.03& 0/ 4*6%& $0.
1IPUP (BMMFSZ 4FF .D"OESFX 4UBEJVN GSPN B EJGGFSFOU QFSTQFDUJWF BT IJHI TDIPPM TUVEFOUT HFU UJQT GSPN UIF DPBDIJOH TUBGG JO GPPUCBMM DBNQ
5PEBZ )JHI -PX 5IVSTEBZ )JHI -PX 'SJEBZ )JHI -PX
%ĒĚĝĪ &ĘĪġĥĚĒğ
*/5&34&44*0/ &%*5*0/ $"3500/ 1"(& (VT #PEF TBZT DIFDL PVU $IFOFZ T IFBMUI DBSF QMBO
+6/&
70-6.& /0
1"(&4
$BSCPOEBMF DMFBOVQ DPOUJOVFT &OSPMMNFOU
GJHVSFT DPVME DPTU VOJWFSTJUZ NJMMJPOT
#SJBO 'FMEU %"*-: &(:15*"/ #'&-%5!4*6 &%6
+
BZ "EBNT PG $BSCPOEBMF XPSLT UP DMFBS IFS USVDL PG TUPSN EFCSJT DPMMFDUFE BU 5IPNQTPO 1PJOU 5VFTEBZ "EBNT XIP IBT CFFO XPSLJOH PO DBNQVT GPS UXP XFFLT TBJE TIF BWFSBHFT MPBET PG CSVTI QFS EBZ 3PVHIMZ NJMMJPO XPSUI PG EBNBHF XBT EPOF UP UIF DBNQVT EVSJOH UIF TUPSN XIJDI GFBUVSFE XJOE HVTUT PG VQ UP NJMFT QFS IPVS 1IJM (BUUPO EJSFDUPS PG UIF VOJWFSTJUZ 1IZTJDBM 1MBOU TBJE BU MFBTU QFPQMF IBWF CFFO IJSFE UP IFMQ DMFBO VQ BGUFS UIF .BZ XJOETUPSN )F TBJE QBSUT PG DBNQVT TVDI BT UIF USBJM BSPVOE UIF $BNQVT -BLF BOE 5IPNQTPO 8PPET NJHIU OPU CF SF PQFOFE VOUJM UIF CFHJOOJOH PG UIF GBMM TFNFTUFS
$POUSBDUFE USFF SFNPWBM DSFXT TIPVME CF DPOWFSHJOH PO DBNQVT UP SFNPWF GBMMFO EFCSJT OFYU XFFL IF TBJE 3JHIU OPX XPSLFST BSF GPDVTFE PO SFQBJSJOH BOZ TUSVDUVSBM EBNBHF BT OFBSMZ B EP[FO XJOEPXT BOE XJOEPX GSBNFT JO .BF 4NJUI )BMM IBWF CFFO SFQBJSFE BOE UBSQBVMJO TUSFUDIFE BDSPTT XFBL SPPG TQPUT (BUUPO TBJE )F TBJE IJHI XJOE TQFFET GPSDFE EFCSJT UISPVHI TFDUJPOT PG SPPG PO TFWFSBM CVJMEJOHT +".&4 .$%0//06()
1SPTQFDUJWF CBS PXOFS XBOUT UP DIBOHF FTUBCMJTINFOUT JNBHF # BSUPO -PSJNPS
%"*-: &(:15*"/ #"350/ -03*.03!4*6%& $0.
5 IF QSPTQFDUJWF PXOFS PG UISFF $BSCPOEBMF CBST TBJE .POEBZ IF EPFT OPU QMBO UP NBLF NBKPS DIBOHFT JG DJUZ PGGJDJBMT BQQSPWF UIF USBOTGFS PG MJRVPS MJDFOTFT 3PCFSU %FMSF B TFDVSJUZ DPO TVMUBOU GPS 4UJY $BMMBIBOT *SJTI 1VC BOE $BMJ T TBJE IF XPVME QVSDIBTF UIF CVTJOFTT SJHIUT UP UIF UISFF FTUBCMJTINFOUT GSPN PXOFS (SFH ,OPPC GPS %FMSF TBJE IF XPVME FOUFS B MFBTF BHSFFNFOU XJUI ,OPPC GPS UIF QSPQFSUJFT PO 4PVUI *MMJOPJT BOE (SBOE "WFOVFT "QBSU GSPN BEWFSUJTJOH UIF UISFF CBST NPSF GSFRVFOUMZ %FMSF TBJE IF IBT CFFO DPODFSOFE BCPVU UIF UISFF FTUBCMJTINFOUT ESFTT DPEF GPS DVTUPNFST BOE UIF TZTUFN UP QSFWFOU VOEFSBHF ESJOLJOH %FMSF TBJE IF JT DPODFSOFE BCPVU JOIFSJUJOH ,OPPC T SFQVUBUJPO XJUI
UIF DJUZ CVU XBOUT UP EP XIBU IF BDUJPOT WJPMBUFE IJT DJWJM SJHIUT DBO UP CVJME IJT PXO OBNF ,OPPC XIP DPVME OPU CF i* GVMMZ JOUFOE UP DPNQMZ BT SFBDIFE GPS DPNNFOU TBJE JO B NVDI BT QPTTJCMF w IF TBJE i* BN +BO %ĒĚĝĪ &ĘĪġĥĚĒğ SFQPSU DPODFSOFE UIBU (SFH T OBNF JT IF CFMJFWFE IF XBT CFJOH DIBTFE PVU PG UIF DJUZ CVU HPJOH UP DBSSZ PWFS TUJMM QMBOOFE PO UP NF BOE UIF UIJOHT UIFZ HBWF IJN B IBSE PXOJOH UIF QSPQ KVTU IPQF UIF UJNF BCPVU UIFZ BSF FSUJFT OFX PXOFS BMTP HPJOH UP HJWF NF &BSMJFS UIJT XJMM CF EJMJHFOU B IBSE UJNF BCPVU NPOUI UIF -JRVPS "EWJTPSZ #PBSE 0CWJPVTMZ UIBU XPVME JO TFFLJOH B S F D P N N F O E F E CF BOZPOF T DPODFSO SFMBUJPOTIJQ XJUI JO NZ QPTJUJPO w UIF DJUZ MJRVPS UIF DJUZ *O %FDFNCFS MJDFOTFT GPS UIF 4UFWFO )BZOFT UISFF CBST CF .BZPS #SBE $PMF $JUZ $PVODJM NFNCFS BOE UIF -PDBM -JRVPS USBOTGFSSFE GSPN $POUSPM $PNNJTTJPO ,OPPC UP %FMSF JNQPTFE B GJOF PO ,OPPC 5IF JTTVF TUJMM OFFET BQQSPWBM GPS GBJMVSF UP QSFWFOU JMMFHBM GSPN UIF MJRVPS DPNNJTTJPO $PVODJMNBO +PFM 'SJU[MFS XIP BDUJWJUJFT TVDI BT DBOOBCJT QPTFT TJPO QVCMJD ESJOLJOH BOE GJHIU BMTP TFSWFT PO UIF DPNNJTTJPO JOH JO $BMMBIBO T QBSLJOH MPU TBJE IF XPVME OPU CF IFBSU CSP ,OPPC SFTQPOEFE CZ GJMJOH B GFE LFO JG ,OPPC UPPL IJT CVTJOFTT FSBM MBXTVJU BHBJOTU $PMF BOE UIF PVU PG $BSCPOEBMF CFDBVTF IJT DJUZ DMBJNJOH UIF DPNNJTTJPO T SFDPSE IBT OPU CFFO JNQSFTTJWF
¶¶*
"MM UIPVHI IF XPVME OPU TQFD VMBUF PO IPX IF XPVME WPUF PO UIF MJDFOTF USBOTGFS $PVODJMNBO 4UFWFO )BZOFT TBJE UIF CPBSE T SFDPNNFOEBUJPO JT VTVBMMZ BO JOEJDBUPS GPS IPX UIF DPNNJT TJPO XJMM SFBDU i5IF GFFMJOHT PG UIF DPVODJM JT XF XBOU QSPTQFSPVT CVTJOFTT w )BZOFT TBJE i* KVTU IPQF UIF OFX PXOFS XJMM CF EJMJHFOU JO TFFLJOH B SFMBUJPOTIJQ XJUI UIF DJUZ w %FMSF TBJE IF IPQFT UP NFFU XJUI NFNCFST PG UIF 4FDSFUBSZ PG 4UBUF 1PMJDF XIP JOTQFDU CBST GPS VOEFSBHF ESJOLJOH WJPMB UJPOT BOE UIF $BSCPOEBMF 1PMJDF %FQBSUNFOU UP EJTDVTT XIBU IF DBO EP UP LFFQ USPVCMF PVU PG $BSCPOEBMF i*U T BMM BCPVU CFJOH TBGF w IF TBJE i*G * DBO IBWF NZ FTUBCMJTI NFOU CF B TBGF QMBDF XIFSF QFP QMF DBO HP BOE IBWF GVO BOE OPU IBWF UP XPSSZ BCPVU BOZUIJOH XFMM TP CF JU w
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i8F QSPKFDU PVS JODPNF GVOET B ZFBS JO BEWBODF w #SBEGPSE TBJE i"GUFS UIF SFGPSFDBTU XF BSF IFBE JOH JO B QPTJUJWF EJSFDUJPO PWFSBMM w #VU FYQFOEJUVSF FTUJNBUFT IBWF BMTP SJTFO CZ NPSF UIBO NJMMJPO UP NJMMJPO BOE UIF VOJWFSTJ UZ T QMBOOFE PQFSBUJOH SFTVMUT GSPN B SFDBTU CVEHFU UIJT ZFBS DPNF JO BU B OFHBUJWF NJMMJPO 5IF VOJ WFSTJUZ TUJMM FTUJNBUFT FOEJOH XJUI B NJMMJPO DBTI CBMBODF BU UIF FOE PG UIF GJTDBM ZFBS XIJDI FOET +VMZ 5IF VOJWFSTJUZ T TUVEFOU SFUFO UJPO QSPCMFN IBT CFFO EFWFMPQJOH GPS ZFBST BGUFS FOSPMMNFOU QFBLFE JO BU TUVEFOUT BDDPSEJOH UP VOJWFSTJUZ SFDPSET #Z GBMM UIBU OVNCFS IBE GBMMFO UP 5IF MPTU GVOET DPNF EVSJOH POF PG UIF NPTU GJOBODJBMMZ GSVTUSBUJOH UJNFT GPS UIF VOJWFSTJUZ *O 'FCSVBSZ 4*6 1SFTJEFOU (MFOO 1PTIBSE DBMMFE UIF TUBUF T GJOBODJBM TUBUVT POF PG UIF XPSTU JO *MMJOPJT IJTUPSZ )F TBJE MBZPGGT UP VOJWFSTJUZ TUBGG DPVME CF JOFWJUBCMF JG UIF TUBUF T SFWFOVF TJUVBUJPO EJE OPU JNQSPWF 1PTIBSE FYQFDUFE UIF TUBUF T PQFSBUJOH CVEHFU UP GBMM TIPSU CZ OFBSMZ CJMMJPO 4FF #05 ]
+VOF
&#+.; ');26+#0
/FXT
#05
XPSLJOH PWFSUJNF UP QBTT B QMBO CFGPSF GJTDBM ZFBS CFHJOT 5IF VOJWFSTJUZ T NJMMJPO #VU 4*6 TQPLFTNBO %BWF (SPTT MPDLFE VQ JO DBQJUBM GVOET JT BMTP TBJE UIF TUBUF T CVEHFU JT CJMMJPO PO IPME VOUJM (PW 1BU 2VJOO TJHOT TIPSU BOE VOJWFSTJUZ BENJOJTUSB B CVEHFU &OSPMMNFOU GJHVSFT 4*6 UPST JODMVEJOH $IBODFMMPS 4BN (PMENBO IBWF XBSOFE PG ESB 1SFTJEFOU (MFOO 1PTIBSE TBJE DPOJBO DVUT UBLJOH QMBDF BDSPTT BSF POF PG UIF VOJWFSTJUZ T POMZ DBNQVT XFBQPOT UP GJHIU EFDMJOJOH TUBUF (SPTT TBJE UIF VOJWFSTJUZ JT JO BQQSPQSJBUJPOT B IPMEJOH QBUUFSO VOUJM UIF TUBUF i5IF EFDMJOJOH FOSPMMNFOU -FHJTMBUVSF DBO QBTT BO PQFSBUJOH NFBOT FWFO GFXFS EPMMBST w IF TBJE CVEHFU UIBU XJMM EFUFSNJOF IPX 'FEFSBM TUJNVMVT EPMMBST BMTP NVDI TUBUF BTTJTUBODF IJHIFS FEV BXBJU 2VJOO T TJHOBUVSF PG BO PQFS DBUJPO SFDFJWFT BUJOH CVEHFU 5IF -FHJTMBUVSF GBJMFE UP QBTT #VU TUJNVMVT NPOFZ JTO U FYQFDU BO PQFSBUJOH CVEHFU CFGPSF JUT TFT FE UP HP GBS TJPO FOEFE .BZ BOE JT OPX "DDPSEJOH UP B SFQPSU CZ UIF $0/5*/6&% '30.
