USHGA Hang Gliding & Paragliding Vol35/Iss8 August 2005

Page 1

7PMVNF *TTVF "VHVTU

" 1VCMJDBUJPO PG UIF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO X X X VTIHB PSH


Light enough for a woman. but made for a man. e line carbon dedl!

Walkerjet RR only 671bs

Second quietest motor at SaltonSea mor than any other unit o he ket

Comfort bar faceplant an harness open dur1 1 making ii the most co~ m""oable unit on earth elow you make fast land s a breeze. provide safety crumple zones and you don't have to sit in the mud to hookin

Travel bags included!!! TutcJllyAwi,so11•·Fty11,u StK>rt~I : .\·:. ·.

WALKERJ~T ·

, • , , · l i:1foJi?w;.1lkP1J"lrri111I ·

,

"


+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 +PO (PMECFSH )JMMFS 5IBZFS )VHIFT 3PC ,FMMT %BO +PIOTPO %FOOJT 1BHFO %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 PS PUIFS 64)(" CVTJOFTT DBMM UP QSPWJEF BO FEVDBUJPOBM GPSVN UP BEWBODF IBOH HMJEJOH PS FNBJM 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

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP ª3FE #VMM

)"/( (-*%*/( 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

"3(&/5*/" "/% $)*-& "/ 6/5"11&% '-:*/( %&45*/"5*0/

64)("

" XPSME USBWFMJOH DPNQ QJMPU EJTDPWFST UIBU B MBJE CBDL BUUJUVEF JT IFS UJDLFU UP TVDDFTT BOE GVO

"JS .BJM 3FBEFST 8SJUF *O

#Z $IFSJF 4JMWFSB

.BTUFS T 5JQ 1JMPU 1SPm MF /FX 3BUJOHT 1VCMJTIFS T $PSOFS )( "DDJEFOU 3FQPSUT 1SPEVDU 3FWJFX 4JUF (VJEF 'SFFn JHIU "WJBUJPOT

3&'-&$5*/( 0/ $)3*4 .6--&3 4 "$$*%&/5 1VTIJOH QFSTPOBM MJNJUT JT XIBU TFQBSBUFT UIF EPFST GSPN UIF ESFBN FST 0OF QJMPU SFn FDUT PO UIF SJTLT BOE SFXBSET PG BUUFNQUJOH UP CFDPNF UIF CFTU UIBU XF DBO CF #Z -VJT 1FSF[

5SBWFM &BUJOH $MPVET $PNQ $PSOFS (BMMFSZ

4065) "'3*$"/ '-:*/( 4"'"3* " 40+063/&3 4 5"-&

$MBTTJm FET

4PVUI "GSJDB NBZ SFDFJWF MJUUMF BUUFO UJPO JO UIF n ZJOH QSFTT CVU JU DBO CPBTU TPNF XPSME DMBTT n ZJOH BMPOH XJUI B DPSOVDPQJB PG FYPUJD BOJNBMT DVMUVSF BOE BEWFOUVSF

1SPEVDU -JOFT #Z %BO +PIOTPO

#Z %FOOJT 1BHFO

$BMFOEBS .BSLFUQMBDF

*OEFY UP "EWFSUJTFST

*/ 26&45 0' 5)& 3*()5 1&341&$5*7& "T FWFOJOH TIBEPXT HSPX MPOH +PIO )FJOFZ TFFT XIBU T PWFS UIF UPQ PG 1BSBEPY $PMPSBEP

/BUJPOBM (FPHSBQIJD QIPUPHSBQIFS (FPSHF 4UFJONFU[ XIP IBT CFFO QIP UPHSBQIJOH UIF XPSME T FYUSFNF EFTFSUT GSPN B QPXFSFE QBSBHMJEFS GPS PWFS B EFDBEF TIBSFT TPNF PG IJT GBWPSJUF QIPUPT BU IJT GBWPSJUF n ZJOH TJUF #Z $ + 4UVSUFWBOU

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


" %3&". $0.& 536& *U XBTO U IJT MPOHFTU PS IJHIFTU PS TDBSJ FTU n JHIU CVU UP UIJT "SNFOJBO CPSO IBOH HMJEFS QJMPU B NPSOJOH TMFEEFS JO :PTFNJUF XBT USVMZ NBHJDBM

1IPUP (FPSHF 4UFJONFU[

#Z 7SF[I 5VNBOZBO

ǾBMMFSZ

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


/BUJPOBM (FPHSBQIJD NBHB[JOF PO NBOZ PDDBTJPOT UP DSFBUF B GFBUVSF GPDVTJOH PO UIF VOJRVF QFSTQFDUJWF XF FOKPZ XIJMF QJMPUJOH B IBOH HMJEFS PS B QBSBHMJEFS &YFDVUJWF EJSFDUPS +BZOF %F1BOm MJT IBE JOJUJBUFE UIF DPOUBDU XJUI (FPSHF CFGPSF * CFDBNF FEJUPS BOE TIF QSPWJEFT TPNF CBDLHSPVOE PO UIF PSJHJOT PG UIJT BSUJDMF JO IFS 1VCMJTIFS T $PMVNO "OE m OBMMZ UIFSF T UIF i/PCPEZ T 1FSGFDUw EF QBSUNFOU *O UIF +VOF JTTVF * NJTUBLFOMZ DSFEJUFE UIF QIPUP PO UIF CPUUPN PG QBHF UP %BSSFO %BSTFZ XIP HSBDJPVTMZ QPJOUFE PVU UIBU JU T OPU IJT BSUXPSL "OEZ 4UPDLFS JT UIF QIPUPHSBQIFS GPS UIBU JNBHF *O UIBU TBNF JTTVF UIF )JHI 3PDL BSUJDMF PO QBHF XBT XSJUUFO CZ -BVSFO 5KBEFO OPU "MMFO 4QBSLT BT JOEJDBUFE *O UIJT JTTVF JU T 3FHJPO QJMPU BOE EJSFDUPS 1BVM 7PJHIU XIP T GBMMFO TIPSU PG QFSGFDUJPO )F TFOU NF B EFTQFSBUF QMFB UP JODMVEF B DBMFOEBS BO OPVODFNFOU PG UIF UI BOOVBM -BCPS %BZ FWFOU BU &MMFOWJMMF /FX :PSL o FYBDUMZ POF NPOUI QBTU UIF FEJUPSJBM EFBEMJOF GPS UIF "VHVTU NBUFSJBM * DBO U BMUFS UIF m OBM MBZPVU PG UIF NBHB[JOF UP BDDPNNP EBUF MBTU NJOVUF SFRVFTUT FWFO GPS TVDI IBMMPXFE FWFOUT BT 4/:)(1" T &MMFOWJMMF 'VO .FFU CVU * DBO EJSFDU ZPV UP 64)(" T 8FC DBMFOEBS PG FWFOUT BU XXX VTIHB PSH DBMFOEFS BTQ #FDBVTF PG QSPEVD UJPO TDIFEVMFT UIF NBHB[JOF SFRVJSFT NBUFSJBM XFMM JO BEWBODF PG QVCMJDBUJPO EBUFT F H +VOF UI GPS UIF "VHVTU NBHB[JOF BT 1BVM EJTDPWFSFE UP IJT EJTNBZ #VU UIF 8FC TJUF DBMFOEBS DBO CF VQEBUFE BMNPTU PO B NPNFOU T OPUJDF $IFDL UIFSF GPS EFUBJMT PO UIF &MMFOWJMMF n Z JO BT XFMM BT GPS JOGPSNBUJPO BCPVU PUIFS "VHVTU BOE 4FQUFNCFS FWFOUT UIBU BSSJWFE UPP MBUF UP NBLF UIJT JTTVF &OKPZ ZPVS MBUF TVNNFS USBWFMT BOE BEWFO UVSFT BOE TFOE NF ZPVS BSUJDMFT BOE QIPUPT BU FEJUPS!VTIHB PSH 'MZ TBGFMZ BOE IBWF GVO

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP (FPSHF 4UFJONFU[

$ + 4UVSUFWBOU

4VNNFS JT JO GVMM TXJOH XJUI BMM PG JUT PQQPSUV OJUJFT GPS USBWFM BOE n ZJOH (FPSHF BOE * IBWF BMXBZT VTFE PVS TVNNFST BT B UJNF UP HFU PVU BOE FYQMPSF n Z OFX TJUFT NFFU OFX QFPQMF 0VS NBHB[JOF T DPO UFOU JOEJDBUFT UIBU NBOZ PG ZPV BMTP SBUF USBWFMJOH UP n Z BT B UPQ JOUFSFTU %FOOJT 1BHFO SFMBUFT UIF BEWFO UVSFT PG IJT CJXJOHVBM HSPVQ JO 4PVUI "GSJDB BOE 7SF[I 5VNBOZBO TIBSFT UIF FNPUJPOBM JNQBDU PG IJT ESFBN DPNF USVF n JHIU JO :PTFNJUF +FUI 3PMMJOT 0EPN XBT MVSFE GSPN UFOEJOH CBS JO $PTUB 3JDB JOUP UIF IBOH HMJEJOH VOEFSHSPVOE TDFOF JO 'MPSJEB BOE IF LOPXT IF MM OFWFS CF UIF TBNF 3FBEJOH UIFTF BD DPVOUT NBLFT NF XBOU UP QBDL NZ HMJEFS BOE IPQ PO B QMBOF UP TPNF FYPUJD EFTUJOBUJPO PS UJF NZ 'BMDPO PO UPQ PG UIF DBS BOE MPBE UIF QBSBHMJEFST BOE DBNQ JOH HFBS JO UIF CBDL BOE ESJWF PĊ EPXO UIF IJHIXBZ ɩ F $BMFOEBS PG &WFOUT JT B HSFBU TUBSUJOH QPJOU GPS QMBOOJOH B n ZJOH WBDBUJPO 4BGF BOE DPNGPSUBCMF n JHIU JT B UPQ QSJPSJUZ GPS BMM PG VT PG DPVSTF BOE BT BMXBZT XF IBWF TFWFSBM BSUJDMFT UP IFMQ ZPV n Z NPSF TBGFMZ BOE DPNGPSUBCMZ 3PC ,FMMT T .BTUFS T 5JQT DPMVNO EFUBJMT IPX UP PCUBJO UIF QFSGFDU IBOH IFJHIU BOE EBOHMF BOHMF GPS NBYJNVN DPNGPSU BOE QFSGPSNBODF JO ZPVS IBOH HMJEFS 4UBĊ XSJUFS ɩ BZFS )VHIFT SFWJFXT B %7% UIBU XIJMF BJNFE BU QBSBHMJEFS QJMPUT DPOTJEFSJOH QPXFS BMTP DPOUBJOT NVDI JOGPSNBUJPO UIBU T SFM FWBOU UP BMM PG VT XIP n Z MPX BOE TMPX -VJT 1FSF[ SFn FDUT PO $ISJT .VMMFS T EFBUI BOE FYQSFTTFT IJT UIPVHIUT PO IPX BDDJEFOUT o FWFO UIPTF JOWPMW JOH QFPQMF XF WF OFWFS NFU o DBO IBWF B QPTJUJWF JNQBDU PO PVS NJOETFU BOE PVS n ZJOH 1BSBHMJEJOH BDDJEFOU SFQPSUFS +PO (PMECFSH )JMMFS TUSFTTFT UIF TBNF UIPVHIU JO IJT SFWJFX PG SFDFOU BDDJEFOUT UIBU PDDVSSFE BU VTFS GSJFOEMZ TJUFT JO TFFNJOHMZ CFOJHO DPOEJUJPOT 4VNNFS NBZ CF IBSE DPSF DPNQ TFBTPO CVU UIF $PNQFUJUJPO $PSOFS UIJT NPOUI JT UPUBMMZ BU UIF PQ QPTJUF FOE PG UIF JOUFOTJUZ TQFDUSVN 3FY 1MBJOT m O JTIFT IJT TBHB PG UIF MPPQZ BOUJDT PG UIF .BTUFST PG 'SFFTUZMF IBOH HMJEFS QJMPUT BOE 5POZ EF (SPPU SF DPVOUT UIF FYDJUFNFOU BOE DBNBSBEFSJF PG UIF IBOH BOE QBSB QJMPUT XIP QBSUJDJQBUFE JO B IJHIMZ VOVTVBM XJOUFS DPNQ JO 4BOUB #BSCBSB &WFO JG ZPV WF BMXBZT IBUFE SFBEJOH BCPVU DPNQFUJUJPOT * VSHF ZPV UP UBLF B QFFL BU UIFTF BSUJDMFT ɩ F ESFBEFE MJTUT PG XIP XFOU IPX GBS PO XIJDI EBZ BSF NPTUMZ DPOm OFE UP UIF TJEFCBST BU UIF FOE UIF NBKPSJUZ PG UIF DPOUFOU JT BCPVU QJMPUT IBWJOH B CMBTU MJUFSBMMZ JO POF DBTF JO UIF BJS BOE BSPVOE UIF DBNQm SF ɩ FSF BSF TP NBOZ USVMZ JOUFSFTUJOH EFEJDBUFE QFPQMF JO PVS TQPSU #JMMZ 7BVHIO T MJHIUIFBSUFE BOE JOTJHIUGVM QSPm MF PG 4UFWF 8FOEU PXOFS PG #MVF 4LZ n JHIU QBSL JO 7JSHJOJB DBQUVSFT UIF FTTFODF PG 4UFWF T DPNNJUNFOU UP IBOH HMJEJOH * IBE UIF QMFBTVSF PG XPSLJOH XJUI (FPSHF 4UFJONFU[ XFMM LOPXO GPS IJT TUSJLJOH EFTFSU QIPUPHSBQIZ UIBU T CFFO GFBUVSFE JO


6OPGà DJBM 6 4 4UBUF 1BSBHMJEJOH $SPTT $PVOUSZ %JTUBODF 3FDPSET -BTU SFWJTFE .BZ #Z 4UFWF 3PUJ

ɩ JT JT UIF OJOUI FEJUJPO PG UIF QBSB HMJEJOH TUBUF EJTUBODF SFDPSE MJTU BOE UIFSF BSF UISFF OFX TUSBJHIU EJTUBODF SFDPSET UP SFQPSU UIBU IBQQFOFE TJODF UIF MBTU FEJUJPO "MBTLB .POUBOB BOE 0SFHPO "MTP UIFSF BSF UISFF PMEFS SF DPSET UP SFQPSU GSPN QSFWJPVT ZFBST 'MPSJEB (FPSHJB BOE )BXBJJ "MM EJT UBODFT TIPXO CFMPX BSF TUSBJHIU MJOF EJTUBODFT GSPN MBVODI UP MBOEJOH VOMFTT TUBUFE PUIFSXJTF

1IPUP "OEZ .BDSBF

0ME 3FDPSET Dz BU 8FSF 3FDFOUMZ 3FQPSUFE 'MPSJEB %BWJE 1SFOUJDF CSPLF IJT PXO 'MPSJEB EJTUBODF SFDPSE XJUI BO NJMF n JHIU GSPN UIF 2VFTU "JS n JHIU QBSL UP UIF TPVUIXFTU PO .BSDI 1FSGFDU 9$ DMPVE %BWJE XBT JO UIF BJS GPS IPVST BOE NJOVUFT BOE IF XBT n ZJOH BO 0[POF 1SPUPO (5 ɩ F QSFWJPVT SFDPSE XBT UIF n JHIU XBT BOE IJT NBY BOE NJO n JHIU GSPN 1JOF .PVOUBJO PO +VMZ NJMFT GSPN 8BMMBCZ 3BODI ɩ F 'MPSJEB WBSJP OVNCFST XFSF N TFD BOE )FSF T IJT TVNNBSZ i-BVODIFE n JHIU QBSLT BSF XJMEMZ QPQVMBS BNPOH N TFD SFTQFDUJWFMZ %FUBJMT DBO CF GPVOE BU Q N MBOEFE BU Q N IBOH HMJEFS QJMPUT BOE OPX %BWJE BOE B BU IUUQ XXX QBSBHMJEJOHGPSVN DPN NJMFT GSPN MBVODI ɩ F ESJGU XBT HFOFS GFX PUIFS QBSBHMJEFS QJMPUT BSF TIPXJOH NPEVMFT QIQ OBNF MFPOBSEP PQ TIPX BMMZ TUSBJHIU EPXO NZ DPVSTF MJOF XIJDI BWFSBHFE BCPVU EFHSFFT PS KVTU TPVUI UIBU UIF QBSLT DBO CF HPPE GPS QBSBHMJE @n JHIU n JHIU*% FSNBM XJTF JU XBTO U B HSFBU EBZ JOH UPP .POUBOB ɩ F m STU NJMF PG FBTU ɩ (FPSHJB *O UIF m STU SFQPSUFE QBSB QBSBHMJEJOH n JHIU JO UIF 6 4 UIJT ZFBS o UIF DPSFT XFSF TNBMM BOE OPU BMM UIBU HMJEJOH EJTUBODF SFDPSE GPS (FPSHJB .JLF BQQBSFOUMZ CFMPOHT UP "OEZ .BDSBF TUSPOH CVU UIF UBJM XJOE NBEF VQ GPS JU F BWFSBHF TQFFE XBT NQI "WFSBHF .JMMJSPO n FX NJMFT GSPN 1JHFPO PG #P[FNBO 1BSBHMJEJOH )FSF T IJT ɩ .PVOUBJO "(- UP UIF BJSQPSU TVNNBSZ PG UIF n JHIU i4UBUT 4VOEBZ HMJEF XBT "WFSBHF MJGU XBT F n JHIU XBT BMTP SFMBUJWFMZ VO TPVUI PG )BNNPOEWJMMF "MBCBNB PO .BZ MBVODIFE BU 4IFMCZ GQN ɩ FSF XBT OP OFFE BU BOZ QPJOU "VHVTU .JLF TBZT UIBU UIF Q N MBOEFE QBTU $IJOPPL .POUBOB BU FWFOUGVM ɩ n JHIU UPPL IPVST BOE NJOVUFT PO IJT Q N $MPVECBTF XBT GFFU UP UBLF BOZ VOEVF SJTLT " HPPE SPBE XBT *OEFQFOEFODF %SBHPO BOE IF XBT n ZJOH UBJMXJOE XBT NQI GSPN UIF XFTU BMXBZT XJUIJO BO FBTZ HMJEF "OZCPEZ JO TIPSUT BOE B 5 TIJSU XJUI OP WBSJP BOE BMPGU QFBL DMJNCT XFSF GQN 5PUBM DPVME WF EPOF JU IBE UIFZ CFFO JO UIF SJHIU F 0SFHPO EJT OP (14 EJTUBODF n PXO XBT NJMFT PO B (JO QMBDF BU UIF SJHIU UJNF w ɩ )BXBJJ "MFY $PMCZ XSJUFT i5SPZ ;PPN XJUI OPSNBM MJOFT 4VQFS GVO w UBODF SFDPSE IBT CPVODFE CBDL BOE GPSUI 8FJHBOE T n JHIU PG NJMFT JT UIF DVS "OEZ T n JHIU CSPLF 5PEE 8FJHBOE T CFUXFFO 1JOF .PVOUBJO BOE #MBDL $BQ SFOU )BXBJJ TUBUF TUSBJHIU MJOF EJTUBODF QSFWJPVT SFDPSE PG NJMFT TFU JO -BLFWJFX GPS NBOZ ZFBST o UIF QSFWJPVT SFDPSE XBT NJMFT GSPN #MBDL $BQ CZ SFDPSE 5BLF PĊ .BLBQVV $BDUVT 3JDL )JHHJOT -BVODI %BUF m STU XFFL PG %FDFNCFS *G ZPVS n JHIU TIPVME CF MJTUFE IFSF BOE (MJEFS 8JOEUFDI 2VBSY w ɩ JT SF JU T OPU JU T POMZ CFDBVTF * XBTO U BXBSF PG QMBDFT .BSD )JMM T QSFWJPVT SFDPSE JU 4FOE NF JOGPSNBUJPO BCPVU n JHIUT UIBU TIPVME CF JODMVEFE BOE * MM VQEBUF UIF MJTU 3FDPSET 4FU 4JODF +VOF PG QFSJPEJDBMMZ :PV DBO FNBJM DSPTT DPVOUSZ "MBTLB 0O .BZ 3JDL 3BZ n JHIU SFQPSUT UP NF BU TUFWFSPUJ!IPUNBJM CSPLF +FĊ #FOOFUU T PME "MBTLB EJT DPN PS TFOE UIFN CZ 6 4 NBJM UP UBODF SFDPSE XIJDI XBT TFU XBZ CBDL JO /8 4UBOOJVN 3PBE #FOE 03 GPSNFSMZ UIF PMEFTU SFDPSE PO UIF PS QIPOF UIFN JO UP #F MJTU 3JDL MBVODIFE IJT "EWBODF 4JHNB 4FMG QPSUSBJU "OEZ .BDSBF TVSF UP JODMVEF ZPVS OBNF NJMFT n PXO GSPN &BHMF 3JWFS MBVODI FMFWBUJPO BOE n FX NJMFT JO IPVST BOE 0SFHPO +FĊ )VFZ DSBDLFE UIF EVSBUJPO UBLFPĊ TJUF n JHIU EBUF BOE NJOVUFT )JT NBYJNVN FMFWBUJPO PO NJMF CBSSJFS JO 0SFHPO MBTU ZFBS XJUI B NBLF NPEFM PG HMJEFS "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


.*

,.

%63

5",&0'' 4*5&

%"5&

8*/(

3JDL 3BZ

1*-05

IS

&BHMF 3JWFS ",

"EWBODF 4JHNB

1BW %ZHBT

IS

.JMMFS $BOZPO ";

/PWB 9FOPO

5PN 5SVBY

IS

8BMU T 1PJOU $"

(JO #POBO[B

+FGG $SJTUPM

IS

5FMMVSJEF $0

"EWBODF &QTJMPO ***

%BWJE 1SFOUJDF 5

IS

2VFTU "JS '-

0[POF 1SPUPO (5

.JLF .JMMJSPO

IS

1JHFPO .UO ("

*OEFQFOEFODF %SBHPO

5SPZ 8FJHBOE

IS

.BLBQVV )*

8JOEUFDI 2VBSY

)PO[B 3FKNBOFL

IS

,JOH .UO *%

&EFM 4FDUPS

.BSL -VLFZ 5

IS

#SPXOTUPXO */

4XJOH .JTUSBM

%BWJE .PSSJT

IS

.U 5PN ."

"JSXBWF 9.9 &EFM 4BCFS

1BVM -VOERVJTU 5

IS

4QSJOH )JMM ./

"OEZ .BDSBF 5

IS

4IFMCZ .5

(JO ;PPN

+JN .B[F

IS

%FM 8BUFS (BQ /+

&EFM 4BCFS

8JMM (BEE 5

IS

)PCCT /.

'JSFCJSE $VMU

,FWJO #JFSOBDLJ

IS

(PPETQSJOHT /7

(JO #POBO[B

$IBSMFT 8BSSFO

IS

)BNNPOETQPSU /:

"QDP 4JNCB

+FGG )VFZ

IS

1JOF .PVOUBJO 03

(JO #PPNFSBOH ***

+JN .B[F

IS

-JUUMF (BQ 1"

0[POF 0DUBOF

8JMM (BEE 5

IS

;BQBUB 59

(JO #PPNFSBOH

#JMM #FMDPVSU

IS

4OPXCJSE 65

0[POF 1SPUPO

%BWJE .PSSJT

IS

#VSLF .UO 75

(JO #PPNFSBOH

.BSL 5FMFQ

IS

$IFMBO #VUUF 8"

4XJOH 7FOUVT

+PO )VOU

IS

1IJMMJQT 3JEHF 8:

"EWBODF 4JHNB

i5w JOEJDBUFT B UPX MBVODIFE n JHIU

/PSUI 4IPSF PG -BLF 4VQFSJPS i4PBS XJUI UIF )BXLTu 1SPKFDU "SUJDMF BOE QIPUPT CZ (FSSZ 6DIZUJM

" HPMEFO FBHMF DJSDMFT TLZXBSE IJT HMPSJPVT DSPXO HMJTUFOJOH JO UIF BVUVNO TVO -BLF 4VQFSJPS CMPDLT UIF FBHMF PO JUT NJHSBUPSZ SPVUF UP QPJOUT TPVUI *U JT

UJNF UP UVSO XFTU "T UIF FBHMF GFFMT UIF TVSHF PG MJGU GSPN UIF XBSN BJS SJTJOH VQ PWFS UIF DPPM BJS GSPN UIF MBLF IF UVSOT UP PCTFSWF B TUSBOHF TJHIU 5P IJN JU JT B IVHF CSPUIFS 5P B USBJOFE PCTFSWFS JU JT B IBOH HMJEFS QJMPUFE CZ B ESFBNFS XIP IBT MPOH JNBHJOFE UIJT NPNFOU ɩ F XIPMF

'PPU MBVODIFE QPXFSFE IBOH HMJEFS DMJNC JOH BCPWF )BXLT 3JEHF XJUI QPXFS PO

4JMFOU n JHIU JO UIF DPOWFSHFODF PWFS UIF OPSUI TIPSF PG -BLF 4VQFSJPS

FODPVOUFS JT SFn FDUFE JO FBDI QJMPU T FZFT ɩ JSUZ ZFBST BHP B GFMMPX IBOH HMJEFS QJMPU UPME NF BCPVU )BXLT 3JEHF BOE UIF IBXL NJHSBUJPO )F IBE EJTDPWFSFE UIBU UIF OPSUI TIPSF PG -BLF 4VQFSJPS QSPWJEFT B NFUFPSPMPHJDBM QIFOPNFOPO UIBU EJĊ FSFOU SBQUPS TQFDJFT UBLF BEWBOUBHF PG BT UIFZ NJHSBUF FBDI GBMM UISPVHI %VMVUI .JOOFTPUB ɩ FSF JT B DPOWFSHFODF PG BJS NBTTFT BT UIF XBSNFE CSFF[F GSPN UIF OPSUI PS XFTU CMPXT VQ PWFS UIF DPME BJS BCPWF UIF MBLF )F BOE * ESFBNFE PG TPNF EBZ TPBSJOH IBOH HMJEFST JO UIJT MJGUJOH BJS BMPOH XJUI UIF IBXLT )F RVJU n ZJOH IBOH HMJEFST ZFBST BHP CVU * IBWF DPOUJOVFE UP n Z BOE IBWF LFQU UIBU QJDUVSF JO UIF CBDL PG NZ NJOE GPS BMM UIFTF ZFBST 5XP ZFBST BHP * SFUJSFE GSPN DPBDIJOH IJHI TDIPPM GPPU CBMM BOE OPX IBWF GBMM XFFLFOET GSFF UP QVSTVF UIJT ZFBS PME ESFBN 0O 4FQUFNCFS TQPUUFST BU )BXLT 3JEHF -PPLPVU JO %VMVUI DPVOU FE B POF EBZ SFDPSE PG SBQUPST ɩ F TQPUUFST TBJE UIBU UIFSF XFSF MJUFSBMMZ CJSET JO LFUUMFT CVJMEJOH HSPVQT PG SBQUPST DJSDMJOH JO B UIFSNBM "T B IBOH HMJEFS QJMPU XJUI ZFBST PG FYQFSJ FODF n ZJOH JO HBHHMFT BOE NJMFT PG DSPTT DPVOUSZ TPBSJOH * IBWF UIF BCJMJ UZ UP TFBNMFTTMZ NFME JOUP LFUUMFT XJUIPVU EJTUVSCJOH UIF IBXLT PS FBHMFT BOE TPBS XJUI UIFN BT UIFZ DJSDMF TLZXBSE * IBWF EPOF UIJT PO DPVOUMFTT PDDBTJPOT 3FDFOUMZ * IBWF CFHVO UP FYQMPSF UIJT DPOWFSHFODF QIFOPNFOPO XJUI NZ IBOH HMJEFS BOE IBWF GPVOE TPBSBCMF MJGU PO CPUI UIF OPSUI TIPSF BOE TPVUI TIPSF 0O TPNF EBZT UIF DPOWFSHFODF PG UIFTF UXP BJS NBTTFT SFTVMUT JO TUSPOH MJGU BOE PO TPNF EBZT UIF MJGU JT MJHIU BOE TNPPUI * IBWF HBJOFE UIPVTBOET PG GFFU BCPWF UIF MBLFTIPSF JO UIJT MJGU BOE UIFO MJLF UIF IBXLT IBWF TPBSFE GSPN DMPVE UP DMPVE ɩ JT DPOWFSHFODF MJUFSBMMZ QSPWJEFT B GSFF SJEF UP UIF FOE PG UIF MBLF ɩ JT JT POF SFBTPO UIBU UIF OPSUI TIPSF IBT TVDI BO

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


"EWBODF UFBN QJMPUT JO "VTUSJB 4PBSJOH BCPWF UIF OPSUI TIPSF PG -BLF 4VQFSJPS XJUI QPXFS PGG

BCVOEBODF PG NJHSBUJOH SBQUPST PO EBZT "VEVCPO 4PDJFUZ -BUFS * XJMM QVCMJTI B XIFO UIF XJOE CMPXT BOZXIFSF GSPN CPPL PG UIF QJDUVSFT XJUI EFUBJMT PG UIF F QIPUPHSBQIJD QFSTQFDUJWF UIF OPSUI UP UIF XFTU "MM PG UIJT NBLFT FYQFSJFODF ɩ GPS BO VOCFMJFWBCMF PQQPSUVOJUZ UP CF XIJMF DJSDMJOH VQ UP UIF GPPU CBTF JO DMPTF QSPYJNJUZ UP IVOESFET PS FWFO PG QVĊ Z XIJUF DVNVMVT DMPVET XJUI CSPBE XJOHT PS SFE UBJMT PS CBME FBHMFT UIPVTBOET PG CJSET ɩ F i4PBS XJUI UIF )BXLTw QSPKFDU BOE -BLF 4VQFSJPS JO UIF CBDLHSPVOE F QIPUPHSBQIJD XJMM DPOTJTU PG MBVODIJOH B GPPU MBVODIFE XJMM CF TQFDUBDVMBS ɩ QPXFSFE IBOH HMJEFS GSPN WBSJPVT GBSN PQQPSUVOJUJFT BSF MJNJUMFTT m FMET BMPOH UIF OPSUI TIPSF PG -BLF 4VQFSJPS QPXFSJOH VQ UP B UIFSNBM "EWBODF (MJEFST 5BLF 5PQ )POPST JO TIVUUJOH PĊ UIF NPUPS BOE UIFO TPBSJOH "VTUSJB 18$ BOE 4XJTT $IBNQJPOTIJQT XJUI UIF IBXLT BMPOH UIF TIPSF UPXBSE 1IPUPT DPVSUFTZ "EWBODF %VMVUI ɩ F PCKFDUJWF JT UP QIPUPHSBQI "VTUSJBO "EWBODF UFBN QJMPU )FMNVU UIF IBXLT GSPN UIJT VOJRVF QMBUGPSN BOE i)FMJw &JDIIPM[FS n ZJOH BO 0NFHB UIFO XSJUF BSUJDMFT BCPVU UIJT JODSFEJCMF QSPUPUZQF XPO UIF QSF 18$ BU UIF FYQFSJFODF GPS /BUJPOBM (FPHSBQIJD NBHB .JMMTUÊUUFS -BLF JO "VTUSJB MBTU .BZ *O [JOF 0VUTJEF NBHB[JOF )BOH (MJEJOH UIF XPNFO T SBOLJOH "EWBODF QJMPUT UPPL 1BSBHMJEJOH NBHB[JOF BOE UIF /BUJPOBM BMM UIF USPQIJFT XJUI ,BSJO "QQFO[FMMFS

)JHI BCPWF UIF #FSOFTF 0CFSMBOE PO UIF TFDPOE UBTL "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

$) &MJBOF 6FMUTDIJ $) BOE (BCSJFMMB $PSSBEJ * m OJTIJOH JO UIBU PSEFS BMM n ZJOH "EWBODF 0NFHBT *O UIF 4XJTT $IBNQJPOTIJQT IFME JO .BZ JO -FOL JO UIF #FSOFTF 0CFSMBOE OFBS ɩ VO 4XJU[FSMBOE "EWBODF QJMPUT m OJTIFE m STU PO CPUI PG UIF EBZT XIFSF XFBUIFS BMMPXFE B WBMJE UBTL "MUIPVHI (JO QJMPU 4UFGBO .PSHFOUBMFS UPPL m STU PWFSBMM JU XBT B DMPTF SBDF XJUI "EWBODF UFBN QJMPUT 4UFWF $PY BOE $ISJHFM .BVSFS m OJTIJOH XJUIJO QPJOUT PG UIF XJOOFS 4UFWF $PY XJOOFS PG UIF TFDPOE UBTL DPNNFOUFE UIBU UIF ɩ VOFSTFF MPPLFE WFSZ TNBMM BT IF n FX BMPOH UIF FOUJSF MBLF PO m OBM HMJEF UP HPBM GSPN PWFS GFFU

- UP 3 4UFWF $PY 4UFGBO .PSHFOUBMFS BOE $ISJHFM .BVSFS


&MJUF "UIMFUFT 4IPXO /P .FSDZ BU 3FE #VMM %JWJEF $PORVFS

ª$PSFZ 3JDI 3FE #VMM

-PDBM %VSBOHP $PMPSBEP 5FBN 4QFDJBMJ[FE 3JWFSTQPSUT $MBJNT 5PQ )POPST 0O +VOF JO %VSBOHP $PMPSBEP PG UIF XPSME T UPVHIFTU BUIMFUFT CBU UMFE DPME UFNQFSBUVSFT TUSPOH XJOET IJHI BMUJUVEFT SBHJOH SBQJET BOE SVHHFE UFSSBJO JO UIF TFDPOE JODBSOBUJPO PG 3FE #VMM %JWJEF $PORVFS 3FUVSOJOH UFBN 4QFDJBMJ[FE 3JWFSTQPSUT QSPWFE WJDUPSJ PVT BOE TFU B OFX SBDF SFDPSE CFBUJOH MBTU ZFBS T XJOOJOH UFBN CZ NPSF UIBO NJOVUFT

.BSJB 4USFC DIBSHFT EPXOIJMM GPS UIF m OJTI

iɩ F CJLF MFH JT BCPVU UISFF IPVST MPOH CVU TUBSUT XJUI B GPPU DMJNC JO BCPVU GPVS NJMFT B TVQFS TUFFQ DMJNC TP JU LJOE PG TFUT UIF UPOF GPS UIF XIPMF SJEF CFDBVTF ZPVS MFHT BSF CMPXO BGUFS UIBU w TBJE SF UVSOJOH BUIMFUF /FE 0WFSFOE XIP XPO UIF GBTUFTU NPVOUBJO CJLJOH TQMJU UJNF UXP ZFBST SVOOJOH iɩ F DPNCJOBUJPO PG UIF QSPMPOHFE TUFFQOFTT BOE UIF BMUJUVEF JU T KVTU CSVUBM NPSF UIBO BOZ PUIFS SBDF * EP w $PNJOH JO B DMPTF TFDPOE XBT UFBN "EWFOUVSF 4QPSUT .BHB[JOF XIP XFSF OFDL BOE OFDL UIF FOUJSF SBDF VOUJM UIF m OBM MFH XIFO 0WFSFOE DMJODIFE UIF MFBE PO UIF MBTU EPXOIJMM NPVOUBJO CJLF

.BUU $PNCT PG 5FBN +BDLTPO )PMF MBVODIFT GSPN ,FOEBMM .PVOUBJO

ª'SBOÎPJT 1PSUNBOO

%JWJEF $PORVFS QBSBHMJEFS -;

/P 1BJO /P (BJO 8JUI UIF TOPXDBQQFE QFBLT PG UIF 4BO +VBO NPVOUBJO SBOHF JO UIF CBDL HSPVOE UIF HSVFMJOH SBDF LJDLFE PĊ BU TVOSJTF XJUI NJMFT PG SJHPSPVT USBJM SVOOJOH BTDFOEJOH GFFU VQ UIF SPDLZ ,FOEBMM .PVOUBJO 5SFLLJOH UISPVHI TOPX QBDLFE m FMET BOE DSBHHZ NJOJOH SPBET UIF SVOOFST UBHHFE UIFJS QBSBHMJEFS UFBNNBUFT XIP GPVHIU UVSCV MFOU XJOET UP MBVODI GSPN B GPSNJEBCMF GPPU QFBL PĊ ,FOEBMM .PVOUBJO

5BP #FSNBO UBDLMFT UIF "OJNBT SJWFS SBQJET "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

ª$MBZ 3PHFST 3FE #VMM

ª$ISJTUJBO 1POEFMMB 3FE #VMM

TUSFUDI /FXDPNFST ɩ F #VMM 3JEFST IFME UIFJS PXO CZ m OJTIJOH B TUSPOH UIJSE 1FSIBQT JU XBT NPVOUBJO CJLFS $ISJT %BWFOQPSU XIP QVU JU CFTU i*U T KVTU B DSVFM DPVSTF NBO *U T BCTPMVUFMZ TP QBJO GVM BOE ZPV GFFM MJLF ZPV SF OFWFS HPJOH UP NBLF JU :PV GFFM MJLF IPX DPVME ZPV QPTTJCMZ HP PO CFDBVTF ZPV SF KVTU QVTI JOH BOE TVĊ FSJOH w


BOOVBM 3FE #VMM %PMPNJUFONBOO SBDF JO "VTUSJB JO 4FQUFNCFS "UIMFUFT XJUI UIF GBTUFTU TQMJU UJNFT XFSF FBDI BXBSEFE B TQFDJBM USPQIZ BOE QSJ[F NPOFZ 3&46-54

OE 1MBDF 5FBN "EWFOUVSF 4QPSUT .BHB[JOF %BWF .BDLFZ +PTI #SJHHT .JLF 'SFFCVSO 1FUF 4XFOTPO SE 1MBDF 5FBN ɩ F #VMM 3JEFST /PFM 8BEF #FSOJF #PFUUDIFS #FO 4UPPLFTCFSSZ $IBSMFT +FOLJOT

UIF IJHIFTU BMUJUVEF DPNQFUJUJPO MBVODI JO /PSUI "NFSJDB 'PMMPXJOH UIF QBSBHMJEFST UIF LBZ BLFST FOUFSFE UIF GSJHJE XBUFS UISPVHI B OBSSPX DIVUF CFGPSF UBDLMJOH NJMFT PG $MBTT *7 BOE 7 SBQJET EPXO UIF MFHFOEBSZ "OJNBT 3JWFS 3JTJOH XBUFS MFWFMT GPSDFE Pċ DJBMT UP TIPSUFO UIF DPVSTF MFH CZ UISFF NJMFT CVU UIF NPEJm DBUJPO EJE MJUUMF UP FBTF UIF DPVSTF EJċ DVMUZ PS UIF BUIMFUF T FYIBVTUJPO *O UIF GPVSUI BOE m OBM MFH PG UIF DPNQFUJUJPO NPVOUBJO CJLFST GBDFE B EBVOUJOH VQIJMM CBUUMF DMJNCJOH PWFS WFSUJDBM GFFU PG USBJMT CFGPSF UIF NJMF DPVSTF CSPVHIU UIFN TBGFMZ BDSPTT UIF m OJTI MJOF BU UIF %VSBOHP .PVOUBJO 3FTPSU .BSMB 4USFC MJWFE VQ UP IFS i(SBWJUZ (PEEFTTw OJDLOBNF BT UIF POMZ NPVOUBJO CJLFS UP SJEF POF PG UIF TUFFQFTU EFDMJOFT PO UIF DPVSTF BT UIF SFTU PQUFE UP XBML UIFJS XBZ EPXO 5BNJOH Dz F .PVOUBJO 3FE #VMM %JWJEF $PORVFS EFCVUFE JO %VSBOHP JO BOE JT GBTIJPOFE BGUFS UIF SFWFSFE 3FE #VMM %PMPNJUFONBOO SBDF UIBU IBT CFFO IPTUFE JO "VTUSJB GPS ZFBST ɩ F SBDF GFBUVSFT GPVS QFSTPO NPVOUBJO TQPSUT SFMBZ UFBNT EJWJEJOH FĊ PSUT CZ TQFDJBMUZ UP DPORVFS USBJM SVO OJOH QBSBHMJEJOH LBZBLJOH BOE NPVO UBJO CJLJOH DPVSTFT ɩ F XJOOJOH SFMBZ UFBN UPPL IPNF UIFJS TIBSF PG UIF QSJ[F QVSTF BOE B HVBSBOUFFE TFFE UP DPNQFUF JO UIF UI

'BTUFTU 5SBJM 3VO ɩ F #VMM 3JEFST #FSOJF #PFUUDIFS BCMF TJUF GPS CSFBLGBTU MBVODI SFQFBU 'BTUFTU 1BSBHMJEJOH -FH 5FBN *EBIP EBJMZ GPS UISFF XFFLT 'PS UIF NFUSJDBMMZ DIBMMFOHFE LN JT HFUUJOH DMPTF UP /BUF 4DBMFT NJMFT ɩ JT ZFBS UIBOLT UP TPNF JODSFEJCMF 'BTUFTU ,BZBL -FH 5FBN *EBIP UFDIOPMPHZ UIPTF PG VT MFTT IBSEZ UIBO 3ZBO $BTFZ ,BSJ DBO GPMMPX IFS BOE UIF PUIFS 9 'BTUFTU .PVOUBJO #JLF -FH 4QFDJBMJ[FE "MQT QBSUJDJQBOUT CZ MPHHJOH JO UP XXX SFECVMMYBMQT DPN "MM QJMPUT BSF SFRVJSFE 3JWFSTQPSUT /FE 0WFSFOE UP DBSSZ B #SÊVOJHFS $PNQFUJOP n JHIU DPNQVUFS XIJDI NVTU CF DPOOFDUFE UP B 4POZ &SJDTTPO NPCJMF QIPOF BU BMM UJNFT 'PMMPX ,BSJ $BTUMF JO 3FBM 5JNF BU UIF ɩ F DPNQVUFS QSPWJEFT EBUB PO TQFFE SBUF 3FE #VMM 9 "MQT 6 4 QBSB HMJEFS QJMPU ,BSJ $BTUMF JT POF PG TFMFDU JOUFSOB UJPOBM IBSE DPSF BUIMFUFT DPNQFU JOH JO UIF 3FE #VMM 9 "MQT SBDF ɩ JT JT LN PG QBSBHMJE JOH BOE IJLJOH CFHJOOJOH PO UIF ,BSJ $BTUMF %BDITUFJO HMBDJFS JO "VTUSJB XJUI UISFF UVSOQPJOUT PWFS UIF IJHI QFBLT JO (FSNBOZ BOE 'SBODF BOE m OBMMZ UP HPBM PO UIF CFBDI JO .POBDP &BDI EBZ T UBTL 'MZ BT GBS BT QPTTJCMF JO UIF UVSCVMFOU BJS IJHI PWFS UIF "MQT MBOE TBGFMZ XBML NPTU PG UIF OJHIU DBS SZJOH QBSBHMJEFS BOE TVSWJWBM HFBS TMFFQ BT MJUUMF BT QPTTJCMF IJLF VQ UP B MBVODI

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

ª3PEPMGP 1VFSUBT 3FE #VMM

$IFSJF 4JMWFSB BCPWF UIF USFFT OFBS 4JMWFSUPO

ª#FSOIBSE 4QÚUUFM 3FE #VMM

ª$ISJTUJBO 1POEFMMB 3FE #VMM

TU 1MBDF 5FBN 4QFDJBMJ[FE 3JWFSTQPSUT "OEZ $PSSB +FTTF 3JDLFSU %BWF .FMMPO /FE 0WFSFOE

,BSJ GPDVTJOH PO UIF UBTL BIFBE


ª3PEPMGP 1VFSUBT 3FE #VMM

,BSJ BU UIF #SB[JM 8PSMET

-PH PO UP XXX SFECVMMYBMQT DPN i 4BGF 'MJHIUTw BXBSE 1BVM JT TUBSUJOH "VHVTU BOE GPMMPX ,BSJ BOE JOGBNPVT GPS IJT TFOTF PG IVNPS BOE UIF UIF PUIFS BUIMFUFT BT UIFZ SBDF BCPWF BOE DMVC NFNCFST UPPL BEWBOUBHF PG UIJT UP UISPVHI UIF JODSFEJCMZ TDFOJD "MQT GSPN BDLOPXMFEHF IJT BDDPNQMJTINFOU XJUI B "VTUSJB UP .POBDP DVTUPN CMJOH CMJOH QFOEBOU EFDMBSJOH IJN 4"'& , ɩ FZ QSFTFOUFE UIF HMJU[Z HJGU UP 1BVM BU UIFJS BOOVBM $ISJTUNBT QBSUZ BOE 4/:)(1" 1SFTFOUT 3FHJPO T XFSF HSBUJm FE UIBU IF TFFNFE TVċ DJFOUMZ %JSFDUPS B #MJOH #MJOH GPS 4BGFUZ FNCBSSBTTFE XIFO IF SFDFJWFE JU QBDL 1IPUPT CZ #JMM 8JYPO BHFE JO B GV[[Z GBLF MFPQBSE GVS CPY GPS BEEJUJPOBM WJTVBM TUJNVMBUJPO #JMM 8JYPO SFNJOET VT UIBU B XIJMF CBDL UIFSF XBT TPNF EJTDVT TJPO PO %BWJT 4USBVC T 0[ 3FQPSU BCPVU UIF VTF PG UIF XPSE QJNQJO #JMM TVHHFTUT BU MFBTU TPNFXIBU UPOHVF JO DIFFL UIBU 64)(" TIPVME SFQMBDF UIF DVSSFOU BOOVBM DPNNFNPSBUJWF BXBSET o UIPTF iTUVĊ Z TUPEHZ PME GBTIJPOFE XPPE QMBRVFTw o XJUI UIFTF TUZMJTI TIJOZ CMJOH CMJOH KFXFMSZ QFOEBOUT ɩ FO PVS NFNCFSTIJQ DPVME SFBMMZ CF QJNQJO 1BVM T QFOEBOU JT PG DPVSTF B GBLF JNJUBUJPO BOE XBT TVSQSJTJOHMZ JOFYQFO TJWF $MVCT MPPLJOH GPS B TJNJMBS BXBSE GPS B EFTFSWJOH NFNCFS TIPVME DIFDL PVU IUUQ XXX IJQIPQMPPL DPN TUBUJD BTQ TU IPNF

