%.
, ÊÓ{Ê Ê *, ÊÈ]ÊÓ䣣
,668( XXX BHFOEBCFJKJOH DPN
'BTIJPO 'PSXBSE USFOET JO EJOJOH JOUFSOBUJPOBM GBTIJPO BOE UIF JOUFSOFU
'BTIJPOBCMF %JOJOH )JMUPO #FJKJOH 8BOHGVKJOH 5IF 1PMJUJDBM 'VUVSF PG 8JOF $IJOBhT #JHHFTU 'BTIJPO %FTJHOFST $VSFT GPS J1IPOF 'BUJHVF
.BOBHJOH &EJUPS +FOOJGFS 5IPNÊ &EJUPSJBM "TTJTUBOU "EFMJOF 8BOH 7JTVBM 1MBOOJOH +PFZ (VP "SU %JSFDUPS 4VTV -VP 1IPUPHSBQIFST 4IFMMFZ +JBOH 4VJ +VEZ ;IPV $POUSJCVUPST .BSMB 'POH $BSMMZ $IVO
"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
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
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
-&55&3 '30. 5)& &%*503 'BTIJPO IBT DPNF B MPOH XBZ TJODF UIF ñH MFBG -JLF FWFSZUIJOH FMTF UIF JOUFSOFU JT EFNPDSBUJ[JOH GBTIJPO BU IJUIFSUP VOGPSFTFFO TQFFET BOE B QSJWJMFHF UIBU XBT PODF SFTFSWFE GPS OPCJMJUZ BOE UIF FMJUF JT OPX BU UIF ñOHFSUJQT PG UIF QFPQMF *O UIJT JTTVF XF WF HPOF BOE GPVOE TPNF PG UIF LFZ QMBZFST JO UIJT JOEVTUSZ UP ñOE PVU XIBU UIF GVUVSF IPMET GSPN UIF EJHJUBM FEJUPS BU PG 7PHVF T $IJOFTF XFCTJUF UP .CBPCBP B $IJOFTF CSJFGDBTF BOE CBH SFUBJMFS QPJTFE UP UBLF PWFS UIF XPSME POF DMJDL BU B UJNF 8F BMTP UBMLFE UP GBTIJPO EFTJHOFST :WFT "MFYBOESF ,PMUFS E 0VSBEPV BOE 7FHB ;BJTIJ 8BOH BT XFMM BT 5XJDF T 5JOB 5JBO BCPVU XIBU NBLFT $IJOB TVDI GFSUJMF HSPVOE GPS GBTIJPO BOE 4VNNFSHBUF T %PNJOJRVF #POOFM TIBSFE TPNF ESPQT PG XJTEPN UIBU XJMM IFMQ ZPV ESJOL XJTFMZ UIJT ZFBS 5P HFU ZPV TUBSUFE XF WF TUJUDIFE UPHFUIFS B MJTU PG UIF CFTU XJOF EFMJWFSZ DPNQBOJFT BOE BTLFE UIF DIBSNJOH .JTT .FMPEZ UP SFDPNNFOE NVTJDJBOT UIBU QBJS XFMM XJUI XJOF 5IJT NPOUI ZPV TIPVME CF TVSF UP TUPQ CZ $IZOOB POF PG #FJKJOH T NPTU GBTIJPOBCMF SFTUBVSBOUT UP DIFDL PVU UIF DVJTJOF PG DIFG -BN )PDL )JO CFGPSF IJUUJOH UIF XIPMFTBMF NBSLFUT BOE BDDFTTPSZ TIPQT UP PVUñU ZPVS XBSESPCF "OE JG CMJOH JTO U ZPVS UIJOH CF TVSF UP DIFDL PVU PVS BSUJDMFT PO UIJT TFBTPO T CFTU DFMMQIPOFT )BQQZ TIPQQQJOH
+FOOJGFS 5IPNÊ .BOBHJOH &EJUPS
*OUFSWJFXT $IFG 0ZWJOE /BFTIFJN $IFG 3PCFSU $POUF $IFG $MBVEJP 4BEMFS $IFG -BN )PDL )JO %PNJOJRVF #POOFM PG 4VNNFSHBUF )FBUIFS 4IJ PG 7PHVF DPN DO 'BTIJPO %FTJHOFS :WFT "MFYBOESF ,PMUFS E 0VSBEPV 1FUFS 2JV GSPN .CBPCBP 'BTIJPO %FTJHOFS 7FHB ;BJTIJ 8BOH 5JOB 5JBO PG 5XJDF -JTUT 5IF NPTU 'BTIJPOBCMF 3FTUBVSBOUT 8JOF %FMJWFSZ 4FSWJDFT 6OJRVF $IJOFTF .VTJDJBOT )PNFHSPXO 'BTIJPO %FTJHOFST J1IPOF "MUFSOBUJWFT "DDFTTPSJFT 8IPMFTBMF .BSLFUT %.
* EPVCU UIJT QJFDF PG BSDIJUFDUVSF XJMM FWFS HP PVU PG TUZMF CVU XJUI $IJOB PO UIF SJTF XJMM *UBMZ CF BCMF UP SFNBJO B XPSME QPXFS JO GBTIJPO 5)6 ."3 Ŧ 8&% "13 "(&/%"
3&45"63"/54
53: 5)&4&
#BCZ DVDVNCFS
" DPPM TFUUJOH GPS B TQJDZ EJOOFS
4QJDZ DIJDLFO
4JDIVBO
5SBOTJU 5IJT FDMFDUJD SFTUBVSBOU SFDFOUMZ NBEF UIF NPWF GSPN B RVJFU (POUJ BSFB IVUPOH UP UIF CVTUMJOH 4BOMJUVO 7JMMBHF /PSUI BEEJOH B NVDI OFFEFE QFSTPOBM UPVDI UP UIF MPDBM EJOJOH TDFOF 5SBOTJU JT FMFHBOUMZ EFDPSBUFE JO EBSL DIPDPMBUF CSPXOT XBSN TMBUF HSBZT BOE DP[Z XBMOVUT BOE DSFBUFT B XBSN CBDLESPQ JO XIJDI UP FOKPZ $IFG )VBOH T IFBMUIZ 4JDIVBO DVJTJOF )JT SFDJQFT XIJDI XFSF IBOEFE EPXO UP IJN JO B GBNJMZ DPPLCPPL BSF EFMJDBUF BOE UIPVHIUGVM BOE GVMMZ FYQMPSF UIF OVBODFT PG UIJT DVJTJOF
$/.':()-%.7!) 342%%4
1FSGFDU GPS B SPNBOUJD DVMJOBSZ USJQ UP 4JDIVBO 4JHOBUVSF EJTIFT JODMVEF UIFJS .PVUI 8BUFS JOH $IJDLFO YJBOKJBP LPVTIVJ KJ 3.# %BOEBO /PPEMFT 3.#
"(&/%"
5)6 ."3 Ŧ 8&% "13
./.':(!.'5!. 34!4)/.
42!.3)4
8IJMF ZPV SF JO UIF OFJHICPSIPPE DIFDL PVU TPNF VQDPNJOH $IJOFTF EFTJHOFST BU 0SJHJOBM %FTJHO $JSDMF PS FTUBCMJTIFE BSUJTUT BU CBCÜ TQBDF BOE "FUIFS 4QBDF 8IFO ZPV WF ñOJTIFE TVQQPSUJOH UIF BSUT USFBU ZPVSTFMG UP B NBTTBHF BU )FSCPSJTU 4QB
8).$/.' 2/!$
%BJMZ QN BN MBTU PSEFST BU QN / 4BOMJUVO 7JMMBHF /PSUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
/2)').!, $%3)'. #)2#,% "!"5 30!#% !.$ !%4(%2 30!#% 45!.*)%(5 (%2"/2)34 30! 34!4)/.
%.
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
3&45"63"/54
53: 5)&4&
#MBDL DPE XJUI NJTP
*NQSFTTJWF CVU OPU BT JNQSFTTJWF BT UIF DVJTJOF
+BQBOFTF
/PCV "GUFS NVDI TQFDVMBUJPO BOE B MPOH XBJU /PCV IBT ñOBMMZ PQFOFE JUT #FJKJOH MPDBUJPO XIJDI IBT CFFO TFSWJOH B GVMM IPVTF FWFSZ OJHIU PG JUT TPGU PQFOJOH 5IJT DPNFT BT OP TVSQSJTF UP UIPTF XIP IBWF UBTUFE UIF DSFBUJPOT PG DIFG /PCV .BUTVIJTB XIPTF DVMJOBSZ TJHOBUVSF BEET CSJHIU JOUFSOBUJPOBM UPVDIFT UP +BQBOFTF EJTIFT /PCV T EFEJDBUJPO UP QVSJUZ PG JOHSFEJFOUT JT PCWJPVT JO FBDI UFOEFS CJUF PG TBTIJNJ BOE TVTIJ BOE EJTIFT TVDI BT UIF $IJMFBO 4FBCBTT XJUI +BMBQFOP .JTP 3.# BSF BO FQIFNFSBM EFMJHIU 5IF PîDJBM PQFOJOH DPNQMFUF XJUI FYUFOTJWF DFMFCSJUZ QSFTFODF JT TDIFEVMFE GPS "QSJM %BJMZ GSPN QN -BTU SFTFSWBUJPO BU QN ' +8 .BSSJPUU )PUFM $IJOB $FOUSBM 1MBDF +JBOHVP -V $IBPZBOH %JTUSJDU 1FSGFDU GPS SFGJOFE +BQBOFTF DVJTJOF XJUI B UXJTU 4JHOBUVSF EJTIFT JODMVEF UIF :FMMPXUBJM 4BTI JNJ XJUI +BMBQFOP 3.# #MBDL $PE XJUI .JTP 3.# 3PDL 4ISJNQ 5FNQVSB XJUI $SFBNZ $IJMJ 4BVDF 3.# BOE UIF /PCV #FFS *DF $SFBN XJUI 1FBOVU $SVNCMF BOE 8IJUF 1FBDI +BTNJOF 4PVQ 3.#
"(&/%"
5)6 ."3 Ŧ 8&% "13
8)$!7!.' 2/!$
8IJMF ZPV SF JO UIF OFJHICPSIPPE DIFDL PVU UIF MBUFTU GBTIJPOT BU 4IJOLPOH 1MBDF BOE SPVOE PVU UIF FWFOJOH XJUI B DMBTTJD NBSUJOJ BU UIF 3JU[ $BSMUPO #BS 'PS UIF HSBOE PQFOJOH JU T XPSUI ñOEJOH B XJOEPX TFBU BU POF UIF OVNFSPVT SFTUBVSBOUT PQQPTJUF PG /PCV GPS TPNF DFMFCSJUZ XBUDIJOH
#(!/9!.' 2/!$
$!7!.',5 34!4)/.
%.
*7 -!22)/4 (/4%, ./"5 2)4: #!2,4/. "!2 3().+/.' 0,!#%
3)(5) 34!4)/.
4105-*()5
CVSHFST BOE QJ[[B BSF ñOF BT MPOH BT UIFZ BSF óBWPSTPNF BOE HPPE RVBM JUZ * EPO U XBOU .D%POBMET JU EPFT OPUIJOH GPS NF 0UIFS UIBO UIBU JU T JNQPSUBOU UP FBU IFBMUIJMZ MPUT PG GSVJU BOE WFHFUBCMFT 8PSLJOH MPOH IPVST NFBOT ZPV OFFE FOFSHZ "U IPNF * MPWF POF QPU DPPLJOH FTQFDJBMMZ TJN QMZ /PSXFHJBO GPPE XJUI QPUBUPFT 8IBU JT ZPVS GBWPSJUF GPPE SFMBUFE CPPL PS TBZJOH * HFU B MPU PG JOTQJSB UJPO GSPN B MPU PG CPPLT CVU OPU TP NVDI GSPN SFDJQFT * MJLF UIF JEFBT PG IPX TPNFUIJOH JT NBEF BOE UIF FMF NFOUT PG B EJTI * UIJOL B MPU PG $IFGT EP UIJT XF HFU JOTQJSFE BOE QSPEVDF TPNFUIJOH JO PVS PXO TUZMF
8IBU HPFT UISPVHI ZPVS IFBE XIFO ZPV EFWFMPQ B EJTI * USZ UP MPPL GPS VOJRVF JOHSFEJFOUT TPNF UIJOH UIBU JTO U VTVBMMZ VTFE PS B HPPE DPNCJOBUJPO PG UBTUFT BOE UFYUVSFT UP 0WZJOE /BFTIJFN &YFDVUJWF $IFG BU /PCV DSFBUF BO JOUFSFTUJOH FYQFSJFODF GPS UIF DVTUPNFS 8IFO * TFF UIF EJOFST /PCV JT GBNPVT GPS JUT EFMJDJPVT +BQB +BQBOFTF GPPE /FWFS *U XBT B HFU FYDJUFE BOE TIBSF UIF EJTIFT * N OFTF GVTJPO EJTIFT BOE NPSF SFDFOUMZ IVHF USBOTGPSNBUJPO CVU * WF BMXBZT IBQQZ 5IF CFTU GFFECBDL * DBO HFU JT GPS NBLJOH B TQMBTI PO #FJKJOH T DVMJOBSZ XPSLFE JO IJHI FOE SFTUBVSBOUT TP XIFO * TFF EJOFST TNJMJOH TDFOF XJUI JUT DVJTJOF MBWJTI TFUUJOHT * VOEFSTUPPE UIBU UIFSF XFSF IJHI BOE DFMFCSJUZ TQPUUJOHT "HFOEB NFU VQ TUBOEBSET BOE UIBU JU T JNQPSUBOU UP *G ZPV DPVME UFBDI PVS SFBEFST POF XJUI FYFDVUJWF DIFG 0ZWJOE /BFTIFJN EP UIJOHT QSPQFSMZ *U T BCPVU DPO SFDJQF UIBU XJMM DIBOHF UIFJS MJWFT XIBU XPVME JU CF * E IBWF UP TBZ BOE UBMLFE UP IJN BCPVU UIF QSFTTVSFT TUBOUMZ DPPLJOH VQ QFSGFDUJPO UIF CFTU XBZ UP DPPL JT CZ VTJOH ZPVS PG QSPEVDJOH UP UIF IJHI TUBOEBSET GPS XIJDI UIF /PCV CSBOE JT XPSME SF )PX EJE XPVME ZPV EFTDSJCF UIF IFBSU 5IBU T XIZ NZ NPN T GPPE NBZ OPXOFE GPS FTTFODF PG UIF GPPE ZPV EP IFSF OPU CF UIF CFTU JO UIF XPSME CVU * /PCV JT CBTJD +BQBOFTF DVJTJOF DPN MPWF IFS DPPLJOH 4IF DPPLT XJUI MPWF )PX EJE ZPV HFU JOWPMWFE XJUI CJOFE XJUI JOUFSOBUJPOBM JOóVFODFT XIFO TIF DPPLT GPS NF 5IF NPTU JN /PCV "DUVBMMZ JU XBT CZ BDDJEFOU * FTQFDJBMMZ 4PVUI "NFSJDBO POFT $IFG QPSUBOU QBSU JT OPU UIF SFDJQF "OZPOF XBT QSFWJPVTMZ XPSLJOH JO 'SFODI ñOF /PCV IBT MJWFE JO 4PVUI "NFSJDB BOE DBO DPQZ B SFDJQF CVU OP POF DBO EJOJOH BOE UIFO POF EBZ * EFDJEFE IF JODPSQPSBUFE B MPU PG 4PVUI "NFSJ DPQZ UIF TQJSJU TPNFPOF QVUT JO 5IF * XBOUFE UP USZ TPNFUIJOH OFX GPS DBO JOHSFEJFOUT BOE UFDIOJRVFT *U T CFTU XBZ JT UP GFFM QBTTJPOBUF BCPVU XIBU ZPV NBLFw :PV MM EFGJOJUFMZ B ZFBS * XBOUFE MFBSO NPSF BOE CF XFMM CBMBODFE NPEFSO +BQBOFTF UBTUF UIF EJÃFSFODF BCMF UP HSPX JO B QPTJUJPO CFGPSF &YFDVUJWF $IFG 0ZWJOE /BFTIFJN TIBSFT IJT JOTJHIU JOUP /PCV
+"1"/&4& 8*5) " 58*45
TFUUMJOH EPXO CFDBVTF PODF ZPV SF B IFBE DIFG ZPV DBO U DPNF BOE HP :PV SF UIFSF #Z UIJT UJNF * IBE BMSFBEZ CFFO MJWJOH BCSPBE BOE XBOUFE UP MJWF JO -POEPO GPS POF ZFBS * CPVHIU B POF XBZ UJDLFU IBE OP XIFSF UP MJWF BOE XFOU JO UP /PCV XJUI NZ $7 * XBT IJSFE BOE UIBU POF ZFBS IBT OPX UVSOFE JO UP TFWFO * WF HSPXO IFSF BOE MPWF DPPLJOH GPS /PCV
8IBU T ZPVS GBWPSJUF EJTI PO UIF NFOV * XPVME IBWF UP TBZ UIF ZFMMPX UBJM TBTIJNJ XJUI KBMBQFÃ&#x2019;P DPSJBOEFS MFBG BOE ZV[V KVJDF <B OBUJWF +BQBOFTF DJUSVT> 5IJT JT QSPCBCMZ UIF POMZ EJTI * DPVME FBU FWFSZ EBZ GPS UIF SFTU PG NZ MJGF * MPWF UIJT EJTI
8IBU EP ZPV FBU XIFO ZPV HFU IPNF BGUFS B MPOH EBZ BU XPSL :PV LOPX DIFGT FBU B MPU PG CBE GPPE .PTU 4P ZPV IBE OFWFS XPSLFE XJUI JNQPSUBOUMZ * MJLF WBSJFUZ BOE UBTUF
%.
*T JU IBSE UP LFFQ UIBU QBTTJPO JO B TUSFTTGVM LJUDIFO *U T IBSE UP LFFQ NZ UFNQFS CVU * BMXBZT USZ UP LFFQ NZ LJUDIFO IBQQZ 5IFSF T BMXBZT HP JOH UP CF QSFTTVSF CVU QFPQMF XPSL CFTU XIFO QSBJTFE OPU TDBSFE 3JHIU OPX * EP IPVS EBZT FWFSZEBZ CVU * EPO U NJOE BOE EPO U DPVOU UIF IPVST * BN IFSF CFDBVTF * MPWF XIBU * EP *OUFSWJFX CZ $BSMMZ $IVO
5)6 ."3 Ŧ 8&% "13
"(&/%"
3&45"63"/54
53: 5)&4&
4UFXFE UVSOJQT XJUI HSBWZ
$MBTTJD $BOUPOFTF JO B SFöOFE TFUUJOH
%JN 4VN TFMFDUJPO
$BOUPOFTF
.FJ ,JOH 3FTUBVSBOU -FE CZ BO FYQFSJFOUJBM )POH ,POH IFBE DIFG UIJT (VBOH[IPV JNQPSU IBT TPNF PG UIF NPTU EFMFDUBCMF SPBTU HPPTF BOE DMBZ QPU SJDF JO UIF DJUZ 5IFTF TJHOBUVSF EJTIFT IBWF FTUBCMJTIFE B MPZBM GPMMPXJOH XIP DPNF GPS UIF HPPE WBMVF EJN TVN BOE QJQJOH IPU $BOUPOFTF IPNFTUZMF DPPLJOH EVSJOH MVODI UJNF 5IF OFXMZ PQFOFE TUPSF JO UIF 6 5PXO EPFTO U ZFU DBSSZ BMM PG UIFJS TJHOBUVSF EJTIFT MJLF DBSSPU CVOT XJUI DSFBNZ ZPMLZ TUVîOH HBOTVO MJVTIB CBP PS EFMJDBUF HSFFO UFB BOE LJEOFZ CFBO QBTUF DBLF EPOHZJOH NPDIB RJFCJOH CVU UIBU T QSPCBCMZ B HPPE UIJOH BT ZPV NJHIU FOE VQ CVSTUJOH JG UIFZ EJE %BJMZ BN QN QN ' 6 5PXO 4IPQQJOH $FOUFS $IBPZBOHNFOXBJ %BKJF $IBPZBOH %JTUSJDU 0UIFS MPDBUJPOT BU %BJMZ BN QN ' +JBOHTV %BTIB % "OEJOHNFOXBJ %BKJF %POHDIFOH %JTUSJDU %BJMZ BN QN QN 6OJU 'VMM -JOL 1MB[B $IBPZBOH %JTUSJDU 1FSGFDU GPS B CVTJOFTT MVODI PS EJN TVN XJUI VQ UP GSJFOET
#(!/9!.'-%. 34!4)/. #(!/7!)
8IJMF ZPV SF JO UIF OFJHICPSIPPE NBLF JU B MB[Z XFFLFOE BGUFSOPPO PG TIPQQJOH BXBZ GSPN UIF SFHVMBS 4BOMJUVO DSPXE BU 6 UPXO B TJY TUPSZ TIPQQJOH NBMM UIBU JODMVEFT TUPSFT MJLF 6OJRMP )PU 8JOE BOE 4USBEJWBSJVT
"(&/%"
5)6 ."3 Ŧ 8&% "13
342% %4
-%) +).' 2%34!52!.4 5 4/7.
2)4!. ./24( 2/!$
%.
%!34 $!1)!/ 2/!$
4JHOBUVSF EJTIFT JODMVEF UIFJS 3PBTU %VDL 3.# QFS QPSUJPO 4UFXFE 3BEJTI XJUI (SBWZ 3.# $MBZ 1PU 3JDF 3.# GPS QFPQMF HBOTVO MJVTIB CBP 3.# EPOHZ JOH NPDIB RJFCJOH 3.#
4105-*()5
PUIFS QBSUT PG UIF XPSME * CFMJFWF UIBU UIF HSPXUI PG JOUFSOBUJPOBM USBWFM IBT EFNBOEFE JOUFSOBUJPOBM USFOET "SF ZPV QMBOOJOH PO CSJOHJOH ZPVS TJHOBUVSF GMBWPST UP UIF UBCMF BU UIF 4U 3FHJT #FJKJOH *G * EP TP JU XJMM CF TMPXMZ JG BU BMM * CFMJFWF UIBU BT B QSPGFTTJPOBM DIFG * OFFE UP VO EFSTUBOE NZ JNNFEJBUF NBSLFU BOE JNQMFNFOU GPPE UIBU XJMM CF SFDPH OJ[FE BOE BQQSFDJBUFE CZ UIPTF UIBU GSFRVFOU UIF SFTUBVSBOUT BOE CZ UIPTF MPPLJOH GPS TPNFUIJOH OFX 5FMM VT BCPVU ZPVS CBDLHSPVOE J O G P P E T U Z M J O H B O E G P P E QIPUPHSBQIZ * IBWF CFFO TIPPUJOH QIPUPT TJODF * XBT JO NZ FBSMZ UFFOT "T NZ DPPLJOH BOE QSFTFOUBUJPO TLJMMT IBWF JNQSPWFE NZ JOUFSFTU JO UIF QBS UJDVMBS BTQFDU PG GPPE QIPUPHSBQIZ IBT BMTP EFWFMPQFE 8IBU T UIF NPTU CFBVUJGVM UIJOH ZPV WF FWFS FBUFO BOE UIF NPTU EFMJDJPVT 5IF NPTU CFBVUJGVM UIJOH * IBWF FWFS FBUFO XBT "MBTLBO TBMNPO TFSWFE XJUI OP TBMU OP QFQQFS OP MFNPO BOE OP TBVDF 4JNQMZ UIF ñTI PO JUT PXOwQVSF BOE TJNQMF *U XBT TUVOOJOH $VMJOBSZ MJHIUCVMCT BSF $IFG $POUFhT TQFDJBMUZ
4U 3FHJT #FJKJOH +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
$6*4*/& 8*5) " 4503:
&YFDVUJWF $IFG 3PCFSU $POUF PG UIF 4U 3FHJT #FJKJOH 5P TBZ UIBU 3PCFSU $POUF T DPPLJOH DB SFFS IBT CFFO EJWFSTF JT B IVHF VOEFS TUBUFNFOU &WFO UIPVHIU IF T POMZ CFFO XPSLJOH JO LJUDIFOT GPS BCPVU UFO ZFBST IF IBT USBWFMFE UISPVHIPVU UIF 6OJUFE 4UBUFT UIF .JEEMF &BTU BOE "TJB BOE IBT FWFO DPPLFE GPS UIF "NFSJDBO QPQ JDPO #SVDF 4QSJOHTUFFO $IFG $POUF JT OPU POMZ GBNJMJBS XJUI 'SFODI *UBMJBO *O EJBO .FEJUFSSBOFBO "SBCJD BOE "TJBO DVJTJOFT CVU IF T BMTP WFSTFE JO GPPE TUZMJOH BOE GPPE QIPUPHSBQIZ "HFOEB CSPLF CSFBE XJUI $IFG $POUF UP GJOE PVU XIBU JOTQJSFE IJN UP CFDPNF B DIFG BOE IPX IJT VOVTVBM CBDLHSPVOE TIBQFT IJT QFSTQFDUJWF PO DPPLJOH
*OUFSWJFX CZ +FOOJGFS 5IPNÊ
)PX EJE ZPV TUBSU ZPVS DPPLJOH DBSFFS %JE TPNFPOF JOTQJSF ZPV "DUVBMMZ OP * GFMM JOUP DPPLJOH BGUFS NZ TUVEJFT JO DPNNVOJDBUJPO BOE XPSME IJTUPSZ $PPLJOH PSJHJOBUFE BT B GPSN PG JODPNF XIJMF USBWFMJOH BOE UIFO JU FWFOUVBMMZ JU UVSOFE JOUP B QSPGFTTJPO :PV WF USBWFMFE BMM PWFS "NFSJDB UIF .JEEMF &BTU BOE "TJB )PX EP iUBTUFTu BOE iUSFOETu DPNQBSF UISPVHIPVU UIFTF SFHJPOT "NFSJ DBO USFOET JO MBSHF IBWF SFNBJOFE UIF TBNF 5IF FDPOPNJD TJUVBUJPO JO UIF 4UBUFT IBT EFñOJUFMZ NBEF BO JNQBDU PO IPX BOE XIFO QFPQMF EJOF "T GPS
%.
3FTUBVSBOUT JO UIF 4U 3FHJT 4IVOTBJ m +BQBOFTF &OKPZ USBEJUJPOBM +BQBOFTF GBSF TFSWFE JO UBUBNJ SPPNT %BJMZ BN QN QN QN FYU
5IF (BSEFO $PVSU m *OUFSOBUJPOBM *OUFSOBUJPOBM GBSF XJUI B HBSEFO WJFX %BJMZ BN QN 4VOEBZ CSVODI BN QN %BOJFMJ T m *UBMJBO *UBMJBO DVJTJOF TFSWFE JO BO FMFHBOU BOE SP NBOUJD TFUUJOH %BJMZ BN QN QN QN FYU
"TUPS (SJMM m "NFSJDBO 4UFBL BOE TFBGPPE JO B TPQIJTUJDBUFE TLZ MJU SFTUBVSBOU 5VFT 4BU QN QN FYU
5)6 ."3 Ŧ 8&% "13
"(&/%"
3&45"63"/54
53: 5)&4&
4VTBOhT (PVSNFU 4BMBE
$PNGPSU GPPE JO B DPNGPSUBCMF TFUUJOH
#MBDL 1FQQFS 4UFBL
#FMHJBO
.PSFMhT 5IJT #FMHJBO SFTUBVSBOU IBT CFFO B GBWPSJUF DPNGPSU GPPE TQPU JO #FJKJOH GPS NBOZ ZFBST BOE DPOUJOVFT UP ESBX B SFHVMBS DSPXT PG DVTUPNFST XJUI JUT QFSGFDUMZ FYFDVUFE &VSPQFBO EJTIFT BOE DPNGPSUBCMF VOQSFUFOUJPVT FOWJSPONFOU UIBU SFNJOET &VSPQFBO EJOFST PG SFTUBVSBOUT CBDL IPNF .PSFM T UBLFT HSFBU QSJEF OPU POMZ JO UIFJS BVUIFOUJD GPPE CVU JO UIFJS JOHSFEJFOUT XIJDI BSF BMM IBOE TPVSDFE BOE VOEFSHP TUSJDU RVBMJUZ DPOUSPM TPNFUIJOH UIBU JT BQQBSFOU JO FBDI EFMJDJPVT CJUF 5IFJS NVTTFMT BSF HBUIFSFE CZ +BQBOFTF EJWFST BOE BSF UIVT JO MJNJUFE TVQQMZ TP CF TVSF UP PSEFS UIFN :PV XPO U SFHSFU JU .PO 4BU BN BN (POHUJ #FJMV PQQPTJUF 8PSLFST (ZNOBTJVN /PSUI (BUF OPSUIXFTU DPSOFS PG UIF JOUFSTFDUJPO XJUI $IVOYJV -V %POHDIFOH %JTUSJDU 4FDPOE MPDBUJPO 5VF 4VO BN QN &BTU CMPDL -JBOHNBRJBP -V $IBPZBOH $/.'3)3()4)!/ %JTUSJDU 34!4)/. -/2%,g3
1FSGFDU GPS #FMHJBO DPNGPSU GPPE BOE CFFS
-%'!"/8
"/$() 4(%2!0%54)# 2%42%!4 45!.*)%(5 34!4)/.
4JHOBUVSF EJTIFT JODMVEF UIFJS NVTTFMT 3.# #SVTTFMT #MBDL 1FQQFS 4UFBL 3.#
8IJMF ZPV SF JO UIF OFJHICPSIPPE USFBU ZPVS XFBSZ TPVM UP B NBTTBHF BU #PEIJ 5IFSBQFVUJD 3FUSFBU CFGPSF EJOOFS BOE XBML PÃ ZPVS IBQQZ GPPE DPNB CZ IFBEJOH UP .FHBCPY UP DBUDI UIF MBUFTU CMPDLCVTUFS
"(&/%"
5)6 ."3 Ŧ 8&% "13
#(!/7!) ./24( 342%%4 #(!/9!.'-%. 34!4)/.
%.
4105-*()5
PO B SFHVMBS CBTJT BOE UIJT EPFT OPU SFรณFDU NZ JEFPMPHZ PG XIBU CFJOH B DIFG BOE SFTUBVSBUFVS NFBOT * EP CF MJFWF UIBU JT CFUUFS UP UVSO B GBTIJPO BCMF EJTI JOUP B USBEJUJPOBM EJTI m UIJT XJMM NBLF JU CF SFNFNCFSFE GPSFWFS * IBWF XSJUUFO GJWF CPPLT JO XIJDI ZPV MM TFF UIJT QIJMPTPQIZ SFรณFDUFE *U T UIF JUJOFSBSZ PG NZ MJGF BOE ZPV DBO TFF UIBU BMM PG NZ EJTIFT IBWF B UPVDI PG UIF DMBTTJD BOE B UPVDI PG GBTIJPO :PV BSF GBNPVT GPS CFJOH BO BSU BรฑDJPOBEP )PX EPFT ZPVS MPWF GPS NPEFSO BSU BรญFDU ZPVS DPPLJOH .Z LJUDIFO JT MJLF B UBJMPSJOH IPVTF * XPSL XJUI TIBQFT BOE DPMPST "MM PG UIFTF UIJOHT JOGMVFODF NZ LJUDIFO B MPU * PGUFO GJOE NZTFMG UIJOLJOH BCPVU B EJTI * DSFBUFE BOE IPX JU IBT TPNF SFMBUJPOTIJQ UP B QBJOUFS XIPTF XPSL * FOKPZ * N BMTP B CJH GBO PS BCTUSBDU BOE USJCBM BSU CVU UIPTF BSF NVDI IBSEFS UP USBOTMBUF JOUP NZ LJUDIFO 8IBU T UIF POF EJTI UIBU OFWFS HPFT PVU PG TUZMF 5IFSF BSF EJTIFT UIBU XJMM CF EJTIFT PG UIF QFPQMF GPS BMM UJNF MJLF SJTPUUP .JMBOFTF TUZMF PS DBSCPOBSB TBVDF 5IFTF EJTIFT BSF VOGPSHFUUBCMF BOE UIBU JT NZ HPBM UP CF VOGPSHFUUBCMF
*G ZPV IBE UP EFTDSJCF ZPVS DPPL JOH JO UFSNT PG GBTIJPO IPX XPVME ZPV EP JU .Z DVJTJOF JT DPOUFNQP SBSZ BOE JO DPOTUBOU NPWFNFOU BT JU GPMMPXT UIF TFBTPOT BOE UIF PWFSBMM DVMUVSBM FWPMVUJPO PG NZ DPVOUSZ *O NZ DVJTJOF * IBWF MPPLFE GPS MJHIUOFTT 4FUUJOH UIF USFOE GPS DMBTTJD *UBMJBO EJOJOH BOE TJNQMJDJUZ CVU NPTU PG BMM UBTUF * 8IFO $MBVEJP 4BEMFS GJSTU CSPVHIU B JOH JUTFMG JO HFOFSBM *O NZ QIJMPTPQIZ EPO U QVSTVF B QFSTPOBM DVJTJOF CVU TNBMM QJFDF PG .JMBO T SFGJOFE EJOJOH * USZ UP GPMMPX USBEJUJPO BOE UP JOOP SBUIFS TPNFUIJOH UIBU DBO EFMJWFS TDFOF UP #FJKJOH JU XBT IBJMFE BU UIF WBUF NZ DVJTJOF BU UIF TBNF UJNF FNPUJPOT QMFBTVSF BOE TBUJTGBDUJPO TUBSU PG B OFX FSB JO รฑOF EJOJOH /PX UISFF ZFBST MBUFS UIF SFTUBVSBOUT JO UIF 8IBU BSF ZPVS GBWPSJUF GBTIJPOBCMF "OTXFST USBOTMBUFE CZ (JBO -VDB 'V -FHBUJPO 2VBSUFS DPOUJOVF UP IPME UIFJS BOE DMBTTJD JOHSFEJFOUT .Z GBWPSJUF TFUUP (FOFSBM .BOBHFS BU 3JTUPSBOUF PXO BHBJOTU BO POTMBVHIU PG รฑOF EJO JOHSFEJFOU JT BMXBZT GSFTI รฑTI 5IJT JT 4BEMFS *OUFSWJFX CZ +FOOJGFS 5IPNร JOH FTUBCMJTINFOUT QPQQJOH VQ BSPVOE OPU CBTFE PO GBTIJPO PS USBEJUJPO QFS UIF DJUZ "HFOEB DBVHIU VQ XJUI UIJT TF * KVTU GFFM UIBU UIFZ BSF B XJTF BOE $MBVEJP 4BEMFS XJMM CF JO #FJKJOH GSPN WJTJPOBSZ .JDIFMJO TUBSSFE DIFG UP MFBSO IFBMUIZ DIPJDF XIJMF CFJOH MJHIU BOE .BSDI UP EVSJOH XIJDI UJNF IPX IF LFFQT VQ XJUI UIF UJNFT NPEFSO BU UIF TBNF UJNF ZPV DBO TBNQMF IJT OFX NFOV $MBVEJP 4BEMFS T GBWPSJUF JOHSFEJFOU JT GSFTIOFTT
$)&' $-"6%*0 4"%-&3 0' 3*4503"/5& 4"%-&3
8IBU LJOE PG DVMJOBSZ USFOET IBWF 5FMM VT BCPVU B UJNF ZPV GPMMPXFE B ZPV TFFO FWPMWF PWFS UIF QBTU DVMJOBSZ USFOE BOE XFSF TVSQSJTFE ZFBST *UBMJBO DVJTJOF LFFQT JOOPWBU CZ UIF PVUDPNF 'BTIJPO DIBOHFT
%.
