%.
1 ร ร ร qร 1 ร ยฃx]ร ร รคยฃยฃ
,668( XXX BHFOEBCFJKJOH DPN
4FSJPVT 4FSWJDF " DMPTFS MPPL BU #FJKJOHhT รณ PVSJTIJOH IPTQJUBMJUZ JOEVTUSZ
$IFG 1BSJEF /PWJFMMP )PX UP IPTU B HSFBU QBSUZ 5IF NVTU IBWF DBNFSBT PG #FJKJOH T CFTU SFTUBVSBOUT GPS EJOOFS QBSUJFT
.BOBHJOH &EJUPS +FOOJGFS 5IPNÊ &EJUPSJBM "TTJTUBOU "EFMJOF 8BOH 7JTVBM 1MBOOJOH +PFZ (VP "SU %JSFDUPS 4VTV -VP 1IPUPHSBQIFST 4VJ +VEZ ;IPV 9JYJ $IFOH .JTILB 1IPUPHSBQIZ $POUSJCVUPST 9JYJ $IFOH +FMFOB ,PWBDFWJD 1IPFOJY 5TP
"EWFSUJTJOH "HFODZ *NNFSTJPO *OUFSOBUJPOBM "EWFSUJTJOH #FJKJOH $P -JNJUFE %FTJHOFST :VLJ +JB )FMFO )F -J 9JOH %JTUSJCVUJPO +FOOZ 8BOH 7JDUPSJB 8BOH .BSLFUJOH 4LPUU 5BZMPS $JOEZ ,VTVNB $BP :VF +JBOH -FJ 4BMFT .BOBHFS &MFOB %BNKBOPTLB
"DDPVOU &YFDVUJWFT -ZOO $VJ ,FMJ %BM #PTDP (MPSJB )BP "TIMFZ -FOESVN )BJMJF 4POH +BDLJF :V 4PQIJB ;IPV *ORVJSJFT &EJUPSJBM FEJUPS!BHFOEBCFJKJOH DPN -JTUJOHT MJTUJOHT!BHFOEBCFJKJOH DPN %JTUSJCVUJPO EJTUSJCVUJPO!BHFOEBCFJKJOH DPN 4BMFT TBMFT!BHFOEBCFJKJOH DPN .BSLFUJOH NBSLFUJOH!BHFOEBCFJKJOH DPN 4BMFT )PUMJOF $PWFS JNBHF 1BSJEF /PWJFMMP &YFDVUJWF $IFG PG -B (POEPMB SFTUBVSBOU ,FNQJOTLJ )PUFM #FJKJOH 1IPUP CZ .JTILB 1IPUPHSBQIZ
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
-&55&3 '30. 5)& &%*503 "U TPNF QPJOU JO PVS MJWFT FBDI PG VT XBT OFX UP #FJKJOH BOE DIBODFT BSF XF XFSF TP CVTZ UBLJOH JO UIF DJUZ UIBU XF GPSHPU UP HJWF DSFEJU UP UIF QFPQMF XIP NBEF JU QPTTJCMF GPS VT UP DPNF IFSF *O UIJT JTTVF PG "HFOEB XF UBML UP UIF QFPQMF XIP UIJOL BCPVU UIF TNBMMFTU EFUBJMT TP UIBU XF EPO U IBWF UP BOE XIP XPSL IBSE UP NBLF #FJKJOH POF PG UIF NPTU XFMDPNJOH DJUJFT JO UIF XPSME $IFDL PVU PVS JOUFSWJFX XJUI +VEJUI -PT #BOPT PG UIF )JMUPO #FJKJOH 8BOHGVKJOH XIPTF UFBN IBT CSPVHIU OVNFSPVT .JDIFMJO DIFGT UP #FJKJOH BT XFMM BT PVS MJTU PG QMBDFT UP UBLF ZPVS WJTJUPST UP NBLF B HSFBU JNQSFTTJPO "MTP CF TVSF UP SFBE BCPVU +FOOJGFS 'JMT "JNÊ T XPSL UP NBLF $IJOB B TBGFS QMBDF GPS FWFSZPOF *U T USVMZ JOTQJSJOH
+FOOJGFS 5IPNÊ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ñD )PUFMT 3FTPSUT +FOOJGFS 'JMT "JNÊ GPVOEFS PG 1FBDF GPS )VNBOJUZ -JTUT 5FO CFTU QMBDFT UP UBLF WJTJUPST &MFWFO QMBDFT UP IPTU B HSFBU EJOOFS QBSUZ #FJKJOH T CFTU CPVUJRVF IPUFMT 5IF CFTU DBNFSBT PG
%.
5IF CFTU DPNQBOZ NBLFT FWFO UIF NPTU IVNCMF NFBM TQFDJBM
5)6 +6/ Ŧ 8&% +6/
"(&/%"
53: 5)*4 3&45"63"/5
*TSBFMJ 4BMBE
,PTIFS HSJMMFE TBMNPO
.JEEMF &BTUFSO
%JOJ T ,PTIFS 3FTUBVSBOU 5IF DPODFQU NBZ OPU DBUDI ZPVS JNNFEJBUF GBODZ XFTUFSO +FXJTI BOE $IJOFTF GBSF IPVTFE VOEFS POF SPPG CVU %JOJ T JT B XFMDPNF SFQSJFWF GSPN GPPE BOYJFUJFT UIBU QMBHVF #FJKJOH T +FXJTI DPNNVOJUZ BT XFMM BT B TQBDJPVT BOE TVOOZ QMBDF UP HSBC MVODI CFGPSF IFBEJOH UP UIF NVDI SBWFE BCPVU 4J EF QBSL 5IF SFTUBVSBOU JT MBDFE XJUI EFUBJMT BOE TUPSJFT PG +VEBJTN T IJTUPSZ JO $IJOB XIJDI XJMM LFFQ EJOFST FOUFSUBJOFE XIJMF ZPVS BVUIFOUJD IJHI RVBMJUZ .JEEMF &BTUFSO MVODI PS EJOOFS JT CFJOH QSFQBSFE
&! .
3)g$% 0!2+
4JHOBUVSF EJTIFT JODMVEF UIFJS TXFFU DIBMMBI SPMMT BOE GPSUIDPNJOH DIJDLFO TIBXBSNB TBWPSZ QPUBUP LVHFM GBMBGFM BOE TUVíFE DBCCBHF
"(&/%"
5)6 +6/ Ŧ 8&% +6/
!/ 95
.
,5
8)
8)
8IJMF ZPV SF JO UIF OFJHICPSIPPE QPQ VQ UP $BGÊ .JOJBUVSF OBNFE BGUFS B KPJOU UIBU TFSWFE UIF 3VTTJBO +FXT JO )BSCJO KVTU B DFOUVSZ BHP "GUFS ZPV WF IBE ZPVS MVODI IFBE PVU UP 4J EF QBSL BOE EJTDPWFS XIZ JU JT POF PG #FJKJOH T GBWPSJUFT
'9 5
1FSGFDU GPS B NFBM XJUI GSJFOET CFGPSF IFBEJOH UP 4J EF 1BSL
!.
8)
,5
%BJMZ BN QN 'BOHZVBO 9JMV OFYU UP UIF TPVUI HBUF PG 4J EF 1BSL $IBPZBOH %JTUSJDU
3!.95!.1)!/ 34!4)/.
%.
$).)g3 +/3(%2 !/ 95 #!&% -).)!452% . 1 )! /
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
53: 5)*4 3&45"63"/5
8BMM NVSBMT BEE FYUSB TQJDF
,FSNBO MPBG
.JEEMF &BTUFSO
,PL 4BSPZ 8IJMF UIF MPDBUJPO NBZ CF B CJU IBSE UP ñOE UIJT CFBVUJGVMMZ EFDPSBUFE SFTUBVSBOU JT B TUFQ VQ GSPN UIF SVO PG UIF NJMM 9JOKJBOH SFTUBVSBOUT UIBU EPU UIF DJUZ %JOFST DBO FYQFDU UP ñOE B NFOV ñMMFE XJUI 6[CFLJTUBO T TJHOBUVSF EJTIFT TVDI BT QBMPW 3.# m B POF QPU EJTI PG SJDF DPPLFE UPHFUIFS XJUI DIJDLQFBT ESJFE GSVJU HSBUFE DBSSPUT TQJDFT BOE NVUUPO 5IF NFOV JT BMTP IFBWZ PO CSFBET BOE ZPV E CF B GPPM UP QBTT VQ UIF UIF USBEJUJPOBM 6[CFL MBNC ñMMFE TBNTBT 3.# PS UIF TXFFU BOE CFBVUJGVMMZ QMBUFE LFSNBO MPBG 3.#
4JHOBUVSF EJTIFT JODMVEF UIF QBMPW 3.# 5BTILFOU TUZMF QVMMFE OPPEMFT JO CSPUI 3.# BOE DIJDLFO LFCBCT 3.#
8IJMF ZPV SF JO UIF BSFB XBML PÃ EJOOFS JO UIF USFF MJOFE FNCBTTZ EJTUSJDU UIFO IFBE CBDL UP UIF OPSUIFSO SFBDIFT PG 4BOMJUVO GPS B OJHIUDBQ
"(&/%"
5)6 +6/ Ŧ 8&% +6/
+/+ 3!2/9
$/.':()-%.7!) $!*)% $/.':()-%. 34!4)/.
$/.' 3)3()4)!/ 34!4)/.
%.
8).$/.' ,5
1FSGFDU GPS B MBUF OJHIU .JEEMF &BTUFSO EJOOFS PS TPNF EFMJDJPVT DBSC MPBEJOH UIF OJHIU CFGPSF ZPVS XFFLFOE SVO
#(5.8)5 ,5
%BJMZ BN NJEOJHIU %POH[IJNFOXBJ 9JBPKJF OFBS 3JWFS 7JFX )PUFM $IBPZBOH %JTUSJDU
./24(%2. 3!.,)45.
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
53: 5)*4 3&45"63"/5
4JDIVBO IPOFZ TISJNQ
-BNC DIPQT
-F 2VBJ 4BMBE
.PEFSO 'VTJPO
-F 2VBJ -F 2VBJ QSPOPVODFE iMF LBZu JT IPVTFE JO B HSBOE ZFBS PME XPPEFO IPVTF SFMPDBUFE CFBN CZ CFBN GSPN +JBOHTV 1SPWJODF 5IF NFOV GFBUVSFT NPEFSO GVTJPO EJTIFT BOE iOFX TDIPPMu $IJOFTF DVJTJOF 9JOQBJ ;IPOHDBO XJUI BO FNQIBTJT PO "OIVJ BOE 4JDIVBO óBWPST NBLJOH JU UIF QFSGFDU QMBDF UP HP UP JNQSFTT CPUI WJTJUPST BOE MPDBM DPMMFBHVFT BOE DMJFOUT 8IFO ZPV HP CF TVSF UP BTL GPS $IFG ,FOOZ T SFDPNNFOEBUJPOT VOMFTT ZPV SF UPUBMMZ ñYBUFE PO PSEFSJOH GSPN UIFJS TMJDL JQBE NFOV %BJMZ BN NJEOJHIU (BUF PG UIF 8PSL FST 4UBEJVN $IBPZBOH %JTUSJDU -F2VBJ! DPN
4JHOBUVSF EJTIFT JODMVEF UIFJS MBNC DIPQT NBSJOBUFE JO $IJOFTF XJOF 3.# DIBTIBP GPJF (SBT 3.# BOE UIF IPOFZ HMB[FE 4JDIVBO TQJDFE TISJNQ 3.#
!,&!
7/2+%23g 34!$)5- "%),5
,% 15!)
8IJMF ZPV SF JO UIF BSFB ñOJTI UIF FWFOJOH XJUI B ESJOL BU "MGB
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
7/2+%23g 34!$)5- $/.',5
1FSGFDU GPS CFBVUJGVM BM GSFTDP EJOJOH JO TVNNFS NPOUIT BOE MPWFMZ GVTJPO GFBTUJOH UIF SFTU PG UIF ZFBS
./.'9% :(!.,!.'5!. 34!4)/.
45!.*)%(5 34!4)/.
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
53: 5)*4 3&45"63"/5
&HH #SFBE
&HHT CFOFEJDU
#BOBOB SJDPUUB QBODBLFT
$BOBEJBO
4XJUDI 4XJUDI JT UIF ñSTU SFTUBVSBOU QSPKFDU CZ UIF $BOBEJBO DVMJOBSZ HSPVQ LOPXO CFTU GPS UIFJS (SFBU 8BMM EJOOFST BOE JOOPWBUJWF DBUFSJOH TFSWJDFT 5IF EJTIFT BU UIJT SFTUBVSBOU BSF HPPE FOPVHI UP NBLF B USJQ PVU UP XPSUI JUT XIJMF FWFO JG ZPV DIPPTF OPU UP WJTJU BOZ PG UIF TVSSPVOEJOH BSU HBMMFSJFT 5IF CFTU UJNF UP HP JT PO UIF XFFLFOE XIFO UIF QMBDF JT BCV[[ XJUI FBHFS CSVODIFST EJOJOH PO UIF óVÃZ CBOBOB SJDPUUB QBODBLFT ESJ[[MFE XJUI $BOBEJBO NBQMF TZSVQ BOE TQSJOLMFE XJUI CMVFCFSSJFT UIF CSJTLFU BOE FHHT BOE UIF QPUBUP SPTUJ 4XJUDI T DPDLUBJM MJTU JT BMTP OPUBCMF 5IF TUSBXCFSSZ DIJMJ NBSUJOJ ñOET UIBU QFSGFDU CBMBODF PG TXFFU BOE TQJDZ BOE QVMMT JU Pà EBSJOHMZ XFMM 5VF 8FE 4VO BN QN 5IV 4BU BN QN /P "SU %JTUSJDU +JVYJBO RJBP -V $IBPZBOH %JTUSJDU
37)4#( 30!#%
,5 &! .
'9 5
!.
8)
4JHOBUVSF EJTIFT JODMVEF UIF CBOBOB SJDPUUB QBODBLFT ESJ[[MFE XJUI $BOBEJBO NBQMF TZSVQ TQSJOLMFE XJUI CMVFCFSSJFT 3.# UIF TUFBL TBOEXJDI 3.# BOE QPUBUP SPTUJ 3.#
$/
8IJMF ZPV SF JO UIF OFJHICPSIPPE FOKPZ UIF TVNNFS IFBU BOE UIF DPPM BSU BU 3!.95!.1)!/ 34!4)/.
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
.'
3)
(
5!
.
"%
),
5
*)58)!.1)!/ ,5
1FSGFDU GPS B HSFBU XBZ UP TUBSU B EBZ PG BSUJTUJD FOEFBWPST BU
'30. *5"-: 8*5) -07&
4105-*()5
$IFG *WBO -VJHJ 'BSHOPMJ PG 'SBUFMMJGSFTI 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM
'PS UIF QBTU TJY ZFBST $IFG *WBO -VJHJ 'BSHOPMJ IBT CFFO TQJDJOH VQ QMBUFT JO #FJKJOH JO 4IBOHIBJ BOE OPX IF T HFUUJOH SFBEZ UP UBLF PWFS UIF LJUDIFO BU 'SBUFMMJGSFTI JO UIF 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM +FOOJGFS 5IPNร NFU XJUI UIJT .JMBO OBUJWF UP MFBSO NPSF BCPVU IJT DPPLJOH TUZMF UIF JNQSFTTJPOT $IJOFTF DVJTJOF IBWF MFGU PO IJN BOE UIF SFBTPOT XIZ IF GFFMT TP BU IPNF JO UIF .JEEMF ,JOHEPN
)PX MPOH IBWF ZPV CFFO JO $IJ OB * WF CFFO JO $IJOB GPS OFBSMZ TFWFO ZFBST .Z XJGF JT $IJOFTF TP * N HMBE UIBU * IBWF B MPU PG DIBODFT UP USBWFM BSPVOE $IJOB UP USZ EJG GFSFOU DVJTJOFT JOHSFEJFOUT BOE รณBWPST * IBWF UP TBZ UIBU * FOKPZ TQJDZ GPPE B MPU TVDI BT 4JDIVBO TUZMF GPPE BOE IPU QPU )PX DPVME ZPV DPNQBSF *UBMJBO 'PPE BOE $IJOFTF 'PPE 5P CF IPOFTU * GFFM UIFZ BSF RVJUF TJNJMBS 'PS FYBNQMF XF IBWF QBTUB BOE TQBHIFUUJ BOE UIF $IJOFTF IBWF OPPEMFT XF IBWF UPSUFMMJOJ BOE UIF $IJOFTF IBWF EVNQMJOHT #VU *UBMJBO GPPE JT NVDI MJHIUFS UIBO $IJOFTF GPPE *UBMJBO DVJTJOF JT TJN QMF BOE FBTZ 5IF QFSGFDU EJTI GPS NF IBT OP NPSF UIBO GPVS JOHSFEJ FOUT BOE CBMBODFT UIFN QFSGFDUMZ $VMUVSF BOE GBNJMZ BSF BMTP RVJUF TJNJMBS JO UIFTF UXP QMBDFT
)PX EJE ZPV รฑSTU TUBSU DPPLJOH BOE XIBU NBEF ZPV EFDJEF UP CFDPNF B DIFG "T GBS BT * DBO SFNFNCFS * TUBSUFE DPPLJOH XIFO * XBT B DIJME XBUDIJOH BOE IFMQ JOH NZ GBUIFS BOE BVOU UP QSFQBSF EJOOFST GPS NZ CJH GBNJMZ *O *UBMZ EJOOFS GPS B CJH GBNJMZ JT UIF NPTU JNQPSUBOU UJNF UP HFU UPHFUIFS KVTU MJLF JO $IJOB * DBO FYQSFTT NZ GFFMJOHT BOE QBTTJPO XIFO DPPL JOH BOE EFMJWFS UIFN UP NZ HVFTUT XJUI NZ EJTIFT * GFFM IBQQZ XIFO UIFZ BSF IBQQZ XJUI NZ DSFBUJPOT 8IBU JT UIF DPODFQU CFIJOE ZPVS NFOV * BMXBZT CFMJFWF FBUJOH JT B LJOE PG GBNJMZ FWFOU BOE GBN JMZ NFNCFST TIPVME HFU UPHFUIFS UP DPNNVOJDBUF XJUI FBDI PUIFS EVSJOH EJOOFS UJNF .Z DPODFQU JT UP CSJOH GBNJMJFT UPHFUIFS JO NZ SFTUBVSBOU UP NBLF UIFN GFFM DPN GPSUBCMF BOE BMTP UP IBWF UIFN FOKPZ NZ EJTIFT
%.
5P CF IPOFTU * IBWF DIBOHFE BMNPTU UIF XIPMF NFOV BEEJOH EJTIFT UIBU * GFFM DPOรฑEFOU JO QSF TFOUJOH TVDI BT NZ DSFBUJWF DPG GFF HPPTF MJWFS JOOPWBUJWF UPNBUP NP[[BSFMMB TBMBE DIJMJ UBHMJBUFMMF TQFDJBM IPNFNBEF HOPDDIJ BOE UIF %PWFS TPMF รฑTI )PX EP ZPV EFWFMPQ UIF JEFBT GPS ZPVS OFX EJTIFT * EFWFMPQ NZ JEFBT JO UXP XBZT 'JSTU * N EFรฑOJUFMZ B GPPE MPWFS BOE * MJLF HPJOH PVU UP USZ EJรญFSFOU EJTIFT PG BMM UZQFT BOE รณBWPST * CFMJFWF UIFSF JT BMXBZT TPNFUIJOH XPOEFSGVMMZ OFX BOE FYDJUJOH GPS NF UP EJTDPWFS "MTP CFIJOE UIF EJTI UIFSF JT BMXBZT B TUPSZ * HFU NZ JOTQJSBUJPOT GSPN XIBU * TFF TNFMM UPVDI BOE UBTUF *O UIF NPSOJOH * MJLF UP XBML UISPVHI UIF MPDBM GPPE NBSLFU UP TFF XIBU T JO TFBTPO BOE UIFO XPSL XJUI UIF JOHSFEJFOUT GPS POF PS UXP XFFLT VOUJM * GFFM B EJTI JT SFBEZ
5)6 +6/ ลฆ 8&% +6/
"(&/%"
53: 5)*4 #"3
#BST
'F[ 'F[ IBT CFFO SFWJWFE PO "HVB T SPPGUPQ BOE XJUI #FJKJOH T TVNNFS IFBU XFMM VOEFSXBZ UIFSF JT OP CFUUFS QMBDF UP FTDBQF UIF NVHHZ SPBET BOE JOEVMHF JO CFBVUJGVMMZ DSBGUFE BOE SFGSFTIJOH DPDLUBJMT DVSSFOUMZ CFJOH DSFBUFE VOEFS UIF UVUFMBHF PG CBSUFOEJOH DPOTVMUBOU BOE DPDLUBJM NBTUFS #PC -PVJTPO 5IF IPVTF TQFDJBMUZ DPDLUBJMT BSF ESBXO GSPN ESJOL MJTUT BU UIF "RVB HSPVQ T )POH ,POH BOE -POEPO WFOVFT 5SZ UIF ;BDBQB 1FBS NBEF XJUI ZFBS PME SVN 4QBOJTI TIFSSZ CJUUFST BOE GSFTI QFBS PS UIF #BTJMJDP NBEF XJUI WPELB MFNPO CBTJM BOE CMBDLCFSSZ MJRVPS %BJMZ QN MBUF ' FOUFS WJB "HVB /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
1FSGFDU GPS B SFMBYFE OJHIUDBQ JO 4BOMJUVO
&%: -)'!3 !'5! !002/8 ./. 3%!3/.
4JHOBUVSF ESJOLT JODMVEF UIFJS ;BDBQB 1FBS BOE #BTJMJDP CPUI 3.#
8IJMF ZPV SF JO UIF OFJHICPSIPPE EJOF BU .JHBT PS "HVB BOE JG ZPV IBWF UJNF USFBU ZPVSTFMG UP B XFMM EFTFSWFE NBTTBHF BU )FSCPSJTU TQB BOE B IBSE FBSOFE QJFDF PG CMJOH BU "QQSPY *G ZPV OFFE UP ñMM PVU ZPVS TVNNFS XBSESPCF TUPQ CZ /PO 4FBTPO GPS TPNF FMFHBOU EBZ XFBS GPS ZPV BOE ZPVS CFUUFS IBMG
"(&/%"
5)6 +6/ Ŧ 8&% +6/
./.'9% :(!.,!.'5!. 34!4)/.
7JTJU BHFOEBCFJKJOH DPN UP XJO B 3.# HJGU WPVDIFS GPS B SPNBOUJD EJOOFS GPS UXP BU "HVB
7/2+%23g 34!$)5- "%),5
%.
(%2"/2)34 30!
45!.*)%(5 34!4)/.
4105-*()5
4*9 '03 5)& 30"%
.FNPJSJTU "MBO 1BVM UBMLT BCPVU IJT GBWPSJUF UIJOHT JO $IJOB
5IJT +VOF "MBO 1BVM XJMM CF SFUVSOJOH UP #FJKJOH UP SFBE GSPN IJT NFNPJS #JH JO $IJOB BOE ZFT QMBZ TPNF DIPSET XJUI IJT CBOE 8PPEJF "MBO +FOOJGFS 5IPNÏ UBMLFE XJUI IJN QSJPS UP IJT +VOF UI CPPL SFBEJOH BOE +VOF UI DPODFSU UP MFBSO XIBU IF N J T T F T N P T U O PX U I B U IF T NBEF JU CJH PVUTJEF PG $IJOB
+JBOHIV +JVCB .Z CBOE 8PPEJF "MBO XBT POF PG UIF ñSTU HSPVQT UP QMBZ BU UIJT HSFBU MJUUMF IVUPOH CBS BOE * N QSPVE UP IBWF DPOUSJCVUFE JO B TNBMM XBZ UP JUT TVDDFTT *U JT SVO CZ BOE GPS NVTJDJBOT BOE JT BMXBZT ñMMFE XJUI DPPM QFPQMF &BTU .JBO IVB )VUPOH %POHDIFOH %JTUSJDU
3JUBO 1BSL .Z FOUJSF GBNJMZ FOKPZT UIJT MJUUMF EPXOUPXO HFN GSPN NVTJD BOE ESJOLT BU UIF PME 4UPOF #PBU UP SPDL TDSBNCMJOH BOE GSPN UXJDF GSJFE SJCT BU 9JBP 8BOH 'V T UP CPVODZ DBTUMFT BOE HBNFT 4UPOF #PBU $BGÊ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
%.
+JBOCJOH * KVTU DBO U HFU FOPVHI PG UIFTF FHH QBODBLF TBOEXJDIFT * HPSHF PO UIFN XIFOFWFS * BN CBDL BOE IBWF CFFO LOPXO UP HFU PO B LJE T CJLF BOE ESJWF BMM BSPVOE NZ GSJFOE T OFJHICPSIPPE JO TFBSDI PG NZ GBWPSJUF WFOEPS .BSLFU TIPQQJOH * XBT B GSFRVFOU TIPQQFS BU UIF 4VOIF .BSLFU OFBS NZ IPVTF CVZJOH FWFSZUIJOH GSPN iBOUJRVFTu UP QFBDIFT BOE * MPWF WJT JUJOH WJSUVBMMZ BOZ NBSLFU JO UPXO * TUJMM HFU B HSFBU LJDL PVU PG 1BO KJZVBO UPP UIPVHI * LOPX NBOZ UIJOL JU T B TIBEPX PG JUT GPSNFS TFMG 4VOIF .JOTV .BSLFU +JO HNJ 4USFFU $IBPZBOH %JTUSJDU $MPTF UP MJOF 4VOIF TUBUJPO 1BOKJBZVBO 8FTU PG 1BOKJBZVBO 2JBP $IBPZBOH %JTUSJDU
5)6 +6/ Ŧ 8&% +6/
"(&/%"
53: 5)*4 4)01
$MPUIJOH BOE )PNFXBSF
.VKJ .PEFSO MJGF JT DPNQMJDBUFE BSUJñDJBM BOE MFU T GBDF JU UBTUFMFTT *G UIF UISJMM PG TMJDL HBEHFUT IBT XPSO Pà BOE UIF HMBNPVS PG DJUZ MJGF JT TUBSUJOH UP XFBS PO ZPVS OFSWFT USFBU ZPVSTFMG UP TPNF TIPQQJOH UIFSBQZ BU .VKJ B +BQBOFTF CSBOE UIBU TQFDJBMJ[FT JO NJOJNBMJTUJD IPNF BDDFTTPSJFT $IPPTF GSPN UPJMFUSZ JUFNT LJUDIFOXBSF BOE GVSOJUVSF m BMM NBEF XJUI IJHI RVBMJUZ FDP GSJFOEMZ NBUFSJBMT 5IFSF T BMTP B SBOHF PG UBTUFGVM MJHIUXFJHIU DMPUIJOH BOE TIPFT .POm'SJ BN QN 4BUm4VO BN QN ' +PZ $JUZ " 9JEBO #FJEBKJF 9JDIFOH %JTUSJDU - $IJOB $FOUSBM 1MBDF 9JEBXBOHMV $IBPZBOH %JTUSJDU 4.. . ' #MEH 4PMBOB .BMM $IBPZBOH (POHZVBO -V $IBPZBOH %JTUSJDU 4FDPOE 'MPPS 8BOHGVKJOH %BKJF %POHDIFOH %JTUSJDU (MPSZ .BMM ' ' $IPOHXBJ %BKJF $IPOHXFO %JTUSJDU
-5*)
-5*)
-5*)
1FSGFDU GPS UBTUFGVM BOE FOWJSPONFOUBMMZ GSJFOEMZ IPNF BDDFTTPSJFT BOE OBUVSBM DMPUIJOH
"(&/%"
5)6 +6/ Ŧ 8&% +6/
-5*)
-5*)
%.
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
53: 5)*4 41"
4QB )FBMUI $MVC
%SBHPOรณZ 5IFSBQFVUJD 3FUSFBU 1SBDUJDBMMZ B IPVTFIPME OBNF JO #FJKJOH %SBHPOรณZ T FMFHBOU EFTJHO BOE FรฎDJFOU TFSWJDF IBWF HJWFO JU B TQFDJBM QMBDF JO UIF IFBSUT OPU UP NFOUJPO UIF GFFU BOE CBDLT PG #FJKJOH T FYBQUT 5IFJS TFSWJDFT SVO UIF TQFDUSVN TP XIFUIFS JU T B RVJDL NBOJ QFEJ B IFBE BOE TIPVMEFS NBTTBHF PS B IFBE UP UPF QBNQFSJOH ZPV SF JO OFFE PG ZPV SF TVSF UP รฑOE JU IFSF %BJMZ BN BN ' (SBOE 4VNNJU 1MB[B %POHGBOH %POHMV N OPSUI PG -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU %POHIVBNFO "WF %POHDIFOH %JTUSJDU 4PVUI 4BOMJUVO 3PBE (SPVOE รณPPS PG &BTUFSO *OO $IBPZBOH %JTUSJDU
1FSGFDU GPS B TUSBJHIUGPSXBSE BOE SFMBYJOH NBTTBHF JO B SFMBYJOH TFOTVBM FOWJSPONFOU 4JHOBUVSF USFBUNFOUT BSF UIFJS BSPNB PJM NBTTBHF 3.# IFBE BOE TIPVMEFS NBTTBHF 3.# BOE UIFJS iTQBSUJFT u $BMM UP SFTFSWF B TQB PS BSSBOHF B TNBMM FTDBQF GPS ZPVS XFBSZ FNQMPZFFT
"(&/%"
5)6 +6/ ลฆ 8&% +6/
$2!'/.&,9 4(%2!0%54)# 2%42%!4
$2!'/.&,9 4(%2!0%54)# 2%42%!4
$2!'/.&,9 4(%2!0%54)# 2%42%!4
%.
