(3"5*4 /VS GàS &SXBDITFOF t 4PGU 4FDSFUT JTU FJOF "VTHBCF WPO %JTDPWFS 1VCMJTIFS #7 t &STDIFJOU BMMF [XFJ .POBUF
+BISHBOH t /VNNFS
5SBVNPSUF
*N ÃCFSCMJDL
4JMPT VOE -BHFSUBOLT %JOBGFN 4FFET %BT TQBOJTDIF 6OUFSOFINFO %JOBGFN CFHBOO JN +BIS BMT FSTUFT OJDIU IPMMÊOEJTDIFT 6OUFSOFINFO EBT (FTDIÊGU NJU XFJCMJDIFO 4BNFO )FVUF GàOG +BISF TQÊUFS XFSEFO JISF 4BNFO BVG EFS HBO[FO 8FMU FJOHFUPQGU 4PGU 4FDSFUT CFUSBDI UFUF EJFTFT TQF[JFMMF 6OUFSOFINFO FUXBT HFOBVFS VOE VOUFSIJFMU TJDI NJU JIOFO
4UFMMFO 4JF TJDI FJONBM EFO JEFBMFO ;VDIUPSU WPS 8P XÊSF EJFTFS VOE XJF LBOO NBO &OUEFDLVOH WFSNFJEFO %VSDI FSTDIXFSUFT "VGUSFUFO EFS /JFEFSMÊOEJTDIFO 1PMJ[FJ VOE +VTUJ[ XFSEFO ;àDIUFS JNNFS JOOPWBUJWFS *ISF .ÚHMJDILFJUFO FSTDIFJOFO EBOO BVDI FOE MPT *O EJFTFS 4FSJF àCFS 5SBVNPSUF XJSE CFTDISJFCFO XJF TPMDIF JEFBMFO 0SUF BVTTFIFO LÚOOFO XBT 7PS VOE /BDIUFJMF TJOE VOE XJF TJF HFTUBMUFU XFSEFO 7PO (VFSJMMB %BBO
.FJO FJHFOFT (SBT BOCBV FO XJF GBOHF JDI EBT BO
*O EJFTFS "VTHBCF ESFIU TJDI BMMFT VN EBT ;àDIUFO JO 4JMPT VOE BOEFSFO -BHFSUBOLT 8JS MFSOFO .BSD LFOOFO FS XJSE VOT EJF WJFMFO .ÚHMJDILFJUFO EFS ;VDIU JO 4JMPT [FJHFO .BSD JTU #BVFS PGGJ[JFMM JTU FS 7JFICBVFS GàS FYUSB &JOLPNNFO CFTDIÊG UJHU FS TJDI KFEPDI BVDI NJU EFS WJFM FSUSBH SFJDIFSFO v*OEPPS -BOEXJSUTDIBGUi %JF WPO JIN HF[àDIUFUF 1GMBO[FOTPSUF JTU VOT BMMFO CFLBOOU %VSDI LSFBUJWFT %FOLFO VOE
FYQFSJNFOUJFSFO IBU FS WJFM àCFS EJF ;VDIU JO 4JMPT VOE -BHFSUBOLT HFMFSOU
%JF *EFF 6N JO FJOFN 4JMP [àDIUFO [V LÚOOFO JTU FT XJDIUJH NFIS àCFS EJF 7PSHFIFOTXFJTF [V XJTTFO EJFTF JTU KFEPDI TFIS TJNQFM 4JMPT TJOE [ZMJOEFSGÚSNJHF PEFS WJFSFDLJHF 5àSNF EJF HFCSBVDIU XFSEFO VN HSP F (àUFS [V MBHFSO 4JMPT XFSEFO JNNFS WPO
*IS TFJE FT TBUU WJFM (FME GàS NJUUFMNÊ JHFT PEFS TPHBS WFSTUSFDLUFT (SBT BVT [V HFCFO *IS TFJE FT MFJE EBTT FJOJHF FVSFS 'SFVOEF CFTTFSFT (SBT IBCFO TFMCFS BOHFCBVU FVDI BCFS OJDIU HFOVH BCHFCFO XPMMFO %BOO NàTTU JIS IBMU TFMCFS BOGBOHFO BO [V CBVFO VOE XFOO NBO BVG FJOJHFT BDIUFU EBOO JTU EBT BVDI HBS OJDIU TP TDIXJFSJH
'VUUFSTJMP
*O EJFTFS /VNNFS 1BHF HJSM -JFCF 4PGU 4FDSFUT 1SPEVLUF (SPXJOH GPS %VNNJFT 5FJM *OUFSWJFX (SPX NJU +PSHF $FSWBOUFT )BOG 1BSBEF %FBMFS JOUFSWJFX 'SBH &E 4IPQ SFWJFX
(?XC !SRMK?RGA "CQR !SRMK?RGA %TCP @W $GL?DCK U U U B G L ? DC K M P E
PCFO BVT HFGàMMU VOE WPO VOUFO HFMFFSU XBT [VN 7PSUFJM IBU EBTT EFS 7PSSBU LPO TUBOU BVGHFGSJTDIU XJSE "V FSEFN TPSHU EJF 4DIXFSLSBGU EBGàS EBTT EJF (àUFS [VTBN NFOHFESàDLU VOE TP LPNQBLUFS HFMBHFSU XFSEFO "VDI CFOÚUJHU NBO CFJOBIF LFJOF &OFSHJF VN EJF (àUFS BVT EFN 4JMP [V IPMFO "MT ;VDIUPSU GàS )BOG IBCFO 4JMPT NFISFSF 7PSUFJMF 4JMPT TJOE HSP IBCFO WJFM *OIBMU VOE "V FOTUFIFOEF LÚOOFO EFO *OIBMU OJDIU TFIFO +FEFS HFIU EBWPO BVT EBTT EFS 4JMP WPMM JTU NJU EFN XPGàS TP FJO 4JMP HFNBDIU JTU (BO[ CFTPOEFST XFOO EFS 4JMP OPDI JNNFS CFOVU[U XJSE %PDI LBOO FJO 4JMP UFJMXFJTF HFCSBVDIU XFSEFO VN FJOFO TDIÚOFO ;VDIUSBVN FJO[VSJDIUFO &JO 4JMP PEFS FJO -BHFSUBOL JTU FJOF JEFBMF -PDBUJPO EB OJFNBOE FSXBSUFU EBTT EJFTFS GàS FUXBT BOEFSFT BMT -BHFSVOH HFCSBVDIU XJSE /BDIUFJM IJFS WPO JTU EBTT EFS ;VHBOH JOT *OOFSF EFT 4JMPT TFIS NàITBN JTU VOE MFJDIU CFNFSLU XFSEFO LBOO .BSD [FJHU VOT WJFS WFSTDIJF EFOF -PDBUJPOT VOE FSLMÊSU VOT XJF EJFTF 4JMPT VOE -BHFSUBOLT BMT ;VDIUPSU HFCSBV DIFO XFSEFO
%FS (FUSFJEFTJMP [V TFIFO JTU EFS (FUSFJEFMJGU EJF [XFJ ;VDIUSÊVNF VOE EFS 5FJM JO EFN EBT )BOG HFUSPDLOFU XJSE
.BSD LBN BVG EJF *EFF JO FJOFN 4JMP [V [àDIUFO BMT FS TFJOFO #BVFSOIPG WFSHSÚ FSUF %B FS TFJOFO 7JFICFTUBOE JNNFS NFIS BVTCSFJUFUF CFTDIMPTT FS FJOFO XFJ UFSFO 4UBMM [V CBVFO (MFJDI[FJUJH NJU EJF TFN OFVFO 4UBMM LBNFO BVDI FJOJHF OFVF 'VUUFSTJMPT [VN &JOTBU[ )JFSEVSDI XVSEF FJOFS EFS BMUFO 4JMPT FJHFOUMJDI OJDIU NFIS CFOÚUJHU .BSD IÊUUF EJFTF BVDI BCSFJ FO MBTTFO LÚOOFO EB FS BCFS TDIPO TFJU +BISFO FJOFO HFFJHOFUFO ;VDIUSBVN OVU[UF FS TFJOF $IBODF "MT FSTUFT TPSHUF .BSD GàS FJOFO ;VHBOH EFS LMFJOF 4JMP IBUUF OÊNMJDI OVS [XFJ LMFJOF ½GGOVOHFO o FJOF PCFO XP EBT 'VUUFS IJOFJO HFCMB TFO XJSE VOE FJOF XFJUFSF VOUFO VN EBT 'PSUTFU[VOH BVG TFJUF
"C EFS FSTUFO TFJUF GPSUGBISFO
+BNBJDBO %SFBN JTU FJOF 1GMBO[F KBNBJLBOJTDIFO 6STQSVOHT 4JF MJFGFSU FJO LPNQBLUFT IBS[SFJDIFT .BSJIVBOB VOE EBSG TJDI FJOFT Tà MJDI BOHFOFI NFO %VGUFT SàINFO *ISF XJDIUJHTUF &JHFOTDIBGU %JF #MàUF[FJU EBVFSU CFJN *OOFOBOCBV OVS 5BHF %SBV FO HFIU FT BVDI TFIS TDIOFMM EJF &SOUF GÊMMU BVG &OEF 4FQUFNCFS *ISF 8JSLVOH JTU TFIS LSÊGUJH VOE TBUJWBNÊ JH FVQIPSJTJFSFOE VOE IPDIBLUJW 'BMMT EV FJO )BTDIJTDIGBO CJTU %JF 1GMBO[F FJHOFU TJDI TFIS HVU GàS EJF &YUSBLUJPO EB TJF FJOF HSP F .FOHF FSTULMBT TJHFS 5SJDIPNF QSPEV[JFSU (FOFUJL 5)$ (FIBMU #MàUF[FJU 0VUEPPS &SOUF &SUSBH
'PUP &WB 4FFET
4BUJWB *OEJDB 8PDIFO &OEF 4FQUFNCFS o H N ESJOOFO o H N ESBV FO
+BNBJDBO %SFBN
XJFEFS IFSBVT [V CFLPNNFO 8JF CFJ EFO NFJTUFO #BVFSO TUBOE EFS 4JMP HFHFO EFO 4UBMM BO VOE TP LPOOUF .BSD EFO ;VHBOH WPN 4UBMM BVT FJOSJDIUFO )JFSGàS CSBDI FS FJO 4UàDL .BVFS BC VOE TPSHUF GàS FJO -PDI JN 4JMP %B [XJTDIFO .BVFS VOE 4JMP FJOJHF ;FOUJNFUFS -VGU XBSFO TDIVG FS NJU )JMGF FJOFS ,VOTUTUPGGSÚISF FJOF 7FSCJOEVOH %JFTF 3ÚISF IBUUF FJOFO TFIS HSP FO %VSDINFTTFS HSP HFOVH EBTT FS TFMCTU IJOEVSDI LSJFDIFO LPOOUF 6N [V WFSIJOEFSO EBTT TFJOF ,àIF EJF 1GMBO[FO BVGGSB FO WFSTDIMPTT FS EJF 3ÚISF NJU FJOFN .FUBMMEFDLFM VOE LPOOUF TP WÚMMJH VOCFNFSLU JO EFO 'VUUFSTJMP HFMBOHFO .BSD T 'VUUFSTJMP JTU SVOE VOE IBU FJOFO %VSDINFTTFS WPO .FUFS )JFSEVSDI JTU EFS ;VDIUSBVN [JFNMJDI LMFJO VOE XBS FT OJDIU HBO[ FJOGBDI BMMFT EFNFOUTQSFDIFOE FJO[VSJDIUFO %FS 4JMP IBU FJOFO HSP FO *OIBMU BCFS FJOF OVS HFSJOHF (SVOEGMÊDIF *O TPMDIFO 'ÊMMFO JTU WFSUJLBMFS 8BDITUVN FJOF JEFBMF ;VDIUNFUIPEF #FJ WFSUJ LBMFN 8BDITUVN XFSEFO EJF 1GMBO[FO OJDIU OFCFOFJOBOEFS TPOEFS àCFSFJOBO EFS HFQGMBO[U EJF #FMFVDIUVOH LPNNU OJDIU WPO PCFO TPOEFSO WPO EFS 4FJUF %JFTF .FUIPEF JTU WJFMFO CFLBOOU EVSDI &JOTBU[ JO FJOFS ;VDIUUPOOF *N 1SJO[JQ JTU .BSD T 4JMP OJDIUT BOEFSFT BMT FJOF HSP F ;VDIUUPOOF "O EJF 4JMPXÊOEF IBU .BSD "VGIÊOHVOHFO NPOUJFSU VN TP EJF 1ÚUUF àCFSFJOBOEFS IÊOHFO [V LÚOOFO %JF 1ÚUUF TUFIFO TDIJFG TP EBTT EJF 1GMBO[FO OJDIU BMMF OBDI JOOFO XBDITFO (FOBV JO EFS .JUUF EFT 4JMPT IÊOHU FJOF $PPMUVCF NJU EBSJO [XFJ )14 -BNQFO &JO $PPMUVCF JTU FJOF (MBTSÚISF JO EJF LBMUF -VGU HFCMBTFO XJSE %JFT TPSHU GàS XFOJHFS 8ÊSNF SVOE VN EJF -BNQFO VOE LÚOOFO EJF 1GMBO[FO OPDI EJDIUFS JO 3JDIUVOH -BNQFO XBDI TFO %JF WPO EFO -BNQFO BCHFTBVHUF 8ÊSNF XJSE XJSE HFCSBVDIU VN EFO 3BVN [V FSXÊSNFO "O EFO "VGIÊOHVOHFO IBU .BSD BVDI FJO #FXÊTTFSVOHTTZTUFN VOE "CXBTTFSSJOOFO CFGFTUJHU %VSDI EJFTF WFSUJLBMF ;VDIUNFUIPEF LBOO .BSD WJFM NFIS 1GMBO[FO BVG EFS TFMCFO 'MÊDIF FJO TFU[FO 'àS TFJOFO ;VDIUSBVN IBU .BSD FJOF 8BTTFSMFJUVOH VOE 4USPNLBCFM EVSDI TFJOFO 4UBMM WFSMFHU "VDI EJF BOHFTBVHUF -VGU LPNNU BVT EFN 4UBMM NJU EFN 7PSUFJM EBTT EJF -VGU JNNFS [JFNMJDI XBSN JTU JN LBMUFO 8JOUFS TUFIU EBT 7JFI ESJOOFO VOE TPSHU TPNJU GàS EJF OÚUJHF XBSNF -VGU JN ;VDIUSBVN 6N *OTFLUFO VOE ,SBOLIFJUFO BC[VXFISFO IBU .BSD FJOFO )FQB 'JMUFS BVG EJF -VGU[VGVIS JOTUBMMJFSU XPEVSDI EJF 1GMBO[FO OJDIU BVTHFTFU[U XFSEFO BO *OTFLUFO #BLUFSJFO VOE ,SBOLIFJUFO EJF WPO EFO &YUSFNJUÊUFO EFS ,àIF BVTHFIFO %JF -VGU TUSÚNU BMTP OBDI 'JMUFSVOH EJSFLU JO EJF $PPMUVCF %JF -VGUBCGVIS HFIU [VSàDL JO EFO 4UBMM VOE XJSE àCFS FJOFO 4DIPSOTUFJO BVG EFN 4UBMM OBDI ESBV FO HFMFJUFU XBT FJHFOUMJDI OJDIU OÚUJH JTU EB EJF TPXJFTP TDIPO HFGJMUFSUF -VGU JO EFN TUJOLFO 4UBMM EPDI OJDIU BVGGBMMFO XàSEF %PDI IBU .BSD EJFT HFUBO VN EBGàS [V TPSHFO EBTT EJF 1GMBO[FO JNNFS vGSJTDIFi -VGU CFLPNNFO 6N EFO &JOESVDL [V FSXFDLFO EBTT EFS 4JMP OPDI JNNFS JN &JOTBU[ JTU IBU .BSD FJOF 3ÚISF HFNBDIU EJF WPO PCFO EJSFLU BVG EFO #PEFO EFT 4JMPT GàISU )JFSEVSDI JTU FT NÚHMJDI EFO 4JMPCPEFO [VS -BHFSVOH
&JO 'VUUFSTJMP EFS HFCSBVDIU XJSE VN 7JFIGVUUFS [V MBHFSO WPO /BISVOH [V HFCSBVDIFO 4P TDIFJOU FT BMT PC EFS 4JMP GVOLUJPOTUàDIUJH JTU
7FSHSBCFO %JF PCFO CFTQSPDIFOFO 'VUUFSTJMPT HFCSBVDIU .BSD OVS [VS -BHFSVOH WPO ,SBGUGVUUFS %B .BSD LFJOF 3FOOQGFSEF TPO EFSO ,àIF IÊMU NÚDIUF FS BVDI HàOTUJHFT 'VUUFS MBHFSO 8JF [ # 'VUUFSNBJT EJFTFS .BJT JTU OJDIU Tà VOE JTU BOEFST BMT EFS .BJT EFO XJS JN 4VQFSNBSLU LBVGFO VOE )FV %JFT XJSE GàS HFXÚIOMJDI BVG FJOF BOEFSF "SU HFMBHFSU EJFT XJSE OÊNMJDI WFS HSBCFO #FJN 7FSHSBCFO NBDIU NBO WPN HFIBDLUFO .BJT PEFS WPN HFUSPDLOFUFO (SBT FJOFO #FSH %JFT HFTDIJFIU BVG FJOFN #FUPOCPEFO NBODINBM XJSE [VEFN WPO FJOFS #FUPOXBOE EJF FJOF "SU ,VSWF GPSNU (FCSBVDI HFNBDIU %BT 'VUUFS XJSE NBTTJW BOHFUSBHFO VN FJOFO LSÊGUJHFO #FSH [V FSTDIBGGFO VOE EJFTFO EBOO JO MVGUEJDIUFT 1MBTUJL [V WFSQBDLFO 0GUNBMT XJSE EJFTFT 1BLFU EBOO OPDI UFJMXFJTF WFSHSBCFO PEFS NJU "VUPSFJGFO CFEFDLU )JFSEVSDI TFIFO EJFTF (SÊCFO NBODINBM BVT XJF FJOF "SU "VUP .BTTFOHSÊCFS %BT FJOHFMBHFSUF )FV JO EJFTFO (SÊCFO HFCSBVDIU NBO JN 8JOUFS XFOO EBT 7JFI OJDIU HSBTFO LBOO %B .BSD T ,àIF BVDI JN 8JOUFS GSFTTFO MFHU FS KFEFT +BIS TPMDIF (SÊCFO BO "MT .BSD JN )FSCTU [V (BOHF XBS NJU EJFTFO (SÊCFO EBDIUF FS XFOO JDI JO FJOFN 'VUUFSTJMP [àDIUFO LBOO LBOO JDI EBT OBUàSMJDI BVDI JO FJOFN (SBCFO 6N EBSJO [àDIUFO [V LÚOOFO IBU .BSD FJOFO TQF[JBMFO (SBCFO BOHFMFHU "VDI .BSD HFCSBVDIU OPSNBMFS 8FJTF FJOF #FUPOXBOE EJF FJOF "SU ,VSWF GPSNU "CFS XBT NBO OJDIU TJFIU JTU EBTT JO TFJOFN BOHFQBTTUFO (SBCFO FJO 5FJM EJFTFS ,VSWF OJDIU NJU 'VUUFSNBJT HFGàMMU JTU TPOEFSO FJOFO #FUPOSBVN CFIFS CFSHU XPSJO NBO QSJNB [àDIUFO LBOO %FS 3FTU EFS ,VSWF XJSE NJU 'VUUFSNBJT BVGHFGàMMU VOE EFS #FUPOSBVN TPXJF EFS 'VUUFSNBJT XFSEFO EBOBDI NJU TDIXBS[FN #BVQMBTUJL BCHFEFDLU )JFSEVSDI TJFIU FT TP BVT BMT PC EFS LPNQMFUUF (SBCFO WPMM JTU NJU 'VUUFSNBJT ÃCFS EJF )JOUFSTFJUF EFS #FUPOLVSWF IBU NBO ;VHBOH JO EFO ;VDIUSBVN #FWPS .BSD EFO #FUPO HJF FO MJF IBU FS FSTU 8BTTFSMFJUVOHFO 8BTTFSBCGVIS VOE 4USPN WFSMFHU %JF #FUPOXÊOEF IBU FS BOTDIMJF FOE TFMCTU HFNBDIU %JF 8ÊOEF EFT ;VDIUSBVNFT IBU FS FUXBT UJFGFS HFIBMUFO TP EBTT EJFTF UJFGFS
%FS VNHFCBVUF 'VUUFSTJMP WBO .BSD MJOLT 4FJUFOBOTJDIU SFDIUT "OTJDIU WPO PCFO TJOE BMT EJF 8ÊOEF EFT (SBCFOT )JFSEVSDI TJFIU FT BVT BMT PC EFS ;VDIUSBVN 5FJM EFT .BJTCFSHFT JTU %JF %FDLF EFT ;VDIUSBVNFT CFTUFIU BVT TUBCJMFO )PM[CSFUUFSO "N %BDISBOE CFGJOEFU TJDI FJOF LMFJOF 3ÚISF XFMDIF BMT 7FOUJMBUJPO CFOVU[U XJSE %JF -VGU[VGVIS WFSMÊVGU àCFS FJO -VGUHJUUFS JO EFS .FUBMMQMBUUF 8FJM (SÊCFO PGU CJT [V .FUFS IPDI TJOE IBU EFS ;VDIUSBVN HVUF .B F VN EBSJO [V [àDIUFO ;VEFN JTU .BSD TFIS GSPI EBTT OJFNBOE TFIFO LBOO XBT TJDI JO EFN (SBCFO CFGJOEFU o TDIBVU NBO VOUFS EJF 1MBOF TJFIU NBO OJDIU NFIS VOE OJDIU XFOJHFS BMT 7JFIGVUUFS
(FUSFJEFTJMP 7PSJHFT +BIS IBU .BSD [VS "VTCSFJUVOH TFJOFT 7JFICFTUBOEFT FJO 4UàDL -BOE HFLBVGU BVG EJFTFN 4UàDL -BOE TUFIU FJO BMUFS (FUSFJEFTJMP *O EFS 3FHJPO JO EFS .BSD XPIOU HBC FT GSàIFS WJFMF (FUSFJEFCBVFSO EVSDI &JOTUFMMFO EJFTFS 'PSN EFS -BOEXJSUTDIBGU TUFIFO OVO WJFMF (FUSFJEFTJMPT MFFS &JOJHF 4JMPT TJOE TP BMU EBTT TJF JO[XJTDIFO JOEVTUSJFMMFT &SCHVU TJOE VOE IJFSEVSDI OJDIU BCHFSJTTFO XFS EFO EàSGFO %JF NFJTUFO 4JMPT KFEPDI CMFJ CFO TUFIFO EB EFS "CSJTT (FME LPTUFU VOE TJF BOTPOTUFO OJFNBOEFN JN 8FHF TUFIFO #BVFSO HFCSBVDIUFO EJFTF (FUSFJEFTJMPT VN EBT (FUSFJEF [V NBIMFO [V MBHFSO VOE BMT -BEFTUFMMF GàS EFO XFJUFSFO 7FSGVIS BVG -,8T PEFS ;àHFO /BDIEFN EBT (FUSFJEF HFTÊVCFSU VOE HFNBIMFO XBS XVSEF FT NJU )JMGF FJOFT "VG[VHFT BO EJF IÚDITUF 4UFMMF EFT (FCÊVEFT CFGÚSEFSU 7PO IJFS BVT XVSEF FT JO WFSTDIJFEFOF -BHFSBCUFJMF HFTDIàUUFU .VTTUF FJO -,8 CFMBEFO XFSEFO XVSEF EBT (FUSFJEF BVT EFN -BHFSBCUFJM FSOFVU NJU EFN "VG[VH OBDI PCFO CFGÚSEFSU VN EBOO àCFS FJOF 3ÚISF BVG EJF -BEFGMÊDIF EFT -,8T [V HFMBOHFO %BEVSDI EBTT JO EFN 4JMP BMMFSMFJ .BTDIJOFO VOE 3ÚISFOTZTUFNF WPSIBOEFO TJOE JTU EBT (FCÊVEF HSP [à HJH FJOHFUFJMU )JFSEVSDI HJCU FT HFOà HFOE 3ÊVNF JO EFOFO HF[àDIUFU XFSEFO LBOO *O EFS 4QJU[F EFT (FCÊVEFT JTU EFS
%JF ;VDIUUPOOF BMT #FJTQJFM GàS WFSUJLBMFO 8BDITUVN
FSTUF ;VDIUSBVN FJOHFSJDIUFU &T IBOEFMU TJDI VN FJOFO 3BVN WPO Y .FUFS 6N JO EJFTFO 3BVN [V HFMBOHFO NVTT .BSD FJOF .FUFS MBOHF -FJUFS IPDILMFUUFSO %B FS TP TFJO ;VDIUNBUFSJBM OVS NàITBN OBDI PCFO CFLPNNU CFOVU[U FS IJFSGàS EFO (FUSFJEFMJGU *O EFS 1BSUFSSF IBU .BSD JN .BTDIJOFOSBVN OPDI FJOFO ;VDIUSBVN FJOHFSJDIUFU *N [FOUSBMFO ;VHBOHTSBVN TUFIFO .BSD T 4DIOFJEFNBTDIJOF VOE "QQBSBUF VN )BTDI [V NBDIFO %BEVSDI EBTT FS WPN 4DIOFJEFBCGBMM )BTDI NBDIU TDIMÊHU FS [XFJ 'MJFHFO NJU FJOFS ,MBQQF EVSDI EFO &YUSBLUJPOTQSP[FT CMFJCU LFJO WFSEÊDIUJHFS "CGBMM àCSJH OVS FUXBT HSàOF "CMBHFSVOHFO EJF FS CFSVIJHU BVG EFO .JTUIBVGFO XFSGFO LBOO ;VEFN IBU FS TP FJOJHF TDIÚOF #MÚDLF )BTDI "VDI EJF -BHFSBCUFJMF IBCFO USPU[ EFS LMFJOFO 'MÊDIFO FJOF 'VOLUJPO CFLPN NFO &JO "CUFJM XJSE HFCSBVDIU VN EJF .VUUFSQGMBO[FO [V CFIFSCFSHFO FJOT VN "CMFHFS BOHFIFO [V MBTTFO VOE FJOT GVOLUJPOJFSU BMT 5SPDLFOSBVN *O EJFTFN .FUFS IPIFO WJFSFDLJHFO 5SPDLFOSBVN TJOE BN %BDI 'MBTDIFO[àHF CFGFTUJHU .JU )JMGF EJFTFS 'MBTDIFO[àHF LÚOOFO ,BCFM NJU EBSBO EJF ;XFJHF EFT HFFSOUFUFO )BOGT BVGHFIÊOHU XFSEFO &JO 7FOUJMBUPS VOUFO JN 3BVN TPSHU EBGàS EBTT USPDLFOF -VGU EVSDI EFO 3BVN HFCMBTFO XJSE 0CFO XJSE FJOF -VLF EVSDI XFMDIF VSTQSàOHMJDI EBT (FUSFJEF IFSFJO HFMBTTFO XVSEF HFÚGGOFU TP EBTT EJF GFVDIUF -VGU XJFEFS OBDI ESBV FO HFMJOHFO LBOO %JFTF XJSE EBOO BVGHF OPNNFO JO EJF [FOUSBMF -VGUBCGVIS XPSBO BVDI EFS 3FTU EFT ,PNQMFYFT BOHFTDIMPT TFO JTU )JFSEVSDI NVTT EJF BCHFTBVHUF -VGU OVS FJONBM HFGJMUFSU XFSEFO 5SPU[EFN EJF (FUSFJEFTJMPT NJUUFO BVG EFO 8FJEFO TUFIFO NÚDIUF .BSD OJDIU BVGGBMMFO 6N [V WFSNFJEFO EBTT 4USPNMJFGFSBOUFO TFJOFO BV FSHFXÚIOMJDI IPIFO 4USPNWFSCSBVDI NFMEFO IBU FS HBO[ FJOGBDI TFMCTU HFNFMEFU EBTT FS EFO 4JMP XJFEFS BLUJW HFCSBVDIU %FS 4JMP JTU EBOO XPIM BOT &MFLUSJ[JUÊUTXFSL BOHFTDIMPTTFO WFSGàHU
.BSD T ;VDIUSBVN JN (SBCFO EFS 3BVN MJFHU WFSCPSHFO [XJTDIFO #FUPOXÊOEFO .BJT VOE FJOFS 1MBOF
&JO (SBCFO GàS EJF -BHFSVOH WPO 7JFIGVUUFS EJFTFS (SBCFO TJFIU BVT XJF FO "VUPGSJFEIPG
BCFS OJDIU àCFS GMJF FOEFT 8BTTFS %B .BSD TFJOF 1GMBO[FO KFEPDI SFHFMNÊ JH HJF FO NVTT IBU FS OFCFO EFN 4JMP LMFJOF CMBVF 8BTTFSUBOLT HFTUFMMU .JU TFJOFN 5SBLUPS VOE +BVDIFXBHFO LBOO FS EJFTF SFHFMNÊ JH GàMMFO )JFSEVSDI HJCU FT JNNFS HFOVH 8BTTFS &JOF LMFJOF 8BTTFSQVNQF TPSHU EBGàS EBTT JO EFO ;VDIUSÊVNFO 8BTTFS BCHF[BQGU XFSEFO LBOO %BEVSDI EBTT .BSD àCFS WJFS ;VDIUSÊVNF WFSGàHU LBOO FS EVSDIHFIFOE FSOUFO FS TPSHU EBGàS EBTT [XJTDIFO EFO &SOUFO VOHFGÊIS [XFJ 8PDIFO MJFHFO *O EFN (FUSFJEFTJMP HJCU FT BMTP JNNFS XBT [V UVO %B .BSD TFMCTU TFJOF "CMFHFS [JFIU VOE BVDI HFOVH 1MBU[ IBU VN EJF &SOUFO [V TDIOFJEFO JTU FS WÚMMJH TFMCTUTUÊOEJH VOE VOBCIÊOHJH *O EFN (FUSFJEFTJMP JTU KFEFO 5BH KFNBOE BN BSCFJUFO 6OE KFEFO .POBU WFSLBVGU .BSD TFJOF HFUSPDLOFUF &SOUF BO FJOFO GFTUFO "COFINFS %FS (FUSFJEFTJMP GVOHJFSU BMT FDIUF $BOOBCJT 'BCSJL VOE FSCSJOHU GàS .BSD FJOFO CFJOBIF IÚIFSFO &SUSBH BMT TFJO MFHBMFT 6OUFSOFINFO
*OEVTUSJFMMFS -BHFSUBOL .BSD T 4DIXFTUFS -JTB JTU BVDI #ÊVFSJO JN (FHFOTBU[ [V .BSD IBU TJF LFJO 7JFI TPOEFS [àDIUFU 1BQSJLB %JFT UVU TJF JO FJOFN FOPSNFO 5SFJCIBVT /BDIEFN TJF TJDI +BISF MBOH EJF &S[ÊIMVOHFO àCFS .BSD T ;VDIUBLUJWJUÊUFO BOHFIÚSU IBUUF CFTDIMPTT TJF TFMCTU BVDI [V [àDIUFO .JU JISFO 2VBMJUÊUFO (FXÊDITF [V [àDIUFO NVTTUF EJFT FJOF -FJDIUJHLFJU TFJO 6OE EPDI IBUUF TJF FJO 1SPCMFN EB TJF 1FSTPOBM BVG EFN #BVFSOIPG IFSVNMBVGFO IBUUF VOE TJF EBSVN )BOG OJDIU VOCFNFSLU JO JISFO 5SFJCIÊVTFSO [àDIUFO LPOOUF 4FIS TDIB EF CFEFOLU NBO EBTT EJF (FHFCFOIFJUFO JO FJOFN 5SFJCIBVT JEFBM TJOE %BSVN IBU -JTB OFCFO JISFO 5SFJCIÊVTFSO FJOFO FYUSB 8BTTFSUBOL CBVFO MBTTFO /PSNBMFS 8FJTF XJSE EBSJO 3FHFOXBTTFS HFMBHFSU XFMDIFT WPN %BDI JISFS 5SFJCIÊVTFS GÊMMU %JFTFT 8BTTFS CFOVU[U TJF EBOO VN EJF
-JTB T ;àDIUFSFJ JTU WFSTUFDLU JO FJOFN 8BTTFSUBOL OFCFO EFS ,BTTF EVSDI 5SFOOFO EFT 3BVNFT JO [XFJ 5FJMF LBOO TJF EJF &SOUF WFSUFJMFO
1BQSJLBQGMBO[FO [V CFXÊTTFSO 4PMDIF JOEVTUSJFMMFO -BHFSUBOLT VOUFSTDIFJEFO TJDI EFVUMJDI WPO 'VUUFS VOE (FUSFJEFTJMPT -BHFSUBOLT XFSEFO OVS GàS 'MàTTJHLFJUFO FJOHFTFU[U TJF XFSEFO NJU )JMGF FJOFS 1VNQF HFGàMMU VOE HFMFFSU "VDI EJF .B F FJOFT TPMDIFO 5BOLT TJOE BOEFST TJF TJOE WJFM CSFJUFS VOE OJDIU TP IPDI XJF FJO 'VUUFSTJMP *O FJOFN -BHFSUBOL JTU IPSJ [POUBMFS 8BDITUVN EBOO BVDI WJFM FJO GBDIFS *OTQJSJFSU WPO JISFN #SVEFS .BSD IBUUF -JTB CFTDIMPTTFO EFO 8BTTFSUBOL JO [XFJ "CUFJMF [V VOUFSUFJMFO XPEVSDI BVDI TJF EVSDIHFIFOE FSOUFO LBOO %FS 8BTTFSUBOL JTU NJU FJOFS 1MBOF BCHFEFDLU XFMDIF EBGàS TPSHU EBTT LFJO -JDIU JO EFO 5BOL GÊMMU VOE TJDI TPNJU LFJOF "MHFO CJM EFO -JTB IBU VOUFS EJFTF 1MBOF OPDI FJO %BDI CBVFO MBTTFO VOE TPSHU TP EBGàS EBTT FWFOUVFMMFS (FSVDI VOE -JDIU OJDIU OBDI BV FO HFMBOHFO %FS HFTBNUF 5BOL JTU HVU JTPMJFSU XPEVSDI JN 8JOUFS EJF 5FNQFSBUVS OJDIU [V OJFESJH XJSE %JF -BNQFO XFMDIF -JTB HFCSBVDIU TJOE EJFTFMCFO XJF JO JISFO 5SFJCIÊVTFSO %BOL EJFTFS 5SFJCIÊVTFS NVTT TJF TJDI BVDI LFJOF 4PSHFO NBDIFO àCFS BVGGÊMMJH IPIF 4USPNSFDIOVOHFO "VDI &SEF VOE /BISVOH JTU HFOàHFOE WPSIBOEFO JO EFO 5SFJCIÊVTFSO VOE TJF LBOO TP EJF 8BTTFSUBOL ;àDIUFSFJ QSJNB HFIFJN IBMUFO %FS &JOHBOH JO EFO 5BOL IBU TJF BO EFS )JOUFSTFJUF FJOHFSJDIUFU EPSU XP EFS 5BOL HFHFO EJF 5SFJCIÊVTFS HSFO[U TP LBOO TJF VOCFNFSLU EFO 5BOL CFUSFUFO %BEVSDI EBTT -JTB OJDIU OVS FJOFO TPO EFS [XFJ 3ÊVNF IBU LBOO TJF TFMCTU GàS EJF 1GMBO[FO TPSHFO 4PCBME EJF 1GMBO[FO HFFSOUFU XFSEFO CSJOHU -JTB EJFTF JO EJF (FUSFJEFTJMPT XP JIS #SVEFS EFO 3FTU FSMF EJHU 8FJM -JTB 5SFJCIÊVTFS IBU XJSE OJF NBOE FUXBT WFSNVUFO XFOO TJF NJU &SEF PEFS 1GMBO[FOOBISVOH IJO VOE IFS MÊVGU .BSD IBU TFMCTU BVDI OPDI EBSBO HFEBDIU JO EFO .JTUIBVGFO JO EFOFO EFS .JTU TFJOFS ,àIF HFMBHFSU XJSE [V [àDIUFO +FEPDI JTU EBT TFIS SJTLBOU EB JO EJFTFO )BVGFO TFIS WJFM (BT JTU XFMDIFT CSFOO CBS VOE TPHBS FYQMPTJW JTU 8FOO XJS BMMF .ÚHMJDILFJUFO EFS *OEPPS ;VDIU GàS -BOEXJSUTDIBGUFS BVG[ÊIMFO LPNNFO XJS [V EFN &OUTDIMVTT EBTT EJF )BOG[VDIU BVG FJOFN #BVFSOIPG HBS OJDIU TP WFSLFISU JTU &T HJCU XFOJH .FOTDIFO EJF TFIFO XBT TP QBTTJFSU VOE BVDI HJCU FT OJDIU TP TDIOFMM (FSVDITCFMÊTUJHVOH 6OE EBOO IBCFO XJS OPDI OJDIU FJONBM àCFS EJF .ÚHMJDILFJUFO EFS 0VUEPPS ;VDIU BVG EFN -BOEF HFTQSP DIFO 'PSUTFU[VOH GPMHU .BJM 5JQQT VOE *EFFO BO HVFSSJMMBEBBO!HNBJM DPN
(?XC !SRMK?RGA "CQR !SRMK?RGA %TCP
" # " ! #$
-FTFS BVGHFQBTTU )BTU EV -VTU BVG FJOF 1BDLVOH GFNJOJTJFSUF 4BNFO WPO %*/"'&. %BOO TDIJDLF VOT FJO #JME WPO EFJOFN (SPX 3PPN PEFS EFJOFS CFTUFO $BOOBCJTQGMBO[F BVG EFN BVDI FJOF "VTHBCF WPO 4PGU 4FDSFUT EFVUMJDI [V TFIFO JTU VOE XJS TFOEFO EJS 4BNFO 4PMMUF EFJO 'PUP HBS EJF IàCTDIF (BUUJO PEFS 'SFVOEJO NJU FJOFN TFYZ #JLJOJ PEFS SFJ[WPMMFO %FTTPVT [FJHFO CFLPNNU EV Y 4BNFO 'àS EBT 'PUP EFT .POBUT LSJFHTU EV TPHBS Y 1BDLVOHFO NJU FSTULMBTTJHFO GFNJ OJTJFSUFO 4BNFO .JU EFO CFTUFO 8àOTDIFO WPO 4PGU 4FDSFUT VOE %*/"'&. 4DIJDLF EJF &JOTFOEVOH QFS & NBJM BO CSE!TPGUTFDSFUT OM PEFS BO VOTFS 1PTUGBDI 8*$)5*(&3 )*/8&*4 "MMF &JOTFOEVOHFO XFS EFO NJU HSÚ UFS %JTLSFUJPO CFIBOEFMU 8JS WFSÚGGFOUMJDIFO LFJOF VOTDIBSGFO #JMEFS VOE XJS NÚHFO LFJOF 'PUPT WPO 1GMBO[FO JN WFHF UBUJWFO 4UBEJVN 'FUUF #VET VOE FOU[àDLFOEF 5JUUFO XPMMFO XJS TFIFO OJDIU XBIS
1PTUGBDI +( "NTUFSEBN /JFEFSMBOEF &NBJM CSE!TPGUTFDSFUT OM
4VQFS HFOJBM 1GMBO[F 6OUFSBSN EJDLFS #VE TP GSFVU NBO TJDI BVG EJF &SOUF 8FOO EJFTF (FOFUJL NJU NFISFSFO )BVQUUSJFCFO XBDITFO TPMM JTU NJU VOE DN EJF 5SJFCTQJFU[F O [V OFINFO VOE EJF WFHFUBUJ WF 1IBTF TPMMUF FJO QBBS 5BHF MÊOHFS EBVFSO
)BMMP MJFCF -FVUF WPO 4PGU 4FDSFUT .FJO "./&4*" )";& (SPX JTU GFSUJH FOEMJDI *DI IÊUUF HFSOF XJFEFS EJF TVQFS 4FFET WPO %*/"'&. VOE OVO LBOO JDI FVDI FJO 'PUP NJU GFUUFO #VET WPO NFJOFO "./&4*" )";& 1GMBO[FO 7JFMFO %BOL JN 7PSBVT VOE XFJUFS WJFM (MàDL NJU 40'5 4&$3&54 &JOT NVTT JDI NBM MPT XFSEFO JDI CJO CFHFJTUFSUFS -FTFS FVSFS ;FJUVOH 4PGU 4FDSFUT VOE GSFVF NJDI JNNFS SJFTJH EBSBVG FOEMJDI XJFEFS EJF /FVF "VTHBCF WPO 40'5 4&$3&54 [VCFLPN NFO VOE EBOO [V MFTFO *)3 4&*5 &*/'"$) (&/*"- o &63& ;&*56/( *45 8*3,-*$) 461&3 o *)3 4&*5 461&3 .JU GSFVOEMJDIFO (Sà FO .BSJP %BT TJFIU EPDI TFIS HVU BVT .BSJP BCFS CFJ EFS 5PQGHSÚ F LÚOOUF EJFTF (FOFUJL BVDI OPDI FJO XFOJH MÊOHFS XBDITFO VN JO EFS #MàUF FUXBT HSÚ FS [V XFSEFO 8FOO NBO FT CFJ FJOFS OFVFO (FOFUJL OVS WPSIFS XàTTUF %SFJ SJDIUJH TDIÚOF %BNFO VOE [XFJ LÚOOFO TPHBS HFSBVDIU XFSEFO %JF CFJEFO LMFJOFO WFS[XFJHFO TFIS TUBSL VOE CJMEFO TFIS WJFMF MFDLFSF #VET %JFTF (FOFUJL TPMMUF OJDIU [V LMFJO JO EJF #MàUF HFTUFMMU XFSEFO
