%.
9ÊxÊqÊ 9Ê£n]ÊÓ䣣
,668( XXX BHFOEBCFJKJOH DPN
.FEJDBM .JSBDMFT )PX $IJOB T VOJRVF DPOEJUJPOT BSF DIBOHJOH UIF ñ FME PG NFEJDJOF
)PX UP NBOBHF B DSJTJT 4FDSFUT PG UIF .BZBO DBMFOEBS 8IZ $IJOB JT XJOOJOH UIF TUFN DFMM SBDF 5IF XPNBO XIP DVSFT USBVNB XJUI TNBMM UBQT
.BOBHJOH &EJUPS +FOOJGFS 5IPNÊ &EJUPSJBM "TTJTUBOU "EFMJOF 8BOH 7JTVBM 1MBOOJOH +PFZ (VP "SU %JSFDUPS 4VTV -VP 1IPUPHSBQIFST 4VJ +VEZ ;IPV $POUSJCVUPST $BSMMZ $IVO +FMFOB ,PWBDFWJD +PSEBO 5IPNBT .JUDIFMM 1IPFOJY 5TP
"EWFSUJTJOH "HFODZ *NNFSTJPO *OUFSOBUJPOBM "EWFSUJTJOH #FJKJOH $P -JNJUFE %FTJHOFST :VLJ +JB )FMFO )F -J 9JOH %JTUSJCVUJPO +FOOZ 8BOH 7JDUPSJB 8BOH .BSLFUJOH 4LPUU 5BZMPS $JOEZ ,VTVNB $BP :VF +JBOH -FJ 4BMFT .BOBHFS &MFOB %BNKBOPTLB
"DDPVOU &YFDVUJWFT -ZOO $VJ ,FMJ %BM #PTDP 4UFQIBOJF (FSTUFOIBCFS (MPSJB )BP "TIMFZ -FOESVN )BJMJF 4POH +BDLJF :V 4PQIJB ;IPV *ORVJSJFT &EJUPSJBM FEJUPS!BHFOEBCFJKJOH DPN -JTUJOHT MJTUJOHT!BHFOEBCFJKJOH DPN %JTUSJCVUJPO EJTUSJCVUJPO!BHFOEBCFJKJOH DPN 4BMFT TBMFT!BHFOEBCFJKJOH DPN .BSLFUJOH NBSLFUJOH!BHFOEBCFJKJOH DPN 4BMFT )PUMJOF $PWFS JNBHF .JDLJF 9V QTZDIJBUSJTU BOE QTZDIPMPHJTU BU 7JTUB $MJOJD 1IPUP CZ .JTILB 1IPUPHSBQIZ
"(&/%"
5)6 .": Ŧ 8&% .":
%.
-&55&3 '30. 5)& &%*503 "T UIF QPQVMBUJPO PG UIF &BSUI HFUT PMEFS BOE IFBWJFS FYQFSUT QSFEJDU UIBU NFEJDJOF XJMM SFQMBDF UFDIOPMPHZ BT UIF CJHHFTU HSPXUI รฑ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
+FOOJGFS 5IPNร .BOBHJOH &EJUPS *OUFSWJFXT )FSXJH ,OBQFO FYFDVUJWF QBTUSZ DIFG PG 5IF 8FTUJO 'JOBODJBM 4USFFU %S 9JBPEJ )BO PG 5JBOUBO 1VIVB )PTQJUBM %S +BOF ;IBOH PG +PJOXBZ %FOUBM &MZO .BD*OOJT BVUIPS PG $IBSBDUFS 3FรณFDUJPOT "OB ;JLJD IPMJTUJD IFBMFS (FPSHF #FOOFZ NBOBHJOH EJSFDUPS PG 5IF 3FHFOU #FJKJOH &NJMZ 3PCMJO USBJOJOH NBOBHFS BOE DPOTVMUBOU BU -&"1 %BMJEB 5VSLPWJD GPVOEFS PG 4NBMM 4UFQT $IJOB -JTUT )PPLFE PO IPPLBI #FJKJOH T CFTU PVUEPPS UFSSBDFT .FEJDJOF UISPVHIPVU UIF BHFT 5FDIOPMPHZ GPS CFUUFS IFBMUI ,JMMFS EJTFBTFT &BTU BOE 8FTU " SVO EPXO PG FYQBU GSJFOEMZ NFEJDBM DMJOJDT
%.
5)6 .": ลฆ 8&% .":
"(&/%"
53: 5)&4& 3&45"63"/54
1PSL รถMMFE [POH[J
1VSQMF ZBN [POH[J
;POH[J BSF USBEJUJPOBMMZ FBUFO EVSJOH UIF %SBHPO #PBU 'FTUJWBM
%JN 4VN
%JO 5BJ 'VOH :FT %JO 5BJ 'VOH JT XPSME SFOPXOFE GPS JUT YJBPMPOHCBP KVJDZ QPSL EVNQMJOHT #VU JG ZPV SF XPOEFSJOH XIBU FMTF UIFZ TFSWF CFTJEFT TUFBNFE UP QFSGFDUJPO EJN TVN CF TVSF UP WJTJU UIFN CFUXFFO .BZ BOE +VOF UP USZ UIFJS OFX HMVUJOPVT SJDF EVNQMJOHT [POH[J BWBJMBCMF JO SFE CFBO QVSQMF ZBN BOE QPSL รณBWPST %BJMZ BN QN QN 9JOZVBO 9JMJ ;IPOHKJF $IBPZBOH %JTUSJDU %BJMZ BN QN ' 4IJO ,POH 1MBDF $IJOB $FOUSBM 1MBDF +JBOHVP -V $IBPZBOH %JTUSJDU .PO 'SJ BN QN 4BU 4VO BN QN ' %BOHEBJ 4IBOHDIFOH ;IPOHHVBODVO %BKJF )BJEJBO %JTUSJDU XXX EJOUBJGVOH DPN DO 1FSGFDU GPS B EJN TVN EJOOFS XJUI GBNJMZ BOE GSJFOET 4JHOBUVSF EJTIFT JODMVEF UIFJS TUFBNFE TFBGPPE EVNQMJOHT UIFJS EPVCMF CPJMFE DIJDLFO TPVQ BOE GPS B MJNJUFE UJNF HMVUJOPVT SJDF EVNQMJOHT 4/2) 4%)
8IJMF ZPV SF JO UIF OFJHICPSIPPE FTDBQF UP BOPUIFS XPSME BU UIF PQVMFOU :BO $MVC MPDBUFE JO UIF ,VOMVO )PUFM XIJDI DPNFT DPNQMFUF XJUI TUSPOH ESJOLT BOE B HSFFO HBSEFO QFSGFDU GPS UIF TVNNFS *G ZPV SF GFFMJOH NPSF EPXO UP FBSUI DIFDL PVU 5PSJ 5FJ MPDBUFE CFIJOE UIF :VZBOH )PUFM XIFSF ZPV DBO TQFOE ZPVS FWFOJOH TJQQJOH TBLF BOE FBUJOH รฑSF SPBTUFE HJOLHP OVUT BOE PUIFS +BQBOFTF TOBDLT 5)6 .": ลฆ 8&% .":
%.
8).$/.' ,5
"(&/%"
$). 4!) &5.'
#(5.8)5 ,5
,)!.'-!1)!/ 34!4)/.
+5.,5. (/4%, 9!. #,5"
%.
5)6 .": Ŧ 8&% .":
"(&/%"
53: 5)&4& 3&45"63"/54
/PSXFHJBO DPE
4USBXCFSSZ NBDBSPPO
%VDL MJWFS BOE "VTUSBMJBO TDBMMPQT
'SFODI
#SBTTFSJF 'MP 7PUFE i#FTU "รญPSEBCMF 'SFODIu JO UIF #FJKJOHFS T 3FBEFS 3FTUBVSBOU "XBSET UIJT QSFTUJHJPVT 1BSJTJBO TUZMF CSBTTFSJF JT EFรฑOJUFMZ UIF รฑSTU TUPQ GPS HPVSNBOET MPPLJOH GPS BVUIFOUJD 'SFODI DVJTJOF 'SPN UIF NPNFOU ZPV TUFQ POUP UIFJS DSBDLFE XPPEFO รณPPS ZPV MM CF TXFQU JOUP B (BMMJD FYQFSJFODF UIBU DVMNJOBUFT JO UIF DIFG T BVUIFOUJD TFBTPOBM SFDPNNFOEBUJPOT 4QFBLJOH PG TFBTPOBM DIBSNT 'MP IBT SF PQFOFE UIF UFSSBDF BMMPXJOH EJOFST UP SFWFM JO UIF GSFTI BJS BOE TQSJOH TVOTIJOF %BJMZ BN QN QN 3BJOCPX 1MB[B -POHCP (VBOHDIBOH %POHTBOIVBO #FJMV TPVUI PG UIF (SFBU 8BMM 4IFSBUPO $IBPZBOH %JTUSJDU
1FSGFDU GPS CVTJOFTT MVODIFT PS SFMBYJOH XJUI GSJFOET BOE GBNJMZ PO UIF XFFLFOE
25-) 452+)3( -5-
8IJMF ZPV SF JO UIF OFJHICPSIPPE ESPQ CZ +FOOZ -PV T UP SFGJMM ZPVS GSJEHF BOE QBOUSZ *G ZPV SF MPPLJOH GPS TUSFTT SFMJFG TUPQ CZ 3VNJ PS 5VSLJTI .VN UP USZ TPNF IPPLBI m PS EBODF UIF OJHIU BXBZ UP QVMTBUJOH -BUJO CFBUT BU 4BMTB $BSJCF
"(&/%"
"2!33%2)% &,/
'/.'4) "%),5
'/.'4) $/.',5
4JHOBUVSF EJTIFT JODMVEF UIF QBO TFBSFE 3PVHJร EVDL MJWFS BOE TBVUร FE "VTUSBMJBO TDBMMPQT 3.# SPBTUFE /PSXFHJBO DPE PO SJDI CSBOEBEF 3.# %PO U GPSHFU UIFJS IBOENBEF TUSBXCFSSZ NBDBSPPO XJUI TUSBXCFSSZ JDF DSFBN BOE TZSVQ 3.#
./.'9% :(!.,!.'5!. 34!4)/.
5)6 .": ลฆ 8&% .":
%.
3!,3! #!2)"%
45!.*)%(5 34!4)/.
%.
5)6 .": Ŧ 8&% .":
"(&/%"
53: 5)&4& 3&45"63"/54
$BUöTI JO DIJMMJ PJM
" 4JDIVBO GFBTU
5SFF TIBEFE DPVSUZBSE
4JDIVBO
8BOHKJOH :JIBP 8BOHKJOH :JIBP JT JOEFFE UIF OVNCFS POF IJEEFO GBJSZMBOE PG UIF OPSUIFBTUFSO 8BOHKJOH BSFB *NBHJOF B UBCMFGVM PG QVOHFOU 4JDIVBO EJTIFT TFU Pà CZ UIF óPXFSZ GSBHSBODF PG UXP DSBCBQQMF USFFT CMPPNJOH PWFSIFBE QSPWJEJOH BO VNCSFMMB GPS UIJT BODJFOU DPVSUZBSE *G ZPV SF MVDLZ ZPV MM BSSJWF EVSJOH UIF POF XFFL JO "QSJM XIFO UIFZ SBJO QJOL QFUBMT PO ZPVS NFBM XIJMF ZPV SF FBUJOH %BJMZ BN QN %BXBOHKJOH $VO %POHYJOEJBO OFBS UIF TJEF SPBE PG 8VZVBO 2JBP $IBPZBOH %JTUSJDU &) &4
(/
1FSGFDU GPS B SPNBOUJD TQSJOH MVODI PS TVNNFS EJOOFS
( .' 2/ !$
*) %
5)6 .": Ŧ 8&% .":
.'
"(&/%"
$/
) 4!
!9
*)
%
37
$!
%8
02
%3
8)
24
.'
$!7!.'*).' 6),,!'% 7!.'*).' 9)(!/
/
4/
20
&5
!)
8IJMF ZPV SF JO UIF OFJHICPSIPPE UIFSF JT OPUIJOH FMTF GPS ZPV UP EP CVU FOKPZ B MJOHFSJOH BGUFSOPPO JO UIF DPVSUZBSE TP FBU BT NVDI BT ZPV XBOU MFBO CBDL BOE QSBDUJDF ZPVS $IJOFTF XJUI UIF DIBUUZ CJSET QFSDIFE JO UIF USFFT
2)
.'
4JHOBUVSF EJTIFT JODMVEF TIVJ[IV OJBOZV DBUñTI JO DIJMMJ PJM 3.# MB[J KJ ESZ CSBJTFE TQJDZ DIJDLFO 3.# RVBOTIVJ UV TQJDZ SBCCJU TUFX 3.# KJO BOE 4JDIVBO QFQQFS DBCCBHF 3.# QBJSFE XJUI IPNFNBEF SFE CFBO CVOT 3.# EP[FO
%.
%.
5)6 .": Ŧ 8&% .":
"(&/%"
53: 5)&4& 3&45"63"/54
#SVODI
4VOEBZ #VCCMZ #SVODI BU 5IF 8FTUJO 'JOBODJBM 4USFFU "MM UIF SPBTU NFBU GSFTI TFBGPPE BOE TIFMMñTI ZPV DPVME XBOU PO B 4VOEBZ NPSOJOH OPU UP NFOUJPO B WBTU TFMFDUJPO PG EFMFDUBCMF EFTTFSUT *U T BMTP BNPOH #FJKJOH T NPTU WJTVBMMZ TUJNVMBUJOH CSVODIFT m XIFSFWFS ZPV MPPL ZPV DBO CF TVSF UIFSF MM CF B DIFG TMJDJOH UVOB DBSWJOH B EVDL PS QPBDIJOH BO FHH SJHIU CFGPSF ZPVS FZFT 5IFSF BSF FOUFSUBJOFST UP BNVTF UIF LJET BOE BMM UIF DIBNQBHOF ZPV DPVME XBOU 3.# GSFF óPX BMDPIPM 3.# XJUIPVU BMDPIPM 3.# DIJMESFO 4FOTFT 4VOEBZT BN QN ' 5IF 8FTUJO #FJKJOH # +JOSPOH +JF 9JDIFOH %JTUSJDU FYU
1FSGFDU GPS B GVO BOE VQCFBU CSVODI XJUI GSJFOET 9595!.4!. 0!2+
8IJMF ZPV SF JO UIF OFJHICPSIPPEw PI XIP BSF XF LJEEJOH 0ODF ZPV WF FBUFO ZPVSTFMG TJMMZ ZPV MM XBOU UP HP IPNF LJDL VQ ZPVS GFFU BOE SFMJTI UIF NFNPSJFT PG ZPVS HMVUUPOZ *G ZPV QSFGFS UP XBML JU PÃ IFBE PWFS UP :VZVBOUBO 1BSL GPS B MPOH TUSPMM BOE DIBNQBHOF GVFMFE DPOUFNQMBUJPO
"(&/%"
5)6 .": Ŧ 8&% .":
&58).'-%. 34!4)/.
%.
7%34). "%)*).' &).!.#)!, 342%%4 3%.3%3
4!)0).'1)!/ $!*)%
4JHOBUVSF EJTIFT JODMVEF UIFJS PZTUFST PO UIF IBMG TIFMM NBEF UP PSEFS UBSUBSFT BOE EFTTFSUT
8)3) 34!4)/.
&5#(%.'-%. 34!4)/.
0)#!) (54/.'
8)$!. 34!4)/.
4105-*()5
*4 *5 " '36*5 *4 *5 " 7&(&5"#-& /0 *5 4 461&3'00%4
)FSXJH ,OBQFO FYFDVUJWF QBTUSZ DIFG PG 5IF 8FTUJO 'JOBODJBM 4USFFU
"O BQQMF B EBZ JT OPU UIF POMZ GPPE UIBU LFFQT UIF EPDUPS BXBZ DMBJNT $IFG )FSXJH 4JODF IF KPJOFE UIF 8FTUJO 'JOBODJBM 4USFFU MBTU 0DUPCFS IF IBT CFFO JOEVMHJOH IJT QBTTJPO GPS IFBMUIZ FBUJOH m FYQMPSJOH UIF EJGGFSFOU UZQFT PG TVQFSGPPET BWBJMBCMF JO #FJKJOH BOE JOUFHSBUJOH UIFN JOUP IJT DSFBUJPOT "GUFS UBTUJOH IJT EFMJDJPVT UBLF PO IFBMUIZ GPPET +FOOJGFS 5IPNÏ GPMMPXFE VQ XJUI $IFG )FSXJH UP MFBSO NPSF BCPVU IPX XF DBO JODPSQPSBUF TVQFSGPPET JOUP PVS FWFSZEBZ DVJTJOF
8IBU BSF UIF CFOFñUT PG FBUJOH TVQFSGPPET 4VQFSGPPET DPOUBJO IJHI DPODFOUSBUJPOT PG DSVDJBM OVUSJFOUT BOE NPTU PG UIFN BSF BDUVBMMZ MPX JO DBMPSJFT 4PNF PG UIFTF GPPET IBWF CFFO QSPWFO UP IFMQ QSFWFOU m BOE JO TPNF DBTFT SFWFSTF m UIF XFMM LOPXO FíFDUT PG BHJOH JODMVEJOH DBSEJPWBTDVMBS EJTFBTF 5ZQF EJBCFUFT IZQFS UFOTJPO BOE DFSUBJO DBODFST %PFT FBUJOH TVQFSGPPET IBWF UP CF FYQFOTJWF /PU BU BMM m NBOZ FWFSZEBZ GPPET BSF TVQFSGPPET CVU ZPV NVTU MFBSO UP DPPL UIFN JO UIF DPSSFDU XBZ -VDLJMZ DPPLJOH UIFN TJNQMZ JT VTVBMMZ UIF CFTU UIJOH UIBU ZPV DBO EP UP UIFN 5IFSF BSF NPSF UIBO TVQFSGPPET BOE NPTU PG UIFN BSF BWBJMBCMF BU UIF HSPDFSZ TUPSF 5PNBUPFT BTQBSBHVT BOE DJOOBNPO BSF KVTU B GFX PG UIFN
8IJDI BSF ZPVS GBWPSJUFT .Z GBWPSJUF TVQFSGPPE JT UIF HSFFO BQQMF :PV LOPX XIBU UIFZ TBZ i"O BQQMF B EBZ LFFQT UIF EPDUPS BXBZ u *U T WFSZ HPPE GPS ZPV BOE GSFTI HSFFO BQQMF KVJDF JT BNB[JOH UP VTF "QQMFT DPOUBJO B MPU PG BOUJ PYJEBOUT JODMVEJOH QPMZQIFOPMT óBWPOPJET BOE WJUBNJO $ BOE BSF B HPPE TPVSDF PG ñCFS BOE QPUBT TJVN "OPUIFS TVQFSGPPE * SFBMMZ MJLF JT XJME TBMNPO XIJDI DPOUBJOT OVUSJFOUT UIBU BSF HPPE GPS ZPVS CSBJO IFBSU BOE ZPVS FZFT )PX IBWF ZPV JOUFHSBUFE TVQFS GPPET JOUP UIF NFOVT BU UIF 8FTUJO 8F TFSWF UIJOHT MJLF QBJO BV DIPDPMBU DJOOBNPO SPMMT DBSSPU DBLF TNPLFE TBMNPO BTQBSBHVT UPNBUP BOE MPUT NPSF * WF BMTP DSFBUFE B DIPDPMBUF EPNF DBLF UIBU ZPV DBO CVZ BU PVS %BJMZ
%.
5SFBUT TIPQ JU T MPBEFE XJUI EBSL DIPDPMBUF TJUT PO BO BMNPOE TQPOHF BOE IBT B MBZFS PG CFSSJFT JO UIF NJEEMF :FT UIFTF BSF BMM TVQFSGPPET 4P XIJDI TVQFSGPPET BSF CFTU GPS IPNF FBUJOH :PVS LJUDIFO JT QSPCBCMZ GVMM PG UIFN BMSFBEZ KVTU XBJUJOH GPS ZPV UP XIJQ UIFN VQ JOUP TPNFUIJOH IFBMUIZ BOE EFMJDJPVT 4PNF PG UIF NPTU DPNNPO TVQFSGPPET BSF BQQMFT BWPDBEPT CFBOT CFSSJFT CSPD DPMJ DJOOBNPO EBSL DIPDPMBUF ESJFE GSVJUT TUBZ BXBZ GSPN TXFFU FOFE POFT PS UIPTF XJUI TVMñUFT FYUSB WJSHJO PMJWF PJM HBSMJD IPOFZ LJXJT MPX GBU ZPHVSU PBUT POJPOT PSBOHFT QPNFHSBOBUFT QVNQLJO TPZ QSPEVDUT TQJOBDI NPTU UFBT UPNBUPFT UVSLFZ XBMOVUT BOE XJME TBMNPO
5)6 .": Ŧ 8&% .":
"(&/%"
53: 5)&4& /*()541054
8JOF #BS
%BP -F 5IJT TIBSQ XJOF CBS BOE DBGF IBT CFFO B XFMDPNF BEEJUJPO UP UIF VQ BOE DPNJOH 4IVBOHKJOH BSFB 5IF XJOF TFMFDUJPO JT PWFSTFFO CZ GPSNFS .BJTPO #PVMVE TPNNFMJFS +BNFT -JV PรญFSJOH SFET BOE XIJUFT CZ UIF CPUUMF GSPN 3.# #PUI FYQFSUT BOE BNBUFVST XJMM BQQSFDJBUF UIF UIPVHIUGVM QBJSJOH TVHHFTUJPOT BOE EFUBJMFE UBTUJOH OPUFT BOE .S -JV JT PO IBOE UP PรญFS BEWJDF JG ZPV SF TUVDL 5ISFF QPVS XJOF รณJHIUT BSF BWBJMBCMF GPS 3.# BT XFMM BT FJHIU XJOFT CZ UIF HMBTT 3.# JODMVEJOH TQBSLMJOH SPTร %BP -F T DIFFTF BOE GSVJU KBNT QMBUUFS 3.# 4XJTT GPOEVF 3.# BOE EFTTFSU TFMFDUJPO CZ $PNQUPJST EF 'SBODF SPVOE PVU UIF TFOTVPVT FYQFSJFODF %BJMZ BN BN *OUFSOBUJPOBM "SU 1MB[B 1JOHPE #BJ[JXBO -V FBTU PG 5PEBZ "SU .VTFVN $IBPZBOH %JTUSJDU 9/.'!.,) 34!4)/.
'5/-!/ 34!4)/.
$!7!.',5 34!4)/.
1FSGFDU GPS B DBTVBM FWFOJOH PG XJOF BOE DIBUUFS 4/.'(5)(% "%),5
4JHOBUVSF ESJOLT JODMVEF XJOF XJOF BOE NPSF XJOF 8IJMF ZPV SF JO UIF OFJHICPSIPPE CF TVSF UP DIFDL PVU UIF NBOZ BSU HBMMFSJFT BOE BSUJTUJD TIPQT EPUUJOH UIF 1JOHPE /PSUI DPNQMFY
"(&/%"
5)6 .": ลฆ 8&% .":
$!/ ,% 0).'/$
%.
5)& -*45
)00,&% 0/ )00,")
'SVJU óBWPSFE TNPLF UP IFMQ ZPV SFMBY
%BJMZ BN QN -VDLZ 4USFFU $IBPZBOH %JTUSJDU 3VNJ 5IJT DMBTTZ 1FSTJBO SFT UBVSBOU PÃFST POF PG UIF XJEFTU TFMFDUJPOT PG TIJTIB JO UPXO XJUI óBWPST SBOHJOH GSPN PSBOHF QFBDI BOE QMVN UP DBQQVD DJOP BOE TBÃSPO 3.# %BJMZ BN NJEOJHIU " (POHUJ #FJMV PQQPTJUF ;IBPMPOH )PUFM $IBPZBOH %JTUSJDU
&TDBQF UP POF PG #FJKJOH T IPPLBI CBST BOE MFU B QVà PG GSBHSBOU TNPLF XIJTL ZPV BXBZ UP UIF FYPUJD DMJNFT PG UIF .JEEMF &BTU /JHIUT 8JUI JUT PVUEPPS TFBUJOH BOE CFMMZ EBODJOH UIJT WFOFSBCMF GBWPSJUF JT JEFBM UVSG GPS XBUFS QJQF QVîOH 3.# JO DIFSSZ NJOU NJYFE GSVJU BOE TUSBXCFSSZ %BJMZ BN BN (POHUJ #FJMV PQQPTJUF ;IBPMPOH )PUFM $IBPZBOH %JTUSJDU XXX OJHIUT DO %BJMZ BN NJEOJHIU /PSUI TJEF PG 4PMBOB .BMM $IBPZBOH (POH ZVBO -V $IBPZBOH %JTUSJDU
9JXV -V $IBPZBOH %JTUSJDU #JUFBQJUUB 'PS B CSFBL GSPN UIF 4BOMJUVO CBS TDFOF NBZIFN XIBU CFUUFS XBZ UP VOXJOE UIBO XJUI GSFTI QJUB BOE BQQMF óBWPSFE IPPLBI 3.# %BJMZ BN QN ' 5POHMJ 4UVEJP TBNF CMPDL BT -F 1FUJU (PVSNBOE 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU -BOUVOH 5IJT UISFF óPPS CBS MPVOHF BOE SFTUBVSBOU TQFDJBMJ[FT JO MBLFTJEF MPVOHJOH BOE TQJDZ 5IBJ UBQBT m UIF QFSGFDU DPNQMF NFOU GPS B MBJECBDL OJHIU PG IPPLBI 3.# JO BQQMF TUSBX CFSSZ BOE MFNPO %BJMZ BN BN 4PMBOB $IBPZBOH (POHZVBO -V $IBPZBOH %JTUSJDU
"MBNFFO " IBWFO GPS GBOT PG IPPLBI BOE .JEEMF &BTUFSO GPPE BMJLF 5IF DVTUPNFST IFSF UFOE UP MJOHFS MPOH BGUFS UIF NFBMT BSF PWFS TJQQJOH PO DPÃFF BT UIFZ &VSBTJB 3FTUBVSBOU "VUIFOUJD TNPLF UIFJS XBUFS QJQFT 3.# GBNJMZ TJ[FE 5VSLJTI EJTIFT BOE JO BQQMF HSBQF NBOHP BOE NJOU IPPLBI 3.# JO BQQMF %BJMZ BN NJEOJHIU 4BOMJUVO DBQQVDDJOP MFNPO BOE PSBOHF
%.
5VSLJTI .VN /P OFFE UP GFFM OBVHIUZ BCPVU TNPLJOH IFSF m 5VSLJTI .VN PÃFST UBOUBMJ[JOH óBWPST MJLF BQQMF TUSBXCFSSZ DIFSSZ BOE QFQQFSNJOU 3.# BMPOH XJUI HSFBU GPPE %BJMZ BN NJEOJHIU (POHUJ #FJMV $IBPZBOH %JTUSJDU 9JOKJBOH 3FE 3PTF 5IJT 4BOMJUVO GBWPSJUF GFBUVSFT OJHIUMZ QFSGPSN BODFT PG MJWF NVTJD BOE CFMMZ EBODFST XJUI TOBLFT m QFSGFDU GPS BO JOUPYJDBUJOH IPPLBI UPLF 3.# %BJMZ BN QN *OTJEF 9JOHGV :JDVO BMMFZ PQQPTJUF 8PSLFST 4UBEJVN /PSUI (BUF $IBPZBOH %JTUSJDU
9JV 5IJT TXBOLZ OJHIUDMVC IBT B TDFOJD QBUJP XJUI POF PG UIF CFTU SPPGUPQ WJFXT JO UPXO UIBU T KVTU SJHIU GPS UIBU QVÃ PG IPPLBI 3.# XIFO ZPV OFFE UP SFTU ZPVS GFFU .PO 'SJ BN QN QN MBUF 4BU 4VO QN MBUF 1BSL )ZBUU FOUSBODF BDSPTT GSPN UIF IPUFM MPCCZ +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
5)6 .": Ŧ 8&% .":
"(&/%"
53: 5)&4& /*()541054
#BS
3JU[ $BSMUPO #BS /PU NBOZ FYQBUT IBWF CFFO UP UIJT IJEEFO HFN PG B IPUFM CBS MPDBUFE BU UIF FBTUFSO SFBDIFT PG UIF $#% BOE DPOTUBOUMZ IVNNJOH XJUI B TUFBEZ TUSFBN PG $IJOFTF QBUSPOT XIP HP UIFSF UP FTDBQF UIF EBJMZ HSJOE 'JMMFE XJUI UIF TNFMM PG EBSL XPPE BOE MFBUIFS UIJT CBS JT B HSFBU QMBDF UP IJEF BXBZ XJUI B CPPL PS B DMPTF GSJFOE BOZ UJNF PG ZFBS BOE BMTP NBLFT B HSFBU CBDLESPQ GPS B QPTU DPOUSBDU OFHPUJBUJPO DPDLUBJM 'FBUVSJOH NBOZ EFUBJMT DBSSJFE PWFS GSPN UIF PSJHJOBM 3JU[ $BSMUPO #BS JO 1BSJT JU T FBTZ UP TFF XIZ UIFTF IPUFM CBST XFSF B GBWPSJUF IBVOU PG MJUFSBSZ HJBOUT TVDI BT &SOFTU )FNNJOHXBZ
1FSGFDU GPS UIPTF EBZT XIFO ZPV XBOU UP TJOL JOUP B QMVTI MFBUIFS DPVDI BOE CF MFGU BMPOF XJUI B NBSUJOJ
*).4!)8):(!/ 34!4)/.
"(&/%"
5)6 .": Ŧ 8&% .":
,5
'5!.'(5! ,5
4JHOBUVSF ESJOLT JODMVEF UIFJS NBSUJOJT BOE NJYFE ESJOLT 8IJMF ZPV SF JO UIF OFJHICPSIPPE HP JOEVMHF JO TPNF MVYVSZ TIPQQJOH BU OFBSCZ 4IJO ,POH 1MBDF /FX TUPSFT BSF PQFOJOH BMM UIF UJNF TP CF TVSF UP DIFDL UIFJS XFCTJUF GPS TQFDJBM QSPNPUJPOT
# ( !/ 9!.'
*).4!) ,5
%BJMZ QN BN 5IF 3JU[ $BSMUPO #FJKJOH " +JBOHVP 3PBE $IBPZBOH %JTUSJDU
3(). +/.' 0,!#% 2)4: #!2,4/. "!2
'5/-!/ 34!4)/.
%.
$!7!.',5 34!4)/.
5)& -*45
5)& (3&"5 065%0034
#FJKJOH T OFX XBWF PG PQFO BJS UFSSBDFT
"T B GPMMPX VQ UP MBTU JTTVF T GFBUVSF PO UIF CFTU UFSSBDFT GPS FOKPZJOH B ESJOL 1IPFOJY 5TP CSJOHT ZPV NPSF QMBDFT UP HSBC B NFBM PS ESJOL 5IF GPMMPXJOH FTUBCMJTINFOUT BSF TVSF UP OVNCFS BNPOH ZPVS GBWPSJUFT UIJT TVNNFS #MVF 'SPH " WFSZ QPQVMBS DIPJDF GPS HSBCCJOH B CVSHFS BOE ESJOLT BGUFS XPSL 5IJT SFTUBVSBOU UFSSBDF JT TP QPQVMBS UIBU UIF XBMLXBZT MFBEJOH VQ UP JU BSF PGUFO QBDLFE XJUI HSPVQT %BJMZ BN BN 4 ' #MEH 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
(SFBU -FBQ #SFXJOH 'PS UIF RVJOUFTTFOUJBM TJIFZVBO FYQFSJ FODF USZ (SFBU -FBQ #SFXJOH T DPVSUZBSE UFSSBDF OFTUMFE JO BO PCTDVSF IVUPOH JO (VMPV 3FMBY MJLF B MBPCBJYJOH XIJMF FOKPZJOH B QJOU PG IPNFNBEF QBMF BMF 5VF 5IV QN NJEOJHIU 'SJ 4BU QN MBUF %PVKJBP )VUPOH GSPN %J BONFOXBJ %BKJF XBML FBTU EPXO 'BOH[IVBODIBOH )VUPOH VOUJM ZPV IJU %PVKJBP )VUPOH 5VSO SJHIU UIFO GPMMPX UIF SPBE SPVOE UP UIF MFGU %POHDIFOH %JTUSJDU
$BQJUBM . -PDBUFE JO #FJKJOH T IJTUPSJD 2JBONFO OFJHICPS IPPE UIF $BQJUBM . UFSSBDF PÃFST B CSFBUIUBLJOH WJFX PG UIF .JHBT )FBE VQ UP UIF SPPGUPQ ;IFOHZBOH (BUF "T ZPV TVSWFZ UP FOKPZ B XJEF WBSJFUZ PG UBQBT UIF IJTUPSJD FOUSBODFXBZ UP UIF BOE QBJSFE XJOFT BNJE B NPEFSO %SBHPO 5ISPOF EJOF PO MVYVSJPVT SPNBOUJD BUNPTQIFSF PG TMFFL &VSPQFBO DVJTJOF TVDI BT UIFJS XIJUF GVSOJUVSF BOE DBDUVTFT TJHOBUVSF TVDLMJOH QJH PS MFH PG %BJMZ BN QN QN MBNC .PO 'SJ BN QN ' /BMJ 1BUJP 4BOMJUVO -V QN 4BU 4VO BN $IBPZBOH %JTUSJDU QN QN ' 2JBONFO 1FEFTUSJBO 4USFFU KVTU TPVUI PG
%.
5JBO BONFO 4RVBSF %POHDIFOH %JTUSJDU
XXX DBQJUBM N CFJKJOH DPN 5IF #FBDI )BT UIF TMFFL BSDIJ UFDUVSF PG B IJHI DMBTT OJHIUDMVC CVU UIF XIJUF TBOE óPPS USPQJDBM DPDLUBJMT BOE MPVE IPVTF NVTJD PG UIJT SPPGUPQ CBS NBLFT 5IF #FBDI B QFSGFDU TQPU GPS UIPTF XIP OFFE B WBDBUJPO CVU DBO U RVJUF KVTUJGZ BO JNQSPNQUV USJQ UP )BJOBO %BJMZ QN MBUF ' SPPG #MPDL 8FTU HBUF PG $IBPZBOH 1BSL $IBPZBOH %JTUSJDU XXX CZTJHNB DPN /PMB &OKPZ B UBTUF PG UIF #JH &BTZ XIJMF SFMBYJOH PO UIF CBMDPOZ /PMB TFSWFT SFBTPOBCMZ QSJDFE XJOF DSBGU CFFST DPDLUBJMT BOE $BKVO TQFDJBMUJFT TVDI BT HVNCP QP CPZT BOE CFJHOFUT .PO 'SJ BN QN 4BU 4VO BN QN " 9JVTIVJ /BOKJF $IBPZBOH %JTUSJDU
5)6 .": Ŧ 8&% .":
"(&/%"
53: 5)&4& 4)014
&VSPQFBO øBJS
7JOUBHF JT UIF UIFNF
,OJDLLOBDLT
'VSOJUVSF BOE )PNF "DDFTTPSJFT
$BTB 1BHPEB 5IJT #FMHJBO SVO GVSOJUVSF DPNQBOZ DPNCJOFT DMBTTJD &VSPQFBO óBJS XJUI "TJBO JOóVFODFT UP DSFBUF IJHI RVBMJUZ GVSOJUVSF BOE IPNF BDDFTTPSJFT UIBU DBO ñOE B QMBDF JO BOZ IPNF 3FUSP BOE NFNPSBCJMJB TFFN UP CF UIF NBJO UIFNFT IFSF GSPN BHFE MFBUIFS DPVDIFT BOE QPQ BSU UP QMBDFNBUT BOE USBZT CFBSJOH WJOUBHF TUZMF BET BOE MPHPT 8IPMFTBMF SBUFT BOE XPSMEXJEF TIJQQJOH TFSWJDFT BSF BWBJMBCMF .PO 4BU BN QN 4VO BN QN 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU XXX DBTBQBHPEB DPN 1FSGFDU GPS VOJRVFMZ QBJSFE GVSOJUVSF BOE IPNF BDDFTTPSJFT
,),9g3 .!),3 (!435.% -/$/ !0/4(%#!29 345-",% )..