$ISPOJDMF PG )JHIFS &EVDBUJPO NBOZ TUBUFT BSF TQFOEJOH FEVDB UJPO TUJNVMVT NPOFZ UP QMVH HBQT JO GJTDBM ZFBST BOE CVE HFUT XIJDI XJMM MFBWF OP GFEFSBM NPOFZ GPS GJTDBM ZFBS #VU (SPTT TBJE 4*6 T BQQSP QSJBUJPOT TIPVME SFNBJO SFMBUJWFMZ TBGF CFDBVTF PG B TUJQVMBUJPO JO UIF HPWFSOPS T TQFOEJOH QMBO i5IF TUBUF PG *MMJOPJT GBTU GPS XBSEFE EPMMBST JOUP UIF DVSSFOU CVEHFU CVU B TUJQVMBUJPO 2VJOO TJHOFE DPNNJUT B DFSUBJO BNPVOU PG EPMMBST UP GVOEJOH OFYU ZFBS w (SPTT TBJE i*U XBT B TNBSU NPWF UP UBLF UIF NPOFZ OPX CVU JU T HPJOH UP CF JOUFSFTUJOH UP TFF XIFSF XF HFU UIF NPOFZ GSPN MBUFS w
3FNFNCFS ZPVS OFX OFUXPSL *% t 0O +VOF UIF DBNQVT OFUXPSL *% TZTUFN XJMM DIBOHF *OTUFBE PG MPHHJOH JO XJUI B OFUXPSL *% BMM TUVEFOUT XJMM IBWF UP MPH JO CZ UZQJOH JO i4*6w GPMMPXFE CZ UIFJS OJOF EJHJU %BXH 5BH &YBNQMF 4*6 t 5IF OFX OFUXPSL *%T XJMM CF VTFE UP BDDFTT BMM VOJWFSTJUZ EBUBCBTFT TVDI BT 4BMVLJ/FU #MBDLCPBSE UIF DBNQVT XJEF QSJOUJOH TZTUFN BOE PO DBNQVT DPNQVUFS MBCT 5IF POMZ FYDFQUJPO JT UIF 4*6 (PPHMF "QQT TZTUFN t 5IF DIBOHF JT QBSU PG UIF FรตPSU UP NPWF UP B OFX BDBEFNJD SFDPSET EBUBCBTF BOE DSFBUF B NPSF TFDVSF TZTUFN UIBU EPFT OPU SFMZ PO 4PDJBM 4FDVSJUZ OVNCFST PรถDJBMT TBZ $BMFOEBS
1PMJDF #MPUUFST
4VCNJU DBMFOEBS JUFNT UP UIF %"*-: &(:15*"/ OFXTSPPN $PNNVOJDBUJPOT BU MFBTU UXP EBZT CFGPSF UIF FWFOU
3&"$)*/( 64 1)0/& "% '"9 &."*- &%*503!4*6%& $0.
$PSSFDUJPOT *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
8&# &%*503
$*5: &%*503
&95
$".164 &%*503 #3*"/ '&-%5
&95
%*"/" 40-*80/ #64*/&44 "% %*3&$503 +&33: #64)
&%*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
&95
&95
'"$6-5: ."/"(*/( &%*503 &3*$ '*%-&3
&95
"$$06/5"/5 %&##*& $-":
&95
&95
16-4& &%*503 -6,& .$$03.*$,
$-"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
&95
(3"1)*$4 &%*503
&95
$*3$6-"5*0/
&95
8&# "% ."/"(&3
"% 130%6$5*0/ ."/"(&3 5*''"/: $0$)3"/
TJV%& $0.
.*$30 $0.165&3 41&$*"-*45 ,&--: 5)0."4
&95
13*/54)01 461&3*/5&/%&/5
&#+.; ');26+#0
/FXT
+VOF
4MBJO ,BOTBT BCPSUJPO QSPWJEFS T DMJOJD UP DMPTF 3PYBOB )FHNBO 5)& "440$*"5&% 13&44
8 * $ ) * 5" , B O 5IF 8JDIJUB DMJOJD PG TMBJO BCPSUJPO QSPWJEFS (FPSHF 5JMMFS XJMM CF iQFS NBOFOUMZ DMPTFE w IJT GBNJMZ TBJE 5VFTEBZ 0QFSBUJPOT BU 8PNFO T )FBMUI $BSF 4FSWJDFT *OD IBE CFFO TVT QFOEFE TJODF 5JMMFS T EFBUI .BZ *O B TUBUFNFOU SFMFBTFE CZ IJT BUUPSOFZT 5JMMFS T GBNJMZ TBJE JU XJMM DMPTF FGGFDUJWF JNNFEJBUFMZ i8F BSF QSPVE PG UIF TFSWJDF BOE DPVSBHF TIPXO CZ PVS IVTCBOE BOE GBUIFS BOE LOPX UIBU XPNFO T IFBMUI DBSF OFFET IBWF CFFO NFU CFDBVTF PG IJT EFEJDBUJPO BOE TFS WJDF w UIF GBNJMZ TBJE 5JMMFS XBT TIPU UP EFBUI .BZ XIJMF TFSWJOH BT BO VTIFS BU UIF -VUIFSBO DIVSDI JO 8JDIJUB UIBU IF SFHVMBSMZ BUUFOEFE "CPSUJPO PQQP OFOU 4DPUU 3PFEFS JT CFJOH IFME PO DIBSHFT PG GJSTU EFHSFF NVSEFS BOE BHHSBWBUFE BTTBVMU JO 5JMMFS T EFBUI /FCSBTLB EPDUPS -F3PZ $BSIBSU XIP IBE XPSLFE BU 5JMMFS T DMJOJD IBE TBJE FBSMJFS UIBU IF XBT JOUFS FTUFE JO DPOUJOVJOH UP EP TP CVU 5JMMFS T GBNJMZ UPPL UJNF UP EFDJEF %S 8BSSFO )FSO POF PG UIF GFX SFNBJOJOH EPDUPST JO UIF DPVO USZ XIP QFSGPSNT MBUF UFSN BCPS UJPOT TBJE UIF DMPTVSF PG UIF DMJOJD XBT BO iPVUSBHFw BOE IF GFFMT UIF MPTT GPS %S 5JMMFS T GBNJMZ BOE UIF QBUJFOUT IF TFSWFE i)PX USBHJD IPX USBHJD w )FSO TBJE XIFO DPOUBDUFE CZ QIPOF BU IJT #PVMEFS $PMP DMJOJD i5IJT JT
XIBU UIFZ XBOU UIFZ WF CFFO XBOU JOH UIJT GPS ZFBST w "TLFE XIFUIFS IF GFMU FGGPSUT TIPVME CF NBEF UP LFFQ UIF DMJOJD PQFO IF TBJE i5IJT XBT %S 5JMMFS T DMJOJD )PX NVDI DBO ZPV SFTJTU UIJT LJOE PG WJPMFODF 8IBU EPDUPS XIBU SFBTPOBCMF EPDUPS XPVME XPSL UIFSF 8IFSF EPFT JU TUPQ w )FSO CMBNFE DPNNFOUT GSPN BOUJ BCPSUJPO HSPVQT GPS 5JMMFS T EFBUI i5IF BOUJ BCPSUJPO GBOBUJDT IBWF UP TIVU VQ BOE HP IPNF 5IFZ IBWF UP CBDL PGG BOE UIFZ IBWF UP SFTQFDU PUIFS QFPQMF T QPJOU PG WJFX 5IJT JT BO PVUSBHF UIJT JT B OBUJPOBM PVUSBHF w 5JMMFS T DMJOJD IBE CFFO B UBSHFU PG SFHVMBS EFNPOTUSBUJPOT CZ BCPS UJPO PQQPOFOUT .PTU XFSF QFBDFGVM CVU IJT DMJOJD XBT CPNCFE JO BOE IF XBT TIPU JO CPUI BSNT JO *O B EBZ i4VNNFS PG .FSDZw DBNQBJHO PSHBOJ[FE CZ 0QFSBUJPO 3FTDVF ESFX UIPVTBOET PG BCPSUJPO PQQPOFOUT UP 8JDIJUB BOE UIFSF XFSF NPSF UIBO BSSFTUT 3BOEBMM 5FSSZ XIP GPVOEFE UIF PSJHJOBM 0QFSBUJPO 3FTDVF HSPVQ SFTQPOEFE UP OFXT UIBU 5JMMFS T DMJOJD XPVME SFNBJO DMPTFE XJUI i(PPE SJEEBODF w )F TBJE IJTUPSZ XPVME SFNFNCFS 5JMMFS T DMJOJD BT JU SFNFNCFST "VTDIXJU[ BOE PUIFS /B[J DPODFOUSBUJPO DBNQT i8IBU TFU IJN BQBSU JT UIBU IF LJMMFE MBUF UFSN CBCJFT w 5FSSZ TBJE i*G IJT SFQMBDFNFOU XBT HPJOH UP DPOUJOVF UP LJMM MBUF UFSN DIJMESFO UIF QSPUFTUT XPVME DPOUJOVF UIF
,&/ ."/5:-" ] . $ $ -"5$): 53*#6/& *O UIJT GJMF QIPUP GSPN 4IFMMFZ 4IBOOPO XBT TFOUFODFE UP ZFBST JO QSJTPO GPS TIPPUJOH BCPSUJPO EPDUPS (FPSHF 5JMMFS JO 8JDIJUB ,BO 5JMMFS XBT GBUBMMZ TIPU PO .BZ EVSJOH DIVSDI TFSWJDFT BU 3FGPSNBUJPO -VUIFSBO $IVSDI JO 8JDIJUB
JOWFTUJHBUJPOT XPVME DPOUJOVF UIF JOEJDUNFOUT XPVME DPOUJOVF w $// TBJE UIBU JO BO JOUFS WJFX 5VFTEBZ 3PFEFS SFGVTFE UP BOTXFS RVFTUJPOT BCPVU IJT BMMFHFE JOWPMWFNFOU JO 5JMMFS T EFBUI CVU BEEFE UIBU JG IF JT GPVOE HVJMUZ UIF NPUJWF XPVME CF QSPUFDUJOH VOCPSO DIJMESFO 3PFEFS SFGVTFE UP EJTDVTT 5JMMFS T EFBUI PS IJT BMMFHFE JOWPMWFNFOU JO JU EVSJOH B KBJMIPVTF JOUFSWJFX FBSMJFS 5VFTEBZ XJUI 5IF
#PNC BU MVYVSZ IPUFM JO 1BLJTUBO LJMMT BU MFBTU
