7PMVNF *TTVF +VOF
" 1VCMJDBUJPO PG UIF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO X X X VTIHB PSH
$ISJT .VMMFS .BSDI "QSJM
Light enough for a woman. but made for a man. e line carbon ded!!
Walkerjet RR only671bs
Second quietest motor at Salton Sea than any ket
Comfort bar revent laceplant an harness open dur, 1 making it the most com able unit on earth Ski elow you make fast land' s a breeze. provide safety crumple zones and you don't have to sit in the mud to hook in
~ a,.,,
Travel bags includedl!I
WALKERJ~T
Totally Awesome Flying Sports I,.,.,,,,.,_., .\, 1,,, , , ,: , , .. I1nfo@walkeqet.co111 I: : ,1 1' I I: : /'-, ;,.-,
+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 5IBZFS )VHIFT %BO +PIOTPO +JN -JUUMF %BWJT 4USBVC 4UBGG BSUJTU +BNFT 5JCCT 0Gm DF 4UBGG +BZOF %F1BOm MJT &YFDVUJWF %JSFDUPS KBZOF!VTIHB PSH .BSUJO 1BMNB[ #VTJOFTT .BOBHFS NBSUJO!VTIHB PSH 3JDL #VUMFS *OGPSNBUJPO 4FSWJDFT %JSFDUPS SJDL!VTIHB PSH -JTB )PMTUFFO .FNCFS 4FSWJDFT MJTB!VTIHB PSH &SJO 3VTTFMM "ENJO .FNC 4FSWJDFT FSJO!VTIHB PSH
)"/( (-*%*/( 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
64)(" 0Gm DFST BOE &YFDVUJWF $PNNJUUFF
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 JOEJWJEVBMT SFMZJOH VQPO UIF NBUFSJBM EP TP BU UIFJS PXO SJTL 3&(*0/ #JMM #PMPTLZ .BSL 'PSCFT 3&(*0/ +JN $PQZSJHIU ª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m FME /"" 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 :PVS DPOUSJCVUJPOT BSF HSFBUMZ BQQSFDJBUFE *G ZPV IBWF BO EFMFHBUFE UP UIF 64)(" TVQFSWJTJPO PG '"* SFMBUFE IBOH JEFB GPS BO BSUJDMF ZPV NBZ EJTDVTT ZPVS UPQJD XJUI UIF HMJEJOH BOE QBSBHMJEJOH BDUJWJUJFT TVDI BT SFDPSE BUUFNQUT FEJUPS FJUIFS CZ FNBJM PS UFMFQIPOF BOE DPNQFUJUJPO TBODUJPOT $POUBDU &EJUPS )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF )"/( (-*%*/( 1"3"(-*%*/( NBHB[JOF JT QVCMJTIFE FEJUPS!VTIHB PSH GPS GPPU MBVODIFE BJS TQPSUT FOUIVTJBTUT UP DSFBUF GVSUIFS JOUFSFTU JO UIF TQPSUT PG IBOH HMJEJOH BOE QBSBHMJEJOH BOE 'PS DIBOHF PG BEESFTT DBMM PS FNBJM UP QSPWJEF BO FEVDBUJPOBM GPSVN UP BEWBODF IBOH HMJEJOH MJTB!VTIHB PSH BOE QBSBHMJEJOH NFUIPET BOE TBGFUZ $POUSJCVUJPOT BSF XFMDPNF 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
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
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
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP 0MJWJFS -BVHFSP
)"/( (-*%*/( 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
%&1"35.&/54 &EJUPS T $PSOFS 1JMPU #SJFm OHT /FXT BOE &WFOUT "JS .BJM 3FBEFST 8SJUF *O 64)(" /FXT
* +6.1 '30. 5)& .06/5"*/ )BOH HMJEFS QJMPU +FBO $BSNJDIBFM SFNJOET VT UIBU PVS NFNPSJFT PG UIF TIFFS FYVCFSBODF BOE UISJMM PG UIBU m STU BMUJUVEF n JHIU OFWFS GBEF #Z +FBO $BSNJDIBFM
5SBWFM 5IF )JHI 3PDL .BSZMBOE UI "OOJWFSTBSZ $FMFCSBUJPO 'MZ *O " 'MZJOH 4VNNFS 7BDBUJPO /PSUIXFTU 3PBE 5SJQ 1BSU
4JUF (VJEF -JTB $PMMFUUJ T BOE 5SBDZ 5JMMNBO T #JH 'SPOU :BSE 64)(" 3FHJPOBM %JSFDUPS /PNJOBUJPOT 4PMJDJUFE
(0/& */ ()"/" 1BSUJDJQBOUT JO UIF m STU FWFS (IBOB )BOH 1BSBHMJEJOH 'FTUJWBM XFSF SFRVJSFE UP IBWF B QJPOFFSJOH TQJSJU B TFOTF PG BEWFOUVSF BOE B CJU PG MVDL 1JMPUT BOE TQFDUBUPST EFDMBSFE UIF FWFOU B SPVTJOH TVDDFTT #Z .BUU (FSEFT
/FX 3BUJOHT 1( "DDJEFOU 3FQPSUT (BMMFSZ $BMFOEBS
3&.&.#&3*/( $)3*4 .6--&3 #Z 8JMM (BEE
.BSLFUQMBDF $MBTTJm FET 1SPEVDU -JOFT #Z %BO +PIOTPO *OEFY UP "EWFSUJTFST
$ISJT .VMMFS EJFE JO B IBOH HMJEJOH BDDJEFOU EVSJOH UIF 6 4 /BUJPOBMT
)"/( (-*%*/( ."3,4 45".14 0' 5)& 803-% 1"35 #Z 5FSSZ 'FSSFS
JO 'MPSJEB 8JMM (BEE QBZT USJCVUF UP IJT GSJFOE PO Q
1IPUP ª$ISJTUJBO 1POEFMMB 3FE #VMM
.BZ )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
456$, 0/ 9$ " UFOBDJPVT DSPTT DPVOUSZ QJMPU m OET IJNTFMG JO B TUJDLZ TJUVBUJPO XJUI BNQMF UJNF o BOE HPPE SFBTPO o UP SFn FDU PO UIF DIBMMFOHFT BOE SFXBSET PG WFOUVSJOH PVU #Z +PTFQI 5ZOFT
'*/%*/( 5)& 4,: /05&4 0/ -&"3/*/( 50 40"3 1"35 "O JOUFSNFEJBUF QBSBHMJEFS QJMPU TIBSFT MFTTPOT MFBSOFE EVSJOH B OBSSPX FTDBQF GSPN B TVDLZ DMPVE 4JEFCBS B QFSTPOBM HMPTTBSZ PG DPNNPO GPPU MBVODI n ZJOH UFSNT #Z 1BVM 7JMMJOTLJ
(0*/( 5)& %*45"/$& */ 65") 'PVS IBOH HMJEFS QJMPUT QJDL B QFSGFDU EBZ UP BUUFNQU UP CSFBL UIF 6UBI TUBUF SFDPSE #Z -JTB 7FS[FMMB
ǾBMMFSZ
.BZ )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$ + 4UVSUFWBOU
ɩ F n ZJOH DPNNVOJUJFT JO CPUI UIF 6 4 BOE $BOBEB BSF SFFMJOH GSPN UIF MPTT PG $ISJT .VMMFS POF PG PVS NPTU QFSTPOBCMF BOE UBMFOUFE ZPVOH CJXJOHVBM QJMPUT * NFU UIF .VMMFST DMPTF UP ZFBST BHP XIFO $ISJT XBT B TPNFXIBU QVEHZ QSF BEPMFTDFOU KVTU TUBSUJOH UP n Z IBOH HMJEFST $ISJT T EBE XBT GVMM PG GVO B SFBM TIPXNBO BT HPPGZ BT BOZ LJE BOE XF BMM MPWFE IJN 4P JU T OP XPOEFS UIBU $ISJT HSFX JOUP B ZPVOH NBO XIP MPWFE DIBMMFOHF MPWFE UFTUJOH IJNTFMG BOE QVTI JOH IJT MJNJUT MPWFE B TIPX o BOE XBT MPWFE CZ BMM PG VT .Z IFBSU HPFT PVU UP 7JODFOF XIP JT TVSFMZ NJTTJOH IFS CPZT GBS NPSF UIBO BOZ PG VT DBO JNBHJOF * BN HSBUFGVM UP 8JMM (BEE $ISJT T GSJFOE BOE GFMMPX 3FE #VMM QJMPU GPS TFOEJOH NF IJT SFNFNCSBODF PG $ISJT UP JODMVEF JO UIJT JTTVF ɩ F n ZJOH TFBTPO JT VQPO VT FWFO UIPTF PG VT XIP MJWF JO BSFBT XIFSF XJOUFS JT SFMVDUBOU UP HJWF XBZ UP TQSJOH 0CWJPVTMZ NBOZ PG ZPV QVU UIPTF ESFBSZ XJOUFS EBZT UP HPPE VTF o * N SFDFJWJOH FYDFMMFOU BEWFOUVSF UBMFT BOE UIPVHIU GVM BSUJDMFT BOE CFBVUJGVM QIPUPHSBQIT GSPN BMM BSPVOE UIF DPVOUSZ BOE GSPN QJMPUT PG FWFSZ TLJMM MFWFM BOE XJOHVBM QFSTVBTJPO ɩ BOLT UP BMM PG ZPV XIP IBWF UBLFO UIF UJNF UP TIBSF ZPVS UBMFOUT BOE JOUFSFTUT ɩ JSUZ ZFBST BHP NVTU WF CFFO B CJH ZFBS GPS PQFOJOH TJUFT * SFDFOUMZ QBSUJDJQBUFE JO UIF UI BOOJWFSTBSZ DFMFCSBUJPO PG IBOH HMJEJOH BU PVS MPDBM TJUF %PH .PVOUBJO JO UIJT JTTVF * IBWF OFXT JUFNT PS USBWFM BSUJDMFT PO ZFBS DFMFCSBUJPOT PG n ZJOH BU .JOHVT .U JO "SJ[POB BOE )JHI 3PDL JO .BSZMBOE *G UIFSF T B TJNJMBS QBSUZ BU ZPVS MPDBM TJUF UIJT TFBTPO PS BOZ TFBTPO GPS UIBU NBUUFS QMFBTF TFOE NF UIF TUPSZ BOE TPNF IJHI SFTPMVUJPO QIPUPT 0VS IJTUPSZ JT TP NVDI B QBSU PG XIP BOE XIBU XF BSF BOE XF PME UJNFST FOKPZ UIF SFNJOJTDFODFT BT NVDI BT UIF OFXFS QJMPUT FOKPZ MFBSOJOH BCPVU PVS SPPUT $MFBSMZ B MPU PG VT MJLF UP HP BEWFOUVSJOH o TP NBOZ PG UIF BSUJDMFT UIBU * SFDFJWF BSF BCPVU USJQT UIBU QJMPUT IBWF UBLFO CPUI JO UIF 6 4 BOE BCSPBE ɩ JT NPOUI ZPV MM m OE UIF DPODMVTJPO UP +FĊ $SJTUPM T /PSUIXFTU SPBE USJQ XIJDI UPPL IJN BOE IJT XJGF JOUP UIF $BOBEJBO 3PDLJFT GPS TPNF TQFDUBDVMBS QBSBHMJEJOH .BUU (FSEFT USBWFMFE UP "GSJDB UP QJPOFFS TPNF QBSBHMJEJOH TJUFT JO (IBOB XJUI SFTVMUT UIBU XJMM TPVOE GBNJM JBS UP BOZPOF XIP T WFOUVSFE UP BO VOEFWFMPQFE BSFB UP n Z %BWJT 4USBVC DPOUJOVFT IJT JODFOUJWFT UP FYQMPSF UIF 6 4 BFSPUPX QBSLT XJUI IJT TJUF HVJEF UP $MPVE JO .JDIJHBO )BOH HMJEFS QJMPU -JTB 7FS[FMMB B GPSNFS 8PNFO T 8PSME 5FBN NBUF PG NJOF TIPXT TIF T TUJMM JO UPQ 9$ GPSN CZ TFUUJOH PVU UP CSFBL UIF 6UBI 9$ SFDPSE MBTU TVNNFS "OPUIFS XPNBO +FBO $BSNJDIBFM GPVOE UIF DIBMMFOHFT PG MFBSO
JOH UP n Z B IBOH HMJEFS OFBSMZ JOTVSNPVOUBCMF XIJDI POMZ NBEF IFS FWFOUVBM TVDDFTT UIBU NVDI TXFFUFS +PTFQI 5ZOFT GBDFE DIBMMFOHFT PG BOPUIFS TPSU XIFO IJT 9$ PVUMBOEJOH QVU IJN JO B TUJDLZ TJUVBUJPO XJUI MPUT PG UJNF UP SFn FDU PO SJTLT BOE SFXBSET PG WFOUVSJOH BXBZ GSPN IJT IPNF QBTUVSF 1BVM 7JMMJOTLJ TIBSFT B UBMF PG BO BMNPTU UPP DMPTF FODPVOUFS XJUI B DMPVE JO IJT QBSBHMJEFS TPNF PG UIF MFTTPOT IF MFBSOFE BQQMZ UP IBOH BT XFMM BT QBSBQJMPUT 1BVM BMTP JODMVEFT B MJHIU IFBSUFE HMPTTBSZ PG GPPU MBVODI UFSNT UIBU GPS UIF NPTU QBSU DBO CF BQQSFDJBUFE CZ BOZPOF XIP T FWFS TQFDLFE PVU PS TQFOU BO BGUFSOPPO IBOH PS QBSBXBJUJOH PO B CMPXO PVU MBVODI 5FSSZ 'FSSFS T m WF QBSU BSUJDMF PO IBOH HMJEJOH TUBNQT PG UIF XPSME DPODMVEFT JO UIJT JTTVF * IFBSE PO /13 UIF PUIFS EBZ UIBU UIF 6414 JT HPJOH UP HJWF JUT DSFBUF ZPVS PXO TUBNQ JEFB BOPUIFS MPOHFS USJBM QFSJPE * CFU 5FSSZ XPVME MPWF UP HFU MFUUFST GSPN BOZPOF XIP IBT UIFJS IBOH HMJEFS QIPUP NBEF JOUP B TUBNQ +JN -JUUMF QSPWJEFT VT XJUI UIF BOOVBM TVNNB SZ PG QBSBHMJEJOH BDDJEFOUT JO UIJT JTTVF 0VS NPOUIMZ BDDJEFOU DPMVNOT SFMZ PO UIF TVCNJTTJPO PG SFQPSUT GSPN BOZPOF BOE FWFSZPOF XIP QBSUJDJ QBUFT JO PS XJUOFTTFT BO BDDJEFOU PS JODJEFOU *U T FBTZ UP m MF B SFQPSU POMJOF PS ZPV DBO HFU B QBQFS DPQZ PG UIF GPSN GSPN BOZ PCTFSWFS PS JOTUSVDUPS PS GSPN UIF 64)(" Pċ DF 1MFBTF EP ZPVS QBSU GPS TBGFUZ BOE TFOE JO UIPTF SFQPSUT 'JOBMMZ UIF 64)(" /BNF $IBOHF DPNNJU UFF IBT BO VQEBUF JO UIJT JTTVF XJUI BO PWFSWJFX PG UIF QSPDFTT BOE SFDFOU QPMM SFTVMUT BT XFMM BT DPNNFOUT GSPN CPUI UIPTF XIP BSF JO GBWPS PG B OFX OBNF BOE UIPTF XIP QSFGFS UP LFFQ UIF OBNF XF DVSSFOUMZ IBWF :PV BSF FODPVSBHFE UP QBSUJDJ QBUF JO UIF OBNF DIBOHF QPMMT JOTUSVDUJPOT GPS NBLJOH ZPVS PQJOJPO IFBSE BSF JO UIF BSUJDMF +VTU B ZFBS BHP * OFBSMZ MPTU B HPPE GSJFOE JO B QBSBHMJEJOH BDDJEFOU $ISJT T EFBUI JO B IBOH HMJEJOH BDDJEFOU ESJWFT IPNF UIJT QPJOU 8IBU XF EP JT OPU XJUIPVU SJTL -FU UIF QFPQMF ZPV DBSF BCPVU LOPX IPX JNQPSUBOU UIFZ BSF UP ZPV BOE FODPVSBHF ZPVS n ZJOH CVEEJFT UP NBLF EFDJTJPOT UIBU UIFZ BOE ZPV DBO MJWF XJUI 1MFBTF n Z TBGFMZ BOE FOKPZ UIF NBHJD UIF DIBMMFOHFT UIF UPUBMMZ BXFTPNF FYQFSJFODFT UIBU PVS XJOHT DBO QSPWJEF
.BZ )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
&YPUJD 5SBWFM %FTUJOBUJPO 1BSBHMJEFS 'SFF 'MZJOH BOE $PNQ 0QQPSUVOJUJFT JO 5BJXBO 5FYU BOE QIPUPT DPVSUFTZ *WPOB
ɩ F &BTU 3JGU 7BMMFZ JO 5BJUVOH $PVOUZ JT POF PG UIF NPTU CFBVUJGVM BSFBT JO TPVUIFSO 5BJXBO ɩ F BSFB JT DPN QSJTFE PG UXP TFQBSBUF NPVOUBJO SBOHFT UIF $PBTUBM BOE UIF $FOUSBM NBSLJOH UIF NFFUJOH QPJOU PG UIF 1IJMJQQJOF BOE UIF &VSBTJBO UFDUPOJD QMBUFT ɩ F TPVUI FBTUFSO 1BDJm D DPBTU JT VOJOEVTUSJBM J[FE B IPUTQPU GPS BOZ EFTJSFE PVUEPPS SFDSFBUJPO GSPN USJBUIMPOT UP QBSBHMJE JOH DPNQFUJUJPOT "T TPPO BT * NPWFE IFSF * KVNQFE BU UIF PQQPSUVOJUZ UP n Z ɩ F NBJO UBLF PĊ [POF JT BU 5BJ 1JOH .PVOUBJO N BCPWF TFB MFWFM "U UIJT BMUJUVEF * BN UPME BOZ EFTJSFE IFJHIU DBO CF SFBDIFE EVF UP FYDFMMFOU UIFSNBM DPOEJUJPOT BOE SJEHF MJGU FTQFDJBMMZ BMPOH UIF DFOUSBM SBOHF XIFSF UIFSNBM XJOET BSF HFOFSBMMZ N T CFUXFFO Q N ɩ F QSFWBJMJOH XJOE JT TPVUIFSMZ XJUI WFMPDJUJFT PG CFUXFFO LN I ɩ F MBOEJOH [POF JT B TNPPUI HSBTT m FME TJUVBUFE CFUXFFO UFB QMBOUBUJPOT BOE TVS SPVOEFE CZ CFUFM OVU QBMN USFFT ɩ JT TDFOFSZ XBT JOUSPEVDFE UP NF B OPWJDF CZ B NBTUFS PG UIF XJOE UIF DSFTUFE TFSQFOU FBHMF *UT TUJMMOFTT JO UIF BJS XBT HJWJOH NF B TFOTF PG DBMNOFTT BT
5BJXBO
1IPUP (JM $PVUP
.JOHVT .PVOUBJO JT B )BOH TJUF XJUI UXP MBVODIFT BU GFFU .4- PWFSMPPLJOH UIF 7FSEF 7BMMFZ ɩ F QSJ NBSZ -; JT UIF $PUUPOXPPE BJSQPSU BU BO FMFWBUJPO PG GFFU .4- BOE UIFSF BSF TFWFSBM BMUFSOBUF -;T BDSPTT UIF WBMMFZ "MM 64)(" NFNCFS QJMPUT BOE UIFJS HVFTUT BSF JOWJUFE UP TQFOE -BCPS %BZ XFFLFOE BU .JOHVT BOE FOKPZ UIF XPOEFSGVM MBUF TVNNFS n ZJOH DPOEJUJPOT UIF CFBVUJGVM OFX GBDJMJUJFT BOE UIF MPDBM IPTQJUBMJUZ PG UIF OFBSCZ DPNNVOJUJFT PG 1SFTDPUU $PUUPOXPPE BOE 4FEPOB ɩ F n Z JO XJMM Pċ DJBMMZ CFHJO PO 'SJEBZ 4FQUFNCFS BMUIPVHI QJMPUT BSF XFMDPNF UP BSSJWF FBSMJFS JO UIF XFFL UP HFU BEEJUJPOBM BJSUJNF ɩ FSF XJMM CF PQUJPOT FBDI EBZ GPS MPDBM GSFF n ZJOH BOE DSPTT DPVOUSZ n JHIUT BT XFMM BT TFWFSBM MPX LFZ GVO DPNQ FWFOUT .JOHVT .PVOUBJO JT GSFRVFOUMZ UIF MBVODIJOH QPJOU GPS MPOH DSPTT DPVOUSZ n JHIUT PWFS UIF TQFDUBDV MBS 4FEPOB 3FE 3PDL DPVOUSZ ɩ F DMVC XJMM IPTU B IFBSUZ XFTUFSO CBSCFDVF GPS BMM QBSUJDJQBOUT PO 4VOEBZ 4FQU
5BJXBO 1IPUP (JM $PVUP
-PUT PG IBQQZ XJOOFST UBLF UIFJS TIBSF PG JO QSJ[F NPOFZ
* XBT CFJOH TUSBQQFE JOUP B IBSOFTT CF OFBUI B DPMPSGVM DBOPQZ PG GBCSJD :J &S 4BO ɩ F DBOPQZ SPTF BT XF SBO GPS UIF PQFO KPVSOFZ .PNFOUT MBUFS * DPVME TUJMM IFBS UIF DBMM PG PVS FBHMF OPX CFMPX NF XIJMF GFFMJOH UIF GSFTI XBSN NPJT UVSF SFTUJOH PO NZ GBDF 8F TPBSFE PWFS NPVOUBJO QFBLT m FMET PG UFB QMBOUBUJPOT BOE n VPSFTDFOU HSFFO HBSEFOT PG USPQJDBM KVOHMF XF HMJEFE PWFS SJWFS CFET BOE BC PSJHJOBM WJMMBHFT UIF IPNFT PG 3VLBJ BOE :BNJ USJCFT UIFJS GSVJU USFFT JO CMPPN 'FFMJOH UIF TUJMMOFTT PG NZ n JHIU * LOFX * IBE UIF CFTU TFBU JO UIF BVEJFODF BT * XBUDIFE UIF PDFBO DPBTU GBDJOH PĊ XJUI UIF CFBVUJGVM NPVOUBJO SBOHF *U XBT B NFEJUBUJPO XJUIJO UIF CSFF[F *U XBT BO FYUSBPSEJOBSZ FYQMPSBUJPO PG B TFSFOF BOE USBORVJM MBOE IPMEJOH B VOJRVF TFOTF PG SJUVBM ɩ F BUNPTQIFSF PG NZ n JHIU GPSFW FS JOTUJMMFE B OFX JOGBUVBUFE BXBSFOFTT PG UIF MPDBM 5BJXBOFTF CFBVUZ 0O MBOEJOH * GFMU SFCPSO JO TP NBOZ XBZT "MUIPVHI * GFMU JU XBT NVDI UPP TPPO UP MFBWF UIF FBHMF T QBUI * LOFX * XPVME KPJO JUT GSFF XPSME BHBJO 'PS NPSF JOGPSNBUJPO BCPVU n ZJOH JO 5BJXBO DPOUBDU *WPOB BU TUFGVOL!DJUZPGOFDSPQPMJT DPN 'PS EF UBJMT PO UIJT TVNNFS T QBSBHMJEJOH DPN QFUJUJPO "VHVTU XJUI 64 QSJ[F NPOFZ TFF UIF $BMFOEBS TFDUJPO JO UIJT JTTVF BOE UIF BE PO Q
"SJ[POB )BOH (MJEJOH $MVC UP $FMFCSBUF :FBST PG 'MZJOH BU .JOHVT .PVOUBJO ɩ F "SJ[POB )BOH (MJEJOH $MVC XJMM IPTU B n Z JO BOE GVO DPNQFUJUJPO 4FQUFNCFS BU .JOHVT .PVOUBJO JO OPSUIFSO "SJ[POB JO DFMFCSBUJPO PG JUT UI BOOJWFSTBSZ BT B IBOH HMJEJOH TJUF ɩ JT FWFOU XJMM BMTP DPNNFNPSBUF UIF DPNQMFUJPO PG UIF QJMPUT DBNQHSPVOE BOE CBUISPPN OFBS UIF MBVODI CVJMU PWFS UIF QBTU UXP ZFBST XJUI NBKPS GVOEJOH GSPN UIF 6 4 )BOH (MJEJOH 'PVOEBUJPO .JOHVT MBVODI
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
JT B CFBVUJGVM SFTPSU UPXO TP CSJOH UIF XIPMF GBNJMZ GPS GVO JO UIF TVO 'PS NPSF JOGPSNBUJPO PS UP SFHJTUFS DPOUBDU 5PN 1JFSDF UPNNZQ@ !ZBIPP DPN PS WJTJU XXX DMPVECBTF PSH 1IPUP 4UFWF ,JODBJE
3BČ FT XJMM CF IFME FBDI EBZ GPS B WBSJFUZ PG QSJ[FT BOE B DPNNFNPSBUJWF 5 TIJSU XJMM CF BWBJMBCMF ɩ F FOUSZ GFF GPS UIF GPVS EBZ FWFOU JODMVEFT DBNQJOH QSJWJMFHFT B EBJMZ n JHIU CSJFm OH SBČ F QSJ[FT BOE UIF CBSCFDVF GFBTU " EJTDPVOU JT BWBJMBCMF GPS FBSMZ SFHJTUSBUJPO POMJOF BU XXX BIHB PSH $BNQTJUFT SFTFSWFE GPS QJMPUT OFBS FTU MBVODI BSF m STU DPNF m STU TFSWFE BOE EP OPU IBWF IPPLVQT PUIFS 'PSFTU 4FSWJDF GFF DBNQTJUFT OFBSCZ EP IBWF CPUI FMFDUSJD BOE XBUFS DPOOFDUJPOT "MM DBNQJOH BSFBT BSF OFTUMFE VOEFS UBMM QPO EFSPTB QJOFT BOE PĊ FS TQFDUBDVMBS WJFXT )PUFM BDDPNNPEBUJPOT BSF BWBJMBCMF JO $PUUPOXPPE BOE 1SFTDPUU 'PS NPSF JO GPSNBUJPO HP UP XXX BIHB PSH PS DPO UBDU )BM )BZEFO BU PS
$IFMBO 9$ $MBTTJD 8PSME $MBTT 'MZJOH JO B -PX ,FZ $PNQFUJUJPO ɩ F $IFMBO $SPTT $PVOUSZ $MBTTJD JT TDIFEVMFE GPS +VMZ BU $IFMBO #VUUF 8BTIJOHUPO ɩ F #VUUF JT UIF TJUF PG UIJT ZFBS T 4QFFE (MJEJOH /BUJPOBMT .BZ BOE UIF 6 4 1BSBHMJEJOH /BUJPOBMT +VMZ BOE XBT UIF WFOVF GPS UIF 3JHJE BOE 8PNFO T 'MFY 8JOH 8PSME $IBNQJPOTIJQT JO ɩ F BCVOEBOU EVTU EFWJMT BOE n BU PQFO -;T NBLF $IFMBO UIF QFSGFDU TJUF UP MFBSO PS IPOF ZPVS 9$ TLJMMT 8IFUIFS ZPV n Z B IBOH HMJEFS PS B QBSBHMJEFS BSF OFX UP 9$ PS BSF B TFBTPOFE QJMPU UIF $IFMBO $MBTTJD JT UIF NFFU GPS ZPV ɩ FSF JT OP UBTL DPN NJUUFF UP EFBM XJUI o ZPV NBLF UIF EFDJ TJPO PO XIFO UP MBVODI BOE XIFSF UP n Z 4USBJHIU MJOF PVU BOE SFUVSO PS USJBOHMF ZPV NBLF UIF DBMM /PU TBUJTm FE XJUI ZPVS m STU n JHIU (P UBLF BOPUIFS /FFE UP UBLF B SFTU EBZ /P QSPCMFN o ZPV XJMM
#JMM 8JYPO QSFTFOUJOH UIF DIFDL UP QSFTFSWBUJPO DPNNJUUFF QSFTJEFOU 1IZMMJT 3VCJO )VOU .FNPSJBM #VJMEJOH JO UIF CBDLHSPVOE
/FX :PSL 1JMPUT )FMQ 1SFTFSWF )JTUPSJD #VJMEJOH ɩ F NFNCFST PG UIF 4PVUIFSO /FX :PSL )BOH (MJEJOH BOE 1BSBHMJEJOH "TTPDJBUJPO 4/:(1" IPNF TJUF JO &MMFOWJMMF / : NBLF BO BOOVBM DPO USJCVUJPO UP UIF &MMFOWJMMF 'JSTU "JE 3FTDVF 4RVBE BOE UIF $SBHTNPPS 7PMVOUFFS 'JSF %FQBSUNFOU CVU UIJT ZFBS UIFZ EFDJEFE UP EP TPNFUIJOH BEEJUJPOBM GPS UIF DPNNVOJUZ PG &MMFOWJMMF "U UIFJS BOOVBM $ISJTUNBT QBSUZ UIF DMVC NFN CFST EPOBUFE JUFNT GPS B SBČ F BOE SBJTFE GPS UIF )VOU .FNPSJBM 1SFTFSWBUJPO $PNNJUUFF ɩ F NPOFZ XJMM CF VTFE UP IFMQ SFTUPSF BOE QSFTFSWF UIF IJTUPSJD )VOU .FNPSJBM #VJMEJOH JO &MMFOWJMMF
1IPUP #JMM #PMPTLZ
#Z #JMM 8JYPO
1BSBHMJEFS MBVODIJOH GSPN #FUXFFO UIF 3PDLT $IFMBO $MBTTJD
CF TDPSFE PO ZPVS GPVS CFTU EBZT GSPN UIF TJY EBZ DPOUFTU ɩ FSF BSF GPVS DBUFHPSJFT GPS IBOH HMJEFST BOE UXP GPS QBSBHMJEFST XJUI MPUT PG USPQIJFT &BSMZ SFHJTUSBUJPO JT POMZ "GUFS +VOF JU XJMM CF *G ZPV XBOU UP CF TDPSFE CVU DBO U NBLF UIF XIPMF XFFL B EBZ XJMM HFU ZPV JO UIF DPNQFUJUJPO 3FNFNCFS $IFMBO
1IPUP .JLF &CFSMF
4QFFE (MJEJOH /BUT BU $IFMBO #VUUF
-BOEJOH [POFT BSF XJEF PQFO BOE QMFOUJGVM JO $IFMBO
6UBI #JXJOHVBM 9$ 5PXJOH $IBMMFOHF +VMZ #Z $ISJT 4BOUBDSPDF
&BSMZ +VMZ JT UIF CFTU UJNF GPS HPJOH MPOH EJTUBODF OBUJPOXJEF BOE XF IBWF GPVOE B CSJMMJBOU UPXJOH MPDBUJPO BU BMPOH B LOPXO 9$ SPVUF UIBU 6UBI QJMPUT IBWF CFFO n ZJOH GPS ZFBST ɩ F DPPM QBSU JT UIBU XF BSF HPJOH UP TUBSU XIFSF UIF CJH NPVOUBJOT FOE BOE MFU QBSBHMJEFS BOE IBOH HMJEFS QJMPUT CMPX EPXO UIF SPBE BT GBS BT UIFZ DBO ɩ F SPBE JT * BOE UIF SFUSJFWF JT QFSGFDU EVF UP OVNFSPVT PJM XFMMT BOE UIF BTTPDJBUFE SPBET UIBU BDDFTT UIFN "MM TLJMM MFWFMT BSF JOWJUFE BOE UPXJOH XJMM CFHJO FBSMZ FBDI NPSOJOH BOE DPOUJOVF FBDI FWFOJOH VOUJM TVOTFU *U JT OPU OFDFTTBSZ UP HP 9$ EVSJOH UIF DIBMMFOHF o QJMPUT XJMM BMTP CF FODPVS BHFE UP n Z MPDBMMZ ɩ F WJFX GSPN XIFSF ZPV XJMM SFMFBTF GSPN UIF MJOF JT BNB[JOH BOE UIF 9$ PVHIU UP CF HSBOE &YQFDU UFNQFSBUVSFT UP CF RVJUF QMFBTBOU BU UIJT BMUJUVEF -PEHJOH DBO CF GPVOE JO 1BSL $JUZ 6UBI &WBOTUPO PS -JUUMF "NFSJDB CPUI JO 8ZPNJOH " EPMMZ XJMM CF BWBJMBCMF GPS IBOH QJMPUT SBUFE BOE FYQFSJFODFE BU VOEFS PWFS CSJEMF UPXJOH CFIJOE B WFIJDMF 1MFBTF DPOUBDU NF BU DISJT!TVQFSn ZJOD DPN JG ZPV BSF JOUFS FTUFE JO QBSUJDJQBUJOH PS JG ZPV XPVME MJLF UP CSJOH ZPVS UPX SJH
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP ª$ISJTUJBO 1POEFMMB 3FE#VMM
"EWBODF "OOPVODFT /FX )BSOFTT GPS $SPTT $PVOUSZ BOE 'SFFTUZMF "EWBODF T OFX *NQSFTT IBSOFTT XBT EFWFMPQFE CZ $ISJHFM .BVSFS XIP VTFE JU PO IJT &VSPQFBO 9$ SFDPSE n JHIU IPVST LN BOE EVSJOH UIF 7FSUJHP BFSPCBUJDT DPNQ XIFSF IF QMBDFE TFDPOE 'FBUVSFT JODMVEF BFSPEZOBNJDBM MZ PQUJNJ[FE QBSBDIVUF QPDLFU SJHIU TJEF POMZ QPDLFUT BOE TUPSBHF BSFBT DMPTF UP UIF CPEZ GPS CFUUFS HSPVOE IBOEMJOH BOE BFSPEZOBNJDT MPUT PG BEKVTUNFOUT GPS DPNGPSU BOE B DPOOFDUJPO CFUXFFO MFH BOE DIFTU TUSBQT GPS TBGFUZ 1PXFSn Z TUBJOMFTT DBSBCJOFST BSF JODMVEFE PQUJPOT JODMVEF B OFPQSFOF TQFFE CBH GPS UIF MFHT BOE B OFPQSFOF XJOE TLJSU .PSF JOGPS NBUJPO JT BWBJMBCMF BU XXX BEWBODF DI
*NQSFTT XJUI TQFFE CBH 1IPUP ª"EWBODF DI
1IPUP ª'SBOÎPJT 1PSUNBOO 3FE#VMM
&WFOU QBSUJDJQBOU TBJMT PWFS ,FOEBMM .PVOUBJO
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
0UIBS + -BXSFODF 64" TUBSUJOH GPS UIF TU QMBDFE UFBN i/*,& "$( w UBLJOH UIF MFBE PGG ,FOEBMM .PVOUBJO
3FE #VMM %JWJEF $PORVFS 3FUVSOT UP $PMPSBEP GPS 4FDPOE :FBS 1IPUPT GSPN UIF %JWJEF $PORVFS ª3FE#VMM
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
1BSBHMJEFST SBDF EPXO ,FOEBMM .PVOUBJO 1IPUP ª$ISJTUJBO 1POEFMMB 3FE#VMM
*NQSFTT XJUI XJOE TLJSU
'SFF 0XFOT 7BMMFZ 'MZJOH .BQ 'MZJOH UIF 0XFOT 7BMMFZ CJH BJS JT IBSE FOPVHI XJUIPVU IBWJOH UP XPSSZ BCPVU HFUUJOH MPTU 0O 9$ n JHIUT WJTJU JOH QJMPUT BOE DIBTF DSFXT NBZ OPU LOPX XIFSF UIFZ BSF BOE IBOH HMJEJOH QBSB HMJEJOH QMBDF OBNFT BSFO U PO NPTU NBQT -BOEJOH PVU BGUFS B IBSE n JHIU DBO UVSO JOUP B SFBM PSEFBM XIFO OPCPEZ DBO m OE ZPV "GUFS ZFBST PG n ZJOH UIF #JH 0 )VOHBSZ +PF T 'MZJOH $JSDVT IBT EFWFM PQFE B n ZJOH NBQ GPS UIF 7BMMFZ 1PQVMBS MBVODI BOE -; MPDBUJPOT BSF JO CPME MFUUFST TP UIF NBQ DBO CF VTFE CZ CPUI QJMPUT BOE DIBTF DSFX UP JNQSPWF DPN NVOJDBUJPOT BOE UP SFEVDF OBWJHBUJPO QSPCMFNT ɩ F NBQ JODMVEFT MBNJOBUJPO JOTUSVDUJPOT GPS DBSSZJOH JO n JHIU PO B IBOH HMJEFS DPOUSPM CBS ɩ F GSFF NBQ JT BWBJMBCMF EJHJUBMMZ CZ TFOEJOH BO F SFRVFTU UP HIPBH!CSXODBME DPN PS WJB TOBJM NBJM CZ TFOEJOH B TFMG BEESFTTFE BOE TUBNQFE FOWFMPQF UP )VOHBSZ +PF T 'MZJOH $JSDVT "MUPO 1LXZ *SWJOF $"
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
-BNCBEB "1$0 T /FX )JHI 1FSGPSNBODF 9$ 8JOH -BNCBEB BO "GSP #SB[JMJBO EBODF PG MPWF JT BMTP UIF OBNF PG "1$0 T OFXFTU IJHI QFSGPSNBODF QBSBHMJEFS i%FTJHOFE GPS EFTJSF DSFBUFE UP MBTU w DMBJNT "1$0 BCPVU UIF -BNCBEB XJUI IBOEMJOH DPN QBSBCMF UP UIBU PG UIFJS QPQVMBS #BHIFFSB CVU XJUI CFUUFS QSFDJTJPO BOE DPPSEJOB UJPO BOE QFSGPSNBODF UIBU JT HVBSBOUFFE UP CFBU UIBU PG UIFJS IJHI QFSGPSNJOH ,FBSB (SPVOE IBOEMJOH BOE MBVODI DIBSBDUFSJTUJDT BSF SFQPSUFE UP CF PO QBS XJUI B CFHJOOFS HMJEFS BOE XJUI UIF VTF PG OFX UFDIOPMPHZ UIF XFJHIU PG UIF XJOH IBT CFFO SFEVDFE SFTVMUJOH JO FBTJFS MBVODI BOE JNQSPWFE TBGFUZ ɩ PTF DIBS BDUFSJTUJDT TIPVME KVTUJGZ UIF iEFTJSFw BT QFDUT PG "1$0 T DMBJN UIF VTF PG TUVSEZ (FMWFOPS DMPUI GPS BMM TVSGBDFT FOTVSFT UIBU UIF HMJEFS XJMM MBTU MPOHFS BOE SFUBJO JUT SFTBMF WBMVF CFUUFS UIBO NBOZ
1IPUPT ª"1$0
ɩ F OFX EFQMPZNFOU CBH 5 XJMM SFQMBDF UIF QSFWJPVTMZ VTFE EFQMPZNFOU CBH BOE XJMM CF TVQQMJFE BT TUBOEBSE XJUI .BZEBZ SFTFSWFT *U XJMM BMMPX QJMPUT UP VTF UIF .BZEBZ PO WJSUVBMMZ FWFSZ QBSBHMJEFS IBSOFTT PO UIF NBSLFU
8JOEUFDI "OOPVODFT %)7 $FSUJà DBUJPO PG UIF 5FNQFTU ɩ F 8JOEUFDI 5FNQFTU JT UIF OFX BEWBODFE JOUFSNFEJBUF HMJEFS GPS B XJEF SBOHF PG QJMPUT GSPN UIF XFFLFOE SFD SFBUJPOBM n ZFS UP UIF DPNQFUJUJPO QJMPU *U DPNFT JO GPVS TJ[FT BOE IBT B VOJRVF QSPm MF XJUI BO JOOPWBUJWF 7 DFMM TZTUFN ɩ F 5FNQFTU IBT CFUUFS QFSGPSNBODF UIBO UIF 8JOEUFDI %)7 4ZODSP XJUI B TBGFS CFIBWJPS UIBO UIF %)7 2VBSY JU JT SFQMBDJOH ɩ F 5FNQFTU JT DFSUJm FE %)7 BOE JODPSQPSBUFT UIF MBUFTU FWPMVUJPO PG UIF 444 4FDVSJUZ 4QFFE 4ZTUFN *U IBT NJOJ n PBUJOH QSPm MFT UIBU SFJOGPSDF UIF MFBE JOH FEHF BOE JNQSPWF QFSGPSNBODF BDSPTT UIF FOUJSF QPMBS TQFFE SBOHF ɩ BOLT UP UIJT VOJRVF TZTUFN BOE UIF BVUP TUBCMF QSPm MF UIF 5FNQFTU DBNF PVU XJUI UIF IJHIFTU BTQFDU SBUJP JO JUT DBUFHPSZ ɩ JT HMJEFS JT GBTUFS XJUI IBOEMJOH UIBU T NPSF BDDVSBUF BOE NPSF QSFDJTF UIBO 8JOEUFDI T QSFWJPVT JOUFSNFEJBUF QBSB HMJEFST 'JOBMMZ UIF QFSGPSNBODF PG B DPNQFUJUJPO HMJEFS JT OPX BDDFTTJCMF GPS UIF SFDSFBUJPOBM QJMPU ɩ F QMBOGPSN BOE BFSPGPJM TFDUJPOT IBWF CFFO DPNQVUFS EFTJHOFE UP BDIJFWF UIF CFTU HMJEF QPTTJCMF UISPVHIPVU UIF TQFFE SBOHF ɩ F XJEUI PG UIF 5FNQFTU T DFMMT SFEVDFT BDSPTT UIF TQBO UPXBSET UIF UJQT ɩ FSF BSF UXP LJOET PG EJBHPOBM SJCT
1BSBHMJEJOH 'MJHIU 4VJUT BOE 0UIFS 4QPSUTXFBS "WBJMBCMF GSPN 4QJLZ 4QPSUT 4QJLZ 4QPSUT GSPN 4JBMLPU 1BLJTUBO PĊ FST TUZMJTI BOE IJHI RVBMJUZ n ZJOH SF MBUFE DMPUIJOH BOE BDDFTTPSJFT GPS QJMPUT 8JOUFS n JHIU TVJUT BSF NBEF PG 5BTMPO OZMPO MJOFE XJUI QPMZFTUFS USJDPU GBCSJD ɩ F TVNNFS TVJU JT NBEF PG SJQ TUPQ OZMPO GBCSJD MJOFE XJUI QPMZFTUFS NFTI GBCSJD "MTP BWBJMBCMF BSF -ZDSB TQFFE TMFFWFT 4VJUT BSF BWBJMBCMF JO DVTUPN TJ[JOH BOE XJUI DVTUPN FNCSPJ EFSZ BOE QSJOUJOH EFUBJMT 1SJDFT BSF WFSZ SFBTPOBCMF .PSF JOGPSNBUJPO BOE TFW FSBM FYBNQMFT PG TVJU EFTJHOT BSF BWBJMBCMF POMJOF BU XXX TQJLZTQPSU DPN QSBHMJEFS IUNM
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP $PVSUFTZ 8JOEUFDI
/FX "DDFTTPSJFT GSPN "1$0 "1$0 T OFX WBSJP IPMEFS JODMVEFT BO BEKVTUBCMF QFSJNFUFS TFDVSFE XJUI B QMBT UJD GBTUFOFS GPS FBTZ BEKVTUNFOU UP BDDPN NPEBUF EJĊ FSFOU UZQFT PG WBSJPT BOE B QMBTUJD TUJĊ FOFS SFJOGPSDFNFOU JO UIF DPO OFDUJPO XFCCJOH NBLJOH UIF QPTJUJPOJOH PG UIF WBSJP PO UIF IBSOFTT QFSNBOFOU BOE FBTJMZ BEKVTUBCMF ɩ F "JS &YUSFNF n JHIU TVJU OFX GPS JT NBEF PG B DPBUFE CSFBUIBCMF CVU XBUFSQSPPG 4Pm MFUB NJDSPm CFS GBCSJD GSPN 'SBODF BOE JT BWBJMBCMF JO B XJEF SBOHF PG DPMPST TJ[FT 4 UP 99- XJUI B DIPJDF PG UIF DPNQFUJUJPO WFSTJPO XJUI DPNQ TMFFWFT PS UIF SFHVMBS WFSTJPO ɩ F n JHIU TVJU JT CVJMU GPS DPNGPSU BOE DPO WFOJFODF XJUI MPUT PG [JQQFST BOE QPDL FUT FMBTUJD XBJTU GVMMZ MJOFE n FFDF DPMMBS SBEJP BOUFOOB HVJEF BOE CPPU MPPQT
QIPUPT ª"1$0
QIPUPT ª"1$0
ɩ F 4 BOE . TJ[FT PG UIF -BNCBEB BSF BMSFBEZ JO QSPEVDUJPO BOE DFSUJm FE $&/ 1FSGPSNBODF XJUI UIF 94 BOE - TPPO UP GPMMPX UIFTF GPVS TJ[FT XJMM BDDPNNPEBUF QJMPUT GSPN LH VQ UP LH ɩ F NBJO TJ[FT 4 BOE . XJMM CF QSFTFOUFE GPS %)7 DFSUJm DBUJPO TPPO :PV DBO m OE NPSF JOGPSNBUJPO BCPVU UIF -BNCBEB UIF HMJEFS OPU UIF EBODF BOE WJFX UIF DPMPS DIPJDFT PO "1$0 T 8FC TJUF XXX BQDPBWJBUJPO DPN
.BZEBZ %FQMPZNFOU #BH .PEJà DBUJPOT BOE *NQSPWFNFOUT GSPN "1$0 "1$0 OPX IBT BWBJMBCMF B NPEJm FE EFQMPZNFOU CBH GPS UIF .BZEBZ FNFS HFODZ QBSBDIVUFT *O BEEJUJPO UP QSFWJ PVTMZ FYJTUJOH BUUBDINFOU QPJOUT GPS UIF IBOEMF UIF OFX EFQMPZNFOU CBH BMTP IBT BMUFSOBUJWF BUUBDINFOU QPJOUT QMBDFE MBU FSBMMZ UP FYJTUJOH BUUBDINFOU QPJOUT DSF BUJOH B m HVSF 5 IFODF UIF OBNF 5 UZQF BUUBDINFOU ɩ JT JNQSPWFNFOU BMMPXT NPSF n FYJCMF QMBDFNFOU PG UIF .BZEBZ SFTFSWF JO UIF IBSOFTT o MFOHUIXJTF PS XJEUIXJTF o UP m U UIF QBSUJDVMBS EFTJHO PG UIF IBSOFTT VTFE
61 "OOPVODFT %)7 $FSUJà DBUJPO PG UIF 5SBOHP 1BSBHMJEFS JO 4J[F . BOE 61 QSPEVDUT BSF m OBMMZ CFDPNJOH FBTJMZ BWBJMBCMF JO UIF 6OJUFE 4UBUFT ɩ F PSJHJOBM 61 5SBOHP IBT CFFO B NBSLFU SFGFSFODF HMJEFS GPS BMNPTU GPVS ZFBST BO VOQSFDFEFOUFE BDDPNQMJTINFOU JO B QFS
61 5SBOHP
1IPUP DPVSUFTZ 61
EFQFOEJOH PO UIF UIJDLOFTT BOE XJEUI PG UIF DFMM OP FYUFSOBM TFBNT PO FJUIFS UPQ PS CPUUPN TVSGBDFT BOE OP JOUFSNFEJBUF DFMMT ɩ F MJOF MBZPVU IBT CFFO PQUJNJ[FE UP SFEVDF UIF UPUBM MFOHUI PG MJOFT HSFBUMZ SFEVDJOH ESBH ɩ F XJOH IBT B GVMMZ PQFO VMUSB IJHI EFm OJUJPO MFBEJOH FEHF BOE XJUI UIF 444 JT FYUSFNFMZ SJHJE ɩ JT NBLFT UIF 5FNQFTU T JODSFEJCMF CBMBODF PG IJHI TBGFUZ BOE IJHI QFSGPSNBODF UIF CFTU JO JOUFSNFEJBUF XJOHT .PSF JOGPSNBUJPO PO UIF 5FNQFTU BOE PUIFS 8JOEUFDI QSPEVDUT JT BWBJM BCMF GSPN "JSQMBZ BOE &BHMF 1BSBHMJEJOH FNBJM NBSUZ!QBSBHMJEF DPN 'PS UFDIOJDBM EBUB BOE NPSF QJD UVSFT WJTJU IUUQ XXX XJOEUFDI FT JOEFY IUNM
