.03& 0/ 4*6%& $0.
"VEJP )FBS UIF QSFTT DPOGFSFODF UP BOOPVODF &JLFOCFSH T SFTJHOBUJPO ] "VEJP TMJEFTIPX 8BUDI MBDSPTTF QMBZFST QBTTJPOBUFMZ XJFME TUJDLT 1VMTF DPMVNO /#$ T %JSFDU 57 BHSFFNFOU TIPVME TBWF NPSF TIPXT ] #MPH 8BST 8IBU JT UIF CFTU XJME BOJNBM
%ĒĚĝĪ &ĘĪġĥĚĒğ
5PEBZ )JHI -PX
'3*%":
4BUVSEBZ )JHI -PX 4VOEBZ )JHI -PX
70-6.& /0
$0-6./4 1"(& (VT #PEF TBZT UIJT NPOUI JT EFEJDBUFE UP IFBMUI BOE TBGFUZ
"13*-
1"(&4
&JLFOCFSH PVU
8PNFO T CBTLFUCBMM DPBDI SFTJHOT BGUFS GJWF ZFBST -VJT $ .FEJOB +FGG &OHFMIBSEU %"*-: &(:15*"/
4 *6 XPNFO T CBTLFUCBMM DPBDI %BOB &JLFOCFSH SFTJHOFE 5IVSTEBZ FOEJOH B GJWF ZFBS DBSFFS UIBU JODMVEFE B DPOGFSFODF DIBNQJPOTIJQ BOE BMMFHBUJPOT UIBU TIF WFSCBMMZ BCVTFE QMBZFST "UIMFUJD %JSFDUPS .BSJP .PDDJB TBJE IF BDDFQUFE &JLFOCFSH T SFTJHOBUJPO BGUFS UIF UXP EJTDVTTFE UIF GVUVSF PG UIF QSPHSBN JO B QPTU TFBTPO NFFUJOH .PDDJB TBJE MPTJOH B DPBDI JT B EJGGJDVMU QSPDFTT CVU BGUFS NFFUJOH XJUI NFNCFST PG UIF UFBN IF JT DPOGJEFOU UIF QMBZFST BSF QSFQBSFE GPS UIF GVUVSF
TJV%& DPN
3&"% B DPQZ PG &JLFOCFSH T
1% ' DPOUSBDU XJUI 4*6
i8F SF HPJOH UP HFU B OFX DPBDI BOE XF SF HPJOH UP NPWF GPSXBSE BOE NPWF GPSXBSE BHHSFTTJWFMZ * UIJOL UIFSF XBT TPNF PQUJNJTN DPNJOH PVU PG UIBU NFFUJOH w .PDDJB TBJE )F TBJE IF IPQFT UP BOOPVODF B OFX IFBE DPBDI XJUIJO UISFF XFFLT .PDDJB EFOJFE SFQPSUT UIBU BTTPDJBUF IFBE DPBDI .FHBO -BOIBN BMTP SFTJHOFE )F TBJE -BOIBN T DPOUSBDU FYQJSFT +VOF BOE TIF XPVME CF GSFF UP QVSTVF PUIFS DPBDIJOH PQQPSUVOJUJFT BU UIBU QPJOU 4FF &*,&/#&3( ]
'*-& 1 )050 4BMVLJ IFBE DPBDI %BOB &JLFOCFSH XBUDIFT GSPN UIF TJEFMJOFT EVSJOH B HBNF CFUXFFO 4*6 BOE *MMJOPJT 4UBUF 6OJWFSTJUZ BU 3FECJSE "SFOB JO /PSNBM PO +BO 0O 5IVSTEBZ &JLFOCFSH SFTJHOFE BT IFBE DPBDI PG UIF XPNFO T CBTLFUCBMM UFBN BGUFS GJWF ZFBST BU UIF IFMN
1PTIBSE 5SVTUFFT TMBN #PBSE XBSOT BHBJOTU VOJWFSTJUZ T UVJUJPO QMBO JOGMBUJOH TUVEFOUT GFFT
VOJWFSTJUZ T MFHBM DPVOTFM UP NBLF TVSF UIF CPBSE XPVME TUJMM CF BCMF UP WPUF PO B UVJUJPO QSPQPTBM BU JUT OFYU NFFUJOH XIJDI JT TDIFEVMFE GPS .BZ JO $BSCPOEBMF 1PTIBSE 5 IF 4*6 #PBSE PG 5SVTUFFT DSJUJDJ[FE UIF TBJE TP MPOH BT UIF CPBSE JT HJWFO BEFRVBUF VOJWFSTJUZ T CMPBUFE UVJUJPO QSPQPTBM 5IVSTEBZ UJNF UP SFWJFX UIF QSPQPTBMT BCPVU EBZT BOE TFOU BENJOJTUSBUPST CBDL UP UIF ESBXJOH IF TBJE JU TIPVME TUJMM CF BCMF UP WPUF CPBSE JO FGGPSUT UP LFFQ UVJUJPO SBUFT EPXO i8F BSF UP FGGFDU FWFSZ FGGJDJFODZ QPTTJCMF 4*6 1SFTJEFOU (MFOO 1PTIBSE TBJE CPBSE BU 4*6 UP SFEVDF UIF UVJUJPO JODSFBTFT UP UIF NFNCFST EJTDVTTFE UIF VOJWFSTJUZ T QFSDFOU MPXFTU MFWFMT QPTTJCMF w 1PTIBSE TBJE i5IF UVJUJPO JODSFBTF QSPQPTBM BU BO FYFDVUJWF NFFUJOH CPBSE IBT EJSFDUFE NF UP DPNF CBDL BT TPPO BT 8FEOFTEBZ BOE DBMMFE JU JOFGGJDJFOU EJSFDUJOH QPTTJCMF XJUI B QMBO UP FGGFDU UIFTF FGGJDJFODJFT 4*6$ BENJOJTUSBUPST UP CF NPSF DPTU FGGFDUJWF JO PSEFS UP NJOJNJ[F BOZ UVJUJPO JODSFBTFT w i8F IBWF UP MPPL BU BMM QBSUT PG PVS (PMENBO TBJE JU XBT UPP FBSMZ UP LOPX VOJWFSTJUZ TZTUFN UP TFF XIBU FGGJDJFODJFT DBO XIFSF UIF DVUT DPVME CF NBEF BU 4*6$ CVU CF EFSJWFE UIBU BSFO U UIFSF OPX BOE JO UIF TBJE IF IBT BMSFBEZ NFU XJUI EFBOT BOE WJDF OFYU DPVQMF PG XFFLT HFU TPNF CFUUFS JEFB PG DIBODFMMPST UP EJTDVTT QPTTJCMF DVUT XIBU UP DPNF UP UIF CPBSE XJUI JO UFSNT PG i5IFSF BSF B MPU PG QFPQMF XF OFFE UP UBML B UVJUJPO SFRVFTU w 1PTIBSE TBJE i#VU TVGGJDF UP CFGPSF XF DBO NBLF B MJTU PG UIJOHT UP UP TBZ JU XJMM OPU CF QFSDFOU w DVU w (PMENBO TBJE 1PTIBSE TBJE IF XPVME NFFU XJUI CPUI 5IF CPBSE T QFSDFOU QSPQPTBM XPVME 4*6$ $IBODFMMPS 4BN (PMENBO BOE 4*6& IBWF JOGMBUFE UVJUJPO GPS JODPNJOH GSFTINFO $IBODFMMPS 7BVHIO 7BOEFHSJGU UP HFU B UP QFS ZFBS CFUUFS JEFB PG IPX UP DVU DPTUT 1PTIBSE TBJE IF DIFDLFE XJUI UIF 4FF 56*5*0/ ]
# SJBO 'FMEU
%"*-: &(:15*"/ #'&-%5!4*6 &%6
A(SFFO GFF PO UIF WFSHF PG CFJOH FOBDUFE GPS GJSTU UJNF JO VOJWFSTJUZ IJTUPSZ # SJBO 'FMEU
%"*-: &(:15*"/ #'&-%5!4*6 &%6
" T UIF 4*6 #PBSE PG 5SVTUFFT TMBQQFE UIF VOJWFSTJUZ PO UIF XSJTU 5IVSTEBZ GPS BO JOGMBU FE UVJUJPO QSPQPTBM JU HBWF UIF VOJWFSTJUZ T TUV EFOU GFFT B QBTT CVU XJUI B XBUDIGVM FZF 5IF CPBSE OPUJDFE QSPQPTFE TUVEFOU GFF JODSFBTFT UIBU XPVME GPSDF 4*6$ TUVEFOUT UP QBZ NPSF JO GFFT QFS ZFBS 6MUJNBUFMZ TUVEFOUT XPVME QBZ ZFBS OFBSMZ USJQMF UIF BNPVOU B TUVEFOU QBJE JO GFFT JO 5IF CPBSE OPX IBT B MJUUMF NPSF UIBO B NPOUI UP SFWJFX UIF QSPQPTBMT BOE WPUF PO UIFN EVSJOH UIF CPBSE T .BZ NFFUJOH JO $BSCPOEBMF ,FJUI 4JNNPOT DIBJSNBO PG UIF CPBSE T
GJOBODF DPNNJUUFF XBSOFE MFBEFST PG FBDI DBNQVT XIJDI QSPQPTFE B UPUBM PG GFF JODSFBTFT UIBU UIF CPBSE XPVME DBSFGVMMZ MPPL PWFS FBDI GFF BOE JUT QVSQPTF UP NBLF TVSF UIFZ XFSF FGGJDJFOU JO TQFOEJOH i8F XJMM CF MPPLJOH PWFS UIFTF WFSZ DBSFGVMMZ GSPN OPX VOUJM PVS OFYU NFFUJOH BOE XBOU UP CF WFSZ DBSFGVM UIBU XF SFUBJO UIF FOWJBCMF BGGPSEBCJMJUZ PG 4*6 w 4JNNPOT TBJE 5IF QSPQPTFE JODSFBTFT CZ 4*6$ SBOHF GSPN JOUFSDPMMFHJBUF BUIMFUJDT UP NFEJDBM FYQFOTFT UP TUVEFOU BUUPSOFZ GFFT "NPOH UIF IJHIFTU GFF SBJTFT JODMVEFT CPUI UIF FYUFOEFE BOE QSJNBSZ NFEJDBM GFFT XIJDI DPVME TFF BOE KVNQT SFTQFDUJWFMZ 5IF FYUFOEFE BOE QSJNBSZ NFEJDBM GFFT GVOE DPNQSFIFOTJWF 4UVEFOU )FBMUI 1SPHSBN UIBU JODMVEFT FNFSHFODZ TFSWJDF BOE IPTQJUBMJ[BUJPO TQFDJBMUZ QSJNBSZ BOE FNFSHFODZ EFOUBM DBSF BOE QSFWFOUJPO QSPHSBNT 4FF '&&4 ]
'SJEBZ "QSJM
&#+.; ');26+#0
/FXT
$BSCPOEBMF TDIPPMT UP SFDFJWF NJMMJPO JO GFEFSBM TUJNVMVT GVOET *MMJOPJT SFDFJWFE SPVHIMZ CJMMJPO GSPN UIF GFEFSBM TUJNVMVT QBDLBHF 8FEOFTEBZ GPS EJTUSJCVUJPO UP UIF TUBUF T QVCMJD TDIPPM EJTUSJDUT B SFQSFTFOUBUJWF GSPN UIF TUBUF CPBSE PG FEVDBUJPO TBJE 5IVSTEBZ .BSZ 'FSHVT TQPLFTXPNBO GPS UIF CPBSE TBJE TDIPPM TVQFSJOUFOEFOUT DPVME BQQMZ GPS NPOFZ UP TQFOE PO MPX JODPNF TUVEFOUT BOE UIPTF XJUI EJT BCJMJUJFT 'BDJOH QPPS CVEHFU GPSFDBTUT TDIPPM EJTUSJDUT IBWF NBEF UPVHI TUBGG
JOH EFDJTJPOT CVU UIF TUJNVMVT GVOET DPVME IFMQ SFWFSTF UIPTF EFDJTJPOT TIF TBJE 5IF -FHJTMBUVSF NVTU BVUIPSJ[F UIF CPBSE UP EJTUSJCVUF UIF NPOFZ XIJDI JT MJLFMZ UP IBQQFO XJUIJO UIF OFYU XFFL TIF TBJE %BWJE (JMMJFT DIJFG PG TUBGG GPS 6 4 3FQ +FSSZ $PTUFMMP % #FMMFWJMMF TBJE $POHSFTT CVEHFUFE SPVHIMZ NJMMJPO GPS TDIPPM EJTUSJDUT JO $BSCPOEBMF /FBSMZ IBMG PG UIBU XBT TFU BTJEF GPS $BSCPOEBMF
&MFNFOUBSZ 4DIPPM %JTUSJDU IF TBJE 'FSHVT TBJE (PW 1BU 2VJOO QMBOT UP BQQMZ GPS BEEJUJPOBM GFEFSBM GVOEJOH GPS FEVDBUJPO XIJDI XPVME IFMQ SFMJFWF UIF TUBUF PG JUT PWFSESFX QBZNFOUT UP TDIPPM EJTUSJDUT 4IF TBJE UIF TUBUF IBT NJTTFE EJTUSJCVUJOH SPVHIMZ NJMMJPO UP TDIPPMT TJODF %FD i&WFSZPOF LOPXT XF SF JO UIJT IVHF FDPOPNJD DSJTJT w 'FSHVT TBJE i8F SF HPJOH UP VTF UIJT TUBCJMJ[BUJPO NPOFZ UP QSFWFOU DVUT w
&*,&/#&3(