5BMJCBO BUUBDLT UIF NJMJUBOUT TBJE XFSF JO SFUBMJBUJPO GPS B NJMJUBSZ DBNQBJHO "440$*"5&% 13&44 83*5&3 BHBJOTU NJMJUBOUT JO UIF 4XBU 7BMMFZ 1 & 4 ) "8" 3 1B L J T U B O SFHJPO 4VJDJEF BUUBDLFST JO B USVDL -PDBM UFMFWJTJPO OFUXPSLT TIPXFE MBVODIFE BO BTTBVMU 5VFTEBZ PO B MVY QBSU PG UIF 1FBSM $POUJOFOUBM )PUFM VSZ IPUFM DPNNPOMZ VTFE CZ GPSFJHO IBE CFFO EFNPMJTIFE JO UIF CMBTU FST JO 1FTIBXBS GJSJOH HVOT BT UIFZ SFEVDFE UP DPODSFUF SVCCMF BOE UXJTUFE TUPSNFE QBTU HVBSET BOE UIFO TFUUJOH TUFFM 5IF TDFOF XBT QBOEFNPOJVN PGG B IVHF CMBTU UIBU LJMMFE BU MFBTU GJWF XJUI BSNFE QPMJDF SVTIJOH BSPVOE BOE QFPQMF BOE XPVOEFE NPSF 1BLJTUBOJ NFO TUBOEJOH CZ MPPLJOH TUVOOFE 0OF NBO IFME B CMPPEJFE 1BLJTUBOJ PGGJDJBMT TBJE /P POF JNNFEJBUFMZ DMBJNFE SBH UP IJT IFBE " MBSHF DSBUFS XBT CMBTUFE JOUP UIF SFTQPOTJCJMJUZ GPS UIF BUUBDL JO UIF MBSHFTU DJUZ JO 1BLJTUBO T SFTUJWF OPSUI HSPVOE "O "1 SFQPSUFS TBX TJY GPSFJHO XFTU CVU JU GJU UIF QBUUFSO PG SFDFOU
3JB[ ,IBO
8*3& 3&10354
6 ğ Ě ĥ Ė ĕ 4 ĥĒĥ Ė Ĥ
FST CFJOH IFMQFE PVU PG UIF IPUFM 5IFZ BMM IBE XPVOET BOE BU MFBTU UXP PG UIFN IBE CBOEBHFT BSPVOE UIFJS IFBET 0OF PG UIFN TBJE i8F XPSL GPS 6/)$3 w )F BMTP TBJE UIBU PGGJ DJBMT GSPN 8PSME 'PPE 1SPHSBN XFSF BMTP TUBZJOH BU UIF IPUFM 1PMJDF PGGJDJBM -JBRBU "MJ TBJE IF MFBSOFE GSPN XJUOFTTFT UIBU UISFF NFO SJEJOH JO B USVDL BQQSPBDIFE UIF NBJO HBUF PG UIF IPUFM BOE PQFOFE GJSF BU TFDVSJUZ HVBSET CFGPSF ESJWJOH JOTJEF i5IFZ ESPWF UIF WFIJDMF JOTJEF UIF IPUFM HBUFT BOE CMFX JU VQ PO SFBDIJOH DMPTF UP UIF IPUFM CVJMEJOH w "MJ UPME 5IF "TTPDJBUFE 1SFTT BU UIF TDFOF
/Ġģĥ ę ,ĠģĖĒ
0CBNB T OFX ABDDFMFSBUFE SFDPWFSZ QMBO JT OFJUIFS OFX OPS BDDFMFSBUFE
'BNJMJFT PG 64 KPVSOBMJTUT KBJMFE JO /PSUI ,PSFB QMFBE GPS DMFNFODZ
8" 4 ) * / ( 50 / " 1 1SFTJEFOU #BSBDL 0CBNB JT QSPNJTJOH TPNF FYDJUJOH DPNJOH BUUSBDUJPOT GPS IJT TUJN VMVT QMBO #VU JU UVSOT PVU UIFZ SF KVTU TVNNFS SFSVOT 0CBNB QSPNJTFE .POEBZ UP SBNQ VQ TQFOEJOH GSPN UIF CJMMJPO TUJNVMVT GVOE BOE DSFBUF PS TBWF KPCT CZ UIF FOE PG UIF TVNNFS *U XBT BO FGGPSU UP TIJGU UIF GPDVT BXBZ GSPN QFSTJTUFOUMZ SJTJOH VOFNQMPZNFOU BOE CFBU CBDL DSJUJDJTN UIBU UIF NPOFZ JTO U GMPXJOH RVJDLMZ FOPVHI 5IPTF QSPNJTFT BSFO U OFX 4UJNVMVT TQFOEJOH IBE BMXBZT CFFO FYQFDUFE UP SJTF TIBSQMZ UIJT TVNNFS BOE UIF 8IJUF )PVTF IBT CFFO QSF EJDUJOH UIBU KPC UPUBM GPS BCPVU B NPOUI
4 & 0 6 - 4 P V U I , P S F B " 1 5IF GBNJMJFT PG UXP "NFSJDBO KPVSOBMJTUT TFOUFODFE UP ZFBST JO B /PSUI ,PSFBO MBCPS QSJTPO VSHFE JUT IBSE MJOF HPWFSO NFOU UP HSBOU UIFN DMFNFODZ BNJE IPQFT UIF 6 4 HPWFSONFOU XPVME TFOE BO FOWPZ UP OFHPUJBUF UIFJS SFMFBTF 5IF TFOUFODJOH PG -BVSB -JOH BOE &VOB -FF PO .POEBZ JT B OFX DIBMMFOHF GPS 1SFTJEFOU 0CBNB XIP MBTU XFFL QMFEHFE UP UBLF B iWFSZ IBSE MPPLw BU UPVHIFS NFBTVSFT BHBJOTU /PSUI ,PSFB GPS GBJMJOH UP FOE JUT OVDMFBS QSPHSBN BOE UFTUJOH B TFDPOE BUPNJD EFWJDF PO .BZ
/ Ė Ĩ :Ġ ģ Ĝ
6 ğ Ě ĥ Ė ĕ 4 ĥĒĥ Ė Ĥ
/&8 :03, "1 5IF 0CBNB BENJOJTUSBUJPO IBE FYQFDUFE $ISZTMFS T TBMF UP *UBMZ T 'JBU UP DMPTF NPSF UIBO B XFFL BHP BOE QFSIBQT UP IBWF TFFO UIF BVUPNBLFS BMSFBEZ FNFSHF GSPN CBOLSVQUDZ QSPUFDUJPO #VU UIF 4VQSFNF $PVSU T EFDJTJPO UP EFMBZ UIF TBMF XIJMF JU TUVEJFT BO BQQFBM OPX UISFBUFOT UP EFSBJM $ISZTMFS T SFTUSVDUVSJOH QMBOT .FBOXIJMF EFBMFST PQQPTJOH UIF UFSNJOBUJPO PG $ISZTMFS GSBODIJTFT SFUVSO UP DPVSU 5VFTEBZ $ISZTMFS JT XPSLJOH UP SFEVDF JUT EFBMFS SBOLT CZ BCPVU QFSDFOU BT QBSU PG JUT DPTU DVUUJOH BDUJPOT #VU UIF NPWF XIJDI TUJMM OFFET CBOLSVQUDZ DPVSU BQQSPWBM JT CFJOH DIBMMFOHFE CZ B HSPVQ SFQSFTFOUJOH NPSF UIBO EFBMFST BT XFMM BT JOEJWJEVBM EFBMFST
8" 4 ) * / ( 50 / " 1 %FTQJUF B MFTT UIBO SPVTJOH SFBDUJPO GSPN UIF 0CBNB BENJOJTUSBUJPO )PVTF %FNPDSBUT BSF DPOTJEFSJOH B OFX UBY PO FNQMPZFS QSPWJEFE IFBMUI CFO FGJUT UP IFMQ QBZ GPS FYQBOEJOH DPWFSBHF UP UIF VOJOTVSFE 4FWFSBM PGGJDJBMT BMTP TBJE BO PVUMJOF PG FNFSHJOH MFHJTMBUJPO FOWJTJPOT B SFRVJSFNFOU GPS BMM JOEJWJEVBMT UP QVSDIBTF BGGPSEBCMF DPWFSBHF XJUI BO VOTQFDJGJFE QFOBMUZ GPS UIPTF XIP SFGVTF BOE B XBJWFS GPS UIPTF XIP DBOOPU DPWFS UIF DPTU i5IFSF T OP TFOTF IBWJOH B NBOEBUF VOMFTT ZPV IBWF B DPOUSJCVUJPO w 3FQ $IBSMFT 3BOHFM % / : DIBJSNBO PG UIF )PVTF 8BZT BOE .FBOT $PNNJUUFF TBJE .POEBZ )F SFGFSSFE UP UIF TVHHFTUJPO BT iQMBZ PS QBZ w
0OF TFOUFODF PSEFS LOPDLT $ISZTMFS T CBOLSVQUDZ QSPDFTT JOUP VODFSUBJOUZ
)PVTF %FNPDSBUT DPOTJEFSJOH UBY IFBMUI CFOFGJUT UP QBZ GPS MFHJTMBUJPO
"TTPDJBUFE 1SFTT 5SPZ /FXNBO XIP SFTVSSFDUFE UIF 0QFSBUJPO 3FTDVF OBNF BOE CBTFE UIF HSPVQ JO 8JDIJUB DBMMFE UIF BOOPVODFNFOU UIBU UIF DMJOJD XPVME DMPTF QFSNBOFOUMZ iB CJU UFSTXFFU NPNFOU w )F IBE DPO EFNOFE 5JMMFS T LJMMJOH BT WJHJMBO UJTN i0QFSBUJPO 3FTDVF XBT KVTU UXP NPOUIT BXBZ GSPN HFUUJOH 5JMMFS T NFEJDBM MJDFOTF SFWPLFE BOE UIBU
XPVME IBWF BDDPNQMJTIFE UIF TBNF HPBM w /FXNBO TBJE JO BO F NBJM " DPNQMBJOU CFGPSF UIF 4UBUF #PBSE PG )FBMJOH "SUT XIJDI MJDFOTFT BOE SFHVMBUFT EPDUPST JO ,BOTBT BMMFHFE UIBU 5JMMFS WJP MBUFE B TUBUF MBX UIBU SFRVJSFE IJN UP PCUBJO B TFDPOE PQJOJPO GSPN BO JOEFQFOEFOU QIZTJDJBO *U BMTP BDDVTFE 5JMMFS PG FOHBHJOH JO VOQSPGFTTJPOBM PS EJTIPOPSBCMF DPOEVDU
8FEOFTEBZ KVOF
&#+.; ');26+#0
/FXT
7Ġ Ě Ĕ Ė Ĥ %" * -: & ( : 1 5 * " /
&#+.; ');26+#0 '&+614+#. $1#4& ,GHH 'PIGNJCTFV ' &+614 +0 % *+'(
#NNKUQP 2GVV[ 8 1+%'5 ' &+614
$TKCP (GNFV % #/275 ' &+614
5GCP /E)CJCP 5 21465 ' &+614
.WMG /E%QTOKEM 2 7.5' ' &+614
&KCPC 5QNKYQP 0 '95411/ 4 '24'5'06#6+8'
,70'
