Apr1709Complete

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

7JEFP (MJEF UISPVHI UIF TUSFFUT XJUI UIF 4*6 SPMMFS IPDLFZ UFBN ] 1VMTF WJEFP MJOLT &RVJQ ZPVSTFMG XJUI UIF QFSGFDU QMBZMJTU GPS B MBUF OJHIU DSVJTF 4QPSUT DPMVNO (FU B GSPOU SPX TFBU GPS TPNF CBTFCBMM GVO BU 3FOU 0OF ] #MPH 8BST 8IBU JT UIF CFTU 'BDFCPPL HSPVQ

%ĒĚĝĪ &ĘĪġĥĚĒğ 13&4&/5*/( .PSSJT -JCSBSZ 5PEBZ )JHI -PX

'3*%":

4BUVSEBZ )JHI -PX

$"3500/ 1"(& (VT #PEF TBZT JU T B TIBNF XF DBO U GJOJTI UIF SFTU

4VOEBZ )JHI -PX

"13*-

70-6.& /0

1"(&4

3FEFEJDBUJPO ESBXT NPSF UIBO QFPQMF JOETFZ 4NJUI %"*-: &(:15*"/

-(4.*5)!4*6 &%6

#3"/%0/ $)"11-& ] % "*-: & (:15*"/ $BSPMZO %POPX NFNCFS BOE GPSNFS QSFTJEFOU PG 'SJFOET PG .PSSJT -JCSBSZ BOE $IBODFMMPS 4BN (PMENBO TIBSF B MBVHI CFGPSF DVUUJOH UIF SJCCPO BU UIF .PSSJT -JCSBSZ (SBOE 3FEFEJDBUJPO 5IVSTEBZ

3EPTEMBER "ASEMENT AND FIRST FLOOR OPEN

*ANUARY

#HANCELLOR 3AM 'OLDMAN SAYS THE UNIVERSITY S BUDGET WILL ALLOCATE TO MAINTAIN JOURNALS AND PERIODICALS

-C,AFFERTY !NNEX CONSTRUCTION DELAYED TWO MONTHS BECAUSE OF WINTER WEATHER

EPVTMZ GBS CFIJOE w TBJE 4VTBO 5VMJT BTTPDJBUF EFBO PG JOGPSNBUJPO TFSWJDFT i"MM UIJOHT DPOTJEFSFE JU T OPU UPP CBE *U JT DPOTUSVDUJPO 'PS NPTU PG UIF UJNF XF XFSF PO UBSHFU CVU PODF XF HPU UPXBSET UIF FOE UIFSF XFSF MPUT PG UIJOHT UIBU KVTU TMPXFE VT EPXO w 4FF #00,4 ] /PERATIONAL CHANGES CAUSE DELAYS TO CONSTRUC TION TO -C,AFFERTY !NNEX

$ECEMBER

3OURCE -ORRIS ,IBRARY 7EB SITE 0ABLO 4OBON \ $!),9 %'904)!.

"OOKS MOVED TO -C,AFFERTY !NNEX

*ANUARY

*UNE 3TAFF OFFICES MOVED TO SECOND FLOOR

#ONSTRUCTION ON -ORRIS LIBRARY BEGINS

4HURSDAY

-AY

!DMINISTRATORS CELEBRATE THE COMPLETION OF THE BASEMENT AND FLOORS ONE THROUGH FIVE WITH A REDEDICATION

! BILL THAT WOULD HAVE SECURED MILLION IN STATE FUNDS FOR THE LIBRARY FAILS IN THE )LLINOIS (OUSE OF 2EPRESENTATIVES

!PRIL 4UNNEL PUT UP AROUND ,IBRARY TO PROTECT STUDENTS FROM FALLING BRICKS WALL COLLAPSES

-ARCH

-AY

&LOORS THREE FOUR AND FIVE OPEN THREE MONTHS BEHIND SCHEDULE 2ENOVATIONS REACH HALFWAY MARK

,IBRARY ROOF COMPLETE

*UNE

#ONSTRUCTION DELAYED BECAUSE OF PROBLEMS WITH AIR SYSTEMS EXPECTED COMPLETION DATE *ULY

-ARCH

3TAFF FURNITURE MOVES IN

TWO MONTHS LATE

*UNE

,IBRARY REOPENS TO PUBLIC

.OVEMBER

"ENJOJTUSBUPST TBZ UIFZ SFDPH OJ[F UIF OFFE UP NPWF CPPLT GSPN .D-BGGFSUZ "OOFY CBDL UP .PSSJT -JCSBSZ CVU EPO U LOPX XIFO UIBU UJNF NBZ DPNF %BWJE $BSMTPO EFBO PG -JCSBSZ "GGBJST TBJE UIF NJMMJPO CPPLT XJMM SFNBJO JO .D-BGGFSUZ "OOFY VOUJM UIF TJYUI BOE TFWFOUI GMPPST PG .PSSJT -JCSBSZ BSF DPNQMFUF i8F LOPX UIBU UIF CPPLT JO .D-BGGFSUZ OFFE UP DPNF CBDL CVU XF KVTU EPO U LOPX XIFO UIBU MM IBQQFO w $BSMTPO TBJE i5IF TQBDF JT SFBEZ BOE XBJUJOH GPS UIFN BOE XF MM KVTU IBWF UP EFBM XJUI UIFN XIFO JU IBQQFOT 5IF GJSTU QIBTF UIF CJHHFTU QIBTF BOE UIF NPTU JNQPSUBOU QIBTF PG UIF QSPKFDU JT DPNQMFUF w .PSF UIBO DPNNVOJUZ NFN CFST BUUFOEFE 5IVSTEBZ T SFEFEJDB UJPO DFSFNPOZ JO .PSSJT -JCSBSZ T CBTFNFOU 5IF DFSFNPOZ XBT IFME UP DFMFCSBUF UIF FOE PG UIF SFOPWBUJPO QSPKFDU XIJDI XBT GJOJTIFE TJY NPOUIT MBUFS UIBO TDIFEVMFE $BSMTPO TBJE #VU NBOZ TUVEFOUT TBJE UIF JOBCJMJUZ UP VTF UIF UPQ UXP GMPPST JT OPU XIBU CPUIFST UIFN *U T UIF MBDL PG CPPLT PO UIF TIFMWFT i5IFSF TIPVME CF NPSF CPPLT IFSF

* SFBE UIBU JU DPTU UPP NVDI BOE UIBU UIFZ IBE QSPCMFNT HFUUJOH WPM VOUFFST CVU * UIJOL UIFZ TIPVME NBLF NPSF PG BO FGGPSU GPS UIF NPWF w TBJE (XFOEPMZO )BMM B TFOJPS GSPN "OOB TUVEZJOH BDDPVOUJOH $BSMTPO TBJE NPWJOH UIF CPPLT

!PRIL

%"*-: &(:15*"/ -(4.*5)!4*6 &%6

$ECEMBER

JOETFZ 4NJUI

SPVHIMZ NJMFT GSPN .D-BGGFSUZ "OOFY CBDL UP .PSSJT XPVME DPTU NPSF UIBO NJMMJPO -JCSBSZ SFOPWBUJPOT CFHBO JO +BOVBSZ BOE XFSF FYQFDUFE UP DPTU NJMMJPO #VU $BSMTPO TBJE UIF UPUBM DPTU PG DPOTUSVDUJPO IBT SFBDIFE NJMMJPO BOE UIF QSPKFDU IBT TFFO TFWFSBM EFMBZT i*O TPNF SFHBSET JU T OPU USFNFO

!UGUST

'VOEJOH QSPCMFNT MFBWF UXP GMPPST VOGJOJTIFE CPPLT BU .D-BGGFSUZ

$AVID #ARLSON

DEAN OF ,IBRARY !FFAIRS ANNOUNCES LACK OF FUNDING FOR FLOORS SIX AND SEVEN

.

JDSPQIPOFT BSF UZQJDBMMZ QSPIJC JUFE JO UIF MJCSBSZ CVU UIFSF XBT BO FYDFQUJPO 5IVSTEBZ "ENJOJTUSBUPST DFMFCSBUFE UIF DPNQMFUJPO PG .PSSJT -JCSBSZ T CBTF NFOU BOE GJSTU UISPVHI GJGUI GMPPST XJUI B DFSFNPOZ UIBU JODMVEFE B SJC CPO DVUUJOH BOE B CPPL TJHOJOH .PSF UIBO QFPQMF QSFEPNJOBUFMZ DPN NVOJUZ NFNCFST GJMMFE UIF CBTFNFOU PG UIF MJCSBSZ GPS UIF FWFOU .BOZ JO UIF DSPXE XFSF UIF TVCKFDUT PG BENJO JTUSBUPST SFQFBUFE UIBOLT UISPVHIPVU UIF DFSFNPOZ i* N SFMJFWFE " USFNFOEPVT BNPVOU PG QMBOOJOH XFOU JOUP UIJT w TBJE %BWJE $BSMTPO EFBO PG -JCSBSZ "GGBJST i'PS FWFOUT MJLF UIJT UP HP PGG DMFBOMZ BOE XFMM BOE JO PSHBOJ[FE GBTIJPO JU UBLFT UIF XPSL PG B MPU PG QFPQMF TP NZ TUBGG EJE KVTU B HSFBU KPC w 4*6 1SFTJEFOU (MFOO 1PTIBSE $IBODFMMPS 4BN (PMENBO JOUFSJN 1SPWPTU %PO 3JDF 4FO (BSZ 'PSCZ 4FO %BWJE -VFDIUFGFME BOE BVUIPS /JDIPMBT #BTCBOFT XFSF BMTP BMM PO IBOE i*U T B HSFBU UVSOPVU BOE JU TIPVME CF w 1PTIBSE TBJE i5IJT JT UIF NPTU JNQPSUBOU CVJMEJOH PO UIJT DBNQVT " MJCSBSZ BMXBZT BODIPST B VOJWFSTJUZ T DBNQVT w $POTUSVDUJPO PO UIF MJCSBSZ SFO PWBUJPO IBT CFFO VOEFS XBZ TJODF +BOVBSZ BOE IBT CFFO NBSSFE CZ EFMBZT BOE B MBDL PG GVOEJOH i*U T CFFO B MPOH BOE EVTUZ SPBE BOE TP JU TFFNT NPSF UIBO BQQSPQSJ BUF UP UBLF B NPNFOU UP SFGMFDU BOE DFMFCSBUF w $BSMTPO TBJE i5IJT IBT OPU CFFO ZPVS HBSEFO WBSJFUZ EFEJDBUJPO *U T CFFO TP NVDI NPSF UIBO TPNF OFX DBSQFU BOE OFX QBJOU w 4VTBO 5VMJT BTTPDJBUF EFBO GPS JOGPSNBUJPO TFSWJDFT TBJE UIF SFEFEJ DBUJPO NBSLFE BO FOE QPJOU JO UIF SFOPWBUJPO QSPKFDU i*U T MJLF XIFO UIFZ EP UIF DISJT UFOJOH PG B OFX TIJQ 5IFZ UBML BCPVU IPX XPOEFSGVM JU XBT UP HFU UP UIJT QPJOU BOE UIFO UIFZ DSBTI UIF DIBN QBHOF CPUUMF BHBJOTU UIF FOE PG UIF CPBU BOE QSBZ UIBU JU EPFTO U CSFBL UIF CPBU w 5VMJT TBJE (PMENBO TBJE IF BENJSFE UIF SFOP WBUJPOT BOE XBT IBQQZ TUVEFOUT DPVME GJOBMMZ FOKPZ B OFBSMZ DPNQMFUFE MJCSBSZ i(PJOH PO JOTJEF UIJT TUSVDUVSF XJMM CF UIF NPTU FYDJUJOH UJNF GPS PVS TUVEFOUT BOE PVS GBDVMUZ CFDBVTF XF IBWF B NPEFSO VQ UP EBUF DVSSFOU MJCSBSZ UIBU XF DBO CF WFSZ QSPVE PG w (PMENBO TBJE 4FF -*#3"3: ]

'SJEBZ "QSJM

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

-*#3"3:

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

3JDF TBJE IF VTFE UP BWPJE HPJOH UP UIF MJCSBSZ XIFO IF XBT ZPVOHFS CVU QMBOT UP WJTJU .PSSJT NPSF PGUFO i8F IBWF NJMMJPOT PG CPPLT UIPV TBOET PG KPVSOBMT BOE IVOESFET PG DPNGPSUBCMF DIBJST * BMSFBEZ IBWF NJOF QJDLFE PVU w IF TBJE i*U T UIF QFSGFDU QMBDF UP PQFO B CPPL PQFO B DPNQVUFS PS PQFO B NJOE w $BSMTPO TBJE UIF SFEFEJDBUJPO TIPVME JODMVEF BMM PG UIPTF JOWPMWFE JO UIF SFOPWBUJPO QSPDFTT JODMVEJOH UIF TUVEFOUT #SBOEPO 4NJUI B TFOJPS GSPN $FOUSBMJB TUVEZJOH SBEJP UFMFWJTJPO BOE B TQFBLFS BU UIF FWFOU TBJE IF XBT IPOPSFE UP CF JOWPMWFE JO UIF DFS FNPOZ BOE IPQFE TUVEFOUT XJMM UBLF BEWBOUBHF PG UIF EJWFSTJUZ PG MFBSOJOH UIBU UIF MJCSBSZ QSPWJEFT i* CFMJFWF * TQFBL GPS UIF NBKPSJUZ PG 4*6$ TUVEFOUT XIFO JU DPNFT UP

#00,4

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

4DPUU 3JDIBSET B TFOJPS GSPN 8JMNFUUF TUVEZJOH QTZDIPMPHZ TBJE UIF EFMBZT BOE CVEHFU JODSFBTFT IBT NBEF JU IBSE GPS TUVEFOUT MPPLJOH UP FOKPZ B GVMMZ GVODUJPOBM MJCSBSZ i*U NBLFT JU NPSF EJGGJDVMU UP SFTFBSDI BOE NPSF EJGGJDVMU UP CF B TUVEFOU XIFO ZPV DBO U HP BMPOH UIF CPPLTIFMWFT BOE GJOE UIF SFMBUFE CPPLT UIBU ZPV XBOU w IF TBJE 5VMJT TBJE TUVEFOUT MPPLJOH GPS UIF NPTU SFDFOU JOGPSNBUJPO DPVME TUJMM CSPXTF GPS CPPLT BU .PSSJT XJUIPVU IBWJOH UP EFBM XJUI .D-BGGFSUZ 4IF TBJE XIJMF UIFSF JT B TVCTUBOUJBM DPMMFDUJPO JO .D-BGGFSUZ FWFSZ CPPL QVSDIBTFE TJODF JT JO UIF MJCSBSZ i*G ZPV SFBMMZ BSF MPPLJOH GPS DVS SFOU NBUFSJBMT ZPV OFFE UP CF JO UIF

/FXT

GFFMJOH KPZ BOE FYDJUFNFOU UP CF BCMF UP IBWF BDDFTT UP UIF XPOEFSGVM TUVEZ BOE SFTFBSDI GBDJMJUZ UIBU .PSSJT -JCSBSZ IBT OPX CFDPNF w IF TBJE -FBI #SPBEEVT BO BTTJTUBOU QSPGFTTPS PG -JCSBSZ "GGBJST GPM MPXFE UIF TQFBLFST XJUI B QPFN SFBEJOH "MMJTPO +PTFQI BO BTTPDJ BUF QSPGFTTPS PG &OHMJTI XSPUF UIF QPFN BCPVU UIF MJCSBSZ CVU XBT VOBCMF UP BUUFOE #BTCBOFT B OPUFE BVUIPS BOE CPPL DPMMFDUPS TQPLF JO UIF MJCSBSZ T KVTU GJOJTIFE BVEJUPSJVN PO UIF GJSTU GMPPS CFGPSF IPMEJOH B CPPL TJHOJOH #BTCBOFT T TQFFDI GFBUVSFE TUPSJFT IF JODMVEFE JO IJT TFWFO CPPLT PO CPPL DPMMFDUJOH " CPPL TJHOJOH UPPL QMBDF JNNFEJBUFMZ BGUFS IF GJOJTIFE TQFBLJOH " XFFL FBSMJFS UIF BVEJUPSJVN #BTCBOFT TQPLF JO XBT FNQUZ XJUI XPPEFO GMPPST BOE TDBUUFSFE BNPVOUT PG TBXEVTU i*G ZPV IBE BTLFE NF .POEBZ

