The Language Issue

%.

ร ร {ย ,ร ย ,668( 7+8 :('

-BOHVBHF .BUUFST

#FJKJOHhT NPTU JOรณ VFOUJBM QFPQMF UFTUJGZ UP UIF QPXFS PG XPSET

)ODYRUV RI 3RUWXJDO DW WKH +LOWRQ %HLMLQJ :DQJIXMLQJ &KLQDยถV OLWHUDU\ ZDUV 6HFUHWV RI D :HLER NRQJ 7KH EHVW ZRUGOHVV DSSV DQG PXFK PRUH

.BOBHJOH &EJUPS +FOOJGFS 5IPNÊ &EJUPSJBM "TTJTUBOU "EFMJOF 8BOH 7JTVBM 1MBOOJOH +PFZ (VP "SU %JSFDUPS 4VTV -VP 1IPUPHSBQIFST 4IFMMFZ +JBOH 4VJ +VEZ ;IPV ,BSB $IJO #JTXBSVQ (BOHVLZ BOE 'MJDLS VTFS XJMMTGDB $POUSJCVUPST /JLPMBVT 'PHMF "TUSJE 4UVUI .BSMB 'POH

"EWFSUJTJOH "HFODZ *NNFSTJPO *OUFSOBUJPOBM "EWFSUJTJOH #FJKJOH $P -JNJUFE

%FTJHOFST :VLJ +JB )FMFO )F -J 9JOH -J :BOH %JTUSJCVUJPO +FOOZ 8BOH 7JDUPSJB 8BOH .BSLFUJOH 4LPUU 5BZMPS $JOEZ ,VTVNB $BP :VF +JBOH -FJ 4BMFT .BOBHFS &MFOB %BNKBOPTLB

"DDPVOU &YFDVUJWFT (FSBMEJOF $PXQFS -ZOO $VJ ,FMJ %BM #PTDP 4BMMZ 'BOH (MPSJB )BP "TIMFZ -FOESVN .BHHJF 2J )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 )JMUPO #FJKJOH 8BOHGVKJOH &YFDVUJWF 4PVT $IFG 3JDBSEP #J[BSSP BU 7BTDP T 1IPUP CZ .JTILB 1IPUPHSBQIZ

"(&/%"

5)6 '&# Ŧ 8&% ."3

%.

-&55&3 '30. 5)& &%*503 -PWF XPSET 4P EP XF 5ISPVHI UIF DPVSTF PG IJTUPSZ XPSET IBWF CFFO VTFE UP XJO IFBSUT DSVTI TQJSJUT NBLF NPOFZ BOE รฑOE FOMJHIUFO NFOU 5IF QBTU UFO ZFBST IBWF CFFO UIF NPTU FYDJUJOH JO UIF VTF PG XPSET TJODF UIF JOWFOUJPO PG UIF QSJOUJOH QSFTT BOE NBOZ QSJWJMFHFT UIBU XFSF PODF SFTFSWFE GPS UIF FMJUF BOE JOUFMMFDUVBM IBWF OPX GBMMFO JOUP UIF IBOET PG UIF DPNNPO NBO BOE XPNBO VTIFSJOH JO B IJUIFSUP VOGPSFTFFO BHF PG TFNBOUJD GSFFEPN *O UIJT JTTVF "VTUSBMJBO "NCBTTBEPS (FPGG 3BCZ QBHF BOE $40'5 T &YFDVUJWF 7JDF 1SFTJEFOU $BSM :BP QBHF UPME VT XIZ UIFZ CFMJFWF JO UIF QPXFS PG XPSET UP NBLF UIF XPSME B TNBMMFS QMBDF XIJMF 2VFFS $PNSBEFT GPVOEFS BOE BODIPS 8FJ 9JBPHBOH QBHF TIPXFE VT IPX IF VTFT XPSET UP PQFO UIF DMPTFUT UIBU DPOรฑOF NBOZ NFNCFST PG $IJOB T -(#5 DPNNVOJUZ *NQBDU"TJB T TP DJBM NFEJB FYQFSU 'POJ[ 8POH QBHF FYQMBJOFE IPX UP iLOJUu UIF QFSGFDU 8FJCP GFFE BOE VTFS JOUFSGBDF 6*

EFTJHOFS ,PV -JRJO QBHF SFNJOEFE VT UIBU JU T OPU KVTU XIBU ZPV TBZ CVU XIBU JU MPPLT MJLF UIBU DPVOUT 8F BMTP NFU XJUI BDDMBJNFE BVUIPS #SJBO ,FJUI +BDLTPO QBHF 1PSUVHVFTF DIFGT &MJTBCFUF BOE 'FSOBOEP 3FBM PG 5SPNCB 3JKP QBHF BOE NBTUFS CBLFS 'FSOBOEP 4PVTB .BSRVFT QBHF BOE BMM PG UIFN SFNJOEFE VT IPX EFMJHIUGVM BOE EFMFDUBCMF USBEJUJPOBM MJUFSBUVSF BOE DVMUVSF SFBMMZ BSF 'FFMJOH MJUFSBSZ $IFDL PVU PVS FWFOUT DBMFOEBS QBHFT GPS UIF FWFOUT UBLJOH QMBDF EVSJOH UIF #PPLXPSN T BOOVBM MJUFSBSZ GFTUJWBM BOE CF TVSF UP SFBE PVS MJTU PG UIF GPVS NPTU JOรณVFOUJBM CPPLT JO $IJOB QBHF BOE UIF CFTU HBNF BQQT GPS XIFO ZPV XBOU B CSFBL GSPN UIF CMBDL BOE XIJUF QBHF

4P HP PO 5VSO Pรญ ZPVS QIPOF BOE DPNQVUFS CVOEMF VQ BU IPNF XJUI B HPPE CPPL BOE SFNFNCFS UIF XJTF XPSET PG 7JDUPS )VHP i5P MFBSO UP SFBE JT UP MJHIU B GJSF FWFSZ TZMMBCMF UIBU JT TQFMMFE PVU JT B TQBSL u

+FOOJGFS 5IPNร .BOBHJOH &EJUPS

%.

5)6 '&# ลฆ 8&% ."3

"(&/%"

3&45"63"/54

53: 5)&4&

"TTPSUFE TBTIJNJ

"TTPSUFE TVTIJ

/BEBNBO T TUSJLJOH JOUFSJPS QMBZT Pò JUT USBEJUJPOBM DVJTJOF

+BQBOFTF

/BEBNBO 5IF OBNF /BEBNBO DBSSJFT OFBSMZ UXP DFOUVSJFT PG USBEJUJPO BOE UIF MBUFTU JODBSOBUJPO PG UIF SFTUBVSBOU MPDBUFE JO UIF $IJOB 8PSME 4VNNJU 8JOH MJWFT VQ UP UIJT SFQVUBUJPO XJUI JUT TFMFDUJPO PG BVUIFOUJD EJTIFT BOE UIFJS QMBZGVMMZ GBTIJPOFE GVTJPO DPVTJOT 5IF NPSF USBEJUJPOBM EJTIFT TVDI BT UIF 5FOKZV UFNQVSB TFSWFE PO TUFBNFE SJDF 3.#

ESBX B TUFBEZ DSPXE PG +BQBOFTF BOE OPO +BQBOFTF EJOFST BMJLF BOE UIF CSFBEUI PG UIF NFOV FOTVSFT UIBU EJOFST PG BMM UBTUFT BSF XFMM UBLFO DBSF PG *G ZPV WF HPU B TXFFU UPPUI CF TVSF UP TBWF SPPN GPS UIF (VMB .FMBLB UIF UBQJPDB TUVEEFE DPDPOVU CSPUI QBJSFE XJUI WBOJMMB JDF DSFBN BOE CSPXO TVHBS DBSBNFM 3.# -FBSO NPSF BCPVU UIF USBEJUJPO BU XXX OBEBNBO DP KQ FOHMJTI JOEFY IUN %BJMZ BN QN QN ' $IJOB 8PSME 4VNNJU 8JOH $IJOB 8PSME 5SBEF $FOUFS 1IBTF +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU

$/.'$!1)!/ 2/!$

1FSGFDU GPS B SFñOFE +BQBOFTF CVTJOFTT MVODI PS EJOOFS 4JHOBUVSF EJTIFT JODMVEF UIF TUFXFE CMBDL DPE TFU NFOV HJOEBSB OP OFUTVLF 3.# UIF UFQQBO TFBGPPE TFU MVODI 3.# UIF CSBJTFE TBMNPO CFMMZ TQSJOLMFE XJUI TBMU TBLF IBSBTV ZBLJ 3.# BOE UIF IPNFNBEF BTQBSBHVT UPGV XJUI DSBC NFBU BTVQBSRB UPGV LBOJNJ 3.#

TFSWJDF DIBSHF BQQMJFT UP BMM NFBMT 8IJMF ZPV SF JO UIF OFJHICPSIPPE UBLF ZPVS CVTJOFTT QBSUOFS UP "UNPTQIFSF GPS B CSFBUI UBLJOH WJFX BOE XJOF TFMFDUJPO 'PS B DP[JFS QMBDF UP DIBU "SJB JT B QSJNF DIPJDF PS GPS TPNF GVO DIFDL PVU 9JV PS 5XJMJHIU JG UIF MJOF BU UIF GPSNFS JT UPP MPOH

"(&/%"

5)6 '&# Ŧ 8&% ."3

*).4!) 8):(!/ 34!4)/.

.!$!-!. !4-/30(%2%

'5!.'(5! 2/!$

!2)!

9/.'!.,) 34!4)/.

47),)'(4

%.

8)5

'5/-!/ 34!4)/.

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

3&45"63"/54

53: 5)&4&

&VSPQFBO DMBTTJDT

%FDBEFOU EFTTFSUT

" OFWFS FOEJOH TFB PG EFMJDBDJFT

*OUFSOBUJPOBM

,SBO[MFS T 5IJT ,FNQJOTLJ WFOVF T DMBJN UP GBNF JT UIFJS DMBTTZ &BTU NFFUT 8FTU CVíFU GFBUVSJOH B EBJMZ MVODI CVíFU TFNJ PQFO LJUDIFOT JO UIF FWFOJOHT BOE UIF 4VOEBZ 'BNJMZ #SVODI XJUI B SBOHF PG (FSNBO *UBMJBO +BQBOFTF BOE $IJOFTF TQFDJBMUJFT BOE EFMJDBDJFT TVDI BT PZTUFST MJWF MPCTUFS GPJF HSBT BOE 4XJTT DIFFTF GPOEVF #F TVSF UP TBWF TPNF SPPN GPS EFTTFSU BT UIFJS XJEF TFMFDUJPO PG TVHBSZ EFMJHIUT JT TVSF UP SPVTF ZPVS JOOFS TXFFU UPPUI GSPN JUT XJOUFS TMFFQ %BJMZ BN NJEOJHIU ' ,FNQJOTLJ )PUFM -JBOHNBRJBP -V $IBPZBOH %JTUSJDU FYU

1FSGFDU GPS B TQMFOEJE &BTU NFFUT 8FTU EJOJOH FYQFSJFODF XJUI GBNJMZ CVTJOFTT QBSUOFST PS GSJFOET 4JHOBUVSF EJTIFT JODMVEF UIF JOUFSOBUJPOBM 4VOEBZ CSVODI 3.# BOE UIF 4VOEBZ OJHIU TVTIJ QSPNPUJPO i4VTIJ 4PVMu QN 3.#

TFSWJDF DIBSHF BQQMJFT UP BMM NFBMT 8IJMF ZPV SF JO UIF OFJHICPSIPPE MFU ZPVS JOOFS GPPEJF SPBN BU UIF ,FNQJOTLJ T OVNFSPVT QSPNPUJPOT JODMVEJOH B %*: DIPDPMBUF TUBUJPO B 4JDIVBO QSPNPUJPO EVSJOH UIF ñSTU UXP XFFLT PG .BSDI BOE B WFHFUBSJBO EFMJHIUT NFOV BU 1BVMBOFS *G ZPV SF GFFMJOH TUJS DSB[Z QJDL VQ TPNF CSFBET DFSUJñFE PSHBOJD NFBUT PS POF PG JNQPSUFE DIFFTFT BU UIF ,FNQJ %FMJ BOE IFBE FBTU JO B DBC GPS B QJDOJD JO UIF QBSL

"(&/%"

5)6 '&# Ŧ 8&% ."3

,)!.'-!1)!/ 34!4)/.

,) !

.'

1 -!

) !/

2/

!$

+%-0).3+) (/4%, +2!.:,%2g3 $)9 #(/#/,!4% 34!4)/.

0!5,!.%2 +%-0) $%,)

%.

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

3&45"63"/54

53: 5)&4&

8PVME UIJT CJSE MJF

"O FYQFSJFODF GPS BMM UIF TFOTFT

,SP T QJ[[BT BSF CBDL BOE MBSHFS UIBO FWFS

1J[[B

,SP T /FTU (SBîUJ IZESPQPOJD IFSC XBMMT TFDSFU EPPST BOE BSDBEF HBNFT BSF KVTU B GFX PG UIF USFBUT BXBJUJOH ZPV BU UIF OFXMZ PQFOFE ,SP T /FTU BMPOH XJUI TPNF HBSHBOUVBO QJ[[BT UPQQFE B MB "NFSJDB UIJOL QFQQFSPOJ BOE TBVTBHF MBEFO TMJDFT 8IJMF UIF QJ[[BT BSF B NBKPS ESBX UIF NFOV JT FYQBOTJWF BOE JODMVEFT QBTUBT BOE TBMBET UIBU NBLF UIF HSFFO HJBOU MPPL TNBMM BT XFMM BT B GVO BTTPSUNFOU PG ESJOLT TPEB óPBUT BOE NJML TIBLFT

34

%!

%BJMZ BN BN LJUDIFO DMPTFT BU QN PO XFFLEBZT BOE BU NJEOJHIU PO XFFLFOET 9JBPZVO -V $IBPZBOH %JTUSJDU

4 (

1FSGFDU GPS QJ[[B BOE CFFS XJUI GSJFOET

2) .'

"(&/%"

5)6 '&# Ŧ 8&% ."3

8)

!/ 95

.

2/

!$

3!.95!.1)!/ 34!4)/.

+2/g3 .%34 "%,,!')/

%.

!$ 2/

&,/7%2 7(/,%3!,% -!2+%4

( 24

8IJMF ZPV SF JO UIF OFJHICPSIPPE NBLF B OJHIU PG XJUI ñWF GPS 3.# JNQPSUFE CFFST BU UIF 5IVSTEBZ OJHIU QVC RVJ[ PS TUBZ VQ BMM OJHIU QMBZJOH PME BSDBEF HBNFT *G ZPV FOE VQ TIVUUJOH UIF QMBDF EPXO IFBE PWFS UP #FMMBHJP GPS TPNF MBUF OJHIU EFTTFSUT *G ZPV SF UIFSF EVSJOH UIF EBZUJNF DIFDL PVU UIF OFX FTU CMPTTPNT BU UIF óPXFS XIPMFTBMF NBSLFU 9JBOIVB QJGB TIJDIBOH

./

4JHOBUVSF EJTIFT JODMVEF UIF TJHOBUVSF MBSHFS UIBO MJGF QJ[[BT 3.# QJ[[B DPOFT 3.# BOE VQ BOE SPDLZ SPBE SJDF LSJTQJFT QJF 3.#

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

3&45"63"/54

53: 5)&4&

(SJMMFE UJMBQJB

-JUUMF :VOOBO JT B DP[Z FTDBQF GSPN UIF JNQFSTPOBM DBQJUBM

"TQBSBHVT XJUI MBWFS

:VOOBO

-JUUMF :VOOBO *U T OPU TVSQSJTJOH UIBU UIF QPQVMBSJUZ PG :VOOBO DVJTJOF IBT TLZ SPDLFUFE JO UIF QBTU GFX ZFBST 5IF BMMVSJOH รณBWPS DPNCJOB UJPOT BOE UIF VOJRVFOFTT UIJOL รณPXFST BOE NVTISPPNT BOE GSFTIOFTT PG UIF JOHSFEJFOUT IBWF NBEF JU POF PG UIF GFX DVJTJOFT UIBU DBO DPNQFUF PO JUT PXO NFSJUT JO UIF DBQJUBM XJUIPVU UIF BEEFE รณBTI PG GBODZ SFOPWBUJPOT PS EFDPSBUJPOT -JUUMF :VOOBO JT DIBSNJOH UISPVHI BOE UISPVHI GFBUVSJOH UXP TNBMM MPGUT UIBU TFSWF BT QSJWBUF EJOJOH SPPNT BOE XBSN XPPEFO EFDPS 5IF IPNFTUZMF EJTIFT BSF รณBWPSGVM BOE BUUSBDU B TUFBEZ TUSFBN PG SFQFBU DVTUPNFST

1FSGFDU GPS B DIBSNJOH UBTUF PG UIF TPVUIXFTU JO B DP[Z MPDBMF 4JHOBUVSF EJTIFT JODMVEF UIF TNPLZ BOE TBWPSZ HSJMMFE UJMBQJB NJOU JOGVTFE CFFG TUFX 3.# BOE SJDF XJOF 3.#

8IJMF ZPV SF JO UIF OFJHICPSIPPE SFTFSWF B UJDLFU GPS B DMBTTJDBM QFSGPSNBODF BU UIF 'PSCJEEFO $JUZ $PODFSU )BMM XXX GDDICK DPN JO $IJOFTF UVDLFE BXBZ JO B WFSEBOU QBSL KVTU XFTU PG UIF 'PSCJEEFO $JUZ PS BENJSF TPNF iBODJFOUu $IJOFTF BSU GVSOJUVSF BOE CPPLT BU UIF ,BPHV #PPLTUPSF

"(&/%"

5)6 '&# ลฆ 8&% ."3

,)44,% 95..!.

-%)3(5'5!. "!#+ 342%%4

:(!.':):(/.' 2/!$

"%)(%9!. $!*)%

%BJMZ BN NJEOJHIU %POHIVBOH $IFOHHFO #FJKJF %POHDIFOH %JTUSJDU

:(!.':):(/.'

34!4)/.

$/.'3) 34!4)/.

&/2")$$%. #)49

+!/'5 "//+34/2% &/2")$$%. #)49 #/.#%24 (!,, $%.'3()+/5 34!4)/.

%.

5)& -*45

(SFFO :BSE 0SHBOJD .JML BOE :PHVSU 3FHVMBS XFFLMZ CJ XFFLMZ EFMJWFSZ PG GSFTI PSHBOJD NJML UIFZ PíFS PSHBOJD GSFTI QBTUFVSJ[FE NJML CZ UIF QJOU "OE UISFF WBSJFUJFT PG PSHBOJD ZPHIVSU BSF BWBJMBCMF UIF UIJSE POF JT UIJDLFS BOE TVJUFE NPSF GPS 8FTUFSOFS T UBTUF "MM EFMJWFSFE FYUSFNFMZ GSFTI BOE DPME UP ZPVS IPNF $BTI PO %FMJW FSZ

PSHBOJDMJGF!HSFFOZBS DO 8POEFSNJML )VB 9JB 8POEFSNJML GBSN XBT FTUBCMJTIFE JO CZ B TNBMM HSPVQ PG FOUSFQSFOFVSJBM $BMJGPSOJBOT XIP TIBSFE UIF WJTJPO PG DSFBUJOH B XPSME DMBTT EBJSZ GBSN JO $IJOB %BJMZ EFMJWFSZ PG UIFJS PSHBOJD NJMLT ZPHVSUT DIFFTFT BOE PUIFS EBJSZ QSPEVDUT JT BWBJMBCMF %BJMZ BN QN 4BOMJUVO 7JMMBHF 4PVUI 4 PQQPTJUF 3PYZ 4BOMJUVO -V $IBPZBOH %JTUSJDU XXX XPOEFSNJML DO

(PJOH HSFFO HFUT FBTJFS FWFSZ EBZ

5)& #*( 0

(PJOH 0SHBOJD JO #FJKJOH #FJKJOH IBT FOEMFTT QMBDFT UP FBU PVU VOMFTT ZPV XBOU UP FBU PSHBOJD GPPET UIBU JT 8IJMF NPSF BOE NPSF PQUJPOT IBWF CF DPNF BWBJMBCMF B HPPE PSHBOJD NFBM DBO TUJMM CF IBSE UP ñOE $IFDL PVU "HFOEB T MJTU GPS UIF CFTU PSHBOJD QSPEVDF BT XFMM BT B GBCVMPVT PSHBOJD 4VOEBZ CSVODI %F 3VO 8V 5SBOTMBUFE BT i)PVTF PG 7JSUVF u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ñFE BDDPSEJOH UP $IJOFTF /BUJPOBM 0SHBOJD 3FHVMBUJPO $0'$0 BOE *'0". BDDSFEJUFE $FSUJñFST 3FHVMBUJPOT 0SHBOJD 'BSN IBT JUT PXO TIVUUMFT XIJDI EFMJWFS DFSUJñFE PSHBOJD HSPDFSJFT EJ

SFDUMZ UP ZPVS EPPSTUFQ #FTJEFT GSFTI WFHFUBCMFT GSVJUT NFBUT FHHT BOE EBJSZ QSPEVDUT UIFSF JT BMTP B IJHI RVBMJUZ TFMFDUJPO PG PSHBOJD JNQPSU GPPET %BJMZ BN QN 1BMN 4QSJOH -JGFTUZMF .BMM TU 'MPPS $IBPZBOH 1BSL 4PVUI 3PBE

(SFFO $PX 0SHBOJD 'BSN (SFFO DPX PSHBOJD GBSN JO 4IVOZJ CPBTUT DIJDLFOT TJY HFFTF TFWFO DPXT BOE B QJH UIBU QSPEVDF BMM UIF NBOVSF GPS UIF DPNQPTU OFFEFE UP HSPX NPSF UIBO UZQFT PG GSVJU BOE WFHFUBCMFT 5IFZ BMTP HSPX DPSO XIFBU BOE TPZCFBO UP GFFE UIF BOJNBMT BOE EPO U VTF QFTUJDJEFT IFS CJDJEFT PS (.0 TFFET 1SPEVDF HSPXO PO UIF GBSN JT TPME UP MPDBM SFTUBVSBOUT BOE HJWFO UP UIF MPDBM DPNNVOJUZ &WFSZ GBMM UIF GBSN BMTP IPTUT UIF QPQVMBS (SFFO $PX )BSWFTU 'FTUJWBM BT XFMM BT PUIFS DPNNVOJUZ BDUJWJUJFT %POHHF[IVBO NJO OPSUI PG UIF OFX *OUFSOBUJPOBM &YIJCJUJPO $FOUFS

)PVTIBZV ;IFO 4IVOZJ %JTUSJDU

,FNQJ %FMJ $FSUJñFE PSHBOJD NFBUT BSF PO TBMF UIJT TQSJOH BOE XIJMF JU NBZ OPU CF PSHBOJD UIFJS DIFFTF TFMFDUJPO JT SVNPSFE UP CF HSPXJOH BT XFMM %BJMZ BN QN ' ,FNQJOTLJ )PUFM $IBPZBOH %JTUSJDU FYU

-PIBP $JUZ 5IJT DIBJO PG PSHBOJD HPPET BOE IFBMUI GPPET TUPSF TPVSDFT NPTU PG JUT QSPEVDF GSPN JUT PSHBOJD SBODI JO .JZVO $PVOUZ XJUI UIF SFNBJOEFS PSHBOJD GSVJUT JN QPSUFE GSPN 5BJXBO 0SHBOJD QSPEVDFT JODMVEF PSHBOJD IPNFNBEF TPZNJML QJDLMFE WFHFUBCMFT BOE JNQPSUFE ESZ HPPET JODMVEJOH NVFTMJ DPPLJFT BOE QBTUB BT XFMM BT PSHBOJD BOE EBJSZ GSFF DIPDPMBUFT 8IJMF TPNF HPPET BSF QSPIJCJUJWFMZ FYQFOTJWF UIFJS HSBJOT BSF B HSFBU WBMVF 4FWFSBM MPDBUJPOT BSPVOE UPXO #-% $BGF #-% JT BO *OUFSOBUJPOBM CVíFU SFTUBVSBOU MPDBUFE JOTJEF UIF 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM +VTU SFDFOUMZ UIFZ IBWF SFMBVODIFE UIFJS 4VOEBZ CSVODI XIJDI OPX JODMVEFT B TQFDJBM TUBUJPO GPS PSHBOJD GPPET :PV DBO OPX JOEVMHF JO PSHBOJDT GSVJUT BOE WFHFUBCMFT PSHBOJD CFFG BOE QPSL BOE 4SJ -BOLBO ZFMMPX ñTI UVOB "MM GSVJUT BOE WFHFUBCMFT BSF GSPN MPDBM PSHBOJD GBSNT 5IJT CSVODI CVíFU IBT TPNF HSFBU PSHBOJD BOE OPO PSHBOJD PQUJPOT 3.#

JODMVEJOH XJOF

JODMVEJOH DIBNQBHOF 4VO BN QN 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM %BPOHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU

$PNQJMFE CZ .BSMB 'POH

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

4105-*()5

&MJTBCFUF 3FBM BOE IFS IVTCBOE 'FSOBOEP 3FBM SFUVSO UP DIBSN PVS QBMBUFT

4."-- $06/53: #*( 5"45&4

&MJTBCFUF BOE 'FSOBOEP 3FBM PG 5SPNCB 3JKB

5IJT JT ZPVS TFDPOE WJTJU UP XBT UIF NBJO GPPE UIBU รฑGUFFOUI #FJKJOH JT DVSSFOUMZ BCV[[ XJUI MJU $IJOB 8IBU T UIF รฑSTU UIJOH ZPV SF DFOUVSZ 1PSUVHVFTF TBJMPST BUF FSBSZ รฑHVSFT 1MFBTF UFMM VT BCPVU HPJOH UP EP BGUFS ZPV MBOE 5IF รฑSTU EVSJOH UIF OVNFSPVT EBZT UIFZ ZPVS GBWPSJUF 1PSUVHVFTF XSJUFS UIJOH XF XJMM EP BGUFS MBOEJOH JT UP TQFOU BU TFB USBWFMJOH UP QMBDFT MJLF BOE XIBU NFBM ZPV E TIBSF XJUI UIFN JG ZPV IBE UIF DIBODF 0OF UBLF B EFFQ CSFBUI BOE UBLF JO UIF $IJOB BOE +BQBO PG UIF NPSF GBNPVT 1PSUVHVFTF GFFM BOE TNFMM PG UIF DPVOUSZ UIBU XF MJLF TP NVDI JO PVS NFNPSZ :PV BSF RVJUF JOWPMWFE JO UIF XJOF XSJUFST B /PCFM MBVSFBUF JO MJUFSB JOEVTUSZ JO 1PSUVHBM 8IBU BSF UIF UVSF XBT +PTF 4BSBNBHP XIP EJFE )PX NVDI JT 1PSUVHBM T IJTUPSZ TJHOBUVSF DIBSBDUFSJTUJDT PG 1PSUV B GFX NPOUIT BHP *G XF IBE IBE UIF SFGMFDUFE JO JUT GPPE 1PSUVHBM T HVFTF XJOF 1PSUVHVFTF XJOF JT POF DIBODF UP FBU XJUI IJN XF XPVME IJTUPSZ JT MJOLFE UP JUT DVJTJOF JO PG UIF CFTU XJOFT PG UIF XPSME BOE JT DIPTF PVS OBUJPOBM GJTI DPE QSF QSPGPVOEMZ JOรณVFODFE CZ UIF DMJNBUF QBSFE JO B WFSZ TQFDJBM XBZ

UXP EJรญFSFOU XBZT 'JSTU JU SFรณFDUT UIF GPPE BOE UIF EJรญFSFOU UZQFT PG QFPQMF UIBU BSSJWFE BOE TUBZFE JO 1PSUVHBM UISPVHIPVU UIF DFOUV SJFT *U BMTP SFรณFDUT 1PSUVHBM T OBWBM IJTUPSZ XIJDI UPVDIFE VQPO UIF "NFSJDBO "GSJDBO BOE "TJBO DPOUJ OFOUT 5IFTF FYQMPSFST CSPVHIU CBDL NBOZ รณBWPST NBLJOH 1PSUVHVFTF DVJTJOF WFSZ EJWFSTF BOE VOJRVF

8IBU T PO UIF NFOV GPS UIF 1PSUVHVFTF 'PPE 1SPNPUJPO UIJT ZFBS BOE XIZ EJE ZPV DIPPTF UIFTF EJTIFT 5IF NBJO EJTI UIJT ZFBS JT

UIF DPEGJTI CBDBMIBV B TUBQMF PG UIF 1PSUVHVFTF EJFU 5IJT EJTI

"(&/%"

BOE TPJM PG PVS OBUJPO .PTU QFPQMF EPO U LOPX UIJT CVU CFGPSF UIF UI DFOUVSZ QFPQMF DBNF UP UIJT SFHJPO GSPN 3PNF $BSUIBHF BOE /PSUIFSO &VSPQF UP QVSDIBTF PVS XJOFT BOE PMJWF PJMT

%PFT 1PSUVHBM IBWF BOZ GPPE SFMBUFE TBZJOHT 0VS TBZJOHT BCPVU

GPPE BSF FOEMFTT CVU * SFBMMZ MJLF UIJT POF i5IPTF GPPET CBE GPS IFBMUI BSF QBSEPOFE CFDBVTF UIFJS GMB WPST BSF HPPE u *U NFBOT UIBU NBOZ UJNFT XF FBU GPPET CBTFE TPMFMZ PO UIFJS รณBWPST BOE OPU CFDBVTF UIFZ BSF HPPE GPS PVS IFBMUI

5)6 '&# ลฆ 8&% ."3

%.

*OUFSWJFX CZ +FOOJGFS 5IPNร &MJTBCFUF BOE 'FSOBOEP 3FBM PG 5SPNCB 3JKB XJMM CF JO UPXO GSPN .BSDI UP BOE ZPV DBO TBNQMF UIFJS GPPE BU 7BTDP T EVSJOH MVODI BOE EJOOFS GPS 3.# QMVT BU UIF )JMUPO #FJKJOH 8BOHGVKJOH T 'MBWPST PG 1PSUVHBM QSPNPUJPO +PJO UIF DIFGT JO UIF LJUDIFO PO .BSDI BOE BOE MFBSO IPX UP NBLF ZPVS PXO FHH UBSUT #BDBM IBV B CSBT BOE NPSF 4FF FWFOUT DBMFOEBS GPS NPSF EFUBJMT

4105-*()5

OP PUIFS DPVOUSZ IBT UIF 0QPSUP XJOF BOE UIF 7JOIP 7FSEF HSFFO XJOF 5IF รฑSTU XJOF JT B EFTTFSU XJOF BOE UIF TFDPOE JT B iXIJUFu XJOF EFTQJUF CFJOH HSFFO UIBU TIPVME CF TFSWFE WFSZ DPME *U T SFBMMZ EFMJDJPVT BOE FWFSZPOF MJLFT JU TUSBJHIU BXBZ #VU PVS IJTUPSZ JT OPU KVTU QSFTFOU JO UIF GPPE JUTFMG CVU BMTP DBO CF TFFO JO UIF MBOHVBHF 8F IBWF B TBZJOH UIBU HPFT i" NVMIFS RVFS TF QFRVFOJOB DPNP B TBSEJIB u 5IJT NFBOT UIBU B XPNBO TIPVME CF BT TNBMM BT B TBSEJOF #BDL UIFO 1PSUVHVFTF XPNFO XFSF RVJUF TIPSU BOE UIJT XBT TFFO BT B SFBMMZ HPPE BUUSJCVUF "OPUIFS HSFBU RVPUF UIBU * SFBMMZ MJLF JT i" GPNF ร Nร DPOTFMIFJSB u *U NFBOT IVOHFS JT OPU B HPPE BEWJTFS BOE * EPO U UIJOL USVFS XPSET XFSF FWFS TQPLFO

.BTUFS CBLFS 'FSOBOEP 4PVTB .BSRVF[ IFBUT VQ UIF LJUDIFO

#3&"% 0' 10356("-

.BTUFS #BLFS $IFG 'FSOBOEP 4PVTB .BSRVFT .BTUFS #BLFS 'FSOBOEP 4PVTB .BSRVFT JT GBNPVT GPS IJT CSFBET BMUIPVHI QFPQMF EP GMPDL UP IJT USBEJUJPOBM 1PSUVHVFTF EFTTFSUT XIFO UIFZ BSF MPPLJOH UP JOEVMHF UIFJS TXFFU UPPUI JO BO JODSFEJCMZ SJDI USFBU "HFOEB DBVHIU VQ XJUI .BSRVFT BT IF XBT PO IJT XBZ UP #FJKJOH UP UBLF QBSU JO UIF )JMUPO #FJKJOH 8BOHGVKJOH T 1PSUVHVFTF GPPE QSPNPUJPO UP MFBSO NPSF BCPVU XIBU NBLFT 1PSUVHVFTF GPPE TP FYDJUJOH *T UIJT ZPVS รฑSTU WJTJU UP $IJOB /P JU T OPU * BDUVBMMZ MJWF JO .BDBV BOE DPNF UP i$IJOBu RVJUF PGUFO UP HP TIPQQJOH PS TJHIUTFFJOH *U T BMTP NZ TFDPOE UJNF WJTJUJOH BT B DIFG 8F BTLFE UIF DIFGT PG 5SPNCB 3JKB XIBU IJT UIPVHIUT PO UIF

IJTUPSZ BOE JOGMVFODFT PG 1PSUV HVFTF GPPET BSF 8IBU BSF ZPVS UIPVHIUT PO UIJT UPQJD * BHSFF UIBU 1PSUVHBM T IJTUPSZ JT WFSZ NVDI SFรณFDU FE JO PVS GPPE %VSJOH UIF UI DFO UVSZ XIJMF XF XFSF EJTDPWFSJOH UIF XPSME XF CSPVHIU B MPU PG JOHSFEJFOUT BOE TQJDFT UP PVS DPVOUSZ UIBU XFSF JODMVEFE JO PVS DVJTJOF "OPUIFS TJHOJรฑDBOU JOรณVFODF JT PVS SFMJHJPVT CBDLHSPVOE #BDL XIFO UIF NPOLT XFSF NBLJOH XJOF UIFZ VTFE B MPU PG FHH XIJUFT UP DMBSJGZ UIF XJOF BOE HBWF UIF SFNBJOJOH FHH ZPMLT BMPOH XJUI TVHBS รณPVS BOE BMNPOET UP UIF TJTUFST JO UIF DPOWFOU 5IJT JT XIZ XF IBWF B MPU PG SFBMMZ TXFFU FHH ZPML CBTFE EFTTFSUT 0VS XJOFT BSF BMTP RVJUF TQFDJBM BOE XF IBWF B DPVQMF PG XJOFT UIBU

%.

"T ZPV LOPX #FJKJOH JT DVSSFOUMZ IPTUJOH BO JOUFSOBUJPOBM MJUFSBSZ GFTUJWBM 1MFBTF UFMM VT BCPVU ZPVS GBWPSJUF 1PSUVHVFTF XSJUFS BOE XIBU NFBM ZPV E TIBSF XJUI UIFN JG ZPV IBE UIF DIBODF * UIJOL * NJHIU DIPPTF UIF QPFU $BNร FT XIP JT UP 1PSUVHBM XIBU 4IBLFTQFBSF JT UP &OHMBOE BOE UIF SFTU PG UIF XPSME "MM 1PSUVHVFTF TUVEFOUT IBWF UP TUVEZ IJT NPTU GBNPVT CPPL 0T -VTJBEBT 'PS PVS NFBM * UIJOL UIBU * XPVME DIPPTF B WFSZ UZQJDBM 1PS UVHVFTF NFBM 5IF TPVQ XPVME CF $BMEP 7FSEF NBEF PG QPUBUPFT PO JPOT BOE LBMF 'PS UIF NBJO DPVSTF * XPVME TFSWF #BDBMIBV ร (PNFT EF 4ร B EJTI NBEF XJUI TBMUFE DPE BOE QPUBUPFT BOE CPJMFE FHHT 'PS EFTTFSU * E DIPPTF B USBEJUJPOBM 1PSUV HVFTF FHH UBSU DBMMFE B 5JHFMBEB *OUFSWJFX CZ +FOOJGFS 5IPNร .BTUFS #BLFS 'FSOBOEP 4PVTB .BSRVFT XJMM CF JO #FJKJOH GSPN .BSDI UP BOE ZPV DBO TBNQMF IJT

BU UIF )JMUPO #FJKJOH 8BOHGVKJOH T 'MBWPST PG 1PSUVHBM QSPNPUJPO (FU ZPVS LJET JO UIF LJUDIFO XJUI B TQFDJBM CBLJOH DMBTT 4FF FWFOUT DBMFOEBS GPS NPSF EFUBJMT

5)6 '&# ลฆ 8&% ."3

"(&/%"

/*()541054

53: 5)&4&

8JMM FWFSZCPEZ LOPX ZPVS OBNF

4QBDJPVT BOE XBSN 5IF -PPQ JT B QMBDF ZPV MM XBOU UP DPNF CBDL UP

5IF QBSUZ JT BCPVU UP HFU TUBSUFE

#BS

5IF -PPQ 5IJT 4IVBOHKJOH BSFB CBST IBT HPU B MJUUMF CJU PG FWFSZUIJOH QPPM UBCMFT WJEFP QSPKFDUPST B TUBHF BOE B EBODF รณPPS QMVTI MFBUIFS DIBJST BOE GVTJPO DVJTJOF OPU UP NFOUJPO B TUFMMBS TFMFDUJPO PG ESJOLT BU BMM QSJDF QPJOUT XIFUIFS JU CF B 3.# 5TJOHUBP 3.# JNQPSUFE CFFS PS B TPMJE 3.# BOE VQ TPVS PS DPDLUBJM &WFSZPOF XIP IBT CFFO EFTDSJCFT UIJT QMBDF BT DP[Z BOE XJTIFT JU XBT DMPTFS UP UIFJS IPNFT JG ZPV SF MVDLZ FOPVHI UP MJLF JO 4IVBOHKJOH DPOTJEFS NBLJOH JU ZPVS SFHVMBS IBOHPVU 4VO 5IV BN BN 'SJ 4BU BN MBUF ' #MEH #BJ[JXBO /BO &S -V $IBPZBOH %JTUSJDU

$!7!.',5 34!4)/.

'5/-!/ 34!4)/.

4/.'(5)(% ./24( 2$

4JHOBUVSF ESJOLT JODMVEF UIFJS 3.# CVZ POF HFU POF GSFF ESJOLT CFUXFFO QN BOE NJEOJHIU FTQFDJBMMZ UIF "NBSFUUP TPVS 8IJMF ZPV SF JO UIF OFJHICPSIPPE IFBE PWFS 1JOHPE /PSUI BOE SFDFJWF TPNF NVDI OFFEFE BOE WFSZ BGGPSEBCMF QSJNQJOH BOE QBNQFSJOH BU .JOOJF T NBTTBHFT TUBSU BU 3.#

BOE UBLF B XBML UISPVHI TPNF PG UIF MP DBM BSU TUPSFT PS HSBC BOPUIFS HMBTT PG XJOF BU %BP -F XJOF CBS CFGPSF IFBEJOH GPS HSFFOFS EJOJOH QBTUVSFT

"(&/%"

5)6 '&# ลฆ 8&% ."3

-)..)%g3 $!/ ,%

4(% ,//0 '5!.'15 2$ 3(5!.'*).'

34!4)/.

%.

8)$!7!.' 2/!$

1FSGFDU GPS B DBTVBM BGUFSOPPO UIBU XJMM UVSO JOUP B IPQQJOH OJHIU

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

/*()541054

53: 5)&4&

.BIKPOHy

BOE ESJOLT

#JMMJBSETy

$MVC

;POF $MVC *U NBZ OPU CF QFSGFDU CVU UIFSF T TPNFUIJOH UP CF TBJE GPS B CBS XIFSF IVOLFSJOH EPXO XJUI B HSPVQ PG GSJFOET PWFS B HBNF PG QPPM GPPTCBMM FMFDUSPOJD EBSUT PS FWFO B CPBSE HBNF JT UIF OPSN 5IF CBS DBO BOE GSFRVFOUMZ JT SFTFSWFE GPS QSJWBUF GVODUJPOT CVU JG ZPV SF MPPLJOH GPS TPNF DBVTBM JOUFSOBUJPOBMMZ GSJFOEMZ BOE MPX BMDPIPM GVO DPNF IFSF %BJMZ BN BN ' OFYU UP 5BJSZP 5FQQBO ZBLJ $IJOB 7JFX (POHUJ %POHMV $IBPZBOH %JTUSJDU

1FSGFDU GPS UIPTF EBZT XIFO ZPV XJTI ZPV XFSF TUJMM B LJE BOE IBOHJOH PVU XJUI $IJOFTF GSJFOET BOE DPMMFBHVFT

7/2+%2g3 34!$)5- ./24( 2/!$

7/2+%2g3 34!$)5- %!34 2/!$

4JHOBUVSF ESJOLT BSFO U SFBMMZ XIBU ZPV SF DPNJOH IFSF GPS TP KVTU HSBC B CFFS 3.#

BOE QVMM VQ B DIBJS UP TPNF GVO 8IJMF ZPV SF JO UIF OFJHICPSIPPE TUPQ CZ (VOH )P 1J[[B UP TBNQMF UIFJS MBUFTU UIJO DSVTU DSFBUJPOT 8IJMF UFDIOJDBMMZ B EFMJWFSZ DPN QBOZ ZPV SF XFMDPNF UP EJOF JO "OPUIFS HSFBU PQUJPO JT UIF #VEBQFTU )VOHBSJBO 3FTUBVSBOU *G ZPV SF ñOJTIFE XJUI HBNFT BOE BSF BGUFS B TFSJPVT ESJOL %SFJ ,SPOFO #SBVIBVT IBT HPU ZPV DPWFSFE

"(&/%"

5)6 '&# Ŧ 8&% ."3

%.