CFDBNF BQQBSFOU UIJT NJHIU CF UIF CFTU DPVSTF PG BDUJPO VMUJNBUFMZ 4PNFUJNFT $0/5*/6&% '30. JU EPFTO U XPSL PVU w .PDDJB TBJE &JLFOCFSH XBT OPU QSFTFOU BU 5IF 4BMVLJT TUSVHHMFE UIF UIF QSFTT DPOGFSFODF BOE EJE OPU GPMMPXJOH TFBTPO BT UIFZ GFMM UP SFUVSO UISFF QIPOF NFTTBHFT MFGU BU 4JY QMBZFST MFGU UIF UFBN BU UIF FOE PG UIF ZFBS DJUJOH WFSCBM BCVTF IFS IPNF 5IVSTEBZ &JLFOCFSH T SFTJHOBUJPO FOEFE B BOE NJTUSFBUNFOU GSPN &JLFOCFSH DBSFFS UIBU JODMVEFE B IJTUPSJD TFBTPO BT SFBTPOT GPS EFQBSUVSFT JO XIJDI UIF 4BMVLJT XPO B .JTTPVSJ 8JUI B UFBN GVMM PG OFX QMBZFST 7BMMFZ $POGFSFODF DIBNQJPOTIJQ UIF 4BMVLJT DPOUJOVFE UP TUSVHHMF JO BT XFMM BT B UVNVMUVPVT TFBTPO UIBU UIF TFBTPO BT UIFZ GJOJTIFE SFTVMUFE JO UIF EFQBSUVSF PG TJY FMJHJCMF QMBZFST .PDDJB TBJE IF EJE OPU LOPX JG 4*6 XPO JUT GJSTU DPOGFSFODF UIF QMBZFST EFQBSUVSFT QMBZFE B SPMF DIBNQJPOTIJQ JO ZFBST BGUFS JO &JLFOCFSH T SFTJHOBUJPO CVU IF &JLFOCFSH MFE UIF UFBN UP B TBJE USFBUNFOU PG UIF QMBZFST JT B SFDPSE PWFSBMM BOE NBSL UPQ QSJPSJUZ JO DPOGFSFODF QMBZ JO UIF i* UIJOL TUVEFOU BUIMFUF XFMGBSF JT TFBTPO 5IF DIBNQJPOTIJQ TQVSSFE XIBU XF SF IFSF GPS QSJNBSJMZ 8F OFFE .PDDJB UP TJHO &JLFOCFSH UP B OFX UP NBLF TVSF UIF TUVEFOUT BSF HFUUJOH GJWF ZFBS DPOUSBDU XPSUI UBLFO DBSF PG w .PDDJB TBJE i8F EJE QFS ZFBS 5IBU DPOUSBDU XBT TFU UP B QSPHSBN SFWJFX CFDBVTF XF LOFX FOE +VOF UIFSF XFSF TPNF JTTVFT MBTU ZFBS BOE XF .PDDJB TBJE IF UIPVHIU UIF DPOUSBDU EJE PVS CFTU UP BEESFTT UIPTF JTTVFT FYUFOTJPO XBT UIF SJHIU EFDJTJPO BU UIF i* UIJOL BMXBZT ZPV SF XBOUJOH UJNF CVU UIF SFMBUJPOTIJQ EJE OPU UP UBLF UIF QVMTF PG IPX UIF TUVEFOU XPSL PVU BT FYQFDUFE BUIMFUFT GFFM BCPVU UIF QSPHSBN w 8IJMF UIF UFBN IBE JUT IBSETIJQT i* WF LOPXO %BOB GPS B MPOH UJNF BOE JO PVS EJTDVTTJPOT * CFMJFWF JU PO UIF DPVSU EVSJOH &JLFOCFSH T UFOVSF
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i* UIJOL UIF FYQFDUBUJPOT XJMM CF SBJTFE CFDBVTF PG BMM UIBU EJSU ZPV TFF PVU UIFSF w .PDDJB TBJE SFGFSFODJOH UIF NJMMJPO 4BMVLJ 8BZ DPOTUSVDUJPO QSPKFDU i* UIJOL UIBU XJMM CF WFSZ BUUSBDUJWF UP B DBOEJEBUF CVU BU UIF TBNF UJNF * UIJOL UIBU LJOE PG SBUDIFUT VQ UIF FYQFDUBUJPO MFWFM BT XFMM w
56*5*0/
BDBEFNJD ZFBS XIFO SBUFT SPTF QFSDFOU 1PTIBSE TBJE IF XPVME NFFU XJUI (PW 1BU 2VJOO .POEBZ UP EJTDVTT BQQSPQSJBUJPOT HJWFO UP UIF VOJWFSTJUZ 2VJOO SFMFBTFE B CVEHFU QSPQPTBM UIJT NPOUI UIBU XPVME HJWF UIF VOJWFSTJUZ NJMMJPO GSPN UIF TUBUF SPVHIMZ NJMMJPO NPSF UIBO 4*6 SFDFJWFE MBTU ZFBS )PXFWFS UIBU GJHVSF IBT ZFU UP QBTT UISPVHI UIF *MMJOPJT -FHJTMBUVSF 4*6 TQPLFTNBO %BWF (SPTT TBJE XIJMF 2VJOO T CVEHFU XBT PQUJNJTUJD GPS IJHIFS FEVDBUJPO UIF CPBSE JT QSFQBSJOH GPS UIF XPSTU XIJMF IPQJOH GPS UIF CFTU
XPVME HP BHBJOTU UIF VOJWFSTJUZ T USBEJUJPO BT BO BGGPSEBCMF BMUFSOBUJWF GPS IJHIFS FEVDBUJPO 4UBUF MBX SFRVJSFT B TUVEFOU T i8F BSF FWFS NJOEGVM UIBU UVJUJPO CF MPDLFE GPS GPVS ZFBST UIJT OBUJPO JT JO POF PG UIF XPSTU NFBOJOH POMZ JODPNJOH GSFTINFO FDPOPNJD EFDMJOFT TJODF UIF (SFBU XPVME QBZ B SBJTFE SBUF %FQSFTTJPO BOE XF XBOU UP CF WFSZ 5VJUJPO IBT JODSFBTFE FWFSZ DBSFGVM BCPVU SFUBJOJOH UIF FOWJBCMF ZFBS TJODF BOE IBT JODSFBTFE BGGPSEBCJMJUZ PG 4*6 w IF TBJE GPS GJSTU ZFBS TUVEFOUT FWFSZ ZFBS 4*6$ TQPLFTNBO 3PE 4JFWFST TJODF BDDPSEJOH UP VOJWFSTJUZ TBJE MBTU XFFL IF CFMJFWFE UIF SBUF SFDPSET -BTU ZFBS JODPNJOH XPVME GBMM UP SPVHIMZ QFSDFOU GSFTINFO GBDFE B QFSDFOU TQJLF CVU 1PTIBSE TBJE OP FYBDU GJHVSF IBT 5IF ZFBS CFGPSF JODPNJOH TUVEFOUT CFFO EJTDVTTFE GBDFE B QFSDFOU JODSFBTF " QFSDFOU JODSFBTF XPVME ,FJUI 4JNNPOT DIBJSNBO PG UIF GPSDF OFX TUVEFOUT UP QBZ CPBSE T GJOBODF DPNNJUUFF TBJE UIF QFS ZFBS XIJDI XPVME CF UIF MPXFTU QFSDFOU GJHVSF XBT UPP IJHI BOE UVJUJPO JODSFBTF TJODF UIF $0/5*/6&% '30.
$PSSFDUJPOT *O UIF 5IVSTEBZ FEJUJPO PG UIF %"*-: &(:15*"/ UIF TUPSZ i$PNNVOJUZ DPMMFHF QBSUOFST XJUI 4*6$ BWJBUJPOw TIPVME IBWF TUBUFE UIF QSPQPTFE $BJSP DPOTUSVDUJPO XPVME DPTU NJMMJPO 5IF %"*-: &(:15*"/ SFHSFUT UIJT FSSPS
*O UIF "QSJM FEJUJPO PG UIF %"*-: &(:15*"/ UIF TUPSZ UJUMFE i$PVODJM DBOEJEBUF GPDVTFT PO FOWJSPONFOU UIF 4USJQw UIF TUPSZ TIPVME IBWF TUBUFE $JUZ $PVODJM DBOEJEBUF 1BXFM 4BXJDLJ TBJE UIF DJUZ XFOU GSPN MPTJOH B ZFBS UP NBLJOH NPSF UIBO NJMMJPO JO SFDZDMBCMFT 5IF %"*-:
&(:15*"/ SFHSFUT UIJT FSSPS
*G ZPV TQPU BO FSSPS QMFBTF DPOUBDU UIF %"*-: &(:15*"/ BU FYU
&#+.; ');26+#0
/FXT
'SJEBZ "QSJM
$BOEJEBUFT TFU GPS 64( QSFTJEFOU 4UVEFOU 5SVTUFF 4UJMF 5 4NJUI %"*-: &(:15*"/ 454 !4*6 &%6
$ BOEJEBUFT GPS 6OEFSHSBEVBUF 4UVEFOU (PWFSONFOU QSFTJEFOU BOE 4UVEFOU 5SVTUFF BOOPVODFE UIFJS JOUFOUJPOT .POEBZ BOE BSF SFBEZ UP CFHJO DBNQBJHOJOH UIJT XFFL 4UVEFOU 5SVTUFF /BUF #SPXO XJMM HP IFBE UP IFBE XJUI 64( 4FOBUPS .BSDVT ,JOH XIJMF UIF CBUUMF GPS UIF 64( QSFTJEFODZ XJMM CF B UISFF DBOEJEBUF DPOUFTU CFUXFFO 7JDF 1SFTJEFOU 7JODFOU )BSEZ BOE 4FOBUPST %BOB "HVTUP BOE 1SJDJMJBOP 'BCJBO 5IF FMFDUJPOT BSF TFU UP UBLF QMBDF "QSJM BOE 64( 1SFTJEFOU $IJRVJUB 8BUUT TBJE TIF JT FYDJUFE UP TFF XIBU TPNFPOF OFX DBO EP JO PGGJDF i* N FYDJUFE BCPVU BMMPXJOH TPNFPOF FMTF UP DPNF JO BOE TIPX UIFJS BCJMJUJFT
¶¶*
UP CF B MFBEFS w 8BUUT TBJE i* XBOU UP TFF UIFN UBLF PO UIF MFHBDZ PG 64( BOE DPOUJOVF UP NBLF JU CFUUFS GPS UIF TUVEFOUT w 8BUUT TBJE UIF CJHHFTU BDDPNQMJTINFOU TIF XBOUT UP TFF GSPN UIF OFX QSFTJEFOU JT UIF DPOUJOVBUJPO PG UIF CPPL TDIPMBSTIJQ BOOPVODFE BU B 64( NFFUJOH MBTU NPOUI 5IF TDIPMBSTIJQ BXBSET UISFF TUVEFOUT QFS ZFBS XJUI CFUXFFO UP UP QBZ GPS CPPLT "HVTUP B TFOBUPS SFQSFTFOUJOH UIF $PMMFHF PG &EVDBUJPO BOE )VNBO 4FSWJDFT TBJE IFS HPBM BT QSFTJEFOU XPVME CF UP LFFQ GFFT BT MPX BT QPTTJCMF GPS TUVEFOUT i'FFT JODSFBTF FWFSZ ZFBS CVU VTVBMMZ UIFSF BSF UXP ESBGUT NBEF B MPXFS POF BOE B IJHIFS POF w "HVTUP TBJE i* XPVME USZ UP LFFQ UIFN BT MPX BT QPTTJCMF BOE NBLF TVSF UIBU UIFZ SF EJTUSJCVUFE DPSSFDUMZ w
¶¶
¶¶
XBOU UP TFF UIFN UBLF PO UIF MFHBDZ PG 64( BOE DPOUJOVF UP NBLF JU CFUUFS GPS UIF TUVEFOUT
‰ $IJRVJUB 8BUUT 64( 1SFTJEFOU
'BCJBO XIP JT B TFOBUPS SFQSFTFOUJOH UIF $PMMFHF PG &EVDBUJPO BOE )VNBO 4FSWJDFT TBJE IF UIJOLT IF DBO TQBSL DPNNVOJDBUJPO CFUXFFO UIF DJUZ BOE 4*6$ i5IF DJUZ OFFET UP MJTUFO UP UIF TUVEFOUT TJODF XF NBLF VQ UIF NBKPSJUZ PG UIF QPQVMBUJPO GPS OJOF NPOUIT PVU PG UIF ZFBS w 'BCJBO TBJE i* GFFM MJLF * DBO CF UIBU WPJDF UP PQFO UIF MJOF
PG DPNNVOJDBUJPO CFUXFFO UIF DJUZ PG $BSCPOEBMF BOE 4*6 w 'BCJBO XIP JT B TPQIPNPSF JT TFSWJOH IJT TFDPOE ZFBS BT B TFOBUPS GPS 64( )BSEZ TBJE IJT GJSTU HPBM JG IF XBT UP CFDPNF 64( QSFTJEFOU XPVME CF UP NBLF B DBCJOFU PG OPO TFOBUPST XIP XBOU UP CF JOWPMWFE i8F OFFE NPSF PVUTJEF JOGMVFODFT w )BSEZ TBJE i* SFBMMZ XBOU UP EJWFSTJGZ UIF PSHBOJ[BUJPO .Z QSJNBSZ GPDVT XPVME CF UP CF PO GPPU BOE XPSL 64( BT UIF HSBTTSPPUT PSHBOJ[BUJPO UIBU JU T NFBOU UP CF w )BSEZ TBJE UP BDIJFWF UIBU HPBM IF XPVME IBWF UP TQFBL XJUI NPSF TUVEFOUT PO B NPSF SFHVMBS CBTJT #SPXO TBJE JG IF XJOT UIF FMFDUJPOT BOE DPOUJOVFT BT UIF 4UVEFOU 5SVTUFF IF XBOUT UP IFBS XIBU UIF TUVEFOUT TBZ BOE CF BCMF UP CSJOH UIBU UP UIF 4*6 #PBSE PG 5SVTUFFT
i* IPQF UIBU * DBO VTF NZ QPTJUJPO PO UIF CPBSE UP GBDJMJUBUF EJTDVTTJPO GPS DIBOHF w #SPXO TBJE i* XBOU UP CSJOH TUVEFOUT JOUP UIPTF EJTDVTTJPOT BCPVU XIBU DIBOHFT OFFE UP CF NBEF w #SPXO JT SVOOJOH GPS SF FMFDUJPO BGUFS XJOOJOH B TQFDJBM FMFDUJPO JO .BSDI GPMMPXJOH UIF SFTJHOBUJPO PG GPSNFS USVTUFF %FNFUSPVT 8IJUF 'FC ,JOH XIP JT B TFOBUPS SFQSFTFOUJOH UIF $PMMFHF PG .BTT $PNNVOJDBUJPO BOE .FEJB "SUT TBJE IF UIJOLT IF DBO SFQSFTFOU UIF TUVEFOU CPEZ BT XFMM PS CFUUFS BT BOZPOF FMTF i.BZ UIF QFSTPO XIP JT HPJOH UP CFOFGJU UIF VOJWFSTJUZ XJO w ,JOH TBJE i* KVTU GFFM MJLF UIBU T NF * N KVTU BCPVU UIF VOJWFSTJUZ HSPXJOH w ,JOH TBJE IF UIJOLT IF IBT B HPPE DPOOFDUJPO XJUI UIF TUVEFOUT XIJDI XPVME NBLF IJN UIF CFTU DBOEJEBUF
64( 1SFTJEFOUJBM $BOEJEBUFT
¶¶.
*
*
XPVME USZ UP LFFQ UIFN GFFT BT MPX BT QPTTJCMF BOE NBLF TVSF UIBU UIFZ SF EJTUSJCVUFE DPSSFDUMZ
"HVTUP TBJE TIF XPVME BDDPNQMJTI IFS HPBM CZ CFJOH UIF WPJDF PG UIF TUVEFOUT JO NFFUJOHT XJUI UIF BENJOJTUSBUJPO
GFFM MJLF * DBO CF UIBU WPJDF UP PQFO UIF MJOF PG DPNNVOJDBUJPO CFUXFFO UIF DJUZ PG $BSCPOEBMF BOE 4*6
Z QSJNBSZ GPDVT XPVME CF UP CF PO GPPU BOE XPSL 64( BT UIF HSBTTSPPUT PSHBOJ[BUJPO UIBU JU T NFBOU UP CF
%BOB "HVTUP
7JODFOU )BSEZ
1SJDJMJBOP 'BCJBO
4UVEFOU 5SVTUFF $BOEJEBUFT
¶¶*
¶¶.
