%.
,£ä ,ÓÎ ,668( 7+8 :('
#FJKJOHhT #BMMFST
1SPGFTTJPOBMT UBML BCPVU UIFJS TQPSUJOH QBTTJPOT
" 1FFL JOUP )FMM T ,JUDIFO )PX UP &YQPTF B 4QZ $BOBEB T .BO JO .PUJPO " )BSMFN (MPCFUSPUUFS JO .BDBV 1MVT #FJKJOHhT CFTU r 4QPSUT CBST r 1VC RVJ[[FT r 5FBN TQPSUT
.BOBHJOH &EJUPS +FOOJGFS 5IPNÊ &EJUPSJBM "TTJTUBOU "EFMJOF 8BOH 7JTVBM 1MBOOJOH +PFZ (VP "SU %JSFDUPS 4VTV -VP 1IPUPHSBQIFST 4IFMMFZ +JBOH 4VJ +VEZ ;IPV $POUSJCVUPST .BSMB 'POH +PSEBO 5IPNBT .JUDIFMM 1IPFOJY 5TP
"EWFSUJTJOH "HFODZ *NNFSTJPO *OUFSOBUJPOBM "EWFSUJTJOH #FJKJOH $P -JNJUFE %FTJHOFST :VLJ +JB )FMFO )F -J 9JOH %JTUSJCVUJPO +FOOZ 8BOH 7JDUPSJB 8BOH .BSLFUJOH 4LPUU 5BZMPS $JOEZ ,VTVNB $BP :VF +JBOH -FJ 4BMFT .BOBHFS &MFOB %BNKBOPTLB
"DDPVOU &YFDVUJWFT (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 $PMJO %JYPO $IBJS PG UIF #FJKJOH (BFMJD "UIMFUJD "TTPDJBUJPO BOE 'JOBODJBM $POTVMUBOU BU 5FO CSJEHF 1IPUP CZ +VEZ ;IPV
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
-&55&3 '30. 5)& &%*503 "HFOEB QSJEFT JUTFMG PO JOUFSWJFXJOH #FJKJOH T NPWFST BOE TIBLFST *O UIJT JTTVF XF WF EFDJEFE UP CF NPSF MJUFSBM BOE DIFDL PVU XIBU ESJWFT #FJKJOH T BUIMFUFT BOE TQPSUT GBOT "GUFS UXP XFFLT PG SVOOJOH DMJNCJOH EVOLJOH BOE DSVJTJOH XF WF DPOOFDUFE XJUI TPNF PG #FJKJOH T BOE UIF XPSME T NPTU QBTTJPOBUF BUIMFUFT BOE GPVOE PVU XIBU LFFQT UIFN NPWJOH $PMJO %JYPO $IBJS PG UIF #FJKJOH (BFMJD "UIMFUJD "TTPDJBUJPO BOE 'JOBODJBM $POTVMUBOU BU 5FOCSJEHF QBHF UBVHIU VT BCPVU UIF WJUBM SFMBUJPOTIJQ CFUXFFO TQPSUT BOE IJT QSPGFTTJPOBM MJGF BOE #SVDF 8JNNFS %JSFDUPS PG $POTVMUJOH BU 1JOLFSUPO $POTVMUJOH BOE *OWFTUJHBUJPOT QBHF TBU EPXO XJUI VT UP UBML TUSBUFHZ $PSQPSBUF FTQJPOBHF TUSBUFHZ UIBU JT 8F BMTP NFU UIF GPVOEFS PG 4JOPVU 4QPSUT BOE $VMUVSF $PNQBOZ 5JOB 2JBO QBHF XIP XBOUT UP JOTQJSF $IJOFTF QFPQMF UP IFBE PVUEPPST UISPVHI IFS QSPNPUJPO PG UIF #BOí 'JMN 'FTUJWBM BOE 3JDL )BOTFO $BOBEB T .BO JO .PUJPO XIPTF MFHFOEBSZ GPVS DPOUJOFOU KPVSOFZ IBT JOTQJSFE UIPVTBOET JG OPU NJMMJPOT QBHF -FF ;IFOH UIF TFOJPS ñUOFTT JOTUSVDUPS BU %PVCMFUSFF CZ )JMUPO QBHF BOE $FMFCSJUZ $IFG +PTI &NNFU QBHF BHSFFE XJUI 2JBO UIBU CBMBODF JT UIF LFZ BOE 3JU[ $BSMUPO #FJKJOH (FOFSBM .BOBHFS %BWJE 8JMTPO QBHF TIPXFE VT POF JODSFEJCMZ DPPM XBZ UP ñOE JOOFS QFBDF XIJMF +VMJB $VJ PG 0DUBHPO ñMMFE VT JO PO UIF GVUVSF PG TQPSUT JO $IJOB QBHF "T $IJOB HSPXT UIF JOUFSOBUJPOBM DPNNVOJUZ JT BMTP HFUUJOH JOWPMWFE JO UIF TQPSUT TDFOF JODMVEJOH )BSMFN (MPCFUSPUUFS $VSMFZ i#PPu +PIOTPO QBHF XIP XJMM CF MBVODIJOH B CBTLFUCBMM DBNQ JO .BDBV 5IBU T EFñOJUFMZ TPNFUIJOH UIBU MPDBM CBTLFUCBMM GBO BOE GPVOEFS PG /JV##BMM +PO 1BTUVT[FL QBHF XJMM XBOU UP XSJUF BCPVU 3FBEZ UP NPWF $IFDL PVU PVS MJTU PG UIF PG UIF CFTU UFBN TQPSUT JO UIF DJUZ BT XFMM BT UIF CFTU TQPSUT CBST QVC RVJ[[FT BOE EFFQ UJTTVF NBTTBHFT XIFSF ZPV DBO SFXBSE ZPVSTFMG GPS ñOBMMZ HFUUJOH Pí UIF DPVDI 5IBU QMVT #FJKJOH T CFTU SFTUBVSBOUT CBST TIPQT TQBT BOE FWFOUT BT BMXBZT &OKPZ
+FOOJGFS 5IPNÊ .BOBHJOH &EJUPS
%.
5IJT QIPUP XBT UBLFO SJHIU BGUFS DMJNCJOH UP UIF UPQ PG $IBOHCBJ .PVOUJBO BOE SJHIU CFGPSF CFJOH BQQSFIFOEFE GPS JMMFHBM IJLJOH 5)6 ."3 Ŧ 8&% ."3 "(&/%" * OPX TUJDL UP XSJUJOH BCPVU TQPSUT
3&45"63"/54
53: 5)&4&
#BCZ CBDL SJCT
4VSG BOE UVSG
'SFTI PZTUFST
4UFBLIPVTF
$36 5VDLFE BXBZ BU UIF FBTUFSO FOE PG UIF $#% $36 TUFBLIPVTF IBT CFFO RVJFUMZ CVJMEJOH B SFQVUBUJPO GPS UIFJS FY DFQUJPOBM TUFBLT 5IF SFñOFE TFUUJOH NBLFT UIF QFSGFDU CBDLESPQ GPS B CVTJOFTT NFFUJOH PS SPNBOUJD FODPVOUFS #F TVSF UP DIFDL PVU UIFJS MVODI NFOV 3.# PS GPS UXP PS UISFF DPVSTFT GPS BO JOEVMHFODF UIBU EPFTO U CSFBL UIF CBOL %BJMZ BN QN QN ' +8 .BSSJPUU )PUFM $IJOB $FOUSBM 1MBDF +JBOHVP -V $IBPZBOH %JTUSJDU
4JHOBUVSF EJTIFT JODMVEF UIFJS TFMFDUJPO PG PZTUFST 5BTNBOJB 'JOF EF $MBJSF &BHMF 3PDL BOE ,VNBNP UP TUFBLT UPP NBOZ UP MJTU IFSF .BSZMBOE DSBC DBLFT 3.# BOE UIF XBSN DIPSJ[P TBMBE 3.#
8IJMF ZPV SF JO UIF OFJHICPSIPPE TUPQ JOUP J TQB GPS B SFKVWFOBUJOH USFBUNFOU CFGPSF PS QFSIBQT BGUFS DIFDLJOH PVU UIF MBUFTU EFTJHOFS CSBOET BU UIF 4IJOLPOH 1MBDF "UPOF GPS ZPVS TQFOEJOH CZ SPVHIJOH UIF %POHKJBP .BSLFU BOE DPPLJOH BU IPNF OFYU XFFL
"(&/%"
5)6 ."3 Ŧ 8&% ."3
#(!/9!.' 2/!$
:(%.:() 2/!$
1FSGFDU GPS JNQSFTTJOH TPNFPOF TQFDJBM JO CVTJOFTT PS SPNBODF
*7 -!22)/44 (/4%, "%)*).' #25 )30!
3().+/.' 0,!#%
$!7!.',5 34!4)/.
3)(5) 34!4)/.
'5!.'(5) "2)$'% $/.'*)!/ -!2+%4
%.
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
3&45"63"/54
53: 5)&4&
3FE TOBQQFS (FSNBO TUZMF
)BMG DIJDLFO
8BSN BQQMF QJF
&VSPQFBO BOE "NFSJDBO
4DBSMFU #MVF :PV LOPX IPX QFPQMF BMXBZT DPNQMBJO BCPVU SFTUBVSBOUT XJUI MBSHF NFOVT UIBU EPO U EP B TJOHMF UIJOH SJHIU 8FMM MFBWF JU UP UIF (FSNBO PXOFSTIJQ PG UIJT SFTUBVSBOU UIFZ BMTP PXO UIF #MVF .BSMJO MJOF GPVOE JO 4V[IPV /BOKJOH BOE 4IBOHIBJ UP MJTUFO BOE NBLF B DIBOHF *G ZPV SF IBOLFSJOH GPS TPNF (FSNBO PS "NFSJDBO DPNGPSU GPPE JO B DMFBO BOE PQVMFOU BUNPTQIFSF UIJT JT UIF QMBDF UP CF BT MPOH BT ZPV SF PL XJUI UIF SPDLJOH MJWF TIPXT BU OJHIU #MEH 4PMBOB $IBPZBOH 1BSL 3PBE 1FSGFDU GPS XFMM FYFDVUFE DPNGPSU GPPE JO BO PQVMFOU TFUUJOH 4JHOBUVSF EJTIFT JODMVEF UIFJS IBMG DIJDLFO 3.# TJ[[MJOH GBKJUB DPNCP 3.# BOE 5FYBT TNPLFE ##2 SJCT 3.#
"(&/%"
5)6 ."3 Ŧ 8&% ."3
,)!.'-!1)!/ 34!4)/.
%.
#(!/9!.' 0!2+ 2/!$
8IJMF ZPV SF JO UIF OFJHICPS IPPE DIFDL PVU UIF MBUFTU TIPQT UP PQFO BU UIF 4PMBOB TIPQQJOH DFOUFS XIFSF ZPV DBO DPNQMJNFOU ZPVS JOUFSOBUJPOBM EJOOFS XJUI TPNF JOUFSOBUJPO BM TIPQQJOH 5IFO USFBU ZPVSTFMG UP TPNF BVUIFOUJD HFMBUP BU 3PNBOB PS JDF DSFBN BU $PME 4UPOF $SFBNFSZ BOE MFU MPPTF 2JOHEBP 'BOH PS $SP#BS
,) !
.'
1 -!
) !/
2/
!$
3/,!.! 3#!2,%4 ",5% 2/-!.! #/,$ 34/.% #2%!-%29 1).'$!/ &!.' #2/"!2
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
3&45"63"/54
53: 5)&4&
"TTPSUFE TVTIJ
4FBGPPE QBODBLF XJUI QVSQMF TXFFU QPUBUP
1FBOVU UPGV
+BQBOFTF
,FO[BO *G UIF NFSF UIPVHIU PG +BQBOFTF GPPE TVTIJ SPMMT BOE TBTIJNJ NBLFT ZPV ZBXO ZPV SF JO MVDL 5IF TFDPOE CSBODI PG ,FO[BO SFTUBVSBOU IBT KVTU PQFOFE BOE GFBUVSFT EFMFDUBCMF UXJTUT PO BMM PG ZPVS EFMJDJPVT CVU UJSFE GBWPSJUFT 5IF TVTIJ BOE TBTIJNJ DPNF IJHIMZ SFDPNNFOEFE CVU TBWF SPPN GPS UIFJS TBMNPO BOE NBOHP SPMM BOE TFBGPPE QBODBLF XJUI TXFFU QPUBUP " TFBU BU UIF MVODI DPVOUFS NJHIU KVTU HFU ZPV B UBTUF PG UIF DIFG T MBUFTU DSFBUJPOT CVU JG ZPV SF XJUI B MBSHF HSPVQ PG QFPQMF PQU GPS UIF DP[Z ZFU FYQBOEBCMF QSJWBUF EJOJOH SPPNT VQTUBJST BN QN QN QN -VDLZ 4USFFU " MPDBUFE BU UIF OPSUIFSO FOE PG -VDLZ 4USFFU
1FSGFDU GPS BO JOTQJSFE +BQBOFTF CVTJOFTT MVODI PS B EJOOFS XJUI VQ UP GSJFOET / 1)!
-! .' ,) ! +%.:!. -/+)() .!3(6),,%
"(&/%"
,)!.'-!1)!/ 34!4)/.
5)6 ."3 Ŧ 8&% ."3
%.
#(!/9!.' 0!2+ 2/!$
8IJMF ZPV SF JO UIF OFJHICPSIPPE NBLF JU B OJQQPOFTF FWFOJOH CZ SPVOEJOH UIF OJHIU PVU XJUI TNPPUI ESJOLT BU UIF OFXMZ PQFOFE .PLJIJ XIJTLFZ BOE DPDLUBJM CBS PS GPS TPNFUIJOH UPUBMMZ EJÃFSFOU IFBE PWFS UP /BTIWJMMF XIFSF XIJTLFZ BOE CFFS óPX MJLF XBUFS
-!):)$)!. 342%%4
4JHOBUVSF EJTIFT JODMVEF UIFJS QFBOVU UPGV BWBJMBCMF POMZ PO TFMFDU EBZT TBMNPO BOE NBOHP SPMM 3.# BOE TFBGPPE QBODBLF XJUI QVSQMF TXFFU QPUBUP 3.#
2/
!$
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
3&45"63"/54
53: 5)&4&
5FSSJOF
$IPVDSPVUF
-B UBSUF รณBNCร F HSBUJOร F
"MTBUJBO
5POUPO 5BUB "MTBDF 4NBMM BOE VOBTTVNJOH GSPN UIF PVUTJEF #FJKJOH T รฑSTU "MTBUJBO SFTUBVSBOU JT QBSEPO UIF DMJDIร CJH PO UBTUF 5IF NFOV JT SFMBUJWFMZ TJNQMF BOE GFBUVSFT EJTIFT UIBU BSF IFBWZ PO UIF QSJNBSZ JOHSFEJFOUT PG UIF "MTBMDF TVDI BT QPSL QPUBUPFT DSFBN BOE DIFFTF -B UBSUF รณBNCร F HSBUJOร F BMTP LOPXO BT UIF รณBNNFLVDIF FYFNQMJรฑFT UIF CSJMMJBODF PG UIJT DVJTJOF XJUI JUT UIJO PWFO DSJTQ DSVTU UIBU TVQQPSUT B UIJO ZFU MVTDJPVT MBZFS PG DSFBN DIFFTF CBDPO BOE POJPO %BJMZ BN QN # 4BOMJUVO 4PIP (POHUJ #FJMV $IBPZBOH %JTUSJDU
1FSGFDU GPS MJOHFSJOH PWFS SJDI IFBSUZ GPPE XJUI GSJFOET JO BO VOQSFUFOUJPVT FOWJSPONFOU 4/.4/. 4!4! !,3!#% 7/2+%23g 34!$)5- ./24( 2$ 7/2+%23g 34!$)5- %!34 2$
4JHOBUVSF EJTIFT JODMVEF UIF DSJTQZ XJUI (SVZFSF DIFFTF XIJUF DIFFTF CBDPO BOE POJPO 3.# BOE UIF $IPVDSPVUF B IFBSUZ QMBUF PG TBVTBHFT TNPLFE QPSL QPBDIFE CBDPO QPSL MFH TNPLFE QPSL BOE QPUBUPFT BOE TBVFSLSBVU 3.#
8IJMF ZPV SF JO UIF OFJHICPSIPPE USFBU ZPVSTFMG UP B OFX QBJS PG TIPFT BU $IBOHF BOE *OTFDU BOE B DPJรฎOH BU &TTFOTVBMT 5POJ (VZ T TJTUFS DPNQBOZ 8IJMF ZPV MM IBWF OP SFBTPO OPU UP MJOHFS BU 5POUPO 5BUB ZPV DPVME ESPQ PWFS UP -B 'JUF GPS BO FWFOJOH XJUI UIF $IJOFTF OPVWFBV SJDIF
"(&/%"
5)6 ."3 ลฆ 8&% ."3
%.
45!.*)%(5 34!4)/.
#(!.'% !.$ ).3%#4 %33%.35!,3 ,! &)4%
(5*)!,/5 34!4)/.
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
1BSEPO UIF DMJDIÊ RVFTUJPO CVU FWFSZPOF XBOUT UP LOPX 8IBU T (PSEPO 3BNTBZ SFBMMZ MJLF *T IF UIF TBNF Pí DBNFSB /P IF T MJLF UIBU CVU IF T BMTP MPBET PG GVO )F T QBTTJPOBUF GVMM PO TMJHIUMZ JO ZPVS GBDF <)F> MPWFT XIBU IF EPFT BOE IF T FYUSFNFMZ CVTZ BOE EPFT B MPU PG ñMNJOH )F T HPU B NBTTJWF FNQJSF TP IF T BMM PWFS UIF QMBDF BOE IF OFWFS MFUT HP PG JU
$IFG +PTI &NNFU TUBZT CBMBODFE CZ TUBZJOH ñU
)&-- 4 ,*5$)&/ )&-.4."/
$FMFCSJUZ $IFG +PTI &NNFU 8IFO UBMLJOH BCPVU DFMFCSJUZ DIFGT UIF OBNF (PSEPO 3BNTBZ JOTUBOUMZ QPQT JOUP NJOE CVU POF DPVME BSHVF UIBU IJT GBNF XPVME OPU IBWF SFBDIFE TVDI HSFBU IFJHIUT XJUIPVU B QPXFSGVM UFBN NBOOJOH UIF IFMNT PG IJT SFTUBVSBOUT +PTI &NNFU IBT XPSLFE XJUI 3BNTBZ GPS NPSF UIBO B EFDBEF BOE NFU XJUI
"HFOEB PO IJT SFDFOU BOE ñSTU USJQ UP #FJKJOH XIFSF IF IPTUFE BO FYDMVTJWF UXP OJHIU EJOJOH FWFOU BU UIF 4U 3FHJT 3FBE PO UP MFBSO XIBU IF UIJOLT NBLFT B LJUDIFO SVO XIBU (PSEPO 3BNTBZ JT SFBMMZ MJLF JO UIF LJUDIFO BOE XIBU IJT JNQSFTTJPOT PG $IJOB BSF
i* WF TFFO JU BMM m UIF XIBDLZ UIF XPOEFSGVM UIF GVMM PG TVSQSJTFT m ZPV LOPX BOE UIFSF BSF TPNF BNB[JOH FYQFSJFODFT PVU UIFSF BOE TPNF QFPQMF XIP EP JODSFEJCMF GPPE #VU " EJTI IBT UP IBWF B SFBTPO CFIJOE JU BU UIF FOE PG UIF EBZ EPFTO U JU u
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
%P ZPV UIJOL DFMFCSJUZ DIFGT MJLF UIBU BSF HPPE GPS UIF JOEVTUSZ :FBI PG DPVSTF 8F SF UBMLJOH BCPVU UIFN IFSF BSFO U XF +BJNF 0MJWFS (PSEPO 3BNTBZ * MPWF +BJNF BOE * UIJOL IF T EPOF HSFBU UIJOHT GPS UIF JOEVTUSZ )F T IBE BO JOUFSFTUJOH QBUI PWFS UIF QBTU UFO ZFBST JG ZPV WF XBUDIFE XIFSF IF T HPOF BOE XIBU IF T EPOF UIBU TPSU PG UIJOH *U T CFFO SFBMMZ HSFBU GPS PVS JOEVTUSZ *U T BMTP CFFO HSFBU GPS UIF LJET UIBU BSF KVTU DPNJOH PVU PG TDIPPM BSF MPPLJOH UP HFU JOUP UIF JOEVTUSZ 5IF LJUDIFO JT B TIPDLJOHMZ IBSE FOWJSPO NFOU CVU OPX QFPQMF IBWF TFFO JU PO 57 BOE BSF SFBMMZ JOUFSFTUFE JO UIBU TJEF PG JU *U ESBXT UIFN UP JU BOE JG UIFZ DPNF XJUI UIBU NJOETFU ZPV LOPX UIFZ SFBMMZ XBOU UP EP JU 4P XIBU EP ZPV UIJOL JU UBLFT GPS UIFTF ZPVOH DIFGT UP HFU UP UIF UPQ PG UIF DVMJOBSZ XPSE *U T OPU RVJDL m * UIJOL ZPV SFBMMZ IBWF UP TUJDL XJUI JU * WF CFFO DPPLJOH BXBZ CFIJOE UIF TDFOFT GPS ZFBST BOE * SFBMMZ FOKPZ XPSLJOH GPS (PSEPO * BCTPMVUFMZ MPWF JU * XPSLFE XJUI IJN JO -POEPO BOE JO /FX :PSL XF HPU UXP .JDIFMJO 4UBST BOPUIFS POF JO -" #VU ZFT TUJDL BU JU *U T RVJUF IBSE 5IF ZPVOH DIFGT ZPV WF HPU JO UIF LJUDIFO UIFZ BSF BOE IBWF CFFO XPSLJOH UIFSF GPS NPSF UIBO ñWF ZFBST XIFO UIFZ TUBSU UP HFU B MJUUMF CJU XFBSZ BOE JU EPFTO U MFU VQ 5IF IPVST HFU MPOHFS BOE UIF XPSL HFUT IBSEFS )PX EP ZPV UFMM TPNFPOF UIBU JU T POMZ HPJOH UP HFU XPSTF UIBO UIBU OPU CFUUFS BOE UIF QBZ JT POMZ TMPXMZ TMPXMZ TMPXMZ HPJOH UP JODSFBTF CVU UIBU UIFZ TIPVME TUJMM CF QBTTJPOBUF BCPVU XIBU UIFZ EP TJODF JU T B HSFBU KPC
5IFZ IBWF UP PQFO UIFJS FZFT UP HFU UIF CJHHFS QJDUVSF TP UIBU UIFZ DBO NBLF B OJDF DBSFFS PVU PG JU "SF TQPSUT BO JNQPSUBOU QBSU PG ZPVS DBSFFS )PX EP ZPV TUBZ ñU * QVU PO MPBET PG XFJHIU XIFO * TUPQ XPSLJOH CFDBVTF ZPV MJUFSBMMZ TUBOE BMM EBZ BOE XPSL GPS ZFBST BOE ZFBST BOE XIFO * UBLF UXP XFFLT UIF XFJHIU HPFT SJHIU PO 8F EPO U UFOE UP FBU UIBU IFBMUIJMZ CFDBVTF PG PVS TIJGUT FJUIFS * UIJOL GPS B DIFG UIFSF BSF UXP UIJOHT UIFSF T NFOUBM TUBCJMJUZ BOE ñU OFTT BOE UIFO UIFSF T QIZTJDBM ñUOFTT BOE JU T B G DLJOH IBSE KPC 4P ZPV HFU FYUSFNFMZ NFOUBMMZ TUSBJOFE CFDBVTF PG UIF TUSFTT BOE UIF QSFTTVSF BOE UIFO UIFSF T UIF QIZTJDBM TJEF XIFSF QFPQMF KVTU HFU XPSO EPXO FBTJMZ :PVS CPEZ TIVUT EPXO BOE UIFO UIFZ DBO U EP UIF IPVST 4P * UIJOL JU T WFSZ JNQPSUBOU UP TUBZ ñU CPUI NFO UBMMZ BOE QIZTJDBMMZ 8F BMM OFFE UIBU CBMBODF <#FJKJOH B DIFG > JT B MJGFTUZMF *U T OPU B KPC m JU JOWPMWFT B IFMM PG B MPU NPSF UIBO UIBU *O .FMCPVSOF * XBT XPSLJOH UXFOUZ IPVST B EBZ TJY EBZT B XFFL XIFO * XBT 5SZ GJOEJOH B EBUF XJUI UIBU TDIFEVMF * XPVME UBLF B HJSM PVU PO 4VOEBZ BOE UIFO UFMM IFS * MM TFF IFS BHBJO OFYU 4VOEBZ :PV XFSF MVDLZ JG ZPV DPVME ñOE B 4VOEBZ HJSM 5IBU T UIF XBZ JU JT 8IBU T ZPVS QIJMPTPQIZ PO DPPL JOH BOE IPX JT JU JOGMVFODFE CZ ZPVS XPSL XJUI (PSEPO 3BNTBZ * WF OFWFS CFFO UPME IPX UP DPPL PS XIBU UP DPPL CZ (PSEPO )F T POMZ FWFS HJWFO NF HVJEBODF PO IPX UP SVO B LJUDIFO CVU * EP XIBU * UIJOL JT SJHIU * WF CFFO ESPQQFE JOUP JU XIJDI * MJLF CFDBVTF * BN UPVHI FOPVHI UP NBO VQ UP UIBU BOE HFU UIF KPC EPOF 8IBU (PSEPO SFBMMZ XBOUT UP IFBS JT UIBU * MM UBLF DBSF PG JU * N OPU IVHF PO NPMFDVMBS HBT USPOPNZ * WF TFFO JU BMM m UIF XIBDLZ UIF XPOEFSGVM UIF GVMM PG TVSQSJTFT m ZPV LOPX BOE UIFSF BSF TPNF BNB[JOH FYQFSJFODFT PVU UIFSF BOE TPNF QFPQMF XIP EP JODSFEJCMF GPPE #VU " EJTI IBT UP IBWF B SFBTPO CF
i5IF QSPEVDF IFSF IBT CFFO SFBMMZ JOUFSFTUJOH BT IBT CFFO XPSLJOH PVU IFSF *U T KVTU TP EJíFSFOU JTO U JU 5IF XBZ UIF HVZT JO UIF LJUDIFO XPSL JT EJíFSFOU m UIFZ VTF EJíFSFOU FRVJQNFOU UIFZ DPPL JO B EJíFSFOU XBZw *U T TMJHIUMZ CJ[BSSF BD UVBMMZ :PV KVTU TPSU PG XPSL BSPVOE JU BOE NBLF JU IBQQFOu IJOE JU BU UIF FOE PG UIF EBZ EPFTO U JU 0ODF ZPV TUBSU CSFBLJOH UIJOHT EPXO JU CFDPNFT TP WBTU m ZPVS XIPMF DPODFQU DBO CF TP WBTU CFDBVTF UIFSF BSF TP NBOZ MJUUMF UIJOHT JOWPMWFE "MXBZT TPVSDF UIF CFTU QSPEVDUT BOE FOIBODF UIFN 4JNQMJDJUZ JT UIF IBSE FTU UIJOH * UIJOL UIF NPSF ZPV CSFBL JU EPXO UIF NPSF ZPV UIJOL BCPVU JU *U DBO CF B IPSSJCMZ DPNQMJDBUFE TVC KFDU CVU JU TIPVME CF BCPVU TJNQMJDJUZ BOE DPODFOUSBUFE óBWPS * N OPU B CJH GBO PG EFDPOTUSVDU JOH GPPE PS QMBZJOH BSPVOE XJUI JU UPP NVDI 8F USZ UP DPODFOUSBUF PO UIF JOHSFEJFOUT BOE OPU SFBMMZ NFTT BSPVOE XJUI UIFN UPP NVDI 5IFSF T B MPU PG UBML BCPVU UIBU TPSU PG UIJOH CVU PGUFOUJNFT ZPV HPU PVU UP FBU BOE ZPV DBO U ñE XIBU UIFZ BSF EPJOH *G ZPV PSEFS EVDL ZPV XBOU EVDL TP XF EP QSPEVDU ESJWFO EJTIFT BOE EFTJHO UIJOHT BSPVOE JU JOTUFBE PG IBWJOH B MPU PG DMVUUFS PO UIF QMBUF
IBT CFFO XPSLJOH PVU IFSF *U T KVTU TP EJíFSFOU JTO U JU 5IF XBZ UIF HVZT JO UIF LJUDIFO XPSL JT EJíFSFOU m UIFZ VTF EJíFSFOU FRVJQNFOU UIFZ DPPL JO B EJíFSFOU XBZw *U T TMJHIUMZ CJ[BSSF BDUVBMMZ :PV KVTU TPSU PG XPSL BSPVOE JU BOE NBLF JU IBQQFO #VU ZPV DBO U KVTU <NBOBHF UIF LJUDIFO> (PSEPO 3BNTBZ TUZMF m UIBU T KVTU XSPOH :PV DPNF JO BOE KVTU USZ UP NBLF JU XPSL TP UIFTF TPSUT PG UIJOHT ZPV KVTU IBWF UP XPSL BSPVOE #VU JU T B ñOF CBMBODF JTO U JU *U T UIFJS LJUDIFO BU UIF FOE PG UIF EBZ OPU NJOF 5IBU CFJOH TBJE UIFZ BMTP IBE B DIBODF UP MFBSO GSPN NF BOE TPNF XFSF RVJUF JOUFSFTUFE BOE * BN RVJUF JOUFSFTUFE JO XIBU UIFZ BSF EPJOH #VU ZFBI * N UFMMJOH ZPV JU T CFFO IBSE PO NF ' DL
8IBU BCPVU UIF GPPE 8F IBWF IBE TPNF HSFBU GPPE &WFSZUIJOH IBT CFFO SFBMMZ SFBMMZ HPPE %VDL TBMBE NVTISPPNTw DBSBNFMJ[FE TXFFU 4P XIBU NBLFT B HSFBU SFTUBVSBOU NVTISPPNT XJUI DIJDLFO m JU XBT *U IBT UP IBWF TPVM *U IBT UP IBWF QFS TFOTBUJPOBM TPOBMJUZ BOE JU IBT UP CF XFMM UIPVHIU PVU :PV LOPX XIFO ZPV XBML JOUP B *T UIFSF BOZUIJOH ZPV EPO U FBU QMBDF BOE JU KVTU EPFTO U ñU CFDBVTF * EPO U FBU PZTUFST * BUF BCPVU UISFF UIF EFTJHOFST IBE UIJT JEFB BOE UIF XIFO * XBT JO /FX :PSL CFDBVTF * DIFGT IBE UIBU JEFB UIF PXOFST IBE XBT WJTJUJOH 5IPNBT ,FMMFS T TP * IBE BOPUIFS JEFB m UIBU T B DMBTTJD FY UP EP UIBU BOE * EPO U SFBMMZ MJLF SBX BNQMF *U T HPU UP IBWF TPNFCPEZ T UPNBUPFT CFDBVTF UIFZ BSF CJUUFS XIPMF TPVM UIFJS WFSZ FTTFODF BOE 8IFO * XBT JO 'SBODF MBTU ZFBS BOE UIFJS QFSTPOBMJUZ " CV[[ B GFFM UIFZ IBE UIFTF GVOOZ MJUUMF HOBSMZ FOFSHZ m UIBU TPSU PG UIJOH UPNBUPFT BOE * BUF UIPTF FWFSZ EBZ 5IFZ XFSF TP TXFFU m * WF HPU RVJUF )PX EJE ZPV FOKPZ ZPVS ñSTU WJTJU B TXFFU UPPUI * BMTP EPO U FBU CVHT UP $IJOB * SFBMMZ FOKPZFE UIF MPDBM 8IZ EP QFPQMF FBU CVHT * EPO U NBSLFUT 4PSSZ BHBJO BCPVU CFJOH MBUF LOPX 8F TBX TPNF CVHT PO UIF m UIF USBîD XBT B SFBM OJHIUNBSF 8F NFOV UPEBZ DPVMEO U ñOE B DBC BOE UIFZ ESJWF QSFUUZ XJMEMZ EPO U UIFZ 5IF QSPEVDF *OUFSWJFX CZ +FOOJGFS 5IPNÊ IFSF IBT CFFO SFBMMZ JOUFSFTUJOH BT
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
/*()541054
53: 5)&4&
8JUI DPDLUBJMT UIJT HPPE FWFSZ ESPQ DPVOUT
#BST
.PLJIJ "T UIF MBUFTU +BQBOFTF CPSO TPVSDF PG DPDLUBJMT UP EPU UIF DBQJUBM .PLJIJ SBJTFT UIF CBS XJUI FYQFSUMZ FYFDVUFE ESJOLT TVDI BT UIF 4NPLF .BSUJOJ XIJDI CMFOET -BQISPBJH BOE 5BORVFSBZ BOE UIF 8BTBCJ .BSUJOJ &OKPZ ZPVS ESJOLT BMPOH UIF TMFOEFS CBS XIFSF ZPV DBO QPOEFS UIF SBVDPVT XPSME PVUTJEF JO UIF TBGF DPOñOFT PG EBSL XPPE BOE TNPPUI NVTJD %BJMZ QN BN ' $ -VDLZ 4USFFU FO USBODF OFYU UP &EPNBF 4VTIJ $IBPZBOH (POHZVBO -V $IBPZBOH %JTUSJDU
1FSGFDU GPS ESJOLT XJUI B XFMM UIPVHIU PVU UXJTU ,) !
8IJMF ZPV SF JO UIF OFJHICPSIPPE QPQ JOUP UIF OFJHICPSJOH , T ,JUDIFO GPS TPNF XFTUFSO JOóVFODFE +BQBOFTF GBSF PS ,FO [BO 4VTIJ GPS TPNF DFMFCSJUZ TQPUUJOH BOE +BQBOFTF GBSF UIBU JT TNBSU FOPVHI UP NBUDI UIFTF DPDLUBJMT *G ZPV IBWF BOZ UFOTJPO MFGU JO ZPVS CPEZ IFBE UP 4BMPO "RVB 4BMVT BOE UIFZ MM IBWF ZPV ñYFE VQ JO OP UJNF
"(&/%"
5)6 ."3 Ŧ 8&% ."3
,)!.'-!1)!/ 34!4)/.
%.
-!):)$)!. 342%%4
4JHOBUVSF ESJOLT JODMVEF UIF %BSKFFMJOH .BSUJOJ 3.# 4NPLF .BSUJOJ 3.# BOE 0ME 'BTIJPOFET 3.#
.'
-
)! !1
/2
/!
$
-/+)() +g3 +)4#(%. +%.:!. 353() 3!,/. !15! 3!,53
5)& -*45 4DIJMMFS T $SPXEFE XJUI CPUI MPDBMT BOE FYQBUT UIJT XFMM LOPXO MPOH SVOOJOH SFTUBVSBOU BOE TQPSUT CBS TFSWFT (FSNBO TUZMF TQFDJBMUJFT BOE CFFS )BQQZ IPVS JT EBJMZ QN CVZ POF HFU POF GSFF 4QPSUT GBOT IBWF SBWFE BCPVU UIF BÃPSEBCMF ESJOLT BOE BNB[JOH GPPE %BJMZ BN BN -JBOHNBIF /BOMV TPVUI PG $BQJUBM .BOTJPO $IBPZBOH %JTUSJDU 6OJPO #BS BOE (SJMMF 6OJPO #BS BOE (SJMMF JT B HSFBU QMBDF UP HP XIFO ZPV BSF DSBWJOH CBSCFDVFT BOE CVSHFST (SFBU BUNPTQIFSF GBOUBTUJD TUBÃ BOE CFJOH TVSSPVOEFE CZ UIF JOUFOUJPOBMMZ XFMM EFDPSBUFE JOUFSJPS ZPV BSF HPJOH UP CF B GSF RVFOUFS .PO 'SJ BN QN 4BU 4VO BN NJEOJHIU 4 ' #MEH 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
8JMM FWFSZCPEZ LOPX ZPVS OBNF
(P GPS UIF MJRVJE HPME
(0 '03 5)& (0-%
5PQ 4QPSUT #BST JO #FJKJOH
*U T UJNF UP UISPX Pà UIPTF IFBWZ DPBUT BOE HFU SFBEZ UP TBMVUF UIF DPNJOH TQSJOH "OE BGUFS ZPV WF SFUBLFO UIF QMBZJOH ñFMET UIFSF T OP CFUUFS XBZ UP VOXJOE UIBO BO FWFOJOH BU UIF QVC XJUI ZPVS CFTU GSJFOET BOE TPNF DPME CFFST 4P DPNF KPJO "HFOEB BU TPNF PG UIF CFTU TQPSUT CBST JO UPXO )PPUFST *G ZPV BSF DSBWJOH CVÃBMP XJOHT BOE CJH KVHT PG CFFS )PPUFST TIPVME CF PO ZPVS SBEBS 5IJT "NFSJDBO TQPSUT SFTUBVSBOU FNCSBDFT JUT JOGBNPVT UIFNF XJUI FOUIVTJBTUJD XBJUSFTTFT EFMJWFSJOH CFFS XJOHT CVSHFST RVFTBEJMMBT KBMBQFOP DIJMJ DIFFTF GSJFT BOE NPSF %BJMZ BN BN 3N #MEH $IJOB 7JFX JOUFSTFDUJPO PG (POHUJ #FJ BOE %POHMV $IBPZBOH %JTUSJDU XXX IPPUFSTDIJOB DPN 1BEEZ 0 4IFB T #FJKJOH T NPTU HFOVJOF *SJTI QVC 1BEEZ 0 4IFB T IBT TUPMFO UIF IFBSUT PG QVC BOE TQPSUT GBOT BMJLF &RVJQQFE XJUI MPUT PG IJHI RVBMJUZ BVEJP TDSFFOT GPS TIPXJOH TQPSUT FWFOUT BOE B GSJFOEMZ
&OHMJTI TQFBLJOH TUBà JU T B DPOTJTU FOUMZ HPPE QMBDF UP NFFU VQ PS DBUDI B HBNF 2VJ[ OJHIUT FWFSZ 8FE %BJMZ BN MBUF %POH[IJNFOXBJ %BKJF $IBPZBOH %JTUSJDU XXX QBEEZPTIFBT DPN 5IF %FO 5BTUZ GPPE SFBTPOBCMF QSJDFE CFFST DIFFSGVM TUBà BOE UISFF 57 TDSFFOT TIPXJOH EJÃFSFOU TQPSUT 5IFZ BMTP IBWF B TPMJE IBQQZ IPVS XJUI IBMG QSJDFE QJ[[B BOE ESJOLT EBJMZ GSPN QN %BJMZ IST (POHUJ %POHMV OFYU UP $JUZ )PUFM T NBJO FO USBODF $IBPZBOH %JTUSJDU 5IF 1BWJMMJPO 'FBUVSJOH POF PG UIF CFTU TPVOE TZTUFNT JO #FJKJOH UIJT XIJUF XBTIFE MPVOHF DBUFST UP CPUI TQPSUT MPWFST BOE MBUF OJHIU DSPXET 3FHVMBS MJWF NVTJD ñMMT UIF OJHIU BJS BOE UIFJS WFSBOEB JT UIF QFSGFDU QMBDF UP TQFOE B MB[Z TVNNFS T OJHIU %BJMZ BN BN (POHUJ 9JMV PQQPTJUF XFTU HBUF PG 8PSLFST 4UBEJVN $IBPZBOH %JTUSJDU XXX QBWJM MJPOCFJKJOH DPN
%.