"OCFJ TDIJDLF JDI FVDI NBM FJO #JME WPO NFJOFS #JH #VE EBNFO ,BSTUFO %JF #JH #VE JTU JN NJUUMFSFO #MàUFBMUFS VOE XJSE OVO NJU KFEFN 5BH OPDI WJFM NFIS .BTTF BVGCBVFO %FS 1GMBO[F TDIFJOU JO EFS 7PSCMàUF EFS 5PQ HFOPNNFO XPSEFO [V TFJO EBNJU TJF NJU WJF MFO 4FJUFOUSJFCFO XÊDITU %B EJFTF #JH #VE EJF 'MÊDIF HVU BVTGàMMU XJSE WFSNVUFU EBTT EJF 1GMBO[F JO EJFTF 1PTJUJPO HFCSBV DIU XVSEF VN EJF 'MÊDIF SJDIUJH BVT[VGàMMFO (VUFT HFMJOHFO
)BMMP MJFCFT 4PGU 4FDSFUT 5FBN )JFS NFJO 'PUP .JU GSFVOEMJDIFO (Sà FO %FOOJT &T JTU FJO TDIÚOFS BCFS OPDI FUXBT MVGUJHFS 4FF PG (SFFO [V TFIFO EFS EVSDI EJF TDIÚOFO %BNFO FS[FVHU XJSE %JFTF TJOE NJU FJOFN )BVQUCVE BMMF HVU VOE HFTVOE HFXBDITFO EBT &SHFCOJT LBOO TJDI CFTUJNNU TFIFO VOE BVDI SBVDIFO MBTTFO
130%6,5&
&+&$5 B #08-5. /&6 */ &6301" 'àMMF EFJOF #POH +&5;5 UVSCPNÊ JH
(SFFO 4FOTBUJPO +FU[U FSIÊMUMJDI JO NM 'MBTDIFO
%F 4KBNBBO 8IPMFTBMF #7 QSÊTFOUJFSU OFVF VOE BVGSFHFOEF 1SPEVLUF EBNJU EBT 3BVDIFO FVSFS ,SÊVUFS [V FJOFN OPDI WFSHOàHMJDIFSFO &SMFCOJT XJSE BMT FT EBT TDIPO JTU &KFDU B #PXM5. JTU FJO OFVFT VOE JOOPWBUJWFT 1SPEVLU BVT ,BOBEB VN EFJOF #POH UVSCPNÊ JH [V GàMMFO &KFDU B #PXM5. EJF OFVF VOE BVTXFSGCBSF -ÚTVOH GàS 3BVDIFS JTU àCFS EF 4KBNBBO FYLMVTJW JO EFS &6 FSIÊMUMJDI %BT JTU FJOF &WPMVUJPO EFS 5FDIOPMPHJF EFT 3BVDIFOT %FJOFO 1GFJGFOLPQG XJF OJF [VWPS GàMMFO SBVDIFO VNSàISFO BVTXFSGFO VOE SFJOJHFO &JOF HSP BSUJHF &SHÊO[VOH [V EFJOFS 8BTTFSQGFJGF PEFS #POH QBTTFOE GàS EJF NFJTUFO (MBT PEFS "DSZM #POHT EJF BVG EFN .BSLU FSIÊMUMJDI TJOE .JU (MBTSÚISFO JO [XFJ WFSTDIJFEFOFO (SÚ FO NJU 1GFJGFOLÚQGFO JO VOUFSTDIJFEMJDIFO 4UÊSLFO BVT #PSTJMJDBUHMBT BMMFT JO FJOFS XVOEFSCBS BVGSFHFO EFO 'BSCQBMFUUF FSIÊMUMJDI &KFDU B #PXM5. JTU BVDI JO FMPYJFSUFN -VGUGBISU "MVNJOJVN FSIÊMUMJDI JO FJOFS SFJDIFO 1BMFUUF [XFJUÚOJHFS PEFS NPOPDISPNFS 'BSCFO
(SFFO 4FOTBUJPO JTU FJO #MàITUJNVMBUPS GàS EJF MFU[UFO CJT 8PDIFO EFS #MàIQFSJPEF (SFFO 4FOTBUJPO NBDIU BMMF BOEFSFO ;VTÊU[F XJF [ # 1 , VOE &O[ZNF TPXJF BMMF BOEFSFO #MàITUJNVMBUPSFO àCFSGMàTTJH "VDI JTU BCIÊOHJH WPN 4VCTUSBU FJOF &STQBSOJT CJT [V WPN #BTJT #MàIEàOHFS NÚHMJDI %VSDI EJF BVTHFLMà HFMUF ;VTBNNFOTFU[VOH XJSE EJF 1GMBO[F NJU BMMFO /ÊISTUPGGFO EJF GàS HSP FO #MàUFOSFJDIUVN VOE TUBSLFO 'SVDIUBOTBU[ OPUXFOEJH TJOE WFSTPSHU
$IJMMFST5. IFJ U EBT [XFJUF BVGSFHFOEF 1SPEVLU 8JS BMMF XJTTFO EBTT LBMUFS 3BVDI FJOGBDI CFTTFS TDINFDLU &JTXàSGFM BVT EFO $IJMMFST5. 4JMJLPO &JTXàSGFMCFIÊMUFSO TPSHFO GàS FJOF NBYJNBM HFLàIMUF 0CFSGMÊDIF JO EFJOFS #POH PEFS EFJ OFS 8BTTFSQGFJGF %JF $IJMMFST5. TJOE TQF[JFMM EFTJHOFU VOE QBT TFO JO EJF NFJTUFO BVG EFN .BSLU FSIÊMUMJDIFO 8BTTFSQGFJGFO VOE #POHT $IJMMFST5. &JTXàSGFM NBYJNJFSFO EJF ,àIMGMÊDIF NBDIFO EFO 3BVDI HMBUUFS VOE NBDIFO TP EFO (FOVTT OPDI HSÚ FS &OEMJDI &JTXàSGFM EJF JO KFEF #POH QBTTFO %JF $IJMMFST5. &JTXàSGFM HFIFO FJO[FMO IFSBVT VN FVSF #POH NJU SJTTGSFJFO &JTXàSGFMO [V GàMMFO PIOF EBCFJ FUXBT [V WFSTDIàUUFO ,àIMU FVSF 3BVDIFSMFCOJTTF NJU )JMGF EFS 8JTTFOTDIBGU VOE NJU 4UJM "VT TQàM NBTDIJOFOGFTUFN MFCFOTNJUUFMFDIUFN 4JMJLPO VOE JO 'BSCFO FSIÊMUMJDI
/&6 */ &6301" 7PO EFO &KFDU B #PXM5. )FSTUFMMFSO EJF FJOGBDITUFO 4JOHMFTIPU 1GFJGFO EFS 8&-5 %F 4KBNBBO 8IPMFTBMF #7 QSÊTFOUJFSU XFJUF SF OFVF VOE BVGSFHFOEF 1SPEVLUF EFS &KFDU B #PXM5. )FSTUFMMFS EJF EBT 3BVDIFO WPO 4JOHMFTIPUT VOHMBVCMJDI FJOGBDI NBDIFO #FUUFS #BU5. JTU EJF OFVF BVTXFSGCBSF 4JOHMFTIPU -ÚTVOH GàS 3BVDIFS EJF FJOGBDITUF 4JOHMFTIPU 1GFJGF EJF BVG EFN .BSLU FSIÊMUMJDI JTU &JO FDIUFT 4QJU[FOSFJUFS 1SPEVLU 4JF CJFUFU EFO #FOVU[FSO FJOF TDIOFMMF VOE FGGFLUJWF .FUIPEF EFO 1GFJGFOLPQG [V MFFSFO #FUUFS #BU5. JTU TDIOFMMFS HFCSBVDITGFSUJH BMT BMMF BOEFSFO BVG EFN .BSLU FSIÊMUMJDIFO 1GFJGFO "VT FMPYJFSUFN -VGUGBISU "MVNJOJVN IFSHF TUFMMU VOE JO DN VOE DN JO KFXFJMT àCFSTDIXÊOHMJDIFO 'BSCFO FSIÊMUMJDI 5XJTUB1JQF5. JTU FJO XFJUFSFS SFWPMV UJPOÊSFS &OUXVSG EFS &KFDU B #PXM5. )FSTUFMMFS %BT OFVF VOE JOOPWBUJWF %FTJHO HFTUBUUFU FT GSFJ [V FOUTDIFJ EFO XJF WJFM NBO FJOGàMMFO VOE SBV DIFO NÚDIUF %V FOUTDIFJEFTU XJF TUBSL EFJOF 1GFJGF XFSEFO TPMM VOE XJF CFJ &KFDU B #PXM5. VOE #FUUFS #BU5. LBOO NBO NJU EFS 5XJTUB1JQF5. EJF "TDIF IFSBVTTDIJFCFO VOE XFJUFSSBVDIFO 5XJTUB1JQF5. NVTT NBO [VN 7FSTDIMJF FO OVS TDIOFMM ESFIFO EBOO FJOGàMMFO VOE SBVDIFO EJF "TDIF FJOGBDI OBDI VOE OBDI ESFIFO VOE IFSBVTTDIJFCFO 4JF JTU FCFOGBMMT BVT FMPYJFSUFN -VGUGBISU "MVNJOJVN IFSHFTUFMMU VOE JO HSP BSUJHFO 'BSCFO FSIÊMUMJDI
&JOTQBSVOH EVSDI XFOJHFS #MàIEàOHFS 'àHFO 4JF EFN /ÊISXBTTFS (SFFO 4FOTBUJPO JN 7FSIÊMUOJT [V NFTTFO 4JF EFO &$ 8FSU VOE GàHFO 4JF EBOO #BTJT #MàUFOEàOHFS [V CJT EFS HFXàOTDIUF &$ 8FSU FSSFJDIU JTU +F OBDI WFS XFOEFUFN 4VCTUSBU TUFMMFO 4JF GFTU EBTT EFVUMJDI XFOJHFS #BTJT #MàIEàOHFS CFOÚUJHU XJSE (SFFO 4FOTBUJPO LBOO BVG BMMFO 4VCTUSBUFO &SEF ,PLPT 4UFJOXPMMF .BQJUP 2VBOUJHP VOE NJU BMMFO #FXÊTTF SVOHTTZTUFNFO "OTUBV CFXÊT TFSVOH &CCF 'MVU #FXÊTTFSVOH /'5 5SPQGFO CFXÊTTFSVOH WFSXFOEFU XFSEFO 7JFMF ;àDIUFS LPOOUFO NJU (SFFO 4FOTBUJPO CFSFJUT EFVUMJDI IÚIFSF &SUSÊHF FS[JFMFO 8FJUFSF *OGPSNBUJPOFO GJOEFO 4JF BVG XXX QMBHSPO OM
$BOOB 5FSSB 4FFENJY WFSCFTTFSU 4DIPO XJFEFS FJOF 1SPEVLUPQUJNJFSVOH WPO $"//" %JFTFT .BM HFIU FT VN EFO $"//" 5FSSB 4FFENJY 'BTU KFEF &JHFOTDIBGU EJFTFT 1SPEVLUFT JTU VOUFS EJF -VQF HFOPNNFO VOE WFSCFTTFSU XPSEFO %JF ,FJNGÊIJHLFJU EFS 4BNFO XJSE TJDI FSIÚIFO VOE 4UFDLMJOHF XFSEFO TJDI NJU EFS WFSCFTTFSUFO 'PSNFM FSGPMHSFJDIFS FOUXJDLFMO VOE 8VS[FMO CJMEFO &JHFOTDIBGUFO +FEFS ;àDIUFS XFJ EBTT HVUF 4ÊNMJOHT VOE 4UFDLMJOHTFSEF CFTUJNNUF #FEJOHVOHFO FSGàMMFO NVTT %JF &SEF TPMMUF GFVDIU CMFJCFO TP EBTT EFS 4BNFO HVU 8BTTFS BVGOFI NFO LBOO VOE EJF 8BOE EFT 4BNFOT TJDI ÚGGOFU "V FSEFN EBSG EJF &SEF OBDI EFN (JF FO OJDIU [V OBTT CMFJCFO XFJM EFS 4BNFO TPOTU BOGBOHFO LÚOOUF [V GBVMFO %JF TUÊOEJH TUFJHFOEFO "OGPSEFSVOHFO CFJ 4ÊNMJOHT VOE 4UFDLMJOHTFSEF XFSEFO EVSDI EJF WFSCFTTFSUF 4FFENJY 'PSNFM BVG KFEFO 'BMM FSGàMMU 7FSCFTTFSUF ;VTBNNFOTFU[VOH 8JF NBO FT WPO $"//" HFXÚIOU JTU CFTUFIU BVDI EJF FSOFVFSUF 4FFENJY &SEF BVT FJOFS .JTDIVOH WPO IPDIXFSUJHFO 8FJ UPSGTPSUFO %JFTFT 4VCTUSBU XJSE BMMFS EJOHT EVSDI FYUSB ;VTÊU[F TP PQUJNJFSU EBTT EJF 8BTTFSBVGOBINF WFSCFTTFSU XJSE PIOF EBTT EJF &SEF [V TDIOFMM BVTUSPDLOFU "V FSEFN JTU EJF 'BTFSMÊOHF WPN 5PSG HSÚ FS XBT GàS FJOF CFTTFSF -VGU[VGVIS JN .FEJVN TPSHU &JO BOEFSFS 7PSUFJM FJOFS HSÚ FSFO 'BTFSMÊOHF JTU BVDI EBTT EBT -VGU 8BTTFS 7FSIÊMUOJT WFSCFTTFSU XJSE VOE GàS FJOF CFTTFSF "OXVS[FMVOH EFS ,FJNMJOHF TPSHU
'àS XFJUFSF *OGPSNBUJPOFO XXX TKBNBBOXIPMFTBMF OM XIPMFTBMF!TKBNBBO DPN 5FM 8FJUFSF 1SPEVLUJOGPSNBUJPOFO BVG EFS 8FCTJUF XXX FKFDU B CPXM FV
4ÊNMJOHT VOE 4UFDLMJOHTFSEF %VSDI EJF WFSCFTTFSUF ;VTBNNFOTFU[VOH JTU EJF FSOFVFSUF 4FFENJY &SEF OJDIU OVS HVU GàS 4ÊNMJOHF TPOEFSO BVDI GàS 4UFDLMJOHF %JF OFVF 4FFENJY &SEF JTU CFTTFS WPSHFEàOHU TP EBTT EFS 4UFDLMJOH HMFJDI /BISVOH [V TJDI OFINFO LBOO XFOO FS EJF FSTUF 8VS[FM HFCJMEFU IBU %BT 3FTVMUBU JTU FJOF LSÊGUJHFSF 1GMBO[F EJF JO FJOFS TQÊUFSFO 1IBTF XFOJHFS TDIFJUFSO XJSE "N "OGBOH CSBVDIU EFS 4BNFO EJF FYUSB /ÊISTUPGGF OPDI OJDIU BCFS XFOO EFS ,FJN BOGÊOHU [V XBDITFO CSBVDIU FS NFIS /BISVOH BMT [VWPS %FS FYUSB ;VTBU[ JO EFS &SEF TPSHU EBGàS EBTT EFS ,FJN OPDI CFTTFS VOE TDIOFMMFS XÊDITU %B EJF LMFJOFO 1GMBO[FO TUÊSLFS TJOE HJCU FT BVDI XFOJHFS 1SPCMFNF CFJN 6NUPQGFO %JF ;VTÊU[F TJOE TP BVTCBMBODJFSU EBTT TFMCTU EJF TFOTJCFMT UFO 1GMBO[FO OJDIU EBSVOUFS MFJEFO XFSEFO
%F 4KBNBBO 8IPMFTBMF # 7 $FMTJVTXFH " 19 &MTU (ME /JFEFSMBOEF
.FIS *OGPT HJCU FT BVG XXX DBOOB DPN
%F 4KBNBBO TVDIU JO EFS HBO[FO &VSPQÊJTDIFO 6OJPO (SP IÊOEMFS GàS EJFTF 1SPEVLUF &KFDU B #PXM5. EJF $IJMMFST5. #FUUFS #BU5. VOE 5XJTUB1JQF5. TJOE BC .JUUF "VHVTU FSIÊMUMJDI HFCU FVSF 7PSCFTUFMMVOHFO BMTP TDIPO KFU[U BVG
%,2&$11$ GLH LP -DKU HLQJHI KUWH 0DUNH YRQ &$11$ VWHOOWH GLH HUVWH ]HUWLÀ ]LHUWH 3URGXNWUHLKH I U HLQHQ ELRORJLVFKHQ $QEDX YRQ VFKQHOO ZDFKVHQGHQ 3Á DQ]HQ GDU %,2&$11$ HQWKlOW RUJDQLVFK JHEXQGHQH 1lKUVWRIIH GLH LP *HJHQVDW] ]X 0LQHUDOG QJHUQ GLH ELRORJLV FKH 9LHOIDOW GHU 0LUNRÁ RUD LP *OHLFKJHZLFKW KDOWHQ ZZZ ELRFDQQD FRP
4)01 3&7*&8
$PGGFFTIPQ ,PTCPS
,PTCPS ,MFJOF (SBDIU .BBTUSJDIU /JFEFSMBOEF
/PDI FJO 1SFJT )JHIMJGF $VQ "VDI JO EJFTFN +BIS HFMBOH FT EFN ,PTCPS 5FBN JO &SXBSUVOH EFT )JHIMJGF $VQ EJFTFT .BM EBOL EFS 7BSJFUÊU " . ( )B[F FJOFO 1SFJT [V FSSJOHFO #FJ EFO 1SFJTWFSMFJIVOHFO WFSTDIJFEFOFS SFOPNNJFSUFS $BOOBCJT 2VBMJUÊUTXFUUCFXFSCF TJOE EJF )B[F 5ZQFO EFT $PGGFFTIPQ ,PTCPS JO .BBTUSJDIU CFTPOEFST GBWPSJTJFSU EBT -PLBM IBU JO EFO +BISFO VOE BN )JHIMJGF $VQ WFSTDIJFEFOF 1SFJTF HFXPOOFO EBSVOUFS EFO FSTUFO 1SFJT JO EFS ,BUFHPSJF )B[F #JP 6OUFS EFO ,VOEFO XJSE BVDI WJFM àCFS EBT JN $PGGFFTIPQ FSIÊMUMJDIF )BTDIJTDI HFTQSPDIFO o FT HJCU BMTP FJO EPQQFMUFT "OHFCPU %BT ,PTCPS JTU OJDIU VNTPOTU TFJU +BISFO GàS TFJOF FY[FMMFOUF 2VBMJUÊU [V FJOFN WFSOàOGUJHFO 1SFJT CFLBOOU FJOFO "CTUFDIFS IJO [V NBDIFO VN FJOFO #MJDL EBSBVG [V XFSGFO (MFJDI OBDI EFN #FUSFUFO XJSE LMBS EBTT EFS [VS 7FSGàHVOH TUFIFOEF 3BVN VN FJOJHFT HSÚ FS HFXPS EFO JTU EBT ,PTCPS JTU KFU[U JO ESFJ ;POFO VOUFSUFJMU .BO CFUSJUU FT EVSDI EFO GVOLFM
%VSDI EJF (FOFSBMTBOJFSVOH IBU EBT ,PTCPS JO .BBTUSJDIU FJOF XBISF 7FSXBOEMVOH FSMFCU %BT CFLBOOUF $BGÏ BO EFS ,MFJOFO (SBDIU JTU IFVUF LPNQMFUU FSOFVFSU VOE IBU TJDI NJU FJOFN HFSÊVNJHFO &JOHBOHTCFSFJDI FJOFN XVOEFSCBSFO /JDIUSBVDIFSCFSFJDI VOE FJOFN HSP FO 3BVDIFSSBVN JO EFS (SÚ F GBTU WFSEPQQFMU "VDI EJF *OOFOFJOSJDIUVOH XVSEF EVSDI EJF FSTUBVOMJDIF ,PNCJOBUJPO WPO NPEFSOFN %FTJHO NJU BVUIFOUJTDIFO BSBCJTDIFO &MFNFOUFO PQUJNBM VNHFBSCFJ UFU %BT OFVF ,PTCPS JTU XJSLMJDI FJO HSP BSUJHFT -PLBM 8JS FNQGFIMFO FT BMTP BMMFO XÊSNTUFOT
OBHFMOFVFO &JOHBOH VOE BVG EFS MJOLFO 4FJUF CFGJOEFU TJDI IJOUFS FJOFS (MBTXBOE EFS OFVF HSP [àHJHF 3BVDIFSSBVN NJU CSFJUFO (MBTTDIJFCFUàSFO %JF &JOSJDIUVOH VNGBTTU BVDI BSBCJTDIF &MFNFOUF XJF FJO HSP FT 8BOENPTBJL LPNCJOJFSU NJU FJOFS
8JOUFS ½GGOVOHT[FJUFO WPN 0LUPCFS CJT [VN .BJ
7PO 4POOUBH CJT %POOFSTUBH CJT 'SFJUBH VOE 4BNTUBH CJT
4PNNFS ½GGOVOHT[FJUFO 8BOE JO NPEFSOTUFN %FTJHO NJU ESFJ -&% 'MBDICJMETDIJSNFO *O EJFTFN 3BVN LÚOOFO EJF ,VOEFO VNHFCFO WPO -VYVT JO BMMFS 3VIF EJF FCFO FSXPSCFOFO 1SPEVLUF WFS LPTUFO /FCFO EFN 3BVDIFSSBVN HJCU FT OPDI FJOFO HSP [àHJHFO 3BVN NJU EFN 7FSLBVGTUSFTFO %JF ,VOEFO LÚOOFO TJDI BVG HSP FO -&% 'MBDICJMETDIJSNFO àCFS EJF 5BHFTBOHFCPUF JOGPSNJFSFO VOE EBT BVG EFN IPDINPEFSOFO %FTJHO 5SFTFO JO FJOFN (MBTXàSGFM BVTHFTUFMMUF 4PSUJNFOU CFUSBDIUFO TJF IBCFO TP EJF .ÚHMJDILFJU TJDI TFMCTU WPS EFN ,BVG GàS EJF VOUFS TDIJFEMJDIFO (SBT VOE )BTDIJTDIUZQFO [V FOUTDIFJEFO /BUàSMJDI TUFIU EBT 1FSTPOBM
WPN +VOJ CJT [VN 4FQUFNCFS
7PO 4POOUBH CJT %POOFSTUBH CJT 'SFJUBH VOE 4BNTUBH CJT NFIS /JDIU OVS XFJM EBT 1MBU[BOHFCPU JN 7FSHMFJDI [V WPSIFS HSÚ FS JTU VOE XFHFO EFS OFVFO &JOSJDIUVOH TPOEFSO XFJM FJO "TQFLU EFT BMUFO -PLBMT VOWFSÊOEFSU HFCMJFCFO JTU %JF HMFJDICMFJCFOEF ÊV FSTU [VWFSMÊTTJHF 2VBMJUÊU EFT ,PTCPS %B BMMF XJTTFO EBTT NBO TJDI GàS EJF CFTUFO 3BVDIFSQSPEVLUF BO EJF 4QF[JBMJTUFO EFT ,PTCPS XFOEFO NVTT
HFSOF GàS EJF #FBOUXPSUVOH KFHMJDIFS 'SBHFO [VS 7FSGàHVOH EJF #FMFHTDIBGU WFS GàHU àCFS KBISFMBOHF TQF[JFMMF &SGBISVOH VOE TQSJDIU NFISFSF 4QSBDIFO /FCFO EFO 3BVDIFSQSPEVLUFO XFSEFO FJO VNGBOH SFJDIFT 4PSUJNFOU BO LBMUFO VOE XBS NFO (FUSÊOLFO VOE VOUFSTDIJFEMJDITUF -FDLFSCJTTFO BOHFCPUFO EJF EFO "VGFOUIBMU JN 3BVDIFSSBVN OPDI BOHFOFINFS HFTUBM UFO %JF OFVFO HFUSFOOUFO 5PJMFUUFO JO EFS /ÊIF EFT 3BVDIFSCFSFJDIFT VOE EJF 6OJTFY 5PJMFUUF JN 7FSLBVGTSBVN TJOE XVOEFSTDIÚO HFSÊVNJH VOE BVTHFTQSPDIFO TBVCFS 4DIMVTTFOEMJDI NÚDIUFO XJS FVDI OPDI BVG FJOFO BSDIÊPMPHJTDIFO 'VOE [V EFN FT XÊI SFOE EFS 3FOPWJFSVOHTBSCFJUFO LBN IJOXFJ TFO &JO TFDIT .FUFS UJFGFS #SVOOFO BVT EFN .JUUFMBMUFS LBN [VN 7PSTDIFJO EFO JIS EB FS HMàDLMJDIFS 8FJTF WPMMTUÊOEJH FSIBMUFO JTU JN 7FSLBVGTSBVN OFCFO EFN 5SFTFO CFXVO EFSO LÚOOU o EBOL EFT (MBTGV CPEFOT LÚOOU JIS TPHBS EBSàCFS HFIFO &JO #FTVDI EFT BVG EJFTF "SU VOE 8FJTF SFOPWJFSUFO ,PTCPS MPIOU TJDI IFVUF VNTP
%FS $PGGFFTIPQ ,PTCPS FSJOOFSU EJF -FTFS WPO 4PGU 4FDSFUT EBSBO EBTT EFS ;VUSJUU [VN -PLBM OVS WPMMKÊISJHFO ,VOEFO WPSCFIBMUFO JTU EJF EBSàCFS IJOBVT BVDI FJOFO HàMUJHFO VOE MFTCBSFO "VTXFJT CFJ TJDI USBHFO NàTTFO *O EFS 4USB F EFT ,PTCPS HJMU )BMUFWFSCPU
3&1035"(& 1PSUSBJU FJOFT QSPGFTTJPOFMMFO +PCT
%JOBGFN 4FFET %BT TQBOJTDIF 6OUFSOFINFO %JOBGFN CFHBOO JN +BIS BMT FSTUFT OJDIU IPMMÊOEJTDIFT 6OUFSOFINFO EBT (FTDIÊGU NJU WFSXFJCMJDI UFO 4BNFO )FVUF GàOG +BISF TQÊUFS XFSEFO JISF 4BNFO BVG EFS HBO[FO 8FMU FJOHFUPQGU 4PGU 4FDSFUT CFUSBDIUFUF EJFTFT TQF[JFMMF 6OUFSOFINFO FUXBT HFOBVFS VOE VOUFSIJFMU TJDI NJU JIOFO 0JFS WPO %JOBGFN v"MT XJS CFHBOOFO EJF *EFF WPO %JOBGFN 4FFET BVT[VBS CFJUFO VOE JN +BIS NJU VOTFSFS "SCFJU BOGJOHFO TUFMMUFO XJS VOT EJF FJOF 'SBHF ,ÚOOFO XJS NJU &SGPMH FUXBT UVO XBT VOT 4QB NBDIU VOE EBCFJ OBDI VOTFSFO ,VOEFO "VTTDIBV IBM UFO 8àSEFO XJS VOTFSF ,VOEFO NJU NFIS 3FTQFLU "VGNFSLTBNLFJU VOE "VGPQGFSVOH CFIBOEFMO LÚOOFO BMT XJS FT WPO "OGBOH BO FSGBISFO NVTTUFO BMT XJS TFMCTU BMT FJOGBDIF VONàOEJHF ,VOEFO BN 'V F EFS 1ZSBNJEF TUBO EFO 6OE EJF "OUXPSU JTU BVG KFEFO 'BMM KB 0CXPIM XJS VOT NJU FJOFS 4JUVBUJPO BVTFJOBOEFS TFU[FO NàTTFO JO EFS EJF 7PSTDISJGUFO CF[àHMJDI EFT 1SPEVLUFT NJU EFN XJS BSCFJUFO OJDIU HMFJDIFS NB FO BVG EFS HBO[FO 8FMU HFTFU[ MJDI HFSFHFMU JTU VOE FT OPDI JNNFS JO FJOJHFO -ÊOEFSO BMT vJMMFHBMw BOHF TFIFO XJSE XÊISFOE NBO JO BOEFSFO -ÊOEFSO NJU EFO 4BNFO JN (FIFJNFO BSCFJUFO NVTT XJS XVTTUFO BCFS EBTT XJS /FVFSVOHFO FJOCSJOHFO NVTTUFO 8JS XPMMUFO EJF HMFJDIFO (BSBOUJFO CJF
3PZBM )B[F
%JFTFM
$BMJGPSOJB )BTI 1MBOU
$SJUJDBM
.PCZ %JDL
#MVF 'SVJU
4VQFS $SJUJDBM )B[F
'SVJU "VUPNBUJD
.PCZ %JDL
UFO XJF FT OPSNBMFS 8FJTF GàS BOEFSF .FISXFSUQSPEVLUF BVG EFN .BSLU àCMJDI JTU 8FOO KFNBOE HVUFT (FME GàS VOTFSF 4BNFO CF[BIMU VOE 1SPCMFNF NJU EFN ,FJNFO IBU JTU EBT GàS VOT FJO .JTTFSGPMH EFS LMBS VOTFSFN 1SPEVLU [V[VTDISFJCFO JTU BVT XFMDIFN (SVOE BVDI JNNFS TP àCFSOFINFO XJS EBGàS EJF 7FSBOUXPSUVOH %JFT XBS JO EFS 5BU WPO "OGBOH BO VOTF SF (FTDIÊGUTQIJMPTPQIJF TFIS [VN &STUBVOFO VOE 6OWFSTUÊOEOJT WJFMFS VOE TFIS [VS 'SFVEF VOTFSFS ,VOEFO 6OE EBT LÚOOFO XJS OBUàSMJDI OVS UVO XFOO XJS WFSTJDIFSO 5PQ 2VBMJUÊU [V WFSLBVGFO HVU HFSFJGUF VOE HFGPSNUF 4BNFO EJF WPO )BOE BVTHFXÊIMU XVSEFO EJF DMFBO TJOE HVU HFMBHFSU VOE WFSQBDLU VOE BVG KFEFO 'BMM WFSXFJCMJDIU VOE HFTVOE 8ÊSF EBT OJDIU EFS 'BMM XàSEF NBO VOT NJU #FTDIXFSEFO àCFSTDIXFNNFO w %FS 1SP[FTT EFN EJF 4BNFO WPO EFS 1SPEVLUJPO BO CJT IJO [VS -JFGFSVOH VOUFS XPSGFO XFSEFO JTU EFS 4DIMàTTFM [V BMM EFN 8JSE EJFTFS 1SP[FTT XJSE CFJ BMMFO %JOBGFN 4BNFO BOHFXBOEU
0JFS v4JOE EJF 4BNFO FJONBM JN (SPCFO HFFSOUFU TP XFSEFO TJF TPGPSU HFSFJOJHU VN EFO (SP UFJM EFS 1GMBO[FOSàDLTUÊOEF [V FOUGFSOFO %BT XJSE BVG USPDLFOF "SU VOE 8FJTF EVSDIHFGàISU NJU FJOFN %SVDLMVGUTUSBIM &T JTU JO EFS 5BU TFIS XJDI UJH EFO 4BNFOCFTUBOE HFOBV [V SFJOJHFO EFOO XFOO EJF 1GMBO[FOSàDLTUÊOEF BVG EFO 4BNFO OJDIU WPMMLPNNFO FOUGFSOU XFSEFO LÚOOFO EJFTF EJF 7FSNFISVOH WPO 1JM[FO VOE .JMCFO WFSVSTBDIFO VOE EJF 4BNFO SVJOJFSFO PEFS XFOO TJF OPDI CSBVDICBS TJOE EFO (SPXFS FOUUÊVTDIFO XFJM FJOF LSBOLF 1GMBO[F LFJNU %BIFS XFS EFO VOTFSF 4BNFO JO EJFTFS FSTUFO 1IBTF HSàOEMJDI HFTÊVCFSU VOE EBOO TPSHGÊMUJH WPO )BOE BVTHFXÊIMU VOE XFOO OÚUJH OPDI FJONBM HFSFJOJHU w
HFGPSNUFO 4BNFOT 8JS WFSLBVGFO OJF BMMF EJFTF 4BNFO 'àS HFXÚIOMJDI HFCFO XJS TJF BVDI BO FJOF (FNFJOTDIBGU [VWFSMÊTTJHFS (SPXFS VN TJF BVT[VQSPCJFSFO o (SPXFS EJF VOT TPHBS [FJHFO EBTT EJF 4BNFO EJF XJS WFSXFSGFO HFOFSFMM FJOFO TFIS IPIFO ,FJNJOEFY IBCFO ÊIOMJDI EFN EFS BVTHF XÊIMUFO 4BNFO %JF BVTHFXÊIMUFO 4BNFO XFSEFO EBOO FJO [XFJUFT .BM LPOUSPMMJFSU CFWPS TJF VOWFS[àHMJDI WFSQBDLU XFSEFO HFUSFOOU WPO KFOFO EJF XJS GàS PGGJ[JFMMF 2VBMJUÊUT VOE 'VOLUJPOTGÊIJHLFJUTUFTUT [VS 4FJUF HFCFO EB TP HFXÊISMFJUTUFU XJSE EBTT GàS EJF BO VOTFSFN #FTUBOE EVSDIHF GàISUFO %JOBGFN ,FJNUFTUT EJF HMFJDIFO 4BNFO WFSXFOEFU XFSEFO XJF EJF EJF [VN 7FSLBVG GSFJ HFHFCFO XVSEFO %FS OÊDITUF "CTDIOJUU JO VOTFSFN 7FSLBVGTQSP[FTT JTU EBT 7FSQBDLFO )JFS IBCFO XJS XJSLMJDI JN 7FSHMFJDI [V BOEFSFO 4BNFOCBOLFO 7FSÊOEFSVOHFO HFCSBDIU 8JS IBCFO BVG FJOFO WFSMÊTTMJDIFSFO 7FSQBDLVOHTQSP[FTT HFTFU[U NJU EFN FJOF -BHFSVOH VOE FJO 5SBOTQPSU HBSBOUJFSU XFSEFO PIOF EBTT EBCFJ VOTFSF 4BNFO CFTDIÊEJHU XFSEFO 8JF VOTFSF ,VOEFO CFSFJUT XJTTFO XFSEFO EJF %JOBGFN 4BNFO JO &QQFOEPSG 3ÚISDIFO WFSQBDLU o FJOF 1JQFUUF PEFS FJO 1MBTUJLSÚISDIFO TP XJF TJF HFOFSFMM JO -BCPSBUPSJFO PEFS "QPUIFLFO FUD WFSXFOEFU XFSEFO *OOFO GàHFO XJS OPDI FJO 1SPEVLU IJO[V EBT JN "MMHFNFJOFO WFSXFOEFU XJSE VN 4BNFO GàS CPUBOJTDIF 8FMULPMMFLUJPOFO [V LPOTFSWJFSFO &JO 4JMJLPOHFM NJU FJOFN 'BSCJOEJLBUPS GàS 'FVDIUJHLFJU %JFTF 7PSSJDIUVOH HJCU VOT "VTLVOGU EBSàCFS XBOO EBT 4JMLPOHFM CFHJOOU 'FVDIUJHLFJU BVG[VOFINFO JOEFN FT EJF 'BSCF ÊOEFSU 7PO 0SBOHF WFSGÊSCU FT TJDI MBOH
1PXFS ,VTI
8ÊISFOE EJFTFS FSTUFO 4FMFLUJPO LPO USPMMJFSU EBT %JOBGFN 5FBN EFO #FTUBOE PQUJTDI NJU )JMGF WPO 7FSHSÚ FSVOHTHMÊTFSO VOE HVUFS #FMFVDIUVOH VN TJDIFS[VHF IFO EBTT EJF 4BNFO XJSLMJDI HFTVOE TJOE "OTDIMJF FOE XFSEFO EJF 4BNFO EJF BMT WPO HVUFS 2VBMJUÊU CFXFSUFU XFSEFO WPO )BOE WPO KFOFO HFUSFOOU EJF BMT WPO NJO EFSFS 2VBMJUÊU BOHFTFIFO XFSEFO 0JFS v"MMF 4BNFO EJF XJS WFSLBVGFO TJOE HVU HFSFJGU USPDLFO TBVCFS VOE HVU HFGPSNU VOE PIOF &JHFOUàNMJDILFJUFO %JF 4BNFO EJF XJS WFSXFSGFO TJOE EJF EJF PQUJTDI LMFJOFS VOE EBIFS OJDIU WPO QBTTFOEFS (SÚ F TJOE PEFS TPMDIF EJF OJDIU HBO[ SFJG TJOE PEFS BVDI TPMDIF EJF LMBSF .JTTCJMEVOHFO BVGXFJTFO 8JS WFS XFSGFO BVDI 4BNFO EFSFO 'BSCF OJDIU HBO[ TUJNNU EJF FOUXFEFS FJO CJTTDIFO [V HSàO PEFS XFJ MJDI TJOE PEFS EJF FJHFOBSUJH HFGPSNU TJOE JN 7FSHMFJDI [V EFN EVOL MFO HMÊO[FOEFO (SàO FJOFT HFTVOEFO HVU
3PBESVOOFS
3PBESVOOFS
4BOUB 4BUJWB
4IBSL
#MVF )BTI TBN JO IFMMCMBV %JFTF (SBOVMBUGPSN EFT (FMT JTU VOTDIÊEMJDI VOE HFSVDIMPT &T JTU GàS .FOTDIFO VOE GàS 4BNFO VOHJG UJH VOE FT JTU CJPMPHJTDI BCCBVCBS %BT 7PSIBOEFOTFJO EFT (FMT JN 3ÚISDIFO CBVU FJOFO 'FVDIUJHLFJUTHSBE BVG JOOFSIBMC EFTTFO EJF 4BNFO EJF WPN (FM HFTDIàU[U XFSEFO LFJOF 7FSÊOEFSVOHFO FSMFJEFO EB EBT (FM EJF 'FVDIUJHLFJU BVG[VOFINFO CFHJOOU XBT XÊISFOE EFN 7FSQBDLFO PEFS XÊISFOE EFT 1PTJUJPOJFSFOT EFT 4BNFOT JN 3ÚISDIFO FJOUSFUFO LBOO "VG KFEFO 'BMM IÊMU EBT (FM TP EJF SFMBUJWF 'FVDIUJHLFJU JOOFSIBMC EFT 3ÚISDIFOT OJFESJH VOE TUB CJM %BT &QQFOEPSG 3ÚISDIFO XJSE EBOO BV FO OPDI EVSDI FJOF UZQJTDIF .FUBMMCPY HFTDIàU[U EJF [V FJOFN LMBS FSLFOOCB SFO 4ZNCPM VOTFSFS .BSLF HFXPSEFO JTU .JU EJFTFN EPQQFMUFO ÊV FSFO VOE JOOFSFO 4DIVU[ LÚOOFO XJS TPNJU FJOFO WPMMLPNNFOFO 4DIVU[ HBSBOUJFSFO VOE EJF #FTDIÊEJHVOH VOE EBT 7FSEFSCFO BVG (SVOE WPO 6NXFMUFJOGMàTTFO XFSEFO QSBLUJTDI VONÚHMJDI HFNBDIU "VT EJF TFN (SVOEF LÚOOFO XJS VOTFSFO ,VOEFO 4BNFO WPO IPIFS 2VBMJUÊU HBSBOUJFSFO w 8FOO EJF %JOBGFN 4BNFO FJONBM WFSQBDLU TJOE WFSCMFJCFO TJF JO WPMMLPNNFO LPOUSPM MJFSUFO #FEJOHVOHFO CFJ FJOFS SFHVMJFSUFO 5FNQFSBUVS [XJTDIFO ¡ $ VOE ¡ $ VOE CFJ FJOFS NJOJNBMFO 3BVNMVGUGFVDIUJHLFJU %BT HBSBOUJFSU EBTT EJF GSJTDI HFFSOUFUFO 4BNFO CJT IJO [VN ,ÊVGFS QFSGFLU HFMB HFSU XFSEFO VOE EVSDI EFO .BOHFM BO 'FVDIUJHLFJU VOE 8ÊSNF CFHJOOU EFS 4BNFO JO EFS ;XJTDIFO[FJU OJDIU [V LFJ NFO %JOBGFN WFSXFOEFU OFCFO EFN 4DIVU[ EVSDI EJF .FUBMMCPY VOE EVSDI EBT &QQFOEPSG 3ÚISDIFO BVDI EBT 4JMJLPOHFM EBT "VTLVOGU àCFS KFEF OEFSVOH EFS 'FVDIUJHLFJU JO EFS 6NHFCVOH HJCU JO
EFS EJF 4BNFO HFMBHFSU XFSEFO %JF 'BSCF ÊOEFSU TJDI OBDI EFS "VGOBINF WPO OVS EFS (FTBNUGFVDIUJHLFJU JN &QQFOEPSG 3ÚISDIFO %BT IFJ U EBT (FM WFSÊOEFSU EJF 'BSCF VN BVDI OVS EJF LMFJOTUF OEFSVOH EFS -VGUGFVDIUJHLFJU BO[V[FJHFO OJDIU VN BO[V[FJHFO EBTT [V WJFM 'FVDIUJHLFJU WPS IBOEFO JTU VOE BVDI OJDIU EBTT FT LFJOF 'FVDIUJHLFJU NFIS BVGOFINFO LBOO FIFS JN (FHFOUFJM
