Apr0609Complete

.03& 0/ 4*6%& $0.

1IPUP HBMMFSZ (FU B GJSTUIBOE MPPL JOUP UIF EVOHFPOT PG 5SVF 3FBMN ] .PWJF SFWJFXT 5SBWFM UP i"EWFOUVSFMBOE w i5IF -BTU )PVTF PO UIF -FGUw #MPH 8BST :PVS JEFBM UJNF QFSJPE GPS B SPMF QMBZJOH HBNF

5PEBZ )JHI -PX 5VFTEBZ )JHI -PX 8FEOFTEBZ )JHI -PX

%ĒĚĝĪ &ĘĪġĥĚĒğ .0/%":

$0-6./ 1"(& (VT #PEF TBZT VOJWFSTJUJFT BSF TVQQPTFE UP DPODFOUSBUF PO BDBEFNJDT

"13*-

70-6.& /0

1"(&4

4UVEFOUT IPTQJUBMJ[FE BGUFS TFSJFT PG TFSJPVT BDDJEFOUT

4JY JOKVSFE JO UISFF WFIJDMF DSBTI PO )JHIXBZ 6OLOPXO IFSP QVMMT XPNBO GSPN CVSOJOH WFIJDMF # BSUPO -PSJNPS %"*-: &(:15*"/ #"350/ -03*.03!4*6%& $0.

#3"/%0/ $)"11-& ] % "*-: & (:15*"/ 5IF CSFBL JO UIF USFFMJOF TIPXT UIF QBUI UIBU UIF WFIJDMF ESJWFO CZ 8FTMFZ $SPDLFU B TFOJPS GSPN )PGGNBO &TUBUFT TUVEZJOH IPTQJUBMJUZ BOE UPVSJTN UPPL 4BUVSEBZ CFGPSF DPNJOH UP SFTU JO B GSPOU MBXO PO (JBOU $JUZ 3PBE $SPDLFU BOE QBTTFOHFS 3BZNPOE 4JULPXTLJ B KVOJPS TUVEZJOH KPVSOBMJTN XFSF UBLFO UP $BSCPOEBMF .FNPSJBM )PTQJUBM " SFMFBTF GSPN UIF $BSCPOEBMF 1PMJDF %FQBSUNFOU TUBUFE UIBU $SPDLFU XBT JO TFSJPVT DPOEJUJPO XIJMF 4JULPXTLJ IBE CFFO SFMFBTFE BT PG 4VOEBZ

# BSUPO -PSJNPS %"*-: &(:15*"/

" QJMMPX TUBJOFE XJUI CMPPE MJFT BNPOH TDBUUFSFE EFCSJT BT 8FTMFZ $SPDLFU T DBS JT MPBEFE POUP B UPX USVDL 4BUVSEBZ 4BUVSEBZ T BDDJEFOU XBT POF PG UISFF TFSJPVT BDDJEFOUT JOWPMWJOH TUVEFOUT JO UIF QBTU UXP XFFLT #3"/%0/ $)"11-& % "*-: & (:15*"/

#"350/ -03*.03!4*6%& $0.

5 XP TUVEFOUT DSBXMFE PVU PG B DBS UIBU IBE GMJQQFE NVMUJQMF UJNFT 4BUVSEBZ NBSLJOH UIF MBUFTU JO B TFSJFT PG DBS BDDJEFOUT UIBU IBWF MFGU GPVS TUVEFOUT IPTQJUBMJ[FE EVSJOH UIF QBTU UXP XFFLT 8FTMFZ $SPDLFU B TFOJPS GSPN )PGGNBO &TUBUFT TUVEZJOH IPTQJUBMJUZ BOE UPVSJTN SFNBJOT JO TFSJPVT DPOEJUJPO BU .FNPSJBM )PTQJUBM PG $BSCPOEBMF BGUFS IJT DBS XBT GPVOE GMJQQFE JO UIF GSPOU ZBSE PG B (JBOU $JUZ 3PBE IPNF KVTU CFGPSF Q N 4BUVSEBZ 4HU %BWF /JDIPMT PG UIF +BDLTPO $PVOUZ 4IFSJGG T %FQBSUNFOU TBJE $SPDLFU BOE QBTTFOHFS 3BZNPOE 4JULPXTLJ B KVOJPS TUVEZJOH KPVSOBMJTN XFSF OPSUICPVOE PO (JBOU $JUZ 3PBE XIFO UIFJS WFIJDMF MFGU UIF SPBE )F TBJE UIF WFIJDMF GMJQQFE NVMUJQMF UJNFT CFGPSF MBOEJOH VQTJEF EPXO BU

(JBOU $JUZ 3PBE $SPDLFU XBT UJDLFUFE GPS GBJMVSF UP SFEVDF TQFFE UP BWPJE BO BDDJEFOU BOE ESVOLFO ESJWJOH )F IBT CFFO UJDLFUFE UXJDF GPS OPU XFBSJOH B TFBU CFMU BDDPSEJOH UP DPVSU SFDPSET /JDIPMT TBJE CPUI $SPDLFU

BOE 4JULPXTLJ XIP XBT SFMFBTFE GSPN UIF IPTQJUBM XFSF XFBSJOH TFBUCFMUT .FBOXIJMF UXP TUVEFOUT SFNBJO IPTQJUBMJ[FE BU %FBDPOFTT )PTQJUBM JO &WBOTWJMMF *OE BGUFS UIFZ XFSF JOKVSFE JO TFQBSBUF DBS BDDJEFOUT 1FUFS #SPOLFNB B TFOJPS

GSPN 3PCJOTPO TUVEZJOH QPMJUJDBM TDJFODF JT JO GBJS DPOEJUJPO BGUFS IF XBT JO B TJOHMF WFIJDMF BDDJEFOU PO 0ME 3PVUF OFBS 3FFE 4UBUJPO 3PBE FBSMZ 5IVSTEBZ 4FF 456%&/54 ]

" UISFF DBS DPMMJTJPO PO 6 4 )JHIXBZ OFBS "SOPME T .BSLFU TFOU TJY QFPQMF UP UIF IPTQJUBM BOE DBVTFE QPMJDF UP SFEJSFDU USBGGJD 'SJEBZ %POBME .VMM PG "OOB XBT USBWFMJOH TPVUI PO )JHIXBZ KVTU CFGPSF Q N XIFO IJT DBS DSPTTFE UIF DFOUFSMJOF BOE TUSVDL UXP OPSUICPVOE WFIJDMFT TBJE 4HU $BSTPO #VOUPO PG UIF +BDLTPO $PVOUZ 4IFSJGG T %FQBSUNFOU .VMM XIP XBT ESJWJOH XJUI IJT UXP HSBOEDIJMESFO BU UIF UJNF PG UIF BDDJEFOU XBT DJUFE GPS JNQSPQFS MBOF VTBHF BDDPSEJOH UP B OFXT SFMFBTF 1PMJDF TBJE BMDPIPM XBT OPU JOWPMWFE 1PMJDF TBJE .VMM TUSVDL UIF WFIJDMF PG &BOJT 1PPMF PG 5BNNT DBVTJOH UIF DBS UP SPMM PGG UIF IJHIXBZ CFGPSF DPMMJEJOH XJUI B TFDPOE DBS ESJWFO CZ /BUBMJF .JMMFS PG "OOB 5IF JNQBDU UP .JMMFS T DBS DBVTFE BO FOHJOF GJSF XIJDI XBT MBUFS FYUJOHVJTIFE CZ .BLBOEB 5PXOTIJQ GJSFGJHIUFST #VOUPO TBJE 5IF UISFF ESJWFST XFSF SFMFBTFE GSPN UIF IPTQJUBM BGUFS USFBUNFOU GPS TFSJPVT JOKVSJFT B IPTQJUBM SFQSFTFOUBUJWF TBJE 4VOEBZ .JMMFS B TQFDJBM FEVDBUJPO UFBDIFS TBJE BO VOLOPXO NBO SFTDVFE IFS GSPN UIF CVSOJOH WFIJDMF CFGPSF FNFSHFODZ DSFXT BSSJWFE 5IF NBO XIP JT CFJOH IBJMFE BT B IFSP CZ UIF TIFSJGG T EFQBSUNFOU XBT SJEJOH B NPUPSDZDMF TPVUI PO )JHIXBZ BU UIF UJNF PG UIF BDDJEFOU .JMMFS TBJE UIF NBO BQQSPBDIFE IFS WFIJDMF BGUFS JU XBT TUSVDL BOE BTLFE JG TIF XBT JOKVSFE UIFO RVJDLMZ QVMMFE IFS PVU CFGPSF UIF DBS XBT FOHVMGFE JO GMBNFT #VOUPO TBJE IF EJE OPU TFF .JMMFS T SFTDVFS CVU TBX UIF GJSF EBNBHF UP IFS WFIJDMF 4FF "$$*%&/5 ]

4UVEFOUT BDDVTFE PG BSTPO CBOOFE GSPN DBNQVT 4UJMF 5 4NJUI %"*-: &(:15*"/ 454 !4*6 &%6

5 ISFF TUVEFOUT IBWF CFFO CBOOFE GSPN DBNQVT GPMMPXJOH BO JODJEFOU JO XIJDI UIFZ SFQPSUFEMZ USJFE UP TFU GJSF UP B EPSN SPPN 6OJWFSTJUZ TQPLFTNBO 3PE 4JFWFST TBJE 3JDIBSE .BSUJOF[

BO VOEFDJEFE GSFTINBO GSPN 8IFBUPO BOE 'MPZE 7BVHIO *** BO VOEFDJEFE GSFTINBO GSPN $IJDBHP IBWF CFFO DIBSHFE XJUI BHHSBWBUFE BSTPO BOE SFDLMFTT DPOEVDU .BSUJOF[ XBT BMTP DIBSHFE XJUI QPTTFTTJPO PG B DPOUSPMMFE TVCTUBODF 5IF DIBSHFT TUFN GSPN BO JODJEFOU UIBU PDDVSSFE BSPVOE

Q N 'SJEBZ BU 6OJWFSTJUZ )BMM 4JFWFST TBJE UIF TUVEFOUT BMMFHFEMZ MJU B QJFDF PG QBQFS PO GJSF TIPWFE JU VOEFS BOPUIFS TUVEFOU T EPPS BOE UBNQFSFE XJUI UIF MPDL TP UIF QFPQMF JOTJEF XPVME OPU CF BCMF UP HFU PVU PG UIF SPPN 4HU %BWF /JDIPMT PG UIF +BDLTPO $PVOUZ 4IFSSJGG T EFQBSUNFOU TBJE .BSUJOF[ BOE 7BVHIO SFNBJOFE JO

KBJM 4VOEBZ #BJM IBT ZFU UP CF TFU 5IF TUVEFOUT XJMM BQQFBS CFGPSF 4UVEFOU +VEJDJBM "GGBJST JO B IFBSJOH UPEBZ 4JFWFST TBJE 4JFWFST TBJE #ZSPO $MBZ BO VOEFDJEFE GSFTINBO GSPN $IJDBHP XBT BMTP DIBSHFE XJUI SFDLMFTT DPOEVDU CVU XBT SFMFBTFE BGUFS QPTUJOH CBJM PG 4JFWFST TBJE UIF TUVEFOUT JOTJEF

XFSF BCMF UP QVU PVU UIF GJSF )F TBJE UIF EPPS BOE DBSQFU XFSF OPU TFWFSFMZ CVSOFE 4JFWFST TBJE UIF JODJEFOU XBT IBOEMFE TPMFMZ CZ UIF 4*6$ 1PMJDF %FQBSUNFOU )F TBJE UIF IFBSJOH XPVME CF DMPTFE VOMFTT UIF TUVEFOUT SFRVFTU GPS JU UP CF PQFO #BSUPO -PSJNPS DPOUSJCVUFE UP UIJT SFQPSU

.POEBZ "QSJM

&#+.; ');26+#0

/FXT

/FXT #SJFG

3FTVSGBDJOH 3PVUF QBSU PG BQQSPWFE DBQJUBM QMBO 3FTVSGBDJOH UIF FBTUCPVOE MBOFT PG *MMJOPJT 3PVUF CFUXFFO $BSCPOEBMF BOE .VSQIZTCPSP XBT QBSU PG UIF CJMMJPO DBQJUBM QMBO BQQSPWFE CZ (PW 1BU 2VJOO 'SJEBZ 5IF BQQSPWFE QBDLBHF PG DPOTUSVDUJPO QSPKFDUT XJMM CSJOH NJMMJPO UP GJWF TPVUIFSO *MMJOPJT DPVOUJFT TBJE TUBUF 4FO %BWJE -VFDIUFGFME 3 0LBXWJMMF JO B OFXT SFMFBTF 5IF 3PVUF

DPOTUSVDUJPO JT TMBUFE UP DPTU NJMMJPO UP SFTVSGBDF UIF GJWF NJMFT PG SPBE IF TBJE 2VJOO TBJE UIF CJMMJPO QBDLBHF JT B TUFQQJOH TUPOF UIBU TIPVME MFBE UP UIF QBTTBHF PG B QSPQPTFE CJMMJPO DBQJUBM QMBO i*O KVTU XFFLT XF XFSF BCMF UP QVU B QMBO UPHFUIFS UIBU XJMM HFU QFPQMF XPSLJOH BHBJO UIJT DPOTUSVDUJPO TFBTPO w

IF TBJE JO B OFXT SFMFBTF *MMJOPJT MFHJTMBUPST IBWF OPU BQQSPWFE B DBQJUBM QMBO TJODF *G BQQSPWFE UIF MBSHFS DBQJUBM QMBO XPVME QSPWJEF UIF VOJWFSTJUZ NPOFZ UP GJOJTI SFOPWBUJPOT BU .PSSJT -JCSBSZ DPOTUSVDU UIF 5SBOTQPSUBUJPO &EVDBUJPO $FOUFS BU 4PVUIFSO *MMJOPJT "JSQPSU GPS UIF BVUPNPUJWF BOE BWJBUJPO TDIPPMT BOE SFOPWBUF UIF $PNNVOJDBUJPOT #VJMEJOH

456%&/54

OVSTJOH TVQFSWJTPS BU UIF IPTQJUBM DPOGJSNFE (SBZ TBJE .JMMFS CSFBUIFE PO IJT PXO GPS UXP IPVST 5IVSTEBZ BGUFS EPDUPST UPPL IJN PGG B WFOUJMBUPS " 8FC TJUF NBJOUBJOFE CZ .JMMFS T TJTUFS TBZT IF IBT B DPOUVTJPO PO IJT CSBJO TUFN BOE B HBTI PO IJT SJHIU BOLMF %FBO PG 4UVEFOUT 1FUFS (JUBV TBJE TUVEFOUT TIPVME UBLF QSFDBVUJPOT TVDI BT BWPJEJOH ESVOLFO ESJWJOH BOE XFBSJOH B NPUPSDZDMF IFMNFU UP QSFWFOU TFSJPVT BDDJEFOUT

i5IF TUVEFOUT OFFE UP UBML UP GFMMPX TUVEFOUT BOE TBZ A5IJT JT UIF SFTQPOTJCMF UIJOH UP EP w IF TBJE (JUBV TBJE IF NBEF TVSF UIF IPTQJUBMJ[FE TUVEFOUT NFEJDBM CJMMT BSF DPWFSFE CZ UIFJS VOJWFSTJUZ IFBMUI JOTVSBODF BOE BMFSUFE UIFJS QSPGFTTPST PG UIF BDDJEFOUT )F TBJE BOZPOF XIP LOPXT B TUVEFOU JOWPMWFE JO B TFSJPVT BDDJEFOU TIPVME SFQPSU JU UP UIF PGGJDF PG 4UVEFOU "GGBJST

HP UP XPSL 4IF TBJE TIF IBE OFWFS NFU $0/5*/6&% '30.