GPSNBODF QBSBHMJEFS XIJDI EPNJOBUFE JUT DMBTT JO &VSPQF "DDPSEJOH UP 61 UIF 5SBOHP PXFT JUT MPOHFWJUZ UP BO PVUTUBOE JOH DPNCJOBUJPO PG QFSGPSNBODF TBGFUZ BOE IBOEMJOH BOE BMM UIFTF DIBSBDUFSJT UJDT IBWF CFFO TVSQBTTFE JO JUT TVDDFTTPS ɩ F 61 5SBOHP JT B QFSGPSNBODF PSJFOUFE HMJEFS EFTJHOFE GPS FYQFSJFODFE BOE BNCJUJPVT QJMPUT XIP XBOU UIF CFTU IBOEMJOH BOE QFSGPSNBODF BWBJMBCMF JO B DFSUJm FE HMJEFS ɩ F 5SBOHP IBT CFFO EFWFMPQFE JO QBSBMMFM XJUI UIF OFX 61 5BSHB BOE
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
TIBSFT NBOZ EFTJHO GFBUVSFT XJUI JUT NPSF BHHSFTTJWF TJTUFS TIJQ CVU JO B QBDL BHF UIBU XJMM BQQFBM UP B GBS MBSHFS QJMPU TFHNFOU ɩ F 5SBOHP JT UIF XJOH GPS XJOOJOH CF JU JO UIF GSJFOEMZ NBUDIFT CFUXFFO n ZJOH CVEEJFT UBLJOH QMBDF PO IJMMT BMM BSPVOE UIF XPSME FWFSZ EBZ PS JO TFSJPVT NJE UP UPQ MFWFM DPNQFUJUJPOT ɩ F 61 5SBOHP JT BWBJMBCMF JO UXP WFSTJPOT 5SBOHP XJUI TIFBUIFE MJOFT GPS NBYJNVN EVSBCJMJUZ BOE 5SBOHP 3BDF XJUI ,FWMBS DPNQ MJOFT .PSF JO GPSNBUJPO JT BWBJMBCMF GSPN "JSQMBZ BOE &BHMF 1BSBHMJEJOH FNBJM SPC!FBHMFQBSBHMEJOH DPN 'PS UFDIOJDBM EBUB BOE NPSF QJDUVSFT WJTJU IUUQ XXX VQ FVSPQF EF
.VSQIZ T -BX BOE "FSPUPXJOH &NBJM -PPLJOH BU UIF OJDF DPWFS TIPU PG UIF 'FCSVBSZ JTTVF PG )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF SFNJOET NF PG BO JODJEFOU UIBU IBQQFOFE UP NF MBTU ZFBS XIJMF DPOEVDUJOH B UBOEFN BFSPUPX 4PPO BGUFS MJGUPĊ PVU PG PVS m FME UIF UPXMJOF JUTFMG GBJMFE BU UIF UPX SJOH ɩ F SJOH SFNBJOFE BUUBDIFE UP UIF CSJEMF BOE DBNF XIJ[[JOH CBDL BU NF BOE NZ QBT TFOHFS QBTTJOH CFUXFFO PVS IFBET MJLF B TQFFEJOH CVMMFU "GUFS MBOEJOH * OP UJDFE NVDI UP NZ TIBNF UIBU BMUIPVHI * XBT XFBSJOH HPHHMFT * IBE OFHMFDUFE UP FOTVSF UIBU NZ QBTTFOHFS IBE BEFRVBUF FZF QSPUFDUJPO 8F m YFE UIF MJOF GPVOE HPHHMFT GPS NZ QBTTFOHFS BOE QSPDFFEFE UP IBWF B GVO n JHIU +VTU B SFNJOEFS UIBU iJG JU DBO IBQQFO o JU QSPCBCMZ XJMM w .BSD 'JOL 64)("
$BO U 'MZ (P 4VSà OH *OTUFBE 64)(" 8FC TJUF (SFFUJOHT * BN OPU n ZJOH UPEBZ BOE UIPVHIU * E DIFDL PVU UIF 8FC TJUF (SFBU XPSL *O GBDU HSFBU XPSL PO FWFSZUIJOH ZPV WF CFFO EPJOH * BN IJHIMZ JNQSFTTFE XJUI UIF PSHBOJ[BUJPO PG UIF PSHBOJ [BUJPO $IBOHJOH XFMM XJUI UIF UJNFT 4FFNJOH UP EFBM XFMM XJUI BHSP JOUFSMPDV UJPOT UIBU TFFN UP QSPMJGFSBUF JO BOZ BSFOB SJGF XJUI FHP %FGZJOH HSBWJUZ EFm OJUFMZ BUUSBDUT TPNF CJH FHPT UPP ɩ F NBH JT WFSZ OJDF BOE JU IBT FT QFDJBMMZ JNQSPWFE RVJUF B CJU TJODF UIF OBNF DIBOHF 'PS UIF SFDPSE * MJLF UIF DPNCP CFDBVTF XF BSF BMM JO JU UPHFUIFS ɩ F SJWBMSZ * WF FYQFSJFODFE PO UIF IJMM JT BMXBZT GVO TQJSJUFE BOE WFSZ FOUFSUBJO
Dz BOLT GPS UIF LJOE XPSET +BNJF BOE FT QFDJBMMZ GPS UIF TVHHFTUJPOT * N HMBE ZPV IBE UJNF UP WJTJU UIF 64)(" 8FC TJUF UIFSF JT B XFBMUI PG JOGP PO UIBU TJUF BOE JU T DPOUJOV BMMZ CFJOH VQEBUFE BOE JNQSPWFE /PX UIBU XF IBWF B TUBą SFQPSUFS GPS IBOH HMJEJOH BDDJEFOUT PVS NPOUIMZ BDDJEFOU SFQPSUT BMUFSOBUF CFUXFFO IBOH HMJEJOH BOE QBSBHMJEJOH :PV MM TFF ZPVS GBWPSJUF JO UIF FWFO OVNCFSFE NPOUIT 8F IBWF B MPU PG CJXJOHVBM TJUFT IFSF JO UIF /PSUIXFTU *U T OPU VODPNNPO UP IFBS IBOH QJMPUT SFGFS UP QBSBQJMPUT BT KFMMZm TI BT XFMM BT QZMPOT BOE UIF QBSBT SFUVSO UIF DPNQMJNFOU CZ MBCFMJOH UIF IBOH HMJEFS QJMPUT BT QMVNCFST CFDBVTF PG UIFJS QJQFT "T ZPV TBZ JU T BMM HPPE GVO JOH 8F 1( GPML BSF DBMMFE QZMPOT "T GPS ZPVS TVHHFTUJPOT * BMTP FOKPZ UIF "DDJEFOU 3FQPSUT JT B HSFBU TFDUJPO *U TFFNT UP KVNQ BSPVOE GSPN IBOH UP iDz FSF * XBTyw UBMFT BOE JU JT JOEFFE FEVDB QBSBHMJEJOH BOE * QSFGFS UIF QBSBHMJEJOH UJPOBM UP SFBE IPX QJMPUT XIP BSF PCWJPVTMZ SFQPSUT ɩ FZ IBWF BMXBZT CFFO WFSZ XFMM NVDI NPSF TLJMMFE UIBO VT PSEJOBSZ +PFT BOE XSJUUFO CVU UIFZ BSF FTQFDJBMMZ DMFWFSMZ +BOFT XFSF IVNCMFE CZ UIF SFBMJ[BUJPO UIBU UIFZ E KVTU TVSWJWFE B TJUVBUJPO PGUFO DSFBUFE PSHBOJ[FE OPX ɩ F UFDIOJDBM TUVĊ JT HSFBU 8JOE UISPVHI CZ UIFJS PXO BENJTTJPO BSSPHBODF UIFPSZ UIFSNBMJOH UFDIOJRVF BMM WFSZ PS TIFFS JEJPDZ * MM DPOTJEFS JODMVEJOH TPNF PG JNQPSUBOU BOE QPSUSBZFE FYDFMMFOUMZ UIFTF UBMFT XJUI TPNF BEEJUJPOBM JOQVU GSPN 1BHFO T CPPL 6OEFSTUBOEJOH UIF 4LZ JT UIF QFSQFUSBUPS TP JU T DMFBS UIBU OP POF TIPVME NZ CJCMF * BN SFBMMZ QSPVE UP CF QBSU PG CF USZJOH UIJT BU IPNF o PS BOZXIFSF * MM BEE UIF TJUF MPDBUJPO UP UIF UJUMF PS UIJT PSHBOJ[BUJPO ɩ BOL ZPV * N TVSF ZPV SFDFJWF MPUT PG TVHHFTUJPOT IFBEFS PG BSUJDMFT JO UIF GVUVSF Dz BOLT GPS BOE * SFBMJ[F UIFSF JT B CBMBODF CFUXFFO QPJOUJOH PVU UIBU EFUBJM CFOFm U BOE UJNF FOFSHZ DBTI CVU * E MJLF UP NBLF TPNF *U XPVME CF OJDF UP JO )BOH 1JMPU 8BOUT B .PSF EJDBUF UIF MPDBUJPO PG WBSJPVT n ZJOH TJUFT 1BDLBCMF (MJEFS BU UIF POTFU PG UIF TUPSZ 4PNFUJNFT JU T 64)(" 8FC TJUF OPU TVQFS DMFBS XIFSF UIF TJUF JT .BZCF B * UIJOL UIBU POF PG UIF NBJO SFBTPOT TVC UJUMF PG UIF TUPSZ DPVME TIPX UIJT UIF QBSBHMJEFS IBT CFDPNF TP QPQVMBS * SFBMMZ FOKPZ UIF TFDUJPO JO $SPTT JO SFDFOU ZFBST JT JUT JODSFEJCMF QPSUBCJM $PVOUSZ NBHB[JOF FOUJUMFE iɩ FSF * JUZ DPNQBSFE UP JUT MFOHUIZ BOE GBS NPSF XBT w *U JT VTVBMMZ BCPVU TPNF IBSSPX SJHJE DPVTJO * IBWF OPU n PXO QBSBHMJEFST JOH OFBS EFBUI FYQFSJFODF * N OPU TVSF ZFU CVU UIBU JT QSPCBCMZ UIF POMZ BQQFBM JG JU XPVME m U JOUP PVS NPSF DPOTFSWBUJWF UIFZ XPVME IBWF GPS NF UIBU * DBO GPSFTFF GPSNBU CVU JU JT CPUI FOUFSUBJOJOH BOE BOE QFSIBQT UIF NPSF DPNGPSUBCMF n ZJOH FEVDBUJPOBM *G XF DPVME JODPSQPSBUF UIJT QPTJUJPO ɩ FSF BSF NBOZ BEWBOUBHFT UIBU JOUP PVS NBH XF NJHIU HBJO NPSF JO * TUJMM UIJOL UIF IBOH HMJEFS IBT PWFS UIF TJHIU JOUP iJOUFSNFEJBUF TZOESPNFw UIBO QBSBHMJEFS MJLF FBTF PG MBVODI DPOUSPM XF DBO GSPN UIF BDDJEFOU SFQPSUT 6TVBMMZ MBCJMJUZ TQFFE SBOHF BOE HMJEF SBUJP BMM UIF QJMPUT UIBU DPOUSJCVUF UIFTF FYQFSJ PG XIJDI XJMM DFSUBJOMZ CF BSHVFE BHBJOTU FODFT BSF n ZJOH HPET "MTP UIFTF UBMFT CZ EFWPVU QBSBHMJEFS QJMPUT CVU TJODF * VOWFJM RVJUF B CJU PG UIF DIBSBDUFS BOE BU IBWF OPU n PXO CPUI * EP OPU DPOTJEFS UJUVEF PG UIF QJMPU XIFSFBT XF DBO POMZ NZTFMG RVBMJm FE UP TVQQPSU UIFTF BSHV HMFBO JOTJHIU GSPN UIF $PNQ $PSOFS NFOUT ZFU XIJDI QSPWJEFT B SBUIFS TBOJUBSZ HMJNQTF * n Z FWFSZUIJOH GSPN TBJMQMBOFT UP ' PG UIF BEWBODFE QJMPU T NJOETFU T CVU * TUJMM MPWF IBOH HMJEJOH UIF CFTU +BNJF 'JTIFS 64)(" CFDBVTF PG UIF GSFFEPN JU PĊ FST * IBWF n PXO IJHI QFSGPSNBODF IBOH HMJEFST CVU * TUJMM FOKPZ NZ ZFBS PME 1VMTF +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
BOE UIF TJNQMF SFMBYJOH GSFFEPN JU HJWFT NF UP n PBU MJLF B CJSE VOEFS BO FBTJMZ NBOFVWFSFE HMJEFS BOE UIFO UPQ MBOE JO UIBU UJOZ m FME PS PO UIF CFBDI TP * DBO UJF JU CBDL PO UIF DBS BOE IFBE IPNF GPS EJOOFS 0OF CBSSJFS UP UIBU GSFFEPN JT UIF GBDU UIBU B QBDLFE IBOH HMJEFS JT TUJMM MPOH BOE VOXJFMEZ OPU TVJUBCMF GPS FBTZ USBOTQPSU PS TUPSBHF "MTP NVDI PG XIBU * SFBE BCPVU IBOH HMJEFST TFFNT UP CF JO UIF DPOUFYU PG IJHI QFSGPSNBODF BOE DPN QFUJUJPO BMNPTU BT JG UIFTF BSF UIF MBTU SFNOBOUT PG IBOH HMJEJOH ɩ FTF UPQJDT BSF JOUFSFTUJOH BOE BQQFBMJOH CVU * UIJOL UIFSF JT B MBSHF DSPXE UIF TJMFOU NBKPS JUZ PG IBOH HMJEFS QJMPUT XIP BSFO U PO B RVFTU GPS UIF FEHF PG UIF FOWFMPQF CFTU QFSGPSNJOH NPTU FYQFOTJWF IBOH HMJEFS * CFMJFWF IBOH HMJEFS NBOVGBDUVSFST DPVME JNQSPWF PO QPSUBCJMJUZ JG UIFZ XBOU UP DPOUJOVF UP BQQFBM UP B XJEFS WBSJFUZ PG QJMPUT "FSPT IBT EPOF UIJT XJUI JUT CBTJD 5BSHFU NPEFM UIBU CSFBLT EPXO FBTJMZ JOUP B TJY GPPU QBDLBHF GPS USBOTQPSU QJDUVSF DIFDLJOH ZPVS HMJEFS JO PO UIF BJSMJOFT MJLF B QBJS PG TLJT GPS B USJQ UP UIF "MQT PS DBSSZJOH JU PO UIBU HSFBU USBN SJEF GPS B MBVODI PĊ UIF NPVOUBJO * IBWF OPU PXOFE B 5BSHFU BT JU XPVME IBWF CFFO JN QSBDUJDBM GPS NF UP TXJUDI CVU XIFO * XBT JO UIF NBSLFU GPS B CFHJOOFS HMJEFS UIBU GFBUVSF XPVME IBWF TXVOH NF UIFJS XBZ FTQFDJBMMZ TJODF * USBWFM TP NVDI /PX "FSPT IBT BO JOUFSNFEJBUF HMJEFS UIF %JTDVT XJUI UIJT TBNF CSFBL EPXO GFB UVSF *U PĊ FST FYDFMMFOU QFSGPSNBODF BOE IBOEMJOH XJUI UIF BEEFE QPSUBCJMJUZ UIBU * UIJOL JT B IVHF BEWBOUBHF * BN TFSJ PVTMZ DPOTJEFSJOH QVSDIBTJOH POF o BOE * QSPCBCMZ XPVME OPU IBWF MPPLFE UXJDF BU UIF %JTDVT XJUIPVU UIJT GFBUVSF 8IBU * EPO U VOEFSTUBOE JT XIZ UIFTF TIPSU QBDLBCMF HMJEFST IBWF OPU TXFQU UIF NBSLFU * IFBS WFSZ MJUUMF BCPVU UIJT GFBUVSF FYDFQU GSPN UIF NBOVGBDUVSFS BOE TFMM FST 8IZ JT UIJT 8IZ BSF PUIFS CVJMEFST OPU KVNQJOH PO UIJT CBOEXBHPO *T JU B EJċ DVMU FOHJOFFSJOH GFBU 8IZ BSF NPSF QJMPUT OPU EFNBOEJOH UIJT %PFT JU IBWF B QFSGPSNBODF USBEF PĊ &WFO TP * XPVME USBEF PĊ B MJUUMF QFSGPSNBODF GPS UIF BE WBOUBHF PG QPSUBCJMJUZ ɩ JT JT FTTFOUJBMMZ XIBU QBSBHMJEFS QJMPUT IBWF EPOF * CSJOH UIJT VQ UP TUJNVMBUF UIPVHIU BOE EJTDVTTJPO * BQQMBVE UIF UFDIOPMPHJ DBM BOE TBGFUZ BEWBODFT JO IBOH HMJEFST
CVU * IPQF UIF JOEVTUSZ DPOUJOVFT UP GPDVT PO UIF FOUJSF TQFDUSVN PG IBOH HMJEJOH BOE FYQBOET UIF WFSTBUJMJUZ FOWFMPQF OPU KVTU QFSGPSNBODF )BOH HMJEJOH OFFET UP CF GVO TBGF BOE DPOWFOJFOU UP DPOUJOVF UP BQQFBM UP B XJEF WBSJFUZ PG QJMPUT
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
"OEZ 3IVEF 64)("
&WFSFTU 'MJHIU *OTQJSBUJPOBM &NBJM ɩ F TUPSZ BCPVU n ZJOH PWFS .U &WFSFTU XBT JOTQJSBUJPOBM 8IP XPVME IBWF UIPVHIU UIBU B IBOH HMJEFS XPVME FWFS n Z PWFS UIF #*( POF $POHSBUVMBUJPOT HVZT 5P RVPUF NZ 8BJIJ #FBDI OFJHI CPS 4JS &ENVOE )JMMBSZ i:PV LOPDLFE UIF CBTUBSE PĊ w 8FMM EPOF %BWF ,JMCPVSOF 64)("
3JQQMFT PG %BO )FHHMJO *O .FNPSJBN 8JUI XJOH TQSFBE BOE CMVF TLZ BMM BCPVU %BO n FX )F LOFX UIBU IJT XJOH QMBZFE TIBEPXT VQPO UIF MBOE CFMPX ZFU IJT n JHIU TP TMPX UIBU OP UIJOH XBT CFTUJSSFE OPU UIF TRVJSSFM OPS UIF SBCCJU OPS UIF CJSE JO UIF USFF OPS NF SFTUJOH JO JUT MFF /P IJT BJSZ SJQQMFT NBEF UIF TLZ BOE UIF MBOE TJOH BMM CMFOEFE JO IBSNPOZ CZ IJT NJOE BT IF JO LJOE UVSOFE BOE EPWF BOE CVSOFE XJUI UIF QBTTJPO BT IF EJE GBTIJPO XJUI CPEZ TPVM BOE IFBSU BO BSU PG HMPSZ UIBU XBT UIF TUPSZ PG IJT KPZ BT CPZ BOE NBO EPJOH XIBU GFX EBSF PS DBO 'PS BMM PG %BO T GSJFOET BOE GBNJMZ $IVDL 3FCFSU 64)("
64)(" /BNF $IBOHF 1SPDFEVSF #Z %S 5BE )VSTU 3FHJPO EJSFDUPS /BNF $IBOHF $PNNJUUFF DIBJS
0O .BSDI UIF NFNCFSTIJQ QPMM UP TFMFDU UIF NPTU QPQVMBS BMUFSOBUJWF OBNF XBT DMPTFE #BTFE PO UIJT QPMM UIF NPTU QPQVMBS BMUFSOBUF OBNF JT i6OJUFE 4UBUFT )BOH (MJEJOH BOE 1BSBHMJEJOH "TTPDJBUJPO w ɩ JT PQUJPO IBE B NBSHJO PG WJDUPSZ PG PWFS UIF OFYU NPTU QPQV MBS BMUFSOBUF OBNF "T UIJT NBSHJO XBT TVCTUBOUJBM UIFSF XJMM OPU CF BO Pċ DJBM CBMMPU UP TFMFDU UIF BMUFSOBUF OBNF JO BDDPSEBODF XJUI UIF QSPDFEVSF BQQSPWFE CZ UIF CPBSE PG EJSFDUPST 4FF 5BCMF GPS UIF SFTVMUT PG UIF QPMM ɩ F OFYU TUFQ JT UP QPMM UIF NFNCFS TIJQ UP TFF JG UIJT BMUFSOBUF OBNF JT NPSF PS MFTT QPQVMBS UIBO UIF DVSSFOU OBNF ɩ BU QPMM TUBSUFE PO +VOF BOE XJMM DPOUJOVF UISPVHI 0DUPCFS *G UIF DVSSFOU QPMM TIPXT UIBU B NBKPS JUZ PG NFNCFST XBOU UP DIBOHF UIF OBNF UIF OFYU TUFQ XJMM CF BO Pċ DJBM CBMMPU UP DPNNFODF JO +BOVBSZ *G UIF QPMM TIPXT UIBU B NBKPSJUZ PG UIF NFNCFST XBOU UP SFUBJO UIF DVSSFOU OBNF OP GVS UIFS BDUJPO XJMM PDDVS 1MFBTF TFF BMTP UIF MFUUFST UIBU TVQ QPSU DIBOHJOH UIF OBNF BOE UIBU TVQ QPSU SFUBJOJOH UIF DVSSFOU OBNF GSPN UIF TVCDPNNJUUFF DIBJST ɩ F DIBJST BSF #JMM )FMMJXFMM i,FFQw TVCDPNNJUUFF BOE +ÏSÙNF %BPVTU i$IBOHFw TVCDPNNJUUFF
D $BMM 5BE )VSTU BU FYU ɩ JT JT NZ Pċ DF OVNCFS *G ZPV MFBWF B NFTTBHF ZPV NVTU JOEJDBUF ZPVS GVMM OBNF 64)(" OVNCFS BOE ZPVS DIPJDF LFFQ 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO BT UIF OBNF PS DIBOHF UIF OBNF UP 6OJUFE 4UBUFT )BOH (MJEJOH BOE 1BSBHMJEJOH "TTPDJBUJPO * XJMM OPU SFUVSO DBMMT UIBU IBWF JOTVċ DJFOU JOGPSNBUJPO E .BJM UIF QPMM GPSN GSPN UIJT NBHB [JOF UP
64)(" /".& $)"/(& 10-ɩ JT QPMM JT UP EFUFSNJOF JG UIF OBNF PG PVS PSHBOJ[BUJPO TIPVME CF DIBOHFE 1MFBTF TFF UIF %FDFNCFS JTTVF PG )BOH (MJEJOH 1BSBHMJEJOH GPS EFUBJMT PO UIF FOUJSF OBNF DIBOHF QSPDFEVSF PS WJTJU UIF 64)(" 8FC TJUF XXX VTIHB PSH 8IJDI PG UIF GPMMPXJOH OBNFT EP ZPV QSFGFS $IPPTF POF P ,FFQ UIF DVSSFOU OBNF o i6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPOw
5BE )VSTU 0BLWJFX 8BZ 4BO %JFHP $"
P $IBOHF UIF OBNF UP i6OJUFE 4UBUFT )BOH (MJEJOH BOE 1BSBHMJEJOH "TTPDJBUJPOw
"UUO /BNF $IBOHF 1PMM
:PVS GVMM OBNF @@@@@@@@@@@@@@@@ 64)(" /VNCFS @@@@@@@@@@@@@ 4JHOBUVSF @@@@@@@@@@@@@@@@@@@@
/05& *G ZPV SFTQPOE UP UIF QPMM NPSF UIBO PODF PO UIF 8FC QBHF FBDI SFTQPOTF FSBTFT UIF QSFWJPVT SFTQPOTF *G /PUF ɩ JT JT B QPMM POMZ o JU JT OPU BO ZPV SFTQPOE CZ NVMUJQMF NFUIPET UIF Pċ DJBM CBMMPU 8FC SFTQPOTFT XJMM PWFSSJEF UIF PUIFST * NBZ TQPU DIFDL TPNF PG UIF SFTQPOEFOUT .BJM UP 5BE )VSTU UP BTTVSF UIBU UIFSF JT OPU BCVTF PG UIF 3FHJPO %JSFDUPS 64)(" TZTUFN 0BLWJFX 8BZ ɩ JT JT BO JNQPSUBOU JTTVF GPS 64)(" 4BO %JFHP $" NFNCFST *O UIF FOE POF PG UIF UXP MBSHF HSPVQT PG NFNCFST XJMM MPTF *U JT NZ HPBM 0S QBSUJDJQBUF JO UIF QPMM POMJOF BU BOE IPQF UIBU SFBTPOBCMF NFNCFST PG UIF IUUQ XXX VTIHB PSH MPTJOH HSPVQ XJMM DPOTJEFS UIF QSPDFTT UP IBWF CFFO GBJS 1MFBTF SFNFNCFS UIBU BMUIPVHI XF NBZ EJTBHSFF PO XIBU UIF OBNF PG UIF PSHBOJ[BUJPO TIPVME CF XF NVTU BMM XPSL UPHFUIFS UP QSFTFSWF PVS 1SPDFEVSF GPS UIF DVSSFOU QPMM ɩ F QPMM XJMM CF DPOEVDUFE PO UIF TQPSU GPS ZFBST UP DPNF 64)(" 8FC TJUF BOE CZ QIPOF GBY PS FNBJM UP NF 5BE )VSTU o 5"#-& #J )( 1( 5PUBMT UIVSTU!DIFNOBWJHBUPS DPN 5P QBSUJDJQBUF JO UIF QPMM VTF POF PG 6OJUFE 4UBUFT )BOH (MJEJOH BOE 1BSBHMJEJOH "TTPDJBUJPO UIF GPMMPXJOH NFUIPET B 7JTJU IUUQ XXX VTIHB PSH PO 6OJUFE 4UBUFT 'SFF 'MJHIU "TTPDJBUJPO UIF 8FC C &NBJM 5BE )VSTU BU UIVSTU!DIFNOBWJHBUPS DPN XJUI 6OJUFE 4UBUFT 'PPU -BVODIFE ZPVS DIPJDF LFFQ 6OJUFE 4UBUFT "TTPDJBUJPO )BOH (MJEJOH "TTPDJBUJPO BT 5PUBMT UIF OBNF PS DIBOHF UIF OBNF UP 6OJUFE 4UBUFT )BOH (MJEJOH BOE 1BSBHMJEJOH "TTPDJBUJPO ɩ F TVC KFDU PG UIF NFTTBHF NVTU CF i/BNF $IBOHF 1PMM w :PV NVTU JODMVEF ZPVS 64)(" OVNCFS BOE ZPVS GVMM OBNF
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
64)(" /PX BOE 'PSFWFS #Z #JMM )FMMJXFMM
8IZ TIPVME XF DPOTJEFS DIBOHJOH UIF OBNF PG UIF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO XIFO UIFSF JT TVDI BO JODSFEJCMZ TNBMM JOUFSFTU JO UIF OBNF DIBOHF JTTVF 1FSIBQT m WF QFSDFOU PG UIF NFNCFSTIJQ IBT QBSUJDJQBUFE JO BOZ PG UIF EJTDVTTJPOT BOE QPMMT *U XPVME CF B TMFE SJEF EBZ JG PVS OBNF JT DIBOHFE CZ TP GFX NFNCFST )PXFWFS B QSPDFTT IBT CFFO TUBSUFE BOE XJMM DPOUJOVF UP DPN QMFUJPO 5P LFFQ PVS OBNF UIF VQDPNJOH WPUJOH TUFQT NVTU JOWPMWF BMM PS OFBSMZ BMM PG PVS NFNCFST GPS UIF PVUDPNF UP CF MF HJUJNBUF "MM PG ZPV NVTU WPUF UP LFFQ PVS OBNF )FSF JT XIZ 5IFSF JT OP OFFE UP DIBOHF ɩ F OBNF iIBOH HMJEFSw BQQMJFT UP UIF XJOHT BMM PG VT n Z FYDFQU GPS UIF 4XJGU BOE TPNF POF PG B LJOE HMJEFST CFJOH EFTJHOFE BOE CVJMU CZ B IBOEGVM PG PVS NFNCFST 8F IBWF DPNF UP UIJOL PG B IBOH HMJEFS BT B XJOH TIBQFE DSBGU XJUI B GSBNF CFDBVTF UIBU JT XIBU UIF m STU POFT XFSF "MM XF OFFE UP EP JT SFDPHOJ[F UIF GBDU UIBU UIFSF BSF EJĊ FSFOU UZQFT PG HMJE FST UIBU UIF QJMPU IBOHT GSPN %JĊ FSFOU UZQFT PG IBOH HMJEFST EP IBWF EJĊ FSFOU OBNFT QBSBHMJEFS GPS B IBOH HMJEFS UIBU IBT OP GSBNF n FY XJOH HMJEFS GPS B IBOH HMJEFS UIBU IBT B GSBNF UIBU n FYFT SJHJE XJOH HMJEFS GPS B IBOH HMJEFS UIBU IBT B WFSZ TUJĊ GSBNF $IBOHJOH PVS OBNF UP JODMVEF UIF UFSN QBSBHMJEFS JT OP EJĊ FS FOU GSPN DIBOHJOH PVS OBNF UP JODMVEF UIF UFSN n FY XJOH HMJEFS ɩ F DPNNPO QVCMJD WJFX JT UIBU BMM PVS HMJEFST BSF IBOH HMJEFST ɩ F NFEJB SFGFS UP BMM PG VT BT IBOH HMJEFST 8IFOFWFS UIFSF JT BO JODJEFOU UIBU QVUT VT JO UIF OFXT UIF SFQPSUFST JOWBSJBCMZ TBZ UIBU B IBOH HMJEFS XBT JOWPMWFE ɩ F POMZ XBZ UP LOPX XIBU UZQF PG IBOH HMJEFS JU XBT JT CZ UBMLJOH UP GFMMPX QJMPUT PS MJTUFOJOH UP UIF HSBQFWJOF UP m OE PVU JG UIF IBOH HMJEFS IBE B GSBNF PS OPU $IBOHJOH PVS OBNF JT OPU HPJOH UP DIBOHF UIF NFEJB WJFX *U XPVME CF TJNQMFS UP DIBOHF PVS PXO WJFX PG XIBU XF n Z 8F BMM n Z IBOH HMJEFST BMUIPVHI UIFSF BSF EJĊ FSFOU UZQFT 8F IBWF B IJTUPSZ ɩ FSF JT IJTUPSZ JO OBNFT BOE PVS IJTUPSZ JT FNCFEEFE JO i64)(" w ɩ F
JT JT QSPCBCMZ QVCMJD BOE HPWFSONFOU BHFODJFT LOPX VT XIP LOPXT XIBU FMTF ɩ BT 64)(" ɩ FZ IBWF LOPXO VT GPS OPU B CJH EFBM JO UIF TFOTF PG EPMMBS DPTU ZFBST 8F IBWF EFWFMPQFE B USFNFOEPVT #VU QFPQMF XJMM IBWF UP UBLF UIF UJNF UP BNPVOU PG HPPE XJMM PWFS UIPTF ZFBST NBLF UIF DIBOHFT 8IBU BCPVU HPPE XJMM BNPOH HPWFSONFOU CPEJFT BU BMM MFWFMT DPTU UIF HFOFSBUJPO PG TPNF MFWFM PG BOJ GSPN GFEFSBM UP DPVOUZ ɩ BU HPPE XJMM NPTJUZ ,FFQJOH UIF OBNF UIF TBNF JT GSFF UP XBT HFOFSBUFE BT UIF SFTVMU PG UIF EPOBUFE FWFSZPOF BOE VQTFUT OPOF PG UIFTF PVU FĊ PSUT CZ UIPVTBOET PWFS EFDBEFT 'SPN B NBSLFUJOH TUBOEQPJOU B OBNF TJEF FOUJUJFT DIBOHF JT UIF PVUDPNF GSPN B EFDJTJPO UP DIBOHF JEFOUJUZ PS QVSQPTF ɩ FTF IBWF :PV DBO U QMFBTF FWFSZPOF OPU DIBOHFE GPS VT 8F TUJMM XBOU UP *U BQQFBST UIBU UIFSF JT OP FYUFSOBM UBLF PĊ n Z BOE MBOE BT XF BMXBZT IBWF GPSDF ESJWJOH UIF OBNF DIBOHF DBNQBJHO /PUIJOH ESBNBUJD IBT DIBOHFE JO PVS ɩ F HPBMT BOE QVSQPTF PG UIF 64)(" JOUFSBDUJPOT XJUI MBOEPXOFST BOE PUIFS IBWF OPU DIBOHFE ɩ F ESJWJOH GPSDF JT BHFODJFT *G PVS OBNF DIBOHFT UIFO XF JOUFSOBM 4PNF QJMPUT XIP n Z B QBSBHMJEFS CFDPNF TPNFPOF FMTF JO PUIFS QFPQMF T BSF CPUIFSFE UIBU UIF OBNF PG UIF BTTPDJB NJOET 8IBU IBQQFOT UP BMM UIF HPPE UJPO EPFT OPU JEFOUJGZ UIFJS UZQF PG HMJEFS XJMM UIF OBNF 64)(" IBT BTTPDJBUFE ɩ F QSPQPTBM JT UIBU PVS OBNF CF DIBOHFE XJUI JU UP UIF 6OJUFE 4UBUFT )BOH (MJEJOH BOE .BSLFUJOH JT OPU B GVODUJPO PG PVS 1BSBHMJEJOH "TTPDJBUJPO ɩ JT KVTU DSF OBNF JU JT B GVODUJPO PG PVS QSPEVDU *G BUFT BOPUIFS QSPCMFN 4PNF QJMPUT PG n FY UIF OPO n ZJOH DPNNVOJUZ QFSDFJWFT VT XJOH HMJEFST XPVME UIFO UBLF PĊ FOTF UIBU QPPSMZ JU JT OPU CFDBVTF PG UIF OBNF PG UIFJS UZQF PG IBOH HMJEFS JT OPU JODMVEFE PVS BTTPDJBUJPO 3BUIFS JU JT CFDBVTF XF JO UIF OBNF IBWF OPU EPOF B HPPE KPC PG SFQSFTFOUJOH "MM BMUFSOBUF BTTPDJBUJPO OBNFT IBWF PVSTFMWFT UP UIFN 3FOBNJOH UIF BTTPDJ QSPCMFNT /P NBUUFS XIBU OBNF JT QSP BUJPO XJUIPVU OFX TUSBUFHJFT ESJWJOH UIF QPTFE TPNFPOF XJMM PCKFDU UP JU XJUI B BTTPDJBUJPO XJMM OPU QSPEVDF BOZ SFTVMUT iMPHJDBMw SFBTPO XF EP OPU DVSSFOUMZ IBWF XIFUIFS HPPE PS CBE 8IP CFMJFWFT UIBU SFOBNJOH UIF 4VNNBSZ BTTPDJBUJPO XJMM JODSFBTF NFNCFSTIJQ PS 3FBTPOT UP LFFQ PVS OBNF TFDVSF QSFTFSWF n ZJOH TJUFT *U EFTDSJCFT BMM PG VT *U JT PVS ZFBS IJTUPSZ 5IFSF JT TPNF DPTU *U JEFOUJm FT VT 3FOBNJOH UIF BTTPDJBUJPO XJMM DPTU 3FBTPOT UP OPU UP DIBOHF PVS OBNF NPOFZ 8IFUIFS JU DPTUT B MPU PS B MJUUMF "MUFSOBUJWF OBNFT IBWF QSPCMFNT QSPCBCMZ EFQFOET PO XIFUIFS PS OPU ZPV 4P GFX QJMPUT TFFN UP DBSF TVQQPSU UIF JEFB CVU OP NBUUFS XIBU JU 4PNF VOLOPXO DPTU JT JOWPMWFE XJMM DPTU NPOFZ ɩ BU NPOFZ XPVME CF CFUUFS TQFOU BEESFTTJOH PUIFS JTTVFT -FU T LFFQ UIF OBNF XF IBWF BOE BWPJE 4PNF XPSL XPVME CF SFRVJSFE BU UIF B MPU PG UVSCVMFODF 64)(" Pċ DFT UP BDDPNNPEBUF B OBNF DIBOHF 4FWFSBM QFPQMF IBWF WPMVOUFFSFE UP UBLF DBSF PG BMM UIF Pċ DF SFMBUFE DIBOHFT "MTP BOZ FYJTUJOH JOWFOUPSZ DPVME CF VTFE VOUJM JU JT HPOF ɩ F DMBJN DPVME CF NBEF UIBU UIF EJSFDU DPTU UP UIF 64)(" XPVME CF JOTJHOJm DBOU )PXFWFS DIBOHFT BSF OPU DPOm OFE UP UIF 64)(" Pċ DF (PWFSONFOU FO UJUJFT MJLF UIF '"" BOE /BUJPOBM 1BSL 4FSWJDF XPVME IBWF UP DIBOHF B GPSN PS UXP $MVCT BOE TDIPPMT BDSPTT UIF DPVO USZ XPVME IBWF UP DIBOHF UIFJS CZMBXT TPNF PG UIFJS GPSNT EPDVNFOUT BOE MFUUFST XJUI MBOEPXOFST 8FC TJUFT BOE
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
#Z +ÏSÙNF %BPVTU NPTUMZ 1( B GFX TPMP )( IPVST
1IPUP %BSSFO %BSTFZ
"CCSFWJBUJPOT VTFE JO UIJT BSUJDMF 1( QBSBHMJEFS )( IBOH HMJEFS 0VS BTTPDJBUJPO T OBNF BOE JUT BDSP OZN JT PWFSEVF GPS B DIBOHF UP IPOPS JUT NVMUJQMF EJTDJQMJOFT 4PNF BEWPDBUFT PG LFFQJOH UIF OBNF JO JUT DVSSFOU )( POMZ GPSN IBWF TBJE " 1( JT CZ EFm OJUJPO B )( TP )( JT HFOFSJD FOPVHI ɩ JT JT QMBZJOH CPUI TJEFT PG UIF GFODF EFQFOEJOH PO XIBU JT DPOWFOJFOU BU UIF UJNF 3FBMJUZ DIFDL t 0VS BTTPDJBUJPO IBT TFQBSBUF SBUJOH EFTJHOBUJPOT TFQBSBUF TLJMM TFUT t 1JMPUT NBLF B DMFBS EJTUJODUJPO PG UIFJS FRVJQNFOU BT CFJOH FJUIFS 1( PS )( 5FMM B )( QJMPU ZPV IBE B DPMMBQTF PO ZPVS )( PS IBE QSPCMFNT JOn BUJOH JU BOE IF XJMM RVJDLMZ TFU ZPV TUSBJHIU t "DDJEFOU SFQPSUT BOE TUBUJTUJDT NBLF B DMFBS EJTUJODUJPO 8F NVTU BMJHO PVSTFMWFT XJUI UIF DPNNPO OPUJPO UIBU 1(T BOE )(T BSF UXP EJĊ FSFOU UIJOHT 0OMZ B TNBMM QFSDFOUBHF PG NFNCFST IBWF QBSUJDJQBUFE JO UIF SFMBUFE QPMMT NPSF JNQPSUBOU JTTVF DPVME CF BE ESFTTFE JOTUFBE t 1PMM QBSUJDJQBUJPO IBT BMXBZT CFFO MPX ɩ F QPMMT PO UIJT JTTVF ESFX UIF HSFBUFTU SFTQPOTF SFWFBMJOH
JUT JNQPSUBODF *G MFGU VOSFTPMWFE UIJT JTTVF XJMM SFNBJO BOE HSPX $PTU DPODFSOT t " OESF /BEFBV )1"$ XSJUFT *O $BOBEB UIFSF JT B TNBMM GFF UP DIBOHF B DPSQPSB UJPO OBNF o * UIJOL t .BSL ( 'PSCFT .JOJNBM 8F SF OPU HPJOH UP iTDSBQw BOZUIJOH 8F MM VTF JU VQ BOE PSEFS OFX TUVĊ BT OFFEFE 8F EPO U LFFQ IVHF BNPVOUT PG JOWFOUPSZ BSPVOE ɩ F NBHB [JOF HFUT QSJOUFE FWFSZ NPOUI $IBOHJOH UIF OBNF UIFSF JTO U HPJOH UP DPTU NVDI t 1SJOUFE NBUUFS MPHP BOE TXBH T .BSL ( 'PSCFT 8F WF HPU CPUI PVS NBHB[JOF BSU EJSFDUPS BOE TPNF WPMVO UFFST "T GPS TXBH XF IBWFO U QVU BOZ FĊ PSU JOUP OFX TUVĊ JO UIF QBTU GFX ZFBST CFDBVTF JU T OPU NVDI PG B NPOFZNBLFS T 4UFWF 3PUJ IPOPSBSZ EJSFDUPS "MNPTU BMM 64)(" GPSNT BSF JO FMFDUSPOJD GPSNBU BOE BSF QSJOUFE PO EFNBOE OPX TP UIFSF XJMM CF MJUUMF SF QSJOUJOH DPTU GPS GPSNT t 8FC TJUF T 4UFWF 3PUJ * XJMM WPMVOUFFS NZ UJNF UP NBLF BMM OFDFTTBSZ DIBOHFT UP UIF 64)(" 8FC TJUF BU OP DPTU *G 1( UVSOT PVU UP CF B UFNQPSBSZ USFOE XF XJMM CF IBQQZ XF LFQU UIF PME OBNF 1( JT HSPXJOH OPU GBEJOH
1IPUP %BSSFO %BSTFZ
6 4 "TTPDJBUJPO /BNF -FU T NBLF FWFSZPOF GFFM BT JG UIFZ CFMPOH
BXBZ 'PS SFDFOU NFNCFSTIJQ TUBUJT UJDT TFF 5BCMF PO Q 1( TIPVME SFBDI PG NFNCFSTIJQ CFGPSF XF DPOTJEFS SFWJFXJOH UIF BTTP DJBUJPO OBNF 8IZ "OE XIBU IBQ QFOT XIFO 1( SFBDIFT NPSF UIBO %FDJEJOH B OBNF TPMFMZ CBTFE PO UIF NBKPSJUZ PG QBSUJDJQBOUT JT XSPOH BOE PTUSBDJ[FT UIF PUIFS EJTDJQMJOFT 8F NVTU LFFQ UIF TBNF OBNF UP QSF TFSWF CSBOE WBMVF BOE SFDPHOJUJPO 6OMJLF *#. PS CJH DFMFCSJUJFT PVS OBNF IBT WFSZ MJUUMF JOn VFODF PO PVS QSPEVDU TBMFT 0SHBOJ[BUJPOT XF SFQPSU UP XJMM SFDPHOJ[F VT JO UIF TBNF XBZ CFDBVTF UIFSF JT OP DPNQFUJUJPO :PV TFFN UP GPSHFU UIBU 1( QJMPUT XFSF BEPQUFE JOUP PVS BTTPDJBUJPO BOE BSF CFOFm UJOH GSPN BMM PVS QSFWJPVT IBSE XPSL ɩ BU IBSE XPSL JT SFDPH OJ[FE BOE PVS BTTPDJBUJPO T IJTUPSZ XJMM SFNBJO 8IZ EPO U ZPV MFBSO UP n Z B SFBM TPBS JOH NBDIJOF TVHHFTUJOH B )( ɩ FSF JT OP TVDI UIJOH BT B SFBM TPBSJOH NBDIJOF " )( EPFTO U QFSGPSN BT XFMM BT B TBJMQMBOF OPS PĊ FS UIF DPOWFOJFODF PG B 1( JU JT B DPNQSPNJTF *G ZPV EPO U MJLF PVS BTTPDJBUJPO OBNF ZPV BSF XFMDPNF UP MFBWF /PU MJLJOH UIF DVSSFOU OBNF IBT OPUIJOH UP EP XJUI UIF BQQSFDJBUJPO PG UIPTF XPSLJOH GPS PVS BTTPDJBUJPO PS XIBU JU SFQSFTFOUT BOE PĊ FST 4VHHFTUJOH UIBU NFNCFST MFBWF UP GPSN BOPUI FS BTTPDJBUJPO JT TFMG EFTUSVDUJWF 1FPQMF EPO U UBLF VQ B OFX TQPSU CFDBVTF PG UIF OBNF PG BO BTTPDJB UJPO ɩ JT OBNF DIBOHF JT BJNFE BU SFTQFDUJOH QMFBTJOH FYJTUJOH NFN CFST Dz F '"" BOE 'PSFTU 1BSL 4FSWJDF XPVME OFFE UP NPEJGZ EPDVNFOUT JO WJUJOH QPMJDZ SFWJFXT BOE VOXBOUFE
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
5"#-&
TJEF Fą FDUT t ɩ JT QMBZT PO UIF GFBS PG UIF VO LOPXO XIJDI JT B HPPE TDBSF UBDUJD 3FBMJUZ XPVME CF NPSF CBMBODFE BOE JG BOZ QPMJDZ JT SFWJFXFE JU DPVME BMTP CF UP PVS CFOFm U t .BSL ( 'PSCFT *OGPSNJOH '"" JTO U B CJH EFBM PVS FYFNQUJPOT BSF CFJOH SF WJTFE BT 4QPSU 1JMPU JT JNQMF NFOUFE BOE UIFZ LOPX XIP XF BSF XIFUIFS PVS JOJUJBMT BSF i64)("w PS TPNFUIJOH FMTF Dz FTF Fą PSUT BSF KVTU TDIFNJOH BOE EFTUSVDUJWF ɩ F HPBM JT UP FMJNJOBUF UIF DVSSFOU OBNF EJTTBUJTGBDUJPO UIFO NPWF PO UP XPSL PO CJHHFS
)BWJOH BO BTTPDJBUJPO OBNF CJBTFE BT )( POMZ DPOWFZT )( SVMFT IFSF -FU T UVSO UIF UBCMFT 8IBU JG PVS BTTPDJBUJPO IBT B 1( POMZ OBNF o IPX EPFT B )( QJMPU GFFM BCPVU JU ɩ BU T UIF XBZ NBOZ 1( QJMPUT GFFM OPX .BLJOH PVS BTTPDJBUJPO OBNF OPO )( TQFDJm D XJMM HFOFSBUF B HSFBUFS TFOTF JTTVFT XJUI B HSFBUFS TFOTF PG CF PG CFMPOHJOH GSPN PUIFS EJTDJQMJOFT MPOHJOH ɩ JT QSPDFTT JT CFJOH EPOF ɩ JT DIBOHF JT PWFSEVF BT PUIFS DPVO JO BO PQFO BOE QVCMJD NBOOFS OPU USJFT BSF GBS JO UIF MFBE JO SFWJTJOH UIFJS MPCCJFE JO TFDSFU PSHBOJ[BUJPO OBNFT *G TPNF NFNCFST GFFM BMJFOBUFE CZ PVS t i'SFF 'MJHIUw "SHFOUJOB #FMHJVN #SB[JM 'SBODF *UBMZ DVSSFOU OBNF UIBU T UIFJS QSPCMFN 1PSUVHBM 4MPWFOJB 7FOF[VFMB ɩ BU JT B EJTSFTQFDUGVM DPNNFOU t i)( 1(w $BOBEB %FONBSL Dz FSF JTO U B CFUUFS OBNF BOZXBZ *SFMBOE ,PSFB /FX ;FBMBOE * DBO UIJOL PG NBOZ 4PVUI "GSJDB 6, 8F NBEF PVS PXO QPMM BU PVS DMVC -FU T TUPQ UBMLJOH BCPVU DPMMBCPSBUJPO BOE UIFSF XBT OP JOUFSFTU " DMVC JT B TNBMM TBNQMJOH HSPVQ BOE MPDBM o MFU T TIPX JU UP UIF XPSME QPMJUJDT DBO FBTJMZ QSFWBJM *G PVS BTTPDJBUJPO DIBOHFT JUT OBNF * XJMM MFBWF *TO U UIJT XIBU QFPQMF TBZ UISFBUT XIFO UIFZ SVO PVU PG HPPE BSHVNFOUT
1( PWFS PWFS PWFS
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
)(
* +6.1 '30. 5)& .06/5"*/
#Z +FBO $BSNJDIBFM 1IPUPT QSPWJEFE CZ UIF BVUIPS
#FBVUJGVM #JH 4VS $BMJGPSOJB 'FCSVBSZ