3JTUPSBOUF 4BEMFS %BJMZ OPPO QN QN $MPTFE .POEBZT $I JFO .FO 2JBONFO %POHEBKJF %POHDIFOH %JTUSJDU
5)6 ."3 ลฆ 8&% "13
"(&/%"
4105-*()5
$IFG -BN PXOT IJT LJUDIFO
$"/50/&4& $6*4*/&
$IFG -BN )PDL )JO PG UIF )JMUPO #FJKJOH 8BOHGVKJOH T $IZOOB $IFG -BN )PDL )JO JT LOPXO JO UIF .BMBZTJBO EJOJOH TDFOF GPS IJT BVUIFOUJD BOE JOOPWBUJWF EJTIFT XIJDI IBT XPO IJN OVNFSPVT BXBSET JODMVEJOH #FTU $IJOFTF 3FTUBVSBOU CZ 5JNF 0VU ,- 'PPE "XBSET 5IF 1FPQMF T $IPJDF GPS #FTU "MM 3PVOE $VJTJOF CZ 5IF .BMBZTJBO *OUFSOBUJPOBM (PVSNFU 'FTUJWBM BOE "XBSE PG &YDFMMFODF GPS +VEHFT $IPJDF GPS .PTU $SFBUJWF 'PPE 1SFTFOUBUJPO BU UIF (BMB -BVODI CZ 5IF .BMBZTJBO *OUFSOBUJPOBM (PVSNFU 'FTUJWBM 5IJT "QSJM IF XJMM CF HSBDJOH UIF LJUDIFO PG UIF )JMUPO #FJKJOH 8BOHGVKJOH BOE XJMM CF EB[[MJOH EJOFST XJUI IJT SFWPMVUJPOBSZ UXJTUT PG POF PG UIF XPSME T PMEFTU BOE NPTU EFMJDJPVT DVJTJOFT "HFOEB TUJSSFE
VQ B DPOWFSTBUJPO XJUI $IFG -BN UP MFBSO NPSF BCPVU IJT JOTQJSBUJPO )PX EJE ZPV FOE VQ JO UIF LJUDIFO %VSJOH NZ DIJMEIPPE EBZT * BMXBZT IFMQFE NZ NPUIFS JO UIF LJUDIFO QSFQBSJOH NFBMT GPS PVS GBNJMZ *U XBT UIFO UIBU * DVMUJWBUFE BO JOUFSFTU JO DPPLJOH BOE EFDJEFE UP QVSTVF B DVMJOBSZ DBSFFS 4P ZPV DPVME TBZ NZ NPUIFS XBT NZ JOTQJSB UJPO * IBWF MPWFE DPPLJOH FWFS TJODF :PV SF LOPXO GPS DPOTUBOU JOOPWB UJPO JO ZPVS SFTUBVSBOUT 5FMM VT XIBU JOTQJSFT ZPV BOE IPX EP ZPV LFFQ UIJOHT GSFTI BOE DSFBUJWF
i:PV DPVME TBZ NZ NPUIFS XBT NZ JOTQJSBUJPO * IBWF MPWFE DPPLJOH FWFS TJODFu
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
"MM PG NZ HVFTUT JOTQJSF NF 5BMLJOH UP NZ HVFTUT BOE HBUIFSJOH UIFJS PQJOJPO BMMPXT NF UP DSFBUF BOE FYQFSJNFOU XJUI GPPE EVSJOH NZ GSFF UJNF 3FBEJOH GPPE BOE USBWFM NBHB[JOFT BOE TBNQMJOH EJTIFT GSPN PUIFS SFTUBVSBOUT JO UIF NBSLFU BSF BMTP TPVSDFT PG JOTQJSBUJPO UP NF )PX XPVME ZPV EFTDSJCF UIF IFBSU BOE TPVM PG $BOUPOFTF DPPLJOH .BOZ QFPQMF FOKPZ $BOUPOFTF DPPL JOH EVF UP UIF SFñ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ÃFST UIF óFYJCJMJUZ UP DSFBUF EJTIFT VTJOH PVU PG UIF OPSN JOHSFEJFOUT MJLF DBWJBS USVGGMF TBG GSPO BOE GPJF HSBT 5IJT JT UIF IFBSU BOE TPVM PG $BOUPOFTF DPPLJOH JU T USBEJUJPOBM ZFU óFYJCMF BOE JOOPWBUJWF 8IBU LJOE PG EJTIFT XJMM ZPV QSF QBSF EVSJOH ZPVS WJTJU UP #FJKJOH 'PS NZ #FJKJOH USJQ JU IBT UP CF OPOF PUIFS UIBO CVUUFSNJML QSBXOT HJOHFS DIJDLFO BOE CMBDL QFQQFS CFFG 5IFSF JT B TBZJOH UIBU UIF NPSF DPNNPO UIF EJTIFT BSF UIF NPSF DIBMMFOHJOH UIFZ BSF UP QSFQBSF *U JT BMTP POF PG UIF CFTU XBZT UP HBVHF UIF DIFG T BCJMJUZ * XJMM BMTP CF QSFQBSJOH B GFX PUIFS EJTIFT XIJDI BU UIJT QPJOU * XPVME MJLF UP LFFQ BT B TVSQSJTF 5IJT JT CFDBVTF * MJLF UP CF JOTQJSFE CZ UIF FOWJSPONFOU UIBU * N JO BOE UIF QFPQMF UIBU * XPSL XJUI &WFSZ DIFG IBT UIFJS PXO QSFG FSFODF XIFO QSFQBSJOH B DVJTJOF 'PS NF XIFO * TUBSUFE MFBSOJOH UIF
BSU PG DPPLJOH ZFBST BHP GSPN B )POH ,POH DIFG * MFBSOFE UIBU JU JT OPU XIBU ZPV IBWF JO UIF LJUDIFO UIBU NBUUFST 8IBU JT JNQPSUBOU JT UIBU ZPV DPPL GSPN UIF IFBSU BOE IBWF B EFTJSF UP GFFE ZPVS HVFTUT XFMM :P V S SF T U B V SB OU T I BWF XP O OVNFSPVT BXBSET $PJODJEFODF PS EP ZPV IBWF B SFDJQF GPS TVD DFTT " CJU PG CPUI * XPVME TBZ * MJLF UP FYQFSJNFOU XJUI GPPE EVSJOH NZ MFJTVSF UJNF UBMLJOH UP HVFTUT BOE HBUIFSJOH UIFJS PQJOJPOT JEFBT BOE UBTUFT $PJODJEFOUBMMZ * BN BMTP CMFTTFE XJUI UIF OVNCFS PG BDDP MBEFT XIJDI $IZOOB )JMUPO ,VBMB -VNQVS IBT XPO PWFS UIF ZFBST 8IBU EP ZPV OPSNBMMZ FBU XIFO ZPV SF BU IPNF "OZUIJOH BT MPOH BT JU JT B IPNF DPPLFE NFBM
i* EP OPU IBWF B GBWPSJUF JOHSFEJFOU * VTF BMM JO HSFEJFOUT BT * CFMJFWF BMM JOHSFEJFOUT IBWF UIFJS PXO VOJRVF UBTUF BOE รณBWPSu $IFG -BN )PDL )JO UIF &YFDVUJWF $IJOFTF $IFG PG )JMUPO ,VBMB -VNQVS XJMM CF BSSJWJOH BU UIF )JMUPO #FJKJOH 8BOHGVKJOH T $IZOOB 3FTUBVSBOU PO "QSJM UI BOE ZPV DBO TBNQMF IJT DVJ TJOF UISPVHI "QSJM UI %VSJOH UIJT UJNF TQFDJBMMZ EFTJHOFE NFOVT XJUI $IFG T -BN T TJHOBUVSF DSFBUJPOT TVDI BT IPOFZ HMB[FE CPOFMFTT DIJDLFO XJUI DSJTQZ HJOHFS รณBLFT CVUUFSNJML TISJNQ HBSOJTIFE XJUI HPMEFO FHH TJML BOE
EPVCMF CPJMFE PZTUFS CMBEF TVQFSJPS TIBSL T GJO CSPUI 8BHZV SPMMT XJMM CF BWBJMBCMF GSPN 3.# UP 3.# QMVT GPS MVODI BOE EJOOFS BU $IZO OB SFTUBVSBOU MPDBUFE PO UIF รฑGUI รณPPS PG UIF )JMUPO #FJKJOH 8BOHGVKJOH $IZOOB %BJMZ BN QN QN ' )JMUPO )PUFM 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU
i/PUIJOH CFBUT รฑTIJOH BT UIJT BMMPXT NF UP MFBSO BCPVU BMM TPSUT PG EJรญFSFOU รฑTIFT XIJMF TQFOEJOH UJNF XJUI NZ GSJFOETu
8IBU BSF ZPVS GBWPSJUF JOHSFEJ FOUT UP XPSL XJUI BOE XIZ * EP OPU IBWF B GBWPSJUF JOHSFEJFOU * VTF BMM JOHSFEJFOUT BT * CFMJFWF BMM JOHSFEJFOUT IBWF UIFJS PXO VOJRVF UBTUF BOE รณBWPS * GFFM UIF TBNF XBZ BCPVU JOHSFEJFOUT * EP OPU IBWF BOZ MFBTU GBWPSJUF JOHSFEJFOUT CFDBVTF UP NF BMM JOHSFEJFOUT IBWF B QMBDF JO UIF DVJTJOF BOE EJTIFT * QSFQBSF 8IBU T ZPVS GBWPSJUF TJNQMF SFDJQF UIBU PVS SFBEFST DBO NBLF BU IPNF JO PVS UJOZ LJUDIFOT *U IBT UP CF GSJFE SJDF "T MPOH BT ZPV IBWF SJDF B GFX PUIFS JOHSFEJFOUT ZPV KVTU UPTT UIFN JO B XPL BOE ZPV SF SFBEZ 8IBU T ZPVS GBWPSJUF UIJOH UP EP PVU TJEF PG DPPLJOH * MPWF รฑTIJOH /PUI JOH CFBUT รฑTIJOH BT UIJT BMMPXT NF UP MFBSO BCPVU BMM TPSUT PG EJรญFSFOU รฑTIFT XIJMF TQFOEJOH UJNF XJUI NZ GSJFOET 8IBU T UIF NPTU JOUFSFTUJOH UIJOH BOZPOF IBT FWFS UPME ZPV BCPVU GPPE " GSJFOE PG NJOF PODF UPME NF UIBU รฑTI GSPN UIF 4USBJUT PG .BMBDDB .B MBZTJB BSF CFTU GPS TUFBNJOH EVF UP UIF XBUFS DVSSFOU 5IFTF รฑTI XPVME IBWF UP TXJN B MJUUMF IBSEFS BOE GBTUFS IFODF UIFZ IBWF MFTT GBU BOE UBOHJFS รณFTI
$IFG -BN T TJHOBUVSF IPOFZ HMB[FE CPOFMFTT DIJDLFO
*OUFSWJFX CZ +FOOJGFS 5IPNร
%.
5)6 ."3 ลฆ 8&% "13
"(&/%"
5)& -*45
-BO $MVC JT POF PG UIF CFTU QMBDFT UP TQZ BOE FWFO MJWF MJLF DFMFCSJUJFT
806-% :06 -*,& " $&-&#3*5: 8*5) 5)"5
5IF QFSGFDU QMBDF UP DBUDI B ESJOL CJUF BOE B HMBODF JOUP UIF IJHI MJGF 0OF PG UIF CFOFñUT PG MJWJOH JO #FJKJOH JT UIBU IBMG PG $IJOB T DFMFCSJUJFT MJWF IFSF UPP HJWJOH ZPV MPUT PG PQQPSUVOJUJFT UP HPTTJQ "HFOEB IBT QVU UPHFUIFS B MJTU PG UIF NPTU MJWFMZ BOE GBCVMPVT TQPUT XIFSF ZPV DBO HFU TPNF DFMFCSJUZ HBXLJOH PO UIF TJEF DPNQMFUFMZ GSFF PG DIBSHF
#BST 9JV "U ñSTU HMBODF UIJT CBS MPPLT MJLF BO PME DPVSUZBSE CVU JU JT BDUVBMMZ B NPEFSO IPU TQPU JO #FJKJOH T OJHIUMJGF TDFOF XIPTF DMJFOUFMF JT TP TUBS TUVEEFE UIBU UIFZ BDUJWFMZ QSPUFDU UIFJS MJTU PG QBUSPOT 1FSGFDU GPS ESJOLT XJUI #FJKJOH T NPTU HMBNPSPVT FMJUF %BJMZ QN BN ' 1BSL )ZBUU #FJKJOH +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU $IJOB (SJMM "T POF PG UIF IJHIFTU CBST JO #FJKJOH $IJOB (SJMM IBT B TUVOOJOH WJFX PG UIF DJUZ B KBEF CBS BOE JT ñMMFE XJUI PSJFOUBM TDSFFOT UIF QFSGFDU EJTUSBDUJPO TP UIBU #FJKJOH T FMJUF DBO TMJQ JO BOE PVU VOOPUJDFE
"(&/%"
%BJMZ BN BN BN QN QN ' 1BSL )ZBUU #FJKJOH +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU $+8 5IF 1MBDF T $+8 CSJOHT UPHFUIFS UISFF PG #FJKJOH T TFYJFTU TJOT DJHBST KB[[ BOE XJOF :PV MM TJOL SJHIU JOUP UIF TPGU DPVDIFT PG UIFJS WBTU TJUUJOH BSFB XIJDI JT TFOTVPVTMZ MJU XJUI PME GBTIJPOFE DBOEMFT $PNQMFUF XJUI BO FOUJSF XBMM PG UPQ TIFMG TQJSJUT $+8 PÃFST B DMBTTZ FYQFSJFODF UIBU T ñU GPS UIF TUBST %BJMZ BN QN - 8PSME 5SBEF 1MB[B (VBOHIVB 3PBE $IBOHZBOH %JTUSJDU $FOUSP $FOUSP JT B QPQVMBS SFTU TQPU GPS CVTJOFTTNFO BOE TUBST BMJLF *U T CFTU LOPXO GPS JUT UBMM GBTIJPO BCMF BOE BUUSBDUJWF XBJU TUBà XIP BSF IBQQZ UP TFSWF ZPV POF PG #FJKJOH T CFTU NBSUJOJT BOZ IPVS PG UIF EBZ %BJMZ IPVST ' ,FSSZ $FOUFS (VBOHIVB 3PBE $IBOHZBOH %JTUSJDU
5)6 ."3 Ŧ 8&% "13
%.
%SBHPO #BS 5IF EFDPS PG %SBH PO #BS UVSOT UIJT TPNFUJNFT PWFSVTFE NZUIPMPHJDBM DSFBUVSF JOUP B IJQ BOE DPNGPSUBCMF BUNPTQIFSF 5SBEJUJPOBMMZ B EFDPSBUJPO SFTFSWFE GPS NFNCFST PG UIF JNQFSJBM GBNJMZ ESBHPOT QPQ PVU PG FWFSZ OPPL BOE DSBOOZ PG UIJT QPQVMBS IPU TQPU %BJMZ QN QN ' +8 .BSSJPUU )PUFM +JBOHVP 3PBE $IBPZBOH %JTUSJDU
-BO $MVC -BO JT CFTU LOPXO GPS JUT FÃVTJWFMZ SJDI BUNPTQIFSF B VOJRVF NJYUVSF PG USBEJUJPOBM &VSPQFBO BSU BOE IJHI GBTIJPO *UT MJTU PG JMMVTUSJPVT DMJFOUFMF JODMVEF UIF MJLFT PG -FPOBSEP %JDBQSJP %BWJE #FDLIBN $JOEZ $SBXGPSE BOE PUIFS XFMM LOPXO JOUFSOBUJPOBM TUBST *G ZPV NBLF JU JOUP POF PG UIFJS QBSUJFT UIFSF T B HPPE DIBODF ZPV MM SVO JOUP TPNFPOF GBNPVT %BJMZ BN QN ' ' 5XJO UPXFS :J +JBOHVPNFOXBJ 4BKJF $IBPZBOH %JTUSJDU
$PDP #BOBOB $PDP #BOBOB JT UIF QMBDF UP HP GPS OFX BOE IJQ NVTJD XJUI JUT SFQFSUPJSF PG XPSME SFOPXOFE %+T *UT FOWJSPONFOU JT TQFDJñDBMMZ EFTJHOFE UP NBLF ZPV FNCSBDF ZPVS ZPVUI BOE EBODF ZPVS CSBJOT PVU 5IF $IJOFTF 1BQBSB[[J BSF BMXBZT IBOHJOH BSPVOE $PDP #BOBOB UP DBUDI B TIPU PS UXP PG #FJKJOH T FMJUF BU UIFJS IFEPOJTUJD CFTU %BJMZ QN BN ' (POHUJ /PSUI 3PBE $IBOHZBOH %JTUSJDU 1BSUZ8PSME %PMMBS GPS EPMMBS 1BSUZ8PSME JT B HSFBU BMUFSOBUJWF UP #FJKJOH T FYQFOTJWF CBS TDFOF "T B GVMM TFSWJDF ,57 KPJOU UIFZ PíFS QSJWBUF SPPNT BOE FWFO B GSFF CVíFU UP TUBWF Pí ZPVS ESVOLFO NVODIJFT &WFSZ QSPNJOFOU MPDBM TUBS IBT TUFQQFE GPPU JOUP 1BSUZ8PSME BU TPNF QPJOU IBWJOH CFFO VTIFSFE JO UISPVHI UIFJS TFDSFU CBDLEPPS FOUSBODF SFTFSWFE GPS UIF SJDI BOE QPXFSGVM %BJMZ IPVST ' 'BOMJ 1MB[B $IBPZBOHNFOXBJ %BKJF $IBPZBOH %JTUSJDU
3FTUBVSBOUT 8BOHKJBEV )PU 1PU &WFSZPOF MJLFT IPU QPU UIBU T VORVFTUJPOBCMF #VU XIZ JT 8BOHKJBEV UIF IPU QPU TQPU PG UIF TUBST #FDBVTF JU T UIF POMZ IPU QPU QMBDF UIBU T NPSF MJLF B OJHIU DMVC UIBO B SFT UBVSBOU "OE ZFT UIF IPU QPU JT HPPE UPP %BJMZ BN QN ' 1BMN 1MB[B $IBPZBOH 1BSL 3PBE 4PVUI $IBPZBOH %JT USJDU -FGV 3FTUBVSBOU 8IBU EJE UIJT SFTUBVSBOU EP UP JNQSFTT DFMFCSJUZ ;IBP 8FJ *U IBT FWFSZUIJOH BOE TIF MPWFT JU 8IBUFWFS ZPV XBOU CF JU +BQBOFTF TVTIJ QSFQBSFE CZ TFBTPOFE NBTUFST TPVUIFSO *UBMJBO QJ[[B PS WPMDBOJD SPDL UFQQBOZBLJ ZPV SF JO MVDL %BJMZ BN BN ' 1MB[B 4BOMJUVO 3PBE $IBPZBOH %JTUSJDU
$PTZ $BGÊ $PTZ -J %POHUJBO MPWFT UP TIBSF HPPE UIJOHT XJUI GSJFOET XIJDI JT XIZ IF PQFOFE UIJT DPíFF TIPQ $SFBUJOH POF PG #FJKJOH T NPTU BVUIFOUJD XFTUFSO DBGÊ T IBT BMTP QBJE GPS JUTFMG JO QSPNPUJPO BT TFWFSBM ñMN DSFXT DIPPTF UP TIPPU ñMN BOE UFMFWJTJPO QSPHSBNT IFSF ' 4IVJZBO )VJTVP 'BOHZVBO /BOMJ $IBPZBOH %JTUSJDU +BTNJOF +BTNJOF T QSJWBUF LJUDIFO BOE EFMJDBUF FOWJ SPONFOU NBLF GPS B QFSGFDU EBUF TQPU TP EPO U CF TVSQSJTFE JG ZPV ñOE DFMFCSJUJFT EJOJOH IFSF 8FFLEBZT BN QN 8FFLFOET BN QN 1BWJMMJPO (POHUJ %POHMV $IBPZBOH 4JTUSJDU $IBSNF 3FTUBVSBOU 5IJT QMBDF JT JO EFFE QSFUUZ DIBSNJOH BOE JU T TBJE DFMFCSJUJFT óPDL IFSF GPS UIFJS EFMJDJPVT QJOFBQQMF CVOT DIJDLFO XJOHT BOE TUVíFE TISJNQ %BJMZ BN QN 8PSME $JUZ $PNNFSDJBM 4USFFU +JOIVJ 3PBE $IBPZBOH %JTUSJDU .JUBP 3FTUBVSBOU 8IFO BDUSFTT (BP :VBOZVBO DPVMEO U ñOE B DP[Z QMBDF UP FBU XJUI IFS CFTU GSJFOET UIFZ EFDJEFE UP PQFO B QMBDF UIFNTFMWFT $BTVBM GSJFOEMZ BOE TXFFU UIJT QMBDF JT UIF QFSGFDU TQPU GPS B OJHIU XJUI UIF HJSMT FTQFDJBMMZ TJODF (BP BOE IFS HPSHFPVT FOUPVSBHF NJHIU TIPX VQ %BJMZ BN QN ' 40)0 4IBOHEV 1MB[B 8FTU $IBPZBOH %JTUSJDU $PNQJMFE CZ 5FEEZ (VP
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
/*()541054
53: 5)&4&
" TPQIJTUJDBUFE TFUUJOH GPS JOTQJSFE DPDLUBJMT
$PDLUBJMT
'SFTDP 'SFTDP PíFST OPU POMZ POF PG UIF NPTU SFñOFE QMBDFT UP IBWF ESJOLT JO #FJKJOH CVU BMTP B CFBVUJGVM BOE VOQSFUFOUJPVT ESJOL NFOV ñMMFE XJUI TPQIJTUJDBUFE DPDLUBJMT BOE B TPMJE TFMFDUJPO PG XJOFT BOE #FMHJBO CFFST #FJKJOH JOTQJSFE DPDLUBJMT TVDI BT UIF #FJKJOH &NQSFTTJPO 3.# NBEF PG NVEEMFE IPVTF NBEF NBOEBSJO HJO GSFTI IBXUIPSOT DSBOCFSSZ KVJDF BOE PSBOHF MJRVFVS EB[[MF PO ñSTU TJQ XIJMF UIF $VDVNCFS .BSUJOJ 3.# JT TVSF UP DSFBUF B MPZBM GPMMPXJOH %SJOLT BSF TFSWFE XJUI B TFMFDUJPO PG EBJMZ DBOBQÊT HPVHFSFT B QBSNFTBO CBTLFU OVUT BOE QBQBEBN CSFBE .BJTPO #PVMVE IBT B XFFLMZ CVCCMZ OJHIU JO BTTPDJBUJPO XJUI 1FSSJFS +PVFU #SVU JT 3.# QFS HMBTT 3.# QFS CPUUMF
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
"(&/%"
5)6 ."3 Ŧ 8&% "13
4)!.g!. -%. $/.' 34!4)/.
4)!.g!. -%. 8) 34!4)/. .#0!
&2%3#/ -!)3/. "/5,5$ 1)!.-%. 34!4)/.
%.
5)& -*45 XJOF JOUP $IJOB BU B MPX QSJDF #FTU CPUUMF .BSJF %VQJO 4BJOU /JDPMBT EF #PVSHFVJM 'SBODF 3.#
%FMJWFSZ 5ISPVHIPVU #FJKJOH 'SFF OFYU EBZ EFMJWFSZ GPS QVSDIBTFT PWFS 3.# 5FMFQIPOF 8FC XXX EUBTJB XJOFT DPN &WFSXJOFT "T B DPOTVNFS EJWJTJPO PG 5PSSFT $IJOB &WFSXJOFT JT QPJTFE UP QSPWJEF HPPE XJOFT BOE TFSWJDFT UP FOE DPOTVNFST XIP BSF QBTTJPOBUF BCPVU JNQPSUFE XJOFT #FTU #PUUMF /JOUI *TMBOE $IBSEPOOBZ 3.#
%FMJWFSZ 5ISPVHIPVU #FJKJOH 'SFF EFMJWFSZ GPS PSEFST PWFS 3.# 5FMFQIPOF 8FC XXX FWFSXJOFT DPN 8IZ HP PVU XIFO UIF XJOF XJMM DPNF UP ZPV 8JMM FWFSZCPEZ LOPX ZPVS OBNF
%3*/, */ */ 45:-&
#FJKJOH T CFTU XJOF EFMJWFSZ TFSWJDFT "T DPPM TQSJOH XJOET XIJTL UISPVHI UIF DJUZ BOE MJCJEPT FNFSHF GSPN IJCFSOB UJPO BOE HP PO UIF QSPXM ZPV NJHIU EFDJEF UIBU JU T CFTU UP TUBZ JOTJEF KVTU B MJUUMF CJU MPOHFS BOE HJWF UIFN B DIBODF UP XBSN VQ BOE DPPM EPXO SFTQFDUJWFMZ *G UIBU T UIF QMBO DBMM ZPVS GSJFOET CVZ B %7% BOE PSEFS JO TPNF GBCVMPVT XJOF GSPN #FJKJOH T CFTU XJOF EFMJWFSZ TFSWJDFT 1MFBTF OPUF UIBU iJO #FJKJOHu VTVBMMZ NFBOT XJUIJO UIF 'JGUI 3JOH 3PBE
3.#
%FMJWFSZ 5ISPVHIPVU #FJKJOH 'SFF OFYU EBZ EFMJWFSZ GPS QVSDIBTFT PWFS POF DBTF PS NPSF 5FMFQIPOF 8FC XXX BVTTJOP OFU
$IJOB 8JOFT BOE 4QJSJUT $84 JT FYDMVTJWFMZ SFQSFTFOUJOH TPNF PG #PSEFBVY T BOE #VSHVOEZ T NPTU GBNPVT XJOFT BT XFMM BT CVCCMJOH TQJSJUT GSPN UIF $IBNQBHOF SFHJPOT #FJKJOH T "4$ 'JOF 8JOFT :PV DBO BOE XJOF GSPN CPVUJRVF XJOFSJFT DIPPTF GSPN UIF MBUFTU XJOFT PO 5IFZ BMTP JNQPSU XJOF QSPEVDUT GSPN QSPNPUJPO CZ CPUUMF BOE CZ DBTF PS B *UBMZ 4QBJO 4PVUI "GSJDB BOE UIFZ IBWF QSF NJYFE DBTF GSPN UIFJS XJEF XJOF UIFJS PXO CSBOE 7JOP 4FMFDU TFMFDUJPOT &YDFMMFOU NPOFZ GPS WBMVF #FTU CPUUMF ,87 $BUIFESBM $FMMBS HPPET 5IFJS QPSUGPMJP IJHIMJHIUT XJOFT 5SJQUZDI 3.#
JNQPSUFE GSPN BMM DPSOFST PG UIF XPSME %FMJWFSZ 5ISPVHIPVU #FJKJOH 'SFF #FTU CPUUMF -PVJT +BEPU #PVSHPHOF OFYU EBZ EFMJWFSZ GPS QVSDIBTFT PWFS 1JOPU /PJS "0$ 3.#
TJY CPUUMFT PG EJTDPVOU JG ZPV %FMJWFSZ 5ISPVHIPVU #FJKJOH 'SFF OFYU NFOUJPO ZPV SF BO "HFOEB SFBEFS EBZ EFMJWFSZ GPS QVSDIBTFT PWFS 3.# 5FMFQIPOF 1IPOF 8FC XXX DIJOB XJOFT BOE TQJSJUT DPN 8FC XXX BTD XJOFT DPN %5 "TJB 'SPN UIF 0ME 8PSME UP UIF "VTTJOP 4UPDLT "VTTJOP 4UPDLT JT POF PG UIF CJHHFTU XJOF JNQPSUFST JO $IJOB BOE PXOT UIF CJHHFTU GSBODIJTF SFUBJM OFUXPSLT PG JNQPSUFE XJOF JO $IJOB 5IFZ TQFDJBMJ[F JO UIF NFEJVN UP IJHI FOE NBSLFU #FTU CPUUMF -B $SPJY EF #FBVDBJMMPV
/FX 8PSME GSPN FWFSZEBZ ESJOLJOH XJOFT UP FYDFQUJPOBM POFT UIJT DPNQBOZ TUPDLT UIFJS XJOF XBSFIPVTF GSPN SFHJPOT PG UIF NBKPS XJOF QSPEVDJOH DPVOUSJFT *U JT DMBJNFE UIBU %5 "4*" IBT B GPSFSVOOFS QPTJUJPO UP CSJOH B WFSZ MBSHF DIPJDF PG RVBMJUZ
%.
5IF 8JOF 3FQVCMJD 5IF 8JOF 3F QVCMJD SFQSFTFOUT IJHIMZ SFHBSEFE GBNJMZ PXOFE XJOF QSPEVDFST XIP BSF CBTFE JO UIF XPSME T CFTU XJOF SFHJPOT 5IFZ PÃFS NPSF UIBO EJÃFSFOU XJOFT XJUI B QBSUJDVMBS GPDVT PO #VSHVOEZ BOE 1JOPU /PJS BT XFMM BT XJOFT GSPN PG "VTUSBMJB T CFTU SFHJPOT BSF BWBJMBCMF #FTU #PUUMF .PVOU %JîDVMUZ 5BSHFU (VMMZ 3JFTMJOH 3.#
%FMJWFSZ 5ISPVHIPVU #FJKJOH 'SFF OFYU EBZ EFMJWFSZ GPS QVSDIBTFT PWFS TJY CPUUMFT 5FMFQIPOF 8FC XXX UIFXJOFSFQVCMJD DPN .POUSPTF 8JOF .POUSPTF JT UIF FY DMVTJWFMZ DBSSJFS PG PWFS XJOFT GSPN DPVOUSJFT BSPVOE UIF XPSME 5IFJS TFMFDUJPOT JODMVEF XJOF QSPEVDUT GSPN 'SBODF *UBMZ $BMJGPSOJB 4QBJO 1PSUVHBM "VTUSJB "VTUSBMJB $IJMF "SHFOUJOB /FX ;FBMBOE 4PVUI "GSJDB $BOBEB $IJOB BOE )POH ,POH #FTU #PUUMF "OEFMVOB .BMCFD 3.# TUPSF XFC QSJDF
%FMJWFSZ 5ISPVHIPVU #FJKJOH UI 3JOH 'SFF OFYU EBZ EFMJWFSZ GPS QVSDIBTFT PWFS 3.# 5FMFQIPOF 8FC XXX NPOUSPTFDIJOB DPN 4VNNFSHBUF 'JOF 8JOFT 4QJSJUT 4VNNFSHBUF FYDMVTJWFMZ SFQSFTFOUT NPSF UIBO XJOFSJFT GSPN DPVO USJFT BSPVOE UIF XPSME #FTU #PUUMF 5IF 'PPUCPMU 4IJSB[ 3.#
%FMJWFSZ 5ISPVHIPVU #FJKJOH 'SFF OFYU EBZ EFMJWFSZ GPS QVSDIBTFT PWFS 3.# FYDFQU XFFLFOET 5FMFQIPOF 8FC XXX TVNNFSHBUF DPN $PNQJMFE CZ "EFMJOF 8BOH
5)6 ."3 Ŧ 8&% "13
"(&/%"
/*()541054
53: 5)&4&
.PKJUP
1JOL JT UIF OFX CMBDL
4USBXCFSSZ NBSHBSJUB
-PVOHF
$FOUSP $FOUSP IBT CFFO B QFSFOOJBM GBWPSJUF XJUI MPDBMT BOE FYQBUT BMJLF GPS UIF QBTU FJHIU ZFBST PXOJOH UP JUT QFSGFDU CMFOE PG QSJNF MPDBUJPO DSFBUJWF ESJOLT TVDI BT UIF $SPVDIJOH 5JHFS NBEF XJUI "EWPDBBU +ÅHFSNFJTUFS 'SBOHFMJDP IPU DIPDPMBUF SFE DIFSSZ PSBOHF QFFM TUBS BOE HBOH HSBTT 3.# BOE JUT EFEJDBUJPO UP DSFBUJOH B DPNGPSUBCMF ZFU TUZMJTI FOWJSPONFOU -JWF NVTJD QFSGPSNBODFT FWFSZ OJHIU XJUI OFX QFSGPSNFST PO B SFHVMBS CBTJT %BJMZ IST ' 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU BTL GPS $FOUSP
1FSGFDU GPS QPTU XPSL DPDLUBJMT BOE MBUF OJHIU ESJOLT BOE MJWF NVTJD
8IJMF ZPV SF JO UIF OFJHICPSIPPE TUBSU ZPVS FWFOJOH XJUI B SFñOFE EJOOFS BU BU )PSJ[PO XIJDI BMTP GFBUVSFT B 3.# BMM ZPV DBO FBU EJN TVN MVODI PO XFFLEBZT "OPUIFS EJOJOH PQUJPO JO UIF BSFB JT UIF IJHI BMUJUVEF (SJMM
"(&/%"
5)6 ."3 Ŧ 8&% "13
%!34 $!1)!/ 2/!$
4JHOBUVSF ESJOLT JODMVEF UIF $IF B TXFFU CMFOE PG #FMPX 7PELB GSFTI MZDIFF CBTJM MJNF BOE CSPXO TVHBS TFSWFE XJUI B DVDVN CFS TUJDL 3.# BOE UIFJS BMXBZT QPQVMBS MJOF PG DIBNQBHOF DPDLUBJMT GFBUVSJOH ESJOLT MJLF B 8IJUF 1FBDI #FMMJOJ NBEF XJUI DIBN QBHOF XIJUF QFBDI QVSÊF BOE GSFTI NJOU MFBWFT 3.#
*).4!)8):(!/ 34!4)/. 3(!.'2) ,! 3 +%229 #%.42% (/4%, #%.42/ (/2):/.
'5!.'(5! 2/!$ '2),, 9/.'!.,) 34!4)/.
%.
'5/-!/ 34!4)/.