UIF NBO CFGPSF CVU IF JEFOUJGJFE i#Z UIF UJNF * HPU UIFSF UIF GJSF IJNTFMG BT i$IB[ w #FGPSF IF MFGU UIF XBT QSFUUZ NVDI PVU w #VOUPO TBJE TDFOF $IB[ PGGFSFE .JMMFS UP VTF i* XPVME TBZ JU XBT GVMMZ FOHVMGFE w IJT DFMM QIPOF UP DBMM IFS GBNJMZ BOE .JMMFS TBJE TIF EJE OPU LOPX IFS BTTVSF UIFN TIF XBT TBGF TIF TBJE DBS XBT PO GJSF VOUJM QPMJDF DMFBSFE .JMMFS TBJE $IB[ DBMMFE IFS BU FWFSZPOF BXBZ TP GJSFGJHIUFST DPVME IPNF 4VOEBZ UP BTL IPX TIF XBT

GFFMJOH BGUFS UIF BDDJEFOU i8F EPO U IBWF DBMMFS *% PO PVS QIPOF w TIF TBJE i* XBOUFE UP EP NPSF CVU IF XBT KVTU SFBMMZ RVJDL )F EJEO U XBOU BOZUIJOH FMTF w 4HU %BWF /JDIPMT PG UIF +BDLTPO $PVOUZ 4IFSJGG T %FQBSUNFOU TBJE IF IPQFT i$IB[w XJMM JEFOUJGZ IJNTFMG UP CF BDLOPXMFEHFE GPS IJT IFSPJTN

$0/5*/6&% '30.

5IF 3FW #PC (SBZ DIBQMBJO UP UIF $BSCPOEBMF 1PMJDF %FQBSUNFOU TBJE #SPOLFNB IBT TFSJPVT JOKVSJFT UP IJT SJHIU MVOH BOE JT TVGGFSJOH GSPN QOFVNPOJB )F IBT CFFO TFEBUFE VOUJM IJT MVOH IFBMT (SBZ TBJE "OPUIFS TUVEFOU #FO .JMMFS B KVOJPS GSPN 3PCJOTPO TUVEZJOH UFDIOJDBM SFTPVSDF NBOBHFNFOU IBT CFFO JO DSJUJDBM DPOEJUJPO TJODF B .BSDI NPUPSDZDMF BDDJEFOU B

"$$*%&/5

.BEFMFJOF -FSPVY DPOUSJCVUFE UP UIJT SFQPSU

$BMFOEBS -FDUVSF CZ %S 4PZJOJ .BEJTPO GSPN /PSUIXFTUFSO 6OJWFSTJUZ t Q N 5VFTEBZ BU UIF .BSJPO ,MFJOBV 5IFBUSF t i8BUFS BT B )VNBO 3JHIU 3JUF 1FSGPSNBODF 5BDUJDT BOE UIF 4QJSJUVBMJUZ PG B 1PMJUJDBM &DPOPNZ PG 8BUFS JO (IBOBw

t 'SFF BENJTTJPO

1PMJDF #MPUUFST

$PSSFDUJPOT

UFTUJOH TFTTJPO t /P DPTU UFTUJOH JT

)BN 3BEJP $MVC .FFUJOH t Q N 5VFTEBZ BU UIF &OHJOFFSJOH #VJMEJOH " t *OUFSOFU MJOLT XJUI IBN SBEJP QMBOT GPS GJFME EBZ BOE B

4VCNJU DBMFOEBS JUFNT UP UIF %"*-: &(:15*"/ OFXTSPPN $PNNVOJDBUJPOT BU MFBTU UXP EBZT CFGPSF UIF FWFOU

*G ZPV TQPU BO FSSPS QMFBTF DPOUBDU UIF %"*-: &(:15*"/ BU FYU

5IFSF BSF OP JUFNT UP SFQPSU BU UIJT UJNF

3&"$)*/( 64

%&4*(/ $)*&' +".*& %3&/%&-

&95

$*5: &%*503 #3"/%: 09'03%

&95

&95

$".164 &%*503 #3*"/ '&-%5

&95

."/"(*/( &%*503 +&'' &/(&-)"3%5

&95

410354 &%*503 -6*4 $ .&%*/"

&95

"%7&35*4*/( ."/"(&3 ;"$) &/(-6.

&95

70*$&4 &%*503 4"3") -0)."/

&95

&95

16-4& &%*503 -6,& .$$03.*$,

&95

$-"44*'*&% ."/"(&3 "3*"/%& $)".#&34

&95

1*$563& &%*503 -"/& $)3*45*"/4&/

&95

#64*/&44 0''*$& #3"/%* )"33*4

&95

/&8 .&%*" &%*503 +6-*" 3&/%-&."/

&95

#-",& .6-)0--"/%

&95

"% 130%6$5*0/ ."/"(&3 5*''"/: $0$)3"/

&95

(3"1)*$4 &%*503 1"#-0 50#0/

&95

$*3$6-"5*0/

&95

1)0/&

"% '"9

&."*- &%*503!4*6%& $0. &%*503 */ $)*&' "--*40/ 1&55:

8&# "% ."/"(&3 ."55 $308&--

8&# &%*503 5:-&3 +"$,40/

&95

#64*/&44 "% %*3&$503 +&33: #64)

&95

'"$6-5: ."/"(*/( &%*503 &3*$ '*%-&3

&95

"$$06/5"/5 %&##*& $-":

&95

.*$30 $0.165&3 41&$*"-*45 ,&--: 5)0."4

&95

13*/54)01 461&3*/5&/%&/5

&#+.; ');26+#0

/FXT

.POEBZ "QSJM

$JUZ DPVODJM DBOEJEBUF GPDVTFT PO JNQSPWJOH QSPQFSUJFT :PMBOEB %FBO XBOUT NPSF JOGPSNBUJPO GPS GJSTU UJNF CVZFST BOE NPSF BDDPVOUBCMF QSPQFSUZ PXOFST #SBOEZ 0YGPSE %"*-: &(:15*"/ #3"/%: 09'03%!4*6%& $0.

&EJUPS T OPUF 5IJT JT UIF GJOBM TUPSZ JO B TFSJFT PG TFWFO TUPSJFT QSPGJMJOH UIF DBOEJEBUFT GPS $BSCPOEBMF $JUZ $PVODJM 5IF DBOEJEBUFT BSF WZJOH GPS UISFF TFBUT VQ GPS FMFDUJPO "QSJM $JUZ $PVODJM DBOEJEBUF :PMBOEB %FBO TBJE TIF XPVME MJLF UIF $JUZ $PVODJM UP GPDVT PO IPVTJOH OFX SPBET BOE NBLJOH QSPQFSUZ PXOFST NPSF BDDPVOUBCMF GPS TBGFUZ JTTVFT %FBO JT B UFBDIFS BU 4*6$ )FBE 4UBSU BOE EPFT UBYFT BU +BDLTPO )FXJUU 5BY 4FSWJDFT 5IF NPUIFS PG POF TPO "OUXVBO TBJE TIF BMTP WPMVOUFFST BU "UUVDLT $PNNVOJUZ 4FSWJDFT BOE UIF $BSCPOEBMF /""$1 T ZPVUI DIBQUFS %FBO XPSLT GSPN B N UP Q N BU )FBE 4UBSU BOE GSPN Q N UP Q N BU +BDLTPO )FXJUU CVU TBJE TIF IBT SFEVDFE IFS IPVST GPS UIF $JUZ $PVODJM FMFDUJPOT BOE DBO SFEVDF UIFN NPSF JG TIF JT FMFDUFE %FBO TBJE TIF XPVME NBLF TBGF IPVTJOH TUSFFUT BOE TJEFXBMLT IFS UPQ QSJPSJUJFT &NQUZ EJMBQJEBUFE IPNFT TIPVME CF SFOPWBUFE PS EFNPMJTIFE TIF TBJE i*U T KVTU MJLF EP TPNFUIJOH XJUI JU PS MPTF JU w TIF TBJE 5IF DJUZ TIPVME EP NPSF UP IFMQ GJSTU UJNF IPNFPXOFST VOEFSTUBOE UIF QBQFSXPSL BOE UIFJS SFTQPOTJCJMJUJFT BT IPNFPXOFST TIF TBJE 'PS SFOUFST BOE MBOEMPSET UIF DJUZ TIPVME DSFBUF B IBOECPPL BOE QPTU JU PO JUT 8FC TJUF UP QSPNPUF CFUUFS MJWJOH TJUVBUJPOT TIF TBJE i*G ZPV PXO TPNFUIJOH BOE JU T ZPVST ZPV IBWF B CFUUFS UFOEFODZ UP UBLF DBSF PG JU w %FBO TBJE 4IF TBJE TIF XPVME BMTP XPSL UP NBLF QSPQFSUZ PXOFST NPSF BDDPVOUBCMF GPS TBGFUZ JTTVFT i8F QSPCBCMZ BMM TUFQQFE JO TPNF QVEEMFT w %FBO TBJE i4PNF EBZT XIFO XF EPO U HFU SBJO GPS XFFLT UIFSF T TUJMM QFPQMF TUFQQJOH JO QVEEMFT KVTU UP HFU PVU UIFJS GSPOU EPPST 4UBOEJOH XBUFS DSFBUFT JOTFDUT *U T KVTU B UIJOH UIBU B MJUUMF HSBWFM PO UPQ PG B SPBE DBO GJY w %FBOOB #PP[FS $PIFO B MPOH UJNF GSJFOE PG %FBO T TBJE TIF BENJSFT %FBO BOE DPOTJEFST IFS BO JOTQJSBUJPO BOE B NFOUPS

+".&4 %63#*/ ] % "*-: & (:15*"/ $BSCPOEBMF $JUZ $PVODJM DBOEJEBUF :PMBOEB %FBO TQFBLT XJUI $PVODJMXPNBO .BSZ 1PIMNBOO CFGPSF UIF PQFO GPSVN QVU PO CZ UIF -FBHVF PG 8PNFO 7PUFST .BSDI JO UIF $BSCPOEBMF $JWJD $FOUFS i:PMPOEB JT BMNPTU NJOE CPHHMJOHMZ PQFO NJOEFE w #PP[FS $PIFO TBJE i*U KVTU UISPXT NF IPX TIF T BCMF UP HFU BMPOH XJUI FWFSZCPEZ w #PP[FS $PIFO TBJE %FBO OFWFS MFUT QSPCMFNT TJU VOTPMWFE i4IF T UIF UZQF PG QFSTPO UIBU XIFO UIFSF T B QSPCMFN UIBU PDDVST TIF T OPU UIF POF UP DPNQMBJO BCPVU JU TIF T UIF POF UIBU TBZT A8FMM XIBU BSF XF HPJOH UP EP BCPVU JU BOE UIFO NPWFT BIFBE BOE TUBSUT EPJOH TUVGG w #PP[FS $PIFO TBJE %FBO TBJE TIF XPVME XPSL UP DPOOFDU $BSCPOEBMF T FBTU TJEF UP 6 4 )JHIXBZ XJUI B OFX SPBE 5IJT XPVME EFDPOHFTU USBGGJD PO UIBU TJEF PG UPXO XIFO TDIPPM CVTFT QJDL VQ BOE VOMPBE QBTTFOHFST

5PNNZ )BNJMUPO XIP XPSLT XJUI %FBO PO UIF /""$1 TBJE %FBO XPVME CF B DPVODJMXPNBO XIP JT XJMMJOH UP HP BHBJOTU UIF HSBJO BOE WPUF BHBJOTU $JUZ $PVODJM BDUJPOT XJUI XIJDI TIF EJTBHSFFT i4IF IBT JEFBT BOE TIF T QMBOOJOH PO TUBOEJOH GPS IFSTFMG w )BNJMUPO TBJE i4IF T BMTP HPPE XJUI ZPVUI w %FBO TBJE TIF XPVME TVQQPSU BO JODSFBTF JO TBMFT UBY CFDBVTF $BSCPOEBMF T TQFDJBM FWFOUT BOE TIPQQJOH BSFBT CSJOH TIPQQFST GSPN PUIFS DJUJFT 5IJT XPVME UBLF TPNF PG UIF CVSEFO PG SFWJWJOH $BSCPOEBMF T FDPOPNZ PGG UIF TIPVMEFST PG $BSCPOEBMF SFTJEFOUT TIF TBJE %FBO GJSTU NPWFE UP $BSCPOEBMF GSPN

UIF XFTU TJEF PG $IJDBHP JO TIF TBJE 4IF IBT B CBDIFMPS T EFHSFF JO FEVDBUJPO GSPN 4PVUIFBTUFSO .JTTPVSJ 4UBUF 6OJWFSTJUZ BOE JT XSJUJOH IFS UIFTJT GPS B NBTUFS T EFHSFF JO XPSLGPSDF FEVDBUJPO BOE EFWFMPQNFOU TIF TBJE %FBO TBJE TIF QMBOT UP TUBZ JO $BSCPOEBMF BGUFS IFS TUVEJFT BSF DPNQMFUF 4IF EFDJEFE UP SVO GPS $JUZ $PVODJM BGUFS POF PG IFS TUVEFOU T QBSFOUT BOE NFNCFST PG IFS DIVSDI FODPVSBHFE IFS UP HFU JOWPMWFE JO UIF DJUZ T HPWFSONFOU TIF TBJE i* UIJOL * N B HPPE DBOEJEBUF CFDBVTF * TQFBL UIF MBOHVBHF UIBU NPTU QFPQMF XPVME VOEFSTUBOE w %FBO TBJE i:PV OFWFS OFFE B EJDUJPOBSZ UP UBML UP NF 4PNF PG UIF UIJOHT UIBU * XBOU BSF BMTP XIBU UIF NBKPSJUZ PG $BSCPOEBMF XBOUT w

914.& 0#6+10

.POEBZ "QSJM

/FXT

4XBU WBMMFZ TFFO BT B UFTU DBTF GPS TUSJDU *TMBNJD MBX 4BFFE 4IBI

.$$-"5$): 53*#6/&

. * / ( 0 3 " 1B L J T U B O " IVOESFE NJMFT OPSUIXFTU PG *TMBNBCBE 1BLJTUBO T DBQJUBM UIF 4XBU WBMMFZ PGGFST B DIJMMJOH WJTJPO PG XIBU NVDI PG UIF DPVOUSZ DPVME CFDPNF 8IFSF UPVSJTUT PODF GSPMJDLFE FYUSFNJTUT BSF MBZJOH UIF HSPVOEXPSL GPS SFMJHJPVT DPVSUT UP EJTQFOTF CSVUBM QVOJTINFOUT VOEFS UIFJS IBSTI JOUFS QSFUBUJPO PG *TMBNJD MBX 5IF MFBEFS PG UIF HSPVQ 4VGJ .PIBNNBE TBJE QFOBMUJFT JODMVE JOH GMPHHJOH DIPQQJOH PGG IBOET BOE TUPOJOH UP EFBUI NVTU CF BWBJM BCMF UP 4XBU T *TMBNJD DPVSUT 'MPHHJOHT BSF UIF QSPQFS QVOJTI NFOU GPS TFYVBM JOUFSDPVSTF CFUXFFO VONBSSJFE QFPQMF ESJOLJOH BMDP IPM BOE TMBOEFS .PIBNNBE TBJE 5IJFWFT TIPVME IBWF UIFJS IBOET DIPQQFE PGG FYDFQU GPS QPPS QFPQMF XIP TUFBM UP GFFE UIFNTFMWFT 5IF QVOJTINFOU GPS BEVMUFSZ JT EFBUI CZ TUPOJOH i5IFTF QVOJTINFOUT BSF QSF TDSJCFE JO *TMBN /P POF DBO TUPQ UIBU *U JT (PE T MBX w TBJE .PIBNNBE TJUUJOH PO UIF GMPPS JO IJT NBLFTIJGU IFBERVBSUFST JO .JOHPSB UIF SFHJPOBM DBQJ UBM .PIBNNBE UIF IFBE PG UIF 5FISFFL F /BGB[ F 4IBSJBIU F .PIBNNBEJ PS .PWFNFOU GPS UIF &OGPSDFNFOU PG *TMBNJD -BX TQPLF JO B SBSF JOUFSWJFX XJUI .D$MBUDIZ /FXTQBQFST "O BJEF "NFFS *[[BU IVSSJFEMZ BEEFE UIBU UPVHI DSJUFSJB NVTU CF NFU GPS TVDI TFOUFODFT 'PS BEVMUFSZ UIFSF NVTU CF GPVS XJUOFTTFT XIP TBX UIF BDU PG QFOFUSBUJPO IF TBJE 4XBU PODF LOPXO GPS JUT PSDIBSET BOE NPVOUBJO TUSFBNT JT UIF GJSTU SFHJPO JO NBJOTUSFBN 1BLJTUBO UP CF UBLFO PWFS CZ FYUSFNJTUT " MFBEFS PG UIF 4XBU