IPQF UIBU * DBO VTF NZ QPTJUJPO PO UIF CPBSE UP GBDJMJUBUF EJTDVTTJPO GPS DIBOHF
BZ UIF QFSTPO XIP JT HPJOH UP CFOFGJU UIF VOJWFSTJUZ XJO * KVTU GFFM MJLF UIBU T NF
.BSDVT ,JOH
/BUF #SPXO
914.& 0#6+10
'SJEBZ "QSJM
/FXT
#MBHPKFWJDI JOEJDUFE PO GFEFSBM DPSSVQUJPO DIBSHFT 0CBNB
XBSOT /PSUI ,PSFB BCPVU SPDLFU UFTU 1BVMJOF +FMJOFL
5)& "440$*"5&% 13&44
5FSSFODF "OUPOJP +BNFT ] $ )*$"(0 53*#6/& 'PSNFS *MMJOPJT (PW 3PE #MBHPKFWJDI XBWFT UP TVQQPSUFST PVUTJEF IJT IPNF PO +BO JO $IJDBHP 0O 5IVSTEBZ #MBHPKFWJDI XBT JOEJDUFE PO DPVOUT UIBU BMMFHF IF BOE IJT BJEFT EJTDVTTFE TFMMJOH UIF 4FOBUF TFBU WBDBUFE CZ 1SFTJEFOU 0CBNB JO FYDIBOHF GPS GVOESBJTJOH PS B IJHI QBZJOH KPC
.JLF 3PCJOTPO 5)& "440$*"5&% 13&44
$ ) * $ "( 0 0VTUFE *MMJOPJT (PW 3PE #MBHPKFWJDI BOE GJWF PUIFST XFSF JOEJDUFE 5IVSTEBZ PO DIBSHFT PG TDIFNJOH UP BVDUJPO PGG 1SFTJEFOU #BSBDL 0CBNB T WBDBOU 6 4 4FOBUF TFBU QSFTTVSJOH B DPOHSFTTNBO GPS DBNQBJHO NPOFZ BOE MZJOH UP '#* BHFOUT 5IF DPVOU JOEJDUNFOU BMMFHFT #MBHPKFWJDI BOE IJT BJEFT EJTDVTTFE UIF QPTTJCJMJUZ IF DPVME HFU B $BCJOFU QPTU JO UIF OFX QSFTJEFOU T BENJOJTUSBUJPO TVCTUBOUJBM GVOESBJTJOH BTTJTUBODF PS B IJHI QBZJOH KPC JO FYDIBOHF GPS UIF 4FOBUF TFBU
0CBNB T %FQVUZ 1SFTT 4FDSFUBSZ +PTI &BSOFTU TBJE UIF 8IJUF )PVTF XPVME OPU DPNNFOU 5IF JOEJDUNFOU BMTP DIBSHFE UIBU #MBHPKFWJDI XBT JOWPMWFE JO B DPSSVQU TDIFNF UP HFU B NBTTJWF LJDLCBDL JO FYDIBOHF GPS UIF SFGJOBODJOH PG CJMMJPOT PG EPMMBST JO TUBUF QFOTJPO GVOET *U TBJE IF UPPL QBSU JO B QMBO XJUI DPOWJDUFE QPMJUJDBM GJYFS "OUPJO i5POZw 3F[LP BOE UXP PUIFST UP NBLF NPOFZ XIJMF #MBHPKFWJDI XBT HPWFSOPS UIFO TQMJU UIF QSPGJUT BGUFS IF MFGU UIF PGGJDF #MBHPKFWJDI BOE PUIFST BSF BDDVTFE PG JMMFHBMMZ QSFTTVSJOH BO *MMJOPJT DPOHSFTTNBO GPS IFMQ JO SBJTJOH GVOET BOE MZJOH XIFO '#*
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
#MBHPKFWJDI POF UJNF DIJFG GVOESBJTFS $ISJTUPQIFS ( ,FMMZ GPSNFS BJEF -PO .POL 4QSJOHGJFME MPCCZJTU NJMMJPOBJSF 8JMMJBN ' $FMMJOJ BOE GPSNFS DIJFG PG TUBGG +PIO )BSSJT 1SPTFDVUPST TBJE )BSSJT IBT BHSFFE UP DPPQFSBUF JO UIF DBTF #MBHPKFWJDI T BENJOJTUSBUJPO IBT CFFO VOEFS GFEFSBM JOWFTUJHBUJPO GPS ZFBST ,FMMZ BOE 3F[LP BMSFBEZ IBWF CFFO DPOWJDUFE PG GFEFSBM DSJNFT BOE BSF GBDJOH QSJTPO 5IF GPSNFS HPWFSOPS T XJGF 1BUUJ IBE CFFO NFOUJPOFE QSPNJOFOUMZ JO UIF DPNQMBJOU BOE XBT UIF GPDVT PG DPOTJEFSBCMF TQFDVMBUJPO CVU TIF XBT OPU DIBSHFE JO UIF JOEJDUNFOU
(JSM JO GBUIFS EBVHIUFS IPMEVQ TBGF JO $BMJGPSOJB 4IBOOPO %JOJOOZ 5)& "440$*"5&% 13&44
&--&/ 4 # 6 3 ( 8B T I *U QSPCBCMZ IBQQFOT FWFSZ EBZ " NBO QVMMT PVU B HVO BOE UFMMT B DPOWFOJFODF TUPSF DMFSL UP PQFO UIF UJMM #VU UIF MJUUMF HJSM JO B QJOL KBDLFU TUBOEJOH GPSMPSOMZ CZ UIF SPCCFS T TJEF NBEF UIJT DSJNF BOZUIJOH CVU PSEJOBSZ .PSF UIBO UXP EBZT BGUFS UIF IFBSUCSFBLJOH WJEFPUBQFE IPMEVQ JO FBTUFSO 8BTIJOHUPO ZFBS PME .FBEPX 8FCC XBT TBGF JO UIF IBOET PG GBNJMZ GSJFOET 5IVSTEBZ JO B TNBMM UPXO BMPOH UIF OPSUIFSO $BMJGPSOJB DPBTU NPSF UIBO NJMFT BXBZ )FS GBUIFS 3PCFSU %BOJFM 8FCC OBSSPXMZ FTDBQFE QPMJDF JO 'PSUVOB
$BMJG BOE SFNBJOFE BU MBSHF 1PMJDF EFTDSJCF 8FCC BT B NBO XIP DBSFE GPS IJT EBVHIUFS CVU IBE QSPCMFNT XJUI BMDPIPM BOE USPVCMF IPMEJOH B KPC BU POF QPJOU IJT XJGF IBE B SFTUSBJOJOH PSEFS BHBJOTU IJN )F IBE SFDFOUMZ MPTU IJT KPC JO UIF FZFHMBTT JOEVTUSZ 5IF SPCCFS PO 5VFTEBZ UISFBUFOFE UP LJMM UIF HSBWFZBSE TIJGU DMFSL BU BO ". 1. DPOWFOJFODF TUPSF OFBS &MMFOTCVSH JG IF DBMMFE QPMJDF CVU IF BMTP USJFE UP FYQMBJO IJNTFMG i* N PVU PG XPSL .Z EBVHIUFS T HPU UP TVSWJWF w IF TBJE PO UIF WJEFP i)JT FZFT XFSF UFBSJOH VQ 5IJT HVZ T IVSUJOH JOTJEF w UIF DMFSL &SJD 0XFOT UPME ,*/( 57 i)F TUBSUFE UFMMJOH NF IF XPSLFE JO B
QMBDF MJLF UIJT GPS ZFBST )F XBT GJSFE PGG IJT KPC BOE IJT EBVHIUFS OFFEFE NFEJDBM DBSF w i)F WJFXT IJNTFMG BT CFJOH JO B EFTQFSBUF TJUVBUJPO BOE IBE OP DIPJDF w TBJE ,JUUJUBT $PVOUZ 4IFSJGG $MBZ .ZFST BGUFS TUVEZJOH UIF XJEFMZ WJFXFE TVSWFJMMBODF WJEFP PG UIF IPMEVQ i)F TUBZFE BOE UBMLFE XJUI UIF DMFSL )F TFFNFE UP CF MPPLJOH GPS TPNF KVTUJGJDBUJPO PS TPNF MFWFM PG VOEFSTUBOEJOH GSPN UIF DMFSL w -BUFS 5VFTEBZ 8FCC BOE IJT EBVHIUFS XFSF TQPUUFE JO :BLJNB BCPVU NJMFT UP UIF TPVUIFBTU #Z 8FEOFTEBZ OJHIU UIFZ IBE UVSOFE VQ JO 'PSUVOB BU BO BDRVBJOUBODF T IPVTF XIFSF 8FCC ESPQQFE PGG UIF HJSM TBJE 'PSUVOB QPMJDF -U
#JMM %PCCFSTUFJO 5IF BDRVBJOUBODF MFBSOFE 8FCC XBT XBOUFE BOE DBMMFE QPMJDF XIP XFSF XBJUJOH XIFO IF SFUVSOFE #VU 8FCC TQFE BXBZ JOUP UIF EBSLOFTT KVTU BT PGGJDFST BQQSPBDIFE IJN 5IF HJSM T NPUIFS XBT IFBEFE GPS 'PSUVOB QPMJDF TBJE i4IF XBT TVSQSJTFE UIBU IFS IVTCBOE XPVME BDUVBMMZ DPNNJU B SPCCFSZ CVU PODF UIBU TVOL JO UIBU IF IBE QVU UIFJS EBVHIUFS JO UIBU QPTJUJPO TIF CFDBNF WFSZ DPODFSOFE BOE VQTFU w .ZFST TBJE *O 8FCC T XJGF XPO B SFTUSBJOJOH PSEFS BHBJOTU IJN TBZJOH IF ESBOL IFBWJMZ USJFE UP DIPLF IFS BOE UISFBUFOFE IFS XJUI B CPX BOE BSSPX 5IF PSEFS XBT MJGUFE B GFX NPOUIT MBUFS
8" 4 ) * / (5 0 / "T /PSUI ,PSFB GVFMFE B NVMUJTUBHF SPDLFU 5IVSTEBZ GPS JUT UISFBUFOFE TBUFMMJUF MBVODI 1SFTJEFOU #BSBDL 0CBNB QSPNJTFE B iTUFSOw SFTQPOTF BOE +BQBO WPXFE UP QSFTT GPS BO FNFSHFODZ TFTTJPO PG UIF 6 / 4FDVSJUZ $PVODJM 4FOJPS 6 4 EFGFOTF PGGJDJBMT TBJE UIBU USBJMFST BOE WFIJDMFT DBSSZJOH SPDLFU QSPQFMMBOU XFSF JO QMBDF BU /PSUI ,PSFB T DPBTUBM MBVODI TJUF BOE UIBU GVFMJOH IBE CFHVO " 6 4 DPVOUFS QSPMJGFSBUJPO PGGJDJBM TBJE UIF GVFMJOH QSPDFTT DPVME UBLF iVQ UP B GFX EBZT w #VU B TFOJPS 6 4 JOUFMMJHFODF PGGJDJBM UPME 5IF "TTPDJBUFE 1SFTT UIBU 1ZPOHZBOH XBT PO USBDL GPS B QSPKFDUFE 4BUVSEBZ MBVODI 5IF "NFSJDBO PGGJDJBMT TQPLF PO DPOEJUJPO PG BOPOZNJUZ UP EJTDVTT JOUFMMJHFODF JTTVFT "U UIF ( TVNNJU JO -POEPO 0CBNB BOE 4PVUI ,PSFBO 1SFTJEFOU -FF .ZVOH CBL JTTVFE B TUBUFNFOU BHSFFJOH PO iB TUFSO VOJUFE SFTQPOTF GSPN UIF JOUFSOBUJPOBM DPNNVOJUZ JG /PSUI ,PSFB MBVODIFT B MPOH SBOHF SPDLFU w 4UBUF %FQBSUNFOU TQPLFTNBO 3PCFSU 8PPE XPVME OPU BEESFTT UIF 6 4 JOUFMMJHFODF SFQPSUT #VU IF SFQFBUFE FBSMJFS XBSOJOHT GPS UIF /PSUI ,PSFBOT OPU UP UBLF BOZ iQSPWPDBUJWFw BDUJPOT +BQBO T BNCBTTBEPS UP UIF 6 / TBJE IJT OBUJPO XJMM SFRVFTU BO FNFSHFODZ TFTTJPO PG UIF 4FDVSJUZ $PVODJM JG /PSUI ,PSFB QSPDFFET XJUI UIF MBVODI :VLJP 5BLBTV TBJE IF SBJTFE UIF QPTTJCJMJUZ EVSJOH DMPTFE EPPS DPVODJM UBMLT 5IVSTEBZ 5BLBTV BOE PUIFS DPVODJM EJQMPNBUT TBZ UIFZ BOUJDJQBUF B QPTTJCMF FNFSHFODZ TFTTJPO BT FBSMZ BT UIJT XFFLFOE /PSUI ,PSFB IFJHIUFOFE JUT NJMJUBSJTU SIFUPSJD UPXBSE UIF 6OJUFE 4UBUFT +BQBO BOE 4PVUI ,PSFB PO 5IVSTEBZ UISFBUFOJOH SFUBMJBUJPO GPS BOZ BUUFNQU UP TIPPU EPXO UIF SPDLFU 2VPUJOH BO VOJEFOUJGJFE /PSUI ,PSFBO HFOFSBM UIF /PSUI ,PSFBO $FOUSBM /FXT "HFODZ TBJE +BQBO XPVME CF TUSVDL XJUI B iUIVOEFSCPMU PG GJSFw JG JU BUUFNQUT UP JOUFSDFQU UIF NVMUJTUBHF SPDLFU 5IF OFXT TFSWJDF BMTP JTTVFE B WFJMFE UISFBU BHBJOTU "NFSJDBO XBSTIJQT NPWJOH JO QPTJUJPO UP NPOJUPS UIF MBVODI TBZJOH i5IF 6OJUFE 4UBUFT TIPVME JNNFEJBUFMZ XJUIESBX BSNFE GPSDFT EFQMPZFE JG JU EPFT OPU XBOU UP SFDFJWF EBNBHF w 4PNF 6 4 MBXNBLFST BSF VSHJOH 0CBNB UP TIPPU EPXO UIF SPDLFU JG JU FOEBOHFST UIF 6OJUFE 4UBUFT PS JUT BMMJFT %FGFOTF 4FDSFUBSZ 3PCFSU (BUFT TBJE EVSJOH B XFFLFOE 57 JOUFSWJFX UIBU UIF 6OJUFE 4UBUFT IBE OP QMBOT UP JOUFSDFQU UIF SPDLFU UIPVHI JU NJHIU DPOTJEFS UIF NPWF JG BO iBCFSSBOU NJTTJMFw XFSF IFBEFE UP )BXBJJ iPS TPNFUIJOH MJLF UIBU w
&ğĘĝĒğĕ
.ĖĩĚĔĠ
"ĦĤĥģĒĝĚĒ
/ Ė Ĩ :Ġ ģ Ĝ
) 03 4 ) " . " 1 'JOBODF PGGJDJBMT GSPN SJDI BOE EFWFMPQJOH DPVOUSJFT QMFEHFE 4BUVSEBZ UP EP iXIBUFWFS JT OFDFTTBSZw UP GJY UIF HMPCBM FDPOPNZ JODMVEJOH TVQFSWJTJPO PG GSFFXIFFMJOH IFEHF GVOET BOE SFTUPSJOH CBOL MFOEJOH CZ EFBMJOH XJUI UIF TIBLZ TFDVSJUJFT DMPHHJOH UIFJS GJOBODFT #VU PGGJDJBMT SFNBJOFE DPPM UP B 6 4 QVTI GPS NPSF DPPSEJOBUFE HPWFSONFOU TQFOEJOH UP TUJNVMBUF FDPOPNJFT 5IFZ DBMMFE JOTUFBE PO UIF *OUFSOBUJPOBM .POFUBSZ 'VOE UP BTTFTT UIF JOEJWJEVBM HPWFSONFOU BDUJPOT BMSFBEZ UBLFO BOE XIBU NPSF NJHIU CF SFRVJSFE
$ * 6%"% + 6"3 & ; "1 1PMJDF GPVOE TFWFO CPEJFT QBSUJBMMZ CVSJFE JO UIF EFTFSU PO UIF PVUTLJSUT PG UIF .FYJDBO CPSEFS DJUZ PG $JVEBE +VBSF[ *OWFTUJHBUPST BSF TFBSDIJOH UIF EFTFSU TJUF TPVUI PG UIF DJUZ UP TFF XIFUIFS UIFSF BSF BOZ NPSF CPEJFT "O PGGJDJBM XJUI UIF TUBUF QSPTFDVUPS T PGGJDF XIP EFDMJOFE UP CF OBNFE TBZT B QPMJDFNBO T CBEHF XBT GPVOE BU UIF TJUF "VUIPSJUJFT XFSF XPSLJOH 4BUVSEBZ UP JEFOUJGZ UIF CPEJFT $JVEBE +VBSF[ IBT CFFO IJU CZ B XBWF PG ESVH GVFMFE WJPMFODF UIBU MFE GFEFSBM BVUIPSJUJFT UP EJTQBUDI UIPVTBOET PG BSNZ USPPQT UP QBUSPM UIF DJUZ
#3 *4 #" /& "1 5FO UJNFT NPSF PJM UIBO PSJHJOBMMZ UIPVHIU MFBLFE GSPN B TIJQ IJU CZ SPVHI TFBT UP CMBDLFO NJMFT PG XIJUF TBOE CFBDIFT BMPOH "VTUSBMJB T OPSUIFBTU DPBTU B HPWFSONFOU PGGJDJBM TBJE 4BUVSEBZ 2VFFOTMBOE TUBUF %FQVUZ 1SFNJFS 1BVM -VDBT UPME "VTUSBMJBO #SPBEDBTUJOH $PSQ SBEJP 4BUVSEBZ UIBU PGGJDJBMT PSJHJOBMMZ UIPVHIU CFUXFFO BOE HBMMPOT PG PJM IBE MFBLFE GSPN UIF TIJQ -VDBT TBJE JU JT iOPX BQQBSFOUw UIF BNPVOU PG PJM TQJMMFE XBT BSPVOE HBMMPOT MJUFST )F EJE OPU FYQMBJO IPX IF BSSJWFE BU UIBU FTUJNBUF PS PGGFS BOZ GVSUIFS EFUBJMT
/&8 :03 , "1 " SBSF DPQZ PG UIF GJSTU DPNJD CPPL GFBUVSJOH 4VQFSNBO TPME GPS JO BO *OUFSOFU BVDUJPO 5IF QSFWJPVT PXOFS IBE CPVHIU JU GPS MFTT UIBO B CVDL *U T POF PG UIF IJHIFTU QSJDFT FWFS QBJE GPS B DPNJD CPPL TBJE 4UFQIFO 'JTIMFS DP PXOFS PG UIF BVDUJPO TJUF IUUQ XXX $PNJD$POOFDU DPN BOE JUT TJTUFS EFBMFSTIJQ .FUSPQPMJT $PMMFDUJCMFT 5IF XJOOJOH CJE GPS UIF FEJUJPO PG "DUJPO $PNJDT /P XIJDI GFBUVSFT 4VQFSNBO MJGUJOH B DBS PO JUT DPWFS XBT TVCNJUUFE 'SJEBZ CZ +PIO %PMNBZBO ESVNNFS GPS UIF SPDL CBOE 4ZTUFN PG B %PXO
8*3& 3&10354
( PGGJDJBMT QMFEHF CJHHFS SPMF 1PMJDF GJOE TFWFO CPEJFT JO CPSEFS $BSHP TIJQ PJM TQJMM DPVME CF %FCVU 4VQFSNBO DPNJD CPVHIU GPS *.' FGGPSUT UP SFTUPSF CBOLT DJUZ PG $JVEBE +VBSF[ UJNFT XPSTF UIBO GJSTU UIPVHIU GPS DFOUT TFMMT GPS
&#+.; ');26+#0
/FXT
'SJEBZ "QSJM
A#BCZ TFBTPO CFHJOT BU MPDBM XJMEMJGF SFIBCJMJUBUJPO DFOUFS
#SBOEZ 0YGPSE
%"*-: &(:15*"/ #3"/%: 09'03%!4*6%& $0.
