"## # # %%& !" "# $# !"#
!"#$%&'(#)*+#,(-'&*)%
./01#23#4("5#2)*#6)78&-01#/*#&9%)0('0#4/"&*#,-&:/%(
!"##$%&'()) *+,"#$&-./&0+1&2
'()*++,./0%1/0
H&-D(-#H=N#;J(*0 >/A(#4&J(-'#+/'?9''(' 1/'#-&%(#)'#$1)/-D)*#&:#01(# 6&9'(#N*0(%%/J(*?(#$&DD/00((# )*+#01(#(::&-0#1(#/'#%()+/*J#0&# "-(K(*0#)*&01(-#OPMM ,%9'<#>)/*(#C(*)0&-#C9')*#$&%%/*'#&* 1(-#I/")-0/')*#"%)*#0&#+(:(*+#&9*)0/&*#:-&D#)#?7I(-#)00)?A ;*+<#;901&-#>)-J)-(0#6&&K(&*#01(#>/%%(**/)%#L(*(-)0/&*#)*+ 1&8#C("0(DI(-#MM01#'1)"(+#01(/-#%/K('
;%'&<#=-/)*#>/?1)(%#@(*A/*'#&*#)/-%/*(#'(?9-/07B#$)-%#C?1-)DD#&* (E"(+/0/&*)-7#(?&*&D/?'B#)*+#F)%(#G%(/*#&*#01(#:)%%&90#:-&D#H9A9'1/D) !!!"#$%&'(&)$*+,"&#-
./"0123"4"5.6"01278'898
There’s an economic development corporation inside every car we build. 12,957 jobs over the past two years alone. Jobs designing cars. Jobs manufacturing cars. Jobs reinventing cars. The momentum is building. Six consecutive quarters of profitability are fueling the need for more plants, more support services and more employees. So not only are we launching new cars. We’re launching a new economy. It’s good for us. And it’s good for America. Take a look inside the new General Motors. You’ll find a completely new company.
Hamtramck plant workers celebrate Chevy Volt production and the promise of 1,000 new jobs.
© 2011 General Motors. All rights reserved.
!"#$%&'()%('*%+$,!"#$%&'()*+, !"#$%&'()*'+$%,&-'.
!"#$%&'("%) *& & ' ! ! !
+,($--./&0"1&!"1 ./0'12()'324$'567$,& /012'12&'3412'56607&-85-9'":'12&';&<1&%,&-'' ""#!$%""#!&'(()(*+&!,-,./+!01)2!0+#!&3'!43,*(5,2!! )6!&3'!7)0+'!82&'99*:'2.'!4)55*-''!;*+.0++'+!! &3'!'<)(&!3'!*+!9',;*2:!&)!/''1!=5'(*.,!+'.0('>!!
2& & ! ! ! !
3%$#$,(4,5&6&!)7$%&89:: -.&/0!1#&2344"#! ?3'!@,*2'!A'2,&)(!,2;!B,2/*2:!@'5C'(!)6!&3'!! 7)5'9,2;!A'.0(*&D!,2;!E)F'(25'2&,9!=<,*(+! 4)55*-''!;*+.0++'+!3'(!19,2!&)!1()&'.&! =5'(*.,G+!.DC'(!2'&H)(/+!6()5!,-,./>
:;' & ! ! ! !
+,($--45$,<$&!"=$76<>?&&@6<(&"%&@4<(4",A& 89':$($';6$4&(,% ?3'!6)(5'(!43,*(5,2!)6!&3'!7)0+'! 82&'99*:'2.'!4)55*-''!9))/+!,&!&3'!! ! *51()F'5'2&+!&3,&!3,F'!C''2!5,;'!*2!&3'!! *2&'99*:'2.'!.)5502*&D!)F'(!&3'!1,+&!;'.,;'>
:B' & & ! ! ! !
+/&4(&04=$&("&!",/4C$%&6&D$E&F11%"6<G&("&& F4%-4,$&'$<H%4()A 89'<,2%='32>)%$?'@$=42=& =('!=5'(*.,2+!:'-*2:!&3'*(!5)2'DG+!H)(&3 )2!,*(9*2'!+'.0(*&DI!!?3*+!,F*,&*)2!+'.0(*&D! 'J1'(&!+,D+!&3'D!,('#!C0&!&3,&!*&G+!,9+)!&*5'!! &)!5)F'!C'D)2;!1,&!;)H2+!,2;!C);D!+.,2+>
:I' & ! ! ! !
J$6#4,5&FK5G6,4/(6, 89'@6)='AB=>%= =+!&3'!K>A>!'2&'(+!&3'!&'2&3!D',(!)6!&3'!H,( *2!=6:3,2*+&,2#!&3*+!?'22'++''!4)2:('++5,2!! H(*&'+!*&G+!2)&!L0+&!&*5'!&)!'2;!&3'!.)2M*.&# C0&!*&G+!+)5'&3*2:!N*+'23)H'(!H)09;!;)>
3"4,567$%2 DE*2F$%&'24&)$*+, 3%$658$9:2 X$H27&'Y*BH8' ;85:+%5<,&=+<%82 Q$BB$8H2G#*'Y*B2 Z$BB,2S$++(2 S8H*B824*9*#E&BH X<9,2[8'2F*(+ X$H2\<#+E8
;85:+%2 O&<$(2\"2]$)V8# ;85:+%5<,&>6656:<9:6 4+*%E*'2X8)V(&' 7E#$(+&%E*#24,#*V2 ^8#82R#8,2 _27&%,#$-E+2M@CC2 Z,2DE*2F$%&'24&)$*+,2 `BB2F$-E+(2F*(*#A*9
:L' & & & ! ! !
MN1$C4(4",6%)&M<","=4</ 6,C&!"H,($%4,5&O4"-$,(&MN(%$=4/= 89'C%,?'@D'E>),%** O)('*:2!,++*+&,2.'!H*99!2)&!;'6',&!&'(()(*+&+>!!! P0&!*&!H)09;!C'!,!&'((*C9'!5*+&,/'!&)!;*+.)02&! &3'!F*&,9!()9'!&3,&!'.)2)5*.!:()H&3!50+&!19,D!! *2!6)+&'(*2:!:9)C,9!+&,C*9*&D>
B;' & & & ! ! !
P"E&89::&'G61$C&(G$&Q4--$,,46-&R$,$%6(4", SSS6,C&(G$&J$//",/&K"%&T$1H7-4<6,/&0"C6) 89'3%,7%,$(';66F$, ?3'!,0&3)(!,2;!O)J!Q'H+!.)55'2&,&)(!! ;*+.0++'+!RS""G+!*51,.&!)2!D)02:!=5'(*.,2+ ,2;!3)H!*&!3,+!+3,1';!2)&!)29D!&3'*(!9*F'+#! C0&!&3'*(!F*'H!)6!=5'(*.,2!1)9*&*.+!&);,D>
F%(4<-$/ '' !!" #$%&"'()"*+,-)"./)0"12)3&%345 " 6()"7%4('"./)0"8)+-'("9+0)"9:3'%3;)< & 89'C)%,?$&'<6B&(%=9 B*& &
+,&(G$&U6>$&"K&@H>H/G4=6 89'A%?$'G?$2=
BV& & '
Q4,"%4()&TH-$/?&F&',61/G"(&",& T$C4/(%4<(4,5&P$6C4,5&4,("&D$N(&W$6% 89'C?%,4'<$=&$=
'$<(4",/ X&
+,&(G4/&MC4(4",
!=" &
>%2:3"?0:@-) HI'C6=7,$&&16*%='H%=';%916,()
:'*2;*8#24<=()#$%+$&'> .?1"@@2$'9$A$9<8B( .C@"@@2(+<9*'+( DE*2F$%&'2G&#<H2IJ44K2@@?1L11M/N2$(2 %<=B$(E*92=,2DE*2F$%&'24&)$*+,"2DE*2F$%&'2 4&)$*+,2$(2B&)8+*928+2C?@@2O24+#**+P2KQP24<$+*2 0@@P2Q8(E$'-+&'P2R72M@@@1"2 S&(+H8(+*#P2(*'92899#*((2)E8'-*(2+&>22 DE*2F$%&'2G&#<HP2C?@@2O24+#**+P2KQP24<$+*2 0@@P2Q8(E$'-+&'P2R72M@@@1"
FJS:K2G:F3\2224<HH*#2M@CC
7&HH*'+(P2&%$'$&'2*9$+&#$8B(28'92B*++*#(2 (E&<B92=*2899#*((*92+&>2DE*2F$%&'2G&#<HP2 C?@@2O24+#**+P2KQP24<$+*20@@P2Q8(E$'-+&'P2 R72M@@@12&#2H8,2=*2+#8'(H$++*92 *B*)+#&'$)8BB,2+&>2*9$+&#T#$%&'(&)$*+,"&#-" J'2%<=B$(E$'-2+E$(2U&<#'8BP2DE*2F$%&'24&)$*+,2 (**V(2+&2%#&A$9*282W&#<H2W&#2W#*(E2$9*8(P2 !*BBL#*(*8#)E*92%#&%&(8B(P28'92W&#282(%$#$+2 &W2)#$+$)$(HP2$''&A8+$&'P28'92$'9*%*'9*'+2 +E$'V$'-2!$+E$'2+E*2F*%<=B$)8'2S8#+,"
TRAINS DON’T DELIVER WHERE AMERICA SHOPS. The railroad industry talks a lot about fuel efficiency per ton. Unfortunately, being fuel efficient in a straight line doesn’t get food to grocery stores, supplies to businesses, or life’s essentials to the home. Trucks connect our homes, businesses and industries with the timely movement of food, freight and commodities essential to our economic well-being and way of life. 80 percent of American communities rely solely on trucks to deliver life’s essentials to local hospitals, schools, homes, factories and grocery stores. Since no other mode of transportation — rail, ship or air — gets things where they need to go, it is critical that we rebuild and maintain a world-class highway system that matches American dependence on trucks.
When we need it, where we need it.
TRUCKS BRING
!"#$%&'(&&$)*"+,&
!"#$%&'()$*(+&#!, "()(%-%,$ +().%#**&()-/ -01&*(%,$2(-%0 ?1!1&!$9<:+%6@ S8+2F&=*#+(2!"#$%&#'()%*+,%$F&,2ZB<'+ F$)E8#92Z<## 4<(8'2\"27&BB$'( :##$'2a"2b8+)E :B,H%$824'&!* ?1!1&A$B%$6$9:<:5C$6@ DE&H8(2c"2S*+#$2!./01#'(/2()%*+,%$S8+2D$=*#$2!./01#'(/2()%*+,%$4+*A*2`<(+#$8 4%*')*#2Z8)E<( 7E8#B*(2G"2Z8(( X<9,2Z$--*#+ \8#,2Z&'&2\8)V 7E8#B*(2Z&<(+8', [*#'2Z<)E8'8' \$)E8*B27"2Z<#-*((P2\"R" ^*'278BA*#+ R8A*278H% c#$)2J"278'+&# 4E*BB*,2\&&#*278%$+& b&!8#927&=B* `'9*#27#*'(E8! a*&WW2R8A$( 7E8#B$*2R*'+ F*'**2cBH*#( X&2`''2b"2cH*#(&' F&9'*,2G#*B$'-E<,(*' X$H2a*#B8)E ^8,2a#8'-*# 48H2a#8A*( K8'2b8,!&#+E Q8BB,2b*#-*# R8##*BB2J((8 Q8B+*#2X&'*( O*&'8#92O8')* 4+*A*'2O8D&<#*++* X*##,2O*!$( ^*A$'2\)78#+E, DE899*<(2\)7&++*# 78'9$)*2\$BB*# F8'9,2K*<-*=8<*# D&992SB8++( R*''$(2F*E=*#X$H2F*'8))$ S*+*#2F&(V8H `8#&'24)E&)V X&E'24E$HV<( Z$BB24E<(+*# O8H8#24H$+E O**2D*##, \8)2DE&#'=*##, \$V*2D<#'*# G#*923%+&' a#*-2Q8B9*' c9!8#92QE$+W$*B9 A$:5%$8&D$#4$%6&+E&F+9G%$66@ Z$BB2G#*'Y*B'!()%*+,%$'3,#+*&01Z$BB2`#)E*# b*'#,2Z&'$BB8 \$V*2G*#-<(&' X"2R*''$(2b8(+*#+ R8A$92b&=(&' K8'),2X&E'(&' 4<*2^*BB, 4)&++2^B<Z&=2O$A$'-(+&' X$H2\)7#*#, F&=*#+2b"2\$)E*B 4<(8'2\&B$'8#$ R&'2K$)VB*(2 \$)E8*B2a"2:dB*, Z$BB2S8d&' R*=&#8E2S#,)* D&H2F*,'&B9( D&H2F$9-* c"27B8,24E8! a&#9&'24H$+E R&'24<'9e<$(+ D&H2D8<V* F&=*#+24"2Q8BV*#
82!&3*+!N;*&*)2
4*%+*H=*#2CCP2M@@CP2!8(28298,2!$+E&<+2 89U*)+$A*"22 cA*'2829*)89*2B8+*#P2$+2$(2E8#92+&2%#&%*#B,2 9*()#$=*2+E*2-#$*WP28'-*#P2E&##&#28'92%8$'2!*28BB2 W*B+2!8+)E$'-2+E*28++8)V(2<'W&B9" DE*2C@+E28''$A*#(8#,2&W2+E*28++8)V(2!$BB2'&2 9&<=+2=*282+$H*2&W2#*)&BB*)+$&'2W&#2<(28BB2f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`'9P28(2+E*2'8+$&'2(+#<--B*(2+&2)&%*2!$+E2 +E*(*2*)&'&H$)2+E#*8+(P2!*2)&'+$'<*2+&2W8)*2+E*2+E#*8+2&W2+*##&#$(H" Q*2B&&V28+2+E*2)&'+$'<$'-2+*##&#2+E#*8+2$'2+E$(2(%*)$8B2*9$+$&'2&W2!"#$%&'()$*(%+,2 !$+E282)&BB*)+$&'2&W2B*89*#(28'92+E$'V*#(2!E&28#*28+2+E*2W&#*W#&'+2&W2+E*2*WW&#+2+&2V**%2 `H*#$)82(*)<#*"22O*89$'-2+E*2!8,2$(2\$)E$-8'27&'-#*((H8'28'92W&#H*#2GZJ24%*)$8B2 `-*'+2\$V*2F&-*#("22`(27E8$#H8'2&W2+E*2b&<(*2J'+*BB$-*')*27&HH$++**P2F&-*#(2E8(2 U<#$(9$)+$&'2&A*#282=<#*8<)#8),2+E8+2(<WW*#*92$+(2-#*8+*(+29*W*8+2&'205CC28'92*'U&,*92$+(2 -#*8+*(+2A$)+&#,2!$+E2+E*2V$BB$'-2&W2:(8H82=$'2O89*'2*8#B$*#2+E$(2,*8#"22F&-*#(29$()<((*(2 $%*&*'4*)*($&'(#4':0,$"+0*&'0#'(#'0#$*+:0*1.'(#4'$(3-&'(7"6$'%0&'+"3*'(&';<#$*339&'="8'>"8?' &'278%$+&B2b$BB" `(2+E*2F*%<=B$)8'2B*89*#2&W2+E*24*'8+*2b&H*B8'924*)<#$+,28'92a&A*#'H*'+8B2 `WW8$#(27&HH$++**P2\8$'*24*'8+&#24<(8'27&BB$'(2E8(2E89282E8'92$'2'*8#B,2*A*#,2 &0@#02,(#$'80*,*'")'%"!*3(#4'&*,6+0$AB+*3($*4'3*@0&3($0"#'$%($'%(4'!(4*'0$'$"'$%*' C+*&04*#$9&'4*&-'0#'+*,*#$'A*(+&D''E($*3A.'!6,%'")'%*+')",6&'%(&'7**#'0#'%"1'$"'+*&8"#4' $"'$%*'$%+*($'$"'/!*+0,(#9&',"!86$*+'#*$1"+-&'(#4'0#)+(&$+6,$6+*D''=%*'F*#($"+'40&,6&&*&' $%*&*'*))"+$&')6+$%*+'0#'(#'*&&(A'"#'$%*'0!8"+$(#,*'")';C+*:*#$0#@'('>A7*+'GHIID? Q*28B(&2B&&V28+2+E*2(+8+*2&W2$'+*BB$-*')*2#*W&#H2!$+E2W&#H*#2J'+*BB$-*')*27&HH$++**2 7E8$#H8'2S*+*2b&*V(+#8P28'92+E*2(+8+*2&W28$#B$'*2(*)<#$+,2!$+E28<+E&#28'928A$8+$&'2 (*)<#$+,2*d%*#+2Z#$8'2\$)E8*B2X*'V$'("22D*''*((**27&'-#*((H8'2X&E'2R<')8'28#-<*(2 $%($'0$9&'$0!*')"+'JDFD')"+,*&'$"'3*(:*'/)@%(#0&$(#.'1%03*'>(+3'F,%+(!!'")'$%*'K(6))!(#' G&<'98+$&'2*d%B8$'(2!E,2*)&'&H$)2-#&!+E2f2&#P28(2E*2)8BB(2$+P2*d%*9$+$&'8#,2*)&'&H$)(2 f2)8'2%B8,282A$+8B2#&B*2$'2)&<'+*#$'(<#-*'),28'92=*282W&#)*2W&#2-&&9"2 /#4'L"M'N*1&',"!!*#$($"+'O(+@(+*$'P"":*+.'(6$%"+'")'('#*1'7""-'"#'/!*+0,(9&' H$BB*''$8B2-*'*#8+$&'P2B&&V(28+2E&!2+E*(*2,&<'-2`H*#$)8'(2!*#*2$H%8)+*92=,205CC28'92 +E*2B*((&'(2W&#2+E*2a:S2+&98," Q*2E&%*2,&<2*'U&,2+E$(2*9$+$&'2&W2+E*2*(%+,28'9P28(28B!8,(P2*')&<#8-*2,&<2+&2!#$+*2 <(28+2*9$+&#T#$%&'(&)$*+,"&#-2!$+E28',2+E&<-E+(2&#2)&HH*'+(2,&<2H8,2E8A*" 2 2 2
2 2 2
2 2 2
2 2 2
2 2 2
FJS:K2G:F3\2224<HH*#2M@CC
2 2 2
O&<2]$)V8# c9$+&# !"#$%&'()$*(%+, ?
7&A*#24+&#,
'()*++,./0%1/0
H&-D(-#H=N#;J(*0 >/A(#4&J(-'#+/'?9''(' 1/'#-&%(#)'#$1)/-D)*#&:#01( 6&9'(#N*0(%%/J(*?(#$&DD/00(( )*+#01(#(::&-0#1(#/'#%()+/*J 0&#"-(K(*0#)*&01(-#OPMM
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g
P0+3!&))/!3*+!,;F*.'!,2;#!&3'!B):'(+!_).&(*2'#!*6! D)0!H,2&!&)!.,99!*&!&3,&#!H'2&!)2!&)!C'.)5'!)2'!)6!&3'! 1(*2.*1,9!5',2+!CD!H3*.3!&3'!\C,5,!=;5*2*+&(,&*)2! 3,+! &,/'2! &3'! ^:3&! &)! &3'! '2'5D! *2! &3,&! 1,(&! )6! &3'! H)(9;>! ! ?3'! +&)(D! *990+&(,&'+! 2)&! L0+&! B):'(+G! :(,+1! )6!*2&'99*:'2.'!*++0'+#!C0&!3*+!`C))&+!)2!&3'!:()02;a! ,11(),.3! &)! +)9F*2:! &3'! .3,99'2:'+! H'! 6,.'! *2! &3,&! ,(',>! ! 8&! *+! ,2! ,11(),.3! 3'! 3)2';! H3*9'! +'(F*2:! ,+! ,2!)b.'(!*2!&3'!K>A>!=(5D#!,2;!&3'2!9,&'(!,+!,2!OP8! =:'2&!*2F'+&*:,&*2:!.)((01&*)2!*2!43*.,:)>! /012' 12&' 3412' 56607&-85-9' ":' 12&' ;&<1&%,&-' 33*' $%%"#! &'(()(*+&! ,-,./+! 01)2! 0+#! &3'! -"./,! ('.'2&9D! ,+/';!B):'(+!,C)0&!3*+!()9'!,+!43,*(5,2!)6!&3'!7)0+'!