(SFFO $BQ 4JUV BUFE CFUXFFO 4IVOZJ BOE -JEP (SFFO $BQ XFMDPNFT TQPSUT MPWFST BOE UIPTF MPPLJOH GPS B SFMBYFE FWFOJOH *SJTI TUFXT UISFF TDSFFOT TIPX JOH MJWF TQPSUT BOE FWFOUT MJLF RVJ[ OJHIUT BMM DPOUSJCVUF UP JUT QPQVMBSJUZ 5VF 4VO OPPO MBUF #FTJEF 8FTUFSO "DBEFNZ PG #FJKJOH -BJHVBOHZJOH %POHMV Pà UIF "JSQPSU &YQSFTTXBZ $IBPZBOH %JTUSJDU UIFHSFFODBQCBS!HNBJM DPN 5IF 4UVNCMF *OO &BU 4QPSU BOE -PWF 5IBU JT XIBU UIJT GBNPVT 4BOMJUVO 7JMMBHF QVC JT BMM BCPVU 5IF QPPM UBCMF EBSU CPBSET BOE óBU TDSFFO 57T BSF GPVOE VQTUBJST #F TVSF UP DIFDL PVU UIFJS RVJ[ OJHIU %BJMZ BN BN 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU XXX TUVNCMFJOOCFJKJOH DPN IPNF IUNM 5IF *SJTI 7PMVOUFFS 5IJT *SJTI UIFNFE QVC JT B OJDF TQPU GPS -JEP MPDBMT BOE FYQBUT *U DPNFT IJHIMZ SFDPNNFOEFE GPS JUT DMFBO BOE DPNGPSUBCMF FOWJSPO NFOU BOE UIF BUUFOUJWF TUBà " QJOU PG (VJOOFTT XJMM TFU ZPV CBDL 3.# B $BSMTCFSH B NFSF 3.# %BJMZ BN BN +JBOHUBJ -V PQQPTJUF UIF FBTU HBUF PG UIF -JEP )PUFM $IBPZBOH %JTUSJDU $PNQJMFE CZ "EFMJOF 8BOH
5)6 ."3 Ŧ 8&% ."3
"(&/%"
/*()541054
53: 5)&4&
" HSFBU QMBDF UP CFBU UIF CJH DJUZ CMVFTw
#BS
#BS #MV #BS #MV JT CJHHFS BOE CFUUFS UIBO FWFS IBWJOH SFDFOUMZ PQFOFE BO FODMPTFE SPPG UPQ CBS BOE MBVODIFE B OFX GPPE NFOV GFBUVSJOH XFTUFSO GBWPSJUFT TVDI BT -PVJTJBOB CVÃBMP XJOHT BOE TJ[[MJOH ##2 SJCT QSFQBSFE CZ $IFG .BSL $BOFWBSJ &YQFDU NPSF TQBDF NPSF EBODF NVTJD BOE NPSF ESJOL TQFDJBMT JODMVEJOH 3.# DPDLUBJMT BOE CVZ POF HFU POF GSFF 4UFMMBT )PFHBBSEFO BOE $BSMTCFSH ESBVHIU CFFS GSPN 4VOEBZ UISPVHI 8FEOFTEBZ BOE GSFF DPDLUBJMT GPS XPNFO PO 5IVSTEBZT QMVT HSPVQT PG GPVS PS NPSF MBEJFT HFU B GSFF CPUUMF PG CVCCMZ CFGPSF QN
%BJMZ QN MBUF ' 5POHMJ 4UVEJP 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU ./.':(!.'5!. 34!4)/.
1FSGFDU GPS BO PQFO BJS OJHIU PG DPDLUBJMT BOE NVTJD $/.':()-%.7!) 342%%4
4JHOBUVSF ESJOLT JODMVEF UIFJS 'MBNJOH -BNCPSHIJOJ XIJDI JT CFTU FOKPZFE PO POF PG UIFJS 'SJEBZ OJHIU UIFNF QBSUJFT 'JSTU 'SJEBZ JT %JTDP 'FWFS OJHIU 4FDPOE 'SJEBZ JT 3FWJWBM OJHIU 5IJSE 'SJEBZ JT /BVHIUZ OJHIU ESFTT JO VOJGPSN *G ZPV SF OPU GFFMJOH UIBU XJME ESPQ JO GPS UIF NVTJD PG 3ZBO $IBNCFST QFSGPSNJOH "NFSJDBOB SPPUT DMBTTJDT FWFSZ 4VOEBZ OJHIU BU QN
"!2 ",5 (%2#5,%3 -53%
7/2+%23g 34!$)5- ./24( 2/!$
8IJMF ZPV SF JO UIF OFJHICPSIPPE TUPQ BU )FSDVMFT 4BOEXJDI PS .VTF UP GVFM VQ GPS B OJHIU PO UIF UPXO BOE HSBC B DBC UP -JBOH[J KVTU OPSUI PG 5VBOKJFIV 1BSL GPS B MBUF OJHIU GPPUSVC GPS UIPTF UJSFE EBODFE PVU GFFU
"(&/%"
5)6 ."3 Ŧ 8&% ."3
45!.*)%(5 34!4)/. ,)!.':)
%.
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
8PSL JU BU /JB XJUI %FCCJF WBO (JOLFM GSPOU BOE +FOOJGFS 4DIXFSJO CBDL SJHIU
5)&3& 4 /0 i*u */ 5&".
(FU NPUJWBUFE XJUI #FJKJOH T CFTU UFBN TQPSUT #FJKJOH (BFMJD 'PPUCBMM $MVC *G CBTLFUCBMM SVHCZ BOE WPMMFZCBMM BSF XIBU ZPV FOKPZ (BFMJD GPPUCBMM NJHIU CF KVTU UIF UIJOH GPS ZPV 5VFTEBZ FWFOJOHT GSPN QN BU $IBPZBOH 1BSL BOE 4VOEBZT GSPN OPPO QN BU 8"# #FHJOOFST XFM DPNF XXX CFJKJOHHBB PSH
CBTLFUCBMM CPXMJOH EPEHF CBMM óBH GPPUCBMM BOE UFOOJT XXX NBTIVQBTJB DPN
#FJKJOH )BTI )PVTF )BSSJFST 5IF IBSSJFST UBLF UP UIF TUSFFUT FWFSZ XFFL JO TFBSDI PG CFFS FYFSDJTF BOE BT NVDI GVO BT QPTTJCMF 5IF HSPVQ NFFUT FBDI 4VOEBZ BU QN CVU EBUFT BOE UJNFT DBO WBSZ 3VOT VTVBMMZ MBTU BO IPVS DPWFSJOH LN 4JHO VQ PO UIFJS TJUF GPS UIF XFFLMZ FNBJM XXX IBTI DO
#BENJOUPO &WFSZ 4VOEBZ BU BN $POUBDU +PIO BU KPIOTL!IPUNBJM DPN
*OUFSOBUJPOBM 'SJFOET 'PPUCBMM $MVC +PJO BO FYJTUJOH UFBN PS DSFBUF ZPVS PXO 5IF NBUDI GFFT IFMQ QBZ GPS SFGFSFFT $IFDL PVU UIF XFCTJUF GPS JOGPSNBUJPO BCPVU NFNCFSTIJQ UFBNT BOE GFFT XXX JíD DPN .BTIVQ 4QPSUT .BTIVQ SFDSFBUFT UIBU DPMMFHF GFFM XJUI PSHBOJ[FE
4JOP4DVCB 5IJT SFTQFDUFE TDVCB EJWJOH TDIPPM PíFST 1"%* DPVSTFT JO &OHMJTI BOE $IJOFTF BOE QFSJPEJDBMMZ PSHBOJ[FT EJWJOH USJQT JO $IJOB BOE PWFSTFBT XXX TJOPTDVCB DPN
8PNFO T -BDSPTTF &WFSZ 4VOEBZ BU BN &RVJQNFOU JT QSPWJEFE BOE UIF DPTU PG UIF QJUDI JT TIBSFE $POUBDU 'JPOB BU ñPOBCPZM !IPUNBJM DPN )FZSPCJDT .VTJD MBVHIT BOE FWFO TPNF FYFSDJTF &WFSZ XFFLFOE JO $IBPZBOH 1BSL BOE PUIFS MPDBUJPOT 4JHO VQ GPS UIFJS OFXTMFUUFS BU XXX IFZSPCJDT DPN /JB 'VTJPO ñUOFTT UIBU DPNCJOFT UIF DMBTTJD NPWFNFOU GPSNT PG ZPHB NPEFSO EBODF %VODBO EBODF KB[[ BJLJEP UBJDIJ UBFLXPOEP BOE 'FMEFOLSBJT BOE "MFYBOEFS UFDIOJRVFT $IFDL PVU UIFJS TDIFEVMF BU XXX OJBDIJOB DPN
%.
#FJKJOH 7PMMFZCBMM &TUBCMJTIFE JO UIJT DMVC QMBZT DPNQFUJUJWF WPMMFZCBMM HBNFT PODF B XFFL BU B DPVSU OFBS )PVIBJ "CJMJUZ MFWFMT SBOHF GSPN JOUFSNFEJBUF UP BEWBODFE TP OFX QMBZFST BSF FODPVSBHFE UP USZ PVU ñSTU 4FTTJPOT DPTU 3.# CFJKJOH@WPMMFZCBMM!IPUNBJM DPN #FJKJOH 4QPSU BOE 4PDJBM $MVC #FJ KJOH 44$ 'PS WPMMFZCBMM QMBZFST XIP BSF MFTT JOUP UIF HMPSZ PG UIF TQPSU BOE NPSF JOUP QPTU HBNF 5TJOHUBP 44$ NFFUT GPS WPMMFZCBMM EJOOFS BOE CFFS PO UIF ñSTU 8FEOFTEBZ PG FBDI NPOUI BU EJí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Ê
5)6 ."3 Ŧ 8&% ."3
"(&/%"
5)& -*45
"/% 5)& 8*//&3 *4w
#FJKJOH T #FTU 1VC 2VJ[[FT
#SVTI Pà ZPVS ESJOLJOH TLJMMT BOE SFTFSWFT PG SBOEPN LOPXMFEHF BOE FOKPZ UIF BUNPTQIFSF QSJ[FT BOE FDDFOUSJD RVJ[ NBTUFST BU UIF GPMMPXJOH USJWJB OJHIUT 5IF #PPLXPSN #SJUJTI PS *SJTI IPTUT EPNJOBUF NBOZ PG UIF QVC RVJ[[FT PÃFSFE JO #FJKJOH BT EP RVFTUJPOT EF SJWFE GSPN UIPTF DPVOUSJFT IJTUPSZ BOE DVMUVSF 5IF #PPLXPSN T USJWJB OJHIU JT OP FYDFQUJPO *O GBDU UIF RVFTUJPOT BSF PCTDVSF BOE TQFDJñD GPS JOTUBODF SFRVJSJOH UFBNT UP XSBDL UIFJS CSBJOT GPS BO BOJNBM UIBU DPVME IBWF QMBVTJCMZ HPOF FYUJODU JO 4DPUMBOE JO CVU OPU FMTFXIFSF )BQQJMZ UIF XPSTF ZPV EP UIF DMPTFS ZPV BSF UP XJOOJOH B DPOTPMBUJPO QJUDIFS PG CFFS 5IF MBTU QMBDF UFBN FBSOT QSJ[FT BMPOH
XJUI UIPTF XIP XJO ñSTU TFDPOE BOE UIJSE QMBDF "OE XJO PS MPTF FWFSZ QBSUJDJQBOU HFUT UP FOKPZ UIF IPTU T BNVTJOHMZ CFMMJHFSFOU 2 " TUZMF BOE XF WF KVTU CFFO JOGPSNFE MPUT PG CPP[F 7PUFE CFTU RVJ[ OJHIU JO UIF #FJKJOHFS #BS BOE $MVC "XBSET .POEBZT BU QN 5IF #PPLXPSN #VJMEJOH 4BOMJUVO /BOKJF 1BEEZ 0 4IFB T "T POF PG #FJKJOH T BVUIFOUJD *SJTI QVCT JU T B OP CSBJOFS UIBU 1BEEZ 0 4IFB T USJWJB OJHIU XPVME IBWF BO BÃBCMF *SJTI NBO IPTUJOH JU BOE IBWJOH B HPPE SFMBYFE UJNF JT NPSF PG BO FNQIBTJT UIBO QSFWBJMJOH JO UIF DPNQFUJUJPO #FTU PG BMM UIF XJOOJOH UFBN PG FBDI SPVOE BT XFMM
"OE UIF BOTXFS JT
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
BT PWFSBMM HFUT B GSFF SPVOE PG TIPUT PG UIF MJRVPS PG UIFJS DIPJDF XIJMF UJFT BSF CSPLFO XJUI ESJOLJOH DPOUFTUT 5IFSF T NPSF UPP *G ZPV BSF MVDLZ UIF UXP QFSTPO UFBN OFYU UP ZPV XJMM LFFQ XJOOJOH BOE TIBSJOH UIF FYUSB CPP[F XJUI ZPVS UBCMF 8JUI BMM PG UIF GSFF BMDPIPM óPBUJOH BSPVOE UIJT USJWJB OJHIU JT UIF JEFBM POF UP VOXJOE BU BGUFS B MPOH EBZ PG XPSL BOE UP FOTVSF UIBU ZPVS 5IVSTEBZ NPSOJOH XJMM NBLF UIF SFTU PG UIF XFFL MPPL BT FBTZ BT QJF 8FEOFTEBZT BU QN 1BEEZ 0 4IFB T %POH[IJNFOXBJ %BKJF $IBPZBOH %JTUSJDU 5IF ,SP T /FTU "NFSJDBOT GFFM BU IPNF UIF NPNFOU UIFZ TFF UIF óZFS BU UIF GSPOU PG UIF SFTUBVSBOU QSPDMBJNJOH #FJKJOH T iNPTU "NFSJDBOu QVC RVJ[ 5IF BDUVBM FWFOU EPFT OPU EJTBQQPJOU 5IF PSHBOJ[FST QMBZ PO #FJKJOH T VMUJNBUF GSJTCFF UFBN BOE
CSJOH UIFJS UFBNNBUFT UP QBSUJDJQBUF XIJMF UIF LOPXMFEHF UFTUFE IFBW JMZ GBWPST T BMUFSOBUJWF SPDL BOE GPPUCBMM 5IF SFTUBVSBOU JUTFMG BEET UP UIF "NFSJDBO UIFNF XJUI JUT NFOV PG QJ[[BT TP MBSHF UIBU UIFZ CBSFMZ ñU PO UIF UBCMF BOE JUT ESJOL TQFDJBM EVSJOH UIF QSPDFFEJOHT PG 3.# GPS B CVDLFU PG BOZ ñWF CFFST GSPN UIFJS JNQPSUFE TFMFDUJPO #VU UIF 2VFFO T UFBNT OFFE OPU GFBS 5IFSF JT QMFOUZ PG MPDBM FYQBU óBWPS UP HP BSPVOE GSPN B DIBMMFOHJOH ñSTU SPVOE XIFSF UFBNT NBUDI VQ QJDUVSFT PG TQFDJñD #FJKJOH OFJHICPSIPPET XJUI UIFJS OFBSFTU TVCXBZ TUPQ UP ,SP IJNTFMG TXBQQJOH BOTXFS TIFFUT BOE UBMMZJOH VQ TDPSFT 5IVSTEBZT BU QN 9JBPZVO -V 0Q QPTJUF 3FOBJTTBODF #FJKJOH $IBPZBOH )PUFM OFYU UP ,PVGVKV SFTUBVSBOU $IBPZBOH %JTUSJDU
5JN T 5FYBT #BSCFDVF 5JN T 5FYBT
#BSCFDVF CZ WJSUVF PG JUT -POF 4UBS 4UBUF EFDPSBUJPOT BOE JUT DVJTJOF PG SJCT TUFBL CSJTLFU BOE PUIFS PVUTJ[FE CBSCFDVF DMBTTJDT HJWFT UIF ,SP T /FTU B SVO GPS JUT NPOFZ JO UFSNT PG UIF iNPTU "NFSJDBOu USJWJB OJHIUT *O GBDU BT #FJKJOH T MPOHFTU SVOOJOH QVC RVJ[ UIJT FWFOU IBT B MPZBM DSPQ PG SFHVMBST XIP DPNF GPS UIF CPJTUFSPVT BUNPTQIFSF BOE GPS UIF VOJRVF QSJ[FT m B LFH PG (FSNBO CFFS GPS UIF ñSTU QMBDF UFBN "VTUSBMJBO DSBGU CFFST GPS UIF SVOOFS VQ BOE 5TJOHUBP GPS UIF UIJSE QMBDF ñOJTIFST %POHEBRJBP -V PO UIF DPSOFS PG (VBOHIVB -V $IBPZBOH %JTUSJDU 8FEOFTEBZT 1. 4UVNCMF *OO 4UVNCMF *OO JT BO JOUFSFTUJOH NJY CFUXFFO SPXEZ EJWF CBS BOE B SPNBOUJD MPVOHF 5SJWJB OJHIUT IFSF BSF OP FYDFQUJPO 8IJMF HSPXJOH NPSF BOE NPSF QPQVMBS UIJT RVJ[ OJHIU JT VTVBMMZ BUUFOEFE CZ GFXFS
UFBNT XIP NPTUMZ TFFN DPOUFOU XJUI ESJOLJOH TNPLJOH BOE UBMLJOH XJUI FBDI PUIFS XIJMF RVFTUJPOT óBTI PO UIF WFOVF T WBSJPVT óBU TDSFFO UFMFWJ TJPOT JO HSBQIJDT BOE UIFNF NVTJD UIBU BSF SFNJOJTDFOU PG 8IP 8BOUT UP CF B .JMMJPOBJSF "T B SFTVMU UIJT RVJ[ OJHIU JT JEFBM GPS UIPTF XIP BSF SFBMMZ MPPLJOH UP VOXJOE BGUFS XPSL QSPWJEJOH BO BVUIFOUJD #FJKJOH USJWJB FYQFSJFODF CVU XJUI B DP[JFS DMBTTJFS BUNPTQIFSF 5VFTEBZT 1. 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
-VTI -PDBUFE JO 8VEBPLPV -VTI T QVC RVJ[ DBUFST NPTUMZ UP UIF IFSET PG TUVEFOUT XIP BSF TUVEZJOH BCSPBE JO #FJKJOH GPS UIF TFNFTUFS PS UIF ZFBS 2VFTUJPOT BSF UBJMPSFE BDDPSE JOHMZ XJUI NPTU PG UIFN DFOUFSFE PO QPQ DVMUVSF BOE SFDFOU IJTUPSZ UIJOL UI DFOUVSZ JOTUFBE PG UIF UI 4UJMM JG ZPV FYQFDU UP DPBTU BU UIJT USJWJB FWFOU UIFO ZPV BSF JO GPS B SVEF BXBLFOJOH *U JT DPNNPO GPS NBOZ UFBNT UP KVTU HBJO B GFX QPJOUT JO FBDI BSPVOE 'VSUIFS BEEJOH UP UIF VOJWFSTJUZ BUNPTQIFSF JT B CBO PO DFMM QIPOFT UIBU DBO BDDFTT UIF JOUFSOFU BT XFMM BT B TIVUEPXO PG UIF WFOVF T XJSFMFTT JOUFSOFU TFSWJDF EVSJOH UIF DPNQFUJUJPO IPVST SFóFDUJOH NBOZ JOTUJUVUJPOT TUSJDU BDBEFNJD JOUFHSJUZ SVMFT "OE XJUI B QPMJDZ PG TFUUMJOH UJFCSFBLFST XJUI ESJOLJOH DPOUFTUT -VTI T RVJ[ FWFOUT QFSGFDUMZ DBQUVSFT UIF BDBEFNJD BOE TPDJBM DPNQFUJUJPO UIBU JT FTTFOUJBM UP FWFSZ VOJWFSTJUZ TUVEFOU T MJGF 8FEOFTEBZT 1. ' #MEH )VBRJOH +JBZVBO $IFOHGV -V BDSPTT GSPN UIF 8VEBPLPV MJHIU SBJM TUBUJPO )BJEJBO %JTUSJDU
1PNNF 0 4IFB T 'PSNFSMZ LOPXO BT UIF 1PNFHSBOBUF UIJT XBUFSJOH IPMF JT JO 4IVOZJ BOE UIFSFGPSF PÃFST B UJHIUFS LOJU QVC RVJ[ UIBO JO PUIFS #FJKJOH CBST 5IF TFWFSBM UFBNT UIBU SFHVMBSMZ QBSUJDJQBUF TIPX VQ JO MBSHF QBSU UP IBOH PVU XJUI FBDI PUIFS CVU EPO U XPSSZ UIFZ BMTP XFMDPNF OFX DPNFST JOUP UIF HFOFSBM USJWJB GBNJMZ BT XFMM 5IF GSJFOEMZ SFMBYFE BUNPTQIFSF JT FOIBODFE CZ UIF WFOVF T DPVSUZBSE MBZPVU CVU EPO U MFU UIBU GPPM ZPV UIJT QVC RVJ[ MJLF UIF POF UIBU UBLFT QMBDF BU TJTUFS QVC 1BEEZ 0 4IFB T JT GPS UIPTF XIP MPWF UP ESJOL BOE DPNQFUF 8FEOFTEBZT BU QN ,BJGB -V 9JCBJYJO[IVBOH )PVTIBZV 4IVOZJ %JTUSJDU
$PNQJMFE CZ 1IPFOJY 5TP
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
IBWF FBSOFE UIF SJHIU UP CF UIFSF * EPO U CFMJFWF JO UIBU * UIJOL JG ZPV TUFQ CBDL BOE BMMPX QFPQMF UP USZ OFX UIJOHT UIFZ XJMM PGUFO TUFQ VQ BOE EP B GBOUBTUJD KPC 8JMM UIF #FJKJOH DMVC DPNQFUF JO UIF "TJBO (BFMJD (BNFT UIJT ZFBS :FBI XF BMXBZT DPNQFUF 4PNF UJNFT XF EPO U IBWF UIF TUSPOHFTU GPPUCBMM UFBN CVU XF BMXBZT IBWF B HSFBU HSPVQ PG HVZT BOE HBMT UIBU LOPX IPX UP QBSUZ BOE XF SFXBSE PVSTFMWFT GBJSMZ XFMM XJUI UIBU
$PMJO %JYPO JT BMXBZT PO UIF CBMM
410354 453"5&(: .&&54 '*/"/$*"- 1-"//*/( $PMJO %JYPO $IBJS PG UIF #FJKJOH (BFMJD "UIMFUJD "TTPDJBUJPO BOE 'JOBODJBM $POTVMUBOU BU 5FOCSJEHF $PMJO %JYPO JT B EJF IBSE (BFMJD 'PPU CBMM GBO BOE UFBDIFS PG DPNNPOTFOTF CBTFE ñOBODJBM QMBOOJOH 6Q BU BN BOE XPSLJOH CZ BN FWFSZEBZ UIF NBO IBT TPNF TFSJPVT EJTDJQMJOF )F CBMBODFT UIBU SJHPSPVT XPSL FUIJD XJUI B EFEJDBUJPO UP TQPSUT UIBU JT PG TJNJMBS XFJHIU "HFOEB NFU VQ XJUI $PMJO UP TFF XIBU XJTEPN XF DPVME MFBSO GSPN IJN
8IBU UIF IFDL JT (BFMJD 'PPUCBMM * N PGUFO BTLFE UP EFTDSJCF (BFMJD 'PPUCBMMw *U IBT UIF IBOE FZF DP PSEJOBUJPO PG CBTLFUCBMM UIF UFBN PSHBOJ[BUJPO PG TPDDFS UIF IPOPS BOE UPVHIOFTT PG SVHCZ BOE JU IBT UIF TQFFE BOE BHHSFTTJPO PG "VTUSBMJBO SVMFT GPPUCBMM $PNCJOF BMM PG UIPTF FMFNFOUT JOUP B GBTU QBTTJPOBUF ñFME HBNF *U T B MPU PG GVO )FSF JO "TJB XF QMBZ B TNBMMFS TJEFE HBNF QBSUJBMMZ 8IBU JT UIF (BFMJD "UIMFUJD "TTPDJB EVF UP MJNJUFE OVNCFST CVU BMTP CF UJPO 5IF (BFMJD "UIMFUJD "TTPDJBUJPO DBVTF PG UIF MJNJUBUJPOT JO GBDJMJUJFT JT UIF MBSHFTU TQPSUJOH PSHBOJ[BUJPO JO *SFMBOE #VU UIFSF BSF NPSF QFPQMF :PV SF DIBJSNFO PG UIF #FJKJOH ("" PVUTJEF PG *SFMBOE XJUI *SJTI QBTTQPSUT UIJT ZFBS * BN UIF DIBJSNBO UIJT UIBO UIFSF BSF JO JU (FOFSBMMZ JG UIFSF T ZFBS CVU * N B GJSN CFMJFWFS JO OPU BO FYQBU DPNNVOJUZ TPNFXIFSF TUBZJOH JO POF QPTJUJPO GPS UPP MPOH BOE B GFX *SJTI QFPQMF JO JU UIFZ MM * UIJOL QFPQMF DBO CFDPNF TUBMF JG HFU UPHFUIFS BOE TUBSU UBMLJOH BOE UIFZ EP UIBU 5IFSF T BMTP UIF JTTVF TPNF TPSU PG (BFMJD DMVC XJMM GPSN PG OFX QFPQMF KPJOJOH UIF DMVC BOE #FGPSF ZPV LOPX JU UXFOUZ EJÃFSFOU GFFMJOH MJLF JU T B DMPTFE TIPQÂ&#x2021;UIBU OBUJPOBMJUJFT XJMM CF QMBZJOH PUIFST IBWF CFFO BSPVOE MPOHFS BOE
i(BFMJD 'PPUCBMMw IBT UIF IBOE FZF DPPSEJOBUJPO PG CBTLFUCBMM UIF UFBN PSHBOJ[BUJPO PG 4PDDFS UIF IPOPS BOE UPVHIOFTT PG 3VHCZ BOE JU IBT UIF TQFFE BOE BHHSFTTJPO PG "VTUSBMJBO SVMFT GPPUCBMMu
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
"SF ZPV HVZT HPJOH UP XJO 8F NBZ OPU XJO UIF GPPUCBMM CVU XF MM HJWF UIFN B QJFDF PG PVSTFMWFT PO UIF ñFME <-BVHIT> *U T BMXBZT IBSE BU UIJT UJNF PG UIF ZFBS CFGPSF UIF TFBTPO IBT TUBSUFE CFDBVTF UIF DPNNVOJUZ JT WFSZ USBOTJFOU *G ZPV MPPL CBDL UISFF PS GPVS ZFBST BHP BOE BU UIF QMBZFST XF IBWF OPX UIFSF T NBZCF POMZ POF PS UXP UIBU BSF TUJMM BSPVOE 4P VOUJM XF SFBMMZ HFU UP USBJOJOH BOE KVEHF IPX TUSPOH PVS UFBN JT HPJOH UP CF JU T IBSE UP TBZ "MXBZT IPQFGVM 5IF FNQIBTJT JT PO GVO BOE QBS UJDJQBUJPO *G XF DPNQBSF UIF TQPSU XJUI CBDL IPNF JU T DFSUBJOMZ OPU BT DPNQFUJUJWF 8F HFU UPHFUIFS IFSF B GFX UJNFT B XFFL EP B CJU PG USBJOJOH BOE HP GPS B CFFS BOE B DIBU *U T OPU VMUJNBUFMZ TFSJPVT BOE JT WFSZ NVDI BCPVU GVO "SF UIF UFBNT DPNQPTFE NPTUMZ PG *SJTI GPML 5IF UFBNT BSF NPTUMZ FYQBUT BOE BSF TPNF MPDBM $IJOFTF XIP QMBZ BT XFMM CVU DFSUBJOMZ OPU POMZ *SJTI FYQBUT *G XF EFQFOEFE TPMFMZ PO *SJTI FYQBUT IFSF JO #FJKJOH XF XPVMEO U IBWF FOPVHI OVNCFST 5IFSF T B WFSZ TNBMM *SJTI DPNNVOJUZ JO #FJKJOHÂ&#x2021;UIPTF UIBU BSF JOWPMWFE JO TQPSUT KPJO VT BOE VTVBMMZ CSJOH UIFJS GSJFOET *U T B WFSZ EJWFSTF DPN NVOJUZ *O POF TFBTPO XF MM IBWF BSPVOE GJGUFFO PS TJYUFFO EJGGFSFOU OBUJPOBMJUJFT %PFT UIF DPNNVOJUZ TUBZ QSFUUZ UJHIU *U T QSPCBCMZ OPU BT UJHIU BT JU XPVME CF CBDL IPNF CVU TPNF
PG UIF GSJFOETIJQT BOE CPOET UIBU IBWF CFFO NBEF IBWF DBSSJFE PO 'PS FYBNQMF XF QMBZFE UXP ZFBST BHP JO #BOHLPL BOE POF PG PVS QSF WJPVT NFNCFST UIBU NPWFE CBDL UP )PMMBOE GMFX PVU UP KPJO VT GPS UIF DPNQFUJUJPO )PX EP ZPV GFFM MJLF UIF "TJBO (BFMJD (BNFT IBT FWPMWFE *U T FWPMWFE JNNFOTFMZ TJODF JUT CFHJO OJOH 8IFO JU TUBSUFE UFO ZFBST BHP JU XBT QSPCBCMZ TPNFUIJOH MJLF B HSPVQ PG BHJOH *SJTI FYQBUT UIBU HPU UPHFUIFS UP SFMJWF TPNF QBTU HMPSJFT 5IF DPNQFUJUJPOT UPEBZ BSF UJFSFE TP UIBU UIPTF UIBU XBOU UP DPNQFUF BU B NPSF JOUFOTF MFWFM BSF BCMF UP BOE UIPTF UIBU KVTU XBOU UP IBWF GVO BSF BCMF UP EP UIBU BT XFMM 5IF "TJBO (BFMJD (BNFT IBWF GPDVTFE PO DBUFS JOH UP FWFSZPOF %P ZPV UIJOL UIF #FJKJOH ("" FOSJDIFT UIF #FJKJOH FYQBU DPN NVOJUZ * UIJOL JU EPFT *G ZPV DPNF UP B OFX DJUZ BOE ZPV EPO U LOPX BOZPOF UIF ñSTU UIJOH NPTU QFPQMF XJMM EP JT SFBDI PVU BOE GPSN B CPOE XJUI UIPTF UIBU DBO NBLF UIFN GFFM JODMVEFE .PTU FYQBUT JO #FJKJOH XPSL WFSZ IBSE BOE XF PÃFS QFPQMF UIF DIBODF UP MFU Pà TPNF TUFBN IBWF B CJU PG GVO NFFU OFX QFPQMF PS IBWF B DIBU JO UIF CBS 5IF #FJKJOH ("" IBT CFFO DPOTJTUFOU TJODF 5FMM VT BCPVU UIF DPNQBOZ ZPV XPSL XJUI 5FOCSJEHF 8F SF WFSZ EJÃFSFOU GSPN TQPSUT CVU BSF KVTU BT JOWPMWFE XJUI UIF FYQBU DPNNV OJUZ 5IFSF BSF BCPVU FYQBUT JO #FJKJOH BOE XF PGGFS QFSTPOBM JOWFTUNFOU BOE GJOBODJBM QMBOOJOH DPOTVMUJOH TFSWJDFT UP UIBU DPNNV OJUZ *O TJNQMF XPSET XF IFMQ JOEJ WJEVBM QFPQMF NBOBHF UIFJS NPOFZ 8IFUIFS QMBOOJOH GPS UIFJS DIJMESFO T GVUVSF PS UIFJS SFUJSFNFOU XF USZ UP HJWF QFPQMF B CFUUFS QFBDF PG NJOE 5IF DPNQBOZ PSJHJOBUFE JO UIF 6, BOE IBT CFFO JO $IJOB TJODF
i'JOBODJBM QMBOOJOH JT NPTUMZ BCPVU DPNNPO TFOTF *U T JNQPSUBOU GPS QFPQMF UP BTL BT NBOZ RVFTUJPOT BT QPTTJCMF BOE OPU CF PWFSSVMFE CZ TPNFPOF CFDBVTF UIFZ GFFM UIBU XIBU UIFZ BSF TQFBLJOH BCPVU JT UPP TPQIJTUJDBUFEu TFOTF *U T JNQPSUBOU GPS QFPQMF UP BTL BT NBOZ RVFTUJPOT BT QPTTJCMF BOE OPU CF PWFSSVMFE CZ TPNFPOF CFDBVTF UIFZ GFFM UIBU XIBU UIFZ BSF TQFBLJOH BCPVU JT UPP TPQIJTUJDBUFE 5IF BOTXFST BSF PGUFO TJNQMF 8IBU LJOE PG XPSL EPFT 5FOCSJEHF EP XJUI DIBSJUZ PSHBOJ[BUJPOT 0VS DIBJSNBO IBT TUSPOH GFFMJOHT BCPVU JOWFTUJOH CBDL JOUP UIF DPNNVOJUZ *U T FBTZ UP DPNF UP $IJOB BT BO FYQBU FBSO TPNF NPOFZ BOE XBML BXBZ XJUIPVU B TFDPOE UIPVHIU *O UIF QBTU XF WF TQPOTPSFE UIF DIJMESFO PG NJHSBOU XPSLFST UP IFMQ UIFN UISPVHI UIFJS FEVDBUJPO 8F EJE SVO B DIBSJUZ CBMM GPS B GFX ZFBST BOE IBWF UISPXO B GFX HPMG FWFOUT GPS DIBSJUZ GVOESBJTJOH
ZPVS ñOBODJBM QMBOOJOH TJNQMF XPSL XJUI BO BEWJTPS UIBU ZPV DBO SFMBUF UP BOE BTL RVFTUJPOT PG %PO U UBLF PO BOZUIJOH UIBU ZPV EPO U VOEFSTUBOE BOE VOEFSTUBOE FWFSZUIJOH UIBU ZPV UBLF PO *G ZPV IBWFO U EPOF BOZ QMBO OJOH VQ VOUJM OPX JU T OFWFS UPP MBUF 'SPN B TQPSUT QPJOU PG WJFX QMBZ TQPSUT BT MPOH BT ZPV DBO BOE EPO U UIJOL UIBU XIFO ZPV HFU UP UIJSUZ PS UIJSUZ ñWF ZPV TIPVME SFUJSF )PX EP ZPV ñOE UIF UJNF UP XPSL GVMM UJNF XJUI B TVDDFTTGVM DPN QBOZ BOE TUJMM FOKPZ B MJGF GJMMFE XJUI TQPSUT .Z MJGF JT QSFUUZ TJNQMF * HFU VQ FBSMZ FWFSZ NPSOJOH BOE * XPSL IBSE CVU * OFFE TQPSU JO NZ MJGFÂ&#x2021;JU T FTTFOUJBM * XPSL UISPVHI UIF EBZ BOE IPQFGVMMZ CZ UIF FWFOJOH UJNF BN JOWPMWFE JO TPNF TQPSU JG OPU FWFSZEBZ UIFO DFSUBJOMZ FWFSZ PUIFS EBZ .Z EBZT BSF GVMM BOE * N OFWFS TJUUJOH BSPVOE BTLJOH NZTFMG i8IBU BN * HPJOH UP EP UPEBZ u
)BWF 5FOCSJEHF BOE UIF #FJKJOH ("" XPSLFE UPHFUIFS PO BOZ FWFOUT 8F EP TQPOTPS FWFOUT GSPN UJNF UP UJNF CVU BU UIF NPNFOU UIF #FJKJOH ("" IBT B WFSZ HPPE TQPOTPS 5IF *SJTI /FUXPSL $IJOB IBWF DPNF 8IBU T ZPVS GBWPSJUF QVC UP IBOH PO CPBSE UIJT ZFBS PVU JO BOE XBUDI 'PPUCBMM 0I UIBU T B UPVHI POF 8IFO * HP UP UIF %P TQPSUT TUSBUFHZ BOE ñOBODJBM QVC * UFOE UP HP GPS B DIBU * QMBZ B MPU QMBOOJOH HP UPHFUIFS * UIJOL PG GPPUCBMM CVU EPO U XBUDI NVDI PG BOZUIJOH UIBU ZPV XBOU UP EP XFMM JU #VU JG * HP PVU UP UIF QVC * MJLF UP SFRVJSFT TPNF QMBOOJOH * WF CFFO HP UP 5IF %FO PS 1BEEZ 0 4IFB T #PUI JOWPMWFE JO TQPSUT BMM PG NZ MJGF (BFMJD BSF QMBDFT XIFSF QFPQMF NFFU UP 'PPUCBMM IBT BMXBZT CFFO NZ QBTTJPO IBWF GVO BOE BSF RVJUF VOQSFUFOUJPVT CVU * BMTP QMBZ TPDDFS EP LVOHGV 5IFJS TQPSUT DSPXET BSF RVJUF HPPE BOE TDVCB EJWF 4QPSUT BSF JNQPS BOE CPUI PG UIF QMBDFT BMTP TQPOTPS UBOU UP NF BOE UIFZ QSPWJEF NF XJUI UFBNT UIBU * QMBZ PO EJTDJQMJOF 5IBU EJTDJQMJOF JO TQPSUT JT BO JNQPSUBOU QBSU PG NZ IFBMUI *OUFSWJFX CZ +PSEBO 5IPNBT .JUDIFMM "OE BMPOH UIF TBNF MJOFT JG ZPV SF QMBOOJOH GPS ñOBODJBM TVDDFTT ZPVS 5IF %FO )ST " (POHUJ %POHMV JO GSPOU PG $JUZ )PUFM ñOBODFT IBWF UP CF EJTDJQMJOFE
i1BSUOFSTIJQ 1SPTQFSJUZ 1FBDF PG %P ZPV IBWF BOZ JOWFTUNFOU BOE .JOE u 8IBU T UIBU BCPVU 'JOBODJBM PS TQPSUT XJTEPN UP TIBSF XJUI PVS QMBOOJOH JT NPTUMZ BCPVU DPNNPO SFBEFST *OWFTUNFOU BEWJDFw ,FFQ
%.