5)& -*45 GPS UIF NPWJF 5IF 3PBE )PNF EJSFDUFE CZ ;IBOH :JNPV 4POH ;VZJOH 5IJT FUIOJD .JBP $IJOFTF TJOHFS JT UIF NPTU GBNPVT TPQSBOP JO $IJOB 4IF IBT UIF CFTU WPJDF * IBWF FWFS IFBSE BOE IFS TQF DJBM WPDBM TLJMMT NBLF IFS TPOHT WFSZ EJî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
.JTT .FMPEZ SFDPNNFOET IFS GBWPSJUF NVTJD
$0/5&.103"3: '0-, 4*/(&3 .*44 .&-0%:
$IJOB T IPNFHSPXO TPOHTUSFTT TIBSFT IFS GBWPSJUF BSUJTUT .JTT .FMPEZ JT B DPOUFNQPSBSZ $IJOFTF GPML TJOHFS BOE TPOHXSJUFS #PSO JO B TNBMM WJMMBHF JO *OOFS .POHPMJB TIF XBT USBJOFE CZ B MPDBM GPML TJOHFS BU BO FBSMZ BHF CVU HSFX VQ UP B TPVOEUSBDL PG XFTUFSO NVTJD UIBU XBT QMBZJOH JO UIF CBDLHSPVOE XIJMF TIF XBT HSPXJOH VQ JO NPEFSO $IJOB 4IF SFDFOUMZ CFHBO DPPQFSBUJOH XJUI .PCJEFYUSPVT B QSP EVDFS GSPN UIF 6, BOE UPHFUIFS UIFZ CF HBO UP FYQFSJNFOU XJUI B DSPTT PWFS TUZMF CFUXFFO 6, VOEFSHSPVOE FMFDUSPOJD BOE PQFSBUJD $IJOFTF GPML XJUI TUVOOJOH SF TVMUT 5IFJS MBUFTU XPSL JT )VBO m B GVTJPO PG XFTUFSO EPXOUFNQP FMFDUSPOJDB XJUI QPFUJD USBEJUJPOBM $IJOFTF GPML WPDBMT "HFOEB UVOFE JO XJUI .JTT .FMPEZ BOE BTLFE IFS UP TIBSF XJUI VT UIF BSUJTUT UIBU JOTQJSF IFS NPTU
B WFSZ TBE TPOH XSJUUFO CZ B GPSNFS 3FE "SNZ TPMEJFS GPS IJT MBUF MPWFS B SFCFMMJPVT WJMMBHF HJSM XIP SBO PVU PG BO BSSBOHFE NBSSJBHF JO PSEFS UP NFFU IFS USVF MPWF
8BOH 'FJGFJ 8BOH 'FJGFJ CFDBNF WFSZ GBNPVT GPS IFS BNB[JOH WPJDF JO UIF MBUF T CVU XPSLFE BT B QSPQBHBOEB TJOHFS CFUXFFO UP XIJMF MPPLJOH GPS IFS OFX TUZMF *O TIF NFU )V 9JBP PV B NVTJD 1I % SFUVSOJOH GSPN UIF 64 BOE UIFZ TUBSUFE XPSLJOH PO B XIPMF OFX TUZMF m $IJOFTF USJQ IPQ )FS VOJRVF WPJDF DPNCJOFE XJUI )V T JOOPWBUJWF USJQ IPQ CFBUT NBEF IFS OFX BMCVN i'MZ UP 'MZu B CJH TVDDFTT .Z GBWPSJUF QJFDF ;IVJ #V JT FNPUJWF TPVMGVM BOE BNCJFOU B NVTU MJTUFO GPS USJQ IPQ GBOT
9JBPIF 5IJT MFHFOEBSZ FY QFSJNFOUBM NVTJDJBO IBT XPSLFE BT B TPMEJFS IF FOMJTUFE BU B DMFBOFS B ;IBOH :BEPOH 5IJT GBNPVT TFDVSJUZ HVBSE BOE B TIPQLFFQFS )JT QPQ QSPEVDFS TPOHXSJUFS BOE DPN DPNQMJDBUFE FYQFSJFODF HBWF IJN B QPTFS JT PGUFO DBMMFE UIF (PEGBUIFS PG QIJMPTPQIZ PG GSFFEPN GFX DPOUFN NBJOMBOE QPQ NVTJD BOE JT SFTQPOTJ QPSBSZ $IJOFTF NVTJDJBOT BSF BCMF CMF GPS UIF TVDDFTTFT PG NBOZ $IJOFTF UP DPOWFZ )F IBT IJT PXO CBOE IJT BSUJTUT JODMVEJOH 'BZF 8POH :V PXO BMCVNT BOE IJT PXO TPOHT #VU 2VBO 1V 4IV %JOH 8FJ IF OFWFS TUPQT DIBMMFOHJOH IJNTFMG BOE :F 1FJ .Z GBWPSJUF TPOH XJUI NPSF DSB[Z NVTJDBM JEFBT )F JT PG IJT JT #J "O )VB 'MPXFS PO VTJOH TBNQMFS BOE EFMBZ FíFDUT UP UIF 0UIFS 4IPSF XIJDI XBT TVOH CZ EP JNQSPWJTBUJPOBM QFSGPSNBODFT )F 'BZF 8POH OFWFS SFQFBUT IJNTFMG )F TFFT NVTJD BT B HJGU B NFBOT PG HFUUJOH IBQQJOFTT 4BO #BP 5IJT .POHPMJBO BOE GSFFEPN NVTJDJBO XIPTF SFBM OBNF JT /B 3J 4POH DPNFT GSPN B DMBTTJDBM (VP -BOZJOH " SFOPXOFE *OUFSWJFX CZ +FOOJGFS 5IPNÊ BOE FUIOJD NVTJD CBDLHSPVOE 5IJT $IJOFTF PQFSBUJD TPQSBOP JO UIF T NVMUJUBMFOUFE DPNQPTFS DPOEVDUPS TIF JT CFTU LOPXO GPS IFS MFBEJOH PQ BOE QSPEVDFS BOE TPOHXSJUFS IBT QSP $IFDL PVU .JTT .FMPEZ T PSJHJOBM FSBUJD SPMF JO 5IF 8IJUF )BJSFE (JSM .Z CMFOE PG NVTJD PO EPVCBO EVDFE NVTJD GPS NBOZ $IJOFTF NPW GBWPSJUF TPOH CZ IFS JT -BO )VB )VB TJUF EPVCBO DPN NJTTNFMPEZ JFT .Z QFSTPOBM GBWPSJUF JT UIF UIFNF
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
4105-*()5
UP XJOF SFHJPOT .BOZ DVTUPNFST XIP BUUFOE PVS FWFOUT IBWF CFFO UP NPSF SFHJPOT UIBO * IBWF CFFO CFDBVTF UIFZ KVTU HP PO UPVST BOE UIFZ SFBMMZ XBOU UP TFF XIFSF UIFTF CJH OBNFT DPNF GSPN 5IFZ BMTP HP PO B MPU PG CVTJOFTT USJQT UP DPVOUSJFT MJLF $IJMF BOE "SHFOUJOB "VTUSBMJB BOE /FX ;FBMBOE BOE XIFO UIFZ DPNF CBDL UIFZ WF EFWFMPQFE B UBTUF GPS UIJT XJOF
%PNJOJRVF #POOFM VOEFSTUBOET XJOF GSPN UBTUF UP QPMJUJDT
8*/& 53&/%4 "/% 10-*5*$4 %PNJOJRVF #POOFM /PSUI $IJOB "SFB %JSFDUPS BU 4VNNFSHBUF 8JOFT 8IBU XJOFT EP ZPV UIJOL XJMM CF UIF NPTU QPQVMBS UIJT ZFBS $IJOB T USFOE GPS 'SFODI XJOF JT TUJMM WFSZ TUSPOH CVU JU T DIBOHJOH BOE TQSFBEJOH BDSPTT NPSF SFHJPOT UIBO KVTU #PSEFBVY BT XFMM BT BSPVOE UIF XPSME 1FSDFOUBHF XJTF * E TBZ UIBU PG UIF CPUUMFE XJOFT DPNJOH JOUP $IJOB BSF 'SFODI 5IFSF JT BMTP B MPU PG CVML XJOF DPNJOH JOUP $IJOB JO DPO UBJOFST UP CF CMFOEFE XJUI $IJOFTF XJOFT 1SJWBUF $IJOFTF DVTUPNFST XIP BSF UIF CJHHFTU HSPXUI NBSLFU GPS VT IBWF EFDJEFE UP HP PVUTJEF PG #PSEFBVY 5IFZ BSF TUBSUJOH UP MFBSO NPSF BCPVU XJOF BOE BSF HFUUJOH JOUFSFTUFE JO PUIFS XJOFT GSPN UIF 6OJUFE 4UBUFT *UBMZ BOE 4QBJO 5IJT JT JO QBSU GSPN UIF JOóVFODF PG GPSFJHO FST MJWJOH IFSF BOE BMTP GSPN UIF NBOZ $IJOFTF HPJOH BCSPBE
BSF NPSF BOE NPSF UBML TIPXT BOE SBEJP QSPHSBNT UIBU UBML BCPVU XJOF TP QFPQMF BSF TUBSUJOH UP MJTUFO UP VOEFSTUBOE 5IFSF T BMTP B MPU PG JO GPSNBUJPO BCPVU XJOFSJFT JO UIF QSFTT XIFUIFS JU T B GPSFJHO QSFTT USBOTMBUJOH BSUJDMFT JOUP $IJOFTF PS MPDBM MVYVSZ NBHB[JOFT TVDI BT /PCMFTTF PS 5BUUMFS 5IFTF LJOET PG TUPSJFT BSF QBSUJDVMBSMZ HPPE BU HFUUJOH QFPQMF JOUFSFTUFE JO OFX UZQFT PG XJOFT FTQFDJBMMZ POF T ZPV NJHIU OPU BMXBZT IFBS BCPVU MJLF (FSNBO XJOFT
8IBU ESJWFT $IJOFTF DPOTVNQ UJPO PG XJOF "U UIF NPNFOU JU T TUJMM WFSZ NVDI B QSFTUJHF UIJOH 'PS $IJOFTF QFPQMF BOZUIJOH UIFZ CVZ IBT B GBDF WBMVF *U T WFSZ NBUFSJBMJTUJD 5IFZ WFSZ NVDI MJLF DBST BDDFTTPSJFT DMPUIFT m FWFSZUIJOH XJUI B CSBOE JT BMXBZT NVDI NPSF JNQPSUBOU GPS 8IFSF EP $IJOFTF HFU UIFJS JOGPS UIFN 5IF HPPE UIJOH BCPVU XJOF NBUJPO BCPVU XJOF .PTU PG UIF JT UIBU GPS XFBMUIZ $IJOFTF NBOZ PG UJNF JU T GSPN UIFJS GSJFOET CVU UIFSF UIFN IBWF CFFO USBWFMJOH BCSPBE
i5IFSF JT B MPU PG TVQQPSU GSPN PîDJBMT BOE UIBU BMTP NFBOT UIBU B MPU PG QFPQMF XIP BSF EPJOH CVTJOFTT BOE IPMEJOH CBORVFUT BSF ESJOLJOH UIJT XJOFu
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
8IBU BCPVU $IJOFTF XJOFT "SF UIFZ CFDPNJOH NPSF QPQVMBS $IJ OFTF QFPQMF BSF WFSZ OBUJPOBMJTUJD BOE BMXBZT TVQQPSU UIFJS PXO XJOFT 5IBU CFJOH TBJE UIF CJHHFTU UIJOH UIBU ESJWFT DPOTVNQUJPO PG UIFTF XJOFT JT QSJDF XJUI NBOZ PG UIFN CFJOH CFMPX 3.# #JH DJUJFT MJLF #FJKJOH 4IBOHIBJ (VBOH[IPV BOE 4IFO[IFO BSF POMZ B TNBMM QBSU PG UIF QPQVMBUJPO 8IFO ZPV UIJOL BCPVU UIF SFTU PG UIF QFPQMF XIP EPO U MJWF JO UIFTF DJUJFT UIFZ BSF UIF POFT XIP DPOTVNF B CJH QBSU PG $IJOFTF QSP EVDFE XJOF BOE UIFZ XJMM POMZ QBZ BCPVU 3.# QFS CPUUMF 1FSIBQT B MJUUMF CJU NPSF "OE UIBU JT B IVHF DPOTVNQUJPO 5IFZ ESJOL $IJOFTF XJOFT CFDBVTF UIFZ IBWF OP CVEHFU BOE OP BDDFTT UP JOUFSOBUJPOBM XJOFT BOE BMTP CFDBVTF UIFZ BSF WFSZ QSPVE PG ESJOLJOH UIFJS PXO XJOF 5IF $IJOFTF XIP IBWF NPOFZ BOE MJLF UP ESJOL XJOF BOE XIP BSF NBZCF OPU UIBU XFMM FEVDBUFE BCPVU XJOF XJMM HP BOE ESJOL (SFBU 8BMM ;IPOHZV %ZOBTUZ PS %SBHPO 4FBM BOE UIBU JT CFDBVTF UIF HPWFSONFOU JT BMXBZT QVTIJOH GPS UIFTF CSBOET 5IFZ BSF BMM TUBUF PXOFE DPNQBOJFT PS BU MFBTU NPTU PG UIFN BSF 4P UIFSF JT B MPU PG TVQQPSU GSPN PîDJBMT BOE UIBU BMTP NFBOT UIBU B MPU PG QFPQMF XIP BSF EPJOH CVTJOFTT BOE IPMEJOH CBO RVFUT BSF ESJOLJOH UIJT XJOF * BMXBZT TFF UIJT XIFO * HP PVUTJEF PG #FJKJOH 5IF NBKPSJUZ PG XJOF DPOTVNFE <JO UIFTF BSFBT> JT TUJMM $IJOFTF 8IBU BCPVU JOUFSOBUJPOBM USFOET 5IJT ZFBS BHBJO UIF "VTUSBMJBOT BSF WFSZ TUSPOH PO DPNJOH JOUP $IJOB BOE BSF EPJOH MPUT PG NBSLFUJOH
BOE UIF /FX ;FBMBOE HPWFSONFOU IBT BMTP CFFO EPJOH B MPU PG UIJOHT UP TVQQPSU /FX ;FBMBOE XJOFSJFT DPNJOH CFDBVTF CBDL IPNF UIFZ IBWF B MPU PG PWFS QSPEVDUJPO BOE B MPU PG XJOFSJFT BSF TUSVHHMJOH UP TFMM UIFJS QSPEVDU 5IF 4QBOJTI BSF EPJOH B MPU PG IBSE XPSL 5IFZ XFSF WFSZ TUSPOH JO $IJOB MBTU ZFBS BT XBT *UBMZ 5IF CJHHFS QSPHSFTT XJMM CF JO UIF PME XPSME XJUI *UBMZ 4QBJO BOE 'SBODF CFDBVTF #VSHVOEZ JT DPNJOH TUSPOHMZ JOUP $IJOB BT UIF 'SFODI BSF USZJOH UP QVTI TPNFUIJOH PUIFS UIBO #PSEFBVY 8F WF BMXBZT IBE B MPU PG CJH OBNFT GSPN #VSHVOEZ JO PVS QPSUGPMJP CVU XF BMTP IBWF CPVUJRVFT XJOFT GSPN UIBU BSFB BOE UIFZ BSF TUBSUJOH UP CF SFDPHOJ[FE CZ $IJOFTF BT B QMBDF UIBU JT QSPEVDJOH IJHI FOE XJOFT CZ UIF $IJOFTF $IJMF JT BMTP BOPUIFS DPVOUSZ UIBU XF IBWF UP UIJOL BCPVU m JU T WFSZ TUSPOH JO UIF NBSLFU *O UIF /FX 8PSME $IJMF BOE "SHFOUJOB BSF UPQ QMBZFST $IJMF PG DPVSTF CFDBVTF UIFZ EPO U QBZ EVUJFT PO UIFJS FYQPSUT BT UIFZ IBWF B TQFDJBM DPOEJUJPO GSPN UIF $IJOFTF HPWFSONFOU BOE UIF TBNF XJMM CF USVF GPS "SHFOUJOB XIP XJMM QSPCBCMZ SFDFJWF UIF TBNF EFBM GSPN UIF $IJOFTF HPWFSONFOU 5IBU NBLFT B CJH EJíFSFODF JO UIF QSJDF "SHFOUJOB XBT RVJUF TUSPOH JO UIF 64 .BSLFU BGUFS UIF $IJMFBO FBSUI RVBLF TP UIFZ UPPL PWFS $IJMF BT UIF OVNCFS POF NBSLFU JO UIF 6OJUFE 4UBUFT $IJMF KVTU MPTU UPP NVDI TUPDL MBTU ZFBS "SHFOUJOB IBT UIFJS PXO TUZMFT PG XJOF MJLF UIF .BMCFD XIJDI BMNPTU OPCPEZ FMTF NBLFT 4P ZFT $IJMF BOE "SHFOUJOB XJMM JODSFBTF JO WBMVF CVU 'SBODF XJMM SFNBJO OVNCFS POF $IJMF JT BMTP CJH CFDBVTF UIFZ FYQPSU XJOF UP CMFOE XJUI $IJOFTF XJOFT UP NBLF JU ESJOLBCMF PUIFSXJTF ZPV XPVMEO U CF ESJOLJOH JU 4P IPX NVDI UBYFT BSF VTVBMMZ MFWFSBHFE POUP JNQPSUFE XJOFT 5IFSF BSF UISFF UZQFT PG UBYFT XIJDI XIFO BEEFE UPHFUIFS DPNF PVU UP OFBSMZ 5IJT BQQMJFT UP XJOFT GSPN &VSPQF BOE "NFSJDB /FX ;FBMBOE BOE "VTUSBMJB BSF EJGGFSFOU CVU * E IBWF UP DIFDL PO UIF FYBDU ñHVSFT *U T
i5IFZ ESJOL $IJOFTF XJOFT CFDBVTF UIFZ IBWF OP CVEHFU BOE OP BDDFTT UP JOUFSOBUJPOBM XJOFT BOE BMTP CFDBVTF UIFZ BSF WFSZ QSPVE PG ESJOLJOH UIFJS PXO XJOFu NPTUMZ EFUFSNJOFE CZ UIF QPMJUJDBM SF MBUJPOTIJQT CFUXFFO UIF DPVOUSJFT
4P ZPV IBWF UPOT PG HSFBU XJOF CVU XIFSF EP ZPV HP GPS HPPE GPPE 'PS 4QBOJTI GPPE * MJLF UP HP "HVB GPS +BQBOFTF * HP UP )BUTVOF CFDBVTF * GFMU JU T BMXBZT DPOTJTUFOU JO RVBMJUZ BOE JO TFSWJDF 'PS 'SFODI #PVMVE JT NZ GBWPSJUF QMBDF BOE GPS $IJOFTF * MPWF -FJ (BSEFO UIF 5BK GPS *OEJBO * SF BMMZ MJLF *OEJBO GPPE 1VSQMF )B[F 5IBJ JT BMTP POF PG NZ GBWPSJUFT BOE GPS *UBMJBO B MPU PG QMBDFT IBWF IBE UIFJS VQT BOE EPXOT CVU BU UIF NPNFOU * UIJOL 4BEMFS JT QSPCBCMZ UIF CFTU QMBDF UP HP 'PS TPNFUIJOH NPSF CBTJD PS BíPSEBCMF .PTUP JT QSPCBCMZ UIF CFTU EFBM ZPV DBO HFU *U T BMXBZT TQPU PO 5IFZ EJE B HPPE KPC XJUI .PEP CVU JU T NPSF FYQFOTJWF BHBJO
8IBU BSF ZPVS UPQ SFDPNNFOEB UJPOT GPS 'PS NF JU EFQFOET PO UIF FWFOU *G ZPV SF ESJOLJOH JU BU IPNF XJUI GSJFOET FTQFDJBMMZ XJUI $IJOFTF GSJFOET UIFSF BSF B MPU PG HSFBU XIJUF XJOFT GSPN BSPVOE UIF XPSME 8JOFT GSPN 4QBJO PS UIF /FX 8PSME BSF HPPE DIPJDFT CFDBVTF PG UIF CVEHFU PCWJPVTMZ 5IFSF BSF B MPU PG HPPE BOE DIFBQ 'SFODI XJOFT CVU VOGPSUVOBUFMZ ZPV EPO U ñOE UIFN IFSF CFDBVTF UIFSF BSF UIPVTBOET PG UIFN BOE UIFZ EPO U IBWF UIF CJH CVEHFU UP QSPNPUF UIFNTFMWFT MJLF UIF 'PTUFS T HSPVQ JO "VTUSBMJB 'PS NF $IJOFTF XPNFO BSF MFBE *OUFSWJFX CZ +FOOJGFS 5IPNÊ JOH UIF USFOE PO $IJOFTF XJOF BOE UIFZ BSF HPJOH GPS XIJUF 5IFSF BSF B 5IF #FTU #PUUMF MPU PG QPQVMBS 4BVWJHOPO #MBODT BOE UP JNQSFTT ZPVS CPTT JU JT B HSFBU XJOF GPS ESJOLJOH BOE BMTP *O PSEFS UP CF BCMF UP JNQSFTT B $IJ GPS NBUDIJOH $IJOFTF GPPE 8PPEFE OFTF QFSTPO UPEBZ ZPV MM XBOU UP HJWF XJOFT MJLF $IBSEPOOBZT XJMM CF B UIFN 'SFODI *G UIFZ BSF NPSF LOPXM CJU UPP NBTTJWF BOE BSFO U HPPE UP FEHFBCMF HJWF UIFN POF SBUFE CZ NBUDI GPS NBOZ QBMBUFT PS GPPET 3PCFSU 1BSLFS *G 1BSLFS HBWF JU NPSF "OPUIFS XJOF BOE UIF POF UIBU JT UIBO QPJOUT UIFO UIFZ LOPX JU T B QSPCBCMZ UIF CFTU BOE NPTU QPQVMBS HSFBU XJOF /BQQB JT BOPUIFS HSFBU BNPOH GFNBMF $IJOFTF ESJOLFST BSF DIPJDF CFDBVTF PG JUT SFQVUBUJPO 3JFTMJOHT GSPN UIF /FX 8PSME XIJDI GPS #FJKJOH %VDL BSF RVJUF TXFFU DPNQBSFE UP UIF 1JOPU /PJS JT UIF CFTU GPS #FJKJOH QFUSPM IFBWF TNFMMT ZPV HFU JO 'SBODF %VDL CFDBVTF JU DVUT UISPVHI (FSNBOZ BOE UIF "MTBDF 5IFTF XJOFT TPNF PG UIF GBUT BSF UPP PWFSQPXFSJOH PO UIF OPTF GPS 4QJDZ 'PPE BMUIPVHI RVJUF HPPE UP ESJOL ;JOGBOEFM EPFT B SFBMMZ HPPE KPC 'PS SFE XJOFT * XPVME TFMFDU TPNF TUBOEJOH VQ BHBJOTU TQJDZ GPPET UIJOH NPSF BMPOH UIF MJOFT PG CMFOET 5IF XPSTU QPTTJCMF UIJOH ZPV DPVME MJLF .FSMPUT BOE $BCFSOFUT XIJDI XJMM NBUDI TQJDZ GPPE XJUI JT #PSEFBVY CF NPSF GSVJUZ BOE MFTT BTUSJOHFOU PS PS B TUSPOH $BCFSOFU 4BVWJHOPO BOE ESZ FTQFDJBMMZ GPS $IJOFTF QFPQMF *U MM CF BXGVM 1JOPU JT HSFBU CFDBVTF JU JT WFSZ WFSTBUJMF GPS %JN 4VN BOE DBO CMFOE XJUI B MPU PG EJíFSFOU 'PS EJN TVN GSVJUZ XJOFT BSF SF GPPET *G ZPV IBWF TQJDZ GPPET UIJT BMMZ HPPE TP HP /FX 8PSME 5IFZ XJMM NBUDI B MPU CFUUFS UIBO B TUSPOH TIPVMEO U CF ESZ MJLF B $BCFSOFU $BCFSOFU 4BVWJHOPO *U T B CJU NPSF FY 5IBU JT NVDI CFUUFS GPS NFBUT QFOTJWF CFDBVTF JU T UIF IBSEFTU HSBQF UIJOHT MJLF TUFBL BOE HBNF BOE UP HSPX BOE ZPV DPVME MPPTF ZPVS DSPQ DIFFTF 5IJT JT XIFSF TUSPOH SFE GSPN POF ZFBS UP BOPUIFS XJOFT SFBMMZ TIJOF
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
4105-*()5
DBNF CBDL UP UIF PGGJDF BOE SFBE VQ PO UPEBZ T OFXT BOE XPSLFE PO TPNF BSUJDMFT UIBU DBNF JO * TFOE NZ BTTJHONFOUT UP XSJUFST B XFFL JO BEWBODF BOE MFU UIFN LOPX XIBU UPQJDT XF IBWF " XFFL MBUFS * DPMMFDU BMM PG UIFJS NBUFSJBMT BOE FEJU UIFN 8F SF UIF XFCTJUF TP XF DBO KVTU VQMPBE UIJOHT EJSFDUMZ 5IFO BU ñWF P DMPDL * IBE BOPUIFS 13 FWFOU BU UIF 1BSL )ZBUU BGUFS XIJDI * IFBEFE TUSBJHIU IPNF )PX EJE ZPV HFU JOUFSFTUFE JO GBTI JPO * UIJOL NPTU LJOET HFU JOUFSFTUFE JO GBTIJPO BU B ZPVOH BHF "MM MJUUMF HJSMT IBWF B GBTIJPO ESFBN 8IFO * XBT MJUUMF * MPWFE SFBEJOH UIFTF UZQFT PG NBHB[JOFT FTQFDJBMMZ 7PHVF * BD UVBMMZ VTFE UP QJDL VQ UIF GPSFJHO WFSTJPOT CFGPSF UIF MPDBM POF UPPL Pà BOE * XBT DPOTUBOUMZ HMVFE UP JU "OE BU UIBU UJNF UIFSF XFSF B MPU PG GPS FJHO NBHB[JOFT BU UIF MJCSBSZ TP * XBT BMXBZT UIFSF * BMXBZT GFMU UIBU GBTIJPO XBT B MJGFTUZMF XIFSF ZPV DBO IBWF ZPVS PXO UBTUFT *U MFUT ZPV GFFM MJLF ZPV EPO U IBWF UP GPMMPX B USFOE
)FBUIFS 4IJ T EPNBJO JT EJHJUBM BOE QPXFSGVM
'"4)*0/ )FBUIFS 4IJ &EJUPS BU 7PHVF DPN DO &WFSZEBZ UIPVTBOET PG ZPVOH XPNFO SFBE 7PHVF T $IJOFTF MBOHVBHF XFCTJUF UP HFU UIF MBUFTU GBTIJPO BOE MJGFTUZMF JOGPSNBUJPO 0SDIFTUSBUJOH UIF TUPSJFT UIBU HSBDF JUT GSPOU QBHFT JT )FBUIFS 4IJ XIP NFU XJUI "HFOEB UP UBML BCPVU IFS MJGF JO UIF GBTIJPO JOEVTUSZ IPX JU GFFMT UP CF BU UIF GPSFGSPOU PG GBTIJPO BOE XIZ $IJOB T GBLF HPPET EPO U IBWF BO BÃFDU PO $IJOB T MVYVSZ NBSLFU &WFSZ HJSM PVU UIFSF XBOUT UP LOPX m IPX EP ZPV HFU B KPC BU 7PHVF "GUFS * HSBEVBUFE * SFBMMZ XBOUFE UP DPNF UP 7PHVF CVU XIBU HPU NF IFSF XBT B TVSQSJTF PQQPSUV OJUZ .Z ñSTU KPC XBT XPSLJOH BT BO BTTJTUBOU BU B USBWFM NBHB[JOF BOE
BGUFS JOUFSOJOH GPS B ZFBS NZ CPTT XBT PÃFSFE B KPC BU 7PHVF 4IF E HSPXO UP MJLF NF TP XIFO TIF BTLFE NF JG * XBOUFE UP HP UP 7PHVF * TBJE i 0G DPVSTF * XBOU UP HP XPSL BU 7PHVF u 5IBU T IPX * FOEFE VQ IFSF 4P XIBU T ZPVS EBJMZ MJGF MJLF *U T QSFUUZ GMFYJCMF BDUVBMMZ CFDBVTF FWFSZEBZ UIFSF BSF MPUT PG FWFOUT UIBU XF HP UP TP * VTVBMMZ QMBO NZ EBZ BSPVOE UIBU 5IFSF T OPU SFBMMZ POF QBSUJDVMBS UJNF BU XIJDI * HP UP XPSL :FTUFSEBZ GPS FYBNQMF * QMBOOFE BMM UIF UIJOHT UIBU * IBWF UP EP GPS UIF EBZ BU IPNF 5IFSF XBT B CJH %,/: TQSJOH TVNNFS QSFTFOUBUJPO TP * XFOU BOE IBE B MPPL BOE UIFO
i"SF ZPV QBTTJPOBUF BCPVU JU *T JU TPNFUIJOH UIBU ZPV DPVMEO U MJWF XJUIPVU *G ZPV MPPL BU JU MJLF UIBU ZPV OFWFS FOE VQ GFFMJOH UJSFE PS PWFSXIFMNFEu
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
8IBU BSF ZPVS BWFSBHF SFBEFST MJLF 5IF SFBEFST PG PVS XFCTJUF BSF HFOFSBMMZ CFUXFFO BOE BOE UIFZ BSF B QSFUUZ FTUBCMJTIFE HSPVQ NFBOJOH UIFZ WF CFFO XPSLJOH GPS TJY PS TFWFO ZFBST BOE IBWF BMSFBEZ EFWFMPQFE UIFJS PXO TFOTF PG TUZMF 5IFZ SFBMMZ MJLF UP TFF XIBU UIF MBUFTU UIJOHT BSF 8F BDUVBMMZ KVTU GPVOE PVU BOE UIJT JT WFSZ JOUFSFTUJOH UIBU QFPQMF SFBMMZ MJLF SFBEJOH UIF 4USFFU $IJD KJFQBJ QJFDFT SBUIFS UIBO QJFDFT PO IJHI GBTIJPO 5IFTF BSF BMM TUZMFT UIBU QFPQMF XFBS PVUEPPST BOE JO UIF PGGJDF BOE QFPQMF MPWF TFFJOH IPX UIFZ DBO XFBS B OFX TUZMF CZ DIBOHJOH TNBMM EFUBJMT DSFBUJWFMZ 1FPQMF BSF ñOEJOH PVU UIBU UIFZ DBO XFBS GPSNBM QJFDFT MJLF B LIBLJ KBDLFU XJUI B XIJUF óPXJOH SPNBOUJD TLJSU 0S ZPV DBO XFBS B QBJS PG TIPSUT XJUI B QBJS PG CPPUT 5IFTF BSF UIJOHT UIBU PVS SFBEFST BSF SFBMMZ JOUFSFTUFE JO m LOPXJOH UIBU UIFZ DBO NJY BOE NBUDI UIFTF LJOET PG TUZMFT
)PX EPFT IBWJOH B NBTTJWF CMBDL NBSLFU JO MVYVSZ HPPET BíFDU ZPVS XPSL * UIJOL UIBU GBTIJPO JT TUJMM B OFX UIJOH JO $IJOB TP UIBU T XIZ XIFO JU GJSTU DBNF UP $IJOB JU XBT SFBMMZ TPNFUIJOH UIBU B MPU PG QFPQMF XBOUFE UP GPMMPX "U UIF TBNF UJNF NBOZ DPQJFT FNFSHFE CVU * EPO U UIJOL JU T HPJOH UP IBWF B IVHF JOóV FODF PO UIF MVYVSZ HPPET JOEVTUSZ 5IF GBDU JT UIBU JG TPNFPOF CVZT B $IBOFM CBH JU JT CFDBVTF UIFZ BENJSF UIF EFUBJMT PG UIF CBH UIF EFUBJMT PG JUT DSBGUTNBOTIJQ 4P BOZPOF XIP GBMMT JOUP UIF DBUFHPSZ PG CFJOH B DVTUPNFS BU $IBOFM XPVME OFWFS CVZ B GBLF 1MVT UIF GBDU UIBU UIFTF HPPET FYJTU BDUVBMMZ NBLFT JU QPTTJCMF GPS $IJOB UP EFWFMPQ JUT PXO TUZMFT TJODF UIFZ WF TFFO TP NBOZ UIJOHT 4P XIP JT ZPVS GBWPSJUF EFTJHOFS )BOET EPXO JU T "MFYBOEFS .D2VFFO )F QBTTFE BXBZ MBTU ZFBS TP XF EJE B TQFDJBM GFBUVSF PO IJT XIPMF DBSFFS BT XFMM BT IJT QFSTPOBM FYQFSJFODFT BOE * UIJOL IF T B SFBMMZ JNQSFTTJWF EF TJHOFS )F BMXBZT JOTJTUFE PO IBWJOH IJT PXO TUZMF )F OFWFS DBSFE BCPVU XIBU UIF QFPQMF BSPVOE IJN XFSF
i0OF PG UIF CFTU UIJOHT BCPVU ZPVS QFPQMF IFSF BU 7PHVF JT UIBU UIF HSPVQ JT SFBMMZ EPXO UP FBSUIu %P ZPV FWFS HFU FYIBVTUFE "DUV BMMZ * ñOE XPSL SFBMMZ FYDJUJOH 8IFO XF IBE UP UBLF TFWFO EBZT PGG GPS $IJOFTF /FX :FBS JU OFBSMZ LJMMFE NF #VU SFBMMZ GBTIJPO JT KVTU TP FYDJUJOH -JLF UIF ,BSM -BHFSGFME QVSTF XIFSF IF IBE JU GBDF QSJOUFE PO B CBH BOE UIFSF QMBDF XIFSF IJT FZFT TIPVME CF JT XIFSF UIF IBOEMF JT 5IBU XBZ IF DBO KVTU MPPL UISPVHI JU BOE JU T IJT GBDF *U KVTU BNB[FT NF IPX NBOZ GSFTI JEFBT UIFSF BSF JO GBTIJPO TP JU T SFBMMZ JOUFSFTUJOH BOE VQMJGUJOH UPP 5IBU CFJOH TBJE PVS DPNQBOZ BMTP UFMMT VT UP CBMBODF PVS XPSL BOE ZPVS GSFF UJNF 8F IBWF BO BOOVBM UFBN CVJMEJOH SFUSFBU -BTU ZFBS XF XFOU UP 1IVLFU BOE UIFZ KVTU MFU VT MPPTF BOE UPME VT UP IBWF GVO "OE UIFZ UFMM VT UIBU XF TIPVME HP PVU BOE USBWFM EVSJOH PVS WBDBUJPOT BOE UP SFMBY *G ZPV SF BMXBZT SVOOJOH PO BMM FOHJOFT ZPV XPO U EP B HPPE KPC CVU XIFO ZPV HP PVU BOE SFMBY ZPV HFU JOTQJSFE
i*U KVTU BNB[FT NF IPX NBOZ GSFTI JEFBT UIFSF BSF JO GBTIJPO TP JU T SFBMMZ JOUFSFTUJOH BOE VQMJGU JOH UPPu EPJOH )F XBT BMXBZT SFBMMZ GPDVTFE PO UIF UIJOHT UIBU IF XBOUFE UP EP BOE * UIJOL UIBU T TPNFUIJOH SFBMMZ XPSUI SFTQFDUJOH 5IJT XBT BDUVBMMZ NZ GBWPSJUF BSUJDMF FWFS " MPU PG QFPQMF UIJOL UIBU XPSLJOH BU B GBTIJPO NBHB[JOF JT UFSSJGZJOH *T JU <-BVHIT> /P JU T OPU TDBSZ BU BMM "DUVBMMZ * XBT KVTU UBMLJOH UP UIF DIFG BU UIF 1BSL )ZBUU ZFTUFSEBZ BOE IF TBJE UIBU BMM XPSL JT IBSE XIFO ZPV TUBSU * UIJOL XIBU ZPV IBWF UP BTL ZPVSTFMG XIFUIFS PS OPU ZPV SFBMMZ MPWF UIJT XPSL "SF ZPV QBTTJPOBUF BCPVU JU *T JU TPNFUIJOH UIBU ZPV DPVMEO U MJWF XJUI PVU *G ZPV MPPL BU JU MJLF UIBU ZPV OFWFS FOE VQ GFFMJOH UJSFE PS PWFSXIFMNFE :PV MM GFFM FOFSHJ[FE FWFSZEBZ
PG UIF TIPX $IJOB T GBTIJPO JOEVTUSZ EFGJOJUFMZ IBT B HSFBU GVUVSF XBJU JOH GPS JU 8IBU T UIF CFTU UIJOH BCPVU ZPVS XPSL 5IF CFTU QBSU PG NZ XPSL JT UIBU FWFSZ EBZ JT UPUBMMZ EJíFSFOU GSPN UIF MBTU CFDBVTF UIFSF BSF BMXBZT OFX BDUJWJUJFT OFX UIJOHT UP GPMMPX m JU T BMXBZT FYDJUJOH 5P NBOZ QFPQMF ZPV BSF BO BVUIPS JUZ PO XIBU T DPPM 4P UFMM VT XIBU BSF ZPVS GBWPSJUF QMBDFT BSPVOE UPXO * SFDFOUMZ XFOU UP $BQJUBM . XJUI B GSJFOE BOE * SFBMMZ MJLFE JU * MPWF UIBU ZPV DBO IBWF B ESJOL CFGPSF EJOOFS BOE UIBU UIFZ IBWF B MPU PG XBSN UPVDIFT MJLF ñSFQMBDFT "MTP UIF QMBDF XIFSF XF NFU m 4BEMFS m JT BMTP POF PG NZ QFSTPO GBWPSJUFT * MPWF UIF PQFO EFTJHO *U T TP OBUVSBM BOE GVMM PG TVOMJHIU :PVS DPNQBOZ BMTP QVCMJTIFT 4FMG BOE (2 %P UIF NBHB[JOFT DPPQFS BUF B MPU 0VS UPQJDT BSF EJíFSFOU TP XF EPO U DSPTT PWFS UPP NVDI UIFSF CVU XF EP HP UP B MPU PG FWFOUT UP HFUIFS 0OF PG UIF CFTU UIJOHT BCPVU ZPVS QFPQMF IFSF BU 7PHVF JT UIBU UIF HSPVQ JT SFBMMZ EPXO UP FBSUI -JLF XIFO * ñSTU DBNF UIFSF XFSF TP NBOZ UIJOHT UIBU * IBE UP MFBSO BOE PO UPQ PG UIBU * IBE UP LFFQ VQ XJUI BMM JOUFSOBUJPOBM GBTIJPO BOE OPU POMZ XIBU EFTJHOFS XBT EPJOH XIBU CVU UIF WFSZ EFUBJMT PG UIF USJN 4P JU XBT PCWJPVT UIBU ZPV SFBMMZ OFFE UP MPWF UIJT XPSL UP EP JU
"SF UIFSF BOZ $IJOFTF EFTJHOFST ZPV SFBMMZ MJLF 5IFSF BSF B MPU PG OFX BOE SFBMMZ PQFO NJOEFE GBTI JPO EFTJHOFST JO $IJOB SJHIU OPX CVU * EPO U LOPX JG * XPVME DBMM BOZ PG UIFN NZ GBWPSJUFT 5IF EFTJHOFST IFSF BSF TUJMM JO UIF QSPDFTT PG NBUVS JOH JOUP UIFJS PXO BOE GSPN BMM PG UIF POF T * WF TFFO UIFZ BSF BMM SFBMMZ NPUJWBUFE UP GPMMPX UIFJS ESFBNT * *OUFSWJFX CZ +FOOJGFS 5IPNÊ UIJOL UIFSF NJHIU TUJMM CF B CJU PG B $BQUJUBM . .PO 'SJ BN QN QN HBQ CFUXFFO UIFN BOE FTUBCMJTIFE 4BU 4VO BN QN QN BGUFSOPPO EFTJHOFST GSPN UIF 8FTU CVU UIFZ BSF UFB CFUXFFO QN ' 2JBONFO SFBMMZ HJWJOH JU UIFJS BMM #PUI +BTPO 8V 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBONFO $IPOHXFO %JTUSJDU BOE 1IJMMJQ -JN BSF SFBMMZ EPJOH XFMM "OE 1IJMJQ -JN FWFO DBNF CBDL MBTU ZFBS UP MBVODI B MJOF BOE ZPV DPVME 4BEMFS %BJMZ DMPTFE .POEBZT BN QN QN $I JFO .FO 2JBONFO SFBMMZ TFF IPX EFUFSNJOFE IF JT )F %POHEBKJF %POHDIFOH %JTUSJDU GPDVTFE PO FWFSZ EFUBJM PG FWFSZ QBSU
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
5)& -*45
'*5 BOE UIF .FUSPQPMJUBO .VTFVN PG "SU JO /FX :PSL BOE UIF 7JDUPSJB BOE "MCFSU .VTFVN JO -POEPO %FSFL -BN 8IJMF IF XBTO U CPSO PO OBUJWF TPJM UIJT 'PVSUI HFOFSB UJPO "NFSJDBO HSFX VQ JO B XPSME PG "TJBO GBTIJPO TQFOEJOH EBZT JO IJT HSBOEQBSFOU T HBSNFOU GBDUPSZ JO 4BO 'SBODJTDP BOE BEPSJOH UIF XPSLT DSF BUFE CZ UIF TFBNTUSFTTFT -BN CFHBO IJT DBSFFS BU .JDIBFM ,PST BOE TUSVDL PVU PO IJT PXO JO XJUI B MJOF UIBU SPDLFE UIF 0MZNQVT 'BTIJPO 8FFL )F T LOPXO GPS IJT VTF PG TUJÃFS GBCSJDT UIBU IPME UIFJS TIBQF SBUIFS UIBO NPME UP UIF XFBSFS T CPEZ BOE IJT SFTPSU MJOF UIBU CSJOHT IJT MPWF PG MJOFT UP TVOESFTTFT BOE TJML SPCFT *O -BN XPO UIF &DDP %PNBOJ 'BTIJPO 'PVOEBUJPO "XBSE GPS OFX EFTJHOFST BOE XBT BMTP OPNJOBUFE GPS UIF $'%" 7PHVF 'BTIJPO 'VOE GPS FNFSHJOH EFTJHOFST
."%& */ $)*/"
#JH $IJOFTF OBNFT JO XPSME GBTIJPO i.BEF JO $IJOBu DBSSJFT B XFBMUI PG CBE DPOOPUBUJPOT CVU JO UIF QBTU EFDBEF NPSF BOE NPSF EFTJHOFST PG $IJOFTF EFTDFOU IBWF FNFSHFE BOE BSF SFTUPS JOH UIF .JEEMF ,JOHEPN T HPPE SFQVUB UJPO "HFOEB SPVOEFE VQ B MJTU PG UIFN TP ZPV MM IBWF TPNFUIJOH JOUFSFTUJOH UP UBML BCPVU BU ZPVS OFYU '$ $MVC $SFB OFUXPSLJOH FWFOU .B ,F 4JODF IFS HSBEVBUJPO GSPN UIF 4V[IPV *OTUJUVUF PG 4JML 5FYUJMF 5FDIOPMPHZ JO .B ,F IBT CFFO FTUBCMJTIJOH IFSTFMG BT POF PG $IJOB T NPTU QSPMJñD GBTIJPO EFTJHOFST )FS MBCFM &YDFQUJPO EF .JYNJOE XBT TFU VQ B NFSF GPVS ZFBST BGUFS IFS HSBEV BUJPO BOE JT DIPDLGVMM PG XPNFO T DMPUIJOH NBEF GSPN MPDBMMZ TPVSDFE DPUUPO TJML MJOFO BOE XPPM BT XFMM BT PUIFS BDDFTTPSJFT %FFQMZ JOTQJSFE CZ BSU UIF MBVODIFE IFS 8VZPOH 6TF MFTT CSBOE JO XIJDI QSFTFOUFE JUT OPWFM FYBNJOBUJPO PG UIF DPODFQU PG VTFMFTTOFTT JO 1BSJT 'BTIJPO 8FFL BOE UIF GPMMPXJOH ZFBS TIF XPO UIF i#FTU "TJBO 'BTIJPO %FTJHOFS "XBSEu BU UIF &MMF 4UZMF "XBSET )FS TUZMF
"(&/%"
JT PGUFO JOUFSQSFUFE BT CFJOH BOUJ DPOTVNFSJTN BOE TIF T CFFO DBMMFE BOUJ GBTIJPO CVU XF GFFM IFS DPOTDJFO UJPVT FÃPSUT UP QSFTFSWF USBEJUJPOT BOE UIF FOWJSPONFOU NBLF IFS FWFO NPSF GBTIJPOBCMF 7JWJFOOF 5BN 7JWJFOOF 5BN T TJHOB UVSF &BTU NFFUT 8FTU TUZMF XBT CPSO PVU PG B CJ DVMUVSBM DIJMEIPPE TQFOU JO #SJUJTI )POH ,POH "GUFS HSBEVBU JOH GSPN )POH ,POH 1PMZUFDIOJD 6OJWFSTJUZ TIF NPWFE UP /FX :PSL UIF DJUZ XIJDI DPOUJOVFT UP CF IFS NVTF UP UIJT EBZ DPOUJOVBMMZ JOTQJSJOH IFS UP FYQMPSF UIF DSFBUJWJUZ BOE QPTJ UJWF FOFSHZ UIBU DPNFT GSPN NJYJOH QFPQMF BOE DVMUVSFT 0G BMM UIF $IJOFTF GBTIJPO EFTJHOFST 5BN IBT QFSIBQT FNCSBDFE IFS SPPUT UIF NPTU EFTJHO JOH B TFSJFT PG POF PG B LJOE 1BOEB ESFTTFT UP CF BVDUJPOFE PÃ BU B 4BWF UIF 1BOEBT (BMB EJOOFS JO #FJKJOH BOE FWFO B .JDLFZ .PVTF JOTQJSFE MJOF PG IJHI GBTIJPO GPS )POH ,POH %JTOFZ MBOE )FS TUZMF JT LOPXO GPS JOOPWB UJWFMZ FYQMPSJOH DPMPS UFYUVSF BOE DVU BOE QJFDFT IBWF CFFO BEEFE UP UIF QFSNBOFOU BSDIJWFT PG 5IF .VTFVN PG
5)6 ."3 Ŧ 8&% "13
%.