'/.'4) $/.',5
4JHOBUVSF QJFDFT JODMVEF UIFJS PSOBUF MBDRVFSFE UBCMFT CPUUMFDBQ UIFNFE DPGGFF UBCMFT BOE TUZMJTI TJMWFS UBCMFUPQ BDDFTTPSJFT 8IJMF ZPV SF JO UIF OFJHICPSIPPE QBJOU ZPVS OBJMT UP NBUDI ZPVS OFXMZ BDRVJSFE USFBTVSFT BU -JMZ T /BJMT 3FGVFM BU )BUTVOF PS .PEP m UIFO DPOHSBUV MBUF ZPVSTFMG PO ZPVS FYDFMMFOU BOE TUZMJTI QVSDIBTFT XJUI B ESJOL BU "QPUIFDBSZ PS 4UVNCMF *OO
"(&/%"
45!.*)%(5 34!4)/.
'/.'4) "%),5
5)6 .": Ŧ 8&% .":
#!3! 0!'/$!
(5*)!,/5 34!4)/.
%.
%.
5)6 .": Ŧ 8&% .":
"(&/%"
53: 5)&4& )&"-5) #&"65:
5IF IFBMJOH UPVDI
4USJLJOH OFX TVSSPVOEJOHT
5SFBU ZPVS GFFU
4QB
,PDPPO 0OF PG #FJKJOH T GBWPSJUF TQBT IBT NPWFE TIPQ /PX MPDBUFE JO 5IF 0QQPTJUF )PVTF ,PDPPO JT SFUBJOJOH JUT NBOBHFNFOU BOE UIFSBQJTUT CVU TQB HPFST XJMM OPX IBWF BDDFTT UP FYUFOTJWF DIBOHJOH BSFBT B TUFBN SPPN BOE GPS B OPNJOBM GFF XBJWFE GPS 4JMWFS PS (PME 7*1 NFNCFST BDDFTT UP UIF IPUFM T HZN BOE QPPM 6QHSBEFE UIFSBQZ SPPNT BSF BMTP BWBJMBCMF DPNQMFUF XJUI J1PE EPDL *OTJEF 5IF 0QQPTJUF )PVTF 4BOMJUVO 7JMMBHF /PSUI #MEH 4BOMJUVO -V $IBPZBOH %JTUSJDU LPDPPOJOGP!LPDPPOTQBMPVOHF DPN XXX LPDPPOTQBMPVOHF DPN ,)!.'-!1)!/ 34!4)/.
1FSGFDU GPS B OBUVSBM TQB FYQFSJFODF 4JHOBUVSF USFBUNFOUT JODMVEF UIFJS BSPNB UIFSBQZ CPEZ NBTTBHF 3.# GPS NJOVUFT 3.# GPS NJOVUFT XIJDI VTFT PSHBOJD TXFFU BMNPOE PJM CMFOEFE XJUI FTTFOUJBM PJMT "MTP SFDPNNFOEFE JT UIF FTTFOUJBM GBDJBM 3.# GPS NJOVUFT XIJDI VTFT 1FWPOJB #PUBOJDB QSPEVDUT BOE JODMVEFT DMFBOTJOH QFFMJOH MZNQIBUJD GBDF NBTTBHF NBTL UPOJOH BOE NPJTUVSJ[JOH
052% 3-//4()%3
+/#//. %,%-%.4 &2%3( ")4%!0)44! 7/2+%23g 34!$)5- "%),5
8IJMF ZPV SF JO UIF OFJHICPSIPPE USFBU ZPVS CPEZ SJHIU CZ HSBCCJOH B MJHIU MVODI PS EJOOFS BU &MFNFOU 'SFTI PS #JUFBQJUUB PS B TNPPUIJF BU 1VSF 4NPPUIJFT
"(&/%"
./.'9% :(!.,!.'5!. 34!4)/.
5)6 .": Ŧ 8&% .":
%.
45!.*)%(5 34!4)/.
%.
5)6 .": Ŧ 8&% .":
"(&/%"
4105-*()5
5)& (0%'"5)&3 0' $)*/&4& 45&. $&-- 3&4&"3$)
%S 9JBPEJ )BO DIJFG OFVSPTVSHFPO BU 5JBOUBO 1VIVB )PTQJUBM
"SPVOE UIF XPSME TUFN DFMM SFTFBSDI SFNBJOT B DPOUSPWFSTJBM UPQJD NPTUMZ EVF UP UIF VTF PG GFUBM UJTTVF JO UIF QSPEVDUJPO PG TUFN DFMMT %S 9JBPEJ )BO UIF DIJFG OFVSPTVSHFPO BU 5JBOUBO 1VIVB )PTQJUBM JT POF PG UIF QJPOFFST JO CSJOHJOH TUFN DFMM SFTFBSDI BOE USFBUNFOU UP OFVSPUSBVNB QBUJFOUT JO $IJOB *O UIJT JOUFSWJFX XJUI 1IPFOJY 5TP IF PQFOFE PO VQ XIZ $IJOB T TUFN DFMM JOEVTUSZ IBT HSPXO TP NVDI GBTUFS UIBO UIPTF JO 8FTUFSO DPVOUSJFT BOE XIZ UIF DPOóJDU CFUXFFO TBGFUZ BOE FîDJFODZ JT BO JTTVF UIBU DPOUJOVFT UP QMBHVF UIJT ñFME
)PX EJE ZPV HFU JOUP UIF TUFN DFMM SFTFBSDI ñFME 'PS NZ 1I % * EJE UVNPS SFTFBSDI * IBE BMSFBEZ EPOF B MPU PG DMJOJDBM XPSL BOE TBX UIBU BGUFS TVSHFSZ NBOZ QBUJFOUT EFWFMPQ OFVSPMPHJDBM DPNQMJDBUJPOT GSPN XIJDI UIFZ OFWFS SFDPWFS m FTQFDJBMMZ GSPN CFOJHO UVNPST XIJDI TUJMM DBVTF EBNBHF 4P * XBOUFE UP TFF JG * DPVME EP TPNFUIJOH UP QSFWFOU UIBU EBNBHF 4JODF UIF T EPDUPST IBWF CFFO VTJOH UJTTVF GSPN PUIFS QBSUT PG UIF CPEZ UP SFQBJS CSBJO UJTTVF "GUFS SFTFBSDIFST TUBSUFE QVCMJTIJOH B MPU PG QBQFST PO TUFN DFMM SFTFBSDI TP XF USJFE UP BQQMZ JU UP UIF CSBJO * TUBSUFE EPJOH UIJT UZQF PG SFTFBSDI JO "VTUSBMJB *O *
"(&/%"
i8F QSFGFS VTJOH OFVSPTUFN DFMMT JOTUFBE PG FNCSZPOJD POFT CFDBVTF ZPV DBO DPOUSPM UIF EJSFDUJPO UIFZ HSPX JOu KPJOFE B UFBN BU UIF %FQBSUNFOU PG /FVSPTVSHFSZ BU 5IF "MGSFE )PTQJUBM JO .FMCPVSOF BOE XF XPSLFE ñSTU PO QSPWJEJOH NFEJDJOFT UIBU XPVME QSFWFOU OFVSPMPHJDBM EBNBHF BGUFS TVSHFSZ 8F UIFO IBE UP EFDJEF *G XF DPVMEO U QSFWFOU BMM UIBU EBNBHFS XIBU XPVME XF EP OFYU 5IBU T XIFSF TUFN DFMMT DBNF JO 4P * FOEFE VQ EPJOH B MPU PG XPSL TQFDJñDBMMZ JO UIBU BSFB BOE GPVOE UIBU TUFN DFMM SFTFBSDI JT WFSZ TJNJMBS UP UVNPS SFTFBSDI 'PS FYBNQMF UVNPS NBSLFST BSF WFSZ TJNJMBS UP TUFN DFMM NBSLFST
5)6 .": Ŧ 8&% .":
%.
8IZ EJE ZPV EFDJEF UP DPNF CBDL UP $IJOB BOE DPOUJOVF UIJT XPSL $IJOB QSPWJEFT B MPU PG PQQPSUVOJ UJFT JO NFEJDBM SFTFBSDI FTQFDJBMMZ DMJOJDBM SFTFBSDI 5IFSF BSF NBOZ HPWFSONFOU GPVOEBUJPOT IFSF UIBU TVQQPSU TVDI SFTFBSDI 4JODF UIF TUFN DFMM JOEVTUSZ T JODFQUJPO IFSF UIFTF GVOET IBWF JODSFBTFE UIFJS GVOEJOH TP UIBU JU OPX OVNCFST JOUP UIF CJMMJPOT JO UFSNT PG 3.# 8F BMTP IBWF UIF NPTU IPTQJUBMT BOE UIF NPTU QBUJFOUT JO UIF XPSME TP XF SF USZJOH UP EP TPNFUIJOH UP IFMQ UIPTF QFPQMF
4105-*()5 )PX EP TDJFOUJTUT HP BCPVU EFWFMPQJOH B OFX TUFN DFMM MJOF #FDBVTF XF SF JO UIF OFVSPTDJFOUJñD ñFME XF VTF CSBJO DFMMT JO BMM PG PVS XPSL JO SFQBJSJOH EBNBHF TVDI BT CSBJO USBVNB TQJOBM DPSE JOKVSJFT PS OFVSP EFHFOFSBUJWF EJTFBTFT 4P XF KVTU GPDVT PO OFVSPTUFN DFMMT 8F EPO U EFBM XJUI FNCSZPOJD TUFN DFMMT 8F QSFGFS VTJOH OFVSPTUFN DFMMT CFDBVTF ZPV DBO DPOUSPM UIF EJSFD UJPO UIFZ HSPX JO 5IFZ POMZ CFDPNF BEVMU CSBJO DFMMT UIFZ OFWFS CFDPNF UVNPST *U T NVDI TBGFS UIJT XBZ 4P NPTU TUFN DFMM SFTFBSDI EPFT OPU JOWPMWF FNCSZPOJD TUFN DFMMT *U T NVDI TBGFS UP VTF BEVMU TUFN DFMMT "OZXIFSF JO ZPVS CPEZ ZPV DBO ñOE TVDI TUFN DFMMT &WFO TLJO DFMMT PS GBU DFMMT UIFZ DPOUBJO BMM PG ZPVS CPEZ T JOGPSNB UJPO TP ZPV DBO UVSO UIFN JOUP TUFN DFMMT 8F IBWF EJTDPWFSFE TP NVDI BCPVU TUFN DFMMT IFSF NBJOMZ CFDBVTF PG UIF 0OF $IJME 1PMJDZ #FDBVTF PG UIF 0OF $IJME 1PMJDZ XF IBWF NBOZ UJTTVF TPVSDFT UP EFSJWF TUFN DFMMT GSPN /PU NBOZ PUIFS DPVOUSJFT IBWF UIJT LJOE PG BEWBOUBHF BOE UIFSFGPSF DBO U EP BT NVDI 8IZ IBT TUFN DFMM SFTFBSDI OPU UBLFO PGG JO DPVOUSJFT MJLF UIF 6OJUFE 4UBUFT BT JU IBT JO $IJOB "DUVBMMZ UIFSF BSF NBOZ DMJOJDBM USJBMT PDDVSSJOH JO UIF 6OJUFE 4UBUFT BOE UIF SFTVMUT IBWF CFFO QVCMJTIFE 5IFSF JT POF TUVEZ JO GSPN 5FYBT GPS DIJMESFO XIP TVGGFS GSPN OFVSPUSBVNB 5IFTF DIJMESFO XFSF USFBUFE XJUI TUFN DFMMT EFSJWFE GSPN CPOF NBSSPX 4P FWFO UIPVHI UIFSF JT DPOUSP WFSTZ JO UIF 6OJUFE 4UBUFT XJUI TUFN DFMM SFTFBSDI B MPU JT CFJOH EPOF BOZXBZ
i5IFSF JT BMXBZT B QVTI BOE QVMM CFUXFFO TBGFUZ BOE FîDJFODZ JO UIJT LJOE PG SFTFBSDIu *O UFSNT PG SFTFBSDI TBGFUZ QFPQMF BSF NVDI NPSF DBSFGVM UIFSF 5IFSF IBWF BMTP CFFO MPUT PG DMJOJDBM TUFN DFMM USJBMT JO $BMJGPSOJB BOE JO UIJT XBZ SFTFBSDIFST IBWF GPVOE B DVSF GPS #BUUFO EJTFBTF 1FPQMF XIP TVGGFS GSPN OFVSPUSBVNB BOE OFVSPMPHJDBM EJTFBTFT IBWF BMTP MFE UIF DIBSHF $ISJTUPQIFS 3FFWF TUBSUFE B GPVOEBUJPO UIBU GVOET TUFN DFMM SFTFBSDI JOUP SFQBJSJOH EBNBHF GSPN TQJOBM DPSE JOKV SJFT 5IFSF JT BMTP B MPU PG FYDJUJOH SFTFBSDI CFJOH EPOF JO PUIFS 8FTUFSO DPVOUSJFT 'VSUIFSNPSF UIFSF BSF NBOZ "NFSJDBO DPNQB OJFT XIP PQFSBUF TUFN DFMM DMJOJDT CVU JO PUIFS DPVOUSJFT MJLF .FYJDP 5IFSF IBT CFFO TP NVDI SFTFBSDI JO UIJT BSFB UIBU TDJFOUJTUT IBWF MBJE B WFSZ HPPE GPVOEBUJPO GPS UIJT UZQF PG USFBUNFOU 5IFSF JT NPSF SFHVMBUJPO JO UIF 64 CVU UIFZ IBWF TUJMM EPOF B MPU 0G DPVSTF FNCSZPOJD TUFN DFMMT BSF WFSZ DPOUSPWFSTJBM FWFSZXIFSF JO UFSNT PG DPNQMJDBUJPOT EFSJWFE GSPN VTJOH UIFN TP CFDBVTF PG UIBU XF XPSL FYDMVTJWFMZ XJUI BEVMU TUFN DFMMT )PX EJE UIF TUFN DFMM JOEVTUSZ EFWFMPQ JO $IJOB 5IFSF JT B $IJOFTF SFTFBSDIFS %S )VBOH )POHZVO m XIJMF JO UIF 6OJUFE 4UBUFT IF EJTDPWFSFE UIF QPUFOUJBM GPS PMGBDUPSZ TUFN DFMMT UP CF VTFE JO SFQBJSJOH EBNBHF DBVTFE CZ TQJOBM DPSE JOKVSJFT 8IFO IF DBNF CBDL UP $IJOB IF IBE NBOZ QBUJFOUT BOE VTFE TUFN DFMMT UP DVSF UIFJS TQJOBM DPSE JOKVSJFT BOE NBEF NBOZ BEWBODFT JO UIJT ñFME 5IF BEWFOU PG $IJOFTF TUFN DFMM SFTFBSDI SFBMMZ TUBSUT GSPN IJN
i#FDBVTF PG UIF 0OF $IJME 1PMJDZ XF IBWF NBOZ UJTTVF TPVSDFT UP EFSJWF TUFN DFMMT GSPNu %.
"OE JO UIF 6OJUFE 4UBUFT ZPV IBWF UP HP UISPVHI UIJT MPOH DMJOJ DBM USJBM QSPDFTT CVU JO $IJOB XF TUBSU XJUI UIF QBUJFOUT SJHIU BXBZ CFDBVTF UIFZ DBOOPU XBJU 8F VTF DFMMT PO UIFN UIBU XF LOPX UP CF TBGF BOE FÃFDUJWF "MTP UIF HPWFSONFOU TVQQPSUT VT WFSZ NVDI UIFZ DBO OPX BGGPSE UP QVTI UIJT LJOE PG SFTFBSDI JO B TJHOJñDBOU XBZ 5IFSF JT DMJOJDBM TUFN DFMM SFTFBSDI HPJOH PO JO BMNPTU FWFSZ IPTQJUBM FTQFDJBMMZ NJMJUBSZ IPTQJUBMT 5IFSF TFFNT UP CF MFTT SFHVMB UJPO JO $IJOB T TUFN DFMM SFTFBSDI JOEVTUSZ UIFO )BWF BOZ JTTVFT PS DPOUSPWFSTJFT BSJTFO BT B SFTVMU PG UIBU 5IFSF JT BMXBZT B QVTI BOE QVMM CFUXFFO TBGFUZ BOE FîDJFODZ JO UIJT LJOE PG SFTFBSDI #VU UIF SFTFBSDI JT TUJMM WFSZ OFDFT TBSZ CFDBVTF XF LOPX B MPU BCPVU TUFN DFMMT CVU UIF OFYU GSPOUJFS JT EJTDPWFSJOH FWFSZ QPTTJCMF XBZ UP NBOJQVMBUF UIFTF DFMMT JO PSEFS UP USFBU B XIPMF BSSBZ PG EJTFBTFT BOE BJMNFOUT JO UIF CPEZ 8F OFFE UP QJOQPJOU UIF EJTFBTFT XF DBO DVSF BOE UIFO GJOE FWFSZ UZQF PG DFMM UIBU DBO DVSF UIPTF EJTFBTFT 5IF SFTFBSDI JT WFSZ EFUBJMFE TP XF IBWF UP CF DBSFGVM UIBU BOZ SFHVMBUJPO UIBU XF GPMMPX BMMPXT VT UP BDDFTT UIPTF EFUBJMT BT XFMM 5IBU CFJOH TBJE SFHVMBUJPO JT BMTP WFSZ JNQPSUBOU BOE JU DBO IFMQ NBLF TUFN DFMM SFTFBSDI FÃFDUJWF :PV IBWF UP NBLF TVSF UIBU UIF DFMMT ZPV BSF VTJOH BSFO U DPOUBNJOBUFE UIBU UIFZ SF IFBMUIZ :PV IBWF UP IBWF B QSPDFTT UIBU BMMPXT ZPV UP FWBMVBUF UIF USFBUNFOU DMFBSMZ BOE FÃFDUJWFMZ :PV OFFE B QSPDFTT GPS EFUFSNJOJOH IPX UP VTF UIF DFMMT ZPV SF VTJOH XIFSF UP VTF UIFN BMM UIF QPTTJCMF BQQSPBDIFT BOE XIJDI BQQSPBDI JT UIF CFTU
5)6 .": Ŧ 8&% .":
"(&/%"
4105-*()5
$)*/" 4 5005) '"*3:
%S +BOF ;IBOH GPVOEFS BOE TFOJPS EFOUJTU BU +PJOXBZ %FOUBM "T UIF GPVOEFS PG +PJOXBZ %FOUBM B DIBJO PG QSJWBUF EFOUBM DMJOJDT %S +BOF ;IBOH JT B QJPOFFS PG IJHI RVBMJUZ BÃPSEBCMF QSJWBUF EFOUJTUSZ JO $IJOB 4JODF PQFOJOH IFS ñSTU DMJOJD JO %S ;IBOH IBT BNBTTFE B UFBN PG UPQ UJFS EFOUJTUT XIP PÃFS TFSWJDFT UIBU SBOHF GSPN DMFBO JOHT UP PSUIPEPOUJDT BOE DPTNFUJD XIJUFOJOH BEPQUJOH UIF MBUFTU BEWBODFT GSPN IPNF BOE BCSPBE JOUP IFS QSBDUJDF %S ;IBOH SFDFOUMZ TBU EPXO XJUI 1IPFOJY 5TP UP EJTDVTT UIF EFWFMPQNFOU PG EFOUJTUSZ JO $IJOB JO DPNQBSJTPO UP PUIFS DPVOUSJFT UIF EJÃFSFODFT JO EFOUBM DVMUVSF CFUXFFO $IJOFTF BOE GPSFJHO QBUJFOUT BOE UJQT GPS ñOEJOH B HPPE EFOUJTU
5FMM VT BCPVU UIF EJGGFSFODFT CFUXFFO PQFSBUJOH B EFOUBM QSBDUJDF JO $IJOB DPNQBSFE UP JO UIF 6OJUFE 4UBUFT 0VUTJEF PG $IJOB BMM ZPV IBWF UP EP JT UP QBTT UIF EFOUBM FYBN JO PSEFS UP TUBSU QSBDUJDJOH BOE UP HFU QBUJFOUT UP USVTU ZPV *O BEEJUJPO UIF HPWFSO NFOU XJMM TVQQPSU ZPV JO ñOEJOH QBUJFOUT *O $IJOB UIFSF BSF B MPU NPSF HPWFSONFOU SFHVMBUJPOT UIBU EFUFSNJOF XIFSF XF DBO TFU VQ PVS QSBDUJDF FUD *O BEEJUJPO UIFSF IBTO U CFFO B MPOH IJTUPSZ PG QSJWBUF EFOUBM QSBDUJDF IFSF TP $IJOFTF DMJFOUT EPO U UBLF DMJOJDT MJLF NJOF BT TFSJPVTMZ 8I F O E P $ I J O F T F Q F P Q M F UZQJDBMMZ HP UP UIF EFOUJTU 6TVBMMZ XIFO UIFJS UFFUI IVSU <-BVHIT> *U T SBSFS GPS $IJOFTF QFPQMF
"(&/%"
i1FPQMF BSF XJMMJOH UP QBZ 3.# GPS B QMBTUJD TVSHFSZ QSPDFEVSF CVU UIFZ UIJOL UIBU 3.# JT FYQFOTJWF GPS B EFOUBM DIFDLVQu UP HP UP UIF EFOUJTU GPS SFHVMBS DMFBOJOHT *O HFOFSBM XJUI IPVTF IPMET UIBU IBWF B IJHIFS TUBOEBSE PG MJWJOH NBOZ NPSF XJMM HP BOE TFF B EFOUJTU SFHVMBSMZ 0O UIF PUIFS IBOE SJDIFS QFPQMF DBO CF UPP CVTZ TP UIFZ EPO U IBWF UJNF PS UIF NPUJWBUJPO UP DPNF PWFS PGUFO 4P UIF NPTU JNQPSUBOU NPUJWBUJPO GPS WJTJUJOH UIF EFOUJTU MJFT XJUI UIFN DBSJOH BCPVU UIF IFBMUI PG UIFJS UFFUI BOE NPVUI *O $IJOB JU T OPU WFSZ FYQFOTJWF UP HP BOE TFF UIF EFOUJTU XF EPO U UBLF B MPU PG NPOFZ GPS BOZ QSPDFEVSF 4P PSEJ OBSZ QFPQMF DBO EFñOJUFMZ BÃPSE UP DPNF BOE TFF VT FTQFDJBMMZ JG UIFZ
5)6 .": Ŧ 8&% .":
%.
IBWF JOTVSBODF "OE XIFO UIFZ EP DPNF UP VT GPS UIF ñSTU UJNF XF FEVDBUF UIFN PO IPX JNQPSUBOU JU JT UP DPNF UP VT XIFO UIFSF JTO U BO FNFSHFODZ 8IZ BSF EFOUBM GFFT TP JOFYQFO TJWF IFSF 8FMM GPS FYBNQMF UIFSF JT B MPU PG EFNBOE GPS DPTNFUJD TVSHFSZ 1FPQMF BSF XJMMJOH UP QBZ 3.# GPS B QMBTUJD TVSHFSZ QSPDFEVSF XIFSFBT UIFZ UIJOL UIBU 3.# JT FYQFOTJWF GPS B EFOUBM DIFDLVQ 4P JU T OPU B RVFTUJPO PG JG UIFZ DBO QBZ JU T B RVFTUJPO PG XIFUIFS UIFZ BSF XJMMJOH UP QBZ *G POF EBZ UIFZ DPNF BOE SFDPHOJ[F
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ÃFSFOU QSJDF UIBO * XPVME DIBSHF B $IJOFTF QFSTPO #FDBVTF PG UIJT BT UJNF XFOU PO UIFTF JOJUJBM QBUJFOUT LFQU UFMMJOH UIFJS GSJFOET BCPVU +PJOXBZ %FOUBM 8F CVJMU PVS DVTUPNFS CBTF PO XPSE PG NPVUI
i5IFSF JT B MPU PG DPNQFUJUJPO XJUIJO PVS JOEVTUSZ CVU XF TIPVMEO U QSJPSJUJ[F QSJDF PWFS RVBMJUZu
USZ T HSPXUI JO $IJOB /PU SFBMMZ CFDBVTF XF IBE UP MFBSO BCPVU TBGFUZ TUBOEBSET BOE SFHVMBUJPOT JO EFOUBM TDIPPM *O BEEJUJPO QSJWBUF DMJOJDT EPO U IBWF BT NBOZ DPMMFBHVFT PS FNFSHFODZ FRVJQ NFOU TP UIFZ IBWF UP CF NPSF DBSFGVM UIBO B IPTQJUBM EPDUPS EPFT &WFSZ JOEVTUSZ IBT JUT CBE QBSUT CVU BT $IJOFTF QFPQMF TBZ i5IFSF JT OP TVDI UIJOH BT TFMMJOH CBE NFEJDJOF m UIFSF JT POMZ TVDI UIJOH BT CVZJOH CBE NFEJDJOF u 5IF POMZ USVF XBZ UP TBGFHVBSE BHBJOTU SJTL JT UP EP UIF SFTFBSDI ZPVSTFMG 5IJT JT FTQFDJBMMZ JNQPS UBOU GPS GPSFJHOFST TJODF UIFZ 8IBU TIPVME FYQBUT LFFQ JO BSF BU B MBOHVBHF BOE DVMUVSBM NJOE XIFO MPPLJOH GPS B OFX EJTBEWBOUBHF GPS BTTFSUJOH UIFJS EFOUJTU * IBWF IFBSE PG B MPU PG SJHIUT JG TPNFUIJOH HPFT XSPOH QSPCMFNT XJUI QFPQMF TFFLJOH PVU OFX EFOUJTUT FTQFDJBMMZ GPSFJHOFST "OE ñOBMMZ XIBU EP ZPV EP UP XIP HP UP $IJOFTF EFOUJTUT BOE SFMBY * SVO XJUI UIF )BTI )PVTF GFFM MJLF UIFZ EJEO U HFU XIBU UIFZ )BSSJFST 8F ESJOL B MJUUMF ñSTU BOE QBJE GPS 4P NZ GJSTU TVHHFTUJPO UIFO SVO JO HSPVQT BSPVOE UIF DJUZ XPVME CF UP HP UP B EFOUJTU UIBU *U T B HPPE XBZ UP SFMBY FYFSDJTF ZPVS GSJFOE IBT SFDPNNFOEFE BOE DBUDI VQ XJUI GSJFOET 'FX 4FDPOEMZ JU T JNQPSUBOU UIBU ZPV QFPQMF HFU ESVOL CVU XJUI TPNF ñOE B EFOUJTU UIBU TQFBLT &OHMJTI BMDPIPM JO ZPVS TZTUFN ZPV SFBMMZ PS ZPVS OBUJWF MBOHVBHF SFBMMZ TXFBU B MPU XIJDI JT WFSZ SFMBYJOH XFMM 5IJSEMZ JU EPFTO U NBUUFS JG 5IFSF T B MPU PG QSFTTVSF UIBU DPNFT UIF EFOUJTU TQFBLT &OHMJTI PS OPU XJUI NZ KPC * EPO U IBWF B MPU PG ZPV TIPVME SFRVJSF UIBU UIFZ TJHO UJNF UP HFU UP LOPX #FJKJOH TP BO BHSFFNFOU XJUI ZPV XIFSF ZPV )BTI MFUT NF UPVS UIF XIPMF DJUZ BHSFF PO QSJDFT J F i'PS UIJT QSJDF * BOE HFU UP LOPX JUT IVUPOHT JUT FYQFDU UIJT MFWFM PG DBSF u "OE XIFO GPPE BOE JUT CBST ZPV QBZ EFñOJUFMZ BTL GPS B GBQJBP <-BVHIT> " SFBMMZ HPPE DMJOJD XJMM CF +PJOXBZ %FOUBM $MJOJD IBQQZ UP QSPWJEF BMM PG UIJT GPS ZPV %BJMZ BN QN % #MEH % BOE ZPV IBWF NPSF SFDPVSTF GPS (JO[B .BMM %POH[IJNFOXBJ SFTPMWJOH BOZ JTTVF UIBU BSJTFT %BKJF %POHDIFOH %JTUSJDU &OHMJTI $BO ZPV OBNF TPNF PG UIF )BWF UIFSF CFFO BOZ TDBOEBMT XXX EFOUBMDO DIBMMFOHFT GBDJOH UIF $IJOFTF PS VOTBGF QSBDUJDFT UIBU IBWF EFOUBM JOEVTUSZ *O #FJKJOH UIFSF DPNF PVU PG UIF EFOUBM JOEVT JT B MPU PG DPNQFUJUJPO XJUIJO PVS JO EVTUSZ CVU FWFO UIPVHI UIBU T USVF XF TIPVMEO U QSJPSJUJ[F QSJDF PWFS RVBMJUZ * UIJOL FBDI EFOUJTU TIPVME NBLF TVSF UIBU UIF RVBMJUZ PG UIFJS XPSL JT IJHI XIFO EFBMJOH XJUI QBUJFOUT 0UIFSXJTF JU T VOGBJS UP PVS QBUJFOUT BOE JU XJMM BÃFDU PVS NBS LFU *U EPFTO U NBUUFS JG ZPV XPSL JO B IPTQJUBM PS JG ZPV WF PQFOFE ZPVS PXO QSBDUJDF PVS OVNCFS POF QSJ PSJUZ JT UP IFMQ QFPQMF UP HJWF UIFN UIF NPTU BDDVSBUF JOGPSNBUJPO BOE UPPMT PO IPX UP DBSF GPS UIFJS UFFUI 0VS OVNCFS POF QSJPSJUZ TIPVME CF NBLJOH TPDJFUZ CFUUFS
%.
5)6 .": Ŧ 8&% .":
"(&/%"
5)& -*45
.&%*$*/& 5)306() 5)& "(&4
'SPN QFOJDJMMJO UP BSUJñDJBM IFBSU USBOTQMBOUT
TVTDFQUJCMF UP TNBMMQPY BOE UIFPSJ[FE JU XBT CFDBVTF PG UIF JNNVOJUZ UIFZ E EFWFMPQFE GSPN DBUDIJOH DPXQPY B TJNJMBS CVU NVDI NJMEFS EJTFBTF 5P UFTU UIJT UIFPSZ +FOOFS JOGFDUFE ZFBS PME +BNFT 1IJQQT UIF TPO PG IJT HBSEFOFS XJUI DPXQPY 1IJQQT XBT FYQPTFE UP TNBMMQPY NVM UJQMF UJNFT TVDDFTTGVMMZ SFTJTUFE JOGFDUJPO BOE +FOOFS T TVDDFTTGVM FYQFSJNFOU UPVDIFE Pí ZFBST PG SFTFBSDI DVMNJOBUJOH JO B WBDDJOF UIBU TBWFE NJMMJPOT PG MJWFT
5IF IVNBO JT UIF NPTU SFTPVSDF GVM DSFBUVSF LOPXO UP w XFMM VT 5ISPVHIPVU PVS ZFBST PO UIJT QMBOFU XF WF DVMUJWBUFE MBOE DSFBUFE TPDJFUJFT BOE QSPEVDFE HSFBU UFMFWJTJPO MJLF 'SJFOET :FU NPTU JNQSFTTJWF PG BMM BSF PVS NFEJDBM BEWBODFNFOUT +PJO $BSMMZ $IVO BT TIF UBLFT B MPPL CBDL PO QBTU NPNFOUT PG TIJNNFSJOH UFDIOPMPHJDBM HFOJVT JO UIF NFEJDBM ñFME ;BDIBSJVT +BOOTTFO 5IF %VUDI TQFDUBDMF NBLFS JT PGUFO DSFEJUFE GPS UIF JOWFOUJPO PG UIF ñSTU PQUJDBM NJDSPTDPQF 5IFSF BSF EJTQVUFT PWFS UIF WBMJE
"(&/%"
JUZ PG UIJT DMBJN TVDI BT UIF GBDU UIBU IF XPVME IBWF CFFO ZFBST PME BU UIF TVQQPTFE UJNF PG DSFB UJPO )F T BMTP LOPXO BT UIF CBE CPZ PG TDJFODF GPS IJT JOWPMWF NFOU XJUI DPVOUFSGFJUJOH DPJOT +BNFT -JOEMF 4DVSWZ JT BTTPDJBUFE XJUI QJSBUFT TBJMPST BOE +BNFT -JOEMF 8IJMF OPU UIF ñSTU UP QSPQPTF UIF VTF PG DJUSVT KVJDFT GPS JUT DVSF UIF 4DPUUJTI OBWBM TVSHFPO XBT UIF ñSTU UP UFTU UIJT UIFPSZ XJUI BO FYQFSJNFOU &EXBSE +FOOFS "T UIF GBNPVT TUPSZ HPFT +FOOFS GPVOE UIBU NJMLNBJET XFSF MFTT
5)6 .": Ŧ 8&% .":
%.