NPSOJOH * XPVME IBWF TBJE OP XBZ 5IPTF HVZT NVTU IBWF CVTUFE UIFJS CVUUT .POEBZ *U XBT BO BNB[JOH EJGGFSFODF w 5VMJT TBJE i $BSMTPO JT HJWJOH NF HSJFG TBZJOH A* UPME ZPV JU XPVME CF EPOF w 5VMJT TBJE UIF BVEJUPSJVN TUJMM OFFEFE UP IBWF UIF QFSNBOFOU TPVOE TZTUFN JOTUBMMFE XIJDI XJMM UBLF UXP UP GPVS XFFLT $BSMTPO TBJE UIF DPNQMFUJPO PG PUIFS BTQFDUT PG UIF MJCSBSZ JODMVEJOH GMPPST TJY BOE TFWFO EJE OPU IBWF TVDI B EJTUJODUJWF UJNFMJOF %FTQJUF UIF CVEHFU QSPCMFNT UIBU IBWF QMBHVFE UIF MJCSBSZ 1PTIBSE TBJE TUVEFOUT TIPVME CF FYDJUFE BCPVU UIF SFOPWBUJPO QSPKFDU i5P IBWF B DPNGPSUBCMF TVSSPVOE JOH UP IBWF BMM UIF OFX UFDIOPMPHZ JODPSQPSBUFE QMVT UIF CFBVUZ PG UIF QMBDF IBT HPU UP NBLF JU FBTJFS GPS TUV EFOUT UP XBOU UP DPNF IFSF w 1PTIBSE TBJE i&WFSZ DMBTT ZPV UBLF FWFOUVBMMZ JT HPJOH UP SFGFSFODF ZPV CBDL UP UIJT DFOUFS PG MFBSOJOH SJHIU IFSF w

MJCSBSZ w 5VMJT TBJE $BSMTPO TBJE IF LOFX UIF MJCSBSZ XPVME CF VOGJOJTIFE GPVS ZFBST BHP BOE BDLOPXMFEHFE UIF VOJWFSTJUZ IBT ZFU UP GJHVSF PVU XIFSF UP HFU UIF SFNBJOJOH GVOEJOH UP DPNQMFUF UIF QSPKFDU $IBODFMMPS 4BN (PMENBO TBJE UIF VOJWFSTJUZ T CVEHFU XPVME JODMVEF B HVBS BOUFFE GPS PQFSBUJOH DPTUT $BSMTPO TBJE JU XPVME UBLF NJM MJPO UP DPNQMFUF SFOPWBUJPO PG UIF UPQ UXP GMPPST i8F IBWF DFSUBJOMZ GJOJTIFE UIJT TUBHF PG UIF QSPKFDU ZFT CVU PCWJPVTMZ UIFSF BSF UIJOHT UIBU XF IBWFO U EPOF ZFU w $BSMTPO TBJE i5IBU MM IBWF UP CF B TFQBSBUF UJNF B TFQBSBUF QSPKFDU BOE TFQBSBUF NPOFZ w 5IF VOJWFSTJUZ SBO JOUP QSPCMFNT EFBMJOH XJUI DPOUSBDUPST CJET $BSMTPO TBJE

i8IFO ZPV HP PVU BOE EP B CJE GPS B $BQJUBM %FWFMPQNFOU #PBSE QSPKFDU UIF POF UIJOH ZPV BCTPMVUFMZ QPTJUJWFMZ NVTU EP JT NFFU UIF CVEHFU w IF TBJE i"U UIF TBNF UJNF UIF DIBMMFOHF JT ZPV OFWFS LOPX XIBU QSJDFT BSF HPJOH UP CF CJE :PV IBWF UP CF QSFQBSFE XIFO UIF CJET BSF IJHIFS w )F TBJE JO .PSSJT -JCSBSZ T DBTF UIFSF XBT OPU FOPVHI NPOFZ UP TFMFDU GMPPST TJY BOE TFWFO $BSMTPO TBJE UIF JOGSBTUSVDUVSF PO UIPTF GMPPST JT DPNQMFUF BOE JU XPVME OPU UBLF NVDI FGGPSU UP GJOJTI UIF GMPPST PODF UIFSF XFSF GVOET UP EP TP i8F MM GJOE UIF NPOFZ UP EP UIBU TPNFUJNF CVU SJHIU OPX * EPO U LOPX XIFO *O UXP PS UISFF ZFBST JU XJMM TUBSU UP CF B QSPCMFN GPS VT w IF TBJE i8F IBWF FOPVHI FYQBOTJPO TQBDF JO XIBU XF IBWF IFSF OPX VOUJM UIFO w

TDIFEVMFE GPS OFYU XFFL XIJDI XJMM SFTVMU JO UIF UXP WBDBODJFT CFJOH GJMMFE "OUJDJQBUFE JODSFBTFT JO %FQBSUNFOU TUBGGJOH XFSF QPTUQPOFE MBTU ZFBS EVF UP CVEHFUBSZ SFTUSJDUJPOT "T BQQSPWFE CZ UIF $JUZ $PVODJM UIF $JUZ JT QVSTVJOH B $PNNVOJUZ 0SJFOUFE 1PMJDJOH 4FSWJDF HSBOU UP JODSFBTF BVUIPSJ[FE QFSTPOOFM UP VTJOH GFEFSBM GVOET *G BXBSEFE POF PG UIF HSBOU SFRVJSFNFOUT JT UP NBJOUBJO UIF IJHIFS MFWFM PG TUBGGJOH 5IF IJHIFS WPMVNF PG 1PMJDF %FQBSUNFOU DBMMT GPS TFSWJDF JODMVEFT B IJHIFS WPMVNF PG TFMG JOJUJBUFE BDUJWJUZ PO UIF QBSU PG $BSCPOEBMF QPMJDF PGGJDFST 4FMG JOJUJBUFE BDUJWJUZ JODMVEFT GPPU QBUSPMT CJLF QBUSPMT NPSF BHHSFTTJWF USBGGJD FOGPSDFNFOU BOE IPNF BOE CVTJOFTT TFDVSJUZ DIFDLT "MM PG UIJT JT QBSU PG UIF 1PMJDF %FQBSUNFOU T DPNNVOJUZ QPMJDJOH

QIJMPTPQIZ TFFLJOH UP SFTQPOE UP UIF OFFET PG WBSJPVT $BSCPOEBMF OFJHICPSIPPET 5IF GBDU UIBU NPSF DBMMT BSF CFJOH IBOEMFE CZ UIF TBNF OVNCFS PG PGGJDFST TIPXT UIBU UIFSF IBT CFFO BO JODSFBTF JO QPMJDF PGGJDFS QSPEVDUJWJUZ 8F BSF QSPVE PG UIF XPSL UIBU PVS PGGJDFST EP BOE XF UIBOL UIFN GPS UIFJS FGGPSUT UP TFSWF UIF OFFET PG PVS DPNNVOJUZ w *O BEEJUJPO JOGPSNBUJPO BUUSJCVUFE UP $PNNVOJUZ 3FMBUJPOT 0GGJDFS .BSJMZO +BNFT XBT JODPSSFDU *O B .BSDI BSUJDMF +BNFT TBJE TIF XPVME FODPVSBHF UIF OFYU QFSNBOFOU QPMJDF DIJFG UP IBWF PGGJDFST XBML UIF TUSFFUT JO USPVCMFE BSFBT TVDI BT $BSCPOEBMF T OPSUIFBTUFSO OFJHICPSIPPET i:PV OFFE UIF QSFTFODF PG UIF QPMJDF UIFSF w +BNFT TBJE i*U T HFUUJOH PVU PG UIF DBS BOE UBMLJOH UP UIF QFPQMF w 5IF %"*-: &(:15*"/ SFHSFUT UIFTF FSSPST

$PSSFDUJPOT *O UIF 5IVSTEBZ FEJUJPO PG UIF %"*-: &(:15*"/ UIF TUPSZ i1PMJDF GBDF IJSJOH GSFF[F BT EFNBOE SJTFTw DPOUBJOFE NVMUJQMF FSSPST $JUZ .BOBHFS "MMFO (JMM JTTVFE UIF GPMMPXJOH TUBUFNFOU UP DPSSFDU NJTJOGPSNBUJPO BUUSJCVUFE UP IJN BOE JOUFSJN $BSCPOEBMF 1PMJDF $IJFG +FGG (SVCCT i$POUSBSZ UP UIF SFQPSU JO UIF %"*-: &(:15*"/ PO "QSJM UIFSF JT OPU BOE XJMM OPU CF B IJSJOH GSFF[F JO UIF $BSCPOEBMF 1PMJDF %FQBSUNFOU /P $JUZ SFQSFTFOUBUJWFT VTFE UIJT UFSN BOE UIF SFQPSU XBT UIFSFGPSF JO FSSPS "VUIPSJ[FE 1PMJDF %FQBSUNFOU TUBGGJOH JT DVSSFOUMZ BU TXPSO QFSTPOOFM 5IF $JUZ XJMM DPOUJOVF UP TFFL BQQMJDBOUT BOE GJMM WBDBODJFT JO UIFTF BVUIPSJ[FE QPTJUJPOT 5XP WBDBODJFT DVSSFOUMZ FYJTU $BOEJEBUF JOUFSWJFXT BSF

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

/FXT

'SJEBZ "QSJM

4UBUF DJHBSFUUF UBY IJLF BXBJUT )PVTF BQQSPWBM #SBOEZ 0YGPSE

&BTU 8BMOVU 4USFFU .BSMCPSPT DPTU $BNFMT DPTU BOE /FXQPSUT DPTU .BSZ 5BZMPS B MJCSBSJBO BU .PSSJT -JCSBSZ BOE B OPOTNPLFS TBJE UIF FYQFOTF NPUJWBUFE IFS NPUIFS 8JUI UIF DFOU GFEFSBM UBY IJLF PO DJHBSFUUFT UP RVJU TNPLJOH ZFBST BHP 5BZMPS T NPUIFS XBT CBSFMZ UXP XFFLT PME MFHJTMBUJPO TJUT JO UIF *MMJOPJT BQQBMMFE CZ UIF QSJDF PG BO BOUJ TNPLJOH TFNJOBS )PVTF PG 3FQSFTFOUBUJWFT UP JODSFBTF UIF DFOU TIF BUUFOEFE CVU DIPTF UP TUBZ XIFO TIF GPVOE *MMJOPJT DJHBSFUUF TBMFT UBY CZ JO UIF OFYU UXP PVU B DBSUPO PG DJHBSFUUFT DPTU UIF TBNF BT B XFFL ZFBST BU UIF TFNJOBS 5IF CJMM TQPOTPSFE CZ 4FO +FGG 4DIPFOCFSH i*U KVTU IJU IFS IPX NVDI IFS DJHBSFUUF IBCJU % &WBOTUPO QBTTFE CZ B WPUF JO UIF *MMJOPJT XBT DPTUJOH IFS BOE UIF GBNJMZ w 5BZMPS TBJE 4FOBUF "QSJM " DIJME PG UIF %FQSFTTJPO 5BZMPS T NPUIFS *G UIF )PVTF QBTTFT 4FOBUF #JMM UIF TUBUF DPVME OPU DPNF UP UFSNT XJUI UIF FYQFOTF TIF TBJE DJHBSFUUF UBY XPVME HP VQ DFOUT JO 4FQUFNCFS 5BZMPS TBJE TIF TVQQPSUT UIF UBY JG JU QVTIFT PUIFS BOE BOPUIFS DFOUT OFYU TNPLFST UP RVJU TNPLJOH ZFBS 5IBU T JO BEEJUJPO UP UIF i.Z NPUIFS IBE TNPLFE GFEFSBM UBY XIJDI XFOU GSPN GPS ZFBST BOE ZFBST BOE ZFBST w DFOUT UP PO "QSJM 5BZMPS TBJE i4IF IBE IFBMUI IFZ SF QVUUJOH BOPUIFS 5IF *MMJOPJT MFHJTMBUJPO QSPCMFNT 4IF IBE PUIFS QFPQMF UBY PO UIF QPPS UIFZ FGGPSUT TUFNNFE GSPN (PW UFMMJOH IFS UP RVJU CVU UIF QSJDF 1BU 2VJOO T .BSDI CVEHFU DBO U BGGPSE 8IFSF * N GSPN XBT UIF BEEJUJPOBM NPUJWBUJPO BEESFTT JO XIJDI IF DBMMFE GPS TIF OFFEFE 'PS NF JG UIF UBY -PVJTJBOB JU T TUJMM * CVZ IFMQT QFPQMF HJWFT UIFN UIBU UIF UBY UP IFMQ UIF TUBUF QBZ PGG JUT CBDLMPH PG .FEJDBJE EPXO UIFSF BOE CSJOH UIFN BEEJUJPOBM NPUJWBUJPO UP RVJU CJMMT BDDPSEJOH UP BO "QSJM * N BMM GPS JU w VQ IFSF XIFO * DPNF VQ SFQPSU CZ UIF 4U -PVJT 1PTU (SJGGJO TBJE SBJTJOH UBYFT ‰ $ISJT (SJGGJO XPVME OPU IFMQ QFPQMF RVJU %JTQBUDI T 4QSJOHGJFME #VSFBV 4*6$ BMVNOVT TNPLFS -BXNBLFST XIPTF EJTUSJDUT MJF TNPLJOH )F TBJE JODSFBTJOH OFBS CPSEFST XJUI PUIFS TUBUFT FEVDBUJPO BOE BXBSFOFTT PCKFDU UP UIF CJMM TBZJOH JU XPVME DBVTF TNPLFST UP JOJUJBUJWFT XPVME CF B CFUUFS XBZ UP NBLF TNPLFST UBLF UIFJS CVTJOFTT BDSPTT TUBUF MJOFT XBOU UP RVJU $ISJT (SJGGJO BO 4*6$ BMVNOVT BOE B TNPLFS i*U T B ESVH BOE UIFZ SF BEEJDUFE UP JU w (SJGGJO TBJE UIFTF HPWFSONFOU JOJUJBUJWFT BSF TJNQMZ TBJE i5IFZ SF HPJOH UP LFFQ EPJOH JU w QVUUJOH NPSF TUSBJO PO UIF 6OJUFE 4UBUFT BMSFBEZ 5BZMPS TBJE IFS POF DPODFSO XJUI UIF UBY PWFSCVSEFOFE QPPS JODSFBTF XPVME CF JG UIF HPWFSONFOU VTFE UIF i5IFZ SF QVUUJOH BOPUIFS UBY PO UIF QPPS OFX SFWFOVF BT BO FYDVTF UP TUPQ PUIFS GPSNT PG UIFZ DBO U BGGPSE w (SJGGJO TBJE i8IFSF * N GSPN GVOEJOH GPS JUT JOJUJBUJWFT -PVJTJBOB JU T TUJMM * CVZ EPXO UIFSF BOE CSJOH i*U T TPSU PG MJLF VTJOH UIF MPUUFSZ UP GVOE UIFN VQ IFSF XIFO * DPNF VQ w FEVDBUJPO w TIF TBJE i6TVBMMZ XIBU IBQQFOT JT "U UIF $BSCPOEBMF #1 PO 8FTU .BJO 4USFFU UIFZ EFDSFBTF UIFJS GVOEJOH PG FEVDBUJPO GSPN .BSMCPSP DJHBSFUUFT DPTU $BNFMT DPTU PUIFS TPVSDFT TP JU T OPU BEEJUJPOBM NPOFZ JU T KVTU BOE /FXQPSUT DPTU "U UIF 4IFMM $JSDMF , PO B USBOTGFS w %"*-: &(:15*"/ #3"/%: 09'03%!4*6%& $0.

