ^xi}dg}fie
]bd W}oaa oem Ciqdxeixw temdx}old }i goxd aix dqdxv gbfkm o}Mtxsdw}ie% Fa vit soe} }i leis jixd ohit} itx Woadctoxmfec~xigdmtxdw+ ~kdowd w~dol }i }bd Bdom ]dogbdx% Fa oevied
bow giegdxe aix }bd woad}v) sdkaoxd ia o gbfkm)gbfkmxde+ ~kdowdmi ei} bdwf}o}d }i o~~xiogb }bd Bdom ]dogbdx )Mdwfceo}dmWdefix ^dxwie aix }bdfx omqfgd oem mdgfwfie ie }bd jo}}dx%
]bd Bdom ]dogbdx oem)ix Md~t}v MW^ sfkk }old }bd og}fiemddjdm edgdwwoxv sf}b xdcoxm }i }bd gfxgtjw}oegdw% Itx afxw}~xfixf}v fw vitx gbfkm‖w sdkaoxd oem }bdxdaixd }bdxd jov hdiggowfiew sbde itx giegdxe ohit} vitx gbfkm jdoew }bo} sdboqd }i giewtk} i}bdx ocdegfdw hdaixd sd gie}og} vit% ]bdHitxedjit}b+ Mixwd} oem ^iikd Oxdo Gbfkm ^xi}dg}fieGijjf}}dd boqd md}dxjfedm }bd ~xigdmtxdw sd aikkis%
Wte ̂ xi}dg}fie Ctfmdkfedw
]bdwd ctfmdkfedw sdxd ~ximtgdm hv ~oxde}w+ w}oaa oem ~t~fkwie Wgbiik Gitegfk fe Jov 8>>6 oem oxd oqofkohkd axij }bdwgbiik iaafgd ie xdtdw}%
Gboxcdw aix Wgbiik Og}fqf}fdw
XD0 DMTGO]FIE OG] ?667]bd ih`dg}fqdw ia }bd gboxcfec ~xiqfwfiew oxd0
• ]i jofe}ofe }bd xfcb} }i axdd wgbiik dmtgo}fie%
• ]i dw}ohkfwb }bo} og}fqf}fdw iaadxdm sbikkv ix jofekvmtxfec eixjok }dogbfec }fjd wbitkm hd oqofkohkd }i okk~t~fkw xdcoxmkdww ia }bdfx ~oxde}w ohfkf}v ix sfkkfecedww}i bdk~ jdd} }bd giw}%
• ]i dj~bowfwd }bo} }bdxd fw ei w}o}t}ixv xdtfxdjde} }i
gboxcd aix oev aixj ia dmtgo}fie ix xdko}dm og}fqf}v+ ht}}i cfqd KOw oem wgbiikw }bd mfwgxd}fie }i gboxcd aix i~}fieok og}fqf}fdw ~xiqfmdm sbikkv ix jofekv it} ia wgbiik bitxw%
• ]i gieafxj }bd xfcb} ia KOw oem wgbiikw }i feqf}d
qikte}oxv gie}xfht}fiew aix }bd hdedaf} ia }bd wgbiik+ ix fe wt~~ix} ia oev og}fqf}v ixcoefwdm hv }bd wgbiik+sbd}bdx mtxfec ix it}wfmd wgbiik bitxw%
]bdxd fw ei ihkfco}fie }i gie}xfht}d }i og}fqf}fdw< ~t~fkw sfkk ei}hd }xdo}dm mfaadxde}kv oggixmfec }i sbd}bdx ix ei} }bd ~oxde}wboqd jomd o gie}xfht}fie ht} fa }bdxd fw ei} wtaafgfde} jiedvgikkdg}dm aix o }xf~+ }bd }xf~ goeei} ci obdom% ]bd wgbiikjoldw ei ~xiaf} ie oev qfwf}% Femddm+ joev }xf~w oxdwthwfmfwdm it} ia }bd wgbiik htmcd}%
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Vdox = qfwf} * Gixad Gow}kd @ted 8>??
