0''*$& "%%3&44
$0..&3$*"- %&1"35.&/5
4-*..*/( &26*1.&/5 ."/6'"$563& 6- 4;$;&$*Ʃ4," ŷ/&95 50 4 $ +"/5"3Ÿ
5&- '"9 (4. (4. (4.
&ű."*-
4&37*$&
7"$6 "$5*7
ű 4 614, 10-"/%
#*630ũ7"$6"$5*7 1413;&%";ũ7"$6"$5*7 1-
(4. &ű."*-
4&38*4ũ7"$6"$5*7 1-
*/'3"4)"1& )03*;0/5"- /&8 3FWPMVUJPOBSZ FYDFSDJTF DPOOFDUJPO PG MZJOH CJLF TVQQPSUFE CZ UFDIOPMPHZ PG VOEFSQSFTTVSF 7BDVVN XJUI UBSHFUFE JOGSBSFE SBZT BOE DPMMBHFO MBNQT 5SFBUNFOU JT CFJOH EPOF JO TQFDJBMMZ DPOUPVSFE DIBJS UIBU BMMPXT UP NBJOUBJO PQUJNVN QPTUVSF BOE VTF QSPQFS NVTDMFT HSPVQ
6OEFSQSFTTVSF 7BDVVN *OGSBSFE SBZT $PMMBHFO #JLF
"EEJUJPOBM MJHIUFE FMFNFOUT PG UIF EFWJDF BSF QSPWJEFE GPS UIF FTUIFUJDT UP NBLF #PEZTIBQF TUBOE PVU BNPOH PUIFS NPEFMT BWBJMBCMF PO UIF NBSLFU
#0%:4)"1&
*/'3"4)"1&
" OFX BOE VOJRVF TMJNNJOH EFWJDF *U BMMPXT FYFSDJTJOH XJUI B USFBENJMM B TUFQQFS BOE BO FYFSDJTF CJLF VTJOH NBOZ BEWBOUBHFT PG WBDVVN BOE JOGSBSFE GVODUJPOT 5IF UFDIOPMPHJDBM BQQMJDBUJPOT BSF BJNFE BU JODSFBTJOH FOFSHZ DPOTVNQUJPO PG PVS NVTDMFT
" SFWPMVUJPOBSZ GVTJPO PG PVS SFDVNCFOU FYFSDJTF CJLF BOE GPDVTFE JOGSBSFE SBZT BOE DPMMBHFO
-FE$PMMBHFO FMFDUSP SFKVWFOBUJPO "SPNBUIFSBQZ $ISPNPUIFSBQZ &MFDUSPTUJNVMBUJPO "JS JPOJ[BUJPO *3 JOGSBSFE 7BDVVN 0[POF UIFSBQZ #SFF[F
*OGSBSFE SBZT $PMMBHFO &YFSDJTF CJLF
30--4)"1& 5IF POMZ SPMM NBTTBHF EFWJDF PO UIF NBSLFU XJUI TVDI B SBOHF PG GFBUVSFT 5IF NPTU BEWBODFE NPEFM T GFBUVSFT JODMVEF *OGSBSFE $ISPNPUIFSBQZ $PMMBHFO "JS JPOJ[BUJPO
):%304)"1&
7*#3"4)"1&
)ZESP TIBQF JT DPNCJOJOH BEWBOUBHFT PG USBJOJOH JO XBUFS XJUI CFOFรถUT PG UBSHFUFE IZESP NBTTBHF JO POF NBDIJOF
5IF NPEFSO TMJNNJOH EFWJDF NBLFT VTF PG CFOFรถDJBM WJCSBUJPOT *OUFOTJรถFE SPUBUJPO WJCSBUJPOT DPNCJOFE XJUI CPEZ JOรธVFODJOH JOGSBSFE BDDFMFSBUF GBU CVSOJOH
6TJOH CJLF XJUI DPOOFDUJPO PG IZESPTUBUJD SFTJTUBODF PG XBUFS MFBET UP CFTU SFTVMUT XJUIPVU OFFE PG IFBWZ QIZTJDBM USBJOJOH
#JLF 8BUFS )ZESPNBTTBHF 0[POF
"EEJUJPOBM MJHIUFE FMFNFOUT PG UIF EFWJDF BSF QSPWJEFE GPS UIF FTUIFUJDT UP NBLF #PEZTIBQF TUBOE PVU BNPOH PUIFS NPEFMT BWBJMBCMF PO UIF NBSLFU