PG DMJNC PS EFTDFOU JO UIF BJS BOE FYBDU QPTJUJPO UISPVHI B CVJMU JO (14 SFDFJWFS &WFSZ UXP NJOVUFT UIF $PNQFUJOP TFOET UIF (14 MPDBUJPO UP UIF NPCJMF QIPOF XIJDI UIFO VQMPBET JU EJSFDUMZ UP UIF 3FE #VMM 8FC TJUF "TJEF GSPN UIF PCWJPVT TBGFUZ GBDUPS PG UIJT SFBM UJNF QPTJUJPO JOGPSNBUJPO UIFSF T UIF GVO GBDUPS GPS UIF SFTU PG VT -BTU ZFBS 4PVUIFSO /FX :PSL )BOH ɩ BOLT UP UIJT MJWF PO MJOF USBDLJOH BOE (MJEJOH BOE 1BSBHMJEJOH "TTPDJBUJPO WJFXJOH TZTUFNT POF PG UIF XPSME T CFTU NFNCFS BOE MPDBM SFHJPOBM EJSFDUPS TBZT 3FE #VMM XF DBO GPMMPX ,BSJ BOE 1BVM 7PJHIU XBT BXBSEFE UIF 64)(" T IFS DPNQFUJUJPO BT UIFZ SBDF BMPOH UIF DPVSTF MJOF 8IFO UIFZ DSPTT UIF .U #MBOD UVSOQPJOU GPS JOTUBODF XF MM CF BCMF UP TFF FYBDUMZ XIFSF PO .U #MBOD ,BSJ JT n ZJOH BOE XIBU UIF UFSSBJO MPPLT MJLF *T TIF PWFS UIF CJH SPDL GBDFT B HMB DJFS PS HMJEJOH PVU NFUFST PWFS UIF WBMMFZ n PPS *T TIF n ZJOH XBMLJOH PS SFTUJOH BOE XIFSF JT TIF DPNQBSFE UP UIF PUIFS BUIMFUFT PO UIJT DIBMMFOHJOH DPVSTF BDSPTT UIF "MQT ,BSJ T XJOOJOH TUSBUFHZ JT iUP CF QSFQBSFE TUBZ TUSPOH BOE TBGF BOE EP UIF CFTU UIBU * DBO FBDI EBZ w 4IF MM CF TVQQPSUFE EVSJOH UIF SBDF CZ IFS GSJFOE $SBJH (PEEBSE ɩ F TVQQPSUFS DBO VTF BOZ NFBOT PG USBOTQPSUBUJPO FYDFQU GPS n ZJOH BOE IFMQT IJT UFBNNBUF JO TVQ QMZJOH GPPE FRVJQNFOU PS JOGPSNBUJPO ,BSJ TBZT TIF DIPTF $SBJH BU MFBTU QBSUMZ iGPS IJT TFOTF PG IVNPS o * UIJOL XF MM OFFE JU w

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


" CA65/ /eO`Ra C^ T]` 5`OPa

<][W\ObW]\a \SSRSR Pg =Qb]PS`

F 64)(" NJTTJPO TUBUFNFOU 4VCNJU UIF m OBM t /"" 4BGFUZ "XBSE ɩ NBLFT B SFDPNNFOEBUJPO UP UIF /"" DPNQMFUF WJEFP PS %7% QBDLBHF SFHBSEJOH BO JOEJWJEVBM XIPTF BDUJWJ UJFT IBWF TFSWFE UP FOIBODF TBGFUZ /FXTMFUUFS PG UIF :FBS ɩ SFF TBNQMF JTTVFT BSF SFWJFXFE BOE KVEHFE JO UIF /BNFT BEESFTTFT BOE PUIFS DPOUBDU BSFBT PG JOGPSNBUJPO DPOUFOU TVQQPSU UP NFNCFST BOE DMVCT MBZPVU TBGFUZ JOGPSNBUJPO NVTU CF TVCNJUUFE GPS FBDI QFSTPO PS HSPVQ OPNJOBUFE BT XFMM BT QSPNPUJPO BOE JOTUSVDUJPO GPS UIF OPNJOBUJOH QBSUZ "MM DPODFSOFE $IBQUFS PG UIF :FBS ɩ JT BXBSE JT HJW XJMM CF JOGPSNFE PG UIF OPNJOBUJPO BOE FO UP BO Pċ DJBM 64)(" DIBQUFS GPS DPOUBDUFE XIFO UIF SFDJQJFOU JT TFMFDUFE 1MFBTF TVCNJU ZPVS OPNJOBUJPOT XJUI DPOUSJCVUJPOT UP NFNCFST BOE MPDBM DPNNVOJUJFT GPDVT PO TBGFUZ JOTUSVD PVS POMJOF BXBSE OPNJOBUJPO GPSN XIJDI DBO CF GPVOE BU IUUQ XXX VTIHB PSH UJPO BOE BDUJWJUJFT FNBJMBXBSE BTQ 'PS DBUFHPSJFT JO XIJDI TFWFSBM *OTUSVDUPS PG UIF :FBS ɩ FSF JT POF BXBSE GPS QBSBHMJEJOH BOE POF GPS QJFDFT PG EPDVNFOUBUJPO PS TVQQPSU IBOH HMJEJOH /PNJOBUJPOT SFRVJSF BSF SFRVFTUFE QMFBTF TVCNJU POMZ UIF UISFF MFUUFST PG TVQQPSU GSPN TUV SFRVJSFE OVNCFS VTVBMMZ UISFF BOZ EFOUT BOE B SFDPNNFOEBUJPO GSPN UIF FYUSB TVCNJTTJPOT XJMM OPU CF SFWJFXFE SFHJPOBM EJSFDUPS $SJUFSJB JODMVEF *G ZPV QSFGFS UP TFOE VT B QBQFS OPNJOB TLJMMT BT BO JOTUSVDUPS TFSWJOH BT B UJPO QMFBTF TVCNJU BMM NBUFSJBMT BT POF t #FUUJOB (SBZ "XBSE GPS 1IPUPH SPMF NPEFM GPS UIF TQPSU XJUIJO UIF DPNQMFUF QBDLFU "MM TVCNJTTJPOT TIPVME SBQIZ ɩ SFF FYBNQMFT PG TQPSU DF QJMPU BOE HFOFSBM DPNNVOJUJFT CF TFOU EJSFDUMZ UP UIF 64)(" Pċ SFMBUFE QIPUPHSBQIZ TIPVME CF BOE JOWPMWFNFOU JO BOE TVQQPSU PG 1 0 #PY $PMPSBEP 4QSJOHT $0 TVCNJUUFE ɩ JT BXBSE JT HJWFO UP POF Dz 64)(" BOE MPDBM DMVC QSPHSBNT NFNCFS QFS ZFBS F OPNJOBUJPOT BOE BMM TVQQPSUJOH NBUFSJBM NVTU CF SFDFJWFE CZ t $PNNFOEBUJPOT BOE 4QFDJBM $PN 0DUPCFS NFOEBUJPOT ɩ FTF BXBSET BSF HJWFO UP 64)(" NFNCFST BOE JOEJWJEVBMT PS HSPVQT JO UIF DPNNVOJUZ XIP IBWF NBEF TJHOJm DBOU WPMVOUFFS DPOUSJCV UJPOT BU UIF MPDBM SFHJPOBM PS OBUJPOBM MFWFM XIJDI TFSWF UP FOIBODF QBSUJDJ QBUJPO JO UIF TQPSU BOE PS UIF JNBHF PG UIF TQPSU BOE UIF BTTPDJBUJPO

&BDI ZFBS BU UIJT UJNF UIF "XBSET DPNNJUUFF PG UIF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO T CPBSE PG EJSFDUPST CFHJOT UIF QSPDFTT PG JEFOUJGZJOH BOE t TFMFDUJOH UIF ZFBS T BXBSE SFDJQJFOUT 8F BHBJO BTL GPS ZPVS OPNJOBUJPOT JOQVU BOE JOWPMWFNFOU JO UIF QSPDFTT ɩ F GPMMPXJOH JT B CSJFG PWFSWJFX PG UIF DBUFHPSJFT BOE DSJUFSJB GPS FBDI BXBSE t t 1SFTJEFOUJBM $JUBUJPO ɩ F IJHIFTU IPOPS HJWFO UP B NFNCFS PG UIF BTTP DJBUJPO GPS PVUTUBOEJOH DPOUSJCVUJPOT UP UIF TQPSU BU UIF MPDBM SFHJPOBM BOE OBUJPOBM MFWFM t t &YDFQUJPOBM 4FSWJDF ɩ JT BXBSE JT HJWFO UP B NFNCFS JO SFDPHOJUJPO PG PVUTUBOEJOH DPOUSJCVUJPOT UP UIF BTTPDJBUJPO PWFS UIF MBTU ZFBS

$MFBS 1IPUP CZ #FUUJOB (SBZ 1IPUPHSBQIZ "XBSE SFDJQJFOU 3BMQI 4JDLJOHFS

t #FTU 1SPNPUJPOBM 'JMN ɩ JT BXBSE XPVME SFDPHOJ[F UIF FĊ PSUT PG B m MN NBLFS XIPTF WJEFP CFTU SFQSFTFOUT BD UJWJUFT JO UIF TQPSUT TVQQPSUFE CZ PVS

t $*7- %JQMPNB ɩ F 64)(" SFDPN NFOET UP UIF $*7- BO JOEJWJEVBM XIP IBT NBEF B TJHOJm DBOU JNQBDU PO UIF TQPSU BU UIF JOUFSOBUJPOBM MFWFM

/FXTMFUUFS PG UIF :FBS

.JTTJPO TUBUFNFOU ɩ F QSJNBSZ QVSQPTFT PG UIF "TTPDJBUJPO BSF UP FOHBHF JO UIF EFWFMPQNFOU TUVEZ BOE VTF PG IBOH HMJEFST BOE UIF TQPSU PG IBOH HMJEJOH UP NBLF BWBJMBCMF BOE EJTTFNJOBUF LOPXMFEHF BCPVU IBOH HMJEFST BOE IBOH HMJEJOH UP QSPNPUF UIF PSHBOJ[BUJPO PG NFFUT BOE DPNQFUJUJPO GPS UIF n ZJOH PG IBOH HMJEFST UP TFMFDU QJMPUT GPS OBUJPOBM BOE JOUFSOBUJPOBM DPNQFUJUJPO UP QSPNPUF UIF USBJOJOH BOE SBUJOH PG TUVEFOUT JOUFSFTUFE JO MFBSOJOH UIF BSU PG IBOH HMJEJOH BOE UP QSPNPUF TBGFUZ BOE TBGF n ZJOH QSBDUJDFT "T VTFE JO UIFTF #ZMBXT UIF UFSN iIBOH HMJEFSw FODPNQBTTFT BMM NBOOFS PG BJSDSBGU DBQBCMF PG CFJOH DBSSJFE MBVODIFE BOE MBOEFE TPMFMZ CZ UIF FOFSHZ BOE VTF PG UIF QJMPU T MFHT

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


5PEBZ BT B NBUUFS PG GBDU $IFMBO #VUUF JT SFDPHOJ[FE BT POF PG UIF CFTU n ZJOH TJUFT JO UIF 6OJUFE 4UBUFT *U JT BD DFTTJCMF UP BMM RVBMJm FE QJMPUT BOE GSFF PG DIBSHF 'PS BMM QJMPUT XIP DPNF UP FOKPZ n ZJOH BU $IFMBO #VUUF BLB $IFMBO #VUUFOCFSH * XPVME MJLF UP TBZ ɩ BOL ZPV .BSJMZO UIBOL ZPV -BSSZ 8F BMM BQQSFDJBUF ZPVS EFEJDBUJPO GPS TP NBOZ ZFBST 8JUIPVU JU $IFMBO #VUUF XPVME OPU CF UIF n ZJOH TJUF JU JT UPEBZ $ISJTUJBO .VMBDL 64)("

'MZJOH JO UIF 3BJO FNBJM

*O UIF .BZ JTTVF PG UIJT NBHB [JOF +BNFT 8 #SBEMFZ UFMMT VT BCPVU IJT FYQFSJFODF PG HPJOH UISPVHI B NBOFVWFST DMJOJD XJUI UIF GBNPVT 0 $POOPST ɩ FSF XFSF TPNF JOUFSFTUJOH QPJOUT EJTDVTTFE JO UIF BSUJDMF BOE * XBT QBSUJDVMBSMZ JO USJHVFE XJUI XIBU UIF BVUIPS DBMMT i.ZUI w BOE XIBU &OMFBV TBZT BCPVU n ZJOH VOEFS UIF SBJO i)F TBJE JU JT OPU B QSPC MFN w BOE BMTP iɩ F TUBMM TQFFE HPFT VQ B MJUUMF BOE UIF XJOH SFDPWFST B MJUUMF TMPXFS CVU JU T OPU B CJH EFBM w * UIPVHIU JU XBT B HPPE SFGFSFODF QPJOU GPS BMM PG VT XIP IBWF OFWFS n PXO VOEFS UIF SBJO TJODF &OMFBV JT PG DPVSTF BNPOH UIF CFTU QJMPUT JO UIF XPSME ɩ F RVFTUJPO PG n ZJOH XJUI B XFU HMJEFS DPNFT SFHV MBSMZ BT B RVFTUJPO GSPN NZ TUVEFOUT 4P * XBT QSFUUZ IBQQZ UP SFBE BCPVU UIBU #VU UIF EBZ BGUFS * SFBE UIJT BSUJDMF * SFDFJWFE CZ FNBJM B OPUJDF GSPN UIF 'SFODI QBSB HMJEJOH BTTPDJBUJPO ''7- DMFBSMZ BE WJTJOH QJMPUT /05 UP n Z VOEFS UIF SBJO 3FDFOUMZ UXP CBE BDDJEFOUT IBQQFOFE BU 4U )JMBJSF XIFSF UIF QJMPUT TVĊ FSFE GSPN B QBSBDIVUBHF ɩ F ''7- UIJOLT UIBU JU IBQQFOFE CFDBVTF UIFJS HMJEFST XFSF XFU OPUF UIBU * BN OPU TBZJOH UIBU UIFZ LOPX GPS TVSF "DDPSEJOH UP UIF ''7- UIF XFJHIU PG UIF XBUFS DIBOHFT UIF TIBQF PG B HMJEFS ɩ FZ BMTP BEWJTF QJMPUT XIP m OE UIFNTFMWFT n ZJOH JO UIF SBJO OPU UP VTF UIFJS CSBLFT BOZ NPSF BOE UP QJMPU UIF HMJEFS POMZ XJUI XFJHIU TIJGU UP BWPJE VTJOH UIF CSBLFT ɩ F ''7- BMTP FYQMBJOT IPX IBOH HMJEFS QJMPUT XIP BO UJDJQBUFE n ZJOH JO UIF SBJO VTFE UP BQQMZ TPNF EJTIXBTIJOH TPBQ PO UIFJS MFBEJOH FEHFT UP BWPJE UIF BDDVNVMBUJPO PG XBUFS PO UIF MFBEJOH FEHF

(PJOH UIF %JTUBODF UIF 0ME 'BTIJPOFE *G ZPV BSF JOUFSFTUFE BOE DBO SFBE 8BZ 'SFODI ZPV DBO HP UP UIJT QBHF IUUQ FNBJM X X X G G W M G S ' ' 7 - $ P N N J T T JP O @ * SFBMMZ FOKPZFE -JTB 7FS[FMMB T TFDVSJUF EPDVNFOUT EPD i(PJOH UIF %JTUBODF JO 6UBIw BSUJDMF JO ɩ F RVFTUJPO IFSF JT OPU UP TBZ XIP JT UIF +VOF JTTVF PG )BOH (MJEJOH SJHIU BOE XIP JT XSPOH * UIJOL JO HFO 1BSBHMJEJOH FSBM JU JT DSVDJBM UP MJTUFO UP XIBU FYQFSJ 8PX B HSPVQ PG QJMPUT EJE JU UIF PME FODFE QJMPUT IBWF UP TBZ BOE UP USVTU PVS GBTIJPOFE XBZ BDUVBMMZ ESJWJOH VQ B NFOUPST #VU UIFSF BSF TUJMM TPNF QPJOUT NPVOUBJO GPPU MBVODIJOH IBOH HMJEFST PG EJTDVTTJPO BOE EFTQJUF UIF GBDU UIBU BOE EPJOH TPNF IBSE DPSF 9$ 4PVOET TPNF QJMPUT GFFM UIFZ IBWF B DMFBS BOTXFS MJLF iUIF HPPE PME EBZTw BSF BMJWF BOE XFMM UP UIFTF JTTVFT XF TIPVME DPOTJEFS BMM JO 6UBI QPTTJCJMJUJFT BMM PQJOJPOT BOE IPQFGVMMZ 3PEHFS )PZU 64)(" BDDVNVMBUF BT NVDI EBUB BT QPTTJCMF UP EFDJEF PO PVS PXO * N TVSF UIFSF BSF MPUT PG IBOH HMJEFS QJMPUT *SÒOF 3FWFOLP 64)(" BSPVOE UIF DPVOUSZ XIP BSF IBWJOH HPPE PME GBTIJPOFE GPPU MBVODIFE GVO *G ZPV SF POF PG $IFMBO 'MZFST m 5IBOL :PV UIFN QMFBTF TFOE JO ZPVS TUPSZ BOE QIPUPT FNBJM o JU T DPOUSJCVUJPOT TVDI BT -JTB T UIBU NBLF "GUFS ZFBST PG SVOOJOH UIF CVTJ PVS NBHB[JOF JOUFSFTUJOH UP SFBE BOE B SF OFTT BĊ BJST BOE BOOVBM n ZJOH FWFOUT PG n FDUJPO PG UIF n ZJOH UIBU T IBQQFOJOH JO ZPVS UIF DMVC -BSSZ .BKDIS[BL BOE .BSJMZO OFJHICPSIPPE 3BJOFT IBWF EFDJEFE UP SFUJSF GSPN UIF CPBSE PG UIF $IFMBO 'MZFST -BSSZ BOE .BSJMZO IBWF SFMFOUMFTTMZ *HOPSBODF JT #MJTT XPSLFE XJUI UIF DPNNVOJUZ UIF %/3 FNBJM UIF 16% UIF DPVOUZ m SF EFQBSUNFOU * HVFTT JHOPSBODF USVMZ JT CMJTT o IFSF BOE PUIFST UP NBLF $IFMBO #VUUF JO * BN B OFXCJF TUJMM JO UBOEFN USBJOJOH 8BTIJOHUPO 4UBUF UIF n ZJOH TJUF UIBU JU * WF SFDFJWFE POMZ UXP JTTVFT TP GBS BOE * JT BOE UP LFFQ $IFMBO #VUUF PQFO OPX BCTPMVUFMZ MPWF UIF QVCMJDBUJPO ɩ F QJD BOE JO UIF GVUVSF UVSFT BSF BNB[JOH BT BSF UIF TUPSJFT #VU -BSSZ FWFO NBOBHFE UP HFU UIF TUBUF OPX * SFBE PO UIF IBOH HMJEJOH MJTU TJUF TFOBUF JOWPMWFE UP BNFOE 3$8 UIBU * TIPVME IBUF JU CFDBVTF PG UIF IFBWZ UP B QSFGFSBCMF XPSEJOH TQFDJm DBMMZ MJTU QBSBHMJEJOH TMBOU PG MBUF 8PX EP * GFFM JOH IBOH HMJEJOH BOE QBSBHMJEJOH BT TUVQJE )FZ * LOPX * MM KVTU HP CBDL UP SFDSFBUJPOBM BDUJWJUJFT GPS XIJDI MBOE NZ CMJTTGVM TUBUF PG JHOPSBODF BOE DPO PXOFST BHFODJFT OPU DIBSHJOH VTFS GFFT UJOVF UP MPWF XIBU * TFF BOE SFBE DBOOPU CF IFME MJBCMF ɩ JT BNFOEFE ɩ BOLT GPS BO FYDJUJOH NBHB[JOF BOE DPEF IBT CFFO BOE TIPVME DPOUJOVF UP CF QMFBTF LFFQ VQ UIF HSFBU XPSL B VTFGVM UPPM GPS LFFQJOH 8BTIJOHUPO T .BSL ) .D,JOOFZ 64)(" n ZJOH TJUFT PQFO "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


3FBEFS 4FFT .BHB[JOF $POUFOU #JBTFE 5PXBSE 1BSBHMJEJOH FNBJM

* XBT RVJUF EJTBQQPJOUFE PO UIF MBTU NBHB[JOF DPOUFOU o PG UIF QSFTFOUFE BSUJDMFT XFSF QBSBHMJEFS UPQJDT ɩ BU XBT OPU B GVTJPO DPOUFOU UIBU XF XFSF QSPNJTFE * BN BMM GPS B CMFOE PG IBOH HMJEJOH BOE QBSBHMJEJOH CVU * TJODFSFMZ EPO U XBOU UP IBWF QBSBHMJEFS BSUJDMFT TIPWFE EPXO NZ UISPBU XIFO * XBOU UP TJU BOE SFBE IBOH HMJEJOH BSUJDMFT *T UIJT B QSPHSFTTJWF QBSBHMJEFS UBLF PWFS PG PVS BTTPDJBUJPO )FSF T ZPVS DIBODF UP DPNF DMFBO (FSSZ 'BSFMM 64)("

"SF ZPV SFGFSSJOH UP UIF +VOF NBHB[JOF (FSSZ *G TP * IBWF UP XPOEFS XIFSF ZPVS DBNF GSPN )FSF T UIF CSFBLEPXO PG UIF +VOF DPOUFOU )BOH HMJEJOH BSUJDMFT BOE DPMVNOT * +VNQ 'SPN UIF .PVOUBJO 3FNFNCFSJOH $ISJT .VMMFS (PJOH UIF %JTUBODF JO 6UBI )( 4UBNQT PG UIF 8PSME 4JUF (VJEF $MPVE )JHI 3PDL 5PUBM IBOH HMJEJOH BSUJDMFT DPMVNOT BMUIPVHI %BO +PIOTPO T 1SPEVDU -JOFT JT NPTUMZ IBOH HMJEJOH SFMBUFE JOGP TP ZPV DPVME DPVOU JU BT IBOH HMJEJOH NBUFSJBM JG ZPV XFSF TP JODMJOFE * N OPU 5PUBM QBHFT EFWPUFE UP IBOH HMJEJOH SFMBUFE NBUFSJBM PS JG ZPV JODMVEF 1SPEVDU -JOFT 1BSBHMJEJOH BSUJDMFT BOE DPMVNOT (POF JO (IBOB 4UVDL PO 9$ 'JOEJOH UIF 4LZ "DDJEFOUT /8 3PBE 5SJQ 5PUBM QBSB HMJEJOH BSUJDMFT DPMVNOT 5PUBM QBHFT EFWPUFE UP QBSBHMJEJOH SFMBUFE NBUFSJBM BMUIPVHI UIF HMPTTBSZ PG UFSNT JO 'JOEJOH UIF 4LZ PSJHJOBUFE NPTUMZ GSPN UIF IBOH HMJE JOH DPNNVOJUZ BOE BQQMJFT BMNPTU FOUJSFMZ UP CPUI XJOHVBMJUJFT TP JU T NPSF BDDVSBUFMZ MBCFMFE CJXJOHVBM SBUIFS UIBO QBSBHMJEJOH SFMBUFE 4P JG ZPV SF DPVOUJOH BSUJDMFT UIF XJOH TQFDJm D NBUFSJBM JO UIF +VOF JTTVF XBT BCPVU )( SFMBUFE 1( SFMBUFE *G ZPV SF DPVOUJOH QBHFT UIF DPO UFOU XBT BCPVU )( 1( Dz F SFTU PG UIF NBHB[JOF T DPO UFOU JT FJUIFS CJXJOHVBM PS BEWFSUJTJOH *O NZ NJOE UIPTF OVNCFST JOEJDBUF B XFMM CBMBODFE JTTVF * CFMJFWF UIBU .BZ XBT FWFO DMPTFS UP B CBMBODF CVU ZPV DBO EP ZPVS PXO DPVOUT PO UIBU POF * IBWFO U UBLFO UIF UJNF UP DPVOU BET XIJDI BSF UPUBMMZ PVU PG NZ SFBMN PG SFTQPO TJCJMJUZ CVU * EPO U UIJOL UIBU PVU PG

BET BSF QBSBHMJEJOH SFMBUFE FJUIFS *G JU T UIF BET UIBU IBWF ZPV GFFMJOH UIBU PVS QVCMJDB UJPO JT UPP QBSBHMJEJOH IFBWZ ZPV MM OFFE UP UBML UP +BZOF XIP T UIF QVCMJTIFS BOE JT SF TQPOTJCMF GPS UIF BEWFSUJTJOH DPOUFOU "T GPS B QSPNJTF PG B QFSGFDU CBM BODF * IBWF OP LOPXMFEHF PG BOZ TVDI DPNNJUNFOU CVU NZ JOUFOU JT UP HJWF ZPV QSFDJTFMZ UIBU XJUIJO SFBTPOBCMF MJNJUT PG DPVSTF *U E CF TJMMZ UP IBWF TUSJOHFOU SFRVJSF NFOUT UIBU UIFSF CF FYBDUMZ UIF TBNF OVNCFS PG BSUJDMFT QBHFT QIPUPT BET XPSET BOE TP PO $POUFOU CBMBODF BOE UJNF TFOTJUJWJUZ BSF UIF QSJNBSZ EFUFSNJOBOUT PG XIJDI BSUJDMFT BQQFBS JO FBDI JTTVF "SUJDMFT UIBU BSF OPU UJNF TFOTJUJWF BSF QMBDFE XIFOFWFS UIFZ CFTU m U JOUP UIF NJY Dz BU CFJOH TBJE * DBO POMZ QVCMJTI XIBU * SFDFJWF BOE TVCNJTTJPOT BSF EFm OJUFMZ OPU B TQMJU CFUXFFO IBOH HMJEJOH BOE QBSBHMJEJOH DPOUFOU o JU T NPSF MJLF UISFF UP

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

POF IFBWZ PO UIF QBSBHMJEFS TJEF "MM ZPV IBOH HMJEJOH QIPUPHSBQIFST BOE BVUIPST QMFBTF DPNF PVU PG UIF DMPTFU BOE TFOE NF FEJUPS!VTIHB PSH ZPVS IJHI SFTPMVUJPO IJHI JOUFSFTU QIPUPT BMPOH XJUI UIF UBMFT PG ZPVS BEWFOUVSFT * MM SFTU B MPU FBTJFS LOPX JOH * IBWF NBUFSJBM UP DPOUJOVF UP QSPWJEF CBMBODFE DPOUFOU XFMM JOUP UIF GVUVSF 1JOH 1POH 1PMJUJDT FNBJM

* E MJLF UP UBML BCPVU 1JOH 1POH o B HBNF PG MFGU UIFO SJHIU OFWFS B GSFF[F GSBNF MJLF UIF MBTU 1PMJUJDJBOT BOE PQQPS UVOJTUT FOHBHF JO JU XIFOFWFS TPNFUIJOH JT UP CF HBJOFE ɩ FSF T B RVFTUJPO PO UIF 1JOH 1POH UBCMF BU UIF NPNFOU 4IPVME XF DIBOHF PVS WFOFSBCMF PSHBOJ[BUJPO T OBNF UP BEE XIBU KBSHPO JT QPQVMBS BU BOZ QPJOU JO


UJNF 5PEBZ UIF OBNF iQBSBHMJEJOHw JT VTFE UPNPSSPX XF NJHIU IFBS iIPPQ XJOHw PS iDBOPQZ HMJEFSw PS iFYQBOEB HMJEFS w 8IBU EPFT iQBSBw NFBO o PS JT JU KVTU B QISBTF PODF DBTVBMMZ DPJOFE UP TVHHFTU QBSBDIVUF MJLF BQQFBSBODF ɩ F (SFFL SPPU GSPN XIJDI UIF XPSE iQBSB DIVUFw XBT EFSJWFE NFBOT iBMPOHTJEF PG w PS iCFTJEF w HFOFSBMMZ TVHHFTUJOH TPNFUIJOH WFSZ TJNJMBS JG OPU JEFOUJDBM i1BSBDIVUFw MJUFSBMMZ NFBOT iBMPOHTJEF B GBMM w ɩ VT iQBSBHMJEFS w BMUIPVHI NJYJOH MBOHVBHFT NJHIU NPTU DMPTFMZ JOEJDBUF iBMPOHTJEF HMJEJOHw PS iOFBS UP HMJEJOH w 0CUVTF BU CFTU BHSFFE 8F DBO TFF JU T UIF BDUJWJUZ BOE OPU UIF OBNF UIBU TBUJT m FT *U T UIF BDUJWJUZ XF TIPVME JOEVMHF UIF OBNF JUTFMG IBT MJUUMF n BWPS BOE OP IJTUPSJDBM NPNFOUVN 'PS EFDBEFT OPX UIPVTBOET PG JOEJ WJEVBMT TUSVHHMFE UP CVJME UIF 6 4 )BOH (MJEJOH "TTPDJBUJPO BOE TVDDFFEFE *U JT WFSZ SFDFOU IJTUPSZ UP TQFBL PG UIF EBZ XIFO QBSBHMJEFS QJMPUT CFOU PO FOKPZJOH GSFF n JHIU CVU OPU IBWJOH BDDPNQMJTIFE UIF CVJMEJOH PG B MBTUJOH PSHBOJ[BUJPO TPVHIU QFSNJTTJPO UP KPJO UIF 64)(" 5P HBJO TVQQPSU GPS UIJT JNNJHSBUJPO QBSBHMJEFST XFSF DIBSBDUFSJ[FE UIFO BT GVOEBNFOUBMMZ JEFOUJDBM UP IBOH HMJEFST JO BMM CVU EFTJHO EFUBJM o TJUFT QSPDFEVSFT NJOETFU MFHBM EFm OJUJPO BOE FTQFDJBMMZ CSPUIFSIPPE XFSF BMM DJUFE BT TUSPOH FWJ EFODF UIBU XF BSF TJCMJOHT PG UIF TBNF HF OFUJDT QVSTVJOH UIF TBNF ESFBN #BDL UIFO NBOZ IBOH HMJEFS QJMPUT PQQPTFE UIF JOn VY DPOUFOEJOH JU XPVME JOFWJUBCMZ MFBE UP DIBOHFT JO GPDVT SF TPVSDFT DPNNVOJDBUJPOT BOE VMUJNBUFMZ JEFOUJUZ ɩ FZ XFSF CSBOEFE NBMDPOUFOUT BU UIF UJNF o EJOPTBVST o CVU IJTUPSZ IBT UIVT GBS WJOEJDBUFE UIFN UP B QPJOU GPS TPNF PG UIFJS QSFEJDUJPOT IBWF DPNF UP QBTT %P XF XBOU UP DBOPOJ[F NBMDPO UFOUT CZ FQJUPNJ[JOH UIFJS NPTU GFBSTPNF XBSOJOHT )FSF XF BSF EFCBUJOH B OBNF DIBOHF BOE UIJT JT BO JEFOUJUZ DIBOHF NBLF OP NJTUBLF JG JU XFSF OPU UIFO JU XPVME IBWF OP NFBOJOH UP BOZPOF BOE OPCPEZ XPVME IBWF TVHHFTUFE JU UP CFHJO XJUI " MPU PG UIF EJOPTBVST MFGU CVU BT UIF JOn VY NPSF UIBO NBUDIFE UIFJS OVNCFST UIJT XBT TFFO BT UIF VOGPSUVOBUF SFBMJUZ PG TFMG FYQSFTTJPO BOE NPSF JNQPSUBOUMZ QSPHSFTT 8F HSFX ɩ F OFX BJSGSBNF

GSFF XFJHIU TIJGU HMJEFST XFSF XFMDPNFE BOE XF NPWFE GPSXBSE "OE TP XF CFHJO B HBNF PG 1JOH 1POH BT FOWJTJPOFE CZ NBMDPOUFOUT " WFSZ GFX PG VT OPX DPOWFOJFOUMZ GPSHFU UIF MJUBOZ PG TJNJMBSJUJFT CFUXFFO BJSDSBGU EFTJHOT BOE HSPX JOEJHOBOU UIBU PVS KBSHPO PG UIF IPVS JTO U SFQSFTFOUFE PO BDUVBM MFU UFSIFBE %JĊ FSFODFT BOE OPU MJLFOFTTFT BSF TUSFTTFE DPOUSBSZ UP UIF TQJSJU PG QPJOUT NBEF B GFX TIPSU ZFBST BHP #VU JU DBO U CF IBE CPUI XBZT &JUIFS XF XFSF XSPOH UP BOOFY B EJĊ FSFOU CFBTU B GFX ZFBST BHP PS XF XFSF SJHIU CFDBVTF JU XBT UIF TBNF CFBTU "SHVNFOUT UFOEFSFE FBSMJFS BSF SFBM DPNNJUNFOUT CPVOE CZ IPOPS ɩ FSF T OP [FSP TJOL IFSF 4P XF IBWF UP EFDJEF 3FNBJO USVF UP UIF PSHBOJ[BUJPO XF CVJMU PS KPJOFE CF DBVTF XF BMM n Z IBOH HMJEFST PG POF EFTJHO PS BOPUIFS PS HJWF XBZ UP JOEJHOBUJPO BOE BU MFBTU IBWF UIF DPVSBHF UP TQMJU 0OF XBZ PS UIF PUIFS UIF 6 4 )BOH (MJEJOH "TTPDJBUJPO TIPVME SFNBJO FYBDUMZ XIBU JU JT o B IBOH HMJEJOH PSHBOJ[BUJPO UIBU EFTFSWFT UP TVSWJWF GPDVT JOUBDU IJTUPSJ DBM NPNFOUVN JOUBDU OBNF JOUBDU CZ WJSUVF PG UIF UPJMT PG UIPVTBOET XIP GPS EFDBEFT IBWF NBEF JU TP "U NZ Pċ DF XF IBWF B 1JOH 1POH UBCMF %FTQJUF JUT QPTJUJPO BU UIF GBS FOE PG UIF IBMM BOE UIF PSJHJOBM VOEFSTUBOE JOH XIFO JU XBT CPVHIU POF JOEJWJEVBM DBO U TUBOE UIF iOPJTF w BOE LFFQT QVTI JOH UP IBWF JU TIPWFE PĊ JOUP B TNBMM SPPN 0G DPVSTF IF T BO PQQPSUVOJTU o IF IBT OP JOUFSFTU JO QMBZJOH BOE IF GFFMT IJT WJFXQPJOU IBT GVMM SJHIU UP PWFSSVMF UIF NPNFOUVN BSPVOE IJN BT MPOH BT IF DBO NBLF JU IBQQFO 4P IF XBWFT BCPVU B GFX UBUUFST PG iNPSBM IJHI HSPVOE w BOE NFBOXIJMF JO IJT BSHVNFOU UIFSF JT OP USBDF PG SFTQFDU GPS UIF DPNQBOZ T 1JOH 1POH IJTUPSZ PS IJT PXO QBTU QSPNJTFT #VU JU T TJNQMFS UIBO UIBU SFBMMZ ɩ JT QFSTPO IFBST UIF TBNF CBMM CPVODJOH BT UIF SFTU PG VT #VU XIFSF XF EFDJEF UP CF BQQSFDJBUJWF PS VODPODFSOFE IF EFDJEFT UP CF BOOPZFE *U T SFBMMZ UIBU TJNQMF ɩ FSF T OP DVSF GPS IJN PG DPVSTF 8F OFFE UP BDLOPXMFEHF UIBU UIF UPJMT PG PVS QSFEFDFTTPST IPME QSJPSJUZ PWFS PVS PXO BSCJUSBSZ NPEFSOJTN 8IP XPVME SJTL UIJT EJWJTJWFOFTT 8IP XPVME MVSDI BO PSHBOJ[BUJPO JOUP UIJT NFBOJOHMFTT EJUDI .BZCF * WF CFFO JOTVMBUFE GSPN VOSFBTPOBCMF BDUJWJTUT VOUJM OPX CVU

* WF OFWFS IFBSE PG B iWPMMFZCBMM BOE QPMF BOE OFU DMVCw PS B iSPDL DMJNCJOH BOE EFTDFOEJOH DMVCw PS B iXIJUFXBUFS BOE HSFFOXBUFS DMVC w )BWF B MJUUMF USBEJUJPO DBO XF QMFBTF * E MJLF UP LOPX XIZ UIPTF GFX OBNF DIBOHF QSPQPOFOUT BSF BMUFSJOH UIF TUPSZ PG B GFX ZFBST BHP BOE IPX UIFZ DBO KVTUJGZ JU *G UIFZ SFBMMZ XBOU UP GFFM JO EJHOBOU BCPVU UIF OBNF i)BOH (MJEJOH w XPVMEO U JU CF GBS NPSF DPVSBHFPVT UP HP PĊ BOE CVJME B EJĊ FSFOU PSHBOJ[BUJPO MJLF UIF GPVOEFST PG UIF 64)(" BDIJFWFE BOE MFBWF UIF SFTU PG VT XJUI BMM PVS WBSJPVT IBOH HMJEFS EFTJHOT QSPVE NFN CFST PG B WFOFSBCMF PSHBOJ[BUJPO .JLF 7PSIJT 64)("

#JH &WFOUT 1VU 5PP .VDI 1SFTTVSF PO -PDBM 4JUFT 8FC TJUF

*U T TQSJOH BOE UIF XFBUIFS IBT SFDFOUMZ CFDPNF JOWJUJOH UP n Z JO BHBJO * E MJLF UP HP n ZJOH CVU * DBO U JO HPPE DPOTDJFODF 8IJMF * XSJUF UIJT UIFSF BSF UXP NPSF EBZT PG UIF XFFL MPOH 3BU 3BDF BU 8PPESBU .PVOUBJO JO TPVUIFSO 0SFHPO 8PPESBU JT PVS TBGFTU NPTU DPOTJTUFOU n ZJOH TJUF 'PS UIF MBTU UISFF ZFBST MPDBM QJMPUT IBWF CFFO XBUDIJOH BT UIBU TJUF HFUT PWFSSVO m STU CZ UIF FWFS CVMHJOH 4UBSUIJTUMF XFFLFOE BOE UIFO CZ UIF QBSBHMJEFST POMZ 3BU 3BDF ɩ JT ZFBS UIF DPNCJOFE FWFOUT DMPHHFE 8PPESBU XJUI PWFS QJMPUT BMNPTU BMM GSPN PVU PG UIF BSFB 8PPESBU JT B SFMBUJWFMZ TNBMM n ZJOH TJUF XJUI MJNJUFE BDDFTT BOE CBTJDBMMZ POF -; XIFSF MBOEJOH JT BMMPXFE CZ BO FY USFNFMZ HSBDJPVT BOE HFOFSPVT MBOEPXO FS 0O MJHIU EBZT PG UIF FWFOUT UIFSF DBO CF QJMPUT DJSDMJOH JO B TJOHMF UIFSNBM :FTUFSEBZ UIFSF XFSF NQI XJOET BU MBVODI BOE QBSBHMJEFST XFSF MBVODIJOH BOZXBZ QSPCBCMZ CFDBVTF PG UIF GFSWPS PG UIF NPNFOU 0OF QFSTPO XBT JOKVSFE * IBWF OPU CFFO B NFNCFS PG PVS MPDBM HMJEFS DMVC 37)(" GPS B DPVQMF PG ZFBST CFDBVTF UIF DMVC QVTIFE UP FYQBOE FWFOUT UIBU CSJOH UPP NBOZ QFPQMF UP 8PPESBU .PVOUBJO * CFMJFWF UIBU 8PPESBU DBO TBGFMZ IBOEMF BCPVU QJMPUT ɩ JT JT UIF BNPVOU UIBU TIPXFE VQ GPS 4UBSUIJTUMF m WF ZFBST BHP 8F IBE B CMBTU BOE B HSFBU ##2 * HVFTT UIF XPSE HPU BSPVOE ɩ F 64)(" TBODUJPOFE 3BU 3BDF CSJOHT QJMPUT GSPN BMM PWFS UIF XPSME "

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


DPNQ JT IFME BU UIFJS IPNF TJUF Dz F USVUI JT DBO HFU HVJEFMJOFT BOE BQQMJDBUJPO GPSNT GPS JO NPTU DBTFT DPNQ PSHBOJ[FST HP PVU PG UIFJS HSBOU BQQMJDBUJPOT BU XXX VTIHG PSH 0OF m OBM QPJOU Dz F 3BU 3BDF DPNQFUJ XBZ UP QSFWFOU UIF FWFOU GSPN JOGSJOHJOH PO UIF MPDBMT n ZJOH )BWJOH QJMPUT BU BOZ UPST EPOBUFE UP UIF MPDBM DMVC 3PHVF TJUF TPVOET SJEJDVMPVTMZ DSPXEFE UP BOZPOF 7BMMFZ )BOH (MJEJOH BOE 1BSBHMJEJOH XIP IBTO U CFFO UP B CJH DPNQ PS n Z JO CVU "TTPDJBUJPO UP IFMQ XJUI TJUF JNQSPWFNFOUT 8PPESBU IBT IBOEMFE UIF DSPXE CFUUFS UIBO PS BOZ PUIFS QSPKFDUT UIBU UIF MPDBM QJMPUT GFFM NPTU TJUFT Dz F DPNQFUJUPST BSF Pą UIF IJMM BSF JNQPSUBOU :PV NFOUJPO UIBU ZPV SF OP XJUIJO B WFSZ TIPSU XJOEPX UZQJDBMMZ MFTT MPOHFS B NFNCFS PG UIF 37)1" CVU ZPV UIBO BO IPVS BOE UIFZ SF VQ BOE BXBZ /PO IBWF TVHHFTUJPOT GPS JNQSPWJOH UIF n ZJOH DPNQFUJUPST BSF XFMDPNF UP MBVODI CFGPSF PS PQUJPOT JO UIF .FEGPSE BSFB BOE UIF DMVC BGUFS UIBU CSJFG XJOEPX BOE BT ZPV XFMM IBT B HPPE DIVOL PG DIBOHF UIBU XBT EPOBUFE LOPX 8PPESBU IBT CFFO HMPSJPVTMZ TPBS XJUI KVTU TVDI B QVSQPTF JO NJOE * E TVH BCMF GSPN FBSMZ NPSOJOH VOUJM TVOTFU * XJTI HFTU TIBSJOH ZPVS UIPVHIUT XJUI UIF 37)1" ZPV E DPNF VQ BOE n PXO EVSJOH UIF 3BU PĆ DFST 3BDF * UIJOL ZPV E IBWF CFFO QMFBTBOUMZ TVSQSJTFE BU IPX VO DSPXEFE MBVODI UIF BJS BOE UIF -; BDUVBMMZ XFSF :PVS TFDPOE QPJOU TJUF JNQSPWFNFOU JT F 64)(' UIF ' JT GPS "MEFO .Pą BUU 64)(" BMTP FYDFMMFOU Dz 'PVOEBUJPO IBT GVOEJOH BWBJMBCMF UP IFMQ "MEFO ZPV IBWF TFWFSBM HPPE QPJOUT IFSF QJMPUT JNQSPWF PS EFWFMPQ TJUFT *G ZPV IBWF 'JSTU UIF DSPXEJOH JTTVF -PDBM QJMPUT PGUFO B TQFDJm D QSPKFDU JO NJOE DPOTJEFS BTLJOH GFFM QVTIFE BTJEF PS FYDMVEFE XIFO B NBKPS UIF GPVOEBUJPO GPS m OBODJBM BTTJTUBODF :PV

GFX PG UIF MPDBMT JODMVEJOH NZTFMG IBWF EFDJEFE UIBU UIF CFTU UIJOH XF DBO EP GPS TBGFUZ JTTVFT BOE UP QSPUFDU UIF TJUF JT UP TUBZ BXBZ GSPN 8PPESBU GPS EBZT BSPVOE UIF CFHJOOJOH PG UIF CFTU n ZJOH UJNF PG UIF ZFBS /PX UFMM NF XPVMEO U UIBU QJTT ZPV PĊ JG ZPV XFSF JO NZ TJUVBUJPO *G UIF 3BU 3BDF BOE 4UBSUIJTUMF BSF HPJOH UP DPOUJOVF UIF 64)(" XJMM IBWF UP EP TJUF JNQSPWFNFOU JO TPVUIFSO 0SFHPO ɩ FSF BSF TPNF HPPE PQQPSUVOJ UJFT UP SBJTF UIF TUBOEBSE PG TFWFSBM TJUFT TP UIFZ DBO BDDPNNPEBUF B XJEFS SBOHF PG QJMPUT &WFOUT TIPVME CF TQSFBE PVU PWFS B XJEFS MBOETDBQF 4JUF EFWFMPQNFOU BOE TJUF QSPNPUJPO HP IBOE JO IBOE :PV DBO U IBWF UIF 0MZNQJDT JO B IJHI TDIPPM HZN

DMJNC CFUUFS UVSO GBTUFS XFJHI MFTT $POUJOVJOH PVS TFSJFT PO BEWBODFE DBSCPO m CSF VTF 5IJT NPOUI

.PZFT -JUFTQFFE 4 DBSCPO m CSF DSPTT CBST 8IBU UIFZ EP 0VS OE (FOFSBUJPO -JUFTQFFE 4 $SPTTCBST BSF TIBQFE GPS PQUJNVN QFSGPSNBODF BOE FOHJOFFSFE GPS B IJHI EFHSFF PG n FYJCJMJUZ 5IFJS EFTJHO SFEVDFT TIFFS MPBE BU UIF DFOUSF TFDUJPO QJOT BOE SFEVDFT GBUJHVF PG UIF TQBS XBMM XIFO UIF HMJEFS JT TFUVQ CBDL UP UIF XJOE 5IFJS EFWFMPQNFOU JT UIF EJSFDU SFTVMU PG NPSF UIBO ZFBST DBSCPO m CSF SFTFBSDI BOE FYQFSJFODF CZ .PZFT FOHJOFFST

)PX UIFZ EP JU 5IF TQBS JT B SPVOE DSPTT TFDUJPO JODPSQPSBUJOH BEEFE TVQQPSU BU UIF MFBEJOH FEHF DSPTT CBS KVODUJPO XIFSF UIF JOOFS EJWF TUSVU GPSDFT BSF BQQMJFE

&BDI EJGGFSFOU TJ[FE .PZFT -JUFTQFFE 4 JODMVEJOH UIF OFXFTU -JUFTQFFE 4 IBT JUT PXO GVMMZ PQUJNJTFE DBSCPO m CSF DSPTT CBS EFTJHO BOE FBDI EFTJHO JT UFTUFE UP GBS FYDFFE UIF NBYJNVN QPTTJCMF MPBEJOH JO BOZ n ZJOH DPOEJUJPOT

SP

TT

TF D

UJPO

)JHI HSBEF QSF JNQSFHOBUFE DBSCPO m CSFT BSF IBOE MBJE PO B TUFFM NBOESFM UIFO DPOTPMJEBUFE BOE PWFO DVSFE BU ' $ QSPEVDJOH B MJHIUXFJHIU IJHIMZ PQUJNJTFE MBNJOBUF PSJFOUBUJPO B IJHI m CSF SFTJO SBUJP BOE B IJHI 5H UFNQ BU XIJDI MBNJOBUF TUBSUT UP TPGUFO 5IF HMPTT FYUFSOBM m OJTI JT BDIJFWFE XJUIPVU UIF OFFE GPS BOZ BEEJUJPOBM SFTJO DPBUJOH O T DBSCP