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i/PSNBMMZ JU T B MJUUMF CJU TMPXFS QBDFE UIBO JU JT SJHIU OPX BOE * N TVSF JU T OPU HPJOH UP TMPX EPXO GSPN OPX PO w )PVTF TBJE 'PVOEFS BOE NBOBHFS #FWFSMZ 4IPGTUBMM TBJE UIJT ZFBS LJDLFE PGG .BSDI XJUI CBCZ TRVJSSFMT i8F IBE CBCJFT TUSFBNJOH JO w 4IPGTUBMM TBJE 5IVSTEBZ i8F IBWF GJWF
#FWFSMZ 4IPGTUBMM GPVOEFS PG 'SFF "HBJO 8JMEMJGF 3FIBCJMJUBUJPO $FOUFS DIFDLT UIF TUBUVT PG B CBCZ SBDDPPO 5IVSTEBZ BU UIF DFOUFS JO $PMQ MPDBUFE PO UIF FEHF PG $BSUFSWJMMF 'SPN NJE .BSDI VOUJM NJE +VOF UIF DFOUFS SFDFJWFT BO JOGMVY PG PSQIBOFE PS JOKVSFE BOJNBMT BOE GJOET JUTFMG TIPSU TUBGGFE BOE JO OFFE PG WPMVOUFFST &.*-: 46/#-"%& % "*-: & (:15*"/ DPPOT GPVS CVOOJFT UIBU BSF HPJOH UP CF BOJNBMT FWFSZ GPVS IPVST TPNF BOJNBMT SFMFBTFE PO .POEBZ ‰ UIFZ SF UIBU CJH ‰ FTQFDJBMMZ CBCZ CJSET ‰ EFNBOE BMSFBEZ ‰ BOE XF SF VQ UP TRVJSSFMT BOE NPSF GSFRVFOU GFFEJOHT &WFO B DPNNJU QPTTJCMZ UXP UP UISFF NPSF DPNJOH UPEBZ w NFOU PG UXP IPVST B XFFL UISPVHI CBCZ 3PVHIMZ UP BOJNBMT QBTT TFBTPO IFMQT DPOTJEFSBCMZ TIF TBJE UISPVHI UIF DFOUFS FBDI ZFBS SPVHIMZ 4UBDZ (VDDJBSEP B KVOJPS GSPN PG XIJDI DPNF EVSJOH CBCZ TFBTPO 3PDLGPSE TUVEZJOH [PPMPHZ TBJE TIF TIF TBJE TUBSUFE WPMVOUFFSJOH PO 4BUVSEBZT BU 8JUI OVN 'SFF "HBJO JO CFST MJLF UIBU UIF 4FQUFNCFS SFBMMZ EPO U LOPX XIBU UIF i5IF GJSTU DFOUFS OFWFS IBT UIJOH * HPU UP FOPVHI WPMVO DPNNVOJUZ XPVME EP JG UFFST 4IPGTUBMM EP XBT UP GFFE UIJT QMBDF XBTO U IFSF CBCZ TRVJSSFMT w TBJE 'SFF "HBJO ‰ 7JSHJOJB )PVTF (VDDJBSEP TBJE IBT BO BWFSBHF WPMVOUFFS BU UIF DFOUFS i* GFMU MJLF * E MJLF TUBGG PG TFWFO PS FJHIU DPOTJTUFOU WPMVOUFFST TIF TBJE UP NBLF B EJGGFSFODF TPNFIPX w 4IF VTVBMMZ IBT BO FWFS USBOTJUJPOJOH *O TIPFCPY TJ[FE DPOUBJOFST OFTUT MJTU PG FJHIU PS OJOF TQPSBEJD WPMVOUFFST GVMM PG UJOZ DIJSQJOH CJSET EFNBOE GPPE XIP PGUFO DBOOPU QSPNJTF SFHVMBS FWFSZ NJOVUFT 3BDDPPOT DIJSQ QVSS TIJGUT TIF TBJE BOE DSZ GPS GPPE UPZT BOE BUUFOUJPO i0VS WPMVOUFFS MFWFM XBT KVTU GJOF GJMMJOH UIF MBSHFTU QPSUJPO PG UIF DBHFT PWFS XJOUFS CVU JU UBLFT BU MFBTU UXP TISFEEJOH BOE TPBLJOH UIFJS CFEEJOH IPVST UP EP KVTU POF SPVOE PG GFFE JO GPPE XBUFS BOE FYDSFNFOU JOHT w 4IPGTUBMM TBJE 5IF OPU GPS QSPGJU DFOUFS BDDFQUT BMM 4IPGTUBMM TBJE TIF BTLT WPMVOUFFST UP BOJNBMT OBUJWF UP *MMJOPJT FYDFQU CBUT BOE DPNNJU UP B TIJGU PG BU MFBTU UXP IPVST TLVOLT XIJDI JU DBOOPU UBLF BDDPSEJOH UP HFU TUBGG UISPVHI UIPTF GFFEJOH DZDMFT UP TUBUF MBXT DJUJOH B SBCJFT IB[BSE "MUIPVHI TIF JT BCMF UP GFFE NPTU PG UIF "O PDDBTJPOBM PEECBMM TVDI BT B
¶¶*
HSPVOEIPH PS NPMF NBLFT JUT XBZ JO XJUI BO BSSBZ PG PUIFS JOKVSFE BOJNBMT UIBU SFRVJSF TQFDJBM BUUFOUJPO 4IPGTUBMM XIPTF BOJNBM SFTDVF FGGPSUT CFHBO JO IFS ZFBST BT B WFUFSJOBSZ UFDIOJDJBO QSPWJEFT UIFN XJUI DBSF CVU TIF GJHIUT UP GJOE UJNF UP HJWF FBDI BOJNBM BUUFOUJPO GSPN NJE .BSDI UP NJE +VOF XIFO CBCZ TFBTPO JT NPTU JOUFOTF 5IF PQFSBUJPO IBT FYQBOEFE ESBTUJ DBMMZ TJODF JU CFHBO XJUI B GFX CJSET PG QSFZ PO 4IPGTUBMM T CBDL QPSDI ZFBST BHP /PX UIF XJMEMJGF DFOUFS JT IFS GVMM UJNF KPC )FS HBSBHF JT GJMMFE XJUI GFFEFS SBUT BOE NJDF GPS IFS QSFZ CJSET PVUEPPS DBHFT GJMM IFS ZBSE BOE TIF IBT BEEFE UIF TRVBSF GPPU CBSO 4IPGTUBMM TBJE BOPUIFS GMJHIU DBHF BOE B DBHF GPS TNBMMFS QSFEBUPST TVDI BT GPYFT BSF JO UIF XPSLT #FDBVTF UIF TIFMUFS SFDFJWFT OP HPW FSONFOU GVOEJOH JU SFMJFT PO GFFT GSPN UIF FEVDBUJPOBM QSPHSBNT 4IPGTUBMM PGGFST GVOESBJTFST BOE EPOBUJPOT PG NPOFZ BOE TVQQMJFT 5PXFMT TIFFUT DMFBOJOH TVQQMJFT ‰ FTQFDJBMMZ QBQFS UPXFMT ‰ BOE DBU GPPE BSF TUBQMFT BU UIF DFOUFS i8F SF BMXBZT MPPLJOH GPS EPOB UJPOT BT QFPQMF DMFBO PVU UIFJS EPSNT BOE UISPX UIJOHT BXBZ w 4IPGTUBMM TBJE
i5PXFMT TIFFUT BMTP IPVTFIPME JUFNT UIBU XF DBO LFFQ CFDBVTF JO UIF GBMM XF IBWF B CJH ZBSE TBMF w 4IPGTUBMM TBJE TIF XPVME CF TIPSU TJHIUFE OPU UP VTF UIF BOJNBMT UP FEVDBUF UIF QVCMJD 4IF TBJE QFPQMF DBMM IFS DMBJN JOH IBXLT UIBU MJWF JO UIFJS CBDLZBSET PS GPYFT UIBU SBJTF CBCJFT JO DVMWFSUT OFBS UIFJS IPNFT EP OPU CFMPOH UIFSF i5IFSF JT FOPVHI JOUFSBDUJPO CFUXFFO XJME BOJNBMT BOE IVNBOT CFDBVTF PG IVNBO FODSPBDINFOU JOUP GBSN GJFMET BOE XPPEFE BSFBT UIBU UIFSF JT OP XBZ XF SF OPU HPJOH UP TFF JODSFBTFE XJME BOJNBM IVNBO JOUFSBDUJPO w 4IPGTUBMM TBJE i5IFSF DBO CF IVNBO JOUFSBDUJPO XJUIPVU QSPCMFNT JG XF KVTU MFBSO UP BQQSFDJBUF UIF TQFDJFT BSPVOE VT w 5IF DFOUFS JT UIF POMZ POF PG JUT TJ[F TFSWJOH UIF TPVUIFSO *MMJOPJT SFHJPO 8JUIPVU JU UIPTF BOJNBMT XPVME IBWF OP IPQF )PVTF TBJE i:PV XBOU UP IFMQ UIFN BT CFTU BT ZPV DBO w )PVTF TBJE i* SFBMMZ EPO U LOPX XIBU UIF DPNNVOJUZ XPVME EP JG UIJT QMBDF XBTO U IFSF 8IFSF FMTF XPVME UIFZ UBLF UIFTF BOJNBMT UIBU IBWF CFFO PSQIBOFE 5IFSF T OPXIFSF 5IFZ E QSPCBCMZ CF FVUIBOJ[FE w
7Ġ Ě Ĕ Ė Ĥ %" * -: & ( : 1 5 * " /
&#+.; ');26+#0 '&+614+#. $1#4& #NNKUQP 2GVV[ ' &+614 +0 % *+'( .CPG %JTKUVKCPUGP 2 *161 ' &+614
,GHH 'PIGNJCTFV / #0#)+0) ' &+614
$TKCP (GNFV % #/275 ' &+614
$TCPF[ 1ZHQTF % +6; ' &+614
,COKG &TGPFGN & '5+)0 % *+'( .WKU /GFKPC 5 21465 ' &+614
5CTCJ .QJOCP 8 1+%'5 ' &+614 .WMG /E%QTOKEM 5GCP /E)CJCP 2 7.5' ' &+614 0 '95411/ 4 '24'5'06#6+8'
#24+.
