BMW MOA

º

,

JEF 8SJUF 8JO u * TUJMM IBWF UIF CSPDIVSF BEWFS UJTJOH #.8 T Ϗύύώ i(SFBU 3JEFT $POUFTU u 8IFO * ê STU QJDLFE VQ UIBU MJUUMF QBNQIMFU NZ KVOJPS ZFBS PG DPMMFHF * IBE KVTU TUBSUFE MPPLJOH BU HFUUJOH NZ ê STU NPUPSDZDMF GPS UIF TPMF QVSQPTF PG UBLJOH B DSPTT DPVOUSZ USJQ Ѯ JT IBMG CBLFE JEFB KFMMFE TPNFXIFSF CFUXFFO &BTZ 3JEFS ;FO BOE UIF "SU PG .PUPSDZDMF .BJOUFOBODF BOE IBWJOH BCTPMVUFMZ OP JEFB XIBU * XBOUFE UP EP Bѫ FS DPMMFHF 8IFO * ê STU TUBSUFE MPPLJOH UP TBZ UIBU * EJEO U LOPX NVDI BCPVU NPUPSDZ DMFT XPVME CF BO FYBHHFSBUJPO *O USVUI * LOFX TRVBU /PU MPOH Bѫ FS * CFHBO QPVS JOH PWFS UIF *OUFSOFU UP ê OE PVU XIBU * XBT HFUUJOH NZTFMG JOUP * GPVOE NZTFMG BU B #.8 EFBMFS PHMJOH UIF VTFE CJLFT QJDLJOH VQ UIBU CSPDIVSF BOE JSSFWPDBCMZ DIBOHJOH UIF DPVSTF PG UIF OFYU GFX ZFBST PG NZ MJGF *O IJOETJHIU JU OPX TFFNT BCTVSE UP NF UIBU UIFSF XBT FWFS B UJNF XIFO * EJEO U XFMM VQ XJUI DBNBSBEFSJF VQPO TFFJOH BO BJSIFBE NPUPS T PCMPOH TJMIPVFUUF DPNF EPXO UIF SPBE PS XIFO * DPVMEO U EJT

DFSO BO PME #FFNFS T OPX GBNJMJBS OPUF GSPN UIF XIJOF PG B TQPSU CJLF PS UIF CBSL PG B )BSMFZ #VU UIFO BHBJO NZ TVN UPUBM FYQFSJFODF XJUI FOHJOFT CFGPSF * HPU B NPUPSDZDMF XBT MJNJUFE UP BO JMM GBUFE MBXONPXFS QSPKFDU JO IJHI TDIPPM TIPQ DMBTT #VU SFBEFST PG UIJT NBHB[JOF EPO U OFFE B OPWJDF UFMMJOH UIFN BCPVU UIF UISJMMT PG TFFJOH UIF DPVOUSZ GSPN B NPUPSDZDMF 2VJUF UIF DPOUSBSZ JU T UIF SFBEFST PG UIJT NBHB[JOF UIBU JO NPSF XBZT UIBO POF IBWF NBEF NZ FYQFSJ FODF QPTTJCMF Ѯ F FOUIVTJBTN GPS SJEJOH BOE NBJOUBJOJOH UIFTF CJLFT UIBU ê MMT UIF QBHFT PG FWFSZ #.8 0/ BOE UIPTF NFNCFST XIP QVU UIFJS QIPOF OVN CFST JO UIF "OPOZNPVT BSF UIF HMVF UIBU CJOE XIBU * WF EJTDPWFSFE UP CF B WFSZ SJDI DPNNVOJUZ PG QFPQMF EFEJDBUFE UP B QBTTJPO UIBU * WF CFFO MVDLZ FOPVHI UP TUVNCMF JOUP * KVTU UIPVHIU UIBU TPNF MPOH UJNF NFNCFST NJHIU HFU B LJDL PVU PG UIJT OFPQIZUF T JOUSPEVDUJPO BOE OPX BEEJDUJPO UP #.8 NPUPSDZDMFT Ѯ JSUZ TPNF PEE TUBUFT B QBJOGVMMZ FYQFOTJWF FOHJOF SFCVJME BOE DPVOUMFTT GBDF TQMJUUJOH HSJOT MBUFS * E EP JU BMM BHBJO JO B IFBSUCFBU