S D QB

.PZFT 8PSME MFBEFST JO DBSCPO m CSF FOHJOFFSJOH GPS IJHI QFSGPSNBODF IBOH HMJEFST

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


)PX 5P (FU :PVS )BOH )FJHIU 3JHIU #Z 3PC ,FMMT 1IPUPT CZ (FOF "ULJOT

NPSF DPNGPSUBCMF á ZJOH BOE UIFSNB MJOH JO B MFWFM BUUJUVEF *G ZPV BSFO U WFSZ DMPTF UP UIF CBTFUVCF XIFO JO UIF IFBE EPXO HMJEJOH QPTJUJPO UIFO ZPV XJMM CF UPP IJHI BCPWF UIF CBTFUVCF GPS FGGFDUJWF DPOUSPM XIFO JO UIF NPSF DPNGPSUBCMF MFWFM á ZJOH QPTJUJPO 5IF QJMPU QSPEVDFT UIF NPTU TJHOJà DBOU BNPVOU PG ESBH JO UIF TZTUFN 8F IBWF NFBTVSFE B GPPU QFS NJOVUF EJGGFSFODF JO TJOL SBUF CFUXFFO B DPDPPO IBSOFTT BOE B QPE IBSOFTT BU NJMFT QFS IPVS 5IFSF JT BOPUIFS GQN CFUXFFO B QPE BOE B DPNQFUJUJPO UZQF IBSOFTT 4P TBZ ZPV SF á ZJOH B DMFBO IBSOFTT BOE ZPVS CVEEZ IBT UIF TBNF NPEFM HMJEFS CVU á JFT JO B DPDPPO *G ZPV HP GPS B NJOVUF HMJEF XJUI IJN BU NJMFT QFS IPVS ZPV MM *O TPGU CBDLFE OP CBDL QMBUF IBS CF BCPVU '063 )6/%3&% '&&5 OFTTFT UIF TIPSUFS UIF NBJOT UIF MFTT BCPWF IJN BU UIF FOE PG UIBU HMJEF DPNGPSUBCMF BOE MFTT DMFBO UIF IBS OFTT CFDPNFT 8JUI B CBDL QMBUF IBS 4P )PX %P :PV (FU *U +VTU 3JHIU 'JSTU MFU T MPPL BU UIF iTUBOEBSET u * OFTT MJLF UIF 3PUPS .BUSJY PS 5FOBY QVU TUBOEBSET JO RVPUBUJPOT CFDBVTF PG 5P HFU ZPVS IBSOFTT TFU VQ KVTU SJHIU UIF CBDL QMBUF TVQQPSUT UIF DPNQSFT JU T B HPPE JEFB UP HFU B GFX IPVST UIF NBOZ WBSJBCMFT JOWPMWFE TJWF GSPOU UP SFBS MPBEJOH XIJDI JT JO á ZJOH UJNF XJUI ZPVS IBSOFTT HMJEFS 5IF (FSNBO DFSUJà DBUJPO PSHBOJ[B DSFBTFE BT ZPV TIPSUFO UIF NBJO TVQ UJPO %)7 VTFT B TUBOEBSE UIBU QVUT QPSU TUSBQT PO UIF IBSOFTT UIF CPUUPN PG UIF HMJEFS T IBOH MPPQ JODIFT BCPWF UIF UPQ PG UIF CBTFUVCF " MPOHFS NBJO TVQQPSU TUSBQ BMTP NBLFT JU FBTJFS UP IPPL JOUP BOE VO 8JMMT 8JOH T TUBOEBSE IBT BMXBZT IPPL GSPN ZPVS HMJEFS CFFO JODIFT GSPN UIF CPUUPN PG UIF HMJEFS T IBOH MPPQ UP UIF UPQ PG UIF CB TFUVCF 4P UIF EJGGFSFODF CFUXFFO UIF )PX 4IPVME :PV #F )BOHJOH UXP TUBOEBSET JT FJHIU JODIFT * TFU VQ NZ IBSOFTT IBOH IFJHIU TP 8F IBWF CFFO BTLFE NBOZ UJNFT * BN BMNPTU TDSBQJOH UIF CBTF UVCF XIZ BMM HMJEFS BOE IBSOFTT NBOVGBD XIFO * N IBOHJOH BU EFHSFFT IFBE DPNCJOBUJPO BEEJOH FYUSB IBOH TUSBQT UVSFST EPO U VTF UIF TBNF TUBOEBSE BT EPXO 5IF DMPTFS UP UIF CBTFUVCF ZPV UP UIF HMJEFS T IBOH TUSBQ BT OFDFTTBSZ JU XPVME TJNQMJGZ UIJOHT GPS FWFSZPOF BSF UIF NPSF DPOUSPM BVUIPSJUZ ZPV MM UP QVU ZPV BU UIF IFJHIU XIFSF ZPV BSF 5IF LFZ SFBTPOT UIBU XF IBWF OPU BE IBWF 1JUDI BOE SPMM QSFTTVSFT XJMM NPTU DPNGPSUBCMF *G ZPV BSF IBOHJOH PQUFE UIF TIPSUFS NBJO TVQQPSU TUSBQT CFDPNF MJHIUFS BT ZPV IBOH MPXFS UPP MPX NPTU MPPQT BMMPX GPS BU MFBTU PO PVS IBSOFTTFT BOE FJHIU JODI MPOHFS 5IJT JT UIF LFZ SFBTPO * QSFGFS UP IBWF POF XSBQ BSPVOE UIF DBSBCJOFS XIJDI IBOH MPPQT PO PVS HMJEFST UP NBUDI UIF B TJEF NPVOUFE QBSBDIVUF " DIFTU XJMM SBJTF ZPVS IBOH IFJHIU CZ BCPVU %)7 TUBOEBSET BSF NPVOUFE QBSBDIVUF JT VTVBMMZ UISFF UP POF JODI QFS XSBQ #F BXBSF UIBU JG GPVS JODIFT UIJDL GPSDJOH ZPV ZPV NBLF B TJHOJà DBOU DIBOHF JO ZPVS IBOH IFJHIU JU DPVME DBVTF B GFX PUIFS UP IBOH UIBU NVDI IJHIFS *EFBMMZ ZPV XBOU UP CF BCMF DIBOHFT "T POF FYBNQMF IBOHJOH UP HFU BCPVU EFHSFFT IFBE MPXFS XJMM SFEVDF á BSF BVUIPSJUZ 0ODF EPXO GPS HMJEFT CFUXFFO UIFS ZPV BSF TVSF ZPV IBWF UIF IFJHIU KVTU NBMT "T ZPV QVMM JO UP á Z GBTUFS XIFSF ZPV XBOU JU TJNQMZ NFBTVSF UIF IBSOFTT UFOET UP SPDL VQ ZPVS FYUFOTJPO PS XSBQT BOE PSEFS B TP JG ZPV QVMM JO GPS TJHOJà DBOU DVTUPN MFOHUI IBOH TUSBQ UP QVU ZPV TQFFE BOE ZPVS IBSOFTT JT BE SJHIU XIFSF ZPV MJLF UP CF KVTUFE MFWFM BU USJN ZPV XJMM 4BGF n ZJOH FOE VQ IFBE IJHI QSFTFOUJOH B 3PC ,FMMT CJHHFS QSPà MF BOE IFODF DSFBU 3PC!8JMMT8JOH DPN JOH NPSF ESBH .PTU QJMPUT BSF 5IFSF BSF B OVNCFS PG WBSJBCMFT UIBU BGGFDU UIF IFJHIU UIBU ZPV IBOH BCPWF UIF CBTFUVCF PG ZPVS HMJEFS 8IFUIFS ZPV IBWF B DIFTU NPVOUFE PS TJEF NPVOUFE QBSBDIVUF UIF DJSDVN GFSFODF PG ZPVS IBSOFTT IPX IFBE VQ PS IFBE EPXO ZPV á Z UIF MFOHUI PG ZPVS IBOH MPPQ BOE UIF MFOHUI PG ZPVS IBSOFTT T NBJO TVQQPSU TUSBQT BMM BGGFDU UIF IFJHIU PG UIF IBOH QPTJUJPO JO ZPVS HMJEFS

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


4UFWF 8FOEU 64)(" )BOH (MJEJOH *OTUSVDUPS PG UIF :FBS #Z #JMMZ 7BVHIO 1IPUPT DPVSUFTZ 4UFWF 8FOEU #MVF 4LZ

4UFWF 8FOEU )BOH (MJEJOH *OTUSVDUPS PG UIF :FBS

4UFWF 8FOEU IBT CFFO BO JOTUSVDUPS TJODF IF TUBSUFE n ZJOH JO )F IBE UP CF CFDBVTF MJLF NBOZ XIP TUBSUFE UIBU MPOH BHP UIFSF XBT OP POF UP UFBDI IJN #FTJEFT UIF BTTFNCMZ JOTUSVDUJPOT UIBU DBNF XJUI UIF HMJEFS LJU IF QVSDIBTFE IBE iIPX UP n Zw JOTUSVDUJPOT PO UIF CBDL BOE 4UFWF T BMXBZT CFFO B EP JU ZPVSTFMG HVZ

)JT EBE IFMQFE IJN JO UIPTF m STU EBZT EBZ BOE m OBMMZ UPXJOH UIF OFX HVZT JO CZ DPOWJODJOH IJT NPN IBOH HMJEJOH XBT UIF FWFOJOH HMBTT "MM UIF XIJMF IF T BWBJM TBGFS UIBO SJEJOH EJSU CJLFT BOE CZ PĊ FS BCMF UP IFMQ XJUI IBSOFTT BOE FRVJQNFOU JOH DPOTUSVDUJWF DSJUJDJTN BOE #BOE "JET BEKVTUNFOUT BOE SFOUBMT 4PNF EBZT IF GPS UIF CMPPEZ LOVDLMFT IF HPU BU UIF IJMM FWFO FBUT MVODI * WF LOPXO 4UFWF TJODF BDSPTT UIF TUSFFU GSPN IJT IPVTF 4P 4UFWF IF UBVHIU NF NZ m STU MFTTPO JO BOE IBT CFFO BO JOTUSVDUPS GPS ZFBST XIJDI * LOPX UPOT PG n ZJOH TUPSJFT )FSF T NZ NBLFT IJN NPSF UIBO B NBSBUIPOFS *U T UBLF PO XIBU LFFQT IJN UFBDIJOH IBOH NPSF MJLF BO VMUSB BOE IF T TUJMM SVOOJOH HMJEJOH BOE XPSLJOH TP XFMM XJUI CFHJO )JT ZFBST BT BO JOTUSVDUPS IBWF JO OFST BMM UIFTF ZFBST 0OF UIJOH 4UFWF NFOUJPOFE JT UIF DMVEFE NBOBHJOH ,JUUZ )BXL ,JUFT IBOH HMJEJOH TDIPPM BT XFMM BT UFBDIJOH IJHI DIBMMFOHF PG UFBDIJOH CFHJOOFST BOE PG TDIPPM NBUI BOE DPBDIJOH XSFTUMJOH DPOTUBOUMZ BEBQUJOH UIF XBZ IF UFBDIFT )F TUBSUFE IJT PXO IBOH HMJEJOH TDIPPM %JĊ FSFOU TUVEFOUT IBWF EJĊ FSFOU XBZT PG #MVF 4LZ JO BOE m OBMMZ RVJU UFBDI MFBSOJOH UIF TBNF UIJOH BOE UIF DPOTUBOU JOH IJHI TDIPPM UP SVO #MVF 4LZ GVMM UJNF DIBMMFOHF PG m OEJOH UIF CFTU NFUIPE JO 4JODF IF NPWFE UP #MVF 4LZ GPS FBDI TUVEFOU LFFQT 4UFWF NPUJWBUFE n JHIU QBSL JO .BORVJO 7JSHJOJB IF T i$PNNVOJDBUJPO JT UIF NPTU JNQPSUBOU CFFO BWBJMBCMF KVTU BCPVU FWFSZ EBZ NBL UIJOH JO UFBDIJOH w IF QPJOUT PVU i* SF JOH IJN POF PG UIF IBSEFTU XPSLJOH HVZT NFNCFS POF TUVEFOU XIP XBT IBWJOH B IBSE UJNF MFBSOJOH UP MBVODI BOE * LFQU JO IBOH HMJEJOH " UZQJDBM EBZ NJHIU TUBSU BU TFU UFMMJOH IFS UP AMFU UIF CBS PVU 4IF LFQU UJOH VQ GPS BO FBSMZ NPSOJOH TDPPUFS UPX SVOOJOH BOE SVOOJOH CVU DPVMEO U HFU PĊ MFTTPO UIBU DPVME SVO VOUJM PS OPPO UIF HSPVOE * m OBMMZ SFBMJ[FE UIBU XIFO UIFO USVDL UPXJOH IJT NPSF FYQFSJFODFE * XBT TBZJOH MFU UIF CBS PVU TIF XBT BD TUVEFOUT UISPVHI UIF TPBSBCMF QBSU PG UIF UJWFMZ USZJOH UP QVTI UIF EPXOUVCFT BXBZ

4UFWF UFBDIFT ,JUUZ )BXL TUZMF SVOOJOH BMPOHTJEF TUVEFOUT PO UIF USBJOJOH IJMM "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


GSPN FBDI PUIFS MJLF B HZNOBTU EPJOH BO JSPO DSPTT 4PNFUJNFT ZPV WF HPU UP SFBMMZ MJTUFO UP ZPVSTFMG BOE ZPVS TUVEFOUT w "OPUIFS UIJOH UIBU TFFNT UP LFFQ 4UFWF GSFTI JT UIBU IF T TUBZFE CVTZ FWFO UIPVHI IF LFFQT IJT UFBDIJOH MPBE EFMJC FSBUFMZ MJHIU )F T B UJOLFSFS BOE UIFSF JTO U B MB[Z CPOF JO IJT CPEZ 8IFO IF T OPU DVUUJOH UIF FOEMFTT HSBTT PS CBUUMJOH UIF EBOEFMJPOT XJUI IJT IPNFNBEF TQSBZ FS IF NJHIU CF TFXJOH TBJMT PS USBJOJOH IBSOFTTFT PS CBS NJUUT 0ODF XIJMF QFS GFDUJOH IJT TFXJOH TLJMMT ZFBST BHP IF CVJMU B GPMEBCMF DIFTT TFU PVU PG %BDSPO o KVTU QVU PO B QPU PG DPĊ FF BOE XBUDI IJN HP .PSF SFDFOUMZ 4UFWF CVJMU IJT PXO TDPPUFS UPXJOH TZTUFN BOE MBUFMZ IF T CFFO XPSLJOH PO BO PWFSTJ[FE XIFFM TZTUFN GPS IJT HJBOU USBJOFS BĊ FDUJPOBUFMZ LOPXO BT ɩ F $PMPTTVT &WFO UIPVHI UIF NBKPSJUZ PG 4UFWF T CVTJOFTT SFWPMWFT BSPVOE UIF n JHIU QBSL XJUI TDPPUFS UPXJOH BOE QMBUGPSN MBVODI JOH TUVEFOUT IF IBTO U MPTU UPVDI XJUI UIF USBJOJOH IJMM )JT DPOOFDUJPOT XJUI UIF DPNNVOJUZ UISPVHI UFBDIJOH IJHI TDIPPM

IFMQFE IJN m OE B TFU PG USBJOJOH IJMMT BMM PO POF QJFDF PG MBOE XJUIJO B SFBTPOBCMF XBMLJOH EJTUBODF GSPN FBDI PUIFS TIPVME UIF XJOE DIBOHF )F NPXT KVTU FOPVHI PG UIF HSBTT GPS TBGF iSVOXBZTw XJUI GBC SJDBUFE NPXFS EFDL "57 DPOOFDUJPO PG DPVSTF BOE MFBWFT UIF SFTU GPS UIF GBSN FS T DPXT %VSJOH UIF TVNNFS NPOUIT 4UFWF XPSLT XJUI MBSHF HSPVQT JODMVEJOH ZPVUI BEWFOUVSF DBNQT BOE ) "OE IF TUJMM UFBDIFT UIFTF LJET ,JUUZ )BXL TUZMF SVOOJOH BMPOHTJEF UIF HMJEFS BTTJTUJOH PO B XJSF JG OFFE CF PDDBTJPOBMMZ DBUDIJOH B

!S FAR AS THE FUTURE OF HANG GLIDING GOES ) THINK THAT GLIDERS WILL GET BOTH FASTER AND SLOWER THAT WE LL SEE PROGRESS AT BOTH ENDS OF THE PERFORMANCE SPECTRUM TUVEFOU T MBOEJOH "OE PDDBTJPOBMMZ QVMM JOH B IBNTUSJOH #VU BMM UIJT NJTTFT XIBU NBLFT 4UFWF B HSFBU JOTUSVDUPS /PU POMZ JT IF DPOTUBOUMZ JOOPWBUJOH CVU IF T HPU B RVBMJUZ CFZPOE UIF QBUJFODF FWFSZ JOTUSVDUPS OFFET *U T UIF TBNF BUUSJCVUF UIBU NBEF IJN B HSFBU DPBDI BOE B HSFBU NBOBHFS B HSFBU CPTT * DBMM JU UIF iCFBU NF VQ TPNF NPSFw RVBM JUZ BOE BMM CPSO MFBEFST TFFN UP IBWF JU :PV KVTU XBOU UP XPSL IBSE BOE QFSGPSN GPS UIF HVZ o ZPV XBOU UP USZ SFBMMZ IBSE GPS IJN *U T B LJOE PG QSFDJTJPO NPUJWB UJPO o IF m OET JOEJWJEVBM XBZT UP NBLF QFPQMF XBOU UP QFSGPSN .BOZ PG 4UFWF T TUVEFOUT IBWF IBE UIF FYQFSJFODF PG B MFTT UIBO QFSGFDU n JHIU PS MBOEJOH BOE NFU

XJUI 4UFWF T QFSGFDUMZ HBVHFE TBSDBTUJD SFNBSL i8IBU E ZPV EP UIBU GPS w #VU JU T OPU PĊ FOTJWF BOE JU T POMZ EFMJWFSFE UP UIF TUVEFOUT XIP BSF SFBEZ GPS JU ɩ F CFBVUZ PG UIF SFNBSL JT UIBU UIF TUVEFOUT MPWF JU BOE DBO U XBJU UP USZ IBSEFS PO UIF OFYU n JHIU 4UFWF T SFBMMZ DBSFGVM XJUI IJT TUVEFOUT BOE TPNFUJNFT JU DBO TFFN MJLF IF IPMET UIFN CBDL B CJU CVU * UIJOL IF T MPPL JOH GPS TPNFUIJOH BMNPTU JOUBOHJCMF GSPN UIFN TPNF TPSU PG TVCUMF JOEJDBUJPO UIBU UIFZ SF SFBEZ GPS UIF OFYU MFWFM XIFUIFS JU CF UIFJS m STU IJHI BMUJUVEF QMBUGPSN UPX PS UIFJS m STU UPX JOUP UFYUVSFE BJS "T B XSFTUMJOH DPBDI 4UFWF MFBSOFE IPX UP NPUJWBUF BOE SFBE IJT XSFTUMFST XIFO UP QVTI UIFN BOE XIFO UP QVMM UIFN o BOE XIFO UP KVTU MFU UIFN CF * UIJOL IF EPFT UIF TBNF TPSU PG UIJOH XJUI IBOH HMJEJOH JOTUSVDUJPO CVU JU T B EFMJDBUF CBMBODF " OFX TUVEFOU DBNF UP #MVF 4LZ ZFBST BHP XJUI BO PMEFS OPU TP FBTZ UP n Z HMJEFS IF HPU B iSFBM EFBMw PO "GUFS DBSFGVM FYQMB OBUJPO BCPVU IPX NVDI MPOHFS JU XPVME UBLF IJN UP MFBSO UP n Z JU BOE XIZ VTJOH 4UFWF T MPXFS QFSGPSNJOH FBTJFS UP n Z HMJEFST NJHIU JO GBDU CF NPSF FDPOPNJ DBM JO UIF MPOH SVO 4UFWF DBSFGVMMZ MFU UIF HVZ CFBU IJT IFBE BHBJOTU UIF XBMM GPS B XIJMF &WFOUVBMMZ UIF TUVEFOU TBX UIF MJHIU VTFE 4UFWF T HFBS BOE IF T OPX B SFTQFDUFE QJMPU XJUI TPVOE KVEHNFOU BOE TUSPOH GVOEBNFOUBM TLJMMT * BTLFE 4UFWF BCPVU UIF GVUVSF PG #MVF 4LZ BOE UIF GVUVSF PG IBOH HMJEJOH -JLF B MPU PG GPMLT 4UFWF T DPOWJODFE UIBU UIF GVUVSF PG n JHIU QBSLT JT UIF GVUVSF PG IBOH HMJEJOH i* E MJLF UP TFF #MVF 4LZ HSPX BOE IBWF B GVMM UJNF TUBĊ XJUI NVMUJQMF UVHT BOE NPSF BNFOJUJFT "T GBS BT UIF GVUVSF PG IBOH HMJEJOH HPFT * UIJOL UIBU HMJEFST XJMM HFU CPUI GBTUFS BOE TMPXFS UIBU XF MM TFF QSPHSFTT BU CPUI FOET PG UIF QFSGPS NBODF TQFDUSVN * IPQF UIF NBOVGBDUVS FST XJMM QVU EFTJHO FOFSHZ JOUP USBJOFST UP NBLF UIFN FWFO MJHIUFS BOE TMPXFS BOE FBTJFS UP n Z (PPE USBJOFST BSF LFZ w "OE TP BSF HPPE JOTUSVDUPST

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


/@53<B7</ /<2 167:3( /\ C\bO^^SR 4ZgW\U 2SabW\ObW]\

$IJQBOB #FBDI

-BTU TVNNFS * n FX UBOEFNT GPS "TQFO 1BSBHMJEJOH BOE XJUI PĊ TFBTPO MPPNJOH XIFO UIF UPVSJTUT IFBE IPNF BOE TPNF DBTI JO $IFSJF 4JMWFSB NZ QPDLFUT * XBT MPPL JOH GPS B OFX n ZJOH BEWFOUVSF 4PNF PG "TQFO T UPQ QJMPUT BSF GSPN "SHFOUJOB

BOE UIFZ TQBSLFE NZ JOUFSFTU UP DIFDL PVU UIFJS DPSOFS PG UIF HMPCF 5P DMPTF UIF EFBM NZ GSJFOE BOE GFMMPX UBOEFN QJMPU -VJT 3PTFOLKFS PG 1BUBHPOJB 1BSBHMJEJOH MPOHUJNF JNQPSUFS PG (SBEJFOU (MJEFST JO "SHFOUJOB BOE OPX JO UIF 6 4 TVH HFTUFE * TUBSU PĊ NZ KPVSOFZ NFFUJOH IJN BU UIF "SHFOUJOF /BUJPOBMT BOE UIFO KPJO IJN PO B UPVS UP *RVJRVF $IJMF *U XBTO U FYBDUMZ XIBU * IBE JO NJOE BT GBS BT UPVS JOH "SHFOUJOB CVU JU XBT CPVOE UP CF B HPPE BEWFOUVSF *O /PWFNCFS XF MPHHFE BCPVU LJMPNFUFST GSPN 5VDVNBO JO OPSUIXFTU FSO "SHFOUJOB PWFS B TQFDUBDVMBS NFUFS QBTT JO UIF "OEFT XIFSF FWFSZPOF TVĊ FSFE BMUJUVEF TJDLOFTT JOUP POF PG UIF ESJFTU DPSOFST PO FBSUI JO $IJMF UIFO BMM UIF XBZ EPXO UIF $IJMFBO DPBTU UP OPSUIFSO 1BUBHPOJB BOE CBDL UP -VJT T IPNF JO #BSJMPDIF "SHFOUJOB 'PMMPXJOH BSF TFWFSBM UJECJUT PG NZ USBWFMT UIBU * E MJLF UP TIBSF

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP +BSPNJS -BIVMFL

#Z $IFSJF 4JMWFSB

8)&/ 3&46-54 %0/ 5 ."55&3 "3(&/5*/& /"5*0/"-4 56$6."/ *G ZPV WF SFBE TPNF PG NZ n ZJOH USBWFM TUPSJFT CFGPSF ZPV LOPX * IBWF XSJUUFO BCPVU QBSUJDJQBUJOH JO GPSFJHO DPNQFUJ UJPOT BOE IPX NZ BNCJUJPOT XFSF PGUFO GPJMFE CVU JO FYDIBOHF * XBT HSBOUFE NPSF EJWFSTF BOE FYDJUJOH MJGF FYQFSJ FODFT 3FDFOUMZ * IBWF DPNF UP UFSNT XJUI UIF GBDU * XJMM OFWFS CFDPNF B XPSME DIBNQJPO o PS OBUJPOBM DIBNQJPO GPS UIBU NBUUFS o BOE * WF EFDJEFE UP GPDVT NZ FOFSHJFT PO TFFLJOH PVU UIFTF DPMPSGVM KPVSOFZT XJUIPVU UIF QSFTTVSF PG DPNQF UJUJPO SFTVMUT * DPOUJOVF UP SFMJTI USBW FMJOH XJUI NZ HMJEFS DIFDLJOH PVU OFX QMBDFT BOE NFFUJOH OFX BOE JOUFSFTUJOH QFPQMF BSPVOE UIF XPSME /POFUIFMFTT BUUFOEJOH B DPNQFUJUJPO JT TUJMM BO FBTZ TUBSUJOH QPJOU GPS BMM BEWFOUVSFT o JU HFUT ZPV UP B OFX EFTUJOBUJPO ZPV IBWF CVJMU JO GSJFOET USBOTQPSUBUJPO SFUSJFWFT MPDBM CFUB RVFTUJPOBCMF MVODIFT BOE ZPV BSF


QSFTFOUFE XJUI B n ZJOH UBTL UIBU TIPXT ZPV TPNF PG UIF CFTU n ZJOH BOE TDFOFSZ JO UIF BSFB 8JUI MJUUMF FĊ PSU BOE UJNF ZPV BSF JNNFEJBUFMZ JNNFSTFE JOUP UIF MPDBM FOWJSPONFOU o XIP DBSFT IPX ZPV QFSGPSN JO UIF DPNQFUJUJPO 4P PĊ * IFBEFE UP 5VDVNBO "SHFOUJOB TJUF PG UIF "SHFOUJOFBO /BUJPOBMT )BWJOH TFWFSBM "SHFOUJOF QJMPUT GSJFOET BOE XJUI BO JOWJUB UJPO GSPN -VJT 3PTFOLKFS NZ "TQFO 1BSBHMJEJOH DP XPSLFS BOE UIF GPSNFS OBUJPOBM DIBNQJPO XIBU CFUUFS FYDVTF EJE * OFFE UP USBWFM UP B OFX EFTUJOBUJPO UIBO UP NFFU VQ XJUI HPPE GSJFOET * EJEO U SFBMJ[F IPX FOPSNPVT "SHFOUJOB JT BOE VQPO NZ BSSJWBM JO 5VDVNBO * EJTDPWFSFE * XBT LN OPSUI PG XIFSF NZ GSJFOET MJWF #VU UIBU T UIF OBNF PG BEWFOUVSF BOE IFSF * XBT TPNFQMBDF OFX BOE FYDJUJOH GBS BXBZ JO B DPSOFS PG UIF 4PVUI "NFSJDBO DPOUJOFOU #FJOH B TQPJMFE BOE KBEFE n ZJOH CVN * IBWF UP BENJU * XBT SFMBUJWFMZ VOJN QSFTTFE XJUI UIF DJUZ PG 5VDVNBO BOE UIF MPDBM TDFOFSZ CVU TPPO UIF GSJFOEMZ MPDBM QJMPU DPNNVOJUZ BOE UIF DPOTJTUFOU n ZJOH TJUF XPO NF PWFS " MBSHF BOE BDUJWF MPDBM DMVC ZFBS SPVOE NFMMPX DPOEJUJPOT BOE B HPSHFPVT QSJWBUF HSBTTZ MBVODI NBEF GPS B QJMPU T ESFBN TJUF -BVODI JT PO BO NFUFS SJEHF UIBU SVOT BMPOH UIF XFTU TJEF PG 5VDVNBO ɩ F SJEHF JT MPX BOHMF BOE JOUJNJEBUJOHMZ USFF DPWFSFE CVU TVS QSJTJOHMZ UIFSF BSF HFOUMF UIFSNBMT XIFS FWFS ZPV OFFE UIFN 'PS B DPNQFUJUJPO

PG UIF EPMMBS JO "SHFOUJOB NBEF NZ USBWFM FYQFOTFT XPSSZ GSFF BOE CFJOH TVS SPVOEFE CZ GSJFOEMZ MJLF NJOEFE QFPQMF LOPXJOH MJNJUFE 4QBOJTI CVU XJUI B HPPE CPPL JO UPX BOE HFOUMF n ZJOH UIBU TVJUFE NZ QFSTPOBM TUZMF * XBT FOKPZJOH NZTFMG * EJEO U IBWF BOZUIJOH UP QSPWF JO UIJT DPNQFUJUJPO o * XBT n ZJOH UIF (SBEJFOU "TQFO B %)7 HMJEFS BOE TP XJUI B SF MBYFE QSFTTVSF GSFF BUUJUVEF * TUBSUFE UP EP TVSQSJTJOHMZ XFMM "T B NBUUFS PG GBDU FBDI EBZ LFQU HPJOH CFUUFS #Z EBZ UISFF * FWFO XPO B UBTL BGUFS BO FYDJUJOH SBDF UP HPBM XJUI UXP PUIFS QJMPUT ɩ F GBTU BOE VTVBM UPQ DPNQFUJUPST XFSF TUSVHHMJOH XJUI UIF TMPX DPOEJUJPOT UIBU EFNBOEFE QVMM ZPVS IBJS PVU QBUJFODF #VU GPS NF JU LFQU HFUUJOH CFUUFS BOE CZ UIF FOE PG UIF XFFL * IBE BDIJFWFE NZ CFTU SFTVMU FWFS JO DPNQFUJUJPO XJUI B UPQ XPNFO T m OJTI BOE GPVSUI PWFSBMM .PSBM PG UIJT TUPSZ UIF MJHIU DPOEJUJPOT TFFNFE RVFTUJPOBCMF +VTU HPJOH PVU UIFSF BOE IBWJOH GVO NBZ BOE DFSUBJOMZ EJEO U TVJU GBTU SBDJOH CVU CF UIF TFDSFU UP NZ QFSTPOBM TVDDFTT GPS B OBUJPOBM DPNQFUJUJPO BNPOH QJMPUT PG WBSZJOH TLJMM MFWFMT JU XBT B TBGF BOE 4*5& (6*%& _ *26*26& SFBTPOBCMF DIPJDF PG MPDBUJPO $MPTF ZPVS FZFT /PX QJDUVSF UIF ɩ F MPDBM QJMPUT QVU PO B XFMM 1PJOU PG UIF .PVOUBJO 5BLF BXBZ UIF PSHBOJ[FE FWFOU XJUI HPPE UBTLT QSJTPO CVU LFFQ UIF VSCBO TQSBXM "EE SFUSJFWFT BOE TPDJBM EJOOFST FWFSZ OJHIU JO UIF IFJHIU BOE UIFSNBMT PG "TQFO "T BU NPTU OBUJPOBM DPNQFUJUJPOT JU XBT B .PVOUBJO BOE B SJEHF UIF MFOHUI PG UIF UJNF GPS PME GSJFOET UP HFU UPHFUIFS PCTFTT 4JFSSBT JO UIF 0XFOT 7BMMFZ 'PSHFU BCPVU BCPVU n ZJOH BOE UFTU UIFJS TLJMMT BHBJOTU ;BQBUB CVU LFFQ UIF ESFBN PG MPOH EJT FBDI PUIFS "T GPS NF * XBT IBWJOH B UBODF n ZJOH PWFS UIF EFTFSU BOE EPO U XPOEFSGVM BOE SFMBYFE UJNF ɩ F TUSFOHUI GPSHFU 4BOUB #BSCBSB T MBOEJOH BU UIF

1IPUP $IFSJF 4JMWFSB

1IPUP $IFSJF 4JMWFSB

)JHI XJOE MBVODIJOH BU "MUP )PTQJDJP EJSFDUMZ BCPWF UIF DJUZ PG *RVJRVF

*RVJRVF CFBDI MBOEJOH [POF "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


$IFSJF 4JMWFSB BGUFS IFS LN n JHIU

5SBWFM 5JQT BOE *OGPSNBUJPO

VSCBO CFBDI XJUI DIJMMFE CFFST BXBJUJOH 'JOBMMZ KVTU SFNFNCFS 7BMMF EF #SBWP T XJOUFS n ZJOH TDFOF BO FBHFS JOUFSOB UJPOBM QJMPU DPNNVOJUZ SVTUZ 4QBOJTI BOE n ZJOH TFWFO PVU PG TFWFO EBZT "OE (FUUJOH UIFSF 'MZ JOUP $IJMF T DBQJUBM 4BOUJBHP BOE DBUDI B EPNFTUJD n JHIU UP GPS CPOVT FWFSZ BGUFSOPPO ESJWF VQ UIF *RVJRVF UIF BJSQPSU JT LN TPVUI PG UIF DJUZ PG *RVJRVF SPBE BOE USBOTQMBOU ZPVSTFMG JOUP B QMBDF 1MBDFT UP TUBZ ɩ FSF BSF IPUFMT BOE BQBSUNFOUT JO UPXO GPS SFOU PS ZPV DBO TJNJMBS UP UIF GBNFE %VOF EV 1ZMB UP m OE CBTJD MPEHJOH BU UIF MPDBM TDIPPM JO CVOHBMPXT NBEF PVU PG DPOWFSUFE USVDL QSBDUJDF ZPVS iXBHBw IBOE ESBHT BT ZPV DPOUBJOFST OJHIU *O UIF OFBS GVUVSF UIFZ QMBO UP CVJME B TXJNNJOH QPPM BOE TPBS UIF EVOFT $BO ZPV IBOEMF BMM UIBU HSBTT MBXOT GPS QJMPUT FOKPZNFOU /PX PQFO ZPVS FZFT 8&-$0.& 50 5SBOTQPSUBUJPO 1VCMJD CVTFT HP UP "MUP )PTQJDJP PS IPPL VQ XJUI UIF MPDBM *26*26& $)*-& 'PSL PWFS UIF DBTI TDIPPM GPS USBOTQPSUBUJPO PS UP SFOU POF PG UIFJS DBST GPS BO BJSMJOF UJDLFU QBDL ZPVS CBHT BOE $MJNBUF 5FNQFSBUVSFT SBOHF CFUXFFO ¡' EVSJOH PVS BVUVNO UIFJS ZPV BSF PĊ UP XJOUFS n ZJOH QBSBEJTF TQSJOH ɩ F TVO JT IPU CVU UIF PDFBO CSFF[F CSJOHT JO DPPM BJS %BZUJNF 5 TIJSU ɩ FSF BSF OPU SFBMMZ XPSET UP EF BOE TIPSUT PO UIF HSPVOE BOE B n JHIU TVJU JT SFDPNNFOEFE XIJMF JO UIF BJS TDSJCF UIJT VOEFS BQQSFDJBUFE XPSME DMBTT 5IF MPDBM TDIPPM BOE PUIFS JOGPSNBUJPO "MUB[PS 4LZTQPSUT GPVOEFE CZ 4XJTT n ZJOH TJUF #VU JG ZPV FOKPZ USBWFMJOH UP FY QBU 1IJMMJQ .BMUSZ ZFBST BHP BOE NBOBHFE CZ (FSNBO JOTUSVDUPS 4BTDIB OFX TJUFT UP HFU ZPVS XJOUFS n ZJOH m Y 1F[P FODPVSBHF BOZ JORVJSJFT *G ZPV IBWF BOZ RVFTUJPOT BCPVU TJUFT TBGFUZ BJS *RVJRVF JT B iNVTUw FYQFSJFODF GPS ZPVS TQBDF MPEHJOH USBOTQPSUBUJPO QMFBTF DPOUBDU UIFN ɩ FZ EP UIFJS CFTU UP LFFQ UIF MPHCPPL .BZCF POF WJTJU JT FOPVHI PS MPDBM n ZJOH TDFOF TBGF BOE BDDFTTJCMF &NBJM BMUB[PSTLZTQPSUT! NBJM DM 8FC NBZCF ZPV MM HFU IPPLFE MJLF TPNF PG UIF TJUF XXX BMUB[PS DM SFHVMBST UIFSF *RVJRVF MJFT JO UIF IFBSU (VJEFE UPVST 'PS BO BMM JODMVTJWF BEWFOUVSF XJUI FYDFMMFOU TJUF HVJEJOH PG UIF "UBDBNB %FTFSU JO UIF OPSUI PG BDDPNNPEBUJPOT USBOTQPSUBUJPO BOE USBOTMBUJOH KPJO B 1BUBHPOJB 1BSBHMJEJOH $IJMF POF PG UIF ESJFTU QMBDFT PO FBSUI UPVS MFE CZ -VJT 3PTFOLKFS BOE (VJMMFSNP -VQJ FWFSZ GBMM ɩ FZ IBWF CFFO BCVUUJOH UIF 1BDJm D 0DFBO *U JT CSPXO HVJEJOH TVDDFTTGVM USJQT JO $IJMF BOE "SHFOUJOB GPS ZFBST 3FDPNNFOEFE BĊ PSE CSPXO CSPXO TBOE EJSU BOE PDFBO BCMF BOE B UPO PG GVO &NBJM JOGP!QBUBHPOJBQBSBHMJEJOH DPN 8FC TJUF XXX &WFO UIF HPMG DPVSTFT BSF NBEF PG QVSF QBUBHPOJBQBSBHMJEJOH DPN PS DBMM EJSU #VU GPS GSFF n ZJOH ZPV DBO U CFBU UIF n ZBCMF EBZT QFS ZFBS &WFSZ EBZ $IFSJF 4JMWFSB JT B NFNCFS PG UIF 6 4 QBSBHMJEJOH UFBN n JFT B (SBEJFOU "TQFO UIF UIFSNBMT BSF LJDLJOH PĊ UIF SJEHF BOE JT JO TFBSDI PG IFS OFYU n ZJOH BEWFOUVSF 'PS RVFTUJPOT PS GFFECBDL FNBJM TPBSBCMF NFUFS SJEHF UIBU SJTFT GSPN DIFSJFTJMWFSB!ZBIPP DPN UIF PDFBO BOE SVOT LN UP UIF TPVUI "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


"O FBTZ CVT SJEF GSPN UPXO UBLFT ZPV UP UIF "MUP )PTQJDJP MBVODI EJSFDUMZ BCPWF UIF DJUZ *U T CFTU UP UJNF ZPVS MBVODI CF UXFFO B N BOE OPPO BOE UIF TUSPOH PDFBO CSFF[F SFRVJSFT TPNF HPPE HSPVOE IBOEMJOH TLJMMT UP NBOBHF B DMFBO UBLF PĊ "GUFS B NPSOJOH PG SVOOJOH VQ BOE EPXO UIF SJEHF XPSLJOH PVU UIF LJOLT JO ZPVS UIFSNBM PS SJEHF TPBSJOH TLJMMT ZPV DBO n Z PWFS UIF DJUZ BOE MBOE BU UIF CFBDI GPS MVODI PS PVU UP UIF "MUB[PS TDIPPM T MBOEJOH m FME XJUI CVOHBMPXT BOE CBSCF DVF QJUT *O UIF BGUFSOPPOT UIF XJOE UFOET UP

HFU UPP TUSPOH BU "MUP )PTQJDJP TP ZPV DBO FJUIFS XBJU GPS DPOEJUJPOT UP BCBUF MBUFS JO UIF EBZ PS ESJWF LN TPVUI UP 1BMP #VRVF GPS TPNF TBOE EVOF TPBSJOH 8JUI DPOTJTUFOU TPVUIXFTU XJOET CMPXJOH JO ZPV DBO TUBZ OFBS TFB MFWFM BOE TQFOE IPVST QSBDUJDJOH ZPVS MPX UP UIF HSPVOE USJDLT GPPU TLJET BOE IBOE ESBHHJOH PS CFODI VQ UP NFUFST BOE XPSL PO ZPVS BFSPCBUJDT PWFS MBOE PS GPS VT iTUSBJHIU n JFST w UBLF B UPVS PG UIF BSFB ɩ F IJHI XJOE n ZJOH TUZMF DBO CF DIBMMFOHJOH GPS NPVOUBJO QJMPUT MJLF NZTFMG CVU QSBDUJDF NBLFT QFSGFDU o BOE * IBE TBOE BOE EJSU

'MZJOH UIF DPBTUMJOF

1IPUP $IFSJF 4JMWFSB

1IPUP +BSPNJS -BIVMFL 1IPUP $IFSJF 4JMWFSB

1MBZJOH PO UIF TBOE EVOFT

TUVDL JO FWFSZ DSFWJDF UP QSPWF * BJNFE GPS QFSGFDUJPO #FGPSF ZPV MFBWF CF TVSF UP TJHO VQ BU UIF MPDBM TDIPPM GPS TPNF CJH DSPTT DPVOUSZ EJTUBODF BOE DIBML VQ B QFSTPOBM CFTU 6QPO SFRVFTU UIF HVZT BU "MUB[PS 4LZTQPSUT XJMM TIVUUMF B WBO MPBE PG QJMPUT TPVUI EPXO UIF DPBTU HFU TQFDJBM QFS NJTTJPO GSPN UIF BJSQPSU UP n Z UISPVHI UIF DPOUSPMMFE BJSTQBDF TFU ZPV MPPTF PO UIF SJEHF BOE DIBTF ZPV UJMM ZPV MBOE BT ZPV n PBU PO UIF TPVUIXFTU XJOET CBDL UP UPXO ɩ FSF BSF FBTJMZ BDDFTTJCMF MBVODI TQPUT LN LN BOE LN TPVUI PG *RVJRVF EFQFOEJOH PO IPX BNCJUJPVT ZPV BSF GFFMJOH %Fm OJUFMZ GPMMPX UIF MPDBM HVJEFT BEWJDF PO IPX UP EP UIJT n JHIU TBGFMZ BOE MFHBMMZ o BMNPTU BMM QJMPUT XJMM n Z TPNF CJH EJTUBODFT BOE CSFBL QFS TPOBM SFDPSET XJUIPVU UPP NVDI FĊ PSU "MM JO BMM JG ZPV NBLF UIF MPOH KPVSOFZ UP *RVJRVF * HVBSBOUFF JU XJMM CF XPSUI JU :PV MM MPH NPSF BJS IPVST UIBO ZPV DBO IPQF GPS BOE ZPV MM CF m OEJOH HSJUUZ TPV WFOJST PG "UBDBNB EJSU JO ZPVS FBST BOE ZPVS IBSOFTT GPS NPOUIT UP DPNF

5IF FOEMFTT n ZBCMF SJEHF BU *RVJRVF "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


.. ,_ I


/FX 1JMPU 3BU JOHT 3BUJOHT JTTVFE EVSJOH "QSJM

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

$JUZ

'SFNPOU -POH #FBDI 5VDTPO )BZUJ #SPPLm FME 7FSPO )JMMT $IBSMFTUPXO 8JOUFS 1BSL -JUUMF 3JWFS 4NZSOB 5SPQIZ $MVC )PVTUPO 3P[FMMF /TX -ZOOXPPE .FEGPSE .PVOUBJO 7JFX /FXIBMM 1BTBEFOB 'MPSJTTBOU 5VDTPO $IBSMFTUPXO 8JOUFS 1BSL 4NZSOB 'SJFOETXPPE 5SPQIZ $MVC )PVTUPO (VSBCP 3P[FMMF /TX 1PSUMBOE 4BO +PTF "SSPZP (SBOEF )BZXBSE 0DFBOP 4VOOZWBMF -B +PMMB .POSPWJB (MFOEBMF 1BHF #JMMJOHT $SBOTUPO )JMMJBSE ,JNCFSMZ 4VNNJU #MPPNm MFE 8PPEHBUF -JODPMOTIJSF 4BO +VBO

3BUJOH 3FHJPO /BNF 1 1BVMJOF )TJFI 1 +BZ ;PMMJOHFS 1 #PCCJF #PHEBOPWJDI 1 3POBME )BOn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

$JUZ #FMMFWVF 1PSUMBOE 5VBMBUJO 6OJPO $JUZ 6OJPO $JUZ 4VOOZWBMF .JMMCSBF 4BOUB 3PTB 0BLMBOE .BSJOB 8PPEMBOE )JMMT #SFB 6QMBOE 4BO %JFHP ,BJMVB ,POB 1BQBJLPV 4BO %JFHP )POPMVMV 3BODIP 1BMPT 7FSEFT 4BOUB #BSCBSB 4BOUB 'F "MCVRVFSRVF 4DPUUTEBMF -JUUMFUPO .JTTPVMB %PXOFST (SPWF .JOOFBQPMJT 'SBOLMJO "SMJOHUPO )VOUTWJMMF 1IJMMJQTCVSH $MJGUPO 0OUBSJP 'FBUIFSTUPO 8BJSBSBQ 3FWFMTUPOF 7PF 1PSU )BEMPDL )PPE 3JWFS 1PSUBMBOE

4UBUF $" $" "; 4% 8* */) '4$ 5/ 59 59 8" 03 $" $" $" $0 "; /) '5/ 59 59 59 03 $" $" $" $" $" $" $" "; "; .5 3* 0) "/+ /: /: 13 4UBUF 8" 03 03 $" $" $" $" $" $" $" $" $" $" $" )* )* $" )* $" $" /. /. "; $0 .5 *./ .& 7" "/+ /+

8" 03 03

3BUJOH 0Gm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m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

3BUJOH 3FHJPO /BNF 1 1BVMJOF )TJFI 1 3JDIBSE )BNNFS 1 3POBME )BOn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m FME (PMFUB "MUBEFOB 4BO %JFHP $PMFUB 5FMMVSJEF 4BMU -BLF $JUZ %SBQFS 4BOEZ 1SFTDPUU 4UVBSU / #FMMNPSF 1IJMMJQTCVSH 5SJFTUF

4UBUF 8" $" $" $" $" $" $" $" )* $" $" $" $" $0 $0 /. $0 /. "; $0 $0 65 .5 8* *./ 7" "'/+ /+

8" 8" $" $" $" $" $" $" $" $" $0 65 65 "; /. 8: 8: .* $5 ." .% '$" /7 $" $" $" $" $" $0 65 65 65 "; '/: /+