-VP ;IFOH )FS QBSFOUT NBZ IBWF TVTQFDUFE UIBU -VP ;IFOH XIP EF TJHOFE IFS ñSTU ESFTT BU UIF BHF PG UFO XPVME HSPX VQ UP CF POF PG $IJOB T NPSF JOóVFOUJBM GBTIJPO EFTJHOFST -VP ;IFOH XBT POF PG UIF ñSTU $IJOFTF BSUJTUT UP CSJOH B $IJOFTF ESFTT UP UIF TUBHF EVSJOH /FX :PSL 'BTIJPO 8FFL XIFSF BU UIF 'BMM /FX :PSL 'BTIJPO 8FFL IFS i#FBVUZ #MPTTPNTu DPMMFDUJPO XPXFE CVZFST BOE DSJUJDT BMJLF )FS ESFTTFT NBEF VT PG CPME JNBHFT PG óPXFST JO CMPPN BOE VUJMJ[F USBEJUJPOBM $IJOFTF UFDIOJRVFT TVDI BT TJML FNCSPJEFSZ BOE CSVTIXPSL )FS MBCFM IBT BUUSBDUFE GPSFJHO JOWFTUNFOU BOE IFS DPNQBOZ IBT CFFO MJTUFE PO UIF 64 NBSLFU 5IBU CFJOH TBJE TIF POHPJOH "NFSJDBO ñOBODJBM DSJTJT NFBOT TIF MM QSPCBCMZ CF TFMMJOH NPSF GSPN IFS QMVT TUPSFT BSPVOE $IJOB "OOB 4VJ 5IJT %FUSPJU CPSO EFTJHOFS XBT FEVDBUFE BU UIF GBNPVT 1BSTPO T 4DIPPM PG %FTJHO CVU IFS DBSFFS EJEO U óPVSJTI VOUJM TIF XBT DMPTF UP BU XIJDI QPJOU TIF CFDBNF BO PWFSOJHIU TVDDFTT )FS ñSTU SVOXBZ TIPX XIJDI XBT VOWFJMFE JO XBT GVMM PG QMBZGVM GFNJOJOF BOE QVOL JTI EFTJHOT UIBU IBWF CFFO EFTDSJCFE BT WJWJE DPOUFNQPSBSZ BOE GVMM PG MJGF 4VJ PQFOFE IFS ñSTU /FX :PSL CPVUJRVF JO CVU TXFQU "TJB MBUFS JO UIF T XIFSF TIF FTUBCMJTIFE B IVHF DVMU GPMMPXJOH 4IF T TJODF UIFO FYQBOEFE JOUP DPTNFUJDT GSBHSBODF TIPFT BOE BDDFTTPSJFT BMM PG XIJDI CFBS UIF NBSL PG IFS QBTTJPO GPS UIJOHT UIBU JOTQJSF IFS JODMVEJOH 3PDL AO 3PMM "T B NBUUFS PG GBDU IFS SVOXBZ TPVOEUSBDL JT BMXBZT BOUJDJQBUFE BOE CV[[FE BCPVU
1IPUPT $PVSUFTZ 7JWJFOOF 5BN
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
4105-*()5
CZ NZ FEVDBUJPO BOE NZ GBNJMZ TJODF NZ EBE XBT B GVS EFTJHOFS BOE B KFXFMSZ EFTJHOFS JO 4XJU[FSMBOE NZ NPN BMXBZT XBOUFE NF UP CF XFMM ESFTTFE TJODF * XBT B CBCZ * EJE NZ NJEEMF TDIPPM JOUFSOTIJQ JO B DMPUI JOH TIPQw 8IBU CSPVHIU ZPV UP #FJKJOH * ñSTU DBNF IFSF UP WJTJU TPNF GSJFOET GPS EBZT CVU * OFWFS MFGU BGUFS * TUBSUFE UP MFBSO $IJOFTF GPS B GFX NPOUIT BOE UIFO * TUBSUFE B DPMMFDUJPO XJUI B SFBMMZ HPPE NPEFMJTU * N JO MPWF XJUI #FJKJOH BOE $IJOB 4JODF * N OPU JO B IVSSZ UP HP CBDL UP 'SBODF BOE * N SFBMMZ FOKPZJOH NZ MJGF IFSF 4P * N TUBZJOH <MBVHIT>
:WFT "MFYBOESF UBLFT PO EFTJHO JO #FJKJOH
" 5"-, 8*5) 5)& '"4)*0/ .",&3
'SFODI GBTIJPO EFTJHOFS :WFT "MFYBOESF ,PMUFS E 0VSBEPV 'BTIJPO JT FWFSZXIFSF BOE BT XF QFFM CBDL UIF MBZFST PG XJOUFS DMPUIFT XF HFU ZFU BOPUIFS DIBODF UP TIPX Pà PVS QFSTPOBM TUZMF 3JTJOH GBTIJPO EFTJHOFS :WFT "MFYBOESF ,PMUFS E 0VSBEPV UBMLFE UP "HFOEB BCPVU IJT FOUIVTJBTN BOE CFMJFG JO UIF 'BTIJPO XPSME 5FMM VT B CJU BCPVU ZPVSTFMG BOE ZPVS KPC * BN B 'SFODI GBTIJPO EF TJHOFS * N GSPN .POUQFMJFS BOE * WF MJWFE JO #FJKJOH GPS BCPVU B ZFBS BOE B IBMG .Z KPC DPOTJTUT PG UXP QBSUT TUZMJTU BOE EFTJHOFS 8IFO * N NFFU JOH B DMJFOU CF JU B QSJWBUF POF PS B DPNQBOZ NZ QSJDJQBM KPC JT UP ñHVSF PVU XIBU IF XBOUT &WFSZ DMJFOU IBT QBSUJDVMBS SFRVJSFNFOUT *U T DSJUJDBM UP GPMMPX UIFJS OFFET CVU JU T NPSF JNQPSUBOU UP BMXBZT SFNFNCFS NZ
SPMF BOE OPU MFU UIF DMJFOUT CFDPNF UIF EFTJHOFS 5IF PUIFS QBSU PG UIF KPC JT MFTT OPUJDFE CZ PUIFST JU T UIF iSFTFBSDIu SFTFBSDIFT PG UFOEFODJFT DPMPST UIFNFT BOE GBCSJDT FUDw *U SFQSFTFOUT BMNPTU PG UIF KPC BOE * MPWF JU * N BMTP RVJUF GPOE PG QIPUPHSBQIZ BSUT BOE USBWFMJOH 8IBU JOTQJSFE ZPV UP CF B GBTIJPO EFTJHOFS i'BTIJPO EFTJHOu JT FYBDUMZ UIF KPC * OFFE UP MJWF PVU NZ QBTTJPO * OBUVSBMMZ MJLF UP PCTFSWF QFPQMF T QFSTPOBMJUZ * VOEFSTUBOE UIFN SFBMMZ FBTJMZ *U T MJLF B HJGU * DBO GFFM XIBU UIF USFOET XJMM CF JO UIF GVUVSF * MPWF BSU DVMUVSF IJTUPSZ QIPUPHSBQIZ USBWFMJOH BOE * N SFBMMZ DVSJPVTw "MM PG UIJT JT JNQPSUBOU JO B GBTIJPO EFTJHOFS T EBJMZ MJGF * XBT BMTP JOTQJSFE
i*U T DSJUJDBM UP GPMMPX UIFJS OFFET CVU JU T NPSF JNQPSUBOU UP BMXBZT SFNFNCFS NZ SPMF BOE OPU MFU UIF DMJFOUT CFDPNF UIF EFTJHOFSu
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
8IP BSF ZPVS DMJFOUT * IBWF NBJOMZ UXP UZQFT PG DMJFOUT QSJWBUF POFT BOE DMPUIJOH DPNQBOJFT 'PS QSJWBUF JO EJWJEVBMT UIFZ HFOFSBMMZ IBWF B IJHI MFWFM TFOTF PG GBTIJPO BOE UIFZ XBOU NF UP VTF BMM NZ DSFBUJWJUZ 4PNF PG UIFN DBO CF RVJUF EFNBOEJOH BOE TPNFUJNFT UIFJS JEFBT BSF OPU SFBMMZ BQQSPQSJBUF TP JU T NZ KPC UP NBLF UIFN VOEFSTUBOE * IBWF UP EP JU NZ XBZ 8IFO JU DPNFT UP UIF DPNQB OJFT UIFZ NPTUMZ BTL NF UP XPSL BT B GSFFMBODFS 5IJT QBSU JT MFTT JOUFSFTUJOH CFDBVTF * IBWF UP GPMMPX UIF TQJSJU PG UIFJS CSBOE BOE SFGFSFODF UP UIFJS QSFWJPVT DPMMFDUJPOT *U T RVJUF EJÃFS FOU CVU TUJMM JU JOTQJSFT NF PODF JO B XIJMF UP DSFBUF TPNFUIJOH OFX *U T BMXBZT HSFBU UP IBWF NZTFMG VQEBUFE BOE CF BCMF UP EFWFMPQ NZ DSFBUJWJUZ EFTQJUF EJÃFSFOU CBSSJFST 8IBU T UIF NPTU JOUFSFTUJOH QBSU PG ZPVS KPC 8FMM JU XPVME CF UIF NPNFOU XIFO ZPV KVTU ñOJTI ZPVS SFTFBSDI BCPVU UIF VQDPNJOH USFOET UIF GVUVSF IJU DPMPST OFX TIBQFT GBC SJDT BOE UIF UIFNFT PG UIF OFX DPM MFDUJPO FUD "GUFS IPVST EBZT XFFLT BOE NPOUIT PG SFTFBSDI ZPV DBO UBLF ZPVS QFODJM BOE ESBX UIF ñSTU EFTJHO PG ZPVS DPMMFDUJPO 8IBU T ZPVS BUUJUVEF UPXBSET UIF XPSE iGBTIJPOu 'PS NF UIF XPSE iGBTIJPOu SFQSFTFOUT B TQJSJU 8F BSF BMM
BUUSBDUFE CZ TPNF TUZMF &WFO OP TUZMF JT B LJOE PG TUZMF UIBU DBO SFQSFTFOU B DFSUBJO BUUJUVEF JO UIF TPDJFUZ 0VS DMPUIFT BSF SFQSFTFOUJOH PVSTFMG BOE PVS PXO QFSTPOBMJUZ PG DPVSTF &YUSBW BHBOU TIZ TFSJPVT FMFHBOU PS QBSUZ BOJNBM 'BTIJPO JT GPS FWFSZCPEZ BOE GBTIJPO DPVME CF EFñOFE RVJUF QFSTPOBMMZ 8F UIF EFTJHOFST BSF KVTU USZJOH UP GPMMPX ZPVS EFTJSFT 8IP BSF ZPVS GBWPSJUF GBTIJPO EF TJHOFST 5IFSF BSF NBOZ MJLF %JPS :WFT 4BJOU -BVSFOU CVU * XPVME MJLF UP TQFBL BCPVU UIF POF * SFBMMZ BENJSF BOE XIP JT TUJMM XPSLJOH UPEBZ ,BSM -BHFSGFME )F T UIF NPTU IBSEXPSL JOH EFTJHOFS * WF FWFS TFFO BOE IF T UBMFOUFE JO FWFSZUIJOH IF EPFT )F T XPSLJOH GPS $IBOFM $IBOFM )BVUF $PVUVSF 'FOEJ IJNTFMG EPJOH QIP UPHSBQIZ QVCMJTIJOH CPPLT FUD 5IJT JT B SFBMMZ TNBSU NBO XIP IBT BO PQFO NJOE UP UIF OFX XBZT PG EPJOH GBTIJPO BOE NFEJB 'PS FYBNQMF IF EFTJHOFE GPS ) . JO BOE IF BHSFFE UP CF GJMNFE CZ 3PEPMQIF .BSDPOJ GPS -BHFSGFME $POñEFOUJBM GPS B ZFBS ,BSM -BHFSGFME JT OPU MJLF PUIFST BOE IJT TUZMF JT BMXBZT SJHIU 8IBU T ZPVS HPBM JO UIF OFYU ñWF ZFBST .Z HPBM JT UP TFMM NZ CSBOE JO BMM UIF GBTIJPOBCMF "TJBO DBQJUBMT TVDI BT 5PLZP 4FPVM #FJKJOH 4IBOHIBJ BOE )POH ,POH * XPVME MJLF UP PQFO NZ ñSTU PXO TIPQ JO &VSPQF UPP TJODF UIBU T XIFSF * DPNF GSPN * BMTP XBOU UP DSFBUF BO BTTPDJBUJPO UP IFMQ BMM LJOET PG OFX BSUJTUT QBJOUFST QFSGPSN FST EFTJHOFST BOE NVTJDJBOT TVDDFFE JO UIFJS EPNBJO 5IFSF T BMXBZT B XBZ UP GPMMPX UIF ESFBNT 5IFSF T TUJMM B MPU UP EP CFGPSF * DBO ñOBMMZ SFBMJ[F UIJT QSPKFDU *G UIFSF T TPNFUIJOH FMTF UIBU * XBOU UP BDDPNQMJTI JU XPVME CF HSFBU UP TQFOE B ZFBS JO 5JCFU UFBDIJOH &OHMJTI PS EFTJHOJOH * NJHIU BMTP CF BCMF UP DSFBUF DMPUIFT BOE BDDFTTPSJFT UIFSF CFDBVTF PG UIFJS FYUSBPSEJOBSZ IBODSBGUT 8IFO ZPV DSFBUF ZPVS PXO CSBOE XIBU T HPJOH UP CF UIF NBJO TUZMF BOE TQJSJU .Z CSBOE XJMM CF TPNF
i"GUFS IPVST EBZT XFFLT BOE NPOUIT PG SFTFBSDI ZPV DBO UBLF ZPVS QFODJM BOE ESBX UIF ñSTU EF TJHO PG ZPVS DPMMFDUJPOu UIJOH DMBTTJD BOE GBTIJPO GPSXBSE NBJOMZ GPS ZFBST PME GFNBMFT XIP MPWF IJHI FOE QSPEVDUT 8PO EFSGVM GBCSJDT TVDI BT TJML PS DBTINFSF XJMM CF VTFE .FBOXIJMF * XBOU JU UP CF OBUVSBM XJUI B GVTJPO PG EJÃFSFOU DVMUVSFT 'PS FYBNQMF * N OPX XPSL JOH PO NZ DPMMFDUJPO GPS TQSJOH TVN NFS JOTQJSFE CZ 5JCFUBO DMPUIFT KFXFMSZ BOE UIF XPNFO UIFSF * XJMM DPOUJOVF UIJT GPS UIF BVUVN XJOUFS DPMMFDUJPO * XBOU FWFSZ EF UBJM PG UIF DMPUIFT UP CF QFSGFDU 5IF DPMPST * N VTJOH BSF HFOFSBMMZ MJNJUFE CVU UIF ñOJTIJOH IBT UP CF QFSGFDU XJUI B CFXJUDIJOH UPVDI UP JU * XBOU QFPQMF XIP XFBS NZ DMPUIFT UP GFFM EJÃFSFOU BOE BMXBZT PO UIF GSPOUMJOFT PG GBTIJPO
8IBU BSF UIF LFZ XPSET GPS GBTIJPO USFOET PG TQSJOH i$PMPVSGVM MJHIU TIPSU BOE DMFBS u 8IBU JT JN QPSUBOU JT UP GFFM GSFF DPNGPSUBCMF BOE QSPVE XIFO ZPV BSF XBMLJOH EPXO UIF TUSFFU OP NBUUFS XIJDI DPMMFDUJPO JU JT
8IBU QMBDFT EP ZPV SFDPNNFOE UP GBTIJPO MPWFST GPS TIPQQJOH .BOZ QMBDFT JO GBDU UIFSF T %BXBO HMV (VPNBP GPS IJHI CVEHFUT TNBMM TIPQT JO 9JEBO GPS TNBMM CVEHFUT #VU UIFSF T BMTP UIF QPTTJCJMJUZ UP HP JO .VYVZVBO XIFSF ZPV DBO GJOE UIF GBCSJD NBSLFU BOE SFBMJ[F TPNF PG ZPVS PXO JEFBT * BMTP MJLF UIF TUSFFUT BSPVOE (VMPVYJEBKJF XJUI UIPTF VOJRVF PS OFX EFTJHOFS TIPQT UIFSF "OE 4BOMJUVO 7JMMBHF PG DPVSTF )PX EP ZPV NBOBHF UP BDDPNQMJTI GPS UIF CBTJD KFBOT BOE U TIJSUT BMM UIFTF TJNVMUBOFPVT EFTJHO BT TJHONFOUT 5IBU T UIF JOUFSFTUJOH )PX EP ZPV QFSDFJWF UIF EJGGFS QBSU PG UIJT KPC EPJOH NBOZ UIJOHT FODF PG GBTIJPO JOEVTUSZ CFUXFFO BU UIF TBNF UJNF *U T HPPE UP TUBZ $IJOB BOE 'SBODF 5P CF IPOFTU BXBLF * N TPNFPOF XIP OFFET B MPU BOE OP PÃFOTF UP $IJOB XF DBO TBZ PG DIBOHFT BMM UIF UJNF JO NZ MJGF BOE JU T KVTU NPSF QSPGFTTJPOBM JO 'SBODF JO NZ KPC * MPPL BMM UIF UIJOHT UIBU ,BSM UIBO JU JT JO $IJOB -VYVSZ JT XPSLJOH -BHFSGFME DBO EP BU UIF TBNF UJNF XFMM JO $IJOB CVU JU T NPSF BCPVU UP BOE * GPMMPX IJT FYBNQMF IBWF B iCMJOH CMJOHu OBNF PO UIBU CBH SBUIFS UIBO IBWJOH B CFBVUJGVMMZ NBEF 8IBU EP QFPQMF OFFE UP CFDPNF ESFTT *U T XFMM PO JUT XBZ CVU UIFSF T B HPPE GBTIJPO EFTJHOFS TUZMJTU TUJMM B MPU PG XPSL UP EP UP DIBOHF IPX $SFBUJWJUZ GPS TVSF CVU UIFZ BMTP OFFE QFPQMF UIJOL * UIJOL JU IBT UP TUBSU UP CF IVNCMF 8F BSF OPUIJOH XJUI GSPN UIF GBNPVT QFPQMF JO $IJOB BT PVU PVS UFBNT UIF ESFTT EFTJHOFS UIF UIF QVCMJD XJMM GPMMPX UIFN * SFBMMZ QBUUFSO NBLFS PS UIF ESFTTNBLFS UIJOL JU T HPJOH UP DIBOHF CVU XF 8IBU T NPSF JNQPSUBOU JT UP CF B SF IBWF UP CF QBUJFOU BMMZ IBSE XPSLFS BOE IBWJOH B TUSPOH NJOE 'PS QFPQMF XIP BSF OPU GSPN 8IBU XPVME ZPV MJLF UP EP JG ZPV B SJDI PS GBNPVT GBNJMZ UIF DPOUBDUT XFSF OP MPOHFS JO UIF GBTIJPO CVTJ JO UIJT JOEVTUSZ DPVME CF B QSPCMFN OFTT 5P MFBSO IPX UP HFU JOUP UIF TP JU T IBSE UP TUBSU OP NBUUFS IPX GBTIJPO CVTJOFTT <MBVHIT> *G * N TUJMM UBMFOUFE ZPV BSF 5IF QPJOU JT UP OFWFS PVU BGUFS UIJT JU XPVME CF SFBMMZ VO GPSHFU XIBU ZPV XBOU BOE EPO U BD MVDLZ * UIJOL * XPVME CF BO BSUJTU PS DFQU BOZ LJOE PG KPC UIBU HJWFT ZPV B QIPUPKPVSOBMJTU JO DPOóJDU [POFT B SFQVUBUJPO BHBJOTU ZPVS XJMM OP TPNFUIJOH NBLJOH NF GFFM BMJWF NBUUFS IPX HPPE UIF QBZ JT /FWFS FWFO JG JU T EBOHFSPVT MPPL DIFBQ *OUFSWJFXFE CZ "EFMJOF 8BOH
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
4)014
53: 5)&4&
4UPDL VQ PO VOJRVF HJGUT
"SU BOE ,OJDLLOBDLT
5PEBZ "SU .VTFVN 4IPQ 5IPVHI NVDI PG UIF BEKPJOJOH BSU EJTUSJDU SFNBJOT VOEFWFMPQFE UIF 5PEBZ "SU .VTFVN IPMET TUSPOH XJUI B óPVSJTI JOH DPMMFDUJWF PG ZPVOH BOE FTUBCMJTIFE BSUJTUT 5IFJS NVTFVN TIPQ JT TUPDLFE XJUI VOJRVF BOE JOUFSFTUJOH JUFNT SBOHJOH GSPN GVOLZ QBTTQPSU DPWFST UP TUSJLJOH UFB TFUT BOE JU JT UIF QFSGFDU QMBDF UP QSPDVSF UIBU NFNPSBCMF HJGU GPS ZPVS DIPPTJFTU PG GSJFOET $IFDL PVU UIFJS XFCTJUF UP EPXOMPBE '5/-!/ B QPEDBTU PG VQDPNJOH BSUT FWFOUT $!7!.',5 34!4)/.
34!4)/.
%BJMZ BN QN 1JOHPE 4QBDF #BJ[JXBO -V $IBPZBOH %JTUSJDU XXX UPEBZBSUNVTFVN DPN
0).'/$ 4/$!9 !24 -53%5- 3(/0 $!/ ,%
1FSGFDU GPS ñOEJOH UIBU QFSGFDU HJGU GPS ZPVS QJDLZ GSJFOET
"!):)7!. 2/!$
"(&/%"
5)6 ."3 Ŧ 8&% "13
5.#/.$)4)/.!, ,/6% #/&&%%
3(5!.'*).' 34!4)/.
%.
'5!.'15 2/!$
8)$!7!.' 2/!$
8IJMF ZPV SF JO UIF OFJHICPSIPPE NBLF B EBZ PG JU BOE DIFDL PVU UIF DVSSFOU BSU TIPXT BWBJMBCMF PO UIFJS XFCTJUF DVSSFOUMZ VOEFS XBZ 3FGVFM BU UIF 6ODPOEJUJPOBM -PWF $PÃFF 4IPQ %BP -F 8JOF PS 5IF -PPQ #BS BOE UIFO IFBE UP UIF $#% GPS HSFFOFS EJOJOH QBTUVSFT 0VS QJDL *'8 JO UIF CBTFNFOU PG UIF :JOUBJ $FOUFS UIBU IBT CSBOE OFX TVQFS TBUJTGZJOH $IJOFTF NFOV
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
4105-*()5
DIBJO .CBPCBP SFMFBTFT BT NBOZ BT OFX TUZMFT FWFSZ XFFL BOE TFMMT NPSF UIBO 4,6T POMJOF BU UIF TBNF UJNF #Z PQUJNJ[JOH UIJT QSPD FTT XF DBO CF UIF ñSTU CSJOH UIF NPTU GBTIJPOBCMF BOE VQ UP EBUF CBHT UP VTFST BOE UIVT IBWF GPTUFSFE BO FYUFOTJWF BOE MPZBM GPMMPXJOH BNPOH VSCBO GBTIJPO DPOTVNFST .PSFPWFS .CBPCBP IBT BMTP JSPOFE PVU VQTUSFBN BOE EPXO TUSFBN MJOLT JO QSPEVDUJPO BOE TP PVS GBTU GBTIJPO BQQSPBDI FYUFOET UP BMM QBSUT PG UIF QSPDFTT GSPN EFTJHO UP EJTUSJCVUJPO *O UIF VQTUSFBN TVQQMZ DIBJO .CBPCBP IBT RVBMJUZ QBSU OFST BMMPXJOH VT UP GVMMZ HVBSBOUFF UIF TVQQMZ PG B MPU QSPEVDUT JO UIF TIPSUFTU UJNF QPTTJCMF *O UIF NFBO UJNF .CBPCBP IBT XBSFIPVTFT BOE MPHJTUJDT DFOUFST EJTUSJCVUFE JO GJWF LFZ BSFBT BSPVOE $IJOB XIJDI BMMPXT VT UP HVBSBOUFF TFDPOE EBZ BSSJWBM XJUIJO PG UIF DPVOUSZ
.CBPCBP JT RVJFUMZ BOE GBTIJPOBCMZ UBLJOH PWFS UIF POMJOF TIPQQJOH XPSME
$3&"5*/( $)*/" 4 i'"45 '"4)*0/u */%6453: 1FUFS 2JV $IJFG 0QFSBUJOH 0îDFS PG .#BPCBP 'BTU GPPE IBTO U CFFO JO TUZMF TJODF JU XBT ñSTU JOWFOUFE OFBSMZ B DFOVUSZ BHP CVU XIBU BCPVU GBTU GBTIJPO *O .#BPCBP XXX NCBPCBP DPN EF DJEFE UP GPMMPX BO FNFSHJOH USFOE BOE HPU JOUP UIF POMJOF TIPQQJOH JOEVTUSZ 5IF QBZPÃT IBWF CFFO IVHF BOE UIJT POMJOF CSJFGDBTF BOE CBH SFUBJMFS IBT TFFO EPVCMF EJHJU JODSFBTFT PWFS UIF QBTU GJWF ZFBST "HFOEB QFSTVBEFE .#BPCBP T $00 1FUFS 2JV UP PQFO IJT CBH PG USJDLT BOE HJWF VT TPNF JOTJHIU JOUP XIBU NBLFT IJT DPNQBOZ TP TVD DFTTGVM
XIPMF # $ ñFME .PSFPWFS .#BPCBP JT UIF GJSTU $IJOFTF CPSO CSJFGDBTF BOE CBH DPNQBOZ UIBU MBVODIFE GPS JOUFSOBUJPOBMJ[BUJPO "U QSFTFOU XF IBWF FTUBCMJTIFE B CSBODI JO 5PLZP GPS EFWFMPQJOH UIF NBSLFU JO +BQBO BOE BMTP IBWF PQFOFE UIF XFCTJUF GPS /PSUI "NFSJDB XXX CBHTPL DPN
)PX EJE ZPV FTUBCMJTI ZPVSTFMG BT BO JOEVTUSZ MFBEFS .CBPCBP JOWFOUFE iGBTU GBTIJPOu JO UIF CBH JO EVTUSZ 5IFSF BSF OFBSMZ NFNCFST JO PVS PQFSBUJPOT *5 BOE QSPEVDU EFTJHO UFBNT 5ISPVHI UIF QSPDFTT 5FMM VT B MJUUMF CJU BCPVU .#BPCBP TUBOEBSEJ[BUJPO BOE TJNQMJGJDBUJPO .CBPCBP JT BO POMJOF CBH BOE CSJFG .CBPCBP DBO DPNQMFUF UIF QSPDFTT DBTF SFUBJMFS UIBU SBOLT ñSTU JO UIF WFS GSPN QSPDVSFNFOU UP NBOVGBDUVS UJDBM TJOHMF DBUFHPSZ # $ <CVTJOFTT JOH BOE IBT DPNQMFUF DPOUSPM PWFS UP DPOTVNFS> BOE TFDPOE JO UIF UIF XIPMF NBOVGBDUVSJOH BOE TBMFT
i*O NZ PQJOJPO GBTIJPO JT OPU POMZ B USFOE CVU BMTP B TQJSJU PG DPOTUBOU NPWFNFOU BOE MFBEFS TIJQu
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
)PX EJE UIF DPNQBOZ HFU TUBSUFE .CBPCBP XBT GPVOEFE CZ :F )BJGFOH JO BOE XBT CBTFE PO IJT ZFBST PG FYQFSJFODF XPSLJOH JO UIF CBH JO EVTUSZ JO +JBYJOH ;IFKJBOH 1SPWJODF *O $IJOB & CVTJOFTT SFBMMZ UPPL PÃ JO BOE .#BP#BP EFDJEFE UP UBLF JUT FYQFSUJTF JO UIJT JOEVTUSZ POMJOF *O UIF QBTU UISFF ZFBST .#BPCBP NBJOUBJOFE BO BOOVBM UFO GPME HSPXUI BOE IBT TVDDFTTGVMMZ BDIJFWFE UIF USBOTJUJPO UP UIJT OFX NBSLFU NPEFM %P ZPV DPOTJEFS ZPVSTFMG B GBTI JPOBCMF HVZ :FT * UIJOL TP "T .#BPCBP JT FOHBHFE JO UIF GBTU GBTI JPO CVTJOFTTFT XIJDI NFBOT UIBU XF TIPVME BMXBZT TUBZ BU UIF GPSFGSPOU PG GBTIJPO BOE IBWF B EFFQ VOEFSTUBOE JOH PG UIF MBUFTU USFOET BOE TUZMFT * QBZ B MPU PG BUUFOUJPO UP UIF MBUFTU OFXT BOE USFOET JO UIF GPSFJHO BOE EPNFTUJD GBTIJPO TDFOF BOE PGUFO XBUDI GBTIJPO QSPHSBNT BOE SFBE GBTIJPO NBHB[JOFT JODMVEJOH "HFOEB PG DPVSTF *O NZ PQJOJPO GBTIJPO JT OPU POMZ B USFOE CVU BMTP B TQJSJU PG DPOTUBOU NPWFNFOU BOE MFBEFSTIJQ 5IJT JT OPU POMZ NZ ESFBN CVU UIBU PG UIF XIPMF UFBN BU .#BPCBP
8IBU T UIF TUPSZ CFIJOE UIF OBNF 5IF OBNF .#BPCBP SFMBUFT UP JUT $IJOFTF QSPOVODJBUJPO NBJCBPCBP IBT UIF TBNF QSP OVODJBUJPO BT XIJDI NFBOT iCBH TFMMJOHu JO &OHMJTI " OBNF MJLF UIJT IFMQT DVTUPNFST NBLF B TUSPOH DPOOFDUJPO CFUXFFO UIF CSBOE BOE UIF CVTJOFTT 5IF $IJOFTF DIBSBDUFS NFBOT XIFBU XIJDI JT POF PG UIF ñWF HSBJOT USBEJUJPOBMMZ FBUFO JO $IJOB *U T TPNFUIJOH UIBU BMM QFPQMF MPWF BOE BMTP JU NFBOT IBSWFTU BT XFMM BT EPXO UP FBSUI 0VS DPSQP SBUF DVMUVSF SFMBUFT UP UIJT XPSE JO NBOZ XBZT 8F DBMM PVSTFMWFT .BJCBP XIJDI NFBOT UIF iCBCZ PG XIFBUu JO &OHMJTI &WFSZ NFNCFS PG .#BPCBP B óPXFS SFMBUFE OBNF BOE XF MJLF UP EFTDSJCF PVS DPNQBOZ T WBMVFT BT B HPMEFO IBSWFTU *G ZPV DPVME HP CBDL BOE EP TPNF UIJOH EJGGFSFOUMZ XJUI .#BPCBP XIBU XPVME ZPV DIBOHF 8F XPVME FTUBCMJTI B TUSPOHFS EFTJHO BOE CVZFS UFBN 5IF DPSF NPEF PG .#BPCBP JT GBTU GBTIJPO TP JU T DSVDJBM UIBU XF QSFTFOU UIF NPTU GBTIJPOBCMF QSPE VDUT JO UIF TIPSUFTU QFSJPE PG UJNF 5IJT JT UIF EFNBOE PG UIF DVTUPNFS BOE IBWJOH B HPPE EFTJHO BOE CVZFS UFBNT BSF LFZ UP ñMMJOH UIJT EFNBOE .#BPCBP IBT XPO UXP SPVOET PG WFOUVSF JOWFTUNFOUT )PX EJE ZPV BDDPNQMJTI UIJT :FT .#BPCBP PCUBJOFE UXP SPVOET PG WFOUVSF JO WFTUNFOUT UPUBMJOH ñGUZ NJMMJPO 64% 8F SFDFJWFE POF GSPN UIF *UBMJBO 7*4 $0/5 $PNQBOZ XIFO XF XFSF ñSTU FTUBCMJTIFE BOE BOPUIFS POF GSPN UIF "NFSJDBO WFOUVSF DBQJUBM GJSN %$. -FOPWP BOE &; $BQJUBM 5IFTF JOWFTUNFOUT XFSF UIF CJHHFTU FWFS NBEF JO B $IJOFTF CBH DPNQBOZ 5IF UXP SFBTPOT XF HPU UIFTF JOWFTUNFOUT XFSF UIBU PVS CVTJOFTT QMBOT XFSF DMFBS BOE PVS CVTJOFTT XBT TIPXJOH SBQJE HSPXUI 5IFTF BEWBOUBHFT DBNF GSPN PVS EFFQ VOEFSTUBOEJOH PG UIF CSJFGDBTF BOE CBH JOEVTUSZ BOE UIF GBDU UIBU XF GPM MPXFE F CVTJOFTT USFOET WFSZ DMPTFMZ JO $IJOB UIVT DSFBUJOH UIF GBTU GBTI
i*O UIF OFYU ñWF ZFBST UIF QFSTPOBM DPOTVNQUJPO F DPNNFSDF NBSLFU JO $IJOB XJMM SJTF BU SBUF PG QFS ZFBS BOE UIBU UIF PWFSBMM TDBMF XJMM FY DFFE 3.# CJMMJPO JO u JPO CVTJOFTT 8IBU BSF UIF UISFF LFZT UP HSPXJOH B TVDDFTTGVM DPNQBOZ 5IF NPTU JNQPSUBOU UIJOH JT GPS DPNQBOJFT UP TFFL CFOFñUT BOE LFFQ UIJT BT UIF NPUJWBUJOH QPXFS PG JUT EFWFMPQ NFOU 1SPGJU JT UIF SPPU PG TVSWJWBM GPS BOZ FOUFSQSJTF ,FFQ NPWJOH BOE ZPV XJMM DSFBUF NPSF WBMVF 5P UIJT FOE .#BPCBP LFFQT PQUJNJ[JOH JUT PXO TUSFOHUIT JOTJTUT PO UIF DPO DFQU PG GBTU GBTIJPO TUSJDUMZ DPOUSPMT QSPEVDUJPO óPX DPTU BOE RVBMJUZ BOE RVJDLFOT UIF SFTFBSDI BOE EFWFMPQ NFOU BOE NBOVGBDUVSF BOE UVSOPWFS PG JUT QSPEVDUT 5IF OFYU LFZ JT UP DSFBUF WBMVF GPS ZPVS DVTUPNFST 5IJT JT UIF LFZ UP TVD DFTT GPS BO FOUFSQSJTF 'BTIJPO IJHI RVBMJUZ BOE IJHI DPTU QFSGPSNBODF BMXBZT BSF UIF LFZ QSJODJQMFT JO PVS QSPEVDUT #Z QVUUJOH PVS DPNQBOZ ñSTU XF QSPWJEF UIFN OPU POMZ IJHI DMBTT QSPEVDUT BOE DPOWFOJFOU DIBO OFMT GPS QVSDIBTJOH UIFN CVU BMTP XJUI DPNGPSU BOE QFSGFDU TFSWJDFT *U T PVS PCKFDUJWF UP MFU FWFSZ DVTUPNFS HFU IJT PS IFS GBWPSJUF UIJOH BOE UP MFU UIFN FOKPZ JUT TQFDJBM TUZMF 0VS TMPHBO JT iUP CVZ B CBH KVTU HP UP .#BPCBP u .PSF BOE NPSF QFPQMF LOPX UIJT TMPHBO BOE UIFZ GPMMPX JU 'JOBMMZ UIF UIJSE LFZ JT UP CFDPNF NPSF QPXFSGVM CZ TVSQBTTJOH PUI FST *U JT EJGGJDVMU GPS UIF FOUFSQSJTF UIBU POMZ GPDVTFT PO JUT TVSWJWBM BOE EFWFMPQNFOU UP CF B HSFBU POF m TVS QBTTJOH JT UIF POMZ XBZ UP TVDDFFE *U DPWFST UXP BTQFDUT POF JT UP TVSQBTT ZPVSTFMG 5IBU JT UP TBZ UP ñOE ZPVS TIPSUDPNJOHT UP TFU IJHIFS UBSHFUT BOE UP DSFBUF DPOUJOVBM WBMVF GPS DVTUPNFST 5IF PUIFS JT UP TVSQBTT ZPVS DPNQFUJUPST 0OMZ UIF GJSTU JT UIF CFTU ,FFQ NPWJOH BOE TVSQBTT BMM ZPVS DPNQFUJUPST BOE ZPV XJMM CF NPSF QPXFSGVM
%.
5FMM VT BCPVU ZPVS SFTFBSDI DFOUFS JO 7FOJDF 0VS SFTFBSDI DFOUFS JO 7FOJDF JT BJNFE BU MJOLJOH .BJCBPCBP XJUI .JMBO BOE 1BSJT UIF MFBEFST JO UIF GBTIJPO JOEVTUSZ BOE JU IFMQT VT VOEFSTUBOE UIF MBUFTU GBTIJPOT BOE IPX UP DPOWFSU UIFN JOUP FWFSZ EBZ VTF 7FOJDF JT B QMBDF XJUI NBOZ GBTIJPO TIPXT BOE OFX QSPEVDU SF MFBTF DPOGFSFODFT #FJOH TJUVBUFE UIFSF HJWFT VT HSFBU BDDFTT UP UIF GPSFGSPOU PG GBTIJPO 8IBU BSF UIF CJHHFTU DIBOHFT ZPV WF TFFO JO UIJT JOEVTUSZ PWFS UIF QBTU GFX ZFBST QBSUJDVMBSMZ JO $IJOB *O UIF QBTU ZFBST UIF $IJOFTF DPOTVNFS NBSLFU EFWFMPQFE SBUIFS RVJDLMZ 5IF SFRVJSFNFOU GPS GBTIJPO CBHT BOE TVJUDBTFT JODSFBTFE TIBSQMZ BOE UIF POMJOF NBSLFU IBT EPVCMFE FWFSZ ZFBS *O UIF TVN PG F DPN NFSDF USBOTBDUJPOT BDIJFWFE 3.# CJMMJPO UIFSF XFSF NPSF UIBO CJMMJPO POMJOF USBOTBDUJPOT BOE UIF PWFSBMM TDBMF PG UIF NBSLFU IBT JODSFBTFE TFWFO GPME TJODF UIF UJNF UIBU .BJCBPCBP XBT GPVOEFE 5IJT NBSLFU JT TPBSJOH 8IBU EP ZPV UIJOL UIF GVUVSF PG UIJT NBSLFU XJMM CF " SFQPSU JT TVFE CZ %FVUTDIF #BOL GPSFDBTU UIBU JO UIF OFYU ñWF ZFBST UIF QFSTPOBM DPOTVNQUJPO F DPNNFSDF NBSLFU JO $IJOB XJMM SJTF BU SBUF PG QFS ZFBS BOE UIBU UIF PWFSBMM TDBMF XJMM FYDFFE 3.# CJMMJPO JO * UIJOL UIFTF GPSFDBTUT BSF SFBMMZ SFBTPOBCMF "T $IJOB IBT B IVHF NBSLFU FTQFDJBMMZ JO F DPNNFSDF BOE BT UIF NBSLFU JT HSBEVBMMZ NBUVSJOH OFX SPBET XJMM PQFO GPS $IJOFTF CSBOET BOE UIF HBQ CFUXFFO $IJOFTF BOE JOUFSOBUJPOBM CSBOET XJMM EFGJOJUFMZ TISJOL JG OPU EJTBQQFBS FOUJSFMZ *OUFSWJFX CZ +FOOJGFS 5IPNÊ
5)6 ."3 Ŧ 8&% "13
"(&/%"
5)& -*45 *1)0/& '"5*(6&
&JHIU XBZT UP CSFBL ZPVS "QQMF B EBZ IBCJU -PPLJOH GPS B OFX DFMM QIPOF #FGPSF ZPV IJU UIF TUPSFT JU T IFMQGVM UP LOPX XIBU UIF MBUFTU PQUJPOT BSFÂ&#x2021;PUIFS UIBO UIF VCJRVJUPVT J1IPOF PG DPVSTF 5IJT XBZ ZPV XPOhU FOE VQ XJTIJOH UIBU ZPVhE XBJUFE B GFX XFFLT GPS UIBU OFYU HFOFSB UJPO NPEFM UIF TBMFTQFSTPO DPOWFOJFOUMZ GPSHPU UP NFOUJPO
)5$ %FTJSF )% 0OF PG UIF NPTU DPNQFMMJOH GFBUVSFT PG UIF OFX %FTJSF )% JT UIF VQEBUFE 4FOTF JOUFSGBDF BOE UIBU T PO UPQ PG UIF "OESPJE 'SPZP 04 ,FFQ JO NJOE XJUI 'SPZP ZPV NBZ IBWF UP EPXOMPBE QFTLZ
"(&/%"
QBUDIFT BMUIPVHI JU T BMM XPSUI JU XIFO ZPV UFTU UIF QIPOF B TVCMJNF CBMBODF PG GBTU JOUFSGBDF BOE HPSHFPVTMZ TMFFL EFTJHO 5IF QIPOF DPNFT XJUI BCPVU (# PG GSFF TQBDF GPS JOTUBMMJOH BQQT BOE JT CVOEMFE XJUI BO (# NJDSP4% DBSE *U BMTP TQPSUT BO NFHBQJYFM DBNFSB DBQBCMF PG DBQUVSJOH Q )% WJEFP 4QFFE XJTF UIF %FTJSF IBT B ()[ 2VBMDPNN .4. QSPDFTTPS NBLJOH UIJT B UPQ QJDL GPS UIPTF XIP XBOU UIF UIF MBUFTU BOE HSFBUFTU "O ESPJE TNBSUQIPOF "SPVOE 3.# /PLJB / #FTU $BNFSB 5IF / JT POF PG UIF CFTU DBNFSB QIPOFT UP EBUF OPU UP NFOUJPO POF PG UIF NPTU BUUSBDUJWF POFT XJUI ñWF FZF DBUDI JOH DPMPS PQUJPOT 8JUI B JODI ".0-&% DBQBDJUJWF UPVDI TDSFFO JU CFHT UP CF VTFE )PXFWFS VQPO UFTUJOH JU JT OPU BT BDDVSBUF XIFO UFYUJOH BT JUT )5$ SJWBMT CVU WFSZ DMPTF 8JUI Y QJYFM SFTPMVUJPO BOE TVQQPSUFE NJMMJPO DPMPST UIF EJTQMBZ JT B DMFBS DPMPSGVM FYQFSJFODF *U IPMET B XIPQQJOH NFHBQJYFM DBNFSB BOE 9FOPO óBTI "T GBS BT TQFFE JU T FRVJQQFE XJUI B .)[ "3. QSPDFTTPS 'PS UIPTF OPU JO UIF LOPX UIJT JT WFSZ GBTU "MBT FWFO XJUI UIJT QPXFS QSPDFTTPS JU HFUT DMPHHFE VQ FTQFDJBMMZ XIFO UIF DBNFSB T PO "OPUIFS QPJOU UP DPOTJEFS UIJT QIPOF JT UIF 4ZNCJBO 04 *U XPO U CF BT BEWBODFE PS BQQ GSJFOEMZ BT JUT "OESPJE DPVTJOT CVU XJMM CF DMFBO BOE GVODUJPOBM 8JSFMFTT PQUJPOT BSF XFMM SFQSFTFOUFE PO UIF /PLJB / XJUI #MVFUPPUI 8J 'J C H O (14 BOE ñWF CBOE ( TVQQPSU "SPVOE 3.#
5)6 ."3 Ŧ 8&% "13
%.