4"&&% 4)") ] . $ $ -"5$): 53*#6/& 0OF IVOESFE NJMFT OPSUIXFTU PG *TMBNBCBE 1BLJTUBO T DBQJUBM JO UIF 4XBU WBMMFZ FYUSFNJTUT BSF MBZJOH UIF HSPVOEXPSL GPS SFMJHJPVT DPVSUT UP EJTQFOTF CSVUBM QVOJTINFOUT VOEFS UIFJS JOUFSQSFUBUJPO PG *TMBNJD MBX 4XBU PODF LOPXO GPS JUT PSDIBSET BOE NPVOUBJO TUSFBNT JT UIF GJSTU SFHJPO JO NBJOTUSFBN 1BLJTUBO UP CF UBLFO PWFS CZ FYUSFNJTUT #PZT QBTU B TDIPPM UIBU XBT CMPXO VQ CZ UIF 5BMJCBO JO .JOHPSB JO .BSDI 5BMJCBO UPME .D$MBUDIZ UIBU 4XBU JT B UFTU DBTF BOE UIF 5BMJCBO XBOU *TMBNJD MBX PS 4IBSJBI JOUSPEVDFE UISPVHIPVU UIF DPVOUSZ .PIBNNBE XIP TQFBLT TPGUMZ BOE MPPLT EFDFQUJWFMZ MJLF B HFOJBM PME VODMF XJUI B GMPXJOH XIJUF CFBSE BOE UIJDL TQFDUBDMFT SFBDIFE IJT QPTJUJPO

XIFO UIF 1BLJTUBOJ BSNZ DBQJUVMBUFE JO 'FCSVBSZ BGUFS B UXP ZFBS NJMJUBSZ BTTBVMU PO UIF GPSNFS UPVSJTU EFTUJOB UJPO CZ FYUSFNJTU 5BMJCBO *O FYDIBOHF GPS QFBDF UIF HPWFSONFOU BHSFFE JO UBMLT XJUI .PIBNNBE UP JOTUJUVUF 4IBSJBI "MM UIBU JU UBLFT UP JOUSPEVDF

UIF OFX TZTUFN JT GPS 1BLJTUBOJ 1SFTJEFOU "TJG "MJ ;BSEBSJ UP TJHO PGG PO JU ;BSEBSJ IBT IFTJUBUFE IPX FWFS QPTTJCMZ VOEFS QSFTTVSF GSPN 8FTUFSO DPVOUSJFT XIJDI IBWF CFFO IJHIMZ DSJUJDBM PG UIF EFBM .PIBNNBE TBJE UJNF XBT SVO OJOH PVU GPS 1BLJTUBO UP JNQMF

NFOU UIF EFBM )F XBSOFE UIBU JG UIF QSPNJTFE OFX DPVSUT BSFO U GVMMZ PQFSBUJPOBM TPPO IF MM BCBO EPO 4XBU 5IBU XPVME MFBWF UIF BSFB PODF NPSF UP UIF NBSBVEJOH 5BMJCBO XIP BOOPVODFE B DFBTF GJSF JO SFTQPOTF UP .PIBNNBE T EFBM XJUI UIF BVUIPSJUJFT

7PMDBOP JSSJUBUFT "MBTLBOT 5FSSPSJTU FMVEFT 6 4 JO *SBR #SBE 4BOEJTPO B SFUJSFE USVDL ESJW FS BOE BWJE DZDMJTU XIP DBSSJFT B GBDF NBTL BOE HPHHMFT XIFOFWFS IF " / $ ) 0 3 "( & " M B T L B SJEFT KVTU JO DBTF UIF WPMDBOP TUBSUT .PVOU 3FEPVCU JT HFUUJOH TQFXJOH BTI VOEFS UIF TLJO PG "MBTLB BOE JU T 5IF NPVOUBJO NJMFT TPVUI OPU KVTU UIF JSSJUBUJPO DBVTFE CZ XFTU PG "ODIPSBHF UFOET UP FSVQU WPMDBOJD BTI FWFSZ EFDBEF PS TP BOE CFMDI BTI GPS 'PS SFTJEFOUT PG "MBTLB T MBSHFTU NPOUIT (FPMPHJTUT IBWF SFDPSEFE DJUZ MJWJOH OFBS BO BDUJWF WPMDBOP BU MFBTU FSVQUJPOT TJODF .BSDI NFBOT TPNFUJNFT XFBSJOH BJS GJM JODMVEJOH POF PO 4BUVSEBZ USBUJPO NBTLT BOE TUSFUDIJOH QBOUZ 4P GBS .PVOU 3FEPVCU T BMNPTU IPTF PWFS UIF BJS JOUBLF PG DBST BOE EBJMZ BTI DMPVET IBWF DBODFMFE IVO USVDLT ESFET PG BJSMJOF GMJHIUT SFEVDFE 5IF WPMDBOP BMTP CSJOHT EBJMZ UIF OVNCFS PG TIJQNFOUT GMPX VODFSUBJOUZ BCPVU XIFUIFS JU XJMM JOH UISPVHI B IVHF 'FE&Y DBSHP CMPX BOE JG JU EPFT XIFSF UIF BTI GBDJMJUZ BOE DVU TIJQNFOUT PG GSFTI XJMM HP "MBTLBO TFBGPPE i* XPVME MJLF JU UP IBWF B CJH 1FPQMF XJUI CSFBUIJOH QSPCMFNT CPPN BOE HFU JU PWFS XJUI w TBJE BMTP GBDF IFBMUI SJTLT

.BSZ 1FNCFSUPO

"EBN (PMENBO

5)& "440$*"5&% 13&44

5)& "440$*"5&% 13&44

/ &8 :0 3 , "T 1BO "N 'MJHIU EFTDFOEFE UPXBSE )POPMVMV BOE QBTTFOHFST GJOJTIFE UIFJS CSFBLGBTU B CMJOEJOH CVSTU PG MJHIU XBTIFE PWFS UIFN "OE UIFO i#00. w 5IF TIVEEFSFE WJPMFOUMZ $POGVTJPO FSVQUFE BT UIF BJSMJOFS OPTF EJWFE 4DSFBNT BOE UIJDL TNPLF GJMMFE UIF DBCJO 0YZHFO NBTLT ESPQQFE *O UIF SFBS PG UIF QMBOF ZFBS PME 5PSV 0[BXB MBZ PO IJT CBDL JO UIF BJTMF )JT MPXFS BCEPNFO IBE CFFO SJQQFE PQFO IJT JOUFTUJOFT TFFQJOH PVU 5IF FYQMPTJPO IBE BMTP TIFFSFE PGG POF PG IJT MFHT )F DBMMFE PVU GPS

IJT NPUIFS BOE GBUIFS UIFZ XBUDIFE JO IPSSPS BT IF EJFE 5IF "VH FYQMPTJPO XBT OP BDDJEFOU 0[BXB XBT NVSEFSFE LJMMFE CZ B TPQIJTUJDBUFE CPNC POF PG NBOZ UIBU TQSFBE MJLF B WJSVT BSPVOE UIF XPSME JO UIF T LJMMJOH BOE JOKVSJOH TDPSFT JO NPSF UIBO UXP EP[FO UFSSPSJTU BUUBDLT 5IF NBO CFIJOE UIFN "CV *CSBIJN XIP DPOUSPMMFE B XFC PG EBOHFSPVT PQFSBUJWFT XIJMF MJWJOH JO #BHIEBE VOEFS UIF QSPUFDUJPO PG 4BEEBN )VTTFJO -POH GPSHPUUFO BOE FWFO QSF TVNFE EFBE CZ TPNF *CSBIJN JT WFSZ NVDI BMJWF BDDPSEJOH UP BO "TTPDJBUFE 1SFTT JOWFTUJHBUJPO 4JODF UIF JOWBTJPO PG *SBR *CSBIJN IBE NBOBHFE UP FMVEF DPBMJ

UJPO GPSDFT QPTTJCMZ XIJMF BJEJOH UIF 4VOOJ JOTVSHFODZ CFGPSF IF SFDFOUMZ DSPTTFE JOUP 4ZSJB GFEFSBM MBX FOGPSDFNFOU BOE GPSNFS $*" PGGJDJBMT CFMJFWF 5IF '#* JT FBHFS UP DBUDI *CSBIJN XIPTF SFBM OBNF JT )VTBZO BM 6NBSJ BOE IBT SBNQFE VQ FGGPSUT UP GJOE IJN SFMFBTJOH BO BHF FOIBODFE TLFUDI PG *CSBIJN UP UIF "1 UIF GJSTU LOPXO QJDUVSF PG IJN FWFS NBEF QVCMJD #VU UJNF JT SVOOJOH PVU "T "NFSJDBO GPSDFT ESBX EPXO JO *SBR UIF '#* XPSSJFT UIBU MPDBU JOH *CSBIJN DPVME CFDPNF IBSEFS JG IF TMJQT CBDL JOUP UIF DPVOUSZ "OE B LFZ XJUOFTT XIP DPVME UFTUJGZ BHBJOTU *CSBIJN XJMM CF SFMFBTFE GSPN B $PMPSBEP QSJTPO JO GPVS ZFBST JG OPU TPPOFS

6 ğ Ě ĥ Ė ĕ 4 ĥĒĥ Ė Ĥ

$ī ĖĔę 3ĖġĦēĝĚĔ

8Ē Ĥ ę Ě ğ Ę ĥ Ġ ğ

1Ē Ĝ Ě Ĥ ĥĒ ğ

6 / * 5 & % / "5 * 0 / 4 " 1 5IF 6OJUFE 4UBUFT BOE JUT BMMJFT TPVHIU QVOJTINFOU 4VOEBZ GPS /PSUI ,PSFB T EFGJBOU MBVODI PG B SPDLFU UIBU BQQBS FOUMZ GJ[[MFE JOUP UIF 1BDJGJD IPMEJOH BO FNFSHFODZ 6 / NFFUJOH JO SFTQPOTF UP UIF iQSPWPDBUJWF BDUw UIBU TPNF CFMJFWF XBT B MPOH SBOHF NJTTJMF UFTU 1SFTJEFOU #BSBDL 0CBNB GBDFE XJUI IJT GJSTU HMPCBM TFDVSJUZ DSJTJT DBMMFE GPS B JOUFSOBUJPOBM SFTQPOTF BOE DPOEFNOFE /PSUI ,PSFB GPS UISFBU FOJOH UIF QFBDF BOE TUBCJMJUZ PG OBUJPOT iOFBS BOE GBS w .JOVUFT BGUFS MJGUPGG +BQBO SFRVFTUFE UIF FNFSHFODZ 4FDVSJUZ $PVODJM TFTTJPO JO /FX :PSL

1 3 "( 6 & " 1 %FDMBSJOH UIF GVUVSF PG NBOLJOE BU TUBLF 1SFTJEFOU #BSBDL 0CBNB TBJE 4VOEBZ BMM OBUJPOT NVTU TUSJWF UP SJE UIF XPSME PG OVDMFBS BSNT BOE UIBU UIF 6OJUFE 4UBUFT IBE B iNPSBM SFTQPOTJCJMJUZw UP MFBE CFDBVTF OP PUIFS DPVOUSZ IBT VTFE POF " /PSUI ,PSFBO SPDLFU MBVODI VQTUBHFE 0CBNB T JEFBMJTUJD DBMM UP BDUJPO EFMJWFSFE JO UIF DBQJUBM PG UIF $[FDI 3FQVCMJD B GPSNFS TBUFMMJUF PG UIF 4PWJFU 6OJPO #VU 0CBNB EJTNJTTFE UIPTF XIP TBZ UIF TQSFBE PG OVDMFBS XFBQPOT iUIF NPTU EBO HFSPVT MFHBDZ PG UIF $PME 8BS w DBOOPU CF DIFDLFE

( 3 ")" . " 1 *OWFTUJHBUPST CFMJFWF B NBO GBUBMMZ TIPU IJT GJWF DIJMESFO JO UIFJS IPNF BOE LJMMFE IJNTFMG BGUFS IF GPVOE PVU IJT XJGF XBT MFBWJOH IJN GPS BOPUIFS NBO B TIFSJGG T TQPLFTNBO TBJE 4VOEBZ 5IF CPEJFT PG +BNFT )BSSJTPO T DIJMESFO XFSF GPVOE 4BUVSEBZ JO UIF GBNJMZ T NPCJMF IPNF JO (SBIBN BCPVU NJMFT TPVUIFBTU PG 5BDPNB )BSSJTPO IBE CFFO GPVOE FBSMJFS JO UIF EBZ EFBE PG B TFMG JOGMJDUFE HVOTIPU CFIJOE UIF XIFFM PG IJT DBS JO "VCVSO BCPVU NJMFT OPSUI PG (SBIBN "VUIPSJUJFT IBWFO U SFMFBTFE UIF GBNJMZ T OBNF CVU SFMBUJWFT IBWF JEFOUJGJFE UIFN BT UIF )BSSJTPOT

*4-"."#"% "1 " TVJDJEF CPNCJOH BU B DSPXEFE 4IJJUF NPTRVF TPVUI PG 1BLJTUBO T DBQJUBM LJMMFE QFPQMF 4VOEBZ UIF MBUFTU FWJEFODF PG IPX TFDVSJUZ JO UIF 6 4 BMMJFE OBUJPO JT DSVNCMJOH XFMM CFZPOE UIF "GHIBO CPSEFS SFHJPO XIFSF BM 2BJEB BOE 5BMJCBO GJHIUFST UISJWF 5IF WJPMFODF DBNF BT B TFOJPS 1BLJTUBOJ 5BMJCBO DPNNBOEFS TBJE IJT HSPVQ XBT CFIJOE B EFBEMZ TVJDJEF CPNCJOH 4BUVSEBZ OJHIU JO *TMBNBCBE BOE QSPNJTFE UXP NPSF BUUBDLT QFS XFFL JO UIF DPVOUSZ JG UIF 6 4 EPFT OPU TUPQ NJTTJMF TUSJLFT PO 1BLJTUBOJ UFSSJUPSZ

8*3& 3&10354

3PDLFU MBVODIFE CZ EFGJBOU /PSUI 0CBNB QMBOT TVNNJU PO SFEVDJOH 1PMJDF 8BTIJOHUPO GBUIFS LJMMFE 4VJDJEF BUUBDL LJMMT JO 4IJJUF ,PSFB GJ[[MFT OVDMFBS BSNT GJWF DIJMESFO TFMG NPTRVF JO 1BLJTUBO

1 Ħ ĝĤĖ %" * -: & ( : 1 5 * " /

.POEBZ "QSJM t

'FTUJWBM ESBXT IVOESFET UP )FSSJO AEVOHFPOT (FOOB 0SE

%"*-: &(:15*"/ (03%!4*6 &%6

* U EJE OPU MPPL MJLF UIF FOUSBODF UP BOPUIFS SFBMN 5IF XBML BMPOH UIF XBSFIPVTF XBT MJOFE XJUI DBVUJPO UBQF BOE SBJMSPBE USBDLT 3PVOEJOH UIF DPSOFS SFWFBMFE B TJHO UIBU SFBE i5SVF 3FBMNw UBQFE BCPWF B EPPSXBZ DPWFSFE CZ UBSQ 4UFQQJOH UISPVHI UIF UBSQ SFWFBMFE B EJNMZ MJU XPSME TFU UP MPPL MJLF B NFEJFWBM UPXO TRVBSF DPNQMFUF XJUI HSPVQT PG QFPQMF JO GVMM DPTUVNF 5SVF 3FBMN JT UIF GJSTU PG JUT LJOE BO FYQBOTJPO PO BO FWFOU DBMMFE 5SVF %VOHFPO TJNJMBS UP B MJWF BDUJPO SPMF QMBZJOH HBNF XIJDI IBT CFFO DBMMFE UIF NPTU QPQVMBS HBNF PG JUT LJOE BU UIF BOOVBM (FO $PO *OEZ FWFOU JO *OEJBOBQPMJT *OE #PUI FWFOUT BSF UIF CSBJODIJME PG +FGG .BSUJO PG $BSCPOEBMF XIP HSFX VQ QMBZJOH %VOHFPOT BOE %SBHPOT BOE XBOUFE UP NBLF B MJWF BDUJPO WFS TJPO GPS IJNTFMG BOE IJT GSJFOET 1FPQMF CFHBO QMBZJOH %VOHFPOT BOE %SBHPOT JO UIF T *U JT QMBZFE BU B UBCMF XIFSF B i%VOHFPO .BTUFSw EFTDSJCFT B TDFOBSJP UP B UFBN PG QMBZ FST QPTJOH BT GBOUBTZ DIBSBDUFST XIP NVTU XPSL UPHFUIFS UP TPMWF QV[[MFT GJHIU CBUUMFT BOE XJO USFBTVSF i8F KVTU UPPL UIBU UBCMFUPQ FYQFSJ FODF BOE CMFX JU VQ UP MJGF TJ[F w .BSUJO TBJE