8IFO * m STU SFBE BCPVU IBOH HMJEJOH JO * XBT BOE TJUUJOH JO UIF 4UVSHJT .JTTJTTJQQJ IJHI TDIPPM MJCSBSZ n JQQJOH UISPVHI 1PQVMBS .FDIBOJDT *U PQFOFE UP QIPUPT PG B NBO n PBUJOH XJUI B CSJHIU TBJM BCPWF UIF MBOETDBQF o BT * IBE TPBSFE JO ESFBNT POMZ UP BXBLFO EJTBQQPJOUFE JO CFE * IBE MFBQU GSPN PVS SPPG XJUI HBUI FSFE TIFFUT BOE VNCSFMMBT BOE IBE FWFO CFJOH SBJTFE 4PVUIFSO #BQUJTU USJFE UIF iGBJUI DBO NPWF NPVOUBJOTw USJDL XJUI PVU TVDDFTT 4P XIFO * m STU SFBE UIBU BS UJDMF TPNFUIJOH DMJDLFE BOE * LOFX * IBE UP MFBSO UP n Z POF PG UIFTF UIJOHT * TUBSU FE TBWJOH UIBU TVNNFS IPQJOH UP BDDV NVMBUF UIF m WF IVOESFE EPMMBST OFFEFE UP CVZ B LJU BEWFSUJTFE JO UIF CBDL PG UIF TBNF NBHB[JOF *U JT QSPCBCMZ GPSUVOBUF UIBU NZ QBS FOUT EJWPSDFE BCPVU UIF UJNF * IBE UIBU TVN BOE UIBU * VTFE UIF NPOFZ JOTUFBE UP IFMQ QBZ GPS DPMMFHF ɩ FSF BSF WFSZ GFX IBOH HMJEFS QJMPUT JO .JTTJTTJQQJ GFXFS JOTUSVDUPST BOE OP NPVOUBJOT * NJHIU IBWF n PXO TPNFXIFSF CVU * NJHIU BMTP IBWF CFDPNF UIF TUBUF T m STU IBOH HMJE JOH GBUBMJUZ ɩ SPVHI QPWFSUZ TUSJDLFO DPMMFHF BOE NFEJDBM TDIPPM * XPVME QFSJPEJDBMMZ QVMM PVU UIF GSBZFE BSUJDMF BOE ESFBN * IBE
IFBSE MJUUMF PG UIF TQPSU TJODF UIF A T BOE XBTO U TVSF JU TUJMM TVSWJWFE VOUJM * NFO UJPOFE JU UP B GFMMPX NFE TDIPPM DMBTTNBUF OBNFE OP SFBMMZ 3JDIBSE #JSETPOH )F IBE HPOF UP B IBOH HMJEJOH TDIPPM OFBS $IBUUBOPPHB 5FOOFTTFF PO -PPL PVU .PVOUBJO BCPVU #VU JO NFEJ
* IBE MFBQU GSPN PVS SPPG XJUI HBUIFSFE TIFFUT BOE VNCSFMMBT BOE IBE FWFO CFJOH SBJTFE 4PVUIFSO #BQUJTU USJFE UIF i GBJUI DBO NPWF NPVOUBJOTw USJDL XJUIPVU TVDDFTT DBM TDIPPM POF JT OPU QFSNJUUFE UP IBWF IPCCJFT CFZPOE TMFFQ * XBT JO UIF UIJSE ZFBS PG TVSHJDBM SFTJ EFODZ XIFO NZ GBUIFS EJFE PG FNQIZTF NB BU BHF "GUFS TUBSJOH BU UIF IPTQJ
UBM XBMMT GPS B XFFL CMJOLJOH BXBZ UFBST * EFDJEFE ESFBNT TIPVME OPU CF EFGFSSFE BOE DBMMFE UIF $IBUUBOPPHB 5PVSJTU #V SFBV :FT UIFZ EJE LOPX PG IBOH HMJEJOH PĊ -PPLPVU .PVOUBJO CVU EJEO U IBWF BO BEESFTT KVTU B OVNCFS GPS )JHI "EWFO UVSF .PVOUBJO 4QPSUT BU 3BDDPPO .PVO UBJO -FPO BOTXFSFE CVU BMM IF IBE XBT B in JHIU TJNVMBUPSw B IBOH HMJEFS PO B TUSJOH %JE IF QFSIBQT LOPX BOZPOF XIP HBWF MFTTPOT PO UIF SFBM UIJOH 0I TVSF .BUU 5BCFS VQ PO -PPLPVU .PVO UBJO EJE * XBOU UIF OVNCFS :FT -FPO * EJE i-PPLPVU .PVOUBJO 'MJHIU 1BSL +PBOOF TQFBLJOH $BO * IFMQ ZPV w i%P ZPV n Z JO +BOVBSZ w * BTLFE 4VSF UIFZ UBVHIU EBJMZ BOE n FX XIFOFWFS UIF XJOET QFSNJUUFE * RVJDLMZ CPPLFE NZ CPZGSJFOE BOE NZTFMG GPS MFTTPOT 8IFSF IBE * TFFO UIFJS BE QMFBTF %JE UIFZ IBWF BET * E POMZ CFFO MPPLJOH GPS UIFN IBMG NZ MJGF 4P m OBMMZ CFGPSF * SFBDIFE BHF CFGPSF * XBT UPP PME XIBUFWFS BHF UIBU XBT * XBT HPJOH UP CF B IBOH HMJEFS QJMPU "GUFS B TFWFO IPVS ESJWF GSPN .PCJMF JO SBJO BOE TMFFU UIF EBZ CFGPSF XF BSSJWFE UP m OE UIF TIPQ FOWFMPQFE JO B SJEHF UPQ
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
DMPVE +PBOOF TJHOFE VT VQ UPPL NZ DSFE JU DBSE BOE IBOEFE NF B DMPTFMZ UZQFE TIFFU MJTUJOH UIF NBOZ XBZT UP NBOHMF PS LJMM NZTFMG JO UIF TQPSU BOE BCTPMWJOH UIFN PG BMM SFTQPOTJCJMJUZ GPS NZ DMVN TJOFTT 4IF DPVMEO U IBWF TDBSFE NF PĊ XJUI CMPPEZ m MN GPPUBHF UIPVHI * N OPU DFSUBJO "MG UIF CPZGSJFOE GFMU UIF TBNF *U XBT OPU IJT ESFBN ɩ BU BGUFSOPPO BGUFS PVS m STU iHSPVOE TDIPPMw DMBTT XF PCTFSWFE UIF iSFBMw QJ MPUT * XBUDIFE UIFN MBVODI XBML JOH EPXO UIF DPODSFUF TMBC TFU BU XIBU TFFNFE B QSFDJQJUPVT BOHMF PWFS UIF DMJĊ ɩ F QBOPSBNB PG UIF WBMMFZ TQSFBE CFMPX NF BT * IVEEMFE PO UIF DPME MFEHF ɩ FTF NFO BOE TPNFUJNFT XPNFO EPWF PWFS UIF FEHF n JOHJOH UIFNTFMWFT JOUP B WPJE USVTUJOH JO XJOHT PG BMVNJOVN BOE UIJO %BDSPO UP CFBS UIFN VQ UP DBUDI UIF XJOE BOE UBLF UIFN UP UIF DMPVET *O UIF CSJTL +BOVBSZ XJOET * TBX UIFTF UIJOHT BDUVBMMZ n Z GPS UIF m STU UJNF JO NZ MJGF TBX UIFN MJGUFE MJLF BO FMFWBUPS PWFS PVS IFBET JO UIF NPNFOU UIFZ UXJTUFE GSFF PG UIF XJSF DSFX TBX UIFN UBLFO UP UIF TLZ ɩ FZ IPWFSFE UIFSF EJQQJOH EPXO UP n BVOU UIFJS XJOHT PS XIPPQ B HSFFU JOH ɩ FZ XFSF DIJMMFE CVU DIFFSGVM UBL JOH UIFJS QMFBTVSF VQ UIFSF BT JG CPSO UP TXJN JO BJS ɩ F TQPSU XBT NPSF UIBO * IBE JNBHJOFE BOE * FOWJFE UIFN BOE MVTUFE GPS UIFJS TLJMMT ɩ F m STU UJNF * XBT BJSCPSOF SVOOJOH EPXO UIF MJUUMF USBJOJOH IJMM NZ GFFU MJGU JOH GSFF PG UIF HSPVOE XBT B HJEEZ FYQF SJFODF MJLF UIF TVEEFO MJGU BU UIF CPUUPN PG UIF SPMMFS DPBTUFS XIFO ZPVS TUPN BDI n PBUT VQ POMZ MPOHFS * DIPSUMFE MJLF TPNF LJE JOTUBOUMZ BEEJDUFE ɩ F XFBUIFS UVSOFE WJDJPVTMZ DPME UIBU ɩ VSTEBZ GSFF[JOH UIF XFU HSPVOE BOE UVSOJOH UIF SFNJOEFST PG UIF DPXT XIP TIBSFE PVS USBJOJOH m FME JOUP TUPOFT BMPOH NZ CVNQZ QBUI ɩ F DIJMM NBEF JU EJċ DVMU UP XBSN VQ CVU * QSPHSFTTFE VO UJM UIF NPSOJOH * JOKVSFE NZTFMG NFNP SJBMJ[FE PO "MG T WJEFP PG PVS WBDBUJPO ɩ FSF * BN B MVNQ ESFTTFE GPS UIF BSDUJD USVEHJOH VQ UIF IJMM XJUI (SFH #BMM BGUFS TFWFSBM DMVNTZ MBOEJOHT BU UFNQUJOH UP BWPJE B GSP[FO PWFS DPX XBM MPX )F UPME NF UP n BSF BT JG UIF QVEEMF XBTO U UIFSF * EJEO U n BSF IBSE FOPVHI BOE SPMMFE POUP UIF JDF XIFSF UIF TBGF UZ XIFFMT CSPLF UISPVHI BOE MPDLFE BOE NPNFOUVN n VOH NF GPSXBSE TXJOH
JOH NF MJLF B CFMM DMBQQFS BHBJOTU UIF LFFM NZ OFDL CFOU BU B EFHSFF BOHMF * ESPQQFE UP NZ LOFFT JO UIF JDZ XBUFS UFTUJOH NZ FYUSFNJUJFT JOEJWJEVBMMZ "MG BOE (SFH TIPVUFE NZ OBNF BT UIFZ UVN CMFE EPXO CVU * XBT UPP CSFBUIMFTT UP BO TXFS UIFN 8F IBE UP MFBWF JO UXP EBZT GPS .P CJMF BOE JU NJHIU CF NPOUIT CFGPSF XF DBNF CBDL 4P CBUUFSFE * SFUVSOFE UIF OFYU UXP VOGSVJUGVM EBZT BOE XFOU IPNF EFn BUFE BOE TUJĊ ɩ PVHI "MG BOE * TUPMF PĊ &BTUFS UP UBLF BOPUIFS MFTTPO BOE BHBJO JO UIF GBMM UIFSF XBT MJUUMF QSPH SFTT *U SBJOFE UIF MPOH 0DUPCFS XFFL * SF UVSOFE BMPOF CSFBLJOH POMZ PDDBTJPOBM MZ GPS B MFTTPO * XBT TP DMPTF UP HSBEVBU JOH UP UIF iCJH IJMM w UIF GPPUFS UIBU XBT UIF OFYU TUFQ UP OJSWBOB ɩ FSF PVS NPSF BEWBODFE NBUFT DBWPSUFE FĊ PSUMFTT MZ o JU TFFNFE UP VT TNBMM IJMMFST o TMJQ QJOH HSBDFGVMMZ GSPN UIF GBDF PG UIFJS TUFFQFS TMPQF SFTFNCMJOH NPUIT BT UIFZ DSBXMFE VQ JU UP n Z BHBJO "OE ZPVOHFS BOE NPSF BUIMFUJD NFO GPMMPXFE UIF JO TUSVDUPST EJSFDUJPOT FBTJMZ XIJMF * TUSVH HMFE * MFGU UIBU XFFL OPU TVSF XIFO * XPVME CF CBDL GFFMJOH NZTFMG MBDLJOH JO TPNFUIJOH GFFMJOH UPP PME * TUBZFE BXBZ GPS NPOUIT TPSUJOH PVU NZ MJGF TUBSUJOH B OFX KPC CVU m OBMMZ SFBMJ[JOH UIBU * OFFEFE UIJT * OFFEFE UP NBLF UIJT ESFBN SFBM *O .BSDI PG BMNPTU * CFHBO NZ TVNNFS PG IBOH
HMJEJOH XIFO BOZUIJOH XBT QPTTJCMF BOE FWFSZPOF XBT LJOE *OJUJBMMZ SFUVSOJOH XBT BO FNCBSSBTT NFOU * IBE UP FYQMBJO UP GFMMPX TUVEFOUT UIBU * IBE ESPQQFE PVU UIBU * BMSFBEZ IBE n JHIUT UIBU * n FX JO UIF GBDF PG UIF TDIPPM T BEWFSUJTFNFOU UP IBWF POF PĊ UIF NPVOUBJO JO EBZT ɩ BU * XBT CMVOUMZ B GBJMVSF 4UJMM * IBE TPNFUIJOH * IBEO U IBE UIF MBTU UJNF o QBUJFODF XJUI UIF QSP DFTT i;FO BOE UIF "SU PG )BOH (MJEJOH w * XPVME NVSNVS XIFOFWFS * GFMU EJTHVTU FE XJUI NZ QSPHSFTT *G JU XBT NPSF QBJOMFTT NFOUBMMZ QIZT JDBMMZ JU XBT B EJĊ FSFOU NBUUFS "U m STU * QVMMFE UIF HMJEFST VQ UIF IJMMT MBCPSJPVTMZ DVSTJOH NFO BOE UIFJS NVTDMFT BOE XJTI JOH * E UBLFO VQ XFJHIU MJGUJOH PS SVO OJOH "GUFS GPVS PS m WF n JHIUT BOE DMJNCT * XPVME IBWF UP DBMM JU B NPSOJOH 'JOBM MZ * EJTDPWFSFE B QJMPU OBNFE #+ BJSCVN BOE QFSNBOFOU DBNQFS JO UIF -; B XJMM JOH QBDLIPSTF GPS CFFS NPOFZ #Z .BZ * CFHBO UP HSBTQ UIF NFDIBO JDT PG MBVODIJOH n ZJOH TUSBJHIU BOE n BS JOH UP MBOE PO NZ GFFU 8IFO * SFUVSOFE PO .FNPSJBM %BZ XFFLFOE UIFSF XFSF PG VT PO UIF MJUUMF IJMM XBJUJOH GPS UIF SBJO UP TUPQ UIFO XBJUJOH GPS PVS UVSOT ɩ F OFYU NPSOJOH XBT OP CFUUFS BOE XIFO 3FY PĊ FSFE BO FWFOJOH DMBTT * MFBQU BU UIF DIBODF DPOWJODFE JU XBT UIF POMZ XBZ * E HFU FOPVHI UJNF PO UIF HMJEFST UIBU XFFLFOE UP HSBEVBUF ɩ BU BGUFSOPPO * DPVME NBLF OP FSSPS n JHIU BGUFS n JHIU
'JSTU n JHIU GSPN UIF NPVOUBJO "VHVTU #V[[ $IBMNFST PO UIF MFGU
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
"JSCPSOF BU MBTU #V[[ $IBMNFST QFSGPSNT UIF *OTUSVDUPST /JOUFOEP %BODF JO DFMFCSBUJPO
XBT QFSGFDU 8IFO * DBNF UP NZ m GUI JO B TFSWFE KJCFT *O UIF NPSOJOH * TFBSDIFE SPX * XBT BGSBJE * E TUVNCMF BU UIF m OJTI PVU $ISJTUJBO BOE BTLFE JG * DPVME MBVODI BOE 3FY TVHHFTUFE * XBJU VOUJM NPSOJOH GSPN UIF CJH IJMM )F NFBTVSFE NF GPS B CVU * XBT EFUFSNJOFE DIBODFE JU BOE XPO NPNFOU UIFO TBJE i4VSF w * TUPPE XBUDIJOH PUIFST MBVODI NPSF IPPUJOH BOE IPQQJOH BT IF TIPVUFE EPXO XBSZ PG NZTFMG UIBO UIF TMPQF BOE LFQU SF i:PV SF DMFBSFE w ɩ BU OJHIU * CSPVHIU UIF JOTUSVDUPST QFBUJOH i*U T KVTU B IJMM MJLF UIF MJUUMF IJMM F HMJEFS EPFTO U LOPX JU T BOZ IJHIFS w CFFS QFS DVTUPN BOE FOEFE VQ BT BO ɩ 8IFO JU XBT NZ UVSO $ISJTUJBO JO PUIFS PG $ISJTUJBO T UIF DIJFG JOTUSVD UPS T IPVTFHVFTUT ɩ F m WF PG VT TQSBXMFE TUFBE PG UIF FYQFDUFE MFDUVSF POMZ TBJE JT XBT BSPVOE IJT USBJMFS JO UIF MBOEJOH m FME BT i-FU JU n Z +FBO JU XBOUT UP n Z w ɩ UIFZ SFHBMFE NF XJUI IBOH HMJEJOH TUP NZ NBOUSB BT * SBO EPXO UIF XPSO QBUI SJFT BOE FYBHHFSBUJPOT XIJMF * MJTUFOFE SF JO UIF HSBTT UPXBSE UIF FEHF UIJOLJOH TQFDUGVMMZ QSPVE PG UIFJS BQQSPWBM CFHJO NFDIBOJDBMMZ SFNFNCFSJOH UP SFMBY NZ IBOET LFFQ UIF OPTF BOHMF DPSSFDU FZFT OJOH UP GFFM MJLF B SFBM QJMPU ɩ F OFYU NPSOJOH * XFOU UP UIF CJH IJMM GPSXBSE BDDFMFSBUF TNPPUIMZ SFQFBUJOH FYIBVTUFE GSPN MFTTPOT IVOH PWFS UJSFE NPUJPOT * E QFSGPSNFE EP[FOT PG UJNFT GSPN QPPS TMFFQ JO B TUSBOHF QMBDF BOE QSBZJOH GPS UIF HMJEFS UP DBQUVSF UIF BJS USJFE UP CSFBL NZ OFDL B TFDPOE UJNF * GPS NF "OE JU EJE * XBT BJSCPSOF IBOH DMVUDIFE UIF EPXOUVCFT QVMMJOH UIF HMJE JOH GPVS TUPSJFT BCPWF UIF m FME UJNF QBTT FS T OPTF EPXO BOE EPWF PWFS UIF DSFTU PG JOH JOm OJUFMZ TMPXMZ BT NZ TIBEPX SBO UIF CJH IJMM ESBHHJOH BMPOH UIF HSPVOE UISPVHI UIF VODVU HSBTT UP NZ MFGU UIF VOUJM * IJU B SPBE DBSWFE GSPN UIF TJEF PG XJOETPDL NZ UBSHFU MBOHVPSPVTMZ BQ UIF TMPQF BOE TLJ KVNQFE UP MBOE OPTF m STU QSPBDIJOH JO UIF TJMFODF CBSFMZ TUJSSJOH "HBJO NZ OFDL UPPL UIF CSVOU 3JDLZ XBT * TLJNNFE UIF HSPVOE NZ UPFT IJUUJOH CFTJEF NF BMNPTU CFGPSF * TUPQQFE SPMMJOH NPXO TUVCCMF BOE * UISFX NZ IBOET VQ F DIFFST DIFDLFE NF PWFS BOE NBEF NF TJU JO UIF JO B n BSF UP TFUUMF PO NZ GFFU ɩ TIBEF VOUJM UIF TIBLJOH QBTTFE * JOTJTUFE GSPN BCPWF XFSF EFMJDJPVT $ISJTUJBO TBJE MBUFS i* N HMBE ZPV PO EJTBTTFNCMJOH UIF XPVOEFE HMJEFS UP EJEO U MFU UIF IJMM XJO w *U XBT BT JG * E SF TIPX FWFSZPOF * XBT 0, * XBTO U TVSF UIFZ XPVMEO U TFOE NF DFJWFE B NFEBM ɩ F DBNBSBEFSJF PG UIF CJH IJMM XBT CBDL UP UIF MJUUMF IJMM JO UIF NPSOJOH BOE * QSBDUJDFE CFJOH HSBDFGVMMZ SFTJHOFE * EFFQFS )FSF XFSF UIF iTFSJPVTw POFT m MMFE NZTFMG XJUI JCVQSPGFO BOE IJE JO UIF UIF POFT XIP NFBOU UP n Z OPU KVTU UBLF IPUFM UIBU EBZ VOXJMMJOH UP IFBS UIF EF B QJDUVSF PG UIFNTFMWFT iIBOH HMJEJOH w
8F TIBSFE CPUUMFE XBUFS CVH SFQFM MFOU TVOCMPDL NVEEZ IBSOFTTFT TXFBU TPBLFE IFMNFUT BOE HMFBOJOHT PG BEWJDF "NPOH VT XFSF UIPTF XIP IBE BMSFBEZ IBE UIFJS m STU iNPVOUBJOw n JHIUT CVU OFFEFE UP DPNF CBDL GPS B SFGSFTIFS BG UFS CFJOH HPOF UXP PS UISFF XFFLT 8F BTLFE BHBJO BOE BHBJO i8IBU XBT JU MJLF w BT JG UIFZ XFSF .BSDP 1PMP SF UVSOFE UP 7FOJDF 8IBU XF HPU JOTUFBE XBT UIF JOBSUJDVMBUF EFTDSJQUJPOT PG UIF m STU BTUSPOBVUT i0I JU XBT HSFBU w +JN UIF JOTUSVDUPS DIBSBDUFSJ[FE JU BT i#FUUFS UIBO TFY w i4FDPOE UJNF TFY w IF BNFOEFE 8F IBE EJTUJODU iUBTLTw PO UIF CJH IJMM o UVSO UIF HMJEFS UPXBSE TQFDJm D BOHMFT UIFO MFWFM PVU n Z TUSBJHIU BOE MBOE PO PVS GFFU ɩ F m STU XBT TJNQMZ EFHSFFT MJUUMF DIBMMFOHF CVU UIF OFYU SFRVJSFE B TIBSQ EFHSFF UVSO XJUI iDPPSEJOBUJPO w B UFDIOJRVF UP NJOJNJ[F UIF HMJEFS iTMJQQJOHw TJEFXJTF BOE MPTJOH WBMVBCMF BMUJUVEF * IBE OP QSPCMFN XJUI FJUIFS 'PS UIF MJOLFE T BOE T XF IBE UP QFSGPSN TVDDFTTJWF UVSOT BOE TUJMM MBOE XFMM ɩ F iCJHw IJMM TISBOL ɩ FTF UBTLT SFRVJSFE GBTUFS SFn FYFT BOE * CFHBO UP GFFM GSVTUSBUFE CZ UIF GPVSUI XFFLFOE OPU IFMQFE CZ DPOUSBSZ XJOET UIBU CMFX PWFS UIF CBDL 5BJMXJOET NFBOU XF XBJU FE MPOHFS GPS MVMMT BOE IBE MFTT BMUJUVEF BOE UIVT MFTT UJNF UP FYFDVUF UVSOT 8F CFHBO UP NVUUFS EBSLMZ BCPVU WJSHJO TBD SJm DFT BOE PVS POMZ DPNGPSU XBT B TFMm TI EFMJHIU JO BOZPOF FMTF T EJċ DVMUJFT * HSBEVBMMZ MPTU NZ TFSFOJUZ BT * TBX UIF NPVOUBJO TP DMPTF KVTU CFZPOE NZ m OHFSUJQT * XBT SFBEZ * LOFX JU BOE JU XBT NBEEFOJOH UP IBWF UIF GPSDFT PG OB UVSF BOE NZ JOTUSVDUPST TUBOE JO UIF XBZ * DSJFE GSVTUSBUFE UFBST TQJMMJOH TJMFOUMZ NJYFE XJUI TXFBU BT * USVEHFE UIF XPSO EJSU QBUI VQ UIF CJH IJMM #+ GPMMPXFE XJUI NZ HMJEFS USZJOH UP UIJOL PG TPNFUIJOH IFMQGVM IF IBEO U BMSFBEZ TBJE "OPUIFS 4VOEBZ SPMMFE BSPVOE BOPUI FS OFYU UP MBTU EBZ PG MFTTPOT BOE * XPLF EJTHVTUFE MBUF TPSF GSPN ZFTUFSEBZ T VO QSPEVDUJWF FWFOJOH DMBTT XJUI OP UJNF MFGU UP TIPXFS * CSVTIFE NZ UFFUI BU UIF PVUEPPS GBVDFU CFGPSF TFUUJOH PĊ IVOHSZ BOE VODBĊ FJOBUFE GPS DMBTT * GPVOE +B OFU B GFMMPX QFSNBOFOU IJMMNBUF BOHSZ CFDBVTF BOPUIFS TUVEFOU IBE SFGVTFE UP TIBSF B HMJEFS B EFm OJUF CSFBDI PG USBJO JOH IJMM FUJRVFUUF 8F TBU VQ UPQ BOE
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
" MBUF TVNNFS n JHIU BU -PPLPVU "VHVTU
DPNNJTFSBUFE BT UIF GPH DMVOH EBNQ MZ 8IFO UIF XJOE m OBMMZ EFWFMPQFE JU XBT PVS OFNFTJT UIF TPVUIXFTU UBJM * HPU PĊ B DPVQMF PG XPSUIMFTT n JHIUT HBWF VQ UIF EBZ BOE EJTBTTFNCMFE PVS HMJEFS "T * NBEF GPS NZ USVDL IPXFWFS * OPUJDFE UIBU UISFF PG UIF SFNBJOJOH HMJEFST XFSF MBVODIJOH BOE UIF XJOE IBE TFUUMFE UP UIF XFTU o EPBCMF * UISFX UIF HMJEFS CBDL UPHFUIFS ESBHHFE JU BOE NZTFMG VQ UIF IJMM BOE NBOBHFE UISFF NPSF MJOLFE T 8IFO * XFOU CBDL UP EP NZ iTQFFE SVO w UIF MBTU UBTL * n VCCFE JU $MBTT XBT PWFS * LOFX UIBU JO UIF NPSOJOH * XPVME DMFBS CVU JU XBT BO JODPNQMFUF WJDUP SZ * XPVMEO U IBWF UJNF UP n Z GSPN UIF SBNQ UPNPSSPX CFGPSF * SFUVSOFE UP .P CJMF JG * XFOU UP UIF NPSOJOH DMBTT 4JODF * XPVMEO U CF CBDL JO GPVS EBZT UIPTF PHSFT UIF JOTUSVDUPST XPVME NBLF NF HP CBDL UP UIF CJH IJMM CFGPSF * n FX PĊ UIF NPVOUBJO * GFMU TVCEVFE ESJWJOH VQ UIF NPVOUBJO UP UBLF NZ )BOH UFTU * SF
TJTUFE IPQF UP BWPJE EJTBQQPJOUNFOU EF UP UIF TIPQ BOE TFF JG #V[[ BO BEWBODFE JOTUSVDUPS XPVME MBVODI NF UIFO UVSOFE n FDUJOH PUIFS TUVEFOUT DPOHSBUVMBUJPOT ɩ BU EBZ * XBUDIFE UIF iSFBMw QJMPUT CBDL UP HSVNCMF BU UIF PUIFS TUVEFOUT MBVODI UIJOLJOH i* MM n Z BT XFMM BT ZPV PWFS IJT DPĊ FF DVQ SJN *OTJEF * GFMU B QMFBTBOU IVNNJOH OPU TPNFEBZ KVTU XBUDI w ɩ BU OJHIU * TBU VO EFS UIF QBWJMJPO JO UIF MBOEJOH [POF XJUI UIF CPVODJOH KPZ * E FYQFDUFE *U XBT BT WJTJUJOH QJMPUT 8F ESBOL CFFS BOE TUBSFE JG * EJE OPU EBSF CFMJFWF UIBU * DMVNTZ BU UIF CSJHIU TLZ UIF GVMM NPPO TUBSJOH VOBUIMFUJD * XBT m OBMMZ HJWFO QFSNJT CBDL BU VT 8F KPLFE BCPVU OJHIU n JHIUT TJPO SFMFBTFE UP SVO PĊ UIBU GFBSTPNF BOE UIFZ UPME NF JU NJHIU CF QPTTJCMF SBNQ BOE n Z UP UIF -; GFFU CFMPX UP MBVODI BGUFS MFTTPOT CVU UIFJS WPJD * SBDFE JOUP UIF TIPQ HSJOOJOH BU +PBOOF FT EPVCUFE UIF XJOET XFSF UPP CPJTUFS i* QBTTFE JT JU UPP MBUF GPS NF UP MBVODI w +PBOOF XBWFE NF UPXBSE UIF EPPS PVT BGUFS UFO * QSFUFOEFE * EJEO U DBSF UIPVHI UIFZ XFSF CFJOH LJOE CFDBVTF i)FDL OP (P TFU VQ w * BTTFNCMFE NZ HMJEFS BOE PUIFS HFBS EJTBQQPJOUNFOU XPVME TUBC BOE * XBT UPP IFBSUXPSO UPP GSBZFE XJUI UIF XBOUJOH SFSFBE NZ IBOEPVUT UXJDF UIFO TUPPE TUBSJOH VOUIJOLJOH PWFS UIF WBMMFZ ɩ F UP CF HSBDFGVM JO GSVTUSBUJPO /FYU NPSOJOH XIFO UIF GPH MJGU NJTU TUBZFE MPX TISPVEJOH UIF GPPUIJMMT FE FOPVHI GPS $ISJTUJBO UP TFF VT MBOE NBLJOH -PPLPVU .PVOUBJO BOE UIF OFYU * MBVODIFE JOUP UIF HSBZ TUVĊ TUFQQJOH SJEHF XFTU 4BOE .PVOUBJO JTMBOET JO BO JOUP B UXJMJHIU [POF n ZJOH TUSBJHIU BOE BSDUJD TFB #V[[ BSSJWFE BOE SFWJFXFE NZ QSF GBTU MBOEJOH JOFMFHBOUMZ PO POF LOFF #VU * DMFBSFE $ISJTUJBO UPME NF UP HP n JHIU JOTUSVDUJPOT BT * KPHHFE GSPN GPPU
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
"GUFS TFWFSBM NJOVUFT * EVUJGVMMZ GP EJEO U DBSF * IBE n PXO BOE * IBE MBOEFE UP GPPU TFDPOET UJDLJOH CZ "QQSPWFE * XSJHHMFE JOUP NZ IBSOFTT TFDVSFE UIF DVTFE PO NZ iUBTLT w EFTJHOFE UP LFFQ VT BOE UIFSF XFSF NBOZ NPSF ZFBST PG UIJT IFMNFU TIPVMEFSFE NZ HMJEFS BOE TUBH OFX QJMPUT BXBSF PG UIF NFDIBOJDT MFTU KPZ UP DPNF HFSFE UP UIF SBNQ GPS B IBOH DIFDL * XF GPSHFU UIF IBSE TUVĊ CFMPX * QVMMFE +FBO $BSNJDIBFM NPWFE UP -PPLPVU IFBSE #V[[ HJWJOH NF GVSUIFS BEWJDF JO PO UIF DPOUSPM CBS UP SFBDI WBSJPVT CVU JOTJEF * XBT BMSFBEZ n ZJOH 8IFO TQFFET BOE GPVOE NZ MBOENBSLT BT * BQ .PVOUBJO JO /PWFNCFS PG XIFSF TIF IF TBJE i5BLF B EFFQ CSFBUI +FBO BOE QSPBDIFE UIF -; CVU BMM UIF XIJMF * XBT DPOUJOVFT UP n Z BOE MJWF NJMFT TPVUI PG HFU CBMBODFE MBVODI XIFOFWFS ZPV GFFM IVNNJOH BMPVE i:PV EJE JU :PV m OBMMZ MBVODI 4IF XPSLT JO FNFSHFODZ NFEJDJOF BU SFBEZ UIFSF T OP IVSSZ w OPU B TFDPOE SFBMMZ ZFBST MBUFS EJE JU w BT UIF USFF )VUDIFTPO .FEJDBM $FOUFS JO 'U 0HMFUIPSQF UPQT CFMPX NF DSFQU CBDLXBSET BOE 4BOE (FPSHJB +FBO XPVME MJLF UP UIBOL .BUU BOE QBTTFE CFGPSF * DBMMFE i$MFBS w 3PCJO 5BCFS BOE IFS JOTUSVDUPST $ISJTUJBO "T * SBO PĊ UIF FEHF * FYQFDUFE NZ .PVOUBJO BQQSPBDIFE *U XBT B QFEFTUSJBO TMFE SVO PG B n JHIU Dz PSFTPO %BWF $VSSZ 3FY -JTMF 3JDLZ TUPNBDI UP ESPQ CVU UIFSF XBT OP TFOTF PG GBMMJOH * GFMUyTVTQFOEFE B UIPVTBOE OP FYDJUFNFOU BOZXIFSF FYDFQU UP UIF 3PKBT BOE UIF MBUF +JN )PPLT GPS FTUBCMJTI GFFU BCPWF UIF USFFT UIF XPSME CFMPX NF OFX QJMPU BOE OPU FWFO UIF TFOTBUJPO PG JOH UIFJS n JHIU QBSL BT B XFMDPNJOH QMBDF GPS NPWJOH OPU NF * MPPLFE EPXO SFQFBU n ZJOH VOUJM UIF MBOEJOH XIFO * XBT MPX UIF IBOH HMJEJOH DPNNVOJUZ BOE BMM TUVEFOUT FEMZ UP TFF UIBU UIFSF XBT OPUIJOH CVU FOPVHI UP TFF UIF UPQT PG GPPU USFFT o JODMVEJOH UIF LJEOBQQFE VOEFS EVSFTT UIF BJS CFUXFFO UIF HMJEFS BOE UIF WBMMFZ *U SVTI CZ #VU JU XBT BT UISJMMJOH BT XIFO * MBNF UIF IBMU BOE UIF DMVNTZ XBT JTPMBUJPO BOE GSFFEPN /P JOTUSVD EJTDPWFSFE TFY * IBE UIF TBNF GFFMJOH PG UPS DPVME SFQSJNBOE BEWJTF PS DPN i0I TP UIJT JT JU w *O UIF FOE * XBT IZQ NBOE OPU VOUJM * MBOEFE * XBT n ZJOH o * OPUJ[FE SPMMJOH JO PO NZ XIFFMT CFGPSF * LOFX * XBT MPX FOPVHI UP n BSF CVU * BMPOF .F
-FBSOJOH UP BFSPUPX BU 8BMMBCZ 3BODI "VHVTU
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
3PDL 0O
" HSPVQ PG QJMPUT FOKPZ CFFS BT UIFZ CSFBL EPXO UIFJS HMJEFST 3JDL TBZT IF SFBDIFE BO BMUJUVEF PG GFFU PWFS MBVODI XIJMF (FPSHF TBZT IF EJE CFUUFS SFBDIJOH GPVS UIPVTBOE UXP IVOESFE UXFOUZ PWFS ɩ FZ QVMM CBUUFOT BOE SPMM UIFJS HMJEFST XJOHT XIJMF UIFZ DIBU CVU UIFJS FZFT BSF UVSOFE VQXBSE &WFO GSPN UIF MBOEJOH [POF NPSF UIBO B UIPVTBOE GFFU CFMPX )JHI 3PDL ESBXT BUUFOUJPO UP JUTFMG ɩ F PVUDSPQ QJOH PG SPDL DSPXOT UIF GPSFTUFE TQJOF PG UIF NPVOUBJO B OBUVSBM HBUIFSJOH QMBDF UIBU IBT ESBXO QFPQMF UP JU BOE UIF BE KPJOJOH 1FO .BS 1BSL GPS NPSF UIBO B IVOESFE ZFBST i*T IF HPJOH UP n Z UIBU UIJOH PĊ UIFSF w POF PG UIF QJMPUT BTLT " SBJOCPX DPMPSFE IBOH HMJEFS QFSDIFT PO UIF FEHF PG UIF DMJĊ XIJMF B XJSF DSFX IFMQT UIF QJMPU CBMBODF UIF XJOH VOUJM IF JT SFBEZ UP n Z ɩ F HMJEFS MPPLT DPOTJEFSBCMZ EJĊ FSFOU
1IPUP 'SFE 1FSNFOUFS
5IF )JHI 3PDL .BSZMBOE UI "OOJWFSTBSZ $FMFCSBUJPO 'MZ *O #Z "MMBO 4QBSLT
6OLOPXO QJMPU BOE WJOUBHF HMJEFS MBVODIJOH GSPN )JHI 3PDL JO UIF MBUF A T
GSPN UIF NPEFSO DSPQ PG SPDLFU TIJQT UIBU NPTU PG UIF QJMPUT IBWF n PXO UPEBZ *U JT BO BOUJRVF CVU UIF QJMPU IBT WBTU FYQFSJ FODF BOE UIF HMJEFS QSPWFT JU DBO TUJMM n Z TBJMJOH PĊ UIF 3PDL XJUIPVU B XPCCMF &WFSZPOF DMBQT BT UIF TPGU CFBVUJGVM XJOH UVSOT EPXO UIF SJEHF 0UIFS BO UJRVF HMJEFST IBWF CFFO TFU VQ JO UIF MBOE JOH [POF UP BENJSF BOE UIPVHI QJMPUT PDDBTJPOBMMZ TUSPMM PWFS UP UPVDI UIF GBCSJD BOE TIBLF UIFJS IFBET UIFZ BSF NPTU JN QSFTTFE XJUI POF UIBU JT BJSCPSOF ɩ F UIFSNBMT IBWF ESJGUFE PĊ BOE
1IPUP 3BMQI 4JDLJOHFS
4IBXO 3BZ MBVODIFT PGG )JHI 3PDL
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
EJFE CVU UIF OPSUIXFTU CSFF[F DPOUJOVFT UP QSPWJEF TNPPUI MJGU ɩ F )BOH T GFFM FYDJUFE " DPVQMF BSF HPJOH UP FOKPZ UIFJS m STU n JHIUT GSPN UIF 3PDL UIJT FWFOJOH UIJT XJMM BMTP CF UIFJS m STU DMJĊ MBVODIFT ɩ FJS UPFT DVSM XJUI UFOTJPO BOE UIFZ BWPJE MPPLJOH BU UIF FNQUZ TQBDF CF UXFFO UIFN BOE UIF USFFT "O PEE NJY PG CJLFST UPVSJTUT QJMPUT BOE "NJTI GBSNFST HBUIFS UP XBUDI UIFJS MBVODIFT BOE FWFSZPOF DIFFST BGUFS FBDI TVDDFTT GVM FĊ PSU &NNB +BOF $BSCBVHI XIP IBT PXOFE UIF -; GPS UIF FOUJSF ZFBST )JHI 3PDL IBT CFFO n PXO TNJMFT BT TIF SFMBYFT JO UIF TIBEF PG UIF QBWJMJPO i*U T HPPE UP TFF TP NBOZ PG NZ PME GSJFOET BHBJO w TIF TBZT i8PVMEO U JU CF GVO JG +FSSZ DBNF w +FSSZ -BOIBN XBT UIF m STU QJMPU UP n Z PĊ UIF 3PDL XBZ CBDL JO B MFHFOE XIP XPVME CF VOSFDPHOJ[BCMF JG ZPV TUSPMMFE CZ IJN JO 8BM .BSU i8IP LOPXT .BZCF IF MM DPNF * WF TFFO GSJFOET UPEBZ UIBU * MPTU UPVDI XJUI ZFBST BHP &WFSZPOF T IFSF w 0OF PG UIF QJMPUT TRVFF[FT &NNB +BOF PO UIF TIPVMEFS i* HVFTT UIBU T XIBU UIJT DFMFCSBUJPO JT BMM BCPVU o BOOJWFSTBSZ SF VOJPO SFNFNCSBODF o XIFSF XF DBNF GSPN BOE XIFSF XF BSF UPEBZ w &NNB +BOF KVTU TNJMFT BOE OPET i* HVFTT JU JT w TIF BHSFFT
1IPUP 3BMQI 4JDLJOHFS
XBT BDDPNQMJTIFE PO BO PME 4QPSU TUPPE VOUJM XIFO UPQ 6 4 SBOLFE QJMPU ,FWJO $BSUFS NBOBHFE UP n Z BMM UIF XBZ UP UIF 1VMQJU ɩ FO BTUPVOEJOHMZ ,FWJO XIFFMFE IJT HMJEFS BSPVOE BOE n FX CBDL UP )JHI 3PDL BHBJO 1BSBHMJEFST DBOOPU n Z GSPN UIF 3PDL )PXFWFS JU JT QPTTJCMF UP n Z 9$ GSPN UIF 1VMQJU UP )JHI 3PDL ɩ JT IBT OPU ZFU CFFO EPOF CZ B QBSBHMJEFS $PVME ZPV CF UIF m STU *G ZPV XBOU UP BEE ZPVS PXO CJU PG IJTUPSZ UP PVS SFDPSET ZPV DBO DPOUBDU "MMFO4QBSLT!ZBIPP DPN PS CZ QIPOF BU
"MMFO JT DSFBUJOH B SPTUFS PG i"MVNOJw PG UIF 3PDL *G ZPV IBWF n PXO GSPN UIF 3PDL QMFBTF TFOE IJN B EFTDSJQUJPO PG ZPVS m STU n JHIU GSPN UIF 3PDL JODMVEJOH JUT EBUF ɩ JT JOGPSNB UJPO XJMM CF JODMVEFE JO B TVSQSJTF HJGU UP &NNB +BOF "MMFO JT BMTP BTLJOH GPMLT UP DPOUSJCVUF JOGPSNBUJPO QIPUPT BOE TUP SJFT UP DPNQJMF B NPSF DPNQMFUF IJTUPSZ PG UIF 3PDL 8F DBO U XBJU UP TFF ZPV BU UIF 3PDL JO "VHVTU
1IPUP 3BMQI 4JDLJOHFS
*G UIF BCPWF EFTDSJQUJPO TPVOET MJLF ZPVS LJOE PG GVO ZPV DBO m OE NPSF JOGPSNBUJPO BOE TJHO VQ KPJO UIF QBSUZ PO UIF $BQJUBM )BOH (MJEJOH BOE 1BSBHMJEJOH 8FC QBHF IUUQ XXX DIHQB PSH &WFOUT FWFOUT IUNM ɩ F n Z JO JT IPTUFE CZ UIF .BSZMBOE )BOH (MJEFS "TTPDJBUJPO XJUI BDUJWF QBSUJDJ QBUJPO GSPN UIF $)(1" ɩ F SFHJTUSB UJPO GFF JODMVEFT n ZJOH DBNQJOH ESJOLT QMVT EJOOFS PO 4BUVSEBZ OJHIU "OZ QSPm UT GSPN UIF FWFOU XJMM HP UP &NNB +BOF $BSCBVHI :PV DBO QSF SFHJTUFS POMJOF XIJDI JT B HPPE JEFB CFDBVTF PDDBTJPOBMMZ B 5'3 UFNQPSBSZ n JHIU SFTUSJDUJPO JT JO FĊ FDU +PF (SFHPS o XIP DBSFGVMMZ DVMUJWBUFE B SFMBUJPOTIJQ XJUI UIF 4FDSFU 4FSWJDF BOE XBT JOTUSVNFOUBM JO SF PQFOJOH )JHI 3PDL BGUFS o XJMM SFRVFTU B XBJWFS TP JO UIF VOMJLFMZ FWFOU UIBU B 5'3 JT JO FĊ FDU QJMPUT PO UIF SPTUFS XJMM TUJMM IBWF QFSNJTTJPO UP n Z ɩ F DVUPĊ EBUF GPS BEEJOH OBNFT UP UIF SPTUFS XJMM CF +VMZ UI UP QSPWJEF UJNF UP BQQMZ GPS UIF XBJWFS 8F XJMM IBWF MJOLT UP UIF 5'3 SFHJTUSBUJPO GPSN BOE B 5 TIJSU PSEFS GPSN PO UIF 8FC TJUF ɩ F 5 TIJSUT XJMM CF EF TJHOFE CZ #JMM i5FYw 'PSSFTU #MVF 4LZ T UBOEFN JOTUSVDUPS )F T B XFMM LOPXO JM MVTUSBUPS BOE BSUJTU XIPTF XPSL IBT CFFO GFBUVSFE JO UIF 64)(" T NBHB[JOFT BOE DBMFOEBST ɩ F FWFOU XJMM CF IFME PO "VHVTU BOE CVU USBEJUJPOBMMZ GPMLT BSSJWF FBSMZ BOE DBNQ PO 'SJEBZ OJHIU 3FHJTUSBUJPO XJMM CFHJO PO 'SJEBZ "VHVTU UI JO UIF -; BOE SFTVNF PO 4BUVSEBZ NPSO JOH BU 8F IBWF PUIFS BSFBT UP n Z JO DBTF DPOEJUJPOT BSFO U TVJUBCMF GPS )JHI 3PDL $BNQJOH TJUFT BSF BWBJMBCMF JO UIF -; CVU IPUFM BDDPNNPEBUJPOT BSF BWBJM BCMF JO 8BZOFTCPSP 1FOOTZMWBOJB BOE )BHFSTUPXO .BSZMBOE JG ZPV EFTJSF B TPGUFS CFE 4QFDJm D MJOLT BOE QIPOF OVN CFST XJMM CF QSPWJEFE PO UIF 8FC QBHF *G ZPV IBWF BO BOUJRVF IBOH HMJEFS QMFBTF CSJOH JU GPS UIF TIPX )JHI 3PDL IBT 9$ DPOTUSBJOUT CF DBVTF $BNQ %BWJE JT MPDBUFE OFBSCZ CVU UIBU EPFTO U NFBO n JHIUT PG NFSJU DBO U CF BDDPNQMJTIFE 'SFE 1FSNFOUFS PODF n FX VQXJOE NJMFT BMNPTU BMM UIF XBZ UP UIF 1VMQJU o BOPUIFS POF PG PVS TJUFT MPDBUFE JO .D$POOFMMTCVSH 1FOOTZMWBOJB o XBZ CBDL JO +VOF 'SFE T SFDPSE XIJDI
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
-JTB $PMMFUUJ T BOE 5SBDZ 5JMMNBO T #JH 'SPOU :BSE 1IPUP #PC (SBOU
#Z %BWJT 4USBVC TUBą XSJUFS IUUQ P[SFQPSU DPN
5IF GSPOU ZBSE JODMVEJOH IBOHBS SFDSFBUJPO SPPN BOE -JTB BOE 5SBDZ T IPNF
1IPUP #PC (SBOU
$MPVE VTFE UP CF /PU FWFSZPOF MJWFT BOE n JFT ZFBS SPVOE JO 'MPSJEB PS $BMJGPSOJB .BOZ BO BDUJWF TPE GBSN CVU QJMPUT IBWF UP QVU VQ XJUI MFTT UIBO B OPX UIF TPE JT B NPOUI n ZJOH TFBTPO JO UIFJS MPDBM BSFB *G BDSF MBXO BOE MBVODI ZPV MJWF JO DFOUSBM .JDIJHBO ZPV WF HPU UP BOE MBOEJOH BSFB *U JT FOEVSF XJOUFST XJUI DPME MPX DMPVET BOE TJUVBUFE JO BO FYUFOTJWF SVSBM BSFB XIFSF UIF GFX HMJNQTFT PG UIF TVO * VTFE UP MJWF JO XFTUFSO 8BTIJOHUPO OFJHICPST BSF HSPXJOH BOE MJLF DFOUSBM .JDIJHBO XF IBE NBOZ DPSO TPZCFBOT BMGBMGB NPOUIT XIFSF UIF TVO XBT CVU B NFNP BOE TPE /FFE B QMBDF FSF BSF -;T SZ BOE UIF n ZJOH TFBTPO IBQQFOFE B EBZ UP MBOE ɩ BU B UJNF TUBSUJOH JO .BZ #VU VOMJLF JO BMM BSPVOE ZPV ɩ F QJMPUT XIP n Z 8BTIJOHUPO * GPVOE HSFBU DSPTT DPVOUSZ n ZJOH JO DFOUSBM .JDIJHBO JO 4FQUFNCFS IFSF BSF NFNCFST PG "GUFS UIF /BUJPOBM 'MZ *O MBTU 4FQ UIF %SBBDIFO 'MJF UFNCFS #FMJOEB BOE * ESPWF GSPN XFTU HFO 4PBSJOH $MVC JO FSO /FX :PSL PO UIF NPTU EJSFDU MJOF IPNBHF UP UIF MPDBM -JTB $PMMFUUJ QPJOUJOH PVU TPNF HSFBU DMPVET BT %BWJT HFUT SFBEZ GPS B n JHIU XFTU UISPVHI 0OUBSJP $BOBEB UP UIF (FSNBO IFSJUBHF #FMJOEB TBJE TIF IFBSE UIJT JT UBLJOH QMBDF PO 5SBDZ BOE -JTB T $MPVE 'JFME NJMFT TPVUIFBTU PG -BO QPMLB NVTJD OPU 5FY.FY PO UIF SBEJP QSPQFSUZ UIJT JT B OPO DPNNFSDJBM BDUJW F IVHF DMFBO OFX IBOHBS IBT BO JN JUZ PO B QSJWBUF BJSm FME QFS '"" EFm OJ TJOH .JDIJHBO *U XBT B HSFBU USBWFM EBZ ɩ SBJO BOE MPX DMPVET CVU CZ UIF UJNF XF NBDVMBUF TFDPOE n PPS %'4$ DMVC IPVTF UJPOT BOE SFHVMBUJPOT "MUIPVHI UIFZ E HPU UP -JTB $PMMFUUJ BOE 5SBDZ 5JMMNBO T XIJDI IPVTFT B QJOH QPOH UBCMF QPPM UB PCUBJOFE QSF BQQSPWBM GSPN UIF MPDBM $MPVE 'JFME UIF DPOEJUJPOT MPPLFE CMF XIFSF * TBX B QJMPU T LJET QMBZJOH TUBUF BOE GFEFSBM HPWFSONFOUT GPS UIF HSFBU "OE UIFZ DPOUJOVFE UIBU XBZ GPS B OJGUZ MJUUMF LJUDIFO NBQT B EFTL GPS FTUBCMJTINFOU PG UIFJS BJSm FME BOE n ZJOH XBJWFST B TJHOBUVSF XBMM BOE B XIJUF DMVC PQFSBUJPOT 5SBDZ BOE -JTB TVĊ FSFE UIF OFYU TJY EBZT $MPVE JT BO '"" BQQSPWFE QSJWBUF CPBSE GPS UBTLT :PV DBO HFU QBJE UISPVHI B MBXTVJU GSPN UIFJS MPDBM UPXO BJSm FME XIJDI JT B CFBVUJGVMMZ NBOJ IPVS JO UPXJOH DSFEJUT GPS EPJOH UBTLT TIJQ BOE B GFX OFJHICPST PWFS XIFUIFS DVSFE IVHF HSBTT GSPOU ZBSE XJUI 5SBDZ GSPN UIF MJTU 'SFF TIPSU UFSN DBNQJOH UIFJS n ZJOH BDUJWJUJFT TIPVME CF BMMPXFE BOE -JTB T IPNF BOE B MBSHF IBOHBS BU UIF BOE GSFF VTF PG UIF GBDJMJUJFT JODMVEJOH PO UIFJS QSPQFSUZ BOE BCPWF UIF QSPQ OPSUI FOE ɩ FSF JT OP MJNJUJOH iSVOXBZw CBUISPPNT TIPXFST BOE DPNQVUFS BD FSUZ PG UIFJS OFJHICPST 1BSU PG UIF TFU F IBOHBS UMFNFOU XJUI UIF MPDBM UPXOTIJQ XBT UIF TP ZPV DBO CF MBVODIFE CFIJOE B PS DFTT BSF BMM BWBJMBCMF PO TJUF ɩ %SBHPOn Z JO BOZ EJSFDUJPO ɩ FSF JT DMVC IPVTF IBT B MBSHF EFDL PWFSMPPLJOH SFDPHOJUJPO UIBU $MPVE JT OPU B n JHIU B HSBTT TQPU NPXFE OPU UPP GBS GSPN UIF UIF m FME VOEFS XIJDI ZPV DBO TUPSF ZPVS QBSL JO UIF DPNNFSDJBM BOE QVCMJD TFOTF CVU B QSJWBUF BJSm FME XJUI B DMVC PG n ZFST IBOHBS -BOE JO UIF TQPU BOE ZPV HFU HMJEFS CFUXFFO n JHIUT PS PWFSOJHIU ɩ F %'4$ JT B SFBM DMVC BOE XIJMF BOE OFX TUVEFOUT PĊ UPXJOH GFFT
