7PMVNF *TTVF .BSDI
" 1VCMJDBUJPO PG UIF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO X X X VTIHB PSH
+BZOF %F1BOm MJT 1VCMJTIFS KBZOF!VTIHB PSH $ + 4UVSUFWBOU &EJUPS FEJUPS!VTIHB PSH +PF )BSUNBO "SU %JSFDUPS KIBSUNBO!CSBOEJOHJSPONFEJB DPN 5IBZFS )VHIFT $POUSJCVUJOH &EJUPS UIBZFS!VTIHB PSH 4UBGG XSJUFST +PF (SFHPS %FOOJT 1BHFO %BWJT 4USBVC 0Gm DF 4UBGG +BZOF %F1BOm MJT &YFDVUJWF %JSFDUPS KBZOF!VTIHB PSH .BSUJO 1BMNB[ #VTJOFTT .BOBHFS .BSUJO!VTIHB PSH +FGG &MHBSU "EWFSUJTJOH KFGG!VTIHB PSH +BOF #PSH .FNCFS 4FSWJDFT KBOF!VTIHB PSH -JTB )PMTUFFO .FNCFS 4FSWJDFT -JTB!VTIHB PSH
64)(" 0Gm DFST BOE &YFDVUJWF $PNNJUUFF
)"/( (-*%*/( 1"3"(-*%*/( *44/ JT QVCMJTIFE NPOUIMZ CZ UIF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO *OD 8 $PMPSBEP "WF 4VJUF $PMPSBEP 4QSJOHT $0 '"9 1&3*0%*$"- QPTUBHF JT QBJE BU $PMPSBEP 4QSJOHT $0 BOE BU BEEJUJPOBM NBJMJOH PGm DFT 1045."45&3 4FOE DIBOHF PG BEESFTT UP )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF 1 0 #09 $PMPSBEP 4QSJOHT $0 $BOBEJBO 1PTU 1VCMJDBUJPOT .BJM "HSFFNFOU $BOBEJBO 3FUVSO "EESFTT %1 (MPCBM .BJM 8BMLFS 3PBE 8JOETPS 0/ / " + %*4$-"*.&3 0' 8"33"/5*&4 */ 16#-*$"5*0/4
5IF NBUFSJBM QSFTFOUFE IFSF JT QVCMJTIFE BT QBSU PG BO JOGPSNBUJPO EJTTFNJOBUJPO TFSWJDF GPS 64)(" NFNCFST 5IF 64)(" NBLFT OP XBSSBOUJFT PS SFQSFTFOUBUJPOT BOE BTTVNFT OP MJBCJMJUZ DPODFSOJOH UIF WBMJEJUZ PG BOZ BEWJDF PQJOJPO PS SFDPNNFOEBUJPO FYQSFTTFE JO UIF NBUFSJBM "MM 3&(*0/ #JMM #PMPTLZ .BSL 'PSCFT 3&(*0/ +JN JOEJWJEVBMT SFMZJOH VQPO UIF NBUFSJBM EP TP BU UIFJS PXO SJTL .BDLMPX 6ST ,FMMFOCFSHFS 1BVM (B[JT 3&(*0/ %BWJE $PQZSJHIU ª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m FME /"" SFBTPOBCMZ TIPSU XJUIPVU FYDFTTJWF TBMFT IZQF :PV BSF XFMDPNF UP TVCNJU QIPUP BUUBDINFOUT QSFGFSBCMZ KQFH 5IF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO *OD JT BO BJS m MFT TNBMMFS UIBO B NFHBCZUF TQPSUT PSHBOJ[BUJPO BGm MJBUFE XJUI UIF /BUJPOBM "FSPOBVUJD "TTPDJBUJPO /"" XIJDI JT UIF PGm DJBM SFQSFTFOUBUJWF $BMFOEBS PG FWFOUT JUFNT NBZ CF TFOU WJB FNBJM UP PG UIF 'ÏEÏSBUJPO "FSPOBVUJRVF *OUFSOBUJPOBMF '"* PG FEJUPS!VTIHB PSH BT NBZ MFUUFST UP UIF FEJUPS 1MFBTF CF UIF XPSME HPWFSOJOH CPEZ GPS TQPSU BWJBUJPO 5IF /"" DPODJTF BOE USZ UP BEESFTT B TJOHMF UPQJD JO ZPVS MFUUFS XIJDI SFQSFTFOUT UIF 6OJUFE 4UBUFT BU '"* NFFUJOHT IBT EFMFHBUFE UP UIF 64)(" TVQFSWJTJPO PG '"* SFMBUFE IBOH :PVS DPOUSJCVUJPOT BSF HSFBUMZ BQQSFDJBUFE *G ZPV IBWF BO HMJEJOH BOE QBSBHMJEJOH BDUJWJUJFT TVDI BT SFDPSE BUUFNQUT JEFB GPS BO BSUJDMF ZPV NBZ EJTDVTT ZPVS UPQJD XJUI UIF FEJUPS FJUIFS CZ FNBJM PS UFMFQIPOF BOE DPNQFUJUJPO TBODUJPOT 3BOEZ -FHHFUU 1SFTJEFOU JBT!PU DPN -JTB 5BUF 7JDF 1SFTJEFOU MJTB!TPBSJOHESFBNTBSU DPN &MJ[BCFUI 4IBSQ 4FDSFUBSZ &MJ[BCFUI 4IBSQ!IFJJ DPN 'FMJQF "NVOBUFHVJ 5SFBTVSFS ES BNVOBUFHVJ!BUU OFU
)"/( (-*%*/( 1"3"(-*%*/( NBHB[JOF JT QVCMJTIFE GPS GPPU MBVODIFE BJS TQPSUT FOUIVTJBTUT UP DSFBUF GVSUIFS JOUFSFTU JO UIF TQPSUT PG IBOH HMJEJOH BOE QBSBHMJEJOH BOE UP QSPWJEF BO FEVDBUJPOBM GPSVN UP BEWBODF IBOH HMJEJOH BOE QBSBHMJEJOH NFUIPET BOE TBGFUZ $POUSJCVUJPOT BSF XFMDPNF )"/( (-*%*/( 1"3"(-*%*/( NBHB[JOF SFTFSWFT UIF SJHIU UP FEJU DPOUSJCVUJPOT XIFSF OFDFTTBSZ 5IF "TTPDJBUJPO BOE QVCMJDBUJPO EP OPU BTTVNF SFTQPOTJCJMJUZ GPS UIF NBUFSJBM PS PQJOJPOT PG DPOUSJCVUPST )"/( (-*%*/( 1"3"(-*%*/( FEJUPSJBM PGm DFT FNBJM FEJUPS!VTIHB PSH "-- "%7&35*4*/( "/% "%7&35*4*/( */26*3*&4 .645 #& 4&/5 50 64)(" )&"%26"35&34 */ $0-03"%0 413*/(4 5IF 64)(" JT B NFNCFS DPOUSPMMFE TQPSU PSHBOJ[BUJPO EFEJDBUFE UP UIF FYQMPSBUJPO BOE QSPNPUJPO PG BMM GBDFUT PG VOQPXFSFE VMUSBMJHIU n JHIU BOE UP UIF FEVDBUJPO USBJOJOH BOE TBGFUZ PG JUT NFNCFSTIJQ .FNCFSTIJQ JT PQFO UP BOZPOF JOUFSFTUFE JO UIJT SFBMN PG n JHIU %VFT GPS 3PHBMMP NFNCFSTIJQ BSF QFS ZFBS PG XIJDI HPFT UP UIF QVCMJDBUJPO PG )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF OPO 6 4 TVCTDSJQUJPO SBUFT POMZ BSF OPO 6 4 $IBOHFT PG BEESFTT TIPVME CF TFOU TJY XFFLT JO BEWBODF JODMVEJOH OBNF 64)(" OVNCFS QSFWJPVT BOE OFX BEESFTT BOE B NBJMJOH MBCFM GSPN B SFDFOU JTTVF :PV NBZ BMTP FNBJM ZPVS SFRVFTU XJUI ZPVS NFNCFS OVNCFS UP VTIHB!VTIHB PSH
$POUBDU &EJUPS )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF FEJUPS!VTIHB PSH 'PS DIBOHF PG BEESFTT DBMM PS FNBJM MJTB!VTIHB PSH
5IF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO B EJWJTJPO PG UIF /BUJPOBM "FSPOBVUJD "TTPDJBUJPO
JT B SFQSFTFOUBUJWF PG UIF 'ÏEÏSBUJPO "FSPOBVUJRVF *OUFS OBUJPOBMF JO UIF 6OJUFE 4UBUFT
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
%&1"35.&/54 &EJUPS T $PSOFS
1*-05 130'*-&
1JMPU #SJFm OHT /FXT BOE &WFOUT
+PIO )FJOFZ JOUFSWJFXT MFHFOEBSZ QIPUPHSBQIFS -F3PZ (SBOOJT
"JS .BJM 3FBEFST 8SJUF *O
#Z +PIO )FJOFZ
64)(" /FXT 'BDFT PG UIF 'VUVSF .BTUFS T 5JQT 1SPEVDU 3FWJFXT 3FWJFX PG %7% 1VSB 7JEB 'MZJOH 8JMMT 8JOH 'BMDPO /FX 3BUJOHT
4)"3*/( 5)& "*3 "/ */530%6$503: (6*%& 50 .*(3"503: )"8,4
$PNQ $PSOFS
'SFF n JHIU QJMPUT PGUFO FOKPZ UIF DPN QBOZ PG TPBSJOH SBQUPST ɩ JT BSUJDMF XFMM JMMVTUSBUFE XJUI QIPUPHSBQIT XJMM IFMQ QJMPUT JEFOUJGZ UIFJS GFMMPX n ZFST
4JUF (VJEF )JHIMBOE "FSPTQPSUT
#Z 4FB .D,FPO
)( "DDJEFOU 3FQPSUT
(BMMFSZ $BMFOEBS .BSLFUQMBDF
5)& "-1*/& 8*/% (:14: 5063
$MBTTJm FET
1"35 " 26"4* 4*5& (6*%& 50 '-:*/( 5)& "-14
*OEFY UP "EWFSUJTFST
%FOOJT 1BHFO BOE IJT UISFF n ZJOH GSJFOET XJOE VQ UIFJS MFJTVSFMZ BOE IFEPOJTUJD "MQJOF USBWFM BEWFOUVSF XJUI TPNF GBCVMPVT 'SFODI TPBSJOH BOE 9$
1SPEVDU -JOFT #Z %BO +PIOTPO
#Z %FOOJT 1BHFO
"OEZ #VTTMJOHFS n ZJOH UIF SFE &QTJMPO QIPUPHSBQIT .BSUJO 4UFVSJ BOE IJT 0NFHB
)"/( (-*%*/( ."3,4 45".14 0' 5)& 803-% 1"35 5FSSZ 'FSSFS DPOUJOVFT IJT XPSME UPVS PG IBOH HMJEJOH QPTUBHF TUBNQT
PWFS -BLF PG $BOUPOT JO DFOUSBM 4XJU[FSMBOE
#Z 5FSSZ 'FSSFS
$PWFS 1IPUP ª"OEZ #VTTMJOHFS
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$BMFOEBS 8*/5&3 '-:*/( #-6& 5"31 #-6&4 " /PSUIXFTU QBSBQJMPU UFMMT B UPOHVF JO DIFFL UBMF PG XJOUFS TVSWJWBM #Z .VSEPDI )VHIFT
" ."3$) %": "5 '035 &#&: " CMVTUFSZ .BSDI EBZ PO 8IJECFZ *TMBOE QSPWJEFT QBSBHMJEFS QJMPUT XJUI BO PQQPSUVOJUZ UP DPOUSBTU UIFJS TLJMMT BOE HSBDF XJUI UIBU PG UIF iMPDBMT w #Z +PIO ,SBTLF
4*5& (6*%& #"3#"%04 *G ZPV WF OFWFS DPOTJEFSFE #BSCBEPT BT B QBSBHMJEJOH WBDBUJPO EFTUJOBUJPO QFSIBQT ZPV TIPVME #Z 4DPUU 5PXOF
ǾBMMFSZ
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$ + 4UVSUFWBOU
"T * XSJUF UIJT DPMVNO GPS UIF .BSDI NBHB[JOF &WFOUT UP CF DFSUBJO ZPV SF BXBSF PG SFHJTUSBUJPO EBUFT PVS TFDPOE BMM DPMPS JTTVF * N TUJMM XBJUJOH GPS NZ GPS VQDPNJOH FWFOUT "MTP JO UIF $PNQ $PSOFS TUBĊ DPQZ PG 'FCSVBSZ T JTTVF UP BSSJWF *G UIF m OJTIFE XSJUFS %BWJT 4USBVC FYQMBJOT IPX DPNQFUJUPST DBO QSPEVDU MJWFT VQ UP UIF QSPNJTF PG UIF QSPPGT XF SF FBSO QPJOUT GPS CSBHHJOH SJHIUT PS GPS B GFX UP TFDVSF BMM HPJOH UP CF EFMJHIUFE "OE EPO U JNBHJOF UIBU B TQPU PO UIF 6 4 OBUJPOBM UFBNT UP DPNQFUF JO UIF XF WF CMPXO PVS XBE PG DPMPS JNBHFT JO UIF MBTU JTTVF XPSME DIBNQJPOTIJQT +VHEFFQ "HHBSXBM SFNJOET o * IPQF ZPV MM m OE UIF BSUXPSL JO ZPVS .BSDI JTTVF VT UIBU OPU BMM DPNQT BSF GPS QPJOUT IJT SFQPSU PO B BT BQQFBMJOH BMUIPVHI QFSIBQT OPU RVJUF BT FYPUJD BT QBSBHMJEJOH FWFOU JO $BMJGPSOJB NBLFT JU DMFBS UIBU JO UIF 'FCSVBSZ NBHB[JOF iDPNQFUJUJPOw BOE iGVOw DBO CF JOUFHSBM QBSUT PG UIF 4QFBLJOH PG QIPUPHSBQIZ UIFSF T BO FSSPS JO UIF TBNF FWFOU DBQUJPO GPS UIF QIPUP PO QBHF JO UIF +BOVBSZ JTTVF *OGPSNBUJPOBM BSUJDMFT UIJT NPOUI JODMVEF B SFWJFX $ISJT $ISJTUPQIFSTFO 64)(" QPJOUT PVU PG 8JMMT 8JOH T 'BMDPO XSJUUFO CZ B 4PVUI "GSJDBO UIBU 4MFFQJOH #FBS %VOFT JT B OBUJPOBM QBSL OPU B QJMPU XIP DMFBSMZ XBT IBWJOH GBS UPP NVDI GVO PO UIJT TUBUF QBSL "DUVBMMZ JU T B OBUJPOBM MBLFTIPSF BDDPSE VTFS GSJFOEMZ IBOH HMJEFS 3FHJPO T EJSFDUPS .BSL JOH UP UIFJS 8FC TJUF CVU UIF TJHOJm DBOU QPJOU JT UIBU 'PSCFT HJWFT VT B IFBET VQ PO TPNF BEKVTUNFOUT UP UIF BSFB JT VOEFS UIF /BUJPOBM 1BSL 4FSWJDF T KVSJT 64)(" SFHJPOT BOE UIF JNQBDU UIJT XJMM IBWF PO EJDUJPO OPU UIF TUBUF PG .JDIJHBO T UIF SFHJPOBM EJSFDUPST GPS UIF BĊ FDUFE SFHJPOT 4FB ɩ F n ZJOH TFBTPO JT UVSOJOH PO UIJT NPOUI JO UIF .D,FPO IBT DPNQJMFE BO JNQSFTTJWF HVJEF UP JEFOUJ XBSNFS QBSUT PG UIF DPVOUSZ CVU TPNF PG VT BSF TUJMM GZJOH UIF SBQUPST UIBU XF DPNNPOMZ FODPVOUFS BU PVS EFFQ JO XJOUFS 4P JO BO BUUFNQU UP DBQUVSF UIF JO n ZJOH TJUFT "OE UIJT NPOUI XF PĊ FS UXP 4JUF (VJEF UFSFTU PG UIPTF XIP BSF PVU n ZJOH BT XFMM BT UIPTF BSUJDMFT %BWJT 4USBVC DPOUJOVFT IJT UPVS PG BFSPUPX XIP BSF TUJMM ESFBNJOH PG BJSUJNF UIFSF T B NJYFE QBSLT GPS IBOH HMJEFST XJUI B SFQPSU PO )JHIMBOE CBH PG SFBEJOH NBUFSJBM JO UIJT JTTVF "T BMXBZT "FSPTQPSUT 1BSL JO .BSZMBOE BOE 4DPUU 5PXOF TBGFUZ JT B UPQ QSJPSJUZ %JE MBTU NPOUI T BDDJEFOU EFUBJMT UIF QBSBHMJEJOH PQQPSUVOJUJFT JO #BSCBEPT DPMVNO JOTQJSF ZPV UP EP B DBSFGVM JOTQFDUJPO PG ZPVS 'PS ZPVS BNVTFNFOU BOE FOUFSUBJONFOU XF IBSOFTT ɩ JT JTTVF T SFQPSU JODMVEFT TPNF XFBUIFS QSFTFOU BO JOUFSWJFX XJUI 'BDFT PG UIF 'VUVSF SFMBUFE BDDJEFOUT BOE IPQFGVMMZ B XBLF VQ DBMM UP BMM QJMPU $BNFSPO 0 $POOPS TPO PG &OMFBV BOE "OO PG VT XIP n Z JO IJHIMZ VOTUBCMF DPOEJUJPOT "MUIPVHI 0 $POOPS PG 4*'5 DMJOJD GBNF -BXSFODF 8BMMNBO FBDI NPOUI T BDDJEFOU DPMVNOT BSF XJOH TQFDJm D JO SFWJFXT UIF NVMUJ XJOHVBM %7% 1VSB 7JEB 'MZJOH USVUI UIF MFTTPOT UP CF MFBSOFE PGUFO BQQMZ FRVBMMZ UP EJSFDUFE CZ ( 8 .FBEPXT BOE TUBSSJOH QJMPUT XFMM LOPXO JO CPUI IBOH HMJEJOH BOE QBSBHMJEJOH IBOH BOE QBSBHMJEFS QJMPUT 4UJMM PO UIF UPQJD PG TBGFUZ %BMF $PWJOHUPO T DJSDMFT 5FSSZ 'FSSFS TIPXDBTFT BOPUIFS TFHNFOU PG .BTUFST 5JQT PO LJUJOH QSPWJEF FODPVSBHFNFOU UP IJT DPMMFDUJPO PG IBOH HMJEJOH TUBNQT GSPN BSPVOE QBSBHMJEFS QJMPUT UP HFU PVU BOE QMBZ XJUI ZPVS DBOPQZ UIF XPSME +PIO ,SBTLF SFNJOJTDFT BCPVU B TBUJTGZ o FTQFDJBMMZ BU UIF TUBSU PG B OFX TFBTPO XIFO TLJMMT JOH EBZ PG DPBTUBM TPBSJOH MBTU .BSDI BOE .VSEPDI BSF SVTUZ PS ZPV SF USZJOH PVU OFX FRVJQNFOU /PCPEZ )VHIFT PĊ FST B IVNPSPVT MPPL BU QPUFOUJBM SFTVMUT HPFT PĊ UP /FQBM PS .FYJDP XIFSF UIF QIPUPT JO UIF PG TFWFSF BJSUJNF EFQSJWBUJPO "OE JO UIF $PNQ BSUJDMF XFSF UBLFO GPS B iLJUJOH WBDBUJPO w CVU JG DPO $PSOFS o QSPCBCMZ OPU XIFSF ZPV E HP MPPLJOH GPS EJUJPOT BSFO U SJHIU GPS n ZJOH ZPV NBZ BT XFMM QMBZ FOUFSUBJONFOU o ZPV MM m OE B MJHIUIFBSUFE GBCMF #VU SFNFNCFS UIF NJTBEWFOUVSFT PG UIF :PTFNJUF BCPVU B RVFTUJOH LOJHIU XIP CSBWFE UIF EBOHFST PG 4JY BOE NBLF DFSUBJO ZPV SF OPU HPJOH UP SVO BGPVM PG UIF VOLOPXO BOE FNFSHFE WJDUPSJPVT 8IFO ZPV SFDFJWF UIJT .BSDI JTTVF * MM UIF MBOEPXOFS 'PS B CSJFG MFTTPO JO IBOH HMJEJOH IJTUPSZ +PIO QSPCBCMZ TUJMM CF WBDBUJPOJOH XJUI NZ IVTCBOE )FJOFZ JOUFSWJFXT MFHFOEBSZ IBOH HMJEFS QIPUPHSB (FPSHF JO 7JFU/BN PO B n ZJOH BEWFOUVSF XJUI +JN QIFS -F3PZ (SBOOJT BOE XF BSF USFBUFE UP B TFMFD 3FZOPMET BOE B TNBMM HSPVQ PG QJMPUT BOE QIPUPH UJPO PG -F3PZ T QIPUPHSBQIT PG TPNF USVMZ BODJFOU SBQIFST 8IZ 7JFU/BN ZPV BTL 8IZ OPU * SFQMZ HMJEFST "BSPO 4XFQTUPO QSPWJEFE BMNPTU BMM UIF * MM UFMM ZPV BCPVU JU JO POF PG UIJT TVNNFS T JTTVFT DBQUJPO JOGPSNBUJPO GPS UIFTF QIPUPT JG ZPV IBWF .FBOXIJMF EPO U GPSHFU UP TFOE JO ZPVS BDDPVOUT PG BOZ RVFTUJPOT BCPVU PME HMJEFST o PS NPEFSO POFT GPS ZPVS PXO BEWFOUVSFT XIFUIFS DMPTF UP IPNF PS JO UIBU NBUUFS o "BSPO T ZPVS NBO )F T B XBMLJOH FO FYPUJD MPDBUJPOT 8F BMM FOKPZ SFBEJOH BCPVU QMBDFT DZDMPQFEJB PG IBOH HMJEJOH USJWJB o OPU POMZ EJE IF UIBU BSF GBNJMJBS UP VT PS UIPTF XF ESFBN PG WJTJUJOH SFDPHOJ[F NPTU PG UIF HMJEFST JO UIF QIPUPT CVU IF PS FWFO QMBDFT XF WF OFWFS DPOTJEFSFE BEEJOH UP PVS UPME NF FYBDUMZ XIBU IF TBX JO FBDI JNBHF UIBU NBEF MJTU PG UIJOHT UP EP CFGPSF XF SF UPP PME %PO U GPSHFU UP UBLF QJDUVSFT UIF JEFOUJm DBUJPO QPTTJCMF "T BMXBZT * BQQSFDJBUF ZPVS DPNNFOUT &NBJM NF ɩ F DPNQFUJUJPO TFBTPO JT PQFO BMSFBEZ BOZPOF JOUFSFTUFE JO DPNQFUJOH UIJT TQSJOH PS TVNNFS TIPVME BU FEJUPS!VTIB PSH DIFDL CPUI UIF $PNQ $PSOFS BOE UIF $BMFOEBS PG .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
5IF NPUFM T TJHO GBNJMJBS UP NBOZ QJMPUT
$SZTUBM "JS 4QPSU .PUFM $MPTFT "GUFS /FBSMZ 5ISFF %FDBEFT PG $BUFSJOH UP 1JMPUT "SUJDMF BOE QIPUPT CZ $ISJT 3BOTPN
ɩ F IBOH H M J E J O H DPN NV OJUZ TBX UIF QBTTJOH UIJT ZFBS PG POF PG JUT GPVO E B U J P O B M JOTUJUVUJPOT BOE FBSMZ IBOH HMJEJOH $IVDL BOE 4IBSJ M B OE N B SL T BT QJPOFFST PG $ISJTUNBT UIF TQPSU $IVDL BOE 4IBSJ 5PUI SFUJSFE BGUFS TFMMJOH UIF GPSNFS $SZTUBM "JS 4QPSU .PUFM JO $IBUUBOPPHB 5FOOFTTFF ɩ FZ PXOFE BOE PQFSBUFE $SZTUBM "JS 4QPSU .PUFM GPS OFBSMZ ZFBST ɩ FJS WJTJPO IPTQJUBMJUZ BOE BSUJTUJD UBMFOUT NBEF $SZTUBM "JS 4QPSU .PUFM UIF QMBDF UP TUBZ XIFO n ZJOH UIF $ I B U U B O P P H B BSFB GPS NBOZ $IVDL 4IBSJ BOE %FSFL ZFBST BOE UIFZ DJSDB IFMQFE JOUSPEVDF IVOESFET JG OPU UIPVTBOET PG OFX DPNFST UP UIF n FEHMJOH TQPSU PG IBOH HMJEJOH ɩ PTF PG VT PME FOPVHI BOE GPSUVOBUF FOPVHI UP IBWF TUBZFE UIFSF BT HVFTUT PS iCVOLJFTw JO UIF CVOLIPVTF XPSL QSPHSBN XJMM BMXBZT SFNFNCFS 4IBSJ T HSBOPMB CBST UIF HJGU TIPQ IFS TUBJOFE HMBTT BSUXPSL BOE IFS CPVOEMFTT FOFSHZ
BOE $IVDL T UJSFMFTT EFWPUJPO UP QSPNPU JOH UIF TQPSU BOE USBOTGPSNJOH B UJSFE PME NPUFM JOUP B EFTUJOBUJPO SFTPSU GPS IBOH HMJEJOH FOUIVTJBTUT GSPN BMM PWFS UIF XPSME #VU UJNFT DIBOHF BOE CZ UIF T 3BDDPPO .PVOUBJO BT B n JHIU QBSL XBT POMZ B NFNPSZ -PPLPVU .PVOUBJO 'MJHIU 1BSL XBT DPNNFSDJBMMZ EFWFMPQFE BOE UIF 5FOOFTTFF 5SFF 5PQQFST IBOH HMJEJOH DMVC IBE XFMM EFWFMPQFE TJUFT JO UIF 4FRVBUDIJF 7BMMFZ TPNF NJMFT BXBZ )BOH HMJEJOH IBE NPWFE BXBZ GSPN UIF $SZTUBM "JS 4QPSU .PUFM $IVDL BOE 4IBSJ BEBQUFE BT XFMM DPN QMFUJOH UIF USBOTGPSNBUJPO PG UIF NPUFM JOUP B DIJD T SFUSP TUZMF NPUPS MPEHF ɩ F NPUFM CFDBNF B UPVSJTU EFTUJOBUJPO GPS WJTJUPST UP UIF $IBUUBOPPHB BSFB GSPN BMM PWFS UIF DPVOUSZ BOE SFNBJOFE TP VOUJM UIFJS SFUJSFNFOU MBTU 4FQUFNCFS 4P UP $IVDL BOE 4IBSJ * TBZ ɩ BOL ZPV GPS ZPVS WJTJPO DPVSBHF EFUFSNJOB UJPO JOTQJSBUJPO TVQQPSU BOE GSJFOETIJQ PWFS UIF ZFBST :PV XFSF JOTUSVNFOUBM JO TP NBOZ MJGF DIBOHJOH FWFOUT * NFU NZ XJGF UIFSF UIF TVNNFS PG UIBU ZPV NBZ CF HPOF GSPN UIF IBOH HMJEJOH TDFOF CVU ZPV XPO U CF GPSHPUUFO (PE CMFTT ZPV BOE NBZ ZPV FOKPZ NBOZ QFBDFGVM ZFBST JO UIJT OFX DIBQUFS PG ZPVS MJWFT 4QFFE UP 'MZ 4FDVSJUZ JO 'MJHIU %7% /PX "WBJMBCMF #Z )VHI .JMMFS
4QFFE UP 'MZ BOE 4FDVSJUZ JO 'MJHIU IBWF CFFO EJHJUBMMZ SFNBTUFSFE SFTVMUJOH JO B EPVCMF %7% XJUI UXP GBOUBTUJD iNBTUFS DMBTTFTw GSPN +PDLZ 4BOEFSTPO UP m SF ZPV VQ GPS UIF A TFBTPO 4JODF UIFJS SFMFBTF 4QFFE UP 'MZ BOE 4FDVSJUZ JO 'MJHIU IBWF IFMQFE UIPVTBOET PG QJMPUT n Z TBGFS BOE HP GBSUIFS ɩ JT OFX QBDLBHF DPOUBJOT PWFS NJOVUFT PG FQJD GPPUBHF BOE RVBMJUZ UV UPSJBMT GSPN POF PG UIF XPSME T UPQ UFTU QJMPUT BOE BEWBODFE JOTUSVDUPST 4FDVSJUZ JO 'MJHIU UBLFT ZPV UIF QJMPU UISPVHI B TFSJFT PG ESBNBUJD NBOFVWFST TIPXJOH ZPV IPX UP SFBDU XIFO ZPV HFU XIBDLFE CZ VOFYQFDUFE SPVHI BJS BOE
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
BMTP IPX UP SFDPHOJ[F BOE SFBDU TBGFMZ UP PUIFS JODJEFOUT JO n JHIU 4IPU PO MPDBUJPO JO 0MV %FOJ[ 5VSLFZ UIJT QSPEVDUJPO HJWFT ZPV UIF MPXEPXO PO XJOHPWFST CJH FBST # MJOFT TZNNFUSJD BOE BTZNNFUSJD DPMMBQTFT TUBMMT DSBWBUT SFTFSWF EFQMPZ NFOU TQJSBM EJWFT TQJOT BOE NPSF 4QFFE UP 'MZ JT BO BEWBODFE 9$ DMBTT UBLJOH ZPV UP UIF XPSME T CFTU n ZJOH TJUFT BOE HJWJOH ZPV HFNT PG BEWJDF TUSBJHIU GSPN UIF XPSME T CFTU QJMPUT JODMVEJOH +PIO 1FOESZ 3BVM 3PESJHVF[ BOE (JO 4PFL 4POH " GVMM JOTUSVDUJPOBM JT HJWFO JO 9$ n ZJOH JODMVEJOH m OEJOH UIFSNBMT TQFFE UP n Z EFBMJOH XJUI GFBS BTTFTT JOH DMPVET DPNQFUJUJPO n ZJOH BOE 9$ EFDJTJPO NBLJOH ɩ F TJUFT WJTJUFE JODMVEF .BOJMMB "VTUSBMJB 4U "OESF 'SBODF (PWFSOBEPS 7BMBEBSFT #SB[JM 7BMMF EF #SBWP .FYJDP 0MV %FOJ[ 5VSLFZ " GSFF 4QFFE UP 'MZ CPPLMFU JT JODMVEFE ɩ F EPVCMF %7% JT QSJDFE b FVSPT 64 ɩ JT %7% IBT CFFO TIPU JO 1"- GPSNBU JU JT "MM 3FHJPOT TP XJMM XPSL JO BMM DPNQVUFST CVU JU XJMM /05 XPSL JO NBOZ 64" %7% QMBZFST XIJDI PQFSBUF UIF /54$ TZTUFN *O TUPDL OPX BU BMM HPPE QBSBHMJE JOH TIPQT IUUQ XXX YDTIPQ DPN BOE EJTUSJCVUFE FYDMVTJWFMZ CZ $SPTT $PVOUSZ 5FM FNBJM Pċ DF!YDNBH DPN "OOVBM 4VO 7BMMFZ 1BSBHMJEFST i)JHI 3JTJOu 'MZ JO %BWF #SJEHFT .PVOUBJO 3BDF .BSDI
4VO 7BMMFZ 1BSBHMJEFST *OD BOOPVODFT UIF TJYUI BOOVBM QBSBHMJEJOH n Z JO BOE %BWF #SJEHFT .PVOUBJO 3BDF $BTI BXBSET BOE QSJ[FT BSF PĊ FSFE JO UIF %BWF #SJEHFT .PVOUBJO 3BDF TQPU MBOE JOH DPOUFTU BOE SBČ F 0UIFS IJHIMJHIUT XJMM JODMVEF BFSPCBUJD EJTQMBZT NVTJD BOE GFTUJWJUJFT QSPEVDU FYQPTJUJPOT BOE BXBSET DFSFNPOZ &WFOU TDIFEVMF
r Dz VSTEBZ .BSDI 'SJEBZ .BSDI o 1JMPU SFHJTUSBUJPO PQFO n ZJOH GSPN #BME .PVOUBJO r 4BUVSEBZ .BSDI o B N o .BOEBUPSZ QJ MPU CSJFm OH GPS %BWF #SJEHFT SBDF QBSUJDJQBOUT BU 3JWFS 3VO -PEHF
B N o 4UBSU PG %BWF #SJEHFT SBDF B N UP Q N o 4QPU MBOEJOH DPOUFTU "MM EBZ JO -; o .VTJD GFTUJWJ UJFT CFWFSBHFT BFSPCBUJDT EJT QMBZ JO 3JWFS 3VO MBOEJOH [POF Q N o &WFOJOH BXBSET DFSFNPOZ BOE SBČ F r 4VOEBZ .BSDI o 0QFO n ZJOH GSPN #BME .PVOUBJO
4PBSJOH "TTPDJBUJPO 1 0 #PY t "MBNPHPSEP /. 'PS NPSF JOGP DPOUBDU 5PN PS $JOEZ 8FTU t NFFU PSHBOJ[FST BOE EJSFDUPST UPNNZ !DIBSUFS OFU t DJOEZ !DIBSUFS OFU 5PN BOE $JOEZ 8FTU 1FDBO %S "MBNPHPSEP t /. /FX BOE 6QEBUFE 1BSBHMJEFS )BSOFTTFT GSPN 8PPEZ 7BMMFZ
1BSUJDJQBOUT JO UIF %BWF #SJEHFT .PVOUBJO 3BDF IVTUMF UIFJS QBSBHMJEJOH FRVJQNFOU GSPN UIF 3JWFS 3VO -PEHF UP UIF UPQ PG #BME .PVOUBJO GFFU .4- GPPU DMJNC UIFO n Z EPXO BT RVJDLMZ BT QPTTJCMF UP B TQPU MBOEJOH BU UIF CBTF PG UIF NPVOUBJO $PNQFUJUPST SFDFJWF B UJNF QFOBMUZ BD DPSEJOH UP UIFJS EJTUBODF GSPN UIF TQPU XIJDI JT B HJBOU MPBG PG CSFBE QSPWJEFE CZ 8PPEZ 7BMMFZ T 9 3"5&% DPNQ #JHXPPE #SFBE IBSOFTT IBT CFFO SFEFTJHOFE XJUI UIFTF "DDPNNPEBUJPOT JOGPSNBUJPO 4VO NBJO VQHSBEFT 7BMMFZ ,FUDIVN $IBNCFS PG $PNNFSDF t ɩ F CBDL QBSU PG UIF IBSOFTT JT JOn BU XXX WJTJUTVOWBMMFZ DPN FE CZ B TJEF WBMWF UP PCUBJO B CFUUFS &WFOU JOGPSNBUJPO $IVDL 4NJUI BFSPEZOBNJD TIBQF '-: 46/ 7"--&: 10 #PY t %FUBDIBCMF GSPOU DPDLQJU GPS FBTZ BOE TBGF USBOTQPSU PG UIF JOTUSVNFOUT TFQ ,FUDIVN *% JOGP!n ZTVOWBMMFZ BSBUFMZ GSPN UIF IBSOFTT DPN XXX n ZTVOWBMMFZ DPN t 'PVS CVDLMFT GPS TJ[F BEKVTUNFOU o UIF 9 3"5&% DPNFT JO . - BOE /BUJPOBM 'MZ *O 'JWF %BZT PG 'VO 9- CVU UIF SBOHF PG UIF GSPOU BEKVTU 'MZJOH JO "MBNPHPSEP /FX .FYJDP NFOU JT DN TVċ DJFOU UP BDDPNNP EBUF B XJEF SBOHF PG CPEZ QSPQPSUJPOT ɩ F 3JP (SBOEF 4PBSJOH "TTPDJBUJPO F GSPOU XFEHF IPMEFS IBT CFFO JT IPTUJOH T /BUJPOBM 'MZ *O PO .BZ t ɩ FMJNJOBUFE BU %SZ $BOZPO "MBNPHPSEP /FX .FYJDP 'FTUJWJUJFT JODMVEF GVO DPNQFUJ t "EKVTUBCMF BOHMF GPS UIF GFFU QPTJUJPO UJPOT EFNPT HJWFBXBZT HSFBU n ZJOH BOE t /FX UISFF TUFQ TQFFECBS TZTUFN BO BXBSET QBSUZ XJUI MPUT PG QSJ[FT BOE 1&", UIF UIF .0"# .PUIFS PG "MM #BSCFDVFT OFX MJHIU 'JWF EBZT PG OPUIJOH CVU BXFTPNF XFJHIU IBSOFTT CJH BJS EFTFSU n ZJOH .VTU CF B ) PS GSPN 8PPEZ 1 BOE BCPWF UP n Z %SZ $BOZPO XJUI 7BMMFZ IBT B TJHO PĊ T "8$- $- 563 BOE '4- WFSZ DPNGPSU 8PSME DMBTT QJMPUT XBOUFE BOE JOWJU BCMF TFBUJOH FE ɩ F 3 ( 4 " JT BMTP DFMFCSBUJOH QPTJUJPO BOE ZFBST BT B DIBQUFS XJUI UIF 64)(" DPNFT TUBOEBSE $PNF EPXO IBWF GVO BOE IFMQ VT DFM XJUI CBDL QSP FCSBUF UIJT OBUJPOBM FWFOU &OUSZ GFF CFGPSF "QSJM UI BGUFS UFDUJPO 0UIFS GFBUVSFT JODMVEF &OUSZ GFF JODMVEFT 5 TIJSU UIF .0"# t 4NBMM BJSCBH %)7 UFTUFE XJUI B SFBMMZ HPPE SFTVMU PO UIF DSBTI UFTU BXBSET EJOOFS BOE QBSUZ BOE MPUT PG DPOTJEFSJOH UIF TNBMM WPMVNF HSFBU n ZJOH 5P QSF SFHJTUFS HP POMJOF UP XXX SHTBQJMPUT PSH DMJDL PO /BUJPOBM t &MBTUJD QPDLFU PO UIF MFGU TJEF GPS HMPWFT PS PUIFS TNBMM JUFNT 'MZ *O BOE GPMMPX UIF MJOLT 0S NBJM DIFDL PS NPOFZ PSEFS UP 3JP (SBOEF
&MBTUJD OFU QPDLFU PO UIF SJHIU TJEF GPS ESJOL CBH PS B QMBTUJD XBUFS CPUUMF #BDL TUPSBHF DPOUBJOFS IBT UXP IPMEFST GPS IJLJOH TLJ QPMFT 1BSBDIVUF DPOUBJOFS MPDBUFE VOEFS UIF MFHT "WBJMBCMF JO UISFF TJ[FT . - 9- XJUI FYBDUMZ UIF TBNF EJNFOTJPOT BT UIF 7&-7&5 TJ[FT . - 9t 0OMZ POF DPMPS DPNCJOBUJPO CMBDL XIJUF BT TIPXO PO UIF QIPUPT .PSF JOGPSNBUJPO BWBJMBCMF GSPN -BST -JOEF *OUFSOBUJPOBM 1BSBHMJEJOH
"JSXBWF "OOPVODFT %)7 $FSUJà DBUJPO PG .VTUBOH 1BSBHMJEFS 4J[F . ɩ F .VTUBOH PĊ FST EZOBNJD IBOEMJOH BOE JNQSFTTJWF QFSGPSNBODF XIJMF HJWJOH UIF DPOm EFODF PG $MBTT TBGFUZ BOE UIF CFTU RVBMJUZ DPOTUSVDUJPO )BOEMJOH #SVDF (PMETNJUI T SFQV UBUJPO GPS EFTJHOJOH HMJEFST XJUI BO JNQSFTTJWF GFFM BOE IBOEMJOH JT MFHFOEBSZ 8JUI UIF .VTUBOH ZPV DBO TXJOH UIF HMJEFS JOUP B CFBVUJGVMMZ DPPSEJOBUFE UVSO TP FBTJMZ UIBU JU GFFMT MJLF IBWJOH ZPVS PXO XJOHT ɩ FSNBMJOH JT QVSF QMFBTVSF BOE JU JT FBTZ UP FOUFS B UIFSNBM XJUIPVU CFJOH QVTIFE BTJEF CZ UIF MJGU 0ODF JO UIF UIFSNBM UIF TNPPUI UVSO DPPSEJOBUJPO BOE CBMBODFE SPMM ZBX DPVQMJOH BMMPX UIF HMJEFS UP DFOUFS PO UIF UIFSNBM BMNPTU NBHJDBMMZ SFTVMUJOH JO PVUTUBOEJOH DMJNC QFSGPSNBODF 1FSGPSNBODF #Z CSFFEJOH UIF MBUFTU EFWFMPQNFOUT GSPN UIF "JSXBWF DPNQF UJUJPO XJOHT JOUP UIF .VTUBOH UIF SFTVMU JT FYDFMMFOU HMJEF QFSGPSNBODF CPUI BU USJN TQFFE BOE BDDFMFSBUFE ɩ F TUBCJMJUZ BU TQFFE NFBOT UIF HMJEF QFSGPSNBODF JT VTBCMF UISPVHI UIF FOUJSF TQFFE SBOHF 2VBMJUZ DPOTUSVDUJPO ɩ F .VTUBOH IBT B IZCSJE UPQ TVSGBDF B OFX DPODFQU
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
PG NJYFE DMPUIT XJUIJO POF TVSGBDF UIBU "JSXBWF UFTUFE PO UIFJS DPNQFUJUJPO HMJE FST GPS NPOUIT XJUI PVUTUBOEJOH SF TVMUT ɩ F HN (FMWFOPS MFBEJOH FEHF QSPWJEFT EVSBCJMJUZ XIFSF JU T OFFEFE BOE UIF /$7 SJQTUPQ GBCSJD SFEVDFT UIF PWFSBMM HMJEFS XFJHIU ɩ F DPNCJOB UJPO ZJFMET B XJOH UIBU JT FBTJFS UP DBSSZ FBTJFS UP MBVODI BOE IBT MFTT JOFSUJB JO CPUI QJUDI BOE SPMM
'PS UFDIOJDBM EBUB BOE QJDUVSFT WJTJU IUUQ XXX BJSXBWF HMJEFST DPN EFGBVMU BTQY -/( FO
ɩ F 41&&% BOE #-"%& IFMNFUT CPUI IBWF BEWBODFE BFSPEZOBNJD TIBQ JOH BOE BO VMUSB NPEFSO QSPm MF UP TBU JTGZ UIPTF XIP EFTJSF IJHI QFSGPSNBODF BMPOH XJUI TUZMJTI BQQFBSBODF ɩ F XJEUI PG UIF IFMNFU IBT CFFO SFEVDFE GPS MPXFS ESBH )JHI EFOTJUZ &14 GPBN QSPWJEFT FYDFMMFOU TIPDL BCTPSQUJPO BOE JOTVMBUJPO #PUI IFMNFUT BSF NBOVGBD UVSFE VTJOH DBSCPO m CFS ,FWMBS UFDI OPMPHZ GSPN IBOE MBJE m CFSHMBTT BOE DPWFSFE XJUI B MBDRVFS m OJTI PWFS UIF QBJOU GPS FYUSB TDSBUDI QSPUFDUJPO ɩ F MJOJOH BOE QBEEJOH o XBTIBCMF BOE BOUJ BMMFSHFOJD o BSF NBEF GSPN UPQ RVBMJUZ NBUFSJBMT UP FOTVSF DPNGPSUBCMF m U BOE MPOH MBTUJOH XFBS XJUI FYDFMMFOU QSPUFD UJPO #PUI #-"%& BOE 41&&% DPNF JO UISFF DPMPS DIPJDFT o NFUBMMJD TJMWFS NFUBMMJD TUFFM HSFZ NFUBMMJD CMVF o BOE JO TJ[FT 4 UP 99- 41&&% JT BO JOUFHSBM IFMNFU UIBU DBO CF TVQQMJFE XJUI PS XJUIPVU WJTPS WJTPS BWBJMBCMF JO DMFBS UJOUFE BOE SFn FDUJWF WFSTJPOT #-"%& JT UIF TBNF TIBQF BT 41&&% CVU XJUIPVU UIF DIJO QSPUFDUPS BOE OP PQUJPO GPS B WJTPS .PSF JOGP BCPVU "1$0 QSPEVDUT DBO CF GPVOE BU XXX BQDPBWJBUJPO DPN
64)(" /FXT %JBNPOE 4BGF 1JMPU "XBSE 3FDJQJFOUT
"1$0 *OUSPEVDFT /FX )FMNFUT JO 5IFJS "JS 9USFNF 3BOHF
ɩ F 64)(" DPOHSBUVMBUFT ,FOOFUI 1FMLFZ PG 0DFBOTJEF $BMJGPSOJB PO IJT BDIJFWFNFOU PG MPHHJOH DPOTFDV UJWF TBGF n JHIUT FBSOJOH IJN UIF TU %JBNPOE 4BGF 1JMPU "XBSE ,FOOFUI JT B 1 QJMPU BOE B 64)(" NFNCFS TJODF $POHSBUVMBUJPOT BMTP UP 1IJM /FSJ PG 4PVUI 4BO 'SBODJTDP $BMJGPSOJB PO IJT BDIJFWFNFOU PG MPHHJOH DPOTFDV UJWF TBGF n JHIUT FBSOJOH IJN UIF OE %JBNPOE 4BGF 1JMPU "XBSE 1IJM B 1 QJMPU BOE BO 0CTFSWFS IBT CFFO B NFNCFS PG 64)(" TJODF 1BSBHMJEJOH $BMFOEBS $PSSFDUJPO
B QSFNJFS /PSUIXFTU QIPUPHSBQIFS XIP BMXBZT TFOET VT FYDFMMFOU JNBHFT 0VS BQPMPHJFT UP "ODJM /BODF BOE UP .JLF 4FNBOPĊ GPS UIF NJY VQ " $BMM GPS 1IPUPHSBQIT GPS UIF 64)(" $BMFOEBST 0ODF "HBJO 5XP 4FQBSBUF )BOH (MJEJOH BOE 1BSBHMJEJOH $BMFOEBST ɩ F 64)(" DBMFOEBS DPNNJUUFF JT OPX TPMJDJUJOH QIPUPT GPS UIFTF UXP m OF DBMFOEBST BOE BT BMXBZT XF UVSO UP ZPV PVS NFNCFSTIJQ GPS ZPVS QIPUP TVCNJTTJPOT .BJM VT ZPVS IPSJ[POUBM NN TMJEFT BT QPUFOUJBM DBOEJEBUFT GPS JODMVTJPO JO UIFTF BXFTPNF DBMFOEBST -BVODIJOH MBOEJOH TPBSJOH TFUUJOH VQ CSFBLJOH EPXO DMPTF UP IPNF PS BSPVOE UIF XPSME o XF XBOU UP TFF UIFN BMM %JHJUBM TVCNJTTJPOT NBZ BMTP CF DPO TJEFSFE B NJOJNVN PG NFHBQJYFMT JT SFRVJSFE 1MFBTF FNBJM KFĊ !VTIHB PSH GPS VQMPBEJOH EJSFDUJPOT GPS EJHJUBM QIPUPT 5IF %FBEMJOF 'PS 4VCNJTTJPO *T .BZ TU %PO U EFMBZ o TFOE ZPVS
CFTU USBOTQBSFODJFT IPSJ[POUBM GPSNBU PS IJHI SFTPMVUJPO EJHJUBM QIPUPHSBQIZ UP 64)(" $BMFOEBS "UUO +FĊ &MHBSU 10 #PY $PMPSBEP 4QSJOHT $0 (PU RVFTUJPOT $BMM PS FNBJM +FĊ BU KFĊ !VTIHB PSH ɩ F DBMFOEBS TFMFDUJPO DPNNJUUFF JT XBJUJOH UP TFF ZPVS PVUTUBOEJOH QIPUPHSBQIZ 4PNFUIJOH &YUSB 8JUI :PVS 3FOFXBM .FNCFSTIJQ $BSE 8IFO ZPV SFDFJWF ZPVS 64)(" NFN CFSTIJQ DBSE JO UIF NBJM ZPV MM OPUJDF UIFSF BSF TJY CVTJOFTT DBSET JODMVEFE 0OF DBSE JT UIF i&NFSHFODZ 1SPDFEVSFTw DBSE EFTJHOFE CZ (BSZ 5SVEFBV XIJDI TIPVME CF LFQU PO ZPV BU BMM UJNFT XIFO ZPV BSF JOUFOEJOH UP n Z ɩ F PUIFS m WF DBSET BSF QBSU PG 64)(" T HSBTT SPPUT DBNQBJHO UP TQSFBE UIF XPSE BCPVU GSFF n JHIU UISPVHI PVS NFNCFSTIJQ 1MFBTF QBTT UIFTF DBSET PO UP GSJFOET BOE JOUFS FTUFE QBSUJFT BOE CF TVSF UP FYQPVOE PO UIF HSFBUOFTT PG PVS TQPSUT
ɩ F +VOF QIPUP EFTDSJQUJPO GSPN UIF 1BSBHMJEJOH $BMFOEBS IBT UIF QIP UPHSBQIFS JODPSSFDUMZ TUBUFE BT .JLF 4FNBOPĊ ɩ F BDUVBM QIPUPHSBQIFS PG UIJT PVUTUBOEJOH QIPUP JT "ODJM /BODF .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