O UIF MBUF TVNNFS PG Ϗύύώ * ê OBMMZ IBE FOPVHI TBWFE VQ UP CVZ NZ ê STU CJLF B CMBDL ώϖϔϓ 3ϔϒ ϓ PO DPOTJHO NFOU BU B MPDBM TIPQ Ѯ BU NVHHZ "VHVTU EBZ XIFO * IBOEFE PWFS BMM NZ IBSE FBSOFE DBTI XBT UIF ê STU EBZ * IBE FWFS SJEEFO B NPUPSDZDMF BOE UIF TIPQ PXOFS XIP TBX NF PĒ IBE B QSFUUZ VOFBTZ MPPL BT * MVSDIFE PVU PG IJT QBSL JOH MPU #VU JG UIBU XBT POF PG UIF IPU UFTU EBZT PG UIF TVNNFS * OFWFS GFMU JU * SPEF BSPVOE UIF CBDLSPBET PG OPSUIFSO 7FSNPOU VOUJM * XBT PVU PG HBT BOE UIF MBUF TVNNFS TVO XBT PO JUT XBZ EPXO *U T TBGF UP TBZ * XBT DPNQMFUFMZ IPPLFE GSPN UIBU ê STU SJEF #Z UIF GBMM PG ϏύύϏ Bѫ FS * HSBEVBUFE XJUI B TFBTPO T XPSUI PG SJEJOH FYQFSJ FODF VOEFS NZ CFMU * XBT SFBEZ UP TFU PĒ * IBE TQFOU DPVOUMFTT IPVST TDPVSJOH UIF *OUFSOFU GPS TJUFT EFEJDBUFE UP NPUPS DZDMF UPVSJOH USZJOH UP ê HVSF PVU XIBU UP CSJOH 'SPN UIF CBDL QBHFT PG #.8 0/ BOE *#.83 PSH T DMBTTJê FET * IBE DPCCMFE UPHFUIFS FOPVHI VTFE HFBS B CBUUFSFE PME ,SBVTFS SBDL XJUI DBTFT B IBOEMFCBS NPVOU XJOETIJFME BOE B VTFE MFBUIFS KBDLFU UP NBLF B SVO GPS UIF 8FTU $PBTU .Z HFOFSBM QMBO XBT UP HP

Ê i « ÞÌi½ÃÊÊ *ODSFEJCMF TDFOFSZ PG UIF PQFO TLZ TUBUFT JO UIF 8FTU

֕

#.8 08/&34 /&84 /PWFNCFS

EPXO UIF FBTUFSO TFBCPBSE BOE UIFO DVU BDSPTT UIF TPVUI IJU UIF XFTU DPBTU [JQ BMM UIF XBZ VQ UP $BOBEB BOE UIFO DPNF CBDL BMPOH UIF OPSUIFSO UJFS 4JNQMF SJHIU * TQFOU NZ ê STU EBZ IBDLJOH UISPVHI UIF * ϖϒ DPSSJEPS GSPN 7FSNPOU UP UIF TUBSU PG UIF #MVF 3JEHF 1BSLXBZ 1SJPS UP UIJT ϓϒύ NJMF MFH NZ MPOHFTU TUSFUDI * E FWFS SJEEFO XBT BCPVU Ϗϒύ NJMFT BOE Bѫ FS NZ ê STU SFBM iMPOH EJTUBODFu EBZ * XBT BMSFBEZ SFBTTFTTJOH XIBU JU XBT HPJOH UP UBLF UP HFU UP $BMJGPSOJB BOE CBDL "ѫ FS UIF TNPHHZ #PTUPO 8BTIJOH UPO NFHBMPQPMJT UIF OFBS QFSGFDU BTQIBMU PG UIF #MVF 3JEHF XBT B EBZ MPOH CSFBUI PG GSFTI BJS * EPO U SFNFNCFS XIBU UIF TQFFE MJNJU XBT CVU * EPO U SFNFNCFS JU NBUUFSJOH NVDI Ѯ F EF GBDUP TQFFE MJNJU XBT TFU CZ UIF FOEMFTT UXJTUT BOE UVSOT *U XBT OFBS UIFSBQFVUJD IVNNJOH BMPOH SJCCPOT PG CMBDL SPBE UP B CBDLESPQ PG #MVF .PVOUBJO SJEHFMJOF BOE TNPLZ WBM MFZT *G UIF EBZ CFGPSF * IBE FWFS EPVCUFE NZTFMG UIBU EBZ PO UIF #MVF 3JEHF MFU FWFSZUIJOH DMJDL "U UIF FOE PG UIF TFDPOE EBZ UIF TLZ XBT UISFBUFOJOH SBJO * IBE TQMVSHFE PO B XBUFSQSPPG TIFMM CFGPSF * MFѫ BOE * IBE