3BUJOH 0Gm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

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


$IJST .VMMFS JO .POVNFOU 7BMMFZ "SJ[POB

ª$ISJTUJBO 1POEFMMB 3FE #VMM

3Fá FDUJOH PO $ISJT .VMMFS T "DDJEFOU

#Z -VJT 1FSF[

VMUJNBUF SFTQPOTJCJMJUZ o UIF SJTL UBLFS 8BT $ISJT T NJTIBQ B TFOTFMFTT BD IF EJE PS UIFZ XJMM USZ JU EJĊ FSFOUMZ 6OGPSUVOBUFMZ XIFO B QFSTPO EPFT IJNTFMG )PXFWFS EPJOH TP XPVME CF BO DJEFOU *U JT IVNBO OBUVSF UP QVTI UIF MJNJUT 8IPTF MJNJUT 0VS PXO &BDI OPU TVSWJWF IJT NJTUBLF QFPQMF KVEHF UIF FSSPS PG DBVTBUJPO *G -JOECFSH IBE GBJMFE QFSTPO IBT BO JOUFSOBM TUSJWF UP QVTI UIF MPTT BDDPSEJOH UP JUT CFOFm U UP IVNBOJUZ BOE ESPXOFE JO UIF GSFF[JOH "UMBOUJD FOWFMPQF BOE UIBU FOWFMPQF JT SFMBUJWF *G UIF SJTLZ BDU CFOFm UT IVNBOLJOE UIFO XBUFST TIPVME XF IBWF CMBNFE 3BZNPOE UP FBDI JOEJWJEVBM T UBMFOUT BOE BDRVJSFE UIF SJTL UBLFS CFDPNFT B IFSP *G UIF SJTLZ 0SUFJH GPS QVUUJOH VQ UIF QSJ[F TLJMMT 5P TPNF QFPQMF UIPTF XIP TLJ BSF BDU QSPWJEFT POMZ BOPUIFS DIBMMFOHF UP GPS UIF m STU QFSTPO UP DSPTT UIF "UMBOUJD "DUVBMMZ NBOZ EJE GBJM BOE QBJE UIF DSB[Z 5P UIPTF XIP TLJ NBZCF NPVOUBJO PWFSDPNF GPS UIF SJTL UBLFS o BTJEF GSPN DMJNCFST BSF DSB[Z 5P DMJNCFST IBOH B HPPE TQFDUBDMF GPS CZTUBOEFST o UIFO IF VMUJNBUF QSJDF JO UIFJS BUUFNQUT UP CF UIF HMJEFST BSF DSB[Z 5P TPNF IBOH HMJEFS NBZ CF MBCFMFE B DSB[Z BESFOBMJOF KVOLZ m STU UP DSPTT UIF "UMBOUJD OPO TUPQ #VU QJMPUT UIPTF XIP QFSGPSN BFSPCBUJDT BSF BOE UIF BDDJEFOU CFDPNFT B TFOTFMFTT POF ZPV XPVME OPU m OE BOZ IJTUPSZ CPPLT DSB[Z 5P UIPTF XIP QFSGPSN BFSPCBU )PXFWFS EFFQ EPXO JOTJEF CPUI SJTL CMBNJOH UIF QFPQMF XIP QVU VQ UIF QSJ[F JDT QJMPUT EPJOH TQFFE HMJEJOH BSF DSB[Z UBLFST UPPL UIF SJTL GPS UIF TBNF SFBTPO #MBNJOH BOZCPEZ CVU UIF SJTL UBLFS IJN "OE UP UIJT MBTU HSPVQ UIPTF QJMPUT XIP o PVS IVNBO OBUVSF UP PWFSDPNF PVS PXO TFMG CSJOHT XJUI JU B OBUVSBM GVUJMJUZ CF QFSGPSN BFSPCBUJDT MPX UP UIF HSPVOE BSF DIBMMFOHFT UP CF UIF CFTU XF DBO CF "OE DBVTF IVNBOT XJMM DPOUJOVF UP UBLF SJTLT DSB[Z 6MUJNBUFMZ UP UIF QFSTPO XIP KVTU XJUIPVU UIJT HSFBU IVNBO iTUSFOHUIw o PS o XJUI PS XJUIPVU UIF JODFOUJWF "GUFS BMM iXFBLOFTT w EFQFOEJOH PO XIJDI XBZ ZPV UIFSF XBT OP CBH XJUI XIFO /FX QMBZT HPMG PO XFFLFOET XF SF BMM OVUT 8IFO BO JOEJWJEVBM QVTIFT IJT FOWF DIPPTF UP TFF JU o BWJBUJPO XPVME OPU IBWF ;FBMBOEFS +PIO 4NJUI m OJTIFE B TQFFE MPQF NBOZ UJNFT IF TVDDFFET CVU TPNF CFFO CPSO 8JUIPVU UIJT IVNBO TUSFOHUI HMJEF QSBDUJDF SVO XJUI B MPX MFWFM MPPQ UJNFT IF GBJMT 8IFO IF GBJMT UIF FYUFOU UP QVTI UIF MJNJUT -JMJFOUIBM $IBOVUF UIBU IF DPNQMFUFE JODIFT BCPWF UIF PG IJT GBJMVSF EFUFSNJOFT UIF PVUDPNF *G 8JMCVS 0SWJMMF BOE NBOZ DPVOUMFTT HSPVOE JO "TQFO B GFX ZFBST BHP #FDBVTF IF TVSWJWFT UIF GBJMVSF IF MFBSOT GSPN JU PUIFST XPVME IBWF OFWFS BUUFNQUFE UP UIF NBOFVWFS XBT TVDDFTTGVM NBOZ PG VT EJE OPU QPOEFS UIF iTUVQJEJUZw PG UIF )F MFBSOT FJUIFS OPU UP EP UIF TBNF GFBU QVSTVF n ZJOH JO UIF m STU QMBDF *G XF GPSHFU UIJT HSFBU IVNBO RVBM NBOFVWFS CVU JOTUFBE XF NBSWFMFE BU BHBJO PS UP EP JU EJĊ FSFOUMZ 8IFO IF DPNNJUT UIF VMUJNBUF GBJMVSF BOE EPFT JUZ UP QVTI UIF FOWFMPQF UIBU NBOZ PG VT UIF GBDU UIBU TPNFCPEZ TVDDFTTGVMMZ QFS OPU TVSWJWF PUIFST MFBSO GSPN IJN BOE DBSSZ JOTJEF JU JT FBTZ UP m OE QFPQMF SF GPSNFE TVDI B TUVOU )PXFWFS JG IF IBE XJMM FJUIFS OPU FWFO BUUFNQU UP EP XIBU TQPOTJCMF CFTJEFT UIF QFSTPO XIP IBE UIF EJFE USZJOH TVDI B TUVOU XF XPVME IBWF "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


+VTU UFMM UIFN &WFO JG UIFZ EPO U 8IBU IBWF * MFBSOFE GSPN QSPCBCMZ TFFO JU BT B TFOTFMFTT BDDJEFOU DIBOHF UIFJS CFIBWJPS UIFZ XJMM LOPX POF JO XIJDI UIF QFSGPSNFS IBE OP PUIFS $ISJT T MPTT IPX NVDI ZPV DBSF BCPVU UIFN JODFOUJWF UIBO UP QVTI IJT MJNJUT BOE BXF t -JGF JT QSFDJPVT BOE GSBHJMF -JWF UIF t #FDBVTF JU JT JO PVS OBUVSF B MPU PG VT UIF TNBMM DSPXE CFMPX IJN XJMM UBLF SJTLT JO PVS MJWFT #VU MFU T OPU NPNFOU BOE BQQSFDJBUF UIPTF BSPVOE .PSFPWFS UIF NPSF XF DBSF BCPVU CF TFMm TI o DPOTJEFS XIBU ZPVS MPTT ZPV FWFSZ EBZ UIF QFSTPO UIF CJHHFS UIF DIBSJTNB UIF XJMM NFBO UP PUIFS QFPQMF FTQFDJBMMZ CFUUFS UIF QFSTPO UIF CJHHFS UIF MPTT t :PV DBO BUUFNQU SJTLZ TUVĊ POMZ TP ZPVS MPWFE POFT NBOZ UJNFT CFGPSF UIF TUBUJTUJDT DBUDI o UIF NPSF TFOTFMFTT UIF BDDJEFOU VQ XJUI ZPV BOE UIFO ZPV CFDPNF POF t 4PNFUJNFT JU UBLFT TPNFCPEZ T EZJOH 4P JO UIF FOE JT $ISJT .VMMFS T BD JO PSEFS GPS NBOZ PUIFST UP SFn FDU BOE "T JO B DBTJOP ZPV XJO TPNFUJNFT CVU DJEFOU B TFOTFMFTT USBHFEZ ɩ BU BOTXFS CF TBWFE UIF NPSF ZPV QMBZ UIF NPSF ZPV GBWPS VMUJNBUFMZ EFQFOET PO XIBU FBDI POF PG UIF IPVTF PEET "UUFNQU UP CF BXBSF VT UBLFT GSPN UIF FWFOU "T * NFOUJPOFE $ISJT T BDDJEFOU JT DFSUBJOMZ B WFSZ TBE PG XIFO ZPV IBWF UBLFO GBS UPP NBOZ CFGPSF XIFO TPNFCPEZ GBJMT BT B SFTVMU DIBODFT BOE IBWF KVTU HPUUFO BXBZ FWFOU )JT TUBUVSF EFNFBOPS BOE HSFBU PG QVTIJOH UIFJS MJNJUT BOE JO UIF QSP XJUI JU :PVS OVNCFS NJHIU CF DPN QFSTPOBMJUZ NBLF JU FWFO TBEEFS *U JT DFTT QBZT UIF VMUJNBUF QSJDF UIF SFTU PG USBHJD -JGF JT USBHJD #VU JT JU B TFOTFMFTT JOH VQ VT MFBSO GSPN JU BOE m OE PVU XIFSF UIF BCTPMVUF FOWFMPQF JT ɩ F NPSF QFPQMF t 8IFO ZPV DBSF BCPVU TPNFPOF EPO U USBHFEZ /PU JO NZ PQJOJPO * XSJUF UIJT JO IPOPS PG $ISJT CF BGSBJE UP UFMM UIFN XIFO ZPV UIJOL UIBU JOEJWJEVBM UPVDIFE XJUI IJT MJGF UIF XIBU UIFZ BSF EPJOH iTFFNTw XBZ UPP IJT EBE 8JMMJ BOE NPTU PG BMM IJT NPSF QFPQMF MFBSO GSPN IJT MPTT SJTLZ 'PSHFU IPX UBMFOUFE UIFZ BSF NPUIFS 7JODFOF ɩ F WFSZ GBDU UIBU * BN XSJUJOH UIFTF BOE IPX NBOZ UJNFT UIFZ WF EPOF JU MJOFT SFn FDUJOH PO B QFSTPO UIBU * IBWF KVTU UFMM UIFN %PO U CF BGSBJE UP FN OFWFS QFSTPOBMMZ NFU TQFBLT GPS JUTFMG BOE CBSSBTT ZPVSTFMG PS MPTF UIFJS SFTQFDU BOTXFST UIF BCPWF RVFTUJPO

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


4065) "'3*$"/ '-:*/( 4"'"3* " 40+063/&3 4 5"-& $PQZSJHIU ª CZ %FOOJT 1BHFO

-BVODIJOH BU 8JMEFSOFTT

*O 4QBJO XF MFBSOFE OPU UP MBOE XJUI TUSPEF UPXBSET UIF IBOH HMJEFS PO TUSPOH CBMMFSJOB MFHT o MFHT UIBU LJDL MJLF B NVMF UIF m HIUJOH CVMMT JO "SJ[POB XF MFBSOFE XJUI DMBXT MJLF B WFMPDJSBQUPS )F XFJHIFE OPU UP MBOE XJUI UIF SBUUMFTOBLFT JO BT NVDI BT B NBO BOE TUPPE UBMMFS 5SPVCMF 'MPSJEB XF MFBSOFE OPU UP MBOE XJUI UIF BMMJHBUPST JO 1FOOTZMWBOJB XF MFBSOFE XBT CSFXJOH ɩ F IBOH HMJEFS QJMPU o B 4PVUI OPU UP MBOE XJUI UIF "NJTI HJSMT )FSF JO "GSJDBO XIP LOFX CFUUFS UIBO UP MBOE 4PVUI "GSJDB FWFSZPOF LOPXT OPU UP MBOE XJUI PTUSJDIFT CVU IBEO U TFFO UIFN o XJUI UIF PTUSJDIFT BOE MJPOT BOE $BQF TQPUUFE UIF BOHSZ UPN TQSJOUJOH UPXBSET CVĊ BMP BOE TP PO #VU BT XF MFBSOFE JO IJN GBTUFS UIBO B RVBSUFS IPSTF )F PVS NPOUI UIFSF MBTU +BOVBSZ UIF MBOEJOH RVJDLMZ KVNQFE PVU PG IJT IBSOFTT BOE PQUJPOT BSF BT QMFOUJGVM BT UIF n ZJOH TJUFT FSF JT OP OFFE UP EP CBUUMF GPS UFSSJUPSZ UVSOFE UP GBDF UIF NVTJD ɩ F CSVJTJOH ɩ CJSE XBT JO OP NPPE UP UPF EBODF BSPVOE UIF JTTVF BOE BUUBDLFE XJUI B KVNQ XIJMF 5)& -*()5 $0/5*/&/5 ɩ FSF JT BOPUIFS iEPXO VOEFSw UIBU UIF QJMPU EPWF VOEFS IJT HMJEFS ɩ F CJSE MBOEFE PO UIF SJHIU XJOH BOE TDSBQFE SFDFJWFT MJUUMF BUUFOUJPO JO UIF n ZJOH UIF TBJM XJUI IJT UISFF UPFE USBEFNBSL QSFTT CVU JU DBO CPBTU TPNF XPSME DMBTT "T UIF QJMPU DSJOHFE UIF HMPXFSJOH n ZJOH BMPOH XJUI B DPSOVDPQJB PG FYPUJD GPXM UISFBUFOFE BOE TUSVDL MJLF B ZPVOH BOJNBMT DVMUVSF BOE BEWFOUVSF $BQF HBOHTUB UVSL EFGFOEJOH UVSG &WFOUVBMMZ 5PXO PO UIF TPVUIFSO UJQ PG UIF HSFBU UIF PTUSJDI TUSVUUFE BXBZ XJUI B UXJUDI PG "GSJDBO DPOUJOFOU JT POF PG UIF XPSME T IJT GSPV GSPV UBJM PODF IF XBT TVSF UIF QJ NPTU QPQVMBS UPVSJTU EFTUJOBUJPOT XJUI JUT MPU XBTO U BCPVU UP BCEVDU POF PG IJT MPWFMZ NJME XFBUIFS RVBMJUZ WJOFZBSET XIBMF "O PCTUSFQFSPVT PTUSJDI MBEJFT ɩ F QJMPU HPU BXBZ XJUI B TUSFTTFE XBUDIJOH MPGUZ NPVOUBJOT BOE XIJUF TBJM BOE BO BESFOBMJOF SVTI XIJMF UIF CFBDIFT #VU XF SF IFSF UP UFMM BCPVU UIF )F XBT QSPUFDUJOH B IBSFN BOE JO OP SBWFOT TNJMFE BU UIF DPNJDBM TDFOF BOE XPOEFSGVM n ZJOH QPTTJCJMJUJFT NPPE UP IVNPS B IVNBO SJWBM )F SPMMFE BXBZ JO UIF TIJNNFSJOH TLZ 5XP XIJUF OFDLFE SBWFOT DBWPSUFE JO UIF TVNNFS UIFSNBMT BCPWF UIF QMBJOT PG UIF HSFBU ,BSPP JO 4PVUI "GSJDB 'BS CFMPX UIFZ TBX B MBSHF DPMPSGVM CJSE MBOE JO BO PQFO m FME .PNFOUT MBUFS UIFZ TQJFE BOPUIFS MBSHF CJSE TUSFUDI JUT MPOH OFDL VQXBSE QFFS BU UIF JOUFSMPQFS XJUI NBMFWPMFOU CFBEZ FZFT BOE SJTF GPS CBUUMF ɩ F MBOEJOH BWJBO XBT B IBOH HMJEFS ɩ F TVTQJDJPVT CJH CJSE XBT B QPXFSGVM NBMF PTUSJDI JO GVMM GFDLMF

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


* XBT JOWJUFE UP 4PVUI "GSJDB CZ 1BVM %BOJFMT BOE 1FUF "CMJUU PXOFST PG 4JMFOU 8JOHT JO UIF FBTU PG UIF DPVOUSZ ɩ F JEFB XBT UP QVU PO UXP DSPTT DPVOUSZ TFNJOBST BOE n Z BT NVDI BT QPTTJCMF UIF SFTU PG UIF UJNF 1BVM BOE 1FUF NFU NZ HJSMGSJFOE %JBOF BOE NF BU UIF $BQF 5PXO BJSQPSU BOE QSPDFFEFE UP UBLF VT PO B XIJSMXJOE UPVS PG UIF WJTUBT XIBSWFT BOE QFOHVJO DPMPOJFT ɩ FO JU XBT JOUP UIF IJMMT GPS B OJHIU T TUBZ BU UIF IJEFBXBZ IPVTF PG .BSJBO )BSSJT B MPDBM QBSBHMJEFS QJMPU 8F IBE B HSFBU NFBM PG DIJDLFO TUFX BOE FYRVJTJUF XJOF UIFO B CBUI JO BO PVUEPPS UVC VOEFS UIF 4PVUIFSO $SPTT ɩ F OFYU EBZ XF NPUPSFE GPS UXP IPVST OPSUI UP 1PSUFSWJMMF ɩ JT UPXO TJUT JO B CSPBE XIFBU HSPXJOH QMBJO CPSEFSFE CZ B MPOH NPVOUBJO DIBJO 3JHIU PO UIF 5IF MBVODI OFBS 8JMEFSOFTT JT m OF GPS CPUI IBOH BOE QBSBHMJEFST FEHF PG UPXO TJUT ɩ F 'MZFS T -PEHF SVO CZ UIF LOPXMFEHFBCMF BOE HSFHBSJPVT VTVBMMZ JODMVEFE TPNF DSPTTXJOE BOE EJE UIJT JO UIF MPEHF T QPPM CVU PO UIF 3PC .BO[POJ .PTU PG UIF BDDPNNPEB VQXJOE n ZJOH &BDI JOTUSVDUPS UPPL VQ MBTU EBZ XF BMM XFOU UP UIF OFBSCZ XBUFS UJPOT JO UIF MPEHF BSF CVOL BSSBOHFNFOUT UP GPVS TUVEFOUT BOE DPBDIFE UIFN BMPOH GBMM BOE EFCSJFGFE BGUFS B GSPMJD o JU CFDBNF LOPXO BT UIF iTFSNPO BU UIF XBUFSGBMM w CVU %JBOF BOE * XFSF HJWFO UIF VTF PG UIF iTDPSJOH SPPN w OPSNBMMZ VTFE GPS DPNQFUJUJPOT $36*4*/( 5)& $0"45 3PC JT B QBSBHMJEJOH JOTUSVDUPS BOE "GUFS UIF XFFL PG XSFTUMJOH XJUI IPU PXOT CPUI UIF IBOH HMJEJOH BOE QBSB JOMBOE UIFSNBMT XF XFOU TPVUIXFTU HMJEJOH UBLFPĊ T BCPVU LJMPNFUFST BXBZ UP UIF *OEJBO 0DFBO DPBTUBM UPXO PG ɩ FSF JT B MBSHF MBOEJOH m FME BCVUUJOH UIF 8JMEFSOFTT ɩ F XBSNFS *OEJBO 0DFBO JT MPEHF T CBDL MBXO BOE JG ZPV MBOE UIFSF NPSF QMFBTBOU UIBO UIF "UMBOUJD CVU IPVT CFTJEFT B MFJTVSFMZ CSFBLEPXO ZPV HFU B FT B GFX HSFBU XIJUF TIBSLT 8F EJEO U CFFS PO UIF IPVTF EFMJWFSFE PO B QMBUUFS DBSF CFDBVTF JU PĊ FST TPNF m OF TVSm OH CZ UIF MPWFMZ NBOBHFS +BOJOF 3PC DPPLT BOE XIBMF XBUDIJOH " TJUF UP UIF XFTU VQ HSFBU NFBMT FWFSZ PUIFS OJHIU BOE PG XIFSF XF XFSF )FSNBOVT MFUT ZPV PVS GBWPSJUF XBT UIF PTUSJDI QPKLF PS TUFX n Z BCPVU UISFF LJMPNFUFST PVU UP TFB BOE 8F IBE UP HFU CBDL BU UIPTF PCTUSFQFSPVT XBUDI SJHIU XIBMFT CSFFDIJOH BOE CMPX 1JMPUT JO B QPTU n JHIU GSPMJD BU UIF XBUFSGBMM OFBS PTUSJDIFT TPNFIPX JOH 8F EJEO U n Z UIFSF CVU XF JOUFOE UP 1PSUFSWJMMF HP CBDL OFYU ZFBS BOE QJDL VQ UIF QJFDFT *U T B HSFBU XBZ UP MFBSO 9$ TLJMMT CF 8F EJE n Z TFWFSBM DPBTUBM TJUFT POF DBVTF UIFSF JT GSFRVFOU GFFECBDL GSPN UIF JT DBMMFE UIF .BQ PG "GSJDB CFDBVTF JOTUSVDUPS BT XFMM BT DPOUJOVPVT DPNQBSJ CFIJOE JU JT B EFFQ BOE TDFOJD HPSHF XJUI TPO PG ZPVS TLJMMT BOE EFDJTJPOT " UZQJ B SJWFS EFTDSJCJOH B TIBQF MJLF UIF MPX DBM UBTL JOWPMWFE IFBEJOH OPSUI BMPOH UIF FS PG UIF DPOUJOFOU 8F TUBZFE GPS SBOHF UIFO PVU JO UIF WBMMFZ BOE CBDL UP UISFF EBZT JO UIF BSFB BU B MPEHF PXOFE UIF MPEHF GPS UIBU CFFS 8F IBE SFUSJFWF CZ B QJMPU 1FUF 7BO %FO #FSH XIP JT B ESJWFST GPMMPXJOH BMPOH GPS DPOWFOJFODF GSFRVFOU HVFTU BU 'MPSJEB T 8BMMBCZ 3BODI 1PSUFSWJMMF JT NPTUMZ B UIFSNBM TJUF 4NBMM XPSME JO UIJT TFBTPO CFDBVTF UIF XJOET BSF 0O UIF XBZ UP 8JMEFSOFTT XF TUPQQFE PGUFO DSPTT PO UIF SJEHF #VU UIF PĊ BU B HBNF QBSL UP HFU B GBJS UBTUF PG UIFSNBMT BSF BCVOEBOU BOE SPCVTU 0O "GSJDB VOCPVOEFE ɩ FSF XF NFU B ZPVOH TFWFSBM EBZT XF FODPVOUFSFE B DPOWFS HVJEF XIP XBOUFE UP HFU JOUP IBOH +VTU PGG MBVODI BU 1PSUFSWJMMF HFODF [POF UIBU BMMPXFE VT UP USBDL BMPOH HMJEJOH 0VS JOTUBOU SBQQPSU SFTVMUFE JO 8F TQFOU TFWFO EBZT UIFSF n ZJOH BU DMPVECBTF PO B XIJN "GUFS FBDI EBZ T B TQFDJBM UPVS o IF UPPL %JBOF BOE NF DSPTT DPVOUSZ XJUI UIF TUVEFOUT JO NZ n ZJOH EVSJOH UIF DPVSTF XF EFCSJFGFE BOE PO B CBDL SPVUF XIFSF XF FODPVOUFSFE DPVSTF &WFSZ EBZ XF TFU B UBTL UIBU EJTDVTTFE FBDI QJMPU T n JHIU 6TVBMMZ XF HJSBĊ FT XIJUF SIJOPT FMFQIBOUT BOE

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


*/50 5)& ,"300 8IJMF XF XFSF JO 8JMEFSOFTT XF QJDLFE VQ 8BZOF 4BZFS B 6 4 QJMPU XIP JT VTVBMMZ POF PG UIF JOTUSVDUPST JO NZ 9$ DPVSTFT )F IBE CFFO JO $PTUB 3JDB BOE DPVMEO U NBLF UIF m STU DPVSTF CVU IF XBT FBHFS UP QBSUJDJQBUF JO UIF OFYU "TL IJN TPNF UJNF BCPVU IJT BJSQMBOF BOE QBTTQPSU IBTTMFT FWFO B TFBTPOFE USBWFM FS TPNFUJNFT SVOT PVU PG MVDL BOE IBT UP SFUVSO UP DPVOUSZ PG PSJHJO UP HFU NPSF QBHFT HMVFE JO #VU 8BZOF BSSJWFE BMCFJU B GFX EBZT MBUF BOE BGUFS UIF DPBTUBM 3 3 XF IFBEFE OPSUI UP .JEEFMCVSH JO UIF IFBSU PG UIF TFNJ EFTFSU (SFBU ,BSPP GPS UIF 8JMEFSOFTT MBVODI

UIF VTVBM IFSET PG MJPO GPEEFS #VU UIF XBT BMTP JOUP IBOH HMJEJOH BOE UPPL BMM IJHIMJHIU XBT TOFBLJOH JOUP UIF CVTI UP TJY PG VT JOUP UIF DIFFUBI FODMPTVSF GPS B EJTUVSC B $BQF CVĊ BMP "MPOH XJUI UIF DMPTF FODPVOUFS * UIPVHIU UIBU DIFFUBIT /JMF DSPDPEJMF UIF CMBDL NBNCB BOE UIF XFSF GBJSMZ CFOJHO o IFZ * XBUDI /BUVSF CMBDL SIJOP UIJT DSFBUVSF JT POF PG UIF PO 1#4 o CVU UIFTF n FFU DBUT XFSF IPT NPTU EBOHFSPVT BOE BHHSFTTJWF BOJNBMT UJMF 8F USJFE UP MPPL MJLF BOZUIJOH CVU JO "GSJDB " GFX QFCCMFT UPTTFE IJT XBZ GPPE BT UIFZ MFBQFE GPS UPTTFE MJWFS MFTT F LFFQFS BSPVTFE IJN BOE IF DBNF DIBSHJOH GSPN UIBO GFFU BXBZ GSPN VT ɩ BSPVOE B USFF IPPLJOH TISVCT XJUI IJT LFQU UXP TNBMM QJFDFT JO UIF CVDLFU UP PDDVQZ UIFN XIJMF XF NBEF PVS HFUBXBZ CVU UIFZ HPCCMFE UIFN BOE TFOTJOH UIBU UIF GPPE XBT SVOOJOH PVU MJOHFSFE JO PVS FTDBQF QBUI *U XBT XJUI OFSWPVT TJEMJOH BOE B GFX UISFBUFOJOH HFTUVSFT GSPN UIF LFFQFS T TUJDL UIBU XF XFSF BCMF UP NBLF JU UP UIF HBUF BOE TBGFUZ

-BVODIJOH GSPN UIF TPVUI MBVODI BU .JEEFMCFSH

OFYU DPVSTF 8F XFSF IPVTFE BU UIF $BSM UPO )FJHIUT -PEHF XIFSF BMM PG VT IBE UIF SVO PG UIF QSPQFSUZ ɩ FSF XBT B QPPM B CPSEFSJOH MBOEJOH m FME UXP NBJET BOE DPPLT BOE B ESJWFS o UIF PXOFS T QVMDISJUVEJOPVT ZFBS PME EBVHIUFS

$BQF CVGGBMP POF PG UIF NPTU EBOHFSPVT BOE BHHSFTTJWF BOJNBMT JO "GSJDB

IPSOT JO B EJTQMBZ PG QJRVF BOE QSPXFTT )F TJ[FE VQ UIF TJUVBUJPO BOE IFBEFE TUSBJHIU GPS UIF -BOE 3PWFS XF DPXBSET XFSF IJEJOH JO ɩ BOLGVMMZ UIF FOHJOF XBT SVOOJOH BOE XF IJHI UBJMFE JU PVU PG UIFSF GPS UIF CJH CVMM DPVME IBWF SPMMFE VT PO B XIJN #VU UIF GVO XBTO U PWFS GPS XIFO XF HPU CBDL UP UIF MPEHF JU XBT GFFE JOH UJNF GPS UIF DIFFUBIT ɩ F LFFQFS

5IF OPSUI MBVODI BU .JEEFMCFSH

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


-BVODIJOH GSPN UIF OPSUI TJEF PG .JEEFMCFSH

IBT B OPSUIXFTU BOE TPVUI UBLFPĊ ɩ F MPEHF PXOFST SBODIFST XJUI IFDUBSFT BDSFT PS TRVBSF NJMFT UP UIFJS TJ[FBCMF TUBUJPO PXO UIJT TJUF BT XFMM 8F EJEO U MBOE XJUI PTUSJDIFT CVU EVSJOH UIF XFFL PG UIF DPVSTF XF NBOBHFE UP MBOE BU UIF MPEHF BT XFMM BT TDBUUFSFE QMBDFT BSPVOE UIF DPVOUSZTJEF ɩ F XFBUI -BVODIJOH GSPN UIF TPVUI MBVODI BU .JEEFMCFSH

ɩ F BSFB JT B DPNCJOBUJPO PG QMBJOT BOE TUFFQ NPVOUBJOT GSPN UP GFFU IJHI ɩ FSF XFSF QMFOUZ PG MBOEJOH m FMET BOE QMFOUZ PG MJGU PO UIF HPPE EBZT *U JT IFSF UIBU UIF 4PVUI "GSJDBOT IFME UIFJS OBUJPOBMT MBTU .BSDI EVSJOH XIJDI FWFOU UIF QJMPU FODPVOUFSFE UIF PSOFSZ PTUSJDI ɩ F TJUF BMTP LOPXO BT $BSMUPO )FJHIUT

%FOOJT BOE %JBOF UBOEFN MBVODIJOH OFBS 8JMEFSOFTT

FS XBT VOTFUUMFE CFDBVTF PG HMPCBM XBSN JOH UIF UTVOBNJ PS UIF GBDU XF TDIFEVMFE B n ZJOH FWFOU #VU XF IBE TPNF HPPE n ZJOH UIBU XBT FWFO HSFBU PO PDDBTJPO BOE FWFSZPOF MFBSOFE UP TUSFUDI UIFJS XJOHT 'PS NF UIFTF DSPTT DPVOUSZ DPVST FT BSF BO PQQPSUVOJUZ UP NFFU QJMPUT GSPN PUIFS DPVOUSJFT n Z JO GBS PĊ QMBDFT BOE MFBSO OFX JEFBT BOE UFDIOJRVFT SFTVMUJOH GSPN UIF EJĊ FSFOU n ZJOH FOWJSPONFOUT *O UIJT DPVSTF XF IBE TPNF FYQF SJFODFE QJMPUT JODMVEJOH UIF DVSSFOU OBUJPOBM DIBNQJPO * NVTU UIBOL NZ TFDPOE JOTUSVDUPS 3BZ $PQF GPS MPBOJOH NF IJT 5BMPO GPS UIF DPVSTF TP * DPVME LFFQ VQ XJUI UIF TUVEFOUT 065 */ ;6-6 -"/% 0VS OFYU TUPQ DBNF BGUFS B OJOF IPVS ESJWF UP UIF FBTU BOE OPSUI "T XF QSPHSFTTFE UIF MBOE HPU HSFFOFS BOE

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


-PPLJOH EPXO PO UIF IVHF UPQ MBOEJOH BSFB BU UIF #VMXFS MBVODI

HSFFOFS +VTU MJLF JO UIF 6 4 UIF FBTU PG 4PVUI "GSJDB JT NPJTU BOE UIF XFTU ESZ #Z UIF UJNF XF HPU UP PVS EFTUJOB UJPO UIF MJUUMF WJMMBHF PG #VMXFS BOE UIF MPDBUJPO PG 1BVM T CBDLQBDLFST MPEHF UIF DPVOUSZTJEF XBT WFSEBOU BOE MVTI ɩ JT JT UIF BSFB PG UIF UPXFSJOH %SBL FOTCFSH .PVOUBJOT o UIF IJHIFTU JO UIF DPVOUSZ BU PWFS GFFU * IBE BMXBZT XPOEFSFE XIBU UIF "NFSJDBO 3PDL JFT XPVME MPPL MJLF JG UIFZ SFDFJWFE UIF BNPVOU PG SBJO UIF &BTU JT CMFTTFE XJUI *O UIF /BUBM * GPVOE PVU *U XBT B MPWFMZ TJHIU UP TFF WBTU TMPQFT BOE SPMMJOH IJMMT JO &NFSBME $JUZ HSFFO * UIJOL XF GPVOE UIF USVF 0[ *O #VMXFS XF TPBSFE UIF MPDBM NPVOUBJO QFSDIFE BCPWF UIF UPXO *U IBT B IVHF UPQ MBOEJOH BSFB BOE JT QPQ VMBS XJUI QBSBHMJEFS BOE IBOH HMJEFS QJMPUT BMJLF *O UIF MBOEJOH m FME XF TBX B UBMM TFDSFUBSZ CJSE IVOUJOH JUT VTVBM GBSF TOBLFT * EJEO U LOPX JG UIBU XBT B HPPE TJHO LFFQJOH UIF m FME SJE PG DSBXMFST PS B CBE TJHO UIFSF NVTU CF TPNF UIFSF UP NBLF JU XPSUI IJT XIJMF ɩ FSF BSF QVĊ BEEFST $BQF DPCSBT BOE NBNCBT JO UIJT QBSU PG "GSJDB ɩ F MPDBM DPMPS JODMVEFE DIFDLJOH PVU UIF BODJFOU 4BO #VTINFO SPDL QBJOUJOHT JO B TIFMUFSFE BSFB PO UIF NPVOUBJO BOE TQFOEJOH UIF FWFOJOH JO B ;VMV WJMMBHF TIBSJOH UIF EBODFT BOE GPPE ɩ F MBUUFS XBT OP UPVSJTU QBDLBHF

UFST ɩ F MPDBM XBHT TBZ /*1 TUBOET GPS i/PXIFSF *O 1BSUJDVMBS w CVU JU XBT XIFSF XF XBOUFE UP CF CFDBVTF UIFZ TFSWF HSFBU NFBMT BOE XF TUPPE UIF DIBMMFOHF PG NVMUJQMF UIFSNBMT " UIFSNBM JT B TQFDJBM ESJOL JOWFOUFE CZ UIF MPDBM QBSB QJMPUT JU DPOTJTUT PG POF QBSU UFRVJMB POF QBSU ,BIMVB BOE POF QBSU $BQF 7FMWFU B ESJOL MJLF #BJMFZ T ɩ F MJRVPS TJUT JO MBZFST BOE UIF UFRVJMB JT TBJE UP SFQSFTFOU UIF DPSF PG UIF UIFSNBM UIF ,BIMVB JUT TVSSPVOEJOH MJGU BOE UIF 7FMWFU UIF DMPVE UIBU GPSNT PO UPQ * UIJOL JU XBT B GBJSMZ BDDVSBUF SFQSFTFOUBUJWF PG B UIFSNBM GPS JU DFSUBJOMZ HPU VT IJHI ɩ F OFYU EBZ XF XFSF PWFSDPNJOH UIF QSFWJPVT OJHIU T FYDFTTFT BOE NBEF PVS TMPX XBZ VOEFS B HMPSJPVT TLZ UP UIF HBNF QBSL XIFSF 1BVM IBE TQFOU IJT ZPVUI ɩ F CFBVUZ PG UIJT QMBDF JT UIBU JU JT WFSZ OFBS B n ZJOH TJUF "SUIVS T 4FBU CVU BMTP IBT DBCJOT SJHIU JO UIF CVTI BNPOH

;VMVT EBODJOH VQ B TUPSN

GPS 1BVM BOE BOPUIFS MPDBM CVTJOFTTNBO TQFBL UIF MBOHVBHF BOE IFMQ UIF WJMMBHFST FDPOPNJDBMMZ 4P XF XFSF XFMDPNF JOUP UIFJS IPNFT BOE HPU UIF GVMM USFBUNFOU ɩ F UISPC PG UIF ESVNT UIF VMVMBUJOH PG UIF XPNFO UIF DIBOUJOH PG UIF NFO BOE UIF BUIMFUJDJTN PG UIF EBODFST USBOTQPSU FE VT UP BOPUIFS UJNF "GSJDB ɩ F OFYU FWFOJOH XF SFMBYFE BU UIF MPDBM XBUFSJOH IPMF UIF /*1 *OO 8F EJEO U FODPVOUFS BOZ MJPOT PS IJQQP UIFSF CVU UIFSF XFSF QMFOUZ PG FYPUJD DIBSBD

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

UIF BOJNBMT 8F TFUUMFE JO UP TFF [F CSBT IBSUFCFFTUT TQSJOHCPLT XJMEFCFFTU SIJOPT BOE PUIFS BTTPSUFE FWFSZEBZ DSFB UVSFT GPS "GSJDB SVOOJOH BSPVOE *O UIF NPSOJOH UIFSF XFSF HJSBĊ FT PVUTJEF PVS CBDL XJOEPX ɩ JT BJO U OP QFUUJOH [PP BOE UIF SVMFT TBZ OP XBMLJOH PVU PG UIF CVJMEJOHT BU OJHIU #VU XF TBUJTm FE PVS VQ DMPTF BOE QFSTPOBM VSHFT CZ SJE JOH IPSTFT BDSPTT UIF WFMEU GPS UXP BOE B IBMG IPVST UIBU NPSOJOH " XJME IFSE BOJNBM XJMM MFU ZPV HFU B MPU DMPTFS XIFO


)BTTMJOH UIF IFSET PO IPSTFCBDL

NPVOUFE PO B IPSTF CFDBVTF UIFZ BSF VTFE UP TFFJOH PUIFS BOJNBMT PG WBSJPVT XFJSE TIBQFT BOE TJ[FT 8F XFSF KVTU QBSU PG UIF DSPXE BOE UPPL BEWBOUBHF PG UIJT

BSSBOHFNFOU UP EP TPNF TFSJPVT DPNNVOJOH XJUI UIF %BSL $POUJOFOU T OBUVSF 0VS NPSOJOH SJEF XBT POF PG UIF IJHIMJHIUT PG UIF USJQ GPS NF BOE POMZ UIF

TBEEMF TPSFT DBVTFE BOZ EPVCUT #Z OPPO XF XFSF SFBEZ UP GVFM VQ BOE IFBE UP UIF IJMM "SUIVS T 4FBU JT B UIFSNBM TJUF BOE B DMPVE EFDL IBE NPWFE JO CVU XF n FX BOZXBZ BOE NBOBHFE UP TDSBUDI BSPVOE 1FUF QVMMFE PVU B CJU PG TPBSJOH n JHIU JO UIF CJH 5BSHFU 8F MBOEFE OFYU UP B MPDBM WJMMBHF BOE * TBX UIF GVOOJFTU UIJOH PO UIF XIPMF USJQ "GUFS IF MBOEFE 1BVM TQFBLJOH UIF MBOHVBHF IBE USBJOFE BCPVU DIJMESFO UP HJWF UIF Pċ DJBM 64)(" XJOE TJHO CFOE PWFS BSNT CBDL NPWF GPSXBSE JOUP UIF XJOE /PU POMZ XFSF UIFZ BMM HJWJOH VT UIF TJHO TJNVMUBOFPVTMZ CVU 1FUF IBE UIFN MJOFE VQ JO B CJH 7 QPJOUJOH JOUP UIF XJOE *U T IBSE UP QFSGPSN B QFSGFDU TFUVQ XIFO ZPV BSF MBVHIJOH ZPVS BTT PĊ ɩ F OFYU EBZ * IBE UP TFU PVU GPS UIF BJSQPSU JO +PIBOOFTCVSH * IBE CFFO OFBSMZ B NPOUI JO DPVOUSZ CVU FOWJFE 8BZOF XIP IBE BOPUIFS XIPMF NPOUI UP HP ɩ FSF XFSF n Z JOT UP BUUFOE UIF ,SVHFS (BNF 1BSL UP DBNQ JO UIF %SBLFOTCFSHT UP IJLF BOE DPVOUMFTT PUIFS BEWFOUVSFT XIJDI * IBE UP QVU PĊ

7g^\]i 8aVhh^X 9=K & <daYZc 9=K &"' 6heZc 9= K ' CZl 6kVm M8 8gdhh 8djcign CZl 6kVm GH; 8dbeZi^i^dc 7^"<daYZc IVcYZb R U


VOUJM OFYU ZFBS #VU * BN EFUFSNJOFE UP NBLF JU CBDL BOE LFFQ FYQMPSJOH VOUJM * BN TBUJTm FE UIBU * LOPX UIF QVMTF BOE TQJSJU PG UIJT IJTUPSJD MBOE /FYU ZFBS XF JOUFOE UP QVU PO NPSF DPVSTFT JO BEEJUJPO 1BVM BOE 1FUF XJMM CF TFU VQ UP HVJEF UPVST XJUI WFIJDMFT BOE HMJEFST UP SFOU ɩ FZ BSF HSFBU HVJEFT CFDBVTF UIFZ LOPX UIF DVMUVSF BOE UIF TJUFT BOE BSF GVMM PG JNQJTI GVO ɩ FJS 8FC TJUF JT XXX TJMFOUXJOHT DP [B ɩ FSF XJMM QSPCBCMZ CF PQUJPOT MJLF UPVSJOH UIF ESZ BSFB PS UIF HSFFO BSFB BOE UBLJOH UIF 9$ DPVSTF /BUVSBMMZ UIFSF XJMM CF BNQMF BUUFOUJPO QBJE UP BMM UIF MPDBM BUUSBDUJPOT XIJDI FWFO JODMVEFT MBOEJOH XJUI UIF PTUSJDIFT JG ZPV XJTI * BN MFGU XJUI NFNPSJFT PG HSFBU n ZJOH HSFBU OFX GSJFOET BOE HSFBU TDFOFSZ 0OF TVDI JNBHF XBT JOEFM JCMZ FUDIFE PO NZ NJOE JO .JEEMFCVSH

0OF FWFOJOH XF XFSF DBMMFE PVU JOUP UIF NBLF NPSF JORVJSJFT * MM KVTU IBWF UP MJWF EBSLFOFE WFMEU UP MPPL BU UIF XFTUFSO TLZ XJUI UIF NZTUFSZ "T B DPME GSPOU TMPXMZ BQQSPBDIFE GSPN UIF TPVUIXFTU UIVOEFSTUPSN DMPVET m MMFE UIF TLZ BOE MJHIUOJOH n BTIFE GSPN DMPVE UP DMPVE BMNPTU DPOUJOVPVTMZ 8F XBUDIFE JO BXF GPS B MPOH UJNF XIJMF (JSBGGFT SJHIU JO PVS CBDL ZBSE UIF MJHIUTIPX QSPHSFTTFE &WFOUVBMMZ XF SFUVSOFE UP PVS EVUJFT BOE UIPVHIUT PG TMFFQ -BUFS UIBU OJHIU o BSPVOE B N o * BXPLF UP n BTIJOH MJHIUT * MPPLFE PVU NZ XJOEPX UP TFF UIF TUPSNT IBE NPWFE DMPTFS BOE XFSF TUJMM QSPEVDJOH BMM FODPNQBTTJOH CSJMMJBOU BSDT PG MJHIUOJOH JO CMVF ZFMMPX BOE DSJNTPO IVFT * TUPPE CZ UIF XJOEPX BOE DPOUFNQMBUFE UIF GBUF PG BMM UIF XJME DSFBUVSFT UIBU JOIBCJU UIJT QBSU PG "GSJDB 8IFSF EP UIFZ TIFMUFS JO TVDI B TUPSN .PTU PG BMM * UIPVHIU PG UIF HJSBĊ FT #FJOH UIF UBMMFTU PCKFDU JO UIF BSFB o UBMMFS UIBO UIF BDBDJB USFFT o IPX EP UIFZ BWPJE MJHIUOJOH TUSJLFT "SF UIFZ UIF HPMGFST PG UIF BOJNBM LJOHEPN EPPNFE UP HFUUJOH [BQQFE PO UIF CBDL OJOF 4VSFMZ TPNF OBUVSBMJTU NVTU LOPX UIF BOTXFS CVU VOUJM * SFUVSO UP "GSJDB BOE

7 ÞÊ*À ià } ¶ÊÊ

°°°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


#Z $ + 4UVSUFWBOU 1IPUPT CZ (FPSHF 4UFJONFU[

"MBJO "SOPVY UBLJOH PGG XJUI 4BVEJ ESJWFS "MJ BM .BSSJ GPS B UBOEFN nJHIU "MJ ESPWF UIF UFBN PWFS LN JO UIF EVOFT CVU XBT UFSSJmFE CZ UIF nJHIU XIJDI IF EJE JO CBSF GFFU BOE USBEJUJPOBM #FEPVJO SPCF

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


'MZJOH PWFS UIF DJUZ PG 4IJCBN UIF NFEJFWBM .BOIBUUBO PG "SBCJB BT TFFO GSPN B SBEJP DPOUSPMMFE XJOH DBNFSB (FPSHF XBT MBUFS UPME UIBU NVDI PG UIF UPXO T QPQVMBUJPO XBT SVOOJOH UISPVHI UIF OBSSPX TUSFFUT USZJOH UP GPMMPX IJN

8IZ EP XF nZ ɩFSF BSF QSPCBCMZ BT PUIFS QFSTQFDUJWF JU XPVME CF ZFBST NBOZ BOTXFST UP UIBU RVFTUJPO BT UIFSF CFGPSF IF mOBMMZ BDIJFWFE IJT ESFBN PG BSF QJMPUT CVU TPNFXIFSF JO FBDI PG PVS UIBU CJSE T FZF WJFX " 4UBOGPSE FEVDBUFE HFPQIZTJ NPUJWBUJPOT MJFT UIJT DPNNPO UISFBE 'MZJOH HJWFT VT B VOJRVF QFSTQFDUJWF PO DJTU (FPSHF ESJGUFE JOUP B DBSFFS JO PJM FYQMPSBUJPO #VU TVNNFS KPCT XJUI PJM UIF XPSME (FPSHF 4UFJONFU[ LOPXO UP NBOZ DPNQBOJFT DPOWJODFE IJN UP DIBOHF PG VT GSPN IJT TUVOOJOH QIPUPHSBQIT JO EJSFDUJPO " IVOHFS UP QIPUPHSBQI FYPU /BUJPOBM (FPHSBQIJD NBHB[JOF JT JOUP nZ JD MBOET ESFX IJN JOUP GSFFMBODF QIPUPH JOH PWFS EFTFSUT iɩFZ SF KVTU JODSFEJCMZ SBQIZ BOE FWFOUVBMMZ JOUP XPSLJOH GPS CFBVUJGVM QMBDFT UIBU OPCPEZ IBT MPPLFE /BUJPOBM (FPHSBQIJD "OE JU XBT BO BTTJHONFOU GPS /BUJPOBM BU QSPQFSMZ w IF TBZT )JT HPBM JT UP EP B CPPL BCPVU BMM UIF XPSME T FYUSFNF EFT (FPHSBQIJD UIBU MFE IJN UP mOBMMZ SFBMJ[F FSUT XJUI B NBKPSJUZ PG UIF QIPUPHSBQIT IJT ESFBN PG nZJOH BCPWF UIF EFTFSU ɩF QMBO GPS PCUBJOJOH JNBHFT GPS UIF .BSDI UBLFO GSPN IJT QPXFSFE QBSBHMJEFS #BDL JO XIFO IBOH HMJEJOH XBT BSUJDMF i3JEJOH UIF 8JOE 1IPUP TUJMM JO JUT JOGBODZ (FPSHF XBT B TFMG HSBQIJOH UIF 4BIBSB GSPN "MPGU w JODMVE EFTDSJCFE iEJSUCBH IJUDI IJLFSw PVU FY FE BO VMUSBMJHIU BJSDSBGU UP CF nPXO CZ B QMPSJOH UIF XPSME $SPXEFE PO UPQ PG QJMPU XIP BU UIF MBTU NPNFOU HPU B CFU B SJDLFUZ USVDL CVNQJOH UISPVHI UIF UFS PĊFS GSPN BO PJM DPNQBOZ MFBWJOH 4BIBSB %FTFSU JU PDDVSSFE UP UIF ZFBS (FPSHF XJUIPVU UIF SFRVJTJUF XJOHT GPS PME BEWFOUVSFS UIBU iJU XPVME CF BNB[ IJT iBMPGUw QFSTQFDUJWF *U XBT PVU PG UIJT OFDFTTJUZ UIBU (FPSHF JOH UP nZ PWFS UIJT MBOETDBQF w 8IJMF IF SFUVSOFE UP "GSJDB BHBJO BOE BHBJO EJTDPWFSFE QPXFSFE QBSBHMJEJOH BOE IF T QIPUPHSBQIJOH JU GSPN OFBSMZ FWFSZ TJODF VTFE IJT QBSBHMJEFS 4JMFY XJOH BOE "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