# ! ! ! ! ! ### " !
6^g BV^a
XJOE FOFSHZ JODSFBTFT XJUI UIF DVCF PG BJS WFMPDJUZ ɩ F DBQBCJMJUZ UP FYUSBDU iQPXFSw GSPN UIF XJOE JODSFBTFT BT WFMPD JUZ DVCFE i&OFSHZw BOE BMTP ESBH QSFT TVSF BOE UVSCVMFOU GSJDUJPO JODSFBTFT BT UIF TRVBSF PG BJS WFMPDJUZ ɩ PVHIU UIJT NJHIU BEE TPNF DMBSJUZ GPS UIF SFBEFSTIJQ -BSSZ 4BVQF 64)(" 5BOEFNT BOE .FOUPST )FMQ 1JMPUT (FU 4UBSUFE BOE 4UJDL 8JUI *U FNBJM
,PSFBO 'SFF 'MZJOH )JTUPSZ BOE B 5SBWFM 0QQPSUVOJUZ FNBJM
* SFBE XJUI HSFBU JOUFSFTU UIF QJMPU QSP m MF PO ,ZPVOH ,J )POH * POMZ XJTI * DPVME SFNFNCFS JG * FWFS HPU UP NFFU IJN JO NZ USBWFMT * EP XBOU UP BEE KVTU B MJUUMF UP UIF ,PSFBO IBOH HMJEJOH IJTUPSZ TDFOF * BSSJWFE JO 1VTBO ,PSFB JO XJUI UIF 6 4 "SNZ 8IJMF XBJUJOH GPS NZ GBNJMZ BOE HMJEFST UP BSSJWF * CVJMU BOE n FX UXP HMJEFST NBEF GSPN %BDSPO BOE CBNCPP 8JUI TPNF MPDBM TUVEFOUT XF GPSNFE UIF 1VTBO )BOH (MJEJOH $MVC * XBT JOWJUFE UP UFBDI JO UIF VOJWFSTJUZ BOE XF CVJMU TFWFO NPSF HMJEFST ɩ FSF XBT OP BJSDSBGU BMVNJOVN JO ,PSFB CVU UIFZ NBEF %BDSPO TP XF SFHSFTTFE B GFX ZFBST UP CBNCPP .Z m STU IBOH HMJEJOH TUVEFOUT XFSF -FF (SJTIBN B 6 4 TPMEJFS BOE )P (JO 4POH * XSPUF B TUPSZ BCPVU )P (JO 4POH T m STU n JHIUT XIJDI +JN BOE .BHHJF 1BMNJFSJ QVCMJTIFE JO UIFJS CPPL 4LZ "EWFOUVSFT QBHF *O "SNFE 'PSDFT ,PSFBO UFMFWJTJPO EJE B TQFDJBM PO NF n ZJOH BOE * XBT JO B DPMPS QIPUP JO UIF ,PSFBO /FXT 3FWJFX UIFJS OBUJPOBM NBHB[JOF 4PNF UJNF JO MBUF PS FBSMZ * XFOU UP 4FPVM BOE NFU BO PUIFS TPMEJFS * CFMJFWF %BO #VSFMTPO XBT IJT OBNF * NFU BOE TUBZFE XJUI B ,PSFBO QJMPU UIFSF XIP XBOUFE UP NBOV GBDUVSF HMJEFST * IFMQFE IJN ESBX UIF QMBOT BOE NBLF QBSUT CVU * EPO U SFDBMM IJT OBNF 0VS QSJNBSZ TJUF EPXO TPVUI XBT $IJOIBF -FF 4POH +BF B QJPOFFS
'JSTU * XPVME MJLF UP SFRVFTU UIBU UIF GSPN UIF ,PSFBO )BOH (MJEJOH $MVC NBLF BOE NPEFM PG UIF HMJEFS JO FBDI DBNF UP XBUDI NF n Z BOE XF IBE B HSFBU QJDUVSF JO UIF NBHB[JOF CF JEFOUJm FE WJTJU VTJOH 1FBDF $PSQT WPMVOUFFST BT JO 1BD"JS 7JTJPO ., *7 "FSPT %JTDVT UFSQSFUFST FUD .BZCF * N UIF POMZ POF XIP DBSFT * XPVME OFFE UP BEE B GFX NPSF OBNFT CVU * WF POMZ CFFO JO IBOH HMJEJOH GPS B UP UIF MJTU PG QJPOFFST JO ,PSFBO IBOH DPVQMF PG ZFBST BOE * DBO U JEFOUJGZ NPTU HMJEJOH JODMVEJOH )P +JO 4POH .PPO HMJEFST VOMFTT UIF OBNF JT PO UIF HMJEFS )P +PPO ,JN :PVOH %BF 4PO :PVO PS UIF DBQUJPO JEFOUJm FT UIF HMJEFS 4BNF )P BOE .PPO +POH )BO BMM GSPN UIF SFRVFTU GPS OFYU ZFBS T IBOH HMJEJOH 1VTBO )BOH (MJEJOH $MVC *O DBMFOEBS ɩ BOLT GPS B TFQBSBUF IBOH NZ XJGF $BUIZ BOE * XFOU CBDL GPS PVS HMJEJOH POMZ DBMFOEBS UI SFVOJPO ɩ SPVHI UIF FĊ PSUT PG 4FDPOE * BQQSFDJBUF UIF BSUJDMFT GPS 5PN (SBIBN 8JEF 0QFO 4LZ )( OFXCJFT ɩ FSF TFFNT UP CF BU MFBTU POF JO 0LMBIPNB XIP XBT TUBUJPOFE UIFSF QFS JTTVF * XPVME MJLF UP DPNNFOU PO UIF XJUI UIF BSNZ BOE UIF ,PSFBO i4LZ 1BTTw POF PO NFOUPSJOH BOE UIF POF PO TPMP PS )BOH (MJEJOH $MVC XF IBE B HSFBU WJTJU UBOEFN JOTUSVDUJPO .Z TPO BOE * IBE BOE BXFTPNF n ZJOH 4QFDJBM UIBOLT HP UP HSFBU JOTUSVDUJPO BU -PPLPVU .PVOUBJO .S .B .S ,JN BOE .S -FF GPS EBZT JO +VMZ PG UIBOLT -BTU 4FQUFNCFS $BUIZ BOE * XFOU -PPLPVU "GUFS B GFX EBZT BU -PPLPVU * UP 7JFU/BN UP NFFU BOE n Z XJUI UIF SFBMJ[FE UIBU JG XF EJEO U IBWF B HSFBU DMVC 7JFUXJOH 1( )( $MVC 8F IBE B HSFBU GVMM PG NFOUPST MJLF &E #FOOFUU JO UIF 3JP UJNF BOE XJMM IPTU UIF m STU 6 4 1( )( (SBOEF 4PBSJOH "TTPDJBUJPO 3(4" JO n ZJOH UPVS CBDL UIJT 'FCSVBSZ TP DPNF "MBNPHPSEP /FX .FYJDP UP SFUVSO UP KPJO VT BOE NBLF NPSF IJTUPSZ XF XPVME OFFE UP HJWF VQ IBOH HMJEJOH * DPODMVEFE ZPV DBO U UFBDI ZPVSTFMG &E +JN 3FZOPMET 64)(" BOE NBOZ PUIFST JO UIF 3(4" CFOU PWFS CBDLXBSET UP IFMQ VT BOE HBWF VQ UJNF .Z IVTCBOE (FPSHF BOE * IBWF UBLFO UIFZ DPVME IBWF CFFO FOKPZJOH BU CFUUFS +JN VQ PO IJT JOWJUBUJPO o XF MM CF USBWFMJOH TJUFT UP n Z XJUI VT XIFSF XF OFFEFE UP XJUI IJN BOE $BUIZ UP 7JFU/BN KVTU BT TPPO n Z BU PVS FYQFSJFODF MFWFM $PVMEO U IBWF BT UIJT NBHB[JOF HPFT UP QSFTT -PPL GPS BO EPOF JU XJUIPVU PVS HFOFSPVT NFOUPST BSUJDMF BOE TPNF QIPUPT JO UIF "QSJM PS .BZ ɩ BOLT HVZT JTTVF *O SFHBSET UP UIF TPMP PS UBOEFN JO TUSVDUJPO BSUJDMF * IBWF UP UFMM B TUPSZ " $PSSFDUJPO UP 8JOE &OFSHZ $PNNFOU .Z TPO "BSPO BOE * BSSJWFE BU -PPLPVU BCPVU OPPO UIF m STU EBZ BOE XF UPPL B JO 1BSBHMJEJOH "DDJEFOU 3FQPSU UBOEFN UIBU FWFOJOH 8PX ɩ F OFYU 64)(" 8FC TJUF * KVTU m OJTIFE SFBEJOH BO BSUJDMF JO NPSOJOH XF XFOU UP UIF USBJOJOH IJMM *U ZPVS MBUFTU FEJUJPO PG )BOH (MJEJOH XBT +VMZ JO (FPSHJB TVNNFS UFNQT BOE 1BSBHMJEJOH NBHB[JOF 6OEFS i1BSBHMJEJOH IVNJEJUZ "GUFS UIBU m STU MFTTPO "DDJEFOU 3FQPSUw PO QBHF +PO "BSPO BOE * XFSF TXFBUZ FYIBVTUFE BOE (PMECFSH )JMMFS NJTUBLFOMZ RVPUFT UIBU BXBSF XF IBE OPU CSPVHIU FOPVHI XBUFS
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
XJUI VT UIBU EBZ "U UIF FOE PG UIBU MFTTPO "BSPO UPME NF i%BE JG * IBEO U IBE UIBU UBOEFN MBTU OJHIU * XPVME CF BTLJOH UP HP IPNF w ɩ F UBTUF PG XIBU XBT UP DPNF LFQU IJN FOUIVTFE EFTQJUF UIF IFBU BOE IVNJEJUZ -BUFS UBOEFNT BMTP HBWF VT UIF DIBODF UP MFBSO UIJOHT ZPV DBO U MFBSO GSPN B GPPU IJMM UIJOHT MJLF EFHSFF UVSOT UVSOT UP IFBEJOH DP PSEJOBUJOH UVSOT TUBMMT BOE TFUUJOH VQ MBOEJOH BQQSPBDIFT GSPN BMUJUVEF *O NZ NJOE B DPNCJOBUJPO PG IJMM BOE UBOEFN USBJOJOH XPSLT CFTU GPS UIF RVJDLFTU BOE NPTU TVSF QSPHSFTT
WJTJUFE JO DIJMEIPPE * IBE B n JHIU UIJT QBTU TVNNFS JO XIJDI * BUUBJOFE UIF ESFBN PG n ZJOH PWFS NZ IPNF *U UPPL ZFBST PG IBOH HMJEJOH CFGPSF * NBO BHFE UP EP UIJT *U XBT B WFSZ NFNPSBCMF n JHIU UIBU XBT BMTP JNNFOTF GVO * XBT MVDLZ FOPVHI UP IBWF B DBNFSB XJUI NF 4PNF QJDUVSFT BSF BU IUUQ XXX HFPDJ UJFT DPN DIHB@ YD KVOFYD IUN * FODPVSBHF NPSF IBOH HMJEFS BOE QBSBHMJEFS QJMPUT UP FOKPZ 9$ n JHIUT 'MZ GPS UIF FYQFSJFODFT OPU KVTU UIF EJTUBODF *U NBLFT ZPV B CFUUFS QJMPU UPP %FBOF 8JMMJBNT 64)("
+PF &E 1FEFSTPO 64)(" 9$ 'MZJOH *U T /PU +VTU "CPVU UIF .JMFT FNBJM
* UIPSPVHIMZ FOKPZFE 8JMM (BEE T BS UJDMF PO IJT n JHIU PWFS UIF 3PDLJFT 9$ JT OPU KVTU BCPVU UIF EJTUBODF *U JT BMTP BCPVU UIF CFBVUJGVM TDFOFSZ PO UIF XBZ PS UIF FNPUJPOBM BUUBDINFOU UP QMBDFT
4BGFUZ 5JQT +$ #SPXO 5IF NPTU JNQPS UBOU n ZJOH TLJMM JT QBUJFODF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$BMFOEBS &MFDUJPOT BOE "MMPDBUJPOT $PNNJUUFF $IBJS 1SPWJEFT B )FBET 6Q GPS 3FHJPOBM $IBOHFT "SUJDMF BSUXPSL CZ .BSL 'PSCFT DIBJSNBO &MFDUJPOT "MMPDBUJPOT DPNNJUUFF
4PNF DIBOHFT BSF DPNJOH GPS QJMPUT JO UIF TPVUI DFOUSBM 6 4 BGUFS UIJT GBMM 3FHJPOT BOE BSF HPJOH UP CF NFSHFE XJUI POF SFHJPOBM EJ SFDUPS SFQSFTFOUJOH UIF DPNCJOFE BSFB )FSF T XIZ ɩ F 64)(" CZMBXT MBZ PVU UIF NBLFVQ PG UIF CPBSE PG EJSFDUPST ɩ FSF JT B UPUBM PG FMFDUFE SFHJPO BM EJSFDUPST 3% BOE m WF EJSFDUPST BU MBSHF %"- UIBU SFQSFTFOU QJMPUT UISPVHIPVU UIF DPVOUSZ ɩ F CZMBXT SFRVJSF UIBU UIF OVNCFS PG QJMPUT SFQSFTFOUFE CZ FBDI 3% CF SPVHIMZ FRVBM XJUI DPOTJEFSBUJPO HJWFO UP EJTUBODF BT XFMM "T UIF 64)(" NFNCFSTIJQ IBT FWPMWFE PWFS UJNF XF IBWF EFWFMPQFE B TJHOJm DBOU JNCBMBODF JO UIF DFOUSBM QBSU PG UIF DPVOUSZ 8JUI SPVHIMZ NFNCFST BOE UXFOUZ 3%T UIBU T BCPVU QJMPUT FBDI )FSF BSF UIF DVSSFOU %FDFNCFS UPUBMT QFS SFHJPO 3FHJPO
)(
1(
#PUI
5PUBM
3%T
/PSUIXFTU "MBTLB
/PSUIFSO $BMJGPOJB /FWBEB
4PVUIFSO $BMJGPSOJB )BXBJJ
$FOUSBM 3PDLJFT
/PSUIFSO 3PDLJFT 1MBJOT
$FOUSBM 1MBJOT
$PSO #FMU
/FX &OHMBOE
.JE "UMBOUJD
4PVUIFBTU
5FYBT 4PVUIFSO 1MBJOT
/FX :PSL /FX +FSTFZ
GPSFJHO QJMPUT
5PUBM
"T ZPV DBO TFF FWFO XJUI 3FHJPOT BOE DPNCJOFE UIF UPUBM JT TUJMM TPNFXIBU TIPSU PG UIF UBSHFU CVU BU MFBTU JU T DMPTFS 4JODF CPUI PG UIF 3%T JO UIFTF SFHJPOT BSF VQ GPS SF FMFDUJPO UIJT DPNJOH GBMM UIFSF XJMM CF KVTU POF TFBU PQFO GPS UIF OFX DPNCJOFE SFHJPO JO UIF VQDPN JOH FMFDUJPO ɩ F DVSSFOU EJSFDUPST BSF %BWF #SPZMFT BOE -FO 4NJUI 8IBU BCPVU UIF FYUSB TFBU "GUFS NVDI EJTDVTTJPO JU XBT EFDJEFE UP BMMPDBUF JU UP 3FHJPO XIFSF TJHOJm DBOU HSPXUI JO NFNCFSTIJQ IBT UBLFO QMBDF JO UIF QBTU GFX ZFBST ɩ F HSPXUI JO BFSPUPXJOH BOE n JHIU QBSLT BDDPVOUT GPS NPTU PG UIJT BOE JU XBT GFMU UIBU UIJT JT BO .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
64)(" SFHJPOT BT UIFZ TUBOE OPX
64)(" SFHJPOT BGUFS UIF DPNCJOBUJPO PG 3FHJPOT BOE
BSFB XIFSF XF SF MJLFMZ UP TFF DPOUJOVFE JODSFBTFT JO UIF OVNCFS PG QJMPUT ɩ JT EFDJTJPO XBT PSJHJOBMMZ NBEF B DPVQMF PG ZFBST BHP UIFO QVU PĊ GPS B XIJMF UP TFF JG MPDBM FĊ PSUT DPVME SFDSVJU FOPVHI OFX QJMPUT UP KVTUJGZ OPU EPJOH JU 4P GBS UIF OVNCFST IBWFO U JNQSPWFE "U UIF MBTU CPBSE NFFUJOH XF EJTDVTTFE TPNF BMUFSOBUF XBZT PG BMMPDBUJOH TUBUFT UP SFHJPOT CVU OPCPEZ DPVME DPNF VQ XJUI BO BMUFSOBUJWF UIBU MPPLFE BOZ CFUUFS UIBO KVTU DPNCJOJOH UIF FYJTUJOH SFHJPOT ɩ F OFX 3FHJPO XJMM DPWFS UIFTF TUBUFT 5FYBT -PVJTJBOB "SLBOTBT ,BOTBT .JTTPVSJ /FCSBTLB BOE 0LMBIPNB ɩ F TJY QJMPUT JO &M 1BTP 5FYBT BSF DVSSFOUMZ BMMPDBUFE UP 3FHJPO CVU UIFZ MM CF NPWFE JOUP 3FHJPO *U SF RVJSFT TPNF EBUBCBTF NBHJD UP NBLF FYDFQUJPOT MJLF UIBU BOE BENJOJTUSBUJWF DPOGVTJPO DBO SFTVMU 3FHJPO XJMM HFU POF OFX SFHJPOBM EJSFDUPS TFBU TP JG ZPV SF B QJMPU JO UIBU SFHJPO XIP T JOUFSFTUFE CF TVSF UP m MF BT B DBOEJEBUF GPS UIF FMFDUJPO UIJT DPNJOH GBMM "T UIF QPQVMBUJPO PG QJMPUT DPOUJOVFT UP FWPMWF UIF &MFDUJPOT BOE "MMPDBUJPOT DPNNJUUFF XJMM SFWJFX UIF OVNCFST BOE SFDPNNFOE BEKVTUNFOUT BT OFFEFE ɩ JT JT B SFHVMBS POHPJOH QSPDFTT UIBU XF WF EPOF NBOZ UJNFT PWFS UIF MBTU ZFBST BOE XJMM EP BHBJO JO UIF GVUVSF
"U UIF MBTU CPBSE NFFUJOH XF EJTDVTTFE TPNF BMUFSOBUF XBZT PG BMMPDBUJOH TUBUFT UP SFHJPOT CVU OPCPEZ DPVME DPNF VQ XJUI BO BMUFSOBUJWF UIBU MPPLFE BOZ CFUUFS UIBO KVTU DPNCJOJOH UIF FYJTU JOH SFHJPOT
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
64)(" 8FMDPNFT 5XP /FX 4UBGG .FNCFST .BSUJO 1BMNB[ BT #VTJOFTT .BOBHFSw "GUFS MJWJOH NPTU PG NZ MJGF PO UIF &BTU $PBTU XIFSF * SFDFOU MZ m OJTIFE NZ BSDIJUFDUVSF EFHSFF * IBWF m OBMMZ NBEF JU XFTU PG UIF .JTTJTTJQQJ BOE BN FOUISBMMFE BCPVU MJWJOH XIFSF DMPVECBTF JT IJHIFS UIBO GFFU ɩ F QSPTQFDU PG n ZJOH JO UIF 3PDLJFT LFFQT NZ BESFOBMJOF QVNQFE BOE NZ EFTJSF UP n Z BU BO BMM UJNF IJHI .Z FOUJSF GBNJMZ JT DBQUJWBUFE XJUI n ZJOH XIFUIFS JU JT IBOH HMJEJOH QBSB HMJEJOH TBJMQMBOFT PS QPXFSFE n JHIU * IBWF n PXO IBOH HMJEFST BOE TBJMQMBOFT JO NZ ZPVUI BOE XBT USBJOFE CZ NZ CSPUIFS "MFY UP n Z QBSBHMJEFST JO B QBT TJPO UIBU SFNBJOT UP UIJT EBZ #FJOH BCMF UP NFSHF UIBU KPZ PG n ZJOH XJUI NZ OFX KPC IFSF BU 64)(" NBLFT NF GFFM RVJUF GPSUVOBUF * MPPL GPSXBSE UP BQQMZJOH NZ LOPXMFEHF PG CVTJOFTT GSPN SVOOJOH B OFXTQBQFS BOE BTQFDUT PG EFTJHO GSPN NZ FEVDBUJPO JO UIJT OFX QPTJUJPO BT CVTJOFTT NBOBHFS "OPUIFS PG NZ QBTTJPOT USBWFMJOH XBT JOTUJMMFE EVSJOH DIJMEIPPE WPZBHFT UP 'SBODF XIFO NZ NPUIFS BO BEWFOUVS PVT BOE WJWBDJPVT TQJSJU XIP FYQFSJFODFE UBOEFN QBSBHMJEJOH BU BHF EJSFDUFE iKVOJPS ZFBS BCSPBEw QSPHSBNT UIFSF .Z USBWFMT IBWF UBLFO NF UP QPJOUT BMM PWFS UIF XPSME CVU POF PG NZ GBWPSJUF USJQT XBT UP 4QBJO OPU POMZ GPS UIF EFTUJOB UJPO JUTFMG CVU GPS UIF KPVSOFZ * IBE XIJMF UIFSF ɩ F PQQPSUVOJUZ BSPTF UP HP PO UIF QJMHSJNBHF PG 4BOUJBHP EF $PNQPTUFMB XJUI #FOKBNJO B GFMMPX QBSBHMJEFS QJMPU
*U XBT B HSFBU XBZ UP TFF UIF DPVOUSZ BOE FYQFSJFODF TPNFUIJOH GFX PG VT SFBMMZ HFU UP EP GPSHFU XIP XF BSF BOE UIF UIJOHT XF TVSSPVOE PVSTFMWFT XJUI XIJDI EFm OF VT 8IFUIFS ZPVS SFBTPOT GPS XBMLJOH UIF DBNJOP BSF TQJSJUVBM PS OPU UIF KPVSOFZ JT TVSF UP MFBWF B NBSL "GUFS XBMLJOH NJMFT JO UXP XFFLT XJUI UIF GFXFTU QPT TJCMF CFMPOHJOHT PO ZPVS CBDL BMPOH XJUI UIPVTBOET PG PUIFS QJMHSJNT UP 4BOUJBHP ZPV DPNF UP SFBMJ[F UIJOHT BCPVU ZPVSTFMG BOE ZPVS XPSME ɩ F KPVSOFZ JT CFZPOE XPSET BOE XBT B USVMZ BTUPVOEJOH FY QFSJFODFyFWFO JG XF EJEO U n Z GSPN UIF USFFMFTT NPVOUBJOT UIBU TVSSPVOEFE VT UBVOUJOH VT BT XF XBMLFE CZ .Z OFX QPTJUJPO IFSF BU 64)(" TFFNT B HPPE m U BOE * GFFM IPOPSFE UP TFSWF PVS NFNCFSTIJQ *G BOZPOF IBT TVHHFTUJPOT PS DPNNFOUT QMFBTF GFFM GSFF UP DPOUBDU NF BU NBSUJO!VTIHB PSH wBOE -JTB )PMTUFFO JO .FNCFS 4FSWJDFT 'PS BMM ZPV EJF IBSE IBOH HMJEFS BOE QBSB HMJEFS QJMPUT * BN TPSSZ UP TBZ * IBWF OFWFS FY QFSJFODFE ZPVS MPWF PG n ZJOH BU MFBTU OPU GSPN UIBU QFSTQFDUJWF )PXFWFS * TVTQFDU * XPVME QSPCBCMZ HFU IPPLFE JG * USJFE #PSO JO $BMJGPSOJB CVU SBJTFE JO B TNBMM UPXO JO UIF .JEXFTU * HSFX VQ XJUI B MPWF GPS UIBU GSFF GBMMJOH TFOTBUJPO .Z GBUIFS PCUBJOFE IJT DPNNFSDJBM QJMPU T MJ DFOTF BGUFS TFSWJOH JO UIF "JS 'PSDF * XBT UIF POMZ POF JO NZ GBNJMZ XIP XPVME CFH IJN UP SPMM UIF QMBOF o TP * DBO SFMBUF UP XIZ ZPV MPWF ZPVS TQPSU TP NVDI ɩ F DMPTFTU * DPVME HFU UP n ZJOH BGUFS UIBU XBT DPNQFUJOH BT B HZNOBTU BOE
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
* TQFOU IBMG NZ MJGF JO UIF TQPSU "GUFS HSBEVBUJOH IJHI TDIPPM * UBVHIU HZNOBT UJDT BOE m UOFTT GPS UIF OFYU UISFF ZFBST XIJMF * XBT CPVODJOH JO BOE PVU PG DPM MFHF * GPVOE XPSLJOH BOE HPJOH UP TDIPPM BU UIF TBNF UJNF UP CF B WFSZ EJċ DVMU QSPDFTT CVU * EP MPWF MFBSOJOH BOZUIJOH OFX BOE * UIJOL * XJMM QSPCBCMZ CF UIBU ZFBS PME XPNBO JO UIF CBDL PG TPNF DMBTTSPPN POF EBZ 4FUCBDLT IBWF CFFO B DPOTUBOU JO NZ MJGF CVU * GFMU UIFZ XFSF NFBOU UP CF "MUIPVHI OPU BMXBZT QMFBTBOU UIFZ IBWF GPSDFE NF UP NBLF DIBOHFT BOE TPNF FOEFE VQ UBLJOH NF UP QMBDFT * OFWFS IBWF JNBHJOFE * E FWFS HP "GUFS MFBWJOH UIF m UOFTT m FME * XFOU PO UP XPSL JO GVS OJUVSF BOE TPNFIPX FOEFE VQ JO QSPQ FSUZ NBOBHFNFOU BMPOH UIF XBZ 0O NZ PĊ UJNF * CFHBO HFUUJOH JO UPVDI XJUI NZ DSFBUJWF TJEF * BN B WFSZ GSFF TQJSJU BOE CFMJFWF MJGF JT NFBOU GPS FYQMPSJOH * IBWF B UFOEFODZ UP HP XIFSF NZ IFBSU MFBET NF 4QJSJUVBMJTN JT B WFSZ TUSPOH BTQFDU PG NZ MJGF JU LFFQT NF HSPVOEFE BOE CBM BODFE "SU BOE NVTJD LFFQ NF TBOF -BTU ZFBS PO B USJQ GSPN 'MPSJEB * TQFOU UJNF JO $PMPSBEP PO WBDBUJPO UISFF NPOUIT MBUFS * GPVOE NZTFMG QBDL JOH NZ CBHT UP NPWF UP $PMPSBEP QFSNB OFOUMZ * XBT GBTDJOBUFE CZ UIF CFBVUZ PG UIF NPVOUBJOT BOE UIF QSFTFODF PG UIF FOFSHZ IFSF * XPVME MJLF UP UIBOL +BZOF %F1BOm MJT GPS UIF PQQPSUVOJUZ UP XPSL GPS UIF 6 4 )BOH (MJEJOH "TTPDJBUJPO BOE * N HSBUFGVM UP UIF SFTU PG UIF TUBĊ XIP IBWF CFFO LJOE FOPVHI UP IFMQ NF UISPVHI UIF MFBSOJOH TUBHFT :PV DBO DPOUBDU NF XJUI NFNCFSTIJQ SFMBUFE RVFTUJPOT BU -JTB!VTIHB PSH
%BO 3BDBOFMMJ n ZJOH B CPPN 4USBUVT XJUI EFn FYPST DJSDB MBUF A T
+0)/ )&*/&: */5&37*&84 -&(&/%"3: 1)050(3"1)&3
-&30: (3"//*4 ª CZ +PIO )FJOFZ KPIOIFJOFZ DPN 1IPUPT ª-F3PZ (SBOOJT
+) ɩ FSF JT TPNFUIJOH WFSZ BQQFBM JOH UP NF BCPVU B XFMM EPOF iNPVOUFEw IBOH HMJEJOH QIPUP ɩ F m STU NPVOUFE TIPU UIBU DBQUJWBUFE NF XBT ZPVS QIPUP PG &E $FBTBS n ZJOH BO &JQQFS "OUBSFT BU 1PJOU 'FSNJO JO 4BO 1FESP %FD )BOH (MJEJOH :PV IBE UIF DBNFSB NPVOUFE PO UIF CPXTQSJU *U XBT B HSFBU QIPUP XJUI &JQQFS T 3JDL -FTI n ZJOH BOPUIFS "OUBSFT JO DMPTF FDIFMPO *U XBT UIF QJDUVSF UIBU NBEF NF TUBSU UIJOLJOH BCPVU EPJOH NPVOUFE QIPUPT 8IFSF EJE ZPV HFU UIF JEFB PG NPVOUJOH DBNFSBT PO IBOH HMJEFST BOE EP ZPV UIJOL ZPV XFSF UIF m STU UP EP JU -( * XBT OPU UIF m STU POF UP EP JU $BSM #PFOJTI UIF GBUIFS PG #"4& KVNQJOH BOE UIF EJSFDUPS PG UIF FBSMZ IBOH HMJEJOH m MN 1MBZHSPVOE JO UIF 4LZ NPVOUFE B DBNFSB PO %BWF $SPOL T LJUF PWFS BU 5PSSBODF
#FBDI BOE * TBX UIF SFTVMUT PG UIBU BOE EPXO BU 5PSSFZ 1JOFT POF EBZ BOE * BN UIPVHIU UIBU UIBU XBT B HPPE XBZ UP HP TVSF IF BQQSFDJBUFE JU BOE SFBMJ[FE UIBU TP * CPVHIU B NN XJEF BOHMF MFOT BOE IF DPVME EP JU UPP B SFNPUF DPSE "T GBS BT * LOPX $BSM XBT +) 0OF PG NZ GBWPSJUFT PG BMM UIF QJD UIF m STU UVSFT UIBU IBWF CFFO JO UIF DFOUFSTQSFBE +) :PV NVTU IBWF HJWFO &SJD 3BZNPOE JT ZPVS NPVOUFE TIPU PG B SFE 4VQFS 3JTFS UIF JEFB PG NPVOUJOH DBNFSBT ɩ FSF XBT BU 5PSSFZ 1JOFT +VOF )BOH (MJEJOH B DFOUFSTQSFBE JO )BOH (MJEJOH NBHB[JOF :PV NPVOUFE UIF DBNFSB OFBS UIF UJQ BOE "QSJM PG &SJD MPPQJOH XJUI ZPVS CFUXFFO UIF VQQFS BOE MPXFS XJOHT MPPL DBNFSB PO IJT 'MFEHF %P ZPV SFNFNCFS JOH CBDL BU UIF QJMPU XIJDI XBT B HSFBU XIFO ZPV m STU NPVOUFE B DBNFSB PO B JEFB ɩ F DPNCJOBUJPO PG UIBU QPTJUJPO IBOH HMJEFS BOE UIF m TIFZF MFOT HBWF UIF QIPUP HSFBU -( 4PPO BGUFS * TBX UIF SFTVMUT PG $BSM MJOFT %P ZPV IBWF BO FEVDBUJPO JO QIP #PFOJTI T NPVOU PO $SPOL T LJUF * QVU UPHSBQIZ PS EP ZPV KVTU IBWF B OBUVSBM NZ DBNFSB PO UIF OPTF PG #PC ,FFMFS T iFZFw GPS JU HMJEFS PG 4FBHVMM "JSDSBGU BOE DPVO -( * TUBSUFE TIPPUJOH TVSm OH TFSJPVTMZ UFSXFJHIUFE JU XJUI B DBO PG QBJOU * SBO JO * IBE HPUUFO BO VMDFS XPSLJOH GPS UIF DPSE EPXO UIF GPSXBSE XJSFT BOE IF UIF QIPOF DPNQBOZ BOE UIF EPDUPS TBJE DPVME KVTU CBSFMZ SFBDI JU *U XBT POMZ UP QJDL VQ B IPCCZ UP HFU NZ NJOE PĊ UIF GFFU MPOH CVU JU XPSLFE ɩ BU XBT UIF m STU UFMFQIPOF DPNQBOZ * IBE CFFO BSPVOE UJNF * NPVOUFE B DBNFSB GPS BO BJS TIPU TVSm OH BMM NZ MJGF BOE LOPXJOH %PD #BMM * QVU B DBNFSB PO &SJD 3BZNPOE T HMJEFS UIF QSFNJFS FBSMZ TVSm OH QIPUPHSBQIFS * .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
.BLBQVV 3JEHF PO 0BIV PWFSMPPLJOH 3BCCJU *TMBOE JO UIF CBDLHSPVOE .JE T 3PHBMMP UZQF HMJEFS
EFDJEFE UP UBLF JU PO * MFBSOFE NVDI PG NZ GBWPSJUF BOE JU XFOU PO GPS BCPVU JU UIF IBSE XBZ ZFBST " MPU PG QFPQMF QBSUJDJQBUFE BOE * +) 4P ZPV KVTU IBWF B OBUVSBM FZF GPS HPU TPNF HSFBU TIPUT 1SPCBCMZ UIF QSFUUJ JU %P ZPV SFNFNCFS UIF m STU UJNF ZPV FTU QMBDF XBT :PTFNJUF QIPUPHSBQIFE IBOH HMJEJOH +) :PV IBWF NPVOUFE ZPVS DBNFSB PO -( *U XBT JO 'FCSVBSZ PG *U XBT TPNF PG UIF NPTU DPMPSGVM DIBSBDUFST JO B XJOEZ EBZ B SBSF DMFBS EBZ .Z XJGF IBOH HMJEJOH JODMVEJOH %BO 3BDBOFMMJ BOE * EFDJEFE UP UBLF B USJQ BSPVOE 1BMPT i%BOHFSPVT %BWFw (JCTPO i.BE .JUDIw 7FSEFT KVTU UP TFF XIBU JU MPPLFE MJLF PO B .D"MFFS -BSSZ 5VEPS 3PC ,FMMT 3PO DMFBS EBZ 8F HPU BT GBS BT 5PSSBODF #FBDI i4LZ "QFw :PVOH BOE NBOZ PUIFS HSFBU BOE * TBX UIFTF CJH LJUFT VQ JO UIF BJS * QJMPUT 8IP IBT CFFO ZPVS GBWPSJUF QJMPU IBE POMZ POF SPMM PG m MN XJUI B NN PO XIJDI UP NPVOU B DBNFSB MFOT TP * BTLFE NZ XJGF JG TIF XPVME HP -( %BWJE -FEGPSE IBT EPOF B MPU PG IPNF BOE HFU UIF SFTU PG NZ HFBS XIJMF TIPPUJOH GPS NF OPU KVTU CFDBVTF IF XBT BO * TUBSUFE TIPPUJOH "T UIF HVZT TUBSUFE FYDFMMFOU QJMPU CVU IF XBT BMXBZT IBOEZ MBOEJOH * OPUJDFE UIBU TPNF PG UIFN XFSF BOE XJMMJOH UP n Z XJUI UIF DBNFSB TVSGFST UIBU * LOFX * HPU UP UBMLJOH XJUI +) )PX PME XFSF ZPV XIFO ZPV UIF HVZT GSPN &JQQFS BOE EFDJEFE UIBU m STU GPVOE ZPVSTFMG JOUFSFTUFE JO UBLJOH UIJT XPVME CF B GVO TQPSU UP TIPPU ɩ BU QJDUVSFT XBT UIF CFHJOOJOH -( *U XBT JO * XBT CPSO JO +) )PX MPOH BGUFS UIBU EJE ZPV EP TP * XBT ZPVS m STU DBNFSB NPVOU +) %JE ZPV IBWF QIPUPHSBQIFS -( 4PNFUJNF XJUIJO UIF OFYU DPVQMF IFSPFT PG NPOUIT * QVU UIF DBNFSB PO #PC -( %PD #BMM XBT UIF GFMMPX * USJFE ,FFMFS T HMJEFS BU UIF i%PNFT w UIF OPX UP FNVMBUF )F TUBSUFE TVSm OH QIPUPH EFGVODU SBEBS JOTUBMMBUJPO PO UPQ PG UIF SBQIZ JO UIF NJE A T )F CVJMU TPNF IJMM BU 1BMPT 7FSEFT XBUFSQSPPG CPYFT TP IF DPVME TIPPU GSPN +) * LOPX ZPV IBWF CFFO UP 5FMMVSJEF UIF XBUFS )F XBT B WFSZ DMPTF GSJFOE (SPVTF .PVOUBJO BOE UIF .BTUFST BU PG NJOF * TBX IJN FWFSZ ZFBS GPS QSPC (SBOEGBUIFS NBOZ UJNFT 8IBU IBT CFFO BCMZ ZFBST "MTP %PDUPS %PO +BNFT B EFOUJTU $PJODJEFOUBMMZ CPUI EPDT XFSF ZPVS GBWPSJUF IBOH HMJEJOH FWFOU PWFSBMM -( * UIJOL (SPVTF .PVOUBJO XBT EFOUJTUT %PO +BNFT TUBSUFE QIPUPHSBQI .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
JOH TVSm OH BOE IBE B IVHF TIPU QVC MJTIFE PG B HVZ BU 4VOTFU #FBDI XJUI B CJH XBWF DVSMFE PWFS IJT IFBE * UIPVHIU * XPVME OPU NJOE IBWJOH TPNFUIJOH MJLF UIBU UPP +) 8IBU XBT ZPVS m STU DBNFSB -( * TUBSUFE VTJOH 1FOUBY FRVJQNFOU JO GPS TVSm OH QSJNBSJMZ CFDBVTF JU IBE B MJHIU NFUFSJOH TZTUFN JO JU *U XBT UIF m STU DBNFSB UIBU IBE UIBU * QSPHSFT TJWFMZ HPU NPSF BOE NPSF MFOTFT XJUI 1FOUBY NPVOUT 8JUI MFOTFT GSPN NN UP NN JU XPVME DPTU B GPSUVOF UP DIBOHF CVU * IBWF IBE HPPE MVDL XJUI 1FOUBY +) 8IBU XFSF ZPVS m STU TVCKFDU JOUFSFTUT -( 8IFO * m STU TUBSUFE TVSm OH QIP UPHSBQIZ JO UIBU XBT UIF TBNF ZFBS UIBU +PIO 4FWFSTPO DBNF VQ XJUI 4VSGFS NBHB[JOF BOE JU CFHBO UP MPPL MJLF TVSm OH XBT UBLJOH PĊ * TUBSUFE DPWFS JOH DPOUFTUT BOE HPJOH VQ BOE EPXO UIF DPBTU TIPPUJOH UIF EJĊ FSFOU TVSG TQPUT JO NZ TQBSF UJNF ɩ FO B DPVQMF NPSF NBHB[JOFT DBNF BMPOH BOE * HPU JOWPMWFE
&JQQFS "OUBSFT CPXTQSJU 5PSSFZ 1JOFT DJSDB MBUF T
* XPSLFE GPS 4VSGFS XIJDI XBT POMZ B RVBSUFSMZ GPS POF ZFBS ɩ FO UIF 1FUFSTPO )PU 3PE NBHB[JOF HPU JOUP UIF CVTJOFTT XJUI B QVCMJDBUJPO DBMMFE *OUFSOBUJPOBM 4VSm OH XIJDI XBT B CJ NPOUIMZ ɩ BU NFBOU NPSF DIBODFT UP HFU NZ QJDUVSFT QVCMJTIFE ɩ FZ DPOUBDU FE NF BOE QVCMJTIFE NZ TUVĊ BT B QSJNF JOUFSFTU 4VSm OH SFBMMZ UPPL PĊ JO UIF TJYUJFT BOE BMM UIBU TUVĊ UIBU * TIPU JO UIBU UJNF QFSJPE JT IPU OPX 'SBOLMZ * OFWFS NBEF NVDI NPOFZ PVU PG IBOH HMJEJOH +) * LOPX ZPV BSF GBNPVT GPS ZPVS TVSm OH BOE XJOE TVSm OH QIPUPHSBQIZ 5FMM NF BCPVU ZPVS DBSFFS -( * TUBSUFE PVU DPOUSJCVUJOH UP B MJUUMF NBHB[JOF UIBU UXP HVZT TUBSUFE JO -BHVOB #FBDI DBMMFE Dz F 3FFG ɩ FZ QBJE NF m WF CVDLT B TIPU GPS BCPVU TIPUT BOE * UIPVHIU * XBT SJDI * XBT HFUUJOH UXP CVDLT B TIPU GSPN UIF LJET PO UIF CFBDI BU UIF UJNF +) 8IBU QVCMJDBUJPOT IBWF ZPV TPME UP -( 8BMU 1IJMMJQT BOE * TUBSUFE 4VSm OH *MMVTUSBUFE BOE m OBODJBMMZ XF EJE OPU NBLF B HP PG JU ɩ FO * XFOU UP XPSL GPS *OUFSOBUJPOBM 4VSm OH ɩ FZ USJFE JU GPS UXP ZFBST BOE EFDJEFE UIFSF XBT OPU FOPVHI NPOFZ JO JU " DPVQMF PG NZ TVSm OH CVEEJFT QVU VQ BOE XF UPPL PWFS B TVSm OH NBHB[JOF JO #VU BHBJO JU XBT B IJU PS NJTT QSPQPTJUJPO PO HFUUJOH FOPVHI
NPOFZ ɩ FZ TPME UIBU JO UP B /FX :PSL QVCMJTIFS XIP IBE B DIBJO PG NBH B[JOFT BOE * XPSLFE XJUI UIFN GPS B DPVQMF PG ZFBST "SPVOE * HPU SFBMMZ VQTFU XJUI UIF TVSG NBHB[JOFT CFDBVTF UIFZ XFSF NBLJOH UIF EPQF IFBET BOE HVZT XIP XFSF OPU SFBMMZ IFSPFT PVU UP CF IFSPFT *U KVTU UVSOFE NF PĊ * LFQU TIPPUJOH TVSG JOH CVU * RVJU XPSLJOH GPS UIF NBHB[JOFT BT B TUBĊ QIPUPHSBQIFS +) *G ZPV DPVME HFU QBJE UIF TBNF GPS XIBUFWFS ZPV QIPUPHSBQIFE XIBU TVCKFDU XPVME ZPV QSFGFS UP TIPPU 8IBU JT UIF NPTU JOUFSFTUJOH UP ZPV
-( 4VSm OH JT NZ m STU MPWF BOE * IBWF DPOUJOVFE UP TVSG VQ VOUJM BCPVU UISFF ZFBST BHP TP UIBU IBT BMXBZT CFFO NZ GBWPSJUF +) *G ZPV LOFX XIFO ZPV TUBSUFE XIBU ZPV LOPX OPX BCPVU IPX MJUUMF NPOFZ UIFSF JT JO IBOH HMJEJOH QIPUPHSB QIZ XPVME ZPV TUJMM IBWF TIPU BT NVDI PG JU BT ZPV IBWF -( MBVHIJOH /P +) 8IFO * TUBSUFE IBOH HMJEJOH * UIPVHIU UIBU JO B TIPSU UJNF JU XPVME CF UIF NPTU QPQVMBS TQPSU JO IJTUPSZ "SF ZPV TVSQSJTFE UIBU JU IBT SFNBJOFE TVDI BO FTPUFSJD BDUJWJUZ -( 'SBOLMZ ZFT )BOH HMJEJOH BQ QFBMFE UP NF *U JT B CFBVUJGVM UIJOH UP TIPPU * IBWF OPU TFFO NVDI HSPXUI 'SPN BO JOTJEFS T QPJOU PG WJFX * BN TVS QSJTFE JU JT TUJMM HPJOH BT NVDI BT JU JT ɩ F UIJOH UIBU OFWFS FOUFSFE NZ NJOE JT UIBU TP NBOZ QFPQMF XFSF HFUUJOH LJMMFE UIBU JU XBT B EFUFSSFOU UP MFBSOJOH UP IBOH HMJEF +) :PV JOUFOEFE UP MFBSO UP n Z BU POF UJNF 5FMM NF UIF TUPSZ PG XIZ ZPV EJE OPU -( * UPPL MFTTPOT CSJFn Z JO BOE POF PG UIF MFTTPOT XBT BU UIF %PNFT PO UIF MPXFS MFWFM "MM * IBE XBT B TXJOH TFBU XJUI B CFMU BDSPTT JU 'PS TPNF SFBTPO UIF TFBU TMJQQFE VQ UP NZ LOFFT BOE * XFOU JO CVUU m STU BOE DPNQSFTTFE B WFSUFCSB * UIPVHIU *G * BN HPJOH UP n Z * XJMM MFU TPNFPOF FMTF CF UIF QJMPU BOE * XJMM KVTU TIPPU GSPN UIF BJS UBOEFN *O * XBT n ZJOH UBOEFN XJUI )FSC 'FOOFS BU 5PSSFZ 1JOFT 8F XFSF
-BVODI %FBE )PSTF 1PJOU 6UBI (MJEFS 0MZNQVT 0MZ SFDPHOJ[BCMF CZ JUT IJHI BTQFDU SBUJP BOE DVSWFE USBJMJOH FEHF DJSDB NJE UP MBUF A T
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$BMFOEBS
UISPVHI UIF 64)(' 61 $PNFU TUSBm OH MBVODI BU 5FMMVSJEF FBSMZ A T
n ZJOH TVQSPOF TJEF CZ TJEF DFOUFSTQSFBE +VOF )BOH (MJEJOH BOE * XBT UBLJOH BJS TIPUT *U XBT B CFBVUJGVM EBZ BOE XF IBE B HSFBU n JHIU ɩ F MBOEJOH EJE OPU TFFN VOVTVBM CVU TPNFIPX * HPU NZ GPPU JO GSPOU PG UIF CBTF UVCF BOE CSPLF NZ BOLMF "GUFS SFDPWFSZ * n FX PODF XJUI #JMM 'MPZE BOE PODF XJUI %BWF -FEGPSE UP HFU JU PVU PG NZ TZTUFN .Z XJGF EJE OPU m OE PVU VOUJM ZFBST MBUFS +) )PX IBT ZPVS DIPJDF PG m MN FWPMWFE PWFS UIF ZFBST -( 8IFO * m STU TUBSUFE TIPPUJOH JO ,PEBDISPNF XBT POMZ "4" XIJDI XBT GBJSMZ TMPX TP JU XBT POMZ PO UIF SFBMMZ CFBVUJGVM EBZT UIBU * DPVME TIPPU DPMPS CFDBVTF PG UIF TQFFE 8IFO UIFZ DBNF PVU XJUI UIF "4" JU NBEF B XPSME PG EJĊ FSFODF " MPU NPSF TIPPUJOH UJNFT XFSF BWBJMBCMF CFDBVTF JU EJE OPU UBLF BT NVDI MJHIU *U BMTP HBWF NF NPSF TIVUUFS TQFFET UP QMBZ XJUI TP * DPVME TIPPU CJH TVSG BOE GFFM UIBU JU XPVME OPU CF CMVSSFE * TIPU GPS B MPOH UJNF CPUI ,PEBDISPNF BOE &DLUBDISPNF 0G DPVSTF OPX &DLUBDISPNF BOE 'VKJDISPNF IBWF DPNF PVU BOE UIFZ BSF CPUI FYDFMMFOU m MNT "4" JT QMFOUZ GPS TIPPU JOH TVSm OH BOE IBOH HMJEJOH * EP MJLF UIF CMVFT CFUUFS JO UIF & m MNT BT PQQPTFE UP ,PEBDISPNF +) %P ZPV VTF B EJĊ FSFOU TQFFE m MN GPS ZPVS MPOH MFOT UIBO ZPVS FYUSFNF XJEF BOHMF -( /P * VTFE GPS CPUI BOE OPX +) 8IBU EP ZPV UIJOL PG QBSBHMJEJOH BT TVCKFDU NBUUFS GPS QIP UPHSBQIZ -( *U JT EJċ DVMU UP TIPPU CFDBVTF UIFSF JT TVDI B EJTUBODF CF UXFFO UIF QJMPU BOE UIF DBOPQZ * IBWF OPU UBLFO UP JU QSJNBSJMZ GPS UIBU SFBTPO *U JT UIF TBNF QSPCMFN XJUI LJUF TVSm OH "MTP JU JT IBSE UP NPVOU B DBNFSB PO UIFN +) :PV IBWF DPNF UP LOPX NBOZ QJMPUT PWFS UIF ZFBST UIBU ZPV IBWF CFFO QIPUPHSBQIJOH UIFN * BN TVSF ZPV IBWF LOPXO TPNF QJMPUT XIP XFSF LJMMFE EVSJOH UIPTF FBSMZ ZFBST PG IBOH HMJE JOH %JE ZPV FWFS SFBDI B QPJOU BU XIJDI JU XBT FNPUJPOBMMZ EJċ DVMU UP HP PVU BOE TIPPU IBOH HMJEJOH BGUFS MPTJOH HPPE QFPQMF XIPN ZPV LOFX QFSTPOBMMZ -( * EP OPU UIJOL JU FWFS PDDVSSFE UP NF UP TUPQ TIPPUJOH CF DBVTF PG UIBU ɩ F IBOH HMJEJOH FRVJQNFOU LFQU HFUUJOH CFUUFS 1BSBDIVUFT DBNF BMPOH BOE UIFSF XFSF NPSF TBGFUZ BJET 'FXFS QFPQMF XFSF HFUUJOH JOUP BDDJEFOUT BOE NPTU PG UIF BDDJEFOUT XFSF QJMPU FSSPS BOE OPU FRVJQNFOU SFMBUFE 4P OP * OFWFS DPOTJEFSFE TUPQQJOH TIPPUJOH CFDBVTF PG UIF BDDJEFOUT JOWPMWFE .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
¯ 4JUF 1SFTFSWBUJPO ¯ 4BGFUZ BOE &EVDBUJPO ¯ $PNQFUJUJPO &YDFMMFODF 5IF 6OJUFE 4UBUFT )BOH (MJEJOH 'PVOEBUJPO TVQQPSUT BDUJWJUJFT UIBU IFMQ FOTVSF UIBU UIF GSFF n ZJOH DPNNVOJUZ IBT B GVUVSF .BLF B UBY EFEVDUJCMF DPOUSJCVUJPO UPEBZ 5IF 64)(" XJMM NBUDI ZPVS DPOUSJCVUJPO VQ UP FBDI ZFBS XIFO ZPV KPJO PS SFOFX ZPVS NFNCFSTIJQ
$POUBDU VT BU PS PO UIF 8&# BU XXX VTIHG PSH
.PTU MJLFMZ BO &JQQFS "OUBSFT MBUF A T
+) * LOPX B QJMPU XIP EFDJEFE IF XBT -( * OFWFS USJFE UP NBLF B MJWJOH PVU SFBEZ UP EP IJT m STU MPPQ TP IF NPVOUFE PG JU XIFO * TUBSUFE PVU *U XBT TUSJDUMZ B VQ IJT DBNFSB BOE XFOU n ZJOH )F HPU iHFU SJE PG UIF VMDFSw UIJOH ɩ FSF XBT OPU UP BQFY BOE HPU IJT JOWFSUFE QJDUVSF CVU NVDI NPOFZ JO TVSm OH UP CFHJO XJUI UIFO IF GFMM JOUP UIF HMJEFS UVNCMFE BOE .PTU PG UIF CVTJOFTTFT XFSF CBDLZBSE TBWFE IJNTFMG XJUI IJT QBSBDIVUF * IBWF PQFSBUJPOT BOE UIF UIJOH HPU PĊ UP B DSBTIFE USZJOH UP HFU B TQFDUBDVMBS TIPU TMPX TUBSU ɩ F HVZT XFSF XJMMJOH UP NBLF %JE ZPV FWFS NPVOU B DBNFSB PO TPNF CPBSET GPS QSBDUJDBMMZ OPUIJOH *U XBT WFSZ POF BOE XBUDI UIFN HP PVU BOE UVNCMF NVDI MJLF UIF FBSMZ EBZT PG IBOH HMJEJOH PS DSBTI JO UIFJS BUUFNQU UP HFU B HSFBU +) %P ZPV TUJMM TIPPU IBOH HMJEJOH PS QIPUP %JE ZPV IBWF B DBVUJPOBSZ TQFFDI JT UIBU DIBQUFS DMPTFE JOWPMWJOH UIF QISBTF iLPEBL DPVSBHFw -( ɩ BU JT QSFUUZ NVDI PWFS &WFO UIBU ZPV SFDJUFE KVTU QSJPS UP MBVODI UIPVHI * MJWF DMPTF UP 5PSSFZ 1JOFT UIF -( * HVFTT * XBT MVDLZ CFDBVTF OPOF USBċ D IBT HPUUFO TP CBE UIBU JU JT EJċ PG UIF QJMPUT * QVU DBNFSBT PO FWFS HPU DVMU GPS NF UP CF UIFSF GPS UIF OJDF MBUF LJMMFE * IBWF MPTU B DPVQMF PG DBNFSBT BGUFSOPPO MJHIUJOH 0OF XBT PO B UFTU n JHIU PG B 4FBHVMM OFBS +) )BWF ZPV NBEF BOZ BSSBOHFNFOUT .BMJCV * QVU UIF DBNFSB PO UIF OPTF BOE DPODFSOJOH XIBU XJMM IBQQFO UP ZPVS UIF QJMPU MBOEFE LOFF EFFQ JO UIF PDFBO MFHBDZ PG IBOH HMJEJOH QIPUPHSBQIT BGUFS BOE OPTFE PWFS 0G DPVSTF UIF DBNFSB ZPV EJF XBT EFBE VQPO DPOUBDU XJUI UIF XBUFS * -( /P * IBWF CFFO UIJOLJOH BCPVU TFOU UIF m MN UP ,PEBL GPS QSPDFTTJOH BOE USZJOH UP TFMM UIF IBOH HMJEJOH FOE PG JU UIFZ UIPVHIU UIF TBMU XBUFS EBNBHF XBT CFDBVTF TPNFCPEZ PVU UIFSF NJHIU XBOU EVF UP B QSPCMFN XJUI UIFJS QSPDFTT ɩ FZ UP UBLF DBSF PG JU TFOU NF B OFX SPMM PG m MN +) "U UJNFT * IBWF IBE QFPQMF JO UIF 4UFWF 1FBSTPO IBE B UBOEFN QBTTFO m MN JOEVTUSZ BTL NF UP n Z XJUI B LOFF HFS HSBC IJT BSN PO MBOEJOH BU (SPVTF IBOHFS IBSOFTT ɩ FZ EJE OPU MJLF UIF JO .PVOUBJO ɩ F SFTVMUJOH OPTF JO EF OPWBUJPO PG UIF DPDPPO IBSOFTT MFU BMPOF TUSPZFE UIBU DBNFSB UIF QPE CFDBVTF JU EPFT OPU MPPL UP UIFN +) )BWF ZPV TVQQPSUFE ZPVSTFMG BOE MJLF iIVNBO n JHIU w ɩ FZ TUJMM IBWF UIJT ZPVS XJGF CZ ZPVS QIPUPHSBQIZ PS IBWF JEFB PG IBOH HMJEJOH BT KVTU B LJUF BOE B ZPV EPOF PUIFS XPSL QFSTPO XJUI BSNT BOE MFHT TUJDLJOH PVU
ɩ FZ EP OPU MJLF UIF iTQBDFNBO MPPL w "MTP JO UIF FBSMZ EBZT UIF TBJMT XFSF NVDI NPSF DPMPSGVM :PVS DBSFFS TQBOT GSPN UIBU FBSMZ QFSJPE PG CBTJD IVNBO n JHIU UISPVHI UPEBZ %P ZPV IBWF B GB WPSJUF QFSJPE PG IBOH HMJEJOH BOE EP ZPV GFFM UIBU IBOH HMJEJOH IBT CFDPNF MFTT JOUFSFTUJOH QIPUPHSBQIJDBMMZ -( 8FMM JU DFSUBJOMZ JT OPU BT DPMPSGVM BT JU XBT #VU UP NF UIBU JT MJLF TBZJOH UIF BJSQMBOFT JO XFSF NPSF JOUFS FTUJOH UP TIPPU UIBO UIF KFUT PG UPEBZ *U JT UIF TBNF SBUJPOBMF )BOH HMJEJOH IBT QSPHSFTTFE TP NVDI UIBU * HVFTT TPNF PG UIF DPMPS JT HPOF *U JT TUJMM UP NF B CFBV UJGVM TJHIU UP TFF B EP[FO HMJEFST JO UIF BJS BU 5FMMVSJEF PS 5PSSFZ 'PS NF QFSTPOBMMZ JU IBT OPU NBEF UIBU NVDI EJĊ FSFODF * KVTU TIPPU JU BT * TFF JU +) * CFMJFWF ZPVS HSFBU CPEZ PG XPSL TUBOET BT UIF EFm OJUJWF EPDVNFOUBUJPO PG IBOH HMJEJOH GSPN UIF FBSMZ ZFBST VOUJM ZPV TUPQQFE B GFX ZFBST BHP ɩ BOL ZPV GPS TIBSJOH UIFTF JOTJHIUT JOUP ZPVS HSFBU DBSFFS JO QIPUPHSBQIZ
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP .JUDI #PHEFO
.VDI PG IJT UJNF BT B LJE UPP ZPVOH UP n Z XBT TQFOU KVTU IBOHJOH BSPVOE XIJMF IJT QBSFOUT UBVHIU PS UPXFE $BNFSPO BENJUT UP CPSFEPN BU UJNFT BOE TBZT i* XPVME QFTUFS UIF DMJFOUT BOE CFH UIFN UP QMBZ XJUI NF w *U XBT BU UIBU DMJOJD JO UIBU $BNFSPO EJE IJT m STU TPMP IJHI UPX XJUI B QMBOOFE XBUFS MBOEJOH TJODF UIF UJOZ QFOJOTVMB UIF SFTU PG VT XFSF MBOE JOH PO XPVME IBWF CFFO B DIBMMFOHF GPS BOZ CSBOE OFX QJMPU "NB[JOHMZ XJUI SBEJP HVJEBODF GSPN IJT EBE IF XBT BCMF UP DPNF JO PO ESZ MBOE CFGPSF UIF FOE PG UIF DMJOJD BGUFS POMZ B DPVQMF PG TPMP IJHI n JHIUT #FGPSF IF UPXFE VQ TPMP UP BMUJUVEF $BNFSPO IBE UBLFO NBOZ UBOEFN n JHIUT XJUI IJT EBE i* UIJOL * XBT UIF m STU POF UP EP B 4"5 JO UBOEFN o JU XBT PWFS B ESZ $BNFSPO T GBWPSJUF LJOE PG n ZJOH JT DMPTF UP UIF HSPVOE MBLFCFE XJUI %BE w IF TBZT XJUI PCWJPVT QSJEF BOE TBUJTGBDUJPO )F BMTP IBE BDDVNVMBUFE MPUT PG HSPVOE IBOEMJOH FYQFSJFODF CFGPSF UIBU m STU IJHI UPX NVDI PG JU PO B TLZEJWJOH SJH UIBU IBE CFFO SFUSPm UUFE XJUI QBSB HMJEFS SJTFST ɩ JT DVTUPN XJOH XBT TNBMM #Z $ + 4UVSUFWBOU FOPVHI GPS B MJHIUXFJHIU UP IBOEMF JO XJOEZ DPOEJUJPOT BOE PODF IF E CFDPNF * m STU NFU $BNFSPO 0 $POOPS UXP QSPm DJFOU XJUI LJUJOH $BNFSPO EJE ZFBST BHP XIJMF * XBT QBSUJDJQBUJOH JO TPNF TIPSU n JHIUT UIBU FOEFE JO UIF MBLF NZ m STU QBSBHMJEFS NBOFVWFST DMJOJD QVU iTP * E IBWF FYQFSJFODF XJUI XBUFS MBOE PO CZ &OMFBV BOE "OO 0 $POOPS EPXO JOHT w IF FYQMBJOT 0OF PG $BNFSPO T CJHHFTU DIBMMFOHFT JO $BMJGPSOJB "U UIF UJNF $BNFSPO XBT B DPDLZ IZQFSBDUJWF OJOF ZFBS PME XIP IF TBZT IBT CFFO iHFUUJOH PWFS UIF GFBS LFQU VT BMM BMUFSOBUFMZ BNVTFE BOOPZFE PG IFJHIUT XIFO * N VQ IJHI BOE MPPL BOE BNB[FE XJUI IJT BOUJDT )JT FBSMJFTU JOH EPXO CVU BGUFS B XIJMF ZPV HFU VTFE NFNPSZ PG QBSBHMJEJOH JO IJT PXO XPSET UP JU w 0O UIBU m STU IJHI UPX BU m STU IF i8IFO * m STU DBVHIU n JHIU * SFNFNCFS iUIPVHIU JU XBT QSFUUZ TDBSZ #VU XIFO * SVOOJOH EPXO B TMPQF XJUI 1BU BOE NZ HPU PĊ UPX * TUBSUFE UP FOKPZ JU BOE BGUFS EBE PO FBDI TJEF PG NF 8IFO * QVMMFE B XIJMF JU CFDBNF OBUVSBM w .PSF UIBO B ZFBS MBUFS * BUUFOEFE BO CSBLFT UP MBOE JU GFMU MJLF * XBT IPWFSJOH PUIFS PG &OMFBV T BOE "OO T DMJOJDT BOE KVTU CFGPSF UPVDIEPXO w XBT QMFBTBOUMZ TVSQSJTFE UP m OE UIBU $BNFSPO IBT NBUVSFE JOUP B SBUIFS DPNQFUFOU QJMPU BOE BO FOHBH JOH BOE QFS TPOBCMF ZPVOH NBO 8IJMF IF TUJMM FOKPZT UP B EFHSFF QFTUFS JOH VT DMJFOUT UP $BNFSPO GPPU MBVODIFE "OO T BDSP XJOH UP B QMBOOFE XBUFS QMBZ XJUI IJN
'BDFT PG UIF 'VUVSF $BNFSPO 0 $POOPS