CFSFJU [VN ,FJNFO VOE XJS WPO %JOBGFN TJOE VOT TJDIFS EBTT JISF 7BSJBOUFO EFO (SPXFS OJDIU FOUUÊVTDIFO XFSEFO 0JFS v%JFTF "SCFJU EJF "VTXBIM BVT TP WJFMFO 4BNFO àCFS TP WJFMF +BISF JTU FJOFS EFS (SàOEF EJF VOT EB[V WFSBO MBTTU IBCFO KàOHTU FJOF 4UVEJF CFJ 1SPGJGPUPHSBGFO JO "VGUSBH [V HFCFO VN EFUBJMMJFSUF .BLSPGPUPT WPO KFEFN VOTFSFS 4BNFO [V CFLPN NFO VN EBEVSDI EJFTFT XVOEFSCB SF NBOOJHGBMUJHF 4DIBVTQJFM EFS /BUVS XBT $BOOBCJTTBNFO TJOE [V EPLVNFOUJF SFO VOE FT NJU VOTF SFO ,VOEFO UFJMFO [V LÚOOFO "VG KFEFO 'BMM FSJOOFSU %JOBGFN EBSBO EBTT VOTFSF 3BUTDIMÊHF CF[àHMJDI EFT ,FJNFOT OJDIU BO EJF -ÊOEFS HFSJDIUFU JTU JO EFOFO FT WJFM MFJDIU BMT JMMFHBM BOHFTFIFO XFSEFO LÚOO UF TPOEFSO OVS BO TPMDIF XP EJF MPLBMF (FTFU[HFCVOH EJFT [VMÊTTU XJF )PMMBOE &OHMBOE ,BOBEB FUD 8JS CJUUFO EBIFS VOTFSF ,VOEFO TUFUT XBT EBT ,FJNFO WPO $BOOBCJTTBNFO CFUSJGGU EJSFLU EJF MPLBMF (FTFU[HFCVOH FJO[VTFIFO VOE EJFTF FJO [VIBMUFO 8JS BDIUFO BVG VOTFSF ,VOEFO VOE BVT EJFTFN (SVOE IÚSFO XJS JIOFO [V VOE TDIFOLFO JIOFO TP HVU FT HFIU VOTFSF "VGNFSLTBNLFJU %BT JTU EJF 1IJMPTPQIJF VOTFSFT 8FCT [VN #FJTQJFM NJU VOTFSFO
%JOBGFN 4BNFO XFSEFO JO &QQFOEPSG 3ÚISDIFO WFS QBDLU o FJOF 1JQFUUF PEFS FJO 1MBTUJLSÚISDIFO TP XJF TJF HFOFSFMM JO -BCPSBUPSJFO PEFS "QPUIFLFO FUD WFSXFOEFU XFSEFO
)BU FT TJDI FJONBM WFS GÊSCU JTU EBT (FM BLUJ WJFSU VOE TUBCJMJTJFSU EJF 'FVDIUJHLFJU JOOFS IBMC EFT 3ÚISDIFOT 0SBOHF PEFS CMBV EBT 4JMJLPOHFM JN 3ÚISDIFO JTU FJOF LMBSF (BSBOUJF EBGàS EBTT EJF 4BNFO JO HFOBV EFN HFMFJDIFO ;VTUBOE TJOE JO EFN TJF %JOBGFN WFSMBT TFO *O "OCFUSBDIU EFTTFO EBTT TJDI OVS NM -VGU JN &QQFOEPSG 3ÚISDIFO CFGJOEFO CMFJCFO EJFTF BVDI WPMMLPNNFO USPDLFO *N FJHFOUMJDIFO 4JOO CFUSBDIUFU %JOBGFN EBT (FM BMT FJOF vTBOGUFw 4DIVU[GPSN GàS EJF 4BNFO BMT FJOFO 4DIVU[ WPS EFO JOOFSFO #FEJOHVOHFO VOE HFHFO 7FSÊOEFSVOHFO EFS 6NHFCVOHTCFEJOHVOHFO EFT 4BNFOT XÊISFOE EBT 3ÚISDIFO VOE EJF #PY EFO GFTUFO ÊV FSFO 4DIVU[ EFS 4BNFO CJM EFO EBNJU TJF OJDIU CFTDIÊEJHU XFSEFO &OUXFEFS JTU EBT (FM IFMMCMBV PEFS PSBOHF 'SFVF EJDI %V IBTU FJOFO HVUFO (SVOE PQUJ NJTUJTDI [V TFJO %JF 4BNFO TJOE QFSGFLU
,VOEFO PEFS NJU JSHFOEKFNBOEFN EFS BO VOTFSFS .BSLF JOUFSFTTJFSU JTU [V JOUFSB HJFSFO VN [V IFMGFO XFOO NBO VOT àCFS EBT *OUFSOFU LPOUBLUJFSU %BT JTU BVDI EFS (SVOE XFTIBMC XJS CFTUSFCU TJOE JN %FUBJM BVG VOTFS *NBHF [V BDIUFO VOE XFTIBMC XJS CFTDIMPTTFO IBCFO EJFTF 4BNNMVOH WPO .BLSPGPUPT VOTFSFS 4BNFO VOE EFS FJO[JHBSUJHFO %FUBJMT VOTFSFS 7BSJBOUFO EJF XJS FVDI IJFS [VN 5FJM CFTDISFJCFO BO[V GFSUJHFO 8PMMU JIS OPDI WJFM NFIS 'PUPT TFIFO MBEFU FVDI VOTFSFO ,BUBMPH IFSVO UFS VOE TBHU VOT XBT FVDI HFGÊMMU VOE XBT OJDIU 8JS GSFVFO VOT BVG FVSFO #FTVDI BVG VOTFSFS 8FCTJUF CJT EBIJO XàOTDIFO XJS BMMFO -FTFSO WPO 4PGU 4FDSFUT BMMFT (VUF w XXX EJOBGFN PSH
8IJUF 4JCFSJBO
)B[F "VUPNBUJD
$IFFTF
8IJUF 8JEPX
.PCZ )BTI
4XFFU %FFQ (SBQFGSVJU
#MVF 8JOEPX
4VQFS 4JMWFS
$MPVE
*OEVTUSJBM
$SJUJDBM +BDL
*4-*
()3% )$.6
+4% )23)#
-$..1 )7
43$..1 )7
1)3)#!+
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
#%
.6%1 +.6%1
14)3 /)1)3
.13(%1- )'(3
()-)-' )+5%1 !9% ,-%2)! !9%
.8!+ (%%2%
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
/%#)!+ 42(
/%#)!+ 4%%- .8!+ ."8
!28 4$
4)#* -%
.8!+ 43.,!3)#
.8!+ 6!1&
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
E
;
2!+%2 &.4136%-38 #(
2(./ "42($.#3.1 !3
.&&)#% )-$1!2 /+!-%3 !3
.8!+ 4%%- %%$2
)-&. 1.8!+04%%-2%%$2 #.,
666 1.8!+04%%-2%%$2 #.,
#"6 %&*/ &*(&/&4 $"//"#*4 "/ $BOOBCJTBOCBV GàS %VNNJFT 5FJM
,FJNVOH /BDIEFN XJS FOEMJDI EJF (SPXLBNNFS UJQQUPQQ IFSHFSJDIUFU IBCFO TJOE XJS GàS EJF FJHFOUMJDIF "SCFJU CFSFJU %BT MFU[UF .BM IBCFO XJS EJF XJDIUJHTUFO 5IFNFO EVSDIFYFS[JFSU /BDI VNGBOHSFJDIFO 6OUFSTVDIVOHFO EFS [BIMSFJDIFO $BOOBCJTTPSUFO IBTU EV EJDI GàS FJOF HVU HFFJHOFUF FOUTDIJFEFO %FS "OCBVCFSFJDI JTU GFVFSTJDIFS MJDIUVO EVSDIMÊTTJH VOE XBSUFU KFU[U OVS OPDI BVG EJF -BEVOH (SàOQGMBO[FO %BOO JTU FT BO EFS ;FJU TDIOFMM VOTFSF 4BNFOQBDLVOHFO IFSWPS[VIPMFO VOE NJU EFS "SCFJU [V CFHJOOFO "CFS XJF GBOHFO XJS FT BN CFTUFO BO EBNJU EJFTF XJO[JHFO 4BNFO PIOF 1SPCMFNF [V LMFJOFO 1GMBO[FO IFSBOXBDITFO 8JF EV TDIPO XFJ U HJCU FT WJFMF VOUFSTDIJFEMJDIF .FUIPEFO VOE EV XFJ U BVDI EBTT KFEFS TFJO FJHFOFT CFTPOEFSFT -JFCMJOHTWFSGBISFO IBU 8BT CFOÚUJHFO 4BNFO GàS FJOF FSGPMHSFJDIF ,FJNVOH %JF ESFJ 4DIMàTTFMXÚSUFS TJOE 8ÊSNF 'FVDIUJHLFJU VOE %VOLFMIFJU 8FOO XJS EFO 4BNFO CFGFVDIUFO CFHJOOU EJF XJO[JHF JN *OOFSO EFT 4BNFOT [VTBN NFOHFSPMMUF 8VS[FM [V XBDITFO TJF CSJDIU BVG [VS 4VDIF OBDI NFIS 'FVDIUJHLFJU %B EJF (SÚ F EJFTFS 8VS[FM SBQJEF [VOJNNU CSJDIU EJF ,BQTFM PEFS )àMTF EFT 4BNFOT CBME BVG ;VFSTU FSTDIFJOU EJF [FSCSFDIMJ DIF LMFJOF 8VS[FM 4JF NBH [XBS LMFJO TFJO WFSTQàSU BCFS EFO CSFOOFOEFO &ISHFJ[ TP TDIOFMM XJF NÚHMJDI [V FJOFN QSÊDI UJHFO $BOOBCJTCBVN IFSBO[VXBDITFO EJF 8VDITLSBGU FJOFT $BOOBCJTTBNFOT JTU OJDIU [V VOUFSTDIÊU[FO 4BNFO LÚO OFO TJDI TFIS TDIOFMM FOUXJDLFMO CFJ EFS HFTDIBGGFOFO GFVDIUFO 6NHFCVOH XFS EFO EJF 8VS[FMO JOOFSIBMC WPO OVS 4UVOEFO IFSBVTHFTQSVOHFO TFJO
,àDIFOQBQJFSNFUIPEF &JOF EFS HFCSÊVDIMJDITUFO .FUIPEFO 4BNFO [VN ,FJNFO [V CSJOHFO JTU EJF .FUIPEF NJU GFVDIUFN ,àDIFOQBQJFS NJU TBNU JISFO 7BSJBUJPOFO %BCFJ MFHFO XJS EJF 4BNFO BVG FJO CFGFVDIUFUFT TBVHGÊIJHFT 4UàDL 1BQJFS PEFS 8BUUF %JF 'FVDIUJHLFJ UTBVGOBINFGÊIJHLFJU EFT ,àDIFOQBQJFST
7PO #BSU # HBSBOUJFSU EBTT EFO 4BNFO BVG FJOGB DIF 8FJTF TUFUT 'FVDIUJHLFJU [VHFGàISU XJSE *TU EBT ,àDIFOQBQJFS [V USPDLFO HFOàHU FJO [VTÊU[MJDIFS 5SPQGFO VN FT BVHFOCMJDLMJDI XJFEFS GFVDIU [V NBDIFO &T JTU XJDIUJH EJF 4BNFO GFVDIU BCFS OJDIU OBTT [V IBMUFO 8FSEFO EJF 4BNFO OBTT HFIBMUFO XJSE TJDI EBT 8àS[FMDIFO OJDIU BVGNBDIFO VN OBDI NFIS 8BTTFS [V TVDIFO VOE EBIFS MBOHTBNFS XBDI TFO EB FT HFOBV EPSU XP FT TJDI CFGJO EFU BMMFT 8BTTFS IBU EBT FT CSBVDIU EBOLF 8FSEFO TJF [V USPDLFO HFIBM UFO CFTUFIU EBT 3JTJLP EBTT EJF 8VS[FM BCTUJSCU &T HFOBV SJDIUJH [V NBDIFO JTU NJU EJFTFN 7FSGBISFO TDIXJFSJH XFJM EBT ,àDIFOQBQJFS FOUXFEFS JNNFS [V OBTT PEFS [V USPDLFO JTU "CFS FT GVOLUJPOJFSU EFOOPDI BV FSHFXÚIOMJDI HVU TFMCTU XFOO FJOJHF &JOTUFJHFS FT GFSUJH CSJOHFO EBCFJ FJOJHF 4BNFO [V LJMMFO
%JSFLU JN 1GMBO[NFEJVN &JO [XFJUFT ,FJNVOHTWFSGBISFO CFTUFIU EBSJO EFO 4BNFO HMFJDI JN EBGàS WPS HFTFIFOFO 1GMBO[NFEJVN LFJNFO [V MBTTFO OBDIEFN FS [VFSTU GàS FJOJHF 4UVOEFO JO 8BTTFS NJU FJOFN 4DIVTT 8VS[FMTUJNVMBUPS FJOHFXFJDIU XVSEF 4UFDL EFO 4BNFO OBDI EJFTFN &JOXFJDIFO EJSFLU JO EJF &SEF JO ,PLPT PEFS XBT BVDI JNNFS 8JS QGMBO[FO EFO 4BNFO .JMMJNFUFS UJFG JN .FEJVN 8JSE EFS 4BNF OJDIU [V UJFG HFQGMBO[U LBOO FS TDIOFMM [VN -JDIU FNQPSESJOHFO VOE [V XBDITFO CFHJOOFO &JO XFJUFSFS HVUFS (SVOE EFO 4BNFO OJDIU UJFGFS [V QGMBO[FO MJFHU JO EFN 3JTJLP EBTT EFS 4BNF [V MBOHF OBTT
CMFJCFO VOE BOGBOHFO [V GBVMFO LÚOO UF %JF 0CFSGMÊDIF EFT .FEJVNT USPDLOFU BN TDIOFMMTUFO BVT VOE EFTIBMC NàTTFO XJS EBSBVG BDIUFO EBTT FT GFVDIU CMFJCU i'FVDIUw CFEFVUFU IJFS XBSUFO CJT EJF PCFSF 4DIJDIU BVT[VUSPDLOFO CFHJOOU VOE EBOO XFJUFSFT 8BTTFS EB[VHJF FO VOE 8VS[FMTUJNVMBUPS XFOO FS WFSXFO EFU XJSE *O BOEF SFO 8PSUFO (JC EFN .FEJVN OJDIU [VTÊU[MJDI 8BTTFS XFOO FT OPDI GFVDIU JTU 4POTU IÊMTU EV EBT .FEJVN FIFS OBTT BMT GFVDIU VOE SJTLJFSTU EBTT EFJOF 4BNFO GBVMFO &JOJHF -FVUF FOUTDIFJEFO TJDI GàS EJFTF .FUIPEF XFJM TJF GàS EJF 4BNFO TFIS XFOJH 4USFTT NJU TJDI CSJOHU EBT 8àS[FMDIFO TPGPSU JO EBT .FEJVN FJOUBVDIFO VOE CFHJOOFO LBOO TJDI [V FOUXJDLFMO ;JFNMJDI UPMMQBU TDIJHF (SPXFS LÚOOFO EBT 8àS[FMDIFO CFJN "OQGMBO[FO CFTDIÊEJHFO XFOO TJF EJF ,àDIFOQBQJFSNFUIPEF BOXFOEFO 6N FJOFO HFLFJNUFO 4BNFO [V QGMBO[FO CPISU NBO BN CFTUFO NJU EFN 'JOHFS FJO LMFJOFT -PDI .BDI FT OBTT VOE MFH EFO 4BNFO HMFJDI JOT -PDI %JF &SEF JTU HVU VOE GFVDIU VOE EFTIBMC LBOO NBO TJDIFS TFJO EBTT FT LFJOFSMFJ 1SPCMFNF HJCU XFOO EFS 4BNF TBOGU JO EJF &SEF HFESàDLU XJSE #FEFDL JIO NJU FJOFS EàOOFO 4DIJDIU &SEF VOE HJF F OPDI FJONBM NJU TFIS XFOJH 8BTTFS NM %BNJU TJDI EFS 4BNF WFS BOLFSO LBOO HJC JIN LFJOFO [V HSP FO 4DIMVDL 8BTTFS BOEFSOGBMMT SJTLJFSTU EV EBTT EFS 4BNF [V UJFG OBDI VOUFO HFTQàMU VOE BCFSNBMT EFN 'ÊVMOJTSJTJLP BVTHF TFU[U XJSE
NJU EFS 4UFDLEPTF WFSCVOEFO XJSE VOE JISF 5FNQFSBUVS TFMCTU LPOTUBOU [XJTDIFO VOE (SBE IÊMU %BT JTU FJOF CJMMJHF VOE XJSLTBNF .FUIPEF VN EJF SJDIUJHF 5FNQFSBUVS GàS EJF 4BNFO BVGSFDIU [V FSIBM UFO *DI CFWPS[VHF FJO )FJ[HFSÊU XJF EFO #JPOBJS EFS JO FJOFO LMFJOFO 4DISBOL HFTUFMMU XJSE %JFTFT )FJ[HFSÊU LBOO [ # BVG (SBE FJOHFTUFMMU XFSEFO VOE EB XJS FT JO FJOFO 4DISBOL HFTUFMMU IBCFO NVTT FT WJFM XFOJHFS BSCFJUFO VN EJF 4BNFO CFJ EJFTFS 5FNQFSBUVS [V IBMUFO *OOFSIBMC EFT 4DISBOLFT XJSE FJO USPQJTDIFT .JLSPLMJNB HFTDIBGGFO
%JF ,VOTU EFT "OCBVT CFTUFIU IBVQUTÊDIMJDI JO EFS ;FJU EJF EV EFJOFO 1GMBO[FO XJENFTU FT FSGPS EFSU EBTT EV FJOJ HF ;FJU NJU JIOFO WFSCSJOHTU
4UFJOXPMMXàSGFM /JDIU [V WFSHFTTFO #FJ EFO BOHFXBOEUFO .FUIPEFO TQJFMU EJF 5FNQFSBUVS GàS EFO ,FJNVOHTFSGPMH FJOF TFIS XJDIUJHF 3PMMF *EFBM TJOE 5FNQFSBUVSFO EJF LPOTUBOU [XJ TDIFO VOE (SBE CMFJCFO 7FSTVDIF BMTP FJOF .ÚHMJDILFJU [V GJOEFO XJF EJF 4BNFO TUÊOEJH àCFS (SBE HFIBMUFO XFS EFO LÚOOFO ;V EJFTFN ;XFDL LBOO FJOF LMFJOF 8ÊSNFNBUUF HFOVU[U XFSEFO EJF
&JOF XFJUFSF .FUIPEF EJF JDI JNNFS OPDI BOXFO EF XFJM TJF TP XJSLTBN VOE FJOGBDI JTU EJF i4UFJOXPM MXàSGFMNFUIPEFw 8JS MFHFO EJF 4BNFO JO 4UFJOXPMMXàSGFM VOE XFJDIFO TJF FJONBM NJU 8BTTFS FJO EFN FJO XFOJH 8VS[FMTUJNVMBUPS IJO[VHFGàHU XVSEF %BOO TFU[FO XJS EJF OBTTFO 4UFJOXPMMXàSGFM NJU EFO 4BNFO EBSJO JO FJO "O[VDIUUBCMFUU NJU FJOFS )BVCF BVDI iEPNFw HFOBOOU %JFTFT 5BCMFUU PEFS iEPNFw HBSBOUJFSU EBTT EFS 'FVDIUJHLFJUTHFIBMU EFS -VGU IPDI CMFJCU FT HJCU EBIFS LFJOFO (SVOE [V HJF FO CJT EJF 4ÊNMJOHF [VN 7PSTDIFJO LPNNFO *DI TUFMMF EJF 4DIBMF OBUàSMJDI JO EFO BVG EJF SJDIUJHF USPQJTDIF 5FNQFSBUVS HFCSBDIUFO 4DISBOL EJF EVSDI EBT BVUP NBUJTDIF )FJ[HFSÊU HFSFHFMU XJSE TP EBTT GàS FJOF FSGPMHSFJDIF ,FJNVOH EFT 8FJUFSFO TP HVU XJF OJDIUT [V UVO CMFJCU %V XJSTU TFIFO EJF 4BNFO LFJNFO JO FJO CJT [XFJ 5BHFO /BDI WJFS 5BHFO TJOE EJF 4ÊNMJOHF FJOJHF ;FOUJNFUFS HSP
-JDIU +FU[U JTU FT XJDIUJH EBTT EJF 4ÊNMJOHF HFOVH -JDIU FSIBMUFO "CFS JN 4DISBOL JTU FT EPDI TUPDLEVOLFM EB EJF 4ÊNMJOHF BN CFTUFO JO FJOFS EVOLMFO 6NHFCVOH LFJNFO IÚSF JDI EJDI TBHFO (VU OBDI EFN TJF BVT EFN #PEFO HFTDIPTTFO TJOE NàTTFO XJS EBGàS TPSHFO EBTT TJF TPWJFM -JDIU XJF NÚHMJDI CFLPNNFO EBNJU TJF
EFS 4POOFOTUSBIMVOH BCLSJFHFO VOE IBU TJDI TPXFJU BOHFQBTTU EBTT TJF EJFT TPHBS DIBSNBOU GÊOEF %V IBTU CFTUJNNU TDIPO IÊVGJH HFMFTFO EBTT EJF -BNQFO BN "OGBOH XFOJHTUFOT ;FOUJNFUFS àCFS EFO 1GMBO[FO IÊOHFO NàTTFO BCFS EBOO JTU WPO ,MPOFO EJF 3FEF VOE OJDIU WPO 1GMBO[FO EJF BVT 4BNFO HF[PHFO XVSEFO
1GMBO[FOOBISVOH
TJDI TP TDIOFMM XJF NÚHMJDI [V CVTDIJ HFO $BOOBCJTQGMBO[FO XFJUFSFOUXJDLFMO /JNN BMTP EJF 4ÊNMJOHF TPCBME TJF DN HSP TJOE WPO JISFO LMFJOFS HFSBUF OFO (FTDIXJTUFSO XFH VOE QGMBO[F TJF JO FJOFN .FEJVN EFJOFS 8BIM 8FOO TJF JO 4UFJOXPMMXàSGFM HFTÊU XVSEFO JTU EBT 6NQGMBO[FO FJOGBDI VOE EJF [BSUF 8VS[FM CMFJCU CFJ EFS HBO[FO 0QFSBUJPO HFTDIàU[U %JF 4UFJOXPMMXàSGFM NJU EFO HFTQSPTTFOFO 4ÊNMJOHFO LÚOOFO OVO OBDIFJOBOEFS JO EJF OFVF (SPXLBNNFS HFTUFMMU XFSEFO &T HFIU OJDIUT àCFS FJOFO HVUFO 4UBSU &JO QBBS 5BHF CJT FJOF 8PDIF TJOE OVO WFSHBOHFO VOE EBOL FJOFS EFS PCJHFO .FUIPEFO IBCFO XJS FSGPMHSFJDI FJOJHF 4ÊNMJOHF IFSBOHF[PHFO 3FDIOF OJDIU EBNJU EBTT EFS 4BNFO LFJNFO EFOO FT IBOEFMU TJDI VN -FCFXFTFO VOE FT LBOO EBIFS TDIPO WPSLPNNFO EBTT TJDI FJOJHF 4BNFO BMT #MJOEHÊOHFS FSXFJ TFO (FI JNNFS WPO EFS "OOBINF BVT EBTT EJFT TP JTU VOE TÊI FJOJHF 4BNFO NFIS BVT BMT VSTQSàOHMJDI CFBCTJDIUJHU 8FOO TJF BMMF BVGHFIFO VN TP CFTTFS %JF LMFJOFO 4ÊNMJOHF XFSEFO OVO BMMFT EBSBOTFU[FO TJDI TP TDIOFMM XJF NÚH MJDI [V IJOSFJ FOEFO HSàOFO -BEJFT [V FOUXJDLFMO 6OUFS FJOFS PEFS NFISFSFO /BUSJVNEBNQGMBNQFO /%-T CFLPNNFO TJF BMMFT -JDIU EBT TJF CFOÚUJHFO VOE TPNJU EJF &OFSHJF VN TDIOFMM [V XBDITFO *O EFS FSTUFO 8PDIF TJFIU FT EBOBDI BVT BMT XàSEF XFOJH QBTTJFSFO EB EJF 1GMBO[FO OPDI TFIS XFOJHF #MÊUUFS VOE FJO VOUFSFOUXJDLFMUFT 8VS[FMTZTUFN IBCFO .JU EFS ;FJU CJMEFO TJDI BO EFO 1GMBO[FO NFIS #MÊUUFS VOE TJF CFHJOOFO BMMFTBNU JNNFS TDIOFMMFS [V XBDITFO %FS 7FSMBVG JTU FJOFS BMUFSUàNMJDIFO %JFTFMMPLPNPUJWF WFSHMFJDICBS EJF MBOHTBN BOSPMMU VOE TDIMJF MJDI NJU )ÚDITUHFTDIXJOEJHLFJU GÊISU %JF #MÊUUFS EFS 1GMBO[F GVOHJFSFO BMT 4PMBSQBOFFMF VOE KF NFIS 4PMBSQBOFFMF WPSIBOEFO TJOE VNTP NFIS &OFSHJF LBOO QSPEV[JFSU VOE VNTP TDIOFMMFS LBOO EJF 8BDITUVNTHFTDIXJOEJHLFJU HFTUFJHFSU XFSEFO "VG EJFTF "SU VOE 8FJTF CSJOHU TJF JISF -FJTUVOH EJF TJDI OBIF[V UÊHMJDI WFSÊO EFSU VOE TJDI TJDIUCBS EVSDI EBT 8BDITUVN BVTESàDLU *O EJFTFS "OGBOHTQIBTF JTU FT TFIS XJDIUJH EBGàS [V TPSHFO EBTT BVTSFJ DIFOE -JDIU 8ÊSNF VOE 'FVDIUJHLFJU WPS
IBOEFO TJOE 8JSE EJF 'FVDIUJHLFJU IPDI HFIBMUFO LÚOOFO EJF 1GMBO[FO MFJDIUFS TDIàU[FOEF #MÊUUFS CJMEFO 8JS LÚOOFO EFO (SBE EFS -VGUGFVDIUJHLFJU BOIFCFO JOEFN XJS EJF &OUMàGUVOH OJFESJHFS TUFMMFO PEFS JO EFO FSTUFO 8PDIFO BVTHFTDIBMUFU MBT TFO PEFS XJS LÚOOFO FJOFO -VGUCFGFVDIUFS WFSXFOEFO 8FOO EJF 1GMBO[FO HSÚ FS XFSEFO CFOÚUJHFO TJF JNNFS NFIS 8BTTFS VOE EFNFOU TQSFDIFOE NàTTFO TJF NFIS HFHPTTFO XFSEFO %BT WFS CSBVDIUF 8BTTFS WFSEVOTUFU àCFS EJF #MÊUUFS EJSFLU JO EJF (SPXLBNNFS TP EBTT EJF -VGUGFVDIUJHLFJU BVUPNBUJTDI IPDI HFIBMUFO XJSE
8BOO NàTTFO XJS EBNJU CFHJOOFO TJF NJU /BISVOH [V WFSTPSHFO &T IÊOHU WPO EFN "OCBVNFEJVN BC "CFS TJDIFS OPDI OJDIU JO EFO FSTUFO QBBS 5BHFO FHBM VN XFMDIFT .FEJVN FT TJDI IBOEFMU #FJN "OCBV JO &SEF TJOE JO JIS HFOàHFOE /ÊISTUPGGF GàS NJOEFTUFOT [XFJ 8PDIFO FOUIBMUFO ,PLPT FOUIÊMU BVHSVOE TFJ OFS #FTDIBGGFOIFJU LFJOFSMFJ /ÊISTUPGGF EBIFS NVTTU EV VOHFGÊIS OBDI FJOFS 8PDIF EFO 1GMBO[FO /BISVOH HFCFO &T JTU TFIS FJOGBDI [V FSLFOOFO WPO XFM DIFN ;FJUQVOLU BO EJF 1GMBO[FO /BISVOH CFOÚUJHFO XFJM TJF TFMCTU EBOBDI WFSMBO HFO XFSEFO /BDI LVS[FS ;FJU OFINFO EJF HSàOFO #MÊUUFS FJOFO IFMMFSFO HSàOFO 'BSCUPO BO FT JTU JISF "SU [V TBHFO EBTT JN .FEJVN OJDIU NFIS WJFMF /ÊISTUPGGF WPS IBOEFO TJOE VOE PC TJF OVO OJDIU NFIS EBWPO CFLPNNFO LÚOOUFO CJUUF "MT &JOTUFJHFS XJSE NBO EJFTFO EF[FOUFO )JOXFJT XBISTDIFJO MJDI OJDIU XBISOFI NFO VOE XFOO EV [V MBOHF XBSUFTU XJSTU EV TFIFO EBTT TJDI EJF 1GMBO[FO HFMC MJDI [V WFSGÊSCFO CFHJOOFO %BT JTU OPDI OJDIU XJSLMJDI CFEFOLMJDI VOE LFJO (SVOE TJDI LàOTU MJDI BVG[VSFHFO %JF 1GMBO[F XFJTU OBDI ESàDLMJDI EBSBVG IJO EBTT FJO .BOHFM BO /ÊISTUPGGFO WPSMJFHU .FJTUFOT JTU FT 4UJDLTUPGGNBOHFM 4UJDLTUPGG JTU FJOFS EFS XJDIUJHTUFO #BVTUFJOF GàS FJOF HVUF 8BDITUVNTFOUXJDLMVOH EFS 1GMBO[F 8FOO EV EFS 1GMBO[F /BISVOH [VGàISTU XJSTU EV TFIFO XJF EJF TJDI HFMCMJDI WFSGÊSCFOEFO #MÊUUFS CBME XJFEFS FJOF HFTVOEF HSàOF
&T JTU XJDIUJH EJF 4BNFO GFVDIU BCFS OJDIU OBTT [V IBMUFO 8FSEFO EJF 4BNFO OBTT HFIBM UFO XJSE TJDI EBT 8àS[FMDIFO OJDIU BVGNBDIFO VN OBDI NFIS 8BTTFS [V TVDIFO
*N (FHFOTBU[ [VN "OCBV NJU ,MPOFO NàTTFO XJS EJF -BNQFO OJDIU BMM[V IPDI àCFS EJF 1GMBO[FO IÊOHFO EB BVT 4BNFO HF[PHFOF 1GMBO[FO NJU EFS *OUFOTJUÊU EFT -JDIUT CFTTFS VNHFIFO LÚOOFO BMT FJO GSJTDIFS WPO FJOFS XFJC MJDIFO $BOOBCJTQGMBO[F FOUOPNNF OFS ,MPO &JOF i4BNFOQGMBO[Fw XàSEF JO EFS GSFJFO /BUVS EJF HFCBMMUF ,SBGU
'BSCF BOOFINFO %FS .BOHFM XVSEF CFIPCFO VOE EJF 1GMBO[F IBU JISF #MÊUUFS NJU BMMFO OPUXFOEJHFO #BVTUPGGFO XJFEFS BVGHFUBOLU 8JF MBOHF EJF 3àDLLFIS [VS /PSNBMJUÊU EBVFSU PC FJOFO HBO[FO 5BH PEFS OVS FJO QBBS 4UVOEFO IÊOHU EBWPO BC XJF TDIXFSXJFHFOE EFS .BOHFM JTU 6N EJF 4BDIF OJDIU VOOÚUJH [V FSTDIXF SFO JTU FT BN CFTUFO EBT BMMFSFSTUF &SOUFQSPKFLU JO &SEF [V CFHJOOFO VOE EBEVSDI EJF 1GMBO[F CFTTFS LFOOFO [V MFS OFO %BT CFEFVUFU JO EFO FSTUFO 8PDIFO NVTT OJDIU HMFJDI NJU EFS /BISVOHT[VGVIS CFHPOOFO XFSEFO VOE EFN[VGPMHF JTU EBT 3JTJLP HFSJOHFS BMMFT TDIPO GSàI[FJUJH [V WFSNBTTFMO %JF 1GMBO[F CFGJOEFU TJDI OVO JO EFS 8BDITUVNTQIBTF VOE FT JTU OPUXFOEJH EBTT EJF -BNQFO 4UVOEFO FJOHFTDIBMUFU TJOE VOE EJF /BDIUSVIF TFDIT 4UVOEFO EBVFSU %JFTFT ;FJUTDIFNB FOUTQSJDIU EFN MÊOHTUFO VOE OPSNBMFS XFJTF TPOOJHTUFO 5BH EFT +BISFT EFN +VOJ 8JS MBTTFO EJF 1GMBO[FO TJDI JO EFS *MMVTJPO XJFHFO KFEFS 5BH TFJ EFS MÊOHTUF VOE TPOOJHTUF 5BH EFT +BISFT
&SGSFV EJDI BO EFJOFO 1GMBO[FO 8FOO TJDI JO EFO FSTUFO 8PDIFO EJF 1GMBO[FO JO EFO NJS &SENJTDIVOH HFGàMM UFO 5ÚQGFO PEFS ,àCFMO QSÊDIUJH FOUXJ DLFMO HJCU FT XFJUFS OJDIU WJFM [V UVO BMT EFO "OCMJDL [V HFOJF FO *O EFS FSTUFO 8PDIF XJSTU EV EJDI EBSàCFS XVOEFSO XJF XFOJH 'PSUTDISJUUF BOTDIFJOFOE HFNBDIU XFSEFO WPO EFS [XFJUFO 8PDIF BO XJSTU EV EJDI GSBHFO XJF TJF OVS TP WFSEBNNU TDIOFMM XBDITFO LÚOOFO %JF ,VOTU EFT "OCBVT CFTUFIU IBVQUTÊDIMJDI JO EFS ;FJU EJF EV EFJOFO 1GMBO[FO XJE NFTU FT FSGPSEFSU EBTT EV FJOJHF ;FJU NJU JIOFO WFSCSJOHTU 7FSGPMHF BVGNFSLTBN JISF &OUXJDLMVOH HFSBEF CFJN FSTUFO .BM XJMMTU EV OJDIU WFSQBTTFO XJF TJDI EJFTFS LMJU[FLMFJOF 4QSPTT TP TDIOFMM JO FJOFO CMàIFOEFO $BOOBCJTCVTDI WFS XBOEFMU NJU EFN CFTUFO 2VBMJUÊUT %PQF EBT KFNBMT EFJOF -VOHFO FJOHFIàMMU IBU 4FMCTUQSPEV[JFSUF 4DINVDLTUàDLF /ÊDITUFT .BM XFSEFO XJS VOT EJF 7FHFUBUJPOTQFSJPEF OÊIFS BOTFIFO
v*DI XJMM EPDI OVS TDINFS[GSFJ MFCFOi .BODINBM NàTTFO XJS HBS OJDIU OBDI (FTDIJDIUFO TVDIFO o XFJM EJF (FTDIJDIUFO VOT GJOEFO 4P XBS FT BVDI JO EJFTFN 'BMM /BDIEFN EFS 4DIXFEF +PBLJN )FETUSÚN àCFS EJF *OUFSOFUTFJUF WPO 40'5 4&$3&54 BOGSBHUF PC XJS *OUFSFTTF BO FJOFN *OUFSWJFX NJU JIN IÊUUFO OBI NFO XJS ,POUBLU [V JIN BVG VOE FSGVISFO WPO FJOFN 4DIJDLTBM EBT JO EJFTFS 'PSN TJDIFSMJDI FJO[JHBSUJH JTU o VOE EFOOPDI TZNQUPNBUJTDI GàS EFO ;VTUBOE WPO )BOG JO EFS .FEJ[JO 5FYU . %PH 8FMDIF HFTVOEIFJUMJDIFO 1SPCMFNF IBTU EV VOE XJF IBTU EV GàS EJDI $BOOBCJT BMT .FEJLBUJPOTGPSN FOUEFDLU *DI CJO +BISF BMU VOE CFOÚUJ HF TFJU àCFS +BISFO QSPGFTTJPOFM MF NFEJ[JOJTDIF )JMGF EB JDI BO UÊH MJDIFO ,PQGTDINFS[FO .JHSÊOF VOE "%)4 "VGNFSLTBNLFJUTEFGJ[JU )ZQFSBLUJWJUÊUTTUÚSVOH MFJEF .JS XVSEFO %VU[FOEF 4DINFS[NJUUFM #FSVIJHVOHTNJUUFM "OUJEFQSFTTJWB VOE 4DIMBGNJUUFM WFSTDISJFCFO EJF NJS HFHFO 4DINFS[FO %FQSFTTJPOFO "OHTU[VTUÊOEF VOE 4DIMBGQSPCMFNF IFMGFO TPMMUFO "CFS EBT UBUFO TJF OJDIU PEFS OVS NJU NJOJNBMFN &GGFLU /FCFO EFS &JOOBINF EJFTFS 1IBSNB[FVUJLB EVSDIMJFG JDI BVDI FYUFOTJWF 5IFSBQJFO VOE 7FSTVDITCFIBOEMVOHFO HFHFO "%)4 FSIJFMU QSPGFTTJPOFMMF .BTTBHFO "LVQVOLUVSCFIBOEMVOHFO VOE NBDIUF [VEFN :PHB %PDI OBDI FUXB +BISFO XBS EJF 'SVTUSBUJPO HSP BMT JDI NFJOF #MVUXFSUF OBDI FJOFS VNGBTTFOEFO 6OUFSTVDIVOH [V TFIFO CFLBN o EFOO EJF #FIBOEMVOH [FJHUF àCFSIBVQU LFJOF QPTJUJWFO &GGFLUF %FS .PNFOU EFS &SLFOOUOJT LBN EBOO HBO[ [VGÊMMJH BMT JDI WPS GBTU [FIO +BISFO CFJ FJOFN 'SFVOE TB VOE EFS NJS TFJOFO +PJOU SàCFSSFJDIUF EB HJOH FT FJHFOUMJDI OVS EBSVN [VTBNNFO HVU ESBVG [V TFJO %PDI EBCFJ GJFM NJS BVG EBTT NJDI $BOOBCJT JO FJOFO VOWFS HMFJDIMJDI FOUTQBOOUFO ;VTUBOE WFS TFU[UF VOE NJS EJF 'ÊIJHLFJU WFSMJFI NJDI WFSOàOGUJH [V LPO[FOUSJFSFO &T VOUFSESàDLUF NFJOF %FQSFTTJPOFO
IFMMUF NFJOF 4UJNNVOH BVG VOE IBMG NJS EBCFJ FJO[VTDIMBGFO %V IBTU WPO EB BO BMTP ÚGUFS NBM FJOFO +PJOU HFSBVDIU +B WPO ;FJU [V ;FJU "CFS JN -BVGF EFS MFU[UFO [FIO +BISF IBCF JDI $BOOBCJT NJU JNNFS HSÚ FS XFSEFO EFN 3FTQFLU CFUSBDIUFU VOE FT OVS OPDI BVT NFEJ[JOJTDIFO (SàOEFO LPOTVNJFSU %FS )BVQUHSVOE XBSVN EJF 4FMCTUNFEJLBUJPO NJU JMMFHBMFN $BOOBCJT GàS NJDI LFJOF MBOHGSJTUJ HF -ÚTVOH EBSTUFMMU JTU EJF SFDIUMJDIF 4JUVBUJPO JO 4DIXFEFO EJF WPO FJOFN TUSFOHFO #FUÊVCVOHTNJUUFMHFTFU[ CFIFSSTDIU XJSE 4P LBOO NBO CFJTQJFMT XFJTF SVDL [VDL TFJOFO 'àISFSTDIFJO WFSMJFSFO XFOO NBO BVDI OVS EFO XJO [JHTUFO ,SàNFM (SBT EBCFJ IBU 6OE EB $BOOBCJT GàS NJDI [V FJOFS XFSUWPMMFO .FEJ[JO XVSEF XPMMUF JDI OVO BVDI FJO FOUTQSFDIFOEFT 3F[FQU 8JF JTU EFOO EJF 4JUVBUJPO JO 4DIXFEFO JO CF[VH BVG EJF NFEJ[JOJTDIF "OXFOEVOH WPO $BOOBCJT 1SÊQBSBUFO *DI XàSEF TBHFO EJF 4JUVBUJPO JTU TDIXJFSJH CJT WFSGBISFO 7PS LVS[FN FSTU FS[ÊIMUF NJS KFNBOE EBWPO XJF FS NJU TFJOFN )BVTBS[U àCFS FJOF NÚHMJDIF 7FSBCSFJDIVOH WPO $BOOBCJT 1SÊQBSBUFO EJTLVUJFSUF %BT &SHFCOJT EJFTFS %JTLVTTJPO CFTUBOE EBSJO EBTT EFS )BVTBS[U WPO JIN FJOF 6SJOQSPCF WFSMBOHUF VOE [XBS BVG EFS 4UFMMF o XFOO FS OJDIU TFJOF BOEF SFO .FEJLBNFOUF WFSMJFSFO XPMMF &T JTU TDIBEF EBTT TJDI EBT JO FJOFN HFXJT TFO .B F BVDI NJU NFJOFO FJHFOFO
&SGBISVOHFO EFDLU EFOO JDI NVTTUF GFTU TUFMMFO EBTT PGGFOTJDIUMJDI LFJO FJO[JHFS TDIXFEJTDIFS "S[U EB[V CFSFJU XBS NJS $BOOBCJTQSÊQBSBUF [V WFSTDISFJCFO
*N 7FSMBVG EFS OÊDITUFO .POBUF UFMFGP OJFSUFO XJS EBOO JNNFS NBM XJFEFS VOE BMT JDI TDIMJF MJDI CFJ JIN XBS LBOOUF FS NFJOF ,SBOLIFJUTHFTDIJDIUF CFSFJUT