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
4105-*()5
$0/5&.103"3: *5"-*"/ */ #&*+*/(
1BSJEF /PWJFMMP &YFDVUJWF $IFG PG -B (POEPMB SFTUBVSBOU ,FNQJOTLJ )PUFM #FJKJOH -VGUIBOTB $FOUFS $IFG 1BSJEF /PWJFMMP IBT POMZ CFFO JO #FJKJOH GPS UIF QBTU UXP NPOUIT CVU UIBU EPFTO U NFBO UIBU UIJT DV MJOBSZ NBTUFSNJOE JT HSFFO CFIJOE UIF FBST )F T CFFO JO UIF LJUDIFO TJODF IF XBT BOE IBT XPSLFE JO SFTUBV SBOUT BMM PWFS TPVUI FBTU "TJB BOE UIF .JEEMF &BTU 4UBSW JOH FEJUPST +FOOJGFS 5IPNÏ BOE "EFMJOF 8BOH NFU XJUI 1BSJEF /PWJFMMP BU -B (POEPMB SFTUBVSBOU UP MFBSO IPX IF HPU TUBSUFE JO UIJT DBSFFS BOE UP HPTTJQ BCPVU UIF DVMJOBSZ IBCJUT PG TVQFS NPEFMT
5FMM VT BCPVU ZPVSTFMG * TUBSUFE TUVEZJOH UIF DVMJOBSZ BSUT BU CF DBVTF NZ GBNJMZ IBT B SFTUBVSBOU JO *UBMZ * BDUVBMMZ XBTO U TVSF JG * XBOU FE UP XPSL JO DPPLJOH CFDBVTF * XBT HPJOH UP HP UP BSU TDIPPM JO 7FOJDF #VU UIFO UIF NPOUI CFGPSF * ñOJTIFE IJHI TDIPPM * EFDJEFE UP XPSL JO UIF DVMJOBSZ ñFME NPTUMZ CFDBVTF JU XBT B GBNJMZ CVTJOFTT
%P ZPV VTF BOZ PG ZPVS BSUJTUJD CBDLHSPVOE JO ZPVS DPPLJOH :FT &WFSZ UJNF * QSFTFOU B QMBUF ZPV DBO TFF UIBU * MJLF UP BEE TPNF GMBSF BMUIPVHI JU T BMXBZT XJUIJO UIF SBOHF PG DPOUFNQPSBSZ *UBMJBO óBWPST XIJDI JT XIBU * EP * EPO U EP DMBTTJDBM DVJTJOF 5IBU CFJOH TBJE JU T SFBMMZ JNQPSUBOU UP NF UP VTF PSJHJOBM JOHSFEJFOUT
%P ZPV FWFS SFHSFU OPU HPJOH UP BSU TDIPPM 4PNFUJNFT ZFT "SU JT B NVDI NPSF SFMBYFE KPC :PV XPSL BDDPSEJOH UP ZPVS JOTQJSBUJPO BOE JU T OPU BT TUSFTTGVM BT IPTQJUBMJUZ DBO CF #FJOH B DIFG JT OPU FBTZ BOE IPTQJUBMJUZ JT SFBMMZ TUSFTTGVM *U T BMM BCPVU UJNJOH BOE ZPV DBOOPU QFS NJU ZPVSTFMG UP NBLF B NJTUBLF
8IBU T UIF EJíFSFODF CFUXFFO DPOUFNQPSBSZ BOE USBEJUJPOBM *UBMJBO GPPE $POUFNQPSBSZ GPPE JT UIF GPPE PG OPX m JU T XIBU UIF QFPQMF MJWJOH JO *UBMZ BSF FBUJOH *U T UIF JOHSFEJFOUT UIF XBZ PG DPPL JOH *U T SFBMMZ IBSE UP EP USBEJUJPOBM *UBMJBO GPPE BOZXIFSF FMTF JO UIF XPSME #VU FWFO JG ZPV BSF DPOUFN QPSBSZ ZPV IBWF UP CF BVUIFOUJD *G ZPV DPVME DPPL EJOOFS GPS BO 5IJT JT SFBMMZ JNQPSUBOU ZPOF JO UIF XPSME XIP XPVME
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
:PV WF USBWFMFE BMM PWFS "TJB )PX EJE ZPV FOE VQ DPNJOH UP $IJOB :PV SF SJHIU * WF XPSLFE JO 5IBJMBOE BOE *OEPOFTJB BOE * IBWF USBWFMFE BMM PWFS 4PVUIFBTU "TJB * SFBMMZ XBOUFE UP TFF XIBU $IJOB XBT MJLF FTQFDJBMMZ #FJKJOH * SFBMMZ MJLF UIF DVMUVSF PG UIF QFPQMF JO $IJOB *U T WFSZ SJDI 5IFZ IBWF UIFJS USBEJUJPOBM XBZT PG UIJOLJOH BOE MJWJOH BOE JU T UPUBMMZ EJíFSFOU GSPN *OEPOFTJB BOE 5IBJMBOE XIJDI BSF NPSF XFTUFSOJ[FE $IJOFTF GPPE JT HPPE UPP CVU JO #FJKJOH JU T WFSZ EJíFSFOU GSPN PUIFS QBSUT PG $IJOB 1FPQMF IFSF MJLF UP FBU SFBMMZ GBUUZ GPPET IFBWZ GPPET *U T EJíFSFOU GSPN UIF TPVUI MJLF UIF CPSEFS BSFB XJUI -BPT
ZPV DPPL GPS 5IJT JT OPU BO FBTZ RVFTUJPOw :PV LOPX XIFO ZPV SF DPPLJOH GPS TPNFPOF MJLF UIF RVFFO PS UIF QSFTJEFOU ZPV IBWF UP VTF TJNQMF JOHSFEJFOUT UIBU BSF VODPN QMJDBUFE 5IFTF LJOET PG QFPQMF BSF WFSZ GBNPVT UIFZ EPO U MJLF DPN QMJDBUFE UIJOHT 5IFZ MJLF JU TJNQMF 8IFO * XPSLFE JO 5IBJMBOE * DPPLFE GPS UIF SPZBM GBNJMZ BOE UIF QSJODFTT MJLFE SFBMMZ TJNQMF UIJOHT 4IF MJLFE QBFMMB XIJDI JT OPU *UBMJBO CVU TIF SFRVFTUFE JU 4IF BMTP MJLFE 4QBHIFUUJ XJUI UPNBUP TBVDF BOE DPME DVUT *U XBT UIF TBNF XIFO * DPPLFE GPS ,BUF .PTT BOE /BPNJ $BNQCFMM /BPNJ $BNQCFMM IBT B SFQVUB UJPO GPS CFJOH IPU UFNQFSFE 8IBU XBT JU MJLF DPPLJOH GPS IFS *U XBT OPUIJOH MJLF UIBU * TFSWFE IFS JO UIF 3PZBM .BSJOB 1IVLFU "U UIF UJNF * XPSLFE JO UIJT SFTUBVSBOU BOE EJE DBUFSJOH GPS ZBDIUT 4IF T OPU FBTZ CVU XIFO TIF BUF XJUI VT TIF IBE UIF HSJMMFE TFBCBTT XJUI HSJMMFE WFHFUBCMFT BOE B SVDPMB TBMBE BQ QMF KVJDF BOE BRVB QBOOB
EP JU CFDBVTF UIFZ MJLF JU PS CFDBVTF UIFZ XBOU UP HFU TPNFUIJOH GSFF 5IJT JT B QPMJDZ JO B MPU PG IPUFMT BOE TPNF QFPQMF UBLF BEWBOUBHF PG UIJT * UIJOL UIJT JT SFBMMZ CBE 8IBU T ZPVS GBWPSJUF EJTI * SFBMMZ MJLF TFBGPPE .Z GBWPSJUF EJTI JT B MPCTUFS $BUBMBO TBMBE *U T B TBMBE XJUI MPCTUFS SFE POJPO PMJWF UPNB UP BOE CBTJM *U T WFSZ GSFTI *U T OPU PO UIF NFOV IFSF CVU XF NJHIU TFSWF JU BT B TQFDJBM 8IBU BSF ZPVS GBWPSJUF QMBDFT UP WJTJU PO DVMJOBSZ FYDVSTJPOT 'PS GPPE * SFBMMZ MJLF UP WJTJU #BOHLPL CFDBVTF * UIJOL 5IBJ DVJTJOF JT SF BMMZ SJDI JO DVMUVSF * MJLF JU B MPU BOE 7JFUOBNFTF GPPE BT XFMM *U T WFSZ MJHIU GVMM PG GSFTI JOHSFEJFOUT BOE SFBMMZ IFBMUIZ BT XFMM
%PFT JU SFNJOE ZPV PG *UBMJBO DPPL JOH JO UIBU TFOTF 8F IBWF TPNF UIJOHT JO DPNNPO 8F VTF CBTJM UIFZ VTF CBTJM BT XFMM 8F VTF UPNBUPFT BOE NVTISPPNT BOE TP EP UIFZ * DBO U TBZ UIF JOHSFEJFOUT BSF UIF (FUUJOH CBDL UP PVS PSJHJOBM TBNF CVU UIFZ BSF WFSZ TJNJMBS RVFTUJPO JG ZPV DPVME DIPPTF BOZPOF UP DPPL GPS XIP XPVME JU %P ZPV IBWF B GBWPSJUF FBTZ SFD CF .BZCF UIF QPQF 8IZ OPU *U T JQF UIBU ZPV DBO UFBDI PVS SFBE JNQPTTJCMF PG DPVSTF "GUFS UIBUw * FST 1FOOF XJUI 5PNBUP TBVDF EPO U LOPXw :PV OFFE DBOOFE UPNBUPFT *U JT "OZ GBNPVT BDUPST /P OP OP OP OP * N OPU B GBO PG UIF DJOFNB BDUVBMMZ * MJLF NVTJD CVU NPWJFT TPNFUJNFT NBLF NF GFFM CPSFE 5IFSF BSF TP NBOZ CFUUFS UIJOHT UIBO UP XBUDI NPWJFT m )BWF ZPV FWFS DPPLFE GPS B NFBO DFMFCSJUZ )BT BOZPOF FWFS DPNQMBJOFE BCPVU ZPVS GPPE /P OP POF 5IFO ZPV NVTU CF WFSZ HPPE *G ZPV HJWF QFPQMF HPPE UIJOHT UIFO QFPQMF IBWF OP OFFE UP DPNQMBJO *G ZPV EPO U DIFBU QFPQMF UIFZ IBWF OP OFFE UP DPNQMBJO 4PNF QFPQMF
CFTU JG ZPV DBO ñOE TPNF UPNBUPFT JNQPSUFE GSPN *UBMZ 5IFO ZPV OFFE SFE POJPO HBSMJD CBTJD PSFHBOP BOE TBMU BOE QFQQFS 5IFTF BSF UIF JOHSFEJFOUT GPS B OJDF TJNQMF UP NBUP TBVDF :PV TBVUÊ UIF POJPO XJUI B MJUUMF CJU PG PMJWF PJM BEE UIF HBSMJD UIFO UIF UPNBUP TBVDF BOE UIF SFTU PG UIF JOHSFEJFOUT :PV TJN NFS UIJT PWFS B TMPX ñSF GPS IBMG BO IPVS 5IFO ZPV KVTU DPPL UIF QBTUB BOE BEE UIF TBVDF UP JU %P ZPV IBWF BOZ GBWPSJUF CBST PS SFTUBVSBOUT JO #FJKJOH ZFU #BST .Z GBWPSJUF CBS JO #FJKJOH JT "QQFSJ UJWP 5IF PXOFS JT OPX B GSJFOE PG NJOF * XBT WFSZ IBQQZ UP ñOE UIJT CBS &WFSZXIFSF ZPV HP JO "TJB PS FWFO UIF .JEEMF &BTU ZPV DBOOPU ñOE UIJT LJOE PG CBS *U T B SFBMMZ *UBM JBO CBS * XBT SFBMMZ JNQSFTTFE UIF ñSTU UJNF * XFOU JOTJEF 5IFZ IBWF B 4QSJU[ "QFSPM XIJDI JT OPU TPNF UIJOH NPTU QFPQMF LOPX BCPVU * BMTP MJLF .JHBT WFSZ NVDI *U T OJDF CFDBVTF UIFZ IBWF HPPE DPDLUBJMT BU SFBTPOBCMF QSJDFT *U T B HSFBU SFHVMBS QMBDF * EPO U FBU PVU B MPU CVU * EJE USZ -B 1J[[B BOE * UIJOL JU T UIF CFTU *U T KVTU MJLF TPNFUIJOH UIBU ZPV XPVME ñOE JO *UBMZ BOE * BMTP MJLF 4VSFÒP *U T OPU SFBM *UBMJBO CVU JU IBT HPPE .FEJUFSSBOFBO GPPE
1BSJEF /PWJFMMP T 'BWPSJUF 1MBDFT "QQFSJUJWP %BJMZ BN MBUF 4BOMJUVO )PVKJF OFYU UP 5POHMJ 4UVEJP $IBPZBOH %JTUSJDU .JHBT 3FTUBVSBOU BOE -PVOHF %BJMZ BN QN QN ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU -B 1J[[B %BJMZ BN QN QN 4" #MEH 4PMBOB .BMM $IBPZBOH (POHZVBO -V $IBPZBOH %JTUSJDU 4VSFÒP %BJMZ OPPO QN QN
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
4105-*()5
4"5*4':*/( 5)& 4&/4&4
+VEJUI -PT #BOPT EJSFDUPS PG NBSLFUJOH BOE DPNNVOJDBUJPOT UIF )JMUPO #FJKJOH 8BOHGVKJOH "T EJSFDUPS PG NBSLFUJOH BOE DPNNVOJDBUJPOT BU UIF )JMUPO #FJKJOH 8BOHGVKJOH +VEJUI -PT #BOPT JT UIF ESJWJOH GPSDF CF IJOE UIF IPUFM T DSFBUJWF BOE QPQVMBS GPPE BOE CFWFSBHF QSPNPUJPOT /PUBCMF FWFOUT UIBU -PT #BOPT JT SFTQPOTJCMF GPS JODMVEF JT UIF $IFG T &WFOU XIFSF XPSME GBNPVT DIFGT DPMMBCPSBUF PO B TJY DPVSTF NFBM BOE UIF IPUFM T SFDFOU XBUFS QBJSJOH GPPE FWFOU CPUI PG XIJDI TIF EJTDVTTFE XJUI 1IPFOJY 5TP
8IBU JT UIF CSBOEJOH JEFB CFIJOE UIF GSFRVFOU DVMJOBSZ QSPNPUJPOT UIBU ZPVS IPUFM VOEFSUBLFT 5IF NBSLFU JT BO PQFO FBUFSZ GPS MBDL PG B CFUUFS UFSN * IBWF CFFO JO $IJOB GPS B TJHOJGJDBOU OVNCFS PG ZFBST OPX BOE IBWF TFFO IPX AIVOHSZ UIF MPDBM QFPQMF JO #FJKJOH 4IBOHIBJ PS 4V[IPV DBO HFU "OE JG ZPV MPPL BU UFO ZFBST BHP FBUJOH TFFNT UP CF UIF XBZ UP HFU FWFSZPOF T BUUFOUJPO 1FPQMF PGUFO USZ OFX UIJOHT BOE XIFO UIF NBSLFU JT BMM BCPVU USZJOH TPNFUIJOH OFX ZPV IBWF UP DBUDI VQ UP QFPQMF T UBTUF CVET )PX EP ZPV QVU UPHFUIFS UIFTF UZQFT PG QSPNPUJPOT 5IJT NBZ TPVOE MJLF B CJH DMJDIÊ CVU XF TJU EPXO JO B CPBSESPPN FWFSZ XFFL XJUI TJY QFPQMF UP UBML BCPVU UIF SFTVMUT PG PVS SFDFOU QSPNPUJPOT
"(&/%"
i"NCJUJPO :PV NBZ QMBO BT MPOH BT ZPV XBOU PS TUSVDUVSF BT QSPQFSMZ BT ZPV DBO CVU JG ZPV EPO U IBWF UIF BNCJUJPO ZPV XJMM OPU IBWF UIF ESJWF UP NBLF JU IBQQFOu CPUI JO UFSNT PG SFWFOVF BOE FY QFOTFT NFEJB PVUQVU BOE BMTP JN QSPWFNFOUT XJUIJO UIF QSPNPUJPO QFSJPE BOE POHPJOH TFMMJOH BDUJPO 5IFO XF MPPL UISFF NPOUIT BIFBE DPOTJEFS IPMJEBZT BOE UISPX JO JEFBT JODMVEJOH DPMMBUFSBM EFTJHO UIF BDUVBM CSPDIVSFT BOE BEWFS UJTFNFOU JNBHFT 8IBU HPFT JOUP B DPMMBUFSBM EFTJHO JT B DPMMFDUJWF FíPSU GSPN UIF UFBN &WFO UIF DIFG IBT B TBZ JO JU 'PSUVOBUFMZ PVS (. IBT OVSUVSFE VT JO TVDI B XBZ UIBU OP POF QFSTPO JT SFTQPOTJCMF GPS POF BSFB m FWFSZPOF JT SFTQPOTJ CMF * NBLF DPNNFOUT PO XIJDI QMBUF UP VTF UIF TUZMF PG TFSWJDF
5)6 +6/ Ŧ 8&% +6/
%.
BOE PUIFS BSFBT BOE UIFZ BSF BMM XFMM UBLFO BOE QVU JOUP BDUJPO 0OF QSPNPUJPO UIBU JT TUJMM HFUUJOH B MPU PG QVCMJD BUUFOUJPO JT PVS XB UFS QBJSJOH QSPNPUJPO 8F IBE PVS 1PSUVHVFTF DIFG XPSL XJUI PVS GPPE BOE CFWFSBHF NBOBHFS PO QSPNPUJOH XBUFS BT OPU KVTU B OFDFTTJUZ CVU BMTP BO FOKPZBCMF DPNQMFNFOU UP EJTIFT MJLF 1PSUV HVFTF EVDL SJDF PS DIJDLFO 8IBU JT UIF LFZ UP NBLJOH UIFTF FWFOUT TVDDFTTGVM "NCJUJPO :PV NBZ QMBO BT MPOH BT ZPV XBOU PS TUSVDUVSF BT QSPQFSMZ BT ZPV DBO CVU JG ZPV EPO U IBWF UIF BNCJ
UJPO ZPV XJMM OPU IBWF UIF ESJWF i$SFBUJOH BO FWFOU BO JNBHF PS B NFTTBHF UP NBLF JU IBQQFO 5IJT JT B WFSZ CFDPNFT FBTJFS XIFO ZPV QVU ZPVSTFMG JO UIF EJîDVMU JEFB UP JODVMDBUF JO FWFSZ POF .BSLFUJOH T SPMF JT UP CF UIF TIPFT PG B TBMFT QFSTPOu HBSOJTI PO UIF XPSE BNCJUJPO TP UIBU UIF UFBN XJMM UBTUF JU BOE NBLF XJUI ZPVS JOOFS DIJME BT XFMM BT NJNJD UIF IJTUPSZ PG #FJKJOH BOE JU B SFBMJUZ TBMVUF UIF IFSP JO PVS MJWFT CFHJO B DVMJOBSZ KPVSOFZ UIBU JT IPNF DPPLFE GPPE QSFQBSFE SJHIU 8IP BUUFOET UIFTF FWFOUT *U T B 8IBU BSF TPNF SFTUBVSBOUT BOE JO GSPOU PG ZPV "OE UIFO UIFSF T 2 CJH DVMJOBSZ VOJWFSTF CVU JU HPFT CBST GSPN XIJDI ZPV EFSJWF JO #BS XIFSF PVUEPPS DPOWFSTBUJPOT XJUIPVU TBZJOH UIBU UIF QFPQMF TQJSBUJPO GPS )JMUPO T DVMJOBSZ IBQQFO VOEFS B MJNJUMFTT TLZ JO UIF GPPE BOE CFWFSBHF JOEVT QSPNPUJPOT 0OF JT $IZOOB BU USZ BSF UIF ñSTU POFT UP RVFVF VQ UIF )JMUPO #FJKJOH 8BOHGVKJOH 5IF *T UIFSF BOZUIJOH FMTF ZPV XBOU 8F IBWF BMTP TFFO B EJHOJUBSZ B ñ SPBTUFE #FJKJOH EVDL JT B NVTU BOE UP TIBSF XJUI PVS SFBEFST BCPVU OBODF IPODIP BOE B NPUIFS PG TJY HJWFT %B %POH B SVO GPS JUT NPOFZ ZPVS KPC *U BMXBZT IFMQT XIFO POF DPNF UP PVS FWFOUT 8IFO XF DSF BOE SFQVUBUJPO 5IF SFE TQJSBM DFJM EFWFMPQT UIF TBMFT QFSTPO XJUIJO BUF B QSPNPUJPO XF BMXBZT LFFQ JO JOH EFTJHO DPOUJOVFT UP JOTQJSF $SFBUJOH BO FWFOU BO JNBHF PS B NJOE UIBU XF XBOU FWFSZPOF UP CF NF 5IF .JEEMF &JHIU 3FTUBVSBOU NFTTBHF CFDPNFT FBTJFS XIFO BCMF UP FOKPZ JU 8F EP OPU MJNJU JU JT BMXBZT QBDLFE XJUI JOUFSFTUJOH ZPV QVU ZPVSTFMG JO UIF TIPFT PG B UP DFSUBJO EFNPHSBQIJDT "OE CF QFPQMF UIBU HP GPS TJNQMF CVU EFMJ TBMFT QFSTPO *U NBLFT ZPV CFDPNF DBVTF XF IBWF DSFBUFE BO JNBHF PG DJPVT GPPE *U JOTQJSFT NF UP UIJOL NPSF TFOTJUJWF PO XIBU UIF NBSLFU IBWJOH UIBU QBMBUF PG PQFOOFTT XF UIBU TJNQMF JT CPVOE UP CF CFBVUJ EJDUBUFT BOE HP CFZPOE UIBU UP IBWF CFFO BQQSPBDIFE CZ TFWFSBM GVM %BMJ $PVSUZBSE JT XIBU JOTQJSFT NBLF UIF NBSLFU CVZ XIBU ZPV PSHBOJ[BUJPOT UP EP GPPE QSPNP NF BCPVU #FJKJOH QSPWJEJOH GPPE IBWF UP PÃFS * FOKPZ PVS EFQBSU UJPOT BOE UP IFMQ UIFN PSHBOJ[F JO B TVSSPVOEJOH UIBU GFFMT MJLF NFOU IFBE NFFUJOHT XIFO TBMFT UIFJS PXO GPPE GFTUJWJUJFT CFJOH JO B TPBQ PQFSB "U 4FTBNF BOE FWFOUT QFPQMF UBML CFDBVTF XF ,JUDIFO ZPV QBTT UISPVHI B TFSJFT HBUIFS B MPU PG TUSFOHUI JO VOEFS 8IBU IBWF CFFO TPNF PG ZPVS PG IVUPOHT BOE TNBMM TIPQT UIBU TUBOEJOH IPX UP TFMM CFUUFS GBWPSJUF )JMUPO GPPE FWFOUT 8JUIPVU CBUUJOH BO FZFMBTI UIF $IFG T &WFOU JT BU UIF UPQ PG UIF MJTU 5IJT FWFOU IBT CFDPNF B ZFBSMZ FWFOU XIFSF XF CSJOH UPHFUIFS )PTU ZPVS PXO ñWF TUBS DVMJOBSZ FWFOU .JDIFMJO TUBSSFE PS DFMFCSJUZ DIFGT GSPN EJÃFSFOU DPOUJOFOUT BOE MFU #F FYDJUFE XIFO IPTUJOH B MVODI PS EJOOFS UIFSF JT OPUI UIFN DSFBUF B TQFDJBMUZ EJTI *U JT JOH CFUUFS UIBO TQFOEJOH UJNF BOE EJOJOH XJUI GBNJMZ BOE B POF OJHIU BÃBJS BOE OPSNBMMZ B GSJFOET TJY DPVSTF NFOV XJUI FBDI DPVSTF QSFQBSFE CZ POF DIFG 1FSTPOBMMZ DIPPTF UIF JOHSFEJFOUT 4IPQQJOH DBO CF NPSF UIBO /PU POMZ EP * HFU UP BSSBOHF NF KVTU DMPUIFT BOE BDDFTTPSJFT * BN TVSF UIF ñTI XPVME MJLF UP EJB JOUFSWJFXT GPS UIFN CVU * BMTP LOPX JG IFS FZFT BSF GSFTI FOPVHI 5SZ DPPLJOH UIFN UPP HFU UP CF JO UIF LJUDIFO TFF IPX UIFZ DPPL UIFJS GPPE VOEFSTUBOE "TL TPNFPOF UP EJDF UIF POJPOT GPS ZPV :PV XJMM TFF UFBST PG UIFJS SFDJQFT BOE HFU TIPVUFE BOE KPZ GSPN UIBU QFSTPO DVSTFE BU CZ UIF DIFGT JG * EPO U QSFQBSF UIF TQBDF SJHIU GPS UIFN *OWJUF XFMM BIFBE BOE TBWF BO FYUSB TFBUw :PV OFWFS LOPX %VSJOH UIJT QFSJPE * HFU DBMMT GSPN XIP NJHIU DPNF 4FOEJOH UIF NFOV BT BO JOWJUBUJPO JT B UIF DIFGT BTLJOH NF XIFSF UIF HSFBU UFBTFS WFHFUBCMFT BSF PS XIZ UIF PWFO JT OPU TFU QSPQFSMZ &BTUFS BOE .PUI &BU XJUI HVTUP BOE TBZ i:6. u XIJMF FBUJOH 5IFSF JT OPUIJOH FS T EBZ BSF NZ TFDPOE GBWPSJUF XSPOH XJUI QSBJTJOH ZPVSTFMG GSPN UJNF UP UJNF CFDBVTF ZPV BSF BCMF UP SFDPOOFDU
+VEJUI T 5JQT
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
5)& -*45
*' :06 $06-% )"7& +645 0/& .&"- */ #&*+*/(w
5IF CFTU QMBDFT UP JNQSFTT ZPVS WJTJUPST
*G ZPVS CFTU GSJFOE ZPVS QBSFOUT PS BO JNQPSUBOU DMJFOU DBNF UP #FJKJOH CVU DPVME POMZ TUBZ GPS POF NFBM XIFSF XPVME ZPV UBLF UIFN 4VQFS GPPEJF "EFMJOF 8BOH QVU IFS NPVUI XIFSF IFS NPOFZ JT BOE GPVOE PVU POF CJUF BU B UJNF %B %POH 3PBTU %VDL 4PNF QFPQMF MPWF UIFN TPNF QFPQMF IBUF UIFN CVU SPXT PG BXBSET NBLF JU WFSZ DMFBS UIBU %B %POH JT UIF CFTU EVDL JO UIF DJUZ &WFO TVQFS DFMFCSJUZ .BSUJO :BO TBZT UIJT QMBDF JT IJT GBWPSJUF %BJMZ BN QN ' +JOCBP %BTIB +JOCBP +JF %POHDIFOH %JTUSJDU ' /BOYJODBOH *OUFSOB UJPOBM 1MB[B " %POHTJTIJUJBP %POHDIFOH %JTUSJDU 5VBOKJFIV #FJLPV %POHTBOIVBO -V TPVUIFBTU DPSOFS PG $IBOH IPOH 2JBP $IBPZBOH %JTUSJDU %BMJ $PVSUZBSE "OPUIFS BXBSE XJOOFS UIJT UJNF UIF #FJKJOHFS T i0VUTUBOEJOH $IJOFTF 3FTUBVSBOU PG UIF :FBSu UIJT DPVSUZBSE SFTUBVSBOU DSFBUFT BO VOGPSHFUUBCMF DVMJOBSZ USJQ UP :VOOBO %BJMZ BN QN 9JBPKJOHDIBOH )VUPOH (VMPV %POHEBKJF %POHDIFOH %JTUSJDU
1VSFMZ JOTQJSBUJPOBM DVJTJOF BU 1VSF -PUVT
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
%POHCFJSFO *U NBZ CF B MJUUMF UBDLZ CVU JU T B IFMM PG B MPU CFUUFS UIBO IBWJOH UP UBLF WJTJUJOH DMJFOUT BMM UIF XBZ UP %POHCFJ GPS UIFJS GBCVMPVT GPPE BOE GBNPVT IPTQJUBMJUZ ,JDL CBDL PO B LBOH FOKPZ UIF CSFF[F BOE TPNF GPML TPOHT XIJMF EJOJOH PO TBVUร FE OPPEMFT XJUI QJDLMFE WFHFUBCMFT BOE EVNQMJOHT %BJMZ BN QN " 9JO[IPOH +JF %POH[IJNFOXBJ %POHDIFOH %JTUSJDU
IST " #BJKJB[IVBOH -V OFYU UP %JTUSJDU /P .JEEMF 4DIPPM $IBPZBOH %JTUSJDU %BJMZ BN QN 3 ;IPOHHVBODVO 1FEFTUSJBO .BMM ;IPOHHVBODVO %BKJF )BJEJBO .BJTPO #PVMVE %JTUSJDU BOE 3JTUPSBOUF 4BEMFS 5IFTF QFSFOOJBM GBWPSJUFT BSF TJNQMZ UIF %BJMZ BN QN ;IPOHCB CFTU QMBDF UP FOKPZ B RVJFU EJOOFS -PV 4BOMJUVO ;IPOHKJF $IBPZBOH JO #FJKJOH T TUVOOJOH DPMPOJBM %JTUSJDU EJTUSJDU " SFBM NVTU BGUFS B WJTJU UP UIF 'PSCJEEFO $JUZ FWFO JG KVTU GPS B DPDLUBJM PS B HMBTT PG XJOF /BKJB 9JBPHVBO 5IJT .PO 'SJ BN QN QN VOQSFUFOUJPVT .BODIV LJUDIFO 4BU 4VO CSVODI BN QN JT GVMM PG TVSQSJTFT BOE B HSFBU %SVN BOE (POH 'VTJPO QN $I JFO .FO 2JBO QMBDF UP HJWF WJTJUPST B UBTUF PG 3FTUBVSBOU 4JUVBUFE NFO %POHEBKJF %POHDIFOH %JT .BODIVSJBO DVJTJOF BOE DVMUVSF JO UIF USFOEZ /BOMVPHV 9JBOH USJDU %BJMZ BN QN 8FTU UIJT EJOOJOH TQPU JT MPWFE CZ WJTJ %BJMZ DMPTFE .POEBZT PG .JEEMF 4DIPPM 4PVUI PG UPST BOE MPDBMT BMJLF )PNF TUZMF BN QN QN UIF -( 5XJO 5PXFST :POHBOMJ 4JDIVBO GPPE BOE DPOUFNQPSBSZ $I JFO .FO 2JBONFO +JBOHVPNFOXBJ %BKJF $IBPZBOH $IJOFTF GVTJPO DVJTJOF BSF TFSWFE %POHEBKJF %POHDIFOH %JTUSJDU %JTUSJDU XJUI BO BNB[JOH WJFX PG UIF IVUPOHT %BJMZ BN NJEOJHIU XXX TBEMFS CFJKJOH DPN 4PVUI /BOMVPHV 9JBOH %POHDIFOH PG UIF 'SBHSBOU )JMMT #PUBOJDBM .BEF JO $IJOB *U NBZ %JTUSJDU (BSEFO DSPTTSPBE )BJEJBO %JTUSJDU TFFN DPVOUFSJOUVJUJWF CVU UIFSF T OP CFUUFS PS TXBOLJFS QMBDF UP )BJEJMBP )PU 1PU รฑOE B EVDL UIBO UIJT DMBTTZ BOE 5IJT NVTU USZ SFTUBVSBOU GFBUVSFT DSFBUJWFMZ EFDPSBUFE SFTUBV 1VSF -PUVT 7FHFUBSJBO WBSJPVT IPU QPUT CSFBL EBODJOH SBOU 3FTFSWBUJPOT BSF IJHIMZ 5IJT JT BO FYRVJTJUF QBSBEJTF GPS OPPEMF QVMMFST B DPOEJNFOU SFDPNNFOEFE %BJMZ BN WFHFUBSJBO GPPEJFT BOE DBSOJWPSFT CBS BOE B DPPM FOWJSPONFOU QN QN ' (SBOE BMJLF 5IF TUVOOJOH DVJTJOF UIBU JT BCV[[ IPVST B EBZ )ZBUU )PUFM %POHDIBOH BO +JF BOE FOWJSPONFOU NBLF EJOJOH 1MVT XJUI MPDBUJPOT BSPVOE %POHDIFOH %JTUSJDU IFSF B NFNPSBCMF FYQFSJFODF UPXO ZPV MM CF BCMF UP รฑOE POF FYU %BJMZ BN QN 5POHHVBOH XJUIPVU HFUUJOH TUVDL JO #FJKJOH T #MEH /POH[IBOHVBO /BOMV SBUIFS VOBQQFBMJOH USBรฎD KBNT $IBPZBOH %JTUSJDU .JEEMF UI 3FTUBVSBOU %BJMZ IST #MEH 9JYJ 'SJFOE .VTISPPN KVOLJFT DBO U HFU TIJQ 4UPSF KVTU OPSUI PG 9JEBO ' )PMJEBZ FOPVHI PG UIFJS GBNPVT ,VOHQBP 4IPQQJOH .BMM 9JEBO %BKJF *OO -JEP +JBOHUBJ -V $IBPZBOH NVTISPPNT BOE PUIFS DMBTTJD 9JDIFOH %JTUSJDU %JTUSJDU :VOOBO รณBWPST %BJMZ BN QN - " 4PVUI 5PXFS 5IF %BJMZ 1MBDF (VBOHIVB -V $IBPZBOH
%.
5)6 +6/ ลฆ 8&% +6/
"(&/%"
4105-*()5
3&"- 1&01-& $0.& 50 063 1"35*&4
7MBE 3FZFT HFOFSBM NBOBHFS PG UIF %PVCMF5SFF CZ )JMUPO #FJKJOH *O IJT NBOZ ZFBST PG NBO BHJOH UIF )JMUPO HSPVQ T #FJKJOH QSPQFSUJFT 7MBE 3FZFT IBT CVJMU VQ B SFQVUBUJPO PG UISPXJOH MFHFOEBSZ QBSUJFT "GUFS MFBSOJOH UIBU 3FZFT JT IFBEJOH GPS UIF DPPMFS QBT UVSFT PG UIF )JMUPO $POSBE %BMJBO 1IPFOJY 5TP NFU VQ XJUI UIF QBSUZ NBTUFS IJNTFMG UP MFBSO UIF LFZT UP UISPX JOH B HPPE QBSUZ FWFO PO B CVEHFU BT XFMM BT IPX 3FZFT QBSUJFT IBWF CFOFGJUUFE UIF %PVCMF5SFF CZ )JMUPO CSBOE FTQFDJBMMZ EVSJOH UIF FDPOPNJD SFDFTTJPO
5FMM VT B MJUUMF CJU BCPVU ZPVS FYQFSJFODF JO QMBOOJOH )JMUPO QBSUJFT *U TUBSUFE RVJUF B XIJMF BHP XIFO * XBT TUJMM GPPE BOE CFW FSBHF NBOBHFS JO UIF 64" * WF MFBSOFE UIBU QMBOOJOH B QBSUZ JTO U BCPVU UIF GPPE CFWFSBHF PS QMBDF TFUUJOH *U T BCPVU UIF FYQFSJFODF 1FPQMF XPO U SFNFNCFS UIF MBCFM PG UIF XJOF UIBU ZPV IBWF TFSWFE UIFN 0OF UIJOH UIFZ MM SFNFNCFS JT XIFUIFS JU XBT B GVO QBSUZ PS B CPSJOH QBSUZ *G ZPV DSFBUF UIF SJHIU BUNPTQIFSF JU XJMM CF TVDDFTTGVM "OPUIFS SFBMMZ JNQPSUBOU BT QFDU JT UIF QFPQMF ZPV JOWJUF *G JU T KVTU B TNBMM HSPVQ JU IBT UP CF B TFMFDUFE HSPVQ PG QFPQMF TP UIBU UIF DIFNJTUSZ XJMM XPSL *G UIFSF T POF QFSTPO UIFSF XIP JT B TPVSQVTT PS EPFTO U MJLF UIF DPNQBOZ PG PUI FST UIFO UIBU MM UISPX Pí UIF XIPMF BNCJFODF
"(&/%"
i*G UIFSF T POF QFSTPO JO UIF QBSUZ UIBU JT B TPVSQVTT PS EPFTO U MJLF UIF DPNQBOZ PG PUI FST UIFO UIBU MM UISPX Pí UIF QBSUZ T XIPMF BNCJFODFu 8IBU TFUT B )JMUPO QBSUZ BQBSU GSPN UIF SFTU " MPU PG UIF QBS UJFT UIBU * SFNFNCFS QVUUJOH UPHFUIFS XFSF GPS UIF $POGSÊSJF EF -B $IBÏOF 3ÔUJTTFVST BO PSHBOJ [BUJPO GPS QFPQMF XIP MJLF UP FBU BOE ESJOL 5IF GJSTU $IBÏOF QBSUZ UIBU * QMBOOFE XBT BU UIF )JMUPO #FJKJOH 8F VTFE UP IBWF B SFTUBV SBOU DBMMFE UIF -PVJTJBOB XIJDI TFSWFE $BKVO GPPE .Z UIPVHIU XBT UP EP B .BSEJ (SBT QBSUZ 'PS JU XF DMFBSFE UIF GVSOJUVSF GSPN UIF MPCCZ BOE PO POF XBMM QBJOUFE B QJDUVSF PG UIF 'SFODI 2VBSUFS 8F BMTP IBE GPPE TUBMMT XJUI CFJHOFUT BOE PUIFS USFBUT UIF XBJU TUBí XBT
5)6 +6/ Ŧ 8&% +6/
%.