45!.*)%(5 34!4)/.

:/.% #,5" '5.' (/ 0)::!

"5$!0%34 (5.'!2)!. $2%) +2/.%. "2!5(!53

(5*)!,/5 34!4)/.

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

4105-*()5

"NCBTTBEPS (FPò 3BCZ PQFOT UIF CPPL PO 4JOP "VTUSBMJBO SFMBUJPOTIJQT

$6-563"- $0//&$5*0/4

"VTUSBMJBO "NCBTTBEPS (FPí 3BCZ %S (FPí 3BCZ IBT CFFO UIF "VTUSBMJBO "NCBTTBEPS UP $IJOB TJODF )F ñSTU DBNF UP #FJKJOH CBDL JO BT IFBE PG UIF &NCBTTZ T &DPOPNJD 4FDUJPO *O CFUXFFO IF T IFME IJHI QSPñMF QPTUT JO UIF "VTUSBMJBO HPWFSONFOU JODMVEJOH %FQVUZ 4FDSFUBSZ PG UIF %FQBSUNFOU PG 'PSFJHO "í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

"(&/%"

NBUUFS EJTQSPQPSUJPOBUFMZ UP $IJOB 5IBU OFFET UP CF VOEFSQJOOFE XJUI SFBMMZ TUSPOH QFPQMF UP QFPQMF MJOLT BOE DVMUVSF JT UIF CFTU XBZ UP EP UIBU " O E T Q F D J G J D B M M Z X J U I 8SJUFST 8FFL XF IBWF UXP QSJNBSZ PCKFDUJWFT 0OF JT GPS $IJOFTF QFPQMF UP IFBS UIF VOJRVF WPJDF PG "VTUSBMJB *U T FYUSFNFMZ JNQPSUBOU UP VT UIBU QFPQMF JO $IJOB VOEFSTUBOE UIBU XF BSFO U B NPVUIQJFDF GPS BOZPOF FMTF 8F IBWF PVS PXO JEFBT PVS PXO JEFOUJUZ BOE XF OFFE UP CF VOEFS TUPPE GPS PVS PXO WJFXT BOE PVS PXO JEFBT "OE TFDPOEMZ JU T DPNNFSDJBM XF XBOU UP TFMM BT NBOZ "VTUSBMJBO CPPLT JO $IJOB BT XF DBO 8IBU BSF UIF NPTU DPNNPO UZQFT PG JOUFSBDUJPO CFUXFFO "VTUSBMJB BOE $IJOB DVSSFOUMZ 8FMM BT * TBJE UIF CBTJT PG UIF SFMBUJPOTIJQ JT B QSP GPVOE DPNQMFNFOUBSJUZ CFUXFFO UIF UXP FDPOPNJFT 8F IBWF B DPOUJOFOU UIF TBNF TJ[F BT $IJOB T SPVHIMZ JO UFSNT PG MBOENBTT 8F IBWF POMZ

5)6 '&# Ŧ 8&% ."3

%.

NJMMJPO QFPQMF CVU IVHF BNPVOUT PG SFTPVSDFT FOFSHZ BHSJDVMUVSBM QSPEVDUJPO $IJOB T HPU B MPU PG QFP QMF BOE UIFTF EBZT JU T HPU B MPU PG DBQJUBM TP ZPV DBO JNBHJOF UIF ñU JT WFSZ DMPTF BOE JU T KVTU HFUUJOH DMPTFS BOE DMPTFS #VU UIFSF BSF NBOZ PUIFS BSFBT 'PS FYBNQMF XF IBWF B IVOESFE BOE ñGUZ UIPVTBOE $IJOFTF TUVEFOUT TUVEZJOH JO TFDPOEBSZ BOE QPTUTFD POEBSZ TDIPPMT 5IBU T NPSF UIBO UIF 6OJUFE 4UBUFT PS (SFBU #SJUBJO BOE ZFU PVS QPQVMBUJPO JT TJHOJñDBOUMZ TNBMMFS UIBO CPUI PG UIPTF DPVOUSJFT 8F BMTP IBE UIPVTBOE $IJOFTF UPVSJTUT UP "VTUSBMJB JO TP B CJH UPVSJTN NPWF UIFSF BOE HSFBU QPUFOUJBM GPS UIF GVUVSF 5IFSF T HSFBU DPPQFSBUJPO JO TDJFODF BOE UFDIOPMPHZ "VTUSBMJB T HPU * UIJOL UIF UIJSE CJHHFTU OVNCFS PG DPPQFSBUJWF TDJFOUJñD QBQFST XJUI $IJOFTF XSJUFST 4P JU T B WFSZ DPN QMFY SFMBUJPOTIJQ *U XPSLT BU NBOZ MFWFMT BOE JU T XFMM CFZPOE CJH UJDLFU SFTPVSDFT BOE FOFSHZ 8 I B U B S F T P N F D P N N P O DPODFQUJPOT BOE NJTDPODFQUJPOT UIF UXP DPVOUSJFT IBWF BCPVU POF BOPUIFS *U T B WFSZ HPPE RVFTUJPO BOE QSPCBCMZ POF UIBU XBSSBOUT TFSJPVT TUVEZ BOE OPU B HMJC BOTXFS GSPN UIF "NCBTTBEPS #VU BU B TVQFS ñDJBM MFWFM * UIJOL UIFSF T B UFOEFODZ JO $IJOB UP MPPL BU "VTUSBMJB SFBMMZ BT B SFóFDUJPO PG UIF 6OJUFE 4UBUFT PS PG &VSPQF UP TFF VT QSJNBSJMZ JO 8FTUFSO UFSNT SBUIFS UIBO MPPLJOH BU XIBU NBLFT VT EJíFSFOU GSPN UIF 8FTU "OE GSPN BO "VTUSBMJBO QPJOU PG WJFX * UIJOL UIFSF T B NJTDPODFQ UJPO BCPVU $IJOB UIBU JU T TUJMM DMPTFE JU T JNQFOFUSBCMF 5IFSF T B TPSU PG NZTUFSZ BCPVU $IJOB UIBU T B HSFBU BUUSBDUJPO CVU UIBU DBO BMTP QVTI QFPQMF CBDL "OE * EP UIJOL UIFSF T TUJMM B SFBM MBDL PG VOEFSTUBOEJOH JO "VTUSBMJB BCPVU UIF FYUFOU UP XIJDI FDPOPNJD HSPXUI BOE EFWFMPQNFOU IBT TQSFBE UISPVHIPVU UIF DPVOUSZ * UIJOL QFPQMF UIJOL PG $IJOB POMZ JO UFSNT PG #FJKJOH BOE 4IBOHIBJ BOE POF PG UIF UIJOHT * WF USJFE UP EP PWFS UIF QBTU GPVS ZFBST JT UP HFU

"VTUSBMJBOT UP UIJOL NPSF BCPVU UIF SFTU PG $IJOB "U ZPVS UBML BU UIF -PXZ *OTUJUVUF GPS *OUFSOBUJPOBM 1PMJDZ ZPV TBJE UIBU UIF NPSF $IJOB DIBOHFT UIF NPSF JU TUBZT UIF TBNF 8IBU EJE ZPV NFBO CZ UIBU 5IF DPOUFYU JT UIBU * XBT IFSF JO UIF T BOE $IJOB XBT B WBTUMZ EJíFSFOU QMBDF 5P IBWF TPNFUIJOH MJLF UIF #PPLXPSN IFSF XPVME IBWF CFFO JODPODFJWBCMF %VSJOH UIF FJHIUJFT ZPV XPVME OFWFS JNBHJOF TVDI B UIJOH XPVME FWFS FYJTU 5IF JEFB UIBU $IJOFTF BOE MBPXBJ DPVME DPIBCJU FJUIFS BT DPVQMFT PS KVTU TIBSF UIF TBNF BQBSU NFOU CMPDLT PS XIBUFWFSw :PV IBE WFSZ MJNJUFE BDDFTT UP $IJOFTF GSJFOET $IJOFTF QFPQMF XFSF FYUSFNFMZ DPOTUSBJOFE JO XIBU UIFZ DPVME EP 5IFZ XFSF DPOUSPMMFE CZ UIF EBOXFJ UIF EBOXFJ EFDJEFE XIFSF UIFZ XPSLFE XIP UIFZ NBSSJFE BOE TP PO BOE TP GPSUI *U T KVTU VOCFMJFW BCMF UP UIJOL UIBU JO UIF TIPSU TQBDF PG UXFOUZ PEE ZFBST ZPV E IBWF TVDI BO PQFO TPDJFUZ $IJOFTF BSF GSFF UP USBWFM PWFSTFBT TFMFDU UIF KPCT UIFZ XBOU UP EP BOE TP PO #VU JO PUIFS SFTQFDUT JU T OPU DIBOHFE BU BMM CFDBVTF PG UIF QBS UJDVMBS SPMF PG UIF $PNNVOJTU 1BSUZ BOE UIF TUBUF BOE UIF XBZ TPDJBM BOE QPMJUJDBM PSHBOJ[BUJPO JT DPOEVDUFE JO $IJOB "OE B MPU PG UIJOHT GMPX GSPN UIBU UIF XBZ ZPV EP CVTJOFTT UIF XBZ ZPV OFHPUJBUF ZPVS XBZ UISPVHI UIF $IJOFTF TZTUFN JT WFSZ NVDI UIF XBZ JU T BMXBZT CFFO *O GBDU * XPVME TBZ UIBU UIF 1BSUZ UPEBZ JT NVDI TUSPOHFS UIBO JU XBT XIFO * MFGU JO

i$IJOB JT PVS MBSHFTU FYQPSU NBSLFU PVS MBSHFTU USBEJOH QBSUOFS 8F BSF $IJOB T TFWFOUI MBSHFTU USBEJOH QBSUOFS TP XF NBUUFS EJTQSPQPSUJPOBUFMZ UP $IJOB 5IBU OFFET UP CF VOEFSQJOOFE XJUI SFBMMZ TUSPOH QFPQMF UP QFPQMF MJOLT BOE DVMUVSF JT UIF CFTU XBZ UP EP UIBUu UIFTF DIBOHFT BOE VOEFSTUBOE UIFN * UIJOL $IJOFTF MFBEFST BOE EFDJTJPO NBLFST HFU JU * EPO U UIJOL "VTUSBMJBOT IBWF SFBMMZ CFHVO UP HFU UIFJS NJOET BSPVOE XIBU JU NFBOT UP IBWF $IJOB GPVS UJNFT CJHHFS UIBO JU JT UPEBZ 5IBU T JO UXFOUZ ZFBST *O UIJSUZ ZFBST JU NBZ CF TJY UJNFT CJHHFS UIBO UPEBZ 4P * UIJOL ZPV KVTU IBWF UP PQFO ZPVS NJOE BOE UIJOL IPX EFFQ UIBU JOUF HSBUJPO XJMM HP * MJLF UP VTF UIF NPEFM‡BOE * EPO U XBOU UP CF NJTRVPUFE PO UIJT‡UIBU JG ZPV XBOU UP UIJOL BCPVU XIBU JU NJHIU CF MJLF KVTU UP HFU ZPVS IFBE BSPVOE JU UIJOL BCPVU XIBU UIF SFMBUJPOTIJQ XBT MJLF CFUXFFO NBJO MBOE $IJOB BOE )POH ,POH CFGPSF #FGPSF )POH ,POH IBE #SJUJTI JOTUJUVUJPOT #SJUJTI MBXT #SJUJTI GSFFEPN PG UIF QSFTT‡BMM PG UIBU XBT #SJUJTI "OE UIBU HBWF )POH ,POH B WFSZ QBSUJDVMBS BOE VOJRVF JEFOUJUZ CVU JUT FDPOPNZ IBE CFDPNF EFFQMZ FONFTIFE CZ UIBU TUBHF XJUI $IJOB 5IFSF XBT OP XBZ PG UIJOLJOH BCPVU UIF )POH ,POH FDPOPNZ FYDFQU BT XJUI $IJOB T 8IP JT POF $IJOFTF GJHVSF UIBU DPNFT UP NJOE BT TPNFPOF UP XBUDI JO UIF VQDPNJOH ZFBS 8FMM * N OPU TVSF JG ZPV DBO QSJOU UIJT CVU * E TBZ "J 8FJXJ * NFBO JO UIF TFOTF UIBU IF T PCWJPVTMZ HFUUJOH BO FOPSNPVT JOUFSOBUJPOBM SFQVUBUJPO BT BO BSUJTU CVU IF T FOHBHFE WFSZ DPOTUSVDUJWFMZ * UIJOL JO UIF EFWFM PQNFOU PG UIF XBZ $IJOFTF QFPQMF UIJOL BCPVU UIFJS TPDJFUZ "OE UIBU T HPJOH UP CF FYUSFNFMZ JNQPSUBOU JO UIF GVUVSF

IFSF XF MM CF IBWJOH SFBEJOHT BOE GPSVNT IFSF BU UIF #PPLXPSN 8F SF IBWJOH UIF 1VCMJTIFST 'PSVN XIJDI JT RVJUF CJH BOE SFBMMZ RVJUF JNQPSUBOU OPX 8F IBWF BO FWFOUÂ&#x2021;B MJUFSBSZ SFBEJOH BOE EJTDVTTJPOÂ&#x2021;BU UIF /BUJPOBM -JCSBSZ PG $IJOB XIJDI JT BMM JO $IJOFTF BOE XIJDI HFUT WFSZ HPPE BVEJFODFT 8F IBWF B GPSVN BU 3FONJO 6OJWFSTJUZ XIJDI DPPSEJOBUFT BMM UIF "VTUSBMJBO TUVEJFT DFOUFST BU VOJWFSTJUJFT JO #FJKJOH XIFSF BMM UIF TUVEFOUT DPNF UPHFUIFS BOE TQFOE B EBZ XPSLTIPQQJOH BOE NFFUJOH PVS BVUIPST *U T B SFNBSLBCMF FWFOU CFDBVTF * VTVBMMZ TFF UIF BVUIPST BGUFSXBSET BOE UIFZ SF BMM JODSFEJCMZ NPWFE CZ UIFJS JOUFSBDUJPO XJUI UIF TUVEFOUT *U IBT BO FOPSNPVT FíFDU PO UIFN )BWF ZPV SFBE BOZ HPPE CPPLT MBUFMZ :FT *O QBSU CFDBVTF * WF CFFO USBWFMJOH B MPU 1FUFS )FTTMFS T $PVOUSZ %SJWJOH -JOEB +BJWJO T " .PTU *NNPSBM 8PNBO XIJDI JT B ñDUJPOBM BDDPVOU CBTFE PO B MPU PG GBDU BCPVU UIF MPWF BíBJS PG (FPSHF & .PSSJTPO B GBNPVT "VTUSBMJBO KPVSOBMJTU GPS UIF 5JNFT PG -POEPO EVSJOH UIF FBSMZ UXFOUJFUI DFOUVSZ BOE B ZPVOH "NFS JDBO XPNBO <.BF 3VUI 1FSLJOT> *U T TVDI B HSFBU SFBE 4IF XBT POF PG PVS BVUIPST MBTU ZFBS "OE B GBOUBTUJD CPPL CZ 64 IJTUPSJBO +BZ 5BZMPS DBMMFE 5IF (FOFSBMJTTJNP *U T B OFX SFWJTJPOJTU IJTUPSZ PG $IJBOH ,BJ TIFDL "OE UIBU MFE NF UP QJDL VQ B OFX CJPHSBQIZ PG 4POH .FJMJOH * HVFTT UIF ,.5 JOUFSFTU JT CFDBVTF UIJT ZFBS JT UIF UXFOUJFUI BOOJWFSTBSZ PG 9JOIBJ UIF VQSJTJOH JO 8VIBO JO XIJDI PWFSUISFX UIF 2JOH EZOBTUZ * UIJOL XF MM IFBS B MPU BCPVU UIBU IJTUPSZ UIJT ZFBS

8IFSF EP ZPV TFF $IJOFTF "VTUSBMJBO SFMBUJPOT JO BOPUIFS UIJSUZ ZFBST "TTVNJOH $IJOB DPO UJOVFT UP HSPX BOE DPOUJOVFT UP PQFO JUTFMG VQ UIF XPSME BO JOUFHSBUF JUTFMG JOUFSOBUJPOBMMZ UIFO JO UXFOUZ ZFBST UJNF * UIJOL ZPV MM IBWF B $IJOFTF FDPOPNZ BU MFBTU GPVS UJNFT CJHHFS UIBO JU JT UPEBZ 4P UIF JNQMJDBUJPOT GPS "VTUSBMJB BSF KVTU QSPGPVOE "OE 8IBU FWFOUT UP ZPV IBWF QMBOOFE POF PG NZ CJHHFTU DIBMMFOHFT JT UP GPS 8SJUFST 8FFL 2VJUF B GFX *O HFU "VTUSBMJBOT UP BDUVBMMZ UIJOL BCPVU BEEJUJPO UP CSJOHJOH FJHIU BVUIPST *OUFSWJFX CZ /JLPMBVT 'PHMF

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

4105-*()5

$40'5 &YFDVUJWF 7JDF 1SFTJEFOU $BSM :BP JT PO B NJTTJPO UP EFöOF ZPVS XPS M ET

"-- 5)& 5&3.4 */ $)*/" $40'5 &YFDVUJWF 7JDF 1SFTJEFOU PG (MPCBM 4USBUFHZ $BSM :BP 5IF XPSME JT TISJOLJOH BOE MPDBMJ[BUJPO DPNQBOJFT MJLF $40'5 BSF IFSF UP NBLF TVSF UIBU UIF CSBWF OFX XPSME XF MJWF JO JT XFMM EFGJOFE DVMUVSBMMZ SFMFWBOU BOE UIPSPVHIMZ UFTUFE -PDBMJ[BUJPO TJN QMZ QVU JT UIF QSBDUJDF PG USBOTMBUJOH B QSPEVDU JOUP BOPUIFS MBOHVBHF BOE DVMUVSF B QSBDUJDF UIBU SFRVJSFT JO EFQUI LOPXMFEHF PG UIF GJFME BOE UIF UBSHFU NBSLFU $BSM :BP XIP IFBET UIF HMP CBM TUSBUFHJD EFWFMPQNFOU BU $40'5 TBU EPXO XJUI "HFOEB UP QBSTF UIF XPSME PG MPDBMJ[BUJPO BOE UP TIBSF IJT UIPVHIUT PO (PPHMF T XFBLOFTTFT JO UIF TISJOLJOH XPSME

8F TUBSUFE PVU TNBMM XPSLJOH PVU PG B UXP CFESPPN BQBSUNFOU JO UIF ñSTU 40)0 CVJMEJOH BOE XF WF TFFO DPOTUBOU HSPXUI JO UIF QBTU TFWFO ZFBST * UIJOL XF SF JO B WFSZ JOUFSFTU JOH TQBDF JO XIJDI UIF MPDBM NBSLFU JT CFDPNJOH NPSF BOE NPSF JOUFHSBUFE $PNQBOJFT DBO OP MPOHFS DMBJN TVD DFTT JG UIFZ BSF POMZ TFMMJOH JO POF NBSLFU WFSTVT HPJOH HMPCBM 5IJT JT XIZ XF WF CFFO HSPXJOH TUFBEJMZ m DPNQBOJFT BSF TFMMJOH UIFJS QSPEVDUT HMPCBMMZ XIFUIFS JU T *5 MJGF TDJFODFT FOFSHZ DPOTVNFS QSPEVDUT m BOE UIFZ IBWF UP MPDBMJ[F BMM PG UIF VTFS EPDVNFOUBUJPO JODMVEJOH UIF VTFS 5FMM VT BCPVU ZPVS DPNQBOZ $40'5 JOUFSGBDF JOUP UIF NBSLFU MBOHVBHF TUBSUFE XJUI XJSFMFTT TPGUXBSF EFWFM PQNFOU BOE MPDBMJ[BUJPO GPS EJíFSFOU 8IBU JT UIF QSJNBSZ EJSFDUJPO PG NPCJMF DBSSJFST TFWFSBM ZFBST BHP 5IJT MPDBMJ[BUJPO "SF NPTU DPNQBOJFT XBT BU UIF FBSMZ TUBHF PG ( EFWFM ZPV XPSL XJUI MPDBMJ[JOH JOUP &OH PQNFOU BOE BGUFS ( XBT EFMBZFE MJTI PS $IJOFTF "DUVBMMZ JU T HP DPOUJOVPVTMZ JO $IJOB XF EFDJEFE UP JOH JO BMM EJSFDUJPOT 8F IBWF B MPU PG GPDVT BMM PG PVS FOFSHZ PO MPDBMJ[BUJPO DVTUPNFST CBTFE JO UIF 64 MJLF PVS DPSF CVTJOFTT 5IJT UVSOFE PVU 1SPDUPS BOE (BNCMF BOE XF WF UP CF B TNBSU NPWF BOE XF HSFX IFMQFE UIFN MPDBMJ[F JOUP DPVO WFSZ SBQJEMZ USJFT JODMVEJOH $IJOB &HZQU BOE

"(&/%"

5)6 '&# Ŧ 8&% ."3

%.

'SBODF 8IFO UIFZ MPDBMJ[F UIFZ OFFE NPSF UIBO KVTU UFYU CVU BMTP OFFE TVQQPSUJOH NBUFSJBMT MJLF NPEFMT GPS UIFJS BEWFSUJTJOH BOE UIBU T BMM QBSU PG MPDBMJ[BUJPO *U T UIF TBNF GPS PUIFS DPNQBOJFT 8F WF BMTP EPOF XPSL GPS 4POZ &SJDTTPO XIPTF QIPOFT BSF TPME JO NPSF UIBO DPVOUSJFT 4POZ -FOPWP 1ñ[FS BOE .FEUSPOJDT 8IBU T HPPE BCPVU MPDBMJ[BUJPO JT UIBU JU UPVDIFT FWFSZ JOEVTUSZ m FWFSZ JOEVTUSZ OFFET PVS TFSWJDFT JG UIFZ XBOU UP HP HMPCBM *U T B WFSZ FYDJUJOH TQBDF UP CF JO :PV LOPX UIFSF BSF TPNF QFPQMF XIP BSF SFTJTUBOU UP HMPCBMJ[BUJPO XIP UIJOL JU T B CBE UIJOH CVU * UIJOL UIFZ BSF NJTTJOH UIF QPJOU CFDBVTF ZPV XBOU UP HSPX UIF NBSLFU GPS UIF IVNBO XPSME (MP CBMJ[BUJPO NBLFT UIF NBSLFU NVDI NVDI MBSHFS BOE JO UIF FOE FWFSZPOF XJMM CFOFñU :PVS DPNQBOZ HPFT UISPVHI B MPU PG CJET 8IBU USFOET BSF ZPV TFFJOH MPDBMJ[BUJPO BOE XIBU EPFT UIJT TBZ BCPVU UIF HMPCBM FDPOPNZ "MNPTU BMM PG PVS DPOUSBDUT BSF OPX NVMUJ MJOHVBM 8F EPO U IBWF B MPU PG DVTUPNFST UIBU MPDBMJ[F JOUP POF MBO HVBHF CFDBVTF JU SFBMMZ EPFTO U UBLF UIBU NVDI NPSF UP HP HMPCBM 0ODF ZPV IBWF EFWFMPQFE B QSPEVDU m BOE DPNQBOJFT XJMM JOWFTU UPOT PG NPOFZ JOUP SFTFBSDI BOE EFWFMPQNFOU m UIF NPOFZ OFFEFE UP MPDBMJ[F JT NJOJNBM *O GBDU XF WF IFBSE WBSJPVT SFQPSUT TBZJOH UIF DPTU JT POF UP UFO FWFO POF UP NFBOJOH JG ZPV TQFOE POF EPMMBS PO MPDBMJ[BUJPO UIF SFUVSO PO JOWFTUNFOU JO EPMMBST * UIJOL $IJOB JT SBQJEMZ HBJOJOH BT B NBSLFU GPS MPDBMJ[BUJPO 'JGUFFO ZFBST BHP UIFSF XFSFO U B MPU PG DPNQBOJFT MPDBMJ[JOH GPS $IJOB CVU OPX NPTU DPNQBOJFT BSF /PU POMZ UIBU CVU XF SF BMTP TFFJOH NPSF BOE NPSF $IJOFTF DPNQBOJFT MJLF -FOPWP BOE )VBXFJ HFUUJOH SFBEZ UP HP HMPCBM 0UIFS FNFSHJOH NBSLFUT UIBU XF TFF B MPU PG BDUJWJUZ GPS BSF "TJB &BTUFSO &VSPQF #SB[JM BOE FWFO 3VTTJB BOE UIF "SBC XPSME BSF CFDPNJOH B MPU NPSF QPQVMBS GPS MPDBMJ[BUJPO

)PX BSF ZPV QSPNPUJOH ZPVS QSPEVDUT .PTU PG PVS CVTJOFTT i4FBSDIJOH UIJT UFSN PO UIF JOUFSOFU XPO U HJWF DPNFT GSPN CJE BQQMJDBUJPOT CVU ZPV UIF SFTVMU ZPV SF MPPLJOH GPS *U T B XBTUF PG TPDJBM NFEJB JT B CJH QBSU PG PVS JO UJNF 5IBU EPFTO U IBQQFO PO 5FSN8JLJ 0ODF UIF UFHSBUFE NBSLFUJOH DBNQBJHO 8F WPMVNF HSPXT UP B DFSUBJO MFWFM QFPQMF XJMM GFFM XBOU UP JODSFBTF UIF WJTJCJMJUZ PG UIF QPXFS PG 5FSN8JLJu $40'5 BOE XF SF EPJOH NBOZ EJíFS FOU UIJOHT UP BDIJFWF UIJT HPBM BOE UP UVSO $40'5 JOUP B IPVTFIPME OBNF 8F VTF TPDJBM NFEJB MJLF 5XJUUFS BOE * UIJOL BMM PG VT IBWF FYQFSJFODFE BO BEWFSUJTJOH QMBUGPSN GPS UIFJS PXO PVS CMPH BOE XF WF BMTP DSFBUFE B UIF TJUVBUJPO XIFSF XF HP UP MPPL TFSWJDFT 5ISPVHI UIJT BQQSPBDI UPPM DBMMFE 5FSN8JLJ GPS TPNFUIJOH PO (PPHMF BOE HFU XF WF BMSFBEZ DPMMFDUFE NJMMJPOT PG SFTVMUT CVU OPU BMM PG UIFN UFSNT JO TJY NPOUIT 5FMM VT BCPVU 5FSN8JLJ *O UIF QBTU BSF XIBU ZPV SF MPPLJOH GPS *U T CFFO GFX ZFBST QFPQMF TUBSUFE SFBMJ[JOH B SFBM DIBMMFOHF ñHVSJOH PVU B XBZ UP )PX EP ZPV DPNQBSF XJUI PUIFS UIBU UIF USBOTMBUJPO QSPDFTT BT XFMM BT PSHBOJ[F BMM UIF JOGPSNBUJPO TFBSDI FOHJOFT MJLF (PPHMF BOE UIF QSPKFDU NBOBHFNFOU QSPDFTT JO 8JLJQFEJB 8JLJQFEJB IBT CFFO WPMWFT IFBWZ DPMMBCPSBUJPO m QFPQMF 4P IPX EP ZPV LFFQ 5FSN8JLJ QVC BSPVOE GPS UFO ZFBST BOE UIFZ POMZ GSPN WBSJPVT EFQBSUNFOUT GVODUJPOT MJD BOE PSHBOJ[FE 8IBU XF EP XJUI IBWF NJMMJPO XPSET /PU POMZ UIBU MPDBUJPOT BOE MBOHVBHFT DPNJOH UP 5FSN8JLJ JT HJWF UIF EBUB EJGGFSFOU CVU UIFZ BMTP EPO U IBWF PVS TUSVDUVSF HFUIFS UP XPSL PO UIF TBNF QSPKFDU NFUB UBHT TP UIBU JU CFDPNFT NPSF m UIFSF JTO U B MPU PG PSHBOJ[BUJPO BOE 5IBU T XIZ DPMMBCPSBUJPO IBT TVE PSHBOJ[FE BOE FBTJMZ JEFOUJñFE BOE UIFSF JT OPU NVDI UIFZ DBO EP XJUI EFOMZ CFDPNF TVDI B TUSPOH SFRVJSF CFDBVTF PG UIJT XF DBO FBTJMZ XSJUF UIFJS EBUB * BMXBZT UFMM QFPQMF UIBU NFOU GPS MPDBMJ[BUJPO NPSF TP UIBO JO EJíFSFOU BQQMJDBUJPOT BOE VUJMJ[F UIF XJUIPVU (PPHMF 8JLJQFEJB XPVMEO U B MPU PG JOEVTUSJFT JOGPSNBUJPO UP JUT GVMMFTU FYUFOU 'PS CF UIBU VTFGVM (PPHMF IBT B WFSZ 0OF PG PVS DMJFOUT DBNF UP VT FYBNQMF XF XFSF BCMF UP XSJUF B QPXFSGVM TFBSDI FOHJOF UIBU T QBST GPS B CFUUFS TPMVUJPO UP NBOBHF NBDIJOF USBOTMBUJPO NPEVMF CFDBVTF JOH UIF EBUB TFSWJOH QFPQMF XJUI UIF NVMUJ MJOHVBM UFSNJOPMPHZ 5IFZ FBDI UFSN IBT B DPSSFTQPOEJOH UFSN JOGPSNBUJPO CVU UFSN XJLJ JT EJíFSFOU XBOUFE B TZTUFN XPVME BMMPX BMM JO WBSJPVT UBSHFU MBOHVBHFT "MTP &WFSZ TJOHMF FOUSZ JT B EBUBCBTF FOUSZ T U B L F I P M E F S T UP C F J O GP S N F E CFDBVTF BMM UFSNT BSF CSPLFO EPXO TP XF DBO EP B MPU UP NBOJQVMBUF UIF XIFO UIFSF XBT B DIBOHF TP CZ JOEVTUSZ BOE MBCFMFE XF DBO EBUB UP DSFBUF GBTUFS TFBSDI FOHJOFT UIBU F WFS ZPOF DPVME VTF UIF CFUUFS QJOQPJOU XIFSF UIFZ CFMPOH 8F JOUSPEVDFE B DPODFQU DBMMFE O F X U F S N J O P M P H Z B O E B W P J E BOE JO UIF GVUVSF XF MM FWFO CF BCMF %* m 5ISFF EJNFOTJPOBM JOGPSNBUJPO IBWJOH RVBMJUZ QSPCMFNT EVF UP WP UP CFUUFS UBSHFU QFPQMF PO TPDJBM 8IFO (PPHMF DSBXMT UIF JOUFSOFU DBCVMBSZ EJTDSFQBODJFT 0OF PG PVS NFEJB XFCTJUFT CBTFE PO UIF JU KVTU JOEFYFT LFZXPSET m UIBU T JU CVTJOFTT EFWFMPQNFOU NBOBHFST JOGPSNBUJPO UIBU JT QSPWJEFE JO UIFJS *U DBO U EJTUJOHVJTI UIF JOGPSNBUJPO TBJE XF OFFEFE UP HFU B TPMVUJPO QSPGJMFT "OPUIFS HSFBU VTF XIJDI BOE DBO U EFUFSNJOF XIJDI JOEVTUSZ JU CFGPSF UIF EFBEMJOF BOE * KVTU TBJE i* XF EJEO U BOUJDJQBUF XBT UIBU QFPQMF CFMPOHT UP 0VS %* TFBSDI BMMPXT ZPV EPO U LOPX .BZCF XF DBO USZ B XJLJ u BSF VTJOH 5FSN8JLJ UP DSFBUF OFX UP EP UIJT TP JG ZPV SF POMZ JOUFSFTUFE *U XBT SFBMMZ KVTU B TQVS PG UIF NPNFOU MBOHVBHFT BOE QSFTFSWF PME POFT JO FOFSHZ UIFO ZPV DBO OBSSPX ZPVS JEFB CVU UIFO XIFO XF UIPVHIU 5FSN8JLJ TVQQPSUT OPU POMZ TFBSDI UP FOFSHZ SFMBUFE DPOUFOU :PV BCPVU JU XF TUBSUFE UIJOLJOH iXIZ OPU JNBHFT CVU HSBQIT BOE FWFO WJEFP DBO BMTP MJNJU ZPVS TFBSDI UP POF MBO B XJLJ u 5IBU T XIFSF JU BMM CFHBO *U SFBMMZ HJWFT ZPV B GVMM NVMUJ NFEJB HVBHF PS TJNVMUBOFPVTMZ TFBSDI UIF FOWJSPONFOU UP QSFTFOU B DPODFQU TBNF UFSN GPS UIJT JOEVTUSZ JO NBOZ 4P XIFSF EJE ZPV HP GSPN UIFSF TP UIBU JU T FBTJMZ VOEFSTUPPE BOE MBOHVBHFT 8F PODF IBE BO JODJEFOU 4JODF UIFO XF WF UBLFO B NBKPS SPMF QSFDJTFMZ EFTDSJCFE 5IBU PCWJPVTMZ XIFSF TPNFPOF XBT TFBSDIJOH GPS JO XJLJ CBTFE SFTFBSDI BOE EFWFMPQ SFRVJSFT B MPU PG BEEJUJPOBM XPSL PO UIF UFSN i%BOLF u XIJDI JT OPU KVTU UIF NFOU XIJDI JT IPX XF DBNF VQ XJUI UIF DPOUFOU BOE POF PG UIF UIJOHT (FSNBO XPSE GPS UIBOL ZPV CVU BMTP 5FSN8JLJ XIJDI JT B NVMUJ MJOHVBM XF WF CFFO EPJOH JT UP NBLF UIJT UIF OBNF PG BO "GSJDBO ESVN 4FBSDI EJDUJPOBSZ BOE SFGFSFODF CBTFE PO JOUP B DPNNVOJUZ JOJUJBUJWF 0OF PG JOH UIJT UFSN PO UIF JOUFSOFU XPO U UIF TPDJBM OFUXPSL BQQSPBDI 6OMJLF UIF UIJOHT XF EP JT HJWF QFPQMF B HJWF ZPV UIF SFTVMU ZPV SF MPPLJOH GPS 8JLJQFEJB XF PSHBOJ[F FWFSZ UFSN TFOTF PG PXOFSTIJQ BT FBDI UFSN JT *U T B XBTUF PG UJNF 5IBU EPFTO U IBQ CZ TVCKFDU JOEVTUSZ BOE EPNBJO BOE MJOLFE UP UIF PSJHJOBM BVUIPS 5IJT JT QFO PO 5FSN8JLJ 0ODF UIF WPMVNF BMTP CZ MBOHVBHF TP UIBU QFPQMF DBO OJDF CFDBVTF JU BMMPXT ZPV UP HJWF HSPXT UP B DFSUBJO MFWFM QFPQMF XJMM ñOE UIF JOGPSNBUJPO UIFZ BSF MPPLJOH TPNFUIJOH CBDL UP UIF DPOUSJCVUPST GFFM UIF QPXFS PG UFSN XJLJ GPS FBTJMZ BOE RVJDLMZ BOE UIFZ DBO VTF UIBU FYQPTVSF BT *OUFSWJFX CZ +FOOJGFS 5IPNÊ

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

4105-*()5

TIPVME UBLF EVSJOH UIF DPVSTF PG UIFJS DBSFFST BOE UIFJS MJWFT

#SJBO ,FJUI +BDLTPO GPVOE IJT QMBDF JO #FJKJOH

" -*5&3"3: (*"/5 */ 063 .*%45

"VUIPS #SJBO ,FJUI +BDLTPO :PV NBZ OPU LOPX UIJT CVU JO UIF NJETU PG UIF TMFFQZ 5VBOKJFIV BSFB MJWFT B HFOUMF MJUFSBSZ HJBOU XIP MFGU /FX :PSL UP MPPL GPS TPNFUIJOH WFSZ TQFDJBM JO #FJKJOH #SJBO ,FJUI +BDLTPO XIPTF OPWFMT 5IF 2VFFO PG )BSMFN 8BMLJOH UISPVHI .JSSPST BOE 5IF 7JFX GSPN )FSF IBWF XPO BDDMBJN GPS UIFJS BCJMJUZ UP UBDLMF TPNF PG MJGF T NPSF TFOTJUJWF UPQJDT XJUI HSFBU ร MBO FYQFSJFODFT BMM XBMLT PG MJGF JO #FJKJOH XIFUIFS JU CF BU EJOOFST XJUI $IJOB T FMJUF PS TMVSQJOH NJBOUJBP BU IJT MPDBM VOOBNFE OPPEMF TIPQ "HFOEB NFU VQ XJUI #SJBO BU POF PG IJT GBWPSJUF QMBDFT UIF 3JU[ $BSMUPO #BS UP UBML BCPVU IPX #FJKJOH IBT JOรณVFODFE IJT XPSL 8IBU CSPVHIU ZPV UP #FJKJOH * JOJUJBMMZ DBNF JO UP MPPL BU UIF BSU TDFOF BOE UIFO BHBJO JO UIF TVNNFS PG UP EP UXP XSJUJOH SFTJEFODJFT m POF JO #FJKJOH BOE POF JO 4IBOHIBJ

"(&/%"

* SFBMMZ MJLFE UIF DVMUVSBM BTQFDUT PG #FJKJOH EFTQJUF UIF SBNQBOU DIBOHFT *O /FX :PSL ZPV CFDBNF TP DPO TVNFE XJUI UIF OPUJPO PG CFJOH B XSJUFS BOE BMM UIF UIJOHT UIBU DPNF XJUI UIBU BGUFS ZPV WF EPOF B MPU PG XPSL UIBU ZPV EPO U XSJUF BT NVDI BOZNPSF :PV CFDPNF MBSHFS UIBO UIF XPSL BOE UIBU XBTO U TPNFUIJOH UIBU * MJLFE *SPOJDBMMZ * DBNF UP #FJKJOH MPPLJOH GPS B TFOTF PG TUJMMOFTT BOE * GPVOE B TFOTF PG TUJMMOFTT IFSF UIBU * DPVME OP MPOHFS รฑOE JO /FX :PSL )PX IBT MJWJOH IFSF DIBOHFE ZPVS XSJUJOH *U EFGJOJUFMZ BMMPXT NF UP UBLF NPSF SJTLT 8IFO ZPV BSF VTFE UP BO FOWJSPONFOU UIFSF JT B UFOEFODZ GPS QFPQMF UP LOPX ZPVS TUZMF BOE ZPVS WPJDF XIFSFBT IFSF * DBO QMBZ B CJU NPSF XJUI <UIPTF UIJOHT> BOE UBLF UIF MBSHFS SJTLT UIBU * UIJOL POF

5)6 '&# ลฆ 8&% ."3

%.

