July3009Complete

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

1%' %PXOMPBE B EPDVNFOU XFJHIJOH UIF QSPT BOE DPOT PG UIF OFX GFEFSBM (* #JMM WFSTVT PUIFS HSBOUT UP GJOE XIBU T CFTU GPS ZPV

%ĒĚĝĪ &ĘĪġĥĚĒğ

5PEBZ )JHI -PX

5)634%":

'SJEBZ )JHI -PX 4BUVSEBZ )JHI -PX

70-6.& /0

063 803% 1"(& (VT #PEF TBZT XIBU T UIF IPME VQ

+6-:

1"(&4

$ISJTU JO :PVUI GPTUFST NPSF UIBO KVTU TQJSJUVBM HSPXUI (FOOB 0SE %"*-: &(:15*"/ (03%!4*6 &%6

'PS ZFBST -BOB $BNQCFMM IBT IFMQFE BOE XBUDIFE BT UIF $ISJTU *O :PVUI DPOGFS FODF JO $BSCPOEBMF HSFX GSPN B TJOHMF XFFL FWFOU PG TFWFSBM IVOESFE TUVEFOUT UP UIF UISFF TJOHMF XFFL GVODUJPOT JU JT OPX $BNQCFMM UIF DPOGFSFODF DPPSEJOBUPS GPS UIF %JWJTJPO PG $POUJOVJOH &EVDBUJPO TBJE $*: JT BUUFOEFE CZ TFWFSBM UIPVTBOE TUVEFOUT FBDI TVNNFS BOE BTJEF GSPN JUT SFMJHJPVT QVSQPTF JU BMTP TFSWFT BT B UPPM GPS UIF VOJ WFSTJUZ i,JET DPNF IFSF GSPN BMM PWFS UIF 6OJUFE 4UBUFT w TIF TBJE i8F IBWF UIF PQQPSUVOJUZ UP TIPX UIFN B QPTJUJWF FYQFSJFODF XIJMF UIFZ SF IFSF w

,JN (PSBMDDZL BO JOUFSO GPS UIF $ISJTU *O :PVUI .07& FWFOU SVOT UIF SFHJTUFS BU UIF .07& 4UBUJPO XIFSF BUUFOEFFT PG UIF DPOGFSFODF DBO QVSDIBTF CPPLT DMPUIJOH BOE PUIFS JUFNT $*: IBT EP[FOT PG JOUFSOT BT XFMM BT SPVHIMZ DPMMFHF TUVEFOUT XIP TQFOE UIFJS TVNNFS IFMQJOH BU UIF DPOGFSFODF (&//" 03% % "*-: & (:15*"/

¶¶,

JET DPNF IFSF GSPN BMM PWFS UIF 6OJUFE 4UBUFT 8F IBWF UIF PQQPSUVOJUZ UP TIPX UIFN B QPTJUJWF FYQFSJFODF XIJMF UIFZ SF IFSF

-BOB $BNQCFMM DPOGFSFODF DPPSEJOBUPS GPS UIF %JWJTJPO PG $POUJOVJOH &EVDBUJPO

$ISJTU *O :PVUI JT CBTFE JO +PQMJO .P BOE JT NVMUJGBDFUFE XJUI TFWFSBM FWFOUT TQFDJBMJ[JOH JO EJGGFSFOU BSFBT 5IF POF IFME BU DPMMFHF DBN QVTFT BDSPTT UIF DPVOUSZ JT DBMMFE .07& BOE JT HFBSFE UPXBSE IJHI TDIPPM TUVEFOUT

+PIO -V[BEEFS EJSFDUPS PG $*: .07& TBJE UIF FWFOU IBT HPOF PO GPS BMNPTU ZFBST OBUJPOBMMZ XJUI FWFOUT TDIFEVMFE UIJT TVNNFS BOE OFBSMZ QBSUJDJQBOUT FYQFDUFE UP BUUFOE 5IF FWFOU T QVSQPTF JT UP BNQMJGZ UIF DBMM PG (PE JO UIF ZPVUI T MJWFT IF TBJE BOE UFBDI UIFN UIBU FWFSZCPEZ DBO NBLF B EJGGFSFODF 8IJMF UIF .07& FWFOU DBO CFOFGJU UFFOBHFST TFFLJOH UP EFFQFO UIFJS SFMBUJPO TIJQ XJUI (PE BOE POF BOPUIFS JU BMTP IFMQT

UIF VOJWFSTJUZ 5IF TUVEFOUT BOE TUBGG TUBZ JO UIF 5PXFST FBU BU UIF 4UVEFOU $FOUFS FYFSDJTF BU UIF 3FDSFBUJPO $FOUFS BOE BUUFOE TFTTJPOT JO 4ISZPDL "VEJUPSJVN BMM PG XIJDI CSJOHT SFWFOVF UP 4*6 $BNQCFMM TBJE *O UIF QBTU TJY ZFBST $*: IBT CSPVHIU SPVHIMZ NJM MJPO UP DBNQVT OPU JODMVEJOH NPOFZ UIFZ NJHIU TQFOE BU UIF CPPLTUPSF PS GPPE UIFZ NJHIU CVZ PVUTJEF PG NFBM UJNFT TIF TBJE i*U T CFFO JOUFSFTUJOH BOE JU T CFFO GVO UP

XBUDI JU HSPX w TIF TBJE )PXFWFS UIJT ZFBS T OVNCFS PG BUUFO EBOUT IBT CFFO SFEVDFE GSPN QBTU ZFBST CFDBVTF 4*6 "SFOB JT VOBWBJMBCMF 4ISZPDL "VEJUPSJVN T DBQBDJUZ JT XIJDI JT MFTT UIBO UIF BSFOB DBO IPME TIF TBJE -V[BEEFS TBJE XIJMF UIF MJNJUFE TQBDF JT JODPOWFOJFOU JU JT OPU B QSPCMFN 4FF :065) ]

/FX (* #JMM NBZ CFOFGJU TUVEFOUT DPTU VOJWFSTJUZ 'FEFSBM GVOEJOH JODSFBTFT CVU 4*6$ IBT UP DPWFS TUBUF HSBOUT 4FBO .D(BIBO %"*-: &(:15*"/

.$(")"/!4*6 &%6

" OFX GFEFSBM CJMM UP IFMQ WFUFSBOT IBT 4*6$ TUVEFOUT XFJHIJOH UIFJS PQUJPOT BOE BENJOJTUSBUPST XPSSJFE BCPVU UIFJST 8JUI B OFX GFEFSBM CJMM UP IFMQ WFUFSBOT QBZ GPS DPMMFHF TFU UP UBLF FGGFDU 4BUVSEBZ NBOZ WFUFSBOT NBZ KVNQ BU UIF PQQPSUVOJUZ UP VTF UIF

1PTU (* #JMM #VU GPS *MMJOPJT QVCMJD TDIPPM TUVEFOUT XIP IBWF TQFOU BU MFBTU POF ZFBS JO BDUJWF EVUZ NJMJUBSZ TFSWJDF BOE FOMJTUFE JO *MMJOPJT PQU JOH GPS UIF PME NFUIPE DPVME HJWF UIFN VQ UP NPSF JO B UISFF ZFBS QFSJPE "OE XIJMF *MMJOPJT WFUFSBOT BSF TUJMM FMJHJCMF GPS UIF TUBUF HSBOUT UIFZ WF SFDFJWFE JO UIF QBTU UP DPWFS UIFJS FEVDBUJPO UIF TUBUF XJMM OP MPOHFS QBZ GPS UIPTF DPTUT PG FEVDBUJPO CFDBVTF PG UIF GFEFSBM GVOEJOH BWBJMBCMF 5IBU NFBOT UIF VOJWFSTJUZ NBZ IBWF UP DPWFS NPSF UIBO NJM MJPO JO WFUFSBO T CFOFGJUT PVU PG JUT PXO QPDLFU 4*6$ PGGJDJBMT FTUJNBUF

1 )050 * --6453"5*0/

4UVEFOU T CFOFGJUT 5IF 1PTU CJMM JT UIF MBSHFTU FYQBO TJPO PG GFEFSBM CFOFGJUT TJODF UIF (* #JMM XBT DSFBUFE EVSJOH 8PSME 8BS ** *U DPWFST UVJUJPO BOE GFFT GPS TUVEFOUT XIP XBOU UP BUUFOE QVCMJD VOJWFSTJUJFT OBUJPOXJEF BOE BMTP QSPWJEFT TUJQFOET GPS CPPLT IPVTJOH BOE PUIFS DPTUT #VU *MMJOPJT WFUFSBOT NBZ CF CFUUFS PGG TLJQQJOH UIF OFX QSPHSBN BOE LFFQJOH UIF CFOFGJUT UIFZ SFDFJWF GSPN UIF *MMJOPJT 7FUFSBOT (SBOU BOE UIF FYJTUJOH .POUHPNFSZ (* #JMM BDDPSEJOH UP JOGPSNBUJPO GSPN UIF *MMJOPJT 4UVEFOU "TTJTUBODF $PNNJTTJPO XIJDI PWFSTFFT IJHIFS FEVDBUJPO GJOBODJBM BJE JO UIF TUBUF "MUIPVHI UIF OFX CJMM IBT POMZ CFFO QVCMJD GPS B GFX NPOUIT JU IBT BMSFBEZ DPTU TPNF *MMJOPJT WFUFSBOT TBJE $ISJT 1JIB BO "JS 'PSDF WFUFSBO BOE WJDF QSFTJEFOU PG 4*6$ T 7FUFSBOT 4UVEFOU 0SHBOJ[BUJPO 1JIB B TFOJPS GSPN $BSPM 4USFBN TUVEZ JOH IJTUPSZ TBJE BO 4*6$ WFUFSBO IF LOPXT TJHOFE VQ GPS UIF OFX CJMM BOE XBT BDDFQUFE XJUIPVU LOPXJOH IF XPVME IBWF HPUUFO NPSF CFOFGJUT GSPN UIF PME (* CJMM DPN CJOFE XJUI UIF *MMJOPJT 7FUFSBOT (SBOU $POTJEFSJOH IJT NPOUIT PG FMJHJCJMJUZ IF NJTTFE PVU PO SPVHIMZ i5IBU XBT B QBQFS FSSPS UIBU IF KVTU NBEF w 1JIB TBJE i"OE JU IBQQFOT w 5P BWPJE UIJT TJUVBUJPO WFUFSBOT TIPVME

CF BXBSF PG UIFJS PQUJPOT TBJE 1BVM 1BMJBO TQPLFTNBO GPS UIF *MMJOPJT 4UVEFOU "TTJTUBODF $PNNJTTJPO 5IF DPNNJTTJPO IBT EFWFMPQFE SFQPSUT UIBU IFMQ WFUFSBOT EFDJEF XIJDI PQUJPOT BSF CFTU GPS UIFN -JOLT UP UIFTF SFQPSUT BSF BWBJMBCMF BU TJV%& DPN

¶¶5

IBU XBT B QBQFS FSSPS UIBU IF KVTU NBEF "OE JU IBQQFOT

$ISJT 1JIB "JS 'PSDF WFUFSBO BOE WJDF QSFTJEFOU PG UIF 4*6$ 7FUFSBO T 4UVEFOU 0SHBOJ[BUJPO

'PS TUVEFOUT OPU FMJHJCMF GPS UIF *MMJOPJT 7FUFSBOT (SBOU FJUIFS CFDBVTF UIFZ EJE OPU FOMJTU JO *MMJOPJT PS PUIFS SFBTPOT UIF OFX 1PTU CJMM NBZ JODSFBTF UIFJS CFOFGJUT TJHOJGJDBOUMZ 1JIB TBJE BOPUIFS .BSJOF IF LOPXT XBT BCMF UP SFDFJWF NPSF CFOFGJUT CFDBVTF IF JT PSJHJOBMMZ B .JTTPVSJ SFTJEFOU BOE XBT OPU FMJHJCMF GPS UIF BEWBODFE GVOEJOH *MMJOPJT SFTJEFOUT SFDFJWF

4FF 7&5&3"/ ]