IF BDUVBMMZ FOUJDFE NBOZ PG VT UP IPME B MBSHF IBJSZ UBSBOUVMB UIBU IF E SFTDVFE GSPN UIF NJETU PG PVS QJMFE VQ XJOHT BOE HFBS IF XBT XJMMJOH UP UBLF UJNF UP FYQPVOE PO IJT IJTUPSZ BOE IJT FY QFDUBUJPOT GPS IJT GVUVSF JO QBSBHMJEJOH )F SFBMJ[FT UIBU IF JT JO B VOJRVF TJUVB UJPO BOE UIBU NPTU LJET IJT BHF FWFO IJT GSJFOET XIP iUIJOL JU XPVME CF TP BXF TPNF BOE SFBMMZ GVO UP USZ w XPO U MFBSO UP n Z CFDBVTF iUIFZ XJMM OPU IBWF BT NBOZ BEWBOUBHFT BOE PQQPSUVOJUJFTw BT IF IBT "T GPS XIBU IJT UFBDIFST UIJOL BCPVU IJT n ZJOH i* EPO U FWFO UFMM UIFN CFDBVTF PG UIF IBTTMF PG IBWJOH UP BOTXFS UIFJS RVFT UJPOT BCPVU JU w $POTJEFSJOH UIF EJċ DVMUZ NBOZ PG VT BEVMUT IBWF FYQMBJOJOH PVS QBTTJPO UP OPO n ZJOH GSJFOET UIBU TFOUJ NFOU JT VOEFSTUBOEBCMF $BNFSPO MPWFT LJUJOH FWFO CFUUFS UIBO n ZJOH BOE IF JT IJHIMZ TLJMMFE BU IBOEMJOH IJT XJOH )F NBLFT JU MPPL RVJUF FBTZ CVU IF TBZT i/PUIJOH XBT FBTZ UP MFBSO JO QBSBHMJEJOH *U XBT BMM B NBUUFS PG UJNF BOE FĊ PSU .BTUFS UIF CBTJDT CFGPSF NPWJOH PO w IF BEET HPPE BEWJDF XIFUIFS JU DPNFT GSPN B DPDLZ LJE PS BO FYQFSU JOTUSVDUPS %VSJOH UIF DMJOJD XF XFSF BMM USBEJOH XJOHT n ZJOH XIBUFWFS XBT BQQSPQSJBUF GPS PVS TJ[FT BOE TLJMM MFWFMT $BNFSPO T GBWPSJUF JT iNZ /FX 'SFF9 ' NFUFS HMJEFS GPS XIFO UIF XJOE JT TUSPOH #VU JU DBO EFQFOE PO DPOEJUJPOT o TPNFUJNFT XIFO JU T MJHIU * MJLF UIF FYUSB TNBMM HMJE FST GPS TPBSJOH w (JWFO IPX NVDI UJNF UIJT ZPVOH NBO TQFOET XBUDIJOH DSJUJRVJOH BOE QFSGPSNJOH UBOEFN XJUI IJT EBE BDSP NBOFVWFST * E FYQFDUFE $BNFSPO T QBSBHMJEJOH HPBMT UP JODMVEF TPNF PG UIJT PWFS UIF UPQ TUZMF PG n ZJOH #VU BU QSFT FOU IF T GPDVTFE PO QFSGFDUJOH IJT BMSFBEZ CFUUFS UIBO BWFSBHF LJUJOH BOE HSPVOE TLJNNJOH TLJMMT *U XBT B KPZ UP XBUDI $BNFSPO QMBZJOH PO UIF TBOE TMPQFT PO UIF HSPVOE BOE KVTU CBSFMZ JO UIF BJS TLJMMGVMMZ BOE HSBDFGVMMZ XPSLJOH IJT XJOH BOE UIF UFSSBJO PCWJPVTMZ IBWJOH B XPOEFSGVM UJNF i* n Z KVTU GPS GVO w TBZT $BNFSPO 8FMM XIZ FMTF
1IPUP $ +
MBOEJOH CFGPSF IJT m STU IJHI UPX
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
,JUJOH (MJEFS (SPVOE *OUFSGBDF /FQBM
&WFSZUIJOH MFBSOFE XIJMF LJUJOH JT EJSFDUMZ BQQMJDBCMF UP n ZJOH
%JTUJMM BMM UIF NZSJBE TLJMMT JOWPMWFE JO TBGFMZ n ZJOH QBSBHMJEFST EPXO UP POF FYFSDJTF BOE ZPV MM CF LJUJOH )PVST PG LJUJOH XJMM TIBSQFO ZPVS iGFFMw PG UIF HMJEFS BOE RVJDLFO ZPVS SFBDUJPO UJNF JODSFBTJOH ZPVS BDUJWF QJMPUJOH BOE FOFSHZ NBOBHFNFOU TLJMMT UISPVHI VOEFSTUBOE JOH UIF QSFTTVSF GFMU JO UIF CSBLF UPHHMFT BOE IBSOFTT ɩ FSF BSF NBOZ EJĊ FSFOU LJUJOH UFDI OJRVFT BOE JU JT HPPE UP QSBDUJDF B WBSJFUZ PG EJĊ FSFOU TUZMFT CVU * XPVME SFDPN NFOE HBJOJOH QSPm DJFODZ m STU XJUI POF CBTJD UFDIOJRVF CFGPSF FYQMPSJOH PUIFS WBSJBUJPOT HJWJOH ZPV B GPVOEBUJPO PO XIJDI UP CVJME OFX TLJMMT 1BSU PG UIBU GPVOEBUJPO XJMM BMTP CF QFSGFDUJOH B DPO TJTUFOU USBOTJUJPO JOUP UIF BJS JOn BUJOH BOE MBVODIJOH XIJMF NBJOUBJOJOH DPOUSPM PG UIF HMJEFS UIF XIPMF UJNF .Z QFSTPOBM QSFGFSFODF UPXBSET UIBU HPBM JT UP UFBDI B DSPTT IBOE SFWFSTF JO n BUJPO m STU ɩ JT BMMPXT ZPV UP UVSO BOE MBVODI XJUIPVU MFUUJOH HP PG UIF UPHHMFT HJWJOH ZPV UIF OFDFTTBSZ MFWFM PG DPOUSPM UISPVHI UIF FOUJSF MBVODI TFRVFODF "MM PG UIF EJĊ FSFOU LJUJOH UFDIOJRVFT TIBSF TJNJMBS GVOEBNFOUBMT BOE XIJMF IBSEMZ DPNQSFIFOTJWF UIJT BSUJDMF XJMM
FYQMPSF TPNF PG UIFTF SBUIFS UIBO SFWJFX UIF QBSUJDVMBST PG UIF WBSJPVT TUZMFT 5BML UP ZPVS JOTUSVDUPS BOE DIFDL PVU TPNF PG UIF DVSSFOU JOTUSVDUJPOBM NBOVBMT BWBJM BCMF GPS TQFDJm D UFDIOJRVFT 0OF PG UIF NPTU GVOEBNFOUBM HPBMT PG LJUJOH JT JODSFBTJOH CPEZ BXBSFOFTT .PTU QFPQMF UFOE UP GPDVT UIFJS BUUFOUJPO PO UIF HMJEFS *OTUFBE CSJOH ZPVS BUUFOUJPO EPXO UP UIF SJTFST BOE JOUP ZPVS CPEZ "GUFS CFDPNJOH BXBSF PG UIF DIBOHJOH QSFTTVSF CPEZ QPTJUJPO BOE n ZJOH UIF XJOH CZ GFFM ZPV DBO UIFO FYQBOE ZPVS BUUFOUJPO UP UIF iCJH QJDUVSF w UIF XPSME BSPVOE ZPV UIF IPSJ[PO PUIFS HMJEFST BOE QFPQMF ɩ JT JT FYBDUMZ XIBU * TUSJWF GPS JO UIF BJS BO VOEFSTUBOEJOH BOE BXBSFOFTT PG UIF HMJEFS HBJOFE FOUJSFMZ CZ GFFMJOH UIF DIBOHJOH QSFTTVSF BOE NPWFNFOU XIJMF XBUDIJOH NZ BMUJUVEF HSPVOETQFFE BOE USBċ D "DUJWF n ZJOH BOE LJUJOH BSF NPSF LJOFTUIFUJD UIBO DFSFCSBM *G ZPV OFFE UP UIJOL BCPVU UIF DPSSFDU JOQVU JU T QSPCBCMZ UPP MBUF 4JODF ZPVS m STU DMVFT XJMM CF UISPVHI UIF DIBOHJOH QSFT TVSF JG ZPV SF XBJUJOH GPS ZPVS FZFT UP UFMM ZPV XIBU JOQVU JT OFFEFE ZPV SF BMSFBEZ CFIJOE ,JUJOH UFBDIFT ZPVS
1IPUP %BMF $PWJOHUPO
#Z %BMF $PWJOHUPO
NVTDMFT UP SFTQPOE JOTUBOUMZ CZ GFFM "T ZPV CFDPNF NPSF BXBSF PG ZPVS CPEZ ZPV MM BQQSFDJBUF UIF JNQPSUBODF PG CPEZ QPTJUJPO UIF OFFE GPS MPBEJOH UIF IBSOFTT XJUI CPEZ XFJHIU UISPVHI n FYFE LOFFT BOE LFFQJOH XFJHIU PWFS UIF DIFTU TUSBQ XIFO GBDJOH GPSXBSE BOE MFBOJOH CBDL JOUP UIF IBSOFTT BOE XBUDIJOH UIF SJTFST XIFO SFWFSTFE &Ċ FDUJWFMZ ZPV TIPVME BMXBZT CF ESJWJOH GPSXBSE JOUP UIF XJOE XJUI ZPVS CPEZ LFFQJOH DPO TJTUFOU QSFTTVSF :PV BMTP XBOU UP NPWF GPSXBSE BOE UP UIF TJEF VOEFS B GBMMJOH XJOHUJQ LFFQJOH UIF HMJEFS MPBEFE XJUI CPEZ XFJHIU TNPPUIMZ BOE FWFOMZ BT ZPV EP "T BO FYFSDJTF UPXBSET BDUJWF n ZJOH UIJOL BCPVU DPOUSPMMJOH UIF SPMM JOQVU XJUI UIF IJQT BOE CPEZ QPTJUJPO UIF QJUDI XJUI UIF UPHHMFT 0ODF ZPV SF GPDVTFE PO ZPVS CPEZ BOE UIF GFFM PG UIF HMJEFS ZPV DBO SFm OF ZPVS TLJMMT BOE XPSL UPXBSET ZPVS OFYU HPBM TVCUMF QSFDJTF JOQVUT :PV XBOU UP NBLF ZPVS DPOUSPM JOQVUT CPUI CPEZ BOE UPHHMF BT TPPO BT QPTTJCMF BOE BT TNBMM BT QPTTJCMF *O EPJOH TP TUBSU UP BOUJDJ QBUF UIF TNBMMFTU DIBOHFT JO UIF HMJEFS T QSFTTVSF BOE QPTJUJPO SFTQPOEJOH XJUI QSFDJTF JOQVUT NJOJNJ[JOH UIF CBOF PG
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP (FPSHF 4UVSUFWBOU
,JUJOH JT B EBODF BO BFSJBM IPLFZ QPLFZ
BMM QJMPUT UIF ESFBEFE PWFSDPOUSPM ɩ F HMJEFS BOE QJMPU XPSL UPHFUIFS BT B DPN QMFUF TZTUFN DSFBUJOH BO BJSDSBGU XJUI HSFBUFS QPUFOUJBM GPS QFOEVMBS NPWFNFOU UIBO BOZ PUIFS HJWFO UIF EJTUBODF GSPN XJOH UP QJMPU 8IJMF LJUJOH QSBDUJDF BOUJDJQBUJOH UIF HMJEFS T QFOEVMBS NPWFNFOU BOE UIF DPSSFDU JOQVUT UP EBNQFO JU *O UIF BJS UIBU USBOTMBUFT UP TNPPUI Fċ DJFOU n JHIU UISPVHI UVSCVMFOU DPOEJUJPOT *OQVUT UIBU BSF QPPSMZ UJNFE UPP CJH PS UPP RVJDL UFOE UP BNQMJGZ SBUIFS UIBO EBNQFO UIBU QFOEVMBS NPWFNFOU MFBWJOH ZPV PTDJMMBU JOH XJMEMZ UISPVHI UIF TLJFT CFHHJOH GPS UIF CJH XIBDL *O UIJT DBTF BU MFBTU HP IBOET UP TIPVMEFST XIJMF ZPV SFn FDU PO /FXUPO T UIJSE MBX PG NPUJPO "OPUIFS XBZ UP UIJOL PG UIJT DPNQMFUF TZTUFN JT UISPVHI VOEFSTUBOEJOH UIBU JU T ZPVS CPEZ XFJHIU UIBU NBLFT ZPVS XJOH B XJOH /P XFJHIU J F QSFTTVSF JO UIF IBSOFTT BOE UPHHMFT OP HMJEFS 4P XIFO UIF QSFTTVSF HPFT BXBZ EPO U CF TVSQSJTFE JG ZPVS HMJEFS XBOUT UP HP BXBZ UPP +VTU EPO U CSBLF JU BT JU T NPWJOH CFIJOE ZPV FWFO JG UIF QSFTTVSF JT EFDSFBTJOH 8BJU GPS UIF HMJEFS UP TVSHF CBDL GPSXBSE BOE UIFO ZPV DBO MPPL GPS QSFTTVSF JO UIF UPH HMFT DBUDIJOH JU PWFSIFBE *NQPSUBOU QPJOUT
%FWFMPQ ZPVS CPEZ BXBSFOFTT 5SZ UP GFFM UIF HMJEFS T NPWFNFOUT BOE OPU m YBUF PO MPPLJOH BU UIF HMJEFS -PPL BU UIF IPSJ [PO BOE UIF XPSME BSPVOE ZPV ,FFQ UIF QSFTTVSF JO UIF IBSOFTT DPOTJTUFOU 4USJWF GPS QSFDJTF JOQVUT ɩ F HPBM JT FOFSHZ NBOBHFNFOU BOE BMXBZT CFJOH BXBSF PG XIFSF ZPVS IBOET BSF ,FFQ FOFSHZ J F CPEZ XFJHIU JO UIF XJOH BMM UIF UJNF XIJMF GFFMJOH QSFTTVSF 'MZJOH JT
/FBS +PDPUFQFD .FYJDP
B DPOTUBOU CBMBODJOH BDU CFUXFFO LFFQJOH ZPVS TQFFE VQ BOE GFFMJOH QSFTTVSF JO UIF UPHHMFT 1SBDUJDF BMMPXT ZPV UP EFWFMPQ BO JOTUJODUJWF BOE JOTUBOUBOFPVT SFBDUJPO UP DIBOHFT JO UIF XJOH DPOTUBOUMZ BEKVTUJOH UIF BOHMF PG BUUBDL &WFSZUIJOH ZPV EP JT BO JOQVU +VTU CF DBVTF UIF HMJEFS EJEO U SFTQPOE JNNFEJ BUFMZ EPFTO U NFBO JU JTO U SFTQPOEJOH 3FMBY :PV MM CF NPSF TFOTJUJWF UP DIBOHFT #SFBUIJOH JT HPPE /P QSFTTVSF /P HMJEFS &WFSZUIJOH MFBSOFE XIJMF LJUJOH JT EJ SFDUMZ BQQMJDBCMF UP n ZJOH $IBOHJOH DPOEJUJPOT NBLF GPS IBSEFS PS FBTJFS LJUJOH KVTU MJLF n ZJOH -PPL BU UIF XFBUIFS GPSFDBTU XJOET BMPGU FWFSZ UIJOH VTJOH BMM UIF UPPMT ZPV WF MFBSOFE GPS NBLJOH ZPVS n ZJOH EFDJTJPOT BOE BQQMZ UIFN UP ZPVS LJUJOH TFTTJPO :PV XJMM CF JODSFBTJOH ZPVS VOEFSTUBOE JOH PG DPOEJUJPOT BOE QSBDUJDJOH KVEH NFOU TLJMMT FWFO XIFO ZPV SF OPU BCMF UP n Z $POEJUJPOT ZPV NJHIU LJUF JO XPO U OFDFTTBSJMZ CF UIF TBNF DPOEJUJPOT ZPV XPVME DIPPTF UP n Z JO CVU ZPV XJMM TUJMM CF BNBTTJOH B NFOUBM iEBUBCBTFw UP IFMQ ZPV KVEHF DPOEJUJPOT -FBSO POF UFDIOJRVF XFMM BOE UIFO CSBODI PVU UP B WBSJFUZ PG EJĊ FSFOU XBZT PG LJUJOH VTJOH EJĊ FSFOU DPNCJOBUJPOT PG UPHHMFT SJTFST MJOFT BOE CPEZ 1SBDUJDF VOUJM ZPV DBO QFSGPSN UIFN JOTUJODUJWFMZ IJHI XJOE UFDIOJRVFT GPS CSJOHJOH EPXO ZPVS XJOH UP BWPJE CFJOH ESBHHFE ,JUJOH JT NPSF EFNBOEJOH UIBO n ZJOH SFRVJSJOH NPSF QSFDJTJPO BOE TFOTJUJWJUZ NBLJOH JU JEFBM GPS QFSGFDUJOH ZPVS TLJMMT ɩ F QFSDFJWFE QSFTTVSF XJMM CF EJĊ FSFOU CFUXFFO LJUJOH BOE n ZJOH EFQFOEJOH PO UIF TUSFOHUI PG UIF XJOE 5ZQJDBMMZ UIFSF XJMM CF MFTT CPEZ XFJHIU JO UIF HMJEFS BOE
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
IFODF MFTT QSFTTVSF XIFO LJUJOH SFRVJS JOH B NPSF TFOTJUJWF UPVDI :PV NBZ OPU CF BCMF UP GFFM NVDI UPHHMF QSFTTVSF JO MJHIUFS DPOEJUJPOT BOE IFODF ZPV MM SFMZ NPSF PO UIF GFFM JO UIF IBSOFTT 5P BEE UP UIJT XIFO LJUJOH ZPVS CPEZ DBO U TXJOH VOEFS UIF XJOH UIF TBNF XBZ UIBU UIF OBUVSBM QFOEVMBS TUBCJMJUZ QSPEVDFT JO n JHIU "CPWF BMM IBWF GVO XIJMF ZPV QSBDUJDF ,JUJOH JT B EBODF BO BFSJBM IPLFZ QPLFZ *G JU T OPU GVO JU T IBSE UP MFBSO BOZUIJOH *G ZPV DBO SFNFNCFS XIJMF n ZJOH UIF MFTTPOT ZPV MFBSOFE XIJMF LJUJOH F H LFFQJOH UIF HMJEFS RVJFUMZ PWFS IFBE VTJOH ZPVS CPEZ QSJNBSJMZ UP DPO USPM UIF SPMM JOQVUT BOE ZPVS UPHHMFT UP DPOUSPM UIF QJUDI NPWFNFOUT PS BOHMF PG BUUBDL ZPV XJMM IBWF QSPHSFTTFE B MPOH XBZT UPXBSET DPNQFUFODF JO BDUJWF n ZJOH JO TUSPOHFS DPOEJUJPOT #Z QSBDUJD JOH LJUJOH BOE QFSGFDUJOH UIF USBOTJUJPO GSPN LJUJOH UP n ZJOH TNPPUIMZ XJUIPVU SFMJORVJTIJOH DPOUSPM PG UIF XJOH ZPV XJMM EFWFMPQ B TBGF MBVODI UFDIOJRVF UIBU XJMM TFSWF ZPV XFMM JO NPSF EFNBOEJOH UIFSNJD DPOEJUJPOT ɩ F NPSF QSBDUJDF ZPV IBWF DPOUSPMMJOH ZPVS XJOH UIF NPSF SFMBYFE ZPV MM CF ɩ F NPSF SFMBYFE ZPV BSF UIF NPSF TFOTJUJWF ZPV XJMM CF UP UIF DIBOHJOH QSFTTVSF BOE NPWJOH HMJEFS BOE UIF NPSF ZPV XJMM CF BCMF UP VOEFSTUBOE BOE SFBDU UIPVHIUGVMMZ UP UIPTF DIBOHFT ɩ F VMUJNBUF HPBM PG BMM UIFTF FYFSDJTFT JT UP CF B TBGFS QJMPU BOE UP IBWF NPSF GVO EPJOH UIF BFSJBM IPLFZ QPLFZ *TO U UIBU XIBU JU T BMM BCPVU /FXUPO T 5IJSE -BX PG .PUJPO 'PS FWFSZ BDUJPO UIFSF JT BO FRVBM BOE PQ QPTJUF SFBDUJPO
%BMF $PWJOHUPO TUBSU FE KVNQJOH Pą UIJOHT BU UIF BHF PG UISFF 8JUIJO B GFX ZFBST IF CFHBO UP FY QFSJNFOU XJUI CFE TIFFUT BOE VNCSFMMBT CFGPSF EJTDPWFSJOH IJT GBWPS JUF KVNQ FOIBODFNFOU DPOUSBQUJPO JO )F UFBDIFT JO 4BMU -BLF $JUZ SVOT UPVST XPSME XJEF BOE JT B NBTUFS SBUFE KVNQFS Pą FS
NPSF *O PUIFS XPSET $PTUB 3JDB JT QPS USBZFE BT B MJWF BXBZ BEWFOUVSF DBNQ GPS PVUEPPST FOUIVTJBTUT FTQFDJBMMZ QJMPUT ɩ FSF JT BO JOUFSDIBOHF PG NFOUPSTIJQ CFUXFFO UIF UISFF XIP OBUVSBMMZ NBOJ GFTU EJĊ FSFOU MFWFMT PG FYQFSJFODF BOE TLJMM JO UIF XJEF WBSJFUZ PG TQPSU BDUJWJUJFT 'PS JOTUBODF #P IBT NPSF TVSm OH FYQFSJFODF IF T iNBZCF TMJHIUMZ CFMPX BWFSBHFw IF TIPXT UIFN TPNF TNPPUI NPWFT PO UIF XBUFS o BOE SVFT UIBU ,BSJ BO FYUSFNF OFXCJF QJDLT JU VQ TP RVJDLMZ $ISJT EPFT FYDFQUJPOBM BFSPCBUJD TUVĊ PO CPUI XJOHT UISPVHIPVU #P JT B SFMBUJWF OFXCJF XJUI B QBSBHMJEFS XJUI BSHVBCMZ NPSF FOUIVTJ BTN UIBO UFDIOJRVF PO PDDBTJPO 8F TIBSF JO UIF FYDJUFNFOU PG ESBNBU JD TUVOUT MJLF $ISJT i% CBHHJOHw GSPN UIF %SBHPOn Z T TUSVU % CBHHJOH JOGVTFT B QBSBHMJEFS MBVODI XJUI TPNFUIJOH TQF DJBM B WFSUJDBM QMVNNFU JT SFRVJSFE UP VOGPME UIF XJOH 8BSOJOH 4XFBUZ QBMNT NBZ SFTVMU GSPN WJFXJOH $ISJT IBOHJOH JO NJE BJS GSPN UIF % CBH BQQBSBUVT o FTQFDJBMMZ BT IF T EPOF UIJT POMZ PODF CFGPSF BOE JU T IJT '*345 XJOH QBDL "T 5ZQJDBMMZ UIFZ TVSG JO UIF NPSOJOH $ISJT JT IBOHJOH PVU UIFSF PO UIBU TUSVU KVTU PVUTJEF UIF EPPS PG UIFJS SFOUFE CFBDI QSFQBSJOH UP EP IJT % CBH ESPQ #P JT PO IPVTF *O UIF BGUFSOPPO JU T QBSBHMJEJOH PS IBOH HMJEFS UPX BUUBDIFE UP TBNF QMBOF 0O BOPUIFS n JHIU XJUI $ISJT BOE #P IBOH HMJEJOH GPMMPXFE CZ TVOTFU TVSm OH 0S DSFBUF ZPVS PXO QFSNVUBUJPO PO UIJT PO EVBM UPX JO UIFJS IBOH HMJEFST GPMMPX UIFNF BEEJOH UIF GPMMPXJOH UP UIF NJY JOH UIFJS QJO PĊ XF TFF PWFSIFBE GPPU LJUF TVSm OH TVOTFU QBSBNPUPSJOH PO UIF BHF PGyB 53*0 PG BJSDSBGU TQJOOJOH UP CFBDI SJEJOH VQPO PME GBTIJPOFE iTIVU UIF CFBDI *U T OPX $ISJT #P BOE UPX UMFTw UP MBVODI IJLJOH XBUFSGBMM TXJN QJMPU 3IFUU 3BEGPSE XIP n BU TQJOT IJT NJOH FODPVOUFSJOH GFMMPX IJLFST XIP %SBHPOn Z GPS FOEMFTT SPVOET BOE UIFO TIBNF VT JO UIFJS MPBE DBSSZJOH DBQBDJUZ GPMMPXT VQ XJUI B MPPQ PWFS UIF MBOEJOH EVBM IBOH HMJEFS BFSPUPXJOH GPMMPXFE CZ BSFB 8BUDI GPS TQFDJBM GPPUBHF PG 3IFUU T EVBM IBOH HMJEFS TQJOT UP UIF CFBDI BOE QSPXFTT TIPU GSPN B VOJRVF QFSTQFDUJWF
5ISFF 1JMPUT 5ISFF 8FFLT 0OF +VOHMF /P 3VMFT 3FWJFX PG %7% 1VSB 7JEB 'MZJOH #Z -BXSFODF 8BMMNBO 1IPUPT CZ +Fą 0 #SJFO ª +VTU 'MZ
0OF PG UIF NPTU VTFS GSJFOEMZ PG UIF OFX IBOH HMJEJOH QBSBHMJEJOH WJEFPT o BMTP BDDFTTJCMF FOUFSUBJONFOU GPS GSJFOET BOE GBNJMZ NFNCFST o JT 1VSB 7JEB 'MZJOH QSPEVDFE CZ -POF 1BMN .PUJPO 1JDUVSFT XSJUUFO BOE EJSFDUFE CZ ( 8 .FBEPXT ( 8 EJTQPTFT VT UP NBLF CFMJFWF UIBU $ISJT i*OUFSOBUJPOBM .BO PG .ZTUFSZw .VMMFS JOWJUFT CJXJOHVBM DIBNQ ,BSJ NPSF FOEFBSJOH UIBO NZTUFSJPVT $BTUMF BOE IBOH HMJEJOH DIBNQ #P UPUBMMZ OPO NZTUFSJPVT CVU &OEFBSJOH UP "MM )FDL BOE #BDL )BHFXPPE UP QBSUJDJQBUF JO BO JNQSPNQUV IPMJEBZ PO UIF 1BDJm D DPBTU PG $PTUB 3JDB GPS TPNF SFMJFG GSPN UIF XJOUFS EPMESVNT $ISJT QIPOFT #P JO UIF NJEEMF PG UIF DPME EBSL OJHIU B DMFWFS SFTPMWJOH TDFOF BU UIF m MN T FOE MFBWFT ZPV XJTIJOH UIBU .ZTUFSZ .BO IBE QIPOFE ZPV BT XFMM &BDI BDUJPO DIBQUFS PG UIF m MN JT QSFDFEFE CZ SFn FDUJWF JOEJWJEVBM DPN NFOUBSZ GSPN TDSFFO GSJFOEMZ ,BSJ $ISJT BOE #P ,BSJ T QFSTPOBMJUZ TIJOFT BOE TIF EFDPSBUFT IFS FYDJUFNFOU XJUI TPNF %PXO 6OEFS MJOHP FYQFSJFODFE 0; n ZFS UIBU TIF JT "MM UISFF IBWF SFBM iEPXO IPNFw QFSTPOBMJUJFT BOE SFHJPOBM BDDFOUT TP UIF WJFXFS GFFMT XBSN BOE DPNGPSUBCMF JO UIFJS QSFTFODF 8F TIBSF JO UIFJS EBJMZ BDUJWJUJFT PWFS UISFF XFFLT
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
0UIFS FYUSBT JODMVEF B DBNFP BQQFBS ,BSJ #P BOE $ISJT n Z UIFJS IBOH &WFO UIF DBNFSBNBO KPJOT UIF FĊ PSU BOE HMJEFST TNPPUIMZ BOE BSF PCWJPVTMZ FOKPZ B MBVHIJOH EPH QSPWJEFT DPNJD SFMJFG 0VS BODF CZ B HFOVJOFMZ NZTUFSJPVT iGBDJMJUB JOH UIF TQFDUBDVMBS TDFOFSZ PO UIF JTMBOE DPNQVMTJPO UP n Z BOE SFMVDUBODF UP IJLF UPS w %BWJE (MPWFS BOE B CFBDI TFSFOBEF iHMPXJOH HSFFO w TBZT ,BSJ XIFUIFS SJEHF EPXO EPFT TPNFUJNFT JOTQJSF UIF MBVODI CZ UIF DSPPOFS +PIO #PSUPO TPBSJOH PS UIFSNBMJOH PWFS NPVOUBJOT UFDIOJRVF 1VSB 7JEB JT 4QBOJTI GPS i1VSF -JGFw ɩ F DJOFNBUPHSBQIZ ( 8 .FBEPXT * UIPSPVHIMZ FOKPZFE NZ 1VSB F %7% JT BOE QIPUPHSBQIZ +FĊ 0 #SJFO BSF JOOP CVU IBT QBSUJDVMBS SFTPOBODF BOE FY 7JEB 'MZJOH IPMJEBZ ɩ WBUJWF FTQFDJBMMZ UIF DJSDMJOH TIPUT PG UIF UFOEFE NFBOJOH JO $PTUB 3JDBO o 5JDP BWBJMBCMF BU UIF 64)(" 8FC TJUF UISFF IBOH HMJEFST UIFNTFMWFT UVSOJOH o DVMUVSF ZPV MM VOEFSTUBOE UIF PSJHJO PG XXX 64)(" PSH BOE DJSDMJOH POF BOPUIFS FOIBODJOH UIF UIF m MN T UJUMF EVSJOH B OJHIU TDFOF PVU PO -BXSFODF B L B .JTUFS (PPEMBVODI UISFF EJNFOTJPOBM GBTDJOBUJPO PG WJFX UIF UPXO ɩ F NVTJD DPNQPTFE BOE TFMFDUFE CZ JT B CJXJOHVBM QJMPU XIP XJUI IJT DPNFMZ JOH n ZJOH PCKFDUT MJLF UIPTF NPEFMT UIBU QPSUSBZ QMBOFUBSZ SPUBUJPO BOE SFWPMVUJPO ( 8 DPOUSJCVUFT SJDIMZ UP UIF NPPE PG BTTJTUBOU .ST (PPEMBVODI SVOT B F CBOET 8FT[U BOE 'JHIUJOH WFSZ TNBMM TDIPPM JO 4FBUUMF (PPEMBVODI BCPVU POF BOPUIFS BMM JNNFSTFE XJUIJO UIJT m MN ɩ (SBWJUZ BSF GFBUVSFE BT XFMM BT DPNQFM 1BSBHMJEJOH XXX HPPEMBVODI DPN :PV B HSFBU NVTJDBM DMPVE *OTQJSFT *O POF DBOEJE TDFOF UIF UISFF QJMPUT MJOH ESVN SIZUINT CZ (BCSJFMMF 3PUI DBO DSJUJRVF UIJT SFWJFX CZ DPOUBDUJOH IJN BU MBVODI UIFJS QBSBHMJEFST GSPN B iDIBM -JTUFO GPS ( 8 T TPVOEUSBDL DPNQPTJ -BXSFODF!HPPEMBVODI DPN MFOHJOHw IJMMUPQ XJUI NJYFE SFTVMUT UJPOT * QBSUJDVMBSMZ MJLFE UIF UVCF SJEFS TIPXJOH VT UIFJS QMVDL BOE EFUFSNJOBUJPO NVTJD CFIJOE UIF TVSm OH GPPUBHF B OPE TUVCCPSOOFTT FTQFDJBMMZ #P T 3FTQFDU UP UIF 4VSGBSJT .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
8JMMT 8JOH UFTU QJMPU ,FO )PXFMMT n ZJOH B 'BMDPO BU -BLF &MTJOPSF $BMJGPSOJB
(MJEFS 3FQPSU 8JMMT 8JOH 'BMDPO #Z +PIBO "OEFSTPO 1IPUPT CZ (FOF "ULJOT
8F IBWF IBE B CVNQFS TFBTPO EPXO IFSF JO 8JMEFSOFTT 4PVUI "GSJDB XJUI OFX GBDFT BOE OFX HMJEFST HBMPSF 8PVME ZPV CFMJFWF UIBU XF IBWF CSPVHIU OFX IBOH HMJEFST JOUP UIF DPVOUSZ JO UIF MBTU UISFF NPOUIT ɩ BU NVTU CF TPNF LJOE PG SFDPSE "MM CVU POF PG UIFTF HMJEFST XFSF 6 T BOE 5BMPOT GSPN 8JMMT 8JOH ɩ F 6 JT 8JMMT 8JOH T JOUFSNFEJBUF IJHI QFSGPSNBODF XJOH BOE UIF 5BMPO UIFJS DVSSFOU n BHTIJQ HMJEFS )PXFWFS UIJT SF QPSU JT BCPVU UIBU iPOF PUIFSw HMJEFS UIF POMZ POF PG JUT LJOE IFSF JO 4PVUI "GSJ DB i1MFBTBOUw BOE iQMFBTJOHw BSF UFSNT UIBU DPNF UP NJOE * BN UBMLJOH BCPVU UIF TJOHMF TVSGBDF IBOH HMJEFS GSPN 8JMMT 8JOH UIF 'BMDPO "O JOUFSFTUJOH TUBUJTUJD JT UIBU UIF 'BM DPO JT 8JMMT 8JOH T CJHHFTU TFMMJOH HMJE FS JO IJTUPSZ XJUI 'BMDPO VOJUT TPME BT PG %FDFNCFS .PSF CZ OPX 0G DPVSTF POF XJMM BSHVF UIFSF NVTU CF B SFBTPO GPS UIJT TVDDFTT JO TBMFT 3JHIUMZ TP ɩ F HMJEFS UIBU XBT EFMJWFSFE UP 4LZ %BODF 4PBSJOH BOE &BHMF &ODPVOUFST XBT B 'BMDPO "U m STU * XBT WFSZ
TLFQUJDBM BCPVU UIF MBSHF TJ[F PG UIF HMJE FS CVU BQQBSFOUMZ TP 1FUF UFMMT NF UIJT JT UIF NPTU QPQVMBS TJ[F )NNNNy 8IBU XBT JNNFEJBUFMZ JNQSFTTJWF FTQFDJBMMZ BGUFS PĊ MPBEJOH BMM UIPTF 6 T BOE 5BMPOT XBT UIF HMJEFS T XFJHIU *O UIF CBH JU NVTU CF MFTT UIBO LH "OE UIBU JT GPS UIF MBSHF o JNBHJOF UIF XFJHIU PG UIF TNBMMFTU UIF /FFE MFTT UP TBZ UIF HMJEFS XBT FBTZ UP MJGU BOE DBSSZ XJUIPVU BOZ FĊ PSU PS HSVOUJOH ɩ FTF EBZT XJUI NPTUMZ DPBTUBM n ZJOH JO NZ SFQFSUPJSF XIBU * BN JOUP JT SFMBY JOH BOE FĊ PSUMFTT GSFF n ZJOH BOE DBSSZ JOH UIF HMJEFS POUP UIF .BQ TUBSUFE B HSJO JO BOUJDJQBUJPO 0G DPVSTF XJUI B 5BMPO B 6 BOE UIF 'BMDPO BWBJMBCMF UP n Z BNPOH UIF UISFF PG VT o 1FUF IJT TPO (SFH BOE NF o JU LJOE PG NBEF TFOTF UP UBLF UVSOT * PG GFSFE UP n Z UIF 'BMDPO m STU TP UIFZ DPVME FOKPZ UIF PUIFS 8JMMT 8JOH EFMJHIUT 'SPN UIFO PO * LFQU PĊ FSJOH UP n Z UIF 'BMDPO XIJMF UIFZ XFSF RVJUF QMFBTFE UP n Z UIF TVQFS TIJQT * NBOBHFE UP IBOH PO UP UIBU QSJWJMFHF GPS B XIPMF NPOUI CF GPSF UIFZ m OBMMZ DBVHIU PO UP XIBU XBT HPJOH PO * UFMM ZPV GSPN UIFO PO 1FUF BOE * XPVME BSHVF PWFS XIP XBT HPJOH UP n Z UIF 'BMDPO 4FUUJOH VQ UIF HMJEFS JT QSFUUZ TUSBJHIU GPSXBSE o m U UIF CBTF CBS TXJOH UIF HMJE FS PWFS TQSFBE UIF XJOHT m U UIF XBTI
PVU UVCFT DPOOFDU UIF MVĊ MJOFT TUVĊ UIF CBUUFOT UFOTJPO UIF TBJM BOE DPOOFDU UIF OPTF XJSF ɩ JT NJHIU TPVOE MJLF B MPU CVU DPOTJEFSJOH UIBU FBDI PG UIFTF UBTLT UBLFT BCPVU BT MPOH BT JU UBLFT UP TBZ UIF XPSET ZPV BSF SJHHFE JO OP UJNF BU BMM *U UPPL NF FJHIU NJOVUFT UP SJH GSPN VO[JQ QJOH UIF CBH o BOE UIBU XBT OPU SBDJOH 8IBU B QMFBTVSF ɩ F HSFBUFTU JNQSPWFNFOU JT UIF OFX DMJQ PO CBUUFO FOET ɩ FTF BSF UIF TBNF POFT UIBU BSF VTFE PO UIF IJHIFS QFS GPSNJOH NPEFMT BOE UIFZ NBLF GPS MFTT FĊ PSU UP TFDVSF BT XFMM BT DVUUJOH EPXO PO ESBH /PU UIBU ESBH JT B CJH DPOTJE FSBUJPO PO UIJT HMJEFS o BGUFS BMM JU JT B TJOHMF TVSGBDF HMJEFS /POFUIFMFTT UIFSF UIFZ BSF o TUSJOHMFTT CBUUFO m UUJOHT BOE B DMFBO USBJMJOH FEHF 'JOBMMZ TPNFPOF IBT HPOF BOE VTFE UIF CFTU GFBUVSFT GSPN QSFWJPVT EFTJHOT BOE QVU UIFN JOUP POF TJOHMF NPEFM o JU JT TJNQMF GVODUJPOBM BOE ZFU UIFSF JT BUUFOUJPO UP EFUBJM ɩ F m UUJOHT BSF OFBU BOE UIF TBJM m OJTI JT CFBVUJGVM 0O QJDLJOH VQ UIF HMJEFS POF GFFMT HPPE TUBUJD CBMBODF XJUI QFSIBQT B TMJHIU UFOEFODZ UPXBSET UIF UBJM &WFO UIPVHI UIF HMJEFS JT MJHIU XIBU EJE CFDPNF BQ QBSFOU XBT UIF XJOHTQBO 4IF JT CJH JO BSFB BOE XIFO B XJOH TUBSUT UP MJGU POF
5IF 'BMDPO IBT UIF TBNF USJDL DMJQ PO CBUUFO FOET BT UIF IJHI QFSGPSNBODF CMBEF XJOHT
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
NZ n JHIUT BU .BQ BOE 8JMEFS OFTT #FBDI )PUFM 0OF PS UXP DIBQT XJUI #*( XJOHT DPVME KVTU TUBZ XJUI NF BOE UIFO POMZ PO PDDBTJPO 0O UIF DSPXEFE EBZT XJUI BT NBOZ BT QBSB HMJEFST KPTUMJOH GPS QPTJUJPO JU UPPL NF KVTU B GFX QBTTFT BOE * XPVME CF TJUUJOH QSFUUZ JO NZ PXO BJSTQBDF XFMM BCPWF BMM PG UIFN *U FWFO UPPL UIF CPZT JO UIFJS 5BMPOT BOE 6 T BHFT UP HFU UP NZ IFJHIU BOE TPNF FWFO HBWF VQ CFGPSF BDIJFWJOH JU 5P TBZ * XBT TUPLFE JT BO VO EFSTUBUFNFOU ɩ F TQFFE SBOHF PO UIF 'BMDPO JT RVJUF JNQSFT TJWF UPP * XBT BCMF UP NBUDI UIF QBSBHMJEFST JO TQFFE XIJMF TPBSJOH BMUIPVHI UIJT TQFFE XBT KVTU B UBE CFMPX NZ NJO TJOL TQFFE * DPVME TMPX EPXO TP NVDI UIBU TPNF PG UIF QBSBHMJE FS XJOHT DPVME PWFSUBLF NF "OE XIFO UIF XJOE TUBSUFE CMPXJOH BOE UIF CJH FBST BQQFBSFE BMM SPVOE NF * DPVME TUBZ o DPNGPSUBCMZ * GPVOE JU GVO UP QMBZ XJUI UIF TQFFE SBOHF o TMPX EPXO BOE HP CBDLXBSET UP NZ EFTJSFE TQPU o TQFFE VQ B UBE UP SFNBJO TUBUJPOBSZ PWFS JU o TQFFE VQ NPSF UP NPWF GPSXBSE o QVMM UIF CBS JO NPSF UP HP UP XIFSFWFS * QMFBTFE PO UIF SJEHF FWFO JO UVSCVMFOU BJS ɩ F NBO VBM HJWFT B 7OF PG LQI 1VMM UIF CBS JO BT GBS BT ZPV BSF BCMF BOE ZPV DBO CFU ZPV BSF EPJOH DMPTFS UP -BOEJOH JT TUSBJHIUGPSXBSE /P MFU T
8JMMT 8JOH GBDUPSZ QJMPUT UFTU n Z FWFSZ HMJEFS CFGPSF JU T TIJQQFE .JLF .FJFS BU -BLF &MTJOPSF $BMJGPSOJB
OFFET UP SFBMMZ NVTDMF JU EPXO * GPVOE UIF CFTU XBZ XBT UP TJNQMZ QVU POF DPSOFS PG UIF " GSBNF PO UIF HSPVOE BOE MFWFS JU CBDL UP MFWFM 1SFTUP 8JUI TPNF XJOE CMPXJOH UIF HMJE FS XBOUT UP MJGU IFS OPTF o USZJOH UP IPME JU EPXO XBT B CJU PG BO FĊ PSU ɩ JT XBT UIF HFOFSPVT SFn FY EPJOH XIBU JU XBT NFBOU UP EP /PU B QSPCMFN KVTU VTF B UJHIU TUSBQ MBVODI UFDIOJRVF ɩ JT BMMPXT ZPV UP VTF ZPVS XFJHIU TIJGU UP IPME UIF OPTF BU UIF QSPQFS BOHMF XJUIPVU BOZ FĊ PSU XIJMF ZPV BSF TUBOEJOH TUJMM XBJUJOH UP MBVODI ɩ F CFTU QBSU PG UIJT HMJEFS DPNFT JOUP QMBZ UIF NPNFOU ZPV BSF JO UIF BJS "GUFS KVTU B GFX TUFQT UIF XJOH BOE ZPV BSF n Z JOH * XBT CMPXO BXBZ CZ IPX TPPO TIF XBT BCMF UP DBSSZ NF JOUP UIF TLZ .Z JO TUJODUT XFSF TIPVUJOH i/Py 5PP TPPO GPS MJGU PĊ y UPP TMPXy w CVU TIF XBT n Z JOH BOE TUSPOHMZ TP ɩ JT CBCZ IBT UIF MPXFTU TUBMM TQFFE PG BMM UIF HMJEFST * IBWF FWFS n PXO &WFO JO OJM XJOE BGUFS KVTU B GFX TUFQT * XBT BJSCPSOF *G * UIPVHIU UIF CJH TVSGBDF BSFB XBT HPJOH UP CF B IBTTMF GPS UVSOJOH * XBT HSFBUMZ NJTUBLFO ɩ F XJOH IBOEMJOH JT BT MJHIU BT B GFBUIFS &WFO JG UIF SFTQPOTF JT TMJHIUMZ TMPXFS UIBO TPNF PG UIF TNBMM FS HMJEFST * IBWF n PXO TIF SFRVJSFT KVTU TNBMM JOQVUT UP NBLF IFS UVSO 8IBU B QMFBTVSF ɩ F TJOL SBUF JT PVUTUBOEJOH BOE * PVU TBOL PG BMM QBSBHMJEFS XJOHT PO BMM
SFQISBTF UIBU -BOEJOH JT FBTJFS UIBO TUSBJHIUGPSXBSE ɩ F n BSF XJOEPX JT XJEF BOE FWFO JG ZPV NJTT JU UIF TQFFE JT TP MPX UIBU B GFX TUFQT BSF BMM UIBU T OFFEFE ɩ F GFFECBDL GSPN UIF QJUDI JT WFSZ QPTJUJWF o TIF DFSUBJOMZ EPFT HJWF ZPV BNQMF XBSOJOH BCPVU HFUUJOH DMPTF UP UIF TUBMM FWFO GPS UIF NPTU JOTFOTJUJWF PG QJMPUT "NQMF UJNF UP UFMM ZPV JU T UJNF UP n BSF ɩ F HMJEFS HFUT QMVTTFT GSPN NF JO BMM EFQBSUNFOUT CVU POF ɩ F POMZ EPXO TJEF * DPVME DPNF VQ XJUI JT 8JMMT 8JOH T TIZOFTT UP VTF BNQMF QSPUFDUJWF DPWFST
.JLF .FJFS EFNPOTUSBUFT iFBTJFS UIBO TUSBJHIUGPSXBSEw MBOEJOH BU -BLF &MTJOPSF $BMJGPSOJB
ɩ F LJOHQPTU UPQ SFBMMZ EPFT OFFE TPNF DPWFS BU MFBTU 8IBU * SFBMMZ MPWFE JT UIF 'BMDPO T HSFBU BCJMJUZ GPS TVQSPOF n ZJOH o UIBU NFBOT n ZJOH IFS XJUI B QBSBHMJEJOH IBS OFTT *G ZPV IBWF OFWFS EPOF UIJT ZPV EP OPU LOPX XIBU ZPV BSF NJTTJOH ɩ JT JT UIF QFSGFDU TFDPOE HMJEFS ɩ JT JT UIF QFS GFDU HMJEFS GPS QBSBHMJEFS QJMPUT UIJOLJOH PG DPOWFSUJOH UP IBOH HMJEJOH *U JT B XJOH UIBU CSJOHT DPOWFOJFODF BOE FBTF PG VTF DMPTFS UP UIBU PG QBSBHMJEJOH CVU LFFQT QFSGPSNBODF VQ XJUI IBOH HMJEJOH *G FWFS ZPV IBWF UIPVHIU PG m OEJOH TPNF UIJOH UIBU SFRVJSFT B MJUUMF MFTT FĊ PSU CVU JT TUJMM TFSJPVT GVO UIFO UIF 'BMDPO JT EFm OJUFMZ JU )JHIMZ SFDPNNFOEFE
8JMMT 8JOH EFTJHOFS 4UFWF 1FBSTPO UFTU n Z JOH B DVTUPNFS T DVTUPN DPMPSFE 'BMDPO BCPWF UIF MBVODI BU $SFTUMJOF $BMJGPSOJB
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
'JHVSF MFGU /PUJDF UIF EJTUJODUJWF QFBSMZ HSBZ DPMPSBUJPO BOE UIF EJTUJODUJWF XIJUF TVQFSDJMJVN PS iFZFCSPXw PO UIF HPTIBXL "DDJQJUFS HFOUJMFT PO UIF MFGU
5IF 4IPSUXJOHT ɩ F TIPSUXJOHFE IBXLT PG /PSUI "NFSJDB BSF UISFF DMPTFMZ SFMBUFE TQFDJFT PG UIF HFOVT "DDJQJUFS "MM BSF IJHIMZ TQF DJBMJ[FE GPSFTU IVOUFST XJUI TIPSU CSPBE XJOHT BOE MPOH UBJMT UP IFMQ NBOFVWFS UISPVHI EFOTF CSVTI BU IJHI TQFFE ɩ FZ BSF WPSBDJPVT TVQFSMBUJWF QSFEBUPST BOE UIF SBQUPS NPTU PGUFO TFFO QJDLJOH PĊ DIJDLBEFFT BOE UJUNJDF BU UIF GBNJMZ CJSEGFFEFS JT MJLFMZ UP CF UIF TNBMMFTU PG UIF UISFF UIF TIBSQ TIJOOFE IBXL "DDJQJUFS TUSJBUVT "EVMU TIBSQJFT JO UIF IBOE BSF FYUSFNFMZ BUUSBDUJWF CJSET XJUI SVCZ SFE FZFT DSJTQ PSBOHF TUSJQFT BDSPTT UIF CSFBTU BOE CFMMZ BOE TMBUF HSBZ VQQFS QBSUT 'JHVSF *O n JHIU UIFZ BSF PGUFO JEFOUJm FE BT UIF in ZJOH 5w o UIF TNBMM IFBE JT PGUFO PCTDVSFE CZ UIF #Z 4FB .D,FPO TFFNJOHMZ PWFS 1IPUPT CZ 3ZBO #SBEZ TJ[FE XJOHT BOE BU MFBWFT VT SBUIFS TRVBSFE "T B CJPMPHJTU BOE CJSEFS * N PGUFO OPU DPWFSFE JO UIJT BSUJDMF ɩ UBJM "U KVTU BTLFE CZ QJMPUT UP IFMQ UIFN m HVSF PVU XJUI UIF PUIFS IBMG o UIF DPNNPO SBQUPST VOEFS B GPPU XIJDI CJSE PG QSFZ UIFZ TBX PO UIFJS MBTU PG /PSUI "NFSJDB 4IBQF PS QMBOGPSN JT B HPPE QMBDF JO UPUBM MFOHUI GBOUBTUJD n JHIU ɩ FZ HFTUVSF ESBNBUJ BOE XJUI B UXP DBMMZ m OHFST PVUTQSFBE MJLF QJOJPOT JO UP CFHJO 3BQUPST DPNF JO UISFF CBTJD GPPU XJOHTQBO n JHIU BOE VTF TJOHMF XPSET MJLF iCSPXOw TIBQFT TIPSUXJOHT HPTIBXL TIBQFE TIBSQ TIJOOFE PS iQPJOUFEw BT UIFZ XBML JO UJHIU DJSDMFT MPOHXJOHT GBMDPO TIBQFE BOE CSPBE IBXLT BSF SJHIU PO UIF HSPVOE FZFT BMNPTU DMPTFE ɩ FZ XJOHT SFE UBJMFE IBXL TIBQFE 'JHVSF BSPVOE UIF TJ[F TUSVHHMF UP IPME POUP UIF NPNFOU PG DPO " GFX PG UIF CJSET XF MM DPWFS EPO U m U 'JHVSF 5IF TIBSQ TIJOOFE IBXL PG B CMVF KBZ PS OFDUJPO XJUI UIFTF CJSET UIBU FNCPEZ UIF DMFBOMZ JOUP BOZ PG UIFTF DBUFHPSJFT BOE "DDJQJUFS TUSJBUVT 4UFMMFS T KBZ GPS GSFFEPN BOE HSBDF XF GFFM JO UIF TLZ ɩ JT ZPV GPMLT PO UIF 8FTU $PBTU BSUJDMF JT XSJUUFO GPS UIPTF GPMLT XIP XBOU 'JHVSF #BTJD SBQUPS QMBOGPSNT ɩ F OFYU TJ[F VQ UIF $PPQFS T IBXL UP CF BCMF UP JEFOUJGZ UIF DPNNPO NJHSB UPSZ SBQUPST PG /PSUI "NFSJDB JO n JHIU "DDJQFUFS DPPQFSJJ JT TMJHIUMZ TNBMMFS UIBO &YDMVEJOH UIF PXMT BOE WVMUVSFT BOE B DSPX UIPVHI WFSZ TJNJMBS JO DPMPSBUJPO PDDBTJPOBM TUSBZT GSPN PUIFS QBSUT PG UIF UP UIF TIBSQ TIJOOFE 'JHVSF ɩ F EJG XPSME /PSUI "NFSJDB JT IPNF UP TQF GFSFODFT CFUXFFO UIF UXP TQFDJFT DBO CF DJFT PG EJVSOBM SBQUPS 8IFO ZPV DPOTJEFS EJċ DVMU UP EJTDFSO NBLJOH JEFOUJm DBUJPO UIBU FBDI PG UIFTF JT MJLFMZ UP IBWF BU MFBTU PG B NFEJVN TJ[FE BDDJQJUFS B UPVHI RVFT UXP EJTUJODUJWF QMVNBHFT BT B KVWFOJMF UJPO FWFO GPS FYQFSJFODFE IBXL XBUDIFST BOE BO BEVMU UIF SFRVJSFE FĊ PSU UP MFBSO 'PS UIF TPBSJOH ZPVS IBXLT TFFNT B CJU NVDI ɩ F DBTVBM QJMPU IPXFWFS QJMPU XJMM CF SFMJFWFE UP MFBSO UIBU NPSF B GFX DIBSBD UIBO IBMG PG UIFTF CJSET PDDVQZ SBUIFS UFSJTUJDT DBO UJQ SFTUSJDUFE SBOHFT DPWFSJOH MFTT UIBO IBMG UIF EJĊ FSFODF PG UIF DPVOUSZ o * FODPVSBHF ZPV UP QJDL BMNPTU BOZ SBQUPS DBO iWBSZ JUT HFPNFUSZw POF XBZ PS UIF VQ B HPPE CJSE CPPL BOE JOWFTUJHBUF FOPVHI UP BQQFBS EJĊ FSFOU XIFO TPBSJOH PUIFS ɩ F EBSL KVTU XIP ZPV TIPVME FYQFDU UP m OE JO PS EJWJOH CVU UIF WBTU NBKPSJUZ PG QSFEB DBQQFE IFBE PG ZPVS BSFB 'MPSJEB BOE 4PVUIXFTU QJMPUT UPSZ CJSET FODPVOUFSFE XJMM CF POF PG $PPQFS T IBXL JT 'JHVSF 5IF EBSL DBQQFE JO QBSUJDVMBS TIPVME CF BXBSF UIBU UIFZ UIFTF UISFF NBKPS DBUFHPSJFT PG TIBQF QSPQPSUJPOBUFMZ IFBE PG $PPQFS T IBXL "DDJQJUFS DPPQFSJJ BSF QSPCBCMZ TPBSJOH XJUI TFWFSBM TQFDJFT NVDI MBSHFS BOE
4IBSJOH UIF "JS "O *OUSPEVDUPSZ (VJEF UP .JHSBUPSZ )BXLT
)BOT )FZESJDI PWFS UIF (SBOE JO +VOF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
CMPDLZ UIBO UIBU PG UIF TIBSQJF o BOE SVJOT UIF in ZJOH 5w PG UIBU TQFDJFT *O BE EJUJPO UIF UBJM PG UIF $PPQFS T JT SPVOEFE DPOUSBTUJOH XJUI UIF TRVBSFE PĊ UBJM PG UIF QSFWJPVT TQFDJFT 4PBSJOH DIBSBDUFS JTUJDT BMTP EJĊ FS XJUI UIF TIBSQ TIJOOFE HJWJOH UIF EJTUJODU JNQSFTTJPO PG MJHIU OFTT BOE BMNPTU in PQQZw XJOH n BQT JO DPNQBSJTPO UP UIF NPSF TIBMMPX TUJĊ BOE IFBWZ TUSPLFT PG UIF $PPQFS T ɩ F UIJSE NFNCFS PG UIF HSPVQ UIF OPSUIFSO HPTIBXL "DDJQFUFS HFOUJMFT UBLFT UIJT IFBWJOFTT UP BOPUIFS MFWFM " MBSHF CJSE BMNPTU UIF TJ[F PG B SFE UBJMFE IBXL UIF HPTIBXL DBO SFTFNCMF POF PG UIF CSPBEXJOHFE IBXLT XIFO TPBS JOH ɩ F TBNF TIPSU XJOHFE MPOH UBJMFE TIBQF PG UIF TNBMMFS BDDJQJUFST IPMET USVF GPS UIF HPTIBXL CVU UIJT CJSE JT CVJMU PO B NVDI IFBWJFS GSBNF XFMM DBQBCMF PG UBLJOH QSFZ UIF TJ[F PG SBCCJUT BOE EVDLT ɩ F DPMPSBUJPO PG UIF BEVMU HPTIBXL JT B EJTUJODUJWF QFBSMZ HSBZ XJUI m OF CBSSJOH BOE B EJTUJODUJWF XIJUF TVQFSDJMJVN PS iFZFCSPX w ɩ F VQQFS XJOH TVSGBDF PG UIF HPTIBXL JT UXP UPOF XJUI B EBSLFS USBJM JOH FEHF 'JHVSF QBHF 1JMPUT BSF NPTU MJLFMZ UP FODPVOUFS UIF BDDJQJUFST BT UIF CJSET UBLF BEWBOUBHF PG UIFSNBM BOE SJEHF MJGU UP NJHSBUF o UIFTF CJSET BSF TFMEPN TFFO PVUTJEF UIFJS GPSFTU IBVOUT EVSJOH UIF CSFFEJOH TFBTPO .JE NPSOJOH TPBSJOH n JHIUT CZ TIBSQ TIJOOFE BOE $PPQFS T IBXLT BSF DPNNPO JO TPNF BSFBT BCPWF GPSFTUT QFSIBQT BT B XBZ UP TVSWFZ UIF UFSSJUPSZ CVU UIFTF n JHIUT UFOE UP TUBZ MPX PWFS UIF USFFT VOMJLF CJSET PO NJHSBUJPO 5IF -POHXJOHT ɩ F TIBQF PG B GBMDPO JT EJTUJODUJWF UP NPTU QJMPUT MPOH QPJOUFE XJOHT MPOH UBJM BUUBDIFE UP B TUVSEZ CVMMFU TIBQFE CPEZ ɩ F HSPVQ UIBU QJMPUT BDSPTT UIF DPVOUSZ BSF NPTU MJLFMZ UP FODPVOUFS CFMPOH UP UIF HFOVT 'BMDP PS UIF USVF GBMDPOT "OPUIFS HSPVQ UIF FMFHBOU LJUFT TIBSF B TJNJMBS CPEZ GPSN CVU BSF TJHOJm DBOUMZ NPSF SFTUSJDUFE JO SBOHF BOE OPU DPWFSFE JO UIJT BSUJDMF ɩ F CPMEMZ DPMPSFE LFTUSFM 'BMDP TQBSWFSJVT JT UIF TNBMMFTU PG PVS GBMDPOT BOE JT NPTU MJLFMZ UP CF FODPVOUFSFE IVOU JOH GPS NJDF BOE HSBTTIPQQFST JO MBOEJOH m FMET 'JHVSF ,FTUSFMT IBWF QSPWFO UP CF HPPE UIFSNBM NBSLFST GPS NF PO TFW FSBM PDDBTJPOT UIPVHI BOE QBSUJDVMBSMZ
'JHVSF 5IF CPMEMZ DPMPSFE LFTUSFM 'BMDP TQBSWFSJVT UIF TNBMMFTU PG PVS GBMDPOT
VTFGVM GPS MPX TBWFT 3FOPXOFE GPS UIFJS BCJMJUZ UP IPWFS JO POF QMBDF BCPWF QSFZ LFTUSFMT XJMM GBO UIFJS UBJMT XIJMF TPBSJOH MFTTFOJOH UIF PWFSBMM QPJOUFE MPPL PG UIF CJSE ɩ F ESBNBUJD DPMPSBUJPO PG SVTUZ PSBOHF BOE TMBUF CMVF NBLFT UIF LFTUSFM VOMJLFMZ UP CF NJTUBLFO GPS BOZ PUIFS CJSE PG QSFZ JG ZPV HFU B HPPE MPPL BU JU CVU UIF TJ[F BOE TIBQF PG UIF CJSE DBO CF DPOGVTFE XJUI UIF TFDPOE PG PVS GBMDPOT UIF NFSMJO 8IJMF CPUI LFTUSFMT BOE NFSMJOT BSF TMJHIUMZ TNBMMFS UIBO UIF TJ[F PG QJHFPOT UIF UXP DPVME OPU CF NPSF EJĊ FSFOU XIFO JU DPNFT UP CFIBWJPS ɩ F CVPZ BOU n VUUFSJOH n JHIU PG UIF LFTUSFM JT JO EJSFDU DPOUSBTU UP UIF GBTU BOE QPXFSGVM DIBSHFT PG UIF NFSMJO 'BMDP DPMVNCBS JVT 'JHVSF ɩ JT UPVHI MJUUMF CJSE JT WFSZ BHHSFTTJWF BOE PGUFO m STU EFUFDUFE PO IBXL XBUDIFT CZ UIF FSSBUJD NPUJPOT PG BO FBHMF PS PUIFS MBSHF SBQUPS VOEFS BUUBDL CZ UIJT UJOZ UFSSPS * IBWF ZFU UP
'JHVSF 5IF NFSMJO 'BMDP DPMVNCBSJVT
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
IFBS m STU IBOE BDDPVOUT PG IBOH PS QBSB QJMPUT CFJOH CVMMJFE CZ NFSMJOT CVU * XPVME OPU CF TVSQSJTFE UP MFBSO UIBU JU IBE IBQQFOFE ɩ SPVHIPVU JUT SBOHF UIF DPMPSBUJPO PG UIF NFSMJO WBSJFT XJEFMZ GSPN BMNPTU DPBM CMBDL BMPOH UIF OPSUI FSO 1BDJm D DPBTU UP JOUFSJPS GPSNT UIBU BSF B QBMF CMVJTI HSBZ 6OMJLF UIF LFTUSFM XIJDI DBO TPNFUJNFT BQQFBS SBUIFS iTPGU XJOHFE w XJUI SPVOEFE FEHFT UP UIF UJQT PG UIF XJOHT UIF NFSMJO BMNPTU BMXBZT BQQFBST IBSE BOE BOHVMBS ɩ F UIJSE GBMDPO MJLFMZ UP CF FODPVO UFSFE CZ TPBSJOH QJMPUT JT UIF QSBJSJF GBMDPO 'BMDP NFYJDBOVT " QBMF EVTUZ CSPXO DSPX TJ[FE CJSE UIF QSBJSJF IBT POF m FME DIBSBDUFSJTUJD UIBU XJMM HJWF JU BXBZ BU B HMBODF ɩ F BYJMMBSZ GFBUIFST iXJOH QJUTw BSF NVDI EBSLFS UIBO UIF SFTU PG UIF XJOH 'JHVSF " CJSE TFFO GSPN CFMPX JO n JHIU XJMM EJTQMBZ UIFTF NBSLJOH QSPNJOFOUMZ #JSET TFFO XIJMF QFSDIFE PS WJFXFE GSPN BCPWF JO n JHIU
'JHVSF 5IF BYJMMBSZ GFBUIFST iXJOH QJUTw PO UIF QSBJSJF GBMDPO 'BMDP NFYJDBOVT BSF NVDI EBSLFS UIBO UIF SFTU PG UIF XJOH
XJMM EJĊ FS GSPN UIF PUIFS GBMDPO TIBQFE CJSET CZ CFJOH QSFEPNJOBOUMZ CSPXO OPU UIF SFEEJTI CSPXO PG LFTUSFMT PS UIF CMVF HSBZ PG NFSMJOT BOE PVS m OBM GBMDPO UIF QFSFHSJOF 1FSIBQT UIF NPTU XFMM LOPXO CJSE PG QSFZ BSPVOE UIF XPSME UIF QFSFHSJOF 'BMDP QFSFHSJOVT JT GPVOE XPSMEXJEF JO UIF DPSSFDU IBCJUBUT BOE JO UIF 8FTUFSO )FNJTQIFSF SBOHFT GSPN UIF "SDUJD $JSDMF UP UIF UJQ PG 5JFSSB EFM 'VFHP " TQFDUBDVMBS DPNFCBDL TUPSZ UIF QFSFHSJOF QPQVMBUJPO PG NVDI PG UIF XPSME XBT OFBSMZ FMJNJOBUFE CZ UIF UPYJD DIFNJDBM %%5 'PMMPXJOH UIF CBO PG UIF DIFNJDBM UIPVHI JU JT TUJMM QSPEVDFE JO UIJT OBUJPO BOE TPME UP PUIFS DPVOUSJFT UP QPJTPO UIFJS XJMEMJGF EJMJHFOU FĊ PSUT UP SFJO USPEVDF QPQVMBUJPOT TVDDFFEFE JO SFTUPS JOH CJSET UP NBOZ USBEJUJPOBM OFTU TJUFT
BOE FWFO NBOZ VSCBO TJUFT BSPVOE UIF DPVOUSZ " DPOTVNNBUF BWJBO QSFEBUPS UIF QFSFHSJOF JT TIBQFE GPS UIF OVNCJOH TQFFE XJUI XIJDI JU TUSJLFT JUT QSFZ -POH QPJOUFE XJOHT BOE B UIJDL CPEZ MFOE UIF QFSFHSJOF UIF TBNF QSFEBUPSZ JNQSFTTJPO BT B NPEFSO m HIUFS KFU ɩ F QJMPU MVDLZ FOPVHI UP m OE IJNTFMG PS IFSTFMG JO UIF TBNF MJGU BT B QFSFHSJOF JT MJLFMZ UP OPUJDF UIF SBUIFS VOJGPSN CMVF HSBZ CBDL XIJUF BOE CMBDL CBSSFE VOEFSQBSUT BOE B EBSL iNVTUBDIFw TUSJQF FYUFOEJOH GSPN CFOFBUI UIF FZF ɩ JT TUSJQF HJWFT UIF QFSFHSJOF JUT UZQJDBM IFMNFUFE BQQFBSBODF 'JHVSF 'BMDPOT UFOE UP CF QPXFS n JFST BOE UFOE UP n Z JO TUSBJHIU MJOFT PO NJHSBUJPO
'JHVSF " EBSL iNVTUBDIFw TUSJQF FYUFOET GSPN CFOFBUI UIF FZF PG UIF QFSFHSJOF 'BMDP QFSFHSJOVT