JO DPTUVNF BOE QFPQMF XFSF KVTU NJOHMJOH +VTU CFGPSF JU XBT UJNF UP HP VQ GPS EJOOFS XF IBE B QBSBEF 5IF IFBE PG UIF $IBÏOF XBT UIF QBSBEF NBTUFS TP IF UISFX CFBET BU UIF HVFTUT GSPN UIF ñSTU óPBU 5IFO XF XFOU VQ UP UIF EJOJOH SPPN XIFSF XF ESFTTFE VQ TPNF PG PVS NPSF BUUSBDUJWF QFSTPOOFM JO GVOLZ DMPUIJOH UP BEE UP UIF BU NPTQIFSF 8F BMTP TFSWFE HVNCP BOE PUIFS -PVJTJBOB EJTIFT 8F UIFO JOWJUFE UIF HVFTUT UP IBWF EFTTFSU CBDL EPXO JO UIF MPCCZ 5IFSF XF IBE QPTJUJPOFE UIF CBOE BU UIF DFOUFS PO B QMBUGPSN BOE IBE UIFN QMBZ i8IFO UIF 4BJOUT
(P .BSDIJOH *O u * UIFO IBE TUBí DPNQSJTFE PG DIFGT BOE XBJU TUBí DPNJOH EPXO UIF HSBOE TUBJSDBTF FBDI IPMEJOH B QMBUF PG EFTTFSU HBSOJTIFE XJUI B .BSEJ (SBT NBTL NBEF PVU PG TVHBS 5IBU XBT UIF ñSTU $IBÏOF FWFOU BU XIJDI QFP QMF EBODFE "OE GSPN UIFO PO UIF $IBÏOF NFNCFST LOFX UIBU XIFO XF QVU UPHFUIFS BO FWFOU JU XPVMEO U KVTU CF B TJNQMF EJOOFS JU XPVME CF BO FYQFSJFODF )PX EP UIFTF QBSUJFT BEE UP ZPVS NJTTJPO PG iJNQSFTTJOH HVFTUT XJUI RVBMJUZ TFSWJDFu 8IBU EJíFS FOUJBUFT B IPUFM JT OPU TP NVDI UIF IBSEXBSF PS UIF GPVS PS ñWF TUBST *U T SFBMMZ UIBU RVBMJUZ PG UIF TFSWJDF UIBU JT QSPWJEFE UP UIF HVFTUT 5IBU T WFSZ IBSE UP UPQ *G ZPV CVJME B OJDF IPUFM B DPNQFUJUPS DBO KVTU TQFOE NPSF NPOFZ BOE CVJME B OJDFS POF *U T UIF XFMDPNJOH TQJSJU TFSWJDF BOE GFFMJOH UIBU HVFTUT IBWF XIFO UIFZ DPNF JO UIF EPPS UIBU NBLFT B SFBMMZ HPPE IPUFM 8F DIPPTF UIF UFBN NFNCFST UIBU IBWF UIF SJHIU BUUJUVEF :PV DBO U UFBDI TPNFCPEZ UP TNJMF CVU ZPV DBO UFBDI UIFN IPX UP TFSWF 4P PVS UFBN NFNCFST IBWF UIF SJHIU BUUJUVEF UIFZ SF XJMMJOH UP QMFBTF QFPQMF BOE XF JODVMDBUF UIF %PVCMF 5SFF DVMUVSF JOUP UIFN XIJDI JT BMM BCPVU IPTQJUBMJUZ XIJDI ZPV BMTP TIPX Pí XJUIJO UIF QBSUZ ZPV UISPX 5IF %PVCMF 5SFF IBE TPNF USPV CMF EVSJOH JUT PQFOJOH CFDBVTF PG UIF SFDFTTJPO *O FWFSZ IPUFM XBT JO USPVCMF *U XBT UIF ñOBODJBM DSJTJT TP UIF CJH CBOLT BOE UIF CJH NVMUJOBUJPOBM DPNQBOJFT XFSF BMM DVUUJOH CBDL *U SFBMMZ DBNF BT B TIPDLFS CFDBVTF JO #FJKJOH JU XBT SFBMMZ KVTU DPNJOH Pí UIF DVTQ PG UIF 0MZNQJDT &WFSZCPEZ XBT JO UIF NPPE UP TQFOE BOE SPPN PDDVQBODZ XBT IJHI #VU DPNF 0DUPCFS UP UIF NJEEMF QBSU PG
i"T TPPO BT GVUVSF CSJEFT TBX PVS SPPG HBS EFO UIFZ BMM XBOUFE UP IBWF UIFJS XFEEJOHT JO JU 5IBU XBT QBSU PG PVS TBWJOH HSBDF EVSJOH UIF FDPOPNJD DSJTJTu UIF SFDFTTJPO XBT BU JUT NPTU TFWFSF *U XBT WFSZ EJîDVMU )PX EJE UIF SFDFTTJPO BíFDU UIF FWFOUT ZPV IPME "U UIBU UJNF XF IFME WFSZ MJUUMF QBSUJFT 5IF HPPE UIJOH XBT UIBU EVSJOH UIF SFDFT TJPO UIF $IJOFTF TUBUF PXOFE FOUFSQSJTFT IBE UIF EVUZ PG HFO FSBUJOH SFWFOVF GPS UIF FDPOPNZ TP UIFZ XFSF IPMEJOH NFFUJOHT FWFSZXIFSF 5IFZ XFSF IBWJOH TNBMM QBSUJFT UP LFFQ UIF FDPOPNZ HPJOH 8F IPTUFE B GFX PG UIPTF BOE UIBU LJOE PG IFMQFE 4PNF UPVS HSPVQT BMTP TPVHIU VT PVU 'PS B OFX IPUFM JU XBT IBSE UP HFU B SFQVUBUJPO GPS QFPQMF UP DPNF IFSF CFDBVTF XF IBE CFFO PQFO GPS MFTT UIBO B ZFBS CVU UIF UPVS HSPVQT UIBU TUBZFE XJUI VT BMTP IFMQFE )PX IBWF UIF QBSUJFT IFMQFE CVJME VQ ZPVS SFQVUBUJPO 0OF UZQF PG QBSUZ UIBU IBT IFMQFE VT HSPX JT XFEEJOHT 8F IBWF B TR N HBSEFO PO PVS UIJSE GMPPS SPPG *U T B VOJRVF TFMMJOH QPJOU BU PVS IPUFM "T TPPO BT GVUVSF CSJEFT TBX JU UIFZ BMM XBOUFE UP IBWF UIFJS XFEEJOH IFSF 5IBU XBT QBSU PG PVS TBWJOH HSBDF EVSJOH UIF FDPOPNJD DSJTJT 4PNF QFPQMF QPTUQPOFE UIFJS XFEEJOHT XIFO UIF SFDFT TJPO IJU CVU PO UIF XIPMF QFPQMF XFSF TUJMM HFUUJOH NBSSJFE BOE UIBU IFMQFE VT CVJME PVS SFQVUBUJPO BT B XFEEJOH MPDBUJPO )PX EPFT POF UISPX B HPPE QBSUZ PO B CVEHFU "T * TBJE CF GPSF JU T OPU BCPVU UIF GPPE BOE CFWFSBHF :PV DBO UISPX B HPPE QBSUZ XJUI KVTU DIJQT BOE B CVSHFS 'PS FYBNQMF B MPU PG QFPQMF DFM
%.
FCSBUF UIFJS HPJOH BXBZ CJSUIEBZ PS BOOJWFSTBSZ QBSUZ BT QBSU PG PVS VQDPNJOH 4VOEBZ CBSCFDVF QPPM QBSUZ TFSJFT *U IBT UIF QBSUZ BUNPT QIFSF UIF CBSCFDVF UIF QPPM BOE TVOTIJOF "OE JU T JOFYQFOTJWF *U T 3.# QFS QFSTPO 5IBU JODMVEFT UIF CBSCFDVF EFTTFSU VOMJNJUFE CFFS XJOF BOE TPEB UIF QPPM BOE CFBVUJGVM QFPQMF BMM BSPVOE ZPV "MM PG UIBU DSFBUFT B OJDF BNCJFODF 8IBU JT UIF CFTU QBSUZ UIBU ZPV IBWF FWFS CFFO UP * KVTU DBNF CBDL GSPN NZ TPO T XFEEJOH *U XBT B WFSZ TJNQMF XFEEJOH DFSFNPOZ BOE CSVODI KVTU XJUI WFSZ DMPTF GBNJMZ NFNCFST 5IF DIVSDI TFU UJOH XBT NFNPSBCMF CFDBVTF JU JT UIF PMEFTU $BUIPMJD $IVSDI JO /FX :PSL BOE CFDBVTF NZ XJGF BOE * BMTP HPU NBSSJFE JO JU 4P XF KVTU QVU UXP WFSZ TJNQMF GMPXFS BSSBOHF NFOUT BU UIF BMUBS HBWF UIF CSJEF B OJDF CPVRVFU PG DBMMB MJMJFT UP IPME BOE B CPVUPOOJFSF GPS NZ TPO *U XBT B WFSZ TJNQMF ZFU NFBOJOHGVM DIVSDI TFSWJDF 5IFO XF IBE DIP TFO BO *UBMJBO SFTUBVSBOU JO EPXO UPXO .BOIBUUBO GBDJOH UIF 4UBUVF PG -JCFSUZ 5IF SFBTPO XF DIPTF JU JT CFDBVTF JU T CSJHIU JU T PVUEPPST BOE JU IBT NFBOJOH GPS VT .Z TPO BOE IJT XJGF T HSBEVBUJPO XBT IFME BU UIJT SFTUBVSBOU BOE UIFZ NFU JO *UBMZ XIFO UIFZ XFSF JO TDIPPM UPHFUIFS BOE TJODF UIF SFTUBVSBOU JT *UBMJBO JU OPET UP UIBU GBDU 5IJT QBSUZ BMUIPVHI TNBMM IPMET B WFSZ TQFDJBM QMBDF GPS NF &WFSZUIJOH KVTU NFTIFE m UIF NFBOJOH BOE TJNQMJDJUZ PG JU 4UJMM * BN TVSF UIF CJH DFMFCSBUJPO JO #BMJ *OEPOFTJB JO 4FQUFNCFS JT HPJOH UP CF B NFNP SBCMF POF XJUI UIFJS GSJFOET BOE MPUT PG GBNJMZ NFNCFST
5)6 +6/ Ŧ 8&% +6/
"(&/%"
5)& -*45
%*//&3 1"35: %*-&.."
5IF FMFWFO CFTU QMBDFT UP IPME ZPVS EJOOFS QBSUJFT JEFBM QMBDF UP IPTU B EJOOFS QBSUZ #FJKJOH T LJUDIFOT BSF BOE HJWFT BOZ TIJOEJH BO FYDMV OPUPSJPVTMZ TNBMM BOE JUT TJWF GFFM EFTQJUF JUT MBDL PG QSJWBUF EJOFST OPUPSJPVTMZ TQPJMFE SPPNT %BJMZ BN QN BOE VOBCMF UP DPPL GPS QN m 5IF )JEEFO $JUZ UIFNTFMWFT XIJDI DBVTFT B $PVSUZBSE (POHUJ #FJMV PQ IVHF EJMFNNB XIFOFWFS B QPTJUF UIF TPVUI HBUF PG 1BDJรฑD EJOOFS QBSUZ MPPNT -VDLJMZ $FOUVSZ 1MBDF .BMM $IBPZBOH DVMJOBSZ HVNTIPF "EFMJOF %JTUSJDU 8BOH JT PO UIF DBTF BOE IBT GPVOE UIF CFTU QMBDFT UP IPTU ZPVS OFYU CMPXPVU CBTI 'PS 1MFBTVSF PS TBWWZ TPJSFF
'PS #VTJOFTT $IZOOB 5IJT IJHI FOE EJOJOH FTUBCMJTINFOU DPNCJOFT UIFBUSJDBM EFDPSBUJPOT XJUI TUVOOJOHMZ EFMJDJPVT DVJTJOF BT XFMM BT B OVNCFS PG QSJWBUF SPPNT GPS QBSUJFT UIBU DBO SBOHF GSPN TJY UP UXFOUZ QFPQMF NBL JOH UIJT B HSFBU QMBDF UP JNQSFTT WJTJUPST CFGPSF UBLJOH UIFN UISPVHI UIF IJTUPSJD IVUPOHT OFBS 8BOHGVKJOH %BJMZ BN QN QN ' )JMUPO )PUFM 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU +BBO 5IF WJOUBHF TFUUJOH JO POF PG $IJOB T NPTU QSFTUJHJPVT SFTUBVSBOUT DPVQMFE XJUI UIF DPOUFNQPSBSZ 'SFODI DVJTJOF NBLFT UIJT B HSFBU QMBDF UP IPTU B SFรฑOFE CVTJOFTT NFFUJOH 1SJWBUF SPPNT TFBU UFO UP UXFMWF QFPQMF %BJMZ OPPO QN QN 4BU BMTP QN 3BรฐFT #FJKJOH )PUFM %POHDIBOH BO +JF %POHDIFOH %JTUSJDU FYU %VDL EF $IJOF $MBTTZ BOE SFMBYFE %VDL EF $IJOF JT BO
"(&/%"
"MJP 0MJP 5IJT *UBMJBO SFTUBVSBOU MPDBUFE BU $IBPZBOH 1BSL 8FTU (BUF IBT SFDFJWFE IJHI QSBJTF GSPN GPPEJFT TJODF JUT PQFO JOH OPU UPP MPOH BHP 3FOU UIF NF[[BOJOF GPS HSPVQT PG VQ UP QFPQMF UIFO IBWF BO BNB[JOH UJNF FBUJOH BVUIFOUJD *UBMJBO CJUFT BOE JNCJCJOH UIFJS SFBTPOBCMZ QSJDFE IPVTF XJOFT VOEFS 3.# CPUUMF %BJMZ BN QN 8FTU (BUF PG $IBPZBOH 1BSL XJUI CFFS PS CBJKJV BOE CF TVSF UP $IBPZBOH %JTUSJDU SFTFSWF JO BEWBODF BT UIJT QMBDF UFOET UP รฑMM VQ %BJMZ BN BN %POH[IJNFOOFJ $BGF EF MB 1PTUF 5IJT DP[Z DIBSNJOH DBGร PรญFST BรญPSE %BKJF $IBPZBOH %JTUSJDU BCMF BOE TJNQMF 'SFODI DVJTJOF MJLF RVJDIF TUFBL BOE DSร NF CSVMร *U T UIF QFSGFDU QMBDF GPS NFFUJOH XJUI HSPVQT PG FJHIU UP UFO GSJFOET BOE UBMLJOH EFFQ JOUP UIF OJHIU GVFMFE CZ DIFBQ CVU EFMJDJPVT IPVTF XJOF %BJMZ OPPO QN QN MBUF :POHIFHPOH %BKJF %POHDIFOH %JTUSJDU XXX DBGFEFMBQPTUF DPN DO $IPOHRJOH ,POHMJBOH )VPHVP *G ZPV SF MPPLJOH GPS B $IJOFTF TUZMF EJOOFS QBSUZ UIFSF T OPUIJOH NPSF JOUJNBUF BOE GVO UIBO IPU QPU -JWFO VQ UIF TDFOF JO ZPVS QSJWBUF SPPN
5)6 +6/ ลฆ 8&% +6/
%.
%BMJ $PVSUZBSE &OKPZ B TFU NFOV GPS 3.# QFS QFSTPO BU UIJT รณBWPSGVM :VOOBO FBUFSZ 5IJT NFOV JODMVEFT รฑWF UP UXFMWF EJTIFT BOE QFSGFDUMZ DPNQMFNFOUT UIFJS TFMFDUJPO PG SJDF XJOF BOE UIF TUVOOJOH WJFX PG UIFJS DPVSUZBSE %BJMZ BN QN 9JBPKJOHDIBOH )VUPOH (VMPV %POHEBKJF %POHDIFOH %JTUSJDU .PEP BOE .PTUP .PEP T iTNBMM QMBUFTu DPODFQU NBLFT JU UIF QFSGFDU QMBDF UP TIBSF รฑOHFS GPPET XJUI CFTU
(PU CJH EJOOFS QMBOT CVU OP TQBDF $POTJEFS .PTUP GPS ZPVS OFYU QBSUZ
GSJFOET XIJMF USZJOH UIF BTTPSU NFOU PG XJOF BWBJMBCMF PVU PG UIFJS BVUPNBUFE EJTQFOTFS 5IF QSJWBUF VQTUBJST TFBUJOH BSFB TJUT BCPVU UFO *G UIBU TQPU JT UBLFO .PTUP DBO CF CPPLFE GPS EJOOFS QBSUJFT BT XFMM .PEP BN QN 4 ' #MEH 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO 3PBE $IBPZBOH %JTUSJDU JOGP!NPTUPCK DPN .PTUP %BJMZ OPPO QN QN ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU 5BJSZP 5FQQBOZBLJ 5IJT JT BMXBZT B IPU TQPU GPS CJSUIEBZ QBSUJFT BOE ZPV MM TFF XIZ XIFO ZPV FYQFSJFODF UIFJS BMM ZPV DBO ESJOL CFFST BNB[JOH QMVN XJOF BOE TBLF TBWPSZ UFQ
QBOZBLJ CFFG EFMJDJPVT TFBGPPE BOE NPSF %BJMZ BN QN QN 4 ' 5IF 7JM MBHF BU 4BOMJUVO 4BOMJUVO -V $IBPZBOH %JTUSJDU 4BOMJUVO 7JMMBHF
%BJMZ BN QN QN $IJOB 7JFX (POHUJ %POHMV $IBPZBOH %JTUSJDU %BJMZ BN QN QN ' :BYJOH .BOTJPO .BJ[JEJBO +JF $IBPZBOH %JTUSJDU .PO 'SJ BN QN QN 8FFLFOE BN QN QN #VJMEJOH & 4IFOHHV +JBZVBO "O[IFO 2JBP $IBPZBOH %JTUSJDU %BJMZ BN QN 8BOMJV ;IPOHMV )BJEJBO %JTUSJDU
%.
5IF ,SP T /FTU 5IJT QJ[[FSJB JT BMXBZT SFBEZ GPS B OJHIU PG DIJMM QJ[[BT BOE CFFST BOE TQPSUT MPOH UBCMFT JO UIF CBDL UP BDDPN NPEBUF B TQPOUBOFPVT QBSUZ .PO 5IV BN NJEOJHIU 'SJ 4VO BN 9JBPZVO -V 0QQPTJUF 3FOBJTTBODF #FJKJOH $IBPZBOH )PUFM OFYU UP ,PVGV +V SFTUBV SBOU $IBPZBOH %JTUSJDU $IPDPMBUF *G ZPV SF JO UIF NPPE GPS TPNFUIJOH SPXEJFS PS QFSIBQT ZPV WF IBE UPP NVDI XJOF BOE XBOU UP IBWF TPNF GVO $IPDPMBUF JT B HSFBU QMBDF UP MFU MPPTF %BOD FST DIFBQ CPUUMFT PG WPELB BOE B NJOJ CVÃFU TFSWFE PO B DPVDI BSF TVSF UP HVBSBOUFF B XJME BOE FOUFS UBJOJOH OJHIU PVU %BJMZ QN BN 3JUBO #FJMV $IBPZBOH %JTUSJDU
5)6 +6/ Ŧ 8&% +6/
"(&/%"
4105-*()5
*/ 5)& -"/% 0' &91"54
(FSBSEP 3PCMFEJMMP XFC EFWFMPQFS BOE DSFBUPS PG &YQBUJTUBO 8JUI UIF JODSFBTJOH OVNCFS PG HMPCBM OPNBET POF DPVME BS HVF UIBU FYQBUT BSF CFDPNJOH UIFJS PXO OBUJPOBMJUZ /PU POMZ UIBU CVU UIFSF JT BO JODSFBTJOH OFFE GPS POMJOF SFTPVSDFT UP IFMQ PVS QFPQMF ñOE PVU XIBU UP FYQFDU JO B OFX DPVOUSZ -VDLJMZ POF XFCTJUF IBT UBLFO PO UIF DIBMMFOHF UP DSFBUF B WJSUVBM EBUBCBTF PG JOGPSNB UJPO GPS UIF HSPXJOH QPQV MBUJPO PG &YQBUJTUBO +FMFOB ,PWBDFWJD UBMLFE UP (FSBSEP 3PCMFEJMMP UP MFBSO NPSF BCPVU SFTPVSDFT IF JT CVJMEJOH UP IFMQ FYQBUT DPQF
)PX EJE ZPV DPNF VQ XJUI UIF JEFB PG &YQBUJTUBO * BN BO FYQBU NZTFMG BOE IBWF SFMPDBUFE GPVS UJNFT JO UIF MBTU TJY ZFBST &BDI UJNF XIFO JU XBT UJNF UP OFHPUJBUF UIF TBMBSZ XJUI NZ OFX FNQMPZFS * XBT CBTJDBMMZ CMJOE * LOFX IPX NVDI * XBT NBLJOH JO NZ DVSSFOU DJUZ * LOFX IPX NVDI * XBOUFE UP NBLF SFMBUJWF UP NZ DVSSFOU JODPNF CVU * IBE OP JEFB IPX NVDI XPVME UIBU USBOTMBUF UP JO UIF OFX DJUZ *O UIF *OUFSOFU ZPV DBO GJOE TPNF JOEJDFT BCPVU DPTU PG MJWJOH CVU UIFZ BMM TFFN UP IBWF B QSPC MFN 4PNF BSF CFIJOE WFSZ FY QFOTJWF QBJE XBMMT BOE NPTU XPSL POMZ XJUI "NFSJDBO DJUJFT " GFX PUIFST BSF GPDVTFE PO WFSZ IJHI QSPñMF FYFDVUJWFT TJODF UIF DPN QBOJFT CFIJOE UIPTF JOEJDFT XBOU UP TFMM UIF JOGP UP CJH DPSQPSBUJPOT UP DBMDVMBUF UIF SFMPDBUJPO QBDL BHFT PG CJH TIPUT 0UIFST TJNQMZ
"(&/%"
i"OE * XBOUFE JU UP BMMPX NF UP TFF UIF JUFNT UIBU NBLF UIF JOEFY TP * DBO DIFDL NZTFMG UIBU UIF EBUB JT OPU XJMEMZ JOBDDVSBUF * DPVMEO U ñOE BOZUIJOH MJLF UIBU TP * DSFBUFE JUu BSFO U SFMJBCMF *O BMM UIFTF DBTFT JU XBT GSVTUSBUJOH OPU UP IBWF SFMJBCMF EFUBJMFE JOGPSNBUJPO GPS GSFF 8IBU * XBT MPPLJOH GPS XBT BO JOEFY UIBU XPVME BMMPX NF UP DPNQBSF BOZ DJUZ JO UIF XPSME *U XPVME BMMPX NF UP TFF BU B HMBODF XIBU UIF EJÃFSFODF JO DPTU PG MJWJOH XPVME CF "OE * XBOUFE JU UP BMMPX NF UP TFF UIF JUFNT UIBU NBLF UIF JOEFY TP * DBO DIFDL NZTFMG UIBU UIF EBUB JT OPU XJMEMZ JOBDDVSBUF * DPVMEO U ñOE BOZUIJOH MJLF UIBU TP * DSFBUFE JU
BMM PWFS UIF XPSME FOUFS QSJDFT GPS UIFJS MPDBM DJUJFT &YQBUJTUBO BH HSFHBUFT UIFN BOE NBLFT UIFN BWBJMBCMF UP FWFSZPOF 6TFST DBO TFF UIF QSJDFT PG FWFSZ EBZ JUFNT JO BMNPTU BOZ DJUZ JO UIF XPSME BOE DPNQBSF UIF DPTU PG MJWJOH CFUXFFO BOZ UXP DJUJFT
)PX DBO ZPV LOPX JG UIF JOGPS NBUJPO HJWFO JT SFMJBCMF #Z SFMZ JOH PO UIF QPXFS PG CJH OVNCFST BOE DPMMFDUJWF XJTEPN *G ZPV BTL POF QFSTPO XIBU UIF QSJDF GPS B CFFS JO /FX :PSL JT IF NBZ CF )PX EPFT &YQBUJTUBO XPSL &Y XSPOH IF NBZ FWFO CF XSPOH QBUJTUBO JT B DPMMBCPSBUJWF EBUBCBTF CZ B MPOH TIPU #VU JG ZPV BTL PG QSJDFT BSPVOE UIF XPSME 1FPQMF QFPQMF BOE ZPV BWFSBHF UIFJS
5)6 +6/ Ŧ 8&% +6/
%.
BOTXFST JO B DMFWFS XBZ XIJDI * USZ UP EP UIFO UIFSF T B WFSZ HPPE DIBODF UIBU UIF BOTXFS XJMM CF QSFUUZ BDDVSBUF "OZXBZ XIFOFWFS UIFSF JT OPU FOPVHI EBUB GPS B DJUZ PS JG UIF BQ QMJDBUJPO TVTQFDUT UIBU UIF EBUB JT JODPSSFDU JO BOZ XBZ * TIPX B XBSO JOH JO UIF QBHF BMFSUJOH UIF VTFST PG UIBU BOE BTL UIFN UP FOUFS B QSJDF UIFNTFMWFT UP USZ UP JNQSPWF UIF EBUB
i*U T TJNJMBS UP (PPHMF T 4USFFU7JFX CVU OJDFS QSFUUJFS BOE GPS QMBDFT UIBU ZPV XPVME OFWFS JNBHJOFu
)PX BSF ZPV QMBOOJOH UP PVU TPVSDF KPCT 8JMM $IJOB KPCT CF MJTUFE BT XFMM .Z JEFB DVSSFOUMZ JT UP TUBSU XJUI B QJMPU JO POMZ B DPVQMF PG DJUJFT * BN QMBOOJOH UP JODMVEF BO "TJBO DJUZ JO UIF QJMPU 4JOHBQPSF 5PLZP BOE #FJKJOH BSF UIF POFT * BN DPOTJEFSJOH SJHIU OPX *G * HFU 5IFSF JT POF NPSF QSPKFDU PG ZPVST FOPVHI JOUFSFTU GSPN MPDBM )3 QFP * BN TVSF BMM FYQBUT XJMM MPWF QMF BOE SFDSVJUFST JO #FJKJOH * E MPWF &YQBU +PCT 5FMM NF BCPVU UIBU UP TUBSU IFSF &YQBU KPCT BSF UIF OFYU GFBUVSF * N BEEJOH UP &YQBUJTUBO .BOZ PG "OZ PUIFS QSPKFDUT ZPV BSF DVS UIF WJTJUPST UIBU VTF &YQBUJTUBO BSF SFOUMZ EFWFMPQJOH * BN XPSLJOH JOUFSFTUFE JO UIF DPNQBSJTPOT CF PO B DPVQMF PG PUIFS QSPKFDUT ZFT DBVTF UIFZ BSF UIJOLJOH PG NPWJOH 0OF PG UIFN JT XPSMEUBYJNFUFS UP B OFX DJUZ PS UIFZ BSF BMSFBEZ DPN PG XIJDI * BN UIF DP GPVOEFS USZJOH UP NPWF UP B OFX DJUZ BOE NBJO QSPHSBNNFS *U JT BO PO * WF CFFO JO UIBU TJUVBUJPO CF MJOF UPPM UIBU BMMPXT ZPV UP HFU BO GPSF BOE * LOPX ñSTUIBOE UIBU UIF FTUJNBUF PG IPX NVDI B UBYJ SJEF ñSTU NPTU JNQPSUBOU BOE NPTU EJG XJMM DPTU ñDVMU TUFQ GPS NBLJOH UIJT NPWF JT *NBHJOF UIBU ZPV KVTU NPWFE UP ñOE B KPC JO UIF OFX DJUZ #VU JU JO UP B OFX DJUZ BOE ZPV XBOU UP JT EJîDVMU BOE GSVTUSBUJOH UP ñOE B UBLF B UBYJ 5IF UBYJ UIBU XJMM UBLF KPC SFNPUFMZ JO B OFX DJUZ XIFO ZPV GSPN UIF BJSQPSU UP ZPVS IP ZPV EPO U FWFO TQFBL UIF MPDBM UFM GPS FYBNQMF :PV XJMM QSPCBCMZ MBOHVBHF CF XPOEFSJOH GPS UIF XIPMF SJEF 5P TUBSU XJUI ZPV DBO U VTF XIFUIFS UIF UBYJ ESJWFS JT UBLJOH NPTU MPDBM XFCQBHFT JODMVEJOH UIF iUPVSJTU SPVUFu BOE XIFUIFS KPC CPBSET XIFO ZPV BSF OPU óV ZPV XJMM FOE VQ QBZJOH UXJDF UIF FOU JO UIF MPDBM MBOHVBHF &WFO QSJDF UIBU UIF SJEF TIPVME IBWF XIFO ZPV DBO VTF B MPDBM XFCTJUF DPTU 8PSMEUBYJNFUFS QSPWJEFT B CFDBVTF JU T USBOTMBUFE JOUP &OHMJTI MJUUMF QFBDF PG NJOE JO UIJT SFTQFDU UIFSF TJNQMZ BSF OPU NBOZ &OHMJTI &OUFS ZPVS PSJHJO BOE EFTUJOBUJPO TQFBLJOH KPCT JO NPTU DJUJFT "OE BOE UIF TJUF XJMM DBMDVMBUF BDDPSE UIF GFX KPCT UIBU BSF UIFSF BSF WFSZ JOH UP UIF PîDJBM UBYJ GBSFT IPX IBSE UP ñOE NVDI BQQSPYJNBUFMZ ZPV TIPVME &YQBU +PCT JT NZ BUUFNQU UP FOE VQ QBZJOH IFMQ XJUI UIJT QSPCMFN * N DVS *U T BMTP B HSFBU UPPM XIFO SFOUMZ XPSLJOH XJUI MPDBM SFDSVJUFST ZPV IBWF UP EFDJEF XIFUIFS JU T BOE )3 DPNQBOJFT PO EFñOJOH BOE XPSUI JU UP UBLF B UBYJ PS OPU JO DSFBUJOH UPPMT GPS FYQBU KPC TFFLFST UIF NPSOJOH &63 MFGU JO UIF UIBU * IPQF XJMM HP CFZPOE UIF QPDLFU 4IPVME * UBLF B UBYJ IPNF DMBTTJD KPC CPBSE *G CZ UIF XBZ BOZ PS OPU SFBEFST BSF JOUFSFTUFE JO DPPQFSBU 'JOBMMZ $JUJFT JT UIF CJHHFTU JOH XJUI NF PO UIJT UIFZ TIPVME QSPKFDU UIBU * BN JOWPMWFE JO SJHIU FNBJM NF OPX BT UFDI MFBE *U JT BO BXFTPNF
%.
DPNNVOJUZ PG QBOPSBNJD QIP UPHSBQIFST UIF CJHHFTU BOE CFTU DPMMFDUJPO PG TQIFSJDBM JOUFSBDUJWF QIPUPT JO UIF XFC *U T TJNJMBS UP (PPHMF T 4USFFU7JFX CVU OJDFS QSFU UJFS BOE GPS QMBDFT UIBU ZPV XPVME OFWFS JNBHJOF N VQ JO UIF BJS VOEFSXBUFS JO B DPSBM SFFG PS JO UIF NJEEMF PG B EFNPOTUSBUJPO 8IFSF EPFT UIJT BMM HP *T UIFSF B ñOBM HPBM :FT UIFSF JT .Z HPBM JT UP NBLF FYQBU MJGF FBTZ 'PS FY BNQMF BT BO FYQBU * XBOU UP CF BCMF UP GJOE BO &OHMJTI TQFBLJOH CBCZTJUUFS JO B OPO &OHMJTI TQFBL JOH DJUZ * XBOU UP ñOE BO FYQFSU UP IFMQ NF óZ XJUI NZ EPH UP B OFX DPVOUSZ * XBOU B MBXZFS UIBU DBO IBOEMF NZ NVMUJ DVSSFODZ NVMUJ MBOHVBHF NVMUJ DPVOUSZ UBYFT "OE NBOZ NPSF UIJOHT UIBU TIPVME CF TJNQMF CVU BSF OPU *O TIPSU NZ HPBM JT UP DSFBUF BOE TIBSF BMM UIF UPPMT UIBU * IBWF FWFS OFFEFE BT BO FYQBU BOE * DPVMEO U ñOE *T UIFSF BOZUIJOH ZPV XPVME MJLF UP TBZ UP #FJKJOH FYQBUT &OUFS QSJDFT JO FYQBUJTUBO DPN GPS #FJKJOH PG GPS ZPVS PSJHJOBM DJUZ "DUVBMMZ FOUFS QSJDFT GPS BOZ DJUZ UIBU ZPV BSF GBNJMJBS XJUI :PV MM CF IFMQJOH UP JODSFBTF BOE JN QSPWF UIF CJHHFTU GSFF EBUBCBTF PG QSJDFT BWBJMBCMF PO UIF *OUFSOFU BOE IFMQJOH PUIFS FYQBUT MJLF ZPV JO UIF QSPDFTT $POUBDU (FSBSEP 3PCMFEJMMP BU HFSBSEP!FYQBUJTUBO DPN BOE CF TVSF UP DIFDL PVU IJT TJUFT FYQBUJTUBO DPN XPSMEUBYJNFUFS DPN BOE DJUJFT DPN
5)6 +6/ Ŧ 8&% +6/
"(&/%"
5)& -*45
"&45)&5*$"--: 1-&"4*/(
#FJKJOH IPUFMT XJUI UIF CFTU EFTJHO 1FPQMF USBWFM UP #FJKJOH GPS NBOZ EJÃFSFOU SFBTPOT UP MFBSO BCPVU $IJOB T EZOBTUJD BOE SFWPMVUJPOBSZ IJTUPSZ UP FYQFSJFODF MJGF JO JUT UIPV TBOET PG ZFBST PME IVUPOHT BOE UP JNNFSTF UIFNTFMWFT JO UIF DJUZ T CVTJOFTT XPSME BSU TDFOF BOE OJHIUMJGF "OE XIJMF JU JT NPSF UIBO XPSUI ZPVS XIJMF UP WJTJU UIF 'PSCJEEFO $JUZ UIF (VMPV BSFB IVUPOHT BOE UIF CPOVT PG JU BMM JT TUBZJOH JO B IPUFM UIBU FODBQTVMBUFT UIFTF BTQFDUT PG #FJKJOH T IJTUPSZ BOE DVMUVSF JO UIFJS MPPL BOE MBZPVU 1IPFOJY 5TP JOUSPEVDFT TFWFO MVYVSZ BOE CPVUJRVF IPUFMT XIPTF EFTJHO FOIBODFT UPVSJTUT #FJKJOH USBWFM FYQFSJFODF
"(&/%"
XIJUF XBMMT XJUI HPME TUFODJMJOH JO UIF 8IJUF )PVTF /P NBUUFS XIBU ZPVS UBTUF ZPV DBO FYQFSJ FODF B TMJDF PG #FJKJOH IVUPOH MJGF XJUIPVU DPNQMFUFMZ MFBWJOH UIF TU $FOUVSZ 2JBOZVBO FOTJ )VUPOH /BO -VPHVYJBOH %POHDIFOH %JTUSJDU EVHF!EVHFDPVSUZBSE DPN XXX EVHFDPVSUZBSE DPN
5IF "NBO BU 4VNNFS 1BMBDF 5IJT CPVUJRVF IPUFM UBLFT BGUFS UIF TUZMF PG UIF OFBSCZ 4VNNFS %V(F $PVSUZBSE 1BMBDF -PDBUFE CZ UIF QBMBDF T 5IF DPVSUZBSE UIBU UIJT IPUFM FBTU HBUF UIF "NBO BU 4VNNFS JT CVJMU JO ñSTU CFMPOHFE UP 1BMBDF IBT UBLFO PWFS TFWFSBM QB .JOHTIBO .JOJTUFS PG UIF *NQF WJMJPOT UIBU PODF IPVTFE HVFTUT SJBM )PVTFIPME JO UIF MBUF 2JOH PG UIF &NQSFTT %PXBHFS $JYJ EZOBTUZ GSPN UIF UI ZFBS PG UIF 8IJMF SFUSPñUUJOH UIF PSJHJOBM SFJHO PG UIF &NQFSPS 9JBOGFOH EXFMMJOHT XJUI NPEFSO BNFOJ "T B OPE UP UIJT SPZBM QFEJHSFF UJFT IPUFM NBOBHFNFOU IBT LFQU %V(F TFFLT UP JODPSQPSBUF BMM UIF UIF TQJSJU PG UIF .JOH BOE 2JOH USBEJUJPOBM BTQFDUT PG MJWJOH JO B EZOBTUJFT CZ QSPWJEJOH GVSOJUVSF IVUPOH XJUI UIF BSDIJUFDUVSBM GSPN UIPTF FSBT BOE NBJOUBJOJOH GSBNFT BOE CBNCPP HBSEFOT UIF CBNCPP ñMMFE HBSEFOT BOE UIBU ZPV XPVME FYQFDU UP ñOE DPVSUZBSET UIBU XFSF DPNNPO JO BO JNQFSJBM SFTJEFODF BMPOH EVSJOH UIBU QFSJPE (VFTUT DBO XJUI NPEFSO EFTJHO EFUBJMT MJLF NBLF CFMJFWF UIBU UIFZ BSF SPZBMUZ DSZTUBM DIBOEFMJFST TUSPOHMZ CZ TMFFQJOH PO B DBSWFE XPPE DPMPSFE XBMMT BOE GVSOJUVSF &BDI GSBNF DBOPQZ CFE BOE FOKPZJOH SPPN JT EFTJHOFE UP ñU B TQFDJñD PUIFS BVUIFOUJD UPVDIFT‡PS UIFNF XJUI GFBUVSFT BT EJWFSTF DIJET DBMMJHSBQIZ XBMM IBOHJOHT BT XBMMT EFDPSBUFE XJUI SFE MBOUFSO MJLF DIBOEFMJFST BOE óPXFST JO UIF 1FPOZ 3PPN BOE JOUSJDBUFMZ HFPNFUSJD XJOEPXT
5)6 +6/ Ŧ 8&% +6/
%.