5IVSTEBZ +VMZ

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

/FXT

4UBUFT SBUF QPPSMZ PO TUJNVMVT JOGP *MMJOPJT XPSTU SBUJOH PG KVTU .BS ZMBOE $PMPSBEP 8BTIJOHUPO 8FTU 7JSHJOJB /FX $)* $"(0 "1 ‰ 0O B :PSL BOE 1FOOTZMWBOJB BSF UIF TDBMF PG [FSP UP JU DBO U HFU POMZ TUBUFT UP TDPSF PS IJHIFS XPSTF UIBO UIF CJH HPPTF FHH .BSZMBOE T XBT CZ GBS UIF IJHI 5IBU T UIF FNCBSSBTTJOH SBUJOH FTU XJUI $PMPSBEP DPNJOH JO B *MMJOPJT SFDFJWFE JO B SFQPSU SFMFBTFE EJTUBOU TFDPOE XJUI PO 8FEOFTEBZ UIBU DPODMVEFT UIF 0UIFS TUBUFT UIBU SBOLFE BU UIF TUBUF JT XPSTU JO UIF OBUJPO XIFO CPUUPN JODMVEFE "MBCBNB ,FOUVDLZ JU DPNFT UP JOGPSNBUJPO BWBJMBCMF BOE 7FSNPOU POMJOF BCPVU IPX GFEFSBM TUJNVMVT 3FTFBSDIFST USJFE UP EFUFSNJOF NPOFZ JT CFJOH TQFOU CBTFE PO B QPJOU TZTUFN KVTU IPX 5IF TUBUF TUVEZ CZ UIF DPNQSFIFOTJWF BOE VTFS GSJFOEMZ 8BTIJOHUPO % $ CBTFE XBUDIEPH UIF TJUFT BSF 5IBU JODMVEFE MPPLJOH (PPE +PCT 'JSTU TPVHIU UP BTTFTT BU IPX NVDI JOGPSNBUJPO TUBUF TJUFT IPX XFMM TUBUFT BSF MJWJOH VQ UP DPOUBJOFE BCPVU UIF BNPVOU PG GFE 1SFTJEFOU #BSBDL 0CBNB T QMFEHF FSBM NPOFZ TQFOU JO FBDI QMBDF BOE UIBU UIF CJMMJPO GFEFSBM TUJN GPVOE UIBU *MMJOPJT TJUF IBE OP TVDI VMVT CJMM XPVME TFFL iBO VOQSFD EFUBJM BDDPSEJOH UP UIF SFQPSU FEFOUFE MFWFM PG USBOTQBSFODZ BOE i*U T TIPDLJOH w TBJE #SJBO *NVT BDDPVOUBCJMJUZ w UIF EJSFDUPS PG *MMJOPJT 1*3( i/PU 5P GVMGJMM UIBU BOE TJNJMBS QSPN QSPWJEJOH CBTJD JOGPSNBUJPO JO IPX JTFT GSPN HPWFSOPST TUBUF 8FC TJUFT TUJNVMVT EPMMBST BSF TQFOU VOEFS XFSF TVQQPTFE UP QMBZ B DFOUSBM SPMF NJOFT UIF QVCMJD T DPOGJEFODF UIBU BT POF TUPQ TIPQT XIFSF XBUDIEPHT UIF NPOFZ JT CFJOH TQFOU XFMM w SFQPSUFST BOE DJUJ[FOT DPVME HP UP )F TBJE B TUBUF TP UBJOUFE CZ USBDL TUJNVMVT DBTI QPMJUJDBM DPSSVQUJPO ‰ BT JO XIFO 8IJMF *MMJOPJT PGGJDJBM TUJNVMVT QSPTFDVUPST BDDVTFE GPSNFS (PW TJUF HBSOFSFE B [FSP NPTU TUBUFT BMTP 3PE #MBHPKFWJDI PG TDIFNJOH UP TFMM TDPSFE QPPSMZ ‰ XJUI BO BWFSBHF B 6 4 4FOBUF TFBU ‰ TIPVME TUSJWF UP CF NPSF USBOTQBSFOU UIBO BOZ PUIFS TUBUF "TIMFZ $SPTT B U T TIPDLJOH /PU QSPWJEJOH CBTJD TQPLFTXPNBO GPS *MMJOPJT JOGPSNBUJPO JO IPX TUJNVMVT (PW 1BU 2VJOO TBJE UIF TJUF JT CFJOH SFEFTJHOFE EPMMBST BSF TQFOU VOEFSNJOFT BOE NPSF JOGPSNBUJPO UIF QVCMJD T DPOGJEFODF UIBU UIF XJMM CF QPTUFE OFYU XFFL i* UIJOL UIF 8FC TJUF NPOFZ JT CFJOH TQFOU XFMM ‰ #SJBO *NVT QSPWJEFT B HPPE PWFSWJFX EJSFDUPS PG *MMJOPJT 1*3( PG JOGPSNBUJPO BT JU T CFFO

BWBJMBCMF w $SPTT TBJE i8F EP LOPX UIBU JU T UBLFO MPOHFS UIBO XF XPVME IBWF MJLFE UP HFU PUIFS JOGPSNBUJPO VQ #VU PVS QSJPSJUZ IBT BMXBZT CFFO UP NBLF TVSF UIF JOGPSNBUJPO XF SF QVCMJTIJOH JT BDDVSBUF w 0OMZ TUBUF TUJNVMVT TJUFT QSP WJEF OBNFT PG DPOUSBDUPST BOE EPMMBS BNPVOUT PG XJOOJOH DPOUSBDUT BOE KVTU UISFF PGGFS BOZ EBUB BU BMM PO IPX JOEJWJEVBM QSPKFDUT BSF NFFUJOH B NBJO HPBM PG UIF TUJNVMVT QMBO ‰ DSFBUJOH KPCT 5IF SFQPSU SFDPNNFOET UIBU TUBUFT MPBE UIF NPTU WJUBM TUJNVMVT GJHVSFT PO POF NBJO TJUF iSBUIFS UIBO SFRVJSJOH BO POMJOF TDBWFOHFS IVOU BDSPTT BHFODZ XFC QBHFT w BOE JU FODPVSBHF TJUF NBOBHFST UP VTF NPSF HSBQIT BOE DIBSUT i5IF XBZ JO XIJDI UIF JOGPSNB UJPO JT QSFTFOUFE IFMQT TIBQF QVC MJD BUUJUVEFT UPXBSE UIF TUJNVMVT BOE DPVME QMBZ B TJHOJGJDBOU SPMF JO EFCBUFT PWFS GVUVSF HPWFSONFOU JOUFSWFOUJPOT JO UIF FDPOPNZ w TBJE 1IJMJQ .BUUFSB UIF MFBE BVUIPS PG UIF SFQPSU *O BEEJUJPO UP TUJNVMVT TJUFT UIF SFQPSU BMTP BTTFTTFE TUBUFT GSPN [FSP UP TQFDJGJDBMMZ PO IPX XFMM UIFZ BSF HFUUJOH JOGPSNBUJPO PVU BCPVU TUJNVMVT TQFOEJOH PO IJHIXBZT *MMJOPJT XBT UIF POMZ TUBUF UP HFU B [FSP JO CPUI DBUFHPSJFT 4UBUFT EJE NBSHJOBMMZ CFUUFS PO IJHIXBZ SFQPSUJOH XJUI TUBUFT TDPSJOH PS IJHIFS BOE XJUI BO PWFSBMM BWFSBHF PG .BSZMBOE BHBJO UPQQFE UIF IJHIXBZ DBUFHPSZ XJUI QPJOUT 8BTIJOHUPO TUBUF XBT TFDPOE XJUI

$BMFOEBS

$PSSFDUJPOT

.JDIBFM 5BSN

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

¶¶*

1PMJDF #MPUUFST

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

3&"$)*/( 64

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

5IFSF BSF OP JUFNT UP SFQPSU BU UIJT UJNF

%&4*(/ $)*&' $)3*45*"/ )0-5

&95

$*5: &%*503 %*"/" 40-*80/

&95

&95

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

&95

."/"(*/( &%*503 +0& 3&)"/"

&95

410354 &%*503 4&"/ .$(")"/

&95

"%7&35*4*/( ."/"(&3 $"33*& ("--&

&95

70*$&4 &%*503 "--*40/ 1&55:

&95

&95

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

&95

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

&95

1*$563& &%*503 +".&4 .$%0//06()

&95

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

&95

/&8 .&%*" &%*503 #:30/ '3"/$*4

&95

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

&95

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

&95

(3"1)*$4 &%*503 +".*& %3&/%&-

&95

$*3$6-"5*0/

&95

1)0/&

"% '"9

&."*- &%*503!4*6%& $0. &%*503 */ $)*&' +&'' &/(&-)"3%5

8&# "% ."/"(&3

8&# &%*503 %*"/" 40-*80/

&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

914.& 0#6+10

/FXT

5IVSTEBZ +VMZ

'PVS UIPVTBOE EJTQMBDFE BT USPPQT CBUUMF /JHFSJB NJMJUBOUT /KBEWBSB .VTB

CFMPOHJOHT BOE DPPLJOH QPUT BOE CSB[JFST ."*%6(63* /JHFSJB ‰ 4QPSBEJD CVSTUT PG HVOGJSF FSVQU 4PMEJFST JO UBOLT BOE BSNPSFE DBST FE UIFSF FBSMZ 8FEOFTEBZ CFTJFHFE UIF TIFMMFE DPNQPVOE PG 0O 8FEOFTEBZ KPVSOBMJTUT TBX B SBEJDBM *TMBNJTU TFDU BOE TQP TFWFSBM CPEJFT PG BMMFHFE NJMJUBOUT SBEJD HVOGJSF FYQMPEFE BT IVOESFET TQSBXMFE PVUTJEF UIF NBJO QPMJDF PG JOOPDFOUT GMFE 8FEOFTEBZ UIF IFBERVBSUFST XIFSF IVOESFET PG UIJSE EBZ PG GJHIUJOH JO /JHFSJB T QFPQMF IBWF TPVHIU TBGFUZ 0UIFST OPSUIFSO DJUZ PG .BJEVHVSJ BSF DBNQJOH BU UXP NJMJUBSZ CBS 3FMJFG PGGJDJBM "QPMMVT +FEJFM SBDLT TBJE BCPVU QFPQMF IBE BCBO 5IF TFDU T DPNQPVOE IBT CFFO EPOFE UIFJS IPNFT DPSEPOFE PGG TJODF 8FEOFTEBZ KPJOJOH .POEBZ CZ QPMJDF EJTQMBDFE UIJT XBOU UP FNQIBTJ[F BOE TPMEJFST SFJO GPSDFE 5VFTEBZ CZ XFFL JO GPVS TUBUFT UIBU UIJT JT OPU BO FMJUF USPPQT VOEFS DBVHIU VQ JO UIF UIF DPNNBOE PG WJPMFODF JOUFS SFMJHJPVT DSJTJT .BK (FO 4BMFI *U JT OPU LOPXO BOE JU JT OPU UIF 5BMJCBO .BJOB IPX NBOZ TDPSFT PG HSPVQ UIBU BUUBDLFE QFPQMF IBWF CFFO 0O 5VFTEBZ LJMMFE 1PMJDF TBZ .BJOB MBVODIFE B UIF TFDVSJUZ BHFOUT NPTU PG UIF EFBE NPSUBS BUUBDL PO GJSTU BSF NJMJUBOUT GSPN ‰ 6NBSV :BS "EVB UIF TFDU T TQSBXM QSFTJEFOU PG /JHFSJB JOH DPNQPVOE B HSPVQ UIBU XBOUT XIJDI JT CFMJFWFE UP JNQPTF 5BMJCBO TUZMF SVMF BDSPTT UIJT NVMUJ SFMJHJPVT UP TUSFUDI GPS BCPVU GPVS LJMPNF DPVOUSZ PG NJMMJPO %P[FOT PG UFST QFPQMF IBWF CFFO BSSFTUFE i5IF TIFMMJOH PG UIF TUSPOHIPMET 3FQPSUFST PO UIF HSPVOE TBZ PG UIF SFMJHJPVT TFDU NPTRVFT BOE UIF USPVCMF TUBSUFE XJUI NJMJUBOUT PQFSBUJPOBM QPJOU NVTU CF QSFDJTF BUUBDLJOH B QPMJDF TUBUJPO JO #BVDIJ BOE TXJGU UP QSFWFOU GVSUIFS MPTT TUBUF 4VOEBZ 5IFO UIFZ BUUBDLFE PG MJGF BOE QSPQFSUZ JO UIJT TUBUF w QPMJDF JO ,BOP :PCF BOE #PSOP PG .BJOB TBJE 4NPLF CJMMPXFE GSPN UIF BSFB XIJDI .BJEVHVSJ JT UIF DBQJUBM #VU 1SFTJEFOU 6NBSV :BS "EVB BGUFS IJT GPSDFT BUUBDLFE EJTQVUFE UIBU TBZJOH USPPQT TUSVDL "VUIPSJUJFT JNQPTFE DVSGFXT GJSTU 5VFTEBZ OJHIU BOE TFDVSJUZ GPSDFT i* XBOU UP FNQIBTJ[F UIBU UIJT JT QPVSFE POUP UIF TUSFFUT OPU BO JOUFS SFMJHJPVT DSJTJT BOE JU JT 5IF SBEJDBM TFDU CFIJOE UIF OPU UIF 5BMJCBO HSPVQ UIBU BUUBDLFE MBUFTU WJPMFODF JT LOPXO CZ TFW UIF TFDVSJUZ BHFOUT GJSTU OP *U XBT FSBM EJGGFSFOU OBNFT JODMVEJOH "M BT B SFTVMU PG B TFDVSJUZ JOGPSNB 4VOOB XBM +BNNB PS i'PMMPXFST UJPO HBUIFSFE PO UIFJS JOUFOUJPO PG .PIBNNFE T 5FBDIJOHTw BOE UP MBVODI B NBKPS BUUBDL w UIF i#PLP )BSBN w XIJDI NFBOT /JHFSJBO MFBEFS TBJE i8FTUFSO FEVDBUJPO JT TJO w 4PNF /JHFSJBO PGGJDJBMT IBWF i5IF TJUVBUJPO JT VOEFS DPOUSPM w :BS "EVB TBJE SFGFSSFE UP UIF NJMJUBOUT BT 5BMJCBO #VU QFPQMF BSPVOE .BJEVHVSJ BMUIPVHI UIF HSPVQ IBT OP LOPXO SBJMXBZ TUBUJPO BSFB B TUSPOHIPME PG BGGJMJBUJPO XJUI 5BMJCBO GJHIUFST JO UIF TFDU TBJE UIFZ XFSF LFQU VQ BMM "GHIBOJTUBO 3JPUT SFMJHJPVT DPOGMJDUT TFD OJHIU CZ SVOOJOH HVOCBUUMFT 'SPN EBXO QFPQMF TUBSUFE UBSJBO WJPMFODF BOE DPNNVOBM TUSFBNJOH PVU DBSSZJOH CVOEMFT PG GJHIUT PWFS MBOE BOE XBUFS FYQMPEF "440$*"5&% 13&44 83*5&3