FJS:K2G:F3\2224<HH*#2M@CC
Z<+2 J2 8B(&2 =*B$*A*2 +E8+2 +E*2 (+#<)+<#8B2 #*W&#H(2 +&2 &<#2 $'+*BB$-*')*2)&HH<'$+,2+E8+2=*-8'28W+*#205CC2f2$')B<9$'-2 +E*2 S8+#$&+2 `)+P2 +E*2 J'+*BB$-*')*2 F*W&#H2 8'92 D*##&#$(H2 T@?& & +/& "H%& <"H,(%)& /6K$%& ("C6)& (G6,& 4(& E6/& ",& S#*A*'+$&'2`)+2 &W2 M@@gP2 8'92 +E*2 GJ4`2`H*'9H*'+(2`)+2 f2!*#*2$'9**92E*B%W<B2+&2+E*2(<))*((2&W2+E*2H$(($&'"22DE*2 1)2')$A)0"B!5"!CCBD""EF"<:5"G(HD QT?& & ;*(P2 J2 =*B$*A*2 !*2 8#*2 (8W*#2 +E8'2 !*2 !*#*2 &'2 (+#<)+<#8B2#*W&#H(2E*B%*92%<(E28B&'-2V*,2)<B+<#8B2)E8'-*(2 $'2 +E*2 )&HH<'$+,2 f2 8BB&!$'-2 W&#2 -#*8+*#2 )&HH<'$)8+$&'2 4*%+*H=*#2CMP2M@@CP2W&#2(*A*#8B2#*8(&'(" G$#(+P2 !*2 B*8#'*92 +E*2 E8#92 !8,2 +E8+2 +E*2 9#8(+$)2 )<+(2 8'92 $'+*-#8+$&'2 8H&'-2 8-*')$*(P2 8'92 8'2 8=$B$+,2 +&2 =#$'-2 +&2+E*29*W*'(*28'92$'+*BB$-*')*2=<9-*+(2$'2+E*2C00@(2!*#*2 +&-*+E*#2 8BB2 $'+*BB$-*')*2 8'92 H$B$+8#,2 8((*+(2 +&2 8)E$*A*2 <'!$(*28'92B*92+&2`H*#$)82=*$'-2W8)*92!$+E2<'9<*2#$(V(2+&2 H$(($&'(2(<))*(("22 =%*' ,+*($0"#' ")' R)2,*' ")' $%*' S0+*,$"+' ")' N($0"#(3' &<#2'8+$&'8B2(*)<#$+,"222J'2+E*2,*8#(2($')*205CCP2!*2)&##*)+*92 +E8+2%#&=B*HP28'92W&#2+E*2B8(+2C@2,*8#(P2!*2E8A*2$'A*(+*92 J'+*BB$-*')*P2 W&#2 *d8H%B*P2 '&+2 &'B,2 *')&<#8-*92 +E8+2 +E*2#*(&<#)*(2'*)*((8#,2+&2H8V*2(<#*2`H*#$)82#*H8$'(2+E*2 $'+*-#8+$&'P2=<+2$+28B(&2W#**92<%2+E*2R$#*)+&#2&W2+E*27*'+#8B2 J'+*BB$-*')*2`-*'),2+&2W&)<(2*d)B<($A*B,2&'2+E*2&%*#8+$&'8B2 9&H$'8'+2W&#)*2$'2+E*2!&#B9"2 Q*2E8A*28B(&2B*8#'*9282-#*8+29*8B28=&<+2E&!2+&2)&'9<)+2 !0&&0"#'")'$%*'/@*#,AD''/#4'(&'1*'-#"1.'S0+*,$"+'C(#*$$(9&' H$B$+8#,2 8'92 $'+*BB$-*')*2 &%*#8+$&'(2 8#&<'92 +E*2 !&#B9"22 W&)<(28'92*'*#-,2!*#*28B(&282V*,2*B*H*'+2&W2+E*2(<))*((W<B2 `'9P2 &W2 )&<#(*P2 !*2 '&!2 E8A*2 +E*2 H&(+2 )&H=8+LE8#9*'*92 H$(($&'"2 2 H$B$+8#,2($')*2Q&#B92Q8#2JJ2f2 T@?& & R$,$%6-& Y6#4C& 8'92 +E*2 (V$BB2 8'92 V'&!B*9-*2 3$(%6$H/& 4/& >,"E,& +E8+2+E$(2-*'*#8+$&'2!$BB2=#$'-2 0G$&74,&J6C$,&%64C&G45G-45G(/& 6/& /"=$(G4,5& "K& 6& +&2 W<+<#*2 +E#*8+(2 $(2 ($H%B,2 (H%,6%"H,C& $N1$%(& Z& (G$&%$=6%>67-$&16(4$,<$&6,C& $HH*8(<#8=B*"22 G$& (H%,$C& 6%"H,C& 4*)&'9P2 !*2 8B(&2 B*8#'*92 />4--&"K&"H%&4,($--45$,<$&6,C& "1$%6(4",/& 4,& +%6[& 8W+*#2 05CC2 +E8+2 &<#2 '8+$&'8B2 =4-4(6%)&1%"K$//4",6-/&]&^H(&+& 6,C& =6C$& (G$=& 6& (*)<#$+,2 =<#*8<)#8),2 ($H%B,2 <;OO)<<5" '()3" G)3'" ':" 1(&#9$' 4*&0@#*4' $"' ,"#)+"#$' 6-/"&7$-4$#$&(G6(&(G$&/(%H<(H%6-& FK5G6,4/(6,& 6,C& E6/& MC(+2 )*'+<#,2 +E#*8+("2 2 J'2 +E*2 %$K"%=/&("&"H%&4,($--45$,<$& 6<G4$#4,5&/4=4-6%&%$/H-(/& $'+*#A*'$'-2,*8#(P2 !*2 %8((*92 O:$$;3%'H"'(+'"A)4+3"+I)0" 7$K"%$&G$&E6/&611"4,($C& B8!(2 f2 $')B<9$'-2 +E*2 S8+#$&+2 Y4%$<("%& "K& (G$& !$,(%6-& `)+P2 +E*2 J'+*BB$-*')*2 F*W&#H2 89::&E$%$&4,C$$C&G$-1KH-&("&(G$& +,($--45$,<$& F5$,<)S&& 8'92 D*##&#$(H2 S#*A*'+$&'2 /H<<$//&"K&(G$&=4//4",S Y"$/& G4/& 611"4,(=$,(& `)+2 &W2 M@@gP2 8'92 +E*2 GJ4`2 0)R)O'" '()" F+O'" '(+'" '()" `H*'9H*'+(2 `)+2 f2 +E8+2 !+F& ,$$C/& \(H%,$C& 899#*((*92+E&(*2%#&=B*H(28'92 !*#*29*($-'*92+&2$'+*-#8+*2$'+*BB$-*')*P2=#*8V29&!'2!8BB(P2 +0:;3&S" +<" G)--5" :0" %<" %'" $:0)" +" 0)R)O'%:3" :F" '()" 8'92 *')&<#8-*2 =*++*#2 )&&#9$'8+$&'2 8'92 )&HH<'$)8+$&'2 5%"E4,5&/),$%5)&7$(E$$,&=4-4(6%)&6,C&4,($--45$,<$& "1$%6(4",/& 6/& F=$%4<6& <",K%",(/& 6& KH(H%$& "K& 8H&'-28-*')$*("2 QE$B*2 J2 =*B$*A*2 +E$(2 $(2 (+$BB2 82 !&#V2 $'2 %#&-#*((P2 6/)==$(%4<&E6%A QT?' 2 a*'*#8B2 R8A$92 S*+#8*<(2 E8(2 8)E$*A*92 $%*' 0#$*330@*#,*' ,"!!6#0$A' %(&' !(4*' &0@#02,(#$' +#8'(W&#H8+$&'(2 $'2 +E*2 B8(+2 W*!2 ,*8#(P2 8'92 J2 =*B$*A*2 +E8+2 #*H8#V8=B*2(<))*((2$'2=&+E2J#8e28'92`W-E8'$(+8'"22J'2W8)+P2 %#&-#*((2!$BB2&'B,2)&'+$'<*28(2B&'-28(2!*2*'(<#*2+E8+2*A*'2 %*'%(&'&6,,**4*4'($'*:*+A'8"&0$0"#'%*9&'%*34'$%+"6@%"6$'%0&' 0#' $%0&' $0!*' ")' 2&,(3' ,"#&$+(0#$.' 1*' 4"#9$' 0#(88+"8+0($*3A' *(+**H*92)8#**#P28'92J2E8A*2'&29&<=+2E*2!$BB2(<))**928+2+E*2 `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`H*#$)8'2%*&%B*"22`(2+E*2=$'2O89*'2#8$92(E&!*9P2+E*#*2$(2 )$6%A& QT?& 2 DE*2 =$'2 O89*'2 #8$92 E$-EB$-E+(2 +E*2 #*H8#V8=B*2 $'9**9282-#&!$'-2(,'*#-,2=*+!**'2H$B$+8#,28'92$'+*BB$-*')*2 %8+$*')*2 8'92 (V$BB2 &W2 &<#2 $'+*BB$-*')*2 8'92 H$B$+8#,2 &%*#8+$&'("2`'928(2)&HH8'9*#2&W23"4"2W&#)*(2$'2=&+E2J#8e2 8+")*&&0"#(3&' Q' 1*' &%"634' 2+&$' ,+*40$' $%*' *M8*+$0&*' (#4' 8'92`W-E8'$(+8'P2 a*'*#8B2 S*+#8*<(2 E8(2 =**'2 82 E$-ELB*A*B2 =#8A*#,2 &W2 +E&(*2 $'9$A$9<8B("2 2 Q$+E&<+2 +E*HP2 +E*2 3"4"2 )&'(<H*#2&W2$'+*BB$-*')*28'9282%8#+'*#2!$+E2+E*2$'+*BB$-*')*2 )&HH<'$+,2$'2&<#2*WW&#+(2&A*#(*8("2 ,"634#9$'83(#'&6,%'!0&&0"#&'0#'$%*'2+&$'0#&$(#,*D'' 82&'99*:'2.'!4)55*-''#!,2;!&3'!'<)(&!3'!*+!9',;*2:!&)! 1('F'2&!,2)&3'(!RS""!6()5!)..0((*2:>
FJS:K2G:F3\2224<HH*#2M@CC
1
a$A*'2+E8+2#*8B$+,P2E$(2%*#(%*)+$A*28'92*d%*#$*')*(2 !$BB2(*#A*2E$H2!*BB28(2+E*2'*d+2R$#*)+&#"2222
1*'4"'2#(33A'3*(:*D''/#4.'0#'@*#*+(3.'1*'&%"634'#"$'8633' +#&&%(2&<+2&W2+E*8+*#2=*W&#*2+E*2)&'9$+$&'(2&'2+E*2-#&<'92 !8##8'+2+E*$#29*%8#+<#*"22 D&2 9&2 (&2 (*'9(2 +E*2 !#&'-2 H*((8-*2 +&2 =&+E2 &<#2 W#$*'9(28'92&<#2*'*H$*(2+E8+2+E*23'$+*924+8+*(2!$BB2'&+2 (+8,2 +$BB2 +E*2 *'9"2 2Q*2 )8''&+2 B*+2`W-E8'$(+8'2 =*2 +<#'*92 &A*#P2&')*28-8$'P2+&2*d+#*H$(+(28'92+*##&#$(+2-#&<%("22
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b&<(*2 QT?& ! 8! ,5! ,9(',;D! .)2.'(2';! &3,&! &3'! S*#H8'*'+24*B*)+27&HH$++**2&'2J'+*BB$-*')*2$'2X8'<8#,2 =;5*2*+&(,&*)2!('9*'+!&))2E*8A$B,2&'2B8!2*'W&#)*H*'+2 &W2+E$(2,*8#P2&'*2&W2H,2+&%2%#$&#$+$*(2!8(2+&2#*8((*#+2+E*2 H*+E&9(2 !E*'2 )&H=8+$'-2 &<#2 *'*H$*("2 2 G&#2 *d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b&<(*2%8((*(2 )&H%#*E*'($A*2 9*+*'+$&'2 *8)E2 ,*8#"2 2 J+2 %#&A$9*(2 (,(+*H2 +E8+2 !&<B92 8BB&!2 8'92 8BB&)8+*(2 #*(&<#)*(2 +&2 <(2 +&2 =*++*#2 $')8%8)$+8+*2 )#$+$)8B2 '8+$&'8B2 (*)<#$+,2 8'92 $'+*##&-8+*2 +*##&#$(+(2 %#&-#8H(P2 $')B<9$'-2 +E&(*2 )8%+<#*928=#&89"22 +E8+2 9*+*)+P2 %#*A*'+P2 8'92 J2 +E$'V2 H&(+2 %*&%B*2 9$(#<%+2 %&+*'+$8B2 +*##&#$(+2 #*8B$Y*2+E8+2!*2)8''&+2#*+<#'2 8++8)V(2 8-8$'(+2 +E*2 +&2 82 B8!L*'W&#)*H*'+L&'B,2 `H*#$)8'2%*&%B*"22 H*+E&92 &W2 9*8B$'-2 !$+E2 DE*2 J'+*BB$-*')*2 +&6=&6-%$6C)&<",<$%,$C&(G6(&(G$& +*##&#$(H"2 2 Q*2 B*8#'*92 `<+E&#$Y8+$&'2`)+2&W2M@CC2 FC=4,4/(%6(4",&%$-4$/&(""&G$6#4-)& +E&(*2B*((&'(2$'2+E*2C00@(P2 E8(2 8B#*89,2 =*)&H*2 B8!P2 ",&-6E&$,K"%<$=$,(&=$(G"C/& !E*'2 !*2 $-'&#*92 +E#*8+(P2 1%0,%' 1(&' (' &"304' 2+&$' W8$B*92 +&2 #*(%&'92 e<$)VB,2 (+*%2W&#27&'-#*((28'92+E*2 EG$,&<"=76(4,5&"H%&$,$=4$/S 8'92 H$B$+8#$B,2 !E*'2 !*2 J'+*BB$-*')*2 7&HH$++**(2 !*#*2+8#-*+*9P28'92W&)<(*92 $'2#*8((*#+$'-2+E*$#2%#&%*#2 8BH&(+2*d)B<($A*B,2&'2=#$'-$'-2+*##&#$(+(2+&2+#$8B"22DE8+2 #&B*2&A*#(**$'-2+E*2$'+*BB$-*')*2)&HH<'$+,"22`'92!*28#*2 8%%#&8)E29$92'&+2!&#VP2$+29$92'&+2V**%2`H*#$)82(8W*P28'92 !*BB2 &'2 &<#2 !8,2 +&2 82 M@CM2 =$BB2 f2 $+2 E8(2 8B#*89,2 %8((*92 $+2$'A$+*92&'B,2H&#*2#$(V2$'2+E*2W<+<#*"22:<#2)&HH$++**2 +E#&<-E2 +E*2 7&HH$++**P2 8'92 !*2 *d%*)+2 $+2 +&2 =*2 &'2 +E*2 1033'7*'1($,%0#@',(+*)633A'$"'!(-*'&6+*'1*'4"#9$'+*$6+#' b&<(*2GB&&#2(&&'"222J2!$BB2!&#V2+&2)&'+$'<*2+E$(2(<))*((2 +&2+E8+2H&9*B" +E#&<-E&<+2H,2+*'<#*" /&' $"' /)@%(#0&$(#' &8*,02,(33A.' <' 4"' 7*30*:*' $%($' U*#*+(3' C*$+(*6&9' (88+"(,%' 0#'/)@%(#0&$(#' 0&' $%*' +0@%$' T@?& & P"E& =H<G& C4C& )"H%& 76<>5%"H,C& 6/& 6,& &'*2 8'92 !*2 (E&<B92 (+$)V2 !$+E2 $+"2 2 S#*)$($&'2 &%*#8+$&'(2 @^+&65$,(&G$-1&1%$16%$&)"H&K"%&(G4/&%"-$A 8#*2 &W2 )&<#(*2 %8#+2 &W2 &<#2 )&<'+*#L$'(<#-*'),2 (+#8+*-,2 QT?'24*#A$'-28(2824%*)$8B2`-*'+2!$+E2+E*2GZJ2!8(2 f2 $+2 =#$'-(2 +&-*+E*#2 H$B$+8#,2 (%*)$8B2 &%*#8+$&'(2 8'92 8'2 $'A8B<8=B*2 *d%*#$*')*"2 J2 E892 +E*2 -&&92 W&#+<'*2 +&2 $'+*BB$-*')*2%#&W*(($&'8B(2+&2V$BB2&#2)8%+<#*2&<#2*'*H$*(2 !&#V2&#-8'$Y*92)#$H*28'92%<=B$)2)&##<%+$&'2$'27E$)8-&"2 !$+E2+E*2-&8B2&W29*(+#&,$'-2+E*$#2'*+!&#V28'92*A*'+<8BB,2 DE8+2!8(2+E*2=*(+2*9<)8+$&'2,&<2)8'2-*+2W&#2U<(+28=&<+2 W&#)$'-2+E*$#2(<##*'9*#" 8',+E$'-2 B*+2 8B&'*2 +E*2 b&<(*2 J'+*BB$-*')*2 7&HH$++**"22 <'%(:*'+*(3',"#,*+#&'(7"6$'$%*'C+*&04*#$9&'(##"6#,*4' `(2 )E8$#H8'P2 J2 !&#V2 #*-<B8#B,2 !$+E2 +E*2 J'+*BB$-*')*2 +#&&%2 9#8!9&!'2 8'92 +E*2 %8)*2 &W2 &<#2 9*%8#+<#*"2 2 DE*2 >"!!6#0$A' 3*(4*+&%08.' 30#*' ")2,*+&' (#4' (#(3A&$&' (&' -8$'(2 $'2 `W-E8'$(+8'2 E8A*2 =**'2 E8#9LW&<-E+P2 8'92 J2 !*BB" =*B$*A*2 !*2 H<(+2 )&'+$'<*2 +&2 =<$B92 &'2 +E8+2 (<))*((2 8(2 OA' *(+3A' *M8*+0*#,*' 0#' 2*34' 1"+-' @0:*&' !*' (' 1*'$+A'$"'@0:*'$%*'/)@%(#&'(',%(#,*'$"'233'$%*'@(8'1%*#' 7*$$*+'6#4*+&$(#40#@'")'$%*'8*+&8*,$0:*'")'2*34'")2,*+&' /
FJS:K2G:F3\2224<HH*#2M@CC
7*' %6@*.' (#4' $%*' 4(!(@*' $"' /!*+0,(9&' *,"#"!A' (#4' -*'*#8B2(&)$8B2)&E*($&'2!&<B92=*29*A8(+8+$'-"22`'92$+2$(2 0#,6!7*#$'68"#'$%*',"6#$+A9&'3*(4*+&'$"'4"'(33'$%*A',(#' +&2V**%2+E$(2+E#*8+2W#&H2=*)&H$'-282#*8B$+,"22J'2W8)+P2+E$(2 $%+*($' *M83(0#&' !6,%' ")' $%*' 0#$*330@*#,*' ,"!!6#0$A9&' *))"+$&'(+"6#4'$%*'1"+34')"+'$%*'8(&$'$*#'A*(+&D''V*9:*' !&#V*92 +&2 V**%2 +E&(*2 !*8%&'(2 &<+2 &W2 +E*2 E8'9(2 &W2 H$B$+8'+(28'92V**%2+E&(*2*d+#*H$(+(2&<+2&W2`H*#$)8"22Q*2 H<(+2 )&'+$'<*2 +&2 =<$B92 &'2 >7T" " 7%3+--H5" G(+'" &<#2 (<))*((2 $'2 J#8e2 8'92 (G%$6(& ="%$& (G6,& 6,)& .3)"'(0)+'":F"$:<'"O:3O)03" `W-E8'$(+8'2 8'92 *'(<#*2 "(G$%& >$$1/& )"H& H1& 6(& +E8+2 '&2 )&<'+#,2 =*)&H*(2 0)$+%3<"'()"0%<P":F"3;O-)+05" ,45G(A 82+*##&#$(+2(8W*2E8A*'"22Q*2 QT?& 2 `(2 7E8$#H8'2 74"-"54<6-&"%&<G$=4<6-&E$61",/& H<(+2 )&'W#&'+2 +E*2 '<)B*8#2 &W2 +E*2 b&<(*2 J'+*BB$-*')*2 4,&(G$&G6,C/&"K&6&($%%"%4/(&"%& 8H=$+$&'(2 &W2 J#8'2 8'92 7&HH$++**P2 J2 B*8#'2 $'2 9*+8$B2 K&#+E2 ^&#*82 8'92 !&#V2 +&2 8=&<+2 +E*2 H8',2 +E#*8+(2 ($%%"%4/(&5%"H1&(G6(&%$6<G$/& (+&%2 '<)B*8#2 %#&B$W*#8+$&'2 W8)$'-2&<#2)&<'+#,"22J+2H8V*(2 F=$%4<6./&/G"%$/S $'2-*'*#8B"22 B$++B*2 (*'(*2 +&2 #8'V2 +E*(*2 Q*2 H<(+2 )&'+$'<*2 +E*2 +E#*8+(2f28(2!*2H<(+2#*H8$'2 2@%$' (@(0#&$' /3' W(*4(' A$-$B8'+2 8'92 W&)<(*92 &'2 (#4' ()230($*4' )"+,*&.' 1%03*' #"$' 7*,"!0#@' !A"80,(33A' *8)E"2 2 Z<+2 J2 +E$'V2 &'*2 +E#*8+2 &W2 H&(+2 )&')*#'2 #*H8$'(2 )",6&*4'"#'"#3A'$%*'$%+*($'8"&*4'7A'/3'W(*4(D'' +E*2 #$(V2 &W2 '<)B*8#P2 =$&B&-$)8B2 &#2 )E*H$)8B2 !*8%&'(2 $'2 J'2 -*'*#8BP2 !*2 H<(+2 #*H8$'2 $'A&BA*92 $'2 +E*2 8WW8$#(2 +E*2 E8'9(2 &W2 82 +*##&#$(+2 &#2 +*##&#$(+2 -#&<%2 +E8+2 #*8)E*(2 &W2 +E*2 !&#B9h2 W&#2 +<#'$'-2 &<#2 =8)V(2 &'2 +E*2 !&#B92 &'B,2 /!*+0,(9&'&%"+*&D'' $'A$+*(2H&#*2#$(V28'92H&#*2)&(+(29&!'2+E*2#&89"2222222T@ JW2(<)E28'2*A*'+2!*#*2+&2&))<#P2+E*29*8+E2+&BB2)&<B92 1%*#' 0$' ,"!*&' $"' $%*' ,%(33*#@*&' (#4' 40)2,63$0*&' $%*A' W8)*2&'2+E*2W#&'+2B$'*("22J+2E8(2E*B%*929*A*B&%282H<+<8B2 #*(%*)+2 =*+!**'2 H*2 8'92 +E*2 H*'2 8'92 !&H*'2 !E&2 9*9$)8+*2 +E*$#2 B$A*(2 +&2 V**%$'-2 `H*#$)82 (8W*"2 J2 )8'2 (%*8V2 W#&H2 *d%*#$*')*2 8'92 (%*8V2 +E*$#2 B8'-<8-*"2 DE8+2 H8V*(2W&#2=*++*#P28'92H&#*28))<#8+*P2&A*#($-E+2W#&H2+E*2 ,"!!0$$**9&'8*+&8*,$0:*D''
DTCC IS A PROUD MEMBER OF THE RIPON SOCIETY The family of companies that comprises The Depository Trust & Clearing Corporation (DTCC) helps automate, centralize, standardize and streamline processes that are critical to the safety and soundness of the capital markets. We are committed to growing and protecting global financial markets by mitigating risk, enhancing transparency and reducing costs. To learn more, please visit www.dtcc.com or contact: Dan Cohen - The Depository Trust & Clearing Corporation 601 - 13th Street, NW, Suite 580 South Washington, D.C. 20005 (202) 383-2675
FJS:K2G:F3\2224<HH*#2M@CC
6
