USHGA Hang Gliding & Paragliding Vol35/Iss10 October 2005

7PMVNF *TTVF 0DUPCFS

" 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 ded!!

Walkerjet RR only671bs

Second quietest motor at Salton Sea than any ket

Comfort bar revent laceplant an harness open dur, 1 making it the most com able unit on earth elow you make fast land' s a breeze. provide safety ~ o",' crumple zones and you don't have to sit in the mud to hook in

Travel bags included!!I

I

I

WALKERJ~T

Totally Awesome Flying Sports ·:.c,.-.,.-., .\. lk, r ,,: , , · · 1nfo@walkeqet.co111

I· ,, 1· 1 Ir ,· )'-, ;;.-,

+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 %BO +PIOTPO 3PC ,FMMT %FOOJT 1BHFO 4UBGG BSUJTU 5IBZFS )VHIFT 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

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP ªVMSJDIHSJMM DPN

)"/( (-*%*/( 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

6ST -ÚUTDIFS UBLJOH PGG BCPWF UIF DMPVET EVSJOH UIF XFBUIFS DIBMMFOHFE 3FE #VMM 9 "MQT

%&1"35.&/54 &EJUPS T $PSOFS 1JMPU #SJFm OHT /FXT BOE &WFOUT "JS .BJM 3FBEFST 8SJUF *O 64)("

-&"7*/( " 5)&3."- 1"35 '*/%*/( 5)& /&95 1"35: *O MBTU .BZ T JTTVF %FOOJT 1BHFO UBVHIU VT TPNF UJNJOH USJDLT GPS MFBWJOH UIFSNBMT *O UIJT BSUJDMF IF QSPWJEFT HVJEBODF GPS XIBU UP EP PODF ZPV WF EFDJEFE JU T UJNF UP NPWF PO CZ %FOOJT 1BHFO

1( "DDJEFOU 3FQPSUT 1SPEVDU 3FWJFXT %7% 3FWJFX &BTU 8JOE #MVFZF /PO (PHHMFT $PNQ $PSOFS

&"4: 3*%&34 3"(*/( #6--4 63#"/*5: "/% 5)& 563,*4) 1"3"(-*%*/( &91&3*&/$&

.BTUFS T 5JQT

" /FX :PSL $JUZ QBSBHMJEFS QJMPU m OET FYDJUJOH n ZJOH BOE FYPUJD FYQFSJFODFT JO 0MVEFOJ[ 5VSLFZ

/FX 3BUJOHT

CZ /JFMT %BDIMFS

(BMMFSZ $BMFOEBS

" 48&-- 53*1 */ 65")

$MBTTJm FET

" HSPVQ PG BEWFOUVSPVT IBOH HMJEFS QJMPUT BSNFE XJUI XJOHT DBNFSBT BOE B UPX SJH m OBMMZ BDIJFWF o BOE EPDVNFOU o UIFJS ESFBN PG n ZJOH TPNF TQFDUBDVMBSMZ TDFOJD DMJĊ T JO 6UBI

1SPEVDU -JOFT #Z %BO +PIOTPO

#Z "MFY .D$VMMPDI

.BSLFUQMBDF

*OEFY UP "EWFSUJTFST

#*( 8)&&-4 4530/( .&/5034 "/% %&4*3& " 3FE #VMM 9 "MQT QJMPU TBWPST B m OBM n JHIU CFGPSF MBOEJOH BU HPBM JO .POUF $BSMP

1IPUP ª4UFGBO 3JCJUTDI 3FE #VMM

.POBDP

3&.*/*4$*/( 0/ -&"3/*/( 50 '-: */ 5)& A 4 " MPOH UJNF IBOH HMJEFS QJMPU SFDBMMT IPX IJT CVSOJOH EFTJSF UP n Z PWFSDBNF TPNF GPSNJEBCMF USBJOJOH DIBMMFOHFT BOE SFn FDUT PO UIF WBMVF PG TUSPOH NFOUPSTIJQ #Z 3JDIBSE (MFOO 1FX

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

5)& 3"7&/ " /PSUIXFTU QJMPU FOKPZT n ZJOH XJUI o PS KVTU PCTFSWJOH o UIJT CJSE XJUI BU UJUVEF BOE NBHOJm DFOU n ZJOH TLJMMT