5IF "NBO BU 4VNNFS 1BMBDF QIPUP DPVSUFTZ PG "NBO 3FTPSUT
5IF 0SDIJE "T UIF MBUFTU CPVUJRVF IPUFM UP MBOE JO #FJKJOH T IVUPOHT UIF 0S DIJE T EFTJHO CSJOHT TUZMJTI DPN GPSU UP NJOE XJUI DSFBN DPMPSFE XBMMT SVTUJD XPPE BDDFOUT BOE XFMM DVTIJPOFE GVSOJUVSF 5IF IPUFM GFBUVSFT CFESPPNT UIBU PÃFS WJFXT PG (VMPV BOE JUT TVSSPVOEJOH BMMFZXBZT NBLF
HSFBU VTF PG OBUVSBM TVOMJHIU BOE QSPWJEF LJOH TJ[F CFET JO FWFSZ SPPN (VFTUT DBO BMTP FOKPZ UIF PVUEPPST PO UIF IPUFM T NVMUJ MFWFM UFSSBDF XJUI QPUUFE QMBOUT BOE USFFT QMBDFE BMM BSPVOE HJW JOH UIF GFFM PG B SPNBOUJD HBSEFO BOE NBLJOH UIF 0SDIJE B QFSGFDU SFUSFBU GPS PVU PG UPXO BOE MPDBM WJTJUPST BMJLF #BPDIBP )VUPOH (VMPVEPOH %BKJF %POHDIFOH %JTUSJDU XXX UIFPSDIJECFJKJOH DPN
BOE EPPSXBZT (POHNFORJBO 4VNNFS 1BMBDF BNBOBUTVNNFSQBMBDF!BNBOSFT PSUT DPN XXX BNBOSFTPSUT DPN BNBOBU TVNNFSQBMBDF IFSJUBHF BTQY
:J )PVTF "SU )PUFM -PDBUFE JO UIF :J )PUFM T MPDBUJPO BOE EFTJHO JT QFSGFDU GPS UIPTF XIP XBOU UP HFU UP LOPX UIF DJUZ T DPOUFNQPSBSZ BSU TDFOF "T XJUI NBOZ PUIFS #FJKJOH CPVUJRVF IPUFMT UIF :J NBSSJFT USBEJUJPOBM BOE NPEFSO EFTJHO UPHFUIFS XFMM *U BMTP NBJOMZ TUJDLT UP BO VOQSFUFOUJPVT DPMPS QBMBUF PG EBSL HSBZ OFVUSBMT XJUI TQMBTIFT PG DPMPS PO UIF GVSOJUVSF BOE EFDPSBUJPOT TVDI BT MJNF HSFFO TFBU DVTIJPOT PS CSJHIU ZFM MPX DMPTFU EPPST *O BEEJUJPO UIF DMFBO VOGVTTZ EFTJHO QSPWJEFT B HSFBU TIPXDBTF GPS UIF LJOE PG BSU XPSL UZQJDBMMZ GPVOE JO UIF BSFB XJUI UIF EJTQMBZ PG UIPVHIU QSPWPLJOH CMBDL BOE XIJUF QIP UPHSBQIZ BOE XIJNTJDBM NVSBMT +JVYJBORJBP -V :JTIV 2V )PV +JF OP $IBPZBOH %JTUSJDU STWOT!ZJ IPVTF DPN JOGP!ZJ IPVTF DPN
JOH UIF SFñOFNFOU BOE FMFHBODF PG UIF QFSJPE BT XFMM 8JUI MPGUZ DFJMJOHT HSBOE TUBJSDBTFT BOE TQBDJPVT SPPNT PVUñUUFE JO T BOE T TUZMF GVSOJUVSF UIF 3BG óFT )PUFM MFUT DVTUPNFST FYQFSJ FODF MJGF BT BO VQQFS DMBTT DJUJ[FO PG 3FQVCMJDBO $IJOB *O BEEJUJPO UIF IPUFM IPVTFT B OVNCFS PG QFSTPOBMJUZ TVJUFT OBNFE BGUFS GBNPVT ñHVSFT GSPN UIF FSB TVDI BT %S 4VO :BU 4FO BOE (FPSHF #FSOBSE 4IBX BOE BSF BMTP EFDPSBUFE XJUI FBDI OBNFTBLF T QFSTPOBM NFNPSBCJMJB BMMPX JOH DVSSFOU HVFTU UP JNNFSTF UIFNTFMWFT JO TPNF PG IJTUPSZ T HSFBUFTU NPNFOUT %POH $IBOH BO +JF %POHDIFOH %JTUSJDU CFJKJOH!SBðFT DPN XXX SBðFT DPN FO@SB QSPQFSUZ SCK #FESPPNT 5SVF UP JUT OBNF #FESPPNT POMZ PÃFST UISFF EFMVYF SPPNT BOE POF TVJUF FBDI DPNJOH XJUI JUT PXO DPVSUZBSE BOE TUBZT BXBZ GSPN NVMUJ DPMPSFE PQVMFODF XJU JUT EFTJHO *O GBDU UIF PWFSBSDIJOH DIBSBDUFSJTUJD GPS UIJT CPVUJRVF IPUFM JT VMUSB NJOJNBMJTN XJUI JUT QVSF XIJUF JOUFSJPS FYQSFTT JOH #FESPPNT DPNNJUNFOU UP DMFBOMJOFTT BOE TJNQMJDJUZ PÃTFU POMZ CZ HSFFO TQMBTIFT PG DPMPS GSPN UIF JOEJHFOPVT WFHFUBUJPO HSPXJOH JO FBDI QSJWBUF DPVSUZBSE BT XFMM BT UIF GSFTI óPXFST UIBU BEPSO SPPNT
XXX ZJ IPVTF DPN 3BðFT )PUFM &TUBCMJTIFE JO UIF FBSMZ T UIF 3BðFT )PUFM JT POF PG #FJKJOH T PMEFTU IPUFMT XJUOFTTJOH PWFS B DFOUVSZ PG DIBOHF BOE UVSNPJM JO UIF .JEEMF ,JOHEPN BOE SFóFDU
BOE TIBSFE TQBDFT "T B SFTVMU MVYVSZ DVTUPNFST XIP XBOU UP FYQFSJFODF #FJKJOH IVUPOH MJGF XJUI NJOJNBM EJTUSBDUJPO DBO ñOE UIJT GVMñMMNFOU JOHSBJOFE JO #FESPPNT EFTJHO ;IBOHXBOH )VUPOH +JV (VMPV %BKJF %POHDIFOH %JTUSJDU XXX QMVT CFESPPNT DPN
$PNNVOF CZ UIF (SFBU 8BMM 5IJT IPUFM PXOFE BOE PQFS BUFE CZ 40)0 $IJOB JT OPU POMZ SFDPNNFOEFE CZ JUT QSPYJNJUZ UP UIF (SFBU 8BMM PG $IJOB‡CVU BMTP GFBUVSFT BSDIJUFDUVSF EFTJHOFE CZ PG $IJOB T NPTU GBNPVT BSDIJUFDUT BOE XIJDI IBT CFFO GFBUVSFE JO #VTJOFTT 8FFL BOE BU UIF 7FOJDF #JFOOBMF 5IF NPEFSO CPYZ EFTJHO BMMPXT GPS UIF DPO TUSVDUJPO PG GVMM MFOHUI XJOEPXT BT XFMM BT CBMDPOJFT UIBU KVU PVU PG UIF TJEF PG B NPVOUBJO PÃFSJOH B WJFX PG UIF OBUVSBM MBOETDBQF PO POF TJEF BOE PG DPVSTF BO VQGSPOU WJFX PG UIF (SFBU 8BMM BCPWF 0UIFS EFTJHO GFBUVSFT BOE EFDPSBUJPOT MJLF B MJMZ QPOE BOE .POESJBO MJLF GVSOJUVSF GPMMPX B QVSF HFPNFUSJD EFTJHO BFTUIFUJD QFSGFDUMZ DPNQMFNFOU JOH ZPVS WJTJU UP $IJOB T NPTU GBNPVT BUUSBDUJPO 5IF (SFBU 8BMM &YJU /P BU 4IVJHVBO ( +JOH[BOH )JHIXBZ SFTFSWBUJPO!DPNNVOF DPN DO XXX DPNNVOF DPN DO
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
4105-*()5
5)& $0..6/*$"5*0/4 (636
)JMEB -PPJ GPSNFS EJSFDUPS PG NBSLFUJOH BOE DPNNVOJDBUJPOT BU UIF 8FTUJO #FJKJOH $IBPZBOH )JMEB -PPJ JT B NBSLFUJOH BOE DPNNVOJDBUJPOT WFUFSBO JO $IJOB T MVYVSZ IPUFM JOEVTUSZ 4IF TUBSUFE PVU ZFBST BHP XJUI 4IBOHSJ -B T 8PSME $IJOB )PUFM BOE TJODF UIFO IBT CFFO QPTUFE UISPVHIPVU UIF DPVO USZ *O CFUXFFO QBDLJOH GPS B QFSNBOFOU NPWF CBDL UP IFS OBUJWF .BMBZTJB )JMEB MPPLT CBDL XJUI 1IPFOJY 5TP PO IFS FYQFSJFODFT JO UIF IPTQJUBMJUZ JOEVTUSZ BOE PÃFST BEWJDF PO XIBU JU UBLFT GPS UIF OFX HFO FSBUJPO PG NBSLFUJOH NBOBHFST UP TVDDFFE JO UPEBZ T DPNQFUJ UJWF FWFS FWPMWJOH MVYVSZ IPUFM JOEVTUSZ
5FMM VT B MJUUMF CJU BCPVU ZPVS CBDLHSPVOE JO $IJOB T IPTQJUBM JUZ JOEVTUSZ * ñSTU TUBSUFE XPSLJOH JO $IJOB BU 4IBOHSJ -B T 8PSME $IJOB )PUFM ZFBST BHP 5IFO * XFOU UP XPSL JO .BDBV BU UIF )ZBUU 3F HFODZ 5IFO * DBNF CBDL UP $IJOB UP EP TPNFUIJOH FMTF BOE UIFO * TPSU PG MFGU UIF JOEVTUSZ * DBNF CBDL JO BOE KPJOFE UIF 'PVS 4FBTPOT )PUFM JO 4IBOHIBJ BOE GSPN UIFSF * SFKPJOFE UIF )ZBUU 3FHFODZ BOE UIFO * XBT QBSU PG UIF PQFOJOH UFBN BU UIF 8FTUJO #FJKJOH $IBPZBOH 5IFO BGUFS UXP ZFBST UIFZ MPDBMJ[FE UIF QPTJUJPO BOE UIFO PÃFSFE NF UIF PQQPSUVOJUZ UP PQFO BOPUIFS IPUFM B -VYVSZ $PMMFDUJPO )PUFM GPS 4UBSXPPE )PUFM 3FTPSUT *U XBT SFBMMZ OJDF GPS NF UP ñOJTI VQ XJUI B MVYVSZ CSBOE JO $IJOB
"(&/%"
i* GFFM UIBU UIF SPMF IBT FWPMWFE GSPN NFEJB BOE XSJUJOH UP BDUVBMMZ HPJOH PVU BOE CFJOH QBSU PG UIF BDUJPOu *O XIJDI QPTJUJPO EJE ZPV TUBSU XIFO ZPV KPJOFE UIF IPUFM JO EVTUSZ * TUBSUFE Pà JO 1VCMJD 3FMB UJPOT .Z GPSNFS CPTT VTFE UP TBZ UIBU XF XFSF UIF NJTDFMMBOFPVT EFQBSUNFOU "OZUIJOH UIBU OPCPEZ XBOUT UP EP HFUT iEVNQFEu JOUP UIF 13 PîDF "U ñSTU * XBT MJLF i8IBU LJOE PG KPC JT UIJT 8IZ BN * EPJOH UIJT u #VU BU UIF FOE PG UIF EBZ * GFFM MJLF * IBWF MFBSOFE B MPU GSPN UBL JOH PO PUIFS SFTQPOTJCJMJUJFT UIBU FWFO JODMVEFE USBJOJOH 8IFO * ñSTU DBNF UP #FJKJOH BU NZ ñSTU IPUFM KPC UIFZ TBJE UIBU UIFZ OFFEFE IFMQ XJUI &OHMJTI MBOHVBHF USBJO
5)6 +6/ Ŧ 8&% +6/
%.
JOH 5IJT XBT BMTP CFDBVTF PG NZ UFBDIJOH CBDLHSPVOE 1SJPS UP NZ QVCMJD SFMBUJPOT KPC * XPSLFE BT B UFBDIFS GPS DIJMESFO XJUI TQFDJBM OFFET 5IBU HBWF NF UIF PQQPSUV OJUZ UP EP PUIFS UIJOHT PVUTJEF PG NZ KPC BOE JU BMMPXFE NF UP TFF UIJOHT CFZPOE XIBU * XBT EPJOH JO UIF PîDF 'SPN UIFSF 13 CFDBNF NBSLFU JOH DPNNVOJDBUJPOT CFDBVTF UIF EFQBSUNFOU UPPL PO B MPU PG NBS LFUJOH SFTQPOTJCJMJUJFT TPNFUJNFT FWFO JO TBMFT 8F OFWFS VTFE UP HP PVU XJUI UIF TBMFT QFPQMF CVU OPX PDDBTJPOBMMZ FWFO XJUI CBORVFU
JOH QFPQMF BOE XIFO TBMFT NFFU i*O UIJT KPC TJODF ZPV SF EFBMJOH XJUI QFPQMF DMJFOUT JO UIF IPUFM XF TVQQPSU BOE DPNNVOJDBUJOH XJUI UIFN JU IBT UP CF UIFN CZ MFBEJOH IPVTF UPVST UIBU XF VTFE UP POMZ EP GPS UIF NFEJB B QBSU PG ZPVS PXO QFSTPOBMJUZu BOE PUIFS HVFTU SFMBUJPOT BDUJWJ UJFT * GFFM UIBU UIF SPMF IBT FWPMWFE GSPN NFEJB BOE XSJUJOH UP BDUV FODFE JO UIJT CVTJOFTT XJUI UIF MPDBM CPEZ XPSL XJUI TPNFCPEZ FMTF BMMZ HPJOH PVU BOE CFJOH QBSU PG QFPQMF IFSF *U T FOUJSFMZ VQ UP UIFN UIBU TPNFCPEZ FMTF XJMM HFU NPSF UP UBLF UIBU BEWJDF BOE BQQMZ JU UP B BEWFSUJTJOH 5IBU T HPPE FTQF UIF BDUJPO TJUVBUJPO UIBU UIFZ GBDF DJBMMZ JO B CJH NBSLFU MJLF $IJOB .Z MPDBM DPMMFBHVFT IFMQ NF *U T OPU UIBU TFMG DFOUFSFE UIJOL 8IBU JT UIF EJÃFSFODF CFUXFFO PSHBOJ[JOH DPNNVOJDBUJPOT HFU JOUP UIF EPNFTUJD NBSLFU BOE JOH BOZNPSF 8F WF SFBMJ[FE UIBU XIFO ZPV SF PQFOJOH B IPUFM VOEFSTUBOE UIF DVMUVSF 5IFZ IFMQ XIFO ZPV IFMQ PUIFST UIFZ XJMM WFSTVT XIFO ZPV SF PQFSBUJOH JU NF HFU UP LOPX UIF $IJOFTF NF UVSO BSPVOE BOE IFMQ ZPV EBZ UP EBZ 8IFO ZPV SF PQFOJOH EJB BOE UP XPSL FÃFDUJWFMZ XJUI B IPUFM ZPV SFBMMZ IBWF UP LOPX UIFN 4PNFUJNFT ZPV UIJOL ZPV SF *T UIFSF B MPU PG TIBSJOH BNPOH XIBU ZPV SF TFMMJOH #FDBVTF ZPV OPU HFUUJOH UIF NFTTBHF BDSPTT UIF IPUFMT UPP :FT IPUFMT FWFO FJUIFS NBLF JU PS ZPV EPO U JO UIF CFDBVTF PG DVMUVSF EJÃFSFODFT #VU TIBSF UIFJS OVNCFST MJLF UIFJS BWFS CFHJOOJOH *U JOWPMWFT B MPU PG SFWJT MBUFMZ * GFFM UIBU JU T HFUUJOH CFUUFS BHF SPPN PDDVQBODZ SBUF CFDBVTF JOH NBSLFUJOH QMBOT BOE XPSLJOH CFDBVTF B MPU PG UIF ZPVOH $IJ JG ZPV XPSL UPHFUIFS UIFO ZPV DBO OFTF IBWF CFFO BCSPBE * WF CFFO CFUUFS SFBDI UIF NBSLFU 1SJDJOH JT B MPU XJUI UIF IFBE PîDF 8IFO PQFSBUJOH UIF IPUFM JU T GPSUVOBUF FOPVHI UP XPSL XJUI EFñOJUFMZ MJLF UIBU :PV DPVME IBWF EJGGFSFOU :PV IBWF MFBSOFE GSPN UXP ZPVOH MBEJFT XIP IBWF CFFO UXP EJÃFSFOU IPUFMT QSJDF SPPNT UIF PQFOJOH BOE GSPN UIFSF ZPV BCSPBE CFGPSF #FDBVTF PG UIBU FY GPS WFSZ EJÃFSFOU QSJDFT #VU JG ZPV NBLF BEKVTUNFOUT BOE DPOUJOVF QFSJFODF UIFZ BSF NPSF PQFO UP XPSL UPHFUIFS ZPV DPOUSPM UIF UIF USFOET 5IF IPUFM JT PO JUT PXO XIBU ZPV TIBSF BOE UIFZ VOEFS NBSLFU #FGPSF IPUFMT XFSFO U UIBU CBTJDBMMZ " ZFBS PS UXP BGUFS UIF TUBOE GBTUFS UIBO UIF QFPQMF UIBU * GSJFOEMZ UP FBDI PUIFS CVU OPX UIFZ TIBSF JOGPSNBUJPO UISPVHI PQFOJOH UIF DPSQPSBUF PîDF VTV XPSLFE XJUI ZFBST BHP JOUFSOBUJPOBM IPUFM BTTPDJBUJPOT BMMZ MFUT UIF IPUFM NBOBHFNFOU XPSL PO JUT PXO CFDBVTF ZPV SF )PX EJE ZPV CVJME BO FÃFDUJWF BOE PUIFS HSPVQT MJLF UIBU PO UIF GSPOU MJOFT BOE LOPX XIBU SFMBUJPOTIJQ XJUI UIF $IJOFTF UP EP CFUUFS UIBO BOZPOF FMTF *O NFEJB " MPU PG JU IBT UP EP XJUI 8IBU BEWJDF EP ZPV IBWF GPS BEEJUJPO BGUFS UIF PQFOJOH TPNF USVTU 5IFZ OFFE UP TFF JG UIFZ DBO QFPQMF XIP XBOU UP TVDDFTTGVMMZ QFPQMF NPWF PO TP ZPV FOE VQ USVTU ZPV FTQFDJBMMZ CFDBVTF ZPV SF XPSL JO IPTQJUBMJUZ DPNNVOJ IBWJOH UP HFU VTFE UP OFX QFPQMF GSPN B EJÃFSFOU DVMUVSF "GUFS UIBU DBUJPOT *U T NPTU JNQPSUBOU UP 0WFSBMM TPNFUJNFT * UIJOL UIBU PQ UIFZ XBOU UP TFF IPX ZPV XPSL LOPX ZPVS DBSFFS QBUI BOE XIBU FSBUJOH B IPUFM JT IBSEFS CFDBVTF XJUI UIFN TP * IBWF MFBSOFE UP ZPV SF DBQBCMF BOE OPU DBQBCMF PG ZPV SF OPX DPNQFUJOH XJUI PUIFS XPSL XJUI UIF NFEJB BT B DPXPSLFS *O UIJT KPC TJODF ZPV SF EFBMJOH XJUI CFDBVTF FWFSZPOF IBT OFFET 5IF QFPQMF BOE DPNNVOJDBUJOH XJUI PQFSBUJOH IPUFMT NFEJB IBT OFFET BOE * IBWF OFFET UIFN JU IBT UP CF B QBSU PG ZPVS 8IBU BSF UIF BEWBOUBHFT BOE GPS NZ IPUFM 4P UIF POMZ XBZ UP PXO QFSTPOBMJUZ *U T EJîDVMU UP EP EJTBEWBOUBHFT PG EPJOH IPUFM HFU B CFOFñU PVU PG UIBU JT UP BTL UIJT KPC JG ZPV SF TIZ :PV OFFE UP HP NBSLFUJOH JO $IJOB BT B GPSFJHOFS i*T UIFSF BOZUIJOH NZ IPUFM JT EP PVU BOE UBML UP QFPQMF 8IFO BDUV WFSTVT TPNFPOF MPDBM EPJOH JU JOH UIBU T PG JOUFSFTU UP ZPV PS UP BMMZ USZJOH UP SFBDI QFPQMF UIPVHI UIFSF JT OP SJHIU PS XSPOH BOTXFS .BSLFUJOH BOE DPNNVOJDBUJPOT PUIFS NFEJB u * WF BMTP GPVOE UIBU DVSSFOUMZ PS UIJOH ZPV SF EPJOH TJODF FWFSZ BOE QVCMJD SFMBUJPOT QSPCBCMZ OFWFS FYJTUFE QSFWJPVTMZ JO $IJOB VOUJM UIF XIFO ZPV XPSL XJUI UIF NFEJB CPEZ T EJÃFSFOU %PO U GPSHFU UIBU IPUFMT DBNF JO 4P PVS PCKFDU BT UIFZ BSF NVDI NPSF XJMMJOH UP UIJT NBSLFU JT NBEF VQ PG QFPQMF iGPSFJHO FYQFSUTu JT UP TIBSF XJUI UIF XPSL XJUI DPNQFUJUPST PS IFMQ ZPV BOE QFPQMF DIBOHF BMM UIF UJNF TP MPDBM QSPGFTTJPOBMT 0VS SPMF JT NPSF HFU JO UPVDI XJUI UIFN 5IFSF JT ZPV OFFE UP MFBSO UP HP XJUI UIF MJLF B UFBDIFS MJLF B HVSV 8F TIBSF MFTT DPNQFUJUJPO 5IFSF T MFTT UIJOL óPX BEKVTU BOE BEBQU BOE BCPWF XIBU XF IBWF MFBSOFE BOE FYQFSJ JOH OPX UIBU JG ZPV IFMQ TPNF BMM FOKPZ XIBU ZPV SF EPJOH
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
4105-*()5
%*(*5*;*/( )041*5"-*5:
%BOJFM "ZMNFS HFOFSBM NBOBHFS PG UIF 8FTUJO #FJKJOH $IBPZBOH 4JODF UIF IPUFM T PQFOJOH KVTU CFGPSF UIF #FJKJOH 4VNNFS 0MZNQJDT (FOFSBM .BOBHFS %BOJFM "ZMNFS IBT HVJEFE UIF 8FTUJO #FJKJOH $IBPZBOH UISPVHI $IJOB T FWFS DIBOHJOH FDPOPNJD BOE TPDJFUBM DIBOHFT &BSMJFS UIJT ZFBS UIF 8FTUJO MBVODIFE B EJHJUBM BQQMJDBUJPO GPS "QQMF QSPEVDUT JO PSEFS UP DPOOFDU DVTUPNFST UP UIF IPUFM T TFSW JDFT FWFO XIFO UIFZ SF OPU QIZTJDBMMZ JO UIF IPUFM JUTFMG 1IPFOJY 5TP TJUT EPXO XJUI "ZMNFS UP EJTDVTT IPX UIF *O UFSOFU BOE EJHJUBM UFDIOPMPHZ IBWF CVJMU BOE TUSFOHUIFOFE UIF DPOOFDUJPO CFUXFFO B DVTUPNFS BOE B IPUFM
5FMM VT B MJUUMF CJU BCPVU ZPVSTFMG * IBWF CFFO JO $IJOB GPS ZFBST BOE * MPWF JU PWFS IFSF *O UFSNT PG IPTQJUBMJUZ JU JT POF PG UIF QMBDFT UP CF *U T CFFO HSFBU TFFJOH UIF HSPXUI PG UIF JOEVTUSZ BOE PG UIF DPVOUSZ PDDVS JO TVDI B TIPSU UJNF * WF CFFO GSPN UIF TPVUIFSO QBSU PG $IJOB JO )BJOBO UP UIF OPSUIFSO QBSU PG $IJOB JO #FJKJOH BOE * WF EPOF TFWFSBM QPTUJOHT JO CFUXFFO * WF TFFO UIF MFJTVSF TJEF UIF DPS QPSBUF TJEF BOE UIF QPMJUJDBM TJEF PG UIF DPVOUSZ "OE * PQFOFE UIJT 8FTUJO UISFF BOE B IBMG ZFBST BHP KVTU CFGPSF UIF 0MZNQJD (BNFT 5IJT IPUFM JT MJLF B CBCZ UP NF * UPPL JU GSPN DPOTUSVDUJPO BOE CSFBUIFE MJGF JOUP JU 8IBU TPSU PG DIBMMFOHFT EP ZPV GBDF BT HFOFSBM NBOBHFS PG UIF 8FTUJO #FJKJOH $IBPZBOH *O $IJOB JO QBSUJDVMBS UIF DIBMMFOHF
"(&/%"
i5IF BQQ JT SFBMMZ BCPVU QSPWJEJOH B XBZ GPS HVFTUT UP CF JO DPOUSPM PG UIFJS MJWFTu JT ñOEJOH HPPE UBMFOU UP XPSL JO UIF IPUFM *O UFSNT PG SVOOJOH B CVTJOFTT UIPVHI JU T UIF TBNF BT BOZXIFSF FMTF )PTQJUBMJUZ JT FYUSFNFMZ DPNQFUJUJWF BOE NPTU QFPQMF LOPX XIP NZ DPNQFUJUPST BSF 8F SF BMXBZT MPPLJOH UP QSP WJEF OFX BOE BEWBODFE TFSWJDFT UP TUBZ BIFBE MJLF PVS J1IPOF BOE J1BE BQQT $BO ZPV UFMM VT NPSF BCPVU UIF 8FTUJO T EJHJUBM BQQ .PTU PG PVS DVTUPNFST BU UIF 8FTUJO BSF WFSZ TVDDFTTGVM CVTJOFTTNFO 5IFZ LOPX XIBU UIFZ XBOU BOE XIBU UIFZ FYQFDU UP HFU 5IF BQQ TFSWFT BT B XBZ GPS VT UP TUBZ BIFBE PG XIBU PVS HVFTUT XBOU *G ZPV MPPL BU PVS HVFTUT QSPñMFT ZPV MM TFF UIBU NPTU PG UIFN BSF SVO
5)6 +6/ Ŧ 8&% +6/
%.