SBUIFS UIBO TUPQQJOH UP VTF BWBJMBCMF TPVSDFT PG MJGU MJLF PUIFS UZQFT PG SBQ UPST ɩ FZ BSF OPU BCPWF VTJOH GSFF FOFSHZ UIPVHI BOE NJHSBUPSZ DPSSJEPST BSF PGUFO GPVOE BMPOH DPBTUBM TJUFT BOE NPVOUBJO SJEHFT /FTUJOH CJSET BOE SFDFOU n FEH MJOHT BSF NPSF MJLFMZ UP VTF UIFSNBMT JO EJTQMBZ BOE QMBZ n JHIUT 5IF #SPBEXJOHT "T B HSPVQ UIF SBQUPST UIBU GBMM JOUP UIF iCSPBEXJOHw DBUFHPSZ BSF TPBSJOH CJSET BOE BSF UIF UZQF NPTU MJLFMZ UP CF FODPVOUFSFE CZ IBOH HMJEFS BOE QBSBHMJE FS QJMPUT PVUTJEF PG NJHSBUJPOT .PTU PG VT IBWF FODPVOUFSFE B SFE UBJMFE IBXL BU TPNF QPJOU JO PVS n ZJOH MJWFT BOE XIP EPFTO U MPPL GPSXBSE UP TPBSJOH XJUI B CBME FBHMF #PUI PG UIFTF CJSET UIPVHI POMZ EJTUBOUMZ SFMBUFE GBMM JOUP UIF CSPBE XJOH DBUFHPSZ ɩ F XJOHT PG UIJT HSPVQ BSF MPOH BOE XJEF PGUFO BQQFBSJOH BMNPTU TRVBSFE PĊ BU UIF UJQ JO DPOUSBTU UP UIF QPJOUFE XJOHT PG GBMDPOT "EE B SFMBUJWFMZ TIPSU UBJM BOE UIF TJMIPVFUUF CFDPNFT EJTUJODUJWF /PUJDJOH UIF EJG GFSFODFT CFUXFFO UIF NFNCFST PG UIJT
HSPVQ IPXFWFS JT PGUFO DIBMMFOHJOH GPS SPVHI MFHHFET BSSJWF JO MBUF GBMM UP TUBZ UIPTF OFX UP IBXL XBUDIJOH " HPPE PVU UIF XJOUFS XJUIJO NVDI PG UIF DPOUJ F QSPQPSUJPOT TUBSUJOH QPJOU XJMM CF UIF SFE UBJMFE IBXL OFOUBM 6 4 BOE $BOBEB ɩ PG UIJT CJSE BSF TMJHIUMZ EJĊ FSFOU XJUI #VUFP KBNBDFOTJT 3FE UBJMFE IBXLT SBOHF GSPN "MBTLB IFBE BOE GFFU BQQFBSJOH TNBMM GPS B SBQUPS UISPVHI $FOUSBM "NFSJDB BOE TIPX PG JUT TJ[F "T XJUI NBOZ PUIFS SBQUPST D P O T J E F S B C M F UIF SPVHI MFH IBT TFWFSBM iNPSQIT w PS WBSJBUJPO JO DPMPS DPMPS WBSJBUJPOT SBOHJOH GSPN WFSZ QBMF BUJPO UISPVHIPVU UP BMNPTU DPNQMFUFMZ EBSL "MM WBSJFU 3FEEJTI DPMPSFE JFT BSF SFMBUJWFMZ FBTJMZ JEFOUJm FE CZ UIF UBJM GFBUIFST DBO EBSL DBSQBM XSJTU QBUDI PO UIF VOEFS JEFOUJGZ UIF WBTU TJEF PG UIF XJOH BOE UIF UXP UPOF QSJ NBKPSJUZ PG BEVMU NBSJFT 'JHVSF 1SJNBSJFT BSF XIJUF CJSET +VWFOJMF UPXBSET UIF CPEZ XJUI EBSL UJQT 1JMPUT CJSET MBDLJOH TPBSJOH JO UIF TBNF XJOUFSZ TLJFT BT UIJT UIJT HJWF BXBZ CJSE BSF MJLFMZ UP TFF B TMJHIU EJIFESBM BT m FME DIBSBDUFSJT UJD EFNPOTUSBUF 'JHVSF " KVWFOJMF B OVNCFS PG UIF SFE UBJMFE IBXL #VUFP KBNBDFOTJT PUIFS NBSLT JN QPSUBOU JO JEFOUJ GZJOH UIJT TQFDJFT JODMVEJOH UIF QSFTFODF PG B iCFMMZ CBOEw PG EBSL NBSLJOHT SVO OJOH BDSPTT UIF BCEPNFO BOE UIF QSFT FODF PG B EBSL CBS BMPOH UIF JOOFS MFBEJOH FEHF PG FBDI XJOH +VWFOJMF CJSET BMTP QPTTFTT B m FME NBSL PG UIFJS PXO TRVBSF 'JHVSF 3PVHI MFHHFE IBXL #VUFP MBHPQVT TIPXJOH UIF EBSL DBSQBM XSJTU QBUDI PO UIF VOEFS USBOTMVDFOU iXJOEPXTw JO UIF JOOFS QSJ TJEF PG UIF XJOH BOE UIF UXP UPOF QSJNBSJFT NBSJFT 'JHVSF " TFDPOE MBSHF NFNCFS PG UIF HFOVT UIFZ TPBS ɩ F MBSHFTU PG UIF CVUFPT UIF GFSSVHJ #VUFP UIF 4XBJOTPO T IBXL #VUFP TXBJO TPOJ JT B IVOUFS PG TNBMM NBNNBMT BOE OPVT IBXL #VUFP SFHBMJT JT DPOTJEFSFE CZ JOTFDUT PO UIF PQFO QMBJOT BOE QSBJSJFT PG TPNF PSOJUIPMPHJTUT UP CF B TNBMM FBHMF *U UIF JOUFSJPS PG UIF DPOUJOFOU 4XBJOTPO T JT DFSUBJOMZ B SFHBM CJSE XJUI MPOH XJOHT IBWF XJOHT UIBU BQQFBS B CJU MPOHFS BOE BOE FMFHBOU DPMPSBUJPO 'PVOE JO MPX NPSF QPJOUFE JO DPNQBSJTPO UP UIPTF PG OVNCFST UISPVHIPVU UIF BSJE 8FTU JU DBO SFE UBJMT o UIJT JT MBSHFMZ EVF UP IBWJOH CF EJTUJOHVJTIFE GSPN PUIFS SBQUPST GSPN GPVS im OHFSw QSJNBSJFT WJTJCMF JO UIF XJOH UIF HSPVOE CZ JUT SFEEJTI MFHT 8IFO BT PQQPTFE UP m WF JO SFE UBJMT BOE NPTU WJFXFE GSPN VOEFSOFBUI UIF MFHT GPSN PUIFS CVUFPT *O n JHIU UIFZ IBWF B CJU PG B B 7 TIBQF PO UIF WFSZ QBMF GFBUIFST PG UIF EJIFESBM ɩ FZ BSF WBSJBCMF JO DPMPSBUJPO SFTU PG UIF CPEZ 'SPN UIF UPQ QJMPUT BSF CVU UIF NPTU DPNNPO GPSNT BQQFBS USFBUFE UP UIF SVTUZ CBDL BOE TIPVMEFST IPPEFE XJUI B EBSL IFBE DPOUSBTUJOH XJUI UIBU HJWF UIF GFSSVHJOPVT IBXL JUT OBNF F n JHIU GFBUIFST XIJDI BQQFBS QBMF B MJHIU CPEZ 0OF PG UIF CFTU m FME NBSLT ɩ GPS CJSET JO n JHIU BSF UIF VOJGPSNMZ EBSL GSPN UIF VOEFSTVSGBDF BSF EBSLFS PO UPQ n JHIU GFBUIFST BMPOH UIF USBJMJOH FEHF UIF QSJNBSJFT IBWJOH XIJUF TUSFBLT BOE PG UIF XJOH 6OMJLF UIF NBKPSJUZ PG PVS CMBDL UJQT 5XP TNBMMFS CVUFPT SPVOE PVU UIF DPM GBNJMJBS SFE UBJMT UIF 4XBJOTPO T IBXLT FTF UXP TIBSF CMBDL BOE XIJUF UIBU BSF XJUI VT EVSJOH UIF TVNNFS IBWF MFDUJPO ɩ B TQFDUBDVMBS NJHSBUJPO UP UIF QMBJOT PG CBOEFE UBJMT BOE B QSFGFSFODF GPS GPSFTU F CSPBEXJOHFE IBXL #VUFP 4PVUI "NFSJDB XIFSF UIFZ WBDBUJPO GPS IBCJUBUT ɩ UIF XJOUFS ɩ F CJSET n Z UPHFUIFS CZ UIF QMBUZQUFSVT B CJU TNBMMFS UIBO UIF TJ[F UIPVTBOET BT UIFZ QBTT UISPVHI 5FYBT PG B DSPX JT GBNPVT GPS JUT NJHSBUJPOT UP $IJMF BOE "SHFOUJOB BOE GPSNT IVHF BOE JOUP $FOUSBM "NFSJDB 8JOUFS WBDBUJPOT CZ SPVHI MFHHFE iLFUUMFTw PG UIPVTBOET PG CJSET UP UIFSNBM IBXLT #VUFP MBHPQVT BSF EFDJEFEMZ MFTT TPVUI $PMPSFE NPTUMZ JO TPGU CSPXO UPOFT USPQJDBM "GUFS CSFFEJOH JO UIF 'BS /PSUI EJTUJODUJWF m FME NBSLT GPS UIF CSPBEXJOH .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
OPOF PG UIF SPDLJOH BHFT IBWF POF HJWF BXBZ DIBSBDUFS B NPUJPO PS EJIFESBM XIJUF QBUDI PG GFBUIFST BU UIF SVNQ PG UVSLFZ WVMUVSFT (PMEFO FBHMFT "RVJMB DISZTBFUPT PGUFO TPBS XJUI EJ IFESBM XJOHT CVU 'JHVSF *NNBUVSF VOMJLF UVSLFZ WVM CBME FBHMFT )BMJBF FUVT MFVDPDFQIBMVT UVSFT UIFZ EP OPU BMM IBWF WBSJBCMF SPDL 1JMPUT JO UIF BNPVOUT PG XIJUF TDBUUFSFE BDSPTT UIF QSFTFODF PG HPMEFO CPEZ BOE XJOHT FBHMFT TIPVME OPUJDF UIBU UIF CJSET BSF BMM EBSL BT BEVMUT XJUI B SJDI HPMEFO DPMPS BCPVU UIF IFBE BOE 'JHVSF 'FNBMF BOE KVWFOJMF /PSUIFSO IBSSJFST OFDL +VWFOJMFT BMTP IBWF UIF HPMEFO $JSDVT DZBOFVT BSF CVGGZ CSPXO TUSFBLFE XJUI DPMPSBUJPO BOE XIJUF iMFBSOFS T QFSNJUw EBSLFS NBSLJOHT NBSLJOHT UIPVHIU UP LFFQ BEVMU FBHMFT GSPN BUUBDLJOH UIF ZPVOH POFT :PVOH 4IBSJOH UIF "JS 'JHVSF %JTUJODUJWF m FME NBSLT PO UIF CJSET XJMM IBWF B XIJUF CBOE BDSPTT UIF "T QJMPUT XF IBWF UIF PQQPSUVOJUZ CSPBEXJOHFE IBXL #VUFP QMBUZQUFSVT PUIFSXJTF CSPXO UBJM BOE B QBUDI BU UIF UP TFF UIFTF CJSET GSPN B QFSTQFDUJWF NBSLFE GPS PCTFSWFST BCPWF BOE CFMPX CBTF PG UIF QSJNBSJFT PO FBDI XJOH TFMEPN HSBOUFE UP NPTU GPMLT B DIBODF ɩ F OBNFTBLF TIPVMEFS QBUDIFT BSF EJT UP TFF UIFN EPJOH XIBU UIFZ EP CFTU TPBS UJODUJWF GSPN BCPWF TUBOEJOH PVU GSPN BO 5IF 0TQSFZ BOE UIF )BSSJFS UISPVHI VOPCTUSVDUFE TLJFT ɩ PVHI SBQ PUIFSXJTF CSPXO CBDL ɩ F UBJM JT CMBDL ɩ F UXP MBTU CJSET UP DPWFS EPO U SFBMMZ UPST BSF QSPUFDUFE BT NJHSBUPSZ CJSET JO XJUI UXP XIJUF CBOET OPU B TJOHMF CBOE m U JOUP PVS UISFF FBTZ DBUFHPSJFT CVU BSF UIF 6OJUFE 4UBUFT BOE $BOBEB UIFZ BSF MJLF UIF CSPBEXJOH 1FSIBQT UIF NPTU PC GPVOE BDSPTT NVDI PG UIF 6OJUFE 4UBUFT TUJMM QFSTFDVUFE CPUI EJSFDUMZ JO iQSFEB WJPVT m FME NBSL JT UIF DSFTDFOU TIBQFE BOE $BOBEB ɩ F PTQSFZ 1BOEJPO IBMJ UPS DPOUSPM QSPHSBNTw BOE JOEJSFDUMZ XIJUF BSFB WJTJCMF PO UIF JOTJEF PG UIF QSJ BFUVT JT PODF BHBJO DPNNPO BMPOH CPUI UISPVHI IBCJUBU MPTT DIFNJDBM QPJTPOJOH NBSZ GFBUIFST GSPN CPUI BCPWF BOE CFMPX DPBTUT BGUFS B QMVNNFUJOH EFDMJOF JO BOE FOWJSPONFOUBM EFHSBEBUJPO 1JMPUT "T UIFZ IVOU QSJNBSJMZ GSPN QFSDIFT UIF EBZT PG %%5 $PNQMFUFMZ EBSL GSPN IBWF UIF PQQPSUVOJUZ UP BJE SBQUPS DPO XJUIJO UIF GPSFTU SFE TIPVMEFST BSF NPTU BCPWF FYDFQU GPS UIF IFBE BOE XJUI B m WF TFSWBUJPO UISPVHI NBOZ OBUJPOBM BOE PGUFO TFFO CZ QJMPUT JO UFSSJUPSJBM n JHIUT GPPU XJOHTQBO PTQSFZT BSF VOMJLFMZ UP CF MPDBM DPOTFSWBUJPO HSPVQT CZ TVQQPSU UIFSNBMJOH BCPWF UIF GPSFTU DBOPQZ o BOE DPOGVTFE XJUI SBQUPST PUIFS UIBO KVWFOJMF JOH QPMJUJDJBOT XIP TVQQPSU DPOTFSWB IFBSE BT XFMM BT SFE TIPVMEFST PGUFO DBMM CBME FBHMFT 8JOH TIBQF JT SBEJDBMMZ EJG UJPO MBXT BOE IBCJUBU QSPUFDUJPO BOE CZ PVU B HSFBU EFBM EVSJOH UIFTF n JHIUT GFSFOU GSPN UIF FBHMFT IPXFWFS XJUI MPOH UBLJOH QBSU JO MPDBM IBXL XBUDIFT 8F OBSSPX XJOHT IFME DSPPLFE JO UIF NBOOFS TIBSF NBOZ PG PVS MBVODI TJUFT XJUI 5IF &BHMFT PG B HVMM "SPVOE )JHIMBOE "FSPTQPSUT IBXL DPVOUJOH QSPHSBNT UIBU XPVME F )BXL ɩ F MBSHFTU PG UIF /PSUI "NFSJDBO NZ MPDBM UPXQBSL PO UIF FBTUFSO TIPSF PG MPWF BO FYUSB QBJS PG FZFT ɩ SBQUPST PVS UXP FBHMF TQFDJFT BSF POMZ .BSZMBOE NJHSBUPSZ PTQSFZT BSF BNPOH .JHSBUJPO "TTPDJBUJPO PG /PSUI "NFSJDB EJTUBOUMZ SFMBUFE BOE BQQFBS RVJUF EJĊ FS UIF FBTJFTU CJSET PG QSFZ UP TPBS XJUI BT INBOB PSH )BXLXBUDI *OUFSOBUJPOBM FOU JO n JHIU ɩ F NPTU PCWJPVT TJNJMBSJUZ UIFZ DBMM JODFTTBOUMZ XIJMF UIFSNBMJOH B XXX IBXLXBUDI PSH PS UIF )BXL JT UIFJS FOPSNPVT TJ[F #PUI CJSET IBWF OJDF JOEJDBUPS BOE XJMM PGUFO TUBZ JO B 8BUDI EJSFDUPSZ PG UIF 7JSUVBM #JSEFS WJSUVBMCJSEFS DPN BSF m OF QMBDFT UP TUBSU BWFSBHF XJOHTQBOT PG PWFS TJY GFFU #PUI UIFSNBM XJUI ZPV GPS TPNF UJNF BMTP GBMM JOUP PVS iCSPBEXJOHw SBQUPS ɩ F OPSUIFSO IBSSJFS $JSDVT DZBOFVT ZPVS TFBSDI GPS B MPDBM PSHBOJ[BUJPO UP HFU TIBQF XJUI MPOH XJEF XJOHT BOE B JT B CJSE PG HSBTTMBOET BOE NBSTIFT BOE JOWPMWFE XJUI DPNQBSBUJWFMZ TIPSU UBJM -JUUMF EFTDSJQ NPTU PGUFO JT TFFO n ZJOH MPX PWFS UIFTF 4FB .D,FPO JT B m FME CJPMPHJTU XJUI UJPO JT OFFEFE GPS UIF BEVMU CBME FBHMF BSFBT JO B TMPX EJIFESBM HMJEF ɩ FZ EP )BMJBFFUVT MFVDPDFQIBMVT o UIF XIJUF TPBS IPXFWFS BOE IBWF DPOGVTFE NBOZ UIF 4NJUITPOJBO *OTUJUVUJPO " ) BOE IFBE BOE UBJM BHBJOTU B EBSL CSPXO CPEZ CJSEXBUDIFST XJUI UIFJS MPOH OBSSPX TPPO UP CF QBSBHMJEFS QJMPU IF JT JOUFSFTUFE EJTUJOHVJTI UIJT CJSE GSPN BMM PUIFS SBQ XJOHT BOE MPOH UBJM .BUUFST BSF GVSUIFS JO IFBSJOH GSPN QJMPUT XIP IBWF JOUFSFTUJOH UPST JO UIF TLZ #BME FBHMFT HP UISPVHI DPNQMJDBUFE CZ UIF GBDU UIBU UIFZ BSF TUPSJFT SFHBSEJOH TIBSJOH UIF BJS XJUI UIF GPVS ZFBST PG USBOTJUJPOBM QMVNBHFT CFGPSF EJNPSQIJD o UIF NBMFT BOE GFNBMFT BSF PUIFS n ZJOH MJGF GPSNT PO UIF QMBOFU )F DBO BSSJWJOH BU UIF BEVMU DPMPSBUJPO BMM IBWF PG EJĊ FSFOU DPMPST .BMFT BSF UZQJDBMMZ CF SFBDIFE BU NDLFPOT!TJ FEV WBSJBCMF BNPVOUT PG XIJUF TDBUUFSFE BDSPTT B QBMF CMVF HSBZ BCPWF BOE XIJUF CFMPX UIF CPEZ BOE XJOHT 'JHVSF *O n JHIU XJUI JOLZ CMBDL XJOH UJQT 'FNBMFT BOE CBMEJFT BSF EJTUJODUJWF o UIFZ TPBS PO KVWFOJMFT BSF CVĊ Z CSPXO TUSFBLFE XJUI WFSZ n BU UP TMJHIUMZ BOIFESBM XJOHT XJUI EBSLFS NBSLJOHT 'JHVSF "MM QMVN JODMVEF B CMBDL UBJM XJUI B TJOHMF XIJUF CBOE BDSPTT JU BOE QBMF VOEFS XJOHT XJUI B EBSL CPSEFS 'JHVSF -JLF JUT MBSHFS DPVTJO UIF 4XBJOTPO T IBXL UIF CSPBEXJOH TIPXT POMZ GPVS im OHFSw QSJ NBSJFT XIJMF TPBSJOH ɩ F TMJHIUMZ MBSHFS SFE TIPVMEFSFE IBXL #VUFP MJOFBSJT JT EJTUJODUJWFMZ
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
-BTU NPOUI XF TUBSUFE PVS MFJTVSFMZ BOE IFEPOJTUJD n ZJOH BEWFOUVSF JO *UBMZ 8F DPVME IBWF FBTJMZ SFNBJOFE BU BOZ OVNCFS PG TJUFT JO UIF MBOE PG EBZESFBNT GPS UIF FOUJSF NPOUI CVU PVS XBOEFSMVTU QSFWBJMFE ɩ F GPVS GSJFOET 8BZOF 4BZFS 1BVMB )FXJUU 8JMMFN 7BO %BMTFO BOE * VTFE B WFSZ TJNQMF NFUIPE PG EFDJEJOH XIFO BOE XIFSF UP HP 8F TJNQMZ n FX VOUJM XF GFMU XF NBTUFSFE B TJUF UIFO XF PQFOFE PVS USVTUZ NBQ HVJEFT BOE GPVOE UIF OFYU DMPTFTU JOUSJHVJOH TJUF 'PMMPXJOH UIJT QMBO OFWFS GBJMFE UP GVFM PVS MVTU GPS BEWFOUVSF BOE MPDBUF VT JO CFBVUJGVM "MQJOF TVSSPVOEJOHT 8IFO XF GPVOE PVSTFMWFT BU UIF OPSUIXFTU DPSOFS PG *UBMZ UIJT NFUIPE QPJOUFE VT UP 'SBODF
5)& "-1*/&
UIPTF DMJĊ T XPVME PĊ FS B TUVOOJOH TDFOF * XBT EFUFSNJOFE UP EP TP CVU XIFO XF SBO PĊ UIF XJEF QFSGFDUMZ TMPQFE MBVODI XF NFU BOFNJD MJGU BOE * DPVME POMZ FLF PVU NJOVUFT 1BVMB BOE 8JMMFN EJE TJNJMBSMZ CVU 8BZOF XBJUFE GPS XPOEFS BOE NBOBHFE UP HFU BCPVU PWFS BOE QFSIBQT BO IPVS ɩ F MBOEJOH m FME BU 1MBJOF +PVY JT JO UPXO GPS UIF QBSBHMJEFST BOE BCPVU B NJMF XFTU CZ B XBUFSTQPSUT MBLF GPS IBOH HMJEFST ɩ F m FMET BSF MBSHF ɩ F SPBE UP UIF UPQ JT FBTJMZ GPVOE CZ GPMMPXJOH UIF TJHOT *O NBOZ &VSPQFBO BMQJOF WJMMBHFT GSFF n ZJOH QMBZT BO JNQPSUBOU SPMF JO UIF DPNNVOJUZ FDPOPNJDT ɩ FZ UBLF DBSF PG QJMPUT 5PP CBE PVS PXO DPVOUSZ JTO U TP
1"35 " 26"4* 4*5& (6*%& 50 '-:*/( 5)& "-14 "SUJDMF BOE QIPUPT ª CZ %FOOJT 1BHFO
6OEFS 5IF #JH 8IJUF .PVOUBJO
6QPO MFBWJOH "OESBUF XF IFBEFE VQ UIF NBKFTUJD %PSB #BMUFB WBMMFZ QBTU "PTUB BOE UVOOFMFE VOEFS .POU #MBOD ɩ JT NPVOUBJO JT UIF IJHIFTU JO UIF "MQT BOE DFSUBJOMZ JOTQJSFE PVS BXF BT XF CSPLF JOUP UIF TVO BOE TBX UIF QFBLT BOE HMBDJFST UISFBUFOFE CZ TUPSN DMPVET ɩ FSF BSF TJY TJUFT UIBU IPWFS OFBS UIF WJM MBHF PG $IBNPOJY XIJDI TJUT BU UIF GPPU PG UIF NPVOUBJO #VU POMZ UXP IBOEMF IBOH HMJEFST TP XF XFOU UP UIF GVSUIFTU 1MBJOF +PVY BCPWF 1ÈTTZ 0O PVS XBZ VQ UIF NPVOUBJO JU CFHBO UP SBJO ɩ JT XBT UIF m STU QSFDJQJUBUJPO XF IBE FO DPVOUFSFE TP GBS BOE UIF MBTU FYDFQU GPS B CSJFG TIPXFS PO UIF USJQ BOE PVS NPPE UVSOFE HSJT PO OPJSF 8BZOF IBE n PXO IFSF CFGPSF BOE UPPL VT UP UIF DBNQTJUF XIJDI JT DPOWFOJFOUMZ OFYU UP UBLFPĊ * TFU NZ UFOU VQ JO SFDPSE UJNF JO IPXMJOH XJOET BOE QFMUJOH SBJO ɩ F OFYU NPSOJOH EBXOFE CSJHIU BOE XF TBX B NBSWFMPVT WBMMFZ XJUI B MBSHF XIJUF MJNFTUPOF DMJĊ IPWFSJOH B GFX UIPVTBOE GFFU BCPWF VT ɩ F WFSUJDBM PO UIF TJUF JUTFMG JT GFFU TP B DMJNC VQ
8JMMFN 8BZOF BOE 1BVMB SFMBY JO UIF NPSOJOH TVO XBJUJOH GPS MBVODI UJNF BU 1MBJOF +PVY JO 'SBODF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
PSJFOUFE * TVHHFTU DBNQJOH PO UPQ BT XF PVS GBWPSJUF CFJOH B UBSUFMFUUF XJUI XJME EJE XIFO JO UIF BSFB ɩ FSF BSF UPJMFUUFT DIBOUFSFMMF NVTISPPNT $PM EF MB 'PSDMB[ UIF MBVODI BU "OOFDZ BOE TIPXFST QMVT UXP TIPQT BOE NVMUJQMF SFTUBVSBOUT UP TFSWF ZPV ɩ F GFF XBT B QFSDIFT GFFU BCPWF UIF WBMMFZ n PPS XIPQQJOH FVSPT QBZBCMF BU POF PG *U IBT B QBWFE SPBE VQ UIF PCMJHBUPSZ SFTUBVSBOU UXP MBOEJOH m FMET GPS QBSB UIF SFTUBVSBOUT HMJEFST BOE B OFX IVHF m FME XJUI TIPQ GPS IBOH HMJEFST ɩ F WJFX PG UIF MBLF BOE "OOFDZ BOE 4FNOP[ 8F MFGU UIBU WBMMFZ JO UIF MBUF BGUFS TVSSPVOEJOH NPVOUBJOT JT TQFDUBDVMBS *O OPPO GPS PVS OFYU EFTUJOBUJPO "OOFDZ * UIF NPSOJOH XF USJFE UP HP VQ UP UBLF TIPVME QPJOU PVU UIBU JO UIF TVNNFS JO PĊ UP XBUDI UIF GBNPVT CJLF SBDF GSPN F SPBE XBT DMPTFE &VSPQF JU EPFTO U HFU EBSL VOUJM BGUFS UIF BJS /PU UP CF ɩ Q N CFDBVTF JU JT TJUVBUFE TP GBS OPSUI 4P CFDBVTF UIF SBDF m OJTIFE BU UIF MBVODI XF IBE QMFOUZ PG EBZMJHIU 8F TQMJU VQ UP BOE m MN IFMJDPQUFST XPVME CF DIVSOJOH UBLF EJĊ FSFOU QBUIT XJUI B SFOEF[WPVT VQ UIF BJS 4P XF IFBEFE PWFS UP B OFBSCZ QPJOU 8IFO XF HPU UP UIF SFHJPO XF BMM TJUF 4FNOP[ 4FNOP[ JT GFFU GSPN UPQ UP GPVOE PVU UIF OFXT UIF 5PVS EF 'SBODF CJDZDMF SBDF XBT DPNJOH UISPVHI UIF OFYU CPUUPN 8F TUSVHHMFE B CJU UP m OE UIF EBZ 1FPQMF XFSF DBNQFE JO WBOT BMM BMPOH MBOEJOH m FME CVU BHBJO B XBGUJOH QBSB TJEF UIF SPBE TP XF LOFX XF XPVMEO U CF HMJEFS IPNFE VT JO PO UIF SJHIU DPVOUSZ IBSBTTFE CVU XF XFSFO U TVSF XF DPVME SPBE BOE XF XFSF JO CVTJOFTT *U TFFNT m OE B TQPU )PXFWFS XF VTFE UIF MBLF UP NF UIBU OFBSMZ FWFSZ NBKPS BMQJOF TJEF BOE UIF QBSLJOH MPU PG B OBUVSF QSF TJUF IBT TDIPPMT QVUUJOH TUVEFOUT PĊ JO TFSWF BOE XFSF m OF ɩ BU FWFOJOH XF IBE UIF NPSOJOH BOE FWFOJOH BOE * XJTI UP B NFNPSBCMF NFBM BU UIF FTUBCMJTINFOU PG UIBOL UIFTF TDIPPMT GPS QSPWJEJOH TVDI B BO FDDFOUSJD MBEZ XJUI B TUSPOH TFOTF PG TJUF m OEJOH TFSWJDF GPS VT BMM 8F DBSSJFE UIF CJ[BSSF )FS QMBDF XBT EFDPSBUFE XJUI B QBSBHMJEFS QJMPU VQ UP MBVODI BOE IF F IBOH HMJEJOH BOE QBSB GBODJGVM UIJOHT GSPN BSPVOE UIF QMBOFU EJSFDUFE VT ɩ ɩ F GPPE IPXFWFS XBT TUSJDUMZ BV SFHJPO HMJEJOH MBVODIFT BSF TFQBSBUFE CZ BCPVU
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
B RVBSUFS NJMF CVU JO UIF BJS XF KPJOFE GPSDFT ɩ F MBVODIFT BSF XIBU XF MFBSO UP FYQFDU JO UIF "MQT MBSHF HSBTTZ TMPQFT 8F DBSSJFE JO TFU VQ BOE SBO JOUP UIF BJS ɩ F MJGU XBT TQPSBEJD CVU FWFOUVBMMZ XJUI EJMJHFODF XF DMJNCFE UP PWFS GFFU BCPWF UBLFPĊ 4PNF PG UIF QJMPUT n FX PWFS UIF CBDL UP "OOFDZ 8F IBE B EFT UJOBUJPO JO NJOE GPS UIBU FWFOJOH TP XF MBOEFE CFMPX 8IFO * XFOU PVU UP MBOE BSPVOE P DMPDL * GPVOE OPUIJOH CVU VQ JO UIF WBMMFZ ɩ FSF * XBT GFFU BCPWF UIF m FMET KVTU n PBUJOH FWFSZXIFSF * EJE UIJT GPS PWFS IBMG BO IPVS UIFO DIFDLFE CBDL JOUP UIF SFBMJUZ PG QMBOT * XBT GFFM JOH NZ PBUT BOE TFU VQ B QFSGFDU MBOEJOH OFYU UP UIF CSFBLEPXO BSFB XIFO BMM PG B TVEEFO * XBT n BSJOH UPP MBUF XJUI B OJDF MJUUMF CFBL UIF POMZ POF * TVĊ FSFE PO UIF XIPMF USJQ %BNO -BSBHOF &Y $FF[
&WFO UIPVHI UIF HZQTZ UPVS IBE CFFO SVOOJOH PO XIJN BOE GBODZ XF IBE BO VMUJNBUF EFTUJOBUJPO -BSBHOF 8F EJE UIF UISFF IPVS ESJWF JO GPVS JO 8JMMFN T PME .FSDFEFT WBO "MPOH UIF XBZ XF QBTTFE TJUFT * LOPX XFMM $PM EV 4BQFOBZ %FOU EV $IBU .POU 3FWBSE 4U )JMBJSF
$PSOFMJB BOE )BZP NBOBHFST PG UIF XFMM LOPXO MPEHF BOE MBOEJOH BU -BSBHOF
-B $SPJY $PVSUFU .FOT BOE "TQSFT "MM PG UIFTF BSF HSFBU n ZJOH TJUFT BOE SFDPN NFOEFE CVU XF IBE UP CF JO -BSBHOF GPS UIBU JT XIFSF PVS BOOVBM 9$ DPVSTF XBT CFJOH IFME ɩ JT FWFOU JT JO DPOKVODUJPO XJUI UIF %VUDI 0QFO DPNQFUJUJPO BOE IBT CFFO HPJOH GPS GPVS ZFBST ɩ JT ZFBS XF IBE QJMPUT GSPN m WF DPVOUSJFT BUUFOE ɩ F JEFB JT UP UBLF JOUFSNFEJBUF QJMPUT BOE UFBDI UIFN UIF USJDLT KVEHNFOU BOE TLJMMT PG 9$ n ZJOH 8BZOF JT POF PG NZ JOTUSVDUPST BMPOH XJUI %VUDI QJMPUT )BSN %BSXJOLMF BOE "OOFU 7JFSFHHF 8JMMFN XBT POF PG MBTU ZFBS T TUVEFOUT BOE 1BVMB XBT PVS XJOE EVNNZ 8F IBE FJHIU EBZT TDIFEVMFE JO -BSBHOF BOE n FX TJY &WFSZ EBZ XF XFOU 9$ GSPN FJUIFS -B $IBCSF BCPWF -BSBHOF PS UIF "TQSFT NPVOUBJO ɩ FTF TJUFT GBDF PQQPTJUF EJSFDUJPOT BCPVU NJMFT BQBSU BOE PGUFO QJMPUT MBVODI GSPN FJUIFS PO UIF TBNF EBZ ɩ F BSFB JT ESZ BOE UIF NPVOUBJOT TP IJHI UIBU UIFZ NBLF UIFJS PXO VQ TMPQF CSFF[F EFTQJUF UIF QSFWBJM JOH XJOET ɩ F MBVODI BU -B $IBCSF JT NPSF SVHHFE BOE SPDLZ UIBO "TQSFT UIF TUBOEBSE HSBTTZ TMPQF BOE VTVBMMZ NPSF DSPXEFE TP * QSFGFS UP UBLF UIF TUVEFOUT UP UIF MBUUFS &JUIFS XBZ UIF DPNQFUJUJPO QJMPUT PGUFO n Z CZ VT BOE PĊ FS TPNF UIFS NBM NBSLFST GPS B TIPSU TQFMM ɩ FTF BSF JEFBM 9$ TJUFT XJUI IVHF UPST SJTJOH VQ QFSJPEJDBMMZ UP HBUIFS UIFSNBMT BOE UIFSF
BSF XFMM UFTUFE SPVUFT JO BMM EJSFDUJPOT * MJLF UFBDIJOH IFSF BT EPFT B GSJFOE "MBJO $IBVWFU GPSNFS 'SFODI DIBNQJPO XIP XBT IPMEJOH B TJNVMUBOFPVT DPVSTF ɩ FSF BSF NBOZ m FMET BWBJMBCMF GPS MBOEJOH BOE BT UIF XFFL QSPHSFTTFE NPSF m FMET PQFOFE VQ BT UIF XIFBU XBT IBSWFTUFE GPS UIF VCJRVJUPVT 'SFODI CSFBE -BSBHOF JT
QSJNBSJMZ B IBOH HMJEFS TJUF CFDBVTF UIF WBMMFZT BSF XJEF BOE JU UBLFT B HPPE HMJEF UP DSPTT UIFN )PXFWFS XJUI JNQSPWJOH QBSBHMJEFS QFSGPSNBODF NPSF BSF DPNJOH UP UIF BSFB #VU GPS n ZJOH IFSF 8BZOF USBEFE JO IJT 0BTJT GPS B -BNJOBS 0OF PG UIF CFTU QBSUT BCPVU -BSBHOF JT UIF DBNQTJUF o $BNQJOH EF .POUFHMJO XIJDI NBJOUBJOT POF PG UIF UXP PG m DJBM BOE UIF CFTU MBOEJOH m FMET *U JT SVO CZ B %VUDI DPVQMF )BZP -FFVXFO BOE $PSOFMJB 4QJKLTUSB FOUIVTFE QJMPUT XIP DBUFSFE UP PVS OFFET ɩ FSF BSF NBQT TIPXFST HMJEFS QBSUT UPVS TFSWJDFT XFBUIFS TFSWJDF BOE B UXJDF EBJMZ TIVUUMF VQ UIF NPVOUBJO #VU EPO U GPSHFU UIF IFBSUZ BOE CPVOUJGVM NFBMT UIFZ NBLF JO UIF NPSOJOH BOE FWFOJOH 8F USJFE B GFX PG UIF SFTUBVSBOUT JO UPXO CVU DPVMEO U CFBU UIF QSJDF RVBOUJUZ BOE RVBMJUZ PG UIF .POUFHMJO T DVJTJOF 8JOF BOE BQFSJUJG DPNF XJUI UIF NFBM ɩ FZ TQFBL &OHMJTI BT XFMM BT * EP ɩ JT QMBDF JT B GBNJMZ BĊ BJS ɩ FSF BSF OFBSCZ XBUFS QBSLT BOE IJLFT GPS UIF OPO n ZFST BT XFMM BT UIF HPSHF CFIJOE -B $IBCSF UIBU IBT B HSFBU SFGSFTIJOH SJWFS XFMM BUUFOEFE CZ GBNJMJFT )BZP QMBOT UP QVU JO B QMBZHSPVOE GPS UIF LJET #VU UIF CFTU QBSU JO NZ FTUJNBUJPO XBT UIF FWF OJOH TPJSFFT $PSOFMJB IBT B XPSME DMBTT WPJDF BOE QMBZT HVJUBS TP FWFSZ FWFOJOH
$PSOFMJB )BZP )BSN BOE "OOFU JO UIF -BSBHOF MBOEJOH m FME
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
* DBO POMZ BTTVNF UIFTF QFSGPSNJOH QJMPUT <BU UIF 4U )JMBJSF GFTUJWBM> QSBDUJDF MBVODIJOH UIFJS DPOUSBQUJPOT BU B USBJOJOH TJUF CFDBVTF BGUFS B GFX TUFQT UIF HSPVOE TUPQT JO NJE BJS
" WJFX GSPN UIF SBNQ BU 4U )JMBJSF
UIFSF XBT B DPOTUBOU n PX PG TJOHFST QFS GPSNFST BOE MJTUFOFST JOUP UIF XFF * HPU MFTT TMFFQ BU UIJT TFNJOBS UIBO BOZ PUIFS CVU NBEF B MPU PG OFX GSJFOET * IJHIMZ SFDPNNFOE -BSBHOF UP BOZ QJMPU XBOUJOH B GVMM n ZJOH WBDBUJPO ɩ FSF XJMM CF B EBZ EFNP FWFOU OFYU +VOF TQPOTPSFE CZ 0[POF UIF OFBSFTU QBSBHMJEFS NBOVGBDUVSFS *U XJMM DPOTJTU PG B DPNQFUJUJPO BT XFMM BT B GVO BOE UFBDIJOH 9$ QPSUJPO " TJNJMBS IBOH HMJEJOH FWFOU JT BMTP CFJOH QMBOOFE *G UIBU XFSFO U FOPVHI )BZP JT PSHBOJ[JOH UPVST UP 4PVUI "GSJDB JO UIF XJOUFS 8F IBWF BMSFBEZ CFFO TJHOFE PO UP UFBDI PVS 9$ DPVSTF UIFSF GPS TFWFSBM XFFLT 'PS NPSF JOGP UIF .POUFHMJO 8FC TJUF JT XXX MBSBHOF DPN 8JOEJOH %PXO
8IFO UIF DPVSTF FOEFE FWFSZPOF EJTQFSTFE CVU 1BVMB BOE * IBE TJY NPSF EBZT UP n Z IJLF BOE UPVS 8F XFOU UP
5PQ PG UIF IBOH HMJEJOH SBNQ BU 4U )JMBJSF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
5IF SPVUF VQ UP 1MBJOF +PVY UBLFT ZPV UISPVHI QJDUVSFTRVF 'SFODI IJMMTJEF WJMMBHFT
4U )JMBJSF BOE GPVOE UIF IBOH HMJEJOH MBVODI IBE NPWFE UP B OFX SBNQ UIBU QPJOUT EPXO BU B EJ[[ZJOH BOHMF ɩ F m STU TUFQ JT B GPPU POF 8F BHBJO DBNQFE PO UBLFPĊ SFDPOm SNJOH NZ UIFPSZ 0O UIF QMBUFBV QBSBHMJEJOH MFTTPOT XFSF CFJOH IFME CZ UIF BDUJWF TDIPPMT
&WFSZXIFSF UIFSF XFSF OPUJDFT PG UIF VQ DPNJOH GSFF n ZJOH GFTUJWBM IFME BOOVBMMZ JO 4FQUFNCFS ɩ BU T UIF POF XF IBWF BMM TFFO JO ESBNBUJD QIPUPT PG IBOH HMJEFS BOE QBSBHMJEFS QJMPUT n ZJOH PĊ JO XBDLZ DPTUVNFT BOE DPOWFZBODFT o FWFSZUIJOH GSPN CBUIUVCT UP FMFQIBOU Fċ HJFT 4FF UIF DPWFS BOE HBMMFSZ PG UIF +BOVBSZ JTTVF PG UIJT NBHB[JOF * DBO POMZ BTTVNF UIFTF QFS GPSNJOH QJMPUT QSBDUJDF MBVODIJOH UIFJS DPO USBQUJPOT BU B USBJOJOH TJUF CFDBVTF BGUFS B GFX TUFQT UIF HSPVOE TUPQT JO NJE BJS 6MUJNBUFMZ * FOEFE VQ JO 1BSJT * XBT SFMVDUBOU UP IJU UIF CJH DJUZ BGUFS BMM UIF UJNF CFJOH GSFF JO UIF BJS CVU IJU JU * EJE JODMVEJOH B WJTJU UP NZ GB -PPLJOH EPXO UIF SBNQ BU 4U )JMBJSF 5IJT JT UIF m STU TUFQ OPU UIF MBTU
WPSJUF NVTFVN 1BSJT JT FBTZ UP HFU BSPVOE JO BOE JG ZPV LOPX XIBU ZPV BSF EPJOH JU JT NVDI NPSF SFBTPOBCMZ QSJDFE UIBO TBZ /FX :PSL $JUZ #VU UIJT JT B n ZJOH HVJEF OPU B UPVS QBDLBHF TP KVTU n Z NF CBDL IPNF ɩ F POMZ UIJOH UP BEE UP UIJT MJUUMF "MQJOF PEZTTFZ UBMF JT UIBU FWFSZPOF JO UIF XJOE HZQTZ CBOE IBE UIF UJNF PG UIFJS MJGF PS BU MFBTU TVNNFS BOE IBT QSPNJTFE UP EP JU BHBJO OFYU ZFBS &WFO +VOLP IBT SFTFSWFE B TQPU "SNFE XJUI UIF USVTUZ NBQT BOE HVJEFT GSPN "EWBODF * IBWF BMSFBEZ GPVOE B OFX JUJOFSBSZ XJUI TPNF HSFBU TJUFTyTVCKFDU UP DIBOHF VQPO B XIJN PG DPVSTF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
) B O H ( M J E J O H . B S L T 4 U B N Q T P G U I F 8P S M E 1 B S U #Z 5FSSZ 'FSSFS
.JOOJF T HPU IFS PXO DPMPS DPNCP UIJOH HPJOH PO XJUI ZFMMPX BOE QVSQMF %POBME IBT B HPPE MPPLJOH SFE BOE CMVF XJOH "MM * IBWF UP TBZ JT i)PPL JO .JDLFZ w 1SPWJEJOH UIF SFRVJTJUF IVNPS %POBME %VDL TUFQT PO B QSJDLMZ DBDUVT BT IF UBLFT PĊ CBSFXFCGPPU o PVDI i8IFSF BSF %POBME T TIPFT 8IFSF T IJT IBSOFTT 8IFSF T IJT QBOUT w ZPV BTL )F EPFTO U OFFE B IBOH HMJEFS UP n Z o IF T B EVDL (SFOBEB MPDBUFE JO UIF 8JOEXBSE *TMBOET 8FTU *OEJFT DPOTJTUT PG (SFOBEB *TMBOE BOE UIF 4PVUI (SFOBEJOFT JODMVE JOH $BSSJBDPV (SFOBEB JT BO JOEFQFOEFOU OBUJPO JO UIF #SJUJTI $PNNPOXFBMUI 4VCKFDU $BSUPPO )BOH (MJEFST PO PG /BUJPOT 4PVWFOJS 4IFFU *TTVF EBUF 'FCSVBSZ #3";*%FOPNJOBUJPO $BSJCCFBO EPMMBST 4PVWFOJS 4IFFU TFSJFT UJUMF 8BMU %JTOFZ $IBSBDUFST &OKPZJOH ɩ SJMM 4QPSUT 4PVWFOJS 4IFFU UJUMF )BOH (MJEJOH 4IPXO BU %FTDSJQUJPO -PX BOHMF WJFX DPNJD JMMVTUSBUJPO PG .JDLFZ .PVTF %POBME %VDL BOE .JOOJF .PVTF n ZJOH IBOH HMJEFST PWFS B SPDLZ EFTFSU ɩ F TPVWFOJS TIFFU JT POF PG GPVS JTTVFE CZ (SFOBEB DPNNFNPSBUJOH iUISJMMw TQPSUT (3&/"%"
:PV SF MPPLJOH BU UIF m STU TPVWFOJS TIFFU UP IBWF B IBOH HMJEJOH UIFNF *U UPPL ZFBST GPS JU UP IBQQFO " TPVWFOJS TIFFU JT B TNBMM QBQFS TIFFU Y JODIFT PS MFTT UIBU JODMVEFT POF PS NPSF QPTUBHF TUBNQT XJUI BEEJUJPOBM QSJOUJOH PS JMMVTUSBUJPOT CFZPOE UIF CPSEFST PG UIF TUBNQ DPOUBJO JOH MFUUFSJOH PS EFTJHO UIBU JEFOUJm FT TPNF OPUBCMF FWFOU CFJOH DPNNFNPSBUFE Dz F QPTUBHF TUBNQT TIPXO PO TPVWFOJS TIFFUT NBZ PS NBZ OPU CF QFSGPSBUFE .JDLFZ T HMJEFS IBT B LJOHQPTU UIF PUIFS UXP BSF iUPQMFTT w ɩ FZ DPVME BMM VTF TPNF n ZJOH XJSFT $IJMESFO BOE BEVMUT DPMMFDU %JTOFZBOB TUBNQT BOE TPVWFOJS TIFFUT *O UIF JOUFSFTU PG TBGFUZ BMM UISFF DIBSBDUFST TIPVME CF XFBSJOH IFMNFUT OPU KVTU .JDLFZ ɩ BU T HPPE DPMPS DPPSEJOBUJPO PG iUIF .JDL Tw TIPFT n JHIU TVJU IFMNFU BOE TBJM o CVU SFBMMZ QJOL BOE DIBSUSFVTF ɩ FZ SF OPU DPNQMJNFOUBSZ DPMPST .JDoLFZ
(FSBJT FOKPZT XPSMEXJEF SFDPHOJUJPO GPS MPDBMMZ BCPVOEJOH UIFSNBMT BMM EJSFDUJPO n JHIUT BOE FBTF PG SFUSJFWF ɩ F TUBNQ JT POF PG UIF CFTU JO UIF DPMMFDUJPO #SB[JM XBT UIF TFDPOE DPVOUSZ JO UIF XPSME BGUFS #SJUBJO UP JTTVF B QPTUBHF TUBNQ o JO #3";*- 'JSTU %BZ $PWFS
'FBUVSFE PO UIF MFGU TJEF PG UIF FOWF MPQF BCPWF JT B UFSSJm D QFODJM ESBXJOH DBDIFU PG UXP FBSMZ A T FSB IBOH HMJEFST UIFSNBMJOH CFOFBUI UIF DMPVET " DBDIFU o QSPOPVODFE LB 4)": o JT BO JNQSFTTJPO PS 4VCKFDU )BOH (MJEFST JMMVTUSBUJPO NBEF PO BO FOWFMPQF PUIFS UIBO UIF QPTUNBSL JUTFMG Dz FTF JMMVTUSBUJPOT BSF *TTVF EBUF 'FCSVBSZ GSFRVFOUMZ BEEFE UP DPWFST UP DPNNFNPSBUF %FOPNJOBUJPO DSV[FJSPT 4UBNQ UJUMF 7*** $BNQFPOBUP .VOEJBM TQFDJBM PDDBTJPOT MJLF m STU n JHIUT PS FYIJCJ JT FYDFQ EF 7PP -JWSF UI 'SFF 'MJHIU 8PSME UJPOT Dz FTF BSF OPU QPTUNBSLT ɩ UJPOBM '%$ TIPXO BU XBT JTTVFE $IBNQJPOTIJQT PO UIF TBNF EBZ BT UIF TUBNQ UIF im STU 4IPXO BU %FTDSJQUJPO #JSE T FZF WJFX JMMVTUSBUJPO EBZ PG DJSDVMBUJPO w PG UXP IBOH HMJEFST TPBSJOH PWFS DVMUJWBUFE GBSNMBOE ɩ F TUBNQ DFMFCSBUFT UIF )BOH (MJEJOH 8PSME $IBNQJPOTIJQT IFME JO (PWFSOBEPS 7BMBEBSFT #SB[JM ɧ FTF UJOZ JMMVTUSBUJPOT UFMM B TUPSZ
#SB[JM T OBUJPOBM DPMPST BSF EJTQMBZFE PO UIF UISFF TQBOXJTF SFE ZFMMPX HSFFO TUSJQFT PG UIF IBOH HMJEFS JO UIF GPSF HSPVOE ɩ JT JT BO BQQFBMJOH DPMPS GVM TUBNQ ɩ F HMJEFST BSF SFOEFSFE DPSSFDUMZ ɩ FZ UIFSNBM PWFS UIF iBNCFS XBWFT PG HSBJOw MBOETDBQF PG (PWFSOBEPS 7BMBEBSFT ɩ JT FYDFMMFOU IBOH HMJE JOH TJUF JO UIF #SB[JMJBO TUBUF PG .JOBT
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
DPNNFNPSBUF IJTUPSJD PDDBTJPOT IPOPS UIF XPSME T GBNPVT BOE DFMFCSBUF UIF BDDPNQMJTINFOUT PG B OBUJPO T QFPQMF "OE UIFZ BEE DPMPS BOE CFBVUZ UP UIF NPTU NVOEBOF QJFDF PG NBJM #BSCBSB .PPSF )POPS )PMMBOE Dz F "SU PG 1PTUBHF 4UBNQT
ɩ F QPTUNBSL JT OPUBCMF GPS JUT MJOF ESBXJOH PG UIF HMJEFS JO TUBMM NPEF UIF QJMPU T BSNT BSF DPNQMFUFMZ FYUFOEFE *ODMVEFE JO UIF QPTUNBSL BSF UIF OBNF PG UIF FWFOU EBUF BOE TJUF ɩ FSF XBTO U FOPVHI TQBDF UP TQFMM PVU UIF TUBUF .JOBT (FSBJT TP UIFZ TIPSUFOFE JU UP i.( w ɩ F QPTUNBSL POMZ DPWFST UIF CPUUPN MFGU DPSOFS PG UIF TUBNQ BMMPXJOH VT B HPPE WJFX PG UIF BSU ɩ F #SB[JMJBO UI 'SFF 'MJHIU 8PSME $IBNQJPOTIJQT 'JSTU %BZ $PWFS JT BO FNJOFOUMZ EFTJSBCMF DPM MFDUJCMF * MJLF UIF XBZ UIF #SB[JMJBOT TQFMM BOE QSPOPVODF UIFJS DPVOUSZ #SBTJM #SBI 4&"- 0G BMM UIF DPVOUSJFT SFQSFTFOUFE IFSF #SBTJM TJD BOE "VTUSBMJB IBWF QSP EVDFE UIF NPTU IBOH HMJEJOH QIJMBUFMJD NBUFSJBM UISPVHIPVU UIF ZFBST 1"-"6
UIF PUIFS TUBNQT TVSSPVOEJOH UIJT POF JODMVEF TLZEJWFST B QJMPU CBJMJOH PVU PG B KFU B UPQ GVFM ESBHTUFS BOE DIVUF BOE B DBSHP QBMFUUF BOE DIVUF -PPL BU UIF TUBNQ UJUMF *U TIPVME WF CFFO B QBSBHMJEFS PO UIJT TUBNQ JOTUFBE PG B IBOH HMJEFS #VU BI UIPTF IBOETPNF DPMPST *O UIJT DBTF * N HMBE B NJTUBLF XBT NBEF PS XF E OFWFS IBWF HPUUFO UP TFF UIJT QSFUUZ TUBNQ 7JTVBMMZ UIF JMMVTUSBUJPO DPOm SNT UIF TLJMMGVMOFTT JO IBOH HMJEJOH *U NBLFT JU MPPL TJNQMF o B n JHIU XF LOPX BT B TNPPUI VODPNQMJDBUFE iTMFEEFS w ɩ JT TUBNQ MPPLT PVU PG QMBDF BNPOHTU UIF PUIFST JO UIF TPVWFOJS TIFFU CVU MPPLT HSFBU TPMP * MJLF B TUBNQ XJUI OP NBSHJOT PS CPSEFST o NPSF TQBDF GPS BSU ɩ JT JT POF PG UIF CFTU TUBNQT XJUI B 4UBOEBSE IBOH HMJEFS BT JUT TVCKFDU NBUUFS 1BMBV UIF XFTUFSO TFDUJPO PG UIF $BSPMJOF *TMBOET .JDSPOFTJB XBT QBSU PG UIF 6 4 5SVTU 5FSSJUPSZ PG UIF 1BDJm D FTUBCMJTIFE JO *U CFHBO JTTVJOH JUT PXO TUBNQT JO 0O +BOVBSZ 1BMBV CFDBNF B GFEFSBUJPO BT B TPW FSFJHO TUBUF JO DPNQBDU PG GSFF BTTPDJB UJPO XJUI UIF 6OJUFE 4UBUFT 1BMBV JT JO B DIBJO PG JTMBOET JO UIF 8FTU 1BDJm D 0DFBO BCPVU NJMFT TPVUIFBTU PG UIF 1IJMJQQJOF *TMBOET 10356("-
4VCKFDU )BOH (MJEFS *TTVF EBUF .BSDI %FOPNJOBUJPO DFOUT 4PVWFOJS 4IFFU UJUMF UI "OOJWFSTBSZ PG UIF 1BSBDIVUF 4UBNQ UJUMF 1BSBTBJMJOH " .PEFSO "EWFOUVSF 4QPSU 4IPXO BU %FTDSJQUJPO 'MBU BOHMF SFBS WJFX JMMVT USBUJPO PG B i4UBOEBSEw IBOH HMJEFS n ZJOH PWFS B CSPXO BOE HSFFO QMBJO XJUI CMVF MBLF BOE IJMMT PO UIF IPSJ[PO ɩ F TUBNQ JT POF PG FJHIU PO B MBSHF TPVWFOJS TIFFU DFM FCSBUJOH UIF CJDFOUFOOJBM PG QBSBDIVUJOH 8FMM JMMVTUSBUFE 1BMBV B 1BDJm D JTMBOE JTTVFE UIJT TUBNQ PG n ZJOH B 4UBOEBSE HMJEFS TFBUFE ɩ PTF XFSF UIF HPPE PM EBZT SJHIU "OE UIJT POF JT NJTT JOH B LJOH QPTU ɩ F TPVWFOJS TIFFU XBT JTTVFE JO XJUI BO FBSMZ T IBOH HMJEFS PO POF PG UIF TUBNQT *U T BNB[ JOH UIF TUBNQ FWFO HPU PO UIJT TPVWFOJS TIFFU BT UIF TIFFU T UIFNF JT UIF UI "OOJWFSTBSZ PG UIF 1BSBDIVUF 4PNF PG
ɧ F QPTUBHF TUBNQ JT B n JNTZ UIJOH /P UIJDLFS UIBO B CFFUMF T XJOH "OE ZFU JU XJMM SPBN UIF XPSME GPS ZPV &YBDUMZ XIFSF ZPV UFMM JU UP & 7 -VDBT #SJUJTI BVUIPS CJPHSBQIFS
WFOJS TIFFU TFU QSBJTJOH iSBEJDBMw TQPSUT JO 1PSUVHBM &YUSBPSEJOBSZ JT UIF XPSE GPS UIJT TUBNQ UIBU QVTIFT UIF CPVOET PG BSUJTUJD MJDFOTF UIF DPOUSPM CBS JT BUUBDIFE UP UIF OPTF QMBUF UIF UVCFT GSPN UIF LFFM UP UIF QJMPU T QBOUT IBSOFTT BSF RVFTUJPOBCMF BOE DPNQBSFE UP UIF TJ[F PG UIF QJMPU JU T B TNBMM HMJEFS #VU PCTFSWF UIF DVU PG UIF TBJM UIF TPGU IVFE CBDLHSPVOE BOE UIF DPMPSJm D CJPNPSQIJD TIBQFT PO UIF VOEFSTVS GBDF PG UIF XJOH #FBVUJGVM " OPUFXPS UIZ EFTJHO JEFB XBT UIF JODMVTJPO PG UIF QVSQMF i1PSUVHBMw QMBTUJD MBCFM TUSJQ *O UIF TZOUIFTJT PG MJCFSBM BSUJTUJD MJ DFOTF JOUFSFTUJOH EFTJHO BOE FYDFMMFOU BSU UIJT TUBNQ JT FZF DBOEZ 3644*"
4VCKFDU )BOH (MJEFS *TTVF EBUF .BZ %FOPNJOBUJPO DFOUBWPT 4PVWFOJS 4IFFU UJUMF %FQPSUPT 3BEJDBJT 3BEJDBM 4QPSUT 4UBNQ UJUMF "TB %FMUB %FMUB 8JOH %FTJHO DSFEJU 'SBODJTDP 5FMMFDIFB 4IPXO BU %FTDSJQUJPO -PX BOHMF WJFX IJHIMZ TUZMJ[FE JMMVTUSBUJPO PG B IBOH HMJEFS iHFU UJOH SBEw PWFS B WBMMFZ BOE NPVOUBJO CBDLHSPVOE ɩ F TUBNQ JT QBSU PG B TPV
4VCKFDU $BSUPPO )BOH (MJEFS *TTVF EBUF +VMZ %FOPNJOBUJPO SVCMFT 4IPXO BU %FTDSJQUJPO 8PSN T FZF WJFX DPNJD JM MVTUSBUJPO PG B IBOH HMJEJOH QVQQFU ɩ F TUBNQ JT QBSU PG B TFU DPNNFNPSBUJOH n ZJOH ,MKPQB QVQQFUT $0/5*/6&% 50 1"(&
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
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
$JUZ
4UBUF
3BUJOH 0Gm DJBM
#&3,&-&: 4"/ %*&(0 4"/ %*&(0 26"35; )*--061 $*5: '"*3'"9 45"5*0/ (63"#0 8"6$)6-" 8&45 10*/5 .*".* "5-"/5" 86354#030 055"8" 0/5"3*0 30$)%"-& "/$)03"(& 1"$*'*$ $*5: 0",-"/% #&3,&-&: -061 $*5: '"*3'"9 8"6$)6-" $"(6"4 8&45 10*/5 .*".* "5-"/5" 86354#030 055"8" 0/5"3*0 30$)%"-& "/5*0$) $"3-4#"% 4"/ %*&(0 56$40/ 1)0&/*9 3*%(&-: /&8 .*-'03% "3-*/(50/ 8&45 )&/3*&55" 1035 4"*/5 -6$*&
$" $" $" $" /& 7" 13 '(" '(" /:
/03% "/%3&4&/ +0)/ )&*/&: "-"/ ,&//: 1"6- 5)03/#63: $)3*45*"/ 5)03&40/ +0)/ .*%%-&50/ ,&*4):" 4"-,0 30#&35 -"/& $)3*45*"/ 5)03&40/ 30#&35 -"/& $)3*45*"/ 5)03&40/ 50/: $07&--* ."-$0-. +0/&4 ."-$0-. +0/&4 .*$)"&- '0: +0)/ ."5:-0/&, #"33: -&7*/& #"33: -&7*/& $)3*45*"/ 5)03&40/ "--&/ 41"3,4 30#&35 -"/& ,&*4):" 4"-,0 $)3*45*"/ 5)03&40/ 30#&35 -"/& $)3*45*"/ 5)03&40/ 50/: $07&--* ."-$0-. +0/&4 ."-$0-. +0/&4 8"--"$& "/%&340/ 30# .$,&/;*& 45&7& 45"$,"#-& 8*--*". )0-.&4 8*--*". )0-.&4 1"6- 7&/&4,: #&/ %"7*%40/ %06(-"4 4)&-50/ ."-$0-. +0/&4 ."-$0-. +0/&4
3BUJOH 3FHJPO /BNF $PEF 1 )0:5 %"-& 1"550/ +3 1 /*$)0-"4 )&%-6/% 1 4*.0/ ,")"/ 1 +645*/ 3611&35 1 %"//: 4.*5) 1 %"/*&- 3"/%"-1 +&33: $30/*/ 1 %0/ 4$)"&'&3 1 %0/"-% 4*&#63( *** 1 "546504)* 0(*,6#0 1 1"6- 4.*5) 1 "/%3&8 1"-.&3 1 ("3: .$%0/"-% 1 %3&8 4"'30/0'' 1 +0)/ ."-#&3( 1 45&7& #&"$) 1 .*$)"&- 7"3*"/0 1 ."3(& 7"3*"/0 1 "/%3&" :06%"-& 1 )0:5 %"-& 1"550/ +3 1 -"/$& 800-&/ 1 /*$)0-"4 )&%-6/% 1 4*.0/ ,")"/ 1 +&33: $30/*/ 1 13"7&&/ .635): 1 "/%: .*--&3 1 %0/"-% 4*&#63( ***
$JUZ
4UBUF
3BUJOH 0Gm DJBM
8*-%&37*--& 1035-"/% 4&"55-& 1035-"/% #03*/( 1035-"/% .&/-0 1"3, 0",-"/% $0/$03% -0.*5" ,6-" 4"/5" #"3#"3" &- 1"40 45 -06*4 #&3/& -"840/7*--& 106(),&&14*& 106(),&&14*& 055"8" 8*-%&37*--& 1035-"/% 1035-"/% 4&"55-& .&/-0 1"3, '3&.0/5 8*/%403 $0/$03%
03 03 8" 03 03 03 $" $" $" $" )* $" 59 .0 */ /$ /: /:
,&7*/ -&& 3*$, )*((*/4 30# 41033&3 ,&--: ,&--"3 ,&--: ,&--"3 ,&--: ,&--"3 ."35: %&7*&55* 8"--"$& "/%&340/ ."35: %&7*&55* &-*"% ;"9 %"7*% #*/%&3 $)"% #"45*"/ 8*--*". 4.*5) %"7*% +&## 1&5& .*$)&-.03& 5"."3" #08-&4 -"34 -*/%& -"34 -*/%& %"7*% +&## ,&7*/ -&& ,&--: ,&--"3 3*$, )*((*/4 30# 41033&3 ."35: %&7*&55* 8"--"$& "/%&340/ 8"--"$& "/%&340/ ."35: %&7*&55*
", 03 $" $" /& 7" '13 (" '(" /:
$" $" $" "; "; ." $5 7" /: '-
03 03 03 8" $" $" $" $"
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
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
$JUZ
4UBUF
3BUJOH 0Gm DJBM
-" .&4" -0.*5" 4"/5" #"3#"3" ,6-" "(063" .*--4 '"-$0/ &- 1"40 #&-(3"%& 45 -06*4 "-#626&326& -"&(&3 -"840/7*--& +"$,40/7*--& 106(),&&14*& 106(),&&14*& 8*/5)301 *44"26") 8*/5)301 (3"/54 1"44 %6#-*/ 4"$3".&/50 %&/7&3 %3"1&3 4"/%: 5&.1& %&/7&3 $-*''4*%& 1, +6/&"6 $"31*/5&3*" 6-61"-",6" 4"/5" .0/*$" #"4"-5 4"-5 -",& $*5: 4"-5 -",& $*5: 16&#-" 6-61"-",6" "41&/ #300,-:/ :0,0)"."