7JCSBUJPO QMBUGPSN $PMMBHFO
"$5*7 30-- &9$-64*7& 506$) 7*#
#&"65:-*/&
"$5*7 46/
/P PUIFS SPMM NBTTBHF EFWJDF IBT IBE TVDI B XJEF SBOHF PG BQQMJDBUJPOT *U DBO CF VTFE CZ QSPGFTTJPOBM BUIMFUFT UP QSFQBSF BOE SFMBY UIF NVTDMFT BGUFS JOUFOTJWF USBJOJOH *U FOIBODFT SFIBCJMJUBUJWF QSPDFTTFT *U JT VTFE CZ FMEFSMZ QFPQMF XIP EP รถUOFTT BOE SFMBY BGUFS B SPVHI EBZ *OGSBSFE $ISPNPUIFSBQZ $PMMBHFO "JS JPOJ[BUJPO 7JCSBUJOH ESVN 5PVDI TDSFFO
5IF GFBUVSFT PG UIF EFWJDF JODSFBTF FOFSHZ DPOTVNQUJPO PG PVS NVTDMFT 5IF VTFE UFDIOPMPHZ FOIBODFT UIF QSPDFTT PG CSFBLJOH EPXO GBU BOE VTJOH JU JO UIF QSPDFTT PG NVTDMF OPVSJTIJOH 5IF DBSF GPS EFUBJMT JT BMTP FWJEFOU JO UIF DBQTVMF T BQQFBSBODF 5IF CFTU XBZ UP EFTDSJCF JU JT B NPEFSO XPSME T VOQBSBMMFMFE EFTJHO
5IF "$5*7 46/ VUJMJ[FT UIF OBUVSBM QSPQFSUJFT PG JOGSBSFE SBZT UIF NBJO TPVSDF PG XIJDI JT UIF TVO
1BUFOUFE UFDIOPMPHZ PG SPMM NBTTBHF WJCSPESVN
"SPNBUIFSBQZ $ISPNPUIFSBQZ &MFDUSPTUJNVMBUJPO -FE$PMMBHFO FMFDUSP SFKVWFOBUJPO "JS JPOJ[BUJPO *3 JOGSBSFE 7BDVVN 0[POF UIFSBQZ #SFF[F
7*#3" "$5*7 6OQSFDFEFOUFE WJCSBUJPO UFDIOPMPHZ VUJMJ[FE JO 7JCSB "DUJW DBVTFT JOUFOTJWF SPUBUJPO WJCSBUJPOT UIBU NPCJMJ[F UIF GBU UP XPSL *OUFOTJWFMZ WJCSBUJOH BEJQPDZUFT SVC BHBJOTU FBDI PUIFS BOE BSF CVSOFE 5IF WJCSBUJPOT BMTP DBVTF DPOUSBDUJPOT JO UIF VTFE NVTDMF HSPVQT GPSDJOH UIFN UP NBLF VTF PG OFBSMZ BMM PG UIFJS รถCFST BOE JODSFBTJOH UIFJS FรณDJFODZ GBS NPSF FรฒFDUJWFMZ UIBO JO USBEJUJPOBM USBJOJOH NFUIPET
Y GBTUFS GBU CVSOJOH 3JET PG CPEZ PG UPYJOT 4MPXT EPXO TLJO BHJOH QSPDFTT "DDFMFSBUFT NFUBCPMJTN *ODSFBTFT CMPPE DJSDVMBUJPO "MMFWJBUFT QBJO 1VSJรถFT UIF TLJO
7JCSB" DUJW
7"$6 130'&44*0/"-
"$5*7 30-- 130'&44*0/"-
5IF NPEFSO BOE EZOBNJD MPPLT PG UIF DBQTVMF BOE UIF CVJMU JO w NPOJUPS XJMM FOSJDI UIF PòFS PG ZPVS öUOFTT TUVEJP JODSFBTJOH USBJOJOH DPNGPSU 5IF EFWJDF VUJMJ[FT UIF MBUFTU SFWPMVUJPOBSZ UFDIOPMPHJDBM EFWFMPQNFOUT o WBDVVN BOE JOGSBSFE XIJDI NVMUJQMZ UIF FòFDUT PG FYFSDJTF BOE BMMPX RVJDLMZ BDIJFWJOH EFTJSFE SFTVMUT
5IF TBGFTU EFWJDF PO UIF NBSLFU 8F BSF UIF POMZ DPNQBOZ UP QPTTFTT UIF TBGFTU EFWJDF QSPUFDUJPO