¶¶5

914.& 0#6+10

'SJEBZ "QSJM

/FXT

0CBNB TBZT $VCB TIPVME NBLF OFYU NPWF

3VTTJB FOET $IFDIFO DPVOUFSUFSSPSJTN PQFSBUJPO .VTB 4BEVMBZFW 5)& "440$*"5&% 13&44

$IJMESFO QMBZ CBTFCBMM PO B TJEF TUSFFU JO )BCBOB $FOUSP UIF XPSO OFJHICPSIPPE PG EPXOUPXO )BWBOB $VCB .BSDI $VCBO GBNJMJFT IBWF MJUUMF BDDFTT UP MVYVSZ BOE FOUFSUBJONFOU HPPET "%". +"%)"7 .$$-"5$): 53*#6/& 0CBNB TBJE B SFMBUJPOTIJQ GSP[FO GPS ZFBST iXPO U UIBX PWFSOJHIU w BOE UIBU $VCB DBO TIPX JU XBOUT UP NPWF GPSXBSE CZ MJGUJOH . &9 *$0 $ * 5 : 1SFTJEFOU 0CBNB JUT PXO SFTUSJDUJPOT PO $VCBOT BCJMJUZ UP XBOUT )BWBOB UP NBLF UIF OFYU NPWF UP USBWFM BOE UP WPJDF UIFJS PQJOJPOT JNQSPWF 6 4 $VCB SFMBUJPOT TBZJOH 5IVSTEBZ $VCB T DPNNVOJTU HPWFSONFOU IBE OP UIBU IF OFFET UP TFF TJHOT PG DIBOHFT PO UIF JNNFEJBUF SFBDUJPO CVU 1SFTJEFOU 3BVM JTMBOE CFGPSF IF NBLFT BOZ NPSF PWFSUVSFT $BTUSP IBT TBJE IF JT XJMMJOH UP OFHPUJBUF 0CBNB BMSFBEZ IBT MJGUFE SFTUSJDUJPOT XJUI 0CBNB PO OFVUSBM HSPVOE BT FRVBMT BOE PO WJTJUT BOE NPOFZ TFOU UP $VCB CZ XJUIPVU DPOEJUJPOT "NFSJDBOT XJUI GBNJMJFT UIFSF TUFQT IF $BTUSP XBT JO 7FOF[VFMB XIFSF 1SFTJEFOU DBMMFE iFYUSBPSEJOBSJMZ TJHOJGJDBOUw GPS UIPTF )VHP $IBWF[ BOE PUIFS DMPTF BMMJFT XFSF GBNJMJFT BOE B TIPX PG HPPE GBJUI CZ UIF QMBOOJOH UP TIPX B VOJUFE GSPOU JO UIFJS 6 4 HPWFSONFOU UIBU JU XBOUT UP SFDBTU UIF GJSTU FODPVOUFS XJUI 0CBNB PO 'SJEBZ BU UIF SFMBUJPOTIJQ 4VNNJU PG UIF "NFSJDBT #VU IF SFJUFSBUFE UIBU UIF 6OJUFE 4UBUFT $IBWF[ DBMMFE UIF 6 4 QPTJUJPO B iTIPX XPO U VOJMBUFSBMMZ FOE JUT USBEF FNCBSHP BHBJOTU PG EJTSFTQFDU w $VCB FWFO UIPVHI UIF QPMJDZ JT XJEFMZ TFFO i*G UIBU T UIF XBZ JU JT XIBU NPSF DBO XF BT B GBJMVSF UIBU IBT DPNQMJDBUFE 6 4 SFMBUJPOT FYQFDU GSPN UIF SFTU /PUIJOH w $IBWF[ TBJE UISPVHIPVU -BUJO "NFSJDB BOE UIF $BSJCCFBO i* IPQF XF SF XSPOH CVU UIFZ MM CF UIF POFT

#FO 'FMMFS

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

XIP XJMM IBWF UP TIPX VT OPU XJUI UBMFT BOE TQFFDIFT w 0CBNB TQPLF BU B OFXT DPOGFSFODF BGUFS NFFUJOH XJUI .FYJDBO 1SFTJEFOU 'FMJQF $BMEFSPO XIP DBMMFE UIF 6 4 FNCBSHP B GBJMFE TUSBUFHZ "TLFE XIBU UIF 6OJUFE 4UBUFT TIPVME EP PO $VCB UP JNQSPWF JUT JNBHF BDSPTT -BUJO "NFSJDB $BMEFSPO TBJE i8F EP OPU CFMJFWF UIBU UIF FNCBSHP PS UIF JTPMBUJPO PG $VCB JT B HPPE NFBTVSF GPS UIJOHT UP DIBOHF w #VU 0CBNB TBZT $VCB OFFET UP SFDJQSPDBUF UP IJT PWFSUVSFT XJUI BDUJPOT iHSPVOEFE JO SFTQFDU GPS IVNBO SJHIUT w " TJNJMBS NFTTBHF XBT TFOU CZ 6 4 4FDSFUBSZ PG 4UBUF )JMMBSZ 3PEIBN $MJOUPO JO )BJUJ FBSMJFS 5IVSTEBZ i8F TUBOE SFBEZ UP EJTDVTT XJUI $VCB BEEJUJPOBM TUFQT UIBU DPVME CF UBLFO w TIF TBJE i#VU XF EP FYQFDU $VCB UP SFDJQSPDBUF w

.ZTUFSZ EPOPST HJWF OFBSMZ NJMMJPO UP FJHIU DPMMFHFT 1VSEVF UP NJMMJPO EPOBUFE UP UIF 6OJWFSTJUZ PG /PSUI $BSPMJOB BU "TIFWJMMF 5IF 6OJWFSTJUZ PG *PXB SFDFJWFE NJMMJPO % &4 . 0* / &4 *PXB " NZTUFSZ JT UIF 6OJWFSTJUZ PG 4PVUIFSO .JTTJTTJQQJ UIF VOGPMEJOH JO UIF XPSME PG DPMMFHF GVOESBJTJOH 6OJWFSTJUZ PG /PSUI $BSPMJOB BU (SFFOTCPSP %VSJOH UIF QBTU GFX XFFLT BU MFBTU FJHIU BOE UIF 6OJWFSTJUZ PG .BSZMBOE 6OJWFSTJUZ VOJWFSTJUJFT IBWF SFDFJWFE HJGUT UPUBMJOH OFBSMZ $PMMFHF HPU NJMMJPO FBDI UIF 6OJWFSTJUZ NJMMJPO BOE UIF TDIPPMT IBE UP QSPNJTF PG $PMPSBEP BU $PMPSBEP 4QSJOHT XBT HJWFO OPU UP USZ UP GJOE PVU UIF HJWFS T JEFOUJUZ NJMMJPO 0OF TDIPPM XFOU TP GBS BT UP DIFDL XJUI *U T OPU DMFBS XIFUIFS UIF HJGUT DBNF GSPN UIF *34 BOE UIF %FQBSUNFOU PG )PNFMBOE BO JOEJWJEVBM BO PSHBOJ[BUJPO PS B HSPVQ PG 4FDVSJUZ KVTU UP NBLF TVSF B NJMMJPO HJGU QFPQMF XJUI TJNJMBS JOUFSFTUT *O FWFSZ DBTF EJEO U DPNF GSPN JMMFHBM TPVSDFT UIF EPOPS PS EPOPST EFBMU XJUI UIF VOJWFSTJUJFT i*O NZ MBTU ZFBST JO GVOESBJTJOH UIJT UISPVHI MBXZFST PS PUIFS NJEEMFNFO 4PNF JT UIF GJSTU UJNF * WF EFBMU XJUI B HJGU UIBU PG UIF NPOFZ DBNF JO DBTIJFS T DIFDLT XIJMF UIF JOTUJUVUJPO EJEO U LOPX XIP UIF EPOPS PUIFS TDIPPMT SFDFJWFE DIFDLT GSPN B MBX GJSN JT w TBJE 1IJMMJQ % "EBNT WJDF QSFTJEFOU PS BOPUIFS SFQSFTFOUBUJWF "MM UIF TDIPPMT IBE UP BHSFF OPU UP JOWFTUJHBUF GPS VOJWFSTJUZ BEWBODFNFOU BU /PSGPML 4UBUF UIF JEFOUJUZ PG UIF HJWFS 4PNF XFSF SFRVJSFE UP 6OJWFSTJUZ XIJDI SFDFJWFE NJMMJPO 5IF HJGUT SBOHFE GSPN NJMMJPO BU NBLF TVDI B QSPNJTF JO XSJUJOH

.JDIBFM + $SVNC 5)& "440$*"5&% 13&44

i0VS DIBODFMMPS XBT DBMMFE UP B %FOWFS MBX PGGJDF BOE IBE UP TJHO B DPOGJEFOUJBMJUZ BHSFFNFOU UIBU TIF XPVME OPU USZ UP GJOE PVU w TBJE 5PN )VUUPO TQPLFTNBO BU UIF 6OJWFSTJUZ PG $PMPSBEP BU $PMPSBEP 4QSJOHT i0ODF UIF DIBODFMMPS TJHOFE JU TIF XBT FNQIBUJD UIBU XF EPO U USZ UP GJOE PVU w &BDI XBT EFMJWFSFE TJODF .BSDI BOE DBNF XJUI UIF TBNF TUJQVMBUJPO .PTU PG UIF NPOFZ NVTU CF VTFE GPS TUVEFOU TDIPMBSTIJQT BOE UIF SFNBJOEFS DBO CF TQFOU PO WBSJPVT DPTUT TVDI BT SFTFBSDI FRVJQNFOU TUSBUFHJD HPBMT BOE PQFSBUJOH TVQQPSU i8F IBWF OP JEFB XIP UIJT HFOFSPVT JOEJWJEVBM JT CVU XF SF FYUSFNFMZ HSBUFGVM w TBJE -ZOFUUF .BSTIBMM QSFTJEFOU BOE DIJFG FYFDVUJWF PG UIF 6OJWFSTJUZ PG *PXB GPVOEBUJPO i5IJT JT UIF GJSTU UJNF JO NZ ZFBS DBSFFS UIBU TPNFUIJOH PG UIJT NBHOJUVEF IBT IBQQFOFE w

( 30 ; / : 3VTTJB $IFDIFOT EBODFE JO UIF TUSFFUT BOE XBWFE GMBHT UP DFMFCSBUF 3VTTJB T EFDJTJPO 5IVSTEBZ UP FOE JUT EFDBEFMPOH DPVOUFSUFSSPSJTN PQFSBUJPO JO UIF XBS XFBSZ TPVUIFSO SFHJPO 5IF PSEFS CZ 1SFTJEFOU %NJUSZ .FEWFEFW QBWFT UIF XBZ GPS UIF XJUIESBXBM PG UFOT PG UIPVTBOET PG GFEFSBM USPPQT XIPTF QSFTFODF IBT CFFO IVHFMZ VOQPQVMBS BNJE BMMFHBUJPOT PG XJEFTQSFBE BCVTFT BHBJOTU DJWJMJBOT 5IF DPVOUFSUFSSPSJTN PQFSBUJPO MBVODIFE BU UIF TUBSU PG UIF TFDPOE PG UXP TFQBSBUJTU XBST UIBU IBWF CBUUFSFE UIF SFHJPO JO UIF MBTU ZFBST JOWPMWFE DVSGFXT BOE MJNJUT PO DJWJMJBO BJS GMJHIUT BOE MJNJUFE BDDFTT GPS KPVSOBMJTUT BNPOH PUIFS NFBTVSFT *UT DBODFMMBUJPO CPPTUFE UIF BVUIPSJUZ PG UIF SFHJPO T ,SFNMJO CBDLFE 1SFTJEFOU 3BN[BO ,BEZSPW XIP KPJOFE TFWFSBM UIPVTBOE QFPQMF 5IVSTEBZ JO EBODJOH JO B TRVBSF JO DFOUSBM (SP[OZ .PUPSJTUT CMBSFE IPSOT BOE XBWFE $IFDIFO BOE 3VTTJBO GMBHT GSPN DBS XJOEPXT BT TDIPPMT BOE B VOJWFSTJUZ JOUFSSVQUFE DMBTTFT UP MFU TUVEFOUT UP KPJO DFMFCSBUJPOT i* N WFSZ IBQQZ UIBU UIF IPSSJCMF ZFBST XF TBX XJMM OFWFS DPNF CBDL w TBJE ZFBS PME TUVEFOU *TB .VTBZFW i8F TQFOU UIPTF ZFBST JO DPOTUBOU GFBS GPS PVS MJWFT w ,BEZSPW XIP IBT TUFBEJMZ TUSFOHUIFOFE IJT HSJQ PO QPXFS TJODF IJT FMFDUJPO JO IBE MPOH QVTIFE GPS BO FOE UP DPVOUFSUFSSPSJTN PQFSBUJPO JO PSEFS UP SFEVDF GFEFSBM NJMJUBSZ QSFTFODF JO $IFDIOZB BOE SFNPWF SFTUSJDUJPOT XIJDI IBNQFSFE USBEF i5IJT JT B WJDUPSZ PWFS FWJM XIJDI XF IBWF GPVHIU PWFS UIF MBTU ZFBST w ,BEZSPW TBJE JO B TUBUFNFOU i" QFBDFGVM BOE QSPTQFSPVT $IFDIFO 3FQVCMJD JO UIF VOJUFE GBNJMZ PG QFPQMFT PG 3VTTJB UIBU JT PVS TUSBUFHJD DPVSTF GPS UIF GVUVSF w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

6 ğ Ě ĥ Ė ĕ 4 ĥĒĥ Ė Ĥ

5Ė ĩĒ Ĥ

.ĖĩĚĔĠ

/ Ġ ģ ĥ ę %Ē Ĝ Ġ ĥĒ

8"4) */ ( 50/ " 1 4FFLJOH UP NPWF CFZPOE XIBU IF DBMMT B iB EBSL BOE QBJOGVM DIBQUFS JO PVS IJTUPSZ w 1SFTJEFOU 0CBNB TBJE 5IVSTEBZ UIBU $*" PGGJDJBMT XIP VTFE IBSTI JOUFSSPHBUJPO UBDUJDT EVSJOH UIF #VTI BENJOJTUSBUJPO XJMM OPU CF QSPTFDVUFE 5IF HPWFSONFOU BMTP SFMFBTFE GPVS NFNPT MPOH IFME TFDSFU CZ UIF #VTI BENJOJTUSBUJPO JO XIJDI JUT MBXZFST BQQSPWFE JO FYUFOTJWF BOE PGUFO HSBQIJD EFUBJM UIF UPVHI JOUFSSPHBUJPO NFUIPET VTFE BHBJOTU UFSSPS TVTQFDUT UIF GVMMFTU BOE OPX DPNQMFUF HPWFSONFOU BDDPVOUJOH PG UIF UFDIOJRVFT

"6 4 5 * / " 1 " HSPVQ PG 5FYBT %FNPDSBUT TBZT 3FQVCMJDBO (PW 3JDL 1FSSZ XBT SFDLMFTT XIFO IF TVHHFTUFE BU BO BOUJ UBY SBMMZ UIBU GFE VQ "NFSJDBOT NBZ POF EBZ XBOU UP TFDFEF GSPN UIF 6OJUFE 4UBUFT 5IFZ TBJE 5IVSTEBZ IF TIPVME EJTBWPX TVDI UBML %FNPDSBUJD TUBUF 3FQ +JN %VOOBN PG 8BDP TBZT UBML PG TFDFTTJPO JT BOUJ "NFSJDBO BOE UIBU TPNF QFPQMF BTTPDJBUF JU XJUI SBDJBM EJWJTJPO BOE UIF $JWJM 8BS 1FSSZ T PGGJDF EJE OPU JNNFEJBUFMZ SFTQPOE 5IVSTEBZ