%BOO HJCU FT JO 4DIXFEFO OPDI HBS LFJOF .ÚHMJDILFJU TJDI MFHBMF $BOOBCJT 1SÊQBSBUF WFSTDISFJCFO [V MBTTFO 5IFPSFUJTDI TDIPO EPDI QSBLUJTDI JTU EBT CJTIFS OVS FUXB TDIXFEJ TDIFO 1BUJFOUFO HFMVOHFO %BCFJ IBOEFMU FT TJDI BVTTDIMJF MJDI VN EJF 1SÊQBSBUF 4"5*7&9 PEFS ."3*/0- EJF o TPXFJU JDI XFJ o IÚDITUFOT NBM CFJ TFIS TDINFS[IBGUFO ,SBOLIFJUFO XJF .VMUJQMFS 4LMFSPTF WFSTDISJFCFO XFS EFO *NNFSIJO JTU EBT BVDI FJOJHFO TDIXFEJTDIFO .FEJFO BVGHFGBMMFO EJF JO EFO MFU[UFO +BISFO JNNFS ÚGUFS HF[FJHU IBCFO XJF FT JO BOEFSFO &DLFO EFS 8FMU NJU $BOOBCJT BMT .FEJ[JO HFIBMUFO XJSE "VDI JDI IBCF TDIPO TFJU WJFMFO +BISFO NFJOFO FJHFOFO #MPH JO EFN JDI NFJOFO #SJFGXFDITFM NJU EFS 3FHJFSVOH VOE WFSTDIJFEFOFO %PLUPSFO WFSÚGGFOUMJDIU IBCF *DI IPGGF EBNJU FJO XFOJH EB[V CFJUSBHFO [V LÚOOFO EBTT EJF .FOTDIFO WFSTUÊSLU àCFS EJFTFT 5IFNB [V SFEFO CFHJOOFO 8JS TPMMUFO EPDI JO EFS -BHF TFJO HBO[ PGGFO TBDIMJDI VOE XJTTFOTDIBGUMJDI àCFS EJF .ÚHMJDILFJUFO WPO $BOOBCJT JO EFS .FEJ[JO [V EJTLVUJFSFO
(BC FT 1SPCMFNF CFJ EFS 8JFEFSFJOSFJTF OBDI 4DIXFEFO -FJEFS KB o XJF HFQMBOU HJOH JDI CFJN ;PMM àCFS EJF SPUF -JOJF VOE TBHUF i)BMMP JDI NÚDIUF EJFT IJFS EFLMBSJF SFO w *DI [FJHUF EFN ;PMMCFBNUFO EJF %30/"#*/0- 'MBTDIF VOE EFO #SJFG NFJOFT EFVUTDIFO "S[UFT VOE FSLMÊSUF v%BT JTU NFJOF .FEJ[JO i %FS ;PMMCFBNUF BOUXPSUFUF NJU FJOFN 4FVG[FS v%BOO JTU EBT BMTP EJFTFT CFSàDIUJHUF NFEJ[J OJTDIF $BOOBCJT WPO EFN XJS HFIÚSU IBCFO i 0GGFOTJDIUMJDI XVTTUFO TJF TDIPO EBTT JDI LPNNFO XàSEF o WJFM MFJDIU XFJM JSHFOEFJO +PVSOBMJTU TJF EBSBVG BOHFTQSPDIFO IBUUF *NNFSIJO XBSFO TJF BMMF TFIS GSFVOEMJDI VOE CPUFO NJS TPHBS ,BGGFF VOE 8BTTFS BO %BOO CFGSBHUFO TJF NJDI BVTGàISMJDI EBSàCFS XBT JDI EB HFOBV EFLMBSJFSU IBUUF VOE GàS XFO VOE XBSVN JDI EBT HFUBO IÊUUF 0CXPIM TJF TDIMJF MJDI CFHSJGGFO EBTT FT TJDI CFJ NJS OJDIU VN FJOFO %SPHFOTDINVHHMFS IBOEFMUF SJF GFO TJF EPDI EJF 1PMJ[FJ EJF BVDI TPGPSU LBN VOE NJDI HMFJDI OPDI NBM CFGSBH UF &STU OBDI [XFJ 4UVOEFO XVSEF JDI GSFJHFMBTTFO o BMMFSEJOHT PIOF NFJOF .FEJ[JO 4FJUEFN TUFIF JDI VOUFS 7FSEBDIU #FUÊVCVOHTNJUUFM CFTFTTFO VOE FJOHFGàISU [V IBCFO BVDI XFOO FT TJDI IJFS OVS VN %30/"#*/0- IBO EFMU EBTT NJS NFJO EFVUTDIFS "S[U WFS TDISJFCFO IBU VOE XFMDIFT JDI o EFO NJS WPO EFS TDIXFEJTDIFO .1" NJUHF UFJMUFO 3JDIUMJOJFO GPMHFOE o NJU OBDI 4DIXFEFO HFCSBDIU IBUUF
8JF CJTU EV BVG EJF *EFF HFLPNNFO FJOFO EFVUTDIFO "S[U BVG[VTVDIFO 6OE JTU FJO EFVUTDIFT 3F[FQU àCFS IBVQU MFHBM JO 4DIXFEFO *DI GVIS OBDI %FVUTDIMBOE XFJM JDI JO[XJ TDIFO EBWPO àCFS[FVHU XBS EBTT JDI JO 4DIXFEFO LFJOF BOHFNFTTFOF )JMGF FSXBSUFO LÚOOF 7PSBVTHFHBOHFO XBS FJO #SJFGXFDITFM NJU EFS 4DIXFEJTDIFO v.FEJDBM 1SPEVDUT "HFODZi .1" EJF NJS BVG /BDIGSBHF TDISJFCFO EBTT NJS OBDI TDIXFEJTDIFN 3FDIU EVSDIBVT FSMBVCU TFJ JN "VTMBOE WFSTDISJFCFOF NFEJ[JOJTDIF 1SÊQBSBUF NJU $BOOBCJT 8JSLTUPGGFO OBDI 4DIXFEFO FJO[VGàI SFO %JFTF EàSGF JDI IJFS BVDI QFSTÚOMJDI OVU[FO o BMMFSEJOHT TFJ EJF &JOGVIS BVG EJF .FOHF CFHSFO[U EJF CFJ FJOFS UÊHJ HFO .FEJLBUJPO [VTBNNFOLPNNU /JDIU WJFM BCFS FJO "OGBOH VOE GàS NJDI (SVOE HFOVH OBDI %FVUTDIMBOE [V SFJTFO VOE FJOFO QSBLUJ[JFSFOEFO "S[U BVG[VTVDIFO NJU EFN JDI TDIPO JN 7PSGFME ,POUBLU BVGHFOPNNFO IBUUF VOE EFS NJU NFJOFN ,SBOLIFJUTCJME EBIFS TDIPO WFSUSBVU XBS 8JF IBTU EV EFOO WPO 4DIXFEFO BVT FJOFO EFVUTDIFO "S[U HFGVOEFO EFS EJS QSPNQU FJO $BOOBCJTQSÊQBSBU WFS TDISFJCU %B[V XJMM JDI HBS OJDIU TP WJFM TBHFO EB JDI KB OBDI XJF WPS VOUFS 7FSEBDIU TUFIF #FUÊVCVOHTNJUUFM CFTFTTFO VOE FJOHFGàISU [V IBCFO %BT JTU BCFS BVDI HBS OJDIU TP TQBOOFOE EJFTFS "S[U XVSEF NJS FJOGBDI WPO FJO QBBS 'SFVOEFO FNQGPIMFO "MTP SJFG JDI [VFSTU CFJ EFS 3F[FQUJPO TFJOFT ,SBOLFOIBVTFT BO VOE TQÊUFS XVSEF JDI [V JIN EVSDIHFTUFMMU
8JF HFIU T KFU[U XFJUFS 8JF T BVTTJFIU XFSEF JDI XPIM WPS (FSJDIU HFIFO NàTTFO VN NFJO 3FDIU BVG .FEJ[JO EVSDI[VTFU[FO %FOO EB EBT %30/"#*/0- CFTDIMBHOBINU XVSEF GFIMU NJS OVO XJFEFS EJF TP ESJOHFOE CFOÚUJHUF .FEJ[JO &JHFOUMJDI JTU EBT WJFM [V WJFM ,BNQG GàS FJOF FJO[JHF 'MBTDIF %30/"#*/0- BCFS JDI IBCF LFJOF BOEFSF 8BIM "MMFT XBT JDI XJMM JTU FJO OPSNBMFT VOE TDINFS[GSFJFT -FCFO 8FS +PBLJN JO TFJOFN ,BNQG VOUFSTUàU [FO NÚDIUF EFS TFJ BVGHFGPSEFSU JIN FUXBT (FME GàS FJOFO "OXBMU [V TQFOEFO ;XBS FSIÊMU +PBLJN OBDI TDIXFEJTDIFN 3FDIU FJOFO LPTUFOMPTFO "OXBMU HFTUFMMU EPDI EFS WFSUFJEJHU JIO OVS HFHFO EFO 7PSXVSG EFT #FTJU[FT VOE EFS &JOGVIS WPO #FUÊVCVOHTNJUUFMO %PDI +PBLJN CSBVDIU FJOFO "OXBMU EFS TJDI NJU &6 3FDIU BVT LFOOU o VOE EBT LPTUFU FYUSB *NNFSIJO LÚOOUF TP FJO FVSPQÊJTDIFT 3FGFSFO[VSUFJM FSXJSLU XFSEFO XFMDIFT FT .FOTDIFO JO FJOFS ÊIOMJDIFO 4JUVBUJPO FSMFJDIUFSO LÚOO UF EJF .FEJ[JO JISFS 8BIM [V FSIBMUFO 4QFOEFOLPOUP *#"/ 4& #*$ 48&%4&44 ,POUPJOIBCFS +PBLJN )FETUSÚN
4BNFO QSPEV[JFSFO
'MFDLFO BVG #MÊUUFSO
8JF MBOHF EBVFSU FT CJT 4BNFO QSPEV[JFSU XFS EFO OBDIEFN TJDI CFJ NFJOFS NÊOOMJDIFO 1GMBO[F EJF FSTUFO #MàUFO [FJHFO *DI XFJ EBTT EJF NÊOO MJDIFO XFOJHFS QPUFOU TJOE BMT EJF XFJCMJDIFO BCFS JDI CSBVDIF EJF 4BNFO VOCFEJOHU *DI XàSEF NJDI àCFS KFEFO 5JQQ TFIS GSFVFO .BSDFMMP 3PN
*DI IBCF HFSBEF FJOJHF 'MFDLFO BVG NBODIFO NFJOFS 'ÊDIFSCMÊUUFS CFNFSLU 4JF TJOE CSBVO VOE PSBOHF VOE OVS BVG FJOJHFO 'ÊDIFSCMÊUUFSO 8BT IBU EBT [V CFEFVUFO VOE NVTT JDI NJS 4PSHFO NBDIFO )VHP .BESJE
4BNFO XFSEFO WPO XFJCMJDIFO 1GMBO[FO QSPEV[JFSU 8FOO FJOF NÊOOMJDIF 1GMBO[F [V CMàIFO CFHJOOU VOE 1PMMFOTÊDLF FOUXJDLFMU EBVFSU FT FUXB [XFJ 8PDIFO CJT EFS FSTUF GVOLUJPOTGÊIJHF 1PMMFO GSFJHF TFU[U XJSE /BDIEFN FS GSFJHFTFU[U XVSEF NVTT FS BVG BVGOBINFCFSFJUFO XFJCMJDIFO (SJGGFMO MBOEFO %FS NJLSPTLPQJTDI LMFJOF 1PMMFO HMFJUFU [VS #BTJT EFT XFJCMJDIFO (SJGGFMT IJOBC XP FS EJF 4BNFOBOMBHF CFGSVDIUFU EJF TJDI UJFG JOOFSIBMC EFT TDIàU[FOEFO 4BNFOEFDLCMBUUT CFGJOEFU /BDI EFS #FGSVDIUVOH FOUXJDLFMU TJDI BVT EFS 7FSFJOJHVOH WPO 1PMMFO VOE 4BNFOBOMBHF FJO &NCSZP VOE TQÊUFS FJO 4BNFOLPSO %JFTF &JOIFJU XÊDITU [V FJOFN 4BNFO EFS OBDI FUXB GàOG CJT TFDIT 8PDIFO MFCFOTGÊIJH JTU &SOUF SFJGF 4BNFO XFOO TJF HVU HFGPSNU IBSU VOE WPMM FOUXJDLFMU TJOE *N "MMHFNFJOFO TJOE 4BNFO EVOLFM PEFS HFTQSFOLFMU NBODIF LÚOOFO BCFS BVDI FJOF IFMMCSBVOF 'BSCF IBCFO "CFS NFJTUFOT TJOE IFMMCSBVOF 4BNFO VOSFJG &JO FJOGBDIFS 5FTU WPS EFS ,FJNVOH EFO JDI BOXFOEF VN MFCFOTGÊIJHF 4BNFO [V FSLFOOFO %FO 4BNFO [XJTDIFO %BVNFO VOE 'JOHFS MFJDIU ESàDLFO JTU EFS 4BNF IBSU VOE LSÊGUJH EBOO JTU FS XBISTDIFJOMJDI MFCFOTGÊIJH
%FJOF 1GMBO[FO [FJHFO FSTUF "O[FJDIFO FJOFS "OTBNNMVOH WPO /ÊISTUPGGFO JO EFS &SEF #PEFO XBISTDIFJOMJDI ,BMJVN /ÊISTUPGGF JO EFS 1GMBO[F XFSEFO BMT NPCJMF PEFS JNNPCJMF LMBTTJGJ[JFSU .PCJMF /ÊISTUPGGF o 4UJDLTUPGG / 1IPTQIPS 1 ,BMJVN , .BHOFTJVN .H VOE ;JOL ;O o LÚOOFO JISFO "VGFOUIBMUTPSU XFDITFMO VOE XFOO OÚUJH o TJDI WPO FJOFN 5FJM [V FJOFN BOEFSFO 5FJM EFS 1GMBO[F CFXFHFO #FJTQJFMTXFJTF XJSE 4UJDLTUPGG EFS TJDI JO ÊMUFSFO #MÊUUFSO BOHFIÊVGU IBU [V KàOHFSFO #MÊUUFSO WFSMBHFSU VN FJOFO .BOHFM [V CFIFCFO 'PMHMJDI USFUFO .BOHFM VOE ÃCFSGMVTTTZNQUPNF [VFSTU BO EFO ÊMUFSFO UJFGFSFO #MÊUUFSO JO &STDIFJOVOH *NNPCJMF /ÊISTUPGGF o,BM[JVN $B #PS # $IMPS $M ,PCBMU $P ,VQGFS $V &JTFO 'F .BOHBO .O .PMZCEÊO .P 4JMJ[JVN 4J VOE 4DIXFGFM 4 o XBOEFSO OJDIU [V EFO OFVFO 8BDITUVNTSFHJPOFO LÚOOFO OJDIU BVG EFO #FEBSG SFBHJFSFO 4JF CMFJCFO JO ÊMUFSFO #MÊUUFSO BO JISFN VSTQSàOHMJDIFO 0SU EFQPOJFSU %BT JTU EFS (SVOE XFTIBMC TJDI EFNFOUTQSFDIFOEF .BOHFMTZNQUPNF [VFSTU JO EFO PCFSFO OFVFO #MÊUUFSO EFS 1GMBO[FOTQJU[F [FJHFO #FTFJUJHF EJFTFT 1SPCMFN CFWPS FT TDIMJNNFS XJSE JOEFN EV EJF 1GMBO[FOCFIÊMUFS oWFSHMJDIFO NJU EFS .FOHF BO &SEF NJU EFS ESFJGBDIFO .FOHF 8BTTFS EVSDITQàMTU [ # HJF U NBO (BMMPOFO DB -JUFS 8BTTFS BVG FJOFO (BMMPOFO DB -JUFS #FIÊMUFS NJU &SEF %BT 8BTTFS XJSE BMMF EJF BVGHFCBVUFO /ÊISTUPGGF BVTXBTDIFO EJF TJDI JO EFS &SEF BOHFIÊVGU IBCFO &JONBM BVTHFTQàMU VOE EBT 1SPCMFN IBU TJDI FSMFEJHU
+03(& #&"/58035&5 '3"(&/ +PSHF $FSWBOUFT JTU EFS "VUPS WPO *OEPPS .BSJKVBOB )PSUJDVMUVSF 5IF *OEPPS #JCMF NJU (/;-*$) /&6&/ 'BSCGPUPT .BSJKVBOB *OEPPST 'JWF &BTZ (BSEFOT .BSJKVBOB 0VUEPPST (VFSJMMB (SPXJOH VOE )VOEFSUFO WPO "SUJLFMO .FIS *OGP àCFS XXX NBSJ KVBOBHSPXJOH DPN &S TDISFJCU GàS .BHB[JOF JO 4QSBDIFO +PSHFT #àDIFS XFS EFO JO )PMMÊOEJTDI &OHMJTDI 'SBO[ÚTJTDI %FVUTDI VOE 4QBOJTDI WFSÚGGFOUMJDIU
,MPOF WPO ,MPOFO *DI IBCF .VUUFSQGMBO[FO JNNFS OVS BVT 4BNFO HF[PHFO .FJOF 'SFVOEF NFJOFO BMMF EBTT NBO BVDI HVU BVT FJOFN ,MPO FJOF .VUUFS NBDIFO LBOO *DI LBOO OJDIU TFIFO XBSVN EBT HVU TFJO TPMM %BT JTU BMT XàSEF NBO FJOFO ,MPO LMPOFO EJFTFO ,MPO BVDI LMPOFO VTX %BT LBOO LFJOF HVUF 7PSHFIFOTXFJTF TFJO "QQMFTFFE #VEBQFTU ' 1GMBO[FO EJF BVT 4BNFO HF[PHFO XVSEFO IBCFO EFO [VTÊU[MJ DIFO 7PSUFJM EBTT TJF àCFS EJF i,SBGU EFT )ZCSJEFOw WFSGàHFO E I EJFTF ,SFV[VOH XJSE FUXB 1SP[FOU HSÚ FS VOE TUÊSLFS BMT "CMFHFS )ZCSJEWJUBMJUÊU NBDIU EJF 1GMBO[FO BVDI XFOJHFS BOGÊMMJH HFHFOàCFS 4DIÊEMJOHFO VOE ,SBOLIFJUFO ,MPOFO WPO ' .VUUFSQGMBO[FO XJSE FJO 5FJM EJFTFS BVTHFQSÊHUFO -FJTUVOHTGÊIJHLFJU WPO )ZCSJEFO àCFSUSBHFO "CFS XFOO EV FJOF XFJCMJDIF BVT 4BNFO HF[PHFOF 1GMBO[F MÊOHFS BMT [XFJ .POBUF JN WFHFUBUJWFO 4UBEJVN MÊTTU OFJHFO TJF EB[V JISF i)ZCSJELSBGUi UFJMXFJTF FJO[VCà FO "OEFSFSTFJUT 8FSEFO .VUUFSQGMBO[FO XFJUFSIJO BVT 4BNFO HF[PHFO NVTTU EV TJDIFSHFIFO EBTT EJF OBDIGPMHFOEFO 1GMBO[VOHFO BVT 4BNFO NJU FYBLU EFOTFMCFO HFOFUJTDIFO &JHFOTDIBGUFO IFSWPS HFIFO EBNJU EJF "OCBVQGMBO[FO FJOIFJUMJDI CMFJCFO ,MPOF WPO ,MPOFO [V OFINFO JTU LFJOF TDIMJNNF 4BDIF *DI IBCF (SPXFS JOUFSWJFXU EJF NFIS BMT .BM ,MPOF WPO ,MPOFO HFOPN NFO IBCFO %BT IFJ U ,MPOF $ XVSEFO WPO EFS VSTQSàOHMJDIFO BVT 4BNFO HF[PHFOFO XFJCMJDIFO 1GMBO[F HFOPNNFO %JFTF ,MPOF XVSEFO JN WFHFUBUJWFO 4UBEJVN HFQGMBO[U VOE XFJUFSF ,MPOF $ XVSEFO WPO EFO FSTUFO ,MPOFO $ HFOPNNFO %JF #MàUF XVSEF CFJ EFO $ [XFJ 8PDIFO TQÊUFS BVTHFMÚTU VOE $ ,MPOF JN WFHFUBUJ WFO 4UBEJVN HFQGMBO[U %BOO XVSEFO ,MPOF $ WPO EFO [XFJUFO ,MPOFO $ HFOPNNFO (FOBV EJFTF "OCBVUFDIOJL NJU ,MPOFO WPO ,MPOFO XJSE OPDI FSIFCMJDI XFJUFSHFGàISU $ PIOF EBTT FT FJO /BDIMBTTFO JO EFS 1PUFO[ PEFS 7JUBMJUÊU EFT ,MPOT FSLFOOCBS JTU -FJEFO EJF .àUUFS KFEPDI VOUFS 4USFTT QSPEV[JFSFO TJF TDIXBDIF ,MPOF 8FOO EJF .àUUFS [V CMàIFO HF[XVOHFO XFSEFO VOE EBOO XJFEFS [VN WFHFUBUJWFO 8BDITUVN [VSàDL[VLFISFO MJFGFSO TJDI OJDIU OVS XFOJHFS &SUSBH TJF TJOE àCFSEJFT HFTUSFTTU VOE WFSXJSSU ,MPOF EJF TDIMFDIU XBDITFO TJOE JO EFS 3FHFM EBT &SHFCOJT WPO TDIMFDIUFO VOIZHJFOJTDIFO 1SBLUJLFO EFT ,MPOFOT
+VMJ JTU FJO [V USPDLFOFS .POBU GàS PSEFOUMJDIF #VET EBIFS IBCF JDI NJDI FOUTDIJFEFO FVDI [V [FJHFO XBT JO FJO QBBS .POBUFO [V FSXBSUFO JTU %JFTFS Tà F #VE IBU OPDI LFJOFO /BNFO BCFS EFS (SPXFS FSXÊHU JIO i'SPTUZw [V OFOOFO
4UÊOHFM *DI IBCF FUXBT NFIS BMT (SBNN 4UÊOHFM EJF JDI TDIPO FJOJHF ;FJU BVGCF XBISF *DI IBCF HFIÚSU EBTT NBO TJF [VN ,PDIFO WFSXFOEFO PEFS EBT 5)$ BVT JIOFO FYUSBIJFSFO LBOO *TU JSHFOEFUXBT EBSBO XBIS 8FOO KB XFMDIFT 7FSGBISFO TDIMÊHTU EV WPS (VESVO 4DIXFEFO 4UÊOHFM FOUIBMUFO XFOO àCFSIBVQU OVS XFOJH 5)$ QPUFOUFT )BS[ %BT )BS[ [FSTFU[U TJDI XFOO FT -JDIU -VGU 4BVFSTUPGG VOE 8ÊSNF BVTHFTFU[U XJSE %JF 5BUTBDIF EBTT EV EJF 4UÊOHFM vFJOJHF ;FJUi HFMBHFSU IBTU HBSBOUJFSU EBTT TJDI KFHMJDIFT WJFMMFJDIU FOUIBMUF OF )BS[ CJPMPHJTDI [FSTFU[U IBU o FT XJSE BCHFCBVU XFMDIFT )BS[ TJF JNNFS FOUIBMUFO NÚHFO *DI FSXBSUF OJFNBMT EBTT JDI WPO NFJOFO HFFSOUFUFO 4UÊOHFMO )BS[ LSJFHFO LBOO .FJO 3BU JTU TJF [V [FSNBIMFO VOE BVG EFO ,PNQPTUIBVGFO [V XFSGFO &T JTU XJSLMJDI LFJOF HVUF *EFF TJF IFSVNMJFHFO [V MBTTFO EFOO HFNÊ EFN (FTFU[FTWPMM[VH JO WJFMFO 64 4UBBUFO IBOEFMU FT TJDI CFJ EFN XFSUMPTFO ;FVH BVG EFN EV TJU[FO HFCMJFCFO CJTU VN vQPUFOUFT $BOOBCJT WPO IPIFS 2VBMJUÊU i
%JFTFS #VE XVSEF HFFSOUFU ESFJ 5BHF OBDIEFN EBT 'PUP HFTDIPTTFO XVSEF 8JF EV TFIFO LBOOTU JTU FT NFIS BMT OVS FJOF )BOEWPMM
(SPXLBNNFS *DI SJDIUF NJS BVG EFN %BDICPEFO FJOF Y Y DN (SPXSLBNNFS FJO %JF (SVOEGMÊDIF IBU EJF 'PSN FJOFT %SFJFDLT *DI WFSXFOEF FJOF %VBM DN -FVDIUTUPGGMBNQF 8BT LBOO JDI NBDIFO EBNJU TJDI LFJOF 'FVDIUJHLFJU CJMEFU *DI CFTJU[F CFSFJUT FJOFO 7FOUJMBUPS 4PMM JDI EJF 8ÊOEF FOECFBSCFJUFO XFOO EJF *TPMJFSVOH LFJOF 8JSLVOH [FJHU VOE [VTÊU[MJDI .ZMBS VOE 'BSCF WFSXFOEFO 8JF NàTTUF JDI 1GMBO[FO USBJOJFSFO EBNJU TJF TP XBDITFO EBTT TJF FJOFO IÚIFSFO &SUSBH BCXFSGFO VOE EFO HBO[FO WFSGàHCBSFO 3BVN OVU[FO 4QBEF #FSMJO %V IBTU FJOFO 7FOUJMBUPS JTU FT FJO 6NMàGUFS PEFS FJO &OUMàGUVOHTWFOUJMBUPS *OTUBMMJFSF FJOFO &OUMàGUVOHTWFOUJMBUPS VN -VGU BVT EFS LMFJOFO ESFJFDLJHFO (SPXLBNNFS BC[V TBVHFO &JOF HVUF &OUMàGUVOH JTU XJDIUJH 8FOO EJF %FDLF OJDIU JTPMJFSU JTU NBDI FT &JOF TBDIHFNÊ F *TPMJFSVOH CFTDISÊOLU 5FNQFSBUVSTDIXBOLVOHFO BVG FJO .JOJNVN 7FSXFOEF LFJO 4UZSPQPS EFOO FT JTU GFVFSHFGÊISMJDI VOE EV IBTU OJDIU WJFM 1MBU[ GàS EJF "CGVIS WPO 8ÊSNF .BUUF XFJ F 'BSCF JTU GàS EFJOF ;XFDLF BOHFNFTTFO 4JOE EJF 1GMBO[FO FUXB [XFJ .POBUF BMU CSBVDIFO TJF NFIS -JDIU %FOO OVO FSIBMUFO TJF OVS 8 EFT -FVDIUTUPGGMBNQFOMJDIUT EFS EVBMFO 7PSSJDIUVOH *OTUBMMJFSF [VTÊU[MJDI FJO 1BBS 8 ,PNQBLUMFVDIUTUPGGMBNQFO $'-T EBNJU EV SFTQFLUBCMF #VET IFSBO[JFIFO LBOOTU #BV FJO IPSJ[POUBMFT (JUUFS FJO VOE USBJOJFSF EJF 1GMBO[FO BVG FJO FJOIFJUMJDIFT 1SPGJM IJO EBNJU TJF NFIS -JDIU LSJFHFO %FS "CTUBOE [XJTDIFO EFO -FVDIUTUPGGMBNQFO VOE EFN #MÊUUFSEBDI EFT (BSUFOT TPMMUF FUXB *ODI DN CFUSBHFO TJF MJFGFSO EBOO EJF .JOEFTUNFOHF BO -JDIU XFMDIF GàS EJF 'PUPTZOUIFTF FSGPSEFSMJDI JTU
(SP GFUU FJOGBDI IFSSMJDI %JFTFS (FXÊDITIBVT #VE WFSLÚSQFSU EJF [XFJUF PEFS ESJUUF (FOFSBUJPO BVT FJOFN )BVGFO 4BNFO EFO EFS (SPXFS BVT EFN MFU[UFO +BIS BVGHFIPCFO IBUUF &S XBSG BMMF 4BNFO [VTBNNFO VOE EJFTFS JTU FJOFS EFS CFTUFO BVT EFN )BVGFO &S QMBOU EJFTF 1GMBO[F [V WFSKàOHFO VOE WPO JIS "CMFHFS [V OFI NFO GàS EFO OÊDITUFO "OCBV
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
$-1;-6 97:+0<9 795); ? +5 )9*.7;7: 144<:;91-9; <C)/- $ !
A< *-:;-44-6 <6;-9
!)+0;:+0);;-6 &-94)/ $747;0<96 %-4 )? =-9:)6, 6)+0;:+0);;-6 +0 >>> 6)+0;:+0);;-6 +0
%JF 8JFEFSBVGFSTUFIVOH EFS )BOGQBSBEF 4DIPO JN 7PSGFME IBUUF EJF 1PMJ[FJ BOHFLàOEJHU TJDI EJFTFT +BIS FUXBT [VSàDLIBMUFO [V XPMMFO o FT TFJ EFOO NBO HFCF JIOFO FJOFO PGGFOTJDIUMJDIFO (SVOE [VN &JOTDISFJUFO %PDI EFO HBC FT OJDIU VOE USPU[EFN SPDI FT NBM XJFEFS XJF JO EFO CFTUFO +BISFO EFS )BOGQBSBEF OBDI )BOG 6OE BVDI XJF JO EFO CFTUFO +BISFO XBSFO BN "VHVTU NBM XJFEFS NFIS BMT OVS FJO QBBS )VOEFSU )BOGGSFVOEF [VTBNNFOHFLPNNFO VN GàS )BOG BMT 3PITUPGG .FEJ[JO VOE (FOVTTNJUUFM [V EFNPOTUSJFSFO 5FYU VOE 1IPUPT . %PH "OGBOHT EFVUFUF OPDI OJDIUT BVG FJOFO ÃCFSSBTDIVOHTFSGPMH IJO BVG EFN NJU UMFSXFJMF USBEJUJPOFMMFO 4BNNFMQMBU[ VOUFS EFN 'FSOTFIUVSN TBI FT OPDI HBO[ XJF JO EFO 7PSKBISFO BVT /BDI EFS &SÚGGOVOHTBOTQSBDIF WPO )BOGQBSBEF 4QSFDIFS 4UFGGFO (FZFS àCFSOBIN EJF #àOEOJTHSàOF $MBSB )FSSNBOO EBT .JLSPGPO VOE XJFT [VOÊDITU BVG EJF MBOHF (FTDIJDIUF WPO #àOEOJT %JF (SàOFO VOE JIS MBOHKÊISJHFT &OHBHFNFOU GàS $BOOBCJT IJO o BVDI XFOO JISF 1BSUFJ LFJOF QPMJUJTDIF 8FOEF FSXJSLFO LPOOUF /BDI FJO QBBS .VTJLUJUFMO HJOH FT NJU EFN [VHFMBTTFOFO 4USBGSFDIUTBOXBMU 5IFP 1àU[ XFJUFS %FS T[FOFXFJU CFLBOO UF 'àISFSTDIFJOFYQFSUF VOE 7PSTJU[FOEF EFT 7FSFJOT GàS %SPHFOQPMJUJL F 7 HBC FJOFO ÃCFSCMJDL àCFS EJF 3FDIUTMBHF VOE OPDI TP NBODIFO HVUFO 5JQQ 6OE FS CMJFC BVDI XFJUFSIJO BOTQSFDICBS EFOO 5IFPT 7FSFJO IBUUF FJOFO HBO[ CFTPOEFSFO 1BSBEFXBHFO PSHBOJTJFSU *O FJOFN TJMCFSOFO 78 #VT HBC FT XÊI SFOE EFS HFTBNUFO ;FJU EFS )BOGQBSBEF FJOF LPTUFOMPTF 3FDIUTCFSBUVOH GàS KFEFSNBOO o FOEMJDI NBM FJOF UPMMF OFVF *EFF EJF BVDI HVU VNHFTFU[U XFS EFO LPOOUF %JFTFT #FSBUVOHTBOHFCPU XVSEF WJFMGBDI BOHFOPNNFO o FJHFOU MJDI LFJO 8VOEFS EFOO 4UFGGFO (FZFS [VGPMHF XJSE TUBUJTUJTDI HFTFIFO BMMF ESFJ .JOVUFO JSHFOEXP JO %FVUTDIMBOE FJO ,JGGFS WFSIBGUFU
"MT OÊDITUFT FSHSJGG #BSCBSB 4FJE GàS EJF 1BSUFJ %JF -JOLF EBT 8PSU VOE LPOOUF [VOÊDITU BVT JISFS JO EJFTFN 'BMMF SFDIU CFRVFNFO 0QQPTJUJPOTQPTJUJPO IFS BVT BVDI HBO[ HVU QVOLUFO %B FT 'SBV 4FJE BCFS PGGFOTJDIUMJDI BO &SGBISVOH JN 6NHBOH NJU FJOFN .JLSPGPO GFIMUF XBS TJF PGUNBMT OVS TDIXFS CJT HBS OJDIU [V WFSTUFIFO %PDI [VN 4DIMVTT HBC T BVDI GàS TJF CSBWFO "QQMBVT VOE EBT .JLSP XVSEF BO (àOUIFS 8FJHMFJO XFJUFSHF SFJDIU EFS WPO 4UFGGFO (FZFS BMT FJOFS EFS 8FOJHFO BOHFLàOEJHU XVSEF EJF IJFS VOE IFVUF HBO[ MFHBM $BOOBCJTCMàUFO JO EFS 5BTDIF IBCFO VOE EJFTF BVDI KFEFS [FJU LPOTVNJFSFO EàSGFO %FOO (àOUIFS JTU 4DINFS[QBUJFOU VOE IBU TJDI TP MBOHF EVSDI EJF EFVUTDIF #àSPLSBUJF HFLÊNQGU CJT FS EJF FJO[JHF .FEJ[JO EJF JIN HFHFO TFJOF DISPOJTDIFO 4DINFS[FO FGGFLUJW IJMGU HBO[ MFHBM CF[JFIFO EVSGUF /BDI TFJ OFS o JN 7FSIÊMUOJT [V TFJOFO QPMJUJTDIFO 7PSSFEOFSO o SFDIU LVS[FO 3FEF HBC FT BCFS VNTP NFIS "QQMBVT VOE NBODIF SJFGFO TPHBS v%BOLF i PEFS v8FJUFS TP i %BOBDI TQSBDI )FJEF )BHFO WPO EFS 1JSBUFOQBSUFJ VOE FSLMÊSUF EBTT FT VOT v"SOJFi CFSFJUT WPSNBDIFO XàSEF EB FS KB o OJDIU [VMFU[U XFHFO EFS IPIFO 4UFVFSNFISFJOOBINFO WPSIBCF $BOOBCJT JO ,BMJGPSOJFO [V MFHBMJTJFSFO &UXBT ÊIOMJDIFT LÚOOF EPDI BVDI GàS EFO NBSPEFO #FSMJOFS )BVTIBMU OVS WPO 7PSUFJM TFJO "VDI XFOO EBT BMMFT OPDI TFIS BVT
EFS -VGU HFHSJGGFO XBS XVSEF BVDI IJFS BSUJH BQQMBVEJFSU VOE EBOO LPOOUF FT FOEMJDI MPTHFIFO /BIF[V QàOLUMJDI VN 6IS OBIN EJF )BOGQBSBEF "VGTUFMMVOH VOE TQÊUFTUFOT KFU[U XBS EFVUMJDI [V FSLFOOFO XJF TFIS EJF 5FJMOFINFS[BIM JN 7FSHMFJDI [V EFO 7PSKBISFO HFTUJFHFO XBS 'VISFO JN MFU[UFO +BIS OVS BOEFSUIBMC 8BHFO NJU TP XBSFO FT JO EJFTFN +BIS TJFCFO 1BSBEFXBHFO FJOF SPMMFOEF 3FDIUTCFSBUVOH FJO IBOGJH HFTUBMUFUFS 78 ,ÊGFS VOE FJO #PYFOUVSN BVG 3ÊEFSO "VDI EJF .FOHF BO %FNPOTUSBOUFO IBUUF TJDI WFSWJFMGBDIU o TDIPO [VN 4UBSU EFS )BOGQBSBEF XBSFO [XJTDIFO VOE -FVUF HFLPNNFO VOE XÊISFOE TJDI EJF %FNPOTUSBUJPO EVSDI EJF #FSMJOFS *OOFOTUBEU CFXFHUF XVSEFO FT JNNFS NFIS %FO FSTUFO 4UPQ MFHUF EJF )BOGQBSBEF BN )BDLFTDIFO .BSLU FJO XP TJDI [VS FSTUFO ;XJTDIFOLVOEHFCVOH FJOF VOàCFSTFICBS HSP F "O[BIM WPO .FOTDIFO WFSTBNNFMU IBUUF 4FMCTU BVT FSIÚIUFS 1PTJUJPO XBS JO ESFJ WPO WJFS 3JDIUVOHFO LFJO &OEF BC[V TFIFO o BMMFT XBS QSPQQFWPMM NJU -FVUFO XPCFJ NBO BCFS BVDI [VHFCFO NVTT EBTT FUXB FJO 7JFSUFM EFS .FOHF BVT [VGÊM MJH BOXFTFOEFO 1BTTBOUFO PEFS 5PVSJTUFO CFTUBOE /JDIUTEFTUPUSPU[ XBSFO IJFS CFTUJNNU TP VN EJF .FOTDIFO CFJ TBNNFO BMT EJF .VTJL EFS 1BSBEFXBHFO WFSTUVNNUF EJF 5ÊO[FS FJOIJFMUFO VOE XJFEFS FJO QBBS HFTQSPDIFOFO 8PSUFO HFMBVTDIU XVSEF %FS 4QSFDIFS EFS #VOEFTBSCFJUTHFN FJOTDIBGU .JHSBUJPO VOE 'MàDIUMJOHF WPN #àOEOJT %JF (SàOFO "SJP &CSBIJNQPVS .JS[BJF IBUUF EBOL TFJ OFS 1BSUFJ[VHFIÚSJHLFJU [VOÊDITU FJOFO SFDIU TDIXFSFO 4UBOE VOE EBIFS BVDI NJU LSJUJTDIFO ;XJTDIFOSVGFO [V LÊNQGFO EPDI BMT FS EBOO "MLPIPM BMT 7PMLTESPHF /VNNFS FJOT VOE WJFM HFGÊISMJDIFS BMT
$BOOBCJT BOQSBOHFSUF VOE EBCFJ JNNFS MBVUFS VOE FJOESJOHMJDIFS XVSEF HBC T BVDI GàS "SJP MFU[UFOEMJDI FUXBT #FJGBMM %FVUMJDI CFTTFS CFJ EFO ;VIÚSFSO QVOL UFO LPOOUF 3PMG &CCJOHIBVT WPN )BOG .VTFVN #FSMJO EFS VOUFS BOEFSFN EBSBVG IJOXJFT EBTT EJF ,SPO[FVHFOSFHFMVOH JO %FVUTDIMBOE NJU EFS #FHSàOEVOH BCHFTDIBGGU XVSEF TJF EJFOF OJDIU EFS 8BISIFJUTGJOEVOH %JF &SGBISVOHFO IÊU UFO HF[FJHU EBTT WJFM [V WJFMF .FOTDIFO WJFM [V WJFM 2VBUTDI FS[ÊIMFO XFOO TJF HMBVCFO EBEVSDI JISF FJHFOF 4JUVBUJPO FJO XFOJH WFSCFTTFSO [V LÚOOFO /VS GàS FJO FJO[JHFT (FTFU[ XVSEF EJF "CTDIBGGVOH EFS ,SPO[FVHFOSFHFMVOH BVTHFTFU[U TP EBTT TJF IJFS OBDI XJF WPS "OXFOEVOH GJOEFU EBT #FUÊVCVOHTNJUUFMHFTFU[ %B EVSGUF TJDI EBOO OJDIU OVS 3PMG &CCJOHIBVT MBVUTUBSL GSBHFO PC FT VOTF SFN 4UBBU JO 4BDIFO %SPHFO àCFSIBVQU VN 8BISIFJUTGJOEVOH HFIU ,VS[ EBSBVG TQSBOHFO .PUPSFO VOE .VTJL XJFEFS BO VOE EJF )BOGQBSBEF [PH XFJUFS %VSDI EJF 0SBOJFOCVSHFS 4USB F VOE EJF 'SJFESJDITUSB F HJOH FT [VN #VOEFTNJOJTUFSJVN GàS (FTVOEIFJU XP EJF [XFJUF ;XJTDIFOLVOEHFCVOH TUBUUGBOE 4UFGGFO (FZFS FSLMÊSUF IJFS HMFJDI [V #FHJOO EBTT EJF )BOGQBSBEF JN "VHFOCMJDL TP VN EJF 5FJMOFINFS IÊUUF XBT CFJ EFS .BTTF BO -FVUFO BVDI EVSDIBVT WPS TUFMMCBS XBS ,VS[ EBSBVG XJFEFSIPMUF 5JCPS )BSSBDI 4QSFDIFS EFS -"( %SPHFO WPN #àOEOJT %JF (SàOFO JOIBMUMJDI OPDI FJONBM EJF 3FEF TFJOFT 1BSUFJLPMMFHFO "SJP VOE XJFT BVG EFO o JN 7FSHMFJDI [V $BOOBCJT VOHMFJDI IÚIFSFO 4DIBEFO WPO "MLPIPM BVG EJF 7PMLTHFTVOEIFJU IJO %BOBDI GPSEFSUF EJF 5"; +PVSOBMJTUJO +VMJB 4FFMJHFS EJF "OXFTFOEFO BVG NJU BMMFO [VS 7FSGàHVOH TUFIFOEFO .JUUFMO EFO %SVDL BVG TÊNUMJDIF 1BSUFJFO [V FSIÚIFO EB OVS TP FJOF ESPHFOQPMJUJTDIF 8FOEF FSSFJDIU XFSEFO LÚOOF 4DIPO HJOH FT XFJUFS EJF 'SJFESJDITUSB F IJO VOUFS VOE SFDIUT BVG EJF 4USB F 6OUFS %FO
1MBOUBSJVN /JNXFHFO
