.03& 0/ 4*6%& $0.
1IPUP (BMMFSZ 4FF NPSF PG UIF TUPSN EBNBHF BOE UIF NBTTJWF SFMJFG FGGPSU
%ĒĚĝĪ &ĘĪġĥĚĒğ
5PEBZ )JHI -PX
8&%/&4%":
5IVSTEBZ )JHI -PX 'SJEBZ )JHI -PX
70-6.& /0
063 803% 1"(& (VT #PEF TBZT UIBU TUPSN SFBMMZ CMFX
.":
1"(&4
4UPSN MFBWFT TPVUIFSO *MMJOPJT
456.1&% #SJBO 'FMEU
%"*-: &(:15*"/ #'&-%5!4*6 &%6
"ENJOJTUSBUPST FTUJNBUF UIF VOJWFSTJUZ TVGGFSFE NJMMJPO XPSUI PG EBNBHF EVSJOH B .BZ TUPSN UIBU XSFBLFE IBWPD BDSPTT UIF SFHJPO 4*6$ TQPLFTNBO 3PE 4JFWFST TBJE UIF NBKPSJUZ PG EBNBHF TIPVME CF DPWFSFE CZ UIF VOJWFSTJUZ T TFMG JOTVSBODF 0GGJDJBMT XFSF JO UIF FBSMZ TUBHFT 5VFTEBZ PG XPSLJOH XJUI DPNNFSDJBM JOTVSBODF DBSSJFST BOE BEKVTUFST BDDPSEJOH UP B VOJWFSTJUZ SFMFBTF 0G UIF NJMMJPO XPSUI PG EBNBHF NJMMJPO JT GSPN UIF DPTU PG EFCSJT DMFBOVQ UIF SFMFBTF TBJE " NBKPSJUZ PG UIF DPTU DPNFT GSPN CVJMEJOH EBNBHF 4JFWFST TBJE i&WFSZ CVJMEJOH SPPG XBT JNQBDUFE JO TPNF XBZ CVU OPOF PG UIF CVJMEJOHT XFSF TFWFSFMZ EBNBHFE w IF TBJE i8F BSF TUJMM DVUUJOH BXBZ TPNF EFCSJT BOE GJOEJOH EBNBHF UIBU XBT OPU FWFO BQQBSFOU GSPN UIF PVUTJEF w 1IJM (BUUPO EJSFDUPS PG 1MBOU BOE 4FSWJDF 0QFSBUJPOT FTUJNBUFE UIF TUPSN EFTUSPZFE SPVHIMZ USFFT PO DBNQVT BMPOF 5IF UISFF QIBTFT PG DMFBOVQ JODMVEF FOTVSJOH TBGFUZ DMFBOJOH UIF DFOUSBM DPSF PG DBNQVT BOE UIFO DMFBOJOH $BNQVT -BLF 5IPNQTPO 8PPET BOE PUIFS PVUMZJOH BSFBT IF TBJE 4FF 4503. ]
%*"/" 40-*80/ ] % "*-: & (:15*"/ "NBOEB $BNBDIP UVSOT BXBZ BT B USFF JT SFNPWFE GSPN PO UPQ PG IFS CPZGSJFOE "MMFO .VFMMFS T IPVTF BU 8 8BMOVU .BZ .VFMMFS TBJE IF XBT TJUUJOH JO UIF MJWJOH SPPN XIFO IF IFBSE UIF QPSDI HFUUJOH SJQQFE PGG EVSJOH UIF EFTUSVDUJWF .BZ TUPSN
%P[FOT PG GBSN TUSVDUVSFT EFTUSPZFE CZ EFSFDIP QSPCMFNT UIBO PWFSHSB[JOH 5IF IPSTFT IBWF UP CF SPUBUFE CFUXFFO QBTUVSFT HJWJOH UIFN MFTT UJNF PVUTJEF BOE NPSF UJNF JO UIFJS TUBMMT ' PS B EJWJTJPO PG 4*6$ UIBU 5IF FYUSB UJNF JOTJEF MFBET UP UIF BMXBZT IBT JUT IBOET GVMM UIF .BZ OFDFTTJUZ GPS NPSF JOEPPS DMFBOVQ TUPSN DSFBUFE B XPSLMPBE UIBU NBZ 0OF PG UIF NBJO QBTUVSFT CFJOH DSFBUF B ZFBS T XPSUI PG SFQBJST VTFE JT UIF TUBMMJPO QBTUVSF TIF TBJE +BSSFUU /FISJOH EJSFDUPS PG #FDBVTF UIF DFOUFS T UISFF TUBMMJPOT 4*6$ GBSNT TBJE SFTUPSJOH XIBU IBWF UP CF JOEPPST NPSF UIBO UIFZ XBT EBNBHFE XPVME IBWF UP CF BSF BDDVTUPNFE 1VDLFUU TBJE UIFZ EPOF PO UPQ PG OPSNBM KPCT SFRVJSFE HFU EJTHSVOUMFE BOE NPSF EJGGJDVMU TVDI BT QMBOUJOH IBSWFTUJOH BOE UP XPSL XJUI 5IF TUBMMJPOT BSF NPSF IJHI SFTFBSDIJOH )F TBJE IF UIPVHIU CVJMEJOHT XFSF EBNBHFE CFUXFFO TUSVOH UIBO VTVBM BOZXBZ TIF UIF WBSJPVT DFOUFST TBJE CFDBVTF JU JT CSFFEJOH TFBTPO i* EPO U FWFO LOPX IPX UP QVU B )PXFWFS UIF DFOUFS T CSFFEJOH EPMMBS GJHVSF PO JU w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i8F IBWF BMM UIF TUPSN DMFBOVQ VTBCMF PVU PG UIF BDSF BSFB CFDBVTF UP EP CVU XF DBO U TUPQ PVS EBJMZ PG B EPXOFE QPXFS MJOF SVOOJOH SPVUJOFT w TIF TBJE i8F SF KVTU UISPVHI UIF FOUJSFUZ PG UIF BSFB UIBU USZJOH UP UBLF JU BT CFTU XF DBO w IBE ZFU UP CF SFNPWFE 5VFTEBZ 4IF TBJE UIJT DSFBUFT NPSF (P UP TJV%& DPN GPS NPSF
(FOOB 0SE
%"*-: &(:15*"/ (03%!4*6 &%6
(&//" 03% ] % "*-: & (:15*"/ "MJTPO $PMPOJVT MFGU B TFOJPS GSPN &EJOCVSH TUVEZJOH FRVJOF TDJFODF IFMQT 4IFJMB 1VDLFUU UIF &RVJOF $FOUFS NBOBHFS NPWF B TFDUJPO PG GFODF UP JUT VTVBM QPTJUJPO BU UIF &RVJOF $FOUFS PO .POEBZ 5IF GFODF VTVBMMZ DSFBUFT UISFF DJSDMFT VTFE GPS USBJOJOH CVU BGUFS UIF TUPSN UIFZ XFSF DPNCJOFE UP DSFBUF BO FODMPTVSF GPS UIF BOJNBMT