1BEEZ 0 4IFB T %BJMZ BN -BUF %POH[IJ NFOXBJ %BKJF $IBPZBOH %JTUSJDU
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
8IFO JU DPNFT UP DPSQPSBUF FTQJPOBHF QSFWFOUJPO JT UIF CFTU NFEJDJOF
5)& 41: */4*%&
#SVDF 8JNNFS %JSFDUPS PG $POTVMUJOH BU 1JOLFSUPO $POTVMUJOH BOE *OWFTUJHBUJPOT #SVDF 8JNNFS JT OP TUSBOHFS UP FTQJPOBHF BOE XJUI ZFBST FYQFSJ FODF TFSWJOH JO UIF 0GGJDF PG 4QFDJBM *OWFTUJHBUJPOT BOE BMNPTU BOPUIFS UXP EFDBEFT BU 1JOLFSUPO $POTVMUJOH BOE *OWFTUJHBUJPOT POF DPVME BSHVF UIBU IF LOPXT BMM UIFSF JT UP LOPX BCPVU DPVOUFSJOH JU "HFOEB EFDJEFE UP JOñM USBUF BOE BGUFS HBJOJOH IJT DPOñEFODF GPVOE PVU XIBU ZPV DBO EP UP QSPUFDU ZPVS CVTJOFTT 5FMM VT B MJUUMF CJU BCPVU ZPVSTFMG )PX EJE ZPV HFU JOUP UIJT ñFME * IBWF CFFO JOWPMWFE JO DPVOUFSJOH FTQJPOBHF GPS NPSF UIBO ZFBST * TQFDJBMJ[FE JO DPVOUFSFTQJPOBHF EVSJOH UIF $PME 8BS FSB BT B 4QFDJBM "HFOU JO UIF 6 4 "JS 'PSDF 0îDF PG 4QFDJBM *OWFTUJHBUJPOT #FDBVTF PG UIBU CBDLHSPVOE * CFDBNF B GPDBM QPJOU GPS EFBMJOH XJUI DPVOUFSJOH CVTJOFTT FTQJPOBHF XIFO * KPJOFE 1JOLFSUPO ZFBST BHP "T B SFTVMU PG XPSLJOH XJUI TP NBOZ DPNQBOJFT BOE EFBMJOH XJUI TP NBOZ CVTJOFTT TQZJOH TJUVBUJPOT * IBWF DPOTJEFSBCMF FYQFSJFODF BOE IBWF EFWFMPQFE B TQFDJBM FYQFSUJTF JO BMM UZQFT PG CVTJ OFTT FTQJPOBHF XPSMEXJEF 5IBU UISFBU FYQFSUJTF USBOTMBUFT JOUP CFJOH BCMF UP IFMQ CVTJOFTTFT EFWFMPQ BOE JNQMFNFOU FÃFDUJWF DPVOUFSNFBT VSFT UP QSPUFDU UIFNTFMWFT
"(&/%"
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ÃFSFOU 8IBU JT EJÃFSFOU JO "TJB JT TPNF PG UIF UFDIOJRVFT BOE NPUJWB UJPOT *O "TJB TUBSUJOH ZPVS PXO CVTJ OFTT BOE PXOJOH JU JT B NBKPS NPUJWB UPS GPS CVTJOFTT TQJFT 5IF JNQPSUBODF PG GBNJMZ BOE SFMBUJPOTIJQT JO CVTJOFTT TQZJOH JO "TJB JT BOPUIFS TPNFXIBU VOJRVF EJÃFSFODF 5IF GBDU UIBU TP NBOZ HMPCBM CVTJOFTTFT IBWF QBSUT
5)6 ."3 Ŧ 8&% ."3
%.
PG UIFJS CVTJOFTT JO "TJB BOE IBWF OPU EPOF B HPPE KPC PG QSPUFDUJOH UIFJS CVTJOFTT TFDSFUT JT UIF SFBTPO NPSF CVTJOFTT TQZJOH PDDVST JO "TJB UIBO BOZXIFSF FMTF JO UIF XPSME *U TFFNT UIBU TPNF DPNQBOJFT USFBU DPSQPSBUF FTQJPOBHF BT B TQPSU *G ZPV IBE UP DPNQBSF DPS QPSBUF FTQJPOBHF UP B TQPSU XIJDI POF XPVME JU CF 'JSTU JU JT JNQPS UBOU UP VOEFSTUBOE UIBU CVTJOFTT FT QJPOBHF JT OPU B TQPSU PS HBNF BOZ NPSF UIBO JU JT KVTU TPNFUIJOH PVU PG UFMFWJTJPO PS UIF NPWJFT *G TPNFPOF XBOUFE UP DIBSBDUFSJ[F JU BT B iHBNFu UIFO * XPVME TVCNJU JU JT B WFSZ TFSJPVT POF CFDBVTF JU DPTUT HMPCBM CVTJ OFTTFT VQ UP 64 USJMMJPO B ZFBS 5IF TQPSUT NFUBQIPS ñUT XIFO UIF EJÃFSFOU UFBNT BSF QSPGFTTJPOBM BOE NPOFZ JT BU TUBLF CVU PUIFSXJTF JU JT OPU B iHBNF u 5IF NFUBQIPS BMTP ñUT XIFO UIF TQPSU JT B UFBN TQPSU UIBU SFMJFT PO HPPE QSF HBNF QMBOOJOH BOE TUSBU FHZ *G * QJDLFE B TQPSU JU TIPVME BMTP CF B TQPSU UIBU JODMVEFT B HPPE BDUJWF BOE QBTTJWF HBNF UIBU JT DPOTUBOUMZ BEKVTUJOH UP UIF PQQPOFOU T BUUBDL TUSBUFHZ 8JUI UIBU JO NJOE B OVNCFS PG UFBN TQPSUT DPNF UP NJOE JODMVE JOH GPPUCBMM TPDDFS BOE "NFSJDBO TUZMF SVHCZ CBTLFUCBMM PS QPMP 8IBU T UIF NPTU CSJMMJBOU iQMBZu ZPV WF FWFS TFFO FYFDVUFE * UIJOL UIF NPTU CSJMMJBOU QMBZT XFSF XIFO UIF FTQJPOBHF JOWPMWFE B DPNCJOFE BUUBDL UIBU VTFE JOGPSNBUJPO HBUI FSJOH GPS QMBOOJOH USBTI DPWFST GPS HBUIFSJOH OBNFT FNBJM BEESFTTFT BOE GJOBODJBM EBUB BOE UIFO VTFE iTPDJBM FOHJOFFSJOHu UP HBJO BDDFTT UP UIF QSFNJTFT BOE TUFBM EPDV NFOUT BOE MBQUPQT "OPUIFS JO WPMWFE FNQMPZFFT EFDJEJOH UP MFBWF B DPNQBOZ BOE HP DPNQFUF BHBJOTU UIFN 5IF BNB[JOH UIJOH XBT UIBU UIFZ QVSDIBTFE TQZJOH EFWJDFT XJUI DPNQBOZ NPOFZ BOE UIFO QMBOUFE UIFN JO UIF DPOGFSFODF SPPN BOE QSFTJEFOU T PGGJDF CFGPSF UIFZ MFGU 5IFZ BMTP MFGU B DPVQMF PG FNQMPZFFT CFIJOE UP QSPWJEF PUIFS JOGPSNBUJPO
TUFBM EPDVNFOUT BOE QSPWJEF JOTJHIUT UIBU UIF FMFDUSPOJD EFWJDFT DPVME OPU HJWF UIFN 8IBU BCPVU UIF CJHHFTU GVNCMF 8FMM UIF GVNCMFT BSF TP OVNFSPVT JU JT EJîDVMU UP TJOHMF PVU POF UIBU JT NPSF TJHOJGJDBOU UIBO BOPUIFS CFDBVTF TPNF PG UIF QSFWFOUBCMF MPTTFT IBWF BSHVBCMZ CFFO JO UIF IVOESFET PG NJMMJPOT PS FWFO CJMMJPOT PG EPMMBST 0UIFST IBWF NFBOU DPN QBOJFT MJUFSBMMZ XFOU PVU PG CVTJOFTT 8IJMF UIF MPTTFT XFSF TNBMMFS JO NBOZ PG UIFTF DBTFT UIF DPNQBOJFT UIBU XFOU PVU PG CVTJOFTT XFSF HFOFSBMMZ TNBMMFS DPNQBOJFT UIBU DPVME OPU BCTPSC UIF MPTT PS TQSFBE JU PVU PWFS TFWFSBM ZFBST MJLF UIF CJH POFT EP * IBWF EFBMU XJUI TFWFSBM DPNQBOJFT UIBU QSPCBCMZ MPTU JO FYDFTT PG 64% UP CVTJOFTT TQJFT 5IJT JODMVEFE 3FTFBSDI BOE %FWFMPQNFOU GPS NBOVGBDUVSFE JUFNT 5IF USBHFEZ JT UIBU * IBWF OPU TFFO B TJOHMF JO TUBODF PG CVTJOFTT TQZJOH UIBU DPVME OPU IBWF CFFO QSFWFOUFE XJUI B SFB TPOBCMF DPVOUFS JOEVTUSJBM FTQJPOBHF QSPHSBN 8IBU EPFT B HPPE EFGFOTJWF HBNF QMBO MPPL MJLF " HPPE EFGFOTF HBNF QMBO TUBSUT XJUI UIF IFBE DPBDI BOE DPBDIJOH TUBí *U JT JNQPSUBOU UIBU UIF QSPHSBN IBWF UIF TVQQPSU PG BMM UIF CVTJOFTT VOJUT BMM UIF DPBDIFT CVU FTQFDJBMMZ UIF IFBE DPBDI *U XPVME JODMVEF B HPPE QMBZCPPLwHPPE SFBTPOBCMF CVU FOGPSDFE QPMJDJFT BOE QSPDFEVSFT *U XPVME BMTP JODMVEF UIF UFBN DBQUBJOT XIP IBWF BVUIPSJUZ UP NBLF UIF PGGFOTF EFGFOTF BOE TQFDJBM VOJUT BMM XPSL UPHFUIFS JO BO JOUFHSBUFE NBOOFS *U XPVME JODMVEF HPPE USBJOJOH PO UIF GVOEBNFOUBMT m B HPPE DPVOUFS CVTJOFTT TQZJOH FEVDBUJPO BOE BXBSFOFTT QSPHSBN UIBU JT UBJMPSFE UP UIF EJíFSFOU VOJUT EFQBSUNFOUT *U XPVME BMTP JOWPMWF TPNF HPPE TDPVUJOH SFQPSUT UIBU HBUIFS UISFBU JOGPSNBUJPO BOE BMMPXT UIF DPBDIFT BOE DBQUBJOT UP JNQMF NFOU NFBTVSFT UP EFGFOE BHBJOTU BUUBDLT BOE DPVOUFS XJUI UBDUJDT UIBU XJMM FíFDUJWFMZ FYQMPJU UIF CVTJOFTT TQZ T XFBLOFTTFT
i5IF NPTU DSJUJDBM QJFDF XPVME CF UIF FEVDBUJPO BOE BXBSFOFTT USBJOJOH TP UIBU FWFSZ NFNCFS PG UIF UFBN VOEFSTUBOET UIF UISFBUT m VOEFSTUBOET UIF CVTJOFTT TQZJOH UISFBU JT SFBM BOE JT OPU KVTU TPNFUIJOH ZPV TFF JO UIF NPWJFT PS PO UFMFWJTJPO m UIF QMBZFST FNQMPZFFT VOEFSTUBOE QPUFOUJBM BEWFSTF CVTJOFTT DPOTFRVFODFT BOE FBDI POF JT USBJOFE TP UIFZ IBWF UIF BCJMJUZ UP QMBZ EFGFOTF BU MFBTU VOUJM UIF EFGFOTJWF VOJU DBO UBLF PWFSu 8PVME ZPV SFDPNNFOE DPNQB OJFT UP FNQMPZ PGGFOTJWF UBDUJDT BT XFMM :FT $PNQBOJFT OFFE UP CF BCMF UP EFUFDU BOE OFVUSBMJ[F UIF BUUBDLT *O CPYJOH PS NBSUJBM BSUT UIBU XPVME NFBO OPU KVTU EFóFDUJOH UIF BUUBDL CVU DPVOUFSJOH XJUI BUUBDLT UIBU NJHIU OFVUSBMJ[F UIF UISFBU 5IJT DPVME JOWPMWF QBTTJOH EJTJOGPSNB UJPO MFHBM BDUJPOT BOE XPSLJOH XJUI WBSJPVT HPWFSONFOU BOE MBX FOGPSDF NFOU BHFODJFT
8IFO JT JU UJNF UP DBMM JO B TFDV SJUZ DPBDI BOE XIBU DBO QFPQMF FYQFDU GSPN JU *U T UJNF XIFO ZPV SFBMJ[F UIJT JT BO JNQPSUBOU CVTJOFTT JTTVF BOE JU JT OPU BNBUFVS IPVS PS JU DPVME CF UJNF VOGPSUVOBUFMZ UPP MBUF XIFO ZPV SFBMJ[F ZPV IBWF CFFO B WJDUJN PG CVTJOFTT TQZJOH "U UIPTF QPJOUT HP GPS UIF QSPGFTTJPOBM 5IF LFZ XJUI DBMMJOH JO UIF TFDVSJUZ DPBDI GPS JOQVU JT UIBU JU JT JNQPSUBOU UP IBWF B DPBDI XIP JT IPMJTUJD JO EFWFMPQJOH BO BQQSPBDI *U TIPVME CF TPNFPOF XIP IBT CVTJOFTT LOPXMFEHF BOE FYQFSUJTF JO SJTL CBTFE BQQSPBDIFT *U JT JNQPSUBOU UIBU UIF TFDVSJUZ DPBDI IBWF USVF FYQFSUJTF JO EFBMJOH XJUI CVTJOFTT TQZJOH *U XPVME NBLF OP TFOTF UP CSJOH B TPDDFS LJDLJOH DPBDI JO UP XPSL XJUI B CBTLFUCBMM UFBN :FU * TFF DPNQBOJFT EPJOH UIJT FWFSZ EBZ 5IF TFDVSJUZ DPBDI TIPVME CF IPMJTUJD JO BQQSPBDI LOPXMFEHFBCMF PG BMM UISFBUT BOE OPU TPNFPOF XIP JT KVTU USZJOH UP QMZ B QBSUJDVMBS TFSWJDF PS QJFDF PG FRVJQNFOU UIFZ TFMM *U JT BNB[JOH UIBU TP NBOZ DPNQB OJFT IBWF TPQIJTUJDBUFE *5 TFDVSJUZ NFBTVSFT BDDFTT DPOUSPM BOE BMBSN TZTUFNT DMPTFE DJSDVJU UFMFWJTJPO BOE TFDVSJUZ HVBSET CVU UIFTF NFBTVSFT BSF OPU SJTL CBTFE BOE BSF OPU JOUF HSBUFE JO B NBOOFS UIBU XPVME NBLF UIFN FíFDUJWF JO EFUFSSJOH EFUFDU JOH EFMBZJOH BOE SFTQPOEJOH UP UIF CVTJOFTT TQZJOH UISFBUT (FU B HPPE FYQFSJFODFE DPBDI BOE POF UIBU MJTUFOT BOE JOUFHSBUFT IJT NFBTVSFT UISPVHIPVU UIF DPNQBOZ
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m VOEFSTUBOET UIF CVTJOFTT TQZJOH UISFBU JT SFBM BOE JT OPU KVTU TPNFUIJOH ZPV TFF JO UIF NPWJFT PS PO UFMFWJTJPO m UIF QMBZFST FNQMPZ FFT VOEFSTUBOE QPUFOUJBM BEWFSTF CVTJOFTT DPOTFRVFODFT BOE FBDI POF JT USBJOFE TP UIFZ IBWF UIF BCJM JUZ UP QMBZ EFGFOTF BU MFBTU VOUJM UIF EFGFOTJWF VOJU DBO UBLF PWFS *OUFSWJFX CZ +FOOJGFS 5IPNÊ
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
* N TUJMM BO .#" TUVEFOU BU 1FLJOH 6OJWFSTJUZ CVU * IBWFO U IBE UIF UJNF UP DPNQMFUF UIF QSPHSBN 'PS B MPOH UJNF * XPSLFE XJUI *#. JO TBMFT NBSLFUJOH BOE ñOBODF 0OF PG *#. T QPMJDJFT JT UP NPWF UIFJS FNQMPZFFT BSPVOE UP WBSJPVT EFQBSUNFOUT UP LFFQ UIFN GSFTI XIJDI * UIJOL JT B WFSZ HPPE QPMJDZ
$BO ZPV UFMM VT B MJUUMF CJU BCPVU UIF #BOà .PVOUBJO 'JMN 'FTUJWBM #BOà JT B /BUJPOBM 1BSL JO $BOBEB 5IF #BOà $FOUSF JT BO /(0 UIBU GPDVTFT PO iJOTQJSJOH DSFBUJWJUZu BOE UIFJS MP DBUJPO JT JOTJEF PG UIF /BUJPOBM 1BSL *O UISFF NPVOUBJO DMJNCFST EFDJEFE UP GPSN B ñMN GFTUJWBM CBTFE PO PVUEPPS MJWJOH 5IJT ZFBS XJMM CF UIF UIJSUZ TJYUI GFTUJWBM 5IFSF T B NBJO 5JOB 2JBO XBOUT ZPV UP HFU TPNF GSFTI BJS GFTUJWBM UIBU UBLFT QMBDF BU UIF #BOà $FOUSF JO $BOBEB BOE BGUFS B XFFL PG ñMN TDSFFOJOHT BOE BXBSET B TF MFDU OVNCFS PG ñMNT XJMM HP PO UPVS 5JOB 2JBO 'PVOEFS PG 4JOPVU 4QPSUT BOE $VMUVSF BSPVOE UIF XPSME 0SHBOJ[BUJPOT MJLF 4JOPVU XJMM IBWF UIF QMFBTVSF PG IPTU $PNQBOZ JOH UIF #BOà GFTUJWBM JO UIFJS IPNF "HFOEB NBOBHFE UP DBUDI VQ XJUI UIFJS FOFSHZ UP UIF CFBVUJGVM PVU DPVOUSZ 4JOPVU JT UIF UPVS IPTU JO UIF SFNBSLBCMF 5JOB 2JBO NBSBUIPO EPPST 8F XPSL UP EP UIJT CZ QSPNPU $IJOB 5IJT ZFBS UIF GFTUJWBM XJMM CF IPTU SVOOFS TLJFS TOPXCPBSEFS EJWFS TVSGFS JOH BOE DPPQFSBUJOH XJUI WJTVBM BSUT BOE NPVOUBJO DMJNCFS 4IF JT BMTP UIF QSPKFDUT UIBU BSF GPDVTFE PO IFBMUIZ FE BU UIF .FHBCPY JO #FJKJOH BOE BU GPVOEFS PG 4JOPVU 4QPSUT BOE $VMUVSF PVUEPPS MJWJOH $VSSFOUMZ XF BSF XPSL UIF 'JMN BOE "SU $FOUFS JO 4IBOHIBJ $PNQBOZ XIJDI TIF VTFT BT B QMBU JOH UP CSJOH UIF #BOà .PVOUBJO 'JMN 5IF GFTUJWBM XJMM SVO GPS POF XFFL JO GPSN UP JOTQJSF $IJOFTF DVMUVSF UPXBSET 'FTUJWBM BOE UIF #BOà .PVOUBJO 1IP FBDI DJUZ IFBMUIZ BOE CBMBODFE PVUEPPS MJWJOH UPHSBQIZ $PNQFUJUJPO UP #FJKJOH BOE $BO ZPV SFWFBM TPNF EFUBJMT BCPVU 4IF JT DVSSFOUMZ XPSLJOH UP CSJOH UIF 4IBOHIBJ UIF ñMNT UIBU XJMM CF TIPXO UIJT #BOà .PVOUBJO 'JMN 'FTUJWBM UP #FJKJOH BT B NFBOT PG TIPXDBTJOH UIF PVUEPPS %PFT 4JOPVU QSPNPUF BDUVBM TQPSU ZFBS 8F XJMM TIPX TJYUFFO GJMNT MJGFTUZMF JOH FWFOUT PS EP ZPV POMZ GPDVT PO UIJT ZFBS BOE TPNF PG UIF DBUFHPSJFT UIF WJTVBM BSUT 8F SF B OFX DPN JODMVEF i"EWFOUVSF u i0VUEPPS 4QPSUT u :PV GPVOEFE 4JOPVU 4QPSUT BOE QBOZ BOE GPS PVS ñSTU GFX TFBTPOT XF i.PVOUBJO $VMUVSF u i&OWJSPONFOU u $VMUVSF $PNQBOZ 5FMM VT BCPVU EPO U XBOU UP PWFS FYUFOE PVSTFMWFT 4PNF PG UIF TUPSJFT XJMM JODMVEF UIPTF JU 4JOPVU JT i4JHO PVU u #VU JT BMTP 'PS OPX XF BSF POMZ GPDVTJOH PO UIF PG CBTF KVNQFST QBSBHMJEFST CJLF SJEFST LBZBLFST NPVOUBJO DMJNCFST XPSEQMBZ PO i4JOP u UIF QSFñY VTFE WJTVBM BSUT BTQFDU SVOOFST TOPX CPBSEFST FUDw UP SFGFS UP $IJOB 4JOPVU JT GPDVTFE 5IF ñMNT UIBU XF XJMM TIPX IFSF PO IFMQJOH QFPQMF JO $IJOB TJHO PVU 4QPSUTw 7JTVBM "SUTw 8IBU T ZPVS PG UIFJS XPSL UIFJS DPNQVUFST UIFJS CBDLHSPVOE 8FMM NZ NBKPS CBDL JO $IJOB BSF QJDLFE GSPN UIF GJMNT VOCBMBODFE MJGFTUZMFT BOE NPWJOH JO 6OJWFSTJUZ XBT FOHJOFFSJOH BOE UIBU NBLF JU UP UIF ñOBMT BU UIF NBJO GFTUJWBM * IBWFO U DIPTFO BMM PG UIF ñMNT UIBU XF MM TIPX RVJUF ZFUÂ&#x2021;UIFZ BSF BMM TP HPPE 5IJT ZFBS KVTU CMPXT i4JOPVU JT GPDVTFE PO IFMQJOH QFPQMF JO $IJOB UIF QSFWJPVT ZFBS BXBZ TJHO PVU PG UIFJS XPSL UIFJS DPNQVUFST UIFJS
4*(/*/( 065 0' $*5: -*'&
VOCBMBODFE MJGFTUZMFT BOE NPWJOH UIFJS FOFSHZ UP UIF CFBVUJGVM PVUEPPSTu
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
$BO ZPV UFMM PVS SFBEFST BCPVU POF PG UIF GJMNT ZPV SF NPTU FY
DJUFE GPS UIJT ZFBS 5IFSF T B GJMN XF TIPXFE MBTU ZFBS DBMMFE i4PMP u *U XBT QSPCBCMZ UIF NPTU QPQVMBS ñMN UIBU XF TIPXFE *U T B TUPSZ BCPVU BO BEWFOUVSFS XIP XBOUFE UP CF UIF ñSTU QFSTPO UP LBZBL GSPN "VTUSBMJB UP /FX ;FBMBOE 5IF KPVSOFZ UPPL BCPVU EBZT BOE IF NBLFT JU XJUIJO LJMPNFUFST PG /FX ;FBMBOE BOE EJFT CFGPSF IF SFBDIFT UIF CFBDI 5IJT ZFBS XF BSF TIPXJOH UIF TF RVFM UP i4PMP u 5IJT UJNF UIFSF BSF UXP ZPVOH HVZT UIBU XBOU UP BUUFNQU UIF TBNF KPVSOFZ :PV MM IBWF UP DPNF TFF JU UP ñOE PVU XIBU IBQQFOT * IBE B DIBODF UP NFFU POF PG UIF HVZT GSPN UIF BEWFOUVSF BOE * IPQF UP JOWJUF IJN UP DPNF UP UIF #FJKJOH TDSFFOJOH PG UIF ñMN 8IBU XBT JU UIBU JOTQJSFE ZPV BCPVU UIF #BOGG .PVOUBJO 'JMN 'FTUJWBM 8IFO * ñSTU BUUFOEFE UIF #BOà ñMN GFTUJWBM NZ JNQSFTTJPO PG UIF JOEJWJEVBMT QBSUJDJQBUJOH JO JU XBT TP HPPE 5IFZ BSF XBSN IPOFTU BOE EPJOH UIF UIJOHT UIBU UIFZ MPWF 5IFJS MJWFT BSF TP JOTQJSJOH ZFU UIFZ BSF TP IVNCMF 5IFZ BSF DPNQMFUFMZ HFOV JOF QFPQMF UIBU * GFFM * DBO SFMBUF UP % P F T $I J O B I BWF B OZ G J M N T SFQSFTFOUFE JO UIF #BOà .PVOUBJO 'JMN 'FTUJWBM 5IFSF T POMZ CFFO POF $IJOFTF ñMN UIBU T SFDFJWFE BO BXBSE GSPN UIF GFTUJWBM -V $IVBO EJSFDUFE B ñMN DBMMFE i,FLFYJMJ .PVOUBJO 1BUSPMu JO *U EFQJDUT UIF TUSVHHMF CF UXFFO SBOHFST BOE QPBDIFST JO 5JCFU *U T B CFBVUJGVM ñMN 0UIFS UIBO UIBU OP $IJOFTF ñMNT IBWF XPO BXBSET GSPN #BOà %P ZPV IBWF BOZ QFPQMF GSPN UIF GJMN JOEVTUSZ JO $IJOB XPSLJOH XJUI ZPV PO QSPNPUJPO 9JB :V JT XPSLJOH XJUI VT BT PVS QSPNPUJPO BNCBTTBEPS 8F XFOU UP #BOGG JO $BOBEB UPHFUIFS MBTU ZFBS )F XJMM CF BU UIF GFTUJWBM JO $IJOB UIJT ZFBS 8IBU BSF TPNF PG UIF DIBMMFOHFT ZPV GBDF XIJMF XPSLJOH UP IFMQ $IJOFTF QFPQMF UP iTJHO PVU u *O B DPVOUSZ MJLF $BOBEB QFPQMF BSF FYQPTFE UP PVUEPPS TQPSUT BU B WFSZ
i8IFO * ñSTU BUUFOEFE UIF #BOà ñMN GFTUJWBM NZ JNQSFTTJPO PG UIF JOEJWJEVBMT QBSUJDJQBUJOH JO JU XBT TP HPPE 5IFZ BSF XBSN IPOFTU BOE EPJOH UIF UIJOHT UIBU UIFZ MPWFu ZPVOH BHF $IJMESFO TUBSU UP IJLF TOPXCPBSE BOE DMJNC WJSUVBMMZ CF GPSF UIFZ DBO XBML #VU JO $IJOB NBOZ PG UIFTF BDUJWJUJFT BSF WFSZ OFX UP VT 8F WF KVTU TUBSUFE UP FYQMPSF TFSJPVT PVUEPPS MJWJOH XJUIJO UIF QBTU UFO UP ñGUFFO ZFBST *U T TPNFUIJOH UIBU POMZ ZPVOH QFPQMF BSF XJMMJOH UP BD DFQU SJHIU OPXÂ&#x2021;XIFO ZPV DPNF UP POF PG PVS GJMN TDSFFOJOHT ZPV XJMM TFF WFSZ GFX PMEFS QFPQMF #VU JO $BOBEB UIF UIFBUFS XJMM CF GVMM PG PME QFPQMF 5IFSF T B GJMN UIBU XF E MJLF UP TIPX BCPVU PME QFPQMF JO /FX ;FB MBOE 5IFTF QFPQMF EP BMM TPSUT PG PVUEPPS TQPSUTw NVE TVSñOH LJUF TVSñOH TOPXCPBSEJOH 5IJT JT IPX * XBOU UP FODPVSBHF QFPQMF UP MJWF CVU JU T HPJOH UP UBLF TPNF UJNF 5IJT JT PVS GVUVSF JO NBZCF PS ZFBST
DPNQFUJUJPO BOE XJO BXBSET #VU UIF HPBM JT UIF TBNF BT UIF ñMN GFTUJWBM UP FODPVSBHF IFBMUIZ PVUEPPS MJWJOH %P ZPVS GSJFOET BOE GBNJMZ MJWF BO BDUJWF MJGF IFSF JO #FJKJOH 8IFO * TVHHFTU TOPXCPBSEJOH CJLJOH PS UFOOJT UP NZ GSJFOET UIFZ MPPL BU NF MJLF * N TUSBOHF 5IFSF BSF NPSF BOE NPSF QFPQMF HFUUJOH JOWPMWFE JO BO PVUEPPS BDUJWF MJGFTUZMF IFSF JO $IJOB CVU JU T TUJMM OPU UIF NBKPSJUZ CZ BOZ NFBOT #VU UIBU JT XIBU * N XPSLJOH UP DIBOHF
8IBU T ZPVS GBWPSJUF PVUEPPS TQPSU )Nw IBSE UP DIPPTF * KVTU TUBSUFE TVSGJOH JO 4ZEOFZ * TUBSUFE TLJJOH JO BOE TOPXCPBSEJOH JO * TUBSUFE EJWJOH JO BOE * BMTP MPWF UP SPDL DMJNC CVU * EPO U IBWF FOPVHI UJNF UP EP FWFSZUIJOH 8IZ EP ZPV DIPPTF 7JTVBM "SUT BT UIBU * XBOU UP EP UIF NFBOT UP TQSFBE ZPVS NFT TBHF 'JMN JT B WFSZ QPXFSGVM NF 8IFSF EP ZPV TLJ PS TOPXCPBSE EJVN *U DBO CF B WFSZ TUSPOH XBZ UP BSPVOE #FJKJOH /BOTIBO PS 4IJ HJWF JOóVFODF UP TPNFUIJOH * UIJOL KJOHMPOH CVU * PG DPVSTF QSFGFS UIF UIBU ñMN JT JOTQJSJOH BOE XIBU * XBOU 4XJTT "MQT <-BVHIT> #VU * IBWF QMBOT UP EP JT JOTQJSF QFPQMF UP CF JO $PMPSBEP OFYU XFFL UP EP *U T BMTP JNQPSUBOU GPS QFPQMF UP TPNF CVTJOFTT BOE HPPE TLJJOH XJUI DPOOFDU UP DIBSBDUFST BOE NPTU PG NZ IVTCBOE UIF GJMNT UIBU XF TIPX BSF BCPVU SFBM QFPQMF UIBU EP SFBM UIJOHT 4FBO %P ZPV LOPX PG BOZ HPPE QMBDFT UP 8IJUF UIF TOPXCPBSEFS XBT BU UIF FOKPZ PVUEPPS BDUJWJUJFT JO #FJKJOH GFTUJWBM MBTU ZFBS 4P NBOZ ZPVOH * SVO NBSBUIPOT BOE XIFO * OFFE UP QFPQMF MPPL UP IJN GPS JOTQJSBUJPO USBJO * HP SVOOJOH BU #BJIF JO )VJSPV BOE IJT MJGF JT BO FYBNQMF UP UIFN EJTUSJDU *U T WFSZ CFBVUJGVM #VU LBZBL .BZCF UIFZ POMZ EP XIBU IF EPFT JOH BOE ESBHPO CPBUJOH JO )PVIBJ JT CFDBVTF UIFZ UIJOL JU T DPPM CVU JU T B MPU PG GVO B HPPE TUBSU "OE ZPV MJWF JO "VTUSBMJBw :FBI * 8IBU BCPVU UIF QIPUPHSBQIZ DPN USZ UP CF UIF CSJEHF * N GSPN $IJOB QFUJUJPO 5IF QIPUPHSBQIZ DPNQF CVU MJWF PVUTJEF PG $IJOB BOE UIBU UJUJPO JT B XBZ UP FODPVSBHF BWFSBHF HJWFT NF B MPU PG QFSTQFDUJWF * DBO QFPQMF BOE BNBUFVS QIPUPHSBQIFST TFF DMFBSMZ UIF DIBOHFT UIBU * XBOU UP UP MJWF B IFBMUIZ BEWFOUVSPVT MJGF NBLF CFDBVTF PG UIJT QFSTQFDUJWF BOE UP EPDVNFOU JU XJUI QIPUPT 5IFZ DBO FOUFS UIPTF QIPUPT JOUP UIF *OUFSWJFX CZ +PSEBO 5IPNBT .JUDIFMM
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
MFUJD BCJMJUZ BOE BSF BCMF UP EJTQMBZ JU BT UFBN QMBZFST BOE BT JOEJWJEVBMT * UIJOL UIF $IJOFTF BQQSFDJBUF UIBU )PX EJE /JV##BMM DPNF BMPOH 5IFSF BSF NJMMJPOT PG CBTLFUCBMM GBOT IFSF .PSF BOE NPSF QMBZFST GSPN UIF TUBUFT BSF TJHOJOH EFBMT IFSF XJUI UFBNT BT XFMM BT DSFBUJOH NFSDIBO EJTF "T UIF CBTLFUCBMM TDFOF JO $IJOB CFDPNFT NPSF JOUFSOBUJPOBM UIF SFTU PG UIF XPSME CFDPNFT NPSF JOUFS FTUFE JO XIBU T HPJOH PO IFSF #VU BU UIF FOE PG UIF EBZ UIPTF QFPQMF EPO U MJWF IFSF UIFZ EPO U TQFBL UIF MBOHVBHF BOE UIFZ EPO U LOPX UIF DVMUVSF * EP MJWF IFSF * SFBE BOE TQFBL $IJOFTF BOE BN GVMMZ JNNFSTFE JO UIF CBTLFUCBMM DVMUVSF * ñHVSFE * DPVME CF UIF HVZ UP TUFQ VQ ñMM UIF OJDIF BOE IFMQ HJWF QFPQMF B CFUUFS VOEFS TUBOEJOH PG CBTLFUCBMM JO $IJOB
)PPQIFBE +PO 1BTUVT[FL T /JV##BMM JT B TMBN EVOL
#"4,&5#"-- 5)306() "/% 5)306()
8IFSF BSF NPTU PG ZPVS SFBEFST CBTFE .PTU PG NZ SFBEFST BSF JO UIF 4UBUFT CVU * HFU IJUT GSPN UIF &ODZDMPQFEJB DPN EFñOFT B )PPQIFBE CBTJT UIBU UIF $IJOFTF QFPQMF MJLF 1IJMJQQJOFT "VTUSBMJB &VSPQFw * BT B CBTLFUCBMM QMBZFS PS EFWPUFE GBO *U CBTLFUCBMM 5IPVHI * EPO U UIJOL UIBU XSJUF JO &OHMJTI TP GPS UIF NPTU QBSU JT TBGF UP TBZ UIBU +PO 1BTUVT[FL HPFT XFMM UIFZ GVMMZ VOEFSTUBOE XIZ PS KVTU JU T MJNJUFE UP &OHMJTI TQFBLFST CFZPOE UIF BWFSBHF GBO )BWJOH DPBDIFE IPX QPQVMBS JU JT 5IFSF BSF B MPU PG CBTLFUCBMM JO CPUI 4BO 'SBODJTDP BOE PQQPSUVOJUJFT UP HFU JOWPMWFE JO UIF %P ZPV UIJOL #BTLFUCBMM JT B HPPE #FJKJOH +PO IBT FBSOFE TPNF MFHJUJNBUF EFWFMPQNFOU PG UIF TQPSU IFSF PO NFBOT GPS DVMUVSBM FYDIBOHF CF CCBMM DSFE #FJOH B $IJOFTF TQFBLFS BOE CPUI BNBUFVS BOE NPSF QSPGFTTJPOBM UXFFO $IJOB BOE 5IF 8FTU "CTP MVUFMZ * UIJOL XF SF BMSFBEZ TFFJOH B SFBEFS IF T UBLFO IJT LOPXMFEHF BOE MPWF MFWFMT MPU PG JU #PUI QSPGFTTJPOBM BOE DPMMFHF PG CBTLFUCBMM BOE GPSNFE /JV##BMMÂ&#x2021;UIF POF TUPQ TIPQ GPS FWFSZUIJOH CBTLFUCBMM 8IZ EP ZPV UIJOL CBTLFUCBMM JT UFBNT JO $IJOB BSF HPJOH PWFS UP BOE $IJOB QPQVMBS JO $IJOB * UIJOL UIF $IJ UIF 4UBUFT GPS B QFSJPE PG UJNF UP EP OFTF IBWF BMXBZT CFFO B QFPQMF UP USBJOJOH BU BUIMFUJD BDBEFNJFT 5IFSF 8IZ #BTLFUCBMM #BTLFUCBMM JT EFñ BENJSF JOEJWJEVBM FYQSFTTJPO BOE BSF RVJUF B GFX "NFSJDBO BOE &VSP OJUFMZ NZ QBTTJPOÂ&#x2021;JU T XIBU * FOKPZ JO CBTLFUCBMM ZPV DBO U SFBMMZ IJEF QFBO DPBDIFT óZJOH PVU UP $IJOB GPS EPJOH UIF NPTU 4PNF QFPQMF HFU CFIJOE BOZUIJOH :PV WF HPU B KFSTFZ UIF TVNNFS UP IPME DMJOJDT PS BMM TUBS PGG PO NVTJD TPNF QFPQMF HFU PGG TPNF TOFBLFST BOE B CBMM &WFSZPOF DBNQT 5IF IFBE DPBDI PG UIF /B PO HPJOH PVU * HFU PGG PO QMBZJOH DBO TFF XIBU ZPV SF EPJOH BOE FWF UJPOBM 5FBN JT BO "NFSJDBO HVZ BOE CBTLFUCBMM * VTFE UP NFTT BSPVOE SZPOF DBO TFF ZPVS GBDJBM FYQSFTTJPOT CFGPSF UIBU UIFSF XBT B -JUIVBOJBO XJUI SVOOJOH BOE * QMBZFE B CJU PG "U JUT DPSF JU T B UFBN HBNFÂ&#x2021;ZPV HVZ 5IJT LJOE PG FYDIBOHF JT NVUVBMMZ CBTFCBMM CVU BU UIF FOE PG UIF EBZ IBWF UP QMBZ ñWF PO ñWF #VU JU BMTP IBT CFOFñDJBM GPS UIF TIBSJOH PG JEFBT BOE * N B IPPQ IFBE SPPN GPS JOEJWJEVBM FYQSFTTJPO * UIJOL VOEFSTUBOEJOH PG UIF EJWFSTF XBZT UP UIBU T XIZ HVZT MJLF ,PCF #SZBOU BOE BQQSPBDI CBTLFUCBMM
+PO 1BTUVT[FL #BTLFUCBMM GBO BOE GPVOEFS PG /JV##BMM
8IZ $IJOB .PTU QFPQMF PVUTJEF PG .JDIBFM +PSEBO BSF TP QPQVMBS 5IFTF $IJOB LOPX JG FWFO KVTU PO B DBTVBM BSF HVZT UIBU IBWF USBOTDFOEFOU BUI 8JUI BMM PG UIF UFBDIJOH BOE UIF XSJUJOH EP ZPV HFU B DIBODF UP QMBZ NVDI *U T UPVHI JO UIF XJOUFS CFDBVTF PG UIF DPME CVU * QMBZ JOEPPS i4PNF QFPQMF HFU PÃ PO NVTJD TPNF QFPQMF HFU CBMM B GFX UJNFT B XFFL 5IFSF T B MJUUMF PÃ PO HPJOH PVU * HFU PÃ PO QMBZJOH CBTLFUCBMMu CJU PG B DPNNVOJUZ JO #FJKJOH BOE
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
UIF HVZT XIP QMBZ BMM LOPX FBDI PUIFS 8F BMM NBLF TBDSJñDFT MJWJOH JO #FJKJOH BOE POF PG UIPTF TBDSJñDFT JT OPU QMBZJOH BT NVDI QJDLVQ CBMM 5IF HPPE UIJOH JT UIBU BU MFBTU JO #FJKJOH UIFSF T OP TIPSUBHF PG QMBDFT UP QMBZ JO UIF TVNNFS
i* DPOTUBOUMZ IBWF JEFBT UP QSPWJEF NPSF TFSWJDFT BOE NFFU OFX EFNBOET *U T EFñOJUFMZ OPU KVTU DPBDIJOH BOE OPU KVTU XSJUJOHÂ&#x2021;* N PVU IFSF USZ JOH UP UBDLMF BMM BTQFDUTu
8IBU LJOE PG XPSL EP ZPV EP XJUI 8IBU T ZPVS GBWPSJUF CBTLFUCBMM 4QPSUT #FJKJOH * SVO UXP #BTLFUCBMM UFBN JO $IJOB * E IBWF UP TBZ #FJ DBNQT JO #FJKJOH * EP POF XJUI $IJ OFTF LJET BOE XJUI FYQBU LJET 4QPSUT KJOH #FJKJOH JT BO FYQBU DPNNVOJUZ UIBU 'BWPSJUF QMBZFS %JOH +VOIVJ JT POF SVOT NPTUMZ PVU JO 4IVOZJ .PTU PG UIF PG NZ GBWPSJUF QMBZFST )F T BO VOEFS TUVEFOUT XF XPSL XJUI BUUFOE JOUFS TJ[FE QPXFS GPSXBSE )F T B MJUUMF CJU OBUJPOBM TDIPPMT BOE XF GSFRVFOUMZ TIPSU GPS IJT QPTJUJPO XIJDI JT VOJRVF EP XPSL BU UIF 8FTUFSO "DBEFNZ PG UP TFF JO $IJOB CFDBVTF UIFSF T TVDI #FJKJOH BOE UIF *OUFSOBUJPOBM 4DIPPM BO FNQIBTJT PO IFJHIU * MJLF UIBU IF T PG #FJKJOH #BTJDBMMZ * KVTU SVO CBTLFU TIPSUFS UIBO FWFSZPOF CVU VTFT IJT CBMM XPSLTIPQT XJUI UIF LJET IFBSU BOE IBSEXPSLJOH BUUJUVEF UP )PX E ZPV TUBSU SVOOJOH #BTLFU PWFSDPNF UIBU CBMM DBNQT JO $IJOB * XBT ñSTU JO 8IBU T UIF WJTJPO GPS /JV##BMM * E USPEVDFE UP B $IJOFTF HVZ UIBU XBT MJLF JU UP CF UIF POF TUPQ TIPQ GPS JO DIBSHF PG UIF DBNQ 5IF JOUFSWJFX FWFSZUIJOH CBTLFUCBMM SFMBUFE JO $IJ XBT GVOOZw CBTJDBMMZ XF XFSF QMBZ OB 8F SF OPU MJNJUFE UP KVTU DPWFSJOH JOH ñWF PO ñWF PVUTJEF * XBT PO B UIF $#" * E MJLF UP CF NPSF JOWPMWFE JO CSFBLBXBZ BOE EVOLFE UIF CBMM )F UIF DPNNVOJUZ CZ PSHBOJ[JOH QJDLVQ IJSFE NF JNNFEJBUFMZ * IBWF B CBDLHSPVOE JO DPBDIJOH HBNFT CZ CFJOH BO PVUMFU GPS QFPQMF XIP MJLF UIF HBNF BOE XBOU UP QMBZ * WF EPOF XPSL XJUI UIF UFBNT BU UIF CZ CVJMEJOH B TDPVUJOH JOEFY GPS QFP 6OJWFSTJUZ PG 4BO 'SBODJTDP * SFBMMZ KVTU QMF UP LFFQ USBDL PG VQ BOE DPNJOH FOKPZ UFBDIJOH 5IF BHF PS OBUJPOBMJUZ ZPVOH QMBZFST * E SFBMMZ MJLF UP CVJME PG UIF LJET EPFTO U NBUUFS B DPNNVOJUZ PVU PG JU %P ZPV ñOE UIBU UIFSF T NVDI PG B "SF UIFSF PUIFST XPSLJOH GPS /JV# EJÃFSFODF CFUXFFO UFBDIJOH $IJ #BMM PUIFS UIBO ZPVSTFMG /P KVTU OFTF LJET BOE FYQBU LJET 0OF PG NF SJHIU OPX #VU * DPVME BMXBZT VTF UIF CJHHFTU EJÃFSFODFT JT UIBU * UFOE NPSF XSJUFST BOE NPSF PG UIPTF UIBU UP DPBDI $IJOFTF LJET JO $IJOFTF SFBMMZ MJLF CBTLFUCBMM "OZPOF TIPVME 4PNFUJNFT UIFJS &OHMJTI TLJMMT BSFO U GFFM GSFF UP DPOUBDU NF JG UIFZ IBWF HSFBU FTQFDJBMMZ UIFJS CBTLFUCBMM &OHMJTI *U T CFFO HPPE GPS NZ MBO JOUFSFTU JO XPSLJOH XJUI VT HVBHF TLJMMT * BMTP ñOE UIBU $IJOFTF :PV WF CFFO EPJOH TPNF SFDFOU LJET MFBSO EJÃFSFOUMZ UIBO TPNF PG USBWFMJOH UISPVHI $IJOB 8IBU UIF FYQBU LJET EP BOE JU T HPPE UP IBWF ZPV CFFO VQ UP 3JHIU OPX IBWF BO VOEFSTUBOEJOH PG UIBU * MJLF XJUI UIF $#" TFBTPO HPJOH PO NPTU CPUIÂ&#x2021;JU T B HPPE CBMBODF PG NZ USBWFMT BSF CBTFE BSPVOE HP JOH UP HBNFT JOUSPEVDJOH NZTFMG "SF ZPV TFFJOH TPNF SFBM UBMFOU JO UP QFPQMF NFFUJOH XJUI TPNF PG UIF LJET UIBU ZPV SF XPSLJOH XJUI UIF GPSFJHO QMBZFST * IBWF B TFBTPO 8IBU * N EPJOH FTQFDJBMMZ PO UIF QBTT UP HBNFT TP * KVTU IBWF UP HFU $IJOFTF TJEF JT DPBDIJOH LJET UIBU NZTFMG UP UIF HBNFT 5IJT QBTU XFFL KVTU MJLF UP QMBZ $IJOB JT B DVMUVSF * XBT JO 4IBOHIBJ GPS 4IBOHIBJ WT UIBU T TP GPDVTFE PO BDBEFNJDT BOE -JBP /JOH BOE JO /BOKJOH GPS +JBOHTV QVUT TP NVDI QSFTTVSF PO LJET UP TUVEZ *U TFFNT MJLF NPTU QBSFOUT BSF WT 9JOKJBOH
%.