3%$#$,(4,5 6&!)7$%&89:: ?3'!Q'J&!E(',&!43,99'2:'!]'!O,.' AKA=Q!4\cc8QA cA*#2 ($')*2 4*%+*H=*#2 CCP2 M@@CP2 `H*#$)8'(2 E8A*2 !&##$*92 8'92 !&'9*#*92 8=&<+2 +E*2 '*d+2 +*##&#$(+2 8++8)V"22 =%*'X6*&$0"#&'")';1%*#?'Q'$%*'F68*+'Y"13'"+'46+0#@'(#' "+40#(+A'!"+#0#@',"!!6$*Z'Q'(#4';1%"?'Q'('&X6(4'")' +#8$'*92+*##&#$(+(2&#2B&'*2!&BWj2f28#*2+E*2)8<(*2&W2H<)E2 (%*)<B8+$&'28'92+E*&#$Y$'-" `(2 82 B*89*#2 &W2 +E*2 4*'8+*2 b&H*B8'92 4*)<#$+,2 7&HH$++**P2 J2 8H2 )&HH$++*92 +&2 +8V$'-2 8)+$&'2 &'2 *A*#,2 %&(($=B*2 8'(!*#2 +&2 +E&(*2 $H%&#+8'+2 e<*(+$&'("2 2 J'2 899$+$&'P2 8'&+E*#2 e<*(+$&'2 +E*2 7&HH$++**2 )&'(+8'+B,2 %#&=*(2 $(2 ;1%($?' Q' (' 40+$A' 7"!7.' %6#$0#@' +0T*.' "+' (#A$%0#@' 0#' 7*$1**#D' ' YA' *d%B&#$'-2 +E$(2 e<*(+$&'2 W#&H2 *A*#,2 )&')*$A8=B*2 8'-B*P2 !*2 (+#$A*2 +&2 )B&(*2 +E*2 -8%2 =*+!**'2 +E#*8+(2 8'92 &<#2%#*%8#*9'*((" S*#E8%(2 +E*2 =$--*(+2 -8%2 *d$(+(2 0#'1%($'!(A'1*33'7*'$%*'7($$3*2*34' &W2 +E*2 MC(+2 7*'+<#,2 f2 ),=*#(%8)*"22 <#' )(,$.' "6+' !030$(+A' ")2,0(3&' #"1' 4*&,+07*' ,A7*+&8(,*' (&' $%*' 2)$%' 9&H8$'2&W2!8#P2$'2899$+$&'2+&2B8'9P2 (*8P2 8$#2 8'92 (%8)*"2 Z<+2 ),=*#(%8)*2 $(2 <'$e<*P2 +E*,2 '&+*P2 =*)8<(*2 $+2 $(2 $%*' "#3A' 7($$3*2*34' 0#:*#$*4' 7A' E<H8'(" `'92 +E*2 =8++B*2 $(2 8#-<8=B,2 8B#*89,2 <'9*#!8,"2 2 F*)*'+2 8++8)V(2 +(#@*' )+"!' 0#$+6&0"#&' 0#$"' F"#A9&' &'LB$'*2-8H$'-2'*+!&#V2+&2+E*2B8#-*(+2 3"4"2 H$B$+8#,2 )&'+#8)+&#"2 2 b8)V*#(2 =8(*92 $'2 7E$'82 #*%&#+*9B,2 -8$'*92 8))*((2 +&2 E<'9#*9(2 &W2aH8$B28))&<'+(P2$')B<9$'-2(&H*2=*B&'-$'-2+&2(*'$&#2 JDFD'@":*+#!*#$'")2,0(3&'(#4'!030$(+A'8*+&"##*3D DE*2 8''<8B2 )&(+2 &W2 ),=*#)#$H*2 !&#B9!$9*2 E8(2 )B$H=*92+&2H&#*2+E8'2.C2+#$BB$&'2k22=$BB$&'(2&W29&BB8#(2 (##6(33A'0#'$%*'J#0$*4'F$($*&D'''/$'%0&'F*#($*',"#2+!($0"#' E*8#$'-2$'2X<'*P2R*W*'(*24*)#*+8#,2O*&'2S8'*++82!8#'*92 +E8+2+E*2l'*d+2S*8#B2b8#=&#2!*2)&'W#&'+2)&<B92A*#,2!*BB2 =*2 82 ),=*#8++8)V2 +E8+2 )#$%%B*(2 &<#2 %&!*#2 (,(+*H(P2 &<#2 @+04.' "6+' &*,6+0$A' &A&$*!&.' "6+' 2#(#,0(3' &A&$*!&.' "6+' @":*+#!*#$(3'&A&$*!&D? i
7B*8#B,P2 +E*2 J'+*#'*+2 H<(+2 =*2 H89*2 H&#*2 (*)<#*P2 =<+2$'282H8''*#2+E8+2%#&H&+*(2)&'+$'<*92$''&A8+$&'28'92 9&*(2'&+2$'W#$'-*2&'2&<#2)&'(+$+<+$&'8B2#$-E+(2+&2#*)*$A*2 $'W&#H8+$&'28'92*d%#*((2A$*!(" C+*&04*#$'O67(+(-9&'(,$0"#&'0#'[(#6(+A'$"'&%6$'4"1#' +E*2 J'+*#'*+2 $'2 c-,%+2 8'92 +E*2 )<##*'+2 ),=*#L)*'(&#(E$%2 $H%&(*92 =,2 S#*($9*'+2 `((892 $'2 4,#$82 !*#*P2 8'92 8#*P2 8++8)V(2&'2W<'98H*'+8B2E<H8'2#$-E+("22G#**9&H2&W2(%**)E2 H<(+2=*2%#&+*)+*9P28'92+E*$#2=8'(28#*2)B*8#B,29*($-'*92+&2 B$H$+2)#$+$)$(H2&W2&#28)+$&'28-8$'(+2 &%%#*(($A*2-&A*#'H*'+(" O8(+2 ,*8#P2 4*'8+&#(2 X&*2 O$*=*#H8'P2 D&H2 78#%*#P2 8'92 J2 $'+#&9<)*92 B*-$(B8+$&'2 +&2 &$+*#@$%*#' $%*' @":*+#!*#$9&' *WW&#+(2 +&2 (8W*-<8#92 3"4"2 ),=*#L '*+!&#V(2W#&H28++8)V28'92%#*A*'+2 %#*($9*'+$8B2 &A*##*8)E"2 DE8+2 =$BB2 !8(2 <'8'$H&<(B,2 8%%#&A*92 =,2 +E*2 4*'8+*2 b&H*B8'92 4*)<#$+,2 7&HH$++**"2 J'2 X<'*P2 !*2 $'+#&9<)*92 82 '*!2 A*#($&'2 !$+E2 (+#&'-*#P2 H&#*2 *d%B$)$+2 %#&A$($&'(2 +E8+2 !&<B92 %#*A*'+2 +E*2 S#*($9*'+2 W#&H2 *A*#2 (E<++$'-29&!'2+E*2J'+*#'*+" \&(+2 $H%&#+8'+B,P2 &<#2 =$BB2 1"634' !(-*' /!*+0,(9&' ,+0$0,(3' 8((*+(2(8W*#"2:<#2=$BB2!&<B9>2 c(+8=B$(E2 82 ),=*#(*)<#$+,2 B*89*#2 !$+E$'2 +E*2 R*%8#+H*'+2 &W2 b&H*B8'92 4*)<#$+,2 !E&2 !&<B92 E8A*2+E*28<+E&#$+,2+&2)&&#9$'8+*2%&B$),28'92+&2H8'98+*2 %#&+*)+$A*2H*8(<#*(28)#&((28BB2W*9*#8B2)$A$B$8'28-*')$*("2 DE$(2 B*89*#2 !&<B92 E*892 82 '*!2 K8+$&'8B2 7,=*#(*)<#$+,2 7*'+*#2 k2 H<)E2 B$V*2 +E*2 K8+$&'8B2 7&<'+*#+*##&#$(H2 7*'+*#2 k2 +E8+2 !&<B92 =#$'-2 +&-*+E*#2 *d%*#+$(*2 W#&H2 8)#&((2+E*2W*9*#8B2-&A*#'H*'+" S#&H&+*2$'W&#H8+$&'L(E8#$'-2&'2),=*#2A<B'*#8=$B$+$*(2 8'92 %#&+*)+$A*2 H*8(<#*(P2 9$(+#$=<+$'-2 98+82 +&2 W*9*#8BP2 (+8+*P2 B&)8B2 8'92 +#$=8B2 -&A*#'H*'+(2 8'92 %#$A8+*L(*)+&#2 (+8V*E&B9*#(" 7#*8+*2 $')*'+$A*(2 W&#2 +E*2 %#$A8+*2 (*)+&#2 +&2 9*A*B&%2
FJS:K2G:F3\2224<HH*#2M@CC
,A7*+&*,6+0$A';7*&$'8+(,$0,*&D? k2 8#*2 B$V*B,2 +&2 *d%B&$+P2 8++8)V2 8'92 9*(+#&,2 +E*H"2 C+":04*' &8*,02,' (6$%"+0$A' $"' $%*' N($0"#(3' `H*#$)82H<(+2=*2%#*%8#*92+&2H**+2+E$(2*H*#-$'-2-B&=8B2 7,=*#(*)<#$+,2 7*'+*#2 k2 82 #$(VL=8(*9P2 )&BB8=&#8+$A*2 ),=*#2+E#*8+" H&9*B2k2+&2$9*'+$W,28'92H$+$-8+*2),=*#2A<B'*#8=$B$+$*(P2 Q*2 )8''&+2 8WW&#92 +&2 !8$+2 W&#2 82 l),=*#2 4*%+*H=*#2 !E*#*29$(#<%+$&'(2)&<B92#*(<B+2$'2)8+8(+#&%E$)2B&((2&W2B$W*2 CC+E?' 7*)"+*' "6+' @":*+#!*#$' 2#(33A' +*(30\*&' $%*' 8'92%#&%*#+," $H%&#+8')*2&W2%#&+*)+$'-2&<#29$-$+8B2#*(&<#)*(P2B$H$+$'-2 S#*A*'+2 +E*2 S#*($9*'+2 &<#2 A<B'*#8=$B$+$*(P2 "+' (#A' ")2,0(3' )+"!' 8'92 H$+$-8+$'-2 +E*2 W)"O+33:'"+X:0&"':"G+%'"F:0"+" (E<++$'-2 9&!'2 +E*2 )&'(*e<*')*(2 &W2 (G J'+*#'*+" %*'*+#8+$&'(2 &W2 &<#2 \<)7$%&'$1($=7$%&:: `&7$K"%$& DE$(2B*-$(B8+$&'2!&<B92 '*+!&#V(" :;0"4:/)03$)3'"@3+--H"0)+-%L)<" E*B%2 &<#2 '8+$&'2 =*2 =*++*#2 Q*2 H<(+2 =*2 #*89,"2 (G$&4=1"%(6,<$&"K&1%"($<(4,5&"H%& *e<$%%*92 +&2 8'+$)$%8+*P2 J+2 $(2 )#<)$8B2 +E8+2 !*2 =<$B92 '*<+#8B$Y*2 8'92 =<$B92 82 (+#&'-2 %<=B$)L%#$A8+*2 &%4%'+-"0)<:;0O)<5"-%$%'%34":;0" 899$+$&'8B2 (8W*-<8#9(2 %8#+'*#(E$%2 +&2 %#&+*)+2 /;-3)0+A%-%'%)<5"+3&"$%'%4+'%34"'()" 8-8$'(+2 ),=*#8++8)V("2 ),=*#(%8)*"2 J+2 $(2 82 A$+8B2 J+2 !&<B92 %#&+*)+2 +E*2 *'-$'*2&W2&<#2*)&'&H,P2&<#2 <",/$[H$,<$/&"K&1$,$(%6(4",/ *A*#L*A&BA$'-2 W#&'+$*#2 -&A*#'H*'+P2 &<#2 )&<'+#,2 "K&"H%&,$(E"%>/S &W2 ),=*#(%8)*P2 !E$)E2 8'92&<#2W<+<#*"22222222222222T@& *')&H%8((*(2 (&2 H<)E2 &W2 H&9*#'2B$W*28'92!$BB2&'B,2 -#&!2$'2$H%&#+8')*" "01%$'(/44*$1'+#5+#1#$&1'&)#'"&%&#'/6'7%*$#'*$'&)#' JW2 !*2 9&2 '&+2 =<$B92 89*e<8+*2 %#&+*)+$&'(2 $'+&2 &<#2 89"9' "#$%&#9' ' ")#' 1#+:#1' %1' ;%$<*$=' 7#,>#+' /6' &)#' W*9*#8B2 '*+!&#V(2 8'92 )#$+$)8B2 $'W#8(+#<)+<#*P2 H8B$)$&<(2 (/,,*&&##' /$' ./,#4%$?' "#@0+*&A' %$?' B/:#+$,#$&%4' E8)V*#(2 k2 $')B<9$'-2 '8+$&'L(+8+*(2 8'92 +*##&#$(+2 -#&<%(2 C66%*+19
FJS:K2G:F3\2224<HH*#2M@CC
0
+,($--45$,<$&!"=$76<>? -012$".$-+12+"&3 ZN?N!7\NdA?B=
'' 2 D&2 H8',2 &=(*#A*#(P2 +E*2 (<))*((W<B2 \8,2 #8$92 +E8+2 B*92 !*#*2 H89*2 +&2 )<+2 $'A*(+H*'+(2 $'2 $'+*BB$-*')*2 )8%8=$B$+$*("22 +&2 +E*2 9*8+E2 &W2 :(8H82 =$'2 O89*'2 H8#V*92 82 )&H*=8)V2 W&#2 `'92+E*2#*(<B+(2!*#*2)B*8#"2 +E*23'$+*924+8+*(2J'+*BB$-*')*27&HH<'$+,"224%*)$8B2G&#)*(2 /!*+0,(9&' (@0#@' ,"#&$*33($0"#' ")' &8A' &($*330$*&' 1"634' 6#4*+'$%*',"#$+"3'")'$%*'></'@(:*'/!*+0,('$%*'2#(3'&(A'0#'(' =*2 %<(E*92 =*,&'92 +E*$#2 9*($-'2 B$W*2 !$+E2 '&2 B&'-L+*#H2 &#2 ,%(8$*+'$%($'7*@(#'1%*#'/3'W(*4('($$(,-*4'$%*'%"!*3(#4'"#' )&H%#*E*'($A*2%B8'2W&#2#*%B8)*H*'+"22Q*2)<#+8$B*92E<H8'2 05CC"22`2=*B*8-<*#*92$'+*BB$-*')*2)&HH<'$+,2+E8+2&')*2!8(2 $'+*BB$-*')*2 )&BB*)+$&'P2 B*8A$'-2 B8#-*2 #*-$&'(2 &W2 +E*2 !&#B92 '&+2*e<$%%*92+&29*+*)+2+E*2*d+*'+2&W2 !$+E2W*!2$W28',28((*+(2$'2%B8)*P28'92 $%*' $%+*($' 8"&*4' 7A' (3BW(*4(' %(4' !*2 #*9<)*92 +E*2 E$#$'-2 8'92 +#8$'$'-2 !&#V*92 (*8HB*((B,2 +&2 *d*)<+*2 &'*2 ")'$%*',(&*'")2,*+&'1*',"6#$'"#'$"' &W2 +E*2 H&(+2 98#$'-2 8'92 (<))*((W<B2 #*)#<$+2(%$*("22DE*2=&++&H2B$'*2$(2!*2 #8$9(2$'2H&9*#'2+$H*(" !*#*2%*'',L!$(*28'92%&<'9LW&&B$(EP2 2 Q*2 E8A*2 )&H*2 82 B&'-2 !8,2 (#4' 0#' $%*' 8+",*&&.' 1*' &(,+02,*4' W#&H2 +E*2 9$(%$#$+*9P2 (+&A*L%$%*92 /!*+0,(9&' 2+&$' 30#*' ")' 4*)*#&*' "#' $'+*BB$-*')*2 )&HH<'$+,2 !*2 E892 $'2 +E*28B+8#2&W2=<9-*+2*d%*9$*')," 4*%+*H=*#2 M@@C"2 2 DE*2 )&BB8%(*2 &W2 DE*2 &+E*#2 H8U&#2 #*8(&'2 +E*2 4&A$*+2 3'$&'2 8'92 *'92 &W2 +E*2 +E8+2 $'+*BB$-*')*2 W8B+*#*92 $'2 7&B92 Q8#2 !*#*2 82 =B*8V2 %*#$&92 W&#2 +E*2'$'*+$*(2$(2+E8+2(&H*2%&B$+$)$8'(2 +E*2)&HH<'$+,P2!E*'2=<9-*+(2!*#*2 &(1' 0$' (&' (' ;40+$A' ^"7D?' ' <$' 0&' #"$' (' (B8(E*9P2 +E*2 H$(($&'2 !8(2 %&&#B,2 (*)#*+2 +E8+2 +E*#*2 $(2 '&+E$'-2 '$)*2 4*2#*4' (#4' %6!(#' 0#$*330@*#,*' (7"6$'$+A0#@'$"'&$*(3'&"!*"#*'*3&*9&' =*)8H*2A$#+<8BB,2'&'*d$(+*'+"22J+2!8(2 (*)#*+("22DE*2#*8B$+,2$(P2E&!*A*#P2$W2 $'2+E$(2-8%P2)#*8+*92=,2(E&#+($-E+*92 !*28#*2-&$'-2+&29$(#<%+2E&(+$B*2%B&+(2 %B8''$'-2 8'92 =<9-*+2 9*)$($&'(2 =,2 8-8$'(+2+E*2E&H*B8'9P2+E*'2!*2'**92 Q8(E$'-+&'2 %&B$),H8V*#(P2 +E8+2 `B2 +&2 =*2 8=B*2 +&2 &%*#8+*2 $'2 +E*2 98#V2 W(*4(' )"6#4' $%*' &8(,*' 0$' #**4*4' 8'92-#$++,2(+#**+(2&W2W8#8!8,2%B8)*("22 +&2-#&!"22DE*#*2$(2'&2e<*(+$&'2+E8+2 Z*(+2 %B8'(2 8'92 $'+*'+$&'(2 )8'2 W8$BP2 05CC2 !8(2 8'2 $'+*BB$-*')*2 W8$B<#*"22 8'92 (&H*+$H*(2 (%$*(2 -*+2 )8<-E+P2 0G$%$&4/&,"&[H$/(4",&(G6(& (33' ")' 1%0,%' ,(#' 7*' 40)2,63$D' ' Y6$' b&!*A*#P2 +E*2 W8$B<#*2 !8(2 '&+2 &'2 +E*2 %8#+2 &W2 +E*2 H*'2 8'92 !&H*'2 &W2 $+2!8(282H$(+8V*2$'2+E*2'$'*+$*(2W&#2 89::&E6/&6,&4,($--45$,<$& +E*2)&HH<'$+,"22J+2!8(2&'2+E*2%8#+2 `H*#$)82 +&2 (+&%2 9&$'-2 +E*2 E8#92 K64-H%$S&& &W2 +E*2 %&B$+$)8B2 B*89*#(E$%2 $'2 +E*2 +E$'-(2U<(+2=*)8<(*2+E*,2!*#*2E8#92 '$'*+$*(" 8'92 %&B$+$)$8'(2 !*#*2 <'!$BB$'-2 +&2 QE,P2$+2$(2#$-E+2+&2!&'9*#P2!&<B92%&B$+$)$8'(2'&+2*'(<#*2 +8V*2+E*2#$(V(2+E8+2-&&92$'+*BB$-*')*2#*e<$#*(" +E8+2 `H*#$)82 H8$'+8$'*92 82 #&=<(+2 $'+*BB$-*')*2 )8%8=$B$+,j22 DE*205CC28++8)V(2%#&A$9*9282U&B+2+&2+E*2!8,2!*2%*#)*$A*2 =%*'2+&$'+*(&"#'0&'(',%(33*#@*'$%($'"6+'@":*+#!*#$'0&')(,0#@' +E#*8+(2+&2&<#2'8+$&'8B2(*)<#$+,"22`H*#$)82E8(2#*$'A*(+*92$'282 8+2 +E$(2 A*#,2 H&H*'+2 k2 +E*,2 (8!2 $+2 8(2 ($H%B,2 82 =<9-*+2 #&=<(+2$'+*BB$-*')*2)8%8=$B$+,"224)&#*(2&W2'*!2#*)#<$+(2E8A*2 $((<*"2 2DE*2 W8)+2 &W2 +E*2 H8++*#2 $(2 $'+*BB$-*')*2 $(2 *d%*'($A*"22 =**W*92<%2&<#2E<H8'2)&BB*)+$&'28'92&<#2+*)E'&B&-,2E8(2=**'2 b<H8'28((*+(2LL2+E*2)&#*2#*(&<#)*2&W2+E*27J`2LL2)&(+2H&'*,"22 <%98+*9"2 2 DE$(2 E8(2 *'8=B*92 +E*2 3'$+*92 4+8+*(2 +&2 '&+2 &'B,2 D*)E'&B&-,P2 !E*+E*#2 $+2 $(2 K4`2 (<%*#)&H%<+*#(2 &#2 (%,2 *WW*)+$A*B,2 !8-*2 82 !8#2 8-8$'(+2 J(B8H$)2 *d+#*H$(+(P2 =<+2 +&2 &($*330$*&'T"1#'7A'$%*'N($0"#(3']*,"##(0&&(#,*'R)2,*.',"&$&' *d+*'92&<#28=$B$+,2+&2)&A*#2+E#*8+(2W#&H2W&#*$-'289A*#(8#$*(2 82 B&+2 &W2 H&'*,"2 2 J'2 +E*2 W8)*2 &W2 +$-E+2 =<9-*+(P2 -&A*#'H*'+2 8#&<'92+E*2!&#B9" (E<+9&!'(28'92+E*2H$(+8V*'2=*B$*W2+E8+2!*2)&<B92#*8%2+E*2 4$H<B+8'*&<(B,P2 `H*#$)8'2 B*89*#(E$%2 &'2 =&+E2 ($9*(2 (&L)8BB*92%*8)*29$A$9*'92$'2+E*2H$9L'$'*+$*(P2=8929*)$($&'(2 &W2 +E*2 8$(B*2 E8(2 =#&89B,2 *H=#8)*92 +E*2 '*)*((8#,2 !&#V2 &W2 C@
FJS:K2G:F3\2224<HH*#2M@CC
© 2011
$'+*BB$-*')*"2 2 S#*($9*'+2 Z8#8)V2 :=8H82 LL2 %*#E8%(2 +E*2 =<9-*+(P2)8%8=$B$+$*(28'928<+E&#$+$*(2$'2+E*2)<##*'+2Z*B+!8,2 %(+&%*&$',+0$0,'")'$%*'Y6&%'/4!0#0&$+($0"#9&'#($0"#(3'&*,6+0$A' =<9-*+2H*((" JW2 !*2 B*8#'*92 8',+E$'-2 W#&H2 +E*2 05CC2 8++8)V(P2 $+2 $(2 %&B$)$*(2LL2E8(2*H=#8)*928'92$'2(&H*2)8(*(2$')#*8(*92+E*$#2 +E8+2 !*2 )8''&+2 8WW&#92 +&2 B*+2 E$(+&#,2 #*%*8+2 $+(*BW"2 2 J+2 $(2 W8#2 6&*.'7A'(4!0&&0"#'")'%0&'"1#'")2,0(3&D''U6(#$(#(!"'Y(A' H&#*2*d%*'($A*2+&2#*=<$B92&<#2$'+*BB$-*')*2)8%8=$B$+,28W+*#2 #*H8$'(2 &%*'P2 +E*2 :=8H82`9H$'$(+#8+$&'2 E8(2 (8$92 $+2 !$BB2 8'28++8)V2+E8'2+&2H8$'+8$'2$+2+&2 %"34' 4*$(0#**&' 0#4*2#0$*3A.' (#4' E*B%2%#*A*'+2+E*2'*d+2&'*"22:A*#2 +E*,2E8A*2=#&<-E+2=8)V2\$B$+8#,2 +E*2%8(+29*)89*P2!*2E8A*2(**'2 )&HH$(($&'("2 2 J'9**9P2 !$+E2 8:G)/)05"'()"F+%-;0)"G+<"3:'" !E8+2 8'2 *WW*)+$A*2 $'+*BB$-*')*2 +E*2 *d)*%+$&'2 &W2 $'($(+$'-2 &'2 )&HH<'$+,2B&&V(2B$V*"22 $'+*##&-8+$'-2*'*H,2)&H=8+8'+(2 ",&(G$&16%(&"K&(G$&=$,&6,C& J+2$(2B*8#'$'-28'92898%+$A*P2 <($'-2+E*2%<=B$)B,28A8$B8=B*2`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`H*#$)82(8W*"22Z<+2+E*#*2)&'+$'<*2+&2=*2$((<*("22 Q*2H<(+2$H%#&A*2+E*2e<8B$+,2&W2$'+*BB$-*')*28'8B,($(P2!E$)E2 ,#,>#+'/6'&)#'./01#'F$&#44*=#$@#'(/,,*&&##9'.#'*1'$/G' ,"#$0#6*&' $"' 4"1#83(A' $%*' $%+*($' 8"&*4' 7A' <+(#9&' #6,3*(+' 5+#1*?#$&'/6'./#<1&+%'B4/>%4'"&+%&#=*#19''.#'%41/'+#@#$&4A' 8+"@+(!'(#4')(03*4'$"'8+*40,$'$%*';/+(7'F8+0#@D?''V*'!6&$' ?#@4%+#?')*1'@%$?*?%@A'6/+'&)#'8$*&#?'"&%&#1'"#$%&#'*$' 8B(&2 -<8#92 8-8$'(+2 +E*2 %<(E2 =,2 (&H*2 +&2 (B8(E2 $'+*BB$-*')*2 7*@)*=%$9
ILLED WITH PRIDE !"#$%%#&'%#(&&%)&*")#"+,#&%(-#.,*)/$#&"#&'%*,#0",12#3"+45# !"#$%&'()"&)(*&+$&!"'&,#$'&-(.&!"'#*&+-$/0+12,,&3$4&!"#.& $(-%#6,*5%#*)#"+,#78#9:;:#6<()&$#()5#)%(,<3#=882888# 6%"6<%2#*)><+5*)/#($$">*(&%$2#5%(<%,$#()5#$+66<*%,$# (<<#(>,"$$#?-%,*>(:#@%%&#&'%#&%(-#(&#toyota.com/usa
Final Assembly Team, Camry Hybrid Georgetown, Kentucky
TMOB0147A_Filled With Pride_r1.indd 1