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ñOJUJPO WJEFP DMJQT *U T FRVJQQFE XJUI UIF OFX .)[ 2VBMDPNN .4. QSPDFTTPS BOE B N"I CBUUFSZ 8JUI UIF %FTJSF ; ZPV NBZ OPU HFU UIF DBNFSB CVU ZPV EP HFU B LFZCPBSE BOE "OHSZ #JSET "SPVOE 3.# -( 0QUJNVT #MBDL 8JUI B TIJOZ JODI /07" EJTQMBZ BOE BU POMZ
NN UIJDL UIF 0QUJNVT #MBDL DSFBUFT B VOJRVF VTFS FYQFSJFODF "FTUIFUJDBMMZ JU JT WFSZ QMFBTJOH XJUI DMFBO DVSWFE DPSOFST BOE B TMJN CPEZ )FBET VQ UIPVHI JU EPFTO U GFFM BT TBGF BOE TPMJE BT JUT /PLJB )5$ SJWBMT 5IF N"I CBUUFSZ QSPWJEFT FOPVHI QPXFS GPS ZPVS EBJMZ OFFET FWFO BU NBYJNVN CSJHIUOFTT TFUUJOHT *U BMTP CPBTUT TPNF FOUJDJOH ñSTUT EJSFDU IJHI RVBM JUZ XJñ EBUB USBOTGFS CFUXFFO QIPOFT BOE B .1 GSPOU GBDJOH DBNFSB BOE .1 BU UIF CBDL "MM JO BMM XJUI "OESPJE 'SPZP BOE TLJOOZ MPPLT JU T EFñOJUFMZ GPS UIF UFDI BOE GBTIJPO GPSXBSE 1SJDF 5#"
.PUPSPMB "USJY #FTU GPS .VTJD +VOLJFT 5IF ESBXT PG UIF "USJY BSF JUT ()[ /WJEJB EVBM DPSF 5FHSB DIJQTFU BOE B WFSZ MBSHF JODI Y QJYFM (PSJMMB (MBTT UPVDITDSFFO *U MPPLT TJNJMBS UP UIF )5$ %FTJSF CVU CFIJOE UIBU QSFUUZ TDSFFO UIFSF T B NBTTJWF (# PG POCPBSE NFNPSZ (# 3". BOE B N"I CBUUFSZ 5IBU NFBOT B MPU PG NVTJD ñMFT BOE QIPUPT 5IF DBNFSB JT B NPEFSBUF NFHBQJYFM DBQBCMF PG Q WJEFP DBQ UVSF BOE JT BDDPNQBOJFE CZ BO -&% óBTI .PUPSPMB SBUFT UIF N"I CBUUFSZ BU IPVST PG ( UBML UJNF BOE BCPVU EBZT PO TUBOECZ NPEF -POH MBTUJOH BOE XJUI BO BXGVMMZ DMFBS TDSFFO "SPVOE 3.#
%FMM 7FOVF 1SP #FTU GPS #VTJOFTT
5IF %FMM TNBSUQIPOF JT UBSHFUFE BU UFDI TBWWZ CVTJOFTT VTFST XIP WBMVF B QIZTJDBM LFZCPBSE 0îDF BQQT BOE JO UFHSBUJPO XJUI .JDSPTPGU TFSWJDFT 5IF 8JOEPXT 04 JT GBTU BOE WFSZ TZOD GSJFOEMZ 5IF JODI Y QJYFM ".0-&% QBOFM TMJEFT VQ UP SFWFBM B GVMM 28&35: LFZQBE 5IJT NFBOT JU T B MJUUMF MFOHUIZ CVU XFMM XPSUI JU *U EPFTO U GFFM DMVOLZ BU BMM *U GFFMT TPMJE BOE QSPGFTTJPOBM 5IF 7FOVF 1SP T TQFD JñDBUJPOT BSF JO MJOF XJUI UIF SFTU PG UIF 81 QBDL XJUI B ()[ 4OBQESBHPO QSPDFTTPS (# PG POCPBSE NFNPSZ BOE B NFHBQJYFM DBNFSB *U T B WFSZ HPPE CVOEMF GPS UIF CVTJOFTT PG B QFBDFGVM IBOETFU XJOEPXT NBSSJBHF "SPVOE 3.# (PPHMF /FYVT 4 5IJT JT UIF IBOETFU GPS "OESPJE QVSJTUT 5IF /FYVT 4 JT UIF ñSTU IBOETFU XJUI (JOHFSCSFBE QSF JO TUBMMFE "OESPJE BOE JU PÃFST B GFX JNQSPWFNFOUT MJLF B TFDPOE DBNFSB BO /'$ DIJQ BOE B UISFF BYJT HZSP TDPQF 5IF /FYVT 4 EJTQMBZ TVQQPSUT UIF VTVBM NJMMJPO DPMPST BOE Y QJYFMT 5IF ñWF NFHBQJYFM DBNFSB BMTP PÃFST QSFUUZ HPPE SFTPMVUJPO GVODUJPOBM EFTQJUF FBTZ CMVSSJOH 5IF /FYVT 4 IBT .# PG 3". BOE (# PG JOUFSOBM NFNPSZ BOE JT QPXFSFE CZ UIF TBNF (I[ )VNNJOHCJSE QSPDFT TPS BT UIF (BMBYZ 4 EFWJDFT " WFSZ CJH TIPVU PVU IBT UP HP UP UIF MPPL PG UIF IBOETFU UIPVHIw JU T CSFBUIUBLJOHMZ XFMM EFTJHOFE FSHPOPNJDBMMZ GSJFOEMZ BOE XBZ DPPMFS UIBO ZPVS SVO PG UIF NJMM J1IPOF "SPVOE 3.#
4POZ &SJDTTPO 9QFSJB "SD 5IF JODI Y QJYFM UPVDITDSFFO IBT B TIBSQ NJMMJPO DPMPST 5IF PUIFS ESBX PG UIF 9QFSJB "SD JT UIF NFH BQJYFM DBNFSB BOE ' MFOT TP UIPTF XJUI BO JOOFS "OOJF -FJCPWJU[ XJMM CF QMFBTFE 6OEFS UIF IPPE UIF 9QFSJB "SD JT QPXFSFE CZ B ()[ 2VBMDPNN 4OBQESBHPO QSPDFTTPS BOE B HPPE .# PG 3". *U BMTP SVOT UIF OFXFTU "OESPJE 04 (JOHFSCSFBE 3FNFNCFS ZPV MM OFFE QFTLZ QBUDIFT XJUI "O ESPJE CVU JU EPFT NBLF MJGF UIBU NVDI FBTJFS XIFO ZPV UBLF UIF ñWF NJOVUFT UP EPXOMPBE "SPVOE 3.#
$PNQJMFE CZ .BSMB 'POH BOE $BSMMZ $IVO
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
4105-*()5
EJP 'PS NF EFTJHO JT NZ MJGF BOE * N OPU QSFUFOEJOH *U T BMM NF BOE XIBU * MJLF * MPWF WJOUBHF BOE BOUJRVFT TP NZ XIPMF TUVEJP JT EFTJHOFE UP SFQ SFTFOU UIBU 8IFO QFPQMF DPNF IFSF UIFZ MM LOPX XIBU LJOE PG QFSTPO * BN *O $IJOB UIFSF BSFO U UIBU NBOZ TQFDJBMJ[FE BOE JOEJWJEVBM CPVUJRVFT MJLF NJOF TP XIFO * IBE UIF DIBODF UP TUVEZ BCSPBE * XBOUFE UP CSJOH UIF FYQFSJFODF CBDL XJUI NF * N POF PG UIF NBOZ ZPVOH EFTJHOFST KVTU USZJOH UP EP UIFZ SF PXO UIJOH * N RVJUF IBQQZ OPX
4NBMM CVU JNQSFTTJWF 7FHB 8BOH T EFTJHOT QBDL BO BFTUIFUJD QVODI
7&(" ;"*4)* 8"/(
$POUFNQPSBSZ $IJOFTF EFTJHOFS )PX EJE ZPV HFU TUBSUFE JO UIJT DBSFFS "DUVBMMZ XIFO * XBT ZPVOHFS * EJEO U UIJOL * XPVME HP JOUP GBTIJPO CVU * XBT TVSF * E EP TPNFUIJOH JO BSU BOE EFTJHO 5IBU T XIZ * XFOU UP TUVEZ JO -POEPO <8BOH TUVEJFE BU UIF -POEPO $PMMFHF PG GBTIJPO BOE UIF JMMVTUSJPVT 4U .BSUJOT $PMMFHF> "U UIF CFHJOOJOH * UIPVHIU * E HP JOUP EFTJHO BOE BEWFSUJTJOH CVU MBUFS PO * GPVOE * XBOUFE UP EP TPNFUIJOH IBOENBEF TPNFUIJOH * DPVME EFTJHO BOE DSFBUFw TPNFUIJOH UBOHJCMF
%JE ZPV FWFS EJTDVTT XJUI ZPVS QBSFOUT UIBU ZPV XBOUFE UP HP JOUP GBTIJPO 8F GSFRVFOUMZ EJTDVTTFE JU .Z QBSFOUT CPUI XPSL JO CVTJOFTT TP PG DPVSTF UIFZ XPVME IBWF XBOUFE NF UP UBLF PWFS UIF GBNJMZ CVTJOFTT PS HFU B HPWFSONFOU KPC 5IFZ XBOUFE NF UP IBWF B SFHVMBS JODPNF m * N UIFJS POMZ EBVHIUFS BOE UIFZ EJEO U XBOU GPS NF UP TVÃFS * XPVME TBZ UP UIFN MJGF T UPP TIPSU BOE UIBU * XBOU UP EP TPNFUIJOH * N QBTTJPOBUF BCPVU 5IFZ POMZ XBOU NF UP CF IBQQZ 4JODF * XBT ZPVOH * WF CFFO UIF EFUFSNJOFE UZQF TP * XPVME UFMM UIFN UIBU JG POF EBZ JU EPFTO U XPSL PVU UIFO * MM OFWFS CMBNF UIFN BOE * XPVMEO U BTL XIZ UIFZ EJEO U TUPQ NF 5IJT JT NZ EFDJTJPO BOE OP NBUUFS IPX JU HPFT JU T XIBU NBLFT NF IBQQZ /PX UIFZ SF CPUI WFSZ TVQQPSUJWF
)PX EP ZPV ñOE UIF CBMBODF CF UXFFO DSFBUJWJUZ BOE CVTJOFTT 5IJT JT NZ XFBL QPJOU 5P CF IPOFTU NZ CSBOE JT MFTT DPNNFSDJBM BOE NPSF DSFBUJWF TP GBS #VU * IBWF UP FBSO NPOFZ BOE MFBSO IPX UP FBSO NPOFZ * IBWF B UFBN B CPVUJRVF BOE ñOBODJBM SFTQPOTJCJMJUJFT * DBO U HJWF VQ NZ DSFBUJWJUZ UIPVHIw CVU * EP GFFM * IBWF B SFTQPOTJCJMJUZ UP #FJKJOH UP CSJOH TPNFUIJOH EJTUJODUJWF UIBU UIF QFPQMF DBO TFF DBO CF JOTQJSFE CZ *O UIJT DJUZ QFPQMF GPMMPX TFBTPOBM USFOET SFMJHJPVTMZ XIJMF * KVTU XBOU UP TUBZ IFSF BOE EP TPNFUIJOH * MJLF NZ PXO QFSTPOBM DPMMFDUJPO 8IBU IBT CFFO UIF NPTU WBMVBCMF UPPM JO QSPNPUJOH ZPVS CSBOE * VTF 8FJCP IBWF NZ PXO XFCTJUF XXX WFHBXBOH DPN BOE MVDLJMZ $IJOB T NFEJB IFMQT ZPVOH EFTJHOFST * N HFUUJOH DPWFSBHF GSPN )BSQFST 7PHVF BOE PG DPVSTF "HFOEB 5IJT JT TPNFUIJOH UIBU &VSPQF EPFTO U IBWF UIFSF BSF TP NBOZ JOEFQFOEFOU EFTJHOFST TP JU T IBSEFS GPS UIFN UP HFU TVQQPSU XIFSF BT IFSF XF HFU B MPU PG IFMQ
%JE ZPV FWFS XPSSZ CFDBVTF GBTI JPO JT TVDI B DPNQFUJUJWF GJFME 8IFO * XBT ZPVOH * EJEO U LOPX UIBU NVDI BCPVU XIBU * XBOUFE GPS UIF 8IP XFBST ZPVS DMPUIFT "OZCPEZ GVUVSF * KVTU XBOUFE UP TPNFUIJOH GBNPVT * EP IBWF B GFX TUBST XFBS * MJLFE &WFO OPX NZ QBSFOUT BOE JOH NZ EFTJHOT CVU * EPO U SFBMMZ VTF GSJFOET UFMM NF IPX IBSE JU NVTU CF IBWJOH UIJT MJOF BOE JU T GJOBODJBMMZ 8IBU JOTQJSFE ZPV UP DSFBUF ZPVS UIBU UP QSPNPUF UIF CSBOE CFDBVTF BOE UJNF DPOTVNJOH PXO MJOF BOE PQFO ZPVS PXO TUV UP NF FWFSZ DVTUPNFS JT UIF TBNF "DUVBMMZ NZ WFSZ ñSTU DVTUPNFS XBT BMTP UIF SFBTPO * NPWFE UP #FJKJOH i* EFTJHOFE UIFTF DMPUIFT GPS JOEFQFOEFOU PQJO CPVHIU NZ JPOBUFE XPNFO m XPNFO UIBU IBWF UIFJS PXO 'BOH #JOHCJOH ñSTU DPMMFDUJPO *O GBDU TIF CPVHIU NZ NJOET BOE EPO U KVTU GPMMPX USFOETu XIPMF MJOF BT XFMM BT QJFDFT GSPN
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
NZ MBUFTU DPMMFDUJPO * MJLF IFS TIF T JOEFQFOEFOU BOE TIF EPFTO U KVTU XFBS UIF DMPUIFT TIF BMTP SFóFDUT UIF TQJSJU PG NZ EFTJHOT 4USPOH QPXFSGVM BOE SFTPMVUF 8IBU LJOE PG XPNBO EJE ZPV EF TJHO UIFTF DMPUIFT GPS * EFTJHOFE UIFTF DMPUIFT GPS JOEFQFOEFOU PQJO JPOBUFE XPNFO m XPNFO UIBU IBWF UIFJS PXO NJOET BOE EPO U KVTU GPMMPX USFOET 4IF T UIF UZQF UP LOPX XIBU TIF XBOUT BOE EPFTO U EP TPNFUIJOH CFDBVTF PG B NBO PS NPOFZ 4IF EPFT JU GPS IFSTFMG *U T FBTZ UP CF SFDPHOJ[FE JO NZ EFTJHOT JU T TUSVDUVSFE BOE GSJFOET IBWF TBJE UIBU UIFZ SFDPHOJ[F NZ DMPUIFT XIFO TPNFPOF XFBST UIFN 5IFSF T B VOJRVF TJMIPVFUUF DPMPS BOE B CPME TUZMF 5FMM VT BCPVU ZPVS VQDPNJOH EF TJHOT 8IBU XBT UIF JOTQJSBUJPO GPS JU * XBOU UP HP XJUI QSJOU BDUV BMMZ 5IJT DPMMFDUJPO JT WJCSBOU BOE UIF DPMPST BSF QVSF TP * XBOUFE UP USZ TPNFUIJOH EJGGFSFOU 5BUUPP QSJOUT BOE JOTQJSBUJPO GSPN 3VTTJBO QSJTPOT *U T HPJOH UP CF WFSZ FYDJUJOH 8IP BSF ZPVS GBWPSJUF MPDBM PS JO UFSOBUJPOBM EFTJHOFST * IBWF UXP :PIKJ :BNBNPUP BOE "OO %FNFVMF NFFTUFS &TQFDJBMMZ "OO %FNFVMF NFFTUFS * BENJSF UIBU TIF EPFTO U GPMMPX GBTIJPO TIF EPFT IFS PXO UIJOH :PIKJ :BNBNPUP CFDBVTF IF JODPSQPSBUFT UIF TQJSJU PG +BQBO JO IJT XPSL 5IBU T XIBU $IJOFTF EFTJHOFST IBWF UP MFBSO UIFZ OFFE UP CF BCMF UP SFQSFTFOU BOE DBQUVSF UIF FTTFODF PG SFBM $IJOB JO UIFJS EFTJHOT 5IFZ EPO U OFDFTTBSJMZ OFFE UP IBWF $IJOFTF FMFNFOUT CVU EFñOJUFMZ UIBU HFOVJOF TQJSJU PG $IJOB 8IBU JT UIF NBSLFU QMBDF MJLF )BT JU CFFO IBSE UP MBVODI B CSBOE BOE NBJOUBJO B TIPQ *U JT EJîDVMU UP FT UBCMJTI B CSBOE JO $IJOB * N ZPVOH BOE * N BMTP TUJMM MFBSOJOH #VU JU JT FO KPZBCMF BOE NZ UFBN UIF CSBOE UIF TIPQ BOE * BSF BMM HSPXJOH UPHFUIFS *G ZPV XFSF BTLFE UP KPJO B GBNPVT GBTIJPO IPVTF XPVME ZPV EP JU
i* EPO U SFBMMZ XBOU UP DBMM UIFN CZ TFBTPO XJUI HMPCBM XBSNJOH TFBTPOT BSF DIBOHJOH BOE EF TQJUF CJH CSBOET FNQIBTJ[JOH UIFN * N UIJOLJOH GPS UIF GVUVSF * MM KVTU EP DPMMFDUJPOTu PS XPVME ZPV QSFGFS UP TUBZ BOE DVMUJWBUF ZPVS PXO CSBOE IFSF * UIJOL * E QSFGFS NZ PXO CSBOE * N WFSZ JOEFQFOEFOU BOE SFMJTI XPSLJOH GPS NZ TFMG 5IBU T NZ QFSTPOBMJUZ 8IBU BSF ZPVS GBWPSJUF QMBDFT UP TIPQ 8IFO JU DPNFT UP VOEFSXFBS * MJLF .VKJ *O NZ XBSESPCF UIFSF BSF POMZ UXP UZQFT PG DMPUIJOH NZ PXO EFTJHOT BOE WJOUBHF XFBS 0OF TIPQ * BMXBZT HP UP JT .FHB .FHB 7JOUBHF *U T SVO CZ NZ GSJFOE BOE JT UIF CFTU TFDPOE IBOE DMPUIJOH TUPSF JO #FJKJOH 8IFO * MJWFE JO -POEPO * MPWFE $BN EFO .BSLFU 1PSUPCFMMP 3PBE BOE #SJDL -BOF * MPWF HPJOH UP #SJHIUPO JU IBT UIF CFTU BOUJRVF TIPQT BOE UIF QJFS JT CFBVUJGVM "MM PG UIF GVSOJUVSF JO UIJT TUVEJP BSF GSPN B WJOUBHF GVSOJ UVSF NBSLFU * XBOUFE NZ TIPQ UP CF POF PG B LJOE
:PV SF PCWJPVTMZ B WFSZ CVTZ MBEZ )PX NVDI UJNF UP EP ZPV HFU UP EFTJHO *U T GSVTUSBUJOH CVU * IBWF UP UBLF DBSF PG B MPU PG UIJOHT 8IFO * XBT BU DPMMFHF * XBT CVTZ XJUI EFBE MJOFT UIF XIPMF UJNF CVU FWFO UIFO * XPVME GPDVT PO NZ BSU * XPVME XPSL IBSE CF DSFBUJWF BOE HP UP HBMMFSJFT GPS JOTQJSBUJPO /PX * IBWF UP NVMUJ UBTL CFUXFFO CFJOH NZ PXO 13 EFBMJOH XJUI GBCSJD EFBMFST BT XFMM BT EFTJHO * EP IBWF MFTT UJNF JO UIF EBZ CVU BMXBZT NBLF UJNF UP EFTJHO FWFO JG JU T BU NJEOJHIU * MPWF UP EFTJHO JO UIJT TUVEJP 8IBU BCPVU EJOJOH BOE OJHIUMJGF 8IFSF EP ZPV HP UP SFKVWFOBUF 0O UIF XFFLFOE * MJLF UP HP TFF HJHT BU % SPDL BOE FMFDUSP NVTJD * MM FBU BOZUIJOH FTQFDJBMMZ USBEJUJPOBM $IJ OFTF GPPE MJLF NBMB UBOH BOE TUSFFU TOBDLT "DUVBMMZ UIFSF JT B +BQBOFTF SFTUBVSBOU * MJLF #BT IJ XFJ UIFSF BSF UXP JO #FJKJOH * UIJOL 5IFZ SF TNBMM CVU WFSZ HPPE BOE SFNFNCFS UP NBLF B SFTFSWBUJPO * BMTP MJLF B HPPE NBTTBHF .PTUMZ * HP UP XFMM FTUBC MJTIFE DIBJOT "MTP UIFSF T B CBS DBMMFE JU T B MJUUMF IJEEFO CBS PO UIF UIJSE GMPPS 5IF PXOFS JT RVJFU CVU WFSZ GBOBUJDBM BCPVU IJT XPSL * SFBMMZ MJLF QFPQMF MPWF UIFJS XPSL
8IFSF EP ZPV TPVSDF ZPVS NBUFSJ BMT "MM PWFS UIF QMBDF 1BSUT BSF GSPN )POH ,POH CVU NPTU PG JU JT GSPN +BQBO *O GBDU XJUI NZ OFYU DPMMFDUJPO BMM PG UIF NBUFSJBMT XJMM CF JNQPSUFE GSPN +BQBO $IJOB JT UIF CFTU GPS UIF QSPEVDUJPO PG GBCSJDT CVU TP GBS UIF TVQQMJFS T FNQIBTJ[F PO RVBOUJUZ BOE TFFJOH BT * XPSL PO B TNBMMFS TDBMF UIFZ EPO U SFBMMZ MJLF UP XPSL XJUI NF * XBOU NZ QJFDFT UP CF UIF CFTU RVBMJUZ XIJDI JT XIZ JU T IBSE XIFO *OUFSWJFX CZ $BSMMZ $IVO TBMF UJNF DPNFT BSPVOE )BWJOH UP EJTDPVOU QJFDFT JO UIF MBTU TFBTPO XBT 7FHB ;BJTIJ 8BOH %BJMZ OPPO QN 6OJU # ' #MEH +JBOXBJ 4PIP %POHTBOIVBO TP EJîDVMU *U T NZ XPSL BOE * HFU B MJU ;IPOHMV $IBPZBOH %JTUSJDU UMF VQTFU * EP VOEFSTUBOE UIBU JG JU IBT UP HP UIFO DPNQSPNJTFT IBWF UP CF .FHB .FHB 7JOUBHF 5*.& (VMPVEPOH NBEF 5IJT BMTP MFBET UP NZ PQJOJPOT %BKJF %POHDIFOH %JTUSJDU PO TFBTPOT * EPO U SFBMMZ XBOU UP DBMM UIFN CZ TFBTPO XJUI HMPCBM XBSNJOH % 5VF 4VO QN BN $IFOHGV -V UXP TFBTPOT BSF DIBOHJOH BOE EFTQJUF EPPST XFTU PG $MVC )BJEJBO %JTUSJDU CJH CSBOET FNQIBTJ[JOH UIFN * N UIJOLJOH GPS UIF GVUVSF * MM KVTU EP DPM $BJUBJ (PVSNFU 4USFFU 9JOHCB 4USFFU MFDUJPOT .Z EFTJHOFS GSJFOET BMTP IBWF TUBSUFE OPU UP HP CZ TFBTPOT CVU CZ JOEJWJEVBM DPMMFDUJPOT
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
4105-*()5
JEFB UP TUBSU B MJOF PG GBTIJPO BD DFTTPSJFT .JSLP XPSLFE BT B MBXZFS GPS UXP ZFBST BOE EFDJEFE UP SFUJSF BOE * TVQQPSUFE IJT EFDJTJPO GVMMZ CFDBVTF UIBU XBTO U XIBU IF XBOUFE UP EP XJUI IJT MJGF "U UIBU UJNF * XBT XPSLJOH BT B NBLF VQ BSUJTU BOE JU XBT RVJUF UJSFE * IBE B MJUUMF TIPQ BOE CVTJOFTT XBT HPPE "U UIBU UJNF XF XFSF GSFRVFOUMZ USBWFMJOH PWFSTFBT BOE TBX UIJT LJOE PG CVTJOFTT NPEFM BOE XF SFBMJ[FE UIBU JU EJEO U FYJTU ZFU JO $IJOB 8F BMTP SFBMJ[FE UIBU JU XBT B CVTJOFTT UIBU DPVME BDUVBMMZ CF FBTJMZ EPOF JO $IJOB " MPU FBTJFS UIBO DMPUIJOH BU MFBTU 4P XF EFDJEFE UP HJWF JU B USZ
5JOB 5JBO JT öHIUJOH DSJNFT BHBJOTU GBTIJPO POF TFBTPO BU B UJNF
"$$&4403: 50 45:-& (FOFSBM .BOBHFS 5JOB 5JBO PG 5XJDF 'BTIJPO "DDFTTPSJFT 5JOB 5JBO NBZ CF BO BDDFTTPSZ UP TUZMF CVU IFS DPNQBOZ T DPMMFDUJPO PG BDDFT TPSJFT JT UIF GBSUIFTU UIJOH GSPN CFJOH B DSJNF BHBJOTU GBTIJPO 'PS UIF QBTU ZFBST 5XJDF IBT CFFO TUFBMJOH NBSLFU TIBSFT BOE UIF IFBSUT PG GBTIJPO TBWWZ ZPVOH XPNFO XJUI JUT DPPSEJOBUFE MJOFT PG BDDFTTPSJFT "HFOEB EPMMFE VQ XJUI 5JBO 5JBO UP ñOE PVU IPX UIFZ CFDBNF TP JOóVFOUJBM XIFSF TIF HBJOT IFS JOTQJSBUJPO BOE IPX TIF BOE IFS IVTCBOE NBOBHF XPSLJOH UPHFUIFS
:PV MJTU GVMM CJPT PG ZPVS UFBN PO UIF XFCTJUF 8IBU XBT ZPVS SFB TPO GPS EPJOH UIJT BOE XIBU IBWF UIF SFTVMUT CFFO 5IBU XBT BDUVBMMZ .JSLP T JEFB * XBT B MJUUMF XPSSJFE BU ñSTU UIBU UIJT XPVME DBVTF IFBEIVOU FST UP DPNF BGUFS PVS FNQMPZFFT CVU IF TBJE UIBU JG PVS FNQMPZFFT EJEO U MJLF PVS DPNQBOZ UIFZ XPVME MFBWF PG UIFJS PXO XJMM 8IFO XF UPME PVS NBOBHFST PVU UIJT JEFB UIFZ XFSF SFBMMZ FYDJUFE BOE XSPUF VQ UIFJS JO USPEVDUJPOT *U T CFFO B SFBMMZ QPTJUJWF QBSU PG PVS DPNQBOZ DVMUVSF * EPO U SFBMMZ LOPX XIBU JU T MJLF JO PUIFS DPNQBOJFT CVU POF SFBMMZ PCWJPVT BUUSJCVUF PG PVS DPNQBOZ DVMUVSF JT UIBU XF SF WFSZ EJSFDU JO PVS DPNNVOJDBUJPOT BOE UIF SFMB UJPOTIJQT JO PVS DPNQBOZ BSF QSFUUZ TJNQMF #JH DPNQBOJFT UFOE UP HFU SFBMMZ DPOWPMVUFE BOE ZPV FOE VQ XPSLJOH MFTT PO ZPVS XPSL UIBO PO PîDF QPMJUJDT *O PVS PîDF JU T B MPU TJNQMFS *U T OBUVSBM
8IFO XF ñSTU TUBSUFE PVU JU RVJUF EJîDVMU CVU UIF NPSF QSPGFTTJPOBMT XF IJSFE UP TVQQPSU VT UIF NPSF * CFHBO UP FOKPZ NZ XPSL * N OPU POF XIP MJLFT UP NBOBHF BOE * EPO U DPOTJEFS NZTFMG UP CF B QSPGFTTJPOBM m * XBT POMZ JO DIBSHF PG EFTJHO CVU OPX * WF EJTDPWFSFE UIBU XJUI PUIFS QFPQMF UBLJOH DBSF PG UIF EFUBJMT JU GSFFT NF VQ UP UBLF DBSF PG EFTJHO TP * MJLF JU NPSF BOE NPSF FWFSZ EBZ &TQFDJBMMZ OPX UIBU * IBWF TFFO UIJT TFBTPO T JUFNT JU SFBMMZ JNQSFTTFE )PX EP ZPV TFF ZPVS DPNQBOZ VQPO NF UIBU CVTJOFTT JT SFBMMZ HPPE 8IFO XF GJSTU TUBSUFE PVU * IBE * IBWF B MPU PG IPQF GPS UIF $IJOFTF OP JEFB UIBU JU XPVME CF UIJT CJH * NBSLFU CFDBVTF BGUFS USBWFMJOH UP UIPVHIU UIBU PQFOJOH POF PS UXP -POEPO BOE +BQBO * TFF UIBU $IJOB 4P XIBU JT UIF CJHHFTU TFMMJOH QPJOU TNBMM TUPSFT XPVME CF KVTU SJHIU * N IBT B MPU PG PQQPSUVOJUJFT PG ZPVS CSBOE *O $IJOB UIFSF SFBMMZ B XPNBO TP * EJEO U XBOU UP FYIBVTU BSFO U BOZ PUIFS BDDFTTPSJFT DPNQB NZTFMG #VU XPSLJOH XJUI .JSLP <.JSLP :PV HVZT IBWF WFSZ EJWFSTF CBDL OJFT 1FPQMF LOPX PG KFXFMSZ QSF 8PSNVUI &YFDVUJWF %JSFDUPS> BOE HSPVOET :PV XPSLFE JO UIF BSUT DJPVT TUPOFT BOE UIJOHT MJLF UIBU UIJT JT QSPCBCMZ CFDBVTF IF T B NBO BOE .JSLP XPSLFE BT B MBXZFS CVU UIFZ OFWFS UIPVHIU PG JU JO UFSNT IF XBOUFE UP NBLF JU B MPU CJHHFS )PX EJE ZPV DPNF VQ XJUI UIF PG CVZJOH BDDFTTPSJFT UP NBUDI UP ZPVS XBSESPCF 8IFO XF ñSTU TUBSUFE PVS DPNQBOZ QFPQMF XFSF XPSSJFE i-POEPO JT JODSFEJCMZ GBTIJPOBCMF BOE JU T SFBMMZ CFDBVTF PVS UIJOHT XFSF UPP DIFBQ JOUFSOBUJPOBM BOE DVMUVSFEu 5IFZ IBEO U EFWFMPQFE UIJT LJOE PG OPUJPO ZFU 8F XFSF BMTP UIF ñSTU OB
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
UJPOBM CSBOE UP EFBM JO BDDFTTPSJFT 5IBU CFJOH TBJE $IJOB T DPOTVN FST BSF EFWFMPQJOH WFSZ RVJDLMZ BOE UIFZ BSF DPNJOH UP SFBMJ[F XIBU BO BDDFTTPSZ JT UIBU JU T TPNFUIJOH ZPV CVZ UP NBUDI UP ZPVS PVUñU 0VS MJOF JT OBUVSBM JU T GVO BOE JU T TUZMJTI #F DBVTF XF WF IBE TP NVDI TVDDFTT XJUI PVS BDDFTTPSJFT XF SF TMPXMZ NPWJOH JOUP TDBSWFT BOE QVSTFT BT XFMM 0VS QSJNBSZ DPOTVNFS XPNFO BSF RVJUF PQFO BOE UIFZ MPWF UP DPNF BOE FYQMPSF PVS MJOFT 8IBU T ZPVS GBWPSJUF QBSU PG UIF XPSL .Z BCTPMVUF GBWPSJUF QBSU JT UIF QSPEVDUT * MJLF LFFQJOH VQ XJUI GBTIJPO UIF UJNFT BOE UIF NBSLFU .Z MFBTU GBWPSJUF QBSU JT NBOBHFNFOU BOE ñOBODF UIPTF LJOET PG UIJOHT :PV DPVME UISFBUFO UP LJMM NF BOE * TUJMM XPVMEO U CF XJMMJOH UP EP JU " MPU PG DVTUPNFST DPNF CBDL BOE BTL VT XIFO XF SF HFUUJOH OFX QSPEVDUT JO BOE UIFSF T OPUIJOH MJLF JU *U NBLFT NF SFBMMZ IBQQZ 5IJT TFB
i5IFSF T BMTP B QSPCMFN PG FYQPTVSF XIJDI NBLFT UIJOHT B MJUUMF USJDLZ BU XPSL CFDBVTF JU T IBSE UP DPNNVOJDBUF BOE UIVT SFBMJ[F DFSUBJO DPODFQUT XJUI UIF QFPQMF * XPSL XJUIu 8IFO XF ñSTU TUBSUFE UIF DPNQB OZ OFJUIFS PG VT IBE BOZ FYQFSJFODF BOE .JSLP CFJOH B (FSNBO IPX EP * TBZ UIJT m UIFZ UFOE UP CF WFSZ TFSJPVT IBWF SFBMMZ IJHI BTQJSBUJPOT BOE UFOE UP IBWF EJíFSFOU QIJMPTPQIJFT XIFO JU DPNFT UP NBOBHFNFOU *O $IJOB FWFSZPOF LOPXT UIBU ZPV IBWF UP CF DBSFGVM PS FMTF ZPV MM HFU DIFBUFE CVU .JSLP T QIJMPTPQIZ JT UP USVTU PUIFST ñSTU BOE UIFO TFF IPX JU HPFT *O UIF FOE XF HSFX BDDVTUPNFE UP FBDI PUIFS T TUZMFT
XIBU JU TIPVME MPPL MJLF CVU XIFO JU DPNFT EPXO UP JU * IBWF OP XBZ PG UFMMJOH UIFN IPX UP DSFBUF JU 4P XF SF PGUFO OPU PO UIF TBNF MFWFM #VU UIJT JT DIBOHJOH "OPUIFS UIJOH UIBU T DIBOHFE JT PVS SFMBUJPOTIJQ XJUI PVS QSPEVD FST *O UIF CFHJOOJOH UIFZ XBOUFE OPUIJOH UP EP XJUI B TIPQ UIBU XBT TFMMJOH MPDBMMZ CVU OPX UIFZ BSF SFBMMZ OJDF FTQFDJBMMZ TJODF TBMFT BOE UIF SFUVSOT PO JOUFSOBUJPOBM TBMFT BSFO U OFBSMZ BT HPPE BT UIFZ VTFE UP CF 5IF MPDBM NBSLFU JT HFUUJOH CFUUFS BOE CFUUFS
4P XIFSF EP ZPV ñOE UIF JOTQJSB UJPO GPS ZPVS EFTJHOT " MPU PG UIFN * ñOE POMJOF BOE * BMTP HP UP -POEPO :PV IBWF B CSPBE TBMFT SFBMN GSPN UISFF PS GPVS UJNFT B ZFBS UP BUUFOE ZPVS QIZTJDBM TUPSFT UP ZPVS XFC GBTIJPO TIPXT * BMTP HP UP +BQBO BOE TJUF BOE FWFO B SFDFOUMZ PQFOFE 5BPCBP TIPQ %P ZPV UIJOL UIJT JT i8IFO ZPV SF EFBMJOH XJUI TP NBOZ TNBMM CJH FOPVHI 5PP CJH 8IFO XF ñSTU NBUUFST ZPV GPSHFU UP TFF UIF CJH QJDUVSF 5IFO TUBSUFE PVU XJUI UIF 5BPCBP TIPQ JU ZPV TFF JU BMM PVU UIFSF JO ZPVS TIPQ BOE JU T KVTU XBT B MJUUMF TMPX CVU JU T SFBMMZ QJDLJOH VQ WFSZ RVJDLMZ BOE CFDPNJOH B CJH NJOE CMPXJOHu QBSU PG UIF DPNQBOZ 8F BDUVBMMZ EPO U SFBMMZ MPPL BU JU BT QBSU PG PVS TPOT MJOF XBT SFBMMZ QSFUUZ BOE XIFO UIF )POH ,POH "DDFTTPSJFT 'BJS * XFOU UP POF PG PVS TIPQT ZFTUFSEBZ -POEPO JT B SFBMMZ TQFDJBM DJUZ DPNQBOZ TJODF JU T RVJUF CJH BOE JT * KVTU TUPPE UIFSF MPPLJOH BU JU * XBT 8F WF HPOF UP UIF 4UBUFT BOE 'SBODF BDUVBMMZ NBOBHFE CZ B DPNQBOZ XF TP JNQSFTTFE .PTU PG UIF UJNF XIFO (FSNBOZ BOE +BQBO JT QSFUUZ HPPE IJSFE 5IFZ BSFO U FWFO JO PVS CVJMEJOH ZPV SF JO UIF PGGJDF ZPV SF EFBMJOH BT XFMM +BQBOFTF EFTJHO UFOET UP m UIFJS PîDFT BSF BDSPTT UIF TUSFFU XJUI TP NBOZ TNBMM NBUUFST UIBU ZPV CF B MJUUMF CJU UPP +BQBOFTF BOE OPU 8F IJSFE TPNFPOF XIP IBE B MPU PG GPSHFU UP TFF UIF CJH QJDUVSF 5IFO JOUFSOBUJPOBM FOPVHI -POEPO JT JO QSPGFTTJPOBM FYQFSJFODF XJUI POMJOF ZPV TFF JU BMM PVU UIFSF JO ZPVS TIPQ DSFEJCMZ GBTIJPOBCMF BOE JU T SFBMMZ TIPQQJOH UP NBOBHF UIF TIPQ TP IF T GVMMZ JO DIBSHF PG UIBU BOE JU T KVTU NJOE CMPXJOH JOUFSOBUJPOBM BOE DVMUVSFE 0VS MPDBM TUPSFT BSF EPJOH SFBMMZ XFMM 0VS IFBERVBSUFST BSF MPDBUFE 4P XIBU T JU MJLF SVOOJOH B DPNQB %P ZPV UIJOL #FJKJOH XJMM CFDPNF B OZ XJUI ZPVS IVTCBOE "I &WFSZ GBTIJPO DBQJUBM JO UIF OFBS GVUVSF * JO #FJKJOH BOE UIF CSBOE XBT EFWFM POF BTLT NF UIJT :PV LOPX FWFSZPOF UIJOL JU T HPU B XBZT UP HP NBZCF UFO PQFE IFSF TP JU T LJOE PG GBNPVT JO LOPXT UIBU XIFO B IVTCBOE BOE XJGF PS UXFOUZ ZFBST 5IFSF BSFO U B MPU PG MPDBM DJSDMFT 1FPQMF BSF GBNJMJBS XJUI XPSL UPHFUIFS UIFSF BSF CPVOE UP CF GBNPVT EFTJHOFST ZFU JO $IJOB BOE PVS CSBOE 8IFO UIFZ UIJOL PG 5XJDF TPNF DPOóJDUT CFDBVTF ZPV SF XPSL $IJOFTF GBTIJPO UFOET UP USBJM CFIJOE UIFZ UIJOL i0I ZFBI *U T UIF QMBDF UIBU JOH UPHFUIFS IPVST B EBZ 5IF USVUI UIF SFTU PG UIF XPSME CZ BCPVU B ZFBS TFMMT OFDLMBDFT u *O PUIFS DJUJFT JU T OPU PG UIF NBUUFS JT UIPVHI UIBU XF SFBMMZ 5IFSF T BMTP B QSPCMFN PG FYQPTVSF BMXBZT BT HPPE BOE * UIJOL JU T CFDBVTF EPO U GFFM BT UIPVHI XF SF UPHFUIFS XIJDI NBLFT UIJOHT B MJUUMF USJDLZ PVS NBOBHFNFOU JTO U RVJUF VQ UP IPVST B EBZ 5IF UIJOHT XF SF JO BU XPSL CFDBVTF JU T IBSE UP DPN TQFFE UIFSF CVU UIJT ZFBS XF WF NBEF DIBSHF PG BSF UPUBMMZ EJíFSFOU )F T JO NVOJDBUF BOE UIVT SFBMJ[F DFSUBJO B OFX DPNNJUNFOU UP UIFTF PUIFS DJU DIBSHF PG TUSBUFHJD EFWFMPQNFOU BOE DPODFQUT XJUI UIF QFPQMF * XPSL JFT MJLF 4IBOHIBJ BOE $IPOHRJOH IVNBO SFTPVSDFT BOE * N QSJNBSJMZ JO XJUI 5IJT CFDPNF USJDLZ CFDBVTF DIBSHF PG EFTJHO NBUUFST * WF USBWFMFE B MPU BOE * DBO UFMM UIFN *OUFSWJFX CZ +FOOJGFS 5IPNÊ
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
5)& -*45
BOU PO UIF DIBSBDUFS PG UIF JOEJWJEVBM TUPOF %BJMZ BN QN ' -JEP 1MBDF +JBOHUBJ -V $IBPZBOH %JTUSJDU
'VOLZ BOE VOJRVF BDDFTTPSJFT "HBUIB 5IJT 'SFODI TUZMF KFXFMSZ CPVUJRVF GFBUVSFT IBOECBHT FBSSJOHT QFOEBOUT IBJS DMJQT DVÃ MJOLT FUD .PTU PG UIFJS JUFNT NBLF VTF PG B DVUF 4DPUUJF EPH JNBHF " 5IF .BMMT BU 0SJFOUBM 1MB[B %POHDIBOH BO +JF %POHDIFOH %JTUSJDU %JN4VN PG BMM UIJOHT "TJBO % 4"5" ,PSFBO $BOBEJBO EFTJHOFS $VSSJF -FF T TUPSF TIPXDBTFT CBHT BOE KFXFMSZ PG TPQIJTUJDBUFE EFTJHO BMM NBEF GSPN OBUVSBM BOE SFDZDMFE NBUFSJBMT UIBU TIF DPM MFDUFE PO IFS USBWFMT UISPVHIPVU "TJB & %JTUSJDU 2JYJOH 9JKJF "SU %JTUSJDU %BTIBO[J $IBPZBOH %JTUSJDU %BJMZ QN PS CZ BQ QPJOUNFOU 6OJU " ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
"DDFTTPSJFT HBMPSF BXBJU