¶¶*

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‰ NPTU CZ .VTMJN OPSUIFSOFST JO VOJGPSN ‰ JO 4IBSJBI ‰ *TMBNJD MBX ‰ XBT JNQMFNFOUFE JO OPSUIFSO TUBUFT BGUFS /JHFSJB SFUVSOFE UP DJWJMJBO SVMF .PSF UIBO /JHFSJBOT IBWF EJFE JO TFDUBSJBO WJPMFODF TJODF UIFO i5IPTF XIP XFSF FYDJUFE BCPVU UIF QPTTJCJMJUZ PG 4IBSJB IBWF CFFO EJTBQQPJOUFE $PSSVQUJPO EJE OPU TUPQ XIFO JU DBNF JO w TBJE +VOBJE .PIBNNFE B GPSNFS NFNCFS PG /JHFSJB T QBSMJBNFOU i1FPQMF IBWF CFFO EJTBQQPJOUFE CZ UIF TZTUFN BOE BSF MPPLJOH GPS XBZT UP WFOU UIFJS BOHFS w 7JPMFODF XBT B DPNNPO XBZ PG FYQSFTTJOH QPMJUJDBM GSVTUSBUJPO JO /JHFSJB .PIBNNFE BEEFE QPJOU JOH UP UIF POHPJOH LJEOBQQJOHT BOE CPNCJOHT JO UIF /JHFS %FMUB B TPVUIFSO SFHJPO SPJMFE CZ B TUSVHHMF PWFS PJM NPOFZ 6 / 4FDSFUBSZ (FOFSBM #BO ,J NPPO FYQSFTTFE DPODFSO BU UIF SFQPSUT PG TFDUBSJBO WJPMFODF BOE DBMMFE GPS UIPTF SFTQPOTJCMF UP CF CSPVHIU UP KVTUJDF i* DBMM VQPO UIF MFBEFSTIJQ PG UIF HPWFSONFOU PG /JHFSJB MBX FOGPSDFNFOU BOE TFDVSJUZ BHFODJFT

BT XFMM BT UIF SFMJHJPVT BOE DPN NVOJUZ MFBEFST UP XPSL UPHFUIFS UP BEESFTT UIF VOEFSMZJOH DBVTFT PG UIF GSFRVFOU SFMJHJPVT DMBTIFT JO /JHFSJB TP UIBU B SFTPMVUJPO DPVME CF GPVOE UISPVHI EJBMPHVF UPMFSBODF BOE BMTP VOEFSTUBOEJOH w IF UPME B OFXT DPOGFSFODF BU 6 / IFBERVBSUFST JO /FX :PSL "GUFS FJHIU ZFBST PG SVMF CZ BO FMFDUFE TPVUIFSO $ISJTUJBO BMM UIF NBJO QPMJUJDBM QBSUJFT OPNJOBUFE OPSUIFSO .VTMJN DBOEJEBUFT GPS UIF QSFTJEFOUJBM SBDF 4PNF TBJE UIBU XBT B OFDFTTJUZ JO UIJT GPSNFS #SJUJTI DPMPOZ SPVHIMZ TQMJU CFUXFFO B $ISJTUJBO EPNJOBUFE TPVUI BOE B .VTMJN OPSUI XIFSF "SBCT IBE BODJFOU GPPUIPMET :BS "EVB XIP DPNFT GSPN BO BSJTUPDSBUJD .VTMJN GBNJMZ JO UIF OPSUI XPO UIF FMFDUJPO #VU IF IBT TUSVHHMFE UP PWFSDPNF RVFTUJPOT PG MFHJUJNBDZ BGUFS UIVHT PQFOMZ QVSDIBTFE WPUFT TUPMF PS TUVGGFE CBMMPU CPYFT BOE JOUJNJEBUFE WPU FST "CPVU QFPQMF EJFE JO FMFD UJPO SFMBUFE WJPMFODF :BS "EVB BMTP JT DIBMMFOHFE CZ B

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i:PV SF UBMLJOH BCPVU JNQSPWJOH HPWFSOBODF BT B XIPMF w 0CBTJ TBJE i3FEVDJOH DPSSVQUJPO :FBS BGUFS ZFBS ZPV EPO U TFF QSPHSFTT PO UIFTF JTTVFT BOE UIJT JT POF PG UIF CJHHFTU QSPCMFNT PG /JHFSJB w

7Ġ Ě Ĕ Ė Ĥ %" * -: & ( : 1 5 * " /

,7.;

3716' 1( 6*' &#;

²

9GµTG CNN NGHV VQ UQTV QWV VJG FGGRN[ EQPHWUKPI PCVWTG QH YJCV KV OGCPU VQ DG ECNNGF C VGC DCIIKPI SWGGP D[ .QW &QDDU

³

3BDIFM .BEEPX .4/#$ IPTU SFTQPOEJOH UP UIF $// BODIPS BGUFS IF JOTVMUFE IFS PO IJT SBEJP TIPX

.JTTJPO 4UBUFNFOU

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

"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

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

#NNKUQP 2GVV[ 8 1+%'5 ' &+614

$TKCP (GNFV % #/275 ' &+614

)GPPC 1TF 0 '95411/ 4 '24'5'06#6+8'

5GCP /E)CJCP 5 21465 ' &+614

.WMG /E%QTOKEM 2 7.5' ' &+614

&KCPC 5QNKYQP % +6; ' &+614

-CVGN[P 2HGKUVGT 0 '95411/ 4 '24'5'06#6+8'

%FBS DJUZ (JWF 'BU 1BUUJFT B MJRVPS MJDFOTF ,V WKHUH DQ\ OHJLWLPDWH UHDVRQ WR GHQ\ &LW\ &RXQFLOPDQ /DQFH -DFN D OLTXRU OLFHQVH IRU KLV QHZ UHVWDXUDQW )DW 3DWWLHV" 0RVW FLWLHV LQ ,OOLQRLV KDYH D VLQJOH FRPPLVVLRQHU ZKR LVVXHV OLFHQVHV WR ORFDO EXVLQHVVHV WR VHOO DOFRKRO &DUERQGDOH KRZHYHU XVHV D VHYHQ PHPEHU SDQHO ³ WKH /RFDO /LTXRU &RQWURO &RPPLVVLRQ ³ PDGH XS RI &LW\ &RXQFLO PHPEHUV 7KUHH RI WKHVH ³ 0DU\ 3RKOPDQQ -RHO )ULW]OHU DQG 6WHYHQ +D\QHV ³ KDYH YRWHG UHSHDWHGO\ WR NHHS -DFN IURP REWDLQLQJ D &ODVV $ OLTXRU OLFHQVH IRU KLV HVWDEOLVKPHQW 0D\RU %UDG &ROH DQG FRXQFLO PHPEHUV &RUHQH 0F'DQLHO DQG &KULV :LVVPDQQ KDYH VXSSRUWHG -DFN·V HIIRUWV :H·UH ZRQGHULQJ :K\ WKH VSOLW" 7KH ORFDO FRPPLVVLRQ LQLWLDOO\ UXOHG 0DUFK WKDW LW ZRXOG QRW EH LQ WKH FLW\·V ´EHVW LQWHUHVWµ WR DOORZ )DW 3DWWLHV ³ ORFDWHG RQ WKH 6WULS DQ DUHD FLW\ RIILFLDOV KDYH YRZHG WR UHYLWDOL]H ³ WR VHOO EHHU DQG ZLQH 7KH 6WDWH /LTXRU &RQWURO &RPPLVVLRQ VWHSSHG LQ $SULO WR FU\ IRXO EXW WKDW·V MXVW QRW HQRXJK 7KH FRPPLVVLRQ YRWHG 0D\ DQG DJDLQ ODVW ZHHN WR WDNH QR DFWLRQ RQ -DFN·V DSSOLFDWLRQ HVVHQWLDOO\

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

/PUJDF

,GHH 'PIGNJCTFV ' &+614 +0 % *+'(

063 803%

& E J U P S J B M 1P M J D Z

UIF %ĒĚĝĪ &ĘĪġĥĚĒğ

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

&%*503*"- $"3500/

GHQ\LQJ KLP D IDLU FKDQFH WR FRPSHWH ZLWK WKH PDQ\ DOFRKRO VHUYLQJ HVWDEOLVKPHQWV WKDW OLQH ,OOLQRLV $YHQXH 7KH KROGRXWV PDNH FRQWHQWLRQV DERXW -DFN·V DELOLW\ WR DFW REMHFWLYHO\ DV D PHPEHU RI WKH /RFDO /LTXRU &RQWURO &RPPLVVLRQ WKRXJK KH KDV RIIHUHG WR UHFXVH KLPVHOI IURP WKRVH GXWLHV

+

BDL EPFTO U XBOU UP BCVTF IJT QPTJUJPO IF KVTU XBOUT UP TFMM CFFS XJUI IJT CVSHFST 7KLV HGLWRULDO ERDUG NQRZV DERXW WKH DSSHDUDQFH RI ELDV ZH ZHUH TXLFN WR FULWLFL]H LW LQ 6,8 %RDUG RI 7UXVWHHV &KDLUPDQ 5RJHU 7HGULFN ZKHQ LW DSSHDUHG DV WKRXJK KH FRXOG EH VWHHULQJ XQLYHUVLW\ EXVLQHVV KLV ZD\ +RZHYHU WKLV LV D GLIIHUHQW FDVH DOWRJHWKHU -DFN GRHVQ·W ZDQW WR DEXVH KLV SRVLWLRQ KH MXVW ZDQWV WR VHOO EHHU ZLWK KLV EXUJHUV ,W·V LQWHUHVWLQJ WKDW +D\QHV KDV D SUREOHP ZLWK -DFN·V RIIHU WR UHFXVH KLPVHOI ,Q DQG ZKHQ WKH FRXQFLO YRWHG RQ D FLW\ZLGH