)PX EP ZPV UIJOL CFJOH B XSJUFS GSPN /FX :PSL IBT JOGMVFODFE ZPVS SFMBUJPOTIJQT IFSF <*U SFBMMZ JOGMVFODFT NZ MJGF> GSPN B DVMUVSBM TUBOEQPJOU CFDBVTF UIJT JT B SFBMMZ DVMUVSBMMZ JOGMVFODFE QMBDF 1FPQMF SFBMMZ SFBE IFSF 5IF BNPVOU PG SFBEFST JT BNB[JOH "T B XSJUFS UIBU JT KVTU BNB[JOH UP TFF QBSUJDVMBSMZ JO B DVMUVSF UIBU SFBMMZ EFQFOET PO UIF JOUFSOFU 5IF JOUFSOFU JT TVDI B QPXFSIPVTF IFSF m NVDI NPSF UIBO JO UIF 6OJUFE 4UBUFT m CFDBVTF JU T IPX QFPQMF IBWF B TFOTF PG GSFFEPN BOE DPNNVOJDBUF XJUI FBDI PUIFS 0O UIF รณJQTJEF JU POMZ UBLFT ZPV TP GBS *U T UIF BSUT *U T TPNFUIJOH UIBU QFPQMF DBO QBU ZPV PO UIF TIPVMEFS GPS BOE TBZ i0I UIBU T OJDF UIBU ZPV EP UIBU u #VU JO UIFJS NJOET JU T OPU CVTJOFTT m *U T OPU B MVDSBUJWF UIJOH CVU B WBOJUZ 4PDJBMMZ JU EPFT IFMQ CVU JG ZPV SF OPU BCMF UP DPOUSJCVUF UIFO JU T QPJOUMFTT UP TBZ UIBU ZPV FWFO EP JU * VTVBMMZ FWBEF XIBU * EP GPS WBSJPVT SFBTPOT m TPNFUJNFT QFPQMF BSF TVTQJDJPVT PG XSJUFST IFSF BOE * EPO U XBOU QFPQMF UP DMBN VQ PO NF CFDBVTF UIFZ UIJOL * NJHIU CF VUJMJ[JOH <PVS JOUFSBDUJPOT> "SF ZPV QMBOOJOH PO TFUUJOH BOZ GVUVSF XPSLT JO $IJOB * BDUVBMMZ KVTU QSJOUFE B ESBGU PG NZ OFX CPPL DBMMFE 4JL *U T TFU JO UIF /FX :PSL PG CVU UIF DIBSBDUFS JT JOGPSNFE CZ $IJOB m UIF JOOPDFODF PG ZPVOH QFPQMF BOE UIFJS RVFTU GPS MPWF 5IFZ SFBMMZ UBLF JU TFSJPVTMZ IFSF -PWF 8IBU EPFT JU NFBO 5IJT DIBSBDUFS JT PO UIBU KPVSOFZ /PX * SFBMMZ XBOU UP GPDVT PO B DPMMFDUJPO PG TIPSU TUPSJFT TFU JO #FJKJOH * UIJOL UIBU TIPSU TUPSJFT BSF SFBMMZ FYDFMMFOU GPS #FJKJOH CFDBVTF JU NPWFT TP RVJDLMZ UIBU JU MFOET JUTFMG UP UIBU GPSN #VU IPQFGVMMZ JO UIF MPOH SVO * E MJLF UP EP B MBSHFS XPSL IFSF *U UBLFT UJNF BU MFBTU GPS NF m * N OPU POF UP TIPX VQ BU B QMBDF BOE DMBJN UP IBWF BO VOEFSTUBOEJOH * UIJOL UIBU QFPQMF EP UIBU -JWJOH IFSF BOE SFBE JOH UIJOHT UIBU QFPQMF IBWF QSJOUFE

JO UIF 8FTU TIPDLT NF 4PNFUJNFT * GFFM MJLF UIFZ BSF KVTU NBLJOH UIJOHT VQ * N WFSZ BXBSF UIBU * BN B HVFTU IFSF m B DVMUVSBM BNCBTTBEPS * SFBMMZ UIJOL ZPV IBWF UP CF IFSF B XIJMF UP HFU B SFBMMZ HPPE TFOTF PG DVMUVSF CFGPSF ZPV UBDLMF JU PO QBQFS %P ZPV EFBM B MPU XJUI DVMUVSBM BOE DMBTT JTTVFT JO ZPVS XPSL )BT JU CFFO EJîDVMU ñUUJOH JO IFSF QBS UJDVMBSMZ BT B CMBDL NBMF 'PS NF * UIJOL JU T B CFOFñU UIBU * BN OPU JO JOEVTUSZ UIBU * BN BO BSUJTU CFDBVTF UIBU BMMPXT NF B MPU PG UJNF UP CF BMPOF BOE * ñOE UIBU GBNJMJBSJUZ XPSLT FWFSZXIFSF * MJWF JO 5VBOKJFIV BOE * XBML BSPVOE FWFSZ TJOHMF EBZ 8IFO * HP UP NZ DPSOFS TUPSF BOE IBWF MFGU NZ XBMMFU BU IPNF UIFZ MM KVTU UFMM NF iNJOHUJBO NJOHUJBOu <UPNPSSPX UPNPSSPX> BOE * N UPME UIBU UIBU T OFWFS EPOF JO $IJOB * SFBMMZ NBLF B QPJOU UP QBSUJDJQBUF 5IBU CFJOH TBJE JU BMTP EPFTO U IVSU UIBU UIF 1SFTJEFOU PG UIF 6OJUFE 4UBUFT JT BO "GSJDBO "NFSJ DBO BT XFMM 1FPQMF EP UBLF QJDUVSFT CVU UIFZ UBLF QJDUVSFT PG FWFSZPOF "OE USVUIGVMMZ JG UIFSF JT TPNFUIJOH * EPO U OPUJDF JU CFDBVTF NZ NJOE EPFTO U XPSL UIBU XBZ * BMNPTU GFFM JOWJTJCMF IFSF :PV E UIJOL JU XPVME CF PQQPTJUF CFDBVTF * BN B UBMM CMBDL HVZ XIP XBMLT BSPVOE BMM UIF UJNF CVU * GFFM WFSZ JOWJTJCMF VOMFTT * DPNF PVU PG NZ IFBETQBDF * GFFM JU MFTT IFSF UIBO * EP JO UIF 4UBUFT BDUVBMMZ BT GBS BT GFFMJOH EJGGFSFOU PS PUIFS )FSF CFJOH UIF POMZ XFTUFSOFS JO B SPPN * GFFM RVJUF DPNGPSUBCMF CVU GPS NF UP CF UIF POMZ CMBDL QFSTPO JO B SPPN JO UIF 4UBUFT NBLFT NF MFTT D P N GP S U B C M F C F D B V T F * T U B S U RVFTUJPOJOH XIZ UIBU JT )PX XPVME ZPV DPNQBSF UIF #FJKJOH BSU TDFOF UP UIBU JO /FX :PSL * UIJOL UIF EJíFSFODF JT UIBU CFDBVTF QFPQMF GSPN BMM PWFS UIF XPSME HBUIFS UIFSF /FX :PSL UFOET UP IBWF FWFSZUIJOH TP JU BMMPXT UIFN UP ESBX PS TUFBM JO TPNF DBTFT GSPN FWFSZUIJOH BOE JU CFDPNFT B QBSU PG UIF EJBMPHVF * UIJOL IFSF JO $IJOB UIF DVMUVSBM BTQFDUT BSF TUJMM TIBQJOH

1FPQMF BSF QVTIJOH B MJUUMF CJU NPSF UP TFF XIBU UIFZ DBO HFU BXBZ XJUI CVU UIFZ BSF EPJOH JU JO CBCZ TUFQT &WFO * UIJOL BCPVU UIJT XIFO * BN XSJUJOH FTTBZT GPS BSU FYIJCJUJPOT * BTL NZTFMG XIBU * DBO TBZ BT B HVFTU *T UIJT UPP NVDI *O /FX :PSL POF EPFTO U SFBMMZ IBWF UP DPOTJEFS UIBU * BMTP GFFM UIBU XBZ XIFO * HP UP BSU FYIJCJUT *U T B EFTUJOBUJPO CVU JT JU B EFTUJOBUJPO CFDBVTF QFPQMF BSF SFBMMZ FODPVSBHFE PS JOTQJSFE CZ XIBU UIFZ BSF TFFJOH "SU DPNNFSDF BOE GBTIJPO m BMM PG UIFTF UIJOHT SFBMMZ DPNF UPHFUIFS BOE UIFZ BSF BMM DPNJOH UPHFUIFS TJNVMUBOFPVTMZ IFSF JO #FJKJOH XIJDI JT SFBMMZ FYDJUJOH UP NF CFDBVTF JO QMBDFT MJLF /FX :PSL UIPTF UIJOHT BSF BMM TFQBSBUF * UIJOL XF SF HPJOH UP CF TFFJOH TPNFUIJOH SFBMMZ TQFDUBDVMBS :PV DBO U CMJOL CFDBVTF JU T IBQQFOJOH TP RVJDLMZ "OPUIFS UIJOH UIBU GBTDJOBUFT NF JT UIF UFSN iEFWFMPQJOH u 1FPQMF BMXBZT TBZ $IJOB JT B EFWFMPQJOH DPVOUSZ CVU XIBU EPFT UIBU SFBMMZ NFBO BOE BSF XF HPJOH UP IBWF UP TUBSU MPPLJOH BU UIBU EFñOJUJPO BOE DIBOHJOH JU 8F BSF BMM EFWFMPQJOH *T XSJUJOH B UPVHI CVTJOFTT UP CF JO *U IBT JUT NPNFOUT * DBO CF IFSF <5IF 3JU[ $BSMUPO #BS> POF OJHIU BOE RVJUF DPNGPSUBCMF XJUI BO FJHIU LVBJ CPXM PG OPPEMFT UIF OFYU "OE UIFZ BSF CPUI UIF TBNF BU UIF FOE PG UIF EBZ * FOKPZ UIBU BTQFDU BOE * UIJOL UIBU BOZPOF DSFBUJWFMZ JOTQJSFE IBT UP IBWF B HSFBU VOEFSTUBOEJOH PG IJHI BOE MPX *U T IPX ZPV MFBSO BOE IPX ZPV LFFQ ZPVSTFMG SFBMMZ WJBCMF JO XIBU T HPJOH PO CPUI PO UIF TUSFFUT BOE JO UIF QFOUIPVTF #VU VMUJNBUFMZ UIFZ BSF UIF TBNF 8 I B U B S F Z P V S G B W P S J U F Q M B DF T B SP V O E U PX O * G * N N F F U J O H G S J F O E T * M P W F . B E B N ; I V T , J U D I F O * U T D P N G P S U B C M F X J U I P V U C F J O H QSFUFOUJPVT *U T FBTZ BOE GVO * MJLF DPNJOH UP UIF 3JU[ $BSMUPO #BS GPS ESJOLT PG DPVSTF BOE * BMTP SFBMMZ MJLF UIF )BMG #BS 5IF 4FDPOE 'MPPS JT OJDF CFDBVTF JU T TNBMM BOE DP[Z * SFBMMZ EPO U MJLF GPSDFE GVO BOE XJUI BMM PG

%.

UIF OFXOFTT UIBU T HPJOH PO IFSF UIFSF JT UIJT FOFSHZ UIBU ZPV WF HPU UP IBWF B HPPE UJNF * USZ UP BWPJE UIBU * TFFL PVU QMBDFT XIFSF * GFFM UIFSF JT B TFOTF PG HSBDF JU DBO CF B EJWF CBS JU DBO CF B WFSZ FMFHBOU QMBDF CVU JU NVTU IBWF B TFOTF PG HSBDF BOE óVJEJUZ * TIPVMEO U IBWF UP XPSL IBSE UP TQFOE NZ NPOFZ &OWJSPONFOU BOE TUPSZ BSF SFBMMZ JNQPSUBOU UP NF FTQFDJBMMZ JO MPDBUJPOT )BJEJMBP JT B HPPE POF BT XFMM BMUIPVHI * BN TUJMM MFBSOJOH UP FOKPZ IPU QPU * MJLF UIF DPNNVOJUZ PG JU CVU * EPO U FWFS GFFM MJLF * WF FBUFO BOZUIJOH 4VSFÒP JT B TVSF CFU BOE $BQJUBM . JT OJDF BU OJHIU FTQFDJBMMZ JO UIF TVNNFS XIFO ZPV DBO TJU PVUTJEF * WF CFFO UP "UNPTQIFSF BU UIF 4VNNJU 8JOH PG UIF $IJOB 8PSME )PUFM B GFX UJNFT BOE UIF TFSWJDF XBT SFBMMZ OJDF * MJLF UIF i(PUIBNu BTQFDU PG JU m * GFFM MJLF BU BOZ NPNFOU B TVQFS IFSP XJMM TXJOH JO BOE SFTDVF VT GSPN UIF FOFNZ *OUFSWJFX CZ +FOOJGFS 5IPNÊ .BEBN ;IV T ,JUDIFO %BJMZ BN QN # ' #MEH % 7BOUPOF $FOUFS " $IBPZBOH NFOXBJ %BKJF $IBPZBOH %JTUSJDU

3JU[ $BSMUPO #BS %BJMZ QN BN 5IF 3JU[ $BSMUPO #FJKJOH " +JBOHVP 3PBE $IBPZBOH %JTUSJDU

4FDPOE 'MPPS 4VO 5IV BN BN 'SJ 4BU BN BN ' 5POHMJ 4UVEJP TPVUIXFTU PG 4IPQQJOH .BMM 4BOMJUVO )PVKJF $IBPZBOH %JT USJDU

)BJEJMBP %BJMZ IST " #BJKJB[IVBOH -V OFYU UP /P .JEEMF 4DIPPM $IBPZBOH %JTUSJDU

"OE NBOZ PUIFS MPDBUJPOT BSPVOE UPXO XXX IBJEJMBPIVPHVP DPN 4VSFÒP %BJMZ OPPO QN QN # ' 5IF 0QQPTJUF )PVTF 4BOMJUVO 7JMMBHF 4BO MJUVO -V $IBPZBOH %JTUSJDU

XXX TVSFOPSFTUBVSBOU DPN $BQJUBM . .PO 'SJ BN QN QN 4BU 4VO BN QN QN BGUFSOPPO UFB CFUXFFO QN ' 2JBONFO 1F EFTUSJBO 4USFFU TPVUIFBTU PG 2JBONFO $IPOH XFO %JTUSJDU

XXX DBQJUBM N CFJKJOH DPN "UNPTQIFSF .PO 'SJ OPPO BN 4BU BOE 4VO OPPO BN ' $IJOB 8PSME 4VNNJU 8JOH +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU

5)6 '&# Ŧ 8&% ."3

"(&/%"

4105-*()5

CFJOH BO FYQFSU PO 8FJCP 5IF UIJOH UIBU JT SFBMMZ JNQPSUBOU JT UP CF BMFSU PG UIF UIJOHT BSPVOE ZPV JEFOUJGZ UIF UIJOHT ZPV BSF JOUFSFTUFE JO BOE TIPX JU UP ZPVS GPMMPXFST PO 8FJCP 8IBU JT UIF QSPQFS XPSE GPS TPNF POF XIP VTFT 8FJCP 8FJCPNJO 8FJCPSFO *U T BDUVBMMZ 8FJCP ,POH

5IF iLPOHu NFBOT iDSB[Z u )PX XPVME ZPV EFTDSJCF UIF BWFS BHF 8FJCP VTFS 5IF BWFSBHF 8FJCP VTFS JT FYUSFNFMZ DVSJPVT BCPVU PUIFS QFPQMF T MJWFT JO TPNF XBZ 8FJCP JT UIF OFXFTU XBZ UP SFDFJWF UIF MBUFTU OFXT BOE JOGPSNBUJPO BOE UIJT TIPXT $IJOFTF QFPQMF BT NPTU 8FJCP VTFST BSF $IJOFTF BSF NPSF FBHFS UP SFDFJWF JOGPSNBUJPO PS OFXT UISPVHI VOPîDJBM DIBOOFMT 8IBU BSF UIF NPTU DPNNPO VTFT PG 8FJCP BOE XIBU BSF UIF NPTU JOHFOJPVT VTFT ZPV WF TFFO 0O B QFSTPOBM MFWFM * CFMJFWF UIF NPTU DPNNPO VTF PG 8FJCP JT GPS TIBSJOH QFSTPOBM JOGPSNBUJPO XJUI PUIFS QFPQMF #VU PO B QSPGFTTJPOBM MFWFM * BMXBZT VTF 8FJCP UP EFWFMPQ NZ DMJFOU T NFEJB OFUXPSL DPNNV OJDBUJOH XJUI KPVSOBMJTUT BOE SBJTJOH UIFJS JOUFSFTUT BOE BXBSFOFTT PG UIF DMJFOU BOE UIFJS QSPEVDUT

'POJ[ 8POH HFUT UIF NFTTBHF PVU UIFSF

8): 8&*#0

8IBU LJOET PG DPNQBOJFT TUBOE UP CFOFGJU GSPN 8FJCP * DFSUBJOMZ CFMJFWF DPNQBOJFT JO UIF IPTQJUBM *NQBDU"TJB T 4PDJBM .FEJB 8FFL UP MFBSO JUZ JOEVTUSZ XJMM CFOFGJU UIF NPTU NPSF BCPVU UIF TPDJBM NFEJB QIFOPN GSPN 8FJCP CFDBVTF JU DSFBUFT BO FOPO TFUUJOH UIF JOUFSOFU BCV[[ 8FJCP JOUFSBDUJWF DVTUPNFS TFSWJDF QMBUGPSN GPS DPNQBOJFT UP DPOOFDU XJUI UIFJS 4P IPX EPFT POF CFDPNF B 8FJCP DVTUPNFST XIFSF UIFZ DBO SFBDU UP BOZ FYQFSU * CFMJFWF DVSJPTJUZ JT UIF LFZ UP DPNQMBJOUT PS DSJTFT JNNFEJBUFMZ

*NQBDU"TJB 4FOJPS "DDPVOU &YFDVUJWF 'POJ[ 8POH 'POJ[ 8POH NBZ CF ZPVOH CVU IF JT QPXFSGVM BOE EVSJOH UIF QBTU UXP ZFBST IF IBT DPNCJOFE IJT TLJMMT JO FWFOU NBOBHFNFOU BOE IJT QBTTJPO GPS UFDIOPMPHZ JOUP IJT DBSFFS BU *NQBDU"TJB "HFOEB DBVHIU VQ XJUI 'POJ[ EVSJOH

i5IF BWFSBHF 8FJCP VTFST JT FYUSFNFMZ DVSJPVT BCPVU PUIFS QFPQMF T MJWFT JO TPNF XBZ 8FJCP JT UIF OFXFTU XBZ UP SFDFJWF UIF MBUFTU OFXT BOE JOGPSNBUJPO BOE UIJT TIPXT $IJOFTF QFPQMF BT NPTU 8FJCP VTFST BSF $IJOFTF BSF NPSF FBHFS UP SFDFJWF JOGPSNBUJPO PS OFXT UISPVHI VOPîDJBM DIBOOFMTu

"(&/%"

5)6 '&# Ŧ 8&% ."3

%.

)PX EP ZPV TFF UIF NBSLFU GPS TPDJBM NFEJB 8FJCP JO QBSUJDVMBS FWPMWJOH PWFS UIF OFYU GFX ZFBST 4PDJBM NFEJB MJLF 8FJCP XJMM EFñOJUFMZ CFDPNF NPSF BOE NPSF JOóVFOUJBM PWFS UIF OFYU GFX ZFBST OPU POMZ CF DBVTF UIF SBQJEMZ JODSFBTJOH OVNCFS PG JOUFSOFU VTFST CVU BMTP CFDBVTF JU JT B GSFF BOE JOUFSBDUJWF QMBUGPSN UIBU BMMPXT QFPQMF UP FYQSFTT UIFJS JEFBT

)PX NVDI UJNF TIPVME B DPNQBOZ DPNNJU UP TPDJBM NFEJB 8FJCP JO QBSUJDVMBS .BOBHJOH 8FJCP BD DPVOUT GPS NZ DMJFOUT JT B UJNF DPO TVNJOH QSPDFTT 8F DSFBUF VQEBUF BOE QPTU OFX CMPHT PO B EBJMZ CBTJT XIJDI UBLFT BCPVU UXP UP UISFF IPVST QFS EBZ BOE XF BMTP SFTQPOE UP BOZ DVTUPNFS JORVJSJFT *O UIF FOE IPX FWFS * UIJOL JU JT UJNF XFMM TQFOU BOE XPSUI UIF FรญPSU

i"MM PG NZ GBWPSJUF QMBDFT JO #FJKJOH * WF DPOOFDUFE UP PWFS 8FJCP TP UIFSF JT OP FTDBQF u

MPZBMUZ m FWFO UP CFDPNF BEEJDUFE m UP 8FJCP -JLF MPUT PG PUIFS QFPQMF * OPX IBWF 4/4 MJLF 8FJCP PS 'BDFCPPL PO NZ NPCJMF UP BMMPX NF UP DPOOFDU BOZUJNF * UIJOL JU JT BNB[JOH UIBU UIF MBUFTU EFWFMPQNFOUT JO UFDIOPMPHZ IBWF IBE TVDI B CJH JNQBDU PO 4/4 8FJCP JT PG DPVSTF B GSFF TFSWJDF MJLF 8FJCP BOE IBWF NBEF QFPQMF CVU IPX NVDI NPOFZ EP ZPV TFF JOTFQBSBCMF GSPN UIFJS HBEHFUT QFPQMF TQFOEJOH BOE FBSOJOH UISPVHI UIJT TFSWJDF :PV SF SJHIU 'PS UIPTF PG VT BMSFBEZ PO 5XJU *U JT B GSFF TFSWJDF CVU * IBWF BMSFBEZ UFS XIBU T UIF EJรญFSFODF CFUXFFO TFFO QFPQMF FBSOJOH NPOFZ UISPVHI UIF UXP QMBUGPSNT BOE TIPVME XF JU 1FPQMF FBSO NPOFZ CZ IFMQJOH 8FJ TJHO VQ GPS 8FJCP * UIJOL 8FJCP JT CP VTFST JODSFBTF UIFJS GPMMPXFST BOE B EFWFMPQJOH TPDJBM NFEJB QMBUGPSN GPSXBSEJOH UIFJS NFTTBHFT BOE * IBWF XIJMF 5XJUUFS JT NPSF FTUBCMJTIFE TFFO MPUT PG MVDLZ ESBX DBNQBJHOT BOE XFMM EFWFMPQFE 5IBU CFJOH TBJE UIBU XPSL CZ BEEJOH B QBSUJDVMBS VTFS 5XJUUFS JT OPU BDDFTTJCMF JO $IJOB TP BOE GPSXBSEJOH UIFJS NFTTBHFT JO JG ZPV XBOU UP FTUBCMJTI DPOOFDUJPOT PSEFS UP FOUFS JOUP B MVDLZ ESBX UP PS CSBOE QSFTFODF PO UIF NBJOMBOE XJO QSJ[FT * IBWF OP JEFBT IPX NVDI 8FJCP JT UIF XBZ UP HP

i4PDJBM NFEJB MJLF 8FJCP XJMM EFรฑOJUFMZ CF NPSF BOE NPSF JOรณVFOUJBM PWFS UIF OFYU GFX ZFBST OPU POMZ CFDBVTF UIF SBQJEMZ JODSFBTJOH OVNCFS PG JOUFSOFU VTFST CVU BMTP CFDBVTF JU JT B GSFF BOE JOUFSBDUJWF QMBUGPSN UIBU BMMPXT QFPQMF UP FYQSFTT UIFJS JEFBTu NPOFZ QFPQMF TQFOE PO PS FBSO GSPN UIFTF DBNQBJHOT CVU UP CF IPOFTU * BN JNQSFTTFE UIBU $IJOFTF QFPQMF BSF SFBDUJOH TP RVJDLMZ UP EFWFMPQ CVTJOFTT PQQPSUVOJUJFT GSPN TPDJBM OFUXPSLJOH TJUFT 4/4 MJLF 8FJCP 8IP BSF ZPVS GBWPSJUF QFPQMF UP GPMMPX PO 8FJCP * BMXBZT GPMMPX GBTIJPO CMPHHFST BOE FEJUPST PO 8FJCP BT * BN JOUFSFTUFE JO GBTIJPO USFOET BOE CSBOET 5IJT BMTP BMMPXT NF UP HFU UP LOPX UIFJS SFDFOU BDUJWJ UJFT BOE FYQMPSF QPUFOUJBM PQQPSUVOJ UJFT GPS NZ DMJFOUT

:PVS DPNQBOZ KVTU IPTUFE 4PDJBM .FEJB 8FFL JO )POH ,POH 8IBU LJOET PG DPNQBOJFT BUUFOEFE BOE XIBU LJOET PG GVUVSF USFOET DBO ZPV QSFEJDU GSPN JU 5IFSF XFSF MPUT PG QBS UJFT JOWPMWFE BT QBSUOFST GPS TPDJBM NFEJB XFFL JODMVEJOH UIF 8BMM 4USFFU +PVSOBM #BJEV 4JOB )POH ,POH +JFQBOH B DJUZ HVJEF GPS NPCJMF EFWJDFT BOE NPSF 5IFSF BSF B MPU PG DPNQBOJFT PG WBSZJOH CBDLHSPVOET XIP BUUFOEFE UIJT FWFOU XIJDI SFBMMZ TIPXT UIF HSPXJOH BXBSF OFTT PG BOE JOUFSFTU JO TPDJBM NFEJB JO BMM JOEVTUSJFT

8IBU BSF ZPVS GBWPSJUF QMBDFT JO 8IBU LFFQT ZPV DPNJOH CBDL UP #FJKJOH UP FTDBQF GSPN 8FJCP 8FJCP *U T RVJUF FBTZ UP EFWFMPQ B )BWF ZPV EJTDPWFSFE BOZ BNB[

%.

JOH QMBDFT PO 8FJCP "MM PG NZ GBWPSJUF QMBDFT JO #FJKJOH * WF DPO OFDUFE UP PWFS 8FJCP TP UIFSF JT OP FTDBQF <MBVHIT> *U T SFBMMZ BO BNB[JOH QMBDF GPS NF UP SFDFJWF UIF MBUFTU JOGPSNBUJPO PO JOUFSFTUJOH UPQJDT 0รฐJOF * BMXBZT HP UP ;IPOHHVBODVO UP FYQMPSF UIF MBUFTU *5 HBEHFUT * DBO TQFOE B XIPMF EBZ UIFSF *OUFSWJFX CZ +FOOJGFS 5IPNร ;IPOHHVBODVO XXX [PM DPN DO 8FJCP T 5PQ 5FO :BP $IFO GPMMPXFST &BTZ HPJOH QSFUUZ BOE TNBSU UIJT 'VKJBO BDUSFTT NBEF IFS NBSL BT i(VP 'VSPOHu JO i.Z 0XO 4XPSETNBO u %FF )TV 4 GPMMPXFST 5IJT 5BJXBOFTF BDUSFTT TJOHFS BOE UPQ 57 )PTU FTT JT GBNPVT GPS IPTUJOH i,BOHYJ -BJMF u 7JDLJ ;IBP GPMMPXFST "O BXBSE XJOOJOH NBJOMBOE $IJOFTF BDUSFTT BOE QPQ TUBS $BJ ,BOHZPOH GPMMPXFST )F JT B XSJUFS BOE 57 )PTU JO 5BJXBO NPTU XFMM LOPXO GPS IJT SPMF JO IPTUJOH UIF 57 QSPHSBN i,BOHYJ -BJMFu XJUI GFMMPX IPTUFTT %FF )TV 9JF /B GPMMPXFST 5IF HJSM XIP TQSFBET IBQQJOFTT UISPVHI i)BQQZ 'BNJMZu )F +JPOH GPMMPXFST )F -BPTIJ GSPN GSPN )VOBO 4BUFMMJUF 57 T i)BQQZ $BNQu JT B IPVTFIPME OBNF BMM PWFS $IJOB )VBOH +JBOYJBOH GPMMPX FST 5IJT GPSNFS $$57 IPTU JT POF PG UIF CFTU LOPXO TQPSUT DPNNFOUBUPST JO $IJOB -J #JOHCJOH GPMMPXFST $IJOB T HJSM OFYU EPPS BDUSFTT -J #JOHCJOH DIBSNT BMM XJUI IFS UBMFOU BOE QFSTPOBMJUZ ,BJ 'V -FF GPMMPXFST 5IJT JOGPSNBUJPO UFDIOPMPHZ FYFDVUJWF BOE DPNQVUFS TDJFODF SFTFBSDIFS JT POF PG UIF NPTU QSPNJOFOU QFPQMF PO UIF $IJOFTF XFC 1BO 4IJZJ GPMMPXFST "T UIF $IBJSNBO PG 40)0 $IJOB IF T CFFO MBVEFE BT POF PG UIF UPQ UFO JOรณVFOUJBM รฑH VSFT JO SFBM FTUBUF NPSF UJNFT UIBO ZPV DBO TIBLF B TUJDL BU

5)6 '&# ลฆ 8&% ."3

"(&/%"

4105-*()5

2VFFS $PNSBEFT GPVOEFS 9JBP (BOH JT NPWJOH $IJOB CFZPOE TUJDLT BOE TUPOFT

$)*/" 4 .045 '"#6-064 "$5*7*45

2VFFS $PNSBEFT 'PVOEFS BOE )PTU 8FJ 9JBPHBOH -(#5 GSJFOEMZ JO POF XPSE OPU DPN NPOMZ BTTPDJBUFE XJUI $IJOB CVU 2VFFS $PNSBEFT IBT TFU PVU UP NPWF GPSXBSE CZ DIBOHJOH UIF PGUFO NVNCMFE EJB MPHVF BCPVU -(#5 JTTVFT GSPN HSBZ BOE EFQSFTTJOH UP POF UIBU BDDVSBUFMZ SFóFDUT UIF EJWFSTJUZ KPZ BOE BDDDPNQMJTIFNUT PG UIF DPNNVOJUZ 'PVOEFS BOE IPTU 8FJ 9JBPHBOH UPPL B CSFBL GSPN IJT NJTTJPO UP GJMM "HFOEB JO PO UIF DVSSFOU TUBUF PG UIF -(#5 DPNNVOJUZ JO $IJOB BOE JUT GVUVSF

5IF PUIFS SFBTPO JT UIBU XF XBOUFE QFPQMF UP TFF B OFX TJEF PG -(#5 JTTVFT &WFSZUIJOH UIBU XBT CFJOH TIPXO PO UFMFWJTJPO BOE PO SBEJP XBT WFSZ HSBZ WFSZ TBE JU XBT USFBUFE FJUIFS BT B NFOUBM EJTFBTF PS B MJGF DIPJDF m OPOF PG JU XBT QPTJUJWF *O SFBMJUZ UIPVHI * XBT RVJUF IBQQZ NZ GSJFOET XFSF IBQQZ BOE TFYVBMJUZ XBTO U SFBMMZ B UPQJD PG DPOWFSTBUJPO 6TVBMMZ JU T XIFO QFPQMF ñSTU DPNF PVU UIBU ZPV SFBMMZ UBML B MPU BCPVU JU BOE MBUFS JU CFDPNFT B QBSU PG ZPVS MJGF 5FMM VT B MJUUMF CJU BCPVU 2VFFS $PN OPU UIF XIPMF PG ZPVS MJGF 8F XBOUFE SBEFT )PX EJE JU TUBSU 8F TUBSUFE QFPQMF UP VOEFSTUBOE UIBU HBZT BOE JO XIFO B MPU PG /(0 XFCTJUFT MFTCJBOT BSF NPSF UIBO TUFSFPUZQFT PO -(#5 JTTVFT XFSF MBVODIFE .PTU PG UIFN EFBMU XJUI )*7 BOE NFOUBM )PX IBT JU EFWFMPQFE PWFS UIF JMMOFTT CVU POF UIJOH XBT NJTTJOH B ZFBST 0VS BVEJFODF IBT SFBMMZ HSPXO WJTVBM 5IJT IPX PVS JEFB DBNF BCPVU PWFS UIF ZFBST BOE XF WF FWFO TFFO

i*O NBOZ XBZT UIF HPWFSONFOU TUJMM TFFT UIF -(#5 DPNNVOJUZ BT BO VOTBGF GBDUPS CVU * UIJOL UIBU XJMM DIBOHF $IJOB JT DIBOHJOH TP RVJDLMZ BOE UIFSF BSF CPVOE UP CF UIJOHT UIBU GBMM UISPVHI UIF DSBDLT 8PSLJOH XJUI /(0T BMMPXT QFPQMF UP TVQQMFNFOU UIF XPSL PG TPDJFUZ BOE UIF HPWFSONFOUu

"(&/%"

5)6 '&# Ŧ 8&% ."3

%.

QFPQMF UIBU IBWF HSPXO VQ XJUI PVS TIPX * PODF NFU B HJSM XIP JT JO IFS TFDPOE ZFBS PG VOJWFSTJUZ XIJMF TIF XBT EPJOH TPNF WPMVOUFFS XPSL JO BU UIF -(#5 DFOUFS 4IF DBNF VQ UP NF BOE TBJE i0I NZ HPE * TBX ZPVS TIPX XIFO * XBT JO IJHI TDIPPM u * UIPVHIU UIJT XBT SFBMMZ HPPE OFXT CFDBVTF XF WF HSPXO GSPN B XFCTJUF UIBU QVU VQ TPNF WJEFPT JOUP B RVFFS NFEJB <QMBUGPSN> -BTU ZFBS XF XFSF JOWJUFE UP UIF (BZ (BNFT JO $PMPHOF (FSNBOZ BOE XF XFSF BDUVBMMZ UIF POMZ $IJOFTF NFEJB UIBU XBT JOWJUFE 5IBU XBT BNB[JOH *O UIF GVUVSF XF MM DPOUJOVF UIF XFC DBTU BOE BMTP EP NPSF JO EFQUI EPDVNFOUBSJFT BT XFMM 8F WF TUBSUFE EPJOH -(#5 OFXT GSPN BSPVOE UIF XPSME JODMVEJOH $IJOB 7JTVBM OFXT JT RVJUF FBTZ GPS QFPQMF UP XBUDI BOE XJUIJO UXP PS UISFF NJOVUFT ZPV SF BMM DBVHIU VQ *U T SFBMMZ FBTZ UP TQSFBE POMJOF m JU T BMNPTU MJLF FBUJOH GBTU GPPE 2VJDL BOE FBTZ 8IBU BCPVU ZPVS JOWPMWFNFOU 8IBU T ZPVS EBZ UP EBZ MJGF MJLF 'PS B MPOH UJNF * XBT XPSLJOH PO 2VFFS $PNSBEFT QBSU UJNF XIJMF XPSLJOH XJUI /(0T * E CFFO EP JOH UIBU TJODF BOE VTFE NZ FEVDBUJPOBM CBDLHSPVOE JO ESBNB UP IFMQ EJTBCMFE QFPQMF BOE UIFO UP EP "*%4 BXBSFOFTT EPJOH UIJOHT MJLF BSU UIFSBQZ %PJOH 2VFFS $PNSBEFT XBT SFBMMZ TPNFUIJOH UIBU BSPTF PVU PG UIJT MJOF PG XPSL * SFBMJ[FE UIBU * SFBMMZ FOKPZFE DPOUSJCVUJOH UP QFP QMF T MJWFT BOE * SFBMMZ FOKPZ UIBU ZPV OFWFS TUPQ MFBSOJOH -(#5 JT B HSFBU UPQJD CFDBVTF JU DIBOHFT FWFSZ ZFBS 1FPQMF GPSHFU UIJOHT BOE QFPQMF EJT DPWFS OFX UIJOHT TP XF BEKVTU PVS TUSBUFHZ FWFSZ ZFBS JO PSEFS UP LFFQ VQ XJUI USFOET BOE XJUI SFHVMBUJPOT BOE XF SFBMMZ BJN UP NBLF UIJT XPSME B CFUUFS QMBDF *O NBOZ XBZT UIF HPWFSONFOU TUJMM TFFT UIF -(#5 DPN NVOJUZ BT BO VOTBGF GBDUPS CVU * UIJOL UIBU XJMM DIBOHF $IJOB JT EFWFMPQJOH TP RVJDLMZ UIFSF BSF CPVOE UP CF UIJOHT UIBU GBMM UISPVHI UIF DSBDLT /(0T TVQQMFNFOU UIF XPSL PG TPDJ FUZ BOE UIF HPWFSONFOU

)PX EP ZPV SFBDI ZPVS BVEJFODF 3JHIU OPX PVS XFCTJUF JT UIF NPTU FGGJDJFOU XBZ PG SFBDIJOH QFPQMF BOE XF IBWF BO BWFSBHF PG IJUT QFS EBZ 4VSQSJTJOHMZ NPTU PG PVS WJFXFST BSF CFUXFFO BOE ZFBST PME 4PNF PG PVS XFC DBTUT IBWF CFFO SFBMMZ QPQVMBS CFDBVTF UIFZ XFSF GFBUVSFE PO UIF GSPOU QBHFT PG QPQVMBS WJEFP XFCTJUFT BOE POF FWFO SFBDIFE NJMMJPO WJFXFST 8F ñOE UIF QFPQMF XIP BSF JO DIBSHF PG UIF XFCTJUFT LFFQ JO DPOUBDU XJUI UIFN BOE FYQMBJO UP UIFN XIBU XF EP BOE XIZ XF EP JU 'PS NPTU QFPQMF UIFZ VOEFSTUBOE BOE UIFZ TVQQPSU VT 0ODF UIPVHI XF BDUVBMMZ IBE UP BTL UIFN UP UBLF B TIPX EPXO CFDBVTF QFPQMF DBMMFE PVS HVFTU BOE UISFBU FOFE IFS BTLJOH IFS XIZ TIF UBQFE UIF TIPX 8F SFBMMZ B MPU GSPN UIJT -PUT PG QFPQMF MPWF UP XBUDI UIF TIPX CVU UIFSF BSF TUJMM QFPQMF XIP EPO U LOPX IPX UP EFBM XJUI UIJT UPQJD

i8F PGUFO KPLF UIBU #FJKJOH T HBZ CBST BSF MJLF FWFO CJHHFS DMPTFUT m UIFTF QFPQMF DPNF GSPN UIFJS PXO QFSTPOBM DMPTFUT BU IPNF UP DPNF UP BO FWFO CJHHFS DMPTFU XIFSF UIFZ ESJOL EBODF BOE TJOH BOE UIFO XIFO UIFZ MFBWF UIFZ HP CBDL UP OPU CFJOH HBZu

*O PUIFS DPVOUSJFT UIF OPUJPO PG B XFBMUIZ HBZ CVZJOH GPSDF IBT IFMQFE UP QSPQFM UIF BDDFQUBODF PG HBZT *T UIJT USVF JO $IJOB BT XFMM 5IBU T UIF UIJOH m JO $IJOB UIF NPWF NFOU TUBSUFE RVJUF MBUF TP ZFBI UIFSF BSF B MPU PG SJDI -(#5 QFPQMF CVU UIFZ IBWFO U MFBSOFE IPX UP HJWF CBDL UP UIFJS DPNNVOJUZ 5IJT JT JO QBSU CFDBVTF QFPQMFE EPO U SFBMMZ LOPX XIFSF UIF DPNNVOJUZ JT BOE NBOZ TUJMM IBWFO U HPUUFO PWFS CFJOH HBZ 5IFTF QFPQMF BSF IJEJOH BOE NPSF UIBO PS QFSDFOU PG HBZ NFO BDDPSEJOH UP POF QSPGFTTPS BSF TUJMM HFUUJOH NBSSJFE BOE TP XF SFBMMZ IBWF WFSZ MJUUMF IPQF UIBU UIFTF 4P XIBU LJOE PG DIBMMFOHFT EP QFPQMF XJMM HJWF CBDL UP UIF HBZ DPN ZPV GBDF 5IFSF BSF B MPU PG ñOBO NVOJUZ 8JUIPVU UIBU JU T EJîDVMU UP DJBM QSPCMFNT CFDBVTF -(#5 UPQJDT BUUSBDU PVUTJEF TVQQPSU BSF RVJUF TFOTJUJWF 8F SF USZJOH UP CFDPNF TFMG TVTUBJOFE BOE UP FBSO 8IBU JT UIF CJHHFTU PCTUBDMF UP EF NPOFZ UP TVQQPSU PVS QSPHSBN CVU WFMPQJOH B NPSF PQFO -(#5 DPN JO $IJOB UIBU T SFBMMZ EJîDVMU CFDBVTF NVOJUZ JO $IJOB 5IFSF BSF NBOZ XIJMF DPNQBOJFT XBOU UP BEWFSUJTF EJíFSFOU UIJOHT BOE XF SFBMMZ OFFE UIFZ EPO U XBOU UP CF MJOLFE UP -(#5 QFPQMF XPSLJOH PO BMM BTQFDUT PG JU PSHBOJ[BUJPOT "T TBJE XF IBWF 5IFSF JT OPU POF QFSTPO XIP DBO TBWF WJFXFST QFS EBZ XIJDI JT OPU B MPU CVU UIF XPSME BOE XF OFFE FWFSZPOF JU T HPPE CVU XIFO XF DPOUBDUFE FWFO OPO HBZT UP UBLF SFTQPOTJCJMJUZ DPNQBOJFT UIBU BSF TVQQPTFE UP CF GPS EJWFSTJUZ BOE B QFBDFGVM XPSME 8F PGUFO KPLF UIBU #FJKJOH T HBZ WFSZ HBZ GSJFOEMZ XF GPVOE PVU UIBU UIFZ IBWF TMJHIUMZ EJíFSFOU QPMJDJFT CBST BSF MJLF FWFO CJHHFS DMPTFUT m UIFTF QFPQMF DPNF GSPN UIFJS JO $IJOB PXO QFSTPOBM DMPTFUT BU IPNF UP BO 8IBU BCPVU QPMJUJDBM PS DVMUVSBM FWFO CJHHFS DMPTFU XIFSF UIFZ ESJOL DIBMMFOHFT 8FMM GPS DVMUVSBM DIBM EBODF BOE TJOH BOE UIFO XIFO UIFZ MFOHFT ZPV EPO U IBWF UP MPPL NVDI MFBWF UIFZ HP CBDL UP OPU CFJOH HBZ GVSUIFS UIBO NZ QBSFOUT 'PS $IJOFTF 5IJT JT SFBMMZ DPNNPO JO #FJKJOH 4P QFPQMF JODMVEJOH NZ QBSFOUT JU T TUJMM CFDBVTF UIFTF BSF KVTU CJHHFS DMPT RVJUF EJîDVMU UP VOEFSTUBOE * UIJOL FUT ZPV NFFU QFPQMF XIP BSF JO UIF ZPV OFFE UIJT JOGPSNBUJPO NPSF BOE TBNF ESBXFS BT ZPV BSF CVU NBOZ NPSF CFDBVTF JO UIF QBTU QFPQMF QFPQMF EPO U SFBMMZ FWFS MFBWF JU BOE OFWFS IFBSE BCPVU JU 4P * UIJOL UIFZ UIFSFGPSF UIFZ EPO U SFBMMZ GPSN BOZ OFFE UJNF UP IFBS UIF EJíFSFOU JO SFQSFTFOUBUJWF GPSDF 5FDIOPMPHZ IFMQT UP TPNF FY GPSNBUJPO TP UIFZ DBO HFU VTFE UP UFOU CVU JU T OPU TP NVDI BCPVU TVQ JU 5IBU T BMM

%.