>Û }Ê iÛiÀÊÀi> ÞÊÀ ``i Ê Ì À Õ} ÊÀ> Êv ÀÊ>Ê }iÀÊÌ > Ê>ÊviÜÊ ÕÌiÃ]Ê ÊÃ Êv Õ `ÊÌ >ÌÊ ÞÊ}i>ÀÊ Ài«i i`ÊÀ> Ê>ÌÊÇä « Êv ÀÊ Ì iÊLiÌÌiÀÊ«>ÀÌÊ vÊ>Ê ÕÌiÊ Liv ÀiÊ ÞÊwÊ }iÀÃÊ> `Ê Ì iÃÊÃÌ>ÀÌi`ÊÌ Ê«ÀÕ i° DMFWFSMZ PS TP * UIPVHIU BU UIF UJNF TBWFE TPNF NPOFZ CZ DIPPTJOH DIFBQFS "SNZ TVSQMVT TUPSF SBJO QBOUT JOTUFBE PG NPUPSDZDMF JOUFOEFE HFBS )BWJOH OFWFS SFBMMZ SJEEFO UISPVHI SBJO GPS B MPOHFS UIBO B GFX NJOVUFT * TPPO GPVOE UIBU NZ PME MFBUIFS IJLJOH CPPUT BOE SJEJOH HMPWFT SFQFMMFE SBJO BU ϔύNQI GPS UIF CFUUFS QBSU PG B NJOVUF CFGPSF NZ ê OHFST BOE UPFT TUBSUFE UP QSVOF * XBT BCMF UP KVTUJGZ UIF ϒύ CVDLT GPS UIF NPUFM UIBU TFDPOE OJHIU CZ CVSOJOH PVU UIF IBJS ESZFS JO UIF CBUI SPPN ESZJOH PVU NZ HMPWFT BOE CPPUT "ѫ FS UIF QBSLXBZ * TQFOU B GFX EBZT

JO B IPTUFM JO $IBSMFTUPO 4PVUI $BSPMJOB BOE B GFX EBZT XJUI GSJFOET JO 4BWBOOBI (FPSHJB * FOKPZFE CPUI DJUJFT CVU UIFJS OBSSPX DPCCMFTUPOF TUSFFUT EJEO U QSP WJEF GPS NBOZ TXFFQFST 'SPN 4BWBOOBI * IFBEFE XFTU SJEJOH TFDPOEBSZ SPBET UP HFU UP "MBCBNB *U XBT B CFBVUJGVM TVOOZ EBZ BOE UIFSF XFSF CJH PSBOHF CVUUFSë JFT FWFSZXIFSF OPU MFBTU PG BMM DPWFSJOH NZ KBDLFU KFBOT IFMNFU WJTPS HMPWFT BOE XJOETIJFME * BSSJWFE PVUTJEF PG #JSNJOHIBN MBUF BOE TFU VQ DBNQ CZ IFBEMJHIU Ѯ JT XBT UIF POMZ UJNF * VTFE NZ UFOU BMUIPVHI * XPVME DBSSZ XJUI NF GPS UIF FOUJSF USJQ Ѯ F OFYU EBZ * WJTJUFE B GSJFOE JO #JS NJOHIBN PS i#VN OIBN u BT * XBT DPS SFDUFE "ѫ FS TPNF BVUIFOUJD TPVUIFSO CBSCFRVF * TFU PVU GPS /FX 0SMFBOT JO UIF MBUF Bѫ FSOPPO 1VUUJOH NZ GBJUI JO UIF 8FBUIFS $IBOOFM * XBT BCMF UP TLJSU BSPVOE )VSSJDBOF *TBEPSF CVU JU XBT BCPVU UXP JO UIF NPSOJOH CZ UIF UJNF * MPQFE JOUP UIF TVC TFB MFWFM DJUZ PG /FX 0SMFBOT PO B TFSJFT PG CSJEHFT UP ê OE JU ë PPEFE PVU CZ UIF KVTU QBTU IVSSJDBOF 1BSUT PG UIF DJUZ TUSFFUT XFSF TUJMM TXBNQFE XJUI IBQIB[BSE CBSSJDBEFT UISPXO VQ BU JNQBTTBCMF JOUFSTFDUJPOT .Z CJLF IBEO U