1IPUP 5SZH )PGG

#Z 4UFWF .FTTNBO

ǾBMMFSZ

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP $ISJT "NPOTPO

$ + 4UVSUFWBOU

"T * XSJUF UIJT DPMVNO PO -BCPS %BZ XFFL FOE ZPV WF QSPCBCMZ KVTU SFDFJWFE ZPVS 4FQUFNCFS JTTVF 8IBU B EJTBQQPJOUNFOU UP IBWF UIF NBJM JOH MBCFM QBTUFE PWFS QJMPU +PIO )FJOFZ T GBDF 8IJMF +PIO TFOU NF B HSBDJPVT BOE IVNPSPVT SFTQPOTF UP NZ FNBJMFE BQPMPHZ UP IJN TUJMM XF BSF BMM EJTBQQPJOUFE UP IBWF TVDI B TQFDUBDVMBS QIPUP TQPJMFE CZ UIBU DBSFMFTT MBCFM QMBDFNFOU ɩ F QVCMJDBUJPO TUBĊ PG UIJT NBHB[JOF DPOUJOVFT UP FY QMPSF PQUJPOT GPS QSFWFOUJOH UIJT GSPN PDDVSSJOH BHBJO CVU UIFSF JTO U BO FBTZ PCWJPVT TPMVUJPO " QFFM PĊ MBCFM XPVME CF JEFBM CVU PVS QSJOUFS EPFT OPU PĊ FS UIBU PQUJPO 1PMZ CBHHJOH UIF NBHB[JOF XPVME BEE BCPVU B NPOUI UP QSPEVDUJPO DPTUT UIBU T OFBSMZ B ZFBS BOE EVTU DPWFST BSF KVTU BT FYQFOTJWF 8F WF BWPJEFE QSJOU JOH B XIJUF CMPDL PO UIF DPWFS GPS BO JOL KFU MBCFM CFDBVTF * LOPX TPNF PG ZPV DBSFGVMMZ SFNPWF UIF MBCFM BOE ZPV XPVME OPU IBWF UIBU PQUJPO JG UIF BEESFTT XFSF QSJOUFE SJHIU PO UIF DPWFS 1MFBTF CFMJFWF UIBU XF VOEFSTUBOE BOE TIBSF ZPVS GSVT USBUJPOT BOE UIBU XF SF TFFLJOH B TPMVUJPO UIBU m UT PVS OFFET BOE PVS CVEHFU :PV WF QSPCBCMZ OPUJDFE UIBU XF WF CFFO XPSL JOH XJUI B QIPUP UIFNF GPS SFDFOU JTTVFT PG UIF NBHB[JOF 8F E JOUFOEFE 0DUPCFS T UIFNF UP CF iGBMM DPMPST w CVU 3JDIBSE 6IMIPSO T BNB[ JOH QIPUP TFRVFODF PG 3BMQI 4FOUFS T EBODF XJUI UIF EVTU EFWJM PO $IFMBO #VUUF XBT UPP HPPE UP QBTT VQ 3JDIBSE XIP T CFFO QIPUPHSBQIJOH UIF n ZJOH GSPN UIF CVUUF GPS NPSF UIBO B EP[FO ZFBST IBE QPTJUJPOFE IJNTFMG BU UIF CFTU WBOUBHF TQPU UP DBQUVSF 3BMQI T MBVODI *OTUFBE IF XBT BCMF UP TIPPU UIJT NPOUI T HBMMFSZ TFRVFODF DFSUBJOMZ UIF CFTU TFSJFT PG TUJMM QIPUPT PG EVTU EFWJM BDUJPO UIBU * WF FWFS TFFO 8F MM EP UIF GBMM DPMPST UIFNF OFYU ZFBS o JG ZPV IBWF BOZ QIPUPT ZPV E MJLF VT UP DPOTJEFS QMFBTF TFOE UIFN JO BOE XF MM m MF UIFN GPS 0DUPCFS 3FHJPOBM EJSFDUPS FMFDUJPOT BSF DPNJOH VQ BOE UIF CJPT BOE QMBUGPSNT PG UIF DBOEJEBUFT BSF JO UIJT JTTVF :PVS SFHJPOBM EJSFDUPST BUUFOE UIF 64)(" CPBSE NFFUJOHT UXJDF B ZFBS UP SFQSF TFOU ZPVS WJFXT BOE NBLF LOPXO UIF OFFET PG ZPVS n ZJOH DPNNVOJUZ ɩ F GBMM #0% NFFUJOH JT 0DUPCFS JO 3PDIFTUFS /FX :PSL JG ZPV XPVME MJLF BOZUIJOH CSPVHIU UP UIF BUUFOUJPO PG ZPVS PSHBOJ[BUJPO DPOUBDU ZPVS SFHJPOBM EJSFDUPS CFGPSF UIBU NFFUJOH *G ZPV SF JO UIF BSFB ZPV BSF NPTU XFMDPNF UP BUUFOE UIF NFFUJOH ZPVSTFMG &EVDBUJOH QJMPUT JT POF PG UIF QSJNBSZ HPBMT PG UIJT NBHB[JOF 3PC ,FMMT T .BTUFS T 5JQT DPMVNO PO MBOEJOH B IBOH HMJEFS JODMVEFT TPNF JOGPSNBUJPO PO TBGFMZ VTJOH B ESPHVF DIVUF ɩ F QBSBHMJEJOH "DDJEFOU 3FQPSU SFNJOET QJMPUT UIBU FYUSB WJHJMBODF JT OFFEFE XIFO XPSLJOH PO OFX TLJMMT PS QVTIJOH POF T QFSTPOBM FOWFMPQF