OJOH BSPVOE BMM EBZ 5IFZ OFFE UP BEBQU RVJDLMZ PUIFSXJTF UIFZ HFU TUSFTTFE 5BLF NF GPS FYBNQMF *U T WFSZ JNQPSUBOU GPS NF UP CF PSHBO J[FE BOE UFDIOPMPHZ SFBMMZ IFMQT NF EP UIBU * IBWF NZ #MBDLCFSSZ BUUBDIFE UP NZTFMG *U QBHFT NF NJOVUFT CFGPSF * N NFBOU UP EP TPNFUIJOH *U LFFQT NF PO USBDL 5IJT JT IPX PVS HVFTUT BMTP XPSL TP XF QSPWJEF UFDIOPMPHZ UIBU NBLFT UIFJS MJWFT FBTJFS 5IF BQQ HJWF PVS DVTUPNFST B DPOOFDUJPO UP VT :PV DBO NBLF B SFTUBVSBOU CPPLJOH B SPPN SFTFSWBUJPO BOE PSEFS CSFBLGBTU JO SFBM UJNF :PV DBO QMBO BOZUIJOH ZPV DBO JNBHJOF :PV DBO CF MPTU JO #FJKJOH BOE IBWF B MJGFMJOF 5IFSF T BMXBZT TPNFPOF PO JU UIBU XJMM CF BCMF UP BTTJTU ZPV 5IF BQQ JT SFBMMZ
BCPVU QSPWJEJOH B XBZ GPS HVFTUT UP CF JO DPOUSPM PG UIFJS MJWFT *O UIF TFDPOE HFOFSBUJPO PG PVS BQQ XF SF BEEJOH B GFBUVSF DBMMFE 'BDF 5JNF XIFSF ZPV DBO BDUVBMMZ TFF UIF QFSTPO XJUI XIPN ZPV BSF DPNNVOJDBUJOH :PV DBO BDUVBMMZ DPOOFDU UP B MJWF QFSTPO UISPVHI UIJT UPPM "OE XIFO UIF TFDPOE HFOFSBUJPO DPNFT PVU PO "QQMF XF XBOU UP QVU PVU PVS ñSTU HFO FSBUJPO BQQ PO UIF "OESPJE BOE #MBDLCFSSZ BSPVOE UIF TBNF UJNF )PX EPFT UIJT TFU ZPV BQBSU GSPN ZPVS DPNQFUJUPST 5IF IPTQJUBMJUZ JOEVTUSZ JT FYUSFNFMZ DPNQFUJUJWF TP ZPV BMXBZT IBWF UP IBWF UIBU FEHF PWFS PUIFS IPUFMT 8F XFSF UIF ñSTU UP QSPWJEF BO BQQ CVU XF XPO U CF UIF MBTU 8IFO XF MBVODI TPNFUIJOH UZQJDBMMZ JO XFFLT XF MM IBWF DPQZDBUT 8F UIFO IBWF UP DPNF VQ XJUI TPNFUIJOH FMTF UIBU UIF NBSLFU XBOUT "OE UIF QSPEVDUT UIBU XF QVU PVU UIBU BSF TVDDFTTGVM UIBU BSF MJWF BSF DPO UJOVBMMZ DIBOHJOH 5IFSF T OPU B EBZ UIBU HPFT CZ UIBU XF IBWFO U USJFE UP JNQSPWF UIF BQQ
i5IFSF BSF TP NBOZ EJÃFSFOU XBZT UIBU QFP QMF BSF VTJOH UFDIOPMPHZ UIBU CFOFGJU PVS IPUFM .Z KPC JT UP USZ BOE LFFQ VQu CPEZ DBO DPOWJODF NF GSPN (FO FSBUJPO : UIBU UIFJS JEFB XJMM BDUVBMMZ CF VTFGVM UP PVS HVFTUT UIFO XF XPO U VTF JU 8F ñOE UIBU UIF J1IPOF BOE J1BE BQQT BSF WFSZ VTFGVM TP XF SF MPPLJOH UP TUBZ XJUI UIBU *O UIF MPOHFS UFSN XF XBOU UP VTF UFDIOPMPHZ UP BOUJDJQBUF QFS TPOBM QSFGFSFODFT 0ODF ZPV XBML JOUP UIF IPUFM JG * LOPX ZPV MPWF DIBNQBHOF * DBO BMFSU TPNFCPEZ JO UIF MPVOHF PG XIBU ZPV MJLF BOE BT TPPO BT ZPV TJU EPXO UIFSF TPNFCPEZ DBO BTL ZPV i8PVME ZPV MJLF TPNF DIBNQBHOF u :PV DBO DSFBUF UIBU DPOOFDUJPO BOE JU CFDPNFT TP FNPUJPOBM XIFO TPNFCPEZ LOPXT UIBU BCPVU ZPV
NBOBHFS UIFSF XBT OP HVBSBOUFF UIBU IF XPVME BDUVBMMZ SFBE JU BOE SFTQPOE /PX TPNFCPEZ T DPN NFOU DBO SFBDI NZ EFTL XJUIJO TFDPOET TP * IBWF OP FYDVTF OPU UP SFTQPOE UP JU 8IFO QFPQMF BSF DPNJOH JOUP UIF IPUFM PS XIFO TPNFUIJOH IBQ QFOT JO UIF IPUFM * HFU BMFSUFE PO NZ QIPOF JNNFEJBUFMZ :PV DBO RVJDLMZ HFU BO VQEBUF PO XIBU B QFSTPO JT EPJOH BOE XIFSF UIFZ BSF HPJOH PO B HJWFO EBZ /PX * LOPX FWFSZUIJOH UIBU HPFT PO WJB 4.4 .Z TDIFEVMFT BOE DBMFOEBST BSF BMM JO UIFSF BOE NZ QFSTPOBM BTTJTUBOUT DBO BDDFTT JU BOZUJNF 5IFZ BMTP TFOE NF NFTTBHFT UFMM JOH NF XIFSF UIFZ XBOU NF UP CF BOE XIBU UIFZ XBOU NF UP EP *O BEEJUJPO XF DBO SFBDI PVU UP HVFTUT CFUUFS *G * HFU B NFTTBHF UIBU ZPV SF DPNJOH JO BOE * XBOU UP LOPX XIP ZPV BSF UIFO * DBO BMXBZT HFU B QJDUVSF PO NZ QIPOF 1FPQMF BSF BNB[FE XIFO * BDUVBMMZ SFDPHOJ[F UIFN CFGPSF * IBWF NFU UIFN XIJDI DSFBUFT B GFFMJOH PG CFMPOHJOH BOE PG DPOOFDUJPO
)PX EP ZPV JODMVEF PUIFS BT QFDUT PG UIF *OUFSOFU BOE EJHJUBM UFDIOPMPHZ JOUP ZPVS TFSWJDFT 8IFO NZ ZPVOHFS DPMMFBHVFT TUBSUFE XPSLJOH IFSF UIFZ IBE UIF *OUFSOFU UP BTTJTU UIFN 8IFO * TUBSUFE XPSLJOH IFSF * XBT VTJOH 8IBU UFDIOPMPHZ EP ZPV IBWF 5FMFY 8IFO ZPV XBOUFE UP DPN JO NJOE JO PSEFS UP LFFQ ZPVS NVOJDBUF ZPV IBE UP XSJUF B MFUUFS TFMWFT DPNQFUJUJWF .Z CJHHFTU *G ZPV TFOU B MFUUFS UP UIF HFOFSBM DIBMMFOHF XJUI BMM PG UIJT JT UIBU * XPSL XJUI B MPU PG QFPQMF XIP BSF %BOJFM "ZMNFS T /JHIUMJGF 3FDPNNFOEBUJPOT GSPN (FOFSBUJPO : 8IFO ZPV MPPL BU (FOFSBUJPO : UIFZ SF TP NVDI 3FTUBVSBOUT #BST GBSUIFS BIFBE PO UFDIOPMPHZ BOE 5P *NQSFTT 5P .FFU UIFZ QJDL JU VQ NVDI GBTUFS UIBO * (SBOHF &OPUFSSB EP * N ñSNMZ (FOFSBUJPO 9 * EPO U %BJMZ -VODI .PO 'SJ BN QN %BJMZ BN BN % /BMJ 1BUJP SFBMMZ HFU CMPHHJOH PS PUIFS TPGU MBTU GPPE PSEFS QN %JOOFS EBJMZ 4BOMJUVO #FJMV QN MBTU GPPE PSEFS QN XXX FOPUFDB XBSF UIBU USBDLT XIFSF ZPV BSF ' UIF 8FTUJO #FJKJOH $IBPZBOH DPN DO BOE UIFO CSPBEDBTUT JU UP UIF SFTU %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU PG UIF XPSME #VU * TFF QFPQMF PO MJOF XIP XSJUF i* N BU UIF 8FTUJO u 0S i-PWF UIF CVGGFU IFSF u 5IFSF 5P &OKPZ 5P (FU )PNF -BUF BSF TP NBOZ EJGGFSFOU XBZT UIBU 5BWPMB 5IF 8PSME PG 4VTJF 8POH %BJMZ QN QN QN %BJMZ QN MBUF " /POH[IBOHVBO QFPQMF BSF VTJOH UFDIOPMPHZ UIBU ' 5IF (SBOE 4VNNJU 4FDUJPO # -J -V XFTU HBUF PG $IBPZBOH 1BSL CFOFñU PVS IPUFM .Z KPC JT UP USZ BOHNBRJBP %JQMPNBUJD .BOTJPO $IBPZBOH %JTUSJDU
%POHGBOH &BTU 3PBE BOE LFFQ VQ .Z KPC JT UP BMTP MJNJU UIF JEFBT UIBU XF FOE VQ VTJOH 6OMFTT TPNF
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
4105-*()5
5)& '6563& 0' )041*5"-*5: $0..6/*$"5*0/4
"MFUIFB -BN %JSFDUPS $PSQPSBUF $PNNVOJDBUJPOT 4UBSXPPE "TJB 1BDJñD )PUFMT 3FTPSUT
8JUI UIF FWPMVUJPO PG UIF $IJOFTF FDPOPNZ BOE UIF IPUFM JOEVTUSZ IPTQJUBMJUZ DPNNVOJDBUJPOT IBT IBE UP BEBQU UP B NPSF JOUFSOBUJPOBM DVTUPNFS CBTF BOE UIF XBZT JO XIJDI UIFZ HP BCPVU UIFJS EBJMZ MJWFT "MFUIFB -BN QPJOU QFSTPO GPS 4UBSXPPE T DPSQP SBUF DPNNVOJDBUJPOT EJWJ TJPO IBT TFFO NBOZ PG UIFTF DIBOHFT JO SFBM UJNF BOE IBT CFFO SFTQPOTJCMF GPS UIF CSBOE T SFTQPOTF 1IPFOJY 5TP HPU JO UPVDI XJUI -BN UP MFBSO IPX UP DPOEVDU FG GFDUJWF DPNNVOJDBUJPOT JO UPEBZ T IPUFM JOEVTUSZ BOE JO UIF CVTJOFTT XPSME BU MBSHF
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ñD SFDFJWF BEFRVBUF 13 TVQQPSU
"(&/%"
i0VS VOJRVF BQQSPBDI UP EFTJHO BOE JOOPWB UJPO HJWFT VT BO FEHF XJUI OFX HFOFSBUJPOT XIP HSFX VQ XJUI *,&" J1PET BOE .57 BOE XIP FYQFDU TUZMF BOE EFTJHO XIFSFWFS UIFZ HPu )PX IBT 4UBSXPPE "TJB 1BDJñD FWPMWFE PWFS UIF ZFBST JO $IJOB 4UBSXPPE JT CVMMJTI BCPVU UIF IPUFM CVTJOFTT 5IF JOEVTUSZ JT CFDPNJOH B USVMZ HMPCBM CVTJOFTT *G XF MPPLFE CBDL BU PVS NBKPS DVTUPNFS CBTF GSPN ZFBST BHP BU UIBU UJNF XF XPVME POMZ DPOTJEFS UIF "NFSJ DBOT 8FTUFSO &VSPQFBOT BOE +BQB OFTF BT PVS DPSF CVTJOFTT TPVSDF 5PEBZ XJUI UIF SBQJE FDPOPNJD HSPXUI PG FNFSHJOH NBSLFUT XF DBO DPVOU PO $IJOB 3VTTJB *OEJB BOE UIF &BTUFSO &VSPQFBO
5)6 +6/ Ŧ 8&% +6/
%.
CMPDL BT BUUSBDUJWF CVTJOFTT CBTFT CPUI GPS CVTJOFTT BOE MFJTVSF 0G DPVSTF $IJOB UIF FNFSHJOH HJBOU JT USBOTGPSNJOH FWFSZUIJOH JO IPX XF UIJOL BCPVU PVS CVTJOFTT BOE JO B WFSZ QPTJUJWF XBZ 5IF HSPXUI QPUFOUJBM JT USFNFOEPVT 5IJT WFSZ JNQPSUBOU iTUSVDUVSBM DIBOHFu JO UIF IPUFM CVTJOFTT JO WPMWFT UIF XBZ XF QMBO BOE NBO BHF PVS CVTJOFTT 'PS FYBNQMF JO UIF QBTU NPTU PG PVS QSPEVDU DPODFQUT NBOBHFNFOU QSBDUJDFT BOE TFOJPS TUBGG BMM IBWF B XFTU
FSO PSJFOUBUJPO 5PEBZ XF OFFE UP MPPL BU UIF JOUFSOBUJPOBMJ[BUJPO BOE BU UIF TBNF UJNF MPDBMJ[BUJPO PG PVS QSPEVDU PÃFSJOHT BOE NBO BHFNFOU QSBDUJDFT * UIJOL UIJT JT B HSFBU UJNF UP CF JO UIF IPTQJUBMJUZ JOEVTUSZ )PX IBT DPNNVOJDBUJPOT JN QBDUFE UIBU FWPMVUJPO $PNNV OJDBUJPOT IBT CFFO JOTUSVNFOUBM JO EFMJWFSJOH 4UBSXPPE T OJOF CSBOET UP BMM DPOTVNFST 8F WF CVJMU CSBOE FRVJUZ JO $IJOB 5IF $IJOFTF BSF CF HJOOJOH UP CFDPNF B NBKPS HMPCBM USBWFM GPSDF BOE CZ $IJOB XJMM IBWF NJMMJPO PVUCPVOE USBWFM FST UIF MBSHFTU JO UIF XPSME 8IFO UIFZ USBWFM BCSPBE UIF $IJOFTF TUBZ XJUI UIF IPUFM CSBOET UIFZ LOPX GSPN IPNF XIJDI VOEFSTDPSFT UIF TJHOJGJDBODF PG PVS HSPXJOH GPPUQSJOU PG óBHTIJQ IPUFMT JO $IJOB BOE JUT IBMP FÃFDU PO 4UBSXPPE T IPUFMT BSPVOE UIF XPSME 8IBU JT OFYU GPS 4UBSXPPE "TJB 1BDJñD BOE XIBU BSF ZPV EPJOH UP CSJOH UIF DPNQBOZ JOUP UIF GVUVSF QBSUJDVMBSMZ JO $IJOB PG OFX HFOFSBUJPOT TBZ UIBU PODF UIFZ ñOE B CSBOE UIFZ MJLF UIFZ LFFQ DPNJOH CBDL 5IF NPSF CSBOET GJU JOUP UIFJS MJGFTUZMF UIF NPSF UIFZ BSF JODMJOFE UP JEFOUJGZ XJUI UIFN BOE TFFL UIFN PVU #PU UPN MJOF CSBOET UIBU BSF KVTU BCPVU SFMJBCJMJUZ BSF EJTBEWBOUBHFE (FO FSBUJPO : IBT B OFX BOE EJTUJODU UBLF PO EFTJHO UFDIOPMPHZ TFSWJDF BOE TVTUBJOBCJMJUZ 8JUI CSBOET MJLF 8 "MPGU BOE &MFNFOU DSFBUFE GPS BOE CZ OFYU HFOFSBUJPOT 4UBSXPPE JT BIFBE PG UIF DVSWF 0VS VOJRVF BQQSPBDI UP EFTJHO BOE JOOPWBUJPO HJWFT VT BO FEHF XJUI OFX HFO FSBUJPOT XIP HSFX VQ XJUI *,&" J1PET BOE .57 BOE XIP FYQFDU TUZMF BOE EFTJHO XIFSFWFS UIFZ HP 8F DPOUJOVF UP JOWFTU JO EFTJHO BOE SFDFOUMZ PQFOFE B OFX EFTJHO DFOUFS JO /:$ #JMMJPOT PG OFX USBWF MFST BOE OFYU HFOFSBUJPOT USBOTMBUF
i"U POF UJNF QSFTT SFMFBTFT SVMFE UIF EBZ CVU UPEBZ NPSF DPNQBOJFT IBWF UVSOFE UP QVUUJOH FYQFSJFODFT BOE QSPEVDUT JO UIF IBOET PG UIFJS NPTU QBTTJPOBUF DPOTVNFSTu
5IF "TUPS )PUFM B -VYVSZ $PMMFDUJPO )PUFM 5JBOKJO
JOUP B USVMZ HMPCBM DPOTVNFS CBTF XJUI BO VOQSFDFEFOUFE BQQFUJUF GPS HMPCBM CSBOET 0VS CSBOET MJF BU UIF IFBSU PG PVS DPNQFUJUJWF BEWBOUBHF DSFBUJOH FNPUJPOBM DPOOFDUJPOT XJUI HVFTUT MJLF OP PUIFST JO PVS TQBDF NPSF JN QPSUBOU UIBO FWFS HJWFO IJHI FY QFDUBUJPOT PG OFYU HFOFSBUJPOT )PX IBT 13 DIBOHFE TJODF ZPV GJSTU HPU TUBSUFE 5XP XPSET 4PDJBM NFEJB 8JUI UIF POTFU PG TPDJBM NFEJB JO SFDFOU ZFBST JU IBT CFFO BO JODSFEJCMF PQQPSUVOJUZ BT B 13 WFIJDMF CVU BU UIF TBNF UJNF B HSFBU DIBMMFOHFT JO UFSNT PG NBOBHJOH UIF NFTTBHF 4PDJBM NFEJB IBT DIBOHFE UIF XBZ NBOZ DPNQBOJFT IBOEMF UIFJS 1VCMJD
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
5IF 4U 3FHJT -IBTB 3FTPSU
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
5)& -*45
5",& :063 #&45 4)05
5IF UPQ TFWFO DBNFSBT PG UIF ZFBS
'PS UIF 'VO -PWJOH /PU UP TQPJM UIJOHT CVU BT ZPV SF FOKPZJOH UIF TVNNFS $POUPSUJPOJTU XFBUIFS PVUEPPS QBSUJFT BOE MBUF OJHIU DIBUUJOH XJUI GSJFOET XJOUFS JT XBJUJOH GPS ZPV KVTU BSPVOE UIF DPSOFS +FOOJGFS 5IPNF UIJOLT ZPV TIPVME UBLF TPNF QIPUPT OPX TP UIBU XIFO ZPV SF $BTJP &YJMJN &9 5S i53:9u IVEEMFE VQ TIJWFSJOH JO 8IJMF JU NBZ CF B MJUUMF BXLXBSE B TFQJB SFBMJUZ ZPV MM IBWF TPNFUIJOH UP SFNFNCFS UIF UIJT .19 DBNFSB IBT B OVNCFS PG GFBUVSFT UIBU NJHIU CF HPPE UJNFT CZ #FTU $BNFSB
4POZ /FY $ 8FMM CBMBODFE MJHIU P[ BOE FBTZ UP VTF UIF 4POZ /FY $ IBT CFFO HFU UJOH SBWF SFWJFXT GPS UXP TJNQMF SFBTPOT *UT HSFBU EFTJHO BOE JUT PVU PG UIF CPY VTBCJMJUZ #VU UIBU T OPU UIF POMZ UIJOH JU PÃFST m UIJT DBNFSB EFMJWFST FYDFQUJPOBM QIPUPT XJUI JUT .1 $.04 JNBHF TFOTPS XIJDI DBQUVSFT IJHI SFTPMVUJPO JNBHFT VQ UP Y QJYFMT GBDF EFUFD UJPO UFDIOPMPHZ CVSTU TIPPUJOH NPEF )JHI *40 TFOTJUJWJUZ GPS DBQUVSJOH MPX MJHIU JNBHFT )% WJEFP SFDPSEJOH XJUI BVUP GPDVT BOE B % TXFFQ QBOPSBNB NPEF :FT JU T USVF :PV DBO UBLF % QIP UPT XJUI UIJT CBE CPZ /PX ZPV KVTU IBWF UP XBJU GPS B % QSJOUFS UP QSJOU UIFN 3.#
"(&/%"
TIPPUJOH NPE B CVJMU JO QPQ VQ óBTI BOE B IJHI *40 TFOTJUJWJUZ UIBU BMMPXT ZPV UP TIPPU QIPUPT JO #FJKJOH T EBSLFTU CBST UIFSF JT OP QMBDF UIJT DBNFSB XPO U HP 5IF NJDSP MFOT NPVOU DBO CF VTFE XJUI BO BTTPSUNFOU PG 1BOB TPOJD MFOTFT JODMVEJOH B % MFOT BOE JG UIBU XBTO U DPPM FOPVHI JU BMTP IBT BO BMNPTU NZTUJDBM BCJMJUZ UIFZ DBMM JU B iTVQFSTPOJD XBWF ñMUFSu UP SFQFM EVTU BOE QBSUJDMFT 0I BOE FJHIU QSFTFU DPMPS FÃFDUT JODMVEJOH TJMIPVFUUF GPS UIPTF BUUSBDUJWF UP VTFST XIP BMTP ñOE JUT XIP XBOU UP BEE NPSF GVO UP FYUSBUFSSFTUSJBM TIBQF BQQFBMJOH UIFJS GVO *U T MJLF UIF DBNFSB XBT JODMVEJOH B IJHI TQFFE SFDPSEJOH EFTJHOFE GPS #FJKJOH $VSSFOUMZ PQUJPO XIJDI DSFBUFT TMPX NP SFUBJMJOH GPS 64% WJEFPT CVSTU TIPPUJOH NPEF GQT GPS GBTU BDUJPO TIPUT BOE 'PS 4QPSUT 'BOBUJDT BOE TQFDJBM FÃFDUT MJLF )%3 BSU IJHI #FBDI #VOOJFT EZOBNJD SBOHF BOE TMPX NPUJPO GPS DSFBUJWF JNBHFT $PNCJOF UIBU XJUI B Y PQUJDBM BOE Y IJHI TQFFE 43 [PPN GBDF EFUFDUJPO UFDIOPMPHZ BOE B TVQFS QPSUBCMF XFJHIU PG P[ BOE ZPV LOPX XIZ CVZFST BSF MJOJOH VQ GPS JU $VSSFOUMZ SFUBJMJOH GPS 64% $BOPO 1PXFSTIPU % $PNQBSFE UP UIF PUIFS DBNFSBT PO UIJT MJTU UIF $BOPO 1PXFSTIPU % IBT CVU POF SFBMMZ JNQSFTTJWF UIJOH HPJOH GPS JU *U JT DPME XBUFS BOE TIPDL SFTJTUBOU 4P JG ZPV SF UIF UZQF UP ñOE ZPVSTFMG JO TUJDLZ PS XFU TJUVBUJPOT ZPV TIPVME DPO TJEFS UIJT UJOZ P[ BQQBSBUVT *O UFSNT PG GFBUVSFT JU IBT B SFMBUJWFMZ IJHI *40 TFOUTJUJWJUZ VQ UP 1BOBTPOJD -VNJY (' *G TP ZPV MM TUJMM CF BCMF UP UBLF MPX ZPV ñOE ZPVSTFMG BU B MPU PG iMBUF MJHIU JNBHFT UIPVHI QSPCBCMZ OJHIU NFFUJOHTu UIJT .19 OPU MPX MJHIU BDUJPO TIPUT *U EPFT DBNFSB NJHIU KVTU CF ZPVS OFX IBWF TFWFSBM TDFOF NPEFT MBOE CFTU GSJFOE 8JUI IJHI SFTPMVUJPO TDQF CFBDI TVOTFU VOEFSXBUFS QIPUPT PG VQ UP Y QJYFMT BOE NPSF BOE B CVSTU TIPPUJOH )% NPWJF DBQBCJMJUJFT B u 5'5 NPEF BMUIPVHI JU DBO POMZ EP -$% UPVDI QBOFM EJTQMBZ CVSTU GQT "T XJUI NPTU PUIFS DBNFSBT JU
'PS UIF 1BSUZ "OJNBM
5)6 +6/ Ŧ 8&% +6/
%.
BMTP DPNFT XJUI TQFDJBM QIPUP FG GSPN UIF QBTU UIF 'JOF1JY 9 GFDUT XIJUF CBMBODF BOE UIF BCJMJUZ DPNCJOFT BMM UIF MBUFTU UFDIOJDBM UP SFDPSE WJEFP 3.# EJHJUBM JOOPWBUJPOT JO B CFBVUJGVM USBEJUJPOBM DIBTTJT 1SPGFTTJPOBM QIPUPHSBQIFST XJMM FOKPZ UIF 'PS "NBUFVS 4QPSUTNFO GBDU UIBU UIJT .19 DBNFSB BOE 'BNJMJFT 7BDBUJPOT HJWFT UIFN DPNQMFUF DPOUSPM PWFS BQFSUVSF TIVUUFS TQFFE BOE FYQPTVSF DPNQFOTBUJPO BT XFMM BT JUT NVMUJQMF QMBZCBDL GFBUVSFT JODMVEJOH 3"8 DPOWFSTJPO JNBHF TFBSDI NVMUJ GSBNF QMBZCBDL NBSL GPS VQMPBE DSPQ BOE SFTJ[F %JHJUBM WJEFP SFDPSEJOH BOE DPOUJOVPVT TIPPUJOH VQ UP GQT JT BMTP BWBJMBCMF CVU JU T IBSE UP $BOPO 1PXFS4IPU ( 8IJMF CBMBODF JUT IFGUZ P[ XFJHIU UIJT DBNFSB JT UIF SVOU PG UIF XJUI TUZMF 3.# MJUUFS JO UFSNT PG .19 B NFSF BMUIPVHI UIBU JT TVîDJFOU UP 'PS UIF $POOPJTTFVS DBQUVSF Y QJYFM QIPUPT JU EPFT DPNCJOF UIF EVSBCJMJUZ PG UIF $BOPO 1PXFSTIPU % XJUI B NPSF TPQIJTUJDBUFE EFTJHO BT XFMM BT UIF BCJMJUZ UP TIPPU )% WJEFP BU Q XJUI DMFBS TPVOE *U BMTP GFBUVSFT B Y PQUJDBM BOE Y EJHJUBM [PPN BOE GQT CVSTU TIPPUJOH NPEF NBLJOH JU POF PG UIF CFUUFS BMM BSPVOE DBNFSBT GPS GBNJMJFT PS QFPQMF XIP MPWF -FJDB . *G ZPV SF XJMMJOH UP UP USBWFM 0UIFS GFBUVSFT JODMVEF QBZ B MJUUMF CJU NPSF GPS HPPE UIF PQUJDBM JNBHF TUBCJMJ[BUJPO RVBMJUZ TLJQ UIJT DBNFSB *G ZPV SF BOE IJHI *40 TFOTJUJWJUZ VQ UP XJMMJOH UP QBZ B MPU NPSF GPS B NFBOJOH FWFO MPX MJHIU GBOUBTUJD DBNFSB LFFQ SFBE BOE TMJHIUMZ VOCBMBODFE TIPUT JOH 5IF -FJDB . XIPTF TMFFL XJMM UVSO PVU XFMM :PV DBO FWFO EFTJHO BOE QPXFSGVM UFDIOPMPHZ QVSDIBTF B TQFDJBM VOEFSXBUFS LJU GPS ZPVS NBSJUJNF BEWFOUVSFT IBSLFOT CBDL UP QIPUPHSBQIZ T 5IF POMZ EPXOTJEF JT JUT SFMBUJWFMZ IFZEBZ QBDLT B XIPQQJOH IFBWZ XFJHIU P[ 3.# .19 JO B WFSZ TFYZ BMCFJU IFBWZ P[ GPSNBU 5IF -FJDB . JT DVSSFOUMZ SFUBJMJOH GPS 3.# BU [PM DPN DO *G ZPV SF MPPLJOH 'PS UIF 4FOUJNFOUBMJTU GPS TPNFUIJOH FRVBMMZ TFYZ CVU MJHIUFS PO UIF XBMMFU XIZ OPU USZ UIF -FJDB 9 XIJDI DPTUT B iNFSFu 3.#
'VKJ'JMN 'JOF1JY 9 *OTQJSFE CZ UIF DMBTTJD DBNFSBT
%.