ÊÊ ÌÀ `ÕVÌ ÞÊ À ÃÊ iÃÃiÀÊ £äänÈÈ

/PWFNCFS #.8 08/&34 /&84

÷ð

ÌÀ `ÕVÌ CFFO SVOOJOH TNPPUIMZ TJODF 4BWBOOBI BOE XBT QPTJUJWFMZ TQVUUFSJOH BT * GPSDFE JU UISPVHI EFTFSUFE CMJOLJOH ZFMMPX MJHIU JOUFSTFDUJPOT * êOBMMZ GPVOE NZ IPTUFM UIBOLGVM UP QFFM NZTFMG PĒ UIF CJLF BOE IJU UIF CVOLIPVTF FYIBVTUFE FOPVHI UP JHOPSF UIF TNFMM PG XIBU IVNJEJUZ EPFT UP CVEHFU USBWFMFST 5XP EBZT PG MJWF KB[[ #PVSCPO 4USFFU MBUF OJHIUT BOE KVTU HFOFSBMMZ CFJOH B UPVSJTU EJE OPUIJOH UP êY NZ FOHJOF QSPC MFNT 8IFO NZ CJLF XPVMEO U êSF VQ BOE NZ USPVCMFTIPPUJOH ZJFMEFE OPUIJOH CVU

GSVTUSBUJPO * UVSOFE UP NZ #.8 0XOFST "OPOZNPVT CPPL 'JOEJOH B GFX QPUFO UJBM QIPOF OVNCFST * QJDLFE POF SBO EPNMZ BOE DBMMFE JU 5XFOUZ NJOVUFT MBUFS * LOFX * IBE QJDLFE UIF SJHIU OVNCFS BT +PIO 1FUUZ DMJNCFE PVU PG IJT USVDL MPPL JOH SFBEZ GPS CVTJOFTT XJUI B XFMM XPSO #.8 DBQ BOE 5 TIJSU SJEJOH CPPUT BOE B UPPMCPY *O BEEJUJPO UP PXOJOH BOE NBJO UBJOJOH IJT PXO #.8T +PIO BMTP NBJO UBJOT UIF 3 CJLF UFDI BSUJDMF QBHFT GPS UIF JODPNQBSBCMF *OUFSOFU #.8 3JEFST XFCTJUF JCNXS PSH 8JUI EVF EFGFSFODF UP UIF UIPVTBOET PG PUIFS TVSFMZ DBQBCMF "OPOZNPVT MJTUJOHT BDSPTT ϒύ TUBUFT *

"MPOH UIF #MVF 3JEHF 1BSLXBZ /PSUI $BSPMJOB

4VOTFU JO 8FTU 5FYBT

֖

#.8 08/&34 /&84 /PWFNCFS

UIJOL JU T TBGF UP TBZ UIBU * MVDLFE PVU XJUI NZ SBOEPN QJDL +PIO UPPL IPVST PVU PG IJT EBZ UP IFMQ NF USPVCMFTIPPU NZ FOHJOF QSPC MFN 8PSLJOH BSPVOE UIF SBJO JOUP UIF MBUF BѫFSOPPO +PIO BOE * NPTUMZ +PIO