*O EFN TDIÚOFO /JNXFHFO /JKNFHFO EFS ÊM UFTUFO 4UBEU EFS /JFEFSMBOEF JTU CFSFJUT TFJU EFS (SPX VOE )FBETIPQ 1MBOUBSJVN HFGFTUJHU /VS LN FOUGFSOU WPO EFS %FVUTDIFO (SFO[F JO EFS /ÊIF EFT 3VISHFCJFUT &JO TFIS SFMBYUFS 4IPQ JO EFN BMMF .JUBSCFJUFS BVDI %FVUTDI TQSFDIFO .JU FJOFN TFIS LPNQMFUUFO 4PSUJ NFOU GàS LMFJOF ;àDIUFS BCFS BVDI BMMFT GàS EFO 3BVDIFS (MBT VOE "DSZM CPOHT 4IJTIBT VOE NFIS BMT 4PSUFO $BOOBCJTTBNFO BVG -BHFS "VDI GàS 3FQBSBUVSFO VOE #FSBUVOH TJOE 4JF KFEFS[FJU XJMMLPNNFO "ESFTTF (FSBSE /PPEUTUSBBU 49 /JKNFHFO /JFEFSMBOEF 5FM 'BY XXX QMBOUBSJVN CJ[ JOGP!QMBOUBSJVN CJ[ ½õ OVOHT[FJUFO .P 6IS %J CJT 'S 6IS 4B 6IS
(SPX #POO #POO
(SPX #POO CJFUFU BMMFT GàS HSP F VOE LMFJOF (ÊSUOFSUSÊVNF %FS 4IPQ GàS #FHSàOVOHTLPO[FQUF CJFUFU BVG DB N 7FSLBVGTn ÊDIF BMMFO (ÊSUOFSO EBT XPOBDI FJOF HVUF ;àDIUVOH WFSMBOHU %JF 1SPEVLUQBMFUUF SFJDIU WPO #FMFVDIUVOHT VOE #FMàGUVOHTTZTUFNFO àCFS .FTTHFSÊUF %àOHFS [VS 1n BO[FOBVG[VDIU 4VCTUSBUF 1n BO[FOTDIVU[ VOE 4DIÊEMJOHTCFLÊNQGVOH CJT [V )PNFCPYFO TPXJF 3FHFM VOE 4UFVFSVOHT UFDIOJL ;VEFN XFSEFO ,PNQMFUUTFUT BOHFCPUFO NJU EFOFO KFEFS )PCCZ HÊSUOFS TPGPSU MPTMFHFO LBOO NJU EFS FJHFOFO ;àDIUVOH (SPX #POO 'SBO[TUSB F #POO 5FMFGPO 5FMFGBY XXX HSPX CPOO EF JOGP!HSPX CPOO EF ½GGOVOHT[FJUFO .P 'S CJT 6IS 4B CJT 6IS
(SBT (SàO #FSMJO
(SPXTIPQ )FBETIPQ 'BDIIBOEFM GàS BNCJUJP OJFSUF ;JNNFSHÊSUOFS 4DIOFMMWFSTBOE 'BSCLBUB MPH BOGPSEFSO 0SBOJFOTUS #FSMJO 5FM 'BY 1BSLQMBU[ JN )PG 6 #IG ,PUUCVTTFS 5PS XXX HSBTHSVFO EF
,BMJEBE .BMTDI
(SÚ UFS (SPX VOE )FBETIPQ JN 3IFJO /FDLBS ,SFJT 3JFTJHF "VTXBIM BO %àOHFSO 4VCTUSBUFO -FVDIUNJUUFMO )PNF CPYFO VOE WJFMFN NFIS 1FSTÚOMJ DIF LPNQFUFOUF GSFVOEMJDIF VOE EJTLSFUF #FSBUVOH WPS 0SU "VTTFSTUÊEUJTDI JN *OEVTUSJFHFCJFU 3PU .BMTDI HFMFHFO FSSFJDICBS BVDI NJU EFS 4 #BIO )BMUFTUFMMF WPS EFN )BVT WJB ,BSMTSVIF )FJEFMCFSH PEFS .BOOIFJN ,BMJEBE BN #BIOIPG .BMTDI ½õ OVOHT[FJUFO .P 'S 6IS 4B o 6IS XXX LBMJEBE EF JOGP!LBMJEBE EF 5FM 'BY
)PMPT 8PMMFSBV 4FJU JN #VTJOFTT (SPX VOE )FBE 4IPQ BN ;àSJDITFF
3JFTFO HSPTTF "VTXBIM VOE N -BHFS QVNQFO WPMM NJU TP HVU XJF BMMFN BVG -BHFS ,PNN VOE CFTVDI VOT WPS 0SU ½õ OVOHT[FJUFO .POUBH 'SFJUBH 6IS BVDI àCFS .JUUBH Põ FO 4BNTUBH 6IS 0EFS CFTVDI VOTFSFO JOGPSNBUJWFO 0OMJOF 4IPQ BVG XXX IPMPT DI PEFS XXX HSPX DI )PMPT (NC) 4BNTUBHFSOTUS 8PMMFSBV 5FM 'BY
-JOEFO CJT EBOO WPS EFS SVTTJTDIFO #PUTDIBGU EJF ESJUUF VOE MFU[UF ;XJTDIFOLVOEHFCVOH NJU FJOFS 3FEF WPO .JDIBFM ,OPEU EFN $IFGSFEBLUFVS EFT )BOG +PVSOBMT CFHJO OFO TPMMUF %PDI BVDI XFOO EJFTFS VOà CFSIÚSCBS BVTHFSVGFO XVSEF TP XPMMUF FS TJDI EPDI OJDIU FJOGJOEFO VOE TP XVSEF EFS OÊDITUF 3FEOFS WPSHF[PHFO 6OE EFS XBS TDIPO XJFEFS FJO (SàOFS .BYJNJMJBO 1MFOFSU WPN #VOEFTWPSTUBOE EFS (SàOFO +VHFOE ,FJOF BOEFSF 1BSUFJ IBU EJF )BOGQBSBEF TP GàS TJDI BMT #àIOF HFOVU[U
48&&5 4&&%4 )*()-*'& &91&3*&/$& XJF #àOEOJT %JF (SàOFO EJF BMT FJO[JHF 1BSUFJ OJDIU OVS BVG EFN "MFY TPOEFSO BVDI BVG BMMFO ;XJTDIFOLVOEHFCVOHFO FJHFOF 4QSFDIFS JOT 3FOOFO VN EJF 7PMLTHVOTU TDIJDLFO EVSGUF ;VEFN USVHFO WJFMF %FNPOTUSBUJPOTUFJMOFINFS BVDI HSàOF -VGUCBMMPOT NJU TJDI IFSVN EJF WPO EFN 1BSBEFXBHFO EFS (SàOFO BVT LPTUFOMPT WFSUFJMU XVSEFO /BDI FJOFS XFJUFSFO WFSIÊMUOJTNÊ JH LVS [FO 8FHTUSFDLF IBUUF EJF )BOGQBSBEF JIS
;JFM o EFO #FSMJOFS 3FJDITUBH FSSFJDIU VOE EJF "CTDIMVTTLVOEHFCVOH CFHBOO NJU FJOFS 3FEF WPO (FPSH 8VSUI WPN %FVUTDIFO )BOG 7FSCBOE EFS WFSLàO EFUF FT HÊCF MÊOHTU FJOF .FISIFJU GàS EJF $BOOBCJTMFHBMJTJFSVOH TJF NàTTF OVS OPDI EVSDIHFTFU[U XFSEFO %BOO TQSBDIFO OPDI )BOT $PVTUP &WF 3BWF F 7 VOE +P #JFSNBOTLJ (SàOF )JMGF F 7 CFWPS EFS MFU[UF o VOE WPO FJOJHFO CFSFJUT VOHFEVMEJH FSXBSUFUF o 3FEOFS EBT .JLSP FSHSJGG %FS #FSMJOFS 3FHHBFTÊOHFS
(BOKBNBO WFSNJTDIUF NJU TFJOFN MBOH KÊISJHFO #àIOFOQBSUOFS +VOJPS 3BOEZ HFLPOOU 3FHHBF 7JCFT VOE LMBSF ESPHFO QPMJUJTDIF 'PSEFSVOHFO VOE WFSIBMG EBNJU EFS )BOGQBSBEF [V FJOFN SVOEVN HFMVOHFOFO "CTDIMVTT &T CMFJCU [V IPGGFO EBTT FT NJU EFS )BOGQBSBEF BVDI JN OÊDITUFO +BIS XFJUFS BVGXÊSUT HFIU o VOE TJF XJDIUJHF QPMJUJ TDIF *NQVMTF GàS FJOF àCFSGÊMMJHF 8FOEF JO EFS %SPHFOQPMJUJL MJFGFSO LBOO
&JO HSP BSUJHFT &WFOU EBT (FXJOOFS OBDI "NTUFSEBN CSBDIUF XP TJF JISF 1PLBMF BVG EFS 7FSBOTUBMUVOH )JHI -JGF JO &NQGBOH OFINFO LPOOUFO
4XFFU 4FFET (SPX 5BHFCVDI 8FUUCFXFSC *O FJOFS FJO[JHBSUJHFO *OJUJBUJWF JO ;VTBNNFOBSCFJU NJU 4PGU 4FDSFUT CFTDIMPTT EJF 4XFFU 4FFET 4BNFOCBOL NFIS BMT [XFJUBVTFOE 4BNFO BO EJF 'PSVN 1PTUFS WPO [XFJ EFS OBNIBGUFTUFO $BOOBCJT 'PSFO JN *OUFSOFU [V WFSTDIFOLFO $BOOBCJT$BGF VOE VL .JU SVOE TQBOJTDIFO 5FJMOFINFSO VOE FUXB XFJUFSFO FOHMJTDIFO HBC FT HBO[ [VN 4DIMVTT FJO LOBQQFT &SHFCOJT NJU FJOFS HSP FO "O[BIM BO 5FJMOFINFSO EJF EBT #FTUF JISFS (SPXFS 4FFMF HFHFCFO IBUUFO VN FJOFO IPDICFHFISUFO 1MBU[ GàS EFO 'MVH EFS WFSSàDLUFO 3BVDIFS OBDI "NTUFSEBN [V HFXJOOFO %FS 1SFJT GàS EJF ESFJ CFTUFO vHSàOFO %BVNFOi CFJOIBMUFUF BVDI FJOFO 'MVH FHBM WPO XPIFS /ÊDIUF JO FJOFN )PUFM JN ;FOUSVN "NTUFSEBNT BVG EFS 4FJUF EFT 7POEFMQBSL EFN HSÚ UFO VOE CFSàIN UFTUFO 1BSL EFS IPMMÊOEJTDIFO )BVQUTUBEU VOE EFO &JOUSJUU [VN )JHI -JGF $VQ o 'FTUJWBM &EJUJPO o NJU FJOFN "CFOEFTTFO VOE EFO ,POTVNBUJPO BO EFS #BS XÊI SFOE EFT HBO[FO "CFOET BVG ,PTUFO EFT )BVTFT &T HBC BVDI OPDI FJOF BOEFSF ÃCFSSBTDIVOH "O EJFTFN "CFOE XVSEFO EJF ESFJ (FXJOOFS BVG EJF )JHI -JGF #àIOF HFSVGFO VN JISF 1PLBMF FOUHFHFO [V OFI NFO VN FT TP GàS TJF [V FJOFN VOWFSHFTTMJ DIFO &SMFCOJT [V NBDIFO 4P WFSMJFG EFS FSTUF 5BH -VYVT &JOUSJUUTLBSUF [V FJOFN FYUSFN HVU PSHBOJTJFSUFO &WFOU NJU #FTDISÊOLUFN ;VUSJUU VOE OVS BVG &JOMBEVOH CFTVDIU WPO VOHFGÊIS -FVUFO EBSVOUFS FJOJHF [JFNMJDI CFSàINUF /BNFO EFS JOUFSOBUJP OBMFO $BOOBCJT 4[FOF "N [XFJUFO 5BH VOUFSOBINFO EJF (FXJOOFS [VTBNNFO NJU EFN 5FBN WPO
4XFFU 4FFET FJOFO "VTGMVH BO #PSE EFT 4PGU 4FDSFUT #PPUFT BVG EFO ,BOÊMFO EFS 4UBEU NJU GSFJFN .JUUBHFTTFO VOE GSFJFS ,POTVNBUJPO BO EFS #BS BO #PSE WPO CJT %FS "VTGMVH FOEFUF NJU FJOFN TFIS vWFSSBVDIUFOw "CFOEFTTFO JN #BSOFZ T XJFEFSVN NJU FJOFS .FOHF [V FTTFO VOE ,POTVNBUJPO BO EFS #BS GSFJ CFEJFOU XVSEF WPO IÚGMJDIFO VOE BVG NFSLTBNFO ,FMMOFSO 8FJM EBT BCFS OPDI OJDIU HFOVH XBS TDIMPTT EFS 1SFJT BVDI OPDI &VSP JO CBS GàS EJF QFSTÚOMJDIFO "VTHBCFO NJU FJO &JO VOWFSHFTTMJDIFT 8PDIFOFOEF GàS BMMF *N 'PSVN EFT $BOOBCJT$BGF XBS EJF 2VBMJUÊU EFS (SPX 5BHFCàDIFS EFSBSUJH HVU EBTT BMMF &SXBSUVOHFO WPO 4XFFU 4FFET àCFSUSPGGFO XVSEFO 8BT HFTDIBI BMTP 4JF WFSEPQQFMUFO EJF 1SFJTF XBT IFJ U EBTT [XFJ (SPXFS EFT TQBOJTDIFO 'PSVNT EJF .ÚHMJDILFJU FSIJFMUFO OBDI )PMMBOE [V GMJFHFO PCXPIM FJHFOUMJDI OVS WPSHFTFIFO XBS FJOFO [V FOUTFOEFO "VDI EJF 1SFJTF GàS EFO [XFJUFO VOE ESJU
UFO 1MBU[ XVSEFO WFSEPQQFMU ;XFJ (SPXFS HJOHFO NJU KF FJOFN Ƚ (VUTDIFJO OBDI )BVTF VOE XFJUFSF [XFJ HFXBOOFO Ƚ (VUTDIFJOF GàS EJF 4XFFU 4FFET 4IPQT
*N FOHMJTDIFO 'PSVN HFXBOO FJO XFJUFSFS (SPXFS EJF 3FJTF OBDI "NTUFSEBN VOE FT XBS FJO XJSLMJDIFT 7FSHOàHFO JIO NJU TFJ OFS 'SFVOEJO BN )JHI -JGF $VQ CFHSà FO [V EàSGFO 8FJUFSF 5FJMOFINFS WPN $BOOBCJT$BGF VOE WPO VL EJF FCFO GBMMT FYUSFN HVUF 5BHFCàDIFS FJOHFSFJDIU IBUUFO HFXBOOFO (FTDIFOLQBDLVOHFO WPO 4XFFU 4FFET EJF 1BDLVOHFO 4BNFO JISFS FJHFOFO 8BIM 5 4IJSUT ,BQQFO 'FVFS[FVHF #VUUPOT VOE 1PTUFS FOUIJFM UFO %JF 5FJMOFINFS TPMMUFO 'PMHFOEFT CFBDIUFO 1GMBO[FO JO HVUFN ;VTUBOE JO FJOFN TBVCFSFO PSEFOUMJDIFO VOE OFUU BVTTFIFOEFO (SPX #FSFJDI WJFMF 'PUPT NJU 2VBMJUÊU 0SJHJOBMJUÊU VOE WFS XFOEFUFO 3FTTPVSDFO VOE TP PGU QPT UFO XJF NÚHMJDI &JOFS EFS TQBOJTDIFO (FXJOOFS 5POJ WPO EFS 5)$ 7BMFODJB *OUFSFTTFOTWFSFJOJHVOH FJO %JFTFM 'BO CFTDIMPTT *DF $PPMT FJOF BVT EFS /:$ %JFTFM -JOJF FOUXJDLFMUF 7BSJFUÊU [V HSP XFO EJF FJOF IPNPHFOFSF 1GMBO[FOIÚIF VOE .BSJIVBOB HFTUBUUFUFO EBT NBO TJDI FJOGBDI JO TFJOFN 5BHFCVDI JN 4XFFU 4FFET TVC GPSVN JN $BOOBCJT$BGF BOHFTFIFO IBCFO NVTT VN TJDI FJOF 7PSTUFMMVOH EBWPO NBDIFO [V LÚOOFO &JO XFJUFSFS (FXJOOFS 5PNNZ FOU TDIJFE TJDI GàS 8JME 3PTFT $SFBN $BSBNFMT VOE 4XFFU "GHBOJ %FMJDJPVT 4FJO LMFJOFS 4DIBVLBTUFO XVSEF HSP VOE XBS CFJOBIF HBO[ WPO XVOEFSTDIÚ
OFO #Mà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àS EJF 7FSWPMMTUÊOEJHVOH EFT 5BHFCVDIT NJU EFS &SOUF EFS 1GMBO[FO 7FSLPTUVOH VOE ,PNNFOUBSFO [V KFEFS 1GMBO[FOWBSJFUÊU &JOJHF EFS 5FJMOFINFS UFJMUFO OJDIU OVS JIS 5BHFCVDI TPOEFSO BN &OEF BVDI JISF &SGBISVOH XJF [VN #FJTQJFM XJF NBO BN CFTUFO )BTDIJTDI VOE ½M HFXJOOU $BOOBCJT 5FF PEFS $BOOBCJT #VUUFS IFS TUFMMU VOE OPDI WJFMF %JOHF NFIS XBT BMMFT EB[V CFJUSVH EBTT EJFTFS 8FUUCFXFSC [V TP FJOFN HSP FO &SGPMH XVSEF %BIFS FNQGFIMFO XJS XÊSNTUFOT FJOFO #MJDL BVG EJF 'PSFO [V XFSGFO VN EJF KàOHTU WFSWPMMTUÊOEJHUFO 5BHFCàDIFS BO[VTF IFO &JO WPMMFS &SGPMH TPXPIM WPN FS[JF IFSJTDIFO 4UBOEQVOLU IFS HFTFIFO NJU EVU[FOEFO (SPXFSO EJF ,FOOUOJTTF àCFS JISF (SPX .FUIPEFO UFJMUFO BMT BVDI WPN TP[JBMFO 4UBOEQVOLU IFS EFS FT EFO (SPXFSO HFTUBUUFUF EJF XBISF 1FSTQFLUJWF FJOFS LÚTUMJDI Tà FO 4UBEU LFOOFO [V MFSOFO EFOO TJF BMMF IBUUFO BVT WÚMMJH VOUFSTDIJFEMJDIFO #FUSBDIUVOHTXFJTFO 7PSTUFMMVOHFO WPO "NTUFSEBN
.FJO FJHFOFT (SBT BOCBVFO XJF GBOHF JDI EBT BO 5FJM WPO 3PCFSU #
*IS TFJE FT TBUU WJFM (FME GàS NJUUFMNÊ JHFT PEFS TPHBS WFSTUSFDLUFT (SBT BVT [V HFCFO *IS TFJE FT MFJE EBTT FJOJHF FVSFS 'SFVOEF CFTTFSFT (SBT IBCFO TFMCFS BOHFCBVU FVDI BCFS OJDIU HFOVH BCHF CFO XPMMFO %BOO NàTTU JIS IBMU TFMCFS BOGBOHFO BO [V CBVFO VOE XFOO NBO BVG FJOJHFT BDIUFU EBOO JTU EBT BVDI HBS OJDIU TP TDIXJFSJH /VO HJCU FT EJFKFOJHFO VOUFS FVDI EJF FT MFJDIU IBCFO TJF LÚOOFO TJDI TDIOFMM VOE JNNFS XJFEFS 4UFDLMJOHF FJOFS HVUFO (FOFUJL CFTPSHFO %BOO JTU FT MFJDIU NBO CSBVDIU OVS FJOF ,BNNFS PEFS FJO (SPX[FMU NBO IÊOHU FJOF -BNQF BVG VOE [JFIU EJF 1GMBO[FO IPDI MÊTU TJF CMàIFO VOE EBT XBS FT EBOO *TU EPDI HBO[ FJOGBDI &UXBT TDIXJFSJHFS JTU FT GàS BMMF EJF NJU 4BBU BSCFJUFO XPMMFO 4JF NàTTFO EJF 4BBU [V +VOHQGMBO[FO IFSBO [JFIFO TJF JO EJF #MàUF TUFMMFO VOE BMMF NÊOO MJDIFO VOE [XJUUSJHFO 1GMBO[FO WFSOJDI UFO EBT LBOO BVDI TDIPO NBM EJF HVUF )ÊMGUF XFSEF %BOO JTU FT FJO 7PSUFJM XFOO NBO TFJOF FJHFOFO 4UFDLMJOHF TDIOFJEFO LBOO OVO XJSE FT BCFS TDIXJFSJHFS NBO XJSE [XFJ ,BNNFSO PEFS ;FMUF CFOÚUJ HFO FJOFO #FSFJDI GàS EJF 7PSCMàUF CFJ 4UVOEFO #FMFVDIUVOH VOE FJOFO #FSFJDI GàS EJF #MàUF CFJ 4UVOEFO #FMFVDIUVOH [V 4UVOEFO /BDIUQIBTF .BO LBOO EJF 7PSCMàUF VOE EJF #MàUF OJDIU JO FJOFS ,BNNFS IFSBO [JFIFO *IS NàTTU FT FVDI OVO FSTU FJONBM àCFSMF HFO XJF JIS WPSHFIFO XPMMU PEFS XJF JIS FT LÚOOU 7JFMF WPO FVDI IBCFO XJSLMJDI OJDIU WJFM 1MBU[ VOE EBOO JTU FT TDIPO WJFM FJO ;FMU [V TUFMMFO "MM EJFTF -FVUF LÚOOFO EBOO OBUàSMJDI OJDIU NFIS NJU FJHFOFO 4UFDLMJOHFO BSCFJUFO TPOEFSO TJOE BVG 4BBU PEFS 4UFDLMJOHF WPO BVTXÊSUT BOHF XJFTFO 8FOO JIS FT TUFMMFO LÚOOU EBOO JTU FJO ;FMU PQUJNBM FT JTU -JDIUEJDIU FJOGBDI BVG VOE BCCBVCBS EJF ;VMVGU
JTU JOUFHSJFSU .BO NVTT OVS OPDI EJF HFGJMUFSUF "CMàGUVOH VOE EFO 3FGMFLUPS JOUFHSJFSFO EBOO LBOO NBO EJF 5ÚQGF EBSVOUFS TUFMMFO 8FOO FT CFJ FVDI NJU EFN 1MBU[ OJDIU TP IJOIBVU EBOO LÚOOU JIS JNNFS OPDI FJOF ,BNNFS CBVFO GàS FJOF PEFS NFISFSF -BNQFO PEFS BVDI NJU FJOFN 7PSCMàUFCFSFJDI *IS NàTTU IBMU TFIFO XJF JIS FVSFO HFSJOHFO 1MBU[ HVU OVU[FO LÚOOU VOE EBT LBOO FVDI LFJ OFS TBHFO EBT NàTTU JIS TFMCFS XJTTFO 8JS OFINFO FJONBM BO EBTT JIS OVO ;FMUF PEFS FJOF ,BNNFS IBCU VOE EBS BVG CSFOOU EBSJO (SBT [V LVMUJWJFSFO 8JF NBO NJU 4UFDLMJOHFO WPSHFIU XJSE GPMHFO HFIFO XJS FSTU FJONBM EBWPO BVT EBTT JIS NJU 4BBU BSCFJUFO XFSEFU /VO LBOO FT TJDI OBUàSMJDI MPIOFO EJF UFVSFSF GFNJOJ TJFSUF 4BBU [V WFSXFOEFO EJF JO EFS 3FHFM BVDI XFJCMJDI JTU "CFS EBT CMFJCU OBUàS MJDI KFEFN TFMCFS àCFSMBTTFO "VTTFSEFN HFIFO XJS EBWPO BVT EBTT JIS BVG &SEF PEFS $PDPT BSCFJUFO XPMMU EB JIS GàS TP FJOFO LMFJOFO (SPX OJDIU )ZESPQIPOJTDI BSCFJUFO XPMMU /VO IBCU JIS EJF 4BBU VOE XPMMU TJF TÊIFO &T HJCU -FVUF EJF MBTTFO EJF 4BBU JO ,àDIFOSPMMF WPSLFJNFO VOE TDIXÚSFO EBSBVG .BOO OJNNU [XFJ 5FMMFS MFHU GFVDIUF ,àDIFOSPMMF BVG EFO FSTUFO EJF 4BBU MFHU NBO BVG EJF ,àDIFOSPMMF VOE EFDLU TJF NJU EJFTFS BC &T TPMM GFVDIU BCFS OJDIU [V OBTT TFJO .BO TUFMMU EFO BOEF SFO 5FMMFS VNHFESFIU BVG EFO FSTUFO VOE TUFMMU BMMFT JO FJOFO EVOLMFO 4DISBOL EJF 5FNQFSBUVS TPMM CFJ ¡$ MJFHFO %JF 4BBU LFJNU EBOO VOE NBO LBOO TJF OBDI DB WJFS CJT GàOG 5BHFO JO EJF "O[VDIUFSEF TUF DLFO "CFS NBODINBM CSJDIU NBO TJDI EJF FNQGJOEMJDIFO ,FJNMJOHF EBCFJ LBQVUU NBO NVTT EBT TFIS WPSTJDIUJH NBDIFO %JFTF 7PSHFIFOTXFJTF GVOLUJPOJFSU [XBS BCFS NBO NVTT TDIPO EBSBVG BDIUFO EBTT EJF ,FJNMJOHF OJDIU USPDLFO XFSEFO VOE
;V TFIFO JTU EJF %FDLF FJOFS LMFJOFO (SPXLBNNFS GàS EJF 7PSCMàUF 0CFO IÊOHU FJO "LUJWLPIMFGJMUFS EFS NJU [XFJ "MV 'MFYTDIMÊVDIFO JO EFO "CMàGUFS HFIU EFTXFHFO EB EFS "CMàGUFS [XFJ "OTBVHÚGGOVOHFO IBU 8FOO JIS OJDIU CJT BVG EFO 'MVS IJOBVT TUJOLFO XPMMU EBOO GJMUFSU EVSDI "LUJWLPIMF %BSVOUFS IÊOHU FJO -BNQFOTDIJSN NJU FJOFS 8BUU 2VFDLTJMCFSEBNQG -BNQF MJOLT EBOFCFO IÊOHU FJO LMFJOFS 6MUSBTDIBMMCFGFVDIUFS EFS EBT *OOFOLMJNB PQUJNJFSU BCFS OJDIU VOCFEJOHU OPUXFOEJH JTU
OJDIU TDIJNNFMO .JS QFSTÚOMJDI HFGÊMMU FT CFTTFS EJF 4BBU EJSFLU JO EJF &SEF [V TFU [FO .BO OJNNU "O[VDIUFSEF EJF VOHF EàOHU JTU VOE HJCU TJF JO FJOFO &JNFS .BO HJCU FJO XFOJH 8BTTFS EB[V VOE NFOHU EJF &SEF VN TJF TPMM GFVDIU VOE LÚSOJH TFJO BCFS OPDI OJDIU TDIMBNNJH XFSEFO %BOO HJCU NBO EJF &SEF JO IBMCMJUFS 5ÚQGF VOE ESàDLU TJF MFJDIU BO /VO ESàDLU NBO FJOF LMFJOF .VMEF JO EJF .JUUF CJT FJOFO DN UJFG )JFS MFHU NBO EBT 4BBULPSO IFSFJO VOE WFSTDIMJF U EJF .VMEF 'FSUJH (FHPTTFO NVTT OJDIU NFIS XFSEFO EJF &SEF JTU GFVDIU HFOVH VOE TPMM GFVDIU HFIBMUFO XFSEFO .BO TPMMUF CFJN HJFTTFO WPSTJDIUJH TFJO EBNJU NBO EBT 4BBULPSO OJDIU XFH TQàMU CFTTFS JTU FT XFOO NBO EJF &SEF EBOO NJU FJOFN 1VNQTQSàIFS CFGFVDIUFU &T HJCU BVDI -FVUF EJF JISF 4BBU JO 4UFJOXPMMCMÚDLDIFO TUFDLFO %JFTF TJOE BVDI HFXÊTTFSU SFDIU MVGUJH VOE EJF 4BBU IBU TPNJU 'FVDIUJHLFJU VOE -VGU 4JF LBOO JO EFS 4UFJOXPMMF HVU XVS[FMO VOE XJSE EBOO NJU EJFTFS JO FJOFO LMFJOFO 5PQG HFTFU[U .BO LBOO EJF 4BBU BVG JO +JGGZ 5PSGRVFMMCBMMFO TÊIFO %B EJFTF TFIS WJFM 8BTTFS TQFJDIFSO TPMMUF NBO TJF IBMC BVTXSJOHFO EBNJU TJF MVGUJHFS XFSEFO "CFS TFIS FJOGBDI JTU FT EJF 4BBU EJSFLU JO EJF &SEF [V TFU[FO VOE EJFTFT GVOLUJPOJFSU BVDI TFIS HVU ,FJNGÊIJHF ,ÚSOFS XFSEFO BVDI BVGHFIFO /VO JTU EJF 4BBU HFTÊU JTU EBT BMMFT /FJO MFJEFS XBS EBT EFS FJOGBDIF 5FJM /VO XJSE FT FUXBT TDIXJFSJHFS %JF 4BBU TPMM CFJ FJOFS 5FNQFSBUVS CFJ DB ¡$ LFJNFO FT TPMM OJDIU XÊSNFS BMT ¡$ XFSEFO 8FOO NBO EJF 4BBU OVO XFHFO EFS -VGUGFVDIUJHLFJU JO FJO LMFJOFT (FXÊDITIÊVTDIFO FJOFO 1SPQBHBUPS TUFMMU VOE EJFTFO NJU FJOFS TUBSLFO 2VFDLTJMCFSEBNQG -BNQF PEFS .FUBMM )BMPHFOMBNQF BVTMFVDIUFU EBOO XJSE FT TDIOFMM XÊSNFS %JF 4ÊNMJOHF
TPMMFO BCFS OBDI .ÚHMJDILFJU JO EFO FST UFO 5BHFO FJOF -VGUGFVDIUJHLFJU WPO DB IBCFO VOE EJFTF FSSFJDIU NBO JO FJOFN 1SPQBHBUPS PEFS NBO NVTT EJF -VGU NJU FJOFN LMFJOFO 6MUSBTDIBMMCFGFVDIUFS CFGFVDIUFO %FS 3FGMFLUPS NJU EFS 8BUU 2VFDLTJMCFSEBNQG 24% PEFS TPHBS 8BUU /BUSJVNESVDLMBNQF /%- NJU IPIFN #MBVBOUFJM JN -JDIUTQFLUSVN NVTT BCFS XFJU WPO EFS 4BBU XFH HFIBOHFO XFSEFO 'àS EJF FSTUFO 5BHF TPMMUFU JIS EFO EPQ QFMUFO .JOEFTUBCTUBOE XÊIMFO /BUàSMJDI HJCU FT BVDI EJFKFOJHFO EJF FJOGBDI [XFJ -FVDIUTUPGGSÚISFO NJU PEFS 8BUU NJU 1GMBO[FOMJDIUSÚISFO BVGIÊOHFO EJFTF TPM MFO EBOO EJDIU àCFS EFO 4ÊNMJOHFO IÊO HFO TJF FS[FVHFO XFOJHFS -JDIU VOE LBVN 8ÊSNF "VDI &OFSHJFTQBSSÚISFO LÚOOFO SFDIU EJDIU BO EJF 4ÊNMJOHF HFIBOHFO XFSEFO EB TJF EJFTF OJDIU WFSCSFOOFO XFS EFO %JFTF CFJEFO -FVDIUNJUUFM FNQGFIMFO TJDI XFOO NBO BOTPOTUFO EJF 5FNQFSBUVS WPO CJT ¡$ OJDIU IBMUFO LBOO 4PNJU TPMMFO EJF 4ÊNMJOHF OVO NÚHMJDITU JN 1SPQBHBUPS VOUFS EFN -FVDIUNJUUFM TUFIFO JO EFN 1SPQBHBUPS TPMM FT NÚH MJDITU ¡$ XBSN XFSEFO BCFS OJDIU XÊS NFS BMT ¡$ %B EJF 4ÊNMJOHF TJDI JO EFS 8VDITQIBTF CFGJOEFO XFSEFO TJF NJU 4UVOEFO -JDIU CFMFVDIUFU /BDI WJFS CJT GàOG 5BHFO TPMMUFO EJF 4ÊNMJOHF BVGHFIFO 8FOO JIS EJF &SGBISVOH HFNBDIU IBCU EBTT EFS 4UJFM TP MBOH VOE TDIXBDI JTU LÚOOU JIS WPO WPSOIFSFJO [XFJ DN XFOJHFS &SEF JO EJF 5ÚQGDIFO HFCFO VN EJFTF OVO FJO QBBS 5BHF OBDI EFN BVGHFIFO OBDI [V GàMMFO 8FOO EJF 4ÊNMJOHF BVGHFHBOHFO TJOE VOE JIS SJDIUJH EBSBVG CSFOOU EBTT TJF XBDITFO NàTTU JIS FVDI FJO XFOJH HFEVM EFO %JF 4ÊNMJOHF CSBVDIFO FJO XFOJH VN JO JISFO 8BDITUVNTTDIVC [V LPN NFO "CFS XFOO TJF EBOO ESFJ 8PDIFO BMU TJOE EBOO XBDITFO TJF LSÊGUJH XFJUFS BMMF
)JFS JTU EFS #PEFO EFS ,BNNFS [V TFIFO %JFTFS XJSE NJU FJOFS 5FJDIGPMJF VOE EBSàCFS FJOFS XFJTTFO 4JMPGPMJF BVTHFLMFJEFU %VSDI EBT 17$ 3PIS LBOO GSJTDIF -VGU OBDITUSÚ NFO EJF 1GMBO[FO XFSEFO FUXBT BVGHFCPDLU TP EBTT EJF -VGU WPO VOUFO LPNNU
)JFS TJOE EJF 4ÊNMJOHF OVO TJFCFO 5BHF OBDI EFS 4BBU [V TFIFO &T TJOE OJDIU BMMF BVGHFHBOHFO EBT MJFHU BCFS OJDIU EBSBO EBTT EJFTF .FUIPEF TDIMFDIU JTU FT XVSEF SFDIU BMUF 4BBU WFSXFOEFU BVDI NJU FJOFS BOEFSFO .FUIPEF XÊSFO CFTUJNNU OJDIU NFIS 4BNFO BVGHFHBOHFO WJFS 5BHF ÚGGOFU TJDI FJOF OFVF #MBUUFCFOF %B EJF "O[VDIUFSEF VOHFEàOHU JTU LÚOOU JIS OBDI [XFJ 8PDIFO FJO XFOJH NJU /ÊISTUPGGMÚTVOH HJFTTFO IBMUFU FVDI BO EJF )FSTUFMMFSBOHBCFO GàS EJF %PTJFSVOH 8FOO EFS 4UJFM EBOO OBDI DB WJFS 8PDIFO FUXBT IPM[JH XJSE LÚOOFO EJF 1GMÊO[DIFO JO HSÚTTFSF 5ÚQGF HFTFU[U XFSEFO WJFS PEFS -JUFS TJOE FJOF QBTTFOEF (SÚTTF &T XJSE WPSHFEàOHUF #MVNFOFSEF WFS XFOEFU OVO LBOO NBO NJU EFN %àOHFO GàS [XFJ CJT ESFJ 8PDIFO BVTTFU[UFO %JF 1GMBO[FO LÚOOFO JN 3FHFMGBMM CFSFJUT ESFJ 5BHF OBDI EFN VNTFU[FO JO EJF #MàUF HFTFU[U XFSEFO 8FOO FT TJDI VN FJOF LMFJOXàDITJHF (FOFUJL IBOEFMU TPMMUF NBO BCFS OPDI [XFJ 8PDIFO BCXBSUFO 8ÊISFOE EJF 4ÊNMJOHF XBDITFO VOE LSÊG UJHFS XFSEFO LBOO NBO EJF TUBSLFO 24% PEFS /%- -BNQFO BVDI OÊIFS BO EJF 1GMÊO[DIFO IÊOHFO TDISJUUXFJTF 8BUU BVG VOE 8BUU BVG DN TQÊUFS LÚO OFO EJF 8BUU BVDI BVG VOE EJF 8BUU BVG DN BO EJF PCFSFO 5SJFCF IFSBO HFIBOHFO XFSEFO &JOF &OFSHJFTQBSSÚISF LBOO CJT BO EJF 5SJFCF HFIBOHFO XFSEFO
4PNJU LBOO NBO EJF 4ÊNMJOHF OVO JO EJF #MàUF TUFMMFO 'àS EFO 8VDIT JO EFS #MàUF BMTP GàS EJF FSTUFO [XFJ CJT ESFJ 8PDIFO JTU FT OJDIU WFSLFISU NJU CMBV FN -JDIU [V BSCFJUFO NBO LBOO EJF 24% -BNQF PEFS EJF /%- -BNQF NJU IPIFN #MBVBOUFJM BMTP XFJUFS OVU[FO %B EJF &SEF WPSHFEàOHU JTU CSBVDIU NBO OPDI OJDIU EàOHFO %SFJ 5BHF OBDI EFN VNQGMBO[FO LBOO EJF #FMFVDIUVOH BVG 4UVOEFO SFEV[JFSU XFSEFO VOE EJF #MàUF CFHJOOU %JF 1GMBO[FO XFSEFO OVO OPDI LSÊGUJHFS XBDITFO TPMBOHF CJT TJF #MàUFO CJMEFO %JF JO EFO #MàUFO QSPEV[JFSUFO )PSNPOF CSFNTFO EBT 8BDITUVN BVG /VMM *IS IBCU NJU 4BBU HFBSCFJUFU VOE BVDI XFOO FT GFNJOJTJFSUF 4BBU HFXFTFO JTU TP TPMM UF NBO NJU EFN &JOTFU[FO EFS #MàUF EBSBVG BDIUFO EBTT EJF 1GMBO[FO OJDIU EPDI NÊOOMJDIF .FSLNBMF BVGXFJTFO 8FJCMJDIF 1GMBO[FO CJMEFO BO EFO 4QJU[FO VOE #MBUUHBCFMO WJFMF LMFJOF #MÊUUFS BVT EFOFO HFMCMJDIF 'ÊEFO IFSBVT LPNNFO EJF #MàUFOGÊEFO .ÊOOMJDIF 1GMBO[FO CJM EFO BO EFOTFMCFO 4UFMMFO WJFMF LMFJOF PWBMF HSàOF #ÚNNFM EJF JO 5SBVCFO IFS
)JFS TJOE EJF 1GMÊO[DIFO ESFJ 8PDIFO BMU VOE JIS XFSEFU FT OJDIU HMBVCFO XFOO FT TJDI VN FJOF 4BUJWB (FOFUJL NJU TUBSLFS 8VDITLSBGU IBOEFMU EBOO LÚOOFO EJF 1GMÊO[DIFO CFSFJUT JO EJF #MàUF HFTUFMMU XFSEFO VOE XFSEFO EFOOPDI OPDI FJOFO HVUFO .FUFS HSPTT )JFS IBOEFMU FT TJDI BCFS VN *OEJLBT TJF TPMMFO OPDI FJO XFOJH XBDITFO 8FOO JIS CVTDIJHF 1GMBO[FO XPMMU VOE EJFTF OJDIU JO EJF 5SJFCF HFIFO EBOO OFINU JIOFO EJF PCFSTUF 4QJU[F OBDI ESFJ CFTTFS OBDI WJFS 8PDIFO %BOO NàTTFO EJF 1GMÊO[DIFO NJU JISFO 5SJFCFO XBDITFO
VOUFS IÊOHFO #FJ [XJUUSJHFO 1GMBO[FO LBOO FT TFJO EBTT TJDI OVS FJO[FMOF #ÚNNFM CJMEFO EJF EBOO BVDI TFOLSFDIU WPO EFS #MBUUHBCFM BCTUFIFO LÚOOFO %JFTF LÚOOFO BVDI [XJTDIFO EFO XFJCMJ DIFO #MàUFO TJU[FO %JF #ÚNNFM TJOE PWBM IFMM HSàO VOE CJT DB NN MBOH 8FOO TJF TJDI ÚGGOFO GÊMMU EFS 1PMMFO BVT JIOFO EFS EVSDI EFO 8JOE [V EFO XFJCMJDIFO #MàUFO HFUSBHFO XJSE 'àS OBIF TUFIFOEF 1GMBO[FO CSBVDIU FT LFJOFO 8JOE %FS 1PMMFO JTU XJO[JH VOE TDIXFCU GBTU JO EFS -VGU 4PNJU TJOE 1GMBO[FO NJU NÊOOMJDIFO .FSLNBMFO BVT EFS #MàUF [V FOUGFSOFO VOE [V WFSOJDIUFO FT TFJ EFOO EBTT NBO FJO XFOJH 4BBU FSOUFO XJMM &JOF NÊOO MJDIF 1GMBO[F TDIOFJEFU NBO [VSàDL CJT OVS OPDI FJO #MBUU TUFIU VOE EJFTFT TPMM OVS XFOJHF #ÚNNFM IBCFO 8FOO EJFTF TJDI ÚGGOFO OJNNU NBO EFO 1PMMFO NJU FJOFN 8BUUFTUÊCDIFO BVG VOE TUSFJDIU EJFTFT àCFS FJO QBBS #MàUFO %JF NÊOO MJDIF 1GMBO[F JTU TPGPSU [V FOUTPSHFO 6N FJOF 4FMCTUCFTUÊVCVOH [V WFSNFJEFO LBOO NBO FJOFO (FGSJFSCFVUFM àCFS EJF #ÚNNFM [JFIFO VOE NJU EJFTFN #FVUFM EFO 1PMMFO BVGGBOHFO JIO EBOO NJU EFN 8BUUFTUÊCDIFO BVGOFINFO VN EJF XFJC MJDIFO #MàUFO [V CFTUÊVCFO 4FMCTU FJO #ÚNNFM LBOO UBVTFOEF 4BNFO CJMEFO 4PNJU OVS TQBSTBN CFTUÊVCFO %JF 1GMBO[FO GBOHFO JO EFS 3FHFM OBDI DB CJT 5BHFO BO TJDIUMJDI [V CMà IFO /VO TJOE NÊOOMJDIF VOE [XJUUSJHF 1GMBO[FO [V FOUTPSHFO .JU EFN FJOTFU[FO EFS #MàUF TPMM FJO -FVDIUNJUUFM NJU FJOFN IPIFO SPUFO -JDIUBOUFJM WFSXFOEFU XFS EFO %JFTFT -JDIU CSBVDIFO EJF 1GMBO[FO OVO *IS XFSEFU TUBVOFO XJF TDIOFMM EJF 1GMBO[FO XBDITFO BMMF QBBS 5BHF NàTTU JIS EFO 3FGMFLUPS FUXBT OBDI PCFO [JFIFO 8FOO EJF 1GMBO[FO [V HSP XFSEFO NàTTU JIS TJF LàS[FO PEFS SVOUFS CJOEFO 3VOUFS CJOEFO LBOO NBO EJF 1GMBO[FO OVS XFOO TJF OPDI OJDIU XJSLMJDI CMàIFO EB TJF EBOO IPM[JH VOE CSàDIJH XFSEFO "CFS NJU EFS #MàUF HFIU FT TQÊUFS XFJUFS 8JS OFINFO OVO FJONBM BO EBTT JIS HFSOF