"SPNBUIFSBQZ $ISPNPUIFSBQZ &MFDUSPTUJNVMBUJPO -FE$PMMBHFO FMFDUSP SFKVWFOBUJPO "JS JPOJ[BUJPO *3 JOGSBSFE 7BDVVN 0[POF UIFSBQZ #SFF[F w %7% 57 NPOJUPS
$BMPSJF DPVOUFS *OGSBSFE $PMPSUIFSBQZ 1SFQBSFE QSPHSBNT %SVN SPUBUJPO BEKVTUNFOU
3&46-54 TVQQPSUT XFJHIU MPTT EFDSFBTFT DFMMVMJUF BOE UJHIUFOT UIF TLJO
5IF DBQTVMF IBT CFFO BEEJUJPOBMMZ FRVJQQFE XJUI B w NPOJUPS UIBU DBO CF VTFE UP XBUDI 57 PS %7% NPWJFT EVSJOH FYFSDJTF
SFMJFWFT NVTDMF UFOTJPO TIBQFT UIF CPEZ TUJNVMBUFT NFUBCPMJTN JNQSPWFT CMPPE BOE MZNQI DJSDVMBUJPO JU JOøVFODFT
UIF OFSWPVT BOE MZNQIBUJD TZTUFN NVTDMFT TLJO
7"$6 *2 5IF EFWJDF VUJMJ[FT UIF MBUFTU SFWPMVUJPOBSZ UFDIOPMPHJDBM EFWFMPQNFOUT o WBDVVN BOE JOGSBSFE XIJDI NVMUJQMZ UIF FòFDUT PG FYFSDJTF BOE BMMPX RVJDLMZ BDIJFWJOH EFTJSFE SFTVMUT -FE$PMMBHFO FMFDUSP SFKVWFOBUJPO "SPNBUIFSBQZ $ISPNPUIFSBQZ &MFDUSPTUJNVMBUJPO "JS JPOJ[BUJPO *3 JOGSBSFE 7BDVVN 0[POF UIFSBQZ #SFF[F
"%%*5*0/"- '&"563&4 DPNQVUFS USBJOJOH DPOUSPM QSPGFTTJPOBM USBJOJOH QSPHSBNT NBOVBM QSPHSBN BEKVTUNFOU BDDPSEJOH UP UIF VTFS T OFFET
7"$6 "$5*7 30-- ."44"(& 5IF TBGFTU EFWJDF PO UIF NBSLFU 8F BSF UIF POMZ DPNQBOZ UP QPTTFTT UIF TBGFTU EFWJDF QSPUFDUJPO $BMPSJF DPVOUFS 1SFQBSFE QSPHSBNT %SVN SPUBUJPO BEKVTUNFOU
BEKVTUJOH UIF UFNQFSBUVSF BOE WBDVVN OVNFSJDBM CVUUPOT GPS DIBOHJOH UIF TQFFE BOE JODMJOBUJPO UIF MBUFTU HFOFSBUJPO -&% EJTQMBZ B IBOEMF XJUI QVMTF NFBTVSFNFOUT TFOTPST
"EEJUJPOBM FOIBODFNFOU PG UIF NBTTBHF CZ UIF CVJMU JO JOGSBSFE GVODUJPO
"$5*7 30-- 9 %&4*(/ 5IF EFWJDF HJWFT B QMFBTBOU SFMBYJOH NBTTBHF BOE B TMJNNJOH NBTTBHF CSFBLJOH EPXO GBU BOE FOTVSJOH UIF TLJO T HPPE BQQFBSBODF 8BSNUI HFOFSBUFE CZ UIF JOGSBSFE GVODUJPO BEEJUJPOBMMZ FOIBODFT UIF NBTTBHF FòFDU 5IF SPMM NBTTBHFS JT öUUFE XJUI DPMPSUIFSBQZ XIJDI JODSFBTFT IFBMUI BOE CBMBODF PG UIF CPEZ QPTJUJWFMZ JOøVFODJOH PVS PWFSBMM NPPE