EJBHOPTFE UIF QSPCMFN BT SFDFEJOH WBMWF TFBUT ѮF QSPCMFN XBT SFNFEJFE XJUI B TJNQMF WBMWF BEKVTUNFOU BOE B SFCBMBOD JOH PG UIF DBSCVSFUPST GPS HPPE NFBTVSF DIBUUJOH PO B OFBSCZ QPSDI JO CFUXFFO TQBUT PG SBJO "OE JG UIBU XBTO U FOPVHI +PIO JOTJTUFE UIBU * KPJO IJT GBNJMZ GPS EJOOFS UIBU OJHIU PVUTJEF PG /FX 0SMFBOT GPS TPNF BVUIFOUJD $BKVO DPPLJOH "ѫFS MFBWJOH -PVJTJBOB * USBWFSTFE UISPVHI 5FYBT TUPQQJOH JO "VTUJO GPS B DPVQMF PG EBZT "VTUJO XBT NPSF NVTJD BOE NPSF CBSCFRVF * XBT IBWJOH B HSFBU UJNF CVNNJOH BSPVOE UIF 4PVUI CVU NPOFZ XBT SVOOJOH PVU GBTU BOE * TUJMM IBE B MPU PG HSPVOE UP DPWFS * EFDJEFE UP USZ BOE NBLF TPNF XFTUXBSE NJMFT *U XBT BSPVOE UISFF JO UIF NPSOJOH TPNFXIFSF JO "SJ[POB BMPOH UIF .FYJDP CPSEFS XIFO * SBO JOUP UIF i4PMEJFST PG +FTVT u "U MFBTU TP TBJE UIFJS NBUDIJOH FNCSPJEFSFE MFBUIFS WFTUT * XBT HFUUJOH HBT BOE QBEEJOH PO NPSF MBZFST BHBJOTU UIF DPME EFTFSU OJHIU XIFO * NFU UIF UISFF )BSMFZ SJEFST FO SPVUF UP TPNF TPSU PG SBMMZ PO UIF (VMG $PBTU ѮFZ XFSF HFU UJOH B MBUF TUBSU EVF UP NFDIBOJDBM EJG êDVMUJFT * XBT KVTU USZJOH UP NBLF UJNF HPJOH XFTU

CFGPSF HFUUJOH CBDL PO UIF SPBE CV[[FE JO NZ PXO SJHIU BOE SFBEZ UP êOJTI NZ SVO BU UIF 8FTU $PBTU * WF SFBE UIBU UIFSF T TPNF TPSU PG *SPO #VUU MBQFM QJO ZPV DBO HFU GPS DPNQMFUJOH B Ϗϑ IPVS ώύύύ QMVT NJMF MFH "MM * MM FWFS OFFE JT UIBU CBĔFE MPPL PO UIF GBDFT PG UIF 4PMEJFST PG +FTVT BOE UIBU DPNQMJNFOUBSZ DVQ PG DPĒFF * MPPLFE GPS DBNQTJUFT BMPOH UIF XBZ CVU BU TPNF QPJOU EFDJEFE UP KVTU SJEF UISPVHI UIF OJHIU ѮF USBODF * TFUUMFE JOUP XBT POMZ CSPLFO XIFO UIF TVO DSBDLFE UIF IPSJ[PO 4BMVUJOH 4BHVBSP DBDUJ UIBU EPUUFE UIF EFTFSU HBWF BO FUIF SFBM RVBMJUZ UP UIF MBOETDBQF 8IFO * HPU UP 4BO %JFHP * XPVOE NZ XBZ VQ UP B SFTJEFOUJBM DVM EF TBD PWFSMPPLJOH UIF PDFBO BOE GFMU HJEEJOFTT PWFSXIFMN GBUJHVF " TFOTF PG BDDPN

QMJTINFOU XBT NBUDIFE POMZ BOE VOFY QFDUFEMZ CZ B DPNQVMTJPO UP LFFQ HPJOH * XBT FYQFDUJOH UIF 1BDJêD 0DFBO UP HJWF TPNF TPSU PG êOBMJUZ UP NZ USJQ CVU LOPX JOH UIBU * NBEF JU DPBTU UP DPBTU EJE KVTU UIF OPUIJOH PG UIF TPSU "MM * XBOUFE UP EP XBT LFFQ HPJOH "ѫFS B DPVQMF PG EBZT PG 3 3 * QJDLFE NZ XBZ VQ UIF 1BDJêD $PBTU PO UIF GBNPVT 1BDJêD $PBTU )JHIXBZ * FWFOUVBMMZ IBE UP QFFM PĒ BOE IFBE CBDL FBTU UISPVHI -BT 7FHBT BOE UIFO VQ UP NZ GBUIFS T IPVTF JO 0HEFO 6UBI "T QFS NPTU PG NZ USJQ * BSSJWFE DPME BOE MBUF JO UIF OJHIU )BWJOH IBE UP BEKVTU NZ WBMWFT UXJDF TJODF +PIO 1FUUZ EJBHOPTFE UIFN BT SFDFEJOH * LOFX * XBT HPJOH UP MFU UIF CJLF TQFOE UIF XJOUFS JO 6UBI * XBT PVU PG NPOFZ BOE PVU PG XBSN XFBUIFS