$" $" $" )* $" $0 59 .5 .0 /) 87 /$ 59 /: /: 8" 8" 8" 03 $" $" $0 65 65 "; $0 /+ ", $" )* $" $0 65 65
+0)/ 5"% )6345 &-*"% ;"9 #0 $3*44 %"7*% #*/%&3 #0 $3*44 ,": 5"64$)&3 8*--*". 4.*5) "/%: ."$3"& %"7*% +&## 5)0."4 8&#45&3 %8":/& .$$0635 5"."3" #08-&4 %"7*% #30:-&4 -"34 -*/%& -"34 -*/%& %"7*% 7&3#0*4 #0# )"//") %"7*% 7&3#0*4 ,&7*/ -&& .0/%*& #&*&3 +0)/ 7"/ .&5&3 8*--*". -"63&/$& $)3*4 4"/5"$30$& $)3*4 4"/5"$30$& 4$055 )0350/ $)3*4 4"/5"$30$& -"34 -*/%& $)3*4501)&3 -"/("/ $)"% #"45*"/ %"7*% #*/%&3 &/-&"6 0 $0//03 "-&+"/%30 1"-."; 45&1)&/ .":&3 45&1)&/ .":&3 .*(6&- (65*&33&; %"7*% #*/%&3 45&1)&/ .":&3 -"34 -*/%& 4$055 )"33*4
)* $0 /:
4BGFUZ 5JQT
1IPUP (FPSHF 4UVSUFWBOU
+JN 3FZOPMET 8F n Z GPS GVO #FGPSF ZPV HP n ZJOH m Y BOZ QSPCMFNT UIBU NJHIU XPSSZ ZPV JO n JHIU 'MZJOH XPSSJFE JT OPU GVO
5JOB 5IFGLUIJO nZJOH B i4UBOEBSEw BU (SBOE 5BSHIFF *EBIP .BZ 1IPUP ª-F3PZ (SBOOJT
._
-
•
-
• •
$0/5*/6&% '30. 1"(&
,MKPQB QVQQFU HJSM HMJEFT QBTU UIF UPQ PG 4BJOU #BTJM T DBUIFESBM BOE UIF ,SFNMJO 1BMBDF JO 3FE 4RVBSF .PTDPX )FS USJ DPMPSFE IBOH HMJEFS TQPSUT UIF 3VTTJBO 'FEFSBUJPO OBUJPOBM DPMPST i%B 3PEJOBw XPVME CF QSPVE 4UBNQT JO TDSJCFE i3PTTJKBw BSF JTTVFE CZ UIF 3VTTJBO 3FQVCMJD /P NPSF i$$$1w PS IBNNFS BOE TJDLMF PO UIFJS TUBNQT &WFO UIPVHI JU NJHIU NFTT VQ IFS DVUF QJHUBJM UIF HJSM TIPVME CF XFBSJOH B IFMNFU "MTP TIF T OPU XFBSJOH B IBSOFTT PWFS IFS UJF EZFE PVUm U CVU BU MFBTU TIF T TVQQPSUFE CZ TPNF UZQF PG SJHJE 6 CBS BU IFS XBJTU ɩ BU TVQFS XJEF DPOUSPM CBS JT JOUFSFTUJOH UPP )FS MJUUMF XJOH JT NPSF MJLF B CJH BFSPEZOBNJD VNCSFMMB UIBO B HMJEFS ɩ F HJSM JT XBWJOH BU VT o B GSJFOEMZ HFTUVSF XIJMF n ZJOH B IBOH HMJEFS ɩ F PUIFS UXP TUBNQT JO UIJT ,MKPQB QVQQFU n JHIU TFU UIF TBNF HJSM CFJOH ZBOLFE BMPGU UISPVHI B SBJOCPX CZ B HBHHMF PG TNBMM IFMJVN CBMMPPOT BOE UIF HJSM SJEJOH B GBODZ TMFJHI CFJOH QVMMFE UISPVHI UIF TLZ CZ B USPJLB PG n ZJOH IPSTFT 563,&:
CSBUJOH UIF TU '"* 8PSME "JS (BNFT IFME JO 5VSLFZ JO 7FSUJDBM GPSNBU DPNQFUFOU BSUXPSL BOE TNBSU VOEFSTUBUFE EFTJHO SFTVMU JO BO FYDFQUJPOBM TUBNQ ɩ F HMJEFS JT BDDV SBUFMZ ESBXO " HSBEBUJPO PG DPMPS QBOFMT JO UIF TBJM GSPN UIF LFFM PVUXBSE UP UIF UJQT BEET XBSN DPMPST UP UIF DPPM CMVFT PG UIF BSU ɩ F TIBEPXZ BUNPTQIFSF PG EBSL TLZ BOE SPDLZ NPVOUBJO QFBL MFOET B TFOTF PG ESBNB UP UIF TDFOF " OJDF EFTJHO UPVDI JT UIF SPVOEFE DPSOFS PG UIF JMMVTUSBUJPO ɩ JT TUBNQ JT POF PG UIF CFTU PG UIF CVODI ɩ F PUIFS TUBNQT JO UIJT TU 8PSME "JS (BNFT TFU BSF B TBJMQMBOF B IPU BJS CBM MPPO BOE B NBO QPJOUJOH VQ BU CJQMBOFT "MM IBWF TJNJMBS ESBNBUJD CBDLHSPVOET 5VSLFZ m 'JSTU %BZ $PWFS 1PTU $BSE "OLBSB UIF DBQJUPM PG 5VSLFZ XBT UIF DJUZ XIFSF UIJT '%$ TIPXO BU BOE TUBNQ XFSF KPJOUMZ JTTVFE ɩ F DBDIFU VTFT UIF TBNF BSU BT UIF TUBNQ CVU DSPQQFE EJĊ FSFOUMZ ɩ F EFMUB TIBQF PG UIF IBOH HMJEFS MJLF BO BSSPX MFBET UIF FZF PĊ UIF MFGU FEHF PG UIF DBSE * XPVME IBWF in PQQFEw UIF DBDIFU JMMVTUSBUJPO IPSJ[POUBMMZ TP UIF HMJEFS QPJOUT UPXBSET
UIF BEESFTT TFDUJPO PG UIF DBSE OPU BXBZ GSPN JU *U T BMM SJHIU UIBU UIF BSU PG UIF DBDIFU BOE TUBNQ BSF B NJSSPS JNBHF PG FBDI PUIFS ɩ F QPTUNBSL DBSSJFT UIF FWFOU UJUMF EBUF BOE DJUZ BT XFMM BT B MJOF ESBXJOH PG B TUZMJ[FE IVNBO m HVSF XJUI PVUTUSFUDIFE BSNT JO in JHIU NPEF w 6OGPSUVOBUFMZ UIF QPTUNBSL DPWFST B NBKPS QPSUJPO PG UIF TUBNQ *U DPVME WF CFFO DBODFMMFE PO UIF MFGU FEHF PG UIF TUBNQ UP SFWFBM NPSF PG CPUI TUBNQ BSU BOE QPTUNBSL ɩ F TU '"* 8PSME "JS (BNFT DPWFSFE B XJEF SBOHF PG BWJBUJPO TQPSUT JODMVE JOH CBMMPPOJOH QBSBDIVUJOH TBJMQMBOFT BFSPNPEFMJOH HFOFSBM BWJBUJPO BJS SBMMZ n ZJOH BOE MPOH SBOHF BJS SBDF BFSPCBU JDT IBOH HMJEJOH BOE QBSBHMJEJOH VMUSB MJHIUT BOE IFMJDPQUFST '"* T 8PSME $MBTT FWFOU XBT IFME BU FJHIU TJUFT JO 5VSLFZ GSPN 4FQUFNCFS UP
4VCKFDU )BOH (MJEFS *TTVF EBUF 4FQUFNCFS %FOPNJOBUJPO MJSB 4UBNQ UJUMF %àOZB )BWB 0ZVOMBSJ TU 8PSME "JS (BNFT 4IPXO BU %FTDSJQUJPO -PX BOHMF WJFX JMMVTUSB UJPO PG B IBOH HMJEFS n ZJOH UISPVHI UIF BJS ɩ F TUBNQ JT QBSU PG B TFU DFMF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
'3"/$&
4VCKFDU 1PTUBHF 4UBNQ (MJEFS *TTVF EBUF .BZ %FOPNJOBUJPO GSBODT 4UBNQ UJUMF 1IJMFYKFVOFT :PVUI 4UBNQT %FTJHO DSFEJU 'MFVS -BOFV[F 4IPXO BU %FTDSJQUJPO -PX BOHMF GBODJGVM JM MVTUSBUJPO PG BO BOESPHZOPVT ZPVOH QJMPU n PBUJOH UISPVHI UIF BJS VTJOH UIF 1IJMFYKFVOFT TUBNQ BT B IBOH HMJEFS ɩ F TUBNQ DFMFCSBUFT UIF :PVUI 4UBNQ &YIJCJU IFME JO UIF DJUZ PG /BOUFT 'SBODF
.BEFNPJTFMMF 'MFVS -BOFV[F IBE UIF QMFBTVSF PG JMMVTUSBUJOH UIJT JOOPWBUJWF TUBNQ IFS m STU OBNF NFBOT in PXFS w 4IF XBT B 'SFODI TUVEFOU XIP XPO UIF DPNQFUJUJPO UP EFTJHO B TUBNQ DPNNFN PSBUJOH UIF 1IJMFYKFVOFT FYIJCJU 4IF UJUMFE JU )BOH (MJEJOH TP TIF XBT UIJOLJOH BCPVU IBOH HMJEFST XIFO TIF EJE UIF JMMVTUSBUJPO ɩ F TUBNQ JT JODMVE FE XJUI UIF PUIFST BMUIPVHI JU T B m OF QPJOU XIFUIFS UIJT JT B HMJEFS PS OPU :PV EFDJEF ɩ F TUBNQ FOUFST UIF SFBMN PG IBOH HMJEJOH GBOUBTZ BSU TFF UIF :FNFO BOE 4BO .BSJOP TUBNQT BT XFMM .BZCF UIJT JT XIBU IBOH HMJEJOH XJMM CF MJLF JO UIF EJTUBOU GVUVSF 8F SF WFM DSPFE UP UIF iHMJEFSw CZ UIF CBDLT PG PVS DMPUIFT XJUI IBOEMFT GPS XJOH XBSQJOH NBOFVWFSBCJMJUZ o BMUIPVHI UIF XJOH MPBEJOH MPPLT B MJUUMF IJHI %P UIF QBTUFM SBJOCPX DPMPST PG UIF TVO T SBZT NFBO XF MM CF TPBSJOH UIF TPMBS XJOET 1PTTJCMZ %PFT UIF TUBNQ QSP NPUF n JHIU :FT ɩ F POMZ UIJOH NJTT JOH JT B IFMNFU GPS UIF BVCVSO IBJSFE ZPVUIGVM QJMPU
" GFX PG UIFTF TUBNQT IBWF CFFO QSPEVDFE XJUI NFEJPDSF QSJOUJOH QSPDFTTFT DPBSTF EPU TDSFFOT PVU PG GPDVT OFHBUJWFT Pą SFHJTUFS DPMPST UIJO QBQFS FUD *U Bą FDUT UIF NBOOFS JO XIJDI UIFZ SF EJTQMBZFE IFSF "OE FWFO UIPVHI JU T DPSSFDU UP NJOJNJ[F UIF EFUBJM PO TUBNQ JMMVTUSBUJPOT CFDBVTF PG UIFJS NJOJTDVMF TUBUVSF UIFSF T B QPJOU XIFSF UPP NJOJNBM DPNCJOFE XJUI B MPPTF TPGU GPDVT BSU TUZMF USBOTMBUFT JOUP B CMVSSFE JNBHF PO UIF TUBNQ $3&%*54 4UBNQ RVPUFT HFPDJUJFT DPN EBLTIJOB@LBO@QB BSU RPVUFT IUN 1IJMBUFMJD %Fm OJUJPOT BTLQIJM PSH JOEFY IUN $PVOUSZ %BUB 4DPUUT 4UBNQ $BUBMPH '005/05&4 IJMUPOn ZSJP DPN IJTUPSZ@JO IUNM GBJ PSH XBH IJTUPSZ BTQ
(/ ,( ! , &(* " '! ,#& !'$ )!$ % #' & *&$ !$ $+ & % % ! !$ $+ " &! ( $ & $! & + $ % & ,! +!' &!) $! ( $&' + $! & ! +!'$ &!) ! +!'- ( $ ) & &! ( $ +!' + ! " &! %& + & $ " ) & !' & ( )% $ & ' $ ! % !! $
% % +!'$ )!$ ! &!
! %
',*( - #'! " ' #'! (-',*0 + ,,#'! /#," +) , -% * .# / ( (($(-, (-', #' &#'-, + *(& " ,, '((! /#' (/+ *(& %((* ,( #%#'! $ $ ( ," #*+, % . % ' () ' )(* " ( ," ' % . % (, ,( & ',#(' +(& ( ," +, 0 %#'! "#$#'! $ 0 $#'! '( #'! ' +) %-'$#'! ," , 0(- " . . * + '
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
8JOUFS 'MZJOH #MVF 5BSQ #MVFT
#Z .VSEPDI )VHIFT
ɩ BOL HPPEOFTT XJOUFS JT PWFS * EPO U LOPX XIBU JU JT MJLF XIFSF ZPV MJWF CVU JO UIF /PSUIXFTU XJOUFS n ZJOH JT UIF QJUT XJUI MPOH DPME NPOUIT PG FOEMFTT SBJO "U m STU JO /PWFNCFS * N SFTJHOFE UP JU * TUBSU PVU XJUI QPTJUJWF UIPVHIUT MJLF XFMM NBZCF * DBO HFU TPNF TUVĊ EPOF BSPVOE UIF QMBDF o TUVĊ UIBU * QVU PĊ EPJOH BMM TVNNFS XIJMF * XBT n ZJOH 4P * TUFQ PVUTJEF EVDLJOH NZ IFBE EPXO UP LFFQ UIF SBJO PĊ NZ HMBTTFT BOE UBLF B XBML BSPVOE UIF PME IPNF TUFBE )NNN * UIJOL UPP CBE UIF HSBTT EPFTO U HSPX JO UIF XJOUFS XIFO * DBO U n Z *U IBE TUBSUFE UP HFU QSFUUZ UBMM MBTU +VOF XIFO UIF n ZJOH XBT HFUUJOH HPPE ɩ FO POF XFFL JU SBJOFE GPS B DPVQMF PG EBZT BOE * HPU UIF EBSO MBXO NPXFE BU MBTU 4VSF JU XBT QPVSJOH EPXO XJUI CJH SBJOESPQT TJ[[MJOH PO UIF NPXFS T FYIBVTU BOE * IBE UP DBSSZ B CJH TUJDL UP VOQMVH UIF NFBUCBMM MJLF DMVNQT PG TPHHZ HSBTT GSPN UIF EJTDIBSHF DIVUF &BSMZ
PO * E EJTDBSEFE UIF HSBTT DBUDIFS CBH CFDBVTF JU XFJHIFE MJLF QPVOET BGUFS POF QBTT ɩ F TUJDL XPSLFE HSFBU UP VOQMVH UIF NPXFS NBLJOH NF GFFM QSPVE PG NZ TBGFUZ DPOTDJPVTOFTT /P NJTTJOH UPFT PS m OHFST GPS UIJT QSP 0G DPVSTF FWFSZ PODF JO B XIJMF UIF NPXFS XPVME FBU UIF TUJDL NBLJOH B TPVOE MJLF B SVOBXBZ TUVNQ HSJOEFS BOE * E MPPL BSPVOE UP TFF JG BOZPOF XBT XBUDIJOH * XBT JO UIF IPTQJ UBM JO UIF TVNNFS PODF BOE * BTLFE UIF OVSTF o CFJOH B GPPU MBVODI QJMPU DVSJPVT BCPVU TQPSUT BDDJEFOUT o XIJDI BDUJWJUJFT DBVTF UIF NPTU FNFSHFODZ SPPN WJTJUT JO UIF TVNNFS 4IF TBJE CJLF SJEJOH CVU UIFO TIF HSJNBDFE BOE TBJE UIFSF XFSF BMXBZT B MPU PG CBE JOKVSJFT GSPN HVZT HFUUJOH ESVOL BOE NPXJOH MBXOT 'MZJOH PĊ NPVOUBJOT EJEO U FWFO DPNF DMPTF UP UIBU *TO U JU GVOOZ UIFSF JT OP TBGFUZ FRVJQNFOU SFRVJSFE GPS MBXO NPXJOH :PV EPO U FWFO IBWF UP UBLF B UFTU
*O TQJUF PG BMM UIBU * HPU UIF EBSO MBXO NPXFE BU MBTU ɩ BU TIPVME HFU UIF OFJHI CPST PĊ NZ CBDL GPS B XIJMF * UIPVHIU TNJMJOH &TQFDJBMMZ UIBU TPO PG B HVO OFYU EPPS XIP TUBSUFE DBMMJOH NF UIF $SBCHSBTT ,JOH ɩ BU T 0, 8IJMF IF TQFOET UIF TVNNFS QJEEMJOH BSPVOE JO IJT QFUVOJBT * E CF VQ UIFSF JO UIF TLZ TDPVSJOH DVNVMVT DMPVE CPUUPNT 0G DPVSTF UIF TQPVTF XBT OPU HPJOH UP CF UPP IBQQZ BCPVU UIPTF CJH DMVNQT PG HSBTT BMM PWFS UIF MBXO MPPLJOH MJLF TPNF DPX HPU JOUP CBE HSFFO QBTUVSF BOE DPVHIFE VQ JUT DVE JO TUSBUFHJD QMBDFT BSPVOE UIF ZBSE 4P * UPPL B TUSPMM XJUI QSBDUJDFE OPODIBMBODF LJDLJOH UIF XPSTU PG UIFN BQBSU #VU UIBU XBT +VOF BOE UIF CFHJOOJOH PG UISFF NPOUIT PG n ZJOH CMJTT &TQFDJBMMZ BGUFS UIF MBXO EJFE JO "VHVTU *OTUFBE PG XBUFSJOH JU XIJDI FWFSZPOF LOPXT JT FDPMPHJDBM TVJDJEF * HPU TPNF PG UIBU HSFFO EZF UIF CFTU MBOETDBQFST VTF BU
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
MFBTU UIBU JT IPX * FYQMBJOFE JU UP ZPV LOPX XIP * WF CFDPNF TPNFUIJOH PG BO FDPMPHJDBM (SFFONBO TVQFSIFSP TIBSJOH NZ FDP TFDSFUT XJUI UIF TQPVTF -JLF GPS JOTUBODF EJE ZPV LOPX UIBU NPTT PO B SPPG JT BDUVBMMZ HPPE GPS JU "OE UIBU JU QSPWJEFT B SFGVHF GPS NJHSBUJOH CJSET UP TDSBUDI GPS CVHT JO SFMBUJWF TBGFUZ GSPN UIF OFJHICPS T UISFF OJOKB DBUT ɩ FSF BSF PUIFS UJQT -JLF IPX UIF MBOEm MMT BSF PWFSn PXJOH FDP UFSSPSJTU UJNF CPNCT QPMMVUJOH PVS DIMPSJOBUFE XBUFS BOE LJMMJOH PĊ UIF MBTU PG UIF DIVN TBMNPO TP QSJ[FE CZ UIPTF WJTJUJOH JO MBXT XIP CFMJFWF TBMNPO BSF TBMNPO 4P XF DBO U UISPX BXBZ BMM UIBU HPPE TUVĊ JO UIF HBSBHF XF OFFE UP SFDZDMF JU TPNFEBZ 0I BOE POF NPSF JNQPSUBOU CVU MJUUMF LOPXO FDP GBDU NBOZ n PXFST BSF QPJTPO UP QFUT 5BLF UIBU ZPV QFUVOJB QJEEMFS #VU NZ RVJDL UVSO BSPVOE UIF QSPQ FSUZ JO /PWFNCFS SFWFBMFE UIFSF XBTO U NVDI UIBU DBO CF EPOF JO XJOUFS $BO U QSVOF UIF SPTFT BOE SIPEPEFOESPOT VOUJM TQSJOH * DPVME QBJOU UIF IPVTF CVU UIBU QBJOU UIBU XPSLT JO UIF SBJO JT UPP FYQFO
TJWF 4P XJUI B TJHI * EVDLFE VOEFS UIF DMPHHFE VQ SBJO HVUUFST UIFZ SF QBSU PG UIF SPPGUPQ CJSE SFGVHF BOE TMPTIFE JOUP UIF IPVTF IPQJOH GPS TPNFUIJOH HPPE PO UIF PVUEPPS DIBOOFM "MM TVNNFS UIF TQPVTF IBE DPN QMBJOFE BCPVU IPX NVDI UJNF * TQFOU n ZJOH CVU CZ +BOVBSZ UIF OFX DPNQMBJOU XBT iɩ FSF NVTU CF TPNFQMBDF PVU UIFSF GPS ZPV UP n Z JO UIF XJOUFS 8IBU T XSPOH XJUI B TMFEEFS BOZXBZ :PV VTFE UP UIJOL FWFO B TMFEEFS XBT HSFBU 1MFBTF QMFBTF QMFBTF HFU PVU PG IFSF BOE HP n ZJOH o ZPV SF ESJWJOH NF DSB[Z w 4P * DBMM VQ TPNF n ZJOH GSJFOET BOE POF XFBUIFS XJ[BSE CFMJFWFT UIBU JG XF IVSSZ UIFSF JT HPJOH UP CF B TNBMM XJOEPX PG PQQPSUVOJUZ CFUXFFO TRVBMMT VQ PO 4VDDPUBTI .PVOUBJO &YDJUFE * HP PVU BOE QVMM UIF CMVF UBSQ PĊ UIF .BYJQBE NZ NFBO HSFFO TIVUUMF NBDIJOF * UISPX NZ XJOH JO UIF CBDL n JQ UIF EJFTFM HMPX QMVH TXJUDI BOEyOPUIJOH %FBE CBUUFS JFT * LOPX UIBU CZ UIF UJNF * DIBSHF JU GPS B XIJMF BOE KVNQ TUBSU UIF UIJOH o JG * N MVDLZ o * XPO U CF BCMF UP NBLF UIF QSF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
EJDUFE XJOEPX PG PQQPSUVOJUZ CFUXFFO TRVBMMT * DPOKVSF VQ BO JNBHF PG TUBOE JOH BSPVOE PO MBVODI JO UIF SBJO BOE DPME XJUI TPHHZ GSJFOET IPMEJOH UIF CMVF UBSQ PWFS PVS IFBET XIJMF XBJUJOH GPS B TPHHZ TMFEEFS UIBU QSPCBCMZ XPO U IBQQFO 8IP BN * LJEEJOH ɩ F MPPL PO NZ TQPVTF T GBDF XIFO * DBSSJFE NZ HFBS CBDL JOTJEF XBT B CJU EJTDPODFSUJOH 4VSF QSBDUJDJOH ZPHB JT TVQQPTFE UP CF B HPPE UIJOH CVU DIBOUJOH NVSEFS PWFS BOE PWFS DBO U CF IFBMUIZ GPS TPNFPOF * TMFQU XJUI POF FZF PQFO GPS B XIJMF CVU UIBOLGVMMZ TBOJUZ QSFWBJMFE ɩ F TQPVTF CPVHIU NF B UJDLFU GPS B UISFF XFFL n ZJOH UPVS PG #SB[JM 5SVF JU XBT B POF XBZ UJDLFU POMZ CVU ZPV DBO MJWF DIFBQ EPXO IFSF UIF n ZJOH JT GBCVMPVT BOE UIF HSBTT EJFT FBSMZ
" .BSDI %BZ BU 'PSU &CFZ #Z +PIO ,SBTLF
.Z n ZJOH CVE DBMMFE JU B iNBSTI IBXL w FE BT UP XIJDI POF XBT NPSF FOUFSUBJOJOH * IFBSE JU BT i.BSDI IBXLw BOE UIPVHIU 8IJDI POF XBT NPSF HSBDFGVM XBT PCWJ ɩ BU T BQQSPQSJBUF TJODF JU JT .BSDI ɩ F PVT * EFDJEFE UP XBJU GPS NZ GSJFOE UP CJSE XBT TLJNNJOH UIF HSPVOET PG 'PSU IJLF CBDL VQ QSFGFSSJOH UP JNJUBUF UIF &CFZ BT XF XBJUFE GPS UIF TPVUIFSMZ XJOET TPBSJOH CJSE BOE OPU NZ QBSBIJLJOH QBM "T UIF TPVUIFSMJFT CFHBO UP EJNJOJTI UP TXJOH BSPVOE NPSF GSPN UIF XFTU ɩ F NBSTI IBXL JT BDUVBMMZ B DMPTF SFMBUJWF UP B CJU XF CPUI BUUFNQUFE UP LJUF VQ UIF UIF SFE UBJMFE IBXL BOE BDDPSEJOH UP UIF TPVUI CFODI UIBU SJTFT BOPUIFS GFFU "VEVCPO )BOECPPL PO 8FTUFSO #JSET JT BD PS TP BCPWF NZ GSJFOE T FBSMJFS MBVODI F XFTU CZ OPSUIXFTU UVBMMZ B SPVHI MFHHFE IBXL *U JT B DSPX JOH BUUFNQU ɩ TJ[FE IBXL PG PQFO DPVOUSZ UIBU CSFFET GBDJOH DPSOFS PG UIJT CFODI JT DMVTUFSFE JO UIF GBS /PSUI BOE XJOUFST BDSPTT NVDI XJUI DIFTU IJHI 4DPUDI CSPPN UIBU PG UIF 6 4 BT GBS TPVUI BT $BMJGPSOJB XF E IBWF UP LJUF PVS XJOHT UISPVHI *G ɩ JT QBSUJDVMBS CJSE XPVME TIPX JUT UIF XJOH ESPQT JOUP UIJT CSVTIZ WFHFUB NPTUMZ XIJUF CMBDL CBOEFE VOEFSTJEF UJPO B SFBM DPODFSUFE FĊ PSU JT SFRVJSFE BT JU RVBSUFSFE IBSSJFS MJLF BCPWF UIF UP EJTFOUBOHMF "SPVOE UIF DPSOFS GSPN UIF 4DPUDI HSPVOE PCWJPVTMZ TFBSDIJOH GPS SPEFOUT * GPVOE NZTFMG XJTIJOH * UPP IBE GFBUI CSPPN UIF DMJĊ GBDFT TPVUIXFTU BOE JT FST BOE IPMMPX CPOFT .BZCF JO NZ OFYU NPTUMZ HSBTTZ XJUI BO FWFS HSPXJOH MJGF * MM CF UIBU MVDLZ *OTUFBE * XBT TJU TQSFBE PG TPNF TQFDJFT PG HSPVOE DBDUVT UJOH HSPVOEFE MJLF B UXP MFHHFE SPEFOU UIBU JT XFMM DBNPVn BHFE MZJOH JO XBJU NPQJOH BCPVU UIF OPO n ZBCMF DPOEJUJPOT XJUI UXP JODI MPOH NFOBDJOH TQJOFT )FSF BOE UIFSF BMPOH UIJT DMJĊ GBDF BSF BOE FOWZJOH UIF IBXLT .Z n ZJOH QBM BOE * USJFE LJUJOH PVS QJMFT PG PME EJTDBSEFE 88** CBSCFE XJOHT JO TPNF QSFUUZ TUJĊ TPVUIFSMZ XJOE XJSF CVU VOMJLF UIF DBDUVT UIFTF TQJOZ * LFQU HFUUJOH QVMMFE CBDL BTT XBSET BOE NFOBDFT BSF PCWJPVT 8F E n PXO UIJT EFDJEFE UP CBH NZ FĊ PSUT VOUJM UIF XJOE TPVUI CFODI JO QSFUUZ MJHIU XJOET UIF MBTU EJBMFE EPXO B CJU .Z QBSBQBM MPHHFE UJNF XF XFSF IFSF *U XBT B IPPU 5PEBZ UIF XJOET XFSF TUSPOHFS BOE POF n JHIU CFJOH ESBHHFE PĊ UIF TJEF PG MBVODI UPVDIJOH BOE HPJOH JO B SPEFP XFSF IJUUJOH UIF CFODI BU BCPVU B SJEF BMM UIF XBZ UP UIF CFBDI B IVOESFE EFHSFF BOHMF BOE NZ CVEEZ XBT DFSUBJO GFFU CFMPX )F EJEO U EJTQMBZ B TFNCMBODF UIBU JG XF DPVME MBVODI XF DPVME TPBS PG UIF TLJMM UIF NBSTI IBXL IBE EFNPO 8F USJFE SFQFBUFEMZ UP LJUF PVS XJOHT TUSBUFE BOE * GPVOE NZTFMG B CJU VOEFDJE VQ UIF XFTU CZ OPSUIXFTU GBDJOH CFODI
UISPVHI BOE BSPVOE UIF 4DPUDI CSPPN CVU OFJUIFS PG VT DPVME QFOFUSBUF BSPVOE UIF DPSOFS UP MBVODI .Z QBM CBMMFE VQ IJT XJOH BOE IJLFE JU UP UIF UPQ PG UIF SJEHF MBJE PVU BOE BUUFNQUFE B SFWFSTF JOn BUJPO GSPN UIF DMJĊ GBDF ɩ F DMJĊ JT EBNO OFBS WFSUJDBM o OPU RVJUF CVU EBNO OFBS ɩ F QSPCMFN JT UIBU HSBWJUZ XBOUT UP ESBH ZPVS XJOH EPXOIJMM BT ZPV QPTJUJPO ZPVSTFMG UP MBVODI #Z OPX UIF NBSTI IBXL IBE EFQBSUFE BOE * DPVME GPDVT PO UIF UFOBDJPVT MBVODI JOH BOUJDT PG NZ WFSZ EFUFSNJOFE n ZJOH GSJFOE )JT MBVODI UFDIOJRVF QSPWFE JO BEFRVBUF HSBWJUZ QSFWBJMFE BOE IF XFOU GPS B TIPSU UVNCMF * IFMQFE IJN VOUBOHMF GSPN UIF 4DPUDI CSPPN BOE SFNPWF UIF DBDUVT CVMCT GSPN IJT TIPVMEFST IBSOFTT BOE QBOUT *NBHJOF UIBU o DBDUVT UISJWJOH JO TPHHZ XFTUFSO 8BTIJOHUPO 0ODF CBDL PO UFSSB m SNB IF ESPQQFE IJT ESBXFST BOE SFNPWFE B DPVQMF DBDUVT TQJOFT UIBU XFSF JNCFEEFE JO IJT MFH 0VDI #Z OPPO UIF TPVUIFSMZ XJOET XFSF TJHOJm DBOUMZ MFTT 8F IJLFE EPXO UIF USBJM BOE BSPVOE UIF CFOE UP UIF DMJĊ GBDF JO GSPOU PG UIF DBNQHSPVOET BOE GPVOE UIF XJOE UP CF UPP MJHIU GPS BO BU UFNQUFE MBVODI 8F IJLFE CBDL UP UIF OPSNBM MBVODI [POF BOE OPUJDFE B EBSL MJOF NPWJOH BDSPTT UIF TPVOE UPXBSET VT BCPVU m WF NJMFT UP UIF XFTU 0S XBT JU NPWJOH i*U T DPNJOH w XBT PVS XJTIGVM QSFEJDUJPO 3JHIU BCPVU UIFO ,VSU 3PCFSUT TIPXFE VQ XBOUJOH UP FBTF IJNTFMG CBDL JOUP n JHIU BGUFS BO JOKVSZ BU 5JHFS .PVOUBJO MBTU ZFBS ɩ F MBNJOBS BJS UIBU CMPXT JOUP UIF XFTUFSO DMJĊ T PG 8IJECFZ *TMBOE T 'PSU &CFZ 4UBUF 1BSL DBO CF QFSGFDU GPS HFUUJOH UIF XJOE CBDL JO POF T TBJM TP UP TQFBL i&WFO JG JU T OPU n ZBCMF JU TVSF JT QFBDFGVM IFSF w ,VSU FYQPVOEFE i:FQ w * BHSFFE BOE XPOEFSFE JG UIBU EBSL MJOF UP UIF XFTU XBT XJOE DVSSFOU PS KVTU DMPVE TIBEPX
,BSFO HFUUJOH TPNF MBTU NJOVUF TJUF QPJOUFST GSPN -BXSFODF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
NZ UPFT XFSF IBOHJOH UFO PĊ UIF DMJĊ * MFBOFE JOUP UIF XFTUFSMZ CSFF[F UFTUJOH UIF TUSFOHUI PG UIF MJGU QVMMFE JO B MJUUMF CSBLF BOE CFHBO UP MJGU BCPWF 'PSU &CFZ 4UBUF 1BSL i)VSSZ w * ZFMMFE EPXO UP ,VSU BT * TUFBEJMZ DMJNCFE UP UIF OPSUI XPOEFSJOH JG NZ TUBUJOH UIF PCWJPVT XBT FODPVSBHJOH UP NZ GSJFOE PO UIF CFBDI ,VSU CFJOH UIF NPTU DBVUJPVT PG UIF UISFF PG VT LJUFE IJT XJOH BXIJMF CFGPSF KPJOJOH NF JO UIF BJS 4PPO XF XFSF CPUI TFWFSBM IVOESFE GFFU PWFS UIF QBSL ɩ F MJGU CBOE XBT BT XJEF BOE EFFQ BT NZ TNJMF BOE XF XFSF BCMF UP n Z BCPVU IBMG XBZ PVU UP UIF CVPZ UIBU T BCPVU B IBMG NJMF PĊ TIPSF CFGPSF IBWJOH UP SVO CBDL UP UIF DMJĊ GBDF GPS NPSF MJGU 0VS QBSBIJLJOH QBM XBT TUJMM TMPXMZ NBLJOH IJT XBZ CBDL VQ UP MBVODI BT XF TPBSFE MBOEFE BOE TPBSFE TPNF NPSF ɩ F DMJĊ GBDFT BMPOH UIF TIPSFT PG 8IJECFZ *TMBOE BSF IJHIMZ TVTDFQUJCMF UP FSPTJPO TP BOZPOF MBOEJOH PO UIF CFBDI
.Z DBDUVT TQJOFE CVEEZ XJUI IJT QBT TJPO GPS QBSBHMJEJOH BOE UFOBDJPVT XJMM UP n Z LFQU QSBDUJDJOH IJT LJUJOH TLJMMT o BMXBZT QFSGFDUJOH OFX UFDIOJRVFT o XIJMF ,VSU BOE * FOUFSUBJOFE TPNF EPHT EPH XBMLFST BOE TJHIUTFFST XIP IBE DMBJNFE UIF OPSUIFSO BSUJMMFSZ HVO QMBDFNFOU BT UIFJS PCTFSWBUJPO QPTU "SNFE XJUI DBN FSBT BOE TFUUMFE JOUP UIFJS DBNQ DIBJST UIFZ BTLFE XIBU UIF HVZ XJUI UIF IVHF LJUF XBT EPJOH * FYQMBJOFE BCPVU HSPVOE IBOEMJOH ɩ F MBSHF TJ[F BOE CSJHIU DPMPST PG QBSBHMJEFST XIFUIFS BDUVBMMZ n ZJOH PS KVTU LJUJOH BMXBZT ESBX TQFDUBUPST " GFX JO UPEBZ T HSPVQ BDUVBMMZ BTLFE TPNF JOUFMMJHFOU RVFTUJPOT BOE UPME UIFJS PXO TUPSJFT TFDPOE IBOE PS m STU QFSTPO FYQF SJFODFT PG XIZ UIFZ XPVMEO U XBOU UP n Z :PV LOPX UIF TUPSJFT B TLZEJWJOH GSJFOE XIPTF SFTFSWF EJEO U XPSL PS UIF IBOH HMJEJOH GSJFOE XIP JT OPX SFTJEJOH PO TPNF QVĊ Z DVNVMVT DMPVE QMBZJOH IBSQ NVTJD GPS 4U 1FUFS 3FHBSEMFTT IPX TUSPOHMZ ,VSU BOE * QSPDMBJNFE UIBU QBSBHMJEJOH JT TBGF BOE IPX JODSFEJCMZ FOKPZBCMF UIF FYQFSJFODF JT XF DPVMEO U DPBY B TJOHMF QFSTPO JOUP TJHOJOH VQ GPS B UBOEFN n JHIU o FWFO BTTVNJOH UIBU UIF XJOE EJSFDUJPO BOE WFMPDJUZ FWFS JNQSPWFE )FDL PVS QBSB LJUJOH QBM XBT NBLJOH JU MPPL TBGF FOPVHI * HVFTTFE UIFZ E IBWF UP XBUDI NF n Z TPNF PUIFS QFSTPO TBGFMZ MBVODIJOH BOE
MBOEJOH CFGPSF UIFZ NJHIU DPO TJEFS IJSJOH NF BT UIFJS BJSCPSOF UPVS HVJEF "U OPU RVJUF * GFMU B CJU PG XJOE PO NZ GBDF DPNJOH JO GSPN UIF XFTU "T JG JO DPOm S NBUJPO PVS QBM QFSGPSNJOH IJT LJUJOH TLJMMT RVJDLMZ DIBOHFE IJT XJOH T EJSFDUJPO GSPN TPVUI UP XFTU QVMMFE IJT XJOH VQ NBEF IJT XBZ UP UIF DMJĊ T FEHF BOE CPVOEFE PĊ i)F T HPU JU w * ZFMMFE BT IF TMPXMZ TBOL UP UIF CFBDI GFFU CFMPX #BSFMZ NJOVUFT BGUFS PVS CFBDI CPVOE CVEEZ IBE MBVODIFE ,VSU BOE * XFSF IPPLJOH JO * QVMMFE NZ XJOH PWFSIFBE BOE DBVUJPVTMZ UFTUFE UIF MJGU "U UIF DMJĊ T FEHF * DPVME TFF PVS QBM EPXO CFMPX LJDLJOH TBOE .BZCF UIBU XBT NZ JNBHJOBUJPO o UIBU T XIBU * XPVME CF EPJOH JG * NJTTFE MJGU BOE TBOL UP UIF CFBDI )BWJOH CFDPNF IJHIMZ BUUVOFE UP 'PSU &CFZ PWFS UIF ZFBST * LOPX POF UIJOH JT DFSUBJO ɩ F XJOE DBO DIBOHF EJSFDUJPO BOE WFMPDJUZ JO UIF CMJOL PG BO FZF BOE ZPV EBSO XFMM EPO U XBOU UP NJTT ZPVS XJOEPX PG PQQPSUVOJUZ "U UIF DMJĊ T FEHF NZ XJOH IVOH TPMJEMZ PWFS NZ IFBE BOE
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
&RPH FKHFN RXW RXU QHZ 7RZ0H8S K\UGUDXOLF SD\RXW ZLQFK IRU WRZLQJ RYHU ODQG DQG ZDWHU 4FF PVS XFCTJUF GPS EFUBJMT PO PVS 'FCSVBSZ USJQ UP #SB[JM %VSJOH $BSOJWBM
XXX QFBLUPQFBLQBSBHMJEJOH DPN
"XFTPNF QIPUP 4BN $SBUFS
1BUUJ 'VKJJ DFOUFSJOH PO UIF PGGTIPSF CVPZ
* GPVOE NZTFMG XJTIJOH * UPP IBE GFBUIFST BOE IPMMPX CPOFTy*OTUFBE * XBT TJUUJOH HSPVOEFE MJLF B UXP MFHHFE SPEFOU NPQJOH BCPVU UIF OPO nZBCMF DPOEJUJPOT BOE FOWZJOH UIF IBXLT ,VSU 3PCFSUT HFUT CBDL JO UIF TBEEMF
TIPVME SFTQFDU UIJT DPOEJUJPO BOE IJLF VQ XBML BDSPTT UIF UPQ PG NZ OFX XJOH CVU UIF USBJM UIBU CFHJOT CFMPX UIF TPVUIFSO XIFO * OPUJDFE UIF CSPXO DBLF PG XIBU * FOE PG UIF MPXFS CFODI XIFSF XF OPS HVFTTFE IBE PODF CFFO B QFSGFDUMZ GPSNFE NBMMZ MBVODI BOE MBOE 0OMZ XIFO IJHI EPH MPH PO UIF CPUUPN PG IJT SJHIU CPPU * UJEF DPWFST UIF CFBDI BOE UIF XJOE EJFT CBOLFE BXBZ GSPN IJN BT RVJDLMZ BT QPT EPXO CFGPSF ZPV DBO UPQ MBOE NJHIU JU TJCMF -BXSFODF TQFOU UIF CFTU QBSU PG UIF CF BQQSPQSJBUF UP TJEF IJMM MBOE 5SZ UP EBZ IFMQJOH ,BSFO IJT XJGF BOE B OFX QJDL B TQPU XIFSF UIFSF JT CBSF TBOE GSPN 1 HFU PSJFOUFE UP UIJT TJUF ,BSFO JT BO B QSFWJPVT TMJEF UIFO IJLF UIF ESJGUXPPE FYUSFNFMZ HSBDFGVM HSPVOE IBOEMFS BOE MJOFE DMJĊ CBTF UP UIF USBJM BOE CBDL JU XBT B KPZ UP TFF IFS LJUJOH BOE nZJOH /VNFSPVT CJSET PG QSFZ o TFWFSBM UP MBVODI * nFX UISFF UBOEFNT UIJT EBZ .Z GSJFOE FBHMFT B SFE UBJMFE IBXL B QFSFHSJOF IBE TVSWJWFE IJT IJLF CBDL UP MBVODI BOE GBMDPO BOE PG DPVSTF UIF SPVHI MFHHFE XBT MPPLJOH NPSF BOE NPSF MJLF UIF NBSTI IBXL GSPN FBSMJFS JO UIF EBZ SPVHI MFHHFE IBXL * IBE XBUDIFE FBSMJFS o DBNF UP JOWFTUJHBUF PVS DVNCFSTPNF BU JO UIF EBZ UIF IBXL IF TBJE XBT B NBSTI UFNQUT UP JNJUBUF ɩF SFE UBJM XBT FTQF IBXL ,VSU IBE FBTFE IJNTFMG CBDL JOUP DJBMMZ DVSJPVT BOE XPVME nZ SJHIU XJUI VT UIF nZJOH TBEEMF BOE B CVODI PG PUIFS PS SJHIU BCPWF VT * IBMG FYQFDUFE JU UP EP /8 QJMPUT IBE KPJOFE VT 4UFWF 'PSTMVOE B MJUUMF XJOH TMJEJOH o IPQFGVMMZ OPU UFBS TPBSFE UIF DMJĊT UP UIF OPSUI CVU EJEO U JOH o BDSPTT UIF UPQ PG NZ XJOH B DPVQMF PG RVJUF NBLF JU BMM UIF XBZ CBDL UP UPQ MBOE UJNFT "NB[JOH XIBU JNBHFT UIF IVNBO BOE IBE UP IJLF PĊ UIF CFBDI -BUFS PO * NJOE DBO DPOKVSF VQ 1BUUJ 'VKJJ XBT EF BMTP USJFE GPS UIF OPSUIFSO DMJĊT CVU TBOL MJHIUFE UP IBWF BO FBHMF nZJOH KVTU BCPWF PVU PWFS -JCCZ #FBDI BOE CBSFMZ FLFE IFS QVSQMF BOE HPME 4FSBD BT JG BENJS NZ XBZ CBDL VQ UP UPQ MBOE BU UIF QBSL JOH IFS DPMPST TFU PĊ BHBJOTU UIF CBDLESPQ ɩF BJS XBT TP TNPPUI XF TPPO XFSF BMM PG FWFSHSFFO GPSFTU DMPXOJOH BSPVOE IBWJOH LJUJOH XBST "T UIF EBZ GBEFE JOUP MBUF BGUFSOPPO BOE TLJNNJOH UIF HSPVOE MJLF TFBHVMMT UIF XJOET QJDLFE VQ BOE CFDBNF SFMB TDPPQJOH MPDVTUT PVU PG UIF HSBTT "OESF UJWFMZ TUSPOH CVU TUJMM DPNJOH TUSBJHIU JO BOE * UPVDIFE XJOHUJQT XIJMF JO nJHIU B BOE WFSZ TPBSBCMF ɩF USJDL OPX XBT UP GFX UJNFT (PSEPO BUUFNQUFE UP XJOH TUBZ MPX BOE PVU GSPOU JO PSEFS UP BWPJE
CFJOH CMPXO CBDL PWFS UIF USFFT *U XBT IBSE UP RVJU XIJMF UIF MJGU XBT TUJMM TP HPPE CVU CZ TJY P DMPDL XF BMM XFSF QSFUUZ TQFOU *U IBE CFFO BO BXFTPNF EBZ PG nZJOH XJUI HPPE GSJFOET PO UIF XFTUFSO TMPQF PG 8IJECFZ *TMBOE BOE XF XPVOE JU BMM EPXO BU UIF $BQUBJO 8IJECFZ *OO XJUI B DPME CFFS BOE TPNF HSFBU FBUT 0OMZ POF UIJOH XPVME IBWF NBEF UIF EBZ NPSF DPNQMFUFyBOE UIBU JT JG PVS GFBUIFSFE GSJFOET GSPN UIF 'PSU XPVME IBWF KPJOFE VT GPS EJOOFS i0ZTUFST PO UIF IBMG TIFMM GPS &BHMF SBCCJU GPS 3FE 5BJM BOE NZ GSJFOE .BSTI )BXL XPVME MJLF NPVTFySBSF w
4BGFUZ 5JQT +$ #SPXO 8BUDI CJSET BOE DMPVET FWFSZ DIBODF ZPV HFU
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
)BOH (MJEJOH "DDJEFOU 3FQPSU
#Z +PF (SFHPS
/FBSCZ QJMPUT JO UIF BJS BOE PO UIF HSPVOE SFQPSUFE MJHIUOJOH CPSEFSJOH UIF DMPVET WJSHB IBJM SBJO BOE GSP[FO SBJO NQI IFBEXJOET QFBL TJOL SBUFT PG GQN BOE BSFBT PG TJOL DBVTJOH B UPUBM BMUJUVEF MPTT PG GFFU 4BJMQMBOF QJMPU #SJBO $IPBUF QIPUPHSBQIFE UIJT NJDSPCVSTU BOE HVTU GSPOU GSPN BCPWF GFFU EVSJOH B LN n JHIU GSPN 5POBQBI UP *EBIP
ɩ F QSFWJPVT JOTUBMMNFOU PG UIJT DPMVNO EFMJWFSFE FYFDVUJWF TVNNBSJFT GPS UXP NBKPS IBOH HMJEJOH BDDJEFOUT *O UIJT DPMVNO XF XJMM EJTDVTT UXP BEEJ UJPOBM NBKPS BDDJEFOUT #VU m STU * BN TBE UP EFMJWFS BOPUIFS JOJUJBM OPUJm DBUJPO GPS B IBOH HMJEJOH GBUBMJUZ UIBU IBT SFDFOUMZ PD DVSSFE JO *EBIP %BUF 5JNF /PWFNCFS "QQSPYJNBUFMZ QN -PDBUJPO 1JDLMFT #VUUF #PJTF *EBIP 1JMPU ZFBS PME NBMF ) (MJEFS 8JMMT 8JOH 'VTJPO 8Y "WFSBHJOH //8 ( QJMPU SFQPSUFE UVSCVMFOU " QJMPU BUUFNQUJOH UP UPQ MBOE BU B MPDBM iCBDLZBSEw TJUF BQQBSFOUMZ FODPVO UFSFE FYUSFNF UVSCVMFODF BU "(- BOE XBT UVSOFE EPXOXJOE (MJEFS BOE QJMPU TUSVDL UIF HSPVOE PO B SPDLZ LOPMM XIJMF BUUFNQUJOH UP DPSSFDU CBDL UP m OBM
ɩ F QJMPU TVTUBJOFE GBUBM JOKVSJFT ɩ F BD &9&$65*7& 46.."3: DJEFOU QJMPU XBT FYUSFNFMZ BDDPNQMJTIFE %BUF 5JNF +VOF CFUXFFO IBWJOH n PXO IBOH HMJEFST TJODF UIF T BOE Q N XPSLJOH GPS #JMM #FOOFUU T %FMUB 8JOH -PDBUJPO ,JOH .PVOUBJO *EBIP ,JUFT BOE (MJEFST BOE MBUFS JOTUSVDUJOH 1JMPU 3BUJOH ZFBS PME NBMF ) JO 4PVUIFSO $BMJGPSOJB )F IBE FBSOFE &RVJQNFOU (MJEFS o *DBSP IJT ) SBUJOH JO )BSOFTT o 4DPSQJPO )FMNFU o *DBSP ɩ JT CSJOHT UP FJHIU UIF UPUBM OVNCFS iTBMBE CPXMw PG NBKPS IBOH HMJEJOH BDDJEFOUT PDDVSSJOH 8Y 4USPOH XJOET NQI BOE JO 8F BSF TUJMM BDUJWFMZ QVSTVJOH NPEFSBUF UP TFWFSF UVSCVMFODF EVF JOWFTUJHBUJPO PG GPVS PG UIFTF BDDJEFOUT UP UIVOEFSTUPSNT .FBOXIJMF SFQPSUT PO MFTT TFSJPVT BD "O FYQFSJFODFE QJMPU XBT n ZJOH JO QSPY DJEFOUT IBWF DPOUJOVFE UP USJDLMF JO 'PS JNJUZ UP TFSJPVT UIVOEFSTUPSN BDUJWJUZ 1JMPU UIF UJNF CFJOH BMM PG PVS FOFSHJFT NVTU SFQPSUT GPS UIF BSFB UIBU EBZ JODMVEF TJOL CF EJSFDUFE UPXBSE UIF JOWFTUJHBUJPO BOE SBUFT JO FYDFTT PG GQN WJSHB MJHIUOJOH SFQPSUJOH PG PVS iNBKPST w 1MFBTF EP OPU BOE B EFHSFF DIBOHF JO XJOE EJSFDUJPO NJTUBLF UIJT GPS B MBDL PG DPODFSO XJUI SF BU MBVODI PWFS B NJOVUF QFSJPE Dz F BDDJ HBSET UP OPO GBUBM BDDJEFOUT BOE JODJEFOUT EFOU QJMPU SBEJPFE IJT JOUFOUJPO UP n Z BSPVOE 8F BSF SFWJFXJOH UIFTF SFQPSUT BOE ZPV UIF TUPSN XIJDI TPPO UIFSFBGUFS CFHBO QSP DBO FYQFDU UP TFF MFTTPOT MFBSOFE GSPN EVDJOH QPVSJOH SBJO BOE IJHI XJOET 3BEJP ZPVS MFTT EJSF FYQFSJFODFT JO UIF GVUVSF DPOUBDU XJUI UIF QJMPU XBT TVCTFRVFOUMZ MPTU 1JMPU BOE HMJEFS XFSF MPDBUFE UIF GPMMPXJOH NPSOJOH Dz F HMJEFS XBT GPVOE JOUBDU CVU
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
CBEMZ EBNBHFE XJUI UIF 7( QBSUJBMMZ PO OFYU UP BO JNQBDU EFQSFTTJPO JO UIF HSPVOE Dz F QJMPU IBE TVą FSFE GBUBM JOKVSJFT EVF UP TFWFSF CMVOU USBVNB Dz FSF XBT OP FWJEFODF PG BUUFNQUFE SFTFSWF EFQMPZNFOU -PHCPPL ɩ F BDDJEFOU QJMPU IFME B 64)(" ) SBUJOH XJUI UIF GPMMPX JOH TQFDJBM TLJMMT TJHOPĊ T 3-' 563 9$ "5 "8$- $- '- '4- .PTU PG UIFTF TQFDJBM TLJMMT TJHOPĊ T XFSF PC UBJOFE JO %FUBJMFE MPHCPPL JOGPS NBUJPO JT OPU BWBJMBCMF BU UIJT UJNF CVU UIF BDDJEFOU QJMPU XBT EFTDSJCFE BT IJHIMZ FYQFSJFODFE DPNQFUJUJWF BOE BHHSFTTJWF JO IJT n ZJOH .FEJDBM ɩ FSF XFSF OP LOPXO QSF FYJTUJOH QIZTJDBM DPOEJUJPOT PS JMMOFTTFT QSJPS UP UIF BDDJEFOU n JHIU 4ZOPQTJT ɩ F BDDJEFOU QJMPU XBT n ZJOH JO NJE BGUFSOPPO DPOEJUJPOT 4JHOJm DBOU DPOWFDUJWF BDUJWJUZ XBT SFQPSUFE JO UIF BSFB BU UIF UJNF PG IJT n JHIU /FBSCZ QJMPUT JO UIF BJS BOE PO UIF HSPVOE SF QPSUFE MJHIUOJOH CPSEFSJOH UIF DMPVET WJSHB IBJM SBJO BOE GSP[FO SBJO NQI IFBEXJOET QFBL TJOL SBUFT PG GQN BOE BSFBT PG TJOL DBVTJOH B UPUBM BMUJUVEF MPTT PG GFFU 5XP QJMPUT BU MBVODI FYQFSJFODFE XJOET TUSPOH FOPVHI UP UISFBUFO UIFJS HMJEFST BOE OPUFE B EFHSFF DIBOHF JO UIF XJOE EJSFDUJPO PWFS B NJOVUF QFSJPE 0OF QJMPU NBOBHFE UP MBOE BGUFS FYQFSJFODJOH XIBU DBO CFTU CF DIBSBDUFSJ[FE BT NPEFSBUF UP TFWFSF UVSCVMFODF BU TFWFSBM IVOESFE GFFU "(- ɩ F BDDJEFOU QJMPU XIP XBT JO SBEJP DPO UBDU XJUI GSJFOET PO UIF HSPVOE JOEJDBU FE UIBU IF XBT BU GFFU BOE n ZJOH UP BWPJE B TUPSN DFMM " GFX NJOVUFT MBUFS UIPTF PO UIF HSPVOE FYQFSJFODFE IFBWZ SBJO BOE TUSPOH XJOET $POUBDU XJUI UIF BDDJEFOU QJMPU XBT TVCTFRVFOUMZ MPTU ɩ F HMJEFS BOE QJMPU XFSF MPDBUFE FBSMZ UIF GPMMPXJOH NPSOJOH ɩ F QJMPU IBE TVG GFSFE TFWFSF CMVOU GPSDF USBVNB ɩ F DPSP OFS FTUJNBUFE HSPVOE JNQBDU BU UP NQI ɩ F HMJEFS XBT GPVOE n BUUFOFE CVU JOUBDU JNNFEJBUFMZ BEKBDFOU UP B POF GPPU EFFQ EFQSFTTJPO JO IBSE QBDLFE FBSUI XJUI UIF CBUUFOT GPSDFE UISPVHI UIF USBJM JOH FEHF NBUFSJBM CZ UIF GPSDF PG JNQBDU ɩ F 7( XBT TFU BU UIF IBSOFTT XBT VO[JQQFE UP UIF LOFFT ɩ F QBSBDIVUF XBT GPVOE QBSUJBMMZ FYJUFE GSPN UIF IBS OFTT DPOUBJOFS
"OBMZTJT ɩ F QJMPU XBT n ZJOH XJUI B (14 VOJU CVU UIF EFWJDF NFNPSZ EJE OPU TVSWJWF UIF BDDJEFOU -JLFXJTF OP VTFGVM JOGPSNBUJPO XBT SFDPWFSFE GSPN UIF WBSJP ɩ JT NBLFT JU JNQPTTJCMF UP DPOTUSVDU B n JHIU QSPm MF TP OP BOBMZTJT PG QPUFOUJBM FOWJSPONFOUBM FĊ FDUT JO DMVEJOH JDJOH SBJO PS DPOWFDUJWF BDUJWJUZ DBO CF NBEF &ZFXJUOFTT BDDPVOUT JOEJ DBUF UIBU TFWFSF DPOWFDUJWF BDUJWJUZ XBT PDDVSSJOH JO UIF BSFB BU UIF UJNF PG UIF BDDJEFOU XJUI QJMPU SFQPSUFE TJOL SBUFT PG GQN ɩ F QPTJUJPO PSJFOUBUJPO BOE DPOEJUJPO PG UIF HMJEFS NBLF JU MJLFMZ UIBU UIF QJMPU XBT QPJOUFE JOUP UIF XJOE BU UIF UJNF PG JNQBDU #BTFE PO QJMPU JO KVSJFT 7( TFUUJOH BOE IBSOFTT DPOm HV SBUJPO JU TFFNT MJLFMZ UIBU UIF QJMPU XBT JO MBOEJOH DPOm HVSBUJPO n ZJOH XJUI POF IBOE PO UIF EPXOUVCFT BOE UIF PUIFS PO UIF CBTFUVCF 4JNJMBSMZ QJMPU JOKVSZ BOE HMJEFS EBNBHF BOE QBUUFSOT JOEJDBUF UIBU UIF HMJEFS JNQBDUFE XJUI B MFGUXBSE ESJGU JO B OFBS XJOHT MFWFM BUUJUVEF 0O TDFOF FWBMVBUJPO PG UIF XSFDLBHF JOEJDBUFT UIBU UIF QBSBDIVUF XBT NPTU MJLFMZ QBS UJBMMZ FKFDUFE JO UIF DSBTI .BOVGBDUVSFS BOBMZTJT PG UIF QBSBDIVUF JOEJDBUFT UIBU UIF IBOEMF IBE OPU CFFO QVMMFE BOE XBT MJLFMZ GVODUJPOBM BU UIF UJNF PG UIF BDDJ EFOU ɩ F DPSPOFS T SFQPSU JOEJDBUFE BO JNQBDU WFMPDJUZ PG BQQSPYJNBUFMZ NQI 8FSF UIF QJMPU n ZJOH VQXJOE BU UIF UJNF PG JNQBDU BOE BTTVNJOH UIF SFQPSUFE XJOE TQFFE PG NQI UIJT XPVME JNQMZ BO JOEJDBUFE BJSTQFFE PG NQI *G UIF QJMPU IBE CFFO n ZJOH EPXOXJOE BU UIF UJNF PG JNQBDU UIF JOEJDBUFE BJSTQFFE XPVME IBWF CFFO NQI *O UIF BCTFODF PG BOZ IFBE PS UBJM XJOE UIF EPXOESBGU WFMPDJUZ SFRVJSFE UP FYQMBJO UIF DPSPOFS FTUJNBUFE JNQBDU WFMPDJUZ XPVME IBWF CFFO JO FYDFTT PG GQN 1SPCBCMF $BVTF 'BJMVSF UP BWPJE n JHIU JOUP DPOWFDUJWF BDUJWJUZ DBVTJOH BO FODPVOUFS XJUI DPOEJUJPOT PVUTJEF UIF OPSNBM EFTJHO FOWFMPQF GPS UIF BJSDSBGU SFTVMUJOH JO B QPTTJCMF MPX BMUJUVEF TUBMM BOE PS MPTT PG BJSDSBGU DPOUSPM %JTDVTTJPO ɩ F DPSPOFS T SFQPSU JOEJ DBUFE UIBU UIF QJMPU TUSVDL UIF HSPVOE BU TQFFET XFMM BCPWF UIF OPSNBM 7OF GPS B IBOH HMJEFS ɩ F QPTJUJPO BOE DPOEJUJPO PG UIF XSFDLBHF JOEJDBUFT UIBU UIF BJS DSBGU XBT JOUBDU BOE MJLFMZ VOEFS BDUJWF QJMPU DPOUSPM BU UIF UJNF PG UIF DSBTI "OBMZTJT JOEJDBUFT UIBU UIF HMJEFS DPVME
OPU IBWF NBEF B DPOUSPMMFE DPMMJTJPO XJUI UIF HSPVOE 'MJHIU JOUP UIF XJOE XPVME IBWF SFRVJSFE TQFFET HSFBUFS UIBO Y 7OF PO m OBM BQQSPBDI 'MJHIU EPXO XJOE XPVME IBWF CFFO QPTTJCMF BU B NPSF NPEFSBUF NQI CVU UIF QPTJUJPO BOE PSJFOUBUJPO PG UIF XSFDLBHF JOEJDBUFT UIBU UIF DSBTI PDDVSSFE XIJMF n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n ZJOH DIBSBDUFSJT UJDT DBO CF BĊ FDUFE WFSZ MJUUMF PS RVJUF BEWFSTFMZ CZ UIF QSFTFODF PG BDUJWF SBJO ɩ FTF DIBOHFT BSF IJHIMZ EFQFOEFOU PO UIF TQFDJm D NBLF BOE NPEFM PG HMJEFS CFJOH n PXO BOE BSF OPU XFMM VOEFSTUPPE PS DIBSBDUFSJ[FE $IBOHFT JO IBOH HMJEFS n ZJOH DIBSBDUFSJTUJDT JO SFTQPOTF UP JDJOH DPOEJUJPOT BSF GPS BMM QSBDUJDBM QVSQPTFT VOLOPXO "EEJUJPOBMMZ UIF QSFTFODF PG JDF PS SBJO DPVME IBWF SFEVDFE WJTJCJMJUZ GVSUIFS DPNQSPNJTJOH UIF QJMPU T BCJMJUZ UP NBJOUBJO BJSDSBGU DPOUSPM "OZ POF PS B DPNCJOBUJPO PG UIFTF GBDUPST NBZ IBWF CFFO BU QMBZ JO UIJT BDDJEFOU 8JUI MJUUMF UP OP RVBOUJUBUJWF EBUB PO XIJDI UP UFTU PVS UIFPSJFT XF BSF MFGU UP FOEMFTT GSVT USBUJOH BOE VUUFSMZ GSVJUMFTT TQFDVMBUJPO *OTUFBE XF TIBMM VTF UIJT JODJEFOU UP IJHIMJHIU POF QBSUJDVMBS NFUFPSPMPHJDBM EBOHFS UIBU JT DPOTJTUFOU XJUI UIF QIZTJ DBM FWJEFODF B NJDSPCVSTU .JDSPCVSTUT BSF TFWFSF EPXOESBGUT OPSNBMMZ BTTPDJBUFE XJUI FYUSFNF DPO WFDUJWF BDUJWJUZ ɩ FZ BSF DBQBCMF PG QSP EVDJOH EPXOESBGUT BT TUSPOH BT GQN FYUFOEJOH PWFS B SFHJPO TFWFSBM NJMFT JO EJBNFUFS $MPTF UP UIF HSPVOE UIF IPSJ [POUBM n PX DPNQPOFOU DBO DSFBUF XJOE WFMPDJUJFT HSFBUFS UIBO NQI &Ċ FDUT TVDI UIFTF IBWF CFFO SFTQPOTJCMF GPS CSJOHJOH EPXO IFBWZ KFUMJOFST " NJ DSPCVSTU XBT SFTQPOTJCMF GPS UIF DSBTI PG %FMUB "JSMJOFT 'MJHIU JO XIJMF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