&%*503*"- $"3500/
3716' 1( 6*' &#;
² 6JG *CTXCTF FCVC UC[U XGT[ XGT[ HGY RGQRNG
VYGGV CPF VJG 0KGNUGP FCVC UC[U XGT[ XGT[ HGY RGQRNG NKUVGP EQPUKUVGPVN[
³
#JMM )FJM B SFTFBSDIFS GSPN )BSWBSE #VTJOFTT 4DIPPM PO UXP SFDFOU TUVEJFT UIBU IBWF RVFTUJPOFE UIF JNQBDU PG UIF TPDJBM OFUXPSLJOH 8FC TJUF 5XJUUFS
.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
& 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
(6&45 $0-6./
4IPVME $BUIPMJD KVTUJDFT SFDVTF UIFNTFMWFT PO DFSUBJO DBTFT +PZDF "QQMFCZ .$$-"5$): 53*#6/&
*G 4POJB 4PUPNBZPS 1SFTJEFOU 0CBNB T OPNJOFF GPS UIF 4VQSFNF $PVSU KPJOT UIF DPVSU TIF XJMM UVSO JUT GJWF $BUIPMJD NFNCFST JOUP B UXP UIJSET NBKPSJUZ 4IF XJMM JO GBDU CF SFQMBDJOH POF PG UIF UXP 1SPUFTUBOUT XIP SFNBJOFE PO UIF DPVSU 5IJT ESBNBUJD DIBOHF JO UIF DPNQPTJUJPO PG UIF 4VQSFNF $PVSU DBO CF USBDFE UP UIF DPVOUSZ T QSP USBDUFE TUSVHHMF UP BDIJFWF FRVBM JUZ *U SFGMFDUT PVS CFUUFS TFMWFT UIF POFT XIP XBOU UP NBLF VQ GPS EFDBEFT PG QSFKVEJDF BOE EJT DSJNJOBUJPO #VU CFDBVTF PG UIF $BUIPMJD $IVSDI T BDUJWF PQQPTJ UJPO UP BCPSUJPO TBNF TFY NBS SJBHF BOE DBQJUBM QVOJTINFOU JU SBJTFT TFSJPVT RVFTUJPOT BCPVU UIF GSFFEPN PG $BUIPMJD KVTUJDFT UP KVEHF UIFTF JTTVFT 1FSIBQT UIF UJNF IBT DPNF UP BTL UIFN UP SFDVTF UIFNTFMWFT XIFO DBTFT DPNF CFGPSF UIFJS DPVSU PO XIJDI UIFJS DIVSDI IBT UBLFO QPTJUJPOT CJOEJOH PO JUT DPNNVOJDBOUT 5IFSF XBT MJUUMF DPODFSO BCPVU SFMJHJPVT BGGJMJBUJPO XIFO BMM UIF KVTUJDFT PG UIF 4VQSFNF $PVSU XFSF XIJUF NBMF BOE 1SPUFTUBOU 5IFO EJWFSTJUZ JOWPMWFE SFHJPO VTVBMMZ XIFUIFS POF DBNF GSPN B GSFF PS TMBWFIPMEJOH TUBUF 8IFO 8"41T EPNJOBUFE UIF DPVSUT EJT DSJNJOBUJPO BHBJOTU $BUIPMJDT BOE +FXT XBT SBNQBOU OPU UP NFOUJPO UIF QSFKVEJDFT BGGFDUJOH UIF MJWFT PG
CMBDLT BOE XPNFO CMBDL KVTUJDF BOE 1SFTJEFOU 3POBME $IJFG +VTUJDF 3PHFS # 5BOFZ 3FBHBO UIF GJSTU XPNBO KVTUJDF XIP DBNF GSPN BO PME .BSZMBOE 4BOESB %BZ 0 $POOPS ZFBST GBNJMZ CFDBNF UIF GJSTU $BUIPMJD MBUFS PO UIF 4VQSFNF $PVSU JO 5IF 6OJUFE 4UBUFT DBO UBLF TFSWJOH BT DIJFG KVTUJDF GPS ZFBST KVTUJGJBCMF QSJEF JO UIF GBDU UIBU 5XP NPSF $BUIPMJDT TBU PO UIF UIPVHI QFSDFOU PG JUT QPQV DPVSU JO UIF UI DFOUVSZ GPMMPXFE MBUJPO DPNFT GSPN B 1SPUFTUBOU CZ GPVS NPSF FBSMZ JO UIF UI CBDLHSPVOE JU NBZ TPPO IBWF POMZ DFOUVSZ POF 1SPUFTUBOU 5IF QSFTFOU DPO MFGU PO UIF IFO 8"41T DFOUSBUJPO PG GJWF 4VQSFNF $PVSU EPNJOBUFE UIF CFODI 4JODF $BUIPMJD KVTUJDFT CFHBO XJUI 1SFTJEFOU DPVSUT EJTDSJNJOBUJPO QFSDFOU PG 3FBHBO T BQQPJOUNFOU "NFSJDBOT DPNF BHBJOTU $BUIPMJDT BOE GSPN B $BUIPMJD PG "OUPOJO 4DBMJB JO *U DVMNJOBUFE +FXT XBT SBNQBOU CBDLHSPVOE BOE QFSDFOU BSF ZFBST MBUFS XIFO OPU UP NFOUJPO UIF 1SFTJEFOU (FPSHF +FXJTI BQQPJOU QSFKVEJDFT BGGFDUJOH NFOUT UP UIF 8 #VTI OPNJOBUFE 4BNVFM "MJUP UP UIF UIF MJWFT PG CMBDLT BOE DPVSU OP MPOHFS IJHI DPVSU BUUFNQU UP NJS XPNFO SPS "NFSJDBO -PVJT #SBOEFJT OBNFE CZ 1SFTJEFOU TPDJFUZ GSPN B 8PPESPX 8JMTPO JO XBT UIF SFMJHJPVT QFSTQFDUJWF *O USVUI SFMJHJPO JT OPU B GBDUPS GJSTU +FX UP TJU PO UIF DPVSU $VSSFOU +VTUJDFT 3VUI #BEFS (JOTCFSH BOE JO UIF NBKPSJUZ PG EFDJTJPOT UIBU 4UFQIFO #SFZFS CFDBNF UIF TJYUI UIF DPVSU XJMM NBLF FBDI ZFBS *U BOE TFWFOUI +FXJTI KVTUJDFT UP NJHIU OPU CF SFMFWBOU BU BMM IBE TFSWF PO UIF DPVSU JO JUT ZFBST OPU UIF $BUIPMJD $IVSDI XJUI *U XBT POMZ XIFO PUIFS EJTFN TPNF PUIFS EFOPNJOBUJPOT UBLFO QPXFSFE HSPVQT GPVOE UIFJS QPMJUJ QVCMJD TUBOET PO JTTVFT PG HSFBU DBM WPJDF UIBU UIFZ DPVME DIBM QPMJUJDBM TJHOJGJDBODF UPEBZ "CPSUJPO DPNFT JNNFEJBUFMZ UP MFOHF UIF VOJGPSNMZ XIJUF BOE 1SPUFTUBOU DPNQPTJUJPO PG UIF NJOE CVU JU T OPU UIF POMZ DPOTUJ 4VQSFNF $PVSU 5IF DJWJM SJHIUT UVUJPOBM NBUUFS XIFSF SFMJHJPO BOE NPWFNFOU PG UIF T BOE T QPMJUJDT DMBTI 5IJT QBTU XFFL UXP QSPNQUFE EFMJCFSBUF EJWFSTJGJDB FNJOFOU MBXZFST %BWJE #PJFT BOE UJPO PG KVEJDJBM BQQPJOUNFOUT 5IFPEPSF 0MTPO GJMFE B MBXTVJU 1SFTJEFOU -ZOEPO +PIOTPO OPNJ JO GFEFSBM %JTUSJDU $PVSU JO 4BO OBUFE 5IVSHPPE .BSTIBMM UIF GJSTU 'SBODJTDP BT DP DPVOTFM GPS UXP HBZ
8
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
+PZDF "QQMFCZ 6$-" FNFSJUB QSPGFTTPS JT DP EJSFDUPS PG UIF )JTUPSZ /FXT 4FSWJDF BOE BVUIPS PG i5IF 3FMFOUMFTT 3FWPMVUJPO " )JTUPSZ PG $BQJUBMJTN w GPSUIDPNJOH UIJT GBMM
%ĒĚĝĪ &ĘĪġĥĚĒğ
/PUJDF
6JG &#+.; ');26+#0 KU C ²FGUKIPCVGF RWDNKE HQTWO ³ 5VWFGPV GFKVQTU JCXG CWVJQTKV[ VQ OCMG CNN EQPVGPV FGEKUKQPU YKVJQWV EGPUQTUJKR QT CFXCPEG CRRTQXCN 9G TGUGTXG VJG TKIJV VQ PQV RWDNKUJ CP[ NGVVGT QT IWGUV EQNWOP
4VCNJTTJPOT
.GVVGTU CPF IWGUV EQNWOPU OWUV DG UWDOKVVGF YKVJ CWVJQTµU EQPVCEV KPHQTOCVKQP RTGHGTCDN[ XKC G OCKN 2JQPG PWODGTU CTG TGSWKTGF VQ XGTKH[ CWVJQTUJKR DWV YKNN PQV DG RWDNKUJGF .GVVGTU CTG NKOKVGF VQ YQTFU CPF EQNWOPU VQ YQTFU 5VWFGPVU OWUV KPENWFG [GCT CPF OCLQT (CEWNV[ OWUV KPENWFG TCPM CPF FGRCTVOGPV 0QP CECFGOKE UVCHH OWUV KPENWFG RQUKVKQP CPF FGRCTVOGPV 1VJGTU KPENWFG JQOGVQYP 5WDOKUUKQPU UJQWNF DG UGPV VQ XQKEGU"UKWFG EQO
1VCMJTIJOH *OGP
6JG &#+.; ');26+#0 KU RWDNKUJGF D[ VJG UVWFGPVU QH 5QWVJGTP +NNKPQKU 7PKXGTUKV[ 1H¾ EGU CTG KP VJG %QOOWPKECVKQPU $WKNFKPI 4QQO CV 5QWVJGTP +NNKPQKU 7PKXGTUKV[ CV %CTDQPFCNG %CTDQPFCNG +. $KNN (TGKXQIGN ¾ UECN QH¾ EGT
$PQZSJHIU *OGP
&#+.; ');26+#0 #NN TKIJVU TGUGTXGF #NN EQPVGPV KU RTQRGTV[ QH VJG &#+.; ');26+#0 CPF OC[ PQV DG TGRTQFWEGF QT VTCPUOKVVGF YKVJQWV EQPUGPV 6JG &#+.; ');26+#0 KU C OGODGT QH VJG +NNKPQKU %QNNGIG 2TGUU #UUQEKCVKQP #UUQEKCVGF %QNNGIKCVG 2TGUU CPF %QNNGIG /GFKC #FXKUGTU +PE