/VNC GSPN UIF DPME BOE GSPN SJEJOH BMPOF BMM EBZ BOE OJHIU * XBUDIFE UIF UISFF TPMEJFST QBM BSPVOE BT UIFZ êMMFE VQ UIFJS IPHT PCWJPVTMZ CV[[FE XJUI UIFJS PXO BEWFOUVSF 8IFO UIFZ TBX NZ 7FSNPOU MJDFOTF QMBUF BOE * UPME UIFN * IBE TUBSUFE NZ MFH JO "VTUJO 5FYBT UIBU BѫFSOPPO BOE XBT HPJOH VOUJM * HPU UP 4BO %JFHP UIFZ TUPQQFE KPLJOH BSPVOE UIFJS FYQSFTTJPOT HPJOH GSPN DPOGVTFE UP TLFQUJDBM #Z UIF UJNF * êOJTIFE QBDL JOH FWFSZUIJOH VQ UIF 4PMEJFST PG +FTVT IBE CPVHIU DPĒFF GPS FWFSZPOF NZTFMG JODMVEFE XIJDI * HSBUFGVMMZ BDDFQUFE 4VOSJTF JO TPVUIFSO $BMJGPSOJB

;JPO /BUJPOBM 1BSL 6UBI

NBEF JU CBDL UP 6UBI UIF OFYU TVNNFS UP êY NZ FYIBVTU WBMWF QSPCMFN BOE SJEF UIF CJLF IPNF * CVEHFUFE UXP XFFLT GPS UIF SFQBJST BOE BOPUIFS ώύ EBZT UP NBLF NZ XBZ IPNF CVU JU UPPL OFBSMZ UISFF NPOUIT * VUJMJ[FE UIF "OPOZNPVT CPPL BHBJO CFGPSF ëZJOH CBDL UP 6UBI UP CPSSPX B TQMJOFE FYIBVTU OVU XSFODI TP * DPVME HFU UIF FOHJOF BQBSU UP NBLF SFQBJST * BHBJO MVDLFE PVU XIFO * HPU +FSSZ )PM DPNCF PO UIF QIPOF +FSSZ OPU POMZ IBE UIF XSFODI BOE UPPL JU VQPO IJNTFMG UP ESPQ JU PĒ BU NZ EBE T IPVTF CFGPSF * FWFO HPU UIFSF CVU IBWJOH SJEEFO NPUPSDZDMFT GPS PWFS ϒύ ZFBST IF QSPWFE B SFTFSWPJS PG BEWJTF BOE JOGPSNBUJPO +FSSZ T HBSBHF GVMM PG CJLFT XPVME NBLF BOZ #.8 .0" NFNCFS ESPPM PVUSJHIU GPS NF /PWFNCFS #.8 08/&34 /&84

÷ò

ÌÀ `ÕVÌ

TJEF PG UIF SPBE JO EJTCFMJFG "ѫFS MFUUJOH UIF CJLF BOE NZTFMG DPPM EPXO B CJU * HPU JU SFTUBSUFE BOE MJNQFE CBDL JOUP UIF WBMMFZ +FSSZ TVHHFTUFE UIBU * UBLF JU IJT GSJFOE T #FFNFS TIPQ JO UPXO +FSSZ (PE CMFTT ZPV CVU XIZ EJEO U ZPV TFOE NF UIFSF JO UIF êSTU QMBDF

8IFSF * OFWFS GFMU ώύύ QFSDFOU BU FBTF JO UIF IPTQJUBM MJLF TUFSJMF TIPXSPPNT PG NPTU #.8 EFBMFST * GFMU DPNQMFUFMZ BU IPNF JO %PVH 8FOU[FMM T TQBDJPVT #FFNFS .PUPST TIPQ JO 0HEFO 6UBI *U T DMFBS GSPN UIF NJOVUF ZPV XBML JO BOE TFF UIF ϐύ TPNF PEE OFX BOE PME #FFNFST JO WBSJPVT TUBHFT PG SFQBJS XJUI XBMMT PG TIFMWFT MJOFE XJUI FOPVHI GFOE FST UBOLT PEET BOE FOET UP DSBTI F#BZ T TFSWFST UIBU UIJT JT B TQFDJBM QMBDF 8IBU JT QFSIBQT NPTU JNQSFTTJWF BCPVU UIF TIPQ JT UIBU JU T B POF NBO TIPX %PVH 8FOU[FMM JT UP #.8 NPUPS DZDMFT XIBU :PEB XBT UP UIF HPPE HVZT JO UIF 4UBS 8BST NPWJFT )JT PSHBOJD VOEFS TUBOEJOH PG UIFTF NPUPSDZDMFT BMPOH XJUI IJT FWFS SFGSFTIJOH QPMJDZ PG CVNQ JOH UIPTF PO UIF SPBE VQ UP UIF GSPOU PG UIF TFSWJDF MJOF IBE NZ CJLF êYFE JO OP