PO BQQSPBDI UP %BMMBT 'PSU 8PSUI BJS QPSU ɩ JT XBT BO - XJEF CPEZ KFU XJUI TPVMT PO CPBSE * QSBDUJDFE UIJT QSPm MF TFWFSBM UJNFT JO B #PFJOH GVMM NPUJPO TJNVMBUPS ɩ F TDFOBSJP XBT OPO TVSWJWBCMF JO B GPVS FOHJOF KFU o FWFO XJUI UIF QJMPU LOPXJOH JU XBT DPNJOH SF TQPOEJOH JOTUBOUMZ BOE EPJOH FWFSZUIJOH SJHIU * DBOOPU JNBHJOF FYQFSJFODJOH TVDI BO FWFOU VOQSFQBSFE JO B IBOH HMJEFS ɩ F 'MJHIU FWFOU XBT B XFU NJDSP CVSTU o POF BTTPDJBUFE XJUI B SBJO TIBGU #VU ESZ NJDSPCVSTUT DBO BOE EP PDDVS ɩ F BDDPNQBOZJOH QIPUP TIPXT B ESZ NJ DSPCVSTU BT WJFXFE GSPN B TBJMQMBOF n ZJOH BU GFFU TFF NBJO JNBHF PO QBHF ɩ F TJ[F PG UIJT TUSVDUVSF JOEJDBUFT B TFWFSF EPXOESBGU FBTJMZ DBQBCMF PG EPXO JOH B IBOH HMJEFS BOE MPDBUFE NJMFT BXBZ GSPN BOZ WJTJCMF SBJO TIBGU " IBOH HMJEFS QJMPU n ZJOH OFBS TVDI B TUSVDUVSF XPVME IBWF IBE QSFDJPVT GFX PQUJPOT FWFO JG IF IBE TFFO BOE SFDPHOJ[FE UIF EJTUJODUJWF HSPVOE TJHOBUVSF *U TFFNT VOMJLFMZ UIBU POF DPVME IBWF PVUSVO UIF HVTU GSPOU BT TPDJBUFE XJUI TVDI BO FWFOU CFGPSF CFJOH DPNNJUUFE UP B MBOEJOH " IBOH HMJEFS QJMPU DBVHIU XJUIJO UIF EPXOESBGU XPVME IBWF IBE OP PQUJPOT XIBUTPFWFS 3FDPNNFOEBUJPOT "WPJE n JHIU JOUP PS OFBSCZ BSFBT PG TUSPOH DPOWFDUJWF BDUJWJUZ "WPJE BSFBT XJUI QPUFOUJBM GPS TUSPOH DPOWFD UJWF BDUJWJUZ
UIJT GBMMJOH QSFDJQJUBUJPO NBZ OPU TUPQ EFTDFOEJOH TJNQMZ CFDBVTF UIF XBUFS IBT FWBQPSBUFE " ESZ NJDSPCVSTU NBZ CF CVJMEJOH KVTU CFMPX TVDI B TUSVDUVSF 0O UIF &BTU $PBTU DPOWFDUJWF BDUJWJUZ DBO BOE PGUFO EPFT GPSN VOEFUFDUFE XJUIJO TVSSPVOEJOH DMPVE MBZFST ɩ FTF TP DBMMFE FNCFEEFE UIVOEFSTUPSNT DBO SFNBJO IJEEFO VOUJM XFMM EFWFMPQFE #Z UIF UJNF UIF IBQMFTT QJMPU SFBMJ[FT UIBU UIF OFBSCZ EBSL BSFB JT JOEFFE B UISFBU FTDBQF NBZ CF JNQPTTJCMF 1JMPUT TIPVME CF FYUSFNFMZ EJMJHFOU JO FWBMVBUJOH DPOEJUJPOT BOE JNNFEJBUFMZ MBOE JG BU BOZ UJNF UIFSF JT B RVFTUJPO DPODFSOJOH TBGFUZ PG n JHIU
0O UIF EFBUI PG B QJMPU GPS UIF IBOH HMJEJOH DPNNVOJUZ * JNBHJOF IF ESBOL EFFQ BOE MPOH PG UIF TLZy DSPTTJOH UIF SJWFS CJMMPXJOH IJHI BCPWF UIF IFBU SJEEFO QMBUFBV y CFGPSF IF GFMM /PX IF MJFT o BI TP TUJMM o JO UIF HSBTT PG B MPOFMZ IJMM BOE POMZ UIF XJOE LOPXT XIFSF TIF DBSSJFE IJNy
)FSUB ,VSQ +VMZ )BOH HMJEFST BSF JOIFSFOUMZ MJHIU BJS NBDIJOFT XJUI BO FYUSFNFMZ MJNJUFE )FSUB ,VSQ JT OPU B QJMPU CVU BT UIF PQFSBUJPOBM FOWFMPQF 1SFDJQJUBUJPO IBT B QPPSMZ VOEFSTUPPE FĊ FDU PO UIFN BO XJGF PG MPOH UJNF QJMPU ,POSBE ,VSQ TIF FĊ FDU UIBU WBSJFT GSPN POF EFTJHO UZQF IBE CFFO BO BDUJWF QBSU PG UIF /PSUIXFTU UP UIF OFYU ɩ F QJMPU T DPOUSPM BVUIPS IBOH HMJEJOH DPNNVOJUZ GPS EFDBEFT 4IF JUZ JT DPNQSPNJTFE CZ EFTJHO EVF UP UIF XSPUF UIJT QPFN BU $IFMBO MBTU TVNNFS JOIFSFOU MJNJUBUJPOT PG XFJHIU TIJGU DPO USPM )BOH HMJEFST BSF QSPOF UP VQTFU BOE CFDPNF EJċ DVMU PS JNQPTTJCMF UP DPOUSPM VOEFS DPOEJUJPOT PG TFWFSF UVSCVMFODF &9&$65*7& 46.."3: ɩ FZ BSF OPU GBTU BOE UIFJS HMJEF SBOHF JT %BUF 5JNF +VOF TFWFSFMZ MJNJUFE " IBOH HMJEFS JT B QPPS -PDBUJPO )VMM .PVOUBJO $BMJGPSOJB UPPM GPS VTF JO SVOOJOH GSPN SBQJEMZ EF 1JMPU ZFBS PME NBMF ) WFMPQJOH TFWFSF DPOWFDUJWF BDUJWJUZ &RVJQNFOU (MJEFS o "JSXBWF 1VMTF *O UIF XFTUFSO 6 4 DPOWFDUJWF BDUJWJUZ N )BSOFTT o 6OLOPXO )FMNFU JT HFOFSBMMZ WJTJCMF GSPN B HSFBU EJTUBODF o $IBSMZ *OTJEFS /FWFSUIFMFTT BT PVS NJDSPCVSTU JMMVTUSB 8Y 48 NQI UJPO TIPXT JUT FĊ FDUT DBO FYUFOE XFMM " OPWJDF QJMPU USBJOFE BU B DPBTUBM TJUF BXBZ GSPN UIF QFSDFJWFE EBOHFS [POF " NBEF IJT m STU IJHI n JHIU BU BO JOMBOE XJEF CFSUI TIPVME CF NBJOUBJOFE GSPN NPVOUBJO TJUF Dz F BDDJEFOU QJMPU MBVODIFE BOZ TVDI BDUJWJUZ *O QBSUJDVMBS CFXBSF BGUFS DPOTVMUBUJPO XJUI MPDBM QJMPUT CPUI BU SFHJPOT PG WJSHB ɩ F BJS FOUSBJOFE CZ MBVODI BOE BU UIF -; )PXFWFS IF XBT .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
OPU JO SBEJP DPOUBDU XJUI BOZPOF EVSJOH UIF n JHIU JUTFMG Dz F BDDJEFOU QJMPU XBT OPUJDFE NJTTJOH BGUFS UIF QPTJUJPO PG BO VOJEFOUJm FE HMJEFS XBT SFQPSUFE CZ BOPUIFS QJMPU JO UIF -; MBUFS UIBU EBZ Dz F BDDJEFOU QJMPU BOE HMJEFS XFSF GPVOE EPXOXJOE PG B TIBMMPX SJEHF BQQSPYJNBUFMZ POF NJMF GSPN UIF EFT JHOBUFE -; Dz F QJMPU TVą FSFE GBUBM JOKVSJFT EVF UP CMVOU USBVNB -PHCPPL ɩ F BDDJEFOU QJMPU IFME B 64)(" ) SBUJOH XJUI UIF GPMMPXJOH TQFDJBM TLJMMT TJHOPĊ T '- 45 5SBJOJOH CBDLHSPVOE ɩ F BDDJ EFOU QJMPU IBE USBJOFE UISPVHI B XFMM FTUBCMJTIFE XFTU DPBTU TDIPPM XJUI B HPPE SFDPSE GPS UVSOJOH PVU DPNQFUFOU QJMPUT )F CFHBO USBJOJOH JO QBTTJOH UISPVHI B OPSNBM QSPHSFTTJPO PG USBJO JOH IJMM n JHIUT GPMMPXFE CZ TUBUJD UPXT UP "(- 3FDFOU 'MJHIU &YQFSJFODF "U UIF UJNF PG UIF BDDJEFOU UIF BDDJEFOU QJMPU IBE PCUBJOFE IJT /PWJDF SBUJOH BOE IBE TFWFSBM TUBUJD UPX n JHIUT VQ UP "(- )F XBT SFQPSUFEMZ FYQFSJFODFE JO CBTJD NBOFVWFST T BOE MBOEJOH BQQSPBDIFT )F IBE BMTP n PXO GSPN USBJOJOH IJMMT UP IJHI )F IBE OPU DPNQMFUFE IJT *OUFSNFEJBUF TQPU MBOEJOH SFRVJSFNFOU ɩ F BDDJEFOU QJMPU IBE OPU MPHHFE BOZ NFBOJOHGVM NPVOUBJO n JHIU FYQFSJFODF .FEJDBM ɩ FSF XFSF OP LOPXO QSF FYJTUJOH QIZTJDBM DPOEJUJPOT PS JMMOFTTFT QSJPS UP UIF BDDJEFOU n JHIU 4ZOPQTJT ɩ F MBVODI JO VTF PO UIF EBZ PG UIF BDDJEFOU 5JNCFSMJOF MBVODI XBT MPDBUFE BU .4- PO B NBJO SJEHF MFBEJOH TPVUI GSPN )VMM .PVOUBJO ɩ F NBJO -; JT BU BQQSPYJNBUFMZ .4- " TVCTJEJBSZ SJEHF BOE TFWFSBM MPXFS TQJOFT SVO 448 GSPN UIF NBJO SJEHF EPXO UP UIF -; ɩ F TUBOEBSE n JHIU QBUI GSPN 5JNCFSMJOF MBVODI JT UP UVSO MFGU n Z TPVUI BOE FBTU BMPOH UIF NBJO SJEHF UIFO GPMMPX UIF TVCTJEJBSZ SJEHF TPVUI UP UIF -; SFNBJOJOH XFTU PG UIF SJEHF JUTFMG UP BWPJE UIF SPUPS GSPN UIF QSFWBJMJOH 48 XJOE ɩ F UFSSBJO BSPVOE )VMM .PVOUBJO JT DPWFSFE XJUI USFFT BOE HFOFSBMMZ VOMBOEBCMF ɩ F NBJO -; JT BO BQQSPYJNBUF HMJEF GSPN 5JNCFSMJOF MBVODI JOUP B NPEFSBUF IFBEXJOE ɩ F WBMMFZ UP UIF JNNFEJBUF FBTU PG MBVODI 3BUUMFTOBLF 7BMMFZ IBT B XFMM EFTFSWFE SFQVUBUJPO BT B QMBDF UP BWPJE XIFO MPX
*O TQJUF PG UIF TPNFXIBU MPOH HMJEF UP UIF -; BOE UIF GPSCJEEJOH OBUVSF PG UIF UFS SBJO )VMM .PVOUBJO JT B DPNQBSBUJWFMZ CFOJHO TJUF *U IBT MPOH CFFO VTFE UP HJWF OFX QJMPUT UIFJS m STU JOUSPEVDUJPO UP SFBM NPVOUBJO n ZJOH 0WFS NPSF UIBO ZFBST BOE UIPVTBOET PG n JHIUT )VMM IBE OFWFS CFFO UIF TDFOF PG B GBUBM BDDJEFOU VOUJM OPX ɩ F XFFL QSJPS UP UIJT JODJEFOU UIF BD DJEFOU QJMPU TPMJDJUFE BOE SFDFJWFE BEWJDF GSPN TFWFSBM FYQFSJFODFE MPDBM QJMPUT ɩ F NPSOJOH PG UIF BDDJEFOU n JHIU UIF QJMPU BSSJWFE BU UIF NFFUJOH BSFB OFYU UP UIF -; BOE PCUBJOFE B TJUF CSJFm OH *O BE EJUJPO UP UIF VTVBM EJTDVTTJPO BOE XBML PG UIF -; JU BQQFBST UIBU UIJT CSJFm OH BMTP JODMVEFE B WJTJU UP BOE EJTDVTTJPO PG QPTTJCMF CBJMPVUT FO SPVUF UP UIF -; %VSJOH UIJT CSJFm OH UIF BDDJEFOU QJMPU EJTDVTTFE QPTTJCMF MBOEJOH BQQSPBDIFT VOEFS EJĊ FSFOU DJSDVNTUBODFT #Z BMM BD DPVOUT XJUOFTTFT XFSF JNQSFTTFE CZ IJT UIPSPVHIOFTT BOE DBSF ɩ F BDDJEFOU QJMPU MBVODIFE BU BQQSPYJ NBUFMZ "GUFS MBVODI IF XBT PCTFSWFE UP n Z GPS B MPOH UJNF XJUI IJT IBOET PO UIF EPXOUVCFT "DDPSEJOH UP QJMPUT XIP LOFX IJN UIJT XBT IJT VTVBM QSBDUJDF "GUFS n ZJOH JO B TUSBJHIU MJOF GPS TPNF EJTUBODF IF XBT PCTFSWFE UP DMJNC "DDPSEJOH UP NPTU XJUOFTTFT IF CFHBO UP DJSDMF BU UIJT QPJOU BOE DPOUJOVFE UP DMJNC ɩ JT QSPNQUFE B HFOFSBM SVTI UP MBVODI BOE UIFSF XFSF OP XJUOFTTFT UP IJT n JHIU BGUFS UIJT QPJOU "U BQQSPYJNBUFMZ BO BJSCPSOF QJMPU OPUJDFE B HMJEFS EPXO JO BO VOVTVBM MPDBUJPO "GUFS B GFX NJOVUFT EVSJOH XIJDI IF EJE OPU PCTFSWF BOZ NPWF NFOU IF HSFX DPODFSOFE BOE MBOEFE UP SFQPSU UIF TJUVBUJPO " USVDL XBT EJT QBUDIFE JNNFEJBUFMZ UP JOWFTUJHBUF BOE B DBMM GPS DPVOUZ NFEJDBM BTTJTUBODF XBT NBEF ɩ F BDDJEFOU HMJEFS XBT GPVOE JO B TNBMM QBUDI PG HSPVOE TVSSPVOEFE CZ TNBMM USFFT OFYU UP UIF SPBE MFBEJOH UP MBVODI ɩ F BDDJEFOU TJUF XBT MPDBUFE PO UIF EPXOXJOE TJEF PG B MPX SJEHF B GFX IVOESFE NFUFST GSPN UIF -; " TFDPOE USVDL BSSJWFE B GFX NJOVUFT BGUFS UIF m STU BOE B QBTTFOHFS XJUI &.5 USBJOJOH FYBNJOFE UIF WJDUJN DPODMVEJOH UIBU JU XBT UPP MBUF UP QSPWJEF BTTJTUBODF 4PNF UJNF MBUFS DPVOUZ QBSBNFEJDT QFSTPOOFM BSSJWFE BOE DPODVSSFE UIBU JU XBT UPP MBUF GPS BUUFNQUT BU SFTVTDJUBUJPO
"OBMZTJT "DDPSEJOH UP UIF n JHIU SFDPSE SFDPWFSFE GSPN UIF QJMPU T WBSJ PNFUFS UIF BDDJEFOU QJMPU MBVODIFE GSPN .4- DMJNCFE UP .4- BOE UIF n JHIU FOEFE BQQSPYJNBUFMZ NJOVUFT BGUFS MBVODI BU BO BMUJUVEF PG .4- ɩ F BDDJEFOU TJUF XBT MPDBUFE BQQSPYJ NBUFMZ UISFF NJMFT GSPN MBVODI ɩ JT JT DPOTJTUFOU XJUI B TJOHMF UIFSNBM GPMMPXFE CZ B HMJEF UPXBSE UIF -; "TTVNJOH B GQN DMJNC SBUF JO UIF UIFSNBM UIF BDDJEFOU QJMPU XPVME IBWF ESJGUFE EPXO XJOE BQQSPYJNBUFMZ POF NJMF HJWFO UIF QSFWBJMJOH XJOET ɩ JT XPVME QMBDF UIF QJMPU B HMJEF GSPN UIF DSBTI TJUF BOE B HMJEF GSPN UIF -; 8F EP OPU IBWF QPMBST GPS UIF "JSXBWF 1VMTF CVU XF NBZ FTUJNBUF UIF HMJEFS T DBQBCJMJUJFT CZ BTTVNJOH 8JMMT 8JOH &BHMF MJLF QFSGPS NBODF EFHSBEFE UP ZJFME UIF DPOTFSWB UJWF SFBM XPSME HMJEF SBUJP FYQFSJFODFE CZ QSFWJPVT 1VMTF PXOFST o XIJDI * FTUJNBUF UP CF BCPVU 6OEFS UIFTF BTTVNQUJPOT B QJMPU n ZJOH BU CFTU SBOHF BJSTQFFE VTJOH TQFFE UP n Z UIFPSZ HJWFO UIF QSFWBJMJOH XJOE DPVME IBWF BDIJFWFE B HMJEF SBUJP PWFS UIF HSPVOE PG " QJMPU n ZJOH BU NQI XPVME IBWF BDIJFWFE B HMJEF SBUJP PWFS UIF HSPVOE PG ɩ F HMJEFS XBT GPVOE BU UIF FBTUFSO GPPU PG B / 4 SJEHF JNNFEJBUFMZ UP UIF XFTU PG UIF / 4 SPBE UP MBVODI "WBJMBCMF FWJEFODF TVHHFTUT UIBU UIF HMJEFS XBT IFBEFE TPVUI CFGPSF UIF DSBTI PDDVSSFE ɩ F DSBTI TJUF XBT B TNBMM QBUDI PG CBSF HSPVOE TVSSPVOEFE CZ MPX USFFT BOE IJHI CVTIFT BQQSPYJNBUFMZ GFFU UBMM ɩ F HMJEFS DBNF UP SFTU JO B MFWFM BUUJ UVEF GBDJOH XFTU XJUI JUT OPTF SFTUJOH JO B DMVNQ PG CVTIFT *U XBT TVSSPVOEFE CZ PCTUSVDUJPOT UIBU MBZ XJUIJO UISFF GFFU PG UIF XJOH JO NPTU EJSFDUJPOT ɩ F MFGU EPXOUVCF PG UIF HMJEFS XBT CSPLFO XIJDI TVHHFTUT UIBU UIF HMJEFS IBE TQVO UP UIF SJHIU BOE XBT NPWJOH MFGU BU UIF NPNFOU PG JNQBDU "TJEF GSPN UIF CSPLFO EPXOUVCF UIF HMJEFS XBT FTTFO UJBMMZ VOEBNBHFE #BTFE PO UIF OBUVSF PG UIF TVSSPVOEJOH PCTUBDMFT BOE UIF EBNBHF UP UIF HMJEFS JU JT DMFBS UIBU UIF HMJEFS DBOOPU IBWF CFFO n ZJOH BU UIF NPNFOU PG JNQBDU CVU NVTU IBWF GBMMFO BGUFS DPOUBDU XJUI BO PCTUBDMF ɩ F QJMPU XBT GPVOE [JQQFE VQ JO IJT IBSOFTT ɩ FSF XBT OP JOEJDBUJPO UIBU IF BUUFNQUFE UP EFQMPZ IJT QBSBDIVUF PS IBE CFHVO QSFQBSBUJPOT GPS MBOEJOH ɩ JT TVH
HFTUT UIBU UIF QJMPU XBT USZJOH UP n Z UP TBGFUZ XIFO UIF DSBTI PDDVSSFE (JWFO UIBU UIF UFSSBJO BSPVOE UIF DSBTI TJUF XBT FTTFOUJBMMZ VOMBOEBCMF CVU UIBU UIF HMJEFS XBT BQQSPBDIJOH DMFBS UFSSBJO UIJT XPVME IBWF CFFO B SFBTPOBCMF TUSBUFHZ 8JUIPVU BEEJUJPOBM JOGPSNBUJPO XF DBO POMZ TQFDVMBUF DPODFSOJOH UIF m OBM DIBJO PG FWFOUT )PXFWFS UIF QIZTJDBM FWJEFODF TVHHFTUT UIBU UIF HMJEFS XBT n ZJOH QBSBMMFM UP UIF SPBE BU BO FYUSFNFMZ MPX BMUJUVEF XIFO JU DPOUBDUFE TPNF PC TUSVDUJPO XJUI JUT SJHIU XJOH OFBS UIF UJQ %FQFOEJOH PO UIF OBUVSF PG UIF JNQBDU UIF HMJEFS XPVME IBWF TMPXFE SBQJEMZ UP CFMPX n ZJOH TQFFE BOE TQVO WJPMFOUMZ UP UIF SJHIU BU B IJHI SBUF ɩ F HMJEFS NBZ UIFO IBWF GBMMFO JO B DPNQBSBUJWFMZ MFWFM BUUJUVEF TUSJLJOH UIF HSPVOE CFGPSF JU DPVME CFHJO UP QJUDI BOE PS SPMM JO SF TQPOTF UP BFSPEZOBNJD GPSDFT 1SPCBCMF $BVTF 'BJMVSF UP SFNBJO BU BMM UJNFT XJUIJO B TBGF HMJEF UP B TVJUBCMF MBOEJOH m FME .JUJHBUJOH GBD UPST JODMVEF QJMPU JOFYQFSJFODF JO UIF PQFSBUJOH FOWJSPONFOU %JTDVTTJPO ɩ F BDDJEFOU QJMPU IBE n PXO GVMM BQQSPBDIFT GSPN PO TFW FSBM PDDBTJPOT QSJPS UP UIJT n JHIU )BWJOH CFFO NBEF PO TUBUJD UPX IPXFWFS UIFTF n JHIUT XFSF MJLFMZ QFSGPSNFE JO MJHIU UP NPEFSBUF XJOET BOE JO HFOFSBMMZ n BU UFSSBJO ɩ F BDDJEFOU QJMPU QSPCBCMZ IBE MJUUMF UP OP FYQFSJFODF JO EZOBNJDBMMZ KVEHJOH UIF FĊ FDUT PG FMFWBUFE UFSSBJO JO FWBMVBUJOH BVYJMJBSZ CBJMPVU -;T BOE JO UIF EFDJTJPO NBLJOH QSPDFTT SFRVJSFE UP DIBOHF IJT QPJOU PG JOUFOEFE MBOEJOH JO NJE n JHIU 8IJMF UIF BDDJEFOU QJMPU XBT MJLFMZ JO B QPTJUJPO UP NBLF UIF -; FWFO BGUFS UIFSNBMJOH VQ IF IBE MBVODIFE JOUP DPOEJUJPOT UIBU QSPWJEFE MJUUMF NBSHJO GPS FSSPS JO KVEHNFOU ɩ F BOBMZTJT JOEJDBUFT UIBU JG UIF BWFSBHF XJOET BMPGU XFSF NVDI HSFBUFS UIBO NQI PS JG UIF QJMPU EF MBZFE n ZJOH PVU UPXBSE UIF -; FWFO GPS B TIPSU UJNF BGUFS UIFSNBMJOH VQ IF NBZ IBWF GPVOE IJNTFMG GBMMJOH KVTU TIPSU PG IJT UBSHFU -; *U JT MJLFMZ UIBU CVPZBOU BJS BTTPDJBUFE XJUI UIF SJEHFT BOE TQJOFT XPVME IBWF FYUFOEFE UIF QJMPU T HMJEF SBOHF )PXFWFS UIF BDDJEFOU QJMPU IBE MJUUMF UP OP FYQFSJFODF JO UIJT FOWJSPO NFOU BOE TP XBT JMM FRVJQQFE UP TVDDFTT GVMMZ FYQMPJU UIFTF DIBSBDUFSJTUJDT #BTFE PO UIF QPTJUJPO PG UIF DSBTI TJUF
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
BOE UIF EJSFDUJPO PG BTTVNFE BQQSPBDI MZ OBWJHBUF JO BO BJSCPSOF FOWJSPONFOU JU JT QPTTJCMF UIBU UIF BDDJEFOU QJMPU IBE DPNFT XJUI FYQFSJFODF 3FDPHOJUJPO FYQFSJFODFE OBWJHBUJPO QSPCMFNT ɩ F PG DIBOHFT UP ZPVS JOTUBOUBOFPVT HMJEF WJFX GSPN JT DPOTJEFSBCMZ EJĊ FS SBOHF BOE IPX UIJT JT MJLFMZ UP DIBOHF FOU UIBO UIBU GSPN 5FSSBJO GFB XJUI BMUJUVEF BOE QPTJUJPO SFMBUJWF UP FM UVSFT UIBU BQQFBS QSPNJOFOU EPXO MPX FWBUFE UFSSBJO DPNFT MBSHFMZ XJUI FYQFSJ F BCJMJUZ UP SFBE UFSSBJO GFBUVSFT CFDPNF NJOPS PS FWFO JOWJTJCMF PODF FODF ɩ IJHI "GUFS UVSOJOH OVNFSPVT UJNFT JO o UP EFUFSNJOF XIFSF ZPV BSF MJLFMZ UP B UIFSNBM XJUIPVU CFOFm U PG B DPNQBTT FODPVOUFS MJGU TJOL UVSCVMFODF o DPNFT F DPOm EFODF SFRVJSFE BOE VOGBNJMJBS XJUI UIF MPDBM FOWJSPO XJUI FYQFSJFODF ɩ NFOU JU JT DPODFJWBCMF UIBU UIF BDDJEFOU UP DIBOHF ZPVS QMBO JO NJE n JHIU UP QJMPU CFDBNF EJTPSJFOUFE BOE MPTU QSF UIJOL JO UIF BJS BOE BEBQU UP B SBQJEMZ DJPVT UJNF BOE BMUJUVEF SFHBJOJOH DPO FWPMWJOH TJUVBUJPO DPNFT XJUI FYQFSJ UBDU XJUI IJT JOUFOEFE EFTUJOBUJPO UIF FODF "MM PG UIFTF DSJUJDBM BCJMJUJFT XIJDI DPNF TFDPOE OBUVSF UP UIF TFBTPOFE QJMPU NBJO -; 3FDPNNFOEBUJPOT /PWJDF QJMPUT BSF TLJMMT EFWFMPQFE PWFS UJNF o BGUFS TIPVME CF DMPTFMZ TVQFSWJTFE BOE NPOJUPSFE IBWJOH iTFFO UIF QJDUVSFw GSPN BMM QPT EVSJOH UIFJS m STU BUUFNQUT BU BOZ OFX TJCMF BOHMFT PWFS UIF DPVSTF PG B n ZJOH NBOFVWFS JODMVEJOH n JHIU GSPN B OFX DBSFFS -PX BJSUJNF QJMPUT BSF DBVUJPOFE TJUF 6TF PG SBEJPT GPS UIJT QVSQPTF JT IJHIMZ UP UBLF BO FYUSFNFMZ DPOTFSWBUJWF BQ QSPBDI UPXBSE BOZ OFX n ZJOH FYQFSJFODF FODPVSBHFE o SFHBSEMFTT PG CBDLHSPVOE DPOm EFODF PS 0OF NBZ QSFEJDU CVU OP POF DBO USVMZ QFSDFJWFE TLJMM MFWFM LOPX IPX BO JOEJWJEVBM XJMM SFBDU XIFO /PWJDF QJMPUT TIPVME DPOUJOVF UP TFFL PVU DPOGSPOUFE XJUI B OFX TJUVBUJPO 8IJMF TPNF FYDFQUJPOBM QFPQMF TFFN BCMF UP GPSNBM JOTUSVDUJPO GSPN B 64)(" DFSUJm FE KVNQ EJSFDUMZ GSPN UIFPSZ JOUP QSBDUJDF IBOH HMJEJOH JOTUSVDUPS BT UIFZ XPSL UPXBSET NPTU NFSF NPSUBMT NVTU MFBSO CZ CVJMEJOH UIFJS *OUFSNFEJBUF SBUJOHT Dz JT BQQMJFT JO JODSFNFOUBMMZ VQPO QSJPS FYQFSJFODF ɩ F QBSUJDVMBS XIFO NBLJOH UIF USBOTJUJPO GSPN BDDFQUFE TBGF SPVUF UP MFBSOJOH QSBDUJDBM UIF USBJOJOH IJMM BOE PS n BUMBOE n ZJOH UP TLJMMT JO BWJBUJPO JT UP NBTUFS POF TFU PG NPVOUBJO n ZJOH DPBTUBM SJEHF MJGU n ZJOH TLJMMT UIFO NFUIPEJDBMMZ BEE UP UIJT CBTF UP JOMBOE UIFSNBM n ZJOH BOE CFHJOOFS UP CZ NBTUFSJOH OFX TLJMMT POF BU B UJNF ɩ F JOUFSNFEJBUF BOE BEWBODFE XJOH EFTJHOT Dz F 64)(" TIPVME JOWFTUJHBUF UIF DSF QSPDFTT NBZ CF TBGFMZ BDDFMFSBUFE WJB UIF VTF PG EVBM JOTUSVDUJPO F H n JHIU XJUI BUJPO PG B NFOUPS TZTUFN UP BJE JO UIF USBOTJ BO JOTUSVDUPS JO UIF TBNF BJSDSBGU ɩ JT UJPO GSPN UIF /PWJDF UP *OUFSNFEJBUF IBOH JT POF SFBTPO XIZ QJMPUT MFBSOJOH BU UPX HMJEFS QJMPU SBUJOHT QBSLT TFFN UP QSPHSFTT GBTUFS UIBO UIPTF ɩ F 64)(" 1JMPU 1SPm DJFODZ TZTUFN XIP JO HFOFSBUJPOT QBTU XFSF DPNQFMMFE UP BUUFOE UIF TDIPPM PG IBSE LOPDLT IBT EPOF B SFNBSLBCMF KPC PG HVJEJOH TUV n ZJOH TPMP GSPN USBJOJOH IJMMT VOUJM UIFZ EFOUT BOE JOTUSVDUPST UISPVHI UIF QSPDFTT IBE CVJMU VQ FOPVHI FYQFSJFODF UP UBLF PG DSFBUJOH OFX IBOH HMJEFS QJMPUT JO B F TZTUFN IBT UIBU JODSFEJCMZ IVHF MFBQ PG GBJUI GSPN TBGF QSPGFTTJPOBM NBOOFS ɩ UIF NPVOUBJO &OTVSJOH UIBU OFX QJMPUT FWPMWFE UP FODPNQBTT OFX MBVODI NFUI BSF JO DPOTUBOU DPNNVOJDBUJPO XJUI BO PET MJLF BFSPUPXJOH BOE OFX JOTUSVD JOTUSVDUPS EVSJOH UIFJS m STU IJHI n JHIUT UJPOBM NFUIPET TVDI BT UBOEFN n ZJOH DBO NJUJHBUF TPNF PG UIF SJTLT ɩ JT JT B 0VS iVOEFSHSBEVBUFw QSPHSBN JT XJUIPVU QPPS TVCTUJUVUF GPS IBWJOH BO JOTUSVDUPS FRVBM DPOTJTUFOUMZ BOE TBGFMZ QSPEVDJOH PO CPBSE o POF XIP DBO FYQMBJO EFNPO /PWJDF QJMPUT XIP BSF DBQBCMF PG DPN TUSBUF BOE JG OFFE CF UBLF PWFS UIF DPO QFUFOUMZ PQFSBUJOH B IBOH HMJEFS VOEFS USPMT o CVU JU JT GBS TVQFSJPS UP UIF QSBDUJDF B OBSSPXMZ EFm OFE SBOHF PG DPOEJUJPOT PG UISPXJOH UIF OFXMZ NJOUFE QJMPU JOUP B #VU UIFSF JT B HMBSJOH MBDL PG GPMMPX PO TUSBOHF OFX TJUVBUJPO MFGU DPNQMFUFMZ UP iHSBEVBUFw JOTUSVDUJPO "MM UPP PGUFO UIF /PWJDF QJMPU JT MFGU UP IJT PS IFS PXO EF IJT PS IFS PXO EFWJDFT &YQFSJFODFE QJMPUT PGUFO GBJM UP VO WJDFT JO NBTUFSJOH UIF DPNQMFY BOE EBO EFSTUBOE BOE JOUFSOBMJ[F UIF DIBMMFOHFT HFSPVT UBTL PG USBOTJUJPOJOH GSPN /PWJDF GBDJOH OFX QJMPUT ɩ F BCJMJUZ UP BDDVSBUF UP *OUFSNFEJBUF PG QSPHSFTTJOH GSPN .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
XIBU JT FTTFOUJBMMZ B TPMP TUVEFOU SBUJOH UP UIBU PG B GVMMZ RVBMJm FE QJMPU DBQBCMF PG BDDVSBUFMZ KVEHJOH DPOEJUJPOT BOE TBGFMZ NBLJOH UIFJS PXO n ZJOH EFDJTJPOT 5PX QBSLT BSF IFMQJOH UP BEESFTT UIJT JTTVF /PWJDF QJMPUT XJMM BMXBZT m OE B 64)(" RVBMJm FE JOTUSVDUPS BWBJMBCMF BU UIF MPDBM UPX QBSL UP QSPWJEF TVQFS WJTJPO PWFSTJHIU BOE JOTUSVDUJPO BT UIFZ CVJME UIF UJNF BOE FYQFSJFODF SF RVJSFE UP CFDPNF B GVMMZ RVBMJm FE IBOH HMJEFS QJMPU ɩ F TJUVBUJPO BU NBOZ PG PVS NPVOUBJO TJUFT JT DPOTJEFSBCMZ MFTT IBQQZ .BOZ /PWJDF QJMPUT BSF MFGU UP CVJME UJNF BOE FYQFSJFODF JO UIF NPVOUBJOT UISPVHI 0+5 PO UIF KPC USBJOJOH ɩ F TNBSU POFT QSPDFFE XJUI FYUSFNF DBVUJPO BOE TFFL PVU NFOUPST CZ OFUXPSLJOH XJUI FY QFSJFODFE MPDBM QJMPUT .BOZ MPDBM DMVCT DPHOJ[BOU PG UIJT USBJOJOH HBQ FNQMPZ UIF 64)(" 0CTFSWFS TZTUFN UP BJE JO NBLJOH UIJT USBOTJUJPO CZ JOTUJUVUJOH SVMFT SFRVJSJOH UIBU /PWJDF QJMPUT n Z VOEFS 0CTFSWFS TVQFSWJTJPO BU UIFJS MPDBM TJUFT ɩ JT JT BU CFTU BO JNQFSGFDU TPMVUJPO .BOZ 0CTFSWFST MBDL UIF USBJOJOH BOE FYQFSJ FODF SFRVJSFE UP QFSGPSN XFMM JO UIJT SPMF "T B SFTVMU DPOTJTUFODZ BOE RVBMJUZ PG TV QFSWJTJPO DBO WBSZ XJEFMZ XJUI UJNF BOE QMBDF EFQFOEJOH MBSHFMZ PO UIF FYQFSJ FODF MFWFM BOE CBDLHSPVOE PG UIF JOEJWJE VBM 0CTFSWFS *O SFDPHOJUJPO PG UIJT GBDU 64)(" 401T TQFDJm DBMMZ TUBUF UIBU 0CTFSWFST BSF OPU UP QSPWJEF JOTUSVDUJPO *G QSPCMFNT BSF OPUFE UIF 0CTFSWFS JT EJSFDUFE UP SFGFS UIF QJMPU UP B 64)(" DFSUJm FE JOTUSVDUPS 6OGPSUVOBUFMZ NBOZ BSFBT PG UIF DPVOUSZ MBDL B MBSHF FOPVHI DBESF PG RVBMJm FE JOTUSVDUPST DBQBCMF PG QSPWJEJOH USBJOJOH BOE TVQFSWJTJPO GPS QJMPUT CFZPOE UIF USBJOJOH IJMM 6OUJM BOE VOMFTT UIJT TJUVBUJPO JT SFDUJm FE UIF DSF BUJPO PG B 64)(" TBODUJPOFE NFOUPS TZTUFN BMPOH UIF MJOFT BEPQUFE CZ NBOZ MPDBM DMVCT TFFNT DMFBSMZ UP CF JO PSEFS
64)(" 4BODUJPOFE $PNQFUJUJPO /PUJDF 6 4 1BSBHMJEJOH /BUJPOBMT
-PDBUJPO $IFMBO 8BTIJOHUPO &WFOU %FTDSJQUJPO &EVDBUJPO BOE 3FHJTUSBUJPO 0QFOT .BSDI USBJOJOH JO (14 VTF BOE DPNQFUJUJPO
B N 145 3FHJTUSBUJPO MJN JUFE UP QJMPUT &BSMZ SFHJTUSBUJPO SFDPNNFOEFE 3FHJTUFS POMJOF BU XXX 64/"5*0/"-4 DPN 'PS NPSF JOGPSNBUJPO DBMM 'FF FBSMZ BGUFS +VOF .BOEBUPSZ .FFUJOH 1JMPU CSJFm OH Q N PO 4BUVSEBZ +VMZ "XBSET BOE 1SJ[FT ɩ FSF XJMM CF BO 0QFO DMBTT 4FSJBM DMBTT BOE 8PNFO T DMBTT XJUI BXBSET BOE QSJ[FT JO BMM UISFF DMBTTFT 0UIFS JOGP (14 NBOEBUPSZ GPS TDPSJOH CBDLVQ (14 SFDPNNFOEFE .JOJNVN 1 SBUJOH PS FRVJWBMFOU XJUI 5VSCVMFODF BOE 9$ TJHO PĊ T SFRVJSFE
1IPUP ,JOHTMFZ 8PPE
TUSBUFHJFT DSPTT DPVOUSZ SBDF UP HPBM -PDBUJPO 8PPESBU .PVOUBJO 3VDI 0SFHPO 3FHJTUSBUJPO 0QFOFE 'FCSVBSZ 3FHJTUSBUJPO MJNJUFE UP QJMPUT &BSMZ SFHJTUSBUJPO SFDPNNFOEFE 'PS NPSF JOGPSNBUJPO HP UP XXX NQITQPSUT DPN SBUSBDF 'FF SFDFJWFE BOE DPOm SNFE CZ "QSJM SFDFJWFE BOE DPOm SNFE CZ .BZ BGUFS .BZ 'FFT JODMVEF #-. MBOE VTF GFF EBJMZ MVODI BXBSET QBSUZ 5 TIJSU .BOEBUPSZ .FFUJOH %BJMZ QJMPU CSJFm OH B N )XZ 3VDI "XBSET BOE 1SJ[FT 5PQ UISFF 0QFO DMBTT UPQ UISFF 4FSJBM DMBTT %)7 64)(" 4BODUJPOFE $PNQFUJUJPO /PUJDF BOE MPXFS UPQ UISFF .BTUFST DMBTT BHF SE "OOVBM 1BSBHMJEJOH 3BU 3BDF BOE PWFS 3FHJPO DIBNQJPO 0UIFS JOGP (14 NBOEBUPSZ GPS 5IF 1BSBHMJEJOH /BUJPOBMT $IFMBO 8BTIJOHUPO %BUF 5VFTEBZ .BZ o 4BUVSEBZ TDPSJOH $VSSFOU 64)(" NFNCFSTIJQ +VOF /P SBJO XFBUIFS PS PUIFS DPOUJO 1 NJOJNVN SBUJOH %BUF +VMZ /P SBJO XFBUIFS PS HFODZ QMBOT BU UIJT UJNF PUIFS DPOUJOHFODZ QMBOT BU UIJT UJNF &WFOU %FTDSJQUJPO $SPTT DPVOUSZ SBDF UP HPBM 0VS PCKFDUJWF JT UP IBWF B TBGF GVO BOE GBJS DPNQFUJUJPO
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
0ILOT PROlLE %RIC 2EED !GE (EIGHT AND WEIGHT CM KG "IRTHPLACE 3OUTH /RANGE .EW *ERSEY #URRENT RESIDENCE 3AN &RANCISCO #ALIFORNIA -ARITAL STATUS SINGLE /CCUPATION SOFTWARE ENGINEER %DUCATION " ! #OGNITIVE 3CIENCE "IOLOGY 'LIDER 'IN "OOMERANG 6ARIO &LYTEC (ARNESS 3UP !IR 6AMP !IR (OME mYING SITE -T $IABLO 3AN &RANCISCO "AY !REA &IRST ALTITUDE mIGHT %D ,EVIN 0ARK 3AN &RANCISCO "AY !REA &IRST 8# mIGHT *ANUARY FROM %L 0E×ON BACK TO 6ALLE DE "RAVO -EXICO THEN A MILE mIGHT LATER THAT WEEK .ICKNAME !NTI 'RAVITY "OY EARNED IN FOR HIS KNACK FOR STAYING ALOFT WHEN CONDITIONS SEEMED IMPOSSIBLE 7HAT MOTIVATES YOU TO mY -ANY HUMANS THROUGHOUT HISTORY WHO VE TRIED TO REALIZE THEIR DREAMS OF PERSONAL mIGHT HAVE PAID FOR IT WITH THEIR LIVES 7HAT LUCK TO HAVE BEEN BORN NOW !FTER MAYBE A THOUSAND HOURS IN THE AIR mYING BY PARAGLIDER STILL SEEMS IMPOSSIBLY MAGICAL 4OP lVE RESULTS .ATIONAL #HAMPION 4ELLURIDE #OLORADO ND 5 3 .ATIONALS )NSPO 3ALT ,AKE #ITY AREA 5TAH TH 07# &RANCE ND 07# )TALY ON A SERIAL GLIDER .ORTHERN #ALIFORNIA SITE RECORDS AT 0OTATO (ILL $UNLAP 4OLLHOUSE %LK
0ILOT PROlLE +EVIN "IERNACKI TEAM LEADER !GE (EIGHT AND 7EIGHT v LBS "IRTHPLACE ,AS 6EGAS .EVADA -ARITAL STATUS MARRIED /CCUPATION PARAGLIDING INSTRUCTOR 'LIDER TYPE 7INDTECH 4ACTIC 2ESERVE -ETAMORFOSI (ARNESS TYPE 'OOD QUESTION ) CHANGE HARNESSES ON A WEEKLY BASIS BUT MY FAVORITES ARE THE +ORTEL +ANNIBAL OR .3$ OR THE !NARCHY 2ACE (OME mYING SITE -T /LYMPUS AND 3NOW "IRD 5TAH &IRST ALTITUDE mIGHT ,AS 6EGAS OVER THE AMAZING 2ED 2OCK RANGE 2ATINGS 0 4OTAL NUMBER OF mIGHTS .O CLUE n ) STOPPED LOGGING mIGHTS IN @ OR @ WHEN ) STARTED GETTING WRITERS CRAMP 4OTAL RESERVE DEPLOYMENTS 4HREE BUT NONE OF THEM WERE FOR REAL THEY WERE ALL OVER WATER FOR FUN 0HILOSOPHY 4HE SKY IS NOT THE LIMIT BUT ONLY THE BEGINNING &AVORITE mIGHT (IGH OVER THE 2ED 2OCK CLIFFS IN SOUTHERN .EVADA &LYING GOALS (AVING FUN WITH MY FRIENDS AND mYING UNTIL ) AM AT LEAST 7HO ARE YOUR SPONSORS %AGLE 0ARAGLIDING ,AND#OR 8LETE !EROSMITH 7HY COMPETE ) LOVE TO mY AND ) LOVE TO LEARN NEW THINGS ABOUT mYING 4O ME THE BEST WAY TO LEARN IS TO SURROUND YOURSELF WITH THE BEST PILOTS IN THE WORLD AND SOMETHING IS BOUND TO RUB OFF ON YOU (OPEFULLY IT WON T BE SOMETHING YOU WILL NEED A NAPKIN FOR (OW DID YOU BECOME INTERESTED IN PARAGLIDING "ACK IN ) WAS WORKING AS A ROCK CLIMBING GUIDE IN THE 2ED 2OCKS AND RAN INTO *OHN "UCHARD ONE OF THE lRST PEOPLE TO BRING PARAGLIDING TO THE 5 3 !FTER WATCHING *OHN mY DOWN OFF ONE OF THE CLIMBS WE WERE DOING ) KNEW THIS WAS SOMETHING THAT WOULD CONTROL MY LIFE FROM THAT POINT ON ) BOUGHT MY lRST GLIDER FOUR MONTHS LATER AND TAUGHT MYSELF TO mY ) WISH ) STILL HAD THAT GLIDER n IT WAS A &ERAL CELL GLIDER BASICALLY A MODIlED SKYDIVING CHUTE
4BGFUZ 5JQT +JN 3FZOPMET )PPL ZPVS IBSOFTT JOUP ZPVS IBOH HMJEFS EP ZPVS QSFn JHIU UIFO DMJNC JOUP UIF IBSOFTT BOE EP B GVMM MBZEPXO IBOH DIFDL CFGPSF ZPV FOUFS UIF BJSn PX :PV XJMM OFWFS MBVODI VO IPPLFE /PUF :PV NVTU BMXBZT DMJNC PVU PG ZPVS IBSOFTT o EPO U VOIPPL JU GSPN UIF HMJEFS o JG ZPVS QMBOT UP MBVODI DIBOHF .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
0ILOT 0ROlLE #HERIE 3ILVERA /CCUPATION !DVENTURE DOCUMENTARY PRODUCER AND ASSORTED OTHER STUFFx %DUCATION (ARVARD "! 'LIDER TYPE 'RADIENT !SPEN 2ESERVE 3KY !NGEL (ARNESS TYPE 7OODY 6ALLEY 8 /VER (OME mYING SITE !SPEN #OLORADO &IRST ALTITUDE mIGHT 6AL D )SERE &RANCE n ) DIDN T HAVE A CLUE AFTER ONE HOUR OF TRAINING BUT IT GOT ME HOOKED 3UBSEQUENTLY ) TOOK A COURSE IN 1UEENSTOWN .EW :EALAND AND THEN MOVED TO !SPEN WHERE THE mYING IS RIGHT ON MY DOORSTEP 2ATINGS 0 4 4OTAL RESERVE DEPLOYMENTS 7ORST INJURY RESULTING FROM RESERVE RIDE -Y ONE RESERVE RIDE WAS GENTLE AND SWEET )T S DElNITELY A GOOD IDEA TO USE IT WHEN IN DOUBT "UT SANS RESERVE A LONG TIME AGO ) HAD A RUN IN WITH A TACKLING DUMMY ON A FOOTBALL lELDxAND THE TACKLE PADS HAD BEEN REMOVED .OTHING SOFT OR SWEET ABOUT THAT LANDING ,ESSON LEARNED BEST NOT TO LAND ON THE ONLY OBJECT ON THE lELD &AVORITE mIGHT 3O MANYx"UT THE lRST TIME ) mEW FROM !SPEN TO #RESTED "UTTE WAS REALLY EXCITING SOMETHING ) HAD BEEN VISUALIZING FOR A COUPLE OF YEARS 7HEN ) LANDED DOWNTOWN ) HAD NO ONE TO SHARE THE MOMENT WITH AND ) M SURE PASSERS BY THOUGHT ) WAS NUTS AS ) GIGGLED TO MYSELF /THER FAVORITES ANY GOOD 8# mIGHT WITH FRIENDS AND OF COURSE mYING WITH BIRDS THE PUREST CREATURES OF THE SKY 2ECENT COMPETITION WISDOM ACQUIRED ) RECENTLY WENT TO !RGENTINA TO TRAVEL AND mY ) STARTED OUT MY JOURNEY AT THE !RGENTINE .ATIONALS THINKING IT WOULD BE A GOOD WAY TO MEET PEOPLE AND GET TO KNOW THE AREA 7ITH NO PRESSURE TO PERFORM IN THE COMPETITION ) JUST WENT OUT AND HAD A GOOD TIME 2ESULT ) HAD MY PERSONAL BEST lNISH IN COMPETITION -ORAL *UST HAVING FUN CAN HAVE LOTS OF UNEXPECTED PAYOFFS "ETTER CONTINUE TO HAVE FUN &LYING GOALS ,OTS MORE FUN AND SAFE mYINGxBIG DISTANCESx EXOTIC PLACESxA BIVVY mIGHT ADVENTURExMORE mYING FRIENDSxCLIMB ING A BIG MOUNTAIN AND HUCKING OFFxONLY mYING WHEN ) M ENJOYING ITxINSPIRING OTHERS TO mYxMINIMIZING THE SCARY MOMENTS &AVORITE PASTIME 4AKING MY GLIDER ON THE ROAD )T S BEEN A GREAT WAY TO SEE THE WORLD AND MEET GOOD PEOPLE ) AM SPONSORED BY 4HE EXCELLENT GUYS AT 0ATAGONIA 0ARAGLIDING HELPED ME GET THE $(6 'RADIENT !SPEN A GREAT GLIDER FOR BOTH SAFETY AND PERFORMANCE AND ) HAVEN T REGRETTED A MOMENT 3INCE ) lRST STARTED COMPETING INTERNATIONALLY ,ARS ,INDE AT !DVANCE 53! HAS BEEN SUPER GENEROUS AND ) STILL LOVE mYING MY 7OODY 6ALLEY HARNESS THAT HE IMPORTS ) AM VERY GRATEFUL TO PAST AND PRESENT SPONSORS ESPECIALLY AS WE ALL KNOW THAT NO ONE IS GETTING RICH IN THIS SPORT %XPLAIN YOURSELF IN lVE WORDS OR LESS h,UCKY v ) HAVE A GOOD HOME GREAT FRIENDS INTERESTING WORK SOMETIMES ) GET TO TRAVEL THE GLOBE AND ) CAN &,9 7HAT MORE CAN A GIRL ASK FORx 4OP lVE RESULTS ST PLACE TH OVERALL !RGENTINA .ATIONALS 4UCUMAN ND PLACE 5 3 .ATIONALS 3ALT ,AKE #ITY ND PLACE TH OVERALL 5 3 .ATIONALS /WENS 6ALLEY TH PLACE 7ORLD #UP 4APALPA 5NOFlCIAL 5 3 WOMEN S DISTANCE RECORD n MILES :APATA 4EXAS
)PX UP (FU PO UIF 6 4 /BUJPOBM 5FBN PS BU MFBTU FBSO TPNF CSBHHJOH SJHIUT
1IPUP +POOZ %VSBOE +S
#Z %BWJT 4USBVC TUBą XSJUFS IUUQ P[SFQPSU DPN
,FWJO $BSUFS MBOEJOH BU UIF "VTUSBMJBO 0QFO
ɩ F 64)(" NBJOUBJOT B OBUJPOBM QJMPU SBOLJOH TZTUFN UIF /BUJPOBM 5FBN 4FMFDUJPO 4ZTUFN /544 ɩ F QVSQPTFT PG UIJT TZTUFN BSF PVUMJOFE JO UIF 64)(" $PNQFUJUJPO 3VMFCPPL BT GPMMPXT iɩ F QVSQPTF PG UIF /544 JT UP QSP WJEF B OBUJPOBM QJMPU SBOLJOH CBTFE PO PCKFDUJWF NFBTVSFNFOU PG B QJMPU T QSPWFO BCJMJUZ UP DPNQFUF BHBJOTU PUIFS QJMPUT PG QSPWFO DPNQFUJUJWF BCJMJUZ ɩ F QVSQPTF PG UIJT SBOLJOH JT UP TFMFDU QJMPUT GPS 6 4 OBUJPOBM UFBNT XIJDI XJMM n Z JO JOUFS OBUJPOBM DPNQFUJUJPOT TVDI BT UIF '"* 8PSME $IBNQJPOTIJQT i*O BEEJUJPO UIF QVSQPTF PG UIJT SBOL JOH JT UP FODPVSBHF 6 4 IBOH HMJEFS BOE QBSBHMJEFS QJMPUT UP QBSUJDJQBUF JO DPNQF UJUJPOT BOE FBSO /544 QPJOUT UISPVHI UIFJS QBSUJDJQBUJPO w ɩ F 64)(" DPNQFUJUJPO DPNNJUUFF PG XIJDI * BN UIF DIBJSNBO JT WFSZ JO
UFSFTUFE JO XPSLJOH XJUI NFFU PSHBOJ[ FST UP HFU UIFJS NFFUT TBODUJPOFE BOE JT DPOUJOVBMMZ FODPVSBHJOH QPUFOUJBM NFFU PSHBOJ[FST UP QVU PO DPNQFUJUJPOT 8F BSF WFSZ JOUFSFTUFE JO HFUUJOH OFX BOE NPSF QJMPUT JOWPMWFE JO DPNQFUJUJPOT * TQFOU NVDI PG MBTU TVNNFS USBWFMJOH BSPVOE UIF DPVOUSZ UBMLJOH UP QPTTJCMF NFFU PSHBOJ[FST PĊ FSJOH NZ IFMQ 64)(" TBODUJPOT NFFUT JO PSEFS UP FODPVSBHF QJMPUT UP BUUFOE UIFN 8F XBOU NFFUT UP CF TVDDFTTGVM CPUI GPS UIF QJMPUT BOE GPS UIF NFFU PSHBOJ[FST TP UIBU UIFSF XJMM CF NPSF NFFUT " MPU HPFT JOUP NBLJOH B NFFU TVDDFTTGVM CVU HFUUJOH UIF CFTU QJMPUT UIFSF BOE IBWJOH UIFN DPNQFUF IBSE BHBJOTU FBDI PUIFS JT POF DMFBS NFBTVSF PG TVDDFTT BOE POF XF BSF EFm OJUFMZ JOUFSFTUFE JO 8F BSF BMTP WFSZ JOUFSFTUFE JO FOUJD JOH OFX QJMPUT UP BUUFOE NFFUT BOE KPJO
JO UIF GVO 0GUFO QJMPUT DBO U USBWFM UP DPNQFUJUJPOT UIBU BSF IFME GBS GSPN UIFJS IPNFT ɩ BU T XIZ XF TBODUJPO NFFUT BOE QSPWJEF HVBSBOUFFE /544 QPJOUT UIBU BSF BWBJMBCMF UP UIF QBSUJDJQBOUT FWFO JG UIF UPQ SBOLFE QJMPUT EPO U TIPX VQ BU FBDI FWFOU *G ZPV XBOU UP DPNQFUF BHBJOTU UIF CFTU ZPV LOPX UIBU ZPVS CFTU DIBODF PG m OEJOH UIFN JT BU B 64)(" TBODUJPOFE NFFU JO UIF 6 4 PS BU UPQ MFWFM GPSFJHO DPNQFUJUJPOT ɩ F /544 SFDPHOJ[FT UIF WBMVF PG GPSFJHO NFFUT UIBU BSF BUUFOEFE CZ UPQ GPSFJHO QJMPUT BOE JO TPNF DBTFT GPSFJHO NFFUT DBO QSPWJEF NPSF /544 QPJOUT UIBO 64)(" TBODUJPOFE NFFUT 6 4 QJMPUT XIP XBOU UP CF BCMF UP HP UP UIF 8PSMET PS BU MFBTU XBOU UP IBWF B IJHI /544 SBOLJOH LOPX UIBU UIFZ IBWF UP BUUFOE 64)(" TBODUJPOFE NFFUT PS GPSFJHO NFFUT JO PSEFS UP PCUBJO
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
QFUJUJPO QJMPUT n ZJOH JO $*7- TBODUJPOFE NFFUT JO "VTUSBMJB EVSJOH PVS XJOUFS JO #SB[JM BOE FTQFDJBMMZ JO &VSPQF BMUIPVHI UIF &VSPQFBO NFFUT PGUFO DPOn JDU XJUI PVS TFBTPO 6 4 QBSBHMJEFS QJMPUT m OE UIBU UIFZ DBO FBSO NPSF /544 QPJOUT n ZJOH PWFSTFBT UIBO UIFZ DBO JO UIF 4UBUFT .BOZ NPSF UPQ XPSME SBOLFE QJMPUT n Z JO &VSPQFBO DPNQFUJUJPOT TP UIF WBMVF PG UIFTF NFFUT JT IJHI 4UJMM UIF /544 BMMPXT POMZ UXP GPSFJHO DPNQFUJUJPOT UP CF VTFE GPS /544 SBOLJOH TP QJMPUT EP OFFE UP BUUFOE 6 4 TBODUJPOFE DPNQFUJUJPOT BMTP ɩ FSF BSF POMZ UISFF PS TP NBKPS UIF POFT XPSUI UIF NPTU /544 QPJOUT 64)(" TBODUJPOFE DPNQFUJUJPO JO UIF 6 4 FBDI ZFBS ɩ FSF BSF NBOZ NPSF GPSFJHO DPNQFUJUJPOT FBDI ZFBS UIBU QSPWJEF /544 QPJOUT JG 6 4 QJMPUT BUUFOE UIFN %P XFMM /544 QPJOUT 4VSF ZPV DBO BUUFOE 6 4 DPNQFUJUJPOT UIBO XPVME CF PQUJNBM BOE JO BU MFBTU UXP GPSFJHO DPNQFUJUJPOT PWFS CBTFE NFFUT UIBU EPO U IBWF 64)(" CFDBVTF GPSFJHO NFFUT PGUFO DBSSZ B IJHI B UXP ZFBS QFSJPE BOE ZPV IBWF B MFH VQ TBODUJPOJOH CVU ZPV BSF OPU BT MJLFMZ UP WBMVF EVF UP UIF BUUFOEBODF PG NBOZ IJHI PO UIF DPNQFUJUJPO /PX QVU UPHFUIFS UXP NPSF HPPE QFSGPSNBODFT JO UIF 6 4 m OE BT IJHI B MFWFM PG DPNQFUJUJPO BU TVDI SBOLFE JOUFSOBUJPOBM QJMPUT /544 QPJOUT BSF CSPVHIU UP B NFFU CZ PWFS B UXP ZFBS QFSJPE BOE ZPV IBWF B B NFFU 6 4 QJMPUT BUUFOE GPSFJHO DPNQFUJ QJMPUT XJUI IJHI /544 SBOLJOH BOE PS TIPU BU CFJOH PO UIF 6 4 /BUJPOBM UFBN UJPOT GPS B OVNCFS PG SFBTPOT UP HBJO IJHI 8134 XPSME SBOLJOH GSPN UIF BOE RVBMJGZJOH UP BUUFOE UIF 8PSMET F UPQ 6 4 QJMPUT /544 QPJOUT CFDBVTF UIFTF NFFUT PĊ FS $*7- TZTUFN ɩ BEEJUJPOBM PQQPSUVOJUJFT UP EP XFMM BOE BOE UIF UPQ XPSME SBOLFE QJMPUT XJO CJH /544 QPJOUT CFDBVTF UIFSF CSJOH UIF NPTU QPJOUT UP B NFFU 6 4 BSF GFXFS 64)(" TBODUJPOFE 6 4 IBOH HMJEFS QJMPUT m OE UPQ MFWFM DPN
1IPUP +JN :PDPN
3BSFMZ JOUFSOBUJPOBM DPNQFUJUJPOT BSF IFME JO UIF 6 4 ,BSJ $BTUMF BOE $MBJSF 7BTTPSU HPME BOE TJMWFS NFEBMJTUT JO UIF 8PNFO T 8PSME $IBNQJPOTIJQT $IFMBO 8BTIJOHUPO 64"
6 4 /BUJPOBMT QSPWJEF UIF NPTU /544 QPJOUT PO PVS IPNF TPJM 1BSBHMJEJOH /BUJPOBMT $IFMBO 8BTIJOHUPO
1IPUP ,JOHTMFZ 8PPE
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP %BMF $PWJOHUPO
&WFO BU DPNQFUJUJPOT JO GPSFJHO DPVOUSJFT &OHMJTI JT UIF PGm DJBM NFFU MBOHVBHF NBL JOH JU FBTZ GPS 6 4 QJMPUT UP VOEFSTUBOE UBTLT BOE SVMFT
#BZ "SFB 1BSBHMJEJOH "TTPDJBUJPO /PSUIFSO $BMJGPSOJB $SPTT $PVOUSZ -FBHVF
#Z +VHEFFQ "HHBSXBM 1IPUPT CZ "OEZ 4UPDLFS
.PVOUBJOT GSPN MFGU UP SJHIU 4U +PIO #MBDL %JBNPOE BOE (PBU 3JEHF
'PMMPXJOH B WFSZ TVDDFTTGVM TFB TPO PSHBOJ[FE CZ +PFSH &XBME UIF /PSUIFSO $BMJGPSOJB 9$ -FBHVF XBT MBVODIFE JO .BSDI PG BU 1PUBUP )JMM ɩ F BJN PG UIJT TFBTPO XBT UP IPME NPSF SBDFT BOE IBWF NPSF DPNQFUJUPST JO B MPX LFZ BOE GSJFOEMZ BUNPTQIFSF ɩ JT XBT JO FTTFODF BO FYUFOTJPO UP B n Z JO CZ GPDVTJOH QJMPUT UP B UBTL BOE TIPX JOH UIFN IPX UP NBYJNJ[F DSPTT DPVOUSZ QPUFOUJBM BU BMM PG PVS MPDBM TJUFT 8F BSF GPSUVOBUF UP IBWF BDDFTT UP TPNF FYDFMMFOU TJUFT TVDI BT 1PUBUP )JMM %VOMBQ BOE UIF 0XFOT 7BMMFZ ɩ F SF DFOU DIBOHF PG PXOFSTIJQ BU UIF %VOMBQ n JHIU QBSL QFSNJUUFE POMZ POF XFFLFOE PG DPNQFUJOH UIFSF IPXFWFS UIF OFYU TFBTPO TIPVME PĊ FS NPSF PQQPSUVOJUJFT $POEJUJPOT BU 0XFOT 7BMMFZ BMMPXFE POMZ POF EBZ PG SBDJOH XJUI UIF UBTL CF JOH TFU GPS PQFO EJTUBODF 1PUBUP )JMM XBT IPNF UP NBOZ PG UIF SBDFT BOE JU TIPXFE JUT USVF DPMPST CZ PĊ FSJOH B SBOHF PG n Z JOH DPOEJUJPOT 4DPSJOH XBT CBTFE PO B WFSZ TJNQMF TZTUFN *G UIFSF XFSF QJMPUT UIF UPQ QJMPU HPU QPJOUT UIF OFYU QPJOUT BOE TP PO *O BO FĊ PSU UP CSJOH PVU UIPTF QJMPUT XIP DPVME POMZ DPNF GPS POF EBZ BOE OPU UIF FOUJSF XFFLFOE UIF TDPSJOH TZTUFN XBT TFU UP UBLF UIF QJMPU T CFTU TDPSFT GPS IBMG PG BMM PG UIF UBTLT n PXO