TJV%& DPN

8"5$) NPSF IJHIMJHIUT GSPN UIF SPMF QMBZJOH XFFLFOE BU TJV%& DPN

5SVF 3FBMN JT B GVMM JNNFSTJPO PG UIF DMBTTJD HBNF XIFSF QMBZFST USBWFM UISPVHI B TFSJFT PG SPPNT FODPVOUFSJOH UPXFSJOH BOJNBUSPOJD NPOTUFST BOE QV[[MFT #BUUMFT BSF GPVHIU TIVGGMFCPBSE TUZMF XIFSF TMJEJOH UPLFOT EFUFSNJOF IPX NVDI JOKVSZ JT JOGMJDUFE PO BO FOFNZ BOE UIF NPSF DFSFCSBM DIBMMFOHFT SBOHF GSPN BOBHSBNT UP QV[[MFT SFRVJSJOH NFNPSZ TLJMMT BOE QBUUFSO SFDPHOJUJPO 5IF HBNF JT EFTJHOFE UP SFRVJSF B XFMM SPVOEFE UFBN .BSUJO TBJE i8F IBE B UFBN PG .FOTB QFPQMF DPNF JO BOE UIFZ HPU TMBVHIUFSFE w IF TBJE i5IFZ XFSF HSFBU BU UIF DFSFCSBM QBSUT CVU UIFZ IBE OP IBOE FZF DPPS EJOBUJPO w *U UPPL SPVHIMZ WPMVOUFFST UP TFU VQ UIF FWFOU XIJDI ESFX NPSF UIBO HBNFST GSPN BDSPTT UIF 6OJUFE 4UBUFT $BOBEB BOE &OHMBOE .BSUJO TBJE 5JDLFUT XFSF BU UIF EPPS BOE DPVME CF QVSDIBTFE JO BEWBODF TUBSU JOH JO 0DUPCFS GPS "OEZ 4IBWFS PG %BWFOQPSU *PXB XPSLT BU UIF 3PDL *TMBOE "STFOBM GPS UIF SFTU PG UIF ZFBS CVU KPJOFE TFW FSBM PG IJT GSJFOET GPS B XFFLFOE JO NFEJFWBM GBOUBTZ i*U HJWFT BO FTDBQJTU BCJMJUZ GSPN FWFSZEBZ ESVEHFSZ w IF TBJE i*U CFBUT XBUDIJOH UIF UVCF :PV SF B MJUUMF NPSF JOWPMWFE BOE JU T B MJUUMF NPSF DSFBUJWF w 4IBWFS TBJE UIF FWFOU QSPWJEFT HPPE TPVSDF NBUFSJBM GPS PUIFS JEFBT BOE JT TPNFUIJOH IF VTFT BT BO JEFB HFOFSBUPS )F TBJE IF JT OPU UIBU JOUP HBNJOH CVU FOKPZFE UIF FYQFSJFODF BOE PQQPSUVOJUZ UP TFF PME GSJFOET )FBUIFS #FSHFSPO 8IJUF PG 8FTUNJOTUFS .BTT ESPWF UP UIF FWFOU XJUI IFS TPO 4IF XFOU XJUI IFS GBNJMZ

#3"/%0/ $)"11-& ] % "*-: & (:15*"/ %VOHFPO NBTUFS *WB -FXBOEPXTLJ DIFDLT UIF TDPSF PG B CBUUMF 4BUVSEBZ JO UIF EVOHFPO PG 5SVF 3FBMN B XBML UISPVHI %VOHFPOT BOE %SBHPOT BEWFOUVSF PVUTJEF PG )FSSJO UP UIF GJSTU (FO $PO JO BOE IBT CFFO IPPLFE FWFS TJODF TIF TBJE 4PMWJOH QV[[MFT UPHFUIFS BOE XJOOJOH DIBMMFOHFT BT B GBNJMZ NBLFT JU B HSFBU FYQFSJFODF BOE UIF TVSSPVOEJOHT BSF MJLF CFJOH JNNFSTFE JO B NPWJF TFU TIF TBJE i*U T BMNPTU MJLF IBWJOH POF PG UIF CPPLT UIBU ZPV SF SFBEJOH DPNF UP MJGF BSPVOE ZPV BOE ZPV SF B DIBSBDUFS JO UIBU CPPL w TIF TBJE 8IJMF TPNF NJHIU DPOTJEFS BUUFOE

FFT PG FWFOUT MJLF 5SVF 3FBMN OFSET PS HFFLT &SJD $IJBOH B HSBEVBUF TUV EFOU BU 0YGPSE JO &OHMBOE TBJE HBN JOH JT B IPCCZ TJNJMBS UP BOZUIJOH FMTF i5IF XIPMF QPJOU PG HPJOH UP UIFTF DPOWFOUJPOT JT UIBU ZPV FOKPZ JU w IF TBJE i8IP DBSFT XIBU BOZPOF FMTF UIJOLT BT MPOH BT JU T XIBU ZPV XBOU w 4PNF QFPQMF NJHIU GJOE UIF %VOHFPOT BOE %SBHPOT IPCCZ TUSBOHF CVU JU NBLFT KVTU BT NVDI

TFOTF BT QFPQMF XIP CFDPNF SBCJE PWFS TQPSUT UFBNT IF TBJE i"U MFBTU XJUI UIJT ZPV HFU UP TUFQ PVUTJEF ZPVSTFMG BOE IBWF GVO w IF TBJE 8IFUIFS PS OPU 5SVF 3FBMN XJMM CF FOUFSFE BHBJO OFYU ZFBS JT TUJMM B RVFTUJPO .VDI PG JU EFQFOET PO XIFUIFS NPSF MPDBM WPMVOUFFST DBO IFMQ .BSUJO TBJE i*U XBT B XIPMF MPU PG GVO CVU JU XBT B XIPMF MPU PG XPSL w IF TBJE

7Ġ Ě Ĕ Ė Ĥ

&#+.; ');26+#0 '&+614+#. $1#4&

%" * -: & ( : 1 5 * " /

#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( %JBOB 4PMJXPO LJDLFE Põ "TJBO "NFSJDBO )FSJUBHF .POUI XJUI TPNF 5BJLP ESVNNFST -FBSO NPSF BU IFS XFFLMZ 7PJDFT 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

+": 30--*/4 ] % "*-: & (:15*"/

& 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

'&"3 "/% -0"5)*/( */ $"3#0/%"-&

-&55&34 50 5)& &%*503

5IF XJEF XPSME PG TQPSUT

4*6 TIPVME QSPUFDU TUVEFOU QSJWBDZ

%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

"/%: '365) BGSVUI!TJV FEV

5IVNCT 6Q UP .BKPS -FBHVF #BTFCBMM T PQFOJOH EBZ 5IF GJWF NPOUI WPJE XJUIPVU CBTFCBMM JT PWFS BOE USBTI UBMLJOH TFBTPO CFUXFFO SJWBM CBTFCBMM GBOT CFHJOT 5IF UISFF HBNFT UPEBZ PG NPTU JOUFSFTU UP 4BMVLJ GBOT BSF QSPCBCMZ BU Q N XIFO UIF 8IJUF 4PY PQFO UIFJS TFBTPO BU IPNF BHBJOTU ,BOTBT $JUZ Q N XIFO NZ CFMPWFE $BSEJOBMT IPTU UIF 1JSBUFT BOE Q N XIFO UIF $VCT USBWFM UP )PVTUPO UP QMBZ UIF "TUSPT 5IVNCT %PXO UP UIF FOE PG UIF &JLFOCFSH FSB GPS 4*6 XPN FO T CBTLFUCBMM MBTU XFFL %VSJOH $PBDI &JLFOCFSH T GJWF ZFBS SVO UIF 4BMVLJT XFSF UFBTFE XJUI TVD DFTT JO UIF GPSN PG UIF . 7$ $POGFSFODF $IBNQJPOTIJQ CVU XFSF VOBCMF UP BWPJE TFMG EFTUSVD UJPO CFDBVTF PG CVNQT BMPOH UIF SPBE $PBDI &JLFOCFSH GPVOE TVD DFTT IFSF CVU NBZCF IFS BHHSFT TJWF TUZMF PG DPBDIJOH JTO U SJHIU GPS UIF TZTUFN .BZCF UIFSF JT B 1BU 4VNNJU BTTJTUBOU PVU UIFSF XIP DPVME CF UIF SJHIU GJU GPS UIF 4BMVLJT BOE UVSO BSPVOE PVS QSPHSBN 5IVNCT 6Q UP UIF $IJDBHP #FBST GPS USBEJOH GPS RVBSUFSCBDL +BZ $VUMFS 8IBU B TIPDL UIBU %B #FBST BDUVBMMZ QVMMFE UIF USJHHFS PO B CMPDLCVTUFS USBEF BOE CSPVHIU JO B ZPVOH 2# XIP DPVME CFDPNF UIF GJSTU GSBODIJTF RVBSUFSCBDL $IJDBHP IBT IBE TJODF * XBT B TNBMM DIJME "MM UIF #FBST OFFE UP EP OPX JT GJOE TPNFPOF UP DPNQMJNFOU %FWJO

)FTUFS BOE (SFH 0MTFO 5PSSZ )PMU QFSIBQT BOE +BZ $VUMFS XJMM IBWF QMFOUZ PG UBSHFUT UP UISPX UP BT IF MFBET UIF #FBST CBDL UP UIF QMBZPGGT 5IVNCT %PXO UP .BKPS -FBHVF 4PDDFS GPS OPU FYQBOEJOH UP 4U -PVJT BOE JOTUFBE DIPPTJOH UP BXBSE GSBODIJTFT UP 1PSUMBOE BOE 7BODPVWFS 4U -PVJT IBT B QBTTJPO BUF GBO CBTF PG TPDDFS IPPMJHBOT BOE FOUIVTJBTUT BOE FYQBOTJPO JO i5IF -PVw XPVME DSFBUF OBUVSBM SJWBMSJFT GPS $IJDBHP BOE ,BOTBT $JUZ BT XFMM "O .-4 UFBN JO 4U -PVJT SFNBJOT B QPTTJCJMJUZ GPS UIF GVUVSF CVU VOGPSUVOBUFMZ UIF IPPMJHBOT XJMM IBWF UP XBJU B MJUUMF XIJMF MPOHFS GPS .BKPS -FBHVF 4PDDFS JO UIFJS DJUZ 5IVNCT 6Q UP UIF BUIMFUJD EFQBSUNFOU GPS UIF BEEJUJPO PG UIF .JTTPVSJ 5JHFST UP UIF GPPU CBMM TDIFEVMF #FTJEFT TFDVSJOH B HBNF BHBJOTU B #PXM $IBNQJPOTIJQ 4FSJFT UFBN UIF 4BMVLJT XJMM BMTP SFDFJWF B IFGUZ QBZNFOU GSPN UIF 6OJWFSTJUZ PG .JTTPVSJ GPS NBLJOH B CVT USJQ UP $PMVNCJB JO B GFX ZFBST UP QMBZ GPPUCBMM 5IF %BXHT IBWF GPVOE TVDDFTT QMBZJOH BHBJOTU UIF CJH CPZT XJUI XJOT BHBJOTU *OEJBOB JO BOE /PSUIFSO *MMJOPJT JO TP * IPQF UIFJS MVDL XJMM DPO UJOVF UIJT TFBTPO XIFO UIF 4BMVLJT MPDL VQ XJUI .BSTIBMM 5IVOEFSJOH )FSE GPS UIFJS CJH HBNF *O UIF DPNJOH TFBTPOT UIF %BXHT XJMM USBWFM UP *MMJOPJT JO 0MF .JTT JO BOE OPX .J[[PV JO GPS UIF DIBODF UP LOPDL PGG UIF CJH CPZT 1FSTPOBMMZ * N IPQJOH UIF DPNJOH ZFBST DPVME CSJOH UIF 4BMVLJT CBDL UP %F,BMC UP SFOFX UIF *MMJOPJT $JWJM 8BS SJWBMSZ XJUI $PBDI ,JMM T /*6 )VTLJFT 'SVUI JT B HSBEVBUF TUVEFOU JO DVSSJDVMVN BOE JOTUSVDUJPO

%ĖĒģ &ĕĚĥĠģ * HPU UIJT MPWFMZ F NBJM GSPN -JUUMF $BFTBS T 1J[[B /PSNBMMZ UIFZ BSF KVTU KPC PGGFST 5IJT UJNF JU TBZT i#VZ -JUUMF $BFTBST w &WFO XPSTF -JUUMF $BFTBS T 1J[[B LOPXT NZ GJSTU OBNF XIFO NZ 4*6 F NBJM BEESFTT EPFT OPU DPOUBJO JU * DPOUBDUFE TPNF GSJFOET UP TFF JG UIFZ IBWF IBE B TJNJMBS FYQFSJFODF &BDI POF PG UIFN SFDFJWFE B EVQMJDBUF F NBJM XJUI UIFJS GJSTU OBNF JO UIF HSFFUJOH 8IZ JT UIJT %JE 4*6 TFMM PVS F NBJMT BOE OBNFT UP UIF IJHIFTU CJEEFS 0S EJE -JUUMF $BFTBS T 1J[[B UBLF BEWBO UBHF PG UFMMJOH 4*6 UIFZ XBOUFE UP SFDSVJU FNQMPZFFT UISPVHI UIF TDIPPM

POMZ UP NPEJGZ UIFJS JOUFOUJPOT UP TFMM VT QJ[[B +FTTF ,FZTFS XIP TFOU NF UIF F NBJM KFTTF!LFZTFSFOUFSQSJTFT DPN TUPQ TFOEJOH NF F NBJMT "OE UP UIPTF HFOJVT 4*6 "ENJOJTUSBUPST XIP UIPVHIU UIFZ DPVME NBLF BO FYUSB CVDL TFMMJOH NZ DPOUBDU JOGP EPO U ZPV NBLF FOPVHI NPOFZ GSPN NZ UVJUJPO UP TIPX NF B MJUUMF SFTQFDU BOE QSPUFDU NZ QSJWBDZ

"OUIPOZ ,VMJT HSBEVBUF TUVEFOU JO DPNQVUFS TDJFODF

.BSJKVBOB TIPVME CF MFHBMJ[FE %ĖĒģ &ĕĚĥĠģ " TBOF BSHVNFOU UP QFSQFUVBUF QSPIJCJUJOH QFSTFDVUJOH BOE FYUFSNJ OBUJOH DBOOBCJT NBSJKVBOB BOE IFNQ EPFTO U FYJTU 0OF SFBTPO UP FOE DBOOBCJT QSP IJCJUJPO UIBU EPFTO U HFU NFOUJPOFE JO 4FBO .D(BIBO T "QS 7PJDFT CMPH i%FBS 0CBNB (FU UP UIF QPJOU MFU HP PG UIF KPJOUw JT CFDBVTF JU XJMM MPXFS EFBEMZ IBSE ESVH BEEJDUJPO SBUFT 3FHVMBUFE DBOOBCJT TBMFT XPVME NBLF JU TP DJUJ[FOT XIP QVSDIBTF JU XPVME OPU DPNF JOUP DPOUBDU XJUI QFPQMF XIP PGUFO BMTP TFMM IBSE ESVHT XIJDI XPVME MPXFS IBSE ESVH BEEJD UJPO SBUFT %"3& PS %SVH "CVTF 3FTJTUBODF &EVDBUJPO XJMM IBWF UP TUPQ CSBJOXBTI JOH ZPVUI JOUP CFMJFWJOH MJFT IBMG USVUIT BOE QSPQBHBOEB DPODFSOJOH DBOOBCJT XIJDI DSFBUFT HSBWF GVUVSF QSPCMFNT

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

4UBO 8IJUF SFTJEFOU PG %JMMPO $PM P

/+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*' &#;