B MJUUMF CJU IFTJUBOU UP HFU UIFJS LJET JOWPMWFE JO FYUSBDVSSJDVMBS BDUJWJUJFT CFDBVTF UIFZ GFFM MJLF JU NJHIU UBLF BXBZ GSPN TDIPPM :PVS MJGF JT #BTLFUCBMM 8IBU T UIF EJÃFSFODF CFUXFFO XPSL BOE QMBZ * EP IBWF UP CF NJOEGVM CFDBVTF CBT LFUCBMM JT GVO GPS NF CVU JU T BMTP NZ QSPGFTTJPOBM GPDVT 5IF EJGGFSFODF GPS NF JT UIBU * N B DPBDI * N BMXBZT XPSLJOH PO JNQSPWJOH BT B DPBDIÂ&#x2021;* SFBE B UPO PG NBUFSJBM * XBUDI B UPO PG NBUFSJBM * UBML UP QFPQMF * BMTP MPWF HFUUJOH PVU PO UIF DPVSU UP QMBZ CVU UIBU T OPU XIBU * EP QSPGFTTJPOBMMZ .Z QIZTJDBM TLJMMT XJMM FWFOUVBMMZ TUBSU UP EFDMJOF CVU NZ DPBDIJOH TLJMMT DBO KVTU DPOUJOVF UP HSPX "SF ZPV XPSLJOH UPXBSET CFDPN JOH NPSF JOWPMWFE JO UIF CVTJOFTT TJEF PG CBTLFUCBMM :FBI * N BMXBZT UIJOLJOH BCPVU HPPE XBZT GPS NF UP FYQBOE NZTFMG BOE NBLF NZ UBMFOUT BOE QBTTJPOT NPSF MVDSBUJWF * DPO TUBOUMZ IBWF JEFBT UP QSPWJEF NPSF TFSWJDFT BOE NFFU OFX EFNBOET *U T EFñOJUFMZ OPU KVTU DPBDIJOH BOE OPU KVTU XSJUJOHÂ&#x2021;* N PVU IFSF USZJOH UP UBDLMF BMM BTQFDUT 8IBU BSF ZPVS GBWPSJUF TQPUT UP DIJMM BOE XBUDI B HBNF 8FMM UIF /#" DPNFT PO JO UIF NPSOJOH IFSF TP QSPCBCMZ NZ DPVDI * EPO U UIJOL UIFSF T B CBTLFUCBMM CBS JO #FJKJOH * MJLF UP MJTUFO UP MJWF NVTJD TP * UFOE UP DIJMM BU :VHPOH :JTIBO * BMTP MJLF 4BMTB $BSJCF *OUFSWJFX CZ +PSEBO 5IPNBT .JUDIFMM 4BMTB $BSJCF QN BN $PVSUZBSE (POHUJ #FJMV #FIJOE UIF #PPLXPSN :VHPOH :JTIBO %BJMZ QN MBUF ;IBOH[ J[IPOH -V N XFTU PG ;IBOH[J[IPOH -V TVCXBZ TUBUJPO
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
HJWF ZPVOH NFO PG BMM TPDJPFDPOPNJD CBDLHSPVOET CFUXFFO UIF BHFT PG OJOF BOE GPVSUFFO ZFBST PG BHF UIF PQQPSUVOJUZ UP EFWFMPQ CPUI UIFJS CBTLFUCBMM TLJMMT BOE UIFJS MJGF TLJMMT 3JHIU OPX * BN BDUVBMMZ JO OFHP UJBUJPOT UP CSJOH NZ LOPXMFEHF PG UIF HBNF UP .BDBV BOE TFU VQ DBNQT DMJOJDT MFBHVFT BOE UPVSOBNFOUT UIFSF BT XFMM BT UP HJWF TQFFDIFT BOE FOUFSUBJO UIF ZPVUI :PV LOPX * UIJOL NZ MFHBDZ JT OPU EFUFSNJOFE CZ XIBU * EP EVSJOH NZ MJGFUJNF CVU XIBU UIPTF XIPTF MJWFT * IBWF UPVDIFE EFDJEF UP EP XJUI UIFJS MJWFT :PV EP B MPU PG TQFFDIFT BOE IBWF BMTP NBEF UIF USBOTJUJPO GSPN UIF DPVSU UP UIF TJMWFS TDSFFO )PX EJE UIBU XPSL 5IF USBOTJUJPO XBT SF BMMZ FBTZ CFDBVTF PODF * CFDBNF B (MPCFUSPUUFS * JOTUBOUMZ CFDBNF BO FOUFSUBJOFS BOE MFBSOFE IPX UP QMBZ UIF DSPXE * N B TUPSZUFMMFS BU IFBSU BOE JU T BMTP IFMQFE UIBU * BN WFSZ QBTTJPOBUF BCPVU UIF UIJOHT * TQFBL BCPVU .Z NFTTBHF JT TJNQMF CVU FG GFDUJWF OFWFS HJWF VQ OP NBUUFS IPX IBSE ZPV IBWF UP USZ "MXBZT CFMJFWF JO ZPVSTFMG
$VSMFZ #PP +PIOTPO TIBSFT IJT TLJMMT PO BOE Pí UIF DPVSU
)001 %3&".4 )BSMFN (MPCFUSPUUFS $VSMFZ i#PPu +PIOTPO 'PS OFBSMZ B DFOUVSZ UIF )BSMFN (MPCF USPUUFST IBWF DPNCJOFE BUIMFUJDJTN BOE UIFBUSJDT JO UIFJS QFSGPSNBODFT BSPVOE UIF XPSME FOUFSUBJOJOH UIPVTBOET PG GBNJMJFT BT XFMM BT SFMJHJPVT MFBEFST BOE IFBET PG TUBUF "HFOEB DBMMFE VQPO BO PME GSJFOE UIF MFHFOEBSZ $VSMFZ i#PPu +PIOTPO XIP IBT USBWFMFE UP NPSF UIBO DPVOUSJFT QFSGPSNFE GPS 1PQF +PIO 1BVM ** BOE DBO ESJCCMF B CBMM NPSF UIBO UJNFT QFS NJOVUF UP MFBSO IPX IF T VTJOH IJT CSJMMJBOU TQPSUT DBSFFS UP DSFBUF CFUUFS GVUVSFT GPS "NFSJDB T ZPVUI BOE IJT QMBOT UP CSJOH UIF (MPCFUSPUUFS TQJSJU UP $IJOB
%P ZPV BUUSJCVUF ZPVS DBSFFS UP JOCPSO TLJMMT PS IBSE XPSL * E TBZ NZ BUIMFUJD BCJMJUZ DBNF GSPN NZ GBUIFS <$VSMFZ +PIOTPO 4S XBT B CPOB ñEF QJPOFFS PG CBTLFUCBMM mFE > CVU NZ TLJMMT DBNF GSPN IBSE XPSL /POF PG NZ TLJMMT m CF JU ESJCCMJOH CBMM IBO EMJOH PS NZ PWFSBMM BCJMJUZ m XFSF :PV IBWF B MFHBDZ PG DIBSJUBCMF (PE HJWFO * XPSLFE IBSE PO UIFN XPSL 5FMM VT BCPVU UIBU * IBWF BM XBZT HJWFO CBDL UP TPDJFUZ BOE * 8IBU T ZPVS PQJOJPO PG $IJOFTF BMXBZT XJMM * GFFM WFSZ TUSPOHMZ UIBU * CBTLFUCBMM QMBZFST $IJOFTF CBTLFU IBWF B SFTQPOTJCJMJUZ UPXBSET PUIFST CBMM QMBZFST BSF SFBMMZ XFMM SFTQFDUFE 5IFSF T OP EPVCU UIBU * IBWF MFGU TPNF UISPVHIPVU UIF JOEVTUSZ FTQFDJBMMZ GPPUQSJOUT JO UIF XPSME MJLF UISPVHI :BP .JOH BOE :J +JBOMJBO JOEVTUSZ * OFFEFE B KPC 4FSJPVTMZ UIPVHI NZ GBUIFS XBT B QSPGFTTJPOBM CBTLFUCBMM QMBZFS BOE * XBOUFE UP GPM MPX JO IJT GPPUTUFQT * XBT B CJH GBO PG UIF /#" UIF /'- BOE UIF (MPCFUSPU UFST TP * EFDJEFE UP QVSTVF B DBSFFS JO UIBU
NZ 4LJMMT GPS -JGF 1FPSJB CBTLFUCBMM )PX EJE ZPV HFU TUBSUFE JO UIJT DBNQT *O UIFTF TVNNFS DBNQT XF )PX EP ZPV TUBZ JO TIBQF * TUJMM QMBZ CBTLFUCBMM 'PVS UJNFT B XFFL
i:PV LOPX * UIJOL NZ MFHBDZ JT OPU EFUFSNJOFE CZ XIBU * EP EVSJOH NZ MJGFUJNF CVU XIBU UIPTF XIPTF MJWFT * IBWF UPVDIFE EFDJEF UP EP XJUI UIFJS MJWFTu
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
*OUFSWJFX CZ +FOOJGFS 5IPNÊ 5P MFBSO NPSF BCPVU $VSMFZ i#PPu +PIOTPO T CBTLFUCBMM DMJOJDT TFF IUUQ TLJMMTGPSMJGFQFPSJB DPN
4105-*()5
EPO U MJLF JU CVU * GFFM JU DBO IFMQ ZPV TMPX EPXO BOE SFDPWFS GSPN CVTZ DJUZ MJGF
(PU BO FYDVTF GPS CFJOH VOñU /PU BOZNPSF ZPV EPO U
,&&1*/( )&"-5): */ )";&7*--& -FF ;IFOH 4FOJPS 'JUOFTT *OTUSVDUPS BU %PVCMFUSFF CZ )JMUPO 'PS UIF QBTU UFO ZFBST -FF IBT CFFO LFFQJOH IJNTFMG BOE TPNF PG $IJOB T NPTU QSPNJOFOU GJHVSFT IFBMUIZ JO TQJUF PG IFBWZ QPMMVUJPO BOE FWFSZEBZ TUSFTTFT "HFOEB TBU EPXO XJUI -FF UP MFBSO NPSF BCPVU UIF UFDIOJRVFT IF VTFT UP USBJO DFMFCSJUJFT BOE IPX IF ñOET CBMBODF JO IJT IFDUJD TDIFEVMF
UP QPMMVUJPO #FJKJOH JT DSPXEFE BOE NPTU QFPQMF IBWF B MPOH DPNNVUF MFBEJOH UP B MPU PG QPMMVUJPO DBVTFE CZ NPUPS WFIJDMF FYIBVTU &WFSZ EBZ NJMMJPOT PG DBST CVTFT BOE USVDLT CVSO HBMMPOT PG GPTTJM GVFMT BOE SFMFBTF FYIBVTU JOUP UIF BJS 5IF CBE USBîD DPOEJUJPOT JODSFBTF HBTPMJOF VTF BOE DPOTFRVFOUMZ MFWFMT PG QPMMVUBOUT :PV IBWF B WFSZ EJWFSTF CBDL 5IF QPUFOUJBM JMMOFTTFT DBVTFE CZ HSPVOE 8IBU EP ZPV UIJOL JT UIF UIJT JODMVEF TIPSUOFTT PG CSFBUI FZF NPTU JNQPSUBOU GPS QFPQMF MJWJOH OPTF BOE UISPBU JSSJUBUJPO BOE FWFO JO B DJUZ m OVUSJUJPO PS FYFSDJTF *U DBODFS 5IJT JT EFñOJUFMZ UIF CJHHFTU JT FTTFOUJBM UP CBMBODF UIF UXP 'PM IFBMUI QSPCMFN XF GBDF MPXJOH B TDJFOUJGJD FYFSDJTF SFHJNF DBO IFMQ ZPVS DFMMT TUBZ ZPVOHFS BOE )PX EP ZPV NBOBHF UP FYFSDJTF MFU ZPVS CPEZ GFFM FOFSHFUJD BOE GSFTI EFTQJUF UIF TFWFSF QPMMVUJPO JO :PV TIPVME BMTP USZ UP FBU NPSF ñTI UIF DJUZ "JS QPMMVUJPO JT POF PG UIF UIBO SFE NFBU * UIJOL JU T LFZ UP IBWF NPTU OPUJDFBCMF BOE DPNNPO DPN BU MFBTU UIJSUZ NJOVUFT PG NPEFSBUF QMBJOUT PG QFPQMF MJWJOH JO UIF CJH DJUZ BDJUJWJUZ B EBZ XIJDI IFMQT QSPUFDU .PTU PG UIF UJNF * QSFGFS UP XPSL PVU BHBJOTU XFJHIU HBJO BOE BMTP CPPTUT JOEPPST BOE * SFHVMBSMZ XPSL PVU GPS JNNVOJUZ 5IJT JODMVEFT CSJTL XBMLJOH OJOFUZ NJOVUFT B EBZ BU PVS IPUFM HBSEFOJOH BOE EBODJOH *OUFOTF BDUJW ñUOFTT DFOUFS 5IFSF JT B TRVBSF JUZ JODMVEFT KPHHJOH BOE TXJNNJOH NFUFS SPPGUPQ HBSEFO UIBU KPJOT UIF GJUOFTT DFOUFS B HSFFO PBTJT JO UIF 8IBU JT UIF CJHHFTU IFBMUI QSPCMFN IFBSU PG UIF DJUZ * DBO KPH VQ UIFSF GBDFE CZ QFPQMF MJWJOH JO #FJKJOH BOE QMBZ CBMM XJUI PVS HVFTUT *O CJH DJUJFT MJLF #FJKJOH QFPQMF UFOE 8IFO * HFU B EBZ Pí * óFF UIF DJUZ UP IBWF BO PWFSBMM VOIFBMUIZ MJGFTUZMF UP HP IJLJOH PS ñTIJOH XJUI GSJFOET BOE UIF BJS RVBMJUZ JT SFBMMZ QPPS EVF JO UIF TVCVSCT .PTU ZPVOH QFPQMF
%.
8IBU BSF ZPVS GBWPSJUF UPPMT GPS TUBZJOH IFBMUIZ JO UIF DJUZ * EPO U LOPX JG * XPVME DIPPTF BOZ BDUVBM iUPPMT u * QSFGFS UP NBLF HPPE MJGFTUZMF DIPJDFT *O UIF CJH DJUZ FWFSZPOF XPSLT EBZ BOE OJHIU USZJOH UP HFU BQQSPWBM PS B SBJTF CVU XIFO FWF SZPOF DIBTFT UIJT HPBM NPTU QFPQMF DBO U IBWF JU * DIPPTF BO PSEJOBSZ MJGF 5IJT EPFTO U NFBO UIBU * EPO U IBWF BNCJUJPO m * EP MPUT PG UIJOHT m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íFDU :PV MJLF UP ESBX BT XFMM 5FMM VT BCPVU UIBU "SU JT OPU TPNFUIJOH UIBU * EP GPS B MJWJOH CVU JU BMMPXT NF UP GSFF NZ NJOE BOE DSFBUF UIJOHT UIBU IFMQ NF FYQSFTT XIBU T JNQPSUBOU UP NF $BSUPPOT JO QBSUJDVMBS IFMQ QFPQMF VOEFSTUBOE NZ NFTTBHF CF JU JSPOJD TBE PS IBQQZ 5IFZ BMXBZT UFMM B GSBOL TUPSZ :PV WF XPSLFE XJUI TFWFSBM GB NPVT QFPQMF 8IBU T UIBU MJLF :PV SF SJHIU m * WF XPSLFE BT ñUOFTT BOE OVUSJUJPO DPBDI GPS TFWFSBM GB NPVT QFPQMF BOE TPNF PG UIFN IBWF NBEF B SFBMMZ CJH JNQBDU PO NF :BP .JOH UIF CBTFUCBMM QMBZFS SFBMMZ JNQSFTTFE NF XJUI IJT QFSTPOBMJUZ )F T WFSZ IPOFTU *OUFSWJFX CZ +FOOJGFS 5IPNÊ
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
UIPVHIU JU XBT EBOHFSPVT BOE EJSUZ BOE UIFZ UIPVHIU IF TIPVMEO U IBWF JU CVU IF MPWFE JU * SFNFNCFS IF VTFE UP TJU NF PO UIF QFUSPM UBOL JO UIF GSPOU BOE * HPU TVDI B UISJMM PVU PG JU 8IFO * HPU PME FOPVHI UP SJEF POF NZTFMG * HPU B USBJM CJLF BOE * VTFE UP HP UP DPMMFHF PO JU BOE UIFO XIFO XF ñOJTIFE DPMMFHF XF VTFE UP HP Pà SPBE NFTT BSPVOE JO UIF NVE BOE KVTU IBWF GVO XJUI JU 8F VTFE UP HP XBUDI UIF NPUPSCJLF (SBOE 1SJY JO &OHMBOE BOE JU XBT HSFBU GVO #VU JO UIPTF EBZT UIF FYPUJD CJLFT NBSLFU XBTO U SFBMMZ EFWFMPQFE /PU MJLF UPEBZ XIFSF CJLFT IBWF CFDPNF BO JDPOJD MVYVSZ JUFN XJUI CBCZ CPPNFST * WF SJEEFO CJLFT BMM PWFS UIF XPSME "VTUSBMJB "NFSJDB XIFSFWFS * HP 4BZ * HP UP .JBNJ * IJSF B CJLF BOE * UPVS .JBNJ -PT "OHMFT -BT 7FHBT 4BO 'SBODJTDPw * UPPL POF UP )JHIXBZ BOE UIFO /BQB 7BMMFZ #VU UIF SPBET IFSF BSF TPNF PG UIF CFTU FWFS *U T SFBMMZ ñSTU DMBTT UBSNBD * IFBS ZPV SJEF B )BSMFZ 8IZ EJE ZPV DIPPTF UIBU CJLF 8IBU ZPV EP XJUI )BSMFZT m BOE )BSMFZT BSF TQFDJBM m JT ZPV BEE UIJOHT UP UIFN BOE JU DPNFT UP B QPJOU XIFO UIF UIJOHT ZPV BEE UP UIFN DPTU BMNPTU BT NVDI BT UIF CJLF JUTFMG )BSMFZ EFBMFST HJWF ZPV B CPPL BT CJH BT UIF QIPOF EJSFD UPSZ XJUI BMM UIF QBSUT BOE JU CFDPNFT WFSZ QFSTPOBM *U CFDPNFT ZPVS CJLF
1PMJTIFE DISPNF UIF PQFO SPBE BOE QFBDF PG NJOE
;&/ 0/ 580 8)&&-4
3JU[ $BSMUPO #FJKJOH (FOFSBM .BOBHFS %BWJE 8JMTPO %BWJE 8JMTPO JT B NFUJDVMPVT QFSTPO BOE UIJT DIBSBDUFS USBJU IBT BMMPXFE IJN UP óPVSJTI BT (FOFSBM .BOBHFS BU UIF 3JU[ $BSMUPO GPS OFBSMZ B EFDBEF )F BMTP IBT B MPOHUJNF QBTTJPO GPS NPUPS DZDMJOH B IPCCZ UIBU IFMQT IJN TUBZ DFOUFSFE "HFOEB EFDJEFE UP ñOE PVU IPX IF HFUT IJT LJDLT
)PX EJE ZPV HFU JOUP NPUPSDZ DMJOH 8IFO * XBT WFSZ ZPVOH NZ CSPUIFS VTFE UP MPWF NPUPSCJLFT BOE * SFNFNCFS UIBU XIFO * XBT ñWF PS TJY ZFBST PME IF IBE BO PME #SJUJTI 7FMPDFUUF m B SFBM DMBTTJD SBDJOH CJLF * VTFE UP MPWF JU *U VTFE UP MFBL PJM BMM PWFS UIF QMBDF BOE NZ QBSFOUT IBUFE JU BOE XJTIFE IF XPVME TFMM JU 5IFZ
i5IF SPBET IFSF BSF TPNF PG UIF CFTU FWFS *U T SFBMMZ ñSTU DMBTT UBSNBDu
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
*T UIFSF B TJNJMBSJUZ CFUXFFO QFP QMF XIP IBWF CSBOE MPZBMUZ UP UIFJS CJLFT BOE TBZ UP ZPVS IPUFM * UIJOL TP EFñOJUFMZ &TQFDJBMMZ XJUI )BSMFZT BOE PUIFS MVYVSZ CSBOET 5IFSF T B KPLF XF BMXBZT UFMM UIBU )BSMFZ JT UIF VMUJNBUF JO CSBOE MPZBMUZ CFDBVTF IPX NBOZ QFPQMF XPVME IBWF B QSPEVDU UBUUPPFE PO UIFJS BSN /PU NF CVU )BSMFZ VTFST BSF KVTU UIBU QBTTJPOBUF BCPVU UIFJS CSBOE *U SFBMMZ DPOKVSFT VQ B DFSUBJO MJGFTUZMF B TFOTF PG GSFFEPN TPNFUIJOH WFSZ TQFDJBM "OE ZPV WF TFFO UIJT XIPMF CSBOE EFWFMPQFE +VTU MPPL BU UIF NBSLFU IFSF JO #FJKJOH 5IF CJLFT BSF UP QFSDFOU NPSF UIBO UIFZ BSF JO "NFSJDB m UIFZ BSF WFSZ FYQFOTJWF
CFDBVTF PG UIF UBY CVU UIFZ WF HPU B GBOUBTUJD TIPXSPPN IFSF BOE UIFZ TFMM CJLFT " MPU PG QFPQMF BTQJSF UP IBWF TPNFUIJOH EJíFSFOU OPX BOE ZPV TFF B MPU PG MVYVSZ NBHB[JOFT MJLF UIF 3PCC 3FQPSU XIP IBWF B TQFDJBM NPUPSCJLF FEJUJPO *O "NFSJDB UIFZ FWFO IBWF TQFDJBM NPUPS IPNF XJUI ESJWF JO HBSBHFT GPS UIFJS NPUPS CJLFT TP UIFZ WF SFBMMZ UBLFO JU UP B EJíFSFOU MFWFM
i8IFO ZPV TUBSU SJEJOH w ZPV DBO POMZ UIJOL BCPVU UIF SPBE UIF USBîD DPOUSPMMJOH UIF CJLF m FWFSZUIJOH FMTF EJTBQQFBSTu BCPVU NZ CJLF IBT UP CF QFSGFDU *U BMXBZT IBT UP CF DMFBO UIF DISPNF IBT UP CF QPMJTIFE BOE FWFSZ QBSU IBT UP CF QFSGFDU #VU NZ BSUJTU GSJFOET DPVMEO U DBSF MFTT *U HPFT UISPVHI UIF NVE BOE UIFZ DBO U CF CPUIFSFE *U T BMTP FYQSFTTFE JO UIF XBZ ZPV SJEF * MJLF UP SJEF XFMM GBTU BOE TBGF * PODF EFDJEFE UIBU * XPVME USZ EJSU CJLJOH TP * CPVHIU UIJT NPOTUFS PG B CJLF UIJT DD )POEB B DPN QFUJUJPO FOEVSP CJLF BOE * TUBSUFE SJEJOH JO UIF NJEEMF PG +BWB SJEJOH VQ WPMDBOPFTw * IBE B GFX BDDJEFOUT PO UIBU CVU OPUIJOH UPP TFSJPVT
*T UIBU USVF JO $IJOB BT XFMM * UIJOL JU T USVF JO $IJOB BT XFMM 8IFO ZPV HP UP UIF EFBMFSTIJQ IFSF ZPV TFF BMM TPSUT PG QFPQMF "OE UIBU T UIF HSFBU UIJOH BCPVU CJLJOH 8IFUIFS QFPQMF BSF SJEJOH B CJLF UIBU UIFZ WF DPCCMFE UPHFUIFS UIFNTFMWFT GPS B DPVQMF PG IVOESFE EPMMBST PS TPNF CPEZ JT SJEJOH B CJLF UIBU DPTU EPMMBST FWFSZPOF SFTQFDUT UIF CJLFT BOE JU EPFTO U NBUUFS IPX NVDI JU 8IBU BCPVU EPJOH CVTJOFTT PO UIF DPTUT &WFSZPOF NJYFT UBMLT IBT MVODI CJLF /P CVU ZPV EP CVJME SFMBUJPO UPHFUIFS *U T OPU MJLF BO FMJUF UIJOH TIJQT PO UIFTF USJQT *O +BQBO B MPU PG
i:PVS CJLF JT BO FYQSFTTJPO PG ZPVS QFSTPOBMJUZ *O NZ DBTF GPS JOTUBODF * N WFSZ NFUJDVMPVT * N B QFSGFDUJPOJTU TP FWFSZUIJOH BCPVU NZ CJLF IBT UP CF QFSGFDUu
JT B GBNPVT QMBZFS TP * SFBMMZ FOKPZ JU +VTU SFDFOUMZ XF HPU UPHFUIFS BOE TUBSUFE QMBZJOH JO B DMVC OFBS UIF 3FO BJTTBODF $BQJUBM 5IFZ IBWF B UFOOJT BDBEFNZ 0OF PG UIF DPBDIFT VTFE UP CF 'FEPSB T TQBSSJOH QBSUOFS 5IFZ WF HPU B MPU PG DPBDIFT UIFSF * UIJOL UIF NBJO UIJOH BCPVU CJLFT FTQFDJBMMZ GPS NF JT UIBU QBSU PG UIF QMFBTVSF PG SJEJOH B CJLF JT UIF CJLF JUTFMG 8F MPWF UIF BDUVBM CJLF 8F SJEF GPS GVO OPU GPS USBOTQPSU 5IFSF T B IVHF EJíFSFODF CFUXFFO DBS ESJWFST BOE CJLF ESJWFST $BS ESJWFST ESJWF UP HFU TPNFQMBDF CVU XIFO ZPV SJEF B CJLF JU EPFTO U NBUUFS XIFSF ZPV HP 8F DPVMEO U DBSF MFTT XIFSF XF HP CFDBVTF XF OFWFS VTF UIF CJLF GPS USBOTQPSU * EP TPNFUJNFT CVU POMZ UP BWPJE UIF USBîD JO UIF DJUZ #VU NPTU PG UIF UJNF JU T BCPVU UIF GVO PG SJEJOH *U T BMTP SFBMMZ BCPVU B TFOTF PG SFMBYBUJPO * GPVOE UIJT PVU JO +BQBO *G * HPU SFBMMZ TUSFTTFE BU XPSL BOE HPU IPNF BU OJOF PS UFO P DMPDL * E UBLF UIF CJLF PVU GPS BO IPVS PS UXP DPNF IPNF BSPVOE NJEOJHIU BOE GFFM UPUBMMZ SFMBYFE 5IBU T CFDBVTF XIFO ZPV SF SJEJOH ZPV IBWF UP DPODFOUSBUF QFSDFOU *U T B CJU MJLF DPPLJOH 8IFO ZPV DPPL ZPV IBWF UP SFMBY CFDBVTF ZPV DBO U UIJOL PG BOZUIJOH FMTF 4P XIBUFWFS JT HPJOH PO JO ZPVS NJOE ZPV DMFBS 8IFO ZPV TUBSU SJEJOH JU T UIF TBNF UIJOH :PV DBO POMZ UIJOL BCPVU UIF SPBE UIF USBîD DPOUSPMMJOH UIF CJLF m FWFSZUIJOH FMTF EJTBQQFBST 4P ZPV SFMBY *U T HSFBU TUSFTT SFMJFG 8IFO ZPV SJEF JO B DBS TPNF UJNFT ZPV EPO U SFNFNCFS XIBU ZPV WF QBTTFE XIFSFBT XIFO ZPV SJEF B CJLF ZPV SFNFNCFS FWFSZ UIJOH *O #BMJ ZPV DPVME TNFMM DMPWFT ZPV TNFMM DPíFF SPBTUJOH PO UIF TJEF PG UIF SPBE :PV TNFMM TQJDFT BOE ZPV TNFMM óPXFST :PV BDUVBMMZ GFFM JU :PV EPO U GFFM UIBU JO B DBS
"MM CJLFST IBWF UIJT DPNNPO MPWF PG SFMBUJPOTIJQT XFSF CVJMU PO UIF HPMG CJLJOH TP JU EPFTO U NBUUFS DPVSTF BOE B MPU PG SFMBUJPOTIJQT XFSF CVJMU SJEJOH CJLFT " MPU PG UJNFT ZPV 8IBU QMBDFT EP ZPV MPWF UP SJEF HFU UP LOPX QFPQMF UISPVHI SJEJOH .VUJBOZV JT NZ GBWPSJUF 5IF SPBE JT BOE MBUFS UIFZ MM CSJOH CVTJOFTT JO BOE UIF CFTU BOE UIFSF JT B OJDF WBSJFUZ XBOU UP EP CVTJOFTT &TQFDJBMMZ XIFO PG MBOETDBQF 5IF WJFXT BSF BNB[JOH ZPV DPNF UP B OFX DPVOUSZ BOE ZPV BOE UIFSF T MJUUMF USBîD 5IF DPVOUSZ EPO U LOPX BOZPOF *U T B HSFBU XBZ TJEF JT TQFDUBDVMBS BOE TPNFUJNFT UP HFU UP LOPX QFPQMF XF KVTU HFU MPTU PVU UIFSF #VU JU T BMM BSPVOE UIBU BSFB "OPUIFS HSFBU SJEF %P ZPV QMBZ BOZ PUIFS TQPSUT * QMBZ JT $VBOEJYJB m JU T B WFSZ PME WJMMBHF HPMG BOE EJE B MPU PG UIBU JO +BQBO BOE BOE B 8PME )FSJUBHF TJUF JO #BMJ "OE 5FOOJT JG * IBWF UJNF #VU UJNF JT UIF NBJO UIJOH :PV IBWF UXP %P ZPV TFF BOZ DPSSFMBUJPO EBZT PO UIF XFFLFOE BOE ZPV E CF CFUXFFO SJEJOH BOE ZPVS NBOBHF IVSUMJOH BSPVOE MJLF DSB[Z JG ZPV USJFE NFOU QIJMPTPQIZ * UIJOL JG ZPV SF UP ñU FWFSZUIJOH JO 5IF CJLF XPVME EPJOH SBDFUSBDL SJEJOH PS DPNQFUJUJWF UBLF QSJPSJUZ GPS NF SJEJOH UIFSF JT TPNF LJOE PG TUSBUFHZ * QMBZFE B MPU JO *OEJB XIFSF * IBE CVU JU T NPSF UIF DBTF UIBU ZPVS CJLF UXP UFOOJT DPVSUT JO UIF IPUFM BOE JT BO FYQSFTTJPO PG ZPVS QFSTPOBMJUZ *O UIF %BWJT $VQ UFBNT XPVME PGUFO NZ DBTF GPS JOTUBODF * N WFSZ NFUJDV TUBZ XJUI VT TP HVZT XPVME HJWF NF MPVT * N B QFSGFDUJPOJTU TP FWFSZUIJOH DPBDIJOH " WFSZ HPPE GSJFOE PG NJOF *OUFSWJFX CZ +FOOJGFS 5IPNÊ
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
TPMVUJPOT m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m UP HFU NPSF GBOT UP QBSUJDJQBUF BOE BMTP UP BUUSBDU NPSF TQPOTPST 8IBU T ZPVS TUSBUFHZ GPS QSPNPU JOH TQPSUT FWFOUT JO $IJOB )BWF ZPV GBDFE BOZ NBKPS CBSSJFST 1SP NPUJOH TQPSUT FWFOUT JO $IJOB JT B CJU EJÃFSFOU UIBO JO PUIFS DPVOUSJFT 3VOOJOH JT WFSZ TUSPOH BOE QPQVMBS IFSF JO $IJOB CVU VOMJLF JO &VSPQF PS JO UIF 6OJUFE 4UBUFT JU T OPU B MJGF TUZMF ZFU 4P XF BSF USZJOH UP QSPNPUF TQPSUT NPSF UP UIF HFOFSBM QVCMJD TP UIBU UIFSF BSF NPSF QBSUJDJQBOUT XIP DBO GFFM UIF DIBOHF BOE QBT TJPO UIBU TQPSUT CSJOH UP ZPVS MJGF 5IF NBKPS CBSSJFS SJHIU OPX JT CBTJDBMMZ KVTU USZJOH UP NBLF TQPSUT B MJGFTUZMF GPS QFPQMF IFSF JO $IJOB 'PSFJHO FWFOUT TVDI BT CBTLFUCBMM BOE TPD DFS BSF TUJMM NPSF QPQVMBS UIBO MPDBM $IJOFTF FWFOUT TVDI BT CBENJOUPO .PTU QFPQMF BSF JOUFSFTUFE JO XBUDI JOH 8PSME $VQ TPDDFS BOE 0MZNQJDT NPSF UIBO BOZUIJOH FMTF 4P PVS KPC OPX JT UP NBSLFU UIF MPDBM FWFOUT IFSF BOE UP NBLF UIFN NPSF QPQVMBS JO $IJOB
+VMJB $VJ XJUI GFNBMF FOEVSBODF SVOOFS %JBOF 7BO %FSFO
*.1044*#-& *4 /05)*/(
0DUBHPO "TJB %JSFDUPS +VMJB $VJ
SFQSFTFOUBUJPO BOE NBOBHFNFOU 8F CFMPOH UP UIF *OUFSQVCMJD HSPVQ XIJDI JT DPNQPTFE PG PUIFS BEWFS UJTJOH BOE QVCMJD SFMBUJPO HSPVQT CVU XF BSF UIF POMZ POFT SFTQPO TJCMF GPS BUIMFUF TQPOTPSTIJQ BOE SFQSFTFOUBUJPO 0VS DPNQBOZ EPFT B MPU PG TQPSUT NBSLFUJOH SFQSFTFOU JOH PWFS UPQ BUIMFUFT BMM PWFS UIF XPSME BT XFMM BT FOUFSUBJONFOU 5FMM VT B CJU BCPVU ZPVS DPNQBOZ NBSLFUJOH SFQSFTFOUJOH WBSJPVT 0DUBHPO BOE XIBU ZPV EP 0DUB CBOET BOE DFMFCSJUJFT 5IF CJHHFTU HPO JT UIF XPSME T MBSHFTU TQPOTPSTIJQ EFQBSUNFOUT BSF QSPCBCMZ NBSLFUJOH DPOTVMUJOH QSBDUJDF BOE B QJPOFFS m XIJDI JODMVEFT TQPOTPS NBSLFUJOH 8IBU XJMM UIF /PSUI 'BDF BOE MFBEFS JO BUIMFUF BOE QFSTPOBMJUZ TQPSUT FWFOU PSHBOJ[BUJPO NBSLFUJOH FWFOU CF MJLF UIJT ZFBS 5IJT FWFOU JT EFTJHOFE UP QSPNPUF FOEVSBODF SVOOJOH IFSF JO $IJOB *U JT PîDJBMMZ i1SPNPUJOH TQPSUT FWFOUT JO $IJOB JT B CJU EJÃFSFOU DBMMFE UIF /PSUI 'BDF #FJKJOH *OUFSOBUJPOBM &OEVSBODF $IBMMFOHF UIBO JO PUIFS DPVOUSJFT 3VOOJOH JT WFSZ TUSPOH BOE QPQVMBS IFSF JO $IJOB CVU VOMJLF JO &VSPQF 8F QJDLFE UIF (SFBU 8BMM BT UIF QMBDF GPS UIF LJMPNFUFS SVO 5IJT FWFOU PS JO UIF 6OJUFE 4UBUFT JU T OPU B MJGFTUZMF ZFUu XIJDI TUBSUFE JO JT QBSU PG UIF #Z VOEFSTUBOEJOH DPOTVNFS QBTTJPO GPS TQPSUT NVTJD BOE FOUFSUBJONFOU 0DUBHPO JT BCMF UP IFMQ EFMJWFS NBSLFU JOH QMBOT UIBU GJU UIFJS DMJFOUT PCKFD UJWFT "HFOEB SFDFOUMZ TBU EPXO XJUI 0DUBHPO "TJB EJSFDUPS +VMJB $VJ UP MFBSO NPSF BCPVU XIBU 0DUBHPO JT VQ UP BOE UP UBML BCPVU UIF GVUVSF PG TQPSUT JO $IJOB
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
/PSUI 'BDF 3VOOJOH 4FSJFT IFSF JO "TJB 8F BSF PSHBOJ[JOH FWFSZUIJOH GPS /PSUI 'BDF GSPN FWFOU QSPNPUJPO UP PSHBOJ[BUJPO UP NBSLFUJOH +VEHJOH GSPN UIF #FJKJOH *OUFSOBUJPOBM .BSB UIPO JO XF DPVME TFF UIF QPQV MBSJUZ PG SVOOJOH IFSF PWFS QFPQMF QBSUJDJQBUFE JO UIBU FWFOU 4P GSPN UIBU XF LOFX UIBU NBOZ QFPQMF XFSF VTFE UP UIF DPODFQU PG SVOOJOH JO B NBSBUIPO 5IFO DBNF UIF /PSUI 'BDF XIJDI JT B L SVO UIBU UBLFT QMBDF JO UIF NPVOUBJOT 5IJT XBT B EJGGJDVMU DPODFQU GPS QFPQMF UP CFMJFWF JO UIF CFHJOOJOH BOE XF MJNJUFE UIF OVNCFS PG QBSUJDJQBOUT UP QFPQMF -BUFS XF OPUJDFE UIBU PVS RVPUB LFQU JODSFBTJOH XIJDI JT XIZ JO UIF TFDPOE ZFBS XF JODSFBTFE UIF QBSUJDJQBOUT UP 5IJT ZFBS XF XJMM JODSFBTF UIF MFWFM PG EJîDVMUZ UP JODSFBTF JUT BQQFBM UP UIF IBSE DPSF SVOOFST "OE UIJT ZFBS GPS UIF L XF BSF MBVODIJOH B OFX FYQFSJFODF m B LN USBJM TP UIBU BNBUFVS SVOOFST DBO FYQFSJFODF SVOOJOH PO B SFBM USBJM SBUIFS UIBO UIF SPBET UIFZ BSF VTFE UP .PTU PG UIF L SVOT JO $IJOB UBLF QMBDF PO UIF SPBE TP UIJT ZFBS XJMM CF UIF ñSTU PQQPSUVOJUZ GPS UIF L SVOOFST UP IBWF B SFBM USBJM SVO UP TFF UIF MBLF BOE UIF FOWJSPONFOU BSPVOE UIFN 5IJT ZFBS XF XJMM JODSFBTF PVS QBSUJDJQBOUT UP CVU TUJMM MJNJU UIF OVNCFS PG QBSUJDJQBOUT JO UIF L BOE L DBUFHPSJFT