.& 9* $0 $ * 5 : "1 " TIPPUPVU CFUXFFO .FYJDBO USPPQT BOE B DPOWPZ PG HVONFO MFGU BTTBJMBOUT BOE POF TPMEJFS EFBE IPVST CFGPSF 1SFTJEFOU #BSBDL 0CBNB BSSJWFE JO UIF DPVOUSZ UP TIPX IJT TVQQPSU GPS UIF GJHIU BHBJOTU ESVH DBSUFMT 5IF TIPPUPVU IBQQFOFE JO B SFNPUF NPVOUBJO PVT SFHJPO JO (VFSSFSP TUBUF XIFSF UIF 1BDJGJD DPBTU SFTPSU PG "DBQVMDP JT MPDBUFE .FYJDP T %FGFOTF %FQBSUNFOU TBJE JO B TUBUFNFOU 5IVSTEBZ 4PMEJFST DBNF VOEFS GJSF GSPN B DPOWPZ PG HVONFO PO 8FEOFTEBZ XIJMF QBUSPMMJOH UIF ESVH USBGGJDLJOH IPUCFE

, "5 )3:/ " 1 " DPOWPZ PG USVDLT FYDB WBUPST CVMMEP[FST BOE CBDLIPFT NPWFE JO UP GPSUJGZ B TFFQJOH EBN 5IVSTEBZ JO FBTUFSO /PSUI %BLPUB BT FOHJOFFST BOE /BUJPOBM (VBSE USPPQT XPSLFE UP TBWF B UJOZ UPXO UIBU XPVME GMPPE JG UIF EBN GBJMT 8BUFS XBT GMPXJOH MJLF B NJOJBUVSF XBUFSGBMM BSPVOE B DPSOFS PG UIF FBSUIFO $MBVTFO 4QSJOHT %BN XIJDI QSPUFDUT UIF UPXO PG ,BUISZO EPXO IJMM BOE BCPVU TJY NJMFT FBTU 5IF XBUFS XBT FBUJOH UISPVHI XBMMT PG UIF HSBTT MJOFE TQJMMXBZ CVJMU UP IBOEMF UIF FYUSB XBUFS WPMVNF BMPOH B USJCVUBSZ PG UIF GMPPEJOH 4IFZFOOF 3JWFS

8*3& 3&10354

0CBNB 0GGJDJBMT XIP VTFE IBSTI %FNPDSBUT TBZ (PW 1FSSZ TIPVME .FYJDBO NJMJUBSZ TBZT HVONFO $MBZ TBOECBHT QJMFE POUP TFFQJOH UBDUJDT XJMM OPU CF QSPTFDVUFE EJTBWPX UBML BCPVU TFDFTTJPO POF TPMEJFS LJMMFE JO TIPPUPVU EBN UIBU QSPUFDUT TNBMM UPXO

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

/FXT

'SJEBZ "QSJM

64( USVTUFF DBOEJEBUFT VTF 'BDFCPPL UP DBNQBJHO 4UJMF 5 4NJUI %"*-: &(:15*"/ 454 !4*6 &%6

'BDFCPPL IBT CFDPNF B NBKPS DBNQBJHOJOH UPPM GPS TUVEFOU FMFDUJPOT BT NPSF TUVEFOUT BDRVJSF QFSTPOBM MBQUPQT BOE #MBDLCFSSZT FWFSZ EBZ "MM UISFF 6OEFSHSBEVBUF 4UVEFOU (PWFSONFOU QSFTJEFOUJBM DBOEJEBUFT BOE CPUI 4UVEFOU 5SVTUFF DBOEJEBUFT IBWF 'BDFCPPL DBNQBJHO QBHFT FODPVSBHJOH QFPQMF UP WPUF CVU TPNF UIJOL UIF TPDJBM OFUXPSLJOH TJUF JT OPU BMXBZT HPPE 4UVEFOU 5SVTUFF /BUF #SPXO TBJE IF UIJOLT 'BDFCPPL JT EJMVUJOH UIF FMFDUJPO QSPDFTT i" MPU PG UJNFT QFPQMF POMZ TFF UIF DBOEJEBUFT EVSJOH FMFDUJPO UJNF w #SPXO TBJE i5P TBZ ZPV OPX IBWF UIF QPUFOUJBM UP OFWFS NFFU UIFTF DBNQVT MFBEFST ZPV KVTU EPO U IBWF UIBU DPOOFDUJPO w #SPXO XIP JT SVOOJOH GPS SF FMFDUJPO TBJE IF VOEFSTUPPE UIF JNQPSUBODF PG 'BDFCPPL BGUFS EFGFBUJOH (FOF #VSTF UP JO B TQFDJBM FMFDUJPO .BSDI UP SFQMBDF %FNFUSPVT 8IJUF XIP SFTJHOFE GPS QFSTPOBM SFBTPOT #VSTF TBJE IF SBO IJT FOUJSF DBNQBJHO WJB 'BDFCPPL .BSDVT ,JOH XIP JT BMTP SVOOJOH GPS 4UVEFOU 5SVTUFF TBJE DBOEJEBUFT DPVME OPU SFMZ TPMFMZ PO 'BDFCPPL BOE FYQFDU UP XJO i*G ZPV SF OPU PVU UIFSF DBNQBJHOJOH ZPV SF TUJMM HPJOH UP IBWF USPVCMF XJOOJOH UIF FMFDUJPO w ,JOH TBJE i5IBU T XIZ BU UIJT QPJOU * N OPU TPMFMZ EFQFOEJOH PO 'BDFCPPL FWFO UIPVHI NPTU PG NZ DBNQBJHOJOH JT CFJOH EPOF VTJOH 'BDFCPPL w ,JOH TBJE NVDI PG IJT DBNQBJHO IBT IBE UP SFMZ PO 'BDFCPPL CFDBVTF IF IBT CFFO JMM GSPN B IFBSU DPOEJUJPO *O UFSNT PG UIFJS 'BDFCPPL HSPVQT ,JOH IBE GSJFOET JO IJT HSPVQ XIJMF #SPXO IBE BT Q N 5IVSTEBZ 64( QSFTJEFOUJBM DBOEJEBUF %BOB "HVTUP TBJE TIF EPFTO U TFF 'BDFCPPL BT UIF CJHHFTU DBNQBJHO UPPM CVU EPFT IBWF B HSPVQ PO UIF 8FC TJUF BOE TBJE JU IFMQT i:PV DBO JOWJUF TPNFPOF UP ZPVS HSPVQ BOE NPTU PG UIF UJNF UIFZ EPO U FWFO MPPL BU JU w "HVTUP TBJE i* UIJOL GBDF UP GBDF EFGJOJUFMZ IBT B CJHHFS JNQBDU 5IFZ MM SFNFNCFS ZPVS OBNF BOE SFNFNCFS UIBU ZPV UBMLFE UP UIFN :PV DBO KVTU IBWF B CFUUFS DPOWFSTBUJPO UIBO

ZPV DBO XJUI 'BDFCPPL w #VU 1SJDJMJBOP 'BCJBO B 64( TFOBUPS XIP JT BMTP SVOOJOH GPS QSFTJEFOU TBJE IF UIJOLT 'BDFCPPL DBO CF VTFE UP QSFEJDU UIF XJOOFS PG UIF FMFDUJPO i8IPFWFS IBT NPSF GSJFOET PO 'BDFCPPL XPVME IBWF UIF BEWBOUBHF w 'BCJBO TBJE i5IFZ XPVME CF BCMF UP JOWJUF BMM PG UIFJS

4*6$ GSJFOET UP B HSPVQ DPNQBSFE UP BOPUIFS QFSTPO XIP NJHIU OPU IBWF BT NBOZ GSJFOET UIBU HP UP 4*6$ w 1SFTJEFOUJBM DBOEJEBUF 7JODFOU )BSEZ TBJE 'BDFCPPL JT B WJUBM QBSU PG UIF FMFDUJPO QSPDFTT i*U T UIF EJSFDU MJOF PG DPNNVOJDBUJPO XF VTF GPS B MPU PG QFPQMF UIBU BSF JOUFSFTUFE JO

XIBU XF SF USZJOH UP EP w )BSEZ TBJE i*U T UIF FBTJFTU GPSN PG DPNNVOJDBUJPO BOE * CFMJFWF NPTU DPMMFHF TUVEFOUT DIFDL UIFJS 'BDFCPPL BU MFBTU UXJDF QFS EBZ w )BSEZ MFE BMM QSFTJEFOUJBM DBOEJEBUFT XJUI GSJFOET JO IJT 'BDFCPPL DBNQBJHO HSPVQ XJUI DPNQBSFE UP GPS 'BCJBO BOE GPS "HVTUP BT PG Q N 5IVSTEBZ

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+.

063 803%

TJV%& DPN

#-0( 'JOE PVU XIZ UIF TPMVUJPO UP *MMJOPJT LJMMFS IFSPJO FQJEFNJD DPVME MJF PO UIF 6 4 .FYJDBO CPSEFS $IFDL PVU 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

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

(6&45 $0-6./

5IF USVF QBSUZ PG DIBOHF /FBM 5VMM (6&45 $0-6./*45

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

*G ZPV IBWF CFFO QBZJOH BUUFO UJPO UP NFEJB QVOEJUT MBUFMZ UIFSF IBT CFFO B MPU PG FNQIBTJT CZ MJC FSBM QVOEJUT BOE QPMJUJDJBOT UIBU UIF 3FQVCMJDBO 1BSUZ JT UIF QBSUZ PG iOP w 5IF (SBOE 0ME 1BSUZ IBT CFFO BDDVTFE PG CFJOH TUBMF BOE VODIBOH JOH JO UIFJS XBZT 5XP PG 1SFTJEFOU 0CBNB T DIJFG DBNQBJHO TMPHBOT XFSF i$IBOHF XF DBO CFMJFWF JO w BOE i 5IF .D$BJO QMBUGPSN JTO U DIBOHF JU T NPSF PG UIF TBNF w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

FWFSZ DJUJ[FO UP QBZ B HBMMPO GPS HBT 5IFZ XBOU UIF BWFSBHF DJUJ[FO UP GFFM UIF QBJO 8IZ 5IF BENJOJTUSBUJPO BOE UIF %FNPDSBU DPOUSPMMFE $POHSFTT XBOUT FWFSZPOF UP IVSU CFDBVTF UIFZ XBOU UP GPSDF HSFFO UFDIOPMPHZ PO PVS OBUJPO 5IFZ XBOU EJSFDU DPO USPM PWFS UIF EJSFDUJPO BOE TQFFE PG DIBOHF 5IF MJCFSBM iBOPJOUFEw CFMJFWF UIBU POMZ UIFZ IBWF UIF DPSSFDU WJTJPO GPS UIF GVUVSF 1SFTJEFOU 0CBNB 4QFBLFS PG UIF )PVTF /BODZ 1FMPTJ BOE 4FOBUF .BKPSJUZ -FBEFS )BSSZ 3FJE CFMJFWF UIFZ LOPX XIBU JT CFTU 5IFZ CFMJFWF JG MFGU UP ZPVSTFMG ZPV DBOOPU TVGGJDJFOUMZ QSPWJEF GPS ZPVS GVUVSF 5IF SFTVMU JT B MBDL PG DIBOHF (PWFSONFOU JOUFSWFOUJPO DSFBUFT B MBDL PG JOOPWBUJPO BOE JODFOUJWF 3BJTJOH UBYFT PO BMM "NFSJDBOT XIFUIFS JODPNF QBZSPMM FTUBUF DBQJ UBM HBJOT PS QSPQFSUZ GVSUIFS IVSUT UIF HSPXUI BOE QSPHSFTT PG TPDJFUZ *G QFPQMF IBWF MFTT NPOFZ UP TQFOE CFDBVTF PG IJHIFS UBYFT UIFZ XJMM IBWF MFTT JODFOUJWF UP QSPEVDF PS CF FOUSFQSFOFVST $IVSOJOH PVU TQFOE JOH QSPHSBN BGUFS TQFOEJOH QSPHSBN UP TFF XIBU TUJDLT UP UIF XBMM JT OPU UIF XBZ B OBUJPO TIPVME CF SVO 5IF %FNPDSBUT BT UIF QBSUZ PG DIBOHF * UIJOL OPU 5IF 3FQVCMJDBO 1BSUZ JT DPO TJTUFOU JO JUT EFGFOTF PG DBQJUBMJTN -PXFSJOH UBYFT BMMPXJOH JOEJWJEVBMT UIF PQQPSUVOJUZ UP SFBQ UIF SFXBSET

PG UIFJS IBSE XPSL BOE QSPNPUJOH BO FDPOPNJD TZTUFN UIBU SFXBSET UIF JOOPWBUJWF BOE IBSE XPSLJOH JT XIZ UIF (01 JT UIF USVF QBSUZ PG DIBOHF +VTU CFDBVTF UIF 3FQVCMJDBO CSBOE EPFT OPU DIPPTF B OFX TQFOEJOH QSPHSBN FBDI EBZ CZ UISPXJOH B EBSU BU B EBSUCPBSE EPFT OPU NFBO XF BSF B TUBMF QBSUZ 5IF 3FQVCMJDBO 1BSUZ IBT GPVOE XIBU DSFBUFT USVF DIBOHF #Z BMMPXJOH UIF QSJWBUF TFD UPS UP OBUVSBMMZ EJSFDU DIBOHF PVS OBUJPO IBT FOTVSFE UIF 6OJUFE 4UBUFT IBT CFFO UIF NPTU QSPTQFSPVT OBUJPO JO IJTUP SZ #FDBVTF UIF (01 FTQPVTFT DBQJUBMJTN XF BSF UIF USVF QBSUZ PG DIBOHF 8F VOEFSTUBOE UIBU DIBOHF EPFT OPU DPNF GSPN UIF HPWFSONFOU $IBOHF DPNFT GSPN UIF JOEJWJEVBM UIF FOUSF QSFOFVS UIF IBSEXPSLJOH %FWJBUJOH GSPN UIJT QBUI PG DBQ JUBMJTN XJMM TMPX PVS HSPXUI BOE QSPTQFSJUZ UP UIF QPJOU XIFSF PUIFS OBUJPOT JO UIF XPSME XJMM TPPO TVSQBTT UIF 6OJUFE 4UBUFT JO QPXFS BOE FDP OPNJD QSPEVDUJWJUZ 5IF %FNPDSBUT WJTJPO PG DIBOHF XPVME DIBOHF UIF

6OJUFE 4UBUFT GSPN B XPSME MFBEFS UP B XPSME GPMMPXFS -JCFSBMT BSF USZJOH UP VTF UIJT FDPOPNJD DSJTJT UP SVJO UIF SFQVUBUJPO PG DBQJUBMJTN CZ EFOPVOD JOH iHSFFEw PO 8BMM 4USFFU %PO U UISPX PVU UIF XIPMF CVODI CFDBVTF UIFSF BSF B GFX CBE BQQMFT %P OPU CF TXBZFE CZ UFMFQSPNQU FS SIFUPSJD %P OPU CF GPPMFE CZ B HSPVQ UIBU XPVME FYQMPJU B DSJTJT UP EFDFJWF UIF QVCMJD %P OPU MJTUFO UP UIF MJCFSBM QVOEJUT BOE iBOPJOUFEw Q P M J U J D J B O T 5IFZ BSF OPU UIF QBSUZ PG DIBOHF *O GBDU UIFZ BSF UIF BOUJUI FTJT UP DIBOHF *OTUFBE MJT UFO UP IJTUPSZ -JTUFO UP USJFE BOE USVF -JTUFO UP 3POBME 3FBHBO BOE &ENVOE #VSLF -JTUFO UP UIF QBSUZ UIBU CFMJFWFT JO UIF "NFSJDBO DJUJ[FOT BCJMJUZ UP DPOUSPM UIFJS PXO MJGF BOE DIPPTF UIFJS PXO GBUF -JTUFO UP UIF BDIJFWFNFOUT PG DBQJUBMJTN 5IF USVF QBSUZ PG DIBOHF JT UIF 3FQVCMJDBO 1BSUZ BOE DIBOHF JT DPNJOH JO