%FOOJT 1BHFO QSFTFOUT UIFSNBMJOH UJQT UIBU BSF SFMFWBOU UP BMM TPBSJOH QJMPUT JO UIF TFDPOE QBSU PG IJT i-FBWJOH B ɩ FSNBMw TFSJFT ɩ F 1SPEVDU 3FWJFX DPMVNOT UIJT NPOUI TUFFS ZPV UPXBSET DPPM MPPLJOH TUBUF PG UIF BSU FZFXFBS BOE B %7% UIBU QPSUSBZT UIF BEWFOUVSPVT n ZJOH MJGFTUZMF XF E BMM MPWF UP CF BCMF UP QVSTVF 1PUFOUJBM NFFU PSHBOJ[FST XJMM m OE JO UIF $PNQ $PSOFS B DBMM GPS TBODUJPO BQQMJDBUJPOT GPS FWFOUT "MM JOGPSNBUJPO OFFET UP CF TVC NJUUFE UP UIF $PNQFUJUJPO DPNNJUUFF CFGPSF UIJT NPOUI T #0% NFFUJOH "MTP JO UIF $PNQ $PSOFS BSF UISFF BSUJDMFT UIBU BSF XPSUIXIJMF SFBEJOH BOE OPU KVTU GPS UIF DPNQFUJUJPO NJOEFE 1FUF -FINBOO T TPNFXIBU &FZPSF JTI BDDPVOU PG UIF 3FHJPO 3FHJPOBMT EFUBJMT TPNF TQFDUBDVMBS n JHIUT UIBU XFSF NBEF JO TQJUF PG BOPUIFS &BTU $PBTU TQSJOH XJUI EJTNBM n ZJOH DPOEJUJPOT 0O UIF PUIFS TJEF PG UIF DPVOUSZ #PC 3JOLFS T 5JHFS .PVOUBJO 9$ $PNQ BMTP TVĊ FSFE GSPN HMPPNZ XFBUIFS CVU QBSUJDJQBOUT BOE PSHBOJ[FST EFDMBSFE UIBU FWFOU B TVDDFTT GPS SFBTPOT PUIFS UIBO UIF n Z JOH %BSSFO %BSTFZ B SFMBUJWFMZ OFX IBOH HMJEFS QJMPU TVSQSJTFE IJNTFMG XJUI B WFSZ TVDDFTTGVM m OJTI JO IJT m STU DPNQFUJUJPO UIF $IFMBO 9$ $MBTTJD IFME UIF XFFL CFGPSF UIF EVTU EFWJM FWFOU %BSSFO T HPBM XBT UP MFBSO GSPN UIF FYQFSUT BOE JNQSPWF IJT TLJMMT BOE IF TIBSFT IJT OFXGPVOE LOPXMFEHF JO IJT i4P ɩ FSF * 8BTyw BSUJDMF /JFMT %BDIMFS UBLFT VT UP 5VSLFZ JO UIF 5SBWFM TFDUJPO XJUI IJT BDDPVOU PG B QBSBHMJEJOH BEWFO UVSF JO B TQFDUBDVMBS TFUUJOH 3JDIBSE 1FX OPX B CJXJOHVBM QJMPU GSPN $BMJGPSOJB SFNJOJTDFT PO MFBSOJOH UP IBOH HMJEF CBDL FBTU JO UIF FBSMZ T "OE 4UFWF .FTTNBO FOUFSUBJOT VT XJUI B UBMF PG IJT FODPVOUFST XJUI B GBNJMJBS n ZJOH DPN QBOJPO 3BWFO &WFSZ NPOUI BT * TJGU UISPVHI UIF TUPSJFT BOE BSUJDMFT ZPV WF TVCNJUUFE GPS JODMVTJPO JO UIF NBHB[JOF * m OE NZTFMG JO B RVBOEBSZ XIBU HPFT JO UIJT UJNF XIBU T QVU JO UIF RVFVF GPS B MBUFS FEJUJPO 3BSFMZ IBWF * SFDFJWFE B TVCNJTTJPO UIBU T OPU TVJUBCMF GPS QVCMJDBUJPO CVU TPNF BSF TUJMM MBOHVJTIJOH JO UIBU RVFVF CFDBVTF UIF BVUIPS IBT OPU QSPWJEFE QIPUPT BOE * WF OPU CFFO BCMF UP QSPDVSF BOZUIJOH TVJUBCMF 'PS UIF NPTU QBSU * N IFBSJOH UIBU ZPV SF QMFBTFE XJUI UIF EJSFDUJPO UIBU UIF NBHB[JOF JT HPJOH * SFMZ PO ZPV UP QSPWJEF NF XJUI UIF NBUFSJBM UP DPOUJOVF NBLJOH UIJT UIF CFTU CJXJOHVBM QVCMJDBUJPO JO UIF GSFF n JHIU DPNNV OJUZ )BOH QJMPUT JO QBSUJDVMBS * VSHF ZPV o CFH ZPV o UP VTF ZPVS DBNFSB XIFOFWFS ZPV HP PVU UP n Z BOE UP XSJUF BCPVU ZPVS NFNPSBCMF n ZJOH SFMBUFE FYQFSJFODFT SFDFOU PS IJTUPSJDBM 1MFBTF DPOUJOVF UP TFOE ZPVS TUPSJFT BOE BSUXPSL BOE BOZ RVFTUJPOT ZPV NBZ IBWF BCPVU TVCNJTTJPOT UP NF BU FEJUPS!VTIHB PSH

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP ª"SNJO #VDISPJUIOFS 3FE #VMM