"$$&4403*;&% 50 1&3'&$5*0/
8IFSF UP ñOE UIF QFSGFDU BDDFOUT GPS ZPVS XBSESPCF /P PVUñU JT DPNQMFUF XJUIPVU UIF BD DFTTPSJFT UP DPNQMFNFOU JU BOE #FJKJOH IBT UIPVTBOET PG UIFN GSPN USBEJUJPOBM UP Ã&#x203A;CFS GVOLZ 4QSJOH BGUFS BMM JT UIF TFBTPO UP NBLF B TUBUFNFOU 8IFUIFS ZPV SF MPPLJOH GPS UIF QFSGFDU CBH IBU PS FBSSJOHT UIFTF TIPQT BSF XIFSF ZPV MM ñOE KVTU UIF SJHIU BDDFTTPSJFT UP NBLF IFBET UVSO
DVMUVSF BOE IFSJUBHF BOE XJUI UIF RVBMJUZ PG 'SFODI DSBGUTNBOTIJQ %BJMZ BN QN 4UPSF ' 1BSL )ZBUU +JBOHVPNFO 8BJ %B KJF $IBPZBOH %JTUSJDU
#FJKJOH 'JOF +FXFMFST 5IJT KFXFMFS PÃFST TFMFDUJPO PG TUPOFT CJH FOPVHI UP CFEB[[MF FWFO UIF NPTU KBEFE POMPPLFS $VTUPN NBEF HPME TJMWFS BOE HFN FODSVTUFE QJFDFT BSF JO UIF CBDL WJFXJOH SPPNT #SJOH B QIPUP PG ZPVS GBWPSJUF KFXFM BOE UIF TUPSF T DSBGUTNBO DBO SFQMJDBUF JU VTVBMMZ JO MFTT UIBO UXP XFFLT %BJMZ BN QN $IJOB 7JFX $ (POHUJ %POHMV $IBPZBOH %JTUSJDU
3PNBOUJD %JBNPOE " GBNJMZ SVO TUPSF XJUI PWFS ZFBST PG FYQFSJFODF JO EJBNPOE USBEJOH 3PNBOUJD %JBNPOE IBT BDDFTT UP UIF QMBOFU T CFTU SFTPVSDFT CVU QSPNJTFT UIF LJOE PG DMPTF SFMBUJPOTIJQ ZPV FYQFDU GSPN B NPN BOE QPQ TUPSF 5IFJS (*" BQQSPWFE TUPOFT BOE QVSDIBTFST IBJM GSPN "OUXFSQ BOE UIF SPVHI EJBNPOET BSF QPMJTIFE JO UIFJS PXO GBDJMJUJFT JO #FMHJVN BOE #FJKJOH .POEBZ 'SJEBZ BN QN 4BU 4VO CZ BQQPJOUNFOU POMZ 3N #MEH $ $IBPXBJ 4PIP # $IBPZ BOHNFOXBJ %BKJF $IBPZBOH %JTUSJDU
2FFMJO 5IJT JOUFSOBUJPOBMMZ LOPXO $IJOFTF CSBOE IBT B TNBMM CPVUJRVF JO UIF EFMVYF 1BSL )ZBUU )PUFM 2FFMJO DPNCJOFT UIF FTTFODF PG $IJOFTF
55 $SFBUJPO 55 $SFBUJPO DSZTUBM KFX FMSZ DPNCJOFT UIF RVBMJUZ CFBVUZ BOE VOJRVFOFTT PG QVSF DSZTUBM XJUI TJMWFS BOE 0SJFOUBM XPWFO UISFBET 5IF TUZMF BOE TFUUJOH PG FBDI DSZTUBM JT EFQFOE
5SBEJUJPOBM BDDFTTPSJFT
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
'FOHHVP #PY 6QDPNJOH EFTJHOFST BOE BSUJTBOT SFOU TQBDF UP EJTQMBZ BOE TFMM UIF GSVJUT PG UIFJS DSFBUJWF MBCPS m BO BSSBOHFNFOU UIBU TFSWFT CPUI TIPQQFST BOE EFTJHOFST 5IJT WFOVF XJMM BQQFBM UP EJTDFSOJOH DVTUPNFST XIP WBMVF UIF VOJRVF BOE UIF IBOE NBEF # # ' 4IJO ,POH 1MBDF +JBOHVP -V $IBPZBOH %JTUSJDU # ' 3Bð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
5)& -*45
5IF ;PP .BSLFU NBZ CF B [PP CVU UIF CBSHBJOT NBLF JU XPSUI UIF USPVCMF
3&-&"4& :063 *//&3 '"4)*0/*45"
" HVJEF UP #FJKJOH T XIPMFTBMF MBCZSJOUIT *T JU QPTTJCMF UP MPPL GBCVMPVT BOE OPU HP CSPLF JO UIF QSPDFTT -FU T GBDF JU NBOZ PG VT MPWF EFTJHOFS DMPUIFT CVU XF IBUF QBZJOH EFTJHOFS QSJDFT 8IBU T UIF TPMVUJPO 8IPMFTBMF TIPQQJOH DBO CF B HPETFOE CVU TPNFUIJOH PG B NJYFE CBH UPP 4PNFUJNFT ZPV ñOE BNB[JOH EFBMT BOE TPNFUJNFT ZPV XBML BXBZ XJUI OPUIJOH #VU JU T BMXBZT BO BEWFOUVSF 8F IBWF DPNQJMFE B MJTU PG #FJKJOH T CFTU XIPMFTBMF FNQPSJB NBSLFUT XIFSF ZPV DBO XBML BXBZ XJUI B MJUUMF PS B MPU BOE EFñOJUFMZ MPTF B EBZ 4UZMJTI ñOET BXBJU %POHXVZVBO 8IPMFTBMF .BSLFU 5IJT NBTTJWF XIPMFTBMF NBSLFU JT BDUVBMMZ TFWFO BMM MPDBUFE BSPVOE UIF #FJKJOH ;PP 5IF NPTU QPQVMBS POFT BSF +VMPOH 5JBOMF HPOH BOE 4IJKJ 5JBOMF )FSF ZPV DBO HFU TUVà GPS IBMG QSJDF JG ZPV CBSHBJO IBSE PS CVZ JO WPMVNF :PV DBO ñOE iCSBOE OBNFu HPPET BOE UPOT PG OPO CSBOE FE CVU TVQFS USFOEZ $IJOFTF TUZMFT 4UZMJTI #FJKJOHFST PGUFO TFBSDI UIF SBDLT IFSF GPS HFNT %BJMZ BN QN 9J[IJNFOXBJ %BKJF TPVUI PG #FJKJOH ;PP 9JDIFOH %JTUSJDU +JBZJ 7PHVF 4RVBSF 1B USPMMFE CZ EJWB NPNT PO B CVEHFU +JBZJ
PÃFST B NPSF VQTDBMF BOE SFMBYFE TIPQ QJOH FYQFSJFODF UIBO :BYJV CVU XJUI TJNJMBS CBSHBJOT PO EFTJHOFS MBCFMT 5IJT NBSLFU JT MJOFE XJUI TUBMMT TFMMJOH DMPUIFT GPS FWFSZ PDDBTJPO GSPN VOEFSXFBS UP FWFOJOH XFBS BOE GSPN U TIJSUT UP UJFT BT XFMM BT UPXFMT BDDFTTPSJFT IBOECBHT FZFXFBS UPZT TJMWFS KFXFMSZ BOE NVDI NPSF 'PS TPNF NZTUJGZJOH SFBTPO QSJDFT BSF CFUUFS PO UIF MFGU TJEF PG UIF NBSLFU UIBO PO UIF SJHIU .PTU JUFNT BSF POMZ BWBJMBCMF JO TNBMMFS TJ[FT %PO U GPSHFU UP IBHHMF %BJMZ BN QN " 9JOZVBO /BOMV $IBPZBOH %JTUSJDU
8VEBPLPV $MPUIJOH .BSLFU 4NBMM BOE TUZMJTI CPVUJRVFT MJOF UIJT NBSLFU :PV NBZ IBWF UP TRVFF[F ZPVS XBZ QBTU TXBSNT PG QFPQMF CFGPSF ñOEJOH TPNFUIJOH UIBU DBUDIFT ZPVS FZF #VU ZPVS QFSTJTUFODF XJMM CF SFXBSEFE XJUI DBTVBM BOE USFOEZ 5 TIJSUT KFBOT TLJSUT BOE BD DFTTPSJFT #FJKJOH T GBTIJPOJTUBT TQFOE IPVST IFSF TFBSDIJOH GPS VOJRVF ñOET #F TVSF UP CBSHBJO IBSE %BJMZ BN QN /PSUIFBTU DPSOFS PG 9VFZVBO -V BOE #FJTJIVBO -V )BJEJBO %JTUSJDU
.&/ 4IPQQJOH $FOUFS .&/ 0OF PG #FJKJOH T OFXFTU NBSLFUT .&/ JT DMFBO BJS DPOEJUJPOFE BOE TUBÃFE CZ QPMJUF NFSDIBOUT *O UIF CBTFNFOU ZPV MM ñOE LOPDLPà IBOE CBHT MVHHBHF XBMMFUT BOE TIPFT 3.# BT XFMM BT B DMFBO DBGFUFSJB 5IF ñSTU óPPS IBT $IJOFTF IBOEJDSBGUT FZFXFBS %7%T UPZT FMFDUSPOJDT BT XFMM BT UIF -JVNFOH #FBVUJGVM /BJM 4BMPO BOE B XJOF XIPMFTBMFS $IJMESFO T NFO T BOE XPNFO T DMPUIFT BSF PO UIF TFDPOE óPPS %BJMZ BN QN $IBPXBJ %BKJF $IBPZBOH %JTUSJDU
9JEBO .JOH[IV .BSLFU 5IJT ñWF TUPSZ NBSLFU JT BMXBZT DSPXEFE XJUI MPDBM TIPQQFST BGUFS TQFDUBDVMBS EFBMT PO DMPUIFT BOE BDDFTTPSJFT -PBE VQ ZPVS BDDFTTPSJFT PO UIF ñSTU óPPS XPNFO T GBTIJPO PO UIF TFDPOE BOE NFO T DMPUIJOH PO UIF GPVSUI %PO U NJTT i,PSFBO $JUZu JO UIF CBTFNFOU XIFSF ZPV DBO DIFDL PVU UIF 4FPVM GBTIJPO TDFOF "HBJO CBSHBJOJOH JT FTTFOUJBM )FOH FS 5JBP
%.
$PNQJMFE CZ .BSMB 'POH
5)6 ."3 Ŧ 8&% "13
"(&/%"
)&"-5) #&"65:
53: 5)&4&
#MJTTGVM CBUIT BOE NBTTBHFT
.BTTBHF
5BJ %JBO .BTTBHF 4BMPO 5IJT +BQBOFTF TQB DIBJO IBT BHBJO TFUUMFE PO UIF $#% GPS JUT TFDPOE #FJKJOH CSBODI %PO U IFBE JOUP UIFJS NB[F PG XPPEFO CVOHBMPXT JG ZPV SF TFFLJOH TPNF TJNQMF 3 3 m UIF TQFDJBMUZ IFSF JT UIF SJHPSPVT 5IBJ NBTTBHF 3.# NJO XIFSF ZPVS CPEZ XJMM CF TUSFUDIFE XSFTUMFE BOE UFOEFSJ[FE JOUP PCMJWJPO &YQFDU B GFX CPOFT UP DSBDL CVU EPO U XPSSZ m 5BJ %JBO IBT ZFBST PG FYQFSUJTF BOE UIFJS ZPVOH BUUFOEBOUT LOPX FYBDUMZ XIBU UIFZ SF EPJOH " NPSF iQBTTJWFu FYQFSJFODF JT BMTP BWBJMBCMF GPS UIF NPSF UJNJE BSPNBUJD NBTTBHFT BMTP TUBSU BU 3.# NJO 5PQ PÃ ZPVS iXPSLPVUu XJUI UIF FYQBOTJWF TFMFDUJPO PG DPNQMJNFOUBSZ GPPE BOE ESJOLT %BJMZ BN BN #MEH "SFB 4IVBOH IVBZVBO /BOMJ N XFTU PG .FMPEZ ,57 $IBPZBOH %JTUSJDU '5/-!/ 34!4)/.
4JHOBUVSF USFBUNFOUT JODMVEF UIFJS 5IBJ .BTTBHF
"(&/%"
5)6 ."3 Ŧ 8&% "13
)&7 4!) $)!. -!33!'% 3!,/.
-53%5- 3(/0 !24 '!,,%2)%3
$!/ ,%
%.
8)$!7!.' 2/!$
8IJMF ZPV SF JO UIF OFJHICPSIPPE CF TVSF UP DIFDL PVU UIF .VTFVN 4IPQ QBHF BOE UIF "SU (BMMFSJFT JO 1JOHPE /PSUI %BP -F JT B HSFBU QMBDF UP ñOJTI VQ B EBZ XJUI B HMBTT PG XJOF CFGPSF IFBEJOH UP UIF *'8 BU :JOUBJ $FOUFS UP DIFDL PVU UIFJS OFX NFOV
$!7!.',5 34!4)/.
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
5)& "(&/%" 5)634%": ."3
'3*%": ."3
1BVM ,BMLCSFOOFS #FSMJO $BMMJOH
QN ,PPLB /FUXPSLJOH %SJOLT
1BVM ,BMLCSFOOFS UIF NPTU JOOPWB UJWF &VSPQFBO FMFDUSPOJD BSUJTU PG UIF QBTU ñWF ZFBST QMBZT UIF MFBEJOH SPMF PG %+ *LBSVT BOE IJT PXO NVTJDBM QSPEVDUJPOT QMBZ UISPVHIPVU UIJT ñMN 3.# QSFTBMF ' 5BOHP )FQJOH 9JKJF N OPSUI PG :POHIFHPOH TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU XXX UIF N BTJB
(FU DPOOFDUFE 0; TUZMF BU "SJB $BUDI VQ XJUI PME GSJFOET PS NBLF OFX POFT PWFS "VTTJF MFH PG MBNC "VTUSBMJBO XJOFT BOE CPUUMFT PG $PQQFST .FNCFST GSFF OPO NFN CFST 3.# $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
.0/%": ."3
56&4%": ."3
8&%/&4%": ."3
QN -JWF .VTJD :PHB
QN $IBSJUZ /FUXPSLJOH &WFOJOH
QN 1BFMMB /JHIU
'JOE JOOFS QFBDF UP B TPPUIJOH MJWF NVTJD TPVOEUSBDL 4UBSUJOH GSPN .BSDI FWFSZ .POEBZ QN ,PDPPO 3N $ ' /PSUI #MEH /BMJ 1BUJP 4BOMJUVO #FJKJF XFTU TJEF $IBPZBOH %JTUSJDU
#VJME VQ ZPVS DPOOFDUJPOT XIJMF TVQQPSUJOH B XPSUIZ DBVTF 3.# PG ZPVS FOUSBODF UJDLFU XJMM HP EJSFDUMZ UP UIF $IJOB 4PDJBM 8FMGBSF &EVDBUJPO 'PVOEBUJPO $48&' XIJDI TVQQPSUT NPSF UIBO DIBSJUZ QSPKFDUT 3FHJTUFS BU FWFOUCK!GDDMVC DPN PS 3.# JODMVEFT GSFF ESJOL BOE BQQFUJ[FST 3.# JG SFHJTUFSFE CFGPSF .BSDI ;FUB #BS )JMUPO #FJKJOH %POH 'BOH 3PBE /PSUI %POHTBOIVBO 3PBE $IBPZBOH %JTUSJDU FWFOUCK!GDDMVC DPN
0MÊ 4QBOJTI 3FTUBVSBOU BOE .1$ 8JOFT BSF IPTUJOH UIFJS NPOUI MZ QBFMMB QBSUZ &OKPZ 4QBOJTI XJOFT TBOHSJB BOE UXP DPVSTFT PG QBFMMB PS CMBDL SJDF BMM UP UIF UVOF PG 4QBOJTI NVTJD 3.# JODMVEFT ESJOLT BOE UXP QBFMMB DPVSTFT 3FTFSWBUJPOT BU PS PMF!PMF SFTUBVSBOU DPN 0MÊ 4QBOJTI 3FTUBV SBOU $PVSUZBSE (POHUJ #FJMV OFYU UP 4BMTB $BSJCF $IBPZBOH %JTUSJDU
46/%": "13
.0/%": "13
56&4%": "13
BN QN #VCCBMJDJPVT 5XP :FBS "OOJWFSTBSZ
QN 5IF #PPLXPSN 1VC 2VJ[
"MM EBZ 5IF UI "OOVBM 'SFODI 'JMN 1BOPSBNB
(FU CVCCMZ BU UIJT BNB[JOH CSVODI " QFSGFDU PQQPSUVOJUZ UP DFMFCSBUF XJUI GBNJMZ BOE GSJFOET 3.# QMVT 5BTUFT ' 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
"(&/%"
'MFY ZPVS OFVSPMPHJDBM NVTDMFT FWFSZ .POEBZ BU 5IF #PPLXPSN QVC RVJ[ BO FWFOJOH PG UFSSJñD USJWJB IPTUFE CZ UIF FWFS DIBSNJOH 5PN $IBNQBHOF 8PSL ZPVS HSBZ NBUUFS XJUI RVFTUJPOT JO HFOFSBM LOPXMFEHF NVTJD IJTUPSZ TQPSU HFPHSBQIZ XPSME FWFOUT TDJ FODF BOE OBUVSF BOE OBUVSBMMZ BSU BOE MJUFSBUVSF .BYJNVN TJY NFNCFST QFS UFBN (SFBU QSJ[FT VQ GPS HSBCT &BSMZ BSSJWBM JT FODPVSBHFE &WFSZ .POEBZ QN 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
5)6 ."3 Ŧ 8&% "13
%.
6OJ'SBODF ñMNT QSFTFOUT OFX 'SFODI ñMNT BOE OFX TIPSU ñMNT BT QBSU PG UIF UI "OOVBM 'SFODI 'JMN 1BOPSBNB 5ISPVHI "QSJM UI #SPBEXBZ DJOFNBT 4UBS $JUZ DJOFNB ## 0SJFOUBM 1MB[B /P &BTU $IBOH "O "WF %POH $IFOH %JTUSJDU #SPBEXBZ $JO FNBUIFRVF .0." 5 $IJOB .0." /PSUI 4FDUJPO /P 9JBOHIFZVBO 4USFFU XXX C DJOFNB DO XXX CD DJOFNB DO
)*()-*()54 '03 5)& 8&&,4 0' 5)6 ."3 Ŭ 8&% "13 4"563%": ."3
46/%": ."3
QN 1PMF %BODJOH $PNQFUJUJPO 4FBTPO ***
BN $VBOEJYJB 7JMMBHF )JLF
QN 3FE -JHIU 3FWPMVUJPO
)JLF UISPVHI UIF .JOH EZOBTUZ WJMMBHF XIFSF +FU -J BOE "OEZ -BV T 8BSMPSET XBT ñMNFE BOE DMJNC UIF TVSSPVOEJOH NPVOUBJOT GPS B CJSE T FZF WJFX $PTU JODMVEFT USBOTQPSUB UJPO HVJEFT FOUSBODF BOE MVODI 3.# $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
"O FYDMVTJWF QSFWJFX BOE QBOFM EJTDVTTJPO PG POF PG $IJOB T NPTU DPOUSPWFSTJBM NPWJFT 3.# JT BMM JODMVTJWF BOE HFUT ZPV B HSFBU PQQPSUVOJUZ UP OFUXPSL 4DSFFOJOH POMZ JT 3.# BOE TUBSUT BU QN $POUBDU XJMMJBNTLFMMZ !HNBJM DPN ñMN!TDPQPñMF DPN PS GPS NPSF JOGPSNBUJPO :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
;FUB #BS JT CSJOHJOH CBDL UIF IPU UFTU QPMF EBODJOH DPNQFUJUJPO JO UPXO (FU SFBEZ GPS UIF OJHIU BOE EPO U NJTT UIF TBTTZ NPWFT TFEVD UJWF ESJOLT VQCFBU )PVTF NVTJD &OUSZ 3.# QFS QFSTPO XIJDI JODMVEFT POF ESJOL GSPN ;FUB #BS T TQFDJBMT [FUBCBS CFJKJOH!IJMUPO DPN ;FUB #BS ' )JMUPO #FJKJOH %POHGBOH -V %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
5)634%": ."3
'3*%": "13
+VOHMFNJDP 1SPKFDU
QN &WFSZPOF 0í UP +BJM
-JWF ESVN BOE CBTT EVCTUFQ CSPLFO CFBUT BOE NPSF 1SJDF BOE UJNF 5#% :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPW FSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
46/%": ."3
4"563%": "13 1VSFMZ 7JUBNJOJTFE
5IF *OTUJUVUP $FSWBOUFT PG #FJKJOH JT QSFTFOUJOH B ñMN TFSJFT XJUI -VJT (BSDÎB #FSMBOHB ñMNT 5IF *OUFSOB UJPOBM %BZ PG 1SJTPOFS PG $POTDJFODF JT DPNJOH JO UIF KBJM JO 7BMFODJB BOE QPMJUJDJBOT BSUJTUT BOE TIPX CVTJOFTT QFPQMF BSF HFUUJOH SFBEZ UP DFMFCSBUF JU 4QBOJTI XJUI &OHMJTI TVCUJUMFT *OTUJUVUP $FSWBOUFT " (POHUJ /BOMV $IBPZBOH %JTUSJDU XXX QFLJO DFSWBOUFT FT
"SJB JT UBLJOH QVSJUZ UP UIF NBY XJUI B EFMVYF NFOV PG UIBU SBOHFT GSPN DSBC UP MBNC BOE GSPN #MPPEZ .BSZ UP QBSGBJU 5XP QVSJUZ NFOVT GFBUVSJOH .BUUIFX .D$PPM T DPPLJOH XJUI PSHBOJD JOHSFEJFOUT SJDI XJUI BOUJ PYJEBOUT WJUBNJOT BOE NJOFSBMT UP DIPPTF GSPN 3.# BOE 3.# TU m TU "QSJM "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
8&%/&4%": "13 QN 8VYJB BOE 8BSSJPST 5IF 8PSME PG $IJOFTF NBHB[JOF UBLFT ZPV CFIJOE UIF TDFOFT XJUI B TQFDJBM MPPL BU UIF IJTUPSZ BOE EFWFMPQNFOU PG UIF XVYJB NBSUJBM BSUT ñMN HFOSF GSPN UIF FBSMZ EBZT PG $IJOFTF DJOFNB UP UPEBZ T DSPXE QMFBTJOH TQFDJBM FíFDUT 3.# GPS OPO NFNCFST NFNCFST 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU &SSPS )ZQFSMJOL SFGFSFODF OPU WBMJE
&WFOUT EFBEMJOFT "QSJM JTTVF .BS "QSJM JTTVF "QSJM
& NBJM ZPVS MJTUJOHT UP
MJTUJOHT!BHFOEBCFJKJOH DPN
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
. " 3
5)634%":
4> @>
#MBDL 4FTBNF 5IVSTEBZ $PPLJOH $MBTT 8PL 4LJMMT .BTUFS DIFGT XJMM UFBDI ZPV IPX UP VTF B $IJOFTF XPL GSPN TUJS GSZJOH UP TUFBNJOH EJTIFT MJLF HVPUB EPVGV XPL GSJFE TUSJOH CFBOT BOE EJ TBOYJBO 3FTFSWF BU XXX CMBDLTFTBNFLJUDIFO DPN 3.# JODMVEFT EFNPOTUSBUJPO IBOET PO DPPLJOH BOE MVODI BN QN #MBDL 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH %POHDIFOH %JTUSJDU XXX CMBDLTFTBNFLJUDIFO DPN
@>
8FMDPNF TQSJOH XJUI B $BOUPOFTF IFSCBM TPVQ
5IF ,JTT PG 4QSJOH 8JOF 5BTUJOH 8JOF UBTUJOH B TQFDJBM MVDLZ ESBX BOE CMJOE UBTUJOHT QMVT B EJTDPVOU PO UIF XJOFT QSFTFOUFE EVSJOH UIF FWFOJOH 3.# -( 4UPSF - 8FTU 5PXFS -( 5XJO UPXFS /P :POHBO MJ +JBOHVPNFO XBJ TUSFFU $IBP:BOH EJTUSJDU IBSSZ IBO!UPQDFMMBS DPN DO
$BMMJOH 1BVM ,BMLCSFOOFS UIF NPTU JOOPWBUJWF &VSPQFBO FMFDUSPOJD BSUJTU PG UIF QBTU รฑWF ZFBST QMBZT UIF MFBEJOH SPMF PG %+ *LBSVT BOE IJT PXO NVTJDBM QSPEVDUJPOT QMBZ UISPVHIPVU UIJT รฑMN 3.# QSFTBMF ' 5BOHP )FQJOH 9JKJF N OPSUI PG :POHIF HPOH TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU XXX UIF N BTJB
@>
"OOB 4UBNCVSH HSPVQ XJUI +B[[ &OKPZ TPNF +B[[ XJUI "OOB 4UBNCVSH HSPVQ BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
-JWF ;FO 1SBDUJDF .FEJUBUJPO +PJO $$$ FBDI XFFL GPS UXP IPVST PG JOTJHIU JOUP UIF UFBDIJOHT BOE QSBDUJDFT PG ;FO #VEEIJTN 3.# DMBTT 3.# NPOUI DPOTFDVUJWF DMBTTFT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
@> #MVFT BOE +B[[ /JHIUT 8FE 5IV -JWF #MVFT 'PML BOE +B[[ QFSGPSNBODFT FBTF ZPVS OFSWF 'SFF QN % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
0OF &BTU 7FBM 4FUT &OKPZ B XJEF WBSJFUZ PG EFMFDUBCMF WFBM NFOV JUFNT BU UIF )JMUPO #FJKJOH T BXBSE XJOOJOH 0OF &BTU SFTUBVSBOU CFUXFFO OE BOE TU .BSDI -VODI 4FU .FOV 3.# DPVSTF PS 3.# DPVSTF QFS QFSTPO %JOOFS 4FU .FOV 3.# DPVSTF PS 3.# DPVSTF QFS QFSTPO %JOOFS XJOF QBSJOH 3.# QFS QFSTPO 4VCKFDU UP TVSDIBSHF 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
@> -JV :VF (VJUBS 5SJP +B[[ MJOFT SFBE CZ DMBTTJD HVJUBS 'SFF QN &BTU 4IPSF -JWF +B[[ $BGร ' 2JBOIBJ /BOZBOMV KVTU UP UIF XFTU PG UIF QPTU PรฎDF PO %J BONFOXBJ %BKJF 9JDIFOH %JTUSJDU
-:>7, /4AG 5IF . 1BVM ,BMLCSFOOFS #FSMJO
"(&/%"
6OJ %FTJHO JO $IJOB i6OJ EFTJHO JO $IJOBu JT BO BSU TIPX UP USBOTDFOE UIF CPVOEBSJFT PG UIF EFTJHO รฑFME BOE B DPMMBCPSBUJWF FรญPSU UP CSFBL UISPVHI UIF CPUUMFOFDL PG UIF JOEVTUSZ #BTFE PO UIF TVCKFDUT PG UIF FYIJCJUJPO i"SUT $IJOB p %FTJHO 'PSVN **u XJMM MFBE UP GVSUIFS FYQMPSBUJPO XJUI TPNF PG UIF NPTU DSFBUJWF NJOET UI .BSDI UI "QSJM #FJKJOH $FOUFS GPS UIF "SUT
5)6 ."3 ลฆ 8&% "13
%.
2JBONFO %POHEBKJF %POHDIFOH %JTUSJDU XXX CFJKJOHDFOUFSGPSUIFBSUT DPN XXX DIJFONFO DPN 4DFOF B $BGร )PU BCPVU )FSCT (FU B IFBMUIZ TUBSU UP TQSJOH XJUI OPVSJTIJOH $BOUPOFTF IFSC TPVQT TVDI BT %PV CMF CPJMFE #MBDL $IJDLFO XJUI (JOTFOH BOE #JSE T /FTU &TTFODF PG $IJDLFO XJUI $PSEZDFQT BOE 8PMGCFSSZ BOE -P UVT 3PPU 1FBOVUT BOE 1PSL 3JC 4PVQ XIJDI XJMM TVSFMZ UBOUBMJTF ZPVS UBTUF CVET 4DFOF B $BGร $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU /JOF %BZ )PJ "O #FBDI BOE "ODJFOU 5PXO (FUBXBZ "MM NPOUI &TDBQF UP UIF CFBVUJGVM CFBDIFT BOE PME XPSME DIBSN PG )PJ "O 7JFUOBN T QSFNJFSF SFTPSU EFTUJOBUJPO 'SPN 3.# 4VOรณPXFS 5SBWFM % #MEH # (JO[B .BMM %POH[IJNFOXBJ %BKJF %POHDIFOH %JTUSJDU UPVST!TVOรณPXFSUSBWFM DO DPN XXX TVOรณPXFSUSBWFM DO DPN &MFNFOUT #VรญFU 'FBUVSJOH 7BSJFUZ PG 7FBM %JTIFT &OKPZ B XJEF WBSJFUZ PG EFMFDUBCMF WFBM NFOV JUFNT BU UIF )JMUPO #FJKJOH T BXBSE XJOOJOH &MFNFOUT SFTUBVSBOU CFUXFFO OE BOE TU .BSDI -VODI #VรญFU 3.# QFS QFSTPO %JOOFS #VรญFU 3.# QFS QFSTPO 4VCKFDU UP TVSDIBSHF &MFNFOUT )JMUPO #FJKJOH ' )JMUPO #FJ KJOH %POHGBOH -V $IBPZBOH %JTUSJDU
. " 3
CPUUMF QN MBUF 'SFTDP #BS .BJTPO #PMVE $I JFO .FO 2JBONFO %POHEBKJF %POHDIFOH %JTUSJDU XXX NBJTPOCPVMVE DPN
'3*%":
4> @>
5JNF4NBSU 8PSL NPSF &ÃFDUJWFMZ XJUI 0VUMPPL 5JNF4NBSU JT B QMBOOJOH NFUIPE EFTJHOFE UP FRVJQ CVTZ FYFDV UJWFT XJUI UIF TLJMMT UP NBOBHF UIFJS XPSLMPBE JOGPSNBUJPO DPNNVOJDBUJPOT BOE SFTPVSDFT NPSF FÃFDUJWFMZ UP NFFU UIF EFNBOET PG B DPOTUBOUMZ DIBOHJOH CVTJOFTT FOWJSPONFOU .FNCFST 3.# QFST /PO NFNCFST 3.# QFST $PVSTF JO &OHMJTI $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ UI 'MPPS 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH
@> ,PPLB /FUXPSLJOH %SJOLT $PNF KPJO UIF "VTTJFT BU "SJB CBS ,PPLB /FUXPSLJOH %SJOLT JT B HSFBU QMBDF UP DBUDI VQ XJUI PME GSJFOET BOE UP NBLF OFX POFT $PNF BOE CF BQBSU PG UIF ,PPLB 3BðF XJUI HSFBU QSJ[FT VQ GPS HSBCT &OKPZ BO "VTTJF MFH PG MBNC BOE DBTF PG $PQQFST BO "VTUSBMJBO NFBU USBZ BOE PUIFS ñOE CFWFSBHFT .FN CFST GSFF OPO NFNOCFST 3.# $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
@>
8JOF AO %JOF %BPYJBP .JBO %FN POTUSBUJPO 8BUDI B NBTUFS TIBWF OPPEMFT XJUI B LOJGF .FBM JODMVEFT FJHIU DPVSTF EJOOFS XJUI UXP GSFF
@> óPX JNQPSUFE XJOFT 3FTFSWBUJPOT SFRVJSFE 3.# QN #MBDL 4FBGPPE &YUSBWBHBO[B 'FBUVSFE FWFSZ 'SJEBZ BOE 4BUVSEBZ FWFOJOH UIF 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH TFBGPPE CVÃFU EJOOFS JT 3.# GPS %POHDIFOH %JTUSJDU BEVMUT BOE 3.# GPS DIJMESFO UP XXX CMBDLTFTBNFLJUDIFO DPN ZFBST $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 5IF 3JU[ $BSMUPO 'JOBODJBM 4USFFU @> +JODIFOHGBOH %POHKJF +JOSPOH +JF %SBNB .VDI "EP "CPVU /PUIJOH 9JDIFOH %JTUSJDU 5/5 5IFBUSF #SJUBJO T UBLF PO UIF
@> =4B7 $IBNQBHOF /JHIU .BJTPO #PVMVE MBVODIFT B XFFLMZ CVCCMZ OJHIU JO BTTPDJBUJPO XJUI 1FSSJFS +PVFU #SVU JT 3.# QFS HMBTT 3.# QFS
@> :VHVP 1FSEFM $IJOFTF QPQ SPDL CBOET 3.# QN ."0 -JWFIPVTF (VMPV %POHEBKJF %POHDIFOH %JTUSJDU
4IBLFTQFBSF DPNFEZ PG CFGVE EMFNFOU DPNCJOFT ESBNB NVTJD BOE EBODF 3.# QN /JOF 5IFBUFS $IBPZBOH %JTUSJDU $VMUVSF $FOUFS +JOUBJ 9JMJ 9J BP[IVBOH $IBPZBOH %JTUSJDU
@> 8JOF 'FWFS 'SPN QN UP QN FWFSZ 'SJEBZ 3.# B CPUUMF PG XJOF GSFF óPX IPNFNBEF UBQBT &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> )BOHHBJ 3.# 1SFTBMF :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
@> 'SJEBZ .BSDI ! 4DIPPM #BS 5POT PG %BODFBCMF 3PDL BOE &MFD USPOJDB 8)"-& "TTBTTJO &ZFT #PCCZ %SPQQFS -PSE $IFFTFT %+ 'VO 1BSUZ (PSF 5FY UIF .VTJDBM *OñOJUF .BOB '3&& 4DIPPM 8VEBPZJOH )VUPOH $IBPZBOH %JTUSJDU )PU 1PU %+ 8PSEZ BOE 4PVM 4QFBL LFFQ QVTIJOH UIF CVUUPO XJUI UIJT NPOUIMZ DSPXE QMFBTFS 'SFF QN 1VOL # ' 5IF 0QQPTJUF )PVTF #MEH 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
:FO 8IJUF (FU ZPVS NPTU QPXFSGVM EFUFSHFOU PVU GPS :FO T ñSTU QBSUZ PG 3.# BEWBODF QN 5BOHP (POHUJ 9JMV CFOFBUI (POHUJ CPXMJOH BMMFZ $IBPZBOH %JTUSJDU XXX UBOHVP DPN 5BOHTVBO 3BEJP "DVQVODUVSF 1PE DBTU -BVODI "DVQVODUVSF IPPLT VQ XJUI UIF POMJOF TUBUJPO 'SFF QN 5IF )PVTF 8PSLFST 4UBEJVN /PSUI (BUF (POHUJ #FJMV $IBPZBOH %JTUSJDU
@> +BDLTPO )JT $PNQVUFS #BOE 5JDL FUT 5#% ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JTUSJDU LPMFHBT! DPN XXX LPMFHBT DPN /P XPSET OFDFTTBSZ :FO T 8IJUF 1BSUZ
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
. " 3
4"563%":
4> @>
5SFLLJOH GPS 4JOHMFT JO )VBJSPV $VMUVSF :BSE IBT UFBNFE VQ XJUI "EPQUBNBO DPN UP PSHBOJ[F B HVJEFE IJLJOH USJQ TJOHMF NFO BOE XPNFO XJMM FOKPZ GSFTI BJS HSFBU GPPE BOE B SP NBOUJD XBML PO UIF (SFBU 8BMM JO )VBJ SPV 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# JODMVEFT USBOTQPSUBUJPO HVJEFT MVODI BOE CFFS BN QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
4> @> 4FNJ ñOBM PG UIF 'SFODI 4POH $POUFTU $PNF BOE MJTUFO UP CVE EJOH TJOHFST PO UIF PDDBTJPO PG UIF TFNJ ñOBM PG UIF 'SFODI TPOH DPOUFTU &WFSZ ZFBS BMNPTU VOJWFSTJUJFT UBLF QBSU UP UIF DPOUFTU JO $IJOB 0WFS QBSUJDJQBOUT GPS /PSUI BOE 8FTU $IJOB XJMM CF QSFTFOU GPS UIF TFNJ ñOBM JO #FJKJOH *O 'SFODI 'SFF FOUSBODF TVCKFDU UP TFBUT MJNJU "VEJUPSJVN PG 'SFODI $VMUVSBM $FOUSF (POHUJ 9JMV $IBPZBOH %JTUSJDU
@> #MBDL 4FTBNF 4BUVSEBZ (PVSNFU $MBTT *NQFSJBM $IJOFTF .BTUFS DIFGT XJMM UFBDI ZPV IPX UP QSFQBSF USBEJUJPOBM JNQFSJBM EJTIFT MJLF QJOF OVU BOE CFFS TUJS GSZ GSJFE TIJJUBLF BOE DPSJBOEFS TUJS GSZ BOE USBEJUJPOBM TXFFU BOE TPVS QPSL 3FTFSWF BU XXX CMBDLTFTBNFLJUDIFO DPN 3.# JODMVEFT EFNPOTUSBUJPO IBOET PO DPPLJOH BOE MVODI QN #MBDL 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH %POHDIFOH %JTUSJDU XXX CMBDLTFTBNFLJUDIFO DPN
%) $IJOFTF )FMMDBUT $BOEZ .POTUFS
@> "VTU$IBN #BMM #PPHJF JO #FJKJOH #CPPHJF UIF OJHIU BXBZ 3.# m QSJPSJUZ GPS "VTU$IBN .FNCFST $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
@> 0SDIFTUSB 4UBBUTLBQFMMF %SFTEFO 0OF PG UIF PMEFTU PSDIFTUSBT JO UIF XPSME QFSGPSNT ZFU BHBJO JO POF PG UIF PMEFTU DJUJFT JO UIF XPSME UIBU T VT #FJKJOH $FMFCSBUFE WJPMJOJTU /JLPMBK ;OBJEFS JT FRVBMMZ XFMM SFHBSEFE BT B DPOEVDUPS BOE XJMM EJSFDU TPMPJTU )VBOH .FOHMB BOE UIF PSDIFTUSB BT UIFZ QMBZ XPSLT CZ 8FCFS #SVDI BOE 5DIBJLPWTLZ 3.# QN /$1" $PODFSU )BMM $IBOH BO +JF 9JDIFOH %JTUSJDU
"(&/%"
5)6 ."3 Ŧ 8&% "13
#FJKJOH 6OEFSHSPVOE 6OJPO %+T GSPN 404 8BTBCJ 4PVOET BOE HFU FMFDUSPOJD UPHFUIFS 'SFF QN 5IF )PVTF 8PSLFST 4UBEJVN /PSUI (BUF (POHUJ #FJMV $IBPZBOH %JTUSJDU
@> %) $IJOFTF )FMMDBUT $BOEZ .POTUFS 3.# ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JT USJDU LPMFHBT! DPN XXX LPMFHBT DPN
@>
$BSFFS 'VOEBNFOUBMT -FDUVSF -FBSO UIF TFDSFUT PG XSJUJOH SFTVNFT BOE DPWFS MFUUFST UIBU XJMM TUBOE PVU PG UIF DSPXE DPOEVDUJOH TVDDFTTGVM JOUFSWJFXT BOE EFWFMPQJOH ZPVS TPDJBM
@> OFUXPSLJOH TLJMMT 3.# 3FTFSWB 4FBGPPE &YUSBWBHBO[B 'FBUVSFE UJPO SFRVJSFE $VMUVSF :BSE 4IJRVF FWFSZ 'SJEBZ BOE 4BUVSEBZ FWFOJOH UIF )VUPOH %POHDIFOH %JTUSJDU TFBGPPE CVÃFU EJOOFS JT 3.# GPS DPOUBDU!DVMUVSFZBSE OFU XXX BEVMUT BOE 3.# GPS DIJMESFO UP DVMUVSFZBSE OFU ZFBST $FQF 3JU[ $BSMUPO 'JOBODJBM @> 4USFFU 5IF 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 4FDUJPO GFBUVSJOH -B $POTQJSBUJPO 9JDIFOH %JTUSJDU 5IF MPDBM IJQ IPQ XBSSJPST XFMDPNF 'SFODI DSFX -B $POTQJSBUJPO BT UIFZ DMPTF UIFJS $IJOB UPVS 3.#
BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
%.