3FOÊ -BFOOFD /PUIJOH KPMUT ZPV MJLF BO JDZ DPME TUFUIPTDPQF :PV DBO UIBOL 3FOÊ -BFOOFD GPS UIJT 8IJMF XBUDIJOH DIJMESFO QMBZ IF PCTFSWFE IPX UIFZ VTFE MPOH XPPEFO UVCFT BOE MJTUFOFE UP FJUIFS FOE )F VTFE UIJT EFTJHO UP DSFBUF UIF ñSTU TUFUIPTDPQF GPS EJBHOPTJOH MVOH BOE IFBSU DPOEJUJPOT BOE BMTP TBWFE EPDUPST GSPN UIF FNCBS SBTTNFOU PG QVUUJOH BO FBS VQ UP MBEJFT DIFTUT UP BDDPNQMJTI UIF TBNF HPBM 8JMIFMN 3ÕOUHFO 9 SBZ NBDIJOFT BSF TUBOEBSE JO B IPTQJUBM m IPX FMTF DBO ZPV TFF JG TPNFPOF T DSBDLFE B SJC PS TXBMMPXFE B QFOOZ 5IJT XBT B TDJFOUJñD JNQPTTJCJMJUZ VOUJM UIJT (FSNBO QIZTJDJTU EJTDPWFSFE B TQFDJñD XBWFMFOHUI UIBU BMMPXFE IJN UP QFFQ UISPVHI PUIFST 'FMJY )PíNBO 'PS NJMMFOOJB XJMMPX CBSL IBE CFFO DIFXFE UP SFMJFWF BDIFT BOE QBJOT CVU JU XBT )PíNBO XIP TZOUIFTJ[FE JUT BDUJWF JOHSF EJFOU m TBMJDZMJD BDJE m JOUP B TUB CMF NFEJDBM GPSN QSPNJTJOH SFMJFG UP GVUVSF HFOFSBUJPOT TVíFSJOH
5)& -*45 GSPN IFBEBDIFT NJHSBJOFT BOE QSFHOBODZ BDIJFWFE UISPVHI NPUIFST POF QSPWJEFE CPUI %/" IBOHPWFST &JHIUZ CJMMJPO EPTFT PG JO WJUSP GFSUJMJ[BUJPO SFTVMUJOH JO BOE UIF FHH UIF PUIFS DBSSJFE IFS BTQJSJO BSF UBLFO FWFSZ ZFBS UIF CJSUI PG -PVJTF #SPXO UP UFSN %PMMZ JT UIF ñSTU DBTF PG %PDUPST 1BUSJDL 4UFQUPF BOE B DMPOFE NBNNBM UP TVSWJWF MPOH "MFYBOEFS 'MFNJOH 3PCFSU &EXBSET BSF UP DSFEJU FOPVHI UP CSFFE 5IJT TDJFOUJñD 5IJT VOUJEZ 4DPUUJTI CJPMPHJTU GPS UIF GFBU UIBU SFWPMVUJPOJ[FE NBSWFM IBT IBE WBTU JNQMJDBUJPOT VOLOPXJOHMZ EJTDPWFSFE UIF BOUJ IVNBO SFQSPEVDUJPO GPS UIF QSPEVDUJPO PG MJWFTUPDL CJPUJD TVCTUBODF QFOJDJMMJO CZ OPU BT XFMM BT UIF QPTTJCMF GVUVSF PG DMFBOJOH IJT MBC "GUFS SFUVSOJOH 8JMM %F7SJFT DMPOJOH GSPN B GBNJMZ IPMJEBZ IF GPVOE 5IF ñSTU BSUJñDJBM IFBSU USBOTQMBOU UIBU QFUSJ EJTI DPOUBJOJOH 4UB XBT QFSGPSNFE CZ UIJT "NFSJDBO 4IJOZB :BNBOBLB QIZMPDPDDVT CBDUFSJB IBE CFFO EPDUPS PO B EFOUJTU DBMMFE #BSOFZ )F MFE UXP UFBNT PG TDJFOUJTUT UP MFGU PQFO BOE DPOUBNJOBUFE CZ $MBSL XIP MJWFE EBZT XJUI QSPEVDF QMVSJQPUFOU TUFN DFMMT B NPME m UIBU JOIJCJUFE UIF CBD IJT OFX IFBSU 8IJMF $MBSL T SF J F DBO HJWF SJTF UP BOZ GFUBM PS UFSJB T HSPXUI 5IF EJTDPWFSZ MFE NBJOJOH UJNF XBT TUJMM TIPSU UIJT BEVMU DFMM UZQF GSPN BO BEVMU IJN UP DSFBUF UIF ñSTU BOUJCJPUJD PQFSBUJPO NFBOU UIBU BSUJñDJBM XPNBO T TLJO DFMMT #Z DSFBUJOH PSHBOT DPVME OPX CF EFWFMPQFE BO BMUFSOBUJWF UP FNCSZPOJD TUFN %S +PIO ) (JCCPO BOE VTFE JO TVSHFSZ XIFO B SFBM DFMMT XIPTF VTF XBT DPOUSP 5IJT TVSHFPO JT SFTQPOTJCMF PSHBO XBT VOBWBJMBCMF WFSTJBM :BNBOBLB T XPSL HBWF GPS POF PG UIF NPTU BEWBODFE B IVHF CPPTU UP UIF TUFN DFMM PQFSBUJPOT PG IJT UJNF PQFO %PMMZ UIF 4IFFQ SFTFBSDI ñFME CSJOHJOH VT UIBU IFBSU TVSHFSZ :FT BMSJHIU JU XBT 5IF ñSTU NBNNBM UP CF DMPOFE NVDI DMPTFS UP B DVSF GPS QFSGPSNFE PO B DBU CVU JU XBT XBT GSPN 4DPUMBOE BOE HBSOFSFE NBMBEJFT TVDI BT 1BSLJOTPO T TUJMM B QSFUUZ JNQSFTTJWF BEWBODF QMFOUZ PG DPOUSPWFSTZ 8JUI UXP EJTFBTF BOE EJBCFUFT )F BMTP JOWFOUFE UIF IFBSU MVOH NBDIJOF BOE TVDDFTTGVMMZ VTFE JU PO B IVNBO JO 'VO .FEJDBM 'BDUT +BNFT 8BUTPO BOE 'SBODJT $SJDL 8IJMF OPU B NFEJDJOF PS TVSHFSZ QFS TF UIF EJTDPWFSZ BOE EFDPE JOH PG %/" IBT SFWPMVUJPOJ[FE TDJ FODF JODMVEJOH UIF NFEJDBM ñFME 8IFUIFS ZPV DBMM JU B DPEF PS B CMVFQSJOU JU IBT DIBOHFE UIF XBZ XF BT IVNBOT MPPL BU PVSTFMWFT BOE UIF XPSME BSPVOE VT %S $ISJTUJBO #BSOBSE 5IJT 4PVUI "GSJDBO EPDUPS QFS GPSNFE UIF ñSTU IFBSU USBOTQMBOU BOE TVCTFRVFOUMZ XBT SFHBSEFE BT B QJPOFFS JO MJGF FYUFOEJOH TVSHFSZ %FTQJUF UIF GBDU UIBU UIBU ñSTU QBUJFOU POMZ MJWFE EBZT BGUFS TVSHFSZ UIF QBUI XBT QBWFE GPS IFBSU USBOTQMBOUT 'JSTU UFTU UVCF CBCZ i#JPDIFNJDBM QSFHOBODZu XBT UIF UFSN HJWFO UP UIF ñSTU TVDDFTTGVM
)VNBOT QSPEVDF POF MJUFS PG TBMJWB FBDI EBZ 5IF OFYU UJNF ZPV UFMM TPNFCPEZ UP iTBZ JU m EPO U TQSBZ JU u ZPV MM SFBMMZ NFBO JU "U MFBTU NVTDMFT BSF VTFE XIFO TNJMJOH "OPUIFS XBZ UP óFY TUSFUDI BOE BQQFBS GSJFOEMJFS " iNJTPNBOJBDu JT TPNFPOF XIP IBUFT BCTPMVUFMZ FWFSZUIJOH "OE ZPV UIPVHIU ZPV XFSF IBWJOH B CBE EBZ 5IF NPTU DPNNPO QMBTUJD TVSHFSZ QFSGPSNFE PO NFO JO UIF 64 JT CSFBTU SFEVDUJPO &MFDUSJD FFMT QSPWJEFE UIF FBSMJFTU GPSN PG NFEJDBM FMFDUSJD TIPDLT 4MJNZ TMJQQFSZ FMFDUSJD TIPDLT &X "O iFSHBTJPQIPCFu TVÃFST B QBOJD BUUBDL BU UIF NFSF UIPVHIU PG XPSL PG PVS %/" JT TIBSFE XJUI UIF DPNNPO TMVH /FWFS BHBJO XJMM ZPV BDDJEFOUBMMZ TUBOE PO POF BOE GFFM OP SFHSFU "U CJSUI IVNBOT BSF DPMPS CMJOE .BLFT ZPV XPOEFS XIZ XF CPUIFS XJUI QJOL CMVF PS ZFMMPX CBCZ SPPNT
%.
5)6 .": Ŧ 8&% .":
"(&/%"
4105-*()5
5"11*/( "8": 53&.034 "/% 53"6."
&MZO .BD*OOJT BVUIPS PG $IBSBDUFS 3FรณFDUJPOT
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รณFDUJPOT
5FMM VT B CJU BCPVU ZPVS UIFSBQZ GPS USBVNBUJ[FE DIJMESFO * BN VTJOH .FSJEJBO 5BQQJOH 5IFSBQZ .55 GPS TUSFTT XIJDI XBT EFWFM PQFE CZ BO "NFSJDBO QTZDIJBUSJTU XIP XBT TUVEZJOH BDVQVODUVSF )F XBT USFBUJOH B XPNBO XIP XBT WFSZ BGSBJE PG XBUFS BOE XIP IBE USJFE BMM TPSUT PG EJรญFSFOU UIFSBQJFT PWFS UIF TQBDF PG ZFBST 4IF XPVME CF EFTQFSBUFMZ GFBSGVM OFBS UIF PDFBO PS B TXJNNJOH QPPM TIF DPVME OPU FWFO HJWF IFS DIJMESFO B CBUI JO BO JODI PG XBUFS 0OF EBZ XIFO UIFZ XFSF EPJOH UBMLJOH UIFSBQZ OFBS B TXJNNJOH QPPM TIF TUBSUFE UP GFFM WFSZ RVFBTZ BOE IF ESFX PO IJT BDVQVODUVSF CBDLHSPVOE UP TVH HFTU UIBU TIF UBQ PO UIF CFHJOOJOH PG UIF TUPNBDI NFSJEJBO KVTU VOEFS IFS FZF 4IF UBQQFE B GFX UJNFT BOE UIFO TVEEFOMZ KVNQFE VQ BOE
"(&/%"
i8IFO UXP DVMUVSFT BSF DPNCJOFE UPHFUIFS ZPV HFU TPNFUIJOH WFSZ QPXFSGVMu SBO PWFS UP UIF QPPM BOE TUBSUFE TQMBTIJOH XBUFS PO IFS GBDF 4IF SFDPWFSFE DPNQMFUFMZ 8IFO UXP DVMUVSFT BSF DPNCJOFE UPHFUIFS ZPV HFU TPNFUIJOH WFSZ QPXFSGVM 5IFZ MBUFS EJTDPWFSFE UIBU CZ UBQQJOH BDVQVODUVSF QPJOUT BU UIF CFHJOOJOH PS FOET PG NFSJEJBOT ZPV DBO IFMQ OPSNBMJ[F UIF CPEZ T FMFDUSPNBHOFUJD รฑFME BOE UIF FMFD USPNBHOFUJD รณPX XJUIJO UIF CPEZ 5IJT TPSU PG UIFSBQZ JT FTQFDJBMMZ HPPE GPS QFPQMF XJUI QIPCJBT CVU BMTP IFMQT QFPQMF SFDPWFS GSPN BMM TPSUT PG VQTFUT *U JT JNQPSUBOU UP EP UIF UBQQJOH XIFO ZPV BSF VQ TFU BMUIPVHI ZPV DBO KVTU UBQ UP OPSNBMJ[F ZPVS TZTUFN BOZUJNF * BN CVJMEJOH B TJUF BU XXX FBSUI
5)6 .": ลฆ 8&% .":
%.
RVBLFTUSFTTSFMJFG DPN XIJDI XJMM IBWF JOTUSVDUJPOT BCPVU XIFSF BOE IPX UP UBQ PO ZPVS BDVQVODUVSF NFSJEJBOT 5BQQJOH DBO SBEJDBMMZ SFEVDF TUSFTT BOYJFUZ BOE GFBS :PV XFSF BMTP B QBSU PG UIF 4JDIVBO FBSUIRVBLF SFMJFG UFBN 5FMM VT BCPVU UIBU * XFOU UP 4JDIVBO UP IFMQ EFMJWFS SFMJFG TVQQMJFT BOE UP USBJO WPMVOUFFST JO $IPOHRJOH XIP XFSF HPJOH JOUP UIF IPTQJUBMT UP MPPL BGUFS UIF JOKVSFE #FDBVTF $IJOB IBE OFWFS IBE B EJTBTUFS PG UIJT NBH OJUVEF UIFSF XFSFO U NBOZ QFP QMF XIP LOFX IPX UP EP USBVNB DPVOTFMJOH 'PS FYBNQMF B XFMM NFBOJOH QFSTPO NJHIU BTL UIF QB
4105-*()5 UJFOU UP UFMM UIFN XIBU IBQQFOFE i0ODF UIF DIJMESFO IBWF ñHVSFE PVU IPX PWFS BOE PWFS XJUIPVU SFBMJ[JOH UP QSPEVDF UIF SJHIU LJOE PG CSBJOXBWFT UIBU UIJT XBZ PG UBMLJOH DBO CF WFSZ EBNBHJOH *U XBT DSJUJDBM UP UFBDI UIFZ NBLF QSPHSFTTu UIFN UP CF MJTUFOFST BOE MFU UIF NJOE TP XF DBO LFFQ JU GSPN UBL UIBU IBT SFDFJWFE NBOZ BXBSET GPS QBUJFOU EJSFDU UIF DPOWFSTBUJPO JOH VT PWFS 4UPQQJOH PVS CPEJFT JUT TQJSJU BOE BEWBODFE UFDIOJRVFT JT FBTJFS UIBO TUPQQJOH PVS NJOET GPS IFMQJOH UIFTF LJET NBOZ PG 5FMM VT BCPVU ZPVS CPPL $IBS 5IF UJOH DIBSBDUFS TIPXT B QFSTPO XIPN IBWF FJUIFS "%)% BVUJTN BDUFS 3FøFDUJPOT $POUFNQMBUJOH MFBOJOH UIFJS CPEZ BHBJOTU UIF TJEF TQFDUSVN MPX *2 DFSFCSBM QBMTZ UIF 4QJSJUVBM 8JTEPN JO $IJOFTF PG B QBWJMJPO 5IF SFBM DIBMMFOHF JT BOE PUIFS QSPCMFNT $IBSBDUFST 5IF CPPL SFóFDUT PO UP UBLF UIF UJNF UP TUPQ PVS NJOE * IBWF KVTU TUBSUFE B QSPKFDU XJUI UIF BODJFOU SPPUT PG $IJOFTF DIBS BOE HJWF JU B SFTU * IBWFO U TFFO UIFN VTJOH OFVSPGFFECBDL XIJDI BDUFST *U JT FBTZ UP KVTU MPPL BU B ñHVSFT GPS IPX NBOZ NJOVUFT XF JT B UZQF PG CJPGFFECBDL UIBU VTFT DIBSBDUFS BT B QJDUVSF PS B DPNCJOB VTF CSVTIJOH PVS UFFUI PS CPJMJOH B TFOTPS UP QSPWJEF B TJHOBM UIBU UJPO PG SBEJDBM BOE QIPOFUJD QBSUT XBUFS GPS B DVQ PG UFB PS DPÃFF CVU DBO CF VTFE CZ B QFSTPO UP SFDFJWF CVU JG ZPV JOWFTUJHBUF UIFJS EFFQFTU XF SFBMMZ EP IBWF NBOZ PQQPSUVOJ GFFECBDL BCPVU UIFJS CSBJOXBWFT SPPUT JO UIF EJDUJPOBSZ ZPV XJMM EJT UJFT UP TUPQ PVS DPOTUBOU JOUFSOBM 8IFO UIF DIJMESFO IBWF UIF SJHIU DPWFS BMM TPSUT PG JOUFSFTUJOH BTQFDUT DIBUUFS BOE DPOTDJPVTMZ DSFBUF IPX CSBJOXBWFT B 1BD .BO FBUT DPPLJFT UP DIBSBDUFST 5BLF GPS FYBNQMF UIF XF XBOU UP GFFM JO PVS MJGF 5IF QPT PO UIF TDSFFO *G UIFJS CSBJO JT OPU XPSE iUJOH u 0O UIF MFGU TJEF PG UJOH TJCJMJUJFT BSF EFMJHIUGVM QSPEVDJOH UIF DPSSFDU XBWFT UIFO UIFSF JT B QFSTPO PO UIF SJHIU UIF 1BD .BO TUPQT FBUJOH UIF DPPL TJEF B QBWJMJPO 1VU UPHFUIFS B QFS "MM CPPL QSPDFFET XJMM CFOFGJU JFT 0ODF UIF DIJMESFO IBWF ñHVSFE TPO SFTUJOH BHBJOTU B QBWJMJPO DBSSJFT (SBOOZ )BO T TDIPPM 8IP JT PVU IPX UP QSPEVDF UIF SJHIU LJOE UIF NFBOJOH PG iTUPQ u /P EPVCU UIF (SBOOZ )BO BOE XIZ EP ZPV PG CSBJOXBWFT NPTU NBLF QSPHSFTT QFSTPO JT TJUUJOH JO UIF TIBEF SFTUJOH TVQQPSU IFS XPSL * IBWF XPSLFE 8F IBWF DIJMESFO XIP DPVME OPU GSPN IJT PS IFS XPSL XJUI (SBOOZ )BO GPS NPSF UIBO TJU TUJMM CVU BSF OPX TJUUJOH GPS UXP 5IFSF JT B $IJOFTF TUPSZ BCPVU ZFBST 4IF IBT B 4QFDJBM &EV IPVST "OPUIFS CPZ IBE UFSSJCMF TUPQQJOH " QFSTPO XBT TUBOEJOH DBUJPO 4DIPPM JO 9V[IPV +JBOHTV USPVCMF XJUI NBUI CVU JT OPX CZ UIF SPBE XIFO B IPSTF BOE SJEFS QSPWJODF XIFSF TIF XPSLT XJUI MFBSOJOH CBTJD NBUI 4PNF PG UIF DBNF HBMMPQJOH CZ SBJTJOH DMPVET PG DIJMESFO XIP IBWF TQFDJBM OFFET BVUJTUJD TQFDUSVN DIJMESFO BSF OPX EVTU 5IF QFSTPO BU UIF TJEF PG UIF 4PNF DPNF GSPN QPPS GBNJMJFT BOE UBMLJOH UP UIFJS DMBTTNBUFT 5IJT JT B SPBE UIPVHIU TPNFUIJOH JNQPSUBOU DBOOPU BÃPSE UP BUUFOE TDIPPM *O QSPHSBN UIBU JT VTFE JO TDIPPMT JO NVTU CF IBQQFOJOH BOE DBMMFE PVU TPNF TJUVBUJPOT UIF DIJMESFO MJWF UIF 64 BOE JT WFSZ IFMQGVM GPS NBOZ UP UIF SJEFS i)FZ 8IFSF BSF ZPV HP BU UIF TDIPPM CFDBVTF UIFJS IPNF DIJMESFO CVU * UIJOL JU JT UIF ñSTU UJNF JOH u 5IF SJEFS DBMMFE CBDL MPVEMZ i* JT UPP GBS BXBZ PS UIF QBSFOUT CPUI JU IBT CFFO VTFE JO $IJOB EPO U LOPX "TL NZ IPSTF u XPSL MPOH IPVST BOE DBO U MPPL BG 5IFSF BSF NBOZ IPSTFT XF SJEF UFS UIFJS DIJMESFO *O B GFX DBTFT 'PS NPSF PO &MZO .BD*OOJT XPSL WJTJU FWFSZ EBZ FTQFDJBMMZ IBCJUT 8F SVO UIF QBSFOUT BSF OP MPOHFS MJWJOH XXX DIBSBDUFSSFóFDUJPOT DPN BOE BSPVOE GSBOUJDBMMZ FWFSZ EBZ GPS (SBOOZ )BO IBT DSFBUFE B TDIPPM XXX FBSUIRVBLFTUSFTTSFMJFG DPN XPSL TDIPPM UP TIPQ SVO FSSBOET UP XPSL PVU DMFBO UIF IPVTF EP MBVOESZ 8F SJEF IPSTFT PG FNPUJPO MJLF BOHFS XPSSZ EFQSFTTJPO IBUF KFBMPVTZ PS HSFFE 3JEJOH UIFTF IPSTFT XF QBTT CZ UIF EFMJHIU PG TJNQMZ CFJOH BMJWF CZ XJOEJOH PVS TFMWFT VQ XJUI OFHBUJWF FNPUJPOT 5IJT DIBSBDUFS SFNJOET VT UP TUPQ UIF IPSTF BOE SFBTTFTT XIBU XF BSF EPJOH #VU UP TUPQ UIF IPSTF XF ñSTU OFFE UP CFDPNF BXBSF PG XIBU JU JT XF TIPVME TUPQ GPS BOE 4JNQMZ UBQQJOH UIFTF QPJOUT DBO BMMFWJBUF TUSFTT BOE USBVNB BMTP CFDPNF BXBSF PG PVS TUBUF PG
%.
5)6 .": Ŧ 8&% .":
"(&/%"
4105-*()5
"-5&3/"5*7& 8":4 0' )&"-*/(
"OB ;JLJD IPMJTUJD IFBMFS BOE .BZBO DBMFOEBS FOUIVTJBTU
"GUFS ñOJTIJOH IFS TUVEJFT PG IPNFP QBUIJD NFEJDJOF JO 4FSCJB "OB ;JLJD USBWFMFE UP .FYJDP UP MFBSO BCPVU UIF .BZBO DBMFOEBS BOE UIFO NPWFE UP #FJKJOH UP TUVEZ 5SBEJUJPOBM $IJOFTF .FEJDJOF 5ISPVHI IFS VTF PG IPMJTUJD NFEJDBM QSBDUJDFT TIF JT BCMF UP USFBU IFS QSJWBUF QBUJFOUT BT XIPMF QFPQMF XJUI B GVMMOFTT PG DBSF BOE VOEFSTUBOEJOH JOUFHSBU JOH JEFBT GSPN 8FTUFSO NFEJDJOF BOE UIF .BZBO DBMFOEBS XIJDI IBT HJWFO IFS B iOBUVSBMu VOEFSTUBOEJOH PG UJNF ;JLJD GPVOE TPNF UJNF JO IFS TDIFEVMF UP TJU XJUI +PSEBO .JUDIFMM 5IPNBT BOE UFMM IJN BCPVU XIBU TIF EPFT CFTU
5FMM VT B CJU BCPVU IPNFPQBUIJD NFEJDJOF *U JT B XBZ PG OBUVSBMMZ USFBUJOH QFPQMF * TUVEJFE JU GPS UXP BOE B IBMG ZFBST 8F TFFL PVU SFNFEJFT GPS JMMOFTT PS DPOEJUJPOT CBTFE PO XIBU XF DBMM B MBX PG TJNJMBSJUZ 8F ñOE PVU XIBU TZNQ UPNT UIF QBUJFOU JT FYIJCJUJOH BOE UIFO XF MPPL GPS B OBUVSBM SFNFEZ UIBU DPSSFTQPOET UP BMM PG IJT PS IFS TZNQUPNT 'PS JOTUBODF JO UIF BWFSBHF QFSTPO DPÃFF XJMM DBVTF JOTPNOJB CVU GPS TPNFPOF UIBU BMSFBEZ IBT JOTPNOJB DPÃFF DBO CF HJWFO UP UIFN BT B OBUVSBM SFN FEZ m DPÃFF XJMM VTVBMMZ DBVTF BO JOTPNOJBD UP TMFFQ "SF ZPV GJOEJOH 5$. NFUIPET UP CF TJNJMBS UP IPNFPQBUIJD NFUIPET PG USFBUNFOU )PNF PQBUIZ BOE 5$. BSF OPU SFMBUFE QSBDUJDFT CVU UIFZ BSF CPUI IPMJTUJD
"(&/%"
i*O $IJOFTF NFEJDJOF UIF EPDUPS JT UIFSF UP NFFU ZPV /PU UP KVTU QSFTDSJCF ZPV B CMBOLFU USFBUNFOU CVU UP MJTUFO UP IPX ZPV BSF MJWJOH ZPVS MJGFu XBZT PG USFBUJOH B QBUJFOU 8IFO ZPV BQQSPBDI B QFSTPO JO FJUIFS PG UIFTF EJTDJQMJOFT ZPV DPOTJEFS UIFN B XIPMF CFJOH XJUI FBDI PG UIF BTQFDUT CFJOH JNQPSUBOU m FNPUJPOBM QIZTJDBM NFOUBM TQJS JUVBM #PUI BMTP QMBDF B IJHI WBMVF PO .BO T DPOOFDUJPO UP OBUVSF
MJWF ZPVS MJGF CFUUFS CVU ZPV NVTU CF UIF POF UP NBLF UIF DIBOHFT m FBUJOH ESJOLJOH TMFFQJOH FYFSDJTF .Z ESFBN JT UP PQFO B XFMMOFTT DFOUFS UIBU VTFT CPUI $IJOFTF N F E J D J O F B O E I P N F P Q B U IZ UP FOSJDI QFPQMF T EBJMZ MJWFT m JODMVEJOH RJHPOH QSBDUJDF BDV QVODUVSF OVUSJUJPO BEWJDF UP IFMQ )PX XPVME ZPV DPNQBSF UIF UIFN MFBSO BCPVU UIFNTFMWFT JO UXP USBEJUJPOT *O $IJOFTF NFEJ PSEFS UP MJWF B GVMMFS MJGF DJOF UIF EPDUPS JT UIFSF UP NFFU ZPV /PU UP KVTU QSFTDSJCF ZPV B )PX EPFT RJHPOH QMBZ JOUP UIJT CMBOLFU USFBUNFOU CVU UP MJTUFO *U JT B WFSZ USBEJUJPOBM $IJOFTF QSBD UP IPX ZPV BSF MJWJOH ZPVS MJGF UJDF EFFQMZ SPPUFE JO UIF DVMUVSF 5IF EPDUPS DBO UIFO HJWF ZPV SFBM "MNPTU BMM 5$. EPDUPST XJMM UFMM QSBDUJDBM BEWJDF PO IPX ZPV DBO ZPV UIBU JU T B WFSZ JNQPSUBOU QBSU
5)6 .": Ŧ 8&% .":
%.
4105-*()5 PG UIF 5$. TZTUFN 2JHPOH IFMQT ZPV VOEFSTUBOE XIBU T HPJOH PO JO ZPVS CPEZ BT XFMM BT UIF UIFPSJFT PG FOFSHZ NFSJEJBOT BDVQPJOUT UIF OBUVSF PG IFBMUI BOE EJTFBTF BOE TP PO 5SBEJUJPOBMMZ FWFSZ 5$. EPDUPS TIPVME QSBDUJDF RJHPOH 3FBEJOH UIF CPPLT JT POF UIJOH CVU BDUVBMMZ GFFMJOH FOFSHZ óPX JO ZPVS CPEZ JT TPNFUIJOH FMTF 2JHPOH JT XIBU IFMQT ZPV CFDPNF BXBSF PG XIBU T HPJOH PO JO ZPVS PXO CPEZ m BOE BT B EPDUPS ZPV NVTU CF BXBSF PG ZPVS PXO CPEZ JG ZPV SF HPJOH UP IFMQ PUIFST CFDPNF BXBSF PG UIFJST 8IBU BCPVU UIBU DPOOFDUJPO XJUI OBUVSF "SF XF OPU FYUSFNFMZ EJTDPOOFDUFE MJWJOH JO B IVHF DJUZ MJLF #FJKJOH m XJUI JUT DPO DSFUF CMPDLT BOE NBDIJOFT 8IFO * HP UP UIF QBSL FWFSZ NPSO JOH UP QSBDUJDF RJHPOH JU JT GVMM PG QFPQMF m FMEFSMZ QFPQMF 3BSFMZ EP * TFF ZPVOH QFPQMF JO UIF QBSLT BOE JU T FWFO NPSF SBSF UP TFF ZPVOH QFPQMF QSBDUJDJOH RJHPOH *U XPVME BQQFBS UIBU RJHPOH BOE UIF USBEJUJPOBM XBZT BSF EFDMJOJOH CVU * EPO U UIJOL UIFZ XJMM EJF 5IFZ XJMM BMXBZT FYJTU GPS UIPTF UIBU XBOU UP DPOOFDU UIFNTFMWFT :PV NFOUJPOFE FBSMJFS UIBU 5$. GPDVTFT PO TQJSJUVBM IFBMUI BT XFMM BT QIZTJDBM NFOUBM BOE FNP UJPOBM *T JU DPOOFDUFE UP SFMJHJPO 5IFSF JT BO PME $IJOFTF TBZJOH UJBO SFO IFZJ
*UT CBTJD NFBO JOH JT UIBU NBO TIPVME CF JO CBMBODF XJUI UIF VOJWFSTF PS UIBU NBO JT MJLF B CSJEHF CFUXFFO IFBWFO BOE FBSUI "T ZPV PQFO ZPVS FOFSHZ NF SJEJBOT XJUI UIF QSBDUJDF PG RJHPOH ZPV DBO GFFM ZPVS DPOOFDUJPO XJUI UIF VOJWFSTF JOTJEF PG ZPV "OPUIFS GPML JNBHF 5IF EBOUJBO UIF QMBDF OFBS ZPVS CFMMZCVUUPO XIFSF ZPV SFDFJWF FOFSHZ JT MJLF B
i5IF (SFHPSJBO DBMFOEBS XBT JOWFOUFE UP DPMMFDU NPOFZ 5IFSF JT OP TZODISPOJDJUZ XJUI OBUVSF m NFSFMZ FWFOUT UIBU QFPQMF NBEF VQ UP TFSWF B TPDJBM QVSQPTFu CBMM 4JNQMZ CZ PCTFSWJOH IPX XF NPWF XJUI UIJT CBMM QFPQMF MPOH BHP DPVME PCTFSWF IPX UIF NPPO NPWFT BSPVOE UIF FBSUI +VTU CZ PCTFSWJOH PVS PXO CPEJFT XF DBO TFF UIF DPOOFDUJPOT JO UIF SFTU PG UIF VOJWFSTF $BO ZPV HJWF VT B CSJFG JOUSPEVD UJPO UP UIF .BZBO DBMFOEBS *U XBT DSFBUFE CZ UIF .BZBOT JO UIF GPVSUI DFOUVSZ "% 5IFZ XFSF MJWJOH JO XIBU JT OPX .FYJDP *U T B HVJEF UP OBUVSBM UJNF BOE DZDMFT JO OBUVSF *U IBT NPOUIT m FBDI NPOUI IBT EBZT PS QFSGFDU XFFLT m DPS SFTQPOEJOH UP UIF OBUVSBM DZDMF PG UIF NPPO 4P UJNFT FRVBMT EBZT 5IF UI EBZ JT DBMMFE i5IF %BZ 8JUIPVU 5JNFu BOE GBMMT PO UIF UI PG +VMZ UIF MBTU EBZ PG UIF DBMFOEBS 5IJT EBZ DPSSFTQPOET XJUI UIF TUBS 4JSJVT XIJDI XBT TJH OJñDBOU UP NBOZ BODJFOU DVMUVSFT #Z GPMMPXJOH UIF DBMFOEBS ZPVS MJGF XJMM CF CFUUFS JO TZOD XJUI UIF DZ DMFT PG UIF TVO UIF NPPO BOE UIF FBSUI XIJDI DBO IFMQ ZPV CFUUFS VOEFSTUBOE UIF OBUVSF PG UJNF )PX JT JU EJÃFSFOU GSPN UIF (SF HPSJBO DBMFOEBS UIBU XF VTF JO UIF 8FTU 5IF (SFHPSJBO DBMFOEBS XBT JOWFOUFE UP DPMMFDU NPOFZ 5IFSF JT OP TZODISPOJDJUZ XJUI OB UVSF m NFSFMZ FWFOUT UIBU QFPQMF NBEF VQ UP TFSWF B TPDJBM QVSQPTF 5IF .BZBO DBMFOEBS BJNT UP JEFO UJGZ UIF DZDMJDBM FOFSHZ PG FBDI EBZ TP UIBU ZPV DBO CFUUFS GPDVT ZPVS PXO FOFSHZ BOE MJWF B NPSF DPO OFDUFE MJGF 0ODF ZPV CFHJO UP MJWF JU BOE GPMMPX JU ZPV XJMM CFHJO UP GFFM JU 0ODF ZPV CFHJO UP GFFM JU ZPV XJMM ñOE JUT USVUI
%.
4P JT UIF XPSME HPJOH UP FOE JO /P JU JT OPU UIF BQPDBMZQTF #VU BDDPSEJOH UP .BZBOT JU JT UIF FOE PG POF DZDMF PG UJNF BOE UIF CFHJOOJOH PG BOPUIFS .BOZ USB EJUJPOT IBWF QSFEJDUFE UIF TBNF UIJOH BOE JG ZPV SF GBNJMJBS XJUI DPNNPO BTUSPMPHZ JU JT SFGFSSFE UP BT UIF iEBXOJOH PG UIF BHF PG "RVBSJVT u "TUSPOPNFST BSF BMTP QSFEJDUJOH B TJHOJñDBOU BMJHONFOU PG TUBST BOE QMBOFUT 5IF OFX DZDMF PG UJNF XJMM CF DIBSBDUFSJ[FE CZ TQJSJUVBM BXBLFOJOH BOE VOEFS TUBOEJOH CFUXFFO QFPQMFT %P ZPV UIJOL UIF .BZBO DBMFO EBS JT SFMFWBOU GPS FWFSZPOF JO DPOUFNQPSBSZ DVMUVSF /P JU T OPU GPS FWFSZPOF 4PNF QFPQMF XJMM IFBS PG JU BOE UIJOL i0I UIBU T B OJDF TUPSZu BOE NPWF PO #VU PUIFST NBZ IFBS TPNF USVUI JO JU BOE IBWF B EFFQFS VOEFSTUBOE JOH &WFO $IJOFTF NFEJDJOF JT OPU GPS FWFSZPOF 'JSTU ZPV NVTU GFFM JUT USVUI $BO * CFDPNF B NJMMJPOBJSF GBTUFS JG * GPMMPX UIF .BZBO DBMFOEBS <-BVHIT> .BZCF OPU CVU JU DBO IFMQ ZPV XJUI ZPVS CVTJOFTT QSBDUJDF *G ZPV TUVEZ UIF .BZBO DBMFOEBS ZPV XJMM VOEFSTUBOE XIJDI EBZT BSF UIF CFTU UP TJHO DPOUSBDUT DPMMFDU PS QBZ NPOFZ NBLF DPOOFDUJPOT XJUI QBSUOFST TUBSU OFX JEFBT FUD
5P DPOUBDU ;JLJD BCPVU IFS OFYU .BZBO DBMFOEBS DMBTT FNBJM IFS BU NBZBO JOMBLFDI!HNBJM DPN
5)6 .": Ŧ 8&% .":
"(&/%"
5)& -*45
5&$)/0-0(: 5)"5 4 (00% '03 :063 )&"-5)
+VNQTUBSU B IFBMUIJFS ZPV XJUI UIFTF BQQT 5IF LFZ UP B IFBMUIZ CPEZ JT TJNQMF &BU XFMM FYFSDJTF BOE USZ UP SFGSBJO GSPN UIBU MBTU DPDLUBJM XIJDI JT FBTJFS TBJE UIBO EPOF XIFO ZPV SF MJWJOH JO #FJKJOH 8IFUIFS ZPV SF BMXBZT DPNJOH EPXO XJUI UIF óV PS XIFUIFS ZPV SF BT TUSPOH BT BO PY $BSMMZ $IVO IBT DPNQJMFE B MJTU PG BQQT UIBU XJMM NPUJWBUF ZPV UP LFFQ IFBMUIZ VOXPVOE BOE HPPE MPPLJOH
SVO IFMQT ZPV [POF PVU PG UIF SFQFUJUJPO BT XFMM BT UIF MFH QBJOT 4ZODI4UFQ JT BO BQQ UIBU NBUDIFT NVTJD UP ZPVS SVOOJOH QBDF BOE IBT B NBTTJWF DPMMFDUJPO PG TPOHT 3FBEZ TFU HP 64% BU UIF J5VOFT "QQ TUPSF
-PTF *U " USBEJUJPOBM CBTJD XFJHIU MPTT BQQ *U QSPNPUFT IFBMUIZ NFBM DIPJDFT BOE IBT BO FYUFOTJWF DBMPSJF EBUBCBTF *U DBMDVMBUFT XIBU ZPV FBU BOE IPX "QQT ZPV FYFSDJTF UP HJWF ZPV B SFBMJTUJD .FETDBQF " CSBODI PG 8FC.% WJFX PG IPX NVDI XFJHIU ZPV SF .FETDBQF IBT CBTJDT TVDI BT MPTJOH &WFO JG XFJHIU MPTT JTO U ESVH JOEFYFT BOE B QSPGFTTJPOBM ZPVS NBJO HPBM JU T B VTFGVM BQQ NFEJDBM EJSFDUPSZ *U BMTP IBT B GPS TUBZJOH IFBMUIZ 'SFF BU UIF .FO T )FBMUI 8PSLPVU 5IF TPMJE JOEFY PG EJTFBTFT BOE QSPUP J5VOFT BQQ TUPSF NBHB[JOF IBT SFMFBTFE BO BQQ DPMT UIBU XJMM NBLF UIF OFYU USJQ XJUI HSFBU UJQT BOE XPSLPVUT UP UP UIF EPDUPST MFTT QFSQMFYJOH 0O :PHB 4USFUDI &WFS XPOEFS IPX TDVMQU ZPVS CPEZ *U BMTP LFFQT UPQ PG UIJT UIF BQQ JT B GSFFCJF BU DFMFCSJUJFT TUBZ TP MJNCFS :PHB USBDL PG ZPVS QSPHSFTT BOE MFUT UIF J5VOFT "QQT TUPSF 1SBDUJDBMJUZ *U NBZ MPPL EFDFQUJWFMZ FBTZ CVU ZPV CVZ TQFDJñD XPSLPVUT 64% UIPTF XIP IBWF USJFE JU LOPX UIF BU JUT CFTU BU UIF J5VOFT "QQ TUPSF USVUI 5SZ :PHB 4USFUDI HSFBU GPS 4ZODI4UFQ 1PVOEJOH UIF CPUI CFHJOOFST BOE UIF NPSF .JDSP.FEFY 'SPN "$& QBWFNFOU JT B UJSJOH CVTJOFTT BEWBODFE 8IJMF OPU BT SJHPSPVT JOIJCJUPST UP ;BOBNJWJS UIJT BQQ -JTUFOJOH UP TPNFUIJOH XIJMF ZPV BT XFJHIUMJGUJOH ZPHB UPOFT BOE IBT JU BMM *U T POF PG UIF NPTU XPSLT VOEFSVTFE NVTDMFT #FTU PG BMM ZPV DBO EP JU BU IPNF 64% BU UIF J5VOFT BQQ TUPSF .JOEGVM *U T BMXBZT TP FBTZ UP TMJQ VQ PO B EJFU m B QJ[[B IFSF B MBSHF CVSHFS XJUI DIJMMJ GSJFT UIFSF #FGPSF ZPV LOPX JU ZPV WF MBQTFE GSPN ZPVS EJFU PG DBSSPU TUJDLT BOE UIF PEE MFUUVDF MFBG 5P LFFQ USBDL PG ZPVS GPPE SFDPSE ZPVS NFBMT FWFSZEBZ XJUI .JOEGVM *U T B DBM FOEBS UIBU NBLFT ZPV UIJOL BCPVU UIF GPPE ZPV FBU BOE XIFUIFS ZPV FOKPZFE JU XIJMF BMTP IFMQJOH ZPV DPVOU DBMPSJFT *U T 64% BU UIF J5VOFT BQQ TUPSF
"(&/%"
5)6 .": Ŧ 8&% .":
%.