VPRNLQJ EDQ +D\QHV DEVWDLQHG IURP DOO YRWHV EHFDXVH KH ZDV D PDQDJHU DW .URJHU ZKLFK VHOOV FLJDUHWWHV 3RW JHW RXW RI NHWWOH·V ZD\ ,Q 0D\ 3RKOPDQQ XVHG DVSHUVLRQV DERXW -DFN·V LQWHJULW\ DV D MXVWLILFDWLRQ IRU GHQ\LQJ KLP WKH OLFHQVH 6SHFLILFDOO\ VKH VDLG KH ZDV ´QRW RI JRRG FKDUDFWHU DQG UHSXWDWLRQ LQ WKH FRPPXQLW\ LQ ZKLFK KH UHVLGHV µ )UDQNO\ WKDW·V MXVW VLOO\ -DFN KDV VHUYHG DORQJVLGH 3RKOPDQQ RQ WKH &LW\ &RXQFLO IRU \HDUV QRZ +H LV REYLRXVO\ D &DUERQGDOH PDQ &LW\ RIILFLDOV KDYH EHHQ SUDFWLFDOO\ EHJJLQJ EXVLQHVV RZQHUV WR SRSXODWH WKH 6WULS DQG EULQJ LW EDFN WR LWV IRUPHU JORU\ DQG -DFN LV WU\LQJ WR GR WKDW ³ RQO\ WR JHW VODSSHG LQ WKH IDFH DQG ZDOOHW E\ KLV IHOORZ FRXQFLO PHPEHUV ZKR DSSHDU WR FDUH PRUH DERXW SHUVRQDO GLIIHUHQFHV WKDQ ZKDW·V EHVW IRU WKH FLW\ RU ZKDW WKHLU FRQVWLWXHQWV ZDQW (YHQ LI )ULW]OHU +D\QHV DQG 3RKOPDQQ GRQ·W KDYH SHWW\ UHDVRQV IRU GHQ\LQJ -DFN KLV OLFHQVH LW FHUWDLQO\ DSSHDUV DV WKRXJK WKH\ GR 7KH SODFH WR GHDO ZLWK WKRVH JULHYDQFHV LV QRW &LW\ +DOO WKH WLPH WR WDON DERXW WKHP LV RYHU D EHHU $QG PD\EH D EXUJHU

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

7PJDFT

(6&45 $0-6./

5IVSTEBZ +VMZ

(6&45 $0-6./

8IZ 0CBNB DBO U QVMM BO -#+ 5IF XPSME T CFTU IFBMUI DBSF JT B QSJWJMFHF %JDL 1PMNBO

NBUUFS UP NF MJUFSBMMZ POF XBZ PS UIF PUIFS w .BZCF -#+ DPVME IBWF LOPDLFE UIFJS IFBET UPHFUIFS BOE PSEFSFE UIFN OPU UP "T B QPMJUJDBM KVOLJF XIP HPU IPPLFE JO UIF XPSSZ BCPVU EFFQFOJOH UIF EFGJDJU #VU * MBUF A T * OFWFS UIPVHIU * E TFF UIF EBZ XIFO XPOEFS BCPVU UIBU *O 0CBNB T EFGFOTF -#+ QFPQMF XPVME SFTVSSFDU -ZOEPO # +PIOTPO BOE OFWFS IBE UP EFBM XJUI UIF LJOE PG GJTDBM DJUF IJN BT B SPMF NPEFM IFBEBDIFT UIBU QFSTJTU UPEBZ 8IFO +PIOTPO #BDL JO UIF EBZ GFX UIPVHIU XFMM PG -#+ )F XBT UXJTUJOH BSNT GPS IJT (SFBU 4PDJFUZ HPU XBJTU EFFQ JO UIF CJH NVEEZ PG 7JFUOBN BOE BHFOEB UIF FDPOPNZ XBT CPPNJOH (FOFSBM IJT TPOPSPVT 57 EFNFBOPS NBEF &E 4VMMJWBO .PUPST BOE PUIFS DPSQPSBUF CFIFNPUIT XFSF MPPL MJLF &MWJT 1SFTMFZ 0O UIF PUIFS IBOE XIFO BMJWF BOE XFMM BOE CBOLT XFSF CBOLT )JT JU DBNF UJNF UP HFU .FEJDBSF QBTTFE JO A IF CVEHFU JTTVFT XFSFO U OFBSMZ BT EJSF BT UIPTF IBE B HSFBU JOTJEF HBNF )F TXFFU UBMLFE TPNF PG BGGMJDUJOH 0CBNB UIF DPOHSFTTNFO BOE TNBDLFE UIF SFTU PG UIFN +PIOTPO BMTP IBE GBS TUSPOHFS QSFWBJMJOH VQTJEF UIF IFBE ‰ UIF DBSSPU UIF TUJDL XIBUFWFS XJOET BU IJT CBDL IF IBE XPO B MBOETMJEF JU UPPL FMFDUJPO JO UIF BGUFSNBUI PG UIF +', BTTBTTJOBUJPO 5IBU XBT -#+ BU IJT CFTU 8IJDI JT XIZ TPNF BOE IF FOKPZFE UXP UIJSET NBKPSJUJFT JO CPUI FTUFFNFE DPNNFOUBUPST BSF VSHJOH 1SFTJEFOU DPOHSFTTJPOBM DIBNCFST "OE XIJMF QMBZJOH 0CBNB UP DIBOOFM UIF CJH GFMMB JO UIF IFBMUI DBSF IJT JOTJEF HBNF ‰ NPTU DPNNPOMZ LOPXO BT EFCBUF 5IF BEWJDF JT VOEFSTUBOEBCMF )FBMUI iUIF +PIOTPO USFBUNFOU w IF IBE B XFBQPO UIBU DBSF SFGPSN JT OPU KVTU BO JTTVF JU T B QPMJUJDBM 0CBNB EBSF OPU FNQMPZ 1PSL NFUBQIPS UIBU NBZ XFMM EFUFSNJOF XIFUIFS 0CBNB TVDDFFET PS GBJMT BT QSFTJEFOU 5IBU T B EJSUZ XPSE UPEBZ TP JT JUT TZOPOZN )JT RVFTU UP GJY UIF EZTGVODUJPOBM TZTUFN JT UIF iFBSNBSL w #VU CBDL JO -#+ T IFZEBZ UIBU HSJOEJOH UISPVHI GJWF DPOHSFTTJPOBM DPNNJUUFFT XBT B TUBQMF PG EPJOH CVTJOFTT 5IBU T IPX IF BOE JU T UPVHI UP XBT BCMF UP DBKPMF BOE UFMM XIP T JO DIBSHF UISFBUFO UIF MBXNBLFST VU FWFO -#+ BU IJT CFTU XPVME 8IFO TPNFPOF XBT 0CBNB IBT TFU CSPBE IBWF B UPVHI UJNF DPSSBMMJOH ESBHHJOH IJT GFFU PO UIF HPBMT QSPNPUF DIPJDF DPWFS UIF VOJOTVSFE UIF DPOTFSWBUJWF %FNPDSBUT UIF .FEJDBSF CJMM +PIOTPO DPOUSPM DPTUT CVU IF XPVME QSPNJTF UP QVU HSBTTSPPUT MJCFSBMT UIF EPDUPST IBT TFU OP TQFDJGJDT PO B QPSL QSPKFDU JO UIF IPX UP BDIJFWF UIPTF UIF IPTQJUBMT UIF JOTVSFST UIF DPOHSFTTNBO T EJTUSJDU JG TPNFPOF DSPTTFE -#+ HPBMT *OTUFBE IF TBZT MPCCZJTUT UIF CMPHHFST UIF IF JT XBJUJOH iUP TFF IF E QVOJTI UIF QFSTPO 5XFFUFST BMM UIF QBSBQIFSOBMJB PG CZ DBODFMJOH TPNF QPSL XIBU FNFSHFT GSPN 5IFSF T B HSFBU UIFTF DPNNJUUFFT w DPOUFNQPSBSZ QPMJUJDT GFX PG XIJDI TFFN TUPSZ BCPVU UIF UJNF UP BHSFF PO BOZUIJOH 4PNFUJNFT JU TFFNT BT JG UIBU %FNPDSBUJD 4FO 'SBOL $IVSDI PG *EBIP XF SF BMM IPTUBHF UP UIF XIJNT PG B .POUBOB WPUFE BHBJOTU POF PG +PIOTPO T CJMMT )F UPME UIF TFOBUPS OBNFE #BVDVT XIPTF FOUJSF TUBUF IBT QSFTJEFOU UIBU IF IBE CFFO TXBZFE CZ 8BMUFS IBMG B NJMMJPO GFXFS QFPQMF UIBO UIF DJUZ PG -JQQNBOO BO JOGMVFOUJBM DPMVNOJTU XIP IBE BUUBDLFE UIF CJMM JO QSJOU -#+ T SFQMZ i'SBOL OFYU 1IJMBEFMQIJB )FODF UIF DBMM GPS 0CBNB UP TFJ[F IJT UJNF ZPV XBOU B EBN JO *EBIP ZPV DBMM 8BMUFS i+PIOTPO NPNFOU w %PSJT ,FBSOT (PPEXJO UIF -JQQNBOO BOE MFU IJN QVU JU UISPVHI w -#+ TDIPMBS XBOUT 0CBNB iUP UBLF DIBSHF UP 1FPQMF TFFN UP XBOU 0CBNB UP BDU MJLF -#+ ESBX MJOFT UP QSFTTVSF UP UISFBUFO UP DBKPMF w UP CVU 0CBNB XPVME CF GSJFE JO UIF QSFTT JG IF USJFE CBTJDBMMZ IFSE UIF DBUT PO UIF )JMM 1FUFS 'FOO B BOZUIJOH MJLF UIBU 1PSL JT B TZNQUPN PG UIF PME %FNPDSBUJD TUSBUFHJTU IBT EFDMBSFE i*U T UJNF GPS 8BTIJOHUPO UIBU 0CBNB IBT WPXFE UP DIBOHF B MJUUMF -#+ w XJUI iTPNF TFSJPVT BSN UXJTUJOH GPS ‰ XIJDI JT GJOF CVU MFU T OPU GPSHFU UIBU UIF USJCBM HPPE NFBTVSF w %FBO #BLFS XIP SVOT B MJCFSBM SJUVBMT PG PME 8BTIJOHUPO IFMQFE NBLF +PIOTPO UIJOL UBOL JOWPLFT -#+ BOE VSHFT 0CBNB UP iHFU UIF NBOJQVMBUJWF XIFFMFS EFBMFS UIBU IF XBT 8JUI SFTQFDU UP IFBMUI DBSF SFGPSN QFSIBQT UIF MJTU PG FWFSZ IBSECBMM OBTUZ QPMJUJDBM QMPZw UIBU UIF DVSSFOU DPOHSFTTJPOBM TBVTBHF NBLJOH XPVME +PIOTPO FWFS VTFE 5IFTF QFPQMF BSF ESFBNJOH CF NPSF DPIFSFOU BOE QFSIBQT UIF QVCMJD XPVME +PIOTPO XBT B DSFBUVSF PG $BQJUPM )JMM XIP CF NPSF SFBTTVSFE JG 0CBNB XBT ESBXJOH MJOFT IBE MPHHFE ZFBST BT B MBXNBLFS JODMVEJOH JO UIF TBOE 1FSIBQT IF T CFJOH UPP QBTTJWF B QSPEVDUJWF TUJOU BT 4FOBUF NBKPSJUZ MFBEFS BOE SFMZJOH UPP NVDI PO IJT PVUTJEF HBNF )F LOFX IJT DPMMFBHVFT XFMM IF LOFX XIFO #VU FWFO -#+ BU IJT CFTU XPVME IBWF B UPVHI UP GMBUUFS PS GSJHIUFO .BOZ PXFE IJN GBWPST UJNF DPSSBMMJOH UIF DPOTFSWBUJWF %FNPDSBUT UIF BT QSFTJEFOU IF PGUFO DBMMFE JO IJT NBSLFST HSBTTSPPUT MJCFSBMT UIF EPDUPST UIF IPTQJUBMT UIF .PTU JNQPSUBOU %FNPDSBUJD MBXNBLFST GFBSFE JOTVSFST UIF MPCCZJTUT UIF CMPHHFST UIF 5XFFUFST IJN 5IF DVSSFOU DSPQ PG %FNPDSBUT EP OPU BMM UIF QBSBQIFSOBMJB PG DPOUFNQPSBSZ QPMJUJDT 5IF CPUUPN MJOF PGUFO PWFSMPPLFE JT UIBU GFBS 0CBNB )F XPSLFE BNPOH UIFN JO UIF 4FOBUF GPS POMZ GPVS ZFBST BOE OFWFS HBJOFE BOZ IFBMUI DBSF SFGPSN JT OPX GVSUIFS JO UIF QJQFMJOF UIBO FWFS CFGPSF 0CBNB NBZ MBDL -#+ T JOTJEF MFWFSBHF -#+ TUZMF -BDLJOH -#+ T JOTJEF NPWFT 0CBNB IBT HBNF CVU IF EFTFSWFT TPNF DSFEJU GPS UIBU "OE HPOF XJUI IJT PVUTJEF HBNF )JT HSBTTSPPUT IF LOPXT UIBU IJT XJOEPX PG PQQPSUVOJUZ XPO U QPMJUJDBM BSN 0SHBOJ[JOH GPS "NFSJDB IBT TUBZ PQFO GPS MPOH UIBU iUIF BVSB BOE UIF IBMPw SVO 57 BET UBSHFUJOH SFE TUBUF %FNPDSBUJD XJMM JOFWJUBCMZ iEJTBQQFBS w 5IBU XBT -ZOEPO +PIOTPO UBMLJOH BCPVU TFOBUPST ‰ TVDI BT ,FOU $POSBE PG /PSUI %BLPUB BOE .BSZ -BOESJFV PG -PVJTJBOB IJNTFMG JO 'PS BOZ QSFTJEFOU TPNF PG UIF ‰ VSHJOH UIFN UP TVQQPSU TXFFQJOH IFBMUI CBTJD QPMJUJDBM SIZUINT TUBZ UIF TBNF DBSF SFGPSN 5IFTF %FNPDSBUT BSFO U FYBDUMZ RVBLJOH JO UIFJS CPPUT $POSBE TBZT i*U T GJOF 1PMNBO JT B DPMVNOJTU GPS XJUI NF w -BOESJFV TBZT i*U SFBMMZ EPFTO U UIF 1IJMBEFMQIJB *ORVJSFS 5)& 1)*-"%&-1)*" */26*3&3