"1$0 T -BNCBEB 1MBDJOH )JHI JO 6QEBUFE 4JUF (VJEF GPS #SB[JM TQPSU BWJBUJPO JOEVTUSZ :PV DBO OPX m OE *OUFSOBUJPOBM $PNQT BOE (PJOH UIF /PX "WBJMBCMF OFX BOE VTFE QBSBHMJEJOH HFBS XJUI FBTF %JTUBODF JO +BQBO *U T BMSFBEZ BWBJMBCMF JO UIF NBJO BMPOH XJUI BVDUJPOT DMBTTJm FET JUFNT GPS # B M B [ T #SB[JMJBO IBOH HMJEJOH BTTPDJBUJPOT BT TBMF BOE XBOUFE UP CVZ USBEF JOT BOE 7FSUFT B ZPVOH XFMM BT PO UIF 8FC TJUF XXX HVJB WFOUPT 8FC TUPSFT "U UIF NPNFOU UIF TFSWJDF JT ) V O H B S J B O DPN CS MJWSP UIF TFDPOE FEJUJPO PG GSFF CVU JO UIF GVUVSF B NJOJNVN QJMPU QMBDFE UIF (VJB 7FOUPT #SBTJM DPPSEJOBUFE CZ BNPVOU XJMM CF DIBSHFE PODF UIF USBOTBD UI JO UIF MPDBM QJMPUT $BSMPT .JMMBO BOE .BVSJDF UJPOT BSF FOEFE %VUDI 0QFO $IBMPN ɩ JT OFX BOE SFWJTFE QVCMJDB ɩ F SFBMMZ OFX DPODFQU JT UIF iUSBEF JO 1JFESBIJUB UJPO JT NVDI FBTJFS UP VTF UIBO UIF QSFWJ JO w XIFSF ZPV DBO VTF ZPVS HFBS UP CBSUFS BOE UI JO UIF PVT FEJUJPO BOE IBT NBOZ NPSF TJUFT BOE GPS OFX PS VTFE FRVJQNFOU (MJEFST DBO #SB[JM 8PSME MBVODIFT EJWJEFE JOUP TUBUFT BOE SFHJPOT CF QSF JOTQFDUFE CZ BO FYQFSU UIJSE QBSUZ $IBNQJPOTIJQT PG #SB[JM BOE 4PVUI "NFSJDB ɩ F CPPL BOE IFME UJMM UIF TBMF JT m OBMJ[FE TP JU T B PO IJT -BNCBEB JT BWBJMBCMF XJUI 1PSUVHVFTF POMZ PS WFSZ TBGF FOWJSPONFOU GPS CPUI QBSUJFT :PV DBO BMTP BDDFTT *OUFSOFU UPPMT D P N Q F U J O H 1PSUVHVFTF &OHMJTI UFYU BMUIPVHI TPNF JO PSEFS UP CVJME ZPVS PXO TJUF PS BHBJOTU NPSF BSUJDMFT BSF OPU USBOTMBUFE JOUP &OHMJTI UIBO FYQFSJFODFE QJMPUT PO TQFDJBM "MM BDDFTT SPBET UP UIF MBVODIFT BSF JNQSPWF ZPVS DVSSFOU TJUF BU iQJMPU QSJDFTw MZ USJNNFE IPU HMJEFST "1$0 QJMPUT XFMM JOEJDBUFE BMPOH XJUI VTFGVM UJQT UIBU o EPNBJOT IPTUJOH 8FC EFTJHO 5SBċ D n ZJOH UIF -BNCBEB QMBDFE SE UI BOE NBLF UIF MJGF PG IBOH HMJEJOH BOE QBSB #MB[FS ZPV OBNF JU BMM JO POF QMBDF UI JO UIF )VOHBSJBO &HFS $VQ ɩ F m STU HMJEJOH QJMPUT JO TFBSDI PG HPPE XJOET *O PSEFS UP LFFQ 1BSBEFBMFS B TBGF BOE -BNCBEB EFMJWFSFE UP +BQBO XBT n PXO CZ NVDI FBTJFS 0WFS MBVODIFT JO #SB[JM GBJS CVTJOFTT FOWJSPONFOU POMZ JNQPSU :PTIJBLJ /BLBHBXB PO UIF MPOHFTU 9$ BSF DBUBMPHFE BOE UIFSF JT B CPOVT TFD FST BSF BMMPXFE UP TFMM OFX HFBS 7JTJU XXX QBSBEFBMFS DPN UP TJHO VQ n JHIU JO +BQBO JO PO IJT m STU n JHIU UJPO XJUI JOGPSNBUJPO PO UIF NBJO n ZJOH PO IJT OFX XJOH $MFBSMZ UIF -BNCBEB TJUFT JO 4PVUI "NFSJDB PVUTJEF PG #SB[JM GPS B USJBM QFSJPE *U IBT DVSSFOUMZ CFFO SBUFE "'/03 1FSGPSNBODF %)7 JT B *ODMVEFE JO UIF TFDPOE FEJUJPO PG UIF SFMFBTFE JO &OHMJTI BOE 4QBOJTI XJUI UPQ QFSGPSNFS UIBU IBT OP QSPCMFN DPN (VJB 7FOUPT #SBTJM JT B CSJFG IJTUPSZ PG 'SFODI BOE (FSNBO DPNJOH TPPO QFUJOH XJUI UIF %)7 PS $PNQ XJOHT IBOH HMJEJOH JO #SB[JM XJUI TPNF WFSZ .PSF JOGPSNBUJPO PO UIF -BNCBEB JT JOUFSFTUJOH JOGPSNBUJPO BOE DVSJPVT BWBJMBCMF BU XXX BQDPBWJBUJPO DPN GBDUT TVDI BT UIF 9$ n JHIU SFDPSET BOE UIF NPTU JNQPSUBOU DPOUFTUT XPO CZ #SB[JMJBO QJMPUT BSPVOE UIF XPSME 'MJHIU /FX 1SPEVDUT GSPN (JO (FOJF *** FYQFSUT BMTP HJWF UIFJS JNQSFTTJPOT PO )BSOFTT BOE B 5 TIJSU $VU BOE 4J[FE UIF MPDBM DPOEJUJPOT NBLJOH UIJT VOJRVF GPS 8PNFO ɩ F OFX (FOJF *** QBSBHMJEFS IBSOFTT QVCMJDBUJPO B NVTU IBWF CPPL 'JOBMMZ BO JT MJHIUFS JO XFJHIU UIBO JUT QSFEFDFTTPS JNQPSUBOU m STU BJE HVJEF JT JODMVEFE JO UIF (FOJF UIF CPPL JO 1PSUVHVFTF POMZ 5P QBHF UISPVHI UIF CPPL PS UP ** BOE JO DPSQPSBUFT QVSDIBTF 64 HP UP X XX HVJB WFOUPT BMM OFX DPN CS MJWSP PS DPOUBDU $BSMPT .JMMBO (JO 3 % HVJB WFOUPT!HVJB WFOUPT DPN CS UFDIOPM PHZ ɩ F (FOJF *** JT B DPNQBDU IBSOFTT EFTJHOFE GPS QJMPUT MPPLJOH GPS QFS GPSNBODF DPNGPSU BOE IJHIMZ QSFDJTF QJMPUJOH "OE TPNFUIJOH KVTU GPS UIF HJSMT ɩ F '-: "MFY )PGFS m STU UP HPBM PO UIF CFBDI (*/ DPUUPO BU .POBDP 5 TIJSU TQFDJBMMZ DVU 1BSBEFBMFS DPN 8FC 4JUF $BUFST GPS XPNFO BOE BWBJM UP 1JMPUT 8BOUJOH UP 5SBEF 6TFE 'MZJOH 4XJTT 1JMPU "MFY )PGFS 8JOT UIF 3FE BCMF JO TJ[FT 4 . BOE (FBS GPS /FX PS 6TFE &RVJQNFOU #VMM 9 "MQT - #MVF DPMPS POMZ *OGPSNBUJPO QSPWJEFE CZ +PTF 3PTBT +VTU B GFX OJHIUT CFGPSF IF n FX UP UIF .PSF JOGPSNBUJPO .1) 4QPSUT PXOFE BOE PQFSBUFE CFBDI JO .POBDP BOE UP WJDUPSZ SBDF PO BMM (JO QSPEVDUT JT BWBJMBCMF BU CZ .JLF )BMFZ BOE +PTF 3PTBT SFDFOUMZ XJOOFS "MFY )PGFS TQFOU B MPOH DPME BOE XXX HJOHMJEFST DPN SFMFBTFE B OFX F DPNNFSDF TZTUFN DPN XFU OJHIU IJHI JO UIF "MQT XSBQQFE POMZ CJOJOH UIF NPTU QPQVMBS DPNNFSDJBM JO IJT QBSBHMJEFS GPS QSPUFDUJPO BHBJOTU B TBMFT BOE JOGPSNBUJPO UFDIOPMPHZ GPS UIF UIVOEFSTUPSN iɩ BU T UIF TQJSJU PG UIF 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP ª 3FE #VMM 6MSJDI (SJMM 6MSJDI(SJMM DPN

e

)FMNVU &JDIIPM[FS MBOEJOH BU HPBM KVTU NJOVUFT CFGPSF UIF FOE PG UIF SBDF 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP ª3FE #VMM 6MSJDI (SJMM 6MSJDI(SJMM DPN