&Q PQV DG HQQNGF D[ C ITQWR YJQ YQWNF GZRNQKV C ETKUKU VQ FGEGKXG VJG RWDNKE &Q PQV NKUVGP VQ VJG NKDGTCN RWPFKVU CPF ²CPQKPVGF³ RQNKVK EKCPU 6JG[ CTG PQV VJG RCTV[ QH EJCPIG

5VMM JT B HSBEVBUF TUVEFOU JO DVSSJDVMVN BOE JOTUSVDUJPO

/+55+10 56#6'/'06

3716' 1( 6*' &#;

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

² 6JKU KU VJG DGUV VKOG VQ VJKPM NKMG C EJCORKQP ³ %POBME 5SVNQ PO UIF USPVCMJOH FDPOPNZ BOE UIF QPTTJCJMJUJFT PG NBLJOH EFBMT GPS FYBNQMF JO CVZJOH B IPVTF

# 24+.

8)"5 5)& )&"-5) *4 (0*/( 0/

-&55&3 50 5)& &%*503

8F OFFE NPSF " .FO

"DUJPOT CFGPSF WBMVFT

%&33*$, 8*--*".4 XFMMOFTT! TJV FEV

8IP DBO GPSHFU UIF QPQVMBS T /#$ BDUJPO BEWFOUVSF UFMFWJ TJPO TFSJFT UIF i" 5FBN w B TQFDJBM HSPVQ PG FY NJMJUBSZ WFUFSBOT XIP XFSF GSBNFE GPS B DSJNF UIFZ EJE OPU DPNNJU %FTQFSBUFMZ TFFLJOH UP DMFBS UIFJS OBNFT PG BOZ XSPOH EPJOH UIF " 5FBN TUBZFE PO UIF SVO UP BWPJE EFUFDUJPO PS CFJOH DBQ UVSFE 8IJMF PO UIF SVO UIF HSPVQ PG GPVS NFO XPSLFE PO CFIBMG PG UIF PQQSFTTFE * DBO DMFBSMZ SFNFNCFS NZ GBWPSJUF UPZ BT B DIJME BO " 5FBN BDUJPO GJHVSF # " #BSBDVT QMBZFE CZ .S 5 5IF " 5FBN XBT GJSTU CSPBE DBTU BGUFS 4VQFS #PXM 97** 5IF HPBM XBT UP TQBSL UIF JOUFSFTU PG NFO XIP MJLFE BDUJPO GJMMFE FWFOUT XJUI PWFS UIF UPQ DIFFTZ FYQMPTJWF TDFOFT " NPUJPO QJDUVSF JT JO UIF XPSLT XIJDI XJMM JOUSPEVDF UIF " 5FBN UP B OFX HFOFSBUJPO PG NFO $IBU SPPNT BSF CV[[JOH BCPVU UIF QPTTJCJMJUZ PG TFFJOH UIF CFMPWFE " 5FBN PO UIF CJH TDSFFO XIJDI HPU NF UIJOLJOH 8IBU JG JU UIFTF TBNF QFPQMF XFSF FYDJUFE UP TFF B HSPVQ

PG NFO XIP TUPPE VQ GPS FOEJOH WJPMFODF BHBJOTU XPNFO 4VSF NBOZ QFPQMF NBZ TVHHFTU UIF JEFB IBT OP BQQFBMJOH DBUDI UP JU CVU MFU T FYQMPSF UIJT DPODFQU *OTUFBE PG UIF " 5FBN UIF OBNF XPVME CF " .FO -JLF UIF " 5FBN " .FO BSF BUZQJDBM NFO XIP BSF BHBJOTU PQQSFTTJPO 6OMJLF UIF " 5FBN XIJDI VTFT TUSPOH BSN UBD UJDT " .FO MPPL GPS BMUFSOBUJWF XBZT UP BEESFTT PQQSFT TJPO "QSJM JT BO JEFBM NPOUI GPS " .FO UP TUFQ VQ 4P XIBU JT BO " .BO 5IFZ BSF NFO XIP QSPNPUF BXBSFOFTT BEWPDB DZ BOE BDUJPO 5IFZ BSUJDVMBUF BUSPDJ UJFT PG TFYVBM BTTBVMU UP PUIFS NFO " .FO BSF BHBJOTU BOUBHPOJTUJD CFIBWJPS JO BMM BSFBT PG BCVTF )PX DBO iB NBOw CFDPNF BO " .BO )F DBO KPJO B HSPVQ PG NFO BMSFBEZ DPOEVDUJOH " .FO XPSL JO UIF DBNQVT BOE DPNNVOJUZ DBMMFE UIF 1SPHSFTTJWF .BTDVMJOJUJFT .FOUPST BOE QBSUJDJQBUF JO .FO "HBJOTU 7JPMFODF 8FFL "QSJM UP " .BO EPFT OPU VTF IJT IBOET UP IJU BOE BCVTF XPNFO 0O .POEBZ 4*6$ NFO XJMM IBWF B DIBODF UP VTF UIFJS IBOET GPS HPPE CZ QBS

UJDJQBUJOH JO i5IFTF IBOET EPO U IVSU DBNQBJHOw GSPN B N UP Q N BU 'BOFS )BMM #SFF[FXBZ "MM NFO XJMM CF BTLFE UP UBLF B QMFEHF UP OPU DPNNJU WJPMFODF BHBJOTU XPNFO " .BO JT BO BGGFDUJPOBUF SPNBOUJD QBSUOFS BOE PO 8FEOFTEBZ BMM NFO TIPVME BUUFOE B DSJUJDBM DPOWFSTBUJPO BCPVU SFMBUJPOTIJQ FRVBMJUZ IPTUFE CZ "MQIB 1IJ "MQIB 0NFHB %FMUB 1IJ BOE UIF 1SPHSFTTJWF .BTDVMJOJUJFT .FOUPST FOUJ UMFE i*U T " -PWF 5IBOHw BU Q N BU UIF 4UVEFOU )FBMUI $FOUFS "VEJUPSJVN " .BO VTFT IJT TUBUVSF UP TVQ QPSU DBVTFT UIBU XPSL UP FOE TFYVBM BTTBVMU BOE SFMBUJPOTIJQ WJPMFODF " .FO BDDFQU DBMMT UP BDUJPO CZ BUUFOEJOH UIF i .FO (BUIFSJOH "HBJOTU 4FYVBM "TTBVMUw FWFOU BU Q N "QSJM JO UIF 4UVEFOU )FBMUI $FOUFS MPCCZ )PQFGVMMZ ZPV DPVME CF BO " .BO XIP DBO KPJO XJUI " .FO JO UIF DBVTF UP FOE WJPMFODF BHBJOTU XPNFO BOE * TBZ "NFO UP UIBU

5Q YJCV KU CP # /CP! 6JG[ CTG OGP YJQ RTQOQVG CYCTGPGUU CFXQECE[ CPF CEVKQP

8JMMJBNT JT UIF WJPMFODF QSFWFOUJPO DPPSEJ OBUPS BU UIF 8FMMOFTT $FOUFS

% Ė Ē ģ & ĕ Ě ĥ Ġ ģ 4PNF QFPQMF TBZ UIF HPWFSONFOU TIPVME OPU MFWZ UBYFT PS GVOE TPDJBM QSPHSBNT MJLF XFMGBSF BOE QVCMJD FEVDB UJPO $IBSJUZ JTO U CBE UIFTF QFPQMF XJMM UFMM ZPV JU T KVTU OPU UIF HPWFSONFOU T QMBDF 5IBU T UIF BSHVNFOU 5IF NFBO JOH CFIJOE BMM PG UIJT JT TPNFUIJOH BMPOH UIFTF MJOFT 5IF HPWFSONFOU JT B SFQSFTFOUBUJPO PG UIF QFPQMF BOE XF EPO U XBOU VOJWFSTBM IFBMUI DBSF BOE FEVDBUJPO XF EPO U XBOU UP DBSF GPS PVS QPPS BOE EJTBCMFE 8F UIF JOEJ WJEVBM NFNCFST PG UIF 6OJUFE 4UBUFT PG "NFSJDB EP OPU DBSF (PWFSONFOU TPDJBM QSPHSBNT BSF BO FYQSFTTJPO PG PVS OBUJPOBM DPNQBTTJPO BOE PVS HFOFSPT JUZ BOE BQQBSFOUMZ UIJT HPPE $ISJTUJBO OBUJPO IBT OFJUIFS -FU UIFN BMM GFOE GPS UIFNTFMWFT EBNO JU 5IJT JT "NFSJDB #VU XBJU :PV TBZ UIBU ZPV TVQQPSU BMM PG UIPTF UIJOHT ZPV KVTU EPO U XBOU UIF HPWFSONFOU UP EP JU 8IP TIPVME UBLF DBSF PG JU UIFO 0I PG DPVSTF DPSQPSBUJPOT /PUIJOH JODSFBTFT UIF RVBMJUZ PG HPPE XJMM BOE DIBSJUZ MJLF B DPNQFUJUJWF GSFF NBSLFU SJHIU 5IBU T OPU BU BMM JSPOJD *U TFFNT GJUUJOH UP NF UIBU TPNF PG UIFTF UFB QBSUJFT ESFX DSPXET ESFTTFE JO SFE )PX GJUUJOH UIBU XIBU UIFTF 3FE $PBUT QSPQPTFE BU UIFTF UFB QBSUJFT TVQQPSUT UIF XFBMUIZ "NFSJDBO BSJTUPDSBDZ * XBT DMPTF UP TBZJOH CPVSHFPJTJF /PU RVJUF B DPN NVOJTU ZFU

(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

*O FWFO NPSF JSPOJD DJSDVNTUBODFT NPTU DPOTFSWBUJWFT UFOE UP WPUF GPS UIFJS XPSTU FOFNJFT 5IFZ WPUF GPS QFP QMF PO TPNF TVQQPTFE NPSBM HSPVOE BOE UIFO HFU QJTTFE XIFO UIBU QFSTPO TDSFXT UIFN CVU UIFZ EPO U CMBNF UIFN o TPNFIPX UIF XBS JO *SBR JT B MJCFSBM T GBVMU 8F WPUF GPS .S "OUJ "CPSUJPO BOE GPSHFU UIBU IF JT HPJOH UP USZ UP SFEVDF NBSLFU SFHVMBUJPOT MJLF NJOJ NVN XBHF BOE UIF XPSLFS T FNQMPZ NFOU QSPUFDUJPOT CPUI PG XIJDI BGGFDU B WBTU NBKPSJUZ PG "NFSJDBOT PO CPUI TJEF PG UIF QPMJUJDBM GFODF #VU BT MPOH BT .S "OUJ "CPSUJPO GJHIUT BCPSUJPO XIJDI IF IBT BCTPMVUFMZ OP QPXFS UP BGGFDU XF TVQQPSU IJN 8IP DBSFT UIBU XF WF HPU TJDL LJET XIP DBO U SFBE PS XSJUF UIF HBZT DBO U NBSSZ BOE UIBU T B XJO * WF DPOWJODFE NZTFMG .BZCF JO * MM TIPPU NZTFMG JO UIF MFH XJUI B WPUF GPS /FXU * NBZ CMFFE UP EFBUI PS EJF GSPN JOGFDUJPO CFDBVTF * WF HPU OP IFBMUI JOTVSBODF BOE * DBO U BGGPSE UP HP UP UIF EPDUPS CVU * MM EJF IBQQZ LOPXJOH UIBU UIF SJDIFTU PG "NFSJDBOT EPO U IBWF UP QBZ B NBKPSJUZ PG UIFJS UBYFT PS SFBMMZ HJWF BOZUIJOH BU BMM CBDL UP UIF DPVOUSZ BOE UIF QFPQMF XIP QVU UIFN BU UIF UPQ 5IF UIPVHIU KVTU XBSNT NZ IFBSU

+BTPO (SFONBO BMVNOVT JO &OHMJTI JO

'SJEBZ "QSJM

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

/FXT

1 Ħ ĝĤĖ %" * -: & ( : 1 5 * " /

'SJEBZ "QSJM t

(FU 0VU XJUI 0SE )PDLFZ PGG UIF JDF (FOOB 0SE %"*-: &(:15*"/ (03%!4*6 &%6

8 IFO UIF XFBUIFS JT XBSN BOE UIF JDF IBT NFMUFE JU T IPDLFZ TFBTPO GPS B HSPVQ PG 4*6$ TUVEFOUT 8JUI OP JDF SJOL PO DBNQVT UIF 4*6$ JOUSBNVSBM BOE DPMMFHJBUF SPMMFS IPDLFZ UFBNT UBLF BEWBOUBHF PG UIF PVUEPPS SPMMFS IPDLFZ DPVSU 5IF TXJUDI GSPN JDF UP QBWFNFOU JT OPU UIF POMZ EJGGFSFODF CFUXFFO UIF HBNFT UIPVHI TBJE &SJD ;BCFEOZ B KVOJPS GSPN "MHPORVJO TUVEZJOH BWJBUJPO i5IFSF T B MPU MFTT CPEZ DPOUBDU JO SPMMFS IPDLFZ w IF TBJE )F TBJE PUIFS EJGGFSFODFT GSPN JDF IPDLFZ JODMVEF TMJHIUMZ WBSJFE SVMFT POF GFXFS QMBZFS PO UIF DPVSU BU B UJNF BOE UIF OFDFTTJUZ GPS NPSF GJOFTTF JO NBOFVWFSJOH ;BCFEOZ XIP JT POF PG UIF QSFTJEFOUT PG UIF JOUSBNVSBM SPMMFS IPDLFZ UFBN TBJE IF QSFGFST JDF IPDLFZ GPS JUT QIZTJDBMJUZ BOE DPNQFUJUJPO CVU FOKPZT UIF HBNF T XBSN XFBUIFS DPVTJO BT XFMM i* MJLF UIF TQFFE BOE UIF TNPPUIOFTT PG UIF HBNF w IF TBJE i*U T GMVJE BOE DPOTUBOUMZ NPWJOH BOE DIBOHJOH w 4*6 IBT CPUI B DPMMFHJBUF UFBN BOE BO JOUSBNVSBM UFBN ;BCFEOZ TBJE UIF DPMMFHJBUF UFBN IBT BCPVU QMBZFST XJUI USZPVUT BU UIF CFHJOOJOH PG UIF GBMM TFNFTUFS 5IFJS TFBTPO CFHJOT BSPVOE 5IBOLTHJWJOH BOE SVOT UISPVHI .BSDI XJUI BCPVU HBNFT )F TBJE UIF JOUSBNVSBM UFBN IBT BSPVOE NFNCFST BOE BOZCPEZ JOUFSFTUFE JO UIF TQPSU JT XFMDPNF UP KPJO .BOZ PG UIF QMBZFST IPXFWFS HSFX VQ QMBZJOH

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w NJOVUF QFSJPET IBT CFFO JOUFSFTUFE JO IPDLFZ TJODF EFEJDBUFE BOE NPTU PG UIFN IBWF B "OPUIFS TUVEFOU XIP CFHBO )F TBJE IJT GBWPSJUF QBSU PG UIF HBNF JT UIF HSPVQ PG GSJFOET IF IBT NBEF QMBZJOH BU UIF BHF PG

JT $ISJT IF XBT GJWF )F BUUFOEFE B $IJDBHP HPPE LOPXMFEHF PG UIF TQPSU #MBDLIBXLT HBNF CFHBO QMBZJOH UIF 5IPVHI .BU[ IBT QBSUJDJQBUFE JO &MMJTPO B GSFTINBO GSPN "MHPORVJO UISPVHI QMBZJOH 5IF UFBN NFNCFST TQPSU UXP XFFLT MBUFS BOE IBT OPU NBOZ PUIFS TQPSUT IF TBJE IJT MJGF TUVEZJOH CVTJOFTT )F TBJE IF BMTP IBOH PVU XJUI POF BOPUIFS PVUTJEF UIF TUPQQFE TJODF IF TBJE JT IPDLFZ BOE IBT CFFO TJODF UIF HSFX VQ QMBZJOH CBTFCBMM BOE TPDDFS SJOL BOE BSF MJLF GBNJMZ IF TBJE i*U T UIF CJHHFTU TUSFTT SFMJFWFS * WF #MBDLIBXLT HBNF IF TBX NPSF UIBO CVU TUVDL XJUI IPDLFZ CFDBVTF JU XBT 3PMMFS IPDLFZ BMTP MFUT IJN GPSHFU HPU w IF TBJE i*U T B CMBTU UP QMBZ BOE UIF B EFDBEF BHP NPSF FYDJUJOH XJUI BMM UIF NPWFNFOU BCPVU UIF EJGGJDVMUZ PG TDIPPM BOE PUIFS BSFBT PG IJT MJGF IF TBJE QFPQMF BSF BMXBZT OJDF w i*U T JOUFOTFMZ JNQPSUBOU UP IBWF BOE QIZTJDBMJUZ TPNFUIJOH PVUTJEF PG UIF EJGGJDVMUJFT &MMJTPO TBJE UIF TQPSU i*U GSFFT ZPVS NJOE UP DPNF PVU .BU[ TBJE BOPUIFS SFBTPO IF FOKPZT JT B HPPE UIF HBNF JT CFDBVTF PG UIF VOJRVF GBO PG ZPVS MJGF w IF TBJE i:PV WF HPU UP XPSLPVU CFDBVTF QMBZFST BSF DPOTUBOUMZ IFSF BOE IBWF B HPPE UJNF w IF TBJE

8FJSE OFXT 4UPSJFT GBS UPP TUSBOHF GPS UIF SFTU PG UIF QBQFS

.JLF 1JOHSFF #PTUPO )FSBME

"/% 5)& #&45 -00, * -- +645 1"35 *4 5)&: -- -&"7& 8)"1 /&7&3 $"5$) .& 8)". 4-".