;FUB #BS 1PMF %BODJOH $PNQFUJUJPO 4FBTPO *** ;FUB #BS JT CSJOHJOH UIF IPUUFTU 1PMF %BODJOH $PNQFUJUJPO CBDL (FU SFBEZ GPS UIF OJHIU BOE EPO U NJTT IPU HJSMT TBTTZ NPWFT TFEVDUJWF ESJOLT VQCFBU )PVTF NVTJD QN &OUSZ 3.# OFU QFS QFSTPO DPWFST ESJOL GSPN ;FUB #BS T TQFDJBMT [FUBCBS CFJKJOH!IJMUPO DPN ;FUB #BS ' )JMUPO #FJKJOH %POHGBOH -V %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
. " 3
46/%":
4> @>
5FB .BSLFU 5PVS UP .BMJBOEBP &YQMPSF #FJKJOH T MBSHFTU XIPMFTBMF UFB NBSLFU XIFSF ZPV MM UBTUF UFBT GSPN BMM PWFS UIF DPVOUSZ TIPQ GPS BÃPSEBCMF UFBXBSF BOE FOKPZ B EFMJDJPVT TPVUIFSO TUZMF MVODI 3.# JODMVEFT MVODI BN QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
4> @> )PQGFOTUVCF #VTJOFTT -VODI 3.# QFS QFSTPO JODMVEJOH VOMJNJUFE TBMBE CBS TPVQ PG UIF EBZ BOE DIPJDF PG POF NBJO DPVSTF "WBJMBCMF GSPN BN QN EBJMZ )PQGFOTUVCF /P 4BOGFOH /PSUI "SFB $IBPZBOH %JTUSJDU 4PVUI PG 1SJNF 5PXFS
4> @> "MM :PV $BO &BU %JN 4VN #SVODI i"MM :PV $BO &BU %JN 4VN #SVODIu JT BWBJMBCMF PO 4BUVSEBZT BOE 4VOEBZT GSPN BN UP QN 1SJDF TUBSUT GSPN 3.# QFS QFSTPO 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU XXX TIBOHSJ MB DPN
@>
@>
1IPUPHSBQIZ 8PSLTIPQ XJUI 1FUFS $BSOFZ "XBSE XJOOJOH QIPUPHSBQIFS MFBET B IBMG EBZ XPSLTIPQ PO UIF GVO EBNFOUBMT PG QIPUPHSBQIZ GPMMPXFE CZ TIPPUJOH BOE FEJUJOH TFTTJPOT JO UIF TVSSPVOEJOH IVUPOHT BOE IJTUPSJD BSFB #SJOH ZPVS PXO DBNFSB 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU
"CBKJ 5IF TPVOET PG #FJSVU WJB 1BSJT $BQFUPXO $BTBCMBODB FUD 5IJT NBO PXOT PWFS JOTUSVNFOUT /P KPLF 3.# QN +JBOH )V -JWFTIPX #BS %POHNJBOIVB )VUPOH +JBP EBPLPV /BOEBKJF %POHDIFOH %JTUSJDU
@> 8PSLTIPQ $IJOFTF GPS &WFSZEBZ -JGF &WFSZ 4VOEBZ GSPN .BS .BZ QN &YDFQU "QS 5PEBZ T DMBTT 4MBOH BOE *OUFSOFU -JOHP *OUFS NFEJBUF "EWBODFE 3.# DMBTT 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
0SDIFTUSB 4UBBUTLBQFMMF %SFTEFO 0OF PG UIF PMEFTU PSDIFTUSBT JO UIF XPSME QFSGPSNT ZFU BHBJO JO POF PG UIF PMEFTU DJUJFT JO UIF XPSME UIBU T VT #FJKJOH $FMFCSBUFE WJPMJOJTU /JLPMBK ;OBJEFS JT FRVBMMZ XFMM SFHBSEFE BT B DPOEVDUPS BOE XJMM EJSFDU TPMPJTU )VBOH .FOHMB BOE UIF PSDIFTUSB BT UIFZ QMBZ XPSLT CZ 8FCFS #SVDI BOE 5DIBJLPWTLZ 3.# QN /$1" $PODFSU )BMM $IBOH BO +JF 9JDIFOH %JTUSJDU
-:>7, /4AG
@> 3FE -JHIU 3FWPMVUJPO "O FYDMVTJWF QSFWJFX BOE QBOFM EJTDVTTJPO PG POF PG $IJOB T NPTU DPOUSPWFSTJBM NPWJFT 3.# JT BMM JODMVTJWF BOE HFUT ZPV B HSFBU PQQPSUVOJUZ UP OFUXPSL 4DSFFO JOH POMZ JT 3.# BOE TUBSUT BU QN $POUBDU XJMMJBNTLFMMZ !HNBJM DPN ñMN!TDPQPñMF DPN PS GPS NPSF JOGPSNBUJPO :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
8JOF óJHIU 5ISFF HMBTTFT PG XJOF GPS 3.# "OZUJNF GSPN .PO 4VO &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU 'SBODPQIPOF 'JMN 'FTUJWBM $PNF BOE FOKPZ EJTDPWFSJOH B HSFBU TFMFDUJPO PG ñMNT GSPN OFBSMZ 'SFODI TQFBLJOH DPVOUSJFT BMM CSPBEDBTU JO PSJHJOBM WFS TJPO BOE TVCUJUMFE JO $IJOFTF &OHMJTI 'SFODI .BSDI 'SFODI $VMUVSBM $FOUSF (POHUJ 9JMV $IBPZBOH %JT USJDU &NCBTTZ PG 1PMBOE JO $IJOB 3J 5BO 3PBE +JBO (VP .FO 8BJ $IBPZBOH %JTUSJDU &NCBTTZ PG 3PNBOJB JO $IJOB 3J 5BO 3PBE $IBPZBOH %JTUSJDU #FJKJOH -BOHVBHFT BOE $VMUVSFT 6OJWFSTJUZ #-$6 9VFZ VBO 3PBE )BJEJBO %JTUSJDU .BMBZTJBO i4FMFSBu .BSDI UI UI 7JTJUJOH .BMBZTJBO DIFGT MFE CZ $IFG "[IBS CJO "STIBE BOE $IFG .PIE /JTZBN CJO 4IBVSJ GSPN 5IF 3JU[ $BSMUPO ,VBMB -VNQVS XJMM CF QSFTFOUJOH UIFJS TJHOBUVSF .BMBZTJBO EJTIFT PO B MB DBSUF BU 5IF 3JU[ $BSMUPO "MUFSOBUJWFMZ EJOFST XIP QSFGFS B NPSF JOEVMHFOU NFBM NBZ EFMJHIU JO UIF .BMBZTJBO i4FMFSBu CVÃFU MVODI BU 3.# QFS QFSTPO 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JO SPOH +JF 9JDIFOH %JTUSJDU
'JOBMMZ B 3FE -JHIU 3FWPMVUJPO
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
. " 3
.0/%":
4>
*OEJBO 3FHJPOBM $VJTJOF BU 5BNBSJOE 4IPXDBTJOH UIF EJWFSTJUZ PG *OEJB T DVJTJOF UIJT QSPNPUJPO XJMM SVO GSPN .BSDI TU UISPVHI .BZ TU BOE XJMM GPDVT PO UIF 3PZBM $VJTJOF PG 3BKBTUIBO UIF $PBTUBM 4FBGPPE PG (PB BOE .BIBSBTIUSB UIF USPQJDBM DPDPOVU DVSSJFT PG UIF 4PVUI BOE UIF SJDI GPPE PG UIF /BXBCT GSPN UIF /PSUI 1SJDFT SBOHF GSPN 3.# m 3.# QFS EJTI 5BNBSJOE .BSSJPUU /PSUIFBTU ' #FJKJOH .BSSJPUU )PUFM /PSUIFBTU " 9JBPZVO -V $IBPZBOH %JTUSJDU .BSSJPUU#FJKJOH/PSUIFBTU DPN
@> :PHB -JWF .VTJD ,PDPPO MBVDIFT BO FYDMVTJWF BOE QSJWBUF TFUUJOH GPS B VOJRVF XFMMOFTT FYQFSJFODF JO ZPHB &WFSZ .POEBZ QN ,PDPPO 3N $ ' /PSUI #MEH /BMJ 1BUJP 4BOMJUVO #FJKJF XFTU TJEF $IBPZBOH %JTUSJDU
4> ?((? *OO .POUIMZ .FFUJOH *G ZPV SF HFUUJOH SFBEZ UP MFBWF $IJOB UIJT ZFBS *// T QBOFM PG SFMPDBUJPO XJMM TIBSF BEWJDF PO IPVTFIPME SFNPWBMT TFUUMJOH UBY PCMJHBUJPOT BOE รฑOBODJBM BรญBJST BOE QSFQBSJOH GPS SFWFSTF DVMUVSF TIPDL 'SFF BN OPPO $BQJUBM $MVC "UIMFUJD $FOUFS ' $BQJUBM .BOTJPO 9JOZVBO /BOMV $IBPZBOH %JTUSJDU FYU NFNCFS!UIFDBQJUBMDMVC DPN XXX UIFDBQJUBMDMVC DPN
"(&/%"
#B ;J %FTUJOZ "OBMZTJT $PVSTF $IJOFTF GPSUVOF UFMMJOH LOPXO BT iGBUF DBMDVMBUJPOu TVBONJOH JO $IJOFTF IBT VUJMJ[FE NBOZ WBSZJOH EJWJOBUJPO UFDIOJRVFT UISPVHIPVU UIF EZOBTUJD QFSJPET 3.# QFS FJHIU TFTTJPOT 5IF DPVSTF JT JO B TNBMM HSPVQ PG GPVS PS รฑWF QFPQMF BOE FBDI TFTTJPO MBTUT IPVST *O &OHMJTI $$$ $MVCT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
4> @>
4> @> %FT $BTFT FU %FT )PNNFT "U UIF UI FEJUJPO PG UIF 'SBODPQIPOF 'FTUJ WBM JO $IJOB #FJKJOH "MMJBODF 'SBOร BJTF QSFTFOUT NBOZ FYDJUJOH FWFOUT &YIJCJUJPOT PG BMM LJOET PG i$BGร T EFT 4DJFODFTu 'SFODI TQFBLJOH DPVOUSJFT รฑMN GFTUJWBMT BOE NPSF #FJKJOH "MMJ BODF 'SBOร BJTF (VBOHDBJ *OUFSOBUJPOBM .BOTJPO (POHUJYJMV $IBPZBOH %JTUSJDU FYU GS DO EHDVMUVSF!BGDIJOF PSH XXX BGDIJOF PSH
#VTJOFTT MVODI BU JUT รฑOFTU BU $FQF
$FQF #VTJOFTT -VODI &OKPZ B CVTJ OFTT MVODI BU POF PG #FJKJOH T รฑOFTU *UBMJBO SFTUBVSBOUT 3.# QFS QFSTPO .POEBZT UISPVHI 'SJEBZT $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 5IF 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU
@> #PPLXPSN 1VC 2VJ[ 8JUI 5IF #PPLXPSN T -JUFSBSZ 'FTUJWBM PWFS RVJ[ OJHIU SFWFSUT UP JUT PME TDFEVMF 'SFF QN 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 4PMJEB[ .PO 4BU 4FWFO QJFDF ,JXJ CBOE CSJOHT PVU MJWF NVTJD KPJOFE CZ B GFNBMF % + GSPN *OEPOFTJB 'SFF QN 5IF 1BWJMMJPO (POHUJ 9JMV PQ QPTJUF XFTU HBUF PG 8PSLFST 4UBEJVN $IBPZBOH %JTUSJDU
-:>7, /4AG 5FNQUBUJPO .POEBZT 7JTJU .PTUP GPS EJOOFS PO .POEBZT BOE FOKPZ B EJTDPVOU PO BOZ PG UIFJS CPUUMFT PG XJOF .PTUP ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
$IJOB %SFBN .BS "QS 3FE (BUF (BMMFSZ DFMFCSBUFT UIFJS UI 4FU -VODI BU 3BรฐFT *OEVMHF BMM ZPVS BOOJWFSTBSZ CZ CSJOHJOH UPHFUIFS B TFOTFT JO B DPOUFNQPSBSZ 'SFODI USJP PG 4IBOHIBJ BSUJTUT UP DPNNFOU DVJTJOF TFU JO BO BVSB PG UJNFMFTT PO BSU BOE VSCBOJUZ QBTU QSFTFOU BOE FMFHBODF 5ISFF DPVSTF TFU NFOV GVUVSF 4FF 1SFWJFX Q 'SFF 3FE JODMVEJOH B HMBTT PG XJOF /PPO UP (BUF (BMMFSZ ' BOE ' %POHCJBO QN .PO UP 'SJ 3.# QMVT NFO 8BUDIUPXFS $IPOHXFONFO +BBO 3BรฐFT #FJKJOH )PUFM %POHEBKJF $IPOHXFO %JTUSJDU %POHDIBOH BO +JF %POHDIFOH %JTUSJDU FYU
'((? @>
@> 1J[[B T /JHIU 4FU ZPVS TUPNBDI MPPTF PO QJ[[B OJHIU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
5)6 ."3 ลฆ 8&% "13
%.
"OESFBT (PMEFS * 8BOOB #F "EPSFE 6OUJM "QS "CTUSBDU QBJOUJOHT CZ UIF #FSMJO CBTFE BSUJTU SFUVSO UP UIFNFT PG BEPMFTDFOU EFTJSF (BMFSJF 6ST .FJMF #FJKJOH -VDFSOF /P $BPDIBOHEJ $IBPZBOH %JTUSJDU XXX HBMFSJFVSTNFJMF DPN
. " 3
@> 4BOHSJB /JHIU )PU TBOHSJB GPS 3.# GSPN UP QN BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
56&4%":
@>
4> @>
5BSPU $BSET 3FBEJOH )FBMJOH XJUI .BSJBOOF /JFEFSFS ,PDPPO 3N $ ' /PSUI #MEH /BMJ 1BUJP 4BOMJUVO #FJKJF XFTU TJEF $IBPZBOH %JTUSJDU
4> @> 4BEEMF 4PDJBM 4FU -VODI .PO 'SJ " TUBSUFS UXP UBDPT BOE B ESJOL 3.# 3.# JODMVEFT HMBTT PG XJOF 'SFF BN QN 5IF 4BEEMF $BOUJOB /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
4> @> 8JOH T 7PJDF 9JO -VPUJOH 4PMP &YIJCJUJPO 0QFOJOH QN 4BUVSEBZ UI .BSDI .BSDI m .BZ %BJMZ BN QN :BO $MVC "SUT $FOUFS %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU XXX ZBODMVC DPN
4> @> )VOHSZ GPS )VNNVT .PO 'SJ .JE EMF &BTUFSO GBWPSJUF 3VNJ JT PíFSJOH B MVODI CVíFU UIBU JODMVEFT NBOZ PG UIFJS NPTU QPQVMBS NFOV JUFNT 3.# BN QN 3VNJ " (POHUJ #FJMV PQQPTJUF ;IBPMPOH )PUFM $IBPZBOH %JTUSJDU XXX SVNJHSJMM DPN
&HHT #FOFEJDU $PPLJOH $MBTT -FU 'SFODI $BOBEJBO DIFG (FOFWJÍWF $PSSJWFBV UFBDIFT ZPV IPX UP NBLF UIF QFSGFDU FHHT #FOFEJDU XJUI ZPVS PXO IPNFNBEF IPMMBOEBJTF TBVDF 3.# 3.# NFNCFST 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> *// /JHIU 0VU .FFU PUIFS OFXDPN FST BOE MPOH UFSN SFTJEFOUT UP TXBQ GVO TUPSJFT BCPVU MJWJOH JO UIF OBUJPO T DBQJUBM 'SFF QN (SJOEFST 5JBO[IJKJBP (VBOHRV -V $IBPZBOH %JTUSJDU
@> (JWF $IBSJUZ $PDLUBJM /FUXPSL JOH &WFOJOH #VJME VQ ZPVS DPOOFD UJPOT XIJMF TVQQPSUJOH B XPSUIZ DBVTF 3.# PG ZPVS FOUSBODF UJDLFU XJMM HP EJSFDUMZ UP UIF $IJOB 4PDJBM 8FMGBSF &EVDBUJPO 'PVOEBUJPO $48&' XIJDI TVQQPSUT NPSF UIBO DIBSJUZ QSPKFDUT JODMVEJOH TVQQPSU UISPVHI OBUVSBM EJTBTUFS SFMJFG FEVDBUJPO BOE XPSL XJUI DIJMESFO BOE UIF FMEFSMZ 3FHJTUFS BU FWFOUCK!GDDMVC DPN PS 3.# JODMVEFT GSFF ESJOL BOE BQQFUJ[FST 3.# SFH JTUFS CFGPSF .BS ;FUB #BS )JMUPO #FJKJOH %POH 'BOH 3PBE /PSUI
%POHTBOIVBO 3PBE $IBPZBOH %JT USJDU FWFOUCK!GDDMVC DPN
@> 4> -BUF 4VQQFS "MM NPOUI 1FSGFDU GPS UIPTF XBOUJOH MBUF OJHIU HPVSNFU NVODIJFT 5FSSB JT PíFSJOH B TFMFDUJPO PG EJTIFT XJUI TQFDJBM XJOF QBJSJOHT TFMFDUFE CZ PXOFS (BCZ "MWFT QN BN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU
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
5IF *NQSFTTJPO PG )VJ[IPV +PJO )VBOHZJ GPS UIF JNBHJOBSZ TDFOFSZ UISPVHI IJT PXO QBJOUJOH MBOHVBHF XJUI EJíFSFOU NFEJB BOE CZ WBSJPVT TUSVDUVSFT UI TU .BSDI 9:; (BMMFSZ % PG BSU DFOUFS %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJ XXX YZ[BSUHBMMFSZ DPN $IJOFTF 3FHJPOBM $VJTJOF "MM NPOUI %JTDPWFS UIF BSU PG DIPQQJOH NBSJOBUJOH BOE TUJS GSZJOH 'FBUVSFE DVJTJOFT JODMVEF $BOUPOFTF )VOBO 4JDIVBO BOE #FJKJOH IPNFTUZMF 3.# 3.# NFNCFST 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUB UJPO %POHDIFOH %JTUSJDU XXX UIF IVUPOH DPN
8JOH T 7PJDF BU 9JO -VPUJOH 4PMP &YIJCJUJPO
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
. " 3
8&%/&4%":
'((? @>
4FU -VODI BU 3BรฐFT 'FBUVSJOH NPVUI XBUFSJOH NBJO DPVSTF UIBU JODMVEFT +BWBOFTF DIJDLFO DVSSZ $BNCPEJBO TUJS GSJFE EJDFE CFFG XJUI DSVTIFE CMBDL QFQQFS PS QJOFBQQMF BOE QSBXO DVSSZ /PPO QN %BJMZ 4UBSUJOH GSPN 3.# JODMVEJOH UFB PS DPG GFF &BTU 3BรฐFT #FJKJOH )PUFM %POHDIBOHBO +JF %POHDIFOH %JTUSJDU FYU
@> $PDLUBJM 'FWFS 4VO 8FE #VZ POF HFU POF GSFF PO BMM DPDLUBJMT 'SFF QN (FPSHF T /FBS (BUF FBTU TJEF PG 8PSLFST 4UBEJVN (POHUJ %POHMV $IBPZBOH %JTUSJDU
@> -BEJFT /JHIU #VZ 0OF $PDLUBJM BOE (FU 0OF 'SFF 'SPN UP $JSP T 1P NPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
@> 1BFMMB /JHIU BU 0Mร 0Mร 4QBO JTI SFTUBVSBOU BOE .1$ 8JOT GSPN 4QBJO BSF QMFBTFE UP JOWJUF ZPV UP UIFJS NPOUIMZ QBFMMB QBSUZ &OKPZ UIF CFTU 4QBOJTI XJOFT TBOHSJB BOE UXP DPVSTFT PG QBFMMB PS CMBDL SJDF BU 0Mร "MM UIJT QSFQBSFE XJUI B HSFBU TFMFDUJPO PG 4QBOJTI .VTJD 3.# JODMVEJOH ESJOLT BOE UXP QBFMMB DPVSTFT 3FTFSWB UJPO PMF!PMF SFTUBVSBOU DPN PS ZHBSWBM PMF!HNBJM DPN 0Mร 4QBOJTI 3FTUBVSBOU $PVSUZBSE (POHUJ #FJMV OFYU UP 4BMTB $BSJCF $IBPZBOH %JTUSJDU
@> .BEFNPJTFMMF 'FBUVSJOH 'SFODI BOE &OHMJTI TUBOEBSE NVTJD QMBZFE PO WPDBMT HVJUBS CBTT DMBSJOFU 1VSQMF )B[F $PVSUZBSE /P %POHTJMJVUJBP JO UIF DPSOFS PG $IBPZBOHNFO #FJYJBPKJF %POHDIFOH %JTUSJDU XXX QVSQMFIB[F DPN DO
@> (SFH $BSSPMM BOE #VNQ $JUZ 8FE 4BU (SFH $BSSPMM QFSGPSNT IJT DPNCJ
"(&/%"
(PU DPDLUBJM GFWFS (FPSHF T IBT UIF DVSF
OBUJPO PG +B[[ 3 # #MVFT BOE 3PDL 3PMM XJUI B CJU PG BVUIFOUJD -BUJO NVTJD JO CFUXFFO 'SFF QN &VEPSB 4UBUJPO 'BOHZVBO 9JMV $IBPZBOH %JTUSJDU
BOE $MBTTJD 4IFSSZ 7JOBJHSFUUF 5ISFF PZTUFST PG DIPJDF BU 3.# .BSDI "SJB ' $IJOB 8PSME )P UFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
-:>7, /4AG
$IBNQBHOF $PDLUBJMT 5BLF ZPVS QJDL GSPN GPVS EFDBEFOUMZ EFMJDJPVT DIBNQBHOF DPDLUBJMT #FSSJFT 3PZBMF ,JS 3PZBMF .JNPTB BOE UIF $IBN QBHOF $PDLUBJM 3.# QFS รณVUF BU UIF -PCCZ -PVOHF .BSDI -PCCZ -PVOHF (SBOE .JMMFOOJVN %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU
*OUSPEVDUJPO UP 5FB 5FB NBTUFS +JBOH +JBOGFOH BOTXFST BMM ZPVS RVFTUJPOT BCPVU UFB BOE NPSF 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# JODMVEFT UFB TBNQMJOH 3.# BE WBODF $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU (SPPWZ 8FEOFTEBZ /JHIUT 4PVM NVTJD CSJOH PVU CZ B HSPVQ PG .VTJ DJBOT GSPN %PNJOJDB "GSJDB "NFSJDB .POHPMJB BOE $IJOB 'SFF 5JNF 5#% 1VOL # ' 5IF 0QQPTJUF )PVTF #MEH 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
4QSJOH -BNC 4BWPVS IJHIMJHIUT TVDI BT MBNC DBOOPO CFFUSPPU BOE HPBU T DIFFTF BOE CSBJTFE MBNC TIBOL TQSJOH WFHFUBCMFT BOE TBHF KVT QFSGFDUMZ QBJSFE XJUI #PSEFBVY .BSDI "SJB ' $IJOB 8PSME )P UFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU $IBNQFST BOE 0ZTUFST "O FYQFSJ FODF XBJUT BU "SJB #BS XIFSF BO JOUFS OBUJPOBM TFMFDUJPO PG GSFTIMZ TIVDLFE PZTUFST BSF TFSWFE XJUI B DIPJDF PG TBVDFT TVDI BT $IBNQBHOF (SBOJUB
5)6 ."3 ลฆ 8&% "13
%.
5FB BOE 3JWFS 5SFBUT 4VNNFS 1BMBDF TIPXDBTFT BO JOOPWBUJWF UXJTU PO )VBJZBOH BOE $BOUPOFTF DVJTJOFT UIJT TQSJOH BT UIF DIFGT EFT DVJTJOF QSFTFOU B NFOV PG UFB CBTFE TQFDJBMJUJFT TVDI BT TBVUร FE TISJNQT XJUI MPOHKJOH UFB CSBJTFE NJODFE DIJDLFO XJUI DISZTBOUIFNVN QFUBMT BOE CSBJTFE CMBDL CPOF DIJDLFO XJUI DSVTIFE QV FS UFB .BSDI 4VNNFS 1BMBDF -PCCZ $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JT USJDU FYU 9JB 9JOH 6OUJM "QS 'PVOEFE JO QIPUPHSBQIJD KPVSOBMJTN BOE UIF DPODFQU PG OFXT 9JB T XPSL FYBNJOFT UIF DSFBUJPO BOE DPOTVNQUJPO PG OFXT NFEJB 'SFF (BMFSJF 6ST .FJMF #FJKJOH -VDFSOF /P $BPDIBOHEJ $IBPZBOH %JTUSJDU XXX HBMFSJFVSTNFJMF DPN
. " 3
@> i)PQQZu )PVS BU )PQGFOTUVCF #VZ POF HFU POF GSFF IPVTF CSFXFE CFFS EBJMZ QN 7BMJE VOUJM TU .BSDI )PQGFOTUVCF /P 4BOGFOH /PSUI "SFB $IBPZBOH %JTUSJDU 4PVUI PG 1SJNF 5PXFS
5)634%":
4>
@>
*OUSPEVDUJPO UP $IJOFTF )FSCT -FBSO BCPVU UIF IJTUPSZ PG $IJOFTF IFSCBM NFEJDJOF BOE UIF EFWFMPQ NFOU PG IFSCBM UIFPSZ UBTUFT BDUJPOT BOE NPSF 3.# BN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
-JWF ;FO 1SBDUJDF .FEJUBUJPO +PJO $$$ FBDI XFFL GPS UXP IPVST PG JOTJHIU JOUP UIF UFBDIJOHT BOE QSBD UJDFT PG ;FO #VEEIJTN 3.# DMBTT 3.# DMBTTFT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU
4> @>
@>
4BEEMF 4PDJBM 4FU -VODI .PO 'SJ " TUBSUFS UXP UBDPT BOE B ESJOL 3.# 3.# JODMVEFT HMBTT PG XJOF 'SFF BN QN 5IF 4BEEMF $BOUJOB /BMJ 1BUJP 4BOMJUVO -V $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
@>
@> 5SBEJUJPOBM &OHMJTI 5FB "MM NPOUI *OEVMHF JO UFB BOE TDPOFT BT XFMM BT PUIFS EBJOUZ EFMJHIUT JO BO FMFHBOU TFUUJOH 3.# QN 8SJUFST #BS 3BรฐFT #FJKJOH )PUFM .BJO -PCCZ %POHDIBOH BO +JF %POHDIFOH %JTUSJDU FYU
-JV :VF (VJUBS 5SJP +B[[ MJOFT SFBE CZ DMBTTJD HVJUBS 'SFF QN &BTU 4IPSF -JWF +B[[ $BGร ' 2JBOIBJ /BOZBOMV KVTU UP UIF XFTU PG UIF QPTU PรฎDF PO %J BONFOXBJ %BKJF 9JDIFOH %JTUSJDU
HSPVQ BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU +VOHMFNJDP 1SPKFDU -JWF ESVN CBTT EVCTUFQ CSPLFO CFBUT BOE NPSF 1SJDF BOE UJNF 5#% :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU 4PVUIFSO 8BUFS 5PXOT 4V[IPV 8V[IFO )BOH[IPV 6OUJM "QS &YQMPSF UIF BODJFOU IPVTFT CSJEHFT BOE HBSEFOT PG $IJOB T SPNBOUJD XBUFS UPXOT $PTU JODMVEFT BJSGBSF BDDPN NPEBUJPO NFBMT UPVS HVJEFT BOE NPSF 3.# $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU &S SPS )ZQFSMJOL SFGFSFODF OPU WBMJE (P"SU JO ,FNQJOTLJ "T QBSU PG UIF ,FNQJOTLJ "SUT 4VQQPSU 1SPHSBN &TUPOJB QIPUPHSBQIFS "MFYBOEFS (SPOTLZ XJMM CF FYIJCJUJOH B TFSJFT PG QIPUPHSBQIT UBLFO JO IJT SFDFOU $IJOB UPVS VOEFS UIF UIFNF PG i8BUFS BOE .PVOUBJOTu JO UIF SFBS MPCCZ PG ,FN QJOTLJ )PUFM #FJKJOH -VGUIBOTB $FOUFS GSPN .BSDI UP .BSDI ,FNQJOTLJ )PUFM -VGUIBOTB $FOUFS -JBOHNB RJBP -V $IBPZBOH %JTUSJDU XXX HMPCBMIPUFMBMMJBODF DPN"CPVU
-:>7, /4AG "OOB 4UBNCVSH HSPVQ XJUI +B[[ &OKPZ TPNF +B[[ XJUI "OOB 4UBNCVSH
"MM BCPVU 0ZTUFST 5IF 8FTUJO #FJKJOH $IBPZBOH FYUSBWBHBOUMZ TIPXDBTFT PZTUFS EJTIFT UISPVHIPVU UIF NPOUI PG .BSDI รณZJOH JO PZTUFST GSPN 'SBODF $BOBEB BOE UIF 64 .BSDI 4FBTPOBM 5BTUFT (SBOHF 8FTUJO $IBPZBOH ' UIF 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
#FSSJMJDJPVT -JHIU BMNPOE TQPOHF UPQQFE XJUI MJHIU BT BJS NBTDBSQPOF NPVTTF B KVJDZ CFSSZ HFMร F BOE B MBWJTI CPVRVFU PG GSFTI CFSSJFT 5IF .BTDBSQPOF #FSSZ $BLF PG UIF NPOUI JT QFSGFDU GPS BMM PDDBTJPOT #Z UIF TMJDF PS CVZ UIF DBLF BU 3.# PS 3.# MCT .BSDI (PVSNFU $PSOFS $IJOB 8PSME )PUFM ' (VPNBP 8FTU 8JOH OFYU UP 4UBSCVDLT +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
)PNF CSFXFE CFFST BU UIF )PQGFOTUVCF
%.
5)6 ."3 ลฆ 8&% "13
"(&/%"
" 1 3
'3*%":
4> @>
$FQF #VTJOFTT -VODI 3.# QFS QFSTPO &OKPZ B CVTJOFTT MVODI BU POF PG #FJKJOH T รฑOFTU *UBMJBO SFTUBVSBOUT .POEBZ UISPVHI 'SJEBZ $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 5IF 3JU[ $BSM UPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU
'((? @> 4FU -VODI BU 3BรฐFT *OEVMHF BMM ZPVS TFOTFT JO DPOUFNQPSBSZ 'SFODI DVJTJOF TFU JO BO BVSB PG UJNFMFTT FMFHBODF 5ISFF DPVSTF TFU NFOV JODMVEFT B HMBTT PG XJOF /PPO UP QN .POEBZ UISPVHI 'SJEBZ 3.# QFS QFSTPO +BBO 3BรฐFT #FJKJOH )PUFM %POHDIBOH BO +JF %POHDIFOH %JTUSJDU FYU
@> 4"-5 8JOUFS %BZT &OKPZ 4"-5 4 TJHOB UVSF TUZMF BOE GSFTI UBTUFT XJUI 4"-5 T GBWPSJUFT $IFDL PVU UIF OFX TFBTPOBM XJOF BOE ESJOLT MJTU UP DPNQMJNFOU ZPVS EJOJOH .POEBZ UISPVHI 'SJEBZ 5XP DPVSTFT 3.# DPVSTFT 3.# QMVT BO BEEJUJPOBM 3.# GPS B HMBTT PG XJOF 4"-5 ' +JBOHUBJ 9JMV PQQPTJUF UIF +BQBOFTF 4DIPPM XFTU PG 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU
@> =4B7 $IBNQBHOF /JHIU .BJTPO #PVMVE MBVODIFT B XFFLMZ CVCCMZ OJHIU JO BTTPDJBUJPO XJUI 1FSSJFS +PVFU #SVU JT 3.# QFS HMBTT 3.# QFS CPUUMF 'SFTDP #BS .BJTPO #PVMVE $I JFO .FO 2JBONFO %POHEBKJF %POHDIFOH %JTUSJDU XXX NBJTPOCPVMVE DPN
@> ,PPLB /FUXPSLJOH %SJOLT (FU DPO OFDUFE 0; TUZMF BU "SJB $BUDI VQ XJUI PME GSJFOET PS NBLF OFX POFT PWFS "VTTJF MFH PG MBNC "VTUSBMJBO XJOFT BOE CPUUMFT PG $PQQFST .FNCFST GSFF OPO NFNCFST 3.# $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
"(&/%"
#VOLFS EPXO 4VQFS XFFLFOE BU 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM
@> &WFSZPOF 0รญ UP +BJM 5IF *OTUJUVUP $FSWBOUFT PG #FJKJOH JT QSFTFOUJOH B รฑMN TFSJFT XJUI -VJT (BSDร B #FSMBOHB รฑMNT 5IF *OUFSOBUJPOBM %BZ PG 1SJTPOFS PG $POTDJFODF JT DPNJOH JO UIF KBJM JO 7BMFODJB BOE QPMJUJDJBOT BSUJTUT BOE TIPX CVTJOFTT QFPQMF BSF HFUUJOH SFBEZ UP DFMFCSBUF JU 4QBOJTI XJUI &OHMJTI TVCUJUMFT *OTUJUVUP $FSWBOUFT " (POHUJ /BOMV $IBPZBOH %JTUSJDU XXX QFLJO DFSWBOUFT FT
78(A7 @> " (BZ "QSJM 4QFDJBM #VZ POF HFU POF GSFF $PNF BMPOF PS JO QBJST 3.# HFUT ZPV UXP ESJOLT BOE BMM ESJOLT BSF VOEFS 3.# CFGPSF QN %FTUJOBUJPO (POHUJ 9JMV $IBPZBOH %JTUSJDU
-:== >:6?: 9B #BTFNFOU 5XP GPS POF PO UIFJS TJHBUVSF ESJOLT &WFSZ 'SJEBZ UJMM NJE OJHIU 1VOL # ' 5IF 0QQPTJUF )PVTF #MEH 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU JOGP!CBSQVOL DPN
-:>7, /4AG "OOB 4UBNCVSH HSPVQ 4PVM 3 # &OKPZ TPNF 4PVM 3 # XJUI "OOB 4UBNCVSH HSPVQ BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
5)6 ."3 ลฆ 8&% "13
%.