#FOO ,PWDP UFOEJOH IJT BDIJOH GFFU

9 "MQT XIBU B IVNBO DBO EP JO OBUVSF XJUI KVTU UIFNTFMWFT BOE NJOJNBM FRVJQ NFOU w TBZT )BOOFT "SDI XIP PSHBOJ[FE UIF 3FE #VMM 9 "MQT $PNQFUJUPST GSPN EJĊ FSFOU DPVO USJFT MBVODIFE UIFJS QBSBHMJEFST GSPN B HMBDJFS BU NFUFST OFBS 3BNTUFJO BN %BDITUFJO PO "VHVTU UIFO SBDFE BDSPTT "VTUSJB PWFS UIF ;VHTQJU[F JO (FSNBOZ BOE BSPVOE .U #MBOD JO 'SBODF CFGPSF m OBMMZ MBOEJOH JO .POBDP BGUFS NPSF UIBO LJMPNFUFST PG DPOUJOVPVT SBDJOH "UIMFUFT JO UIF 3FE #VMM 9 "MQT DPWFSFE UIF DPVSTF UPUBMMZ VOEFS UIFJS PXO QPXFS ɩ FZ XFSF POMZ BMMPXFE UP n Z UIFJS QBSB HMJEFST PS XBML XJUI UIFJS QBSBHMJEFST /P USBNT OP USBJOT KVTU SVOOJOH BOE n ZJOH $PNQFUJUPST XBMLFE PS SBO BO BWFSBHF PG NPSF UIBO B NBSBUIPO FBDI OJHIU BOE EJE UIFJS CFTU UP n Z GBS FWFSZ EBZ ɩ FSF BSF OP TUBHFT PS SFTU EBZT JO UIF 9 "MQT KVTU DPOUJOVPVT SBDJOH BDSPTT UIF XJMEFTU NPVOUBJOT JO &VSPQF *U UPPL "MFY )PGFS EBZT IPVS BOE NJO VUFT PG CSVUBM SBDJOH UP SFBDI UIF m OJTI PO UIF CFBDI JO .POBDP XIFSF IF MBOEFE BU B N PO 4BUVSEBZ "VHVTU UI +VTU NJOVUFT CFGPSF UIF Pċ DJBM DVU PĊ UJNF PO "VHVTU UI "VTUSJBO QJMPU )FMNVU &JDIIPM[FS MBOEFE JO .POBDP BT UIF GPVSUI BOE m OBM m OJTIFS )F DPVME CBSFMZ XBML UIF MBTU GFX NFUFST VQ UP UIF UPQ PG .U (SPT BCPWF .POBDP o IF IBE IF TBJE iCMJTUFST PO NZ CMJTUFST w )FMNVU IBE RVJU IJT KPC FBSMJFS UIJT ZFBS UP USBJO GVMM UJNF GPS UIF 9 "MQT &BDI BUIMFUF JT

