Goldman Sachs

 

JPHDI R@VCPRV@ HDIDM@H@I_ _`dh h`hb`r          

Dibu V`avdi E Diusjd M Ojevydbjdrdtje H Kdrtjek`ydi \ Acm`sj P Hdj`swdre N Hcjdi Kuhdr \  Ietjeeyd Vjr`` Vjr`` R   Ietjyd Vi`md VR 

 

EI_RCOPF_ECI>  Gcuio`o ei 4:75 Hdrfus Mcaohdi &Vdhu`a Vdfjs  Odveo Hefjd`a Vcachci ‖ Furr`it F@C .  Dh`refdi huateidtecida eiv`sth`it bdik & geidifeda

s`rvef`s fchpdiy -I`w Ucrk Fety.  ]crao weo` cggef`s-60 fcuitre`s.  Eioed-B`imdauru , Huhbde ,Jyo`rdbdo.  @it`r`o Eieteda \ubaef Hdrk`teim hdrk`t ei 45 Fae`it V`rvef`, @xf`aa`if`, Eit`mrety,

_j` hesseci stdt`h`it fchpci`its dr`,

• Breimeim p`cpa` fdpetda dio eo`ds tcm`tj`r  • Ehprcveim aev`s

 

 _j` ehpcrtdif` cg uio`rstdioeim dio fcheim up wetj prcoufts dio s`rvef`s tjdt h``t tj` i``os cg ets

fae`its

 _j`y cp`rdt` ei s`mh`its.



R`pr`s`it di crmdiezdteci wetj d fa`dr gcfus ci wjdt et wcrks tc dfje`v` ‖ `hpcw`r ets fae`its.

 Ei tjes r`mdro, tj` fcrpcrdt` hesseci stdt`h`it cg Mcaohdi Vdfjs es daa dbcut `xpaceteim ets `xp`rtes` tc j`ap

tj` p`cpa` et s`rv`s.

 

WEVECI

 

Weseci Vtdt`h`it  Mcaohdi Vdfjs veseci stdt`h`it fdi b` dssuh`o tc b` ‑ `stdbaesjh`it cg eiv`sth`it

dio geidifeda gr``och gcr daa .‘  Mcaohdi Vdfjs― mcdas dr` fdioeo ei oeftdteim wjdt tj`y wesj tc dfje`v` tjrcumj tj`er

fchp`t`ify ei prcveoeim suff`ssgua scautecis fdt`r`o tc tj`er fae`its― i``os. i``os.

 Fae`it gerst  _`dhwcrk   Eit`mrety  Eiicvdteci dio `xf`aa`if`

 

WDAP DAP@ @ VUV VUV_@H _@H

 

\urpcs` & Wdau`s Mcaohdi Vdfjs stdt`s tjdt tj`er purpcs` es tc dovdif` sustdeidba` `fcichef mrcwtj dio

geidifeda cppcrtuiete`s.

_c breim tj`s` purpcs`s tc aeg` Mcaohdi Vdfjs docpt`o gcur fcr` vdau`s> Fae`it V`rvef`,

 @xf`aa`if`, Eit`mrety Eit`mrety,, dio \drti`rsjep. \drti`rsjep.

 

FAE@I_ V@RWEF@ Mcaohdi sdfjs a`dos wetj d s`rvef` heios`t, `idbaeim tj`h tc ditefepdt` dio dodpt tc tj` i``os cg tj`er fae`its dio fcisuh`rs by o`aev`reim tjcumjtgua dio eiicvdtev` scautecis. scautecis. Vch` cg tj` fae`it s`rvef` tj`y prcveo` dr`> 4. Gdfeaetdt` fae`it trdisdfteci 2. Hdk` hdrk`ts ei `quety, `quety, furr`ify dio fchhcoety prcoufts wetj eistetutecida fae`its. 6. \rcveo`s a`ioeim dio brck`rdm` s`rvef`s

 

@ZF@AA@IF@

Mcaohdi Vdfjs dsper` `xf`aa`if`, fcisest`itay streveim gcr `xf`ptecida `x f`ptecida p`rgcrhdif` dio dfje`veim cutstdioeim r`suats gcr tj`er fae`its, sjdr`jcao`rs, dio fchpdiy.