FVSF FJHFOFO 4UFDLMJOHF OFINFO XPMMU VOE FJOF 7PSCMàUF VOE FJOF #MàUFLBNNFS IBCU "VDI XFOO JIS GFNJOJTJFSUF 4BBU OFINU TP XJSE EPDI EJF FJOF 1GMBO[F CFTTFS BMT EJF BOEFSF TFJO 6OE EFTXFHFO NVTT NBO EJF 1GMBO[FO TP[VTBHFO FSTU FJONBM CMàIFO MBTTFO VN [V TFIFO XFMDIF 1GMBO[F EJF CFTUF JTU 7PO EJFTFS (FOFUJL NÚDIUF NBO EBOO EJF 4UFDLMJOHF OFINFO %BNJU NBO EBT BCFS LBOO NVTT NBO CFSFJUT WPS EFN #MàUFCFHJOO EJF 4UFDLMJOHF OFINFO VOE XJF NBO EBT BN CFTUFO NBDIU EBT XJMM JDI IJFS OVO TDIOFMM BOGàISFO 8JS IBCFO OBUàSMJDI XFOJH ;FJU VOE BMMFT TPMM TP TDIOFMM XJF JSHFOEXJF NÚHMJDI HFIFO &JOF 4BBUQGMBO[F TPXFJU WPS [V [JFIFO EBTT NBO 4UFDLMJOHF OFINFO LBOO XJSE DB TFDIT CJT BDIU 8PDIFO EBVFSO %JF 4UFDLMJOHF XFSEFO DB [XFJ 8PDIFO [VN XVS[FMO VOE [XFJ CJT WJFS 8PDIFO [VN XBDITFO CSBVDIFO "MTP OPDI FJONBM WJFS CJT TFDIT 8PDIFO %BOO CSBVDIFO EJF 1GMBO[FO OPDI DB CJT 8PDIFO [VN CMàIFO VOE EBT HFFSOUFUF (SBT CSBVDIU BVDI OPDI NBM FJOF 8PDIF [VN USPDLOFO %BSBVT FSHJCU TJDI OVO EBTT NBO DB CJT 8PDIFO CSBVDIFO XJSE VN [V FSGBISFO XFMDIF 1GMBO[F OVO EJF #FTUF JTU 8ÊISFOEEFTTFO XBDITFO EJF 4BBUQGMBO[FO JNNFS XFJUFS NàTTFO [VSàDL HFTDIOJUUFO XFSEFO TJF XFSEFO BMU VOE LOPSSJH XPMMFO OJDIU NFIS SJDI UJH XBDITFO VOE NàTTFO HFHFO GSJTDIF 4UFDLMJOHF HFXFDITFMU XFSEFO EJF EBOO BMT .VUUFSQGMBO[FO EJFOFO 4PNJU JTU FT BMTP OJDIU XJDIUJH EJF 4BBUQGMBO[F [V CFIBM UFO NBO LBOO JNNFS XJFEFS WPO EFO 4UFDLMJOHFO OFVF .VUUFSQGMBO[FO OFI NFO àCFS +BISF /BDI TJFCFO +BISFO JTU LFJOF 7FSTDIMFDIUFSVOH FSLFOOCBS HFXF TFO 4PNJU LBOO NBO BVDI EJF 4UFDLMJOHF OFINFO VOE EBOO EJF 4BBUQGMBO[FO JO EJF #MàUF TUFMMFO 4PNJU TQBSU NBO TJDI WJFS CJT TFDIT 8PDIFO GàS EBT #FXVS[FMO VOE )FSBO[JFIFO EFS +VOHQGMBO[FO 4PWJFM [VS 7PSHFIFOTXFJTF XJF EJF 4UFDLMJOHF HFTDIOJUUFO XFSEFO XJSE JO 5FJM ** HFTDIJMEFSU
4P TPMMFO FVSF #MàUFO BVTTFIFO *O EFO #MBUUHBCFMO VOE EFO 5SJFCTQJU[FO XBDITFO WJFMF LMFJOF #MÊUUFS VOE #MàUFOGÊEFO TUSFDLFO TJDI FNQPS ,FJOF LMFJOFO HSàOFO ,àHFMDIFO TPMMFO [V TFIFO TFJO EBT TJOE EBOO NÊOOMJDIF #MàUFO BVDI XFOO JIS XFJC MJDIF #MàUFO BO EFSTFMCFO 1GMBO[F IBCU EBOO IBOEFMU FT TJDI VN FJOFO ;XJUUFS
&T JTU KB OJDIU TP EBTT JDI 1FUFS OVS HBO[ TFMUFO TFIF &JHFOUMJDI USFGGFO XJS VOT NJOEFTUFOT FJONBM JN .POBU EB NFJO SFHFMNÊ JHFS $BOOBCJTLPOTVN OBDI SFHFMNÊ JHFS "VGGSJTDIVOH EFS SBVDICBSFO 7PSSÊUF WFSMBOHU 6OE JDI XFJ HBO[ HFOBV XBT TJDI BOEFSF OVS GSBHFO LÚOOFO
8PWPO MFCU FJHFOUMJDI 1FUFS 1FUFS MFCU WPN $BOOBCJTIBOEFM VOE 1PLFSO o FJOF ,PNCJOBUJPO EJF FS BMT vÊV FSTU QSBLUJTDIi CF[FJDIOFU 6OE TP USBG JDI JIO BVDI EJFTFT .BM XJFEFS WPS EFN $PNQVUFS BO NJU EFN FS HFSBEF JO JSHFOEFJOFN WJSUVFMMFO $BTJOP FCFOTP WJSUVFMMF ,BSUFO TQJFMUF *DI IBUUF NJDI OBUàSMJDI WPSBC BOHFLàOEJHU VOE BVDI NFJOFO 8VOTDI HFÊV FSU GàS EJF 40'5 4&$3&54 FJO (FTQSÊDI NJU JIN BVGOFINFO [V EàSGFO o OBDI FJOJHFN IJO VOE IFS IBUUF FS TJDI EB[V CFSFJU FSLMÊSU VOE OVO XBS FT TPXFJU "MMFSEJOHT XBS OPDI FJO QBBS .JOVUFO (FEVME FSGPS EFSMJDI EB BO EFN 0OMJOFQPLFSUJTDI JSHFOEFJO .JUTQJFMFS vSFJGi TFJ o BMTP ESFIUF JDI FSTU NBM FJOFO "MT EJF 5àUF FOU[àOEFU XVSEF IBUUF FT 1FUFS BVDI TDIPO HFTDIBGGU EFN v3FJGFOi TFJOF WFSCMJFCFOFO $IJQT BC[VMVDITFO &S MPHHUF TJDI BVT QBDLUF NJS NFJOF àCMJDIFO (SBNN BC VOE àCFSOBIN EFO +PJOU CFWPS JDI EFO .1 3FDPSEFS TUBSUFUF VOE EBT *OUFSWJFX CFHBOO 5FYU . %PH 44%& 1FUFS VOUFS XFMDIFO 6NTUÊOEFO CJTU EV FSTUNBMT NJU $BOOBCJT JO #FSàISVOH HFLPNNFO %BT XBS FUXB FJO +BIS OBDI EFS 8FOEF o JN +BIS EFS 8JFEFSWFSFJOJHVOH "MT FIF NBMJHFS %%3 #àSHFS XBS )BOG GàS NJDI KB CJT [VN &OEF EFS v7PMLTSFQVCMJLi HBS LFJO 5IFNB o MFEJHMJDI WPO )BTDIJTDI IBUUF JDI JN 'BDI 4UBBUTCàSHFSLVOEF TDIPO NBM HFIÚSU %BCFJ HJOH FT BCFS XFOJHFS VN 'BLUFO BMT VN BMMF NÚHMJDIFO vXFTU MJDIFO 3BVTDIHJGUFi EJF TUBBUTCàSHFS LVOEMJDI HFTFIFO EJF TPOTU TJDIFS SFWPM UJFSFOEFO XFTUFVSPQÊJTDIFO VOE BNFSJ LBOJTDIFO "SCFJUFSNBTTFO SVIJHTUFMMFO VOE [VS 7FSFMFOEVOH EFS 8FSLUÊUJHFO JN OJDIUTP[JBMJTUJTDIFO "VTMBOE CFJUSBHFO XàSEFO *DI LBOO NJDI TPHBS OPDI BO FJO 'PUP BVT EFN 4UBCà #VDI FSJOOFSO BVG EFN FJO QBBS GSFBLJHF (FTUBMUFO WPS FJOFS "NTUFSEBNFS *OOFOTUBEUBOTJDIU [V TFIFO XBSFO VOE EJF #JMEVOUFSTDISJGU BVG EBT CFTDIXFSMJDIF -FCFO EFS %SPHFOTàDIUJHFO JN vJOUFSOBUJPOBMFO %SPHFO[FOUSVN "NTUFSEBNi IJOXJFT *DI GBOE EJF -FVUF TBIFO HBS OJDIU TP TDIMJNN TPOEFSO TPHBS SFDIU HVU HFMBVOU BVT /JDIUTEFTUPUSPU[ IBUUF JDI [V EJFTFN ;FJUQVOLU o EBT XBS o OPDI LFJOF C[X FJOF OVS TFIS WFS[FSSUF 7PSTUFMMVOH WPO $BOOBCJT 6OE PCXPIM BVDI JO EFS %%3 "MLPIPM HFUSVOLFO VOE 5BCBL HFSBVDIU XVSEF TQSBDI NBO JO EJFTFN ;VTBNNFOIBOH OJF WPO %SPHFO o EFOO %SPHFO HBC T OVS JN 8FTUFO VOE EB TPMMUFO TJF BVDI CMFJCFO 4P IBCF JDI EBNBMT UBUTÊDIMJDI HFEBDIU o XÊI SFOE JDI HMFJDI[FJUJH BVG EFO [BIMSFJDIFO EBNBMT TUFJHFOEFO v'FUFOi JNNFS HFSOF NFJOFO FJHFOFO v1VOTDIi NJUCSBDIUF %FS CFTUBOE BVT QSFJTXFSUFN 8FJ XFJO 3PUXFJO VOE KFEFS .FOHF ;VDLFS EFS EJF 8JSLVOH OPDI [V TUFJHFSO WFSTUBOE %B[V XVSEF ,&/50/ HFSBVDIU VOE KFEF .FOHF QVCFSUÊSFS 4DIFJ BOHFTUFMMU "CFS NJU %SPHFO IBUUFO XJS JO EFS %%3 OBUàSMJDI OJY BN )VU
%BSBVT TDIMJF F JDI EBTT EV FSTU JN OFV FSÚGGOFUFO 8FTUFO EFJOF FSTUF FJHFOF $BOOBCJTLPOTVNFSGBISVOH HFNBDIU IBTU ,PSSFLU IBU BCFS BVDI àCFS FJO +BIS HFEBV FSU VOE LBN JSHFOEXJF HBO[ TFMUTBN IJO UFO SVN *DI IBUUF EBNBMT FJOF &MFLUSPCBOE VOE SFMBUJW SFHFMNÊ JH "VGUSJUUF VOE JSHFOEXBOO IBUUF EBOO VOTFS FYQFSJNFO UJFSGSFVEJHFS 4ÊOHFS BVDI NBM FJO QBBS v5SJQTi EBCFJ /BUàSMJDI XPMMUF JDI XJT TFO XBT EBT EFOO FJHFOUMJDI XÊSF BCFS EBT XVTTUF FS TFMCFS OJDIU "CFS FS IBCF TDIPO FJOJHF &SGBISVOHFO EBNJU VOE XàTTUF EBIFS EBTT FJOFS QSP 1FSTPO VOE /BDIU BVTSFJDIU 6OE FS IBCF OJF JSHFOEXFM DIF VOBOHFOFINFO /FCFOXJSLVOHFO WFSTQàSU TPOEFSO OVS FJO VOCFTDISFJC MJDIFT ,ÚSQFSHFGàIM VOE KFEF .FOHF IPDITQSVEFMOEF ,SFBUJWJUÊU %BT LMBOH WFSMPDLFOE VOE TP HJOHFO XJS [VTBN NFO BVG EJF 3FJTF XBT HFOBV XJS EB FJHFOUMJDI FJOHFOPNNFO IBUUFO IBCFO XJS OJF IFSBVTHFGVOEFO BCFS FT XBS JSSF *N QPTJUJWFO 4JOOF o XJS IBCFO JO FJOFN OJDIU FOEFO XPMMFOEFO )PDIHFGàIM EJF /BDIU EVSDIHFNBDIU VOE EBCFJ HFNFJO TBN FJOFO TVQFS 5SBODF 5SBDL LPNQP OJFSU VOE BSSBOHJFSU EFS BVDI JN OBDI IJOFJO OPDI HVU LMBOH %B TJDI BVDI LFJOF VOFSXàOTDIUFO /FCFOXJSLVOHFO FJOHFTUFMMU IBUUFO XBSFO XJS OVS BMM[V HFSO CFSFJU EJFTF &SGBISVOH [V XJFEFS IPMFO "MMFSEJOHT HBC T 1SPCMFNF CFJ EFS /BDITDIVCCFTDIBGGVOH EFS ,VNQFM VOTFSFT 4ÊOHFS IBUUF OVS FJOF )BOEWPMM 5SJQT BVT "NTUFSEBN NJUHFCSBDIU VOE EFS 7PSSBU XBS JO[XJTDIFO LPNQMFUU EBIJO %BIFS FOUTDIJFEFO XJS VOT TDIMJF MJDI TFMCTU JO EBT WFSSVDIUF "NTUFSEBN [V GBISFO XP FT EJFTF 5SJQT BOHFCMJDI BO
FJOFS HBO[ CFTUJNNUFO 4USB FOFDLF NJU WFSIÊMUOJTNÊ JH IPIFS 4JDIFSIFJU [V LSJF HFO XBSFO "N OÊDITUFO 8PDIFOFOEF GVISFO XJS EBOO UBUTÊDIMJDI NJU NFJOFN 5SBCCJ OBDI "NTUFSEBN o NJU EFS LMBSFO "CTJDIU VOT JSHFOEXJF EJFTF HFJMFO 5SJQT [V CFTPSHFO 8JS LBNFO 'SFJUBH /BDIU BO VOE DIFDLUFO FSTU NBM JO FJOF LMFJOF 1FOTJPO FJO CFWPS XJS VOT BN OÊDITUFO 5BH BVG EFO 8FH JO EFO 3PUMJDIUCF[JSL NBDIUFO VN JO EFS 4FJUFOTUSB F OFCFO FJOFN CFTUJNNUFO $PGGFFTIPQ BVG FJOFO JMMFHBMFO %SPHFOWFSLÊVGFS [V MBV FSO /BDIEFN XJS VOT FJOF HVUF IBMCF 4UVOEF NJU TVDIFOEFO #MJDLFO JO EJFTFS 4USB F SVNHFUSJFCFO IBUUFO XVSEFO XJS UBUTÊDIMJDI BOHFTQSPDIFO v$PDBJOF -4% &YUBTZ i 0GGFOTJDIUMJDI IBUUFO XJS VOTFSFO &JO[FMIÊOEMFS HFGVOEFO VOE GSBHUFO JIO EBIFS HBO[ VOWFSCMàNU v%P ZPV IBWF USJQT BT XFMM i &S TDIJFO FUXBT JSSJUJFSU VOE GSBHUF v8IBU LJOE PG USJQT i %B XJS LFJOF "IOVOH WPO EFN HFXàOTDIUFO 8JSLTUPGG IBUUFO CFTDISJFCFO XJS FJOGBDI EBT "VTTFIFO EFS 5SJQT o EBT XBSFO XJO [JH LMFJOF WJFSFDLJHF 1BQQFO NJU FJOFN LMFJOFO CMBVFO ,SFJT ESBVG HFXFTFO v"I * TFF w %FS %SPHFOWFSLÊVGFS TDIJFO OVO #FTDIFJE [V XJTTFO VOE CPU VOT FJOFO LMFJOFO 1BQQFCPHFO NJU LMFJOFO HFMCFO 4NJMFZT ESBVG BO i5IJT JT JU &WFO CFUUFS UIBO UIF CMVF POFTw WFSTJDIFSUF FS VOT
GàS LMBTTF CFGVOEFO IBUUFO %BT XBS [XBS TDIPO FUXBT BOEFSFT BMT EJFTF 5SJQT BCFS BVDI FYUSFN HFJM 4P GJOH JDI NJU EFN ,JGGFO BO o VOE CJO EBCFJ HFCMJFCFO 8JF EV CJTU EBOO JNNFS OBDI "NTUFSEBN HFGBISFO VOE IBTU EPSU FJOHFLBVGU +B JO EFO FSTUFO +BISF TDIPO %B JDI BVDI JNNFS FUXBT GàS ,VNQFMT NJUCSBDIUF HJOH EFS 4QSJU GàS EFO 5SBCCJ BVDI EVSDI PEFS VOE JDI TDIMVH OPDI %. QSP (SBNN GàS EJF 'BISU VOE NFJO QFSTÚOMJ DIFT 3JTJLP ESBVG 3àDLCMJDLFOE XVOEFSF JDI NJDI TDIPO EBTT JDI OJDIU FJO FJO[JHFT .BM BOHFIBMUFO VOE LPOUSPMMJFSU XVSEF o JDI WFSNVUF EBTT NBO JO FJOFN 5SBCCJ TUFUT FJOFO IBSNMPTFO 0TTJ WFSNVUFUF EFS OVS NBM FJO CJTTDIFO EFO JIN TP MBOHF WPSFOUIBMUFOFO 8FTUFO FOUEFDLFO XPMMUF )BUUFTU EV EJDI BVG EJFTFO 'BISUFO TDIPO BVG $BOOBCJTQSPEVLUF TQF[JBMJ TJFSU PEFS XBSTU EV BVDI OPDI BVG EFS 4VDIF OBDI EJFTFO 5SJQT /FF EBT IBUUF TJDI EBNJU LPNQMFUU FSMF EJHU o XJF IÊUUF JDI EFOO 1MBDFCPT WPO FDIUFO 5SJQT VOUFSTDIFJEFO TPMMFO o XJS XBSFO EBNJU TDIMJF MJDI TDIPO NBM BVG EJF 'SFTTF HFGMPHFO #FJ )BOGQSPEVLUFO EBHF HFO HBC T TPHBS FJOF "SU 8JSLVOHTHBSBOUJF VOE EJFTF 8JSLVOH IBUUF FT VOT BOHFUBO "OGBOH EFS FS +BISF XBS #FSMJO KB OPDI OJDIU TP FJOF ,JGGFSTUBEU VOE EFS HSàOF 3BVDITUPGG XBS JOTCFTPOEFSF JN 0TUUFJM OVS TFIS TDIXFS [V CFLPN NFO 1MÚU[MJDI XBS JDI FJOF WPO XFOJ HFO 2VFMMFO VOE EJF /BDIGSBHF àCFSTUJFH NFJO "OHFCPU *DI XPMMUF EBT ;FVH BVDI OJDIU HMFJDI LJMPXFJTF OBDI 1BOLPX TDIBGGFO o FJHFOU MJDI IBUUF FT NJS WÚMMJH HFSFJDIU BMT EFS (FXJOO BVT EFO KB WFSIÊMUOJTNÊ JH LMFJ OFO (FTDIÊGUFO BMMF ,PTUFO EFS 'BISU VOE NFJOFO &JHFOLPOTVN GJOBO[JFSUF %FOO EB XBS KB JNNFS OPDI NFJOF #BOE VOE XÊSF JDI OJDIU PGGJ[JFMM BSCFJUTMPT HFXF TFO o LFJOF "IOVOH XJF JDI EBT BMMFT VOUFS FJOFO )VU HFCSBDIU IÊUUF 6OE MFU[UFOEMJDI NBDIUF JDI EBOO GàS EJF #BOE EPDI EB XFJUFS XP JDI TPOTU BVG HFIÚSU IÊUUF %FOO NBM CSBVDIUFO XJS FJOFO OFVFO 4ZOUIFTJ[FS NBM FJO OFVFT &GGFLUHFSÊU PEFS .JLSP "MTP àCFSTDISJUU JDI EPDI JSHFOEXBOO EJF TFMCTUHFTFU[UF ,JMP (SFO[F VOE GVIS NJU XBISMJDI OJDIU HFSJOHFO .FOHFO +BISF MBOH SFHFMNÊ JH WPO "NTUFSEBN OBDI 0TUCFSMJO 6OE PCXPIM XJS CBOEUFDIOJTDI EBNJU JNNFS XFJUFS BVGSàTUFUFO CMJFC VOT EFS FSIPGGUF &SGPMH WFSTBHU .JUUF EFS FS +BISF CFHSV CFO XJS EBOO VOTFSF #BOE o WPS BMMFN XFJM VOTFS ,FZCPBSEFS VOE "SSBOHFVS BVT
6OE PCXPIM BVDI JO EFS %%3 "MLPIPM HFUSVO LFO VOE 5BCBL HFSBVDIU XVSEF TQSBDI NBO JO EJFTFN ;VTBNNFOIBOH OJF WPO %SPHFO o EFOO %SPHFO HBC T OVS JN 8FTUFO VOE EB TPMMUFO TJF BVDI CMFJCFO 8JS MFHUFO [VTBNNFO VOE TDIMVHFO [V &JO QBBS 4UVOEFO TQÊUFS EÊNNFSUF VOT EBTT XJS BCHF[PHFO XPSEFO XBSFO EB TJDI OBDI &JOOBINF EFS OFVFSXPSCF OFO 4NJMFZT OJDIU NBM EFS )BVDI FJOFS 8JSLVOH FJOTUFMMFO XPMMUF %B TB FO XJS OVO JN WFSNFJOUMJDIFO v%SPHFO .FLLBi "NTUFSEBN VOE IBUUFO FJOF OJDIU VOFS IFCMJDIF 4VNNF GàS FJO 4UàDLDIFO CVOU CFESVDLUFS 1BQQF IJOHFCMÊUUFSU XFMDIF VOT OVO OVS OPDI GSVTUSJFSUF "MTP NBDIUF JDI EFO 7PSTDIMBH XFOJHTUFO NBM JO FJOFO EJFTFS CFSàDIUJHUFO $PGGFFTIPQT [V HFIFO o IJFS LÚOOF NBO TDIMJF MJDI HBO[ MFHBM )BTDIJTDI SBVDIFO %BT TFJ EPDI BVDI TP FJOF VOT VOCFLBOOUF XFTUMJDIF %SPHF EJF IJFS JNNFSIJO MFHBM BOHFCPUFO XàSEF %BNJU XÊSF EBT 3JTJLP FSOFVU 1MBDFCPT [V FSXFSCFO KB OBIF OVMM o TDIMJF MJDI LÚOOF NBO EBOO KB [VSàDLLPNNFO VOE TJDI CFTDIXFSFO 4P MBOEFUFO XJS FSTUNBMT JO FJOFN "NTUFSEBNFS $PGGFFTIPQ VOE JOWFTUJFSUFO EFO 3FTU VOTFSFS #BSTDIBGU JO (SBT VOE )BTDIJTDI OBDIEFN XJS FJOFO GFSUJH WPSHFESFIUFO +PJOU HFSBVDIU VOE
HE
QQ * %UX
ULD
$XVW % H VWUD
LH
,QGXVWU
ULHVHQ $XVZDKO DQ 0DUNHQSURGXNWHQ EHU Pò 9HUNDXIVÁlFKH JUR HU .XQGHQSDUNSODW] 9DSR /RXQJH 'ULYH ,Q $UHD
ZZZ EXVKGRFWRU DW
!- ( *#! !-2 -/!/! $"+(#!- !. +-5!%#! /- %*. 1+* +%*/ + /+- %./ !* (% $ +2-4 !- %./ . &9*#./! -+ 0'/ !- *./-!*#0*#!* !. 9 $/!-. 0) %! - "/ !* -/- # 0* !* !. $) ' !- 0-.,-9*#(% $!* -%!/7/ 50 1!- !..!-* +$*! %! 0*#!28$*(% $!* "9- ./ -'! !(%! /$!%/ .+-#!* !* %#!*. $ "/!* !- -/ 50 1!-7* !-* * +2-4 !- %./ 0.#!5!% $*!/! */ -% !*!/%' !%*#!"(+..!* !%*! -%!/7/ %! 2!#!* %$-!- 9,,%#!* -5,-+ 0'/%+* !) !3+/%. $!* !. $) ' 0* !* !),+-. $*!((!* !* %#$. !' **/ %./ !. $ * !(/ .% $ !% 0) !%* * % /%1 4 -% 0.
- .%(%!* *. $(%!6!* 20- ! %! -!050*# -!% !*!- /%+*!* ( *# .!(!'/%1 #!59 $/!/ . -#! *%. %./ !%*! .!( ./ (9$!* ! 52!-#29 $.%#! "( *5! %! !%*!* 20* !- - ./ -'!* !* +," 1!- -!$!* !* 0 $ )%/ !%*!) !- 0. $!* !* !. $) ' !-#% / %! - "/ 0* !- !. $) ' 2!- !* 1+* 9,,%#!- -5,-+ 0'/%+* 0* ./ -' 1!- !..!-/!) -/- # 0* / %(%/7/ 0*/!-./9/5/ %!
0 . .%* -!%/!- % $/!- 0* -+) /%. $!- (. !%) 0-.,-9*#(% $!* +2-4 !- %! !%) -%#%* ( +2-4 !- %./ 0 $ 50- (9/! 1+* +2-4 !- '!%* .!, - /!- 0) + !- % $/54'(0. *8/%# ) -!%!* -!%"/ +2-4 !- . $*!((!- (. .7)/(% $! *% $/ .!( ./ (9$!* ! -%!/7/!*
# " $
" " !
! %
MJFCTUFO [V ;FJUFO XFOO JDI XFJ EBTT NJDI OJFNBOE TUÚSU %BOO HFXJOOF JDI JO EFS 3FHFM BVDI NFIS BMT JDI WFSMJFSF VOE NBODINBM MPIOU FT TJDI BVDI SJDIUJH 8JF JDI XFJ LJGGTU EV KB BVDI BN 0OMJOF 1PLFSUJTDI HBO[ HFSOF o PCXPIM FT EBCFJ KB [VN 5FJM VN OJDIU VOFSIFCMJDIF #FUSÊHF HFIU )BTU EV LFJOF "OHTU WJFMMFJDIU [V FOUTQBOOU BO EJFTF .JTDIVOH BVT (MàDLT VOE 4USBUFHJFTQJFM IFSBO[VHFIFO /Ú EBT XÊSF WJFMMFJDIU TP XFOO JDI BO FJOFN SJDIUJHFO 1PLFSUJTDI TJU[FO XàSEF XP NJDI NFJOF .JUTQJFMFS TFIFO LÚOOUFO "CFS BMMFJO EBIFJN àCFSXJF HFO EJF 7PSUFJMF EB JDI FUXBT CFLJGGU EFVUMJDI FOUTQBOOUFS VOE HMFJDI[FJ UJH WPSTJDIUJHFS [PDLF "CFS WJFMMFJDIU MJFHU FT HFOBV EBSBO EBTT JDI VOUFSN 4USJDI GBTU JNNFS NFIS PEFS XFOJHFS WJFM HFXJOOF *DI CJO BCFS LFJO JTP MJFSUFS 0OMJOF 4QJFMFS TPOEFSO JO[XJ TDIFO BVDI .JUHMJFE JO FJOFN #FSMJOFS 1PLFSWFSFJO EB HFIU T EBOO FIFS VN EFO 4QB BMT VNT (FMEHFXJOOFO VOE EB XJSE EBOO BVDI WJFM HFLJGGU
#FSMJO XFH VOE JOT UJFGTUF #BZFSO [PH 'SBVFO IBCFO EPDI TDIPO FJOFO HBO[ TDIÚOFO &JOGMVTT BVG JISF .ÊOOFS )BTU EV EBSBVGIJO EFJO )BOEFMTWPMVNFO XJFEFS SFEV[JFSU +B BCFS EBT IBUUF BVDI OPDI FJOFO BOEFSFO (SVOE %VSDI EJF NJUUMFSXFJMF KBISFMBOHF #FTDIÊGUJHVOH NJU $BOOBCJTQSPEVLUFO IBUUF JDI OBUàSMJDI BVDI BOHFGBOHFO NJDI HBO[ BMMHFNFJO GàS EJFTF 1GMBO[F [V JOUFSFTTJFSFO VOE GBOE IFSBVT XBT IFVUF KFEFS IBMCXFHT BVGHFLMÊSUF .FOTDI XFJ XJF )BOG àCFS +BISUBVTFOEF IJOXFH EJF .FOTDIIFJU CFHMFJUFUF VOE VOTFS -FCFO BOHFOFINFS HFTUBMUFU IBU 6OE XJF FS TDIMJF MJDI o PIOF SBUJPOFMMF #FHSàOEVOH JOUFSOBUJPOBM WFS CPUFO VOE HFÊDIUFU XVSEF #BME GBOE JDI IFSBVT EBTT JDI NJU EFSBSUJHFO &SLFOOUOJTTFO OJDIU BMMFJOF EBTUBOE o JO HBO[ %FVUTDIMBOE FOUTUBOEFO FSTUF )FBE (SPXTIPQT VOE )BOGWFSFJOF USBU JDI FJOFN #FSMJOFS -FHBMJ[F F 7 CFJ VOE CFHBOO NJDI GàS FJOF -FHBMJTJFSVOH WPO $BOOBCJT [V FOHBHJFSFO %B JDI NJDI EBNJU BVDI FJO 4UàDL XFJU JO EJF ½GGFOUMJDILFJU TUFMMUF VOE EBCFJ KB OJF WFSTDIXJFH PEFS CFTUSJUU FJO )BOGGSFVOE [V TFJO SFEV[JFS UF JDI NFJOF "NTUFSEBNGBISUFO BVG FJO .JOJNVN VOE WFSTPSHUF GPSUBO OVS OPDI EJF BMMFS FOHTUFO VOE CFTUFO 'SFVOEF NJU &JO +BIS TQÊUFS XBSFO MBOHF "VUPGBISUFO HBS OJDIU NFIS OÚUJH o TDIMJF MJDI IBUUF JDI JO EFN 7FSFJO BVDI FJO QBBS 8FTUCFSMJOFS )BOGGSFVOEF LFOOFO HFMFSOU EJF BVDI JO EFS OVO HFNFJOTBNFO )BVQUTUBEU WFS MÊTTMJDIF 2VFMMFO IBUUFO #BME IBUUF JDI FJOF HVUF 2VFMMF HFGVOEFO VOE NJU FJOFS 'SFVOETDIBGU EFSBSU HFGFTUJHU EBTT TJF BVDI IFVUF OPDI TQSVEFMU
8JF MÊVGU EBT FJHFOUMJDI BC XFOO NBO CFJ EJS XBT TIPQQFO XJMM o IBTU EV EBGàS CFTUJNNUF ;FJUFO %BT XFJ U EV EPDI HBO[ HFOBV EV SVGTU FJOGBDI WPSIFS BO VOE GSBHTU PC EV WPSCFJ LPNNFO LBOOTU PEFS PC JDI NBM XJFEFS ;FJU IBCF 6OE FOUXFEFS IBCF JDI ;FJU o VOE EBNJU BVDI (SBT o PEFS FCFO OJDIU &OHBHJFSTU EV EJDI BVDI IFVUF OPDI GàS FJOF -FHBMJTJFSVOH WPO $BOOBCJT /JDIU XJSLMJDI o BV FS WJFMMFJDIU JO NFJ OFN QFSTÚOMJDIFO 6NLSFJT *DI CJO WPS FUXB +BISFO BVT EFN 7FSFJO XJFEFS BVT HFUSFUFO XFJM JDI o OBDI GBTU BLUJWFO +BISFO o WPO EFS QPMJUJTDIFO &OUXJDLMVOH JO %FVUTDIMBOE FJOGBDI OVS FOUUÊVTDIU
EVSDI EJF .BTTFONFEJFO USBOTQPSUJFSU CFTPOEFST CFNFSLFOTXFSU GBOE JDI JO EJFTFN ;VTBNNFOIBOH EJF 41*&(&- 5JUFMTUPSZ WPO EFS v4FVDIF $BOOBCJTi *SHFOEXBOO CFTDIMPTT JDI EBIFS VOE HBO[ GàS NJDI EBTT TJDI EJF 8BISIFJU [XBS CFTUJNNU FJOFT 5BHFT EVSDITFU[FO XJSE NJDI EBGàS BCFS OJDIU VOCFEJOHU BMT FISFOBNUMJDIFT .JUHMJFE JO FJOFN -FHBMJ[F F 7 CSBVDIU 8BT BCFS OJDIU IFJ U EBTT JDI NJDI OJDIU XFJUFSIJO GàS EBT 5IFNB JOUFS FTTJFSF o [VN #FJTQJFM MFTF JDI SFHFMNÊ JH EJF 5)$&/& VOE IPM NJS BVDI JNNFS EJF EFVUTDIF "VTHBCF EFS 40'5 4&$3&54 8PWPO MFCTU EV IFVUF 3FJDIU EFJO (FXJOO BVT EFN )BOGIBOEFM GàST -FCFO %BT LÚOOUF FS TJDIFS XFOO JDI EBT XPMMUF o BCFS XJF TDIPO HFTBHU GJOEF JDI FT CFTTFS XFOO JDI OVS 'SFVOEF NJUWFSTPSHF VOE EBEVSDI NFJOFO FJHFOFO ,POTVN GJOBO[JFSF %FOO TP IBCF JDI OJF [V WJFM EBIFJN XBT NFJO 3JTJLP OJDIU VOFSIFCMJDI WFSSJOHFSU BV FSEFN NVTT JDI BVDI OJDIU TUÊOEJH EBIFJN TJU[FO PEFS FSSFJDICBS TFJO GBMMT HFSBEF NBM KFNBOE XBT TIPQQFO XJMM *O[XJTDIFO WFSEJFOF JDI UBUTÊDIMJDI EFO HSÚ FSFO 5FJM NFJOFT &JOLPNNFOT EVSDI 0OMJOF 1PLFSO
%PDI XBT HFTDIBI BMT EJF (SàOFO EBOO UBUTÊDIMJDI FSTUNBMT NJUSFHJFSUFO ,FJOF 4JUVBUJPOTWFSCFTTFSVOH GàS ,JGGFS VOE $BOOBCJT XBS VOE LFJOFO 4JOO NFIS EBSJO TBI NJDI JNNFS XJFEFS BVGT /FVF GàS FUXBT FJO[VTFU[FO XBT MFU[UFOEMJDI EPDI OJDIU HFTDIJFIU *DI XFJ OPDI XJF XJS WPS EFS #VOEFTUBHTXBIM EBDIUFO EBTT o XFOO OVS EJF (SàOFO FOEMJDI NBM NJU JO EFS 3FHJFSVOH TÊ FO o $BOOBCJT MFHBMJTJFSU PEFS [VNJOEFTU FOULSJNJOBMJ TJFSU XàSEF %PDI XBT HFTDIBI BMT EJF (SàOFO EBOO UBUTÊDIMJDI FSTUNBMT NJU SFHJFSUFO ,FJOF 4JUVBUJPOTWFSCFTTFSVOH GàS ,JGGFS VOE $BOOBCJT o EBGàS CFUFJMJH UF TJDI %FVUTDIMBOE FSTUNBMT OBDI XJFEFS BO FJOFN "OHSJGGTLSJFH HFHFO &Y +VHPTMBXJFO VOE CFHSàOEFUF EJFT NJU HSÚ UFOUFJMT WÚMMJH GSFJ FSGVOEFOFO "SHVNFOUFO IOMJDIFT XBS [VN 5IFNB $BOOBCJT [V WFSOFINFO o FJOF .JTDIVOH BVT BMUFO VOE OFVFO 7PSVSUFJMFO XVSEF
*OTPGFSO CJTU EV EPDI FI NFJTU EFO HBO[FO 5BH EBIFJN VOE WPS EFJOFN $PNQVUFS CFJN [PDLFO +B EBT TUJNNU TDIPO BCFS XFOO JDI HFSBEF JO FJOFS XJDIUJHFO 1BSUJF TUFDLF LBOO JDI BVDI OJDIU NBM TP FCFO BMMFT TUFIFO VOE MJFHFO MBTTFO PIOF EBCFJ [V SJTLJFSFO FJOFO EFSCFO 7FSMVTU [V NBDIFO %BIFS TQJFMF JDI FJHFOUMJDI BN
*TU $BOOBCJT TP QPQVMÊS JO EFS EFVU TDIFO 1PLFST[FOF %V LBOOTU EJS HBS OJDIU WPSTUFMMFO XJF QPQVMÊS o WJFMMFJDIU OJDIU CFJ EFO #FTUFO EFS #FTUFO EFOO EB XJSE MJF CFS HFUSVOLFO XFJM EBT BN 5JTDI BVDI WÚMMJH MFHBM JTU "CFS JO EFS 'SFJ[FJU 1PLFST[FOF JTU TDIÊU[VOHTXFJTF KFEFS [XFJUF 4QJFMFS FJOFS HVUFO 5àUF HFHFO àCFS HBO[ VOE HBS OJDIU BCHFOFJHU *O[XJTDIFO WFSTPSHF JDI BVDI SFMBUJW WJFMF 1PLFSGSFVOEF NJU ÚLPMPHJTDI LPS SFLUFO #SBOEFOCVSHFS (SBTCMàUFO BCFS EJF SBVDIFO JN 7FSIÊMUOJT [V NJS FIFS XFOJH o NJU FJOFN LMFJOFO #FVUFMDIFO GàS PEFS &VSP LPNNFO EJF MPDLFS àCFS EFO .POBU 7JFMF LJGGFO WPO EFOFO XJSLMJDI OVS CFJN TQJFMFO VOE GJOEFO EBOO EJF .JOJNBMCFUSBH[PDLFSFJ OPDI TQBOOFOEFS *DI GJOEF EJF NBDIFO FT HFOBV SJDIUJH EFOO FJO TDIÚOFT 4QJFM XJSE EVSDI FJOFO 3JFTFOHFXJOO OJDIU OPDI TDIÚOFS %BEVSDI XJSE NBO OVS OVNFSJTDI SFJDIFS VOE EBT LBOO EPDI OJDIU EFS 4JOO JN -FCFO TFJO %BOO MBTT NJDI EPDI [VN 4DIMVTT OPDI EJFTF FIFS QIJMPTPQIJTDIF 'SBHF TUFMMFO 8BT JTU EFOO EBOO EFS 4JOO EFT -FCFOT .FJOFS .FJOVOH OBDI JTU EBT -FCFO EFS FJO[JHF 6SMBVC WPN 5PE EFO XJS CFLPN NFO %BIFS XàSEF JDI BVDI OJFNBMT OBDI 3FJDIUVN TUSFCFO BVDI XFOO EBT JO VOTFSFS IFVUJHFO (FTFMMTDIBGU KB EBT OPO QMVT VMUSB [V TFJO TDIFJOU *DI MFCF NFJO -FCFO MJFCFS TP XJF FT NJS BN CFTUFO HFGÊMMU 6OE EB JDI EBOL )BOG VOE 1PLFSO HFOVH (FME [VTBNNFOCSJOHF VN EBWPO BOTUÊOEJH MFCFO [V LÚOOFO TDIÊU[F JDI NJDI FJOGBDI OVS HMàDLMJDI %FOO JDI WFSEJFOF NFJOFO -FCFOTVOUFSIBMU NJU %JOHFO EJF JDI TFIS NBH VOE EJF NJS HSP FO 4QB NBDIFO o EBIFS GJOEF JDI FT BVDI WFSTDINFS[CBS EBTT JDI EBNJU LFJOF HSP FO 3FJDIUàNFS BOIÊVGF 8P[V BVDI %BT MFU[UF )FNE IBU CFLBOOUMJDI LFJOF 5BTDIFO /BNF WPN "VUPS HFÊOEFSU
% " % % $% " % % " % % $% " % #% % # % % ! ! ! % ! % #% % # % %
% %! % % % % % % % %# % #%! % % % % !
% % %
% % % % % % % % % % % % ! ! % % % % !