#

$MBZUPO )FSTDICFSHFS

GPS UIFJS XSPOHGVM TVSHFSZ 5IJT JT XIZ QSFNJVNT BOE IFBMUI DBSF DPTUT BSF TLZSPDLFUJOH "OPUIFS FYBNQMF JT JG 8 IBU NPTU QFPQMF DPOUJOVBMMZ TFFN B QIBSNBDFVUJDBM DPNQBOZ DSFBUFT B UP GPSHFU JT IPX HSFBU PG B DPVOUSZ XF OFX ESVH EFFNT JU B TVDDFTT UIF '%" MJWF JO 8IBU NPTU QFPQMF DPOUJOVBMMZ BQQSPWFT JU BOE ZFU TJY ZFBST EPXO UIF TFFN UP GPSHFU JT IPX HSFBU PVS IFBMUI SPBE QFPQMF XIP UPPL UIF ESVH HFU TJDL DBSF JT JO UIJT DPVOUSZ 8F IBWF UIF /PX XF WF HPU B MBSHF HSPVQ PG QFPQMF XPSME T CFTU IFBMUI DBSF FWFS PGGFSFE JO TVJOH UIF QIBSNBDFVUJDBM DPNQBOZ GPS UIF IJTUPSZ PG UIF IVNBO SBDF $JUJ[FOT XIBU TFFNT UP CF B HB[JMMJPO EPMMBST PG UIF 6OJUFE 4UBUFT EP OPU MFBWF UP )PX DBO UIFZ BOE IFBMUI JOTVSBODF TFFL IFBMUI DBSF JO PUIFS DPVOUSJFT DPNQBOJFT QPTTJCMZ DPWFS UIF DPTU PG PUIFS DPVOUSJFT DPNF UP UIF 6OJUFE UIJT MBXTVJU #Z SBJTJOH QSJDFT BOE QSFNJVNT 4UBUFT CFDBVTF UIFZ 5IJT JT LOPX PVS EPDUPST IFSF JT OPU B QSPCMFN XJUI BOE IFBMUI DBSF OPU IBSE UP PVS IFBMUI DBSF TZTUFN TZTUFN DBO BOE EP VOEFSTUBOE BU BMM QFSGPSN NJSBDMFT XIBUTPFWFS 5IF QSPCMFN MJFT *G UIF HPWFSONFOU %P OPU GPSHFU UIJT XPVME DBQ XIBU XJUIJO UPSU SFGPSN 8F IBWF CFFO TP QFPQMF DBO TVF GPS MVDLZ UIBU NPTU PG VT IBWF HPUUFO VTFE IFBMUI DBSF BOE QSFNJVNT XPVME HP UP IBWJOH IFBMUI JOTVSBODF PVS XIPMF EPXO JO QSJDF CZ B TVCTUBOUJBM BNPVOU MJWFT -FU NF CF UIF GJSTU UP TBZ UIBU JU .PTU QFPQMF EPO U FWFS EFTFSWF XIBU JT B QSJWJMFHF UP IBWF IFBMUI JOTVSBODF UIFZ HFU JO MBXTVJUT BOZIPX ‰ OPU B SJHIU 5IFSF JT OPU B QSPCMFN -BTUMZ JG ZPV SF MPPLJOH GPS BO FBTJFS XJUI PVS IFBMUI DBSF TZTUFN XIBUTPFWFS XBZ UP GSBNF UIJT QFPQMF DBO U BGGPSE IFBMUI JOTVSBODF PS IFBMUI DBSF CFDBVTF 5IF QSPCMFN MJFT XJUIJO UPSU SFGPSN 8IBU JT UPSU 5PSU JT B TZTUFN UIF 0CBNB BENJOJTUSBUJPO DBO U FWFO GPS DPNQFOTBUJOH XSPOHT BOE IBSN FYQMBJO XIBU JU JT PS XIP OFFET JU *G EPOF CZ POF QBSUZ UP BOPUIFS T QFSTPO XF DPOUJOVF EPXO UIJT SPBE JU XJMM QSPQFSUZ PS PUIFS QSPUFDUFE JOUFSFTUT OPU GJY UIF FDPOPNZ *U XJMM DSVTI JU 'PS FYBNQMF B QFSTPO HPFT JO GPS B 'JYJOH UIF FDPOPNZ DSFBUFT KPCT XIJDI TIPVMEFS SFQMBDFNFOU BOE MFU T TBZ UIF UIFO BGGPSET UIPTF XIP FBSO JU IFBMUI XSPOH TIPVMEFS JT PQFSBUFE PO 5IJT JOTVSBODF UISPVHI UIFJS FNQMPZFS QFSTPO DBO OPX SJHIUGVMMZ TVF UIF ‰ UIBU NZ GFMMPX TUVEFOUT JT B OP TVSHFPO EPDUPST BOE BOZPOF JOWPMWFE CSBJOFS JO UIF XSPOHGVM TVSHFSZ 5IF QSPCMFN JT UIJT QFSTPO DBO TVF GPS BT NVDI BT UIFZ )FSTDICFSHFS JT B TFOJPS QPTTJCMZ XBOU FWFO JG JU PWFSDPNQFOTBUFT GSPN "SUIVS TUVEZJOH BSDIJUFDUVSF (6&45 $0-6./*45

5

(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

5IVSTEBZ +VMZ

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

/FXT

/FXT

7&5&3"/

(SBOU JT BO FOUJUMFNFOU QSPHSBN TUBUF MBX SFRVJSFT VOJWFSTJUJFT UP DPWFS BOZ BEEJUJPOBM DPTUT UIF TUBUF 6OJWFSTJUZ T DPTU EPFT OPU DPWFS i8F E IBWF UP FBU BMM PG UIBU w "MUIPVHI UIF *MMJOPJT 7FUFSBOT (SBOU QSPWJEFT TUBUF GVOEJOH GPS JUT (PMENBO TBJE i/PX UIF RVFTUJPO TUVEFOUT CFUUFS UIBO OFBSMZ BOZ TUBUF JT XIFSF EP * HFU JU * MM KVTU IBWF JO UIF OBUJPO UIF TUBUF -FHJTMBUVSF UP MPPL GPS JU * DBO U UFMM ZPV XIBU IBT TUFBEJMZ EFDSFBTFE UIF BNPVOU FYBDUMZ UIF TPVSDF XJMM CF SJHIU JU SFJNCVSTFT QVCMJD VOJWFSTJUJFT GPS OPX CVU XF MM IBWF UP FBU JU 5IBU T UIF HSBOUT TJODF HPJOH UP CF UPVHI w *O 4*6$ TUVEFOUT (PMENBO TBJE VOJWFSTJUZ SFDFJWFE GVOEJOH GSPN UIF *MMJOPJT PGGJDJBMT IBWF UP SVO UIBU NPOFZ BT 7FUFSBOT (SBOU GPS B UPUBM PG B EFGJDJU XIJDI NFBOT UIFSF XJMM NJMMJPO $IBODFMMPS 4BN (PMENBO CF OFYU UP OP GVOEJOH GPS PUIFS TBJE 0G UIBU NPOFZ UIF VOJWFSTJUZ QSPHSBNT IBE UP BCTPSC NJMMJPO CFDBVTF )F TBJE UIFZ XPVME USZ UP MPCCZ UIF TUBUF POMZ GVOEFE NJMMJPO GPS TPNF PG UIF CJMMJPO (PW 1BU 5IJT ZFBS UIF TUBUF IBT QSPNJTFE 2VJOO IBT UP VTF BU IJT EJTDSFUJPO OP SFJNCVSTFNFOU GPS UIF FTUJNBUFE CVU UIFZ BMSFBEZ IPQF NVDI PG UIBU NJMMJPO JO HSBOU DPTUT XJMM IFMQ DPWFS UIF TUBUF T MBDL PG #FDBVTF UIF *MMJOPJT 7FUFSBOT .POFUBSZ "XBSE 1SPHSBN GVOEJOH $0/5*/6&% '30.