7/29/11 9:51 AM
FJS:K2G:F3\2224<HH*#2M@CC
CC
+/&4(&04=$&("&!",/4C$% 6&D$E&F11%"6<G&(" F4%-4,$&'$<H%4()A PB8=Q!@847=Nc!YNQd8QA G#&H2 +E*2 W8$B*92 8++*H%+2 +&2 =B&!2 <%2 82 %8((*'-*#2 &W2 E&H$)$9*(P2 !E$B*2 ?/@P@@@2 H&#*2 )&HH$++*92 (<$)$9*"22 83(#*' TA0#@' )+"!'/!&$*+4(!' $"' S*$+"0$' 0#' _``G' $"' $%*' /#' (440$0"#(3' aa`.```' 1*+*' -033*4' 0#' $+()2,' (,,04*#$&.' <'(<))*((W<B2 8++*H%+2 +&2 =#$'-2 9&!'2 +!&2 )8#-&2 8$#B$'*#(2 =#$'-$'-2+E*29*)89*2=&9,2)&<'+2+&282H$BB$&'"22J'2W8)+P2+E*2 TA0#@' $"' $%*' J#0$*4' F$($*&' 0#' _`I`.'/!*+0,(#&' #**4' #"' 8A*#8-*2`H*#$)8'2E8(282#&<-EB,2&'*2$'26P@@@2)E8')*2&W2 #*H$'9*#2 +E8+2 f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`H*#$)8'2 %*&%B*2 8#*2 -*++$'-2 `H*#$)8'2 (&$B2 ($')*2 +E*2 W&#2 +E*$#2 H&'*,2 =*($9*(2 82 7$A$B2 Q8#"2 2 DE*2 9$#*)+2 )&(+(2 %8+29&!'28+2+E*28$#%&#+28'9282 &W2 +E*2 8++8)V2 !*#*2 *(+$H8+*92 =&9,2 ()8'2 =*W&#*2 +E*,2 =&8#92 +&2E8A*2#<'2=*+!**'2.1@28'92 $%*0+' T0@%$&D' ' P(&' $%*' JDFD' .i@2 =$BB$&'P2 !$+E2 =<($'*((2 $'A*(+H*'+2$'28$#B$'*2(*)<#$+,2 B&((*(2 %<++$'-2 +E*2 +&+8B2 $'+&2 1"+-*4Z''/#4'(+*'$%*'7*#*2$&' +E*2 E<'9#*9(2 &W2 =$BB$&'(2 &W2 !&#+E2+E*2)&(+(j 9&BB8#("2 2 DE*2 05CC2 8++8)V(2 DE*2 8'(!*#(2 9*%*'92 8B(&2 ()8##*92 +E*2 '8+$&'2 &'2 E&!2 &'*2 )8B)<B8+*(2 +E*2 %(,)E&B&-$)8BB,2 8'92 )#*8+*92 ,"&$&' (#4' 7*#*2$&' ")' (0+30#*' 82 %&B$+$)8B2 )#$($(2 +E8+2 B*92 +&2 (*)<#$+,"22a*'*#8BB,2(%*8V$'-P2 82 !8#2 &'2 +*##&#$(H2 !E$)EP2 ,"&$B7*#*2$' (#(3A&0&' ")' 8))&#9$'-2+&2&'*2*(+$H8+*P2E8(2 !"#$%&'#()$*+&,*%-#%. (*)<#$+,2 H*8(<#*(2 !&#V(2 =*(+2 )&(+2 +E*2 '8+$&'2 .?"i2 +#$BB$&'P2 $'2 ($+<8+$&'(2 !E*#*2 +E*#*2 $(2 '&+2 +&2 H*'+$&'2 +E&<(8'9(2 Q6>$&,"&=4/(6>$&Z 82 E$-E2 A&B<H*2 &W2 )&'+$'<$'-2 V$BB*92 $'2 (<=(*e<*'+2 !8#("22 4,&(G$&)$6%/&/4,<$&(G$ )#$H*P2 8BB&!$'-2 8'8B,(+(2 QE8+2 `H*#$)82 (%*'9(2 +&2 $H%B*H*'+2 '*!2 (*)<#$+,2 8''<8BB,2 &'2 8$#B$'*2 (*)<#$+,2 JKBB"+,+OP<5"+%0-%3)"<)O;0%'H H*8(<#*(28'92e<$)VB,29$()*#'2 !&<B92%8,2W&#2U<(+2+E#**298,(2 G6/&4=1%"#$CS $%*0+' +*&63$&D' ' >"&$B7*#*2$' &W2 +E*2 !8#2 $'2`W-E8'$(+8'P2 82 8'8B,($(2 9&*(2 '&+2 (&2 *8($B,2 H$B$+8#,2 H$(($&'2 H8$'+8$'*92 8%%B,2+&2+*##&#$(+28++8)V(P2!E$)E28#*2W&#+<'8+*B,2#8#*P2=<+2 $"'8+*:*#$'(3'W(*4(')+"!'+*@+"680#@'(#4'3(6#,%0#@'#*1' 1%0,%'(3&"'%(:*'8"$*#$0(33A'&0@#02,(#$',"#&*X6*#,*&'$%($' +*##&#$(+28++8)V("2 -&2=*,&'92)8(<8B+,28'92%#&%*#+,2B&((" J'9**9P2 (+#$)+2 8%%B$)8+$&'2 &W2 )&(+L=*'*W$+2 8'8B,($(2 QE$B*28BB29*8+E(28#*2+#8-$)P282)&B92e<8'+$+8+$A*28'8B,($(2 !&<B92 8BB&!2 +E*2 #*H&A8B2 &W2 =&+E2 (*)<#$+,2 8'92 (8W*+,2 !&<B92 +*BB2 <(2 +E8+2 +*##&#$(+2 8++8)V(2 H8V*2 82 H$'<()<B*2 H*8(<#*("2 2 J'2 +E*2 C06@(P2 +*##&#$(+(2 8++*H%+*92 +&2 E$U8)V2 )&'+#$=<+$&'2+&2A$&B*'+29*8+E(2$'2`H*#$)8"22Z*+!**'2M@@@2 &#2(8=&+8-*28$#B$'*#(2!$+E28'28A*#8-*2W#*e<*'),2&W2&'*2 8'92 M@@0P2 '*8#B,2 M@@P@@@2 `H*#$)8'(2 !*#*2 +E*2 A$)+$H(2 82H&'+E"22`))$9*'+8B2)#8(E*(28B(&2&))<##*92H&#*2&W+*'P2 CM
FJS:K2G:F3\2224<HH*#2M@CC
=<+28A$8+$&'2!8(2(+$BB2(+8+$(+$)8BB,2A*#,2(8W*P28'92%*&%B*2 E8A*2'&+" (+$BB2WB*!" D&2+E*2*d+*'+2+E8+2)<##*'+2)&')*#'(2)*'+*#2&'2+*##&#$(+2 7#$+$)(28))<(*28$#B$'*2(*)<#$+,2&W2=*$'-2#*8)+$A*28'92 =&H=(P2 $H%#&A*H*'+(2 E8A*2 =**'2 H89*2 $'2 +E8+2 #*-8#9P2 &W2#*(%&'9$'-2+&2+E*2B8(+28++8)V"22DE*,28#*2#$-E+P2=<+2+E$(2 +&&"2 2 4*)<#$+,2 E8(2 H89*2 (H<--B$'-2 =&H=(2 &'2 =&8#92 $(2+#<*2&W2A$#+<8BB,28BB2(*)<#$+,"22J+2$(2*8(,2+&2)&'U<#*2<%2 %B8'*(2H&#*29$WW$)<B+"22J'2+E*2C0i@(P2W&#2*d8H%B*P2+E*#*2 '*!2+*##&#$(+2()*'8#$&(2W&#2!E$)E2(*)<#$+,2H*8(<#*(28#*2 !*#*2 ?02 8++*H%+(2 +&2 (8=&+8-*2 8$#B$'*#("2 2 DE$(2 9#&%%*92 '&+2)<##*'+B,2$'2%B8)*2k2*A*#,&'*2E8(282B$++B*28#H)E8$#2 +&2C12$'2+E*2C00@(P28'92*$-E+2$'2+E*2W$#(+29*)89*2&W2+E$(2 +*##&#$(+2 $'($9*2 +E*H2 k2 =<+2 $+2 $(2 9$WW$)<B+2 +&2 &=+8$'2 )*'+<#,"22R*(%$+*2+E$(29*)#*8(*28'928(2*A$9*')*92=,2+E*2 W<'9$'-2&#2%<=B$)28)e<$*()*')*2+&2(*)<#$+,2H*8(<#*(2+&2 8++*H%+*928++8)V(2&A*#2+E*2%8(+2W*!2,*8#(P2+*##&#$(+(2V**%2 %#&+*)+28-8$'(+2+E$'-(2+E8+2E8A*2'&+2E8%%*'*9"22Q$+E&<+2 +#,$'-" +E*2 (E&*2 =&H=*#P2 )8'2 &'*2 $H8-$'*2 %8((*'-*#(2 =*$'-2 J'2 +E*2 W8)*2 &W2 +E$(2 +E#*8+P2 8A$8+$&'2 (*)<#$+,2 W8)*(2 82 #*e<$#*92+&2#*H&A*2+E*$#2(E&*(j227&<B92#*(+#$)+$'-2)8##,L '<H=*#2&W2)E8BB*'-*("22`$#B$'*2%8((*'-*#2B&89(2f2!E$)E2 &'2B$e<$9(2E8A*2=**'29&'*2=*W&#*2+E*29$()&A*#,2$'2M@@/2 9#&%%*92#$-E+28W+*#205CCP2=<+2+E*'2#*)&A*#*928'929#&%%*92 &W282+*##&#$(+2%B&+2$'A&BA$'-2B$e<$92*d%B&($A*(j22;*+2&')*2 8-8$'2 !$+E2 +E*2 #*)*(($&'2 LL2 8#*2 '&!2 )&H$'-2 =8)V"2 2 `+2 8'2*A*'+2&))<#(P2$+2$(29$WW$)<B+2+&28#-<*28-8$'(+289&%+$'-2 +E*2 (8H*2 +$H*P2 !E$B*2 +E*2 '<H=*#2 &W2 (*)<#$+,2 H*8(<#*(2 '*!2H*8(<#*(2+&2%#*A*'+2$+(2#*%*+$+$&'" 8'92 (*)<#$+,2 H8)E$'*(2 E8(2 $')#*8(*9P2 +E*2 '<H=*#2 &W2 G&#2 H8',2 `H*#$)8'(P2 +E*2 D#8'(%&#+8+$&'2 4*)<#$+,2 D4`2 (*)<#$+,2 &WW$)$8B(2 !$BB2 '&+2 ($-'$W$)8'+B,2 $')#*8(*"22 `9H$'$(+#8+$&'2 $(2 +E*$#2 H&(+2 #*-<B8#2 *')&<'+*#2 !$+E2 DE8+2 (+#*((*(2 +E*2 (,(+*HP2 8'92 )8'2 =*-$'2 +&2 9*-#89*2 +E*2 W*9*#8B2 -&A*#'H*'+P2 8'92 W&#2 (&H*P2 $+2 $(2 82 E8'9(L&'2 %*#W&#H8')*" *d%*#$*')*"2 2 `H*#$)8'(2 8#*2 82 )8'+8'V*#&<(2 B&+"2 2 DE*,2 \&#*&A*#P2 +*##&#$(+(2 8#*2 9*+*#H$'*92 +&2 =<$B92 (H8BB2 && <'#*8B$(+$)8BB,2 *d%*)+2 C@@2 $H%#&A$(*92 *d%B&($A*2 %*#)*'+2(*)<#$+,P2=<+2(&<'92 9*A$)*(2 8'92 )&')*8B2 &WW2!E*'2(*)<#$+,2$'+#<9*(2 +E*H2 $'2 !8,(2 +E8+2 H8V*2 +(&=6)&7$&1"//47-$&(G6(&(G$& &'2+E*$#2%#$A8),2&#2%*#(&'"22 +E*H2 <'9*+*)+8=B*2 +&2 8BB2 C$#$-"1=$,(&6,C&C$1-")=$,( K*!(2 H*9$82 *d8--*#8+*(2 =<+2 +E*2 H&(+2 $'+#<($A*2 $%*' 86730,9&' +*(,$0"#' $"' (*)<#$+,2 $'(%*)+$&'"22 "K&4=1%"#$C&/$<H%4()&($<G,"-"54$/& +E*2W<BB2=&9,2()8''*#(28'92 DE*2 -&&92 '*!(2 $(2 +E8+2 +3&"0)O:3@4;0+'%:3<":F"<)O;0%'H" '*!2%8+29&!'2%#&)*9<#*(P2 +E*(*2(H8BB29*A$)*(2!$+E2 =<+2 $+2 H8,2 8B(&2 ($-'8B2 *d&+$)2 *d%B&($A*(2 8'92 <G$<>1"4,(/&E4--&>$$1&/$<H%4() +E8+2 (*)<#$+,2 H8,2 =*2 '&'LH*+8BB$)2 9*+&'8+&#(2 ",$&/($1&6G$6C&"K&($%%"%4/( 8%%#&8)E$'-2 +E*2 *9-*2 &W2 (+*' %(+4' $"' !(-*.' 4"#9$' 6C#$%/6%4$/SSS& %<=B$)2 +&B*#8')*"2 2 DE*#*2 !&#VP2 8'92 %#&=8=B,2 $(2 82 %&$'+2 =*,&'92 !E$)E2 !&<B92 '&+2 =#$'-2 9&!'2 +E&(*2 =*$'-2 %#&+*)+*92 +E*2%B8'*2$W2+E*,29$9"22Z<+2 =*)&H*2 89A*#(8#$*(2 &W2 <B+$H8+*B,P2 +E$(2 )&<B92 =*2 +E*2 H*8(<#*(2 *H%B&,*92 +&2 9*+*)+2 +E*H2 k2 +E8+2 $(2 W8+8B2 82B&($'-2=8++B*2W&#2(*)<#$+," +&2(*)<#$+,"22 J+2 H8,2 =*2 %&(($=B*2 +E8+2 +E*2 9*A*B&%H*'+2 8'92 \8V*2'&2H$(+8V*2f2$'2+E*2,*8#(2($')*2+E*205CC28++8)V(P2 9*%B&,H*'+2 &W2 $H%#&A*92 (*)<#$+,2 +*)E'&B&-$*(2 8'92 8$#B$'*2 (*)<#$+,2 E8(2 $H%#&A*9"2 DE$(2 $(2 $'2 %8#+2 =*)8<(*2 #*)&'W$-<#8+$&'(2 &W2 (*)<#$+,2 )E*)V%&$'+(2 !$BB2 V**%2 D4`2 E8(2 W$*B9*92 '*!2 +*)E'&B&-,2 8'92 ()#**'*#(2 8#*2 (*)<#$+,2 &'*2 (+*%2 8E*892 &W2 +*##&#$(+2 89A*#(8#$*(P2 =<+2 $+2 =*++*#2+#8$'*9"22QE$B*2($-'$W$)8'+2#&&H2W&#2$H%#&A*H*'+2 8B(&2H8,2=*28'28%%#&%#$8+*2+$H*2+&2*d%B&#*2W<'98H*'+8BB,2 #*H8$'(P2 +E*2 ()#**'$'-2 W&#)*2 $(2 H&#*2 (+8=B*2 $'2 )&'+#8(+2 '*!28%%#&8)E*(" +&2+E*2?@@28'92g@@2%*#)*'+2+<#'&A*#2#8+*2!E*'2()#**'$'-2 `H*#$)8'28A$8+$&'2(*)<#$+,2$(2=8(*92<%&'2+E*2(*8#)E2 !8(2 )8##$*92 &<+2 =,2B&!L%8$928'92 %&&#B,2+#8$'*92 %#$A8+*2 W&#2 &=U*)+("2 2 DE$(2 (*8#)E2 (E&<B92 *d+*'92 !*BB2 =*,&'92 ()#**'*#("224+8=$B$+,2H*8'(2()#**'*#(2)8'2-8$'2*d%*#$*')*P2 %8((*'-*#(2f2)<##*'+B,2+E*2&A*#!E*BH$'-2W&)<(2&W28$#%&#+2 8'92=*(+2%#8)+$)*(2)8'2=*2$9*'+$W$*928'929$((*H$'8+*9" (*)<#$+,2*WW&#+(2f2+&2+E*2+E&<(8'9(2&W28$#B$'*28'928$#%&#+2 cA*'2 H&#*2 $H%&#+8'+2 +&2 $H%#&A*92 8$#B$'*2 (*)<#$+,2 *!83"A**&'1%"'8(&&'0#$"';&$*+03*?'(+*(&'")'(0+8"+$&'*(,%' 8#*2 +E*2 899$+$&'8B2 B8,*#(2 &W2 (*)<#$+,2 LL2 W#&H2 899$+$&'8B2 98,2!$+E&<+2=*$'-2()#**'*9"2Z<+2$'2+E*2#*H8$'9*#2&W2+E$(2 8$#2 H8#(E8B(2 +&2 B&)V*92 8'92 8#H&#*92 )&)V%$+2 9&&#(22 9$()<(($&'P2JP2+&&P2!$BB2W&)<(2&'2%8((*'-*#(" !E$)E2E8A*2H89*2E$U8)V$'-282B*((2A$8=B*2+*##&#$(+2+8)+$)"22 `BB2 %8((*'-*#(2 8#*2 +#*8+*92 *d8)+B,2 +E*2 (8H*2 !8,2 S8((*'-*#2 8++$+<9*(2 E8A*2 8B(&2 )E8'-*9"2 2 J'(+*892 &W2 *d)*%+2 W&#2 82 W*!2 (*B*)+*92 W&#2 (*)&'98#,2 (*8#)E*("2 2 `'2 %8(($A*2 )&H%B$8')*P2 82 E$U8)V*#2 +&98,2 W8)*(2 +E*2 #$(V2 &W2 8B+*#'8+$A*2 8%%#&8)E2 !&<B92 =*2 +&2 B&&V2 H&#*2 )B&(*B,2 8+2 =*$'-2=*8+*'2+&29*8+E2=,29*(%*#8+*2%8((*'-*#("22\*'+8BB,2 +E*2$'9$A$9<8B2%8((*'-*#("22DE$(2!&<B92=*2)B&(*#2+&2+E*2 9$(+<#=*92%*#(&'(2E8A*28++*H%+*92+&2E$U8)V23"4"2%B8'*(2 J(#8*B$28%%#&8)EP28B+E&<-E2+E*2A&B<H*28'92H&#*29$A*#(*2 I!$+E&<+2 !*8%&'(N2 ($')*2 05CCP2 =<+P2 +E<(2 W8#P2 +*##&#$(+(2 )&H%&($+$&'2 &W2 `H*#$)8'2 %8((*'-*#(2 #<B*2 &<+2 &<+#$-E+2 FJS:K2G:F3\2224<HH*#2M@CC
C?
=*2+#*8+*928(2(<)E"22DE*,28#*2($H%B,2$'9$A$9<8B(28=&<+2 89&%+$&'2&W2+E*2J(#8*B$2H&9*B"22J+29&*(2'&+2H*8'2#8)$8B2 !E&H2B*((2$(2V'&!'2&#2!E&(*2+#8A*B2%8++*#'(2#8$(*2(&H*2 &#2*+E'$)2%#&W$B$'-" e<*(+$&'("22`BB2&+E*#2+#8A*B*#(2!&<B92)&H%#$(*2+E*2+E$#92 J'(+*89P2%8((*'-*#(2H$-E+2-&2+E#&<-E2&'*2&W2+E#**2 )8+*-&#," (*)<#$+,2#&<+$'*(2$'(+*892&W2+E*2)<##*'+2+!&"22F*-$(+*#*92 DE*2&=U*)+$A*2$(2'&+2($H%B,2+E8+2W#*e<*'+2WB,*#(2!$BB2 &#2 (*)<#*2 +#8A*B*#(2 !&<B92 A&B<'+**#2 $'W&#H8+$&'2 8=&<+2 '&+2E8A*2+&2+8V*2&WW2+E*$#2 +E*H(*BA*(P2 <'9*#-&2 (E&*("2 2 Z,2 #*9<)$'-2 82 =8)V-#&<'92 )E*)VP2 #*e<$#*H*'+(2 W&#2 +E&(*2 8'92 =*2 8%%#&A*92 W&#2 $'2B&!*#2#$(V2)8+*-&#$*(P2 8'2 *d%*9$+*92 (*)<#$+,2 SSS7H(&4(&6-/"&=6)&7$ W$'$+*2(*)<#$+,2#*(&<#)*(2 )E*)VP2 (&H*+E$'-2 B$V*2 6,&611%"1%46($&(4=$&("&$N1-"%$ )8'2=*2(E$W+*92+&2E$-E*#2 ;8+*BGHIIB30@%$D?' ' =%0&' KH,C6=$,(6--)&,$E&611%"6<G$/S #$(V2)8+*-&#$*("22 )8+*-&#,2 H$-E+2 $')B<9*2 DE$(2 $(2 &'*2 %B8)*2 +E*2H&(+2W#*e<*'+2WB,*#(2 !E*#*2 $')#*8($'-2 !E&2 8))&<'+2 W&#2 82 *WW$)$*'),2 )8'2 $')#*8(*2 9$(%#&%&#+$&'8+*2 (E8#*2 *WW*)+$A*'*((2 8'92 H8V*2 8$#B$'*2 +#8A*B2 '&+2 &'B,2 H&#*2 &W2 3"4"2 8$#B$'*2 =&8#9$'-("2 2 J+2 )&<B92 8B(&2 $')B<9*2 +E&(*2 )&'A*'$*'+P2=<+2H&#*2(*)<#*"2222222222&& & &T@2 !$+E2+&%LB*A*B2-&A*#'H*'+2(*)<#$+,2)B*8#8')*(" `2(*)&'92)8+*-&#,2!&<B92=*2$'9$A$9<8B(2$'9$)8+*9P28(2 '&!P2=,2)&H%<+*#L8(($(+*92()#**'$'-2%#&-#8H(28B#*89,2 H+*%$'7*@)%#4'I#$<*$1'*1'J*+#@&/+'/6'&)#'K%&*/$%4' $'2 %B8)*P2 %*#E8%(2 <($'-2 82 H&#*2 89A8')*92 A*#($&'P2 8'92 L+%$15/+&%&*/$'"#@0+*&A'(#$&#+'%&'&)#'7*$#&%' =,2=*E8A$&#8B29*+*)+$&'2+*)E'$e<*(2=*$'-29*A*B&%*9"2 L+%$15/+&%&*/$'F$1&*&0&#9'.#'%41/'1#+:#1'%1''"#$*/+' J'2 899$+$&'P2 (&H*2 !&<B92 =*2 #8'9&HB,2 (*B*)+*9"22 C?:*1/+'&/'&)#'D+#1*?#$&'/6'&)#';CKJ'(/+5/+%&*/$E'%' I\8$'+8$'$'-28'2<'%#*9$)+8=B*2#8'9&H2*B*H*'+2$(28B!8,(2 $/$25+/6*&E'$/$25%+&*1%$'+#1#%+@)'*$1&*&0&*/$9 -&&92(*)<#$+,"N2DE*(*28#*2'&+2(<(%*)+(28'92(E&<B92'*A*#2
Credibility and experience: Meeting public sector challenges amid rapid change Executives and managers at national, state and local governments face tight budgets and increasing demands. But despite those challenges, Grant Thornton can help them achieve their mission and program goals more efficiently, and be accountable, transparent and responsive to the citizens they serve. Our technical experience and partner involvement help government agencies leverage complete and reliable performance and financial information to support decision making, realize efficiencies, and achieve results. Grant Thornton is also active on Capitol Hill, advocating for credible, timely and relevant financial and performance information that is fundamental to promoting investor and taxpayer confidence. Grant Thornton â&#x20AC;&#x201D; shaping policy on Capitol Hill and supporting government agencies. Contact us to learn more. Mary Moore Hamrick National Managing Principal of Public Policy 202.521.1545
Hank Steininger Managing Partner, Global Public Sector 703.837.4410
Grant Thornton refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, an organization of independently owned and managed accounting and consulting firms.