[QWµTG QPN[ VJKPMKPI CDQWV [QWTUGNH ² + VJKPM KH[QWT NKHG DGEQOGU FKOKPKUJGF ³

#BSBDL 0CBNB BU B 'SFODI UPXO IBMM PO UIF JNQPSUBODF PG QVCMJD TFSWJDF

# 24+.

(6&45 $0-6./

5)&*3 803%

"ENJOJTUSBUJPO TFFLT UP )JHIFS UBY JT JODFOUJWF TMBTI MJCSBSZ SFTPVSDFT UP RVJU TNPLJOH TUBEJVN BOE BSFOB 5IF QVSQPTF PG BUIMFUJDT JT UP FOUFSUBJO BOE UIF QVSQPTF PG B VOJWFSTJUZ JT UP FEVDBUF 8IZ JT VQHSBEJOH BUIMFUJD GBDJMJUJFT 3FGMFDUJOH PVS USZJOH FDPOPNJD UJNFT NPSF JNQPSUBOU UIBO NBJOUBJOJOH TVCTDSJQUJPOT EFQBSUNFOUT BDSPTT 4*6$ XFSF BTLFE UP DVU UP WJUBM BDBEFNJD KPVSOBMT GPS UIF OFX MJCSBSZ UIFJS KPVSOBM TVCTDSJQUJPOT MBTU ZFBS /PX BGUFS 8IZ BSF TUVEFOU GFFT CFJOH EJSFDUFE UPXBSE DPNQMFUJOH B NVMUJ NJMMJPO EPMMBS MJCSBSZ SFOP BUIMFUJD GBDJMJUJFT XIFO UIF MJCSBSZ JT JO TVDI WBUJPO TPNF EFQBSUNFOUT BSF CFJOH BTLFE UP HSBWF OFFE 5IF SFQVUBUJPO PG 4*6 IBT TVGGFSFE HSFBUMZ EP UIF JNQPTTJCMF UP NBLF GVSUIFS DVUT UPUBM JOH QFSDFOU PG DVSSFOU KPVSOBM TVCTDSJQUJPO PG MBUF GSPN BDBEFNJD TDBOEBMT JOWPMWJOH UPQ EPMMBST "DBEFNJD KPVSOBMT BSF UIF MJGFCMPPE PG BENJOJTUSBUPST %FTQJUF UIJT EFQBSUNFOUT BDSPTT B SFTFBSDI VOJWFSTJUZ $VUT PG UIJT NBHOJUVEF UIF VOJWFSTJUZ BSF XPSLJOH UJSFMFTTMZ UP SFQBJS UIF EFNBOE UIBU XF MPTF BDDFTT UP TPNF PG UIF NPTU VOJWFSTJUZ T BDBEFNJD SFQVUBUJPO BOE IFMQ 4*6 JNQPSUBOU KPVSOBMT JO PVS GJFMET /P EFQBSUNFOU SFHBJO JUT JNBHF BT B SFTQFDUFE SFTFBSDI VOJWFS DBO NBJOUBJO B XFMM JOGPSNFE GBDVMUZ QSPQFSMZ TJUZ 8F DBOOPU EP UIJT XIFO UIF BENJOJTUSBUJPO USBJO HSBEVBUF TUVEFOUT PS UFBDI VOEFSHSBEVBUFT QSPQPTFT UP TMBTI PVS BDBEFNJD SFTPVSDFT XJUIPVU BDDFTT UP UIF SFMFWBOU CPEZ PG QSPGFT 5IF 4BMVLJ 8BZ QMBO OFFET UP CF NPEJGJFE TJPOBM MJUFSBUVSF UP NFFU BDBEFNJD QSJPSJUJFT 5IF VOJWFSTJUZ NVTU 8JUIJO EBZT PG SFRVFTUJOH UIFTF DVUT 4*6$ SFGPDVT PO UIF FEVDBUJPO QBSU PG B DPMMFHF FEVDB CSPLF HSPVOE PO B OFX GPPUCBMM TUBEJVN NPSF UJPO * FODPVSBHF BMM TUVEFOUT UP TQFBL UP ZPVS UIBO IBMG PG XIJDI JT UP CF GVOEFE CZ TUVEFOU EFQBSUNFOU DIBJST UP MFBSO NPSF BCPVU XIBU GFFT 5IF %ĒĚĝĪ &ĘĪġĥĚĒğ SFDFOUMZ SFQPSUFE ZPVS EFQBSUNFOU TUBOET UP MPTF * BMTP FODPVSBHF UIBU SFOPWBUJPO PG UIF BSFOB IBT CFFO NPWFE ZPV UP XSJUF UP UIF VOJWFSTJUZ T BENJOJTUSBUPST JOUP 1IBTF * PG UIF 4BMVLJ 8BZ QSPKFDU "UIMFUJD UP FYQSFTT ZPVS DPODFSO PWFS UIF QSPQPTFE HVU TUBGG BOE TVQQPSUFST IBWF NBJOUBJOFE UIBU UJOH PG ZPVS MJCSBSZ SFTPVSDFT BOE B 4BMVLJ 8BZ .D"OESFX 4UBEJVN EBNBHFT UIF JNBHF PG QSPKFDU UIBU IBT DMFBSMZ MPTU GPDVT PG JUT QSJPSJUJFT UIF VOJWFSTJUZ BOE UIXBSUT SFDSVJUNFOU PG UPQ 'JOBMMZ * DIBMMFOHF UIF %ĒĚĝĪ &ĘĪġĥĚĒğ UP TUVEFOU BUIMFUFT *T UIF JOWFTUNFOU JO B OFX EJH GPS UIF TUPSJFT UIBU JNQBDU TUVEFOUT TVDI BT TUBEJVN TVEEFOMZ HPJOH UP NBLF 4*6$ BO UIJT POF JOWPMWJOH UIF MJCSBSZ 5IJT JT BO JTTVF BUIMFUJD QPXFSIPVTF 1SPCBCMZ OPU 3FDSVJUJOH UIBU JNQBDUT UIF RVBMJUZ PG FEVDBUJPO PG FWFSZ UPQ BUIMFUFT JT B USJDLZ CVTJOFTT UIBU EFQFOET TUVEFOU UIF WBMVF PG FWFSZ EJQMPNB BXBSEFE PO NBOZ GBDUPST OPU KVTU UIF RVBMJUZ PG BUI CZ 4*6 BOE VMUJNBUFMZ UIF FBSOJOH QPUFOUJBM PG MFUJD GBDJMJUJFT #VU * DBO HVBSBOUFF UIBU B OFX FWFSZ 4*6 HSBEVBUF GPS UIF SFTU PG UIFJS DBSFFST TUBEJVN XJMM OPU NBLF 4*6$ BO BDBEFNJD PS SFTFBSDI QPXFSIPVTF 'BJMVSF UP HSBEVBUF XFMM JOGPSNFE TUVEFOUT XJMM EP NVDI NPSF 4BVOEFST JT B 1I % DBOEJEBUF JO UIF EFQBSUNFOU PG EBNBHF UP UIF VOJWFSTJUZ T JNBHF UIBO BO BHJOH QMBOU CJPMPHZ

&MJ[BCFUI 4BVOEFST (6&45 $0-6./*45

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

(VT #PEF TBZT *U T UJNF UP TFOE UIF %& B MFUUFS %PO U MJLF XIBU PVS TUVEFOU DPMVNOJTUT BOE FEJUPSJBM CPBSE IBWF UP TBZ 8BOU UP NBLF ZPVS PQJOJPO IFBSE PO TPNF PUIFS VOJWFSTJUZ QPMJDZ %P TPNFUIJOH BCPVU JU 4FOE MFUUFST UP UIF FEJUPS BOE HVFTU DPMVNOJTU TVCNJTTJPOT UP WPJDFT!TJVEF DPN BOE EPO U GPSHFU UP JODMVEF ZPVS OBNF ZFBS JO TDIPPM NBKPS IPNFUPXO BOE B QIPOF OVNCFS GPS WFSJGJDBUJPO

/P PUIFS QSFWFOUBCMF DBVTF PG JMMOFTT BOE EFBUI OPU ESJOLJOH PCFTJUZ PS FWFO JMMFHBM ESVH VTF DPNFT DMPTF UP UIF UPMM JOGMJDUFE CZ UPCBDDP *U LJMMT OFBSMZ "NFSJDBOT FWFSZ ZFBS BOE TJDLFOT NJMMJPOT NPSF 0G DPVSTF NPTU TNPLFST BMSFBEZ BSF BXBSF PG UIPTF HSJN TUBUJTUJDT 8IBU UIFZ EPO U LOPX JT IPX UP TUPQ 3FTFBSDI TIPXT UIBU UIF NPTU TVDDFTT GVM UPCBDDP DFTTBUJPO TUBSUT XJUI BEWJDF BOE DPVOTFMJOH GSPN ZPVS EPDUPS 1IZTJDJBOT DBO QSFTDSJCF ESVHT ;ZCBO BOE $IBOUJY UIBU SFEVDF DSBWJOHT GPS DJHBSFUUFT /JDPUJOF SFQMBDFNFOU QSPEVDUT BMTP DBO SFEVDF XJUIESBXBM TZNQUPNT 5IFZ SF BWBJM BCMF PWFS UIF DPVOUFS BU ESVH BOE EJTDPVOU TUPSFT 1FPQMF XIP HFU TVQQPSU BOE DPVOTFMJOH BMTP JNQSPWF UIF PEET PG TVDDFTTGVMMZ RVJU UJOH 5IFZ SF PGGFSFE BU NBOZ MPDBM IPTQJUBMT BT XFMM BT CZ WPMVOUBSZ IFBMUI HSPVQT MJLF UIF "NFSJDBO -VOH "TTPDJBUJPO BOE UIF "NFSJDBO $BODFS 4PDJFUZ #PUI HSPVQT BMTP PGGFS GSFF POMJOF SFTPVSDFT *U T OPU FBTZ UP RVJU TNPLJOH CVU NJMMJPOT PG "NFSJDBOT IBWF EPOF JU 5IF IFBMUI CFO FGJUT BSF JNNFEJBUF BOE MPOH MBTUJOH /PCPEZ MJLFT UP QBZ IJHIFS UBYFT #VU UIFZ XJMM QSPWJEF B OFX JODFOUJWF GPS NBOZ TNPL FST BOE FTQFDJBMMZ NBOZ ZPVOH TNPLFST UP RVJU #FTJEFT UIFSF T POF TVSF GJSF XBZ UP TUPQ QBZJOH IJHIFS DJHBSFUUF UBYFT 4UPQ TNPLJOH 5IJT FEJUPSJBM BQQFBSFE JO UIF 4U -PVJT 1PTU %JTQBUDI 5IVSTEBZ

.POEBZ "QSJM

&#+.; ');26+#0

/FXT

%JTUJOHVJTIFE TFOJPST BOE A4VQFS 4UVEFOUT SFDPHOJ[FE BU FWFOU QPJOU BWFSBHF PG CF HSBEVBUJOH TFOJPST XIP IBT DPOUSJCVUFE UP UIF VOJWFSTJUZ BOE $BSCPOEBMF DPNNV OJUJFT BOTXFS UXP FTTBZ RVFTUJPOT 'SPN QFSGFDU HSBEF QPJOU BWFS BOE QSPWJEF MFUUFST PG SFDPNNFO BHFT UP QSFTJEFOUT PG TUVEFOU PSHB EBUJPO OJ[BUJPOT UP B CBTLFUCBMM TUBS -ZOO 4QPUUT B TFOJPS GSPN TFOJPST SFDFJWFE SFDPHOJUJPO GPS 4UFSMJOH TUVEZJOH QTZDIPMPHZ BOE UIFJS DPOUSJCVUJPOT UP 4*6$ IJTUPSZ TBJE JU XBT OJDF UP CF SFDPH 5IF 4*6 "MVNOJ "TTPDJBUJPO OJ[FE GPS FWFSZUIJOH TIF IBT EPOF UFBNFE VQ XJUI UIF 4UVEFOU BU 4*6$ "MVNOJ $PVODJM UP QSFTFOU UIF i'PS UIF MBTU GPVS ZFBST * WF CFFO NPTU EJTUJOHVJTIFE TFOJPST BOE UXP USZJOH UP EP B MPU PG TUVGG BSPVOE i4VQFS 4UVEFOUTw 4BUVSEBZ JO UIF DBNQVT w 4QPUUT TBJE i*U T HPPE UP 4UVEFOU $FOUFS HFU SFDPHOJUJPO MJLF A0I ZPV BSF 5IF TFOJPST XFSF BXBSEFE EPJOH TPNFUIJOH ZPV BSF NBLJOH B XJUI B QMBRVF B GJSTU ZFBS NFNCFS EJGGFSFODF w TIJQ UP UIF "MVNOJ "TTPDJBUJPO BOE 4IBOF $POXBZ 1FUFSTPO B B TNBMM HJGU XIJMF UIF UXP i4VQFS KVOJPS GSPN .PMJOF TUVEZJOH CJP 4UVEFOUTw SFDFJWFE TDIPMBS MPHJDBM TDJFODFT BOE QTZDIPMPHZ TBJE TIJQT GPS OFYU ZFBS IF XBT FYDJUFE UP SFDFJWF B TDIPMBS $IBODFMMPS 4BN TIJQ GPS UIF IBSE XIP (PMENBO XPSL IF IBT QVU BUUFOEFE UIF DFSFNP PS UIF MBTU GPVS JO XIJMF BUUFOEJOH OZ BOE IFMQFE EJT 4*6$ ZFBST * WF CFFO USJCVUF BXBSET TBJE JU i*U T JODSFE JT JNQPSUBOU UP SFD USZJOH UP EP B MPU JCMZ SFXBSEJOH UP PHOJ[F UIF BDIJFWF CF SFDPHOJ[FE GPS PG TUVGG BSPVOE NFOUT TUVEFOUT IBWF BMM UIF UIJOHT * WF EPOF BU 4PVUIFSO NBEF XIJMF BUUFOE DBNQVT BOE FWFSZUIJOH JOH 4*6$ ‰ -ZOO 4QPUUT i8F SFDPHOJ[F TFOJPS GSPN 4UFSMJOH TUVEZJOH 4PVUIFSO IBT EPOF QTZDIPMPHZ BOE IJTUPSZ GPS NF w $POXBZ UIF PVUTUBOEJOH TUV 1FUFSTPO TBJE EFOUT UIBU XF IBWF $POXBZ 1FUFSTPO IBT CFFO IFSF w (PMENBO TBJE i5IF BXBSET TUBOE GPS UIF HPPE XPSL UIBU UIFZ JOWPMWFE XJUI TUVEFOU PSHBOJ[B EP BOE JU T B USJCVUF UP PVS GBDVMUZ UJPOT TVDI BT #FUB #FUB #FUB 1TJ BOE TUBGG w $IJ BOE UIF ;PPMPHZ $MVC BOE IBT 0UIFS BENJOJTUSBUPST TVDI BT CFFO PO UIF %FBO T -JTU GJWF EJGGFS JOUFSJN 1SPWPTU %PO 3JDF BOE 7JDF FOU TFNFTUFST $IBODFMMPS GPS 4UVEFOU "GGBJST -BSSZ (PMENBO TBJE UIF IPOPSFE TUV %JFU[ BMTP BUUFOEFE UIF DFSFNPOZ EFOUT TFSWF BT SPMF NPEFMT i5IFTF XJOOFST BSF NPEFMT GPS 5VFTEBZ "TIOFS EJSFDUPS PG 4UVEFOU $PMMFHF BOE $POTUJUVFOU FWFSZCPEZ w (PMENBO TBJE i8F WF 3FMBUJPOT XJUI UIF "MVNOJ HPU UP HFU UIF TUPSZ PVU BCPVU IPX "TTPDJBUJPO TBJE TIF XBOUT UIF HPPE UIFZ BSF CFDBVTF UIF NPSF TFOJPST UP GFFM B DPOOFDUJPO XJUI XF HFU PVU UIF CFUUFS PVS HFOFSBM TUVEFOU CPEZ XJMM CF w 4*6$ GPS UIF SFTU PG UIFJS MJWFT i 8F SF KVTU IPQJOH UIBU UIFZ MM +FOOJGFS 5BOOFS B KVOJPS GSPN VOEFSTUBOE UIBU UIFJS SFMBUJPOTIJQ .BSJPO TUVEZJOH TQFDJBM FEVDBUJPO XJUI UIFJS BMNB NBUFS MBTUT B MJGF BOE FMFNFOUBSZ FEVDBUJPO TBJE UJNF UIBU UIFZ MM TUBZ JOWPMWFE BGUFS ZPVOHFS TUVEFOUT TIPVME TUSJWF UP UIFZ MFBWF 4*6 BOE UIFZ MM DPO CF BT HPPE BT UIFZ DBO JO XIBUFWFS UJOVF UIFJS QSJEF JO CFJOH B 4BMVLJ w UIFZ XBOU UP CF "TIOFS TBJE i'PMMPX ZPVS IFBSU w 5BOOFS 5P CF SFDPHOJ[FE BT POF PG UIF TBJE i/P NBUUFS IPX IBSE ZPVS EJTUJOHVJTIFE TFOJPST TUVEFOUT ESFBN JT UP HFU ZPV HP BIFBE BOE IBE UP DBSSZ B NJOJNVN HSBEF BDIJFWF JU w

4UJMF 5 4NJUI %"*-: &(:15*"/ 454 !4*6 &%6

¶¶'

3UPER 3TUDENT AND $ISTINGUISHED 3ENIOR ,IST .!-%

*ENNIFER - !NDERSON *OSEPH & "ATIR !NTHONY 2YAN #RUITT #ASSY &RIEDRICH 3EAN :IGMAS 'OODIN +AHLA (OLTZ &AZZINI #HRISTINE (OLUJ ,AURA +ENNEY 4ODD ,OUIS -ARLO -ONICA -ASON $ANIEL -ELLENTHIN "RYAN -ULLINS !MY .ICOLE 0HEGLEY

'0!