### ! # !
&E 3PTFOUIBM JTU FJOF XFMUXFJU BOFSLBOOUF BCTPMVUF .BSJIVBOB "VUPSJUÊU *O TFJOFO àCFS +BISFO BMT "NFSJLBT i(BOKB (VSVw IBU FS NFIS BMT FJO %VU[FOE #àDIFS [VS .BSJIVBOB ;VDIU VOE 4P[JBMQPMJUJL HFTDISJFCFO C[X IFSBVTHFHFCFO EJF TJDI JOTHFTBNU àCFS FJOF .JMMJPO .BM WFSLBVGU IBCFO 4FJO FSTUFT #VDI .BSJKVBOB (SPXFS T (VJEF JTU EJF FJO [JHF &STDIFJOVOH [V .BSJIVBOB EJF KF WPN 5IF /FX :PSL 5JNFT #PPL 3FWJFX SF[FOTJFSU XVSEF /BDI GBTU [XFJ +BIS[FIOUFO CFBOU XPSUFU EJF #FSBUVOHTSVCSJL i"TL &Ew XFJUFS IJO BMMF NÚHMJDIFO 'SBHFO [V .BSJIVBOB WPO -FTFSO BVT EFS HBO[FO 8FMU
8BTTFS FJOTUFMMFO
;JNNFSUFNQFSBUVS
*DI IBCF HFMFTFO EBTT IBSUFT 8BTTFS ESJOOFO OJDIU [VN (JF FO EFS 1GMBO[FO WFSXFOEFU XFSEFO TPMMUF *DI IBCF BVDI HFMFTFO EBTT EVSDI 6NLFISPTNPTF HFGJMUFSUFT XFJDIFT 8BTTFS JEFBM JTU .FJO )BVT IBU IBSUFT 8BTTFS VOE XJS IBCFO FJOFO IPDIXFSUJHFO 6NLFISPTNPTFGJMUFS VOUFS EFS ,àDIFOTQàMF *TU FT JO 0SEOVOH EVSDI 6NLFISPTNPTF HFGJMUFSUFT XFJDIFT 8BTTFS GàS NFJOFO (BSUFO [V WFSXFOEFO 8FTMFZ
)BU EJF ;JNNFSUFNQFSBUVS "VTXJSLVOHFO BVG EBT RVBMJUBUJWF &SHFCOJT EFT "OCBVT %JF 5FNQFSBUVS JO NFJOFN ;JNNFS TDIXBOLU BO NBODIFO 4PNNFSUBHFO [XJTDIFO VOE ¡$ *TU FJOF ,MJNBBOMBHF EFS SJDIUJHF 8FH 4JF XàSEF EFS 3BVNMVGU 'FVDIUJHLFJU FOU[JFIFO TJF BCLàIMFO VOE [JSLVMJFSFO MBTTFO 8JF XàSEFTU EV TJF JOTUBMMJFSFO &JOGBDI JO EJF 8BOE FJOCBVFO VOE BOTDIBMUFO .S /BTUZ
+B +FEPDI TJOE EJF NFJTUFO %àOHFS BVG FJOFO EVSDI TDIOJUUMJDIFO )ÊSUFHSBE C[X FJOF EVSDITDIOJUUMJDIF "MLBMJUÊU EFT 8BTTFST FJOHFTUFMMU "MLBMJUÊU JTU EBT .B GàS EJF 'ÊIJHLFJU EFT 8BTTFST BMT 4ÊVSFQVGGFS [V XJSLFO 8FJDIFT 8BTTFS CFTJU[U LFJOF 1VGGFSLSBGU %VSDI ;VHBCF WPO OVS FJO XFOJH 4ÊVSF XJSE TFJO Q) 8FSU FSIFCMJDI WFSÊOEFSU %BEVSDI XFSEFO JOTUBCJMF #FEJOHVOHFO HFTDIBGGFO 8JSE ,BML EFS BVT ,BM[JVN CFTUFIU EFN 8BTTFS IJO[VHFHFCFO FSIÚIU TJDI EJF 'ÊIJHLFJU EFT 8BTTFST 4ÊVSF [V QVGGFSO TP EBTT TFJO Q) 8FSU TUB CJM CMFJCU %BT 8BTTFS XJSE IÊSUFS VOE TFJOF "MLBMJUÊU OJNNU [V XFOO JIN NFIS ,BML [VHFGàISU XJSE .JU FJOFN QQN PEFS &$ .FTTHFSÊU LBOO EBT HFNFTTFO XFSEFO %JF NFJTUFO %àOHFS TJOE TP [VTBNNFOHFTFU[U EBTT TJF TJDI BN CFTUFO GàS 8BTTFS FJHOFO XFMDIFT NJU QQN BVT EFS -FJUVOH LPNNU %JFT XFJTU OPS NBMFSXFJTF EBSBVG IJO EBTT JN 8BTTFS HFOVH HFMÚTUFT ,BM[JVN FOUIBMUFO JTU VN EBT 8BTTFS [V QVGGFSO VOE EJF 1GMBO[FO NJU EJFTFN OPUXFOEJHFO /ÊISTUPGG [V WFSTPSHFO *N 6NLFISPTNPTFXBTTFS XVSEFO ÊIOMJDI EFTUJMMJFSUFN 8BTTFS TÊNUMJDIF .JOFSBMJFO FOUGFSOU &T TPMMUF VOUFS 7FSXFOEVOH WPO ,BM[JVN .BHOFTJVN PEFS ,BM[JVNOJUSBU BVG FJO 7FSIÊMUOJT WPO QQN FJOHFTUFMMU XFSEFO CFWPS BOEFSF %àOHFS IJO[VLPNNFO
#FJ FJOFN "OCBV JN )BVT XFSEFO 8BTTFS VOE /ÊISTUPGGF OPSNB MFSXFJTF JO BVTSFJDIFOEFS .FOHF HFMJFGFSU #MFJCFO BMTP EJF ESFJ BOEFSFO 'BLUPSFO 5FNQFSBUVS -JDIUJOUFOTJUÊU VOE QQN QBSUT QFS NJMMJPO WPO $0 %BT 7FSIÊMUOJT [XJTDIFO JIOFO CFFJOGMVTTU 8BDITUVN VOE 2VBMJUÊU EFS #VET +FEFS FJO[FMOF 'BLUPS [ÊIMU [V EFO 3BINFOCFEJOHVOHFO %JF 5FNQFSBUVS CFFJOGMVTTU EJF 4UPGGXFDITFMVNTFU[VOH VOE EJF 1IPUPTZOUIFTF 6OUFS ¡$ GJOEFU 1IPUPTZOUIFTF LBVN OPDI TUBUU 4PMBOHF HFOVH $0 VOE -JDIU WPSIBOEFO TJOE EJF FJOF TDIOFMMFSF 4UPGGXFDITFMVNTFU[VOH GÚSEFSO XJSE EJF 1IPUPTZOUIFTFSBUF BOTUFJHFO CJT FJOF 5FNQFSBUVS WPO FUXB ¡$ FSSFJDIU XJSE "MMFSEJOHT XBDITFO EJF #VET GFTUFS VOE EJDIUFS XFOO EJF 5FNQFSBUVS VOUFS ¡$ HFIBMUFO XJSE #FBDIUF EJFTF 'BLUPSFO EFSFO #FEFVUVOH JISFN 7FSIÊMUOJT [VFJOBOEFS FOUTQSF DIFOE [VOJNNU -JDIU JTU EJF &OFSHJF XFMDIF GàS EJF 1IPUPTZOUIFTF HFOVU[U XJSE %BT $0 VOE 8BTTFS TJOE EJF #FTUBOEUFJMF EJF WFSBS CFJUFU XFSEFO VOE EJF 5FNQFSBUVS MJFGFSU IJFSGàS EFO BVTMÚTFOEFO *NQVMT #FJ TDIMFDIUFN -JDIU JTU FT VOXJDIUJH XJFWJFM $0 WPSIBOEFO JTU %BT 8BDITUVN JTU EBOO MBOHTBN EFOO FT NBOHFMU BO &OFSHJF VN EFO 1SP[FTT BO[VUSFJCFO 8FOO EJF 5FNQFSBUVS OJFESJH CMFJ CU XBDITFO EJF 1GMBO[FO MBOHTBN 8JSE EJF 5FNQFSBUVS FSIÚIU XFSEFO EJF 4UÊOHFM MÊOHFS *O EFN .B F XJF EJF -JDIUJOUFOTJUÊU [VOJNNU OJNNU EJF &OFSHJF [V VN NFIS 8BTTFS VOE $0 [V WFSBS CFJUFO )ÚIFSF 5FNQFSBUVSFO FSNÚHMJDIFO EBTT 1IPUPTZOUIFTF VOE 4UPGGXFDITFM NJU FJOFS HSÚ FSFO (FTDIXJOEJHLFJU BCMBVGFO )JFS JTU FJOF 5BCFMMF NJU EFO 7FSIÊMUOJTXFSUFO 5FNQFSBUVS JO $FMTJVT
'SàIF HFTDIMFDIUTCFTUJNNVOH 8FOO EJF #MàUFQIBTF BVTHFMÚTU XJSE VN EBT (FTDIMFDIU EFS 1GMBO[FO IFSBVT[VGJOEFO VOE TJF BOTDIMJF FOE JO EJF WFHFUBUJWF 1IBTF [VSàDLWFSTFU[U XFSEFO XJSE EBT EJF 1GMBO[FO TUSFDLFO 8PSJO CFTUFIFO EJF 7PS VOE /BDIUFJMF HFSBEF JN )JOCMJDL BVG EFO *OOFOBOCBV *DI XàSEF FT HFSOF NJU i4BNFOQGMBO[FOw NBDIFO XFHFO EFN [VTÊU[MJDIFO (FXJDIU PEFS JTU EJFTF ÃCFSMFHVOH GFIMFSIBGU 'FSOBOEP "VT 4BNFO HF[PHFOF 1GMBO[FO CJMEFO LSÊGUJHFSF 4UÊOHFM XBDITFO àQQJHFS VOE QSPEV[JFSFO NFIS BMT ,MPOF &JO (SVOE EBGàS CFTUFIU EBSJO EBTT i4BNFOQGMBO[FOw FJOF MBOHF 1GBIMXVS[FM IBCFO EJF FJOF %JSFLUWFSCJOEVOH [V EFN PCFSJSEJTDIFO 4UÊOHFM IBU ,MPOF CJMEFO 8VS[FMO BO EFS 4DIOJUUTUFMMF EFT 4UÊOHFMT %JFTF 8VS[FMO LÚOOFO BCFS OJDIU EJF 1GBIMXVS[FM FSTFU[FO XFMDIF NFIS 3FTTPVSDFO [XJTDIFO EFN #MÊUUFSEBDI EFS 1GMBO[F VOE JISFO 8VS[FMO [V WFSMBHFSO JNTUBOEF JTU %JF (FTDIMFDIUTCFTUJNNVOH WPO KVOHFO 1GMBO[FO EVSDI 7FSMÊOHFSVOH EFS %VOLFMQIBTF XJSGU EJF 1GMBO[FO VN GBTU FJOFO .POBU [VSàDL ;VOÊDITU EBVFSU FT FUXB FJOF 8PDIF CJT EJF 1GMBO[FO JIS (FTDIMFDIU FSLFOOFO MBTTFO %BOO CSBVDIFO TJF FJOJHF 8PDIFO VN JO EJF WFHFUBUJWF 8BDITUVNTQIBTF [VSàDL[VLFISFO &JOJHF 4PSUFO GàS FJOF LVS[F "OCBVTBJTPO LPNNFO OJF HBO[ [VSàDL &T HJCU WFSTDIJFEFOF .ÚHMJDILFJUFO EBT (FTDIMFDIU IFSBVT[VGJOEFO PIOF EBT 1GMBO[FOXBDITUVN [V TUÚSFO 1GMBO[FO QSPEV[JFSFO IÊVGJH FJOJHF #MàUFO XÊISFOE TJF WFHFUBUJW XBDITFO %JFTF #MàUFO CFGJOEFO TJDI BO EFO /PEJFO XP EFS #MBUUTUJM BVG EFO 4UÊOHFM USJGGU /JNN FJO 7FSHSÚ FSVOHTHMBT VOE TDIBV EJS EJF /PEJFO [XFJ PEFS ESFJ "CTDIOJUUF VOUFSIBMC EFT #MÊUUFSEBDIFT BO XP TJF NJU HSÚ UFS 8BISTDIFJOMJDILFJU XBDITFO &JOF XFJUFSF 7FSGBISFOTXFJTF JTU FJOFO "CMFHFS WPO KFEFS 1GMBO[F [V OFINFO TPCBME TJF 4FJUFO[XFJHF HFCJMEFU IBCFO ,FOO[FJDIOF KFEFO "CMFHFS EBNJU EV EJF i.VUUFSw WPO KFEFN JEFOUJGJ[JFSFO LBOOTU 4UFMMF EJF "CMFHFS JO 8BTTFS PEFS FJO 4VCTUSBU VOE TUFMMF EBT #FMFVDIUVOHTTZTUFN BVG 4UVOEFO %VOLFMIFJU VOE 4UVOEFO -JDIU FJO %JF "CMFHFS XFSEFO CBME JIS (FTDIMFDIU FSLFOOFO MBTTFO %JF "CMFHFS IBCFO JNNFS EBT HMFJDIF (FTDIMFDIU XJF EJF .VUUFS &T JTU NÚHMJDI EJF "CMFHFS XFJUFS [V CFXVS[FMO XÊISFOE TJF JO EFS #MàUFQIBTF HFIBMUFO XFSEFO +FEFS WPO JIOFO XJSE FJOF XJO[JHF "O[BIM WPO #VET QSPEV[JFSFO VOE NBO CFLPNNU VOHFGÊIS FJOF 7PSTUFMMVOH WPO EFO [VLàOGUJHFO #VET 1GMBO[FO OVU[FO 3PUMJDIU ON VN EJF ;FJU GàS EJF #MàUF [V CFTUJNNFO *O EFS (FHFOXBSU WPO SPUFN -JDIU JTU EJF #MàUF CMPDLJFSU *O TFJOFS "CXFTFOIFJU BMTP XÊISFOE EFS %VOLFMQIBTF XBOEFMU TJDI EBT JOBLUJWF #MàIIPSNPO JO EJF BLUJWF 7BSJBOUF VN #MBVFT -JDIU ON IBU FJOF ÊIOMJDIF XFOO BVDI OJDIU TP XJSLTBNF IFNNFOEF 8JSLVOH XJF SPUFT -JDIU BCFS FT LBOO GàS EJF (FTDIMFDIUTCFTUJNNVOH HFOVU[U XFSEFO 4UFMMF EJF -BNQFO BVG FJOFO -JDIU %VOLFM ;ZLMVT FJO 4DIBMUF EJF CMBVFO -BNQFO XÊISFOE EFS %VOLFMQIBTF BO 7FSXFOEF NJOEFTUFOT 8BUU QSP 2VBESBUNFUFS /JNN FOUXFEFS CMBVF -FVDIUTUPGGMBNQFO PEFS NÚHMJDITU -&%T EJF JOOFSIBMC FJOFT TDINBMFO 4QFLUSBMCFSFJDIT FJO TFIS SFJOFT CMBVFT -JDIU QSPEV[JFSFO %JF 1GMBO[FO XFSEFO WFHFUBUJW XFJ UFS XBDITFO PCXPIM TJDI JIS 8BDITUVN FSIFCMJDI WFSMBOHTBNU %PDI TJF XFSEFO CBME FJOJHF #MàUFO CJMEFO XFJM CMBVFT -JDIU OVS FJOHFTDISÊOLU IFNNFOE XJSLU 4PCBME TJF #MàUFO [FJHFO LÚOOFO TJF JO JISFO PQUJNBMFO WFHFUBUJWFO -JDIU %VOLFM ;ZLMVT [VSàDLWFSTFU[U XFSEFO /BDI FJOJHFO 5BHFO SFBHJFSFO TJF BVG EJF MÊOHFSF -JDIUQIBTF JOEFN TJF EBT VOFJOHFTDISÊOLUF WFHFUBUJWF 8BDITUVN XJFEFS BVGOFINFO
¡ ¡ ¡ ¡
$0 8BUU )*% QSP 2VBESBUNFUFS
*O EFS TQÊUFO #MàUFQIBTF USFUFO ESFJ 1SPCMFNF BVG XFOO EJF 5FNQFSBUVS [V IPDI HFIBMUFO XJSE &STUFOT %JF %JDIUF EFS #VET OJNNU BC XFJM EJF #JMEVOH EàOOFS #VET CFHàOTUJHU XJSE ;XFJUFOT )PIF 5FNQFSBUVSFO WFS[ÚHFSO EJF 3FJGVOH %VSDI FJOF MFJDIUF 4FOLVOH EFS 5FNQFSBUVS XJSE EJF 3FJGF[FJU WFSLàS[U /BUàSMJDI XJSE EVSDI [V OJFESJHF 5FNQFSBUVSFO EJF 3FJGVOH FCFO GBMMT WFS[ÚHFSU %SJUUFOT &JOJHF 5FSQFOF o EJF (FSVDITNPMFLàMF EJF BVDI EBT )JHI CFFJOGMVTTFO FWBQPSJFSFO CFJ SFDIU OJFESJ HFO 5FNQFSBUVSFO [XJTDIFO ¡$ %BT IFJ U #VET EJF VOUFS IPIFO 5FNQFSBUVSFO IFSBOSFJGFO TJOE OJDIU TP XPIMSJFDIFOE VOE QTZDIPBLUJW XJF #VET EJF [XJTDIFO ¡$ SFJGFO
" 8ÊISFOE FJOFT TPOOJHFO 5BHFT JN 8JOUFS # *N 7FSHMFJDI [VS "V FOMVGU JTU EJF $0 ,PO[FOUSBUJPO [V OJFESJH GàS FJO HFTVOEFT 1GMBO[FOXBDITUVN
(BSUFOBSCFJU JO EFS XàTUF
#JFSIFSTUFMMVOH JN HBSUFO[JNNFS
*DI HÊSUOFSF JO EFS 8àTUF &T JTU OJDIU EJF CFTUF &SEF BVG EFS 8FMU *DI IBCF BMT 4UBSUNJTDIVOH GàS NFJOF 1GMBO[FO ESJOOFO HFXÚIOMJDIFO .VUUFSCPEFO #MVNFOFSEF VOE ,VIEVOH HFNJTDIU /BDIEFN JDI EJF 4ÊNMJOHF ESBV FO FJOHFQGMBO[U IBUUF XVSEFO JISF #MÊUUFS HFMC VOE GJFMFO BC %JF Q) 8FSUF TJOE [V IPDI [XJTDIFO CJT 8JF LBOO JDI EFO Q) 8FSU IFSBCTFU[FO PIOF $IFNJLBMJFO [V WFSXFOEFO $ZOUIJB
*DI CSBVF #JFS JO EFNTFMCFO ;JNNFS JO XFMDIFN JDI FJOFO (BSUFO NJU FJOFS FJO[JHFO 8BUU .FUBMMIBMPHFOJEMBNQF CFUSFJCF 8FOO JDI NFJ OFO "OTBVHWFOUJMBUPS EFS EJF -VGU JN (BSUFO [JSLVMJFSFO MÊTTU OFCFO EJF #SBVCFIÊMUFS QPTJUJPOJFSF USFJCU FS EBOO EBT $0 [V NFJOFO 1GMBO[FO %JF -JUFS #FIÊMUFS CFGJOEFO TJDI EJSFLU VOUFS NFJOFO 1GMBO[FO XFMDIF JO FJOFS DN Y DN Y DN #PY TUFIFO *DI WFSXFOEF FJOFO DN $.. "OTBVHWFOUJMBUPS BO EFS VOUFSFO MJOLFO &DLF EFS #PY VOE FJOFO DN $.. 7FOUJMBUPS EFS BO FJOFO "LUJWLPIMFGJMUFS BO EFS PCFSFO SFDIUFO 4FJUF EFS #PY BOHFTDIMPTTFO JTU %JF -VGU [JSLVMJFSU JO EFS #PY VOE JDI WFSXFOEF FJOFO LMFJ OFO QFOEFMOEFO 7FOUJMBUPS DN àCFS EFN "OTBVHWFOUJMBUPS +VMJBO
%VSDI BMLBMJTDIF #FEJOHVOHFO WFSVSTBDIUFS &JTFONBOHFM GàISUF [V HFMC WFSGÊSCUFO #MÊUUFSO NJU HSàOFO #MBUUBEFSO %BT 1SPCMFN XVSEF [VFSTU BO EFO NJUUMFSFO #MÊUUFSO FSLFOOCBS %BOO XBOEFSUF FT IPDI [V EFO OFVFSFO "VTXàDITFO 5SPDLFOF BMLBMJTDIF &SEF [V WFSCFTTFSO JTU OJDIU FJOGBDI 4UBUUEFTTFO XFOO EV OVS FJOJHF XFOJHF 1GMBO[FO BOCBVTU JTU FT XBISTDIFJOMJDI FJOGBDIFS TJF JO )PDICFFUFO PEFS $POUBJOFSO BO[VQGMBO[FO EJF NJU IPDIXFSUJHFS &SENJTDIVOH PEFS -BOETDBQF .JY HFGàMMU TJOE &JOF BOEFSF WFSHMFJDICBSF .FUIPEF JTU 1GMBO[MÚDIFS [V HSBCFO VOE TJF NJU OFVFS &SENJTDIVOH [V GàMMFO 8FOO EV JO FJOFN TPOOJHFO #FSFJDI QGMBO[U VOE WPO EFO 1GMBO[FO FSXBSUFTU EBTT TJF FJO .FUFS CSFJU XFSEFO TPMMUF EBT 1GMBO[MPDI PEFS EFS $POUBJOFS FJOFO %VSDINFTTFS WPO NJOEFTUFOT DN IBCFO VOE DN UJFG TFJO %V LÚOOUFTU BVDI WFSTVDIFO EFO BVTHFHSBCFOFO #PEFO NJU EFO àCMJDIFO .JUUFMO [V WFSCFTTFSO ,VI VOE BOEFSFO 4UBMMNJTU HFCSBVDIUF &SENJTDIVOH ,PNQPTU VOE LPN QPTUJFSCBSF .BUFSJBMJFO FCFOTP XJF TÊVSFIBMUJHF PSHBOJTDIF 4UPGGF [ # ,JFGFSOBEFMO ,BGGFFTBU[ VOE ;JUSPOFOTDIBMFO &MFNFOUBSFS 4DIXFGFM VOE (JQT WFSÊOEFSO BMMNÊIMJDI EFO Q) 8FSU JOEFN EBT ,BM[JVN JN #PEFO OFVUSBMJTJFSU XJSE 4ÊVSFIBMUJHF CJPMPHJTDI PSHBOJTDIF %àOHFS XJF #BVNXPMMTBNFONFIM VOE TFIS QIP TQIPSIBMUJHFT 1 (VBOP LÚOOFO TJDI BVDI BMT IJMGSFJDI FSXFJTFO "NNPOJVNTVMGBU VOE BOEFSF TÊVSFIBMUJHF %àOHFS TFU[FO FCFOGBMMT EFO #PEFO Q) IFSBC *O HSÚ FSFN 6NGBOH LÚOOFO EJF HMFJDIFO WFSCFTTFSOEFO ;VTÊU[F JN )FSCTU [VTBNNFO NJU FJOFS ;XJTDIFOGSVDIU VOUFSHFQGMàHU XFSEFO *N 'SàIKBIS XJSE EJF ;XJTDIFOGSVDIU NJU FJOFS 4DIFJCFOFHHF VNHFCSPDIFO ÊIOMJDI EFN .ÊIFO VOE EJF 4ÊNMJOHF PEFS ,MPOF XFSEFO OBDI ESBV FO VNHFTFU[U -JFHFO EJF #PEFOXFSUF JNNFS OPDI BV FSIBMC EFT JEFBMFO #FSFJDIT LBOO EBT (JF XBTTFS EVSDI 4FOLVOH EFT Q) FJOHFTUFMMU XFSEFO VN EJF BMLBMJTDIFO #FEJOHVOHFO EFS &SEF BVT[VHMFJDIFO
$0 OVU[FO *DI CBVF 1GMBO[FO BVG FJOFS 'MÊDIF WPO DN Y DN BO %JF 5FNQFSBUVS XJSE VN EJF ¡$ HFIBMUFO EJF 'FVDIUJHLFJU [XJTDIFO VOE VOE JDI WFSXFOEF GàS EJF #FMFVDIUVOH FJOF 8BUU )PDIESVDL /BUSJVNEBNQGMBNQF /%- %JF 1GMBO[FO TJOE JN WFHFUBUJWFO 4UBEJVN *DI WFSXFOEF LFJO $0 CJT [XFJ 8PDIFO CFWPS EJF 1GMBO[FO JO EJF #MàIQIBTF HF[XVOHFO XFSEFO .FJO 'SFVOE TBHU EJF 1GMBO[FO NàTTUFO TDIOFMMFS XBDITFO VOE FJOFO HSÚ FSFO &SUSBH QSPEV[JFSFO 8JF EFOLTU EV EBSàCFS 'JOBO[JP .BJMBOE
%FS 1SP[FTT EFT #JFSCSBVFOT CFSVIU BVG EFS 5ÊUJHLFJU [VDLFSGSFTTFOEFS )FGFO 4JF TFU[FO "MLPIPM VOE ,PIMFOEJPYJE $0 GSFJ #FJ ;JNNFSUFNQFSBUVS CMFJCU EJF )FGF FUXB ESFJ 5BHF BLUJW CJT EFS HFTBNUF ;VDLFS WFSCSBVDIU JTU %VNNFSXFJTF JTU $0 EBTT XÊISFOE EFS %VOLFMQIBTF GSFJHFTFU[U XJSE WPO LFJOFSMFJ /VU[FO GàS EJF 1GMBO[FO EB TJF FT OVS JO EFS -JDIUQIBTF OVU[FO XFOO EJF 1IPUPQFSJPEF TUBUUGJOEFU 8FOO EBT $0 OBIF BN "OTBVHMVGUTUSPN FOUXFJDIU XJSE FT JO EFO 4USPN IJOFJOHF [PHFO EFS [VN #MÊUUFSEBDI EFS 1GMBO[F HFMFJUFU XJSE 4P XJSE EFS JO QQN QBSUT QFS NJMMJPO HFNFTTFOF $0 "OUFJM JO EFS 6NHFCVOHTMVGU WPO EFO 1GMBO[FO FSIÚIU %BT [VTÊU[MJDIF $0 FSIÚIU EJF 1IPUPTZOUIFTFSBUF FJO XFOJH 8JSE BCFS EFS (BSUFO FSHÊO[FOE NJU $0 BVT FJOFN 5BOL WFSTPSHU VOE EBEVSDI EBT QQN 7FSIÊMUOJT EFS VNHFCFOEFO -VGU FSIFCMJDI BOHFIPCFO CFTDIMFVOJHU TJDI EBT 1GMBO[FOXBDITUVN
#FTUÊVCVOH 8JFWJFM ;FJU CFBOTQSVDIU EJF #FTUÊVCVOH OBDIEFN EJF 1PMMFO NJU EFO (SJGGFMO PEFS /BSCFO JO #FSàISVOH HFLPNNFO TJOE .BSJBWJUUPSJB *O EFS 7FSHSÚ FSVOH TFIFO EJF (SJGGFM EFS XFJCMJDIFO #MàUF #àSTUFO TFIS ÊIOMJDI ,MFJOF )ÊSDIFO SBHFO BVT EFS )PIMSÚISF IFSWPS %JF #àSTUFO EVSDILÊNNFO EJF EVSDI[JFIFO EF -VGU OBDI $BOOBCJTQPMMFOLÚSOFSO +FEF #MàUF TUFMMU [XFJ (SJGGFM [VS 4DIBV &JOFS JTU NJU EFN &NCSZP WFSCVOEFO EFS BOEFSF NJU EFN HFOFUJTDIFN .BUFSJBM JO EFS #MàUF XFMDIFT EBT &OEPTQFSN /ÊISHFXFCF CJMEFU EBT HFNFJOTBN NJU EFN &NCSZP JO EFS 4BNFOBOMBHF VOUFSHFCSBDIU JTU 4PCBME FJO $BOOBCJTQPMMFOLPSO MBOEFU XJSE FT JO EBT *OOFSF EFT (SJGGFMT HFMFJUFU %FS (SJGGFM TDIMJF U TJDI VOE CMFJCU GàS XFJUFSF 1PMMFO VOFNQGÊOHMJDI %BT FSFJHOFU TJDI JOOFSIBMC XFOJHFS .JOVUFO EFT ,POUBLUFT %FS (SJGGFM CFHJOOU [V USPDLOFO FJO 1SP[FTT EFS JO FJOJHFO 5BHFO BCHFTDIMPTTFO JTU &JONBM JO EFS 3ÚISF XJSE EBT HFOFUJTDIF .BUFSJBM EVSDI TJF IJOEVSDI [VN 'SVDIULOPUFO PEFS &OEPTQFSN HFMFJUFU %FS 'SVDIULOPUFO CFIFSCFSHU EFO XFJCMJ DIFO HFOFUJTDIFO #FJUSBH [VN 4BNFO %FS &NCSZP VOE EBT &OEPTQFSN XFSEFO WPO EFS 1GMBO[F FSOÊISU /PSNBMFSXFJTF JTU EJF 4BNFOCJMEVOH JO [XFJ CJT ESFJ 8PDIFO BCHFTDIMPTTFO .JU #FHJOO EFS 7FSTDINFM[VOH EJFOU EBT &OEPTQFSN BMT FJOF /BISVOHTRVFMMF GàS EFO XBDITFOEFO &NCSZP
%FJO 4ZTUFN LÚOOUF NFIS QSPEV[JFSFO XFOO FJOGBDI OVS EJF 5FDIOJL SJDIUJH FJO HFTUFMMU XàSEF %JF 1GMBO[FO CFLPNNFO HFOVH -JDIU LÚOOFO FT BCFS OJDIU FGGFLUJW OVU[FO XFHFO EFT CFHSFO[UFO $0 (FIBMUT VOE FJOFS 5FNQFSBUVS EJF OJFESJHFS JTU BMT XJF FT EJF 1GMBO[FO CFWPS[VHFO .BSJIVBOB OVU[U $0 JO BMMFO 4UBEJFO EFT 8BDITUVNT EPDI XFMDI VOUFSTDIJFEMJDIF #FEFVUVOH EFN [VLPNNFO LBOO USJUU XÊISFOE EFS WFHFUBUJWFO 8BDITUVNTQIBTF BN LMBSTUFO [VUBHF %JF 1GMBO[FO XBDI TFO EBOO BN TDIOFMMTUFO VOE EBT $0 JTU EBGàS FJOF XFTFOUMJDIF 7PSSBVTTFU[VOH %BT $0 CJT TQÊU JO EJF WFHFUBUJWF 1IBTF IJOFJO [VSàDLIBMUFO CFTDISÊOLU EBT 8BDITUVN VOE OVU[U EJF WPN -JDIU HFMJFGFSUF &OFSHJF [V XFOJH 8JSE GSàI JO EFS WFHFUBUJWFO 1IBTF NJU EFS $0 "OSFJDIFSVOH CFHPOOFO GàISU EBT [V FJOFN TDIOFM MFSFO 8BDITUVN VOE FJOFN HSÚ FSFO &SUSBH
7FSTDINVU[UFT HSBT SFJOJHFO
/FCFO EFS IPIFO -JDIUTUÊSLF GàS EJF EV TDIPO HFTPSHU IBTU VOE FJOFN $0 "OSFJDIFSVOHTQSPHSBNN EBT EFO (FIBMU BVG QQN BOIFCU TPMMUF BVDI EJF 5FNQFSBUVS FSIÚIU XFSEFO EBNJU EFS 4UPGGXFDITFM EFS 1GMBO[FO TDIOFMMFS BSCFJUFU VOE EJF 1IPUPTZOUIFTF CFTDIMFVOJHU XJSE &JOF 5FNQFSBUVS [XJTDIFO VOE ¡$ FSNÚ HMJDIU EFO 1GMBO[FO TDIOFMMFS [V iBSCFJUFOw %BT &SHFCOJT TJOE TDIOFMMFS XBDITFOEF 1GMBO[FO EJF FJOFO IÚIFSFO &SUSBH BCXFSGFO
%V IBTU SFDIU VOFSXàOTDIUFS 4UBVC )BVUTDIVQQFO #FMÊHF VOE $IFNJLBMJFO IBGUFO NBODINBM BO EFO #VET 8JF LÚOOUF FT BOEFST TFJO %JF #VET TJOE LMFCSJH %V MJFHTU BVDI SJDIUJH EBNJU EBTT NJU EFS 7FSXFOEVOH WPO 8BTTFS GàS EJF #FBSCFJUVOH EFS #VET EJF 4DIBETUPGGF VOE 7FSVOSFJOJHVOHFO XFHHFTQàMU XFSEFO %JF )FSTUFMMVOH WPO 8BTTFSIBTDI JTU FJO HFFJHOFUFS 8FH VN EJF 4DIBETUPGGF WPO EFO 8JSLTUPGGFO [V USFOOFO
1GMBO[FO OVU[FO $0 OVS XÊISFOE EFS -JDIUQIBTF EBIFS JTU EJF "OSFJDIFSVOH JO EFS %VOLFMQIBTF BN "CFOE VOOÚUJH
"OEFSF 3FJOJHVOHTWFSGBISFO TJOE EJF àCFSLSJUJTDIF $0 &YUSBLUJPO VOE DIFNJTDIF &YUSBLUJPOFO VOUFS 7FSXFOEVOH WPO "MLPIPM UIFS PEFS BOEFSFS -ÚTVOHTNJUUFM XPEVSDI 5JOLUVSFO PEFS ½MF FOUTUFIFO
(JCU FT FJOF .ÚHMJDILFJU FJOF 0VUEPPS &SOUF [V SFJOJHFO *DI IBCF FUXBT àCFS 'FSNFOUJFSVOH HFMFTFO VOE FT TDIFJOU EBCFJ OVS VN EBT MFU[UF 4UBEJVN EFT 5SPDLOFOT [V HFIFO 4JDIFS XFOO FJOF 1GMBO[F ESBV FO BOHFCBVU XJSE JTU EJF 8BISTDIFJOMJDILFJU HSP EBTT TJF NJU BMMFO NÚHMJDIFO CJPMPHJTDIFO VOE DIF NJTDIFO 4VCTUBO[FO WFSVOSFJOJHU XPSEFO JTU XFOO TJF BVDI VOTJDIUCBS TJOE &T LBOO OJDIU HFTVOE TFJO #BLUFSJFO 1JM[F VOE 4UBVCQBSUJLFM WPO "VUPBCHBTFO [V WFSCSFOOFO VOE [V JOIBMJFSFO *TU EBT )FSTUFMMFO WPO 8BTTFSIBTDI FJOF HVUF .ÚHMJDILFJU WFSTDINVU[UF #VET [V SFJOJHFO 8FJ U EV FJOF BOEFSF .ÚHMJDILFJU 8BMHSBFG &OHMBOE
+$1)0(66( .21*5(66 (YHQW 3\UDPLGH :LHQ $XVWULD
ZZZ FXOWLYD DW
0( !9
7 ! ,0"+1% ) &0 1%" $2/2 ,# $ +' 8 &$% &*"0
!
" ! %
! $ " # # # # ! # # ! $ $
! # $ ! " ! $ $ ! $ # " ! ! $ ! $ " ! " # " ! ! " " # " ! !
!
# s " # ! s ! ! % $ s " #
! 0-"+1 5" /0 -"/#" 1&+$ %&0 $/,4 1" %+&.2" )) 5,2 +""! &0
/!(. ! 0.! ! $ %* ! !(%/. '%#$/ %) ) 0)0.0 ''4 ) -*2 .+! /-0( $! (%)!- '. 0.! /* ( &! %/ !/!-(%)! /$! +)%&# $ .+! /-0( # # /$! %* ! !(%/. )! $ ' ' (+. ! % %$ (%/ (*./ *" &% % * $ ' /$!%- '%#$/ %) * .+! /-0(. /$ % #&
/ -! )*/ 1!-4 0.!"0' /* /$! +' )/ %/$ . 53/0-!. UÊ !$ ) ! !.%#)! &$ $$ % /* +-*1% ! /$! +' )/. % %# %* 2%/$ !3 /'4 /$ $ ! # ! .+! /-0( /$ & % / /$!4 % !# )!! "*- ( 3%(0( & % #-*2/$ ( %% $ ( 4 / %'*-%)# $ ' ! /$! %* !. # '%#$/ .+! * # ( /-0( /* +' )/ ! # % % !,0%-!(!)/. $% . ) ! #& ( (*-! !"5 %!)/ +-* 0 !-. %( ' ' (+. &#$ * !'%1!- (*-! /*/ ' '%#$/ +!- 2 UÊ $ $% // *" %)+0/ 0/ . -! # %
/2% ! . !"5 %!) & $ UÊ $ / %) '%#$/ +!- 2 // %% % . ' (+ . $ / "& ! (! ). 2 ' % %# $% (+ ) ! .0 % $ ./%/0/! "*- % % # "& #
2 ' ( # # ( % # + ) /$! 2 ' (+. ' % % $*$% ) ! .0 ./%/ $ # # 0/! "*- 2 ' (+. % #$ $! 5-./ #!)!- /%*). *" ' (+. % )*/ !(%/ ) %) /!).! !)*0#$ '%#$/ /* .0+ . -! +*2!-! +*-/ !%/$!- 4 !%/$!- /%1! 1!#!/ / /- ). "*-(!%1! #-*2/$ *- *- %#%/ ' 6*2!-%)# 0/ -%1!- - )."* (* !-) 53/0-!. -(!-. -! .%(%' - /* 2$% $ 0.! $%#$!- + %/ *' ./4'! ( #)!/% 4 %* !. $ 1! '' ./. "*- 0)%/. .*'1! /$*.! ! -'4 +-* /$!4 0.! (*-! '!(. !)!-#4 /$ ) %#%/ ' *)/-*'' %#$!- ,0 '%/4 !-. ) +-* 0 ! $! / /$ / .4./!(. 0.! ( ( 4 )!! /* ! *./'4 -! '%#$/ '*)# 2%/$ %..%+ /! $%. %
.*(! '0! 0./ . .( '' *).% !- /%*) . 2%/$
)4 */$!- +-* *(+ -! /* /$! 0 / ( )0" /0-!-. " "" $ # $! / ' (+. +-* 0 ! " + ./ ) - . %""!- $ 2$% $ $ . /* "!2 ( )0" /0 $ & " & % #") " "' ! 1!)/! ' ' $ " -!-. '# (& (& ' , (+. !(%/ 1%-/0 $ $# %$ #-!!) '%#$/ /$! % '* ' ''4 )* $! / . , - "' ' $%# ( $ . .$*2) "# $ $ " * /$!4 ) ! +' ! $ # $ # /* ! !""! /%1! 2%/$ +' )/. ) 1!-4 ' !$& , % &! %& " ! ' % && ' ' " % " *.! /* / $ , ( !- %. '.* $! # - !) ) &# ' , % &, '# -! )*/ !) 0( " %# .*(!/%(!. ' ' . %#* ! *./ !-! 2%/$ /0 " & " # # ' & #(% "&' ( )0" /0-!-. !. "*- %- *- " ) " 2 /!- **'%)# % ( & " % , #"&( %) '0 ! "!2 #% $ # " 2$%/! '%#$/ !(%//!!$' #" & #!$ % ' ! " $! 14 1!)/%' ' $ " * ' #% &,&' !& , . %) /$!%- 0)%/. & " $ $ " $ * /%*) *- )4 *" /$! */$!- + $ $!.! %* !. /0 ''4 !( * '!(. ) $ " *- %) *)1!)%! ' $ " #)#$ %/ *( %) /%* ) !. " *" ) *" -! #-!!) ) '0! "" $ ' (+. # $ " +$ .+! /-0(. 2$% $ # $ $ %#$/ "-*( . *" 2 *( %)! /* ++! $ %# % $ .4./!( ) ! *( %) 2$%/! $%/! # #) $ #$ #) $ & ! ' ) %, '' 2%/$ ) ! '%#$/. $!'+ ' " " $ # ) 1 )/ # ' (+. # '# ' $ "'& ' &$% ) %, #& /* */$ .0++'4 0.!"0' 2 1!'! ( # & ! *" 0.%)# .* /$!-! %. )* -! .*) /* . - + )#/$. "*- /$! *( %) & ' / " &
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
$$ " $ //. *" . /$! 4!''*2 .+! /-0 $ " 2 //. *" %)# %)# -! ( ! % "#! $# $ # . -! /!. / ) '0! . $ $ $" $" & # $! !,0%1 '!)/ # $ " $ $ %)./! %) -! . & # ! # ! $ #" ! $" # ! " ! " & ' "( '%#$/ 0/ ' ' $ " !. ! , '# )*/ %) /$! 4!' '*2 .+! /-0( # ' $ $ " % #)#$ #$ " # $ " " # $ " " #
## " # $ " ) $ ' $ $ "" " # $ $ $ $# $ " $ ) % %# $ # %#$ #% $ $ " ) $# " " $ $%" # %" # $ # # " " " # ' " # $ " $ $ " # #% & # " $ " % $ #% " " # # "$# # %$ " $ # * " %" & ") $ "$ $# ' $ ' $ " # " ' #$ $# "" $ "$ * # " !% " " $ $# ' %# "$ * " # %$ " $# $ ' $ " " # "" $ %# "" $ #)#$ # $ $ + # # & ") $" $" % $ " " # "& " %# %# ) ( $) " " & $) ' " #% $ " $ $ ) $ $ & "# ' $ # # " # $ " $ " % $ # $# " #$ + $ $ " % $ $# ) %# " " #% $ " #)#$ #$ & " ' $ ) " " # " # & ")
& # " # $ + $ %# ## " "" $ & " $ $ $ $ ' $ # $ % " # + ' $ " ' $ " " & " ' $ " # ' ) " # " # ' " $ $ $ # " " $ " " " " % # " $# # " " $ $# " " $ $ , ' " & " " # "& " $ ' $ " # ' ) & "# ' $ " # " %# $ $ % # $ $ $ # ' " #%# $ $ $$ # $ $ $$ #$ ) ' #$%" # " # $
/&+%# -07'2+/) .'-- #34' (2'3* 700&39 .
&#93 +)* #/)0 %+4253 4#34' *'#69 $0&9 340/' 3-''19 -0/) -#34+/)
"
/&+%# ()*#/ 8 ,5/, *' ()*#/+ #:#2 + 7'',3 '#2-9 06 054 *#2+(( 1#24 +3 # 6'29 3 &0023 *040 54%* *024 *2+34.#342'' -+,' #33+0/ ''&3 1-#/4 +)* 6'29 51
-07'2+/)
HD9FL <AK=9K=K
H=KL AFN9KAGFK
! % # $ # ! !
E=9DQ :M?K 9F< EAL=K
<ak]Yk]k
3" 5,2/ $ /!"+
HGO<=JQ EAD<=O
D=9> K=HLGJA9
O@AL=>DA=K
9H@A<K
EGD<Q :M<
JGGL JGL
L@JAHK >MK9JAME OADL
KHA<=J EAL=K
FMLJA=FL :MJF
s
9FLK
=fnajgfe]flYd Klj]kk]k
=FNAJGFE=FL9D KLJ=KK=K KHA<=J EAL=K
DA?@L :MJF
;9L=JHADD9JK 9F< KDM?K
s
GN=JO9L=JAF?