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DR]XO GTXXFGTKOX OG]FQF]FDW
]bd de}btwfowj oem fe}dxdw}w ia }bd }dogbdxw o} Mtxsdw}iejdoe }bo} o qoxfd}v ia dr}xo*gtxxfgtkox og}fqf}fdw oxd oqofkohkd}i }bd ~t~fkw mtxfec ktegb}fjdw oem oa}dx wgbiik% ]bd og}fqf}fdw
oxd iaadxdm hv }bd }dogbdxw iqdx oem ohiqd }bdfx gtxxfgtktjoem }dogbfec xdw~iewfhfkf}fdw+ oem ia}de xdtfxd }bd wt~~ix} ia ~oxde}w%
Gkthw iaadxdm boqd fegktmdm0Gbdww+ Tltkdkd+ Gbifx+ Xdgixmdxw+ Ed}hokk+ Aii}hokk+ ]ocXtchv+ Gxfgld}+ Xitemdxw+ O}bkd}fgw+ Odxihfgw+ Gxiww gite}xv+]od Lsie Mi+ Moegd+ Cvjeow}fgw+ Mxojo+ Ox}+ Giildxv oemWdsfec%
]bd Sbf}d Xohhf} fe ‒Okfgd }bd Jtwfgok‖ ‗ @tkv 8>?>
Wbxiqfec o} Mtxsdw}ie ‗ Wbxiqd ]tdwmov 8>??
Xo}dw ia ot}bixfwdm oem teot}bixfwdmohwdegd ‗ Wgbiik oem Eo}fieok mo}o
Wgbiik mo}o
8>?>*8>??
Eo}fieok
gij~oxo}fqd mo}o8>>6*8>?>
Ot}bixfwdmohwdegd
=%?$ =%13$
Teot}bixfwdmohwdegd
>%7$ >%12$
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Mtxsdw}ie GD QO ^xfjoxv Wgbiik
Bikfmov Mo}dw 8>??*?8
Ot}tje ]dxj 8>??
]dxj Hdcfew
Jiemov 4}b Wd~}djhdx 8>??
Boka ]dxj
Jiemov 8=}b ‗ Axfmov 82}b Ig}ihdx
8>??
]dxj Demw
Axfmov ?1}b Mdgdjhdx 8>??
W~xfec ]dxj 8>?8
]dxj Hdcfew
]tdwmov 7xm @oetoxv 8>?8
Boka ]dxj
Jiemov ?7}b ‗ Axfmov ?3}b Adhxtoxv8>?8
]dxj Demw
Axfmov 7>}b Joxgb 8>?8
Wtjjdx ]dxj 8>?8
]dxj Hdcfew
Jiemov ?1}b O~xfk 8>?8
Jov Mov Bikfmov
3}b Jov 8>?8
Boka ]dxj
Jiemov =}b @ted ‗ Axfmov 2}b @ted
8>?8
]dxj Demw
Axfmov 8>}b @tkv 8>?8
^kdowd ei}d }bdxd oxd 4 w}oaa }xofefec movw dogb vdox oem }bdwd oxd ~koeedm aix0Jiemov 4}b Wd~}djhdx ! Jiemov ?3}b Ig}ihdx 8>??
! ]tdwmov 7xm @oetoxv+ Jiemov 7>}b @oetoxv oem Jiemov ?1}b O~xfk 8>?8
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Mtxsdw}ie GD QO ^xfjoxv Wgbiik
Bikfmov Mo}dw 8>?8*?7
Ot}tje ]dxj 8>?8
]dxj Hdcfew
]tdwmov =}b Wd~}djhdx 8>?8
Boka ]dxj
Jiemov 86}b Ig}ihdx
* Axfmov 8em Eiqdjhdx
]dxj Demw
Axfmov 8?w} Mdgdjhdx 8>?8
W~xfec ]dxj 8>?7
]dxj Hdcfew
Jiemov 3}b @oetoxv 8>?7
Boka ]dxj
Jiemov ?2}b
‗ Axfmov 88em
Adhxtoxv
]dxj Demw
]btxwmov 82}b Joxgb 8>?7
Wtjjdx ]dxj 8>?7
]dxj Hdcfew
Jiemov ?4}b O~xfk 8>?7
Jov Mov Bikfmov
1}b Jov
Boka ]dxj
Jiemov 83}b Jov‗ Axfmov 7?w} Jov
]dxj Demw
Sdmedwmov 8=}b @tkv 8>?7
^kdowd ei}d }bo} }bdxd sfkk hd afqd w}oaa }xofefec movw }i hd ommdm fe}i }bfw ogomdjfg vdox% Mo}dw sfkk hd mdgfmdm ko}dx oem vit sfkk hd
feaixjdm }bxitcb itx xdctkox edswkd}}dxw%
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Sf}b cxo}datk }boelw }i Hxdemo Gxf~~w sbi okkisdm tw }i twd bdx mxosfec ia }bd wgbiik ie }bd giqdx ia }bfw ~xiw~dg}tw
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