5)& -*45 FYUFOTJWF ESVH JOEFYFT PVU UIFSF BOE SFHVMBSMZ VQEBUFT JUT EBUBCBTF *U BMTP IBT VTFGVM JOGPS NBUJPO MJLF UIF HFOFSJD OBNFT GPS UIF QJMMT EPTJOH BEWJDF BOE BEWFSTF FÃFDUT 'SFF BU UIF J5VOFT "QQ TUPSF
4NBSU *$& *U T BO iJO DBTF PG FNFSHFODZu BQQ BOE OP OPU GPS XIFO ZPVS DBU T TUVDL JO B USFF *U IBT JOGPSNBUJPO PO UIF DMPTFTU IPTQJUBMT BOE TUPSFT ZPVS NFEJDBM IJTUPSZ TP JG BOZUIJOH XFSF UP IBQQFO ñOEJOH ZPVS CMPPE UZQF UIJT BQQ NBLFT JU TJNQMF UP JEFO UJGZ UIF NFET ZPV UBLF BOE BOZ QSF FYJTUJOH NFEJDBM DPOEJUJPOT 5IBU FYUSB ñWF NJOVUFT ZPV TBWF NBZ CF DSVDJBM 64% GPS #MBDL#FSSZ BOE "OESPJE BOE 64% GPS J1IPOF
#SBJO &YFSDJTF XJUI %S ,BXBTIJNB *U T BMM XFMM BOE HPPE UP LFFQ BDUJWF CVU TUSVHHMJOH UP SFNFNCFS XIFSF ZPV QVU ZPVS LFZT PS XIBU UIF EBUF JT EPFT OPU B IFBMUIZ NJOE NBLF #SBJO &YFSDJTF óFYFT ZPVS NFOUBM NVTDMFT XJUI QV[[MFT BOE HBNFT TQFDJñDBMMZ EFTJHOFE UP UFTU BOE DIBMMFOHF ZPV 64% BU UIF J5VOFT BQQ TUPSF
4QFFE #POFT .% "MSJHIU UFDIOJDBMMZ UIJT JT OPU BO BQQ UP IFMQ ZPV HFU CFUUFS CVU POF UIBU IFMQT ZPV HFU CFUUFS BU SFDPHOJ[ JOH FWFSZ CPOF JO UIF IVNBO TLFMFUPO *U UFTUT ZPVS TQFFE BOE NFNPSZ BOE HFUT WFSZ BEEJDUJWF *G ZPV MJLF TNBSUQIPOF HBNFT CVU BSF UJSFE PG HFUUJOH QBUSPOJ[JOH MPPLT GPS QMBZJOH 4OBLF UIJT JT UIF BQQ UIBU XJMM SBJTF ZPVS *2 #VZ GPS 64% BU UIF J5VOFT "QQMF TUPSF BOE BU UIF "OESPJE .BSLFU /JLF 5SBJOJOH $MVC 5IPVHI CFUUFS LOPXO GPS TOFBLFST BOE TQPSUTXFBS /JLF JT TUBLJOH B DMBJN JO UIF XJSFE XPSME 5IJT BQQ HJWFT ZPV XPSLPVUT ESJMMT USBDL IJTUPSZ BOE USBJOJOH QSPHSFTT BOE FWFO BMMPXT ZPV UP VQEBUF 'BDFCPPL PO IPX ZPV WF EPOF 5IF HPBMT UIF BQQ TFUT BSF BUUBJOBCMF BOE IFMQ ZPV PO ZPVS XBZ UP CFUUFS IFBMUI 'SFF BU UIF J5VOFT "QQ TUPSF
1JMM #PY .PEFSO NBO IBT FOPVHI PO IJT QSPWFSCJBM QMBUF XJUIPVU IBWJOH UP LFFQ USBDL PG FWFSZ QJMM 5IF 1JMM #PY BQQ USBDLT XIJDI QJMMT ZPV UBLF BOE OPUJñFT ZPV XIFO JU T UJNF UP UBLF FBDI UBCMFU 'SFF BU UIF J5VOFT BQQ TUPSF
%.
5)6 .": Ŧ 8&% .":
"(&/%"
4105-*()5
."/"(*/( */ 5)& -*/& 0' '*3&
(FPSHF #FOOFZ NBOBHJOH EJSFDUPS PG 5IF 3FHFOU #FJKJOH
)F IBT FTDBQFE JO IFMJDPQUFST MJWFE UISPVHI UIF DSJTJT JO *SBO BOE XBT POF PG UIF ñSTU GPSFJHOFST UP NBOBHF B IPUFM JO 5JBOKJO CBDL XIFO %FOH 9JBPQJOH XBT SVOOJOH UIF DPVOUSZ "MUIPVHI IF IPMET CVU B IJHI TDIPPM EFHSFF (FPSHF #FOOFZ IBT TQFOU UIF MBTU ZFBST USBWFMJOH UISPVHIPVU UIF .JEEMF &BTU "TJB BOE UIF 1BDJñD SVOOJOH UIF BGGBJST PG OVNFSPVT IPUFMT 5ISPVHI BMM PG UIFTF FYQFSJ FODFT IF IBT GPVOE B VOJRVF QFSTQFD UJWF PO NBOBHFNFOU BOE UIF XPSME +PSEBO 5IPNBT .JUDIFMM DBVHIU VQ XJUI #FOOFZ UP MFBSO NPSF BCPVU IJT FYQFSJFODF NBOBHJOH DSJTFT
:PV WF MJWFE BOE NBOBHFE UISPVHI TFWFSBM DSJTFT 8IBU XBT UIBU MJLF 5IF NPTU SFDFOU UIBU * DBO UIJOL PG JT UIF +8 .BSSJPUU CPNCJOH JO +BLBSUB JO 5IFSF XBT B DBS CPNC BOE JU XFOU PGG JO GSPOU PG B DPÃFF TIPQ UIBU XBT GBDJOH UIF TUSFFU * XBTO U NBOBHJOH UIF IPUFM CVU XBT DIBJSNBO PG UIF +BLBSUB )PUFMT "TTPDJBUJPO BU UIF UJNF TP NZ SPMF XBT UP IFMQ UIF IPUFM QJDL VQ UIF QJFDFT CZ NFFUJOH XJUI UIF HPWFSONFOU BOE TFFJOH UIBU QSPQFS BJE XBT QSPWJEFE BT XFMM BT EFBMJOH XJUI USBVNBUJ[FE QFPQMF UIF SFMP DBUJPO PG DVTUPNFST BOE BTTJTUJOH JO UIF SFPQFOJOH PG UIF IPUFM "OE ZPV XFSF BMTP BU UIF )ZBUU 0NBS ,IBZZBN JO .BTIIBE *SBO JO SJHIU 5IBU XBT NZ ñSTU (. BTTJHONFOU 5IF IPUFM XBT B QSJNF UBSHFU CFDBVTF JU XBT PXOFE CZ UIF 4IBI 8F E IBE NJMJUBSZ
"(&/%"
i* XBT BMXBZT MVDLZ UP IBWF QFPQMF UIBU UPPL UIF UJNF UP QBTT BMPOH UIF CFOFñU PG UIFJS XJTEPN 5IBU BMMPXFE NF UP HSPXu QSPUFDUJPO CVU XJUI UIF XBZ UIJOHT XFSF HPJOH UIF GPSDFT FWFOUVBMMZ XJUIESFX " NVMMBI BOE UIF QFPQMF PG UIF DJUZ UIFO DBNF XJUI B GJSF FOHJOF UP BUUBDL UIF IPUFM #Z UIBU UJNF XF E NBEF QSFQB SBUJPOT BOE UIFSF XFSF POMZ FJHIU MPDBM TFDVSJUZ HVBSET BOE NZTFMG * XBT IJEJOH BXBZ BOE DPVMEO U HFU PVU * DBMMFE B DPVQMF PG &OHMJTI HVZT XIP XFSF IFMJDPQUFS QJMPUT GPS BO PJM DPNQBOZ "U GJWF JO UIF NPSOJOH PO /FX :FBS T %BZ BCTPMVUFMZ DPME BT IFMM * MFGU CFIJOE FWFSZUIJOH * PXOFE 8F TUPMF UIFJS IFMJDPQUFS BOE óFX LN XFTU UP 5FISBO OPU LOPXJOH XIBU XF E ñOE UIFSF 5IFSF XBT BOPUIFS )ZBUU KVTU PQFO JOH JO 5FISBO BOE * BSSJWFE UP ñOE NZ
5)6 .": Ŧ 8&% .":
%.
CPTT QBSUZJOH BU UIF OFX OJHIUDMVC "GUFS B XFFL * XBT ñOBMMZ BCMF UP HFU B UJDLFU PVU PG UIF DPVOUSZ BOE óFX UP 1BSJT :PV GPVOE ZPVS XBZ UP $IJOB JO 8IBU XBT JU MJLF CBDL UIFO *U XBT BMNPTU MJLF XIBU ZPV XPVME TFF JO ñMNT 1FPQMF XPSF $IBJSNBO .BP KBDLFUT BOE UIF HPWFSONFOU SVMFE FWFSZUIJOH :PV XPVME QJDL VQ B QIPOF UP DBMM UIF PVUTJEF XPSME BOE ZPV DPVME IFBS TPNF POF MJTUFOJOH JO UIF CBDLHSPVOE * IBE B DBTIJFS GSPN 4JOHBQPSF BOE POF EBZ IF XBT XBMLJOH BMPOH UIF TUSFFU XJUI B MPDBM HJSM XIP XBT POF PG IJT TUBà 5IF 14# DBNF BMPOH BOE BSSFTUFE UIFN CPUI 5IF
4105-*()5 SVNPS XBT UIBU UIFZ XFSF IBWJOH BO BÃBJS XIJDI XBT OPU USVF CVU JU XBT FOPVHI 'PSFJHOFST XFSF OPU BMMPXFE UP GSBUFSOJ[F XJUI MPDBM QFPQMF * IBE OP DPOUSPM PWFS NZ MPDBM TUBà QVSDIBTJOH PS ñOBODF 'PSFJHOFST IBE OP TUBUVSF XF XFSF POMZ UIFSF CFDBVTF XF IBE B DFSUBJO TLJMM * XBT JO DPOUSPM PG OPUIJOH BOE IFME SFTQPOTJCMF GPS FWFSZUIJOH 0O UIF QPTJUJWF TJEF PODF * IBE FTUBCMJTIFE B HPPE SBQQPSU XJUI UIF NBOBHJOH EJSFDUPS PG UIF IPUFM PXOJOH DPNQBOZ * DPVME DPNF JO BOE PVU PG 5JBOKJO BJSQPSU NPSF FBTJMZ 3FMBUJPOTIJQT XFSF B MPU EJGGFSFOU UIFO /PX JU XPSLT PO B NVDI MBSHFS TDBMF JO UIF CVTJ OFTT XPSME *G ZPV XBOUFE UP HFU B QBDL PG DJHBSFUUFT UIFO ZPV IBE UP LOPX TPNFPOF
i"U ñWF JO UIF NPSOJOH PO /FX :FBS T %BZ BCTPMVUFMZ DPME BT IFMM * MFGU CFIJOE FWFSZUIJOH * PXOFE 8F TUPMF UIFJS IFMJDPQUFS BOE óFX LN XFTU UP 5FISBO OPU LOPXJOH XIBU XF E ñOE UIFSFu
%JE ZPV FWFS GJOE ZPVSTFMG BCPVU QSPñU NBLJOH #FMJFWF JU PS JNQFEFE CZ IBWJOH OP GPSNBM OPU JO UIF FBSMZ EBZT XIFO * XBT B FEVDBUJPO * CFDBNF B (. PG B (. QSPñU XBT TFDPOEBSZ &WFSZPOF )ZBUU IPUFM BU UIF BHF PG * XBT UIPVHIU UIBU JG ZPV UPPL DBSF PG UIF WFSZ MVDLZ BOE XBT KVTU HJWFO UIF DPTUVNFST UIF CPUUPN MJOF XPVME DIBODF 5PEBZ T XPSME JT B CJU EJG UBLF DBSF PG JUTFMG /PXBEBZT UIF GFSFOU *U T OPU TP FBTZ UP IBWF UIBU PXOFST PG IPUFMT BSF DPSQPSBUJPOT LJOE PG PQQPSUVOJUZ XJUI DPNQB CBOLT BOE GJOBODF IPVTFT BOE OJFT MPPLJOH GPS FEVDBUJPO BOE MFU UIFZ DBSF BCPVU UIF CPUUPN MJOF UFST CFIJOE ZPVS OBNF #VU XIBU NPSF UIBO UIF DVTUPNFST * WF MFBSOFE GSPN ZFBST PG MJWJOH JO "TJB JT UIBU UIF "TJBO DVMUVSFT BSF 8IBU T UIF CFTU QMBDF ZPV WF HFOFSBMMZ BDDFQUJOH PG FYQFSJFODF XPSLFE PS MJWFE JO 5IFSF T OPU 8IFUIFS ZPV SF PS XIFUIFS POF QMBDF UIBU TUBOET PVU CVU UIF ZPV IBWF B EPDUPSBUF UP ZPVS OBNF DMPTFTU XPVME QSPCBCMZ CF #BMJ * PS OPU DPNQBOJFT BSF XJMMJOH UP NPWFE UP #BMJ JO BOE XPSLFE 'SPN UIF QFSTQFDUJWF PG TPNF KVEHF ZPV CZ ZPVS DIBSBDUFS BOE UIFSF BT B (. GPS GPVS ZFBST 5IF #BMJOFTF DVMUVSF JT VOJRVF m BO POF UIBU T MJWFE BMM PWFS UIF UIF WBMVF UIBU ZPV DBO BEE JTMBOE NFOUBMJUZ XJUI B CJU PG TUZMF XPSME XIFSF EP ZPV UIJOL XF SF IFBEFE HMPCBMMZ JO UIF OFYU GFX )PX IBT UIF IPTQJUBMJUZ JOEVTUSZ UP JU 5IF %JSFDUPS (FOFSBM PG 5PVS EFDBEFT 5IJT JT "TJB T TQFDJñDBMMZ DIBOHFE PWFS UIF QBTU ZFBST JTN EFTDSJCFE #BMJ BT UIF MBOE $IJOB T DFOUVSZ "T MPOH BT OPUIJOH * TUBSUFE JO UIF IPUFM CVTJOFTT CFGPSF XIFSF UIF HPET BSJTF JO UIF NPSO IBQQFOT UP EFTUBCJMJ[F $IJOB JO DPNQVUFST 5FDIOPMPHZ IBT NBEF JOH BOE TJU PO UIFJS CBMDPOJFT BUPQ UFSOBMMZ JU XJMM EPNJOBUF UIF HMPCF OVNCFST BOE EBUB NBOBHFNFOU .PVOU "HVOH MPPLJOH EPXO UIF FDPOPNJDBMMZ *O B DPVQMF PG EFD FBTJFS CVU JU IBT BMTP EF QFSTPOBM XSJOLMFE TMPQFT UP UIF VOGPMEJOH BEFT GSPN OPX $IJOFTF QFPQMF J[FE BO JOEVTUSZ UIBU JT GPDVTFE PO UBQFTUSZ PG NPSUBMT HPJOH BCPVU XJMM CF BCMF UP HP BOZXIFSF JO UIF QFPQMF 5IF QSJPSJUJFT IBWF CFFO UIFJS EBJMZ UPJM <-BVHIT> * BMTP NFU XPSME BOE FYQFDU QFPQMF UP TQFBL GMJQQFE 5IFTF EBZT JU JT FOUJSFMZ NZ XJGF UIFSF $IJOFTF JO UIF TBNF XBZ UIBU &OH MJTI TQFBLFST FYQFDU FWFSZPOF UP TQFBL &OHMJTI 5IF 8FTUFSO XPSME IBT IJU JUT QFBL BOE JT JO EFDMJOF *U (FPSHF #FOOFZ T 8PSET PG 8JTEPN TJOLT GVSUIFS JOUP EFCU TQFOEJOH *G ZPV CFMJFWF UIBU ZPV DBO DPNF JOUP B EJÃFSFOU DVMUVSF BOE NPOFZ JU EPFTO U IBWF XIJMF DPO FOWJSPONFOU BOE EP UIJOHT ZPVS XBZ ZPV SF HPJOH UP IBWF B TVNFSJTN TXFFQT $IJOB UIPVHI NBKPS QSPCMFN :PV NVTU DPNF JOUP B EJÃFSFOU DVMUVSF XJUI $IJOB POMZ CVZT XIBU JU DBO BÃPSE BO PQFO NJOE )PX EJE ZPV HFU TUBSUFE JO UIJT JOEVTUSZ * XPSLFE NZ XBZ VQ UIF MBEEFS BGUFS HSBEVBUJOH IJHI TDIPPM * XBT BMXBZT MVDLZ UP IBWF QFPQMF UIBU UPPL UIF UJNF UP QBTT BMPOH UIF CFOFñU PG UIFJS XJTEPN 5IBU BMMPXFE NF UP HSPX * WF GPVOE NZTFMG QVMMFE BMPOH XJUI FBDI TUFQ
5IJOL MFTT BCPVU ZPVSTFMG BOE NPSF BCPVU PUIFST /P POF MJLFT UP CF UPME VOJMBUFSBMMZ XIBU UP EP *G ZPV XBOU UP HFU TPNFUIJOH EPOF ZPV DBO CVU POMZ XJUI UIF TVDDFTTGVM QBSUJDJQBUJPO PG PUIFS QFPQMF )VNBO CFJOHT BSF BMM UIF TBNF 4LJO DPMPS BOE MBOHVBHF BSF TFDPOEBSZ )BWF BO PQFO NJOE PQFO FZFT BOE BO PQFO IFBSU
%.
5)6 .": Ŧ 8&% .":
"(&/%"
4105-*()5
&.108&3*/( 05)&34 5)306() $0..6/*$"5*0/
&NJMZ 3PCMJO USBJOJOH NBOBHFS BOE DPOTVMUBOU PG -&"1
4BZ UIF XPSE iNJTDPNNVOJDBUJPOu UP BO FYQBU JO #FJKJOH BOE ZPV MM HFU UPOT PG BOFDEPUFT BCPVU DPNJDBMMZ BXLXBSE FODPVOUFST XJUI MPDBMT #VU UIBU T OPU UIF POMZ QBSU PG PVS MBOHVBHF UIBU T PGUFO CFJOH NJT VOEFSTUPPE BDDPSEJOH UP &NJMZ 3PCMJO PG -&"1 "QQBSFOUMZ UIFSF JT B IVHF EJÃFSFODF JO UIF XBZ UIBU NFO BOE XPNFO DPNNVOJDBUF WFSCBMMZ BOE UIF VODPOTDJPVT NFTTBHFT UIBU CPUI HFOEFST DPNNVOJDBUF BSF VTVBMMZ OPU UP UIFJS CFOFGJU $BSMMZ $IVO SFDFOUMZ UPPL QBSU JO POF PG 3PCMJO T TFNJOBST BOE MBUFS NFU XJUI IFS UP MFBSO NPSF BCPVU IFS QBUI UP DPSQPSBUF DPNNVOJDBUJPOT USBJOJOH BOE XIBU BOZPOF DBO EP UP JNQSPWF UIF JNBHF UIFZ QSFTFOU UP PUIFST
8IBU JT -&"1 -&"1 JT BO BDSPOZN i8IBU ZPV TBZ EPFTO U NBUUFS *U T XIBU GPS -FBSO &NQPXFS "DIJFWF ZPVS UIF PUIFS QFSTPO SFNFNCFST BCPVU 1PUFOUJBM 5IF XIPMF JEFB PG -&"1 JT UP FNQPXFS QFPQMF BOE FODPVS XIBU ZPV WF TBJEu BHF UIFN UP DPNNVOJDBUF JO BO FÃFDUJWF XBZ TP UIBU UIFZ SF BCMF TP JOUFSFTUFE JO NBTUFSJOH &OHMJTI UIF ñSTU UIJOH TIF EPFT JT UP IBWF BO JO PSEFS UP DPNNVOJDBUF BCSPBE FNPUJPOBM SFTQPOTF 5IF DIBMMFOHF JT UP HFU UIFJS NFTTBHF PVU UIFSF CVU JU JTO U KVTU BCPVU MFBSOJOH UIF UIBU QFPQMF JO UIF XPSLQMBDF TXJUDI )PX EJE ZPV HFU TUBSUFE JO -&"1 MBOHVBHF JO UFSNT PG HSBNNBS BOE Pà XIFO ZPV PQFO XJUI BO FNPUJPO * WF IBE B WBSJFUZ PG EJÃFSFOU FYQFSJ WPDBCVMBSZ *U T TP NVDI NPSF UIBO *U T BCPVU UBLJOH UIBU GSVTUSBUJPO ZPV FODFT DPBDIJOH QFPQMF UFBDIJOH UIBU *U T BCPVU MFBSOJOH UIF DVMUVSF IBWF BOE QVUUJOH JU BDSPTT JO B XBZ UIFN IPX UP HJWF HSFBU QSFTFOUB UIBU T FNCFEEFE BOE IPX UP VTF UIBU DBO GJY UIF NBUUFS *U JT NPTU EFñOJUFMZ OPU BCPVU USZJOH UP DPN UJPOT BOE SFBMMZ NBLJOH TVSF UIBU JU UP DPOWFZ ZPVS NFTTBHF NVOJDBUF JO B NPSF NBMF NFUIPE UIF NFTTBHF UIFZ IBE JT UIF POF QFPQMF IFBSE * IBWF BMXBZT MPWFE 8IBU T BO JTTVF EP ZPV TFF *U T BCPVU VOEFSTUBOEJOH QFPQMF BOE CFJOH JOWPMWFE JO UIF QSPDFTT PG NPTU XJUI DPNNVOJDBUJPO 0OF IBWJOH DPNNVOJDBUJPO UPPMT NPUJWBUJOH QFPQMF 5IBU T IPX JU FYBNQMF * TFF BMM UIF UJNF IBQQFOT JO NBMF GFNBMF DPNNVOJDBUJPO *G 8IBU DPOGJEFODF QSPCMFNT EP SFBMMZ DBNF BCPVU B GFNBMF FYFDVUJWF JT VQTFU PWFS BO ZPV UIJOL XPNFO GBDF JO UIF "SF ZPVS DMJFOUT NPTUMZ $IJOFTF JTTVF TIF MM JOUFSOBMJ[F UIF TJUVBUJPO XPSLQMBDF * EPO U OFDFTTBSJMZ PS 8FTUFSO .PTU PG NZ DMJFOUT 8IFO TIF EFDJEFT UP UBLF BDUJPO UIJOL UIBU XPNFO IBWF B QSPCMFN BSF $IJOFTF QSPGFTTJPOBMT 5IFZ BSF XIJDI JT BO BTTFSUJWF UIJOH UP EP * UIJOL UIF CJHHFS DIBMMFOHF JT UIBU
"(&/%"
5)6 .": Ŧ 8&% .":
%.
4105-*()5 UIFSF T B QFSDFQUJPO UIBU XPNFO BSF MFTT DPOñEFOU BU XPSL 5IF QPJOU JT UIBU XPNFO OFFE UP DPNNVOJ DBUF JO B XBZ UIBU JT VOEFSTUPPE BT DPOGJEFOU *O UIF XPSLQMBDF JU JT SFTVMUT UIBU BSF JNQPSUBOU NPSF UIBO FÃPSU BOE TPNF XPNFO UFOE UP SFMZ PO UIFJS GFFMJOHT BOE FNP UJPOT BT PQQPTFE UP MPHJD BOE GBDU " HSFBU BTTFU XPNFO IBWF JT UIF BCJMJUZ UP FNQBUIJ[F UP CF BCMF UP VOEFSTUBOE IPX UIF PUIFS QFPQMF BSF GFFMJOH 5IFZ OFFE UP UIJOL JO UFSNT PG i8IBU EPFT UIJT QFSTPO FYQFDU u BOE XIFUIFS UIJT QFSTPO JT SFTVMUT PSJFOUFE XIJDI JT XIBU QFSDFOU PG TFOJPS NBOBHFST BSF 8IZ JT JU JNQPSUBOU UP FNQPXFS QFPQMF *O UFSNT PG FNQPXFS NFOU GPS BOZCPEZ * UIJOL UIBU JU T JNQPSUBOU CFDBVTF JU JOTUJMMT UIF JEFB PG MJGFMPOH MFBSOJOH -FBSOJOH TIPVME CF DPOTUBOU CVU XIFO XF HFU JOUP UIF XPSLQMBDF XF DBO HFU JOUP B DPNGPSU [POF BOE PVS TLJMMT QMBUFBV 8F HFU JOUP B NPEF DBMMFE BVUPNBUJDJUZ 5IJT JT B NPEF PG MJWJOH XJUIPVU BDUJWFMZ FOHBH JOH JO ZPVS MJGF *U T BCPVU IFMQJOH QFPQMF UP JEFOUJGZ XIBU BSFB XPVME CF CFOFGJDJBM GPS UIFN UP CSFBL JOUP BOE HFUUJOH UIFN PVU PG UIFJS DPNGPSU [POF 5IFSF T BMXBZT SPPN GPS JNQSPWFNFOU BOE USZJOH UP QSP WJEF QFPQMF XJUI UIBU TQBDF JT SFBMMZ JNQPSUBOU )BWF ZPV FWFS IBE B UJNF XIFSF ZPVS DPOGJEFODF XBT JO DSJTJT * XBT BMXBZT QFSDFJWFE BT WFSZ DPOGJEFOU * N UIF LJOE PG QFSTPO XIP MJLFT UP CF JO UIF TQPUMJHIU BOE UIBU NBZ OPU CF B USBJU UIBU B MPU PG XPNFO TIBSF 4PNF BSF B MJUUMF NPSF QBTTJWF PS NPEFTU #VU * SFBMMZ XBTO U TFMG DPOñEFOU * XBT BMXBZT QVUUJOH NZTFMG EPXO BOE B MPU PG UIBU XBT NF IPMEJOH UIJT QFSGFDU VOBUUBJO BCMF JNBHF PG NZTFMG TP OP NBUUFS XIBU * EJE JO NZ MJGF JU OFWFS RVJUF MJWFE VQ UP JU * XBT SVOOJOH NZTFMG
i* XBLF JO UIF NPSOJOH BOE * N HFOVJOFMZ FYDJUFE *U TPVOET TP DIFFTZ CVU JU T USVFu ESZ TP * UPPL B TUFQ CBDL BOE MPPLFE BU IPX NZ DBSFFS XBT EFWFMPQJOH * TUBSUFE BTLJOH NZTFMG XIBU NZ SFBM HPBMT XFSF BOE XIBU NZ TVD DFTT NFBOU UP NF 5IJT IBT IFMQFE CVJME NZ TFMG DPOGJEFODF XIJDI IBT USBOTGPSNFE NZ MJGF 1FPQMF OPU POMZ HFU B TFOTF PG DPOñEFODF UIFZ BMTP HFU B TFOTF PG HFOVJOF SFBMOFTT OPX %P ZPV IBWF BOZ QPJOUFST GPS XPNFO TUBSUJOH VQ JO CVTJOFTT +VTU HP GPS JU 5IJT JT B WFSZ PCWJPVT QJFDF PG JOGPSNBUJPO CVU JU T UIF NPTU WBMVBCMF " MPU PG XPNFO XJMM XBJU XIJDI JT OPU XSPOH CVU ZPV IBWF UP CF XJMMJOH UP USVTU ZPVSTFMG BOE IBWF UIBU JOOFS DPOñEFODF UIBU JU T HPJOH UP XPSL PVU 5IFSF BSF BMTP B UPO PG SFTPVSDFT PVU UIFSF :PV IBWF 7*7" XIJDI IFMQT GFNBMF CVTJ OFTT QSPGFTTJPOBMT XIP BSF OPO $IJ OFTF NBLF JU XPSL JO $IJOB 5IFSF BSF BMTP JOUFSOBUJPOBM SFTPVSDFT UIBU BSF HFBSFE TQFDJñDBMMZ UPXBSET XPNFO MJLF UIF 8PNFO JO #VTJOFTT OFUXPSL 5BQ JOUP UIPTF BOE USZ OPU UP EP FWFSZUIJOH ZPVSTFMG 4UBSU DPM MBCPSBUJOH m JU T B TLJMM UIBU XPNFO BSF HSFBU BU *G ZPV MPPL HMPCBMMZ UIFSF BSF B MBSHF QFSDFOUBHF PG DPN QBOJFT PXOFE CZ XPNFO CVU XIFO JU DPNFT UP SFWFOVF XPNFO NBLF VQ B WFSZ TNBMM GSBDUJPO PG JU "MTP DPNF VQ XJUI B QMBO 6OEFSTUBOE XIBU JU NFBOT UP CF TDBMBCMF BOE XPSL UP DSFBUF B TUSVDUVSF XIFSF ZPV DBO HSPX
8IBU DBO CPTTFT EP UP DSFBUF B CFUUFS JOUFSOBUJPOBM XPSL QMBDF #PTTFT OFFE UP FODPVSBHF MJGFMPOH MFBSOJOH JO UIFJS DPNQBOJFT *U T BD UVBMMZ QSPñ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ÃFSFODFT UIF NPTU JNQPSUBOU GBDUPS JT DPNNVOJDB UJPO :PV NJHIU TBZ TPNFUIJOH CVU UIF XBZ JU T VOEFSTUPPE NJHIU CF DPNQMFUFMZ EJÃFSFOU 8IBU T JU MJLF UP EP UIJT BT B DBSFFS * XBLF JO UIF NPSOJOH BOE * N HFOVJOFMZ FYDJUFE *U TPVOET TP DIFFTZ CVU JU T USVF .Z KPC JT CSJOHJOH NZ WJTJPO BOE QBTTJPO BOE UVSOJOH UIBU JOUP SFBMJUZ * NFFU TP NBOZ QFPQMF BOE * N BMXBZT QVUUJOH NZTFMG JO UIF TJUVBUJPO XIFSF * DBO MFBSO BOE EFWFMPQ BOE IFMQ PUIFST EP UIF TBNF * MJWF FBU BOE CSFBUIF UIF -&"1 PVUMPPL
-FBSO NPSF BCPVU 3PCMJO T XPSL BU BU XXX MFBQ DIJOB PSH 7*7" #FJKJOH 1SPGFTTJPOBM 8PNFO T /FUXPSL NFNCFSTIJQ!WJWBCFJKJOH PSH XXX WJWBCFJKJOH PSH 8PNFO JO #VTJOFTT /FUXPSLJOH XXX XPNFO JO CVTJOFTT OFU XJC
%.