'SFTI #SFF[F NPUPS PO QIPUPHSBQI JD FYQFEJUJPOT o USVMZ IJT ESFBN DPNF USVF i8IFO * N nZJOH UIJT UIJOH UIFSF T B TFBNMFTT DPOOFDUJPO CFUXFFO NZ SFUJOB BOE XIFSF * BN JO UIF TLZ w IF TBZT )F DBO QVU IJNTFMG FYBDUMZ XIFSF IF XBOUT UP CF o TLJNNJOH UIF HSPVOE PS TFWFSBM UIPVTBOE GFFU VQ o UP DBQUVSF FYBDUMZ UIF JNBHF IF FOWJTJPOT "T BOZPOF XIP IBT BUUFNQUFE UP UBLF JO BJS QIPUPT DBO BQQSFDJBUF IBOEMJOH QSPGFTTJPOBM QIPUPHSBQIZ HFBS XIJMF nZJOH IBT JUT DIBMMFOHFT (FPSHF MJN JUT IJNTFMG UP POF DBNFSB CPEZ /JLPO UISFF MFOTFT B NN [PPN B NN GPS EJN MJHIU BOE BO NN BOE BTTPSUFE mMUFST 8JUI QIPUPHSBQIZ BT IJT NBJO GP DVT (FPSHF QJDLT IJT nZJOH UJNFT CPUI UP UBLF BEWBOUBHF PG UIF CFTU MJHIU BOE UP NJOJNJ[F UVSCVMFODF o MFUUJOH HP PG UIF DPOUSPMT UP EFBM XJUI DBNFSBT JO NJE EBZ EFTFSU BJS JT OPU B TBGF PS VTFGVM QBSU PG IJT nJHIU QMBO 4UJMM IF IBT IBE TPNF NJTIBQT "MBJO "SOPVY UIF XPSME


"MBJO "SOPVY QMBZT JO IJHI XJOET BCPWF UIF EVOFT ESBXJOH XJUI IJT GFFU BOE XBMLJOH BMPOH UIF TBOE XIJMF JO NPUPSJ[FE n JHIU

DIBNQJPO QPXFSFE QBSBHMJEFS QJMPU EVCCFE (FPSHF i$BQUBJO 4QMBTIw BGUFS B UPP DMPTF FODPVOUFS XJUI UIF PDFBO XIJMF QIPUPHSBQIJOH XIBMFT JO .FYJDP "O BXLXBSE MBOEJOH JO *SBO SFTVMUFE JO UISFF CSPLFO m OHFST BOE B OFX UJUMF $BQUBJO $SVODI 4UJMM (FPSHF GFFMT UIBU IF T SFMB UJWFMZ TBGF n ZJOH IJT QBSBNPUPS 8IBU JG UIF FOHJOF TUPQT i:PV BMXBZT MBOE XJUI UIF NPUPS PĊ BOZXBZ w IF QPJOUT PVU BEEJOH UIBU XJUI UIF HMJEF iJG ZPV SF VQ GFFU ZPV WF HPU GFFU UP m OE B QMBDF UP MBOE w (JWFO UIF PQFOOFTT PG NVDI PG UIF EFTFSU UFSSBJO UIBU IF T QIP UPHSBQIJOH UIBU T VTVBMMZ OPU BO JTTVF $ISJT +PIOT /BUJPOBM (FPHSBQIJD T FEJUPS JO DIJFG TVHHFTUT UIBU NVDI PG UIF BMMVSF PG (FPSHF T QIPUPHSBQIZ MJFT JO iUIF TFOTF PG XPOEFSNFOU BOE DVSJ PTJUZ UIBU IF CSJOHT UP BO BTTJHONFOU w 8POEFSNFOU BOE DVSJPTJUZ ɩ FTF BSF FTTFOUJBM JOHSFEJFOUT JO FWFSZ n JHIU XF NBLF XIFUIFS JU T TPNFQMBDF OFX BOE FYPUJD PS BU PVS GBNJMJBS IPNF TJUF PO B UZQJDBM EBZ

&BDI UJNF XF TUFQ JOUP UIF BJS XF BSF PĊ FSFE BO PQQPSUVOJUZ UP TBWPS B VOJRVF QFSTQFDUJWF PO TPNF BNB[JOH MBOETDBQF * XBT EFMJHIUFE XIFO (FPSHF BHSFFE UP TIBSF TPNF PG IJT QIPUPHSBQIT PG 4BV EJ "SBCJB T &NQUZ 2VBSUFS UIF MBSHFTU TBOE EFTFSU JO UIF XPSME BOE IJT QFSTPO BM GBWPSJUF n ZJOH TJUF XJUI UIF SFBEFST PG )BOH (MJEJOH 1BSBHMJEJOH NBHB [JOF ɩ JT JT B SBSF HMJNQTF PG BO BSFB PĊ MJNJUT UP NPTU 8FTUFSOFST BOE POF OFWFS CFGPSF TFFO DMPTF VQ GSPN UIF TLZ 8IFUIFS ZPV SF B TFBTPOFE XPSME USBWFMFS PS IBWF OFWFS WFOUVSFE GBS GSPN IPNF JG ZPV SF MVDLZ FOPVHI UP IBWF n PXO JO UIF PQFO BJS ZPV MM SFMBUF UP UIF CFBVUZ PG UIFTF QIPUPT &OKPZ

"MJ BM .BSSJ LFFQT BO FZF PO UIF TBOE BOE BO FZF PO (FPSHF BT IF HFUT SFBEZ UP DBUDI VQ UP UIF DBST BU UIF FOE PG B MPOH NPSOJOH n JHIU 5IF NPUPSJ[FE QBSBHMJEFST XFSF VTFE GPS SPVUF m OEJOH UISPVHI USBDLMFTT TBOET BT XFMM BT GPS NBLJOH BFSJBM QIPUPT PG UIJT SBSFMZ WJTJUFE BSFBT

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


8IFSF EP BSUJDMFT GPS PVS NBHB[JOF CFHJO 1IPUPHSBQIFS (FPSHF 4UFJONFU[ 64)(" NFU IBOH HMJEFS QJMPU BOE 8PSME 3FDPSE &ODBNQNFOU 83& FWFOU DPPSEJOBUPS %BWJE (MPWFS JO ;BQBUB 5FYBT UXP ZFBST BHP XIFO (FPSHF XBT BTTJHOFE CZ /BUJPOBM (FPHSBQIJD &YQMPSFS NBHB [JOF UP QIPUPHSBQI BO BSUJDMF BCPVU NFUFPSPMPHZ BOE XFBUIFS DPOEJUJPOT GPS XPSME SFDPSE IBOH HMJEFS n JHIUT &YQFSU DSPTT DPVOUSZ QJMPUT GSPN BSPVOE UIF XPSME BUUFOE UIF BOOVBM 83& JO ;BQBUB JO BO FĊ PSU UP TFU OFX EJTUBODF SFDPSET JO BMM GPSNT PG OPO NPUPSJ[FE n JHIU 6OGPSUVOBUFMZ XFBUIFS DPOEJUJPOT JO XFSF OPU DPOEVDJWF GPS SFDPSE TFUUJOH BOE (FPSHF EJE OPU HFU IJT TUPSZ "GUFS UIF 83& %BWJE EJSFDUFE +BZOF %F1BOm MJT QVCMJTIFS GPS )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF UP DIFDL PVU XXX HFPSHFTUFJONFU[ DPN GPS FYBNQMFT PG JNBHFT UIBU (FPSHF IBT DBQUVSFE GSPN IJT QPXFSFE QBSBHMJEFS i* IBE UIJT HVU SFBD UJPO UIBU * XBT TFFJOH JNBHFT BOE MBOETDBQFT GPS UIF m STU UJNF UIBU XPVME IBWF CFFO VOBWBJMBCMF UP NF IBE (FPSHF OPU CFFO BCMF UP VTF IJT QPXFSFE QBSB HMJEFS UP DBQUVSF UIFTF TIPUT w XBT +BZOF T EFMJHIUFE SFBDUJPO i)BWF ZPV FWFS XPOEFSFE XIBU T PO UIF PUIFS TJEF PG GFODFT QPTUFE XJUI QSJWBUF QSPQFSUZ TJHOT * GFMU BT JG * IBE KVTU CFFO JOWJUFE UP WJFX QSJ WBUF QSPQFSUZ GPS UIF m STU UJNF GSPN UIF QFSTQFDUJWF UIBU QJMPUT TFFN UP WBMVF NPTU o GSPN BCPWF w +BZOF DPOUBDUFE (FPSHF TFWFSBM UJNFT EVSJOH UIF QBTU GFX ZFBST CVU IJT USBWFM TDIFEVMF QSFWFOUFE IJN GSPN XPSLJOH XJUI )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF VOUJM SFDFOUMZ

+BZOF %F1BOm MJT

"MBJO "SOPVY HFUT B SBSF DIBODF UP TMFFQ JO BGUFS UIF NPSOJOH n JHIU XBT DBODFMFE EVF UP B TBOETUPSN

4OBLF EVOFT NBLF GPS EJGm DVMU OBWJHBUJPO JO UIF XJOE TDVMQUFE JOUFSJPS PG UIF &NQUZ 2VBSUFS )BWJOH B NPUPSJ[FE QBSBHMJEFS QJMPU UP m OE B SPVUF UISPVHI UIJT MBCZSJOUI DBO CF RVJUF IFMQGVM 0O NPTU n JHIUT (FPSHF XBT TIBEPXFE CZ DBST BT TUSPOH XJOET PGUFO NBEF JU JNQPTTJCMF UP SFUVSO UP B UBLF PGG QMBDF #Z HPJOH XJUI UIF XJOE IF DPVME DPWFS NPSF HSPVOE CVU PGUFO UIF DBST XFSFO U BCMF UP LFFQ VQ (FUUJOH MPTU JO UIJT LJOE PG UFSSBJO DPVME FBTJMZ CF GBUBM

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

'PSFJHOFST EP UIF GSVJU QJDLJOH BU B DFOUFS QJWPU JSSJHBUJPO TDIFNF PO UIF FEHF PG UIF &NQUZ 2VBSUFS 5IF XBUFS JT GSPN SBJOT UIBU GFMM JO UIF 1MFJTUPDFOF o B NJMMJPO PS TP ZFBST BHP o BOE BGUFS ZFBST UIF XBUFS UBCMF XJMM IBWF GBMMFO BOE UIF TDIFNF XJMM IBWF UP CF BCBOEPOFE $FOUFS QJWPU BMGBMGB m FMET DBO CF TFFO GSPN CPUI KFUT BOE TBUFMMJUF JNBHFT 0OFT UIBU (FPSHF IBE TFFO GSPN NBOZ ZFBST BHP XFSF BMSFBEZ BCBOEPOFE BT UIF VOEFS HSPVOE XBUFS XBT FYIBVTUFE #VU CPUI UIF EFTFSU BOE UIF BRVJGFS BSF FOPSNPVT TP UIF 4BVEJT TJNQMZ NPWF PO UP BOPUIFS BSFB



1IPUP ª 0MJWJFS -BVHFSP

%BODJOH PWFS UIF TBOE EVOFT JO "MHFSJB /PSUI "GSJDB


" %SFBN $PNF 5SVF "SUJDMF BOE QIPUPT CZ 7SF[I 5VNBOZBO

.Z OBNF JT 7SF[I 5VNBOZBO * BN BO "SNFOJBO "GUFS UIF QPMJUJDBM BOE FDPOPNJDBM DPMMBQTF PG UIF 4PWJFU 6OJPO * NPWFE UP UIF 6 4 XJUI NZ GBNJMZ BOE FTUBCMJTIFE JO -PT "OHFMFT 4QPSUT IBWF BMXBZT CFFO B HPPE QBSU PG NZ MJGF GSPN DIJMEIPPE VOUJM OPX HZNOBTUJDT NBSUJBM BSUT NPVOUBJO DMJNCJOH TQFDJBM NJMJUBSZ USBJOJOH JO UIF BSNZ NPUPS DSPTT TLJJOH BOE OPX NZ OFX MPWF IBOH HMJEJOH * CFHBO IBOH HMJEJOH BGUFS NZ UI CJSUI EBZ XIFO * BDDJEFOUBMMZ EJTDPWFSFE JU IFSF JO -PT "OHFMFT &WFO UIPVHI n ZJOH IBT CFFO NZ MJGFMPOH ESFBN JU TFFNFE RVJUF VOMJLFMZ UIBU * XPVME FWFS SFBMMZ HFU JOWPMWFE JO TPNFUIJOH TP SBEJDBMMZ EJĊ FS FOU BOE FYUSFNF #VU * DPVMEO U SFTJTU UIF UFNQUBUJPO UP m OE PVU XIBU JU JT MJLF UP n Z MJLF B CJSE /PX * BN B IBOH QJMPU XJUI BSPVOE IPVST .Z IPNF TJUF JT ,BHFM .PVOUBJO JO 4ZMNBS $BMJGPSOJB "T B GBNJMZ NBO * NBOBHF UP CBMBODF PCMJHB UJPOT BOE QMBZ TP * IBWF CFDPNF B UZQJDBM XFFLFOE XBSSJPS 3FDFOUMZ * n FX JO :PTFNJUF /BUJPOBM 1BSL ɩ JT n JHIU UVSOFE PVU UP CF WFSZ SF NBSLBCMF o JO GBDU JU XBT B UVSOJOH QPJOU

JO NZ n ZJOH DBSSJFS *U NBEF NF GFFM MJLF CFDPNJOH TPNFXIBU IBCJUVBM BOE UIF B GFX GPSUVOF MJOFT DBNF UPHFUIFS BU UIBU NBKFTUZ BOE KPZ XFSF VOOPUJDFBCMZ CMFOE QPJOU JO NZ MJGF MJLF B NJTTJOH QJFDF PG B JOH JOUP UIF SPVUJOF SVTI PG BO FWFSZEBZ QV[[MF m MMFE UIF QJDUVSF MJLF TPNFUIJOH CVTZ MJGF 1FSIBQT UIJT JT IPX QFPQMF TMPXMZ EFQBSU GSPN UIF TQPSU *O XPSET MPOH EFTJSFE XBT m OBMMZ BDDPNQMJTIFE * SFBMJ[FE UIBU PWFS UJNF NZ n ZJOH XBT PG POF PG NZ n ZJOH CVEEJFT JU XBT MJLF B -BTU NJOVUF DBNFSB DIFDL PO MBVODI BU (MBDJFS 1PJOU

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


CSFBLUISPVHI JO UIF iCFFS TPBLFE UISJMM MPOH HPOF NBSSJFE NBO TFY IBCJUVBM XFFLFOE n ZFS TZOESPNF w &WFSZ QJMPU IBT B TUPSZ * IBEO U UIPVHIU BCPVU NJOF VOUJM OPX "GUFS SFBDI JOH :PTFNJUF T iTFMG FWBMVBUJPO QPJOUw * UIPVHIU * TIPVME TIBSF NZ JNQSFTTJPOT XJUI NZ n ZJOH DPNNVOJUZ 4P 5)&3& * 8"4 iɩ FSF * XBT TUBOEJOH PO UIF TUFFQ SPDL UIBU ESPQT EPXO SJHIU JO GSPOU PG NF POMZ B GFX TUFQT BXBZ w *U XBT MJLF UIBU JOEFFE ɩ F SPDL XBT UIF GBNPVT (MBDJFS 1PJOU PG :PTFNJUF /BUJPOBM 1BSL $BMJGPSOJB *U XBT B DPPM 4FQUFNCFS NPSOJOH ɩ FSF XFSF TQFD UBUPST UP UIF MFGU SJHIU BOE CFIJOE .Z IBOH HMJEFS XBT SFTUJOH PO NZ TIPVMEFST ɩ F SFQUJMF DPME FZF PG UIF DBNFSB XBT MPPLJOH BU NF GSPN UIF XJOH ɩ F IFMNFU DBN XBT SPMMJOH * XBT SFBEZ ɩ F NPNFOU GSP[F JO TJMFODF .Z IFBSU XBT QVNQJOH GBTU " MJHIU CSFF[F JO NZ GBDF o UIJT JT JU $MFBS * TUFQQFE GPSXBSE * DPNF GSPN B TNBMM WJMMBHF JO B SFNPUF QSPWJODF PG NPVOUBJOPVT OPSUI FSO "SNFOJB .PTU QFPQMF JO "NFSJDB XIP BTLFE NF BCPVU NZ DPVOUSZ PG PSJHJO EJEO U LOPX XIFSF "SNFOJB JT 'JWF ZFBST BHP POF TVNNFS EBZ * XBT ESJWJOH JO UIF NPVOUBJOT PG -PT "OHFMFT /BUJPOBM 'PSFTU ɩ F SPBE MFE UP .PVOU 8JMTPO PWFSMPPLJOH UIF DJUZ PG 1BTBEFOB BOE UIF SFTU PG UIF .FHB $JUZ PG "OHFMT 3JHIU UIFSF OFYU UP UIF PCTFSWBUPSZ PO UIF FEHF PG UIF QBSLJOH MPU TPNF HVZT XFSF CVTZ BSPVOE TPNF TUSBOHF CJH DPMPSGVM DSBGUT 0I NZ (PE ɩ JT NVTU CF B SFBM EFMUB QMBOF * UIPVHIU 4IPDLFE FYDJUFE PWFSXIFMNFE * GFMU MJLF B LJE JO UIF DBOEZ TUPSF 4PSSZ GFMMPXT JG BOZ PG ZPV SFDPHOJ[F UIBU BOOPZJOH XVĊ P CV[[JOH BSPVOE UIBU EBZ XJUI B NJMMJPO RVFTUJPOT QMFBTF FYDVTF IJN o UIBU XBT NZ m STU FO DPVOUFS XJUI n ZJOH IVNBOT "GUFS BMM * BN POF PG ZPV OPX #VU UIF CFHJOOJOH PG BMM HPFT XBZ CBDL UP UIF ESFBNT PG DIJMEIPPE XIFSF UIF n ZJOH XBT TP SFBMJTUJD TP WJWJE TP DPMPSGVM o JU XPO U GBEF BGUFS NPSF UIBO ZFBST * XBTO U BMPOF JO NZ GBTDJOBUJPO XJUI BOZUIJOH UIBU IBE TPNFUIJOH UP EP XJUI n ZJOH *O UIF MBUF A T XF XFSF B CVODI PG BEWFOUVSPVT UFFOBHFST JO B TNBMM DJUZ EFFQ CFIJOE UIF *SPO $VSUBJO GVMM PG JNBHJOBUJPO BOE XJUIPVU B DMVF BCPVU

)BMG %PNF JO UIF CBDLHSPVOE

GSFF n JHIU 8F DPVMEO U TUPQ POF PG UIF CPZT GSPN TUFBMJOH UIF DBOWBT DPWFS GSPN IJT CSPUIFS T USVDL UZJOH MBVOESZ MJOFT UP JUT DPSOFST BOE KVNQJOH GSPN UIF SPPG /PX * GFFM TPSU PG HVJMUZ CFDBVTF IF CSPLF IJT MFH PO UIBU KVNQ CVU * HFU UP n Z 0ODF XF HPU IPME PG B Q V C M J D B U J P O BCPVU UIJT DSB[Z 8FTUFSO MJGFTUZMF XIFSF QFPQMF BSF KVNQJOH GSPN UIF NPVOUBJOT PO UIFTF EFMUB TIBQFE XJOHT UP LJMM UIF CPSF EPN 8IPB EFMUB QMBOF )NN ɩ FSF JT B QJDUVSF JO UIF NBHB[JOF -FU T NBLF POF "MM XF OFFE JT TPNF MJHIU UVCJOH XJSFT BOE B TZOUIFUJD DMPUI ɩ F TFBSDI XBT

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

PO 'SPN BO BUIMFUJD DMVC XF HPU UXP BOE B IBMG SFUJSFE DPNQPTJUF TUJDLT GPS WBVMU KVNQJOH ZPV LOPX UIPTF MPOH


)JHI PWFS :PTFNJUF 7BMMFZ 'PS JOGPSNBUJPO PO TDIFEVMJOH B n JHIU BU :PTFNJUF HP UP IUUQ ZIHB PSH QJMPUTJHOVQ IUNM

CBNCPP MJLF n FYJCMF TUJDLT UIBU BUIMFUFT VTF UP SVO BOE TQSJOH VQ UP KVNQ IFJHIU ɩ F QPMFT XFSF QSPCBCMZ UPP XPCCMZ ɩ F BUIMFUJD DMVC HBWF VT BO BMVNJOVN CBS BT XFMM XIJDI QSPCBCMZ XBT BMTP XPSUI MFTT BGUFS CFJOH CFOU BOE TUSBJHIUFOFE TP NBOZ UJNFT XF UIPVHIU XF DPVME NBLF B DPOUSPM GSBNF PVU PG JU 'PS UIF TBJM XF DPVMEO U m OE BOZUIJOH 4PNFPOF JO UIF NJMJUBSZ TVSQMVT QSPNJTFE UP HFU B SF UJSFE QBSBDIVUF PS UXP CVU UIFSF JU HPU TUVDL TP XF OFWFS m OJTIFE UIF QSPKFDU ɩ BOL (PE

&BSMZ NPSOJOH TVO TQBSLMJOH BCPWF UIF -; JO UIF WBMMFZ

4P ZFBST MBUFS UIFSF * XBT EPXO JO :PTFNJUF 7BMMFZ JO UIF NJEEMF PG B CFBV UJGVM NFBEPX TUBOEJOH JO UIF UBMM HSBTT JO GSPOU PG NZ HMJEFS GVMM PG FNPUJPOT BOE BESFOBMJOF USZJOH UP HFU VOIPPLFE XJUI TIBLZ IBOET BT NZ GSJFOET SVTIFE UPXBSET NF XJUI UIF CPUUMF PG DIBNQBHOF 8IBU * IBE KVTU FYQFSJFODFE XBT OPU KVTU BO PUIFS NJOVUF n JHIU PS B HMBNPSJ[FE TMFE SVO * XPVME TXFBS JU XBT ɩ F 'MJHIU PG .Z -JGF %PO U HFU NF XSPOH * WF IBE NZ IBSEFTU MPOHFTU IJHIFTU TDBSJ FTU BOE FWFSZUIJOH FMTF NZ NPTU FQJD n JHIUT CZ OPX *O GBDU UIBU WFSZ TBNF EBZ * DSPTTFE UIF 5JPHB 1BTT PG 4JFSSBT UP UIF 0XFOT 7BMMFZ BOE UIF OFYU EBZ * n FX GSPN 8BMU T 1PJOU JO UIF 0XFOT GPS NPSF UIBO m WF IPVST JO WFSZ IBSE DPOEJUJPOT #VU UIJT XBT EJĊ FSFOU * XBT PWFS XIFMNFE XJUI FNPUJPOT * GFMU MJLF B ESFBN DPNF USVF 'FMU MJLF B MJGFUJNF NJT TJPO BDDPNQMJTIFE 'FMU MJLF * DPVME SFUJSF OPX 8IZ EJE * GFFM UIJT XBZ BCPVU UIJT n JHIU .BZCF CFDBVTF * LOFX BMM UIFTF

ZFBST XIJMF CFDPNJOH B QJMPU BOE HBJOJOH FYQFSJFODF UIBU n ZJOH :PTFNJUF JT TPNF UIJOH TQFDJBM BMNPTU MJLF B QSJWJMFHF UIBU JT XPSUI XPSLJOH IBSE UP BDIJFWF .BZCF B GFX ZFBST BHP XIFO * XBT IFSF GPS UIF m STU UJNF XJUI NZ GBNJMZ * TBX UIF TQPU XIFSF IBOH HMJEFST UBLF PĊ OP POF XBT n ZJOH UIBU EBZ UIPVHI BOE XBT WFSZ JN QSFTTFE UIFO .BZCF * XBT NBLJOH QSFQB SBUJPOT GPS UIBU USJQ MPOH CFGPSF NFOUBMMZ FWFO MPOHFS 0ODF FWFO XBT IBMG XBZ GVMMZ HFBSFE VQ BOE IBE UP DBODFM CF DBVTF PG m SFT JO UIF 7BMMFZ .BZCF * XBT EFTUJOFE UP DPNF UP UIJT IPMZ MJLF QMBDF GPS IBOH QJMPUT MJLF B QJMHSJN UP DBSSZ PVU B MJGFMPOH ESFBN * GFMU CMFTTFE .Z GFMMPX ESFBNFST PG NZ ZPVUI IBWF HSPXO BQBSU 8IFSF BSF UIFZ OPX * XJTI * DPVME TIBSF XJUI UIFN UIF KPZ BOE FVQIPSJB PG UIF GSFF n JHIU UIBU UIFZ QSPCBCMZ TUJMM POMZ ESFBN BCPVU (PE CMFTT "NFSJDB

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1BSBHMJEJOH "DDJEFOU 3FQPSU #Z +PO (PMECFSH )JMMFS

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP +PTI .PSFMM

UIF HSPVOE XF MPTF UIF DIBODF GPS TBGF SFDPWFSZ FOHJOFFSFE JOUP PVS XJOHT ɩ JT BDDJEFOU BOE UIF PUIFST * SFQPSU CFMPX n BH BO JNQPSUBOU JTTVF UIBU * IBWF FYQMPSFE JO QSFWJPVT DPMVNOT SF HBSEJOH KVTU IPX QSFQBSFE XF DBO BOE TIPVME CF GPS BEWFSTF DPOEJUJPOT XIJMF XF n Z 8IJMF UPP NVDI BUUFOUJPO NBZ FYBHHFSBUF PVS SFBDUJPOT BOE NBHOJGZ UIF EBOHFS PG TPNF DPOEJUJPOT JOBUUFOUJPO TMPXT PVS SFBDUJPOT JO DPNQBSBCMZ DIBM MFOHJOH XBZT BT UIF GPMMPXJOH SFQPSUFE JODJEFOU SFWFBMT " UBOEFN JOTUSVDUPS XBT n ZJOH MPX BMPOH B DPBTUBM IJMMTJEF XIJMF UBMLJOH XJUI IJT TUVEFOU 4MJHIUMZ EJTUSBDUFE CZ F MJGU QSPWFE EJTBQQPJOUJOH CVU IJT UIF DPOWFSTBUJPO IF UPSF UIF VQQFS TVS ɩ GBDF PG IJT HMJEFS PO B EFBE PWFSIBOH NBOFVWFSJOH MFGU IJN UPP GBS PVU UP HMJEF JOH USFF BQQSPQSJBUFMZ DBMMFE B iTOBHw CZ UP IJT QSFGFSSFE -; 8IJMF BUUFNQUJOH MPHHFST )F XBT BCMF UP n Z UIF TUVEFOU B TJEF IJMM MBOEJOH BT BO BMUFSOBUJWF IF BOE IJNTFMG UP B TBGF TJEF IJMM MBOEJOH IJU B EJUDI IJEEFO JO UIF PWFSHSPXUI BOE XJUIPVU BOZ JOKVSJFT *O IJT SFQPSU UIF GSBDUVSFE IJT m CVMB )JT BDDJEFOU SFQPSU TVHHFTUT UIBU UIF QJMPU TIBSFE UIF MFTTPOT PG IJT FYQFSJFODF BWPJE TDSBUDIJOH DMPTF UP UIF IJMM BOE DPNGPSU IF GFMU BU IJT IPNF TJUF NBZ IBWF BEEFE UP IJT QPPS EFDJTJPO NBLJOH PO NJOJNJ[F EJTUSBDUJPOT XIJMF n ZJOH %SPQQJOH PVS HVBSE XIJMF n ZJOH UIJT EBZ i* IBE KVTU DPNQMFUFE B XFFL NBZ TUFN GSPN DPOWFSTBUJPO GSPN m E FOE PG NPVOUBJO n ZJOH BU UXP TJUFT UIBU F DPNCJ EMJOH XJUI B SBEJP PS (14 PS GSPN PVS * IBE OFWFS n PXO CFGPSF ɩ PXO EBZESFBNT *SPOJDBMMZ JU NBZ BMTP OBUJPO PG OFX TJUFT NPVOUBJO UIFSNBM SFTVMU GSPN SFMBYJOH JO UIF GBNJMJBSJUZ PG PVS IPNF PS USBJOJOH TJUFT XIFSF XF NJHIU FYQFDU PVS LOPXMFEHF PG MPDBM DPOEJUJPOT UP QSP i* IBWF UP BENJU UIF EVDF TLJMMGVM QJMPUJOH UIPVHIU ABCPSU BOE SFTFU $POTJEFS UIJT SFDFOU XBT MPVE JO NZ IFBE BDDJEFOU " 1 QJMPU BU IJT CVU * GPPMJTIMZ JHOPSFE DPBTUBM USBJOJOH TJUF MBVODIFE JO MJHIU JU UIJOLJOH * DPVME TBWF DPOEJUJPOT BOE GPVOE UIF MBVODI w MJUUMF MJGU 'MZJOH BO BDDFQUBCMF DJSDVJU GPS IJT HMJEJOH n JHIU IF UVSOFE UP TFU VQ B MBOE JOH BU B VTVBM MPDBUJPO XIFO IF GPVOE B TNBMM QBUDI PG MJGU OFBSCZ 8JUIPVU iSFBMMZ UIJOL JOH w IF BEEFE UP IJT SFQPSU IF CFHBO UP XPSL UIF QBUDI PG MJGU

1IPUP +PTI .PSFMM

" 1 QJMPU EJFE XIJMF n ZJOH JO MBUF .BZ BU &MMFOWJMMF 'MJHIU 1BSL JO /FX :PSL ɩ F QJMPU XBT UBLJOH B TMFE SJEF JO MJHIU NBSHJOBM DPOEJUJPOT PO B NPEFSO %)7 XJOH ɩ F MBOEJOH [POF BU &MMFOWJMMF JT B HMJEF PWFS UIJDL GPSFTU BOE UIF QJMPU GPVOE IJNTFMG MPX BOE TPNFXIBU TIPSU PG JU UIPVHI BU UIF QFSJNFUFS PG B CBDLVQ m FME )F XBT PCTFSWFE UP UVSO BMPOH B MJOF PG USFFT UIBU NBSDIFE UPXBSE UIF SFHVMBS -; BOE UIFO UVSO EF HSFFT CBDL BXBZ GSPN UIF -; TUJMM SJEJOH UIF USFF MJOF 8JUI IJT MFGU XJOH PWFS UIF GPSFTU BOE IJT SJHIU PWFS B MBOEBCMF m FME IF XBT TFFO UP NBJOUBJO UP GFFU BCPWF USFF IFJHIU VOUJM IJT MFGU XJOH TVG GFSFE B DPMMBQTF ɩ F QJMPU XBT PC TFSWFE UP CSBLF IBSE UP UIF SJHIU PO UIF PQFO XJOH MJLFMZ UP BWPJE FOUBOHMFNFOU XJUI UIF USFFUPQT ɩ F TVEEFO NBOFVWFS TUBMMFE BOE DPMMBQTFE IJT SJHIU XJOH BOE IF XBT UVSOFE UPXBSET UIF m FME )JT XJOH TVSHFE UP SFDPWFS BOE QJMPU BOE DBOPQZ XFSF TFFO UP IJU UIF HSPVOE UPHFUIFS )JT DIFTU UPPL UIF GPSDF PG IJT JNQBDU BOE IF EJFE RVJDLMZ GSPN DBSEJBD JOKVSJFT ɩ JT USBHJD BDDJEFOU SFNJOET VT IPX TVEEFOMZ PVS n JHIUT DBO CFDPNF DSJUJDBM UFTUT PG PVS SFBDUJPOT FWFO JO NJME DPO EJUJPOT *U JT FBTZ UP JNBHJOF UIF QJMPU T QPTTJCMF GSBNF PG NJOE o IJT EFTJSF UP SFBDI UIF TUBOEBSE -; QFSIBQT MFE IJN UP MPPL GPS MJGU PWFS UIF NPTU DPOWFOJFOU TPVSDF B MJOF PG USFFT CPSEFSJOH B m FME 5PP DMPTF UP UIF USFFUPQT GPS BOZUIJOH CVU B USFF MBOEJOH XFSF IF UP MPTF MJGU PWFS UIF GPSFTU IF XBT MJLFMZ BMFSU UP QPTTJCMF UVSCVMFODF BOE SPUPS UIBU NJHIU UVSO IJN JOWPMVOUBSJMZ JOUP UIF USFFT BOE IF XBT NFOUBMMZ QSFQBSFE UP DPVOUFS XJUI B SJHIU UVSO UP UIF m FME KVTU CFOFBUI IJN ɩ JT BOUJDJQBUJPO NBZ IBWF DPOUSJCVUFE UP IJT PWFSSFBDUJPO UP KVTU TVDI BO FWFOU "MUIPVHI UIF QSFQBSBUJPO GPS NBOFVWFS JO QSPYJNJUZ UP OBUVSBM GFBUVSFT BOE MJGU TPVSDFT DBO IFMQ QSJNF PVS CFTU SFBDUJPOT n ZJOH JO BOZ VOOFDFTTBSZ TJUVBUJPO XIFSF XF IBWF SFBTPOBCMF FYQFDUBUJPO PG UIF OFFE GPS TVEEFO NBOFVWFS o FTQFDJBMMZ OFBS UIF HSPVOE o TIPVME HJWF VT QBVTF JO UIF m STU JOTUBODF $POUSPMMFE QBSBHMJE JOH n JHIU JT BMXBZT WVMOFSBCMF UP TVEEFO NBOFVWFS BOE XIFO XF NBOFVWFS OFBS


FOKPZFE B DPVQMF EBZT PG TVQFSC n ZJOH BU B n Z JO "U Q N PO IJT TFDPOE EBZ IF EFDJEFE PO B m OBM FWFOJOH n JHIU ɩ F SFWFSTF JOn BUJPO XBT DMFBO CVU UIF BJS PO MBVODI SFNBJOFE B MJUUMF HVTUZ BOE DSPTT ɩ F XJOH TVSHFE TMJHIUMZ JO GSPOU BT UIF QJMPU UVSOFE UP SVO )F XSPUF JO IJT SFQPSU i* IBWF UP BENJU UIF UIPVHIU ABCPSU BOE SFTFU XBT MPVE JO NZ IFBE CVU * GPPMJTIMZ JHOPSFE JU UIJOLJOH * DPVME TBWF UIF MBVODI w )F NBOBHFE UP SVO CF OFBUI UIF XJOH CZ UIF FOE PG UIF HSBWFM MBVODI BSFB CVU FYQFSJFODFE BO JNNFEJ BUF BTZNNFUSJD DPMMBQTF "U B GVMM SVO IF XBT QVMMFE PĊ UIF MJQ PG UIF MBVODI BOE GPVOE DPVOUFS TUFFSJOH JOFĊ FDUJWF BHBJOTU UIF EFn BUJPO JO QBSU CFDBVTF IF XBT OPU ZFU BEKVTUFE JO IJT IBSOFTT "T UIF XJOH TVSHFE JU UVSOFE EFHSFFT ESBHHJOH UIF QJMPU BDSPTT UIF TMPQF CFMPX MBVODI ɩ F JODMJOF XBT TUVEEFE XJUI TIBSQ SPDLT UIBU DBVTFE TFWFSBM MBSHF DPOUVTJPOT UP UIF QJMPU T MFHT BOE BCSBTJPOT UP UIF IBSOFTT BT XFMM BT B CSPLFO IFFM &WFO UIPVHIU UIF QJMPU XBT 7HETHER YOU RE OPU ZFU TFBUFE JO IJT IBSOFTT UIF BJSCBH BQQBSFOUMZ QFSGPSNFE BT EFTJHOFE QPTTJCMZ QSFWFOUJOH GVSUIFS JOKVSJFT ɩ JT QJMPU T NFOUBM QSFQBSB OR WANT TO UJPO GPS BO VODPOUSPMMFE MBVODI FWJEFODFE CZ IJT SFNFNCFSFE NBOUSB iBCPSU BOE SFTFU w TFFNT UP IBWF CFFO JOUBDU FWFO UIPVHI JU UPP XBT QVODUVSFE CZ TFDPOE 0EAK TO 0EAK UIPVHIUT ɩ F CFMJFG UIBU IF 0ARAGLIDING DPVME TBWF B MBVODI HPJOH RVJDLMZ HAS A SPECIAL COURSE TPVS XBT JO QBSU B DPOTFRVFODF PG IJT EFTJSF UP iXSBQ VQ UIF DESIGNED WITH EBZw XJUI B n JHIU FYQFDUFE UP YOU IN MIND CF NVDI MFTT DPNQMJDBUFE UIBO IJT FBSMJFS DSPTT DPVOUSZ n JHIUT :FU BT IF RVJDLMZ MFBSOFE FWFO TNBMM DPNQMJDBUJPOT DBO DBTDBEF JOUP NPOVNFOUBM QSPCMFNT FY QMPEJOH FYQFDUBUJPOT PG B TJNQMF FYQFSJFODF JO UIF BJS ɩ F m OBM BDDJEFOU JO UIJT NPOUI T DPMVNO BHBJO SFNJOET VT PG UIF JNQPSUBODF PG UIF NJOETFU XF CSJOH UP PVS n ZJOH " UBOEFN JOTUSVDUPS BU B DPBTU BM TJUF MBVODIFE JO XFBL XJOET UP NQI XJUI IJT TUVEFOU BOE n FX JO MJHIU MJGU EPXO UIF SJEHF ɩ BU EBZ UIF XJOET XFSF QSFEJDUFE UP CF OP TUSPOHFS UIBO 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

n ZJOH BOE NZ MBDL PG FYQFSJFODF NBEF UIPTF n ZJOH EBZT TPNFXIBU JOUFOTF GPS NF JO UFSNT PG UIF FYUSB DBSF BOE DPO DFOUSBUJPO * QVU JOUP UIF n ZJOH $PVME JU CF UIBU CZ HPJOH CBDL UP NZ PME USBJOJOH TJUF JO CFOJHO DPBTUBM DPOEJUJPOT * IBE SF MBYFE BOE MFU NZ HVBSE EPXO UP UIF QPJOU XIFSF * MBVODIFE XJUIPVU SFBMMZ UVSOJOH PO NZ CSBJO *U TVSF TFFNT MJLF JU w ɩ JT QJMPU SFMBZT B DPNNPOMZ TIBSFE FNPUJPOBM FYQFSJFODF 3FUVSOJOH UP B iIPNFw TJUF PGUFO QSPNJTFT UIF UZQF PG n ZJOH FYQFSJFODFT UIBU XF IBWF MFBSOFE UP BQQSFDJBUF BOE FOKPZ :FU BMM n JHIUT IBWF JOIFSFOU EBOHFST SFMBYBUJPO BOE GB NJMJBSJUZ XJMM BMXBZT CF QPPS TVCTUJUVUFT GPS BUUFOUJWF BOE WJHJMBOU QJMPUJOH ɩ F FYQFDUBUJPO PG CFOJHO BOE SFMBY JOH n ZJOH DPOEJUJPOT JT GSFRVFOUMZ BTTPDJ BUFE XJUI UIF UJNFT XF n Z BT NVDI BT UIF TJUFT XF DIPPTF " 1 QJMPU PO B NPEFSO %)7 HMJEFS BU B NPVOUBJO TJUF IBE

NEW TO THE SPORT

QIPUP DSFEJU "+ 'SZF

IMPROVE YOUR SKILLS

NQI XFMM XJUIJO UIF UPMFSBODF PG UIF SJEHF 4IPSUMZ BGUFS MBVODI UIF XJOE CFHBO UP CVJME JNQSPWJOH UIF MJGU ɩ F WFMPDJUZ DPOUJOVFE UP JODSFBTF FWFOUVBMMZ SFBDIJOH B NFBTVSFE NQI 8FMM CFGPSF UIJT QFBL UIF QJMPU BOE IJT QBTTFOHFS XFSF TUBSUJOH UP IBWF EJċ DVMUZ QFOFUSBU JOH BOE TBX TJHOT PG FWFO TUSPOHFS XJOET CFBSJOH EPXO ɩ FZ XPSLFE UIFJS XBZ OFBS UIF MBVODI BOE UIF QJMPU EFGPSNFE UIF " SJTFST UP HBJO QFOFUSBUJPO CVU GBJMFE UP NPWF TJHOJm DBOUMZ UPXBSE UIF CFBDI -; "WPJEJOH SPUPS OFBS UIF DMJĊ FEHF UIF QJMPU n FX EPXOXJOE JOMBOE BOE TFU VQ B MBOEJOH NPWJOH TMJHIUMZ CBDLXBSE JO UIF TUSPOH n PX %FTQJUF UIF QJMPU T FĊ PSUT UP CSJOH UIF XJOH EPXO BOE UIFO UP NBOJQVMBUF $ BOE # SJTFST UP DPMMBQTF JU UIF UXP XFSF ESBHHFE OFBSMZ GFFU CFGPSF DPNJOH UP B SFTU 4UVEFOU BOE JOTUSVDUPS XFSF CPUI CSVJTFE UIF HMJEFS XBT EFTUSPZFE $PBTUBM TJUFT PGUFO FYQFSJFODF QFSJPET PG DIBOHJOH XJOE WFMPDJUJFT UISPVHIPVU UIF EBZ ZFU XJOE FWFOUT PG UIJT NBH OJUVEF BSF SBSF BCTFOU B HVTU GSPOU PS DIBOHJOH NFTPTDBMF XFBUIFS TZTUFN OFJ UIFS PG XIJDI XBT JO FWJEFODF PO UIJT EBZ ɩ F QPUFOUJBM EBOHFS UIBU TVDI FWFOUT IPME IPXFWFS TVHHFTUT UIBU BOZ DIBOHF JO XJOE TQFFE TIPVME IFJHIUFO PVS BU UFOUJWFOFTT BOE SBJTF DPOTJEFSBUJPO PG BO JNNFEJBUF MBOEJOH PS IPMEJOH n JHIU JO BO BSFB GSPN XIJDI XF DBO TBGFMZ BOE RVJDLMZ MBOE JG DPOEJUJPOT DPOUJOVF UP EF UFSJPSBUF ɩ JT QJMPU T JODJEFOU SFNJOET VT UIBU XF TIPVME CF FTQFDJBMMZ BMFSU UP UIF QPTTJCJM JUZ UIBU XFBUIFS DPOEJUJPOT DBO PVUTUSJQ FWFO UIF CFTU QSFEJDUJPOT $PNQVUFST OPX CSJOH GPSFDBTU NPEFMT %PQQMFS SBEBS BOE TBUFMMJUF QJDUVSFT UP PVS IPNFT XIFSF UIFZ JOn VFODF PVS EFDJTJPOT XIFO BOE XIFSF UP n Z $FMM QIPOFT EFMJWFS SFBM UJNF XJOE SFQPSUT UP PVS MBVODIFT BOE IFMQ VT EFDJEF XIFO UP MBVODI ɩ FTF EBUB IBWF JODSFBTFE PVS QSFEJDUJWF BDDV SBDZ CVU UIFZ NBZ BMTP QSPWJEF B GBMTFMZ DPNGPSUJOH CVĊ FS UP PVS PXO WJHJMBODF XIFO XF n Z