D=9> EAF=JK
9F< EM;@ EGJ=
9DKG AF;DM<=K AF>GJE9LAGF GF <==J$ >MF?MK ?F9LK$ ?GH@=JK$ EGD=K 9F< J9LK @=9L :MJF
;GJF :GJ=JK
0UJS\KLZ KPHNUVZ[PJ N\PKL [V [OL TVZ[ JVTTVU NHYKLU WYVISLTZ
"01 #/,* 1%" ""! /""!"/0
3 &) )" 1%/,2$% 444 0"+0&0""!0 ,*
")
444 $/,4 &+ "/)&+ ,*
)) ,,(0 3 &) )" 1 444 * 6,+ ,* ,,(0
67 # MBNQFO *DI IBCF EFJO *OGP àCFS 67 # -JDIU HFMFTFO *DI IPGGF FT XJSE NJS EB[V WFSIFMGFO IPDIXFSUJHFSFT NFEJ[JOJTDIFT .BSJIVBOB IFSBO[V[JFIFO *DI XàSEF NFJOFO (BSUFO HFSOF NJU EJFTFO -BNQFO BVTTUBUUFO VOE JDI GSBHF NJDI XJF JDI EJF .FOHF -JDIU GàS EJF 1GMBO[FO CFSFDIOFO VOE XJF MBOHF JDI EJF -BNQFO FJOHFTDIBMUFU MBTTFO LBOO 0GGFOTJDIUMJDI IÊOHU EBT WPO EFS BOHFCBVUFO 4PSUF BC WPO EFS 4UÊSLF EFS -BNQF VOE WPO BOEFSFO 'BLUPSFO *DI XFJ EBTT EJF WPO NJS BOHFCBVUFO 4PSUFO BMMF BVT (FHFOEFO TUBNNFO XP EFS EVSDITDIOJUUMJDIF UÊHMJDIF 67 *OEFY CFUSÊHU XBT XFMUXFJU FYUSFNF 8FSUF TJOE 8FJ U EV FJOF .FUIPEF XJF NBO EJF .FOHF 67 # -JDIU CFSFDIOFU EJF FJOF -BNQF JN 7FSHMFJDI [VN 4POOFOMJDIU BCTUSBIMU *DI IBCF QSBLUJTDIF #FJUSÊHF HFTFIFO àCFS EJF #FSFDIOVOH EFT -JDIUCFEBSGT JN TJDIUCB SFO 4QFLUSVN NJU )JMGF EFS .BUIFNBUJL BCFS OJDIUT EBSàCFS XBT 67 BOHFIU *DI XàSEF BOOFINFO FT HFIU JSHFOEXJF NJU FJOGBDIFO .BUIFLFOOUOJTTFO EJF SJDIUJ HF 1PTJUJPOJFSVOH 8BUU[BIM VOE %BVFS EFS 67 # 4USBIMVOH FJOFS KFEFO -BNQF [V CFTUJNNFO (JCU FT FJOF "SU (MFJDIVOH EJF JDI WFSXFOEFO LBOO VN BVT[VSFDIOFO XJF MBOHF EJF -BNQF FJOHFTDIBMUFU CMFJCFO TPMMUF VN JIOFO FJOF UÊHMJDIF HMFJDIXFS UJHF %PTJT [V HFCFO EJF TJF ESBV FO CFJ FJOFN 67 *OEFY WPO CFLPNNFO XàSEFO 8FJ U EV FJOF 8BUU[BIM VOE FJOFO CFTPOEFSFO 67 # -BNQFOUZQ NJU EFOFO FT BN CFTUFO GVOLUJPOJFSU VOE EJF UÊHMJDIF -JDIUEPTJT GàS EJF 1GMBO[F $SB[Z $MFN .BSJIVBOB WPO HVUFS 2VBMJUÊU SFBHJFSU BVG 67 # BCFS OJDIU BVG 67 " -JDIU JOEFN TFJOF 1PUFO[ JO FJOFN [JFNMJDI EJSFLUFO 7FSIÊMUOJT [V EFS .FOHF EFT FSIBMUFOFO -JDIUT [VOJNNU 67 -JDIU JTU JN 4PNNFS WPO &OEF .BJ CJT &OEF "VHVTU BN TUÊSLTUFO %JF %BVFS EJFTFT ;FJUSBVNT NJU 4QJU[FOXFSUFO OJNNU NJU EFO OJFESJHFSFO #SFJUFOHSBEFO [V .JU [VOFI NFOEFN #SFJUFOHSBE OJNNU EJF *OUFOTJUÊU EFT 67 # -JDIUT BC FT JTU BVG .FFSFTIÚIF JOUFOTJWFS BMT JO HFCJSHJHFO (FHFOEFO *N 'SàITPNNFS CFHJOOU WPO 6IS BO EJF *OUFOTJUÊU EFT 67 # -JDIUT BVTHFIFOE WPO FJOFN TFIS OJFESJHFO /JWFBV [V[VOFINFO #JT 6IS IBU FT TJDI WFSEPQQFMU VOE [XJTDIFO VOE 6IS FSSFJDIU FT TFJOFO 4QJU[FOXFSU XFOO TFJOF *OUFOTJUÊU FJOFO (SBE FSSFJDIU EFS CFJOBIF WJFS NBM IÚIFS JTU BMT CFJ EFO 6IS .FTTVOHFO %BOO OJNNU EJF *OUFOTJUÊU BMMNÊIMJDI BC VOE GÊMMU CJT 6IS BVG OJFESJHF 8FSUF 8FOO EJF 4PNNFSUBHF LàS[FS XFSEFO WFSLàS[FO TJDI BVDI EJF 4QJU[FOQFSJPEFO TP EBTT TJDI CJT &OEF "VHVTU EFS 4UVOEFO ;ZLMVT BVG FUXB 4UVOEFO NJU 67 # 4QJU[FOXFSUFO WFSSJO HFSU %BOO WPO &OEF "VHVTU PEFS 4FQUFNCFS BO CFHJOOU TFJOF *OUFOTJUÊU TUFJM BC[VGBMMFO 8FOO EJF 1GMBO[FO JO EJFTFS ;FJU CMàIFO VOE SFJGFO XFSEFO EJF QPUFOUFTUFO 0VUEPPS #VET QSPEV[JFSU 4P XJS OJDIU WFSTVDIFO EJF "V FOCFEJOHVOHFO [V SFQSPEV[JFSFO LÚOOFO XJS TJF EPDI BMT 0SJFOUJFSVOHTIJMGF IFSOFINFO 8ÊISFOE EFS HFTBNUFO #MàUFQIBTF TPMMUFO EJF 1GMBO[FO UÊHMJDI GàS FUXB BDIU 4UVOEFO 67 -JDIU FSIBMUFO &T HJCU WFSTDIJFEFOF 67 -JDIURVFMMFO .FUBMMIBMPHFOJEMBNQFO FNJUUJFSFO FJOFO LMFJOFO 1SP[FOUTBU[ JISFT -JDIUT JOOFSIBMC EFT 67 # 4QFLUSVNT -FVDIUTUPGGSÚISFO GàS 3FQUJMJFO FNJUUJFSFO FUXB 1SP[FOU JISFS -JDIUMFJTUVOH BMT 67 # -JDIU EBT 3FQUJMJFO CFOÚUJHFO VN CFJ HVUFS (FTVOEIFJU [V CMFJCFO %JF XJSLTBNTUF 67 # -JDIURVFMMF JTU FJOF #SÊVOVOHTMBNQF &T HJCU WJFMF -BNQFONPEFMMF EJF TJDI IJO TJDIUMJDI EFT 1SP[FOUTBU[FT VOE EFS .FOHF EFT 67 " VOE 67 # -JDIUT VOUFSTDIFJ EFO 67 " TDIFJOU EJF 1GMBO[FO PEFS EBT 1GMBO[FOXBDITUVN OJDIU [V CFFJOGMVTTFO EBIFS NVTT VOT TFJO 7PSIBOEFOTFJO XFOJH JOUFSFTTJFSFO C[X FT OàU[U VOT OJDIUT #SÊVOVOHTMBNQFONPEFMMF EJF CFXPSCFO XFSEFO XFJM TJF FJOF UJFGF #SÊVOF FS[FV HFO FNJUUJFSFO EBT NFJTUF 67 # -JDIU 4VDIF OBDI -BNQFO EJF EBT NFJTUF 67 # QSP 8BUU QSPEV[JFSFO &T IBOEFMU TJDI EBCFJ JNNFS VN /JFEFSESVDLMBNQFO EJF XJF -FVDIUTUPGGSÚISFO BVTTFIFO %JF 3ÚISFO FSGPSEFSO TQF[JFMMF 7PSTDIBMUHFSÊUF VOE 7PSSJDIUVOHFO ÊIOMJDI EFOFO EJF GàS -FVDIUTUPGGMBNQFO WFSXFOEFU XFSEFO #FHJOOF NJU FJOFS -FJTUVOH WPO 8BUU QSP 2VBESBUNFUFS
6OUFSCSPDIFOFS MJDIU[ZLMVT %FS -JDIU[ZLMVT EFT (BSUFOT XVSEF [XFJ .BM VOUFSCSPDIFO %BT FSTUF .BM JO EFS FSTUFO #MàUFXPDIF CMJFC EJF ;FJUTDIBMUVIS [XFJ 5BHF MBOH JN &JOTDIBMU[VTUBOE IÊOHFO %BT [XFJUF .BM CMJFCFO EJF -JDIUFS JO EFS ESJUUFO 8PDIF BDIU 4UVOEFO BVT WPO EFN ;FJUQVOLU BO BMT TJF IÊUUFO BOHFIFO TPMMFO 8JF TFIS XFSEFO EJFTF 4UÚSGÊMMF NFJOF &SOUF CFFJOUSÊDIUJHFO #MBJS8JUDI %JF FJONBMJHF 6OUFSCSFDIVOH EFS %VOLFMQIBTF JO EFS GSàIFO #MàIQFSJPEF IBU FJOFO NJOJNBMFO &JOGMVTT BVG EJF #MàIQFSJPEF VOE EJF &OUXJDLMVOH EFS #VET 1BTTJFSU EBT XJFEFSIPMU TBHFO XJS NFIS BMT FJO .BM JO EFS 8PDIF XFSEFO LMFJOFSF #VET EBT &SHFCOJT TFJO EJF OJDIU TP HVU FOUXJDLFMU TJOE XJF CFJ NFIS (MFJDINÊ JHLFJU %JF 6OUFSCSFDIVOH EFT -JDIU[ZLMVT XJF FT EFO 1GMBO[FO TQÊUFS HFTDIBI IBU WJFM XFOJHFS &JOGMVTT BVG EJF #MàUF 1GMBO[FO WFSGPMHFO OJDIU XJF MBOHF EJF -JDIUQIBTF EFS 1IPUPQFSJPEF EBVFSU TPOEFSO EJF 4UVOEFOBO[BIM EFS %VOLFMQIBTF (FIU GàS EJF 1GMBO[FO FJO 5FJM EFS -JDIUQIBTF WFSMPSFO XFSEFO TJF GàS EJFTF ;FJU EFS &OFSHJF GàS EBT 8BDITUVN CFSBVCU
LH "MVNJOJVNUBOL XJFHFO FUXB LH
8BTTFSTUPGGQFSPYJE VOE EàOHFS 8FOO JDI 8BTTFSTUPGGQFSPYJE ) JOT 8BTTFS HFCF CFJ FJOFN *OEPPS "OCBV JO &SEF LBOO JDI EBOO %àOHFS JO EBT HMFJDIF 8BTTFS NJTDIFO 8JSE EFS %àOHFS PEFS EBT ) BVG FJOF OBDIUFJMJHF "SU VOE 8FJTF SFBHJFSFO 'BCSJ[JP 8BSVN HJCTU EV 8BTTFSTUPGGQFSPYJE JOT (JF XBTTFS XFOO EV FJOF &SENJTDIVOH WFSXFOEFTU *DI GSBHF EFTIBMC XFJM GàS (ÊSUOFS FJOFS EFS (SàOEF &SENJTDIVOHFO [V WFSXFOEFO EBSJO CFTUFIU EBT 8BDITUVN WPO .JLSPPSHBOJTNFO JO EFS 3IJ[PTQIÊSF [V GÚSEFSO JO EFN #FSFJDI EFS EJF 8VS[FM VONJUUFMCBS VNHJCU %JFTF 0SHBOJTNFO XJF FUXB .ZLPSSIJ[BQJM[F MFCFO NJU EFO 8VS[FMO JO FJOFS TZNCJPUJTDIFO #F[JFIVOH 4JF WFSTPSHFO EJF 8VS[FMO NJU .JOFSBMTUPGGFO TPXJF 8BDITUVNTTUJNVMBUPSFO VOE FSIBMUFO JN (FHFO[VH QGMBO[MJDIF &S[FVHOJTTF XJF [ # ;VDLFS %JF 0SHBOJTNFO SFBHJF SFO FNQGJOEMJDI BVG 8BTTFSTUPGGQFSPYJE EBT JO IZESPQPOJTDIFO 4ZTUFNFO IÊVGJH BMT 4UFSJMJTJFSNJUUFM WFSXFOEFU XJSE 8BTTFSTUPGGQFSPYJE CFTUFIU BVT FJOFN 8BTTFSNPMFLàM NJU FJOFN [VTÊU[MJDIFO 4BVFSTUPGGBUPN 0 XPCFJ EJF #JOEVOH [XJTDIFO CFJEFO OJDIU TUBCJM JTU &T LBOO TJDI MFJDIU WPO EFN 8BTTFSNPMFLàM BCTQBMUFO VOE TJDI NJU BOEFSFO .PMFLàMFO WFSCJOEFO TJF PYJEJFSFO 8FOO FT TJDI BO FJOFO .JLSPPSHBOJTNVT BOIÊOHU XJSE EJFTFS EBEVSDI HFUÚUFU ,PO[FOUSJFSUFT 8BTTFSTUPGGQFSPYJE JTU TFIS ÊU[FOE VOE FCFOTP HFGÊISMJDI XJF FJOF TUBSLF 4ÊVSF %BT WPO EJS WFSXFOEFUF WFSEàOOUF ) c 1SP[FOU JTU IJOHFHFO VOHF GÊISMJDI .BODIF -FVUF OFINFO FT [VN (VSHFMO 'àS EJF (FNFJOTDIBGU EFS .JLSPPSHBOJTNFO KFEPDI EJF TZNCJPUJTDI NJU EFO 8VS[FMO [VTBNNFOMFCFO LBOO FT WFSIFFSFOEF 'PMHFO IBCFO #FJ EFS 7FSXFOEVOH WPO CJPMPHJTDI PSHBOJTDIFN %àOHFS JTU FT TFIS XBISTDIFJOMJDI EBTT EJF LPIMFOTUPGGIBMUJHFO $ #FTUBOEUFJMF EVSDI EBT ) PYJEJFSU XFSEFO .JU .JOFSBMTUPGGFO CFTUFIU JNNFS OPDI EJF .ÚHMJDILFJU HFHFOTFJUJHFS #FFJOGMVTTVOH PCXPIM EJFT OJDIU TFIS XBISTDIFJOMJDI JTU #FJ WFSEJDIUFUFO &SEFO EJF XFOJH -VGU FOUIBMUFO BCFS WJFM 8BTTFS [VSàDLIBMUFO LBOO EJF ;VHBCF WPO ) IFMGFO FJOFO TDIMFDIUFO ;VTUBOE [V WFSCFTTFSO 8VS[FMO CFOÚUJHFO BFSPCF #FEJOHVOHFO E I TJF CSBVDIFO 4BVFSTUPGG GàS EFO 4UPGGXFDITFM 4POTU GVOLUJPOJFSFO TJF OJDIU FJOXBOEGSFJ VOE TJOE BOGÊMMJH HFHFOàCFS ,SBOLIFJUFO XJF 8VS[FM VOE 4UÊOHFMGÊVMF %VSDI EJF ;VHBCF WPO ) JO EBT 8BTTFS XJSE 4BVFSTUPGG BO EJF 8VS[FMO HFCSBDIU EFOO FUXBT WPO EFN 4BVFSTUPGG XJSE GàS EJF 8VS[FMO WFSGàHCBS
4)01 3&7*&8
-55 2VBMJUÊU OVS ,JMPNFUFS WPO 7FOMP FOUGFSOU *N /PSE -JNCVSHFS .BBTCSFF IBU TJDI -BOE 5VJOCPVX 5SBEJOH JOOFS IBMC LàS[FTUFS ;FJU VOUFS *OEPPS (ÊSUOFSO VOE BOEFSFO -JFCIBCFSO FJOFO TPMJEFO /BNFO BVGHFCBVU 6N -BOE 5VJOCPVX 5SBEJOH FSSFJDIFO [V LÚOOFO NVTT NBO OJDIU OBDI .BBTCSFF IJOFJO EFOO OPDI WPS EFN %PSG CJFHU NBO SFDIUT BVG EFO 1SPWJODJBMFXFH / VOE TUFIU NBO JO XFOJHFO .JOVUFO WPS EFS 5àS -BOE 5VJOCPVX 5SBEJOH LVS[ -55 CFHSà U TFJOF ,VOEFO BVG EFN *OEVTUSJFHFCJFU %F 4DIPS VOHFGÊIS ,JMPNFUFS WPO EFS %FVUTDIFO (SFO[F FOUGFSOU "C %àTTFMEPSG TJOE FT DB LN BC ,SFGFME VOE .ÚODIFOHMBECBDI TJOE FT DB LN %FS -BEFO JTU HFTFH OFU NJU FJOFS JEFBMFO -PDBUJPO BN 3BOEF EFT *OEVTUSJFHFCJFUFT HFOBV HFHFOà CFS FJOFN 0CTUCBVNGFME #FTTFS HFIU T OJDIU XFOO FT VN EJF 1SJWBUTQIÊSF VOE %JTLSFUJPO EFS ,VOEFO HFIU 6OE XFOO EBT OPDI OJDIU EJTLSFU HFOVH JTU EBOO XFSEFO BVDI HFSOF EJF 1GPSUFO EFS )BMMF HFÚGGOFU TP EBTT EFS 8BHFO o XFOO OÚUJH EFS 'SBDIUXBHFO WPMMTUÊO EJH BV FS 4JDIU HFQBSLU XFSEFO LBOO 4UBSL TJOE EJF -JNCVSHFS WPS BMMFN JN 4FSWJDF FT NVTT TDIPO NJU EFN 5FVGFM [VHFIFO LBOO EBT HFNàUMJDIF -55 5FBN OJDIU XFJUFSIFMGFO ,FJO 8VOTDI JTU EFO )FSSFO [V BVTHFGBMMFO EJF $IBODF EBTT NBO IJFS OJDIU GJOEFU XBT NBO TVDIU JTU NJOJNBM WFSTJDIFSU VOT EFS (FTDIÊGUTGàISFS /BUàSMJDI CSBV DIFO #FTVDIFS BVT %FVUTDIMBOE LFJOF "OHTU WPS ,PNNVOJLBUJPOTQSPCMFNFO [V IBCFO EFOO TDIMJF MJDI TQSJDIU NBO IJFS HFOBV XJF JN 3FTU EFT (SFO[HFCJFUFT TFIS HVU %FVUTDI
"OHFCPUF 4FSWJDF ÃCFS EFO &JOHBOH EFS HFHFOXÊS UJH BVDI BMT 4IPXSPPN GàS ;VDIU[FMUF EJFOU HFMBOHU NBO JO EFO BOTFIOMJDI WPMMHFMBEFOFO 7FSLBVGTSBVN 7PS BMMFN EJF "VTXBIM BO /BISVOHTNBSLFO JTU CFFJOESVDLFOE "CFS BVDI GàS BMMF BOEF SFO ;VDIUVUFOTJMJFO HJCU FT FJOF SJFTJ HF "VTXBIM BO 2VBMJUÊUTQSPEVLUFO *N VOXBISTDIFJOMJDIFO 'BMMF EBTT FUXBT
OJDIU WPSSÊUJH JTU IBU NBO EBT 1SPEVLU CFSFJUT BN OÊDITUFO 5BHF JN )BVTF NBODINBM TFMCTU OPDI TDIOFMMFS 6N BMMFT OPDI TDIÚOFS [V NBDIFO HJCU FT SFHFMNÊ JH XFDITFMOEF JOUFSFTTBOUF "OHFCPUF 5JQQ DIFDLFO 4JF EFO 8FCTIPQ GàS BMMF BLUVFMMFO 4DIOÊQQDIFO 'àS )PCCZJTUFO EJF MJFCFS NJU 4BNFO BSCFJUFO HJCU FT FJOF TFIFOTXFSUF ,PMMFLUJPO 2VBMJUÊUTTBNFO XPSVOUFS EJF CFOÚUJHUFO GFNJOJTJFSUFO 7BSJBOUFO #FJN HFTBNUFO 4PSUJNFOU MJFHFO EJF 1SFJTF BVG FJOFN TFIS BUUSBLUJWFO /JWFBV XPCFJ CFJ "COBINF WPO HSÚ FSFO .FOHFO TFMCTU OPDI 4QJFMSBVN HFHFCFO JTU o OBUàSMJDI NJU WPMMTUÊO EJHFN &SIBMU EFT 4FSWJDFT /PDI NFIS 4FSWJDF XFS OBDI EFS &SOUF LFJOF #MBTFO BO EFO 'JOHFSO IBCFO NÚDIUF LBOO IJFS 4QJO1SP 4DIOFJEFNBTDIJOFO NJFUFO 4FIS OàU[MJDI JTU BVDI EJF .ÚHMJDILFJU HFHFO BOOFINCBSFO 1SFJT FJOFO "OIÊOHFS [V NJFUFO 'àS BMMF EJF FUXBT NFIS WPO JISFN (SPXTIPQ FSXBSUFO JTU -55 FJOF VOVNHÊOHMJDIF "ESFTTF -BOE 5VJOCPVX 5SBEJOH (SPFTXFH #FESJKWFOUFSSFJO %F 4DIPS // .BBTCSFF 5FM 'BY *OUFSOFU XXX HSPXTIPQMUU OM & NBJM JOGP!HSPXTIPQMUU OM ½GGOVOHT[FJUFO .P 6IS %J CJT 'S 6IS 4B 6IS
0DJLVFKH 7U IIHO 0DJLVFKH 7U IIHO XQG =XFKWER[HQ )UDJHQ 6LH I U PHKU ,QIR ,KUHQ ORNDOHQ )UDJHQ 6LH I U PHKU ,QIR ,KUHQ ORNDOHQ *URZ +HDG 6PDUWVKRS RGHU NOLFNHQ 6LH VLFK HLQ DXI ZZZ PDJLFWUXIIHOV FRP
4)01 3&7*&8 130%6,5&
6--B 7FSTBOE ,ÚMO &OEF EFS FS +BISF XBS EJF 4VDIF OBDI (SPX &RVJQNFOU JO ,ÚMO [JFNMJDI GSVTUSJF SFOE &T HBC HFSBEF NBM [XFJ -ÊEFO EJF FJOJHF "SUJLFM JN /FCFOTPSUJNFOU BOCPUFO 4P LBN FT EBTT EFS HFMFSOUF 'PSTUXJSU VOE %BUFOWFSBSCFJUVOHTLBVGNBOO .JDIBFM 4UJMMFS NJU FJOFN (MFJDIHFTJOOUFO EJFTF .BSLUMàDLF GàMMUF JOEFN TJF [VOÊDITU FJOF (C3 HSàOEFUFO "VT FJOFN ,ÚMOFS ,FMMFS IFSBVT CFMJFGFSUF v6OTFS -BHFSMBEFOi EJF ;àDIUFS EFS 3FHJPO CJT EJF (C3 XJFEFS BVGHFMÚTU XVSEF VOE .JDIBFM EFO v6--B 7FSTBOE ,ÚMOi HSàOEFUF 4DIPO GSàI TQF[JBMJTJFSUF TJDI EFS 6--B 7FSTBOE BVG EJF #FEàSGOJTTF EFS BNCJ UJPOJFSUFO ,MFJO[àDIUFS VOE [FJHU EBT BVDI BVTHJFCJH JO EFN HSP FO ,ÚMOFS &JO[FMIBOEFMTHFTDIÊGU XFM DIFT FJOF 7FSLBVGTGMÊDIF WPO DB 2VBESBUNFUFSO CJFUFU *N &SEHFTDIPTT CFGJOEFU TJDI EBT #àSP EFT 6--B 7FSTBOET VOE EFS HSP F 7FSLBVGTSBVN JN ,FMMFS EBT -BHFS NJU FJOFS 7FSLBVGTUIFLF %B TJDI EBT 6OUFSOFINFO JN )JOUFSIPG
BOHFTJFEFMU IBU LBOO FT WPO EFS 4USB F BVT TDIPO NBM àCFSTFIFO XFS EFO /FCFO EFN -BEFOMPLBM HJCU FT BVDI OPDI FJOFO 44- WFSTDIMàTTFMUFO *OUFSOFUTIPQ IJFS LPOOUF EFS TUF #FTVDIFS CFHSà U XFSEFO 7FSTVDIU NBO EFO HSP FO &SGPMH EFT 6--B 7FSTBOET [V CFHSàOEFO TP NBH EFS 4DIMàTTFM EB[V JO EFS ,PNCJOBUJPO BVT 'PSTUXJSU VOE %BUFOWFSBSCFJUVOHTLBVGNB OO MJFHFO )JFS LBOO TJDI EFS ,VOEF TJDIFS TFJO EBTT JIN EFS $IFG TFMCTU NJU TFJ OFS KÊISJHFO &SGBISVOH [VS 4FJUF TUFIU "CFS BVDI BMMF "OHFTUFMMUFO VOE "VTIJMGFO IBCFO FJOF 'BDIBVTCJMEVOH PEFS MBOHKÊISJ HF &SGBISVOHFO JO 4BDIFO 1GMBO[FO[VDIU /FCFO EFS GBDILVOEJHFO #FSBUVOH TQJF MFO IFVU[VUBHF OBUàSMJDI BVDI EJF 1SFJTF FJOF 3PMMF "VDI IJFS QVOLUFU EFS 6--B 7FSTBOE XFJM FS NJU BMMFO OBNIBGUFO )ÊOEMFSO VOE )FSTUFMMFSO JO 7FSCJOEVOH TUFIU VOE EJFTF ,POUBLUF HVU QGMFHU %JFTF ,POUBLUF FSNÚHMJDIFO FT FJOF
3FJIF WPO 1SPEVLUFO EJSFLU CFJN )FSTUFMMFS [V LBVGFO EBT CSJOHU FSIFC MJDIF 1SFJTWPSUFJMF EJF BO EJF ,VOETDIBGU XFJUFSHFSFJDIU XFSEFO &CFOTP XJF EFS v6--B 7FSTBOE ,ÚMOi WFS LBVGU BVDI EFS HFHSàOEFUF v6--B 7FSTBOE 'SBOLGVSUi WPS BMMFN EBT LMBT TJTDIF (SPXTIPQ 4PSUJNFOU BMTP BMMFT GàS VOE VN EJF ;VDIU WPO 1GMBO[FO %BCFJ XJSE HSP FS 8FSU EBSBVG HFMFHU EBTT EJF ;àDIUFS NÚHMJDITU TQBSTBN NJU CFOÚUJHUFO 3FTTPVSDFO VNHFIFO 4P CJFUFU EFS 6--B 7FSTBOE CFJTQJFMTXFJTF FJOF HBO[F 3FJIF EJNNCBSFS FMFLUSP OJTDIFS 7PSTDIBMUHFSÊUF BO EJF FSIFC MJDI XFOJHFS &JHFOWFSCSBVDI IBCFO BMT EJF NBHOFUJTDIFO 7BSJBOUFO "VDI EFS "VTUBVTDI WPO "MUHFSÊUFO XJSE BLUJW HFGÚSEFSU &VSP QSP "MUHFSÊU LBOO TJDI EFS ,VOEF CFJN ,BVG FJOFT OFVFO 7PSTDIBMUHFSÊUT BOSFDIOFO MBTTFO 8FS KFU[U EFOLU v,MBTTF EB HFI JDI EPDI HMFJDI NBM BVG EFO 4DISPUUQMBU[ VOE GBOH BO [V TBNNFMO i EFN TFJ HFTBHU EBTT
EJFTF "LUJPO BVG [XFJ 7PSTDIBMUHFSÊUF BMU HFHFO OFV QSP ,VOEF CFTDISÊOLU JTU (VUFT (FXJTTFO VOE VNXFMUHFSFDIUF &OUTPSHVOH JOLMVTJWF "QSPQPT HVUFT (FXJTTFO "MT FJOFT WPO OVS TFIS XFOJHFO (FTDIÊGUFO EFS #SBODIF TQFOEFU EFS 6--B 7FSTBOE &OEF BMMF ,BGGFFLBTTFOFJOOBINFO QMVT EFT *OUFSOFUVNTBU[FT NJOEFTUFOT &VSP BO FJOF TP[JBMF ,JOEFSFJOSJDIUVOH "V FSEFN TPMM JO EFO OÊDITUFO +BISFO FJOF "VTCJMEVOHTTUFMMF [VN &JO[FMIÊOEMFS HFTDIBGGFO XFSEFO
6--B 7FSTBOE ,ÚMO (VTUBWTUS ,ÚMO ½GGOVOHT[FJUFO .P %J .J 'S 6IS %P o 6IS 4B o 6IS 6--B 7FSTBOE 'SBOLGVSU )FSNBOOTUS 0GGFOCBDI ½GGOVOHT[FJUFO %J .J %P 'S o 6IS 4B o 6IS .P HFTDIMPTTFO XXX VMMB WFSTBOE EF BC &VSP 8BSFOXFSU LPTUFOMPTFS 7FSTBOE
+FU 'MBTI 3BVDITZTUFN "VG /FBSEBSLAT MFU[UFO #FTVDI JO EFO 64" GJFM EJFTFT 3BVDITZTUFN BVG %JF )BOEIBCVOH VOE 8JSLVOH XBSFO TP àCFS[FVHFOE EBTT /FBS %BSL EFO +FU 'MBTI KFU[U BVDI BVG EFN FVSPQÊJTDIFO .BSLU FJOGàISFO NÚDIUF "MMF 5FJMF EFT +FU 'MBTI 3BVDITZTUFNT TJOE BVT IJU[FCF TUÊOEJHFN #PSPTJMJLBUHMBT HFGFSUJHU )BVQUCFTUBOEUFJM EFT +FU 'MBTI JTU EJF .VOETUàDLLBNNFS *O EJFTFN LPOJTDI HFGPSNUFO ,ÚSQFS TJOE JN PCFSFO 5FJM ESFJ TFIS LMFJOF %àTFO FJOHFTDINPM[FO %JFTF WFSXJSCFMO EFO FOUTUFIFOEFO 3BVDI TPCBME FS EVSDI EJF ,BNNFS HF[PHFO XJSE 7FOUVSJ 4ZTUFN %BEVSDI XJSE EFS 3BVDI [VTÊU[MJDI NJU 4BVFSTUPGG BOHFSFJDIFSU TDIXFSFSF EBSJO FOUIBMUFOF 1BSUJLFM TFU[UFO TJDI BO EFS *OOFOXBOE BC VOE EFS HFTBNUF 7FSCSFOOVOHTQSP[F XJSE WFS MBOHTBNU %JFT IBU [VS 'PMHF EBTT EBT 3BVDINBUFSJBM CFTTFS WFSCSFOOFO LBOO VOE HMFJDI[FJUJH XFTFOUMJDI MÊOHFS CSFOOU o NBO BMTP WJFM NFIS )JUT QSP 'àMMVOH NBDIFO LBOO %VSDI EJF 4BVFSTUPGGBOSFJDIFSVOH VOE EJF 7FSXJSCFMVOH FOUTUFIU FJO NJMEFS VOE BOHFOFINFS (FTDINBDL TP EBTT TPHBS /JDIUSBVDIFS BVG FJONBM SJDIUJH BN +FU 'MBTI [JFIFO LÚOOFO /FBS %BSL CJFUFU EFO +FU 'MBTI NJU WFSTDIJFEFOFO "OCBVUFJMFO BO +PJOU 'MBTI o [VN "VGTUFDLFO WPO 5àUFO PEFS ;JHBSFUUFO BVDI BMT 0OF )JU ,PQG HFFJHOFU #PXM 'MBTI o SVOEFS 1GFJGFOLPQG NJU ,JDLMPDI VOE LPOJTDIFN #SFOOSBVN (SJQ 'MBTI o 8BTTFSQGFJGFOBVGTBU[ .JU EFS NJUHFMJFGFSUFO ,VOTUTUPGG ,MBNNFS LBOO EJF .VOETUàDLLBNNFS GFTU NJU KFEFN "VGTBU[ WFSCVOEFO XFSEFO "MMF "VGTÊU[F EBT .VOETUàDL VOE EJF 7FSCJOEVOHTLMBNNFS TJOE JN -JFGFSVNGBOH FOUIBMUFO &JOF 1SÊTFOUBUJPO EFT +FU 'MBTI GJOEFU *IS VOUFS IUUQ XXX ZPVUVCF DPN XBUDI W "LZ /C[ ': &SIÊMUMJDI JTU EFS +FU 'MBTI JN HVU TPSUJFSUFO 'BDIIBOEFM #JMEFS VOE )ÊOEMFSJOGPSNBUJPO HJCU FT VOUFS XXX OFBSEBSL EF
4)013&7*&8 "/;&*(& */%&9 ,0-01)0/
%FS )ÊOGMJOH .BJO[
7PS OVONFIS +BISFO ÚGGOFUF i%FS )ÊOGMJOHw EBT FSTUF .BM TFJOF 1GPSUFO EBNBMT OPDI JO EFS -FJCOJ[TUSBTTF JO EFS .BJO[FS /FVTUBEU 6OUFS (SàOEFS 3BJOFS (SBVCOFS XVSEF OBDI [XFJ +BISFO JO EJF [FOUSBMFS HFMFHFOF (ÊSUOFSHBTTF JO VONJU UFMCBSFS /ÊIF [VN )BVQUCBIOIPG VOE EFS )BVQUQPTU VNHF[PHFO XP i%FS )ÊOGMJOHw BVDI IFVUF OPDI VOUFS EFS -FJUVOH WPO *TBCFMM VOE *XP 3 BOTÊTTJH JTU EJF EFO )FBE VOE (SPXTIPQ àCFSOBINFO OBDIEFN .JUJOIBCFS *XP 3 EPSU TDIPO +BISF BMT "VTIJMGF GàS TFJOFO MBOHKÊISJHFO 'SFVOE 3BJOFS HFBSCFJUFU IBUUF i%FS )ÊOGMJOHw CJFUFU FJO VNGBTTFO EFT 4PSUJNFOU BO (SPX[VCFIÚS TPXJF 1BSBQIFOBMJB VOE [V BMMFN OBUàSMJDI GBDI NÊOOJTDIF GSBVJTDIF #FSBUVOH %BSàCFS IJOBVT GJOEFU NBO IJFS FJOF VNGBOHSFJ DIF #àDIFSBVTXBIM [VN 5IFNB )BOG VOE BOEFSFO /BUVSSBVTDI NJUUFMO XJDIUJHF "VUPSFO BVT EFS 4[FOF 8FSOFS 1JFQFS )PXBSE .BSLT "MCFSU )PGGNBOO $ISJTUJBO 3ÊUTDI V B BMUFSOBUJWF #FMMFUSJTUJL $%T VOE 4QJFMF %BT #POHBOHFCPU VNGBTTU EJF .BSLFO #BN#BN#IPMF /FBS %BSL ( 4QPU 8FFE 4UBS .BHJD (MBTT &IMF VOE 4BTDIB %FGPSU %BT "OHFCPU BO %FGPSU #POHT VOE ;VCFIÚS JTU EBT HSÚTTUF XFMUXFJU EB XJS BCTPMVU IJOUFS EJFTFO 1SPEVLUFO TUFIFO VOE EJF àCFSSBHFOEF 2VBMJUÊU IJOTJDIUMJDI #SVDITJDIFSIFJU VOE (FTDINBDL TFIS TDIÊU[FO *N 0LUPCFS EJFTFO +BISFT GJOEFU EBIFS BVDI FJOF 1SÊTFOUBUJPO NJU 4BTDIB %FGPSU TUBUU CFJ EFS FS TFJOF (MBTCMÊTFSLVOTU MJWF [FJHU *OGPSNBUJPOFO [V EJFTFS VOE EFO [BIMSFJ DIFO BOEFSFO 7FSBOTUBMUVOHFO XJF [ #
%FS )ÊOGMJOH (ÊSUOFSHBTTF .BJO[ %FVUTDIMBOE 5FM ½GGOVOHT[FJUFO .P 'S CJT 6IS 4B CJT 6IS
-FTVOHFO CJFUFU VOTFSF 8FCTFJUF XXX EFS IBFOGMJOH EF BVG EFS EJF ,VOEFO BVDI FJOFO 0OMJOFTIPQ GJOEFO XP TJF CFRVFN WPO [VIBVTF BVT CFTUFMMFO LÚOOFO ;V EFO )JHIMJHIUT EFS MFU[UFO +BISF HFIÚS UFO EFS "CFOE NJU 8FSOFS 1JFQFS "VUPSFO MFTVOHFO EFT .BJO[FS HPO[P 7FSMBHFT VOE FJOF 4IPX JN $BQJUPM 'JMNUIFBUFS NJU )PXBSE .BSLT VOE "OESFB 1JYJF .PIS "CHFTFIFO WPO #POHT (SPXCFEBSG VOE -JUFSBUVS GJOEFU EFS JOUFSFTTJFSUF ,VOEF BVTTFS EFO HFXPIOUFO )FBETIPQBSUJLFMO XJF 1VSQGFJGFO (SJOEFS 3PMM VOE 3BVDIVUFOTJMJFO BVDI 1PTUFS 'MBHHFO IBOEHFGFSUJHUF 5àDIFS 1PTULBSUFO )BOGHFUSÊOLF 5FF #JFS 8PELB 3VN 4àTTJHLFJUFO 3ÊVDIFSTUÊCDIFO QMVT ;VCFIÚS 5 4IJSUT $BTFT #POHUBTDIFO TPXJF )BOGLPTNFUJL EFS 'JSNB iEVQFUJUw i%FS )ÊOGMJOHw MFHU XFSU BVG 5SBEJUJPO VOE "VUIFOUJ[JUÊU XBT GàS VOT CFEFVUFU EBTT EFS 4QJSJU EFS )JQQJFLVMUVS TQàSCBS CMFJCU VOE OJDIU EFN 5SFOE EFT ,PNNFS[FT GPMHU PIOF EBCFJ BMU VOE WFSTUBVCU EBIFS [VLPNNFO &T HFIU EBSVN FJO GSJFEMJDIFT -FCFOTHFGàIM JO 7FSCVOEFOIFJU NJU EFS /BUVS EFS ,VOTU VOE ,SFBUJWJUÊU XFJUFS [VUSBOTQPSUJFSFO XFMDIFT MFJEFS IFVUF JO EFS TDIOFMMFCJHFO QSPGJUPSJFOUJFSUFO VOE UFJMT BVDI PCFSGMÊDIMJDIFO (FTFMMTDIBGU JNNFS NFIS WFSMPSFOHFIU *OTPGFSO TJOE BVDI EJFKFOJHFO (ÊTUF XJMMLPNNFO EJF PIOF ,BVGBCTJDIU FSTDIFJOFO TPOEFSO FJOGBDI NBM FJOFO 4NBMMUBML XFOO ;FJU JTU BVDI HFSOF FJO i#JHUBMLw NJU VOT BCIBMUFO XPMMFO HFNàUMJDI FJO LàIMFT )BOGHFUSÊOL USJOLFO VOE EBCFJ WJFMMFJDIU FJOFO LVMUJHFO 'JMN XJF i'FBS BOE -PBUIJOH JO -BT 7FHBTw NJU VOT BOTDIBVFO XPMMFO ;VS &SIBMUVOH EFS )BOGMPCCZ XFMDIF JO IFVUJHFO ;FJUFO XJDIUJHFS JTU EFOO KF VOUFSTUàU[FO XJS EFO %FVUTDIFO )BOGWFSCBOE & - ' VOE EBT #FSMJOFS )BOGMBCZSJOUI GàS XFMDIFT XJS FJOF )BOGQGMBO[FOQBUFOTDIBGU àCFSOPNNFO IBCFO TPXJF BMMFT XBT [VS 4UÊSLVOH EFS
"O[FJHF JOEFY /BNF
"UBNJ # 1 (BSEFOTZTUFNT #VEEIB 4FFET #BOL #VTIEPDUPS $ $ (BSEFO $BOOB $VMUJWB %FVUTDIFS )BOG 7FSCBOE %JBNPOE %JOBGFN 4FFET %JOBGFN 4FFET %VUDI (SFFO (SPXMJHIUT &BTZ (SPX &DP5FDIOJDT &E 3PTFOUIBM &YPUJD (BSEFO (#, 4IPQ (SBT (SàO (SFFOMJHIU 4IPQ (SPX #POO (SPXTJEF )ÊOGMJOH EFS )FNQ 1BTTJPO )FNQ 1BTTJPO )FTJ )PMPT *OESBT 1MBOFU +PSHF $FSWBOUFT ,BMJEBE ,BZB 'PVOEBUJPO ,MBVT EFS (ÊSUOFS -JXF 6( -55 .ZDPMPHJDT /FBS %BSL 1( 8PSMEXJEF 1MBHSPO 1MBOUBSJVN 1SPDBSF 3PZBM %VUDI (FOFUJDT 3PZBM %VUDI (FOFUJDT 3PZBM 2VFFO 4FFET 4BMVU )PNF (BSEFO 4FFETNBO 4FOTJ 4FFET 4FSJPVT 4FFET 4KBNBBO EF 4NPLFUPXO EF 4NPLZ 4V[ 5SBEJOH 4XFFU 4FFET 5FTTJFS "TIQPPM 5PQ ;FFG 5VJOBDUJPO 6MMB 7FSTBOE ,ÚMO
4FJUF
%JF OÊDITUF "VTHBCF FSTDIFJOU BN /PWFNCFS 4[FOF CFJUSÊHU XJF [ # EBT 4QPOTPSJOH WPO 3FHHBFLPO[FSUFO V Ê &JOFO #FJUSBH [VS -FHBMJTJFSVOH XFOO TJF EFOO KFNBMT LPNNFO TPMMUF MFJTUFO [V LÚOOFO XÊSF EFS TDIÚOTUF -PIO GàS BMM VOTFS 4DIBGGFO VOE 5VO *O EJFTFN 4JOOF )JHI 5JNFT
,PMPQIPO 4PGU 4FDSFUT XJSE IFSBVTHFHFCFO WPO %JTDPWFS 1VCMJTIFS #7 1PTUGBDI "+ 7FHIFM /JFEFSMBOEF 5FMFGPO 'BY & NBJM EF!TPGUTFDSFUT OM $IFG 3FEBLUFVS $MJGG $SFNFS .JUBSCFJUFS +PSHF $FSWBOUFT &E 3PTFOUIBM #BSU # .S #JH4UVGG . %PH 3PCFSU # (VFSJMMB %BBO V B ÃCFSTFU[VOHFO )FMNVU 4DIÚGGMFS "OTDISJGU EFS 3FEBLUJPO 4PGU 4FDSFUT 1PTUGBDI +( "NTUFSEBN )PMMBOE & .BJM CSE!TPGUTFDSFUT OM "O[FJHFO 5FM & .BJM EF!TPGUTFDSFUT OM &JO 8PSU EFT )FSBVTHFCFST %JF EFVUTDIF 3FHJFSVOH IBU IJOTJDIUMJDI EFT ,POTVNT WPO $BOOBCJT FJOFO 1SP[FTT EFS SFMBUJWFO -JCFSBMJTJFSVOH FJOHFMFJUFU VOE $BOOBCJTBLUJWJTUFO FOHBHJFSFO TJDI TFIS VN EJFTF &OUXJDLMVOH [V GÚSEFSO .FISFSF (FNFJOEFSÊUF VOE )BVQULPNNJTTBSF VOUFSTUàU[FO OVO BLUJW FJO $PGGFFTIPQ 4ZTUFN OBDI IPMMÊOEJTDIFN 7PSCJME BMT FJOF .ÚHMJDILFJU IBSUF WPO XFJDIFO %SPHFO [V USFOOFO XJF FT TJDI JO )PMMBOE CFXÊISU IBU 0C TJF FJOFO OFVFO $PGGFFTIPQ BVG TVDIFO PEFS GàS EFO &JHFOCFEBSG BOCBVFO $BOOBCJTLPOTVNFOUFO TUFMMFO GàS OJFNBO EFO FJOF #FESPIVOH EBS VOE WFSVSTBDIFO LFJOF XBISOFINCBSFO TP[JBMFO 1SPCMFNF &JOJHF 1PMJUJLFS VOE ,PNNFOUBUPSFO GPS EFSO EJF WPMMTUÊOEJHF -FHBMJTJFSVOH WPO .BSJIVBOB 8BSUFO XJST BC VOE XJS XFS EFO TFIFO XJF TJDI EJF %FCBUUF JO FJOFS ;FJU SFMBUJWFS 3VIF [XJTDIFO BMMFO BO EFS "VTFJOBOEFSTFU[VOH #FUFJMJHUFO FOUXJDLFMU *O EFS ;XJTDIFO[FJU IPGGU EFS )FSBVTHFCFS EBTT 4PGU 4FDSFUT EFS ½GGFOUMJDILFJU FJOF QPTJUJWF 4FJUF EFS /PSNBMJTJFSVOH EFT $BOOBCJTLPOTVNT BVG[FJHFO XJSE VOE JTU CFTUSFCU TPXPIM #FGàSXPSUFSO BMT BVDI (FHOFSO EFS -FHBMJTJFSVOH FJO 'PSVN [V CJFUFO %BT TFU[U WPSBVT EBTT EFS 7FSMFHFS OJDIU VOCFEJOHU NJU BMMFN XBT JO "SUJLFMO VOE "O[FJHFO FSTDIFJOU FJOWFSTUBOEFO JTU %FS )FSBVTHFCFS EJTUBO[JFSU TJDI IJFSNJU BVTESàDLMJDI WPO WFSÚGGFOUMJDIUFO "VTTBHFO PEFS %BSTUFMMVOHFO EJF EFO &JOESVDL FSXF DLFO LÚOOUFO EBTT EFS ,POTVN PEFS EJF 1SPEVLUJPO WPO $BOOBCJT CFGàSXPSUFU XJSE &T JTU VOUFSTBHU PIOF EBT WPSIFSJHF &JOWFSTUÊOEOJT EFT )FSBVTHFCFST PEFS BOEFSFS *OIBCFS WPO 6SIFCFSSFDIUFO JSHFOEFUXBT HMFJDI XFMDIFO 'PSNBUT WPO EJFTFN .BHB[JO [V LPQJFSFO PEFS [V SFQSPEV[JFSFO %FS )FSBVTHFCFS àCFSOJNNU LFJOF 7FSBOUXPSUVOH GàS OJDIU BOHFGPSEFSUF &JOTFOEVOHFO