QPSUJOH UIF DPNNVOJUZ m UIFZ SFBMMZ VTF JU BT B GPSN PG DPNNVOJDBUJPO * UIJOL UIBU T B HPPE UIJOH CFDBVTF UIF TQBDF GPS UIFN UP NFFU PUIFS HBZT BOE JOUFSBDU XJUI UIFN JTO U SFBMMZ UIBU CJH 5IJT JT B SFBMMZ CBTJD OFFE UIBU QFPQMF IBWF m QFPQMF OFFE UP LOPX QFPQMF XIP BSF MJLF UIFN TP UIBU UIFZ EPO U GFFM TP MPOFMZ 5IFSF BSF QMBDFT GPS QFPQMF UP NFFU VQ CVU OPU NBOZ )BMG JT QSFUUZ HPPE 5IFSF BSF B DPVQMF PG PUIFS QMBDFT * WJTJU CVU * UIJOL )BMG JT B HBZ FTUBCMJTINFOU TP * SFBMMZ MJLF UP TVQ QPSU UIFN 5IFSF BSFO U B MPU PG HBZ CBST BOE * UIJOL UIF QMBDFT UIBU QFP QMF SFBMMZ HP UP BSF %FTUJOBUJPO BOE )BMG 5IFSF T B HBZ OJHIU BU "MGB CVU JU T POMZ PO 'SJEBZT 5IFSF SFBMMZ BSFO U UIBU NBOZ CFDBVTF JO #FJKJOH NBOZ PG UIF iHBZu CBST BSF KVTU JO JU UP NBLF NPOFZ m UIFZ SFBMMZ EPO U IBWF BOZ PUIFS DPOOFDUJPO XJUI UIF HBZ DPNNVOJUZ 5IBU CFJOH TBJE XF DBO VOEFSTUBOE UIBU B MPU PG QMBDFT EPO U XBOU UP CF DPOTJEFSFE HBZ CBST CFDBVTF JO UIJT LJOE PG SFHVMBUPSZ FOWJSPONFOU JU T B TFOTJUJWF UPQJD 4P ZPV SFBMMZ IBWF UP DPOTJEFS UIFTF UXP UIJOHT UPHFUIFS

*OUFSWJFX CZ +FOOJGFS 5IPNÊ 5P MFBSO NPSF BCPVU 2VFFS $PNSBEFT WJTJU UIFJS TJUF BU XXX RVFFSDPNSBEFT DPN )BMG %BJMZ QN MBUF *OUFSOBUJPOBM 8POEFSMBOE 9JOHGV &SDVO $IBPZBOH %JTUSJDU IBMGCBS CK!HNBJM DPN

XXX IBMGBCBS VT %FTUJOBUJPO 4VO 5IV QN BN 'SJ 4BU QN MBUF (POHUJ 9JMV $IBPZBOH %JTUSJDU

XXX CKEFTUJOBUJPO DPN JOEFY@FO IUN "MGB %BJMZ QN BN 9JOHGV :JDVO JO UIF BMMFZ PQQPTJUF UIF OPSUI HBUF PG 8PSLFST 4UB EJVN $IBPZBOH %JTUSJDU

5)6 '&# Ŧ 8&% ."3

"(&/%"

4105-*()5

UIFTF BTQFDUT UIFZ DBO DPNQMFUF B XFCTJUF BOE JUT 6* EFTJHO PO UIFJS PXO 5IBU CFJOH TBJE UIFSF BSF NBOZ QBSUT UP B HPPE XFCTJUF BOE ZPV MM CF SFMZJOH PO UIFTF QFPQMF EP B HPPE KPC JO BMM BTQFDUT JODMVEJOH BSDIJ UFDUVSF EFTJHO JOGPSNBUJPO EFTJHO MBZPVU JOUFSGBDF JOUFSBDUJPO WJTVBM BOE QSPKFDU NBOBHFNFOU BOE GSPOU FOE )5.- EFTJHO 4P ZPV MM XBOU UP NBLF TVSF UIBU UIF QFSTPO ZPV SF DPOTJEFSJOH DBO BOE JT XJMMJOH UP EP BMM PG UIFTF UIJOHT

,PV -JRJO LOPXT UIBU CFBVUZ BOE VTBCJMJUZ BSF JO UIF FZF PG UIF CFIPMEFS

1*9&-4 41&", -06%&3 5)"/ 803%4 6TFS JOUFSGBDF EFTJHO FYQFSU ,PV -JRJO 4IPDL IPSSPS BOE TQPOUBOFPVT GBUJHVF BSF GFFMJOHT UIBU NBOZ PG VT IBWF FYQFSJFODFE XIFO ñSTU MBZJOH FZFT VQPO B $IJOFTF XFCTJUF CVU BDDPSEJOH UP VTFS JOUFSGBDF 6* EFTJHO FYQFSU ,PV -JRJO UIF MBZPVU PG $IJOFTF XFCTJUFT JT BT NVDI DVMUVSBM BT JU JT QTZDIPMPHJDBM "HFOEB JOUFSGBDFE XJUI ,PV UP MFBSO UIF SIZNF BOE SFBTPO CFIJOE UIFTF XFCTJUFT BOE XIBU 8FTUFSO DPNQBOJFT TIPVME DPO TJEFS XIFO UIFJS XFC QSFTFODF SFBDIFT UIF TIPSFT PG $IJOB 4P XIBU FYBDUMZ JT 6* EFTJHO 6* EFTJHO JT UIF QSPDFTT PG NBLJOH UIF POMJOF FYQFSJFODF PG VTFST BT TUSBJHIUGPSXBSE BOE TJNQMF BT QPT TJCMF HJWJOH UIFN B EJSFDU MJOF PG BDDFTT UP XIBUFWFS JU JT UIFZ XBOU UP EP $VSSFOUMZ XIFO QFPQMF UIJOL PG XFCTJUF EFTJHO UIFZ UIJOL PG HSBQIJD

EFTJHO UIF WJTVBM GBDF PG B XFCTJUF CVU UIFSF JT NPSF UP JU UIBO UIBU 6* EFTJHO BDUVBMMZ JODMVEFT B MPU PG EJGGFSFOU UIJOHT BOE FBDI XFCTJUF JT PS BU MFBTU TIPVME CF EFTJHOFE UP JOUFSBDU XJUI UIF VTFS JO B WFSZ TQFDJGJD BOE OBUVSBM XBZ (PPE *6 EFTJHO JODMVEFT JOUFSBDUJPO EFTJHO JOGPSNBUJPO BSDIJUFDUVSF BOE JOGPSNBUJPO EFTJHO TP B SFBMMZ HPPE *6 EFTJHOFS SFBMMZ OFFET UP TUVEZ B MPU UIJOHT JODMVEJOH NBSLFUJOH FO HJOFFSJOH QSPKFDU NBOBHFNFOU BOE QTZDIPMPHZ

4P IPX NBOZ QFPQMF EPFT JU UBLF UP DSFBUF B USVMZ GVODUJPOBM BOE BQQFBMJOH VTFS JOUFSGBDF 5IBU BDUVBMMZ EFQFOET PO UIF TJUVBUJPO CFDBVTF JG ZPV WF HPU B QFSTPO XIP JT WFSZ LOPXMFEHFBCMF BCPVU BMM PG

-FU T GBDF JU FWFSZUIJOH XF EP m GSPN UIF UIJOHT XF FBU UP UIF UIJOHT XF XFBS m JT CFDPNJOH NPSF BOE NPSF IPNPHFOPVT 8FCTJUFT XPO U CF BO FYDFQUJPOu

"(&/%"

5)6 '&# Ŧ 8&% ."3

%.

4P EP ZPV IBWF BOZ XFCTJUFT XIJDI ZPV DPOTJEFS XFMM EFTJHOFE 5IBU T IBSE UP TBZ CFDBVTF TP NBOZ TJUFT BSF VOEFSHPJOH DPOTUBOU SF EFTJHO * VTF B MPU PG EFTJHO BOE TPDJBM OFUXPSLJOH XFCTJUFT CVU TPDJFUZ JT DPOTUBOUMZ FWPMWJOH BOE PVS EFNBOET GPS XFC TJUFT BSF BMXBZT DIBOHJOH UP NFFU QFPQMF T OFFET 5BLF TPDJBM OFUXPSLJOH TJUFT GPS JOTUBODF :PV HP UIFSF UP DPNNVOJDBUF XJUI PUIFST 0WFSTFBT ZPV VTF 'BDFCPPL XIFSFBT IFSF ZPV NJHIU VTF ,BJYJO PS 3FOSFO "T MPOH BT UIF XFCTJUF JT NFFUJOH QFPQMF T OFFET BOE BMMPXJOH UIFN UP EP XIBU UIFZ DBNF UP EP ZPV E OFWFS UIJOL UXJDF BCPVU UIF VTFS JOUFSGBDF EFTJHO 'BDFCPPL T VOEFSHPOF OVNFSPVT DIBOHFT NBOZ PG XIJDI XFSF WFSZ TQFDJGJD *U T RVJUF JNQSFTTJWF UIBU UIFZ WF NBOBHFE UP UBLF TVDI B MBSHF BNPVOU PG UIJOHT BOE QPSUSBZ UIFN JO B XBZ UIBU NBLFT UIFN WJTVBMMZ BQQFBMJOH EFTQJUF QFPQMF T DPOTUBOU DPNQMBJOUT BCPVU UIFJS XFCTJUF 0OF UIJOH UIBU NBOZ QFPQMF EPO U VOEFSTUBOE JT UIBU UIF OFFET PG $IJOFTF VTFST BSF RVJUF EJíFSFOU GSPN UIPTF JO UIF 8FTU 22 JT B HSFBU FYBNQMF XPSUIZ PG CFJOH TUVEJFE 5IFZ FNQMPZ B MPU PG EFTJHOFST BOE IBWF NBEF MPUT PG QSPHSFTT BOE ZPV DBO TFF JU JO FWFSZUIJOH UIFZ EP XIFUIFS JUT WJEFP HBNFT PS NFTTBHJOH *U T QSPCBCMZ UIF CFTU XFCTJUF CVTJOFTT JO $IJOB 8IBU BSF UIF QSJNBSZ EFTJHO EJGGFSFODFT CFUXFFO $IJOB BOE UIF 8FTU 8IBU * E MJLF UP QPJOU PVU

JT UIBU QFPQMF BDUVBMMZ XBOU UIF TBNF UIJOHT CVU UIBU UIFSF BSF TPNF DVM UVSBM EJรญFSFODFT *G ZPV UIJOL BCPVU JU $IJOFTF OFUJ[FOT DBNF POMJOF RVJUF MBUF BOE UIFJS TLJMMT BSFO U BT BEWBODFE BT TPNF VTFST JO UIF 8FTU .BOZ PG UIFN EPO U LOPX XIBU UP EP XJUI UIFNTFMWFT XIFO UIFZ MPH PO UP UIF JOUFSOFU PS EPO U LOPX IPX UP EP XIBU UIFZ DBNF UP EP 4P GPS UIFTF MPXFS MFWFM VTFST $IJOFTF XFCTJUFT BSF BDUVBMMZ RVJUF VTFGVM CFDBVTF JU QSFTFOUT UIFN XJUI BMM PG UIF PQUJPOT PO UIF MBOEJOH QBHF BOE HJWFT UIFN UIF PQUJPO PG TMPXMZ FYQMPSJOH 5 I F O P G D P V S T F U I F S F J T UIF GBDU UIBU $IJOFTF VTFST MJLF EJรญFSFOU UIJOHT 5IFZ NJHIU QSFGFS SFE PWFS CMVF 5IFSF JT BMTP B SFBMMZ TUSPOH JOรณVFODF GSPN PUIFS &BTU "TJBO DPVOUSJFT TVDI BT +BQBO BOE ,PSFB .PTU $IJOFTF VTFST HSFX VQ XBUDI JOH ,PSFBO BOE +BQBOFTF DBSUPPOT TP UIFZ BSF QBSUJDVMBSMZ BUUSBDUFE UP DVUF UIJOHT CFDBVTF JU T GBNJMJBS 4P XIBU EP ZPV UIJOL UIF GVUVSF PG $IJOFTF XFCTJUFT MPPLT MJLF $IJOB T XFC EFWFMPQNFOU XJMM CF OP EJรญFS FOU GSPN UIBU JO PUIFS DPVOUSJFT m JU XPO U UBLF Pรญ BOE CFDPNF JUT PXO UIJOH -FU T GBDF JU FWFSZUIJOH XF EP m GSPN UIF UIJOHT XF FBU UP UIF UIJOHT XF XFBS m JT CFDPNJOH NPSF BOE NPSF IPNPHFOPVT 8FCTJUFT XPO U CF BO FYDFQUJPO 5IF POMZ SFBM EJรญFS FODF JO UIF OFBS GVUVSF JT UIBU $IJOB T EFWFMPQNFOUT XJMM CF B MJUUMF TMPXFS JO BEPQUJOH UIJOHT UIBO PUIFS DPVOUSJFT TJODF UIFZ TUJMM JNQPSU B MPU PG UIFJS DPODFQUT GSPN PWFSTFBT BOE UIFO BEBQU UIFN UP รฑU UIFJS PXO OFFET 8IBU BCPVU NPCJMF QIPOF VTFS JOUFSGBDFT 5IFSF BSF BMSFBEZ UPOT PG NPCJMF QIPOF VTFST JO $IJOB BOE NPTU PG UIFN BSF VTJOH "OESPJE CFDBVTF JU JT BO PQFO BOE GSFF QMBU GPSN *U HJWFT UIFN JNNFOTF GSFF EPN #FDBVTF PG JUT QPQVMBSJUZ UPOT PG QFPQMF BSF XPSLJOH PO EFWFMPQJOH TPGUXBSF BOE HBNFT GPS NPCJMF VTFST BOE UIF EFWFMPQNFOU DBO CF RVJUF TUBSUMJOH *G ZPV BTL NF UIF QBDF PG EFWFMPQNFOU JT HPJOH UP CFDPNF GBTUFS BOE GBTUFS JO UIF GVUVSF

i*G ZPV BTL NF UIF NBJO ESJWJOH GPSDF JO UIF EFWFM PQNFOU JT CBTFE PO POF SFBMMZ TJNQMF GBDU QFPQMF BSF MB[Z 5IF TJNQMFS BOE UIF MB[JFS UIFTF JOUFSBD UJPOT DBO CF UIF NPSF QFPQMF XJMM MJLF UIFN 5IJT JT IPX FWFSZUIJOH EFWFMPQT m JU T BMM BCPVU NBLJOH QFPQMF T MJWFT TJNQMFSu * BMTP UIJOL UIBU NPCJMF BOE DPN QVUFS *6 XJMM CFDPNF NPSF TUSFBN MJOFE JO UIF GVUVSF "T UIJT NBSLFU EFWFMPQT XF MM CF TFFJOH NPSF BOE NPSF UPVDI TDSFFOT BU XIJDI QPJOU ZPVS DPNQVUFS KVTU CFDPNFT B HJBOU DFMM QIPOF 5IBU T XIZ * SFDPNNFOE UIBU BOZPOF MPPLJOH UP EP 6* EFTJHO DPOTJEFST UIJT FMFNFOU 3JHIU OPX UIFSF JT B IVHF BNPVOU PG QFPQMF XIP VTF UIFJS DFMM QIPOFT UP HFU PO MJOF CVU JU T TUJMM RVJUF QBJOGVM JO UFSNT PG VTFS FYQFSJFODF

QFPQMF BSF DPNJOH CBDL BOE DPNJOH GPS UIF รฑSTU UJNF JT CFDBVTF $IJOB JT BCV[[ XJUI PQQPSUVOJUZ BOE JU T B MPU FBTJFS BOE B MPU DIFBQFS UP HFU FTUBCMJTIFE IFSF 5IF TFDPOE SFBTPO UIBU QFPQMF BSF DPNJOH JT CFDBVTF UIFSF T TUJMM B MBH JO UIF QSPEVDUT UIBU BSF BWBJM BCMF TP UIFZ DPNF IFSF UP CSJOH UIFTF QSPEVDUT BOE JOUSPEVDF UIFN *OWFOUJPO BMXBZT รณPXT UP รฑMM HBQT JO UIF NBSLFU BOE UIBU JT FYBDUMZ XIBU T IBQQFOJOH IFSF OPX *G UIFSF XFSF B OFFE FMTFXIFSF JOWFOUJPO XPVME %P ZPV UIJOL UIBU UIFTF DIBOHFT รณPX UIFSF JOTUFBE JO 6* EFTJHO XJMM ESJWF UIF FWPMV UJPO PG UFDIOPMPHZ * UIJOL JO UIF 4P XIBU JO ZPVS PQJOJPO BSF UIF OFBS GVUVSF XF MM CF TFFJOH B MPU PG CFTU EFTJHOFE QMBDFT BSPVOE XFCTJUFT UIBU BSF NPSF DPNQBUJCMF UPXO * MJWF JO UIF $#% TP * XJUI UPVDI EFWJDFT 5IF NBJO UIJOH GSFRVFOUMZ HP UP $+8 BOE $FOUSP *U T IPMEJOH CBDL 6* EFTJHO JT BDUVBMMZ OPU TP NVDI CFDBVTF PG UIFJS EFTJHO PVS IBSEXBSF CFDBVTF UIF DPNQVU CVU CFDBVTF UIFZ BSF DPNGPSUBCMF FST BOE MBQUPQT XF SF VTJOH IBWFO U %FTJHO XJTF * SFBMMZ MJLF E MPVOHF PWFS SFBMMZ DIBOHFE JO UIF 4BOMJUVO BSFB 8IFOFWFS * IBWF 5IF NBJO UIJOH UIBU ZPV MM TFF GSJFOET DPNJOH UP UPXO * UBLF UIFN DIBOHJOH JT UIBU 6* XJMM CFDPNF UIFSF 1VSF -PUVT JT BOPUIFS SFBMMZ NPSF DPOWFOJFOU GPS QFPQMF 8IFO JNQSFTTJWF QMBDF UIBU * MPWF UBLJOH UIF VTFS IBT UP FNQMPZ B NPVTF GPSFJHO WJTJUPST UP UIFSF JT BO FYUSB TUFQ JO UIF JO UFSBDUJPO *G ZPV BTL NF UIF NBJO *OUFSWJFX CZ +FOOJGFS 5IPNร ESJWJOH GPSDF JO UIF EFWFMPQNFOU JT CBTFE PO POF SFBMMZ TJNQMF GBDU $FOUSP %BJMZ IST ' 4IBOHSJ -B T ,FSSZ $FO QFPQMF BSF MB[Z 5IF TJNQMFS BOE UIF USF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU BTL GPS $FOUSP

MB[JFS UIFTF JOUFSBDUJPOT DBO CF UIF NPSF QFPQMF XJMM MJLF UIFN 5IJT JT IPX FWFSZUIJOH EFWFMPQT m JU T BMM $+8 %BJMZ BN BN - 5IF 1MBDF (VBOHIVB -V $IBPZBOH %JTUSJDU

BCPVU NBLJOH QFPQMF T MJWFT TJNQMFS 5IFSF T UBML PG B SFWFSTF CSBJO ESBJO 8IBU BSF ZPVS UIPVHIUT PO UIJT .BOZ PG UIF QFPQMF XIP MFGU $IJOB EJE TP CFDBVTF UIFZ GFMU UIBU UIFSF XBT OP SPPN UP EFWFMPQ 5IF UIJOHT UIFZ XBOUFE UP MFBSO XFSFO U CFJOH PรญFSFE TP UIFZ MFGU JO PSEFS UP MFBSO UIFN * UIJOL UIF SFBTPO UIBU TP NBOZ

%.

E MPVOHF %BJMZ QN MBUF $PVSUZBSE (POHUJ #FJMV BDSPTT GSPN 3PDL BOE 3PMM $MVC

$IBPZBOH %JTUSJDU 1VSF -PUVT %BJMZ BN QN 5POHHVBOH #MEH /POH[IBOHVBO /BOMV $IBPZBOH %JTUSJDU

' )PMJEBZ *OO -JEP +JBOHUBJ -V $IBPZBOH %JTUSJDU

5)6 '&# ลฆ 8&% ."3

"(&/%"

5)& -*45

HSBQIJDBM CFTUTFMMFS 4IBOHIBJ #BCZ

BOE TFRVFM .BSSZJOH #VE EIB

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ñDUJPO UIBU GPS UIF NPTU QBSU IBT OPU ZFU CFFO USBOTMBUFE GSPN $IJOFTF 8IBU T NPSF UIFTF XPSLT QSPNPUJOH BO BOUBHPOJTUJD [FSP TVN WJFX PG $IJ OB T SJTF BOE BEWPDBUJOH HSFBUFS $IJOFTF JOóVFODF PO UIF XPSME TUBHF BSF OPU NFSFMZ EPNFTUJD CFTUTFMMFSTÂ&#x2021;UIFZ BSF PO UIF CPPLTIFMWFT PG $IJOB T QPXFSGVM QPMJUJDBM FMJUFT BOE BOHSZ ZPVUI BMJLF $VSJPVT "HFOEB QSPWJEFT B MPPL BU TPNF PG UIF NPTU JOóVFOUJBM $IJOFTF QPMJUJDBM OPO ñDUJPO CPPLT JO SFDFOU ZFBST 6OIBQQZ $IJOB 5IF (SFBU &SB 5IF (SBOE 7JTJPO BOE 0VS $IBMMFOHFT

#00, 8"34

5IF NPTU JOóVFOUJBM CPPLT ZPV WF OFWFS IFBSE PG .PTU 4JOPQIJMFT BSF GBNJMJBS XJUI UIF CFTUTFMMJOH OPWFMT QVCMJTIFE CZ JO GMVFOUJBM $IJOFTF BVUIPST JO UIF QBTU EFDBEF Â&#x2021;BU MFBTU UIPTF EFFNFE JOUFSFTUJOH UP B GPSFJHO BVEJFODF BOE UIFSFGPSF QPUFOUJBMMZ DPNNFS DJBMMZ TVDDFTTGVM FOPVHI BCSPBE UP CF USBOTMBUFE JOUP &OHMJTI 5IFTF MJUFS BS Z XPSLT BSF GSFRVFOUMZ DPOUSP WFSTJBM XJUIJO $IJOB QSBDUJDBMMZ UVSOJOH UIFN JOUP PWFSOJHIU CFTU TFMMFST CPUI PWFSTFBT BOE JO $IJOB .BOZ PG UIFTF OPWFMT GBMM JOUP POF PG UXP DBUFHPSJFT 5IF ñSTU DBUFHPSZ TIPXT UIF EBSL TJEF PG NPEFSO $IJOFTF IJTUPSZ BOE DPOTJTUT PG USBHJD BOE WJPMFOU TUPSJFT UIBU MFBE TFBNMFTTMZ JOUP TDBUIJOH JO EJDUNFOUT PG $IJOB T XIPMFTBMF FNCSBDF PG XFBMUI BOE DPOTVNFSJTN QPTU SFGPSN BOE PQFOJOH :V )VB T

BOE UXP WPMVNF CFTUTFMMFS #SPUIFST

"(&/%"

B NPEFSO FQJD PG TVGGFSJOH BOE TFMG JOEVMHFODF UIBU GPMMPXT UXP CSPUIFST EJWFSHFOU QBUIT BOE GBUFT UISPVHI UIF $VMUVSBM 3FWPMVUJPO VOUJM UIF QSFTFOU EBZ GBMMT JOUP UIJT DBUFHPSZ TP EPFT .B +JBO T

KBSSJOH OPWFM #FJKJOH $PNB

B EFUBJMFE BOE ESBNBUJD BDDPVOU PG UIF FWFOUT PG UIF VQIFBWBM PG UIF MBUF T UPME GSPN UIF Q F S T Q F D U J W F P G B T U V E F O U M F B E F S X I P I B T C F F O U S B Q Q F E JO B DPNB GPS UIF QBTU EFDBEF 5IF TFDPOE DBUFHPSZ JODMVEFT SBDZ HSBQIJD DPOGFTTJPOBM OPWFMT XSJUUFO CZ ZPVOH $IJOFTF XPNFO BOE CSBOEFE CZ BVUIPSJUJFT BT PCTDFOF BDDPVOUT QSPNPUJOH iTQJSJUVBM QPMMVUJPO u .JBO .JBO T

BVUPCJPHSBQIJDBM OPWFM -B -B -B

BOE VOEFS HSPVOE IJU $BOEZ BT XFMM BT ;IPV 8FJIVJ T

TFNJ BVUPCJP

5)6 '&# Ŧ 8&% ."3

%.

4POH 2JBOH )VBOH +JTV 4POH 9JBPKVO 8BOH 9JBPEPOH BOE -JV :BOH

$IJOB $BO 4BZ /P B DPNQJMBUJPO PG FTTBZT NPEFMFE PO 5PLZP HPWFS OPS 4IJOUBSP *TIJIBSB T OBUJPOBMJTU USBDU 5IF +BQBO UIBU $BO 4BZ /P QSP NPUFE BO BOUJ "NFSJDBO BOUJ +BQBOFTF JEFPMPHZ SPPUFE JO UIF DPOWJDUJPO UIBU UIF 6 4 IBT BEPQUFE B i$IJOB DPOUBJO NFOU TUSBUFHZu UIBU IBT QSFWFOUFE $IJOB GSPN BUUBJOJOH UIF QSPNJOFODF JU EFTFSWFT PO UIF JOUFSOBUJPOBM TUBHF *UT TFRVFM 6OIBQQZ $IJOB BMTP USBOTMBUFE BT $IJOB *T 6OIBQQZ XIJDI TPME PWFS DPQJFT BOE UPQQFE UIF CFTUTFMMFS MJTU JO JUT ñSTU NPOUI UPPL UIBU BSHVNFOU UP B OFX MFWFM XSJUJOH UIBU $IJOB TIPVME DBTU Pí UIF TIBDLMFT PG GPSFJHO DSJUJDJTN BOE EJTEBJO HSPX PVU PG JUT iXFBL OBUJPO T QTZDIPMPHZ u BOE BTTFSU JUTFMG BT B HMPCBM IFHFNPO *O TQJUF PG UIFTF CPPLT CFTUTFMMFS TUBUVT TPNF $IJOFTF OFXTQBQFSTÂ&#x2021; MJLFMZ TFFLJOH UP EJTUBODF UIFNTFMWFT GSPN UIF BVUIPST DPOUSPWFSTJBM TUBODF PO $IJOB T GPSFJHO SFMBUJPOT BOE DPOUSPM B TUSBJO PG OBUJPOBMJTN UIBU IBT UIF QP UFOUJBM UP UISFBUFO UIF EPNFTUJD QPMJUJDBM

TUBUVT RVPÂ&#x2021;IBWF EPXOQMBZFE 6OIBQQZ $IJOB T JOGMVFODF 4IPSUMZ BGUFS JU XBT QVCMJTIFE UIF 4IBOHIBJ %BJMZ RVJQQFE UIBU 6OIBQQZ $IJOB IBE iGBJMFE UP TUSJLF B DIPSE BNPOH BWFSBHF $IJOFTFu TJNJ MBSMZ B 9JOIVB BSUJDMF RVPUFE B QSPGFTTPS XIP GPVOE UIF CPPL iUPP FYUSFNF u 4UJMM 6OIBQQZ $IJOB IBT DPOUSJCVUFE UP B OBUJPOBM EFCBUF BCPVU UIF SPMF UIBU $IJOB TIPVME QMBZ PO UIF XPSME TUBHF BOE IBT FODPVSBHFE UIF WJFX UIBU UIF ñOBODJBM DSJTJT QSPWJEFT $IJOB XJUI B DSJU JDBM PQQPSUVOJUZ UP FYQBOE JUT JOóVFODF $VSSFODZ 8BST 4POH )POHCJOH

5IJT CPPL B NFNCFS PG UIF HSPXJOH iFDPOPNJD OBUJPOBMJTUu HFOSF UP XIJDI 6OIBQQZ $IJOB BMTP CFMPOHT FYQFSJFODFE B SFWJWBM JO MBUF BT UIF 6 4 CFHBO UP JODSFBTF QSFTTVSF PO $IJOB UP PQFO JUT ñOBODJBM TZTUFN BOE BMMPX UIF ZVBO UP GMPBU $VSSFODZ 8BST BOE B TFRVFM DSFBUJWFMZ UJUMFE $VSSFODZ 8BST DBUBQVMUFE UP UIF UPQ PG UIF OBUJPO T CFTUTFMMFS MJTU BOE IBT SFQPSUFEMZ CFFO SFBE CZ TFOJPS $IJOFTF QPMJUJDBM BOE CVTJOFTT MFBEFST 4POH )POHCJOH T UIFTJT CFBST BMM UIF NBSLT PG B DPOTQJSBDZ UIFPSZ )F BSHVFT OPU POMZ UIBU UIF 6 4 'FEFSBM 3FTFSWF JT VMUJNBUFMZ VOEFS UIF DPN NBOE PG UIF 3PUITDIJME CBOLJOH EZ OBTUZ CVU BMTP UIBU UIF 3PUITDIJMET DPOUSPM PG NPOFZ JTTVBODF PWFS UIF QBTU ZFBST IBT CFFO UIF SPPU DBVTF PG NBKPS XPSME FWFOUT SBOHJOH GSPN UIF #BUUMF PG 8BUFSMPP UP UIF SJTF PG "EPMG )JUMFS UP UIF "TJBO ñOBODJBM DSJTJT :FU VOMJLF UIF BTTFSUJPOT PG 6O IBQQZ $IJOB T BVUIPST 4POH T QPMJDZ SFDPNNFOEBUJPOT XIJDI JODMVEF SFEVD JOH $IJOB T GPSFJHO SFTFSWFT JO 6 4 EPMMBS BTTFUT BOE SFTJTUJOH 6 4 DPOUSPM PG UIF JO UFSOBUJPOBM ñOBODJBM TZTUFN IBWF TUSVDL B DIPSE XJUI B #FJKJOH FBHFS UP JODSFBTF $IJOB T XFJHIU JO HMPCBM FDPOPNJD BíBJST

JOHUPO T EFQMPZNFOU PG BOUJ NJTTJMF TZTUFNT BSPVOE $IJOB T QFSJQIFSZ GPSNT B DSFTDFOU TIBQFE <SJOH PG > FODJSDMFNFOUu UIBU TUSFUDIFT GSPN +BQBO UISPVHI 5BJXBO UIF 4PVUI $IJOB 4FB BOE *O EJB UP "GHIBOJTUBO "MUIPVHI GPSNFS $IJOFTF "NCBTTBEPS UP *OEJB 1FJ :VBOZJOH FYQMBJOFE JO B 'FCSVBSZ $IJOB %BJMZ BSUJDMF UIBU UIF 6 4 iQPMJDZ PG FOHBHFNFOU QMVT DPOUBJONFOU XJUI $IJOBu JT OPUIJOH OFX %BJ JT BT WPDBM BT IF JT QSPWPDBUJWF BOE IBT TVDDFFEFE JO CVJMEJOH BO JNQSFT TJWF SFBEFS CBTF JO $IJOB UISPVHI CPUI IJT CPPL BOE IJT CMPHÂ&#x2021;JO PUIFS XPSET IJT SBEJDBM XBSOJOHT UIBU XBS XJUI UIF 6 4 XJUIJO UXFOUZ ZFBST JT JOFWJUBCMF VOEPVCUFEMZ IBWF BO BVEJFODF 5IF $IJOB %SFBN 5IF (SFBU 1PXFS 5IJOLJOH BOE 4USBUFHJD 1PTJUJPOJOH PG $IJOB JO UIF 1PTU "NFSJDBO "HF

8IJMF OPU BT PVUMBOEJTI PWFSBMM BT $PMPOFM %BJ T $ 4IBQFE &ODJSDMFNFOU 1FPQMF T -JCFSBUJPO "SNZ 1-" 4FOJPS $PMPOFM BOE /BUJPOBM %FGFOTF "DBEFNZ QSPGFTTPS -JV .JOHGV T CFTUTFMMFS 5IF $IJOB %SFBN FDIPFT %BJ T DPODFSOT BCPVU 6 4 DPOUBJONFOU PG $IJOB iBT MPOH BT $IJOB TFFLT UP SJTF UP CFDPNF XPSME OVNCFS POF u XIJDI IF XSJUFT JT i$IJOB T CJH HPBM JO UIF TU DFOUVSZ u .PSF FYQMJDJUMZ BOE CPMEMZ UIBO UIF BVUIPST EJTDVTTFE BCPWF -JV DIBS BDUFSJ[FT UIF 6 4 $IJOB SFMBUJPOTIJQ BT B iDPNQFUJUJPO UP CF UIF MFBEJOH DPVOUSZ B DPOóJDU PWFS XIP SJTFT BOE GBMMT UP EPNJOBUF UIF XPSMEu VOTVSQSJT JOHMZ IF BTTFSUT UIBU $IJOB NVTU XJO UIJT DPNQFUJUJPO PO BMM GSPOUTÂ&#x2021;BOE GPS UIBU $IJOB NVTU JODSFBTF OPU POMZ JUT FDPOPNJD TUSFOHUI CVU BMTP JUT NJMJUBSZ QPXFS "MUIPVHI -JV JT OPU B HPWFSO NFOU NPVUIQJFDF 5IF $IJOB %SFBN NBZ SFóFDU UIF UIJOLJOH PG BO JNQPS UBOU GBDUJPO PG FMJUF PQJOJPOÂ&#x2021;UIF 1-"

-JV .JOHGV

8SJUUFO CZ "TUSJE 4UVUI

$ 4IBQFE &ODJSDMFNFOU $IJOB T #SFBLUISPVHI VOEFS %PNFTUJD 1SPCMFNT BOE 'PSFJHO "HHSFTTJPO

%BJ 9V

-JLF 4POH )POHCJOH $IJOFTF "JS 'PSDF DPMPOFM BOE MFBEJOH IBXL JO UIF $IJOFTF NJMJUBSZ %BJ 9V TQFDJBMJ[FT JO DPOTQJSBDZ UIFPSJFT 5IF DMBJNT JO IJT CPPL $ 4IBQFE &ODJSDMFNFOU IPXFWFS GPDVT OPU PO UIF IJEEFO OBUVSF PG "NFSJDBO EPNJOBODF PWFS UIF HMPCBM FDPOPNJD PSEFS CVU PO "NFSJDB T JOTJEJPVT NJMJ UBSZ TUSBUFHZ %BJ CFMJFWFT UIBU i8BTI

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

4)014

53: 5)&4&

(BEHFUT GPS FWFSZ TFOTJCJMJUZ BU 4VEBO

&MFDUSPOJDT

4VOEBO "GUFS HFUUJOH TQPJMFE CZ BMM UIF EB[[MJOH TUPSFT BOE SFTUBVSBOUT JO 4BOMJUVO 7JMMBHF 4PVUI ZPV NJHIU KVTU BT XFMM JOEVMHF ZPVSTFMG JO TPNF EJHJUBM HBEHFUT )JHI RVBMJUZ QSPEVDUT FYUFOTJWF TFMFDUJPO BOE QSPGFTTJPOBM TFSWJDF EJTUJOHVJTI 4VOEBO GSPN JUT DPNQFUJUPST BOE QSPEVDUT SBOHF GSPN :BP.JOHr.POTUFS IFBEQIPOFT 3.# UP UIF $BOPO &04 % DBNFSB 3.# 4VOEBO BMMPXT ZPV UP UFTU BMM HBEHFUT MBQUPQT DBNFSBT NPCJMF QIPOFT IPNF BQQMJBODFT FUD

TP TBZ GBSFXFMM UP IFBEBDIFT DBVTF CZ CBSHBJOJOH BOE MBDL PG XBSSBOUJFT

8IJMF ZPV SF JO UIF OFJHICPSIPPE USFBU ZPVSTFMG B UBJMPS NBEF TBOEXJDI BU 1BOJOP 5FDB CFGPSF FWPLJOH ZPVS PMGBDUPSZ NFNPSJFT JO %FNFUFS 'SBHSBODF -JCSBSZ

"(&/%"

5)6 '&# Ŧ 8&% ."3

$/.':()-%. 7!)$!*)% 8).$/.' 2/!$

%BJMZ BN QN 4-( 4 4BOMJUVO 7JMMBHF $IBPZBOH %JTUSJDU

%BJMZ BN QN ' #FJKJOH 3BGGMFT $JUZ %POHDIFOH %JTUSJDU

%BJMZ BN QN # 2JOHOJBO 3PBE +PZ $JUZ +64$0 $IBPZBOH %JTUSJDU

XXX TVOEBO DPN

'/.'4)"%) 2/!$

%.

!'2)#5,452!, %8()")4)/.

34!4)/.

35.$!.

0!.)./ 4%#! $%-%4%2 &2!'2!.#% ,)"2!29

45!.*)%(5 34!4)/.

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

5)& -*45

8BOHGVKJOH #PPLTUPSF 5IJT JT POF PG UIF DJUZ T MBSHFTU BOE NPTU DPNQSFIFOTJWF CPPLTUPSFT "T ZPV NBLF ZPVS XBZ VQ UIF TUBJST UP UIF UIJSE รณPPS ZPV XJMM รฑOE B HSFBU TFMFDUJPO PG CPUI $IJOFTF BOE &OHMJTI MBOHVBHF CPPLT -FDUVSFT JO $IJOFTF

BSF IFME PO UIF TJYUI รณPPS %BJMZ BN QN 8BOHGVKJOH %BKJF %POHDIFOH %JTUSJDU

-JCSBSJFT -FOEJOH -JCSBSJFT $BQJUBM -JCSBSZ 8IJMF JUT SBOHF PG GPSFJHO MBOHVBHF CPPLT JT OPU BT JNQSFTTJWF BT UIF /BUJPOBM -JCSBSZ T JU EPFT PรญFS GPSFJHOFST UIF PQUJPO PG CPSSPXJOH CPPLT 3.# UP CPSSPX B CPPL 3.# EFQFOEJOH PO UZQF PG NFNCFSTIJQ "DDFTT UP GPSFJHO MBOHVBHF NBHB[JOFT BOE QFSJPEJDBMT -FDUVSFT PO UIF XFFLFOET %BJMZ BN QN %POHTBOIVBO /BOMV $IBPZBOH %JTUSJDU

'FFMJOH MJUFSBSZ (SBC B CPPL BU ZPVS MPDBM MJCSBSZ PS CPPLTUPSF

)"7& :063 #00,4 "/% 3&"% 5)&. 500

#FJKJOH T CFTU QMBDFT UP CVZ BOE CPSSPX CPPLT 8IFUIFS ZPV BSF B CPPLXPSN PS KVTU MPPLJOH GPS B XBSN QMBDF UP DVSM VQ XJUI B HPPE CPPL "HFOEB IBT GPVOE UIF CFTU CPPLTUPSFT JO UPXO XIFSF ZPV DBO EP KVTU UIBU #FJKJOH #PPL #VJMEJOH 5IF TUBรญ JT รณVFOU JO &OHMJTI BOE IBQQZ UP IFMQ ZPV TFBSDI GPS B QBSUJDVMBS UJUMF %JDUJPOBSJFT BOE CPPLT SFMBUFE UP MFBSOJOH $IJOFTF MBOHVBHF DBO BMTP CF GPVOE PO UIF UIJSE รณPPS %BJMZ BN QN 9JDIBOH BO +JF SJHIU OFBS 9JEBO TVCXBZ TUBUJPO

9JDIFOH %JTUSJDU

'PSFJHO -BOHVBHFT #PPLTUPSF )FSF ZPV MM รฑOE MPDBMMZ QVCMJTIFE GPSFJHO MBOHVBHF CPPLT PO UIF รฑSTU รณPPS TIFFU NVTJD CPPLT PO UIF รฑGUI รณPPS BOE PO UIF SFDFOUMZ PQFOFE TJYUI รณPPS B UFBTIPQ BOE TBMF CPPLT %BJMZ BN QN 8BOHGVKJOH %BKJF %POHDIFOH %JTUSJDU

.P@#PY #PPL 5IF TR NFUFS TIPQ DBSSJFT PWFS UJUMFT GSPN BSPVOE UIF XPSME XJUI BSPVOE BMPOF GSPN PWFSTFBT UIF 6OJUFE 4UBUFT +BQBO 'SBODF 4XFEFO BOE *TSBFM 5IFSF T BMTP B HBNF [POF GPS LJET BOE B SFMBYBUJPO [POF GPS BEVMUT XJUI GSFF XFFLMZ NPWJF TDSFFOJOHT

"(&/%"

BOE FYIJCJUJPOT $IJOFTF CPPLT DPTU 3.# BOE BCPVU 3.# GPS NPTU GPSFJHO MBOHVBHF CPPLT %BJMZ BN QN /P $IFOHGV 3PBE )BJEJBO %JTUSJDU

5SFOET -PVOHF 5IJT TUZMJTI CPPL CBS BOE DBGF GFBUVSFT B XJEF TF MFDUJPO PG JOUFSOBUJPOBM BSU EFTJHO BOE BSDIJUFDUVSF CPPLT 5IFSF BSF QMFOUZ PG DPNGPSUBCMF BSFBT UP IJEF ZPVSTFMG BXBZ XIJMF SFBEJOH B HPPE CPPL 5SFOET -PVOHF BMTP IBT BO JNQSFTTJWF SBOHF PG NBHB[JOFT BOE CPPLT BOE EFDFOU &OHMJTI MBOHVBHF TFMFDUJPO %BJMZ BN QN - ' 5SFOET #MEH DPOOFDUFE UP 5IF 1MBDF T OPSUI CVJMEJOH (VBOHIVB -V $IBPZBOH %JTUSJDU

5JNF[POF #PPLTUPSF 5IJT DIJD BSU CPPLTUPSF TFMMT BSU FYIJCJUJPO BOE EFTJHO CPPLT GSPN B SBOHF PG $IJOFTF BOE JOUFSOB UJPOBM QVCMJTIFST JODMVEJOH JUT PXO 5JNF[POF MBCFM *U BMTP GFBUVSFT B TVSQSJTJOHMZ HPPE DBGF SFTUBVSBOU BOE TNBMM HBMMFSZ TQBDF 0O 4BUVSEBZT UIFZ QMBZ IPTU UP SFHVMBS CPPL UBMLT %BJMZ BN QN %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU

5)6 '&# ลฆ 8&% ."3

5IF #PPLXPSN " DBGร &VSPQFBO CJTUSP MFOEJOH MJCSBSZ BOE CPPLTIPQ BMM JO POF UIJT QMBDF IBT CFFO B QFSFOOJBM GBWPSJUF BNPOH FYQBUT TJODF JUT PQFOJOH JO 5IJT TMFFL CPPLTUPSF IBT UIF CFTU TFMFDUJPO PG &OHMJTI MBOHVBHF CPPLT BOE NBHB[JOFT JO UPXO 2VJ[ OJHIU FWFSZ .POEBZ BU QN .PO 4BU BN QN 4VO BN QN 5IF 'JSTU $PVSUZBSE )FHF[IVBOH 7JMMBHF 4IVOZJ %JTUSJDU

%BJMZ BN BN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

5IF #PPL.BSL #FJKJOH T MBSHFTU .VMUJ MBOHVBHF MFOEJOH MJCSBSZ TUPDLT QMFOUZ PG &OHMJTI BOE GPSFJHO MBOHVBHF CPPLT GPS UIF XIPMF GBNJMZ 5IF #PPLNBSL IBT B XPOEFSGVM DPMMFDUJPO PG DIJMESFO T CPPLT BOE IPTUT DPNNVOJUZ BDUJWJUJFT MJLF NPWJF OJHIUT SFBEJOH HSPVQT BOE FWFO *5 XPSLTIPQT 4UPSZ UJNF GPS ZPVOH SFBEFST XJUI JOUFHSBUFE BSUT BDUJWJUJFT IFME PO 4BU NPSOJOH BU BN .FNCFST HFU QFSDFOU Pรญ BU UIF 4NBMMWJMMF DBGร 3.# GPS B POF ZFBS NFNCFSTIJQ 8FE 4BU BN QN ,BJGB +JF CFUXFFO .T 4IBOFO T #BHFMT BOE 4NBMMWJMMF $BGร 9JCBJYJO[IVBOH )PVTIBZV 4IVOZJ %JTUSJDU

5IF 3PWJOH #PPL $MVC 5IJT JT POMJOF MFOEJOH MJCSBSZ JT TUJMM EFWFMPQJOH CVU XF IBWF PVS IPQFT VQ GPS OFYU XJOUFS

IUUQ UIFSPWJOHCPPL DMVC XFCOPEF DPN $PNQJMFE CZ .BSMB 'POH

%.