5)6 .": Ŧ 8&% .":
"(&/%"
4105-*()5
4."-- 45&14 .",& " #*( %*''&3&/$&
%BMJEB 5VSLPWJD JOUFSOBM NBSUJBM BSUT BOE MJGF DPBDI BOE GPVOEFS PG 4NBMM 4UFQT $IJOB
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
8IBU JT JOUFSOBM NBSUJBM BSUT /FJKJB JO $IJOFTF JT UIF UFSN UIBU TUBOET GPS UIF JOUFSOBM TDIPPM PG NBSUJBM BSUT XIFSF QSBDUJDF JT GPDVTFE QSJNBSJMZ PO UIF CVJME JOH PG JOUFSOBM TUSFOHUI m OFJHPOH 5IF FYUFSOBM NBSUJBM BSUT GBNJMZ QSJNBSJMZ XPSLT PO CVJMEJOH QIZTJ PMPHJDBM TUSFOHUI XIJMF OFJKJB JT NPSF QSFPDDVQJFE XJUI TQJSJUVBM NFOUBM BOE RJ SFMBUFE BTQFDUT "U *." 4UVEJP < 5VSLPWJD T NBSUJBM BSUT TDIPPM> XF EP QIZTJDBM FYFSDJTFT CVU BMTP MFBSO BCPVU 5$. NFSJEJBOT %BPJTU QIJMPTPQIZ BOE $IJOFTF IJTUPSZ 5IJT JT B IPMJTUJD BOE USBEJUJPOBM BQQSPBDI EJÃFSFOU GSPN DPNQFUJUJWF NBSUJBM BSUT BOE NBJOMZ GPDVTFE PO MFBSOJOH GPSNT
i5IF WJTJPO PG NF USBOTGFSSJOH UIF LOPXMFEHF XBT TP TUSPOH CVU * BMTP LOFX UIBU * DPVMEO U EP JU VOUJM * HPU TLJMMT NFBOJOH LVOH GVu QSPNPUJOH JOUFSOBM NBSUJBM BSUT HMPCBMMZ * LOFX * XPVME UFBDI NBSUJBM BSUT BGUFS * BUUFOEFE NZ GJSTU UBJ DIJ DMBTT CBDL JO 5IF WJTJPO PG NF USBOTGFSSJOH UIF LOPXMFEHF XBT TP TUSPOH CVU * BMTP LOFX UIBU * DPVMEO U EP JU VOUJM * HPU TLJMMT NFBOJOH LVOH GV "MUIPVHI * LOPX UIBU * TUJMM IBWF TP NVDI UP MFBSO NZ UFBDIFS .BTUFS -JV 9VZBOH GFMU * XBT SFBEZ UP MFBSO UISPVHI UFBDIJOH 4P IFSF * BN m MJWJOH NZ ESFBN
PG PCTFSWJOH UIF DPOOFDUJPO CFUXFFO UXP USBEJUJPOT XIFO * UBVHIU JO .FYJDP -BTU ZFBS * TIBSFE UIF QSBDUJDF XJUI B .JYUFDP DPNNVOJUZ JO UIF TUBUF PG 0BYBDB * XBT UBMLJOH UP POF PG UIF FMEFST BCPVU NFSJEJBOT BOE * XBOUFE UP IFMQ IJN ñOE BO BDVQSFTTVSF QPJOU PO IJT MFH XIFO IF TUPQQFE NF BOE TBJE i* LOPX u "OE UIFO JU BMM IBQQFOFE m IF TUBSUFE UP TQFBL JO .JYUFDP 8BUDIJOH IJT CPEZ MBO HVBHF * DPVME VOEFSTUBOE UIBU IF XBT NFOUJPOJOH UIF 3FO .FSJEJBO "OZ JOUFSFTUJOH TUPSJFT UP TIBSF #BJ )VJ EBOUJBO [VTBOMJ BMM QPJOUT "OE OPX ZPV BSF USBWFMJOH BOE * IBE BO JOUFSFTUJOH FYQFSJFODF UIBU BSF JNQPSUBOU JO 5$. "GUFS IF
"(&/%"
5)6 .": Ŧ 8&% .":
%.
4105-*()5 ñOJTIFE IF TBJE i.Z NPUIFS UBVHIU i* XBT UBMLJOH UP POF PG UIF FMEFST BCPVU NF XIFO * XBT B DIJME u * IBE B GFX NFSJEJBOT BOE * XBOUFE UP IFMQ IJN ñOE NPSF DPOOFDUJPOT XJUI JOEJHFOPVT DPNNVOJUJFT XIJMF * XBT USBWFMMJOH BO BDVQSFTTVSF QPJOU PO IJT MFH XIFO JO 4PVUI "NFSJDB BOE UIF SFTQPOTF IF TUPQQFE NF BOE TBJE A* LOPX u XBT UIF TBNF * BN BNB[FE UP TFF IPX UIJT LOPXMFEHF PSJHJOBUFT CSFBUIJOH FYFSDJTF BOE TUBOEJOH QFSTPO *U JT JNQPSUBOU GPS TUBSUFST TUBODF QSBDUJDF UP JNQSPWF IFS UP MFBSO IPX ZPV UBML UP ZPVSTFMG UIF GSPN UIF TBNF TPVSDF SFMBUJPOTIJQ XJUI IFS CPTT 8JUIJO BSU PG JOUFSOBM EJBMPHVF $PNNPO )PX JT ZPVS JOOFS NBSUJBM BSUT POF XFFL PG QSBDUJDF UIFZ TUPQQFE MBOHVBHF EF NPUJWBUPST BSF QSBDUJDF SFMBUFE UP ZPVS DPBDI IBWJOH DPOóJDUT BOE BGUFS B NPOUI XPSET TVDI BT iTIPVME u iIBWF UP u JOH QSBDUJDF $PODFQUT SFMBUFE UP UIF SFMBUJPOTIJQ DPNQMFUFMZ TIJGU iNVTU u iOFFE UP u 8BUDI PVU GPS ZJO BOE ZBOH BOE UIF ñWF FMFNFOUT FE BOE SFBDIFE B MFWFM PG NVUVBM UIFN BOE FYDIBOHF UIFN XJUI FYQSFTTJPOT TVDI BT i* MJLF u i* XBOU IFMQ NF VOEFSTUBOE NZ DMJFOUT SFTQFDU UP u i* DBO u "MTP TQFOE TPNF UJNF CFUUFS BOE HVJEF UIFN UISPVHI UIF QSPDFTT PG TFMG BXBSFOFTT * 8IBU NPUJWBUFT QFPQMF .PUJWB BOTXFSJOH UIF GPMMPXJOH RVFTUJPOT BMTP TIBSF UIF QSBDUJDF XJUI DMJFOUT UJPO DBO CF FYUSJOTJD PS JOUSJOTJD 8IFO XBT UIF MBTU UJNF ZPV GFMU UP IFMQ UIFN HBJO DPOñ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ñD OFJKJB FYFSDJTFT UIBU CSJOH FNPUJPOT JOUP CBMBODF BT XFMM BT IFMQ ZPV GJOE SFTPVSDFGVM TUBUFT 5IF POMZ UIJOH UIBU JT SFRVJSFE JT QSBDUJDF m UIF PVUDPNFT BSF PCWJ PVT JO B WFSZ TIPSU UJNF *T JU QPTTJCMF UP VTF NBSUJBM BSUT BT B SFMBUJPOTIJQ CVJMEFS SBUIFS UIBO KVTU B GJHIUJOH TLJMM 8F NBJOMZ GPDVT PO QSBDUJDJOH UIF NBSUJBM BSUT GPS IFBMUI BOE JN QSPWFE RVBMJUZ PG MJGF 8F MFBSO UIF BSU PG TFMG EFGFOTF BOE IPX UP CF HSPVOEFE XIJDI JT JNQPSUBOU GPS DPOGJEFODF CVJMEJOH 0OF PG NZ DMJFOUT IBT VTFE B TJNQMF GPDVTFE
%.
5)6 .": Ŧ 8&% .":
"(&/%"
5)& -*45
,*--&3 %*4&"4&4 &"45 "/% 8&45
" SVOEPXO PG UIF EFBEMJFTU NFEJDBM BรฐJDUJPOT JO $IJOB BOE UIF 64
5IFZ NBZ CF UJOZ CVU UIFTF NJDSPCFT IBWF B NBTTJWF JNQBDU
:PV DBO UFMM B MPU BCPVU B DPVOUSZ CZ JUT NPSUBMJUZ BOE NPSCJEJUZ SBUFT 8IJMF UIF NFEJB QPSUSBZT B $IJOB PO UIF SJTF JUT NFEJDBM SFDPSET BOE JOGFDUJPOT UFMM B TUPSZ PG TUJMM XJEFTQSFBE QPWFSUZ IFBWZ NJHSB UJPO BOE UIF $IJOFTF HPWFSONFOU T FรญPSUT UP TVTUBJO QVCMJD IFBMUI JOJUJBUJWFT *O B TUBSL DPOUSBTU UIF NPTU DPNNPO EJTFBTFT BรฐJDUJOH "NFSJDBOT SFรณFDU B TPDJFUZ UIBU JT BHJOH BOE TJHOJรฑDBOUMZ JOBDUJWF *OUSJHVFE CZ UIJT UPQJD 1IPFOJY 5TP EFDJEFE UP EP B TJEF CZ TJEF DPNQBSJTPO PG XIBU JT NBLJOH QFPQMF JMM JO $IJOB BOE UIF 64
"(&/%"
$IJOB 5VCFSDVMPTJT $IJOB IBT UIF TFDPOE MBSHFTU UVCFSDVMPTJT FQJEFNJD JO UIF XPSME XJUI NJMMJPO OFX DBTFT SFQPSUFE FWFSZ ZFBS 'FX QSFWFO UJWF PS USFBUNFOU NFBTVSFT XFSF QVU JO QMBDF EVSJOH UIF T MFBEJOH UP POMZ B QFSDFOU EFUFDUJPO SBUF PVU PG UIF FTUJ NBUFE UPUBM OVNCFS PG OFX DBTFT QFS ZFBS BOE UIF QSPCMFN PG NVMUJ ESVH SFTJTUBOU UVCFSDVMPTJT IBT ESBTUJDBMMZ MJNJUFE USFBUNFOU PQUJPOT 4JODF OBUJPOXJEF QVCMJD IFBMUI SFGPSNT JO UIF
5)6 .": ลฆ 8&% .":
%.
TVDDFTTGVM USFBUNFOU SBUF GPS UIPTF XIP UFTU QPTJUJWF GPS UVCFSDVMPTJT IBT TUBZFE BU BSPVOE QFSDFOU TJODF 3BCJFT 3BCJFT JT UIF UIJSE EFBEMJFTU EJTFBTF JO $IJOB m JU IBT CFDPNF TVDI B QSPCMFN UIBU JO UIF #FJKJOH HPWFSONFOU JOTUJUVUFE B iPOF EPH QPMJDZu UP SFEVDF UIF SJTL PG USBOTNJTTJPO *OEFFE UIF WBTU NBKPSJUZ PG JOGFDUJPOT BSF DBVTFE CZ EPH CJUFT XIJDI BSPVOE NJMMJPO QFPQMF TVรญFS FWFSZ ZFBS 0ODF TZNQUPNT UBLF IPME SBCJFT JT BMNPTU BMXBZT
5)& -*45 MFUIBM 3BCJFT JT BMTP QSPIJCJUJWFMZ FYQFOTJWF UP JNNVOJ[F BHBJOTU XJUI POMZ B IBOEGVM PG IPTQJUBMT JO #FJKJOH DBSSZJOH UIF WBDDJOBUJPO UIBU DBO DPVOUFSBDU UIJT EJTFBTF )FQBUJUJT # "SPVOE NJMMJPO QFPQMF JO $IJOB IBWF IBE )FQBUJUJT # B WJSBM EJTFBTF UIBU DBO DBVTF MJWFS DBODFS BOE DJSSIPTJT QFSDFOU PG UIPTF XIP DVSSFOUMZ IBWF JU XFSF JOGFDUFE CZ UIFJS NPUIFST BU CJSUI 5IF )FQBUJUJT # WBDDJOF JT XJEFMZ BWBJMBCMF CVU BXBSFOFTT PG JU JT TUJMM WFSZ MPX *O BEEJUJPO NBOZ PG UIPTF XIP BSF JOGFDUFE XJUI )FQBUJUJT # OFWFS TIPX TZNQUPNT CVU GBDF TJHOJñDBOU FNQMPZNFOU EJTDSJNJOBUJPO XIFO UIFZ UFTU QPTJUJWF GPS UIJT EJTFBTF PO CMPPE UFTUT SFRVJSFE CZ FNQMPZFST 1BSBTJUFT BOE XPSNT 4FWFO IVOESFE NJMMJPO $IJOFTF QFSDFOU PG UIF QPQVMBUJPO BSF JOGFDUFE XJUI BU MFBTU POF LJOE PG QBSBTJUF BOE VQ UP QFSDFOU PG UIF DIJMESFO JO TPNF SVSBM BSFBT TVÃFS GSPN DISPOJD XPSN JOGFD UJPOT XIJDI DBO TUVOU HSPXUI BOE DBVTF EFñDJFODJFT JO NFOUBM BCJMJUZ )PPLXPSN JT POF TVDI DPNNPO JOGFDUJPO FTQFDJBMMZ GPS UIPTF XIP MJWF OFBS DPUUPO SBQFTFFE BOE UPCBDDP ñFMET *O BEEJUJPO TDIJTUPTPNJBTJT XIJDI BSF XBUFSCPSOF óBUXPSNT UIBU FOUFS UISPVHI B QFSTPO T TLJO BOE MJWF JO WFJOT CMBEEFST BOE MBSHF JOUFTUJOFT IBT CFDPNF B TFSJPVT QSPCMFN JO TPVUIFSO $IJOB BGUFS CFJOH BMNPTU DPNQMFUFMZ FSBEJ DBUFE VOEFS $IBJSNBO .BP $BODFS 5IF OVNCFS POF LJMMFS JO UIF DPVOUSZTJEF JT HBTUSPJOUFTUJOBM DBODFS XIJDI TQSFBET NPTUMZ UISPVHI CBDUFSJB GSPN XBUFS DPOUBNJOBUFE CZ IVNBO BOE JOEVTUSJBM XBTUF *O BEEJUJPO $IJOFTF QFPQMF IBWF CFFO
TVÃFSJOH JODSFBTJOHMZ GSPN MJWFS TUPNBDI BOE FTPQIBHFBM DBODFS EVF NBJOMZ UP BO JODSFBTF JO BJS QPMMVUJPO XJEFTQSFBE TNPLJOH QPPS EJFU BOE UIF BDDVNVMBUJPO PG F XBTUF 4FYVBMMZ USBOTNJUUFE EJTFBTFT 'PS UIF MBTU UXP ZFBST "*%4 IBT CFFO UIF EFBEMJFTU JOGFDUJPVT EJTFBTF JO $IJOB .BMF NJHSBOU XPSLFST BSF BU QBSUJDVMBS SJTL GPS CFDPNJOH )*7 QPTJUJWF EVF UP UIF QSFWBMFODF PG QSPTUJUVUJPO JO TVDI DPNNVOJUJFT 5IFZ BSF BMTP NPSF MJLFMZ UP DPOUSBDU PUIFS 45%T XIJDI XFSF OPU QSFWBMFOU BU BMM BGUFS UIF $PNNVOJTU SFWPMV UJPO EVF UP FYUFOTJWF QVCMJD IFBMUI JOJUJBUJWFT QVU JO QMBDF CZ .BP "MM PG UIJT IBT DIBOHFE TJODF XIFO UIF PQFOJOH VQ SFGPSNT CFHBO *O UIFSF XFSF SFQPSUFE DBTFT PG TZQIJMJT VQ QFSDFOU GSPN
6OJUFE 4UBUFT PG "NFSJDB $PSPOBSZ IFBSU EJTFBTF 5IJT JT UIF OVNCFS POF DBVTF PG EFBUI JO UIF 6OJUFE 4UBUFT XJUI BO BWFSBHF PG GBUBM IFBSU BUUBDLT PDDVSSJOH FBDI ZFBS 5IF SJTF PG UIJT EJTFBTF DPJODJEFT XJUI UIF JODSFBTFE MJGF FYQFDUBODZ PG "NFSJDBOT XJUI PWFS QFSDFOU PG DPSPOBSZ IFBSU EJTFBTF EFBUIT IBQQFOJOH UP QFPQMF PWFS UIF BHF PG 5IF QSFWBMFODF PG PCFTJUZ BOE MBDL PG FYFSDJTF BNPOH UIF "NFSJDBO QPQVMBDF BMTP BDDPVOUT GPS UIF IJHI SJTL PG IFBSU EJTFBTF 4USPLF 4USPLF JT UIF TFDPOE EFBEMJFTU EJTFBTF JO UIF 6OJUFE 4UBUFT BOE DBVTFT QFSDFOU PG EFBUIT XPSMEXJEF +VTU BT XJUI IFBSU EJTFBTF BEWBODFE BHF JT B MFBEJOH GBDUPS GPS UIF JODJEFODF PG TUSPLFT XJUI QFSDFOU PG TUSPLFT PDDVSSJOH JO QFPQMF PS PMEFS
%.
$BODFS *O 1SFTJEFOU /JYPO EFDMBSFE B SFTFBSDI BTTBVMU PO UIJT EJTFBTF 4JODF UIFO UIF 64 HPWFSO NFOU GPVOEBUJPOT BOE QSJWBUF FOUFSQSJTFT IBWF JOWFTUFE PWFS 64% CJMMJPO JOUP DBODFS SFTFBSDI CVU UIF DBODFS EFBUI SBUF IBT POMZ EFDSFBTFE QFSDFOU CFUXFFO BOE %JFU QIZTJDBM JOBDUJWJUZ BOE PCFTJUZ BSF GBDUPST JO BSPVOE QFSDFOU PG DBODFS DBTFT FBDI ZFBS *O UIF 6OJUFE 4UBUFT FYDFTT CPEZ XFJHIU JT BTTPDJBUFE XJUI UIF EFWFMPQNFOU PG NBOZ UZQFT PG DBODFS BOE JT B GBDUPS JO QFSDFOU PG BMM DBODFS EFBUIT "M[IFJNFS T %JTFBTF *U CFHJOT XJUI NFNPSZ MPTT BOE MFBET UP UIF EFUFSJPSBUJPO PG BMM CSBJO GVODUJPOT BOE JU T CFDPN JOH NPSF BOE NPSF DPNNPO JO BO BHJOH TPDJFUZ $VSSFOUMZ "M[IFJNFS T JT B UFSNJOBM EJTFBTF CVU BT PG PWFS QIBSNB DFVUJDBM USFBUNFOUT XFSF CFJOH UFTUFE JO DMJOJDBM USJBMT XPSMEXJEF JO B SBDF UP ñOE B USFBUNFOU UP EFMBZ PS DVSF UIJT BJMNFOU %JBCFUFT 5IPVHI 5ZQF EJBCFUFT JT NPTU DPNNPO JO KVWFOJMFT 5ZQF EJB CFUFT JT CZ GBS UIF NPTU DPNNPO UZQF BÃFDUJOH UP QFSDFOU PG UIF 64 EJBCFUJD QPQVMBUJPO BOE JT NBJOMZ DBVTFE CZ MJGFTUZMF GBDUPST TVDI BT QPPS EJFU BOE PCFTJUZ "T $IJOFTF QFPQMF BEPQU B 8FTUFSO EJFU BOE MJGFTUZMF EJTFBTFT MJLF EJBCFUFT BOE IFBSU EJTFBTF BSF CFDPNJOH JODSFBTJOHMZ QSFWBMFOU
*OóVFO[B 8F IBWF DPNF B MPOH XBZ TJODF UIF óV FQJEFNJDT UIBU VTFE UP DMBJN UIPVTBOET PG MJWFT BU B UJNF )PXFWFS UIJT EJTFBTF TUJMM DBVTFT EFBUIT FBDI ZFBS QSFEPNJ OBOUMZ BNPOH UIF WFSZ ZPVOH UIF WFSZ PME UIF DISPOJDBMMZ JMM BOE UIPTF XJUI XFBL JNNVOF TZTUFNT
5)6 .": Ŧ 8&% .":
"(&/%"
5)& -*45
)&"%4 4)06-%&34 ,/&&4 "/% 50&4
.FEJDBM TFSWJDFT GPS FWFSZ BJMNFOU
"T B GPSFJHOFS MJWJOH JO #FJKJOH ñOEJOH B IPTQJUBM PS QSJWBUF NFEJDBM QSBDUJDF DBO CF BO JOUJNJ EBUJOH UBTL /PU POMZ JT JU EJîDVMU UP ñOE B TFSWJDF UIBU QSPWJEFT UIF RVBMJUZ PG DBSF UIBU ZPV BSF VTFE UP JO ZPVS IPNF DPVOUSZ JU DBO BMTP CF RVJUF BO VOEFSUBLJOH UP ñOE B EPDUPS XJUI UIF MBOHVBHF BOE DVMUVSBM VOEFSTUBOEJOH OFDFTTBSZ UP IFMQ ZPV XJUI NJOJNBM DPOóJDU 5P IFMQ ZPV BWPJE BOZ IPTQJUBM IPSSPS TUPSJFT EVSJOH ZPVS TUBZ JO $IJOB 1IPFOJY 5TP IBT DPNQJMFE B MJTU PG GPSFJHOFS GSJFOEMZ IPTQJUBMT BOE DMJOJDT UIBU DBO IFMQ XJUI BOZ PG ZPVS BDIFT BOE QBJOT
(FOFSBM $BSF #FJKJOH *OUFSOBUJPOBM 404 $FOUFS 5IJT QSJWBUF JOUFSOB UJPOBM TUBOEBSE DMJOJD QSPWJEFT
"(&/%"
BMNPTU FWFSZ NFEJDBM TFSWJDF VOEFS UIF TVO JODMVEJOH GBNJMZ NFEJDJOF QSFOBUBM DBSF WBD DJOBUJPOT QTZDIPMPHJDBM BOE QTZDIJBUSJD DPVOTFMJOH BOE QIZTJDBM UIFSBQZ 5IJT DMJOJD BMTP PQFSBUFT B IPVS FNFSHFODZ BOE BNCVMBODF TFSWJDF "O JEFBM NFEJDBM QSPWJEFS GPS FYQBUSJBUFT %PDUPST BSF BCMF UP PÃFS TFSWJDFT JO &OHMJTI .BOEBSJO $BOUPOFTF 'SFODI (FSNBO +BQBOFTF *UBM JBO 4QBOJTI .POHPMJBO %VUDI BOE ,PSFBO *OUFSOBUJPOBM 404 T TFSWJDFT BSF DPWFSFE CZ BMM NBKPS JOTVSFST %BJMZ IST 1IBSNBDZ .PO 'SJ BN QN 4BU 4VO BN QN 4VJUF 8JOH ,VOTIB #VJMEJOH 9JOZVBOMJ $IBPZBOH %JTUSJDU IS XXX JOUFSOBUJPOBMTPT DPN
5)6 .": Ŧ 8&% .":
%.
TU $FOUVSZ )FBMUI $BSF m #FJKJOH (MPSZ $MJOJD (MPSZ $MJOJD XBT FTUBCMJTIFE JO BOE PÃFST IJHI TUBOEBSE JOUFHSBUJWF QSFWFOUJWF IFBMUI TDSFFOJOHT BOE NFEJDBM DBSF JO B RVJFU BOE DPNGPSUBCMF FOWJSPONFOU *OUFSOBUJPOBMMZ USBJOFE EPDUPST BOE OVSTFT QSPWJEF DBSF GPS JOUFSOBM NFEJDJOF TVSHFSZ HZOFDPMPHZ EFOUJTUSZ QFEJBUSJDT &/5 JNNVOJ[BUJPO PQIUIBMNPM PHZ 5SBEJUJPOBM $IJOFTF .FEJDJOF BOE TQFDJBMJTU BQQPJOUNFOUT 5IF IFBMUI TDSFFOJOH EFQBSUNFOU PÃFST DPNQSFIFOTJWF DVTUPNJ[FE IFBMUI TDSFFOJOHT GPS JOEJWJEV BMT BOE DPSQPSBUF DMJFOUT %JSFDU CJMMJOH XJUI JOUFSOBUJPOBM JOTVSFST JT QSPWJEFE -BOHVBHFT TQPLFO &OHMJTI +BQBOFTF ,PSFBO (FS NBO $IJOFTF .PO 'SJ BN QN 4BU 4VO BN QN IPVS IPVTF
5)& -*45 DBMM TFSWJDF -JBOHNBRJBP -V $IBPZBOH %JTUSJDU &OHMJTI $IJOFTF +BQBOFTF ,PSFBO
PîDF IPVST XXX QVIVBDIJOB DPN
#FJKJOH 6OJUFE 'BNJMZ )PTQJUBM 5IJT JOUFSOBUJPOBMMZ DFSUJñ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ñOE #FJKJOH T CJHHFTU FZFHMBTTFT UBMT DPN BWBJMBCMF XJUI NBKPS XPSMEXJEF TIPQQJOH DFOUFS *OUFDI &ZF JOTVSBODF QSPWJEFST .PO 'SJ BN )PTQJUBM QSPWJEFT BMM LJOET PG QN 4BU BN QN 3JUBO PQUPNFUSZ BOE PQIUIBMNPMPHZ %POHMV $IBPZBOH %JTUSJDU 4QFDJBMJTU 4FSWJDFT DPOTVMUBUJPOT BOE USFBUNFOUT BGUFS IPVST FNFSHFODJFT JODMVEJOH FNFSHFODZ UFMFQIPOF XXX CKIFBMUIDBSF $BQJUBM $JUZ %FSNBUPMPHZ DPOTVMUBUJPOT QSFWFOUJWF DBSF DPN )PTQJUBM PG #FJKJOH (FU B BOE MBTFS FZF TVSHFSZ &OHMJTI EJBHOPTJT BOE USFBUNFOU GPS BOZ TQFBLFST DBO BTL GPS UIF 7*1 NJME UP TFWFSF TLJO QSPCMFNT DMJOJD %BJMZ BN QN ' GSPN DISPOJD BDOF UP BJMNFOUT &NFSHFODZ 4FSWJDFT 1BOKJBZVBO 1MB[B 1BOKJBZVBO DBVTFE CZ 45%T %BJMZ BN QN /BOMJ $IBPZBOH %JTUSJDU 1FLJOH 6OJPO .FEJDBM $PMMFHF 4IVBOHRVBOQV %FTIFOHNFO XXX JOUFDIFZF XBJ $IBPZBOH %JTUSJDU )PTQJUBM 16.$) 5IJT IPTQJUBM JT #FJKJOH T MFBEJOH TUBUF SVO NFE GSFF XXX QG DPN FOHMJTI JOEFY IUNM JDBM GBDJMJUZ BOE QSPWJEFT B XJEF SBOHF PG HFOFSBM BOE TQFDJBMJTU #FJKJOH 5POHSFOUBOH 5SBEJ TFSWJDFT 5IF FNFSHFODZ TFSWJDFT UJPOBM $IJOFTF .FEJDBM $MJOJD BSF BMTP UPQ OPUDI TUBÃ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
%.
5)6 .": Ŧ 8&% .":
"(&/%"
5)& "(&/%" 5)634%": .":
'3*%": .":
4"563%": .":
"SU #BOL
QN #MBDL 4FTBNF 8JOF AO %JOF
QN #FJKJOH #PPL 4XBQ GPS
5FO DPVSTFT PG $IJOFTF GPPE QSFQBSFE JO GSPOU PG ZPV BOE QBJSFE XJUI UXP /FX 8PSME XJOFT 3FTFSWBUJPOT SFRVJSFE 3.# QN #MBDL 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH %POHDIFOH %JTUSJDU XXX CMBDLTFTBNFLJUDIFO DPN
'PS UIFJS UIJSE BOOJWFSTBSZ ZPV DBO HFU UISFF CPPLT GPS CSJOHJOH JO KVTU POF 'SFF QN 4FRVPJB #BLFSZ BOE $BGÊ 6OJU #MEH +JBOHVPNFOXBJ %JQMPNBUJD $PNQPVOE $IBPZBOH %JTUSJDU
56&4%": .":
8&%/&4%": .":
5)634%": .":
QN +FFU ,VOF %P $MBTT
BN 3PZBM $BOBM #PBU 5PVS UP UIF 4VNNFS 1BMBDF
)BSE 3PDL $BMMJOH
6OUJM .BZ 1SJOUT BOE TDVMQUVSFT CZ JDPOJD GPSFJHO BOE $IJOFTF DPOUFN QPSBSZ BSUJTUT GSPN .JSP BOE 'SBODJT #BDPO UP 'BOH -JKVO 8BOH (VBOHZJ BOE 4VJ +JBOHVP 'SFF 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
-FBSO UP LJDL BTT MJLF #SVDF -FF UIF GPVOEFS PG UIJT NBSUJBM BSU 3.# 3.# DMBTTFT QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
5BLF B VOJRVF CPBU SJEF BOE XBMLJOH UPVS PG IJTUPSJDBM TJHIUT BOE FWFSZEBZ MJGF JO #FJKJOH $PTU JODMVEFT CPBU DIBSUFS BMM UJDLFUT TOBDLT ESJOLT BOE HVJEF 3.# 3.# DIJMESFO BN $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
6OUJM .BZ 0SEFS B 4UFMMB "SUPJT PS TQFOE PWFS 3.# UP CF FOUFSFE JO B ESBX UP XJO BO BMM FYQFOTFT QBJE USJQ UP -POEPO GPS UIF UI "OOJWFSTBSZ )BSE 3PDL $BMMJOH GFTUJWBM PO +VO )BSE 3PDL $BGF ' -BOENBSL 5PXFST %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU FYU
46/%": .":
46/%": .":
.0/%": .":
5ISPVHI UIF -PPLJOH (MBTT
BN QN "SPNB (PVSNFU #SVODI
BN QN 3BJTJO 8BMOVU #SFBE BOE /FJNBO .BSDVT $IPDPMBUF $IJQ $PPLJFT
'FBUVSJOH UIF XPSL PG TJY QIPUPHSB QIFST XIPTF QJDUVSFT EJTUBODF VT GSPN SFBMJUZ BOE QMVOHF VT JOUP UIF NJTU PG UIF TVCDPOTDJPVT "QS m .BZ #BCÜ 4QBDF %PPS 6OJU / 4BOMJUVO 7JMMBHF /PSUI 4BOMJUVO -V $IBPZBOH %JTUSJDU XXX CBCV TQBDF DPN
"(&/%"
-PCTUFS PZTUFST GPJF HSBT DIFFTFT BOE B 4VOEBZ SPBTU 3.# JODMVEFT VOMJNJUFE 1JQFS )FJETJFDL DIBNQBHOF BN QN "SPNB 3JU[ $BSMUPO #FJKJOH " +JBOHVP -V $IBPZBOH %JTUSJDU
5)6 .": Ŧ 8&% .":
%.
.BLF B SBJTJO XBMOVU MPBG PS UIF DIPDPMBUF DIJQ DPPLJFT UIBU JOTQJSFE BO VSCBO MFHFOE 3.# CSFBE POMZ 3.# DPPLJFT POMZ 3.# CPUI "EE B QBSUOFS UP TIBSF JOHSFEJFOUT GPS 3.# FYUSB 3471 UP FSJO!UIFñHUSFF DO 5IF 'JH 5SFF 6OJU #MEH " $IBPXBJ 4PIP $IBPZBOHNFOXBJ %BKJF $IBPZBOH %JTUSJDU XXX UIFñHUSFF DO
)*()-*()54 '03 5)& 8&&,4 0' 5)6 .": Ŧ 8&% .": 4"563%": "13
46/%": .":
QN $IPSBM #BDI T 4U +PIO 1BTTJPO
BN QN '*;;UBTUJD .PUIFS T %BZ
*'$ T PQFOJOH DPODFSU GPS UIF TFBTPO XJUI HVFTU QFSGPSNFST GSPN &VSPQF 3FTFSWF BU NBHHJF ZBO!BJBM DPN 3.# JODMVEFT SPVOE USJQ USBOTQPSU GSPN EPXO UPXO #FJKJOH QN "QS *OUFSOBUJPOBM 4DIPPM PG #FJKJOH "OIVB +JF 4IVOZJ %JTUSJDU XXX CFJKJO HJGD PSH
-FU .PN TJU CBDL BOE SFMBY XJUI B MVYVSJPVT DIBNQBHOF CSVODI GFBUVSJOH QMFOUZ PG TFBGPPE BOE PUIFS USFBUT 3.# BN QN 7BTDP T ' )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU XBOHGVKJOH!IJMUPO DPN
'3*%": .":
4"563%": .":
*OUP UIF 'SZJOH 1BO
QN BN -FU T (FU .PKJUPFE
"MM NPOUI )BWF GVO XJUI BXBSE XJOOJOH DIFGT CZ QSFQBSJOH EJOOFS XJUI UIFN JO BO PQFO LJUDIFO "O VOGPSHFUUBCMF EJOJOH FYQFSJFODF 3.# QFS QFSTPO 3FTFSWBUJPO PG QFSTPOT SFRVJSFE (SBOHF ' 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU GCSFTFSWBUJPO DIBPZBOH!XFTUJO DPN
QN ,PDPPO :PHB $MBTT XJUI -JWF .VTJD 0QFO UP BMM MFWFMT &OKPZ B NJYUVSF PG )BUIB "TIUBOHB BOE 1JMBUFT UP UIF TPVOET PG MJWF HVJUBS BOE TPPUIJOH DIBOUT #SJOH ZPVS PXO NBU 3471 BU LPDPPOJOGP!LPDPPOTQBMPVOHF DPN 3.# QN ,PDPPO 5IF 0QQPTJUF )PVTF 4BOMJUVO -V $IBPZBOH %JTUSJDU
#VZ POF HFU POF GSFF PO FWFSZPOF T GBWPSJUF NJOUZ ESJOL 'SFF QN BN 4DBSMFUU )PUFM ( " (POHUJ 9JMV $IBPZBOH %JTUSJDU
56&4%": .":
8&%/&4%": .":
BN OPPO *// $PÃFF .PSOJOH 4BOMJUVO
QN *OUSPEVDUJPO UP 5FB
.FFU VQ XJUI GPMLT XIP MJWF OFBSCZ BOE TXBQ UBMFT PG UIF DJUZ 'SFF BN OPPO 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX CFJKJOHCPPLXPSN DPN
.0/%": .":
&WFSZUIJOH ZPV WF FWFS XBOUFE UP LOPX BCPVU UFB 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# 3.# BEWBODF QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
&WFOUT EFBEMJOFT
+VOF JTTVF .BZ +VOF JTTVF .BZ
&NBJM ZPVS FWFOUT UP
MJTUJOHT!BHFOEBCFJKJOH DPN
%.
5)6 .": Ŧ 8&% .":
"(&/%"
. " :
5)634%": 4>
1FEJDBC )VUPOH 5PVS 'BNJMZ 7JTJU 'PSCJEEFO $JUZ BOE 5JBO BONFO 5PVS #FJKJOH T BMMFZXBZT CZ QFEJDBC WJTJU SFTJEFOUT PG B USBEJUJPOBM DPVSU ZBSE IPVTF BOE WJTJU UIF JDPOJD TJHIUT PG #FJKJOH 3.# 3.# DIJMESFO BN $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
4> @> $FQF #VTJOFTT -VODI .PO 'SJ 5ISFF DPVSTFT XJUI B ñOF TFMFD UJPO PG BOUJQBTUJ BOE NBJO DPVSTFT 3.# BN QN $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU FYU
)VOHSZ GPS )VNNVT .PO 'SJ .JEEMF &BTUFSO GBWPSJUF 3VNJ JT PÃFS JOH B MVODI CVÃFU UIBU JODMVEFT NBOZ PG UIFJS NPTU QPQVMBS NFOV JUFNT 3.# BN QN 3VNJ " (POHUJ #FJMV PQQPTJUF ;IBPMPOH )PUFM $IBPZBOH %JTUSJDU XXX SVNJHSJMM DPN
'((? -VDF #SVODI "MM NPOUI " SBOHF PG MJHIU DPOUJOFOUBM CSFBLGBTU TFUT 'SPN 3.# /PPO -VDF +JVHVMPV %BKJF %POHDIFOH %JTUSJDU
'((? @> "HVB 4FU -VODI .FOVT SPUBUFE XFFLMZ 3.# UXP DPVSTFT 3.# UISFF DPVSTFT /PPO QN "HVB ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 'MBNNF "GUFSOPPO 5FB "MM NPOUI 3FMBY XJUI UXP DPÃFFT PS UFBT BOE B EFTTFSU 3.# QN QN 'MBNNF 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
"(&/%"
&OKPZ UIF GFFMJOH PG FBSMZ TVNNFS PO #SBTTFSJF 'MP T UFSSBDF
@>
@> 4>
"GUFS 8PSL 8JOFEPXO .PO 5IV #VZ POF CPUUMF PG XJOF FOKPZ PÃ ZPVS TFDPOE PG FRVBM PS MFTTFS WBMVF QN .PEP ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
-BUF 4VQQFS "MM NPOUI " TFMFDUJPO PG EJTIFT XJUI TQFDJBM XJOF QBJSJOHT TFMFDUFE CZ PXOFS (BCZ "MWFT 1FSGFDU GPS MBUF OJHIU HPVSNFU NVODIJFT QN BN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU
@>
-:>7, /4AG
#PEFHB 'FWFS "MM ZPV DBO FBU UBQBT GPS 3.# BOE TBOHSJB GPS 3.# B HMBTT QN 4DBSMFUU )PUFM ( " (POHUJ 9JMV $IBPZBOH %JTUSJDU
1BSJTJBO 5FSSBDF BU #SBTTFSJF 'MP 3FMBY PO 'MP T UFSSBDF BOE FOKPZ TPNF JNQPSUFE TFBGPPE XJUI B HMBTT PG XIJUF XJOF 3.# CVTJOFTT MVODI NFOV #SBTTFSJF 'MP 3BJOCPX 1MB[B -POHCP (VBOHDIBOH %POHTBO IVBO #FJMV TPVUI PG UIF (SFBU 8BMM 4IFSBUPO $IBPZBOH %JTUSJDU XXX óP DO
@> >:6?: 9B 0OF ,JMP P #SJTLFU AO 3JCT 4MPX DPPLFE CSJTLFU BOE SJCT DPVSUFTZ PG -PVJTJBOB DIFG .BY -FWZ 3.# QFPQMF DBO TIBSF QN NJEOJHIU "QPUIFDBSZ ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> QN 4FU %JOOFS .PO 'SJ VOUJM .BZ 4JY EJÃFSFOU OVUSJUJPVT BOE IFBMUIZ $BOUPOFTF EJTIFT SPUBUFE EBJMZ 3.# QN )PSJ[PO ' 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU
@> >:6?: 9B "MMJF 8FCC .PO 4BU -" TJOHFS CFMUT PVU QPQ BOE KB[[ UVOFT 'SFF QN NJEOJHIU .PO 5IV QN BN 'SJ 4BU "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
5)6 .": Ŧ 8&% .":
%.