i.PTU PG UIF L SVOT JO $IJOB UBLF QMBDF PO UIF SPBE TP UIJT ZFBS XJMM CF UIF ñSTU PQQPSUVOJUZ GPS UIF L SVOOFST UP IBWF B SFBM USBJM SVO UP TFF UIF MBLF BOE UIF FOWJSPONFOU BSPVOE UIFNu MBS IFSF JO $IJOB BOE CBENJOUPO JT BMTP JODSFBTJOHMZ QPQVMBS 0UIFS TQPSUT IBWF OPU TIPXO NVDI PG BO JODSFBTF ZFU CVU XF BSF TFFJOH B WFSZ QPXFSGVM PVUMPPL *O B DPVOUSZ BT CJH BT $IJOB JU XJMM UBLF UJNF UP NBLF TQPSUT B QBSU PG QFPQMFT MJWFT
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m QFPQMF DPNF GSPN BMM PWFS UIF XPSME UP DPNQFUF .PSF BOE NPSF XF SF TFFJOH QFPQMF JO UIFJS T UP T XIP BSF XPSLJOH GPS JOUFSOB UJPOBM DPNQBOJFT BOE NBOZ QFPQMF 8IBU CJH DIBOHF JO TQPSUT EP ZPV GSPN TQPSUT BOE BUIMFUJD HSPVQT XIP TFF IFSF JO $IJOB 5IF #FJKJOH 0M BSF BDUJWF QBSUJDJQBOUT BT XFMM ZNQJDT XBT B CJH ESJWF GPS $IJOB BOE EFñOJUFMZ JNQBDUFE UIF QSPNPUJPO 8IBU EP ZPV UIJOL UIF CJHHFTU PG TQPSUT IFSF *U OPU POMZ JODSFBTFE USFOET JO BUIMFUJDT XJMM CF PWFS UIF UIF BXBSFOFTT PG TQPSUT BNPOHTU UIF DPNJOH ZFBST &RVJQNFOU OFX HFOFSBM QVCMJD CVU JU BMTP IFMQFE UP TQPSUT OVUSJUJPOBM TVQQMFNFOUT HSPX B MPU PG OFX UBMFOU JO UIF TQPSUT 8JUI SFHBSE UP FRVJQNFOU XF TFF JOEVTUSZ " MPU NPSF QFPQMF OPX QPT CSBOET TVDI BT /JLF BOE -J /JOH BMM TFTT B HSFBUFS JOUFSOBUJPOBM WJTJPO GPDVTJOH PO NBLJOH SVOOJOH QPQV BOE XF SF BCMF UP XPSL UPHFUIFS XJUI MBS UIFZ IBWF NBOZ QSPEVDUT BOE UIFN UP DSFBUF NPSF DPOUFOU "T GBS UZQFT PG FRVJQNFOU UP NBLF SVOOJOH BT QBSUJDJQBOUT BSF DPODFSOFE XF B CFUUFS FYQFSJFODF GPS FWFSZPOF TUJMM IBWF B MPOH XBZ UP HP CVU JU JT 3JHIU OPX NBOZ DPNQBOJFT MJLF /FX EFñOJUFMZ JODSFBTJOH SBQJEMZ 5IFSF BSF #BMBODF -J /JOH /JLF BOE /PSUI 'BDF NBOZ NBSBUIPOT IFME BMM PWFS $IJOB BSF EPJOH B MPU PG HSBTTSPPUT BDUJWJUJFT BOE JU JT TMPXMZ CFDPNJOH B MJGFTUZMF 5IFZ BMM IBWF UIFJS PXO SVOOJOH DMVCT #VU SFHBSEJOH UIF EJWFSTJUZ XF SF TUJMM BOE XFFLFOE BDUJWJUJFT UP DPOOFDU OPU TVSF ZFU 3VOOJOH JT BMXBZT QPQV NPSF XJUI UIFJS QVCMJD "OE UIFSF
%.
XJMM CF NPSF CFDBVTF XF CFMJFWF UIBU SVOOJOH JT POF PG UIF FBTJFTU TQPSU GPS FWFSZPOF &WFSZPOF DBO SVO "OE ZPV DBO EP JU BMNPTU BOZ XIFSF 8F CFMJFWF UIBU UIF OVNCFS PG DPNQFUJUPST XJMM JODSFBTF m UIBU UIFSF XJMM KVTU CF NPSF BOE NPSF PG FWFSZUIJOH * BMTP TFF UIF GVUVSF IBWJOH B MPU NPSF VOJRVF FYUSFNF DIBMMFOHF FWFOUT MJLF UIF /PSUI 'BDF FWFOU XIFSF JU CSJOHT ZPV UIF FYQFSJFODF PG SVOOJOH JO OBUVSF m B EJÃFSFOU FYQFSJFODF UIBO NPTU QFP QMF BSF VTFE UP "T GPS OVUSJUJPOBM TVQQMFNFOUT XF TFF UIBU NPSF PG UIF IBSE DPSF SVOOFST BSF QBZJOH NPSF BUUFOUJPO UP UIFN 5IFSF JT EFñOJUFMZ B NBSLFU GPS UIJT #VU IFSF JO $IJOB QSPEVDU DIPJDF JT MJNJUFE *G NPSF DPNQBOJFT QSPNPUF OVUSJUJPOBM TVQQMFNFOUT IFSF JO $IJOB UIBU XJMM EFñOJUFMZ CF B HPPE CVTJOFTT PQQPSUVOJUZ 8IP BSF ZPVS GBWPSJUF $IJOFTF BUIMFUFT * IBWF TP NBOZ GBWPSJUF BUIMFUFT * SFBMMZ MJLF -J /BO BOE %JOH +VOIVJ m CPUI BSF SFBMMZ NBLJOH B CSFBLUISPVHI BOE BSF CBTJDBMMZ EF WFMPQJOH PO UIFJS PXO 5IFZ HFU B MJUUMF HPWFSONFOU TVQQPSU CVU UIFJS HSPXUI BOE QPQVMBSJUZ BSF BMM CBTFE PO UIFJS PXO UBMFOUT BOE QBTTJPO GPS UIFJS TQPSUT -JOH %BO JT BMTP SFQSFTFOUJOH UIF OFX HFOFSBUJPO PG BUIMFUFT 8F EJE B HMPCBM CBENJO UPO TVSWFZ JO DPVOUSJFT MBTU ZFBS BOE IF IBT UIF NPTU GBOT -JOH JT TP EPNJOBOU CFDBVTF PG IJT EPNJOBODF PO UIF DPVSU IJT QFSTPOBMJUZ BOE IJT QBTTJPO GPS UIF HBNF )JT FOFSHZ PO UIF DPVSU SFBMMZ HJWFT VT IPQF GPS UIF GVUVSF PG TQPSUT IFSF JO $IJOB *U JT OJDF UP TFF TQPSUT TUBST IFSF JO $IJOB JNQBDUJOH UIF MJWFT PG QFPQMF BOE IPQFGVMMZ XF MM CF TFFJOH NBOZ NPSF IPNFHSPXO TUBST *OUFSWJFX CZ .BSMB 'POH
5)6 ."3 Ŧ 8&% ."3
"(&/%"
)&"-5) #&"65:
53: 5)&4&
#MJTTGVM CBUIT NBTTBHFT BOE GBDJBMT
4QB
J TQB -PDBM NBTTBHF DIBJO J TQB PÃFST B XJEF SBOHF PG DPOTJTUFOUMZ SFMBYJOH BOE SFKVWFOBUJOH NBTTBHFT GBDJBMT BOE CPEZ XSBQT BU TFWFSBM MPDBUJPOT BSPVOE UPXO 5SFBUNFOUT BSF JOTQJSFE CZ CPUI FBTUFSO BOE XFTUFSO USBEJUJPOT TP XIFUIFS ZPV XBOU B NBSJOF TBMU QPMJTI 3.# PS B 5IBJ IFSCBM TDSVC 3.# B EFFQ JNQBDU NBTTBHF 3.# PS B USBEJUJPOBM $IJOFTF NBTTBHF 3.# CMJTT JT KVTU B DIPJDF BXBZ J TQB BMTP GFBUVSFT GBDJBMT GSPN 4PUIZT BOE +VSMJRVF J TQB IBT FJHIU MPDBUJPOT BSPVOE UPXO 4BOMJUVO 6QQFS &BTU /BQB (VMPV /JLLP $IJOB $FOUSBM 1MBDF OFBS UIF 4VNNFS 1BMBDF BOE UIF BJSQPSU BMM PG XIJDI DBO CF GPVOE BU UIFJS XFCTJUF XXX JTQB DO BN ' +8 .BSSJPUU )PUFM #FJKJOH +JBOHVP -V $IBPZBOH %JTUSJDU
8IJMF ZPV SF JO UIF OFJHICPSIPPE TFF JG ZPV DBO QPQ JOUP /PCV UIF GBNPVT +BQBOFTF SFTUBVSBOU XIJDI JT JO JUT TPGU PQFOJOH *G UIFZ BSF TUJMM DMPTFE TUPQ CZ $36 GPS BO FWFOJOH PG DMBTTZ "NFSJDBO EJOJOH PS B GBOUBTUJD OPU UP NFOUJPO SFBTPOBCMF CVTJOFTT MVODI PS $SZTUBM +BEF BU 4IJOLPOH 1MBDF GPS BO JOTQJSFE IFBMUIZ $IJOFTF EJOOFS 8IJMF ZPV SF BU 4IJOLPOH QJDL VQ TPNF DIPDPMBUFT BU 'BVDIPO
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
*).4!) 2/!$
4JHOBUVSF USFBUNFOUT JODMVEF UIF 4JBN )FBMJOH NBTTBHF 3.# QFS NJOVUFT BOE UIF 1VSF (PME BOE -JOH[IJ CPEZ TDSVC 3.# QFS NJOVUFT 5IFJS MVODI CSFBL NBTTBHF DBSE 3.# HFUT ZPV PÃ BMM USFBUNFOUT VOEFS UXP IPVST EPOF CFGPSF QN GPS POF ZFBS
#2934!, *!$% 3().+/.' 0,!#% &!5#(/.
$!7!.',5 34!4)/.
#(!/9!.' 2/!$ *7 -!22)/44 (/4%, ) 30! ./"5 #25
3)(5) 34!4)/.
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
5)& -*45
BOE MPDBUJPOT BU 'JOBODJBM 4USFFU 4VOKPZ .BOTJPO 9JOEPOH 4USFFU -JEP BOE $FOUSBM 1BSL 4FF XXX UBJQBO DPN DO GPS BEESFTTFT BOE TQFDJBMT ,PDPPO 8IJMF OPU TQFDJñDBMMZ B TQPSUT NBTTBHF ,PDPPO T "SPNB )PU 4UPOF 'VMM #PEZ .BTTBHF 3.# GPS NJOVUFT XJMM NFMU BXBZ BOZ TUSFTT PS UFOTJPO OP NBUUFS XIBU UIF DBVTF 5VF 4VO BN QN 3N $ ' /PSUI #MEH /BMJ 1BUJP 4BOMJUVO #FJKJF XFTU TJEF $IBPZBOH %JTUSJDU $ XXX LPDPPOTQBMPVOHF DPN %SBHPOóZ 5IFSBQFVUJD 3FUSFBU "MPOHTJEF UIFJS USBEJUJPOBM NBTTBHFT %SBHPOóZ PÃFST B 1PTU 8PSLPVU 4QPU .BTTBHF 3.# GPS NJOVUFT UIBU GPDVTFT PO ZPVS TPSFTU QBSUT *G ZPV SF JO OFFE PG B NPSF DPNQSFIFOTJWF USFBUNFOU USZ UIFJS 5PQ UP 5PF .BTTBHF 3.# GPS NJOVUFT BENJOJTUFSFE CZ UXP UIFSBQJTUT BU PODF XIJDI UIFZ HVBSBOUFF XJMM NBLF ZPV GFFM BT MJHIU BT B ESBHPOóZ %BJMZ BN BN ' (SBOE 4VNNJU 1MB[B %POHGBOH %POHMV N OPSUI PG -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU
#FJOH IFBMUIZ IBT OFWFS GFMU CFUUFS
/0 1"*/ /0 ("*/
#FJKJOH T CFTU TQPSUT NBTTBHFT -JGF JO UIF DJUZ JT UPVHI BOE BU UIF FOE PG UIF XFFL ZPV UFOE UP OFFE TPNF FYUSB 5-$ FTQFDJBMMZ JG ZPV SF UIF LJOE PG QFSTPO XIP MJWFT CZ UIF iXPSL IBSE QMBZ IBSEu DSFEP " HPPE TQPSUT NBTTBHF JT UIF QFSGFDU TPMVUJPO BOE IBT NBOZ CFOFñUT JU SFEVDFT UIF IFBSU SBUF JODSFBTFT CMPPE DJSDVMBUJPO BOE MZNQI ESBJOBHF SFEVDFT NVTDMF UFOTJPO JNQSPWFT óFYJCJMJUZ BOE SFMJFWFT QBJO 5SFBU ZPVSTFMG UP POF PG UIFTF QPTU XPSLPVU UFOTJPO UBNFST -POH *TMBOE .BTTBHF BOE 4QB 5IJT MBSHF FTUBCMJTINFOU PÃFST $IJOFTF BOE 5IBJ TUZMF NBTTBHF BOE SFóFYPMPHZ JODMVEJOH B 5IBJ #PEZ 3FUSFBU .BTTBHF 3.# GPS NJOVUFT UIBU PSJHJOBUFE JO 5IBJ 3PZBM QBMBDF BOE UIBU VTFT EFFQ UJTTVF QSFTTVSF QPJOUT BOE TUSFUDIFT UP SFEVDF TUSFTT BOE TUJNVMBUF UIF OFSWF NFSJEJBOT PG UIF CPEZ BOE B 4QJOF 1SP .BTTBHF 3.# GPS NJOVUFT XIJDI VTFT IFSCBM PJM UP NBTTBHF UIF TIPVMEFST BOE VQQFS BOE MPXFS CBDL 5IF UIFSBQJTU UIFO BEKVTUT UIF KPJOUT PG ZPVS TQJOF BOE TUSFUDIFT UIF UFOEPOT
"(&/%"
PG ZPVS XIPMF CPEZ %BJMZ BN BN " (VBOHIVB -V ' /VP BO #MEH TPVUIXFTU PG UIF ,FSSZ $FOUSF $IBPZBOH %JTUSJDU %BJMZ BN BN # ' +JBIVJ $FOUFS +JRJOHMJ %POHDIFOH %JTUSJDU
0SJFOUBM 5BJQBO .BTTBHF BOE 4QB 5IF 0SJFOUBM 5BJQBO .BTTBHF BOE 4QB JT XFMM LOPXO BT B EFTUJOBUJPO GPS UIPTF JO OFFE PG BO PBTJT PG SFMBYBUJPO CVU UIFJS 0SJFOUBM 5BJQBO 4JHOBUVSF .BTTBHF 3.# GPS NJOVUFT XIJDI GPDVTFT PO UIF NFSJEJBOT PG UIF CPEZ BOE JNQSPWFT MZNQI OPEF ESBJOBHF JT HSFBU GPS IFMQJOH ZPVS CPEZ SFDPWFS RVJDLMZ 'PS UIPTF OPU JODMJOFE UP FYFS DJTF B GBU CVSOJOH CBUI 3.# GPS NJOVUFT JT BMTP BWBJMBCMF %BJMZ QN BN 3N #MEH # 8JOUFSMFTT $FOUFS 9JEBXBOH -V $IBPZBOH %JTUSJDU
5)6 ."3 Ŧ 8&% ."3
%.
%BJMZ BN BN %POHIVBNFO "WF OFBS 5IF 1FOJOTVMB )PUFM BOE 0SJFOUBM 1MB[B %POHDIFOH %JTUSJDU
%BJMZ BN BN # ' &BTUFSO )PUFM /BOTBOMJUVO /BOMV $IBPZBOH %JTUSJDU
1VSQMF +BEF $PVOUSZ $MVC 4QB -PDBUFE GBS PVUTJEF UIF /PSUI 'PVSUI 3JOH 3PBE UIF TQB BU 1VSQMF +BEF $PVOUSZ $MVC JT B TFDMVEFE IJEFBXBZ GSPN UIF DSB[JOFTT PG UIF DJUZ &RVJQQFE XJUI BEWBODFE GBDJMJUJFT BOE QSPGFTTJPOBM FYQFSJFODFE QFSTPOBM USBJOFST UIFJS ñUOFTT DFOUFS PÃFST B WBSJFUZ PG QFSTPOBM ñUOFTT QSPHSBNT JODMVEJOH -BUJO %BODF :PHB 1JMBUFT ,JDLCPYJOH 'JUOFTT #BMM 8BUFS "FSP CJDT BOE 5BJ $IJ QMVT BO FYDFMMFOU BMM BSPVOE IFBMUI DVSSJDVMVN 5SFBUNFOUT GSPN 3.# JODMVEF BSPNBUIFSBQZ NBTTBHF TQPSUT NBTTBHF IPU TUPOF UIFSBQZ CPEZ TDSVCT BOE CPEZ XSBQT %BJMZ QN QN ;JZV %POHMV $IBPZBOH %JTUSJDU FYU $PNQJMFE CZ .BSMB 'POH
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4)014
53: 5)&4&
'VO XFBSBCMF GBTIJPOT BOE BDDFTTPSJFT
$MPUIJOH
1MBTUFSFE 5 4IJSUT 1MBTUFSFE T TQSJOH DPMMFDUJPO JT PVU BOE JT XBJUJOH UP HP IPNF XJUI ZPV $IFDL PVU UIFJS MBUFTU EFTJHOT JODMVEJOH UIPTF JOTQJSFE CZ UIF ZFBS PG UIF SBCCJU UIFJS PI TP QFSGFDU GPS TQSJOH IPPEJFT SFUSP EJTDP CBHT QJOH QPOH XBMMFUT TUBJOFE HMBTT DPBTUFST BOE NPSF
#!&ยก :!2!( .,'8 3!6%23 $% #/2%%
1FSGFDU GPS VQEBUJOH ZPVS DBTVBM TQPSUZ XBSESPCF UIJT TQSJOH 8IJMF ZPV SF JO UIF OFJHICPSIPPE HSBC TPNF DPPM BDDFTTPSJFT UP NBUDI ZPVS OFX XBSESPCF BU /-(9 XXX OMHY PSH BOE B QJDL NF VQ BU $BGร ;BSBI %JO JOH PQUJPOT BCPVOE JO UIF BSFB CVU XF IJHIMZ SFDPNNFOE ZPV TUPQ CZ 4BWFVST EF $PSFF BOE B OJHIUDBQ BU 4BMVE PS .BP .BP $IPOH
"(&/%"
5)6 ."3 ลฆ 8&% ."3
0,!34%2%$ 4 3()243 3!,5$
*)!/$!/+/5 3/54( 342%%4
%BJMZ BN QN /BOMVPHV 9JBOH %POHDIFOH %JTUSJDU XXX QMBTUFSFEUTIJSUT DPN
"%)8).1)!/ 34!4)/.
-!/ -!/ #(/.' :(!.':):(/.' 2/!$ :(!.':):(/.' 34!4)/.
%.
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
4105-*()5
3JDL )BOTFO IBT JOTQJSFE UIPVTBOET BSPVOE UIF XPSME
$"/"%" 4 ."/ */ .05*0/ 3&563/4 50 $)*/"
3JDL )BOTFO TQFBLT PO IJT VQDPNJOH WJTJU UP UIF .JEEMF ,JOHEPN 'PS NPSF UIBO ZFBST 3JDL )BOTFO IBT CFFO TIPXJOH UIF XPSME UIBU EJTBCJMJUJFT EPO U IBWF UP TUPQ QFPQMF CVU SBUIFS UIBU UIFZ NBLF UIFN VOTUPQQBCMF 3JDL )BOTFO T KPVSOFZ UP SFBMJ[F IJT ESFBN PG B XPSME JODMVTJWF BOE BDDFTTJCMF UP BMM DPOUJOVFT BOE IF XJMM CF WJTJUJOH $IJOB PODF NPSF OFYU NPOUI USBWFMJOH UP #FJKJOH 4IBOHIBJ BOE )POH ,POH "HFOEB DBVHIU VQ XJUI )BOTFO CFGPSF IJT CJH WJTJU UP MFBSO XIBU LFFQT IJN HPJOH 8IBU BSF UIF NBJO HPBMT BOE PC KFDUJWFT PG ZPVS $IJOB WJTJU <.Z HPBMT> BSF UP DPOUJOVF UP CVJME PO BOE TUSFOHUIFO SFMBUJPOTIJQT BOE QSFTFODF HPJOH JOUP UIF OFYU ZFBST m $IJOB QMBZT BO JOTUSVNFO UBM SPMF JO DPOUJOVJOH UP UIF HMPCBM BDDFMFSBUJPO PG QSPHSFTT JO UIF BS FBT PG TQJOBM DIPSE JOKVSZ SFTFBSDI
BOE BEESFTTJOH DIBOHF GPS QFPQMF XJUI EJTBCJMJUJFT 5IFSF JT B IJTUPSJ DBM SFMBUJPOTIJQ IFSF m TJODF NZ PSJHJOBM i.BO JO .PUJPOu 8PSME 5PVS m BO PQQPS UVOJUZ UP SFDPHOJ[F UIF NPNFOUT PG GSJFOETIJQ JOTQJSBUJPO BOE QBSUOFSTIJQ <IBT FNFSHFE> "SF UIFSF QBSUJDVMBS QMBDFT ZPV E MJLF UP WJTJU EVSJOH UIJT USJQ 8F XJMM IBWF UIF PQQPSUVOJUZ UP SFWJTJU UISFF NBKPS BSFBT m #FJKJOH 4IBOHIBJ )POH ,POH #FJKJOH QSPWJEFT VT XJUI UIF PQQPSUVOJUZ UP SFDPOOFDU XJUI UIF $%1' $IJOFTF %JTBCMFE 1FSTPO T 'FEFSBUJPO "T UIF QPMJUJDBM DFOUFS PG $IJOB JU JT TVDI BO JNQPSUBOU QMBDF GPS TFUUJOH QPMJDZ BOE EJSFDUJPO GPS SFTFBSDI BOE BDDFTTJCJMJUZ BOE JT B DJUZ XJUI TVDI SJDI IJTUPSZ BOE WJCSBOU DVMUVSF 4IBOHIBJ IBT VOEFSHPOF USF
i$PNJOH CBDL UP $IJOB JT B TZNCPM BHBJO PG IPX GBS JU IBT DPNF JO B MPOH KPVSOFZ PG TPDJBM DIBOHFu
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
NFOEPVT HSPXUI BOE DIBOHF BOE XF MPPL GPSXBSE UP UIF PQQPSUVOJUJFT UP BEESFTT UIF CVTJOFTT DPNNVOJUZ CFDBVTF JU UBLFT NPSF UIBO HPWFSO NFOU UP BDIJFWF NFBOJOHGVM TPDJBM DIBOHF )POH ,POH JT <BMTP> B WJCSBOU DJUZ UIBU JT <WFSZ> DPOOFDUFE UP UIF XPSME 8F MPPL GPSXBSE UP FOHBHJOH UIFJS ZPVUI JO NFBOJOHGVM EJBMPHVF m BT UIFZ BSF TVDI BO JNQPSUBOU QBSU PG UIF JOUFSHFOFSBUJPOBM QVTI UPXBSE i$VSFu BOE i"DDFTTJCJMJUZ u :PV UPPL B USJQ VQ UIF (SFBU 8BMM XBT OFBSMZ UXP EFDBEFT BHP m XIBU DIBOHFT IBWF ZPV TFFO JO $IJOB BOE IPX EP ZPV UIJOL UIJOHT XJMM QSPHSFTT JO UIF GVUVSF (PJOH UP UIF (SFBU 8BMM XBT B TZN CPMJD HFTUVSF UP DIBMMFOHF BOE TIJGU QFPQMF T QFSDFQUJPOT PG XIBU QFPQMF XJUI EJTBCJMJUJFT BSF DBQBCMF PG *U XBT UIF CFHJOOJOH PG B OFX DPOWFSTBUJPO XJUI $IJOB BCPVU UIF QPUFOUJBM PG QFPQMF XJUI EJTBCJMJUJFT m B <TPSU PG > FNFSHFODF JOUP B MJGF XJUI BDDFTT UP BMM TPDJFUZ IBT UP PGGFS w $PNJOH CBDL UP $IJOB JT B TZNCPM BHBJO PG
IPX GBS JU IBT DPNF JO B MPOH KPVSOFZ PG TPDJBM DIBOHF $IJOB IBT NBEF JN NFOTF QSPHSFTT UIBOLT UP JUT MFBEFST UIF $%1' BOE QFPQMF XJUI EJTBCJMJ UJFT UIFNTFMWFT 5IJT JT FWJEFOU GSPN UIF <TVDDFTTGVM> 0MZNQJD BOE 1BSBMZNQJD (BNFT BMM UIF OFX SFUBJM BOE UPVSJTU EFTUJOBUJPOT BOE BDDFT TJCJMJUZ DPOTJEFSBUJPOT BOE UIF TJHIU PG NPSF QFPQMF XJUI EJTBCJMJUJFT JO TPDJFUZ 3FUVSOJOH <UP $IJOB> XJMM CF B DFMFCSBUJPO PG QSPHSFTT ZFBST BHP JU UPPL B IFSDVMFBO FÃPSU UP TVNNJU UIBU 8BMM <OPX> UIFSF JT BDDFTT WJB B HPOEPMB 8IBU BSF UIF CJHHFTU PCTUBDMFT ZPV IBWF FODPVOUFSFE BOE IPX IBWF ZPV PWFSDPNF UIFN 5IF MBSH FTU PCTUBDMF JO MJGF BOE JO EFBMJOH XJUI B EJTBCJMJUZ IBT CFFO PUIFS QFPQMFT BUUJUVEFT m DIBMMFOHFT JO UFSNT PG IPX QFPQMF WJFX QFPQMF XJUI EJT BCJMJUJFT 5IF CFTU XBZ UP DIBOHF UIBU JT UP TIJOF B MJHIU PO XIFSF UIPTF QSF DPODFJWFE OPUJPOT DBNF GSPN CBTFE PO GBDU BOE IJTUPSZ 5IF NPSF XF DBO QSPGJMF UIF MJWFT PG QFPQMF XJUI EJTBCJMJUJFT UIF NPSF QFPQMF XJMM VOEFSTUBOE UIBU UIFZ IBWF JN NFOTF QPUFOUJBM UP CF QPMJUJDJBOT BUIMFUFT BDUPST BSUJTUT SFTFBSDIFST QPFUT m UIF MJTU HPFT PO BOE PO #Z DSFBUJOH BDDFTT UP B XPSME XIFSF QFPQMF XJUI B EJTBCJMJUZ DBO FOHBHF XJUI OFJHICPST GFMMPX DPVOUSZNFO FUD UIF NPSF UIF BUUJUVEFT BOE TUJH NBT GBEF JOUP IJTUPSZ
i3FUVSOJOH <UP $IJOB> XJMM CF B DFMFCSBUJPO PG QSPHSFTT ZFBST BHP JU UPPL B IFSDVMFBO FÃPSU UP TVNNJU UIBU 8BMM <OPX> UIFSF JT BDDFTT WJB B HPOEPMBu 8IBU BSF ZPVS QMBOT GPS OFYU ZFBST 5P DPOUJOVF UP CBMBODF IFBMUI GBNJMZ BOE SFMBUJPOTIJQT 5P MFBSO BOE HSPX m BOE DPOUJOVF DIBMMFOHF NZ TFMG UP UIJOL HMPCBMMZ * SFDPHOJ[F UIBU UIF XPSME IBT DIBOHFE ESBNBUJDBMMZ JO UIF MBTU ZFBST BOE XJMM MJLFMZ DIBOHF FWFO NPSF RVJDLMZ JO UIF OFYU ZFBST * BMTP SFDPHOJ[F UIBU XF IBWF NPSF JO DPNNPO UIBO XF BSF EJÃFSFOU m BOE UIBU UIF GVUVSF PG UIJT QMBOFU EFQFOET PO BMM PG VT CFJOH IFBMUIZ JODMVTJWF BOE BDDFQUJOH PG FBDI PUIFS 'PS UIF OFYU ZFBST * MM DPOUJOVF UP EFñOF OFX HPBMT BOE OFX ESFBNT UIBU IBWF NFBOJOH m BOE * XJMM XPSL UP BQQMZ UIFN JO B QVSQPTFGVM XBZ
QFSTPO XIP BDUFE BT B NFOUPS UP B QFFS PO B UFBN XIP TIPXFE NF IPX UP NBLF B EJÃFSFODF UP NZ XJGF XIP HBWF NF QFSTQFDUJWF BOE UBVHIU NF UP OFWFS HJWF VQ 5IFSF BSF NBOZ PUIFST * WF NFU BMPOH UIF XBZ XIP IBWF PWFSDPNF HSFBU PCTUBDMFT w BMM PG UIFN BSF WBMVFT CBTFE NFOUPST
"SF UIFSF BOZ $IJOFTF ñHVSFT ZPV GJOE QBSUJDVMBSMZ JOTQJSBUJPOBM %FOH 1VGFOH m * IBWF CFFO JOTQJSFE CZ IJT EFUFSNJOBUJPO BOE DPVSBHF UP CF BCMF UP GBDF IJT TQJOBM DPSE JOKVSZ XJUI PQUJNJTN UP PWFSDPNF DIBM MFOHFT BOE UP MFBE BO FYUSBPSEJOBSZ MJGF )F IBT SFQSFTFOUFE $IJOB BE NJSBCMZ m FOWJTJPOJOH OPU XIBU XBT 8IP JT UIF NPTU JOTQJSBUJPOBM m CVU XIBU DPVME CF )F IBT CFFO B QFSTPO ZPV WF FWFS NFU * WF CFFO USFNFOEPVT TVQQPSUFS BOE GSJFOE JOTQJSFE CZ TP NBOZ QFPQMF m UIFSF m SJHIU GSPN UIF PSJHJOBM KPVSOFZ BOE IBT CFFO B TVDDFTTJPO PWFS NZ MJGF GPS UIBU * XJMM BMXBZT CF HSBUFGVM UJNF 4P NBOZ QFPQMF IBWF NBEF B EJGGFSFODF JO DSBGUJOH NZ MJGF T NJT $IFDL PVU UIF XFCTJUF PG UIF 3JDL TJPO BOE IBWF QMBZFE EJÃFSFOU SPMFT )BOTFO 'PVOEBUJPO BU XXX SJDL GSPN B GPSNFS DPBDI XIP UBVHIU NF IBOTFO DPN BOE TUBZ UVOFE GPS EFUBJMT UIF MPWF PG TQPSU UP BOPUIFS JOKVSFE PO IJT "QSJM WJTJU
"SF UIFSF BOZ PQQPSUVOJUJFT ZPV QBTTFE VQ BOE MBUFS SFHSFUUFE -JGF JT ñMMFE XJUI PQQPSUVOJUJFT BOE UIFSF IBWF CFFO NBOZ UIBU * IBWFO U QVSTVFE $FSUBJOMZ POF XPOEFST XIBU UIF PVUDPNF NJHIU IBWF CFFO m CVU * IBWF OP SFHSFUT m CFDBVTF UIF MJGF * WF QVSTVFE BOE PQQPSUVOJUJFT * IBWF DIBTFE BSF CBTFE PO NZ CFTU UIJOL JOH BOE KVEHNFOU BU UIF UJNF * DPVME IBWF DIPTFO B MJGF PG HFOFSBUJOH NPSF JODPNF m CVU * XPVME IBWF HJWFO VQ QVSTVJOH NZ HSFBUFTU QBTTJPO m UP MJWF B MJGF PG NFBOJOH BOE QVSQPTF 4P JU T OPU B SFHSFU JU T BO JOUFOUJPOBM DIPJDF )BOTFOhT IFSDVMFBO GFBU UIF (SFBU 8BMM PG $IJOB
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
5)& "(&/%" 5)634%": ."3
'3*%": ."3
6OJ %FTJHO JO $IJOB
0OF &BTU 7FBM 4FUT
i6OJ EFTJHO JO $IJOBu JT BO BSU TIPX UP USBOTDFOE UIF CPVOEBSJFT PG UIF EFTJHO ñFME BOE B DPMMBCPSBUJWF FÃPSU UP CSFBL UISPVHI UIF CPUUMFOFDL PG UIF JOEVTUSZ #BTFE PO UIF TVCKFDUT PG UIF FYIJCJUJPO i"SUT $IJOB p %FTJHO 'PSVN **u XJMM MFBE UP GVSUIFS FYQMPSB UJPO XJUI TPNF PG UIF NPTU DSFBUJWF NJOET UI .BSDI UI "QSJM #FJ KJOH $FOUFS GPS UIF "SUT 2JBONFO %POHEBKJF %POHDIFOH %JTUSJDU XXX CFJKJOHDFOUFSGPSUIFBSUT DPN XXX DIJFONFO DPN
(VFTUT XJMM CF BCMF UP FOKPZ B XJEF WBSJFUZ PG EFMFDUBCMF WFBM NFOV JUFNT BU UIF )JMUPO #FJKJOH T BXBSE XJOOJOH 0OF &BTU SFTUBVSBOU CF UXFFO OE BOE TU .BSDI -VODI 4FU .FOV 3.# DPVSTF PS 3.# DPVSTF QFS QFSTPO %JO OFS 4FU .FOV 3.# DPVSTF PS 3.# DPVSTF QFS QFSTPO %JOOFS XJOF QBSJOH 3.# QFS QFSTPO 4VCKFDU UP TVSDIBSHF 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
56&4%": ."3
8&%/&4%": ."3
5)634%": ."3
QN $SFB 'BTIJPO .FEJB BOE $SFBUJWF *OEVTUSJFT /FUXPSL JOH &WFOJOH
QN &YIJCJUJPO PG MPWF MFUUFST
QN 7JUBMJD 1FU $POTQJSBDZ -JNBO " . 6 7+ ;IJRJ
4QPOTPSFE CZ "HFOEB .BHB[JOF 3.# JG QSF SFHJTUFSFE CFGPSF .PO EBZ .BSDI PS 3.# GVMM QSJDF 1SJDF JODMVEFT B DPNQMJNFOUBSZ ESJOL BQQFUJ[FST IBQQZ IPVS VOUJM QN BOE VOMJNJUFE OFUXPSL JOH PQQPSUVOJUJFT 5P SFHJTUFS FNBJM FWFOUCK!GDDMVC DPN PS DBMM ;FUB #BS ' )JMUPO #FJKJOH %POHGBOH -V %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
5IF MJCSBSZ PG UIF 'SFODI $VMUVSBM $FOUSF QSPQPTFT B TFSJFT PG MFDUVSFT PG UIF XPSL PG "OBOEB %FWJ B GFNBMF BVUIPS GSPN .BVSJUJVT 'SFF &OUSBODF -JCSBSZ PG 'SFODI $VMUVSBM $FOUSF (POHUJ 9JMV (VBOHDBJ *OUFSOBUJPOBM .BTJPO $IBPZBOH EJTUSJDU XXX DDGQFLJO PSH
46/%": ."3
.0/%": ."3
QN 'PPE 'JMN BOE 'SJFOET (MPCBM $VJTJOF BOE 8PSME $JOFNB
.BMBZTJBO i4FMFSBu
0O UIF UIJSE 4VOEBZ PG FWFSZ NPOUI 5IF )VUPOH BOE &MFDUSJD 4IBEPXT XJMM SVO B KPJOU XPSLTIPQ DPOTJTUJOH PG B $BOUPOFTF DPPLJOH DMBTT GPMMPXFE CZ B NPWJF TDSFFOJOH 3.# JODMVEFT DPPLJOH DMBTT BOE NPWJF 3.# NFNCFST 3.# NPWJF POMZ 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
"(&/%"
7JTJUJOH .BMBZTJBO DIFGT MFE CZ $IFG "[IBS CJO "STIBE BOE $IFG .PIE /JTZBN CJO 4IBVSJ GSPN 5IF 3JU[ $BSMUPO ,VBMB -VNQVS XJMM CF QSFTFOUJOH UIFJS TJHOBUVSF .BMBZTJBO EJTIFT PO B MB DBSUF BU 5IF 3JU[ $BSM UPO "MUFSOBUJWFMZ EJOFST XIP QSFGFS B NPSF JOEVMHFOU NFBM NBZ EFMJHIU JO UIF .BMBZTJBO i4FMFSBu CVÃFU MVODI BU 3.# QFS QFSTPO .BSDI UI UI 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU
5)6 ."3 Ŧ 8&% ."3
%.