Cg
FJS:K2G:F3\2224<HH*#2M@CC
QYZ[\]^"#_^`Z]\abZ] 8&G+!H3,&!N*+'23)H'(!H)09;!;) Y\7Q!_KQ4=Q
R!$-E+2c$(*'E&!*#2$(2B&&V$'-2=*++*#28BB2+E*2+$H*" =**'2-#*8+B,2*d8--*#8+*9" `BB2E*29$92!8(2-$A*2<(2%*8)*28'92%#&(%*#$+," J2=*-8'2+&2e<*(+$&'2&<#2B8+*#2H$B$+8#,28)+$&'(2H&#*2)B&(*B,P2 S6+0#@'%0&'*0@%$'A*(+&'0#'")2,*.'0#T($0"#'(:*+(@*4'IDbc.' 8'92J28'92H8',2&+E*#(2'&!2E8A*2A*#,2(*#$&<(29&<=+(28=&<+2&<#2 @+"1$%' _Dbc.' 6#*!83"A!*#$' aDGc.' (#4' $%*' N($0"#(3' S*7$' (**H$'-B,2*'9B*((2!8#2$'2`W-E8'$(+8'" =B$%%*92 <%2 =,2 B*((2 +E8'2 &'*2 %*#)*'+2 $'(+*892 &W2 U<H%$'-2 =,2 :'*2)&B<H'$(+2!#&+*282W*!2H&'+E(28-&2+E8+2l`W-E8'$(+8'2 B*8%(28'92=&<'9(2B$V*2+&98," E8(2B$++B*2(+#8+*-$)2A8B<*28'92+E*2!8#2$(2&'*2&W2)E&$)*2#8+E*#2 ;*+2 E$(2 H&(+2 $H%&#+8'+2 )&'+#$=<+$&'(2 !*#*2 $'2 W&#*$-'2 $%(#' #*,*&&0$A?' (#4' (44*4' $%($' 0$' %(&' 7**#' (' ;1(&$*)63' (#4' %&B$),"2 2 b*2 =#&<-E+2 +E*2 ^&#*8'2 )+6&$+($0#@'4*,(4*D? ,"#T0,$'$"',"#,36&0"#D'P*'+*&0&$*4' a*'*#8B2 R8A$92 S*+#8*<(2 %#*((<#*2 +&2 -&2 +&2 !8#2 $'2 &+E*#2 $*&$02*4' ($' "#*' %*(+0#@' $%($' %B8)*(2(<)E28(2+E*24<*Y28'92J'9&L !*2 (E&<B92 '*A*#2 W&#-*+2 +E8+2 7E$'8" `W-E8'$(+8'2 E8(2 =**'2 V'&!'2 8(2 b8A$'-2(%*'+2E$(2)8#**#2H&(+B,2 $%*';@+(:*A(+4'")'*!80+*&D? $'2 <'$W&#HP2 E*2 B&A*92 +E*2 H$B$+8#,P2 J2 8H2 )*#+8$'2 +E8+2 S#*($9*'+2 =<+2E8+*92!8#" c$(*'E&!*#P2 !$+E2 E$(2 *d%*#$*')*2 J'2 %#&=8=B,2 E$(2 H&(+2 W8H&<(2 8'92 E$(+&#,P2 !&<B92 '*A*#2 E8A*2 (%**)EP2E$(2W8#*!*BB2899#*((2+&2+E*2 $'A&BA*92 <(2 $'2 82 H*((2 B$V*2 K8+$&'P2 E*2 (8$9>2 lJ'2 +E*2 )&<')$B(2 /)@%(#0&$(#'0#'$%*'2+&$'83(,*D &W2 -&A*#'H*'+P2 !*2 H<(+2 -<8#92 `'92J28H2*A*'2H&#*2)&'A$')*92 8-8$'(+2+E*28)e<$($+$&'2&W2<'!8'+*92 +E8+2E*2!&<B92'*A*#2E8A*2B*+2(<)E282 0#T6*#,*.' 1%*$%*+' &"6@%$' "+' !8#29#8-2&'2B$V*2$+2E8(" <'(&<-E+P2=,2+E*2H$B$+8#,L$'9<(+#$8B2 D#89$+$&'8B2 F*%<=B$)8'(2 )&H%B*d"2 2 DE*2 %&+*'+$8B2 W&#2 +E*2 =*B$*A*2 82 '8+$&'2 (E&<B92 -&2 +&2 9$(8(+#&<(2#$(*2&W2H$(%B8)*92%&!*#2 !8#2 &'B,2 !E*'2 +E*#*2 $(2 '&2 &+E*#2 *M0&$&'(#4'1033'8*+&0&$D? 8B+*#'8+$A*28'92+E*'2&'B,28(282B8(+2 b*2 *A*'2 #*9<)*92 H$B$+8#,2 #*(&#+" (%*'9$'-28'92(<=(+8'+$8BB,2#*9<)*92 cA8'2 DE&H8(P2 $'2 K#G1G##<2 +E*2($Y*2&W2&<#28#H*92W&#)*(" $'2M@@iP2!#&+*2+E8+2#*)*'+2B*89*#(2 ="4(A.')*1*+'$%(#'__c'")'$%*' lE8A*2-&'*2+&2*d+#8&#9$'8#,2B*'-+E(2 +&6=&<$%(64,&(G6(&3%$/4C$,(& )<##*'+2 7&'-#*((2 E8(2 *A*#2 (*#A*92 $"'7*'&**#'(&'>%6+,%033dD? c%<)3(:G)05"G%'("(%<" $'28',2=#8')E2&W2+E*2H$B$+8#," DE*2%*&%B*2&W2+E$(2K8+$&'28#*2 \&(+2&W2+E*2'&'LA*+*#8'(2(**H2 %*8)*LB&A$'-2%*&%B*P28'92!*2'**92 )d2)0%)3O)"+3&"(%<':0H5" +&2 =*2 8W#8$92 +&2 e<*(+$&'2 8',+E$'-2 +&2E8A*2%#*($9*'+(2B$V*2c$(*'E&!*#2 E"H-C&,$#$%&G6#$& +E*2S*'+8-&'2!8'+(2&#29&*(2W&#2W*8#2 !E&28#*2'&+2*8-*#2+&2-&2+&2!8#2k2 &W2=*$'-2)8BB*92<'%8+#$&+$)" %#*($9*'+(2!E&29&2'&+2E8A*2+&2-*+2 4,#"-#$C&H/&4,&6&=$//&-4>$& DE$(2 E8(2 B*92 <(2 $'+&2 (&H*2 $'+&2 <''*)*((8#,2 !8#(2 +&2 %#&A*2 FK5G6,4/(6,&4,&(G$ A*#,2)&(+B,2H$(89A*'+<#*(2$'2J#8eP2 +E8+2+E*,28#*2-#*8+2B*89*#(" @0<'"2-+O)V `W-E8'$(+8'28'92O$=,8k)&(+B,2$'2 b8H$92 ^8#Y8$P2 +E*2 S#*($9*'+2 +*#H(2&W2=&+E2=B&&928'92+#*8(<#*" &W2 `W-E8'$(+8'P2 +&B92 `Z72 K*!(2 <' :"$*4' )"+' $%*' 2+&$' @63)' 1(+' ()$*+' <' ($$*#4*4' &*:*+(3' B8(+2 ,*8#2 +E8+2 +E*2 3"4"2 '**9*92 +&2 =*2 +E*#*2 8'&+E*#2 C12 +&2 M@2 7+0*2#@&' (#4' %*(+4' (33' "6+' $"8' ")2,0(3&' $(3-' (7"6$' F(44(!' ,*8#("22Z<+2+E*2+#<+E2$(2E*2#*8BB,2U<(+2!8'+(28BB2+E*2H*-8L=$BB$&'(2 P6&&*0#9&'*30$*'$+""8&'(#4'$%*'@+*($'%(+!'$%($'1"634',"!*'0)' !*28#*2%<H%$'-2$'2+E*#*" !*2W8$B*92+&28)+" 4&H*2E8A*2(8$92+E8+2%*&%B*2B$V*2Z8##,2a&B9!8+*#P2F&'8B92 DE*'2J2!8+)E*92+E&(*2(8H*2*B$+*2+#&&%(2(<##*'9*#2+&27KK2 F*8-8'P28'92Q$BB$8H2G"2Z<)VB*,2!&<B92=*2(**'28(2H&9*#8+*(2$'2 )8H*#82)#*!(28'92*H%+,2+8'V(P28'92J2#*8B$Y*92+E*2+E#*8+2E892 +E*2F*%<=B$)8'2S8#+,2&W2+&98,"22Z*2+E8+28(2$+2H8,P2\#"2Z<)VB*,2 FJS:K2G:F3\2224<HH*#2M@CC
C1
!#&+*2(&H*+E$'-2$'2M@@12+E8+2$(2A*#,2H<)E28%%B$)8=B*2+&2+E*2 ($+<8+$&'2$'2`W-E8'$(+8'2+&98,>22l`2#*(%*)+2W&#2+E*2%&!*#2&W2+E*2 3'$+*924+8+*(2$(2*'-*'9*#*92=,2&<#2(<))*((2$'2*'-8-*H*'+(2$'2 !E$)E2!*2+8V*2%8#+"2`2%&$'+2$(2#*8)E*92!E*'2+*'8)$+,2)&'A*,(2 #"$'&$*(4)(&$#*&&'")'86+8"&*.'76$'!0&(8830,($0"#'")'8+04*D?' DE*2%*&%B*2&W2`W-E8'$(+8'2E8A*2(E&!'2H8',2+$H*(2+E8+2 +E*,29&2'&+28%%#*)$8+*2!E8+2!*2E8A*29&'*2W&#2+E*H2<'B*((2+E*,2 8#*2&'2&<#2%8,#&BB" J'2W8)+P2&<#2W&#*$-'2%&B$),2$'2#*)*'+2,*8#(2E8(2)#*8+*92H&#*2 #*(*'+H*'+28#&<'92+E*2!&#B92+E8'2#*(%*)+" :'2X<'*2CP2M@@0P2a*&#-*27"2Q$B(&'P2H$B$+8#,2)&B<H'$(+2W&#2 $%*'>"#@+*&&'S(03A.'1+"$*e'';=%*'/!*+0,(#'!030$(+A9&'!0&&0"#' +&2%8)$W,2+E*2g@P@@@2+$',2A$BB8-*(2$'2`W-E8'$(+8'2!$BB2B&&V2B$V*2 H$(($&'2 $H%&(($=B*P2 *(%*)$8BB,2 $W2 &<#2 =&H=$'-(2 V**%2 V$BB$'-2 /)@%(#',0:030(#&'(#4'0#)6+0($0#@'$%*'"#*&'1%"'&6+:0:*D? M/+#*=$' D/4*@A2 H8-8Y$'*2 8W+*#2 +E*2 9*8+E2 &W2 a*&#-*2 K*##(#'4*&,+07*4'%0!'(&';$%*'!"&$'0#T6*#$0(3'4083"!($'")'$%*' _`$%',*#$6+AD? J'282C0002$'+*#A$*!P2\#"2^*''8'2(8$9P2lDE$(2!E&B*2+*'9*'),2 +&2(**2&<#(*BA*(28(2+E*2)*'+*#2&W2%&B$+$)8B2*'B$-E+*'H*'+28'928(2 +*8)E*#(2+&282-#*8+2%8#+2&W2+E*2#*(+2&W2+E*2!&#B92(+#$V*(2H*28(2 6#$%"6@%$B$%+"6@%.':(0#@3"+0"6&.'(#4'6#4*&0+(73*D? a*&#-*2Q"2Z<(EP2!E*'2E*2!8(2)8H%8$-'$'-2W&#2S#*($9*'+2 0#'_```.'&(04'$%($'1*'#**4*4'(';!"+*'%6!73*?')"+*0@#'8"30,A' 8'92+E8+2!*2(E&<B92'&+2*'-8-*2$'2'8+$&'L=<$B9$'-"
DE*#*2$(282A*#,2#*(%*)+8=B*2%&($+$&'P282)*'+#$(+2%&($+$&'P2 =*+!**'2$(&B8+$&'28'92*8-*#B,2-&$'-2+&2!8#" J+2$(2+E*2%8+E2+&2%*8)*"22J+2H*8'(2*')&<#8-$'-2+#89*28'92 +&<#$(HP2)<B+<#8B28'92*9<)8+$&'8B2*d)E8'-*(2!$+E2&+E*#2'8+$&'(P2 8'92E*B%$'-2&<+2+&282B$H$+*92*d+*'+29<#$'-2E<H8'$+8#$8'2)#$(*(" Z<+2+E*2E$(+&#$)2F*%<=B$)8'28%%#&8)E2$(2+E8+2!*2=*2A*#,2 (B&!2+&2-&2+&2!8#28'92e<$)V2+&2*'92$+P28'92+E8+2!*2H8V*2(<#*2 !*2 9&2 '&+2 '*-B*)+2 &<#2 &!'2 %*&%B*2 8'92 &<#2 7&<'+#,2 $'2 +E*2 %#&)*((" DE*2W&#*$-'2%&B$),2)&B<H'$(+2a*&#-$*2`''2a*,*#2!#&+*2 82 W*!2 ,*8#(2 8-&2 +E8+2 l`H*#$)8'(P2 (+$BB2 (+#8'-*B,2 )&H%B8)*'+2 8=&<+2&A*#(*8(2!8#(2=*$'-2!8-*92=,282H$'&#$+,2$'2+E*$#2'8H*P2 !$BB2$'*A$+8=B,2)&H*2+&282%&$'+2!E*#*2+E*,2!$BB2(**2+E*,2E8A*2+&2 E8A*282-&A*#'H*'+2+E8+2%#&A$9*(2(*#A$)*(28+2E&H*2&#2&'*2+E8+2 &**-&'*!80+*'(,+"&&'$%*'@3"7*D99 S#*($9*'+2c$(*'E&!*#P2!E&2-8A*2<(2+E*2J'+*#(+8+*2b$-E!8,2 4,(+*HP28'92B*92+E*2!8,2&'27$A$B2F$-E+(2W&#28BB2%*&%B*P2+&&V2 ,(+*'")'$%0#@&'($'%"!*'2+&$D DE*2 F$%&'2 4&)$*+,P2 J2 =*B$*A*P2 W&BB&!(2 +E*2 +#89$+$&'8B2 F*%<=B$)8'2 c$(*'E&!*#2 %8+E2 &W2 %*8)*2 8'92 %#&(%*#$+,2 8'92 82 -&A*#'H*'+2+E8+2(*#A*(2$+(2%*&%B*"2 2 2 22T@ I/)$'J0$@%$'+#5+#1#$&1'&)#'N$?'J*1&+*@&'/6'L#$$#11##'*$'&)#' 89"9'./01#'/6';#5+#1#$&%&*:#19
“I’m a community banker because I’m empowered to make decisions that are right for both the customer and the bank. Because Main Street is a two way street. We value each and every customer, not just the bottom line.“—Will
Buyck, Bank of Clarendon, Manning, South Carolina. “We provide capital to
help business
owners realize their goals—and in doing so provide employment for
I enjoy helping
local people. recycled into our We support and help those —Tom McGraw, of Northern
business people
These dollars are communities.
achieve their dreams, create jobs, and improve the community causes community that we live in. As a community banker, I have the
privilege to see the impact I have on a
daily basis.
—Robert Hemsath, Security First Bank Fresno, California
government can’t.“
First National Bank California, South
San Francisco, California. “Find me a vibrant community and there will be a vibrant community bank there. They go hand in hand.“—Steve Zeman, Union State Bank of West Salem, West Salem, Wisconsin. COMMUNITY BANKS… KEEPING COMMUNITIES THRIVING AND OUR COUNTRY’S ECONOMY STRONG.
1-866-THE-ICBA | www.icba.org
C/
FJS:K2G:F3\2224<HH*#2M@CC
MN1$C4(4",6%)&M<","=4</ 6,C&!"H,($%4,5&O4"-$,(&MN(%$=4/= 4=Bc!Y>!A47B=@@
J'2 +E*2 ,*8#(2 W&BB&!$'-2 +E*2 8++8)V(2 &W2 4*%+*H=*#2 CCP2 E8A*2(**'2B&!2&#2'*-8+$A*2#8+*(2&W2-#&!+E2&A*#2+E*2%8(+2?@2 M@@CP2 H8',2 $'2 +E*2 $'+*#'8+$&'8B2 8$92 8'92 9*A*B&%H*'+2 ,*8#(P2'&#2+E8+2+E*(*28#*2+E*2)&<'+#$*(2H&(+2%#&'*2+&2)$A$B2 )&HH<'$+$*(2 8++*H%+*92 +&2 (E&!2 )8<(8B$+,2 =*+!**'2 !8#28'92$'(<#-*')$*("2 *)&'&H$)2(+8-'8+$&'28'92+E*2+,%*2&W2A$&B*'+2#89$)8B$Y8+$&'2 `BB2 -#&!+E2 $(2 '&+2 )#*8+*92 *e<8B"2 R*A*B&%H*'+2 +E8+2 B*92 +&2 +E&(*2 8++8)V("2DE8+2 +E*2 H*'2 !E&2 %B8''*92 8'92 *)&'&H$(+(P2 H8',2 &W2 !E&H2 8#*2 &'2 +E*2 %8,#&BB2 &W2 +E*2 *d*)<+*92+E*2E*$'&<(28)+(2+*'2,*8#(28-&2!*#*2!*BBL*9<)8+*92 1"+349&' 0#$*+#($0"#(3' (04' (#4' 4*:*3"8!*#$' "+@(#0\($0"#&.' 8'92 !*BBL#*(&<#)*92 *B$+*(2 !8(2 82 *d%*'92 )&'($9*#8=B*2 *'*#-,2 W8)+2 )&'A*'$*'+B,2 $-'&#*92 =,2 )&'9<)+$'-2 #*-#*(($&'2 8'8B,(*(2 +E&(*2 !E&2 !&<B92 (<--*(+2 +E8+2 &W2(&)$&*)&'&H$)P2%&B$+$)8B28'92 9$(*'W#8')E$(*92 $'9$A$9<8B(2 (*)<#$+,2 $'%<+(2 8(2 +E*,2 (**V2 #*(&#+2 +&2 +*##&#2 W&#2 !8'+2 &W2 )&##*B8+$&'2=*+!**'P2(8,P2A$&B*'+2 *)&'&H$)2 &%%&#+<'$+,"2 4&H*2 8)+(2 8'92 aRS2 -#&!+E"2 Z<+2 82 *d)*BB*'+2 !&#V2 E8(2 =**'2 9&'*2 ,"6#$+A9&' 8*+' ,(80$(' USC' ,(#' &W2 B8+*2 +&2 (E&!2 +E8+2 8$92 8'92 -#&!2 W#&H2 82 )E8'-*2 $'2 !&#B92 *)&'&H$)2 9*A*B&%H*'+2 8B&'*2 &$B2 %#$)*(P2 )<##*'),2 A8B<8+$&'2 H8V*2 W&#2 %&&#2 )&<'+*#+*##&#$(H2 &#2 W&#*$-'2 8$92 $'U*)+$&'P2 !$+E2 (+#8+*-,P2 8'92 $'9**9P2 +E*$#2 #"' +*(3' 7*#*2$' $"' $%*' 8*"83*f' B$H$+8+$&'(2 8(2 )&H%&'*'+(2 &W2 82 W<#+E*#2 (+<9,2 $(2 '**9*92 &'2 +E*2 )&<'+*#$'(<#-*'),2 *WW&#+2 E8A*2 &*,6+0$A'*))*,$&'")';+*(3?'@+"1$%' =*)&H*2 *A$9*'+2 $'2 '*8#B,2 +*'2 f2 +E8+2 !E$)E2 (+*H(2 W#&H2 +E*2 ,*8#(2&W2!8#2$'2`W-E8'$(+8'28'92 ,+*($0"#'")'#*1'2+!&.'#*1'30#*&' J#8e" &W2=<($'*((28'92'*!2$'9<(+#$*(P2 K&!P2 8+2 82 +$H*2 !E*'2 !E$)E2B*892+&2W8(+*#2U&=2)#*8+$&'2 `H*#$)8'(2 8#*2 !*8#,2 W#&H2 82 8'92+E#&<-E2!E$)E2+E*2%*&%B*2f2 9*)89*2 &W2 )&H%B$)8+*92 !8#(2 8'92'&+2U<(+2+E*2(+8+*2f2)&H*2+&2 8'92 *8-*#2 +&2 W&)<(2 &'2 '*!2 &!'2+E*2*)&'&H," 9&H*(+$)2*)&'&H$)2#*8B$+$*(P2+E*2 DE$(2 $(2 8+2 +E*2 )&#*2 &W2 82 #E*+&#$)8B2%*'9<B<H2$(2(!$'-$'-2 #*1' 2*34' ")' &$64A' -#"1#' (&' /$"+&,0&1()"$22 8!8,2 W#&H2 )&<'+*#$'(<#-*'),2 *d%*9$+$&'8#,2 *)&'&H$)(P2 82 8'92 '8+$&'2 =<$B9$'-2 8(2 +E*2 %E#8(*2 J2 )&$'*92 B8(+2 ,*8#2 $'2 8'2 @"%$45,&6//4/(6,<$&E4--&,"(& W#8H*!&#V2 +E#&<-E2 !E$)E2 +E*2 8#+$)B*2 $'2 M/+#*=$' C66%*+1P2 8'92 C$K$6(&($%%"%4/(/&]&7H(&4(& 3'$+*92 4+8+*(2 *'-8-*(2 +E&(*2 !E$)E2 E8(2 (<=(*e<*'+B,2 =**'2 E"H-C&7$&6&($%%47-$&=4/(6>$& W#8-$B*P2 *)&'&H$)8BB,2 (+8-'8'+2 +8V*'2<%2=,2H$B$+8#,28'92)$A$B$8'2 (+8+*(2 +E8+2 (&2 &W+*'2 (*#A*2 8(2 ("&C4/<"H,(&(G$&#4(6-&%"-$&(G6(& #*)&'(+#<)+$&'2 %*#(&''*B2 8(2 82 '<#(*#$*(2W&#2A$&B*'+2*d+#*H$(H"2 W#8H*!&#V2 W&#2 #*)&'($9*#$'-2 $<","=4<&5%"E(G&=H/(&1-6)& G&#*$-'2 8(($(+8')*2 !$BB2 '&+2 E&!2 +&2 #*=<$B92 !8#L2 8'92 9*W*8+2 +*##&#$(+(2 f2 $+2 !8(2 '&+2 9$(8(+*#L(+#$)V*'2 )&<'+#$*("2 J'2 4,&K"/($%4,5&5-"76-&/(674-4()S 9*A*B&%H*'+2 9&BB8#(2 =<+2 82 +E*2 ,*8#(2 ($')*2 +E*2 <'8=8(E*92 9*9$)8+*928'92#*B*'+B*((2W&#)*2&W2 (<))*((2 &W2 +E*2 \8#(E8BB2 SB8'2 *B$+*2(%*)$8B2&%*#8+&#(28'92$'+*BB$-*')*28'8B,(+(2+E8+2=#&<-E+2 8'92 +E*2 %&(+!8#2 #*)&'(+#<)+$&'2 &W2 X8%8'P2 +E*2 9*A*B&%*92 #*+#$=<+$&'2+&2:(8H82=$'2O89*'2f2=<+2$+2!&<B92=*282+*##$=B*2 !&#B92E8(2829$()&<#8-$'-2#*)&#92&W29*A*B&%H*'+2$'2W#8-$B*2 H$(+8V*2+&29$()&<'+2+E*2A$+8B2#&B*2+E8+2*)&'&H$)2-#&!+E2H<(+2 8'92W8$B$'-2(+8+*(P2%#&A$9$'-2%*#%*+<8B2(<(+*'8')*28$928(2$+2 %B8,2$'2W&(+*#$'-2-B&=8B2(+8=$B$+,"2J+2$(2'&+282)&$')$9*')*2+E8+2 8++*H%+(2+&28%%B,2+E*2#$-$92%#*()#$%+$&'(2&W2+E*2Q8(E$'-+&'2 +E*2)&<'+#$*(2W#&H2!E$)E2H&(+2A$&B*'+2*d+#*H$(+(2*H8'8+*2 7&'(*'(<(2 8'92 %#$&#$+$Y*(2 B8#-*L()8B*2 $'W#8(+#<)+<#*2 FJS:K2G:F3\2224<HH*#2M@CC