 

EI_@MRE_U  Eit`mrety es tj` prdftef` cg b`eim jci`st dio sjcweim gerh doj`r`if` tc d strcim hcrda

dio `tjefda preifepa` dio vdau`s.

 Mcaohdi Vdfjs jcao tj`hs`av`s dffcuitdba` tc tj` jemj`st `tjefda stdiodros, eisesteim

ci trdispdr`ify trdispdr`ify..  _j` gerh prcveo`s ets p`cpa` dio pubaef wetj vdrecus fjdii`as tjrcumj wjefj eit`mrety

fcif`ri fdi b` rdes`o wetjcut r`presda.

 

\DR_I@RVJE\

Mcaohdi Vdfjs precretez` fcaadbcrdteci dio vdau` oev`rsety, oev`rsety, fr`dteim d fuatur` tjdt

gcst`rs eifausev`i`ss, eifausev`i`ss, t`dhwcrk dio di `itr`pr`i`ured `itr`pr`i`uredaa heios`t ei tj` pursuet cg  prcg`ssecida dio p`rscida `xf`aa`if`. `xf`aa`if`.

_j`y b`ae`v` ei m`io`r `qudaety, Rdfeda @quety, W`iocr Oev`rsety dio `tf .

 

CRMDIEVD_ECID CRMDIEVD _ECIDA A V_RPF_ V_RPF_PR@ PR@

 

A@W@AV CG HDIDM@H@I_

 

CRMDIE^D_ECIDA OEWEVECIV

 

O@VEMID_ECI CG JPHDI R@VCPRF@

 

JPHDI FD\E_ FD\E_DA DA HDIDM@H@I_ Juhdi Fdpetda Hdidm`h`it es tj` gErh―s bemm`st dss`t

Juhdi Fdpetda Hdidm`h`it (JFH) tdk`s d strdt`mef dpprcdfj tc dttrdfteim, o`v`acpeim

dio hdidmeim d macbda wcrkgcrf`. JFH dehs tc `idba` daa Mcaohdi Vdfjs p`cpa` tc fr`dt` tj` fdr``r tj`y wdit by b`eim trust`o pdrti`rs ei tj`er prcg`ssecida dio p`rscida mrcwtj. tj`y prcveo` `xp`rtes` dio r`scurf`s o`semi`o tc j`ap fcaa`dmu`s tjrev` dt tj` gerh dio ei tj`er aeg` cutseo` et.

 

JC] MCAOHDI VDFJV EV CRMDIE^@O JFH fcisests cg s`v`rda t`dhs tjdt fcaa`ftev`ay prcveo` d fcisest`it dio suppcrtev`  pr`s`if` dfrcss dfrcss daa stdm`s cg cg d Mcaohdi Vdfjs fdr``r fdr``r,, stdrteim wetj r`frueth`it. r`frueth`it. 

B`i`gets dio ]`aai`ss o`aev`rs prcmrdhs tc `ijdif` tj` j`datj dio p`rgcrhdif` cg cur  p`cpa`.

Oev`rsety dio Eifauseci orev`s tda`it strdt`me`s tc dfje`v` mr`dt`r oev`rsety dio o`v`acp

cur a`do`rsjep pep`aei`. @hpacy`` R`adtecis doves`s hdidm`rs dio `hpacy``s ci fchpa`x wcrk setudtecis,

`xpacr`s `hpacy`` fcif`ris dio idvemdt`s tj` gerh tjrcumj crmdiezdtecida fjdim`. @x`futev` Fchp`isdteci o`semis fchp`tetev` fchp`isdteci dio w`datj fr`dteci

 prcmrdhs gcr cur `x`futev`s.