BMMPXFE POF TVQQPSUFS UP IFMQ XJUI OBWJ )FMNVU &JDIIPM[FS "65 n FX BO JO HBUJPO GPPE BOE QTZDIPMPHJDBM NPUJWB DSFEJCMF LN JO POF EBZ 'PVS PG UIF UJPO EVSJOH UIF BWFSBHF IPVST B EBZ TFWFOUFFO UFBNT NBEF JU UP .POBDP CZ UIF DVU PĊ UJNF PG B N PO "VHVTU FBDI BUIMFUF SBDFE "MFY )PGFS XPO UIF 1BSBHMJEJOH 'VMM SFTVMUT QJDUVSFT BOE WJEFP BSF 8PSME $IBNQJPOTIJQT JO CVU BWBJMBCMF BU XXX SFECVMMYBMQT DPN TBZT iɩ JT XBT NVDI NPSF JOUFOTF *O UIF XPSME DIBNQJPOTIJQT ZPV n Z UISFF PS 3FE #VMM 9 "MQT %7% "WBJMBCMF GPS GPVS IPVST FWFSZ PUIFS EBZ ɩ JT SBDF JT 1VSDIBTF IPVST B EBZ SFBMMZ JOUFOTJWF w 4FF UIF DPNQFUJUPST n Z UISPVHI ,BTQBS )FOOZ BMTP GSPN 4XJU[FSMBOE BXF JOTQJSJOH BMQJOF TDFOFSZ BOE XJU BOE UIJSE QMBDF m OJTIFS JO UIF DPNQFUJ OFTT UIFJS TUSVHHMFT PO MBOE CBUUMJOH UJPO BHSFFT 8IFO IF m OBMMZ SFBDIFE PO GPPU UISPVHI TOPXTUPSNT BU NJE .POBDP IF EFDMBSFE i* BN TP IBQQZ UP OJHIU PWFS 4XJU[FSMBOE T 'VSLB 1BTT BOE CF IFSF "U UJNFT * SFBMMZ EJEO U UIJOL JU EFBMJOH XJUI UIF EJTBQQPJOUNFOU PG XBT QPTTJCMF w CMPXO DIBODFT iɩ F XFBUIFS XBT SFBMMZ CBE UIJT ZFBS w ɩ F FOUJSF SBDF XBT m MNFE JO )% RVBM TBZT 4UFWF $PY SBDF EJSFDUPS iɩ FZ IBE JUZ CZ QSPGFTTJPOBM DSFXT TIPPUJOH GSPN UP XPSL JODSFEJCMZ IBSE BOE SVO B MPU IFMJDPQUFST BOE VTJOH BEWBODFE 107 NPSF PG UIF DPVSTF w 3BDFST DSPTTFE UIF MJQTUJDL DBNFSBT ɩ F %7% B KPJOU QSP 'VSLB QBTT JO 4XJU[FSMBOE BU OJHIU EVSJOH EVDUJPO CZ 3FE #VMM BOE $SPTT $PVOUSZ B TOPXTUPSN SPVOEFE .U #MBOD XIJMF NBHB[JOF GFBUVSFT B NJOVUF m MN QMVT n ZJOH BU VQ UP NFUFST BOE GPVHIU FYUSBT JODMVEJOH QJMPU JOUFSWJFXT BOE B TUSPOH XJOET PO UIF m OBM MFH PG UIF SBDF TUVOOJOH TIPSU m MN GSPN UIF 3FE #VMM UISPVHI 'SBODF FYQFEJUJPO UP .POVNFOU 7BMMFZ 64" ɩ F SBDF HBJOFE B IVHF JOUFSOBUJPOBM ɩ F 3FE #VMM 9 "MQT %7% XJMM CF GPMMPXJOH UIBOLT UP B iMJWF USBDLJOHw GFB SFMFBTFE FBSMZ JO 0DUPCFS BOE JT BWBJMBCMF UVSF XIJDI TIPXFE UIF FYBDU QPTJUJPO PG GPS 64 GSPN $SPTT $PVOUSZ T POMJOF UIF BUIMFUFT JO UIF "MQT (FSNBO QJMPU TIPQ XXX YDTIPQ DPN 4UFGBO #PDLT XIP KVTU NJTTFE SFBDIJOH .POBDP TBJE i*U XBT SFBMMZ BNB[JOH UP "SDIBFPQUFSZY m *OOPWBUJWF $MBTT LOPX UIBU UFOT PG UIPVTBOET PG QFPQMF )BOH (MJEFS BSF XBUDIJOH ZPV BU UIFJS DPNQVUFST BT 1IPUPT CZ 3PCFSU ,BFTFS ZPV SBDF w iɩ F FOUIVTJBTUJD BOE DPOTUSVDUJWF GFFE 4UBUJTUJDT "JEBO 5PBTF (#3 BOE CBDL XF IBWF SFDFJWFE GPS UIF TVDDFTTGVMMZ 5PNB $PDPOFB 30. IJLFE NPSF UFTUFE DPODFQUVBM BJSQMBOF "SDIBFPQUFSZY UIBO UXP NBSBUIPOT JO POF EBZ o LN IBT FODPVSBHFE VT UP HP B CJH TUFQ GVSUIFS

"SDIBFPQUFSZY 1 & QSPPG PG DPODFQU QSPUPUZQF GPPUMBVODIBCMF TBJMQMBOF IBOHHMJEFS

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

'MZJOH GPS UIF 'BJS #Z +JN 3PXBO 1IPUPT CZ "MMFO i4QBSLZw 4QBSLT

"CPWF UIF DMPVET

"SDIBFPQUFSZY JO n JHIU

8F TUBSU UIF BEWBODFNFOU PG UIJT OFX TUZMF IBOH HMJEFS UPXBSET B TFSJBM WFS TJPO w SFQPSUT 3PHFS 3VQQFSU PG 3VQQFSU $PNQPTJUF (NC) 8JUI JUT PVUTUBOEJOH n JHIU DIBSBDUFSJTUJDT BT XFMM BT JUT WFSTB UJMF PQFSBUJPO "SDIBFPQUFSZY DSFBUFT UIF TZNCJPTJT CFUXFFO UPEBZ T IBOH HMJEFST BOE DPOWFOUJPOBM HMJEFST ɩ F DPNQBOZ JT WFSZ QMFBTFE UP CF BCMF UP PĊ FS UIF "SDIBFPQUFSZY UP BMM JOUFSFTUFE QJMPUT BT B QVSDIBTF PQUJPO CFHJOOJOH JO 0DUPCFS

ɩ F EFWFMPQNFOU XJMM CF TUBSUFE BDDPSEJOH UP UIF JOUFSFTU PO UIF PQUJPO TBMF BU UIF CFHJOOJOH PG XJUI m STU EFMJWFSJFT QMBOOFE GPS ɩ F DPNQB OZ QSPm MF PG 3VQQFSU $PNQPTJUF (NC) USBEJUJPOBMMZ BDUJWF JO UIF BJSQMBOF BOE WF IJDMF MJHIUXFJHIU DPOTUSVDUJPO TJODF BT XFMM BT MPUT PG QIPUPT BOE JOGPSNBUJPO PO UIF "SDIBFPQUFSZY BSF BWBJMBCMF BU XXX SVQQFSU DPNQPTJUF DI 1SJDFT BOE EBUFT PO UIF TBMF XJMM GPMMPX JO 0DUPCFS