5)& -*45

#FDBVTF FWFSZPOF MPPLT TFYJFS JO HMBTTFT

1&&1&3

)FMQ XIFO ZPV WF SVJOFE ZPVS FZFT SFBEJOH BOE MPPLJOH BU TDSFFOT BMM EBZ 4P ZPV WF HPOF BOE SVJOFE ZPVS FZFTJHIU QMBZJOH WJEFPHBNFT BOE TUBZJOH VQ MBUF SFBEJOH XJUIPVU QSPQFS MJHIUJOH -VDLJMZ UIFSF T IFMQ BOE #FJKJOH JT CVTUMJOH XJUI IJHIMZ RVBMJñFE PQUPNFUSJTUT UP USFBU XIBU BJMT ZPV "HFOEB UPPL B HPPE MPPL BSPVOE BOE GPVOE UIFN GPS ZPV

#FJKJOH *OUFDI &ZF )PTQJUBM 0OF PG UIF MFBEJOH FZF DFOUFST JO #FJKJOH UIJT DMJOJD EFBMT XJUI FWFSZUIJOH FZF SFMBUFE GSPN TJNQMF DIFDL VQT UP NBKPS TVSHFSZ 8JUI GPSFJHO BOE $IJOFTF TUBí UIFZ #BPEBP 0QUJDBM *G ZPV BMTP QSPWJEF GSFF PS IFBWJMZ TVCTJEJ[FE EPO U USVTU ZPVS FZFTJHIU UP UIF USFBUNFOU GPS UIF EJTBCMFE FMEFSMZ NBSLFUT WJTJU UIJT SFMJBCMF PQFSBUJPO BOE PSQIBOFE DIJMESFO JO BEEJUJPO UP XIJDI IBT B CJH TFMFDUJPO BOE DBO PSHBOJ[JOH NFEJDBM UFBNT UP QSPWJEF DSBGU MFOTFT JO BCPVU IPVST 'SBNFT BTTJTUBODF UP SFNPUF BSFBT PG $IJOB OPU JODMVEJOH MFOTFT TUBSU BU 3.# 5IF 7*1 DMJOJD IBT &OHMJTI TQFBLJOH .BOZ MPDBUJPOT BSPVOE UPXO %BJMZ TUBí NBOZ USBJOFE PWFSTFBT BOE BN QN 3N #MEH +JBOXBJ GBNJMZ PQIUIBMNPMPHJTUT %BJMZ BN 4PIP %POHTBOIVBO ;IPOHMV QN ' 1BOKJBZVBO 1MB[B $IBPZBOH %JTUSJDU

1BOKJBZVBO /BOMJ $IBPZBOH %JTUSJDU BT

XFMM BT NBOZ NBOZ PUIFS MPDBUJPOT #FJKJOH )VBEF &ZF )PTQJUBM 8JUI ñWF EJíFSFOU DMJOJDT BOE TQFDJBMJTUT GSPN NBOZ ñFMET JO PQIUIBMNPMPHZ ZPV SF TVSF UP ñOE TPNFPOF IFSF UP TVJU ZPVS OFFET 5IFZ IBWF UIF MBUFTU UFDIOPMPHZ JODMVEJOH FRVJQNFOU GPS MBTFS FZF TVSHFSZ BOE QIBDPFNVMTJñDBUJPO GPS DBUBSBDU FZF TVSHFSZ %BJMZ BN OPPO QN $IBPZBOH #FJMV $IBPZBOH %JTUSJDU

#FTU 7JTJPO 5BJXBOFTF SVO FZF DMJOJD BOE PQUPNFUSJTU UIBU PíFST B SBOHF PG TQFDJBMJ[FE FZF DBSF #FTU WJTJPO JT IJHIMZ TQFDJBMJ[FE JO USFBUJOH NZPQJB BOE JT UIF POMZ DMJOJD JO #FJKJOH UIBU PíFST BO BMM MBTFS CMBEF GSFF MBTJL TVSHFSZ .PO 4BU BN QN 4VO BN QN ' #MVF $BTUMF *OUFSOBUJPOBM $FOUFS #MEH 9JEBXBOH -V $IBPZBOH %JTUSJDU

%.

%BNJOH 0QUJDBM %BNJOH 0QUJDBM XBT GPVOEFE JO BOE JT POF PG UIF NPTU GBNPVT FZF DBSF FOUFSQSJTFT IFSF JO #FJKJOH 5IFZ PíFS PQUPNFUSZ TFSWJDFT BOE MFOT ñUUJOH TFSWJDFT UP DMJFOUT $POTVMUBUJPO GFF 3.# (MBTTFT TUBSU BU 3.# GPS GSBNFT BOE 3.# GPS MFOTFT %BJMZ BN QN 8BOHGVKJOH %BKJF %POHDIFOH %JTUSJDU

BT XFMM BT PUIFS MPDBUJPOT +BNFT $IBSMFT 0QUPNFUSJTU +BNFT $IBSMFT JT BO "VTUSBMJBO PQUPNFUSJTU XIP QSPWJEFT JOUFSOB UJPOBM PQUPNFUSZ TFSWJDF UP BEVMUT BOE DIJMESFO )F JT UIF ñSTU FYQBUSJBUF PQUPNFUSJTU UP CF SFHJTUFSFE JO $IJOB BT XFMM BT UIF ñSTU UP PQFSBUF B QSJWBUF PQUPNFUSZ QSBDUJDF 'SJFOEMZ &OHMJTI TQFBLJOH TUBí XJUI $IJOFTF TUBí BMTP BWBJMBCMF .PO 4BU BN QN 3PPN ,VOTIB $FOUFS 9JOZVBOMJ $IBPZBOH %JTUSJDU

$PNQJMFE CZ .BSMB 'POH

5)6 '&# Ŧ 8&% ."3

"(&/%"

5)& -*45

5IFTF MJUUMF CJSET SFBMMZ IBUF UIBU ZPV SF TUSFTTFE TP SFMBY BOE MFU UIFN IFMQ

1-": 5*.&

(SFBU HBNFT UP QMBZ XIFO ZPV SF TJDL PG SFBEJOH 3FBEJOH iLOJUUJOHu ZPVS 8FJCP GFFE UXJU UFSJOH BOE BMM UIPTF UIJOHT VTJOH XPSET BSF HSFBU CVU MFU T GBDF JU m TPNFUJNFT QFPQMF TVíFS GSPN TFNBOUJD GBUJHVF *G ZPV SF TJDL PG EFBMJOH XJUI UIFTF MFUUFSFE EFNPOT PG UIF NPEFSO BHF UIFSF JT IPQF BOE "HFOEB FEJUPST XPVME MJLF UP UIBOL ZPV GPS HJWJOH UIFN UIF PQQPSUVOJUZ UP QMBZ BU XPSL "OHSZ #JSET 5IF QSFNJTF JT TJNQMF VTF B TMJOHTIPU UP QSPQFM B WBSJFUZ PG CJSET BU UIF FWJM HSFFO QJHT UIBU IBWF CFFO iQPBDIJOHu ZPVS FHHT *U TPVOET QPUFOUJBMMZ TUVQJE BOE CPSJOH BOE * QFSTPOBMMZ IFME PVU GPS NPOUIT CFGPSF EPXOMPBEJOH JU CVU UIFSF JT B SFBTPO UIJT HBNF IFME TUFBEZ BT UIF NPTU QPQVMBS EPXOMPBE PO J5VOFT GPS TFWFSBM NPOUIT BOE UIBU JT UIBU JU DPNCJOFT UIF TNBTI JU VQ OBUVSF PG UIJT HBNF XJUI USJDLZ NB[F MJLF TUSVDUVSFT UIBU POF IBT UP CSFBL UISPVHI JO PSEFS UP TNBTI UIPTF QFTLZ HSFFO PJOLFST DIBMMFOHJOH CPUI ZPVS JOUFMMFDU BOE ZPVS CBTF EFTJSF GPS EFTUSVDUJPO 64% 3PMBOEP " QFSGFDU HBNF GPS ñEHFUFST UIF HPBM PG UIJT HBNF JT UP SFTDVF UIF CVNCMJOH SPZBM GBNJMZ PG 3PMBOEPMBOE UISPVHI B WBSJFUZ PG JOOPWBUJWF UJMU UBQ BOE NVMUJ UPVDI DPOUSPMT TFU JO BO JSSFTJTUJCMZ BEPSBCMF QV[[MF MBOETDBQF 5BTLT JODMVEF TPMWJOH QIZTJDT QV[[MFT BOE NBTUFSJOH UJNJOH BOE CBMBODF UP FWBEF UFSSJGZJOH ZFU BEPSBCMF FOFNJFT BMM XIJMF HSPPWJOH UP B QPQQZ TPVOE USBDL (SFBU GPS UIPTF XJUI BO BUUFOUJPO TQBO BOE XIP DSBWF B SFBM NFOUBM DIBMMFOHF CVU UFSSJCMF GPS UIPTF XJUI NPUJPO TJDLOFTT 64% 4IJGU *G ZPV SF B GBO PG CMBDL BOE XIJUF

"(&/%"

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íFST TPMBDF JO JUT DMFBO BOE TUSBJHIUGPSXBSE OPU UP NFOUJPO JOUFMMFDUVBMMZ TUJNVMBUJOH IBCJUBU 64% 5BOHSBN 0OF PG $IJOB T ñSTU FYQPSUT UP &VSPQF UIJT EJTTFDUJPO HBNF IBT FOKPZFE QPQVMBSJUZ GPS IVOESFET PG ZFBST 5BOHSBN RJRJBPCBO

JO $IJOFTF DPOTJTUT PG TFWFO QJFDFT UIBU UIF QMBZFS BSSBOHFT JOUP EJíFSFOU TIBQFT HJWFO POMZ UIF PVUMJOF 4PVOE TJNQMF *U T OPU 5BOHSBN DIBMMFOHFT CPUI ZPVS TFOTF PG QSPQPSUJPO BOE ZPVS BCJMJUZ UP WJTVBMJ[F BOE XIJMF JU T B HBNF QPQVMBS XJUI QBSFOUT USZJOH UP UFBDI DIJMESFO UIFTF TLJMMT MJLF #MPDLT JU T BMTP B NFOUBMMZ TPPUIJOH HBNF GPS QFPQMF XIP XBOU UP CF FOUFSUBJOFE JO B DPOUSPMMFE FOWJSPONFOU 64% (MPX 1V[[MF $POOFDU UIF EPUT XJUIPVU DSPTTJOH PWFS BOZ MJOF NPSF

5)6 '&# Ŧ 8&% ."3

%.

UIBO PODF m UIBU T ZPVS NJTTJPO JO UIJT TJNQMF ZFU BEEJDUJOHMZ GSVTUSBUJOH HBNF UIBU JT JOUFMMFDUVBMMZ SFNJOJTDFOU PG 7FOFUJBO TPMJUBJSF 8IJMF UIF HBNF DPNFT POMZ JO POF DPMPS OFPO QJOL BHBJOTU B CMBDL CBDLHSPVOE BOE JUT TPVOEUSBDL TPVOET MJLF B .FUSPJE UIBU IBT CFFO QSJDLFE XJUI BO BDVQVODUVSF OFFEMF UIF TUSBJHIU GPSXBSE TIPSU MFWFMFE BOE TUJNVMBUJOH OBUVSF PG UIF HBNF NBLF JU B QFSGFDU XBZ UP FTDBQF GSPN UIF IVNESVN PG FWFSZEBZ MJGF FWFO JG JU T POMZ GPS ñWF NJOVUFT 'SFF *NQPTTJCMF " HBNF GPS UIF BESFOBMJOF KVOLZ TFFLJOH TJNQMJDJUZ UIF QSFNJTF JT TJNQMF IPQ ZPVS MJUUMF SFE TRVBSF PWFS B WBSJFUZ PG TJNQMF TQJLF BOE EJUDI PCTUB DMFT UP UIF UVOF PG B TJMMZ ZFU FOEFBSJOH FJHIUJFT UFDI TPVOEUSBDL 8IJMF TPNF NBOBHJOH FEJUPST NJHIU EFTQJTF UIJT HBNF BOE DPOUBDU MFOT XFBSFST BSF TVSF UP QPQ B MFOT PS UXP EVF UP MBDL PG CMJOLJOH UIF TJNQMF BOE RVJDL ñSF BDUJPO PG UIJT HBNF FBSOT JU BDDPMBEFT BNPOH JOUFSOFU SFWJFXFST 'SFF 4VEPLV 6OMFTT ZPV WF CFFO JO B DPNB GPS UIF QBTU GFX ZFBST ZPV LOPX XIBU 4VEPLV JT BOE XIJMF UIF SVMFT ñMM B OJOF CZ OJOF HSJE XJUI EJHJUT TP UIBU FBDI DPMVNO FBDI SPX BOE FBDI PG UIF OJOF UISFF CZ UISFF CPYFT DPOUBJOT BMM PG UIF EJHJUT GSPN POF UP OJOF XJUI PVU SFQFBUJOH XJUIJO UIF TBNF CPY SPX PS DPMVNO UIF KPZ PG EPXOMPBEJOH UIJT HBNF UP ZPVS NPCJMF EFWJDF JT UIBU ZPV BSF OP MPOHFS BOE XJMM OFWFS BHBJO CF GSBOUJDBMMZ SVCCJOH FSBTFS QJMM Pí ZPVS CMBDL TVJU BT ZPV SVTI JOUP B NFFUJOH ñOBMMZ NBLJOH 4VEPLV BO FOKPZBCMF BOE QSBDUJDBM HBNF 'SFF BOE VQ $PNQJMFE CZ +FOOJGFS 5IPNÊ

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

)&"-5) #&"65:

53: 5)&4&

4FSFOJUZ BXBJUT BU 5IF 4QB

4QB

)JMUPO #FJKJOH 8BOHGVKJOH 4QB &TDBQF GSPN UIF รณVSSZ PG FWFSZEBZ MJGF BU 5IF 4QB BU )JMUPO #FJKJOH 8BOHGVKJOH B TFSFOF IBWFO XIPTF QSJWBUF SPPNT GFBUVSF UIF MBUFTU JO TQB UFDIOPMPHZ BT XFMM BT 7JDIZ TIPXFST XIFSF HVFTUT DBO MJF PO B CFE BOE MFU UIF GVMM CPEZ DBTDBEF PG XBUFS QVMTF BXBZ BMM UIFJS GBUJHVFT BOE QBJOT XJUI B SFCBMBODJOH PSHBOJD CPEZ XSBQ UP รฑOJTI JU Pรญ "MM USFBUNFOUT BSF IBSNPOJ[FE XJUI UIF IJHIMZ TPVHIU BGUFS TLJODBSF MJOF GSPN $PNGPSU ;POF %BJMZ BN QN ' )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH &BTU 4USFFU %POHDIFOH %JTUSJDU FYU

8IJMF ZPV SF JO UIF OFJHICPSIPPE FOHBHF JO TPNF TFSJPVT SFUBJM UIFSBQZ BU UIF 0SJFOUBM 1MB[B 8IFUIFS ZPV SF TFFLJOH GBNJMZ GVO [POF (PME 4USFFU NPEFSO Eร DPS BOE TUZMF [POF

MVYVSZ BOE CSBOE OBNF GBTIJPOT [POFT BOE IJQ DMPUIFT [POF 4JMWFS 4USFFU PS CPVUJRVFT UIF (SBOE (BMMFSZ UIF 01 IBT HPU ZPV DPWFSFE GSPN "DVQVODUVSF UP )VHP #PTT BOE 4IBOHIBJ 5BOH UP $FSVUUJ 3FGVFM EPXO UIF SPBE BU UIF "OHVT 4UFBL )PVTF PS UIF )JMUPO #FJKJOH 8BOHGVKJOH T 7BTDP T

"(&/%"

5)6 '&# ลฆ 8&% ."3

7!.'&5*).' $!*)%

4JHOBUVSF USFBUNFOUT JODMVEF UIF 4QSJOH &TTFOUJBMT TQB QBDLBHF &OKPZ B SFCBMBODJOH CPEZ XSBQ DPNQMFUF XJUI UPVDI UIFSBQZ PS B USBEJUJPOBM $IJOFTF NBTTBHF BOE GPPU BDVQSFT TVSF GPS 3.# UISPVHI "QSJM

$/.'3) 34!4)/. !.'53 34%!+ (/53%

$%.'3()+/5 34!4)/. (),4/. "%)*).' 7!.'&5*).' 30!

7!.'&5*).'

34!4)/.

%.

/2)%.4!, 0,!:!

$/.'$!.

34!4)/.

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

4105-*()5

GVMT PG OVUT FWFSZ EBZ (SFFO MFBGZ WFHFUBCMFT TVDI BT TQJOBDI BOE DBC CBHF BT XFMM BT MFHVNFT DBO SFQMFOJTI NJOFSBMT JOTJEF UIF CPEZ BOE IFMQ NPEFSBUF CSBJO DIFNJDBMT "OPUIFS UIJOH UIBU T HSFBU JT UP EFWFMPQ BO BD UJWF MJGFTUZMF $BSEJP XPSLPVU JODSFBTFT UIF IFBSU SBUF BOE JODSFBTFT DJSDVMBUJPO XIJDI LFFQT UIF CSBJO GSFTI

:BOH QSPNPUFT B IZCSJE PG &BTUFSO NFEJDJOF BOE 8FTUFSO TDJFODF

#3*()5 &:&% "/% #64): 5"*-&%

*WZ :BOH PG :4: .FEJDJOF 'PVOEBUJPO BOE UIF :POHTIV )FBMUI 'VOE 'PS NBOZ ZFBST *WZ :BOH IBT QSPNPU FE QVCMJD BXBSFOFTT PG OBUVSBM BOE QSFWFOUBUJWF MJGFTUZMFT JO UIF 6OJUFE 4UBUFT 4IF IBT SFDFOUMZ SFUVSOFE UP #FJKJOH UP XPSL PO TQSFBEJOH IFS NFTTBHF UP NPSF QFPQMF BOE UP QSP NPUF IFS DIBSJUZ QSPHSBN "HFOEB TUBSUFE PGG UIF ZFBS PG UIF SBCCJU CZ NFFUJOH XJUI :BOH UP MFBSO IPX UP TUBZ IFBMUIZ JO UIF OFX ZFBS 5FMM VT B MJUUMF CJU BCPVU ZPVSTFMG * D P O T J E F S N Z T F M G B T P D J B M FOUSFQSFOFVS m * N US ZJOH UP QSPNPUF $IJOFTF NFEJDJOF UISPVHI DIBSJUZ QSPHSBNT * IBWF BO .1" JO )FBMUI .BOBHFNFOU BOE 1PMJDZ GSPN $PMVNCJB BOE NZ XPSL FYQFSJFODF JO UIF QBTU XBT XJUI DIBSJUZ XPSL PSHBOJ[BUJPOT MJLF UIF 4VTBO ( ,PNFO #SFBTU $BODFS 'PVOEBUJPO * HSFX VQ JO B GBNJMZ PG EPDUPST UIBU QSBDUJDFE JOUFHSBUJWF $IJOFTF BOE 8FTUFSO NFEJDJOF XIJDI JT IPX * CFDBNF JOUFSFTUFE JO UIJT UPQJD 5ISPVHI NZ QSPGFTTJPOBM USBJOJOH BOE DPNNVOJUZ JOWPMWFNFOU JO UIF 4UBUFT * HBJOFE NPSF FYQPTVSF UP 5$. BOE XIJMF JU XBT HPPE UP TFF UIBU JU JT รณPVSJTIJOH JO UIF 4UBUFT JU XBT EJTBQQPJOUJOH UP TFF UIBU JU T PGUFO CFJOH QSBDUJDFE JODPSSFDUMZ

"(&/%"

5IJT JT XIBU JOTQJSFE NF UP QSPNPUF 5$. BT B TDJFOUJGJD QSBDUJDF BOE UP FOTVSF UIBU QFPQMF BSF HFUUJOH RVBMJUZ DBSF * DBNF CBDL UP $IJOB MBTU ZFBS UP QSPNPUF 5$. UISPVHI B TDJFOUJรฑD QMBUGPSN BOE UP JODSFBTF QFPQMF T BXBSFOFTT PG 5$. BOE JUT QIJMPTPQIZ /PXBEBZT PVS MJWFT SFWPMWF BSPVOE DPNQVUFS TDSFFOT %P ZPV IBWF BOZ TVHHFTUJPOT UIBU DBO IFMQ TUSFOHUIFO UIF FZFT 8IFO QFP QMF TQFOE UPP NVDI UJNF JO GSPOU PG UIF DPNQVUFS UIFZ UFOE UP HFU ESZ CVSOJOH BOE SFE FZFT 'PS ZPVOH QSPGFTTJPOBMT JU T CFUUFS UP USFBU UIJT QSPCMFN OBUVSBMMZ CZ MPPLJOH BXBZ GSPN UIF DPNQVUFS BOE HJWJOH FZFT B DIBODF UP SFMBY 5IJT IFMQT XJUI UIF รณVJE DJSDVMBUJPO JOTJEF UIF FZFT :PV DBO BMTP CVZ TNBMM HSFFO QMBOUT UP LFFQ BU ZPVS EFTL BOE EP FZF FYFS DJTFT B GFX UJNFT B EBZ UP JNQSPWF DJSDVMBUJPO BOE QMBDF B XBSN DMPUI PO ZPVS FZFT CFGPSF CFE UP GVSUIFS SFMBY ZPVS FZFT *T UIFSF BOZ XBZ UP VTF 5$. UP JODSFBTF PVS JOUFMMJHFODF /PU SFBMMZ CVU 5$. DBO IFMQ QSFWFOU NFNPSZ MPTT 0OF BQQSPBDI JT UP FBU UXP TQPPO

5)6 '&# ลฆ 8&% ."3

%.

$BO ZPV HJWF VT TPNF UJQT PO EBJMZ DVJTJOF UP QSPNPUF IFBMUI *O 5$.

UIF GPPE ZPV TIPVME FBU WBSJFT CZ UJNF PG ZFBS CVU HFOFSBMMZ TQFBLJOH * SFDPNNFOE TPVS WFHFUBCMFT BOE GSVJUT MJLF UPNBUPFT EJรญFSFOU LJOET PG CFSSJFT BOE MFNPO KVJDF BT UIFZ IFMQ XJUI EJHFTUJPO BOE MJWFS BOE HBMM CMBEEFS GVODUJPO BOE QSFWFOU JOรณBN NBUJPO XJUI UIFJS BMLBMJOF QSPQFSUJFT * BMTP SFDPNNFOE B OBUVSBM MJGFTUZMF UIBU JT CBMBODFE BOE NPEFSBUF 'JWF EJรญFSFOU DPMPST PG GPPE FBDI EBZ XJMM BDIJFWF UIF FรญFDU 8IBU DBO XF EP UP CFUUFS EFBM XJUI TUSFTT 'PMMPXJOH B TJNQMF i"#$%u BQ QSPBDI DBO IFMQ " TUBOET GPS BDDFTT QFPQMF TIPVME TFFL PVU GSJFOET GBNJMZ PS B QSPGFTTJPOBM UP IFMQ UIFN BD DFTT IF DBVTF PG UIFJS TUSFTT # TUBOET GPS CSFBUIJOH XIJDI DBMNT JOUFSOBM PSHBOT BOE UIF OFSWPVT TZTUFN $ TUBOET GPS DBSF BOE SFGFST UP QFPQMF UBLJOH QSFWFOUJWF TUFQT UP JNQSPWF UIFJS QIZTJDBM DPOEJUJPO TVDI BT HFUUJOH B NBTTBHF PS MFBSOJOH OFX IBCJUT % TUBOET GPS EJFU * SFDPNNFOE TPNF BMDPIPM VOEFS NM BCPVU UISFF UJNFT B XFFL UP IFMQ SFMFBTF iรฑSFu JOUFSOBM JOรณBNNBUJPO

5FMM VT B CJU BCPVU ZPVS DIBSJUZ XPSL 5IF :POHTIV )FBMUI 'VOE QSPWJEFT NFEJDBM TDIPMBSTIJQT BOE FODPVS BHFT FYDIBOHF BU $IJOFTF 8FTUFSO NFEJDBM DPOGFSFODFT 5IJOHT BSF HPJOH XFMM CVU QVCMJD IFBMUI JT B HSFBU DIBMMFOHF TP XF DPOUJOVF UP MPPL UP EJรญFSFOU JOEVTUSJFT GPS TVQQPSU *OUFSWJFX CZ "EFMJOF 8BOH :4: .FEJDJOF 'PVOEBUJPO 5IF 0รฎDF 1BSL 5PXFS $ 'MPPS +JOHIVBOBO 4USFFU $IBPZBOH %JTUSJDU

5)& -*45

1SFQBSFE "DPOJUF " QPXFSGVM ZBOH UPOJD 8IFO VTFE JO FYDFTT UIJT IFSC DBO CFDPNF UPYJD BOE PWFSIFBU UIF CPEZ BOE JT UIVT OFWFS VTFE BMPOF 1SFQBSFE "DPOJUF JT VTFE UP USFBU JOGFSUJMJUZ JNQPUFODF GSFRVFOU VSJOBUJPO BSUISJUJT BOE SIFVNBUJTN "MCJ[[JB 'MPXFS BOE #BSL 5IF "MCJ[[JB óPXFS BOE CBSL IBWF MPOH CFFO VUJMJ[FE CZ UIF $IJOFTF XIFO FYQFSJFODJOH FNPUJPOBM QSPCMFNT 5IJT JT BO FYDFMMFOU CPEZ TUBCJMJ[FS BOE IBT HSFBU DBMNJOH QSPQFSUJFT "MJTNB "MJTNB JT ZFU BOPUIFS $IJOFTF IFSC UIBU TUSFOHUIFOT XBUFS NFUBCPMJTN JO UIF CPEZ *U JT PGUFO VTFE UP ñHIU PCFTJUZ FTQFDJBMMZ GPS QFPQMF XIP UFOE UP DBSSZ FYDFTT XBUFS XFJHIU "MJTNB JT BMTP VTFE CZ QFPQMF XIP IBWF USPVCMF VSJOBUJOH BOE EJBCFUJDT

4PNF NZTUFSJFT PG $IJOFTF NFEJDJOF SFWFBMFE

$)*/&4& 80/%&3 )&3#4

4PNF PG UIF NPTU QPUFOU IFSCT IJEJOH JO UIPTF DBCJOFUT $IJOFTF IFSCT IBWF CFFO VTFE CZ UIF $IJOFTF GPS UIPVTBOET PG ZFBST UP DVSF EJTFBTFT CBMBODF BOE IBSNPOJ[F UIF CPEZ BOE JODSFBTF MPOHFWJUZ 4PNF $IJOFTF IFSCT BSF DPNNPO PUIFST BSF HVBSEFE DMPTFMZ CZ CPUI IFSCBMJTUT BOE HPWFSONFOU SFHVMBUJPOT CVU BMM PG UIFN BSF QPXFSGVM BOE XJMM CF VTFE NPSF BOE NPSF BT TDJFOUJñD TUVEJFT QSPWF UIFJS QPUFODZ 4P CSBDF ZPVSTFMG GPS B SFWJWBM PG UIFTF BODJFOU IFSCT JO UIF NPEFSO BHF BOE SFBE "HFOEB T HVJEF UP UIF CFTU IFSCT UP TVQFSDIBSHF ZPVS MJGF (JOTFOH " DPNNPO SPPU UIBU FOIBODFT IFBMJOH BOE SFKVWFOBUJPO HJOTFOH JT TBJE UP SFQMFOJTI CPEZ óVJET BOE EFQMFUFE FOFSHZ (JOTFOH BMTP IFMQT UP SFNPWF UPYJOT BOE TUJNVMBUFT TFY HMBOET #MBDL 3FE 3FJTIJ .VTISPPNT 5IFTF IFSCT BSF WBMVFE GPS IFMQJOH UP TUSFOHUIFO UIF JNNVOF TZTUFN FOIBODF UIF JNQBDU PG BOUJPYJEBOUT JODSFBTF XIJUF CMPPE DFMM WJUBMJUZ BOE IBWF BO PWFSBMM DBMNJOH FíFDU PO UIF CPEZ 3FJTIJ NVTISPPNT IBWF BMTP CFFO LOPXO UP IFMQ SFEVDF JOTPNOJB BOE GFNBMF TFYVBM EZTGVODUJPO -PUVT 4FFE 5IF -PUVT TFFE JT BOPUIFS JNQPSUBOU $IJOFTF IFSC UIBU UPOFT UIF TQMFFO BOE LJEOFZ BOE

IFMQT FBTF EJBSSIFB BOE TUJNVMBUF UIF BQQFUJUF -JDPSJDF 3PPU -JDPSJDF SPPU JT BOPUIFS XFMM SFDPHOJ[FE $IJOFTF IFSC CFDBVTF PG JUT EFUPYJñDBUJPO QPXFST *U JOWJHPSBUFT BOE DPPMT EPXO UIF CPEZ BU UIF TBNF UJNF BOE DBO BMTP CF VTFE BT B OBUVSBM TXFFUFOFS (JOLP #JMPCB 1SPCBCMZ UIF NPTU QPQVMBS JUFN PO UIJT MJTU HJOLP CJMPCB IBT HSFBU DVSBUJWF FíFDUT PO UIF MVOHT BOE UIF IFBSU *U BMTP ñHIUT DPVHIT BTUINB BOE DISPOJD JOóBNNBUJPO GSPN BMMFSHJFT BOE JNQSPWFT NFNPSZ &QIFESB 5IJT NBZ CF UIF XPSME T PMEFTU IFSC DVMUJWBUFE GPS NFEJDJOBM QVSQPTFT OFBSMZ ZFBST BHP *U ñHIUT BTUINB BOE TUJNVMBUFT CMPPE QSFTTVSF BOE IFBSU GVODUJPO &QIFESB JODSFBTFT UIF TFDSFUJPO PG BESFOBMJO BOE TUJNVMBUFT DFSUBJO HMBOET NVTDMFT BOE UJTTVF GVODUJPOT *U JT BMTP DPN NPOMZ VTFE JO EFDPOHFTUBOUT "TUSBMBHVT 5IJT JT BO IFSC UIBU IBT CFFO VTFE BT BO JNNVOJUZ CPPTUFS JO $IJOB GPS UIF MBTU ZFBST "TUSBMBHVT IFMQT JODSFBTF UIF JNQBJSFE JNNVOF GVODUJPO PG CMPPE DFMMT VQ UP BOE TPNFUJNF CFZPOE UIF OPSNBM DFMM DBQBDJUZ

%.

.BHOPMJB 'MPXFS 5IJT óPXFS TIBSFT B DMPTF SFTFNCMBODF UP UIF MJMZ BOE IBT B GVSSZ CVE *U JT VTFE UP DMFBS OBTBM PCTUSVDUJPOT PS DMFBS DPOHFTUJPO UP USFBU DISPOJD TJOVT QSPCMFNT "Q QMZJOH UIJT IFSC UP UIF OBTBM QBTTBHF EFDSFBTFT UIF QSPEVDUJPO PG NVDVT BOE IFODF JOIJCJUT TJOVT DPOHFTUJPO %POH 2BVJ %POH 2VBJ IBT CFFO VTFE GPS IVOESFET PG ZFBST BT B TQJDF UPOJD BOE NFEJDJOF JO $IJOB ,PSFB BOE +BQBO *O USBEJUJPOBM $IJOFTF NFEJDJOF JU JT NPTU PGUFO DPNCJOFE XJUI PUIFS IFSCT 4PNF XPNFO SFQPSU SFMJFG PG TZNQUPNT TVDI BT IPU óBTIFT XIFO UBLJOH JU BOE JU DBO BMTP CF UBLFO UP USFBU BNFOPSSIFB $PSEZDFQT 5IJT OBNF SFGFST UP UIF NVTISPPN FYUSBDU UIBU JT CF MJFWFE UP QSPNPUF XFJHIU MPTT CZ BMUFS JOH UIF CPEZ T BCJMJUZ UP CVSO GBU 5IF IFSC JT BMTP CFMJFWFE UP FOIBODF MVOH DBQBDJUZ CPPTU JNNVOJUZ TZTUFN BOE FOIBODF FOFSHZ MFWFM BOE TUBNJOB 4DIJTBOESB .BHOPMJB WJOF BMTP LOPXO BT 4DIJTBOESB JT B GBNPVT UPOJD IFSC IJTUPSJDBMMZ DPOTVNFE CZ $IJOFTF SPZBMUZ *U JT SFOPXOFE BT B CFBVUZ UPOJD BOE JT DPOTJEFSFE UP CF POF PG UIF CFTU BOUJ BHJOH ZPVUI QSFTFSWJOH IFSCT *U IBT CFFO POF PG UIF UPQ IFSCT VTFE GPS DFOUVSJFT UP NBLF UIF TLJO TPGU BOE SBEJBOU .PSVT "MCVT .VMCFSSZ CVJMET CMPPE OPVSJTIFT ZJO BOE NPJTUFOT UIF JOUFTUJOFT 5SBEJUJPOBMMZ VTFE JO $IJOB GPS QSFNBUVSF HSBZJOH PG IBJS CZ JODSFBTJOH ZPVS CPEZ T BCJMJUZ UP OPVSJTI JU 8SJUUFO CZ .BSMB 'POH

5)6 '&# Ŧ 8&% ."3

"(&/%"

5)& "(&/%" 5)634%": '&#

'3*%": '&#

4"563%": '&#

"MM %BZ UI *OUFSOBUJPOBM 5SBEFTIPX GPS 4QPSUT &RVJQNFOU BOE 'BTIJPO JO "TJB z

QN .BHJD .VTJD #PY

QN +PSEBO .JUDIFMM

$JSRVF EV 4PMFJM DP GPVOEFS (VZ $BSPO CSJOHT UIF NBHJD UP UIF NJEEMF LJOHEPN XJUI B TIPX UIBU CMFOET $IJOFTF BDSPCBUJDT XJUI UIF GBOUBTUJ DBM BOE QFSGPSNBODF ESJWFO DJSDVT DPODFQU 'FBUVSFT NVTJD CZ DPNQPTFS &MMB -PVJTF "MMBJSF 3.# &WFSZ 5VFTEBZ UISPVHI 'SJEBZ 5JBORJBP "DSPCBUJDT 5IFBUFS #FJXFJ -V 9VBOXV %JTUSJDU

4JOHFS BOE TPOHXSJUFS +PSEBO .JUDIFMM NJYFT PSJHJOBM GPML XJUI SFJOUFSQSFUFE DMBTTJDT 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB CPPLXPSN DPN

$IFDL PVU UIF MBUFTU JO TQPSUT FRVJQ NFOU BOE GBTIJPO GSPN PWFS CSBOET &WFOUT JODMVEF UIF *410 DIJOB #PVMEFSJOH $VQ UIF 8FBSBCMF 5FDIOPMPHJFT FYIJCJU UIF *410 $IJOB 8JOUFS 3VOOJOH 'FTUJWBM BOE UIF #BOí .PVOUBJO 'JMN 'FTUJWBM 8PSME 5PVS 4FF XFCTJUF GPS NPSF EFUBJMT 3.# GPS B UISFF EBZ QBTT $IJOB /BUJPOBM $POWFOUJPO $FOUFS 5JBODIFO &BTU 3PBE $IBPZBOH %JTUSJDU

XXX JTQPDIJOB DPN DO

56&4%": ."3

8&%/&4%": ."3

5)634%": ."3

QN "OOB 4VNNFST 5IF -PTU .PUIFS

BN #B ;J %FTUJOZ "OBMZTJT $PVSTF

'MBWPST PG 1PSUVHBM

5IF BDDMBJNFE BVUIPS PG 5IF &OE PG &RVBMJUZ BOE %BNOFE 8IPSFT BOE (PE T 1PMJDF TIBSFT UIF HSJQQJOH OBSSBUJWF PG IFS MBUFTU CPPL 5IF -PTU .PUIFS 4JMWFS 3PPN $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUI FBTU PG 2JBONFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

46/%": ."3

46/%": '&# BN 4U 3FHJT (BSEFO $PVSU #SVODI 5IF 4U 3FHJT TFSWFT B CSBTTFSJF TUZMF CVíFU GFBUVSJOH BO FYUSBWBHBOU DIBNQBHOF CSVODI PO 4VOEBZT BT XFMM BT BO PQFO LJUDIFO BOE MBSHF TFBGPPE TUBUJPO 3.# JODMVEFT GSFF óPX .VNN DIBNQBHOF "WBJM BCMF BN QN FWFSZ 4VOEBZ 4U 3FHJT )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU

"(&/%"

$IJOFTF GPSUVOF UFMMJOH LOPXO BT iGBUF DBMDVMBUJPOu TVBONJOH JO $IJOFTF IBT VUJMJ[FE NBOZ WBSZJOH EJWJOBUJPO UFDIOJRVFT UISPVHIPVU UIF EZOBTUJD QFSJPET 3.# QFS FJHIU TFTTJPOT 5IF DPVSTF JT JO B TNBMM HSPVQ PG GPVS PS ñWF QFPQMF BOE FBDI TFTTJPO MBTUT IPVST *O &OHMJTI $$$ $MVCT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH

BN QN "MM :PV $BO &BU %JN 4VN #SVODI i"MM :PV $BO &BU %JN 4VN #SVODIu JT BWBJMBCMF PO 4BUVSEBZT BOE 4VOEBZT GSPN BN UP QN 1SJDF TUBSUT GSPN 3.# QFS QFSTPO 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU

XXX TIBOHSJ MB DPN

5)6 '&# Ŧ 8&% ."3

%.