4FB PG 'MPXFST JO +JBOHYJ 1SPWJODF %BUFT "QSJM m 3FHJTUSBUJPO DVUPรญ .BSDI .BLF QBZNFOU CFGPSF .BSDI UP HFU UIF FBSMZ CJSE EJTDPVOU EJTDPVOU JT BWBJMBCMF GPS NFNCFST 5IF BMM JODMVTJWF QSJDF JODMVEFT SFUVSO รณJHIUT 5P SFHJTUFS GPS QBSUJDJQBUJPO QMFBTF DPOUBDU FYU PS IBZEFO!CFJKJOHIJLFST DPN "MGB (BZ /JHIU #FJKJOH T CJHHFTU XFFLMZ HBZ QBSUZ 'SFF FOUSBODF 4QFDJBM ESJOL UJDLFU JT 3.# BOE ESJOLT BSF CVZ POF HFU POF GSFF GSPN QN BN "TL BCPVU EPOBUJPOT UP UIF #FJKJOH -(#5 $FOUSF "MGB 9JOHGV :JDVO JO UIF BMMFZ PQQPTJUF UIF OPSUI HBUF PG 8PSLFST 4UBEJVN $IBPZBOH %JTUSJDU ,JDL Pรญ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
" 1 3
+JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU
4"563%":
4> ?((?
*OUSPEVDUJPO UP $IJOFTF $BMMJHSBQIZ 8PSLTIPQ +PJO $VMUVSF :BSE T JOUSPEVD UJPO UP $IJOFTF DBMMJHSBQIZ XPSLTIPQ BOE ZPV XJMM MFBSO UIF CBTJD LOPXMFEHF PG $IJOFTF QIJMPMPHZ BOE IPX UP VTF UIF GPVS USFBTVSFT UP NBLF ZPVS PXO DBMMJHSBQIZ XPSL &WFSZ 4BUVSEBZ 3.# TFTTJPOT 3.# BEWBODF $MBTT MJNJUFE UP UFO QFPQMF $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU DPOUBDU!DVMUVSFZBSE OFU
@> 8FMDPNF .S .BSTIBMM 5IF *OTUJUVUP $FSWBOUFT PG #FJKJOH JT QSFTFOUJOH B ñMN TFSJFT XJUI -VJT (BSDÎB #FSMBOHB ñMNT 4QBOJTI XJUI &OHMJTI TVCUJUMFT *OTUJUVUP $FSWBOUFT " (POHUJ /BOMV $IBPZBOH %JTUSJDU XXX QFLJO DFSWBOUFT FT
@> 4FBGPPE &YUSBWBHBO[B *OEVMHF FWFSZ 'SJEBZ BOE 4BUVSEBZ FWFOJOH JO UIJT TFBGPPE CVíFU EJOOFS 3.# GPS BEVMUT BOE 3.# GPS DIJMESFO UP ZFBST $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 5IF 3JU[ $BSMUPO 'JOBODJBM 4USFFU
@> 'PS -VJT T (SBDF 5IJT JT B EPDV NFOUBSZ EJSFDUFE CZ +PTF -VJT (BSDJB 4BODIF[ B DJOFNB TQFDJBMJTU PO #FSMBOHB T ñMNT 1BSU PG UIF *OTUJUVUP $FSWBOUFT PG #FJKJOH T ñMN TFSJFT XJUI -VJT (BSDÎB #FSMBOHB ñMNT 4QBO JTI XJUI &OHMJTI TVCUJUMFT *OTUJUVUP $FSWBOUFT " (POHUJ /BOMV $IBPZBOH %JTUSJDU XXX QFLJO DFSWBOUFT FT
@> "NQFE ! 3BZNPOE 5BUP 5IJT VOJRVF NVTJDJBO EVP NJYFT &BTU BOE 8FTU GPML BOE DMBTTJDBM NVTJD XJUI 3BZNPOE PO HVJUBS BOE WPDBMT BOE 5BUP PO UBCMB 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU
@> #BE .BNBTBO +FBOJOF UIF 8PMWFS JOF $% 3FMFBTF 1BSUZ 0ME 4DIPPM .FUBM 3.# HFU ZPV FOUSZ BOE GSFF $% "GUFSTFU JODMVEFT TQFDJBM HVFTUT SPDLJOH UIF DMBTTJDT 4QFDJBM HVFTUT JODMVEF $IVO 2JV BOE 4"8 :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
@> -JV :VBO 4BYPQIPOF 2VBSUFU $IJOB T KB[[ GPSFGBUIFS LFFQT UIF )PVIBJ TIPSFT TNPPUI 'SFF QN &BTU 4IPSF -JWF +B[[ $BGÊ ' 2JBOIBJ /BOZBOMV KVTU UP UIF XFTU PG UIF QPTU PîDF PO %J BONFOXBJ %BKJF 9JDIFOH %JTUSJDU
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m TU "QSJM "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU /PJTF &YQFSJNFOUBM OJHIU JO 5POH[IPV 'SFF 3BZJOH 5FNQMF &BTU &OE PG 2VOGBOH ;IPOHZJ +JF 8FTU (BUF PG :VDBJ .JEEMF 4DIPPM -JZVBO 5PXO 5POH[IPV %JTUSJDU
%P ZPV UIJOL ZPV DBO IBOEMF JU
%.
T QMVT "MGB T MFHFOEBSZ T OJHIU SF UVSOT FWFSZ 4BUVSEBZ QMVT PUIFS DMBTTJDT GSPN UIF T BOE CFZPOE 'SFF FOUSBODF 5XP GPS POF ESJOLT GSPN QN BN JOTJEF BOE VQTUBJST CBST "MGB 9JOHGV :JDVO JO UIF BMMFZ PQQPTJUF UIF OPSUI HBUF PG 8PSLFST 4UBEJVN $IBPZBOH %JTUSJDU
5)6 ."3 Ŧ 8&% "13
"(&/%"
" 1 3
46/%": 4>
OE "OOVBM #PIBJ PS #VTU $IBSJUZ #JLF 3JEF 4VOEBZ "QSJM GSPN BN BU UIF 3PBEIPVTF #PIBJ PS #VTU CSJOHT UPHFUIFS DZDMJTUT PG BMM LJOET GSPN TFSJPVT SJEFST UP GBNJMJFT XJUI LJET GPS B GVO EBZ OFBS UIF (SFBU 8BMM 5IFSF XJMM CF GPVS HVJEFE SPVUFT LN LN LN BOE LN 4QPOTPSFE CZ 4NBSUFS 5IBO $BS BOE 5IF )VUPOH 1SPDFFET CFOFรฑU UIF FMEFSMZ PG #PIBJ 5PXOTIJQ *ORVJSJFT QMFBTF DPOUBDU
4> @> 4VSWJWBM $IJOFTF $PNF UP POF PS NPSF PG UIFTF XPSLTIPQT UP MFBSO UIF FTTFOUJBM WPDBCVMBSZ GPS TVSWJWJOH JO $IJOB 5IFTF XPSLTIPQT BSF IPTUFE CZ BO FYQFSJFODFE GPSFJHO UFBDIFS BOE BMM MFWFMT PG $IJOFTF BSF XFMDPNF &WFSZ 4VOEBZ BN m QN 3.# 3.# BEWBODFE QBZNFOU GPS BMM $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JT USJDU DPOUBDU!DVMUVSFZBSE OFU
$JUZ TMJDLFST JU T #PIBJ PS #VTU
4> @> #VCCBMJDJPVT 5XP :FBS T "OOJWFS TBSZ 5IF "OOJWFSTBSZ #VCCBMJDJPVT #SVODI JT B CSVODI UP IBWF UP PQQPS UVOJUZ UP TBZ UIBOL ZPV UP PVS WBMVBCMF HVFTUT #VCCBMJDJPVT XJMM IBWF UIF TBNF DPODFQU UP DFMFCSBUF XJUI GBNJMZ BOE GSJFOET 3.# 5BTUFT ' 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
4> @>
@>
.BIKPOH XPSLTIPQ %VSJOH UIJT UXP TFTTJPO XPSLTIPQ ZPV XJMM MFBSO UIF IJTUPSZ BOE TZNCPMJTNT CFIJOE UIF HBNF NBTUFS UIF SVMFT PG QMBZJOH BOE WJTJU B MPDBM QMBZIPVTF UP QMBZ MJLF UIF MPDBMT EP &WFSZ 4VOEBZ BN QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
4"-5 #VCCMZ 4VOEBZT *OEVMHF JO DIPJDFT TVDI BT รฑH QBODBLFT XJUI QBSNB IBN BOE USVรฐF IPOFZ DBSB NFMJ[FE POJPO HPVEB DIFFTF TBNPTBT XJUI B SPBTUFE UPNBUP &TQSFTTP %FMJDJPVT /PO BMDPIPMJD BOE DIJMESFOT PQUJPOT BMTP BWBJMBCMF DPVSTFT 3.# DPVSTFT 3.# DPVSTFT GSFF รณPX 3.# DPVSTFT GSFF รณPX 3.# 4"-5 ' +JBOHUBJ 9JMV PQQPTJUF UIF +BQBOFTF 4DIPPM XFTU PG 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU
4> @> "MM :PV $BO &BU %JN 4VN #SVODI i"MM :PV $BO &BU %JN 4VN #SVODIu JT BWBJMBCMF PO 4BUVSEBZT BOE 4VOEBZT GSPN BN UP QN 1SJDF TUBSUT GSPN 3.# QFS QFSTPO 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU XXX TIBOHSJ MB DPN
4> @> 8FFLFOE #SVODI %+ *OEVMHF JO $IBNQBHOF #SVODI 3.# PS IBWF B TQBSLMJOH CSVODI GPS 3.# 8BOU TPNF รฑWF DPVSTF CSVODI 3.# GPS GPPE POMZ 4BUVSEBZ 4VOEBZ GSPN BN UP QN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU
"(&/%"
@> 8JOF 5BTUJOH &WFOU BU "MBNFEB 8JOF 5BTUJOH XJUI 1VEBP 8JOFT GSPN UP QN 8JOFT GSPN UIF "NFSJDBT 3.# QFS QFSTPO GPS FJHIU LJOET PG XJOF SFTFSWBUJPO DBO CF NBEF XJUI 1VEBP CFJKJOH!QVEBPXJOFT DPN BOE "MBNFEB BMBNFEB@CFJKJOH!ZBIPP DPN "MBNFEB 4BOMJUVO #FJKJF CFTJEF UIF /BMJ .BMM $IBPZBOH %JTUSJDU
@> 1JFSSF 1BSEBU 1JBOP 5SJP 'SFODI QJBO JTU 1JFSSF 1BSEBU UBLFT PWFS UIF 4VOEBZ
5)6 ."3 ลฆ 8&% "13
%.
TFTTJPO 'SFF QN &BTU 4IPSF -JWF +B[[ $BGร ' 2JBOIBJ /BOZBOMV KVTU UP UIF XFTU PG UIF QPTU PรฎDF PO %J BONFOXBJ %BKJF 9JDIFOH %JTUSJDU
-:>7, /4AG 5BTUF PG 4PVM HSPVQ XJUI +BN 4FT TJPO &WFSZCPEZ T XFMDPNF UP KBN XJUI B 5BTUF PG 4PVM $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU 4VOEBZ "QSJM ! 5BOHP SE 'MPPS 8PSME T &OE (JSMGSJFOE BOE #MBDL )PMF $BSOJWBM 4QFMMCJOEJOH &MFDUSP 0SDIFT USB 3.# QSFTBMF ' 5BOHP )FQJOH 9JKJF N OPSUI PG :POH IFHPOH TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU .FNPSZ *EFOUJUZ (SPVQ FYIJCJ UJPO i.FNPSZ *EFOUZu PSHBOJ[FE BOE DVSBUFE CZ "MFTTBOESP 3PMBOEJ *UBMJBO BSUJTU MJWJOH JO #FJKJOH TJODF NBOZ ZFBST /JDPMB 7JODJ JT BMTP KPJOJOH UIJT TIPX XJUI B QSPKFDU JEFBMJ[FE EVSJOH IJT SFTJEFODF QSPHSBN JO #FJKJOH %FD +BOVBSZ ., "SU 4QBDF /P $BPDIBOHEJ $IBPZBOH %JTUSJDU JOGP!NL BSU DPN XXX NL BSU DPN i5IF %BSLSPPNu CZ $VCBO BSUJTU $BSMPT (BSBJDPB 'SPN .BSDI UI UP "QSJM UI &YIJCJUJPO )BMM *OTUJUVUP $FSWBOUFT " (POHUJ /BOMV $IBPZBOH %JTUSJDU XXX QFLJO DFSWBOUFT FT
" 1 3
-"& , / +2
UVSFDFOUFS PSH
@>
.0/%": @>
5IF #PPLXPSN 1VC 2VJ[ 'MFY ZPVS OFVSPMPHJDBM NVTDMFT FWFSZ .POEBZ BU 5IF #PPLXPSN QVC RVJ[ BO FWFOJOH PG UFSSJñD USJWJB IPTUFE CZ 5PN $IBNQBHOF "MM UIF VTVBM SPVOET BSF GFBUVSFE FBDI XFFL DIPPTJOH TJY GSPN HFOFSBM LOPXMFEHF NVTJD IJT UPSZ TQPSU HFPHSBQIZ XPSME FWFOUT TDJFODF BOE OBUVSF BOE OBUVSBMMZ BSU BOE MJUFSBUVSF .BY UFBNT PG TJY (SFBU QSJ[FT VQ GPS HSBCT (FU IFSF &"3-: UP CF HVBSBOUFFE B UBCMF &WFSZ .POEBZ QN 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> #B ;J %FTUJOZ "OBMZTJT $PVSTF CFHJOOFS #B[J
JT UIF NPTU QPQVMBS PG $IJOFTF GPSUVOF UFMMJOH NFUIPET BOE UIF NPTU BDDFTTJCMF POF *U JT B GPSN PG BTUSPMPHZ BT PQ QPTFE UP GPSUVOF UFMMJOH PS EJWJOBUJPO BOE UFMMT POF BCPVU IJT PS IFS EFTUJOZ JO MJGF DVSSFOU TJUVBUJPO BOE BSFB GPS NPTU TVDDFTTGVM PDDVQBUJPO XJUI OP SFGFSFODF UP BOZ SFMJHJPO PS XIBUTP FWFS .POEBZ BOE 8FEOFTEBZ .BSDI "QSJM QN 1SJDF 3.# TFTTJPOT IPVST QFS TFTTJPO $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVM
*OEJBO 3FHJPOBM $VJTJOF BU 5BNBSJOE 4IPXDBTJOH UIF EJWFSTJUZ PG *OEJB T DVJTJOF UIJT QSPNPUJPO XJMM SVO GSPN .BSDI BOE XJMM GPDVT PO UIF 3PZBM $VJTJOF PG 3BKBTUIBO UIF $PBTUBM 4FBGPPE PG (PB BOE .BIBSBTIUSB UIF USPQJDBM DPDPOVU DVSSJFT PG UIF 4PVUI BOE UIF SJDI GPPE PG UIF /BXBCT GSPN UIF /PSUI 1SJDFT SBOHF GSPN 3.# 3.# QFS EJTI 5BNBSJOE .BSSJPUU /PSUIFBTU ' #FJKJOH .BSSJPUU )PUFM /PSUIFBTU " 9JBPZVO -V $IBPZBOH %JTUSJDU .BSSJPUU#FJKJO H/PSUIFBTU DPN
@> 1J[[B T /JHIU 4FU ZPVS TUPNBDI MPPTF PO 1J[[B T /JHIU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
&YDMVTJWF &YQFSJFODF BU $MVC -FWFM -VYVSJPVT BDDPNNPEBUJPOT MFHFO EBSZ TFSWJDF CSFBUIUBLJOH DJUZTDBQFT 4UBZ B NJOJNVN PG OJHIUT BOE HFU POF DPNQMJNFOUBSZ OJHIU SFUVSO BJSQPSU USBOTGFS BOE BMM DMVC QSJWJMFHFT 'SPN 3.# QFS SPPN QFS OJHIU 7BMJE VOUJM "QS TVCKFDU UP SPPN BWBJMBCJMJUZ 4VCKFDU UP TVSDIBSHF 5IF 3JU[ $BSMUPO #FJKJOH /P " +JBO (VP 3PBE $IJOB $FOUSBM 1MBDF $IBPZBOH %JTUSJDU
XXX SJU[DBSMUPO DPN
4IPPU GPS 4VQSFNBDZ 5IF TQSJOH LJOH PG BMM GPPET JT IFSF BU 4VNNFS 1BMBDF 8JUI EJTIFT NBEF GSPN UIF $IJOFTF EFMJDBDZ CBNCPP TIPPUT ZPV E CF TIPU XJUIPVU JU "QSJM 4VNNFS 1BMBDF -PCCZ $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
@> $IJOFTF -BOHVBHF BOE $VMUVSF 8PSLTIPQ 'PDVTJOH PO DPOUFNQPSBSZ $IJOFTF DVMUVSF UIF $IJOFTF UFBDIFST XJMM UFBDI ZPV UIJOHT ZPV SFBMMZ XBOU UP LOPX XIBU NVTJD JT QPQVMBS OPXB EBZT XIFO DJOFNB ñSTU CFHBO JO $IJOB BOE XIBU UPQJDT QFPQMF BSF SFBMMZ UBML JOH BCPVU UPEBZ $-$ 8PSLTIPQ QSPN JTFT UP JNQSPWF ZPVS LOPXMFEHF BOE SFBMMZ HFU ZPV TQFBLJOH $IJOFTF &WFSZ .POEBZ QN 3.# XPSLTIPQ 3.# NPOUI XPSLTIPQT 'PS TUVEFOUT 3.# XPSLTIPQ 3.# NPOUI $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU
4DPUDIFE %ZJOH GPS B HPPE ESJOL 8FMM OPX ZPV EPO U IBWF UP CF JO 4DPUDIMBOE JO UIF 6OJUFE %SJOLEPN UP UBTUF UIF .BMU 8IJTLFZT XF SF TFMMJOH :PV DBO WJTJU UIF )JHIMBOET PG 4DPU MBOE SJHIU IFSF JO #FJKJOH $PNF EPXO UP "SJB #BS OPX UP UBTUF PVS WBSJFUZ PG 4JOHMF .BMUT OPX TU m TU "QSJM "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFO XBJ %BKJF $IBPZBOH %JTUSJDU FYU #FJ $POUFNQPSBSZ "TJBO $VJTJOF #FJ XJMM PQFO GPS EBZT QFS XFFL XJUI OFX TFBTPOBM NFOV DSFBUFE CZ BXBSE XJOJOH DIFG .BY -FWZ BOE ZPV DBO BMTP PSHBOJ[F B QSJWBUF TVTIJ DMBTT XJUI .BY XJUI ZPVS GSJFOET #FJ # ' 5IF 0QQPTJUF )PVTF #MEH 4BOMJUVO 7JM MBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU XXX CFJSFTUBVSBOU DPN XXX IPVTFWJCF DO 0NBS (BMMJBOJ i$IJOFTF %JBSZu $VSBUFE CZ .BOVFMB -JFUUJ UIJT i$IJOFTF %JBSZu B TPMP FYIJCJUJPO PG SFOPXOFE *UBMJBO BSUJTU 0NBS (BMMJBOJ XJMM CF QSFTFOUFE GSPN SE .BSDI UP UI "QSJM *UBMJBO $VMUVSBM *OTUJUVUF JO #FJKJOH *TUJUVUP *UBMJBOP EJ $VMUVSB EJ 1FDIJOP 4BOMJUVO %POH &S +JF 1FDIJOP $IBPZBOH %JTUSJDU JJDQFDIJOP!FTUFSJ JU XXX JJDQFDIJOP FTUFSJ JU
%FMJDBUF NPSTFMT BU 4VNNFS 1BMBDF
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
" 1 3
56&4%":
4> @>
5BSPU $BSET 3FBEJOH BOE )FBMJOH " TQJSJUVBM IFBMJOH TFTTJPO CFHJOT XJUI UIF CBMBODJOH PG ZPVS DIBLSBT BOE BVSB 1SJPS CPPLJOH OFDFTTBSZ ,PDPPO 3N $ ' /PSUI #MEH /BMJ 1BUJP 4BOMJUVO #FJKJF XFTU TJEF $IBPZBOH %JTUSJDU
4> @> )PQGFOTUVCF #VTJOFTT -VODI 3.# QFS QFSTPO JODMVEJOH VOMJNJUFE TBMBE CBS TPVQ PG UIF EBZ BOE DIPJDF PG POF NBJO DPVSTF "WBJMBCMF GSPN BN QN EBJMZ )PQGFOTUVCF /P 4BOGFOH /PSUI "SFB $IBPZBOH %JTUSJDU 4PVUI PG 1SJNF 5PXFS
4> @> 8JOH T 7PJDF 9JO -VPUJOH 4PMP &YIJCJUJPO 0QFOJOH QN 4BUVSEBZ UI .BSDI .BSDI UI .BZ UI %BJMZ BN QN :BO $MVC "SUT $FOUFS %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU XXX ZBODMVC DPN
@> 5IF .PEP 4FU /PX ZPV DBO FOKPZ UIF .PEP TFU MVODI TFWFO EBZT B XFFL 0O UIF XFFLFOE UPQ JU Pà XJUI GSFF óPXJOH TQBSLMJOH XIJUF BOE SFE XJOFT GSPN UP QN UXP DPVSTFT 3.# BOE UISFF $PVSTFT 3.# "EE 3.# GPS UIF XFFLFOE GSFF óPX PG IPVTF XJOFT .PEP ' 4BOMJUVO 7JMMBHF 4PVUI DMPTF UP &MF NFOU 'SFTI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> "GUFSOPPO 5FB 4FU "GUFSOPPO UFB TFU FWFSZ EBZ GSPN QN QN 3.# GPS B EFTTFSU XJUI UXP DPÃFFT PS UFBT 'MBNNF 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> )BQQZ )PVS BU 'MBNNF )BQQZ IPVS FWFSZ EBZ GSPN QN QN BMM ESJOLT BSF PÃ 'MBNNF 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH
"(&/%"
$MPVE T /JHIUNBSF CZ 8V +VOZPOH %JTUSJDU
@> 4BOHSJB /JHIU )PU TBOHSJB GPS 3.# GSPN QN BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
@> "GUFS 8PSL 8JOF%PXO 8JOE EPXO BU .PEP .POEBZT UP 5IVSTEBZT CFUXFFO QN BOE QN BOE FOKPZ B EJT DPVOU PO ZPVS TFDPOE CPUUMF PG XJOF PG FRVBM PS MFTTFS WBMVF 4BMVE .PEP ' 4BOMJUVO 7JMMBHF 4PVUI DMPTF UP &MF NFOU 'SFTI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> %JTDVTTJOH "NFSJDBO $VMUVSF 5IF XPSLTIPQ JT UBSHFUFE BU QFPQMF XJUI BO JOUFSNFEJBUF MFWFM PG &OHMJTI PS IJHIFS 1BSUJDJQBOUT XJMM HFU B DIBODF UP FYQSFTT UIFJS PQJOJPOT BOE QBSUJDJQBUF JO EJTDVT TJPOT &WFSZ 5IVSTEBZ QN 3.# XPSLTIPQ 3.# XPSLTIPQT 3FTFSWBUJPO SFRVJSFE $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU DPOUBDU!DVMUVSFZBSE OFU
@> +B[[ +BN 4FTTJPO +B[[ MPWFST HBUIFSJOH NBZCF ZPV DBO IBWF B KBN UPP 'SFF QN +JBOH )V -JWFTIPX #BS %POHNJ BOIVB )VUPOH +JBPEBPLPV /BOEBKJF %POHDIFOH %JTUSJDU
-"& , / +2 %6&5 8V +VOZPOH 4PMP &YIJCJUJPO 5IF FYIJCJUT BSF BOJNBUJPO QJFDFT EVSJOH BOE CZ BSUJTU 8V +VOZPOH 8BJU VT 3JDI 1BSBEF 0QFSB
5)6 ."3 Ŧ 8&% "13
%.
5SJMPHZ $BSQT 5IF 4QSJOH $MVC $JSDMF PG 4QJEFS 'MPXFST PG $IBPT %ZTQIPSJB BOE $MPVE T /JHIUNBSF "35 *446& 130+&$54 /P " #FJHBP $VJHF[IVBOH $PVOUZ $IBPZBOH %JTUSJDU UI .BS UI "QS BNm QN DMPTFE PO .POEBZ JOGP!BSU JTTVF DPN *446& 130+&$54 5IF UI "OOVBM 'SFODI 'JMN 1BOPSBNB 6OJ'SBODF ñMNT QSFTFOUT OFX 'SFODI ñMNT BOE OFX TIPSU ñMNT BT QBSU PG UIF UI "OOVBM 'SFODI 'JMN 1BOPSBNB UI m UI "QSJM #SPBEXBZ DJOFNBT 4UBS $JUZ DJOFNB ## 0SJFOUBM 1MB[B /P &BTU $IBOH "O "WF %POH $IFOH %JTUSJDU #SPBEXBZ $JOFNBUI FRVF .0." 5 $IJOB .0." /PSUI 4FDUJPO /P 9JBOHIFZVBO 4USFFU .0." XXX C DJOFNB DO XXX CD DJOFNB DO 6OJ %FTJHO JO $IJOB i6OJ EFTJHO JO $IJOBu JT BO BSU TIPX UP USBOTDFOE UIF CPVOEBSJFT PG UIF EFTJHO ñFME BOE B DPMMBCPSBUJWF FÃPSU UP CSFBL UISPVHI UIF CPUUMFOFDL PG UIF JOEVTUSZ #BTFE PO UIF TVCKFDUT PG UIF FYIJCJUJPO i"SUT $IJOB p %FTJHO 'PSVN **u XJMM MFBE UP GVS UIFS FYQMPSBUJPO XJUI TPNF PG UIF NPTU DSFBUJWF NJOET UI .BSDI UI "QSJM #FJKJOH $FOUFS GPS UIF "SUT 2JBONFO %POHEBKJF %POHDIFOH %JTUSJDU XXX CFJKJOHDFOUFSGPSUIFBSUT DPN XXX DIJFONFO DPN 4UFBL /JHIU )PVTF TUFBL CVZ POF HFU POF GSFF .POEBZ 5VFTEBZ 'MBNNF 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
" 1 3
8&%/&4%":
4>
$BMMJHSBQIZ #FHJOOFS T $PVSTF $POEVDUFE JO &OHMJTI UIF DMBTT JT EFTJHOFE GPS XFTUFSO MFBSOFST DPWFSJOH FWFSZUIJOH GSPN NFBOJOH BOE FWPMVUJPO PG UIF DIBSBDUFST DVMUVSF UP IJTUPSZ BOE NVTJD PG UIF QFSJPE 8FEOFTEBZ .BS "QSJM BN 1SJDF 3.# DMBTT 3.# GPVS DMBTTFT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
4> @> "OESFBT (PMEFS m * 8BOOB #F "EPSFE 5BLJOH JUT UJUMF GSPN B QPQVMBS TJOHMF CZ UIF #SJUJTI SPDL CBOE 5IF 4UPOF 3PTFT * 8BOOB #F "EPSFE (PMEFS T TPMP FYIJCJUJPO BU UIF #FJKJOH CSBODI PG (BMFSJF 6ST .FJMF QSFTFOUT B TFMFDUJPO PG OFX XPSLT QSPEVDFE CZ UIF BSUJTU EVSJOH UIF DPVSTF PG IJT QSPMJñD SFTJEFODZ BN QN 'SPN 5VFTEBZ UP 4VOEBZ (BMFSJF 6ST .FJMF #FJKJOH -VDFSOF /P $BPDIBOHEJ $IBPZBOH %JTUSJDU XXX HBMFSJFVSTNFJMF DPN
@> #B ;J %FTUJOZ "OBMZTJT $PVSTF CFHJOOFS #B[J
JT UIF NPTU QPQVMBS PG $IJOFTF GPSUVOF UFMMJOH NFUIPET BOE UIF NPTU BDDFTTJCMF POF *U JT B GPSN PG BTUSPMPHZ BT PQ QPTFE UP GPSUVOF UFMMJOH PS EJWJOBUJPO
BOE UFMMT POF BCPVU IJT PS IFS EFTUJOZ JO MJGF DVSSFOU TJUVBUJPO BOE BSFB GPS NPTU TVDDFTTGVM PDDVQBUJPO XJUI OP SFGFSFODF UP BOZ SFMJHJPO PS XIBUTP FWFS .POEBZ BOE 8FEOFTEBZ .BSDI "QSJM QN 1SJDF 3.# TFTTJPOT IPVST QFS TFTTJPO $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVM UVSFDFOUFS PSH
@> BGUFS XPSL #VZ POF HFU POF GSFF GSPN .PO UP 'SJ "WBJMBCMF EBJMZ GSPN QN UP QN 4VCKFDU UP TFSWJDF DIBSHF $PWFS DIBSHFT NBZ BQQMZ .FTI ' 5IF 0QQPTJUF )PVTF #MEH 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> -BEJFT /JHIU #VZ POF HFU POF GSFF DPDLUBJMT $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
@> 8VYJB BOE 8BSSJPST 4XPSETNFO óZJOH UISPVHI UIF BJS %B[[MJOH LVOH GV GSPN USFF UP USFF 5IF 8PSME PG $IJOFTF NBHB[JOF UBLFT ZPV CFIJOE UIF TDFOFT XJUI B TQFDJBM MPPL BU UIF IJTUPSZ BOE EFWFMPQNFOU PG UIF XVYJB NBSUJBM BSUT ñMN HFOSF GSPN UIF FBSMZ EBZT PG $IJOFTF DJOFNB UP UPEBZ T DSPXE QMFBTJOH TQFDJBM FÃFDUT 3.# /PO NFNCFST NFNCFST 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN 1IPUPHSBQIZ UBML XJUI 1FUFS $BSOFZ j $PNQPTJUJPO v +PJO 1FUFS
$BSFOZ BOE MFBSO BCPVU UIF CBTJD DPNQPTJUJPOBM SVMFT UIBU XJMM JNQSPWF UIF GSBNJOH PG ZPVS QJDUVSFT /P DBNFSBT OFFEFE QN 3.# 3FTFSWBUJPO SFRVJSFE $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU DPOUBDU!DVMUVSFZBSE OFU 8IJTLZ 8FEOFTEBZ m 'PS 1FBU T 4BLF 5IJT UJNF XF MM CF IBWJOH B CMJOE UBTUJOH PG TPNF PG UIF NPSF QFBUZ XIJTLJFT #PXNPSF ZFBS -BQISPBJH ZFBS #FOSPNBDI 1FBU TNPLF 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> #MVFT BOE +B[[ /JHIUT -JWF #MVFT 'PML BOE +B[[ QFSGPSNBODFT FBTF ZPVS OFSWFT 'SFF 8FE 5IV QN % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> (SFH $BSSPMM BOE #VNQ $JUZ (SFH $BSSPMM QFSGPSNT IJT DPNCJOBUJPO PG +B[[ 3 # #MVFT BOE 3PDL 3PMM XJUI B CJU PG BVUIFOUJD -BUJO NVTJD JO CF UXFFO 'SFF 8FE 4BU QN &VEPSB 4UBUJPO 'BOHZVBO 9JMV $IBPZBOH %JTUSJDU
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m TU "QSJM "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFO XBJ %BKJF $IBPZBOH %JTUSJDU FYU 8JOF óJHIU TIPU PG XJOF GPS 3.# "OZUJNF GSPN .PO 4VO &OPUF SSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
5FFOBHF 8FU %SFBN CZ "OESFBT (PMEFS
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
"
#
$
%
"(&/%"
5)6 ."3 Ŧ 8&% "13
%.
%.
5)6 ."3 Ŧ 8&% "13
"(&/%"
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
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
1PMJDF
)041*5"-4 $-*/*$4
5SBîD "DDJEFOU
#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
5FMFQIPOF %JSFDUPSZ $IJOFTF QSFTT GPS &OHMJTI TFSWJDF 5JNF 8FBUIFS 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
#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
. [POF %POH (BO %J %BJ
-PDBM DBMMT 3.# NJO BU QFBL IPVST BN QN PÃ QFBL DBMMT 3.# NJO
#FJKJOH 6OJUFE 'BNJMZ )FBMUI 8FMMOFTT $FOUFS ¢ +JBOHVPNFO .PO 'SJ BN QN # ' 4U 3FHJT )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FNFS HFODZ XXX VOJUFEGBNJMZ IPTQJUBMT DPN
$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
#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
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 7JTUB $MJOJD m ,FSSZ $FOUSF %BJMZ IPVST DMJOJD IPVST BN QN # ,FSSZ $FOUFS (VBOHIVB -V $IBPZBOH %JTUSJDU XXX WJTUB DIJOB OFU
5)6 ."3 Ŧ 8&% "13
%.
$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
*OUFSOBUJPOBM .FEJDBM $FOUFS *.$ %BJMZ IPVST 4 ' -VGUIBOTB $FOUFS -JBOH NBRJBP -V $IBPZBOH %JTUSJDU EFOUBM XXX JNDDMJOJDT DPN
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
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 ."3 Ŧ 8&% "13
"(&/%"
-"/(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 ."3 ┼ж 8&% "13
$"#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 $FOUFS *XyPjR 'JOBODJBM 4USFFU -─иQUyQJ -L─Т CBOL \tQ KiQJ QPTU P├оDF \yX M~ IPUFM OтАл ╫етАмGLjQ BJSQPSU M─и FKтАл╫ЩтАмQJ SBJMXBZ TUBUJPO KXтАл╫ЭтАмFK─Т ]KjQ TVCXBZ TUBUJPO GuWLp ]KjQ QIBSNBDZ \jR GLjQ IPTQJUBM \─и \XjQ FNCBTTZ Gj VKтАл ╫ЫтАмJXтАл╫ЩтАмQ OPSUI TPVUI FBTU XFTU E─ЪL QiQ G┼ЖQJ [─и
&"5*/(
XBJUFS XBJUSFTT I~ Z \XiQ NFOV FjL G─ЕQ PSEFS GPPE GLтАл╫ЩтАмQ FjL CJMM DIFDL PтАл╫ЩтАмL G─ЕQ * BN WFHFUBSJBO ZтАл ╫ЭтАмFK─и V ZтАл ╫ЭтАмE FK─и UzX * EP OPU FBU QPSL CFFG ZтАл ╫ЭтАмE FK─и ]K┼ЮUzX QL~UzX * BN BMMFSHJD UP QFBOVUT ZтАл ╫ЭтАмGXu KX─Е VK─ТQJ JXz PтАл╫ЫтАмQ UIF GPPE T HPPE KтАл╫ЩтАмR FK─и DIPQTUJDLT NXjL ]L LOJGF BOE GPSL G─ЕR FK─Е TQPPO VKiR ]L DVQ HMBTT E─ТL ]L OBQLJO F─ЕQ M─иQ ]KтАл ╫ЫтАм SJDF PтАл ╫ЫтАмIjQ DIJMJ TBVDF Oj ML─ЕR LFUDIVQ I─ЕQ TLp MLjQJ WJOFHBS F
%.
CBH CBS CBUISPPN CBUUFSZ DIBSHFS CPPL DBNFSB DJHBSFUUFT DSFEJU DBSE MJHIUFS DMPUIFT UP IBWF B DPME DPNQVUFS FMFWBUPS HMBTTFT IPTQJUBM IPUFM IVUPOH * N BMMFSHJD UPw *OUFSOFU MJHIUFS NBQ NPCJMF OBNF DBSE OFXTQBQFS OVNCFS QIPOF QBQFS QFO QIPUP QPMJDFNBO
64&'6- 70$"#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 ."3 ┼ж 8&% "13
"(&/%"
$-"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 m NPOUI 4FBTPOT 1BSL 4UVEJP NÄ¢ XJUI PQFO LJUDIFO d OJHIU PS d m NPOUI #S NÄ¢ d OJHIU PS d m NPOUI #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d /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
"(&/%"
$#% "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 'PSUVOF 1MB[B #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d $#% 1SJWBUF $BTUMF #S NÄ¢ d #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 $PVSUZBSE 'PS -FBTF )PVIBJ #S NÄ¢ -BLF 4JEF d %POHTJ #S NÄ¢ d 4VCMFU $/ '6-- 4&37*$& ) )PUMJOF &NBJM TVCMFUDO!HNBJM DPN 8FCTJUF IUUQ XXX TVCMFU DO -"/(6"(& 53"*/*/(
64 $)*/" 5"9 4&37*$&4 -JDFOTFE QFSTPOBMJ[FE 64 BOE $IJOB JOEJWJEVBM JODPNF UBY TQFDJBMJTUT XJUI PWFS ZFBST FYQFSJFODFT 'PS UBY SFUVSO QSFQBSBUJPO BOE DPOTVMUBUJPO TFSWJDFT QMFBTF DPOUBDU VT $POTVMUJOH 4FSWJDF $P -UE 8 XXX DO DPN & DPOUBDU! DO DPN . 1
4&37*$&4 Ŭ $"3 3&/5"- %3*7&3
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 4FWFO 4FBT 8PSMEXJEF PÃFST VO CFBUBCMF QSJDFT UP TFOE ZPVS QFSTPOBM FRVJQNFOUT BOE QFSTPOOFM XFMDPNF UP DVTUPN "EE #MEH +JBOXBJ CFMPOHJOHT PS FYDFTT CBHHBHF XPSME 4PIP %POHTBOIVBO ;IPOHMV XJEF 7JTJU XXX TFWFOTFBTXPSMEXJEF DPN UP USZ PVS '3&& TFDPOET POMJOF $IBPZBOH %JTUSJDU 5FM RVPUF 4P ZPV DBO NBLF B EFDJTJPO GBTU 8FCTJUF XXX UJBOYJDJRJOH DPN BOE TBWF UJNF NPOFZ 5FM &NBJM $)/*/'0!TFWFOTFBTXP SMEXJEF DPN
5)6 ."3 Ŧ 8&% "13
%.