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
5IF $MPVE IBOHBS
$PNCJOF UIJT XJUI DIPPTJOH HPPE n JHIU QBUIT UP BWPJE UIF OFJHICPST IPVTFT BOE ZPV WF HPU TPNF FĊ FDUJWF OPJTF NJUJHBUJPO NFBTVSFT :PV BSF XFMDPNF UP DPNF BOE n Z XJUI UIF %'4$ :PV KVTU OFFE UP DPOUBDU 5SB DZ PS -JTB CZ FNBJM BOE CF TVSF UIBU ZPV
1IPUP %BWJT 4USBVC
ɩ JT NFBOT UIBU UIF OPU GPS QSPm U %'4$ *OD SVOT UIF UPXJOH PQFSBUJPO BT B TFQBSBUF FOUJUZ GSPN $MPVE 'JFME BOE JT MJLFXJTF OPU B DPNNFSDJBM BDUJWJ UZ "MM UIF JOTUSVDUJPO BOE UBOEFN n JHIUT UIBU UBLF QMBDF UIFSF BSF DMVC CBTFE OPO DPNNFSDJBM BDUJWJUJFT TP UIJT NFBOT UIBU UIFZ BSF SFTUSJDUFE JO UIFJS JODPNF HFOFSBUJOH QPTTJCJMJUJFT 5P LFFQ UIF OFJHICPST IBQQJFS UIBO XPVME PUIFSXJTF CF UIF DBTF 5SBDZ IBT NBEF TVSF UIBU UIF BOE UVHT QSPEVDF MFTT OPJTF UIBO JT OPSNBMMZ USVF 0O CPUI UVHT IF IBT JOTUBMMFE B TNBMM FS TFDPOEBSZ OPJTF TVQQSFTTJOH NVČ FS BGUFS UIF NBJO NVČ FS ɩ F FYIBVTU QPSU JT BJNFE VQ )F VTFT UXP CMBEFE 1SJODF "JSDSBGU QSPQFMMFST XJUI MJUUMF XJOHMFUT UIBU JNQSPWF Fċ DJFODZ BOE SFEVDF OPJTF ɩ FZ IBWF UIF FĊ FDU PG JODSFBTJOH UISVTU BT JG UIF QSPQ XFSF TJY JODIFT MPOHFS CVU UIFZ BDUVBMMZ SFEVDF OPJTF CZ LFFQJOH UIF EJBNFUFS TNBMMFS SFEVDJOH UIF UJQ TQFFET SFEVDJOH UJQ UVSCVMFODF BOE DPOWFSUJOH UIF FOFSHZ UP UISVTU UIBU OPSNBMMZ XPVME CF MPTU XIFO NBLJOH OPJTF 8JUI UIFTF RVJFUFS IJHI QPXFSFE UVHT ZPV DBO BMTP HFU VQ IJHIFS BOE RVJDLFS BOE CFGPSF ZPV MFBWF UIF QSPQFSUZ ZPV BSF XBZ BCPWF UIF OFJHICPST QSPQFSUZ
DBMM UIFN PO UIF QIPOF CFGPSF ZPV DPNF UP UIF m FME 5SBDZ JT B QSPGFTTPS PG FOHJ OFFSJOH BU &BTUFSO .JDIJHBO 6OJWFSTJUZ CVU IF SVOT IJT DMBTTFT POMJOF TP ZPV MM PG UFO m OE IJN BU IPNF BOE SFBEZ UP UPX -JTB JT B GVMM UJNF EPDUPS BOE BTTPDJBUF EFBO BU UIF 6OJWFSTJUZ PG .JDIJHBO TP
1IPUP #PC (SBOU
5IF WJFX BT ZPV FOUFS $MPVE m FME
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP #PC (SBOU
"FSJBM WJFX PG $MPVE QSPQFSUZ IPVTF BOE IBOHBS SFDSFBUJPO SPPN BOE QBSLJOH BSFB JO UIF GPSFHSPVOE
1IPUP %BWJT 4USBVC
ZPV BSF NPSF MJLFMZ UP TFF IFS UPXJOH BOE n ZJOH PO UIF XFFLFOET BOE XFFLEBZ FWF OJOHT ɩ F MPDBM QJMPUT XIP FOKPZ UIF TIPSU
5IF DMVCIPVTF BOE -JTB BOE 5SBDZ T IPNF BU UIF OPSUI FOE PG UIF m FME
TPBSJOH TFBTPO LOPX UIBU UIFZ IBWF B HSFBU SFTPVSDF XJUI UIF %'4$ UPXJOH PQ FSBUJPO BU $MPVE 'JFME 8IJMF UIF TJUF JTO U PQFO FWFSZ EBZ PG UIF ZFBS JU JT MJLFMZ UP CF PQFO BOE UPX JOH XIFO UIF DPO EJUJPOT BSF HPPE 8FBUIFS QFSNJU UJOH UIF DMVC VTV BMMZ n JFT TJY EBZT B XFFL GSPN .BZ UISPVHI "VHVTU BOE PO XFFLFOET POMZ JO 4FQUFN CFS BOE 0DUPCFS 5BOEFN JOTUSVD UJPOBM n JHIUT VTV BMMZ UBLF QMBDF JO UIF FWFOJOHT BG UFS UIF TPMP QJMPU n ZJOH BDUJWJUZ JT EPOF GPS UIF EBZ
-JTB BOE 5SBDZ DBO VTVBMMZ CF GPVOE JO 'MPSJEB GPS B GFX XFFLT EVSJOH UIF XJOUFS ɩ JT ZFBS UIFZ QMBO UP IBVM B USBJMFS GVMM PG MPDBM QJMPUT HMJEFST EPXO UP 'MPSJEB BOE TUPSF UIFN UIFSF TP UIBU UIFZ BSF SFBEZ GPS UIF .JDIJHBO QJMPUT XIFO UIFZ IFBE TPVUI UIJT XJOUFS $MPVE 'JFME JT FJHIU NJMFT UP UIF TPVUI PG *OUFSTUBUF KVTU PĊ )JHIXBZ *G ZPV MPPL BU UIF NBQ ZPV MM TFF UIBU OPU NVDI JT OFBSCZ ɩ FSF JT DPOUSPMMFE BJSTQBDF UP UIF FBTU BOE XFTU CVU JU JT B HPPE XBZT BXBZ BOE FBTZ UP BWPJE :PV DBO n Z PĊ JO BOZ EJSFDUJPO BOE IBWF MPOH n JHIUT ɩ F BSFB GPS NBOZ NJMFT BSPVOE UIF n JHIU QBSL JT RVJUF PQFO BOE ZPV MM m OE NBOZ SPBET UISPVHI UIF GBSN DPVO USZ UIBU BMMPX GPS FBTZ SFUSJFWBM 4FWFO UZ NJMFT UP UIF OPSUI XFTU PG 4BHJOBX ZPV MM SVO JOUP TPNF USFFE BSFBT CVU UIFZ BSF QBTTBCMF ɩ F NBKPS TUBUF GPSFTUT
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP #PC (SBOU
5SBDZ 5JMMNBO UPXT %BWJT JOUP B CFBVUJGVM DVNVMVT m MMFE TLZ
IBQQFO BU NJMFT PVU UP UIF OPSUI CVU JG ZPV HP OPSUI OPSUIFBTU ZPV TIPVME m OE B XBZ UISPVHI ɩ FSF JT NPSF PQFO GBSNMBOE UP UIF TPVUIFBTU BOE TPVUIXFTU BOE ZPV DBO m OE ZPVSTFMG n ZJOH JOUP *OEJBOB BOE 0IJP :PV TIPVME SFNFNCFS OPU UP MBOE JO UIF DPSOm FMET #FJOH GBS PVU JO UIF DPVOUSZ NBLFT GPS B CFBVUJGVM BOE RVJFU FOWJSPONFOU ɩ F XJMEMJGF JT QMFOUJGVM 8F TBX TBOEIJMM DSBOFT BOE QMFOUZ PG QIFBTBOU 5SBDZ TBZT UIBU IFSET PG EFFS BSF DPNNPOMZ GPVOE PO UIF MBXO BMPOH XJUI XJME UVSLFZT BOE UIF PDDBTJPOBM DPZPUF ɩ FSF JT B HSFBU QBWFE CJDZDMF USBJM JO (SFHPSZ TFWFO BOE B IBMG NJMFT UP UIF TPVUI TPVUIFBTU PWFS B GPSNFS USBJO USBDL BMPOH XJUI B WFSZ DIBMMFOHJOH NPVOUBJO CJLF USBJM JO UIF TBNF BSFB 0UIFS USBJMT
BSF OFBSCZ :PV DBO UBLF HSFBU XBMLT UISPVHIPVU UIF BSFB OFBS GBSNT BOE JO XJME BSFBT 'PS PUIFS FOUFSUBJONFOU GPS UIF GBNJMZ HP UP IUUQ NFNCFST BPM DPN EGTDJOD UP@EP IUN .PSF JOGPSNBUJPO PO IBOH HMJEJOH JO UIF BSFB BOE MPUT PG HPPE QIPUPT DBO CF GPVOE BU IUUQ NFNCFST BPM DPN DMPVE TB BOE IUUQ NFNCFST BPM DPN EGTDJOD JOEFY IUN
4BGFUZ 5JQT +$ #SPXO 1SFn JHIU ZPVS GSJFOE T HFBS
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
(POF JO (IBOB
#Z .BUU (FSEFT 1IPUPT CZ 0MJWJFS -BVHFSP
5SJQPMJ *OUFSOBUJPOBM "JSQPSU -JCZB 0MJWJFS BOE * BSF DPOOFDUJOH nJHIUT GSPN 1BSJT UP "DDSB (IBOB XBJUJOH JO B USBOTGFS SPPN UIBU XF XFSF IBTUJMZ BOE FYUSFNFMZ SVEFMZ IFSEFE JOUP CZ -JCZBO BJSQPSU TFDVSJUZ 0MJWJFS IBT TUSVDL VQ B DPOWFSTBUJPO XJUI TFWFSBM "GSJDBOT TP GBS
PODF DPSSFDUMZ HVFTTJOH UIF DJUZ UIBU POF JOUFOTF MPPLJOH 5VBSFH NBO DBNF GSPN CZ UIF DPMPS PG IJT SPCFT 1FPQMF PG TFWFSBM /PSUI "GSJDBO OBUJPOBMJUJFT BSF NJMMJOH BSPVOE TPNF MBVHIJOH UPHFUIFS XIJMF TRVBUUFE PO UIFJS IBVODIFT JO B DBTVBM DJSDMF TPNF QSBZJOH TFSJPVTMZ JO BO FBTU
FSMZ EJSFDUJPO PO SVHT BOE TPNF BSF KBN NJOH UP 1BD BOE $FOU PO NQ QMBZ FST 4PNF BSF XFBSJOH DIFBQ TVJUT TPNF FMBCPSBUF DMPUI XSBQT BOE PUIFST nBVOU 4FBO +PIO TXFBU TVJUT BOE 5PNNZ )JM mHFS TIPFT CVU UIF (IBOBJBO NBO UIBU 0MJWJFS JT UBMLJOH UP OPX JT ESFTTFE MJLF B
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
DBTVBM "NFSJDBO CVTJOFTTNBO JO LIBLJT TQPSU DPBU BOE QPXFS UJF )F JT TNJMJOH CSPBEMZ FYQMBJOJOH UP 0MJWJFS XIP IBT CFFO BMNPTU FWFSZXIFSF JO "GSJDB FYDFQU (IBOB UIBU (IBOB JT B GSJFOEMZ DPVO USZ WFSZ GSJFOEMZ BOE UIF QFPQMF BSF OJDF WFSZ OJDF )F TNJMFT FWFO CSPBEFS XIFO XF UFMM IJN UIBU XF BSF HPJOH UP B QBSB HMJEJOH FWFOU JO UIF ,XBIV B SFHJPO KVTU UP UIF XFTU PG -BLF 7PMUB 1FSGFDU &OH MJTI n PXT UISPVHI B OPX HJHBOUJD TNJMF BT IF UFMMT 0MJWJFS UIBU UIF ,XBIV SFHJPO JT WFSZ OJDF WFSZ WFSZ OJDF BOE UIBU UIF QFPQMF UIFSF BSF WFSZ WFSZ WFSZ GSJFOEMZ *U JT BMTP WFSZ CFBVUJGVM UIFSF "OE ZFT UIFSF BSF TPNF OJDF IJMMT GPS VT UP KVNQ PĊ 0MJWJFS TFFNT QMFBTFE BOE OPU IBW JOH UBLFO QBSU JO UIF DPOWFSTBUJPO ZFU * GFFM DPNQFMMFE UP DPNQMJNFOU UIF (IB OBJBO NBO PO IJT &OHMJTI )F DIVDLMFT BOE UFMMT NF UIBU (IBOB JT BO &OHMJTI TQFBLJOH DPVOUSZ BOE UIBU JT XIZ IJT &OHMJTI JT TP HPPE 0MJWJFS TIPPUT NF B MPPL TJNJMBS UP UIF POF IF HBWF NF XIFO * UPME IJN UIBU * XBT MPPLJOH GPSXBSE UP TFFJOH KVTU B MJUUMF CJU PG -FCBOPO XIFO XF MBOEFE JO 5SJQPMJ i5SJQPMJ JT JO -JCZB OPU -FCBOPO w IF E QPJOUFE PVU i0I SJHIU * NFBOU -JCZB w i"NFSJDBOT BSF OPU GBNPVT GPS UIFJS HFPHSBQIZ TLJMMT * LOPX UIJT w 0MJWJFS IBE TBJE * SFDPWFSFE GSPN TPNF PG UIF FNCBS SBTTNFOU XIFO XF BSSJWFE JO "DDSB BOE *
SFBMJ[FE UIBU (IBOB JT BO &OHMJTI TQFBL JOH DPVOUSZ o UIFPSFUJDBMMZ (IBOBJBOT TQFBL 5XJ UIF "GSJDBO MBOHVBHF PG UIF QFPQMF UIBU IBT CFFO TQPLFO TJODF MPOH CFGPSF UIF #SJUJTI TIPXFE VQ UP DPMP OJ[F PSHBOJ[F BOE BUUFNQU UP FEVDBUF UIFN BOE CFGPSF &VSPQFBOT BOE "NFSJ DBOT PG BMM TPSUT DBNF UP SPVOE UIFN VQ TUFBM UIFN BOE TFMM UIFN BT TMBWFT JO PVS PXO GPSNFS #SJUJTI DPMPOZ BDSPTT UIF "UMBOUJD (IBOBJBOT GPSUVOBUF FOPVHI UP IBWF IBE TPNF GPSN PG FEVDBUJPO SF DFJWFE UIBU FEVDBUJPO JO &OHMJTI BOE UFMFWJTJPO OFXTQBQFST BOE HPWFSONFOU
CVTJOFTT BSF BMM JO &OHMJTI )PXFWFS JO NPTU PG UIF SVSBM BSFBT XIFSF XF MBOE FE UIF FYUFOU PG NPTU DIJMESFO T &OHMJTI TFFNFE UP CF i.BO ZPV EPOF XFMM NBO HJWF NF NPOFZ NBO HJWF NF ZPVS BE ESFTT NBO w 0WFSBMM IPXFWFS FOPVHI &OHMJTI JT TQPLFO BOE BU B IJHI FOPVHI TUBOEBSE UP NBLF USBWFMJOH JO (IBOB WFSZ FBTZ " DVMUVSF QBSBMMFMT UIF UPOF BOE GPSN PG JUT MBOHVBHF BOE (IBOB JT OP FYDFQ UJPO (IBOBJBO &OHMJTI JT GVMM PG n BSF BOE NBHOJm DFOU FYBHHFSBUJPOT JO FYBDU MZ UIF TBNF XBZ UIBU (IBOBJBO DVMUVSF
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
JT BMM BCPVU GBOGBSF "EWFSUJTF NFOUT GPS QSPEVDUT XFSF QPFU JD BOE EFTDSJQUJWF UP B QPJOU UIBU NPTU &OHMJTI TQFBL FST XPVME m OE GBS CF ZPOE DIFFTZ #JMMCPBSET TIBNFMFTTMZ n BVOUFE XPSET MJLF TVNQUVPVT NBSWFMPVT BOE TQMFOEJE *O (IBOB CVTJ OFTTFT DBO CF BNVTJOH )JMBSJPVT $PN NVOJDBUJPO BOE $PNQVUFS 4FSWJDF SFT UBVSBOUT DBO CF BSPVTJOH /LXBF T )PU 4FYZ 4QJDZ $IJDLFO 8JOHT PS VQMJGU JOH (SBOE +PZ 1BMBDF 'PPE +PJOU 3B EJP TUBUJPOT DBO CF PEPSPVT '. UIF 4DFOU PG .VTJD BOE NFDIBOJDT BSF DSF BUJWF XJUI TQFMMJOH BOE MPOH XJOEFE .BSEJO -VUFS ,JOH o .BTUFS $POUSPM FS PG 5FNQFSBUVS 4QFDJBM JO "JS $PO BOE #.8 .FSDFEFT BOE "NFSJDBO 5FDIOJD 4FSWJDF 8F NBSWFMFE BU UIF TQMFOEJE BUUFNQUT BU BEWFSUJTJOH TVNQUVPVT GPPET BOE TFS WJDFT BT PVS CVT MVNCFSFE OPSUIFBTU UP /LBXLBX ,XBIV XIFSF UIF m STU (IB OB )BOH 1BSBHMJEJOH 'FTUJWBM XBT UP UBLF QMBDF "MPOH UIF TJEF PG UIF SPBE GSFF FOUFSQSJTF XBT JO GVMM FĊ FDU BOE XF QBTTFE DPVOUMFTT PĊ FST PG MPDBM HPPET NPTU OPUBCMZ TOBJMT UIF TJ[F PG HSBQF GSVJUT NJOJBUVSF BOUFMPQF MJLF DSFBUVSFT BOE UIF XPSME T MBSHFTU n ZJOH TRVJSSFM UIF MBTU UXP CFJOH IFME VQTJEF EPXO CZ NFO XJUI UIFJS BSNT PVUTUSFUDIFE JOUP QBTTJOH USBċ D
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
-FU ZPVS JNBHJOBUJPO SVO GSFFMZ GPS UIJT OFYU CJU "T XF MVSDIFE BOE TNPLFE PVS XBZ JOMBOE GSPN "DDSB PVS BH JOH CVT XBT CFJOH FTDPSUFE CZ B n BUCFE USVDL XJUI B QJFDF CSBTT CBOE FOUIV TJBTUJDBMMZ TDSFFDIJOH POF TPOH PWFS BOE PWFS BHBJO B TFNJ USVDL XJUI UIF #JD QFOT BOE MJHIUFST MPHP QBJOUFE PO JU BOE MPVETQFBLFST CMBSJOH TPNFUIJOH UIBU XBT UPUBMMZ PCTDVSFE CZ GFFECBDL BOE TUBU JD UIF $PXCFMM 1PXEFSFE .JML USVDL XJUI MPVETQFBLFST QVLJOH PVU UIF $PX CFMM 1PXEFSFE .JML DBSUPPO UIFNF TPOH BHBJO BOE BHBJO BOE UIF 3FE#VMM KFFQ DPNQMFUF XJUI HJBOU NPDL 3FE#VMM DBO PO UPQ B WJSUVBM m OHFS PO UIF MPOH BSN PG 3FE#VMM ɩ F TUVĊ NJHIU CF JMMFHBM JO 'SBODF CVU OPU (IBOB ɩ F OPJTF GSPN PVS DBDPQIPOPVT DPO WPZ XBT EFBGFOJOH BOE JNQSFTTJWF BOE UIF MPDBMT XF QBTTFE JOTUBOUMZ CSPLF PVU JOUP EBODF BT UIF TIPDLXBWF PG TPVOE QMPXFE BDSPTT UIF SPBE T TIPVMEFS BOE JOUP UIF BEPCF PVUQPTUT CFUXFFO UPXOT ɩ JT JT XIBU PVS (IBOB UPVSJTU CPPLMFU TBJE PO QBHF POF
"LXBBCB "LXBBCB JT B XPSE UIBU ZPV XJMM IFBS TFW FSBM UJNFT EBJMZ BT ZPV USBWFM BSPVOE (IBOB POF UIBU XJMM SJOH JO ZPVS FBST BU OJHIU BOE CSJOH B TNJMF UP ZPVS GBDF XFFLT BGUFS ZPV MFBWF "LXBBCB *U NFBOT XFMDPNF ɩ FSF XBT B XPSE UIBU SBOH JO PVS FBST BU OJHIU BOE TUJMM CSJOHT B TNJMF UP NZ GBDF CVU JU JT OPU "LXBBCB *U T 0CSVOJ XIJDI JT CFTU USBOTMBUFE BT i)FZ 8IJU FZ w 8F EJE IFBS JU TFWFSBM UJNFT B EBZ BT XFMM o JO GBDU JG * IBE UP HVFTT NPSF UIBO UJNFT QFS EBZ 4PNF PG UIF WJMMBHFT UIBU XF QBTTFE UISPVHI XFSF OPU FYBDU MZ GSFRVFOUFE CZ XIJUF UPVSJTUT BOE BM UIPVHI * XPVME IFTJUBUF UP TBZ UIBU UIFZ E OFWFS TFFO XIJUF QFPQMF CFGPSF XF SF DFJWFE TPNF UFSSJm FE BOE JOUFOTFMZ DV SJPVT MPPLT GSPN TPNF PG UIF BEVMUT BOE NBOZ PG UIF DIJMESFO 8F NBEF BO FG GPSU UP MFBSO TPNF 5XJ QBSUMZ JO PSEFS UP IFMQ SFQFM UIF DPOTUBOU TUSFBN PG i0CSV OJTw UIBU XF SFDFJWFE "OUPJOF BOE FWFO UVBMMZ * CFHBO SFQMZJOH UP UIF 0CSVOJ DBMM XJUI PVS PXO DBMMT PG 0UVNUVN XIJDI NFBOT i)FZ CMBDL HVZ w ɩ FZ MPWFE UIBU BOE JU XPSLFE "GUFS XF ZFMMFE JU CBDL JO
SFUVSO UIFSF XPVME CF OP NPSF 0CSVOJ DBMMT GSPN UIBU DSPXE ɩ F m STU EBZ PG UIF m STU FWFS (IBOB )BOH 1BSBHMJEJOH 'FTUJWBM XBT UP BEIFSF UP B TUSJDU QMBO BDDPSEJOH UP PVS DPOUBDU GSPN UIF NJOJTUSZ PG UPVSJTN ɩ F OJHIU CFGPSF IF WFSZ DMFBSMZ QSFEJDUFE FYBDU MZ IPX BOE XIFO XF XPVME MBVODI IPX BOE XIFSF XF XFSF UP n Z BOE XIFO BOE XIFSF XF XPVME MBOE 4FWFSBM PG VT USJFE UP FYQMBJO UP IJN UIBU FWFSZUIJOH XBT XFBUIFS EFQFOEFOU CVU IF DPOm EFOUMZ XSPUF PĊ PVS DPODFSOT FYQMBJOJOH UIBU UIF DIJFG PG UIF SFHJPO IBE CMFTTFE VT BOE PVS FĊ PSUT BOE TP UIFSFGPSF UIF XFBUIFS XPVME CF QFSGFDU XIBUFWFS QFSGFDU NFBOU UP VT 'PSUVOBUFMZ GPS VT BOE GPS UIF PSHBOJ[ FST PG UIF FWFOU IF XBT SJHIU ɩ F 7JDF 1SFTJEFOU PG (IBOB XBT TDIFEVMFE UP BS SJWF BU B N NFBOJOH UIBU IF XBT SJHIU PO UJNF PS B MJUUMF FBSMZ XIFO IF BSSJWFE BU B N "MPOH XJUI IJN DBNF UIF DIJFG PG UIF ,XBIV SFHJPO XIP XBT ESFTTFE JO USBEJUJPOBM DMPUIFT BOE FTDPSUFE CZ PWFS USJCFTNFO JO TJNJ MBS ESFTT UIF NJOJTUFS PG UPVSJTN BOE
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
WBSJPVT PUIFS HPWFSONFOU CJHXJHT "G UFS B MFOHUIZ JOUSPEVDUJPO PG UIF FWFOUT QMBO UIF Pċ DJBM NFNCFST BOE UIF IPO PSFE BOE EJTUJOHVJTIFE WJTJUJOH QJMPUT UIF PSEFS XBT HJWFO i"OE OPX ZPV XJMM '-: w " CPME TUBUFNFOU DPOTJEFSJOH UIBU UIF MBVODI XF BOE UIF NPSF UIBO TQFDUBUPST XFSF QFSDIFE VQPO IBE POMZ CFFO m OJTIFE UIF OJHIU CFGPSF /P POF IBE FWFS n PXO IFSF NJE EBZ PS FWFO DMJNCFE BCPWF MBVODI CVU UIF QSPHSBN DMFBSMZ DBMMFE GPS EFNPOTUSBUJPO TPBSJOH n JHIUT CZ UIF IPOPSFE BOE EJTUJOHVJTIFE WJTJUJOH QJMPUT "OUPJOF XBT SFBEZ m STU ɩ F DSPXE FYQMPEFE JOUP XJME DIFFST BT IF MBJE PVU IJT HMJEFS DIFDLFE PWFS IJT TIPVMEFS BOE QVMMFE VQ JOUP B IPU DZDMF PG IVNJE USPQJ DBM BJS )F UVSOFE SBO n FX PĊ UIF FEHF PG UIF DMJĊ MBVODI BOE UIF DSPXE XFOU CFSTFSL "T * MBJE PVU NZ HMJEFS UP HP OFYU GFFMJOH UIPSPVHIMZ BMPOF UIF SFTU PG UIF QJMPUT TFFNFE JO OP IVSSZ UP MBVODI HJW FO UIF TJ[F BOE JOUFOTJUZ PG UIF DSPXE BOE UIF WJSHJOJUZ PG UIF TJUF "OUPJOF IBE BM SFBEZ DMJNCFE PWFS MBVODI BOE XBT XJOE
4PPO PUIFS QJMPUT MBVODIFE BOE XF BMM JOH JU VQ JOUP B 4"5 JO GSPOU PG UIF OPX GSFOFUJD DSPXE ɩ F DIFFST PG UIF DSPXE DMJNCFE UPHFUIFS JO IVNJE TNPPUI BOE XFOU XJMEFS BOE NZ IBOET TIPPL BT * DPO NJME MJGU BMM UIF XBZ UP DMPVECBTF BOE CF F TPVUI GBDJOH SJEHF XBT BCPVU OFDUFE NZ TQFFECBS BOE DMFBSFE NZ MJOFT ZPOE ɩ 4XFBU ESJQQFE JOUP NZ FZFT BOE * DPVMEO U IJHI BOE FYUFOEFE PVU PG TJHIU BU IFBS UIF SBEJP DIFDL PWFS UIF OPJTF PG UIF WBSZJOH BMUJUVEFT UP UIF FBTU BOE XFTU DSPXE * XBT NPSF OFSWPVT UIBO * XBT PO PG MBVODI "T * DSVJTFE BMPOH UIF SJEHF BOE UVSOFE BOZ PG NZ m STU n JHIUT CVU UP UIF BOOPVOD FS PO UIF MPVETQFBLFS UIJT XBT BMM HPJOH DJSDMFT JO UIF HFOUMF UIFSNBMT UIF TPVOET BDDPSEJOH UP QMBO BOE IF CSB[FOMZ DPVOUFE PG UIF KVOHMF XBGUFE VQ GSPN CFMPX *G * EPXO GPS NF i '-: w (PPE IBE B SFDPSEJOH EFWJDF * DPVME IBWF SF DZDMFT CF EBNOFE * QVMMFE VQ NZ HMJEFS DPSEFE B i3BJOGPSFTU 7JCSBUJPOTw $% GPS PV BU IJT DPNNBOE BOE TUFQQFE PĊ JOUP UIF UIF NFEJUBUJWF UZQFT CBDL IPNF ɩ SFGSFTIJOH XJOE DIJMM BOE NPSF CFBSBCMF TBOET PG TQFDJFT PG JOTFDUT BOE CJSET KPJOFE UFNQFSBUVSFT ɩ F SPBSJOH PG UIF DSPXE UPHFUIFS UP DPNQPTF B DPOTUBOU BOE SIZUI MFTTFOFE TMJHIUMZ XJUI XJOE OPJTF BOE EJT NJD TPOH UIBU ESJGUFE UPXBSET DMPVECBTF F DBOPQZ PG UIF GPS UBODF BOE * DMJNCFE RVJDLMZ JO B OJDF XJUI UIF UIFSNBMT ɩ USPQJDBM UIFSNBM BOE n FX CBDL UP TIBNF FTU XBT CFUXFFO BOE GFFU BCPWF UIF MFTTMZ TIPX PĊ TPNF BFSPCBUJDT EJSFDUMZ JO HSPVOE BOE BT * n FX QBTU SBOEPN XIJUF GSPOU PG MBVODI * KPJOFE "OUPJOF JO BOPUI USVOLFE HJBOUT * UIPVHIU BCPVU IPX JO FS UIFSNBM BOE XF MBVHIFE UPHFUIFS BU UIF UFSFTUJOH JU XPVME CF UP UBLF B MJUUMF EF TQFDUBDMF PG JU BMM 'SPN UIF BJS XF DPVME n BUJPO BOE FOE VQ IBOHJOH FJHIU TUPSJFT TFF UIF DSPXE XBJUJOH GPS VT JO UIF -; o IJHI B NJMF BOE UISFF EBZT XBML GSPN UIF FWFSZ "GSJDBO JO UIF SFHJPO XIP DPVMEO U -; " IFMJDPQUFS XPVME CF ZPVS CFTU CFU BĊ PSE UP HFU UP MBVODI GPSNFE B UIJDL * NVTFE 0S ZPV DPVME BMXBZT DVU BXBZ GSPN ZPVS HMJEFS BOE UISPX ZPVS SFTFSWFy EBSL CPSEFS BSPVOE UIF TPDDFS m FME
i0CSVOJ 0CSVOJ w
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
"GUFS HFUUJOH PVS m MM PG UIF n ZJOH BU UIF ,XBIV SFHJPO XF UPPL B USJQ UP UIF 4IBJ IJMMT SFHJPO OPSUI PG "DDSB XIFSF XF n FX B TJUF UIBU IBE POMZ CFFO MBVODIFE PODF CFGPSF CZ 8BMUFS JO +BOVBSZ 8F IJLFE UP UIF UPQ JO BJS UIBU DMPTFMZ SFTFN CMFE B DMPUIFT ESZFS PO IJHI IFBU IBMG XBZ UISPVHI B DZDMF PG XFU CFBDI UPXFMT BOE BSSJWFE PO MBVODI UP TFF DMPVE TUSFFUT
TUSFUDIJOH EPXOXJOE UP UIF IPSJ[PO ɩ BU EBZ "OUPJOF BOE 0MJWJFS TFU UIF (IBOB EJTUBODF SFDPSE LN BOE MBOEFE TPNF QMBDF SFNPUF FOPVHI UP TFF DIJMESFO BOE BEVMUT SVOOJOH JOUP UIFJS BEPCF UIBUDIFE SPPG IVUT TDSFBNJOH XJUI IBOET DPWFSJOH UIFJS IFBET BT UIF QBSBHMJEFST n FX PWFS UIFJS WJMMBHF PO m OBM BQQSPBDI 0MJWJFS BOE "OUPJOF XBWFE BOE TNJMFE BU UIF MP
DBMT FWFOUVBMMZ FWFO UIF NPSF UFOUBUJWF DIJMESFO FNFSHFE BOE HSFFUFE UIFN JO UIF m FMET XFMDPNJOH UIFN XBSNMZ XJUI IBQQZ DSJFT PG 0CSVOJ 0CSVOJ
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
:FTUFSEBZ * SFDFJWFE UIF OFXT UIBU JOH BCPVU IPX HSFBU UIF USJQ XBT BMM UIF $ISJT .VMMFS EJFE n ZJOH 5PEBZ JT B QFS TUVĊ IF TBX BOE IPX QTZDIFE IF XBT UP GFDU EBZ TVOOZ CMVF NPVOUBJOT HMFBN CF iIFSF w )JT TDIFEVMF XBT JNQPTTJCMF JOH CVU UIFSF T TPNFUIJOH NJTTJOH JO CVU IF XBT OFWFS JO B IVSSZ XJUI BOZPOF UIF GBCSJD PG UIF XPSME GPS NF ɩ F NV XIP OFFEFE TPNFUIJOH GSPN IJN FWFO JG TJDJBO +JN 8IJUF TJOHT BCPVU i$SBDLT JO JU XBT KVTU UBMLJOH BCPVU OPUIJOH )F IBE UIF 6OJWFSTFw TPNFUJNFT UIFZ PQFO BOE UIF UBMFOU UP CF XPSME DIBNQJPO BU BOZ QFPQMF GBMM UISPVHI ɩ F FOE PG $ISJT T UIJOH CVU DIPTF UP GPDVT PO TIBSJOH IJT MJGF JT TVDI B DSBDL GPS BOZPOF XIP LOFX FOFSHZ XJUI PUIFST )PX NBOZ TUVEFOUT IJN CVU * MJLF UP UIJOL UIBU $ISJT TQMJU EJE IF SVO PĊ UIF IJMM IPX NBOZ GSJFOET UIF VOJWFSTF MJLF BO BY UISPVHI ESZ XPPE EJE IF NBLF MBVHI IPX NBOZ UJNFT EJE BOE n FX PVU UIF GBS TJEF #FDBVTF JG BOZ IF UBLF B MBUFSBM BOE NBLF VT BMM UIJOL CPEZ DPVME EP JU $ISJT EJE )F DPVME TFF i)PMZ 4)*5 w * DBO U IFMQ CVU TNJMF BOE BOE SJEF MJOFT JO MJGF UIBU XFSF UPP BSDBOF MBVHI UIJOLJOH BCPVU IJN o OP UFBST DBO GPS UIF SFTU PG VT UP DPNQSFIFOE i5BM XBTI UIF KPZ PG NFNPSZ BXBZ ɩ FSF T B UFNQUBUJPO XIFO SFNFNCFS FOUFEw JT B TIPSU XPSE VTFE UP EFTDSJCF TPNFPOF XIP DBO FYFDVUF IJT WJTJPO PVU JOH B GSJFOE JO BCTFODF UP QVU UIF QFS TJEF PG UIF OPSNBM FOWFMPQF $ISJT T FO TPO JO B MJOF VQ CFUXFFO TBZ 4VQFSNBO WFMPQF JT DPWFSFE JO TUBNQT GSPN EJNFO BOE +FTVT * E QMBDF $ISJT CFUXFFO +JNJ )FOESJY BOE (SFU[LZ $ISJT DPVME QMBZ TJPOT XBZ XBZ PVU UIFSF $ISJT TIBSFE IJNTFMG NPSF XJUI PUI B HMJEFS MJLF OPCPEZ FMTF BOE IF HPU UIF FST UIBO BOZ UFO iOPSNBMw QFPQMF QVU DSPXE PO JUT GFFU FWFSZ TJOHMF UJNF IJT MFGU UPHFUIFS )F HBWF UIBU FOFSHZ UISPVHI UIF HSPVOE "OE $ISJT OFFEFE OP XJOHT UFBDIJOH n ZJOH QBSUZJOH ESJWJOH BOE UP n Z o * XPVME IBWF CFFO UPUBMMZ VOTVS MJWJOH MJGF GVMM UISPUUMF /PCPEZ TQFOU QSJTFE JG IF E KVTU MFWJUBUFE PĊ UIF HSPVOE NPSF UJNF XJUI IJT GPPU m SNMZ PO UIF HBT POF EBZ PO QVSF NFOUBM FOUIVTJBTN GPS UIBO $ISJT o MJUFSBMMZ )F XBT UIF POMZ UIF JEFB ɩ F NFBTVSF PG B HSFBU NBO JT OPU IJT QFSTPO * LOPX XIP DPVME ESJWF IPVST TUSBJHIU BOE HFU PVU PG UIF USVDL UBML NPOFZ PS USPQIJFT CVU UIF FDIPFT PG IJT +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUPT ª$ISJTUJBO 1POEFMMB 3FE #VMM
3FNFNCFSJOH $ISJT .VMMFS
MFTTPOT GPSNBM BOE JOGPSNBM UIBU DPO UJOVF UP SFTPOBUF BOE FWFO CVJME MPOH BG UFS UIF GBDU $ISJT .VMMFS T MJGF XJMM DPO UJOVF UP TPVOE JO NF BOE NBOZ PUIFST FWFSZ TJOHMF EBZ 5PEBZ BOE FWFSZ EBZ NZ MPWF HPFT PVU UP $ISJT T NPN 7JODFOF * LOPX QJMPUT BOE GSJFOET BSPVOE UIF XPSME BQQSFDJBUFE IFS BOE IFS TPO o QMFBTF TFOE ZPVS MPWF UP IFS 8JMM (BEE
64)(" 3FHJPOBM %JSFDUPS /PNJOBUJPOT 4PMJDJUFE %FBEMJOF +VMZ UI
64)(" JT JTTVJOH JUT BOOVBM DBMM GPS OPNJOBUJPOT UP UIF OBUJPOBM #PBSE PG %JSFDUPST &MFWFO QPTJUJPOT BSF PQFO GPS FMFDUJPO JO 0DUPCFS GPS B UXP ZFBS UFSN CFHJOOJOH +BOVBSZ TU /PNJOBUJPOT NVTU CF SFDFJWFE BU UIF 64)(" PGm DF CZ +VMZ /PNJOBUJPOT BSF OFFEFE JO UIF GPMMPXJOH SFHJPOT 5IF DVSSFOU %JSFDUPST XIPTF UFSNT BSF VQ GPS SFFMFDUJPO JO BSF 3FH
$VSSFOU %JSFDUPS .BSL 'PSCFT
4UBUFT XJUIJO SFHJPO "MBTLB 0SFHPO 8BTIJOHUPO
1BVM (B[JT
/PSUIFSO $BMJGPSOJB /FWBEB
6ST ,FMMFOCFSHFS
+PIO (SFZOBME
+PIO i5BEw )VSTU
+JN ;FJTFU
"SJ[POB $PMPSBEP /FX .FYJDP 6UBI
-JTB 5BUF
*EBIP .POUBOB 8ZPNJOH
#FHJOOJOH JO 3FHJPO BOE 3FHJPO BSF CFJOH DPNCJOFE
/PNJOBUJPOT BSF OPU OFFEFE JO 3FHJPO GPS UIJT FMFDUJPO
*MMJOPJT *OEJBOB *PXB .JDIJHBO 8JTDPOTJO /PSUI %BLPUB 4PVUI %BLPUB .JOOFTPUB
/PNJOBUJPOT BSF OPU OFFEFE JO 3FHJPO GPS UIJT FMFDUJPO
/FX )BNQTIJSF $POOFDUJDVU .BJOF .BTTBDIVTFUUT 3IPEF *TMBOE 7FSNPO
%BWJE i3BOEZw -FHHFUU
8BTIJOHUPO %$ %FMBXBSF ,FOUVDLZ .BSZMBOE 0IJP 1FOOTZMWBOJB 7JSHJOJB 8FTU 7JSHJOJB
.BUU 5BCFS /FX 1PTJUJPO
"MBCBNB 'MPSJEB (FPSHJB .JTTJTTJQQJ /PSUI $BSPMJOB 4PVUI $BSPMJOB 5FOOFTTFF 7JSHJO *TMBOET 1VFSUP 3JDP
%BWF #SPZMFT
5FYBT -PVJTJBOB ,BOTBT .JTTPVSJ 0LMBIPNB /FCSBTLB "SLBOTBT
/PNJOBUJPOT BSF OPU OFFEFE JO 3FHJPO GPS UIJT FMFDUJPO /FX +FSTFZ /FX :PSL
#BMMPUT XJMM CF EJTUSJCVUFE XJUI UIF 0DUPCFS JTTVF PG )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF 64)(" OFFET UIF WFSZ CFTU WPMVOUFFST UP IFMQ HVJEF UIF TBGF EFWFMPQNFOU BOE HSPXUI PG UIF TQPSUT 4VCNJU OPNJOBUJPOT GPS SFDFJQU OP MBUFS UIBO +VMZ UI UP 64)(" 10 #PY $PMPSBEP 4QSJOHT $0 64)(" NFNCFST TFFLJOH QPTJUJPO PO UIF CBMMPU TIPVME TFOE UP IFBERVBSUFST GPS SFDFJQU OP MBUFS UIBO "VHVTU UIF GPMMPXJOH JOGPSNBUJPO OBNF BOE 64)(" OVNCFS QIPUP BOE SFTVNF POF QBHFT DPOUBJOJOH UIF DBOEJEBUF T IBOH QBSBHMJEJOH BDUJWJUJFT BOE WJFXQPJOUT XSJUUFO DPOTFOU UP CF OPNJOBUFE BOE
4PVUIFSO $BMJGPSOJB )BXBJJ
UIBU UIFZ XJMM TFSWF JG FMFDUFE Dz F BSUJDMF CZ .BSL 'PSCFT FYQMBJOJOH UIF DIBOHFT JO 64)(" SFHJPOT DBO CF SFBE POMJOF BU XXX VTIHB PSH PS JO UIF .BSDI JTTVF PG UIJT NBHB[JOF ɩ F GPMMPXJOH GPSN JT GPS ZPVS DPOWFOJFODF /PNJOBUJPOT NBZ BMTP CF NBEF POMJOF BU IUUQ XXX VTIHB PSH FNBJMSEOPNJOBUJPO BTQ :PV NBZ OPNJOBUF BOZ XJMMJOH NFNCFS JO ZPVS SFHJPO PS ZPVSTFMG
3&(*0/"- %*3&$503 &-&$5*0/ /0.*/"5*0/ '03. * IFSFCZ OPNJOBUF @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ BT B DBOEJEBUF GPS 3FHJPOBM %JSFDUPS GPS 3FHJPO @@@@@@@@@@@ 4VCKFDU UP BDDFQUBODF CZ OPNJOFF /".& @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ 64)(" @@@@@@@@@@@@@@@3&(*0/ @@@@@@@@
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
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
4UBUF $" $" $" ." 0) '''-
3BUJOH 3FHJPO /BNF 1 50. ."3$)&4* 1 4$05 41&33: 1 .*$)"&- #&3(&/ 1 1"53*$, 4)"/")"/ 1 %&- #"3/8&-1 45"/%*4) ."3,4 1 %&//*4 )")/ 1 #&5) -:(0&
$JUZ )00% 3*7&3 56"-"5*/ 0",-"/% 4"/ '3"/$*4$0 &.&3:7*--& 4"/ '3"/$*4$0 4"/ %*&(0 ,"*-6"
4UBUF 03 03 $" $" $" $" $" )*
$" $" $" ." 0) 7" '''03 $" $" $" $" $" .% /$ (" /: 8" $" $" $" $0
1
1&5& 3:%&/
&/$*/0
$"
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
&.*-: )6()&4 30: /&850/ .*$)"&- +0#*/ (&3"-% 8*/(&55 3*$)"3% 10& ** $0635/&: 8"-,&3 -&0/"3% 45&--" %"/*-0 '0/4&$" +&'' +".&4 .*$)"&- .$(6*3, 1&5&3 #63/*450/ 1&3 )".."3-6/% 50. )6'' 4$05 41&33: .*$)"&- 8*--*".4 %"/*&- 3*#"4 %&//*4 )")/ ."55 '&3(640/ #&5) -:(0&
%"/" 15 (0-%&/ %&/7&3 &- 1"40 &- 1"40 %3"1&3 -0.#"3% %"/#63: 3*7*&3" #&"$) -&0/ 7"--&: %&70/ &9 "3 )*--4#030 1035-"/% 56"-"5*/ $".#3*" 1*554#63( 4"/ %*&(0 3".0/" ,"*-6"
$" $0 $0 59 59 65 *$5 '59
1
1&5& 3:%&/
&/$*/0
$"
03 03 03 $" $" $" $" )*
3BUJOH 0Gm DJBM 1"53*$, %&/&7"/ 30# .$,&/;*& "-"/ ,&//: $)3*45*"/ 5)03&40/ +".&4 5*/%-& ."-$0-. +0/&4 $)3*45*"/ 5)03&40/ +".&4 5*/%-& +".&4 5*/%-& 1"53*$, %&/&7"/ 1"53*$, %&/&7"/ 30# .$,&/;*& $)3*45*"/ 5)03&40/ +".&4 5*/%-& +".&4 308"/ ."-$0-. +0/&4 $)3*45*"/ 5)03&40/ +".&4 5*/%-& +".&4 5*/%-& -"33: +03(&/4&/ +".&4 ("3%/&3 #"33: -&7*/& 1"53*$, %&/&7"/ .*$)"&- '0: 1"53*$, %&/&7"/ 30#&35 -"/& "/%: 5033*/(50/ ."55)&8 5"#&3 (3&( #-"$, %"/*&- 5:-&3 +3 1"53*$, %&/&7"/ 45&7& 45"$,"#-& +0& (3&#-0 ."-$0-. +0/&4 3BUJOH 0Gm DJBM ,&--: ,&--"3 3*$, )*((*/4 +"40/ (*-#&35 +&''3&: (3&&/#"6. +&''3&: (3&&/#"6. +&''3&: (3&&/#"6. ,:06/( ,* )0/( "#& -"(6/" $)3*4501)&3 (3"/5)". +"40/ (*-#&35 ,": 5"64$)&3 ,": 5"64$)&3 $)"% #"45*"/ $)"% #"45*"/ +",& 8"-,&3 "-"/ $)6$6-"5& '"#3*$*0 30%3*(6&4 +04& $"4"6%06.&$2 "-&$ $)"55"8": +0/"5)"/ +&''&3*&4 -"33: 1*/%"3 -"33: 1*/%"3 3*$, )*((*/4 ,*/4-&: 80/( +6"/ -"04 ,:06/( ,* )0/( +04)6" .&:&34 "#& -"(6/" $)3*4501)&3 (3"/5)".