BO PSJHJOBM 3ϖύ4 XBT UIF IJHIMJHIU PG UIF TUBCMF CVU UIFSF XFSF CFBVUJGVM TQFDJ NFOT CPUI OFX BOE PME 8IJMF XBJUJOH GPS UIF DZMJOEFS IFBET UP DPNF CBDL GSPN UIF NBDIJOJTU * TQFOU TPNF UJNF BU +FSSZ T LJUDIFO UBCMF MPPLJOH BU êѫZ ZFBS PME CMBDL BOE XIJUFT PG IJN QSPVEMZ TUBOE JOH CZ IJT êSTU WBMBODFE GFOEFSFE *OEJBO NPUPSDZDMF "T JG JU T OPU PCWJPVT UP SFBEFST PG UIJT NBHB[JOF BMSFBEZ JG ZPV SF SFGVSCJTIJOH UIF UPQ FOE PG ZPVS BJSIFBE BOE BSF PO B CVEHFU EPO U UBLF JU UP BO BVUIPSJ[FE #.8 EFBMFS XJUIPVU FYQFDUJOH UP QBZ BVUIPSJ[FE #.8 EFBMFS QSJDFT 'SPN NZ FYQFSJFODF BU TFWFSBM EFBMFST BDSPTT UIF DPVOUSZ UIFSF BSF BMXBZT B GFX QFPQMF UIFSF HFOVJOFMZ JOUFSFTUFE JO BOE LOPXM FEHFBCMF PG BJSIFBET UIF SFTU BSF BMM CMBOL TUBSFT 8IFO * GPVOE UIBU NZ DZMJOEFST BOE QJTUPOT XFSF PVU PG TQFD BMPOH XJUI NZ FYIBVTU WBMWF TFBUT * EFDJEFE UP IBWF FWFSZUIJOH SFGVSCJTIFE UISPVHI B #.8 EFBMFS "ѫFS NBOZ GPMMPX VQ QIPOF DBMMT BOE NPSF UIBO TJY XFFLT PG XBJUJOH * XBT PSJHJOBMMZ UPME UXP XFFLT * êOBMMZ HPU NZ QBSUT CBDL BOE XBT BCMF UP QVU FWFSZUIJOH CBDL UPHFUIFS 8JUI BEWJDF GSPN +FSSZ DMPTF TDSVUJOZ PG NZ $MZNFS NBOVBM BOE BMM UIF POMJOF SFTPVSDFT * DPVME êOE * HPU UIF CJLF CBDL UPHFUIFS JO ϑϕ IPVST PG MJWJOH JO UIF HBSBHF 8IFO UIF NPNFOU PG USVUI DBNF JU T TBGF UP TBZ UIBU * XBT B OFSWPVT XSFDL CVU UIF CJLF TUBSUFE PO UIF êSTU USZ BOE QVSSFE MJLF B LJUUFO 8IFO * XBT êOBMMZ SFBEZ UP IFBE PVU * MPBEFE NZ DJSDVT PG HFBS POUP UIF CJLF TBJE NZ UIBOL ZPVT BOE HPPECZFT BOE HPU B MBUF TUBSU JOUP UIF BMSFBEZ TXFMUFSJOH BѫFSOPPO TVO ѮF CJLF IBE QFSGPSNFE KVTU êOF EVSJOH UIF CSFBL JO QFSJPE CVU MPBEFE VQ HPJOH PWFS UIF 8BTBUDI 3BOHF KVTU Ϗϒ NJMFT BѫFS * IBE HMFFGVMMZ [FSPFE PVU NZ PEPNFUFS TPNFUIJOH XFOU XSPOH ѮF CJLF KVTU XPVMEO U HFU VQ UIF IJMM 5XP NPOUIT TQFOU XBJUJOH êYJOH BOE QSFQBSJOH XJUI BO PCTDFOF NBDIJOJTU CJMM UP CPPU BMM DBNF EPXO PO NF XIJMF * TBU PO UIF " TFMG QPSUSBJU JO 6UBI