&7"/ %"7*4 ] % "*-: & (:15*"/ 5JGGBOZ .BSUJO PG $BSCPOEBMF BUUFNQUT UP DBMN IFS T BOE "BSPO )BCOFS T OFSWPVT QVQQZ )FBSU 'MVUUFS 'MZ PVUTJEF .PSSJT -JCSBSZ 5IJT XBT UIF QVQQZ T GJSTU UJNF PVUEPPST TJODF IF XBT CPSO

" UFFOBHFS TUPMF B TUFSFP GSPN B DBS JO 1FPSJB "SJ[ BOE UIFO CSBHHFE BCPVU JU UP IJT GSJFOET 8IJMF IF XBT UFMMJOH UIF UBMF IF BDDJEFOUBMMZ QSFTTFE UIF CVUUPO PO IJT DFMM QIPOF UIBU TQFFE EJBMFE UIF QPMJDF 5IFZ MJTUFOFE JO USJBOHVMBUFE IJT MPDBUJPO BOE NPWFE JO TXJGUMZ

" NBO USJFE UP CVSHMBSJ[F UIF PGGJDF PG B NBSUJBM BSUT TUVEJP JO 'PY 1PJOU 8JT POMZ UP GJOE UIBU UIF 5BF ,XPO %P NBTUFS XBT TUJMM UIFSF HJWJOH B TUVEFOU B QSJWBUF MFTTPO " TFWFSF CFBUJOH GPMMPXFE

" XPNBO JO .FDIBOJDTCVSH 1B XBT BSSFTUFE GPS ESVOLFO ESJWJOH POF EBZ BOE BHBJO UIF OFYU EBZ 'PVS EBZT MBUFS TIF XBT BSSFTUFE PO UIF IJHIXBZ GPS ESJWJOH VOEFS UIF JOGMVFODF PG ESVHT

XJUI B CFFS BOE SFGVTFE SFRVFTUT UP MFBWF 8IFO UIF QPMJDF BSSJWFE TIF TBJE iOP CBDLXPPET DPVOUSZ DPQw XBT HPJOH UP UBLF IFS UP KBJM 4IF XBT TBEMZ NJTUBLFO

8): 5)&: 806-%

/0 .03& #00;& 8"/5 .& 50 (0 " XPNBO TQBSLFE B CSBXM BU B XBLF '03 .& JO .BHOPMJB "SL XIFO TIF TIPXFE VQ

* 7& /&7&3 4&&/ 0) )&--0 .0. 5)"5 (6: #&'03& */ 8)"5 *4 *5 /08 .: -*'& 0''*$&3 " ZFBS PME NPUIFS JO ,MBHFOGVSU "VTUSJB DBMMFE IFS TPO TP GSFRVFOUMZ BT NBOZ BT UJNFT B EBZ UIBU B DPVSU GPVOE IFS HVJMUZ PG TUBMLJOH

1PMJDF QVMMFE B NBO PWFS GPS TQFFE JOH JO 1FUBXBXB 0OUBSJP BOE EJTDPWFSFE UIBU UIF QBTTFOHFS TJUUJOH OFYU UP IJN XBT EFBE

'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

5PEBZ T #JSUIEBZ ‰ :PV TIPVME EP XFMM BT BO FOUSFQSFOFVS UIJT ZFBS :PV IBWF B GFX JEFBT UIBU ZPV WF CFFO UIJOLJOH BCPVU GPS B XIJMF $POTVMU ZPVS GSJFOET 5IFZ DBO IFMQ GJMM JO UIF CMBOLT 6TF UIF MBUFTU UFDIOPMPHZ UP IFMQ PUIFST BOE ZPV MM EP GJOF 5P HFU UIF BEWBOUBHF DIFDL UIF EBZ T SBUJOH JT UIF FBTJFTU EBZ UIF NPTU DIBMMFOHJOH

-2<.- +A '*A6. "7+.:< '2442*5; "$3044 #VUUFSGMZ VOJUT )PNF JO UIF "MQT i"HBJO w 3PDL TBMU 4UFQ JO B QJ[[B SFDJQF $PUUPO QMBOU PSJHJOBMMZ GSPN 1FSV 5SBORVJMJUZ 4JNQTPO EBE XJUI B EP[FO EPOVUT 'MPPS DPWFSJOH /PWFNCFS XJOOFST 4VGGJY XJUI $BFTBS 5PVDIZ .JMP PG i#BSCBSFMMBw #SPBEDBTU )PPL T NBUF JO IJT GPSNBUJWF ZFBST 1PPI QPPI CBI 'BSNFS T DPODFSOT 1BVM XIP QMBZFE UIF QSJODJQBM JO i5IF #SFBLGBTU $MVCw %BOEFS 'JMNEPN T -VQJOP "0- SJWBM )FBEMJOF BCPVU DBSQFOUSZ XPSL GPS B OFX GJOBODJBM

JOTUJUVUJPO i"XBLFOJOHTw 0TDBS OPNJOFF i.VTU WF CFFO TPNFUIJOH @@w $MBTTJD CSFBLVQ MJOF BOE B IJOU UP UIF GPSNBUJPO PG UIJT QV[[MF T UIFNF BOTXFST #SVODI GBSF "DUPS XIPTF

CJSUI OBNF XBT "SJTUPUFMFT 5IFSNPNFUFS F H (PME PS TJMWFS %08/ 0OF JO 5BS[BO T GBNJMZ USFF 3PVUT $IBSU BHBJO $PDLOFZ

BOUJDJQBUJPO .VTDVMBS EPMM 4BUJTGZ UIF NVODIJFT 5FNQFTU i"HFMFTT #PEZ 5JNFMFTT .JOEw BVUIPS 4BJOUMZ SJOH 'BUIFS EBVHIUFS CPYFST %ZOBNP

5IVSTEBZ T TPMVUJPOT

2VBSUJFS E @@ +VMZ "VHVTU 1BSJTJBO GFTUJWBM 4PNF /'- SFDFJWFST %PHT JO TIPFT TU (SFFL MFUUFS &OUIVTJBTUJD BHSFFNFOU $IFNJTUSZ /PCFMJTU 0UUP 'JU GPS TFSWJDF 4BJMPS T IFBEJOH $SPTTFE PVU

$JUZ XJUI B WJFX PG UIF -BSBNJF .PVOUBJOT "MMFO BOE #VSUPO $IBQMJO T MBTU XJGF 'JMN CVGG T TUBUJPO 4VGGFST

"TTJNJMBUFT "DUPS &TUSBEB (FSNBO UPXO 7FHBT T @@ (SBOE @@ EJDUVN QBTTJOH SFNBSL 0ME UJNFZ iOPUw #P %JEEMFZ IJU -PBUIF -JNF FOEJOH 8FTUFSO PNFO (SPDFSZ TFDUJPO &OW DPOUFOUT .BOIBUUBO BSFB BCPWF )PVTUPO 4USFFU -FY -VUIPS T BOE PUIFST %BUFCPPL BCCS $IJ CBTFE GMJFS i@@ CFFO IBE w 4DPU T UPQQFS

7JSHP "VH 4FQU Â&#x2030; 5PEBZ JT B Â&#x2030; $PODFOUSBUF PO B DIBMMFOHJOH BTTJHONFOU :PV DBO GJHVSF JU PVU XJUI UIF IFMQ PG BO FYQFSU XIP T GBS BXBZ *U T XPSUI UIF MPOH EJTUBODF DBMM -JCSB 4FQU 0DU Â&#x2030; 5PEBZ JT B Â&#x2030; 'JOJTIJOH UIF KPC TIPVMEO U CF UPP EJGGJDVMU 8SBQ JU VQ TP ZPV BOE ZPVS TXFFUIFBSU DBO DFMFCSBUF UPOJHIU %P TPNFUIJOH MVYVSJPVT CVU JOFYQFOTJWF BOE NBLF JU GVO

"SJFT .BSDI "QSJM Â&#x2030; 5PEBZ JT B Â&#x2030; " TFDSFU MPWF IBE CFUUFS TUBZ UIBU XBZ GPS B XIJMF 5IJT JT FTQFDJBMMZ USVF JG JU T B DSVTI PO BO PMEFS QFSTPO %PO U FWFO UFMM ZPVS GSJFOET BCPVU JU $IBOOFM ZPVS BGGFDUJPOT UPXBSE UIFN JOTUFBE .JSBDMFT BSF NPSF MJLFMZ UIFSF

4DPSQJP 0DU /PW Â&#x2030; 5PEBZ JT B Â&#x2030; (JWF ZPVSTFMG QMFOUZ PG UJNF "T ZPV XFMM LOPX JU T SBSFMZ OFDFTTBSZ UP SFBDU FNPUJPOBMMZ 4UJGMF UFNQPSBSJMZ FYDFQU GPS B QFSTPOBM SFMBUJPOTIJQ 4DIFEVMF UIBU GPS MBUFS UPOJHIU

5BVSVT "QSJM .BZ Â&#x2030; 5PEBZ JT B Â&#x2030; 5IF QPMJDZNBLFST EPO U TFFN UP IBWF BMM UIF QFSUJOFOU JOGPSNBUJPO %PO U TUBOE CZ JO TJMFODF TQFBL VQ :PVS FYQFSJFODF BOE UIBU PG ZPVS GSJFOET OFFET UP CF TIBSFE XJUI UIFN

4BHJUUBSJVT /PW %FD Â&#x2030; 5PEBZ JT B Â&#x2030; *EFOUJGZ XIBU ZPV EPO U OFFE BOE DSPTT UIPTF JUFNT PGG ZPVS MJTU :PV SF WFSZ HPPE BU TPMWJOH QV[[MFT 5IJT TLJMM JT RVJUF VTFGVM OPX BOE HFUT FBTJFS XJUI QSBDUJDF

(FNJOJ .BZ +VOF Â&#x2030; 5PEBZ JT B Â&#x2030; %PO U TJNQMZ BTL BCPVU UIF NPOFZ SVO PVU UIF OVNCFST ZPVSTFMG 5IF PUIFST BSF MJLFMZ UP NBLF JU MPPL NVDI CFUUFS UIBO JU JT :PV CF UIF QSBHNBUJTU -FU UIFN CF UIF ESFBNFST

$BQSJDPSO %FD +BO Â&#x2030; 5PEBZ JT B Â&#x2030; 5IFZ TBZ ZPV SF B TUFSO UFBDIFS :PV EPO U TVGGFS GPPMT HMBEMZ CVU ZPV DBO CF DPNQBTTJPOBUF BOE HFOUMF 0GGFS B LJOE XPSE UP POF XIP T MFBSOJOH TMPXMZ

$BODFS +VOF +VMZ Â&#x2030; 5PEBZ JT B Â&#x2030; /FSWFT BSF TUJMM B CJU PO FEHF :PV XPVMEO U CF KVEHFE IBSTIMZ JG ZPV TJNQMZ UPPL PGG TPNFXIFSF CZ ZPVSTFMG PS XJUI B WFSZ EFBS GSJFOE *G JU T EVSJOH XPSLJOH IPVST IBWF B HPPE CVTJOFTT SFBTPO -FP +VMZ "VH Â&#x2030; 5PEBZ JT B Â&#x2030; 5IF CVTJFS ZPV TUBZ UIF NPSF NPOFZ ZPV MM HFOFSBUF 5IJT JT B XPOEFSGVM UIJOH :PV MM NBLF TPNF OFX GSJFOET UPP POF PG XIPN JT FTQFDJBMMZ GBTDJOBUJOH -FU UIJT QFSTPO UBLF ZPVS NJOE PGG ZPVS USPVCMFT GPS B XIJMF

"RVBSJVT +BO 'FC Â&#x2030; 5PEBZ JT B Â&#x2030; :PV SF CFJOH XBUDIFE MJLF B IBXL UP TFF JG ZPV NBLF XJTF EFDJTJPOT 5IJT JT XIFSF BMM ZPVS QMBOOJOH DPNFT JO 5IF DSJUJDT EPO U DBSF BCPVU SFBTPOT 4IPX UIFN UISPVHI ZPVS BDUJPOT 1JTDFT 'FC .BSDI Â&#x2030; 5PEBZ JT B Â&#x2030; .BLF TVSF ZPV LOPX XIBU ZPV SF BGUFS 8SJUF EPXO BOZ OVNCFST PS DPEFT ZPV MM OFFE UP JEFOUJGZ JU :PV E IBUF UP HFU UIF XSPOH JUFN UIFSFCZ XBTUJOH B USJQ UP UIF TUPSF

D 5SJCVOF .FEJB 4FSWJDFT *OD ] %JTUSJCVUFE CZ .D$MBUDIZ 5SJCVOF *OGPSNBUJPO 4FSWJDFT

!

%; ,.( 5*,5,21 $1' ()) 185(.

16&5$0%/( 7+(6( )285 80%/(6 21( /(77(5 72 ($&+ 648$5( 72 )250 )285 25',1$5; :25'6 #!$ ' ' % &# %#* # (!" "

, #+ " # #% %& #"' "& ) %, ' '# #% &'% ' & #" #* '# &# ) ( # ( ) & '

?