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
(6&01(* (6&03*&7 .*$)"&- 800-&3: 4"/+": 3"+"/ 8"33&/ .*5$)&-."35*/ (*"/%0/* &3*$ (645"74&/ (&3"-% 8*/(&55 3*$)"3% 10& ** +&'' 8&/5;&."35*/ 8&/5;&%"/*-0 '0/4&$" #"33: 3*$) +&'' +".&4 .*$)"&- .$(6*3, :6/( 80/( 3644&-- 8*-,*/4 1&5&3 #63/*450/ 1&5&3 3&9&3 0/%3&+ ,6#*$&, 5)0."4 )"-& (-&// 3*$)"3%40/ +0&- (0-%#&3(&3 #3*"/ 1&5&34&/ $"340/ ,-&*/ +&30.& ,+0-4*/( +0)/ )".. "/%3&* ","*,*/& #3&/5 #"$,64 &45&'"/0 .*#&3"
0$&"/4*%& -*55-&50/ #06-%&3 -*55-&50/ "6303" 13070 &- 1"40 &- 1"40 $3"8'03% $3"8'03% %"/#63: -&8*4#63( 3*7*&3" #&"$) -&0/ 7"--&: 163$)"4& (*37*/ 4"4, %&70/ &9 "3 #&-.0/5 %"-: $*5: 4"/ %*&(0 5&.1& '-"(45"'' 4"-5 -",& $*5: 4"/%: /&8 3*$).0/% 1*554#63() *44"26") '-"(45"'' 7"--& %& #3"70
$" $0 $0 $0 $0 65 59 59 $0 $0 $5 87 '59 /:
$" $" $" "; "; 65 65 8* 1" 8" ";
+"40/ (*-#&35 ,": 5"64$)&3 ,": 5"64$)&3 ,": 5"64$)&3 (3"/(&3 #"/,4 5)0."4 8&#45&3 $)"% #"45*"/ $)"% #"45*"/ 45&1)&/ .":&3 45&1)&/ .":&3 '"#3*$*0 30%3*(6&4 %8":/& .$ $0635 +04& $"4"6%06.&$2 "-&$ $)"55"8": ("#3*&- +&## +"40/ $3044 +0/"5)"/ +&''&3*&4 +&'' 8*4)/*& 5*. ,6&/45&3 ,:06/( ,* )0/( ."35: %&7*&55* ."35: %&7*&55* $)3*4 4"/5"$30$& $)3*4 4"/5"$30$& ("#3*&- +&## %"7*% 7&3#0*4 ."35: %&7*&55* ."35: %&7*&55* "-&+"/%30 1"-.";
4BGFUZ 5JQT 4UFWF ,SPPQ +VTU CFGPSF ZPV MBVODI BTL ZPVSTFMG i8IBU BN * EPJOH w *U TPVOET TJMMZ CVU XJUI BMM UIF EJTUSBD UJPOT BU MBVODI IBOH DIFDL SBEJP DIFDLT TFUUJOH JOTUSVNFOUT MPDBUJOH ZPVS 9$ CVEEZ FUD JU JT FBTZ UP MPTF GPDVT PO UIF NPTU JNQPSUBOU UBTL BU UIF NPNFOU n ZJOH UIF HMJEFS
---~'
1IPUP #SFUU 4DISFDLFOHPTU
#FHJOOJOH B DMJNC JOUP UIF UIJO BJS BCPWF 5FMMVSJEF $PMPSBEP
) 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
4VCKFDU 1PXFSFE )BOH (MJEFS *TTVF EBUF %FOPNJOBUJPO LXBO[B 4PVWFOJS TIFFU UJUMF Dz PTF .BHOJm DFOU .FO JO UIFJS 'MZJOH .BDIJOFT 4UBNQ UJUMF (MJEFSDSBGU 4IPXO BU %FTDSJQUJPO -PX BOHMF WJFX JMMVT USBUJPO PG B HSFFO QPXFSFE IBOH HMJEFS DSVJTJOH BCPWF B QBTUFM DPMPSFE QMBJO "/(0-" ɩ JT TUBNQ JT QBSU PG UIF TBNF TPVWFOJS 4VCKFDU )BOH (MJEFS TIFFU BT UIF TUBNQ BCPWF ɩ FZ TIBSF UIF TBNF CBDLHSPVOE *TTVF EBUF .BUDIFE DPMPS QPXFSFE USJLF BOE QPE %FOPNJOBUJPO LXBO[B 4PVWFOJS 4IFFU UJUMF Dz PTF .BHOJm DFOU BSF TVTQFOEFE VOEFS PVS TVCKFDU B FSB EPVCMF TVSGBDF IBOH HMJEFS (PPE .FO JO Dz FJS 'MZJOH .BDIJOFT BSU ZFU BHBJO NJTUBLFT MFBQ PVU BU ZPV 4"/ ."3*/0 4UBNQ UJUMF )BOH (MJEJOH 4IPXO BU 4VCKFDU 'BOUBTZ (MJEFS %FTDSJQUJPO -PX BOHMF WJFX JMMVT *TTVF EBUF 'FCSVBSZ USBUJPO PG B 4FBHVMM *** MJLF IBOH HMJEFS %FOPNJOBUJPO MJSB FVSPT EPJOH B XJOHPWFS BCPWF B QBTUFM DPMPSFE 4UBNQ UJUMF $BNQJPOBUP .POEJBMF QMBJO ɩ F TUBNQ JT POF PG OJOF TUBNQT %J 7PMP -JCFSP %FMUBQMBOP )BOH (MJEJOH PO B MBSHF TPVWFOJS TIFFU QSPDMBJNJOH UIF 'SFF 'MJHIU 8PSME $IBNQJPOTIJQT XPOEFST PG i'MZJOH .BDIJOFT w %FTJHO DSFEJU .BEEBMFOB .FEBT .JE T IBOH HMJEFST IBE B IBCJU PG 4IPXO BU BQQFBSJOH PO TUBNQT JTTVFE BU UIF UVSO %FTDSJQUJPO -PX BOHMF WJFX GBODJ PG UIF UI DFOUVSZ ɩ F BSUGVMMZ QBJOU GVM JMMVTUSBUJPO PG B DIJME HMJEJOH UISPVHI FE QBTUFM MBOETDBQF PG UIF CBDLHSPVOE UIF TLZ FNQMPZJOH B QBQFS iXJOHw BT B JNQBSUT UIFTF UXP TUBNQT XJUI B MPU PG IBOH HMJEFS ɩ F TUBNQ JT QBSU PG B TFU EFQUI ɩ F HMJEFS EPNJOBUFT UIF TUBNQ ɩ F QJMPU JT n ZJOH iIBOET PĊ w IJT BSNT DFMFCSBUJOH UIF )BOH (MJEJOH GSBNF CVU DPNQBSFE UP UIF XJOH UIF BSF DSPTTFE JO GSPOU PG IJN o NBZCF IF T 8PSME $IBNQJPOTIJQT IFME JO *UBMZ OFBS QJMPU BOE DPOUSPM CBS BSF OPU ESBXO UP HPU BO BVUPQJMPU )F T BMTP TJUUJOH UPP 4BO .BSJOP TDBMF "SUJTUJD MJDFOTF BTJEF * RVFTUJPO UIF GBS CFMPX UIF CBTF UVCF GPS BEFRVBUF :PVOH MFBUIFS IFMNFUFE HPHHMFT BOE UXP XJSFT GSPN UIF UBJM FOE PG UIF LFFM UP DPOUSPM ɩ F n ZJOH XJSFT BSF NJTTJOH BOE TJML TDBSG UPUJOH QJMPU SFOEFSFE JO DPNJD UIF UVCF GSPN UIF UPQ PG UIF QPE UP UIF BSU TUZMF SJEFT BUPQ B QBQFS BJSQMBOF IBOH UIF BGU TFDUJPOT PG UIF MFBEJOH FEHFT )BWJOH QBSU PG UIF XJOH FYUFOE JOUP LFFM XPVME SFTUSJDU UIF QJUDI PG UIF HMJEFS HMJEFS *O POF IBOE IF IPMET BO PSBOHF UIF MPXFS TUBNQ JT B OJDF EFWFMPQNFOU * DPVME DBUFHPSJ[F UIFTF UXP JMMVTUSBUJPOT CBMMPPO BMPGU ɩ F CBMMPPO TUSJOH XSBQT 4PNF PG UIF PUIFS TUBNQT PO UIJT BJSDSBGU BT 0VUTJEFS "SU CVU JU XPVMEO U BDDPVOU BSPVOE B HSBQIJD JDPO PG UIF FBSUI BOE UIFNF TPVWFOJS TIFFU BSF B TBJMQMBOF B GPS UIF MBDL PG BDDVSBDZ JOUP UIF UFYU XIJDI JT UIF UJUMF PG UIF IPU BJS CBMMPPO BO BFSPCBUJD CJQMBOF )BWJOH UIF XJOHUJQT QSPUSVEJOH FWFOU JO *UBMJBO 0UIFS iHMJEFSTw MJLF IJT CFZPOE UIF QFSGPSBUJPOT XPSLT XFMM TBOT QJMPUT GPMMPX JO UIF EJTUBODF BOE PUIFST IFSF ɩ F SFNBJOJOH TVCKFDUT PO UIF ɩ F GBOUBTZ BSU XBT XFMM FYFDVUFE CZ TUBNQT DPNQSJTJOH UIJT TPVWFOJS TIFFU TJHOPSJOB .BEEBMFOB .FEBT #VU XIBU B BSF "JS 3BDJOH 1 .VTUBOH .PEFM NJTTFE PQQPSUVOJUZ UP GFBUVSF BO JMMVTUSB i$POTJEFS UIF QPTUBHF TUBNQ JUT VTF "JSQMBOF .BLJOH BOE 1FEBM 1PXFS UIF UJPO PG POF PS UXP FSB IJHI QFSGPS GVMOFTT DPOTJTUT JO UIF BCJMJUZ UP TUJDL (PTTBNFS $POEPS NBODF DPNQFUJUJPO IBOH HMJEFST ɩ BU T UP POF UIJOH UJMM JU HFUT UIFSF w "OHPMB MPDBUFE JO TPVUIXFTU "GSJDB OPU IFS GBVMU 4IF ESFX B IBQQJMZ n ZJOH CFUXFFO ;BJSF BOE /BNJCJB XBT B MJUUMF LJE PO UIF TUBNQ o+PTI #JMMJOHT 1PSUVHVFTF PWFSTFBT UFSSJUPSZ VOUJM JU %PFT UIF TUBNQ QSPNPUF n JHIU :FT CFDBNF JOEFQFOEFOU /PWFNCFS *T JU B IBOH HMJEFS .BZCF -FU T TVQQPTF BT UIF 1FPQMF T 3FQVCMJD PG "OHPMB UIBU JO UIF GVUVSF o XIJMF TPBSJOH o ZPV
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
DPVME VOIPPL DMJNC VQ ZPVS GSPOU n ZJOH CMPDL PG TUBNQT JTTVFE JO IBT BO /PWFNCFS 8IBU B XPOEFSGVM QMBDF JOL PG UIF HSFBU WJFXT UIFZ MM TFF XJSFT VTJOH ZPVS WBSJPNFUFS BT B GPPU TUFQ FBSMZ T FSB 4UBOEBSE HMJEFS PO JU " UP n Z ɩ VQ UP TJU PO UIF VQQFS TVSGBDF PG ZPVS #MPDL PG TUBNQT JT BO VOTFWFSFE VOJU PG GPVS GSPN UIF BJS ɩ F HMJEFS QJMPU QBTTFOHFS BOE USJLF HMJEFS EBOHMJOH ZPVS GFFU PWFS UIF OPTF PS NPSF TUBNQT BU MFBTU UXP BDSPTT BOE UXP EFFQ *U T QPTTJCMF UIBU JOUSFQJE CJSENFO QPE VOJU BSF BMM QBJOUFE JO B MJHIU TPGU %PO U GPSHFU UIF CBMMPPO ɩ F PUIFS TUBNQ JO UIJT IBOH HMJE XFSF n ZJOH 4UBOEBSET UIFSF JO UIF QBTU GPDVT TUZMF #VU UIF UPQ n ZJOH XJSFT BSF F JOH DPNQFUJUJPO UIFNF TFU JT B ESBXJOH UIF iBTQFDU PG MPDBM DVMUVSF BOE IJTUPSZ w OPU BUUBDIFE UP POF TJEF PG UIF XJOH ɩ PG B XIJUF MJOFBS PVUMJOFE USBOTQBSFOU BCPWF CVU BSF OPX n ZJOH NPEFSO IBOH CPUUPN n ZJOH XJSFT BSF NJTTJOH BMTP "OE IBOE XSJUJOH UIF OBNF PG UIF FWFOU JO HMJEFST BOE IBWF NPWFE PO UP NPSF DIBM UIF UFYU TUBUJOH UIF WBMVF PG UIF TUBNQ JT IVHF UIF TLZ XJUI B XIJUF RVJMM QFO "HBJO MFOHJOH TJUFT ɩ F MFUUFSCPY GPSNBU FOBCMFE UIF 'PSNFSMZ 3IPEFTJB UIF 3FQVCMJD PG XFMM FYFDVUFE BSU CVU ZPVS HVFTT JT BT HPPE BT NJOF XIBU UIJT IBT UP EP XJUI EFTJHOFS UP DPNCJOF B WBSJFUZ PG QIP ;JNCBCXF XBT FTUBCMJTIFE "QSJM UPHSBQIJD FMFNFOUT UP HPPE FĊ FDU ɩ F ;JNCBCXF JT MPDBUFE JO TPVUIFBTU "GSJDB IBOH HMJEJOH ɩ F 8PSME )BOH (MJEJOH FBSUIZ DPMPST JO UIF HMJEFS TBJM BOE QJMPU T CPSEFSFE CZ ;BNCJB .P[BNCJRVF $IBNQJPOTIJQ XBT IFME BU .POUFDVDDP n JHIU TVJU DPNQMFNFOU UIF GBMM DPMPST PG 4PVUI "GSJDB BOE #PUTXBOB *UBMZ OFBS 4JHJMMP 1FSVHJB PO UIF UIF TFBTJEF UPXO * BMTP MJLF UIF TUBHHFSFE "MBT UIFSF T CFFO B EFBSUI PG IBOH CPSEFS CFUXFFO .BSDIF BOE 6NCSJB i w PG UIF TUBNQ T EFOPNJOBUJPO ɩ F CSPBE WJFX MBOETDBQF QIPUP PG HMJEJOH TUBNQT JO UISPVHI NJMFT BXBZ BT UIF DSPX n JFT GSPN 4BO .BSJOP ɩ F FWFOU XBT TVQFSWJTFE CZ 2VÏCFD T (BTQÏ 1FOJOTVMB SFHJPO TIPXT )PQFGVMMZ XJMM NBLF VQ GPS JU UIF FYUSFNFMZ BDUJWF IBOH HMJEJOH DMVC B TFDUJPO PG UIF UPXO PG 1FSDÏ BOE 1FSDÏ JT UXP BOE B IBMG NJMF MPOH 'JOJT " 4 7PMP -JCFSP 4BO .BSJOP VOEFS UIF 3PDL ɩ BFHJT PG UIF 'FEFSB[JPOF "FSPOBVUJDB CMPDL PG MJNFTUPOF JT iQJFSDFEw CZ B OBU .Z DSJUJRVFT BSF NFBOU UP JOTQJSF VSBM BSDI GFFU IJHI BOE GFFU XJEF QFPQMF XIP NBZ XBOU UP QFUJUJPO UIFJS 4BNNBSJOFTF ɩ F 3FQVCMJD PG 4BO .BSJOP BMM o MBSHF FOPVHI GPS B DPVQMF PG IBOH HMJEFST HPWFSONFOUT UP JTTVF B TFU PG IBOH HMJEJOH TRVBSF NJMFT PG JU JT MPDBUFE JO FBTU UP n Z UISPVHI JU TJNVMUBOFPVTMZ TUBNQT *U T CFDBVTF * MPWF HMJEJOH TPBS FSO *UBMZ BCPVU NJMFT GSPN UIF JOH BSU EFTJHO BOE TUBNQT UIBU * DSJUJRVF "ESJBUJD 4FB UIFN * GSFFMZ BENJU UIBU * EPO U LOPX XIBU DPOTUSBJOUT UIF TUBNQ EFTJHOFST GBDFE 4UJMM FSSPST XFSF NBEF #VU UIFZ QBMF JO DPNQBSJTPO XJUI UIF TVDDFTTGVM JM MVTUSBUJPO PG B QPTUBHF TUBNQ BOE IBWJOH JU JTTVFE GPS UIF XPSME UP WJFX 0WFSBMM UIFTF MJUUMF JNBHFT SFQSFTFOU B m OF FĊ PSU CZ UIF TUBNQ BSUJTUT EFTJHOFST BOE QIP UPHSBQIFST XIPTF XPSL IBT CFFO FYIJC JUFE JO UIJT TFSJFT PG BSUJDMFT ɩ F TUBNQT BSF DPMPSGVM BOE GVO UP MPPL BU * IBWF NZ GBWPSJUFT #Z OPX ZPV NVTU IBWF ZPVS GB WPSJUFT UPP $"/"%" 8F WF UBLFO RVJUF BO JOUFSFTUJOH USJQ 4VCKFDU 1IPUP .POUBHF PO #MPDL ;*.#"#8& BSPVOE PVS QMBOFU WJB UIFTF SFNBSL *TTVF EBUF .BSDI 4VCKFDU 1PXFSFE )BOH (MJEFS BCMF TUBNQT 0OF PG UIF GFX DPVOUSJFT %FOPNJOBUJPO DFOUT *TTVF EBUF XF IBWFO U WJTJUFE JT UIF 64" -FU T EP #MPDL UJUMF $BOBEB T 4DFOJD )JHIXBZT %FOPNJOBUJPO TPNFUIJOH BCPVU UIBU 0, 4FF Q JO 4UBNQ UJUMF 2VÏCFD 3PVUF 4UBNQ UJUMF .JDSPMJHIUJOH UIF %FDFNCFS JTTVF PG UIJT NBHB %FTJHO DSFEJU -PV $BCMF 4IPXO IFSF BU 1IPUP DSFEJU %BWJE $BNQCFMM %FTDSJQUJPO #JSE T FZF WJFX PG B [JOF GPS JOGPSNBUJPO PO IPX UP QSPQPTF 1BUSJDL .PSSPX QPXFSFE IBOH HMJEFS PO JUT UBLF PĊ SVO B IBOH HMJEFS PS QBSBHMJEFS TVCKFDU GPS B 4IPXO BU ɩ F TUBNQ JT QBSU PG B TFU QSBJTJOH UPVSJTN TUBNQ * IPQF ZPV WF FOKPZFE WJFXJOH UIF %FTDSJQUJPO #JSE T FZF WJFX PG B JO ;JNCBCXF MBOETDBQF B NBQ TFHNFOU EFQJDUJOH SPVUF "O PSBOHF HMJEFS JT BUUBDIFE UP B UXP XPSME T IBOH HMJEJOH QPTUBHF TUBNQT BT BO Pċ DJBM QSPWJODJBM SPBE TJHO BOE B UPOF CMVF UBOEFN QPXFSFE USJLF BOE NVDI BT * WF FOKPZFE QSFTFOUJOH UIFN F )BWF * NJTTFE BOZ .BZCF *G ZPV TFF B iDMJQQFEw QIPUP SFMBUJOH BO BTQFDU PG MPDBM QPE XJUI PSBOHF SFBS XIFFM iQBOUT w ɩ DVMUVSF BOE IJTUPSZ UIF i4UBOEBSEw IBOH FOHJOF JT SVOOJOH BOE UIF QJMPU BOE IJT OFX IBOH HMJEJOH TUBNQ PS LOPX PG POF HMJEFS BCPVU UP MBOE ɩ F TUBNQ DPN QBTTFOHFS BSF BCPVU UP UBLF PĊ GSPN B XF EJEO U JODMVEF QMFBTF JOGPSN UIF FEJUPS BOLT JO BEWBODF NFNPSBUFT 2VÏCFD T 3PVUF QSFDJQJDF BDSPTT GSPN POF PG "GSJDB T UPQ PG PVS NBHB[JOF ɩ 0I $BOBEB UIJT DMBTTZ XFMM UPVSJTU BUUSBDUJPOT TQFDUBDVMBS 7JDUPSJB EFTJHOFE QIPUP NPOUBHF TUBNQ PO B 'BMMT EJTDPWFSFE CZ %BWJE -JWJOHTUPOF JO +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1PTUTDSJQU 8IFO 3PXMBOE )JMM #SJUJTI SFGPSNFS BOE FEVDBUPS m STU IBE UIF JEFB PG B iQJFDF PG QBQFS KVTU MBSHF FOPVHI UP CFBS UIF $SPXO T TUBNQ BOE DPWFSFE BU UIF CBDL XJUI B LJOE PG HMVF XJUI XIJDI UIF CSJOHFS NJHIU CZ BQQMZJOH B MJUUMF NPJTUVSF BUUBDI JU UP UIF GSPOU PG B MFUUFS w IF NFU XJUI B HSFBU EFBM PG PQ QPTJUJPO ɩ F UIFO 1PTUNBTUFS (FOFSBM -PSE -JDIm FME QVCMJDMZ FYQSFTTFE IJT EJTBQQSPWBM PG UIF JEFB UIVT i8IZ PG BMM UIF XJME DSBDLQPU BOE JEJPUJD TDIFNFT * IBWF FWFS IFBSE PG UIJT JT UIF NPTU GPPM JTI BOE FYUSBWBHBOU ɩ F NBO TIPVME CF IPSTF XIJQQFE w
1SPQFSMZ FOEJOH UIJT BSUJDMF * MFBWF ZPV XJUI B UJOZ JMMVTUSBUJPO PG NZ PXO NBLJOH "OZ SFTFNCMBODF UP UIF SFDFOUMZ JTTVFE 64" 8SJHIU CSPUIFST TUBNQ JT JOUFOUJPOBM 1MFBTF EPO U QVCMJDMZ FY QSFTT UIBU * TIPVME CF IPSTF XIJQQFE UPP ɩ BU T NF JO UIF QSFTFOU n ZJOH NZ 'BMDPO ɩ F EBUF JT XIFO * m STU CFHBO IBOH HMJEJOH $SFEJUT 4UBNQ RVPUFT HFPDJUJFT DPN EBLTIJOB@LBO@QB BSU RPVUFT IUN 1IJMBUFMJD EFm OJUJPOT BTLQIJM PSH JOEFY IUN $PVOUSZ EBUB 4DPUUT 4UBNQ $BUBMPH 'PPUOPUFT
BBTGO TN JOHMFTF QIJMBUFMJD WPMPMJCFSP@FO IUN DNBSUDBSE DPN QIJM IJHIXBZ IUN XIJNTZ PSH VL EJEZPVLOPX IUNM
#BZ .JBNJ "GUFS B TVNNFS PG n ZJOH OFBS ,OPYWJMMF 5FOOFTTFF IF NPWFE UP $IBUUBOPPHB XIFSF IF XBT HSBQIJD EFTJHOFS GPS (MJEFS 3JEFS . B H B [ J O F CFGPSF NPWJOH UP $BMJGPSOJB JO )F DVSSFOUMZ SFTJEFT JO #FSLFMFZ $BMJGPSOJB EPFT GSFFMBODF HSBQIJDT BOE BSU CPPLT VOEFS UIF OBNF 8FTU 8JOHT "SU 4UVEJP BOE UFBDIFT DPNQVUFS HSBQIJD BSUT QBSU UJNF )F n JFT B 8JMMT 8JOH 'BMDPO NBJOMZ BU 'PSU 'VOTUPO 5FSSZ IBT CFFO BO BWJBUJPO BSU FQIFNFSB BOE TUBNQ DPMMFDUPS GPS PWFS ZFBST BOE PODF PXOFE B TNBMM BWJBUJPO BSU HBMMFSZ CPPLTUPSF JO #FSLFMFZ
5FSSZ 'FSSFS JT B )BOH QJMPU 64)(" )F MFBSOFE UP IBOH HMJEF Pą UIF TBOE EVOFT OFBS #PDB 3BUPO 'MPSJEB XJUI IJT CVEEZ %PVH #BSOFUUF PO B 4FBHVMM *** UIFZ CPVHIU UPHFUIFS JO )F VTFE UP UPX HMJEF UIF 4FBHVMM *** CFIJOE CPBUT JO #JTDBZOF
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
6 4 1" 3 "(- *%*/( "$$*%&/5 46.."3: #Z +JN-JUUMF!NBD DPN
1IPUP #PCCJF 3BQQ
64)(" SFDFJWFE SFQPSUT PG QBSBHMJEJOH JODJEFOUT BOE BDDJEFOUT JO B TVCTUBOUJBM EFDSFBTF TJODF 'JGUFFO PG UIF SFQPSUT XFSF BCPVU JODJEFOUT *ODJEFOUT BSF CSPBEMZ EFm OFE BT BOZ PVUDPNF PG B n JHIU UIBU XBT OPU JOUFOEFE CZ UIF QJMPU CVU EJE OPU SFTVMU JO BO JOKVSZ 'PSUZ FJHIU PG UIF SFQPSUT XFSF GPS BDDJEFOUT XIJDI BSF EFm OFE BT BOZ FWFOU SFTVMUJOH JO BO JOKVSZ UP UIF QBTTFOHFS PS QJMPU
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
5BOEFN "DDJEFOUT ɩ FSF XFSF m WF UBOEFN BDDJEFOUT SFQPSUFE UIJT ZFBS SFTVMUJOH JO JOKV SJFT UP m WF QJMPUT BOE UXP QBTTFOHFST 6OGPSUVOBUFMZ UIF m STU UBOEFN QBSBHMJE JOH GBUBMJUZ JO UIF 6 4 PDDVSSFE UIJT ZFBS " IJHIMZ FYQFSJFODFE UBOEFN JOTUSVDUPS XBT UBLJOH B HPPE GSJFOE PO BO 9$ n JHIU ɩ FZ FODPVOUFSFE TFWFSF UVSCVMFODF GSPN B UIFSNBM PS TIFBS XIJMF FO SPVUF UP BO -; ɩ JT SFTVMUFE JO B MBSHF BTZNNFUSJD DPMMBQTF BOE SBQJE SPUBUJPO PG UIF HMJEFS BU BCPVU GFFU BCPWF UIF HSPVOE ɩ F UBOEFN JOTUSVDUPS XBT VOBCMF UP SF DPWFS BOE VOBCMF UP EFQMPZ UIF SFTFSWF *OTQFDUJPO PG UIF FRVJQNFOU BGUFS UIF DSBTI SFWFBMFE UIBU UIF TQSFBEFS CBS BQ QFBSFE UP IBWF GBJMFE BT B SFTVMU PG UIF ( GPSDFT JNQPTFE CZ UIF SBQJE SPUBUJPO PG UIF HMJEFS ɩ F SFTVMUJOH XFJHIU TIJGU DBVTFE B MPDLFE JO TQJSBM GSPN XIJDI UIF UBOEFN JOTUSVDUPS XBT VOBCMF UP SF DPWFS "MUIPVHI UIF QJMPU BOE QBTTFOHFS TVSWJWFE UIF JOJUJBM JNQBDU UIF QBTTFOHFS EJFE GSPN JOUFSOBM JOKVSJFT CFGPSF IFMQ
'JHVSF o /PSNBM TQSFBEFS CBS PO MFGU BOE GBJMFE TQSFBEFS CBS PO SJHIU TIPXJOH SFTVMUJOH IBOH QPTJ UJPO PG QBTTFOHFS BGUFS GBJMVSF
DPVME BSSJWF ɩ F UBOEFN JOTUSVDUPS XBT TFSJPVTMZ JOKVSFE CVU SFDPWFSFE "OPUIFS BDDJEFOU PDDVSSFE XIFO B UBOEFN JOTUSVDUPS QFSGPSNFE B 4"5 BT B EFTDFOU UFDIOJRVF JO IJHI XJOET ɩ JT BFSPCBUJD NBOFVWFS XBT JOJUJBUFE BU BQ QSPYJNBUFMZ GFFU PWFS UIF HSPVOE ɩ F NBOFVWFS SFTVMUFE JO B DPMMBQTF BOE TUBMM XJUI UIF QJMPU BOE QBTTFOHFS MBOEJOH PO B QBSLFE DBS ɩ F UBOEFN JOTUSVDUPS FTDBQFE TFSJPVT JOKVSZ CVU UIF QBTTFO HFS TVTUBJOFE TFSJPVT JOKVSJFT JODMVEJOH
B GSBDUVSFE CBDL 8JUOFTTFT DPNNFOUFE UIBU UIF TVTQFOTJPO PG UIF DBS DVTIJPOFE UIF JNQBDU BOE QSPCBCMZ QSFWFOUFE NPSF TFSJPVT JOKVSJFT /FFEMFTT UP TBZ UBOEFN BFSPCBUJDT XJUI NJOJNBM HSPVOE DMFBS BODF JT OPU B HPPE JEFB 5XP PUIFS UBOEFN BDDJEFOUT PDDVSSFE XIFO UIF QJMPUT XFSF ESBHHFE PO MBVODI EVSJOH JOn BUJPO POF GSPN B EVTU EFWJM UIBU PDDVSSFE KVTU CFGPSF UIF QBTTFOHFS XBT IPPLFE JO &RVJQNFOU 'BJMVSFT &RVJQNFOU GBJMVSF QMBZFE B SPMF JO UISFF NBKPS BDDJEFOUT UIJT ZFBS *O UIF GBUBM UBOEFN BDDJEFOU B TQSFBEFS CBS BQ QFBST UP IBWF GBJMFE BT B SFTVMU PG ( GPSDFT UIBU SFTVMUFE GSPN B UVSCVMFODF JOEVDFE DPMMBQTF BOE TQJSBM ɩ F QJDUVSF TIPXT UIF TQSFBEFS CBST JO OPSNBM n JHIU DPO m HVSBUJPO BOE XIBU PDDVSSFE XIFO UIF TUJUDIJOH PG UIF TQSFBEFS CBST GBJMFE BT B SFTVMU PG ( GPSDFT "OPUIFS TPMP QJMPU IBE UIF SJTFS BU UBDINFOU QPJOU PO UIF IBSOFTT GBJM XIJMF
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
VTJOH B TQJSBM UP EFTDFOE ɩ F IBSOFTT XBT BO PMEFS NPEFM BOE JOTQFDUJPO BGUFS UIF BDDJEFOU SFWFBMFE UIBU UIF OZMPO XFC CJOH PO UIF IBSOFTT XBT XPSO CZ GSJDUJPO XJUI B NFUBM CVDLMF VTFE UP BEKVTU UIF MFOHUI PG UIF SJTFS BUUBDINFOUT ɩ JT BMTP SFTVMUFE JO B MPDLFE JO TQJSBM EJWF GSPN XIJDI UIF QJMPU XBT VOBCMF UP SFDPWFS 1JMPUT TIPVME DBSFGVMMZ JOTQFDU IBS OFTTFT GPS BCSBTJPO PG XFCCJOH BOE TUJUDI JOH ɩ JT JT QBSUJDVMBSMZ DSJUJDBM BU BSFBT XIFSF XFCCJOH JT QJODIFE PS CFOU CZ CVDLMFT ɩ FTF DBO TJHOJm DBOUMZ XFBLFO UIF TUSFOHUI PG DSJUJDBM QPJOUT TVDI BT SJTFS BUUBDINFOU QPJOUT PS UBOEFN TQSFBEFS CBST ɩ F SFTVMUT PG B GBJMVSF BU UIFTF QPJOUT DBO CF DBUBTUSPQIJD 1JMPUT TIPVME CF BXBSF UIBU UIF ( GPSDFT JOEVDFE CZ UVSCVMFODF PS JOUFOUJPOBM BFSPCBUJD NB OFVWFST DBO FYDFFE UIF EFTJHO TUSFOHUI PG UIFJS FRVJQNFOU QBSUJDVMBSMZ JG UIF FRVJQNFOU IBT CFFO XFBLFOFE CZ VTF 1BSBHMJEJOH NBOVGBDUVSFST EFTJHO FRVJQNFOU GPS UIF GPSDFT UIBU DBO CF FY QFDUFE JO SPVUJOF n JHIU BOE UIFZ JODMVEF B TBGFUZ GBDUPS UP USZ BOE BMMPX GPS VO FYQFDUFE WBSJBODFT #VU OP BJSDSBGU XJMM TVSWJWF FWFSZ JNBHJOBCMF JO n JHIU TUSFTT ɩ F QJMPUT PG "NFSJDBO "JSMJOFT 'MJHIU EFNPOTUSBUFE UIJT JO /PWFNCFS ɩ FZ IBE CFFO USBJOFE UIBU XIJMF n ZJOH BU PS CFMPX UIF NBOFVWFSJOH TQFFE PG UIF BJSQMBOF UIFZ DPVME VTF GVMM EF n FDUJPO PG UIF SVEEFS QFEBMT JO SFTQPOTF UP UVSCVMFODF )PXFWFS UIF DPNCJOBUJPO PG GPSDFT HFOFSBUFE CZ B XJOH WPSUFY QMVT UIF GPSDF GSPN VTJOH GVMM SVEEFS SFTVMUFE JO UIF UBJM CSFBLJOH PĊ UIFJS BJSQMBOF 1BSBHMJEJOH NBOVGBDUVSFST TIPVME QVC
MJTI SFDPNNFOEBUJPOT GPS IPX GSFRVFOUMZ UP JOTQFDU BOE SFQMBDF FRVJQNFOU BOE TIPVME DPOUJOVF UP QVCMJTI BJSXPSUIJ OFTT EJSFDUJWFT UP QJMPUT JG FRVJQNFOU GBJMT VOFYQFDUFEMZ " UIJSE TFSJPVT BDDJEFOU SFTVMUFE EVSJOH FYQFSJNFOUBM BFSPUPXJOH PG B QBSBHMJEFS CZ B QPXFSFE VMUSBMJHIU ɩ F QBSBHMJEFS DMJNCFE IJHIFS UIBO UIF UPX QMBOF SFTVMUJOH JO BO iVQTFUw XIFSF UIF UBJM PG UIF UPX QMBOF XBT MJGUFE DBVTJOH BO VOSFDPWFSBCMF EJWF ɩ F QJMPU PG UIF UPX BJSDSBGU XBT TFSJPVTMZ JOKVSFE ɩ F QBSBHMJEFS QJMPU MBOEFE TBGFMZ ɩ F JOWFT UJHBUJPO QPJOUFE PVU UIBU UIFSF XBT OPU B XFBL MJOL JO UIF UPX TZTUFN BMUIPVHI UIF UPX CSJEMF EJE GBJM EVSJOH UIF JODJ EFOU 5PXJOH QBSBHMJEFST SFHBSEMFTT PG UIF FRVJQNFOU VTFE UP UPX TIPVME POMZ CF EPOF XJUI BO BQQSPQSJBUFMZ TJ[FE XFBL MJOL UP QSFWFOU MPDLPVU BOE FYDFTTJWF UPX GPSDFT
XBT VOBCMF UP EFQMPZ UIF SFTFSWF 'JOBMMZ B SFMBUJWFMZ JOFYQFSJFODFE QJMPU CFDBNF FOUBOHMFE JO IJT HMJEFS BOE JNQBDUFE UIF HSPVOE "MUIPVHI UIF JOJUJBUJOH FWFOU JO UIJT BDDJEFOU XBT OPU XJUOFTTFE QJMPUT PO UIF HSPVOE TBX UIF DBOPQZ QMVNNFUJOH UP UIF HSPVOE XJUI UIF QJMPU FOUBOHMFE JO UIF DBOPQZ 4FF 'JHVSF o 'BUBMJUZ SBUF TVNNBSZ ɩ F BWFSBHF OVNCFS PG QBSBHMJEJOH GBUBMJUJFT JO UIF 6 4 QFS ZFBS GSPN JT 4JODF QBSBHMJEJOH JT VOSFHV MBUFE XF EPO U IBWF SFMJBCMF OVNCFST PG QJMPUT PS n JHIU IPVST UP VTF BT EFOPNJOB UPS EBUB GPS DBMDVMBUJOH BDDJEFOU SBUFT ɩ F OVNCFS PG 64)(" QBSBHMJEFS NFNCFST JT UIF POMZ DPOTJTUFOU EBUB XF IBWF GPS DBMDVMBUJOH BDDJEFOU SBUFT *O UIF OVNCFS PG GBUBMJUJFT QFS 64)(" NFNCFST XBT ɩ JT JT B EFDSFBTF GSPN UIF BWFSBHF PG TJODF ɩ F SFNBJOT PG 3PO 3PTFQJOL XIP EJTBQQFBSFE JO BOE XBT QSFTVNFE EFBE XFSF MPDBUFE JO $BMJGPSOJB UIJT ZFBS 'BUBMJUJFT ɩ FSF XFSF GPVS QBSBHMJEJOH GBUBMJUJFT 4DPUUZ .BSJPO XIP EJTBQQFBSFE JO UIF JO B EFDMJOF GSPN UIF QSFWJPVT UXP "MQT MBTU ZFBS IBT OPU CFFO MPDBUFE ZFBST 0OF GBUBMJUZ XBT UIF UBOEFN QBT TFOHFS NFOUJPOFE BCPWF "OPUIFS QJMPU -PDBUJPO BOE 4FWFSJUZ PG *OKVSJFT BQQFBST UP IBWF CFFO JODBQBDJUBUFE JO 'PSUZ GPVS QJMPUT PS QBTTFOHFST XFSF n JHIU QFSIBQT CZ B NFEJDBM DPOEJUJPO JOKVSFE 0G UIFTF SFDFJWFE USFBUNFOU )F XBT PCTFSWFE n ZJOH B DPBTUBM SJEHF JO B IPTQJUBM BOE XFSF IPTQJUBMJ[FE JO TNPPUI SJEHF DPOEJUJPOT BOE UIFO PWFSOJHIU *OKVSJFT XFSF EJTUSJCVUFE BT MBOEJOH JO UIF PDFBO XJUIPVU NBLJOH GPMMPXT BOZ WJTJCMF JOQVUT PO UIF DPOUSPMT 0OF QJMPU XBT GPVOE EFBE JO B m FME EVSJOH B DPNQFUJUJPO BU B TJUF XFMM LOPXO GPS EVTU EFWJMT BOE TUSPOH UIFSNBMT "MUIPVHI UIF BDDJEFOU XBTO U XJUOFTTFE JU BQQFBST UIBU UIF QJMPU FYQFSJFODFE B TQJO PS TQJSBM BOE
'JHVSF -PDBUJPO PG JOKVSJFT
0G UIF CBDL JOKVSJFT XFSF GSBDUVSFT ɩ F TBNF QFSDFOUBHF PG MFH JO KVSJFT SFTVMUFE JO GSBDUVSFT 4QJOF BOE MFH GSBDUVSFT SFNBJO UIF NPTU DPNNPO DBVTFT PG MPOH UFSN EJTBCJMJUZ GPS QJMPUT
'JHVSF 'BUBMJUZ 3BUF 4VNNBSZ +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IBTF PG 'MJHIU 5XFOUZ GPVS SFQPSUT PG UIF SF QPSUT SFDFJWFE XFSF GPS BDDJEFOUT PDDVS SJOH EVSJOH BQQSPBDI PS MBOEJOH QIBTFT PG n JHIU ɩ JT SFNBJOT UIF IJHIFTU SJTL
3FTFSWF %FQMPZNFOUT ɩ FSF XFSF FJHIU SFTFSWF EFQMPZNFOUT 4JY QJMPUT MBOEFE XJUIPVU JOKVSZ 5XP QJMPUT XFSF JOKVSFE POF XJUI B GSBDUVSFE CBDL BOE UIF PUIFS XJUI B GSBDUVSFE QFMWJT *O CPUI DBTFT UIF SFTFSWF EJE OPU EFQMPZ GVMMZ QSJPS UP JNQBDU FJUIFS CFDBVTF UIF QJMPU XBT UPP MPX PS UIF SFTFSWF EJEO U SFBDI GVMM FYUFOTJPO 5IBOLT GPS ZPVS SFQPSUT 8F IBWF TFFO B HSBUJGZJOH SFTQPOTF GSPN QJMPUT UP PVS SFRVFTUT GPS SF QPSUT 8PSUIZ PG TQFDJBM NFOUJPO JT UIF 4BO 'SBODJTDP #BZ "SFB 1BSBHMJEJOH "TTPDJBUJPO BT XFMM BT UIF NBOZ JO TUSVDUPST XIP FODPVSBHF TUVEFOUT BOE OFX QJMPUT UP SFQPSU 1JMPUT NBZ TVCNJU SFQPSUT POMJOF BU IUUQ XXX VTIHB PSH FNBJMBDD BTQ PS VTF QBQFS GPSNT BWBJM BCMF PO UIF 8FC TJUF PS GSPN 64)(" "MUIPVHI XF CFMJFWF NPTU PG UIF TFSJPVT JOKVSZ BDDJEFOUT HFU SFQPSUFE XF LOPX UIBU NBOZ NJOPS BOE OPO JOKVSZ BDDJ EFOUT BOE JODJEFOUT EP OPU "T B SFTVMU UIJT SFQPSU XJMM UFOE UP PWFSFTUJNBUF UIF TFWFSJUZ PG JOKVSJFT ɩ FTF TUBUJTUJDT BSF POMZ NFBOJOHGVM JG QJMPUT DPNQMFUF UIFJS SFQPSUT ,FFQ UIFN DPNJOH
'JHVSF 1IBTF PG 'MJHIU
QIBTF PG n JHIU ɩ FSF XFSF GFXFS SFQPSUT " GFX PG UIFTF GBDUPST EFTFSWF TQFDJBM PG MBVODI JODJEFOUT BOE BDDJEFOUT UIJT NFOUJPO ɩ F NBKPSJUZ PG JODJEFOUT PD ZFBS 5XFOUZ SFQPSUT XFSF SFDFJWFE BCPVU DVSSJOH JO n JHIU BOE PO BQQSPBDI DJUFE JO n JHIU FWFOUT ɩ JT XBT BO JODSFBTF JO UIFSNBM PS SPUPS UVSCVMFODF SFTVMUJOH JO UIF QFSDFOUBHF PG BDDJEFOUT BUUSJCVUFE UP BTZNNFUSJD DPMMBQTFT DMPTF UP UIF HSPVOE JO n JHIU FWFOUT 4FF 'JHVSF BCPWF 0G UIF BQQSPBDI BOE MBOEJOH BDDJEFOUT m WF PG UIF BDDJEFOUT DJUFE UVSOJOH DMPTF UP UIF HSPVOE UP BWPJE PCTUBDMFT $POUSJCVUJOH 'BDUPST FSF XFSF UXP QPXFS MJOF BDDJEFOUT UIJT ɩ FSF BSF VOJRVF DPOUSJCVUJOH GBD ɩ UPST SFQPSUFE ɩ F NPTU DPNNPO ZFBS OFJUIFS SFTVMUJOH JO TFSJPVT JOKVSJFT ɩ FSF XFSF m WF SFQPSUFE BFSPCBUJDT DPOUSJCVUJOH GBDUPST BSF TVNNBSJ[FE JO UIF UBCMF CFMPX ɩ F QFSDFOUBHFT JO UIF BDDJEFOUT SFTVMUJOH JO UISFF TFWFSF JOKV UBCMF BSF UIF UPUBM QFSDFOU PG SFQPSUT SJFT UXP CBDL GSBDUVSFT BOE POF QFMWJT UIBU DJUFE UIBU GBDUPS BT B DBVTF 4JODF GSBDUVSF "MM PG UIF BFSPCBUJD JODJEFOUT PS +JN -JUUMF JT B 1 QJMPU GBNJMZ QIZTJDJBO NPTU BDDJEFOUT IBWF TFWFSBM DPOUSJCVUJOH BDDJEFOUT PDDVSSFE XIJMF EPJOH BFSPCBU GBDUPST UIF QFSDFOUBHFT BEE VQ UP NPSF JDT PWFS UIF HSPVOE XJUI MPX DMFBSBODF BOE '"" .FEJDBM &YBNJOFS XIP MJWFT JO 1PSUMBOE 0SFHPO UIBO ɩ FSF XFSF OP BFSPCBUJD GBUBMJUJFT 5IFSNBM UVSCVMFODF 0VUTJEF -; 3PUPS 5PP DMPTF UP HSPVOE 1PPSMZ JOn BUFE UBLFPGG 6OEFS JOTUSVDUJPO 1SFn JHIU FSSPS "FSPCBUJDT 4USPOH XJOE 5VSOJOH JO -; "TZNNFUSJD EFn BUJPO 4UBMM -BVODI PCTUBDMF -JOF UBOHMF /P CSBLF n BSF &RVJQNFOU GBJMVSF /FHBUJWF TQJO %SBHHFE CZ XJOE %VTU EFWJM 0CTUBDMF JO -; .JE BJS DPMMJTJPO 4QJSBM EJWF 8BUFS MBOEJOH 1PXFS MJOFT 3FTFSWF OPU VTFE UPP MBUF 5PX MBVODI 'JHVSF $POUSJCVUJOH GBDUPST
3BUJOH PG 8JOH %)7 3BUJOH
1JMPU 3BUJOH +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4UVDL PO 9$ #Z +PTFQI 5ZOFT "SUXPSL CZ +JN 5JCCT
"T * TUBSF BIFBE HBTQJOH GPS CSFBUI XJUI UIF TUJOH PG TXFBU BOE CMPPE CMVS SJOH NZ WJTJPO BMM * DBO TFF JT B TPMJE XBMM PG MFBWFT BOE UIPSOT * BN JO B HSFFO IPMF UIF FYBDU EJBNFUFS PG NZTFMG BOE NZ n JHIU CBH ɩ F TIBSQ UIPSOT MJUFSBMMZ TUVDL JOUP NZ GBDF IBWF B WFSZ m SN IPME BOE * NVTU CF DBSFGVM BT * MPPL VQ TP BT OPU UP QPLF PVU BO FZF &BSMJFS * IBE SF NPWFE NZ XBUDI TP BT OPU UP MPTF JU CVU HBVHJOH CZ UIF XBOJOH MJHIU * DBMDVMBUF UIBU * IBWF MFTT UIBO B IBMG IPVS CFGPSF UPUBM EBSLOFTT XJMM GVSUIFS DPNQMJDBUF NZ
TJUVBUJPO .Z DIFTU BOE BSNT MPPL BT JG * IBWF CFFO UIF MPTFS JO B DBU m HIU BOE FWFO UIPVHI UIF CMPPE n PXT GSFFMZ GSPN TPNF PG UIF MBSHF DVUT * EPO U GFFM BOZ UIJOH CVU XFBSJOFTT 4MVNQJOH UP SFTU B MJUUMF * BN GVMMZ TVQQPSUFE CZ UIF UFOB DJPVT WJOFT BOE EFTQJUF UIF QSFEJDBNFOU * m OE NZTFMG JO * IBWF UP MBVHI PVU MPVE * DBO U SFNFNCFS UIF MBTU UJNF * WF IBE UIJT NVDI iGVO w $MPTJOH NZ FZFT UP SFTU * SFDPVOU UIF n JHIU UIF MBOEJOH BOE XIBU MFE UP UIJT NPNFOU
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
.PTU n JHIUT BU MFBTU GPS NF TUBSU PVU BCPVU UIF TBNF %FQFOEJOH PO UIF DPOEJ UJPOT JG UIFSF JT MJGU * HP IJHI BOE JG UIFSF JT TVTUBJOFE MJGU * HP DSPTT DPVOUSZ ɩ F EFDJTJPO JT TJNQMF *G UIFSF JT BOZ UIPVHIU BCPVU JG IPX PS XIFSF * BN HPJOH UP HP JU NVTU CF JO UIF CBDL PG NZ NJOE TVC DPOTDJPVT 5P NF n ZJOH JT HBVHFE JO TUSBJHIU MJOF EJTUBODF OPU UIF OVNCFS PG IPVST PS DJSDMFT * NBLF PWFS MBVODI 9$ JT UIF USFBU GPS MBVODIJOH PO B HPPE EBZ BOE DPOWFSTFMZ BOZ EBZ * DBO HP 9$ JT B HPPE EBZ
5PEBZ IBEO U CFFO BO FTQFDJBMMZ HSFBU EBZ CVU HFUUJOH B UIPVTBOE PS TP PWFS MBVODI * NBEF UIF KVNQ UP UIF OFBSFTU OFJHICPSJOH QFBL " GFX QJMPUT BDLOPXM FEHFE NZ EFQBSUVSF PO UIF SBEJP XJUI TPNF FYQSFTTJOH SFHSFU UIBU UIFZ IBEO U MFGU XJUI NF 0UIFST OPUJOH NZ SFMB UJWFMZ MPX BMUJUVEF XFSF NPSF UIBO IBQQZ XIFSF UIFZ XFSF * NBEF BOPUIFS KVNQ BOE BOPUIFS OFWFS HFUUJOH WFSZ IJHI BOE IBWJOH UP XPSL FWFSZ TDSBQ PG MJGU * DPVME m OE -PX TBWFT PWFS UIJDLMZ GPSFTUFE BSFBT SFRVJSFE DPNQMFUF DPODFOUSBUJPO JO NZ n ZJOH $MJNC CZ DMJNC BOE KVNQ CZ KVNQ * NBEF NZ XBZ GBSUIFS NJMFT GSPN MBVODI XPSLJOH XIBU MJUUMF ESJGU UIFSF XBT $MPVECBTF IBE CFFO FYUSFNFMZ MPX UPEBZ BOE * XBT OFWFS BCMF UP SFBDI JU PO UIF XFBL UIFSNBMT CVU UIFSF XBT KVTU FOPVHI MJGU PVU UIFSF UP DPOOFDU UIF EPUT JOUP TPNF EJTUBODF :PV WF HPUUB USZ $SPTTJOH UIF OFYU MBSHF WBMMFZ XPVME SFRVJSF NPSF BMUJUVEF UIBO * IBE CFFO m OEJOH * XPSLFE UIF GFFCMF MJGU BT CFTU * DPVME UISFF UJNFT UP BQQSPYJNBUFMZ UIF TBNF BMUJUVEF TP * UPPL UIF MBTU DMJNC UP TUBSU UIF KVNQ BDSPTT * LOFX * XPVME BSSJWF MPX CVU IPQFE UIBU UIF TVO CBUIFE DMFBS DVU TMPQF * XBT BJNJOH GPS XPVME QSPWJEF TPNF MJGU BOE QPTTJCMZ UIF MJHIU ESJGU XPVME BMTP IFMQ *U XBT ESBXJOH JOUP MBUF BGUFSOPPO BOE DPOEJUJPOT XPVME OPU CF HFUUJOH CFUUFS *G * DPVME KVTU NBLF JU PWFS NZ OFYU UBSHFU UIF SJEHF * DPVME UIFO HMJEF UP B SPBE XIJDI * LOFX XBT PO UIF PUIFS TJEF * N VTVBMMZ PG UIF NJOE UIBU XFSF JU OFDFTTBSZ * DPVME QMPQ NZTFMG TNBSUMZ JOUP BO FBHMFT OFTU TP m OEJOH -;T IPX FWFS SFTUSJDUFE JT OFWFS B HSFBU DPODFSO GPS NF "MTP IBWJOH MBOEFE PVU DPVOUMFTT UJNFT * EPO U MFU UIF QSPTQFDU PG B MPOH IJLF EJTTVBEF NF GSPN BO PQUJNVN n JHIU QBUI 6OUJM UIF n JHIU JT BDUVBMMZ PWFS BOE NZ GFFU UPVDI UIF HSPVOE * BMXBZT DPO DFOUSBUF PO n ZJOH NZ CFTU 6OGPSUVOBUFMZ UPEBZ NZ CFTU IBEO U CFFO HPPE FOPVHI "OPUIFS GFFU XPVME IBWF QVU NF PWFS UIF UPQ PG UIF SJEHF CVU * IBE BS SJWFE PWFS UIF DMFBS DVU BCPVU BT MPX BT * IBE FYQFDUFE ɩ FSF XBT KVTU FOPVHI UFBTFS MJGU UP NBJOUBJO DMFBSBODF PWFS UIF TOBHT BOE TMBTI QJMFT CVU OPU FOPVHI UP DMJNC BOZ IJHIFS 'PS PS NJOVUFT * EJMJHFOUMZ XPSLFE BU JU CVU TMPXMZ MPTU PVU UP HSBWJUZ 4PPOFS PS MBUFS JU BMXBZT XJOT 4P QJDLJOH PVU UIF MPXFTU BOE NPTU JO