ɩ F MFBHVF SBO GPS UXP EBZT FWFSZ NPOUI GSPN .BSDI UP 0DUPCFS XFBUIFS QFSNJU UJOH " UPUBM PG DPNQFUJUPST TVCNJUUFE USBDL MPHT SFDPSEFE PWFS UBTL EBZT 3BUIFS UIBO IBWJOH POMZ POF XJOOFS XIP XPVME OP EPVCU CF n ZJOH B DPNQFUJUJPO DMBTT HMJEFS UIFSF XFSF UISFF XJOOFST JO FBDI PG UIF UISFF DMBTTFT $MBTT DPWFSFE DPNQFUJUJPO HMJEFST BOE %)7 HMJEFST DMBTT DPWFSFE %)7 HMJEFST BOE DMBTT DPWFSFE %)7 BOE %)7 HMJEFST
ɩ JT FOBCMFE QJMPUT UP DPNQFUF BU UIFJS PXO MFWFM BOE IBWF B SFBTPOBCMF DIBODF PG XJOOJOH ɩ F UPQ m OJTIFST XFSF &SJD 3FFE DMBTT +VHEFFQ "HHBSXBM DMBTT BOE 3JDL $POHFS DMBTT ɩ F MFBHVF XJMM TUBSU BHBJO JO UIF OFX TFBTPO IPQFGVMMZ XJUI NPSF QJMPUT DPN QFUJOH BOE MFBSOJOH TPNF PG UIF TLJMMT GPS DSPTT DPVOUSZ n ZJOH )JHIMJHIUT PG UIF TFBTPO JODMVEFE XBUDI JOH B WFSZ UJNJE 1 QJMPU DVUUJOH UIF BQSPO TUSJOHT UP UIF MBVODI BOE -; BOE
4PNF PG UIF DPNQFUJUPST BU UIF 9$ MFBHVF BXBSE DFSFNPOZ
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
:F 0MEF 4QVE MBVODI GSPN BCPWF ,SJTUB 4VMMFOCFSHFS PWFS 1PUBUP )JMM
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
NBOBHJOH TPNF TVCTUBOUJBM DSPTT DPVOUSZ n ZJOH 'PS NPSF JOGPSNBUJPO PO UIF MFBHVF DIFDL PVU UIF #BZ "SFB 1BSBHMJEJOH "TTPDJBUJPO 8FC TJUF XXX TGCBQB PSH PS DPOUBDU +VHEFFQ "HHBS XBM KBHHBSXBM!FT VDTD FEV 8F BSF JOEFCUFE UP UIFTF TQPOTPST XIP PĊ FSFE HFOFSPVT HJGUT GPS SBČ F QSJ[FT BOE PWFSBMM QSJ[FT .FSMJO 'MJHIU 4DIPPM 1BSBHMJEFS NBHB[JOF $SJU UFS .PVOUBJOXFBS .PKP .1) 4QPSUT 4VQFSn Z BOE "EWBODFE 1BSBHMJEJOH " WBMJBOU QBSUJDJQBOU JO UIF FWFOU TVCNJUUFE UIJT á JHIU SFQPSU :F 0MEF 4QVE " 5BMF PG 8PF BOE 7JDUPSZ ª 4IBOLBS /BSBZBOBTXBNZ
4JS +PF HB[FE BDSPTT UIF WBMMFZ BU IJT PME OFNFTJT 4U +PIO )F SFDBMMFE UIFJS m STU FODPVOUFS VOUPME NPOUIT CF GPSF 4U +PIO IBE CFBUFO IJN CZ IJEJOH CFIJOE B WFJM PG DMPVET " DPXBSEMZ NBOFVWFS " SFBM XBSSJPS XPVME IBWF TUPPE VQ TUSBJHIU BOE TUSPOH UBLFO UIF DIBMMFOHF XJUI IPOPS ɩ VT XBT 4JS +PF CFTUFE JO UIBU MPOH BHP DPOUFTU "OE ZFU IFSF IF XBT SFBEZ UP EP CBUUMF PODF BHBJO BCPBSE IJT USVTUZ TUFFE 4JHNB UIF 'PVSUI #VU UIF QSPTQFDUT XFSF HSJN "MSFBEZ 4JS +VH UIF #SBWF XBT MZJOH JO EFGFBU PO UIF XJME IFBUI CFMPX 4JS 5PN UIF 5FSSJCMF XBT BCPVU UP KPJO IJN JO EFTQBJS &WFO 4JS &SJD UIF &WFSMJHIU UIF TUSPOHFTU XBSSJPS PG BMM IBE NFU XJUI EFGFBU BU UIF IBOET
-J[ $IBNCFSMBJO MBOET BU 1PUBUP )JMM
+VHEFFQ "HHBSXBM 4BN 7FMP[ -J[ $IBNCFSMBJO 3JDL $POHFS 1FUFS 8BSSFO
PG 4U +PIO UIJT EBZ -BEZ 4VTBO UIF (FOUMF IBE XJUIESBXO JO EJTHVTU BOE XBT TJOLJOH FWFS DMPTFS UP UIF XJME UFSSBJO "OE IFSF IF XBT 4JS +PF UIF "WFSBHF FZFJOH UIF NPOTUFS BDSPTT UIF XBZ 4JHNB DBSSJFE IJN JO DJSDMFT UISPVHI UIF HFO UMZ XBGUJOH BJS BCPWF UIF 4OPXZ 1FBLT o GFFU GFFU 4JS +PF SFDBMMFE UIF XJTEPN JNQBSUFE CZ 4JS 5PN UIBU WFSZ NPSOJOH i*U UBLFT GFFU UP NBUDI 4U +PIO GFFU UP CFTU IJN JO DPNCBU (PPE MVDL NZ CPZ w 4JS +PF SFNFNCFSFE UIF NPSOJOH T FWFOUT JO BTUPOJTIJOH EFUBJM ɩ F n BXMFTT MBVODIFT PĊ :F 0MEF 4QVE UIF FOEMFTT DJSDMFT BT UIF ,OJHIUT PG UIF 1PUBUP 1FFM FS TUSPWF FWFS IJHIFS JO TFBSDI PG WJDUPSZ UIF KPVSOFZ UP UIF 4OPXZ 1FBLT UIF NBE EBTI UP 105-; UIFO CBDL UP UIF TBGF UZ PG UIF 1FBLT "OE OPX IBWJOH CSBWFE UIF 4JOLZ)PMFT BU 105-; BOE TVSWJWFE IF m OBMMZ GBDFE UIF &OFNZ 4JYUZ m WF IVOESFE GFFU GFFU GFFU 'FBS HOBXFE BU 4JS +PF T TUPN BDI %PVCU HSJQQFE IJT WFSZ CFJOH &W FSZ m CFS TDSFBNFE GPS B IBTUZ SFUSFBU UP UIF IBMMPXFE %JYJF (MBEF "OE ZFU UIF GFFMJOH PG TPNF VOm OJTIFE CVTJOFTT LFQU IJN HPJOH o UIBU BOE UIF OFFE GPS SF WFOHF )BE OPU 4U +PIO TVNNBSJMZ EJT NJTTFE IJT USVF GSJFOET UP B GBUF XPSTF UIBO EFBUI J F B MBOEJOH JO UIF WBMMFZ
)BE IF OPU TOFFSFE NJHIUJMZ BT IF XJUI IFME UIF MJGF HJWJOH UIFSNBMT UIBU DPVME IBWF TVTUBJOFE UIFN "OHFS HSJQQFE 4JS +PF )F XPVME OPU CF EFOJFE "OE UIFO 4JS +PF VUUFSFE UIF GBUFGVM XPSET i' JU -FU T SPMM w )F MFWFMFE 4JHNB PĊ GSPN IJT HFOUMF CBOL BOE QVTIFE PO 4QFFE#BS )BSE 4JHNB UIF 'PVSUI FWFS SFBEZ GPS CBUUMF MFBQFE GPSXBSE XJUI B IPXM PG VOSFQSFTTFE SBHF )F UPP SFNFNCFSFE UIF EJTNBM EFGFBU VOUPME NPOUIT CFGPSF BOE XBT SBSJOH GPS CBUUMF BOE WJDUPSZ "HF BOE FYQFSJFODF IBE NBEF IJN IBSEZ BOE LFFO )F XBT UIFSF UP EP IJT NBTUFS T CJE EJOH JO WJDUPSZ PS EFGFBU %VUZ DBMMFE UP IJN BOE IF XPVME FWFS BOTXFS UIBU DBMM 5PHFUIFS LOJHIU BOE TUFFE SBDFE BDSPTT UIF WBMMFZ 4DSFBNJOH 4JOL)PMFT 'SPN )FMM SVTIFE QBTU FWFSZXIFSF CVU 4JS +PF BOE 4JHNB XFSF OPU UP CF EFOJFE #PVOEMFTT FOFSHZ DPVSTFE UISPVHI UIFJS WFJOT ɩ F IFBU PG CBUUMF TIBSQFOFE UIFJS TFOTFT ɩ FZ LOFX OFJUIFS GFBS OPS QBJO ɩ F DSPTTJOH UPPL POMZ NJOVUFT CVU GFMU MJLF IPVST 8IFO UIFZ m OBMMZ SFBDIFE 4U +PIO o EPXO UP GFFU o UIFJS TQJSJUT CFHBO UP XBOF 4U +PIO XBT IJEJOH CFIJOE BO JNQFOFUSBCMF XBMM PG SPDL BOE USFFT )PX UP SFBDI UIF FOFNZ )PX UP TNJUF IJN
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
ɩ FO KVTU BT 4JS +PF UIPVHIU BMM IPQF XBT MPTU -BEZ -VDL TNJMFE VQPO IJN ɩ F 4VO JO BMM JUT HMPSZ DBNF PVU GSPN CFIJOE UIF DMPVET BOE TIPXFE IJN UIF XBZ 6Q IF XFOU o GFFU GFFU GFFU 4JS +PF OPX LOFX IF XBT BCPWF IJT FOFNZ #VU IPX UP HFU BSPVOE UIF SPDL BOE USFFT )F EFDJEFE PO UIF EJSFDU BQQSPBDI BOE DIBSHFE EJSFDUMZ UPXBSET 4U +PIO #VU UP OP BWBJM ɩ F SPDL BOE USFFT IFME UIFJS HSPVOE )F XBT QPXFSMFTT BHBJOTU UIFJS SFTPMVUF TUSFOHUI ɩ FO TPNFUIJOH IBQQFOFE UIBU 4JS +PF XPVME OFWFS GPSHFU (FOUMF ɩ FSNBM BQQFBSFE BOE XBGUFE IJN HFOUMZ BCPWF UIF CBSSJFS BOE EJSFDUMZ UPXBSET 4U +PIO )PQF SFLJOEMFE JO 4JS +PF T IFBSU )F XBT XJUIJO SFBDI NJMFT NJMFT NJMFT NJMFT NJMFT NJMFT "OE m OBMMZ NJMFT ɩ F TUBMXBSU LOJHIU LOFX UIBU KVTU B GFX NPSF TFDPOET BU UIJT DMPTF QSPYJNJUZ XPVME CF FOPVHI UP CFTU UIF #FBTU ɩ F QPXFS PG 4JS +PF T 4PDLT XBT MFHFOEBSZ NJMFT TFDPOET 5JNF UP HP 4JS +PF LOFX XJUIPVU B EPVCU UIBU IF IBE XPO 4U +PIO XBT EFGFBUFE 5JNF UP HFU BXBZ CFGPSF UIF XSBUIGVM IPSEFT PG 4JOLZ0OFT JTTVFE GPSUI JO SFWFOHF 4QFFEJOH FBTU IF DIBSHFE UPXBSET UIF TBGFUZ PG -BWB 3PDL -VDL XBT XJUI IJN TUJMM (FOUMF ɩ FSNBM TUBZFE OFBSCZ BOE LFQU IJN TBGF 4JS +PF BOE 4JHNB XBGU FE PWFS UIF TQPU XIFSF 4JS +VH 4JS 5PN 4JS &SJD BOE -BEZ 4VTBO XFSF GFOEJOH PĊ
XJME .BO[BOJUB XIJMF BXBJUJOH SFTDVF CZ 4JS (FPSHF BOE -BEZ 4VF JO UIFJS *SPO )PSTF ɩ F BJSCPSOF LOJHIU LOFX UIBU IF DPVME OPU IFMQ IJT GSJFOET BMM IF DPVME EP XBT QPJOU 4JS (FPSHF UIF SJHIU XBZ 4JS +PF BOE 4JHNB UIF 'PVSUI IFBEFE GPS UIF SFMBUJWF TBGFUZ PG 105-; &WFSZ UIJOH FMTF TFFNFE TP DBMN BGUFS UIF NJOE OVNCJOH UFSSPS PG 4U +PIO "GUFS EJT NPVOUJOH JO 105-; IF JOEVMHFE JO IJT GBWPSJUF MFNPO n BWPSFE CFWFSBHF BT IF TUBCMFE 4JHNB BOE QPOEFSFE UIF FWFOUT UIVT GBS /PX UIBU UIF CBUUMF XBT QBTU IF GFMU TPNF SFNPSTF 8BT JU PWFS UPP RVJDLMZ $PVME IF IBWF EPOF NPSF 4IPVME IF IBWF HPOF BMM UIF XBZ BOE DIBMMFOHFE UIF UFSSJCMF GBDFMFTT UFSSPS PG '&-,/&3 4JS +PF USFNCMFE BU UIF UIPVHIU UIFO DBMNFE IJT NJOE )F IBE BGUFS BMM BWFOHFE IJT GSJFOET )F IBE EFGFBUFE UIF ESFBEFE 4U +PIO )F IBE MJWFE UP UFMM UIF UBMF 'FMLOFS XPVME JOEFFE GBMM CZ IJT IBOE TPNF EBZ +VTU OPU UPEBZ ,EGEND $IXIE 'LADE NEARBY CAMPGROUND WHERE ALL THE PILOTS HANG OUT &ELKNER -T &ELKNER IS THE NEXT BIG TURNPOINT WEST OF -OUNT 3T *OHN ,AVA 2OCK &EATURE ON -OUNT 3T *OHN KNOWN TO GENERATE THERMALS 0/4,: 0OTATO (ILL ,: 3IGMA THE &OURTH !DVANCE 3IGMA WING 3NOWY 0EAKS -OUNT 3NOW 3T *OHN -OUNT 3T *OHN 9E /LDE 3PUD 0OTATO (ILL
:F 0MEF 4QVE MBVODI GSPN BCPWF .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
8FMDPNF UP UIF #VCCMF
#Z %BWJT 4USBVC TUBą XSJUFS IUUQ P[SFQPSU DPN
+PIO 8JTFNBO JT UIF QIPUPHSBQIFS PG UIJT TIPU GSPN
ɩ FSF JT B NBHJDBM JTMBOE UIBU VTFE UP CF B QFOJOTVMB CFGPSF UIFZ CVJMU UIF NJMF MPOH GPPU XJEF $IFTBQFBLF BOE %FMBXBSF $BOBM XIFSF ZPV XJMM m OE TPNF TQFDUBDVMBS n BUMBOE n ZJOH " XJEF PQFO SVSBM QBSBEJTF OFYU UP TPNF PG UIF NPTU VSCBO BSFBT JO UIF FBTUFSO 6OJUFE 4UBUFT ɩ JT JT UIF %FM.BS7B QFOJOTVMB QSPUFDUFE CZ B DPOHFTUFE CSJEHF GSPN UIF SBWBHFT PG VSCBO TQSBXM GSPN 8BTIJOH UPO % $ BO IPVS BOE B IBMG EVSJOH UIF XFFL UP UIF XFTU "U UIF 3JEHFMZ "JSQBSL B TPNFXIBU SVOEPXO HFOFSBM BWJBUJPO BJSQPSU KVTU TPVUIFBTU PG UIF WJMMBHF PG 3JEHFMZ ZPV MM m OE UIF NBHJD UIBU UVSOT UIJT n BU JTMBOE JOUP B IBOH HMJEJOH QBSBEJTF )JHIMBOE "FSPTQPSUT 8JUI UXP #BJMFZ .PZFT %SBHPOn JFT BOE B TNPPUI HSBTT SVOXBZ OFYU UP UIF BTQIBMU POF VTFE CZ UIF QSJ WBUF BJSQMBOFT "EBN &MDIJO BOE 4VOOZ 7FOFTLZ BOE UIF XPSME T IBSEFTU XPSLJOH UPX QJMPU 8JOETPS $PHHFTIBMM TIF PODF UPXFE VQ QJMPUT JO POF EBZ QSPWJEF UIBU BMM JNQPSUBOU TFSWJDF UIBU XF n BU MBOE QJMPUT OFFE TP EFTQFSBUFMZ )JHIMBOE "FSPTQPSUT JT B QIFOPNF OPO PG EFEJDBUJPO BOE FOUFSQSJTF XJUI BO VMUSB TNBSU BEWBOUBHF *U JT DMPTF FOPVHI UP 8BTIJOHUPO #BMUJNPSF BOE 1IJMBEFM QIJB UP ESBX PO B IVHF QPUFOUJBM QPQV MBUJPO PG GVUVSF QJMPUT "MTP FYJTUJOH QJ MPUT m OE B DPOWFOJFOU MPDBUJPO UP HFU JOUP UIF BJS FBTJMZ XJUIPVU IBWJOH UP OFDFTTBS JMZ XPSSZ BCPVU UIF WBHBSJFT PG UIF NPVO UBJO MBVODIFT )JHIMBOE JT MPDBUFE JO JODSFEJCMZ CFBV UJGVM DPVOUSZTJEF XJUI GBSNT BT GBS BT ZPV DBO TFF JO BMM EJSFDUJPOT VOUJM ZPV HFU IJHI FOPVHI UP TFF UIF $IFTBQFBLF #BZ UP UIF XFTU BOE UIF %FMBXBSF #BZ UP UIF FBTU *O "VHVTU * GPVOE DPSO BOE TPZ CFBOT HSPXJOH JO BCVOEBODF UISPVHIPVU
Dz F MJGU XBT QMFOUJ GVM BOE TNPPUI BOE QSPWJEFT DSPTT DPVO USZ QJMPUT XJUI UIF PQQPSUVOJUZ UP HP GBS JG OPU BU UPQ TQFFE 1BUJFODF JO MJHIU MJGU JT BMXBZT UIF PSEFS PG UIF EBZ
UIF JTMBOE NBLJOH GPS TPNF JOUFSFTUJOH DIPJDFT PG MBOEJOH m FMET "DUVBMMZ UIFSF XFSF QMFOUZ PG MBSHF QBTUVSFT UIBU QSPWJEF CFUUFS MBOEJOH PQUJPOT UIBO UIF NPSF DVM UJWBUFE m FMET * WJTJUFE JO "VHVTU CVU * XBT UPME UIBU +VOF JT UIF NPOUI XJUI UIF IJHI FTU DMPVECBTFT PWFS *O "VHVTU * GPVOE DMPVECBTFT BU .4- BOE "(- BT UIF JTMBOE JT BU ɩ JT XBT QMFOUZ IJHI XIFO DPNCJOFE XJUI MPUT PG DVNVMVT DMPVET XIJDI JT XIBU * GPVOE FWFSZ EBZ GPS GPVS EBZT JO B SPX PG DSPTT DPVOUSZ n ZJOH ɩ F MJGU XBT QMFOUJGVM BOE TNPPUI BOE QSPWJEFT DSPTT DPVOUSZ QJMPUT XJUI UIF PQQPSUVOJUZ UP HP GBS JG OPU BU UPQ TQFFE 1BUJFODF JO MJHIU MJGU JT BMXBZT UIF PSEFS PG UIF EBZ * IBQQFOFE UP BSSJWF XIFO UIF XJOET XIFSF PVU PG UIF TPVUI GPS UISFF EBZT JO B SPX TP * HPU UP TFF XIBU UIF QFOJOTVMB MPPLT MJLF UP UIF OPSUI PO VQ JOUP %FM BXBSF BOE 1FOOTZMWBOJB ɩ F QFOJOTVMB CFJOH BO BDDVNVMBUJPO PG TJMU GSPN UXP MBSHF SJWFST JT PG DPVSTF n BU BT B QBO DBLF CVU BT * DSPTTFE UIF DBOBM XBUDI JOH UIF SJWFS USBċ D CFMPX UIF MBOE CFHBO UP SJTF UP CFDPNF UIF SPMMJOH IJMMT PG PQFO GBSNMBOET * IBE NFOUBM QJDUVSFT PG UIF &BTU $PBTU BT XBMM UP XBMM QFPQMF CVU * TBX IPX PQFO BOE SVSBM UIF BSFBT UP UIF OPSUI PG 3JEHFMZ SFBMMZ XFSF TFFNJOHMZ VOBĊ FDUFE CZ UIFJS DMPTF QSPYJNJUZ UP TVDI CJH VSCBO BSFBT 8IFO * MBOEFE JO 1FOOTZMWBOJB * GPVOE HSFBU GBSNJOH BSFBT XJUI SPBETJEF TUBOET TFMMJOH DPSO BQQMFT BOE CFSSJFT ɩ F QFOJOTVMB JT BQQSPYJNBUFMZ NJMFT MPOH BOE XJEF FOPVHI UP BMMPX GPS HPPE n JHIUT UP UIF FBTU BOE XFTU BT XFMM BT USJBOHMFT BOE PVU BOE SFUVSO n JHIUT ɩ FSF BSF OVNFSPVT HSBTT MBOEJOH TUSJQT
BOE GFX DPOUSPMMFE BJS TQBDFT UIBU DSPTT DPVOUSZ QJMPUT OFFE UP CF DPODFSOFE XJUI 8JUI B HPPE PQFO SPBE TZTUFN BOE GFX JG BOZ MPDLFE HBUFT WFSZ GFX GFODFT ZPV DBO MBOE KVTU BCPVU BOZXIFSF BOE HFU IPNF XJUIPVU VOEVF EJċ DVMUZ )JHIMBOE "FSPTQPSUT OPU POMZ QSP WJEFT BO PVUTUBOEJOH BFSPUPXJOH TFSWJDF UP MPDBM BOE WJTJUJOH QJMPUT CVU UIFZ BSF BMTP DPNNJUUFE UP CSJOHJOH OFX QJMPUT JOUP UIF TQPSU UISPVHI UBOEFN JOTUSVDUJPO %VSJOH UIF GPVS EBZT * XBT UIFSF * TBX NBOZ EJTDPWFSZ n JHIUT BT XFMM BT n JHIUT CZ OFX TUVEFOUT HFUUJOH SFBEZ UP TPMP GPS UIF m STU UJNF #PUI 4VOOZ BOE "EBN BSF QSPWJEJOH UBOEFN JOTUSVDUJPO ɩ F BJSQPSU JT TP PQFO UIBU JU DBO IBOEMF B CSJTL CSFF[F FBTJMZ :PV MM m OE IPU m FMET UP UIF OPSUI BOE TPVUI UIBU BMMPX GPS ZPV UP UIFSNBM VQ FBTJMZ CFGPSF TUBSUJOH ZPVS DSPTT DPVOUSZ n JHIU )JHIMBOE JT UIF NBJO UFOBOU BU UIF 3JEHFMZ "JSQBSL BOE ZPV MM m OE UIF n JHIU QBSL GBDJMJUJFT GBNJMZ GSJFOEMZ XJUI B TNBMM TXJNNJOH QPPM QJDOJD UBCMFT QJMPUT MPVOHF LJUDIFO IPSTFTIPF QJU WPMMFZCBMM DPVSU Pċ DF IBOHBS UFOU TJUFT BOE TQBDFT GPS USBJMFST :PV DBO m OE HSFBU TFBGPPE BU SFTUBVSBOUT UISPVHIPVU UIF QFOJOTVMB "MTP CFJOH DMPTF UP 8BTIJOHUPO % $ NFBOT ZPV DBO HP n ZJOH XIJMF FWFSZPOF FMTF WJTJUT UIF OBUJPO T DBQJUBM ɩ FSF BSF BMTP NBOZ DPVOUSZ GFTUJWBMT UISPVHIPVU UIF BSFB .PTU PG VT EPO U VTVBMMZ UIJOL PG UIF FBTU DPBTU BT B QSFNJFS DSPTT DPVOUSZ BSFB CVU * UIJOL UIBU UIJT JT CFDBVTF XF IBWFO U IBE VMUSBMJHIUT UPXJOH VT VQ GPS UIBU MPOH ɩ F %SBHPOn Z IBT PQFOFE VQ TP NBOZ BSFBT UIBU XFSFO U BWBJMBCMF UP VT CFGPSF *G UPXJOH IBE IBQQFOFE FBSMZ PO JO IBOH HMJEJOH NBZCF XF XPVME CF UIJOLJOH PG UIF FBTUFSO 6 4 BT UIF DPVOUSZ T QSFNJFS DSPTT DPVOUSZ TJUF ɩ F n BUMBOE n ZJOH PO UIF %FM.BS7B QFOJOTVMB JT QIFOPNFOBM BOE JT POMZ BD DFTTJCMF CZ UPXJOH 3FMBUJWFMZ GFX QFPQMF LOPX BCPVU JU CVU UIBU EPFTO U NFBO JU TIPVMEO U CF n PXO CZ B MPU NPSF QFPQMF XIP MPWF n ZJOH DSPTT DPVOUSZ .PSF JOGPSNBUJPO PO )JHIMBOE "FSP TQPSUT JT BU IUUQ XXX BFSPTQPSUT OFU
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1BSBHMJEJOH JO #BSCBEPT "O "NB[JOH "EWFOUVSF
1IPUP DPVSUFTZ 4DPUU 5PXOF
#Z 4DPUU 5PXOF
)PTU 1BVM /VHFOU DIFDLT PVU UIF DPOEJUJPOT BU $PWF #BZ
UIF "UMBOUJD 0DFBO ɩ F OFYU DIVOL PG SFBM FTUBUF FBTU PG #BSCBEPT JT y%JE ZPV HFU JU SJHIU *U T "GSJDB TFWFSBM UIPVTBOE NJMFT BXBZ ɩ F XJOET BSF BMXBZT CMPX JOH PĊ UIF PDFBO GSPN UIF FBTU BOE UIF BJS JT CVUUFS TNPPUI UP n Z JO .PTU PG UIF n ZJOH TJUFT GBDF FBTU POF XBZ PS BOPUIFS TP ZPVS POMZ EFDJTJPO GPS UIF EBZ JT QJDL JOH UIF POF UIBU JT BCTPMVUFMZ QFSGFDU GPS UIBU EBZ T XJOE 1BVM UPPL DBSF PG UIJT
1IPUP 8BMUFS #PTDI
8IFO ZPV SF QPOEFSJOH XIFSF UP HP GPS B QBSBHMJEJOH WBDBUJPO #BSCBEPT QSPCBCMZ JTO U POF PG UIF EFTUJOBUJPOT UIBU JNNFEJBUFMZ QPQT UP NJOE *U TIPVME CF 0VS #BSCBEPT UPVS o B HSPVQ PG FJHIU QBSBHMJEFS QJMPUT GSPN $BOBEB 64" BOE (FSNBOZ o XBT PSHBOJ[FE CZ 4UBO BOE -FOLB %SEMB PVU PG 0OUBSJP $BOBEB ɩ FZ HSBDJPVTMZ NBEF BMM BSSBOHFNFOUT GPS BDDPNNPEBUJPOT USBOTQPSUBUJPO BOE DPPSEJOBUJPO XJUI UIF MPDBM HVJEF 1BVM /VHFOU PG UIF #BSCBEPT 1BSBHMJEJOH "TTPDJBUJPO 1BVM JT B MJGFMPOH #BSCBEJBO XIP T CFFO n ZJOH BOE CVJMEJOH HMJEFST GPSFWFS )F JT BMM BCPVU HFUUJOH ZPV JO UIF BJS TBGFMZ BOE NBYJOH PVU ZPVS BJSUJNF XIJMF ZPV SF UIFSF * BSSJWFE UXP EBZT BIFBE PG UIF SFTU PG UIF HSPVQ EVF UP BO *OUFSOFU CPPLJOH iDPODFTTJPOw BOE TP XBT BCMF UP HFU UIF MBZ PG UIF MBOE BOE ZFBI B MJUUMF FBSMZ CJSE BJS 1BVM XBT UIFSF BU UIF BJSQPSU GPS NF PO BSSJWBM BT IF XBT GPS FWFSZPOF JO UIF HSPVQ XIJDI HPU UIJOHT PĊ UP B TUSFTT GSFF TUBSU "GUFS B RVJDL USJQ UP PVS BQBSU NFOU * JNNFEJBUFMZ CFDBNF BDRVBJOUFE XJUI UIF FYDFMMFOU MPDBM CSFX #BOLT NBEF JO #BSCBEPT BOE BWBJMBCMF FWFSZ XIFSF PO UIF JTMBOE 0VS HSPVQ XPVME DPOTVNF WBTU RVBOUJUJFT PG UIJT TUVĊ PWFS UIF OFYU FJHIU EBZT #BSCBEPT JT UIF FBTUFSONPTU JTMBOE PG UIF 8FTU *OEJFT BOE DP[JFT VQ OJDFMZ XJUI
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
BOE BMXBZT HPU JU SJHIU 0OF PG NZ MBTU JOH NFNPSJFT XJMM CF PG 1BVM XBMLJOH VQ UP UIF MBVODI BOE XJUI B CJH HSJO QSP DMBJNJOH i*U T PO w :PV DBO n Z BMM EBZ JO #BSCBEPT CFDBVTF PG UIPTF "UMBOUJD &BTUFSMJFT TP HFU SFBEZ UP QJMF VQ ZPVS BJS UJNF JO B CJH XBZ * GPVOE NZTFMG DPNJOH EPXO UP MBOE KVTU UP SF IZESBUF PS UP UBLF B CSFBL GSPN UIF USPQJDBM TVO ɩ F NBJO n ZJOH TJUFT BSF LOPXO BT UIF $MJĊ T .U 1MFBTBOU $IBMLZ .PVOUBJO BOE UIF HSBOE QSJ[F XJOOFS GPS NF $PWF #BZ 0VS m STU EBZ XBT BU UIF $MJĊ T BOE 1BVM UPME NF JU XBT PO BOE UP HFU SFBEZ )F XFOU VQ UP DIFDL PVU UIF BJS BOE DBNF CBDL EPXO UP BTTJTU NZ MBVODI ɩ F $MJĊ T JT B UPQ MBOEJOH TJUF XJUI B IVHF -; BOE UIBU TXFFU TNPPUI TUFBEZ SJEHF MJGU DPNJOH PĊ NFUFST PG DPSBM DMJČ JOF KVTU BCPWF UIF DSBTIJOH TVSG 1BVM HPU NF SJHIU PĊ BGUFS B EFUBJMFE CSJFm OH BOE * n FX PVU PWFS TPNF BXFTPNF TDFOFSZ * TUBZFE JO UIF MJGU CBOE VOUJM * HPU UP UIF OPSUI FOE PG UIF DMJĊ T BOE JNNFEJBUFMZ GPDVTFE PO B IPVTF BU UIF QPJOU UIBU IBE BO BCPWFHSPVOE QPPM JO UIF CBDL ZBSE *U XBT IBOHJOH PVU PO UIF SJEHF TP GBS UIBU JU MPPLFE MJLF B HSFBU QMBDF GPS B TQMBTI BOE HP 'PSUVOBUFMZ HPPE TFOTF QSFWBJMFE BOE * XBT PĊ BOE EPXO UP UIF TPVUI GPS NPSF GBCVMPVT BOE CFBVUJGVM SJEHF TPBS JOH * XPVME m OE PVU MBUFS UIBU 1BVM IBE PODF DPNF XJUIJO m WF GFFU PG UIF QPPM T TVSGBDF * XBT GBTDJOBUFE XJUI UIBU QPPM
1JMPUT - UP 3 4DPUU 5PXOF 4UBO %SEMB BOE /JDIPMBT 4BQQ QSFQBSF GPS MBVODI BU $PWF #BZ
"O VOVTVBM EFQSFTTJPO CMFX JO UIBU GPS UIF SFTU PG UIF USJQ CVU * OFWFS BDUV BMMZ XFOU GPS JU TJODF JU XPVME XJUIPVU OJHIU BOE IVOH BSPVOE GPS UXP EBZT BM EPVCU SFRVJSF TPNF NJHIUZ m OF QJMPUJOH MPXJOH VT UP QMBZ UPVSJTU XJUI TIPQQJOH SVN UPVST TOPSLFMJOH DBWJOH CPEZ TVSG UP QVMM JU PĊ 8F IBE EPOF RVJUF B CJU PG i#BOLJOHw JOH OJHIU TXJNNJOH BOE TJHIUTFFJOH /P UIF OJHIU CFGPSF TP * XBT GFFMJOH UJSFE TIPSUBHF PG BDUJWJUJFT IFSF *U XBT TUSPOH XJOE UIF NPSOJOH BGUFS BGUFS NJOVUFT BOE DBNF EPXO GPS BO FBTZ UPQMBOE PO UIF IVHF QMBUFBV CFIJOE UIF TZTUFN NPWFE PVU TP XF EFDJEFE UP UIF DMJĊ T 4PDJBMJ[JOH JT B HSFBU QBSU PG HP VQ UIF FBTU DPBTU CZ XBZ PG BMM UIF QBSBHMJEJOH BOE * IBE BMSFBEZ NFU TPNF CFBDIFT BOE DIFDL PVU $IBMLZ .PVOUBJO PG 1BVM T iNBUFT w CPUI MPDBM BOE GSPN BOE $PWF #BZ CSJOHJOH BMPOH UIF HFBS F CFBDIFT BSF TUVOOJOH &OHMBOE 8F EJTDVTTFE UIF FWFOJOH iKVTU JO DBTF w ɩ n ZJOH QPUFOUJBMT BOE PG DPVSTF XIFSF BOE PO UIJT TJEF TP XF HPU JO TPNF TXJNNJOH XIFO XF NJHIU BMM HFU UPHFUIFS GPS TPNF CFFST SVNT BOE EJOOFS 4PNF PG UIF SFTU PG UIF HSPVQ BSSJWFE UIBU BGUFSOPPO BOE 1BVM BOE * XFOU PĊ UP SFUSJFWF UIFN GSPN UIF BJSQPSU &WFSZUIJOH JT GBJSMZ DMPTF JO #BSCBEPT NBY ESJWFT CFJOH BCPVU BO IPVS GSPN UIF TPVUI FOE PG UIF JTMBOE UP UIF OPSUI ɩ F OFX BSSJWBMT XFSF SFBEZ UP HP XIFO XF HPU UIFSF TP XF EJE B RVJDL DIFDL JO BU UIF BQBSUNFOU BOE UIFO XFOU UP .U 1MFBTBOU GPS XF IPQFE BO FWFOJOH HMBTT PĊ .U 1MFBTBOU JT B SJEHF TJUUJOH JOMBOE B GFX NJMFT GSPN UIF $MJĊ T *U PĊ FST SJEHF TPBSJOH UIFSNBM FWFOJOH HMBTT BOE 9$ n ZJOH QPUFOUJBM TP JU JT POF PG UIF MPDBMT GBWPSJUFT ɩ JT OJHIU JU XBT B CJU UPP MBUF BOE UIF XJOE IBE EJFE TP UIFSF XFSF POMZ TMFE SJEFT MFGU CVU UIF FOUIVTJBTUJD HPU PVU BOE n FX " TUVOOFE BOE FDTUBUJD 8BMUFS #PTDI BGUFS IJT IVHF n JHIU BU $PWF #BZ
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP ,VOP &HHFS
1IPUP ,VOP &HHFS
4DPUU 5PXOF IBWJOH UIF n JHIU PG IJT MJGF
BOE QJDUVSF UBLJOH CFGPSF IFBEJOH VQ UP PVS NFFUJOH QPJOU BU $IBMLZ .PVOUBJO $IBMLZ UBLFT SFBMMZ MJHIU PS OJM XJOET BOE UIBU XBTO U IBQQFOJOH 1BVM TBJE IF UIPVHIU $PWF #BZ UIF NPTU CFBVUJGVM PG BMM UIF TJUFT NJHIU CF PO TP XF IVSSJFE VQ UP m OE PVU "GUFS HFUUJOH UXP PG UIF WFIJDMFT FYUSJDBUFE GSPN TPNF SFNBJOJOH TJOLIPMFT XF BS SJWFE PO TJUF UP BO BCTPMVUFMZ BTUPVOE JOH WJTUB PG DMJĊ T KBHHFE QFBLT DSBTIJOH TVSG BOE TFB UVSUMFT BOE TIBSLT *U XBT PO * IPPLFE JO BT GBTU BT * DPVME BOE XBT TFDPOE PĊ BGUFS 1BVM * IBE GPSHPU UFO NZ WBSJP GPS UIF EBZ CVU UIFSF XBT OP RVFTUJPO XIBU XBT IBQQFOJOH *U XBT MJLF SJEJOH BO FMFWBUPS TUSBJHIU VQ * DPVMEO U CFMJFWF NZ FZFT ɩ F CFBVUZ PG UIF $PWF BOE UIF TVSSPVOEJOH OPSUIFSO DPBTU XBT CSFBUIUBLJOH ɩ F BJS XBT BT TNPPUI BOE TXFFU BT BOZ * WF FWFS n PXO 5XP PUIFST XFSF RVJDL UP KPJO NF BOE UIF UISFF PG VT 1BVM IBE HPOF EPXO UP BTTJTU UIF PUIFST IBE UIF n JHIUT PG PVS MJWFT *U XBT HPPE XF XFSF RVJDL UP HFU VQ CFDBVTF UIF MBVODI BSFB CFDBNF UPP TUSPOH TIPSUMZ BGUFS XF HPU PĊ "GUFS BO IPVS * OPUJDFE UIF PUIFS HVZT XFSF IFBEFE PWFS UP UIF NBTTJWF UPQMBOEJOH BSFB KVTU UP UIF OPSUI * SFBMJ[FE * XBTO U HFUUJOH NVDI QFOFUSBUJPO BU BCPVU UIF TBNF UJNF CVU * KVTU IBE UP HP BSPVOE GPS POF NPSF USJQ o JU XBT UPP TQFDJBM UP DPNF EPXO RVJUF ZFU "OE * XBT TUJMM HPJOH VQ 1BVM UPME NF MBUFS * HPU UIF BM UJUVEF SFDPSE GPS UIF TJUF BOE UP CF QSPVE PG UIF n JHIU )FMM ZFT *U XBT UJNF UP
CBJM CVU JU UPPL NF BOPUIFS NJOVUFT UP HFU EPXO CBTJDBMMZ QBSLFE PWFS UIF -; TQFFECBS GVMM PO * EJEO U GFFM MJLF QVMMJOH CJH FBST PS TQJSBMJOH TP JU UPPL B XIJMF BOE * XBT BCMF UP FOKPZ UIF TDFOFSZ FWFO NPSF * CFHBO UIJOLJOH BCPVU TQFOEJOH B MPU NPSF UJNF EPXO IFSFy
5P BSSBOHF ZPVS PXO #BSCBEPT 8F EJE NPSF n ZJOH BU UIF $MJĊ T BOE .U 1MFBTBOU CVU $PWF #BZ IBT MFGU BO BEWFOUVSF DPOUBDU 1BVM /VHFOU BU JOEFMJCMF NBSL PO NF 3PMM JO BMM UIF GVO PS 4UBO BOE -FOLB BU XJUI 1BVM BOE UIF HBOH BOE BMM UIF PUIFS BJSWJTJPOBEWFOUVSFT DPN GPS UIF USJQ PG BDUJWJUJFT BWBJMBCMF BOE ZPV WF HPU B DPN ZPVS MJGF QMFUF EFTUJOBUJPO IFSF *U T OPU B RVFT UJPO PG XIFUIFS CVU SBUIFS IPX TPPO * HFU CBDL 8BMUFS #PTDI SJEJOH UIF FMFWBUPS VQ BU $PWF #BZ
1IPUP ,VOP &HHFS
$BMFOEBS
5HDG DERXW IDVFLQDWLQJ Á \LQJ PDFKLQHV OLNH WKH 3RG 5DFHU DQG (VFDSH 3RG RQ %\'DQ-RKQVRQ FRP 6LJQ XS WRGD\ WR EH QRWLÀ HG ZKHQ WKH VLWH JRHV OLYH .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
(BMMFSZ
"JSXBWF .BHJD . BU PWFS 0QIJS 7BMMFZ 5FMMVSJEF MPPLJOH FBTU 6 4 1BSBHMJEJOH /BUJPOBMT $BOPO 5 NN MFOT 'VKJDISPNF 1IPUP .JUDI .D"MFFS
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4LJ BMM EBZ BOE nZ IPNF .JE .BSDI NJE EBZ XJOUFS nJHIU PWFS #FBS $SFFL BOE 8BTBUDI .PVO UBJO PGG 5FMMVSJEF $PMPSBEP 1IPUP #SFUU 4DISFDLFOHPTU
#SVDF 5SBDZ nZJOH VQ UIF VQQFS 3IPOF 7BMMFZ OFBS UIF 'VSLB 1BTT BGUFS MBVODIJOH GSPN UIF HPOEPMB BCPWF 'JFTDI 8BMMJT 4XJU[FSMBOE
5JOB 1BWFMJD QSFQBSJOH GPS MBVODI PO UIF TVNNJU PG .U #BDIFMPS 0SFHPO 1IPUP 4UFWF 3PUJ
1IPUP 1FUFS 3FBHBO
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
#SVDF 5SBDZ PO UBOEFN BCPWF (SJOEFMXBME 4XJU[FSMBOE 1IPUP 4UFWF 3PUJ
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
5POZ 4MF[OJDL TIBEPX CPNCJOH TLJFST PO .PVOU #BDIFMPS JO UIF XJOUFS 1IPUP 4UFWF 3PUJ
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$BMFOEBS PG FWFOUT JUFNT 8*-- /05 CF MJTUFE JG POMZ UFOUBUJWF 1MFBTF JODMVEF FYBDU JOGPSNBUJPO FWFOU EBUF DPOUBDU OBNF BOE QIPOF OVNCFS *UFNT TIPVME CF SFDFJWFE OP MBUFS UIBO TJY XFFLT QSJPS UP UIF FWFOU 8F SFRVFTU UXP NPOUIT MFBE UJNF GPS SFHJPOBM BOE OBUJPOBM NFFUT 'PS NPSF DPNQMFUF JOGPSNB UJPO PO UIF FWFOUT MJTUFE QMFBTF TFF PVS $BMFOEBS PG &WFOUT BU XXX VTIHB PSH 64)(" 4"/$5*0/&% $0.1&5*5*0/
+VOF ,JOH .PVOUBJO )BOH (MJEJOH $IBNQJPOTIJQT OFBS
.PPSF *EBIP #FTU PVU PG EBZT PG PQFO EJTUBODF 9$ BMPOH B TQFD Jm FE SPVUF )BOEJDBQ TDPSJOH CPOVT -;T 0QFO 3FDSFBUJPO BOE 5FBN DMBTTFT ESJWFST BXBSE TUBGG DIPJDF BXBSE ##2 GSFF DBNQ JOH HSFBU QSJ[FT BOE USPQIJFT FOUSZ GFF JODMVEFT NFNCFSTIJQ UP UIF *EBIP )BOH (MJEJOH "TTO *OD BOE B GVMM DPMPS TIJSU EFTJHOFE CZ BXFTPNF SFOPXOFE .POUBOB BSUJTU %BO (SBWBHF .BOZ QSF SFHJTUSBUJPO JODFOUJWFT 'PS NPSF JOGP DPOUBDU -JTB 5BUF NFFU PSHBOJ[FS EJSFDUPS BU PS MJTB!TPBSJOHESFBNTBSU DPN 4FF SVMFT POMJOF BU XXX TPBSJOHESFBNTBSU DPN LJOHNFFU
"QSJM ' MPSJEB 3JEHF *OUFSOBUJPOBM )BOH (MJEJOH $PNQFUJUJPO '-: */4 5IF 'MPSJEB 3JEHF &OUSZ GFF BGUFS .BSDI .BOEBUPSZ QJMPU NFFUJOH B N "QSJM ) PS ) XJUI TBGFUZ EJSFDUPS BQQSPWBM .BSDI GVMM NPPO XFFLFOE PG FBDI NPOUI 9$ 563# "5 TQFDJBM TLJMMT SFRVJSFE (14 NBOEBUPSZ GPS TDPSJOH .PSF $PUFT $MJGGT #BKB $BMJGPSOJB NJMFT TPVUI PG &OTFOBEB .FYJDP JOGPSNBUJPO XXX UIFn PSJEBSJEHF DPN 'MZJOH JO .FYJDP EVSJOH PVS BOOVBM TFSJFT PG XJOUFS n ZJOH USJQT JT BXFTPNF 5IF n ZJOH TJUF JT B NJMF MPOH GPPU IJHI DMJGG MPDBUFE "QSJM ' MZUFD 6 4 )BOH (MJEJOH /BUJPOBMT BOE 1SF 8PSMET PO B EFTFSUFE .FYJDBO CFBDI 5IFSF BSF OP GBDJMJUJFT TP CSJOH FWFSZ 2VFTU "JS (SPWFMBOE 'MPSJEB 3FHJTUSBUJPO PQFOT %FDFNCFS UIJOH UIBU ZPV XJMM OFFE UP IBWF GVO n ZJOH PS OPU "MTP CSJOH BMPOH BOZ FBSMZ BGUFS .BSDI UPX GFFT FYUSB ) PS ) XJUI NFFU IPVTFIPME EPOBUJPOT UIBU DBO CF MFGU CFIJOE GPS UIF MPDBM QPQVMBUJPO 7JB EJSFDUPS BQQSPWBM TQFDJBM TLJMMT 9$ "5 563# PS GPSFJHO FRVJWBMFOU $PO %JPT $POUBDU .JLF )JMCFSBUI FUFBNFS!DPY OFU PS SFRVJSFE .PSF JOGPSNBUJPO XXX n ZUFD DPN FUFBNFSTFBU!IVOOZT DPN .BZ &BTU $PBTU 1BSBHMJEJOH $IBNQJPOTIJQ 1SBDUJDF EBZ "QSJM 1 XJUI UPX TJHOPGG SFRVJSFE *G ZPV OFFE UIF TJHOPGG DPOUBDU .BZ 6 4 /BUJPOBM 'MZ *O %SZ $BOZPO "MBNPHPSEP %BWJE 1SFOUJDF FBSUIDPH!ZBIPP DPN BOE QMBO UP DPNF FBSMZ 3FHJT /FX .FYJDP 'VO DPNQFUJUJPO EFNPT HJWFBXBZT HSFBU n ZJOH BXBSET USBUJPO PQFOT 'FCSVBSZ GFF UPXT FYUSB QJMPU MJNJU -PDBUJPO QBSUZ XJUI MPUT PG QSJ[FT BOE UIF .0"# .PUIFS PG "MM #BSCFDVFT BU POF PG UIF 'MPSJEB n JHIU QBSLT 5#" .PSF JOGPSNBUJPO %BWJE 1SFOUJDF 4QPOTPSFE CZ UIF 3JP (SBOEF 4PBSJOH "TTPDJBUJPO &OUSZ GFF CF GPSF "QSJM BGUFS JODMVEFT 5 TIJSU UIF .0"# BXBSET EJOOFS BOE FBSUIDPH!ZBIPP DPN QBSUZ BOE HSFBU n ZJOH 1SF SFHJTUFS POMJOF BU XXX SHTBQJMPUT PSH DMJDL PO .BZ )BOH (MJEJOH 4QFFE (MJEJOH /BUJPOBMT $IFMBO 8BTIJOHUPO /BUJPOBM 'MZ *O BOE GPMMPX UIF MJOLT PS NBJM DIFDL PS .0 UP 3JP (SBOEF 3FHJTUSBUJPO PQFOT 'FCSVBSZ &OUSZ GFF 4QPSU $MBTT FOUSZ 4PBSJOH "TTPDJBUJPO 1 0 #PY "MBNPHPSEP /. 'PS NPSF $POUBDU "BSPO 4XFQTUPO UPOUBS!DPNDBTU OFU DPN JOGPSNBUJPO DPOUBDU 5PN PS $JOEZ 8FTU NFFU PSHBOJ[FST BOE EJSFDUPST UPNNZ !DIBSUFS OFU DJOEZ !DIBSUFS OFU .BZ +VOF 5IJSE BOOVBM QBSBHMJEJOH 3BU 3BDF 8PPESBU .U 3VDI 0SFHPO "MTP 3FHJPO 1BSBHMJEJOH 3FHJPOBMT FBSMZ .BZ 4QSJOH 'MJOH BU ,JOH $PNF KPJO FWFSZPOF GPS PVS UI BO SFHJTUSBUJPO CFGPSF "QSJM JODMVEFT #-. MBOE VTF GFFT MVODIFT BXBSET OVBM GVO n Z JO BU UIF JOGBNPVT ,JOH .PVOUBJO JO *EBIP FOUSZ EPOB QBSUZ 5 TIJSU -BUF GFFT BEEFE GPS SFHJTUSBUJPO BGUFS "QSJM 1SJ[FT JO UJPO DPWFST JU BMM 3BGn FT DBTI QSJ[FT GPS CPUI )( BOE 1( DSPTT DPVOUSZ DMVEF UPQ UISFF 0QFO DMBTT UPQ UISFF 4FSJBM DMBTT %)7 BOE MPXFS UPQ XJOOFST BOE PVS BMM ZPV DBO FBU EJOOFS 1MVT BMM UIF GVO ZPV DPVME QPT UISFF .BTUFST DMBTT QJMPUT ZFBST PG BHF PS NPSF SFHJPOBM DIBNQJPO TJCMZ TUBOE GPS B UISFF EBZ FWFOU 'MZJOH JO FBSMZ TQSJOH T HSFBU DPOEJUJPOT BU ,JOH .PVOUBJO JT UIF TNBSUFTU XBZ UP HFU BDRVBJOUFE XJUI UIJT GBOUBTUJD .PSF JOGPSNBUJPO XXX NQITQPSUT DPN SBUSBDF PS TJUF )BWF GVO n Z GBS CF TBGF BOE WJTJU XXX LJOHNPVOUBJOHMJEFST DPN +VOF )JHIMBOE "FSPTQPSUT &BTU $PBTU )BOH (MJEJOH $IBN GPS BMM EFUBJMT PS DBMM QJPOTIJQ )JHIMBOE "FSPTQPSUT n JHIU QBSL 3JEHFMZ .BSZMBOE 3FHJT USBUJPO PQFOT "QSJM FBSMZ BGUFS .BZ 'MZUFD +VOF 4BOEJB 4PBS O EBZ IBOH HMJEJOH n Z JO TPBS JO PGG FRVJWBMFOU PS IJHIFS WBSJPNFUFS (14 SFRVJSFE .PSF JOGPSNBUJPO BU GBNPVT 4BOEJB .PVOUBJO "MCVRVFSRVF /. $IPPTF NJE EBZ XIFSF XXX BFSPTQPSUT OFU &$$ NJMF n JHIUT BSF QPTTJCMF PS HMBTT PGGT XIFSF B GFX IPVST VQ UP BSF MJLFMZ (VJEFT BWBJMBCMF FWFSZ EBZ #JH DJUZ DPOWFOJFODFT BOE +VMZ 1BSBHMJEJOH /BUJPOBMT $IFMBO 8BTIJOHUPO 3FHJTUSBUJPO DMPTF EBZ USJQT GPS OPO n ZFST &WFOU JOGP BOE n JHIU GPPUBHF PQFOT .BSDI B N 145 MJNJUFE UP QJMPUT FBSMZ XXX n ZTBOEJB PSH WBOJT !ZBIPP DPN BGUFS +VOF 3FHJTUFS POMJOF BU XXX 6TOBUJPOBMT DPN .PSF JOGPSNBUJPO +VMZ (PSHF (BNFT 1BSBHMJEJOH 'MZ *O )PPE 3JWFS 0SFHPO " GVO QBSBHMJEJOH n Z JO UP CF IFME BU #JOHFO 8" #BME #VUUF PS $MJGGTJEF $0.1&5*5*0/ 3BJO %BUFT +VMZ $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH DFMM 4VO4QPSUT1(!BPM DPN 'FCSVBSZ .JMMFOOJVN )BOH (MJEJOH $PNQFUJUJPO BOE 'MZ *O 7BMMF EF #SBWP .FYJDP .FFU EJSFDUPS %BWJE (MPWFS TBGFUZ EJSFD $-*/*$4 .&&5*/(4 50634 UPS +FGG )VOU ) PS BCPWF .PSF JOGPSNBUJPO KFGG!n ZNFYJDP DPN XXX n ZNFYJDP DPN PS 8JOUFS 8JOUFS n ZJOH UPVST IBOH HMJEJOH BOE QBSBHMJEJOH 7BMMF EF #SBWP .FYJDP 4PNF PG UIF NPTU DPOTJTUFOU n ZJOH PO UIF QMBOFU $PO +VOF $BOBEJBO )BOH (MJEJOH /BUJPOBMT BOE EJUJPOT GPS BMM MFWFMT PG FYQFSJFODF #BTJD QBDLBHF 4VOEBZ UP 4VOEBZ JO +VOF $BOBEJBO 1BSBHMJEJOH /BUJPOBMT -VNCZ # $ #PUI BOE PVU PG .FYJDP $JUZ BJSQPSU %JTDPVOUT GPS SFUVSOJOH DMJFOUT 'MZ *O BOE DPNQT BSF '"* TBODUJPOFE .PSF JOGPSNBUJPO NBSL!EPXTFUU DB $PNQFUJUJPO TVQQPSU TFF .FYJDP &WFOUT PO 8FC TJUF .PSF JOGPSNBUJPO IUUQ XXX EPXTFUU DB DEOOBUT IUUQ XXX n ZNFYJDP DPN
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
.BSDI 3FHJPO 1BSBDIVUF $MJOJD *G ZPV DBO U NBLF POF PG DPSSFDU GPS UIFN NPSF SBEJDBM NBOFVWFST VTFE GPS TBGFUZ PS EFTDFOU UIFTF EBUFT BU MFBTU HFU ZPVS IBSOFTT UIFSF GPS JOTQFDUJPO BOE SFQBDL F H TQJSBMT PS C MJOF TUBMMT BOE PS BDSPCBUJD NBOFVWFST TVDI BT 4PVUI .BJO 4U 'PSU "ULJOTPO 8* $PTU $POUBDU 'SFFn JHIU XJOHPWFST 4"5T BOE MPPQT 3FDPNNFOEFE GPS BOZ MFWFM PG QJMPU "UUFOE "WJBUJPOT 'SFFn JHIU!DIBSUFS OFU POF UXP PS BMM UISFF DPVSTFT $POUBDU ,BZ 5BVTDIFS LBZ!QFBLUPQFBLQBSBHMJEJOH DPN .BSDI 4QSJOH 64)(" #PBSE PG %JSFDUPST NFFUJOH $PMPSBEP 4QSJOHT $PMPSBEP .BZ 4JYUI "OOVBM EBZ 5PX 9$ $MJOJD BU 1BXOFF /BUJPOBM (SBTTMBOET JO /& $PMPSBEP 5IJT ZFBS +BDLTPO )PMF 1BSBHMJEJOH 5FBN XJMM .BSDI 1BSBHMJEFS *1 $MJOJD JO UIF 4BO 'SBODJTDP #BZ BSFB UPX XJUI UIF JOUFOUJPO PG CSFBLJOH UIFJS NJMF SFDPSE BOE TUBUF SFDPSE PQFO UP BTQJSJOH JOTUSVDUPST BOE CBTJD JOTUSVDUPST MPPLJOH GPS SFDFSUJm -FTT BNCJUJPVT QJMPUT n FX B DVNVMBUJWF NJMFT JO -PPL BU DBUJPO 3FHJTUSBUJPO NVTU CF SFDFJWFE OP MBUFS UIBO 'FCSVBSZ )PTUFE UIF QPTTJCJMJUJFT GPS BU IUUQ XXX QBSBTPGUQBSBHMJEJOH DPN 5PX9$ CZ +VBO -BPT *1 BENJOJTUSBUPS BOE "EWBODFE 1BSBHMJEJOH .PSF $MJOJD IUNM PS DBMM JOGPSNBUJPO +VBO!BEWBODFEQBSBHMJEJOH DPN .BZ 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN "QSJM "EWBODFE LJUJOH IJHI XJOET TFNJOBS DPOEVDUFE CZ 1FBL BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBMJm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m FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN .BZ ,JUJOH BOE 4BGFUZ $MJOJD XJUI 3JDL )JHHJOT 64)(" BEWBODFE JOTUSVDUPS JO )PPE 3JWFS 0SFHPO &WFSZUIJOH ZPV OFFE UP LOPX "QSJM &JHIUI BOOVBM 8JMMT 8JOH 8BMMBCZ %FNP %BZT 'MZ *O BOE BGUFS ZPVS 1 $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 1BSUZ 4BUVSEBZ OJHIU EJOOFS EBODF GFBUVSJOH HPPE GPPE BOE B HSFBU MJWF 4VO4QPSUT1(!BPM DPN CBOE "MM NPEFMT BOE TJ[FT PG 8JMMT 8JOH HMJEFST XJMM CF BWBJMBCMF GPS ZPV UP n Z 5IF EFNPT BSF GSFF _ KVTU QBZ GPS ZPVS UPXT .PSF JOGPSNBUJPO BU .BZ +VOF 5PVDIJOH 5IF "OEFT PG 1FSV 1BSBHMJEJOH 4QSJOH XXX 8JMMT8JOH DPN BOE XXX 8BMMBCZ DPN 5PVS +FGG $SJTUPM PG "EWFOUVSF 5PVS 1SPEVDUJPOT IBT CFFO WJTJU JOH 1FSV UP DMJNC BOE QBSBHMJEF TJODF 8JUI IJT XJGF B OBUJWF PG "QSJM .BZ +BDLTPO )PMF 1BSBHMJEJOH 4*7 $MJOJDT BU -JNB 1FSV "EWFOUVSF 5PVS 1SPEVDUJPOT XJMM SFUVSO UP WJTJU TJUFT PO UIF +BDLTPO 3FTFSWPJS /PSUIFBTU $PMPSBEP *NQSPWF ZPVS n ZJOH TLJMMT BOE HBJO 1BDJm D DPBTU BOE JO UIF IJHI "OEFT .PSF JOGPSNBUJPO PS DPOm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n JHIU JO UIJT EBZ 9$ DPVSTF JO UIF 1BXOFF (SBTT MBOET XIJDI BSF QFSGFDU GPS MFBSOJOH UP UIFSNBM BOE n Z DSPTT DPVOUSZ "QSJM .BZ .BZ .BZ 0WFS UIF XBUFS NBOFV BOE PS NBLJOH MPOH EJTUBODF SFDPSET WFST TBGFUZ QBSBHMJEJOH DPVSTFT DPBDIFE CZ $ISJT 4BOUBDSPDF ,*/( PG +VOF BOE (VFTU DPBDI $ISJT 4BOUBDSPDF XJMM BT PWFS UIF XBUFS USBJOJOH 5IFTF DPVSTFT BSF JOUFOEFE UP QSPWJEF B TBGF TJTU 1FBL UP 1FBL JO UIFTF UXP EBZ 9$ DPVSTFT 5BLF POF PS NPSF FOWJSPONFOU GPS QJMPUT UP EP NBOFVWFST UIBU UIFZ XPVMEO U OFDFTTBSJ DPVSTFT 5XP IZESBVMJD QBZPVU UPX SJHT XJMM CF BWBJMBCMF GPS UIF XFFL MZ XBOU UP USZ PWFS UIF HSPVOE BU MFBTU UIF m STU UJNF *ODMVEFT QSBD JG OFFEFE UJDF JO CBTJD TBGFUZ NBOFVWFST F H BTZNNFUSJD EFn BUJPOT BOE IPX UP .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
+VOF 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN
BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBM Jm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN
4FQU 5 BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBM Jm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN
0DU 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN DPOUJOVJOH UIFJS TLJMM EFWFMPQNFOU 5IF DPVSTF NBZ JODMVEF UPXJOH BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBM PWFS MBOE PS XBUFS BT QBSU PG UIF TLJMM EFWFMPQNFOU PG UIF GFNBMF QJMPU Jm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 5IF DPVSTF XJMM CF IFME OFBS #PVMEFS $PMPSBEP $POUBDU ,BZ 5BVTDIFS 4VO4QPSUT1(!BPM DPN LBZ!QFBLUPQFBLQBSBHMJEJOH DPN +VMZ 8 PNFO XJUI 8JOHT ** GPS OFX XPNFO QJMPUT PS UIPTF
+VMZ 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN
BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBM Jm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN "VHVTU 8PNFO XJUI 8JOHT *** GPS JOUFSNFEJBUF UP BEWBODFE
XPNFO QJMPUT DPOUJOVJOH UIFJS TLJMM EFWFMPQNFOU 5IF DPVSTF NBZ JO DMVEF UPXJOH PWFS MBOE PS XBUFS BT QBSU PG UIF TLJMM EFWFMPQNFOU PG UIF GFNBMF QJMPU 5IF DPVSTF XJMM CF IFME OFBS #PVMEFS $PMPSBEP $POUBDU ,BZ 5BVTDIFS LBZ!QFBLUPQFBLQBSBHMJEJOH DPN "VHVTU 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN
1IPUP ª"EWBODF DI
BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBM Jm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN
"EWBODF UFBN NFNCFST n ZJOH 0NFHB HMJEFST PWFS "MQJOF HMBDJFST
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
888 1"3"(-*%&34 $0.