$IFGT GSPN SFOPXOFE i5SPNCB 3JKBu SFTUBVSBOU BSF CBDL JO #FJKJOH %JTDPWFS UIF óBWPST PG 1PSUVHVFTF DVJTJOF GSPN .BSDI BU 7BTDP T PO MFWFM PG )JMUPO #FJKJOH 8BOH GVKJOH UISPVHI B TQFDJBM MVODI BOE EJOOFS CVíFU QSJDFE BU 3.#

QFS QFSTPO JODMVEJOH GSFF óPX PG TPGU ESJOLT DIJMMFE KVJDFT BOE DPíFF UFB 7BTDP T )JMUPO 8BOHGVKJOH ' )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU

XBOHGVKJOH!IJMUPO DPN

.0/%": ."3 5IF *NQSFTTJPO PG )VJ[IPV +PJO )VBOHZJ GPS UIF JNBHJOBSZ TDFOFSZ UISPVHI IJT PXO QBJOUJOH MBOHVBHF XJUI EJíFSFOU NFEJB BOE CZ WBSJPVT TUSVDUVSFT 9:; (BMMFSZ % PG BSU DFOUFS %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJ

XXX YZ[BSUHBMMFSZ DPN

)*()-*()54 '03 5)& 8&&,4 0' 5)6 '&# Ŭ 8&% ."3 46/%": '&# QN * IBWF UIF 3JHIU UP %FTUSPZ .ZTFMG 5IF $POUJOVJOH 3FMFWBODF PG -JUFSBSZ /PJS $POTJEFSFE UIF NPTU UBMFOUFE BOE QSPMJñD ,PSFBO XSJUFS PG UIJT HFOFSBUJPO ,JN LJDLFE Pí IJT XSJUJOH DBSFFS XJUI * )BWF UIF 3JHIU UP %FTUSPZ .ZTFMG XJOOFS PG UIF QSFTUJHJPVT .VOIBL EPOHOF 1SJ[F 4JMWFS 3PPN $BQJUBM . ' 2JBO NFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBONFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJ KJOH DPN

'3*%": '&# QN 4FBGPPE $BSOJWBM %JWF JOUP LJOH DSBCT PZTUFST MPCTUFS DBWJBS BOE TBMNPO m IBWF JU TUFBNFE GSJFE PS SPBTUFE UP ZPVS UBTUF BU MJWF DPPLJOH TUBUJPOT 3.#

JODMVEJOH CFFS BOE XJOF QN &MFNFOUT )JMUPO #FJKJOH ' )JMUPO #FJ KJOH %POHGBOH -V $IBPZBOH %JTUSJDU

.0/%": +"/

.0/%": '&#

3JTPUUP .BEOFTT

8POEFST PG )VBJZBOH DVJTJOF )BJZBOH JT UIF GBWPSJUF DVJTJOF BU NBOZ TUBUF CBORVFUT JODMVEJOH UIF WFSZ ñSTU TUBUF CBORVFU IFME UP DFMFCSBUF UIF FTUBCMJTINFOU PG UIF NPEFSO TUBUF PG $IJOB JO )JMUPO #FJKJOH 8BOHGVKJOH XFMDPNFT HVFTU )VBJZBOH NBTUFS DIFG +PIO 9JBP GSPN TJTUFS IPUFM %PVCMFUSFF CZ )JMUPO 8VYJ -JOHTIBO )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU

XBOHGVKJOH!IJMUPO DPN

*OEVMHF JO $IFG 1BPMP "TDBOJ T CFTU MPWFE SJTPUUPT QSFQBSFE XJUI UIF GSFTIFTU JOHSFEJFOUT 4NPLFE EVDL BOE PSBOHF SJTPUUP XJUI GPJF HSBT MPCTUFS BOE TDBMMPQ SJTPUUP XJUI TBíSPO CMBDL JOL SJTPUUP XJUI GSJFE CBCZ TRVJE w UIF MJTU HPFT PO CVU BMM BSF GSPN IJT GBNJMZ SFDJQFT 'JOBM %BZ 3.# 5SBU UPSJB -B (POEPMB ,FNQJOTLJ )PUFM -VGUIBOTB $FOUFS -JBOHNBRJBP -V $IBPZBOH %JTUSJDU FYU

4"563%": ."3

'3*%": ."3 QN MBUF $IBNQBHOF /JHIU

/PPO /PUIJOH UP &OWZ

.BJTPO #PVMVE MBVODIFT B XFFLMZ CVCCMZ OJHIU JO BTTPDJBUJPO XJUI 1FS SJFS +PVFU #SVU JT 3.# QFS HMBTT 3.# QFS CPUUMF QN MBUF 'SFTDP #BS .BJTPO #PMVE $I JFO .FO 2JBONFO %POHEBKJF %POHDIFOH %JT USJDU XXX NBJTPOCPVMVE DPN

+PJO VT UP IFBS NPSF GSPN #BSCBSB %FNJDL BCPVU BO VOQBSBMMFMFE WJFX JOUP /PSUI ,PSFB T SFQSFTTJWF BOE JTPMBUFE TUBUF 3.# 5IF CPPL XPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN

56&4%": ."3

8&%/&4%": ."3

QN *OUFSOBUJPOBM 8PNFO T %BZ

QN 6OEFS UIF 4LJO

&OKPZ NPWJFT 4JNPOF EF #FBVWPJS BOE VOF GFNNF BDUVFMMF XSJUFS 1JB 1FUFSTFO XJMM HJWF B UBML XJUI ;IBOH -JKJB BCPVU i5PEBZ XPNFO T QPTJUJPO BU UIF TPDJFUZ BOE 8SJUFST QMBDF JO MJCFSBUJPO PG XPNFOu *O 'SFODI $IJOFTF 'SFF FOUSBODF BDDPSEJOH UP TFBUT BWBJMBCJMJUZ "VEJUPSJVN PG $$' (POHUJ 9JMV (VBOHDBJ *OUFS OBUJPOBM .BTJPO $IBPZBOH EJTUSJDU XXX DDGQFLJO PSH

1PTTFTTJOH B EBSL IVNPS HSBDFGVM UPVDI BOE WJWJE JNBHJOBUJPO 'BCFS TQFBLT PO IJT EJWFSTF CPEZ PG XPSL BOE IJT DPNQVMTJPO UP XSJUF 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

%.

&WFOUT EFBEMJOFT .BS JTTVF 'FC .BS JTTVF .BS

& NBJM ZPVS MJTUJOHT UP

MJTUJOHT!BHFOEBCFJKJOH DPN

5)6 '&# Ŧ 8&% ."3

"(&/%"

%":Ŭ#:Ŭ%": 5)634%": '&#

' & #

5)634%":

== 4G

UI *OUFSOBUJPOBM 5SBEFTIPX GPS 4QPSUT &RVJQNFOU BOE 'BTIJPO JO "TJB %BZ $IFDL PVU UIF MBUFTU JO TQPSUT FRVJQNFOU BOE GBTIJPO GSPN PWFS CSBOET JODMVEJOH FTUBCMJTIFE &VSPQFBO CSBOET TVDI BT BTRVF &DDP 'KÃ&#x2026;MMSÃ&#x2026;WFO .BOHSPWF 5PSFBE .PCJ(BS EFO BOE ,JOH$BNQ BOE UIFJS OFX $IJOFTF DPNQFUJUPST &WFOUT JODMVEF UIF *410 DIJOB #PVMEFSJOH $VQ UIF 8FBSBCMF 5FDIOPMPHJFT FYIJCJU UIF *410 $IJOB 8JOUFS 3VOOJOH 'FT UJWBM BOE UIF #BOí .PVOUBJO 'JMN 'FT UJWBM 8PSME 5PVS 4FF XFCTJUF GPS NPSF EFUBJMT 3.# GPS B UISFF EBZ QBTT $IJOB /BUJPOBM $POWFOUJPO $FOUFS 5JBODIFO &BTU 3PBE $IBPZBOH %JTUSJDU

XXX JTQPDIJOB DPN DO

4> @> &NQPXFSJOH :PVS &YFDVUJWF "TTJTUBOU 5IJT UXP EBZ XPSLTIPQ IPTUFE CZ "MJTUBJS .D"SUIVS HJWFT ZPVS FYFDVUJWF BTTJTUBOU UIF PQQPSUVOJUZ UP CF FYQPTFE UP UJNF NBOBHFNFOU QSPCMFN TPMWJOH CVTJOFTT XSJUJOH BOE DPNNVOJDBUJPO TLJMMT .FNCFST 3.# QFSTPO OPO NFNCFST 3.# QFSTPO $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ UI 'MPPS 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU

KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH

4> ?((? *OUSPEVDUJPO UP $IJOFTF )FSCT &YBNJOF B CSJFG IJTUPSZ PG $IJOFTF IFSCBM NFEJDJOF BOE UIF EFWFMPQ NFOU PG IFSCBM UIFPSZ UBTUFT BDUJPOT BOE NPSF 3.# BN OPPO 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU

$IJOFTF -BOETDBQF 1BJOUJOH #FHJO OFS T $MBTT *O &OHMJTI 3.# DMBTT 3.# GPVS DMBTTFT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOH NBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

"(&/%"

5IF *OUFSOBUJPOBM 5SBEFTIPX GPS 4QPSUT &RVJQNFOU BOE 'BTIJPO JO "TJB

4> 5BJ $IJ GPS #FHJOOFST -FBSO NPSF BCPVU IFBMUI DVMUJWBUJPO ZBOHTIFOH JO $IJOFTF $IJ óPX BOE NFEJUBUJPO BMM XIJMF GPTUFSJOH B DBMN BOE USBORVJM NJOE *O &OHMJTI 3.# DMBTT 3.# GPVS DMBTTFT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOH NBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

4>

@> $FQF #VTJOFTT -VODI 3.# QFS QFSTPO .POEBZT UISPVHI 'SJEBZT $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 5IF 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU

@> #PEFHB 'FWFS "MM ZPV DBO FBU UBQBT BOE 3.# TBOHSJB DPDLUBJMT 3.# QN 4DBSMFUU )PUFM ( %BJMZ QN BN " (POHUJ 9JMV JO UIF BMMFZ MFBEJOH UP +VMPOH (BSEFO $IBPZBOH %JTUSJDU

@> ;FO 1SBDUJDF BOE .FEJUBUJPO (BJO JOTJHIU JOUP UIF UFBDIJOHT BOE

5)6 '&# Ŧ 8&% ."3

%.

QSBDUJDFT PG ;FO #VEEIJTN UISPVHI JUT NVTJD TUPSJFT BSUT SJUVBMT BOE NBSUJBM BSUT 1BSUJDJQBOUT XJMM CF HVJEFE PO UIF KPVSOFZ PG TFMG EJTDPWFSZ CZ B #VEEIJTU MBZNBO XJUI PDDBTJPOBM WJTJUT CZ SFBM ;FO #VEEIJTU NPOLT 3.# DMBTT 3.# GPVS DMBTTFT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOH NBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

@> >:6?: 9B 5JHIUBSTF 5IVSTEBZT $BSMTCFSHT GPS 3.# 5TJOHUBPT GPS 3.# BOE UIF FYDJUFNFOU PG UIF #FJKJOH %BSUT -FBHVF GPS GSFF 5IF 4UVNCMF *OO 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU

-:>7, /4AG "OOB 4UBNCVSH HSPVQ XJUI +B[[ &OKPZ TPNF +B[[ XJUI "OOB 4UBNCVSH HSPVQ BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU

8JOF óJHIU TIPU PG XJOF GPS 3.# "OZUJNF GSPN .PO 4VO &OPUF SSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU

%":ลฌ#:ลฌ%": '3*%": '&#

' & #

'3*%":

OFTT XSJUJOH BOE DPNNVOJDBUJPO TLJMMT .FNCFST 3.# QFSTPO OPO NFNCFST 3.# QFSTPO $$*'$ $POGFSFODF 3PPN 0รฎDF 6OJU $ UI 'MPPS 0รฎDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH

== 4G UI *OUFSOBUJPOBM 5SBEFTIPX GPS 4QPSUT &RVJQNFOU BOE 'BTIJPO JO "TJB 'JOBM %BZ $IFDL PVU UIF MBUFTU JO TQPSUT FRVJQNFOU BOE GBTIJPO GSPN PWFS CSBOET JODMVEJOH FTUBCMJTIFE &VSPQFBO CSBOET TVDI BT BTRVF &DDP 'Kร MMSร WFO .BOHSPWF 5PSFBE .PCJ(BS EFO BOE ,JOH$BNQ BOE UIFJS OFX $IJOFTF DPNQFUJUPST &WFOUT JODMVEF UIF *410 DIJOB #PVMEFSJOH $VQ UIF 8FBSBCMF 5FDIOPMPHJFT FYIJCJU UIF *410 $IJOB 8JOUFS 3VOOJOH 'FT UJWBM BOE UIF #BOรญ .PVOUBJO 'JMN 'FT UJWBM 8PSME 5PVS 4FF XFCTJUF GPS NPSF EFUBJMT 3.# GPS B UISFF EBZ QBTT $IJOB /BUJPOBM $POWFOUJPO $FOUFS 5JBODIFO &BTU 3PBE $IBPZBOH %JTUSJDU

XXX JTQPDIJOB DPN DO

4> @> &NQPXFSJOH :PVS &YFDVUJWF "T TJTUBOU 4FDPOE %BZ 5IJT UXP EBZ XPSLTIPQ IPTUFE CZ "MJTUBJS .D"SUIVS HJWFT ZPVS FYFDVUJWF BTTJTUBOU UIF PQQPSUVOJUZ UP CF FYQPTFE UP UJNF NBOBHFNFOU QSPCMFN TPMWJOH CVTJ

4> #BDLTUSFFU #FJKJOH 8BML +3.# BN $IJOB $VMUVSF $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

@> .BHJD .VTJD #PY $JSRVF EV 4PMFJM DP GPVOEFS (VZ $BSPO CSJOHT UIF NBHJD UP UIF NJEEMF LJOHEPN XJUI B TIPX UIBU CMFOET $IJOFTF BDSPCBUJDT XJUI UIF GBOUBTUJDBM BOE QFSGPSN BODF ESJWFO DJSDVT DPODFQU 'FBUVSFT NVTJD CZ DPNQPTFS &MMB -PVJTF "MMBJSF 3.# &WFSZ 5VFTEBZ UISPVHI 'SJEBZ 5JBORJBP "DSPCBUJDT 5IFBUFS #FJXFJ -V 9VBOXV %JTUSJDU

@> #FOPร U 7FSNBOEFS T DPOGFSFODFT 3FBEJOHT PG QPFUSZ JO 'SFODI BOE B

CPPL TJHOJOH GPS #FOPร U 7FSNBOEFS T MBUFTU DPMMFDUJPO PG QPFNT j " 5BJSF FU ร 1MBOUFS v 3.# :JTIV $BCMF -BOHKJBZVBO +JBOHVP -V $IBPZBOH %JTUSJDU XXX ZJTIV DPN DPOUBDU!ZJTIV DPN

@> (SFH $BSSPMM BOE #VNQ $JUZ (SFH $BS SPMM QFSGPSNT IJT DPNCJOBUJPO PG KB[[ 3 # CMVFT BOE SPDL SPMM XJUI B CJU PG BVUIFOUJD -BUJO NVTJD JO CFUXFFO 'SFF &VEPSB 4UBUJPO

:BL 5JQQJOH 1BSUZ 3.# HFUT ZPV GSFF รณPX TFMFDUFE ESJOLT VOUJM BN 'SFF 5BP :BP #BS #FJHVBOGBOH )VUPOH TPVUI XFTU PG )PVIBJ /BOZBO N XFTU PG :JOEJOH #SJEHF 9JDIFOH %JTUSJDU

@> %+ 5PCJ m (FSNBOZ (FSNBOZ T %+ 5PCJ UBLFT UP UIF EFDLT XJUI B QPUFOU CMFOE PG GVOL KB[[ FMFDUSP BOE IPVTF UIBU T CPVOE UP HFU UIJOHT QFSDPMBUJOH 2 #BS 5PQ รณPPS PG &BTUFSO *OO )PUFM #BJKJB[IVBOH -V UIF TPVUI FOE PG 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU

XXX RCBSCFJKJOH DPN 9JB +JB 1JBOP 5SJP +B[[ QJBOJTU PQFS BUFT PO IJT LFZCPBSET 'SFF &BTU 4IPSF -JWF +B[[ $BGร ' 2JBOIBJ /BOZBOMV KVTU UP UIF XFTU PG UIF QPTU PรฎDF PO %J BONFOXBJ %BKJF 9JDIFOH %JTUSJDU

-:>7, /4AG 4IJOJDIJ 0TBXB +BQBOFTF KB[[ NBTUFS IFBUT VQ #FJKJOH XJUI IJT EBODF NVTJD TFSJFT 1SJDF 5#% 5JNF 5#% :VHPOH :JT IBO 8FTU $PVSUZBSE ;IBOH ;J[IPOH 3PBE %POHDIFOH %JTUSJDU

4QSJOH 'FTUJWBM $POUFNQPSBSZ 0JM 1BJOUJOH &YIJCJUJPO 0WFS XPSLT PG WBSJPVT TUZMFT BOE BQQSPBDIFT CZ ZPVOH $IJOFTF QBJOUFST TVDI BT +JBOH 5JBOZV 'SFF 2JO (BMMFSZ 3N & #MEH &OKPZ 1BSBEJTF )VBXFJMJ OPSUI PG #FJKJOH $VSJP $JUZ $IBPZBOH %JTUSJDU

%+ 8PSEZ JT CBDL JO DIBSHF

%.

"OOB 4UBNCVSH (SPVQ 4PVM 3 # &OKPZ TPNF 4PVM 3 # XJUI "OOB 4UBNCVSH HSPVQ BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU

5)6 '&# ลฆ 8&% ."3

"(&/%"

%":ลฌ#:ลฌ%": 4"563%": '&#

' & #

4"563%":

4>

@>

"ODJFOU )PSTF 5SBJM PG 8FTUFSO #FJKJOH &YQMPSF UIF NPVOUBJOT BOE WJM MBHFT JO XFTUFSO #FJKJOH T .FOUPVHPV &NQSFTT $JYJ T TVNNFS FTDBQF 3.# DIJMESFO VOEFS

$IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH

4> $BQJUBM . -JUFSBSZ 'FTUJWBM 5PNBT ,FOFBMMZ " UBML XJUI UIF "VTUSBMJBO BVUIPS XIP XSPUF 4DIJOEMFS T "SL MBUFS BEBQUFE JOUP UIF TQFMMCJOEJOH BOE BXBSE TXFFQJOH 4QJFMCFSH รฑMN 4DIJOEMFS T -JTU 3.# JODMVEFT ESJOL $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBO NFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

@> 1IPUPHSBQIZ XJUI 1FUFS $BSOFZ +PJO BXBSE XJOOJOH QIPUPHSBQIFS 1FUFS $BSOFZ GPS B IBMG EBZ QIPUPHSB QIZ XPSLTIPQ XIJDI XJMM JOUSPEVDF UFDIOJRVFT GPMMPXFE CZ TIPPUJOH BOE FEJUJOH TFTTJPOT #SJOH ZPVS DBNFSB 3F TFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU

@> #VSNFTF $PPLJOH $MBTT 'PS GBOT PG *OEJBO 5IBJ BOE $IJOFTF GPPE #VSNFTF DVJTJOF JT B DPNCJOBUJPO PG BMM UISFF m POMZ XJUI JUT PXO VOJRVF รณBWPST BOE DPPLJOH TUZMFT 3.# 3.# NFNCFST 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJY JORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU

@> .JDIJFM )VMTIPG BOE %BBO 3PH HFWWFO $IJOB T 8PSME $JUJFT PG 5PNPSSPX +PVSOBMJTU )VMTIPG BOE BSDIJUFDU 3PHHFWFFO EJTDVTT UIFJS (P 8FTU 1SPKFDU UBLJOH B MPPL BU UIF OFX $IJOFTF NFHBDJUJFT JO $FOUSBM BOE 8FTUFSO $IJOB BOE UIF VSCBO BOE TPDJBM EFWFMPQNFOUT UIBU DIBSBDUFSJ[F UIFN 4JMWFS 3PPN $BQJUBM . '

"(&/%"

" UBML XJUI "VTUSBMJBO BVUIPS 5IPNBT ,FOFBMMZ 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBONFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

FE UPXBSET UIF #FJKJOH -(#5 $FOUFS )BMG #BS *OUFSOBUJPOBM 8POEFSMBOE 9JOHGV &SDVO $IBPZBOH %JTUSJDU

@>

@>

+PSEBO .JUDIFMM 4JOHFS BOE TPOH XSJUFS +PSEBO .JUDIFMM NJYFT PSJHJOBM GPML XJUI SFJOUFSQSFUFE DMBTTJDT 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN

@> %+ 1FUF 3PDL m /:$ -FHFOEBSZ "NFSJDBO NVTJD QSPEVDFS 1FUF 3PDL SPDLT #FJKJOH 5BLJOH B IJBUVT GSPN ,BOZF 8FTU T รฑGUI BMCVN 3PDL SPDLT UIF DBQJUBM CFGPSF SFVOJUJOH XJUI #JH 1PPI GPS B UIJSE EVP BMCVN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU

@> %4B7 %JSUZ .BJMNFO #FJKJOH 1FSJPE B NPOUIMZ -(#5 BDUJWJUJFT TFSJFT JT MBVODIJOH JUT OFXFTU TFSJFT PG FWFOUT XJUI B .BMFCPY QBSUZ B รณJSUJOH HBNF XIFSF iNBMF NFOu EFMJWFS OBVHIUZ MFUUFST CFUXFFO QBUSPOT 5XP ESBH B USBOTMBUPST XJMM CF PO TJUF UP NBLF TVSF JOUFSOBUJPOBM MPWF PS MVTU CMPPNT 4PDJBM KVJDFT XJMM CF MVCSJDBUFE XJUI GSFF รณPX 2JOHEBP BOE SVN BOE DPLFT GSPN QN 5IJT FWFOU JT IFME JO DPMMBCPSBUJPO XJUI (BZTQPU NBHB[JOF BMM QSPDFFET XJMM CF EPOBU

5)6 '&# ลฆ 8&% ."3

%.

1TZSPPUT (PBQSPEVDUJPOT IBSLT CBDL UP BDJE IPVTF BOE JMMFHBM SBWFT JO VOMJLFMZ WFOVFT "T FWFS %+T 1FUF .JDSPHSBN (PUBNB BOE "BSPO BSF SVOOJOH UIF TIPX 'PS NPSF JOGPSNB UJPO DBMM PS F NBJM JOGP!HPBQSPEVDUJPOT DPN 3.# QN %J[IJ $JOFNB :BOHSPV )VUPOH 9JTJ 9JDIFOH %JTUSJDU

-:>7 /4AG (SFFO )PVTF &DPMPHZ 5PVS &TDBQF UP EFTFSU BOE USPQJDBM SBJOGPSFTU DMJNBUFT XJUIPVU MFBWJOH #FJKJOH BOE MFBSO BCPVU UIF XPSME T FDPTZTUFNT .FFU BU UIF TPVUI HBUF PG UIF #FJKJOH #PUBOJDBM (BSEFO DPOUBDU /JOFUZ 1FSDFOU 5SBWFM GPS EJSFDUJPOT 3.# 3.# DIJM ESFO VOEFS /JOFUZ 1FSDFOU 5SBWFM JOGP! QFSDFOUUSBWFM DPN XXX QFSDFOUUSBWFM DPN 5IF #FO$IBN 9 #BMM 5IF #FOFMVY $IBNCFS PG $PNNFSDF T BOOVBM (BMB #BMM JT CBDL 5IJT UJNF JU DPJODJEFT XJUI UIFJS UFO ZFBS BOOJWFSTBSZ XJUI QSPDFFET TVQQPSUJOH DIBSJUJFT MJLF )BOEJDBQ *OUFSOBUJPOBM BOE 4QFDJBM $PNNVOF 1SJDF BOE UJNF 5#" 3FOBJT TBODF )PUFM 9JBPZVO -V $IBPZBOH %JTUSJDU

%":Ŭ#:Ŭ%": 46/%": '&#

' & #

$IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH

4> @>

46/%":

4> @>

$PMPOJBM "SDIJUFDUVSF 5PVS PG 5JBOKJO &YQMPSF UIF PME DPMPOJBM EJTUSJDUT BOE BSFBT XIFSF UIF XFTUFSO BOE DMBTTJD $IJOFTF WJMMBT TUJMM FYJTU BU UIF TJEF PG 5JBOKJO IJTUPSJBO BOE DJUZ QMBOOJOH FYQFSU &OHMJTI JOUFSQSFUBUJPO QSPWJEFE 3.# DIJMESFO VOEFS $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

4> )FJMPOHUBO *DF 4DVMQUVSF 'FTUJWBM )JLF &YQMPSF B GSP[FO SJWFS BOE XBUFSGBMMT BOE BENJSF UIF DSFBUJPOT PG FYQFSU JDF DBSWFST $PTU JODMVEFT MVODI BU B SFTUBVSBOU XJUI TDFOJD WJFXT 3.# #FJKJOH )JLFST 3N #VJMEJOH 9JOIVBMJBO -JHBOH +JVYJBORJBP ;IPOHMV $IBPZBOH %JTUSJDU JOGP!CFJKJOHIJLFST DPN XXX CFJKJOHIJLFST DPN

4> ?((? )BOET PO $IJOFTF 5JF %ZF 5JF EZF JT B USBEJUJPOBM BSU GPSN JO $IJOB *O UIJT DMBTT ZPV MM VTF OBUVSBM QMBOUT UP USZ PVU WBSJPVT EZFJOH UFDIOJRVFT 3.# $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V

(BNFT :BSE .BIKPOH .PSOJOH "EWBODFE :PV WF NBTUFSFE UIF CBTJDT m OPX POUP UIF TUSBUFHZ BOE CFUUJOH :PV MM WJTJU B NBIKPOH IPVTF UP QMBZ MJLF UIF MPDBMT EP 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# BN QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU

@> $BQJUBM . -JUFSBSZ 'FTUJWBM .FH .BHHJP 5IF EJSFDUPS PG POF PG #FJKJOH T TUBOEPVU HBMMFSJFT IPTUT BO BSU QBOFM i'PMMPXJOH $IJOFTF $POUFNQP SBSZ "SU 8IBU 8F )BWF -FBSOFE u 3.# JODMVEFT ESJOL $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBONFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

$BQJUBM . -JUFSBSZ 'FTUJWBM /BEFFN "TMBN $BUDI B TFTTJPO XJUI QSJ[F XJO OJOH 1BLJTUBOJ #SJUJTI BVUIPS /BEFFN "TMBN XIPTF CPEZ PG XPSL JT TNBMM CVU IJHI DBMJCFS 3.# JODMVEFT ESJOL $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBO NFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

@> 'PPE 'JMN 'SJFOET 5IBJMBOE &MFDUSJD 4IBEPXT BOE UIF )VUPOH BSF

UFBNJOH VQ UP UBLF ZPV PO B HMPCBM KPVSOFZ PG UIF TFOTFT CZ DPVQMJOH MPDBM DVJTJOF XJUI B NPWJF 3.# 3.# GPS NFNCFST 4DSFFOJOH TUBSUT BU QN BOE TDSFFOJOH POMZ DPTU JT 3.# 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUB UJPO %POHDIFOH %JTUSJDU

,JN :PVOH IB * IBWF UIF 3JHIU UP %FTUSPZ .ZTFMG 5IF $POUJOVJOH 3FM FWBODF PG -JUFSBSZ /PJS $POTJEFSFE UIF NPTU UBMFOUFE BOE QSPMJñD ,PSFBO XSJUFS PG UIJT HFOFSBUJPO ,JN LJDLFE Pí IJT XSJUJOH DBSFFS XJUI * )BWF UIF 3JHIU UP %FTUSPZ .ZTFMG XJOOFS PG UIF QSFTUJHJPVT .VOIBL EPOHOF 1SJ[F 4JMWFS 3PPN $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBO NFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

@> $PDLUBJM 'FWFS #VZ POF HFU POF GSFF PO BMM DPDLUBJMT 'SFF (FPSHF T /FBS (BUF FBTU TJEF PG 8PSLFST 4UBEJVN (POHUJ %POHMV $IBPZBOH %JTUSJDU

@> $BSMJOH $VQ 'JOBM &VSPQFBO GPPUCBMM T ñSTU DVQ ñOBM PG QN

-:>7, /4AG 4JY /BUJPOT 3VHCZ 6OJPO &OHMBOE *SFMBOE 4DPUMBOE 8BMFT 'SBODF BOE *UBMZ QJU UIFJS CJH MBET BOE UJHIU VOJ GPSNT BHBJOTU POF BOPUIFS 5JNFT WBSZ $SJDLFU 8PSME $VQ 5IF ñOFTU DSJDLFU FST BOE UIPTF UFBNT XIP IBWF IBE UP RVBMJGZ UBLF UP *OEJB 4SJ -BOLB BOE #BOHMBEFTI 5JNFT WBSZ %FMJDJPVT %JQT &OKPZ B IJHI FOE IPU QPU 3.# $#% (SBOE .JMMFOOJVN %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU

.ZBONBS "ODJFOU 3FBMN 5SPQJDBM 4FBTJEF 5IJT UXFMWF EBZ USJQ UP UIF MJUUMF LOPXO CVU GBTDJOBUJOH DPVOUSZ IJHIMJHIUT .ZBONBS T BODJFOU DVMUVSF BOE HMPSJPVT USPQJDBM MBOETDBQFT 3.# 56* $IJOB #SJHIU $IJOB $IBOH "O #MEH 5PXFS +JBOHVPNFOOFJ %BKJF %POHDIFOH %JTUSJDU QSJWBUF UPVST!UVJ DO XXX UVJ DO

$MPTF DPOUBDU XJUI /BEFFN "TMBN BU $BQJUBM . -JUFSBSZ 'FTUJWBM

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

%":Ŭ#:Ŭ%": .0/%": '&#

' & #

.0/%":

@> >:6?: 9B

5PBTU 8JUI .BSUJOJ )PVTF BOE QSFNJVN QPVST BWBJMBCMF BT .JY TIPXDBTFT B IVHF SBOHF PG NBSUJOJT JO B TQFDJBM QSPNPUJPO 'SFF .JY ' 8FTUJO #FJKJOH $IBPZBOH %POHTBO IVBO #FJMV $IBPZBOH %JTUSJDU

@> >:6?: 9B "MMJF 8FCC -" TJOHFS CFMUT PVU QPQ BOE KB[[ UVOFT 'SFF QN NJEOJHIU "SJB ' $IJOB 8PSME )PUFM +JBO HVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU

@>

8IBU DBO XF EP UP TBWF #FJKJOH T IVUPOHT

.JDLJ .VSQIZ $+8 +B[[ #BOE "NFSJDBO TJOHFS .JDLJ CSJOHT IFS QPXFSGVM BOE TFOTVPVT WPJDF UP 5IF 1MBDF 'SFF $+8 - 5IF 1MBDF (VBOHIVB -V $IBPZBOH %JTUSJDU

@> 4> -BUF 4VQQFS "MM NPOUI 1FSGFDU GPS UIPTF XBOUJOH MBUF OJHIU HPVSNFU NVODIJFT 5&33" JT PíFSJOH B TFMFD UJPO PG EJTIFT XJUI TQFDJBM XJOF QBJS JOHT TFMFDUFE CZ PXOFS (BCZ "MWFT QN BN 5&33" 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU

@> 1J[[B T /JHIU 4FU ZPVS TUPNBDI GSFF PO 1J[[B T /JHIU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU

-:>7, /4AG %JTDVTTJPO )VUPOHT JO %BOHFS 7PJDF ZPVS PQJOJPO PO UIF EFTUSVDUJPO PG #FJKJOH T IJTUPSJDBM IVUPOHT BOE MFBSO NPSF BCPVU XIBU ZPV DBO EP 'SFF 5JNF 5#% $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU

XXX DVMUVSFZBSE OFU 'BDF UP 'BDF XJUI 1BOEBT 5ISFF EBZ USJQ UP $IFOHEV DPNCJOFT WPMVOUFFS JOH BU UIF #JGFOHYJB 1BOEB 3FTFSWF XJUI UPVSJTN JO UIF 4JDIVBO DBQJUBM 3.# $PVOUSZ )PMJEBZT 3PPN #MEH +JBOXBJ 4PIP %POHTBO

"(&/%"

IVBO ;IPOHMV $IBPZBOH %JTUSJDU CFJKJOH!DPVOUSZIPMJEBZT DPN DO

XXX DPVOUSZIPMJEBZT DPN DO )JTUPSJDBM 3FUSPTQFDUJWF 1BSU * " MPPL CBDL BU UIF QIPUPKPVSOBMJTN PG 1IPUP (BMMFSZ T CFTU EPDVNFO UBSZ QIPUPHSBQIFST BMMPXT WJFXFST B DIBODF UP WJTJU B $IJOB PG PUIFS UJNFT BOE QMBDFT 'SFF 1IPUP (BMMFSZ %BTIBO[J BSU EJTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU

4FBGPPE .POUI &OKPZ B QFSDFOU EJTDPVOU PO TFBGPPE $BCBSF #MEH 4PMBOB $IBPZBOH (POHZ VBO -V $IBPZBOH %JTUSJDU

4QSJOH 'FTUJWBM $POUFNQPSBSZ 0JM 1BJOUJOH &YIJCJUJPO (FU JOUP UIF $IVO +JF TQJSJU XJUI PWFS XPSLT PG WBSJPVT TUZMFT BOE BQQSPBDIFT CZ ZPVOH $IJOFTF QBJOUFST TVDI BT +JBOH 5JBOZV 'SFF 2JO (BMMFSZ 3N & #MEH &OKPZ 1BSBEJTF )VBXFJMJ OPSUI PG #FJKJOH $VSJP $JUZ $IBPZBOH %JTUSJDU

8BHZV #FFG 'FBTU $IFG .BUUIFX .D $PPM T IJHIMJHIUT JODMVEF SPBTU 8BHZV PYUBJM TPVQ 8BHZV CFFG DBSQBDDJP BOE 8BHZV TJSMPJO "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF

5)6 '&# Ŧ 8&% ."3

%.

$IBPZBOH %JTUSJDU FYU

8POEFST PG )VBJZBOH DVJTJOF )BJZBOH JT UIF GBWPSJUF DVJTJOF BU NBOZ TUBUF CBORVFUT JODMVEJOH UIF WFSZ ñSTU TUBUF CBORVFU IFME UP DFMFCSBUF UIF FTUBCMJTINFOU PG UIF NPEFSO TUBUF PG $IJOB JO )JMUPO #FJKJOH 8BOHGVKJOH XFMDPNFT HVFTU )VBJZBOH NBTUFS DIFG +PIO 9JBP GSPN TJTUFS IPUFM %PVCMFUSFF CZ )JMUPO 8VYJ -JOHTIBO )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU

XBOHGVKJOH!IJMUPO DPN :PV "SF /PU B (BEHFU $BSPM :JOHIVB -V DVSBUFT UIJT DSJUJDBM MPPL BU IPX UIF *OUFSOFU BOE UFDIOPMPHZ BSF TIBQJOH PVS MJWFT TPNFUJNFT XJUIPVU PVS BXBSFOFTTw 'FBUVSFT FJHIU BSUJTUT 'SFF 1ÊLJO 'JOF "SUT $BPDIBOHEJ $VJHF[IVBOH $IBPZBOH %JTUSJDU

"QQMJDBUJPOT #FJKJOH %BODF 'PSXBSE 'FTUJWBM "QQMJDBUJPOT UP QBSUJDJQBUF JO UIJT ZFBS T %BODF 'PSXBSE 'FTUJWBM .BZ BSF CFJOH BDDFQUFE OPX UISPVHI UIF FOE PG UIF NPOUI 5IF XFFLMPOH GFTUJWBM BDUT BT B QMBUGPSN GPS NPEFSO EBODFST UP HBUIFS BOE FYDIBOHF JEFBT 5P EPXO MPBE BO BQQMJDBUJPO DIFDL PVU XXX CFJKJOHMEUY DPN

%":ลฌ#:ลฌ%": 56&4%": ."3

. " 3

56&4%": 4> @>

&รญFDUJWF #VTJOFTT 8SJUJOH +PJO "MJTUBJS .D"SUIVS GPS B UXP EBZ DPVSTF FOBCMJOH QBSUJDJQBOUT UP MFBWF XJUI UFNQMBUFT TUSVDUVSFE GPS EJรญFSFOU TDFOBSJPT .FNCFST 3.# QFS TPO OPO NFNCFST 3.# QFSTPO $$*'$ $POGFSFODF 3PPN 0รฎDF 6OJU $ UI 'MPPS 0รฎDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ FHZNFJFS!CFJ TXJTTDIBN PSH

4> @> 5FNQMF PG )FBWFO 5JBO BONFO 4RVBSF BOE 'PSCJEEFO $JUZ 5PVS $$$ HVJEF XJMM FYQMBJO &O UIF IJT UPSZ BOE UIF BSDIJUFDUVSBM TZNCPMT PG UIF 5FNQMF PG )FBWFO 5JBO BONFO 4RVBSF BOE 'PSCJEEFO $JUZ -VODI JODMVEFE 3.# DIJMESFO VOEFS $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH

@>

-:>7, /4AG

"OOB 4VNNFST 5IF -PTU .PUIFS 5IF BDDMBJNFE BVUIPS PG 5IF &OE PG &RVBMJUZ BOE %BNOFE 8IPSFT BOE (PE T 1PMJDF TIBSFT UIF HSJQQJOH OBSSBUJWF PG IFS MBUFTU CPPL 5IF -PTU .PUIFS 4JMWFS 3PPN $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBONFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

"MM BCPVU 0ZTUFST 5IF 8FTUJO #FJKJOH $IBPZBOH FYUSBWBHBOUMZ TIPXDBTFT PZTUFS EJTIFT UISPVHIPVU UIF NPOUI PG .BSDI รณZJOH JO PZTUFST GSPN 'SBODF $BOBEB BOE UIF 64 .BSDI 4FBTPOBM 5BTUFT (SBOHF 8FTUJO $IBPZBOH ' UIF 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU

@> $IJOFTF #JSE รณPXFS 1BJOUJOH #FHJOOFS T $MBTT $PNF BOE MFBSO UIJT BSU XJUI QSFTUJHJPVT BSUJTUT JOWJUFE CZ $$$ 5IF QBJOUJOH DPVSTF JT TQFDJBMMZ EFTJHOFE GPS 8FTUFSOFST BOE BTTJTUFE XJUI &OHMJTI JOUFSQSFUBUJPO 3.# DMBTT 3.# GPVS DMBTTFT $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOH NBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

#FSSJMJDJPVT -JHIU BMNPOE TQPOHF UPQQFE XJUI NBTDBSQPOF NPVTTF CFSSZ HFMร F BOE GSFTI CFSSJFT #Z UIF TMJDF PS CVZ UIF DBLF BU 3.# PS 3.# MCT .BSDI (PVSNFU $PSOFS $IJOB 8PSME )PUFM ' (VPNBP 8FTU 8JOH OFYU UP 4UBSCVDLT +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU

@>

4QSJOH -BNC 4BWPVS IJHIMJHIUT TVDI BT MBNC DBOOPO CFFUSPPU BOE HPBU T DIFFTF BOE CSBJTFE MBNC TIBOL TQSJOH WFHFUBCMFT BOE TBHF KVT QFSGFDUMZ QBJSFE XJUI #PSEFBVY .BSDI "SJB ' $IJOB 8PSME )P UFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU

'JMN 5P -JWF #BTFE PO :V )VB T OPWFM PG UIF TBNF OBNF ;IBOH :JNPV T รฑMN TUBST (F :PV BOE (POH -J BOE GPMMPXT UIFJS DIBSBDUFST UISPVHI UIF HBNCMJOH EFOT PG BOE UIF BTDFUJDJTN PG UIF $VMUVSBM 3FWPMVUJPO JO UIF T 3.# QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU

$IBNQFST BOE 0ZTUFST "O BQISP EJTJBDBM FYQFSJFODF XBJUT BU "SJB #BS XIFSF BO JOUFSOBUJPOBM TFMFDUJPO PG GSFTIMZ TIVDLFE PZTUFST BSF TFSWFE XJUI B DIPJDF PG TBVDFT TVDI BT $IBN QBHOF (SBOJUB BOE $MBTTJD 4IFSSZ 7JOBJHSFUUF 5ISFF PZTUFST PG DIPJDF BU 3.# .BSDI "SJB ' $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU

$IBNQBHOF $PDLUBJMT 5BLF ZPVS QJDL GSPN GPVS EFDBEFOUMZ EFMJDJPVT DIBNQBHOF DPDLUBJMT #FSSJFT 3PZBMF ,JS 3PZBMF .JNPTB BOE UIF $IBN QBHOF $PDLUBJM 3.# QFS รณVUF BU UIF -PCCZ -PVOHF .BSDI -PCCZ -PVOHF (SBOE .JMMFOOJVN %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU

-BQ PG %FDBEFODF 4QSJOH -BNC BU "SJB

%.