C6
)&'(+#<)+$&'2 %#&U*)+(2 8'92 (+8+*L#<'2 *d+#8)+$&'2 &W2 '8+<#8B2 !$BB2)&'+$'<*2+&2E8A*282#&B*2$'2=#$'-$'-2*)&'&H$)2-#&!+E2+&2 #*(&<#)*("2DE*23'$+*924+8+*(2E8(2%8$92B$++B*2#*-8#92&A*#2+E*2 +E&(*2)&<'+#$*(2+E8+2W&#H2+E*2'*d<(2&W2$'(+8=$B$+,P2$'(*)<#$+,2 ,*8#(2 +&2 +E*2 %#$A8+*2 (*)+&#2 $'2 +E*2 9*A*B&%$'-2 !&#B9P2 *A*'2 8'92*)&'&H$)2(+8-'8+$&'"2cd%*9$+$&'8#,2*)&'&H$)(2&WW*#(2 +E&<-E2*'+#*%#*'*<#(28#*2#*(%&'($=B*2W&#2+E*29,'8H$(H2&W2 +E*2W#8H*!&#V2&W282H$B$+8#,29&)+#$'*2W&#29*A*B&%H*'+"2J28'92 &<#2&!'2*)&'&H,2+E#&<-E2+E*2)#*8+$&'2&W2'*!P2E$-EL-#&!+E2 H,2)&BB*8-<*(28+2+E*2^8<WWH8'2G&<'98+$&'2E8A*2%#&%&(*92 2+!&D' =%*' #(&,*#$' 4",$+0#*' ")' *M8*40$0"#(+A' *,"#"!0,&' +E*2)#*8+$&'2&W2+!&2H$B$+8#,2$'(+$+<+$&'(2+E8+2!&<B92<'$e<*B,2 E&B9(2 +E8+2 9*A*B&%H*'+2 %&B$)$*(2 )&<B92 (**2 <'%#*)*9*'+*92 %#&A$9*2 8'2 $'9*%*'9*'+2 )8%8)$+,2 W&#2 *)&'&H$)2 8'8B,($(2 (<))*((2!*#*2+E*,2&'B,2+&28%%B,2+&2+E*29*A*B&%$'-2!&#B92+E*2 8'92 +#8$'2 82 %*#*''$8B2 %#&W*(($&'8B2 )89#*2 &W2 9*A*B&%H*'+2 %#&A*'2*)&'&H$)2H&9*B2%#8)+$)*92$'2+E*23'$+*924+8+*(2=,2 (%*)$8B$(+(" %#$&#$+$Y$'-2%#$A8+*2(*)+&#2-#&!+E29#$A*'2=,2'*!28'92,&<'-2 !' ' =%*' 2+&$.' $%*' <#&$0$6$*' )"+' O030$(+A' g,"#"!0,' 2+!&D `'8B,($(P2 !&<B92 %#&A$9*2 $'9*%*'9*'+2 8'8B,($(2 8'92 DE&<-E2 $+2 H8,2 =*2 82 =$++*#2 %$BB2 W&#2 +E*2 $'+*#'8+$&'8B2 &8*,63($0:*'$%*"+0\0#@'(+"6#4'$%*';1%($'0)?'X6*&$0"#&'$%($' 9*A*B&%H*'+2)&HH<'$+,2+&2(!8BB&!P2+E*2`H*#$)8'2H$B$+8#,2 8#*2%8#+$)<B8#2+&2H$B$+8#,2%B8''$'-"2R*A&+*92+&2(%*)<B8+$A*2 $(2!*BB2%B8)*92+&2*d*)<+*282H8'98+*2W&#2W&(+*#$'-2*)&'&H$)2 *)&'&H$)(2$'2+E*2#*8BH2&W2-*&%&B$+$)8B2%&!*#2#*B8+$&'(E$%(P2 -#&!+E2 $'2 W#8-$B*2 (+8+*(P2 E8A$'-2 +E*2 #*(&<#)*(P2 +E*2 $'+*#*(+2 $+(2 H$B$+8#,2 8'92 )$A$B$8'2 8)89*H$)2 (+8WW2 !&<B92 W&)<(2 &'2 8'92+E*2%#*(*')*2$'2+E*2*)&'&H$)8BB,2(+8-'8'+2)&<'+#$*(2+E8+2 9*A*B&%$'-2*WW*)+$A*28%%#&8)E*(2+&2*)&'&H$)29*A*B&%H*'+2 8#*2f28-8$'P2'&+2)&$')$9*'+8BB,2f2(+#$)V*'2!$+E2$'(+8=$B$+,28'92 $'2$'(+8')*(2&W2`H*#$)8'2H$B$+8#,2$'A&BA*H*'+P2%#*LP2H$9L2 A$&B*'+2*d+#*H$(H"2J'9**9P2+E*2H$B$+8#,2$(28B#*89,282B*8928)+&#2 (#4' 8"&$B,"#T0,$D' F6,%' (#' 0#&$0$6$0"#' ,"634' 7*' (' 4+0:0#@' $'2 9*A*B&%H*'+P2 '&+2 &'B,2 $'2 J#8e2 8'92`W-E8'$(+8'P2 !E*#*2 W&#)*2W&#282'*!2#*8B$(H2$'2*)&'&H$)2()$*')*" $+2 B*89(2 &#2 )&&%*#8+*(2 &'2 !2 2 DE*2 (*)&'92 +E*2 $H%B*H*'+8+$&'2 &W2 %#&%&(8B2 $(2 B*((2 82 '<H=*#2 &W2 *)&'&H$)2 #*A&B<+$&'8#,P2=<+2#8+E*#2 MN1$C4(4",6%)&$<","=4</&C"$/& %#&-#8H(P2 =<+2 $'2 `W#$)82 82#*A$A8B2&W28'2$'(+$+<+$&'2 G6#$&6&%"-$&4,&(G$&<"H,($%($%%"%4/=& 8'92 4&<+E2 8'92 7*'+#8B2 +E8+2 +#8$'*92 +E*2 H$B$+8#,2 :0"O:;3')0%3<;04)3OH"@4('"e"E3" `H*#$)82 +&&P2 !E*#*2 ")2,*+&' +*&8"#&073*' H$B$+8#,2 )&H=8+8'+2 W&#2 +!&2 &W2 +E*2 W*!2 #*8B2 54#4,5&(G$&1$"1-$&"E,$%/G41&"K&(G$& )&HH8'9(2E8A*28((<H*92 9*A*B&%H*'+2 (<))*((2 $<","=)&(G%"H5G&$,(%$1%$,$H%/G41& %#&H$'*'+2 9*A*B&%H*'+2 )8(*(2 f2 +E&(*2 &W2 %&(+L #&B*("2 J'2 +&+8BP2 +E*2 !8#2a*#H8',28'92X8%8'"2 +3&"20%/+')"<)O':0"40:G'(5"%'"4%/)<" R*%8#+H*'+2 &W2 R*W*'(*2 DE*2 4)E&&B2 &W2 \$B$+8#,2 =$6,4,5&("&(G$&1H7-4<&C41-"=6<)& ,"#$+"3&' "#*B2)$%' ")' a&A*#'H*'+2 &%*#8+*92 $'2 )X:0'<"'(+'"+0)"O0%'%O+-"':"&)F)+'%34" 3"4"2 W&#*$-'2 8$9P2 8'92 7E8#B&++*(A$BB*P2[$#-$'$8P2 !E8+2 $+2 )<##*'+B,2 B8)V(2 8'92 8+2 C@2 <'$A*#($+$*(2 (G$&($%%"%4/(/.&\1%"1656,C6&"K $'2 W&#H8B2 *)&'&H$)2 8)#&((2 +E*2 )&<'+#,2 (G$&C$$CS` *d%*#+$(*2$+2$'2%8#+2H8V*(2 9<#$'-2 +E*2 4*)&'92 <%2W&#2!$+E2'&!2,*8#(2&W2 Q&#B92Q8#"2a#89<8+*(2&W2 9*A*B&%H*'+2 *d%*#$*')*2 +E*(*2 %#&-#8H(2 !*'+2 &'2 8'928'2$'(+$+<+$&'8B2<'9*#(+8'9$'-2+E8+2(<))*((2$'2)&H%B*d2 +&2 (*#A*2 $'2 H$B$+8#,2 -&A*#'H*'+(P2 !$+E2 #*(%&'($=$B$+$*(2 &%*#8+$&'(2B$V*2&<#2)<##*'+2!8#(2'*)*(($+8+*(28'2*)&'&H$)2 $')B<9$'-2 H&'*,2 8'92 =8'V$'-P2 '8+<#8B2 #*(&<#)*(P2 B8=&#P2 )&H%&'*'+" %<=B$)2 !&#V(P2 B*-8B2 89H$'$(+#8+$&'P2 %<=B$)2 E*8B+EP2 8'92 J+2 $(2 !&#+E2 '&+$'-P2 +&&P2 +E8+2 +E*2 `H*#$)8'2 H$B$+8#,P2 $'9<(+#,2 8'92 )&HH*#)*"2 J'2 %<#(<$'-2 *e<8BB,2 8H=$+$&<(2 9*(%$+*2 =*$'-2 =,2 (&H*2 8))&<'+(2 +E*2 B8#-*(+2 =<#*8<)#8),2 8'92 %*#E8%(2 *A*'2 H&#*2 )&H%B$)8+*92 '8+$&'2 =<$B9$'-2 $'2 +E*2 !&#B9P2 E8(2 %#&A*'2 #*H8#V8=B,2 $''&A8+$A*"2 ,%(33*#@*&.' !030$(+A' ")2,*+&' $"4(A' (+*' $(&-*4' 10$%' :*+A' 7&<'+*#$'(<#-*'),29&)+#$'*2$(2$'2H8',2!8,(28'2$H%*#W*)+2 &0!03(+' 46$0*&.' 76$' %(:*' 7*#*2$$*4' )+"!' #"#*' ")' $%*' !&#V2 $'2 %#&-#*((P2 =<+2 +E*#*2 $(2 '&2 9*',$'-2 +E*2 )E8'-*2 $'2 #$-&#&<(2+#8$'$'-2+E8+2+E*24)E&&B2&W2\$B$+8#,2a&A*#'H*'+2 8%%#&8)E2!$+E$'2+E*2H$B$+8#,2&A*#2+E*2%8(+2+*'2,*8#(P2W#&H2 &')*2%#&A$9*9" +E*2-*'*#8B2&'2+E*2X&$'+24+8WW2+&2+E*2B8')*2)&#%&#8B2&'2%8+#&B2 D8V*'2 +&-*+E*#P2 +E*(*2 $'(+$+<+$&'(2 !&<B92 9*A*B&%2 $'2^8'98E8#"2:'*2!&<B92=*2E8#92%#*((*92+&2%&$'+2+&2($H$B8#2 8'92+*(+2*)&'&H$)29*A*B&%H*'+2+E*&#,P2%#&A$9*2&'-&$'-2 898%+8+$&'28+234`JR2&#2+E*24+8+*2R*%8#+H*'+" )#$+$)8B2 (<%%&#+2 +&2 H$B$+8#,2 %B8''*#(P2 8'92 *e<$%2 82 J+2 E8(2 =**'2 (8$92 +E8+2 =<#*8<)#8),2 $(2 +E*2 *'*H,2 &W2 %#&W*(($&'8B2 )89#*2 &W2 9*A*B&%H*'+2 *d%*#+(2 !$+E2 +E*2 $''&A8+$&'"2 J+2 $(2 &'*2 #*8(&'2 B8#-*2 =<($'*((*(2 W8BB2 8'92 82 (V$BB2(*+2+&2=<$B92)8%8)$+,2$'282W#8-$B*2(+8+*28'92%<+2$'+&2 #*8(&'2 !E,2 -&A*#'H*'+2 (&2 )&'($(+*'+B,2 W8$B(2 +&2 H**+2 &<#2 %B8)*2+E*2)&'9$+$&'(2+&28BB&!2W&#2*'+#*%#*'*<#$8B2-#&!+E"2 *d%*)+8+$&'("2Z<+28W+*#2H8',29*)89*(2&W29*A*B&%H*'+28)+$A$+,2 I7&'($9*#8=B,2 H&#*2 $'W&#H8+$&'2 8=&<+2 =&+E2 %#&%&(8B(2 !$+E2'8#,282(<))*((2(+&#,2$'2($-E+P2$''&A8+$&'2$'29*A*B&%H*'+2 )8'2=*2W&<'928+2!!!"*d%*9$+$&'8#,*)&'&H$)("&#-N" c)&'&H$)2 9*A*B&%H*'+2 8B&'*2 $(2 '&+2 82 +8)+$)2 W&#2 $(2*d8)+B,2!E8+2$(2'**9*9"2G&#28BB2&W2+E*(*2#*8(&'(P2+E*2H$B$+8#,2 Ci
FJS:K2G:F3\2224<HH*#2M@CC
)&<'+*#+*##&#$(H2 &#2 )&<'+*#$'(<#-*'),"2 DE*2 3'$+*92 4**4D?' <#' ,+*($0#@' &6&$(0#(73*' *,"#"!0,' @+"1$%' 0#' $%*' 4+8+*(2)8''&+2<(*29*A*B&%H*'+2&#2+E*2)8##&+2&W2*)&'&H$)2 )&<'+#,2 E8#=&#$'-2 +*##&#$(+(P2 $+2 %#&A$9*(2 +E*2 (+8+*2 !$+E2 %#&(%*#$+,2 +&2 )&'A*#+2 82 +*##&#$(+2 $'+&2 8'2 *'+#*%#*'*<#"2 $')#*8(*92#*(&<#)*(2+&2%#&A$9*2W&#2$+(2&!'2(*)<#$+,28'92 \&(+2 *d$(+$'-2 8'*)9&+8B2 8'92 e<8'+$+8+$A*2 #*(*8#)E2 &'2 +&2)&H=8+2+E*2+*##&#$(+2+E#*8+"2 +E*2 (<=U*)+2 $'9$)8+*(2 +E8+2 QE*'28%%B$*92$'282%#*L2&#2 $'2 H&(+2 )8(*(P2 &')*2 E*2 E8(2 8"&$B,"#T0,$'&*$$0#@'8+0"+'$"'"+' 6(:;4("%'"$+H"A)"+"A%,)0" 89&%+*92 82 %E$B&(&%E,2 &W2 W&BB&!$'-282)&<'+*#$'(<#-*'),2 A$&B*'+2*d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c d % * 9 $ + $ & ' 8 # ,2 A$&B*'+2*d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
THE RICHAR CLIENT: Souther TRG JOB SCO-11 JOB NAM “Thinker PUB: Th INSERT 2011 TRIM: 7.375" x LIVE: N/A BLEED: N/A COLOR: LN SCR FOR QU Peter S 214-891
Idea Power.
™
We’re tapping into the most powerful resource on earth–the human mind. We can generate energy from wind, sun, rivers, uranium and coal. But new and brighter ideas are what will fuel the future of this country. Southern Company is committed to generating a new kind of energy–an energy of science, technology and research–that will provide affordable and sustainable electricity for generations to come. To see how Southern Company is turning ideas into power, go to southerncompany.com.
©2011 Southern Company
FJS:K2G:F3\2224<HH*#2M@CC SCO110001 7_3x4_8.indd 1
C0 8/12/11 3:33 PM
P"E&89::&'G61$C (G$&Q4--$,,46-&R$,$%6(4", DDD%=#'()$'?$&&6=&'J6,'5$KB8?2>%=&'(6#%9 @=BE=BN?!7\\eNB :'24*%+*H=*#2CCP2M@@CP2'$'*+**'2H*'2E$U8)V*92W&<#2 )&HH*#)$8B28$#%B8'*(P2+#8'(W&#H$'-22+E*H2$'+&2H$(($B*(2 +E8+2 H<#9*#*92 +E&<(8'9(2 &W2 $''&)*'+2 )$A$B$8'(2 &'2 /!*+0,(#' &"03D' '=%*&*' ($$(,-&' 1*+*' (' 4*2#0#@' !"!*#$' $'2 +E*2 B$A*(2 &W2 H$BB*''$8B(2 f2 (&2 '8H*92 =*)8<(*2 +E*,2 8#*2 +E*2 2+&$' @*#*+($0"#' $"' ,"!*' ")' (@*' $'2 +E*2 '*!2 H$BB*''$<H"2 2 J'2 +E*2 (8H*2 !8,2 +E8+2 +E*2 8++8)V2 &'2 S*8#B2 b8#=&#2 $(2 $H%#$'+*92 <%&'2 +E*2 a#*8+*(+2 a*'*#8+$&'P2 8'92 +E*2 ^*''*9,2 8((8(($'8+$&'2 $H%8)+*92 +E*2 Z8=,LZ&&H*#(P2 05CC2 E8(2 (E8%*92 +E*2 !&#B9A$*!2 &W2+E*2H$BB*''$8B2-*'*#8+$&'"22 :'2 +E8+2 W8+*W<B2 H&#'$'-P2 +E*2 &B9*(+2 H$BB*''$8B(2 !*#*2 (*'$&#(2$'2E$-E2()E&&BP2!E$B*2+E*2 ,&<'-*(+2!*#*2U<(+2$'W8'+("22G&#2 $%*'2+&$'$0!*'0#'$%*0+'30:*&.'$%*A' !*#*2 )&'W#&'+*92 !$+E2 +E*2 W8)+2 +E8+2 +E*$#2 -&A*#'H*'+2 8'92 +E*$#2 %8#*'+(2 !*#*2 '&+2 $'2 )&'+#&B"22 :(8H82 =$'2 O89*'2 =*)8H*2 82 E&<(*E&B92 '8H*P2 8'92 +&2 +E*2 ,&<'-*(+2H$BB*''$8B(2E*2!8(2+E*2 $')8#'8+$&'2&W2+E*$#2!&#(+2W*8#("22 J'2 8'2 $'(+8'+P2 +E*(*2 ,&<'-2 `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
H&(+P2 %&B$+$)8B2 B*89*#(2 (*+2 8($9*2 %8#+$(8'2 $'+*#*(+("22 \$BB*''$8B(29#8'V29**%B,2W#&H2+E$(2(%$#$+2&W2'8+$&'8B2<'$+,P2 (#4'0$'+*!(0#&'('4*2#0#@')*($6+*'")'$%*0+'@*#*+($0"#D''/&' 82%#*($9*'+$8B2)8'9$98+*P2Z8#8)V2:=8H82)E8''*B*92+E$(2 -*'*#8+$&'8B2 *+E&(2 !E*'2 E*2 (%&V*2&W2+#8'()*'9$'-2%8#+$(8'2 9$WW*#*')*(2$'282)&<'+#,2!$+E2'&2 =B<*2 (+8+*(2 &#2 #*92 (+8+*(P2 &'B,2 +E*2 3'$+*92 4+8+*(2 &W2 `H*#$)8"22 QE$B*2<'$+,2$'282+$H*2&W2!8#2$(2 $H%*#8+$A*P28'92!E$B*2$+2!&<B92 =*2 <'#*8(&'8=B*2 +&2 *d%*)+2 +E*2 ,"6#$+A9&' 3*(4*+&' $"' +*!(0#' <'$+*92 W&#*A*#P2 H$BB*''$8B(2 '&'*+E*B*((2 *d%*)+2 +E*$#2 B*89*#(2 +&2 *d%#*((2 %#$')$%B*92 9$(8-#**H*'+(2#*(%*)+W<BB,P28'92 +E*,2 9$(B$V*2 !E*'2 %&B$+$)$8'(2 9*H&'$Y*28'929*H8-&-<*2+E*$#2 %&B$+$)8B2&%%&'*'+(" 4*)&'9P2 H$BB*''$8B(2 %B8)*2 82 %#*H$<H2 &'2 %<=B$)2 (*#A$)*"22 J2 +E$'V2 +E$(2 $(2 8BH&(+2 )*#+8$'B,2 82 #*(<B+2 &W2 +E*2 -#8+$+<9*2 8'92 '$"3$"*4&5667*" #*A*#*')*2 (E&!*#*92 &'2 +E*2 E*#&*(2&W205CC28'92$+(28W+*#H8+E>2 !"&$' :0&073A' "6+' 2+*2@%$*+&' 8'92 &<#2 H*'2 8'92 !&H*'2 $'2 +E*2 H$B$+8#,"2 2 \$BB*''$8B(2 A&B<'+**#2 H&#*2 W#*e<*'+B,2 +E8'2 8',2 &+E*#2 -*'*#8+$&'8B2 )&E&#+P2 !$+E2 /@2 %*#)*'+2 (8,$'-2 $%*A9:*' :"36#$**+*4' 10$%0#' $%*' %8(+2 ,*8#P2 8'92 i?2 %*#)*'+2 &W2 *'+*#$'-2 )&BB*-*2 W#*(EH*'2 E8A$'-2A&B<'+**#*92#*-<B8#B,2$'2E$-E2()E&&B"22J2+E$'V2+E*2 &<+%&<#$'-2 &W2 )&HH<'$+,2 (%$#$+2 8((&)$8+*92 !$+E2 05CC2 -&*(2 82 B&'-2 !8,2 +&!8#92 *d%B8$'$'-2 !E,2 +E*2 H$BB*''$8B2 -*'*#8+$&'2$(2&'*2+E8+2A8B<*(2%<=B$)2(*#A$)*" G$'8BB,P2 H$BB*''$8B(2 E8A*2 82 %&($+$A*2 A$*!2 &W2 -&A*#'H*'+"2 2 DE*,2 9&2 '&+2 +*'92 +&2 (**2 $+2 8(2 %8#+2 &W2 +E*2 8+"73*!.' $"' 8(+(8%+(&*' ]"#(34' ]*(@(#9&' )(!"6&' 30#*D'' `))&#9$'-2 +&2 +E*2 S*!2 F*(*8#)E2 7*'+*#P2 $H%#*(($&'(2
Q4--$,,46-/&1-6<$ 6&1%$=4H=&",&1H7-4<& /$%#4<$S&&
M@
FJS:K2G:F3\2224<HH*#2M@CC
(7"6$'@":*+#!*#$.'"#,*'&"30402*4'0#'('@*#*+($0"#.'$*#4' +&2*'9<#*"22QE$B*2+E*#*2$(2'&2)B*8#2*A$9*')*2+E8+29$#*)+B,2 B$'V(2+E*2*A*'+(2&W205CC2+&2+E$(2-*'*#8BB,2%&($+$A*2A$*!2 &W2-&A*#'H*'+P2J2(<#H$(*2+E8+2+E*(*28++$+<9*(2+&&V2E&B92 8(282#*(<B+2&W2(**$'-2+E*23"4"2-&A*#'H*'+28)+29*)$($A*B,2 $'2#*(%&'(*2+&2+E*205CC28++8)V("22;&<'-2%*&%B*2(8!2+E8+2 !E*'2`H*#$)82!8(2$'298'-*#P2+E*2)&<'+#,2f2$+(2)$+$Y*'(P2 $+(2 -&A*#'H*'+P2 8'92 $+(2 8#H*92 W&#)*(2 f2 )&<B92 #$(*2 +&2 +E*2 )E8BB*'-*2 8'92 -*+2 <#-*'+2 +8(V(2 9&'*2 e<$)VB,2 8'92 9*)$($A*B,2 $'2 &#9*#2 +&2 H**+2 +E*2 +E#*8+"2 2DE<(2 $+2 !8(2 '&2 &6+8+0&*' $"' &**' A"6#@' /!*+0,(#&' T""4' $%*' &$+**$&' 0#' )*B*=#8+$&'2&'2+E*2'$-E+2&W2\8,2CLMP2M@CCP2<%&'2E*8#$'-2 +E*2'*!(2+E8+2&<#2E*#&$)2K8A,24*8B(2E892V$BB*92:(8H82=$'2 O89*'2$'2E$(2S8V$(+8'$2E$9*&<+"22G&#2,&<'-2`H*#$)8'(28(2 H<)E28(28',&'*P2+E*2(<))*((2&W2+E*2H$(($&'2+&2*B$H$'8+*2 =$'2 O89*'2 9*H&'(+#8+*92 82 E8#92 *8#'*92 `H*#$)8'2 +#$<H%EP28'92$+2!8(28'2&<+%&<#$'-2&W2%8+#$&+$(H2W#&H2+E*2
NEARLY TWICE AS MANY AS THE TOP 9 FORTUNE 500 COMPANIES COMBINED.