#BMMTZ EBODF óPPS CBOHFST UIBU MM SPVHI ZPV VQ HFOUMZ 3.# 3.# BEWBODF ' 5BOHP GPSNFSMZ LOPXO BT 5IF 4UBS -JWF )FQJOH 9JKJF N OPSUI PG :POHIFHPOH TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
)*()-*()54 '03 5)& 8&&,4 0' 5)6 ."3 Ŭ 8&% ."3 4"563%": ."3
46/%": ."3
BN QN 1BP EF MP EF 0WBS
BN $VBOEJYJB 7JMMBHF )JLF
-FBSO IPX UP NBLF UIF QFSGFDU 1PSUVHVFTF TQPOHF DBLF GSPN 0WBS XJUI DIFG 'FSOBOEP $PPLJOH DMBTT POMZ 3.# 3.# XJUI MVODI CVíFU 1BTUSZ )JMUPO )PUFM 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU
)JLF UISPVHI UIF .JOH EZOBTUZ WJMMBHF XIFSF +FU -J BOE "OEZ -BV T 8BSMPSET XBT ñMNFE BOE DMJNC UIF TVSSPVOEJOH NPVOUBJOT GPS B CJSE T FZF WJFX $PTU JODMVEFT USBOTQPSUB UJPO HVJEFT FOUSBODF BOE MVODI 3.# $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
'3*%": ."3
4"563%": ."3
QN .BST &O 'PMJF
QN -BUF 4U 1BUSJDL T %BZ #BMM
'MFVSFOU %JEJFS $MPÊ EV 5SÍóF "MFY /FWTLZ BOE "MJPTF NBLF UIF OJHIU SPNBOUJD XJUI 'SBODPQIPOF SPDL JOEJF QPQ BOE FMFDUSJD QPQ 'SFF UJDLFUT BWBJMBCMF BU "MMJBODF 'SBOÉBJTF MPDBUJPOT TUBSUJOH .BS :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
5IF TJOHMF MBSHFTU 4U 1BUSJDL T %BZ DFMFCSBUJPO JO "TJB &WFSZ ZFBS UIF #BMM XFMDPNFT NPSF UIBO HVFTUT GSPN BMM PWFS UIF XPSME JODMVEJOH NVTJDJBOT BOE EBODFST óPXO JO GSPN UIF &NFS BME *TMF UP QFSGPSN BMPOHTJEF MPDBM FO UFSUBJOFST & NBJM CBMM!HNBJM DPN GPS UJDLFUT 3.# 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM 4IVBOHKJOH &BTU SE 3JOH 3PBE $IBPZBOH %JTUSJDU 5JDLFUT SFTFSWBUJPO JSJTICBMM!HNBJM DPN
56&4%": ."3
8&%/&4%": ."3
QN MBUF #&&' 4PDJBM /FUXPSLJOH %JOOFS
QN 8JOF AO %JOF -JO ;IPOH
.JY CVTJOFTT XJUI QMFBTVSF BU UIJT NPOUIMZ FWFOU XJUI PWFS MJLF NJOEFE CVTJOFTTQFPQMF FOUSFQSFOFVST FYFDVUJWFT BOE ñOBODF QSPGFTTJPOBMT 3FHJTUFS BU FWFOUCK!GDDMVC DPN PS 3.# JODMVEFT CVíFU NFBM DPNQMJNFOUBSZ ESJOL BOE MVDLZ ESBX 3.# SFHJTUFS CFGPSF .BS QN MBUF 5IF $MVC 8JOH 4U 3FHJT +JBOHVPNFO XBJ %BKJF %JTUSJDU FWFOUCK!GDDMVC DPN
.0/%": ."3
1BTUSZ DIFG -JO ;IPOH PG 5IF 'JH 5SFF KPJOT GPSDFT XJUI #MBDL 4FTBNF ,JUDIFO GPS B TQFDJBM FEJUJPO PG UIF 8JOF AO %JOF TFSJFT 4IF MM CF TQFBL JOH BCPVU IFS FYQFSJFODFT BUUFOEJOH -F $PSEPO #MFV BOE SVOOJOH 5IF 'JH 5SFF 3FTFSWBUJPOT SFRVJSFE 3.# QN #MBDL 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH %POHDIFOH %JTUSJDU XXX CMBDL TFTBNFLJUDIFO DPN
%.
QN 4XJTT XFFL BU 4PñUFM 8BOEB #FJKJOH 7*$ 'FBUVSJOH NPSF UIBO 4XJTT TQFDJBMUJFT TVDI BT 3PFTUJ 1PUBUPFT #FSOFS 1MBUUF 4VVSF .PHHF DIFFTF ;VHFS ,JSTDI UBSU &YFDVUJWF $IFG $ISJTUJBO 8FSEFOCFSH JT QSPVE UP MFU FWFSZCPEZ FOKPZ UIF DVJTJOF PG IJT NPUIFSMBOE 4XJU[FSMBOE 5ISPVHI .BSDI 3.# -VODI #VíFU 4Pñ UFM #FJKJOH #MEH $ 8BOEB 1MB[B +JBOHVP -V $IBPZBOH %JTUSJDU FYU WJD!TPñUFMXBOEBCK DPN
&WFOUT EFBEMJOFT
.BS JTTVF .BS "QSJM JTTVF .BS
& NBJM ZPVS MJTUJOHT UP
MJTUJOHT!BHFOEBCFJKJOH DPN
5)6 ."3 Ŧ 8&% ."3
"(&/%"
%":ลฌ#:ลฌ%": 5)634%": ."3
. " 3
5)634%": 4> @>
)FSF BOE OPX %PDVNFOUBSZ 1IPUPHSBQIZ JO $POUFNQPSBSZ 4QBJO 6OUJM .BSDI UI &YIJCJUJPO )BMM *OTUJUVUP $FSWBOUFT " (POHUJ /BOMV $IBPZBOH %JTUSJDU XXX QFLJO DFSWBOUFT FT
@> 'PSUVOF $PPLJF $BQJUBMJTN *OEVTUSBM JTU รฑOBODJFS BOE IJHI UZDPPO PG UIF 3FBHBO FSB BSDI DBQJUBMJTU +PIO % ,VIOT HJWFT VT B UBTUF PG $IJOB 'PSUVOFT B TFOTBUJPOBM BDDPVOU PG ZFBST PG VQT BOE EPXOT JO XIBU XBT UIF 8JME &BTU 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPL XPSN DPN
@> 1BSBEJTF -PTU +PJO USBWFM XSJUFS $ISJT 5BZMPS UP IFBS BCPVU IJT OFX OPWFM )BSWFTU 4FBTPO XIJDI JT BO FYQMPSB UJPO PG EFWFMPQNFOU UPVSJTN BOE DVMUVSF DMBTI 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPL XPSN DPN
@> -JWJOH JO #FJKJOH BOE %FQBSUJOH GSPN $IJOB XJUI 1FUT 5IJT QSFTFOUB UJPO XJMM GPDVT PO UISFF EJรญFSFOU BTQFDUT -JWJOH JO #FJKJOH XJUI 1FUT 3BCJFT "XBSFOFTT 1SFWFOUJPO BOE %FQBSUJOH GSPN $IJOB 'SFF (FSNBO $FOUSF .FFUJOH 3PPN ' -BOENBSL 5PXFS &BTU SE 3JOH /PSUI 3PBE $IBPZBOH %JTUSJDU MVF!HFSNBODFOUSF PSH DO
@> 4PVUIFSO )FNJTQIFSF (PUIJD "VTUSBMJB T PVUCBDL EFTFSU SVTUCFMU BOE 5BTNBOJBO XJMEFSOFTT BT TVDDFTTPST UP UIF "NFSJDBO EFFQ TPVUI GPSN UIF CBDLESPQ GPS "VTUSBMJBO (PUIJD :PVOH XSJUFST +VMJB -FJHI BOE $SBJH 4JMWFZ MFBE UIF XBZ 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
"(&/%"
-POFMZ $IJOB %BZ T OFX BMCVN ESBXT ZPV JOUP B QMBDF UIBU USBOTDFOET UIF &BTU 8FTU BOE FWFO UIF &BSUI JUTFMG
@> @> 4?6 (?E4A6, $"* T 'VOESBJTJOH &WFOJOH 4QPO TPSFE CZ #FJKJOHLJET 'VOET SBJTFE XJMM HP UPXBSET $"* T FNQPXFSNFOU QSPHSBNT GPS NJHSBOU DIJMESFO BOE NJHSBOU DIJMESFO USBJOJOH 3.# QFSTPO CFGPSF .BSDI UI 3.# QFSTPO 3.# PG UIF UJDLFU QSJDF XJMM HP UPXBSET $"* T FNQPXFS NFOU QSPHSBNT GPS NJHSBOU DIJMESFO .VHIBM T 3FTUBVSBOU ' /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU +BOFM XXX DBJ DIJOB PSH
*OUFSOBUJPOBM 8PNFO T %BZ 7BSJFUร 4QPOTPSFE CZ "HFOEB $FMFCSBUF UIF DFOUFOOJBM PG *OUFSOBUJPOBM 8PNFO T %BZ BU B 7BSJFUร 4IPX QVU PO CZ UIF #FJKJOH *OEFQFOEFOU "SUJTUT "MM QSPDFFET GSPN UIJT TIPX XJMM BTTJTU GFNBMF FOUSFQSFOFVST GSPN SVSBM $IJOB TUBSU UIFJS PXO CVTJOFTTFT UISPVHI 8PLBJ PSH 5IF BDUPST EBODFST NBSUJBM BSUJTUT TJOHFST BOE PSHBOJ[FST BSF BMM DPMMBCPSBUJOH PO UIJT GSPN UIF HPPE OFTT PG UIFJS IFBSUT BOE GPS UIFJS MPWF PG UIF BSUT 5IJT .BSDI UI NJOHMF XJUI UIF GPSFJHO BOE $IJOFTF BSUJTUT BOE QIJMBOUISPQJTUT JO #FJKJOH GPS UIJT PSJHJOBM BOE FYDJUJOH TIPX $POUBDU 4UFQIBOJF +FOTFO $PSNJFS BU 3.# BEWBODF 3.# BU UIF EPPS 1FOHIBP 5IFBUSF BOE $BGร %POHNJBOIVB )VUPOH +JBPEBPLPVOBO 4USFFU %POHDIFOH %JTUSJDU #FJKJOH
@> *OUSPEVDUJPO BOE (SFFO 5BSB .FEJ UBUJPO $SZTUBM DIBOOFMJOH BOE UIFSBQZ BOE .FEJUBUJPO XJUI 5SJTUFO $IVSO
5)6 ."3 ลฆ 8&% ."3
%.
3.# ,PDPPO 3N $ ' /PSUI #MEH /BMJ 1BUJP 4BOMJUVO #FJKJF XFTU TJEF $IBPZBOH %JTUSJDU
@> 5XJMJHIU 5POFT +PJO 9J $IVBO BOE #SVDF (SFNP UP IFBS (SFNP T TIJGUJOH TPVOETDBQFT SFรณFDUJOH UIF FCC BOE รณPX PG 9J $IVBO T TQPLFO XPSET #F MJFWF JU PS OPU ZPV XJMM CF NFTNFSJ[FE 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> -POFMZ $IJOB %BZ "OPUIFS NVTJDBM FQJD FYQFSJNFOU 3.# 1SFTBMF :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU XXX MPOFMZDIJOBEBZ DPN
-:>7, /4AG 6OJ %FTJHO JO $IJOB i6OJ EFTJHO JO $IJOBu JT BO BSU TIPX UP USBOTDFOE UIF CPVOEBSJFT PG UIF EFTJHO รฑFME BOE BO FรญPSU UP CSFBL UISPVHI UIF CPUUMFOFDL PG UIF JOEVTUSZ #BTFE PO UIF TVCKFDUT PG UIF FYIJCJUJPO i"SUT $IJOB p %FTJHO 'PSVN **u XJMM MFBE UP GVSUIFS FYQMPSB UJPO XJUI TPNF PG UIF NPTU DSFBUJWF NJOET 5ISPVHI "QSJM UI #FJKJOH $FOUFS GPS UIF "SUT 2JBONFO %POHEBKJF %POHDIFOH %JTUSJDU XXX CFJKJOHDFOUFSGPSUIFBSUT DPN XXX DIJFONFO DPN
%":Ŭ#:Ŭ%": '3*%": ."3
. " 3
$IBPZBOH %JTUSJDU
@>
'3*%": 4>
5IF 1FPQMF T 3FQVCMJD PG %FTJSF "O OJF 8BOH QSFTFOUT B IZQFS PCTFSWBOU BDDPVOU PG B TPDJFUZ JO óVY +PJO VT GPS B UBML PO UIF QPSUSBJU PG HFOEFS QPMJUJDT BNPOH $IJOB T OPVWFBV SJDIF 3.# :JO :BOH $PNNVOJUZ $FOUFS $PVSU ZBSE )FHF[IVBOH 7JMMBHF BDSPTT GSPN 5IF 0SDIBSE DBMM GPS EJSFDUJPOT $IBPZBOH %JTUSJDU
@> 5SBOTDSFBUJPO %JTDVTTJOH UIF DSFBUJWF QSPDFTT PG MJUFSBSZ USBOTMBUJPO XJUI .BCFM -FF USBOTMBUPS PG /PCFM 1SJ[F XJOOFS (BP 9JOHKJBO T 4PVM .PVOUBJO BOE -V +JBOEF $"44 QSPGFTTPS BOE USBOTMBUPS PG NPEFSO &OHMJTI MBOHVBHF UFYUT .PEFSBUFE CZ 1BQFS 3FQVCMJD T &SJD "CSBIBNTPO 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 5IF 4MBQ )FBS (SFFL "VTUSBMJBO $ISJT UPT 5TJPMLBT SFBE GSPN IJT QPSUSBJU PG CSPLFO MJCFSBM ESFBNT FNQUZ DPOTVN FSJTN TFMñTIOFTT BEVMUFSZ WFOHFGVM TFY NJTPHZOZ BOE OFX BHF MPOHJOHT 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
*OUFSOBUJPOBM 8PNFO T %BZ *OUFSOB UJPOBM 8PNFO T %BZ SBJTFT BXBSFOFTT BCPVU UIF EBJMZ DIBMMFOHFT XPNFO GBDF MJWJOH JO $IJOB 5IJT DPDLUBJM FWFOU JT DPNQSJTFE PG B TJMFOU BVDUJPO LFZOPUF TQFBLFST OFUXPSLJOH BOE XPNFO UP XPNFO NFOUPSTIJQ PQ QPSUVOJUJFT 'VOET XJMM CFOFñU $IJOB &EVDBUJPO *OJUJBUJWF 7FOVF 5#" XXX JOUMXPNFOTEBZ PSH XPNFOTEBZ IUNM JOUMXPNFOTEBZCK!HNBJM DPN
XXX ZJTIV DPN
@> 0VU PG UIF "SDIJWFT " .PTRVF JO .VOJDI +PJO *BO +PIOTPO GPS B GBTDJ OBUJOH UBML PO SFTFBSDIJOH BOE XSJUJOH " .PTRVF JO .VOJTI GSPN BSDIJWFT UP JOUFSWJFXT XJUI UIF NPTU VOFYQFDUFE ñHVSFT 3.# 5IF CPPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@>
@> 'JMN 7BO (PHI 4PBL JO UIF MBTU RVJFU NPOUIT PG UIF %VUDI BSUJTU T MJGF UISPVHI UIJT TUVOOJOH CJPQJD CZ .BVSJDF 1JBMBU 5IF ñMN JT TFU JO UIF FBSMZ TVNNFS NPOUIT PG BT 7BO (PHI SFDPWFST GSPN IJT TUJOU BU UIF BTZMVN BOE FOKPZT OFX XFMMTQSJOHT PG DSFBUJWJUZ 3.# 3.# TUVEFOUT QN 6$$" %BTIBO[J "SU %JTUSJDU +JVYJBORJBP -V $IBPZBOH %JTUSJDU
5IF 4ZOEJDBUF UI "OOJWFSTBSZ 1BS UZ 4QPOTPSFE CZ UIF #FJKJOHFS %SVN CBTT MFHFOE -5+ #VLFN WJTJUT XJUI .$ $POSBE UP UPBTU #FJKJOH T PXO ESVN CBTT IFSPFT 4MJEF #MBDLJF -:%/# %BO BOE ,BZ $ BMM UBLF UVSOT BT XFMM 3.# 3.# BEWBODF QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
@>
@>
UI "OOVBM *OUFSOBUJPOB M 8PNFO T %BZ $FMFCSBUJPO m i.FOUPSJOH 'VUVSF 8PNFO -FBEFSTu 4QPOTPSFE CZ "HFOEB *OTQJSFE CZ UIF WJTJPO UIBU POF EBZ BMM $IJOFTF DIJMESFO XJMM IBWF BDDFTT UP B RVBMJUZ FEVDB UJPO UIF $IJOB &EVDBUJPO *OJUJBUJWF $&* UBLFT B VOJRVF BQQSPBDI UP FMJNJOBUJOH FEVDBUJPOBM JOFRVJUZ JO $IJOB 3.# QFS QFSTPO $POUBDU JOUMXPNFOTEBZCK!HNBJM DPN GPS TQPOTPSTIJQ BOE QBSUJDJQBUJPO EFUBJMT XXX DIJOBFEVDBUJPOJOJUJBUJWF PSH $BCMF -BOHKJBZVBO +JBOHVP -V
#FJKJOH BU UIF .PWJFT %SBXJOH PO IJT FODZDMPQFEJD LOPXMFEHF PG $IJOFTF DJOFNB GSPN UIF ñSTU TJMFOU NPWJFT UP $PNNVOJTU FSB QSPQBHBOEB BOE UIF IJTUPSJDBM CMPDLCVTUFST MJUFSBSZ BEBQUB UJPOT BOE BSU IPVTF SFBMJTN PG UPEBZ GPSNFS 5JNF0VU #FJKJOH ñMN FEJUPS 4JNPO 'PXMFS UBLFT VT PO B UPVS PG UIF &TTFOUJBM $IJOFTF 'JMNT 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN &-7*4 5 1BUIXBZ 3FMFBTF 1BSUZ $FMFCSBUF XJUI UIF "DVQVODUVSF IFBE CPZ BT IF SFMFBTFT TPQIPNPSF BMCVN 1BUIXBZ 'SFF QN 5IF )PVTF 8PSL FST 4UBEJVN /PSUI (BUF (POHUJ #FJMV $IBPZBOH %JTUSJDU
-:>7, /4AG )BLLB 3PVOE #VJMEJOHT BOE 9JB NFO 6OUJM .BS 8BSN VQ UP 'VKJBO QSPWJODF XJUI JUT CFBVUJGVM TFBQPSU DJUZ PG 9JBNFO BOE UIF FBSUIFO UVMPV BSDIJUFDUVSF PG UIF )BLLB QFPQMF $PTU JODMVEFT BJSGBSF BDDPNNPEB UJPO NFBMT UPVS HVJEFT BOE NPSF 3.# $IJOB $VMUVSF $FOUFS ,FOU $FOUFS "OKJBMPV -JBOHNBRJBP -V $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH 5IF 4ZOEJDBUF UI "OOJWFSTBSZ %POhU .JTT *U
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
%":ลฌ#:ลฌ%": 4"563%": ."3
. " 3
4"563%": 4>
1FSGVNFE 1BMBDF . " "MESJDI JOUSPEVDFT VT UP POF PG #FJKJOH T MJUUMF LOPXO DPNNVOJUJFT JO IJT CPPL 5IF 1FSGVNFE 1BMBDF +PJO VT UP IFBS NPSF GSPN "MESJDI T MFBSOFE BOE FMFHBOUMZ XSJUUFO TUVEZ 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
4> @> $PVOUSZ 'BJS 0SHBOJD QSPEVDF XJOFT UFBT DIFFTFT FWFO QSPE VDUT UP TVQQPSU MPDBM GBSNFST 'SFF BN QN 4UVEJP 9 #FJKJOH " 'BOHKJB )VUPOH "OEJOHNFO /BJEBKJF %POHDIFOH %JTUSJDU
4> @> 1BP EF MP EF 0WBS -FBSO IPX UP NBLF UIF QFSGFDU 1PSUVHVFTF TQPOHF DBLF GSPN 0WBS XJUI DIFG 'FSOBOEP $PPL JOH DMBTT POMZ 3.# XJUI MVODI CVรญFU 3.# 1BTUSZ )JMUPO )PUFM 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU
@> 5IF (SFBU "OOVBM '5 %FCBUF 1FUFS "TQEFO -VDZ ,FMMBXBZ 4JNPO ,VQFS BOE +BO %BMMFZ *T 5IF (MPCBMJTBUJPO PG $VMUVSF B 'PSDF GPS (PPE 4JMWFS 3PPN $BQJUBM . ' 2JBONFO 1FEFTUSJBO 4USFFU TPVUIFBTU PG 2JBO NFO $IPOHXFO %JTUSJDU SFTFSWBUJPOT!DBQJUBM N CFJKJOH DPN
'((? 'FNBMF 7PJDFT JO /FX $IJOB 'SFTI EJTUJODUJWF BOE DPOUSPWFSTJBM $IVO 4IV .JBO .JBO BOE -JV 4VPMB FNCPEZ UIF SBOHF BOE EJWFSTJUZ PG $IJOFTF XPNFO T WPJDFT %SVHT TFY BOE FOOVJ UIFJS XPSLT DBQUVSF UIF QSFTFOU BT UIFZ TFF JU 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 8SJUJOH -JGF $IJOFTF GBDU รฑDUJPO .JBP 8FJ BOE )V 9VEPOH EJTDVTT i*T
"(&/%"
*OUFSOBUJPOBM 8PNFO T %BZ CSPVHIU CZ 1&/()"0 UIF SFรณFDUJPO PG SFBM MJGF B EVUZ PG UIF XSJUFS PS DPODFQUVBM ZPLF u 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 'SBOHP EB (VJB "DPSEB EF 1FJYF F .BSJTDP -FBSO UIF TFDSFU PG 1PSUV HVFTF HSJMM DIJDLFO XJUI 5SPNCB 3JKB CFGPSF FYQMPSJOH IPX UP NBLF รณBNCร TFBGPPE XJUI NBTIFE CSFBE BOE GSFTI DPSJBOEFS $PPLJOH DMBTT POMZ 3.# 3.# XJUI EJOOFS CVรญFU .BJO ,JUDIFO )JMUPO )PUFM 8BOHGVKJOH 8BOHGVKJOH %POHKJF %POHDIFOH %JTUSJDU
$PPM $MJNBUF 8JOF 5BTUJOH %JOOFS 4QPOTPSFE CZ "HFOEB $PNQBSF XJOFT GSPN SFHJPOT XJUI DPPMFS DMJNBUFT EJTDPWFSJOH IPX UIFTF DMJNBUFT BรญFDU UIF XJOF TUZMFT 8JOF 5BTUJOH 3.# 4FU %JOOFS 3.# 3.# GPS CPUI 8JOF UBTUJOH BU QN TFU EJOOFS BU QN $POUBDU KJN!QVEBPXJOFT DPN PS 4BEMFS 2JBONFO %POH %B +JF %POHDIFOH %JTUSJDU XXX TBEMFS CFJKJOH DPN
@> #BMMFU 3BJTF UIF 3FE -BOUFSO 3.# /$1" 0QFSB )PVTF $IBOH BO +JF 9JDIFOH %JTUSJDU XXX DIODQB PSH
@>
@>
5SBWFMT XJUI -JFWF +PSJT +PSJT EJT DVTTFT IPX B TUPSZ JT USBDFE GSPN JUT JODFQUJPO GPMMPXJOH MFBET DIBSBDUFST DSBGUJOH OBSSBUJWFT DBQUVSJOH EFUBJMT BOE DSFBUJOH WJWJE XPSMET 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
" $PVQMF PG 1PPS 1PMJTI 4QFBLJOH 3PNBOJBOT )JHIMJHIUJOH QSFKVEJDFT TUFSFPUZQFT BOE NJOEMFTT OBUJPOBMJTUJD JEFPMPHZ %PSPUB .BTUPXTLB TQFBLT BCPVU IFS CPEZ PG XPSL OPWFMT SBQ QPFNT BOE QMBZT 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 'VUVSF 1FSGFDU $IBO ,PPODIVOH EJT DVTTFT B XPSME XIFSF NPOUIT HP NJTT JOH i4UBSCVDLT 8BOHXBOHu JT PO FWFSZ DPSOFS BOE IBQQJOFTT JT DPNQVMTPSZ 3.# 5IF CPPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
5)6 ."3 ลฆ 8&% ."3
%.
4MBN 3BQ 8PSET 0NBS .VTB BOE ,FMMZ MFF )JDLFZ KPJO $IJOFTF IJQ IPQ BSUJTUT GPS UIJT POF Pรญ TMBN TIPXEPXO BU %PT ,PMFHBT $P IPTUFE CZ UIF +6& GFTUJWBM 3.# ,PMFHBT -JBOH NBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JTUSJDU
%":Ŭ#:Ŭ%": 46/%": ."3
. " 3
$IJOB "MTP FEJUPS JO DIJFG PG UIF IJQ -J NBHB[JOF ;IBOH QSPWJEFT IFS JOTJHIU JOUP $IJOB T ZPVOH NJOET 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
46/%":
@>
4>
#MVF 4LZ 5IJOLJOH 5IF &OWJSPO NFOU JO $IJOB )FBS +POBUIBO 8BUUT UIF BVUIPS PG UIF TPCFSJOH 8IFO " #JMMJPO $IJOFTF +VNQ QSFTFOU IJT VOQSFDFEFOUFE PWFSWJFX PG $IJOB T FOWJSPONFOUBM EFHSBEBUJPO BOE JOOPWBUJPO 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPL XPSN DPN
'((? *O $POWFSTBUJPO 'FOH 5BOH JT POF PG $IJOB T NPTU FYDJUJOH ZPVOH OPWFMJTUT )JT MBUFTU OPWFM &WFSZUIJOH (SPXT IBT CFFO IBJMFE CZ DSJUJDT BT B $IJOFTF $BUDIFS JO UIF 3ZF XJUI JUT XSZ PCTFSWBUJPOT PO ZPVUI BOE NBUVSB UJPO )V 9VEPOH MJUFSBSZ 1SPGFTTPS BU #FJEB JOUSPEVDFT 'FOH JO UIJT &OHMJTI MBOHVBHF FWFOU 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> *O $POWFSTBUJPO 0OF PG $IJOB T CFTU TFMMJOH OPWFMJTUT BOE UIF NPTU DSJUJ DBMMZ BDDMBJNFE PG UIF T HFOFSBUJPO GFNBMF XSJUFST ;IBOH :VFSBO XSJUFT PO MPOFMJOFTT BMJFOBUJPO BOE MPOHJOH GPS MPWF BOE NFBOJOH JO NPEFSO
$POGFSFODF BSPVOE UIF XPSL PG 4XJTT XSJUFS +BDRVFT $IFTTFY 5IF 4XJTT &NCBTTZ JO DPMMBCPSBUJPO XJUI UIF 'SFODI &NCBTTZ JOWJUFT ZPV UP B DPOGFSFODF BSPVOE UIF XPSL PG UIF XSJUFS +BDRVFT $IFTTFY HBUIFSJOH B $IJOFTF TQFDJBMJTU PG 'SFODI MJUFSBUVSF BOE B EPDVNFOUBSZ PWFS UIF XSJUFS 'SFF FOUSBODF TFBUT BSF MJNJUFE *O 'SFODI BOE $IJOFTF "VEJUPSJVN PG $$' (POHUJ 9JMV (VBOHDBJ *OUFSOB UJPOBM .BTJPO $IBPZBOH EJTUSJDU XXX DDGQFLJO PSH
@> 1PFUSZ "OUIPMPHZ 5ISFF &OHMJTI MBOHVBHF QPFUT NFFU UISFF $IJOFTF QPFUT JO UIJT FWFOJOH PG QPFUSZ " SBSF DIBODF UP IFBS FTUFFNFE QPFUT SFDJUF UIFJS XPSL 9J $IVBO 8BOH +JBYJO -BO -BO ,FMMZ -FF )JDLFZ BOE PUIFST 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN &MFDUSJD 4IBEPXT "VUFVST +PJO VT GPS B TQFDJBM TDSFFOJOH PG (FSNBO ñMNNBLFS -JOH -FF T MBUFTU EPDVNFO UBSZ GPMMPXFE CZ B EJSFDUPS 2 " BOE EJTDVTTJPO PO EPDVNFOUBSZ NBLJOH JO $IJOB BOE CFZPOE 3.# 3JWFSCBOL
$BGÊ ( 'MPPS '9 )PUFM /0 .BJ[JEJBO 9JMV $IBPZBOH
@> (ÊSBSE (VÊHBO PO $JOFNB 4QFDJBMJTU PG DJOFNB BOE DPNNJUUFE XSJUFS (ÊSBSE (VÊHBO XJMM TIBSF IJT QBTTJPO GPS 'SFODI DJOFNB UISPVHI UXP NBTUFSQJFDFT 8JUI UIFTF UXP ñMNT IF XJMM SFNJOE VT UIBU UIF 'SFODI DJOFNB PG UIF T XBT BU UIF MFBEJOH IFEHF "VEJUPSJVN PG $$' (POHUJ 9JMV (VBOHDBJ *OUFSOBUJPOBM .BTJPO $IBPZBOH EJTUSJDU XXX DDGQFLJO PSH
@> 8SJUJOH "GSJDB )FBS UXP XSJUFST )F MPO )BCJMB BOE -JFWF +PSJT XIPTF XPSL DPOTJTUFOUMZ SFUVSOT UP "GSJDB TIBSF UIFJS QFSTQFDUJWFT PO DBQUVSJOH JUT DPNQMFYJUJFT BOE OBSSBUJWFT 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> /PSUIFSO 4PVM B QFSGPSNBODF 5IF #PPLXPSN JT QSPVE UP CF B TQPOTPS PG UIF "VTUSBMJBO /BUJPOBM 4MBN $IBNQJPOTIJQ BOE UISJMMFE UP CSJOH )JDLFZ UP #FJKJOH GPS IFS EFCVU $IJOB QFSGPSNBODF +PJO VT GPS B NPWJOH BOE QPXFSGVM QFSGPSNBODF PG QPFUSZ 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 5SBOTMBUJPO 4MBN 4UFQQJOH VQ UP UIF DIBMMFOHF PVS GSJFOET BU 1BQFS 3FQVCMJD XJMM UBDLMF USBOTMBUJOH POF PG PVS &OHMJTI MBOHVBHF BVUIPST JOUP $IJOFTF BOE POF PG PVS $IJOFTF MBO HVBHF BVUIPST JOUP &OHMJTI +PJO VT UP TFF XIP DPNFT PVU PO UPQ 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
-:>7, /4AG
+FXFMSZ BU UIF *ODSFEJCMF *OEJB *$# #B[BBS
%.