-BUF +VMZ JO UIF "QQBMBDIJBO .PVOUBJOT PG XFTUFSO .BSZMBOE VTVBMMZ NFBOT UIF IPU IVNJE NVHHZ CVHHZ EPH EBZT PG TVNNFS IBWF CFHVO JO FBS OFTU UIF SFTVMU PG B #FSNVEB IJHI UIBU TFUT VQ PĊ UIF "UMBOUJD DPBTU 'SFRVFOU JOTUBCJMJUZ JO UIF BUNPTQIFSF PGUFO SFTVMUT JO MBUF BGUFSOPPO UIVOEFSTUPSNT PG UIF JTPMBUFE UP XJEFMZ TDBUUFSFE WBSJFUZ XJUI UIF PDDBTJPOBM XFBL DPME GSPOU USZJOH UP QVTI UISPVHI XJUI POMZ MJNJUFE TVDDFTT "OE NPSF UP UIF QPJOU BU MFBTU GPS UIJT BSUJDMF GPS POF XFFL JU JT BMTP UJNF GPS UIF "MMFHBOZ $PVOUZ 'BJS *U XBT UIF TQSJOH PG XIFO UIF GBJSHSPVOET NBOBHFS %BWF ,JSL BQQSPBDIFE NFNCFST PG UIF MPDBM HSPVQ ɩ F .PVOUBJOFFS )BOH (MJEJOH "TTPDJBUJPO JO UIF -; BGUFS B n JHIU BOE BTLFE JG UIFZ E CF JOUFSFTUFE JO QFSGPSN JOH B EBJMZ IBOH HMJEJOH EFNPOTUSBUJPO GPS UIF VQDPNJOH DPVOUZ GBJS *U EJEO U SFRVJSF NVDI QFSTVBTJPO FTQFDJBMMZ BGUFS %BWF NBEF BO PĊ FS UIF QJMPUT DPVME IBSEMZ SFGVTF CZ TVHHFTUJOH UIBU BT MPOH BT UIFZ XFSF XJMMJOH UP n Z JO UIF GBJS UIFZ XPVME BMXBZT IBWF B QMBDF UP MBOE ɩ VT CFHBO B USBEJUJPO UIBU IBT DPOUJOVFE GPS UIF QBTU ZFBST ɩ F "MMFHBOZ $PVOUZ 'BJSHSPVOET GPSNFSMZ LOPXO BT UIF $VNCFSMBOE 'BJSHSPVOET TJUT BU UIF CBTF PG ,OPCMFZ .PVOUBJO BMPOH UIF OPSUI CSBODI PG UIF 1PUPNBD 3JWFS XIJDI TFSWFT BT UIF CPVOEBSZ CFUXFFO .BSZMBOE BOE 8FTU 7JSHJOJB 1JMPUT IBWF CFFO n ZJOH IBOH HMJEFST BOE MBUFS QBSBHMJEFST PĊ ,OPCMFZ .PVOUBJO TJODF UIF MBUF A T BOE UIF GBJSHSPVOET QBSLJOH MPU IBT TFSWFE BT UIF -; GPS NBOZ PG UIPTF JOUFSTUBUF n JHIUT TJODF UIBU UJNF ɩ F 'BJSHSPVOET MBVODI .4- "(- GBDFT EVF XFTU BOE JT MPDBUFE EJSFDUMZ BCPWF UIF GBJSHSPVOET QSPQFS *U T B DMJĊ MBVODI UIBU CFDPNFT NPSF DIBMMFOHJOH BT UIF XJOE WFMPDJUZ JODSFBTFT CVU JT XFMM TVJUFE GPS MJHIU XJOET BOE FWFO UIF PDDBTJPOBM EPXOXJOE EJWF 8IJMF XFBUIFS IBT PDDBTJPOBMMZ CFFO B GBDUPS PWFS UIF ZFBST UIFSF IBWF OPU CFFO NBOZ EBZT XJUIPVU POF PS NPSF .PVOUBJOFFST BOE PGUFO WJTJUJOH QJMPUT GSPN OFBSCZ DMVCT TIPXJOH VQ UP n Z GPS

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

-PPLJOH EPXO PO UIF GBJSHSPVOET UISPVHI UIF TVNNFS IB[F

5IF -; DBO CF B CJU UJHIU FTQFDJBMMZ GPS IBOH HMJEFST 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

UIF GBJS 5ZQJDBMMZ QFPQMF NFFU JO UIF -; MBUF JO UIF BGUFSOPPO BOE UIFO USZ UP MBVODI PĊ UIF NPVOUBJO KVTU QSJPS UP FWFOJOH T TDIFEVMFE NBJO BUUSBDUJPO ɩ F -; JT BMTP UIF NBJO QBSLJOH BSFB GPS GPMLT DPNJOH UP UIF GBJS TP JU DBO CFDPNF B CJU UJHIU BT UIF FWFOJOH QSPHSFTTFT BOE UIBU TPNFUJNFT OFDFTTJUBUFT BO FBSMJFS MBVODI XJOEPX *G JU T TPBSBCMF UIFSF BSF BMUFS OBUF -;T EPXO UIF SJEHF PS PWFS UIF CBDL UIBU BSF PDDBTJPOBMMZ VTFE XIFO UIF NBJO -; TUBSUT UP m MM VQ XJUI WFIJDMFT ɩ FSF IBWF CFFO ZFBST XIFSF JU T CFFO TPBSBCMF FWFSZ FWFOJOH BOE PUIFS ZFBST XIFSF JU CMFX EPXO BMNPTU FWFSZ EBZ CVU XBT TUJMM EJWF BCMF JG POMZ GPS CSJFG TMFE SJEFT ɩ JT ZFBS XBT GBJSMZ UZQJDBM XJUI IBMG UIF EBZT CFJOH TPBSBCMF BOE BMM UIF EBZT CFJOH n ZBCMF ɩ F "MMFHBOZ $PVOUZ 'BJS TUBĊ IBWF CFFO WFSZ TVQQPSUJWF PG UIF n ZJOH DPN NVOJUZ PWFS UIF ZFBST BOE QFSGPSNJOH

GPS UIF GBJS JT POF XBZ UP TIPX UIFN PVS TJODFSF BQQSFDJBUJPO &WFSZ XJOUFS UIF PSHBOJ[FST BUUFOE B 'BJS "TTPDJBUJPO DPOWFOUJPO BOE XF WF CFFO UPME UIBU UIF "MMFHBOZ $PVOUZ 'BJS JT UIF FOWZ PG FWFSZ GBJS BTTPDJBUJPO JO UIF 6 4 BT UIFZ BSF UIF POMZ POFT XIP IBWF B SFHVMBSMZ TDIFEVMFE IBOH HMJEJOH QBSBHMJEJOH EFNPOTUSBUJPO 8F IPQF UP IFMQ UIFN NBJOUBJO UIPTF CSBHHJOH SJHIUT GPS NBOZ ZFBST UP DPNF