WJUJOH BSFB PG MPHHJOH SPBE EPXO CFMPX * TFU VQ MBOEFE BOE QBDLFE VQ NZ HFBS ɩ BOLT UP BO FYUFOEFE XBWF BOUFOOB * XBT BCMF UP SFBDI BOPUIFS QJMPU UP SFMBZ NZ QPTJUJPO BOE JOUFOU /PX UIF SFBM BE WFOUVSF XPVME CFHJO 8JUI POMZ B DPVQMF PG IPVST CFGPSF EBSL * XPVME CF JO B SBDF BHBJOTU UJNF .JMFT PG UXJTUFE BOE DPOGVTJOH MPHHJOH SPBET QFSTVBEFE NF UP UBLF UIF NPTU EJSFDU QBUI BOE TP * CFHBO XPSLJOH NZ XBZ EPXO UISPVHI UIF TMBTI %FTDFOU XBT GBTU BOE SFMBUJWFMZ FBTZ FOPVHI VOUJM
4MVNQJOH UP SFTU B MJUUMF * BN GVMMZ TVQQPSUFE CZ UIF UFOBDJPVT WJOFT BOE EFTQJUF UIF QSFEJDBNFOU * m OE NZTFMG JO * IBWF UP MBVHI PVU MPVE * DBO U SFNFNCFS UIF MBTU UJNF * WF IBE UIJT NVDI i GVO w
OFBSJOH UIF CPUUPN PG UIF WBMMFZ XIFSF UIJDL CSVTI BOE VOEFSHSPXUI TMPXFE NZ USBWFM "OE BMUIPVHI UIF WBTU FYQBOTF PG CMBDLCFSSZ CVTIFT XBT MPBEFE XJUI GBU SJQF TXFFU CFSSJFT * DPVMEO U BĊ PSE UP TUPQ WFSZ PGUFO JG * FYQFDUFE UP HFU PVU CFGPSF EBSL ɩ SBTIJOH UISPVHI UIF UBOHMFE CMBDL CFSSZ WJOFT XBT OFBSMZ JNQPTTJCMF BOE * XJTIFE * IBE CFFO XFBSJOH B TVJU PG BSNPS BOE DBSSZJOH B n BNF UISPXFS SBUIFS UIBO NZ MJHIU 5 TIJSU KFBOT BOE IFBWZ n JHIU CBH 4FWFSBM UJNFT * UPPL BEWBOUBHF PG
EPXOFE USFF USVOLT UP iUJHIU XJSFw NZ XBZ GBS PVU PWFS UIF UIPSOT ɩ JT MBTU UJNF B USFF IBE FOBCMFE NF UP WFOUVSF PVU BU MFBTU GFFU CFGPSF JUT UBQFS CFDBNF TP TNBMM BOE XPCCMZ UIBU * EFDJEFE UP ESPQ NZTFMG PĊ CFGPSF * GFMM (JOHFSMZ SFNPW JOH NZ MPBE * IVOH MPX PO UIF IPSJ[POUBM USVOL BOE ESPQQFE NZ n JHIU CBH JOUP UIF TFB PG HSFFO CFOFBUI NF 5P NZ BTUPOJTI NFOU JU OFBSMZ EJTBQQFBSFE GSPN WJFX BT JU CPVODFE PĊ TPNFUIJOH GFFU CFMPX BOE UIFO GFMM BOPUIFS FJHIU GFFU * IBEO U SFBM J[FE * IBE CFFO TP IJHI PĊ UIF HSPVOE XJUI UIF WJOFT SJHIU VOEFS NF CVU XJUI NZ XJOH TPNFXIFSF EPXO CFMPX UIFSF XBT OP UVSOJOH CBDL * ESPQQFE JOUP UIF HMPPN XIFO UIF CSBODI * XBT MPXFSJOH NZTFMG GSPN FWFO UVBMMZ CSPLF PĊ BOE BMUIPVHI * MBOEFE CFTJEF NZ n JHIU CBH JU IBT UBLFO OP TNBMM FĊ PSU UP HFU JU CBDL PO NZ TIPVM EFST )BWJOH SFTUFE UIFTF GFX NPNFOUT * PQFO NZ FZFT BOE BHBJO DPOGSPOU NZ DVS SFOU TJUVBUJPO #SFBUIJOH FYDFQUFE * DBO CBSFMZ NPWF * IBWF CFFO DVU UP SJCCPOT NZ FOFSHZ JT ESBJOFE BOE * XPOEFS XIZ NPSF QFPQMF EPO U FOKPZ DSPTT DPVOUSZ n JHIUT BT NVDI BT * EP %PO U UIFZ LOPX XIBU UIFZ SF NJTTJOH * N OPU TP TVSF UIFZ EP * BMNPTU BMXBZT BQQSFDJBUF UIF QPTU n JHIU QPSUJPO PG NZ n JHIUT PGUFO NVDI NPSF UIBO UIF n JHIU JUTFMG (JWFO NPTU FOE XJUI MFTT CMPPE MPTT UIBO UIJT EBZ T FYDVSTJPO BOE * N OPU FWFO iPVU PG UIF XPPETw ZFU /PSNBMMZ IJLJOH PVU UP B SPBE SFUSJFWBM QPJOU PS UIF DMPTFTU MJUUMF WJMMBHF PĊ FST BO PQQPSUVOJUZ GPS NF UP UIJOL BCPVU UIF n JHIU BOE IPX * IBO EMFE JU )PX * DPVME WF HPOF GBSUIFS PS IJHIFS PS GBTUFS 0S OPU * N HJWFO UIF VOJOUFSSVQUFE UJNF UP UBLF JO NZ OFX TVSSPVOEJOHT UP UIJOL BCPVU IPX * m U JOUP UIFN BOE XIFSF NZ TNBMM QMBDF JO UIF XPSME JT )BWJOH MBOEFE UIFSF CZ DPOEJUJPOT OPU FOUJSFMZ XJUIJO NZ DPOUSPM * GFFM * XBT NFBOU UP CF UIFSF GPS TPNF HPPE SFBTPO .Z NJOE PQFOT BOE MJLF B TQPOHF * TPBL JU BMM JO &WFOUT GPMMPX JOH NZ n JHIUT BSF BMXBZT MFBSOJOH FYQFSJ FODFT JO UIFNTFMWFT BOE UIF QFPQMF XIP IFMQ NF BMPOH UIF XBZ BSF UIF OJDFTU UIBU * FWFS NFFU #FTJEFT SJEFT UIFZ IBWF PG GFSFE GPPE ESJOL PG FWFSZ TPSU MPEHJOH NPOFZ BOE NPSF #VU UIF NPTU XFMDPNF HJGU * SFDFJWF JT UIFJS BNB[FNFOU BOE FYDJUFNFOU XIFO UIFZ GVMMZ HSBTQ UIBU *
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
IBWF n PXO UIFSF XJUI POMZ UIF DVSSFOUT PG BJS GPS BTTJTUBODF ɩ FZ BSF BTUPVOEFE UIBU NZ BJSDSBGU JT DPNQMFUFMZ DPOUBJOFE XJUIJO UIF CBH TJUUJOH PO UIFJS DBS T CBDL TFBU 8IBU NVTU JU CF MJLF UP TPBS MJLF B CJSE 5P CF B UISFF EJNFOTJPOBM CFJOH JO TUFBE PG DPOm OFE JO POMZ UXP *U OFBSMZ CPHHMFT UIF NJOE UP SFBMJ[F UIF GSFFEPN UIBU n JHIU HJWFT B GSFFEPN UIBU DBO MJGU PVS TQJSJUT GBS IJHIFS UIBU JU DPVME FWFS MJGU PVS CPEJFT )PX XPOEFSGVM UIFZ JNBHJOF JU NVTU CF "OE JU JT * TPNFUJNFT m OE NZTFMG EJTBQQPJOUFE UIBU TP GFX QJMPUT IBWF UIF EFTJSF UP BU UFNQU 9$ n JHIUT 1FSIBQT UIFZ UIJOL JU UBLFT JOPSEJOBUF TLJMM PS EBSJOH PS MVDL QFSIBQT BO FYQFSJFODF MFWFM UIFZ EP OPU ZFU QPTTFT PS DPOEJUJPOT UIBU BSF iKVTU SJHIU w 1FSIBQT JO USVUI UIFZ EPO U LOPX XIBU UIFZ BSF NJTTJOH 8IBUFWFS UIFJS PXO HPPE SFBTPOT BSF GPS OPU n ZJOH 9$ * NPTU SFTQFDU UIF QJMPUT XIP n Z XJUIJO UIFJS DPNGPSU MFWFM 8F BMM m OE PVS PXO SFXBSET
'PS NF UIPVHI UIF BEWFOUVSF JT JO UIF KPVSOFZ CPUI PVU BOE CBDL JODMVEJOH BMM UIF VODFSUBJOUJFT BMPOH UIF XBZ 'MZJOH JT TJNQMZ B NFBOT CZ XIJDI UP CFHJO UIBU KPVSOFZ NZ i&w UJDLFU UP BEWFOUVSF "OE DFSUBJOMZ UIF SFXBSE JT m OEJOH NZTFMG JO OFX TVSSPVOEJOHT NFFUJOH QFPQMF XIP BSF JOTQJSFE CZ XIBU XF EP BOE CZ UIFJS PXO FYDJUFNFOU OPX CFDPNF JOTQJSB UJPOBM UP NF 5P m OE UIFTF QFPQMF XF NVTU WFOUVSF GBS GSPN PVS MBVODI QPJOUT GBS GSPN XIBU JT FYQFDUFE BOE OPSNBM 8F NVTU n Z 9$ 8IBU B VOJRVF BDUJWJUZ QBSBHMJEJOH JT 4P TJNQMF BOE ZFU TP GVMm MMJOH 4P XPO EFSGVM #FJOH SFNJOEFE PG UIBU GSPN UIF GSFTI WJFXQPJOU PG B DPNQMFUF TUSBOHFS UP PVS TQPSU JT TP WFSZ WBMVBCMF "T XPVME CF PO EBZT MJLF UIJT POF B TVJU PG BSNPS
4BGFUZ 5JQT .JLF &CFSMF #VZ B TUVSEZ QBJS PG IJHI UPQ BOLMF TVQQPSUJOH CPPUT UIFZ BSF DIFBQFS UIBO B CSPLFO BOLMF BOE B MPU MFTT QBJOGVM
5IF VMUJNBUF n ZJOH FYQFSJFODF JT OP MPOHFS KVTU B TUBUF PG NJOE
FYIJMBSBUJPO CFHJOT IFSF
GSFFEPN UP QFSGPSN
UJUJP NQF O P D
BEWBODFE
EWBODFE B F
JOUFSNFEJB U
OPWJDF JOUFS
EJBUF F N
FOEMFTT QPTTJCJMJUJFT
0VS TVDDFTT DPNFT GSPN TBUJTGZJOH QJMPUT XJUI JOOPWBUJWF QSPEVDUT UIBU TFU UIF TUBOEBSET GPS CPUI TBGFUZ BOE QFSGPSNBODF 8F VTF BEWBODFE UFDIOPMPHZ UP CSFBL OFX HSPVOE "OE XF CBDL PVS QFSGPSNBODF XJUI UIF WFSZ CFTU JO DVTUPNFS TFSWJDF UFDIOJDBM VQEBUFT BOE BEWJDF BOE PO HPJOH QSPEVDU EFWFMPQNFOU #VU UIF POMZ XBZ UP USVMZ FYQFSJFODF UIF TIFFS KPZ PG n ZJOH B .PZFT HMJEFS JT UP GMZ JU GPS ZPVSTFMG
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
ǺJOEJOH ɘ F ȇLZ /05 &4 0/ -& " 3/*/( 50 40" 3 1" 3 5
#Z 1BVM 7JMMJOTLJ
1IPUP "ODJM /BODF
ɩ JT UIJOH TPVOET MJLF JU T TDSFBNJOH BU NF ɩ F JOTUSVNFOU QSPEVDFT B UPOF UFMMJOH UIF QJMPU IPX GBTU IF T DMJNCJOH PS TJOLJOH CVU OPX UIF FODPVSBHJOH CFFQT UIBU BDDPNQBOZ B UZQJDBM DMJNC IBWF BDDFMFSBUFE JOUP BO VSHFOU IJHI QJUDIFE XIJOF * HMBODF BOE TFF JU SFBET * N DMJNCJOH BU GFFU QFS NJOVUF ɩ F BMUJNFUFS SFBET GFFU NFBO TFB MFWFM NPSF UIBO B NJMF BCPWF UIF WBMMFZ n PPS *O BOPUIFS UISFF NJOVUFT * MM CF UXP NJMFT IJHI 0O BO PSEJOBSZ EBZ UIJT NJHIU CF B HPPE UIJOH .Z HPBM JO n ZJOH B QBSBHMJEFS JT BGUFS BMM UP iTLZ PVU w HFU VQ IJHI BXBZ GSPN UIF UFSSBJO UIFO HP iPO HMJEFw BOE BUUFNQU UP n Z DSPTT DPVOUSZ #VU PO UIJT BGUFSOPPO UIJT DMJNC JT ESBXJOH NF JOFYPSBCMZ VQ UPXBSE B MBSHF EJSUZ CPUUPNFE DMPVE *U MPPLT GSPN NZ QFSDI JO UIF GSBJM QBSBHMJEFS MJLF BO VHMZ HJBOU BDSFT BDSPTT JOUFOU PO TXBMMPXJOH NF BOE UIF QPVOE OZMPO XJOH GSPN XIJDI * N TVTQFOEFE /PU NZ JEFB PG GVO * WF IFBSE BCPVU UIJT TPSU PG UIJOH o iDMPVE TVDL w ɩ F OPUJPO PG B HJBOU DMPVE MJUFSBMMZ TVDLJOH BO VM USBMJHIU TPBSJOH DSBGU JOUP JU TFFNFE GBODJGVM UP NF XIFO * m STU FODPVOUFSFE UIF DPODFQU .Z JOTUSVDUPS SFNJOEFE VT UIBU JU T DPME JOTJEF TUPSN DMPVET WFSZ DPME $PME FOPVHI UIBU IZQPUIFSNJB TUSJLFT JO NJO VUFT FWFO UP TPNFPOF XIP T OPU VOEFSESFTTFE GPS UIF PDDBTJPO BT * BN JO KFBOT BOE 5 TIJSU XJOECSFBLFS BOE UIJO CJDZDMJOH HMPWFT * PODF IFBSE UIF OBSSBUPS JO B QBSBHMJEJOH m MN EFTDSJCF UIF DPOTFRVFODFT PG HFU UJOH DBVHIU JO B DVNVMPOJNCVT UIF XPSET iQJMPU GBMMT PVU PG UIF DMPVE BOE IJUT UIF HSPVOE BT DIVOLT PG JDFw
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
Ȓ JT DMJNC JT ESBXJOH NF JOFYPSBCMZ VQ UPXBSE B MBSHF EJSUZ CPUUPNFE DMPVE ȀU MPPLT GSPN NZ QFSDI JO UIF GSBJM QBSBHMJEFS MJLF BO VHMZ HJBOU BDSFT BDSPTT JOUFOU PO TXBMMPXJOH NF BOE UIF QPVOE OZMPO XJOH GSPN XIJDI Ȁ N TVTQFOEFE
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP 3FFE (MFBTPO
1BSBHMJEFS QJMPUT MJLF BOZ HSPVQ HBUI FSFE BSPVOE B DPNNPO QBTTJPO DFNFOU UIFJS JEFOUJUZ XJUI B VOJRVF MFYJDPO 4VSGFST TQFBL PG iQPJOU CSFBLTw BOE iFOUFSJOH UIF HSFFO SPPNw NPUPSDZDMF SBDFST UBML BCPVU iIJHI TJEFT w iBQFYJOH FBSMZw PS iUBLJOH B TPJM TBNQMF w ɩ F QBUPJT PG QBSBHMJEJOH JT BO FRVBMMZ BSDBOF POF BOE MJLF UIF QJMPUT XIP DSFBUFE JU JU T DPMPSGVM IVNPSPVT BU UJNFT FWFO QPFUJD * IBWF B GSJFOE XIP KPLFT UIBU IF XBOUT UP MFBSO UP n Z KVTU TP IF DBO JOTFSU KBSHPO MJLF iHMBTT PĊ w BOE iDMPVE TUSFFUw JOUP IJT DPDLUBJM QBSUZ DPOWFSTBUJPOT *O BO FĊ PSU UP TBWF IJN TPNF UJNF * WF BTTFNCMFE UIF GPMMPXJOH VOPċ DJBM JODPNQMFUF BOE IJHIMZ CJBTFE HMPTTBSZ
UIF HSPVOE XJTIJOH ZPV XFSF JO UIF BJS TPNF SFBTPO * KVTU DBO U IPME UIF EJWF UIBO JO UIF BJS XJTIJOH ZPV XFSF PO UIF 'VOOZ UIJOH CVU QVMMJOH B TQJSBM EJWF BT HSPVOE w 4VEEFOMZ * LOPX FYBDUMZ XIFSF B EFTDFOU NBOFVWFS UP FTDBQF DMPVE TVDL JT B MPU IBSEFS UIBO QSBDUJDJOH B TQJSBM JO TVDI QJUIZ TBZJOHT DPNF GSPN FSF ZPV SF PWFS i0, w * TBZ PVU MPVE in Z UIF BJSQMBOF w B NBOFVWFST DMJOJD ɩ * SFBDI VQ UP UIF SJTFST BOE QVMM CJH FBST XBUFS BOE BO JOTUSVDUPS MFBET ZPV XJUI JOUFOUJPOBMMZ DPMMBQTJOH UIF QBSBHMJEFS T EJSFDUJPOT PWFS UIF SBEJP UIF XIPMF UJNF ɩ F SBEJP .BZCF UXP IFBET XJMM CF XJOHUJQT FĊ FDUJWFMZ SFEVDJOH UIF BJS GPJM CZ BCPVU B UIJSE ɩ FO * HFU NZ CPPU CFUUFS UIBO POF BOE NJOF JT UISFBUFOJOH IFFM MPEHFE PO UIF TQFFECBS BOE QVTI UP NVUJOZ BOZ NJOVUF OPX * SFBDI GPS JU PVU GPS BMM * N XPSUI ɩ JT JODSFBTFT UIF QVTI UP UBML CVUUPO PO UIF TJEF PG NZ UIF XJOH T BJSTQFFE CVU BMTP DBVTFT JU UP IFMNFU IPQJOH NZ CVEEZ XBJUJOH JO UIF TJOL GBTUFS BOE TJOLJOH GBTUFS JT XIBU * N MBOEJOH [POF IBT IJT IBN SBEJP PO i%BO BGUFS 5PHFUIFS UIFTF JOQVUT TIPVME IBWF UIJT JT 1BVM EP ZPV IBWF B DPQZ w 8FFLT HP CZ i:FBI * DPQZ ZPV NF PO UIF HSPVOE JO OP UJNF * HMBODF BU UIF WBSJP * N TUJMM HPJOH VQ BU GFFU 0WFS w 4VNNPOJOH NZ NFMMPXFTU $IVDL QFS NJOVUF * USZ UIF OFYU UIJOH DSBOLJOH UIF XJOH PWFS JOUP B TUFFQMZ CBOLFE UVSO :FBHFS WPJDF * TBZ i-JTUFO * N IBWJOH JT 4IJGUJOH NZ XFJHIU UP UIF MFGU JO UIF IBS B MJUUMF USPVCMF HFUUJOH EPXO IFSF ɩ OFTT BOE QVMMJOH UIF MFGU DPOUSPM UPHHMF JT HFUUJOH B MJUUMF IFDUJD 0WFS w *O UIF IBSEFS UIF EFHSFF UVSO UJHIUFOT JOUP 0MZNQJDT PG 6OEFSTUBUFNFOU UIF KVEHFT B TQJSBM EJWF o UIJT IBT UP XPSL #VU GPS BSF n BTIJOH UIFJS TDPSFDBSET
PG UIF XJOH ɩ F EFn BUFE UJQT IBOHJOH CFMPX UIF XJOH NBZ TVHHFTU FBST UP UIF BOUISPQP NPSQIJDBMMZ NJOEFE CMPXO PVU 5PP EBNO NVDI XJOE 4JODF UIF QBSBHMJEFS n JFT JODSFEJCMZ TMPXMZ XJOET PG NQI DBO SFTVMU JO HPJOH OPXIFSF #FUUFS KVTU IJLF CBDL EPXO 4FF QBSLFE CPVODF " WFSZ IBSE MBOEJOH CVMMFU UIFSNBM " WFSZ GBTU DPNQSFTTFE TIBSQ FEHFE UIFSNBM UZQJDBMMZ GPVOE PO IJHI QSFTTVSF EBZT 4FF CVNQ UPMFSBODF CVNQ UPMFSBODF "O BDRVJSFE BCJMJUZ UP n Z JO BOE XJUITUBOE SPVHI UIFSNJD BJS DIVDL PGG UIF IJMM 5FDIOJDBM UFSN VTFE CZ JOTUSVDUPST UP EFTDSJCF BTTJTUJOH OFX TUV EFOUT JO MBVODIJOH DMPVE TUSFFU " MJOF PG DV T TUSFUDIJOH GPS CJH FBST " EFTDFOU NBOFVWFS JO NBOZ NJMFT VOEFS XIJDI B HPPE QJMPU NBZ XIJDI UIF HMJEFS T XJOHUJQT BSF JOUFOUJPOBMMZ n Z B HSFBU EJTUBODF DPSF VQ 5P n Z DJSDMFT JO UIF DFOUFS PG B DPMMBQTFE SFEVDJOH UIF TVSGBDF BSFB BOE MJGU UIFSNBM XIFSF UIF MJGU JT TUSPOHFTU 3FTVMUT JO B SBQJE DMJNC 4FF TQFDL PVU DSJTQZ ɩ F TUJĊ DSJOLMZ GBCSJD PG B OFX XJOH *G ZPVS XJOH JT TUJMM DSJTQZ B ZFBS BGUFS ZPV HPU JU ZPV SF OPU n ZJOH FOPVHI DV T $VNVMVT DMPVET UIF QSPUPUZQJDBM QVĊ Z XIJUF DPUUPO CBMMT "T XBSN BJS SJTFT BOE DPPMT UIF NPJTUVSF JU DPOUBJOT DPO EFOTFT PVU UP GPSN UIFTF DMPVET *OEJDBUPST PG HPPE MJGU DZDMF -JLF TFUT PG XBWFT UIFSNBMT BOE UIF XJOE UIFZ QSPEVDF TFFN UP PDDVS JO DZDMFT 1JMPUT XBJU UP MBVODI JOUP FJUIFS B
1IPUP #P $SJTT
TVEEFOMZ DPNF CBDL UP NF *U OFWFS DFBTFT UP BNB[F NF XIBU NFNPSZ XJMM EJTMPEHF BU TVDI NPNFOUT ɩ F NJE NPSOJOH DV T o QJMPUTQFBL GPS DVNVMVT DMPVET UIPTF n VĊ Z XIJUF DPUUPO CBMMT LJET VTF BT BJSCPSOF 3PSTIBDIT o XFSF NVTISPPNJOH JOUP DV OJNT 'SPN CFMPX JU T JNQPTTJCMF UP UFMM GPS TVSF JG NZ DMPVE IBT HSPXO VQ JOUP TVDI B HJBOU *U TFFNT IVHF CVU UIFO BHBJO * WF OFWFS CFFO UIJT DMPTF UP DMPVECBTF CFGPSF 8IBU * EP LOPX JT UIBU UIF DPOWFDUJPO GFFEJOH JU o BJS XBSNJOH PO UIF ESZ SBODIMBOET UIBU JT SJTJOH JOUP UIF DPPMFS BJS BCPWF BT UIFSNBMT BOE DSFBUJOH UIFTF DMPVET o IBT HSPXO JOUFOTF *O NZ IPVST PG BJSUJNF * WF OFWFS FODPVOUFSFE MJGU MJLF UIJT * E TQFOU FWFSZ n JHIU XBOUJOH UP HP VQ BOE OPX XJUI B TVEEFO BWFSTJPO UP FOUFSJOH UIF iXIJUF SPPNw PWFS NZ IFBE BMM * XBOU JT EPXO ɩ FSF T BO PME n ZJOH BEBHF UIBU TBZT i*U T CFUUFS UP CF PO
TUSPOH PS XFBL DZDMF EFQFOEJOH PO UIFJS CVNQ UPMFSBODF EFBUI TQJSBM "O BHHSFTTJWF TQJSBM EJWF NBJOUBJOFE UJMM KVTU BCPWF UIF HSPVOE UIFO FYJUFE BU UIF MBTU TFDPOE GPS B TIPXZ TQPU MBOEJOH &YJUFE B NPNFOU UPP MBUF SFTVMUT JO B TJ[BCMF IFBMUI JOTVSBODF DMBJN EPXO DZDMF " QFSJPE XIFO UIF UIFSNBM BDUJWJUZ FCCT BOE QJMPUT CFHJO UP TJOL PVU 4FF n VTIFE FQJD "O BNB[JOH QBSBHMJEJOH PEZTTFZ PS TQFDUBDVMBS n JHIU PS DPOEJUJPOT i&QJD HMBTT PĊ NBO w n VTIFE 8IBU HPFT VQ NVTU VOGPSUV OBUFMZ DPNF EPXO FTQFDJBMMZ JG JU IBT B HMJEF SBUJP PG ɩ F TLZ NBZ CF GVMM PG HMJEFST UIFO UIF MJGU NZTUFSJPVTMZ TIVUT PĊ n VTIJOH FWFSZPOF CBDL EPXO GPBNJF " m WF JODI UIJDL GPBN CBDL QSPUFDUPS CVJMU JOUP UIF IBSOFTT XIJDI XJMM CFDPNF ZPVS TQJOF T OFX CFTU GSJFOE JO UIF FWFOU PG B CPVODF
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
" NFEBM JT BTTVSFE %BO BOE TFW FSBM PUIFST IBWF CFFO XBUDIJOH NZ MJUUMF TQFDL PG B SFE HMJEFS GSPN UIF -; BOE SFDPHOJ[F UIF CJH FBST DPOm HVSBUJPO BT NZ XBZ PG TBZJOH * XBOU UIJT n JHIU UP CF PWFS OPX %BO T WPJDF JT QSFUUZ MBJE CBDL BGUFS ZFBST PG MJGF PO .BVJ CVU UIFSF T B CJU PG VSHFODZ TFFQJOH UISPVHI UIF TUBUJD BT JU DPNFT PWFS NZ IFBETFU i(P GPS UIF HSFFO w IF TBZT
* EPO U HFU JU (P GPS UIF HSFFO *T IF UBMLJOH BCPVU QVMMJOH UIF HSFFO MJOFT PO NZ SJTFST *T IF VTJOH TPNF LJOE PG HSFFO USBċ D MJHIU NFUBQIPS *T JU TPNF LJOE PG .BVJ NZTUJDBM IJQTUFS TMBOH GPS iSFMBYw .Z NJOE JT TFBSDIJOH CBČ FE i%P XIBU 0WFS w i5VSO EPXOXJOE BOE HP GPS UIF HSFFO m FMET (P PVU PWFS UIF HSFFO m FMET BOE TFF JG ZPV DBO MPTF UIF MJGU UIFSF w
*OTUBOUMZ * LOPX IF JT SJHIU i$PQZ UIBU w ɩ F XIPMF UJNF * E CFFO n ZJOH MPPLJOH VQ GPDVTJOH PO UIF DMPVE MPPNJOH PWFS NZ MJUUMF DSBGU *G * E MPPLFE EPXO BU UIF CSPXO TBHF DPWFSFE m FMET CFMPX * NJHIU IBWF BWPJEFE CSBJO MPDL BOE QVU UIF QJFDFT UPHFUIFS ɩ BU ESZ EBSL DPMPSFE FBSUI XBT POF HJHBOUJD TPMBS DPMMFDUPS CBLJOH JO UIF NJEEBZ *EBIP TVO *G ZPV E IFME B UIFSNPNFUFS B GPPU PĊ UIF HSPVOE
GVMM GSPOUBM "DUVBMMZ OVEJUZ JO QBSBHMJE JOH JT RVJUF SBSF VOMFTT ZPV MBOE PO #MBDL T #FBDI CFMPX 5PSSFZ 1JOFT (MJEFSQPSU 'VMM GSPOUBM SFGFST UP B EFn BUJPO BOE DPMMBQTF PG UIF XJOH T FOUJSF MFBEJOH FEHF "O BTZNNFU SJD DPMMBQTF JT B QBSUJBM EFn BUJPO PO POF TJEF PG UIF XJOH HJGU XSBQQFE .Z QFSTPOBM DIPJDF GPS NPTU OJHIUNBSJTI QBSBHMJEJOH TDFOBSJP ɩ F XJOH PWFS n JFT UIF QJMPU XJUI TVDI FOFSHZ UIBU JU XJOET VQ JO GSPOU PG BOE CFMPX IJN "T UIF TVTQFOTJPO MJOFT HP TMBDL UIF QJMPU GBMMT JOUP IJT XJOH BOE FOWFMPQFE JO OZMPO JT VOBCMF UP EFQMPZ UIF FNFSHFODZ QBSBDIVUF ɩ JT JT B WFSZ CBE UIJOH HMBTT PGG -PWFMZ HMBTTZ TNPPUI MJGU 0DDVST JO UIF FBSMZ FWFOJOH BU NPVOUBJO TJUFT BT XBSN BJS DPMMFDUFE JO UIF WBMMFZT MJGUT PĊ BOE HFOUMZ SJTFT JOUP UIF DPPMJOH VQQFS BUNP TQIFSF *O UIF EJOOFS NFOV PG n ZJOH DPOEJ UJPOT HMBTT PĊ JT DSÒNF CSßMÏF 4FF NBHJD BJS XPOEFS XJOE IPOLJO 3FBMMZ TUSPOH XJOE DPOEJUJPOT i*U T OPU UPP CBE JO UIF -; CVU JU T IPOLJO PO MBVODI w -; -BOEJOH [POF *U T B HPPE JEFB UP HFU UIFSF CFGPSF MBOEJOH MBVODI QPUBUP &WFS OPUJDF IPX UIFSF T BMXBZT TPNFPOF BU UIF IFBE PG UIF MJOF UBLJOH GPSFWFS BOE IPMEJOH VQ FWFSZPOF FMTF o QVUUJOH EPXO SPPUT 8IFO JU T B MJOF PG QJMPUT SFBEZ UP MBVODI UIBU QFSTPO CFDPNFT B MBVODI QPUBUP MPDBMT ɩ F SFTJEFOU BWJBO MJGF FTQFDJBMMZ CJSET DBQBCMF PG TPBSJOH (FOFSBMMZ JG UIFTF HVZT BSF n ZJOH XJUIPVU n BQQJOH JU XJMM CF TPBSBCMF GPS UIFJS DMVNTZ IVNBO DPVOUFS QBSUT BT XFMM 8IFO QJMPUT TQPU UIF MPDBMT TPBSJOH OFBS MBVODI UIFZ VOQBDL UIFJS HMJE FST JO B IVSSZ NBHJD BJS " HFOUMF MJGU UIBU JT TP XJEF TQSFBE POF DBO TUBZ BMPGU FĊ PSUMFTTMZ NBHJ DBMMZ 4FF HMBTT Pą
QBSBESJWJOH "O PĊ TIPPU PG QBSBHMJEJOH QSBDUJDFE FO SPVUF UP QBSBXBJUJOH TJUFT QBSBXBJUJOH "O BODJMMBSZ TQPSU UP QBSB HMJEJOH QSBDUJDFE XIJMF TJUUJOH PO MBVODI IPVS BGUFS IPVS VOUJM UIF OBSSPX XJOEPX PG n ZBCMF DPOEJUJPOT m OBMMZ PQFOT *G JU EPFT QBSLFE ɩ F JOBCJMJUZ PG B QBSBHMJEFS UP NPWF GPSXBSE JOUP B IFBEXJOE "MTP SFGFSSFE UP BT [FSP QFOFUSBUJPO QMVDLFE " MBVODI JO XIJDI UIF QJMPU JT ZBOLFE JOUP UIF BJS CZ B UIFSNBM PGUFO CFGPSF IF DBSFT UP CF TPNFUJNFT XIJMF TUJMM GBDJOH CBDLXBSET "TL NF IPX * LOPX QPVOE 8PSTF UIBO CPVODF QVDLFS GBDUPS ɩ F EFHSFF PG BOYJFUZ FY QFSJFODFE CZ UIF QJMPU 4FF TQBOLFE UPTTFE SJEHF TPBSJOH 4PBSJOH JO UIF iMJGU CBOEw DSFBUFE XIFO B QSFWBJMJOH XJOE FODPVOUFST B SJEHF QFSQFOEJDVMBS UP JUT EJSFDUJPO BOE JT GPSDFE VQXBSE 1JMPUT NBZ TPBS VQ BOE EPXO UIF SJEHF JO UIJT iNFDIBOJDBMw PS iEZOBNJDw MJGU GPS IPVST QSPNQUJOH TPNF UP SFGFS UP JU BT iSJEHF CPSJOH w SPUPS 5VSCVMFODF QSPEVDFE CZ B MBSHF PCTUBDMF TVDI BT NPVOUBJO PS SJEHF JO UIF QBUI PG UIF BJSn PX DBVTJOH B TXJSMJOH FĊ FDU PO UIF MFF TJEF :PV EPO U XBOU UP HP UIFSF 3FBMMZ SVO SVO SVO 8IBU CZTUBOEFST TIPVU UP FODPVSBHF MBVODIJOH QJMPUT "MXBZT SFQFBUFE UISFF UJNFT TDSBUDIJOH 'MZJOH WFSZ DMPTF UP UIF UFS SBJO TMFE SJEF " TIPSU n JHIU EJSFDUMZ UP UIF MBOEJOH [POF XJUI OP IPQF PG m OEJOH MJGU UP FYUFOE UIF n JHIU "U MFBTU ZPV HFU ZPVS GFFU JOUP UIF BJS TJOL ɩ F PQQPTJUF PG MJGU "T NBTTFT PG BJS SJTF JO UIFSNBMT OFBSCZ BJS TJOLT UP PDDVQZ UIF TQBDF MFGU CFIJOE /BUVSF BCIPST B WBDVVN 4PBSJOH QJMPUT MPBUIF TJOL TJOL PVU 5BLJOH UIF FYQSFTT FMFWBUPS CBDL UP UIF HSPVOE
TLZ HPE 8IBU ZPV CFDPNF JG ZPV NBOBHF UP TQFDL PVU XIJMF FWFSZPOF FMTF HFUT n VTIFE TLZ PVU /P POF LOPXT GPS TVSF JG TLZ PVU PS TQFDL PVU JT IJHIFS 4FF TQFDL PVU TQBOLFE 5P CF QVOJTIFE CZ n ZJOH JO WJPMFOUMZ UVSCVMFOU BJS 0GUFO SFTVMUT GSPN B CBE EFDJTJPO UP n Z JO UIF m STU QMBDF TQFDL PVU 5P DMJNC UP HSFBU BMUJUVEF 'SPN UIF HSPVOE UIF HMJEFS MPPLT MJLF B MJUUMF TQFDL JO UIF TLZ UPTTJOH UIF MBVOESZ ɩ SPXJOH UIF SF TFSWF QBSBDIVUF UPTTFE 5PTTFE BCPVU JO UVSCVMFOU BJS "MTP XPSLFE BT JO iXPSLFE PWFS w USBTIZ 5VSCVMFOU JODPOTJTUFOU BJS QSP EVDJOH MJUUMF MJGU /PU NVDI GVO FJUIFS USFF MBOEJOH :PV HVFTTFE JU 1PQVMBS JO UIF IFBWJMZ XPPEFE /PSUIFBTU "MTP LOPXO BT iNBLJOH GSJFOET XJUI ZPVS MPDBM IPPL BOE MBEEFS PQFSBUPST w UVSO PO 1JMPUT XBJU JO DBMN BJS GPS UIF XJOE UP UVSO PO DSFBUJOH TPBSBCMF DPOEJUJPOT XIJDI JT PG DPVSTF B iUVSO PO w XBTIJOH NBDIJOF 4FF SPUPS "MTP TQBOLFE QVDLFS GBDUPS XIJUF SPPN ɩ F JOUFSJPS PG B DMPVE 7FOUVSJOH VQ JOUP B DMPVE JT iFOUFSJOH UIF XIJUF SPPN w BOE JT BT EBOHFSPVT BT ZPV SF JNBHJOJOH BT XFMM BT CFJOH JMMFHBM XPOEFS XJOE XPOEFSJOH *G ZPV XBOU UP TFF B EP[FO QJMPUT TDSBNCMF UP HFU JOUP UIF BJS n Z PWFS MBVODI BOE TIPVU i*U T XPOEFS JOH w 4FF HMBTT Pą NBHJD BJS
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4BGFUZ 5JQT +$ #SPXO %PO U CF JO B IVSSZ UP MBOE JO B iIPUw -;
Dz FSF T BO PME n ZJOH BEBHF UIBU TBZT i*U T CFUUFS UP CF PO UIF HSPVOE XJTIJOH ZPV XFSF JO UIF BJS UIBO JO UIF BJS XJTIJOH ZPV XFSF PO UIF HSPVOE w 4VEEFOMZ * LOPX FYBDUMZ XIFSF TVDI QJUIZ TBZJOHT DPNF GSPN
1IPUP #P $SJTT
6QDPNJOH DPVSTFT GPS XPNFO PWFS MBOE BOE XBUFS -FBSO UP n Z PS JNQSPWF ZPVS TBGFUZ PS 9$ TLJMMT
QIPUP DSFEJU "+ 'SZF
$BMM VT PS DIFDL PVS XFCTJUF GPS NPSF EFUBJMT
X X X Q F B L U P Q F B L Q B S B H M J E J O H D P N
JU QSPCBCMZ XPVME IBWF SFBE EFHSFFT JO B NBUUFS PG NJOVUFT *O GSPOU PG NF IVOESFET PG CSPXO BDSFT SBQJEMZ IFBUJOH WBTU RVBOUJ UJFT PG BJS OFBS UIFJS TVSGBDF ɩ BU IFBUFE BJS SJTJOH BU HSFBU WFMPDJUZ DPPMJOH VOUJM UIF NPJTUVSF JU DPO UBJOT DPOEFOTFT PVU JOUP UIF 7FSZ #JH $MPVE * 8BOU 7FSZ .VDI 5P "WPJE ɩ BU IFBUFE BJS UBLJOH NF VQ MJLF UIF XJTQT PG EBOEF MJPO * CMFX TLZXBSE BT B DIJME #FIJOE NF EPXOXJOE BDSFT PG HSFFO DVMUJWBUFE m FMET NPJTU BOE DPPM GSPN DPOTUBOU JSSJHBUJPO * TIJGU NZ XFJHIU JO UIF IBSOFTT BOE CBOL UIF XJOH VQ DIBOHJOH NZ IFBEJOH * HFU CBDL PO UIF TQFFECBS UP HFU UIFSF "4"1 BOE CBDL JOUP CJH FBST UP NJOJNJ[F UIF BMUJUVEF
HBJO PO UIF XBZ 6TJOH XFJHIU TIJGU * CBOL UIF XJOH VQ POF XBZ UIFO UIF PUIFS JO B TFSJFT PG TNBMM XJOHPWFST o * XBOU UIF EBNO UIJOH UP HMJEF BT JOFċ DJFOUMZ BT QPTTJCMF .PSF XFFLT HP CZ 'JOBMMZ * BSSJWF PWFS UIF MVTI HSFFO BOE NZ XIPMF CPEZ VUUFST B TJHI PG SFMJFG BT UIF WBSJP JOEJDBUFT UIBU UIF HMJEFS IBT TUBSUFE UP EF TDFOE *O B GFX NJOVUFT NZ CPPUT UPVDI EPXO * DPMMBQTF UIF XJOH CFIJOE NF CVOEMF JU VQ BOE NBLF NZ XBZ UP UIF EJSU SPBE BU UIF FEHF PG UIF m FME * SFBMJ[F * N TIBLJOH BT * QVMM UIF IFMNFU PĊ * TUBOE BOE TIBLF BOE TJMFOUMZ UIBOL UIF GBSNFS GPS IJT DSPQ PG BMGBMGB BOE QFBT XIJDI IBT KVTU UBLFO PO OFX NFBOJOH UP NF
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
(PJOH UIF %JTUBODF JO 6UBI #Z -JTB 7FS[FMMB 1IPUPT BOE HSBQIJDT CZ 4UFWF 3BUICVO
" CJH NJMF i7BMPDJUZw 4UFWFOT BOE +FĊ i3JEHFSVOOFSw OPUJDFE +FĊ B GFX UIPVTBOE BCPWF NF D S P T T D P V O U S Z 3PCFSTPO "NPOH VT XF GPVS QJMPUT IBE BOE B CJU EFFQFS JOUP UIF DSFFL UIFS IBOH HMJEJOH HSFBUFS UIBO ZFBST n ZJOH FYQFSJFODF NBMJOH VQ UPXBSE B EFWFMPQJOH DMPVE EBZ SFRVJSFT B *G OPUIJOH FMTF XF XFSF CPVOE UP IBWF 6OGPSUVOBUFMZ IF NVTU IBWF KVTU NJTTFE UIF UJNJOH PO UIF DMPVE BOE FOEFE VQ NJOJNVN PG UXP B HPPE UJNF 8F IBE TFU VQ PVS HMJEFST BOE FRVJQ MBOEJOH JO UIBU BSFB "T * XBT BCPVU NBKPS GBDUPST PQUJNVN NFUFP NFOU CZ OPPO XBJUJOH JNQBUJFOUMZ GPS NJOVUFT CFIJOE IJN * HPU MVDLJFS PO UIF SPMPHJDBM DPOEJ UIF NBHJD UIFSNBM DZDMFT UP CFHJO BGUFS UJNJOH SPEF VQ UP CBTF BU HSBOE BOE UJPOT GPS MBVODI UIF VTVBM OPPO MVMM +FĊ FYFDVUFE B m OF IFBEFE GPS &WBOTUPO BMPOH UIF XFTU TJEF BOE n JHIU BOE MBVODI BU BQQSPYJNBUFMZ BOE * PG 1PSDVQJOF .PVOUBJO 7BMPDJUZ n ZJOH B 'VTJPO 41 -JTB BGUFS IFS NJMF n JHIU UIF NFOUBM BOE HSBCCFE UIF OFYU USBJO PVU "O JOUFOTF QIZTJDBM GPSUJUVEF HVTU DBNF UISPVHI KVTU BT * CFHBO NZ SBEJPFE UIBU IF XBT DMJNCJOH UP CBTF BCPVU UIF TBNF UJNF IJT CBTF JT BMXBZT UP FOEVSF NPSF UIBO TJY IPVST PG BJSUJNF IJHIFS UIBO NJOF GPS TPNF SFBTPO XJUI "EE UP UIBU B TFBTPOFE ESJWFS XJUI VO #JHGPPU PO IJT 5BMPO CSJOHJOH VQ QBSBMMFMFE DIBTJOH TLJMMT UIF UFBNXPSL UIF SFBS ɩ F UISFF PG VT NFU VQ JO BO BSFB PG UIF NPTU LOPXMFEHFBCMF BOE BD OPSUI PG UIF 1JOOBDMFT BCPVU IBMGXBZ UP DPNQMJTIFE 9$ QJMPUT JO UIF TUBUF XFMM &WBOTUPO BMM MPX BOE TFBSDIJOH XIFO QMBOOFE SPVUFT BOE QSFQBSBUJPOT BOE PG UIF MJGU UVSOFE PO BOE XF BMM XFOU VQ DPVSTF B NPEJDVN PG HPPE GPSUVOF BOE BOE PO DPVSTF &BTU PG &WBOTUPO XF n FX ZPV IBWF UIF JOHSFEJFOUT GPS TPNFUIJOH PWFS BO JNNFOTF BSFB PG HJHBOUJD XJOE BLJO UP B SFDPSE CSFBLJOH DSPTT DPVOUSZ NJMMT SFDBMMJOH UIPTF TDBSZ NPWJFT XIFSF n JHIU "OE TIF T PGG -JTB MBVODIJOH IFS LJOHQPTUFE -BNJOBS UIF WJMMBJO DIBTFT UIF HPPE HVZT UP UIF ɩ F EFDBEF PME n FY XJOH SFDPSE n JHIU GPS 6UBI XBT NJMFT n PXO CZ SVO MJUFSBMMZ QJDLJOH NF VQ PĊ NZ GFFU %BWF 4IBSQ GSPN UIF )FCFS MBVODI TJUF BOE ZBXJOH NF UPXBSE UIF IJMM * IBE 0O +VMZ UIF UI BOOJWFS CFFO XSFTUMJOH XJUI NZ FJHIU ZFBS PME TBSZ PG %BWF T n JHIU B TNBMM DPOUJOHFOU LJOHQPTUFE -BNJOBS BMM TVNNFS PG 6UBI QJMPUT TFU PVU UP DIBMMFOHF UIBU "GUFS SFHBJOJOH NZ GPDVT * IFBEFE PVU UP SFDPSE 0O UIBU 4BUVSEBZ UIF B N TFBSDI GPS TBOFS MJGU PWFS %PD T ,OPC UIFO BWJBUJPO TPVOEJOH IBE UIF )FCFS MBVODI BMPOH UIF FBTU SJEHF UPXBSE 8JMTPO 1FBL TJUF GFFU NFBO TFB MFWFM .4- /FBSMZ UP UIF QFBL * IPPLFE B TPMJE DPSF XSJUUFO BMM PWFS JU 'PSFDBTU TPVUIFSMZ PG MJGU B GPPU QFS NJOVUF SJEF VQ UP XJOET XPVME SFMJFWF UIF TJUF GSPN SPUPS GFFU .4- BOE LOFX * XBT PO NZ USPVODJOH DPOEJUJPOT FYQFSJFODFE JO B XBZ .FBOXIJMF 7BMPDJUZ BOE #JHGPPU XFTUFSMZ DPNQPOFOU BOE UIF SFE n BH DBVUJPVTMZ XBJUFE GPS B TUSBJHIU DZDMF IJHI XJOE XBSOJOHT GPS UIF XFTU EFTFSU XJUI B NJOJNVN HVTU GBDUPS MBVODIJOH XFSF OPU UP HP JOUP FĊ FDU VOUJM UIF XJUIPVU JODJEFOU "T 3JEHFSVOOFS IFBEFE UPXBSE $IBML BGUFSOPPO CZ UIBU UJNF B QJMPU XPVME CF IPQFGVMMZ GBS BXBZ GSPN UIF $SFFL PO IJT ,MBTTJD * XPSLFE CJUT NFDIBOJDBMMZ UVSCVMFOU UFSSBJO .Z BOE QJFDFT PG MJGU VQ UP HSBOE XIJMF IVTCBOE 4UFWF i#JHGPPUw 3BUICVO BOE ESJGUJOH UP UIF OPSUIFBTU 4NBMM QVĊ Z 7BM BU 0ZTUFS 3JEHF * PSHBOJ[FE UIF SFTU PG UIF n ZJOH UFBN DVNVMVT DMPVET XFSF CFHJOOJOH UP GPSN ESJWFS "OESFB i$IJDLBEFFw 4UBWSPT PO PVS DIPTFO DPVSTFMJOF UP 4PVUI 1BTT XJUI OP MFTT UIBO ZFBST IBOH ESJW 8ZPNJOH "T JOEJDBUFE JO UIF TPVOEJOH FEHF PG B QSFDJQJDF XIFSF UIFZ SF PWFS JOH FYQFSJFODF BOE WFUFSBO QJMPUT 7BM UIFSF XBT B QFTLZ XJOE MBZFS CFUXFFO MPPLJOH IVHF SPUBUJOH CMBEFT P EFBUI BOE HSBOE XJUI B XFTUFSMZ DPNQPOFOU 'PSUVOBUFMZ XF IBE QMFOUZ PG BMUJUVEF MFOEJOH B TOBLZ FMFNFOU UP UIF UIFSNBMT BOE PQUJPOT 4UFWF XBT XSFTUMJOH B CJU JO UIFSF CVU JG XF DPVME TUBZ XJUI UIFN BOE UIF TOBLZ MBZFS XIJMF 7BM BOE * UPQQFE QVODI UISPVHI UP UIF MBZFS BCPWF XF E PVU BOE TUBZFE SJHIU UPHFUIFS 'PS NPTU HP TUSBJHIU UP DMPVECBTF ɩ F NQI PG UIF SFNBJOEFS PG UIF n JHIU XF XFSF UBJMXJOE DPNQFOTBUFE GPS TPNF PG UIF BMM XJUIJO BCPVU m WF NJMFT PG FBDI PUIFS UJNF MPTU TFBSDIJOH GPS UIFSNBMT JO UIBU PGUFO JO TJHIU 7BM IBT B QFODIBOU GPS IBOHJOH CBDL TOBLZ MBZFS 'FFMJOH QSFUUZ MPX BU UIF NPVUI JO CSPLFO MJGU XIJMF BOPUIFS QJMPU MFBWFT PG $IBML $SFFL BCPVU HSBOE * UP m OE BOPUIFS UIFSNBM BOE IF XBT JO 4FU VQ BOE SFBEZ UP HP
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
UPQ GPSN UIJT EBZ "GUFS KVTU UPQQJOH PVU BU CBTF BHBJO * XFOU PO HMJEF GPS BU MFBTU m WF NJMFT IJU TPNF MJGU BOE CFHBO UP UVSO 8IP EP ZPV UIJOL XBT 3*()5 0/ .: ,&&- ɩ BU T B HPPE SFNJOEFS UP BMXBZT DMFBS ZPVS UVSO FWFO JG ZPV UIJOL ZPV SF UIF POMZ POF JO UIF TLZ +VTU CFGPSF Q N XF BQQSPBDIFE UIF (SFFO 3JWFS CSJEHF BU UIF JOUFSTFD UJPO PG )JHIXBZT BOE * XBT UIPSPVHIMZ FYIBVTUFE CZ UIJT UJNF IBWJOH DPNQFOTBUFE GPS UIF JNCBMBODFT PG NZ PME TBJM BMM BGUFSOPPO * XBT PO HMJEF UP UIF CSJEHF IBWJOH EFTDFOEFE CFMPX HSBOE GPS UIF m STU UJNF TJODF CFGPSF &WBOTUPO BCPVU UXP IPVST BOE NJMFT BHP 7BMPDJUZ SVOOJOH PVU PG (14 KVJDF NBEF B TIPSUDVU UP UIF FBTU UP JODSFBTF IJT DIBODFT PG MBOEJOH OFBS B SPBE #JHGPPU XBT KVTU UP PVS TPVUI "T * SBEJPFE NZ JNQFOEJOH MBOEJOH m FME 3JEHFSVOOFS XIP IBE KPJOFE $IJDLBEFF GPS UIF DIBTF IFBSE UIF GBUJHVF JO NZ WPJDF BOE SFNJOEFE VT UP SFGVFM PO XBUFS BOE TOBDLT "O FYDFMMFOU TVHHFTUJPO BT XF PGUFO HFU TP DBVHIU VQ JO UIF n JHIU XF