5,%81( (',$ (59,&(6 1&

// ,*+76 (6(59('

# 5IVSTEBZ T TPMVUJPOT

" ! ::: -80%/( &20 '6

2: $55$1*( 7+( &,5&/(' /(77(56 72 )250 7+( 68535,6( $16:(5 $6 68**(67(' %; 7+( $%29( &$57221

16:(56 7202552:

6JWTUFC[µU 80%/(6

U#(67(5'$; 6 Q N W V K Q P U 16:(5 !+(1 7+( $,/,1* 32(7 722. 72 +,6 %(' +( > < =

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

'SJEBZ "QSJM

4QPSUT

40'5#"--

/P 4*6 TFFLT UP TPBS QBTU $SFJHIUPO

+".&4 .$%0//06() ] % "*-: & (:15*"/ 4BMVLJ TFOJPS +BZNF 8BNTMFZ TMJEFT TBGFMZ JOUP TFDPOE CBTF EVSJOH UIF GJSTU HBNF PG B EPVCMFIFBEFS TXFFQ BHBJOTU .JTTPVSJ 4UBUF 4BUVSEBZ 4*6 USBWFMT UP 0NBIB /FC 'SJEBZ UP GBDF GJSTU QMBDF $SFJHIUPO

-VJT $ .FEJOB

¶¶8

NFNPSZ PG B TMPX TUBSU JO UIFJS MBTU CBUUMJOH GPS UIF UPQ TQPU JO UIF HBNF BHBJOTU 5FOOFTTFF .BSUJO .7$ 4P XF MM DPNF PVU SFBEZ UP 4*6 BMMPXFE UIF QMBZ w .D/BNBSB 4LZIBXLT UP TBJE " GUFS ESPQQJOH JUT MBTU UXP KVNQ PVU UP BO 3FOBF 4JOLMFS F SF HPJOH UP CF JT UIF #MVFKBZT SPBE HBNFT UP OPO DPOGFSFODF FBSMZ MFBE PQQPOFOUT UIF 4*6 TPGUCBMM UFBN JT XIJDI FWFOUVBMMZ QPXFS OBUVSBMMZ SFBEZ CJHHFTU SFBEZ UP QMBZ B DPOGFSFODF SJWBM UVSOFE JOUP B UISFBU DPNQJMJOH GPS $SFJHIUPO CFDBVTF TFWFO IPNF SVOT 5IF /P 4BMVLJT SFUVSO UP WJDUPSZ 5FOOFTTFF UIF EJBNPOE PO 4BUVSEBZ XIFSF .BSUJO TNBDLFE BOE SVOT CBUUFE JU T B CJH SJWBMSZ BOE UIFZ XJMM CF NFU CZ B GBNJMJBS GPF BSPVOE UIF 4BMVLJ JO 5IF $SFJHIUPO PCWJPVTMZ XF SF CPUI VUJMJUZ QMBZFS MFBET .JTTPVSJ 7BMMFZ $POGFSFODF SJWBM QJUDIFST GPS $SFJHIUPO IJUT JODMVEJOH UIF UFBN XJUI CBUUMJOH GPS UIF UPQ 4*6 .7$ USBWFMT GPVS IPNF SVOT B TMVHHJOH UP 0NBIB /FC XIFSF JU XJMM QVU 4FOJPS QJUDIFS QFSDFOUBHF BOE TQPU JO UIF .7$ Â&#x2030; ,BUJF .D/BNBSB SBOLT TFDPOE PO UIF JUT TJY HBNF XJOOJOH TUSFBL JO ,BUJF .D/BNBSB TFOJPS QJUDIFS UFBN XJUI B DPOGFSFODF QMBZ PO UIF MJOF BHBJOTU TBJE UIF UFBN JT UIF 7BMMFZ T UPQ UFBN $SFJHIUPO SFBEZ UP QVU JUT CBUUJOH BWFSBHF .7$ GFBUVSFT BO USPVCMFT CFIJOE UP GPDVT PO JUT OFYU $SFJHIUPO T PGGFOTF XJMM IBWF PGGFOTF UIBU IBT UISFF TUBSUJOH TFSJFT JUT PXO JTTVFT USZJOH UP IBOEMF QPTJUJPO QMBZFST CBUUJOH IJHIFS UIBO i8F SF HPJOH UP CF OBUVSBMMZ UIF 4*6 QJUDIJOH TUBGG XIJDI IBT

SFBEZ GPS $SFJHIUPO CFDBVTF JU T B QJUDIFE XFMM JO DPOGFSFODF QMBZ 5IF 4BMVLJT IPQF UP FSBTF UIF CJH SJWBMSZ BOE PCWJPVTMZ XF SF CPUI %FTQJUF UIF QJUDIJOH TUBGG T %"*-: &(:15*"/ -$. !4*6 &%6

SPVHI PVUJOH JO .BSUJO 5FOO JUT DPMMFDUJWF OVNCFST TUJMM SBOL BU UIF UPQ PG UIF DPOGFSFODF .D/BNBSB IBT BO SFDPSE BOE B FBSOFE SVO BWFSBHF XIJMF TPQIPNPSF /JLLJ 8BUFST JT XJUI B &3" 'FMMPX TPQIPNPSF %BOJFMMF (MPTTPO JT POMZ CVU TIF PXOT B &3" BOE UFBN IJHI TUSJLFPVUT JO JOOJOHT 4*6 IBT B UFBN &3" PG XIJDI SBOLT GJSTU JO UIF .7$ 4*6 IFBE DPBDI ,FSSJ #MBZMPDL TBJE UIF TUSPOH QJUDIJOH JT B TJHO UIF QPPS QFSGPSNBODF BHBJOTU UIF 4LZIBXLT JT OPU MJLFMZ UP IBQQFO BHBJO i5IF CBMM IBT CFFO IJU IBSE CZ "MBCBNB BOE .J[[PV BOE ZPV GJHVSF UIBU T EFTFSWFEMZ TP CFDBVTF JU T UXP UPQ GJWF PS UPQ UFBNT w #MBZMPDL TBJE BGUFS UIF UFBN T MPTT UP 5FOOFTTFF .BSUJO i#VU * EPO U UIJOL UIJT JT HPJOH UP IBQQFO UP VT

53"$) "/% '*&-%

¶¶

4*6 *OEJBOB 4UBUF UP UBLF PO #JH 5FO BU *OEJBOB *OWJUBUJPOBM 5 %FSFL 3PCCJOT %"*-: &(:15*"/ %30##*/4!4*6 &%6

5 IF 4*6 USBDL BOE GJFME UFBN IBT BUIMFUFT XJUI /$"" SFHJPOBM RVBMJGZJOH NBSLT +VOJPS 3ZBO 4IVNBLFS XBOUT UP CF /P i:PV IBWF OP JEFB IPX CBEMZ * XBOU UP CF PO UIBU CVT UP SFHJPOBMT w 4IVNBLFS TBJE i5IJT XFFL * UIJOL * BN SFBEZ UP NBLF SFHJPOBMT *U T B HPBM PG NJOF * GFFM * DBO EP JU w 5IF 4BMVLJT USBWFM UP #MPPNJOHUPO *OE UP DPNQFUF BU UIF *OEJBOB *OWJUBUJPOBM XIFSF UIFZ XJMM TRVBSF PGG BHBJOTU #JH 5FO UFBNT TVDI BT .JDIJHBO 4UBUF BOE IPTU *OEJBOB 4*6 XJMM OPU CF UIF POMZ NJE NBKPS QSPHSBN GBDJOH UIF #JH 5FO UIPVHI BT GFMMPX .JTTPVSJ 7BMMFZ $POGFSFODF UFBN *OEJBOB 4UBUF XJMM DPNQFUF

4BMVLJ USBDL BOE GJFME IFBE DPBDI $POOJF 1SJDF 4NJUI TBJE UIF 4FB 3BZ 3FMBZT PO "QSJM BOE TFSWFE BT QSPQFS QSFQBSBUJPO GPS UIF JOWJUBUJPOBM i5IFSF XFSF B MPU PG #JH 5FO TDIPPMT DPNQFUJOH MBTU XFFLFOE w 1SJDF 4NJUI TBJE i0VS LJET DBO DPNQFUF XJUI UIFN 8F SF WFSZ DPNQBSBCMF w 1SJDF 4NJUI TBJE UIF NFFU XPVME QSPWJEF UIF UFBN XJUI BO PQQPSUVOJUZ UP JNQSPWF PO SFHJPOBM RVBMJGZJOH NBSLT BOE TIF FYQFDUT NPSF 4BMVLJT UP RVBMJGZ BU UIF JOWJUF 1SJDF 4NJUI TBJE UIF UISPXFST JO QBSUJDVMBS IBWF JNQSFTTFE IFS BOE DPVME JNQSPWF UIFJS NBSLT BU *OEJBOB 'SFTINBO UISPXFS +FOFWB .D$BMM XBT SFDFOUMZ OBNFE DP .7$ "UIMFUF PG UIF 8FFL BGUFS QPTUJOH IFS GJSTU SFHJPOBM RVBMJGZJOH NBSL PG UIF TFBTPO BU UIF 4FB 3BZ 3FMBZT XJUI BO PQFO

IJT JT OP EJGGFSFOU GPS VT OP NBUUFS UIF UFBNT

EJTDVT UPTT PG GFFU JODIFT 4IVNBLFS TBJE XIJMF IF IPQFT UP RVBMJGZ GPS SFHJPOBMT IF BMTP FYQFDUT B TUSPOH TIPXJOH GSPN GSFTINBO +$ -BNCFSU XIP QPTUFE IJT GJSTU SFHJPOBM RVBMJGZJOH NBSL BU UIF 4FB 3BZ 3FMBZT XJUI B UISPX JO UIF PQFO IBNNFS PG GFFU JODIFT i)F JT BO PVUTUBOEJOH GSFTINBO BOE IF XJMM EP HSFBU UIJOHT w 4IVNBLFS TBJE 0O UIF SVOOJOH TJEF "MM "NFSJDBO TFOJPS #JBODB 4UVBSU RVBMJGJFE GPS SFHJPOBMT JO UIF MPOH KVNQ GFFU JODIFT JO IFS GJSTU PVUEPPS NFFU PG UIF TFBTPO BOE MPPLT UP JNQSPWF PO UIBU NBSL

Â&#x2030; 3ZBO 4IVNBLFS KVOJPSUISPXFS

i* XBT HMBE UP HFU RVBMJGZJOH PVU PG UIF XBZ w 4UVBSU TBJE PG IFS FBSMZ TFBTPO BDDPNQMJTINFOU i* GFMU B MJUUMF TMVHHJTI " CJU NPSF QSBDUJDF BOE * MM CF XIFSF * XBT BU UIF FOE PG UIF JOEPPS TFBTPO w 4UVBSU UIBU UIF USBDL BOE GJFME UFBN XBT XPSLJOH IBSE UISPVHIPVU UIF XFFL BOE XPVME CF SFBEZ GPS UIF GJFME 8IJMF UIF USBDL BOE GJFME UFBN IPQFT UP HFU BT NBOZ SFHJPOBM RVBMJGJFST BT QPTTJCMF UIF NBJO QSJPSJUZ JT UP HFU B XJO i8F SF HPJOH BU UIJT MJLF JU XBT BOZ PUIFS NFFU w 4IVNBLFS TBJE i5IJT JT OP EJGGFSFOU GPS VT OP NBUUFS UIF UFBNT *U XPVME CF OJDF UP CFBU UIPTF #JH 5FO TDIPPMT UIPVHI w

FWFSZ UJNF w 5IF 4BMVLJ PGGFOTF TUBSUFE UP DPNF BMJWF JO 8FEOFTEBZ T MPTT 4*6 TDPSFE GPVS SVOT BOE UBMMJFE IJUT BHBJOTU TUBSUFS ,BSB )BSQFS JO JUT MBSHFTU PGGFOTJWF PVUQVU TJODF CFBUJOH &BTUFSO *MMJOPJT PO .BSDI 0VUGJFMEFS $IFMTFB )FME MFBET UIF UFBN JO CBUUJOH BWFSBHF IJUUJOH BOE JO TMVHHJOH QFSDFOUBHF BU 4FDPOE CBTFNBO "MJDJB (BS[B JT OPU GBS CFIJOE )FME CPBTUJOH B CBUUJOH BWFSBHF XIJMF MFBEJOH UIF UFBN XJUI B PO CBTF QFSDFOUBHF 0GGFOTF BOE QJUDIJOH PGUFO HP IBOE JO IBOE BOE .D/BNBSB TBJE UIF 4BMVLJ QJUDIFST XPVME OFFE UP IBWF B TIPSU NFNPSZ PG UIFJS SFDFOU QFSGPSNBODF BOE SFHBJO UIF DPOGJEFODF UIFZ IBT TIPXFE EVSJOH UIF TUBSU

5&"(6&

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

5IF 4BMVLJ IFBE DPBDI TBJE B GPDVT PO BDBEFNJDT XPVME DPOUJOVF i8F SF PO UPQ PG UIFN EBJMZ XFFL MZ IPVSMZ BCPVU EPJOH UIF SJHIU UIJOHT *U TUBSUT XJUI UIF BDBEFNJDT TFDPOEMZ JU T UIF DPNNVOJUZ BOE UIJSE JU T UIF CBTLFUCBMM DPVSU w -PXFSZ TBJE 4*6 IBT UXP BWBJMBCMF TDIPMBSTIJQT BT 7JODFOOFT GPSXBSE +PIO 'SFFNBO IBT ZFU UP TFOE UIF SFRVJSFE NBUFSJ BMT UP DPNQMFUF IJT OBUJPOBM MFUUFS PG JOUFOU XIJDI XPVME PGGJDJBMMZ NBLF IJN B 4BMVLJ -PXFSZ TBJE i8F SF TUJMM JO UIF IVOU GPS TPNF LJET BOE XF SF HPJOH UP CF WFSZ QBUJFOU BOE OPU KVNQ UIF HVO BOE KVTU UBLF TPNFCPEZ w -PXFSZ TBJE i8F XBOU UP NBLF TVSF XF MM HFU TPNFCPEZ XIP XJMM CF IBQQZ UP CF IFSF BOE BU UIF TBNF UJNF TUSFOHUIFO PVS QSPHSBN BOE NBLF VT CFUUFS w -PXFSZ TBJE IF FYQFDUFE UP VTF BMM PG UIF BWBJMBCMF TDIPMBSTIJQT UP SPVOE PVU UIF UFBN

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

4QPSUT

7EPYOM -RWMHIV +PIO .BEEFO BOOPVODFE IJT SFUJSFNFOU GSPN UIF CSPBEDBTU CPPUI 5IVSTEBZ BOE XJMM CF SFQMBDFE CZ $ISJT $PMMJOTXPSUI GPS /#$ T 4VOEBZ /JHIU 'PPUCBMM 8IP XPVME ZPV DIPPTF BT .BEEFO T SFQMBDFNFOU

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

&WFO UIPVHI * GFFM (VT +PIOTPO JT B USFNFOEPVT QMBZ CZ QMBZ HVZ * XBOU UP TFF JG IF DBO EP BO BOBMZTU T KPC )F JT JOTJHIUGVM BOE FYDJUJOH UIF UXP UIJOHT B DPMPS HVZ TIPVME CF )F NJHIU CF UIF POMZ QFSTPO JO UIF XPSME UIBU DPVME NBLF B -JPOT 3BJEFST HBNF FYDJUJOH

* N HPJOH UP NJTT +PIO .BEEFO "MM IJT UBML BCPVU 5VSEVDLFO BOE IPX iUIF UFBN UIBU TDPSFT UIF NPTU QPJOU XJOT w * UIPVHIU B XIJMF GPS UIF QSPQFS SFQMBDFNFOU BOE * UIJOL * IBWF JU $ISJT $PMMJOTXPSUI 8BJU IF XBT BMSFBEZ DIPTFO BT UIF SFQMBDFNFOU 5IBU T BXFTPNF /#$ BDUVBMMZ TFMFDUFE POF PG UIF CFTU DVSSFOU CSPBEDBTUFST UP SFQMBDF UIF QBTU IJT QSJNF .BEEFO $PMMJOTXPSUI JT LOPXMFEHFBCMF DMFBS TQPLFO BOE TFFNT UP BDUVBMMZ DBSF BCPVU UIF HBNF UISFF UIJOHT UIBU BSF MBDLJOH JO UIF CSPBEDBTU CPPUI

%&3&, 30##*/4 ESPCCJOT !TJV FEV

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

5IF NPSF QSFTTJOH JTTVF JT XIBU &" 4QPSUT JT HPJOH UP DBMM UIF OFYU .BEEFO HBNF 8JMM UIFZ OBNF JU BGUFS IJT SFQMBDFNFOU PS HJWF JU UIF NPSF BQU BOE MFTT QPQVMBS OBNF i5IF TBNF GPPUCBMM HBNF BT MBTU ZFBS w )JT SFQMBDFNFOU TIPVME CF $ISJT $PMMJOTXPSUI $IPPTJOH B .BEEFO DMPOF XPVME CF B CBE JEFB )F XBT B VOJRVF DIBSBDUFS BOE ZPV DBO U SFQMJDBUF UIBU TP KVTU MFU IJN GBEF BXBZ $PMMJOTXPSUI JT BO JOTJHIUGVM BOBMZTU XIP DPVME DBSSZ UIF BOOPVODJOH MPBE CZ IJNTFMG 5FBNJOH XJUI "M .JDIBFMT TIPVME NBLF UIF DPNNFOUBSZ PG 4VOEBZ /JHIU 'PPUCBMM FYDJUJOH