1 Ħ ĝĤĖ %" * -: & ( : 1 5 * " /
+VOF t
A)BOHPWFS IBOET PVU IJMBSJUZ -VLF .D$PSNJDL %"*-: &(:15*"/ -.$$03. !4*6 &%6
i5IF )BOHPWFSw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i5IF )BOHPWFS w 1IJMMJQT XIPTF POMZ SFBM TVDDFTT TP GBS BT B EJSFDUPS IBT DPNF GSPN i0ME 4DIPPM w FDMJQTFT UIF 8JMM 'FSSFMM DPNF EJD DMBTTJD XJUI IJT TVNNFS IJU i5IF )BOHPWFSw TVDDFFET OPU CFDBVTF PG B CSJMMJBOU QSFNJTF PS JOTQJSFE XSJUJOH CVU CFDBVTF UIF DBTU JT TVQFSC 5IF GJMN DFOUFST PO B HSPVQ PG
GSJFOET 1IJM #SBEMFZ $PPQFS 4UV &E )FMNT BOE "MBO ;BDI (BMJGJBOBLJT 5IF UISFF UBLF UIFJS CFTU GSJFOE %PVH +VTUJO #BSUIB UP -BT 7FHBT GPS IJT CBDIFMPS QBSUZ 8IBU TUBSUT PVU BT B TUPDL CBDIFMPS QBSUZ UVSOT JOUP B OJHIU PG NBZIFN XIFO 1IJM 4UV BOE "MBO DBOOPU MPDBUF %PVH UIF NPSOJOH BGUFS UIF QBSUZ 5IFJS CVEEZ JT TVQQPTFE UP HFU NBSSJFE UIF OFYU EBZ BOE UIF UISFF GSJFOET TFU PGG UISPVHIPVU -BT 7FHBT UP GJOE UIF NJTTJOH HSPPN UP CF 5IF UISFF SFUSBDF UIFJS TUFQT TJODF UIFZ BMM CMBDLFE PVU UIF OJHIU CFGPSF BT UIFZ BUUFNQU UP MPDBUF %PVH "T UIF TUPSZ VOGPMET UIFSF JT B TUPMFO QPMJDF DBS B UJOZ HBOHTUFS TDFOF TUFBMJOH ,FO +FPOH .JLF 5ZTPO B CBCZ B NJTTJOH UPPUI BOE B XIPMF TMFX PG XBDLJOFTT 5IF BOUJDT XJUIJO DPVME IBWF GBMMFO GMBU JG FOUSVTUFE JOUP UIF IBOET PG B MFTT DBQBCMF DBTU 5IF TDFOFT BSF GVOOZ JO UIFNTFMWFT CVU UBLFO UP UIF OFYU MFWFM CZ UIF DPNFEJD XPSL PG UIF GJMN T USJP PG TPPO UP CF TUBST &E )FMNT XIP NPTU XJMM SFD PHOJ[F BT "OEZ GSPN i5IF 0GGJDF w CSJOHT UIF TBNF BNPVOU PG OFSE UP IJT SPMF IFSF BT IF EPFT PO UIF TNBMM TDSFFO CVU XJUI B MJUUMF NPSF CJUF #SBEMFZ $PPQFS JT UIF SJOHMFBEFS BOE
¶¶i5
TVQQMJFT UIF SJHIU BNPVOU PG FHP BOE TXBHHFS UP PGGTFU )FMNT BOE ;BDI
IF )BOHPWFSw TVDDFFET OPU CFDBVTF PG B CSJMMJBOU QSFNJTF PS JOTQJSFE XSJUJOH CVU CFDBVTF UIF DBTU JT TVQFSC
4VTBO -PHVF BTTPDJBUF EFBO PG TVQQPSU TFSWJDFT JO MJCSBSZ BGGBJST
1307*%&% 1)050
(BMJGJBOBLJT BCTVSEJUZ (BMJGJBOBLJT IBT CFFO PO UIF GSJOH FT PG NBJOTUSFBN OPUPSJFUZ GPS ZFBST QVTIJOH IJT CSBOE PG VODPNGPSUBCMF PGGCFBU IVNPS )JT SPMF IFSF BT UIF JOGBOUJMF "MBO TIPVME CF UIF POF UP NBLF IJN B IPVTFIPME OBNF OP NBUUFS IPX IBSE JU JT UP QSPOPVODF &WFSZ UJNF IF PQFOT IJT NPVUI IJMBS JUZ DPNFT QPVSJOH PVU 5IF CFBSEFE XPOEFS TUFBMT UIF TIPX XJUI POF MJOFST UIBU UBLF B TFDPOE UP TFUUMF JO #FTJEFT CFJOH UIF GJMN T DPNFEJD
CBDLCPOF (BMJGJBOBLJT TVDDFFET XPO EFSGVMMZ CZ DSFBUJOH B DIBSBDUFS UIBU JT DPNQMFY BT XFMM BT PVUSJHIU HVU CVTUJOH 8JUIJO UIF MBVHIUFS UIFSF BSF TVCUMF IJOUT PG MBSHFS FNPUJPOBM BOE NPTU MJLFMZ NFOUBM QSPCMFNT *U IBT CFFO B DPVQMF PG TVN NFST TJODF UIFSF XBT B GJMN GVMM PG MBVHIT GSPN CFHJOOJOH UP FOE CVU i5IF )BOHPWFSw EFGJOJUFMZ FOET UIBU ESPVHIU FTQFDJBMMZ UIF FOE DSFEJUT XIJDI NBZ CF UIF GVOOJFTU NPNFOUT PG UIF GJMN
/FXT
&#+.; ');26+#0
+VOF
+VOF
&#+.; ');26+#0
$MBTTJGJFET
$MBTTJGJFET
&#+.; ');26+#0
+VOF
&#+.; ');26+#0
+VOF
(JSMT BOE 4QPSUT
1VMTF
CZ +VTUJO #PSVT BOE "OESFX 'FJOTUFJO
#Z -JOEB $ #MBDL
CZ (MFOO .D$PZ
5IF %VQMFY
5PEBZ T #JSUIEBZ ‰ 5IFZ VTFE UP TBZ BOZCPEZ DBO CF TVDDFTTGVM 5IBU OFFET NPEJGJDBUJPO "OZCPEZ XIP EPFT UIF SFTFBSDI DPNFT VQ XJUI B QSBDUJDBM QMBO BOE XPSLT UIBU QMBO EJMJHFOUMZ GPS BT MPOH BT JU UBLFT DBO CF TVDDFTTGVM 5IBU T ZPV UIJT ZFBS )BOH PVU XJUI QFPQMF XIP IFMQ OPU IJOEFS 5FMM UIF MBUUFS ZPV MM TFF UIFN MBUFS 5P HFU UIF BEWBOUBHF DIFDL UIF EBZ T SBUJOH JT UIF FBTJFTU EBZ UIF NPTU DIBMMFOHJOH "SJFT .BSDI ‰"QSJM ‰ 5PEBZ JT B ‰ (BUIFS VQ BT NVDI BT ZPV DBO XIJMF UIF HFUUJOH T HPPE #VZJOH JO RVBOUJUZ XPSLT CFTU XJUI OPOQFSJTIBCMFT CZ UIF XBZ (FU JOUP UIF IBCJU PG TIPQQJOH TNBSU "TL PMEFS QFPQMF IPX 5BVSVT "QSJM ‰.BZ ‰ 5PEBZ JT BO ‰ $POUBDU XJUI B QFSTPO GSPN GBS BXBZ CSJOHT ZPV KVTU XIBU ZPV OFFE :PV SF JOTQJSFE UP UBLF BDUJPO OPX (P BIFBE 1SPKFDUT CFHVO VOEFS UIFTF DPOEJUJPOT TIPVME UVSO PVU WFSZ XFMM
-2<.- +A '*A6. "7+.:< '2442*5; "$3044 4FXJOH MJOF " $ GJHVSFT 5P UIF NPTU FYUSFNF EFHSFF 'VSUIFSNPSF #JSUIQMBDF PG $BNFNCFSU .BJO BSUFSZ ,FOOZ -PHHJOT IJU 'FFM SBQUVSF %FQSJWF PG TUSFOHUI 'JU JO )BOEZNBO T TQBDF -JUFSBSZ NPOP HSBN 2VFFO PG UIF GBJSJFT /FHBUJWF WPUFT #BSSPPN GJHIU -VODI MPDBMFT "MUFSOBUJWF UP B 5 UPQ (BUPS DPVTJO -F .BOT MBTTFT BCCS 5PQ SBUFE $IFG T SFBEJOH /FXUPO T GSVJU 'J[[MJOH PVU "SUJTU T SFQ #!$ ' ' % &# %#* # (!" "
, #+ " # #% %& #"' "& ) %, ' '# #% &'% ' & #" #* '# &# ) ( # ( ) & '
-BTU XFFL T TPMVUJPOT
(FNJOJ .BZ Â&#x2030;+VOF Â&#x2030; 5PEBZ JT B Â&#x2030; (P BIFBE BOE NBLF UIBU DBMM *U T POF PG ZPVS TQFDJBMUJFT :PV IBWF ZPVS TQJFM BMM XSJUUFO EPXO PS ZPV TIPVME IBWF BOZXBZ 1FPQMF BSF NPSF MJLFMZ UP SFTQPOE QPTJUJWFMZ JG ZPV QSFTFOU UIF QFSUJOFOU GBDUT VQGSPOU $BODFS +VOF Â&#x2030;+VMZ Â&#x2030; 5PEBZ JT BO Â&#x2030; $POUJOVF UP HP BMPOH XJUI UIF DSPXE UIFZ IBWF TPNF UIJOHT UIFZ XBOU UP TIPX ZPV 5IJT DPVME CF BU B CVTJOFTT NFFUJOH PS XJUI B HSPVQ PG DIJMESFO 5IF NPSF BUUFOUJPO ZPV QBZ UP UIFN UIF IBQQJFS UIFZ MM CF