&%*503*"- $"3500/
TJV%& DPN
#-0( 'JOE PVU XIZ 1SFTJEFOU 0CBNB NBZ CF NJTTJOH PVU PO B IVHF FDPOPNZ CPPTU CZ SFGVTJOH UP TFSJPVTMZ BEESFTT NBSJ KVBOB MFHBMJ[BUJPO BU 4FBO .D(BIBO T CMPH BU TJV%& DPN
"CPVU 6T
6JG &#+.; ');26+#0 KU RWDNKUJGF D[ VJG UVWFGPVU QH 5QWVJGTP +NNKPQKU 7PKXGTUKV[ CV %CTDQPFCNG YKVJ HCNN CPF URTKPI EKTEWNCVKQPU QH (TGG EQRKGU CTG FKUVTKDWVGF QP ECORWU CPF KP VJG %CTDQPFCNG /WTRJ[UDQTQ CPF %CTVGTXKNNG EQOOWPKVKGU
& E J U P S J B M 1P M J D Z
1WT 9QTF KU VJG EQPUGPUWU QH VJG &#+.; ');26+#0 'FKVQTKCN $QCTF QP NQECN PCVKQPCN CPF INQDCN KUUWGU CHHGEVKPI VJG 5QWVJGTP +NNKPQKU 7PKXGTUKV[ EQOOWPKV[ 8KGYRQKPVU GZRTGUUGF KP EQNWOPU CPF NGVVGTU VQ VJG GFKVQT FQ PQV PGEGUUCTKN[ TG¿ GEV UIPTF PG UIF %ĒĚĝĪ &ĘĪġĥĚĒğ
/PUJDF
6JG &#+.; ');26+#0 KU C ²FGUKIPCVGF RWDNKE HQTWO ³ 5VWFGPV GFKVQTU JCXG CWVJQTKV[ VQ OCMG CNN EQPVGPV FGEKUKQPU YKVJQWV EGPUQTUJKR QT CFXCPEG CRRTQXCN 9G TGUGTXG VJG TKIJV VQ PQV RWDNKUJ CP[ NGVVGT QT IWGUV EQNWOP
4VCNJTTJPOT
.GVVGTU CPF IWGUV EQNWOPU OWUV DG UWDOKVVGF YKVJ CWVJQTµU EQPVCEV KPHQTOCVKQP RTGHGTCDN[ XKC G OCKN 2JQPG PWODGTU CTG TGSWKTGF VQ XGTKH[ CWVJQTUJKR DWV YKNN PQV DG RWDNKUJGF .GVVGTU CTG NKOKVGF VQ YQTFU CPF EQNWOPU VQ YQTFU 5VWFGPVU OWUV KPENWFG [GCT CPF OCLQT (CEWNV[ OWUV KPENWFG TCPM CPF FGRCTVOGPV 0QP CECFGOKE UVCHH OWUV KPENWFG RQUKVKQP CPF FGRCTVOGPV 1VJGTU KPENWFG JQOGVQYP 5WDOKUUKQPU UJQWNF DG UGPV VQ XQKEGU"UKWFG EQO
1VCMJTIJOH *OGP
6JG &#+.; ');26+#0 KU RWDNKUJGF D[ VJG UVWFGPVU QH 5QWVJGTP +NNKPQKU 7PKXGTUKV[ 1H¾ EGU CTG KP VJG %QOOWPKECVKQPU $WKNFKPI 4QQO CV 5QWVJGTP +NNKPQKU 7PKXGTUKV[ CV %CTDQPFCNG %CTDQPFCNG +. $KNN (TGKXQIGN ¾ UECN QH¾ EGT
$PQZSJHIU *OGP
&#+.; ');26+#0 #NN TKIJVU TGUGTXGF #NN EQPVGPV KU RTQRGTV[ QH VJG &#+.; ');26+#0 CPF OC[ PQV DG TGRTQFWEGF QT VTCPUOKVVGF YKVJQWV EQPUGPV 6JG &#+.; ');26+#0 KU C OGODGT QH VJG +NNKPQKU %QNNGIG 2TGUU #UUQEKCVKQP #UUQEKCVGF %QNNGIKCVG 2TGUU CPF %QNNGIG /GFKC #FXKUGTU +PE
4"77: 803%4
-&55&34 50 5)& &%*503
$SFEJU DIFDL
8IP TIPVME SFBMMZ IBWF GJOBM BVUIPSJUZ
DJBMMZ EFCU GSFF *G ZPV IBWF CBE DSFEJU JU EPFTO U +"/" )6()&4 NFBO ZPV BSF GJOBODJBMMZ EPPNFE GPS KMIVHIFT ! UIF SFTU PG ZPVS MJGF 4UPQ EPEHJOH ZBIPP DPN CJMM DPMMFDUPST BOE GJOE PVU FYBDUMZ IPX NVDI ZPV PXF 8PSL PVU B QMBO UIBU GJUT JOUP ZPVS CVEHFU #F 3FDFTTJPO SFDFTTJPO SFDFTTJPO *U T SFBM BOE JU T IBQQFOJOH *U T BXBSF PG EFCU DPOTPMJEBUJPO TDBNT OPX UJNF UP HFU GJOBODJBMMZ TBWWZ CZ EPJOH SFTFBSDI PO UIF DPNQBOJFT 5IJT JT TPNFUIJOH * IBWF UP DPOTUBOU $POTJEFS HFUUJOH B DSFEJU SFCVJME MZ SFNJOE NZTFMG XIFO * GJOE UIPTF JOH DSFEJU DBSE UIBU SFQPSUT UP DSFEJU TIPFT * BCTPMVUFMZ IBWF UP IBWF * MM CVSFBVT NPOUIMZ KVTU IBWF UP TVDL JU VQ XJQF NZ UFBST *U JT UJNF UP QBZ BUUFOUJPO UP UIF BOE XBML BXBZ .BZCF * TIPVME KVTU NJTDFMMBOFPVT TFFNJOHMZ TNBMM QVS DVU PVU FYUSB TIPQQJOH BMM UPHFUIFS DIBTFT CFDBVTF DBO FBTJMZ UVSO JOUP #FDBVTF PG UIF SFDFOU HPWFSONFOU *U JT SFBMMZ FBTZ UP HFU CFIJOE PO CBJMPVUT ZPV CFUUFS CFMJFWF UIBU DSFEJU QBZNFOUT BMM JU UBLFT JT POF NPOUI XJMM CF B NBKPS GPS JOUFSFTU SBUFT GBDUPS JO NBLJOH UP EPVCMF TVSF UIJT FDPO 8IFO HFU PNZ TVSWJWFT UJOH B DSFEJU $SFEJU TDPSFT BSF DBSE EP UIF SFTFBSDI 'JOE NPSF JNQPSUBOU UIBO FWFS #VU PVU UIF JOUFSFTU SBUFT NPOUIMZ EPO U HFU JOUJNJ EBUFE CZ UIJT PS ZFBSMZ GFFT NBUUFS CFDBVTF BOE MBUF PS UIFSF BSF NBOZ PWFSBHF GFFT *U XBZT UP TUBSU HFU NJHIU CF B HPPE UJOH ZPVS GJOBODFT UPHFUIFS BOE CVJME JEFB UP BDUVBMMZ MPPL BU UIF CPPL ZPVS DSFEJU MFU UIBU DPNFT XJUI UIF DSFEJU DBSE /P .BOBHF B NPOUIMZ CVEHFU 4PNFUJNFT UIFSF BSF IJEEFO GFFT BOE 4FF IPX NVDI ZPV TQFOE PO OFDFT QFOBMUJFT TJUJFT 'JOE PVU XIBU FYUSB NPOFZ 5IJT JT SFBMJUZ QFPQMF BOE JG ZPV JG BOZ ZPV NBZ IBWF BOE EFUFSNJOF XBOU UP CF QSFQBSFE GPS UIF SFBM IPX NVDI ZPV DBO TBWF XPSME ZPVS GJOBODFT BSF HPJOH UP IBWF /P 1BZ ZPVS DSFEJU DBSE CBM UP CF PO USBDL 4UVEFOU MPBO DPMMFDUPST BODF PGG FWFSZ NPOUI CFGPSF UIF FOE XJMM TUBSU DBMMJOH OPU FWFO TJY NPOUIT PG FBDI NPOUI *G ZPV DBO U QBZ JU PGG BGUFS ZPV HSBEVBUF JO POF NPOUI ZPV QSPCBCMZ TIPVMEO U 5IJT JT EFGJOJUFMZ OPU NFBOU UP NBLF QVSDIBTFT VOMFTT UIFZ BSF DPN TDBSF ZPV #VU JU JT NFBOU UP NBLF QMFUFMZ OFDFTTBSZ ZPV BXBSF PG UIF JNQPSUBODF PG UBL /P .BLF B iHFU PVU PG EFCUw JOH DBSF PG ZPVS GJOBODFT HPBM GPS ZPVSTFMG (JWF ZPVSTFMG B UJNFMJOF GPS XIFO ZPV XJMM CF PGGJ )VHIFT JT B TFOJPS TUVEZJOH KPVSOBMJTN
6JKU KU TGCNKV[ RGQ RNG CPF KH [QW YCPV VQ DG RTGRCTGF HQT VJG TGCN YQTNF [QWT HKPCPEGU CTG IQKPI VQ JCXG VQ DG QP VTCEM
%ĖĒģ &ĕĚĥĠģ * SFDPHOJ[F UIF QSPCMFN ZPV XSPUF BCPVU JO 5VFTEBZ T i0VS 8PSEw FEJUP SJBM JT JO ZPVS NJOE B WFSZ TFSJPVT POF 5IFSF IBT BMXBZT CFFO BOE XJMM BMXBZT CF B EJGGFSFODF PG PQJOJPO BT UP UIF OBUVSF PG QPXFS JO NBUUFST EFBMJOH XJUI KVEJDJBM BDUJPO :PV DIPPTF UP BSHVF UIBU UIFSF JT BO BCTFODF PG iMJTUFOJOHw CFUXFFO GBDVMUZ BOE BENJOJTUSBUPST .BZ * TVH HFTU UIF QSPQFS UFSN XPVME CF iBHSFF NFOUw SBUIFS UIBO MJTUFOJOH * IBWF OP EPVCU XIBUTPFWFS UIBU $IBODFMMPS 4BN (PMENBO IFBSE UIF WPJDF PG UIF +VEJDJBM 3FWJFX #PBSE * XPVME HVFTT IF TJNQMZ GFMU UIF WJFX BOE BOBMZTJT PG UIF %FBO PG UIF 4DIPPM PG -BX XBT NPSF BQQSPQSJBUF UIBO UIF +3# :PV NBZ XJTI UP EJTBHSFF XJUI IJT EFDJTJPO CVU * UIJOL ZPV IBWF MJUUMF HSPVOET GPS DIBSHJOH IJN XJUI B GBJMVSF UP SFDPH OJ[F UIF FGGPSUT PG UIF DPNNJUUFF 5IF QSPCMFN ZPV NJHIU XJTI UP XSJUF BCPVU JT OPU EP BENJOJTUSBUPST SFBE UIF WFSEJDUT PG UIF +3# PS BOZ PUIFS DPNNJUUFF PG JNQPSUBODF CVU SBUIFS iIPX NVDI QPXFS TIPVME UIF EFDJTJPOT PG UIF WBSJPVT DPNNJUUFFT BDUVBMMZ CF BXBSEFE w 0CWJPVTMZ CBTFE VQPO UIF FEJUPSJBM ZPV XPVME QSFGFS UIF WBSJPVT TFBSDI DPNNJUUFFT NBLF UIF GJOBM EFDJTJPO GPS BO PQFO EFBO
QPTJUJPO PS EJSFDUPS PG UIF 1BVM 4JNPO 1VCMJD 1PMJDZ *OTUJUVUF * TVTQFDU JO NPTU DBTFT UIFZ NJHIU EP KVTU BT XFMM UIPVHI IBWJOH TFSWFE PO B MBSHF OVNCFS PG UIFN * TIPVME SFNJOE ZPV UIF DPNNJUUFF FGGPSU DBO CF KVTU BT JOFGGFDUJWF BT B EFDJTJPO NBEF CZ B QSFTJEFOU * XPVME TVHHFTU UIBU UIF SFDPSE TQFBLT SBUIFS XFMM PG UIF KPJOU FGGPSU CZ TFMFDUJPO DPNNJUUFFT BOE BENJOJTUSB UPST UP XPSL UPHFUIFS JO GJOEJOH HPPE QFPQMF 5IF +3# JT BOPUIFS NBUUFS QSJODJQBMMZ CFDBVTF UIF DIBODFMMPS IBT UP CBMBODF UXP WPJDFT POF PG XIJDI JT SFTQPOTJCMF GPS NBJOUBJOJOH B MFWFM PG DPOEVDU UIBU POMZ CFJOH PO UIF KPC DBO FWBMVBUF $MFBSMZ UIF #PBSE PG 5SVTUFFT IBT FMFDUFE UP IPME UIF DIBODFMMPS SFTQPOTJCMF GPS UIPTF EFDJTJPOT SBUIFS UIBO UIF GBDVMUZ $IBODFMMPS (PMENBO JT OP GPPM )F SFBE UIF SFQPSU PG UIF +3# )F KVTU XFJHIUFE JU XJUI PUIFS JOGPSNBUJPO BOE TBJE ZPV BSF XSPOH :PVS BENJTTJPO UIBU ZPV IBWF OP JEFB iXIBU TIF EJE UP EFTFSWF BOZ QVO JTINFOU BU BMM w JT SFWFBMJOH UP TBZ UIF MFBTU .BZ * TVHHFTU ZPV EFUFSNJOF UIF GBDUT CFGPSF ZPV UBLF TJEFT JO UIF CBUUMF PWFS GJOBM BVUIPSJUZ PO DBNQVT
.BSWJO ,MFJOBV FNFSJUVT GBDVMUZ JO UIF TQFFDI DPNNVOJDBUJPO EFQBSUNFOU
,OPX BMM UIF BOHMFT %ĖĒģ &ĕĚĥĠģ * SFTQFDU DPMVNO XSJUFS "OEZ 'SVUI T PQJOJPO BCPVU UIF UJGG JO UIF &OHMJTI DMBTT CVU CFGPSF BO PQJOJPO JT NBEF QVCMJD JU XPVME CF OJDF JG BMM UIF GBDUT BSF SFQSFTFOUFE FTQFDJBMMZ JG UIF FWFOU JT CFJOH EJT DVTTFE JO B DBNQVT OFXTQBQFS * XBT
OPU JOWPMWFE JO UIF UJGG CVU * LOPX UIFSF JT NVDI NPSF UP UIF TUPSZ * GJOE JU BQQBMMJOH UIBU UIF QFSTPO XBT SJEJDVMFE XJUIPVU FWFO UIF XIPMF TJUVBUJPO CFJOH UIPSPVHIMZ FYQMBJOFE CZ UIF XSJUFS
.BSTIBMM 1FUUZ TPQIPNPSF TUVEZJOH IJTUPSZ FEVDBUJPO
/+55+10 56#6'/'06 6JG &#+.; ');26+#0 VJG UVWFGPV TWP PGYURCRGT QH 5QWVJGTP +NNKPQKU 7PKXGTUKV[ %CTDQPFCNG KU EQOOKVVGF VQ DGKPI C VTWUVGF UQWTEG QH PGYU KPHQTOCVKQP EQOOGPVCT[ CPF RWDNKE FKUEQWTUG YJKNG JGNRKPI TGCFGTU WPFGTUVCPF VJG KUUWGU CHHGEVKPI VJGKT NKXGU
3716' 1( 6*' &#;
² +H VJGTG KU IQKPI VQ DG PGY ITQYVJ KV ECPµV LWUV DG VJG 7PKVGF 5VCVGU CU VJG GPIKPG 'XGT[DQF[ KU IQKPI VQ JCXG VQ RKEM WR VJG RCEG ³
#BSBDL 0CBNB BU B KPJOU QSFTT DPOGFSFODF XJUI #SJUJTI 1SJNF .JOJTUFS (PSEPO #SPXO JTTVJOH B WFJMFE XBSOJOH UP UIF XPSME T FYQPSU QPXFST UIBU UIFZ SJTL TFUUJOH PGG B QSPUFDUJPOJTU CBDLMBTI VOMFTT UIFZ EP NPSF UP SFTUPSF HMPCBM EFNBOE
# 24+. †
8)"5 5)& )&"-5) *4 (0*/( 0/
5)& $06/4&-*/( $03/&3
)FMQ UP QSFWFOU TFYVBM BTTBVMU
A0OF JO 5FO DBNQBJHO %FTUJHNBUJ[JOH NFOUBM JMMOFTT