÷ó

#.8 08/&34 /&84 /PWFNCFS

UJNF * TQFOU B EBZ BOE B IBMG XJUI %PVH JO IJT TIPQ SFQMBDJOH JHOJUJPO QPJOUT BOE UIF DPOEFOTFS PWFSIBVMJOH B CPPHFSFE DBSCVSFUPS BOE SFQMBDJOH B XPSO GSPOU UJSF XJUI B DIFBQ VTFE POF 8IFO %PVH JTO U BU IJT TIPQ IF JT QVMMJOH BO FRVBMMZ JNQSFTTJWF NPCJMF TIPQ JO UIF GPSN PG B GVMMZ FRVJQQFE TFMG CVJMU BMVNJOVN GSBNFE ϒύ GPPU USBJMFS BSPVOE UP #.8 SBMMJFT BMM PWFS UIF DPVOUSZ * XBT PĒ BHBJO BѫFS IBWJOH WFSZ UFO UBUJWFMZ [FSPFE PVU NZ PEPNFUFS GPS UIF TFDPOE UJNF ѮF OFYU DPVQMF PG EBZT * TQFOU HPJOH VQ UISPVHI 8ZPNJOH BOE UPXBSET UIF NJE XFTU ѮF SFTU PG NZ USJQ CBDL FBTU XBT PUIFSXJTF VOFWFOUGVM 4BWF GPS B NJOPS NJTIBQ XIJMF TDPVUJOH B DBNQJOH TQPU UIBU TPNFIPX QVU NF PWFS UIF IBOEMFCBST PO B TUFFQ SVUUFE EJSU SPBE SFRVJSJOH ZFU BOPUIFS EF CVHHFSJOH PG UIF DBSCVSFUPST UIF CJLF SBO TNPPUIMZ BOE FWFSZ NJMF UIBU UJDLFE BXBZ BEEFE UP B TFOTF PG TBUJTGBDUJPO * EPO U DMBJN UP IBWF SFBDIFE BOZ TPSU PG i;FO TUBUFu XJUI NZ NPUPSDZDMF $FS UBJOMZ * NBJOUBJO B NPSCJE GFBS PG USBOT NJTTJPO QSPCMFNT #VU GSPN UIF CBTJD TZTUFNT UIBU * WF IBE UP MFBSO JOUJNBUFMZ UIF CSBLFT UIF DIBSHJOH TZTUFN UIF UPQ FOE PG UIF FOHJOF UIF QPJOU JHOJ UJPO TZTUFN UIF DBSCVSFUPST * EP GFFM NPSF DPOOFDUFE NPSF BU FBTF KVTU HPJOH EPXO UIF SPBE &BSMZ JO NZ TFBSDI GPS B NPUPSDZDMF B DVTUPNFS GSPN XPSL CSPVHIU JO POF PG IJT PME JTTVFT PG #.8 0/ GPS NF UP DIFX PO * KPJOFE #.8 .0" TPPO BѫFS * QJDLFE VQ NZ ϓ BOE SFNFNCFS DIVDLMJOH BU POF PG NZ êSTU JTTVFT UIBU TIPXFE B CSFBLEPXO PG NFNCFSTIJQ EFNPHSBQIJDT ѮSFF ZFBST MBUFS * N TVSF NZ BHF JODPNF HSPVQ JT TUJMM UIF TNBMMFTU TMJDF PG UIF #.8 .0" QJF ѮSPVHI MVDL CPUI HPPE BOE CBE BOE UIF LJOEOFTT PG TUSBOHFST * NBEF JU UISPVHI NZ USJQ JO POF QJFDF -PPLJOH CBDL UP IPX VOQSFQBSFE * XBT XIFO * TUBSUFE NBLFT NF SFBMJ[F KVTU IPX JNQPSUBOU #.8 .0" IBT CFFO UP NZ FYQFSJFODF /PX * E MJLF UP HFU BO PME (4 CJLF BOE UBLF JU UISPVHI 4PVUI "NFSJDB XIJDI * N TVSF XPVME CF FRVBMMZ BNVTJOH