5IF UI $IJOB #FJKJOH *OUFSOB UJPOBM 0SHBOJD 'PPE (SFFO 'PPE &YQP .BZ $IJOB *OUFSOBUJPOBM &Y IJCJUJPO $FOUFS #FJTBOIVBO %POHMV 4BOZVBO 2JBP $IBPZBOH %JTUSJDU XXX NEFYQP DPN DO "MM "CPVU .PN 6OUJM .BZ " SBOHF PG QBDLBHFT GSPN NFBMT UP .PUIFS T %BZ HJGUT 'PS NPSF EFUBJMT DPOUBDU 1BSL )ZBUU #FJKJOH +JBOHVPNFO XBJ %BKJF $IBPZBOH %JTUSJDU "SU #BOL 6OUJM .BZ 1SJOUT BOE TDVMQUVSFT CZ JDPOJD DPOUFNQPSBSZ BSUJTUT GSPN .JSP BOE 'SBODJT #BDPO UP 'BOH -JKVO 8BOH (VBOHZJ BOE 4VJ +JBOHVP 'SFF 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
. " :
TBMNPO m IBWF JU TUFBNFE GSJFE PS SPBTUFE UP ZPVS UBTUF 3.# JODMVEJOH CFFS BOE XJOF QN &MFNFOUT )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
'3*%":
@>
4>
.VUJBOZV (SFBU 8BMM BOE .JOH 5PNCT 5PVS $MJNC UIJT MFTT UPVSJTUZ TFDUJPO PG UIF (SFBU 8BMM BMJHIU CZ DBCMF DBS PS UPCPHHBO UIFO WJTJU UIF 6/&4$0 MJTUFE .JOH 5PNCT JO $IBOH QJOH 3.# 3.# DIJMESFO VOEFS BN $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
4> @> "MBNFEB #VTJOFTT -VODI .PO 'SJ 5XP DPVSTF TFU MVODI 3.# BN QN "MBNFEB 4BOMJUVO -V CFTJEF /BMJ .BMM $IBPZBOH %JTUSJDU
@> (SFFOรฑTI 4FBGPPE &YUSBWBHBO[B 'SJ 4BU (FU XSFDLFE JO B CSJOZ TFB PG DSBCT TDBMMPQT PZTUFST BOE MPCTUFS XIFSF UIF XJOF รณPXT MJLF UIF UJEF 3.# JODMVEJOH GSFF รณPXJOH XJOF BOE TPGU ESJOLT LJET IBMG QSJDF QN (SFFOรฑTI 3JU[ $BSMUPO #FJKJOH 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU FYU
@> 4FBGPPE $BSOJWBM %JWF JOUP LJOH DSBCT PZTUFST MPCTUFS DBWJBS BOE
#MBDL 4FTBNF 8JOF AO %JOF 5FO DPVSTFT PG $IJOFTF GPPE QSFQBSFE JO GSPOU PG ZPV BOE QBJSFE XJUI UXP /FX 8PSME XJOFT 3FTFSWBUJPOT SFRVJSFE 3.# QN #MBDL 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH %POHDIFOH %JTUSJDU XXX CMBDLTFTBNFLJUDIFO DPN
@> 'JMN 5IPNBT .BP %SFBN MJLF รฑMN BCPVU UXP VOMJLFMZ DPNQBOJPOT JO *OOFS .POHPMJB 'FBUVSFT LVOH GV BOE BMJFOT 'JMNNBLFS XJMM CF QSFTFOU PO .BZ BOE 3.# 3.# TUV EFOUT BOE TFOJPST 3.# NFNCFST QN #$ .0." /PSUI BSFB PG %POH[IJNFO .0." 9JBOHIFZVBO -V %POH[IJNFO $IBPZBOH %JTUSJDU
@> 4PVM %PDUPST #FJKJOH T GSJFOEMJFTU GVO LFST BSF CBDL UP LFFQ UIF GFWFS HPJOH 'SFF QN )PU $BU $MVC 'BOHKJB )VUPOH KVTU TPVUI PG (VP[JKJBO +JF %POHDIFOH %JTUSJDU 4PMJEB[ .PO 4BU 4FWFO QJFDF ,JXJ CBOE XJUI GFNBMF %+ GSPN *OEPOFTJB 'SFF QN 1BWJMMJPO (POHUJ 9JMV PQ
QPTJUF XFTU HBUF PG 8PSLFST 4UBEJVN $IBPZBOH %JTUSJDU "MGB (BZ /JHIU 5XP GPS POF ESJOLT CFGPSF NJEOJHIU BU #FJKJOH T CJHHFTU XFFLMZ HBZ QBSUZ 'SFF QN "MGB 9JOHGV :JDVO JO UIF BMMFZ PQQPTJUF UIF OPSUI HBUF PG 8PSLFST 4UBEJVN $IBPZBOH %JTUSJDU
@> 0MJWJFS 3PVTTFM %VFU 'SFODI KB[[ HVJUBSJTU DPNFT EPXO UP 8VEBPZ JOH )VUPOH 3.# QN 7 " $BGF #BS 8VEBPZJOH )VUPOH %POHDIFOH %JTUSJDU
@> &EEJF T /JHIU &EEJF -W 22 BOE +JPOH +JPOH QMBZ FMFDUSPOJDB 'SFF QN ,PLPNP ' 5POHMJ 4UVEJPT 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU LPLPNPCFJKJOH!HNBJM DPN XXX LPLPNPCFJKJOH DPN $IBQFMJFS 'PV 'SFODI UBMFOU MFBET ZPV EPXO B SPBE PG FMFDUSPOJD DMBTTJDBM NVTJD 8IJUF BOE 8F "SF /PU *OWJUFE KPJO JO 3.# QN ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JT USJDU LPMFHBT! DPN XXX LPMFHBT DPN
-:>7, /4AG -VDF 4FU %JOOFS "MM NPOUI $IPPTF UXP UISFF PS GPVS DPVSTFT PG *UBMJBO DVJTJOF 3.# -VDF +JVHV MPV %BKJF %POHDIFOH %JTUSJDU 'MPSJBOF EF -BTTร F *OTJEF 7JFXT .BZ 'SFODI QIPUPHSBQIFS KVY UBQPTFT IVNBO รฑHVSFT XJUI #FJKJOH T OJHIUUJNF DJUZ MJHIUT 1BSU PG 'FTUJWBM $SPJTFNFOUT 'SFF "MMJBODF 'SBOร BJTF (VBOHDBJ *OUFSOBUJPOBM .BOTJPO (POHUJ 9JMV $IBPZBOH %JTUSJDU EHDVMUVSF!BGDIJOF PSH
'JMN 5IPNBT .BP QSFTFOUFE CZ #$ .0."
%.
3FDZDMJOH "SU .BZ +VO 5IF *OUFSOBUJPOBM 3FDZDMJOH "SU 'FTUJWBM PG $BUBMPOJB QSFTFOUT JUT CFTU BSUXPSL JO $IJOB GPS UIF รฑSTU UJNF 'SFF *OTUJUVUP $FSWBOUFT " (POHUJ /BOMV $IBPZBOH %JTUSJDU XXX QFLJO DFSWBOUFT FT
5)6 .": ลฆ 8&% .":
"(&/%"
. " :
4"563%":
4> @>
CFJKJOHLJET .PN T %BZ %FBM 0SHBOJ[FE CZ CFJKJOHLJET 5IF XIPMF GBNJMZ FOKPZT CSVODI UPHFUIFS BU 1BSL 4JEF (SJMM JO -JEP XIFSF .PN XJMM CF USFBUFE UP #FMHJBO DIPDPMBUFT BOE B CPVRVFU PG SPTFT 5IFO TIF IFBET Pรญ GPS B GPPU NBTTBHF BOE NBOJDVSF BU 0SJFOUBM 5BJQBO XIJMF EBE UBLFT UIF SVHSBUT UP F GPS B LJUF NBLJOH XPSLTIPQ BOE UIFO รฑOBMMZ B USJQ UP UIF QBSL UP รณZ UIF OFX DSFBUJPOT 3.# CFJKJOHLJET $MVC .FNCFST 3.# OPO NFNCFST $POUBDU $JOEZ PS FWFOUT!CFJKJOH LJET DPN CFGPSF .BZ 1BSL 4JEF (SJMM +JBOHUBJ 9JMV PQQPTJUF 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU XXX CFJKJOH LJET DPN
'((? @> 5IF #JH T 'MFB .BSLFU 6OUJM .BZ $IJOFTF DVSJPT GVSOJUVSF BOE IPVTFIPME PCKFDUT GSPN UIF T T 1MVT TBOHSJB BOE DPPLJFT &NBJM DPOUBDU!UIFCJH T DPN JG ZPV SF JOUFSFTUFE JO QBSUJDJQBUJOH BT B WFOEPS 'SFF /PPO QN 5IF #JH T #FJMVPHV 9JBOH OFBS (VMPV %POHEBKJF BOE "OEJOHNFO %POHDIFOH %JTUSJDU
@> "SUJTU 5BML ,POH -JOHOBO i0OMZ )FS #PEZu 5IF ZPVOH BSUJTU EJTDVTTFT IPX TIF DSFBUFT OFPO PVU PG PJM QBJOUJOH 'SFF QN QN 6$$" %BTIBO[J "SU %JTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU
@> )BOET PO 5ZJOH #SBDFMFU ,OPUT 8PSL PVU ZPVS PXO BVTQJDJPVT LOPUT GPS IPNF Eร DPS PS BDDFTTPSJFT 3.# QN $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
@> #FJKJOH #PPL 4XBQ GPS (FU UISFF CPPLT GPS CSJOHJOH JO KVTU POF 'SFF QN 4FRVPJB #BLFSZ BOE $BGร 6OJU #MEH +JBOHVPNFOXBJ %JQMP NBUJD $PNQPVOE $IBPZBOH %JTUSJDU
"(&/%"
-PWF BOUJRVFT )FBE UP UIF #JH T 'MFB .BSLFU
@>
@> %JUBO 1BSL .VTJD 'FTUJWBM 5IF CJHHFTU BOOVBM HBUIFSJOH PG $IJOB T GPMLTUFST 5JDLFUT BU 3.# QFS EBZ 3.# QFS EBZ BEWBODF QVSDIBTF 3.# UXP EBZT QN %JUBO 1BSL " "OEJOHNFO XBJ %BKJF %POHDIFOH %JTUSJDU
@> "NQFE 5IF #FJKJOH #FBUMFT #BOE TJOHT ZPVS GBWPSJUF UVOFT GSPN UIF 'BC 'PVS 'SFF QN 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN &YUSB 7JSHJO 0MJWF 0JM 8JOF %JOOFS *OEVMHF JO B รฑWF DPVSTF NFOV GFBUVS JOH UIF CFTU RVBMJUZ *UBMJBO PMJWF PJMT DSFBUFE CZ 3JDDBSEP -B 1FSOB BOE $MBVEJP 4BEMFS BMM QBJSFE XJUI XJOFT 3.# QFSTPO .BZ BU QN 3JT UPSBOUF 4BEMFS $I JFO .FO 2JBO NFO %POHEBKJF %POHDIFOH %JTUSJDU
@> .BEFNPJTFMMF FU TPO 0SDIFTUSB 5IF HZQTZ KB[[ CBOE SFMFBTFT UIFJS BMCVN $BGF 1PVS %FVY 3.# QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V %POHDIFOH %JTUSJDU
5)6 .": ลฆ 8&% .":
%.
&MFDUSJD $BGร 'VOL FMFDUSP BOE IPVTF XJUI %+ 5PCJ 'SFF QN 2 #BS UPQ รณPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU XXX RCBSCFJKJOH DPN
0OF 4UFQ 'PSXBSE 5IF 3VEFOFTT 6MUJNBUF 1SPEVDUJPOT BOE .FJXFOUJ 4PVOE %+T QMBZ SFHHBF 3.# QN ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF NPWJF ESJWF JO $IBPZBOH %JTUSJDU LPMFHBT! DPN XXX LPMFHBT DPN
8BTBCJ 4PVOE /JHIU 1BUSJDL :V BOE %POBME 4VNNFS HVFTU 'SFF QN ,PLPNP ' 5POHMJ 4UVEJPT 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU XXX LPLPNPCFJKJOH DPN
-:>7, /4AG 5IF /PSUI 'BDF ยก #FJKJOH *OUFSOBUJPOBM &OEVSBODF $IBMMFOHF 4QPOTPSFE CZ UIF #FJKJOHFS UIJT FWFOU JODMVEFT UISFF DPVSTFT LN LN BOE LN 5IF DPVSTF JT B NJYUVSF PG QBWFE SPBET SPDLZ SJWFSCFET BOE IJMMZ QBUIT USBDLT BOE USBJMT +VZPOHHVBO (SFBU 8BMM .JOH 5PNCT 3FTFSWPJS 1ZUIPO .PVOUBJO 5JHFS 7BMMFZ BOE FUD JO $IBOHQJOH JOGP!UIFOPSUIGBDF DPN DO
. " :
BN QN $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU
46/%":
4> >:6?: 9B
.PN T -VYVSJPVT 4QB &YQFSJFODF %PFTO U TIF EFTFSWF UIF JOEVMHFODF 3FTFSWF BU 3.# BN NJEOJHIU 3JU[ $BSMUPO #FJKJOH " +JBOHVP -V $IJOB $FOUSBM 1MBDF $IBPZBOH %JTUSJDU XXX SJU[DBSMUPO DPN
4> @> #SVODI #VรญFU "O JOUFSOBUJPOBM GFBTU GPS .PUIFS T %BZ 3.# JO DMVEFT TPGU ESJOLT BN QN #FJKJOH #JTUSP #FJKJOH .BSSJPUU )PUFM /PSUIFBTU " 9JBPZVO -V $IBPZBOH %JTUSJDU
5SFBU .PN UP B -VYVSJPVT #SVODI #PVOUJGVM TQSFBE PG TFBGPPE BOE PUIFS EFMJHIUT &BDI NPUIFS SFDFJWFT B GSFF DBLF 3.# JODMVEJOH GSFF รณPX DIBNQBHOF 3.# OP BMDPIPM BN QN (SFFOรฑTI 3JU[ $BSMUPO #FJKJOH 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU FYU
4> @> #VPOB 'FTUB EFMMB .BNNB -VODI XJUI *UBMJBO รณBJS 3.#
4> @> 1JOL #VCCBMJDJPVT m " .PUIFS T %BZ 4QFDJBM 3.# QFS QFS TPO ' 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
'((? @> 4> @> '*;;UBTUJD .PUIFS T %BZ $IBNQBHOF CSVODI GFBUVSJOH QMFOUZ PG TFBGPPE BOE PUIFS USFBUT 3.# BN QN 7BTDP T )JMUPO 8BOH GVKJOH ' )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU XBOHGVKJOH!IJMUPO DPN
4> @> .PUIFS T %BZ #SVODI BU )PQGFO TUVCF 4BZ i%BOLFu UP .VUUJ XJUI B DPVOUSZ TUZMF CSVODI BOE GSFF รณPX CFFS 3.# GSFF LJET VOEFS BN QN )PQGFOTUVCF 4BOGFOH #FJMJ $IBPZBOH %JTUSJDU
GSFF รณPX DIBNQBHOF 3.# JODMVEFT XJOF BOE CFFS BN QN #-% $BGร 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM %BPOHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU
.PUIFS T %BZ #SVODI BU "SPNB %JTIFT GSPN BMM PWFS UIF XPSME 3.# JODMVEFT GSFF รณPX DIBN QBHOF BN QN "SPNB 3JU[ $BSMUPO #FJKJOH "SPNB " +JBOHVP -V $IBPZBOH %JTUSJDU .PUIFS T %BZ #SVODI BU #-% 8JO รณJHIUT UP 4ZEOFZ BOE B .BSSJPUU IPUFM TUBZ JO UIF MVDLZ ESBX 3.#
.PUIFS T %BZ 4QBSLMJOH $FMFCSBUJPO $IFG 1BVMP T DPOUFNQPSBSZ DVJTJOF XJUI GSFF รณPX TQBSLMJOH XJOF 3.# /PPO QN 4"-5 ' +JBOH UBJ 9JMV PQQPTJUF UIF +BQBOFTF 4DIPPM XFTU PG 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU 0OF &BTU 4VOEBZ 4QFDJBM .PUIFS T %BZ FEJUJPO PG UIF QPQVMBS SPBTU MVODI 3.# 3.# FYUSB GPS XJOF CVรญFU /PPO QN 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
@> 0QFOJOH &WFOJOH $FMFCSBUF UIF PรฎDJBM PQFOJOH PG UIF -JMZ T OFX .VTFVN $PMMFDUJPO 5IJT FWFOU BMTP GFBUVSFT UIF PQFOJOH PG #FMJUB T +FX FMSZ CPPUI -JMZ T "OUJRVFT (BPCFJEJBO 4IPXSPPN (BPCFJEJBO 'VSOJUVSF 4USFFU $IBPZBOH %JTUSJDU
-:>7, /4AG .PUIFS T %BZ 'FBTU 4VNQUVPVT CSVODI TDSVNQUJPVT DPDLUBJMT BOE NPDLUBJMT UBQBT B TQFDJBM .PUIFS T %BZ DBLF BOE B DIBODF UP NBLF B HJGU GPS .PN 3.# QFS QFSTPO 4DFOF B $BGร $IJOB 8PSME )PUFM +JBO HVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU .PUIFS T %BZ 4QFDJBM 1BDLBHF *ODMVEFT BDDPNNPEBUJPO B TQFDJBM .PUIFS T %BZ NFBM BOE B TQB CSFBL BU UIF SFOPXOFE .5. 4QB -VDLZ ESBX XJOOFS SFDFJWFT B GSFF XFFLFOE JO UIF GBCVMPVT . 4VJUF (SBOE .JMMFOOJVN %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU *OEVMHF JO B TQFDJBM 1JOL #VCCBMJDJPVT PO .PUIFS T %BZ BU 8FTUJO $IBPZBOH
%.
5)6 .": ลฆ 8&% .":
"(&/%"
. " :
.0/%":
4> @>
&OKPZ "GUFSOPPO 5FB "MM NPOUI "G UFSOPPO UFB XJUI BO *OEJBO UXJTU "EE 3.# GPS UXP HMBTTFT PG TQBSLMJOH XJOF 3.# UXP QFPQMF BN QN 0BL $IBUFBV ' 0BLXPPE 5PXFS " %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
3FBE 1FESP 1BSBNP UIFO EJTDVTT BU 5IF 4NVHHMFS T #PPL $MVC
'((? @> 4"-5 4QSJOH %BZT .PO 'SJ "EE 3.# UP ZPVS TFU MVODI GPS B HMBTT PG XJOF PS CFFS 3.# UXP DPVSTFT 3.# UISFF DPVSTFT /PPO QN 4"-5 ' +JBOHUBJ 9JMV PQQPTJUF UIF +BQB OFTF 4DIPPM XFTU PG 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU
J F QPQ NVTJD BOE TMBOH 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# 3.# XPSLTIPQT QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
@>
@> 5SBEJUJPOBM &OHMJTI 5FB "MM NPOUI *OEVMHF JO UFB BOE TDPOFT BT XFMM BT PUIFS EBJOUZ EFMJHIUT JO BO FMFHBOU TFUUJOH 3.# QN 8SJUFS T #BS 3BðFT )PUFM %POHDIBOH BO +JF %POHDIFOH %JTUSJDU FYU
@> #VSHFS #VSHFS .POEBZT $PNF IVO HSZ 5XP GPS POF PO BMM TJHOBUVSF CVSH FST QN #MVF 'SPH 4 ' #MEH 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
#PPLXPSN 1VC 2VJ[ "TL B TJMMZ RVFT UJPO HFU B USJWJBM BOTXFS 8JO ESJOLT 'SFF QN 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> ,PDPPO :PHB $MBTT XJUI -JWF .VTJD 0QFO UP BMM MFWFMT &OKPZ B NJYUVSF PG )BUIB "TIUBOHB BOE QJMBUFT UP TPPUI JOH MJWF HVJUBS BOE DIBOUT #SJOH ZPVS PXO NBU 3471 BU LPDPPOJOGP!LPDPP OTQBMPVOHF DPN 3.# QN ,PDPPO 5IF 0QQPTJUF )PVTF 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> @> )PQQZ )PVS #VZ POF HFU POF GSFF PO IPVTF CSFXFE CFFS BMM OJHIU 'SFF QN )PQGFOTUVCF 4BOGFOH #FJMJ $IBPZBOH %JTUSJDU
@> >:6?: 9B 1J[[B /JHIU #VZ POF HFU POF GSFF QJ[[B 'SFF QN NJEOJHIU $JSP T 1PNPEPSP /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> $IJOFTF -BOHVBHF $VMUVSF 8PSLTIPQ )FSF T ZPVS DIBODF UP MFBSO XIBU ZPV SFBMMZ XBOU UP LOPX
"(&/%"
#PPL $MVC 1FESP 1BSBNP CZ +VBO 3VMGP 5IF #PPL 4NVHHMFST HP .FYJDBO TVSSFBMJTU UIJT NPOUI XJUI B TIPSU OPWFM BCPVU BO FTUSBOHFE GBUIFS TPO EVP BOE UIFJS EZJOH UPXO 'PS B DPQZ PG UIF CPPL DPOUBDU -BVSFO BU MBVSFO!BCBOEPOUIFDVCF DPN 'SFF QN 5IF 4NVHHMFS T 4BOMJUVO )PVKJF OFYU UP 'JTI /BUJPO
@> >:6?: 9B $JHBST BOE 8IJTLZ 4QMBTI PVU PO B CPUUMF PG "CFSGFMEZ ZFBS TJOHMF NBMU BOE HFU UXP .POUFDSJTUP /P DJHBST 3.# QN NJEOJHIU 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS
5)6 .": Ŧ 8&% .":
%.
+JBOHVPNFOXBJ %BKJF $IBPZBOH %JT USJDU
-:>7, /4AG 5IF UI $IJOB *OUFSOBUJPOBM )PNF .FEJDBM )FBMUI $BSF 3FDPWFSZ 1SPEVDUT *OTUSVNFOUT &YQP .BZ $IJOB *OUFSOBUJPOBM &YIJCJUJPO $FOUFS #FJTBOIVBO %POHMV 4BOZVBO 2JBP $IBPZBOH %JTUSJDU XXX NEFYQP DPN DO 5IBJ $VMJOBSZ 'FTUJWBM " USJP PG FYDFQUJPOBM 5IBJ DIFGT VTF USBEJUJPOBM NFUIPET BOE UIF ñOFTU JOHSFEJFOUT .BZ 3.# GPS MVODI CVÃFU 3.# GPS EJOOFS CVÃFU JODMVEJOH POF 4JOHIB CFFS 4FOTFT 5IF 8FTUJO #FJKJOH # 'JOBODJBM 4USFFU 9JDIFOH %JTUSJDU ,POH -JOHOBO 0OMZ )FS #PEZ 6OUJM .BZ 5IF ZPVOH BSUJTU T TJHOBUVSF OFPO MBOETDBQFT BDIJFWFE UISPVHI PJM QBJOU 'SFF 6$$" %BTIBO[J "SU %JTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU -VODI *U "MM NPOUI 5XP DPVSTF MVODI XJUI DPÃFF PS UFB 3.# /PPO 4DBSMFUU )PUFM ( " (POHUJ 9JMV $IBPZBOH %JTUSJDU 8JN %FMWPZF .BZ +VM 5IF #FMHJBO BSUJTU XPSLT XJUI JOUSJDBUF DBSWJOHT PG OFP HPUIJD DFNFOU USVDLT DPODSFUF NJYFST BOE DBS UJSFT 'SFF (BMFSJF 6ST .FJMF #FJKJOH -VDFSOF $BPDIBOHEJ $IBPZBOH %JTUSJDU XXX HBMFSJFVSTNFJMF DPN
. " :
56&4%": 4> ?((?
(VJEF UP .BDSPCJPUJD $VJTJOF 'PS UIPTF XJUI B MPWF GPS XIPMFTPNF GPPET 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJY JORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU 5BML $IJOB T 3VSBM 6SCBO .JHSBOU 8PSLFST *T UIFSF IPQF GPS UIF NJHSBOUT 3.# BN OPPO $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
@> $PNCP 5VFTEBZ " CPUUMF PG IPVTF XJOF QMVT B QMBUUFS PG DPME DVUT 3.# QN 4DBSMFUU )PUFM ( " (POHUJ 9JMV JO UIF BMMFZ MFBEJOH UP +V MPOH (BSEFO $IBPZBOH %JTUSJDU
@>
@>
+FFU ,VOF %P $MBTT -FBSO UP LJDL BTT MJLF #SVDF -FF UIF GPVOEFS PG UIJT NBSUJBM BSU 3.# 3.# DMBTTFT QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUB UJPO %POHDIFOH %JTUSJDU
0QQPSUVOJUZ ,OPDLT /FUXPSLJOH &WFOJOH 4QPOTPSFE CZ "HFOEB :PV NJHIU ñOE UIF OFX DBSFFS DIBMMFOHF ZPV WF CFFO MPPLJOH GPS 1SPGFTTJPOBMT GSPN BMM JOEVTUSJFT XFMDPNF 3.# JODMVEFT GSFF ESJOL BOE DBOBQÊT 3.# SFHJTUFS CFGPSF .BZ 3FHJTUFS BU FWFOUCK!GDDMVC DPN PS DBMM 'MBNFT )JMUPO 8BOHGVKJOH 8BOHGVKJOH &BTU 4USFFU %POHDIFOH %JTUSJDU
@> $IJOB 5ISPVHI $JOFNB 5IF HMBNPVS BOE TDBOEBM PG 4IBOHIBJ UISPVHI JNQPSUBOU XPSLT PG DJOFNB 3FTFSWB UJPO SFRVJSFE DPOUBDU!DVMUVSFZBSE OFU 3.# JODMVEFT TPGU ESJOLT BOE QPQDPSO QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
@> 0QFO .JD /JHIU #FDBVTF FWFSZPOF T HPU POF HSFBU TPOH JO UIFN 'SFF QN 1BEEZ 0 4IFB T %POH[IJ NFOXBJ %BKJF $IBPZBOH %JTUSJDU
@> 4>
@> (MPCBM ,JUDIFO 4PVUIFBTU "TJBO $VJTJOF 5ISFF EJíFSFOU EJTIFT GSPN UISFF EJíFSFOU UZQFT PG DVJTJOF .B MBZTJBO 7JFUOBNFTF 5IBJ 3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
#MVF 7FMWFU "SHFOUJOFBO CBOE QMBZT -BUJO KB[[ 'SFF 5VF 5IV QN BN 'SJ 4BU QN BN .JY 8FTUJO $IBPZBOH ' 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
@> 4> .VOEP -BUJOP Y .BHJD 5FRVJMB -BUJO NVTJD 5FRVJMB TIPUT GPS 3.# ñWF CPUUMFT PG $PSPOB GPS 3.# 'SFF QN BN 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
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
%.
5)6 .": Ŧ 8&% .":
"(&/%"
. " :
8&%/&4%": 4>
3PZBM $BOBM #PBU 5PVS UP UIF 4VNNFS 1BMBDF 5BLF B VOJRVF CPBU SJEF $PTU JODMVEFT CPBU DIBSUFS BMM UJDLFUT TOBDLT ESJOLT BOE HVJEF 3.# 3.# DIJMESFO BN $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
4> @> 8PSLJOH "DSPTT $VMUVSFT )JHIMJHIU JOH UIF UISFF MFWFMT BU XIJDI DVMUVSF JO B CVTJOFTT FOWJSPONFOU DPNFT JOUP QMBZ JOEJWJEVBM DPMMFDUJWF BOE PSHBOJ[BUJPOBM 3.# 3.# NFNCFST 3FHJTUFS CZ QN PO .BZ $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ ' 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU DPNNVOMDBUJPO!CFMTXJTTDI BN PSH
4> ?((? (MPCBM ,JUDIFO 5IBJ $VJTJOF .BTUFS DMBTTJDT MJLF QBE UIBJ BOE DVSSJFT 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> 8IFBU 8FEOFTEBZT #VZ POF HFU POF GSFF XIFBU CFFS BMM OJHIU 'SFF QN )PQGFOTUVCF 4BOGFOH #FJMJ $IBPZBOH %JTUSJDU
$IJOB T CFTU SFHHBF CBOE -POH 4IFO %BP QFSGPSNT BU :VHPOH :JTIBO 3.# QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
@> #MVFT BOE +B[[ /JHIUT 8FE 5IV -JWF CMVFT GPML BOE KB[[ QFSGPSN BODFT FBTF ZPVS OFSWFT 'SFF QN &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> =4B7 $IFTT /JHIUT )PTUFE CZ UIF #FJKJOH "SNBUVSF $IFTT $MVC #"$$ 4FWFSBM TFUT PG JOUFSOBUJPOBM DIFTT BWBJMBCMF JODMVEJOH $IJOFTF DIFTT BOE (P 'SFF QN MBUF 4PVL $IBPZBOH 1BSL 8FTU (BUF JO UIF BMMFZ CFIJOE "OOJF T $IBPZBOH %JTUSJDU
@>
@> 5BJKJ 8PSLTIPQ 4USFOHUIFO CPUI NJOE BOE CPEZ 3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUB UJPO %POHDIFOH %JTUSJDU
#PC .BSMFZ %BZ $IJOB T CFTU SFHHBF CBOE -POH 4IFO %BP QFSGPSNT MJWF GPMMPXFE CZ B %+ TFTTJPO 3.# 3.# BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V %POHDIFOH %JTUSJDU
@>
%JWBT $IBNQBHOF #VZ POF HFU POF GSFF PO CPUUMFT PG .PÌU $IBOEPO BOE DIBNQBHOF DPDLUBJMT 'SFF QN NJEOJHIU 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU
@> >:6?: 9B 1IPUPHSBQIZ 5BML XJUI 1FUFS $BSOFZ (FU UJQT PO IPX UP UBLF CFUUFS QIPUP HSBQIT PG QFPQMF /P DBNFSBT OFFEFE 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU
"(&/%"
5)6 .": Ŧ 8&% .":
%.