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


%7% 3&7*&8

FST XJOE IB[BSET BOE SPUPST BOE TJNJMBS EBOHFST 5PQJDT TQFDJm D UP n ZJOH XJUI BO PWFS HSPXO $VJTJOBSU PO ZPVS CBDL JODMVEF UJQT PO IPX UP TBGFMZ IBOEMF BOE TUBSU UIF FOHJOF NBOVBM QVMM TUBSU BOE #Z Dz BZFS )VHIFT TUBą XSJUFS PS FMFDUSJD TP BT UP LFFQ BMM ZPVS m OHFST 1IPUPT CZ 1IJMMJQ 3VTTNBO BOE MJOFT JOUBDU "MTP TQFDJm D UP QPXFSFE QBSBHMJEJOH JT JOGPSNBUJPO UPXBSET SFD PHOJ[JOH UIF SFBTPOT GPS BOE QSFWFOUJPO PG TUBMMJOH UIF XJOH CSPVHIU PO CZ VTJOH UPP NVDI QPXFS "OE SJTFS UXJTUT EVF UP UPSRVF "OE XFMM NBZCF ZPV TIPVME KVTU XBUDI UIF %7% 3JTL 3FXBSE UPPL PWFS UISFF ZFBST UP DSFBUF BOE UIF MJTU PG JOTUSVDUPST JO WJFXFS BCPVU XIBU JT JOWPMWFE JO UIF TQPSU WPMWFE JO UIF NJOVUF WJEFP JT MPOH BOE +FGG (PJO DSVJTFT PWFS *MMJOPJT m FMET EVSJOH UIF JNQSFTTJWF HVBSBOUFFJOH UIPSPVHI DPW ɩ F UPQJDT BSF DMFBS TIPPUJOH PG 3JTL 3FXBSE FSBHF PG FWFSZ UPQJD *U JT TVJUBCMF OPU POMZ MZ BOE DPODJTFMZ DPW GPS UIF FYQFSJFODFE QJMPU XJTIJOH UP MFBSO 8IFUIFS PS OPU UIFZ IBWF FWFS BDUV FSFE OBSSBUJPO JT UP NPSF BCPVU QPXFSFE QBSBHMJEJOH CVU BMTP BMMZ n PXO B QPXFSFE QBSBHMJEFS NBOZ UIF QPJOU BOE UIF GPS BOZ BTQJSJOH OFX QJMPU BOE UIF %7% QJMPUT IBWF BU MFBTU HJWFO JU B UIPVHIU TVQQPSUJOH WJEFP NFOV BMMPXT JOTUBOU BDDFTT UP BOZ DIBQUFS BU POF UJNF PS BOPUIFS *NBHJOF TLJN BOE BOJNBUJPOT BSF UIBU ZPV XJTI UP SFWJFX NJOH BMPOH B TBOEZ CFBDI PS HSBTTZ m FME WFSZ XFMM EPOF "T UIF OBSSBUPS 1IJMJQ 3VTTNBO "T UIF UJUMF TUBUFT UIF HPBM PG UIJT NFSF JODIFT GSPN UIF HSPVOE GPS BT MPOH BT ZPV XJTI 0S QPXFSJOH VQ BOE WJEFP JT UP JOUSPEVDF UIF WJFXFS UP NBOZ TUBUFT OFBS UIF FOE PG UIF WJEFP i8IFO PWFS NPVOUBJOT BOE WBMMFZT SFHBSEMFTT PG UIF SJTLT JOWPMWFE XJUI n ZJOH POMZ CZ ZPV TUSBQ PO B NPUPS ZPV EP BDDFQU TPNF PG BOZ MBDL PG MJGU TJNQMZ CZ TRVFF[JOH B IBWJOH CFDPNF NPSF GBNJMJBS XJUI UIFTF NJOJNBM SJTL 'SPN UIFSF UIF DIPJDFT UISPUUMF IBOEMF 4VSF OP EPVCU UIFSF JT SJTLT DBO B QJMPU BQQSFDJBUF UIF SFXBSET ZPV NBLF BCPVU IPX ZPV n Z EFUFSNJOF FSF JT JOEFFE B SJTL B MPU PG OPJTF BOE WJCSBUJPO JOWPMWFE BOE UIBU QPXFSFE QBSBHMJEJOH PĊ FST 3JTL BOZ BEEJUJPOBM SJTL ɩ TP JU T OPUIJOH BU BMM MJLF TJMFOUMZ IPPLJOH 3FXBSE GFBUVSFT FYDFMMFOU BFSJBM WJEFP UP JO QPXFSFE QBSBHMJEJOH CVU UIBOLGVMMZ JT PCTFS B UIFSNBM BOE MFUUJOH OBUVSF DBSSZ ZPV JOTQJSF UIF WJFXFS BOE BO BCVOEBODF PG BMTP B USFNFOEPVT SFXBSE w ɩ BMPOH /P UIJT JT NPSF MJLF TUFQQJOH PO DMFBS GPPUBHF BOE BOJNBUFE JMMVTUSBUJPO WBUJPO BQQMJFT BT XFMM UP BMM n ZJOH XJUI PS UIF HBT QFEBM PG ZPVS DBS BOE IBWJOH UIF UP DMFBSMZ BOE TJNQMZ DPOWFZ UIF JOUFOEFE XJUIPVU B NPUPS FSF JT QMFOUZ PG BDDJEFOU GPPUBHF BCJMJUZ UP HP FYBDUMZ XIFSF ZPV XBOU UP MFTTPO ɩ HP *T QPXFSFE QBSBHMJEJOH TZOPOZNPVT BMPOH XJUI BOBMZTJT PG UIF NJTUBLFT BOE XJUI HPJOH PWFS UP UIF %BSL 4JEF 8FMM TVHHFTUJPOT PO IPX UP BWPJE UIFN JO ZPVS %BO $ISZTMFS EFNPOTUSBUFT CFGPSF NBLJOH BOZ EFDJTJPO JU JT JNQPS PXO n ZJOH )BWJOH UIFTF QBSB CMPPQFST UIF SJTL PG UJQ UBOU UP LOPX KVTU XIBU ZPV NBZ CF HFU TQSJOLMFE JO VOEFSTDPSFT UIF QPJOU UIBU QJOH DBVTFE CZ QJMPU JOEVDFE UJOH ZPVSTFMG JOUP BOE UIJT WJEFP XJMM iUIJT JT XIBU DBO IBQQFO JG ZPV EPO U PTDJMMBUJPO QBZ BUUFOUJPO w FBTJMZ IFMQ ZPV EP KVTU UIBU &WFO UIPVHI UIJT WJEFP XBT QSP "T XJUI BOZ IJHI SJTL TQPSU JU JT JN QPSUBOU UP LOPX XIBU UIF EBOHFST BSF EVDFE GPS QPXFSFE QBSBHMJEJOH NVDI PG BOE IPX UP BWPJE PS NJOJNJ[F UIFN 3JTL UIF NBUFSJBM SFMBUFT EJSFDUMZ UP BMM GPPU 3FXBSE BUUFNQUT UP QSPWJEF UIF WJFXFS MBVODI QJMPUT XIFUIFS B SBQJEMZ SPUBU XJUI UIF UPPMT UP SFDPHOJ[F UIPTF EBO JOH QSPQFMMFS JT JOWPMWFE PS OPU 5PQJDT HFST BOE VOEFSTUBOE UIF SJTLT UIFSFCZ TVDI BT IPX UP DIPPTF B QSPQFS JOTUSVD NBLJOH ZPVS QBSUJDJQBUJPO JO QPXFSFE UPS BOE FRVJQNFOU BSF DPWFSFE SJHIU BU 1IJM 3VTTNBO EFNPOTUSBUFT UIF EBOHFST PG LJUJOH JO IJHI XJOET )F JT BCPVU UP HFU ESBHHFE CJH UJNF QBSBHMJEJOH BT TBGF BOE FOKPZBCMF BT QPT UIF CFHJOOJOH BOE GSPN UIFSF UIF DPO TJCMF ɩ F WJEFP T QSPEVDFST SFDPNNFOE UFOU n PXT UISPVHI DIPPTJOH BQQSPQSJBUF "EEJUJPOBM JOGPSNBUJPO PO UIJT UIBU ZPV XBUDI JU B GFX UJNFT BOE UIFO n ZJOH TJUFT CBTJD XFBUIFS DPODFSOT XJOH %7% PS QPXFSFE QBSBHMJEJOH DBO XJUI ZPVS JOTUSVDUPS SFWJFX UIF NBUFSJBM IBOEMJOH MBVODIJOH BOE MBOEJOH n ZJOH CF GPVOE PO UIF *OUFSOFU BU DPWFSFE *O OP XBZ JT UIJT PS BOZ PUIFS BOE EFBMJOH XJUI FNFSHFODJFT "T ZPV MJUFUPVDIm MNT DPN PS VTQQB PSH WJEFP JOUFOEFE UP TVCTUJUVUF GPS QSPQFS NJHIU FYQFDU EBOHFST DPWFSFE UIBU BSF USBJOJOH XJUI B RVBMJm FE JOTUSVDUPS "T DPNNPO UP BMM QJMPUT JODMVEF USFF BOE $POUBDU *OGP 1IJM 3VTTNBO $&0 BO JOUSPEVDUJPO UP QPXFSFE QBSBHMJEJOH XBUFS MBOEJOHT PCKFDU m YBUJPO PS IJEEFO DFMM BOE QBSBHMJEJOH JO HFOFSBM UIF WJEFP PCTUBDMFT TVDI BT XJSFT EJTUSBDUJPOT QIJM!MJUFUPVDIm MNT DPN EPFT BO FYDFMMFOU KPC PG FEVDBUJOH UIF TVDI BT QIPUPHSBQIZ PS OFBSCZ PCTFSW /PSUI "WF 4BO %JFHP $" "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP +FGG (PJO

1PXFSFE 1BSBHMJEJOH o 3JTL 3FXBSE


'SFFn JHIU "WJBUJPOT JO 8IJUFXBUFS 8JTDPOTJO #Z %BWJT 4USBVC IUUQ P[SFQPSU DPN TUBą XSJUFS 1IPUPT DPVSUFTZ 5PNNZ Dz PNQTPO 'SFFn JHIU "WJBUJPOT

"GUFS B XJOUFS PG VODFSUBJOUZ JO UIF 5XJO 0BLT 'MJHIU 1BSL JO 8IJUFXBUFS 8JTDPOTJO IBT CFFO SFPSHB OJ[FE SFOFXFE BOE SFQMFOJTIFE "GUFS EPJOH JU GPS UPP NBOZ ZFBST #SBE ,VTIOFS UIF PXOFS PG 3BWFO 4LZ 4QPSUT XBOUFE UP HFU PVU PG UIF CVTJOFTT PG SVOOJOH B n JHIU QBSL ɩ JT MFGU UIF MPDBM n JFST NBOZ PG XIPN IBE MFBSOFE BU 3BWFO TDSBN CMJOH GPS B XBZ UP LFFQ UIFJS QSFDJPVT iIJMMw JO n BU 8JTDPOTJO PQFSBUJOH

4QPSUT --$ UP PXO UIF %SBHPOn Z XJUI IJN BT UIF QJMPU QSPWJEJOH UIF UPXJOH TFSWJDFT 5JN XJMM UPX ZPV VQ GPS QFS UIPVTBOE GFFU ɩ F PQFSBUJPOT CFHBO JO .BZ KVTU BT UIF .JEXFTU XBT FYQFSJFODJOH UISFF NPOUIT PG UFNQFSBUVSFT GPVS EF HSFFT DPMEFS UIBO OPSNBM BMPOH XJUI MPUT PG FYUSB SBJO 4UJMM UIFZ NBEF JU UISPVHI UIF TFBTPO BOE CZ UIF UJNF * BSSJWFE MBTU 4FQUFNCFS UIJOHT IBE ESJFE PVU BOE XFSF HPJOH TUSPOH ɩ F DMVC JT NBEF VQ PG NFNCFST BMM PG XIPN QBZ B ZFBS GPS UIF MFBTF PG UIF BJSm FME BOE UIF IBOHBS 5JN IBT USBJOFE OFX QJMPUT UIJT ZFBS BOE B NBKPSJUZ PG UIFN BSF BMSFBEZ NFNCFST PG UIF DMVC

5XJO 0BLT XBT UIF TJUF PG POF PG UIF 64)(" TBODUJPOFE DPNQFUJUJPOT JO +VOF PG $POEJUJPOT XFSF WFSZ MJHIU PO NPTU EBZT GPS UIBU NFFU $POEJUJPOT IFSF JO 4FQUFNCFS PG XFSF TVOOZ BOE CSJHIU BOE RVJUF B CJU TUSPOHFS XJUI B NQI XJOE TUSBJHIU PVU PG UIF TPVUI *U XBT FBTZ UP HFU VQ BOE ESJGU EPXOXJOE PWFS UIF TPE GBSN UP UIF OPSUI * IFBSE UIBU ZPV BSFO U TVQQPTFE UP MBOE PO UIF GBSNFS T MBOE UP UIF OPSUIFBTU ɩ F BJSm FME JT B MPOH OPSUI TPVUI HSBTT m FME XJUI B OFX TPVUIXFTU GBDJOH SVOXBZ ɩ FSF JT B EFHSFF USBJOJOH IJMM DSF BUFE JO BU UIF OPSUIXFTU FOE PG UIF m FME 4UVEFOUT MFBSO UIFSF VTJOH B 8JMMT 8JOH $POEPS PS 'BMDPO "SNZ #PC JT JO DIBSHF PG USBJOJOH IJMM JOTUSVDUJPO

&OFSHFUJD JOTUSVDUPST NBLF TVSF TUVEFOUT BSF TVDDFTTGVM PO UIF USBJOJOH IJMM

'PSUVOBUFMZ UIFZ XFSF BCMF UP PSHB OJ[F UIFNTFMWFT JOUP B OFX DMVC UIF 8IJUFXBUFS )BOH (MJEJOH $MVC BOE UIF DMVC GPSNFE UIF CBTJT GPS B OFX PQFSBUJPO BU UIF 5XJO 0BLT BJSm FME 5FSSZ ,SBNFS IBT QSPWJEFE UIF MFBEFSTIJQ BT QSFTJEFOU XJUI MPUT PG IFMQ GSPN +BOJDF )BSPMETPO &SJDI 3JDIFZ .BSL 'VSTU 1FUF #JSOFZ BOE PUIFST ɩ F DMVC NFNCFST DPOWJODFE 5PN BOE 5JN ɩ PNQTPO UP QSPWJEF UIF TFSWJDFT UIBU UIFZ OFFEFE 5PN TFU VQ 'SFFn JHIU "WJBUJPOT UP EP UBOEFNT BOE JOTUSVDUJPO JODMVEJOH USBJOJOH IJMM JOTUSVDUJPO BU 5XJO 0BLT " GFX PG UIF DMVC NFNCFST m OBODFE UIF QVSDIBTF PG POF PG #SBE T %SBHPOn JFT BOE 5JN ɩ PNQTPO GPSNFE %SBHPOn Z

5IF 'SFFn JHIU PGm DF JT JO UIF "JSTUSFBN USBJMFS "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


)BOHJO PVU JO UIF TJNVMBUPS

BDSPTT GSPN UIF IBOHBST 1FSIBQT UIBU XJMM CF SFBEZ CZ UIF UJNF ZPV WJTJU ɩ FSF JT B QFSNBOFOU TJNVMBUPS PO TJUF UIBU BMMPXT ZPV UP QSBDUJDF BOE HFU UIF GFFM GPS IBOH HMJEJOH ɩ F n ZJOH TFBTPO IFSF JT .BZ UISPVHI UIF FOE PG 0DUPCFS 5JN TQFOU MBTU XJOUFS BT UIF UVH QJMPU GPS UIF 'MPSJEB 3JEHF o JU JT B HPPE JEFB UP HP TPVUI JO UIF XJOUFS JG ZPV MJWF JO 8JTDPOTJO

5BOEFN BFSPUPXJOH NBLFT IBOH HMJEJOH BWBJMBCMF UP NPCJMJUZ DIBMMFOHFE TUVEFOUT

1JMPUT DPNF UP 5XJO 0BLT GSPN NBOZ NJMFT BSPVOE +JN -BNC B CJH TVQQPSUFS PG UIF DMVC ESJWFT GPVS IPVST UP HFU IFSF GSPN $FEBS 3BQJET *PXB 0UIFS QJMPUT MJWF JO .BEJTPO PS .JMXBVLFF BOE QMBDFT JO CFUXFFO -JLF BMM UIFTF n JHIU QBSLT JO UIF .JEXFTU 5XJO 0BLT JT TVSSPVOEFE CZ GBSNT BOE PODF ZPV HFU BXBZ GSPN UIF n JHIU QBSL ZPV DBO MBOE BOZXIFSF 3JHIU BGUFS UIF 6 4 /BUJPOBMT JO #JH 4QSJOH 5FYBT +JN -BNC n FX IJT "*3 "504 79 NJMFT GSPN 5XJO 0BLT BMNPTU CBDL UP IJT IPNF JO .BSJPO *PXB ɩ FSF VTFE UP CF B MPU PG SVTUJOH GBSN NBDIJOFSZ IFSF CVU UIF BJSm FME PXOFS

NPWFE BMM UIBU PVU TP UIBU OPX UIFSF BSF MBSHF FYQBOTFT PG NBOJDVSFE MBXOT " DPVQMF PG UIF GPVS MBSHF IBOHBST BSF VTFE CZ UIF n JHIU QBSL PQFSBUJPOT ɩ F 'SFFn JHIU "WJBUJPOT Pċ DF JT JO B TNBMM "JSTUSFBN USBJMFS XJUI B HSFBU WJFX PG UIF PO HPJOH PQFSBUJPOT 1JMPU BOE HSPVOE DSFX EP B DBSFGVM QSFn JHIU CF 8IFO * XBT UIFSF UIFSF XBT B MBSHF GPSF UPXJOH DBNQm SF BSFB XJUI QMFOUZ PG XPPE ɩ FSF 5XJO 0BLT JT KVTU PO UIF OPSUIFSO FEHF XBT UBML BCPVU QVUUJOH JO 37 GBDJMJ UJFT JO UIF OFXMZ DMFBSFE PVU HSBTT BSFB PG UIF TNBMM DPMMFHF UPXO PG 8IJUFXBUFS *U T B CJDZDMF SJEF PG B GFX CMPDLT JOUP UIF UPXO DFOUFS PS UP UIF VOJWFSTJUZ JG ZPV MJLF ɩ FSF XBT B CZQBTT CFJOH CVJMU BSPVOE UIF UPXO MBTU GBMM TP UIFSF XJMM CF MFTT USBċ D UISPVHI UIF NJEEMF PG UPXO :PV DBO HFU B HPPE WJFX PG BMM UIJT XIJMF TUJMM PO UPX .BEJTPO BOE .JMXBVLFF XJUI BMM UIF DJUZ BNFOJUJFT BSF CVU BO IPVS BXBZ JO PQQPTJUF EJSFDUJPOT .PSF JOGPSNBUJPO BCPVU 'SFFn JHIU "WJBUJPO JT BU IUUQ GSFFn JHIUBWJBUJPOT DPN

5IF MBSHF IBOHBST QSPWJEF HMJEFS TUPSBHF BOE B QMBDF GPS PVU PG UIF XFBUIFS JOTUSVDUJPO "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


&"5*/( $-06%4 " n FEHMJOH QJMPU FOUFST UIF GSFF n JHIU VOEFSHSPVOE %JTDPWFSZ PG UIF 4LZ .BOZ QJMPUT KPVSOFZT TUBSU XJUI BO FYDMBNBUJPO i8PX DPPM w ɩ F EFTJSF UP n Z JOTUJMMT JUTFMG ɩ F JOJUJBM SFBDUJPO JT UIFO FOGPSDFE XJUI B GFFMJOH PG BXF EVS JOH UIFJS m STU GPSBZ JOUP UIF TLZ ɩ F IV NBO NJOE DPNFT UP UFSNT XJUI UIF WBTU FYQBOTF PG FBSUI CFMPX BT B DMPVE QBTTFT XJUIJO SFBDI ɩ F m SF JT TUPLFE BOE UIF SFBMJ[BUJPO PG B ESFBN PODF IJEEFO DPNFT UP TVSGBDF .Z KPVSOFZ IPXFWFS TUBSUFE XJUI BO PUIFS DPNNPO GFFMJOH JO IBOH HMJEJOH GFBS .Z GBUIFS JT B TQJOBM TVSHFPO BOE * TUJMM SFNFNCFS B TMJEF TIPX IF QSFTFOU FE JO ,FZTUPOF $PMPSBEP PO UIF EBOHFST PG IBOH HMJEJOH ɩ JT XBT JO UIF A T )F QSBDUJDFE UIF QSFTFOUBUJPO JO GSPOU PG VT BOE * B TNBMM DIJME TBU MJTUFOJOH JOUFOUMZ "GUFS OVNFSPVT CSPLFO TQJOF 9 SBZT UIF MBTU TMJEF XBT JOWFSUFE UP TIPX UIF IBOH

3PDL 4UBST PS IBOH HMJEFS QJMPUT 'SPN MFGU UP SJHIU $VSU +PF %SFX BOE -PJT

7FOJDF "JSQPSU JO 'MPSJEB

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


" (FP .FUSP HFUT B GBDFMJGU

HMJEFS HPJOH TUSBJHIU EPXO )F NBEF IJT QPJOU :FBST QBTTFE .Z OFYU FYQPTVSF UP UIF XPSME PG IBOH HMJEJOH XBT PO UIF $FOUSBM 1BDJm D DPBTU PG $PTUB 3JDB JO "T B CBSUFOEFS BU UIF )PUFM 1PTFJEPO JO +BDØ * XBT JOWJUFE UP USZ UIF )BOH (MJEF $PT UB 3JDB FYQFSJFODF &WFSZUIJOH JT PO CBS UFS TZTUFN JO $PTUB 3JDB TP UIF UIPVHIU XFOU JG UIFZ UPPL NF n ZJOH GPS GSFF QFS IBQT * XPVME TFOE UIFN CVTJOFTT ɩ JT JT UIF XBZ UIJOHT BSF EPOF UIFSF JO $PTUB 3JDB &TQFDJBMMZ +BDØ #VU UIBU T BOPUIFS TUPSZ 4P * XFOU BOE NFU NZ IPTUT $VSU 8BSSFO BOE 8JMFZ $BSMUPO $VSU 8BSSFO o BU UIF UJNF UIF SBOLFE 6 4 IBOH HMJEFS QJMPU BT PG HPJOH UP QSFTT $VSU JT OPX IF DVU RVJUF B m HVSF * E OFWFS NFU B IBOH HMJEFS QJ MPU CVU IF TPNFIPX MPPLFE FYBDUMZ MJLF XIBU * E FYQFDUFE (PPE MPPLJOH NJT DIJFWPVT BOE QVNQFE IF CFBNFE DPO m EFODF BOE CSFE FYDJUFNFOU BCPVU HPJOH VQ JOUP UIF TLZ (PPE PM 8JMFZ o IF JOTUJMMFE BO BT TVSFE XPSLJOH NBO T DPOm EFODF "T BO BWJBUJPO QJMPU GPS ZFBST IF LOPXT IJT QSPGFTTJPO TP XFMM IF EPFTO U GFFM UIF OFFE UP DPNGPSU ZPV BCPVU IJT BCJMJUJFT -JLF B CVT ESJWFS IF KVTU FYQFDUT ZPV UP HFU PO BOE IF MM UBLF ZPV XIFSF ZPV OFFE

5ZQJDBM $FOUSBM 'MPSJEB IPNF

UP HP KVTU MJLF ZPV FYQFDU IJN UP EP " TVSFUZ UIBU XBT USVMZ SFBTTVSJOH .Z GBUIFS T TMJEF TIPX m MMFE NZ NJOE BT * XFOU EPXO UP USZ UIJT IBOH HMJEJOH UIJOH PVU #FJOH B GPPMJTI CMPLF BQQBS FOUMZ BOPUIFS QSFSFRVJTJUF GPS CFJOH B QJ MPU * JHOPSFE UIBU MJUUMF JOUFSOBM WPJDF 8F XFOU VQ BOE NZ MJGF DIBOHFE GPSFW FS * XBT IPPLFE JOTUBOUMZ .Z XIPMF CF JOH DSJFE PVU i/P XBZ /0 8": w ɩ F HSFFO NPVOUBJOT EJTBQQFBSFE JOUP UIF IPSJ[PO XIJMF UIF PDFBO FYUFOEFE GPS FWFS JO UIF PUIFS EJSFDUJPO &WFSZUIJOH

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

TFFNFE TP NVDI NPSF "-*7& i0QFO ZPVS NPVUI w $VSU TBJE i:PV KVTU BUF B DMPVE w /JDF 0WFS UIF DPVSTF PG B NPOUI * TFOU DMJFOUT PWFS UP 'MZ $PTUB 3JDB UP FYQF SJFODF IBOH HMJEJOH *O FYDIBOHF UIFZ UPPL NF VQ GPVS NPSF UJNFT JO USVF CBS UFSJOH GBTIJPO * XBT UIFJS CJHHFTU CSPLFS BOE $VSU TVHHFTUFE * HP VQ UP 'MPSJEB UP MFBSO IPX UP IBOH HMJEF )F XBT USBWFM JOH VQ UIBU XBZ JO 0DUPCFS UP EP B IBOH HMJEJOH DMJOJD JO IJT IPNFUPXO "U UIF UJNF * XBT CBSUFOEJOH PO UIF CFBDI *


IBE JOTUJUVUFE UIF CFTU -BEJFT /JHIU JO UPXO (JWF VQ IBOHJOH PVU TVSm OH BOE MBJE CBDL CFBDI CVNNJOH GPS IBOH HMJE JOH 8BT IF LJEEJOH 'PVS NPOUIT MBUFS * IPQQFE PĊ UIF (SFZIPVOE BU UIF HBT TUBUJPO JO 7FOJDF 'MPSJEB SFBEZ UP CFHJO NZ IBOH HMJEJOH FEVDBUJPO '3&& '-*()5 */ '-03*%" #FBVUJGVM 7FOJDF 'MPSJEB "WFSBHF BHF PG SFTJEFOUT /PX IFSF JT B QMBDF POF DPVME USVMZ GPDVT PO IBOH HMJEJOH BOE OPUIJOH FMTF $IJMJ T PO B 'SJEBZ OJHIU KVTU EJEO U EP JU GPS NF BGUFS B ZFBS JO +BDØ $VSU SVOT IJT CVTJOFTT 8BSSFO 8JOE TQPSUT PVU PG UIF MPDBM BJSQPSU JO 7FOJDF $PJODJEFOUBMMZ 7FOJDF BJSQPSU JT UIF TBNF BJSQPSU XIFSF UIF IJKBDLFST .BSXBO "MTIFIIJ BOE .PIBNFE "UUB MFBSOFE IPX UP n Z ɩ F QMBDF XBT m MMFE XJUI JSPOZ * XBT MFBSOJOH UP n ZJOH UIFSF XIJMF CBME FBHMFT XFSF OFTUJOH JO UIF SBEJP UPXFST OFBS UIF SVTUJOH IVMM PG UIF QMBOF UIF IJ KBDLFST m STU TPMPFE JO * DPVMEO U IFMQ CVU GFFM * XBT TPNFXIFSF TQFDJBM TPNFXIFSF NFBOJOHGVM &WFSZPOF FMTF IFSF IPXFW FS IBE NPWFE PO MPOH BHP BOE IBE MJUUMF UP TBZ PS BEE *U XBT KVTU MJUUMF PM 7FOJDF "JSQPSU * XBT m OF XJUI UIBU .Z BHSFFNFOU XJUI $VSU XBT UIBU * XPVME IFMQ PVU BOE IF XPVME UFBDI NF UP n Z 4P * IBE B VOJRVF PQQPSUVOJUZ UP TFF IBOH HMJEJOH GSPN UIF JOTJEF " UZQ JDBM HMBNPSPVT EBZ XPVME CF BT GPMMPXT 1VMM HMJEFS BOE USJLF PVU PG UIF IBOHBS BOE DIFDL UIFN (FU HPMG DBSU UP HP QJDL VQ DMJFOUT BU PUIFS FOE PG BJSQPSU %SJWF DMJFOUT PVU UP UIF m FME IBWF UIFN TJHO B SFMFBTF )FMQ UIFN HFU JOUP UIF IBSOFTT BOE IFMNFU $IBU XJUI UIFJS GSJFOET BOE PS GBNJMZ BT UIFZ UBLF UIFJS n JHIU 0ODF UIFZ MBOE IFMQ SFNPWF UIFJS IBSOFTT BOE IFMNFU 3FUSJFWF UIF m MN GSPN UIF DBN FSB PO UIF XJOH 5SZ UP TFMM 5 TIJSUT UP DMJFOUT GSJFOET GBNJMZ %SJWF FWFSZPOF CBDL UP UIFJS DBST 3FQFBU "U UIF FOE PG UIF XPSLEBZ * E m OBMMZ HFU UIF PQQPSUVOJUZ UP UBLF B n JHIU XJUI $VSU "GUFS XF MBOEFE XF E QVU UIF HMJE FST CBDL JO UIF IBOHBS TUPX FWFSZUIJOH FMTF BOE HP JOTJEF UP ESVN VQ CVTJOFTT WJB *OUFSOFU BOE UFMFQIPOF -BUFS * E UBLF OPUFT GSPN %FOOJT 1BHFO T )BOH (MJEJOH 5SBJOJOH .BOVBM VOUJM * GFMM BTMFFQ .Z MJGF IBE HPOF GSPN TFSWJOH ESVOLFO WBDB

8F XFOU VQ BOE NZ MJGF DIBOHFE GPSFWFS * XBT IPPLFE JOTUBOU MZ .Z XIPMF CFJOH DSJFE PVU i/P XBZ /0 8": w

UJPOFST UP CFJOH TPNF TPSU PG IBOH HMJEJOH NPOL *U XBT B XFMDPNF DIBOHF )BOH HMJEJOH XBTO U BMM * XBT JO GPS 8BSSFO 8JOETQPSUT JT BCPVU QMBZJOH JO UIF XJOE TP $VSU JT QIBTJOH JO QBSB HMJEJOH BOE LJUF TVSm OH BT XFMM *O UIBU QVSTVJU XF NFU VQ XJUI UIF UPQ 6 4 QBSBHMJEFST JODMVEJOH &OMFBV BOE "OO 0 $POOPS BOE %BWF 1SFOUJDF GPS 'MPS JEB T m STU QBSBHMJEJOH NBOFVWFST DMJO JD "GUFS B XFFL PG m HIUJOH CSPLFO UPX XJODIFT m SF BOUT NPTRVJUP TXBSNT BOE VODPPQFSBUJWF XJOET $VSU BOE * ESPWF UP B QMBDF DBMMFE 2VFTU"JS BGUFS EBSL ɩ F TUBST MJU VQ UIF TLZ BT UIF NPPO HMPXFE SFE 8F BSSJWFE BU 2VFTU EVSJOH B GVMM MV OBS FDMJQTF 8F XBMLFE VQ JOUP UIF DMVC IPVTF BOE MP BOE CFIPME UIFSF XBT B CJSUIEBZ QBSUZ HPJOH PO GPS 'SBOL XIP BMPOH XJUI IJT XJGF .BZ JT UIF PXOFS PG UIF QSPQFSUZ 5BML BCPVU UJNJOH 4BM BET ##2 SJCT CFFS BOE BMM TPSUT PG PUIFS EJTIFT XFSF MBJE PVU BMPOH UIF DPVOUFS " TPGU MBOEJOH JOEFFE ɩ JT JT B n JHIU QBSL $VSU FYQMBJOFE UP NF B QMBDF UP DBNQ IBOH PVU BOE IBOH HMJEF 4VSF FOPVHI UIJT EFTDSJQUJPO JT UP

UBMMZ BQU ɩ F QMBDF JT B MBSHF m FME XJUI B DMVCIPVTF TQSJOH GFE MBLF IBOHBS DPW FSFE PVUEPPS QPPM BOE IPU UVC 37 QBSL BOE WPMMFZCBMM DPVSU ɩ F 'MZUFD IFBE RVBSUFST JT BMTP BU 2VFTU BOE JT B TUPSF GSPOU GPS MPUT PG IBOH HMJEJOH TUVĊ * N B IBOH HMJEJOH OFXCJF BOE * KVTU XBOUFE UP QPSF PWFS BMM UIF TUVĊ %FOOJT 1BHFO CPPLT 'MZUFD WBSJPT PME DPQJFT PG $SPTT $PVOUSZ NBHB[JOF *DBSP n JHIU KBDL FUT ɩ F DMVCIPVTF IBT 57 QJOCBMM 1JOH 1POH GPPTCBMM *OUFSOFU BDDFTT BOE B GVMM LJUDIFO /PU UP NFOUJPO UISFF SPPNT FJHIU CVOL CFET B TFXJOH NBDIJOF UP NFOE XJOHT BOE DPPM QFPQMF -PUT PG DPPM QFPQMF ɩ FSF JT PG DPVSTF UIF MFHFOEBSZ #PCTRVBUDI ɩ JT SBSF BOJ NBM JT LOPXO UP CVJME BJSDSBGU BOE DBO CF TQPUUFE OFBS QMBOFT JO OFFE PG m YJOH JG POF XBJUT QBUJFOUMZ )JT XJGF IPX FWFS DBO CF GPVOE NPSF FBTJMZ DIBTJOH PUIFS 2VFTUFST BSPVOE UIF DMVCIPVTF JO HBNFT PG UBH ɩ FSF T -PJT UIF #SB[JM JBO QJMPU BOE 'MBWJB UIF #SB[JMJBO NBT TFVTF BOE ZPHB JOTUSVDUPS ɩ FSF T ,FW JO B USJBUIMFUF UVSOFE DPNQFUJUJPO QJMPU BOE UIF QJDUVSF QFSGFDU GBNJMZ PG 3JDL

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


3JMFZ BOE %BSJBO .JDIFMMF UIF TDSBQ QZ /:$ CBSUFOEFS BOE UIF DPNQF UFOU UPX QJMPUT %SFX BOE +PF "OE PG DPVSTF UIF GBNPVT #P )BHFXPPE " SFBM GBNJMZ BUNPTQIFSF 37T BOE UFOUT TPNFIPX SFn FDU UIF USVF FUIPT PG -JGF BT )BOH (MJEJOH )FSF XFSF QFPQMF MJLF NZTFMG USBWFMJOH GSPN QMBDF UP QMBDF UP GPSN BE IPD DPNNVOJ UJFT UP FOKPZ UIF TQPSU BOE TIBSF JU XJUI POF BOPUIFS 0G DPVSTF UIFSF XFSF QFS NBOFOU UFOBOUT BT XFMM CVU UIF GFFM XBT MJLF B LJOE PG UFNQPSBSZ BTZMVN GPS UIPTF XIP m OE BOTXFST PVUTJEF UIF OPSN ɩ FTF QFPQMF EP TQFOE B MPU PG UJNF IBOHJOH JO UIF TLZ BGUFS BMM #VU UIBOLGVMMZ UIFZ BMM IBWF PUIFS JOUFSFTUT BT XFMM 4VSGFST JO $PTUB 3JDB PO UIF PUIFS IBOE IBE B UVOOFM WJTJPO UIBU QSPWFE UP NBLF SBUIFS VN GPDVTFE DPOWFSTBUJPO ɩ F XIPMF n JHIU QBSL JT B QMBZQFO PG DPOUSBQUJPOT IBOH HMJEFST USJLFT %SBH POn JFT 4FB3FZT TBJMQMBOFT BOE )VN NFMCJSET .PUPSDZDMFT PDDBTJPOBMMZ SPBS JO BOE PVU ɩ F 2VFTU ,VTUPN $BS JT B NBSWFM PG SFUSPm U FOHJOFFSJOH OP XJOEPXT OP EPPST B HMJEFS SBDL

BEEFE UP UIF GSPOU BOE B TNBMM HMJEFS USBJMFS JO UIF CBDL 4PNFPOF TIPVME NBSLFU UIFTF UIJOHT "T XJUI NPTU TQPSUT ZPV PGUFO TFF UIF #FUXFFO TXJNT QBSUJFT BOE HBNFT PG NPOFZ TIPUT JO IBOH HMJEJOH CVU SBSFMZ UBH * BDUVBMMZ EJE TRVFF[F JO POF UBOEFN HFU UP XJUOFTT UIF XPSL JOWPMWFE JO NBL n JHIU XJUI $VSU BU 2VFTU .Z TJYUI n JHIU o JOH JU BMM IBQQFO " TFSJPVT QJMPU T MJGF JT XJUI B OFX IBSOFTT HMJEFS UPX WFIJDMF OPU TQFOU FOUJSFMZ JO UIF TLZ "T B NBUUFS BOE MBOEJOH BSFB o QSPWFE NZ VOEPJOH * PG GBDU UIF HSPVOEXPSL OFFEFE UP MJGU PĊ PWFSTIPU UIF MBOEJOH BOE MBUFS UVH QJMPU MFBWFT MJUUMF UJNF JG BOZ GPS TPMPJOH 'PS B +PF DBNF VQ BOE BTLFE i%JE ZPV HVZT QSPGFTTJPOBM JU T SFBMMZ NPSF BCPVU TIBS NFBO UP QVMM UIBU GBS UP UIF MFGU PO UIF JOH ZPVS FYQFSJFODF XJUI PUIFST 8IFO UPX 8F XFSF QSFUUZ MPX w .NN -FT ZPV USVMZ FNCSBDF UIF TQPSU JOTUFBE PG TPO MFBSOFE CFJOH UIF TPMJUBSZ QJMPU UIF MPOFS UIF 8PSL DBMMFE VT CBDL UP 7FOJDF BOE * JNBHF UIBU POF TFFT TP NVDI PG ZPV CF MFGU 2VFTU XJUI B MJTU PG FNBJMT UIF SFR DPNF B NPSF TPDJBM JOUFSEFQFOEFOU QFS VJTJUF 1BHFO CPPL BOE TPNF TUJDLFST UP TPO 4IBSJOH UIF TLZ CFDPNFT BT JNQPS QVU PO NZ PXO GVUVSF ,VTUPNJ[FE $BS UBOU BT TPBSJOH JO JU UP QMFEHF NZ BMMFHJBODF "GUFS POF m OBM * N B EJĊ FSFOU QFSTPO OPX %B7JODJ XFFL m MMFE XJUI n JHIUT BOE XBSN NFBMT XBT SJHIU * OPX XBML UIF FBSUI XJUI NZ TIBSFE XJUI $VSU BOE IJT GBNJMZ JU XBT FZFT UVSOFE TLZXBSE MPOHJOH UP SFUVSO UJNF GPS NF UP SFUVSO UP $PTUB 3JDB * #VU OPX * LOPX UIFSF T B XIPMF n PDL PG IFBEFE CBDL IPNF GPS UIF IPMJEBZT XJUI QFPQMF XBJUJOH GPS NF VQ UIFSF BT XFMM UIF QSPDMBNBUJPO GSPN $VSU UIBU * IBE "OE QMFOUZ PG DMPVET UP UBTUF BDRVJSFE UIF TLJMMT UP UBLF PĊ n Z BOE MBOE XJUIPVU LJMMJOH NZTFMG 4VDDFTT CZ BOZPOF T TUBOEBSET

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


UPS 1IJM BO FYQFSJFODFE m MN FEJUPS TFF UIF SFWJFX PG IJT SFDFOU %7% 3JTL 3FXBSE PO QBHF JO UIJT JTTVF JT UIF MJHIUFS PG UIF UXP NFO IF PQFSBUFT UIF DBNFSB BOE IBOHT GSPN IJT IBSOFTT MPX #Z 3FY 1MBJOT JO GSPOU PG "MBO XIP XFBST UIF QPXFS Dz F .BTUFST PG 'SFFTUZMF FWFOU BUUSBDUT VOJU %VSJOH UIFJS MBVODIFT "MBO BOE TPNF PG UIF NPTU iPVUTJEF UIF CPYw QBS 1IJM EJE PEE CVU SFBTPOBCMZ DPPSEJOBUFE UJDJQBOUT JO UIF TQPSU PG IBOH HMJEJOH -BTU iTBDL SBDFw SVOT XJUI UIF NPUPS TDSFBN NPOUI 3FY 1MBJOT JOUSPEVDFE VT UP UIFTF JOH BU GVMM UISPUUMF *U TFFNFE BU UJNFT PWFS UIF UPQ QJMPUT BOE TPNF PG UIF IBQQFO UIBU UIF NPUPS IBE KVTU CBSFMZ FOPVHI JOHT UIBU BSF QBSU PG UIFJS DPMPSGVM IJTUPSZ )F IPSTFQPXFS UP HFU UIFN BJSCPSOF * XJUOFTTFE POF QBSUJDVMBSMZ EJċ DVMU DPODMVEFT IJT IJTUPSJDBM TBHB JO UIJT JTTVF MBVODI SVO XIFSF UIFZ XFSF CPUI SFBMMZ QVUUJOH UIFJS IFBSUT JOUP JU ɩ F UBMMFS HVZ 1SFTFSWJOH UIF &WFOUT GPS 1PTUFSJUZ *O EVF UP B CJU PG TFSFOEJQJUPVT "MBO IBE IJT BSNT SFBDIJOH VQ TUSBJO MVDL B m MN DSFX IFBEFE CZ %VODBO JOH BHBJOTU UIF SJTFST BOE IJT TIPSUT 8JMMJBNT m MNFE NVDI PG UIF .BTUFST PG XFSF CFJOH IJLFE VQ IJHI CZ IJT UIJHI 'SFFTUZMF DPOUFTU BOE VTFE TPNF PG UIF TUSBQT XIJMF UIF DBOPQZ QVMTBUFE XFJSEMZ FE NBOJBDBMMZ BGUFS GPPUBHF BT QBSU PG B %JTDPWFSZ 8JOHT BCPWF UIFN )F TIVČ QSPHSBN UIBU GFBUVSFE VMUSBMJHIU n ZJOH 1IJM XIPTF MFHT XFSF CJDZDMJOH TP GVSJ )BWJOH PVS PXO DBNFSB DSFX PG 1IJM PVTMZ UIBU JU TPSU PG DPNNVOJDBUFE UIBU 3VTTNBO BOE "MBO $IVDVMBUF QSFTFOU IF XBT USZJOH MJLF IFMM UP HFU BXBZ GSPN UP NBLF B WJEFP EPDVNFOU PG PVS MBTU UIF QVSTVJOH "MBO 'SPN B EJTUBODF UIF GFX DPOUFTUT IBT XPSLFE PVU HSFBU ɩ FJS XIPMF BĊ BJS MPPLFE IJMBSJPVTMZ GVOOZ BOE NPTU SFDFOU FĊ PSUT BU UIF DPOUFTU NBZCF KVTU B MJUUMF CJU PCTDFOF "MM LJEEJOH BTJEF UIFTF HVZT UVSOFE JODMVEFE n ZJOH UBOEFN XJUI B QBSBNP PVU UP CF SFBM QSPT BT UIFZ NBOFVWFSFE UIFJS DSBGU UP QFSGFDU MPDBUJPOT JO UIF TLZ GPS m MNJOH UIF n ZJOH BOE UIFZ HPU MPUT PG BNB[JOH GPPUBHF .PTU PGUFO UIFZ XPVME TUBUJPO UIFNTFMWFT BCPVU IBMGXBZ VQ UIF TJEF PG UIF BFSPCBUJD CPY 'SPN UIFSF UIFZ DPVME m MN UIF UVHT BQQSPBDIJOH XJUI UIF HMJEFST VOEFS UPX UIF HMJEFST SFMFBTJOH BOE UIF UVHT TXFFQJOH BXBZ ɩ F QBSBNPUPS UVSOFE PVU UP CF UIF

1IPUPT "BSPO 4XFQTUPO

1IPUPT "BSPO 4XFQTUPO

5IF 'VSUIFS &WPMVUJPO PG UIF .BTUFST PG 'SFFTUZMF )BOH (MJEJOH $POUFTU BOE PUIFS TUSBOHF SJUVBMT 1BSU

1IJM 3VTTNBO BOE "MBO $IVDVMBUF BFSJBM QIP UPHSBQIZ DSFX FYUSBPSEJOBJSF

QFSGFDU QMBUGPSN GPS m MNJOH 1IJM BOE "MBO DPVME [PPN JO DMPTF BOE GPMMPX UIF HMJEFST m STU CZ TIPPUJOH TMJHIUMZ VQ UIFO TUSBJHIU BDSPTT UIFO TIPPUJOH TMJHIUMZ EPXO BMM UIF XIJMF LFFQJOH UIF HMJEFS TUFBEJMZ JO UIF DFOUFS PG UIF GSBNF * SFDBMM POF BGUFSOPPO XIFO 1IJM XBWFE NF PWFS UP SFWJFX TPNF PG UIF SFTVMUT PG UIFJS BJS UP BJS m MNJOH 8F TIJFMEFE UIF TVO XJUI PVS IBOET BOE GPDVTFE PO UIF MJUUMF NPOJUPS TDSFFO PO 1IJM T DBNFSB UP XBUDI B TIPSU m MN UIBU DPVME IBWF CFFO UJUMFE i)PX UP 8JO B 'SFFTUZMF )BOH (MJEJOH $POUFTU w XSJUUFO EJSFDUFE BOE XJUI BMM TUVOU XPSL QFSGPSNFE CZ +PIO )FJOFZ ɩ FSF XBT +PIO FOUFSJOH POF PG IJT NBHJDBMMZ FYFDVUFE EJWFT UIBU TIPSUMZ CFDBNF B TUFBEZ DMJNC JOUP B CFBVUJGVM GBTU BOE TNPPUI MPPQ )F DPOUJOVFE XJUI BOPUIFS QSFUUZ MPPQ UIFO B CJH DMJNCJOH BOE SPMMJOH NBOFVWFS UIBU XFOU XFMM QBTU EFHSFFT ɩ FO IF EJE BOPUIFS TQFD UBDVMBS HJBOU SPMMJOH NBOFVWFS UIBU XIJMF SFUVSOJOH UP MFWFM n JHIU USBOTJUJPOFE VO CFMJFWBCMZ JOUP B QFSGFDU TJOHMF SPUBUJPO TQJO ɩ F TQJO m OJTIFE XJUI B TFBNMFTT FYJU BOE UIFO TFFNJOHMZ XJUIPVU HBJO JOH BOZ BEEJUJPOBM TQFFE +PIO UISFX PĊ BOPUIFS CJH SPMMJOH USJDL UIBU BHBJO TXFQU QBTU EFHSFFT "CPWF BOE #FZPOE UIF $BMM PG %VUZ BOE 0DDBTJPOBMMZ UIF -JNJUT PG 4BOJUZ "MUIPVHI 1IJM BOE "MBO T DPOUSJCV UJPO JT PVUTUBOEJOH JU JT BMTP UZQJDBM PG UIF DPNNJUNFOU UIBU CFMJFWFST JO UIF .BTUFST DPOUFTU IBWF TIPXO UISPVHIPVU UIF ZFBST 'PS JOTUBODF PODF XIFO PVS NFBHFS CVEHFU GPS UIF FWFOU XBT BMSFBEZ GBS PWFS TQFOU UIF OPSNBMMZ WFSZ GSVHBM 3$ %BWF TUFQQFE VQ UP UIF QMBUF BOE HFOFSPVTMZ DPOUSJCVUFE B IBOETPNF QVSTF PG UXP IVOESFE "NFSJDBO EPMMBST BT BO BXBSE GPS PVS m STU QMBDF XJOOFS "OPUIFS PG PVS SFDVSSJOH HPPE GPS UVOFT IBT CFFO UIF PVUTUBOEJOH USPQIJFT DSBGUFE CZ %BWF 'SPTIPXFS BOE +VBO $PSSBM ɩ FTF HVZT IBWF NBEF VT GBO UBTUJD UIJOHT UIBU BSF SFBMMZ NPSF XPSLT PG m OF BSU TDVMQUVSF UIBO USPQIJFT 0OF SFDFOU TFU XBT GBTIJPOFE FOUJSFMZ PG TUBJO MFTT TUFFM BOE EFQJDUFE HMJEFST MPPQJOH BOE SPMMJOH UISPVHI ESBNBUJD NBOFV WFST +VBO BMPOF DSFBUFE UIF USP QIJFT UIBU XFSF EFUBJMFE SFOEFSJOHT PG NFUBMMJD XJOHFE CJSE NFO UIBU USBJMFE

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1IPUP TFRVFODF +PIO )FJOFZ

8F BMM XPVME MJLF UP CFMJFWF UIBU UIF XPSME SFWPMWFT BSPVOE VT +PIO )FJOFZ PGGFST UIJT QIPUPHSBQIJD QSPPG UIBU GPS IJN BU MFBTU UIBU T UIF USVUI

QPMJTIFE TUFFM TNPLF USBJMT BT UIFZ XIFFMFE VQTJEF EPXO UP CF GSP[FO GPSFWFS JO JOWFSUFE n JHIU *G ZPV BSF OPU GBNJMJBS XJUI UIF SFTUBV SBOU DIBJO i#BKB 'SFTI w ZPV SF NJTTJOH PVU ɩ FZ NBLF UIF CFTU GSFTI .FYJDBO GPPE UIJT TJEF PG UIF 1FDPT PS BOZXIFSF FMTF GPS UIBU NBUUFS #BKB 'SFTI IBT TVQ QPSUFE VT GPS UISFF FWFOUT CZ TVQQMZJOH PVS QJMPUT BOE DSFX XJUI GBCVMPVT DB UFSFE EJOOFST GPS 'SJEBZ BOE 4BUVSEBZ OJHIUT 8F BMM TUVĊ PVSTFMWFT XJUI UIF EFMJDJPVT GPPE UIFO PDDVQZ PVSTFMWFT XJUI UIF VTVBM BGUFS EJOOFS GVO BOE HFO FSBM NBZIFN BSPVOE UIF DBNQm SF 8F MM UPBTU NBSTINBMMPXT BOE UBLF UVSOT QFS GPSNJOH TPNF iNBE EBTI m SF KVNQJOH w ɩ JT JT B XJEFMZ QSBDUJDFE BOE BODJFOU SJUVBM UIBU SFRVJSFT POMZ B CMB[JOH m SF BOE TPNF BHJMF BOE GVO MPWJOH PS GPPMJTI JO EJWJEVBMT &WFS HFU B HPPE MPPL JOUP UIF FZFT PG B LJE IPMEJOH B TQBSLMFS PO UIF UI PG +VMZ *U T UIF TBNF XJME FZFE MPPL UIBU UIF NBE EBTIFST IBWF BT UIFZ SBDF UPXBSE UIF m SF 6OGPSUVOBUFMZ #JMM )FBOFS IBT OPU CFFO QSFTFOU MBUFMZ UP EFGFOE IJT UJUMF )F DVSSFOUMZ IPMET UIF SFDPSE GPS UIF