GPSHFU UP EP KVTU UIBU $SPTTJOH UIF CSJEHF EPXO UP FJHIU HSBOE XJUI MFTT UIBO GFFU BCPWF UIF HSPVOE * VO[JQQFE NZ IBSOFTT BOE QSFQBSFE UP MBOE 4VEEFOMZ GFFMJOH UIF HFOUMF OVEHF PG MJGU * DJSDMFE SBUIFS VOBHSFTTJWFMZ UIJOLJOH UIJT XPVME KVTU FYUFOE NZ m OBM UPVDIEPXO * UIFO SFBMJ[FE JU XBT B CJH DVTIJPOZ DPSF TMPX CVU DPIFTJWF 3FTUJOH NZ IFMNFUFE IFBE PO UIF CBTFUVCF * DMPTFE NZ FZFT NPNFOUBSJMZ BOE CSJFn Z QPXFS OBQQFE XIJMF HBJOJOH BMUJUVEF )BOH HMJEFS WFUFSBO ;PBSEPH VTFE UP TBZ IF MFU IJT EFDFBTFE HSBOENB UBLF PWFS UIF n ZJOH XIFO IF TIVU IJT FZFT #BDL PO DPVSTF BU HSBOE * XBT SF FOFSHJ[FE UIPVHI FYQFDUJOH SFEVDFE MJGU BU NPSF EJTUBOU JOUFSWBMT UIJT MBUF JO UIF EBZ "T UIF CVJMEJOHT BOE MBSHF DJSDV MBS DSPQ m FMET PG 'BSTPO DBNF JOUP WJFX CFOFBUI NF * LOFX * IBE n PXO GBSUIFS UIBU * FWFS IBE CFGPSF BOE UIF SFTU PG UIF EBZ XBT HSBWZ * XBT SPPUJOH GPS NZ IVTCBOE KVTU BIFBE UP BDIJFWF IJT m STU NJMF n JHIU 7BMPDJUZ IBE KVTU FLFE
7 ÞÊ*À ià } ¶ÊÊ
JU JO UP B OJDF -; BU UIF NJMF NBSL IJT QFSTPOBM CFTU BOE BT * SBEJPFE UP m OE IJT MPDBUJPO * MPPLFE EPXO GSPN GFFU BOE OPUJDFE IJN EJSFDUMZ CFMPX NF 4PPO BGUFS #JHGPPU SFQPSUFE IF XBT PO m OBM HMJEF BOE SFMBZFE IJT DPPSEJOBUFT UP $IJDLBEFF XIP IBE SFNBJOFE XJUIJO FBSTIPU UIF XIPMF n JHIU * XBT UIF POMZ POF MFGU JO UIF BJS 8JUI B LJOHQPTUFE HMJEFS UIF NBJO XBZ UP PVU EJTUBODF UIF NPSF BEWBODFE HMJEFST JT TJNQMZ UP TUBZ BMPGU BOE ESJGU EPXO XJOE 4P EFQMFUFE BT * XBT * DPOUJOVFE UP DJSDMF JO BOZ PVODF PG OPO TJOLJOH BJS TMPXMZ ESJGUJOH XIJMF MPPLJOH GPS 4UFWF T -; (FUUJOH MPX EPXO UP NZ MBTU KPVMF PG FOFSHZ * GPDVTFE PO m OEJOH NZ PXO m FME QSFGFSBCMZ HJHBOUJD XJUI BO VQIJMM TIPU JOUP UIF XJOE * GPVOE TFWFSBM MJLFMZ DBOEJEBUFT JO UIBU PQFO 8ZPNJOH MBOE TDBQF BOE UPVDIFE EPXO OFYU UP B EJSU SPBE XJUI NZ (14 SFBEJOH NJMFT USPVODJOH NZ PME EJTUBODF SFDPSE PG * VOIPPLFE ZFMMFE PVU NZ QSJEF JO NZ QFSTPOBM BDDPNQMJTINFOU BOE ESPQQFE UP UIF HSPVOE FYIBVTUFE $IJDLBEFF
°°°Ã « ÞÊÌ iÊLiÃÌt
UÊ ÊV «À ÃiÊ ÊÃ>viÌÞÊ UÊ/ «ÊµÕ> ÌÞÊ >ÌiÀ > ÃÊ> `ÊwÊ Ã Ê UÊ" } }ÊÀiÃi>ÀV Ê> `Ê`iÛi « i ÌÊ UÊ*>À>} `iÀÃÊà ViÊ£ nÈ
> ÊÕÃÊ>ÌÊ Çä®Ê ÈÎ Îxxn ÀÊ Çä®ÊΣ nnÈÊ >ÀV i Üi}ÊÎÎ È£È£Ê >ÌÌiÀÃÉ ÕÃÌÀ > * i\ʳ{ÎÊx£ÓÊx{È{{Ê >Ý\ʳ{ÎÊx£ÓÊx{È{{xÓä vwÊViJ«À `ià } °>Ì
iV Ê ÕÌÊ ÕÀÊÜiLÊ«>}i\ÊÊÜÜÜ°«>Ì>} >«>À>} ` }°V
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
&WFSZ HSFBU n JHIU SFTVMUT GSPN B XJOOJOH DPNCJOBUJPO PG QMBOOJOH TLJMM GPSFTJHIU MVDL BOE UIF CFOFWPMFODF PG UIF XFBUIFS HPET 4UFWF 3BUICVO QSPWJEFT TPNF UFDIOJDBM EBUB UP BMMPX UIF SFBEFS JOTJHIU JOUP IPX BMM PG UIF BCPWF DBNF UPHFUIFS GPS -JTB 4UFWF 7BM BOE +Fą MBTU +VMZ
-JTB BOE 4UFWF
7BM BOE +FĊ TIPXFE VQ CFGPSF * IBE FWFO CSPLFO EPXO NZ HMJEFS BOE XF MPDBUFE #JHGPPU POF NJMF BIFBE BU UIF EBZ BOE ZFBS XJOOJOH NJMFT KVTU TIZ PG PVS 4PVUI 1BTT XBZQPJOU ɩ PVHI OPU BCMF UP TVSQBTT UIF TUBUF SFDPSE 4UFWF BOE * FOUFSFE PVS n JHIUT JOUP UIF SFDPSE CPPL BT UIF TFDPOE BOE UIJSE MPOHFTU JO 6UBI T CSJFG CVU JMMVTUSJPVT DSPTT DPVOUSZ IJTUPSZ 8F SPEF CBDL JOUP UIF TVOTFU TIBSJOH PVS UBMFT BOE SFWFMJOH JO PVS VOJRVF BEWFOUVSF
C:K696
cZl
7g^\]i 8aVhh^X 9= K & <daYZc 9=K &"' 6heZc 9= K ' CZkVYV 9= K '"( CZl 6kVm GH; 8dbeZi^i^dc 7^" <daYZc IVcYZb
9=K '"( R U
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
" 'MZJOH 4VNNFS 7BDBUJPO /PSUIXFTU 3PBE 5SJQ 1BSU
.PVOU (PMEFO #$ "SUJDMF BOE QIPUPT CZ +Fą $SJTUPM
.JLF 8BEEJOHUPO IFMQJOH MPDBM QJMPU %JBOOF 'JBMB MBVODI GSPN .PVOU
*NBHJOF B TPMJE MJOF PG NPVOUBJOT FY UFOEJOH PĊ JOUP UIF EJTUBODF "CPWF UIF KBHHFE QFBLT B DPOUJOVPVT SPX PG n VĊ Z DVNVMVT DMPVET HSPXT #FMPX B IJHIXBZ SVOT VQ UIF CFBVUJGVM WBMMFZ XJUI HSFFO m FMET TDBUUFSFE BNPOH UIF EFOTF HSFFO GPSFTUT 5P FJUIFS TJEF NPSF SBOHFT SJTF DSBEMJOH MBSHF HMBDJFST XJUI HSBOJUF TQJSFT SJTJOH UPXBSET UIF TLZ BOE TIBSQ TOPXZ TVNNJUT TUSFUDIJOH PVU JOUP UIF EJTUBODF ɩ JT JT B QMBDF XIFSF PO B MPX DMPVE CBTF CBE DSPTT DPVOUSZ EBZ QJMPUT SFHVMBSMZ MBOE BGUFS m WF IPVST BOE LJ MPNFUFST 0O B HPPE EBZ QJMPUT n Z UP LJMPNFUFST #FDBVTF JU T NJETVNNFS BOE TP GBS OPSUI JU TUBZT MJHIU VOUJM Q N BOE UIFSNBMT LFFQ QPQQJOH VOUJM TFWFO PS FJHIU ɩ F MPDBMT BSF WFSZ GSJFOEMZ BOE TQFBL &OHMJTI ɩ FSF JT B EFDFOU FYDIBOHF SBUF ɩ F HSBTTZ NVMUJ EJSFDUJPOBM MBVODI IBT B OFX HSBEFE SPBE UP JU 1JMPUT CPVHIU UIF
MBOEJOH [POF BOE BSF CVJMEJOH B DMVC IPVTF TIFMUFST BOE CBUISPPNT BT XFMM BT DBNQJOH GBDJMJUJFT ɩ JT JT USVMZ B QMBDF PG ESFBNT XIFSF QJMPUT HBUIFS GSPN BMM PWFS UIF XPSME UP TIBSF UIFSNBMT BOE FYQFSJ FODF UIF CFTU UIF $BOBEJBO 3PDLJFT IBWF UP PĊ FS +VTU BT * MFBSOFE UP n Z QBSBHMJEFST JO XF IFME PVS SE BJSNFO T SFOEF[ WPVT JO 5FMMVSJEF $PMPSBEP " WJTJUJOH IBOH HMJEFS QJMPU DPNNFOUFE UIBU IF E ESJWFO UXP EBZT GSPN UIF &BTU $PBTU FWFSZ ZFBS GPS ZFBST UP QBSUBLF JO UIF n Z JO * XBT BNB[FE UIBU IF BQQSFDJBUFE PVS MPDBM TJUF FOPVHI UP OPU NJTT B TJOHMF ZFBS #FJOH OFX UP UIF HBNF * BTLFE UIF PCWJPVTMZ TFBTPOFE BOE XFMM USBWFMFE QJMPU XIFSF JO UIF 6OJUFE 4UBUFT UIFSF XBT CFUUFS n ZJOH )F BOTXFSFE i.PVOU w 8IFO * BTLFE XIFSF UIBU XBT IF SF QMJFE i$BOBEB w $MPTF FOPVHI * HVFTT *U UPPL FJHIU ZFBST BOE DPVOUMFTT PUIFS
.JLF 8BEEJOHUPO MBVODIJOH TPVUI PO .PVOU (PMEFO #$
n ZJOH USJQT CFGPSF NZ XJGF 6STVMB BOE * m OBMMZ NBEF UIF QJMHSJNBHF UP .PVOU #FHJOOJOH JO +VOF XF USBWFMFE VQ UIF 8FTU $PBTU QBVTJOH BU n ZJOH TJUFT BOE FOEFE VQ WJTJUJOH GSJFOET EVSJOH BO JOGPSNBM DPNQFUJUJPO JO 1FNCFSUPO #$ OPSUI PG UIF 8IJTUMFS TLJ BSFB 8F IBE EFTDSJQUJPOT PG BU MFBTU n ZJOH TJUFT JO
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
EFOTF BT UIFTF :PV WF HPU UP FYQFDU TPNF XFBUIFS EBZT n ZJOH JO UIF NPVOUBJOT TP XF E HJWFO PVSTFMWFT B DPVQMF XFFLT IFSF UP JNQSPWF UIF DIBODFT PG DBUDIJOH TPNF SFBMMZ HPPE DSPTT DPVOUSZ EBZT "GUFS B TIPSU XBSN VQ * HPU B OJDF m WF IPVS LJMPNFUFS n JHIU * n FX XJUI UXP PUIFS QJMPUT BOE UIPVHI * GFMU UJSFE PO MBOEJOH * XBT FYDJUFE BCPVU UIF HSFBU QPUFOUJBM ɩ F OFYU EBZ XBT B 'MZJOH OPSUI GSPN .PVOU UPXBSE 1VSDFMM SBOHF XJUI 4UFWF 1SBJSJF SBJO EBZ XJUI UJNF UP EP MBVOESZ BOE WJTJU B #SJUJTI $PMVNCJB CVU XIFO * BTLFE PUIFS OFBSCZ MBLF GPS TXJNNJOH BOE B IVHF QJMPUT XIJDI * TIPVME TFBSDI PVU BOE SPQF TXJOH 'MJOHJOH PVSTFMWFT GSPN WJTJU UIFZ BMM BHSFFE * TIPVMEO U XBTUF GFFU JOUP UIF MBLF XBT TDBSJFS UIBO BOZ PG NVDI UJNF JO HFUUJOH UP (PMEFO ɩ FZ UIF n ZJOH * FYQFSJFODFE PO UIF USJQ 0ODF BENJUUFE UIFSF XFSF NBOZ HPPET TJUFT XBT FOPVHI GPS NF NZ IBOET BOE GPSF OFBS $BDIF $SFFL BOE ,BNMPPQT BOE JO BSNT TUVOH GPS BO IPVS BGUFSXBSET 0O UIF 0LBOPHBO BOE 'SBTFS 7BMMFZT .PTU UIF XBML CBDL UP DBNQ XF EJTDPWFSFE UIF TBJE UIF 7FSOPO BSFB OFBS -VNCZ XBT XPSTU UIJOH BCPVU UPP NBOZ SBJOZ EBZT XPSUI B TUPQ PO UIF XBZ CVU FWFSZPOF IFSF #FTJEFT NJTTJOH n ZJOH NPTRVJUPFT NBEF JU DMFBS UIBU .PVOU TIPVME CF IBUDI BOE UIF OFXCPSO JOTFDUT CJUF BOE TVDL CMPPE XJUI B WFOHFBODF 8F SBO PVS EFTUJOBUJPO 8JUI B QSFBNCMF MJLF UIJT POF OBUV EPXO UIF USBJM UP FTDBQF UIF TXBSNT 4UJMM UIF SFBMMZ CJH n JHIUT * E ESFBNFE SBMMZ IBT IJHI FYQFDUBUJPOT XIJDI DBO MFBE UP EJTBQQPJOUNFOU 8F BSSJWFE JO PG XFSFO U IBQQFOJOH 'SVTUSBUFE XJUI (PMEFO JO UIF SBJO PVS DBNQJOH HFBS TFWFSBM TPVUI EBZT * XBT JNQBUJFOU GPS XFU GSPN TFWFSBM EBZT PG ESJ[[MF ɩ JT XBT UIF OPSUI XJOE XF OFFEFE GPS MPOH SVOT #SJUJTI $PMVNCJB BGUFS BMM o JU UBLFT B MPU EPXO UIF SBOHF UPXBSE UIF 6 4 CPSEFS ɩ F PQUJPO PG n ZJOH MPOH EJTUBODF PG NPJTUVSF UP HSPX GPSFTUT BT UIJDL BOE JO PUIFS EJSFDUJPOT JTO U VTVBMMZ DPOTJE FSFE CZ MPDBM QJMPUT *O 1FNCFSUPO FBSMJFS JO UIF USJQ * BTLFE 8JMM (BEE IPX GBS $BONPSF "MCFSUB XIFSF IF MJWFT JT GSPN (PMEFO CZ BJS )F TBJE JU XBTO U GBS KVTU PWFS UIF NPVOUBJOT )F HSBDJPVTMZ TVHHFTUFE UIBU XIFO * MBOE JO $BONPSF * TIPVME DBMM IJN BOE * E IBWF B QMBDF UP TUBZ * OBJWFMZ NFOUJPOFE UIJT DPOWFSTBUJPO UP TPNF MPDBM (PMEFO QJMPUT BOE UIFZ IBE B HPPE MBVHI 0OMZ UISFF QJMPUT JO )BOH HMJEFS BCPWF .PVOU (PMEFO #$ +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
,JOH .U *EBIP
DMVEJOH $ISJT .VMMFS POF PG $BOBEB T CFTU IBE DSPTTFE UIF 3PDLJFT n ZJOH PWFS :PIP BOE #BOĊ /BUJPOBM 1BSLT 8JMM DPNQMFUFE UIF DPNNJUUJOH DSPTTJOH KVTU B DPVQMF XFFLT MBUFS 3FBE BCPVU JU PO HSBWTQPSUT DPN PS JO UIF %FDFNCFS JTTVF PG UIJT NBHB[JOF ɩ PVHI n JHIUT UP UIF FBTU BSF SBSF XIFO UIF XJOE CMFX UIBU XBZ NZ DIPJDF XBT NBEF -FBWJOH UIF GSJFOEMZ $PMVNCJB 3JWFS 7BMMFZ GFMU WFSZ DPNNJUUJOH )VHF TUFFQ HMBDJBUFE NPVOUBJOT NBLF VQ :PIP /BUJPOBM 1BSL ɩ F m STU GFX KVNQT DSPTTFE SFNPUF WBMMFZT XJUIPVU MBOEJOHT PS USBJMT XIJMF * DPOUFNQMBUFE UIF SJEHF UPQ SPUPST UIF TUSPOH XJOET DSFBUF * FWFOUVBMMZ TQPUUFE 'JFME XIFSF * E TQFOU UJNF JDF DMJNCJOH ZFBST QBTU * n FX PWFS UIF 5SBOT $BOBEB )JHIXBZ XPOEFSJOH XIFSF UIF OBUJPOBM QBSL CPVOEBSZ XBT 4JODF JU JT JMMFHBM UP MBOE JO UIF QBSL * TJNQMZ QMBOOFE UP OPU MBOE 8JUI LJMPNFUFST QFS IPVS HSPVOE TQFFE UIF WBMMFZ DSPTTJOHT XFOU RVJDL MZ " MBSHF IBOHJOH HMBDJFS DBQQFE UIF NPVOUBJO PO UIF PUIFS TJEF PG UIF WBMMFZ * E OFFE POMZ B GFX DMJNCT UP DSPTT UIF $POUJOFOUBM %JWJEF GSPN IFSF CVU PO UIF GBS TJEF PG UIF WBMMFZ * GPVOE NBTTJWF TJOL 0G DPVSTF UVSOJOH CBDL MFGU NF XJUI BMNPTU OP QFOFUSBUJPO "T * ESPQQFE UP XBSET UIF HSPVOE PO TQFFE CBS * DSBXMFE PVU PWFS UIF WBMMFZ T TXBNQT 8JUIPVU BOPUIFS CJU PG MJGU * MBOEFE *U XBT B RVJDL IJUDIIJLF CBDL UP (PMEFO CVU UIF TDBSZ WBMMFZ XJOET MFGU NF VONPUJWBUFE UP USZ UIBU EJSFDUJPO BHBJO ɩ F FTUBCMJTIFE SPVUJOF JO (PMEFO XBT B MFJTVSFMZ CSFBLGBTU UIFO NFFU GPS B SJEF VQ UIF IJMM B MJUUMF UPP FBSMZ BU UFO 0VS GSJFOE +JN 0SBWB TIPXFE VQ GSPN 1FNCFSUPO UP KPJO VT GPS B n JHIU 5PHFUIFS XF GPMMPXFE UIF SBOHF TPVUI +JN VTVBMMZ BCPWF NF DMPTFS UP UIF DMPVET )F GPSHPU FYUSB DMPUIFT BOE BGUFS B DPVQMF IPVST PG
'MZJOH PWFS "OWJM 1PJOU 3Jn F $PMPSBEP
TIJWFSJOH IF n FX PVU UP MBOE ɩ BU MFGU NF BOE 4BO %JFHP QJMPU 4UFWF 1SBJSJF n ZJOH UPHFUIFS .Z m WF IPVS DSPTT DPVOUSZ FOEFE XJUI MBOEJOH PO B LOPC GVMM PG CMBDLFOFE TUVNQT JO B DMFBS DVU HPJOH CBDLXBSET BT B HVTU GSPOU IJU 'PS UIF TFDPOE n JHIU JO B SPX * SPEF GQN TJOL GSPN QFBL MFWFM EPXO GFFU UP UIF HSPVOE JO TUSPOH XJOE 6STVMB GPVOE UIF MPHHJOH SPBE UP UIF DMFBS DVU BOE BSSJWFE UP IFMQ QBDL NZ HMJEFS JO UIF XJOE * SBEJPFE 4UFWF BT TPPO BT UIF HVTU IJU )F IBE TFDPOET XBSOJOH BOE BMTP MBOEFE HPJOH CBDL XBSET PVU JO UIF WBMMFZ XJUI CFUUFS -; PQUJPOT /P DMPVET GFMM PVU XJUIJO TJHIU BOE JU XBT TVHHFTUFE UIBU UIF BSSJWBM PG B GSPOU DBVTFE UIF IJHI XJOET UIBU CMFX UISPVHI UIF FOUJSF MFOHUI PG UIF WBMMFZ BOE DPOUJOVFE JOUP UIF OJHIU "HBJO XF GBJMFE UP n Z FWFO LJMP NFUFST CVU * GFMU * E n PXO XFMM BOE XJUI GFX NJTUBLFT *U XBT UJNF UP USFBU 6STVMB BOE NZTFMG UP B HPPE NFBM BOE B TPBL JO UIF IPU TQSJOHT BU 3BEJVN KVTU B CJU GBSUIFS EPXO UIF SBOHF ɩ F OFYU EBZ UIF XJOE CMFX TPVUI BHBJO *O BO BUUFNQU UP LFFQ NPUJWBUFE GPS DSPTT DPVOUSZ * UBMLFE XJUI MPDBMT BCPVU n ZJOH OPSUI *U TFFNFE OP POF FWFS USJFE UP HP GBSUIFS UIBO UIF FOE PG UIF WBMMFZ QBTU B CJH MBLF * BTLFE BCPVU n ZJOH BMPOH UIF 5SBOT $BOBEB )JHIXBZ BOE XBT UPME -;T BSF TDBSDF /FWFSUIFMFTT 4UFWF BOE * EFDJEFE UP HP GPS JU "GUFS TFWFSBM RVJDL DMJNCT UP DMPVE CBTF BOE FBTZ WBMMFZ DSPTTJOHT XF GPVOE PVSTFMWFT DJSDMJOH MPXFS BOE MPXFS PWFS
B IVHF BCBOEPOFE MPHHJOH NJMM XIFSF UIF IJHIXBZ MFBWFT UIF $PMVNCJB 3JWFS WBMMFZ 8F WBJOMZ n FX GSPN FOE UP FOE PG UIF DMFBSJOH CFMPX VT 4UFWF TBJE IF E USZ UP UIF TPVUI POF NPSF UJNF XIJMF * UPPL PĊ GPS B HSBWFM QJU UP UIF OPSUI UIBU CPUI PG VT IBE BMSFBEZ n PXO PWFS 8IFO 4UFWF SBEJPFE IF IBE TPNFUIJOH * UVSOFE CBDL OPX B GFX IVOESFE BCPWF 4UFWF XIP XBT KVTU GFFU PĊ UIF EFDL 4PPO XF CPUI GPVOE UIF DPSF PG UIF MJHIU ESJGUJOH UIFS NBM "U GFFU PWFS XF IJU B EJċ DVMU MBZFS XIFSF UIF MJGU CFDBNF TDBUUFSFE 8JUI NVDI FĊ PSU * CSPLF UISPVHI BOE DMJNCFE IJHIFS CBDL UP QFBL MFWFM 'SPN BCPWF * XBUDIFE BT 4UFWF DJSDMFE PWFS UIF FOEMFTT GPSFTUT MPPLJOH GPS UIBU QPQ UIBU XPVME UBLF IJN UISPVHI UIF JOWFSTJPO *
FWFOUVBMMZ n FX BXBZ QBTU UIF OFYU DMFBS JOH BOE VQ UP UIF OFBSCZ QFBLT PG UIF 1VSDFMM SBOHF 4UFWF GPVOE BOE MPTU TFW FSBM UIFSNBMT CVU OPOF DBSSJFE IJN IJHI * XBT TUVDL DJSDMJOH B OFBSCZ TVNNJU JO [FSP TJOL * LOFX FWFOUVBMMZ TPNFUIJOH XPVME DPNF UISPVHI CVU XIJMF * XBT MPX NZ CBDLVQ SBEJP CBUUFSZ EJFE BOE * FOUFSFE NZ PXO TJMFOU MJUUMF XPSME PG FG m DJFOU DJSDMFT DMPTF UP UIF USFFUPQT "GUFS XIBU TFFNFE GPSFWFS B UIFSNBM m OBMMZ DBNF UISPVHI BOE UPPL NF IJHI PWFS UIF QFBL 4UFWF EJTBQQFBSFE MBOEJOH CBDL BU UIF DMFBSJOH * DIBOHFE NZ SBEJP CBUUFSZ XIJMF PO HMJEF BXBZ GSPN UIF IJHIXBZ ɩ F SFUSJFWF DSFX OPX JODMVEFE +BSJT B 4XJTT QJMPU XIP MBOEFE XJUI 4UFWF BOE 6STVMB ɩ FZ MPTU TJHIU PG NF BOE EF DJEFE * IBE LFQU HPJOH OPSUI *O GBDU * XBT TPVUI PG UIF IJHIXBZ XIJDI IFBET XFTU "GUFS DIBOHJOH UP NZ UIJSE SBEJP CBUUFSZ PG UIF n JHIU * FYQMBJOFE XIFSF * XBT BOE UIFZ GPMMPXFE "HBJO BOE BHBJO * DSPTTFE SFNPUF HMBDJFS DBSWFE WBMMFZT POMZ UP BSSJWF BU UIF GBS TJEF KVTU BU QFBL IFJHIU "GUFS B QBSUJDVMBSMZ HPPE DMJNC PVU * DPVME TFF UIF IJHIXBZ NBLJOH B IVHF UVSO UISPVHI UIF NPVOUBJOT UP UIF TPVUI * E GPVHIU IBSE UP HFU UIJT GBS OPSUI BOE BT UIF MBUF BGUFSOPPO UIFSNBMT XFBLFOFE * n FX BXBZ GSPN UIF QFBLT UP MBOE OFYU UP UIF DBS ɩ JT MJUUMF FYDVSTJPO XBT B m STU GPS UIF TJUF CFDBVTF UIF MPDBMT LOPX UIBU )JHIXBZ MPPQT CBDL BSPVOE UP UIF TPVUI PO JUT XBZ UP 3PHFST 1BTT * IBE n PXO UP UIF OPSUIFSONPTU QPJOU PG UIF
"FSJBM WJFX MPPLJOH TPVUIXFTU GSPN BCPWF UIF 1VSDFMM SBOHF
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
.U (PMEFO #$ 'MZJOH FBTU UPXBSE 'JFME BOE "MCFSUB
IJHIXBZ ɩ PVHI JU XBT POMZ B LJMP NFUFS n JHIU JU UPPL PWFS GPVS IPVST BOE * TUJMM IBEO U CSPLFO UIF EJċ DVMU LJ MPNFUFS CBSSJFS .Z TUSBUFHZ GPS TVDDFTT PO UIJT USJQ IJOHFE PO UIF GBDU UIBU JO $BOBEB EJTUBODFT BSF NFBTVSFE JO LJMP NFUFST OPU NJMFT ɩ FSFGPSF * E TFU POF IVOESFE LJMPNFUFST JOTUFBE PG NJMFT BT B HPBM B NVDI FBTJFS QSPQPTJUJPO CVU TUJMM OPU ZFU BDDPNQMJTIFE 8JUI POMZ B DPVQMF NPSF EBZT NZ DIBODFT XFSF SVOOJOH PVU 'JOBMMZ BU UIF FOE PG +VMZ IJHI DMPVET TIPXFE B OPSUI XJOE -BVODIJOH BU BOE HFUUJOH UP DMPVECBTF BU XBT FĊ PSUMFTT 5PNP GSPN +BQBO BOE +BSJT DBVHIU VQ UP 4UFWF BOE NF BGUFS LJMPNFUFST ɩ F SFTU PG UIF EBZ UIF GPVS PG VT n FX UPHFUIFS KVNQ JOH UP UIF GSPOU SBOHF BU &EHFXBUFS BOE DSPTTJOH 3BEJVN BOE *OWFSNFSF 0OF CZ POF XF ESPQQFE PVU BT UIF MJGU EJFE BU UIF FOE PG UIF EBZ .Z MBTU DMJNC PVU XBT GSPN UIF MBVODI BU 4XBOTFB BT 4UFWF
IPPLFE UIF MJGU IJHIFS BOE HPU BOPUIFS SFBM DMJNC GSPN JU * SBO B GFX MBTU SJEHFT EPXO TPVUI MBOEJOH BGUFS LN * IBE m OBMMZ NBEF NZ HPBM *U XBT 4UFWF T CFTU n JHIU FWFS BOE XF TIBSFE B UJSFE CV[[ PG TVDDFTT ɩ F OFYU EBZ BOPUIFS IJHI CBTF BOE TPVUI XJOE QSPWJEFE NPUJWBUJPO ɩ PVHI TPSF BOE UJSFE GSPN UIF TFWFO BOE B IBMG IPVS n JHIU UIF EBZ CFGPSF NZ MBTU EBZ IFSF * DPVMEO U SFTJTU UIF DIBODF UP EP JU BHBJO *U XBT BMTP UIF m STU EBZ PG UIF 8JMMJ .VMMFS .FNPSJBM $SPTT $PVOUSZ DPNQF UJUJPO * XBT JOWJUFE UP KPJO 8JMM (BEE BOE ,FJUI .BD$BMMPVHI T UFBN UIF MPDBM $BONPSF DSFX BT UIFZ BUUFNQUFE UP TFU B OFX PVU BOE CBDL SFDPSE * DIBTFE UIF #PPNFSBOHT EPXO UIF SBOHF CVU XIFO UIFZ UVSOFE BSPVOE BU 3BEJVN * LFQU HPJOH MBOEJOH BGUFS LJMPNFUFST 8JMM NBEF JU BMM UIF XBZ CBDL UP (PMEFO GPS B SFDPSE LJMPNFUFS PVU BOE SFUVSO n JHIU BOE ,FJUI MBOEFE KVTU TIPSU
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4USBOHFMZ BGUFS UIJT BMNPTU TJY IPVS n JHIU * XBT NVDI MFTT UJSFE UIBO UIF EBZ CFGPSF * IBE QVTIFE UISPVHI BOPUIFS CBS SJFS BOE GPVOE B OFX QMBDF JO NZ n ZJOH XIJDI JT FBTJFS BOE NPSF SFMBYJOH ɩ FSF JT OPUIJOH MJLF CFJOH DVSSFOU UP NBLF n ZJOH FBTZ BOE BGUFS UIF MBTU NPOUI T SPBE USJQ * XBT DFSUBJOMZ DVSSFOU 8F TUPQQFE BOE n FX B GFX NPSF TJUFT PO UIF XBZ IPNF IJUUJOH ,JOH .PVOUBJO JO *EBIP 1PJOU PG UIF .PVOUBJO JO 6UBI BOE m OBMMZ "OWJM 1PJOU PO UIF 3PBO $MJĊ T BCPWF 3Jn F CBDL JO $PMPSBEP " MPOH TJY XFFLT PG n ZJOH BOE USBWFMJOH FOEFE XFMM * MPHHFE IPVST BOE OJOF TJUFT CVU CFTU PG BMM * NBEF DPVOUMFTT TUSPOH GSJFOETIJQT XJUI LJOESFE TQJSJUT JO UIF n ZJOH DPN NVOJUZ UISPVHIPVU UIF XFTUFSO TUBUFT BOE $BOBEB
ǾBMMFSZ
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP 4UFWF 3BUICVO
7BM 4UFQIFOT BOE 4UFWF 3BUICVO TPBS BCPWF UIF 8BTBUDI .PVOUBJOT PG 6UBI 4FF SFMBUFE BSUJDMF PO QQ PG UIJT JTTVF
1BVM 8JUDPNC MBVODIJOH JOUP B HPPE DZDMF PO .JOHVT .PVOUBJO JO "SJ[POB 4FF BSUJDMF PO Q PG UIJT JTTVF
1IPUP (JM $PVUP
5JOB 1BWFMJD MBOEJOH BU (SJOEFMXBME 4XJU[FSMBOE o UIF CBTF PG UIF &JHFS JT BU UIF SJHIU FEHF PG UIF QJDUVSF
1IPUP 7SF[I 5VNBOZBO
8JUI UIF 3PZBM "SDIFT BOE )BMG %PNF BT CBDLESPQ 7SF[I 5VNBOZBO FOKPZT B NPSOJOH n JHIU JO :PTFNJUF /BUJPOBM 1BSL
1IPUP 3PO (MFBTPO
1IPUP 3FFE (MFBTPO
" QJMPU QBUJFOUMZ XBJUT GPS BO PQFOJOH PO $IFMBO #VUUF EVSJOH UIF 3JHJE XJOH 8PSME $IBNQJ POTIJQT JO $IFMBO 8BTIJOHUPO
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP .JUDI .D"MFFS
1IPUP +PIO 0MTPO
#SVDF 5SBDZ TBNQMJOH TDFOJD &VSPQFBO n ZJOH XJUI UIF &JHFS BT CBDLESPQ
$MJNCJOH BCPWF (PME )JMM MBVODI JO 5FMMVSJEF $PMPSBEP DPNQFUJUPST JO UIF 1BSBHMJEJOH /BUJPOBMT CFHJO UIF EBZ T UBTL +VOF )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 )JHIMBOE "FSPTQPSUT &BTU $PBTU )BOH (MJEJOH $IBNQJ
$0.1&5*5*0/ +VOF $BOBEJBO )BOH (MJEJOH /BUJPOBMT BOE +VOF $BOBEJBO 1BSBHMJEJOH /BUJPOBMT -VNCZ # $
#PUI DPNQT BSF '"* TBODUJPOFE .PSF JOGPSNBUJPO NBSL!EPXTFUU DB IUUQ XXX EPXTFUU DB DEOOBUT +VOF /PSUIFSO $BMJGPSOJB $PNQFUJUJPO -FBHVF 3BDF 8FFL
FOE -PDBUJPO UP CF EFDJEFE UISFF EBZT QSJPS UP FWFOU o BMM TJUFT XJUI JO GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB QFS SBDF .PSF JOGPSNBUJPO GSPN +VH "HHBSXBM KBHHBSXBM!FT VDTD FEV BOE POMJOF BU IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL GPS UIF 9$ -FBHVF
POTIJQ )JHIMBOE "FSPTQPSUT n JHIU QBSL 3JEHFMZ .BSZMBOE 3FHJTUSBUJPO PQFOT "QSJM FBSMZ BGUFS .BZ 5PX GFFT FYUSB ) PS +VOF ,JOH .PVOUBJO )BOH (MJEJOH $IBNQJPOTIJQT OFBS ) XJUI NFFU EJSFDUPS BQQSPWBM QMVT TQFDJBM TLJMMT 9$ "5 563# (14 .PPSF *EBIP #FTU PVU PG EBZT PG PQFO EJTUBODF 9$ BMPOH B TQFDJ SFRVJSFE .PSF JOGPSNBUJPO BU XXX BFSPTQPSUT OFU &$$ IUNM m FE SPVUF )BOEJDBQ TDPSJOH CPOVT -;T 0QFO 3FDSFBUJPO BOE 5FBN +VMZ 1BSBHMJEJOH /BUJPOBMT $IFMBO 8BTIJOHUPO 3FHJTUSBUJPO DMBTTFT ESJWFST BXBSE TUBGG DIPJDF BXBSE ##2 GSFF DBNQJOH HSFBU PQFOFE .BSDI MJNJUFE UP QJMPUT FBSMZ BGUFS +VOF QSJ[FT BOE USPQIJFT FOUSZ GFF JODMVEFT NFNCFSTIJQ UP UIF *EBIP 3FHJTUFS POMJOF BU XXX VTOBUJPOBMT DPN .PSF JOGPSNBUJPO )BOH (MJEJOH "TTO *OD BOE B GVMM DPMPS TIJSU EFTJHOFE CZ BXFTPNF SFOPXOFE .POUBOB BSUJTU %BO (SBWBHF .BOZ QSF SFHJTUSBUJPO JO DFOUJWFT 'PS NPSF JOGP DPOUBDU -JTB 5BUF NFFU PSHBOJ[FS EJSFDUPS BU "VHVTU #JH 4QSJOH 6 4 )BOH (MJEJOH 0QFO 1SF 1SF 8PSMET PS MJTB!TPBSJOHESFBNTBSU DPN 4FF #JH 4QSJOH 5FYBT 3FHJTUSBUJPO DIFDL DSFEJU DBSE CZ +VMZ SVMFT POMJOF BU XXX TPBSJOHESFBNTBSU DPN LJOHNFFU BGUFS +VMZ .PSF JOGPSNBUJPO BU XXX n ZUFD DPN
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
+VMZ $IFMBO $SPTT $PVOUSZ $MBTTJD $IFMBO 8BTIJOHUPO CBTFE PO UIF EBZ T DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS
"OOVBM FWFOU TJODF IBOH HMJEFS BOE QBSBHMJEFS QJMPUT DIPPTF UIF UBTL UIFZ XJMM n Z FBDI EBZ TUSBJHIU MJOF PVU BOE SFUVSO PS USJBOHMF XJUI TDPSJOH CBTFE PO UIF EJTUBODF n PXO BOE UIF EJGm DVMUZ PG UIF UBTL .PSF JOGPSNBUJPO BU XXX DMPVECBTF PSH PS DPOUBDU NFFU PSHBOJ[FS 5PN 1JFSDF FNBJM UPNNZQ@ !ZBIPP DPN IPNF PS DFMM
BOE QSJ[FT .PSF JOGP BU XXX WJTJPOQBSBHMJEJOH DPN TXYDM IUNM 0DUPCFS /PSUIFSO $BMJGPSOJB $PNQFUJUJPO -FBHVF 3BDF
8FFLFOE -PDBUJPO UP CF EFDJEFE UISFF EBZT QSJPS UP FWFOU o BMM TJUFT XJUIJO GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB QFS SBDF .PSF JOGPSNBUJPO GSPN +VH "HHBSXBM KBHHBSXBM!FT VDTD FEV BOE POMJOF BU IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL GPS UIF 9$ -FBHVF
+VMZ /PSUIFSO $BMJGPSOJB $PNQFUJUJPO -FBHVF 3BDF 8FFL
'-: */4 FOE -PDBUJPO UP CF EFDJEFE UISFF EBZT QSJPS UP FWFOU o BMM TJUFT XJUI JO GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB QFS SBDF .PSF +VMZ 6UBI #JXJOHVBM 9$ 5PXJOH $IBMMFOHF i8IFSF UIF CJH JOGPSNBUJPO GSPN +VH "HHBSXBM KBHHBSXBM!FT VDTD FEV BOE POMJOF BU NPVOUBJOT FOEw o n BUMBOE n ZJOH BMPOH * "MM TLJMM MFWFMT CPUI IBOHT IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL GPS UIF 9$ -FBHVF BOE QBSBT $POUBDU $ISJT 4BOUBDSPDF DISJT!TVQFSn ZJOD DPN "VHVTU 5BJXBO 1BSBHMJEJOH 0QFO 5BJUVOH 5BJXBO +VOF 4BOEJB 4PBS O EBZ IBOH HMJEJOH n Z JO TPBS JO PGG 64 JO QSJ[F NPOFZ .PSF JOGPSNBUJPO BU DPOUBDU!UBBUX DPN GBNPVT 4BOEJB .PVOUBJO "MCVRVFSRVF /. $IPPTF NJE EBZ XIFSF GBY NJMF n JHIUT BSF QPTTJCMF PS HMBTT PGGT XIFSF B GFX IPVST VQ UP "VHVTU +BDLTPO )PMF 8ZPNJOH *OUFSNPVOUBJO -FBHVF 1( .FFU BSF MJLFMZ (VJEFT BWBJMBCMF FWFSZ EBZ #JH DJUZ DPOWFOJFODFT BOE 'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF EBZ T DMPTF EBZ USJQT GPS OPO n ZFST &WFOU JOGP BOE n JHIU GPPUBHF XXX n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n ZJOH WJB B EJTDPVOUFE UBO EFN n JHIU 5P CPPL B UBOEFN DPOUBDU *BO BU BCGBSUBOEFNT !TIBX JOGP BU XXX MFBHVFNFFU DPN DB 'PS HFOFSBM JOGPSNBUJPO PO UIF FWFOU DPOUBDU /JDPMF BU "VHVTU /PSUIFSO $BMJGPSOJB $PNQFUJUJPO -FBHVF 3BDF OJDPMF!XFTUDPBTUTPBSJOHDMVC DPN GPS HFOFSBM JOGPSNBUJPO PO UIF FWFOU 8FFLFOE -PDBUJPO UP CF EFDJEFE UISFF EBZT QSJPS UP FWFOU o BMM TJUFT XJUIJO GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB QFS SBDF .PSF JOGPSNBUJPO GSPN +VH "HHBSXBM KBHHBSXBM!FT VDTD FEV BOE POMJOF BU IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL GPS UIF 9$ -FBHVF "VHVTU #P[FNBO .POUBOB *OUFSNPVOUBJO 1( -FBHVF .FFU
'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF EBZ T DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS BOE QSJ[FT .PSF JOGP BU XXX MFBHVFNFFU DPN "VHVTU "TQFO $PMPSBEP 4PVUIXFTU 9$ -FBHVF .FFU
'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF EBZ T DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS BOE QSJ[FT .PSF JOGP BU XXX WJTJPOQBSBHMJEJOH DPN TXYDM IUNM 4FQUFNCFS /PSUIFSO $BMJGPSOJB $PNQFUJUJPO -FBHVF 3BDF 8FFLFOE -PDBUJPO UP CF EFDJEFE UISFF EBZT QSJPS UP FWFOU o BMM TJUFT XJUIJO GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB QFS SBDF .PSF JOGPSNBUJPO GSPN +VH "HHBSXBM KBHHBSXBM!FT VDTD FEV BOE POMJOF BU IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL GPS UIF 9$ -FBHVF 4FQUFNCFS 0SFHPO -FBHVF B MPX LFZ GSJFOEMZ 9$ DPOUFTU
1JOF .PVOUBJO OFBS #FOE 0SFHPO FOUSZ GFF JODMVEFT SFUSJFWFT CFWFSBHFT BOE QSJ[FT .PSF JOGPSNBUJPO BU XXX MFBHVFNFFU DPN 4FQUFNCFS ,JOH .PVOUBJO *EBIP *OUFSNPVOUBJO -FBHVF
1( .FFU 'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF EBZ T DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS BOE QSJ[FT .PSF JOGP BU XXX MFBHVFNFFU DPN 4FQUFNCFS 5FMMVSJEF $PMPSBEP 4PVUIXFTU 9$ -FBHVF 1(
.FFU 'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF EBZ T DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS BOE QSJ[FT .PSF JOGP BU XXX WJTJPOQBSBHMJEJOH DPN TXYDM IUNM 4FQU 0DU 4PVUIXFTU 9$ -FBHVF 1( .FFU BU 5IF $SBUFST
'MBHTUBGG "SJ[POB 'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
+VMZ 5IF 6NQUFFOUI "OOVBM 'FTUJWBM PG 'SFF 'MJHIU -BLFWJFX 1BSUZ )ZOFS 7JFX 1FOOTZMWBOJB $PNF DFMFCSBUF POF PG UIF PMEFTU TJUFT 0SFHPO +VMZ 3FHJTUSBUJPO DIFDL JO BU UIF $IBNCFS PG $PNNFSDF BU PO UIF &BTU $PBTU BOE IJHIFTU JO 1FOOTZMWBOJB (SFBU QMBDF GPS IBOHT /PSUI & 4USFFU -BLFWJFX 03 5SPQIJFT BOE QBSBT QMFOUZ PG GVO GPS UIF XIPMF GBNJMZ XJUI TXJNNJOH IJLJOH BOE BOE DBTI QSJ[FT GPS IBOH HMJEFST BOE QBSBHMJEFST ##2 EJOOFS PO UIF UI CJLJOH PQQPSUVOJUJFT $BNQJOH JT BWBJMBCMF JO UIF -; PS NPUFMT BSF OFBS GPS BMM FOUFSFE QJMPUT 'PS NPSF JOGPSNBUJPO DPOUBDU .BSL 8FCCFS CZ 1JH SPBTU EJOOFS 4BUVSEBZ OJHIU XJUI B SBGn F .PSF JOGPSNBUJPO BU IUUQ XXX IZOFSDMVC DPN PS DBMM 4IBXO BU FNBJM +VMZ (PSHF (BNFT 1BSBHMJEJOH 'MZ *O )PPE 3JWFS 0SFHPO n ZIZOFS!IZOFSDMVC DPN " GVO QBSBHMJEJOH n Z JO UP CF IFME BU #JOHFO 8" #BME #VUUF PS $MJGGTJEF +VMZ "OOVBM $SFFEF UI PG +VMZ 1JMPUT (BUIFSJOH #PUI IBOH 3BJO %BUFT +VMZ $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH HMJEFS BOE QBSBHMJEFS QJMPUT XFMDPNF 4BO +VBO .PVOUBJOT TPVUIFSO DFMM 4VO4QPSUT1(!BPM DPN $PMPSBEP -PUT PG BDUJWJUJFT JODMVEJOH UIF i%BZT PG A w $PMPSBEP 4UBUF +VMZ 'JSTU "OOVBM $SFTUMJOF 'FTUJWBM PG 'SFF 'MJHIU $SFTUMJOF .JOJOH $IBNQJPOTIJQT BOE TUSFFU GBJS m SFXPSLT IJLJOH m TIJOH CJLF $BMJGPSOJB 0QFO UP QBSBHMJEFS BOE IBOH HMJEFS QJMPUT OPWJDF UISPVHI TLZ SJEJOH SBGUJOH BOE DBNQJOH PQQPSUVOJUJFT 1JMPU NFFUJOH FWFSZ HPE -PUT PG FWFOUT DPOUFTUT DBTI QSJ[FT 3FHJTUSBUJPO CFHJOT 4BUVS NPSOJOH BU UIF #SPLFO "SSPX 3BODI BCPVU NJMFT XFTU PG $SFFEF EBZ NPSOJOH BU .PSF JOGPSNBUJPO GSPN 5JN /FMTPO UJN!n ZBHMJEFS PO )JHIXBZ UP DPPSEJOBUF UIF EBZ T n ZJOH BOE SJEFT '3&& KVTU DPN CSJOH ZPVS HPPE n ZJOH KVEHNFOU BOE FOKPZ 8% WFIJDMF BOE FBSMZ MPEHJOH SFTFSWBUJPOT SFDPNNFOEFE .PSF JOGPSNBUJPO BCPVU $SFFEF BU "VHVTU )JHI 3PDL .BSZMBOE +PJO UIF DFMFCSBUJPO PG XXX DSFFEF DPN 'MZ JO JOGPSNBUJPO #JMM -FNPO PS ZFBST PG n ZJOH BU UIF 3PDL )BOH HMJEFST POMZ BU )JHI 3PDL CVU QBSB CMFNPOCSZDPOB[!BPM DPN PS -BSSZ 4NJUI HMJEFST DBO MBVODI GSPN PUIFS OFBSCZ TJUFT 0O TJUF SFHJTUSBUJPO CFHJOT 'SJEBZ OJHIU "VHVTU CVU QSF SFHJTUSBUJPO POMJOF BU IUUQ XXX DIHQB +VMZ 4JYUI "OOVBM 8JOET PG B )VSSJDBOF 'MZ *O )VSSJDBOF 3JEHF PSH &WFOUT FWFOUT IUNM JT SFDPNNFOEFE .PSF JOGPSNBUJPO BWBJMBCMF PO 6UBI NJMFT /& PG -BT 7FHBT 0QFO UP *OUFSNFEJBUF BOE "EWBODFE UIF 8FC TJUF )( BOE 1( QJMPUT BOE UIFJS OPO n ZJOH DPNQBOJPOT "MTP MBVODIJOH GSPN $FEBS .UO BOE TQPOTPSJOH )VOHBSZ +PF T 'MZJOH $JSDVT 5PX *O BOE $SPTT 4FQUFNCFS .JOHVT .U "SJ[POB $FMFCSBUF ZFBST PG n ZJOH $PVOUZ 4JEF 4IPX .PSF JOGPSNBUJPO GSPN (SBOU HIPBH!CSXODBME BU .JOHVT FOUSZ GFF JODMVEFT DBNQJOH EBJMZ n JHIU CSJFm OH SBGn F DPN QSJ[FT BOE B CBSCFDVF GFBTU PO 4VOEBZ EJTDPVOU GPS FBSMZ SFHJTUSBUJPO BU XXX BIHB PSH .PSF JOGPSNBUJPO PO UIF 8FC TJUF PS GSPN )BM )BZEFO BU PS +VOF +VMZ UI )ZOFS )BOH (MJEJOH $MVC T UI "OOJWFSTBSZ
0RVTXLWR 3RZHU +DUQHVV 'HDOHUV ´ µ % /2 : 2 8 0RVTX 6DYH 7 6 $/( LWR Z ( OHFWULF 6 WDUW
4FQUFNCFS UI BOOVBM 1JOF .PVOUBJO 'MZ *O OFBS #FOE 0S FHPO 1JOF .PVOUBJO QSPEVDFT FQJD FWFOJOH HMBTT PGGT BOE FYDFMMFOU 9$ n ZJOH JODMVEJOH B OFX 0SFHPO SFDPSE MBTU ZFBS PG NJMFT $POUBDU #JMM (PSEPO GPS EFUBJMT BU QSF[!EFTFSUBJSSJEFST PSH PS 4UFWF 8SJHIU TFD!EFTFSUBJSSJEFST PSH .PSF JOGP BU IUUQ XXX EFTFSUBJSSJEFST PSH JOEFY IUNM
$-*/*$4 .&&5*/(4 50634
:$
25
9$ : 9$
+DQJ 7LPH /DUU\ %URZQ FHOO :DOOD :DOOD :$
0'
%OXH 6N\ 6WHYH :HQGW 0DQTXLQ 9$
1RUWKHUQ &$
2. $. 02 .6
'UHDP :HDYHU 'RXJ 3UDWKHU 0RGHVWR &$
:KLWH 2XW 6RQQ\ :KLWH FHOO 2NODKRPD &LW\ 2.