8)"5 *4 ):%30#*,& )ZESPCJLF XBT BO JEFB DPNCJOJOH UIF CFOFöUT PG XBUFS USBJOJOH XJUI UIPTF PG GPDVTFE IZESPNBTTBHF JO B TJOHMF EFWJDF 5IF PSJHJOBM QSPKFDU XBT BCPVU DSFBUJOH B EFWJDF GPS SFIBCJMJUBUJPO PG NPUPS GVODUJPOT *U UVSOFE PVU UP IBWF B TJHOJöDBOU FòFDU PO NVTDMF HSPXUI BOE DFMMVMJUF SFEVDUJPO )ZESPCJLF JT B DPNCJOBUJPO PG CBTJD FMFNFOUT 8BUFS #JLF )ZESPNBTTBHF 0[POF
%JE ZPV LOPXy %VF UP B DPNCJOBUJPO PG TFWFSBM USBJOJOH FMFNFOUT )ZESPCJLF BMMPXT GPS BDIJFWJOH EFTJSFE FòFDUT JO UIF öHIU BHBJOTU DFMMVMJUF NVDI RVJDLFSy
"%7"/5"(&4 1IZTJDBM XBUFS FYFSDJTF JO B TQB DBQTVMF .BYJNBM IZHJFOF XBUFS JT DIBOHFE BGUFS FBDI USBJOJOH
&BTF PG VTF %PFT OPU SFRVJSF DBSF PG B QSPGFTTJPOBM PQFSBUPS 'MFYJCMF USFBUNFOU UFSNT CVJMU JO DISPNPUIFSBQZ MBNQT "EKVTUBCMF CJLF SFTJTUBODF
#&/&'*54 )ZESPNBTTBHF KFUT EJSFDUFE BU TFOTJUJWF BSFBT FòFDUJWFMZ FMJNJOBUF UIF iPSBOHF TLJOw FòFDU EVF UP UIF ESBJOBHF FòFDU XIJDI BDUJWBUFT UIF MZNQIBUJD TZTUFN 5IF FòFDU PG VTJOH UIF EFWJDF JO BO FODMPTFE DBQTVMF JT TIBQJOH UIF CPEZ CZ DIBOHJOH GBU JOUP NVTDMFT 8JUIPVU TUSBJOJOH PVS KPJOUT IZESPCJLF JT FòFDUJWF GPS VTFST JO BOZ BHF HSPVQ #PUI UIPTF XIP FYQFDU BFTUIFUJD DIBOHFT BOE UIPTF XIP XBOU UP SFMBY EVSJOH QIZTJDBM FYFSDJTFT 1IZTJDBM FYFSDJTFT EVSJOH B TFTTJPO JNQSPWF MZNQI DJSDVMBUJPO BOE IBWF B ESBJOBHF FòFDU UIBU JOøVFODFT GBU SFEVDUJPO 0[POF SFMFBTFE EVSJOH B USFBUNFOU TFTTJPO XPSLT TJNJMBSMZ UP NJDSPQFFMJOH EVF UP PYZHFO QSPEVDUJPO
NPSF JOGPSNBUJPO XXX IZESPCJLF QM
8)"5 *4 "$5*7 41" */'3"3&% 0VS XPSL IBT MFE UP B EFWJDF PG FYDFMMFOU RVBMJUZ XIJDI QSPWJEFT DPNGPSU TBGFUZ FYDFMMFOU USBJOJOH BOE BTUPOJTIJOH FรฒFDUT "O JOOPWBUJWF EFWJDF FNJUUJOH JOGSBSFE CFBNT XJUI JOUFHSBUFE BSPNBUIFSBQZ DPMPSUIFSBQZ FMFDUSPTUJNVMBUJPO BOE QIPUPUIFSBQZ SFDPOTUSVDUJPO PG DPMMBHFO WFTTFMT TIBQFT UIF CPEZ BOE SFKVWFOBUFT HVBSBOUFFT BO FYDFMMFOU QIZTJDBM DPOEJUJPO BOE QFSGPSNBODF PG PVS CPEZ &OIBODFE FรฒFDUT BOE MPTT PG VQ UP DBMPSJFT EVSJOH B NJOVUF USBJOJOH TFTTJPO
'&"563&4 -FE$PMMBHFO FMFDUSP SFKVWFOBUJPO &MFDUSPTUJNVMBUJPO *3 JOGSBSFE "SPNBUIFSBQZ $PMPSUIFSBQZ
8)"5 *4 "$5*7 4-*. *3 5IF "DUJW 4MJN *3 EFWJDF DPNCJOFT UIF GVODUJPOT PG FMFDUSPTUJNVMBUJPO JOGSBSFE TBVOB BOE MZNQIBUJD ESBJOBHF &MFDUSPTUJNVMBUJPO -ZNQIBUJD ESBJOBHF 4BVOB %FUPYJรถDBUJPO #PEZ NBTTBHF 4MJNNJOH