.!-%

-EGAN 0ULLIAM !MANDA 2ABIDEAU 3YLVIA 3AN

!LICIA + 3COTT $ANIEL * 3EPULVEDA *OSHUA 0 3HEEHAN ,YNN 3POTTS

+ATHRYN 4HOMAS !NNE % 4ILTON 3ARAH 7ELLS

%RIC 7HITE

#HRISTOPHER 7ILLIAMS

'0!

3OURCE (ONOR S "ANQUET HANDBOOK 0ABLO 4OBON\$!),9 %'904)!.

&#+.; ');26+#0

/FXT

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i*G ZPV SF NBLJOH NPSF UIBO :PVUI TFSWJDFT JODMVEF QSPHSBNT B ZFBS ZPV EPO U OFFE UIF GPS IPNFMFTT ZPVOH BEVMUT BOE HPWFSONFOU UP QSPWJEF IFBMUI DBSF DPVOTFMJOH GPS KVWFOJMFT SFGFSSFE ZPV OFFE UIF HPWFSONFOU UP QSPWJEF UP UIF GBDJMJUZ CZ QPMJDF QBSFOUT B GJOBODJBM BEWJTFS w #PTU TBJE BOE UIF %FQBSUNFOU PG $IJMESFO "MM ,JET JT CVEHFUFE UP SFDFJWF BOE 'BNJMZ CJMMJPO UIJT 4FSWJDFT TBJE .JLF ZFBS 3PIMJOH NBOBHFS 5IPVHI DPTUMZ PG ZPVUI BOE GVMMZ IF SFBM JTTVF IFSF ZPVUI GVOEJOH GBNJMZ JOUFSWFOUJPO TFSWJDFT JT UIBU XF WF IBE DPVME TBWF UIF QSPHSBNT BU 4*344 3PIMJOH TBJE G SPN PVS CVEHFU OJCCMFE TUBUF UIF QSPQPTFE DVU JT FYQFOTJWF XFMGBSF BU JO UIF QBTU 5IJT JT QBZNFOUT GPS UIF UIF NPTU ESBNBUJD SFEVDUJPO UIF TUBUF UVSOFE BXBZ NPSF UIBO B OJCCMF LJET IBT NBEF UP IJT CZ 4*344 CFDBVTF ‰ .JLF 3PIMJOH CVEHFU XJUIJO UIF NBOBHFS PG ZPVUI BOE GBNJMZ JU EJE OPU IBWF MBTU EFDBEF *G UIF JOUFSWFOUJPO QSPHSBNT BU 4*344 UIF SFTPVSDFT UP DVUT SFNBJO ZPVUI DPVOTFM UIFN TFSWJDFT GVOEJOH BU 3PIMJOH TBJE )F 4*344 XPVME ESPQ UP MFWFMT OPU TBJE 4*344 IBT IBE TVDDFTT JO UIF TFFO TJODF IF TBJE QBTU XJUI JUT ZPVUI TFSWJDFT i5IF SFBM JTTVF IFSF JT UIBU XF WF i8IFSF BSF UIPTF LJET HPJOH UP IBE PVS CVEHFU OJCCMFE BU JO UIF FOE VQ 5IFZ SF HPJOH UP FOE VQ PO QBTU w 3PIMJOH TBJE i5IJT JT NPSF UIF TUBUF CVEHFU BOZXBZT w 3PIMJOH UIBO B OJCCMF w TBJE i&WFO UFFOBHFST HFU KPCT 8F -BXNBLFST DBO NBLF DBO UVSO UBY VTFST JOUP UBY QBZFST w BEKVTUNFOUT UP UIF QSPQPTFE CVEHFU 5IF QSPTQFDU PG BEEJUJPOBM VOUJM JU HPFT JOUP FGGFDU +VMZ DVUT IBT GPSDFE UIF TVTQFOTJPO PG 4*344 SFDFJWFE SPVHIMZ QFSDFOU GVOESBJTJOH FGGPSUT UP DPOTUSVDU B PG JUT GVOEJOH GSPN UIF TUBUF MBTU OFX GBDJMJUZ 'SFJUBH TBJE *OTUFBE BMM ZFBS 'SFJUBH TBJE QSPDFFET GSPN GVOESBJTJOH DBNQBJHOT .BSJFMMF 4BJOWJMMF TQPLFTQFSTPO XPVME CF VTFE UP LFFQ 4*344 GSPN GPS UIF *MMJOPJT %FQBSUNFOU PG UFSNJOBUJOH TFSWJDFT TIF TBJE )VNBO 4FSWJDFT TBJE TPDJBM TFSWJDF 'SFJUBH TBJE QBTU DPOUSJCVUJPOT QSPWJEFST BDSPTT UIF TUBUF GBDF TJNJMBS UP UIF DBQJUBM DBNQBJHO XPVME OPU DVUT 5IPVHI UIF EFQBSUNFOU XPVME CF VTFE JO UIF 4*344 PQFSBUJPOT BUUFNQU UP NJOJNJ[F UIFTF DVUT CVEHFU TPNF SFEVDUJPOT BSF MJLFMZ TIF TBJE 2VJOO T PGGJDF EJE OPU SFUVSO #FDBVTF UIF TUBUF DBOOPU TQFOE UISFF QIPOF NFTTBHFT UP DPNNFOU NPSF NPOFZ UIBO JU DPMMFDUT PO UIJT TUPSZ

# BSUPO -PSJNPS

%"*-: &(:15*"/ #"350/ -03*.03!4*6%& $0.

¶¶5

7PMVOUFFST IFMQ TBMBNBOEFST BWPJE SPBEXBZ NBTTBDSF JU UP UIFJS NBUJOH BSFBT XJUIPVU HFUUJOH TRVBTIFE CZ DBST *U T QBSU FEVDBUJPO QBSU DPOTFSWBUJPO BOE / &8 )"7 &/ 7U ‰ 5IF QBSU TDJFODF CMBDL TBMBNBOEFS XJUI ZFMMPX TQPUT i*U T BO FYUSBPSEJOBSZ UIJOH BOE TBU PO UIF SPBETJEF JO UIF EBSL QFPQMF EFTFSWF UP LOPX BCPVU JU w SFBEZ UP NBLF B HP PG JU TBJE 8BSSFO ,JOH B NFNCFS PG UIF #VU JU XBT OPU PO JUT PXO *U HPU 0UUFS $SFFL "VEVCPO 4PDJFUZ XIP IFMQ GSPN BO FTDPSU ‰ POF PG PSHBOJ[FT B DSPTTJOH JO 4BMJTCVSZ QFPQMF XIP WPMVOUFFSFE PO B SFDFOU i"OE JU OFFET UP CF QSPUFDUFE 5IFSF OJHIU UP DBSSZ TBMBNBOEFST GSPHT BSF TJUFT XIFSF NBOZ PG UIF DSJUUFST BOE OFXUT BDSPTT UIF SPBE EVSJOH UIBU BSF DSPTTJOH OFWFS NBLF JU w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

JTB 3BUILF

5)& "440$*"5&% 13&44

.POEBZ "QSJM

.POEBZ "QSJM

&#+.; ');26+#0

/FXT

$MBTTJGJFET

&#+.; ');26+#0

.POEBZ "QSJM

.POEBZ "QSJM

&#+.; ');26+#0

$MBTTJGJFET

&#+.; ');26+#0

1VMTF

(JSMT BOE 4QPSUT

.POEBZ "QSJM

CZ +VTUJO #PSVT BOE "OESFX 'FJOTUFJO

CZ (MFOO .D$PZ

5IF %VQMFY

#Z -JOEB $ #MBDL

-2<.- +A '*A6. "7+.:< '2442*5; "$3044 /BSSPX OFDLFE QFBS +BNFT XIP SPCCFE USBJOT 8JOF HMBTT QBSU 1BTUZ GBDFE -BVE BT WJSUVFT %SJWF @@ XJOEPX i1PX w SFMBUJWF *NNVOF TZTUFN BHFOU -JUUFS T MJUUMFTU 4IBSJ -FXJT QVQQFU A T GJSTU MBEZ BOE PWFS PSH 0QFO CPEJFE USVDL .PPO NJTTJPO OBNF 1IPUP FOMBSHFNFOU /P HPPEOJL 3FBMMZ QVODI )PTQ TDBOOFST &YUJOHVJTI XJUI iPVUw i4II w BOE B IJOU UP UIF GFBUVSF TIBSFE CZ UIF BOTXFST UP TUBSSFE DMVFT

-FHBM -BODF @@ BXBZ IJEF PO B TIJQ )JU JO CJMMJBSET 1BRVJO BOE

/JDPMF 4NJUI +FGG (PSEPO XBT JUT 3PPLJF PG UIF :FBS $BWFSO 4PME GPS B CJH QSPGJU BT UJDLFUT (VDDJ PG GBTIJPO #SJU T CPPC UVCF "DU BMM JOOPDFOU .JTDFMMBOZ 4PGU UJQQFE QFO CSBOE

$JWJM 8BS DPMPS %PMF T SVOOJOH NBUF (JWF VQ 5IJT JO 5FHVDJHBMQB %SBXT BXBZ GSPN TIPSF 'PSDF VOJUT 4XFEJTI BVUP %08/ $SZ MPVEMZ

0O UIF KPC QSPUFDUJPO PSH 1JMMPX DPWFSJOH %SVNNFS T DSBTIFST 3PDLFST @@ 5VMM .BOZ B TFDVSJUZ HVBSE 0OF PG "" T UXFMWF 4VO JO 4QBJO #VJMEJOH

'SJEBZ T TPMVUJPOT

BEEJUJPO -BZFS %VTUFS T GJOE BU B DSJNF TDFOF 5FOOFTTFF CPSO DPVOUSZ TJOHFS 'PSE -JLF B TVCEVFE USVNQFU #JCMJDBM TQZ 1BX T NBUF 5SBOTNJTTJPO TUVGG 0QFSB CPY .POU #MBOD T SBOHF 1SPUSVEFE MJQ FYQSFTTJPO 1SFDBSJPVTMZ TJUVBUFE .PSF B[VSF $IFFSMFBEJOH VOJU i-FU T MFBWF @@

UIBUw .FEJPDSF 1JMBUF T i#FIPME w -BUF 5SPVODFT "OOPZJOH QFPQMF +BNFT #POE F H 1JFSDJOH MPPLT 4UJS UIF GJSF 1BQBSB[[J UBSHFU @@ BOE LJDLJOH *U DBO CF DISPOJD PS TIPPUJOH #FBS BNPOH UIF TUBST @@ )BSJ i8F SF OPU TFSWJOH MJRVPS w CSJFGMZ #L JOUSPEVDUJPO .BLF BT B XBHFS

5PEBZ T #JSUIEBZ Â&#x2030; :PV MM TUBZ CVTZ UIJT ZFBS "OE ZPV MM FODPVOUFS KVTU BCPVU FWFSZ TFUCBDL BOE DIBOHF JO QMBOT ZPV DPVME QPTTJCMZ JNBHJOF :PV SF GPSDFE UP CF DSFBUJWF PO B NPNFOU T OPUJDF :PV SF HBJOJOH HSFBU FYQFSJFODFX BOE BMTP QBZJOH EVFT 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; $BO QMPEEJOH BMPOH PO UIF TBNF PME QBUI EPJOH UIF TBNF PME UIJOH QSPWJEF UIF JOTQJSBUJPO ZPV OFFE :FT JU DBO BT ZPV SF BCPVU UP EJTDPWFS +VTU BGUFS CPSFEPN DPNFT JOTJHIU

5BVSVT "QSJM .BZ Â&#x2030; 5PEBZ JT B Â&#x2030; 0UIFST VSHF ZPV UP IVSSZ BOE UBLF BDUJPO PO B OFX QSPQPTBM :PV XBOU UP UIJOL JU PWFS BOE BTL B GFX GSJFOET GPS UIFJS BEWJDF :PV SF XJTF UP CF DBVUJPVT OPX (FNJOJ .BZ +VOF Â&#x2030; 5PEBZ JT B Â&#x2030; 1SPDFFE XJUI DBVUJPO OPX ZPV SF VQ BHBJOTU UPVHI DPNQFUJUJPO .BLF TVSF UIF XPSL ZPV QSFTFOU JT QFSGFDU (P PWFS JU TFWFSBM UJNFT BOE HFU B DPBDI UP HP PWFS JU UPP

$BODFS +VOF +VMZ Â&#x2030; 5PEBZ JT B Â&#x2030; %PO U USZ B CMVGG .BLF TVSF UP IBWF UIF GBDUT BU ZPVS GJOHFSUJQT %PO U UBLF SJTLT PS TUBSU OFX QSPKFDUT OPX $POUJOVF UP QSFQBSF B TUSPOH GPVOEBUJPO GPS ZPVS QMBOT

-FP +VMZ "VH Â&#x2030; 5PEBZ JT B Â&#x2030; 8BUDI PVU GPS IJEEFO FYQFOTFT 3FBE BMM UIF GJOF QSJOU %PO U UBLF BOZUIJOH PO GBJUI HFU JU BMM JO XSJUJOH :PV DBO HFU B HPPE EFBM CVU IBWF ZPVS BUUPSOFZ SFWJFX JU CFGPSF ZPV TJHO BOZUIJOH

7JSHP "VH 4FQU Â&#x2030; 5PEBZ JT B Â&#x2030; " IBQQZ TVSQSJTF TUBSUT UIF EBZ PVU SJHIU CVU BO BSHVNFOU MBUFS TFFNT UP SVGGMF ZPVS GFBUIFST :PV BOE ZPVS QBSUOFS NBZ IBWF UP BHSFF UP EJTBHSFF PO UIJT POF

-JCSB 4FQU 0DU Â&#x2030; 5PEBZ JT B Â&#x2030; "GUFS B SBUIFS VODPNGPSUBCMF SFBMJUZ DIFDL BEWBODF ZPVS QFSTPOBM BHFOEB *U NBZ IBWF DIBOHFE CZ UIFO TP EPO U IVSSZ JOUP BDUJPO :PV MM LOPX XIFO UIF UJNF JT SJHIU

4DPSQJP 0DU /PW Â&#x2030; 5PEBZ JT B Â&#x2030; *U T SFBMMZ OPU B HPPE UJNF UP HPTTJQ FWFO XJUI ZPVS GFMMPX XPSLFST %PO U CFMJFWF FWFSZUIJOH ZPV IFBS BOE EPO U QBTT JU BMPOH %PO U GPSHFU BOZ PG JU FJUIFS

4BHJUUBSJVT /PW %FD

Â&#x2030; 5PEBZ JT B Â&#x2030; $POUJOVF UP XBUDI XIBU T HPJOH PO XJUIPVU HFUUJOH JOWPMWFE #F BO PCTFSWFS BOE QPTTJCMZ B XJUOFTT JG DBMMFE 5BLF OPUFT JG ZPV NVTU 5IJOHT BSF DIBOHJOH GBTU OPX