7JSHP "VH Â&#x2030;4FQU Â&#x2030; 5PEBZ JT BO Â&#x2030; " MPOH EJTUBODF DPOWFSTBUJPO DMFBST VQ B NJTVOEFSTUBOEJOH *U T TVSQSJTJOH IPX NVDI CFUUFS ZPV GFFM BMUIPVHI OPUIJOH T SFBMMZ DIBOHFE :PVS QPJOU PG WJFX IBT TIJGUFE TMJHIUMZ BOE UIBU T FOPVHI GPS OPX -JCSB 4FQU Â&#x2030;0DU Â&#x2030; 5PEBZ JT B Â&#x2030; :PV IBWF HSFBU PQUJNJTN JU T TPNFUIJOH ZPV CSJOH UP UIF HBNF 5IFSF XJMM CF B MPU PG XPSL JOWPMWFE JO UIJT OFYU FOEFBWPS IPXFWFS 5IF PUIFST XBOU UP TFF ZPV PVU UIFSF TXFBUJOH OPU KVTU DIFFSGVMMZ VSHJOH UIFN PO 4DPSQJP 0DU Â&#x2030;/PW Â&#x2030; 5PEBZ JT B Â&#x2030; :PV BOE ZPVS NBUF FTUBCMJTI UIF SVMFT GPS ZPVS XIPMF GBNJMZ 0ODF ZPV WF HPU UIFN IBNNFSFE PVU UIFSF XPO U CF NVDI DPOGSPOUBUJPO 5IBU MM KVTU CF UIF XBZ JU JT .FBOXIJMF LFFQ UBLJOH TVHHFTUJPOT 4BHJUUBSJVT /PW Â&#x2030;%FD Â&#x2030; 5PEBZ JT B Â&#x2030; :PV WF GJHVSFE PVU TPNFUIJOH ZPV DPVME VTF UP NBLF ZPVS CVTJOFTT NPSF QSPEVDUJWF 5IFSF T TPNFUIJOH FMTF ZPV E MJLF UP IBWF CVU DBO ZPV BGGPSE JU *G JU DPVOUT BT B CVTJOFTT FYQFOTF NBZCF ZPV DBO $BQSJDPSO %FD Â&#x2030;+BO Â&#x2030; 5PEBZ JT BO Â&#x2030; $POEJUJPOT BSF TUJMM FYDFMMFOU GPS QFSTPOBM DPNNVOJDBUJPOT :PV UFOE UP HFU TP CVTZ ZPV GPSHFU UP UFMM QFPQMF IPX NVDI ZPV BQQSFDJBUF BMM UIFZ WF EPOF GPS ZPV %P UIBU OPX CFGPSF ZPV GPSHFU BOE HFU TJEFUSBDLFE CZ BOPUIFS QSPKFDU "RVBSJVT +BO Â&#x2030;'FC Â&#x2030; 5PEBZ JT B Â&#x2030; 5SZ PVU TPNF PG UIF JEFBT ZPV WF IBE LJDLJOH BSPVOE BU UIF CBDL PG ZPVS CSBJO :PV XPO U LOPX JG UIFZ MM XPSL JG ZPV EPO U HJWF UIFN B USZ 4PSSZ UIFSF T OP PUIFS XBZ 5IJT JT SFDPHOJ[FE TDJFOUJGJD QSPDFEVSF IPXFWFS
-FP +VMZ Â&#x2030;"VH Â&#x2030; 5PEBZ JT B 1JTDFT 'FC Â&#x2030;.BSDI Â&#x2030; 5PEBZ Â&#x2030; :PVS XPSL JT ESBXJOH BUUFOUJPO BOE JT B Â&#x2030;*U JTO U FBTZ UP QVU ZPVS GPOEFTU FWFO TPNF BENJSBUJPO 5BML XJUI UIF ESFBNT JOUP XPSET :PV NBZ OPU FWFO XBOU QFPQMF JO DIBSHF UP NBLF TVSF ZPV SF UP EP UIBU CVU JU DFSUBJOMZ IFMQT JG ZPV PO UIF SJHIU USBDL 5IFZ NBZ OPU RVJUF XBOU PUIFST UP TVQQPSU ZPV JO BDIJFWJOH VOEFSTUBOE XIBU ZPV SF EPJOH TP FYQMBJO UIFN 5IBU T POF PG UIF IVSEMFT ZPV MM HFU UP PWFSDPNF :PV DBO HFU IFMQ JG ZPV OFFE JU *U T CFTU UP IBWF UIFN PO ZPVS TJEF D 5SJCVOF .FEJB 4FSWJDFT *OD ] %JTUSJCVUFE CZ .D$MBUDIZ 5SJCVOF *OGPSNBUJPO 4FSWJDFT
1BSU PG $#4 4IPSUFOFE CL .BLF MJHIU PG 'SFFUPXO NPPMB 'PSNBM XSJUUFO EFGFOTF )BUDI FHHT )BOETPNFOFTT .FU-JGF SJWBM %JGGFSFOU
5PVHI KPVSOFZ 4UVGGZ TPVOE JOH 5XJYU BOE -FHJT NFFUJOH %08/ 4FDVSF $BSPMJOB VOJ WFSTJUZ
'SPN $IVSDI DIPSBM XPSL $IJME T JOKVSZ 0HSF BTTPDJBUFT 'BNJMZ PG *OEZ XJOOFST * UPME ZPV TP 'JSTU TFDPOE PS UIJSE JOGJFMEFS .PVSOGVM XBJM
$FSFBM CSBOE &HZQUJBO TZN CPMT &YUFOU 4QJOLT BOE "NFT +VMJVT PS (VZ PG HPMG )BVUCPZ JO MFUUFST 4BBC NPEFM &YQFDUPSBOU TPVSDF 4XBEEMF 5IBU T HSPTT +BO IPOPSFF /PUIJOH CVU 4FSWJDF DIBSHFT 1SF TUFSFP SFDPSEJOHT #VTJOFTT JDPO
5XP GPPUFE *TMBOE SJOH 1MBDF TJEF CZ TJEF 'PSNFS .FUT QJUDIFS $PNQPTFS #FSH 4VCVSC PG $MFWFMBOE )BXBJJBO XPSE GPS GPSFJHO 0XM DBMMT /JOF QSFG 8PVOE GSPN B CVMMGJHIU &JTFOIPXFS BOE 5VSOFS 1PQT B RVFT UJPO 6OEFSTUBOE
#9 *,& 3(*3*0/ "/% &'' /63&,
/4$3".#-& 5)&4& '063 6.#-&4 0/& -&55&3 50 &"$) 426"3& 50 '03. '063 03%*/"39 803%4
= 3*#6/& &%*" &37*$&4 /$ -- *()54 &4&37&%
888 +6.#-& $0.
-BTU XFFL T TPMVUJPOT
.CUV YGGMµU UQNWVKQPU
08 "33"/(& 5)& $*3$-&% -&55&34 50 '03. 5)& 46313*4& "/48&3 "4 46((&45&% #9 5)& "#07& $"3500/
:
;
6.#-&4 )"5 5)& )*3&% )"/% $6-5*7"5&% 50 (&5
/48&3 ")&"% <
&#+.; ');26+#0
4QPSUT
+VOF
7EPYOM -RWMHIV 'VUVSF /'- )BMM PG 'BNFS #SFUU 'BWSF T GSJFOET BOE GBNJMZ IBWF SFTFSWFE IPUFM SPPNT JO (SFFO #BZ GPS UIF UFBN T /PW NBUDIVQ XJUI UIF .JOOFTPUB 7JLJOHT BDDPSEJOH UP UIF (SFFO #BZ 1SFTT (B[FUUF )PX XJMM DIFFTF IFBET SFTQPOE UP 'BWSF BT B 7JLJOH
+&'' &/(&-)"3%5 KFOHFM !TJV FEV
* N NPSF JOUFSFTUFE JO IPX 'BWSF XJMM SFTQPOE UP QMBZJOH UIF 1BDLFST 5IFSF JT MJUUMF EPVCU JO NZ NJOE UIBU IF XJMM IBWF B XBSN SFDFQUJPO KVTU MJLF .JDIBFM +PSEBO SFDFJWFE XIFO IF XPSF UIF 8J[BSET DPMPST BU UIF 6OJUFE $FOUFS #VU * EPVCU 'BWSF XJMM CF BCMF UP GFFM HPPE BCPVU IJNTFMG JG IF XFSF UP MFBE UIF 7JLJOHT UP B XJO JO -BNCFBV * XPVME FYQFDU UP TFF B GFX iJOUFSDFQUJPOTw GSPN 'BWSF
8JUIPVU CPPT *G JU IBQQFOT UIF CMPX XJMM CF B TPGUFS POF UIBO JG IF XPVME IBWF KVNQFE TIJQ EJSFDUMZ UP B EJWJTJPO SJWBM SBUIFS UIBO NBLF B +FUT QJU TUPQ 5IFZ TIPVME DIFFS 'BWSF XIFO JOUSPEVDFE BOE UIFO SPPU GPS IJN UP CF TBDLFE PS JOUFSDFQUFE FWFSZ QMBZ UIFSFBGUFS KVTU BT UIF #FBST GBOT XJMM XIFO IF NBLFT B SFUVSO UP 4PMEJFS 'JFME
4&"/ .$(")"/ NDHBIBO !TJV FEV
*G UIJT QSPWFT UP CF USVF UIFO 'BWSF XJMM CF HSFFUFE XJUI NJYFE SFWJFXT 5IFSF XJMM CF UIPTF XIP QBZ UPP NVDI BUUFOUJPO UP UIF UBMLJOH IFBET BU &41/ XIP XJMM CPP IJN GPS IFBEJOH UP B EJWJTJPO SJWBM BOE UIFSF XJMM CF UIPTF XIP SFTQFDU UIF GPPUCBMM MFHFOE UIBU 'BWSF JT BOE DIFFS IJN 5IF SJHIU EFDJTJPO JT UP DIFFS UIFO IPQF IF MPTFT
#3*"/ '&-%5 CGFMEU !TJV FEV
TJV%& DPN
'03 :063 $)"/$& 50 $0..&/5 0/ #"/5&3 7*4*5 4*6%& $0.
#-&$)&3
4XFFU 8IBU XPSLFE GPS #FMDIFS XBT B TUFBEZ BQQSPBDI UIBU OFWFS 8BUTPO XIP TBJE #FMDIFS T BMMPXFE IJN UP HFU UPP IJHI PS MFBEFSTIJQ XBT DSVDJBM UP UIF UPP MPX 8BUTPO TBJE UFBN T TVD i ) F T DFTT TBJE IF JT FYBDUMZ UIF FYDJUFE UP TFF F T FYBDUMZ UIF TBNF TBNF BT B BT XIBU IJT GPSNFS BT B DPBDI BT IF XBT DPBDI IF XBT PO QMBZFS CSJOHT UP PO UIF GMPPS CFDBVTF UIF QSPHSBN UIF GMPPS 8IFO 8BUTPO GSBOLMZ IF XBT B DPBDI C F D B V T F BOE GPSNFS 4*6 G S B O L M Z PO UIF GMPPS IFBE DPBDI #SVDF IF XBT B Â&#x2030; 3PEOFZ 8BUTPO GPSNFS BTTPDJBUF IFBE DPBDI DPBDI PO 8FCFS SFDSVJUFE UIF GMPPS w #FMDIFS IF XBT TFU UP CF B CBDLVQ QPJOU HVBSE 8BUTPO TBJE i)F XBTO U B WFSZ 8BUTPO TBJE *OTUFBE IF UPPL UIF MPVE CPJTUFSPVT HVZ )F XBT KVTU B UFBN BU UIF IFMN UP MFBE JU UP UIF HVZ UIFZ DPVME DPVOU PO w $0/5*/6&% '30.