 

JC] MCAOHDI VDFJV EV CRMDIE^@O  Gerhweo` Fchp`isdteci o`semis fchp`isdteci prcmrdhs tjdt eisper` cur p`cpa` tc p`rgcrh dt

tj` jemj`st a`v`as tc dfje`v` cur busei`ss strdt`my.  Eigrdstruftur`  suppcrts gerhweo` p`cpa` prcf`ss`s, hetemdt`s wcrkgcrf` resk dio ehprcv`s

cp`rdtecida `ggefe`ife`s tjrcumj oemetezdteci, dutchdteci dio odtd mcv`ridif`.  A`drieim dio @imdm`h`it o`semis d furrefuauh tc str`imtj`i cur fuatur`, dff`a`rdt` trdisetecis

dio orev` mrcwtj.  Hcbeaety fcii`fts cur tda`it tc oyidhef dio oev`rs` fdr``r cppcrtuiete`s dfrcss tj` gerh dio drcuio tj` wcrao.  Crmdiezdtecida O`semi fcisuats wetj tj` gerh―s g erh―s a`do`rsjep, dio a`v`rdm`s odtd dio t`fjicacmy,

tc cptehez` crmdiezdtecida struftur`s dio `ijdif` crmdiezdtecida `gg`ftev`i`ss.

 

JC] MCAOHDI VDFJV EV CRMDIE^@O  Crmdiezdtecida R`s`drfj orev`s

p`cpa` o`fesecis tjrcumj sfe`itegef h`tjco, dfdo`hef tjcumjt a`do`rsjep

dio eit`rida `xp`reh`itdteci. 

R`frueteim dttrdfts, `vdaudt`s dio jer`s d brcdo dio oev`rs` pcca cg fdhpus dio `xp`re`if`o tda`it.  R`pcrteim dio H`trefs `vdaudt`s p`cpa` odtd tc prcveo` eigcrhdteci dio eisemjts gcr o`feseci hdkeim.  Vtrdt`my dio Brdio fr`dt`s

dio oestrebut`s fcit`it tc j`ap pcseteci Mcaohdi Vdfjs ds di `hpacy`r cg

fjcef`.  Vtrdt`my dio Hdidm`h`it orev`s cp`rdtecida, resk,  _da`it Dovescrs doves` a`do`rs dio  _da`it Dss`ssh`it o`semis

eigcrh p`cpa` o`fesecis.

geidif` dio p`cpa` strdt`me`s gcr tj` oeveseci.

`hpcw`r hdidm`rs tc uia`dsj tj` pct`iteda cg cur tda`it.

dio ehpa`h`its grdh`wcrks tc fcisest`itay eo`itegy dio dss`ss tda`it dio

 

 R@TPER@H@I_ \RCF@VV  _j`y wcrk dfrcss tj` `iter` crmdiezdteci dio tj`r`gcr` s``k p`cpa` grch d vdre`ty cg dfdo`hef

dio prcg`ssecida bdfkmrcuios wetj d weo` rdim` cg skeaas dio `xp`re`if`, grch tda`it strdt`my dio odtd didaytefs tc r`adtecisjep hdidm`h`it dio prcmrdh o`v`acph`it. 4. DIDAUV_ DIDAUV_ V`a`fteci V`a`f teci - @v`ry r`fruet`o didayst mc`s tjrcumj tj` b`acw s`t cg eit`rve`w a`v`as.

• Dptetuo` t`st  • _`fjiefda Rcuio • JR eit`rve`w • Ncb kicwa`om` eit`rve`w

 

R@TPER@H@I_ \RCF@VV 2. _@DH A@DO V`a`fteci

• Eit`rida Vcurf` cg s`a`fteci • Icheidt`o by tj` _`dh Hdidm`r • 4-2 rcuios cg eit`rve`w tc t`st tj` prcf`ss kicwa`om`

6. O@\DR_H@I_ HDIDM@R V`a`fteci

• @xt`rida Vcurf` cg s`a`fteci • Adt`rda jemj`r wetj `xp`re`if` mr`dt`r tjdi 0 y`drs • Remcrcus dio eit`isev` s`a`fteci rcuios

• 4< rcuios cg eit`rve`w  

R@TPER@H@I_ VCPRF@

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