5FB BOE 3JWFS 5SFBUT 4VNNFS 1BMBDF TIPXDBTFT BO JOOPWBUJWF UXJTU PO )VBJZBOH BOE $BOUPOFTF DVJTJOFT .BSDI 4VNNFS 1BMBDF -PCCZ $IJOB 8PSME )PUFM +JBO HVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU

5)6 '&# ลฆ 8&% ."3

"(&/%"

%":Ŭ#:Ŭ%": 8&%/&4%": ."3

. " 3

8&%/&4%":

4> @>

&íFDUJWF #VTJOFTT 8SJUJOH +PJO "MJTUBJS .D"SUIVS GPS B UXP EBZ DPVSTF XIJDI XJMM FOBCMF QBSUJDJQBOUT UP MFBWF XJUI UFNQMBUFT TUSVDUVSFE GPS EJíFSFOU TDFOBSJPT 5BLF ZPVS XPSL CBDL BT XFMM BT ZPVS UFNQMBUFT BOE TIBSF UIFN XJUI ZPVS UFBN .FNCFST 3.# QFST /PO NFNCFST 3.# QFST $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ UI 'MPPS 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH

>

@> 1FEJDBC )VUPOH )PNF 7JTJU BOE 4VNNFS 1BMBDF 5PVS &YQMPSF -PDBM IVUPOHT BMMFZXBZT BOE WJTJU MPDBM SFTJEFOUT PG BODJFOU DPVSUZBSE IPVTFT 5IFO IFBE PWFS UP UIF 4VNNFS 1BMBDF BOE XSBQ VQ UIF FWFOJOH XJUI BO PQUJPOBM LVOH GV TIPX 3.# LJET VOEFS $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

4> $BMMJHSBQIZ GPS #FHJOOFST $POEVDUFE JO &OHMJTI UIF DMBTT JT EFTJHOFE GPS XFTUFSO MFBSOFST DPWFS JOH FWFSZUIJOH GSPN NFBOJOH BOE FWPMVUJPO PG UIF DIBSBDUFST DVMUVSF UP IJTUPSZ BOE NVTJD 8F BSF PíFSJOH IJHI RVBMJUZ DVMUVSBM DPOUFOU XJUI QSPGFTTJPOBMMZ USBJOFE UFBDIFST BOE &OHMJTI OBSSBUJPO UIBU DBO CF UBJMPSFE UP ZPVS MFWFM PG LOPXMFEHF BCPVU UIF TVCKFDU 3.# DMBTT 3.# GPVS DMBTTFT $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVM UVSFDFOUFS PSH

" SFBM 7FBM 'FBTU BU 0OF &BTU )JMUPO #FJKJOH TFTTJPO MBTUT IPVST *O &OHMJTI $$$ $MVCT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

@> +FO -JO -JV BOE $SBJH 4JNPOT 'PPE PG UIF 4JML 3PBE 'PPE 8SJUFS +FO -JO -JV UBMLT BCPVU IFS KPVSOFZ UP EJTDPWFS UIF GPPET PG UIF 4JML 3PBE BDDPN QBOJFE CZ UIF QIPUPHSBQIT PG $SBJH 4JNPOT 4JMWFS 3PPN $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBONFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

@> 5SJP #BOH 'FBUVSJOH TUBOEBSET BOE PXO DPNQPTJUJPOT QMBZFE JO HVJUBS CBTT BOE ESVNT 1VSQMF )B[F $PVSUZBSE /P %POHTJMJVUJBP JO UIF DPSOFS PG $IBPZBOHNFO #FJYJBPKJF

%POHDIFOH %JTUSJDU XXX QVSQMFIB[F DPN DO

4> #B ;J %FTUJOZ "OBMZTJT $PVSTF $IJOFTF GPSUVOF UFMMJOH LOPXO BT iGBUF DBMDVMBUJPOu TVBONJOH JO $IJOFTF IBT VUJMJ[FE NBOZ WBSZJOH EJWJOBUJPO UFDIOJRVFT UISPVHIPVU UIF EZOBTUJD QFSJPET 3.# QFS FJHIU TFTTJPOT 5IF DPVSTF JT JO B TNBMM HSPVQ PG GPVS PS ñWF QFPQMF BOE FBDI

"(&/%"

@> -JWF .VTJD &OKPZ UIF OJHIU XJUI QJBOP BOE HVJUBS NVTJD BOE TJOHJOH 'SPN QN UP QN FWFSZ 8FEOFTEBZ 5IVSTEBZ &OPUFSSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU

5)6 '&# Ŧ 8&% ."3

%.

-:>7, /4AG 8POEFST PG )VBJZBOH DVJTJOF )BJZBOH JT UIF GBWPSJUF DVJTJOF BU NBOZ TUBUF CBORVFUT JODMVEJOH UIF WFSZ ñSTU TUBUF CBORVFU IFME UP DFMFCSBUF UIF FTUBCMJTINFOU PG UIF NPEFSO TUBUF PG $IJOB JO 'SPN 'FC UP .BS )JMUPO #FJKJOH 8BOHGVKJOH XFMDPNFT HVFTU )VBJZBOH NBTUFS DIFG +PIO 9JBP GSPN TJTUFS IPUFM %PVCMFUSFF CZ )JMUPO 8VYJ -JOHTIBO )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU

XBOHGVKJOH!IJMUPO DPN $IFFTF GPOEVF 3.# GPS UXP QFPQMF PS 3.# GPS GPVS QFPQMF "OZUJNF GSPN .PO 4VO &OPUF SSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU

7FBM BU 0OF &BTU (VFTUT XJMM CF BCMF UP FOKPZ B XJEF WBSJFUZ PG EFMFDUBCMF WFBM EJTIFT BU UIF )JMUPO #FJKJOH T BXBSE XJOOJOH 0OF &BTU SFTUBVSBOU CFUXFFO OE BOE TU .BSDI -VODI 4FU .FOV 3.# UXP DPVSTF PS 3.# UISFF DPVSTF QFS QFSTPO %JOOFS 4FU .FOV 3.# UISFF DPVSTF PS 3.# GPVS DPVSTF QFS QFSTPO %JOOFS XJOF QBSJOH 3.# QFS QFSTPO 4VCKFDU UP TVSDIBSHF 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU

%":ลฌ#:ลฌ%": 5)634%": ."3

. " 3

PSH

4>

5)634%":

4> @>

5IJSE "OOVBM 8PNFO JO #VTJOFTT -FBEFSTIJQ 'PSVN 8PNFO JU T ZPVS UJNF UP NPWF UP UIF UPQ .PSOJOH TFT TJPOT XJMM IPTU QBOFMT PO UIF MBOHVBHF PG QPXFS BOE DPBDIJOH BGUFSOPPO TFTTJPOT JO &OHMJTI UXP JO .BO EBSJO PO SJTJOH BCPWF TLJMM QMBUFBVT JOรณVFODJOH PUIFST DPNNVOJDBUJOH BOE SFBDIJOH UIF TVNNJU 3.# #FJKJOH .BSSJPUU )PUFM $JUZ 8BMM

+JBOHVPNFO 4PVUI "WFOVF %POHDIFOH %JTUSJDU

XXX XPNFO JO CVTJOFTT OFU

4> @> %FT $BTFT FU EFT IPNNFT "U UIF UI FEJUJPO PG GSBODPQIPOJF GFTUJWBM JO $IJOB #FJKJOH "MMJBODF 'SBOร BJTF QSFTFOUT RVBOUJUZ PG FYDJUJOH FWFOUT &YIJCJUJPOT PG BMM LJOET PG i$BGร T EFT 4DJFODFTu 'SFODI TQFBLJOH DPVOUSJFT รฑMN GFTUJWBMw&OUSZ 'SFF #FJKJOH "MMJ BODF 'SBOร BJTF (VBOHDBJ *OUFSOBUJPOBM .BOTJPO (POHUJYJMV $IBPZBOH %JTUSJDU FYU GS DO

EHDVMUVSF!BGDIJOF PSH XXX BGDIJOF

5BJ $IJ GPS #FHJOOFST -FBSO NPSF BCPVU IFBMUI DVMUJWBUJPO ZBOHTIFOH JO $IJOFTF $IJ รณPX BOE NFEJUBUJPO BMM XIJMF GPTUFSJOH B DBMN BOE USBORVJM NJOE *O &OHMJTI 3.# DMBTT 3.# GPVS DMBTTFT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOH NBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

@> ;FO 1SBDUJDF BOE .FEJUBUJPO (BJO JOTJHIU JOUP UIF UFBDIJOHT BOE QSBDUJDFT PG ;FO #VEEIJTN UISPVHI JUT NVTJD TUPSJFT BSUT SJUVBMT BOE NBSUJBM BSUT 1BSUJDJQBOUT XJMM CF HVJEFE PO UIF KPVSOFZ PG TFMG EJTDPWFSZ CZ B #VEEIJTU MBZNBO XJUI PDDBTJPOBM WJTJUT CZ SFBM ;FO #VEEIJTU NPOLT 3.# DMBTT 3.# GPVS DMBTTFT

$IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVM UVSFDFOUFS PSH

@> -PWF T 5PVSFUUFT -BOEJOH PO UIF #FJKJOH TDFOF JO -PWF T 5PVSFUUFT QMBZ B NFBO GVOL HSPPWF PWFSMBJE XJUI SBQ WPDBMT JOGVTFE XJUI JOEJF SPDL

-PWF T 5PVSFUUFT 1VOL UP IJQ IPQ OFP TPVM UP QJSBUF SPDL

%.

FOFSHZ BOE B CSVTI PG QTZDIFEFMJB 5IFJS PSJHJOBM UVOFT ESBX PO UIF NVTJ DBM SPPUT PG FBDI NFNCFS GSPN QVOL UP IJQ IPQ GSPN OFP TPVM UP "VTTJF iQJSBUF SPDLu 'SFF :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU

-:>7, /4AG 'SBODPQIPOF 'JMN 'FTUJWBM $PNF BOE FOKPZ EJTDPWFSJOH B HSFBU TFMFD UJPO PG รฑMNT GSPN OFBSMZ 'SFODI TQFBLJOH DPVOUSJFT BMM CSPBEDBTU JO PSJHJOBM WFSTJPO BOE TVCUJUMFE JO $IJOFTF &OHMJTI 'SFODI .BSDI 4FF XFCTJUFT GPS MPDBUJPOT XXX GBHVPXFOIVB DPN GSBODPQIPOJF XXX DDGQFLJO PSH XXX QFLJO QPMFNC OFU &MFNFOUT #VรญFU 'FBUVSJOH 7BSJFUZ PG 7FBM %JTIFT (VFTUT XJMM CF BCMF UP FOKPZ B XJEF WBSJFUZ PG EFMFDUBCMF WFBM NFOV JUFNT BU UIF )JMUPO #FJKJOH T BXBSE XJOOJOH &MFNFOUT SFTUBVSBOU CFUXFFO OE BOE TU .BSDI -VODI #VรญFU 3.# QFS QFSTPO %JOOFS #VรญFU 3.# QFS QFSTPO 4VCKFDU UP TVSDIBSHF &MFNFOUT )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU

'MBWPST PG 1PSUVHBM $IFGT GSPN SFOPXOFE i5SPNCB 3JKBu SFTUBVSBOU BSF CBDL JO #FJKJOH %JTDPWFS UIF รณBWPST PG 1PSUVHVFTF DVJTJOF GSPN .BSDI m BU 7BTDP T PO MFWFM PG )JMUPO #FJKJOH 8BOHGVKJOH UISPVHI B TQFDJBM MVODI BOE EJOOFS CVรญFU QSJDFE BU 3.# QFS QFSTPO JODMVEJOH GSFF รณPX PG TPGU ESJOLT DIJMMFE KVJDFT BOE DPรญFF UFB 7BTDP T )JMUPO 8BOHGVKJOH ' )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU

XBOHGVKJOH!IJMUPO DPN

(P"SU JO ,FNQJOTLJ "T QBSU PG UIF ,FNQJOTLJ "SUT 4VQQPSU 1SPHSBN &TUPOJB QIPUPHSBQIFS "MFYBOEFS (SPOTLZ XJMM CF FYIJCJUJOH B TFSJFT PG QIPUPHSBQIT UBLFO JO IJT SFDFOU $IJOB UPVS VOEFS UIF UIFNF PG i8BUFS BOE .PVOUBJOTu JO UIF SFBS MPCCZ PG ,FN QJOTLJ )PUFM #FJKJOH -VGUIBOTB $FOUFS GSPN .BSDI UP .BSDI ,FNQJOTLJ )PUFM -VGUIBOTB $FOUFS -JBOHNB RJBP -V $IBPZBOH %JTUSJDU

XXX HMPCBMIPUFMBMMJBODF DPN"CPVU

5)6 '&# ลฆ 8&% ."3

"(&/%"

%":ลฌ#:ลฌ%": '3*%": ."3

. " 3

'3*%":

4> @>

%FT $BTFT FU EFT IPNNFT "U UIF UI FEJUJPO PG GSBODPQIPOJF GFTUJWBM JO $IJOB #FJKJOH "MMJBODF 'SBOร BJTF QSFTFOUT RVBOUJUZ PG FYDJUJOH FWFOUT &YIJCJUJPOT PG BMM LJOET PG i$BGร T EFT 4DJFODFTu 'SFODI TQFBLJOH DPVOUSJFT รฑMN GFTUJWBM 'SFF #FJKJOH "MMJBODF 'SBOร BJTF (VBOHDBJ *OUFSOBUJPOBM .BOTJPO (POHUJYJMV $IBPZBOH %JTUSJDU FYU GS DO

EHDVMUVSF!BGDIJOF PSH XXX BGDIJOF PSH

@> 4FBGPPE &YUSBWBHBO[B 'FBUVSFE (FU SFBEZ GPS BO FNPUJPOBM FYQMPTJPO XJUI 4XFEJTI JOTUSVNFOUBM QPTU SPDLFST &G FWFSZ 'SJEBZ BOE 4BUVSEBZ FWFOJOH UIF TFBGPPE CVรญFU EJOOFS JT 3.# GPS BEVMUT BOE 3.# GPS DIJMESFO UP

@> -:>7, /4AG ZFBST $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 5IF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 8JOF 'FWFS 'SPN QN UP QN FWFSZ 8POEFST PG )VBJZBOH DVJTJOF 'SJEBZ 3.# B CPUUMF PG XJOF GSFF )BJZBOH JT UIF GBWPSJUF DVJTJOF BU NBOZ +JODIFOHGBOH %POHKJF +JOSPOH +JF รณPX IPNFNBEF UBQBT &OPUFSSB % TUBUF CBORVFUT JODMVEJOH UIF WFSZ รฑSTU 9JDIFOH %JTUSJDU

TUBUF CBORVFU IFME UP DFMFCSBUF UIF /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH FTUBCMJTINFOU PG UIF NPEFSO TUBUF PG %JTUSJDU

$IJOB JO 'SPN 'FC UP .BS )JMUPO #FJKJOH 8BOHGVKJOH XFMDPNFT QN MBUF $IBNQBHOF /JHIU

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รณZJOH JO PZTUFST GSPN 'SBODF $BO "VUIPST 1BPMP (JPSEBOP 'FSHBM ,FBOF

BEB BOE UIF 64 .BSDI 4FB (VJMMFSNP .BSUJOF[ 9J $IVBO 9V 9J TPOBM 5BTUFT (SBOHF 8FTUJO $IBPZBOH BOE :BOH )POHZJOH BOE B HBHHMF PG

@> ' UIF 8FTUJO #FJKJOH $IBPZBOH MVDLZ UJDLFUIPMEFST LJDL Pรญ UIJT ZFBS T %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU #JH 'JTI 'SVJU 4BMBE 3PDL QBSUZ JO IJHIMZ BOUJDJQBUFE MJUFSBSZ FWFOU 'BOHKJB )VUPOH 'SFF QN )PU $BU

4XJOH CZ UIF #PPLXPSN GPS JOGPSNB $MVC 'BOHKJB )VUPOH KVTU TPVUI UJPO BCPVU UIF XBJUMJTU 3.# 5IF PG (VP[JKJBO +JF %POHDIFOH %JTUSJDU #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBNQFST BOE 0ZTUFST "O BQISP

$IBPZBOH %JTUSJDU

EJTJBDBM FYQFSJFODF XBJUT BU "SJB #BS XXX DIJOBCPPLXPSN DPN XIFSF BO JOUFSOBUJPOBM TFMFDUJPO PG

@> GSFTIMZ TIVDLFE PZTUFST BSF TFSWFE XJUI B DIPJDF PG TBVDFT TVDI BT $IBN @> "DVQVODUVSF 3FDPSET -BCFM /JHIU QBHOF (SBOJUB BOE $MBTTJD 4IFSSZ 8FOH 8FOH 1BODBLF -FF BOE DPN &G BU .BP 4XFEJTI JOTUSVNFOUBM QPTU 7JOBJHSFUUF 5ISFF PZTUFST PG DIPJDF BU SBEFT JO UFDIOP CBDL BU UIF DPOUSPMT SPDLFST DPNF UP FYQMPEF ZPVS FNP 3.# "SJB ' $IJOB 8PSME )PUFM UJPO 3.# 3.# BEWBODF QN 3.# QN 5IF )PVTF 8PSLFST +JBOHVPNFOXBJ %BKJF $IBPZBOH ."0 -JWFIPVTF (VMPV %POHEBKJF 4UBEJVN /PSUI (BUF (POHUJ #FJMV %JTUSJDU FYU

$IBPZBOH %JTUSJDU

%POHDIFOH %JTUSJDU

"(&/%"

5)6 '&# ลฆ 8&% ."3

%.

%":Ŭ#:Ŭ%": 4"563%": ."3

. " 3

4"563%": 4>

"UPNJTFE +( #BMMBSE -FXJT $BSSPMM BOE +. $PFU[FF 1BSUJDMF QIZTJDJTU 1BPMP (JPSEBOP BOE NBUIFNBUJDJBO (VJMMFSNP .BSUJOF[ UFMM VT IPX UIFJS USBJOJOH IBT NPMEFE UIFJS NJOET BOE JOTQJSFT UIFJS XPSL 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN

4>

@> 1BTUFJT EF /BUB -FBSO IPX UP NBLF UIF QFSGFDU 1PSUVHVFTF FHH UBSU XJUI DIFG 'FSOBOEP $PPLJOH DMBTT POMZ 3.# 3.# XJUI MVODI CVíFU 1BTUSZ )JMUPO )PUFM 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU

'((? /PUIJOH UP &OWZ +PJO VT UP IFBS NPSF GSPN #BSCBSB %FNJDL BCPVU BO VOQBSBMMFMFE WJFX JOUP /PSUI ,PSFB T SFQSFTTJWF BOE JTPMBUFE TUBUF 3.# 5IF CPPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@> 1BMMBWJ "JZBS $IJOB "O *OEJBO 1FS TQFDUJWF " MPPL BU $IJOB UISPVHI UIF

QFSDFQUJWF FZFT PG BO *OEJBO KPVSOBMJTU "JZBS 4JMWFS 3PPN $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBONFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

@> 1IJMPTPQIZ WBO #PPZ SFTDVFT QIJ MPTPQIZ GSPN JUT JWPSZ UPXFS HVJEJOH VT UISPVHI UIF UIPVHIUT PG DJWJMJ[BUJPO T HSFBUFTU NJOET PO UIFTF QFSFOOJBM RVFTUJPOT 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@> #BDBMIBV B CSBT $BSOF EF 1PSDP B "MFOUFKBOB -FBSO UIF TFDSFU PG #BDBM IBV XJUI TISFEEFE QPUBUP POJPOT BOE FYUSB WJSHJO PMJWF PJM XJUI 5SPNCB 3JKB CFGPSF FYQMPSJOH IPX UP NBLF QBO GSJFE NBSJOBUFE EJDFE QPSL DVCFT XJUI DMBNT BOE GSFTI DPSJBOEFS $PPLJOH DMBTT POMZ 3.# 3.# XJUI EJOOFS CVíFU 3.# .BJO ,JUDIFO )JMUPO )PUFM 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU

@> "CTVSEJUJFT 'FBUVSJOH BDDMBJNFE )VOHBSJBO QPFU BOE QFSGPSNFS 1FUFS ;JMBIZ PO MJGF CFIJOE UIF *SPO $VSUBJO DFMFCSBUFE *TSBFMJ XSJUFS 0SMZ $BTUFM #MPPN PO ;JPOJTN T HSJQ PO IFS IPNFMBOE BOE )POH ,POH XSJUFS $IBO ,PPODIVOH PO TPDJBM BNOFTJB BOE UIF UIPVHIU QPMJDF 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX

DIJOBCPPLXPSN DPN

@> 3PBE PG #POFT 5IF 4JFHF PG ,PIJNB )FBS 'FSHBM ,FBOF TQFBL PO UIJT TBWBHF CBUUMF IBMUJOH UIF +BQBOFTF BEWBODF POUP "MMJFE TPJM 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN

@> 4MBN 1PFUSZ 0NBS .VTB 'SFTI Pí B XPSME UPVS GPS IJT EFCVU IJQ IPQ BMCVN 8PSME (PFT UP 1JFDFT .VTB CSJOHT IJT XBZ XJUI XPSET UP UIF #*-' JO B TUJSSJOH TMBN QPFUSZ QFSGPSNBODF 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN (MPSZ 4QMFOEPS /PU KVTU NPSF UIBO UXFOUZ HSFBU IJUT CVU BO BNB[JOH OFX TPOH XJMM CF QSFTFOUFE BT XFMM 3.# QSFTBMF :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU

@> $BCBSFU 3BLFTI 4BUZBM IPTUT B TDJOUJMMBUJOH FWFOJOH PG EBODF TPOH CVSMFTRVF 'SFF 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN 0OF TUFQ GPSXBSE 3FHHBF QBSUZ 3.# ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL

$IBPZBOH %JTUSJDU LPMF HBT! DPN XXX LPMFHBT DPN

404 'PVSUI "OOJWFSTBSZ 1BSUZ 5IF SFHVMBS 4DJFODF PG 4PVOET UFBN MJHIUT UIF DBOEMFT XJUI HVFTUT + 4XBS[ BOE 8FOEZ 8FOO 'SFF QN 5IF )PVTF 8PSLFST 4UBEJVN /PSUI (BUF (POHUJ #FJMV $IBPZBOH %JTUSJDU

-:>7, /4AG

$POWFOJFODF 4UPSF IBT CFDPNF BO JDPO PG UIF #SJU QPQ TDFOF JO $IJOB

%.

$0/7&/*&/$& 4503& #"/% :&"34 "//*7&34"3: -*7&4)08 3.# 3.# BEWBODF :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU

5)6 '&# Ŧ 8&% ."3

"(&/%"

%":ลฌ#:ลฌ%": 46/%": ."3

. " 3

46/%":

4> @>

%FT $BTFT FU EFT IPNNFT "U UIF UI FEJUJPO PG GSBODPQIPOJF GFTUJWBM JO $IJOB #FJKJOH "MMJBODF 'SBOร BJTF QSFTFOUT RVBOUJUZ PG FYDJUJOH FWFOUT &YIJCJUJPOT PG BMM LJOET PG i$BGร T EFT 4DJFODFTu 'SFODI TQFBLJOH DPVO USJFT รฑMN GFTUJWBM 'SFF #FJKJOH "MMJBODF 'SBOร BJTF (VBOHDBJ *OUFSOBUJPOBM .BOTJPO (POHUJYJMV $IBPZBOH %JTUSJDU FYU GS DO

EHDVMUVSF!BGDIJOF PSH XXX BGDIJOF PSH

4> #PPN #VTU *DFMBOE *OD "O BSUJTU PG UIF UJNFT .BHOBTPO T XPSL IBT SFรณFDUFE UIF EJ[[ZJOH DIBOHFT JO UIF FOWJSPONFOU JOEVTUSZ FDPOPNZ BOE QFPQMF T MJWFT XJUI HPPE IVNPVS BOE GBOUBTUJDBM TBUJSF "OESJ .BHOBTPO XJMM HVJEF VT UISPVHI *DFMBOE T SFDFOU QBTU XJUI QPFUSZ รฑDUJPO BOE TPDJBM DSJUJ DJTN 3.# 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN 4IPU 4UPSZ $SBGU )FBS BO FYUSBDU GSPN 4JNPO WBO #PPZ T DPMMFDUJPO BOE GPMMPX IJN UISPVHI UIF EFWFMPQNFOU PG BO JEFB UP JUT GSVJUJPO 3.# :JO :BOH $PNNVOJUZ $FOUFS $PVSUZBSE )FHF[IVBOH 7JMMBHF BDSPTT GSPN 5IF 0SDIBSE DBMM GPS EJSFDUJPOT $IBPZBOH %JTUSJDU

4>

@> "MM :PV $BO &BU %JN 4VN #SVODI 4BUVSEBZT BOE 4VOEBZT GSPN BN UP QN 1SJDF TUBSUT GSPN 3.# QFS QFSTPO 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU

XXX TIBOHSJ MB DPN

"(&/%"

SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN

@> .ZUIT PG UIF /FBS 'VUVSF +PJO .JDIFM 'BCFS BVUIPS PG UIF 'JSF (PTQFM 3BLFTI 4BUZBM BVUIPS PG #MVF #PZ BOE "OESJ .BHOBTPO *DFMBOEJD BVUIPS BOE DVSBUPS PG BO BVEJP BOUIPMPHZ PG *DFMBOEJD GPML QPFUSZ 3.# 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@> *OOPDFODF %JDUBUPSTIJQ 1FUFS ;JMBIZ VTFT B EFDFQUJWFMZ DIJME MJLF QJDUVSF CPPL CBTFE PO B 4PWJFU MJUFSBDZ QSJNFS UP JMMVTUSBUF UIF MVEJDSPVTOFTT BOE OBJWFUZ PG MJGF VOEFS EJDUBUPSTIJQ )FBS IJN UBML PO UIF UIFNFT PG JOOPDFODF BOE XIJNTZ GFBUVSFE UISPVHIPVU IJT XPSL 3.# 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@>

'((?

'PVOEJOH PG B 3FQVCMJD $IJOFTF .PEFSOJTN )V 9VEPOH BOE .BCFM -FF EJTDVTT UIF QJPOFFSJOH IFSPFT PG UIF FSB JO UIF FBSMZ UXFOUJFUI DFOUVSZ -V 9VO .BP %VO FU BM XIPTF MFHBDZ MPPNT PWFS FWFSZ $IJOFTF XSJUFS UPEBZ 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

#% FU 'SBODPQIPOJF GFTUJWBM CZ #FJKJOH "MMJBODF 'SBOร BJTF

"VTUSBMJBO 8SJUFST 8FFL 0QFO JOH 4FTTJPO ,BUF +FOOJOHT +VMJB -FJHI +FTTJDB 3VEE BOE $SBJH 4JMWFZ "VTUSBMJBOT 8SJUJOH 1FSTQFDUJWFT PO $POUFNQPSBSZ 8SJUJOH .PEFSBUFE CZ "VTUSBMJBO "NCBTTBEPS %S (FPรญ 3PCZ 4JMWFS 3PPN $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBO NFO $IPOHXFO %JTUSJDU

5)6 '&# ลฆ 8&% ."3

%.

> 5IF 1FSGFDU .VSEFS "VUIPS PG UIF BDDMBJNFE CFTU TFMMJOH 5IF 0YGPSE .VSEFST (VJMMFSNP .BSUJOF[ EJTDVTTFT IJT CPEZ PG XPSL BOE UIF DPOรณVFODF PG MPHJD DSJNF BOE OBSSBUJWF 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

> /FXT GSPN UIF 'SPOUMJOF +PVSOBMJTUT 'FSHBM ,FBOF 4DPUU .D%POBME BOE .FHBO 4UBDL IBWF CPSOF XJUOFTT UP TPNF PG UIF NBKPS DPOรณJDUT PG SFDFOU ZFBST " DPOWFSTBUJPO PO UIF DIBOHJOH SPMF PG UIF XBS DPSSFTQPOEFOU JO UIF BHF PG HMPCBM DPNNVOJDBUJPOT 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@> 4IPSU 'JMNT %PO U NJTT UIFTF TIPSU รฑMNT GSPN รฑMN NBLFST GSPN BSPVOE UIF HMPCF ESBXJOH JOTQJSBUJPO GSPN BMM JOUFSQSFUBUJPOT PG MJUFSBUVSF 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN

%":Ŭ#:Ŭ%": .0/%": ."3

. " 3

#FJKJOH .BSSJPUU )PUFM /PSUIFBTU " 9JBPZVO -V $IBPZBOH %JTUSJDU

.BSSJPUU#FJKJOH/PSUIFBTU DPN

@>

.0/%":

>

#B ;J %FTUJOZ "OBMZTJT $PVSTF $IJOFTF GPSUVOF UFMMJOH LOPXO BT iGBUF DBMDVMBUJPOu TVBONJOH JO $IJOFTF IBT VUJMJ[FE NBOZ WBSZJOH EJWJOBUJPO UFDIOJRVFT UISPVHIPVU UIF EZOBTUJD QFSJPET 3.# QFS FJHIU TFTTJPOT 5IF DPVSTF XJMM CF JO B TNBMM HSPVQ PG GPVS PS ñWF QFPQMF BOE FBDI TFTTJPO MBTUT IPVST *O &OHMJTI $$$ $MVCT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH

%PMMZ $JUZ " SBSF DIBODF UP IFBS $BTUFM #MPPN EJTDVTT IFS UJNFMFTT TBUJSF PG XBS BOE UIF EFGFOTJWF NFBT VSFT UBLFO UP TVSWJWF JU 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN

@> $BMMJHSBQIZ $MBTT *OUFSNFEJBUF -FWFM $PNF BOE MFBSO DBMMJHSBQIZ XJUI QSFT UJHJPVT BSUJTUT JOWJUFE CZ $$$ $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOH NBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

@>

@>

-JGUJOH UIF 1BJOUFE 7FJM 0GUFO EFTDSJCFE BT UIF ñOFTU )POH ,POH BVUIPS XSJUJOH JO &OHMJTI BVUIPS PG )BCJU PG 'PSFJHO 4LZ 9V 9J EJTDVTTFT TUFSFPUZQFT BOE DVMUVSBM JEFOUJUZ XJUI )POH ,POH CPSO "VTUSBMJBO XSJUFS BOE BVUIPS PG 4IBOHIBJ %BODJOH #SJBO $BTUSP 3.# 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

#PPL 5BML &NNB %POPHIVF T 3PPN +PJO UIF .BO #PPLFS TIPSUMJTUFE BVUIPS BT TIF EJTDVTTFT IFS MBUFTU OPWFM BCPVU B ZPVOH XPNBO BOE IFS ZFBS PME TPO IFME DBQUJWF JO B TFY PíFOEFST TIFE 1BSU PG UIF #PPLXPSN *OUFSOBUJPOBM -JUFSBSZ 'FTUJWBM 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@>

@>

*OEJBO 3FHJPOBM $VJTJOF BU 5BNBSJOE 4IPXDBTJOH UIF EJWFSTJUZ PG *OEJB T DVJTJOF UIF QSPNPUJPO XJMM SVO GSPN TU .BSDI m TU .BZ BOE XJMM GPDVT PO UIF 3PZBM $VJTJOF PG 3BKBTUIBO UIF $PBTUBM 4FBGPPE PG (PB BOE .BIBSBTIUSB UIF USPQJDBM DPDPOVU DVSSJFT PG UIF 4PVUI BOE UIF SJDI GPPE PG UIF /BXBCT GSPN UIF /PSUI 1SJDFT SBOHF GSPN 3.# m 3.# QFS EJTI 5BNBSJOE .BSSJPUU /PSUIFBTU '

1VC 2VJ[ #SVTI VQ PO BMM UIJOHT CPPLT JO UJNF GPS UIJT WFSZ TQFDJBM FYUSBWBHBO[B PG CPPLT USJWJB XJUI UIF FWFS MJUFSBSZ DSJUJDBM 5PN $IBNQBHOF #SJOH ZPVS PXO UFBN UP DPNQFUF BHBJOTU TPNF PG UIF GFTUJWBM BVUIPST GPS UIF UJUMF PG UIF CSBJOJFTU JO #FJKJOH 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

-:>7, /4AG *NQSFTTJPO PG )VJ[IPV +PJO )VBOHZJ GPS UIF JNBHJOBSZ TDFOFSZ UISPVHI IJT PXO QBJOUJOH MBOHVBHF XJUI EJíFSFOU NFEJB BOE CZ WBSJPVT TUSVDUVSFT 9:; (BMMFSZ % PG BSU DFOUFS %BTIBO[J BSU EJTUSJDU +JVYJBO RJBP -V $IBPZBOH %JTUSJ

XXX YZ[BSUHBMMFSZ DPN 1J[[B T /JHIU #VZ 0OF 1J[[B BOE (FU 0OF 'SFF BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU

'MBWPST PG 1PSUVHBM $IFGT GSPN UIF SFOPXOFE i5SPNCB 3JKBu SFTUBVSBOU BSF CBDL JO #FJKJOH %JTDPWFS UIF óBWPST PG 1PSUVHVFTF DVJTJOF GSPN .BSDI m BU 7BTDP T )JMUPO #FJKJOH 8BOHGVKJOH UISPVHI B TQFDJBM MVODI BOE EJOOFS CVíFU QSJDFE BU 3.# QFS QFSTPO JODMVEJOH GSFF óPX PG TPGU ESJOLT DIJMMFE KVJDFT BOE DPíFF PS UFB 7BTDP T )JMUPO 8BOHGVKJOH ' )JMUPO #FJKJOH 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU FYU XBOHGVKJOH!IJMUPO DPN 5FNQUBUJPO .POEBZT &OKPZ B EJTDPVOU PO BOZ CPUUMF PG XJOF .PTUP ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU

(P"SU JO ,FNQJOTLJ "T QBSU PG UIF ,FNQJOTLJ "SUT 4VQQPSU 1SPHSBN &TUPOJB QIPUPHSBQIFS "MFYBOEFS (SPOTLZ XJMM CF FYIJCJUJOH B TFSJFT PG QIPUPHSBQIT UBLFO JO IJT SFDFOU $IJOB UPVS VOEFS UIF UIFNF PG i8BUFS BOE .PVOUBJOTu JO UIF SFBS MPCCZ PG ,FN QJOTLJ )PUFM #FJKJOH -VGUIBOTB $FOUFS GSPN .BSDI UP .BSDI ,FNQJOTLJ )PUFM -VGUIBOTB $FOUFS -JBOHNB RJBP -V $IBPZBOH %JTUSJDU

&MFNFOUT #VíFU 'FBUVSJOH 7BSJFUZ PG 7FBM %JTIFT &OKPZ B XJEF WBSJFUZ PG EFMFDUBCMF WFBM EJTIFT BU UIF )JMUPO #FJKJOH T BXBSE XJOOJOH &MFNFOUT SFT UBVSBOU CFUXFFO OE BOE TU .BSDI -VODI #VíFU 3.# QFS QFSTPO %JOOFS #VíFU 3.# QFS QFSTPO 4VCKFDU UP TVSDIBSHF &MFNFOUT )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU

i*NQSFTTJPO PG )VJ[IPVu FYIJCJUFE BU 9:; (BMMFSZ

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

%":Ŭ#:Ŭ%": 56&4%": ."3

. " 3

56&4%": @>

#PPL $IBU 5BCPP &NNB %POPHIVF BOE "VTUSBMJBO BVUIPS $ISJTUPT 5TJPMLBT EJTDVTT DSPTTJOH MJOFT JO UIFJS MJUFSBUVSF %POPHIVF IBT XSJUUFO BCPVU MFTCJBO MJGFTUZMFT BOE TFY TMBWFSZ XIJMF 5TJPMLBT 5IF 4MBQ FYQMPSFT NJTPHZOZ BOE NVE EJFE NVMUJDVMUVSBMJTN 3.# QN 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@> *OUFSOBUJPOBM 8PNFO T %BZ &OKPZ NPWJFT 4JNPOF EF #FBVWPJS BOE VOF GFNNF BDUVFMMF XSJUFS 1JB 1FUFSTFO XJMM HJWF B UBML XJUI ;IBOH -JKJB BCPVU i5PEBZ XPNFO T QPTJUJPO BU UIF TPDJFUZ BOE 8SJUFST QMBDF JO MJCFSBUJPO PG XPNFOu *O 'SFODI $IJOFTF 'SFF FOUSBODF BDDPSEJOH UP TFBUT BWBJM BCJMJUZ "VEJUPSJVN PG $$' (POHUJ 9JMV (VBOHDBJ *OUFSOBUJPOBM .BTJPO $IBPZBOH EJTUSJDU XXX DDGQFLJO PSH

@> 5BCPP "MM DVMUVSFT IBWF MJOFT UIBU BSF KVTU OPU DSPTTFE QSFKVEJDFT UIBU BSF DMVOH UP BOE USVUIT UIBU DBO U CF CSPBDIFE #PUI OPNJOBUFE GPS UIF #PPLFS 1SJ[F &NNB %POPHIVF BOE $ISJTUPT 5TJPMLBT EBSF UP PWFSTUFQ UIF MJOF 3.# 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@> 5IF )JMUPO #FJKJOH 7FBM $PPLJOH $MBTTFT 3.# QFS QFSTPO JODMVEJOH UBTUJOH PG UIF EJTI BOE POF HMBTT PG IPVTF XJOF 4VCKFDU UP TVSDIBSHF )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU

@> 4BOHSJB /JHIU )PU 4BOHSJB GSPN UP QN GPS 3.# BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU

@> %SFBNT PG *TSBFM +PJO VT GPS BO JOUSP EVDUJPO UP /JS #BSBN T TUPSZ 5IF ñSTU *TSBFMJ OPWFM UP GPDVT PO OPO +FXJTI

"(&/%"

(SPPWF XJUI *OEJF EBODF GVOLZ MPWF TPOH SPDLFST 5IF #JHHFS #BOH DIBSBDUFST EVSJOH 88** 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN

9JDIFOH %JTUSJDU

@>

.JT TIBQFT .JTUBLFT .JTñUT *UBMJBO ZPVOH OPWFMJTU 1BPMP (JPSEBOP UBMLT VT

@> UISPVHI IJT OPWFM T CFBVUJGVM BMMFHPSZ 0ZTUFS (JSM 5IF 8PSME PG $IJOFTF 3.# 5IF #PPLXPSN $PVSUZBSE .PWJFT QSFTFOUT 0ZTUFS (JSM

(POHUJ #FJMV $IBPZBOH %JTUSJDU

JO $IJOFTF XJUI &OHMJTI TVCUJUMFT XXX DIJOBCPPLXPSN DPN %PPST BU QN NPWJF BU QN TIBSQ 'SFF FOUSZ BOE ESJOL EJTDPVOUT +JBO @> HIV +JVCB %POHNJBOIVB )VUPOH 5IF #JHHFS #BOH %) $IJOFTF )FMM %POHDIFOH %JTUSJDU

DBUT i#ZF CZF 5IBOLT GPS ZPVS ñTI u IUUQ XXX UJOZVSM DPN TBONBP 5ISFF #BOET XJUI CSJMMJBOU HJSM WPDBMT 3.# 1SFTBMF -BEJFT 'SFF :VHPOH 0QQPSUVOJUZ ,OPDLT UI "OOJWFS :JTIBO ;IBOH ;J[IPOH -V GPSNFS TBSZ 5IF UI "OOJWFSTBSZ PG '$ $MVC %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU #FJKJOH $BSFFS %FWFMPQNFOU m )FBE PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU IVOUFS TPDJBM OFUXPSLJOH FWFOJOH *O

EJWJEVBMT CFUXFFO KPCCFST DPNQBOJFT MPPLJOH GPS OFX FNQMPZFFT FYFDVUJWF

@> TFBSDI DPNQBOJFT )3 QFSTPOOFM .BLF 4UVí 6Q *NQSPW T .BJOTUBHF SFDSVJUNFOU BHFODJFT BOE IFBEIVOU &OHMJTI 1MBZFST QVU PO B TJEF TQMJUUJOH FST BSF BMM XFMDPNF 3.# 3.# TIPX GPS UIF GFTUJWBM BVEJFODF +PJO JG QSF SFHJTUFSFE CFGPSF .POEBZ UIFN GPS B OJHIU PG TQPOUBOFPVT TUPSZ .BSDI 3FHJTUFS BU FOFOUCK!GDDMVC UFMMJOH 'SFF 5IF #PPLXPSN $PVSUZBSE DPN PS 'MBNFT )JMUPO (POHUJ #FJMV $IBPZBOH %JTUSJDU 8BOHGVKJOH 8BOHGVKJOH &BTU 4USFFU

XXX DIJOBCPPLXPSN %POHDIFOH %JTUSJDU

DPN 5XFMWF (JSMT #BOE $FMFCSBUF 8PNFO T %BZ XJUI UIJT iHMPSJPVT NVTJD DPODFSU u 5IF BMM GFNBMF FOTFNCMF QMBZT B NJY PG $IJOFTF BOE 8FTUFSO DMBTTJDBM BOE DPOUFNQPSBSZ NVTJD VTJOH USBEJUJPOBM $IJOFTF JOTUSVNFOUT MJLF UIF FSIV QJQB HV[IFOH BOE ZBOHRJO 3.# QN 'PSCJEEFO $JUZ .VTJD )BMM *OTJEF ;IPOHTIBO 1BSL 9JDIBOH BO +JF

5)6 '&# Ŧ 8&% ."3

%.