¶¶)
$".1
$0/5*/6&% '30.
4&"/ .$(")"/ ] % "*-: & (:15*"/ 4*6 GPPUCBMM UJHIU FOET DPBDI ,FOOJ #VSOT SJHIU FYQMBJOT B ESJMM UP IJHI TDIPPM BOE NJEEMF TDIPPM TUVEFOUT EVSJOH UIF 'FMMPXTIJQ PG $ISJTUJBO "UIMFUFT 'PPUCBMM $BNQ 5VFTEBZ BU .D"OESFX 4UBEJVN #VSOT BOE PUIFS NFNCFST PG UIF DPBDIJOH TUBGG WPMVOUFFSFE UP IPTU UIF DBNQ 5VFTEBZ BOE UPEBZ
i5IFZ CFDPNF GBNJMJBS XJUI VT BT B DPBDI NBJOMZ CFDBVTF * WF CFFO BSPVOE TP MPOH UIBU * WF TFFO B MPU PG UIFTF LJET :PV HFU UP TFF UIFN HSPX GSPN UI UI HSBEF UP KVOJPST JO IJHI TDIPPM 5IFZ JNQSPWF FWFSZ ZFBS w IF TBJE 4UVEFOUT QBSUJDJQBUJOH JO UIF DBNQ BSF NPTUMZ MPDBM CVU TPNF USBWFM GSPN BT GBS BXBZ BT .PVOU $BSNFM " OBUJWF PG TPVUIFSO *MMJOPJT -JQF
TBJE IF GPMMPXT NBOZ PG UIF TUVEFOUT UISPVHIPVU UIFJS IJHI TDIPPM DBSFFST BOE XBUDIFT UIFN EFWFMPQ JO NVMUJQMF GBDFUT PG UIFJS MJWFT i* WF XBUDIFE UIBU LJE BT B TPQIPNPSF UIFO IF T B KVOJPS IFSF IF JT DPNJOH JOUP IJT TFOJPS ZFBS BOE IJT UFBN JT DPVOUJOH PO IJN w IF TBJE i5P TFF UIFN HSPX JO UFSNT PG QIZTJDBM TLJMM DPOGJEFODF BOE MFBEFSTIJQ TLJMM Â&#x2030; UIBU T B CJH EFBM UP NF w
4U -PVJT $BSEJOBMT IBWF UI QJDL JO .-# ESBGU 3 # '"--4530. 5)& "440$*"5&% 13&44
45 -0 6* 4 "1 Â&#x2030; #SFUU 8BMMBDF T QSFTFODF PO UIF 5SJQMF " .FNQIJT SPTUFS JT B DMFBS JOEJDBUJPO UIF 4U -PVJT $BSEJOBMT BSF IBQQZ BCPVU MBTU ZFBS T GJSTU SPVOE ESBGU QJDL 'PVS PUIFST GSPN MBTU ZFBS T DMBTT BSF QMBZJOH BU UIF %PVCMF " MFWFM 5IFZ MM USZ UP TUPDL UIF QJQFMJOF BHBJO CFHJOOJOH 5VFTEBZ OJHIU IPMEJOH UIF UI PWFSBMM QJDL i*U T UIF GVOOFTU UJNF PG UIF ZFBS GPS BMM PG VT w TBJE +FGG -VIOPX UIF $BSEJOBMT WJDF QSFTJEFOU PG TDPVUJOH BOE QMBZFS EFWFMPQNFOU i8F WF HPU B XIPMF CVODI PG QSFTFOUT UP VOXSBQ BT MPOH BT XF DBO HFU UIFN TJHOFE w 5IF $BSEJOBMT IBWF QVU B NVDI HSFBUFS FNQIBTJT PO HSPXJOH UIFJS PXO JO SFDFOU TFBTPOT SFGMFDUFE CZ UIF GBDU BMM CVU POF PG UIF QPTJUJPO QMBZFST JO 4VOEBZ T MJOFVQ DBNF GSPN UIFJS GBSN TZTUFN BOE UIBU QMBZFST IBWF NBEF UIFJS NBKPS MFBHVF EFCVU UIJT TFBTPO 0VUGJFMEFS $PMCZ 3BTNVT B GJSTU SPVOEFS JO JT QMBZJOH SFHVMBSMZ *OGJFMEFS 5ZMFS (SFFOF BMTP UBLFO JO UIF GJSTU SPVOE JO A IBT JNQSFTTFE JO UXP TUJOUT 3FMJFWFST $ISJT 1FSF[ B TVQQMFNFOUBM GJSTU SPVOEFS JO A BOE +BTPO .PUUF B UI SPVOEFS JO A BSF
QPUFOUJBM DMPTFST JO XBJUJOH 0VUGJFMEFS /JDL 4UBWJOPIB B TFWFOUI SPVOEFS JO A JT B WBMVBCMF CFODI QMBZFS 4IPSUTUPQ 1FUFS ,P[NB UIF GJSTU SPVOEFS JO A PVU PG IJHI TDIPPM JT BU %PVCMF " 4QSJOHGJFME i*G ZPV MPPL BU PVS 5SJQMF " BOE %PVCMF " UFBNT UIF WBTU NBKPSJUZ JT NBEF VQ PG QMBZFST GSPN UIF MBTU GPVS ESBGUT w -VIOPX TBJE i"OE B MPU PG UIFN BSF QMBZJOH IFSF OPX 5IFZ SF IFMQJOH UIJT UFBN XJO BOE UIBU T VMUJNBUFMZ XIBU JU T BMM BCPVU w 8BMMBDF T TUPDL IBT SJTFO SBQJEMZ BGUFS JOJUJBM TLFQUJDJTN NPTUMZ SFMBUFE UP IJT CPEZ XIJDI GFBUVSFT B UIJDL MPXFS USVOL BOE BO VOVTVBM UISPXJOH TUZMF GSPN UIJSE CBTF "GUFS 8BMMBDF IJU UIF GJSTU XFFL BU 5SJQMF " B DMBNPS CFHBO UP HFU IJN OPX UP CPPTU B GFFCMF BUUBDL XJUI UIF $BSEJOBMT UIF MPOF UFBN JO UIF NBKPST CFMPX SVOT JO .BZ 8BMMBDF T OVNCFST IBWF GBMMFO PGG UP XJUI QJUDIFST NBLJOH BEKVTUNFOUT CVU -VIOPX QSFEJDUT IF MM GJOJTI OFBS )F QVTIFT UIF CBMM PO IJT UISPXT CVU JU HFUT UIFSF JO QMFOUZ PG UJNF i5IF DIBUUFS PVU UIFSF BNPOHTU UIF TDPVUJOH DPNNVOJUZ JT UIBU XBT B IPNF SVO QJDL w -VIOPX TBJE i1FPQMF EJEO U UIJOL IF XBT HPJOH UP CF BCMF UP QMBZ UIJSE CBTF BOE TP GBS IF T QSPWFO UIFN XSPOH w 5IF $BSEJOBMT BMTP IPQF UP
VOFBSUI NPSF HFNT MJLF UI SPVOE QJDL $VSU 4NJUI UIF 4QSJOHGJFME GJSTU CBTFNBO IJUUJOH i8F XFSF GJMMJOH SPTUFST BU UIBU QPJOU w -VIOPX TBJE i8F MJLFE IJN BOE LOFX IF IBE B HPPE CBU CVU IF T FYDFFEFE FWFSZCPEZ T FYQFDUBUJPOT i:PV DBO U HFU UP UIF UI SPVOE BOE TUPQ QBZJOH BUUFOUJPO ZPV IBWF UP CFBS EPXO w 5IF /BUJPOBMT BSF FYQFDUFE UP UBLF QJUDIFS 4UFQIFO 4USBTCVSH PG 4BO %JFHP 4UBUF XIP IBT B IJHI T GBTUCBMM XJUI UIF GJSTU PWFSBMM QJDL -VIOPX TBJE UIFSF T B HSPVQ PG QMBZFST QBTU UIF GJSTU GFX QJDLT XIP BSF BMM SBUFE QSFUUZ NVDI UIF TBNF 5IF POF QPTJUJPO UIFZ SF OPU JOUFSFTUFE JO JT GJSTU CBTF XIFSF "MCFSU 1VKPMT JT TJHOFE UISPVHI XJUI B DMVC PQUJPO GPS 1MVT JU T TBGFS UP ESBGU B NJEEMF JOGJFMEFS PS PVUGJFMEFS XIP NJHIU BEE WFSTBUJMJUZ i8F UZQJDBMMZ EPO U MPPL GPS GJSTU CBTFNFO BOE XF IPQF UIBU T UIF DBTF GPS B MPOH UJNF UP DPNF w -VIOPX TBJE i5IF NPSF PQUJPOT ZPV IBWF UIF RVJDLFS ZPV DBO NPWF UISPVHI UIF NJOPS MFBHVFT w 5IF $BSEJOBMT IBWF SFCVJMU UIF GBSN TZTUFN UP UIF QPJOU XIFSF JU NBZ CF BEWBOUBHFPVT UP EJQ EFFQFS JOUP UIF IJHI TDIPPM QPPM GPS MPOHFS SBOHF QSPTQFDUT )F EJTBHSFFT XJUI NBOBHFS 5POZ -B 3VTTB T SFDFOU
$)3*4 -&& ] 4 5 - 06*4 1045 % *41"5$) 4U -PVJT $BSEJOBMT QJODI IJUUFS /JDL 4UBWJOPIB IJUT B UXP SVO EPVCMF BHBJOTU UIF $JODJOOBUJ 3FET JO UIF TJYUI JOOJOH BU #VTDI 4UBEJVN JO 4U -PVJT +VOF 4UBWJOPIB XBT B TFWFOUI SPVOE ESBGU QJDL JO 5IF $BSEJOBMT PXO UIF UI PWFSBMM QJDL JO UIF ESBGU XIJDI CFHBO 5VFTEBZ OJHIU BTTFTTNFOU UIBU UIF $BSEJOBMT EJEO U IBWF NBOZ CBSHBJOJOH DIJQT JO UIF NJOPST UIBU DPVME CF VTFE JO USBEFT i5IF GBDU JT UIFSF T NPSF PG B
NFOV GPS DMVCT UP DIPPTF GSPN w -VIOPX TBJE i0CWJPVTMZ JU EFQFOET PO XIBU QMBZFS XF SF HPJOH BGUFS BOE XIBU UIFZ SFRVJSF GPS UIBU QMBZFS w
4Ä¡Ä Ä£Ä¥Ä¤ %" * -: & ( : 1 5 * " /
*/5&34&44*0/ &%*5*0/
*/4*%&3 QBHF )PX XPVME 1BDLFS GBOT SFTQPOE UP 'BWSF BT B 7JLJOH 0/-*/& TJV%& DPN 8BUDI BTQJSJOH 4BMVLJT GJHIU JU PVU PO UIF HSJEJSPO JO GPPUCBMM DBNQ