$BQSJDPSO %FD +BO Â&#x2030; 5PEBZ JT B Â&#x2030; :PVS GSVHBMJUZ JT QBZJOH PGG ,FFQ ZPVS USFBTVSF DBSFGVMMZ IJEEFO 6TF TPNF PG JU UP TFF XIBU T PVU CFZPOE ZPVS GBNJMJBS UFSSJUPSZ %PO U HP UIFSF ZFU KVTU IBWF B QFFL

"RVBSJVT +BO 'FC Â&#x2030; 5PEBZ JT B Â&#x2030; )PX EPFT OFX JOGPSNBUJPO GJU JO XJUI XIBU ZPV LOPX *T ZPVS IZQPUIFTJT GMBXFE $IBTF BGUFS UIF USVUI FWFO JG JU DPOUSBEJDUT XJUI XIBU ZPV WF TBJE CFGPSF .BLF UIF OFDFTTBSZ BEKVTUNFOUT

1JTDFT 'FC .BSDI Â&#x2030; 5PEBZ JT B Â&#x2030; 5P CF B HPPE MFBEFS ZPV BMTP OFFE UP LOPX XIFO ZPV TIPVME MJTUFO 5IBU T SFDPNNFOEFE OPX BT ZPVS UFBN IBT TPNF HPPE JEFBT *ODPSQPSBUF UIF CFTU JOUP ZPVS QMBOT

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'&

" 'SJEBZ T TPMVUJPOT

! 999 ,7/$.' %1/ &5

;

( T K F C [ µ U UQNWVKQPU

19 #44#0)' 6*' %+4%.'& .'66'45 61 (14/ 6*' 57424+5' #059'4 #5 57))'56'& $: 6*' #$18' %#46110

<

/48&34 0/%"9 6.#-&4

/48&3 46"--9 4&&/ "5 "/ "650 +6/,9"3% <

.POEBZ "QSJM

914.& 0#6+10

/FXT

%BXHT VTF CSFBL UP QSFQBSF GPS #SBOTPO *OWJUBUJPOBM .BSLFU #BOL *OWJUBUJPOBM XIJDI XSBQQFE VQ PO .BSDI +VOJPS +PSEBO $PY TBJE UIF CSFBL CFUXFFO UPVSOBNFOUT TIPVME " GUFS B UXP XFFL CSFBL UIF OPU BGGFDU UIF UFBN CFDBVTF PG JUT 4*6 NFO T HPMG UFBN JT SFBEZ UP QSBDUJDF TDIFEVMF XIJDI JODMVEFT TFOE B NFTTBHF UP JUT SJWBMT BU QSBDUJDJOH TXJOHT PO PGG EBZT UIF #SBOTPO $SFFL *OWJUBUJPOBM BT i:PV MM BMXBZT GJOE POF PS UXP UIF DPOGFSFODF UPVSOBNFOU ESBXT PG VT PVU IFSF PO UIF HPMG DPVSTF

OFBS XPSLJOH PO PVS HBNF 5IJT CSFBL 5IF 4BMVLJT USBWFM UP )PMMJTUFS TIPVMEO U BGGFDU VT BU BMM w $PY .P UPEBZ GPS UIFJS GPVSUI UPVSOB TBJE NFOU PG UIF TQSJOH TFBTPO CVU GJSTU 4*6 XJMM MPPL UP DPOUJOVF JUT TJODF GJOJTIJOH UIJSE BU UIF 'JSTU JNQSFTTJWF TFBTPO BT JU XJMM DPN

3ZBO 7PZMFT

%"*-: &(:15*"/ 370:-&4!4*6 &%6

QFUF JO JUT OJOUI UPVSOBNFOU PG UIF TFBTPO 5IF 4BMVLJT IBWF XPO UISFF UPVSOBNFOUT UIJT TFBTPO BOE IBWF QPTUFE GPVS PUIFS UPQ GJWF GJOJTIFT BT UIF UFBN CVJMET NPNFOUVN UPXBSE UIF .JTTPVSJ 7BMMFZ $POGFSFODF 5PVSOBNFOU "QSJM JO $BQF (JSBSEFBV .P %FTQJUF UIF UFBN T TVDDFTT IFBE DPBDI -FSPZ /FXUPO TBJE UIF UFBN IBT ZFU UP QMBZ UP JUT GVMM QPUFOUJBM i8F IBWF TUSVHHMFE CVU XF BSF TUJMM QMBZJOH XFMM BOE XF TIPVME QFBL IFSF TPPO w /FXUPO TBJE

.7$ SJWBM .JTTPVSJ 4UBUF XJMM IPTU UIF #SBOTPO $SFFL *OWJUBUJPOBM 5IF UFBN GJFME JODMVEFT GJWF PUIFS .7$ UFBNT #SBEMFZ $SFJHIUPO %SBLF *MMJOPJT 4UBUF BOE /PSUIFSO *PXB +VOJPS 1BUSJDL 4DIFJM TBJE IF IPQFT UIF UFBN T QFSGPSNBODF UIJT TFBTPO IBT CFFO OPUJDFE CZ JUT SJWBMT JO UIF 7BMMFZ i* EFGJOJUFMZ UIJOL XF SF WJFXFE BT B UISFBU w 4DIFJM TBJE i8JUI UIF XBZ XF IBWF QMBZFE TP GBS BHBJOTU NBKPS DPOGFSFODFT * IPQF QFPQMF OPUJDF w

5IF 4BMVLJT UPVHIFTU PQQPOFOU NBZ OPU FWFO CF JO UIF GJFME 8FBUIFS GPSFDBTUT GPS UIF JOWJUBUJPOBM QSFEJDU IJHIT JO UIF MPX T XJUI XJOET HVTUJOH CFUXFFO NQI 4FOJPS DP DBQUBJO 5PEE 0CFSHPFOOFS TBJE IF LOPXT UIF XFBUIFS XJMM CF CBE CVU IF EPFT OPU FYQFDU JU UP BGGFDU UIF UFBN UPP NVDI i8F IBWFO U QMBZFE JO HPPE XFBUIFS ZFU UIJT ZFBS TP UIJT XPO U CF BOZ EJGGFSFOU w 0CFSHPFOOFS TBJE i5IF TDPSFT XPO U CF IJHI CVU XF TIPVME TUJMM EP XFMM w

&7"/ %"7*4 ] % "*-: & (:15*"/ 4BMVLJ MJOFCBDLFS #SBOEJO +PSEBO BUUFNQUT UP UFBDI ZFBS PME "JTIB $PVMJCBMZ IPX UP IVMB IPPQ BU 'SJEBZ T ,JET /JHIU 0VU FWFOU ,JET CFUXFFO UIF BHFT PG BOE QBDLFE 4*6 "SFOB UP QBSUJDJQBUF JO BDUJWJUJFT XJUI 4*6$ BUIMFUFT

5&//*4

5IF 4BMVLJ XPNFO USBWFM UP 4U -PVJT 5VFTEBZ UP UBLF PO 4BJOU $0/5*/6&% '30.

-PVJT 6OJWFSTJUZ CFGPSF SFUVSOJOH UP i *U XBT B DPNCJOBUJPO PG VT OPU $BSCPOEBMF GPS GJWF TUSBJHIU IPNF CFJOH BHHSFTTJWF VT IJUUJOH VOGPSDFE DPOGFSFODF NBUDIFT FSSPST UIJOHT MJLF UIBU BOE %SBLF

" CSJHIU TQPU GPS UIF NFO

QMBZJOH BNB[JOXH w /FMTPO TBJE XBT UIF QMBZ PG GSFTINBO &SJD 8FTU 8FTU XPO UXP PG UIF 5IF 4BMVLJ NFO TUBSUFE PGG TUSPOH 4BMVLJ T UISFF NBUDIFT EFGFBUJOH $SFJHIUPO XJOT BHBJOTU %SBLF IFZ OFFE UP 4BUVSEBZ CVU UIF XJOOJOH JO IJT QVU IJN JO NPNFOUVN EJE OPU /P EPVCMFT NBUDI DBSSZ PWFS JOUP UIF XJUI QBSUOFS 'FMJQF UIF CBMMPU )F T MPTT UP %SBLF /FMTPO 7JMMBTFOPS BOE EFGFBU POF PG UIF CFTU TBJE %SBLF DPBDI $IBTF JOH $FTBS #SBDIP JO /P )PEHFT UPME IJN JU XBT GSFTINBO UIF CFTU NBUDI UIF UFBN %BOO /FMTPO TJOHMFT 8FTU IBT XPO QMBZFE BMM TFBTPO NFO T UFOOJT IFBE DPBDI TUSBJHIU TJOHMFT NBUDIFT BOE JT 5IF XPNFO T UFBN XBT BMTP VOTVDDFTTGVM JO EPVCMFT NBUDIFT BHBJOTU %SBLF GBMMJOH PO 4BUVSEBZ i5IFSF BSF PUIFS DPBDIFT UIBU BSF BOE MPTJOH BHBJO UP /PSUIFSO *PXB HPJOH UP WPUF GPS GSFTINBO PG UIF ZFBS w 4VOEBZ CZ B TDPSF PG 5IF 4BMVLJT /FMTPO TBJE i5IFZ OFFE UP QVU IJN JO FOUFSFE UIF XFFLFOE NBUDIFT XJOOFST UIF CBMMPU )F T POF PG UIF CFTU w 5IF 4BMVLJT XJMM USBWFM UP 5FSSF PG TJY TUSBJHIU 5IF MPTTFT XFSF JOGFDUJPVT BT OPU )BVUF *OE UP QMBZ *OEJBOB 4UBUF FWFO GPSNFSMZ VOEFGFBUFE .BXJTJSF 8FEOFTEBZ XIJDI 8FTU TBJE XPVME XBT JNNVOF 5IF XPNFO T /P CF B DIBMMFOHF TJOHMFT BOE EPVCMFT QMBZFS ESPQQFE i*OEJBOB 4UBUF T B HPPE UFBN IFS GJSTU TJOHMFT NBUDI PG UIF TFBTPO UIPVHI UIFJS SFDPSE NBZ OPU TIPX JU w 4BUVSEBZ MPTJOH UP %SBLF T 7FSPOJLB 8FTU TBJE i8F IBWF UP QMBZ PVS HBNF BOE XF MM CPVODF CBDL GSPN %SBLF w -FT[BZPWB

¶¶5

&%:5" # "4;$;:, ] % "*-: & (:15*"/ 4FOJPS 'FMJQF 7JMMBTFOPS WPMMFZT UIF CBMM EVSJOH 4BUVSEBZ T HBNF BHBJOTU $SFJHIUPO BU UIF 4*6 5FOOJT $PVSUT 5IF 4BMVLJT CFBU UIF #MVFKBZT

&#+.; ');26+#0

4QPSUT

7EPYOM -RWMHIV 8IP EP ZPV UIJOL XJMM XJO UPEBZ T /$"" 5PVSOBNFOU DIBNQJPOTIJQ HBNF CFUXFFO /PSUI $BSPMJOB BOE .JDIJHBO 4UBUF

4$055 .*&4;"-" TDPUU !TJV FEV

8FMM EFGJOJUFMZ OPU NF * WF OFWFS EPOF BOZUIJOH TP CBEMZ JO NZ MJGF UIBO XIFO * GJMMFE PVU UIJT ZFBS T CSBDLFU * IBE B CBE GFFMJOH BCPVU JU UIPVHI PODF * TUBSUFE TFFJOH NZ DIBNQJPO T OBNF JO DPNNFSDJBMT GPS UIF NPWJF i5IF )BVOUJOH JO $POOFDUJDVU w PG BMM UIF ZFBST GPS UIBU NPWJF UP DPNF PVU "OZXBZ * TFF /PSUI $BSPMJOB XJOOJOH UPOJHIU

* SFBMMZ XBOU UP QJDL UIF 4QBSUBOT JO UIJT NBUDI 5IF TUPSZ TPVOET BNB[JOH 5IF VOEFSEPH GSPN UIF FDPOPNJDBMMZ EFQSFTTFE TUBUF PG .JDIJHBO PWFSDPNJOH FWFSZUIJOH UP PWFSUBLF UIF NJHIUZ 5BS )FFMT 5IFO SFBMJUZ TFUT JO BOE * SFBMJ[F UIBU /PSUI $BSPMJOB IBT CFFO EPNJOBUJOH JO UIF UPVSOFZ BOE BMSFBEZ CFBU .JDIJHBO 4UBUF CZ BU %FUSPJU UIJT ZFBS * IBWF )BOTCSPVHI BOE UIF 5BS )FFMT DVUUJOH EPXO UIF OFUT .POEBZ

-6*4 $ .&%*/" MDN !TJV FEV

3:"/ 70:-&4 SWPZMFT !TJV FEV

* WF CFFO TPME PO /PSUI $BSPMJOB BGUFS TFFJOH UIFN PCMJUFSBUF 0LMBIPNB JO QFS TPO BOE OP POF IBT EPOF BOZUIJOH UP TXBZ NZ PQJOJPO TJODF * QJDLFE 6/$ CFGPSF UIF TFBTPO TUBSUFE BOE CFGPSF UIF UPVSOBNFOU TUBSUFE TP * N OPU TIZJOH BXBZ GSPN JU 5IF 5BS )FFMT XJMM BUUFNQU UP TDPSF NPSF QPJOUT JO POF HBNF UIBO UIF %FUSPJU -JPOT EJE UIF XIPMF ZFBS BU 'PSE 'JFME

'03 :063 $)"/$& 50 $0..&/5 0/ #"/5&3 7*4*5 4*6%& $0.

40'5#"--

XPSL FUIJD IFMQFE QVTI IFS UP XPSL PVU PG BO FBSMZ KBN BHBJOTU B HPPE IJUUJOH CBMMDMVC i8F XPSL IBSE BOE XIFO ZPV XPSL IBSE HPPE UIJOHT IBQQFO w TIF

TBJE i* KVTU LOFX JG * LFQU IJUUJOH UIF TQPU JU XPVME GBMM JOUP QMBZ BOE FWFSZUIJOH XPVME XPSL PVU i

$VSZOTLJ QJUDIFE JOOJOHT BMMPXJOH IJUT GPVS XBMLT BOE $0/5*/6&% '30.

GJWF FBSOFE SVOT CVU KVTU POF PG 4UBMUFS TBJE 4*6 IBE QMBZFE XFMM UIPTF SVOT XBT TDPSFE JO UIF GJSTU EVSJOH QBSUT PG UIF UXP HBNFT TFWFO JOOJOHT CVU OFFEFE UP QMBZ XFMM GPS OJOF .VSQIZ B MFGU IBOEFE IJU JOOJOHT UP UVSO UIF TFBTPO BSPVOE UFS SFBDIFE CBTF BMM GJWF UJNFT IF i0CWJPVTMZ JU T OPU GVO CVU XF DBNF VQ UP UIF QMBUF BHBJOTU UIF XFSF IBOHJOH JO UIFSF BOE QMBZFE MFGU IBOEFE #VEEZ #BVNBO UIF TPNF HPPE CBMM GPS B XIJMF UIF MBTU .JTTPVSJ 7BMMFZ $POGFSFODF T MFBE UXP EBZT w 4UBMUFS TBJE PG UIF EJTBQ FS JO &3" .VSQIZ XPSLFE UISFF QPJOUJOH MPTTFT i4P XF KVTU HPU UP XBMLT BOE IJU UXP TJOHMFT XIJMF BMTP QMBZ HPPE CBTFCBMM GPS OJOF JOOJOHT TDPSJOH B SVO )F TBJE IF DIBOHFE BOE XF MM CF GJOF w IJT CBUUJOH TUBODF GPS UIF MFGUZ MFGUZ )FOEFSTPO QSBJTFE UIF 4BUVSEBZ NBUDIVQ QFSGPSNBODFT PG TPQIPNPSF DFOUFS i* XBT TFFJOH UIF CBMM QSFUUZ GJFMEFS $ISJT .VSQIZ BOE TFOJPS XFMM * NFBO * DIBOHFE NZ TUBODF TUBSUJOH QJUDIFS "EBN $VSZOTLJ BOE * IBE CPUI FZFT PO UIF CBMM w

.VSQIZ TBJE i* EPO U LOPX * N KVTU TFFJOH JU CFUUFS OPX w 5IF 4BMVLJT TUSBOEFE B TFB TPO IJHI SVOOFST 4BUVSEBZ BOE )FOEFSTPO TBJE UIF EJGGFSFODF GPS 4*6 IBT CFFO JUT PQQPOFOUT DPNF UISPVHI JO CJH TQPUT XIJMF UIF 4BMVLJT IBWF OPU i:PV XPVME IPQF UIBU TPNFCPEZ XPVME TUFQ VQ w )FOEFSTPO TBJE i5IBU T UIF EJGGFSFODF JO UIF CBMM HBNF 5IFZ CBUUMFE .JTTPVSJ 4UBUF CBUUMFE XIFO UIFZ IBE PQQPSUVOJ UJFT UIFZ GPVMFE PGG HPPE QJUDIFT UJMM UIFZ HPU B QJUDI UIFZ DPVME IJU BOE UIFO CBSSFMFE CBMMT VQ *O DSVDJBM TJUVBUJPOT JO UIF HBNF XF EJEO U CBUUMF WFSZ IBSE w

$0/5*/6&% '30.