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

#"4&#"--

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

i5IFZ SF B NVDI JNQSPWFE CBMMDMVC * LOPX UIBU 5IFZ TXJOH UIF CBUT QSFUUZ XFMM w )FOEFSTPO TBJE i*U T HPJOH UP CF B DIBMMFOHF CVU JG XF QMBZ UIF XBZ XF EJE UIF MBTU UXP HBNFT * MJLF PVS DIBODFT w 5IF 4BMVLJT FOUFS UIF XFFLFOE TFSJFT BT MPTFST PG GJWF TUSBJHIU 7BMMFZ HBNFT XJUI UIFJS MBTU XJO DPNJOH BHBJOTU /PSUIFSO *PXB PO .BSDI 5IF MPTJOH TUSFBL JT UIF UFBN T MPOHFTU JO DPOGFSFODF QMBZ TJODF ESPQQJOH FJHIU TUSBJHIU JO 5IF 4BMVLJT FOUFS UIF TFSJFT IBWJOH MPTU GPVS PG UIFJS MBTU TJY TFSJFT 5IFZ BSF JO TFSJFT QMBZ UIJT ZFBS 4*6 IBT VTFE B DPNCJOBUJPO PG TPMJE TUBSUJOH QJUDIJOH BOE MBUF JOOJOH SBMMJFT UP XJO JUT MBTU UXP HBNFT MFBEJOH VQ UP UIF *OEJBOB 4UBUF TFSJFT "GUFS CFJOH EPXO BHBJOTU 4PVUIFBTU .JTTPVSJ 4UBUF PO 5VFTEBZ UIF 4BMVLJT VTFE IPNF SVOT CZ TFOJPS DBUDIFS .BSL ,FMMZ BOE TPQIPNPSF

¶¶*

DFOUFS GJFME $ISJT .VSQIZ JO &3" JT TDIFEVMFE UP QJUDI UIF FJHIUI BOE OJOUI UP UJF UIF 'SJEBZ GPS UIF 4BMVLJT XIJMF SJHIU HBNF +VOJPS UIJSE CBTFNBO 5POZ IBOEFS "OESFX %VOO -FQPSF T 3#* TJOHMF &3" XJMM UBLF UIF JO UIF UI TFU UIF UBCMF NPVOE 4BUVSEBZ GPS KVOJPS DMPTFS #SZBOU -FGU IBOEFS +JNNZ U T HPJOH UP CF B $PSOFMM

(FPSHF UP TFU UIF BMM UJNF XJMM NBLF IJT .7$ TBWFT SFDPSE DIBMMFOHF CVU TUBSUJOH 5IF NBHJD DPOUJOVFE EFCVU PO JG XF QMBZ UIF XBZ 4VOEBZ BHBJOTU UIF UIF GPMMPXJOH EBZ BT UIF 4BMVLJT CVJMU B MFBE 4ZDBNPSFT XF EJE UIF MBTU CFGPSF CMPXJOH JU JO B %FTQJUF UIF UXP HBNFT * MJLF TJY SVO PVUCVSTU TJY SVO TJYUI JOOJOH CZ UIF 6OJWFSTJUZ PG *MMJOPJT CZ *MMJOPJT PGGFOTF PVS DIBODFT 4*6 PWFSDBNF B POF SVO PO 8FEOFTEBZ Â&#x2030; ,FO )FOEFSTPO EFGJDJU XJUI B GPVS SVO DPBDI BTTPDJBUF IFBE DPBDI BTTJTUBOU CPUUPN PG UIF FJHIUI UP 5JN %JYPO TBJE IF CFBU UIF *MMJOJ XBT IBQQZ XJUI UIF XBZ UIF QJUDIFST .VSQIZ TUPMF TFDPOE BOE XFOU UISFX JO UIF PUIFS FJHIU JOOJOHT UP UIJSE PO BO FSSPS JO UIF FJHIUI %JYPO TBJE UIF HBNF QSPWJEFE B CFGPSF ,FMMZ LOPDLFE IJN JO WBMVBCMF FYQFSJFODF GPS UIF QJUDIJOH PO B TBDSJGJDF GMZ 'SFTINBO GJSTU TUBGG BOE TIPVME IBWF UBVHIU UIF CBTFNBO $ISJT 4FSSJUFMMB TFBMFE UIF QJUDIFST BO JNQPSUBOU MFTTPO XJO GPS UIF 4BMVLJT XJUI B UXP SVO i* EPO U DBSF JG ZPV HJWF VQ IJUT USJQMF UP NBLF JU CVU XIFO ZPV XBML HVZT ZPV SF OPU 3JHIU IBOEFS "EBN $VSZOTLJ HJWJOH VT B DIBODF w %JYPO TBJE

'SJEBZ "QSJM

4Ä¡Ä Ä£Ä¥Ä¤ %" * -: & ( : 1 5 * " /

'3*%":

*/4*%&3 QBHF #PPN +PIO .BEEFO SFUJSFE CVU XIP TIPVME SFQMBDF IJN 0/-*/& TJV%& DPN $IFDL PVU TPNF MPTU GVO BU 3FOU 0OF GSPN UIF 4*6 *MMJOJ HBNF

"13*-

80.&/ 4 (0-'

%BXHT IPQF UP QFBL BU DPOGFSFODF

.&/ 4 #"4,&5#"--

4BMVLJT PGGJDJBMMZ JOL 5FBHVF -VJT $ .FEJOB %"*-: &(:15*"/ -$. !4*6 &%6

+".&4 .$%0/06() ] % "*-: & (:15*"/ 'SFTINBO .FH (JMMFZ IJUT B TIPU PVU PG UIF TBOE BU UIF UI IPMF EVSJOH UIF 4BMVLJ *OWJUBUJPOBM BU )JDLPSZ 3JEHF (PMG $PVSTF JO $BSCPOEBMF PO .BSDI 5IF 4BMVLJT USBWFM UP 1BOPSB *PXB UP DPNQFUF JO UIF 4UBUF 'BSN .7$ $IBNQJPOTIJQT UPEBZ UISPVHI 4VOEBZ

3ZBO 7PZMFT

¶¶&

i8F SFBMMZ EPO U IBWF BOZ QSFTTVSF SFNJOET NF B MPU PG UIF QMBDF UIBU XF SF HPJOH JO CFDBVTF XF BSFO U UIF HPJOH UP QMBZ JO *PXB w %BVHIFSUZ GBWPSJUFT w -BFHFMFS TBJE i)PQFGVMMZ TBJE PG UIF DPVSTF JO 3JDINPOE ,Z UIF MBDL PG QSFTTVSF XJMM i)PQFGVMMZ UIF UFBN 5ISPVHIPVU UIF TFBTPO UIF IFMQ VT DPNF BCPWF BMM HPU B HPPE GFFM GPS UIF NFNCFST PG UIF 4*6 XPNFO T HPMG UFBN PG PVS JOEFDFOU QMBZ HSFFOT UIFSF w 4FOJPS #SBJEZ IBWF TBJE UIFJS HPBM JT UP QFBL HPJOH JOUP UIJT TFNFTUFS w WFSZ UJNF XF DPOGFSFODF /PX UIF 4BMVLJT IBWF B 5IF 4BMVLJT FOUFS )PPE TBJE 4*6 VTFE UFF PGG XF QMBZ 5VFTEBZ T QSBDUJDF UP DIBODF UP SFBDI UIBU HPBM UIF DIBNQJPOTIJQT 4*6 XJMM DPNQFUF JO UIF .JTTPVSJ IBWJOH POMZ QSBDUJDFE XPSL PO JUT QVUUJOH UP XJO 7BMMFZ $POGFSFODF $IBNQJPOTIJQT PODF PO 5VFTEBZ Â&#x2030; %JBOF %BVHIFSUZ HBNF IFBE DPBDI TUBSUJOH UPEBZ BU UIF -BLF 1BOPSBNB DPNJOH PGG UIF IFFMT PG i5IFZ IBWF SFBMMZ /BUJPOBM 3FTPSU JO 1BOPSB *PXB 5IF UIF &BTUFSO ,FOUVDLZ CJH HSFFOT VQ UIFSF 4BMVLJT BSF QSPKFDUFE UP GJOJTI GJGUI 6OJWFSTJUZ 4QSJOH JO *PXB TP XF BDDPSEJOH UP UIF QSF UPVSOBNFOU *OWJUBUJPOBM UIBU FOEFE 4VOEBZ JO QSBDUJDFE B MPU PG UIPTF w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i* UIJOL UIJT XBT B HSFBU DPVSTF TFBTPO JT UIJSE XJUI BO BWFSBHF VOEFSEPHT GPS VT UP QMBZ QSF 7BMMFZ CFDBVTF JU 4*6 IBT CFFO JODPOTJTUFOU %"*-: &(:15*"/ 370:-&4!4*6 &%6

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i8F DPVME QFBL BOE * EP UIJOL XF TUJMM IBWF BO PVUTJEF DIBODF UP XJO &WFSZ UJNF XF UFF PGG XF QMBZ UP XJO w TIF TBJE

#"4&#"--

4*6 MPPLT UP DBSSZ XFFLEBZ TUSFBL JOUP .7$ QMBZ 3ZBO 7PZMFT %"*-: &(:15*"/ 370:-&4!4*6 &%6

" GUFS XJOOJOH CBDL UP CBDL OPO DPOGFSFODF HBNFT JO ESBNBUJD GBTIJPO UIF 4*6 CBTFCBMM UFBN IPQFT UIF MBUF JOOJOH DPNFCBDLT XJMM OPU CF OFDFTTBSZ IFBEJOH CBDL JOUP DPOGFSFODF 4*6 USBWFMT UP 5FSSF )BVUF *OE UPEBZ GPS B UISFF HBNF TFSJFT BHBJOTU .JTTPVSJ 7BMMFZ $POGFSFODF SJWBMT *OEJBOB 4UBUF

*U XJMM CF UIF 4BMVLJT GJSTU DPOGFSFODF HBNF TJODF ESPQQJOH CPUI HBNFT PG B EPVCMFIFBEFS BHBJOTU .JTTPVSJ 4UBUF PO "QSJM "TTPDJBUF IFBE DPBDI ,FO )FOEFSTPO TBJE UIF UFBN DBOOPU VOEFSFTUJNBUF UIF OPSNBMMZ EPSNBOU 4ZDBNPSFT 4FF #"4&#"-- ]

4BMVLJ PVUGJFMEFS "BSPO 3PCFSUT SVOT QBTU UIJSE CBTF UPXBSET IPNF QMBUF EVSJOH 4*6 T HBNF BHBJOTU 6OJWFSTJUZ PG *MMJOPJT 8FEOFTEBZ JO .BSJPO -"/& $)3*45&/4&/ % "*-: & (:15*"/

8 JUI (FOF 5FBHVF TJHOJOH B OBUJPOBM MFUUFS PG JOUFOU UP QMBZ GPS UIF 4*6 NFO T CBTLFUCBMM UFBN IFBE DPBDI $ISJT -PXFSZ XBT GJOBMMZ BCMF UP TQFBL BCPVU UIF UFBN T OFX FTU NFNCFS "GUFS B XFFLFOE WJTJU UP $BSCPOEBMF 5FBHVF HBWF UIF 4BMVLJT B WFSCBM DPNNJUNFOU 4VOEBZ 0O 5IVSTEBZ -PXFSZ SFDFJWFE B TJHOFE MFUUFS PG JOUFOU GSPN 5FBHVF XIP DBODFMFE IJT GJOBM SFDSVJUJOH USJQT BGUFS WJTJUJOH 4*6 i8F LOFX JU XBT HPJOH UP DPNF EPXO UP VT BOE 8FTUFSO ,FOUVDLZ "OE GPS IJN UP DBODFM IJT WJTJU UP 8FTUFSO BOE EFDJEF UP DPNF QMBZ GPS VT XBT B IVHF HFU GPS VT w -PXFSZ TBJE -BOEJOH 5FBHVF XBT B MPOH QSP DFTT -PXFSZ TBJE Â&#x2030; B QSPDFTT UIF GJGUI ZFBS DPBDI CFHBO UXP TVN NFST BHP BU B 4PVUIFSO *MMJOPJT .JOFST HBNF "U UIF HBNF -PXFSZ NFU +PIO 4DBO[BOP BO BENJOJTUSBUPS BU "QFY "DBEFNZ JO /FX +FSTFZ XIFSF 5FBHVF XBT QMBZJOH CBTLFUCBMM 4DBO[BOP JT UIF CSPUIFS PG GPSNFS .JOFST UXP UJNF BMM TUBS TIPSUTUPQ .JLF 4DBO[BOP +PIO 4DBO[BOP JOGPSNFE -PXFSZ BCPVU UIF BDBEFNZ T UBM FOUFE CBTLFUCBMM QMBZFST BOE TBJE UIBU JG IF XBT JOUFSFTUFE IF TIPVME UBLF B MPPL -PXFSZ EJE BOE GPVOE 5FBHVF JO UIF QSPDFTT 5FBHVF HSBEVBUFE -JWJOH 'BJUI $ISJTUJBO "DBEFNZ JO /FX +FSTFZ JO )F PSJHJOBMMZ DPNNJU UFE UP UIF 6OJWFSTJUZ PG 4PVUI 'MPSJEB CVU EJE OPU RVBMJGZ BDB EFNJDBMMZ 5IF /FX +FSTFZ OBUJWF UIFO FOSPMMFE BU "QFY "DBEFNZ XIFSF IF BWFSBHFE QPJOUT BOE SFCPVOET MBTU TFBTPO -PXFSZ TBJE 5FBHVF TIPVME GJMM B WPJE JO UIF NJEEMF GPS UIF 4BMVLJT i)F T CJH IF T QIZTJDBM BOE XF OFFEFE B CVDLFU NBLFS BSPVOE UIF SJN w -PXFSZ TBJE 5FBHVF XIP XJMM IBWF BMM GPVS ZFBST PG FMJHJCJMJUZ KPJOT $BSMUPO 'BZ "OUIPOZ #PPLFS BOE /JDL &WBOT JO UIF 4BMVLJ GSPOUDPVSU OFYU TFBTPO 'BZ XJMM CF B KVOJPS OFYU TFBTPO XIJMF #PPLFS BOE &WBOT XJMM CF TPQIPNPSFT 8JUI HSBEVBUJOH TFOJPS 5POZ #PZMF PVU PG UIF MPX QPTU 5FBHVF BOE IJT GPPU JODI QPVOE GSBNF DPVME HFU B CVML PG UIF UPVDIFT JO UIF QBJOU 0G UIF SFUVSOJOH QMBZFST POMZ #PPLFS BOE XBML PO #SBOEPO "MMFO BSF OPU GSPN *MMJOPJT NBLJOH 5FBHVF B VOJRVF BDRVJTJUJPO -PXFSZ TBJE UIF TDIPPM T OBUJPO BM FYQPTVSF FTQFDJBMMZ UIF UFBN T USJQ UP .BEJTPO 4RVBSF (BSEFO IFMQFE JO UIF SFDSVJUJOH QSPDFTT i8IFO ZPV IBWF B HPPE QSP HSBN HPPE UIJOHT IBQQFO GPS ZPV w -PXFSZ TBJE i1FPQMF LOPX BCPVU VT BOE PCWJPVTMZ VT HPJOH UP QMBZ BU .BEJTPO 4RVBSF (BSEFO SFHBSEMFTT PG UIF SFTVMUT JT FWFSZ &BTU $PBTU LJE T ESFBN 5P CF BCMF UP TBZ XF UPPL PVS GSFTINBO DMBTT UP /FX :PSL XBT IVHF w -PXFSZ TBJE UIF ZFBS PG QSFQ TDIPPM IBT NBEF 5FBHVF B CFUUFS CBMM QMBZFS BOE B CFUUFS TUVEFOU 4FF 5&"(6& ]