&#+.; ');26+#0 GPS MPX JODPNF TUVEFOUT 5IF MBDL PG TUBUF GVOEJOH GPS WFUFSBOT QSPHSBNT BEET UP UIF GJOBODJBM QSPCMFNT UIF VOJWFSTJUZ IBT FYQFSJFODFE (PMENBO TBJE BOE JU XJMM UBLF TNBSU GJOBODJBM NBOBHFNFOU UP HFU UISPVHI %FTQJUF UIF DPODFSOT IF TBJE UIF VOJWFSTJUZ IBT OP QMBOT UP MFU HP PG FNQMPZFFT PS GBJM UP DPWFS UIF WFUFSBOT i8F MM NFFU PVS PCMJHBUJPOT UP PVS WFUFSBOT w IF TBJE i5IFSF JT OP EPVCU XIBUTPFWFS w

5IVSTEBZ +VMZ

:065)

3FDSFBUJPO $FOUFS PS IBOH PVU PO DBNQVT IF TBJE 5IF .07& FWFOU DBO NBLF B i5IF BUNPTQIFSF JO 4ISZPDL JT IVHF EJGGFSFODF JO B TUVEFOU T MJGF KVTU JODSFEJCMF w IF TBJE i*U EPFT MJNJU -V[BEEFS TBJE )F TBJE JU UBLFT VT JO OVNCFST CVU BT GBS BT FOFSHZ QFPQMF BXBZ GSPN UIF EJTUSBDUJPOT JO BOE JOUJNBDZ ZPV DPVMEO U BTL GPS B MJGF BOE HJWFT UIFN BO PQQPSUVOJUZ UP CFUUFS TJUVBUJPO w TFF UIBU UIFZ DBO NBLF B EJGGFSFODF 1SPHSBN DPPSEJOBUPS "EBN OP NBUUFS XIBU UIFZ BSF EPJOH /FMEFCFSH TBJE UIF TUVEFOUT GPMMPX /FMEFCFSH TBJE UIF $BSCPOEBMF B TDIFEVMF FWFSZ EBZ MPDBUJPO XBT UIF .PSOJOH BOE FWFOJOH POF IF BUUFOEFE BT B IF BUNPTQIFSF IJHI TDIPPM TUVEFOU TFTTJPOT JODMVEF WJEFPT XPSTIJQ BOE B TQFBLFS BOE IF LOPXT UIF JO 4ISZPDL JT JNQPSUBODF PG UIF #FUXFFO UIFTF TFTTJPOT KVTU JODSFEJCMF TUVEFOUT QBSUJDJQBUF FWFOU ‰ +PIO -V[BEEFS JO FMFDUJWFT JOEJWJEVBM i*U SFBMMZ DIBOHFE EJSFDUPS PG $*: .07& UJNF GPS EFWPUJPOT BOE NZ QFSTQFDUJWF PO B TDSJQUVSF SFBEJOH BOE EJTDVTTJPOT MPU PG UIJOHT XIFO * DBNF IFSF w IF XJUIJO UIFJS ZPVUI HSPVQT TBJE i* LOPX IPX NVDI JU DBO BGGFDU 5IFZ BMTP IBWF GSFF UJNF B TUVEFOU T MJGF CFDBVTF PG XIBU JU FBDI EBZ XIFSF UIFZ DBO VTF UIF EJE GPS NF w $0/5*/6&% '30.

¶¶5

'PS B GVMM DPNQBSJTPO PG UIF *MMJOPJT 7FUFSBOT (SBOU BOE UIF 1PTU (* #JMM WJTJU TJV%& DPN

1 Ħ ĝĤĖ %" * -: & ( : 1 5 * " /

5IVSTEBZ +VMZ t

4QBDF $BQPOF MBOET JO $BSCPOEBMF $ ISJT .D(SFHPS

PG .PUPXO 3 # BOE GVOL 4QBDF $BQPOF UJQT JUT IBU UP UIF MFHFOET PG UIF HFOSFT IF TBJE "OE XIJMF UIF CBOE JT JOTQJSFE 5 IF 4ISZPDL TUFQT BSF TPPO UP CZ UIF QBTU %BIMHSFO TBJE JU XPVME IPTU TPNF FYUSBUFSSFTUSJBM BDUJWJUZ 4QBDF $BQPOF JT TDIFEVMFE UP BMTP ESBX JOTQJSBUJPO GSPN UIF QMBZ UIF GJOBM 4VOTFU $PODFSU UIJT MJWFMZ 4VOTFU $PODFSU DSPXE ZFBS BU Q N UPEBZ i"OZ LJOE PG PVUTJEF 4ISZPDL QBSUZ BUNPTQIFSF "VEJUPSJVN BWJOH TPNFUIJOH JT SFBMMZ HSFBU w IF TBJE i5IF JEFB GPS UIF MJLF UIF 4VOTFU )F TBJE UIPTF CBOE JT B TVQFSIFSP 4FSJFT JT HSFBU GPS VT OFX UP UIF CBOE T GSPN TQBDF DPNJOH UP &BSUI BOE QMBZ NVTJD DPVME FYQFDU KVTU CFDBVTF JU T B JOH HPPE NVTJD GPS BMM B NJY PG 3JDL TFOTF PG DPNNVOJUZ +BNFT UIFTF QFPQMF w "BSPO ,PPM BOE "OE GPS VT UIBU T i4QBDF $BQPOFw UIF (BOH BOE 8JOUFST TBJE PUIFS BSUJTUT PG XIBU XF UISJWF PO 5IF CBOE T 3 # /FJM %BIMHSFO UIBU FSB CVU NPTU NBOBHFS BOE HVJUBSJTU JNQPSUBOUMZ iJU T BOE GVOL SPPUT PG 4QBDF $BQPOF ESBXT JOTQJSBUJPO SFBM GVO NVTJD w GSPN NBOZ NVTJDJBOT JODMVEJOH #PUI 8JOUFST BOE %BIMHSFO &BSUI 8JOE BOE 'JSF BOE .JDIBFM TBJE POF PG UIF IJHIMJHIUT PG UIF +BDLTPO IF TBJE CBOE JT BMM PG UIF NVTJDJBOT JU VTFT i5IF NVTJD JT JO UIF WFJO PG UP GJMM TPOJD TQBDF T GVOL BOE 3 # w TBJE /FJM i5IFSF BSF B MPU PG QJFDFT JO UIF %BIMHSFO NBOBHFS BOE HVJUBSJTU CBOE w 8JOUFST TBJE i*U JT B XBMM PG %FEJDBUFE UP UIF NVTJDBM TUZMFT NVTJD XJUI B MPU PG EJGGFSFOU UIJOHT %"*-: &(:15*"/ $)3*4.!4*6 &%6

¶¶)

HPJOH PO w %BIMHSFO TBJE UIF CBOE IBT BMXBZT FOKPZFE QMBZJOH PVUEPPST BOE JT NPSF JOUP XJUI DPOOFDUJOH XJUI UIF BVEJFODF UIBO DPMMFDUJOH IJUT PO JUT .Z4QBDF QBHF i8F SF EFGJOJUFMZ NPSF DPO DFSOFE XJUI HPJOH BOE QMBZJOH MJWF BOE NBLJOH BO JNQSFTTJPO UIBU XBZ w IF TBJE i*OTUFBE PG QFPQMF POMZ MJTUFOJOH UP PVS TUVGG POMJOF w )F TBJE EJTQPTBCMF NVTJD JT OPU SBSF POMJOF BOE UIBU IJT CBOE USJFT UP CF TUVEJFE NVTJDJBOT XJUI BO BQQSFDJBUJPO GPS QBTU BSUJTUT i8F GFFM UIBU LJOE PG FSB BOE TUZMF XBT B SFBMMZ HSFBU UJNF w IF TBJE i5IF DVMNJOBUJPO PG .PUPXO SPDL AO SPMM BOE 3 # JT TPNFUIJOH XF HFU SFBMMZ FYDJUFE BCPVU FWFO UIPVHI JU XBT ZFBST BHP w .BSL .BZT PG 5IF 5FOOFTTFBO XSPUF i$BQPOF TPVOET MJLF UIF SFBM EFBM )JT NBMMFBCMF WPJDF DBO GBMM JOUP B SVNCMF PS SJTF UP B UJOHMZ GBM TFUUP UIPVHI IF T CFTU XIFO HFUUJO IJT CBSJUPOF PO w -JHIUOJOH /BTIWJMMF T JOEF

4QBDF $BQPOF JT TDIFEVMFE UP QMBZ UIF GJOBM 4VOTFU $PODFSU UIJT ZFBS BU Q N UPEBZ PVUTJEF 4ISZPDL "VEJUPSJVN 1307*%&% 1 )050 QFOEFOU SBEJP TBJE i$BQPOF T TUBHF QSFTFODF DBO POMZ CF PVU QSFGPSNFE CZ IJT WPDBM QFSGPSNBODF w i)BWJOH TPNFUIJOH MJLF UIF 4VOTFU 4FSJFT JT HSFBU GPS VT KVTU

CFDBVTF JU T B TFOTF PG DPNNVOJUZ w %BIMHSFO TBJE i"OE GPS VT UIBU T XIBU XF UISJWF PO 5IF NVTJD JT BCPVU MPWF GSJFOE TIJQ BOE LJOEOFTT w IF TBJE

$MBTTJGJFET

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

5IVSTEBZ +VMZ

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

5IVSTEBZ +VMZ

4UVEZ #SFBL

5IF %VQMFY

8FEOFTEBZ T BOTXFST

#Z -JOEB $ #MBDL 5PEBZ T #JSUIEBZ ‰ 5IJT TIPVME CF B GVO ZFBS GPS ZPV 5IFSF T QMFOUZ PG MPWF BOE ZPVS MVDL T QSFUUZ HPPE %PO U CF BO JEJPU BCPVU JU CVU EP FOKPZ ZPVSTFMG 5IJT JT OPU HPJOH UP CF BO FBTZ BTTJHONFOU CFDBVTF UIFSF XJMM CF UJNFT XIFO ZPV MM XBOU UP CF B GPPM BCPVU JU 5IBU T KVTU MJGF 5P HFU UIF BEWBOUBHF DIFDL UIF EBZ T SBUJOH JT UIF FBTJFTU EBZ UIF NPTU DIBMMFOHJOH

"DSPTT <4OPSF> #MPX IBSE 4JOHFS +PBO &Y 57 IPTU 4UFXBSU 3JWFS UP UIF .FEJUFSSBOFBO (VJUBSJTU T FGGFDU )FBS BHBJO 4QFFE 8BHPOT F H 4USFTT JU T TBJE 1IPUPHSBQIFS PG B MFUUFS 'MFB NBSLFU GJHVSF 5PQT XJUI DVQT 3FBEZ UP DPMMBQTF -FUUFS T SFTU QFSJPE 0ME .VHIBM &NQJSF DBQJUBM 4VGGJY XJUI HMPC #MPDLT UIBU MPDL "U UIF SFBEZ 3BTI QSFWFOUFS

-JLF TPNF DIFDLJOH BDDPVOUT /VUT PWFS

8PSE CFGPSF SBEJP PS XBWF i* EVOOPw .BSL BT B CBMMPU 4IBEZ SFUSFBU 6OEFSDPWFS PQFSBUJPO UP USBQ B MFUUFS $SPX SFMBUJWFT -JLF #VSCBOL $JUZ )BMM GPS TIPSU 3FTQFDUGVM HFTUVSF 0OF XIP DBO U IPME B MFUUFS i#FTT :PV *T .Z 8PNBO w F H .VTLPHFF T TU )FBWZ IFSCJWPSF 4VTQFOTF OPWFMJTU )PBH

.FEEMJOH $PVOUSZ TJOHFS 5VDLFS 8JUOFTTFE .VDIBT IPSBT 3JMF VQ

%PXO %XFMM PO

$IFFST BU TPNF 8PSME $VQ HBNFT i)FMM @@ OP GVSZ w 4USJQ -JLF TPNF FMFDUJPOT 5PBTU PQFOJOH 4MBOHZ QSFGJY NFBOJOH iTVQFSw 0OF XBZ UP TXBZ %JH EJTDPWFSZ -FUUFS PVU GPS B TUSPMM "QPMMP NPEVMF 5XJUUFS NFTTBHF -JOHFS

6OBWBJMBCMF 3FUVSO DBMM 1FEPNFUFS CVUUPO 4PVOET PG SFCVLF &MJDJUJOH B i4P XIBU w 1PTTJCMF SFTVMU PG B KPC DIBOHF GPS TIPSU "UUFOE UIF OFFET PG i8F (PU UIF #FBUw CBOE XJUI i5IFw 1BSU PG B QJDLVQ MJOF 0QQPTJO 3FNPSTFGVM GFFMJOH 0GGJDJBM JO DIBSHF PG B MFUUFS $PPLPVU SFNOBOU #BSCSB T i" 4UBS *T #PSOw DPTUBS "DDPNQBOJTUT /PU XJUIJO SFBDI PG 4JHOBUVSF XFBS GPS "TUBJSF 'VUVSF EPDT FYBNT 4VSSPVOEJOH HMPXT .S $MFBO UBSHFU 5JNFT UP BUUBDL i$BTBCMBODBw SPMF $BCJOFU XPPE i0SJOPDP 'MPXw TJOHFS *UJOFSBUF $PMPSGVM DBSQ