W"H,5&1$"1-$&/6E&(G6( G()3"#$)0%O+"G+<"%3"&+34)05" '()"O:;3'0H"f"%'<"O%'%L)3<5"%'<" 4:/)03$)3'5"+3&"%'<"+0$)&" K"%<$/&Z&<"H-C&%4/$&("&(G$& <G6--$,5$&6,C&5$(&H%5$,(&(6/>/& C",$&[H4<>-)&6,C&C$<4/4#$-)&4,& "%C$%&("&=$$(&(G$&(G%$6(S& 05CC2 -*'*#8+$&'2 +E8+2 -&&92 9*W*8+(2 *A$BP2 8'92 $'2 +E*2 *'9P2 `H*#$)82!$'(" DE*2F*%<=B$)8'2S8#+,2(E&<B92)&'($9*#2+E*2$H%8)+2&W2 05CC2&'2H$BB*''$8B(P2*(%*)$8BB,28(2!*2H8#)E2$'+&2+E*2M@CM2 %#*($9*'+$8B2)&'+*(+28'92E&%*2+&2)&''*)+2!$+E2+E$(2#$($'-2 -*'*#8+$&'"2 2 DE*#*2 $(2 <#-*'),2 W&#2 <'9*#(+8'9$'-2 8'92 E8#'*(($'-2+E*$#2*'+E<($8(H2'&!P28(2*d%*#+(29*H&'(+#8+*2 $%($'8(+$0&(#'04*#$0$A'&"30402*&'0#'#*1'@*#*+($0"#&'()$*+' +E#**2%#*($9*'+$8B2*B*)+$&'2),)B*("224$')*2+E*2\$BB*''$8B(2 A&+*92 W&#2 X&E'2 ^*##,2 $'2 M@@gP2 8'92 Z8#8)V2 :=8H82 $'2 _``h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
AMERICA’S LONG TERM CARE FACILITIES,
ONE OF OUR NATION’S LARGEST EMPLOYERS The economic impact of these jobs in nursing homes, assisted living centers, and other residential care facilities is vitally important to our economy. Long term and post-acute care facilities all across America generate $60.9 billion in much needed tax revenue. We’re growing too, creating 63,000 new jobs in 2010.
Fortune 500® is a registered trademark of the FORTUNE magazine division of TIME Inc.
FJS:K2G:F3\2224<HH*#2M@CC
MC
`#+$)B*(
=5*;!&3'!P,-9'!\F'(!A1'2;*2:# ?3'!O*:3&!\F'(!7',9&3!4,(' 4)2&*20'+ 47=BcNA!P\KA?=Qf J'2 +E*2 H$9(+2 &W2 +E*2 9*=8+*2 &'2 U&$'*92 82 B8!(<$+2 !$+E2 M/2 (+8+*(2 +&2 )&<'+#,2 $W2 +E*,2 9&2 '&+2 ($-'2 <%2 W&#2 )&'+#&BB$'-2 (%*'9$'-P2 7&'-#*((2 %#*A*'+2 +E$(2 &A*##*8)E"2 2 R*(%$+*2 -&A*#'H*'+L(8')+$&'*92E*8B+E2)8#*"2 D&2 )&H=8+2 +E$(P2 J2 #*)*'+B,2 ,"#$0#6*&'0$&'2@%$'(@(0#&$'C+*&04*#$' 82 #*)*'+2 M2 +&2 C2 9*)$($&'2 =,2 +E*2 /+E2 R7(!(9&'*M8*#&0:*'%*(3$%B,(+*'3(1D' 7$#)<$+2 7&<#+2 &W2`%%*8B(2 +&2 <%E&B92 $'+#&9<)*92 b"F"2 C6ggP2 +E*2 4$')*2X8'<8#,P2+E*2b&<(*2E8(2A&+*92 +E*2B8!P2+E*2=8++B*2)&'+$'<*(2=*W&#*2 `H*#$)8'2 X&=2 S#&+*)+$&'2 `)+P2 +&2 +&2 #*%*8B2 8'92 9*W<'92 :=8H8)8#*P2 &+E*#2 )&<#+(2 8'92 !$BB2 <B+$H8+*B,2 *B$H$'8+*2 +E*2 98H8-$'-2 *H%B&,*#L H8'98+*2 %#&A$($&'2 $'2 =<+2 +E*2 4*'8+*2 E8(2 '&+2 :=8H8)8#*"2 2 DE*2 =$BB2 8)+*9"22 #*H&A*(2 #*e<$#*H*'+(2 D&2#*%*8B28'92#*%B8)*2 (+8+$'-2 *H%B&,*#(2 !$+E2 :=8H8)8#*2 !$+E2 #*8B2 1@2 &#2 H&#*2 W<BB2 +$H*2 (&B<+$&'(P2 !*2 H<(+2 9&2 ;*X60:(3*#$?' *!83"A**&' 82 =*++*#2 U&=2 *9<)8+$'-2 H8,2 =*2 8((*((*92 82 lW#**2 /!*+0,(#&' "#' &8*,02,' +04*+?'8*#(3$AD !8,(2 +E*2 B8!2 !$BB2 E8#H2 `+2 82 +$H*2 !E*'2 +E*$#2W8H$B$*("22DE*2E*8B+E2 =<($'*((*(2B8#-*28'92(H8BB2 B8!2%B8)*(2*d%*'($A*2'*!2 8#*2 (+#<--B$'-2 +&2 (<#A$A*2 H8'98+*(2 &'2 $'9$A$9<8B(2 $'2 82 !*8V*'*92 *)&'&H,P2 8'92 U&=2 )#*8+&#(2 8'92 +E$(2 899*92 =<#9*'2 $(2 )#*8+*(282'*!2=<#*8<)#8),2 )&H%B*+*B,2 H$(-<$9*92 +&2#8+$&'2)8#*"22`(282W&#H*#2 8'92 <'8))*%+8=B*"2 2 2 DE*2 %*(+$'&6+@*"#.'<9!'2@%$0#@' 7&'-#*(($&'8B2 Z<9-*+2 +&2#*%*8B2+E*(*2%#&A$($&'(2 R)2,*2 !8#'(2 &W2 U&=2 B&((2 $HH*9$8+*B,"2 2 :+E*#!$(*P2 $'2 +E*2 '*d+2 C@2 ,*8#(2 $%*A933' 0#,+*(&*' ,"&$&.' =*)8<(*2&W2+E$(2%#&A$($&'"22 9*(+#&,2 U&=(2 8'92 9*B8,2 ?0)<%&)3'".A+$+N<"%3&%/%&;+-" Q*2H<(+2#*%*8B2$+2'&!2+&2 8($0*#$&9' (,,*&&' $"' 30)*B %*#H$+2 =<($'*((*(2 8)#&((2 (8A$'-2)8#*"2 =6,C6($&E4--&4,<%$6/$&G$6-(G&<"/(/& +E*2 )&<'+#,2 +&2 W&)<(2 &'2 C+*&04*#$' R7(!(9&' 7)&K"%<4,5&F=$%4<6,/&("&1H%<G6/$& -#&!$'-2+E*$#2)&H%8'$*(P2 $'9$A$9<8B2 H8'98+*2 !$BB2 $N1$,/4#$&U6/G4,5(",a611%"#$C& E$#$'-2!&#V*#(28'929&$'-2 $')#*8(*2 E*8B+E2 )&(+(2 +E*$#2 %8#+2 +&2 $H%#&A*2 +E*2 =,2 W&#)$'-2 `H*#$)8'(2 <"#$%65$&K"%&/$%#4<$/&(G$)&=6)&,"(& *)&'&H,"22 +&2 %<#)E8(*2 *d%*'($A*2 E6,(&"%&,$$CS J2 8B(&2 U&$'*92 H,2 Q8 ( E $ ' - + & ' L 8 % % # & A * 92 ,"33*(@6*&' 0#' (' 2@%$' $"' )&A*#8-*2W&#2(*#A$)*(2+E*,2 &$"8' R7(!(,(+*9&' #*1' +($0"#0#@' H8,2'&+2!8'+2&#2'**9"2:<#2G&<'9*#(2 #*8)E2+E*23"4"24<%#*H*27&<#+"22 `(2 +E$(2 )8(*2 H8V*(2 %#&-#*((2 %8'*BP2 +E*2 J'9*%*'9*'+2 S8,H*'+2 '*A*#2$'+*'9*92+&2*H%&!*#27&'-#*((2 +&2 #*-<B8+*2 *)&'&H$)2 $'8)+$A$+,2 +E#&<-E2 +E*2 )&<#+(P2 J2 8H2 !&#V$'-2 `9A$(&#,2Z&8#92IJS`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d8)*#=8+*(2+E$(2 7&'-#*((2)8'29&28',+E$'-2$+2!8'+("2 4H8BB2=<($'*((*(28)#&((2`H*#$)82 %<'$(E*(2 U&=2 )#*8+&#(2 8#&<'92 +E*2 %#&=B*H"22 MM
FJS:K2G:F3\2224<HH*#2M@CC
:=8H8)8#*2 )#*8+*(2 H&#*2 B$W*L !&#9"22Z,2(B8(E$'-2%8,H*'+(2=*B&!2 +E*2 %*&%B*2 +E*,2 )B8$H2 +&2 %#&+*)+"2 +E#*8+*'$'-2 9*B8,(2 W&#2 (*'$&#(2 )&(+(P2 JS`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`Z2 !$BB2 E8A*2 $"'"6+'#($0"#9&'%*(3$%',(+*' < ' % # * ) * 9 * ' + * 92 '**9("22 F(&6&(4=$&EG$,&7H/4,$//$/&-6%5$& ,"#$+"3' ":*+' 8($0*#$&9' K&!2$(2+E*2+$H*2+&28)+2 6,C&/=6--&6%$&/(%H55-4,5&("&/H%#4#$& %*#(&'8B2 H*9$)8B2 8'92 #*%*8B2 $+2 8'92 #*%B8)*2 9*)$($&'(2 =<+2 B$H$+*92 $+2 !$+E2 )&HH&'(*'(*2 %3"+"G)+P)3)&")O:3:$H5"'(%<"+&&)&" H*9$)8B2 *d%*#+$(*"22 (&B<+$&'(2 +&2 B&!*#2 )&(+(2 7H%C$,&4/&<"=1-$($-)&=4/5H4C$C&6,C& DE*2 B8!2 B$H$+(2 +E*2 8'92 %#&+*)+2 +E*2 9&)+&#L H*H=*#(E$%2&W29&)+&#(2 H,6<<$1(67-$S %8+$*'+2#*B8+$&'(E$%"2222T@ !$+E2 #*8B2 *d%*#$*')*2 )8#$'-2 W&#2 %8+$*'+(P2 $'(+*892 (*B*)+$'-2 '<H=*#2 )#<')E*#(2 9&)+&#(2 !E&2 &WW*#2 82 '*!2 8'92 H&#*2 ()%+4#1'H/01&%$A'+#5+#1#$&1'&)#' W&)<(*92 &'B,2 &'2 )&(+("2 2 cd%*#+(2 *WW*)+$A*2+#*8+H*'+2 V&)'J*1&+*@&'/6'W/0*1*%$%'*$'&)#' 0#' ;$*,%#"3"@A' (&&*&&!*#$?' 1033' V*' ,(##"$' &*+:*' 8($0*#$&9' 7*&$' 89"9'./01#'/6';#5+#1#$&%&*:#19''C' E*B%2 9*A$(*2 %8,H*'+2 W&#H<B8(2 +E8+2 $'+*#*(+(2 =,2 8BB&!$'-2 <'*B*)+*92 @%+?*/:%1@04%+'10+=#/$'6/+'/:#+' %#*A*'+2 '*!2 B$W*L(8A$'-2 H*9$)8B2 =<#*8<)#8+(2 +&2 H8V*2 )#$+$)8B2 NX'A#%+1E'J+9'H/01&%$A'1#+:#1'%1' =#*8V+E#&<-E("2222 H*9$)8B29*)$($&'("2cA*'2R*H&)#8+(2 ()%*+,%$'/6'&)#'U%A1'%$?'7#%$1' 4*)#*+8#,24*=*B$<(2$'($(+(2JS`Z2 !E&2 A&+*92 W&#2 :=8H8)8#*2 (<%%&#+2 O:#+1*=)&'"0>@/,,*&&##'%$?'*1' !(A' #"$' ;+($0"#?' ,(+*.' 76$' &%*' #*%*8B$'-2JS`Z2=*W&#*2$+2=*-$'("2 %',#,>#+'/6'&)#'BOD'J/@&/+Q1' 89H$+('$%*'#*1'3(1')(03&'$"'4*2#*'$%*' R7(!(,(+*9&' 8"30,0*&' %6+$' (%0@019
SMART. EFFICIENT. FAST. THE NEW LOGISTICS In this world where logistics can make the daily difference between success and failure, between happy customers and angry customers, between a competitive advantage and a competitive threat, there is no more powerful resource to have in your corner than the people and systems of UPS.
!"#$%&'(&)*"%((&&&+
FJS:K2G:F3\2224<HH*#2M@CC
),-),-.++&&&/01203)&45
M?
+,&(G$&U6>$&"K
&&7ghga`\iZ _=cN!dc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l9&2 ($-'$W$)8'+2 '8+<#8B2 0$' +0@%$D?' ' <$' $""-' $%*' 9$(8(+*#(2 $'2 #*)&#9*92 DE#**2 \$B*2 J(B8'92 E$(+&#,"2 2 QE$B*2 +E*2 8))$9*'+2$'2+E*23"4"2+&2 H*9$82 '*A*#2 W8$B*92 W&#)*2<+$B$+$*(P2A*'9&#(P2 +&2 #*%&#+2 &'2 *A*#,2 8'92#*-<B8+&#(2+&29&2+E*2 (*+=8)VP2 $+2 H$((*92 +E*2 $'L9*%+E2 (*BWL)#$+$)$(H2 &%%&#+<'$+,2 +&2 #*%&#+2 +E8+2 *A*'+<8BB,2 B*92 &'2 !E8+2 !*'+2 #$-E+"22 +E*H2 +&2 (+#$A*2 W&#2 DE$(2 $(2 !E8+2 (*%8#8+*(2 *d)*BB*')*"22J+2#*H8$'(2 +E&(*2 !E&2 !8'+2 +&2 +&2 =*2 (**'2 $W2 +E*2 #*%&#+2 +E*2 '*!(2 W#&H2 X8%8'*(*2 )<B+<#*2 )8'2 +E&(*2 !E&2 !8'+2 +&2 *A&BA*2 +&2 8))*%+2 8'92 )E8'-*2+E*2!&#B9"2 *H=#8)*2 +E*2 )&')*%+(2 `(2 *'-$'**#(2 &W2 (*BWL)#$+$)$(HP2 +&2 8'92 ()$*'+$(+(2 8)#&((2 E8A*2 82 e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bS'S&1-6,(/S H8,2 8)+<8BB,2 8%%B,2 +&2 )&%*2 !$+E2 8'2 *A*'+2 +&2 3"4"2 %B8'+("2 2 DE*2 &W2 +E$(2 H8-'$+<9*"22 W8)+(2 8#*2 +E8+2 +E*(*2 4*)&'9P2 8'92 %*#E8%(2 $'9$A$9<8B2B*A*BP2+E*,2E8A*2+E*2(8H*2 %B8'+(2(<#A$A*92+E*2*8#+Ee<8V*28'92 H&#*2 9$WW$)<B+2 +&2 <'9*#(+8'9P2 !8(2 %8(($&'2 8(2 J2 9&2 W&#2 e<*(+$&'$'-2 !&<B92 E8A*2 (<#A$A*92 +E*2 98H8-*2 +E*2 H<B+$LB8,*#*92 )&H%B8)*'+2 8'92 )E8BB*'-$'-2 +E*2 W<'98H*'+8B2 )8<(*92 =,2 +E*2 +(<'8H$2 $W2 =8)V<%2 =*B$*W2=,2+E*2X8%8'*(*2-&A*#'H*'+2 #*e<$#*H*'+(2 W&#2 82 (+#&'-2 (8W*+,2 %&!*#2 E892 =**'2 (<%%B$*9"2 2 J'2 +E*2 +E8+2 )&'+$'-*'),2 %B8'(2 899#*((*92 )<B+<#*"22Z<+28(282)&BB*)+$A*2=&9,P2 3"4"P2 +E$(2 )&'9$+$&'2 $(2 V'&!'2 *A*#,2 %&(($=$B$+,"2 2 D&2 8%%#*)$8+*2 +E*,2 E8A*2 9$WW$)<B+,2 =#*8V$'-2 +E*2 (&' ;F$($0"#' Y3(,-"6$?' (#4' 1(&' +E$(P2 &'*2 E8(2 +&2 <'9*#(+8'92 +E*2 =8##$*#(2 &W2 (&)$8B2 8'92 %&B$+$)8B2 899#*((*92*d+*'($A*B,2=,2+E*23"4"2 X8%8'*(*2)<B+<#*28'92+E*$#2(+#<)+<#*2 %#&+&)&B2!E$)E2B$H$+(2+E*$#28=$B$+,2 K<)B*8#2 F*-<B8+&#,2 7&HH$(($&'2 &W2-&A*#'8')*2+E8+2+*'9(2+&2W#&!'2 +&2#*W&#H" 8'92+E*23"4"2'<)B*8#2$'9<(+#,28W+*#2 68"#'$%*'X6*&$0"#0#@'")'('&68*+0"+9&' Mg
FJS:K2G:F3\2224<HH*#2M@CC
\8',2&<+($9*2+E*2'<)B*8#2$'9<(+#,2 E*#&$)2LL2*WW&#+(2H89*2=,2=#$BB$8'+2 05CC"2 2 QE$B*2 82 '<)B*8#2 #*8)+&#2 $(2 9&2 '&+2 <'9*#(+8'92 +E*2 %#&)*((2 9*9$)8+*92 *'-$'**#(P2 &%*#8+&#(P2 +*)E'$)8BB,2 )&H%B*dP2 !E8+2 $(2 '&!2 +E8+2 9#$A*(2 <(2 8W+*#2 82 ($-'$W$)8'+2 8'92 +*)E'$)$8'(2 !E&2 #*)&A*#*92 82 *H*#-$'-28 (2+ E*2W <'98H*'+8B2W 8$B<#*2 *A*'+2 (<)E2 8(2 G<V<(E$H8"22 ($dL#*8)+&#2 ($+*2 W#&H2 &'*2 &W2 +E*2 E8(2 B$++B*2 +&2 9&2 !$+E2 +E*2 '<)B*8#2 S#&=$'-2 8'8B,($(P2 (*BWL)#$+$)$(HP2 !&#(+2 '8+<#8B2 9$(8(+*#(2 *A*#2 (**'"22 #*8)+&#29*($-'2=<+2+E*29*)$($&'2&'2 8'92 e<*(+$&'$'-2 8++$+<9*(2 LL+E*2 `'92 +E*,2 9$92 $+2 <'9*#2 +E*2 !&#(+2 !E*#*28'92E&!2+&2($+*2+E*2W8)$B$+,2 %(33!(+-&' ")' $%*' 0#46&$+A9&' &()*$A' &W2 )&'9$+$&'("2 2 \8',2 B*W+2 =*E$'92 8'9P2 H&(+2 $H%&#+8'+B,P2 +E*2 9*($-'2 )<B+<#*2 LL2 8#*2 '&+2 $'+*'9*92 +&2 +E*$#2 9*(%*#8+*2 W8H$B$*(2 8'92 9$92 &W2 =8)VL<%2 (,(+*H(2 +&2 !$+E(+8'92 8(($-'2 =B8H*P2 =<+2 #8+E*#2 +&2 -8$'2 '&+2 V'&!2 +E*2 W8+*2 &W2 W#$*'9(2 8'92 E$(+&#$)8B2 +(<'8H$("2 2 Q&#B9!$9*P2 $'($-E+28'92$H%#&A*2+E*2(8W*+,28'92 B&A*92 &'*("2 2 DE*$#2 9*9$)8+$&'2 8'92 J2 *d%*)+2 8BB2 '<)B*8#2 %B8'+(2 !$BB2 =*2 #*B$8=$B$+,2&W2&%*#8+$&'("22b&!*A*#P2 !$BB$'-'*((2 +&2 (8)#$W$)*2 9*(*#A*(2 #*L*d8H$'*92 W&#2 =*,&'9L9*($-'2 &<#2 89H$#8+$&'2 =8($(2 *A*'+(P2 8'92&<#2+E8'V("2 $')B<9$'-2 '*!2 G&#2 +E$(2 %B8'+(2 *$+E*#2 #*8(&'P2 J2 9&2 '&+2 8B#*89,2 <'9*#2 9&<=+2 +E8+2 +E*2 )&'(+#<)+$&'2&#2 X8%8'*(*2 '<)B*8#2 %B8''*9" $'9<(+#,2 E8(2 `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`& 8'92 <'#*B$8=B*2 ! E * # *2 6,C&EG$%$&%4(H6-&=H/(&7$&"7/$%#$C&7$K"%$&6--& %#&9<)+("22 E $ ( + & # $ ) 8 B B ,2 Z<+2 +E*2 +(<'8H$(2 E892 )-<)5"E"'(%3P"'(+'"W)<')03"<'H-)"j<+F)'H"O;-';0)S" X 8 % 8 ' * ( *2 B*W+2 82 %8+E2 &W2 E4--&7$&#$%)&G6%C&K"%&(G$&c616,$/$&("&6<<$1(S&& *H=#8)*92 +E*2 9 * ( + # < ) + $ & ' "2 ^H(&6<<$1(&4(&(G$)&=H/(&4K&(G$)&E6,(&("&6<G4$#$& )&')*%+(2 &W2 b892 +E*2 e<8B$+,2 +E8+2 )&'(+#<)+&#(2&W2 $N<$--$,<$S %#&%*BB*92 +E*$#2 +E*2 G<V<(E$H82 8<+&H&+$A*2 8'92 %B8'+2 $'2 +E*2 *B*)+#&'$)(2=#8'9(2 IGi`9&' $(-*#' $'282)<B+<#*2!E*#*2$+2$(2$H%&B$+*2+&2 +&2 !&#B92 B*89*#("2 2 J2 =*B$*A*2 +E*,2 +E*(*2 !8#'$'-(2 +&2 E*8#+P2 +E*,2 &(A' ;#"?' (#4' 1%*+*' +0$6(3' !6&$' )8'28B(&28)E$*A*2+E$(2(8H*2(+8+<(2$'2 )&<B92 E8A*2 *'-$'**#*92 (,(+*H(2 =*2 &=(*#A*92 =*W&#*2 8BB2 *B(*P2 J2 '<)B*8#2&%*#8+$&'(28(2!*BB"2222222T@ +E8+2 !&<B92 E8A*2 %#*A*'+*92 !E8+2 +E$'V2 +E8+2 Q*(+*#'2 (+,B*2 l(8W*+,2 !8(2 <B+$H8+*B,2 #*(%&'($=B*2 W&#2 ,63$6+*?' 1033' 7*' :*+A' %(+4' )"+' $%*' J%4#'P4#*$E'D)9J9E'D939E'1#+:#1' +#$--*#$'-2+E$(2+#8-*9,"22 X8%8'*(*2 +&2 8))*%+"2 2 Z<+2 8))*%+2 $+2 %1'C11/@*%&#'Y*@#'()%$@#44/+' 3'9*#!8,2 #$-E+2 '&!2 $'2 +E*2 +E*,2 H<(+2 $W2 +E*,2 !8'+2 +&2 8)E$*A*2 6/+';#1#%+@)'6/+'&)#'8$*:#+1*&A' 3"4"2 8'92 8#&<'92 +E*2 !&#B92 $(2 8'2 *d)*BB*')*" /6'L#S%1'"A1&#,'*$'C01&*$E'%$?' *WW&#+2 +&2 *d8H$'*2 %B8'+(2 ($+<8+*92 *1'C11/@*%&#'J*+#@&/+'/6'&)#' `+2 G<V<(E$H8P2 +E*#*2 !*#*2 $'2 A<B'*#8=B*2 8#*8(2 +&2 9*+*#H$'*2 8$*:#+1*&AQ1'3$#+=A'F$1&*&0&#9'' H$(+8V*(2 H89*2 8'92 +E*#*2 !*#*2 $W289*e<8+*2%#*)8<+$&'(2E8A*2=**'2 M+/,'NXXZ'&/'NXX[E')#'1#+:#?' 9*)$($&'(2 +E8+2 (E&<B92 E8A*2 =**'2 +8V*'"22J+2$(2+E*2'8+<#*2&W2+E*23"4"2 %1'()%*+,%$'/6'&)#'89"9'K0@4#%+' H89*P2 =<+2 !*#*2 '&+"2 2 Z<+2 +E*#*2 '<)B*8#2 $'9<(+#,2 +&2 )&'(+8'+B,2 ;#=04%&/+A'(/,,*11*/$9' !*#*2 8B(&2 *d+#8&#9$'8#,2 LL2 *A*'2 e<*(+$&'2 8'92 (**V2 +&2 $H%#&A*"22 FJS:K2G:F3\2224<HH*#2M@CC