&''&$54 4MJNNJOH #PEZ รถSNJOH &OIBODJOH TLJO WJUBMJUZ 3FMBYBUJPO
7BDV "DUJW DPNQBOZ IBT CFFO BXBSEFE B HPME NFEBM BU UIF 1P[OBO *OUFSOBUJPOBM 'BJS GPS *OOPWBUJWF 4PMV UJPOT BOE 5PQ 2VBMJUZ PG QSPEVDFE FRVJQNFOU
7BDV "DUJW $PNQBOZ BT UIF POMZ POF JO UIF JOEVTUSZ IBT CFFO BXBSEFE 26"-*5: 0' 5)& :&"3 BOE 1SPEVDU PG UIF ZFBS UJUMFT
5IF UFDIOJDBM FYDFMMFODF PG PVS EFWJDFT IBT NBEF 7BDV "DUJW BQQSFDJBUFE OPU POMZ CZ PVS DMJFOUT CVU BMTP CZ EJTUJOHVJTIFE JOEJWJEVBMT JO UIF DPNNJUUFF BU UIJT ZFBS T 1P[OBO 'BJS BOE DIPTFO GSPN BNPOH UIPVTBOET PG QSPEVDUT QSFTFOUFE CZ FYIJCJUPST BU UIF #FBVUZ 7JTJPO GBJS
8F GFFM IPOPSFE UP IBWF CFFO BXBSEFE 2VBMJUZ PG UIF :FBS BOE 1SPEVDU PG UIF ZFBS 5IJT JT B DPOรถSNBUJPO UIBU XF BSF QFSDFJWFE BT B USVTUXPSUIZ CVTJOFTT QBSUOFS 8F QBZ VUNPTU BUUFOUJPO UP TUBOEBSET BOE RVBMJUZ PG UIF 8F 7BDV "DUJW EFWJDFT BOE 'JUOFTT FRVJQNFOU XF QSPEVDF
(PME .FEBM .51
(PME .FEBM .51
2VBMJUZ PG 2VBMJUZ PG ZFBS ZFBS 4JMWFS
2VBMJUZ PG ZFBS
2VBMJUZ PG ZFBS 4JMWFS
2VBMJUZ PG
2VBMJUZ PG 1SPEVDU
2VBMJUZ PG UIF ZFBS (0-%
7BDV "DUJW JT B MFBEJOH QSPEVDFS PG WBDVVN BOE UIFS NBM EFWJDFT 0VS FRVJQNFOU JT DIBSBDUFSJ[FE CZ QSP GFTTJPOBM BDDFTTPSJFT FYDFMMFOU EFTJHO BOE SFMJBCJMJUZ 8F IBWF CFFO QSPEVDJOH TMJNNJOH FRVJQNFOU TJODF 0VS NBJO HPBM JT DMJFOUT TBUJTGBDUJPO XJUI PVS TFSWJDFT 8F CFMJFWF UIBU UIF NBSLFU TVDDFTT PG PVS DPNQBOZ JT EFQFO EFOU VQPO PVS MFWFM PG TFSWJDF 5IBU JT XIZ DBSF GPS DMJFOU TB UJTGBDUJPO JT OPU KVTU BO FNQUZ TMPHBO
*O UIF BSFB PG PVS BDUJWJUZ XF QSPWJEF QSPGFTTJPOBM TFSWJDF RVJDL PSEFS SFBMJ[BUJPO BOE GVMM TFSWJDF *G ZPV BSF TBUJTรถFE XJUI PVS XPSL MFU PUIFS QFPQMF LOPX JG OPU o MFU VT LOPX 5IBOL ZPV GPS ZPVS USVTU 'FFM 'FFM GSFF UP NBLF VTF PG PVS FYQFSUJTF JO UIF BSFB PG PSHBOJ [BUJPO MPDBUJPO TQBDF QMBOOJOH DIPJDF PG FRVJQNFOU UFDI OJRVF 8F PรฒFS BUUSBDUJWF QSJDFT BOE DPNQSFIFOTJWF รถOBO DJBM TFSWJDF 8F DBO EFรถOJUFMZ TBZ UIBU JOOPWBUJWF UFDIOPMPHJDBM TPMVUJPOT VTFE JO PVS EFWJDFT BSF VONBUDIFE