8BUFST XIP SBMMJFE BGUFS BMMPX JOH UIF FBSMZ SVO TBJE UIF UFBN T

#"4&#"--

+FGG &OHFMIBSEU DPOUSJCVUFE UP UIJT SFQPSU

0QFOJOH EBZ 3FOFXFE TQJSJUT QFSIBQT FNQUZ TFBUT #FO 8BMLFS 5)& "440$*"5&% 13&44

,FO (SJGGFZ +S TXJOHJOH BHBJO GPS 4FBUUMF , 3PE OPX DMPTJOH GPS UIF /FX :PSL .FUT " DIBNQJPO TIJQ SFNBUDI BU 'FOXBZ 1BSL B OFX TUBSU GPS $$ 4BCBUIJB " ZFBS BGUFS UIF 5BNQB #BZ 3BZT QSPWFE NPTU BOZUIJOH JT QPTTJCMF PQFOJOH EBZ CSJOHT SFOFXFE TQJSJU BMM PWFS CBTFCBMM Â&#x2030; QMVT XPSSJFT PG NPSF BOE NPSF FNQUZ TFBUT &WFO BGUFS GJOJTIJOH XJUI B NBKPST XPSTU MPTTFT MBTU ZFBS BOE UIFO MPTJOH UIFJS HFOFSBM NBO BHFS JO B TDBOEBM UIJT TQSJOH UIF 8BTIJOHUPO /BUJPOBMT XFSF FBHFS UP HFU HPJOH i0ODF UIF CFMM SJOHT BOE UIF OBUJPOBM BOUIFN QMBZT BOE UIF HBNFT SFBMMZ DPVOU * UIJOL UIFTF HVZT BSF HPJOH UP CF SFBMMZ FOFSHJ[FE w NBO

BHFS .BOOZ "DUB TBJE 5XFMWF HBNFT BSF TFU GPS .POEBZ TUBSUJOH JO $JODJOOBUJ XIFO 'SBODJTDP 3PESJHVF[ (BSZ 4IFGGJFME BOE UIF SFWBNQFE .FUT WJTJU DIJMMZ (SFBU "NFSJDBO #BMM 1BSL -BUFS "- $Z :PVOH XJOOFS $MJGG -FF BOE UIF $MFWFMBOE *OEJBOT XJMM XBUDI GPSNFS 1SFTJEFOU (FPSHF 8 #VTI UISPX PVU UIF GJSTU CBMM JO 5FYBT 5IF "- DIBNQJPO 3BZT HFU BO FBSMZ UFTU JO #PTUPO BHBJOTU +PTI #FDLFUU BOE UIF 3FE 4PY "U OJHIU .BOOZ 3BNJSF[ CFHJOT IJT GJSTU GVMM ZFBS JO -" XIFO UIF %PEHFST PQFO BU 4BO %JFHP " GPSFDBTU PG TOPX DPME BOE IJHI XJOET JO $IJDBHP GPSDFE QPTUQPOF NFOU PG UIF HBNF CFUXFFO ,BOTBT $JUZ BOE UIF 8IJUF 4PY 5IFZ MM USZ BHBJO 5VFTEBZ 5IF TFBTPO PQFOFE 4VOEBZ OJHIU JO 1IJMBEFMQIJB XIFSF UIF

EFGFOEJOH 8PSME 4FSJFT DIBNQJPO 1IJMMJFT QMBZFE "UMBOUB #SBWFT TUBS $IJQQFS +POFT XIP MFE UIF NBKPST JO CBUUJOH MBTU ZFBS TJOHMFE GPS UIF GJSTU IJU PG UIF OFX ZFBS BOE #SJBO .D$BOO GPMMPXFE XJUI B IPNF SVO 4FWFSBM CJH OBNFT XJMM CF BCTFOU BU UIF HFU HP "MFY 3PESJHVF[ *DIJSP 4V[VLJ +PF .BVFS 5SFWPS )PGGNBO BOE +PIO -BDLFZ BSF BNPOH UIF JOKVSFE "MTP NJTTJOH JT 1IJMMJFT SFMJFWFS + $ 3PNFSP TVTQFOEFE HBNFT CZ .BKPS -FBHVF #BTFCBMM BGUFS UFTUJOH QPTJUJWF GPS B CBOOFE TVCTUBODF 8IJMF " 3PE BENJUUFE UBL JOH TUFSPJET JO XIJMF XJUI 5FYBT UIF OPOTUPQ UBML BCPVU QFS GPSNBODF FOIBODJOH ESVHT TFFNFE UP EJNJOJTI UIJT TQSJOH #VU DPODFSOT PWFS UIF FGGFDUT PG UIF FDPOPNZ DFS UBJOMZ JODSFBTFE

.POEBZ "QSJM

4ġĠģĥĤ %"*-: &(:1 5 *"/

.0/%":

*/4*%&3 QBHF $BO 4QBSUZ LOPDL PGG UIF IFBWJMZ GBWPSFE )FFMT 0/-*/& TJV%& DPN )PX UP QSPQFSMZ DIBOOFM TVSG PO POF PG UIF CFTU EBZT GPS TQPSUT PO UFMFWJTJPO

"13*-

40'5#"--

4*6 SBJO XBTI BXBZ 8JDIJUB 4UBUF -VJT $ .FEJOB %"*-: &(:15*"/ -$. !4*6 &%6

8 JUI JUT CBUT TMVNQJOH UIF 4*6 TPGUCBMM UFBN SFMJFE PO JUT UBMFOUFE USJP PG BSNT UP DBSSZ UIF /P 4BMVLJT UP B EPVCMFIFBEFS TXFFQ BOE TFSJFT XJO BHBJOTU 8JDIJUB 4UBUF 4PQIPNPSFT %BOJFMMF (MPTTPO BOE /JLLJ 8BUFST FBDI QJDLFE VQ B XJO BHBJOTU UIF 4IPDLFST BOE TFOJPS ,BUJF .D/BNBSB QJDLFE VQ IFS GJSTU TBWF PG UIF TFBTPO PO 4BUVSEBZ "GUFS B NJOVUF SBJO EFMBZ 4VOEBZ T TFSJFT GJOBMF XBT SBJOFE PVU i* EPO U LOPX JG ZPV DBO OBNF BOPUIFS TUBGG JO UIF DPVOUSZ XIFSF UIFSF T UISFF LJET UIBU DBO XPSL UPHFUIFS BOE ZPV EPO U IBWF DPN QMBJOUT w #MBZMPDL TBJE PG IFS QJUDI FST i5IFTF HVZT BSF HPPE FOPVHI UP QJDL VQ GPS FBDI PUIFS BOE UIFZ EPO U TBZ BOZUIJOH BCPVU TP BOE TP TUBSUJOH w 1SJPS UP B QBJS PG XJOT BHBJOTU UIF 4IPDLFST BU $IBSMPUUF 8FTU 4UBEJVN 4*6 .JTTPVSJ 7BMMFZ $POGFSFODF IBE OPU UBLFO UIF GJFME TJODF EFGFBU JOH &BTUFSO *MMJOPJT PO .BSDI 5IF XJO BHBJOTU UIF 1BOUIFST XSBQQFE VQ B TUSFUDI PG TJY HBNFT JO GJWF EBZT CVU TJODF UIFO UIF UFBN IBT POMZ QMBZFE UXJDF (MPTTPO BMMPXFE POMZ POF SVO PO UXP IJUT JO JOOJOHT XIJMF TUSJLJOH PVU GPVS CBUUFST BOE XBMLJOH UISFF 5IF TPQIPNPSF SJHIU IBOEFS GPVOE IFSTFMG MPDLFE JO B QJUDIFS T EVFM XJUI 8JDIJUB 4UBUF T ,BTIB ,PMC XIP BMMPXFE POMZ POF IJU JO TJY JOOJOHT PG XPSL )PXFWFS UIF POF IJU XBT B UXP SVO EPVCMF UP MFGU GJFME CZ TFOJPS UIJSE CBTFNBO ,BUJF 8BHOFS JO UIF CPUUPN PG UIF GPVSUI JOOJOH UIBU CSPLF B TDPSFMFTT UJF .D/BNBSB XPSLFE B TDPSFMFTT JOOJOHT UP QJDL VQ UIF TBWF "OPUIFS TPMJE QFSGPSNBODF CZ B 4BMVLJ TUBSUFS GPMMPXFE JO HBNF UXP XIFO 8BUFST FOUFSFE UIF DJSDMF

&%:5" # "4;$;:, ] % "*-: & (:15*"/ 4FDPOE CBTFNFO "MJDJB (BS[B BUUFNQUT UP UBH PVU 8JUDIJUB 4UBUF PVUGJFMEFS -JOETJF .JUUT EVSJOH UIF GJSTU HBNF PG 4BUVSEBZ T EPVCMFIFBEFS BU $IBSMPUUF 8FTU 4UBEJVN 5IF 4BMVLJT CFBU UIF 4IPDLFST JO CPUI HBNFT 8BUFST JNQSPWFE IFS SFDPSE UP XJUI B DPNQMFUF HBNF GJWF IJUUFS BT 4*6 QJDLFE VQ JUT TJYUI TUSBJHIU XJO 8JDIJUB 4UBUF KVNQFE PVU UP BO FBSMZ MFBE CVU 4*6 UJFE UIF HBNF JO UIF CPUUPN PG UIF UIJSE PO B SVO TDPSJOH TJOHMF UP MFGU GJFME

CZ $IFMTFB )FME 5IF 4BMVLJT CSPLF UIF UJF JO UIF CPUUPN PG UIF TJYUI JOOJOH XIFO SJHIU GJFMEFS ,BUJF 8JMTPO T POF PVU TJOHMF UP SJHIU DFOUFS TDPSFE TIPSU TUPQ )BMFZ (PSNBO 5IF GSFTINBO TIPSUTUPQ XFOU

GPS BU UIF QMBUF BOE XBT UIF POMZ IJUUFS GPS FJUIFS UFBN UP DPMMFDU NVM UJQMF IJUT (PSNBO TBJE TIF DSFEJUFE IFS QMBUF EJTDJQMJOF GPS IFS TUSPOH QFSGPSNBODF i* KVTU XFOU VQ UIFSF XJUI UIF BQQSPBDI UP TFF UIF CBMM BOE IJU UIF

#"4&#"--

4BMVLJT TXFQU CZ .JTTPVSJ 4UBUF CFGPSF 4VOEBZ T SBJOPVU 4DPUU .JFT[BMB %"*-: &(:15*"/ 4$055!4*6 &%6

4 *6 CBTFCBMM BTTPDJBUF IFBE DPBDI ,FO )FOEFSTPO TBJE BGUFS 4BUVSEBZ T MPTT UP .JTTPVSJ 4UBUF UIF 4BMVLJT XPSSZ JT OP MPOHFS CVJMEJOH NPNFOUVN CVU KVTU HFUUJOH XJOT BT UIF TFBTPO HSPXT PMEFS 5IF 4BMVLJT IBE B DIBODF UP UJF (BNF JO UIFJS TFSJFT XJUI UIF #FBST EVSJOH UIF CPUUPN PG UIF TFW FOUI XJUI KVOJPS TIPSUTUPQ .JDIBFM 4UBMUFS BU UIJSE CBTF BOE OP PVUT )PXFWFS UIF OFYU UISFF CBUUFST GBJMFE UP CSJOH 4UBMUFS IPNF UIF JOOJOH FOEFE BOE .JTTPVSJ 4UBUF QVU UIF HBNF BXBZ XJUI TFWFO SVOT JO UIF UPQ PG UIF FJHIUI JOOJOH BT JU TXFQU UIF 4BMVLJT BU "CF .BSUJO 'JFME JO UXP HBNFT BGUFS 4VOEBZ T GJOBMF XBT DBODFMFE i*G ZPV HP CBDL BOE MPPL BU BMM UIF UJNFT XF WF IBE SVOOFST BU UIJSE BOE OPU TDPSFE PWFS UIF DPVSTF PG UIF ZFBS JU T SJEJDVMPVT w )FOEFSTPO TBJE i*U KVTU BEET VQ BOE JU T UIF TBNF UIJOH FWFSZ UJNF (VZT XIP QVU B CBMM JO QMBZ BMM EBZ MPOH VOUJM JU DPNFT UP UIBU UJNF UIFO XF MM TUSJLF

4BMVLJ PVUGJFMEFST +PSEBO 4JWFSUTFO $ISJT .VSQIZ BOE "BSPO 3PCFSUT IBE B MPU PG EPXO UJNF JO 'SJEBZ T MPTT UP .JTTPVSJ 4UBUF 6OJWFSTJUZ 5IF 4BMVLJT DIBOHFE QJUDIFST GPVS UJNFT UISPVHIPVU UIF HBNF &7"/ %"7*4 % "*-: & (:15*"/ PVU PS XF MM HFU GJTUFE 4P JU T KVTU B NBUUFS PG ZPV IBWF UP UBLF UIF TBNF BQQSPBDI FWFSZ "# BOE XF EPO U EP UIBU w 8IJMF UIF 4BMVLJT

XFSF SJHIU XJUI UIF #FBST NPTU

PG UIF HBNF 4BUVSEBZ .JTTPVSJ 4UBUF KVNQFE PVU UP B MFBE JO UIF UPQ PG UIF GPVSUI PO 4VOEBZ CVU 4*6 GPVHIU CBDL XJUI TFWFO SVOT PWFS UIF OFYU UISFF JOOJOHT " SVO JO UIF OJOUI GPS UIF

CBMM w (PSNBO TBJE i8F IBE CFFO TUSVHHMJOH BU UIF QMBUF BMM HBNF TP XIFO ZPV HFU TPNFPOF PO CBTF ZPV BMXBZT IBWF UP DBQJUBMJ[F PO JU w 4FF 40'5#"-- ]

.&/ 4 5&//*4

4BMVLJ UFOOJT TUVNCMFT JOUP .7$ QMBZ 3ZBO 7PZMFT

%"*-: &(:15*"/ 370:-&4!4*6 &%6

4BMVLJT CSPVHIU UIFN UP XJUIJO POF SVO CVU UIF TDPSF QSPWFE UP CF UIF GJOBM NBSHJO

# PUI 4*6 UFOOJT UFBNT IBE TPNF PG UIFJS NPSF JNQSFTTJWF TUSFBLT TOBQQFE BT DPOGFSFODF QMBZ CFHBO PWFS UIF XFFLFOE 0O UIF XPNFO T UFBN 'BE[BJ .BXJTJSF TVGGFSFE IFS GJSTU EFGFBU JO TJOHMFT QMBZ UIJT TFBTPO BT UIF UFBN MPTU JUT GJSTU NBUDIFT TJODF .BSDI 5IF NFO XFSF KVTU BT VOMVDLZ TVGGFSJOH UIFJS GJSTU IPNF MPTT PG UIF TFBTPO PO 4VOEBZ BHBJOTU UISFF UJNF EFGFOEJOH .JTTPVSJ 7BMMFZ $POGFSFODF 7BMMFZ DIBNQJPOT %SBLF )FBE DPBDI %BOO /FMTPO TBJE JU XBT UIF MJUUMF UIJOHT UIBU BEEFE VQ BOE FWFOUVBMMZ EPPNFE UIF 4BMVLJT

4FF #"4&#"-- ]

4FF 5&//*4 ]