$ISJTUZ )BNJMUPO 8&--/&44 $&/5&3 $0-6./*45 8&--/&44!4*6 &%6
"QSJM JT 4FYVBM "TTBVMU "XBSFOFTT .POUI "T NBOZ BT UP QFSDFOU PG XPNFO BOE QFSDFOU PG NFO BSF TFYVBMMZ BTTBVMUFE EVS JOH UIFJS DPMMFHF FYQFSJFODFT 4FYVBM BTTBVMU JT EFTQBJSJOHMZ VOEFSSFQPSUFE 5IFSF BSF TFWFSBM DPNQMFY SFBTPOT GPS MBDL PG SFQPSUJOH "U UIF DPSF PG UIF QSPCMFN JT TPDJFUBM BOE JOEJWJE VBM MBDL PG TVQQPSU GPS WJDUJNT BOE TVSWJWPST 4UJHNBUJ[BUJPOT JO UIF GPSN PG WJDUJN CMBNJOH RVFTUJPOT PS JOTFOTJUJWF DPNNFOUT BOE GBJMVSF UP NBJOUBJO B QFSTPO T DPOGJEFOUJBMJUZ BSF UIF MFBE JOH SFBTPOT GPS EJTDPVSBHFNFOU GSPN SFQPSUJOH 1IZTJDBM BOE QTZDIPMPHJDBM FGGFDUT PG TFYVBM BTTBVMU DBO CF EFWBTUBUJOH BOE DPMMFHF TUVEFOUT XIP BSF TFYVBMMZ BTTBVMUFE NBZ GBDF FNPUJPOBM USBVNB BT XFMM BT EJGGJDVMUJFT XJUI BDBEFNJD QSPHSFTT &WFO UIF UFSN iWJDUJNw WFSTVT iTVSWJ WPSw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
&%*503*"- $"3500/
QPSU 5IF NPTU JNQPSUBOU UIJOH ZPV DBO EP JG B GSJFOE TUVEFOU PS QBSUOFS EJTDMPTFT B TFYVBM BTTBVMU JT UP MFU UIFN LOPX ZPV CFMJFWF UIFN ZPV DBSF BOE ZPV XBOU UP IFMQ "WPJE BTLJOH RVFTUJPOT PS PGGFSJOH BOZ DPNNFOUBSZ PUIFS UIBO BTLJOH XIP UIFZ XPVME MJLF ZPV UP DBMM GPS BTTJTUBODF 8IBU DBO CF EPOF PO B TZTUFNJD MFWFM UP FEVDBUF TUBGG BOE TUVEFOUT BCPVU QFSWBTJWF SBQF NZUIT UIF EFGJOJUJPO PG DPOTFOU BOE SJTL SFEVD UJPO CFIBWJPST "U 4*6$ TFYVBM BTTBVMU QSFWFO UJPO JT B DPMMFHF IFBMUI QSJPSJUZ "U UIF GPSFGSPOU PG PVS FGGPSUT UIJT NPOUI XJMM CF .FO "HBJOTU 7JPMFODF 8FFL GSPN "QSJM 1MFBTF KPJO NF BMPOH XJUI UIF 7 %BZ 5BTL 'PSDF BOE 5IF 8PNFO T $FOUFS BU Q N "QSJM JO UIF 4UVEFOU )FBMUI $FOUFS "VEJUPSJVN BT XF CSFBL EPXO TFYVBM BTTBVMU NZUIT XJUI UIF QPXFSGVM EPDVNFOUBSZ i6OUJM UIF 7JPMFODF 4UPQT w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
PWFSDPNF BT B DPNNVOJUZ *O UIJT DBNQVT DPNNVOJUZ i0OF JO 5FOw SFQSFTFOUT UIF SPMF DPVOTFMJOH DBO QMBZ JO 8IJMF POF JO GJWF "NFSJDBOT MJWF XJUI JNQSPWJOH TUVEFOUT MJWFT $PVOTFMJOH IFMQT B NFOUBM EJTPSEFS FTUJNBUFT JOEJDBUF OFBSMZ TUVEFOUT MFBSO TLJMMT UP DPQF NPSF FGGFDUJWFMZ UXP UIJSET PG UIPTF QFPQMF EP OPU TFFL XJUI EJGGJDVMU MJGF TJUVBUJPOT BOE EBJMZ QSPC USFBUNFOU FTQFDJBMMZ JO EJWFSTF BOE SVSBM MFNT UIBU GFFM MJLF iUPP NVDI UP IBOEMF w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i0OF JO 5FOw BXBSFOFTT DBNQBJHO CF SBJTFE 6OGPSUVOBUFMZ UIJT JT B SFBMJUZ GPS QFPQMF XJUI XF BSF BTLJOH QFPQMF UP NFOUBM IFBMUI OFFET TIPX UIFJS TVQQPSU CZ 5IF VOJWFSTJUZ JT MBVODI XFBSJOH HSFFO SJCCPOT JOH UIF i0OF JO 5FOw DBNQBJHO UPEBZ UP UIBU XJMM CF IBOEFE PVU BU TQFDJBM UBCMFT PO SBJTF DBNQVT BXBSFOFTT PG NFOUBM IFBMUI DBNQVT :PV XJMM BMTP TFF HSFFO SJCCPOT UJFE SFTPVSDFT BWBJMBCMF UP TUVEFOUT 5IJT DBN BSPVOE USFFT HSFFO TJEFXBML DIBML BOE QPTU QBJHO JT CBTFE PO UIF GBDU UIBU POF PG FWFSZ FST PO CVMMFUJO CPBSET BDSPTT DBNQVT 5IJT 4*6$ TUVEFOUT TFFLT DPVOTFMJOH TFS JT UIF GJSTU ZFBS TVDI B DBNQBJHO IBT CFFO WJDFT BU UIF 4*6$ $PVOTFMJOH $FOUFS *U JT MBVODIFE TP QMFBTF IFMQ NBLF JU B TVDDFTTGVM MJLFMZ UIBU ZPV LOPX QFPQMF XIP IBWF TFFO POF CZ QBSUJDJQBUJOH -FU VT DPNF UPHFUIFS B 4*6$ DPVOTFMPS 6OMJLF XIFO QFPQMF HP BT B DPNNVOJUZ UP TIPX IPX XF DBO CF UP UIF EPDUPS GPS UIF GMV UIFZ NBZ CF NPSF B VOJUFE GPSDF BHBJOTU TUJHNB BT XFMM :PV SFMVDUBOU UP UFMM ZPV CFDBVTF PG UIF TUJHNB OFWFS LOPX IPX NVDI JU DPVME NFBO GPS BTTPDJBUFE XJUI NFOUBM JMMOFTT %FGJOFE BT POF PG ZPVS QFFST UP TFF ZPV XFBSJOH HSFFO B NBSL PG TIBNF EJTHSBDF PS EJTBQQSPWBM PO TVDI BO JNQPSUBOU EBZ UIBU SFTVMUT JO EJTDSJNJOBUJPO TUJHNB JT UIF NPTU DJUFE SFBTPO GPS OPU TFFLJOH QSPGFT ,BQMBO JT B QSPGFTTJPOBM QTZDIPMPHZ JOUFSO BU UIF TJPOBM IFMQ 5IVT JU JT B QSPCMFN XF NVTU 4*6$ $PVOTFMJOH $FOUFS
4DPUU ,BQMBO
$06/4&-*/( $&/5&3 $0-6./*45
;QW PGXGT MPQY JQY OWEJ KV EQWNF OGCP HQT QPG QH [QWT RGGTU VQ UGG [QW YGCT KPI ITGGP QP UWEJ CP KORQTVCPV FC[
'SJEBZ "QSJM
&#+.; ');26+#0
/FXT
/FXT
&#+.; ');26+#0
'SJEBZ "QSJM
'SJEBZ "QSJM
&#+.; ');26+#0
/FXT
$MBTTJGJFET
&#+.; ');26+#0
'SJEBZ "QSJM
'SJEBZ "QSJM
&#+.; ');26+#0
$MBTTJGJFET
&#+.; ');26+#0
1VMTF
(JSMT BOE 4QPSUT
'SJEBZ "QSJM
CZ +VTUJO #PSVT BOE "OESFX 'FJOTUFJO
CZ (MFOO .D$PZ
5IF %VQMFY
#Z -JOEB $ #MBDL
-2<.- +A '*A6. "7+.:< '2442*5; "$3044 #FBDIGSPOU QSPQFSUZ 4Q NJTTFT 3PCFSU XIP QMBZFE "OUIPOZ 4PQSBOP +S +VNCP@@ TDPSFCPBSE EJTQMBZ 4BDSFE GJWF CPPL DPMMFDUJPO 3FTJEFODJB SPPN /VNFSJDBM QSFGJY 8PSET UP B ESVOL i*T UIFSF NPSF w $IJHHFS F H $SFFEBM IPMEJOH 0OF DPODFSOFE XJUI %PXO T 4FOBUF MFBEFS T UVSOEPXO 3JGMFT *OEJBO SPZBMUZ .PSOJOH HMJTUFOFS )BT "NB[FT i8BT JU ZPV w BOTXFS i4DSFBNw EJSFDUPS $SBWFO 4UJOLFS #PVSOF QPSUSBZFS )JMUPO PO UIF JDF
5IVSTEBZ T TPMVUJPOT
7BHVF /PWFMJTU 4IBX "QQMZ UP 1IBSZOHFBM UJTTVF 8IBU ZPV OFWFS TFF BGUFS TUSJLFT #SFBLGBTU BSFB 4QFMMJOH PG 57 &YDBWBUFE BHBJO :FBST EVSJOH /FSP T SFJHO
/ - IPNF SVO DIBNQ #SPUIFSMZ MPWF % EBZ USBOTQPSUT %08/ -BEF 4U -PVJT MBOENBSL .BSHJOBM DPNNFOUT &WJEFODF JO QBUFSOJUZ TVJUT
"DUSFTT 5SVEJF XIP T NBSSJFE UP 4UJOH .PUPSCPBU T XBLF i3JHIU ZPV BSFw 3IJOF USJCVUBSZ .JTT JEFOUJGJDBUJPO 8IFSF .PVOU $BSNFM JT 4DPUUJTI MBOEPXOFS
$PMMÃ&#x2019;HF BUUFOEFF *U DBO USBQ B "DSPTT $JSDVT QFSGPSNFST .JEEMF &BSUI CFJOHT &HHT PSEFS 1SFDFEFST PG PNFHBT 4USFBN i-BEZ +BOF (SFZw ESBNBUJTU .BO HPBU EFJUJFT *OEJB BOE 1BLJTUBO VOEFS #SJUJTI JOGMVFODF F H 4DIPPM GPVOEFE
CZ )FOSZ 7* 8IBU CJSET UBLF .FEJDBM TVQQMJFT -JLF TPNF QSJEF 4USBUFHJD 88* SJWFS 'JSTU MJHIU &WFSZDJUZ 64" ,NBSU GPVOEFS 8JOEZ EBZ GFBUVSFT 'JOMBOE T TFDPOE MBSHFTU DJUZ $PNFT DMPTF 7FSEJ T TMBWF HJSM i4UPQw 4USFFU TVQQMJFT $BSPM TZMMBCMF &OSPMMFE "CCS
5PEBZ T #JSUIEBZ Â&#x2030; 'PDVT PO GJYJOH VQ ZPVS IPVTF BOE UIFO ZPV DBO SFMBY :PV IBWF PUIFS QSPKFDUT UIBU BSF JNQPSUBOU CVU ZPVS GBNJMZ UBLFT QSFDFEFODF :PV MM LOPX UIBU OBUVSBMMZ :PV XPO U IBWF UP CF SFNJOEFE KVTU FODPVSBHFE 5P HFU UIF BEWBOUBHF DIFDL UIF EBZ T SBUJOH JT UIF FBTJFTU EBZ UIF NPTU DIBMMFOHJOH "SJFT .BSDI "QSJM Â&#x2030; 5PEBZ JT BO Â&#x2030; :PV SF CVTZ CVU ZPV DBO GJOE UJNF GPS B QSJWBUF DFMFCSBUJPO *U T HPPE UP BDLOPXMFEHF ZPVSTFMG GPS ZPVS SFDFOU TVDDFTTFT *U IFMQT ZPV DPNF VQ XJUI NPSF BOE ZPV MM OFFE UIF FYUSB DPOGJEFODF 5BVSVT "QSJM .BZ Â&#x2030; 5PEBZ JT B Â&#x2030; .BLF MJTUT PG BMM UIF UIJOHT ZPV QMBO UP EP BOE TFU QSJPSJUJFT 4PNF PG UIFTF JUFNT DBO XBJU XIJMF ZPV IBOEMF UIF NPSF VSHFOU NBUUFST #F GSVHBM XJUI ZPVS UJNF BT XFMM BT ZPVS DBTI (FNJOJ .BZ +VOF Â&#x2030; 5PEBZ JT B Â&#x2030;)PNF T UIF CFTU QMBDF GPS ZPV UPOJHIU TVSSPVOEFE CZ QFPQMF ZPV MPWF :PV NBZ IBWF B CVTZ EBZ CVU HFU CBDL UIFSF BT TPPO BT ZPV DBO "OE UBLF IPNF B TQFDJBM USFBU $BODFS +VOF +VMZ Â&#x2030; 5PEBZ JT B Â&#x2030; *G ZPV KVTU XBJU B DPVQMF PG ZPVS NBKPS DPNQFUJUPST XJMM XFBS UIFNTFMWFT PVU :PV DPVME CF UIF POMZ POF MFGU TUBOEJOH 8BUDI XIBU UIFZ SF EPJOH GSPN B IJEEFO QMBDF BOE TUFQ PVU XIFO UIFZ SF EPOF -FP +VMZ "VH Â&#x2030; 5PEBZ JT B Â&#x2030; 'JOJTI VQ B GFX DIPSFT BT FBSMZ BT QPTTJCMF TP ZPV DBO HFU BXBZ $POEJUJPOT GPS USBWFM BSF HFUUJOH CFUUFS MBUFS JO UIF EBZ *G ZPVS QBSUOFS EPFTO U XBOU UP HP JU T 0, UP EP TFQBSBUF UIJOHT %PO U GPSDF UIF JTTVF
7JSHP "VH 4FQU Â&#x2030; 5PEBZ JT B Â&#x2030; *G B GSJFOE BOE TPNFCPEZ FMTF BQQSPBDI ZPV XJUI B OFX JEFB DPOTJEFS JU WFSZ DBSFGVMMZ 5JNJOH JT PG UIF FTTFODF BOE JU NBZ BMSFBEZ CF UPP MBUF 5IJT POF T VODFSUBJO 5BLF DBSF -JCSB 4FQU 0DU Â&#x2030; 5PEBZ JT B Â&#x2030; %PO U CF UPP FBHFS UP TIBSF ZPVS EFWFMPQJOH QMBOT *OJUJBMMZ ZPV MM FODPVOUFS BMM TPSUT PG PQQPTJUJPO 5IJT JT HPPE UP LOPX CVU LFFQ DSJUJDJTN UP B NBOBHFBCMF MFWFM 4DPSQJP 0DU /PW Â&#x2030; 5PEBZ JT B Â&#x2030;:PV SF CVTZ FOPVHI GPS UISFF QFPQMF -VDLJMZ UIBU T OPU B QSPCMFN 5IF QSPCMFN JT UIBU UIF PBG JO DIBSHF JTO U GPMMPXJOH ZPVS MFBE 5IJT QFSTPO DPVME NFTT VQ ZPVS QFSTPOBM QMBOT JG ZPV SF OPU WFSZ DBSFGVM 4BHJUUBSJVT /PW %FD Â&#x2030; 5PEBZ JT B Â&#x2030; 1SPDFFE GSVHBMMZ BOE XJUI DBVUJPO 4UJDL XJUI B GBNJMJBS CVEHFU TPNFUIJOH WFSZ TJNQMF :PV WF EPOF UIJT CFGPSF "MUIPVHI ZPV EPO U SFBMMZ MJLF JU ZPV DBO EP JU BHBJO $BQSJDPSO %FD +BO Â&#x2030; 5PEBZ JT B Â&#x2030; %P XJUIPVU TPNFUIJOH ZPV XBOU KVTU UP TUBZ EJTDJQMJOFE 1VU UIF NPOFZ ZPV TBWF JOUP ZPVS QJHHZ CBOL *U T OPU NVDI CVU JU EPFT GFFM HPPE EPFTO U JU :PV MM HFU XIBU ZPV XBOU FWFOUVBMMZ "RVBSJVT +BO 'FC Â&#x2030; 5PEBZ JT B Â&#x2030; 5IFSF T MPUT PG DPOGVTJPO CVU ZPV DBO GJOJTI UIF KPC ZPV TUBSUFE %P UIBU *U MM NBLF UIJOHT FBTJFS GPS FWFSZPOF FMTF 5IFO DPMMFDU ZPVS DIFDL BOE HFU PVU PG UIFSF BT TPPO BT QPTTJCMF 1JTDFT 'FC .BSDI Â&#x2030; 5PEBZ JT B Â&#x2030; 1BZ CBDL BO PME EFCU JO GVMM CVU OPU B QFOOZ NPSF :PV OFFE UP GJOE TPNFUIJOH UP TFMM KVTU UP CVZ XIBU ZPV OFFE 5IF QSFTTVSF JT NBLJOH ZPV NPSF DSFBUJWF UIPVHI