"SJFT .BSDI "QSJM Â&#x2030; 5PEBZ JT B Â&#x2030; *G ZPV DBO U UIJOL PG KVTU UIF SJHIU XPSET XBJU 0UIFST XJMM NBLF TVHHFTUJPOT BOE POF PG UIFN XJMM XPSL 5BVSVT "QSJM .BZ Â&#x2030; 5PEBZ JT B Â&#x2030; :PV IBUF TUSFTT CVU ZPV IBWF UP BENJU JU DBO DPNF JO IBOEZ *U DPVME JOTQJSF ZPV UP IBWF BO PVU PG UIF CPY JEFB

7JSHP "VH 4FQU Â&#x2030; 5PEBZ JT BO Â&#x2030; :PV IBWF B TPMJE GPVOEBUJPO 5IBU T XIZ ZPV DBO BGGPSE UP UBLF TP NBOZ SJTLT 'PS ZPV UIFZ SF DBMDVMBUFE NBOFVWFST -JCSB 4FQU 0DU Â&#x2030; 5PEBZ JT BO Â&#x2030; )PME POUP ZPVS HSFBU JEFB OPCPEZ XBOUT UP IFBS JU OPX 8IFO UIFZ EP UIFZ MM MFU ZPV LOPX #F QSFQBSFE 4DPSQJP 0DU /PW Â&#x2030; 5PEBZ JT B Â&#x2030; 8IFSF BSF ZPV HFUUJOH UIF NPOFZ 'JSTU GJHVSF PVU IPX NVDI ZPV MM OFFE .BLF JU MFTT UIBO ZPV UIPVHIU JU XPVME CF 4BHJUUBSJVT /PW %FD Â&#x2030; 5PEBZ JT B Â&#x2030; 8IBU B NFTT 5IFZ BMM XBOU ZPV UP EP TPNFUIJOH CVU DBO U BHSFF PO B MJTU (JWF UIFN UJNF UP GJHVSF JU PVU

$BQSJDPSO %FD +BO Â&#x2030; 5PEBZ JT B Â&#x2030; " MPU PG UIJT HBNF JT QMBZFE (FNJOJ .BZ +VOF Â&#x2030; 5PEBZ CFIJOE UIF TDFOFT (FU TPNFCPEZ PO JT B Â&#x2030; :PV OFFE IFMQ TP BENJU JU TUBGG 4DPSQJP UP TOJGG UIBU TUVGG PVU GPS BOE HFU TPNFCPEZ :PV DBO CFH QMFBE ZPV XIFFM BOE EFBM DPO DPOOJWF PS KVTU IJSF B UFNQ "RVBSJVT +BO 'FC Â&#x2030; 5PEBZ JT BO Â&#x2030;%P ZPV IBWF B GMFYJCMF $BODFS +VOF +VMZ Â&#x2030; 5PEBZ JT TDIFEVMF *U T B CFUUFS UJNF GPS USBWFM B Â&#x2030; 4FFNT MJLF UIFSF T B USBGGJD KBN BT BOE DPOGFSSJOH XJUI GSJFOET UIBO EPJOH QFPQMF NBLF VQ UIFJS NJOET 5IFZ KVTU QBQFSXPSL EPO U MJLF UP UIJOL BT RVJDLMZ BT ZPV EP 1JTDFT 'FC .BSDI Â&#x2030; 5PEBZ JT -FP +VMZ "VH Â&#x2030; 5PEBZ JT B B Â&#x2030; "O VOFYQFDUFE PDDVSSFODF KPMUT Â&#x2030; 4PNFUIJOH ZPV TBZ JT UBLFO PVU PG ZPV PVU PG ZPVS SFWFSJF :PV OFFE UP DPOUFYU *U EPFTO U KVTU JOWPMWF UIF QFSTPO QBZ BUUFOUJPO :PV NBZ UVSO PVU UP CF ZPV XFSF UBMLJOH BCPVU JU T BMM PWFS UIF MFBEFS

+5

$/

35

! ! $ '< ./* 6,.6.32 &2) *++ 296*/

"27(6&1'0* 8-*7* +396 91'0*7 32* 0*88*6 83 *&(- 759&6* 83 +361 +396 36).2&6< ;36)7

! @

!6.'92* *).& *6:.(*7 2( 00 .,-87 *7*6:*)

8FEOFTEBZ T BOTXFST

%

$ 91'0* . -32* 44 ,3 83 ;;; '.8 0< / 5

&RPSOHWH WKH JULG VR HDFK URZ FROXPQ DQG E\ ER[ LQ EROG ERDUGHUV FRQWDLQV HYHU\ GLJLW WR )RU VWUDWH JLHV RQ KRZ WR VROYH 6XGRNX YLVLW ZZZ VXGRNX RUJ XN

8FEOFTEBZ T BOTXFST

=

3; &66&2,* 8-* (.6(0*) 0*88*67 83 +361 8-* 79646.7* &27;*6 &7 79,,*78*) '< 8-* &'3:* (&68332

>

!

27;*67 8313663;

" #

% 91'0*7 27;*6 $-&8 8-* 13759.83*7 8962*) .283 ;-*2 8-*< 74388*) 8-* '*&(- 4&68< ? #

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

4QPSUT

7EPYOM -RWMHIV 0O 8FEOFTEBZ UIF 4QPSUT %FTL TIBSFE JUT PQJOJPO PO UIF NPTU PWFSSBUFE /#" QMBZFST 0O UIF GMJQTJEF PG UIF DPJO XIP JT UIF NPTU VOEFSSBUFE /#" QMBZFS

4&"/ .$(")"/ NDHBIBO !TJV FEV

"T TUSBOHF BT JU JT UIF GJSTU OBNFT UIBU QPQ JOUP NZ IFBE XFOU UP %VLF PG BMM QMBDFT Â&#x2030; 4IBOF #BUUJFS BOE $ISJT %VIPO 4VSF CPUI NBLF CJH NPOFZ CVU UIFZ EPO U HFU UIF GBO T QSPQT GPS UIF JOUBOHJCMFT UIFZ HJWF UP UIFJS SFTQFDUJWF UFBNT #PUI IBWF BDUVBMMZ CFFO QVCMJDBMMZ IBUFE PO CZ TUBS UFBNNBUFT 5SBDZ .D(SBEZ #FO (PSEPO BOE VOEFTFSWFEMZ TP %VLF JT IBUFE PO CZ NBOZ CVU $PBDI , SFBMMZ DBO GPTUFS GVOEBNFOUBMT

* IBWF BMXBZT CFFO B IVHF GBO PG "OUBXO +BNJTPO BOE UIJOL UIBU IF OFWFS HPU UIF SFTQFDU IF EFTFSWFE XIFO IF XBT JO (PMEFO 4UBUF PS BOZ UJNF BGUFS )F XBT UIF 0/-: UISFBU PO ( 4 BOE IF TUJMM BWFSBHFE QPJOUT QFS HBNF PO QFSDFOU TIPPUJOH )F EPFT FWFSZUIJOH IJT UFBN BTLT PG IJN BOE IF DBO TDPSF FBTJFS UIBO NPTU SFBMJ[F 5IF IJHI TDPSJOH "MMFO *WFSTPO T DBSFFS TIPPUJOH QFSDFOUBHF JT QFSDFOUBHF QPJOUT MPXFS UIBO +BNJTPO T DPNQBSFE UP

+&'' &/(&-)"3%5 KFOHFM !TJV FEV

."55 '3&&-"/% NBUU !TJV FEV

* EPO U LOPX JG * XPVME TBZ UIF NPTU VOEFSSBUFE CVU $BSM -BOESZ PG UIF )PVTUPO 3PDLFUT DBO SFBMMZ QMBZ #FGPSF UIJT TFBTPO OPU NBOZ QFPQMF LOFX XIP 1BVM .JMMTBQ XBT BOE IF CFDBNF B DPWFUFE GSFF BHFOU CZ UIF FOE PG UIF TFBTPO CFDBVTF PG IJT TUFMMBS QMBZ 8JUI :BP .JOH PVU JO )PVTUPO * FYQFDU -BOESZ UP HFU NPSF NJOVUFT BOE NBLF B OBNF GPS IJNTFMG PO UIF OBUJPOBM TUBHF KVTU MJLF .JMMTBQ EJE JO 6UBI

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

"GUFS TUVOOJOH MPTT 1IFMQT SFCPVOET XJUI SFDPSE 5IVSTEBZ +VMZ

1BVM /FXCFSSZ

QSFGFST JO UIF GMZ BOZXBZ i)F BDUVBMMZ XBSNFE VQ XJUI 30 . & Â&#x2030; .JDIBFM 1IFMQT UIF GVMM CPEZ BOE IF KVTU TBJE JU GFMU UPP UJHIU BOE IF UPPL JU PGG w 1IFMQT IBE BOPUIFS TXJNTVJU JTTVF *U EJEO U TMPX IJN EPXO UIJT DPBDI #PC #PXNBO TBJE i5IFO * OPUJDFE IF IBEO U TIBWFE IJT DIFTU UJNF 1IFMQT CPVODFE CBDL GSPN B CVU * N MJLF A%PO U XPSSZ BCPVU JU * TUVOOJOH MPTT XJUI TPNFUIJOH NPSF EPO U UIJOL ZPV IBWF NVDI IBJS w GBNJMJBS Â&#x2030; B XPSME SFDPSE JO UIF 1IFMQT XFOU PVU NVDI GBTUFS NFUFS CVUUFSGMZ 8FEOFTEBZ UIBO IF OPSNBMMZ EPFT JO UIF GMZ 'PS HPPE NFBTVSF IF TVSQBTTFE BOE QBJE GPS JU PO UIF GJOBM QVTI UP BOPUIFS PG .BSL 4QJU[ T BDDPN UIF XBMM )JT BSNT XFSF CVSOJOH QMJTINFOUT XJUI UIF UI XPSME )JT MFHT UPP #VU UIFSF XBT OP XBZ SFDPSE PG IJT DBSFFS POF NPSF UIBO IF XBT MPTJOH BHBJO 4QJU[ IBE EVSJOH IJT CSJMMJBOU SVO )F TVSHFE UP UIF XBMM B CPEZ JO UIF QPPM MFOHUI BIFBE PG TJMWFS NFEBMJTU 0OF OJHIU BGUFS IF XBT TPVOE 1BXFM ,PS[FOJPLTLJ PG 1PMBOE MZ CFBUFO CZ (FSNBOZ T 1BVM XJUI +BQBO T 5BLFTIJ .BUTVEB TFU #JFEFSNBOO 1IFMQT TMJDFE UIF UMJOH GPS CSPO[F 1IFMQT XIJQQFE UJNF JO XIBU IF DBMMT IJT iCSFBE BSPVOE RVJDLMZ UP TFF IJT UJNF BOE BOE CVUUFSw UP NJOVUF IFME VQ IJT SJHIU JOEFY GJOHFS XIFO TFDPOET NPSF UIBO B IBMG TFDPOE UIF i83w XBT QPTUFE MPXFS UIBO IJT HPME NFEBM XJO i* XBOUFE UP TUFQ PO JU JO UIF OJOH UJNF PG BU UIF #FJKJOH GJSTU UP HFU PVU UIFSF JO UIF 0MZNQJDT DMFBO XBUFS BOE UIBU T QSFUUZ NVDI 8JUI BMM UIF IVMMBCBMPP PWFS XIBU IBQQFOFE w 1IFMQT TBJE i*U TXJNTVJUT FWFSZPOF XPOEFSFE XBT B MPU NPSF QBJO MBTU OJHIU UIBO BCPVU 1IFMQT EFDJTJPO UP XFBS POF UPOJHIU w UIBU TUSFUDIFE POMZ GSPN IJT XBJTU 0O 5VFTEBZ IF XBT CMPXO PVU UP IJT BOLMFT MFBWJOH IJT VQQFS PG UIF XBUFS CZ (FSNBOZ T 1BVM CPEZ CBSF 8BT IF USZJOH UP NBLF B #JFEFSNBOO XIP SPVUFE 1IFMQT JO GBTIJPO TUBUFNFOU UIF GSFFTUZMF BOE BMTP TOBUDIFE i/P UIBU EJEO U FWFO DSPTT NZ BXBZ IJT XPSME SFDPSE NJOE w 1IFMQT TBJE i*U XBT KVTU NF .PTU PG UIF UBML BGUFSXBSE XBT CFJOH DPNGPSUBCMF w BCPVU XIBU UIFZ XFSF XFBSJOH "DUVBMMZ IF IBE QMBOOFE UP Â&#x2030; BOE UIFSF XBTO U B SFE DBS XFBS B 4QFFEP CPEZTVJU POMZ UP QFU JO TJHIU #JFEFSNBOO XBT JO B EJTDPWFS EVSJOH XBSNVQT UIF POF QPMZVSFUIBOF "SFOB 9 (MJEF TVJU IF CSPVHIU UP UIF 'PSP *UBMJDP XBT XIJDI FWFSZPOF DPODFEFT QSPEVD UPP UJHIU JO UIF TIPVMEFST 4P IF FT NVDI GBTUFS UJNFT UIBO 1IFMQT XFOU CBDL UP UIF MFHTVJU XIJDI IF ZFBS PME 4QFFEP -;3 3BDFS 5)& "40$*"5&% 13&44