.BE NPVOUBJO CJLF m SF KVNQJOH o QBSFOUBM EJTDSFUJPO BEWJTFE

i#"( 0 ("4 w

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

i.BTUFST PG .BE %BTI 'JSF +VNQJOHw CZ NPSF PS MFTT TBGFMZ DMFBSJOH BO JOGFSOP UIBU XBT JO FYDFTT PG GPVS GFFU IJHI 8F IBWF BMTP FYQFSJNFOUFE XJUI SJUVBM EFNPOTUSBUJPOT PG UIF TJNJMBSMZ GPPMIBSEZ TQPSU PG iNBE NPVOUBJO CJLF m SF KVNQJOH w 1FSTPOBMMZ * UIJOL UIBU JO UIF GVUVSF * N HPJOH UP TUJDL UP TJNQMF NBE EBTI m SF KVNQJOH CFDBVTF BU UIF MBTU .BTUFST PG 'SFFTUZMF FWFOU * NBOBHFE UP JOKVSF NZTFMG OPU CZ n ZJOH BFSPCBUJDT CVU JOTUFBE CZ KVNQJOH UIF CPOm SF XJUI B CJDZDMF BOE UIFO DSBTIJOH SFBMMZ IBSE EJSFDUMZ JOUP UIF TVSGBDF PG UIF QMBOFU ɩ F CFBDIFT BSPVOE 'JFTUB *TMBOE BSF EPUUFE XJUI MBSHF DPODSFUF m SF SJOHT BOE JO UIF FWFOJOHT JU T OPU VOVTVBM UP TFF TDPSFT PG CJH CPOm SFT CMB[JOH BMPOH JUT FOUJSF DPBTUMJOF )FSF FWFSZCPEZ BOE UIFJS CSPUIFS DBO JOEVMHF JO TPNF CJH UJNF m SF XPSTIJQ SJUVBMT BOE EP JU XJUI +PIOOZ -BX T CMFTTJOH .BZCF JU JT UIJT BUNPTQIFSF PG im SF QMBZ GSFFEPNw UIBU BXBLFOT UIF TMFFQJOH QZSPNBOJBD JOTJEF PG NF -FU NF FYQMBJO 0VU JO UIF EFTFSU XF EP B MJUUMF UIJOH DBMMFE i#BH 0 (BT w *U T SFBMMZ RVJUF B TJNQMF ZFU FĊ FDUJWF MJUUMF SJUVBM -BUF JO UIF FWFOJOH XIJMF TUBOEJOH BSPVOE UIF DBNQm SF BGUFS BMM PG UIF UBML JOH MZJOH BCPVU n ZJOH JT EPOF TPNFPOF TUBSUT UIF MPX BOE TMPX DIBOU PG iCBBBH P HBBBT w ɩ JT DIBOUJOH TMPXMZ CVJMET PWFS UJNF BOE JODSFBTFT JO WPMVNF BOE UFNQP *G BO BUUFOEJOH TIBNBO KVEHFT UIBU UIF DIBOUJOH JT PG UIF DPSSFDU TJODFSJ UZ IF XJMM SFTQPOE CZ TIPVUJOH GFSPDJPVT MZ GSPN UIF EBSLOFTT OFBSCZ i* (05 " #"( w 6QPO IFBSJOH UIJT UIF DIBOUFST NPWF GBS CBDL GSPN UIF DBNQm SF BOE DPOUJOVF DIBOUJOH FWFO MPVEFS BOE GBTUFS i#"( 0 ("4 #"( 0 ("4 w 4VEEFOMZ UIF TIBNBO DPNFT SVOOJOH PVU PG UIF EBSLOFTT TXJOHJOH B MBSHF QMBT UJD CBH GVMM PG HBTPMJOF *G IF TFFT UIBU UIF BSFB JT DMFBS PS NPTUMZ TP IF IVSMT UIF CBH JOUP UIF m SF ɩ JT USJHHFST BO PEE XIPPTIJOH FYQMPTJPO UIBU EFNPMJTIFT UIF DBNQm SF BOE CJSUIT B NPOTUSPVT CBMM


'MZJOH MPX PWFS UIF IJHI SFOU EJTUSJDU

PG TNPLF BOE n BNF UIBU TMPXMZ SJTFT JOUP UIF OJHIU TLZ /FYU UIF TIBNBO ESPQT UP IJT LOFFT BOE CPXT EFFQMZ UP UIF n BNFT XIJMF SFDJUJOH TPNF NZTUJDBM QSBZFST PS KVTU NVNCMJOH VOJOUFMMJHJCMZ *U T BMM PWFS JO NPNFOUT BOE UIFO UIF DIBOUFST SFUVSO UP SFCVJME UIF m SF PS KVTU IFBE PĊ UP CFE 4P UIFSF XF XFSF PVU PO 'JFTUB *TMBOE MBUF POF FWFOJOH ɩ F n ZJOH XBT EPOF GPS UIF EBZ BMM PG UIF GPPE BOE MJCBUJPOT IBE CFFO DPOTVNFE BOE KVTU BCPVU FWFSZPOF XIP IBE XBOUFE UP SVO BOE KVNQ PWFS UIF m SF IBE EPOF JU 8F XFSF BMM KVTU IBOHJOH BSPVOE XBJUJOH GPS UIF m SFXPSLT TIPX UP CFHJO ɩ FO TPNFPOF TPGUMZ VUUFSFE UIF TBDSFE DIBOU i CBH P HBT w :FT UIF DIBOU HSFX MPVEFS BOE MPVEFS BOE EBSOFE JG JU EJEO U TPVOE QSFUUZ TJODFSF 4P XIBU FMTF DPVME * EP 0VU PG UIF EBSLOFTT OFBSCZ DBNF UIF GFSPDJPVT SFQMZ i* (05 " #"( w "OE XIP DPVME WF LOPXO UIBU UIFSF XBT B DPVQMF PG SFBMMZ CPSFE DPQT TJUUJOH JO UIFJS DSVJTFS OFBSCZ 0OF PG UIFN XPVME TFF PVU PG UIF DPSOFS PG IJT FZF XIBU MPPLFE MJLF PG BMM UIJOHT B IVHF m SFCBMM UIBU SPTF BOE UIFO RVJDLMZ GBEFE PVU *U XBT UIFO UIBU UIFZ XFSF SFNJOEFE PG UIFJS NJTTJPO UP TFBSDI BOE EFTUSPZ BOZ BOE BMM VOBVUIPSJ[FE m FSZ GVO 4P TXJGU MZ BOE TUFBMUIJMZ UIFZ TXPPQFE EPXO PO PVS FODBNQNFOU o UP m OE POMZ B CVODI PG QFPQMF TUBOEJOH BSPVOE B DBNQm SF 8BJU B NJOVUF o POF HVZ XBT SVOOJOH BOE KVNQJOH PWFS UIBU DBNQm SF ɩ BU EJEO U MPPL UPP JMMFHBM CVU UIFTF Pċ DFST XFSF GFFMJOH B HSFBU OFFE UP DBSSZ PVU UIF i"SSFTU 3JUVBM w 4P TPNFPOF XBT HPJOH

UP KBJM BOE UIJT HVZ XBT IBOEZ 2VJDL BT B XJOL UIFZ HSBCCFE IJN TMBQQFE UIF DVĊ T PO IJN UISFX IJN JOUP UIF CBDL PG UIFJS DBS BOE DBSUFE IJN PĊ UP UIF QPLFZ 4PSSZ BCPVU UIBU 4FB #BTT PME QBM ɩ FSF XBT TPNF XSJOHJOH PG IBOET BOE TPNF MBVHIJOH BT XF TDSBUDIFE PVS IFBET BOE XPOEFSFE XIBU XBT UP CFDPNF PG IJN -BUFS B TFBSDI QBSUZ TFU PĊ BOE TQSBOH IJN GSPN UIF CJH IPVTF )F XBT CBDL XJUI VT XJUIJO B DPVQMF PG IPVST XJUI OP DIBSHFT QSFTTFE BOE IJT WJSHJOJUZ JOUBDU #BDL UP UIF 'MZJOH 0O 4VOEBZ UIF MBTU EBZ PG UIF FWFOU XF BSF PCMJHFE UP QFSGPSN FYIJCJUJPO n JHIUT GPS UIF UFOT PG UIPVTBOET PG TQFD UBUPST UIBU QPQVMBUF UIF CFBDIFT TVS

SPVOEJOH UIF CBZ 8F QSFTFOU PVS BFSJBM GPPMFSZ JO UIF GPSN PG NVMUJQMF HMJEFST EJWJOH UISPVHI NBOFVWFST TJEF CZ TJEF JO NPSF PS MFTT BJSTIPX MJLF TZODISPOJ [BUJPO 4PNFUJNFT XF WF FWFO NBOBHFE UP QVMM UIJT TQFDUBDMF UPHFUIFS EVSJOH UIF FWFOU T SJUVBM PQFOJOH DFSFNPOJFT GPS UIF m OBM EBZ PG CPBU SBDJOH 4FWFSBM QJMPUT IBWF QFSGPSNFE UIJT GFBU BOE JU TFFNT UP CF HFUUJOH NPSF QPQVMBS XJUI FWFSZPOF 0OF PG UIFTF NVMUJ HMJEFS EJTQMBZT IPMET B QBSUJDVMBSMZ TVSSFBM NFNPSZ GPS NF *U IBQQFOFE XIFO * XBT MPPLJOH CBDL BU UIF UPOT PG TNPLF UIBU * XBT USBJMJOH BT * XBT DPNJOH EPXO UIF CBDL TJEF PG B MPPQ * XBT QSFUUZ NVDI HPJOH TUSBJHIU EPXO BOE * MPPLFE PWFS UP TFF +PIO XIP XBT BMTP ESBXJOH B HJBOU TNPLZ UBJM CFIJOE IJN BCPVU B IVOESFE GFFU PĊ NZ XJOH )F UPP XBT EJWJOH IJT HMJEFS BU UIF TBNF BUUJUVEF .Z HB[F FYQBOEFE TMJHIUMZ BOE * OPUJDFE UIF CSJHIU SFE 6OMJNJUFE )ZESPQMBOF i.JTT #VEXFJTFS w *U XBT CMBTUJOH QBTU SJHIU CFMPX VT UISPXJOH B IVHF SPPTUFS UBJM PG TQSBZ BOE * DPVME IFBS TPNF HBM CFMMPXJOH UIF 4UBS 4QBOHMFE #BOOFS PWFS UIF FWFOU T TVQFS QPXFSFE TPVOE TZTUFN .Z PWFSBMM TFOTF PG UIF NPNFOU XBT B TPSU PG iUXJTUFE QBUSJP UJTN w MJLF TFFJOH BO "NFSJDBO n BH EFDBM PO UIF CVNQFS PG B .POTUFS USVDL ɩ JT ZFBS o o XJMM NBSL UIF UI BOOJWFSTBSZ PG UIF .BTUFST DPO UFTU -PPLJOH CBDL BU BMM PG UIF QSFWJPVT DPOUFTUT * TPNFUJNFT XPOEFS BCPVU UIF XIPMF UIJOH o XIBU EPFT UIJT TUSBOHF

3$ %BWF T OFX 4FOTPS HFUT SFBEZ UP n Z

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


3FTVMUT "BSPO 4XFQTUPO &SJD %FMG +PIO )FJOFZ +PFZ 'SFTRVF[ %JOP %J/BTP ,ZMF $BSEJOBM

4NPLF USBJMT BEE WJTVBM QJ[[B[[ UP BMSFBEZ TQFDUBDVMBS BFSJBM SPVUJOFT

SJUVBMJTUJD FWFOU NFBO *T JU TPNF TPSU PG DPTNJD DPJODJEFODF UIBU EVSJOH UIF EBZ XF TUBHF PVS BFSPCBUJD n ZJOH GSPN UIF TBNF m FME UIBU BU OJHIU JT USBOTGPSNFE JOUP B QMBDF PG n BNJOH NBEOFTT EVSJOH UIF IVHF m SFXPSLT EJTQMBZ SJUVBM .BZCF PVS PXO QMBZJOH XJUI m SF JT TPNF TPSU PG XFJSE NFUBQIPS GPS n ZJOH BFSPCBU JDT 8IZ EJE #PC #VDLFS TIPX VQ XJUI B UFNQFSBNFOUBM QFU TLVOL JO JO TUFBE PG IJT VHMZ CVU IBSNMFTT XJFOFS EPH 8IZ BSF TPNF QFPQMF GBTDJOBUFE

XJUI UIF JEFB PG CFJOH JO DPOUSPM PG TPNF UIJOH UIBU IPMET UIF UISFBU PG CFDPNJOH UFSSJCMZ PVU PG DPOUSPM "SF XF BMM KVTU UIF TBNF BT UIPTF XIP QSBDUJDF GSFFTUZMF NPUPDSPTT TLJJOH UIF HJBOU TIBMPN DMJĊ EJWJOH PS VOQSPUFDUFE TFY ɩ F BOTXFST UP UIFTF RVFTUJPOT XJMM IBWF UP XBJU GPS GVSUIFS SJUVBM SFTFBSDI UP CF DPOEVDUFE BU UIF OFYU .BTUFST PG 'SFFTUZMF

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

3FTVMUT +PIO )JFOFZ &SJD %FMG "BSPO 4XFQTUPO #JMM 4PEFSRVJTU %JOP %J/BTP +5 5SVKJMMP 3FTVMUT +PIO )FJOFZ 1SFEBUPS &SJL %FMG 9USBMJUF "BSPO 4XFQTUPO .3 +PFZ 'SFTRVF[ 4FOTPS %BMMBT 8JMMJT 1SFEBUPS 4FCBTUJBO -VJHFT 5BMPO %JOP %J/BTP 1SFEBUPS 4DPUU "OHFM 5BMPO #JMM 4PEFSRVJTU -JUFTQFFE


5IF -POHFTU 4IPSUFTU 'BSUIFTU /FBSFTU )BOH (MJEFS 1BSBHMJEFS $PNQFUJUJPO #Z 5POZ EF (SPPU

1IPUP "OOF 0EJMF 5IPNBT

"VUIPS 5POZ EF(SPPU BU "MUFSOBUPS MBVODI

DPVME GPDVT PO XJOOJOH UIF EVSBUJPO PS UIF EJTUBODF FWFOUT PS QSFGFSBCMZ HP GPS CPUI ɩ F iMPOHFTU TIPSUFTUw JT BO FOEVS BODF DPNQFUJUJPO ɩ F TDPSF UIBU DPVOUT JT OPU UIF UFBN NFNCFS XJUI UIF MPOHFTU UJNF CVU SBUIFS UIF UFBN NFNCFS XJUI UIF TIPSUFTU UJNF ɩ BU NFBOT UIBU UIF DBQUBJO OFFET UP LFFQ BMM IJT NFNCFST JO UIF BJS BT MPOH BT QPTTJCMF ɩ F DBQUBJO TIPVME BEWJTF XIFO BOE XIFSF UP MBVODI BOE UIF CFTU QMBDFT UP HP UP TUBZ VQ UIF MPOHFTU "MM PG UIF UFBN NFNCFST EVSB UJPO UJNFT BSF JNQPSUBOU BOE UIFZ OFFE UP EP UIFJS CFTU UP TUBZ BJSCPSOF GPS BT MPOH BT

UIFZ DBO 4P PO BMM GPVS UFBNT UIF TDPSF UIBU XBT EPDVNFOUFE XBT FBDI UFBN T TIPSUFTU n JHIU UIF UFBN XIPTF TIPSUFTU n JHIU XBT MPOHFS UIBO BMM UIF PUIFS UFBNT TIPSUFTU n JHIUT XBT UIF XJOOFS ɩ F GBSUIFTU OFBSFTU JT JO UIF TBNF WFJO *U JT OPU UIF UFBN NFNCFS XIP HPFT UIF GBSUIFTU EJTUBODF CVU SBUIFS UIF UIJSE GBSUIFTU n JHIU UIBU DPVOUT ɩ BU NFBOT UIBU BT B DBQUBJO ZPV OFFE UP HFU B HSPVQ PG BU MFBTU UISFF UP HP BT GBS BT QPTTJCMF 1JDLJOH UIF UFBNT CFHBO XJUI FBDI FOUSBOU CPUI IBOH HMJEFS BOE QBSBHMJEFS QJMPUT m MMJOH PVU B TNBMM DBSE XJUI OBNF 1IPUP ,BSM %FDLFS

+VTU TBZJOH UIF -POHFTU 4IPSUFTU 'BS UIFTU /FBSFTU )BOH (MJEFS 1BSBHMJEFS $PNQFUJUJPO XJMM MFBWF ZPV IVċ OH BOE QVċ OH BOE HBTQJOH GPS CSFBUI 8IBU LJOE PG QFSTPO XPVME EFTJHO TVDI B MPOH XJOEFE BOE CSBJO OVNCJOH DPNQFUJUJPO 8FMM JG ZPV LOPX 3PCFSU 3BNFZ ZPV TIPVMEO U CF TVSQSJTFE "OE XIBU JT UIJT MPOHFTU TIPSUFTU OFBSFTU GBSUIFTU TVQ QPTFE UP NFBO #FGPSF * EFTDSJCF UIF DPNQFUJUJPO * XBOU UP QSFTFOU TPNF PG UIF HPBMT UIBU JUT EFTJHOFS 3PCFSU 3BNFZ XBT USZJOH UP BDDPNQMJTI )F XBOUFE B DPNQFUJUJPO XIFSF UIF CFTU QJMPUT IFMQ BOE QVTI UIF CFHJOOFS BOE JOUFSNFEJBUF MFWFM QJMPUT )F XBOUFE B DPOUFTU XIFSF BMM UIF n JHIUT NBUUFS )F BMTP XBOUFE B DPNQFUJUJPO UIBU XPVME QSPNPUF SFMBUJPOTIJQT BNPOH UIF DMVC NFNCFST CZ IBWJOH QBSBHMJEFS BOE IBOH HMJEFS QJMPUT PO UIF TBNF UFBN )JT DPOUFTU JT SFBMMZ UXP DPOUFTUT JO POF HPJOH PO TJNVMUBOFPVTMZ " UFBN

1JMPUT IBE UP EFDJEF XIFUIFS UP TUBZ IJHI BOE HP GPS EVSBUJPO PS UBLF PGG 9$ BOE SJTL TJOLJOH PVU "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1IPUP .BSUZ %F7JFUUJ

1IPUP .BSUZ %F7JFUUJ

1IPUP ,BSM %FDLFS

MBVODI TIPVME ZPV VTF UIF "MUFSOBUPS PS UIF &MJNJOBUPS BT FBDI POF XBT BU B TJHOJm DBOU EJĊ FSFODF JO BMUJUVEF BOE MPDBUJPO PO UIF NPVOUBJO SBOHF .Z TUSBUFHZ XBT UP UBLF B TUSPOH UFBN PG UISFF QJMPUT UP HP GPS UIF EJTUBODF USPQIZ BOE MFBWF UXP QFPQMF JO SFTFSWF UP GPDVT PO TUBZJOH VQ .Z UFBN IBE TFWFSBM JTTVFT JODMVEJOH POF QJMPU XIP EFDJEFE UIBU OPX XBT B HPPE UJNF UP EP NBKPS TUSVDUVSBM SFQBJST "OPUIFS QJMPU NFOUJPOFE BGUFS XF XFSF TFUUJOH VQ UIBU IF IBE OFWFS n PXO GSPN UIF &MJNJ OBUPS MBVODI )F XBT VTFE UP UIF IJHIFS BMUJUVEF "MUFSOBUPS MBVODI 0III TIPVME * IBWF BTLFE IJN UIJT 4IPVME XF BMM KVTU MBVODI BT UIF EVSBUJPO DMPDL JT UJDLJOH 4IPVME XF QBDL JU VQ BOE HP UP UIF IJHIFS 0VS MBOEJOH BSFBT BSF WFSZ MJNJUFE EVF UP IPVTFT CFJOH CVJMU SJHIU VQ UP UIF CBTF PG PVS NPVOUBJOT " HMJEF MBVODI * DPVME IFBS %POBME 5SVNQ PVU UP UIF CFBDI JG ZPV BSF IJHI JT B MPU TJNQMFS BOE TBGFS UP HFU TPNF FBTZ EJTUBODF QPJOUT TBZJOH i:PV SF m SFE w 4P * IBE "BSPO BOE SBUJOH ɩ F GPVS DBQUBJOT XFOU PĊ UP TVSGFS JOn VFODF XBT OBNFE UFBN 4ISFE -B 1MBOUF IFMQ UIF BTQJSJOH QJMPU TFDSFUMZ ESBX TUSBXT BOE UIFO JO DMPDL ɩ FSF XBT BMTP UFBN 'SFODI 5PBTU MFE CZ "BSPO -VDLFU TFU VQ BOE MBVODI * UPME XJTF PSEFS QJDLJOH UIF DBSET PG UIF QJMPUT 'SFODI QBSBHMJEFS QJMPU *SFOF 3FWFOLP IJN i:PV XPSL XJUI "BSPO BOE * MM XIP XPVME CF PO UIFJS UFBN %FQFOEJOH UFBN "JSHBTN MFE CZ IBOH HMJEFS QJMPU PO TUSBUFHZ B DBQUBJO NJHIU QJDL B QFS 5FSSZ 5BHHBSU BOE UIF " UFBN DBQUBJOFE ,BCJS $BSEFOBT XBJUT GPS IJT DZDMF BU UIF "MUFSOBUPS TPO XIP XBT HSFBU BU TUBZJOH VQ PS B QFS CZ IBOH HMJEFS QJMPU #PC "OEFSTPO *U SFNJOEFE NF PG UIF "QQSFOUJDF 57 TPO XIP XBT HPPE BU 9$ *U TFFNFE UIBU UIF UZQF PG XJOH XBT OPU BT JNQPSUBOU BT TIPX XJUI UFBNT IBWJOH UP m HVSF PVU UIF TLJMM PG UIF QJMPU * IFBSE NPSF UIBO IPX CFTU UP BQQMZ UIFJS NFNCFST 4IPVME PODF i*T IF HPPE *T TIF HPPE w 4P FWFO ZPV IBWF POF QFSTPO TUBZ BU UIF CFTU TPBS BU UIJT TUBHF XF XFSF TUBSUJOH UP MFBSO JOH QFBL BOE TFOE UIF PUIFST PĊ EPXO SBOHF 4IPVME ZPV TFOE UIFN BMM 9$ BOE NPSF BCPVU UIF NFNCFST PG PVS DMVC 0ODF UIF UFBNT XFSF QJDLFE JU UVSOFE IPQF UIFZ BMM TUBZ VQ 4IPVME ZPV QMBZ JU JOUP UPUBM QBOEFNPOJVN BT DPNQFUJUPST EFGFOTJWFMZ BOE IBWF FWFSZPOF HFU IJHI KVNQFE JOUP UIF MBVODI WFIJDMFT BOE UIF BOE UIFO XIFO TPNFPOF HPFT EPXO FW TUSBUFHJ[JOH TUBSUFE .Z UFBN XJUI NZ FSZPOF FMTF HPFT GPS EJTUBODF 8IJDI

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


IFMQ %BO HFU IJT HFBS UPHFUIFS w *U XBT XF IPPLFE UIF MJGU BOE MFBQ GSPHHFE PVS JNQPSUBOU GPS VT UP HFU "BSPO -VDLFU JOUP XBZ EPXO UIF NPVOUBJOT 8F EFDJEFE UP UIF BJS UP TUBSU IJT EVSBUJPO UJNF *U XBT m STU HP m WF NJMFT XFTU UP UBH UIF 703 BMTP JNQPSUBOU GPS "BSPO -B 1MBOUF BOE BOE UIFO HP UP UIF FBTU BT GBS BT XF DPVME NZTFMG UP XBJU GPS %BO TP XF DPVME HP BT 0VS MFH UP UIF XFTU XPVME OPU DPVOU GPS B DSPTT DPVOUSZ UFBN ɩ F UIJSE MPOHFTU NJMFT CVU UIF 703 XPVME OPX CF PVS EJTUBODF JT XIBU DPVOUFE TP JU XBT OP VTF TUBSUJOH QPJOU GPS EJTUBODF 8F XFSF BOUJDJQBUJOH QSPCMFNT HPJOH UISPVHI UIF GPS VT UP MFBWF %BO UPP GBS CFIJOE "GUFS "BSPO -VDLFU MBVODIFE * USJFE ESFBEFE QBTT UP UIF FBTU BOE TP XBOUFE UP UP 3$ IJN GPS B XIJMF TP IF DPVME HFU NBYJNJ[F PVS EJTUBODF VQ UP UIBU QPJOU IJHI LOPXJOH UIBU IJT EVSBUJPO TDPSF 8F QJDLFE B TFQBSBUF SBEJP GSFRVFODZ TP XPVME QSPCBCMZ CF UIF POF UIBU DPVOU XF DPVME UBML JO TUFBMUI NPEF .FBOXIJMF UIF " UFBN IBE B CJU PG FE GPS VT FWFO BT NZ PUIFS NFNCFST VSHFE NF UP HP 6OGPSUVOBUFMZ "BSPO T B QSPCMFN BT POF QJMPU SFBMJ[FE IF IBE SBEJP XBT TFU B MJUUMF MPVE BOE NZ TIPVUT UP CF TPNFXIFSF BOE MBOEFE "OPUIFS PG i5VSO UVSO 5JHIUFO VQ JO UIBU DPSF w TBJE IF XPVME MBOE BOE IFMQ ESJWF IJN XFSF NPSF EJTUSBDUJOH UIBO IFMQGVM 4UJMM CBDL VQ UP MBVODI 4P UXP ) T n ZJOH IF IBE B WFSZ OJDF n JHIU PG NJOVUFT B -JHIUTQFFE BOE B 5BMPO IJU UIF EFDL BU T BOE MBVODIFE GSPN B TQPU IF E CFFO BGUFS POMZ BO IPVS BOE NJOVUFT ɩ XBOUJOH UP n Z GSPN BOE IF IBE B QFSGFDU UPP CBE BT * CFMJFWF UIBU UIFZ DPVME IBWF MBOEJOH )F QVTIFE IJNTFMG EVF UP UIF DIBMMFOHFE GPS UIF 9$ BOE EVSBUJPO QBSUT FJS UFBN NFNCFST DPOUFTU BOE XBT SFXBSEFE ɩ BU JT XIBU PG UIF DPNQFUJUJPO ɩ DIBSHFE PO VOEBVOUFE IPXFWFS ,FW UIJT DPNQFUJUJPO XBT BMM BCPVU %BO m OBMMZ HPU IJT OFX OPTF XJSFT JO JO %VNBJO TUSFUDIFE PVU IJT m OBM HMJEF BOE XBT TFU VQ "BSPO -B 1MBOUF BOE * PO IJT QBSBHMJEFS UP MBOE JO B SBSFMZ VTFE MBVODIFE BOE %BO XBT 0/-: IBMG BO CVU TBGF -; UP HFU KVTU UIBU NVDI NPSF BU JT TP DPPM * UIJOL (PJOH IPVS CFIJOE VT "BSPO BOE * XPSLFE EJTUBODF ɩ EPXO UIF SBOHF TMPXMZ BOE %BO DBVHIU UIBU POF NPSF NJMF TUBZJOH VQ UIBU FYUSB VQ UP VT TP XF XPSLFE BT B UFBN UIF SFTU PG NJOVUF UIBU JT UIF TQJSJU PG DPNQFUJUJPO * UIF XBZ 8F HBWF BMUJUVEF SFQPSUT XIFSF XBT BMTP WFSZ IBQQZ UP TFF NZ HJSMGSJFOE

"OOF 0EJMF EPXO SBOHF BOE HPJOH GPS JU JO IFS MJUUMF *DBSP 3FMBY IBOH HMJEFS 4IF FOEFE VQ TFDPOE PO UIF " UFBN JO UFSNT PG EJTUBODF BOE UJNF BMPGU /PU CBE GPS B TJOHMF TVSGBDF IBOH HMJEFS 0ODF PVS UFBN NFNCFS "BSPO -VDLFU IBE MBOEFE PVS EVSBUJPO QPJOUT XFSF EFDJEFE * MFU ,BSM %FDLFS PVS PUIFS UFBN NFNCFS LOPX UIBU EVSBUJPO QPJOUT XFSF DPNQMFUFE BOE OPX IF TIPVME HP GPS EJTUBODF ,BSM XBT POF PG NZ QJDLT BOE * LOFX IF XPVME CF WFSZ TUSPOH GPS VT ,BSM JT B WJTJUJOH QBSBHMJEFS QJMPU GSPN $PMPSBEP XIPN * E NFU UIF OJHIU CFGPSF EVSJOH B XFBUIFS EJTDVTTJPO DMBTT DPVSUFTZ PG $IBE #BTUJBO BOE IJT 4BOUB #BSCBSB CBTFE QBSBHMJEJOH CVTJOFTT 'MZ "CPWF "MM ,BSM XBT UIF LFZ TQFBLFS BOE IF SFBMMZ LOPXT IJT XFBUIFS 8F GPDVTFE PO 4LFX 5 T IPX UP SFBE UIFN BOE IPX UIJT DPSSFMBUFT UP UIF OFYU EBZ T n Z JOH 8IFO * TBX ,BSM T DBSE TJUUJOH UIFSF BT XF XFSF QJDLJOH UFBNT * TOBUDIFE JU VQ XJUI B TNJMF PO NZ GBDF /POF PG UIF PUIFS IBOH HMJEFS DBQUBJOT LOFX XIP PS IPX HPPE IF XBT :PV DBO WJTJU $IBE T XFCTJUF BU n ZBCPWFBMM DPN PS ,BSM T BU QBSBHMJEFDPMPSBEP DPN ,BSM XBT EPJOH TPNF KPDLFZJOH HPJOH GSPN POF MBVODI TJUF UP

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


BOPUIFS &WFO UIPVHI IF MBVODIFE BU BO IPVS MBUFS UIBO VT IF n FX GBOUBTUJDBMMZ XFMM JO IJT m STU n JHIU JO UIFTF USJDLZ 4BOUB #BSCBSB .PVOUBJOT )F BMNPTU DBVHIU VQ UP VT UISFF IBOH HMJEFS QJMPUT XIJDI SFBMMZ JNQSFTTFE NF

0OF QJMPU XIP XBT OPU JO UIF DPNQF UJUJPO CVU IBE UIF HP GPS JU BUUJUVEF XBT -VLF )F IBE IJT m STU TPBSJOH n JHIU JO IJT 'BMDPO IBOH HMJEFS BOE TUBZFE VQ GPS UISFF IPVST XJUI OP HMPWFT o BOE JU XBT SFBMMZ DPME * UIJOL UIBU XIFO IF DBNF

,BSM %FDLFS T m STU n JHIU JO UIF 4BOUB #BSCBSB NPVOUBJOT "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP ,BSM %FDLFS

1IPUP .BSUZ %F7JFUUJ

$FMFCSBUJOH B NPVOUBJO UP CFBDI 9$ n JHIU

JO UP MBOE IF DPVMEO U FWFO TUBOE VQ CFDBVTF IJT CPEZ XBT TP OVNC /PX UIBU T B HP GPS JU BUUJUVEF +BNFT ;FOEFS n ZJOH GPS UIF "JSHBTN UFBN IBE UISFF QFSTPOBM CFTUT EVSJOH UIF DPNQFUJUJPO IJHIFTU BMUJUVEF FWFS BU GFFU MPOHFTU EVSBUJPO BU UXP IPVST BOE NJOVUFT BOE MPOHFTU EJTUBODF USBWFMFE )F n FX UP NBOZ TQPUT PO UIF SBOHF IF IBE OFWFS CFFO UP CFGPSF )F TBJE IF HPU IJHI BOE TUBZFE IJHI UIF XIPMF UJNF )F FOKPZFE UIBU UIF CFTU QJMPUT EJEO U EFUFSNJOF UIF SFTVMUT &WFSZCPEZ T TDPSF DPVOUFE BOE FWFSZCPEZ XBT JOWPMWFE JO UIF DPOUFTU 8PSLJOH BT B UFBN XBT GVO XJUI FWFSZPOF QVTIJOH FBDI PUIFS BOE BDUJWFMZ DPNNVOJDBUJOH +JN 8JYUSPN HPU IJHI JO IJT 'BMDPO BOE BGUFS B GFX IPVST PG NBOFV WFSJOH EPXO SBOHF HPU B CJU MPXFS BOE XFOU PO B MPOH HMJEF PG NJMFT UP UIF CFBDI (SFH #SPXO OPU UP CF PVUEPOF HPU VQ UP BMNPTU GFFU XIJDI JT WFSZ IJHI GPS UIJT BSFB BOE XFOU PO B MPOHFS EPXOXJOE HMJEF NBYJNJ[JOH IJT /PSUI XJOH &BTZ T HMJEF GPS 'SFODI 5PBTU T CFTU EJTUBODF PG NJMFT *G ZPV BSF XPO EFSJOH XIZ UIFZ DPVMEO U HP BOZ GBSUIFS EPXO SBOHF JU JT CFDBVTF PVS MBOEJOH


1IPUP 5POZ EF(SPPU

"OOF 0EJMF MBVODIJOH PGG &MJNJOBUPS

BSFBT BSF WFSZ MJNJUFE EVF UP IPVTFT CFJOH CVJMU SJHIU VQ UP UIF CBTF PG PVS NPVO UBJOT " HMJEF PVU UP UIF CFBDI JG ZPV BSF IJHI JT B MPU TJNQMFS BOE TBGFS UP HFU TPNF FBTZ EJTUBODF QPJOUT "MTP UIJT XBT %FDFNCFS BOE FWFO UIPVHI JU XBT UIF CFTU n ZJOH UJNF GPS 4BOUB #BSCBSB UIF TPBSJOH XJOEPX XBT SFMBUJWFMZ TIPSU 5FBN "JSHBTN XIBU B OBNF NBYJNJ[FE JUT EVSBUJPO QMFBTVSF XJUI QBSBHMJEFS QJMPU $IBE #BTUJBO )F XBT n ZJOH B UBOEFN BOE MBOEFE BGUFS NJO VUFT TFDVSJOH UIF MPOHFTU TIPSUFTU DBTI USPQIZ 5FSSZ 5BHHBSU MFE UFBN "JSHBTN BOE IF DPOTUBOUMZ BJEFE BOE QVTIFE IJT UFBN UP HP UIBU MJUUMF CJU GBSUIFS 'PS UIF EJTUBODF QBSU PG UIF DPN QFUJUJPO 5FBN 4ISFE UPPL UIF DBTI USPQIZ 8F IBE GPVS QJMPUT HP BU MFBTU NJMFT 0VS UIJSE CFTU EJTUBODF BOE UIF POF UIBU DPVOUFE XBT CZ %BO UIF .BO IJNTFMG XIP XFOU NJMFT 8F XFSF HPJOH UP HP UISPVHI OP NBO T MBOE BOE DSPTT JOUP 0KBJ CVU DMPVECBTF ESPQQFE

BMNPTU GFFU JO B WFSZ TIPSU UJNF BOE XF IBE UP HMJEF PVU UP UIF CFBDI 'PS NZTFMG JU XBT BXFTPNF HPJOH GPS JU JO NZ MPDBM NPVOUBJOT BOE GPMMPXJOH %BO BOE "BSPO JO NZ GSFTIMZ UVOFE "FSPT %JTDVT IBOH HMJEFS XBT HSFBU $MJNCJOH PVU UP DMPVECBTF PWFS UIF DJUZ PG $BS QJOUFSJB BU UIF FOE PG UIF EBZ XJUI UIF PDFBO TQBSLMJOH JO UIF EJTUBODF XBT B TQFDUBDVMBS SFXBSE UIBU NBLFT NF XBOU UP HP GPS JU BHBJO XIFO UIF OFYU HPPE EBZ QSFTFOUT JUTFMG "T B TPDJBM DPNQFUJUJPO UIJT FWFOU XBT IJHIMZ TVDDFTTGVM 1BSBHMJEFS BOE IBOH HMJEFS QJMPUT HPU UP LOPX FBDI PUIFS CFUUFS CZ KVTU CFJOH PO UIF TBNF SBEJP GSFRVFODZ GPS BO IPVS BOE B IBMG )BOH HMJEFS BOE QBSBHMJEFS QJMPUT NBZ BSHVF PWFS XIPTF XJOH JT CFTU CVU UIFZ XJMM CBUUMF MJLF DSB[Z GPS FBDI PUIFS EVSJOH B UFBN DPOUFTU #FHJOOFS BOE JOUFSNFEJBUF QJMPUT QVTIFE UIFNTFMWFT BOE SFBDIFE OFX QFSTPOBM CFTUT EVF UP UIF DPNQFUJUJPO BOE CZ CFJOH BJEFE CZ NPSF

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1IPUP 4UFWF ,JODBJE

4PNF PG UIF HBOH BU &BTU #FBDI

1IPUP "OOF 0EJMF 5IPNBT

FYQFSJFODFE QJMPUT )BWJOH B XBJUJOH QF SJPE BOE OBJMJOH UIF CFTU n ZJOH EBZ EJEO U IVSU FJUIFS ɩ BOLT HP UP UIF IFMQFST PG UIF DPNQFUJUJPO +BOFU "NFT BOE (JMCFSU 3PCFSUT JOWFOUPS PG UIF CSFBE QBO WBSJP BOE UP 3PCFSU 3BNFZ GPS DPNJOH VQ XJUI UIJT VOJRVF DPNQFUJUJPO GPSNBU *U SFBMMZ CMFOEFE UIF UBMFOUT PG BMM PG UIF FOUSBOUT JOUP B GVO BOE XFMM TQJSJUFE DPNQFUJUJPO ɩ BOLT BMTP UP 3PCFSU .JMMJOHUPO )F JT POF PG PVS CFTU QJMPUT BOE FWFO UIPVHI IF DPVMEO U DPNQFUF CFDBVTF PG BO JOKVSZ IF XBT JOWPMWFE BOE HBWF WBMVBCMF JOGPSNB UJPO BOE FODPVSBHFNFOU UP UIF DPNQFUJ UPST * DBO U TBZ FOPVHI BCPVU IPX IFMQGVM UIBU XBT " LFH JO UIF -; BOE IPU EPHT DPVSUFTZ PG "BSPO -B 1MBOUF BMPOH XJUI B MJWFMZ EJTDVTTJPO FOEFE B SFBMMZ GVO EBZ PG n ZJOH 5P SFWJFX UIF SFTVMUT PG UIF DPOUFTU BOE UP TFF UIF Pċ DJBM SVMFT HP UP IU U Q X X X S S T E DPN TCTB SF T V MU T IUNM

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


(BMMFSZ i" TIBEPX UIF FMVTJWF HJGU JO UIF EFTFSU 5P QBJOU B TIBEPX PO UIBU m FME PG QJFSDJOH MJHIU JT B EJWJOF HJGU w

1IPUP (FPSHF 4UFJONFU[

.BSUJO 1BMNB[ QBSBHMJEFS QJMPU

"MBJO "SOPVY UBLFT XSJUFS %PO 8FCTUFS GPS IJT m STU QBSBHMJEFS n JHIU OFBS BO BCBOEPOFE PBTJT EFFQ JO UIF &NQUZ 2VBSUFS "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


iDzF IJHI EFTFSU IBT BO FąFDU PO QFPQMF DzF QMBDF IBT B XBZ PG TXBMMPXJOH ZPV VQ w

.POVNFOU 7BMMFZ "SJ[POB

"MHFSJB

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP 0MJWJFS -BVHFSP

1IPUP ª$ISJTUJBO 1POEFMMB 3FE #VMM

$BNQCFMM 4DPUU BDUPS EJSFDUPS


i)BWF ZPV FWFS CFFO UP UIF QSPQFS EFTFSU Dz F NPTU FYUSBPSEJOBSZ UIJOH JT UIF TJMFODF Dz FSF T OPUIJOH UP NPWF PVU UIFSF 1IPUP ª$ISJTUJBO 1POEFMMB 3FE #VMM

* HPU TVDI B CV[[ PVU PG JU w

,SJTUJO 4DPUU ɩ PNBT BDUSFTT

.POVNFOU 7BMMFZ "SJ[POB

iDz F TBOE JO NZ TIPSUT NBEF FWFSZ NPWF B OFX FYQFSJFODF w #PC "[CJMM HPME QSPTQFDUPS GSPN (PME JT 8IFSF :PV 'JOE *U

"MHFSJB "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


i'SPN UIF EFTFSU * DPNF UP UIFF 0O B TUBMMJPO TIPE XJUI m SF "OE UIF XJOET BSF MFGU CFIJOE *O UIF TQFFE PG NZ EFTJSF w

.POVNFOU 7BMMFZ "SJ[POB

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP ª$ISJTUJBO 1POEFMMB 3FE #VMM

1IPUP 0MJWJFS -BVHFSP

#BZBSE 5BZMPS BVUIPS BOE QPFU


$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/

4FQU 0DU 4PVUIXFTU 9$ -FBHVF 1( .FFU BU 5IF $SBUFST

'MBHTUBGG "SJ[POB '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 0DUPCFS 5FOOFTTFF 5SFFUPQQFST "OOVBM 5FBN $IBMMFOHF OFBS

$IBUUBOPPHB $PNF TPBS UIF TDFOJD 4FRVBUDIJF 7BMMFZ %FUBJMT 5#" 7JTJU XXX USFFUPQQFST PSH PS DBMM $MBSL 0DUPCFS /PSUIFSO $BMJGPSOJB $PNQFUJUJPO -FBHVF 3BDF

8FFLFOE -PDBUJPO UP CF EFDJEFE UISFF EBZT QSJPS UP FWFOU o BMM TJUFT

"VHVTU #JH 4QSJOH 6 4 )BOH (MJEJOH 0QFO 1SF 1SF 8PSMET XJUIJO GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB QFS SBDF .PSF

#JH 4QSJOH 5FYBT .PSF JOGPSNBUJPO BU XXX n ZUFD DPN $0.1&5*5*0/ "VHVTU 5BJXBO 1BSBHMJEJOH 0QFO 5BJUVOH 5BJXBO

JOGPSNBUJPO GSPN +VH "HHBSXBM KBHHBSXBM!FT VDTD FEV BOE POMJOF BU IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL GPS UIF 9$ -FBHVF '-: */4

64 JO QSJ[F NPOFZ .PSF JOGPSNBUJPO BU DPOUBDU!UBBUX DPN +VMZ 'JSTU "OOVBM $SFTUMJOF 'FTUJWBM PG 'SFF 'MJHIU $SFTUMJOF GBY $BMJGPSOJB 0QFO UP QBSBHMJEFS BOE IBOH HMJEFS QJMPUT OPWJDF UISPVHI TLZ HPE -PUT PG FWFOUT DPOUFTUT DBTI QSJ[FT 3FHJTUSBUJPO CFHJOT 4BUVS "VHVTU +BDLTPO )PMF 8ZPNJOH *OUFSNPVOUBJO -FBHVF 1( .FFU EBZ NPSOJOH BU .PSF JOGPSNBUJPO GSPN 5JN /FMTPO UJN!n ZBHMJEFS 'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF EBZ T DPN DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS BOE QSJ[FT .PSF JOGP BU XXX MFBHVFNFFU DPN "VHVTU )JHI 3PDL .BSZMBOE +PJO UIF DFMFCSBUJPO PG ZFBST PG n ZJOH BU UIF 3PDL )BOH HMJEFST POMZ BU )JHI 3PDL CVU QBSB "VHVTU 4BMU -BLF $JUZ 6UBI *OUFSNPVOUBJO -FBHVF 1( .FFU HMJEFST DBO MBVODI GSPN PUIFS OFBSCZ TJUFT 0O TJUF SFHJTUSBUJPO CFHJOT 'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF EBZ T 'SJEBZ OJHIU "VHVTU CVU QSF SFHJTUSBUJPO POMJOF BU IUUQ XXX DIHQB DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS BOE QSJ[FT .PSF PSH &WFOUT FWFOUT IUNM JT SFDPNNFOEFE .PSF JOGPSNBUJPO BWBJMBCMF JOGP BU XXX MFBHVFNFFU DPN PO UIF 8FC TJUF "VHVTU /PSUIFSO $BMJGPSOJB $PNQFUJUJPO -FBHVF 3BDF 4FQUFNCFS .JOHVT .U "SJ[POB $FMFCSBUF ZFBST PG n ZJOH 8FFLFOE -PDBUJPO UP CF EFDJEFE UISFF EBZT QSJPS UP FWFOU o BMM TJUFT BU .JOHVT FOUSZ GFF JODMVEFT DBNQJOH EBJMZ n JHIU CSJFm OH SBGn F XJUIJO GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB QFS SBDF .PSF QSJ[FT BOE B CBSCFDVF GFBTU PO 4VOEBZ EJTDPVOU GPS FBSMZ SFHJTUSBUJPO JOGPSNBUJPO GSPN +VH "HHBSXBM KBHHBSXBM!FT VDTD FEV BOE POMJOF BU BU XXX BIHB PSH .PSF JOGPSNBUJPO PO UIF 8FC TJUF PS GSPN )BM )BZEFO IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL GPS UIF 9$ -FBHVF BU PS "VHVTU #P[FNBO .POUBOB *OUFSNPVOUBJO 1( -FBHVF .FFU 4FQUFNCFS UI BOOVBM 1JOF .PVOUBJO 'MZ *O OFBS #FOE 0S 'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF EBZ T FHPO 1JOF .PVOUBJO QSPEVDFT FQJD FWFOJOH HMBTT PGGT BOE FYDFMMFOU 9$ DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS BOE QSJ[FT .PSF n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o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m D DPBTU BOE JO UIF IJHI "OEFT 'PS NPSF JOGPSNBUJPO QMFBTF TFF BEWFOUVSFUPVSQSPEVDUJPOT DPN PS FNBJM KFGG!BEWFOUVSFUPVSQSPEVDUJPOT 4FQUFNCFS 5FMMVSJEF $PMPSBEP 4PVUIXFTU 9$ -FBHVF 1( .FFU 'PDVT PO GVO TBGFUZ BOE DBNBSBEFSJF 4JNQMF UBTLT CBTFE PO UIF DPN PS DBMM EBZ T DPOEJUJPOT XJUI NPOFZ HPJOH GPS SFUSJFWFT CFFS BOE QSJ[FT .PSF JOGP BU XXX WJTJPOQBSBHMJEJOH DPN TXYDM IUNM

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


4FQUFNCFS 1BSBHMJEFS UIFSNBM DMJOJD XJUI ,FO )VEPOKPS HFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN

1IPUP ª$ISJTUJBO 1POEFMMB 3FE #VMM

4FQUFNCFS 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 0DUPCFS 0ODF BHBJO /PSUI "NFSJDBO 1BSBHMJEJOH *OD XJMM

.POVNFOU 7BMMFZ "SJ[POB

+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 4VO4QPSUT1(!BPM DPN +VMZ "VHVTU BOE "VHVTU 'SFODI BMQJOF UIFSNBMJOH

UPVS $PNF FOKPZ TPNF XPSME DMBTT QBSBHMJEJOH XIFSF JU BMM TUBSUFE UIF OPSUIFSO "MQT JO 'SBODF (VJEFE CZ 6 4 XPSME UFBN NFNCFS BOE SFDPSE EJTUBODF CSFBLFS %BWJE 1SFOUJDF BOE MPDBM QJMPU %BOJFM 7BO 4DIPPOFWFME 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 NBMJOH JOTUSVDUJPO "JSQPSU USBJO TUBUJPO QJDL VQ MPEHJOH SFUSJFWBM MPDBM MJBCJMJUZ JOTVSBODF BMM JODMVEFE $POUBDU %BOJFM 7BO 4DIPPOFWFME PS n ZGSBODF !ZBIPP DPN "VHVTU +PJO /PSUI "NFSJDBO 1BSBHMJEJOH *OD GPS B UPVS PG UIF