5)&3."- /6$-&"3 %&5&$5*0/
4BGFUZ 5JQT .JLF &CFSMF "MXBZT XFBS GVMM MFH BOE BSN DPWFSJOH SFHBSEMFTT PG IPX XBSN JU JT "O PQFO XPVOE GVMM PG EJSU UBLFT NPSF UJNF UP IFBM
t t
UIBO B DMFBO POF
XXX GMZUFD DPN .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
)"/( (-*%*/( "%7*403: 6TFE IBOH HMJEFST TIPVME BM XBZT CF EJTBTTFNCMFE CFGPSF n ZJOH GPS UIF m STU UJNF BOE JOTQFDUFE DBSFGVMMZ GPS GBUJHVFE CFOU PS EFOUFE EPXO UVCFT SVJOFE CVTIJOHT CFOU CPMUT FTQFDJBMMZ UIF IFBSU CPMU SF VTFE /ZMPD OVUT MPPTF UIJNCMFT GSBZFE PS SVTUFE DBCMFT UBOHT XJUI OPO DJSDVMBS IPMFT BOE PO n FY XJOHT TBJMT CBEMZ UPSO PS UPSO MPPTF GSPN UIFJS BODIPS QPJOUT GSPOU BOE CBDL PO UIF LFFM BOE MFBEJOH FEHFT 1"3"(-*%*/( "%7*403: 6TFE QBSBHMJEFST TIPVME BMXBZT CF UIPSPVHIMZ JOTQFDUFE CFGPSF n Z JOH GPS UIF m STU UJNF "OOVBM JOTQFDUJPOT PO QBSB HMJEFST TIPVME JODMVEF TBJMDMPUI TUSFOHUI UFTUT 4JN QMZ QFSGPSNJOH B QPSPTJUZ DIFDL JTO U TVGm DJFOU 4PNF HMJEFST QBTT QPSPTJUZ ZFU IBWF WFSZ XFBL TBJMDMPUI *G JO EPVCU NBOZ IBOH HMJEJOH BOE QBSBHMJEJOH CVTJOFTTFT XJMM CF IBQQZ UP HJWF BO PCKFDUJWF PQJOJPO PO UIF DPOEJUJPO PG FRVJQNFOU ZPV CSJOH UIFN UP JOTQFDU #6:&34 4)06-% 4&-&$5 &26*1.&/5 5)"5 *4 "113013*"5& '03 5)&*3 4,*-- -&7&- 03 3"5*/( /&8 1*-054 4)06-% 4&&, 130'&44*0/"- */4536$5*0/ '30. " 64)(" $&35* '*&% */4536$503
'-&9 8*/(4 &7&/ 61 53"%&4 -PPLJOH UP NPWF VQ GSPN ZPVS CFHJOOFS PS OPWJDF HMJEFS CVU DBO U QVU VQ DBTI JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT '"-$0/ # MVF HSFFO HSFBU DPOEJUJPO XIFFMT '"-$0/4 $-&"3"/$& 4"-& 4DIPPM VTF POF TFBTPO 'BMDPO T BOE T "MM TJ[FT JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT -".*/"3 .39 .ZMBS TBJM " GSBNF DIPJDFT HSFBU DPOEJUJPO PSBOHF CMVF 461&341035 o & YDFMMFOU DPOEJUJPO IPVST PSBOHF MJNF HSFFO JODMVEFT NBOZ BDDFTTPSJFT OPU n PXO TJODF MBTU BOOVBM 'FC OPXBDL!TCDHMPCBM OFU 6-53"41035 o 1 SBDUJDBMMZ CSBOE OFX MPX IPVST SFE ZFMMPX VOEFS XIJUF HPME n BLF -& SMFUU!SPCFSUMFUU DPN 88 '64*0/ 41 o & YDFMMFOU DPOEJUJPO XIJUF CMVF CMBDL XJOHMFUT TQBSF EPXOUVCFT +JN
&.&3(&/$: 1"3"$)65&4 "65)03*;&% $)65& 3&1"*3 BOE TFSWJDF DFOUFS GPS "1$0 &MBO $IJSPO QPXFSFE QBSBDIVUFT BOE 61 1FSDIF *OEFQFOEFODF QBSBHMJEFST BOE NPSF 8F IBWF B GVMM UJNF MPGU BWBJMBCMF XJUI RVJDL UVSO BSPVOE GPS TNBMM UP IVHF SFQBJST BOE BOOVBM JOTQFDUJPOT 4IJQ ZPVS DIVUF UP .P+P T (FBS -UE $P $3 5PX 59 "UUO 3&1"*3 PS */41&$5*0/ *ODMVEF B OPUF BCPVU UIF TFSWJDF T ZPV SFRVJSF BT XFMM BT B DPOUBDU QIPOF OVN CFS BOE FNBJM 8F XJMM DPOUBDU ZPV XJUI BO FTUJNBUF QSJ PS UP TUBSUJOH UIF XPSL 0Gm DF XXX NPKPTHFBS DPN
*/41&$5&% 3&4&37&4 o 'PS )( PS 1( VQ 6TFE 2VBOUVN BMM TJ[FT VQ 4PNF USBEFT BDDFQUFE JOGP!IBOHHMJEJOH DPN XXX IBOHHMJE JOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT
)"3/&44&4 )"3/&44&4 w w $PDPPOT VQ )JHI &OFSHZ $PDPPOT VQ 1PET VQ *OWFOUPSZ TFMFDUJPO DIBOHFT DPOTUBOUMZ 4PNF USBEFT BDDFQUFE JOGP!IBOHHMJEJOH DPN XXX IBOHHMJE JOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT .0426*50 o - FTT UIBO IPVST FYDFMMFOU DPOEJUJPO CMEFHM!TCEFCSVJO DPN
108&3&% 1"3"(-*%&34 "*3410354 64" X XX QPXFSQBSBHMJEFS DPN XXX n ZGPSGVO OFU
3*(*% 8*/(4 .*44*0/ 40"3*/( $&/5&3 %JTUSJCVUPS GPS "*3 "UPT XPSME T NPTU QPQVMBS SJHJE XJOH /FX "UPT 79 UBOEFN PS QPXFSFE IBSOFTT JODSFEJCMF TJOL SBUF XJUI B TPMP QJMPU XXX IBOH HMJEJOH DPN
6-53"-*()54 "*3410354 64" 8 88 '-:'03'6/ /&5 888 108&3 1"3"$)65& $0. %3"(0/'-: "&3056(4 'PS VQ UP PGG UIF QSJDF PG OFX POFT &ODMPTFE USBJMFS BWBJMBCMF GPS QJDLVQ EFMJWFSZ XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT -&"3/ 50 '-: " 53*,& %7% -FBSO XIBU JU UBLFT UP n Z B USJLF BOE HFU ZPVS USJLF QJMPU DFSUJm DBUJPO 1BVM )BNJMUPO /"'* &"" 6'* & "4$ 646" "'* NJOVUFT TIJQQJOH XXX "1 4UPSF DPN PS DBMM
4$)00-4 %&"-&34 "-"#"." -00,065 .06/5"*/ '-*()5 1"3, 5IF CFTU GBDJM JUJFT MBSHFTU JOWFOUPSZ DBNQJOH TXJNNJOH WPMMFZCBMM NPSF 8JEF SBOHF PG BDDPNNPEBUJPOT IBOHMJEF DPN IBOHMJEF IBOHMJEF DPN
$"-*'03/*" "*3+6/,*&4 1"3"(-*%*/( :FBS SPVOE FYDFMMFOU JOTUSVDUJPO 4PVUIFSO $BMJGPSOJB #BKB 1PXFSFE QBSBHMJE JOH DMJOJDT UPVST UBOEFN UPXJOH ,FO #BJFS BJSKVOLJFT!TCDHMPCBM OFU BJSKVOLJFT DPN %3&". 8&"7&3 )"/( (-*%*/( $PNQFUJUJWF QSJDFT TUBUF PG UIF BSU FRVJQNFOU $PNQMFUF MFTTPO QSPHSBNT /PSUIFSO $BMJGPSOJB .PTRVJUP IBSOFTT EFBMFS *EFBM USBJO JOH IJMM UBOEFN JOTUSVDUJPO 64)(" "EWBODFE *OTUSVD UPS %PVH 1SBUIFS .PEFTUP $BMJGPSOJB ESNXWSIH!TPGUDPN OFU
DFSUJm DBUJPO 5IFSNBMJOH UP DPNQFUJUJPO USBJOJOH 7JTJU XXX n ZBCPWFBMM DPN '-: 4"/5" #"3#"3" 8 JUI 3PC 4QPSSFS PG &BHMF 1BSBHMJEJOH "XBSE XJOOJOH JOTUSVDUJPO BOE UIF OB UJPO T CFTU ZFBS SPVOE n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o 4QFDJBMJ[JOH JO 4BGFUZ *O 'MJHIU 5SBJOJOH .BOFVWFST $MJOJDT BOE "FSPCBUJD *O TUSVDUJPO &OIBODF ZPVS LOPXMFEHF JODSFBTF ZPVS MFWFM PG DPOm EFODF UBLF ZPVS QJMPUJOH TLJMMT UP OFX MFWFMT 0WFS UIF XBUFS TBGFUZ BOE BFSPCBUJDT DMJOJDT &OMFBV BOE "OO 0 $POOPS XXX PDPOOPSn JHIUTDIPPM DPN BOE SFTFSWF ZPVS DMJOJD 5033&: 1*/&4 (-*%&31035 $PNF TPBS JO 4BO %JFHP 5IJT GBNJMZ PXOFE BOE PQFSBUFE n ZJOH TJUF PGGFST 64)(" DFSUJm FE JOTUSVDUJPO BEWBODFE USBJOJOH FRVJQ NFOU TBMFT UBOEFN n JHIU JOTUSVDUJPO NPUPSJ[FE QH IH JOTUSVDUJPO BOE TJUF UPVST 8F BMTP IBWF BO FYUFOTJWF QH IH PVUm UUJOH TIPQ PGGFSJOH QBSBDIVUF SFQBDLT BOE GVMM TFSWJDF SFQBJST #SJOH ZPVS GBNJMZ GPS PVS BNB[JOH TVOTFUT BOE EJOJOH BU UIF $MJGGIBOHFS $BGF *NQPSUFST GPS 1BSBUFDI BOE *OEFQFOEFODF HMJEFST 8F BMTP DBSSZ "VTUSJ"MQJO $FOUFS PG (SBWJUZ $SJTQJ BOE 4VQ "JS $IFDL VT PVU POMJOF GPS TBMFT BOE RVFTUJPOT BU XXX n ZUPSSFZ DPN PS DBMM UPMM GSFF BU '-: 5&". "MTP UVOF JO UP UIF *OUFSOFU 1BSBHMJEJOH 5BML 4IPX BU XXX XPSMEUBMLSBEJP DPN FWFSZ 5VFTEBZ B N 145 8*/%410354 %PO U SJTL CBE XFBUIFS CBE JOTUSVD UJPO PS EBOHFSPVT USBJOJOH IJMMT n ZBCMF EBZT FBDI ZFBS -FBSO GPPU MBVODI n ZJOH TLJMMT TBGFMZ BOE RVJDLMZ 5SBJO XJUI QSPGFTTJPOBM $'* T BU XPSME GBNPVT %PDLXFJ MFS #FBDI USBJOJOH TMPQFT NJOVUFT GSPN -" BJSQPSU 'MZ XJOUFS PS TVNNFS JO HFOUMF DPBTUBM XJOET TPGU TBOE BOE JO B UIPSPVHI QSPHSBN XJUI POF PG "NFSJDB T NPTU QSFTUJHJPVT TDIPPMT GPS PWFS ZFBST XXX XJOETQPSUT DPN
$0-03"%0 "*35*.& "#07& )"/( (-*%*/( 'VMM UJNF MFT TPOT TBMFT TFSWJDF $PMPSBEP T NPTU FYQFSJFODFE 8JMMT 8JOH .PZFT "MUBJS "FSPT "JSXBWF )JHI &OFSHZ #BMM 'MZUFD .PUP$PNN BOE NVDI NPSF $BMM &WFSHSFFO $PMPSBEP "JSUJNF)(!BPM DPN
'-: "#07& "-- :FBS SPVOE JOTUSVDUJPO JO CFBVUJ GVM 4BOUB #BSCBSB 64)(" /PWJDF UISPVHI "EWBODFE .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
(6//*40/ (-*%&34 o 4FSWJOH UIF XFTUFSO TMPQF *O TUSVDUJPO TBMFT TFSWJDF TFXJOH BDDFTTPSJFT 4JUF JOGPSNBUJPO SBUJOHT $PVOUZ 3PBE (VOOJTPO $0 1&", 50 1&", 1"3"(-*%*/( --$ /FX QBSBHMJE JOH TDIPPM JO #PVMEFS 0GGFSJOH FYDFMMFOU TUBUF PG UIF BSU JOTUSVDUJPO &RVJQNFOU UBOEFNT ,BZ!QFBLUPQFBLQBS BHMJEJOH DPN XXX QFBLUPQFBLQBSBHMJEJOH DPN
'-03*%" '-03*%" 3*%(& "&30508 1"3, o & 4UBUF 3PBE $MFXJTUPO 'MPSJEB XXX UIFn PSJEBSJEHF DPN (3":#*3% "*3410354 1 BSBHMJEFS IBOH HMJE FS UPXJOH USBJOJOH %SBHPOn Z BFSPUPX USBJOJOH 9$ UIFSNBMJOH JOTUSVDUJPO FRVJQNFOU %VOOFMMPO "JSQPSU FNBJM n Z!HSBZCJSEBJSTQPSUT DPN XXX HSBZCJSEBJSTQPSUT DPN -00,065 .06/5"*/ '-*()5 1"3, /FBSFTU NPVO UBJO USBJOJOH DFOUFS UP 0SMBOEP 5XP USBJOJOH IJMMT OPWJDF NPVOUBJO MBVODI BFSPUPXJOH HSFBU BDDPNNPEBUJPOT IBOHMJEF DPN IBOHMJEF .*".* )"/( (-*%*/( o 'PS ZFBS SPVOE USBJOJOH GVO JO UIF TVO 4 #BZTIPSF %SJWF $PDPOVU (SPWF 'MPSJEB XXX NJBNJIBOHHMJEJOH DPN 5)& #&45 "&30508 JOTUSVDUJPO BWBJMBCMF 5IF POMZ 6 4 IBOH HMJEJOH TDIPPM XJUI UXP OBUJPOBM DIBNQJPO JOTUSVD UPST BOE 6 4 8PSME 5FBN .FNCFST #P )BHFXPPE /BUJPOBM $IBNQJPO BOE 1BSJT 8JMMJBNT /BUJPOBM $IBNQJPO 'SPN ZPVS m STU UBOEFN UP BEWBODFE 9$ SBDJOH JOTUSVDUJPO 0QFO FWFSZ EBZ XJUI CFBVUJGVM SFNPEFMFE BDSF GBDJMJUJFT 1MFOUZ PG PUIFS BDUJWJUJFT MJLF PVS TDSFFOFE JO QPPM IPU UVC QSJWBUF MBLF DBOPFT m TIJOH WPMMFZCBMM BOE KVTU NJOVUFT GSPN 0SMBOEP BUUSBDUJPOT -FBSO GSPN UIF CFTU BU 2VFTU XXX RVFTUBJSGPSDF DPN &NBJM RVFTUBJS!NQJOFU DPN (SPWFMBOE '- 8"--"#: "&30508 '-*()5 1"3, 4BUJTGBDUJPO (VBSBOUFFE +VTU NJMFT GSPN %JTOFZ 8PSME :FBS SPVOE TPBSJOH PQFO EBZT B XFFL TJY UVHT OP XBJUJOH FW FSZ EJSFDUJPO OJDF EFNPT UP n Z UPQMFTT UP USBJOFS HMJEFST -BNJOBS .PZFT 8JMMT "JSCPSOF "JSXBWF &YY UBDZ -B .PVFUUF 4FOTPS BMTP IBSOFTTFT WBSJPT FUD "HFT UP IBWF MFBSOFE UP n Z IFSF /P POF DPNFT DMPTF UP PVS MFWFM PG FYQFSJFODF BOE TVDDFTT XJUI UBOEFN BFSPUPX JOTUSVDUJPO " HSFBU TDFOF GPS GBNJMZ BOE GSJFOET NPUFMT SFTUBVSBOUT XJUIJO NJOVUFT $BNQJOH IPU TIPXFST TIBEF USFFT TBMFT TUPSBHF SBUJOHT 9$ SFUSJFWBMT HSFBU XFBUIFS DMJNCJOH XBMM USBNQPMJOF %44 57 QJOH QPOH QJDOJD UBCMFT TXJNNJOH QPPM FUD 'MJHIUT PG PWFS NJMFT BOE NPSF UIBO IPVST "SUJDMFT JO )BOH (MJEJOH ,JUQMBOFT 4LZXJOHT $SPTT $PVOUSZ BOE PUIFST 'FBUVSFE PO OVNFSPVT 57 TIPXT JODMVEJOH %BUFMJOF /#$ 5IF %JTDPWFSZ $IBOOFM &41/ 7JTJU VT PO UIF 8FC IUUQ XXX XBMMBCZ DPN 1MFBTF DBMM VT GPS SFGFSFODFT BOE WJEFP %FBO 4UJMM 3PBE %JTOFZ "SFB '- QIPOF GBY n Z!XBMMBCZ DPN 8"--"#: $POTFSWBUJWF SFMJBCMF TUBUF PG UIF BSU ' ) ( */$ n ZJOH 'MPSJEB TJODF
(&03(*"
CSBOET 7JTB .BTUFS$BSE & UI 5SBWFSTF $JUZ .* 0GGFSJOH QPXFSFE QBSBHMJEJOH $BMM #JMM BU -00,065 .06/5"*/ '-*()5 1"3, %JTDPWFS XIZ UDIBOHHMJEFS!DIBSUFSNJ OFU :PVS 64" UJNFT BT NBOZ QJMPUT FBSO UIFJS XJOHT BU -.'1 8F $BOBEB .PTRVJUP EJTUSJCVUPS XXX NPTRVJUPBNFSJDB XSPUF 64)(" T PGm DJBM USBJOJOH NBOVBM IBOHMJEF DPN DPN IBOHMJEF
)"8"**
/&7"%"
)".*-50/ '-*()5 53"*/*/( 4:45&. 'PS 5SJLF 6M #*3%4 */ 1"3"%*4& )BOH HMJEJOH VMUSBMJHIU USBMJHIU 4QPSU 1JMPUT 1BVM )BNJMUPO /"'* &"" 6'* & n ZJOH PO ,BVBJ $FSUJm FE UBOEFN JOTUSVDUJPO "4$ 646" "'* $BMM XXX 4QPSU 1JMPU PS CJSET!CJSETJOQBSBEJTF DPN 5SBJOJOH DPN XXX CJSETJOQBSBEJTF DPN 130'-:()5 1"3"(-*%*/( $BMM %FYUFS GPS GSJFOEMZ JOGPSNBUJPO BCPVU n ZJOH PO .BVJ 'VMM TFSWJDF TDIPPM PGGFSJOH CFHJOOFS UP BEWBODFE JOTUSVDUJPO FWFSZ EBZ ZFBS SPVOE QBSBHMJEFIBXBJJ DPN
*%")0 ,*/( .06/5"*/ (-*%&34 "MMVSJOH TJUF QMVT TIPQ TVQQMZJOH BMM ZPVS )( 1( OFFET *OTUSVDUJPO FRVJQNFOU TBMFT UBOEFNT DPNQMFUF BDDFTTPSJFT 7JTJU PVS 8FC TJUF XXX LJOHNPVOUBJOHMJEFST DPN PS
*--*/0*4 )"/( (-*%& $)*$"(0 o 'VMM TFSWJDF BFSPQBSL UPX QMBOFT 'VMM UJNF DFSUJm FE JOTUSVDUPST VMUSBMJHIU JOTUSVD UPST &BTU $PBTU SFDPSE NJMFT XXX IBOHHMJEFDIJDBHP DPN
."*/& %08/&"45 "*3410354 1BSBHMJEJOH BOE IBOH HMJEJOH JOTUSVDUJPO RVBMJUZ FRVJQNFOU TBMFT &YUFOE FE USBJOJOH UPVS QBDLBHFT XJUI MPEHJOH BWBJMBCMF XXX EPXOFBTUBJSTQPSUT DPN JO@B@DMPVE!IPUNBJM DPN .BSD
."3:-"/% )*()-"/% "&30410354 #BMUJNPSF BOE %$ T GVMM UJNF n JHIU QBSL UBOEFN JOTUSVDUJPO TPMP BFSPUPXT BOE FRVJQNFOU TBMFT BOE TFSWJDF 8F DBSSZ "FSPT "JSXBWF 'MJHIU %FTJHO .PZFT 8JMMT 8JOH )JHI &OFSHZ 4QPSUT 'MZUFD BOE NPSF 5XP )1 %SBHPOn Z UVHT 0QFO m FMET BT GBS BT ZPV DBO TFF 0OMZ UP IPVST GSPN 3FIPCPUI #FBDI #BMUJNPSF 8BTIJOHUPO %$ 1IJMBEFMQIJB $PNF 'MZ XJUI 64 'BY 3BDF 5SBDL 3E 3JEHFMZ .% XXX BFSPTQPSUT OFU IBOHHMJEF!BFSPTQPSUT OFU
/&8 :03, """ '-*()5 4$)00- *O &MMFOWJMMF .PVOUBJO 8JOHT )BOH (MJEJOH BOE &BTU $PBTU 1BSBHMJEJOH $FOUFS 5IF /PSUIFBTU T PMEFTU MBSHFTU BOE NPTU QSPGFTTJPOBM USBJOJOH DFOUFS 4BMFT TFSWJDF EFNPT UPXJOH VMUSBMJHIU USBJOJOH QSP TIPQ BOE UIF iCFTU EBNO USBJOJOH IJMMw BOZXIFSF NUOXJOHT!IWD SS DPN XXX NUOXJOHT DPN "*3410354 64" X XX QPXFSQBSBHMJEFS DPN XXX n ZGPSGVO OFU '-: )*() */$ 4FSWJOH /FX :PSL +FSTFZ BOE $PO OFDUJDVU BSFBT "SFB T FYDMVTJWF 8JMMT 8JOH EFBMFS "MTP BMM PUIFS CSBOET BDDFTTPSJFT "SFB T NPTU */&91&/4*7& QSJDFT $FSUJm FE JOTUSVDUJPO TFSWJDF TJODF &YDFMMFOU TFDPOEBSZ JOTUSVDUJPO 5BLFO TPNF MFTTPOT "EWBODF UP NPVOUBJO n ZJOH XXX n ZIJHIIH DPN 46426&)"//" '-*()5 1"3, $001&34508/ USBJOJOH IJMM XJUI SJEFT VQ SJEHF MBSHF -; 4QFDJBMJ[JOH JO m STU NPVOUBJO n JHIUT %BO (VJEP 4IPFNBLFS 3PBE .PIBXL /: EHVJEP!EGBNJML DPN
16&350 3*$0 '-: 16&350 3*$0 8*5) 5&". 41*3*5 )( 'MZJOH UPVST SFOUBMT UBOEFNT )( BOE 1( DMBTTFT ) BOE 1 JOUFOTJWF /PWJDF DPVSTFT GVMM TBMFT UTIH!DPRVJ OFU
5&//&44&& -00,065 .06/5"*/ '-*()5 1"3, +VTU PVUTJEF $IBUUBOPPHB #FDPNF B DPNQMFUF QJMPU GPPU MBVODI BFSPUPX NPVOUBJO MBVODI SJEHF TPBS UIFSNBM TPBS IBOHMJEF DPN IBOHMJEF
5&9"4 .*$)*("/ $-06% 41035 "7*"5*0/ "FSPUPX TQFDJBMJTUT 8F DBSSZ BMM NBKPS CSBOE IBOH HMJEFST BOE BDDFTTPSJFT $MPVE 'JFME $PPO -BLF 3PBE 8FTU 8FCCFSWJMMF .* $MPVE TB!BPM DPN IUUQ NFNCFST BPM DPN DMPVE TB $BMM GPS TQSJOH UBOEFN MFTTPOT BOE n ZJOH BQQPJOUNFOUT XJUI UIF %SBBDIFO'MJFHFO 4PBSJOH $MVC BU $MPVE 'JFME %'4$JOD!BPM DPN IUUQ NFNCFST BPM DPN EGTDJOD 53"7&34& $*5: )"/( (-*%&34 1"3"(-*%&34 1VU ZPVS LOFFT JO PVS CSFF[F BOE TPBS PVS TBOE EVOFT 'VMM UJNF TIPQ $FSUJm FE JOTUSVDUJPO CFHJOOFS UP BEWBODFE 4BMFT TFSWJDF BDDFTTPSJFT GPS "-- NBKPS
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
"645*/ "*3 410354 )BOH HMJEJOH BOE VMUSBMJHIU TBMFT TFSWJDF BOE JOTUSVDUJPO 4UFWF #VSOT TCVSOT!BVTUJOBJSTQPSUT DPN 'SFE #VSOT BVTUJOBJS!BPM DPN 888 "645*/"*3410354 $0. (0 )"/( (-*%*/( + FGG )VOU "VTUJO QI GBY KFGG!n ZUFYBT DPN XXX n ZUFYBT DPN )*-- $06/53: 1"3"(-*%*/( */$ -FBSO DPNQMFUF QJMPU TLJMMT 1FSTPOBMJ[FE 64)(" DFSUJm FE USBJO JOH SJEHF TPBSJOH GPPU UPX MBVODIJOH JO DFOUSBM 5FYBT .PUPSJ[FE QBSBHMJEJOH JOTUSVDUJPO FRVJQNFOU BWBJMBCMF $3 5PX 59
59 '-:410354 o 4QFDJBMJ[JOH JO QPXFSFE QBSBHMJE JOH DFSUJm FE JOTUSVDUJPO 4LZ $SVTJFS BOE PUIFS HSFBU QQH T 6 4 JNQPSUFS PG .BD1BSB 5FDIOPMPHZ QBSBHMJEFST .VTF &EFO *OUPY 1BTIB )PVTUPO XXX NBDQBSB64" DPN
65") $-06% 40"3*/( $&/5&3 o 0ODF BHBJO XF BSF UIF DMPTFTU TIPQ UP UIF 1PJOU PG UIF .PVOUBJO 6UBI T POMZ GVMM UJNF 1( )( TIPQ BOE SFQBJS GBDJMJUZ $POUBDU PS XXX QBSBHMJEFST DPN
7*3(*/*"
'03 "-- :063 '-:*/( /&&%4 o $IFDL PVU UIF "WJBUJPO %FQPU BU XXX NPKPTHFBS DPN GFBUVSJOH PWFS JUFNT GPS GPPU MBVODIFE BOE QPXFSFE QBSBHMJEJOH IBOH HMJEJOH TUVOU BOE QPXFS LJUJOH BOE QPXFSFE QBSBDIVUFT TFDVSF POMJOF TIPQQJOH #PPLT WJEFPT ,*5&4 HJGUT FOHJOF QBSUT IBSOFTT BDDFTTPSJFT FMFDUSPOJDT DMPUIJOH TBGFUZ FRVJQNFOU DPNQMFUF QPXFSFE QBSBHMJE JOH VOJUT XJUI USBJOJOH GSPN )JMM $PVOUSZ 1BSBHMJEJOH *OD XXX IJMMDPVOUSZQBSBHMJEJOH DPN GPS PSEFST POMZ 0Gm DF
#-6& 4,: o 'VMM UJNF JOTUSVDUJPO BU #MVF 4LZ 'MJHIU 1BSL OFBS 3JDINPOE 4DPPUFS QMBUGPSN BOE BFSPUPXJOH BWBJM BCMF "MM NBKPS CSBOET PG FRVJQNFOU XJUI .PTRVJUPT BOE %PPEMFCVHT JO TUPDL 4UFWF 8FOEU XXX CMVFTLZIH DPN
(-*%&3#"(4 o 9$ )FBWZ XBUFSQSPPG "DDFT TPSJFT MPX QSJDFT GBTU EFMJWFSZ (VOOJTPO (MJEFST $PVOUZ 3PBE (VOOJTPO $0 PSEFST
4*-7&3 8*/(4 */$ o $ FSUJm FE JOTUSVDUJPO BOE FRVJQNFOU TBMFT "SMJOHUPO 7" TJMWFSXJOHTIBOHHMJEJOH DPN
)"-- 8*/% .&5&3 o 4JNQMF 3FMJBCMF "DDVSBUF .PVOUJOH CSBDLFUT DPOUSPM CBS XIFFMT )BMM #SPUIFST 10 #PY .PSHBO 6UBI XXX IBMMXJOENFUFS DPN
8"4)*/(50/ "&3*"- 1"3"(-*%*/( 4$)00- '-*()5 1"3, o 5 IF QSFNJFS QMBDF UP SFBMJ[F ZPVS QBSBHMJEJOH ESFBN EPVH!BFSJBMQBSBHMJEJOH DPN PS WJTJU XXX BFSJBMQBSBHMJEJOH DPN
8*4$0/4*/ 3"7&/ )"/( (-*%*/( */$ o /PX CPPLJOH SFTFSWBUJPOT GPS USBJOJOH IJMM BOE UBOEFN BFSPUPX MFTTPOT BU UXP MPDBUJPOT XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT
8:0.*/( +"$,40/ )0-& 1"3"(-*%*/( o " QFSGFDU n ZJOH EBZ -BVODI UIF +BDLTPO )PMF .PVOUBJO 3FTPSU "FSJBM 5SBN JO UIF NPSOJOH UPX BU UIF 1BMJTBEFT 3FTFS WPJS JO UIF BGUFSOPPO $POUBDU TDIBSSJT!XZPNJOH DPN XXX KIQBSBHMJEJOH DPN 53".
*/5&3/"5*0/"'-:.&9*$0 o 7 BMMF EF #SBWP BOE CFZPOE XXX n ZNFYJDP DPN 8JOUFS JO BOE PVU PO 4VOEBZ 1( )( %JTDPVOUT GPS SFUVSOJOH DMJFOUT PUIFS EJTDPVOUT BWBJMBCMF 1( )( X HMJEFS JODMVEFE -PEHJOH BU B (SBOE )PUFM PS IPVTFT HP n ZJOH FWFSZ TUJOLJO EBZ 4065) ".&3*$" '-:*/( &91&%*5*0/4 o 'MZ "SHFO UJOB UIJT XJOUFS /PWFNCFS .BSDI EBZ DVTUPN USJQT GPS TNBMM HSPVQT FWFSZUIJOH JODMVEFE :PV MM POMZ XPSSZ BCPVU DIBSHJOH ZPVS SBEJP QBDL XXX n ZTVS DPN
1"354 "$$&4403*&4 #*( &"34 155 o *ODMVEFT TQFBLFS BOE NJDSPQIPOF SBEJP DPOOFDUJPO TFBMFE m OHFS TXJUDI $IPPTF UIF GVMM GBDF PS UIF PQFO GBDF NPEFM XXX CJHFBSTQUU DPN
$-05)*/( o &NCSPJEFSFE TDSFFO QSJOUFE TIJSUT IBUT XJUI TIBSQ IBOH HMJEFS BSUXPSL 3BWFO 8JMMT 555 BOE PUI FS CSBOET XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT
.*/* 7"3*0 o 8PSME T TNBMMFTU TJNQMFTU WBSJP $MJQT UP IFMNFU PS DIJOTUSBQ IPVST PO CBUUFSJFT GU GBTU SFTQPOTF BOE ZFBS XBSSBOUZ 0/-: .BMMFUUFD 10 #PY 4BOUB "OB $" .$ 7JTB BDDFQUFE XXX NBMMFUUFD DPN /&8 %30(6& $)65& o /FX )PU 8IFFMT 09:(&/ 4:45&.4 o 5IF XPSME DMBTT 9$3 PQFSBUFT VQ UP IPVST ! GU BOE XFJHIT POMZ MC $PNQMFUF LJU XJUI DZMJOEFS IBSOFTT SFHVMBUPS DBOOVMB BOE SFNPUF PO PGG n PXNFUFS POMZ 3*4*/( "*3 (-*%&3 3&1"*3 4&37*$&4 o " GVMM TFSWJDF TIPQ TQFDJBMJ[JOH JO BMM UZQFT PG QBSBHMJEJOH SFQBJST BOOVBM JOTQFDUJPOT SFTFSWF SFQBDLT IBSOFTT SFQBJST )BOH HMJEJOH SFTFSWF SFQBDLT BOE SFQBJS 'PS JOGPSNBUJPO PS SFQBJS FTUJNBUF DBMM QSJD JOH BOE TFSWJDF SFRVFTU GPSN BWBJMBCMF BU XXX SJTJOHBJS CJ[ CJMMB!BUDOFU OFU
16#-*$"5*0/4 03("/*;"5*0/4 #*3%'-*()5 o 0UUP -JMJFOUIBM T HFOJVT JO TDJFOUJm D PCTFS WBUJPOT BOE BOBMZTJT EPDVNFOUFE JO UIJT XPSL CFDBNF UIF CBTJT GPS UIF FYQFSJNFOUBUJPO PG UIF FBSMZ QJPOFFST JO BWJBUJPO 5IF iIFSPw PG UIF 8SJHIU CSPUIFST 0UUP JT DPO TJEFSFE UP CF i5IF 'BUIFS PG (MJEJOH 'MJHIU w -JMJFOUIBM T EFm OJUJWF CPPL IBT CFFO PVU PG QSJOU GPS BMNPTU B DFOUVSZ CVU JT OPX BWBJMBCMF UP FWFSZPOF GPS B XPOEFSGVM BOE BC TPSCJOH KPVSOFZ JOUP BWJBUJPO IJTUPSZ QBHFT QIP UPHSBQIT ESBXJOHT BOE HSBQIT T I $BMM 64)(" PS PSEFS PGG PVS 8FC TJUF XXX VTIHB PSH '-: 5)& 8*/( o )PPLJOH *OUP )BOH (MJEJOH #Z -FO )PMNT 5IJT JT UIF QFSGFDU CPPL GPS UIPTF DVSJPVT BCPVU UIF TQPSU PG IBOH HMJEJOH 8SJUUFO BU B MFWFM XIJDI XJMM OPU TXBNQ UIF SFBEFS XJUI B EBVOUJOH BNPVOU PG UFDIOJDBM EF UBJMT ZPV XJMM MFBSO BCPVU IBOH HMJEFS XJOHT BOE UIF TLJMMT OFFEFE UP n Z UIFN QBHFT XJUI QIPUPT BOE JMMVTUSB UJPOT T I 64)(" 10 #PY $PMPSBEP 4QSJOHT $0 XXX VTIHB PSH 40"3*/( o .POUIMZ NBHB[JOF PG 5IF 4PBSJOH 4PDJFUZ PG "NFSJDB *OD $PWFST BMM BTQFDUT PG TPBSJOH n JHIU 'VMM NFNCFSTIJQ 44" 10 #PY )PCCT /. TTB PSH
7*%&04 %7%4 %7%4 7*%&04 #00,4 o 1BSBHMJEFS 1PXFSFE 1BSBHMJE FS )BOH (MJEFS 6MUSBMJHIU 4QPSU 1JMPUT 1BVM )BNJMUPO "EWFOUVSF 1SPEVDUJPOT $BMM GPS '3&& DBUBMPH XXX "1 4UPSF DPN 7*%&04 '30. 64)(" o 8 88 64)(" 03( /&8 163" 7*%" '-:*/( o #Z (8 .FBEPXT QJMPUT XFFLT KVOHMF OP SVMFT " USJP PG DPNQFUJUJPO IBOH HMJEFS BOE QBSBHMJEFS QJMPUT EJTDPWFS UIF USVF NFBOJOH PG iQVSB WJEBw BT UIFZ FOKPZ UIF KVOHMFT BOE CFBDIFT PG $PT UB 3JDB )BOH HMJEJOH QBSBHMJEJOH VMUSBMJHIU UPXJOH LJUF CPBSEJOH BOE NPSF "XFTPNF n ZJOH 0SEFS ZPVST BU XXX VTIHB PSH TUPSF
.*4$&--"/&064
5"/%&. -"/%*/( (&"3 o 3BTDBM CSBOE CZ i"&30#"5*$4w 1045&3 o 'VMM DPMPS wY w QPTUFS 3BWFO 4JNQMZ UIF CFTU /FX VTFE GFBUVSJOH +PIO )FJOFZ EPJOH XIBU IF EPFT CFTU -001 XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ */( 4FF XXX VTIHB PSH VOEFS TUPSF NJTD GPS FYBNQMF TUPSFT FCBZ DPN SBWFO TQPSUT "WBJMBCMF UISPVHI 64)(" )2 GPS KVTU T I 64)(" 10 #PY $PMPSBEP 4QSJOHT $0 8"3. '-*()5 46*54 "5 .1)410354 $0. o 'MJHIU 64" $BOBEB POMZ 4PSSZ QPTUFST BSF /05 "7"*-"#-& TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU PO JOUFSOBUJPOBM PSEFST 41&$*"- "FSPCBUJDT QPTUFS TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU &SJD 3BZNPOE QPTUFS #05) '03 T I TVJUT NQITQPSUT!DPNDBTU OFU "11"3&- 7*%&04 #00,4 1045&34 o $IFDL PVU 8)&&-4 '03 "*3'0*- #"4&56#&4 o 8 )004) PVS 8FC QBHF XXX VTIHB PSH 8IFFMT 1BUFOU 1FOEJOH .PZFT "JSCPSOF 8JMMT 8JOH DPNQBUJCMF %FBMFS JORVJSJFT JOWJUFE 803-%8*%& */5&3/&5 1"3"(-*%*/( 5"-, 4)08 XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ o 8 88 803-%5"-,3"%*0 $0. -JTUFO MJWF PS UP UIF BS TUPSFT FCBZ DPN SBWFO TQPSUT DIJWFT -JWF 5VFTEBZ B N 145 $BMM UPMM GSFF PS JOUFSOBUJPOBMMZ BU 8*/%40,4 '30. )"8, "*3410354 */$ o 1BSBHMJEFS QJMPUT BOE SBEJP IPTUT %BWJE BOE (BCSJFM +FCC $PSCJO -BLF 3E 3VUMFEHF 5/ XBOU UP IFBS BCPVU ZPVS TUPSJFT QSPNPUJPOT FWFOUT PS JO 8PSME GBNPVT 8JOETPLT BT TFFO BU UIF TJHIU UIFZ BMTP UBLF RVFTUJPOT 0TILPTI 4VO / 'VO &"" 'MZ *OT )BXL!XJOETPL DPN XXX XJOETPL DPN
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$-"44*'*&% "%7&35*4*/( 3"5&4 5IF SBUF GPS DMBTTJm FE BEWFSUJTJOH JT GPS XPSET BOE QFS XPSE BGUFS .*/*.6. "% $)"3(& 1IPOF OVNCFS XPSET &NBJM PS 8FC BEESFTT XPSET "% %&"%-*/&4 "MM BE DPQZ JOTUSVD UJPOT DIBOHFT BEEJUJPOT BOE DBODFMMBUJPOT NVTU CF SF DFJWFE JO XSJUJOH NPOUIT QSFDFEJOH UIF DPWFS EBUF J F 4FQUFNCFS JT UIF EFBEMJOF GPS UIF /PWFNCFS JTTVF 1MFBTF NBLF DIFDLT QBZBCMF UP 64)(" 1 0 #PY $PMPSBEP 4QSJOHT $0 'BY PS FNBJM UP VTIHB!VTIHB PSH ZPVS DMBTTJm FE XJUI ZPVS 7JTB .$ PS "NFY
450-&/ 8*/(4 5)*/(4 .0:&4 -*5&41&&% o 4UPMFO "VH GSPN IPNF JO 5&.&$6-" $" #MVF SFE CMVF .ZMBS TBJM OP NBSLJOHT TQFFE GSBNF $POUBDU #JMM 4PEFSRVJTU CJMMTPE!F[ OFU
*/%&9 50 "%7&35*4&34 "JSHBUF
450-&/ 8*/(4 BSF MJTUFE BT B TFSWJDF UP 64)(" NFNCFST /FXFTU FOUSJFT BSF JO CPME 5IFSF JT OP DIBSHF GPS UIJT TFSWJDF BOE MPTU BOE GPVOE XJOHT PS FRVJQNFOU NBZ CF DBMMFE JO UP GBYFE UP PS FNBJMFE UP VTIHB!VTIHB PSH GPS JODMVTJPO JO )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF 1MFBTF DBMM UP DBODFM UIF MJTUJOH XIFO HMJEFST BSF SFDPWFSFE 1FSJPEJDBMMZ UIJT MJTUJOH XJMM CF QVSHFE
#FMPX "EWBODF UFBN NFNCFST n ZJOH 0NFHB HMJEFST PWFS "MQJOF HMBDJFST 1IPUP ª"EWBODF DI
"OHMF PG "UUBDL %BO +PIOTPO &E )PMNFT 3FBMUZ 'MZUFD 64" )JHI &OFSHZ 4QPSUT +VTU 'MZ .PKPT (FBS 0$0//03 'MJHIU 4DIPPM 1FBL 5P 1FBL 4FNJOPMF@MBLF (MJEFQPSU 4QPSU "WJBUJPO 1VCMJDBUJPOT 5IFSNBM 5SBDLFS 1BSBHMJEJOH 5PSSFZ 1JOFT 5PUBMMZ "XFTPNF 'MZJOH 4QPSUT 5SBWFSTF $JUZ )( 1( 64)( 'PVOEBUJPO 64)(" $BMFOEBST 8JMMT 8JOH
."3,&5 1-"$& $MPVE 4PBSJOH $FOUFS ,JUUZ )BXL ,JUFT 'MJHIU $POOFDUJPOT .JTTJPO 4PBSJOH $FOUFS 'MZUFD 64" 64)(" 9$ 'MJHIU "XBSE 64)(" $BMFOEBS
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
04),04) 8*4$ 8IJMF RVJUF XFMM UIBOLT UP UIF FĊ PSUT PG (8 BU UIF GPMMPXJOH 8FC TJUF IUUQ XXX UIF EFFQ TOPX TXJSMT JO TUSPOH XJOUFS .FBEPXT BOE IJT 64 "FSPT PQFSBUJPO NPVOUFWFSFTU OFU TUPSZ #FTUPG &YQMPS XJOET VQ IFSF JO UIF TPVUIFSO UVOESB OPX JO TFBSDI PG B OFX PXOFS CVU FST8FC "XBSET'MJHIUPGUIF&BHMFT JU T FOKPZBCMF UP UIJOL BCPVU UIF UI UIJT DPOUFTU CSPVHIU DPOUFTUBOUT GSPN "OHFMPTTUPSZ+BO TIUNM T &WFO 8PSME .FFU UBLJOH QMBDF JO TVOOZ BMM PWFS UIF HMPCF BOE B RVBSUFS PG UIFN BGUFS * TUVEJFE BMM UIF GBDUT PG UIJT FY IPU "VTUSBMJB XIFSF UIJT UJNF PG ZFBS JT DIPTF "FSPT *O UIJSE QMBDF XBT *DBSP BU DFQUJPOBM n JHIU * EJEO U HFU UIF n BWPS BT iTVNNFS w ɩ F FWFOU DPODMVEFE KVTU BT B ESPQ GSPN TPNF FBSMJFS QBSUJDJ XFMM BT * EJE XIFO * TBX UIF WJEFP XIJDI UIJT DPMVNO XBT TFOU UP UIF FEJUPS BOE QBUJPO SBUFT UIF *UBMJBO DPNQBOZ FOKPZFE SVOT GPS TFWFSBM NJOVUFT B IJHI TQFFE * N QMFBTFE UP SFQPSU B GFX IJHIMJHIUT "VTUSBMJB T "JS#PSOF DBNF JO GPVSUI DPOOFDUJPO NBZ CF SFRVJSFE * EJEO U T 4PNF DPOUFTU FOUIVTJBTUT GPMMPXFE XJUI UIFJS GPMMPXFE CZ 8JMMT 8JOH UFTU UIJT BU EJBM VQ TQFFET 1SFTFOUFE UIJT PO %BWJT 4USBVC T 0[ 3FQPSU BU 'SBODF T -B .PVFUUF BU BOE BSF TPNF QPJOUT PG WJFX UIBU * OFWFS FY P[SFQPSU DPN GSPN XIJDI * WF EJTUJMMFE &OHMBOE T "WJBO XJUI B TJOHMF QJMPU PG UIF QFDUFE JODMVEJOH PO CPBSE DBNFSB B GFX QPJOUT PG JOUFSFTU ttt ɩ F OFX XIP m OJTIFE JO UIF QPJOUT PG UIF CJH WJFXT XIFO UIF UPXMJOF TOBQQFE SFJHOJOH DIBNQJPO PG n FY XJOHT JT 0MFH XPSME FWFOU ttt ɩ F UPQ 6 4 QJMPUT JO BOE MFGU "OHFMP TUSBOEFE PWFS UIF NPTU #POEBSDIVL PG UIF 6LSBJOF 8PSLJOH DMVEFE $VSU 8BSSFO JO UI QMBDF n ZJOH GPSCJEEJOH UFSSBJO JNBHJOBCMF * EPO U GPS "FSPT IF XBT PG DPVSTF n ZJOH BO B .PZFT -JUFTQFFE 4 ,FWJO $BSUFS JO LOPX IPX MPOH UIFTF TUPSJFT TUBZ QPTUFE "FSPT $PNCBU - BOE m OJTIFE XJUI B UI PO B "FSPT $PNCBU - BOE %VTUJO TP * E BEWJTF ZPV QPJOU ZPVS CSPXTFS UP DMFBS MFBE PWFS TFDPOE QMBDF m OJTIFS 3PC .BSUJO JO UI n ZJOH B .PZFT -JUFTQFFE UIF BCPWF BEESFTT TPPO BOE IBWF B HBOEFS 3FJTJOHFS PG "VTUSJB n ZJOH BO *DBSP ;FSP 4 ɩ FTF QJMPUT XFSF USBJMFE CZ 5PN ttt 8IJMF ZPV SF CSPXTJOHy:PV DBO WJFX GPMMPXFE CZ GFMMPX "VTUSJBO (FSPMG -BOOJOH UI PO B -JUFTQFFE 4 %BWJT TPNF TQFDUBDVMBS FBHMF n JHIU GPPU )FJOSJDIT n ZJOH B .PZFT -JUFTQFFE 4 4USBVC UI PO B -JUFTQFFE 4 OPU IJT BHF XJUI B UJOZ POF PVODF DBNFSB BOE $POHSBUVMBUJPOT UP UIFTF UPQ UISFF m OBM VTVBM SJHJE XJOH BOE %FBO 'VOL SE USBOTNJUUFS NPVOUFE PO UIF OFDL PG UIF JTUT JO IBOH HMJEJOH T UPQ XPSMEXJEF DPN PO B -JUFTQFFE 4 ttt *O DPOUFTU SFTVMUT FBHMF 4FF B TFSJFT PG WJEFP DMJQT BU IUUQ QFUJUJPO :PV NBZ BMTP OPUF XJUI JOUFSFTU CZ DPVOUSZ "VTUSBMJB DBNF JO m STU NFEJB BOJNBM EJTDPWFS Z DPN DPOWFS UIBU UIF UPQ UISFF QJMPUT n FX EJĊ FSFOU UIPVHI CBSFMZ BIFBE PG UIF "VTUSJBO HFODF TQZPOUIFXJME CJSEUFDI CJSEUFDI CSBOET TP OP DPNQBOZ iTXFQUw UIF UPQ UFBN 'SBODF XBT UIJSE GPMMPXFE CZ IUNM ɩ FTF BSF SFBMMZ RVJUF BNB[JOH T QPTJUJPOT #FGPSF * HP GVSUIFS MFU NF *UBMZ UI UIF 64" UI (FSNBOZ WJFXT BOE B HSFBU XBZ UP LJMM UJNF BU XPSL SFQFBU NZ PGUFO TUBUFE DPNNFOU XIFO UI +BQBO UI $[FDI 3FQVCMJD UI PS XIFO ZPV DBO U HP n ZJOH JO QFSTPO ttt SFWJFXJOH CSBOET BU DPOUFTUT ɩ F SFTVMUT 4QBJO UI BOE ɩ F /FUIFSMBOET UI 'JOBMMZ UIF DPOUFTU TFBTPO JO UIF EP OPU OFDFTTBSJMZ SFn FDU CSBOE QVSDIBTF ttt 6OGPSUVOBUFMZ UIF UI 8PSME .FFU 6 4 JT GBTU BQQSPBDIJOH 3FHBSEJOH UIF EFDJTJPOT CZ SFDSFBUJPOBM IBOH HMJEFS B UPX MBVODIFE FWFOU XBT NBSSFE CZ 6 4 )BOH (MJEJOH /BUJPOBMT UIPTF QJMPUT 4PNF QJMPUT BSF TQPOTPSFE BOE BMM UIF EFBUI PG 3PCJO 4USJE B /PSXFHJBO FWFOUT UIBU TFFN BOOVBMMZ UP IBQQFO DPNQ QJMPUT BSF NPUJWBUFE CZ EJĊ FSFOU QJMPU XIP iDIPTF UP GPPU MBVODI JO MJHIU JO 'MPSJEB BSF PGUFO PWFSTVCTDSJCFE 0G n ZJOH HPBMT UIBO UIF WBTU NBKPSJUZ PG n Z DSPTT XJOE DPOEJUJPOT JO TQJUF PG UIF UIF VQDPNJOH )( /BUT BU 2VFTU 'MJHIU GPS GVO QJMPUT ttt *U TIPVME TVSQSJTF OP QMFBEJOHT GSPN UIF HSPVOE DSFXyUP VTF 1BSL PSHBOJ[FS 4UFWF ,SPPQ XSJUFT POF UIBU .PZFT EPNJOBUFE UIF DPOUFTU B DBSU w XSJUFT 4USBVC JO IJT 0[ 3FQPSU i8F SFDFJWFE PWFS BQQMJDBUJPOT PO XJUI PG UIF m FME ɩ F DPOUFTU XBT i"T IF UPPL PĊ IJT MFGU XJOH XBT ESBH UIF m STU EBZ PG SFHJTUSBUJPO BOE UP EBUF IFME JO SFNPUF "VTUSBMJB XIFSF .PZFT HJOH #PCCZ #BJMFZ UIF CFTU UPX QJMPU XF IBWF SFDFJWFE PWFS BQQMJDBUJPOT IBT MPOH CFFO UIF PWFSXIFMNJOH GBWPS JO UIF CVTJOFTT NPWFE UP UIF SJHIU UP XIJDI NFBOT XF IBWF B XBJUJOH MJTU 0G JUF BOE .PZFT IBT MPOH CFFO JOWPMWFE HFU GVSUIFS JOUP UIF XJOE BOE 3PC HPU DPVSTF XF XJMM CF XPSLJOH PO TFDVSJOH XJUI DPNQFUJUJPO n ZJOH )PXFWFS BMTP IJT MFGU XJOH VQ BOE n ZJOH BT IF MJOFE VQ NPSF UVHT TP XF DBO MFU FWFSZPOF JO w JT FWFOU BMTP TFSWFT BT UIF QSF 8PSMET MPDBM "JS#PSOF EJEO U GBSF BT XFMM XJUI CFIJOE #PCCZ ɩ FO 3PCJO TIJGUFE PĊ UP ɩ POMZ PG UIF DPOUFTUBOUT n ZJOH UIFJS UIF MFGU BHBJO HFUUJOH IJT SJHIU VQXJOE NFFU GSPN XIJDI JU HBJOT BEEJUJPOBM XJOHT "T B TJEF OPUF "JS#PSOF EPFT XJOH IJHI BHBJO )F XBT TFFO SFBDI JNQPSUBODF $POUBDU 4UFWF BU 2VFTU RVJUF XFMM JO "NFSJDB XJUI UIFJS QPX JOH GPS IJT SFMFBTF * VOEFSTUBOE UIBU PS RVFTUBJS!NQJOFU DPN FSFE USJLF EJWJTJPO CFJOH POF PG UIF UPQ #PCCZ BMTP SFMFBTFE IJN )F LFQU EPJOH ttt 4P HPU OFXT PS PQJOJPOT 4FOE AFN UP CSBOET *O TFDPOE QPTJUJPO XBT "FSPT B XJOHPWFS UP UIF MFGU BOE EPWF TUSBJHIU %PSTFU 4U 1BVM ./ .FTTBHFT XJUI B WFSZ SFTQFDUBCMF PG UIF m FME JOUP UIF HSPVOE GSPN BCPVU GFFU )F PS GBY UP &NBJM UP * m OE JU JOUSJHVJOH UIBU B 6LSBJOJBO DPN XBT LJMMFE JNNFEJBUFMZ w $POEPMFODFT %BO!#Z%BO+PIOTPO DPN QBOZ DBO EP UIJT XFMM PO UIF XPSME TUBHF UP 3PCJO T GBNJMZ ttt -BTU NPOUI ZPV 5)"/,4 POMZ B EFDBEF BOE B IBMG BGUFS UIF DPVO HPU UP SFBE BCPVU "OHFMP E "SSJHP T USZ FNFSHFE GSPN CFIJOE UIF PME *SPO n JHIU PWFS .PVOU &WFSFTU /PX ZPV $VSUBJO *O "NFSJDB XF LOPX "FSPT DBO TFF TPNF FYDFQUJPOBM WJEFP DMJQT
.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
In thirty years of hang gliding I've learned, like every other pilot, to read aJl glider advertisements with a bit of skepticism. Now my world has been
turned upside down with the Sport 2. It's everything you said and more, much more. The ease of handling both on the ground and in the air is fantastic. And you failed to mention speed range. After zipping around the sky, when I try to use my traditional run-out landing it keeps taking off after I've taken a few steps then settling gently back to earth. What a phenomenal glider I It's hard to believe that this much performance could be combined with such delicious landing characteristics. It's not like I'm light on the wing either. At a 215 hook in I'm a bit above the middle of the recommended range. And what a joy when you toss those 59 pounds on your shoulder for the trek to the car at the end of the dBo7. Bravo Wills Wing! You're the greatest! With deep appreciation,
Truth In Advertising? People have come to doubt most advertising claims. And who could blame them, when so many times the actual quality of a company's products and services falls so far short of the company's claims? On the other hand, sometimes customers have just the opposite experience ...
~
LLS.....,.,,,,Nti Quality Aircraft For Exceptional People
WWW.WILLSWING.COM
WILLS WING. INC. - 500 WEST BLUERIDGE AVE. ORANGE CA 92865 USA - PH: 714.998.6359 FAX: 714.998.0647