D 5SJCVOF .FEJB 4FSWJDFT *OD ] %JTUSJCVUFE CZ .D$MBUDIZ 5SJCVOF *OGPSNBUJPO 4FSWJDFT
$: +-' 4)+4+10 #0& '(( 074'-
05%4#/$.' 6*'5' (174 7/$.'5 10' .'66'4 61 '#%* 537#4' 61 (14/ (174 14&+0#4: 914&5 #!$ ' ' % &# %#* # (!" "
, #+ " # #% %& #"' "& ) %, ' '# #% &'% ' & #" #* '# &# ) ( # ( ) & '
< 4+$70' '&+# '48+%'5 0%
.. +)*65 '5'48'&
5IVSTEBZ T TPMVUJPOT
999 ,7/$.' %1/ &5
19 #44#0)' 6*' %+4%.'& .'66'45 61 (14/ 6*' 57424+5' #059'4 #5 57))'56'& $: 6*' #$18' %#46110
059'45 61/14419
6JWTUFC[µU 7/$.'5 ! " "'56'4&#: 5 U Q N W V K Q P U 059'4 *#6 *#22'0'& 9*'0 6*': -'26 &4+0-+0) 61 6*'+4 *'#.6* ; "
'SJEBZ "QSJM
&#+.; ');26+#0
1VMTF
(FU PVU XJUI 0SE
4QFFE BHHSFTTJPO DPNCJOF JO MBDSPTTF
+6-*" 3&/%-&."/ ] % "*-: & (:15*"/ .FNCFST PG UIF 4*6 -BDSPTTF $MVC TDSBNCMF GPS UIF CBMM EVSJOH QSBDUJDF 8FEOFTEBZ 5IF UFBN JT QSFQBSJOH GPS JUT GJSTU HBNF PG UIF TFBTPO PO 4BUVSEBZ
(FOOB 0SE %"*-: &(1:5*"/ (03%!4*6 &%6
&JHIU ZFBST BHP +PF 4UPOF GFMM GPS B TQPSU UIBU DPNCJOFE UIF TQFFE BOE TUBNJOB PG TPDDFS XJUI UIF BHHSFTTJPO BOE IJUUJOH PG IPDLFZ 4UPOF B TFOJPS GSPN "SMJOHUPO )FJHIUT TUVEZJOH CVTJOFTT NBOBHFNFOU IBT CFFO B NFNCFS PG UIF VOJWFSTJUZ T MBDSPTTF DMVC GPS GPVS ZFBST i*U T UIF CFTU PG BMM UIF TQPSUT DPNCJOFE w IF TBJE 4UPOF TBJE UIF TQPSU IBT SVMFT BOE QPTJUJPOT TJNJMBS UP TPDDFS XJUI UISFF NJEGJFMEFST BUUBDLFST EFGFOEFST BOE POF HPBMJF &BDI QMBZFS IBT B TUJDL XJUI B OFU DSBEMF BU POF FOE UP DBUDI UISPX BOE TDPPQ UIF CBMM GSPN UIF HSPVOE 0OF VTF UIF QMBZFST IBWF GPS UIF TUJDLT JT XIBDLJOH POF BOPUIFS XJUI UIFN i:PV SF HJWFO B TUJDL BOE ZPV SF BMMPXFE UP VTF JU PO PUIFS QFPQMF w IF TBJE 0G DPVSTF UIFSF BSF TUJQVMBUJPOT $SPTTDIFDLJOH JT OPU BMMPXFE BOE UIF QFSTPO UBSHFUFE IBT UP IBWF UIF
CBMM PS CF XJUIJO GJWF GFFU PG JU 'PS ,ZMF 3FFE BO VOEFDJEFE GSFTINBO GSPN "VSPSB UIFTF FMFNFOUT BSF XIBU NBLF UIF TQPSU GVO i:PV IBWF UP CF HJWJOH JU ZPVS BMM BMM PG UIF UJNF w IF TBJE i&WFSZCPEZ T SFBMMZ IJHI JOUFOTJUZ CFDBVTF JU T TVDI B GBTU QBDFE HBNF w )F TBJE UIF HBNF JT EJGGFSFOU GSPN B TQPSU TVDI BT GPPUCBMM CFDBVTF UIFSF JT OP TFU PGGFOTF PS EFGFOTF *OTUFBE UIF UFBN TXJUDIFT CBDL BOE GPSUI CFUXFFO UIF UXP BT UIF CBMM DIBOHFT IBOET i5IFSF T OP TFU QMBZT UIFSF T OP AEPXO TFU IJLF w IF TBJE i:PV QJDL VQ UIF CBMM BOE XPSL XIBU ZPV DBO w 5IF MBDSPTTF DMVC JT PQFO UP BOZPOF JOUFSFTUFE BOE JT XPSLJOH PO CFDPNJOH NPSF FTUBCMJTIFE 4UPOF TBJE )F TBJE UIF HSPVQ IBT CFFO TUPQ BOE HP TJODF JU XBT GPVOEFE JO BOE XBT NPTU SFDFOUMZ SF FTUBCMJTIFE JO 5IJT ZFBS NBSLT UIF GJSTU UJNF UIF DMVC JT JO B DPOGFSFODF *U DPNQFUFT JO UIF (SFBU -BLFT -BDSPTTF -FBHVF UIPVHI JU POMZ IBT B QBSUJBM TFBTPO CFDBVTF PG MBUF
SFHJTUSBUJPO 5IF DMVC IBT GPVS HBNFT BOE B DPOGFSFODF FOEJOH UPVSOBNFOU TDIFEVMFE XJUI JUT GJSTU DPNQFUJUJPO UIJT XFFLFOE BHBJOTU &BTUFSO BOE 8FTUFSO *MMJOPJT 6OJWFSTJUZ 4UPOF TBJE UIPVHI UIFZ XPVME MJLF UP XJO UIF NBJO HPBM GPS UIF XFFLFOE JT UP HBJO FYQFSJFODF $MBZ -VU[ B TPQIPNPSF GSPN #BSSJOHUPO TUVEZJOH BWJBUJPO NBOBHFNFOU BOE GMJHIU TBJE UIF SFMBUJWFMZ OFX UFBN JT JNQSPWJOH RVJDLMZ i* UIJOL UIBU JU UBLFT TPNF ESJWF BOE DPNNJUNFOU CVU XF DBO BMM HFU BMPOH BOE HFU JU HPJOH w IF TBJE -VU[ UIF DMVC T HPBMJF TBJE IF QMBZFE MBDSPTTF UISPVHI IJHI TDIPPM BOE UIF TQPSU JT POF PG IJT GBWPSJUFT CFDBVTF PG JUT DPNQFUJUJWFOFTT UIF BESFOBMJOF SVTI BOE UIF PQQPSUVOJUZ UP NFFU OFX QFPQMF 4UPOF TBJE MBDSPTTF IBT CFDPNF UIF GBTUFTU HSPXJOH TQPSU JO "NFSJDB TUBOEJOH PVU CFDBVTF JU JT EJGGFSFOU GSPN NBOZ PG UIF PUIFS HBNFT JO UIF DPVOUSZ i4JODF JU IBT TUBSUFE UP HFU QPQVMBS JU T HSPXO FYQPOFOUJBMMZ w IF TBJE
1 6 - 4 & *O IPOPS PG "QSJM 'PPM T %BZ :PV5VCF SBO VQTJEF EPXO (PPHMF $ISPNF XFOU % BOE #SJUJTI OFXTQBQFS 5IF (VBSEJBO TXJUDIFE UP B 5XJUUFS POMZ FEJUJPO 8IBU BSF TPNF PG ZPVS GBWPSJUF QPQ DVMUVSF "QSJM 'PPM T %BZ QSBOLT
8FT -BXTPO
5IF POF * GFMM UIF IBSEFTU GPS XBT CBDL JO XIFO &MFDUSPOJD (BNJOH .POUIMZ NBHB[JOF UPME NF UIBU * DPVME VOMPDL 4POJD BOE 5BJMT JO 4VQFS 4NBTI #SPT .FMFF -JUFSBMMZ BO FOUJSF XFFL BOE B IVOESFE CMJTUFST MBUFS * GFMU MJLF UIF XPSME T CJHHFTU JEJPU
'&&4
$0/5*/6&% '30.
5IF CPBSE BMTP DPOTJEFSFE B iHSFFOw GFF GPS UIF GJSTU UJNF JO 4*6$ IJTUPSZ 5IF GFF XIJDI XPVME DPTU IBT CFFO ZFBST JO UIF NBLJOH BOE IBT HBSOFSFE TJHOJGJDBOU TUVEFOU TVQQPSU "DDPSEJOH UP VOJWFSTJUZ SFDPSET UIF GFF XPVME QSPWJEF B SFHVMBS TPVSDF PG GVOEJOH GPS PO DBNQVT SFOFXBCMF FOFSHZ FOFSHZ FGGJDJFODZ BOE TVTUBJOBCJMJUZ QSPKFDUT BOE SFTFBSDI 4*6 1SFTJEFOU (MFOO 1PTIBSE TBJE
-VLF .D$PSNJDL
5SFOU 3F[OPS IBE B QSFUUZ HPPE HBH UIJT ZFBS )F QPTUFE JOGPSNBUJPO PO IJT 5XJUUFS GPS B iOFXw BMCVN UP CF QSPEVDFE CZ 5JNCBMBOE 5IF USBDL MJTUJOH GFBUVSFE TVDI FTUFFNFE BSU JTUT BT 4IFSZM $SPX BOE 'FSHJF * N SFBMMZ IPQJOH UIJT JT KVTU B EJH BU $ISJT $PSOFMM BGUFS IJT MBUFTU 5JNCBMBOE QSPEVDFE SFDPSE UIBU UIJOH JT BO BUSPDJUZ
B HSFFO GFF JT OPU POMZ FOWJSPONFOUBMMZ GSJFOEMZ CVU BMTP B GFF UIBU DPVME BUUSBDU TUVEFOUT i8F UIJOL UIBU UIJT JT NPSF BUUSBDUJWF UP TUVEFOUT JO UIF GVUVSF w 1PTIBSE TBJE i4P NBOZ TUVEFOUT BSF OPX LFZJOH JO PO UIJT BT B NBKPS JTTVF TP JU JT UP PVS BEWBOUBHF BOE JU JT TPNFUIJOH UIBU XF GFFM HPPE BCPVU Â&#x2030; UP DSFBUF B HSFFOFS DBNQVT w +PO %ZFS DP DPPSEJOBUPS GPS 1SPKFDU &DP %BXHT TBJE UIF HSPVQ TVSWFZFE IJHI TDIPPM TUVEFOUT BCPVU UIFJS JOUFSFTU JO B HSFFOFS DBNQVT )F
4FBO .D(BIBO
4*6 .FEJB 4FSWJDFT QMBZFE B GBTU POF PO BMM 4BMVLJ GPPUCBMM GBOT XIFO JU SFMFBTFE PO "QSJM UIBU 4*6 XPVME QMBZ UIF IJTUPSJD .J[[PV GPPUCBMM UFBN JO "U GJSTU * XBT FYDJUFE 5IFO * MPPLFE BU NZ DBMFOEBS BOE SFBMJ[FE * NVTU IBWF CFFO GPPMFE /PX * SFBMJ[F JU JT USVF $BO U XBJU
TBJE QFSDFOU PG SFTQPOEFOUT TBJE B HSFFO GFF MJLF UIF POF QSPQPTFE XPVME IBWF B TJHOJGJDBOU JNQBDU PO UIFJS DPMMFHF PG DIPJDF i*U T B CJH JTTVF UIBU JT SJTJOH BNPOH ZPVOH QFPQMF w %ZFS TBJE i*U T JOTQJSFE B DBNQVT BOE JUT TUVEFOUT w 4*6$ $IBODFMMPS 4BN (PMENBO TBJE UIF GFF XPVME BMTP CMFOE XFMM XJUI UIF VOJWFSTJUZ T DVSSJDVMVN i8F IBWF TFWFSBM BDBEFNJD QSPHSBNT UIBU GPDVT PO UIF FOWJSPONFOU TP UIJT GFF XJMM GJU WFSZ OJDFMZ XJUIJO PVS QSPHSBN w IF TBJE
&#+.; ');26+#0
4QPSUT
7EPYOM -RWMHIV
8IBU EP ZPV UIJOL PG UIF $IJDBHP #FBST USBEJOH UIFJS BOE GJSTU SPVOE ESBGU QJDLT QMVT B UIJSE SPVOE QJDL GPS RVBSUFSCBDL +BZ $VUMFS
4$055 .*&4;"-" TDPUU !TJV FEV
* N UISJMMFE BOE EJTPSJFOUFE 5IF #FBST OFWFS EP UIJOHT MJLF UIJT BOE UIJT XBT LJOE PG B TVSQSJTF 'JOBMMZ UIFSF T TPNFPOF UP FTUBCMJTI UIFNTFMWFT BGUFS UIF MPOH MJOF PG TUBSUJOH RVBSUFSCBDLT TJODF +JN .D.BIPO UIBU JODMVEFT OBNFT MJLF )FOSZ #VSSJT BOE .PTFT .PSFOP *U T BMTP HPPE UIBU XF XPO U IBWF UP XPSSZ BCPVU +FSSZ "OHFMP TDSFXJOH VQ QJDLJOH BO PGGFOTJWF QMBZFS JO UIF GJSTU SPVOE BOE UIBU UIF #FBST HPU B HPPE ZPVOH RVBSUFSCBDL JOTUFBE PG B HPPE PME RVBSUFSCBDL JO %POPWBO .D/BCC /PX $VUMFS NBZ OFFE TPNFCPEZ UP UISPX UIF CBMM UP
8FMM HPPE GPS UIF #FBST 5IF SFJHO PG ,ZMF i/FDLCFBSEw 0SUPO IBT GJOBMMZ FOEFE JO $IJDBHP $VUMFS JT B QSPWFO UBMFOU TPNFUIJOH UIF #FBST IBWFO U IBE TUBSUJOH GPS UIFN JO ZFBST 'PS $VUMFS UIPVHI IF HPFT UP B UFBN XJUIPVU BOZ QSPWFO XJEF SFDFJWFST * XPO U TBZ JU NBLFT UIFN B QMBZPGG DPOUFOEFS 4PSSZ UIF 1BDLFST BSF KVTU B CFUUFS UFBN CVU UIF #FBST XJMM CF CFUUFS XJUI $VUMFS
-6*4 $ .&%*/" MDN !TJV FEV
3:"/ 70:-&4 SWPZMFT !TJV FEV
* XBOU UP LOPX XIBU HPU JOUP +FSSZ "OHFMP BOE UIFO TQSFBE JU UP #VMMT (. +PIO 1BYTPO BOE $VCT (. +JN )FOESZ * N QSFUUZ TVSF UIJT JT UIF GJSTU UJNF UIF #FBST IBWF TIPXO B DPNNJUNFOU UP XJOOJOH TJODF .JLF %JULB MFGU UPXO *O UIF FOE #FBST GBOT TIPVME CF IBQQZ UIF EBZT PG %BWF ,SJFH 4UFWF 4UFOTUSPN BOE $IBE )VUDIJOTPO BSF PWFS 'JOBMMZ UIF #FBST IBWF B RVBSUFSCBDL UIBU DBO XJO HBNFT OPU POF XIPTF HPBM JT UP OPU MPTF UIFN
'03 :063 $)"/$& 50 $0..&/5 0/ #"/5&3 7*4*5 4*6%& $0.