M1
Q4,"%4()&TH-$/ %$#&04#5"2$"&$.(6+#2.+12+&'$5(06+&'$+&2"$&(72$8(0. 4c=Bd!PNQANQ `(2 82 #*(<B+2 &W2 +E*2 M@C@2 W*9*#8B2 7*'(<(P2!*2V'&!2+E*#*2!*#*2H&#*2+E8'2 ?@i2H$BB$&'2%*#(&'(2$'2+E*23'$+*924+8+*(2 8(2&W2`%#$B2CP2M@C@"22 `(2 H&(+2 %&B$+$)8B2 &=(*#A*#(2 $'2 `H*#$)828#*2V**'B,28!8#*P2+E*2#*8B2$H%&#+2 &W2 +E*2 7*'(<(2 $(2 +E8+2 +E*2 =&<'98#$*(2 W&#2 8BB2 #*%#*(*'+8+$&'8B2 9$(+#$)+(2 '**92 $"' 7*' +*4+(1#' $"' +*T*,$' $%*' &%0)$' &W2 %&%<B8+$&'2 &A*#2 +E*2 %#*A$&<(2 9*)89*"2 DE$(2 H*8'(2 +E8+2 gMi2 &W2 +E*2 g?129$(+#$)+(2W&#2+E*2CC?+E27&'-#*((2 !$BB2 =*2 (&H*!E8+2 9$WW*#*'+2 +E8'2 +E*29$(+#$)+(2<(*92$'2M@C@"22J+28B(&2 H*8'(2 +E8+2 '*!2 9$(+#$)+(2 !$BB2 =*2 9#8W+*92 W&#2 6P?iM2 (+8+*2 B*-$(B8+&#(2 8#&<'92 +E*2 )&<'+#,2 8(2 !*BB2 8(2 W&#2 )&<'+B*((2)&<'+,2)&HH$(($&'(P2)$+,2 )&<')$B(P2 8'92 &+E*#2 B&)8B2 =&8#9(2 8'92)&HH$(($&'(2+E8+2<(*29$(+#$)+(2 W&#2 *B*)+$&'(P2 *$+E*#2 &'2 82 %8#+$(8'2 &#2 '&'L%8#+$(8'2 =8BB&+"2 2 D&98,P2 +E$(2 %#&)*((2 $(2 V'&!'2 =,2 H&(+2 8(2 #*9$(+#$)+$'-" DE*2 #*(<B+(2 &W2 +E*2 7*'(<(2 ,"#2+!*4' $%*' &(!*' @*#*+(3' %&%<B8+$&'2+#*'9(2&W2+E*2%8(+2(*A*#8B2 9*)89*(2 LL2 +E8+2 $(P2 +E*2 (**H$'-B,2 #*B*'+B*((2H&A*2&W2%*#(&'(2W#&H2+E*2 c8(+28'92\$9!*(+2+&2+E*24&<+E28'92 Q*(+"2 2 G#&H2 8'2 $'+*#(+8+*2 )&'-#*(($&'8B2 %*#(%*)+$A*P2 CM2 (*8+(2 (E$W+*92 W#&H2 C@2 9&'&#2(+8+*(2+&2i2#*)$%$*'+2(+8+*("22G#&H28'2 $'+#8(+8+*2B*-$(B8+$A*2%*#(%*)+$A*P2+E*#*2$(2 H&#*2&W282H$d*92%8++*#'P2+E&<-E2$'2+E*2c8(+2 8'92\$9!*(+2H8',2=$-2)$+$*(2B&(+2-#&<'92 #*B8+$A*2 +&2 +E*2 (<##&<'9$'-2 (<=<#=("22 G#&H2 8'2 cB*)+&#8B2 7&BB*-*2 %*#(%*)+$A*P2 $%0&'&%0)$'8+":04*&'&"!*'!(+@0#(3'7*#*2$' +&2+E*2F*%<=B$)8'(2=8(*92<%&'2+E*2M@@i2 A&+*"2DE*2'*!28%%&#+$&'H*'+2!$BB28WW*)+2 %#*($9*'+$8B2 *B*)+$&'(2 W&#2 +E*2 '*d+2 +E#**2 *B*)+$&'(P2+E#&<-E2M@M@"2 QE$B*2 (*A*#8B2 (+8+*(2 E8A*2 H89*2 M/
%#&-#*((2 &'2 +E*$#2 9$(+#$)+(P2 B$+$-8+$&'2 E8(2 =8#*B,2 )&HH*')*9"2 DE*#*2 8#*2 82 W*!2 -*'*#8B2 )&')*%+(2 +E8+2 !$BB2 8WW*)+2 +E$(2 %#&)*((2W&#2+E*2<%)&H$'-29*)89*>2 ;#$%G59G& D59+%5:5$6>2 D!&2 %&%<B8+$&'2 (<=-#&<%(2 +E8+2 *d%*#$*')*92 B8#-*2 #8+*(2 &W2 -#&!+E2 &A*#2 +E*2 9*)89*2 8#*2 +E*2 b$(%8'$)5O8+$'&2 8'92 `($8'2
Y"$%' ,"!!6#0$0*&' 40))*+' 0#' &0@#02,(#$' !8,(2 W#&H2 +E*2 `W#$)8'L`H*#$)8'2 )&HH<'$+,"2 2 G$#(+P2 +E*,2 8#*2 H<)E2 H&#*2 B$V*B,2 +&2 =*2 $HH$-#8'+(2 8'92 B*((2 B$V*B,2 +&2=*2)$+$Y*'(P28'92+E<(2B*((2B$V*B,2+&2=*2 *B$-$=B*2+&2#*-$(+*#2+&2A&+*"224*)&'9P2+E*,2 8#*2H<)E2H&#*2-*&-#8%E$)8BB,29$(%*#(*9"2 g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`H*#$)8'2 7&HH<'$+,2 4<#A*,2 &'*(2+E8+2E8A*2=**'2B8#-*B,2B*W+2&<+2&W2+E*2 I`74N"2DE*2`742 $(2 +E*2 &'B,2 (&<#)*2 W&#2 %&B$+$)8B2%#&)*((2+&298+*"22G&#29*)89*(2%8(+P2 $'W&#H8+$&'2 &'2 +E*2 )$+$Y*'(E$%2 (+8+<(2 8+2 +8#-*+*928'92%8(($&'8+*28)+$A$+,28+28BB2B*A*B(2 B&!2 B*A*B(2 &W2 -*&-#8%E,"2 7$+$Y*'(E$%2 E8(2$H%#&A*92+E*2%&B$+$)8B2*H%&!*#H*'+2 (+8+<(2H8,2=*28'2$H%&#+8'+2)&'($9*#8+$&'2 &W2 +E*2 `W#$)8'L`H*#$)8'2 )&HH<'$+,"22 $'2 9#8W+$'-2 9$(+#$)+(2 8'95&#2 $'2 B$+$-8+$&'2 DE*2 M@C@2 )*'(<(2 $'9$)8+*(2 +E8+2 ($H$B8#2 =#&<-E+2 <'9*#2 +E*2 W*9*#8B2[&+$'-2 F$-E+(2 8)+$A$+$*(2 H8,2 '&!2 =*2 '**9*92 W&#2 &+E*#2 `)+2I[F`N"2DE*#*2$(2(+$BB2(&H*2e<*(+$&'2 *H*#-$'-2H$'&#$+,2)&HH<'$+$*("2 8(2 +&2 +E*2 8%%B$)8=$B$+,2 &W2 +E*2 )$+$Y*'(E$%2 b&!*A*#P2%#8)+$)8B2)&'($9*#8+$&'(28#*2 98+82 W&#2 9$(+#$)+$'-2 8(2 !*BB2 8(2 (*A*#8B2 30-*3A'$"'!(-*'0$'40)2,63$')"+'$%*&*'@+"68&' 98+82)&')*#'(2#*B8+$'-2+&28',2<(*2&W2+E$(2 +&2+#8'($+$&'2$'+&2+E*2%&B$+$)8B2H8$'(+#*8H2 $'W&#H8+$&'" 3%56+9$%& B+B",<:5+9>2 DE*#*2 !8(2 !$+E2#*(%*)+2+&28%%#&%#$8+*2#*%#*(*'+8+$&'2 $'2+E*2E8BB(2&W27&'-#*((28'92(+8+*2E&<(*("2 (&H*2 9$()<(($&'2 $'2 %#*%8#8+$&'2 W&#2 +E*2 FJS:K2G:F3\2224<HH*#2M@CC
7*'(<(2 8=&<+2 +E*2 7*'(<(2 #*($9*')*2 &W2 $%6&' (+$02,0(33A' 0#T($*' $%*' 8"863($0"#' ")' 8%%#&d$H8+*B,2*e<8B2$'2!*$-E+2+&2+E8+2&W2 %#$(&'*#("2 DE*2 Z<#*8<2 &W2 +E*2 7*'(<(2 829$(+#$)+"2DE$(2$(282)&')*%+2#*B8+$'-2+&2+E*2 (#A'"$%*+',0$0\*#'0#'$%*'F$($*D?' E8(2 '&!2 %#&A$9*92 (&H*2 $'W&#H8+$&'2 &A*#8BB2!*$-E+2&W282A&+*"2 `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b&!*A*#P2 1"-4(4<6-&$=1"E$%=$,(&"K&(G$&FK%4<6,a +E*#*2 8#*2 899$+$&'8B2 '<H*#&<(2 $'(+8')*(2 F=$%4<6,&<"==H,4()S&0G$&B;:;&<$,/H/& &%*#8+$&'8B2 )&')*#'(2 *d$(+2 $'2 !E$)E2 +E*2 8=&<+2 $'+*-#8+$'-2 +E$(2 '<H=*#2 &W2 8)+<8B2 4,C4<6($/&(G6(&/4=4-6%&6<(4#4(4$/&=6) $'W&#H8+$&'2 $'+&2 +E*2 A&+*#(2$'29$(+#$)+(2A8#$*(2 ,"E&7$&,$$C$C&K"%&"(G$%&$=$%54,5& 9$(+#$)+$'-2%#&)*(("2 -#*8+B,P2(&H*+$H*(2=,282 DE*2 W&)<(2 &'2 #8+$&2&W2+E#**2+&2&'*"2 =4,"%4()&<"==H,4(4$/S %#$(&'*#(2 8B&'*P2 8'92 DE*2 *'92 #*(<B+2 '&+2 &'2 &+E*#2 %*#(&'(2 &W2 (<)E2 8'2 <'*A*'2 !E&2B$A*2$'2!E8+2+E*2Z<#*8<2)8BB(2l-#&<%2 +E*2 '<H*#&<(2 &%$'$&'(2 W#&H2 +E*2 3"4"2 9$(+#$=<+$&'2&W28)+<8B2A&+*#(28)#&((29$(+#$)+(2 X6(+$*+&?' j*D@D.' 4"+!0$"+0*&.' !030$(+A' 4<%#*H*2 7&<#+2 !8(2 )B*8#>2 +E8+2 +E*2 A*#,2 $(2+E8+2+E*2%&(($=$B$+,2*d$(+(2+E8+282H8U&#$+,2 =8##8)V(NP2 &'B,2 899#*((*(2 %8#+2 &W2 +E*2 #*8(&'2 W&#2 +E*2 )E8'-*2 +&2 82 %&%<B8+$&'L &W2+E*2(*8+(2$'282)E8H=*#2H8,2=*2*B*)+*92 %<YYB*28'929&*(2'&+2(e<8#*B,2899#*((2+E*2 =8(*92 (+8'98#92 W&#2 #*9$(+#$)+$'-2 !8(2 +E8+2 =,282H$'&#$+,2&W2+E*2A&+*#("2222222222222222222T@ B&'-(+8'9$'-2#<B*(2*(+8=B$(E*92W&#27*'(<(2 &W2 A&+*2 *e<8B$+,"2 `(2 +E*2 7&<#+2 (+8+*92 $'2 #*($9*')*"2 2 K*A*#+E*B*((P2 +E*2 #8+$&'8B*2 +E*2C0/g2)8(*2&W2F*,'&B9(2A"24$H(>2l+E*2 (4%+<'H#$1#$'*1'&)#'6/0$?#+'/6'D/4*?%&%E' W&#2 '&+2 )&<'+$'-2 %#$(&'*#(2 !E*#*2 +E*,2 &A*##$9$'-2 &=U*)+$A*2 H<(+2 =*2 (<=(+8'+$8B2 %'@/,5%$A'&)%&')%1'>##$'@/44#@&*$=E' 8#*2 $')8#)*#8+*92 $(2 +E8+2 +E*,2 8#*2 %*#(&'(2 *e<8B$+,2&W2%&%<B8+$&'28H&'-2+E*2A8#$&<(2 %$%4AR*$='%$?'?*11#,*$%&*$='?%&%'+#4%&#?' !E&2 )8''&+2 A&+*2 !E*#*2 +E*,2 B$A*2 8'92 9$(+#$)+(P2(&2+E8+2+E*2A&+*2&W28',2)$+$Y*'2$(2 &/'&)#'%+&'/6'5/4*&*@1'1*$@#'\[V]9
Ideas that matter, since 1965.
FJS:K2G:F3\2224<HH*#2M@CC
RF65
M6
Name:2DE*2b&'&#8=B*2K8'2b8,!&#+EP2\"R" !"#$%&'\*H=*#2&W27&'-#*((P2C0+E2R$(+#$)+2&W2K*!2;&#V (%")*%'%+,%*-+.'/)0-,-$12'3)4'5%*%'6+')/7,7608)0).-1,9'':61'-,';-"#$40,' ,*6+1-,-)+-+.'"*)8'6'/*)"%11-)+'5-,7'<%*3'/*%$-1%'1)04,-)+1',)'6' /*)"%11-)+'57%*%'1)04,-)+1'6*%')",%+'76*;',)'$)8%'=3'6+;'6+3,7-+.'=4,' /*%$-1%>'\*9$)$'*2$(282(*#A8'+2%#&W*(($&'2$'2!E$)E2&'*2E8(2+&2B$(+*'2)8#*W<BB,2 +&2+E*2%8+$*'+P29*A*B&%282(E8#*92<'9*#(+8'9$'-2&W2+E*2%#&=B*H28+2E8'9P28'92)#8W+2 ('&"36$0"#'$%($'1033'1"+-')"+'(33',"#,*+#*4D''<$9&'$%6&'X60$*'&0!03(+'$"'7*0#@'(' ]*8+*&*#$($0:*BB$%"6@%'$%*+*9&',3*(+3A'('70@'40))*+*#,*'0#'&,(3*'(#4'&,"8*.'1%0,%' H8V*(27&'-#*((28BB2+E*2H&#*2)E8BB*'-$'-P28'92J2!*B)&H*2+E8+" !+'3)4*'?6$%=))@'/6.%2'3)4'163'3)4'6*%'6'"6+')"',7%'$)8%;-6+'6+;' #08'/*);4$%*'A%0'(*))@1>'':7-$7'A%0'(*))@1'8)<-%';)%1'B)+.*%11' *%1%8=0%'8)1,>']*!*!7*+'0#';Y3(\0#@'F(443*&?'1%*#'$%*A'*+*,$'$%*'$"33' =&&+E2$'2+E*2H$99B*2&W2+E*29*(*#+28'92+E*2-<,(2#$9$'-2+&!8#92$+28)+<8BB,2-&2=8)V2 +&2-*+29$H*(2$'(+*892&W2U<(+2-&$'-28#&<'92+E*2=8##$*#2$'2+E*2!$9*L&%*'2(%8)*2&'2 *0$%*+'&04*Z''N"',"!!"#'&*#&*D''=%($9&'%"1'$%*')*4*+(3'@":*+#!*#$'1(&'+6#'7A' $%*'3(&$'>"#@+*&&.'(#4'$%($9&'1%($'1*9+*'2@%$0#@'0#'$%0&'>"#@+*&&D C)4D<%'=%%+'-+')"#$%'+)5'")*'+%6*03'%-.7,'8)+,719'':76,'761'14*/*-1%;' 3)4'8)1,'6=)4,',7%'E)=>'<'%(4'"#3A'30!0$*4'&8*,02,'#"$0"#&'(7"6$'1%($' &*+:0#@'0#'>"#@+*&&'1"634'7*'30-*.'&"'$%*+*'%(:*#9$'7**#'&6+8+0&*&'(&'!6,%'(&' +E*#*2E8A*2=**'2#*8B$Y8+$&'("22DE*2=*(+2&'*2$(2+E8+2Q8(E$'-+&'29&*(2E8A*282B&+2&W2 %*&%B*2!$+E2-&&92H$'9(28'92E*8#+(2!E&28#*29&$'-2+E*$#2=*(+2+&2(*#A*2+E*2%<=B$)2 %"#"+(73A.'(#4'$%($9&'('@+*($'8"&0$0:*'$%($'1*',(#'76034'"#D :76,D1'=%%+',7%',)4.7%1,'<),%'3)4'76<%'$61,'1)'"6*2'6+;'7)5';-;'3)4' %F/06-+'-,',)'3)4*'$)+1,-,4%+,1'=6$@'7)8%>2[&+$'-2+&2$')#*8(*2+E*29*=+2 )*$B$'-2!8(2+E*2+&<-E*(+P28'92J2=*-8'2*d%B8$'$'-2+E*2-#$H2'*)*(($+,P28'92+E*2 #*8(&'(2W&#2$+P2=8)V2$'2X8'<8#,"22DE*2)&'(+$+<*'+(2J2(*#A*2*d%*)+2+E*2W*9*#8B2 -&A*#'H*'+2+&2B$A*2!$+E$'2$+(2H*8'(P2U<(+28(2+E*,29&P28'92+E*#*W&#*22 <'(3&"'*!8%(&0\*'$%($'1*9+*'1"+-0#@'$"'7+0#@'4*2,0$'&8*#40#@'4"1#'2 '&!28'92W&#2+E*2W<+<#*" :7%+'3)4'0%6<%')"#$%'G'57%,7%*'-,'=%'6,',7%'%+;')"'3)4*'$4**%+,',%*8' )*'6,',7%'%+;')"'6+),7%*',%*8'1)8%57%*%';)5+',7%'*)6;'G'576,';)'3)4' 7)/%'3)4*'.*%6,%1,'6$$)8/0-178%+,'5-00'=%>2D&2E8A*2(*#A*92+E*2)$+$Y*'(2 ")'N*1'5"+-9&'IG$%'S0&$+0,$.'(#4'")'$%*'#($0"#.'%"#"+(73A'(#4'1*33f'$"'%(:*' H&9*B*9LL9*(%$+*28BB2&=(+8)B*(mLL+E*2V$'92&W2%&($+$A*28'92)&'(+#<)+$A*2=*E8A$&#2 +E8+2!$BB2+#8'(W&#H2&<#2%&B$+$)(2W#&H2$+(2)<##*'+2(&##,2(+8+*2&W2%&B8#$Y8+$&'P2A$+#$&BP2 8'92)B8((2!8#W8#*" ?-+60032'6'H4%1,-)+'$0)1%',)'7)8%&'3)4'0-<%',7%'7-1,)*-$',)5+')"'(%;")*;2' 6=)4,'6+'7)4*'+)*,7')"'I%5'C)*@'B-,39''J"'/%)/0%'5%*%'.)-+.',)'<-1-,' 3)4*'K-1,*-$,',7-1'?6002'576,',7*%%',7-+.1'5)40;'3)4'%+$)4*6.%',7%8',)' ;)'6+;'1%%>2F$9*28B&'-2+E*29*($-'8+*924)*'$)2F&892+E#&<-E2Z*9W&#9P2!E$)E2 1(&')"6#4*4'0#'Iih`.'(#4'&(:"+'$%*':033(@*9&'%0&$"+0,',%(+!f'4+0:*'#"+$%'(3"#@' +E*2b<9(&'2+E#&<-E2S<+'8H28'92R<+)E*((27&<'+$*(28'92(+&%2W&#282V8,8V2#$9*2 )+"!'Y*(,"#9&'#*1'E"#@'S",-'C(+-f'$%*#'%*(4'1*&$'$%+"6@%'R+(#@*'>"6#$A'$"' (**2Q*(+2S&$'+28'92(+&%2$'2&<#2ZB8)V2R$#+2#*-$&'2W&#2(&H*2-#*8+2B&)8B2W&&9"
Mi
FJS:K2G:F3\2224<HH*#2M@CC
®
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
7#"&.*7&#.%@.#7(//,"2%&,9(%*"A% @.#B,A(%*%',2'+-%@.#0(//,#"*+% *@@(*.*"7(%0#.%-#$.%7$/&#9(./<% !"#$%"&'#"()*(+(,%-."/(*0*1"2( &'*&%'(+@/%C(7$.,&*/%DCE% 9*"*2(%B,/,&#.%*77(//%0#.%*% B*.,(&-%#0%7#99(.7,*+%0*7,+,&,(/< F'(&'(.%-#$%"((A%&#%$@2.*A(% &#%*%/,9@+(%/-/&(9%&#%.(@+*7(% -#$.%@*@(.%*"A%@("%+#2G1##H8%#.% -#$%"((A%*%',2'+-%/#@',/&,7*&(A% 9$+&,@+(%/&*&,#"%/-/&(94%&.$/&% !"#$%"&'#"(0#.%-#$.%*77(//% 7#"&.#+%"((A/<
FJS:K2G:F3\2224<HH*#2M@CC
)"=#$=%&='+> !"#$"% &'(%)$*+,&-%#.%/&*&(%#0% 1(,"2%)"#$%"* % % 3.,2,"4% (*.+-%56&'%7("&$.-8% 0.#9%:*&,"%)"#$%&'()
;;;</(7$.,&*/,"7<7#9 =>><>>><5??=
/0"%-1(-*2"%3").*/0"%-*1(-. M0
!"#$%&'$(")*+ ,-..&/&'*0))*1&23 '4"*)&5.. 3678"%9*$%1&:;&<...=
!"#$%#$&% '#%!(#$)*+
!"#$
,(-'./0)1%.& !+".0$%234%556
!"##$%&'()(*+$,-.$%&'(*/$0(,'&123$435(3+
!"#$%#&'()*
+(&,"((-$
!"#$%&'()'
*+&(,$-."/0(+1)''
2/..3$45'6
%)7/8$9(:/'."3
!5'$;&'3)'
<="7"$<=/7">0
9)>./'$<=&?1)'
@)=$A/B">/
%)>>"..$C00)
!5+'$25"+'">
;/(+$D&6"'=
A/1$<(5F
25B$E/BB0
9/(+)".$E>/11
!/1$;"')((/
2/..$!5+'05'
2/..$G&/H"'6)
;5B">=$G&>=
A/1$I).B">6
E>"6$I).8"'
J1BK$E)>3$%5">
:"7/'$2>)83
;/(+)>8$2&>>
L8$I+/=M".8
%5($G)0=/'60
J&0=/'$<(5F
<")'$%&#3
*5>3$E)>8'">
<(5F$A/N=5'
;"/'("$@>/"B&0
!5+'$9(*)/'
!/1$!5>8)'
9/(+)".$2&>6"00
D)'$G)3O5>=+
%)'$2"'/0+",
%)7/8$%>"/">
A51$*5B&>'
4/'80"3$E>)+)1
%5').8$;&10P".8
J)>5'$<(+5(,
!"B$G"'0)>./'6
<="7"$I51)(,
<="7"$J&0=>/)
%)'$*5)=0
!"#$%&'()$*(+&#,-./$0(1&+-$2$0(1&,&+/$ 3&41(56#$$*#7&#/$&/$4$7#56147$/#7&#/$(8$ 97#4:84/,/;$16)+"#()/;$4)<$(,"#7$#=#),/$,"4,$ 1((:$4,$,"#$&//6#/$(8$,"#$<4-$4)<$,"#$ +"411#)5#/$84+&)5$6/$4/$4$>4,&()?
;"'""$L..1">0
;5'$I38"'
J.)'$</1N05'
9/,"$*>)N5
J.)'$D&''".""
!5+'$*)>=">
*+)>./"$%"'=
*3'=+/)$4&11/0
@(7$A(7#$&)8(7A4,&()$()$,"#/#$ 4)<$(,"#7$/'#4:#7/;$'1#4/#$=&/&, $(67$B#9/&,#$4,$BBB?7&'()/(+&#,-?(75$ (7$+411$CDEDF$DGHIGEEJ?