IPUFM MPCCZ :JOUBJ $FOUFS +JBO HVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
-:>7, /4AG .JDIFMJO 4UBS $IFG BU 'SBUFMMJGSFTI .BZ .BZ 4BNQMF &SPT 1JDDP T JOOPWBUJWF TJHOBUVSF EJTIFT XIJDI ESBX EFFQMZ GSPN UIF USBEJUJPOT PG OPSUIFSO *UBMJBO DPPLFSZ %VSJOH IJT TUBZ 1JDDP BMTP QSFTFOUT B HBMB XJOF EJOOFS .BZ BOE B DPPLJOH DMBTT .BZ %FUBJMT BU PS SIJ CKTCD STWQ!SFOBJTTBODFIPUFMT DPN 'SBUFMMJGSFTI ' 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU
5BQFBOEP .BZ 0SEFS B ESJOL HFU POF UBQBT EJTI m KVTU MJLF TPVUIFSO 4QBJO 'SFF 0MÊ 4QBOJTI 3FTUBVSBOU OFYU UP 4BMTB $BSJCF $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU 4QB %JTDPVOU GPS 5FBDIFST EJTDPVOU GPS #FJKJOH UFBDIFST XJUI XPSL *% PO BMM USFBUNFOUT FYDFQU XBYJOH BOE IBJS TFSWJDFT 3FTFSWF BU SFTFSWBUJPO!BRVBTBMVT DO 41" "RVB 4BMVT 6SCBO 3FUSFBU -VDLZ 4USFFU $IBPZBOH (POHZVBO -V $IBPZBOH %JTUSJDU
. " :
5)634%": 4> @>
4VNNFS &TTFOUJBM 4UBSU XJUI B SFGSFTIJOH GSVJUZ GVMM CPEZ QPMJTI GPMMPXFE CZ B EFFQ QVSJGZJOH GBDJBM USFBUNFOU BO VQMJGUJOH BSPNBUJD CPEZ TDSVC PS B SFMBYJOH UPVDI UIFSBQZ TFTTJPO 3.# .BZ "VH 5IF 4QB ' )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU
4> ?((? *OGP 4FTTJPO %FQBSUJOH GSPN $IJOB XJUI 1FUT &WFSZUIJOH ZPV OFFE UP LOPX BCPVU UBLJOH ZPVS QFUT PWFSTFBT 3471 CZ .BZ UP JDWT@DIJOB!ZBIPP DPN 'SFF BN OPPO *OUFSOBUJPOBM $FOUFS GPS 7FUFSJOBSZ 4FSWJDFT *$74 ,FOU $FOUFS TIBSFT B DPVSUZBSE XJUI $IJOB $VMUVSF $FOUFS -JBOHNBRJBP -V "OKJBMPV $IBPZBOH %JTUSJDU XXX *$74"4*" DPN
4> @> -VODI 3BQJEP 5VF 'SJ $BO U EFDJEF XIBU UP IBWF GPS MVODI &OKPZ UXP EBJMZ TQFDJBMT BOE B HMBTT PG XJOF MPDBM CFFS PS KVJDF 3.# BN QN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JT USJDU
@>
@>
4VOOZ "GUFSOPPO 5FB *ODMVEFT WBSJPVT XFTUFSO DPPLJFT $IJOFTF UFB #SJUJTI UFB GSFTIMZ HSPVOE DPÃFF BOE GSFTI KVJDFT "QS 0DU 7JMMB $BTUBOFB 1V BO %JBO 8BO BO %POHMV )BJEJBO %JTUSJDU XXX WJMMBDBTUBOFB DPN
,SP T /FTU 5SJWJB 5FBNT PG VQ UP DPNQFUF XJUI UIF ñOBM UXP UFBNT FOUFSJOH B GBDF Pà GPS B HSBOE QSJ[F PG SFE XJOF PS WPELB QN FWFSZ 5IV 5IF ,SP T /FTU 9JBPZVO -V PQ QPTJUF 3FOBJTTBODF #FJKJOH $IBPZBOH )PUFM OFYU UP ,PV 'V +V SFTUBVSBOU $IBPZBOH %JTUSJDU
@> 4QSJOHJOH JOUP 4VNNFS &WFSZ .PO 5IV .BZ %JTDPVOUT PG PO B TFMFDUJPO PG DPDLUBJMT GPS POF NPOUI POMZ 'SFF QN 2 #BS UPQ óPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU XXX RCBSCFJKJOH DPN
@> (SFH $BSSPMM BOE #VNQ $JUZ 8FE 4BU (SFH $BSSPMM QFSGPSNT KB[[ 3 # CMVFT BOE SPDL SPMM 'SFF QN &VEPSB 4UBUJPO 'BOHZVBO 9JMV $IBPZBOH %JTUSJDU
-:>7, /4AG
@> QN 4FU %JOOFS .PO 'SJ VOUJM .BZ 4JY EJÃFSFOU OVUSJUJPVT BOE IFBMUIZ $BOUPOFTF EJTIFT SPUBUFE EBJMZ 3.# QN )PSJ[PO ' 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU
@> 0QFSB 5PTDB 1VDDJOJ T UBMF PG MPWF BOE QPMJUJDBM DPOTQJSBDZ CSPVHIU UP MJGF CZ BO JOUFSOBUJPOBM DBTU MFE CZ EJSFDUPS (JBODBSMP EFM .POBDP 3.# QN /$1" 0QFSB )PVTF $IBOH BO +JF 9JDIFOH %JTUSJDU XXX DIODQB PSH
$FMFCSFBUF .BJGFTU BU 1BVMBOFS #SBVIBVT $FMFCSBUF UIJT USBEJUJPOBM #BWBSJBO GFTUJWBM GSPN .BZ -VODI BOE EJOOFS JT B MB DBSUF 8FFL FOE CSVODI JT 3.# QFS QFS TPO JODMVEJOH GSFTIMZ CSFXFE 1BVMBOFS CFFS ,FNQJOTLJ )PUFM -VGUIBOTB $FOUFS -JBOHNBRJBP -V $IBPZBOH %JTUSJDU )BSE 3PDL $BMMJOH 6OUJM .BZ 0S EFS B 4UFMMB "SUPJT PS TQFOE PWFS 3.# UP CF FOUFSFE JO UIF ESBX UP XJO BO BMM FYQFOTFT QBJE USJQ UP -POEPO GPS UIF UI "OOJWFSTBSZ )BSE 3PDL $BMMJOH GFTUJWBM PO +VO 'SFF )BSE 3PDL $BGF ' -BOENBSL 5PXFST %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU FYU
1SJNF 3JC 5IVSTEBZ &OKPZ TMPX SPBTUFE "VTUSBMJBO 4UPDLZBSE QSJNF SJC DBSWFE UBCMFTJEF &WFSZ 5IVSTEBZ TUBSU JOH "QS 3.# 3.# -FU T 1PXXPX 5IF $65 'BJSNPOU #FJKJOH )PUFM :POH BO %POHMJ +JBOHVPNFO XBJ %BKJF $IBPZBOH %JTUSJDU 5IFDVU CFJKJOH!GBJSNPOU DPN #FJKJOH 5IVSTEBZ #VZ B QPSUJPO PG [IBKJBOHNJBO OPPEMFT BOE HFU B GSFF NM IPVTF CSFXFE CFFS )PQGFOTUVCF 4BOGFOH #FJMJ $IBPZBOH %JTUSJDU
/$1" QSFTFOUT 5PTDB 1VDDJOJhT CFMPWFE PQFSB PG QPMJUJDBM JOUSJHVF
%.
-VDF 4FU %JOOFS "MM NPOUI $IPPTF UXP UISFF PS GPVS DPVSTFT PG *UBMJBO DVJTJOF 3.# -VDF +JVHV MPV %BKJF %POHDIFOH %JTUSJDU
5)6 .": Ŧ 8&% .":
"(&/%"
. " :
'3*%": @>
$BTUBOFB $BGร T #BSCFDVF "QS 4FQ 'FBUVSJOH 4QBOJTI TFBGPPE IPNFNBEF (FSNBO EJTIFT WBSJPVT 8FTUFSO TUZMF TBMBET BOE EFTTFSU 7JMMB $BTUBOFB 1V BO %JBO 8BO BO %POHMV )BJEJBO %JTUSJDU XXX WJMMBDBTUBOFB DPN
@> 5(*' BOE 4BUVSEBZ "MM ZPV DBO ESJOL IPVTF CSFXFE CFFS 3.# QN )PQGFOTUVCF 4BOGFOH #FJMJ $IBPZBOH %JTUSJDU " TFBTPO PG XIJUF BTQBSBHVT CFHJOT BU UIF 4PรฑUFM 8BOEB
@> 0QFSB 5PTDB 1VDDJOJ T UBMF PG MPWF BOE QPMJUJDBM DPOTQJSBDZ CSPVHIU UP MJGF CZ BO JOUFSOBUJPOBM DBTU MFE CZ EJSFDUPS (JBODBSMP EFM .POBDP 3.# QN /$1" 0QFSB )PVTF $IBOH BO +JF 9JDIFOH %JTUSJDU XXX DIODQB PSH
@>
-:>7, /4AG
:BL 5JQQJOH 1BSUZ 3.# HFUT ZPV GSFF รณPX TFMFDUFE ESJOLT VOUJM BN 'SFF QN 5BP :BP #BS #FJHVBOGBOH )VUPOH TPVUIXFTU PG )PVIBJ /BOZBO N XFTU PG :JOEJOH #SJEHF 9JDIFOH %JTUSJDU
*OUP UIF 'SZJOH 1BO "MM NPOUI )BWF GVO XJUI BXBSE XJOOJOH DIFGT CZ QSFQBSJOH EJOOFS XJUI UIFN JO BO PQFO LJUDIFO 5IJT PQQPSUVOJUZ MFUT ZPV DSFBUF BO VOGPSHFUUBCMF EJOJOH FYQFSJFODF 3.# QFSTPO 3FTFSWBUJPO PG QFSTPOT SFRVJSFE (SBOHF ' 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU GCSFTFSWBUJPO DIBPZBOH!XFTUJO DPN
@> &HJM 0MTFO )F T B TJOHFS TPOHXSJUFS QPFU 4P FDDFOUSJD BOE ESFBNZ 3.# 3.# BEWBODF QN 5IF 0OF (PPE -PGU (BOMVZVBO (BPCFJEJBO #FJMV JOTJEF (VEJ .FEJB $VMUVSF (BSEFO $IBPZBOH %JTUSJDU XXX UIFPOFCFJ KJOH DPN
@>
@> 8V )POHGFJ )BQQZ "WFOVF 5TJOHIVB HJSM 8V )POHGFJ UBLFT IFS SPDL CBOE UP (VMPV %POHEBKJF 3.# 3.# BEWBODF QN ."0 -JWFIPVTF (VMPV %POHEBKJF %POHDIFOH %JTUSJDU
@> >:6?: 9B 'SJEBZ 'SFFCJFT $MBTTJD UVOFT GSPN %+ 5JQTZ BOE GSFF TIPUT PO UIF IPVS FWFSZ IPVS 'SFF QN NJEOJHIU 5IF 4UVNCMF *OO 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
"(&/%"
@> 7FSPOJRVF 5SVรญP 5SJP 'SFODI USJP JOGVTFT CPTTB OPWB XJUI TBNCB FOFSHZ 3.# QN 7 " $BGF #BS 8VEBPZJOH )VUPOH %POHDIFOH %JTUSJDU
&DMFDUJD &MFDUSJD %+ % / CMPXT UIF EPPST PQFO PO UIF XFFLFOE 'SFF QN 2 #BS UPQ รณPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU XXX RCBSCFJKJOH DPN
$BOEZ .POTUFS 4UFFMZ )FBSU +BDLZ %BOOZ .F (VBO .F " EFDFOU SPDL OJHIU PVU 3.# QN ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JTUSJDU XXX LPMFHBT DPN
5)6 .": ลฆ 8&% .":
%.
8IJUF "TQBSBHVT "MM NPOUI *U T JO TFBTPO TP NBLF UIF NPTU PG JU XJUI UIFTF TFU NFBMT 3.# MVODI 3.# EJOOFS -F 1Sร -FOร USF ' 4PรฑUFM #FJKJOH #MEH $ 8BOEB 1MB[B +JBOHVP -V $IBPZBOH %JTUSJDU FYU (BMB PG $MBTTJD #BMMFU 5IF #PMTIPJ 5IFBUFS BOE UIF .BSJJOTLZ 5IFBUSF PODF BHBJO QFSGPSN KPJOUMZ JO #FJKJOH QSPNJT JOH B TFOTBUJPOBM WJTVBM GFBTU .BZ 3.# #FJKJOH &YIJCJUJPO 5IFBUFS 9J[IJNFOXBJ %BKJF 9JDIFOH %JTUSJDU 1BTUB :PVS 0XO $SFBUJPO 'SJ 4VO VOUJM .BZ .JY BOE NBUDI QBTUBT TBVDFT BOE DPOEJNFOUT 3.# $BGร /PJS 5SBEFST 6QQFS &BTU )PUFM %POHTJIVBO #FJMV $IBPZBOH %JTUSJDU
. " :
3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
4"563%":
4> ?((?
(MPCBM ,JUDIFO $BSJCCFBO $VJTJOF " WBSJBUJPO PG "GSJDBO GPPE XJUI FYPUJD TQJDFT BOE TUVOOJOH óBWPST 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU $PPLJOH $MBTT -POHFWJUZ 1FBDI 4IBPNBJ %FMJDJPVT TOBDLT FBUFO EVSJOH IPMJEBZ DFMFCSBUJPOT 3.# 3.# DIJMESFO VOEFS BN OPPO $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
4> @> "ÃPSEBCMF "SU #FJKJOH 'JOE FYDJU JOH OFX $IJOFTF DPOUFNQPSBSZ BSU XJUIPVU SFDPSE CSFBLJOH QSJDF UBHT 'SFF BN QN 4QBDF %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU
@> (MPCBM ,JUDIFO *OEJBO $VJTJOF "MM TQJDFT DVSSJFT BOE EFMJDJPVTOFTT
@> )BSE 3PDL $BMMJOH 0SEFS B 4UFMMB "SUPJT PS TQFOE PWFS 3.# BOZUJNF CFGPSF .BZ UP CF FOUFSFE JO UIF ESBX UP XJO BO BMM FYQFOTFT QBJE USJQ UP -POEPO GPS UIF UI "OOJWFSTBSZ )BSE 3PDL $BMMJOH GFTUJWBM PO +VO " GSFF CFFS UPOJHIU GPS UIF ñSTU SFBEFST UP EFDMBSF i3PDL ZPVS XBZ UP -POEPO )ZEF 1BSL u 'SFF )BSE 3PDL $BGF ' -BOENBSL 5PXFST %POH TBOIVBO #FJMV $IBPZBOH %JTUSJDU FYU
@> 0MJWJFS 3PVTTFM %VFU .PEFSO KB[[ PSJHJOBM DPNQPTJUJPOT 'SFF QN 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 1VSQMF 4NPH 5IF 'MZJOH .BOUBT #FJKJOH T GBWPSJUF )FOESJY DPWFS CBOE XJMM CF KPJOFE CZ DSB[Z QVOLIFBET 'SFF QN )PU $BU $MVC 'BOHKJB )VUPOH KVTU TPVUI PG (VP[JKJBO +JF %POHDIFOH %JTUSJDU 4JMWFS "QQMFT 5IF /FX :PSL MFHFOE UBLFT ZPV PO B USJQ UISPVHI QTZDI
FEFMJD SPDL IJQ QPQ TZOUI QPQ ESVN CBTT UFDIOP BOE FWFSZUIJOH JO CF UXFFO 4VQQPSU GSPN 4PWJFU 1PQ BOE 5IF 0ÃTFU 4QFDUBDMFT 3.# 3.# BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V %POHDIFOH %JTUSJDU
@> 4> -FU T (FU .PKJUPFE #VZ POF HFU POF GSFF PO FWFSZPOF T GBWPSJUF NJOUZ ESJOL 'SFF QN BN 4DBSMFUU )PUFM ( " (POHUJ 9JMV $IBPZBOH %JTUSJDU
@> &DIP 8IFO USBEJUJPOBM $IJOFTF NVTJD NFFUT QTZDIFEFMJD SPDL 3.# QN 7 " $BGF #BS 8VEBPZJOH )VUPOH %POHDIFOH %JTUSJDU
@> (FU 6Q 4UBOE 6Q %SJOL 6Q 3FHHBF UVOFT BOE USPQJDBM SVN DPDLUBJMT 'SFF QN 2 #BS UPQ óPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU XXX RCBSCFJKJOH DPN
5IF 3JUF PG UIF $SPXT 0S QTZUSBODF BT JU T NPSF DPNNPOMZ LOPXO %+T 70O& %VTU BOE 'VHVJ HFU USJQQZ 3.# 3.# TUVEFOUT QN ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JTUSJDU XXX LPMFHBT DPN
8BTBCJ 4PVOE /JHIU 4IFO :VF -VQFO BOE -JV :BO CSJOH TQJDZ FMFDUSPOJD TPVOET 'SFF QN ,PLPNP ' 5POHMJ 4UVEJPT 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU LPLPNPCFJKJOH!HNBJM DPN XXX LPLPNPCFJKJOH DPN
-:>7, /4AG 3PZBM +BEF 3JWFS &YQMPSBUJPO &YQMPSF BODJFOU DVMUVSBM SFMJDT PO B HVJEFE XBML 3.# JODMVEFT FOUSZ GFFT /JOFUZ 1FSDFOU 5SBWFM %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU JOGP! QFSDFOUUBWFM DPN XXX QFSDFOUUSBWFM DPN
1JDL VQ B QJFDF PG $IJOFTF DPOUFNQPSBSZ BSU BU "ÃPSEBCMF "SU #FJKJOH
%.
5)6 .": Ŧ 8&% .":
"(&/%"
. " :
46/%": 4>
4JMWFS .PVOUBJO BOE 1BHPEB 'PSFTU )JLF )JLF UP POF PG #FJKJOH T CFTU TDFOJD TQPUT BOE BENJSF UIF IJTUPSJD #VEEIJTU TUVQBT $PTU JODMVEFT HVJEFT USBOTQPSUBUJPO ESJOLT BOE TOBDLT 3.# 3.# DIJMESFO VOEFS BN $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH .JTJOUFSQSPUBUP JT OPUIJOH JG OPU BWBOU HBSEF
4> @> *OUSPEVDUJPO UP $IJOFTF $BMMJHSB QIZ -FBWF XJUI B CFUUFS VOEFS TUBOEJOH PG $IJOFTF QIJMPMPHZ BOE ZPVS PXO XPSL JO IBOE 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# BN QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
4> @> "SPNB (PVSNFU #SVODI -PCTUFS PZTUFST GPJF HSBT JOUFSOBUJPOBM DIFFTFT BOE B 4VOEBZ SPBTU 3.# JODMVEFT VOMJNJUFE 1JQFS )FJETJFDL DIBNQBHOF BN QN "SPNB 3JU[ $BSMUPO #FJKJOH " +JBOHVP -V $IBPZBOH %JTUSJDU #FMMJOJ #SVODIJOH 'SFF óPX PSBOHF QBTTJPOGSVJU PS MZDIFF CFMMJOJT BOE PUIFS XJOFT XJUI VOMJNJUFE PSEFST Pà UIFJS CSVODI NFOV XIJDI JODMVEF FHHT #FOFEJDU BOE 4JOHBQPSFBO MBLTB 3.# 3.# OP BMDPIPM BN QN 'FOOFM #JTUSP )PUFM :J +JVYJBORJBP -V :JTIV 2V )PVKJF $IBPZBOH %JTUSJDU
4> @> #VCCMZ 4VOEBZT $BWJBS MJWF TFBGPPE UBSUBSF TUBUJPOT NBLF ZPVS PXO TVTIJ SPMMT UFQQBOZBLJ JDF DSFBN BOE NVDI NPSF 3.# JODMVEFT GSFF óPX PG 1PNNFSZ 1PQ DIBNQBHOF 3.# LJET ZPVOHFS UIBO GSFF LJET VOEFS BN QN 4FOTFT 5IF 8FTUJO #FJKJOH # 'JOBODJBM 4USFFU 9JDIFOH %JTUSJDU
"(&/%"
4> @> #VCCBMJDJPVT "O BSSBZ PG DPME BOE IPU EJTIFT BOE EFTTFSUT BMPOH XJUI KVJDF BOE TNPPUIJF TUBUJPOT " LJET DPSOFS FOUFSUBJOT UIF ZPVOH VOT 3.# JODMVEFT VOMJNJUFE DIBNQBHOF 3.# LJET BN QN 4FBTPOBM 5BTUFT ' 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
@> 5BSU 5BSUJO 6QTJEF %PXO "QQMF 5BSU -FBSOJOH IPX UP NBLF B &VSPQFBO TUZMF VQTJEF EPXO BQQMF UBSU " EJWJOF DPNCJOBUJPO PG DBSBNFMJ[FE BQQMFT BOE IPNFNBEF TXFFU UBSU DSVTU 3.# QFSTPO 3.# UXP TIBSJOH JOHSFEJFOUT 5IF 'JH 5SFF 6OJU #MEH " $IBPXBJ 4PIP $IBPZBOHNFO XBJ %BKJF $IBPZBOH %JTUSJDU XXX UIFñHUSFF DO
'SFF QN 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> .JTJOUFSQSPUBUP 4PBL JO UIJT KB[[ USJP T BWBOU HBSEF TPVOET BOE UIFO BTL UIFN BCPVU UIFJS OBNF 3.# 3.# BEWBODF 3.# 7*1 QN 5IF 0OF (PPE -PGU (BOMVZVBO (BPCFJEJBO #FJMV JOTJEF (VEJ .FEJB $VMUVSF (BSEFO $IBPZBOH %JT USJDU XXX UIFPOFCFJKJOH DPN
@> 1VOL VQ :PVS -JGF 1VOL CBOET HBUIFS JO 'BOHKJB )VUPOH 3.# QN )PU $BU $MVC 'BOHKJB )VUPOH KVTU TPVUI PG (VP[JKJBO +JF %POHDIFOH %JTUSJDU
-:>7, /4AG $PNFEZ 1FSGPSNBODF /"/5" $PPLJO ,JUDIFOXBSF QFSDVTTJPO 'JMN 5IPNBT .BP %SFBN MJLF ñMN QBOUPNJNF BDSPCBUJDT BOE TMBQTUJDL BCPVU UXP VOMJLFMZ DPNQBOJPOT JO DPNFEZ "OE OP XPSET 4FF XIZ *OOFS .POHPMJB 3.# 3.# TUV ,PSFB T MPOHFTU SVOOJOH NVTJDBM JT EFOUT BOE TFOJPST 3.# NFNCFST FBSOJOH BDDPMBEFT BSPVOE UIF XPSME QN #$ .0." /PSUI BSFB PG 3.# 1PMZ 5IFBUSF %POH[IJNFO .0." 9JBOHIFZVBO %POH[IJNFO /BOEBKJF -V %POH[IJNFO $IBPZBOH %JTUSJDU XXX QPMZUIFBUSF DPN
@>
4VNNFS $JOFNB 4PNF -JLF JU )PU 5IF DMBTTJD TDSFXCBMM DPNFEZ TUBSSJOH .BSJMZO .POSPF 5POZ $VSUJT BOE +BDL -FNNPO &OKPZ EJTDPVOUFE 3.# .BOIBUUBO DPDLUBJMT PO UIF SPPG QBUJP
5)6 .": Ŧ 8&% .":
%.
5SFLLJOH JO .JOZB ,POLB .PVOU (POHHB 6OUJM .BZ &NCBSL PO B GVMMZ TVQQPSUFE USFL UISPVHI UIF HMBDJBM UFSSBJO PVUTJEF PG $IFOHEV UP UIF CBTF DBNQ PG .JOZB ,POLB 3.# 4IBOHSJMB "EWFOUVSF XXX TIBOHSJMB BEWFOUVSF DPN
. " :
UXP DPVSTFT 3.# UISFF DPVSTFT /PPO QN 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
.0/%":
4> @>
0Mร #VTJOFTT -VODI " RVJDL UXP DPVSTF MVODI UIFO CBDL UP XPSL 3.# 3.# JODMVEFT HMBTT PG XJOF BN QN 0Mร 4QBOJTI 3FTUBVSBOU $PVSUZBSE OFYU UP 4BMTB $BSJCF (POHUJ #FJMV $IBPZBOH %JTUSJDU
4> @> 3BJTJO 8BMOVU #SFBE BOE /FJNBO .BSDVT $IPDPMBUF $IJQ $PPLJFT 5IF 'JH 5SFF JOWJUFT ZPV UP NBLF B SBJTJO XBMOVU MPBG BOE PS UIF DIPDPMBUF DIJQ DPPLJFT UIBU JOTQJSFE BO VSCBO MFHFOE 3.# CSFBE POMZ 3.# DPPLJFT POMZ 3.# CPUI "EE B QBSUOFS UP TIBSF JOHSFEJFOUT GPS 3.# FYUSB 3471 UP FSJO!UIFรฑHUSFF DO 5IF 'JH 5SFF 6OJU #MEH " $IBPXBJ 4PIP $IBPZBOHNFOXBJ %BKJF $IBPZBOH %JTUSJDU XXX UIFรฑHUSFF DO
4> @> .BOB #VTJOFTT -VODI .PO 'SJ 5XP DPVSTFT 3.# UISFF DPVSTFT 3.# BN QN .BOB 4BOMJUVO #FJYJBPKJF $IBPZBOH %JTUSJDU $IBPZBOH %JTUSJDU
'((? @> 0OF &BTU 4FU -VODI .PO 'SJ " MJHIU MVODI "NFSJDBO TUZMF 3.#
'((? @> 5IF .PEP 4FU "MM NPOUI 5XP PS UISFF DPVSTF TFU MVODI 5PQ Pรญ XJUI GSFF รณPX XJOFT PO UIF XFFLFOE 3.# /PPO QN .PEP ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> &OPUFSSB 5FSSBDF 0QFOJOH 1SPNP UJPO .PO 'SJ 'SFF รณPX SFE PS XIJUF XJOF 3.# QN &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 8JOF 3JUVBM "MM NPOUI 6OXJOE JO TPQIJTUJDBUFE TVSSPVOEJOH XJUI GSFF รณPXJOH XJOFT BOE DPDLUBJMT $BOBQFT BOE TOBDLT BMTP QSPWJEFE 3.# QN 1SFTT $MVC #BS ' 4U 3FHJT )PUFM #FJKJOH +JBO HVPNFOXBJ %BKJF %POHDIFOH %JTUSJDU FYU
@> )PFHBBSEFO /JHIU )BMG QSJDF )PFHBBSEFO BMM OJHIU XJUI GSFF รณPX CBS TOBDLT 'SFF QN 'MBNNF 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> >:6?: 9B .PPOMJHIU #BS -JTUFO UP CMVFT NVTJD VOEFS UIF DBTUBOFB USFFT XIJMF
TJQQJOH USBEJUJPOBM GSFTI (FSNBO IPNF CSFXFE CFFS *OEVMHF BMTP JO GBODZ DPDLUBJMT BOE PVS HMPCBM SFE XJOF DPMMFDUJPO "QS 4FQ 7JMMB $BTUBOFB 1V BO %JBO 8BO BO %POHMV )BJEJBO %JTUSJDU XXX WJMMBDBTUBOFB DPN
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รฑDBUJPO $MBTT GFFT GPS FBDI PG UIF UISFF MFWFMT JODMVEF BMM TUVEZ NBUFSJ BMT FYBN GFFT BOE PG DPVSTF XJOFT %SBHPO 1IPFOJY 'JOF 8JOF $POTVMUJOH JOGP!MPOHGFOHXJOFT DPN
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
.BOHP GBOT EPOhU NJTT UIF GSVJUZ GFBTU BU UIF (SBOE .JMMFOOJVN
%.
5FNQUBUJPO .POEBZT (FU PWFS UIF .POEBZ CMVFT XJUI Pรญ BOZ CPUUMF PG XJOF .PTUP ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
5)6 .": ลฆ 8&% .":
"(&/%"
. " :
56&4%": 4> ?((?
*// $PíFF .PSOJOH m 4BOMJUVO .FFU QFPQMF XIP MJWF OFBSCZ 'SFF BN OPPO 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
4> @> .BOB #VTJOFTT -VODI .PO 'SJ 5XP DPVSTFT 3.# UISFF DPVSTFT 3.# BN QN .BOB 4BOMJUVO #FJYJBPKJF $IBPZBOH %JTUSJDU $IBPZBOH %JTUSJDU
*// $PíFF .PSOJOH BU 5IF #PPLXPSN
@>
@>
5FSSB ñD 5VFTEBZT )BQQZ IPVS BMM OJHIU BOE Pí BMM CPUUMFT PG XJOF 'SFF QN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU
7PMMFZCBMM $PNQFUJUJWF WPMMFZCBMMFST QMBZ PODF B XFFL OFBS )PVIBJ QN %F UBJMT BU CFJKJOH@WPMMFZCBMM!IPUNBJM DPN
@> -JWF 4FBGPPE 1SPNPUJPO $IPPTF GSPN B TFMFDUJPO PG MPDBMMZ GBSNFE GSFTI BOE TBMUXBUFS XBUFS ñTI BMM GSPN UIFJS TVTUBJOBCMF MJWF ñTI PQFSBUJPO QN -VOBS 5IF 'BJSNPOU #FJKJOH :POH BO %POHMJ +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
@> $PPLJOH $MBTT )BOE 1VMMFE /PP EMFT %VNQMJOHT -FBSO IPX UP UVSO EPVHI JOUP UIJO iMPOHFWJUZu OPPEMFT 3.# 3.# DIJMESFO VOEFS QN $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
@> *SJTI 7PMVOUFFS 2VJ[ 8IP XIBU XIZ 3.# QFS QFSTPO QN 5IF *SJTI 7PMVOUFFS +JBOHUBJ -V PQQPTJUF UIF FBTU HBUF PG UIF -JEP )PUFM $IBPZBOH %JTUSJDU
@> 2VJ[ /JHIU )PX NBOZ XIFO BOE XIFSF 'SFF QN 5JN T 5FYBT #BS # 2 %POHEBRJBP -V OFBS JOUFSTFDUJPO XJUI (VBOHIVB -V $IBPZBOH %JTUSJDU
"(&/%"
@> )PTQJUBMJUZ BOE 5PVSJTN )05 4PDJBM /FUXPSLJOH &WFOJOH 4QPO TPSFE CZ "HFOEB .FFU UPVS PQFSBUPST QSJWBUF UPVS HVJEFT IPTQJUBMJUZ FYQFSUT SFMBYPMPHJTUT BOE QFPQMF XIP MJLF UP USBWFM 3.# JODMVEFT GSFF ESJOL BOE BQQFUJ[FST 3.# SFHJTUFS CFGPSF .BS 3FHJTUFS BU FWFOUCK!GDDMVC DPN PS ;FUB #BS )JMUPO #FJKJOH %POH 'BOH 3PBE /PSUI %POHTBOIVBO 3PBE $IBPZBOH %JTUSJDU
@> -JWF .VTJD BU $FOUSP .PO 4BU -JWF KB[[ BOE 3 # GSPN HVFTU TJOHFST 'SFF QN $FOUSP ' 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU
@> +B[[ +BN 4FTTJPO +B[[ MPWFST HBUIFS m NBZCF ZPV DBO KBN UPP 'SFF QN +JBOH )V -JWFTIPX #BS %POHNJBO IVB )VUPOH +JBPEBPLPV /BOEBKJF %POHDIFOH %JTUSJDU
-:>7, /4AG 4IJ (VPSVJ 4DFOFT 6OUJM +VO .PEFSO MBOETDBQFT VTJOH QSJNJ UJWF QIPUPHSBQIJD UFDIOJRVF UIF DBNFSB PCTDVSB .PSF JOGP BU XXX
5)6 .": Ŧ 8&% .":
%.
DDEQIPUPTQSJOH DPN 'SFF ' (BMMFSZ $BPDIBOHEJ $IBPZBOH %JTUSJDU SF(FOFSBUJPO 5PNPSSPX T 1IPUPH SBQIFST 5PEBZ 6OUJM .BZ " HSPVQ QIPUPHSBQIZ FYIJCJU QSPEVDFE CZ UIF .VTÊF EF M &MZTÊF JO -BVTBOOF 'SFF 1ÊLJO 'JOF "SUT $BPDIBOHEJ $VJHF[IVBOH $IBPZBOH %JTUSJDU 5FNQUBUJPO 5VFTEBZT %SJOLT PO 5VFTEBZ 8IZ OPU &OKPZ ZPVS GBWPSJUF XJOFT BU Pí .PEP ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU (BFMJD 'PPUCBMM -FBSO IPX UP QMBZ UIF HBNF 5IF ñSTU TFTTJPO JT GSFF GPS OFXDPNFST 3.# QN .FFU BU UIF +JBOXBJ 4PIP GPPUCBMM QJUDIFT 4"-5BTUBUJPO "MM NPOUI 'JWF UBTUJOH DPVSTFT QBJSFE XJUI OFX BOE PME XPSME XJOFT 3.# GPPE BOE XJOF 3.# GPPE POMZ 4"-5 ' +JBOH UBJ 9JMV PQQPTJUF UIF +BQBOFTF 4DIPPM XFTU PG 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU #SJOHJOh JO UIF #BDPO .BZ 4BNQMF CBDPO JOGVTFE CPVSCPO BOE FTQSFTTP JOGVTFE SVN 'SFF 2 #BS UPQ óPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU XXX RCBSCFJKJOH DPN
. " :
QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
@>
8&%/&4%": 4> ?((?
*// $PรญFF .PSOJOH m -JBOHNBRJBP .FFU QFPQMF XIP MJWF OFBSCZ BOE TXBQ UBMFT PG UIF DJUZ 'SFF BN OPPO 4UBSCVDLT (SBOE 4VNNJU 4FDUJPO # -JBOHNBRJBP %JQMPNBUJD .BOTJPO %POHGBOH %POHMV $IBPZBOH %JTUSJDU $IJOFTF ,JUDIFO 7FHFUBSJBO $PWFST UIF DMBTTJD NFBUMFTT EJTIFT BT XFMM BT iNFBUu EJTIFT XJUI B WFHFUBSJBO UXJTU 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> 4JOHMFT .JYFS -PPLJOH GPS MPWF JO BMM UIF XSPOH QMBDFT 'JOE ZPVS QFSGFDU NBUDI IFSF 3.# JODMVEFT ESJOLT BOE DBOBQร T QN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU
#BENJOUPO 4IVUUMFDPDL TIFOBOJHBOT QN $POUBDU +PIO BU KPIOTL@ IP!IPUNBJM DPN
@> 'JMN %FFQ JO UIF $MPVET :PVOH รฑMN NBLFS -JV +JF QBJOUT B QJDUVSF PG MPWF BOE MJGF JO B -JTV WJMMBHF BMPOH UIF /V 3JWFS XIJDI CPSEFST :VOOBO 5JCFU BOE #VSNB 3.# 3.# TUVEFOUT BOE TFOJPST 3.# NFNCFST QN #$ .0." /PSUI BSFB PG %POH[IJNFO .0." 9JBOHIFZVBO -V %POH[IJNFO $IBPZBOH %JTUSJDU
(SPPWZ 5VOFT 'FBUVSJOH QJBOP CBTT ESVNT 1VSQMF )B[F $PVSUZBSE QSFTFOUT ZPV B HSPPWZ OJHIU XJUI %BWJE .PTFS 5PCJ BOE )BJUBP 1VSQMF )B[F $PVSUZBSE %POHTJ -JVUJBP %POHDIFOH %JTUSJDU QVSQMFIB[F!QVSQMFIB[F DPN DO XXX QVSQMFIB[F DPN DO .BSUJOJ .BOIBUUBO /JHIU )BMG QSJDF PO BMM NBSUJOJT 'SFF QN 'MBNNF 4 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> -ZSJDBM +PVSOFZ XJUI 5BCJUIB ,JOH 3FMBY UP UIF TPVOET PG UIF OFX SFTJEFOU FOUFSUBJOFS BU $FOUSP 'SPN KB[[ UP QPQ IFS TPPUIJOH TVMUSZ TPVOE IBT NFTNFSJ[FE BVEJ FODFT BSPVOE UIF XPSME .PO 4BU $FOUSP ' 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU 1PNNF 0 4IFB T 2VJ[ 8IJDI #FJKJOH CBS VTFE UP CF DBMMFE i5IF 1PNFHSBO BUFu 'SFF QN 1PNNF 0 4IFB T ,BJGB -V 9JCBJYJO[IVBOH )PVTIBZV 4IVOZJ %JTUSJDU
@> 8JOF 'FWFS #VZ BOZ CPUUMF PG XJOF BOE FOKPZ GSFF รณPX UBQBT 3.# QN &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU -BEJFT /JHIU )PVTF XJOF JT PO UIF IPVTF HFOEFS QFSNJUUJOH 'SFF QN %BP -F *OUFSOBUJPOBM "SU 1MB[B 1JOHPE #BJ[JXBO -V FBTU PG UIF 5PEBZ "SU .VTFVN $IBPZBOH %JTUSJDU
@> 5BJKJ 8PSLTIPQ 4USFOHUIFO CPUI ZPVS NJOE BOE ZPVS CPEZ 3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@>
@> *OUSPEVDUJPO UP 5FB &WFSZUIJOH ZPV WF FWFS XBOUFE UP LOPX BCPVU UFB 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# 3.# BEWBODF
1BEEZ T 2VJ[ 8IJDI RVJ[ IPTU TXFBST UIF NPTU 1SJ[FT GPS FWFSZ SPVOE BOE NPSF 'SFF QN 1BEEZ 0 4IFB T %POH[IJNFOXBJ %BKJF $IBPZBOH %JTUSJDU
@> 'MBTIEBODF T 1BSUZ BOE -BEJFT /JHIU .JDIBFM +BDLTPO .BEPOOB BOE GSFF ESJOLT GPS MBEJFT 'SFF QN 5IF )PVTF 8PSLFST 4UBEJVN /PSUI (BUF (POHUJ #FJMV $IBPZBOH %JTUSJDU
-:>7, /4AG 8BOH $IVBO 3FGPDVT 5IF %SBHPO 6OUJM .BZ 5IF #FJKJOH CBTFE QIPUPHSBQIFS IVOUT EPXO UIF NZUIJDBM SFQUJMFT QPQVMBUJOH PVS GBJS DJUZ 'SFF 1ร LJO 'JOF "SUT $BPDIBOHEJ $VJHF[IVBOH $IBPZBOH %JTUSJDU 'JMN %FFQ JO UIF $MPVET QSFTFOUFE CZ #$ .0."