+6/&
'005#"--
:PVOH MPDBM BUIMFUFT HFU 4BMVLJ USFBUNFOU
4*6 GPPUCBMM DBNQ TUSFTTFT MFBEFSTIJQ GVOEBNFOUBMT 4FBO .D(BIBO %"*-: &(:15*"/
.$(")"/!4*6 &%6
&JHIUZ UISFF BTQJSJOH HSJEJSPO TUBST UPPL UP UIF .D"OESFX 4UBEJVN UVSG 5VFTEBZ UP MFBSO IPX UP QFSGPSN PO BOE PGG PG JU 5IF TUVEFOUT BHFT UP UPPL UJQT GSPN UIF 4*6 GPPUCBMM DPBDIJOH TUBGG BT QBSU PG UIF UIJSE BOOVBM 'FMMPXTIJQ PG $ISJTUJBO "UIMFUFT 'PPUCBMM $BNQ 5IF HPBM PG UIF UXP EBZ TFTTJPO XBT UP QSPWJEF ZPVOH BUIMFUFT XJUI UIF GVOEBNFOUBMT PG UIF TQPSU BOE TQJSJUVBMJUZ DPPSEJOBUPS 3PHFS -JQF TBJE i:PV EPO U IBWF UP EJWPSDF ZPVSTFMG GSPN ZPVS GBJUI JO PSEFS UP QMBZ HSFBU GPPUCBMM PS WJDF WFSTB :PV DBO CF FYBDUMZ XIP ZPV XBOU UP CF BOE FYQFSJFODF UIF HBNF BU JUT GVMMFTU XJUI ZPVS GBJUI UPUBMMZ FOHBHFE w -JQF TBJE -JQF B SFQSFTFOUBUJWF XJUI UIF
:
PV DBO CF FYBDUMZ XIP ZPV XBOU UP CF BOE FYQFSJFODF UIF HBNF BU JUT GVMMFTU XJUI ZPVS GBJUI UPUBMMZ FOHBHFE
Â&#x2030; 3PHFS -JQF DBNQ DPPSEJOBUPS
4&"/ .$(")"/ ] % "*-: & (:15*"/ )JHI TDIPPM TUVEFOUT QFSGPSN ESJMMT EVSJOH UIF 'FMMPXTIJQ PG $ISJTUJBO "UIMFUFT 'PPUCBMM $BNQ BU .D"OESFX 4UBEJVN 5VFTEBZ *O JUT UIJSE ZFBS BU 4*6 UIF DBNQ BMMPXT BUIMFUFT BHFT UP UP HFU UJQT GSPN UIF 4BMVLJ GPPUCBMM DPBDIJOH TUBGG 4PVUIFSO *MMJOPJT 'FMMPXTIJQ PG $ISJTUJBO "UIMFUFT IBT XPSLFE XJUI UIF 4*6 GPPUCBMM UFBN GPS UIF QBTU TFBTPOT BT UIF UFBN T DIBQMBJO 5ISFF ZFBST BHP IF TUBSUFE UIF DBNQ VOEFS GPSNFS 4*6 IFBE DPBDI +FSSZ ,JMM 5IF DBNQ DPOUJOVFE UIJT TFBTPO XJUI TFDPOE ZFBS IFBE DPBDI %BMF -FOOPO T TUBGG BOE IBTO U TLJQQFE B CFBU -JQF TBJE -FOOPO PQFOFE QSBDUJDF 5VFTEBZ NPSOJOH XJUI EFGFOTJWF
ESJMMT BOE DPOUJOVFE JO UIF BGUFSOPPO TFTTJPO XJUI PGGFOTJWF QPTJUJPO CSFBLEPXOT *O CFUXFFO UIF PO GJFME XPSL UIF BUIMFUFT XFSF HJWFO BEWJDF BCPVU MJGF BOE GPPUCBMM GSPN -JQF BOE 4*6 KVOJPS TBGFUZ .JLF .D&MSPZ .D&MSPZ KPJOT B IPTU PG GPSNFS 4*6 TUBST UP TQFBL BU UIF DBNQ JODMVEJOH RVBSUFSCBDL /JDL )JMM UJHIU FOE #ZSPO (FUUJT BOE DFOUFS .JLF 'BSSFMM 5IF UJNF XJUI UIF BUIMFUFT JT FTQFDJBMMZ JOTQJSJOH UP
UIF TUVEFOUT -JQF TBJE i8IFO UIFZ TQFBL JU IBT BO BVUIFOUJDJUZ UIBU SFBMMZ SJOHT USVF GPS LJET w -JQF TBJE i*U T OPU B HVZ UBMLJOH UISPVHI IJT IBU Â&#x2030; UIJT HVZ T SFBMMZ EPOF JU *U NFBOT NPSF UP UIFN UIBU XBZ w "T UIF MPOF SFNBJOJOH DPBDI GSPN ,JMM T TUBGG TFDPOEBSZ DPBDI 5SBWJT 4UFQQT JT UIF POMZ DPBDI XIP IBT UBVHIU BU UIF DBNQ TJODF JUT JODFQUJPO 4UFQQT TBJE IF BQQSFDJBUFT UIF BCJMJUZ UP IFMQ UIF
TUVEFOUT BOE -JQF XIP HJWFT TP NVDI UP UIF UFBN BT DIBQMBJO 8IFO DPBDIJOH UIF TUVEFOUT 4UFQQT TBJE IF USJFT UP GPDVT PO GVOEBNFOUBMT BOE MFBEFSTIJQ TLJMMT XIJDI XJMM DBSSZ PWFS OP NBUUFS XIBU PGGFOTJWF PS EFGFOTJWF TZTUFN UIFJS IJHI TDIPPM DPBDIFT SVO )F TBJE JU IBT CFFO SFXBSEJOH UP XBUDI UIF NBUVSBUJPO PG UIF TUVEFOUT XIP SFUVSO FWFSZ ZFBS 4FF $".1 ]
.&/ 4 #"4,&5#"--
#FMDIFS CSJOHT IPNFTQVO TVDDFTT JO SFUVSO UP 4*6 BQQFBSBODF NPSF UIBO TFWFO ZFBST BHP .BSDVT #FMDIFS TBJE IF XBOUT UP HJWF CBDL UP B QSPHSBN UIBU IBT 'SPN UIF GPSNFS PGGJDF PG B NBO HJWFO TP NVDI UP IJN XIP DPBDIFE IJN UP B 4XFFU #FMDIFS UIF TUBSUJOH QPJOU HVBSE
4FBO .D(BIBO %"*-: &(:15*"/ .$(")"/!4*6 &%6
PG 4*6 NFO T CBTLFUCBMM T /$"" 5PVSOBNFOU UFBN XBT TUJMM HFUUJOH BDRVBJOUFE 5VFTEBZ XJUI UIF PGGJDF PG UIF NBO XIP IFMQFE IJN BOE EP[FOT PG PUIFS BUIMFUFT UP TVD
DFTT JO TFBTPOT Â&#x2030; GPSNFS BTTPDJ )F JT UIF GPVSUI NFNCFS PG UIF BUF IFBE DPBDI 3PEOFZ 8BUTPO DPBDIJOH TUBGG UP SFUVSO UP UIFJS #FMDIFS XBT UBCCFE UP UBLF BMNB NBUFS KPJOJOH IFBE DPBDI PWFS GPS 8BUTPO BGUFS UIF MPOHUJNF $ISJT -PXFSZ BTTJTUBOU #SBE ,PSO BTTJTUBOU UPPL UIF IFBE DPBDIJOH BOE HSBEVBUF BTTJTUBOU 5POZ :PVOH KPC BU 4PVUIFSO # F M D I F S *OEJBOB MBTU TBJE IF GPOEMZ PCPEZ DBSFT NPSF NPOUI S F N F N C F S T #FMDIFS TBJE IJT UXP ZFBS BCPVU UIJT QSPHSBN QMBZJOH DBSFFS 8BUTPO XBT UIBO * EP 5IJT QSPHSBN BU 4*6 XJUI BMXBZT B QBTTJPO IBT EPOF BT NVDI GPS NF B TQFDJBM TQPU BUF NPUJWBUPS GPS IJN BT B QMBZFS BT BOZCPEZ JO UIF DPVOUSZ SFTFSWFE GPS UIF BOE IF IPQFT UP Â&#x2030; .BSDVT #FMDIFS 4XFFU GPSNFS 4*6 NFO T CBTLFUCBMM QPJOU HVBSE TFBTPO CSJOH TPNF PG UIF BTTJTUBOU DPBDI TBNF UP B ZPVOH $PNJOH PGG UIF TFBTPO JO XIJDI UIF 4*6 UFBN i/PCPEZ DBSFT NPSF BCPVU UIJT UFBN XBT UIF 4BMVLJT GPVOE QSPHSBN UIBO * EP w IF TBJE i5IJT OFX MJGF BOE DBSSJFE B DIJQ PO JUT QSPHSBN IBT EPOF BT NVDI GPS NF TIPVMEFS BMM UIF XBZ UP UIF /$"" BT BOZCPEZ JO UIF DPVOUSZ +VTU IJU 5PVSOBNFOU MBTU TFBTPO #FMDIFS UIF HSPVOE SVOOJOH OFWFS MPPL TBJE OFYU TFBTPO T UFBN XPVME MJLFMZ CBDL BOE IPQFGVMMZ XF MM HFU UIJT IBWF TJNJMBS UIJOHT UP QSPWF DPNJOH UIJOH CBDL UP JUT DIBNQJPOTIJQ PGG B EJTBQQPJOUJOH GJOJTI i*U TFFNT MJLF UIFZ SF SFBMMZ IVO XBZT w "GUFS DPBDIJOH HJHT BU 4*6 HSZ UP HFU PVU UIFSF BOE LFFQ DPN &EXBSETWJMMF &BTUFSO *MMJOPJT BOE QFUJOH BOE HFU UIJT UIJOH CBDL UP UIF QBTU UXP TFBTPOT BU DPOGFSFODF XIFSF XF WF CFFO GPS TP MPOH w IF SJWBM &WBOTWJMMF #FMDIFS TBJE IF TBJE CSJOHT B EJGGFSFOU QFSTQFDUJWF UP BEE UP UIF IJTUPSZ PG B QSPHSBN IF LOPXT XFMM 4FF #&-$)&3 ]
¶¶/
4&"/ .$(")"/ ] % "*-: & (:15*"/ 4*6 NFO T CBTLFUCBMM BTTJTUBOU DPBDI .BSDVT #FMDIFS QPTFT 5VFTEBZ PVUTJEF BO BSFB PG UIF 4*6 "SFOB VOEFS DPOTUSVDUJPO #FMDIFS SFQMBDFT ZFBS 4*6 BTTJTUBOU 3PEOFZ 8BUTPO XIP DPBDIFE #FMDIFS EVSJOH 4*6 T 4XFFU SVO JO