"DDFTTPSJFT
(PSJMMB 1PE 'PS UIPTF XIP BSF USVMZ BEWFOUVSPVT UIF (PSJMMB 1PE JT B NVTU *U BMMPXT ZPV UP TFDVSF ZPVS DPNQBDU EJHJUBM DBNFSB UP BOZUIJOH BOZXIFSF *UT óFYJCMF KPJOUT CFOE BOE SPUBUF UP BMMPX ZPV UP UBLF QIPUPT FWFO JO UIF UPVHIFTU UFSSBJOT #VZ JU GPS 64% UP PO UIJOLHFFL DPN
J1IPOF 5FMFTDPQF *G ZPV KVTU CMFX ZPVS DBNFSB CVEHFU PO BO J1IPOF DPOTJEFS CVZJOH UIF J1IPOF UFMFTDPQF XIJDI BEET BNB[JOH [PPN DBQBCJMJUJFT UP ZPVS QSFDJPVT UFMFQIPOF *U BMTP DPNFT XJUI BO BEPSBCMF MJUUMF USJQPE TP JU T BMNPTU MJLF JU T B SFBM DBNFSB 3.# PO UBPCBP DPN
5)6 +6/ Ŧ 8&% +6/
"(&/%"
4105-*()5
53"/4'03.*/( *%&"-*4. */50 "$5*0/
+FOOJGFS 'JMT "JNÊ GPVOEFS PG 1FBDF GPS )VNBOJUZ
&WFS TJODF TIF XBT B ZPVOH HJSM +FOOJGFS 'JMT "JNÊ IBT XBOUFE UP EP IFS QBSU UP IFMQ QFPQMF JO OFFE "GUFS TUVEZJOH GBTIJPO BOE CVTJOFTT JO DPMMFHF 'JMT "JNÊ JOUFOEFE UP TUBSU BO /(0 JO IFS IPNFUPXO PG .POUSFBM CVU CZ IBQQFOTUBODF FOEFE VQ FTUBCMJTIJOH IFS iDSFBUJWF /(0 u1FBDF GPS )VNBOJUZ JO #FJKJOH JO 1IPFOJY 5TP UBMLFE UP 'JMT "JNÊ BCPVU UIF QPMJUJDBM BOE DVMUVSBM DIBMMFOH FT UIBU TIF IBT IBE UP OBWJHBUF JO HFUUJOH IFS PSHBOJ[BUJPO Pí UIF HSPVOE BOE BCPVU 1FBDF GPS )VNBOJUZ T GJSTU NBKPS FWFOU 8IBU JT UIF QVSQPTF PG 1FBDF GPS )VNBOJUZ 1FBDF GPS )VNBOJUZ JT B DSFBUJWF PSHBOJ[BUJPO 8F PSHBOJ[F FWFOUT JO PSEFS UP TQSFBE BXBSF OFTT BCPVU TPDJBM JTTVFT BT XFMM BT SBJTF NPOFZ GPS XPSUIZ DIBSJUJFT 8F NBJOMZ XBOU UP QVU PO FWFOUT UIBU BSF BSUJTUJD BOE VTF BSUJTUT FTQFDJBMMZ VOLOPXO POFT 5IFSF T TP NVDI UBMFOU IFSF FWFSZXIFSF * N MPPL JOH GPS QFPQMF XIP IBWF B UBMFOU CVU EPO U IBWF UIF PQQPSUVOJUZ UP EP JU CFDBVTF UIFZ SF OPU GBNPVT * XBOU UIFN UP ñOE UIBU PQQPSUVOJUZ BU 1FBDF GPS )VNBOJUZ
i1FBDF GPS )VNBOJUZ JT SFBMMZ BCPVU QFPQMF GSPN EJíFSFOU DVMUVSFT BOE CBDLHSPVOET BOE FEVDBUJPO MFWFMT EPJOH TPNFUIJOH UPHFUIFS UP IFMQ QFPQMF 5IBU T SFBMMZ UIF JNQPSUBOU UIJOHu
OPU MJLF UIBU 5IFSF BSF TP NBOZ SVMFT BOE UIFSF JT TP NVDI QBQFSXPSL * UBMLFE UP TP NBOZ QFPQMF BCPVU XIFUIFS * XBT EPJOH UIF SJHIU UIJOH * FWFO BTLFE TPNFCPEZ BU UIF $B OBEJBO FNCBTTZ )F TBJE i+FOOJGFS * EPO U LOPX IPX NVDI ZPV XBOU UP PCFZ UIF SVMFT CVU UIJT JT $IJOB :PV IBWF UP XPSL XJUI UIJT :PV DBO U EP 8IBU DIBMMFOHFT IBWF ZPV EFBMU FYBDUMZ XIBU ZPV BSF TVQQPTFE UP XJUI JO TFUUJOH VQ 1FBDF GPS )V EP u * IBE UP HFU VTFE UP JU NBOJUZ 5IFSF BSF TP NBOZ DIBM MFOHFT IFSF /(0T IFSF BSFO U SFD )PX EP ZPV SFDSVJU BOE SFUBJO PHOJ[FE 5IBU XBT XFJSE GPS NF * ZPVS WPMVOUFFST * IBWF WPM XBT HPJOH UP HP UP UIF PîDF BOE VOUFFST SJHIU OPX XIJDI * GPVOE SFHJTUFS BOE JU XPVME CF FBTZ #VU JU T UISPVHI UIF #FJKJOHFS "MM NZ WPMVO
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
UFFST * IBWF QFSTPOBMMZ JOUFSWJFXFE BOE IJSFE * N USZJOH UP ñOE BO )3 QFSTPO CVU UIBU T CFFO IBSE UP EP "U UIF TBNF UJNF * MJLF UIBU * IBWF NFU BMM PG NZ WPMVOUFFST 8IFO * NFFU UIFN * UBML UP UIFN GPS UXP IPVST "OPUIFS UIJOH UIBU * WF EJTDPWFSFE JO $IJOB UIBU JT EJG GFSFOU GSPN .POUSFBM JT UIBU * HFU B MPU PG "TJBO QFPQMF BQQMZJOH GPS B TQFDJñD QPTJUJPO CVU UIFZ EPO U LOPX NVDI BCPVU XIBU UIF KPC FOUBJMT 5IFZ KVTU BQQMZ CFDBVTF UIFZ XBOU UP EP TPNFUIJOH 4P * XBOU UP LOPX XIBU UIFZ MJLF BOE IFMQ UIFN VTF UIBU
*O UFSNT PG SFUBJOJOH WPMVOUFFST * UIJOL PG JU UIJT XBZ 1FBDF GPS )V NBOJUZ JT SFBMMZ BCPVU QFPQMF GSPN EJíFSFOU DVMUVSFT BOE CBDLHSPVOET BOE FEVDBUJPO MFWFMT EPJOH TPNF UIJOH UPHFUIFS UP IFMQ QFPQMF 5IBU T SFBMMZ UIF JNQPSUBOU UIJOH 8F SF OPU POMZ EPJOH B KPC XF SF IFSF UP IBWF B DPOOFDUJPO UP MFBSO BCPVU FBDI PUIFS TP XF OFFE UP TPDJBMJ[F UPHFUIFS OPU KVTU XPSL FTQFDJBMMZ TJODF XF EPO U IBWF BO PG ñDF ZFU BOE XF EPO U TFF FBDI PUIFS FWFSZEBZ 5IF WPMVOUFFST BSF BMM QBSU UJNF UIFZ SF EPJOH UIJT PO UIFJS PXO UJNF "OE JU T JNQPSUBOU UIBU XF HP PVU BOE FBU UPHFUIFS PS TPNFUIJOH MJLF UIBU * XBOU VT UP IBWF B GSJFOE TIJQ BOE CF B DSFX B UFBN 5FMM VT BCPVU ZPVS VQDPNJOH FWFOU 8F SF IBWJOH BO BSU FYIJCJ UJPO PO +VMZ UP "VHVTU *U MM CF BU UIF (SBOE .JMMFOOJVN (BMMFSZ BU 5IJT GVOESBJTFS JT HPJOH UP SBJTF BXBSFOFTT BCPVU EPNFTUJD WJPMFODF 8F SF HPJOH UP UBML BCPVU JU UISPVHI BSU OBNFMZ GFBUVSJOH UIF QIPUPHSBQIZ PG 1FSF *CBOF[ BOE BMPOHTJEF UIBU QSPWJEF TPNF GBDUT BCPVU EPNFTUJD WJPMFODF 5IF QPJOU JT GPS QFPQMF XIP BUUFOE UIF FYIJCJUJPO UP MFBSO NPSF BCPVU UIJT JTTVF BOE UP HJWF PVU QIPOF OVNCFST BOE SFTPVSDFT UP UIPTF XIP IBWF CFFO B WJDUJN PS LOPX TPNFCPEZ XIP JT B WJDUJN 8IZ EJE ZPV DIPPTF UIF UPQJD PG EPNFTUJD WJPMFODF %PNFT UJD WJPMFODF JT FWFSZXIFSF JO UIF XPSME BOE * IBWF IFBSE B MPU PG TUPSJFT IFSF BCPVU QFPQMF XIP IBWF XJUOFTTFE JU *U T FWFSZXIFSF BNPOH ZPVOH DPVQMFT JO $IJOB 8IP IFMQT UIPTF QFPQMF 8PNFO EJF GSPN UIBU * EJTDPWFSFE UIBU UIFSF BSF UXP QSPCMFNT XJUI SFTPMWJOH EPNFTUJD WJPMFODF JO $IJOB *U T DVMUVSBM BOE JU T UIF HPWFSONFOU 5IFSF JT OP HPWFSONFOU TVQQPSU TZTUFN GPS EPNFTUJD WJPMFODF WJDUJNT "OE
i* IBWF ZFU UP ñOE B QSPHSBN UIBU EJSFDUMZ IFMQT WJDUJNT PG EPNFTUJD WJPMFODF TP * XBT UIJOLJOH XIZ OPU TUBSU POF CZ PVSTFMWFT u DVMUVSBMMZ XIBUFWFS IBQQFOT JO UIF GBNJMZ TUBZT JO UIF GBNJMZ 4P JG B XPNBO HPFT UP UIF QPMJDF UIFZ MM TBZ i:PV OFFE UP XPSL UIBU PVU XJUI ZPVS IVTCBOE u *G UIF QPMJDF EPO U TFF BOZUIJOH MJLF BO BDUJPO PG WJPMFODF UIFZ SF OPU HPJOH UP TBZ BOZUIJOH *G B XPNBO TQFBLT PVU UIFO JU CSJOHT TIBNF UP UIFN BOE QFPQMF BSF MJLF i8IZ BSF ZPV EPJOH UIJT UP UIF GBNJMZ u *U T BMSFBEZ MJLF UIBU JO UIF 4UBUFT BOE JO $BOBEB UIFZ SF BMSFBEZ BTIBNFE XJUI BMM UIF SFTPVSDFT UIFZ IBWF *NBHJOF IFSF XJUI BMM UIF QSFTTVSF UIFZ IBWF OPU UP TBZ BOZUIJOH 'PSHFU UIBU 8IZ EJE ZPV EFDJEF UP BQQSPBDI UIJT JTTVF UISPVHI BO BSU FYIJC JU 5IF POMZ UIJOH GPS NF UP EP FTQFDJBMMZ BT B GPSFJHO /(0 JT UP SBJTF BXBSFOFTT BOE FEVDBUF UIF QPQVMBUJPO BCPVU JU 5IJT XPVME NBLF B CJH JNQBDU BMSFBEZ 1FPQMF IFSF EPO U IBWF TFYVBM FEVDBUJPO JO TDIPPM :PVOH LJET EPO U LOPX IPX UP JOUFSBDU BT B DPVQMF CFUXFFO NBMFT BOE GFNBMFT *G HJSMT BOE CPZT DPVME MFBSO XIBU B HPPE CFIBWJPS JT BOE BOE XIBU B CBE CFIBWJPS JT JU DPVME EP TP NVDI HPPE 1FPQMF IFSF UFMM NF TUPSJFT BMM UIF UJNF BCPVU WJPMFOU JODJEFOUT CFUXFFO DPVQMFT IBQQFOJOH JO QVCMJD * IBWF ZFU UP ñOE B QSPHSBN UIBU EJSFDUMZ IFMQT WJDUJNT PG EPNFTUJD
WJPMFODF TP * XBT UIJOLJOH XIZ OPU TUBSU POF CZ PVSTFMWFT 8F SF OPU HPJOH UP SBJTF B UPO PG NPOFZ XJUI UIF FYIJCJU NBZCF 3.# UP 3.# #VU * DBO U ñOE B QSP HSBN UP HJWF JU UP BOE * EPO U XBOU UP HJWF NPOFZ KVTU CFDBVTF *G XF EPO U ñOE B QSPHSBN CZ +VMZ UIFO XF MM TUBSU PVS PXO %P ZPV IBWF BOZ BEWJDF GPS UIPTF XIP XBOU UP TUBSU UIFJS PXO /(0 JO $IJOB 3FBMMZ IBWF B WJTJPO PG XIBU ZPV XBOU UP EP )BWF B HPPE UFBN BOE LOPX FYBDUMZ XIBU ZPV OFFE GSPN UIFN :PV OFFE QFP QMF XIP BSF SFBMMZ HPPE BU XIBU UIFZ SF EPJOH * VTFE UP TBZ i0I ZPV SF JOUFSFTUFE ZPV DBO KVTU EP JU u #VU OPX * OFFE TPNFCPEZ XIP JT HPPE JO NBSLFUJOH PS BOPUIFS BSFB 0UIFSXJTF * IBWF UP UFMM UIFN FWFSZUIJOH * IBWF UP EP JU GPS UIFN BOE JU T B XBTUF PG UJNF 5SZ BMTP UP DPOOFDU XJUI B MPU PG QFPQMF XIP BSF XPSLJOH JO UIF TBNF BSFB &WFSZ XFFL * N NFFUJOH QFPQMF FJUIFS JO UIF /(0 PS NBSLFUJOH JOEVTUSZ BOZCPEZ XIPN * DBO MFBSO GSPN )BWJOH TPNFCPEZ XIP LOPXT $IJ OFTF DVMUVSF XFMM BMTP IFMQT "OE CF QBUJFOU BOE EPO U SVTI * IBWF MFBSOFE UIBU JO $IJOB UIBU BCPWF BMM ZPV IBWF UP CF QBUJFOU 5BLF ZPVS UJNF OP SVTI 5IBU T XIBU * N EPJOH OPX
+FOOJGFS 'JMT "JNÊ T 'BWPSJUF $IBSJUJFT
r5IF -JCSBSZ 1SPKFDU EPOBUFT CPPLT BOE MJCSBSJFT UP QPPS TDIPPMT BOE PSQIBOBHFT JO $IJOB BOE 7JFUOBN -JLF VT UIFZ CFMJFWF UIBU FEVDBUJPO JT LFZ JO CSFBLJOH UIF DZDMF PG QPWFSUZ r $PNQBTTJPO GPS .JHSBOU $IJMESFO $.$ SFBDIFT PVU UP POF PG UIF NPTU EJTBEWBOUBHFE HSPVQT #VJMEJOH DPNNVOJUZ DFOUFST JO UIF IFBSU PG NJHSBOU DPNNVOJUJFT UIFZ BSF OPU POMZ IFMQJOH DIJMESFO CVU BMTP UIFJS GBNJMJFT BOE DPNNVOJUJFT
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
5)& "(&/%" 5)634%": +6/
'3*%": +6/
4"563%": +6/
%SBHPO #PBU 'FTUJWBM
QN "GSJDB %BZ
QN 1JBOP BVY +BDPCJOT
"GSJDB VOJUFT 3.# 3.# BE WBODF QN ,PMFHBT -JBOHNB RJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JTUSJDU LPMFHBT! DPN LPMFHBT DPN
5ISFF OJHIUT XJUI 'SFODI QJBOJTUT GFBUVSJOH -JT[U #FFUIPWFO BOE $IP QJO BT XFMM BT KB[[ 1BSU PG 'FTUJWBM $SPJTFNFOUT BOE POF PG #FJKJOH T QSFNJFSF BOOVBM QJBOP FWFOUT 3.# QN 'PSCJEEFO $JUZ $PODFSU )BMM #FJKJOH *OTJEF ;IPOHTIBO 1BSL 9JDIBOH BO +JF 9JDIFOH %JTUSJDU GDDICK DPN
56&4%": +6/
8&%/&4%": .":
8&%/&4%": +6/
+FU -BH 3FWJWBM
5IF 3FE %FUBDINFOU PG 8PNFO
/FWFS &OEJOH 'MBWPVST
6OUJM +VOF "O NJOVUF GVMM CPEZ NBTTBHF XJUI TQFDJñD FTTFOUJBM PJMT BOE CPEZ CSVTIJOH 3.# OFU QFSTPO 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
$MPTJOH 1FSGPSNBODF PG UIF UI "O OVBM .FFU JO #FJKJOH "SUT 'FTUJWBM "T UIF ñSTU CBMMFU QFSGPSNBODF UP GFBUVSF B $PNNVOJTU SFWPMVUJPO UIFNF UIF 3FE %FUBDINFOU PG 8PNFO FYQFSUMZ JOUF HSBUFT $IJOFTF TUZMF EBODF XJUI DMBTTJD CBMMFU DIPSFPHSBQIZ 3.# 7*1 .BZ 1PMZ 5IFBUSF 1PMZ 1MB[B %POH[IJNFO /BOEBKJF FWF!QPMZUIFBUSF DPN XXX QPMZUIFBUSF DPN
+VO 4BWPS UIF QSFNJVN DVUT PG DFSUJñFE HSBJO GFE "VTUSBMJBO CFFG DPPLFE UP ZPVS MJLJOH QFSGFDUMZ BDDPNQBOJFE CZ IFBSUZ TBMBET IPNF NBEF TPVQT BOE UBOUBMJ[ JOH EFTTFSUT 0;;: #FFG %JOOFS 3.# TFSWJDF DIBSHF QFS QFSTPO JODMVEJOH POF HMBTT PG "VT USBMJBO SFE XJOF 4FOTFT 5IF 8FTUJO #FJKJOH # 'JOBODJBM 4USFFU 9JDIFOH %JTUSJDU FYU
46/%": +6/
.0/%": +6/
56&4%": +6/
BN QN "SPNB (PVSNFU #SVODI
QN NJEOJHIU $JHBST BOE 8IJTLZ
'PVOEFS T %BZ 1BSUZ
-PCTUFS PZTUFST GPJF HSBT JOUFSOBUJPOBM DIFFTFT BOE B 4VOEBZ SPBTU 3.# JODMVEFT VOMJNJUFE 1JQFS )FJETJFDL DIBNQBHOF BN QN "SPNB 3JU[ $BSMUPO #FJKJOH " +JBOHVP -V $IBPZBOH %JTUSJDU
&WFSZ .POEBZ "CFSGFMEZ :FBS 0ME 4JOHMF .BMU 8IJTLZ BU KVTU $/: QFS CPUUMF BMPOH XJUI UXP DPNQMJNFO UBSZ .POUFDSJTUP /P DJHBST 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
5IF (SBOE .JMMFOOJVN )PUFM JT TFSWJOH USBEJUJPOBM $BOUPOFTF SJDF EVNQMJOHT GPS UIJT FOKPZBCMF IPMJEBZ "WBJMBCMF GSPN .BZ UP +VOF :BP $IJ (SBOE .JMMFOOJVN #FJKJOH 'PS UVOF 1MB[B %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
$FMFCSBUF ZFBST PG )BSE 3PDL $BGF %SFTT A T TUZMF BOE ZPV MM HFU UXP GSFF 5J”HFS CFFST 3.# GPS B 5JHFS BOE CVSHFS TFU 'SFF )BSE 3PDL $BGF ' -BOENBSL 5PXFST %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU FYU
)*()-*()54 '03 5)& 8&&,4 0' 5)6 +6/ Ŧ 8&% +6/ 46/%": +6/
.0/%": +6/
QN ,BNB -PWF .VTJD 'FTUJWBM
8IJTLZ TPVS JDF CBMM
/FX DPNQFUJUPS KPJOT UIF NVTJD GFTUJWBM ñHIU UIF MJOFVQ JODMVEFT &FMT $PXCPZ +VOLJFT -JTB 0OP BOE NPSF 5JDLFUT BU 3.# POF EBZ QBTT 3.# POF EBZ QBTT BEWBODF 3.# CPUI EBZT BEWBODF QN /BUJPOBM 0MZNQJD 4QPSUT $FOUFS TPVUI PG UIF #JSE T /FTU "OEJOHMV 0MZNQJD "SFB
.0/%": .":
+VO &WFSZ NBMU ESJOL FBSOT ZPV B TUBNQ FWFSZ TUBNQT HFUT ZPV B SFXBSE )BWF JU OFBU TXFFU TPVS PO B TPVS TQIFSF PS IBWF JU PO PVS 4DPUDI USBZ UIF POMZ POF JO $IJOB XJUI B TJHOBUVSF JDF CBMM BOE B TIPU PG 'JKJ 8BUFS XIJDI JT XIJTLFZ T CFTU DPNQMFNFOU 'SPN 3.# "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
QN 3 5FB 4PDJFUZ 5BLF B MFJTVSFMZ BGUFSOPPO UP SFMBY XJUI UIF "GUFSOPPO 5FB 4PDJFUZ BOE QJDL GSPN PWFS DIPJDFT PG UFB UZQFT BOE TOBDLT 3.# OFU GVMM UFB 3.# OFU DSFBN UFB 5IF -PVOHF ' PG 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU
5)634%": +6/
'3*%": +6/
4"563%": +6/
BN QN *// 5SFLLJF
QN )PVTF PG %FDBEFODF
+PJO OFX GSJFOET BOE FYQMPSF UIF TFDSFU HFNT PG #FJKJOH UPHFUIFS EVSJOH UIJT GVO BOE SFMBYFE 5SFLLJF FWFOU 3471 CZ +VO UP JOOCFJKJOH!IPUNBJM DPN $POGVDJVT 5FNQMF BOE *NQFSJBM $PMMFHF (VP[JKJBO +JF OFBS UIF -BNB 5FNQMF T NBJO HBUF %POHDIFOH %JTUSJDU XXX JOOCFJKJOH PSH
%+ $IP[JF TQJOT TFYZ IPVTF 'SFF QN 5IF #FBDI ' #MPDL 8FTU (BUF PG $IBPZBOH 1BSL $IBPZBOH %JTUSJDU
QN MBUF (SFBU 8BMM .VTJD 'FTUJWBM XJUI 'BUCPZ 4MJN
8&%/&4%": +6/
8&%/&4%": +6/&
QN BN -JWF .VTJD BU $IJOB #BS
BN QN 1BLJTUBOJ #VÃFU
%BJMZ +B[[ BOE PUIFS MPVOHF NVTJD 'SFF QN BN 4VO 8FE QN BN 5IV 4BU $IJOB #BS ' 1BSL )ZBUU +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
.PO 'SJ )PQ JO GPS B ñOHFS MJDLJOH 1BLJTUBOJ #VÃFU .VHIBM T JT PÃFSJOH GSFTI TBMBET DVSSJFT IPNF TUZMF WFHFUBCMF EJTIFT SJDF OBO BOE EFMJDJPVT 1BLJTUBOJ EFTTFSUT .VHIBM T #FJKJOH ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU NVHIBMCFJKJOH!ZBIPP DPN XXX NVHIBMCFJKJOH DO
%.
5IF GPSNFS )PVTFNBSUJO IFBEMJOFT UIJT QBSUZ CZ UIF (SFBU 8BMM XJUI TVQ QPSU GSPN UIF DSFBN PG UIF MPDBM %+ DSPQ $PBDIFT MFBWF )VBRJOH +JBZVBO &BTU (BUF BU BOE $IBPZBOH 1BSL 4PVUI (BUF BU QN BOE QN 'PS NPSF JOGPSNBUJPO BOE UJDLFU TBMFT DPOUBDU 3.# OP USBOTQPSU JODMVEFE 3.# CFGPSF +VO JODMVEFT DPBDI 3.# CFGPSF +VO JODMVEFT DPBDI QN MBUF #BEBMJOH (VDIBOH $IFOH
&WFOUT EFBEMJOFT
+VOF JTTVF .BZ +VOF JTTVF +VOF
&NBJM ZPVS FWFOUT UP
MJTUJOHT!BHFOEBCFJKJOH DPN
5)6 +6/ Ŧ 8&% +6/
"(&/%"
+ 6 /
5)634%":
4> @>
%SBHPO #PBU %VNQMJOHT "MM NPOUI (FU ZPVS [POH[J PSEFST JO FBSMZ m B SBOHF PG ñMMJOHT JT BWBJMBCMF 3.# BN QN )PSJ[PO ' 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU
4> @> "MBNFEB #VTJOFTT -VODI .PO 'SJ 5XP DPVSTF TFU MVODI 3.# BN QN "MBNFEB 4BOMJUVO #FJKJF CFTJEF UIF /BMJ .BMM $IBPZBOH %JTUSJDU
'((? @> "HVB 4FU -VODI .FOVT SPUBUFE XFFLMZ 3.# UXP DPVSTFT 3.# UISFF DPVSTFT /PPO QN "HVB ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 1SJNF 3JC /JHIU %JTDPVOUT PO SPUJT TFSJF QSJNF SJC 3.# QN 'MBNNF 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> >:6?: 9B 0OF ,JMP P #SJTLFU AO 3JCT 4MPX DPPLFE CSJTLFU BOE SJCT DPVSUFTZ PG -PVJTJBOB DIFG .BY -FWZ 3.# QFPQMF DBO TIBSF QN NJEOJHIU "QPUIFDBSZ ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 1JOL 1BSUZ 8JOF FYQFSU 4BDIB "MFYJT -JDIJOF QSFTFOUT ñOF SPTÊ XJOFT GSPN UIF SFOPXOFE $IBUFBV E &TDMBOT SBOHF 1SJDF 5#% QN .BJTPO #PV MVE Æ 1ÊLJO $I JFO .FO 2JBO NFO %POHEBKJF %POHDIFOH %JTUSJDU NBJTPOCPVMVE DPN
@> #MVFT BOE +B[[ /JHIUT 8FE 5IV -JWF CMVFT GPML BOE KB[[ QFSGPSN BODFT FBTF ZPVS OFSWFT 'SFF QN &OPUFSSB % /BMJ 1BUJP 4BOMJUVO
"(&/%"
$FMFCSBUF UIF %SBHPO #PBU 'FTUJWBM XJUI SJDF DBLFT BU UIF )JMUPO #FJKJOH -V $IBPZBOH %JTUSJDU
@> 4> #MVF 7FMWFU 5VF 4BU "SHFOUJOFBO CBOE QMBZT -BUJO KB[[ 'SFF 5VF 5IV QN BN 'SJ 4BU QN BN .JY 8FTUJO $IBPZBOH ' 8FTUJO #FJKJOH $IBPZBOH %POHTBO IVBO #FJMV $IBPZBOH %JTUSJDU
@> :VLTFL #FJKJOH EFCVU GPS UIF 'SFODI %+ BOE QSPEVDFS 3.# QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
@> (SFH $BSSPMM BOE #VNQ $JUZ 8FE 4BU (SFH $BSSPMM QFSGPSNT KB[[ 3 # CMVFT BOE SPDL SPMM 'SFF QN &VEPSB 4UBUJPO 'BOHZVBO 9JMV $IBPZBOH %JTUSJDU
@> 4> (JSMT /JHIU 0VU 'SFF WPELB ESJOLT GSPN QN UP BN GPS MBEJFT Pí CPUUMFT PG (SFZ (PPTF WPELB BMM OJHIU 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
5)6 +6/ Ŧ 8&% +6/
%.
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ñWF XJOOFST TFMFDUFE FBDI EBZ &WFSZ HSPVQ PS UBCMF HFUT UIFJS ñGUI ESJOL GSFF +VO 2 #BS 5PQ óPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V UIF TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU QBSUZ!RCBSCFJKJOH DPN RCBSCFJKJOH DPN (SBOE .BSOJFS 3FE #BMMT #VZ POF HFU POF GSFF (SBOE .BSOJFS DPDLUBJMT TFSWFE JO BUUSBDUJWF TQIFSJDBM HMBTTFT %FTUJOBUJPO (POHUJ 9JMV $IBPZBOH %JTUSJDU
+ 6 /
%JTUSJDU FYU
@>
'3*%":
4> @>
-VODI 3BQJEP 5VF 'SJ $BO U EFDJEF XIBU UP IBWF GPS MVODI &OKPZ UXP EBJMZ TQFDJBMT BOE B HMBTT PG XJOF MPDBM CFFS PS KVJDF 3.# BN QN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JT USJDU
4> @> )VOHSZ GPS )VNNVT .PO 'SJ .JE EMF &BTUFSO GBWPSJUF 3VNJ JT PÃFSJOH B MVODI CVÃFU UIBU JODMVEFT NBOZ PG UIFJS NPTU QPQVMBS NFOV JUFNT 3.# BN QN 3VNJ " (POHUJ #FJMV PQQPTJUF ;IBPMPOH )PUFM $IBPZBOH %JTUSJDU XXX SVNJHSJMM DPN
4> @>
#MBDL 4FTBNF 8JOF AOh %JOF 5FO DPVSTFT PG $IJOFTF GPPE QSFQBSFE JO GSPOU PG ZPV BOE QBJSFE XJUI UXP /FX 8PSME XJOFT 3FTFSWBUJPOT SFRVJSFE 3.# QN #MBDL 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH %POHDIFOH %JTUSJDU CMBDLTFTBNFLJUDIFO DPN
@> 1JBOP BVY +BDPCJOT +VO 4QPO TPSFE CZ UIF CFJKJOHFS 5ISFF OJHIUT XJUI 'SFODI QJBOJTUT GFBUVSJOH -JT[U #FFUIPWFO BOE $IPQJO BT XFMM BT KB[[ 1BSU PG 'FTUJWBM $SPJTFNFOUT BOE POF PG #FJKJOH T QSFNJFSF BOOVBM QJBOP FWFOUT 3.# QN 'PSCJEEFO $JUZ $PODFSU )BMM #FJKJOH *OTJEF ;IPOHTIBO 1BSL 9JDIBOHhBO +JF 9JDIFOH %JTUSJDU GDDICK DPN
@>
0QFSFUUB %JF 'MFEFSNBVT $PNFEJBO $IFO 1FJTJ JT GFBUVSFE JO UIJT QSPEVD UJPO PG +PIBOO 4USBVTT +S T NVTJDBM QMBZ %JSFDUFE CZ #SJUJTI HSFBU 4UFQIFO -BXMFTT BOE GFBUVSJOH $IJOFTF EJBMPHVF XJUI (FSNBO TJOHJOH 3.# QN /$1" 0QFSB )PVTF $IBOHhBO +JF 9JDIFOH %JTUSJDU DIODQB PSH
(SFFOñTI 4FBGPPE &YUSBWBHBO[B 'SJ 4BU (FU XSFDLFE JO B CSJOZ TFB PG DSBCT TDBMMPQT PZTUFST BOE MPCTUFS XIFSF UIF XJOF óPXT MJLF UIF UJEF 3.# JODMVEJOH GSFF óPXJOH XJOF BOE TPGU ESJOLT LJET IBMG QSJDF QN (SFFOñTI 3JU[ $BSMUPO #FJKJOH 'JOBODJBM 4USFFU +JODIFOH GBOH %POHKJF +JOSPOH +JF 9JDIFOH
"GSJDB %BZ "GSJDB VOJUFT 3.# 3.# BEWBODF QN ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JTUSJDU LPMFHBT! DPN LPMFHBT DPN
"MJP 0MJP 4FU -VODI .PO 'SJ 'JWF TFU NFOVT PÃFSJOH B DPNCJOBUJPO PG TBMBET QJ[[B QBTUB BOE NBJO DPVSTFT 3.# BN QN "MJP 0MJP 8FTU HBUF PG $IBPZBOH 1BSL $IBPZBOH %JTUSJDU
@>
"GSJDB %BZ "GSP CFBUT GSPN $IJOB T .JUBCF BOE #JOLBCJ GSPN (IBOB 3.# 3.# BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOHhBO %BEBP %POHDIFOH %JTUSJDU "MGB (BZ /JHIU 5XP GPS POF ESJOLT CFGPSF NJEOJHIU BU #FJKJOH T CJHHFTU XFFLMZ HBZ QBSUZ 'SFF QN "MGB 9JOHGV :JDVO JO UIF BMMFZ PQQPTJUF UIF OPSUI HBUF PG 8PSLFSTh 4UBEJVN $IBPZBOH %JTUSJDU
@> .JDLJ .VSQIZ $+8 +B[[ #BOE "O "NFSJDBO TJOHFS XJUI B QPXFSGVM BOE TFOTVPVT WPJDF 'SFF QN $+8 - 5IF 1MBDF (VBOHIVB -V $IBPZBOH %JTUSJDU
@> 8BTBCJ 4PVOE /JHIU &SJD -FF ;IJ 2J BOE 1JQJ CSJOH TQJDZ FMFDUSPOJD TPVOET 'SFF QN .0 -PVOHF ' 5POHMJ 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU 4IFSMPDL (SPPWF %+ 8BOH #FJ LFFQT UIF TPVOET PG UIF CBTTLJMMWJMMFT BU CBZ XJUI B HSPPWF PSJFOUFE NJY PG OV TPVOE TPVM BOE FMFDUSPOJDB 0UIFS NZTUFSJFT BXBJU XIFO IF DSBDLT PQFO UIF SFDPSE DBTF QN 'SFF 2 #BS 5PQ óPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V UIF TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU RCBSCFJKJOH DPN
-:>7, /4AG 5PNBIBXL "MM NPOUI (FU ZPVS GSJFOET UPHFUIFS BOE HFU ZPVS UFFUI JOUP BO FOPSNPVT DN MPOH TMBC PG EBZ PME HSBJO GFE CFFG (SBOHF 8FTUJO $IBPZBOH ' UIF 8FTUJO #FJ KJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
" CFFG UPNBIBXL BU (SBOHF 8FTUJO $IBPZBOH
%.
1BSL )ZBUU 4UZMF ;POH[J 6OUJM +VO 5IF 1SJWBUF 3PPN BOE *'8 PÃFS B WBSJ FUZ PG [POH[J UP DFMFCSBUF %SBHPO #PBU GFTUJWBM 1BSL )ZBUU +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
5)6 +6/ Ŧ 8&% +6/
"(&/%"
+ 6 /
4"563%":
>
"ODJFOU )PSTF 5SBJM 5PVS &YQMPSF UIF QJOF GPSFTUT BOE WJMMBHFT PG XFTUFSO #FJKJOHhT NPVOUBJOPVT .FOUPVHPV %JTUSJDU BOE EJTDPWFS IJTUPSJD SFMJDT $PTU JODMVEFT TOBDLT BOE B HVJEF 3.# 3.# DIJMESFO VOEFS BN $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBDVMUVSFDFOUFS PSH
4> ?((? (MPCBM ,JUDIFO *OEJBO $VJTJOF "MM TQJDFT DVSSJFT BOE EFMJDJPVTOFTT 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
i3PNBOUJD 1IJMJQQJOFTu 8FEEJOH )POFZNPPO 4IPX +VO 'FBUVSJOH UIF XFEEJOH HPXOT BOE SFTPSU XFBS PG JOUFSOBUJPOBMMZ BDDMBJNFE 'JMJQJOP GBTI JPO EFTJHOFS 3FOFF 4BMVE UIJT QSPNP UJPO TFU BHBJOTU B CBDLESPQ PG 1IJMJQQJOF XFEEJOH BOE IPOFZNPPO EFTUJOBUJPOT 'SFF +JOZVBO :BOTIB .BMM :VBOEB -V )BJEJBO %JTUSJDU
@> 5IF $IJOFTF ,JUDIFO &UIOJD .JOPS JUZ $VJTJOF 8JUI FUIOJD NJOPSJUZ HSPVQT TDBUUFSFE BDSPTT $IJOB KVTU JNBHJOF UIF QPTTJCJMJUJFT GPS รณBWPS 3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> #PPL 4XBQ BOE #PBSE (BNFT -JWFO VQ ZPVS CPPL DPMMFDUJPO PWFS B GSJFOEMZ HBNF PG .POPQPMZ 'SFF QN 4F RVPJB #BLFSZ BOE $BGร (VBOHIVB -V $IBPZBOH %JTUSJDU GSBOL TJFHFM!HNBJM DPN TFRVPJBDBGF DPN
@> ##2 #VรญFU %JOOFS 5VF 4VO VOUJM 4FQ )FBSUZ (FSNBO EJTIFT XJUI NFBU
"(&/%"
TFBGPPE TBMBET BOE EFTTFSUT 3.# 4VO 5IV 3.# 'SJ 4BU QN 7JMMB $BTUBOFB 1V BO %JBO 8BO BO %POHMV )BJEJBO %JTUSJDU XXX WJMMBDBTUB OFB DPN
@>
4>
1FUT รฑSTU TUVEJP BMCVN 1FU $POTQJSBDZ JT MBVODIJOH BU :VHPOH :JTIBO )PVKJF $IBPZBOH %JTUSJDU &MFDUSJD $BGF (FSNBOZ T %+ 5PCJ UBLFT UP UIF EFDLT XJUI B QPUFOU CMFOE PG GVOL KB[[ FMFDUSP BOE IPVTF UIBU T CPVOE UP HFU UIJOHT QFSDPMBUJOH QN 'SFF 2 #BS 5PQ รณPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V UIF TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU RCBSCFJKJOH DPN
1JBOP BVY +BDPCJOT 4QPOTPSFE CZ UIF CFJKJOHFS 5ISFF OJHIUT XJUI 'SFODI QJBOJTUT GFBUVSJOH -JT[U #FFUIPWFO BOE $IPQJO BT XFMM BT KB[[ 1BSU PG 'FTUJWBM $SPJTFNFOUT BOE POF PG #FJ KJOH T QSFNJFSF BOOVBM QJBOP FWFOUT -:>7, /4AG 3.# QN 'PSCJEEFO $JUZ $PODFSU )BMM #FJKJOH *OTJEF ;IPOHTIBO 1FU $POTQJSBDZ 5IF MBVODI PG UIF 1FUT รฑSTU TUVEJP BMCVN (FU SFBEZ 1BSL 9JDIBOHhBO +JF 9JDIFOH %JTUSJDU GPS XJME HMBNPVS 3.# 3.# GDDICK DPN 5JNF 5#% :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ @> HPWFSONFOU CVJMEJOH FBTU PG 1JOHhBO %BEBP %POHDIFOH %JTUSJDU $IJSFO 1C 0SHBOJD #PNC 1PTIBOHDVO .BOH 3PDL PVU XJUI MPDBM JOรณVFODFT 3.# 3.# BEWBODF TUVEFOUT QN ."0 #JH 1JDUVSF BOE 3BOEZ "CMF T 4UBCMF -JWFIPVTF (VMPV %POHEBKJF *OEJF SPDLFST i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ร ' 'PSUF *OUFSOBUJPOBM "QBSU &EEJF T 8FFLFOE &EEJF -W BOE 9 -FF NFOU $IBPZBOH /PSUI 3PBE $IBPZBOH %JTUSJDU NBTI JU VQ XJUI IPVTF 'SFF QN .0 -PVOHF ' 5POHMJ 4BOMJUVO
5)6 +6/ ลฆ 8&% +6/
%.