*OEJBO CB[BBS (BUIFS GPS UIF *OEJBO DPNNVOJUZ T BOOVBM CB[BBS GFBUVSJOH MJWF TPOHT BOE EBODFT BOE TUBMMT TFMMJOH UBTUZ *OEJBO USFBUT IBOE FN CSPJEFSFE DMPUIFT IPNF EÊDPS JUFNT BOE KFXFMSZ 'SFF 5JNF 5#% 5IF #SJUJTI 4DIPPM PG #FJKJOH 4BOMJUVO 9JMJVKJF $IBPZBOH %JTUSJDU XXX CSJUJTITDIPPM PSH DO
5)6 ."3 Ŧ 8&% ."3
"(&/%"
%":Ŭ#:Ŭ%": .0/%": ."3
. " 3
.0/%": 4> @>
%FT $BTFT FU EFT IPNNFT "U UIF UI FEJUJPO PG GSBODPQIPOJF GFTUJWBM JO $IJOB #FJKJOH "MMJBODF 'SBOÉBJTF QSFTFOUT RVBOUJUZ PG FYDJUJOH FWFOUT &YIJCJUJPOT PG BMM LJOET PG i$BGÊT EFT 4DJFODFT u 'SFODI TQFBLJOH DPVOUSJFT ñMN GFTUJWBM &OUSZ 'SFF #FJKJOH "MMJBODF 'SBOÉBJTF (VBOHDBJ *OUFSOBUJPOBM .BOTJPO (POHUJYJMV $IBPZBOH %JTUSJDU FYU GS DO EHDVMUVSF!BGDIJOF PSH XXX BGDIJOF 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 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 $IBPZBOH %JTUSJDU XXX DIJOBDVMUVSFDFOUFS PSH
@> 4XJTT 8FFL BU 4PñUFM 8BOEB #FJKJOH 7*$ 'FBUVSJOH NPSF UIBO 4XJTT TQF DJBMUJFT TVDI BT 3PFTUJ 1PUBUPFT #FSOFS 1MBUUF 4VVSF .PHHF DIFFTF ;VHFS ,JSTDI UBSU &YFDVUJWF $IFG $ISJTUJBO 8FSEFOCFSH JT QSPVE UP MFU FWFSZCPEZ FOKPZ UIF DVJTJOF PG IJT NPUIFSMBOE 4XJU[FSMBOE UI UI .BS 3.# -VODI #VíFU 4PñUFM #FJKJOH #MEH $ 8BOEB 1MB[B +JBOHVP -V $IBPZBOH %JTUSJDU FYU WJD!TPñUFMXBOEBCK DPN
@> 4"-5 8JOUFS %BZT BEE B HMBTT &OKPZ 4"-5 4 TJHOBUVSF TUZMF BOE GSFTI UBTUFT XJUI 4"-5 T GBWPVSJUFT $IFDL PVU UIF OFX TFBTPOBM XJOF BOE ESJOLT MJTU UP DPNQMJNFOU ZPVS EJOJOH .0/ %": '3*%": QN DPVSTFT SNC DPVSTFT SNC BEE B HMBTT PG XJOF PS CFFS DPVSTFT SNC DPVSTFT SNC 4"-5 ' +JBOHUBJ 9JMV PQQPTJUF UIF +BQBOFTF 4DIPPM
"(&/%"
4UBSWJOH 5SZ $PMJCSJ T /FX 4FU -VODI XFTU PG 3PTFEBMF )PUFM $IBPZBOH %JTUSJDU
@> -JGF JO UIF 8PSLTIPQ PG UIF 8PSME *O MJHIU PG UIF 'PYDPOO TVJDJEFT MBTU ZFBS $IBOH TIBSFT XJUI VT IPX DPOEJUJPOT BOE GBDUPSZ MJGF BíFDU UIF HJSMT XFMMCF JOH QTZDIPMPHJDBMMZ FNPUJPOBMMZ BOE NBUFSJBMMZ 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPL XPSN DPN
UIF GBDUPSJFT BOE NBTTBHF QBSMPST PG CPPN UPXO 4IFO[IFO 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> :PHB BOE -JWF .VTJD ,PDPPO MBVDIFT BO FYDMVTJWF BOE QSJWBUF TFUUJOH GPS B VOJRVF XFMMOFTT FYQFSJFODF PG :PHB 4UBSUJOH GSPN .BS FWFSZ .POEBZ QN ,PDPPO 3N $ ' /PSUI #MEH /BMJ 1BUJP 4BOMJUVO #FJKJF XFTU TJEF $IBPZBOH %JTUSJDU
@> )BQQZ )PVS BU .BOB $PNF PWFS BOE JOEVMHF ZPVSTFMG JOUP B XBSN MBUF BGUFSOPPO BU .BOB FWFSZ EBZ GSPN QN UP QN "MM ESJOLT BSF TPME PO CVZ POF HFU POF GSFF CBTJT .BOB 4BOMJUVO #FJYJBPKJF $IBPZBOH %JTUSJDU $IBPZBOH %JTUSJDU
@> 0JM #BSSFO +PJO 5IF #PPLXPSN UP IFBS )FMPO )BCJMB PG IJT OBUJWF /JHFSJB QSFTFOU 0JM 0O 8BUFS IJT FWPDBUJWF QPSUSBJU PG UIF EBNBHF XSPVHIU CZ ACMBDL HPME 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPL XPSN DPN
@> /PSUIFSO (JSMT 'SPN POF PG $IJOB T NPTU FYDJUJOH BOE BTTVSFE BWBOU HBSEF XSJUFST 4IFOH ,FZJ T /PSUIFSO (JSMT JT UIF TDBOEBMJ[JOH BOE SBX BDDPVOU PG B QSFDPDJPVT NJHSBOU HJSM T USBWFMT GSPN IFS TNBMM JOMBOE WJMMBHF UP
5)6 ."3 Ŧ 8&% ."3
%.
@> 5IF )PSOFU " TQFMMJOH CFF POMZ OBTUJ FS *G XPSET MJLF TUSPNVIS HVFSEPO BOE FVPOZN KVTU SPMM Pí ZPVS UPOHVF UIFO ZPV NJHIU KVTU IBWF XIBU JU UBLFT UP DMBJN UIF UJUMF PG CFTU TQFMMFS JO #FJKJOH 5FBNT PG TJY DPNQFUF GPS PSUIPHSBQIJD QSPXFTT BOE FUFSOBM HMPSZ 'SFF 5IF CPPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
-:>7, /4AG )PU BCPVU )FSCT (FU B IFBMUIZ TUBSU UP TQSJOH XJUI OPVSJTIJOH $BOUPOFTF IFSC TPVQT TVDI BT EPVCMF CPJMFE CMBDL DIJDLFO XJUI HJOTFOH BOE CJSE T OFTU FTTFODF PG DIJDLFO XJUI DPSEZDFQT BOE XPMGCFSSZ BOE MPUVT SPPU QFBOVUT BOE QPSL SJC 4PVQ XIJDI XJMM TVSFMZ UBOUBMJ[F ZPVS UBTUF CVET 4DFOF B $BGÊ $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FYU
%":Ŭ#:Ŭ%": 56&4%": ."3
. " 3
@>
56&4%": 4> @>
$IBOHF .BOBHFNFOU GPS .BOBHFST *G ZPV BSF MPPLJOH UP DIBOHF ZPVS PSHBOJ[BUJPO BOE TUSBUFHJFT UP IFMQ ZPV UIFO UIJT XPSLTIPQ JT GPS ZPV .FNCFST 3.# QFSTPO OPO NFNCFST 3.# QFSTPO $PVSTF JO &OHMJTI $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ UI 'MPPS 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH
4> ?((? *// $PíFF .PSOJOH m 4BOMJUVO 'SFF BN OPPO 5IF CPPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> *O $POWFSTBUJPO "VUIPS PG *TIR BOE .VTIR BOE 5IF 0CTDVSF -PHJD PG UIF )FBSU 1SJZB #BTJM JT JO DPOWFSTBUJPO XJUI $BQVS BVUIPS PG 4UFBMJOH ,BSNB 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
*OEJBO 3FHJPOBM $VJTJOF BU 5BNBSJOE 4IPXDBTJOH UIF EJWFSTJUZ PG *OEJB T DVJTJOF UIJT QSPNPUJPO GPDVTFT 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.# UP 3.# QFS EJTI 5ISPVHI .BSDI TU 5BNBSJOE .BSSJPUU /PSUIFBTU ' #FJKJOH .BS SJPUU )PUFM /PSUIFBTU " 9JBPZVO -V $IBPZBOH %JTUSJDU .BS SJPUU#FJKJOH/PSUIFBTU DPN
@> $SJNF 8SJUJOH JO $IJOB 'PSNFS QP MJDFNBO " :J JT UIPVHIU UP CF $IJOB T NPTU QSPNJTJOH DSJNF XSJUFS +PJO VT GPS IJT EFCVU XJUI BO JOUFSOBUJPOBM BVEJFODF 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPL XPSN DPN
@> $BNQBJHO 3VCZ #FJKJOH SFTJEFOU +FTTJDB 3VEE QFOOFE IFS IJU EFCVU OPWFM JO DBGFT BSPVOE UIF DJUZ +PJO VT GPS B UBTUFS BOE 2 " 3.# :JO :BOH $PNNVOJUZ $FOUFS $PVSUZBSE )FHF[IVBOH 7JMMBHF BDSPTT GSPN 5IF 0SDIBSE DBMM GPS EJSFDUJPOT $IBPZBOH %JTUSJDU
@>
@> 4BOHSJB /JHIU )PU 4BOHSJB GPS 3.# BU $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
-F #PVSHFPJT HFOUJMIPNNF CZ .PMJÍSF GSPN UIF JEFB UP UIF QFSGPSNBODF 5IF -BOUFSOT 5IFBUSF 5IÊÄUSF EFT -BOUFSOFT IPTUT B DPOGFSFODF PO -F #PVSHFPJT (FOUJM
IPNNF CZ .PMJÍSF BOE FYQMBJOT UIFJS XPSL BOE UIF XBZ DIPTFO UP QFSGPSN UIF QMBZ PO +VOF BOE 'SFF FOUSBODF TFBUT MJNJUFE *O CPUI 'SFODI BOE $IJOFTF "VEJUPSJVN PG 'SFODI $VMUVSBM $FOUSF (POHUJ 9JMV $IBPZBOH %JTUSJDU
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îDJFODZ KPJOFE CZ MPDBM CPZT .S (SBDFMFTT 3.# 3.# BEWBODF QN ' 5BOHP GPS NFSMZ LOPXO BT 5IF 4UBS -JWF )FQ JOH 9JKJF N OPSUI PG :POHIFHPOH TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU 4UVNCMF *OO 2VJ[ /JHIU 'SFF QN 5IF 4UVNCMF *OO 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 5IF -JGF BOE 0QJOJPOT PG .BG UIF %PH "OESFX 0 )BHBO UFMMT VT BCPVU UIF DSFBUJPO PG UIF DIBSBDUFS .BG BOE IJT QMBDF JO UIF MPOH USBEJUJPO PG UBLJOH BOJNBMT JO MJUFSBUVSF 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 1JDUVSJOH #FJKJOH +PJO BSUJTU )FMFO $PVDINBO QIPUP KPVSOBMJTU 4IJIP 'VLBEB BOE QIPUP CMPHHFS +PSEBO 5IPNBT .JUDIFMM QSFTFOU BOE EJTDVTT UIF TUPSJFT CFIJOE UIFJS XPSL DBQUVS JOH PVS FWFS DIBOHJOH DJUZ 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN 4UVNCMF *OO 2VJ[ /JHIU IPTUFE CZ 3PCCJF )FOOFCSZ
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
%":Ŭ#:Ŭ%": 8&%/&4%": ."3
. " 3
8&%/&4%": 4>
$IBSBDUFSJTBUJPO 1SJZB #BTJM MFBET VT UISPVHI IFS NFUIPET QSPWJEJOH UJQT FYFSDJTFT BOE TDFOBSJPT UP UIF RVFT UJPOT MJLF IPX DBO ZPV NBLF ñDUJPOBM DIBSBDUFST HSPX UISPVHI UIF WBHBSJFT PG QMPU 3.# :JO :BOH $PNNVOJUZ $FOUFS $PVSUZBSE )FHF[IVBOH 7JM MBHF BDSPTT GSPN 5IF 0SDIBSE DBMM GPS EJSFDUJPOT $IBPZBOH %JTUSJDU
@> $PNNJUUJOH +PVSOBMJTN " #PPL XPSN GFTUJWBM USBEJUJPO BOE QFSFOOJBM GBWPSJUF BOPUIFS ZFBS PO GPVS #FJKJOH CBTFE GPSFJHO DPSSFTQPOEFOUT (BEZ &QTUFJO 1FUFS 'PTUFS -PVJTB -JN BOE &WBO 0TOPT EJTDVTT SFQPSUJOH PO #FJKJOH BOE $IJOB 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB#PPLXPSN DPN
+PJO -FTMJF $IBOH BOE 1FUFS )FTTMFS GPS B XPOEFSGVM $POWFSTBUJPO FWFOJOH *OO 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> #VSZJOH UIF #POFT 1FBSM #VDL 0OF PG #SJUBJO T NPTU EJTUJOHVJTIFE CJPHSBQIFST )JMBSZ 4QVSMJOH SFWJWFT UIF MFHFOE PG 1FBSM #VDL JO IFS MBUFTU CPPL #VSZJOH UIF #POFT 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB#PPLXPSN DPN
@> &YIJCJUJPO PG MPWF MFUUFST 5IF MJCSBSZ PG UIF 'SFODI $VMUVSBM $FOUSF QSPQPTFT B TFSJFT PG MFDUVSFT PG UIF XPSL PG "OBOEB %FWJ B GFNBMF BVUIPS GSPN .BVSJUJVT 'SFF &OUSBODF -JCSBSZ PG 'SFODI $VMUVSBM $FOUSF (POHUJ 9JMV (VBOHDBJ *OUFSOBUJPOBM .BTJPO $IBPZBOH EJTUSJDU XXX DDGQFLJO PSH
@> -BEJFT /JHIU #VZ POF DPDLUBJM BOE HFU POF GSFF $JSP T 1PNPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU #MBDLXBUFS 5SBEJUJPOBM *SJTI NVTJD HFUT ZPV JO UIF NPPE GPS UPNPSSPX T GFTUJWJUJFT 'SFF QN 5IF 4UVNCMF
"(&/%"
@> #MVF /PUF 1PFUSZ .VTJD BOE -JGF " TQFDJBM FWFOJOH PG NPWJOH QPFUSZ CMVFT BOE KB[[ 5IF BDDMBJNFE QSJ[F XJOOJOH QPFU +BDLJF ,BZ SFBET JO IFS (MBTXFHJBO MJMU XPSLT JOTQJSFE CZ NVTJDBM MPWFT JO IFS MJGF BDDPNQBOJFE CZ MPDBMMZ CBTFE #FJKJOH KB[[ NVTJDJBOT MFE CZ .BUU 3PCFSUT 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB#PPLXPSN DPN *O $POWFSTBUJPO )VTCBOE BOE XJGF KPVSOBMJTUT 1FUFS )FTTMFS BOE -FTMJF $IBOH IBWF XSJUUFO TPNF PG UIF CFTU SFDFJWFE OPO ñDUJPO XPSLT PO $IJOB +PJO UIFN GPS UIJT SBSF KPJOU FWFOU EJT DVTTJOH SFQPSUJOH MJWJOH JO BOE MFBWJOH $IJOB 3.# 4UVEJP 9 " 'BOHKJB )VUPOH "OEJOHNFO /BJEBKJF %POHDIFOH %JTUSJDU
;BD 4BY 5SJP 'FBUVSJOH TUBOEBSE KB[[ QMBZFE PO 4BY ESVNT BOE CBTT 1VSQMF )B[F $PVSUZBSE /P %POHTJMJVUJBP JO UIF DPSOFS PG $IBPZBOHNFO #FJYJBPKJF %POHDIFOH %JTUSJDU
5)6 ."3 Ŧ 8&% ."3
%.
XXX QVSQMFIB[F DPN DO
1BEEZ T %BZ 2VJ[ ( 'SFF 1BEEZ 0 4IFB T %POH[IJNFOXBJ %BKJF $IBPZBOH %JTUSJDU
@> -JWF +B[[ #MVFT BOE 'PML BU -F ;JOD 'FBUVSJOH TJOHFS TPOHXSJUFS +PSEBO .JUDIFMM XIP XJMM FODIBOU VT XJUI IJT FDMFDUJD ñOHFS TUZMF HVJUBS DPNQPTJ UJPOT BOE SFJOUFSQSFUBUJPOT PG GPML DMBTTJDT XXX KPSEBOUIPNBTNJUDIFMM DPN PS SBEJP QBOHCJBOS DPN BMCVN KPSEBO UIPNBT NJUDIFMM -F 1FUJU (PVSNBOE ' 5POHMJ 4UVEJPT 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU XXX MFQFUJUJHPVSNBOE DPN DO
@> 4IVJ 5V #VGV +PJO VT UP IFBS TPNF PG PVS GFTUJWBM BVUIPST ,FM MZ MFF )JDLFZ +BDLJF ,BZ BOE "OESFX 0 )BHBO BT XFMM BT MPDBM #FJKJOHFST UFMM UIFJS NPTU NFNPSBCMF UBMFT BCPVU UIF GVOOZ TUSBOHF BXLXBSE BOE NFNP SBCMF BTQFDUT PG CFJOH B ñTI PVU PG XBUFS 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB#PPLXPSN DPN
%":Ŭ#:Ŭ%": 5)634%": ."3
. " 3
4> @>
5)634%": 4> @>
"VEJUJOH UIF 1SPDVSFNFOU 'VODUJPO JO $IJOB B QSBDUJDBM 3PBENBQ 5ISPVHI UIJT DPVSTF QBSUJDJQBOUT XJMM MFBSO IPX UP VTF BVEJUT JOUFSOBMMZ UP FWBMVBUF UIF QFSGPSNBODF BTTFTT XFBLOFTTFT SFDPNNFOE JNQSPWF NFOUT BOE DPOUSPMT BOE DPNNVOJ DBUF SFTVMUT UP NBOBHFNFOU UP FOTVSF UIF JNQMFNFOUBUJPO PG DPSSFDUJWF BDUJPOT .FNCFST 3.# QFSTPO OPO NFNCFST 3.# QFSTPO $PVSTF JO &OHMJTI $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ UI 'MPPS 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH
4> #FOFñUT PG #SFBUIXPSL 8F DBO TVSWJWF GPS XFFLT XJUIPVU GPPE GPS EBZT XJUIPVU XBUFS m CVU POMZ NJOVUFT XJUIPVU CSFBUI &YQMPSF UIF EZOBNJDT BOE NFUIPET PG CSFBUIJOH XFMM GSPN UIF QFSTQFDUJWF PG CPUI USBEJUJPOBM &BTUFSO BOE NPEFSO NFEJDJOF 3.# 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUB UJPO %POHDIFOH %JTUSJDU
#MBDL 4FTBNF 5IVSTEBZ $PPL JOH $MBTT #BTJD $IJOFTF .BTUFS DIFGT XJMM UFBDI ZPV IPX UP QSFQBSF CBTJD $IJOFTF EJTIFT MJLF TQJOBDI BOE QFBOVU TBMBE GSJFE SJDF HBSMJD CSPDDPMJ BOE FHH BOE UPNBUP 3FTFSWF BU XXX CMBDLTFTBNFLJUDIFO DPN 3.# JODMVEFT EFNPOTUSBUJPO IBOET PO DPPLJOH BOE MVODI BN QN #MBDL 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH %POHDIFOH %JTUSJDU XXX CMBDLTFTBNFLJUDIFO DPN
@> 5IF 8BS PO 5FSSPS 8BS PG 4IBEPXT +PJO VT UP IFBS .FHBO 4UBDL UBML BCPVU &WFSZ .BO JO UIJT 7JMMBHF JT B -JBS UIF TUPSZ PG UIPTF ZFBST BOE UIF EFWBTUB UJPO POF QISBTF DPVME XSFBL BDSPTT B SFHJPO 3.# 5IF #PPLXPSN $PVSU ZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB#PPLXPSN DPN
%JTUSJDU XXX DIJOB#PPL XPSN DPN
@> 4U 1BUSJDL T %BZ 3PCCJF )FOOFCSZ QMBZT B MJWF BDPVTUJD TFU CFGPSF %+ 5JQTZ UBLFT ZPV JOUP UIF FBSMZ IPVST 'SFF QN 5IF 4UVNCMF *OO 4 ' 4BOMJUVO 7JMMBHF 4PVUI 4BOMJUVO -V $IBPZBOH %JTUSJDU
@> 5IF 'VUVSF JT /PX 8F CSJOH UP HFUIFS UXP iUIJSE HFOFSBUJPOu $IJOFTF TDJ ñ XSJUFST )BO 4POH BOE 1BO )BJUJBO UP EJTDVTT UIFJS JNBHJOJOHT PG $IJOB T GVUVSF JUT DJUJFT FOWJSPONFOU BOE TPDJFUZ *O $IJOFTF XJUI &OHMJTI USBOTMBUJPO 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB#PPL XPSN DPN
@> 4>
@> *OTQFDUPS 4JOHI *OWFTUJHBUFT *OTQFD UPS 4JOHI T DSFBUPS 4IBNJOJ 'MJOU SFBET GSPN UIF *OTQFDUPS T MBUFTU DBQFS BOE MFBET VT UISPVHI IFS QBSUJDVMBSMZ "TJBO DSJNFT BOE MPDBUJPOT 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB#PPLXPSN DPN
@> 5IJDLFS UIBO 8BUFS :BO -JBOLF EJTDVTTFT %SFBN PG %JOH 7JMMBHF BOE IJT PUIFS XPSL *O $IJOFTF XJUI &OHMJTI USBOTMBUJPO 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH
4U 1BUSJDL T %BZ #VNQ $JUZ "O OJWFSTBSZ 1BSUZ )PVTF CBOE #VNQ $JUZ T POF ZFBS BOOJWFSTBSZ BU &VEPSB DPJODJEFT XJUI UIF *SJTI GFTUJWJUJFT 5SB EJUJPOBM *SJTI GPPE TFSWFE BMM EBZ XJUI HSFFO CFFS BOE TQFDJBMT PO (VJOOFTT BOE +BNFTPO T :PV DBO BMTP XJO #VNQ $JUZ $%T BOE B DIBODF UP TJOH XJUI UIF CBOE 'SFF QN BN CBOE &VEPSB 4UBUJPO 'BOHZVBO 9JMV $IBPZBOH %JTUSJDU
@> 7JUBMJD 1FU $POTQJSBDZ -JNBO " . 6 7+ ;IJRJ #BMMTZ EBODF óPPS CBOHFST UIBU MM SPVHI ZPV VQ HFOUMZ 3.# 3.# BEWBODF QN ' 5BOHP GPSNFSMZ LOPXO BT 5IF 4UBS -JWF )FQJOH 9JKJF N OPSUI PG :POHIFHPOH TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> *EFOUJUZ B QFSGPSNBODF 0OF PG B LJOE BSUJTU USBWFMFS BOE QSPGFTTJPOBM FDDFOUSJD #JMM "JUDIJTPO CSJOHT VT IJT VOJRVF QFSGPSNBODF PG JNQFSGFDU USBOTMBUJPOT BOE NJTVOEFSTUBOEJOHT CBTFE PO UIJT POF NBO TIPX UBLJOH B IVNPSPVT BOE TNBSU MPPL BU NJYFE VQ JEFOUJUZ 4VQQQPSUFE CZ #SJUJTI $PVODJM $IJOB BOE "SUT $PVODJM &OHMBOE 'SFF 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOB#PPLXPSN DPN 8IP T UIF NPTU *SJTI #BUUMF JU PVU PO 1BEEZ T %BZ BU 1BEEZ 0 4IFB T
%.
5)6 ."3 Ŧ 8&% ."3
"(&/%"
%":Ŭ#:Ŭ%": '3*%": ."3
. " 3
'3*%": 4> @>
"VEJUJOH UIF 1SPDVSFNFOU 'VODUJPO JO $IJOB " 1SBDUJDBM 3PBENBQ 4FF .BSDI $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ UI 'MPPS 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH
@>
&OKPZ B HMBTT PG 1FSSJFS +PVFU #SVU PS 3PTF FWFSZ 'SJEBZ OJHIU BU .BJTPO #PVMVE
$PVOUSZ %SJWJOH 5IF GPSNFS /FX :PSLFS #FJKJOH DPSSFTQPOEFOU UBMLT BCPVU IJT MBUFTU XPSL UIF BDDMBJNFE BOE BU UJNFT XIJUF LOVDLMF SJEF $PVOUSZ %SJWJOH " +PVSOFZ 5ISPVHI $IJOB GSPN 'BSN UP 'BDUPSZ " VOJRVF PWFSWJFX PG DPOUFNQPSBSZ $IJOB UISPVHI UIF QSJTN PG DBS NBOJB 3.# 5IF CPPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 'VUVSF 1VCMJTIJOH 'VUVSF 'JDUJPO 8F CSJOH JO FYQFSUT GSPN EJWFSTF CBDLHSPVOET UP TFF XIFSF XF BSF OPX BOE XIBU MJFT BIFBEw 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> =4B7 $IBNQBHOF /JHIU .BJTPO #PVMVE MBVODIFT B XFFLMZ CVCCMZ OJHIU JO BTTPDJBUJPO XJUI 1FSSJFS +PVFU #SVU JT 3.# QFS HMBTT 3.# QFS CPUUMF QN MBUF 'SFTDP #BS .BJTPO #PVMVE $I JFO .FO 2JBONFO %POHEBKJF %POHDIFOH %JTUSJDU XXX NBJTPOCPVMVE DPN
@> .VTJD #FZPOE UIF .PPOHBUF TU *OUFSOBUJPOBM $IBNCFS .VTJD 'FTUJWBM 4FSJFT 5IF XPSLTIPQ XJMM UBML BCPVU DPOOFDUJPOT CFUXFFO JEFBT BOE NVTJDBM NBUFSJBMT PG USBEJUJPOBM BOE NPEFSO XPSLT UP IFMQ UIF BVEJ FODF CFUUFS MJTUFO UP BOE VOEFSTUBOE UIF FWFOJOH T XPSLT 'PMMPXFE CZ B DPODFSU BU QN 3.# :JTIV $BCMF -BOHKJBZVBO +JBOHVP -V $IBPZBOH %JTUSJDU XXX
"(&/%"
ZJTIV DPN DPOUBDU!ZJTIV DPN
@> .BST &O 'PMJF 'MFVSFOU %J EJFS $MPÊ EV 5SÍóF "MFY /FWTLZ BOE "MJPTF NBLF UIF OJHIU SPNBOUJD XJUI 'SBODPQIPOF SPDL JOEJF QPQ BOE FMFDUSJD QPQ 'SFF UJDLFUT BWBJMBCMF BU "MMJBODF 'SBOÉBJTF MPDBUJPOT TUBSUJOH .BS QN :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU 0QFSB %PO 1BTRVBMF %POJ[FUUJ T UBMF PG MPWF CFUXFFO TPDJBM VOFRVBMT m BOE UIF USJDLFSZ FNQMPZFE UP BDIJFWF UIFJS VOJPO m NBLFT JUT $IJOB QSFNJFSF 3.# QN #FJKJOH $PODFSU )BMM #FJYJOIVBKJF 9JDIFOH %JTUSJDU $FMUJD .VTJD ,BUJF 5BSHFUU "EBNT *SFMBOE 4FFMFZ #BOE )BWF B (BFMJD PM UJNF XJUI $FMUJD IBSQJTU ,BUJF 5BSHFUU "EBNT BOE IFS CBOE XIP XJMM QFSGPSN i5IF 4LZF #PBU 4POH u i3BJO CPX uu .Z -PWF JT -JLF B 3FE 3FE 3PTF u BOE DSPXE GBWPSJUF i"VME -BOH 4ZOF u "OE XIBU T B $FMUJD DPODFSU XJUIPVU *SJTI EBODFST 3.# QN 'PSCJEEFO $JUZ $PODFSU )BMM #FJKJOH *OTJEF ;IPOHTIBO 1BSL 9JDIBOH BO +JF 9JDIFOH %JTUSJDU XXX GDDICK DPN
@> $MPTJOH 1BSUZ 5IF MBTU QBHF PG UIF TUPSZ 3BJTF B HMBTT XJUI #PPLXPSN
5)6 ."3 Ŧ 8&% ."3
%.
UIF UFBN BOE UIF UISPOH PG BVUIPST BOE WPMVOUFFST 4QFDJBM (VFTUT 3.# 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 4IBOSFO 8JME XFTU $IJOFTF GPML SFHHBF SPDLJñFE 3.# 3.# BEWBODF QN ' 5BOHP GPSNFSMZ LOPXO BT 5IF 4UBS -JWF )FQJOH 9JKJF N OPSUI PG :POHIFHPOH TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU #VNQ $JUZ "OOJWFSTBSZ 1BSUZ )PVTF CBOE DPOUJOVFT UP DFMFCSBUF POF ZFBS BU &VEPSB XJUI $%T BOE B DIBODF UP TJOH XJUI UIF CBOE VQ GPS HSBCT 'SFF QN BN CBOE &VEPSB 4UBUJPO 'BOHZVBO 9JMV $IBPZBOH %JTUSJDU
@> 8FOH 8FOH :BOH #JOH &MFDUSPOJDB GSPN UIF HPEGBUIFST PG UIF MPDBM TDFOF 'SFF QN 5IF )PVTF 8PSLFST 4UBEJVN /PSUI (BUF (POHUJ #FJMV $IBPZBOH %JTUSJDU
-:>7, /4AG 'BCÈP BU "MBOUJOH -JWF #BS $BGÊ &WFSZ 'SJEBZ "MBOUJOH -JWF #BS $BGÊ QSFTFOUT UIF ".";*/( 'BCÈP #SB[JM JBO TJOHFS BOE HVJUBSSJTU JOUFSQSFUJOH #PTTB /PWB 4BNCB BOE .1# UVOFT "MBOUJOH #BS $BGÊ ' 'PSUF *OUFS OBUJPOBM "QBSUNFOU $IBPZBOH /PSUI 3PBE $IBPZBOH %JTUSJDU
%":ลฌ#:ลฌ%": 4"563%": ."3
. " 3
5IF )VUPOH +JVEBPXBO ;IPOHY JBOH )VUPOH OFBS #FJYJORJBP &YJU $ %POHDIFOH %JTUSJDU
4"563%": 4>
(SFBU 8BMM BOE 4JMWFS 1BHPEB 'PS FTU )JLF )JLF UP UIF XJME )VBOH IVBDIFOH :FMMPX 'MPXFS (SFBU 8BMM BOE UIF 4JMWFS 1BHPEB 'PSFTU BOE IBWF MVODI JO B MPDBM WJMMBHF $PTU JODMVEFT USBOTQPSUBUJPO HVJEFT FOUSBODF BOE MVODI 3.# BN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU DPOUBDU!DVMUVSFZBSE OFU XXX DVMUVSFZBSE OFU
@> %4B7 4U 1BUSJDL T %BZ #BMM 5IF TJOHMF MBSHFTU 4U 1BUSJDL T %BZ DFMFCSBUJPO JO "TJB &WFSZ ZFBS UIF #BMM XFMDPNFT NPSF UIBO HVFTUT GSPN BMM PWFS UIF XPSME JODMVEJOH NVTJDJBOT BOE EBODFST รณPXO JO GSPN UIF &NFSBME *TMF UP QFSGPSN BMPOHTJEF MPDBM FOUFS UBJOFST & NBJM CBMM!HNBJM DPN GPS UJDLFUT 3.# QN MBUF 3FOBJTTBODF #FJKJOH $BQJUBM )PUFM 4IVBOHKJOH &BTU SE 3JOH 3PBE $IBPZBOH %JTUSJDU 5JDLFUT SFTFSWBUJPO JSJTICBMM!HNBJM DPN
4> @> 1MBZXSJUJOH 8PSLTIPQ 5IF 1MBZXSJHIU T 5PPMCPY 4BUVSEBZT BN QN TUBSUJOH .BSDI GPS FJHIU XFFLT FOEJOH JO .BZ 3.# QFS TFT TJPO 3FHJTUFS CFJKJOHUIFBUSF!HNBJM DPN 4QBDF MJNJUFE
4> @> 5IF 'FBTU PG 'SBODPQIPOJF 5IF UI FEJUJPO PG UIF 'FBTU PG 'SBODPQIPOJF JT B GFTUJWF BOE QPQVMBS DVMUVSBM FWFOU PSHBOJ[FE CZ UIF &NCBTTZ PG *WPSZ $PBTU UP DFMFCSBUF UIF GSBODPQIPOJF JO $IJOB 'SFF FOUSBODF PQFO UP BMM *OTJEF UIF &NCBTTZ PG $ร UF E *WPJSF #FJ 9JBP +JF $IBPZBOH %JTUSJDU
'((? @> 4FU MVODI BU 3BรฐFT 'FBUVSJOH NPVUI XBUFSJOH NBJO DPVSTFT UIBU JODMVEF +BWBOFTF DIJDLFO DVSSZ $BNCPEJBO TUJS GSJFE EJDFE CFFG XJUI DSVTIFE CMBDL QFQQFS PS QJOFBQQMF BOE QSBXO DVSSZ /PPO QN %BJMZ 4UBSUJOH GSPN 3.# JODMVEJOH UFB PS DPG GFF &BTU 3BรฐFT #FJKJOH )PUFM %POHDIBOHBO +JF %POHDIFOH %JTUSJDU FYU
@> $PODFSU 'SBODPQIPOF $IPJS PG #FJKJOH j .BVSJDF 3BWFM v 5IF 'SFODI TQFBLJOH TJOHFST GSPN DPVOUSJFT PG UIF GSBODPQIPOF DIPJS PG #FJKJOH i.BV SJDF 3BWFMu BSF WFSZ QMFBTFE UP QSFTFOU B DPODFSU NJYJOH TPOHT PG EJรญFSFOU TUZMFT BOE MBOHVBHFT 'SFF FOUSBODF TVCKFDU UP TFBUT MJNJU "VEJUPSJVN PG 'SFODI $VMUVSBM $FOUSF (POHUJ 9JMV $IBPZBOH %JTUSJDU XXX DDGQFLJO PSH
@> 5IF #FTOBSE -BLFT .B[F i-JLF UIF #FBDI #PZT XIFO JU T DBMN BOE 2VFFO XIFO JU T DSVODIZ u "MM .VTJD (VJEF 3.# EPPS QSFTBMF ."0 -JWFIPVTF (VMPV %POHEBKJF %POHDIFOH %JTUSJDU -PWF 4POH CZ 5TBOHZBOH (ZBUTP )BQQZ "WFOVF XJMM IPME JUT MJWF DPO DFSU BU :VHPOH :JTIBO CBS BU Q N PO 'SJEBZ OJHIU .BSDI -FU VT ESFBN B OFX HSBDF PG MPWF 3.# 3.# TUVEFOUT 3.# BEWBODF 'PS SFTFSWBUJPO :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU
@> 4> 4U 1BUSJDL T %BZ #VNQ $JUZ "O OJWFSTBSZ 1BSUZ )PVTF CBOE #VNQ $JUZ T POF ZFBS BOOJWFSTBSZ BU &VEPSB DPJODJEFT XJUI UIF *SJTI GFTUJWJUJFT 5SB EJUJPOBM *SJTI GPPE TFSWFE BMM EBZ XJUI HSFFO CFFS BOE TQFDJBMT PO (VJOOFTT BOE +BNFTPO T :PV DBO BMTP XJO #VNQ $JUZ $%T BOE B DIBODF UP TJOH XJUI UIF CBOE 'SFF QN BN CBOE &VEPSB 4UBUJPO 'BOHZVBO 9JMV $IBPZBOH %JTUSJDU
@> :FMMPX $BQTVMF 4IBOHIBJ JDPO #FO )VBOH UFBNT VQ XJUI 'SFODI %+ QSPEVDFS 5PNBTI BOE 4UVEJP;FSP UP QSFTFOU UIJT OFX QBSUZ TFSJFT 'SFF QN 1VOL # ' 5IF 0QQPTJUF )PVTF #MEH 4BOMJUVO 7JMMBHF 4BOMJUVO -V $IBPZBOH %JTUSJDU
.BEF JO /JOHYJB #VZJ 8V 5IF 4JEF &รญFDUT BOE /VDMFVT T OPSUIXFTU SPDL TFTTJPO 3.# 3.# TUVEFOUT QN ,PMFHBT -JBOHNBRJBP -V JOTJEF UIF ESJWF JO NPWJF UIFBUFS QBSL $IBPZBOH %JTUSJDU LPMFHBT! DPN XXX LPMFHBT DPN
-:>7, /4AG
*SSFTJTUJCMF %BSL XJME SJDF QVEEJOH XJUI DPDPOVU DSFBN BU &BTU 3BรฐFT
%.