#"4&#"--
XJUI B &3" BOE IBT IFME PQQPTJOH CBUUFST UP B DPOGFSFODF $0/5*/6&% '30. CFTU CBUUJOH BWFSBHF "BSPO .FBEF &3" i* UIJOL * WF IJU UIF CBMM QSFUUZ IBSE B DPVQMF UJNFT XIJMF JO UIF BOPUIFS MFGU IBOEFS SPVOET PVU TMVNQ CVU * HPU UP HFU PVU PG UIF #FBST TUBSUJOH SPUBUJPO )F JU TPNFIPX w 4FSSJUFMMB TBJE i4P SBOLT UIJSE JO UIF .7$ XJUI IPQFGVMMZ * DBO GJOE B XBZ PO w TUSJLFPVUT XIJMF #BVNBO JT GPVSUI 5IF #FBST .7$ TJU XJUI BUPQ UIF 7BMMFZ FBSMZ UIJT TFBTPO i5IFJS NBJO UIJOH JT QJUDIJOH w TXFFQJOH #SBEMFZ JO B UISFF HBNF TBJE 4*6 BTTPDJBUF IFBE DPBDI ,FO TFU JO 4QSJOHGJFME .P )FOEFSTPO TBJE i5IFJS UISFF TUBSU .JTTPVSJ 4UBUF MFBET UIF .7$ JOH QJUDIFST BSF QSFUUZ HPPE w JO IPNF SVOT XJUI BOE JO UFBN 4FOJPS TFDPOE CBTFNBO 4DPUU &3" BU &MNFOEPSG CBUUFE GPS JO "MUIPVHI $MVCC HBSOFSFE QJUDI 8FEOFTEBZ T XJO BHBJOTU JOH IPOPST GPS UIF #FBST MBTU TFBTPO .VSSBZ 4UBUF CVU )FOEFSTPO PQUFE UIFJS UPQ QJUDIFS UIJT ZFBS JT #VEEZ UP TUBSU SFETIJSU GSFTINBO +PIO #BVNBO XIP XJMM TUBSU 4BUVSEBZ T #SFOOBO JO IJT QMBDF &MNFOEPSG HBNF XJUI IJT SFDPSE UIJT TFB XIP FOUFSFE UIF TFBTPO XJUI B TPO PO UIF MJOF )F MFBET UIF .7$ CBUUJOH BWFSBHF JO UISFF TFBTPOT
BU 4*6 JT IJUUJOH UIJT TFBTPO o UIF XPSTU BNPOH 4BMVLJT XJUI PS NPSF BU CBUT )FOEFSTPO TBJE IF IBE QMBOOFE UP HJWF #SFOOBO TPNF QMBZJOH UJNF CVU XPVME HFU &MNFOEPSG CBDL JO UIF MJOFVQ BHBJOTU .JTTPVSJ 4UBUF i* KVTU UIPVHIU UIBU NJEXFFL XF XFSF HPJOH UP HJWF +PIOOZ B DIBODF UP QMBZ BOE JU KVTU XPSLFE PVU UIBU T UIF HBNF * EFDJEFE UP EP JU w )FOEFSTPO TBJE 5IF HBNF 4BUVSEBZ JT TMBUFE UP CFHJO BU Q N XIJMF 4VOEBZ T HBNF IBT B Q N TUBSU 4FOJPS SJHIUZ "EBN $VSZOTLJ &3" XJMM HFU UIF OPE 4BUVSEBZ BOE 4VOEBZ T TUBSUFS GPS 4*6 XJMM CF TFOJPS SJHIU IBOEFE QJUDIFS "OESFX %VOO &3"
$-"44:
XFBSJOH TVTQFOEFST GMPPE QBOUT BOE QPMLB EPUUFE U TIJSUT EVH VQ GPS QVCMJD DPOTVNQUJPO "OE JG OPOF PG UIF BCPWF PDDVST BU MFBTU * LOPX * MM IBWF 0QFOJOH %BZ XFBUIFS QFSNJU UJOH
FS 4BUVSEBZ 8SJHIU JT UIF CFTU ESFTTFE CBTLFUCBMM DPBDI BU BMM UJNFT * N TVSF * N OPU UIF POMZ * XBOU UP TFF B GFBUVSF PO QFSTPO XIP XBOUT UP NFFU IJT +BZ 8SJHIU T UBJMPS 8IJMF /PSUI XBSESPCF DPPSEJOBUPS PS QFSTPOBM $BSPMJOB T IFBE DPBDI KVTU NJHIU TIPQQFS 5IFO * XBOU UP TFF UIF CSJOH PVU UIF $BSPMJOB CMVF CMB[ DIJMEIPPE QJDUVSFT XJUI 8SJHIU $0/5*/6&% '30.
VLX'( FRP
'SJEBZ "QSJM
4ġĠģĥĤ %" * -: & ( : 1 5 * " /
'3*%":
*/4*%&3 QBHF *T +BZ $VUMFS UIF BOTXFS UP UIF #FBST TJHOBM DBMMJOH TIPSUDPNJOHT 0/-*/& $0-6./ TJV%& DPN "DRVJSJOH +BZ $VUMFS XBT XPSUI UIF TUFFQ QSJDF
"13*-
40'5#"--
45": $-"44: $"3#0/%"-&
4BMVLJT UIBOLGVM GPS NJE TFBTPO SFTU
'JOBM 'PVS UIJOHT * XBOU UP TFF -6*4 $ .&%*/" MDN !TJV FEV
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i* SFBMMZ MJLF UIJT JO UIF NJEEMF $IBSMPUUF 8FTU 4UBEJVN MPPLJOH PG B TFBTPO CFDBVTF JU HFUT IJUUFST GPSXBSE UP B DIBODF UP NPWF VQ CBDL JOUP B HPPE TUSPLF w #MBZMPDL UIF DPOGFSFODF SBOLJOHT TBJE i8JUI UIF QJUDIFST * UIPVHIU 4*6 .JTTPVSJ 7BMMFZ UIF EBZ XF TDSJNNBHFE XBT SFBMMZ $POGFSFODF IPTUT 8JDIJUB 4UBUF HPPE CFDBVTF UIFZ DPVME DPNQFUF .7$ JO B UISFF BHBJOTU CBUUFST XIJDI * UIJOL JT HBNF TFU XIJDI TUBSUT 4BUVSEBZ WFSZ JNQPSUBOU w XJUI B EPVCMFIFBEFS BU OPPO 4*6 TFOJPS QJUDIFS ,BUJF *U XJMM CF UIF UFBN T GJSTU HBNF .D/BNBSB TBJE UIF UFBN T QSJNB
-VJT $ .FEJOB %"*-: &(:15*"/ -$. !4*6 &%6
SZ DPODFSO XPVME CF UP UBLF DBSF PG JUT CVTJOFTT PO UIF NPVOE 8IJMF UIF 4BMVLJT GFBUVSF UIF 7BMMFZ T UPQ QJUDIJOH TUBGG XJUI .D/BNBSB BOE TPQIPNPSFT %BOJFMMF (MPTTPO BOE /JLLJ 8BUFST 8JDIJUB 4UBUF DPVOUFST XJUI UISFF IJUUFST CBUUJOH PWFS MFE CZ DBUDIFS )FBUIFS (FSSJUTF T BWFSBHF .D/BNBSB TBJE TIF MPPLT GPS XBSE UP UIF DIBMMFOHFT UIBU DPNF XIFO UPQ QJUDIFST BOE CBUUFST TRVBSF PGG i'PS BOZ 7BMMFZ HBNF ZPV HFU QTZDIFE VQ CVU ZPV EFGJOJUFMZ HFU QTZDIFE VQ XIFO ZPV LOPX UIFJS /P IJUUFS DBO IJU UIF CBMM QSFU UZ GBS w .D/BNBSB TBJE i"OE JU T BMXBZT HPPE UP TFF UIFN HP EPXO w
.D/BNBSB MFBET UIF 4BMVLJ QJUDIJOH TUBGG JO TFWFSBM DBUFHPSJFT JODMVEJOH XJOT FJHIU FBSOFE SVO BWFSBHF BOE PQQPOFOU T CBU UJOH BWFSBHF BHBJOTU 8JDIJUB 4UBUF FOUFST UIF TFSJFT TFWFO HBNFT VOEFS IBWJOH MPTU UISFF PG JUT MBTU GPVS HBNFT 5IF 4IPDLFST BMTP PXO B SPBE SFDPSE :FU EFTQJUF UIF 4IPDLFST TUSVHHMFT #MBZMPDL TBJE TIF FYQFDUT B UJHIUMZ DPOUFTUFE TFSJFT GSPN UIF WJTJUPST i5IFZ MM DPNF PVU BOE DPNQFUF BOE GJHIU BOE UIFZ QMBZ B SFBMMZ UPVHI TDIFEVMF TP UIFZ SF UFTUFE w TIF TBJE i5IFJS SFDPSE NBZ OPU CF UIBU HSFBU SJHIU OPX * EPO U SFBMMZ CVZ JOUP BMM UIBU * UIJOL UIFZ BSF B HPPE UFBN w
#"4&#"--
4*6 MPPLT UP #FBS EPXO BHBJOT .JTTPVSJ 4UBUF T UPVHI QJUDIJOH 4DPUU .JFT[BMB %"*-: &(:15*"/ 4$055!4*6 &%6
5 IF 4*6 CBTFCBMM UFBN XJMM GBDF B UPVHI UFTU UIJT XFFLFOE CVU UIF 4BMVLJT IJUUFST DPVME GBDF UIFJS CJHHFTU DIBMMFOHF JO UIF GJSTU HBNF PG UIF TFSJFT 4*6 .7$ CFHJOT B UISFF HBNF TFSJFT XJUI .JTTPVSJ 4UBUF BU Q N UPEBZ BU "CF .BSUJO 'JFME BOE UIF TUBSUFS GPS UIF #FBST XJMM CF KVOJPS SJHIU IBOEFS 5JN $MVCC &3" UIF SFJHOJOH
.JTTPVSJ 7BMMFZ $POGFSFODF 1JUDIFS +VOJPS SJHIU IBOEFE QJUDIFS i* LOPX UIFZ MM CSFBL PVU BOE JU T KVTU PG UIF :FBS BOE B "MM "NFSJDBO /BUIBO 'PSFS &3" BOPUIFS HBNF w BT TFMFDUFE CZ GPVS QVCMJDBUJPOT XJMM TUBSU GPS UIF 4BMVLJT PQQPTJUF 4FSSJUFMMB XIP CPBTUT B i* N LJOE PG FYDJUFE BDUVBMMZ w $MVCC CBUUJOH BWFSBHF JT UIF 4BMVLJT 4*6 GSFTINBO GJSTU CBTFNBO $ISJT 'PSFS TBJE IF JT OPU XPSSJFE MFBEJOH IJUUFS UIJT TFBTPO )F JT 4FSSJUFMMB TBJE PG GBDJOH BCPVU IJT QJUDIJOH BMTP UJFE XJUI KVOJPS TIPSUTUPQ DPVOUFSQBSU BOE IF .JDIBFM 4UBMUFS GPS UIF UFBN MFBE $MVCC BOE UIF #FBST PQFGVMMZ * TUBSUJOH QJUDIFST i.F IBT DPOGJEFODF JO JO IPNF SVOT XJUI GPVS CFJOH B ZPVOH HVZ )PXFWFS 4FSSJUFMMB IBT OPU DBO QVU TPNF UIF EFGFOTF CFIJOE IJN BOE UIF IJUUFST NBOBHFE B IJU JO UISFF HBNFT IPQFGVMMZ * DBO EP TPNF HPPE OVNCFST IF MPPLT UP GPS SVO HPJOH GPS PWFS UIBU TQBO BOE EBNBHF BHBJOTU UIPTF VQ BOE UBLF JU UP TVQQPSU CJH HVZT BOE CJH OBNFT XJMM USZ UP HFU CBDL PO USBDL BHBJOTU i* HPU VUNPTU B RVBMJUZ QJUDIFS JO $MVCC )PQFGVMMZ * DBO QVU UIFN TPNF HPPE OVNCFST VQ $ISJT 4FSSJUFMMB DPOGJEFODF JO PVS GSFTINBO GJSTU CBTFNBO BOE UBLF JU UP UIFN w PGGFOTF w 'PSFS TBJE 4FF #"4&#"-- ]
¶¶)
* N DIBOOFMJOH NZ JOOFS #JMM 3BGUFSZ CFDBVTF * XBOU POJPOT RVBESVQMF PSEFS 5IF HBNFT XFSF QMBZFE $JOEFSFMMB XBT TMBJO BOE .BSDI .BEOFTT IBT UVSOFE JOUP .PUPXO .BEOFTT OPX UIBU UIF DBMFOEBS IBT UVSOFE UP "QSJM 5PQ TFFET $POOFDUJDVU BOE /PSUI $BSPMJOB CSFF[FE UISPVHI UIF 8FTU BOE 4PVUI 3FHJPOBMT SFTQFDUJWFMZ .FBOXIJMF 1JUUTCVSHI XBTO U BCMF UP TVSWJWF BHBJOTU 7JMMBOPWB XIJMF -PVJTWJMMF GFMM JOUP UIF i*[[POFw BOE XBT ESPQQFE CZ .JDIJHBO 4UBUF 4P UIFO UIFSF XFSF GPVS "OE DPJODJEFOUBMMZ UIFSF BSF GPVS UIJOHT * XBOU PVU PG .PUPXO .BEOFTT * XBOU UP TFF 5PN *[[P PVU DPBDI +JN $BMIPVO JG POMZ UP QSPWF UIF PME BEBHF UIBU DIFBUFST OFWFS QSPTQFS 6$POO EJTQBUDIFE B QFTLZ .JTTPVSJ TRVBE BOE .JDIJHBO 4UBUF PVUDMBTTFE BOE UIFSFGPSF PVUMBTUFE -PVJTWJMMF UP HFU UIF DIBODF UP QMBZ JO B 'JOBM 'PVS JO JUT PXO CBDL ZBSE ZJFMEJOH B TFNJGJOBM NBUDIVQ CFUXFFO UXP PG DPMMFHF CBTLFU CBMM T CFTU DPBDIFT &YDFQU $BMIPVO IBT CFFO QMBDFE PO UIF GJSJOH MJOF CFDBVTF PG BMMFHFE SFDSVJUJOH WJPMB UJPOT TPNFUIJOH *[[P IBT OPU CFFO UJFE UP *G UIF 4QBSUBOT DBO GJOE B XBZ UP LOPDL PGG B NPSF UBM FOUFE UFBN CZ VTJOH HSJU PWFS HMBN PVS GPS UIF TFDPOE TUSBJHIU XFFL JU XPVME DPOWJODF NF UIBU UIF HPPE HVZT TPNFUJNFT XJO * EPO U XBOU UP TFF /PSUI $BSPMJOB MBZ BO FHH JO UIF GJSTU IBMG BHBJOTU 7JMMBOPWB -BTU ZFBS 3PZ 8JMMJBNT UPPL IJT 5BS )FFMT BHBJOTU IJT GPSNFS TDIPPM ,BOTBT BOE GPVOE UIFNTFMWFT EPXO CZ BT NBOZ BT QPJOUT JO UIF GJSTU IBMG MFBEJOH $#4 BOBMZTU #JMMZ 1BDLFS UP DMBJN UIF HBNF XBT PWFS 6/$ SBMMJFE UP DVU JUT EFGJDJU UP BT MJUUMF BT GPVS CVU JU XBT B IPMF UPP EFFQ UP DMJNC PVU PG *G $BSPMJOB DPNFT PVU GMBU 8JMMJBNT $P XJMM IBWF B MPU PG FYQMBJOJOH UP EP UP 5BS )FFM /BUJPO 0O B TPNFXIBU SFMBUFE QPJOU * XBOU UP TFF TFOJPS GPSXBSE 5ZMFS )BOTCSPVHI BOE KVOJPS HVBSE 5Z -BXTPO SVO UIF VQTFU NJOEFE 8JMEDBUT PVU PG %FUSPJU JOTUFBE PG HPJOH JOUP QBOJD NPEF MJLF UIFZ EJE MBTU ZFBS "GUFS TFFJOH UIF VQ UFNQP 5BS )FFMT TDPSF BU XJMM BHBJOTU 0LMBIPNB JO QFSTPO JO .FNQIJT 5FOO * BN DPOWJODFE %FUSPJU GBOT EFTFSWF BO PGGFOTF UIBU QVUT QPJOUT PO UIF CPBSE o VOMJLF UIBU GPPUCBMM UFBN UIBU DBMMT 'PSE 'JFME IPNF *G OPU GPS UIF GPPUCBMM GBOEPN UIBU XFBST QBQFS CBHT PO UIFJS IFBET EP JU GPS NF EP JU GPS NZ CSBDLFU 4FF $-"44: ]