4Ä¡Ä Ä£Ä¥Ä¤ %" * -: & ( : 1 5 * " /

5)634%":

*/4*%&3 QBHF 8IJDI /#" TUBS EFTFSWFT B TFDPOE MPPL

+6-:

48*..*/(

4XJNNJOH DPBDI TBWFT NFEBMJTU GSPN ESPXOJOH

4*6 TXJNNJOH BOE EJWJOH IFBE DPBDI 3JDL 8BMLFS UBMLT XJUI +BNFTPO ,VQFS B TFOJPS CSFBTUTUSPLFS EVSJOH B XPSLPVU 8FEOFTEBZ 8IJMF SFGFSFFJOH BU UIF '*/" 8PSME 0QFO 8BUFS 4XJNNJOH $IBNQJPOTIJQT JO 3PNF MBTU XFFL 8BMLFS TBWFE UIF MJGF PG B EJTUSFTTFE "VTUSBMJBO TXJNNFS EVSJOH UIF LJMPNFUFS SBDF ,"5&-:/ 1'&*45&3 % "*-: & (:15*"/

.BUU 'SFFMBOE %"*-: &(:15*"/ ."55 !4*6 &%6

5 P B ZPVOH "VTUSBMJBO TXJNNFS 4*6 TXJNNJOH DPBDI 3JDL 8BMLFS JT NPSF UIBO KVTU B DPBDI BOE B SFGFSFF )F JT BMTP B MJGFTBWFS 8BMLFS XBT B SFGFSFF EVSJOH UIF '*/" 8PSME 0QFO 8BUFS 4XJNNJOH $IBNQJPOTIJQT LJMP NFUFS SBDF 4BUVSEBZ JO 3PNF XIFSF UIF PQFO XBUFS DPNQFUJUJPO UPPL QMBDF JO UIF .FEJUFSSBOFBO 4FB *O XIBU XPVME IBWF CFFO UIF GJOBM TUSFUDI PG UIF SBDF 8BMLFS OPUJDFE UIBU "VTUSBMJBO CSPO[F NFE BMJTU ,BUF #SPPLFT 1FUFSTPO XBT JO

'"/5"45*$ '"/5"4*&4

."55 '3&&-"/% NBUU !TJV FEV

1 JDLJOH VQ TQPU TUBSUFST NJHIU CF UIF NPTU DSVDJBM ZFU SJTLZ PQUJPO B GBOUBTZ PXOFS DBO IBWF 5IJT PG DPVSTF TUBOET NPTUMZ GPS UFBNT UIBU BSF JO UIF NJEEMF PG UIFJS EJWJTJPO 5IJT ZFBS UIFSF TFFNT UP CF NJMMJPOT PG TUBSUJOH QJUDIFST HPJOH PO BOE PGG UIF EJTBCMFE MJTU GPSD

USPVCMF i* TBX IFS HP UISPVHI B GFFE JOH QPOUPPO XIJDI JT XIFSF UIFJS DPBDIFT BDUVBMMZ GFFE UIFN CZ TUJDL HJWF UIFN GMVJET BOE FWFSZUIJOH w IF TBJE i4IF XFOU CZ UIFSF BOE * TBX UIBU TIF XBT TUSVHHMJOH w 8BMLFS TBJE IF UIFO XBWFE BU IFBE SFGFSFF +PSHF %FMHBEP B GPS NFS 4*6 TXJNNFS BOE NPUJPOFE UP IJN UIBU IF XBT HPJOH BGUFS UIF TXJNNFS i5IF NJOVUF * UVSOFE UP HP JO IFS EJSFDUJPO TIF TUPQQFE TIF XFOU WFSUJDBM BOE SBJTFE IFS IBOE BOE UIFO XFOU VOEFS w IF TBJE 8BMLFS TBJE IF XBWFE UP UIF *UBMJBO SFTDVF CPBU CVU UIFZ XFSF

OPU NPWJOH QPTTJCMZ OPU OPUJDJOH 8BMLFS T NPUJPOT i4P UIFO * UVSOFE UP NZ CPBU QFS TPO BOE * TBJE A-FUT HFU PWFS UIFSF SFBMMZ SFBMMZ RVJDL $PNF PO XF HPU UP HP w IF TBJE i4IF IBE DPNF CBDL VQ HBTQJOH GPS BJS BOE UIFO XBWFE BOE UIFO TIF LJOE PG KVTU XFOU MJNQ BOE XFOU VOEFS BHBJO w -VDLJMZ GPS #SPPLFT 1FUFSTPO 8BMLFS XBT XBUDIJOH IFS UIF FOUJSF UJNF BOE TBX XIFSF TIF TBOL i)FS IBOE XBT VQ BCPVU GFFU VOEFS XBUFS TP * XBT BCMF UP SFBDI EPXO BOE HSBC IFS BOE QVMM IFS VQ w IF TBJE i4IF HBTQFE GPS BJS 8F GJOBMMZ HPU IFS JOUP UIF CPBU BOE TIF KVTU QBTTFE PVU 4P * EPO U UIJOL TIF

XBT DPNJOH CBDL VQ w 0ODF TIF XBT PO UIF CPBU 8BMLFS TBJE TIF XBT QBTTFE PVU GPS BCPVU TFDPOET XIJMF IF NPOJ UPSFE IFS CSFBUIJOH BOE QVMTF )F TBJE BO *UBMJBO TBGFUZ TXJNNFS UIFO DMJNCFE PO CPBSE BOE TMBQQFE IFS CBDL UP SFNPWF UIF XBUFS GSPN IFS TZTUFN i5IBU XBT XIBU * EJEO U XBOU UP EP w 8BMLFS TBJE i*U BMNPTU NBEF IFS KVNQ PVU PG UIF CPBU w )BWJOH LOPXO #SPPLFT 1FUFSTPO BOE IFS DPBDIFT GPS ZFBST 8BMLFS XBT BCMF UP DBMN UIF TXJNNFS EPXO i*U T B HPPE UIJOH XF HPU UP IFS CFGPSF TIF UPPL JO UPP NVDI XBUFS BOE ESPXOFE w IF TBJE i8F XFSF

UIBOLGVM UP HFU IFS PVU PG UIF XBUFS BOE PVU PG EBOHFS w #SPPLFT 1FUFSTPO TVGGFSFE GSPN EFIZESBUJPO BOE FYIBVTUJPO EVSJOH UIF SBDF BDDPSEJOH UP UIF 8FC TJUF GPS UIF /FSBOH 4XJNNJOH $MVC Â&#x2030; IFS QSPGFTTJPOBM UFBN 8BMLFS UFOET UP IFMQ CFZPOE B DPBDI T EVUJFT TBJE 5JGGBOZ (PXFOT 4*6 T GPSNFS BTTJTUBOU TXJNNJOH DPBDI (PXFOT TBJE TIF XBT OPU TVSQSJTFE CZ 8BMLFS T BDUJPOT i)F T XJMMJOH UP IFMQ BOE OPU KVTU JO TXJNNJOH w TIF TBJE i8IFO JU XBT TOPXJOH SFBMMZ CBE JO $BSCPOEBMF

IF XPVME BMXBZT PGGFS UP HJWF NF B SJEF PS IFMQ NF CBDL UIF DBS PVU PG UIF ESJWFXBZ w

1JDL ZPVS TQPUT JOH NBOZ PXOFST UP QJDL VQ TQPU TUBSUT )FBE UP IFBE MFBHVFT IBWF GJWF TUBUJTUJDBM DBUFHPSJFT JO CPUI IJUUJOH BOE QJUDIJOH UIF PXOFS NVTU USZ UP XJO FBDI BOE FWFSZ XFFL 'PS FBDI DBUFHPSZ UIFZ MPTF UIFZ HFU B MPTT GPS UIBU XFFL 'PS FBDI DBUFHPSZ UIFZ XJO UIFZ HFU B i8 w )FSF JT B TIPSU FYBNQMF XIZ TQPU TUBSUJOH JT TP JNQPSUBOU UIJT ZFBS #SBOEPO 8FCC %JBTVLF .BUTV[BLB +BLF 1FBWZ $IJFO .JOH 8BOH #SFUU .FZFST 5JN 8BLFGJFME ,FWJO 4MPXFZ (JM .FDIF 5FE -JMMZ BOE +VTUJO

%VDITDIFSFS BSF BMM PO UIF EJTBCMFE MJTU XJUI NBOZ PUIFS QJUDIFST MJTUFE BT EBZ UP EBZ "OE #FO 4IFFUT NBZ BT XFMM CF GJTIJOH JO 8JTDPOTJO )PXFWFS EPO U UPUBMMZ GSFBL PVU JG ZPVS UFBN IBT B GFX PG UIPTF QMBZFST MJTUFE BCPWF 5FO HBNF XJOOFS "BSPO $PPL JT TUJMM BWBJMBCMF PO &41/ DPN XJUI POMZ B PXOFS T QFSDFOU JO BMM EJWJTJPOT *G ZPVS UFBN OFFET XJOT IF T B QFSGFDU TQPU TUBSUFS DBOEJEBUF CVU JG ZPV OFFE IFMQ XJUI XBML UP IJU SBUJP QFS JOOJOHT QJUDIFE PS TUSJLF

PVUT EPO U CPUIFS XJUI IJN (BWJO 'MPZE PG UIF $IJDBHP 8IJUF 4PY JT POMZ PXOFE CZ QFSDFOU PG BMM &41/ GBOUBTZ CBTF CBMM MFBHVFT BOE IJT 8)*1 BOE QVODI PVU TUBUT BSF CFUUFS UIBO BOZCPEZ BWBJMBCMF XJUI UIF QPTTJCMF FYDFQUJPO PG 6CBMEP +JNJOF[ +JNJOF[ JT PXOFE CZ NPSF UIBO IBMG PG UIF MFBHVFT CVU JG IF T BWBJM BCMF GPS TQPU TUBSUJOH JO ZPVS MFBHVF IF T QSPCBCMZ ZPVS CFTU PQUJPO *G ZPV LOPX XIP JT MFGU JO GSFF BHFODZ JO ZPVS MFBHVF BOE ZPV OFFE B GFX TUBSUT QBZ BUUFOUJPO UP XIJDI TUBSUFST BSF QJUDIJOH BOE BHBJOTU

XIBU UFBN 5IF MJTU PG PQUJPOT BT GBS BT &41/ DPN T PXOFST QFSDFOUBHF HPFT JT QMFOUZ 'MPZE "SNBOEP (BMBSSBHB ,ZMF -PITF 3JDL 1PSDFMMP +PIO 4NPMU[ +PF #MBOUPO BOE #SBE 1FOOZ BSF BMM PXOFE CZ GFXFS UIBO IBMG PG GBOUBTZ PXOFST 1BZ BUUFOUJPO UP UIFTF QMBZFST IPU TUSFBLT BT XFMM BT XIJDI UFBN UIFZ BSF TUBSUJOH BHBJOTU *G ZPV BSF BGSBJE PG ESPQQJOH B TUBSUJOH QJUDIFS GPS B TQPU TUBSUFS VTF B CFODI QMBZFS CFDBVTF UIPTF EPO U HP PGG UIF NBSLFU RVJDL