6RXWKHUQ &$ :LQGVSRUWV -RH *UHEOR FHOO 6\OPDU &$
&$1$'$ 0RWRULVp 0LOODLUH ,QF 0DUFHO 0LOODLUH 4XHEHF WHO ID[ ' 9RO ,QF (ULF 2OLYLHU 4XHEHF FHOO ID[
:, )RRW /DXQFKHG 3RZHU 3DXO 2OVRQ FHOO 5DFLQH :,
7; *LRYDQQL 9DQ 'HUKLEHU *UDSHYLQH 7;
$OO RWKHU DUHDV 1RUWK $PHULFD 'LVWULEXWRU
4QSJOH UISPVHI GBMM /PSUIXFTU 1BSBHMJEJOH 4JUF 5PVS IPTU FE CZ .JLF &CFSMF -PX DPTU MPX UJNF DPNNJUNFOU USJQT EFTJHOFE UP JNQSPWF TLJMMT XIJMF TIPXDBTJOH TPNF PG UIF 1BDJm D /PSUIXFTU T CFTU n ZJOH TJUFT &WFOU DPNQFUJUJPO HVJEF TFSWJDF BMTP BWBJMBCMF GPS DPNQT JO 8BTIJOHUPO 0SFHPO BOE #$ $POUBDU .JLF &CFSMF BU OBQJ!GVO n Z DPN XXX GVO n Z DPN .BZ +VOF 5PVDIJOH 5IF "OEFT PG 1FSV 1BSBHMJEJOH 4QSJOH 5PVS +FGG $SJTUPM PG "EWFOUVSF 5PVS 1SPEVDUJPOT IBT CFFO WJTJU JOH 1FSV UP DMJNC BOE QBSBHMJEF TJODF 8JUI IJT XJGF B OBUJWF PG -JNB 1FSV "EWFOUVSF 5PVS 1SPEVDUJPOT XJMM SFUVSO UP WJTJU TJUFT PO UIF 1BDJm D DPBTU BOE JO UIF IJHI "OEFT .PSF JOGPSNBUJPO PS BEWFOUVSFUPVSQSPEVDUJPOT DPN +VOF 1BSBHMJEFS NPVOUBJO n ZJOH DMJOJD XJUI ,FO )VEPOKPSHFOTFO
.PSF JOGPSNBUJPO XXX UXPDBOn Z DPN +VOF 1BSBHMJEFS *OTUSVDUPS $FSUJm DBUJPO 1SPHSBN XJUI 4DPUU
)BSSJT +BDLTPO )PMF 8ZPNJOH $POUBDU 4DPUU BU PS XXX KIQBSBHMJEJOH DPN
7UDYHUVH &LW\ +DQJ *OLGHUV 3DUDJOLGHUV +VOF 5IFSNBM BOE 9$ $MJOJD XJUI 3JDL )JHHJOT 64)(" %LOO )LIHU 7UDYHUVH &LW\ 0, BEWBODFE JOTUSVDUPS BOE QSFWJPVT 0SFHPO 4UBUF 1( 9$ SFDPSE IPMEFS SKRQH ID[ WFKDQJJOLGHU#FKDUWHUPL QHW
ZZZ PRVTXLWRDPHULFD FRP
NJMFT JO )PPE 3JWFS 0SFHPO $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
+VOF 1FBL UP 1FBL 1BSBHMJEJOH T 9$ 'MZJOH &YUSBWBHBO[B 4VO4QPSUT1(!BPM DPN
1BXOFF /BUJPOBM (SBTTMBOET $PMPSBEP
+VMZ "VHVTU BOE "VHVTU 'SFODI BMQJOF UIFSNBMJOH
+VOF 8PSME SFDPSE IPMEFS 8JMM (BEE XJMM TIBSF IJT 9$ UJQT BOE
UPVS $PNF FOKPZ TPNF XPSME DMBTT QBSBHMJEJOH XIFSF JU BMM TUBSUFE UIF DPBDI QJMPUT JO n JHIU JO UIJT EBZ 9$ DPVSTF JO UIF 1BXOFF (SBTT OPSUIFSO BMQT JO 'SBODF (VJEFE CZ 6 4 8PSME 5FBN NFNCFS BOE SFDPSE MBOET XIJDI BSF QFSGFDU GPS MFBSOJOH UP UIFSNBM BOE n Z DSPTT DPVOUSZ EJTUBODF CSFBLFS %BWJE 1SFOUJDF BOE MPDBM QJMPU %BOJFM 7BO 4DIPPOFWFME BOE PS NBLJOH MPOH EJTUBODF SFDPSET GPS B EBZ UPVS UISPVHI "OOFDZ $IBNPOJY -F (SBOE #PSOBOE BOE TFWFSBM PUIFST BMM XJUIJO B TIPSU ESJWF 8F QSPWJEF BMM MFWFMT PG 9$ BOE UIFS +VOF BOE (VFTU DPBDI $ISJT 4BOUBDSPDF XJMM BT NBMJOH JOTUSVDUJPO "JSQPSU USBJO TUBUJPO QJDL VQ MPEHJOH SFUSJFWBM MPDBM TJTU 1FBL UP 1FBL JO UIFTF UXP EBZ 9$ DPVSTFT 5BLF POF PS NPSF MJBCJMJUZ JOTVSBODF BMM JODMVEFE $POUBDU %BOJFM 7BO 4DIPPOFWFME DPVSTFT 5XP IZESBVMJD QBZPVU UPX SJHT XJMM CF BWBJMBCMF GPS UIF XFFL PS n ZGSBODF !ZBIPP DPN JG OFFEFE "VHVTU 8PNFO XJUI 8JOHT *** GPS JOUFSNFEJBUF UP +VOF %PO 1FESP -BLF OFBS .PEFTUP $BMJGPSOJB 0WFS XBUFS BEWBODFE XPNFO QJMPUT DPOUJOVJOH UIFJS TLJMM EFWFMPQNFOU 5IF NBOFVWFST DMJOJD XJUI &OMFBV BOE "OO 0 $POOPS BOE 'MZ "CPWF "MM 1BSB DPVSTF NBZ JODMVEF UPXJOH PWFS MBOE PS XBUFS BT QBSU PG UIF HMJEJOH 1SF SFTFSWBUJPO SFRVJSFE DMBTT XJMM m MM RVJDLMZ $POUBDU -FF "OOF TLJMM EFWFMPQNFOU PG UIF GFNBMF QJMPU 5IF DPVSTF XJMM CF IFME UP FOSPMM OPX *OGP!n ZBCPWFBMM DPN PS SFHJTUFS POMJOF OFBS #PVMEFS $PMPSBEP $POUBDU ,BZ 5BVTDIFS BU IUUQ n ZBCPWFBMM DPN NBOFVWFST IUN LBZ!QFBLUPQFBLQBSBHMJEJOH DPN +VOF $PXCPZ 6Q 9$!4UBHF 4UPQ $PXCPZ 6Q )BOH "VHVTU 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN (MJEJOH PG +BDLTPO )PMF 8ZPNJOH JO DPOKVODUJPO XJUI UISFF UJNF BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBMJm FE OBUJPOBM DIBNQJPO 1BSJT 8JMMJBNT JOWJUFT ZPV GPS GPVS EBZT PG 9$ n JHIU QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH USBJOJOH HFBSFE GPS QJMPUT XJUI MJNJUFE UP OP 9$ FYQFSJFODF (SPVOE TDIPPM 4VO4QPSUT1(!BPM DPN TFTTJPOT FBDI NPSOJOH BOE QSBDUJDBM TFTTJPOT JO UIF BGUFSOPPO *O n JHIU EJSFDU SBEJP DPOUBDU XJUI 1BSJT "FSPUPXJOH JT QSJNBSZ MBVODI NFUIPE 4FQUFNCFS 4OPXCJSE QBSBHMJEFS 9$ SFDPSE BUUFNQU OP DIBSHF $MBTT TJ[F JT MJNJUFE 'PS NPSF JOGPSNBUJPO DBMM $PXCPZ 6Q )BOH (MJEJOH QMFBTF SFHJTUFS CFGPSF DPNJOH .PSF JOGPSNBUJPO BU XXX UXPDBOn Z DPN PS WJTJU XXX DVIBOHHMJEJOH DPN +VOF 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN
BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBMJm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN
4FQUFNCFS 1BSBHMJEFS UIFSNBM DMJOJD XJUI ,FO )VEPOKPS HFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN
+VOF &OEBOHFSFE 4QFDJFT $MJOJD 5BOEFN GPPU MBVODIFE IBOH
HMJEJOH XJUI 4UFWF 4UBDLBCMF BOE "MBO $IVDVMBUF 4BO %JFHP $BMJGPS OJB 5 5 BOE 5 4BWF CZ QSF SFHJTUFSJOH CZ +VOF UI &NBJM "MBO$!4BO 33 DPN PS DBMM 4UBDL BU PS "MBO BU +VMZ $PXCPZ 6Q 1POZ &YQSFTT 9$ o "EWBODFE $PXCPZ 6Q
)BOH (MJEJOH PG +BDLTPO )PMF 8ZPNJOH JO DPOKVODUJPO XJUI UISFF UJNF OBUJPOBM DIBNQJPO 1BSJT 8JMMJBNT XJMM CF IPMEJOH BO BEWBODFE 9$ BOE DPNQFUJUJPO USBJOJOH 5IJT USBJOJOH XJMM CF JO UIF GPSN PG B GVO CVU DIBMMFOHJOH m WF EBZ 9$ NFFU (SPVOE TDIPPMT XJMM CF IFME FWFSZ NPSO JOH GPDVTJOH PO UPQJDT TVDI BT FRVJQNFOU BOE UVOJOH VTJOH B (14 BOE HFUUJOH UIF NPTU PVU PG ZPVS WBSJP UIFSNBMJOH TLJMMT UBTL TUSBUFHJFT SBDJOH TUSBUFHJFT TQFFE UP n Z UIFPSZ NBYJNJ[JOH m OBM HMJEF BOE PUIFS BTQFDUT PG DPNQFUJUJPO n ZJOH 5BTL CSJFm OH BOE EFCSJFm OH DMBTTFT IFME EBJMZ 5IF USBJOJOH XJMM CF IFME UISFF IPVST OPSUI PG +BDLTPO )PMF BU B MPDBUJPO JO .POUBOB %JSFDU JO n JHIU SBEJP DPNNVOJDBUJPO XJUI 1BS JT "FSPUPXJOH JT QSJNBSZ MBVODI NFUIPE $MBTT TJ[F JT MJNJUFE 'PS NPSF JOGPSNBUJPO DBMM $PXCPZ 6Q )BOH (MJEJOH WJTJU XXX DVIBOHHMJEJOH DPN PS +VMZ 8PNFO XJUI 8JOHT ** GPS OFX XPNFO QJMPUT PS
UIPTF DPOUJOVJOH UIFJS TLJMM EFWFMPQNFOU 5IF DPVSTF NBZ JODMVEF 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 +VMZ 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN
BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBMJm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4FQU 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBMJm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN 0DUPCFS 1BSBHMJEFS NPVOUBJO n ZJOH DMJOJD XJUI ,FO )VEPOKPS
HFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN
UP KPJO PUIFST PG MJLF NJOET GPS UIJT FYUSBPSEJOBSZ DPTNPMPHJDBM FWFOU &YQFSJFODF UIF OVNFSPVT IJTUPSJDBM DVMUVSBM SFDSFBUJPOBM BOE n ZJOH TJUFT BMPOH UIF 5VSLJTI .FEJUFSSBOFBO DPBTU DVMNJOBUJOH JO XJUOFTTJOH B UPUBM TPMBS FDMJQTF *G ZPV IBWF OFWFS CFFO UP TVDI BO FWFOU XPSET BOE QJDUVSFT EP OPU CFHJO UP EFTDSJCF JU $POUBDU $PMJO 1FSSZ (PPE-PPLJOH3JDI(VZ!IPUNBJM DPN
0DUPCFS 1BSBHMJEFS JOTUSVDUPS USBJOJOH XJUI ,FO )VEPOKPS
HFOTFO 0DUPCFS *OTUSVDUPS 3FDFSUJm DBUJPO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN 0DU 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN
BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBMJm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN 0DUPCFS 1BSBHMJEFS UBOEFN 5 BOE 5 DMJOJD XJUI
,FO )VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN %FDFNCFS 4PVUIFSO $BMJGPSOJB QBSBHMJEFS USJQ XJUI ,FO )VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN +BOVBSZ 7BMMF EF #SBWP QBSBHMJEFS USJQ XJUI ,FO
)VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN .BSDI 0, UIJT JT B CJU FBSMZ CVU BEWFOUVSFT MJLF
*/%&9 50 "%7&35*4&34 "OHMF PG "UUBDL %BO +PIOTPO 'MZUFD 64" (SFH (MPWFS )BMM #SPUIFST )JHI &OFSHZ 4QPSUT +VTU 'MZ .PZFT 0$0//03 'MJHIU 4DIPPM 0;0/& 1FBL 5P 1FBL 1SP %FTJHO 1BUBHPOJB 1BSBHMJEJOH 3BTF *OD
4QPSU "WJBUJPO 1VCMJDBUJPOT 5BJUVOH "FSPTQPSUT 5IFSNBM 5SBDLFS 1BSBHMJEJOH 5PSSFZ 1JOFT 5PUBMMZ "XFTPNF 'MZJOH 4QPSUT 5SBWFSTF $JUZ )( 1( 64)( 'PVOEBUJPO 64)(" 3FOFX 8JMMT 8JOH
."3,&5 1-"$& $MPVE 4PBSJOH $FOUFS $SJUUFS .PVOUBJO 8BSF 'MJHIU $POOFDUJPOT
'MZUFD 64" +VTU 'MZ ,JUUZ )BXL ,JUFT 0; 3FQPSU 64)(" 9$ 'MJHIU "XBSE
1IPUP %JDL +BDLTPO
UIJT SFRVJSF TPNF BEWBODF QMBOOJOH 5PUBM 4PMBS &DMJQTF n Z JO 5VSLFZ -FJTVSF$MBTT 'MZJOH 5PVST JOWJUFT BEWFOUVSPVT BOE TFMG TVGm DJFOU QJMPUT
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
888 1"3"(-*%&34 $0.
5)&3."- /6$-&"3 %&5&$5*0/
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
)"/( (-*%*/( "%7*403: 6 TFE IBOH HMJEFST TIPVME )"3/&44&4 BMXBZT CF EJTBTTFNCMFE CFGPSF n ZJOH GPS UIF m STU UJNF BOE JOTQFDUFE DBSFGVMMZ GPS GBUJHVFE CFOU PS EFOUFE EPXO )"3/&44&4 o w w $PDPPOT VQ )JHI UVCFT SVJOFE CVTIJOHT CFOU CPMUT FTQFDJBMMZ UIF IFBSU &OFSHZ $PDPPOT VQ 1PET VQ *OWFOUPSZ CPMU SF VTFE /ZMPD OVUT MPPTF UIJNCMFT GSBZFE PS SVTUFE TFMFDUJPO DIBOHFT DPOTUBOUMZ 4PNF USBEFT BDDFQUFE DBCMFT UBOHT XJUI OPO DJSDVMBS IPMFT BOE PO n FY XJOHT JOGP!IBOHHMJEJOH DPN X XX IBOHHMJEJOH TBJMT CBEMZ UPSO PS UPSO MPPTF GSPN UIFJS BODIPS QPJOUT GSPOU DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT BOE CBDL PO UIF LFFM BOE MFBEJOH FEHFT )*() &/&3(: 10% )"3/&44 SFTFSWF w o w 1"3"(-*%*/( "%7*403: 6TFE QBSBHMJEFST TIPVME CMBDL SFE HPPE DPOEJUJPO *- BMXBZT CF UIPSPVHIMZ JOTQFDUFE CFGPSF n ZJOH GPS UIF m STU UJNF "OOVBM JOTQFDUJPOT PO QBSBHMJEFST TIPVME JODMVEF TBJMDMPUI TUSFOHUI UFTUT 4JNQMZ 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
.0:&4 $0/5063 )"3/&44 o 'JUT w UP w JODMVEFT OFX QBSBDIVUF ESPHVF DIVUF EBOBSNTUSP!BPM DPN $BMJGPSOJB
'"-$0/ o # MVF HSFFO HSFBU DPOEJUJPO XIFFMT '"-$0/4 $-&"3"/$& 4"-& o 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 o TR GU 9$ XPSME SFDPSE IPMEFS .ZMBS TBJM HSFBU DPOEJUJPO PSBOHF CMVF -B.06&55& o HPPE DPOEJUJPO OFWFS DSBTIFE -PX ESBH XIFFMT OFX EPXOUVCFT BOE TJEFXJSFT /FX DBSSZJOH CBH TQBSF QBSUT 0#0 *- 6-53"41035 o (PPE TIBQF n JFT QFSGFDU FYUSB EPXOUVCF XIFFMT $PMPSBEP OIFXJUU!VTB OFU 6-53"41035 o 1 SBDUJDBMMZ CSBOE OFX MPX IPVST SFE ZFMMPX VOEFS XIJUF HPME n BLF -& SMFUU!SPCFSUMFUU DPN 8*--4 8*/( '"-$0/ o )BSOFTT IFMNFU CPVHIU OFX JO 3FE HSBZ FYDFMMFOU DPOEJUJPO IPVST BJS UJNF 1SFGFS TFMMJOH UPHFUIFS DPOTJEFS TFQBSBUF GPS BMM 0#0 (MFOO HMFOO!UWTD BSPT OFU
&.&3(&/$: 1"3"$)65&4 */41&$5&% 3&4&37&4 o 'PS )( PS 1( VQ 6TFE 2VBOUVN BMM TJ[FT VQ 4PNF USBEFT BDDFQUFE JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT
"*3+6/,*&4 1"3"(-*%*/( o :FBS SPVOE FYDFMMFOU JOTUSVDUJPO 4PVUIFSO $BMJGPSOJB #BKB 1PXFSFE QBSBHMJEJOH DMJOJDT UPVST UBOEFN UPXJOH ,FO #BJFS BJSKVOLJFT!TCDHMPCBM OFU BJSKVOLJFT DPN %3&". 8&"7&3 )"/( (-*%*/( o $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
'-: "#07& "-- o :FBS SPVOE JOTUSVDUJPO JO CFBVUJGVM )"3/&44 o 5FOBY .3 -PX )PVST FYDFMMFOU DPOEJ 4BOUB #BSCBSB 64)(" /PWJDF UISPVHI "EWBODFE DFS UJPO 'JUT B QJMPU w UP w m SN /P QBSBDIVUF UJm DBUJPO 5IFSNBMJOH UP DPNQFUJUJPO USBJOJOH 7JTJU XXX $POUBDU ,VSU +PIOTPO 4BO %JFHP n ZBCPWFBMM DPN
1"3"(-*%&34 "%7"/$& &14*-0/ o "EWBODF 0NFHB EFNP (JO #PMFSP . 0[POF 7JCF 4 &EFM $POUSPM . IUUQ XXX CVZPOMJOF CMPHTQPU DPN
'-&9 8*/(4 &7&/ 61 53"%&4 o -PPLJOH UP NPWF VQ GSPN ZPVS CF HJOOFS PS OPWJDF HMJEFS CVU DBO U QVU VQ DBTI JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT
$"-*'03/*"
108&3&% 1"3"(-*%&34 "*3410354 64" XXX n ZGPSGVO OFU
o
X XX QPXFSQBSBHMJEFS DPN
3*(*% 8*/(4 .*44*0/ 40"3*/( $&/5&3 o %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" o 8 88 '-:'03'6/ /&5 o 888 108&3 1"3"$)65& $0. %3"(0/'-: "&3056(4 o '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 $04.04 4".#" 53*,& o 5 SJLF XJUI UPQMFTT XJOH -JLF OFX -&"3/ 50 '-: " 53*,& %7% o -FBSO XIBU JU UBLFT UP n Z B USJLF BOE HFU ZPVS USJLF QJMPU DFSUJm DBUJPO 1BVM )BNJMUPO /"'* &"" 6'* & "4$ 646" "'* NJOVUFT TIJQQJOH $BMM XXX "1 4UPSF DPN 4"#3& 53*,& 4 XJOH 3PUBY EVBM DBSC UBDI FHU NQI VMUSB QSPQ JO CMBEF OE DIBODF MC CBMMJTUJD DIVUF
4$)00-4 %&"-&34 "-"#"." -00,065 .06/5"*/ '-*()5 1"3, o 5IF CFTU GBDJMJUJFT MBSHFTU JOWFOUPSZ DBNQJOH TXJNNJOH WPMMFZ CBMM NPSF 8JEF SBOHF PG BDDPNNPEBUJPOT IBOHMJEF DPN IBOHMJEF IBOHMJEF DPN
&"(-& 1"3"(-*%*/( o 4 "/5" #"3#"3" PGGFST UIF CFTU ZFBS SPVOE n ZJOH JO UIF OBUJPO "XBSE XJOOJOH JOTUSVDUJPO FYDFMMFOU NPVOUBJO BOE SJEHF TJUFT XXX 'MZ4BOUB#BSCBSB DPN 5)& )"/( (-*%*/( $&/5&3 o 10 #PY 4BO %JFHP $" .*44*0/ 40"3*/( $&/5&3 o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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 o $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 1BSBU FDI BOE *OEFQFOEFODF HMJEFST 8F BMTP DBSSZ "VTUSJ"MQJO $FOUFS PG (SBWJUZ $SJTQJ BOE 4VQ "JS $IFDL VT PVU PO MJOF 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 o %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
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
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
"HFT UP IBWF MFBSOFE UP n Z IFSF /P POF DPNFT 3BDF 5SBDL 3E 3JEHFMZ .% DMPTF UP PVS MFWFM PG FYQFSJFODF BOE TVDDFTT XJUI UBOEFN XXX BFSPTQPSUT OFU IBOHHMJEF!BFSPTQPSUT OFU BFSPUPX JOTUSVDUJPO " HSFBU TDFOF GPS GBNJMZ BOE GSJFOET NPUFMT SFTUBVSBOUT XJUIJO NJOVUFT $BNQJOH IPU .*$)*("/ TIPXFST TIBEF USFFT TBMFT TUPSBHF SBUJOHT 9$ SFUSJFW BMT HSFBU XFBUIFS DMJNCJOH XBMM USBNQPMJOF %44 57 QJOH $-06% 41035 "7*"5*0/ o " FSPUPX TQFDJBMJTUT QPOH QJDOJD UBCMFT TXJNNJOH QPPM FUD 'MJHIUT PG PWFS 8F DBSSZ BMM NBKPS CSBOE IBOH HMJEFST BOE BDDFTTPSJFT $0-03"%0 NJMFT BOE NPSF UIBO IPVST "SUJDMFT JO )BOH (MJEJOH $MPVE 'JFME $PPO -BLF 3PBE 8FTU 8FCCFS "*35*.& "#07& )"/( (-*%*/( o 'VMM UJNF ,JUQMBOFT 4LZXJOHT $SPTT $PVOUSZ BOE PUIFST 'FBUVSFE WJMMF .* $MPVE TB!BPM DPN IUUQ NFNCFST BPM MFTTPOT TBMFT TFSWJDF $PMPSBEP T NPTU FYQFSJFODFE 8JMMT PO OVNFSPVT 57 TIPXT JODMVEJOH %BUFMJOF /#$ 5IF %JT DPN DMPVE TB $BMM GPS TQSJOH UBOEFN MFTTPOT BOE n ZJOH 8JOH .PZFT "MUBJS "FSPT "JSXBWF )JHI &OFSHZ #BMM DPWFSZ $IBOOFM &41/ 7JTJU VT PO UIF 8FC IUUQ XXX BQQPJOUNFOUT XJUI UIF %SBBDIFO'MJFHFO 4PBSJOH $MVC 'MZUFD .PUP$PNN BOE NVDI NPSF $BMM XBMMBCZ DPN 1MFBTF DBMM VT GPS SFGFSFODFT BOE WJEFP BU $MPVE 'JFME %'4$JOD!BPM &WFSHSFFO $PMPSBEP "JSUJNF)(!BPM DPN %FBO 4UJMM 3PBE %JTOFZ "SFB '- DPN IUUQ NFNCFST BPM DPN EGTDJOD (6//*40/ (-*%&34 o 4 FSWJOH UIF XFTUFSO TMPQF QIPOF GBY n Z!XBMMBCZ DPN 8"--"#: 53"7&34& $*5: )"/( (-*%&34 1"3"(-*%&34 o 1VU *OTUSVDUJPO TBMFT TFSWJDF TFXJOH BDDFTTPSJFT 4JUF $POTFSWBUJWF SFMJBCMF TUBUF PG UIF BSU ' ) ( */$ n ZJOH ZPVS LOFFT JO PVS CSFF[F BOE TPBS PVS TBOE EVOFT JOGPSNBUJPO SBUJOHT $PVOUZ 3PBE (VOOJTPO $0 'MPSJEB TJODF 'VMM UJNF TIPQ $FSUJm FE JOTUSVDUJPO CFHJOOFS UP BE WBODFE 4BMFT TFSWJDF BDDFTTPSJFT GPS "-- NBKPS CSBOET (&03(*" 7JTB .BTUFS$BSE & UI 5SBWFSTF $JUZ .* 1&", 50 1&", 1"3"(-*%*/( --$ o /FX QBSBHMJE 0GGFSJOH QPXFSFE QBSBHMJEJOH $BMM #JMM BU JOH TDIPPM JO #PVMEFS 0GGFSJOH FYDFMMFOU TUBUF PG UIF BSU -00,065 .06/5"*/ '-*()5 1"3, o %JTDPWFS XIZ UDIBOHHMJEFS!DIBSUFSNJ OFU :PVS 64" $BOBEB .PT UJNFT BT NBOZ QJMPUT FBSO UIFJS XJOHT BU -.'1 8F XSPUF JOTUSVDUJPO &RVJQNFOU UBOEFNT ,BZ!QFBLUPQFBLQBSB 64)(" T PGm DJBM USBJOJOH NBOVBM IBOHMJEF DPN IBO RVJUP EJTUSJCVUPS XXX NPTRVJUPBNFSJDB DPN HMJEJOH DPN XXX QFBLUPQFBLQBSBHMJEJOH DPN HMJEF 46..*5 1"3"(-*%*/( 4$)00- o "U $PQQFS .PVO /&7"%" UBJO 3FTPSU :PV SF B 1 OPX XIBU .PVOUBJO UIFS )"8"** )".*-50/ '-*()5 53"*/*/( 4:45&. o ' PS 5SJLF NBM n ZJOH DMJOJDT -BVODI JT BU 64" JNQPSU 6MUSBMJHIU 4QPSU 1JMPUT 1BVM )BNJMUPO /"'* &"" FS GPS 8JOHT PG $IBOHF 1BSBHMJEFST '-: )"8"** o ) BXBJJ T IBOH HMJEJOH QBSBHMJEJOH JOGP!TVNNJUQBSBHMJEJOH OFU XXX TVNNJUQBSBHMJEJOH OFU QBSBNPUPSJOH TDIPPM .BVOB ,FB HVJEF TFSWJDF #JH *TMBOE 6'* & "4$ 646" "'* $BMM XXX 4QPSU 1JMPU 5SBJOJOH DPN )BXBJJ "DIJN )BHFNBOO XXX BJSDPUFD OFU n ZIBXBJJ IUN n ZBHMJEFS!ZBIPP DPN '-03*%" '-03*%" 3*%(& "&30508 1"3, o & 4UBUF 3PBE $MFXJTUPO 'MPSJEB XXX UIFn PSJEBSJEHF DPN (3":#*3% "*3410354 o 1BSBHMJEFS 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, o /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 $P DPOVU (SPWF 'MPSJEB XXX NJBNJIBOHHMJEJOH DPN 5)& #&45 "&30508 */4536$5*0/ "7"*-"#-& o 5IF POMZ 6 4 IBOH HMJEJOH TDIPPM XJUI UXP OBUJPOBM DIBNQJPO JOTUSVDUPST 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 0S MBOEP BUUSBDUJPOT -FBSO GSPN UIF CFTU BU 2VFTU XXX RVFTUBJSGPSDF DPN &NBJM RVFTUBJS!NQJOFU DPN (SPWFMBOE '- 8"--"#: "&30508 '-*()5 1"3, o 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
130'-:()5 1"3"(-*%*/( o $BMM %FYUFS GPS GSJFOE MZ JOGPSNBUJPO BCPVU n ZJOH PO .BVJ 'VMM TFSWJDF TDIPPM PGGFSJOH CFHJOOFS UP BEWBODFE JOTUSVDUJPO FWFSZ EBZ ZFBS SPVOE QBSBHMJEFIBXBJJ DPN
*%")0 ,*/( .06/5"*/ (-*%&34 o "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 o 1 BSBHMJEJOH BOE IBOH HMJEJOH JOTUSVDUJPO RVBMJUZ FRVJQNFOU TBMFT &YUFOEFE USBJOJOH UPVS QBDLBHFT XJUI MPEHJOH BWBJMBCMF XXX EPXOFBTUBJSTQPSUT DPN JO@B@DMPVE!IPUNBJM DPN .BSD
."3:-"/% )*()-"/% "&30410354 o # 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 %$ 1IJMBEFM QIJB $PNF 'MZ XJUI 64 'BY
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
/&8 :03,
""" & 7*--& 065'*55&34 o .PVOUBJO 8JOHT )BOH (MJEFST BOE 1BSBHMJEFST /FX MBSHFS MPDBUJPO 7JSUVBM SFBM JUZ TJNVMBUPS 1SPTIPQ TIPX SPPN NUOXJOHT!IWD SS DPN XXX NUOXJOHT DPN -JCFSUZ 4U &MMFO WJMMF /: 'PSNFSMZ &BTUDPBTU 1BSBHMJEJOH "*3410354 64" XXX n ZGPSGVO OFU
o
X XX QPXFSQBSBHMJEFS DPN
'-: )*() */$ o 4 FSWJOH /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/ o USBJOJOH IJMM XJUI SJEFT VQ SJEHF o MBSHF -; 4QF DJBMJ[JOH JO m STU NPVOUBJO n JHIUT %BO (VJEP 4IPF NBLFS 3PBE .PIBXL /: EHVJEP!EGBNJML DPN
/035) $"30-*/" ,*55: )"8, ,*5&4 o ' 3&& )BOH USBJOJOH XJUI QVS DIBTF PG FRVJQNFOU 5IF MBSHFTU IBOH HMJEJOH TDIPPM JO UIF XPSME 5FBDIJOH TJODF -FBSO UP n Z PWFS UIF &BTU $PBTU T MBSHFTU TBOE EVOF :FBS SPVOE JOTUSVDUJPO GPPU MBVODI BOE UBOEFN BFSPUPX %FBMFS GPS BMM NBKPS NBOVGBD UVSFST 6MUSBMJHIU JOTUSVDUJPO BOE UPVST '-: 5)*4 XXX LJUUZIBXL DPN
16&350 3*$0
OFU 'SFFn JHIU"WJBUJPOT DPN
'-: 16&350 3*$0 8*5) 5&". 41*3*5 )( o 'MZJOH UPVST SFOUBMT UBOEFNT )( BOE 1( DMBTTFT ) BOE 1 JOUFOTJWF /PWJDF DPVSTFT GVMM TBMFT UTIH!DPRVJ OFU
3"7&/ )"/( (-*%*/( */$ o /PX CPPLJOH SFTFSWB UJPOT GPS USBJOJOH IJMM BOE UBOEFN BFSPUPX MFTTPOT BU UXP MPDBUJPOT XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT
5&//&44&&
*/5&3/"5*0/"-
-00,065 .06/5"*/ '-*()5 1"3, o +VTU PVUTJEF $IBUUBOPPHB #FDPNF B DPNQMFUF QJMPU GPPU MBVODI BFSPUPX NPVOUBJO MBVODI SJEHF TPBS UIFSNBM TPBS IBOHMJEF DPN IBOHMJEF
'-:.&9*$0 o 7BMMF EF #SBWP BOE CFZPOE XXX n ZNFY JDP DPN 8JOUFS JO BOE PVU PO 4VOEBZ 1( )( %JTDPVOUT GPS SFUVSOJOH DMJFOUT PUIFS EJTDPVOUT BWBJMBCMF 1( )( X HMJEFS JODMVE FE -PEHJOH BU B (SBOE )PUFM PS IPVTFT HP n ZJOH FWFSZ TUJOLJO EBZ
5 " . 410354 o 5BOEFNT 4BJM SFQBJS o $PNF n Z GSPN UIF XPSME GBNPVT SBEJBM SBNQ XXX IBOHHMJEFUFOOFTTFF DPN XXX USFFUPQQFST PSH
5&9"4 "645*/ "*3 410354 o ) BOH HMJEJOH BOE VMUSB MJHIU TBMFT TFSWJDF BOE JOTUSVDUJPO 4UFWF #VSOT TCVSOT!BVTUJOBJSTQPSUT DPN 'SFE #VSOT BVTUJOBJS!BPM DPN 888 "645*/"*3410354 $0. (0 )"/( (-*%*/( o +FGG )VOU "VTUJO QI GBY KFGG!n ZUFYBT DPN XXX n ZUFYBT DPN 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(*/*"
1"354 "$$&4403*&4 #*( &"34 155 o *ODMVEFT TQFBLFS BOE NJDSP QIPOF SBEJP DPOOFDUJPO TFBMFE m OHFS TXJUDI $IPPTF UIF GVMM GBDF PS UIF PQFO GBDF NPEFM XXX CJHFBSTQUU DPN $-05)*/( o &NCSPJEFSFE BOE TDSFFO QSJOUFE TIJSUT BOE IBUT XJUI TIBSQ IBOH HMJEFS BSUXPSL 3BWFO 8JMMT 555 BOE PUIFS CSBOET XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT '03 "-- :063 '-:*/( /&&%4 o $IFDL PVU UIF "WJB UJPO %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 QBSBHMJEJOH VOJUT XJUI USBJOJOH GSPN )JMM $PVOUSZ 1BSBHMJEJOH *OD XXX IJMMDPVOUSZQBSBHMJEJOH DPN GPS PSEFST POMZ 0Gm DF (-*%&3#"(4 o 9$ )FBWZ XBUFSQSPPG "DDFT TPSJFT MPX QSJDFT GBTU EFMJWFSZ (VOOJTPO (MJEFST $PVOUZ 3PBE (VOOJTPO $0 PSEFST
#-6& 4,: o 'VMM UJNF JOTUSVDUJPO BU #MVF 4LZ 'MJHIU 1BSL OFBS 3JDINPOE 4DPPUFS QMBUGPSN BOE BFSPUPXJOH . & 7"3*0 o (PPE DPOEJUJPO EBOBSNTUSP!BPM BWBJMBCMF "MM NBKPS CSBOET PG FRVJQNFOU XJUI .PTRVJUPT DPN $BMJGPSOJB BOE %PPEMFCVHT JO TUPDL 4UFWF 8FOEU .*/* 7"3*0 o 8PSME T TNBMMFTU TJNQMFTU WBSJP $MJQT UP XXX CMVFTLZIH DPN IFMNFU PS DIJOTUSBQ IPVST PO CBUUFSJFT GU 4*-7&3 8*/(4 */$ o $ FSUJm FE JOTUSVDUJPO BOE GBTU SFTQPOTF BOE ZFBS XBSSBOUZ 0/-: .BMMFUUFD FRVJQNFOU TBMFT "SMJOHUPO 7" 10 #PY 4BOUB "OB $" TJMWFSXJOHTIBOHHMJEJOH DPN .$ 7JTB BDDFQUFE XXX NBMMFUUFD DPN
8"4)*/(50/ "&3*"- 1"3"(-*%*/( 4$)00- "/% '-*()5 1"3, "XBSE XJOOJOH JOTUSVDUPST BU B XPSME DMBTT USBJOJOH GBDJMJUZ $POUBDU %PVH 4USPPQ BU PS WJTJU XXX QBSBHMJEJOH VT
8*4$0/4*/ '3&&'-*()5 "7*"5*0/4 o 5IF .JEXFTU T MBSHFTU IBOH HMJEJOH TDIPPM 6TJOH CPUI BFSUPX UBOEFN BOE PO TJUF USBJOJOH IJMM EBZT B XFFL "QSJM UISPVHI /PWFNCFS 'PS UIF USBWFMJOH IBOH HMJEFS QJMPU SFOUBM FRVJQNFOU JT BWBJM BCMF 8IJUFXBUFS 8JTDPOTJO IPNF PG UIF 8IJUFXBUFS )BOH (MJEJOH $MVC 'SFFn JHIU!DIBSUFS
/&8 %30(6& $)65& o /FX )PU 8IFFMT 3*4*/( "*3 (-*%&3 3&1"*3 4&37*$&4 o " GVMM TFS WJDF TIPQ TQFDJBMJ[JOH JO BMM UZQFT PG QBSBHMJEJOH SFQBJST BOOVBM JOTQFDUJPOT SFTFSWF SFQBDLT IBSOFTT SFQBJST )BOH HMJEJOH SFTFSWF SFQBDLT BOE SFQBJS 'PS JOGPSNB UJPO PS SFQBJS FTUJNBUF DBMM QSJDJOH BOE TFSWJDF SFRVFTU GPSN BWBJMBCMF BU XXX SJTJOHBJS CJ[ CJMMB!BUDOFU OFU
8)&&-4 '03 "*3'0*- #"4&56#&4 o 8 )004) 8IFFMT 1BUFOU 1FOEJOH .PZFT "JSCPSOF 8JMMT 8JOH DPNQBUJCMF %FBMFS JORVJSJFT JOWJUFE XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT 8*/%40,4 '30. )"8, "*3410354 */$ o $PSCJO -BLF 3E 3VUMFEHF 5/ 8PSME GB NPVT 8JOETPLT BT TFFO BU UIF 0TILPTI 4VO / 'VO &"" 'MZ *OT )BXL!XJOETPL DPN XXX XJOETPL DPN
16#-*$"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 DPOTJEFSFE UP CF i5IF 'BUIFS PG (MJEJOH 'MJHIU w -JMJFOUIBM T EFm OJUJWF CPPL IBT CFFO PVU PG QSJOU GPS BMNPTU B DFOUV SZ CVU JT OPX BWBJMBCMF UP FWFSZPOF GPS B XPOEFSGVM BOE BCTPSCJOH KPVSOFZ JOUP BWJBUJPO IJTUPSZ QBHFT QIPUPHSBQIT ESBXJOHT BOE HSBQIT T I $BMM 64)(" PS PSEFS PGG PVS 8FC TJUF XXX VTIHB PSH '-: 5)& 8*/( )PPLJOH *OUP )BOH (MJEJOH o #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 $PWFST BMM BTQFDUT PG TPBSJOH n JHIU 'VMM NFNCFSTIJQ 44" 10 #PY )PCCT /. TTB PSH
508*/( 53"*-&3 .06/5&% 8*/$) o 1BZ JO QBZ PVU XJODI X MFWFM XJOEVQ ESVN 1VMMFZ QSPWJEFE GPS USBJOJOH NBY MJOF DBQBDJUZ TQFDUSB IQ )POEB JOEVTUSJBM FO HJOF DFOUSJGVHBM DMVUDI 0#0 +SBW !ZBIPP DPN
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 QJ MPUT XFFLT KVOHMF OP SVMFT " USJP PG DPNQFUJUJPO IBOH HMJEFS BOE QBSBHMJEFS QJMPUT EJTDPWFS UIF USVF NFBO JOH PG iQVSB WJEBw BT UIFZ FOKPZ UIF KVOHMFT BOE CFBDIFT PG $PTUB 3JDB )BOH HMJEJOH QBSBHMJEJOH VMUSBMJHIU UPXJOH LJUFCPBSEJOH BOE NPSF "XFTPNF n ZJOH 0SEFS ZPVST BU XXX VTIHB PSH TUPSF
.*4$&--"/&064 5"/%&. -"/%*/( (&"3 o 3BTDBM CSBOE CZ 3B WFO 4JNQMZ UIF CFTU /FX VTFE i"&30#"5*$4w 1045&3 o 'VMM DPMPS wY w QPTUFS XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ GFBUVSJOH +PIO )FJOFZ EPJOH XIBU IF EPFT CFTU -001 TUPSFT FCBZ DPN SBWFO TQPSUT */( 4FF XXX VTIHB PSH VOEFS TUPSF NJTD GPS FYBNQMF "WBJMBCMF UISPVHI 64)(" )2 GPS KVTU +VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
T I 64)(" 10 #PY $PMPSBEP 4QSJOHT $0 64" $BOBEB POMZ 4PSSZ QPTUFST BSF /05 "7"*-"#-& PO JOUFSOBUJPOBM PSEFST 41&$*"- "FSPCBUJDT QPTUFS &SJD 3BZNPOE QPTUFS #05) '03 T I
PS FNBJM UP VTIHB!VTIHB PSH ZPVS DMBTTJm FE XJUI ZPVS 7JTB .$ PS "NFY
%7%4 7*%&04 #00,4 1045&34 o $IFDL PVU PVS 8FC TUPSF BU XXX VTIHB PSH
8*--4 8*/( '"-$0/ o 4UPMFO NJE /PWFNCFS GSPN B m FME JO (0-%&/ $0 -JNF HSFFO MFBEJOH FEHF ZFMMPX BOE XIJUF $POUBDU 5JN & &WBOT 5JNFFWBOT!BPM DPN
)( 53"*-&3 o -JHIUXFJHIU FBTJMZ DBSSJFT )(T JODMVEFT MPDL TUPSBHF CPY TQBSF UJSF EBOBSNTUSP!BPM DPN $BMJGPSOJB 803-%8*%& */5&3/&5 1"3"(-*%*/( 5"-, 4)08 o 8 88 803-%5"-,3"%*0 $0. -JTUFO MJWF PS UP UIF BSDIJWFT -JWF 5VFTEBZ B N 145 $BMM UPMM GSFF PS JOUFSOBUJPOBMMZ BU 1BSBHMJEFS QJMPUT BOE SBEJP IPTUT %BWJE BOE (BCSJFM +FCC XBOU UP IFBS BCPVU ZPVS TUPSJFT QSPNPUJPOT FWFOUT PS JOTJHIU UIFZ BMTP UBLF RVFTUJPOT $-"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 JO TUSVDUJPOT DIBOHFT BEEJUJPOT BOE DBODFMMBUJPOT NVTU CF SFDFJWFE JO XSJUJOH NPOUIT QSFDFEJOH UIF DPWFS EBUF J F .BZ JT UIF EFBEMJOF GPS UIF +VMZ JTTVF 1MFBTF NBLF DIFDLT QBZBCMF UP 64)(" 1 0 #PY $PMPSBEP 4QSJOHT $0 'BY
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 $POUBDU #JMM 4PEFSRVJTU CJMMTPE!F[ OFU 450-&/ 8*/(4 BSF MJTUFE BT B TFSWJDF UP 64)(" NFNCFST /FXFTU FOUSJFT BSF JO CPME 5IFSF JT OP DIBSHF GPS UIJT TFSWJDF BOE MPTU BOE GPVOE XJOHT PS FRVJQNFOU NBZ CF DBMMFE JO UP GBYFE UP PS FNBJMFE UP VTIHB!VTIHB PSH GPS JODMVTJPO JO )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF 1MFBTF DBMM UP DBODFM UIF MJTUJOH XIFO HMJEFST BSF SFDPWFSFE 1FSJPEJDBMMZ UIJT MJTUJOH XJMM CF QVSHFE
+VOF )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
5".1" '-" * IBE UP BENJU * XBT JNQSFTTFE 8IP XPVMEO U CF "GUFS BUUFOEJOH TFWFSBM FWFOUT BU UIF UXP MBSHF 'MPSJEB BJSQBSLT 2VFTU BOE 8BMMBCZ * E TFFO UFBNT PG UP PS NPSF UVHT MBVODI B m FME PG NPSF UIBO DPNQFUJUJPO QJMPUT JO MFTT UIBO POF IPVS ɩ F BDUJPO JT IPU BOE IFBWZ BOE FYDJUJOH BT BMM HFU PVU UP TJNQMZ PCTFSWF *O GBDU UIF QBSUJDJQBOUT EPO U IBWF UIF TBNF QFSTQFDUJWF BT TQFDUBUPST WJFXJOH TVDI B NBTT MBVODI #VU UIPTF FĊ PSUT TFFN UP QBMF XJUI B XIPQQJOH MBVODIFT JO POF EBZ EVSJOH UIF 8JMMT 8JOH %FNP %BZT BU 8BMMBCZ SJHIU CFGPSF UIF 4VO AO 'VO BJSTIPX TUBSUFE JO NJE "QSJM "NB[JOHMZ UIJT XBT BMM EPOF XJUI KVTU GPVS %SBHPOn Z VMUSBMJHIUT 5VH QJMPU /FJM )BSSJT TBJE i8F CSPLF NJOVUFT GPS NJE NPSOJOH CSFBLGBTU BOE BOPUIFS IPVS PS TP GPS MVODI CVU PUIFSXJTF XF XFSF BMM JO PVS <%SBHPOn Z> TFBUT GSPN m STU MJHIU VOUJM EBSL w ɩ BU T B XIPMF MPUUB n JOHJOH IBOH HMJEFST JOUP UIF BJS F SFBTPO * IPQF TPNF PG ZPV XFSF BCMF UP XJUOFTT JU ttt ɩ GPS BMM UIF IVTUMF XBT UIF PDDBTJPO PG 8JMMT 8JOH T BOOVBM %JOOFS %BODF " NBJO BUUSBDUJPO BNPOH UIF HMJEFST 3PC ,FMMT BOE 4UFWF 1FBSTPO CSPVHIU UP UIF 4VOTIJOF 4UBUF XBT UIF 4P$BM DPNQBOZ T OFX 5 JO UXP TJ[FT "CPVU UIFJS OFXFTU DSFBUJPO UIF DPNQBOZ TBZT iɩ F 8JMMT 8JOH 5 JT BO BMM OFX DPNQFUJUJPO DMBTT HMJEFS UIBU XJMM SFQMBDF UIF 5BMPO JO PVS QSPEVDU MJOF ɩ F QMBOGPSN JT TJNJMBS UP UIBU PG UIF 5BMPO CVU WJSUVBMMZ FWFSZUIJOH FMTF IBT DIBOHFE w ɩ F OFX NPEFM T BJSGSBNF XBT DPNQMFUFMZ SFEFTJHOFE UP DVU UIF HMJEFS T XFJHIU BOE ZFU CFFG VQ UIF TQSPH TZTUFN UISPVHI iDPNQFOTBUJOH JOCPBSE TQSPHT w 5 VTFT IFGUZ NN _ ŀ JO GSPOU MFBEJOH FEHFT UIBU UBQFS XJUI iFDDFOUSJD SFEVDUJPOw UP NN BGU 0G QSBDUJDBM JNQPSUBODF UP QJMPUT JT UIF FYQBOEFE SBOHF 7( TZTUFN UIBU SFQPTJUJPOT UIF DSPTTCBS DFOUFS WJB B IBVM CBDL BSSBOHFNFOU SBUIFS UIBO B DBN MFWFS 8JMMT DBMMT 5 T SFEFTJHOFE BJSGPJM iTNPPUIFS DMFBOFSw XJUI SFEVDFE UXJTU BOE B EPVCMF BJSGPJM UIBU FYUFOET OFBSMZ BMM UIF XBZ UP UIF USBJMJOH FEHF " DPNQBSJTPO PG SJCT GSPN 5BMPO BOE 5 TIPXT UIF OFX NPEFM BMTP VTFT B n BUUFS BJSGPJM t 3PC CSPVHIU CPUI 5 TJ[FT UIF BOE UP 8BMMBCZ BOE FYQFDUFE iUP IBWF BCPVU m WF QSF QSPEVDUJPO 5 T n ZJOH JO UIF 2VFTU 'MZUFD DPOUFTU w 'PS FWFSZPOF FMTF 88 TBJE JO NJE "QSJM A i8F FYQFDU UP SFMFBTF UIF 5 TPNFUJNF EVSJOH UIF OFYU TFWFSBM XFFLT XJUI DVTUPNFS HMJEFS EFMJWFSJFT CFHJOOJOH XJUIJO UISFF UP GPVS XFFLT BGUFS SFMFBTF w -PPL POMJOF BU XJMMXJOH DPN UP m OE B MPDBM 8JMMT 8JOH EFBMFS ttt 8JUI UIF 6 4 /BUJPOBMT UIFO JO QMBOOJOH 2VFTU SBO JOUP B QSPCMFN XJUI FMFDUSJDBM DPNQBOZ QPXFS MJOFT 0OMJOF OFXT TPVSDF "W8FC DPN SFQPSUFE i0QFSBUPST PG 2VFTU "JS 4PBSJOH $FOUFS JO (SPWFMBOE 'MB XFSF CPUI TVSQSJTFE BOE BQQBMMFE FBSMJFS UIJT ZFBS XIFO 1SPHSFTT &OFSHZ QVU VQ B GPPU QPXFS QPMF MFTT UIBO GFFU GSPN POF PG (SPWFMBOE "JSQPSU T SVOXBZT "DDPSEJOH UP 2VFTU "JS T -JTB ,BJO BQQBSFOUMZ B MPDBM QPMJUJDJBO UPME UIF DPNQBOZ JU OFFEO U CPUIFS XJUI QVCMJD JOQVU SFHBSEJOH JUT OFX QPXFS MJOF DPOTUSVDUJPO QSPKFDU ,BJO TBJE UIF OFX QPXFS MJOF XBT UFDIOJDBMMZ MFHBM CFDBVTF JU GPMMPXFE '""
SFHVMBUJPOT CVU JU EJEO U UBLF JOUP DPOTJEFSBUJPO UIF UZQF PG PQFSBUJPOT BU (SPWFMBOE ,BJO XBT SFBEZ UP EP CBUUMF CVU GPVOE 1SPHSFTT &OFSHZ TVSQSJTJOHMZ VOEFSTUBOEJOH BOE BDDPNNPEBUJOH ɩ F DPNQBOZ TUPQQFE DPOTUSVDUJPO PG UIF MJOF BGUFS IFBSJOH UIF TBGFUZ DPODFSOT BOE IBT QSPNJTFE UP UBLF EPXO UIF IJHI XJSFT MPXFS UIFN BOE NPWF UIFN GBSUIFS BXBZ GSPN UIF BJSQPSU 5P EP TP UIF DPNQBOZ IBE UP CVZ B QJFDF PG QSPQFSUZ GPS NPSF UIBO TBJE ,BJO w 8IJMF BOZ QPXFS MJOFT QPTF TPNF EBOHFS BU MFBTU UIJT MBSHF FOFSHZ DPNQBOZ XBT XJMMJOH UP MJTUFO UP DPODFSOT PG QJMPUT (PPE GPS 2VFTU BOE -JTB ttt 0OF PG IBOH HMJEJOH T FBSMZ QJPOFFST 3JDIBSE .JMMFS IBT EJFE #JMM -JTDPNC XSPUF UIBU IF IBEO U IFBSE GSPN 3JDIBSE TJODF %FDFNCFS CVU B DBMM UP UIF DPSPOFST Pċ DF DPOm SNFE IJT QBTTJOH i)PX JSPOJD GPS IJN UP JOTQJSF TP NBOZ QFPQMF UP UVSO ESFBNT PG n JHIU JOUP SFBMJUZ BOE UP EJF IPNFMFTT BOE QFOOJMFTT #VU IF EJE DIPPTF UIBU QBUI w XSPUF #JMM 3JDIBSE XBT CPSO JO NBLJOH IJN BU IJT EFBUI MBTU ZFBS )F CFDBNF JOUFSFTUFE JO TPBSJOH BGUFS 8PSME 8BS ** FWFOUVBMMZ CFDPNJOH UIF FEJUPS GPS 44" T 4PBSJOH .BHB[JOF *O IF QVCMJTIFE i8JUIPVU 7JTJCMF .FBOT PG 4VQQPSUw XIJDI JOTQJSFE NBOZ UP DPOTJEFS OFX GPSNT PG n JHIU #JMM DPOUJOVFE i"MUIPVHI OPU UIF m STU UP GPPU MBVODI B 3PHBMMP n FYJCMF XJOH IBOH HMJEFS 3JDIBSE JOn VFODFE NBOZ QFPQMF XJUI IJT JOUFSFTU BOE BDDPNQMJTINFOUT JO MPX TQFFE n JHIU 3JDIBSE JT DPOTJEFSFE CZ NBOZ UP CF UIF A(PEGBUIFS PG IBOH HMJEJOH w *O UIF FBSMZ T .JMMFS CFDBNF JOUFSFTUFE JO &BTUFSO SFMJHJPOT BOE QIJMPTPQIJFT JODPSQPSBUJOH UIFTF QSJODJQBMT JOUP IJT n JHIU ESFBNT WJTJPOT BOE FYQFSJNFOUT 3JDIBSE EJFE IPNFMFTT JO 4BOUB $SV[ $BMJGPSOJB JO +BOVBSZ PG ttt "GUFS NBOZ ZFBST * IBWF TUFQQFE BTJEF BT DIBJS PG UIF 64)(" #PBSE PG %JSFDUPST 1VCMJDBUJPOT DPNNJUUFF 8PSL DPNNJUNFOUT DBVTFE NF UP NJTT TPNF SFDFOU CPBSE NFFUJOHT BOE BOZ DPNNJUUFF OFFET B SFHVMBS MFBEFS "GUFS XF EJTDVTTFE GVUVSF QPTTJCJMJUJFT CSJFn Z 1SFTJEFOU 3BOEZ -FHHFUU BQQPJOUFE 6ST ,FMMFOCFSHFS UP UIF DIBJS *O UIF UJNF * DIBJSFE UIJT DPNNJUUFF NBOZ DIBOHFT PDDVSSFE BOE * E MJLF UP CFMJFWF UIFZ FOIBODFE UIJT PSHBOJ[BUJPO 8F WF TFFO UIF FNFSHFODF PG UIF *OUFSOFU BOE F [JOFT MJLF UIF 0[ 3FQPSU QMVT OVNFSPVT -JTU (SPVQT 64)(" BEBQUFE UP UIFTF DIBOHFT 0VS GPSNFSMZ TFQBSBUF NBHB[JOFT XFSF DPNCJOFE UP POF MBSHFS NPSF DPMPSGVM FEJUJPO DPWFSJOH UIF FOUJSF TQPSU "OE BGUFS ZFBST XF DIBOHFE FEJUPSTyUXJDF %FTQJUF UIFTF NBKPS TIJGUT * WJFX UIF QVCMJDBUJPOT CVTJOFTT PG 64)(" T FOUFSQSJTF BT IFBMUIZ )PXFWFS TPNF UIJOHT EPO U DIBOHF * MM DPOUJOVF UP XSJUF UIJT DPMVNO "T * UPME -FHHFUU * WF CFFO EPJOH JU TP MPOH UIJT JTTVF CFHJOT NZ UI ZFBS UIBU * XPVMEO U LOPX IPX UP BDU JG * EJEO U IBWF UIJT NPOUIMZ EFBEMJOF *G ZPV MM LFFQ SFBEJOH * MM LFFQ XSJUJOH ttt 4P HPU OFXT PS PQJOJPOT 4FOE AFN UP %PSTFU 4U 1BVM ./ .FTTBHFT PS GBY UP &NBJM UP %BO!#Z%BO+PIOTPO DPN 5)"/,4
+VOF )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 diw. 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 ...
Quality Aircraft For Exceptional People
WWW.WILLSWING.COM
WILLS WING, INC. - 500 WEST BWERIDGE AVE, ORANGE CA 92865 USA - PH: 714.998.6359 FAX: 714.998.D647
Soaring Aptitude Test
is to
As other instruments are to:
A.
B.
D.
E.
~
II of the above
. . . . . . . . . . . . . . . . . . . . . . .~FlyTEC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352-429-8600 • 800-662-2449 • W\vw,flytec.com