-:>7, /4AG 8PNFO T %BZ BU .BOB .BOB JT QSPVE UP JOEVMHF JO UIF DFMFCSBUJPO PG UIF BDIJFWFNFOUT PG XPNFO &WFSZ MBEZ EJOFT IFSF HFUT B GSFF EFTFSU .BOB 4BOMJUVO #FJYJBPKJF $IBPZBOH %JTUSJDU $IBPZBOH %JTUSJDU

NBOB CFJKJOH!HNBJM DPN

%":Ŭ#:Ŭ%": 8&%/&4%": ."3

. " 3

8&%/&4%":

4>

@>

1FEJDBC )VUPOH )PNF 7JTJU BOE 4VNNFS 1BMBDF 5PVS &YQMPSF -PDBM IVUPOHT BMMFZXBZT BOE WJTJU MPDBM SFTJEFOUT PG BODJFOU DPVSUZBSE IPVTFT 5IFO IFBE PWFS UP UIF 4VNNFS 1BMBDF BOE XSBQ VQ UIF FWFOJOH XJUI BO PQUJPOBM LVOH GV TIPX 3.# LJET VOEFS $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

4> $BMMJHSBQIZ #FHJOOFS T $MBTT $PO EVDUFE JO &OHMJTI UIF DMBTT JT EFTJHOFE GPS XFTUFSO MFBSOFST DPWFSJOH FWFSZ UIJOH GSPN NFBOJOH BOE FWPMVUJPO PG UIF DIBSBDUFST DVMUVSF UP IJTUPSZ BOE NVTJD PG UIF QFSJPE 3.# DMBTT 3.# GPVS DMBTTFT $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

4> #B ;J %FTUJOZ "OBMZTJT $PVSTF $IJOFTF GPSUVOF UFMMJOH LOPXO BT

iGBUF DBMDVMBUJPOu TVBONJOH JO $IJOFTF IBT VUJMJ[FE NBOZ WBSZJOH EJWJOBUJPO UFDIOJRVFT UISPVHIPVU UIF EZOBTUJD QFSJPET 3.# QFS FJHIU TFTTJPOT 5IF DPVSTF XJMM CF JO B TNBMM HSPVQ PG GPVS PS ñWF QFPQMF BOE FBDI TFTTJPO MBTUT IPVST *O &OHMJTI $$$ $MVCT $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU

XXX DIJOBDVMUVSFDFOUFS PSH

@> 5IF #PZ T $MVC .PSBM )B[BSE BOE $BNQBJHO 3VCZ UXP OPWFMT CZ UXP WFSZ EJíFSFOU BVUIPST PME HVBSE GFNJOJTU BOE TPDJBM DPNNFOUBUPS ,BUF +FOOJOHT BOE GPSNFS MBXZFS BOE JOTJEFS UP UIF XPSME PG IJHI QPMJUJDT +FTTJDB 3VEE .PEFSBUPS "OOJF 8BOH UBLFT VT UISPVHI UIFJS BDDPVOUT PG FODPVOUFST XJUI UIF HMBTT DFJMJOH 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@> 6OEFS UIF 4LJO 1PTTFTTJOH B EBSL IV NPS HSBDFGVM UPVDI BOE WJWJE JNBHJOB UJPO 'BCFS TQFBLT PO IJT EJWFSTF CPEZ PG XPSL BOE IJT DPNQVMTJPO UP XSJUF 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN

@> -BEJFT /JHIU #VZ 0OF $PDLUBJM BOE (FU 0OF 'SFF 'SPN UP $JSP T 1P NPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU

@> $BSFFS %FWFMPQNFOU )FBEIVOUFS 4PDJBM /FUXPSLJOH &WFOJOH 5IFTF TJHOBUVSF DBSFFS EFWFMPQNFOU OFUXPSLJOH FWFOJOHT BSF OPSNBMMZ BUUFOEFE CZ m QFPQMF MPPLJOH GPS DBSFFS EFWFMPQNFOU BOE PS GPS OFX BOE NPSF JOUFSFTUJOH DIBMMFOHFT DPNQBOJFT MPPLJOH GPS FNQMPZFFT FYFDVUJWF TFBSDI DPNQBOJFT )3 QFS TPOOFM BOE IFBEIVOUFST BOE PG DPVSTF GPS QFPQMF XJTIJOH UP NFFU BOE IBWF B HPPE UJNF 3.# SFHJTUFSFE CFGPSF .BS 3FHJTUFS BU PS FWFOUCK!GDDMVC DPN 'MBNFT )JMUPO 8BOHGVKJOH 8BOHGVKJOH &BTU 4USFFU %POHDIFOH

@> 5ISFF 4JTUFST #J 'FJZV EJTDVTTFT IJT OFXMZ USBOTMBUFE BOE DSJUJDBMMZ BD DMBJNFE OPWFM 5ISFF 4JTUFST XIJDI JT BCPVU UIF QSFTTVSFT UIBU SFMBUJPOTIJQT BOE GBNJMJFT TVíFSFE JO $IJOB VOEFS UIF TUSBJO PG UIF $VMUVSBM 3FWPMVUJPO BOE CFZPOE .PEFSBUFE CZ -J +JBOH[F FEJUPS PG 1FPQMF T -JUFSBUVSF .BHB[JOF BOE POF PG UIF $IJOB T NPTU SFTQFDUFE DSJUJDT 3.# 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN %BWJE .PTFS 5SJP 'FBUVSJOH TUBOEBSE NVTJD QMBZFE PO QJBOP CBTT BOE TBY 1VSQMF )B[F $PVSUZBSE /P %POHTJM JVUJBP JO UIF DPSOFS PG $IBPZBOHNFO #FJYJBPKJF %POHDIFOH %JTUSJDU

XXX QVSQMFIB[F DPN DO

4> 4POHXSJUFST JO UIF 3PVOE #FJKJOH CBTFE NVTJDJBO +FTT .FJEFS MFBET TPOHXSJUFST JO B EJTDVTTJPO PG UIF DSFB UJWF QSPDFTT PG MZSJD XSJUJOH BOE NVTJ DBM DPNQPTJUJPO JO UIJT SPVOEUBCMF PG TUZMFT BOE WPJDFT +PJO 5IF #PPLXPSN UP IFBS NVTJD GSPN TPNF PG UIF DJUZ T NPTU VOJRVF UBMFOUT BOE UIF UBMFT BOE JOTQJSBUJPO CFIJOE UIFJS TPOHT 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU

XXX DIJOBCPPLXPSN DPN 5IF #PPLXPSN *OUFSOBUJPOBM -JUFSBSZ 'FTUJWBM CFHJOT

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

"

#

$

%

"(&/%"

5)6 '&# Ŧ 8&% ."3

%.

%.

5)6 '&# Ŧ 8&% ."3

"(&/%"

7*4*503 */'0

*OGPSNBUJPO PO UIJT QBHF FYDFSQUFE GSPN UIF *OTJEFS T (VJEF UP #FJKJOH BWBJMBCMF JO TUPSFT BSPVOE #FJKJOH PS CZ EFMJWFSZ UP ZPVS IPNF IPUFM PS PîDF 5P PSEFS B DPQZ DBMM PS F NBJM EJTUSJCVUJPO!JNNFSTJPOHVJEFT DPN

$0..6/*$"5*0/4 64&'6- /6.#&34

"NCVMBODF &NFSHFODJFT #FJKJOH "NCVMBODF 4FSWJDF #FJKJOH 6OJUFE 'BNJMZ )PTQJUBM &NFSHFODZ 3PPN 'JSF

8*Ŭ'*

'PS B MJTU PG 8J 'J MPDBUJPOT JO #FJKJOH WJTJU IUUQ W KJXJSF DPN TFBSDI XJñ IPUTQPUT IUN DJUZ@JE 64&'6- 8&#4*5&4

XXX UIFCFJKJOHFS DPN "HFOEB T TJTUFS TJUF IBT B EJSFDUPSZ MJTUJOH NPSF UIBO #FJKJOH WFOVFT BT XFMM BT B CMPH GPSVN FWFOUT SFWJFXT DMBT TJñFET BOE NPSF XXX CFJKJOH LJET DPN i#FJKJOH T FTTFOUJBM FYQBU GBNJMZ SFTPVSDFu PíFST BSUJDMFT FWFOUT B EJSFDUPSZ BOE GPSVN DBUFSJOH UP &OHMJTI TQFBLJOH GBNJMJFT

1PMJDF

)041*5"-4 $-*/*$4

5SBîD "DDJEFOU

#BZMFZ +BDLTPO .FEJDBM $FOUFS $MJOJD BOE EFOUBM IPVST .PO 'SJ BN QN 4BU BN QN EPDUPS PO DBMM IPVST 3JUBO %POHMV $IBPZBOH %JTUSJDU

XXX CKIFBMUIDBSF DPN

5FMFQIPOF %JSFDUPSZ $IJOFTF

QSFTT GPS &OHMJTI TFSWJDF

5JNF 8FBUIFS 1)0/& $"3%4 .0#*-& 1)0/&4

*1 DBSET GPS DBMMT JO $IJOB BOE PWFSTFBT BSF TPME JO DFMM QIPOF TUPSFT OFXT TUBOET BOE $IJOB 5FMFDPN PVUMFUT $BSET XJUI B GBDF WBMVF PG 3.# TFMM GPS 3.# 4*. DBSET BOE DFMM QIPOF UPQ VQ DBSET DIPOH [IJ LB

DBO CF CPVHIU GSPN DFMM QIPOF TUPSFT OFXTTUBOET BOE 4*. DBSE TIPQT $BMM BOE 4.4 DIBSHFT BSF BT GPMMPXT GPS UIF NBKPS OFUXPSLT $IJOB .PCJMF &BTZPXO 4IFO ;IPV 9JOH

.BLJOH BOE SFDFJWJOH DBMMT DPTUT 3.# NJO $BMMT DPTU 3.# NJO XJUIJO #FJKJOH BOE 3.# NJO EPNFTUJD MPOH EJTUBODF JG ZPV EJBM ñSTU UIFO UIF OVNCFS ZPV XJTI UP DBMM

#FJKJOH *OUFSOBUJPOBM 404 $MJOJD %BJMZ IPVST 1IBSNBDZ .PO 'SJ BN QN 4BU 4VO BN QN 4VJUF 8JOH ,VOTIB #MEH 9JO ZVBO MJ $IBPZBOH %JTUSJDU IS

XXX JOUFSOBUJPOBMTPT DPN

#FJKJOH 6OJUFE 'BNJMZ )PTQJUBM BOE $MJOJDT .PO 4BU BN QN 4VO BN QN IPVS FNFSHFODZ +JBOHUBJ -V -JEP BSFB $IBPZBOH %JTUSJDU BQQPJOUNFOU FNFSHFODZ XXX VOJUFE GBNJMZIPTQJUBMT DPN

. [POF %POH (BO %J %BJ

-PDBM DBMMT 3.# NJO BU QFBL IPVST BN QN Pí QFBL DBMMT 3.# NJO

#FJKJOH 6OJUFE 'BNJMZ )FBMUI 8FMMOFTT $FOUFS ¢ +JBOHVPNFO .PO 'SJ BN QN # ' 4U 3FHJT )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FNFS HFODZ XXX VOJUFEGBNJMZ IPTQJUBMT DPN

$IJOB 6OJDPN 3VZJUPOH

-PDBM DBMMT 3.# NJO MPOHFS EJTUBODF DBMMT 3.# NJO %JBMJOH CFGPSF UIF OVNCFS ZPV XJTI UP DBMM SFEVDFT CPUI MPDBM BOE MPOH EJT UBODF DBMMT UP 3.# NJO 3FDFJWJOH DBMMT DPTUT 3.# NJO XFFLEBZT BN QN BOE 3.# NJO Pí QFBL

#FJKJOH 6OJUFE 'BNJMZ $MJOJD m 4IVOZJ .PO 5IV BN QN 'SJ 4VO BN QN 6OJU 1JOOBDMF 1MB[B 5JBO[IV 3FBM &TUBUF %FWFMPQNFOU ;POF 4IVOZJ %JTUSJDU FNFSHFODZ

XXX VOJUFEGBNJMZIPTQJUBMT DPN

61 9JOTIJMJ 61

-PDBM DBMMT 3.# NJO 3FDFJWJOH DBMMT DPTUT 3.# NJO 1BZJOH BO FYUSB 3.# QFS NPOUI HJWFT VOMJNJUFE GSFF JODPNJOH QIPOF DBMMT BOE MPXFS GFFT GPS NBLJOH QIPOF DBMMT

"(&/%"

#FJKJOH 7JTUB $MJOJD m ,FSSZ $FOUSF %BJMZ IPVST DMJOJD IPVST BN QN # ,FSSZ $FOUFS (VBOHIVB -V $IBPZBOH %JTUSJDU

XXX WJTUB DIJOB OFU

5)6 '&# Ŧ 8&% ."3

%.

$IJOB +BQBO 'SJFOETIJQ )PTQJUBM .PO 'SJ BN OPPO QN 4BU BN IPVS FNFSHFODZ :JOHIVB %POHKJF )FQJOHMJ )FQJOH +JF #FJLPV $IBPZBOH %JTUSJDU

XXX [SZIZZ DPN DO

)POH ,POH *OUFSOBUJPOBM .FEJDBM $MJOJD #FJKJOH %BJMZ BN QN IPVS FNFSHFODZ ' 4XJTTÃ&#x201D;UFM PîDF UPXFS $IBPZBOHNFO #FJEBKJF %POHDIFOH %JTUSJDU FYU XXX ILDMJOJD DPN

*OUFSOBUJPOBM .FEJDBM $FOUFS *.$

%BJMZ IPVST 4 ' -VGUIBOTB $FOUFS -JBOH NBRJBP -V $IBPZBOH %JTUSJDU EFOUBM

XXX JNDDMJOJDT DPN

1FLJOH 6OJPO .FEJDBM $PMMFHF )PT QJUBM .PO 'SJ BN QN IPVS FNFSHFODZ 4IVBJGVZVBO 8BOHGVKJOH UIF GPSFJHOFST XJOH JT MPDBUFE TPVUI PG UIF JOQBUJFOU CVJMEJOH %POHDIFOH %JTUSJDU FNFSHFODZ

XXX QVNDI BD DO

.0/&: "5.4

.PTU "5.T BDDFQU GPSFJHO CBOLDBSET DPOOFDUFE UP UIF $JSSVT 1MVT "N&Y 7JTB BOE .BTUFS$BSE OFUXPSLT 4PNF MPDBM CBOLT DIBSHF USBOTBDUJPO GFFT 3.# GPS #BOL PG $IJOB CVU NBOZ EP OPU ZPVS IPNF DPVOUSZ CBOL XJMM QSPCBCMZ TMBQ PO B GFF GPS FBDI XJUIESBXBM JO #FJ KJOH .BYJNVN TJOHMF EBZ XJUIESBXBM MJNJUT GPS GPSFJHO DBSET WBSZ CVU SBOHF 3.# XJUI B QFS TFTTJPO MJNJU 'PS B MJTU PG "5.T TFF XXX NPWF BOETUBZ DPN CFJKJOH HVJEF@CBOLT BTQ "NFSJDBO &YQSFTT BGUFS IPVST 64 IPUMJOF &NFSHFODZ DBSE SFQMBDFNFOU )POH ,POH 4UPMFO USBWFM FS T DIFDLT UPMM GSFF

8FTUFSO 6OJPO $IJOB 1PTU #FJKJOH FYU

XXX XFTUFSOVOJPO DPN 7JTB $FSUBJO CBOLT OPUBCMZ #BOL PG $IJOB BOE )4#$ DBO QSPWJEF DBTI BEWBODFT XJUI B 7JTB DBSE .BOZ "5.T BMMPX 7JTB DBSEIPMEFST UP XJUIESBX NPOFZ VQ UP B EBJMZ MJNJU

53"/41035 53"7&"*31035 "*3-*/&4

#FJKJOH $BQJUBM *OUFSOBUJPOBM "JSQPSU (FOFSBM FORVJSJFT MPTU MVHHBHF DVTUPNFS DPNQMBJOUT 5FSNJOBM 5FSNJOBM 5FSNJOBM IUUQ FO CDJB DPN DO "JS $BOBEB "JS $IJOB "JS 'SBODF "MM /JQQPO "JSXBZT "VTUSJBO "JSMJOFT #SJUJTI "JSXBZT $IJOB 4PVUIFSO "JSMJOFT

$POUJOFOUBM "JSMJOFT %SBHPO "JS +BQBO "JSMJOFT ,-. 3PZBM %VUDI "JSMJOFT

,PSFBO "JS -VGUIBOTB "JSMJOFT /PSUIXFTU "JSMJOFT 2BOUBT "JSMJOFT 4"4 4IBOHIBJ "JSMJOFT 4JOHBQPSF "JSMJOFT 4XJTT "JS 5IBJ *OUFSOBUJPOBM 6OJUFE "JSMJOFT 53"*/4 3"*-8": 45"5*0/4

5SBJO UJDLFUT HP PO TBMF UFO EBZT JO BEWBODF PG EFQBSUVSF BU USBJO TUBUJPOT BOE UJDLFU BHFODJFT CVU BSF BWBJMBCMF UP USBWFM BHFOUT B EBZ FBSMJFS 3PVOE USJQ UJDLFUT GPS USBJOT TUBSUJOH GSPN BOE UFSNJOBUJOH JO #FJKJOH DBO OPX CF QVS DIBTFE EBZT CFGPSF UIF SFUVSO EBUF *O BEEJUJPO UJDLFUT GPS UIF #FJKJOH )POH ,POH USBJO DBO CF CPVHIU VQ UP EBZT BIFBE PG EFQBSUVSF 5P CPPL B UJDLFU GPS QJDL VQ BU BHFODZ OFBS ZPV DBMM :PV DBO BMTP PSEFS B UJDLFU PO XXX QJBP DPN USBJO GPS QJDL VQ PS GPS B 3.# TVSDIBSHF EFMJWFSZ UP BO BEESFTT XJUIJO UIF 'PVSUI 3JOH 3PBE #FJKJOH 4UBUJPO #FJKJOH )VP DIF[IBO #FJKJOH ;IBO +JF %POHDIFOH %JTUSJDU $IJOFTF

#FJKJOH 8FTU 3BJMXBZ 4UBUJPO #FJ KJOH 9JLF[IBO -JBOIVBDIJ %POHMV FBTU PG 9JTBOIVBO -V 'FOHUBJ %JTUSJDU

$IJOFTF

"MM FNCBTTJFT FYDFQU 3VTTJB T BSF MPDBUFE JO $IBPZBOH %JTUSJDU

#FJKJOH 4PVUI 3BJMXBZ 4UBUJPO #FJKJOH /BO[IBO :POHEJOHNFO XBJ %BKJF $IPOHXFO %JTUSJDU

"VTUSBMJB %POH[IJNFOXBJ %BKJF

#FJKJOH /PSUI 4UBUJPO #FJKJOH #FJ[IBO 9J[IJNFO 9JDIFOH %JTUSJDU $IJOFTF

#FJKJOH 5BYJ %JTQBUDIJOH $FOUFS 5IFZ DBO U TFOE B ESJWFS UP ZPVS IPVTF CVU XJMM BMFSU BMM UBYJT XJUI (14 JO UIF WJDJOJUZ PG ZPVS SFRVFTU GPS B UBYJ BOE FYBDU MPDBUJPO

#FKJJOH :JOKJBO 5BYJ $PNQBOZ $BMM UIFN BOE UIFZ XJMM OPUJGZ UIFJS ESJWFST PG ZPVS MPDBUJPO

"4. $IBVíFVS BOE 5PVS 4FSWJDFT "JSQPSU QJDL VQ BOE EFMJWFSZ TFSWJDF DIBVíFVS TFSWJDF BOE QFSTPOBM HVJEF TFSWJDF BWBJMBCMF &OHMJTI TQFBLJOH ESJWFST 1SJDJOH PO XFCTJUF

XXX DIBVíFVSBTJB DPN #FJKJOH -JNP "JSQPSU QJDLVQ DPSQP SBUF FWFOUT BOE TJHIUTFFJOH $IPPTF GSPN TUSFUDI MJNPT CVTFT BOE WBOT BMM XJUI CJMJOHVBM ESJWFST XXX CFJKJOHMJNP DPN FOHMJTI 5063 $0.1"/*&4

#FJKJOH $JUZCVT 5PVST 4FF BMM PG #FJ KJOH T NBKPS TJHIUT JO B UISFF IPVS CVT UPVS $BMM PS GPS JOGPSNBUJPO XXX DJUZCVTUPVS DPN

1"4410354 7*4"4 7*4" "11-*$"5*0/4 &95&/4*0/4

&YJU &OUSZ "ENJOJTUSBUJPO PG UIF 1VCMJD 4FDVSJUZ #VSFBV .PO 4BU BN QN "OEJOH NFO %POHEBKJF CZ 9JBPKJF 2JBP

%POHDIFOH %JTUSJDU

*G ZPVS FNCBTTZ IBT NPWFE PS ZPV DBO U ñOE JU JO UIF MJTU CFMPX DPOTVMU UIF VQ UP EBUF MJTU PG BMM UIF FNCBTTJFT JO #FJKJOH BU XXX USBWFMDIJOBHVJEF DPN FNCBTTZ GPSFJHO CFJKJOH

%.

'SBODF 4BOMJUVO %POHTBO +JF

(FSNBOZ %POH[IJNFOXBJ %BKJF

*OEJB 3JUBO %POHMV

5"9*4

#FJKJOH T DBCT BSF FBTZ UP IBJM FYDFQU EVSJOH UIF SVTI IPVS QFBL %SJWFST BSF HFOFSBMMZ GSJFOEMZ BOE IPO FTU CVU GFX TQFBL &OHMJTI 5IF óBHGBMM SBUF JT 3.# BOE 3.# BGUFS QN "U QSFTT UJNF ESJWFST DPVME BEE BO BEEJUJPOBM 3.# UP UIF CJMM UP DPWFS GVFM DPTUT 5JQT BSF OPU FYQFDUFE

&.#"44*&4

$BOBEB %POH[IJNFOXBJ %BKJF

*SFMBOE 3JUBO %POHMV

*UBMZ 4BOMJUVO %POH FSKJF

+BQBO 3JUBO -V +JBOHVPNFOXBJ

.BMBZTJB -JBOHNBRJBP #FJKJF

/FUIFSMBOET -JBOHNBIF /BOMV

/FX ;FBMBOE 3JUBO -V %POHFSKJF

1BLJTUBO %POH[IJNFOXBJ %BKJF

1IJMJQQJOFT 9JVTIVJ #FJKJF

3VTTJB %POH[IJNFO #FJ[IPOHKJF

4JOHBQPSF 9JVTIVJ #FJKJF

4PVUI "GSJDB %POH[IJNFOXBJ %BKJF

4PVUI ,PSFB %POHGBOH %POHMV

4XFEFO %POH[IJNFOXBJ %BKJF

4XJU[FSMBOE 4BOMJUVO %POHXVKJF

5IBJMBOE &NCBTTZ (VBOHIVB -V 7JTB BOE DPOTVMBS TFDUJPO ' #MEH % 5XJOT 5PXFS +JBOHVPNFOXBJ %BKJF

6OJUFE ,JOHEPN &NCBTTZ (VBOH IVB -V 7JTB BOE $POTVMBS TFDUJPOT ' /PSUI 5PXFS ,FSSZ $FOUSF (VBOHIVB -V

6OJUFE 4UBUFT PG "NFSJDB "OKJBMPV -V FOUSBODF PO 5JBO[F -V

WJTBT WJTB DBMM DFOUFS

7JFUOBN (VBOHIVB -V

5)6 '&# Ŧ 8&% ."3

"(&/%"

-"/(6"(& (6*%&

*OUSPEVDUJPO UP UPOFT SFQSPEVDFE GSPN *NNFSTJPO (VJEFT .BOEBSJO 1ISBTFCPPL BWBJMBCMF JO TUPSFT BSPVOE #FJKJOH PS CZ EFMJWFSZ 5P PSEFS B DPQZ DBMM PS F NBJM EJTUSJCVUJPO!JNNFSTJPOHVJEFT DPN "U B MPTT GPS XPSET 5IFTF UXP QBHFT BSF B RVJDL SFGFSFODF TVNNBSZ PG VTFGVM QISBTFT UIBU NJHIU DPNF JO IBOEZ PO ZPVS USBWFMT BSPVOE #FJKJOH :PV XPO U HFU GBS XJUIPVU LOPXJOH TPNF PG UIF CBTJDT PG TQPLFO $IJOFTF TP MFU T TUBSU XJUI 50/&4

r 5POF JT WBSJBUJPO JO QJUDI CZ XIJDI B TZMMBCMF DBO CF QSP OPVODFE "MM $IJOFTF QJOZJO BSF NBSLFE XJUI POF PG GPVS UPOFT 5IF GPVS UPOFT BSF BT GPMMPXT TU UPOF m TJOHJOH UPOF IJHI ├│BU DPOUJOVPVT OE UPOF m SJTJOH TJNJMBS UP UIF JOUPOBUJPO VTFE UP BTL B RVFTUJPO JO &OHMJTI MJLF iPI u SE UPOF m EJQ UPOF GBMMT BOE UIFO SJTFT UI UPOF m GBMMJOH UPOF TIBSQ MJLF XIFO ZPV IPMMFS iCPP u r 5IFTF UPOFT BSF JODSFEJCMZ JNQPSUBOU *G ZPV HFU UIFN XSPOH QFPQMF XJMM OPU VOEFSTUBOE XIBU ZPV BSF TBZJOH .BOZ TZMMBCMFT JO QJOZJO IBWF ESBNBUJDBMMZ EJ├нFSFOU NFBO JOHT EFQFOEJOH PO UIF UPOF 5BLF GPS JOTUBODF UIF 1JOZJO DPOTUSVDUJPO CBP 'JSTU UPOF E─ЕR XSBQ 4FDPOE UPOF EiR UIJO 5IJSE UPOF EтАл╫ЩтАмR HVBSBOUFF 'PVSUI UPOF EjR IVH "T ZPV DBO TFF JG ZPV SF OPU DBSFGVM ZPV XJMM NJTUBLFOMZ UFMM TPNFPOF UIBU ZPV XBOU UP IVH UIFN XIFO JO GBDU ZPV KVTU XBOU UP HJWF UIFN B HVBSBOUFF )FMMP IJ (PPE CZF 1MFBTF 5IBOL ZPV :FT OP (PPE OPU HPPE .Z OBNF JT w * N TPSSZ FYDVTF NF * BN w $BO * w

* EPO U VOEFSTUBOE $BO ZPV TQFBL &OHMJTI

8IFSF JTw 5JBOBONFO 'PSCJEEFO $JUZ 8BOHGVKJOH (SFBU 8BMM

5BLF NF UPw %SJWFS 5VSO MFGU 5VSO SJHIU (P TUSBJHIU BIFBE 8F SF UIFSF 6 UVSO * XBOU UIF SFDFJQU USB├оD MJHIU DSPTT UIF TUSFFU

Qt KтАл╫ЩтАмR ]jL MLjQ TтАл╫ЫтАмQJ [Lq [Lq VKu E~ VKu KтАл╫ЩтАмR EX KтАл╫ЩтАмR ZтАл ╫ЭтАмMLjR┬л w G L E TтАл ╫ЫтАм ZтАл ╫ЭтАмVKu ┬л w ZтАл ╫ЭтАмN─Ъ \тАл┬л╫ЫтАмPD" W─иQJ E GтАл╫ЭтАмQJ QтАл ╫ЫтАмKXu VKX┼Ж \─иQJ \тАл ╫ЯтАмPD"

]jL QтАл╫ЩтАмw 7L─ЕQ─ЕQPpQ * J┼ЖQJ :iQJIтАл╫ЯтАмMтАл╫ЫтАмQJ &KiQJFKpQJ

5)6 '&# ┼ж 8&% ."3

$"#4 "/% %*3&$5*0/4

ZтАл\ ╫ЭтАмjR T VK─и IX ]XтАл] ╫ЭтАмKXтАл╫ЩтАмQ \zX ]KXтАл╫ЩтАмQ \u ]Kt ]тАл╫ЭтАмX GjR OH GLjR WyX ZтАл\ ╫ЭтАмjR ID SLDR KyQJ OтАл ╫зтАмG─ТQJ JXz PтАл╫ЩтАмO

4)011*/( "/% #"3("*/*/(

* EPO U XBOU UIJT ZтАл ╫ЭтАмEX \jR ]Kq Jq

* XBOU POF PG BO JUFN

ZтАл\ ╫ЭтАмjR \t Jq )PX NVDI EPFT JU DPTU GX┼Ж VKтАл╫ЩтАмR TLiQ" 0OF ZVBO LVBJ VOJU PG DVSSFODZ \u \XiQ \t NXjL

5IBU T UPP FYQFOTJWF WjL JXu OH $BO ZPV MPXFS UIF QSJDF 1pQJ SLiQ\L \uGLтАл╫ЩтАмQ PD"

8IFSF DBO * CVZw ]jL QтАл ╫ЩтАмN─Ъ \тАл ╫ЫтАмPтАл╫ЩтАмL┬л"

#"4*$4

(&55*/( "306/%

"(&/%"

5FNQMF PG )FBWFO 7L─ЕQWiQ 4VNNFS 1BMBDF <tKp\XiQ 0ME 4VNNFS 1BMBDF <XiQPtQJ\XiQ -BNB 5FNQMF <┼ЖQJKpJ┼ЖQJ 4JML 4USFFU .BSLFU ;L 6KXтАл ╫ЫтАм-L─Т

:BTIPX .BSLFU <тАл[╫ЩтАмL 6KuFKтАл╫ЩтАмQJ 5IF 1MBDF 6KuPjR 7L─ЕQML─Т 4BOMJUVO 6─ЕQOтАл╫ЫтАмW~Q )PVIBJ +zXKтАл╫ЩтАмL 8PSME 5SBEF $FOUFS *XyPjR 'JOBODJBM 4USFFU -─иQUyQJ -L─Т CBOL \tQ KiQJ QPTU P├оDF \yX M~ IPUFM OтАл ╫етАмGLjQ BJSQPSU M─и FKтАл╫ЩтАмQJ

SBJMXBZ TUBUJPO KXтАл╫ЭтАмFK─Т ]KjQ TVCXBZ TUBUJPO GuWLp ]KjQ QIBSNBDZ \jR GLjQ IPTQJUBM \─и \XjQ

FNCBTTZ Gj VKтАл ╫ЫтАмJXтАл╫ЩтАмQ

OPSUI TPVUI FBTU XFTU E─ЪL QiQ G┼ЖQJ [─и

&"5*/(

XBJUFS XBJUSFTT I~ Z \XiQ NFOV FjL G─ЕQ PSEFS GPPE GLтАл╫ЩтАмQ FjL CJMM DIFDL PтАл╫ЩтАмL G─ЕQ * BN WFHFUBSJBO ZтАл ╫ЭтАмFK─и V ZтАл ╫ЭтАмE FK─и UzX

* EP OPU FBU QPSL CFFG ZтАл ╫ЭтАмE FK─и ]K┼ЮUzX QL~UzX

* BN BMMFSHJD UP QFBOVUT ZтАл ╫ЭтАмGXu KX─Е VK─ТQJ JXz PтАл╫ЫтАмQ

UIF GPPE T HPPE KтАл╫ЩтАмR FK─и DIPQTUJDLT NXjL ]L LOJGF BOE GPSL G─ЕR FK─Е TQPPO VKiR ]L DVQ HMBTT E─ТL ]L OBQLJO F─ЕQ M─иQ ]KтАл ╫ЫтАм SJDF PтАл ╫ЫтАмIjQ DIJMJ TBVDF Oj ML─ЕR LFUDIVQ I─ЕQ TLp MLjQJ WJOFHBS F

%.

CBH CBS CBUISPPN CBUUFSZ DIBSHFS CPPL DBNFSB DJHBSFUUFT DSFEJU DBSE MJHIUFS DMPUIFT UP IBWF B DPME DPNQVUFS FMFWBUPS HMBTTFT IPTQJUBM IPUFM IVUPOH * N BMMFSHJD UPw

*OUFSOFU MJHIUFS NBQ NPCJMF OBNF DBSE OFXTQBQFS OVNCFS QIPOF QBQFS QFO QIPUP QPMJDFNBO

64&'6- 70$"#6-"3:

E─ЕR MLтАл ╫ЯтАмE─Е [тАл ╫ЫтАмVKтАл╫ЭтАмX ML─ЕQ GLjQ FKt FK┼ЖQJ GLjQ Tu VK┼Ю ]KjR [LjQJ M─и \─ЕQ [uQ\zQJNтАл ╫ЩтАм GтАл ╫ЩтАмKXтАл ╫ЭтАмM─и \─и I~ JтАл╫ЩтАмQ PjR GLjQ QтАл╫ЩтАмR GLjQ W─и \тАл╫ЩтАмQ MuQJ \─и \XjQ OтАл ╫етАмGLjQ K~WzQJ ZтАл ╫ЭтАмGXu┬л JXz PтАл╫ЫтАмQ ZтАл╫ЩтАмQJ OXz GтАл ╫ЩтАмKXтАл ╫ЭтАмM─и Gu W~ VKтАл╫ЭтАмX M─и PtQJ SLjQ EjR ]KтАл ╫ЫтАм KjR PтАл ╫ЩтАм GLjQ KXj ]KтАл ╫ЫтАм EтАл ╫ЫтАм ]KjR SL─ЕQ MтАл╫ЫтАмQJ FKi

QVSTF SBJODPBU VNCSFMMB SFTUBVSBOU TVJUDBTF TVO HMBTTFT TVQFSNBSLFU UJDLFU UJDLFU CPPUI CBUISPPN UPJMFU QBQFS UPQ VQ DBSET UPVS HVJEF XBUDI

%.

TLiQ E─ЕR \тАл\ ╫ЯтАм─и \тАл ╫ЯтАмVтАл╫ЩтАмQ IjQ GLjQ [L─ЕQJ ]L WjL \iQJ MuQJ FK─ЕR VKu SLjR VKzX SLjR WtQJ [тАл ╫ЫтАмVKтАл╫ЭтАмX ML─ЕQ ZqL VK─ТQJ ]KтАл ╫ЫтАм FK┼ЖQJ ]Kt NтАл ╫ЩтАм GтАл╫ЩтАмR \yX VKтАл╫ЭтАмX ELтАл╫ЩтАмR /6.#&34

OtQJ \─и qU V─ЕQ Vu ZтАл ╫ЯтАм OL T─и E─Е MLтАл ╫ЯтАм VKt VKt \─и qU VKt V─ЕQ VKt ZтАл ╫ЯтАм

\u EтАл╫ЩтАмL

\u EтАл╫ЩтАмL qU VKt V─ЕQ \─и TL─ЕQ

5)6 '&# ┼ж 8&% ."3

"(&/%"

$-"44*'*&%4

$PNNFSDJBM BOE TFSWJDF DMBTTJñFET DPTU 3.# GPS UIF ñSTU XPSET BOE 3.# GPS FBDI BEEJUJPOBM XPSE 5P TVCNJU B DMBTTJñFE BE F NBJM QIPFCFMJ!USVFSVO DPN TVCNJU ZPVS BE EJSFDUMZ POMJOF BU XXX UIFCFJKJOHFS DPN 'SFF BET XJMM CF QMBDFE PO B TQBDF BWBJMBCMF CBTJT BOE BU UIF EJTDSFUJPO PG UIF FEJUPS 'PS NPSF JOGPSNBUJPO PO IPX UP QMBDF B DMBTTJñFE BEWFSUJTFNFOU JO BHFOEB DBMM 1IPFCF FYU "$$0..0%"5*0/ "7"*-"#-&

#FJKJOH 4FSWJDF "QBSUNFOU GPS 3FOU %BJMZ .POUIMZ :FBSMZ ! 4VCMFU $/ '6-- 4&37*$& ) )PUMJOF

&NBJM TVCMFUDO!HNBJM DPN 8FCTJUF IUUQ XXX TVCMFU DO %POH[IJNFO 4BOMJUVO "SFB )BSCPS $JUZ 4UVEJP NÄ¢ d OJHIU PS d m NPOUI 4FBTPOT 1BSL

4UVEJP NÄ¢ XJUI PQFO LJUDIFO d OJHIU PS d m NPOUI #S NÄ¢ d OJHIU PS d m NPOUI #S NÄ¢ d #S NÄ¢ d

#S NÄ¢ d #S NÄ¢ d #S NÄ¢ d /FX .0."

4UVEJP NĢ d #S NĢ d #S NĢ d 4BOMJUVO 40)0 40)0 #S NĢ d #S NĢ d #S NĢ TQFDJBM PíFS d

#S NÄ¢ d

#S NÄ¢ d *OUFSOBUJPOBM 8POEFSMBOE

#S NÄ¢ d #S NÄ¢ d 3FHFOUMBOE 8PSLFS 4UBEJVN %POH TJTI*UJBP

#S NÄ¢ d #S NÄ¢ d #S NÄ¢ d (VBOHDBJ *OU M "QBSUNFOU #S NÄ¢ d #S NÄ¢ d -VGUIBOTB "SFB #FJKJOH 40)0 3FTJEFODFT 40)0 #S NÄ¢ d #S NÄ¢ d (FNJOJ (SPWF #S NÄ¢ d #S NÄ¢ d

"(&/%"

$#% "SFB $FOUSBM 1BSL 4UVEJP NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ EVQMFY d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 'PSUVOF 1MB[B #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d $#% 1SJWBUF $BTUMF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d $IBPZBOH 1BSL "SFB 1BMN 4QSJOH #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 1BSL "WFOVF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 0DFBOXJEF *OU M 3FTJEFOUJBM %JTUSJDU

#S NÄ¢ d #S NÄ¢ d (SFFOMBLF 1MBDF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #FJKJOH (PMG 1BMBDF #S NÄ¢ d $PVSUZBSE 'PS -FBTF )PVIBJ #S NÄ¢ -BLF 4JEF d %POHTJ #S NÄ¢ d 4VCMFU $/ '6-- 4&37*$& ) )PUMJOF

&NBJM TVCMFUDO!HNBJM DPN 8FCTJUF IUUQ XXX TVCMFU DO -"/(6"(& 53"*/*/(

64 $)*/" 5"9 4&37*$&4 -JDFOTFE QFSTPOBMJ[FE 64 BOE $IJOB JOEJWJEVBM JODPNF UBY TQFDJBMJTUT XJUI PWFS ZFBST FYQFSJFODFT 'PS UBY SFUVSO QSFQBSBUJPO BOE DPOTVMUBUJPO TFSWJDFT QMFBTF DPOUBDU VT $POTVMUJOH 4FSWJDF $P -UE 8 XXX DO DPN & DPOUBDU! DO DPN . 1

4&37*$&4 Ŭ $"3 3&/5"- %3*7&3

8FMDPNF KPJOU UIF FYQBUDBS NPUPS DMVC NFNCFSTIJQ 8F CVZ ZPVS DBS )FMQ ZPV TFMM PVU ZPVS DBS $BS MJDFOTF QMBUF ESBX MPUUFSZ SFHJTUSBUJPO /FX DBS TBMFT 6TFE DBS TBMFT .FDIBOJDBM ñSTU BJE $IBOHF PG óBU UJSF #BUUFSZ CPPTU 5PXJOH FYUSJDBUJPO TFSWJDF -POH mTIPSU UFSN MFBTJOH $POUBDU TFSWJDF!FYQBUDBS DPN 5FM """ FYQBUDBS XXX FYQBUDBS DPN /FX DBS TBMFT 4FDPOE IBOE DBS TBMFT $BS MJDFOTF QMBUF ESBX MPUUFSZ SFHJTUSBUJPO -FBTJOH PQUJPOT $BS TFSWJDF $BS JOTVSBODF $POUBDU TBMFT!FYQBUDBS DPN 5FM (&/&3"-

-JMZ T "OUJRVFT 4QFDJBMJ[JOH JO IJHI DMBTT BOUJRVF GVSOJUVSF NBJOMZ GSPN OPSUIFSO $IJOB JO XBMOVU BOE &MN XPPE BOE DVTUPN NBEF GVSOJUVSF GPS UIF MPDBM NBSLFU "MTP XIPMFTBMF GPS BOUJRVF BOE OFXMZ NBEF GVSOJUVSF &YDFMMFOU TFSWJDF GPS JOUFSOBUJPOBM USBOTQPSUBUJPO PG GVSOJUVSF 'VSUIFS NPSF B XJEF TFMFDUJPO PG BDDFTTPSJFT JT PíFSFE %BJMZ BN QN (BPCFJ EJBO 4IPXSPPN (BPCFJEJBO 'VSOJ UVSF 4USFFU $IBPZBOH %JTUSJDU $POUBDU -JMZ 2VBO

XXX MJMZT BOUJRVFT DPN

7JTJU CZ "QQPJOUNFOU 'BDUPSZ BOE 8BSFIPVTF "EESFTT #BJNJBP JOEVTUSZ BSFB 4POH[IVBOH UPXO 5POH[IPV %JTUSJDU $POUBDU -JMZ 2VBO

5IF CFTU 5BUUPP TUVEJP JO $IJOB $SFBUJPO 5BUUPP JT UIF ñSTU QSPGFTTJPOBM CPEZ BSU TUVEJP JO #FJKJOH 8F QSPWJEF TFSWJDF CFMPX 5BUUPP 1FSTPOBM CPEZ BSU EFTJHO QJFSDJOH NJDSPEFSNBM 5BUUPP SFNPWBM 8F IBT DSFBUFE UIF QFSGFDU QMBUGPSN UP TBUJTGZ UIF OFFET GPS CPEZ BSU XJUI QSPGFTTJPOBM 4FWFO 4FBT 8PSMEXJEF PíFST VO CFBUBCMF QSJDFT UP TFOE ZPVS QFSTPOBM FRVJQNFOUT BOE QFSTPOOFM XFMDPNF UP DVTUPN "EE #MEH +JBOXBJ CFMPOHJOHT PS FYDFTT CBHHBHF XPSME 4PIP %POHTBOIVBO ;IPOHMV XJEF 7JTJU XXX TFWFOTFBTXPSMEXJEF DPN UP USZ PVS '3&& TFDPOET POMJOF $IBPZBOH %JTUSJDU 5FM RVPUF 4P ZPV DBO NBLF B EFDJTJPO GBTU 8FCTJUF XXX UJBOYJDJRJOH DPN BOE TBWF UJNF NPOFZ 5FM &NBJM $)/*/'0!TFWFOTFBTXP SMEXJEF DPN

5)6 '&# Ŧ 8&% ."3

%.