%.
5)6 .": ลฆ 8&% .":
"(&/%"
"
#
$
%
"(&/%"
5)6 .": Ŧ 8&% .":
%.
(SBOE .JMMFOOJVN #FJKJOH
%.
5)6 .": Ŧ 8&% .":
"(&/%"
7*4*503 */'0 *OGPSNBUJPO PO UIJT QBHF FYDFSQUFE GSPN UIF *OTJEFS T (VJEF UP #FJKJOH BWBJMBCMF JO TUPSFT BSPVOE #FJKJOH PS CZ EFMJWFSZ UP ZPVS IPNF IPUFM PS PîDF 5P PSEFS B DPQZ DBMM PS F NBJM EJTUSJCVUJPO!JNNFSTJPOHVJEFT DPN
$0..6/*$"5*0/4 64&'6- /6.#&34
"NCVMBODF &NFSHFODJFT #FJKJOH "NCVMBODF 4FSWJDF #FJKJOH 6OJUFE 'BNJMZ )PTQJUBM &NFSHFODZ 3PPN 'JSF 1PMJDF
8*Ŭ'*
'PS B MJTU PG 8J 'J MPDBUJPOT JO #FJKJOH WJTJU IUUQ W KJXJSF DPN TFBSDI XJñ IPUTQPUT IUN DJUZ@JE 64&'6- 8&#4*5&4
XXX UIFCFJKJOHFS DPN "HFOEB T TJTUFS TJUF IBT B EJSFDUPSZ MJTUJOH NPSF UIBO #FJKJOH WFOVFT BT XFMM BT B CMPH GPSVN FWFOUT SFWJFXT DMBT TJñFET BOE NPSF XXX CFJKJOH LJET DPN i#FJKJOH T FTTFOUJBM FYQBU GBNJMZ SFTPVSDFu PÃFST BSUJDMFT FWFOUT B EJSFDUPSZ BOE GPSVN DBUFSJOH UP &OHMJTI TQFBLJOH GBNJMJFT
$IJOB +BQBO 'SJFOETIJQ )PTQJUBM .PO 'SJ BN OPPO QN 4BU BN IPVS FNFSHFODZ :JOHIVB %POHKJF )FQJOHMJ )FQJOH +JF #FJLPV $IBPZBOH %JTUSJDU XXX [SZIZZ DPN DO
)POH ,POH *OUFSOBUJPOBM .FEJDBM $MJOJD #FJKJOH %BJMZ BN QN IPVS FNFSHFODZ ' 4XJTTÃ&#x201D;UFM PîDF UPXFS $IBPZBOHNFO #FJEBKJF %POHDIFOH %JTUSJDU FYU XXX ILDMJOJD DPN
)041*5"-4 $-*/*$4
5SBîD "DDJEFOU 5FMFQIPOF %JSFDUPSZ $IJOFTF QSFTT GPS &OHMJTI TFSWJDF 5JNF 8FBUIFS
#BZMFZ +BDLTPO .FEJDBM $FOUFS $MJOJD BOE EFOUBM IPVST .PO 'SJ BN QN 4BU BN QN EPDUPS PO DBMM IPVST 3JUBO %POHMV $IBPZBOH %JTUSJDU XXX CKIFBMUIDBSF DPN
*OUFSOBUJPOBM .FEJDBM $FOUFS *.$ %BJMZ IPVST 4 ' -VGUIBOTB $FOUFS -JBOH NBRJBP -V $IBPZBOH %JTUSJDU EFOUBM XXX JNDDMJOJDT DPN
1)0/& $"3%4 .0#*-& 1)0/&4
*1 DBSET GPS DBMMT JO $IJOB BOE PWFSTFBT BSF TPME JO DFMM QIPOF TUPSFT OFXT TUBOET BOE $IJOB 5FMFDPN PVUMFUT $BSET XJUI B GBDF WBMVF PG 3.# TFMM GPS 3.# 4*. DBSET BOE DFMM QIPOF UPQ VQ DBSET DIPOH [IJ LB
DBO CF CPVHIU GSPN DFMM QIPOF TUPSFT OFXTTUBOET BOE 4*. DBSE TIPQT $BMM BOE 4.4 DIBSHFT BSF BT GPMMPXT GPS UIF NBKPS OFUXPSLT $IJOB .PCJMF &BTZPXO 4IFO ;IPV 9JOH
.BLJOH BOE SFDFJWJOH DBMMT DPTUT 3.# NJO $BMMT DPTU 3.# NJO XJUIJO #FJKJOH BOE 3.# NJO EPNFTUJD MPOH EJTUBODF JG ZPV EJBM ñSTU UIFO UIF OVNCFS ZPV XJTI UP DBMM . [POF %POH (BO %J %BJ
-PDBM DBMMT 3.# NJO BU QFBL IPVST BN QN PÃ QFBL DBMMT 3.# NJO $IJOB 6OJDPN 3VZJUPOH
-PDBM DBMMT 3.# NJO MPOHFS EJTUBODF DBMMT 3.# NJO %JBMJOH CFGPSF UIF OVNCFS ZPV XJTI UP DBMM SFEVDFT CPUI MPDBM BOE MPOH EJT UBODF DBMMT UP 3.# NJO 3FDFJWJOH DBMMT DPTUT 3.# NJO XFFLEBZT BN QN BOE 3.# NJO PÃ QFBL 61 9JOTIJMJ 61
-PDBM DBMMT 3.# NJO 3FDFJWJOH DBMMT DPTUT 3.# NJO 1BZJOH BO FYUSB 3.# QFS NPOUI HJWFT VOMJNJUFE GSFF JODPNJOH QIPOF DBMMT BOE MPXFS GFFT GPS NBLJOH QIPOF DBMMT
"(&/%"
#FJKJOH *OUFSOBUJPOBM 404 $MJOJD %BJMZ IPVST 1IBSNBDZ .PO 'SJ BN QN 4BU 4VO BN QN 4VJUF 8JOH ,VOTIB #MEH 9JO ZVBO MJ $IBPZBOH %JTUSJDU IS XXX JOUFSOBUJPOBMTPT DPN
#FJKJOH 6OJUFE 'BNJMZ )PTQJUBM BOE $MJOJDT .PO 4BU BN QN 4VO BN QN IPVS FNFSHFODZ +JBOHUBJ -V -JEP BSFB $IBPZBOH %JTUSJDU BQQPJOUNFOU FNFSHFODZ XXX VOJUFE GBNJMZIPTQJUBMT DPN #FJKJOH 6OJUFE 'BNJMZ )FBMUI 8FMMOFTT $FOUFS ¢ +JBOHVPNFO .PO 'SJ BN QN # ' 4U 3FHJT )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FNFS HFODZ XXX VOJUFEGBNJMZ IPTQJUBMT DPN
#FJKJOH 6OJUFE 'BNJMZ $MJOJD m 4IVOZJ .PO 5IV BN QN 'SJ 4VO BN QN 6OJU 1JOOBDMF 1MB[B 5JBO[IV 3FBM &TUBUF %FWFMPQNFOU ;POF 4IVOZJ %JTUSJDU FNFSHFODZ XXX VOJUFEGBNJMZIPTQJUBMT DPN
#FJKJOH 7JTUB $MJOJD m ,FSSZ $FOUSF %BJMZ IPVST DMJOJD IPVST BN QN # ,FSSZ $FOUFS (VBOHIVB -V $IBPZBOH %JTUSJDU XXX WJTUB DIJOB OFU
5)6 .": Ŧ 8&% .":
%.
1FLJOH 6OJPO .FEJDBM $PMMFHF )PT QJUBM .PO 'SJ BN QN IPVS FNFSHFODZ 4IVBJGVZVBO 8BOHGVKJOH UIF GPSFJHOFST XJOH JT MPDBUFE TPVUI PG UIF JOQBUJFOU CVJMEJOH %POHDIFOH %JTUSJDU FNFSHFODZ XXX QVNDI BD DO
.0/&: "5.4
.PTU "5.T BDDFQU GPSFJHO CBOLDBSET DPOOFDUFE UP UIF $JSSVT 1MVT "N&Y 7JTB BOE .BTUFS$BSE OFUXPSLT 4PNF MPDBM CBOLT DIBSHF USBOTBDUJPO GFFT 3.# GPS #BOL PG $IJOB CVU NBOZ EP OPU ZPVS IPNF DPVOUSZ CBOL XJMM QSPCBCMZ TMBQ PO B GFF GPS FBDI XJUIESBXBM JO #FJ KJOH .BYJNVN TJOHMF EBZ XJUIESBXBM MJNJUT GPS GPSFJHO DBSET WBSZ CVU SBOHF 3.# XJUI B QFS TFTTJPO MJNJU 'PS B MJTU PG "5.T TFF XXX NPWF BOETUBZ DPN CFJKJOH HVJEF@CBOLT BTQ "NFSJDBO &YQSFTT BGUFS IPVST 64 IPUMJOF &NFSHFODZ DBSE SFQMBDFNFOU )POH ,POH 4UPMFO USBWFM FS T DIFDLT UPMM GSFF
8FTUFSO 6OJPO $IJOB 1PTU #FJKJOH FYU XXX XFTUFSOVOJPO DPN 7JTB $FSUBJO CBOLT OPUBCMZ #BOL PG $IJOB BOE )4#$ DBO QSPWJEF DBTI BEWBODFT XJUI B 7JTB DBSE .BOZ "5.T BMMPX 7JTB DBSEIPMEFST UP XJUIESBX NPOFZ VQ UP B EBJMZ MJNJU
7*4*503 */'0 53"/41035 53"7&"*31035 "*3-*/&4
#FJKJOH $BQJUBM *OUFSOBUJPOBM "JSQPSU (FOFSBM FORVJSJFT MPTU MVHHBHF DVTUPNFS DPNQMBJOUT 5FSNJOBM 5FSNJOBM 5FSNJOBM IUUQ FO CDJB DPN DO "JS $BOBEB "JS $IJOB "JS 'SBODF "MM /JQQPO "JSXBZT "VTUSJBO "JSMJOFT #SJUJTI "JSXBZT $IJOB 4PVUIFSO "JSMJOFT $POUJOFOUBM "JSMJOFT %SBHPO "JS +BQBO "JSMJOFT ,-. 3PZBM %VUDI "JSMJOFT ,PSFBO "JS -VGUIBOTB "JSMJOFT /PSUIXFTU "JSMJOFT 2BOUBT "JSMJOFT 4"4 4IBOHIBJ "JSMJOFT 4JOHBQPSF "JSMJOFT 4XJTT "JS 5IBJ *OUFSOBUJPOBM 6OJUFE "JSMJOFT 53"*/4 3"*-8": 45"5*0/4
5SBJO UJDLFUT HP PO TBMF UFO EBZT JO BEWBODF PG EFQBSUVSF BU USBJO TUBUJPOT BOE UJDLFU BHFODJFT CVU BSF BWBJMBCMF UP USBWFM BHFOUT B EBZ FBSMJFS 3PVOE USJQ UJDLFUT GPS USBJOT TUBSUJOH GSPN BOE UFSNJOBUJOH JO #FJKJOH DBO OPX CF QVS DIBTFE EBZT CFGPSF UIF SFUVSO EBUF *O BEEJUJPO UJDLFUT GPS UIF #FJKJOH )POH ,POH USBJO DBO CF CPVHIU VQ UP EBZT BIFBE PG EFQBSUVSF 5P CPPL B UJDLFU GPS QJDL VQ BU BHFODZ OFBS ZPV DBMM :PV DBO BMTP PSEFS B UJDLFU PO XXX QJBP DPN USBJO GPS QJDL VQ PS GPS B 3.# TVSDIBSHF EFMJWFSZ UP BO BEESFTT XJUIJO UIF 'PVSUI 3JOH 3PBE #FJKJOH 4UBUJPO #FJKJOH )VP DIF[IBO #FJKJOH ;IBO +JF %POHDIFOH %JTUSJDU $IJOFTF #FJKJOH 8FTU 3BJMXBZ 4UBUJPO #FJ KJOH 9JLF[IBO -JBOIVBDIJ %POHMV FBTU PG 9JTBOIVBO -V 'FOHUBJ %JTUSJDU
$IJOFTF
"MM FNCBTTJFT FYDFQU 3VTTJB T BSF MPDBUFE JO $IBPZBOH %JTUSJDU
#FJKJOH 4PVUI 3BJMXBZ 4UBUJPO #FJKJOH /BO[IBO :POHEJOHNFO XBJ %BKJF $IPOHXFO %JTUSJDU
"VTUSBMJB %POH[IJNFOXBJ %BKJF
#FJKJOH /PSUI 4UBUJPO #FJKJOH #FJ[IBO 9J[IJNFO 9JDIFOH %JTUSJDU $IJOFTF
#FJKJOH 5BYJ %JTQBUDIJOH $FOUFS 5IFZ DBO U TFOE B ESJWFS UP ZPVS IPVTF CVU XJMM BMFSU BMM UBYJT XJUI (14 JO UIF WJDJOJUZ PG ZPVS SFRVFTU GPS B UBYJ BOE FYBDU MPDBUJPO #FKJJOH :JOKJBO 5BYJ $PNQBOZ $BMM UIFN BOE UIFZ XJMM OPUJGZ UIFJS ESJWFST PG ZPVS MPDBUJPO
"4. $IBVÃFVS BOE 5PVS 4FSWJDFT "JSQPSU QJDL VQ BOE EFMJWFSZ TFSWJDF DIBVÃFVS TFSWJDF BOE QFSTPOBM HVJEF TFSWJDF BWBJMBCMF &OHMJTI TQFBLJOH ESJWFST 1SJDJOH PO XFCTJUF XXX DIBVÃFVSBTJB DPN #FJKJOH -JNP "JSQPSU QJDLVQ DPSQP SBUF FWFOUT BOE TJHIUTFFJOH $IPPTF GSPN TUSFUDI MJNPT CVTFT BOE WBOT BMM XJUI CJMJOHVBM ESJWFST XXX CFJKJOHMJNP DPN FOHMJTI 5063 $0.1"/*&4
#FJKJOH $JUZCVT 5PVST 4FF BMM PG #FJ KJOH T NBKPS TJHIUT JO B UISFF IPVS CVT UPVS $BMM PS GPS JOGPSNBUJPO XXX DJUZCVTUPVS DPN
1"4410354 7*4"4 7*4" "11-*$"5*0/4 &95&/4*0/4
&YJU &OUSZ "ENJOJTUSBUJPO PG UIF 1VCMJD 4FDVSJUZ #VSFBV .PO 4BU BN QN "OEJOH NFO %POHEBKJF CZ 9JBPKJF 2JBP %POHDIFOH %JTUSJDU
*G ZPVS FNCBTTZ IBT NPWFE PS ZPV DBO U ñOE JU JO UIF MJTU CFMPX DPOTVMU UIF VQ UP EBUF MJTU PG BMM UIF FNCBTTJFT JO #FJKJOH BU XXX USBWFMDIJOBHVJEF DPN FNCBTTZ GPSFJHO CFJKJOH
%.
'SBODF 4BOMJUVO %POHTBO +JF (FSNBOZ %POH[IJNFOXBJ %BKJF *OEJB 3JUBO %POHMV
5"9*4
#FJKJOH T DBCT BSF FBTZ UP IBJM FYDFQU EVSJOH UIF SVTI IPVS QFBL %SJWFST BSF HFOFSBMMZ GSJFOEMZ BOE IPO FTU CVU GFX TQFBL &OHMJTI 5IF óBHGBMM SBUF JT 3.# BOE 3.# BGUFS QN "U QSFTT UJNF ESJWFST DPVME BEE BO BEEJUJPOBM 3.# UP UIF CJMM UP DPWFS GVFM DPTUT 5JQT BSF OPU FYQFDUFE
&.#"44*&4
$BOBEB %POH[IJNFOXBJ %BKJF
*SFMBOE 3JUBO %POHMV *UBMZ 4BOMJUVO %POH FSKJF +BQBO 3JUBO -V +JBOHVPNFOXBJ .BMBZTJB -JBOHNBRJBP #FJKJF /FUIFSMBOET -JBOHNBIF /BOMV /FX ;FBMBOE 3JUBO -V %POHFSKJF 1BLJTUBO %POH[IJNFOXBJ %BKJF 1IJMJQQJOFT 9JVTIVJ #FJKJF 3VTTJB %POH[IJNFO #FJ[IPOHKJF 4JOHBQPSF 9JVTIVJ #FJKJF 4PVUI "GSJDB %POH[IJNFOXBJ %BKJF 4PVUI ,PSFB %POHGBOH %POHMV 4XFEFO %POH[IJNFOXBJ %BKJF 4XJU[FSMBOE 4BOMJUVO %POHXVKJF 5IBJMBOE &NCBTTZ (VBOHIVB -V 7JTB BOE DPOTVMBS TFDUJPO ' #MEH % 5XJOT 5PXFS +JBOHVPNFOXBJ %BKJF
6OJUFE ,JOHEPN &NCBTTZ (VBOH IVB -V 7JTB BOE $POTVMBS TFDUJPOT ' /PSUI 5PXFS ,FSSZ $FOUSF (VBOHIVB -V
6OJUFE 4UBUFT PG "NFSJDB "OKJBMPV -V FOUSBODF PO 5JBO[F -V WJTBT WJTB DBMM DFOUFS 7JFUOBN (VBOHIVB -V
5)6 .": Ŧ 8&% .":
"(&/%"
-"/(6"(& (6*%& *OUSPEVDUJPO UP UPOFT SFQSPEVDFE GSPN *NNFSTJPO (VJEFT .BOEBSJO 1ISBTFCPPL BWBJMBCMF JO TUPSFT BSPVOE #FJKJOH PS CZ EFMJWFSZ 5P PSEFS B DPQZ DBMM PS F NBJM EJTUSJCVUJPO!JNNFSTJPOHVJEFT DPN "U B MPTT GPS XPSET 5IFTF UXP QBHFT BSF B RVJDL SFGFSFODF TVNNBSZ PG VTFGVM QISBTFT UIBU NJHIU DPNF JO IBOEZ PO ZPVS USBWFMT BSPVOE #FJKJOH :PV XPO U HFU GBS XJUIPVU LOPXJOH TPNF PG UIF CBTJDT PG TQPLFO $IJOFTF TP MFU T TUBSU XJUI 50/&4
r 5POF JT WBSJBUJPO JO QJUDI CZ XIJDI B TZMMBCMF DBO CF QSP OPVODFE "MM $IJOFTF QJOZJO BSF NBSLFE XJUI POF PG GPVS UPOFT 5IF GPVS UPOFT BSF BT GPMMPXT TU UPOF m TJOHJOH UPOF IJHI ├│BU DPOUJOVPVT OE UPOF m SJTJOH TJNJMBS UP UIF JOUPOBUJPO VTFE UP BTL B RVFTUJPO JO &OHMJTI MJLF iPI u SE UPOF m EJQ UPOF GBMMT BOE UIFO SJTFT UI UPOF m GBMMJOH UPOF TIBSQ MJLF XIFO ZPV IPMMFS iCPP u r 5IFTF UPOFT BSF JODSFEJCMZ JNQPSUBOU *G ZPV HFU UIFN XSPOH QFPQMF XJMM OPU VOEFSTUBOE XIBU ZPV BSF TBZJOH .BOZ TZMMBCMFT JO QJOZJO IBWF ESBNBUJDBMMZ EJ├нFSFOU NFBO JOHT EFQFOEJOH PO UIF UPOF 5BLF GPS JOTUBODF UIF 1JOZJO DPOTUSVDUJPO CBP 'JSTU UPOF E─ЕR XSBQ 4FDPOE UPOF EiR UIJO 5IJSE UPOF EтАл╫ЩтАмR HVBSBOUFF 'PVSUI UPOF EjR IVH "T ZPV DBO TFF JG ZPV SF OPU DBSFGVM ZPV XJMM NJTUBLFOMZ UFMM TPNFPOF UIBU ZPV XBOU UP IVH UIFN XIFO JO GBDU ZPV KVTU XBOU UP HJWF UIFN B HVBSBOUFF )FMMP IJ (PPE CZF 1MFBTF 5IBOL ZPV :FT OP (PPE OPU HPPE .Z OBNF JT w * N TPSSZ FYDVTF NF * BN w $BO * w * EPO U VOEFSTUBOE $BO ZPV TQFBL &OHMJTI 8IFSF JTw 5JBOBONFO 'PSCJEEFO $JUZ 8BOHGVKJOH (SFBU 8BMM
5BLF NF UPw %SJWFS 5VSO MFGU 5VSO SJHIU (P TUSBJHIU BIFBE 8F SF UIFSF 6 UVSO * XBOU UIF SFDFJQU USB├оD MJHIU DSPTT UIF TUSFFU
Qt KтАл╫ЩтАмR ]jL MLjQ TтАл╫ЫтАмQJ [Lq [Lq VKu E~ VKu KтАл╫ЩтАмR EX KтАл╫ЩтАмR ZтАл ╫ЭтАмMLjR┬л w G L E TтАл ╫ЫтАм ZтАл ╫ЭтАмVKu ┬л w ZтАл ╫ЭтАмN─Ъ \тАл┬л╫ЫтАмPD" W─иQJ E GтАл╫ЭтАмQJ QтАл ╫ЫтАмKXu VKX┼Ж \─иQJ \тАл ╫ЯтАмPD"
]jL QтАл╫ЩтАмw 7L─ЕQ─ЕQPpQ * J┼ЖQJ :iQJIтАл╫ЯтАмMтАл╫ЫтАмQJ &KiQJFKpQJ
5)6 .": ┼ж 8&% .":
$"#4 "/% %*3&$5*0/4
ZтАл\ ╫ЭтАмjR T VK─и IX ]XтАл] ╫ЭтАмKXтАл╫ЩтАмQ \zX ]KXтАл╫ЩтАмQ \u ]Kt ]тАл╫ЭтАмX GjR OH GLjR WyX ZтАл\ ╫ЭтАмjR ID SLDR KyQJ OтАл ╫зтАмG─ТQJ JXz PтАл╫ЩтАмO
4)011*/( "/% #"3("*/*/(
* EPO U XBOU UIJT ZтАл ╫ЭтАмEX \jR ]Kq Jq * XBOU POF PG BO JUFN ZтАл\ ╫ЭтАмjR \t Jq )PX NVDI EPFT JU DPTU GX┼Ж VKтАл╫ЩтАмR TLiQ" 0OF ZVBO LVBJ VOJU PG DVSSFODZ \u \XiQ \t NXjL 5IBU T UPP FYQFOTJWF WjL JXu OH $BO ZPV MPXFS UIF QSJDF 1pQJ SLiQ\L \uGLтАл╫ЩтАмQ PD" 8IFSF DBO * CVZw ]jL QтАл ╫ЩтАмN─Ъ \тАл ╫ЫтАмPтАл╫ЩтАмL┬л"
#"4*$4
(&55*/( "306/%
"(&/%"
5FNQMF PG )FBWFO 7L─ЕQWiQ 4VNNFS 1BMBDF <tKp\XiQ 0ME 4VNNFS 1BMBDF <XiQPtQJ\XiQ -BNB 5FNQMF <┼ЖQJKpJ┼ЖQJ 4JML 4USFFU .BSLFU ;L 6KXтАл ╫ЫтАм-L─Т :BTIPX .BSLFU <тАл[╫ЩтАмL 6KuFKтАл╫ЩтАмQJ 5IF 1MBDF 6KuPjR 7L─ЕQML─Т 4BOMJUVO 6─ЕQOтАл╫ЫтАмW~Q )PVIBJ +zXKтАл╫ЩтАмL 8PSME 5SBEF $FOUFS *XyPjR 'JOBODJBM 4USFFU -─иQUyQJ -L─Т CBOL \tQ KiQJ QPTU P├оDF \yX M~ IPUFM OтАл ╫етАмGLjQ BJSQPSU M─и FKтАл╫ЩтАмQJ SBJMXBZ TUBUJPO KXтАл╫ЭтАмFK─Т ]KjQ TVCXBZ TUBUJPO GuWLp ]KjQ QIBSNBDZ \jR GLjQ IPTQJUBM \─и \XjQ FNCBTTZ Gj VKтАл ╫ЫтАмJXтАл╫ЩтАмQ OPSUI TPVUI FBTU XFTU E─ЪL QiQ G┼ЖQJ [─и
&"5*/(
XBJUFS XBJUSFTT I~ Z \XiQ NFOV FjL G─ЕQ PSEFS GPPE GLтАл╫ЩтАмQ FjL CJMM DIFDL PтАл╫ЩтАмL G─ЕQ * BN WFHFUBSJBO ZтАл ╫ЭтАмFK─и V ZтАл ╫ЭтАмE FK─и UzX * EP OPU FBU QPSL CFFG ZтАл ╫ЭтАмE FK─и ]K┼ЮUzX QL~UzX * BN BMMFSHJD UP QFBOVUT ZтАл ╫ЭтАмGXu KX─Е VK─ТQJ JXz PтАл╫ЫтАмQ UIF GPPE T HPPE KтАл╫ЩтАмR FK─и DIPQTUJDLT NXjL ]L LOJGF BOE GPSL G─ЕR FK─Е TQPPO VKiR ]L DVQ HMBTT E─ТL ]L OBQLJO F─ЕQ M─иQ ]KтАл ╫ЫтАм SJDF PтАл ╫ЫтАмIjQ DIJMJ TBVDF Oj ML─ЕR LFUDIVQ I─ЕQ TLp MLjQJ WJOFHBS F
%.
-"/(6"(& (6*%& CBH CBS CBUISPPN CBUUFSZ DIBSHFS CPPL DBNFSB DJHBSFUUFT DSFEJU DBSE MJHIUFS DMPUIFT UP IBWF B DPME DPNQVUFS FMFWBUPS HMBTTFT IPTQJUBM IPUFM IVUPOH * N BMMFSHJD UPw *OUFSOFU MJHIUFS NBQ NPCJMF OBNF DBSE OFXTQBQFS OVNCFS QIPOF QBQFS QFO QIPUP QPMJDFNBO
64&'6- 70$"#6-"3:
E─ЕR MLтАл ╫ЯтАмE─Е [тАл ╫ЫтАмVKтАл╫ЭтАмX ML─ЕQ GLjQ FKt FK┼ЖQJ GLjQ Tu VK┼Ю ]KjR [LjQJ M─и \─ЕQ [uQ\zQJNтАл ╫ЩтАм GтАл ╫ЩтАмKXтАл ╫ЭтАмM─и \─и I~ JтАл╫ЩтАмQ PjR GLjQ QтАл╫ЩтАмR GLjQ W─и \тАл╫ЩтАмQ MuQJ \─и \XjQ OтАл ╫етАмGLjQ K~WzQJ ZтАл ╫ЭтАмGXu┬л JXz PтАл╫ЫтАмQ ZтАл╫ЩтАмQJ OXz GтАл ╫ЩтАмKXтАл ╫ЭтАмM─и Gu W~ VKтАл╫ЭтАмX M─и PtQJ SLjQ EjR ]KтАл ╫ЫтАм KjR PтАл ╫ЩтАм GLjQ KXj ]KтАл ╫ЫтАм EтАл ╫ЫтАм ]KjR SL─ЕQ MтАл╫ЫтАмQJ FKi
QVSTF SBJODPBU VNCSFMMB SFTUBVSBOU TVJUDBTF TVO HMBTTFT TVQFSNBSLFU UJDLFU UJDLFU CPPUI CBUISPPN UPJMFU QBQFS UPQ VQ DBSET UPVS HVJEF XBUDI
%.
TLiQ E─ЕR \тАл\ ╫ЯтАм─и \тАл ╫ЯтАмVтАл╫ЩтАмQ IjQ GLjQ [L─ЕQJ ]L WjL \iQJ MuQJ FK─ЕR VKu SLjR VKzX SLjR WtQJ [тАл ╫ЫтАмVKтАл╫ЭтАмX ML─ЕQ ZqL VK─ТQJ ]KтАл ╫ЫтАм FK┼ЖQJ ]Kt NтАл ╫ЩтАм GтАл╫ЩтАмR \yX VKтАл╫ЭтАмX ELтАл╫ЩтАмR /6.#&34
OtQJ \─и qU V─ЕQ Vu ZтАл ╫ЯтАм OL T─и E─Е MLтАл ╫ЯтАм VKt VKt \─и qU VKt V─ЕQ VKt ZтАл ╫ЯтАм \u EтАл╫ЩтАмL \u EтАл╫ЩтАмL qU VKt V─ЕQ \─и TL─ЕQ
5)6 .": ┼ж 8&% .":
"(&/%"
$-"44*'*&%4 $PNNFSDJBM BOE TFSWJDF DMBTTJñFET DPTU 3.# GPS UIF ñSTU XPSET BOE 3.# GPS FBDI BEEJUJPOBM XPSE 5P TVCNJU B DMBTTJñFE BE F NBJM QIPFCFMJ!USVFSVO DPN TVCNJU ZPVS BE EJSFDUMZ POMJOF BU XXX UIFCFJKJOHFS DPN 'SFF BET XJMM CF QMBDFE PO B TQBDF BWBJMBCMF CBTJT BOE BU UIF EJTDSFUJPO PG UIF FEJUPS 'PS NPSF JOGPSNBUJPO PO IPX UP QMBDF B DMBTTJñFE BEWFSUJTFNFOU JO BHFOEB DBMM 1IPFCF FYU "$$0..0%"5*0/ "7"*-"#-&
#FJKJOH 4FSWJDF "QBSUNFOU GPS 3FOU %BJMZ .POUIMZ :FBSMZ ! 4VCMFU $/ '6-- 4&37*$& ) )PUMJOF &NBJM TVCMFUDO!HNBJM DPN 8FCTJUF IUUQ XXX TVCMFU DO %POH[IJNFO 4BOMJUVO "SFB )BSCPS $JUZ 4UVEJP NÄ¢ d OJHIU PS d NPOUI 4FBTPOT 1BSL 4UVEJP NÄ¢ XJUI PQFO LJUDIFO d OJHIU PS d NPOUI #S NÄ¢ d OJHIU PS d NPOUI #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d &BTU "WFOVF m #S NÄ¢ $/: #S NÄ¢ $/: #S NÄ¢ $/: /FX .0." 4UVEJP NÄ¢ d #S NÄ¢ d #S NÄ¢ d 4BOMJUVO 40)0 40)0 #S NÄ¢ d #S NÄ¢ d #S NÄ¢ TQFDJBM PÃFS d #S NÄ¢ d #S NÄ¢ d *OUFSOBUJPOBM 8POEFSMBOE #S NÄ¢ d #S NÄ¢ d 3FHFOUMBOE 8PSLFS 4UBEJVN %POH TJTI*UJBP #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d (VBOHDBJ *OU M "QBSUNFOU #S NÄ¢ d #S NÄ¢ d -VGUIBOTB "SFB #FJKJOH 40)0 3FTJEFODFT 40)0 #S NÄ¢ d #S NÄ¢ d
"(&/%"
(FNJOJ (SPWF #S NÄ¢ d #S NÄ¢ d
4&37*$&4 Ŭ $"3 3&/5"- %3*7&3
$#% "SFB $FOUSBM 1BSL 4UVEJP NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ EVQMFY d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 8JOETPS "WFOVF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 'PSUVOF 1MB[B #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d (MPCBM 5SBEF .BOTJPO 4UVEJP NÄ¢ d #S NÄ¢ d #S NÄ¢ d $#% 1SJWBUF $BTUMF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d %BXBOHMV "SFB $IJOB $FOUSBM 1MBDF #S NÄ¢ d #S NÄ¢ d (FNEBMF *OU M (BSEFO #S NÄ¢ d #S NÄ¢ d $IBPZBOH 1BSL "SFB 1BMN 4QSJOH #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 1BSL "WFOVF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 0DFBOXJEF *OU M 3FTJEFOUJBM %JTUSJDU #S NÄ¢ d #S NÄ¢ d (SFFOMBLF 1MBDF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #FJKJOH (PMG 1BMBDF #S NÄ¢ d 4UBS 3JWFS #S NÄ¢ d $PVSUZBSE GPS -FBTF )PVIBJ #S NÄ¢ -BLF 4JEF d %POHTJ #S NÄ¢ d )BWF
B DMBTTJGJFE BE UP MJTU
& NBJM QIPFCFMJ!USVFSVO DPN
5)6 .": Ŧ 8&% .":
%.
8FMDPNF KPJOU UIF FYQBUDBS NPUPS DMVC NFNCFSTIJQ 8F CVZ ZPVS DBS )FMQ ZPV TFMM PVU ZPVS DBS $BS MJDFOTF QMBUF ESBX MPUUFSZ SFHJTUSBUJPO /FX DBS TBMFT 6TFE DBS TBMFT .FDIBOJDBM ñSTU BJE $IBOHF PG óBU UJSF #BUUFSZ CPPTU 5PXJOH FYUSJDBUJPO TFSWJDF -POH mTIPSU UFSN MFBTJOH $POUBDU TFSWJDF!FYQBUDBS DPN 5FM """ FYQBUDBS XXX FYQBUDBS DPN /FX DBS TBMFT 4FDPOE IBOE DBS TBMFT $BS MJDFOTF QMBUF ESBX MPUUFSZ SFHJTUSBUJPO -FBTJOH PQUJPOT $BS TFSWJDF $BS JOTVSBODF $POUBDU TBMFT!FYQBUDBS DPN 5FM (&/&3"-
-JMZ T "OUJRVFT 4QFDJBMJ[JOH JO IJHI DMBTT BOUJRVF GVSOJUVSF NBJOMZ GSPN OPSUIFSO $IJOB JO XBMOVU BOE &MN XPPE BOE DVTUPN NBEF GVSOJUVSF GPS UIF MPDBM NBSLFU "MTP XIPMFTBMF GPS BOUJRVF BOE OFXMZ NBEF GVSOJUVSF &YDFMMFOU TFSWJDF GPS JOUFSOBUJPOBM USBOTQPSUBUJPO PG GVSOJUVSF 'VSUIFS NPSF B XJEF TFMFDUJPO PG BDDFTTPSJFT JT PÃFSFE %BJMZ BN QN (BPCFJ EJBO 4IPXSPPN (BPCFJEJBO 'VSOJ UVSF 4USFFU $IBPZBOH %JTUSJDU $POUBDU -JMZ 2VBO XXX MJMZT BOUJRVFT DPN 7JTJU CZ "QQPJOUNFOU 'BDUPSZ BOE 8BSFIPVTF "EESFTT #BJNJBP JOEVTUSZ BSFB 4POH[IVBOH UPXO 5POH[IPV %JTUSJDU $POUBDU -JMZ 2VBO
5IF CFTU 5BUUPP TUVEJP JO $IJOB $SFBUJPO 5BUUPP JT UIF ñSTU QSPGFTTJPOBM CPEZ BSU TUVEJP JO #FJKJOH 8F QSPWJEF TFSWJDF CFMPX 5BUUPP 1FSTPOBM CPEZ BSU EFTJHO QJFSDJOH NJDSPEFSNBM 5BUUPP SFNPWBM 8F IBT DSFBUFE UIF QFSGFDU QMBUGPSN UP TBUJTGZ UIF OFFET GPS CPEZ BSU XJUI QSPGFTTJPOBM FRVJQNFOUT BOE QFSTPOOFM XFMDPNF UP DVTUPN "EE #MEH +JBOXBJ 4PIP %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU 5FM 8FCTJUF XXX UJBOYJDJRJOH DPN