/JHIUT /JHIU 3JWJFSB &WFOUT TFFL PVU UIF 2VFFO PG 1FSTJB 1SJDF BOE UJNF 5#% 4DBSMFUU )PUFM ( %BJMZ QN BN " (POHUJ 9JMV JO UIF BMMFZ MFBEJOH UP +VMPOH (BSEFO $IBPZBOH %JTUSJDU
5)6 ."3 ลฆ 8&% ."3
"(&/%"
%":Ŭ#:Ŭ%": 46/%": ."3
. " 3
46/%":
4> @>
(BNFT :BSE .BIKPOH .PSOJOH JOUFSNFEJBUF 0O PVS JOUFSNFEJBUF XPSLTIPQ ZPV XJMM MFBSO TUSBUFHZ BOE CFUUJOH BOE WJTJU B MPDBM .BIKPOH IPVTF UP QMBZ MJLF UIF MPDBMT EP 3.# 3FTFSWBUJPO SFRVJSFE $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JT USJDU DPOUBDU!DVMUVSFZBSE OFU XXX DVMUVSFZBSE OFU
4> @> "MM :PV $BO &BU %JN 4VN #SVODI i"MM :PV $BO &BU %JN 4VN #SVODIu JT BWBJMBCMF PO 4BUVSEBZT BOE 4VOEBZT GSPN BN UP QN 1SJDF TUBSUT GSPN 3.# QFS QFSTPO 4IBOHSJ -B T ,FSSZ $FOUSF )PUFM (VBOHIVB -V $IBPZBOH %JTUSJDU XXX TIBOHSJ MB DPN
4VOEBZ 3PBTU 4MPX 3PBTUFE 1SJNF 3JC PG #FFG BU 0OF &BTU )JMUPO #FJKJOH TFWFSBM 8FTUFSO DPNQPTJUJPOT CZ "TJBO "NFSJDBO BOE &VSPQFBO DPNQPTFST XJUI B QFSGPSNBODF PG B USBEJUJPOBM QJFDF GSPN $IJOB +BQBO PS ,PSFB 3.# :JTIV $BCMF -BOHKJBZVBO +JBOHVP -V $IBPZBOH %JTUSJDU XXX ZJTIV DPN DPOUBDU!ZJTIV DPN
@> "VUIFOUJD "NFSJDBO 4VOEBZ 3PBTU 0OF :FBS "OOJWFSTBSZ 5SFBU ZPVSTFMG UP B DBSFGSFF 4VOEBZ XJUI GBNJMZ BOE GSJFOET UIJT .BSDI BOE DFMFCSBUF UIF TFDPOE ZFBS PG "NFSJDBO DVMJOBSZ EFMJHIUT BU 0OF &BTU XJUI B HPPE PME GBTIJPOFE 4VOEBZ SPBTU 5ISFF DPVSTF TFU MVODI 3.# QFS QFSTPO 3.# QFS QFSTPO GPS GSFF óPX XJOF BOE CFFS 'SFF GPS DIJMESFO VOEFS ZFBST PME BOE LJET SPPN BWBJMBCMF 4VCKFDU UP TVSDIBSHF 0OF &BTU )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU POFFBTU CFJKJOH!IJMUPO DPN
@> 'PPE 'JMN BOE 'SJFOET (MPCBM $VJ TJOF BOE 8PSME $JOFNB 0O UIF UIJSE 4VOEBZ PG FWFSZ NPOUI 5IF )VUPOH BOE &MFDUSJD 4IBEPXT XJMM SVO B KPJOU XPSLTIPQ DPOTJTUJOH PG B $BOUPOFTF DPPLJOH DMBTT GPMMPXFE CZ B NPWJF TDSFFOJOH 3.# JODMVEFT DPPLJOH DMBTT BOE NPWJF 3.# NFNCFST 3.# NPWJF POMZ QN 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
@> @> "DUJOH 8PSLTIPQ 5SJQMF 5ISFBU 5SBJOJOH 4VOEBZT QN TUBSUJOH .BSDI GPS FJHIU XFFLT FOEJOH JO .BZ 3.# QFS TFTTJPO 3FHJTUFS CFJKJOHUIFBUSF!HNBJM DPN 4QBDF MJNJUFE 'V $BGÊ $IBPEPV )VUPOH ñSTU IVUPOH FBTU PG UIF TPVUI FOE PG /BOMVPHVYJBOH %POHDIFOH %JTUSJDU
@> .VTJD #FZPOE UIF .PPOHBUF $MPTJOH $PODFSU BOE 8PSLTIPQ 5IJT FWFOJOH T DPODFSU XJMM QBJS
"(&/%"
1SPCJOH UIF )BQQJOFTT PO UIF /PSEFS PG $IJOB 5IF 'SFODI TQFBL JOH TFDUJPO PG UIF 8FTUFSO 3FUVSOFE 4DIPMBST "TTPDJBUJPO 834" JT QMFBTFE UP QSFTFOU UIF EPDVNFOUBSZ 1SPCJOH UIF )BQQJOFTT PO UIF #PSEFS PG $IJOB EJSFDUFE CZ :VTIV PSJHJOBM OBNF -J )BJQFJ JOEFQFOEFOU GFNBMF EJSFDUFE XIP IBT TUVEJFE JO $IJOB BOE JO 'SBODF 'SFF FOUSBODF TFBUT MJNJUFE *O 'SFODI BOE $IJOFTF 834" DPOGFSFODF DFOUFS BTTGSDOXVIVJ! DPN XXX DPFTB DO MíI 834" DPOGFSFODF DFOUFS ' # ;IPOH 0V )PUFM /P /POH[IBO #FJMV $IBPZBOH %JTUSJDU FYU
5)6 ."3 Ŧ 8&% ."3
%.
-:>7, /4AG 4XJTT XFFL BU 4PñUFM 8BOEB #FJKJOH 7*$ 'FBUVSJOH NPSF UIBO 4XJTT TQFDJBMUJFT TVDI BT 3PFTUJ 1PUBUPFT #FSOFS 1MBUUF 4VVSF .PHHF DIFFTF ;VHFS ,JSTDI UBSU &YFDVUJWF $IFG $ISJTUJBO 8FSEFOCFSH JT QSPVE UP MFU FWFSZCPEZ FOKPZ UIF DVJTJOF PG IJT NPUIFSMBOE 4XJU[FSMBOE 3.# -VODI #VíFU QN 3.# %JOOFS #VíFU QN 4PñUFM #FJKJOH #MEH $ 8BOEB 1MB[B +JBOHVP -V $IBPZBOH %JTUSJDU FYU WJD!TPñUFMXBOEBCK DPN i5IF %BSLSPPNu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
%":Ŭ#:Ŭ%": .0/%": ."3
. " 3
%FUBJMT 5#" #FJKJOH &OUSFQSFOFVST ' "OOFY UP 4VOKPZ .BOTJPO 3JUBO 3PBE $IBPZBOH %JTUSJDU XXX DF POMJOF DO
XXX SVNJHSJMM DPN
@>
.0/%": 4> @>
4BEEMF 4PDJBM 4FU -VODI " TUBSUFS UXP UBDPT BOE B ESJOL 3.# 3.# JODMVEFT HMBTT PG XJOF 'SFF .PO 'SJ 5IF 4BEEMF $BOUJOB /BMJ 1BUJP 4BO MJUVO -V $IBPZBOH %JTUSJDU )PQGFOTUVCF #VTJOFTT -VODI 3.# QFS QFSTPO JODMVEJOH VOMJNJUFE TBMBE CBS TPVQ PG UIF EBZ BOE DIPJDF PG NBJO DPVSTF )PQGFOTUVCF /P 4BOGFOH /PSUI "SFB $IBPZBOH %JTUSJDU 4PVUI PG 1SJNF 5PXFS
4> @> $FQF #VTJOFTT -VODI 3.# QFS QFSTPO FOKPZ ZPVS CVTJOFTT MVODI BU POF PG #FJKJOH T ñOFTU *UBMJBO %JOJOH 3PPN .POEBZT UISPVHI 'SJEBZT $FQF 3JU[ $BSMUPO 'JOBODJBM 4USFFU 5IF 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU
i)PQQZu )PVS BU )PQGFOTUVCF #VZ POF HFU POF GSFF IPVTF CSFXFE CFFS EBJMZ QN 7BMJE VOUJM TU .BSDI )PQGFOTUVCF /P 4BOGFOH /PSUI "SFB $IBPZBOH %JTUSJDU 4PVUI PG 1SJNF 5PXFS
@> #PPLXPSN 1VC 2VJ[ 8JUI 5IF #PPLXPSN T -JUFSBSZ 'FTUJWBM PWFS RVJ[ OJHIU SFWFSUT UP UZQF 'SFF QN 5IF #PPLXPSN $PVSUZBSE (POHUJ #FJMV $IBPZBOH %JTUSJDU XXX DIJOBCPPLXPSN DPN
@> 4> -BUF 4VQQFS "MM NPOUI 1FSGFDU GPS UIPTF XBOUJOH MBUF OJHIU HPVSNFU NVODIJFT 5FSSB JT PÃFSJOH B TFMFDUJPO PG EJTIFT XJUI TQFDJBM XJOF QBJSJOHT TFMFDUFE CZ PXOFS (BCZ "MWFT QN BN 5FSSB 4BOMJUVO /BOMV $IBPZBOH %JTUSJDU
-:>7, /4AG
5IF #FJKJOHFS UI "OOVBM 3FBEFS 3FTUBVSBOU "XBSET 5IF SFBEFST IBWF TQPLFO m UIFJS WPUFT IBWF CFFO UBCVMBUFE 5IF FOWFMPQF QMFBTF w )VOHSZ GPS )VNNVT .JEEMF &BTUFSO 5JNF BOE WFOVF 5#% GBWPSJUF 3VNJ JT PÃFSJOH B MVODI CVÃFU UIBU JODMVEFT NBOZ PG UIFJS NPTU QPQ 5IF 1MBOOJOH GPS :PVS *10 'PSVN $& 1SFNJFS QSPVEMZ CSJOHT VMBS NFOV JUFNT 3.# .POEBZT ZPV UIFJS OE BOOVBM i1MBOOJOH GPS UISPVHI 'SJEBZT BN QN 3VNJ " (POHUJ #FJMV PQQPTJUF ;IBP ZPVS *10u 'PSVN GPDVTJOH PO $IJOFTF DPNQBOJFT TFFLJOH *10T JO NVMUJQMF MPOH )PUFM $IBPZBOH %JTUSJDU GPSFJHO FYDIBOHF NBSLFUT 3.#
5IF #FJKJOHFS UI "OOVBM 3FBEFS 3FTUBVSBOU "XBSET
%.
8JOF óJHIU TIPU PG XJOF GPS 3.# "OZUJNF GSPN .PO 4VO &OPUF SSB % /BMJ 1BUJP 4BOMJUVO -V $IBPZBOH %JTUSJDU .BMBZTJBO i4FMFSBu 7JTJUJOH .BMBZTJBO DIFGT MFE CZ $IFG "[IBS CJO "STIBE BOE $IFG .PIE /JTZBN CJO 4IBVSJ GSPN 5IF 3JU[ $BSMUPO ,VBMB -VNQVS XJMM CF QSFTFOUJOH UIFJS TJHOBUVSF .BMBZTJBO EJTIFT PO B MB DBSUF BU 5IF 3JU[ $BSMUPO "MUFSOBUJWFMZ EJOFST XIP QSFGFS B NPSF JOEVMHFOU NFBM NBZ EFMJHIU JO UIF .BMBZTJBO i4FMFSBu CVÃFU MVODI BU 3.# QFS QFSTPO 5ISPVHI .BSDI UI 3JU[ $BSMUPO 'JOBODJBM 4USFFU +JODIFOHGBOH %POHKJF +JOSPOH +JF 9JDIFOH %JTUSJDU (P"SU JO ,FNQJOTLJ "T QBSU PG UIF ,FNQJOTLJ "SUT 4VQQPSU 1SPHSBN &TUPOJBO 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 "MM BCPVU 0ZTUFST 5IF 8FTUJO #FJKJOH $IBPZBOH FYUSBWBHBOUMZ TIPXDBTFT PZTUFS EJTIFT UISPVHIPVU UIF NPOUI PG .BSDI óZJOH JO PZTUFST GSPN 'SBODF $BOBEB BOE UIF 64 5ISPVHI .BSDI TU 4FBTPOBM 5BTUFT (SBOHF 8FTUJO $IBPZBOH ' UIF 8FTUJO #FJKJOH $IBPZBOH %POHTBOIVBO #FJMV $IBPZBOH %JTUSJDU
&MFNFOUT #VÃFU '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 -VODI #VÃFU 3.# QFS QFSTPO %JOOFS #VÃFU 3.# QFS QFSTPO 4VCKFDU UP TVSDIBSHF 5ISPVHI .BSDI TU &MFNFOUT )JMUPO #FJKJOH ' )JMUPO #FJKJOH %POHGBOH -V $IBPZBOH %JTUSJDU
5)6 ."3 Ŧ 8&% ."3
"(&/%"
%":Ŭ#:Ŭ%": 56&4%": ."3
. " 3
56&4%":
4> @>
4USBUFHJD 'JOBODJBM .BOBHFNFOU 5IF TUSBUFHJD ñOBODJBM NBOBHF NFOU DPVSTF UBLFT UIF QBSUJDJQBOUT UISPVHI UIF GVOEBNFOUBMT PG ñOBODJBM SFQPSUT BT XFMM BT UIF UFDIOJRVFT PG CVTJOFTT WBMVBUJPO BOE UIF DSFBUJPO PG TIBSFIPMEFS WBMVF .FNCFST 3.# QFSTPO OPO NFNCFST 3.# QFSTPO $PVSTF JO &OHMJTI $$*'$ $POGFSFODF 3PPN 0îDF 6OJU $ UI 'MPPS 0îDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH
4> ?((? 1BLJTUBOJ $PPLJOH $MBTT 5IF )VUPOH T NPTU QPQVMBS DPPLJOH DMBTT JT UBVHIU CZ B 1BLJTUBOJ DIFG XIP MM TIPX ZPV XIBU BO BVUIFOUJD IPNF DPPLFE NFBM UBTUFT MJLF m DVSSJFT OBBO BOE BMM 3.# 3.# NFNCFST 5IF )VUPOH +JVEBPXBO ;IPOHYJBOH )VUPOH TPVUIFBTU PG #FJYJORJBP TVCXBZ TUBUJPO %POHDIFOH %JTUSJDU
4> @> 5BSPU $BSET 3FBEJOH )FBMJOH XJUI .BSJBOOF /JFEFSFS " TQJSJUVBM IFBMJOH TFTTJPO CFHJOT XJUI UIF CBM BODJOH PG ZPVS $IBLSBT BOE "VSB 1SJPS SFTFSWBUJPO OFDFTTBSZ ,PDPPO 3N $ ' /PSUI #MEH /BMJ 1BUJP 4BOMJUVO #FJKJF XFTU TJEF $IBPZBOH %JTUSJDU
@> 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
@>
-BQ PG %FDBEFODF $IBNQFST BOE 0ZTUFST GSPN "SJB #BS .PWJFT QSFTFOUT .BNCP (JSM JO $IJOFTF XJUI &OHMJTI TVCUJUMFT %PPST BU QN NPWJF BU QN TIBSQ 'SFF FOUSZ BOE ESJOL EJTDPVOUT +JBOHIV +JVCB %POHNJBO IVB )VUPOH %POHDIFOH %JTUSJDU IUUQ XXX UJOZVSM DPN TBONBP
#&&' 4PDJBM /FUXPSLJOH %JOOFS .JY CVTJOFTT XJUI QMFBTVSF BU UIJT NPOUIMZ FWFOU XJUI PWFS MJLF NJOEFE CVTJ OFTTQFPQMF FOUSFQSFOFVST FYFDVUJWFT BOE ñOBODF QSPGFTTJPOBMT 3FHJTUFS BU FWFOUCK!GDDMVC DPN PS 3.# JODMVEFT CVÃFU NFBM DPNQMJNFOUBSZ ESJOL BOE MVDLZ ESBX 3.# SFHJTUFS CFGPSF .BS QN MBUF 5IF $MVC 8JOH 4U 3FHJT +JBOHVPNFO XBJ %BKJF %JTUSJDU FWFOUCK!GDDMVC DPN
-:>7, /4AG #FSSJMJDJPVT $BLFT #Z UIF TMJDF PS UIF DBLF BU 3.# PS 3.# MCT 5ISPVHI .BSDI TU (PVSNFU $PSOFS $IJOB 8PSME )PUFM ' (VPNBP 8FTU 8JOH OFYU UP 4UBSCVDLT +JBO HVPNFOXBJ %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
.BNCP (JSM 5IF 8PSME PG $IJOFTF
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
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
%":ลฌ#:ลฌ%": 8&%/&4%": ."3
. " 3
#MBDL 4FTBNF ,JUDIFO )FJ[IJNB )VUPOH %POHDIFOH %JTUSJDU XXX CMBDLTFTBNFLJUDIFO DPN
@>
8&%/&4%":
4> @>
4USBUFHJD 'JOBODJBM .BOBHFNFOU 4FF .BSDI $$*'$ $POGFSFODF 3PPN 0รฎDF 6OJU $ UI 'MPPS 0รฎDF #VJMEJOH -VGUIBOTB $FOUFS $IBPZBOH %JTUSJDU FYU KFZBOUIZ HFZNFJFS!CFJ TXJTTDIBN PSH
@> -BEJFT /JHIU #VZ 0OF $PDLUBJM BOE (FU 0OF 'SFF 'SPN UP $JSP T 1P NPEPSP 4BOMJUVO #FJMV $IBPZBOH %JTUSJDU
@> 8JOF AO %JOF -JO ;IPOH 1BTUSZ DIFG -JO ;IPOH PG 5IF 'JH 5SFF KPJOT GPSDFT XJUI #MBDL 4FTBNF ,JUDIFO GPS B TQFDJBM FEJUJPO PG UIF 8JOF AO %JOF TFSJFT 4IF MM CF TQFBLJOH BCPVU IFS FYQFSJFODFT BUUFOEJOH -F $PSEPO #MFV BOE SVOOJOH 5IF 'JH 5SFF 3FTFSWBUJPOT SFRVJSFE 3.#
*// NPOUIMZ NFFUJOHT "O PQ QPSUVOJUZ GPS GPSFJHOFST UP PCUBJO JOGPSNBUJPO BCPVU MJWJOH JO #FJKJOH BOE UP NFFU OFX GSJFOET *// NFFUJOHT BSF PQFO UP BMM GPSFJHO QBTTQPSU IPMEFST MJWJOH JO #FJKJOH 5IF $BQJUBM $MVC "UI MFUJD $FOUFS SE 'MPPS -PX 3JTF $BQJUBM .BOTJPO 9JOZVBO 3PBE $IBPZBOH %JTUSJDU FYU
8JOF 5PVS 4QBJO "O JOUSPEVD UJPO UP 4QBOJTI XJOF 3FTFSWF BU DPOUBDU!DVMUVSFZBSE OFU 3.# 3.# BEWBODF QN $VMUVSF :BSE 4IJRVF )VUPOH %POHDIFOH %JTUSJDU XXX DVMUVSFZBSE OFU
@> /P /BNF 5SJP 'FBUVSJOH (ZTQZ TUZMF KB[[ QMBZFE PO HVJUBS BOE BDDPSEJPO 1VSQMF )B[F $PVSUZBSE /P %POHTJM JVUJBP JO UIF DPSOFS PG $IBPZBOHNFO #FJYJBPKJF %POHDIFOH %JTUSJDU XXX QVSQMFIB[F DPN DO
5IF #MBDL "UMBOUJD #FXJUDIJOH PSDIFTUSBM ESFBN QPQ 3.# QN ."0 -JWFIPVTF (VMPV %POHEBKJF %POHDIFOH %JTUSJDU
@> +B[[ 2VBSUFU BU -F ;JOD -F 1FUJU (PVS NBOE -F ;JOD IPTUT KB[[ CMVFT BOE GPML QFSGPSNBODFT -F 1FUJU (PVSNBOE ' 5POHMJ 4UVEJPT 4BOMJUVO )PVKJF $IBPZBOH %JTUSJDU XXX MFQFUJUJHPVSNBOE DPN DO
-:>7, /4AG $IBNQBHOF $PDLUBJMT 5BLF ZPVS QJDL GSPN GPVS EFDBEFOUMZ EFMJDJPVT DIBNQBHOF DPDLUBJMT #FSSJFT 3PZBMF ,JS 3PZBMF .JNPTB BOE UIF $IBN QBHOF $PDLUBJM 3.# QFS รณVUF BU UIF -PCCZ -PVOHF .BSDI -PCCZ -PVOHF (SBOE .JMMFOOJVN %POHTBOIVBO ;IPOHMV $IBPZBOH %JTUSJDU +FTT .FJEFS #FJKJOH T SPDL HJSM QSFTFOUT IFS OFX SPDL SPMM QSPKFDU 1SJDF 5#% 5JNF 5#% :VHPOH :JTIBO ;IBOH ;J[IPOH -V GPSNFS %VBO 2JSVJ HPWFSONFOU CVJMEJOH FBTU PG 1JOH BO %BEBP %POHDIFOH %JTUSJDU 0NBS (BMMJBOJ i$IJOFTF %JBSZu$VSBUFE CZ .BOVFMB -JFUUJ UIJT i$IJOFTF %JBSZu JT B TPMP FYIJCJUJPO PG SFOPXOFE *UBMJBO BSUJTU 0NBS (BMMJBOJ XJMM CF QSFTFOUFE GSPN SE .BSDI UP UI "QSJM *UBMJBO $VMUVSBM *OTUJUVUF JO #FJKJOH *TUJUVUP *UBMJBOP EJ $VMUVSB EJ 1FDIJOP 4BOMJUVO %POH &S +JF 1FDIJOP $IBPZBOH %JTUSJDU XXX JJDQFDIJOP FTUFSJ JU JJDQFDIJOP!FTUFSJ JU 5FB BOE 3JWFS 5SFBUT "O JOOPWBUJWF UXJTU PO )VBJZBOH BOE $BOUPOFTF DVJ TJOFT UIJT TQSJOH BT UIF DIFGT QSFTFOU B NFOV PG UFB CBTFE TQFDJBMJUJFT TVDI BT TBVUร FE TISJNQ XJUI -POHKJOH UFB CSBJTFE NJODFE DIJDLFO XJUI DISZTBOUIFNVN QFUBMT BOE CSBJTFE CMBDL CPOF DIJDLFO XJUI DSVTIFE 1V FS UFB .BSDI 4VNNFS 1BMBDF -PCCZ $IJOB 8PSME )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JT USJDU FYU
+FTT .FJEFS XFMDPNFT ZPV JOUP IFS SPDL XPSME
%.
5)6 ."3 ลฆ 8&% ."3
"(&/%"
"
#
$
%
"(&/%"
5)6 ."3 Ŧ 8&% ."3
%.
%.
5)6 ."3 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 PÃFST BSUJDMFT FWFOUT B EJSFDUPSZ BOE GPSVN DBUFSJOH UP &OHMJTI TQFBLJOH GBNJMJFT
1PMJDF
)041*5"-4 $-*/*$4
5SBîD "DDJEFOU
#BZMFZ +BDLTPO .FEJDBM $FOUFS $MJOJD BOE EFOUBM IPVST .PO 'SJ BN QN 4BU BN QN EPDUPS PO DBMM IPVST 3JUBO %POHMV $IBPZBOH %JTUSJDU XXX CKIFBMUIDBSF DPN
5FMFQIPOF %JSFDUPSZ $IJOFTF QSFTT GPS &OHMJTI TFSWJDF 5JNF 8FBUIFS 1)0/& $"3%4 .0#*-& 1)0/&4
*1 DBSET GPS DBMMT JO $IJOB BOE PWFSTFBT BSF TPME JO DFMM QIPOF TUPSFT OFXT TUBOET BOE $IJOB 5FMFDPN PVUMFUT $BSET XJUI B GBDF WBMVF PG 3.# TFMM GPS 3.# 4*. DBSET BOE DFMM QIPOF UPQ VQ DBSET DIPOH [IJ LB
DBO CF CPVHIU GSPN DFMM QIPOF TUPSFT OFXTTUBOET BOE 4*. DBSE TIPQT $BMM BOE 4.4 DIBSHFT BSF BT GPMMPXT GPS UIF NBKPS OFUXPSLT $IJOB .PCJMF &BTZPXO 4IFO ;IPV 9JOH
.BLJOH BOE SFDFJWJOH DBMMT DPTUT 3.# NJO $BMMT DPTU 3.# NJO XJUIJO #FJKJOH BOE 3.# NJO EPNFTUJD MPOH EJTUBODF JG ZPV EJBM ñSTU UIFO UIF OVNCFS ZPV XJTI UP DBMM
#FJKJOH *OUFSOBUJPOBM 404 $MJOJD %BJMZ IPVST 1IBSNBDZ .PO 'SJ BN QN 4BU 4VO BN QN 4VJUF 8JOH ,VOTIB #MEH 9JO ZVBO MJ $IBPZBOH %JTUSJDU IS XXX JOUFSOBUJPOBMTPT DPN
#FJKJOH 6OJUFE 'BNJMZ )PTQJUBM BOE $MJOJDT .PO 4BU BN QN 4VO BN QN IPVS FNFSHFODZ +JBOHUBJ -V -JEP BSFB $IBPZBOH %JTUSJDU BQQPJOUNFOU FNFSHFODZ XXX VOJUFE GBNJMZIPTQJUBMT DPN
. [POF %POH (BO %J %BJ
-PDBM DBMMT 3.# NJO BU QFBL IPVST BN QN PÃ QFBL DBMMT 3.# NJO
#FJKJOH 6OJUFE 'BNJMZ )FBMUI 8FMMOFTT $FOUFS ¢ +JBOHVPNFO .PO 'SJ BN QN # ' 4U 3FHJT )PUFM +JBOHVPNFOXBJ %BKJF $IBPZBOH %JTUSJDU FNFS HFODZ XXX VOJUFEGBNJMZ IPTQJUBMT DPN
$IJOB 6OJDPN 3VZJUPOH
-PDBM DBMMT 3.# NJO MPOHFS EJTUBODF DBMMT 3.# NJO %JBMJOH CFGPSF UIF OVNCFS ZPV XJTI UP DBMM SFEVDFT CPUI MPDBM BOE MPOH EJT UBODF DBMMT UP 3.# NJO 3FDFJWJOH DBMMT DPTUT 3.# NJO XFFLEBZT BN QN BOE 3.# NJO PÃ QFBL
#FJKJOH 6OJUFE 'BNJMZ $MJOJD m 4IVOZJ .PO 5IV BN QN 'SJ 4VO BN QN 6OJU 1JOOBDMF 1MB[B 5JBO[IV 3FBM &TUBUF %FWFMPQNFOU ;POF 4IVOZJ %JTUSJDU FNFSHFODZ XXX VOJUFEGBNJMZIPTQJUBMT DPN
61 9JOTIJMJ 61
-PDBM DBMMT 3.# NJO 3FDFJWJOH DBMMT DPTUT 3.# NJO 1BZJOH BO FYUSB 3.# QFS NPOUI HJWFT VOMJNJUFE GSFF JODPNJOH QIPOF DBMMT BOE MPXFS GFFT GPS NBLJOH QIPOF DBMMT
"(&/%"
#FJKJOH 7JTUB $MJOJD m ,FSSZ $FOUSF %BJMZ IPVST DMJOJD IPVST BN QN # ,FSSZ $FOUFS (VBOHIVB -V $IBPZBOH %JTUSJDU XXX WJTUB DIJOB OFU
5)6 ."3 Ŧ 8&% ."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. $IBVÃFVS BOE 5PVS 4FSWJDFT "JSQPSU QJDL VQ BOE EFMJWFSZ TFSWJDF DIBVÃFVS TFSWJDF BOE QFSTPOBM HVJEF TFSWJDF BWBJMBCMF &OHMJTI TQFBLJOH ESJWFST 1SJDJOH PO XFCTJUF XXX DIBVÃFVSBTJB DPN #FJKJOH -JNP "JSQPSU QJDLVQ DPSQP SBUF FWFOUT BOE TJHIUTFFJOH $IPPTF GSPN TUSFUDI MJNPT CVTFT BOE WBOT BMM XJUI CJMJOHVBM ESJWFST XXX CFJKJOHMJNP DPN FOHMJTI 5063 $0.1"/*&4
#FJKJOH $JUZCVT 5PVST 4FF BMM PG #FJ KJOH T NBKPS TJHIUT JO B UISFF IPVS CVT UPVS $BMM PS GPS JOGPSNBUJPO XXX DJUZCVTUPVS DPN
1"4410354 7*4"4 7*4" "11-*$"5*0/4 &95&/4*0/4
&YJU &OUSZ "ENJOJTUSBUJPO PG UIF 1VCMJD 4FDVSJUZ #VSFBV .PO 4BU BN QN "OEJOH NFO %POHEBKJF CZ 9JBPKJF 2JBP %POHDIFOH %JTUSJDU
*G ZPVS FNCBTTZ IBT NPWFE PS ZPV DBO U ñOE JU JO UIF MJTU CFMPX DPOTVMU UIF VQ UP EBUF MJTU PG BMM UIF FNCBTTJFT JO #FJKJOH BU XXX USBWFMDIJOBHVJEF DPN FNCBTTZ GPSFJHO CFJKJOH
%.
'SBODF 4BOMJUVO %POHTBO +JF (FSNBOZ %POH[IJNFOXBJ %BKJF *OEJB 3JUBO %POHMV
5"9*4
#FJKJOH T DBCT BSF FBTZ UP IBJM FYDFQU EVSJOH UIF SVTI IPVS QFBL %SJWFST BSF HFOFSBMMZ GSJFOEMZ BOE IPO FTU CVU GFX TQFBL &OHMJTI 5IF óBHGBMM SBUF JT 3.# BOE 3.# BGUFS QN "U QSFTT UJNF ESJWFST DPVME BEE BO BEEJUJPOBM 3.# UP UIF CJMM UP DPWFS GVFM DPTUT 5JQT BSF OPU FYQFDUFE
&.#"44*&4
$BOBEB %POH[IJNFOXBJ %BKJF
*SFMBOE 3JUBO %POHMV *UBMZ 4BOMJUVO %POH FSKJF +BQBO 3JUBO -V +JBOHVPNFOXBJ .BMBZTJB -JBOHNBRJBP #FJKJF /FUIFSMBOET -JBOHNBIF /BOMV /FX ;FBMBOE 3JUBO -V %POHFSKJF 1BLJTUBO %POH[IJNFOXBJ %BKJF 1IJMJQQJOFT 9JVTIVJ #FJKJF 3VTTJB %POH[IJNFO #FJ[IPOHKJF 4JOHBQPSF 9JVTIVJ #FJKJF 4PVUI "GSJDB %POH[IJNFOXBJ %BKJF 4PVUI ,PSFB %POHGBOH %POHMV 4XFEFO %POH[IJNFOXBJ %BKJF 4XJU[FSMBOE 4BOMJUVO %POHXVKJF 5IBJMBOE &NCBTTZ (VBOHIVB -V 7JTB BOE DPOTVMBS TFDUJPO ' #MEH % 5XJOT 5PXFS +JBOHVPNFOXBJ %BKJF
6OJUFE ,JOHEPN &NCBTTZ (VBOH IVB -V 7JTB BOE $POTVMBS TFDUJPOT ' /PSUI 5PXFS ,FSSZ $FOUSF (VBOHIVB -V
6OJUFE 4UBUFT PG "NFSJDB "OKJBMPV -V FOUSBODF PO 5JBO[F -V WJTBT WJTB DBMM DFOUFS 7JFUOBN (VBOHIVB -V
5)6 ."3 Ŧ 8&% ."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 ."3 ┼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 ."3 ┼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 NÄ¢ d #S NÄ¢ d #S NÄ¢ d 4BOMJUVO 40)0 40)0 #S NÄ¢ d #S NÄ¢ d #S NÄ¢ TQFDJBM PÃFS d #S NÄ¢ d #S NÄ¢ d *OUFSOBUJPOBM 8POEFSMBOE #S NÄ¢ d #S NÄ¢ d 3FHFOUMBOE 8PSLFS 4UBEJVN %POH TJTI*UJBP #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d (VBOHDBJ *OU M "QBSUNFOU #S NÄ¢ d #S NÄ¢ d -VGUIBOTB "SFB #FJKJOH 40)0 3FTJEFODFT 40)0 #S NÄ¢ d #S NÄ¢ d (FNJOJ (SPWF #S NÄ¢ d #S NÄ¢ d
"(&/%"
$#% "SFB $FOUSBM 1BSL 4UVEJP NÄ¢ d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ EVQMFY d #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 'PSUVOF 1MB[B #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d $#% 1SJWBUF $BTUMF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d $IBPZBOH 1BSL "SFB 1BMN 4QSJOH #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 1BSL "WFOVF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d 0DFBOXJEF *OU M 3FTJEFOUJBM %JTUSJDU #S NÄ¢ d #S NÄ¢ d (SFFOMBLF 1MBDF #S NÄ¢ d #S NÄ¢ d #S NÄ¢ d #FJKJOH (PMG 1BMBDF #S NÄ¢ d $PVSUZBSE 'PS -FBTF )PVIBJ #S NÄ¢ -BLF 4JEF d %POHTJ #S NÄ¢ d 4VCMFU $/ '6-- 4&37*$& ) )PUMJOF &NBJM TVCMFUDO!HNBJM DPN 8FCTJUF IUUQ XXX TVCMFU DO -"/(6"(& 53"*/*/(
64 $)*/" 5"9 4&37*$&4 -JDFOTFE QFSTPOBMJ[FE 64 BOE $IJOB JOEJWJEVBM JODPNF UBY TQFDJBMJTUT XJUI PWFS ZFBST FYQFSJFODFT 'PS UBY SFUVSO QSFQBSBUJPO BOE DPOTVMUBUJPO TFSWJDFT QMFBTF DPOUBDU VT $POTVMUJOH 4FSWJDF $P -UE 8 XXX DO DPN & DPOUBDU! DO DPN . 1
4&37*$&4 Ŭ $"3 3&/5"- %3*7&3
8FMDPNF KPJOU UIF FYQBUDBS NPUPS DMVC NFNCFSTIJQ 8F CVZ ZPVS DBS )FMQ ZPV TFMM PVU ZPVS DBS $BS MJDFOTF QMBUF ESBX MPUUFSZ SFHJTUSBUJPO /FX DBS TBMFT 6TFE DBS TBMFT .FDIBOJDBM ñSTU BJE $IBOHF PG óBU UJSF #BUUFSZ CPPTU 5PXJOH FYUSJDBUJPO TFSWJDF -POH mTIPSU UFSN MFBTJOH $POUBDU TFSWJDF!FYQBUDBS DPN 5FM """ FYQBUDBS XXX FYQBUDBS DPN /FX DBS TBMFT 4FDPOE IBOE DBS TBMFT $BS MJDFOTF QMBUF ESBX MPUUFSZ SFHJTUSBUJPO -FBTJOH PQUJPOT $BS TFSWJDF $BS JOTVSBODF $POUBDU TBMFT!FYQBUDBS DPN 5FM (&/&3"-
-JMZ T "OUJRVFT 4QFDJBMJ[JOH JO IJHI DMBTT BOUJRVF GVSOJUVSF NBJOMZ GSPN OPSUIFSO $IJOB JO XBMOVU BOE &MN XPPE BOE DVTUPN NBEF GVSOJUVSF GPS UIF MPDBM NBSLFU "MTP XIPMFTBMF GPS BOUJRVF BOE OFXMZ NBEF GVSOJUVSF &YDFMMFOU TFSWJDF GPS JOUFSOBUJPOBM USBOTQPSUBUJPO PG GVSOJUVSF 'VSUIFS NPSF B XJEF TFMFDUJPO PG BDDFTTPSJFT JT PÃFSFE %BJMZ BN QN (BPCFJ EJBO 4IPXSPPN (BPCFJEJBO 'VSOJ UVSF 4USFFU $IBPZBOH %JTUSJDU $POUBDU -JMZ 2VBO XXX MJMZT BOUJRVFT DPN 7JTJU CZ "QQPJOUNFOU 'BDUPSZ BOE 8BSFIPVTF "EESFTT #BJNJBP JOEVTUSZ BSFB 4POH[IVBOH UPXO 5POH[IPV %JTUSJDU $POUBDU -JMZ 2VBO
5IF CFTU 5BUUPP TUVEJP JO $IJOB $SFBUJPO 5BUUPP JT UIF ñSTU QSPGFTTJPOBM CPEZ BSU TUVEJP JO #FJKJOH 8F QSPWJEF TFSWJDF CFMPX 5BUUPP 1FSTPOBM CPEZ BSU EFTJHO QJFSDJOH NJDSPEFSNBM 5BUUPP SFNPWBM 8F IBT DSFBUFE UIF QFSGFDU QMBUGPSN UP TBUJTGZ UIF OFFET GPS CPEZ BSU XJUI QSPGFTTJPOBM 4FWFO 4FBT 8PSMEXJEF PÃFST VO CFBUBCMF QSJDFT UP TFOE ZPVS QFSTPOBM FRVJQNFOUT BOE QFSTPOOFM XFMDPNF UP DVTUPN "EE #MEH +JBOXBJ CFMPOHJOHT PS FYDFTT CBHHBHF XPSME 4PIP %POHTBOIVBO ;IPOHMV XJEF 7JTJU XXX TFWFOTFBTXPSMEXJEF DPN UP USZ PVS '3&& TFDPOET POMJOF $IBPZBOH %JTUSJDU 5FM RVPUF 4P ZPV DBO NBLF B EFDJTJPO GBTU 8FCTJUF XXX UJBOYJDJRJOH DPN BOE TBWF UJNF NPOFZ 5FM &NBJM $)/*/'0!TFWFOTFBTXP SMEXJEF DPN
5)6 ."3 Ŧ 8&% ."3
%.