+ 6 /
UIFJS CSVODI NFOV 3.# 3.# OP BMDPIPM BN QN 'FOOFM #JTUSP )PUFM :J +JVYJBORJBP -V :JTIV 2V )PVKJF $IBPZBOH %JTUSJDU
46/%":
4> @>
5FB .BSLFU 5PVS UP .BMJBOEBP 4BNQMF UFBT BOE TIPQ GPS BÃPSEBCMF UFBXBSF BU #FJKJOH T MBSHFTU XIPMFTBMF UFB NBSLFU 3.# JODMVEFT MVODI BN QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJY JORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
4> @> " 4VOEBZ "ÃBJS 4VOEBZT EPO U HFU CFUUFS UIBO 7FVWF $MJDRVPU DIBN QBHOF XJUI PZTUFST HSJMMFE NFBU GSFTI DIFFTF BOE MVTDJPVT EFTTFSUT 3.# BN QN (BSEFO $PVSU 4U 3FHJT )PUFM +JBOHVPNFO XBJ %BKJF $IBPZBOH %JTUSJDU
@> 4> ?((? *OUSP UP $SBGU )PNFNBEF #SFXJOH -FBSO UP CSFX ZPVS PXO CFFS XJUI UIF NBO CFIJOE #FJKJOH T (SFBU -FBQ #SFXFSZ 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUB UJPO %POHDIFOH %JTUSJDU
4> @> "MM :PV $BO &BU %JN 4VN "MM NPOUI .PSF UIBO UZQFT PG EJN TVN 3.# 3.# JODMVEFT DIFG T TPVQ PG UIF EBZ BN QN :BP $IJ (SBOE .JMMFOOJVN #FJKJOH 'PSUVOF 1MB[B %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU #FMMJOJ #SVODIJOH 'SFF óPX PSBOHF QBTTJPOGSVJU PS MZDIFF CFMMJOJT BOE PUIFS XJOFT XJUI VOMJNJUFE PSEFST PÃ
,BNB -PWF .VTJD 'FTUJWBM /FX DPNQFUJUPS KPJOT UIF NVTJD GFTUJWBM ñHIU UIF MJOFVQ JODMVEFT &FMT $PXCPZ +VOLJFT -JTB 0OP BOE NPSF 5JDLFUT BU 3.# POF EBZ QBTT 3.# POF EBZ QBTT BEWBODF 3.# CPUI EBZT BEWBODF QN /BUJPOBM 0MZNQJD 4QPSUT $FOUFS TPVUI PG UIF #JSEhT /FTU "OEJOHMV 0MZNQJD "SFB
@> #JLJOH #PBUJOH BOE %VNQMJOHT 5PVS &OKPZ UIF WJFXT GSPN UIF %SVN 5PXFS CJLF UISPVHI #FJKJOH T IJTUPSJD IVUPOHT BOE UBLF B XPPEFO CPBU UPVS PG )PVIBJ -BLF $PTU JODMVEFT CJLF BOE CPBU SFOUBMT QMVT UJDLFUT BOE B USBEJUJPOBM NFBM 3.# QN $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBDVMUVSFDFOUFS PSH
@> 0QFSFUUB %JF 'MFEFSNBVT $PNFEJBO $IFO 1FJTJ JT GFBUVSFE JO UIJT QSPEVD UJPO PG +PIBOO 4USBVTT +S T NVTJDBM QMBZ %JSFDUFE CZ #SJUJTI HSFBU 4UFQIFO -BXMFTT BOE GFBUVSJOH $IJOFTF EJBMPHVF XJUI (FSNBO TJOHJOH 3.# QN /$1" 0QFSB )PVTF $IBOHhBO +JF 9JDIFOH %JTUSJDU DIODQB PSH
@> 3VTI )PVS " OJHIU PG IBSE SPDL BOE NFUBM SJÃT XJUI TJY #FJKJOH CBOET 3.# 3.# BEWBODF TUVEFOUT QN ."0 -JWFIPVTF (VMPV %POHEBKJF %POHDIFOH %JTUSJDU
@> #PPL $MVC $IJOFTF -JUFSBUVSF 5IJT NPOUI UIF 4NVHHMFST XJMM CF EJTDVTT JOH $IJOFTF MJUFSBUVSF 4PVOET MJLF JU DPVME CF B MPOH OJHIU 'SFF QN 5IF 4NVHHMFS T %BJMZ QN MBUF 4BOMJUVO #FJKJF OFYU UP 'JTI /BUJPO PQQPTJUF ,BJ
@> 4PMJEB[ 8FE 4VO 4FWFO QJFDF ,JXJ CBOE XJUI GFNBMF %+ GSPN *OEPOFTJB 'SFF QN #BS #MV ' 5POHMJ 4UVEJP 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU
-:>7, /4AG 8IJUF "TQBSBHVT 4FBTPO BU 0OF &BTU 6OUJM +VM 5SBEJUJPOBMMZ B iSPZBM USFBUu FOKPZFE CZ LJOHT BOE RVFFOT BTQBSBHVT JT UIF TUBS PG B GPVS DPVSTF EJOOFS NFOV GPS UIJT NPOUI 3.# 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU -VDF 4FU %JOOFS "MM NPOUI $IPPTF UXP UISFF PS GPVS DPVSTFT PG *UBMJBO DVJTJOF 3.# -VDF +JVHV MPV %BKJF %POHDIFOH %JTUSJDU -JV 2JOHIF +VO ,OPXO GPS IJT KVYUBQPTJUJPO PG DPOUFNQPSBSZ TVCKFDUT XJUI USBEJUJPOBM DBMMJHSBQIJD UFDIOJRVF UIF NBO XJUI UIF NJOJNBM JTU CSVTITUSPLFT JT CBDL XJUI BMM OFX XPSLT 'SFF 3FE (BUF (BMMFSZ ' BOE ' %POHCJBONFO 8BUDIUPXFS $IPOHXFONFO %POHEBKJF $IPOH XFO %JTUSJDU
8IJUF BTQBSBHVT DSVTUFE TVQSFNF PG DIJDLFO CZ 0OF &BTU )JMUPO #FJKJOH
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
+ 6 /
.0/%":
?((? @>
.VHIBMhT -VODI #VÃFU .PO 'SJ )PQ JO GPS B ñOHFS MJDLJOH 1BLJTUBO *OEJBO #VÃFU 'SFTI TBMBET BQQFUJ[FST UBO EPPSJ (SJMMT NPVUI XBUFSJOH DVSSJFT IPNF TUZMF WFHFUBCMF EJTIFT OBO CSFBET 1BLJTUBOJ EFTFSUT .VHIBMhT #FJKJOH ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU NVHIBMCFJKJOH!ZBIPP DPN NVHIBMCFJKJOH DO
@> ,BNB -PWF .VTJD 'FTUJWBM /FX DPNQFUJUPS KPJOT UIF NVTJD GFTUJWBM ñHIU UIF MJOFVQ JODMVEFT &FMT $PXCPZ +VOLJFT -JTB 0OP BOE NPSF 5JDLFUT BU 3.# POF EBZ QBTT 3.# POF EBZ QBTT BEWBODF 3.# CPUI EBZT BEWBODF QN /BUJPOBM 0MZNQJD 4QPSUT $FOUFS TPVUI PG UIF #JSEhT /FTU "OEJOHMV 0MZNQJD "SFB
@> )PQQZ )PVS #VZ POF HFU POF GSFF PO IPVTF CSFXFE CFFS BMM OJHIU 'SFF QN )PQGFOTUVCF /P 4BOGFOH /PSUI "SFB 4PVUI PG 1SJNF 5PXFS $IBPZBOH %JTUSJDU
@> 2 #BS 4QSJOHJOH JOUP 4VNNFS 4QF DJBM "MM NPOUI .PO 5IV " TFMFDUJPO PG 2 #BShT BXBSE XJOOJOH DPDLUBJMT XJMM CF Pà 2 #BS 5PQ óPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V UIF TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JT USJDU RCBSCFJKJOH DPN
@> >:6?: 9B 1J[[B /JHIU #VZ POF HFU POF GSFF QJ[[B 'SFF QN NJEOJHIU $JSPhT 1P NPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
@> $IJOFTF -BOHVBHF BOE $VMUVSF 8PSLTIPQ 5IF TUVÃ ZPV SFBMMZ XBOU UP LOPX BCPVU $IJOB 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.#
"(&/%"
.FFU -JTB 0OP BU ,BNB -PWF .VTJD 'FTUJWBM XPSLTIPQ 3.# XPSLTIPQT QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU DVMUVSFZBSE OFU
@> 5IF $IJOFTF ,JUDIFO 5BTUFT PG #FJ KJOH 5BTUF UIF DJUZ ZPV MPWF UISPVHI JUT EFMJDJPVT EJTIFT 3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUB UJPO %POHDIFOH %JTUSJDU
8IJTLZ BU KVTU $/: QFS CPUUMF BMPOH XJUI UXP DPNQMJNFOUBSZ .PO UFDSJTUP /P DJHBST 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS +JBO HVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
-:>7, /4AG
8IJTLZ TPVS JDF CBMM +VO &WFSZ NBMU ESJOL FBSOT ZPV B TUBNQ FWFSZ TUBNQT HFUT ZPV B SFXBSE )BWF JU OFBU TXFFU TPVS PO B TPVS TQIFSF PS IBWF JU PO PVS 4DPUDI USBZ UIF POMZ POF JO $IJOB XJUI B TJHOBUVSF JDF CBMM BOE B TIPU PG 'JKJ 8BUFS XIJDI JT @> XIJTLFZ T CFTU DPNQMFNFOU 'SPN 0QFSFUUB %JF 'MFEFSNBVT $PNFEJBO 3.# "SJB ' $IJOB 8PSME )PUFM $IFO 1FJTJ JT GFBUVSFE JO UIJT QSPEVD +JBOHVPNFOXBJ %BKJF $IBPZBOH UJPO PG +PIBOO 4USBVTT +S T NVTJDBM %JTUSJDU FYU QMBZ %JSFDUFE CZ #SJUJTI HSFBU 4UFQIFO -BXMFTT BOE GFBUVSJOH $IJOFTF %SBHPO #PBU 'FTUJWBM 6OUJM +VO EJBMPHVF XJUI (FSNBO TJOHJOH 3.# &MFHBOUMZ QBDLBHFE [POH[J HJGU TFUT QN /$1" 0QFSB )PVTF $IBOHhBO +JF 9JDIFOH %JTUSJDU GPS %SBHPO #PBU GFTUJWBM 3.# )PUFM -PCCZ 5SBEFST 6QQFS &BTU )PUFM DIODQB PSH % POHTJIVBO #FJMV $IBPZBOH %JTUSJDU )PFHBBSEFO /JHIU )BMG QSJDF )PFHBBSEFO BMM OJHIU XJUI GSFF óPX -VHBhT 7JMMB 4FU -VODI (SBOE CBS TOBDLT 'SFF QN 'MBNNF .BSOJFS TQPOTPSFE TFU MVODI JODMVEFT 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V POF GSFF NBSHBSJUB 3.# 5JNF 5#% $IBPZBOH %JTUSJDU -VHB T 7JMMB 4BOMJUVO )PVKJF N GSPN OPSUIXFTU DPSOFS PG 4IPQ @> >:6?: 9B QJOH $FOUFS $IBPZBOH %JTUSJDU $JHBST BOE 8IJTLZ &WFSZ .POEBZ "CFSGFMEZ :FBS 0ME 4JOHMF .BMU
5)6 +6/ Ŧ 8&% +6/
%.
+ 6 /
@>
56&4%": 4>
1FEJDBC )VUPOH 5PVS 'BNJMZ 7JTJU 'PSCJEEFO $JUZ BOE 5JBO BONFO 5PVS #FJKJOH T BMMFZXBZT CZ QFEJDBC WJTJU SFTJEFOUT PG B USBEJUJPOBM DPVSU ZBSE IPVTF BOE WJTJU UIF JDPOJD TJHIUT PG #FJKJOH 3.# 3.# DIJMESFO BN $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBDVMUVSF DFOUFS PSH
'((? @> 5IF .PEP 4FU "MM NPOUI 5XP PS UISFF DPVSTF TFU MVODI 5PQ Pà XJUI GSFF óPX XJOFT PO UIF XFFLFOE 3.# /PPO QN .PEP ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> $IJOFTF .FEJDJOF $MBTT "O TFTTJPO DPVSTF UIBU DPWFST BMM UIF CBTJDT 3.# DMBTTFT QN $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBD VMUVSFDFOUFS PSH
+FFU ,VOF %P $MBTT -FBSO UP LJDL BTT MJLF +,% T GPVOEFS #SVDF -FF 3.# 3.# DMBTTFT QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> 4UVNCMF *OO 2VJ[ /JHIU )PX NBOZ CFFST EP ZPV IBWF (FU B GSFF 5TJOHUBP XJUI FWFSZ NBJO DPVSTF PSEFSFE BOE QMBZ GPS B HBMMPO PG CFFS JO UIF RVJ[ 'SFF QN 5IF 4UVNCMF *OO 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> -BEJFT /JHIU -BEJFT HFU GSFF óPX TQBSLMJOH XJOF XJUI BOZ GPPE PSEFS 'SFF QN &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 0QFO .JD /JHIU #FDBVTF FWFSZPOF T HPU POF HSFBU TPOH JO UIFN 'SFF QN 1BEEZ 0 4IFB T %POH[IJ NFOXBJ %BKJF $IBPZBOH %JTUSJDU
@> (ZQTZ +B[[ +BN 4FTTJPO &WFSZ 5VF 4BMVE /BO -VPHV 9JBOH QSFTFOUT UIF VOJRVF (:14: +";; +". 4&44*0/ JO
#FJKJOH IPTUFE CZ UIF )PU $MVC PG #FJ KJOH 'SFF 4BMVE /BOMVPHV 9JBOH %POHDIFOH %JTUSJDU
@> 4> .VOEP -BUJOP Y .BHJD 5FRVJMB -BUJO NVTJD 5FRVJMB TIPUT GPS 3.# ñWF CPUUMFT PG $PSPOB GPS 3.# 'SFF QN BN 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
-:>7, /4AG +FU -BH 3FWJWBM 6OUJM +VOF "O NJOVUF GVMM CPEZ NBTTBHF XJUI TQF DJñD FTTFOUJBM PJMT BOE CPEZ CSVTIJOH 3.# OFU QFSTPO 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU $IFG $VMJOBSZ 1SPNPUJPO 5SZ TPNF OFX EJTIFT QFSGFDU GPS TVNNFS UJNF 1PBDIFE USPVU TBMBE 5TJOHUBP CFFG $BSQBDDJP )FSC DSVTUFE .POHP MJBO MBNC ñMMFU BSF KVTU TPNF PG PVS GFBUVSFE EJTIFT #SBTTFSJF 'MP 3BJOCPX 1MB[B -POHCP (VBOHDIBOH %POHTBOIVBO #FJMV TPVUI PG UIF (SFBU 8BMM 4IFSBUPO $IBPZBOH %JT USJDU óP DO 8IJUF "TQBSBHVT 4FBTPO BU 0OF &BTU 6OUJM +VM 5SBEJUJPOBMMZ B iSPZBM USFBUu FOKPZFE CZ LJOHT BOE RVFFOT BTQBSBHVT JT UIF TUBS PG B GPVS DPVSTF EJOOFS NFOV GPS UIJT NPOUI 3.# 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU 5BDP 5VFTEBZT 5ISFF UBDPT GPS 3.# ñWF TIPUT PG UFRVJMB GPS 3.# 4BEEMF $BOUJOB /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU 3 -PVOHF 5VFTEBZT #VZ B CPUUMF PG XJOF GPS UIF DPTU PG UXP HMBTTFT 'SFF 3 -PVOHF ' 3FOBJTTBODF #FJKJOH $BQJ UBM )PUFM %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU
"O FYRVJTJUF USFBU BU #SBTTFSJF 'MP
%.
4POH %POH :JO 9JV[IFO $IPQ TUJDLT +VO +VM 5IF QPXFS DPVQMF PG UIF $IJOFTF DPOUFNQPSBSZ BSU XPSME TIPXT VT UIFJS DIPQT UJDLT 'SFF $IBNCFST 'JOF "SU 3FE /P % $BPDIBOHEJ $IBPZBOH %JTUSJDU
5)6 +6/ Ŧ 8&% +6/
"(&/%"
+ 6 /
8&%/&4%": @>
3PZBM $BOBM #PBU 5PVS UP UIF 4VNNFS 1BMBDF 5BLF B VOJRVF CPBU SJEF BOE XBMLJOH UPVS PG IJTUPSJDBM TJHIUT BOE FWFSZEBZ MJGF JO #FJKJOH $PTU JODMVEFT CPBU DIBSUFS BMM UJDLFUT TOBDLT ESJOLT BOE HVJEF 3.# 3.# DIJMESFO BN $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBDVMUVSFDFOUFS PSH
4> ?((? (MPCBM ,JUDIFO 5IBJ $VJTJOF .BTUFS UIF DMBTTJDT MJLF QBE UIBJ BOE DVSSJFT 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJY JORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> >:6?: 9B -BEJFT /JHIU #VZ POF HFU POF GSFF DPDLUBJMT 'SFF QN NJEOJHIU $JSPhT 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
@> 5BJKJ 8PSLTIPQ 4USFOHUIFO CPUI NJOE BOE CPEZ UISPVHI UIJT BODJFOU UZQF PG LVOH GV 3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJY JORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> 1IPUPHSBQIZ 5BML $PNQPTJUJPO 1F UFS $BSOFZ TIBSFT CBTJD DPNQPTJUJPOBM SVMFT UIBU XJMM JNQSPWF UIF GSBNJOH PG ZPVS QJDUVSFT /P DBNFSBT OFFEFE 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU DVMUVSFZBSE OFU
@> 5BML $IJOFTF 'PPU #JOEJOH %JTDPWFS UIF IJTUPSZ QSPDFTT DVTUPN BOE BQ QFBM CFIJOE UIJT IPSSJGZJOH USBEJUJPO 3.# QN $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBD
"(&/%"
" DIBNQBHOF TPJSFF BU UIF GBCVMPVT 9JV CBS VMUVSFDFOUFS PSH
@>
@> 8JOF 'FWFS #VZ BOZ CPUUMF PG XJOF BOE FOKPZ GSFF รณPX UBQBT 3.# QN &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> >:6?: 9B -BEJFT /JHIU 'SFF (SBOE .BSOJFS DPDLUBJMT GPS UIF MBEJFT QN NJE OJHIU 4V[JF 8POH T " /PO H[IBOHVBO -V XFTU HBUF PG $IBPZBOH 1BSL $IBPZBOH %JTUSJDU
@> $IJDLT 0O 4QFFE (FSNBOZ CBTFE BSU QVOLFST XIJQ BSU GBTIJPO BOE NVTJD UPHFUIFS JOUP B XIJSMXJOE PG BVEJP BOE WJTVBM CSJMMJBODF 3.# 3.# BEWBODF QN ."0 -JWFIPVTF (VMPV %POHEBKJF %POHDIFOH %JTUSJDU
@> >:6?: 9B .BSUJOJ .BEOFTT .BSUJOJT GPS 3.# 'SFF QN NJEOJHIU 5IF 4UVNCMF *OO 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU %JWBT $IBNQBHOF #VZ POF HFU POF GSFF PO CPUUMFT PG .Pร U $IBOEPO BOE DIBNQBHOF DPDLUBJMT 'SFF QN NJEOJHIU 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS +JBO HVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
5)6 +6/ ลฆ 8&% +6/
%.
"DJE -JWF "DJE KB[[ SFVOJUFT XJUI OFXMZ SFUVSOFE ,PS&MFNFOU 3.# 3.# BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOHhBO %BEBP %POHDIFOH %JTUSJDU
@> 'MBTIEBODF T 1BSUZ BOE -BEJFT /JHIU .JDIBFM +BDLTPO .BEPOOB BOE GSFF ESJOLT GPS MBEJFT 'SFF QN 5IF )PVTF 8PSLFSTh 4UBEJVN /PSUI (BUF (POHUJ #FJMV $IBPZBOH %JTUSJDU
-:>7, /4AG /FWFS &OEJOH 'MBWPVST +VO 4BWPS UIF QSFNJVN DVUT PG DFSUJรฑFE HSBJO GFE "VTUSBMJBO CFFG DPPLFE UP ZPVS MJLJOH 0;;: #FFG %JOOFS 3.# TFSWJDF DIBSHF QFS QFSTPO JODMVEJOH POF HMBTT PG "VTUSBMJBO SFE XJOF 4FOTFT 5IF 8FTUJO #FJKJOH # 'JOBODJBM 4USFFU 9JDIFOH %JTUSJDU FYU 8JOF 5BTUJOH $MBTTFT -FBSO IPX UP UBTUF XJOFT MJLF UIF FYQFSUT BOE HFU ZPVS 8JOF 4QJSJU &EVDBUJPO 5SVTU DFSUJรฑDBUJPO $MBTT GFFT GPS FBDI PG UIF UISFF MFWFMT JODMVEF BMM TUVEZ NBUFSJ BMT FYBN GFFT BOE PG DPVSTF XJOFT %SBHPO 1IPFOJY 'JOF 8JOF $POTVMUJOH JOGP!MPOHGFOHXJOFT DPN
8JOF /JHIU "VTUSBMJBO IPVTF XJOF GPS 3.# B CPUUMF 4BEEMF $BOUJOB /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
+ 6 /
@>
5)634%":
4> @>
)PX UP "EESFTT 4PDJBM 3JTLT JO $IJOB 5IF USBJOFS XJMM QSPWJEF QBSUJDJ QBOUT XJUI TPDJBM SJTL NBOBHFNFOU SFMBUFE DPODFQUT BOE LFZT UPPMT BJNFE BU CFUUFS VOEFSTUBOEJOH UIF SPMF PG B NBOBHFNFOU UFBN JO NBOBHJOH TPDJBM SJTL 3.# NFNCFST 3.# OPO NFNCFST $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ UI 'MPPS 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU DPNNVOJDBUJPO!CFJ TXJTTDIBN PSH
4> ?((? $POUFNQPSBSZ $IJOFTF )JTUPSZ %FBMT XJUI $IJOB T USBOTGPSNBUJPO TJODF 3.# DMBTTFT BN OPPO $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBDVMUVSF DFOUFS PSH
4> @> $FQF #VTJOFTT -VODI .PO 'SJ 5ISFF DPVSTFT XJUI B ñOF TFMFDUJPO PG BOUJQBTUJ BOE NBJO DPVSTFT 3.# BN QN $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 5IF 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOH GBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU FYU
%BSL 5VFTEBZT #VZ POF HFU POF GSFF EBSL CFFS BMM OJHIU 'SFF QN )PQGFO TUVCF /P 4BOGFOH /PSUI "SFB 4PVUI PG 1SJNF 5PXFS $IBPZBOH %JTUSJDU +VCCMZ #VCCMZ 5XP GPS POF PO DIBN QBHOF CZ UIF HMBTT 'SFF QN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU
$IBPZBOH (POHZVBO -V $IBPZBOH %JTUSJDU
@> "KJOBJ " .POHPMJBO CBOE XJUI TPOHT BCPVU IPSTFT MPWF MJGF BOE OBUVSF 3.# 3.# BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOHhBO %BEBP %POHDIFOH %JTUSJDU
@> 1SJNF 3JC /JHIU %JTDPVOUT PO SPUJT TFSJF QSJNF SJC 3.# QN 'MBNNF 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> >:6?: 9B 0OF ,JMP P #SJTLFU AO 3JCT 4MPX DPPLFE CSJTLFU BOE SJCT DPVSUFTZ PG -PVJTJBOB DIFG .BY -FWZ 3.# QFPQMF DBO TIBSF QN NJEOJHIU "QPUIFDBSZ ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 8JOE %PXO BU UIF 8JOF $MVC %JTDPWFS XJOF XJUI TPNNFMJFS +VMJB ;IV *ODMVEFT ñWF XJOFT FYQFSU DPN NFOUBSZ BOE DBOBQÊT 3.# QN 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
@> >:6?: 9B 4QBOJTI +B[[ &OKPZ MJWF KB[[ BOE BMM ZPV DBO FBU QBFMMB BOE TBOHSJB BGUFS XPSL QN NJEOJHIU 3.# $BCBSF #MEH 4PMBOB
4> @> *// 5SFLLJF +PJO OFX GSJFOET BOE FYQMPSF UIF TFDSFU HFNT PG #FJKJOH UPHFUIFS EVSJOH UIJT GVO BOE SFMBYFE 5SFLLJF FWFOU 3471 CZ +VO UP JOOCFJKJOH!IPUNBJM DPN $POGVDJVT 5FNQMF BOE *NQFSJBM $PMMFHF (VP[JKJBO +JF OFBS UIF -BNB 5FNQMF T NBJO HBUF %POHDIFOH %JTUSJDU XXX JOOCFJKJOH PSH
@> 4> (JSMT /JHIU 0VU 'SFF WPELB ESJOLT GSPN QN UP BN GPS MBEJFT Pí CPUUMFT PG (SFZ (PPTF WPELB BMM OJHIU 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
-:>7, /4AG 5BTUJOH 4VNNFS *OOPWBUJWF BT BMXBZT 1MVTI PíFST B DSFBUJWF NJYPM PHZ FWFOU XIFSF ZPV DBO RVFODI ZPVS TVNNFS UIJSTU XJUI SFGSFTIJOH DPDLUBJMT +VOF T i4UBS 7JCFu DPDLUBJM XJMM FMFWBUF ZPVS TFOTFT XJUI B HFOFSPVT EPTF PG USPQJDBM 3VN GSFTI TUSBXCFS SJFT DPDPOVU BOE TVCUMF IJOUT PG WBOJMMB 1MVTI ' 5IF 8FTUJO #FJKJOH # 'JOBODJBM 4USFFU 9JDIFOH %JTUSJDU 5FSSB 4VNNFS %JOOFS "MM NPOUI $IFG 1BVMP T TFBTPOBM NFOV DPNQMFUF XJUI 1FSVWJBO UXJTUT 3.# UXP DPVSTFT 3.# UISFF DPVSTFT 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JT USJDU
3BJTF B DPPM HMBTT UP TVNNFS BU 1MVTI 8FTUJO 'JOBODJBM 4USFFU
%.
1SJNF 3JC 5IVSTEBZ &OKPZ B TMPX SPBTUFE SJC DBSWFE UBCMFTJEF XJUI :PSLTIJSF QVEEJOH 3.# JODMVEFT QJOU PG CFFS PS HMBTT PG XJOF 5IF $VU 'BJSNPOU #FJKJOH :POHhBO %POHMJ +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
5)6 +6/ Ŧ 8&% +6/
"(&/%"
+ 6 /
'3*%": @>
4FBGPPE $BSOJWBM %JWF JOUP LJOH DSBCT PZTUFST MPCTUFS DBWJBS BOE TBMNPO m IBWF JU TUFBNFE GSJFE PS SPBTUFE UP ZPVS UBTUF 3.# JODMVEJOH CFFS BOE XJOF QN &MFNFOUT )JMUPO #FJKJOH ' )JMUPO #FJ KJOH %POHGBOH -V $IBPZBOH %JTUSJDU
@> 5(*' BOE 4BUVSEBZ "MM ZPV DBO ESJOL IPVTF CSFXFE CFFS 3.# QN )PQGFOTUVCF /P 4BOGFOH /PSUI "SFB 4PVUI PG 1SJNF 5PXFS $IBPZBOH %JTUSJDU
@> )PVTF PG %FDBEFODF %+ $IP[JF TQJOT TFYZ IPVTF 'SFF QN 5IF #FBDI ' #MPDL 8FTU (BUF PG $IBPZBOH 1BSL $IBPZBOH %JTUSJDU
$IFFTF BT GBS BT UIF FZF DBO TFF BU 8FTUJO $IBPZBOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOHhBO %BEBP %POHDIFOH %JTUSJDU
4QBOJTI -JWF .VTJD "HVT CSJOHT 4QBOJTI QPQ NVTJD 'SFF QN 0MÊ 4QBOJTI 3FTUBVSBOU $PVSUZBSE 5SJP (SFTMFCJO +B[[ DPODFSU GFBUVSJOH (POHUJ #FJMV OFYU UP 4BMTB $BSJCF SIZUINJD NFMPEJD IZQOPUJD BOE MZSJDBM $IBPZBOH %JTUSJDU TUZMFT $% #MVFT $BGF /POH[IBOHVBO -V TPVUI PG UIF "HSJDVMUVSBM &YIJCJUJPO @> )BMM %POHTBOIVBO -V $IBPZBOH %JTUSJDU %BODF %BOHFSFVY .JLF 4JNPOFUUJ
@>
@> -BUJOP 'FWFS -BUJO EBODJOH QBSUZ XJUI UFBDIFST UP TIPX ZPV UIF XBZ 3.# JODMVEFT HMBTT PG XJOF PS CFFS QN ;FUB #BS ' )JMUPO #FJKJOH %POHGBOH -V %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
QMBZT UIF UVOFT 1SJDF 5#% QN .JHBT ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
8BTBCJ 4PVOE /JHIU 'FFM UIF IFBU XJUI 4IFO :VF ,BJ[F BOE .JDLFZ ;IBOH 'SFF QN .0 -PVOHF ' 5POHMJ 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU
)BOH 0O 5IF #PY $IB $IB 1BDBMPMP (JSMT SPDL PVU (FU TPNF QVOL SPDL BOE FMFDUSP 3.# 3.# BEWBODF TUVEFOUT QN ."0 -JWFIPVTF (VMPV %POHEBKJF %POHDIFOH %JTUSJDU
.FJXFOUJ .FEMFZ .FJXFOUJ 4PVOE 1SPKFDU T %+ .BU UBLFT UP UIF 2 #BS EFDLT NJYJOH VQ UIF NPTU SJHIUFPVT GVOL SFHHBF BOE SBSF HSPPWFT QN 'SFF 2 #BS 5PQ óPPS PG &BTUFSO *OO )P UFM #BJKJB[IVBOH -V UIF TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU RCBSCFJKJOH DPN
3VTUJD 5IF MBVODI PG UIF CBOE T EFCVU BMCVN $JUZ PG )FBSUCSFBL / )PSSPS 3.# 3.# BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH
4BZ $IFFTF "MM NPOUI " HPVSNBOE T QBSBEJTF m ñOF DIFFTFT GSPN "VTUSBMJB
@>
"(&/%"
-:>7, /4AG
5)6 +6/ Ŧ 8&% +6/
%.
$IJOB 'SBODF BOE 4QBJO NFFU ñOF XJOFT GSPN TPVUIFSO 'SBODF (SBOHF 8FTUJO $IBPZBOH ' UIF 8FTUJO #FJ KJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU 4BOMJUVO 4PIP 'PPE 'FTUJWBM $POUFNQPSBSZ ,PSFBO SFTUBVSBOU 4TBN OFX TBOEXJDI TUPQ .PNFOU (BTUSPOPNZ $BGÊ BOE "MTBUJBO EJOFS 5POUPO BOE 5BUB KPJO GPSDFT (P BOE UBTUF UIFJS PíFSJOHT 3.# 5JNF 5#% 4BOMJUVO 4PIP OP UFM
" 5SBL BOE $POHPSPDL %BODF UP UIF NVTJD 1SJDF BOE UJNF 5#% 5BOHP (POHUJ 9JMV CFOFBUI (POHUJ CPXMJOH BMMFZ $IBPZBOH %JTUSJDU 3FE 1JSBUFT 5IJT ZPVUIGVM JOUFSOB UJPOBM SPDL PVUñU DBO CFMU PVU -FE ;FQ QFMJO KVTU BT XFMM BT JU DBO XSJUF JUT PXO DMBTTJD SPDL " NVTU TFF GPS BOZ SPDL FOUIVTJBTU )PU $BU $MVC 'BOHKJB )VUPOH KVTU TPVUI PG (VP[JKJBO +JF %POHDIFOH %JTUSJDU 8JN %FMWPZF 6OUJM +VM 5IF #FMHJBO BSUJTU LOPXO GPS UBUUPPJOH QJHT JT CBDL XJUI JOUFOTFMZ JOUSJDBUF DBSWJOHT PG OFP HPUIJD DFNFOU USVDLT DPODSFUF NJYFST BOE DBS UJSFT 'SFF (BMFSJF 6ST .FJMF #FJKJOH -VDFSOF /P $BPDIBOHEJ $IBPZBOH %JTUSJDU XXX HBMFSJFVSTNFJMF DPN
+ 6 /
-JBOHNBRJBP -V "OKJBMPV TIBSFT B DPVSUZBSE XJUI $IJOB $VMUVSF $FOUFS $IBPZBOH %JTUSJDU *$74@$)*/"!ZBIPP DPN *$74"4*" DPN
4"563%": 4>
$VBOEJYJB )JLF 5BLF B TQSJOHUJNF IJLF BSPVOE UIJT HPSHFPVT .JOH EZ OBTUZ WJMMBHF 3.# BN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU DVMUVSFZBSE OFU
4> ?((? (MPCBM ,JUDIFO $BSJCCFBO $VJTJOF 1PQVMBS EJTIFT JODMVEF KFSL DIJDLFO SJDF BOE QFBT BOEDPDPOVU CSFBE 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU /(0 $IBSJUZ /FUXPSLJOH %BZ -PPLJOH UP HFU NPSF JOWPMWFE JO UIF DPNNVOJUZ 5IJT BOOVBM FWFOU DPOOFDUT /(0T XJUI WPMVOUFFST 'SFF BN OPPO 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU DIJOBCPPLXPSN DPN
4> ?((? 4UFQ CZ 4UFQ (VJEF %FQBSUJOH GSPN $IJOB XJUI 1FUT &WFSZUIJOH ZPV OFFE UP LOPX BCPVU UBLJOH ZPVS QFUT PWFSTFBT 3471 CZ +VOF UP JDWT@DIJOB!ZBIPP DPN 'SFF BN OPPO *OUFSOBUJPOBM $FOUFS GPS 7FUFSJOBSZ 4FSWJDFT *$74 ,FOU $FOUFS
'((? $SBC *TMBOE 5SJQ 1BSUBLF JO BO iBCTVSE VSCBO IPMJEBZu UP #FJKJOH T GBWPSJUF GBLF CFBDI 'SFF QBSUJDJQBOUT QBZ PXO UBYJ GBSF BOE CFBDI BENJTTJPO .FFU BU UIF 4UBSCVDLT PO (POHUJ #FJMV PVUTJEF UIF %POHTJTIJUJBP TVCXBZ QN "TJB0CTDVSB DPN BTJBPCTDVSB!HNBJM DPN BTJBPCTDVSB DPN
@> (MPCBM ,JUDIFO #VSNFTF $VJTJOF 5BDLMF UIF BCVOEBOU TFBGPPE óBWPST TQJDZ LJDLT BOE TPVS FTTFODFT 3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> =4B7 (SFBU 8BMM .VTJD 'FTUJWBM XJUI 'BUCPZ 4MJN 5IF GPSNFS )PVTFNBSUJO IFBEMJOFT UIJT QBSUZ CZ UIF (SFBU 8BMM $PBDIFT MFBWF )VBRJOH +JBZVBO &BTU (BUF BU BOE $IBPZBOH 1BSL 4PVUI (BUF BU QN BOE QN 'PS NPSF JOGPSNBUJPO BOE UJDLFU TBMFT DPOUBDU 3.# OP USBOTQPSU JODMVEFE 3.# CFGPSF +VO JODMVEFT DPBDI 3.# CFGPSF +VO JODMVEFT DPBDI QN MBUF #BEBMJOH (VDIBOH $IFOH
PSJHJOBM BSUXPSL B DIBSJUZ BVDUJPO BOE NPSF 1SPDFFET XJMM HP UPXBSET TVQQPSUJOH FYQMPJUFE XPNFO JO "TJB 3FTFSWF BU QJQOFM!TXJTTNBJM PSH 'PS EFUBJMT TFF TUBSñTI QSPKFDU DPN 3.# QN 'JSTU 4PVOE (BMMFSZ %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU UIFñSTUTPVOE !ZBIPP DPN DO UIFñSTUTPVOE DPN
@> 'JMN (SFBTF 4JOH " -POH i* HPU DIJMMT 5IFZ SF NVMUJQMZJO u #SFBL JOUP TPOH XJUI 4BOEZ %BOOZ BOE UIF DSFX BU UIJT PVUSBHFPVT JOUFSBDUJWF TDSFFOJOH QSJ[FT GPS CFTU DPTUVNFT BOE TJOHJOH 3.# QN 5IF )BMG *OUFSOBUJPOBM 8POEFSMBOE 9JOHGV &SDVO $IBPZBOH %JTUSJDU IBMGCBS CK!HNBJM DPN IBMGBCBS VT
@> #MPTTPN *O 5IF 4VNNFS *OEJF WPDBMJTU VOWFJMT IFS OFX XPSLT 3.# 3.# BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOHhBO %BEBP %POHDIFOH %JTUSJDU 4BNCBTJB T :FBS "OOJWFSTBSZ 0PI TIBLF JU TIBLF JU m B OJHIU PG OPO TUPQ #SB[JMJBO NVTJD 3.# 3.# TUVEFOUT QN ."0 -JWFIPVTF (VMPV %POHEBKJF %POHDIFOH %JTUSJDU
@> 5IF 4UBSñTI 1SPKFDU UI "OOJ WFSTBSZ $FMFCSBUJPO -JWF NVTJD
@> (JU 4PNF ZFBST PG "GSJDBO "NFSJ DBO NVTJD GSPN EFFQ TPVM UP IJQ IPQ BOE GVOL BO VOMJNJUFE CVÃFU PG #MBDLOVTT CSPVHIU UP ZPV CZ %BWJE .JUDIFMM IFBE DIFG PG UIF .PUPXO FNCBTTZ 'SFF 2 #BS 5PQ óPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V UIF TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU RCBS CFJKJOH DPN
-:>7, /4AG $FOUSP $MPTJOH 1BSUZ %PO U XPSSZ m JU T KVTU GPS B NBLFPWFS 4JOHFS 5BCJUIB ,JOH MFBET UIF GFTUJWJUJFT XIJDI JODMVEF B DIBSJUZ BVDUJPO UP IBWF B DPDLUBJM OBNFE BGUFS ZPVSTFMG 'SFF QN JOWJUF POMZ QN PQFO UP QVCMJD $FOUSP ' 4IBOHSJ -BhT ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU $PVOUEPXO UP $FOUSP T SFOPWBUJPO BU UIF DMPTJOH QBSUZ
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
+ 6 /
46/%": 4>
5BO[IF .POBTUFSZ BOE :BOHQPZVBO 7JMMBHF )JLF %JTDPWFS BO BODJFOU #VE EIJTU NPOBTUFSZ B GPSFTU PG QBHPEBT BOE BO BCBOEPOFE WJMMBHF BMM KVTU UXP IPVST GSPN #FJKJOH 3.# 3.# DIJMESFO BOE VOEFS BN $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBDVMUVSFDFOUFS PSH
4> ?((? )BOET PO $IJOFTF 5JF %ZF 'VO GPS UIF XIPMF GBNJMZ 3.# JODMVEFT BMM NBUFSJBMT 3.# DIJMESFO VOEFS BN OPPO $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBDVMUVSF DFOUFS PSH
4> @> *OUSPEVDUJPO UP $IJOFTF $BMMJHSBQIZ -FBSO UIF QSPQFS XBZ UP IPME B CSVTI 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# BN QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU DVMUVSFZBSE OFU
8PSME 1SFNJFS PG %"0 'JOBODJBM 4USFFU 9JDIFOH %JTUSJDU
'((? @> "NFSJDBO 4VOEBZ 3PBTU 1SJNF CFFG SJC DVU UBCMFTJEF XJUI BMM UIF USJN NJOHT QMVT USBEJUJPOBM EFTTFSUT 3.# 3.# FYUSB GPS XJOF CVÃFU /PPO QN 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
@>
8PSME 1SFNJFS PG %"0 5IF *OUFS OBUJPOBM 'FTUJWBM $IPSVT #FJKJOH JT QSPVE UP PODF BHBJO DPMMBCPSBUF XJUI 4> @> 1FSDVTTJPO $MBWJFST EF -ZPO 'SBODF JO 8FFLFOE #SVODI 4BU 4VO " ñWF 'SBODF T BOOVBM 'FTUJWBM $SPJTFNFOUT DPVSTF XFFLFOE GFBTU 1SJDF WBSJFT JO $IJOB JO B XPSME QSFNJFSF QFSGPSN BDDPSEJOH UP XIBU ZPV XBOU UP ESJOL BODF PG B OFX TQFDJBMMZ DPNNJTTJPOFE 3.# BN QN 5FSSB 4BO XPSL %"0 GSPN SFOPXOFE $IJOFTF MJUVO /BOMV $IBPZBOH %JTUSJDU DPNQPTFS )F 4IBPZJOH %FTDSJCFE CZ UIF DPNQPTFS BT B NVTJDBM NBOJGFTUB 4> @> UJPO PG $IJOFTF QIJMPTPQIJDBM UIPVHIU UIF XPSL JODMVEFT DIPJS QFSDVTTJPO "SPNB (PVSNFU #SVODI -PCTUFS PZTUFST GPJF HSBT JOUFSOBUJPOBM DIFFTFT BOE TQFDJBM FÃFDUT UP UISJMMJOH FÃFDU 5JDLFUT 3.# 'PS NPSF JOGPSNB BOE B 4VOEBZ SPBTU 3.# UJPO BCPVU *'$ WJTJU XXX CFJKJOHJGD JODMVEFT VOMJNJUFE 1JQFS )FJETJFDL DIBNQBHOF BN QN "SPNB PSH 'PSCJEEFO $JUZ $PODFSU )BMM *OTJEF ;IPOHTIBO 1BSL 3JU[ $BSMUPO #FJKJOH " +JBOHVP -V 9JDIBOH BO +JF 9JDIFOH %JTUSJDU $IBPZBOH %JTUSJDU XXX GDDICK DPN
4> @>
#VCCMZ 4VOEBZT $BWJBS MJWF TFBGPPE UBSUBSF TUBUJPOT NBLF ZPVS PXO TVTIJ SPMMT UFQQBOZBLJ JDF DSFBN BOE NVDI NPSF 3.# JODMVEFT GSFF óPX PG 1PNNFSZ 1PQ DIBNQBHOF 3.# LJET ZPVOHFS UIBO GSFF LJET VOEFS BN QN 4FOTFT 5IF 8FTUJO #FJKJOH #
"(&/%"
@> =4B7 .PWF 0O 6Q #JUFTJ[F #VEEIB BOE GSJFOET ESPQ GSFTI UVOFT PO UIF SPPG GSPN BDSPTT UIF NVTJDBM TQFDUSVN 'SFF QN MBUF .JHBT ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
5)6 +6/ Ŧ 8&% +6/
%.