"MQT "JSQPSU QJDL VQ BOE ESPQ PGG TJUF PSJFOUBUJPO USBOTQPSU UP MBVODI BOE SFUSJFWFT UIFSNBM BOE 9$ DMJOJDT UBOEFN JOTUSVDUJPOBM n JHIUT GPS ZPV BOE PS OPO n ZJOH TQPVTF n FYJCMF QMBOOJOH BOE NVMUJQMF n ZJOH EFTUJOB UJPOT GSPN "VTUSJB UP (FSNBOZ UP 'SBODF BOE 4XJU[FSMBOE $POUBDU .JLF &CFSMF BU OBQJ!GVO n Z DPN PS DIFDL PVS UPVS TFDUJPO BU XXX GVO n Z DPN GPS NPSF JOGPSNBUJPO BOE TDIFEVMJOH "VHVTU 8PNFO XJUI 8JOHT *** GPS JOUFSNFEJBUF UP

CF HVJEJOH B GVO n ZJOH UPVS BU 0MV %FOJ[ OFTUMFE JO 48 5VSLFZ PO UIF .FEJUFSSBOFBO 4FB "MNPTU GFFU BTM BHM DPOTJTUFOU TPBSJOH BQQSPQSJBUF GPS BOZ 1 PS BCPWF QJMPU $POUBDU .JLF &CFSMF BU OBQJ!GVO n Z DPN PS DIFDL PVS UPVS TFDUJPO BU XXX GVO n Z DPN GPS NPSF JOGPSNBUJPO BOE TDIFEVMJOH 0DUPCFS 'MZ #BSCBEPT 1BSBHMJEFS TVQFS IPTU 1BVM /VHFOU XJMM

MFBE ZPV PO B UPVS PG BMM PG #BSCBEPT T n ZJOH TJUFT EVSJOH JUT CFTU n ZJOH NPOUI PG UIF ZFBS 5PP NBOZ PUIFS JTMBOE BDUJWJUJFT UP NFOUJPO CVU ZPV DBO BMTP DIFDL PVU UIF XPSME GBNPVT 7JSHJO "UMBOUJD #JSENBO DPNQF UJUJPO $IPPTF BMM PS B QPSUJPO PG UIF EBUFT -JNJUFE BWBJMBCJMJUZ TP DBMM PS DPOUBDU TPPO *OGPSNBUJPO BOE SFTFSWBUJPOT 4DPUU 5PXOF PS TDPUU!MFHBMDPMMFDUJPOT DPN 0DUPCFS 0DUPCFS 5BQBMQB .FYJDP TJUF PG

UIF 18$ DIBNQJPOTIJQT JT XPSME DMBTT n ZJOH JO 0DUPCFS BOE /P WFNCFS *NQSPWF ZPVS UIFSNBM BOE 9$ n ZJOH TLJMMT XJUI XPSME UFBN NFNCFS %BWJE 1SFOUJDF 5PVS JODMVEFT BJSQPSU QJDL VQ GSPN (VBEBMBKBSB USBOTQPS UBUJPO 9$ SFUSJFWBM BOE HVJEF TFSWJDFT 'PS NPSF JOGP DPO UBDU %BWJE 1SFOUJDF PS FBS UIDPH ! ZBIPP DPN 0DUPCFS 1BSBHMJEFS JO

TUSVDUPS USBJOJOH XJUI ,FO )VEPO KPSHFOTFO 0DUPCFS *OTUSVDUPS 3F DFSUJm DBUJPO .PSF JOGPSNBUJPO XXX "VHVTU 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN U X P D B O G M Z D P N BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBMJm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 0DUPCFS 4VO4QPSUT1(!BPM DPN 5BOEFN $MJO 4FQUFNCFS 4OPXCJSE QBSBHMJEFS 9$ SFDPSE BUUFNQU OP DIBSHF JD XJUI 3JDL )JHHJOT UBOEFN QMFBTF SFHJTUFS CFGPSF DPNJOH .PSF JOGPSNBUJPO BU XXX UXPDBOn Z DPN 64)(" BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 4FQUFNCFS (SBOHFS #BOLT SFUVSOT UP 4XJU[FSMBOE (FSNB BOE 5 SBUJOHT OZ BOE "VTUSJB XIFSF IF MFBSOFE UP QBSBHMJEF JO UIF "MQT ZFBST BHP UP RVBMJm FE QJMPUT BOE XJMM HVJEF 1 PS BCPWF QJMPUT UP JODSFEJCMF TJUFT UIFSF QMVT $PTU $PO BJSGBSF HFUT ZPV EBZT PG n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

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


0DUPCFS 1BSBHMJEFS UBOEFN 5 BOE 5 DMJOJD XJUI

%FDFNCFS UISPVHI +BOVBSZ 'MZ TPVUI UIJT XJOUFS 8PSME GBNPVT 7BMMF EF #SBWP .FYJDP PGGFST UIF NPTU SFMJBCMF XJOUFS n ZJOH FWFS 5BLF UIF UPVS PS UBLF UIF DMJOJD *NQSPWF ZPVS UIFSNBM BOE 9$ TLJMMT XJUI XPSME UFBN NFNCFS %BWJE 1SFOUJDF 5PVS JODMVEFT BJS /PWFNCFS *RVJRVF $IJMJ +PJO "SHFOUJOFBO QBSBHMJEJOH QPSU QJDL VQ JO .FYJDP $JUZ USBOTQPSUBUJPO MPEHJOH 9$ SFUSJFWBM HVJEF DIBNQJPO -VJT 3PTFOLKFS BOE 6 4 CBTFE 1BUBHPOJB 1BSBHMJEJOH TFSWJDFT GPS B XFFL JO BOE PVU PO 4VOEBZ 'PS NPSF JOGP DPOUBDU GPS n ZJOH BU JUT m OFTU 5SJQ JODMVEFT BJSGBSF GSPN TFWFSBM QPJOUT JO UIF 6 4 %BWJE 1SFOUJDF BU PS FBSUIDPH!ZBIPP DPN UP 4BOUJBHP $IJMF UIFSFGPSF UIFSF BSF EJGGFSFOU QSJDJOH PQUJPOT -PEHJOH BOE BMM USBOTQPSUBUJPO JODMVEFE &NBJM JOGP!QBUBHPOJBQBSBHMJEJOH DPN %FDFNCFS 4PVUIFSO $BMJGPSOJB QBSBHMJEFS USJQ PS WJTJU XXX QBUBHPOJBQBSBHMJEJOH DPN PS DBMM -VJT BU XJUI ,FO )VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN (VJMMFSNP BU PS #FUI BU GPS NPSF JOGP

,FO )VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN

/PWFNCFS .FOEP[B "SHFOUJOB +PJO "SHFOUJOFBO QBSB HMJEJOH DIBNQJPO -VJT 3PTFOLKFS BOE 6 4 CBTFE 1BUBHPOJB 1BSBHMJEJOH GPS n ZJOH BU JUT m OFTU 5SJQ JODMVEFT BJSGBSF GSPN TFWFSBM QPJOUT JO UIF 6 4 UP 4BOUJBHP $IJMF UIFSFGPSF UIFSF BSF EJGGFSFOU QSJDJOH PQUJPOT -PEHJOH BOE BMM USBOTQPSUBUJPO JODMVEFE &NBJM JOGP!QBUBHPOJBQBSBHMJEJOH DPN PS WJTJU XXX QBUBHPOJBQBSBHMJEJOH DPN PS DBMM -VJT BU (VJMMFSNP BU PS #FUI BU GPS NPSF JOGP

+BOVBSZ 7BMMF EF #SBWP QBSBHMJEFS USJQ XJUI

,FO )VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN +BOVBSZ 'FCSVBSZ /PSUI "NFSJDBO 1BSBHMJEJOH XJMM CF

USBWFMJOH UP 4PVUI "GSJDB GPS UIFJS TFDPOE UPVS PG UIF HSFBU n ZJOH BMPOH UIF (BSEFO 3PVUF BOE $BQF 5PXO BSFBT 5IJT USJQ DBO BMTP JODMVEF B TBGBSJ JO ,SVHFS /BUJPOBM 1BSL BOE B XJOFSZ UPVS JO 4UFMMFOCPTI %BUFT BSF n FYJCMF /PWFNCFS $IJMF BOE UIF "UBDBNB %FTFSU +PJO VT PO PVS BU UIJT TUBHF BOE XF XJMM SVO NVMUJQMF USJQT JO FBSMZ $POUBDU .JLF UFOUI DSPTT DPVOUSZ n ZJOH BEWFOUVSF UP UIJT ESJFTU EFTFSU JO UIF XPSME &CFSMF BU OBQJ!GVO n Z DPN PS DIFDL PVS UPVS TFDUJPO BU XXX GVO n Z $POTJTUFOUMZ HPPE TPBSJOH BOE DSPTT DPVOUSZ n JHIUT 5IF EBUFT MJTUFE BSF DPN GPS NPSF JOGPSNBUJPO BOE TDIFEVMJOH JODMVTJWF PG USBWFM GSPN UIF 6 4 -JNJUFE TQBDF TP TJHO VQ TPPO $POUBDU .JLF &CFSMF BOE /PSUI "NFSJDBO 1BSBHMJEJOH *OD BU OBQJ!GVO n Z DPN .BSDI 0, UIJT JT B CJU FBSMZ CVU BEWFOUVSFT MJLF PS DIFDL PVS UPVS TFDUJPO BU XXX GVO n Z DPN GPS NPSF JOGPSNBUJPO BOE UIJT SFRVJSF TPNF BEWBODF QMBOOJOH 5PUBM 4PMBS &DMJQTF n Z JO 5VSLFZ -FJTVSF$MBTT 'MZJOH 5PVST JOWJUFT BEWFOUVSPVT BOE TFMG TVGm DJFOU QJMPUT TDIFEVMJOH 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 0RVTXLWR 3RZHU +DUQHVV 'HDOHUV BOE QJDUVSFT EP OPU CFHJO UP EFTDSJCF JU $POUBDU $PMJO 1FSSZ ´ µ % (PPE-PPLJOH3JDI(VZ!IPUNBJM DPN /2 : 2 8 0RVTX 6DYH 7 6 $/( LWR Z ( OHFWULF 6 WDUW

:$

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

7UDYHUVH &LW\ +DQJ *OLGHUV 3DUDJOLGHUV %LOO )LIHU 7UDYHUVH &LW\ 0, SKRQH ID[ WFKDQJJOLGHU#FKDUWHUPL QHW

ZZZ PRVTXLWRDPHULFD FRP

*/%&9 50 "%7&35*4&34 "OHMF PG "UUBDL %BO +PIOTPO 'MZUFD 64" )JHI &OFSHZ 4QPSUT )BMM #SPUIFST +VTU 'MZ .PZFT "NFSJDB 0$0//03 'MJHIU 4DIPPM 0;0/& 1FBL 5P 1FBL 1SP %FTJHO 1BUBHPOJB 1BSBHMJEJOH 3BTF *OD

4QPSU "WJBUJPO 1VCMJDBUJPOT 4VQFS 'MZ 5IFSNBM 5SBDLFS 1BSBHMJEJOH 5PSSFZ 1JOFT 5PUBMMZ "XFTPNF 'MZJOH 4QPSUT 5SBWFSTF $JUZ )( 1( 64)( $BMFOEBS 64)( 'PVOEBUJPO 64)(" 3FOFX 8JMMT 8JOH

."3,&5 1-"$& "EWFOUVSF 1SPEVDUJPOT $MPVE 4PBSJOH $FOUFS $POTUFMMBUJPO 1SFTT $SJUUFS .PVOUBJO 8FBS & WJMMF 'MJHIU $POOFDUJPOT

'MZUFD 64" +VTU 'MZ ,JUUZ )BXL ,JUFT 0; 3FQPSU 64)(" 9$ 'MJHIU "XBSE

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


888 1"3"(-*%&34 $0.

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


5)&3."- /6$-&"3 %&5&$5*0/

#BDLHSPVOE QIPUP (FPSHF 4UFJONFU[

#BDLHSPVOE QIPUP (FPSHF 4UFJONFU[

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


l

I I

.zulu lnter,rnedlate


)"/( (-*%*/( "%7*403: 6 TFE IBOH HMJEFST TIPVME 1"3"(-*%&34 BMXBZT CF EJTBTTFNCMFE CFGPSF n ZJOH GPS UIF m STU UJNF BOE JOTQFDUFE DBSFGVMMZ GPS GBUJHVFE CFOU PS EFOUFE EPXO "%7"/$& &14*-0/ o "EWBODF 0NFHB UVCFT SVJOFE CVTIJOHT CFOU CPMUT FTQFDJBMMZ UIF IFBSU EFNP (JO #PMFSP . 0[POF 7JCF 4 CPMU SF VTFE /ZMPD OVUT MPPTF UIJNCMFT GSBZFE PS SVTUFE &EFM $POUSPM . IUUQ XXX CVZPOMJOF CMPHTQPU DBCMFT UBOHT XJUI OPO DJSDVMBS IPMFT BOE PO n FY XJOHT DPN TBJMT CBEMZ UPSO PS UPSO MPPTF GSPN UIFJS BODIPS QPJOUT GSPOU (*/ 0"4*4 .&%*6. (FOJF 90 IBSOFTT X TQFFE BOE CBDL PO UIF LFFM BOE MFBEJOH FEHFT CBS SFTFSWF IFMNFU X 155 SBEJP 'MZUFD 1"3"(-*%*/( "%7*403: 6TFE QBSBHMJEFST TIPVME WBSJP n JHIU EFDL CBDLQBDL 8BTIJOHUPO BMXBZT CF UIPSPVHIMZ JOTQFDUFE CFGPSF n ZJOH GPS UIF m STU &NBJM DUNPSJU[!ZBIPP DPN 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

'-&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 &"(-& o /FX /FWFS CFFO n PXO #MVF CMBDL BOE XIJUF WFSZ TIBSQ 1MFBTF DBMM 8BEF BU PS '"-$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 TR GU 9$ XPSME SFDPSE IPMEFS NZMBS TBJM HSFBU DPOEJUJPO PSBOHF CMVF 8*--4 8*/( 41035 o #BMM . WBSJP 67&9 GVMM GBDF IFMNFU )JHI FOFSHZ 4QPSU 5SBDFS IBSOFTT m UT GPPU UBMM QJMPU "MM GPS &NBJM UPXOC!TCDHMPCBM OFU PS DBMM

&.&3(&/$: 1"3"$)65&4

108&3&% 1"3"(-*%&34 "*3410354 64" XXX n ZGPSGVO OFU

o

X XX QPXFSQBSBHMJEFS DPN

-B.06&55& o Q PXFS QBDLT 4PMP SVOT HSFBU TQBSF OFX QSPQ ; FMFDUSJD TUBSU FYDFMMFOU DPOEJUJPO -BVODI DBSU BOE XJOHT BWBJMBCMF TLZQJMPUCSJBO!ZBIPP DPN

3*(*% 8*/(4 ()045#645&3 o X JUI 9USBMJHIU 4LZDZDMF USJLF -PX IPVST $VTUPN MJHIU OPTFQPE GBJSJOHT /P UVH OP NPVOUBJO OP QSPCMFN (SFBU QFSGPSNBODF )BOHOKJN!BMMUFM OFU ()045#645&3 o & YDFMMFOU DPOEJUJPO MPX BJSUJNF FYUSBT JODMVEFE &OKPZ IJHI QFSGPSNBODF FYDFMMFOU IBOEMJOH PG UIJT CFBVUJGVM SJHJE POMZ 0#0 #JMM XTCVDIXBME!ZBIPP DPN .*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 $04.04 4".#" 53*,& o 5 SJLF XJUI UPQMFTT XJOH -JLF OFX %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

$"-*'03/*" "*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 4BOUB #BSCBSB 64)(" /PWJDF UISPVHI "EWBODFE DFSUJm DBUJPO 5IFSNBMJOH UP DPNQFUJUJPO USBJOJOH 7JTJU XXX n ZBCPWFBMM 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

-&"3/ 50 '-: " 53*,& %7% o -FBSO XIBU JU UBLFT UP n Z */41&$5&% 3&4&37&4 o 'PS )( PS 1( VQ B USJLF BOE HFU ZPVS USJLF QJMPU DFSUJm DBUJPO 1BVM )BNJMUPO 6TFE 2VBOUVN BMM TJ[FT VQ 4PNF USBEFT /"'* &"" 6'* & "4$ 646" "'* NJOVUFT BDDFQUFE JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN TIJQQJOH $BMM XXX "1 4UPSF IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT DPN

)"3/&44&4 )"3/&44&4 o w w $PDPPOT VQ )JHI &OFSHZ $PDPPOT VQ 1PET VQ *OWFOUPSZ TFMFDUJPO DIBOHFT DPOTUBOUMZ 4PNF USBEFT BDDFQUFE JOGP!IBOHHMJEJOH DPN X XX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT '-: "#07& $-06%4 o *O QPXFS IBSOFTT %PO U CVZ OFX BOE TBWF IPVST FMFDUSJD TUBSU FYDFMMFOU DPOEJUJPO QBVMZVOLFS !ZBIPP DPN

5033&: 1*/&4 (-*%&31035 o $PNF TPBS JO 4BO %JFHP 5IJT GBNJMZ PXOFE BOE PQFSBUFE n ZJOH TJUF PGGFST 64)(" DFSUJm FE JOTUSVDUJPO BEWBODFE USBJOJOH FRVJQ NFOU TBMFT UBOEFN n JHIU JOTUSVDUJPO NPUPSJ[FE QH IH JOTUSVDUJPO BOE TJUF UPVST 8F BMTP IBWF BO FYUFOTJWF QH IH PVUm UUJOH TIPQ PGGFSJOH QBSBDIVUF SFQBDLT BOE GVMM TFSWJDF SFQBJST #SJOH ZPVS GBNJMZ GPS PVS BNB[JOH TVO 4$)00-4 %&"-&34 TFUT BOE EJOJOH BU UIF $MJGGIBOHFS $BGF *NQPSUFST GPS 1BSB UFDI BOE *OEFQFOEFODF HMJEFST 8F BMTP DBSSZ "VTUSJ"MQJO "-"#"." $FOUFS PG (SBWJUZ $SJTQJ BOE 4VQ "JS $IFDL VT PVU PO -00,065 .06/5"*/ '-*()5 1"3, o 5IF CFTU MJOF GPS TBMFT BOE RVFTUJPOT BU XXX n ZUPSSFZ DPN PS DBMM GBDJMJUJFT MBSHFTU JOWFOUPSZ DBNQJOH TXJNNJOH WPMMFZ UPMM GSFF BU '-: 5&". "MTP UVOF JO UP CBMM NPSF 8JEF SBOHF PG BDDPNNPEBUJPOT IBOHMJEF DPN UIF *OUFSOFU 1BSBHMJEJOH 5BML 4IPX BU XXX XPSMEUBMLSBEJP IBOHMJEF IBOHMJEF DPN 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 RVJDL MZ 5SBJO XJUI QSPGFTTJPOBM $'* T BU XPSME GBNPVT %PDL "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


XFJMFS #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 'MZUFD BOE NPSF 5XP )1 %SBHPOn Z UVHT 0QFO DMPTF UP PVS MFWFM PG FYQFSJFODF BOE TVDDFTT XJUI UBOEFN m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o 'VMM UJNF ,JUQMBOFT 4LZXJOHT $SPTT $PVOUSZ BOE PUIFST 'FBUVSFE MFTTPOT TBMFT TFSWJDF $PMPSBEP T NPTU FYQFSJFODFE 8JMMT PO OVNFSPVT 57 TIPXT JODMVEJOH %BUFMJOF /#$ 5IF %JT $-06% 41035 "7*"5*0/ o " FSPUPX TQFDJBMJTUT 8F DBSSZ BMM NBKPS CSBOE IBOH HMJEFST BOE BDDFTTPSJFT 8JOH .PZFT "MUBJS "FSPT "JSXBWF )JHI &OFSHZ #BMM DPWFSZ $IBOOFM &41/ 7JTJU VT PO UIF 8FC IUUQ XXX 'MZUFD .PUP$PNN BOE NVDI NPSF $BMM XBMMBCZ DPN 1MFBTF DBMM VT GPS SFGFSFODFT BOE WJEFP $MPVE 'JFME $PPO -BLF 3PBE 8FTU 8FCCFS &WFSHSFFO $PMPSBEP "JSUJNF)(!BPM DPN %FBO 4UJMM 3PBE %JTOFZ "SFB '- WJMMF .* $MPVE TB!BPM DPN IUUQ NFNCFST BPM DPN DMPVE TB $BMM GPS TVNNFS UBOEFN MFTTPOT BOE n ZJOH (6//*40/ (-*%&34 o 4 FSWJOH UIF XFTUFSO TMPQF QIPOF GBY n Z!XBMMBCZ DPN 8"--"#: BQQPJOUNFOUT XJUI UIF %SBBDIFO'MJFHFO 4PBSJOH $MVC $POTFSWBUJWF SFMJBCMF TUBUF PG UIF BSU ' ) ( */$ n ZJOH *OTUSVDUJPO TBMFT TFSWJDF TFXJOH BDDFTTPSJFT 4JUF BU $MPVE 'JFME %'4$JOD!BPM JOGPSNBUJPO SBUJOHT $PVOUZ 3PBE (VOOJTPO $0 'MPSJEB TJODF DPN IUUQ NFNCFST BPM DPN EGTDJOD (&03(*" 53"7&34& $*5: )"/( (-*%&34 1"3"(-*%&34 o 1VU 1&", 50 1&", 1"3"(-*%*/( --$ o /FX QBSBHMJE ZPVS LOFFT JO PVS CSFF[F BOE TPBS PVS TBOE EVOFT JOH TDIPPM JO #PVMEFS 0GGFSJOH FYDFMMFOU TUBUF PG UIF BSU -00,065 .06/5"*/ '-*()5 1"3, o %JTDPWFS XIZ 'VMM UJNF TIPQ $FSUJm FE JOTUSVDUJPO CFHJOOFS UP BE UJNFT BT NBOZ QJMPUT FBSO UIFJS XJOHT BU -.'1 8F XSPUF JOTUSVDUJPO &RVJQNFOU UBOEFNT ,BZ!QFBLUPQFBLQBSB WBODFE 4BMFT TFSWJDF BDDFTTPSJFT GPS "-- NBKPS CSBOET 64)(" T PGm DJBM USBJOJOH NBOVBM IBOHMJEF DPN IBO HMJEJOH DPN XXX QFBLUPQFBLQBSBHMJEJOH DPN 7JTB .BTUFS$BSE & UI 5SBWFSTF $JUZ .* HMJEF 0GGFSJOH QPXFSFE QBSBHMJEJOH $BMM #JMM BU 46..*5 1"3"(-*%*/( 4$)00- o "U $PQQFS .PVO UDIBOHHMJEFS!DIBSUFSNJ OFU :PVS 64" $BOBEB .PT UBJO 3FTPSU :PV SF B 1 OPX XIBU .PVOUBJO UIFS )"8"** RVJUP EJTUSJCVUPS XXX NPTRVJUPBNFSJDB DPN NBM n ZJOH DMJOJDT -BVODI JT BU 64" JNQPSU FS GPS 8JOHT PG $IBOHF 1BSBHMJEFST JOGP!TVNNJUQBSBHMJEJOH OFU XXX TVNNJUQBSBHMJEJOH OFU

'-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

'-: )"8"** o ) BXBJJ T IBOH HMJEJOH QBSBHMJEJOH QBSBNPUPSJOH TDIPPM .BVOB ,FB HVJEF TFSWJDF #JH *TMBOE )BXBJJ "DIJN )BHFNBOO XXX BJSDPUFD OFU n ZIBXBJJ IUN n ZBHMJEFS!ZBIPP DPN 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

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 '-

%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

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

)*()-"/% "&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

*/%*"/" $-06% 41035 "7*"5*0/ o 4FF $MPVE JO .JDIJHBO

."*/&

."3:-"/%

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

/&7"%" )".*-50/ '-*()5 53"*/*/( 4:45&. o ' PS 5SJLF 6MUSBMJHIU 4QPSU 1JMPUT 1BVM )BNJMUPO /"'* &"" 6'* & "4$ 646" "'* $BMM XXX 4QPSU 1JMPU 5SBJOJOH DPN

/&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 '-: )*() */$ 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


0)*0

8*4$0/4*/

$-06% 41035 "7*"5*0/ 4FF $MPVE JO .JDIJHBO

'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 16&350 3*$0 UIF USBWFMJOH IBOH HMJEFS QJMPU SFOUBM FRVJQNFOU JT BWBJM '-: 16&350 3*$0 8*5) 5&". 41*3*5 )( o 'MZJOH BCMF 8IJUFXBUFS 8JTDPOTJO IPNF PG UIF 8IJUFXBUFS UPVST SFOUBMT UBOEFNT )( BOE 1( DMBTTFT ) BOE )BOH (MJEJOH $MVC 'SFFn JHIU!DIBSUFS 1 JOUFOTJWF /PWJDF DPVSTFT GVMM TBMFT OFU 'SFFn JHIU"WJBUJPOT DPN UTIH!DPRVJ OFU 3"7&/ )"/( (-*%*/( */$ o /PX CPPLJOH SFTFSWB UJPOT GPS USBJOJOH IJMM BOE UBOEFN BFSPUPX MFTTPOT BU UXP 5&//&44&& MPDBUJPOT XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN -00,065 .06/5"*/ '-*()5 1"3, o +VTU PVUTJEF IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT $IBUUBOPPHB #FDPNF B DPNQMFUF QJMPU GPPU MBVODI BFSPUPX NPVOUBJO MBVODI SJEHF TPBS UIFSNBM TPBS 8:0.*/( IBOHMJEF DPN IBOHMJEF +"$,40/ )0-& 1"3"(-*%*/( o " QFSGFDU n ZJOH 5 " . 410354 o 5BOEFNT 4BJM SFQBJS o $PNF n Z EBZ -BVODI UIF +BDLTPO )PMF .PVOUBJO 3FTPSU "FSJBM GSPN UIF XPSME GBNPVT SBEJBM SBNQ 5SBN JO UIF NPSOJOH UPX BU UIF 1BMJTBEFT 3FTFSWPJS XXX IBOHHMJEFUFOOFTTFF DPN XXX USFFUPQQFST PSH JO UIF BGUFSOPPO $POUBDU TDIBSSJT!XZPNJOH DPN 5&//&44&& 53&& 5011&34 o $MVC JO "NFSJDB XXX KIQBSBHMJEJOH DPN 53". )PNF PG UIF XPSME GBNPVT 3BEJBM 3BNQ HSFBU 9$ FBTZ MBVODI IVHF -; +VTU OPSUI PG $IBUUBOPPHB XXX USFFUPQQFST PSH

*/5&3/"5*0/"-

'-:.&9*$0 o 7BMMF EF #SBWP BOE CFZPOE XXX n ZNFYJDP DPN 8JOUFS JO BOE PVU PO 4VO 5&9"4 EBZ 1( )( %JTDPVOUT GPS SFUVSOJOH DMJFOUT PUIFS EJTDPVOUT "645*/ "*3 410354 o ) BOH HMJEJOH BOE VMUSB BWBJMBCMF 1( )( X HMJEFS JODMVEFE -PEHJOH BU MJHIU TBMFT TFSWJDF BOE JOTUSVDUJPO 4UFWF #VSOT B (SBOE )PUFM PS IPVTFT HP n ZJOH FWFSZ TUJOLJO EBZ TCVSOT!BVTUJOBJSTQPSUT DPN 'SFE #VSOT BVTUJOBJS!BPM DPN &.1-0:.&/5 888 "645*/"*3410354 $0. )( #0"5 '03 4"-& o 5VSOLFZ PQFSBUJPO "MTP )( PS (0 )"/( (-*%*/( o +FGG )VOU "VTUJO QI GBY 1( QJMPU XBOUFE 1PTJUJPOT CPBU ESJWF QSFGFS JOUFSNFEJ KFGG!n ZUFYBT DPN XXX n ZUFYBT DPN BUF SBUJOH PS UBOEFN QJMPU GPS UPX PQFSBUJPO IUUQ IPNF FBSUIMJOL OFU _BJSNUO 59 '-:410354 o 4QFDJBMJ[JOH JO QPXFSFE QBSBHMJE JOH DFSUJm FE JOTUSVDUJPO 4LZ $SVTJFS BOE PUIFS HSFBU /035) 8*/( %&4*(/ o JT BDDFQUJOH BQQMJDBUJPOT GPS NFU QQH T 6 4 JNQPSUFS PG .BD1BSB 5FDIOPMPHZ QBSBHMJEFST BM TIPQ XJOH BOE USJLF BJSGSBNF NFDIBOJD "MTP BDDFQUJOH BQ .VTF &EFO *OUPY 1BTIB )PVTUPO QMJDBUJPOT GPS TBJM NBLFS BOE TFXJOH NBDIJOF PQFSBUPS 4FOE XXX NBDQBSB64" DPN BQQMJDBUJPO UP "JSQPSU 8BZ & 8FOBUDIFF 8" PS 'BY XXX OPSUIXJOH 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 #-6& 4,: o 'VMM UJNF JOTUSVDUJPO BU #MVF 4LZ 'MJHIU IBUT XJUI TIBSQ IBOH HMJEFS BSUXPSL 3BWFO 8JMMT 555 1BSL OFBS 3JDINPOE 4DPPUFS QMBUGPSN BOE BFSPUPXJOH BOE PUIFS CSBOET XXX IBOHHMJEJOH BWBJMBCMF "MM NBKPS CSBOET PG FRVJQNFOU XJUI .PTRVJUPT DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN BOE %PPEMFCVHT JO TUPDL 4UFWF 8FOEU SBWFO TQPSUT XXX CMVFTLZIH DPN '03 "-- :063 '-:*/( /&&%4 o $IFDL PVU UIF "WJB 4*-7&3 8*/(4 */$ o $ FSUJm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m DF XXX QBSBHMJEJOH VT

(-*%&3#"(4 o 9$ )FBWZ XBUFSQSPPG "DDFT TPSJFT MPX QSJDFT GBTU EFMJWFSZ (VOOJTPO (MJEFST $PVOUZ 3PBE (VOOJTPO $0 PSEFST .*/* 7"3*0 o 8PSME T TNBMMFTU TJNQMFTU WBSJP $MJQT UP IFMNFU PS DIJOTUSBQ IPVST PO CBUUFSJFT GU GBTU SFTQPOTF BOE ZFBS XBSSBOUZ 0/-: .BMMFUUFD 10 #PY 4BOUB "OB $" .$ 7JTB BDDFQUFE XXX NBMMFUUFD DPN 09:(&/ 4:45&.4 o 5IF XPSME DMBTT 9$3 PQFSBUFT VQ UP IPVST ! GFFU BOE XFJHIT POMZ MCT $PN QMFUF LJU XJUI DZMJOEFS IBSOFTT SFHVMBUPS DBOOVMB BOE SFNPUF PO PGG n PXNFUFS POMZ 3*4*/( "*3 (-*%&3 3&1"*3 4&37*$&4 o " GVMM TFSWJDF TIPQ TQFDJBMJ[JOH JO BMM UZQFT PG QBSBHMJEJOH SFQBJST BOOVBM JOTQFDUJPOT SFTFSWF SFQBDLT IBSOFTT SFQBJST )BOH HMJEJOH SFTFSWF SFQBDLT BOE SFQBJS 'PS JOGPSNB UJPO PS SFQBJS FTUJNBUF DBMM QSJDJOH BOE TFSWJDF SFRVFTU GPSN BWBJMBCMF BU XXX SJTJOHBJS CJ[ CJMMB!BUDOFU OFU 5"/%&. -"/%*/( (&"3 o 3BTDBM CSBOE CZ 3B WFO 4JNQMZ UIF CFTU /FX VTFE XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT 8"3. '-*()5 46*54 "5 .1)410354 $0. o 'MJHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT NQITQPSUT!DPNDBTU OFU 8)&&-4 '03 "*3'0*- #"4&56#&4 o 8 )004) 8IFFMT 1BUFOU 1FOEJOH .PZFT "JSCPSOF 8JMMT 8JOH DPNQBUJCMF %FBMFS JORVJSJFT JOWJUFE XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT 8*/%40,4 '30. )"8, "*3410354 */$ o $PSCJO -BLF 3E 3VUMFEHF 5/ 8PSME GBNPVT 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 UIBU 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

"VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


40"3*/( o .POUIMZ NBHB[JOF PG 5IF 4PBSJOH 4PDJFUZ PG "NFSJDB *OD $PWFST BMM BTQFDUT PG TPBSJOH n JHIU 'VMM NFNCFSTIJQ 44" 10 #PY )PCCT /. TTB PSH

7*%&04 %7%4 %7%4 7*%&04 #00,4 o 1BSBHMJEFS 1PXFSFE 1BSBHMJE FS )BOH (MJEFS 6MUSBMJHIU 4QPSU 1JMPUT 1BVM )BNJMUPO "EWFOUVSF 1SPEVDUJPOT $BMM GPS '3&& DBUBMPH XXX "1 4UPSF DPN 7*%&04 '30. 64)(" o 8 88 64)(" 03( /&8 163" 7*%" '-:*/( o #Z (8 .FBEPXT 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

UIF PGm DF /P SFGVOET XJMM CF HJWFO PO BET DBODFMMFE UIBU BSF TDIFEVMFE UP SVO NVMUJQMF NPOUIT 'BY

450-&/ 8*/(4 5)*/(4 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 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

/&8 3*4, 3&8"3% o #Z +FGG (PJO 5IJT NJO %7% FYQPTFT UIF SJTLT BOE SFXBSET PG QPXFSFE QBSBHMJE JOH JO B GVO BDUJPO QBDLFE BEWFOUVSF :PV PXF ZPVSTFMG UIJT JOTJEF MPPL UIBU DPVME FBTJMZ TBWF ZPVS MJGF 5ISFF ZFBST JO UIF NBLJOH 3JTL 3FXBSE HBUIFST XJTEPN GSPN B MPOH MJTU PG JOTUSVDUPST 4QFDUBDVMBS WJEFP GSPN BSPVOE UIF XPSME TIFET MJHIU PO FTTFOUJBM DPODFQUT XJUI DMBSJUZ BOE SFBMJTN 0SEFS ZPVST BU XXX VTIHB PSH TUPSF

.*4$&--"/&064 i"&30#"5*$4w 1045&3 o 'VMM DPMPS wY w QPTUFS GFBUVSJOH +PIO )FJOFZ EPJOH XIBU IF EPFT CFTU -001*/( 4FF XXX VTIHB PSH VOEFS TUPSF NJTD GPS FYBNQMF "WBJMBCMF UISPVHI 64 (" )2 GPS KVTU 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 %7%4 7*%&04 #00,4 1045&34 o $IFDL PVU PVS 8FC TUPSF BU XXX VTIHB PSH

$-"44*'*&% "%7&35*4*/( 3"5&4 5IF SBUF GPS DMBT TJm FE BEWFSUJTJOH JT GPS XPSET BOE QFS XPSE BGUFS .*/*.6. "% $)"3(& 1IPOF OVNCFS XPSET &NBJM PS 8FC BEESFTT XPSET "% %&"%-*/&4 "MM BE DPQZ JOTUSVDUJPOT DIBOHFT BEEJ UJPOT BOE DBODFMMBUJPOT NVTU CF SFDFJWFE JO XSJUJOH NPOUIT QSFDFEJOH UIF DPWFS EBUF J F 4FQUFNCFS UI JT UIF EFBEMJOF GPS UIF /PWFNCFS JTTVF "-- $-"44* '*&%4 "3& 13&1"*% *G QBZJOH CZ DIFDL QMFBTF JODMVEF UIF GPMMPXJOH XJUI ZPVS QBZNFOU OBNF BEESFTT QIPOF DBUFHPSZ IPX NBOZ NPOUIT ZPV XBOU UIF BE UP SVO BOE UIF DMBTTJm FE BE 1MFBTF NBLF DIFDLT QBZBCMF UP 64) (" 1 0 #PY $PMPSBEP 4QSJOHT $0 *G QBZJOH XJUI DSFEJU DBSE ZPV NBZ FNBJM UIF QSFWJPVT JOGPSNBUJPO BOE DMBTTJm FE UP VTIHB!VTIHB PSH 'PS TBGFUZ SFBTPO QMFBTF DBMM ZPVS 7JTB .$ PS "NFY JOGP UP "VHVTU )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP (FPSHF 4UFJONFU[

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


45 1"6- .*// o 3FNFNCFS UIF i 'SFODI DPOOFD NPWFNFOU JT EPOF MJLF B IBSOFTT [JQ VQ BDUJPO VTJOH DPSET PO UJPOw )PX BCPVU B iTQFFE SBJM w "O BMVNJOVN SBJM TZTUFN UIF n PPS CFUXFFO ZPVS MFHT " #34 QBSBDIVUF IBOEMF JT BMTP IVOH TUSBUFHJDBMMZ GSPN UIF LFFM XBT VTFE UP TVTQFOE ZPVS QPTJUJPOFE GPS FBTF PG VTF BOE JODPSQPSBUFT BO FOHJOF TIVUPĊ IBSOFTT TVDI UIBU JU TJNVMBUFE CFJOH BUUBDIFE BCPWF UIF LFFM GFBUVSF BT QBSU PG UIF EFQMPZNFOU BDUJPO ɩ F SPDLFU EFQMPZFE FOIBODJOH IBOEMJOH RVBMJUJFT )BOH HMJEJOH EFTJHOFST MFGU UIF QBSBDIVUF JT IJEEFO JOTJEF UIF CPEZ ɩ F FOHJOF JT OP MPOHFS TQFFE SBJM BOE JUT DMVOLZ DPNQMFYJUZ GPS NPSF TPQIJTUJDBUFE TVQQPSUFE CZ B IFBWZ BOE DPTUMZ XFMENFOU CVU SBUIFS JT CPMUFE EFTJHOT UIBU IBOEMFE FWFO CFUUFS #VU GPS B XIJMF UIF TQFFE SBJM UP BO FOHJOF CVMLIFBE NBEF PG DBSCPO m CFS &OHJOF DPPMJOH XBT BMM UIF SBHF 8IZ UBML BCPVU UIJT JO ttt :FTUFSEBZ MPPLT NVDI JNQSPWFE JNQPSUBOU TJODF UIF FOHJOF JT DPN * TUPQQFE JO UP WJTJU 4FBHVMM "FSPTQPSUT UIF EFWFMPQFS PG UIF QMFUFMZ CVSJFE GSPN WJFX ɩ PVHI TFWFSBM TNBMM DPNQPOFOUT MPOH BXBJUFE &TDBQF 1PE BOE 1PE 3BDFS 1SPQSJFUPS .JDIBFM SFNBJO .JDIBFM BOE +FSFNZ BSF DPOm EFOU UIFZ MM CF n ZJOH 3JHHT BOE IJT MPZBM FOHJOFFSJOH BTTJTUBOU +FSFNZ TIPXFE CZ UIF UJNF PG UIJT ZFBS T 0TILPTI FWFOU EVSJOH UIF WFSZ MBTU NF BSPVOE UIF 1PE 0OF PG NBOZ JOUSJHVJOH IBSEXBSF XFFL PG +VMZ ttt 8JUI BMM JUT TPQIJTUJDBUJPO &TDBQF 1PE BOE EFWJDFT * TBX XBT B WFSTJPO PG UIF 'SFODI DPOOFDUJPO ɩ F 1PE 3BDFS PĊ FS UIF IJHI FOE PG GFBUVSFT BOE QSJDF &TDBQF 1PE EFTFSWFT B OBNF CFDBVTF UIJT JT B DPNQMFUFMZ SFEF 1PE XJUIPVU XJOH MJTUT GPS " QSJDF IBTO U CFFO TFU GPS TJHOFE USJLF DBSSJBHF GSPN UIF QSPPG PG DPODFQU WFSTJPO TFFO UIF VOQPXFSFE 1PE 3BDFS i'PS FNQMPZJOH B /PSUI BU UIF CJH 0TILPTI BJSTIPX MBTU ZFBS .JLF IBE UPME NF JU 8JOH 1BDFS w .JLF TBJE iZPV DBO IBWF B DPNQMFUF BJSDSBGU XBT RVJUF EJĊ FSFOU CVU * m HVSFE IF NFBOU JO NZSJBE EFUBJM XJUI QFSGPSNBODF w '.* n Z TFBHVMM DPN PS OPSUIXJOH XBZT UIBU B CVZFS XPVME IBSEMZ OPUJDF * XBT XSPOH ɩ JT JT DPN ttt * DBMM &TDBQF 1PE B QPPS NBO T NPUPSHMJEFS CVU JU T BO BMM OFX SJH CFUUFS JO OVNFSPVT XBZT *U T MJHIUFS UIF TUJMM HSBOE BOE UIBU T CFGPSF BOZ FMFDUSPOJD n JHIU JOTUSV CBTJD QPE CPEZ POMZ XFJHIT QPVOET JO BMM DBSCPO m CFS JU T NFOUT 8IBU JG ZPV XBOU UP IBOH HMJEF XJUI QPXFS GPS B MPU TUSPOHFS BOE JU T NPSF FMFHBOUMZ EFTJHOFE UISPVHIPVU .BOZ MFTT JOWFTUNFOU "I UIBU T XIFSF QPXFSFE IBSOFTTFT DPNF JO DPNQPOFOU QBSUT OPX EP EPVCMF EVUZ TJNQMJGZJOH UIF PWFS BOE XF IBWF B OFX FOUSZ PO UIF NBSLFU *U T UIF 9 1PXFSFE BMM DSFBUJPO -PUT PG GPMLT IBWF BTLFE NF XIBU UIF EFMBZ )BSOFTT CSPVHIU UP NZ BUUFOUJPO CZ UFTU QJMPU #SVDF %FDLFS JT BMM BCPVU o TJODF * WF QSPNPUFE UIF TPBSJOH USJLF DPODFQU CEFDLFS!T DPN 9 XBT EFWFMPQFE CZ ,FO 0TBHF BOE BOE JOn VFODFE 3JHHT T EFDJTJPO UP HP GPSXBSE * XBT VOBCMF %BWF -JUUMF XIP PQFSBUF )JEEFO .PVOUBJO 'MJHIU ɩ F EVP UP BOTXFS CFGPSF ZFTUFSEBZ T WJTJU /PX * VOEFSTUBOE * N SFQSFTFOUFE PUIFS QPXFSFE IBSOFTT QSPEVDUT CVU GPVOE UIFZ TUJMM BOYJPVT GPS UIF 1PET UP n Z CVU * IBWF UP DVU .JLF BOE EJEO U XPSL XFMM JO $PMPSBEP T UIJO BJS #SVDF XSPUF i8F WF +FSFNZ TPNF TMBDL UP BMMPX GPS UIF NBKPS SFXPSL UIFZ EJE ttt CFFO RVJFUMZ XPSLJOH PO B OFYU HFOFSBUJPO 64" CVJMU QPXFS 3FHBSEJOH UIF 'SFODI DPOOFDUJPO JOTUFBE PG DMBNQJOH UP UIF IBSOFTT DBMMFE UIF 9 8F IBWF DPNQMFUFE BMM UFTUT BOE OPX LFFM MJLF BMM PUIFS USJLFT EP 4FBHVMM VTFT B HJNCBMMFE TVTQFO IBWF B GFX QSPEVDUJPO VOJUT CVJMU ɩ F 9 JT CBTFE PO B OFXFS TJPO TZTUFN UIBU QVUT UXP IPMFT UPQ UP CPUUPN UISPVHI UIF DD FOHJOF UFDIOPMPHZ UIBU PGGFST NPSF QPXFS BOE UISVTU LFFM /JDFMZ GPSNFE BOE m OJTIFE IBSEXBSF DPOOFDU XJOH WJB .PSF JOGPSNBUJPO JT BWBJMBCMF BU PVS 8FC TJUF w #SVDF IBT TJOHMF NBTU DPOTUSVDUJPO UP UIF DBSSJBHF 1PE IBT OP WJTJCJMJUZ DSFBUFE B WJEFP SPPN PO UIF TJUF UIBU JODMVEFT TPNF GPPUBHF PCTUSVDUJOH GPSXBSE TVQQPSU UVCF MJLF NPTU USJLFT "O JO PG #SVDF T NTM n JHIU UFTUT ɩ F TJUF UFMMT PG MBVODIJOH n JHIU USJN TZTUFN JT DPNQMFUFMZ EJĊ FSFOU GSPN BOZUIJOH VTFE JO MJHIU XJOET JO ¡ IFBU JO $PMPSBEP *O TUFQT #SVDF FMTFXIFSF JO USJLF EFTJHO "O FMFDUSJD NPUPS NPWFT BO BD XBT BJSCPSOF BOE DMJNCJOH BU GQN 0UIFS QPXFSFE IBS UVBUPS UIBU QIZTJDBMMZ DIBOHFT UIF IBOH QPJOU PG DBSSJBHF UP OFTTFT IBWF GBWPSFE UIF 4XFEJTI 3BEOF DD FOHJOF CVU 9 XJOH JO B NBOOFS GBS DMFBOFS UIBO TZTUFNT XIJDI MJGU PS MPXFS TXJUDIFT UP BO *UBMJBO 7JUUPSB[J XIJDI iXIJMF TMJHIUMZ IFBWJFS UIF USBJMJOH FEHF WJB SFn FY MJOFT ɩ F A &TDBQF 1PE IBT QSPEVDFT NPSF IPSTFQPXFS BOE UISVTU w TBJE UIF EFWFMPQFST B OFX DBOPQZ USFBUNFOU UIBU NBLFT FOUSZ B DJODI ɩ F OFX ɩ F 7JUUPSB[J FOHJOF BMTP PĊ FST B DIPJDF PG NBOVBM TUBSUJOH DBOPQZ o XIJDI DPNQMFUFMZ FODMPTFT UIF QJMPU o OPX IJOHFT BU FMFDUSJD TUBSUJOH PS B DPNCP FMFDUSJD NBOVBM PQFSBUJPO ɩ F UIF GSPOU DFOUFS ɩ F DPOUSPM CBS FYJUT UIF QPE UISPVHI B GPPU PWFSBMM TFUVQ PG UIF 9 JT UZQJDBM PG QPXFSFE IBSOFTTFT XJUI XJEF PQFOJOH PO FJUIFS TJEF PG UIF DBOPQZ BOE UIJT PQFOJOH JT UIF FOHJOF BU UIF FOE PG UIF QJMPU T DPDPPO BOE UXP SFUSBDUBCMF DPWFSFE XJUI OFPQSFOF UIBU T TMJU EPXO UIF DFOUFS GSPN GSPOU iHFBS MFHTw UIBU LFFQ UIF TQJOOJOH QSPQ PVU PG UIF EJSU :PV UP SFBS 'PS NPTU n ZJOH ZPV MM LFFQ ZPVS IBOET JOTJEF UIF QPE FOUFS UIF IBSOFTT i KBDLFU TUZMF w 9 TFMMT GPS iGVMMZ #VU XIFO MBOEJOH JO XJOEZ DPOEJUJPOT ZPV DBO NPWF ZPVS MPBEFEw XJUI B GPMEJOH UXP CMBEF QSPQ '.* IJEEFONU DPN IBOET PVUTJEF UIF QPE OFPQSFOF QFSJNFUFS UP HFU GBTUFS SF ttt 4P HPU OFXT PS PQJOJPOT 4FOE AFN UP %PSTFU 4U 1BVM F HFBS SFUSBDU TZTUFN MPPLT TJNQMF BOE XPSLBCMF ./ .FTTBHFT PS GBY UP &NBJM UP TQPOTF ɩ (FBS BDUVBUJPO XJMM CF GBNJMJBS UP IBOH HMJEFS QJMPUT BT UIF %BO!#Z%BO+PIOTPO DPN 5)"/,4

"VHVTU )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


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.