@> * 3BQ GPS 0SQIBOT $IBSJUZ $PODFSU 1FSGPSNBODFT CZ #FJKJOH SBQ BSUJTUT BOE IJQ IPQ EBODF USPVQFT JODMVEJOH ,PS&MF NFOU 'FMJY .$ 3*%" # BOE .$ .BMBCP PG 4MJN 3FDPSET "MM QSPDFFET XJMM HP UP 4IVOZJ 0SQIBOBHF 3.# 3.# TUVEFOUT QN ,PMFHBT -JBOH NBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JTUSJDU LPMFHBT! DPN LPMFHBT DPN
@> 8JOE %PXO BU $IJOB #BS "MM NPOUI #VZ POF HFU POF GSFF XJOFT QJDLFE CZ TPNNFMJFS .FJZV -J QN $IJOB #BS ' 1BSL )ZBUU +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
@> *OUP UIF 'SZJOH 1BO "MM NPOUI (FU JOUP UIF LJUDIFO BOE XPSL XJUI UIF DIFGT UP DSFBUF B GPVS DPVSTF EJOOFS QBSUZ 3FTFSWBUJPOT GPS QBSUJFT PG HVFTUT 3.# QFS QFSTPO JO DMVEFT GSFF óPX CFFS BOE TPGU ESJOLT QN (SBOHF 8FTUJO $IBPZBOH ' UIF 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
-:>7, /4AG #SB[JMJBO 1BTTJPO $FMFCSBUF #SB[JMJBO 7BMFOUJOF T %BZ XJUI B TQFDJBM UISFF DPVSTF TFU NFOV 3.# QFS QFSTPO "MBNFEB %BJMZ OPPO QN QN 4BOMJUVO #FJKJF CFTJEF UIF /BMJ .BMM $IBPZBOH %JT USJDU
+ 6 /
GSFF รณPXJOH XJOFT BOE DPDLUBJMT $BOBQFT BOE TOBDLT BMTP QSPWJEFE 3.# QN 1SFTT $MVC #BS ' 4U 3FHJT )PUFM #FJKJOH +JBO HVPNFOXBJ %BKJF %POHDIFOH %JTUSJDU FYU
.0/%":
@> >:6?: 9B "MMJF 8FCC .PO 4BU 4JOHFS CFMUT PVU UIF UVOFT 'SFF QN NJEOJHIU .PO 5IV QN BN 'SJ 4BU "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
@>
?((?
-VDF #SVODI "MM NPOUI " SBOHF PG MJHIU DPOUJOFOUBM CSFBLGBTU TFUT 'SPN 3.# /PPO -VDF +JVHVMPV %BKJF %POHDIFOH %JTUSJDU
'((? @> 4"-5 4VNNFS %BZT .PO 'SJ "EE 3.# UP ZPVS TFU MVODI GPS B HMBTT PG XJOF PS CFFS 3.# UXP DPVSTFT 3.# UISFF DPVSTFT /PPO QN 4"-5 ' +JBOHUBJ 9JMV PQQPTJUF UIF +BQBOFTF 4DIPPM XFTU PG 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU
@>
7JMMBHF $BGร ##2 "MM NPOUI &OKPZ B ##2 TFU NFOV PVU PO UIF EFDL 3.# QN 7JMMBHF $BGร ' 5IF 0QQPTJUF )PVTF #MEH 4BO MJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU WJMMBHFDBGF!UIFPQ QPTJUFIPVTF DPN
@>
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
5SBEJUJPOBM &OHMJTI 5FB "MM NPOUI *OEVMHF JO UFB BOE TDPOFT BT XFMM BT PUIFS EBJOUZ EFMJHIUT JO BO FMFHBOU TFUUJOH 3.# QN 8SJUFS T #BS 3BรฐFT )PUFM .BJO -PCCZ %POHDIBOH BO +JF %POHDIFOH %JTUSJDU $PVSUZBSE (POHUJ #FJMV $IBPZBOH FYU %JTUSJDU DIJOBCPPLXPSN DPN
@>
&OPUFSSB 5FSSBDF 0QFOJOH 1SPNP UJPO .PO 'SJ 'SFF รณPX SFE PS XIJUF XJOF 3.# QN &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 8JOF 3JUVBM "MM NPOUI 6OXJOE JO TPQIJTUJDBUFE TVSSPVOEJOH XJUI
@> >:6?: 9B $JHBST BOE 8IJTLZ &WFSZ .POEBZ "CFSGFMEZ :FBS 0ME 4JOHMF .BMU 8IJTLZ BU KVTU $/: QFS CPUUMF BMPOH XJUI UXP DPNQMJNFOUBSZ .PO UFDSJTUP /P DJHBST 9JV ' 1BSL -JGF FOUSBODF BDSPTT GSPN UIF 1BSL )ZBUU IPUFM MPCCZ :JOUBJ $FOUFS +JBO HVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
@> -JGF %SBXJOH $MVC .FFU PUIFST BOE ESBX MJWF NPEFMT #FHJOOFST XFMDPNF 3FHJTUFS BU JOGP!UIFIVUPOH DPN 3.# 3.# NFNCFST QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
.POEBZ .BEOFTT "MM EBZ IBQQZ IPVS 'SFF 5IF 4UVNCMF *OO 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
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
i5IF -PTU 1BSBEJTF )POH ,POHu BU i5IFZu FYIJCJUJPO
%.
5)6 +6/ ลฆ 8&% +6/
"(&/%"
+ 6 /
56&4%": 4>
$VMJOBSZ 8BMLJOH 5PVS *OGP PO GPPE DPNCJOJOH BOE TFBTPOBM TIPQQJOH 3.# 3.# NFNCFST BN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
4> ?((? 3BX 'PPE 8PSLTIPQ %FUPY BOE QVSJGZ XJUI EFMJHIUGVM OFX UBTUFT BOE DIBOHF UIF XBZ ZPV QFSDFJWF GPPE 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVC XBZ TUBUJPO %POHDIFOH %JTUSJDU
'((? @> 0OF &BTU 4FU -VODI .PO 'SJ " MJHIU "NFSJDBO TFU MVODI 3.# UXP DPVSTFT 3.# UISFF DPVSTFT /PPO QN 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
@> #PPL 5BML 4VTBO $POMFZ 5IF NFNPJSJTU EJTDVTTFT IFS MBUFTU CPPL 5IF 'PSFNPTU (PPE 'PSUVOF B TPVM CBSJOH BDDPVOU PG IFS FYQFSJFODFT SBJTJOH LJET JO #FJKJOH XIJMF CBUUMJOH DBODFS 3.# 3.# NFNCFST QN 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU DIJOBCPPLXPSN DPN (SFFO %SJOLT +PJO #FJKJOH T HSFFO DPNNVOJUZ BU UIFJS NPOUIMZ NFFU BOE HSFFU )BQQZ IPVS QSPNPUJPOT BQQMZ 'SFF QN 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU DIJOBCPPLXPSN DPN
"(&/%"
@> 0QQPSUVOJUZ ,OPDLT /FUXPSLJOH &WFOJOH 4QPOTPSFE CZ "HFOEB :PV NJHIU ñOE UIF OFX DBSFFS DIBMMFOHF ZPV WF CFFO MPPLJOH GPS 1SPGFTTJPOBMT GSPN BMM JOEVTUSJFT XFMDPNF 3.# JODMVEFT GSFF ESJOL BOE DBOBQÊT 3.# SFHJTUFS CFGPSF +VOF 3FHJTUFS BU FWFOUCI!GDDLZC DPN PS DBMM 'MBNFT )JMUPO 8BOHGVKJOH 8BOHGVKJOH &BTU 4USFFU %POHDIFOH %JTUSJDU
@>
@> 4VOOZ "GUFSOPPO 5FB %BJMZ VOUJM 0DU 3FMBY JO QMFBTBOU TVSSPVOEJOHT XJUI DPPLJFT $IJOFTF BOE &OHMJTI UFBT DPíFF GSFTI KVJDF BOE NPSF QN 7JMMB $BTUBOFB 1V BO %JBO 8BO BO %POHMV )BJEJBO %JTUSJDU XXX WJMMBDBTUBOFB DPN
" SPDLJOH .POHPMJBO 'FBTU BU 4DFOF B $BGÊ
2VJ[ /JHIU )PX NBOZ XIFO BOE XIFSF 'SFF QN 5JNhT 5FYBT #BS # 2 %POHEBRJBP -V PO UIF DPSOFS PG (VBOHIVB -V $IBPZBOH %JTUSJDU
@> (ZQTZ +B[[ +BN 4FTTJPO &WFSZ 5VF 4BMVE /BO -VPHV 9JBOH QSFTFOUT UIF VOJRVF (:14: +";; +". 4&44*0/ JO #FJKJOH IPTUFE CZ UIF )PU $MVC PG #FJ KJOH 'SFF 4BMVE /BOMVPHV 9JBOH %POHDIFOH %JTUSJDU
-:>7, /4AG 'PVOEFS T %BZ 1BSUZ $FMFCSBUF ZFBST PG )BSE 3PDL $BGF %SFTT A T TUZMF BOE ZPV MM HFU UXP GSFF 5J HFS CFFST 3.# GPS B 5JHFS BOE CVSHFS TFU 'SFF )BSE 3PDL $BGF ' -BOENBSL 5PXFST %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU FYU
5)6 +6/ Ŧ 8&% +6/
%.
'FBTU PG UIF 4UFQQF (SBTTMBOET +VO %JOF MJLF B EJTUJOHVJTIFE HVFTU BU B HSBOE *OOFS .POHPMJBO QBSUZ XJUI B TVNQUVPVT CVíFU GFBUVSJOH USBEJUJPOBM XIPMF SPBTU MBNC BOE NJML UFB NBEF XJUI CPJMJOH XBUFS CSJDL UFB GSFTI NJML BOE B QJODI PG TBMU 3.# 4DFOF B $BGÊ $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU 4"-5BTUBUJPO "MM NPOUI 'JWF UBTUJOH DPVSTFT QBJSFE XJUI OFX BOE PME XPSME XJOFT 3.# GPPE BOE XJOF 3.# GPPE POMZ 4"-5 ' +JBOH UBJ 9JMV PQQPTJUF UIF +BQBOFTF 4DIPPM XFTU PG 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU 3FDZDMJOH "SU 6OUJM +VO 5IF *OUFSOBUJPOBM 3FDZDMJOH "SU 'FTUJWBM PG $BUBMPOJB QSFTFOUT JUT CFTU BSUXPSL JO $IJOB GPS UIF ñSTU UJNF 4FF JNBHJOB UJWF XPSLT m CZ $IJOFTF BSUJTUT #BJ :JMVP 4VO +JBYJO BOE -J 9JBPGFOH 'SFF *OTUJUVUP $FSWBOUFT " (POHUJ /BOMV $IBPZBOH %JTUSJDU XXX QFLJO DFSWBOUFT FT 4UFBL /JHIU #VZ POF HFU POF GSFF PO 'MBNNF T IPVTF TUFBL 'SFF 'MBNNF 4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU 5FNQUBUJPO 5VFTEBZT &OKPZ ZPVS GBWPSJUF XJOFT BU Pí .PEP ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
+ 6 /
4 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
@>
8&%/&4%": 4> ?((?
5IF $IJOFTF ,JUDIFO $BOUPOFTF 2VJDL TUJS GSZJOH BOE TUFBNJOH 3.# 3.# NFNCFST BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU *OO $PรญFF .PSOJOH +PJO QFPQMF XIP MJWF DMPTF CZ BOE QJDL VQ B GFX UJQT BOE USJDLT GSPN UIPTF XIP IBWF CFFO JO UIF OFJHICPSIPPE GPS B XIJMF BN OPPO 4UBSCVDLT %POHGBOH %POHMV ' 5IF (SBOE 4VNNJU $IBPZBOH %JTUSJDU XXX JOOCFJKJOH PSH
4> @> 0Mร #VTJOFTT -VODI " RVJDL UXP DPVSTF MVODI UIFO CBDL UP XPSL 3.# 3.# JODMVEFT HMBTT PG XJOF BN QN 0Mร 4QBOJTI 3FTUBVSBOU $PVSUZBSE (POHUJ #FJMV OFYU UP 4BMTB $BSJCF $IBPZBOH %JTUSJDU
@> @> 'MBNNF "GUFSOPPO 5FB "MM NPOUI 3FMBY XJUI UXP DPรญFFT PS UFBT BOE B EFTTFSU 3.# QN QN 'MBNNF
" MB #PVHJF 1VQQFU TIPX QSFTFOUFE CZ (BSJO 5SPVTTFCPFVG $PNQBOZ "MMJ BODF 'SBOร BJTF (VBOHDBJ *OUFSOBUJPOBM .BOTJPO (POHUJYJMV $IBPZBOH %JTUSJDU FYU GS DO EHDVMUVSF!BGDIJOF PSH BGDIJOF PSH
@> .VNCBJ #FBDI 4OBDLT +VO "VH #FBDI FBUT .VNCBJ TUZMF GFBUVSJOH QBLPSB TBNPTBT BOE NPSF QN 5BNBSJOE ' #FJKJOH .BSSJPUU )PUFM /PSUIFBTU " 9JBPZVO -V $IBPZBOH %JTUSJDU
@> .BHJD )PTQJUBM 2VJ[ /JHIU 4QPO TPSFE CZ CFJKJOHLJET (FU ZPVS GSJFOET UPHFUIFS UP KPJO UIF BOOVBM .BHJD )PTQJUBM RVJ[ OJHIU &OKPZ HPPE GPPE ESJOL TPNF CFFS TUSPLF ZPVS DIJOT XJO HSFBU QSJ[FT BOE IFMQ #FJKJOH T DIJMESFO JO OFFE BU UIF TBNF UJNF 3.# FOUSZ BMM NPOFZ SBJTFE XJMM HP UPXBSET TVQQPSUJOH .BHJD )PTQJUBM 4DIJOEMFS T 3FTUBVSBOU 4BOMJUVO #FJYJBPKJF $IBPZBOH %JTUSJDU "MBO 1BVM BU UIF #PPLXPSN 1BVM XJMM SFBE GSPN IJT NFNPJS #JH JO $IJOB XIJDI SFDPVOUT IJT UJNF JO #FJKJOH SBJTJOH UISFF
"NFSJDBO LJET XSJUJOH 5IF &YQBU -JGF DPMVNOT GPS 84+ DPN BOE GSPOUJOH UIF BXBSE XJOOJOH CJ DVMUVSBM CMVFT CBOE 8PPEJF "MBO 5IF MBUUFS XJMM KPJO IJN GPS B CSJFG BDPVTUJD QFSGPSNBODF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU DIJOBCPPLXPSN DPN
@> 5BML .FEJDBM 4FSWJDFT JO $IJOB *OTJHIU JOUP UIF DVSSFOU IFBMUIDBSF TZTUFN JO $IJOB JODMVEJOH UIF NJYFE GFFMJOHT CFUXFFO EPDUPST BOE QBUJFOUT 3.# QN $$$ ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU DIJOBD VMUVSFDFOUFS PSH
@> +PZDF +POBUIBO 'SFODI TJOHFS TPOHXSJUFS FNCSBDFT ZPV XJUI IFS UBMFOU 'SFF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU -BEJFT /JHIU 'SFF DPDLUBJMT GPS UIF HJSMT 'SFF QN 3 -PVOHF ' 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU
@> 4> -JWF .VTJD BU $IJOB #BS %BJMZ +B[[ BOE PUIFS MPVOHF NVTJD 'SFF QN BN 4VO 8FE QN BN 5IV 4BU $IJOB #BS ' 1BSL )ZBUU +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU
-:>7, /4AG 5IF 1FBSMT PG %FMJHIU +VO 4BNQMF UIF MVYVSZ UFBT PG NBOZ TPSUT GSPN 0SJFOUBM UP 0DDJEFOUBM GSPN GSBHSBOU 1V FS UP SFรฑOFE -POHKJOH BOE GSPN JDFE GSVJU รณBWPVSFE UFB UP UFB PG UIF QFBSM NJML WBSJFUZ 3.# -PCCZ -PVOHF ' $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
#F JNQSFTTFE CZ 'SFODI TJOHFS BOE TPOHXSJUFS +PZDF +POBUIBO BU :VHPOH :JTIBO
%.
4IJ (VPSVJ 4DFOFT 6OUJM +VO .PEFSO MBOETDBQFT VTJOH QSJNJ UJWF QIPUPHSBQIJD UFDIOJRVF UIF DBNFSB PCTDVSB .PSF JOGP BU XXX DDEQIPUPTQSJOH DPN 'SFF ' (BMMFSZ $BPDIBOHEJ $IBPZBOH %JTUSJDU
5)6 +6/ ลฆ 8&% +6/
"(&/%"
"
#
$
%
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
(SBOE .JMMFOOJVN #FJKJOH
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
"(&/%"
5)6 +6/ Ŧ 8&% +6/
%.
%.
5)6 +6/ Ŧ 8&% +6/
"(&/%"
7*4*503 */'0 *OGPSNBUJPO PO UIJT QBHF FYDFSQUFE GSPN UIF *OTJEFS T (VJEF UP #FJKJOH BWBJMBCMF JO TUPSFT BSPVOE #FJKJOH PS CZ EFMJWFSZ UP ZPVS IPNF IPUFM PS PîDF 5P PSEFS B DPQZ DBMM PS F NBJM EJTUSJCVUJPO!JNNFSTJPOHVJEFT DPN
$0..6/*$"5*0/4 64&'6- /6.#&34
"NCVMBODF &NFSHFODJFT #FJKJOH "NCVMBODF 4FSWJDF #FJKJOH 6OJUFE 'BNJMZ )PTQJUBM &NFSHFODZ 3PPN 'JSF 1PMJDF 5SBîD "DDJEFOU 5FMFQIPOF %JSFDUPSZ $IJOFTF QSFTT GPS &OHMJTI TFSWJDF 5JNF 8FBUIFS 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 "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 XJUI ESBXBM JO #FJKJOH .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 NPWFBOETUBZ 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
#FJKJOH $JUZCVT 5PVST 4FF BMM PG #FJ KJOH T NBKPS TJHIUT JO B UISFF IPVS CVT UPVS $BMM PS GPS JOGPSNBUJPO XXX DJUZCVTUPVS DPN
53"/41035 53"7&-
1"4410354 7*4"4
5063 $0.1"/*&4
53"*/4 3"*-8": 45"5*0/4
7*4" "11-*$"5*0/4 &95&/4*0/4
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
&YJU &OUSZ "ENJOJTUSBUJPO PG UIF 1VCMJD 4FDVSJUZ #VSFBV .PO 4BU BN QN "OEJOH NFO %POHEBKJF CZ 9JBPKJF 2JBP %POHDIFOH %JTUSJDU
#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 #FJKJOH 4PVUI 3BJMXBZ 4UBUJPO #FJKJOH /BO[IBO :POHEJOHNFO XBJ %BKJF $IPOHXFO %JTUSJDU #FJKJOH /PSUI 4UBUJPO #FJKJOH #FJ[IBO 9J[IJNFO 9JDIFOH %JTUSJDU $IJOFTF
&.#"44*&4
"VTUSBMJB %POH[IJNFOXBJ %BKJF $BOBEB %POH[IJNFOXBJ %BKJF 'SBODF 4BOMJUVO %POHTBO +JF (FSNBOZ %POH[IJNFOXBJ %BKJF *OEJB 3JUBO %POHMV *SFMBOE 3JUBO %POHMV *UBMZ 4BOMJUVO %POH FSKJF
.BMBZTJB -JBOHNBRJBP #FJKJF #FJKJOH T DBCT BSF FBTZ UP IBJM /FUIFSMBOET -JBOHNBIF /BOMV FYDFQU EVSJOH UIF SVTI IPVS QFBL %SJWFST BSF HFOFSBMMZ GSJFOEMZ BOE IPO /FX ;FBMBOE 3JUBO -V %POHFSKJF FTU CVU GFX TQFBL &OHMJTI 5IF ó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
4XJU[FSMBOE 4BOMJUVO %POHXVKJF "4. $IBVÃFVS BOE 5PVS 4FSWJDFT "JSQPSU QJDL VQ BOE EFMJWFSZ TFSWJDF 6OJUFE ,JOHEPN &NCBTTZ (VBOH DIBVÃFVS TFSWJDF BOE QFSTPOBM HVJEF IVB -V 7JTB BOE $POTVMBS TFSWJDF BWBJMBCMF &OHMJTI TQFBLJOH TFDUJPOT ' /PSUI 5PXFS ,FSSZ ESJWFST 1SJDJOH PO XFCTJUF $FOUSF (VBOHIVB -V XXX DIBVÃFVSBTJB DPN 5"9*4
#FJKJOH -JNP "JSQPSU QJDLVQ DPSQP SBUF FWFOUT BOE TJHIUTFFJOH $IPPTF GSPN TUSFUDI MJNPT CVTFT BOE WBOT BMM XJUI CJMJOHVBM ESJWFST XXX CFJKJOHMJNP DPN FOHMJTI
5)6 +6/ Ŧ 8&% +6/
%.
6OJUFE 4UBUFT PG "NFSJDB "OKJBMPV -V FOUSBODF PO 5JBO[F -V WJTBT WJTB DBMM DFOUFS
-"/(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 )FMMP IJ (PPE CZF 1MFBTF 5IBOL ZPV :FT OP (PPE OPU HPPE * N TPSSZ FYDVTF NF * BN w $BO * w * EPO U VOEFSTUBOE $BO ZPV TQFBL &OHMJTI
#"4*$4
Qt KтАл╫ЩтАмR ]jL MLjQ TтАл╫ЫтАмQJ [Lq [Lq VKu E~ VKu KтАл╫ЩтАмR EX KтАл╫ЩтАмR 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"
(&55*/( "306/%
8IFSF JTw ]jL QтАл╫ЩтАмw 5JBOBONFO 7L─ЕQ─ЕQPpQ 'PSCJEEFO $JUZ * J┼ЖQJ 8BOHGVKJOH :iQJIтАл╫ЯтАмMтАл╫ЫтАмQJ (SFBU 8BMM &KiQJFKpQJ 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 5BLF NF UPw %SJWFS 5VSO MFGU 5VSO SJHIU (P TUSBJHIU BIFBE 8F SF UIFSF 6 UVSO * XBOU UIF SFDFJQU
$"#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
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"
&"5*/(
XBJUFS XBJUSFTT I~ Z \XiQ NFOV FjL G─ЕQ 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 CBUISPPN CBUUFSZ DIBSHFS DBNFSB DSFEJU DBSE UP IBWF B DPME DPNQVUFS HMBTTFT IPTQJUBM IPUFM *OUFSOFU NBQ NPCJMF OFXTQBQFS OVNCFS QIPOF QBQFS QFO QPMJDFNBO QVSTF VNCSFMMB UJDLFU CBUISPPN UPJMFU QBQFS
%.
64&'6- 70$"#6-"3:
[тАл ╫ЫтАмVKтАл╫ЭтАмX ML─ЕQ GLjQ FKt FK┼ЖQJ GLjQ Tu ]KjR [LjQJ M─и [uQ\zQJNтАл ╫ЩтАм JтАл╫ЩтАмQ PjR GLjQ QтАл╫ЩтАмR \тАл╫ЩтАмQ MuQJ \─и \XjQ OтАл ╫етАмGLjQ ZтАл╫ЩтАмQJ OXz Gu W~ VKтАл╫ЭтАмX M─и EjR ]KтАл ╫ЫтАм KjR PтАл ╫ЩтАм GLjQ KXj ]KтАл ╫ЫтАм EтАл ╫ЫтАм MтАл╫ЫтАмQJ FKi TLiQ E─ЕR \тАл ╫ЯтАмVтАл╫ЩтАмQ SLjR [тАл ╫ЫтАмVKтАл╫ЭтАмX ML─ЕQ ZqL VK─ТQJ ]KтАл ╫ЫтАм
/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 +6/ ┼ж 8&% +6/
"(&/%"
$-"44*'*&%4 $PNNFSDJBM BOE TFSWJDF DMBTTJñFET DPTU 3.# GPS UIF ñSTU XPSET BOE 3.# GPS FBDI BEEJUJPOBM XPSE 5P TVCNJU B DMBTTJñFE BE F NBJM QIPFCFMJ!USVFSVO DPN TVCNJU ZPVS BE EJSFDUMZ POMJOF BU XXX UIFCFJKJOHFS DPN 'SFF BET XJMM CF QMBDFE PO B TQBDF BWBJMBCMF CBTJT BOE BU UIF EJTDSFUJPO PG UIF FEJUPS 'PS NPSF JOGPSNBUJPO PO IPX UP QMBDF B DMBTTJñFE BEWFSUJTFNFOU JO BHFOEB DBMM 1IPFCF FYU "$$0..0%"5*0/ "7"*-"#-&
#FJKJOH 4FSWJDF "QBSUNFOU GPS 3FOU %BJMZ .POUIMZ :FBSMZ ! 4VCMFU $/ '6-- 4&37*$& ) )PUMJOF &NBJM TVCMFUDO!HNBJM DPN 8FCTJUF IUUQ XXX TVCMFU DO %POH[IJNFO 4BOMJUVO "SFB )BSCPS $JUZ 4UVEJP NÄ¢ d OJHIU PS d NPOUI 4FBTPOT 1BSL 4UVEJP NÄ¢ XJUI PQFO LJUDIFO d OJHIU PS d NPOUI #S NÄ¢ d OJHIU PS d NPOUI #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d &BTU "WFOVF m #S NÄ¢ $/: #S NÄ¢ $/: #S NÄ¢ $/: /FX .0." 4UVEJP NÄ¢ d #S NÄ¢ d #S NÄ¢ d 4BOMJUVO 40)0 40)0 #S NÄ¢ d #S NÄ¢ d #S NÄ¢ TQFDJBM PÃFS d #S NÄ¢ d #S NÄ¢ d *OUFSOBUJPOBM 8POEFSMBOE #S NÄ¢ d #S NÄ¢ d 3FHFOUMBOE 8PSLFS 4UBEJVN %POH TJTI*UJBP #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d (VBOHDBJ *OU M "QBSUNFOU #S NÄ¢ d #S NÄ¢ d -VGUIBOTB "SFB #FJKJOH 40)0 3FTJEFODFT 40)0 #S NÄ¢ d #S NÄ¢ d
"(&/%"
(FNJOJ (SPWF #S NÄ¢ d #S NÄ¢ d
4&37*$&4 Ŭ $"3 3&/5"- %3*7&3
$#% "SFB $FOUSBM 1BSL 4UVEJP NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ EVQMFY d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 8JOETPS "WFOVF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 'PSUVOF 1MB[B #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d (MPCBM 5SBEF .BOTJPO 4UVEJP NÄ¢ d #S NÄ¢ d #S NÄ¢ d $#% 1SJWBUF $BTUMF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d %BXBOHMV "SFB $IJOB $FOUSBM 1MBDF #S NÄ¢ d #S NÄ¢ d (FNEBMF *OU M (BSEFO #S NÄ¢ d #S NÄ¢ d $IBPZBOH 1BSL "SFB 1BMN 4QSJOH #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 1BSL "WFOVF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 0DFBOXJEF *OU M 3FTJEFOUJBM %JTUSJDU #S NÄ¢ d #S NÄ¢ d (SFFOMBLF 1MBDF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #FJKJOH (PMG 1BMBDF #S NÄ¢ d 4UBS 3JWFS #S NÄ¢ d $PVSUZBSE GPS -FBTF )PVIBJ #S NÄ¢ -BLF 4JEF d %POHTJ #S NÄ¢ d )BWF
B DMBTTJGJFE BE UP MJTU
& NBJM QIPFCFMJ!USVFSVO DPN
5)6 +6/ Ŧ 8&% +6/
%.
8FMDPNF KPJOU UIF FYQBUDBS NPUPS DMVC NFNCFSTIJQ 8F CVZ ZPVS DBS )FMQ ZPV TFMM PVU ZPVS DBS $BS MJDFOTF QMBUF ESBX MPUUFSZ SFHJTUSBUJPO /FX DBS TBMFT 6TFE DBS TBMFT .FDIBOJDBM ñSTU BJE $IBOHF PG óBU UJSF #BUUFSZ CPPTU 5PXJOH FYUSJDBUJPO TFSWJDF -POH mTIPSU UFSN MFBTJOH $POUBDU TFSWJDF!FYQBUDBS DPN 5FM """ FYQBUDBS XXX FYQBUDBS DPN /FX DBS TBMFT 4FDPOE IBOE DBS TBMFT $BS MJDFOTF QMBUF ESBX MPUUFSZ SFHJTUSBUJPO -FBTJOH PQUJPOT $BS TFSWJDF $BS JOTVSBODF $POUBDU TBMFT!FYQBUDBS DPN 5FM (&/&3"-
-JMZ T "OUJRVFT 4QFDJBMJ[JOH JO IJHI DMBTT BOUJRVF GVSOJUVSF NBJOMZ GSPN OPSUIFSO $IJOB JO XBMOVU BOE &MN XPPE BOE DVTUPN NBEF GVSOJUVSF GPS UIF MPDBM NBSLFU "MTP XIPMFTBMF GPS BOUJRVF BOE OFXMZ NBEF GVSOJUVSF &YDFMMFOU TFSWJDF GPS JOUFSOBUJPOBM USBOTQPSUBUJPO PG GVSOJUVSF 'VSUIFS NPSF B XJEF TFMFDUJPO PG BDDFTTPSJFT JT PÃFSFE %BJMZ BN QN (BPCFJ EJBO 4IPXSPPN (BPCFJEJBO 'VSOJ UVSF 4USFFU $IBPZBOH %JTUSJDU $POUBDU -JMZ 2VBO XXX MJMZT BOUJRVFT DPN 7JTJU CZ "QQPJOUNFOU 'BDUPSZ BOE 8BSFIPVTF "EESFTT #BJNJBP JOEVTUSZ BSFB 4POH[IVBOH UPXO 5POH[IPV %JTUSJDU $POUBDU -JMZ 2VBO
5IF CFTU 5BUUPP TUVEJP JO $IJOB $SFBUJPO 5BUUPP JT UIF ñSTU QSPGFTTJPOBM CPEZ BSU TUVEJP JO #FJKJOH 8F QSPWJEF TFSWJDF CFMPX 5BUUPP 1FSTPOBM CPEZ BSU EFTJHO QJFSDJOH NJDSPEFSNBM 5BUUPP SFNPWBM 8F IBT DSFBUFE UIF QFSGFDU QMBUGPSN UP TBUJTGZ UIF OFFET GPS CPEZ BSU XJUI QSPGFTTJPOBM FRVJQNFOUT BOE QFSTPOOFM XFMDPNF UP DVTUPN "EE #MEH +JBOXBJ 4PIP %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU 5FM 8FCTJUF XXX UJBOYJDJRJOH DPN