4BGFUZ 5JQT "WJBUJPO 8JTEPN 8FBUIFS GPSFDBTUT BSF IPSPTDPQFT XJUI OVNCFST -PPLJOH 48 UPXBSET UIF GBJSHSPVOET BOE UIF QBSLJOH MPU -;

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

-&"7*/( " 5)&3."- 1"35

'*/%*/( 5)& /&95 1"35:

1IPUP -ZOO /PWBLPGTLJ

ª CZ %FOOJT 1BHFO

$MPVET PGUFO JOEJDBUF XIFSF UIF MJGU JT UP CF GPVOE 1JMPU .BSL 7PJTBSE 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1BSU PG UIJT BSUJDMF BQQFBSFE JO UIF NBUUFS JT MFBWJOH B UIFSNBM 8F IBWF EJTDPWFSFE TPNF PG UIF UIFPSZ .BZ JTTVF PG )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF *U MPPLFE BU NBU BOE QSBDUJDBM BTQFDUT PG XIFO UP MFBWF B UFST PG UJNJOH XIFO MFBWJOH B UIFSNBM JO UIFSNBM TFF 1BSU TP MFU T HFU JOUP UIF UIF JOUFSFTU PG NBYJNJ[JOH BMUJUVEF BOE n ZJOH &WFO CFGPSF XF MFBWF B UIFSNBM XF QFSGPSNBODF /PX XF UVSO PVS BUUFOUJPO UP TIPVME IBWF UXP UIJOHT JO NJOE o NBLF F m STU JT XIFSF UP HP PUIFS BTQFDUT PG MFBWJOH B UIFSNBM CFTJEFT UIF UIBU UISFF UIJOHT ɩ BU TFFNT PCWJPVT CVU UIFSF JT B XIPMF XIFO UP GVSUIFS PVS TLJMM BU MPX MPTT PS IJHI ɩ XPSME JO UIBU EFDJTJPO ɩ F TFDPOE JT JO NBJOUFOBODF n ZJOH 8PSLJOH UIFSNBMT XIFO TUBZJOH JO POF XIBU EJSFDUJPO UP MFBWF UIF UIFSNBM UIJT HFOFSBM BSFB PS XIFO n ZJOH DSPTToDPVOUSZ EFDJTJPO JT OPU UIF TBNF BT UIF QSFWJPVT JT PGUFO B NBUUFS PG UJNJOH 6TVBMMZ UIFS POF 'JOBMMZ XF TIPVME EFBM XJUI XIBU NBMT EP OPU QVNQ DPOUJOVPVTMZ TP XF TQFFE BOE JO XIBU DPOm HVSBUJPO UP MFBWF IBWF UP TIVUUMF GSPN POF UP UIF PUIFS UP BMUIPVHI UIJT NBUUFS NBZ CF DIBOHFE NBJOUBJO PVS MPGUZ QPTJUJPO *G UIFSNBMT iPO UIF n Zw TP UP TQFBL TP B QSF MFBWJOH BSF BCVOEBOU NPTU PG VT DBO NVTUFS UIF EFDJTJPO JTO U TP DSJUJDBM TLJMM UP TUBZ VQ CVU TUBZJOH VQ JTO U UIF POMZ UIJOH PO QJMPUT NJOET (PPE QJMPUT 8)&3& 50 (0 BU B MPDBM TJUF XBOU UP HFU BT IJHI BT QPT .PTU PG VT EPO U MJLF UP CF UPME XIFSF TJCMF JG OPU HFU BCPWF BOE TUBZ BCPWF UIF UP HP TP XF NBLF PVS PXO EFDJTJPOT #VU SFTU PG UIF BTTPSUFE IPQFGVMT NJOJOH UIF XIBU GBDUPST XF CBTF UIPTF EFDJTJPOT PO MJGU *O BEEJUJPO JG UIFSNBMT BSF GFX BOE BSF BMM JNQPSUBOU 'JSTU BOE GPSFNPTU XF GBS CFUXFFO JU UBLFT NVDI NPSF TLJMM UP TIPVME IBWF TBGFUZ JO NJOE $MFBSMZ XF SFNBJO IJHI PS FWFO JO UIF BJS 0OF PG XBOU UP HP UP UIF OFYU MJGU TPVSDF CVU XF UIF NPTU JNQPSUBOU TLJMMT SFMBUJOH UP UIJT NVTU BMTP DPOTJEFS PVS QPTJUJPO SFMBUJWF UP TBGF MBOEJOH m FMET BOE UVSCVMFODF GSPN NPVOUBJOT JO TPNF BSFBT *U JT QPTTJCMF UP TFF QJMPUT DMJNCJOH BOE UIVT NBSLJOH B UIFSNBM UIBU XF DBOOPU VTF PS HFU UP CFDBVTF JG XF XBT o OPX EJEO U m OE UIF MJGU XF XPVME CF UPP MPX UP SFBDI B TBGF BSFB XBT o OPX *G TBGFUZ JTO U B GBDUPS IPX FWFS XF XBOU UP HP UP UIF QMBDF NPTU MJLFMZ UP HFU VT IJHI PS 'PS B MJNJUFE UJNF IJHIFS ɩ F NPTU TQFDJBM AOPX SFMJBCMF JOEJDBUPS PG B UIFSNBM JT QSJDFT BOE '3&& BOPUIFS DMJNCJOH 4 ) B WBMVF HMJEFS #FTJEFT UIF NBUUFS PG UIFSNBM TUSFOHUI 'PS NPSF JOGPSNBUJPO BOE UP PSEFS QMFBTF DBMM UIF KVEHNFOU BT UP XIFUIFS PS OPU UPMM GSFF 4/08 '-: PS ZPV HP UP UIJT FNBJM BU XXX QBSBHMJEFS OFU UPEBZ UIFSNBM EFQFOET 7JTB .$ BDDFQUFE PO B OVNCFS PG

5IF 1BSBHMJEFS /FUXPSL 1SFTFOUT %JHJn Z 7BSJPT 5IF 3VOOFS 5IF 'MZFS

UIJOHT 0OF JT IPX GBTU UIBU HMJEFS JT DMJNCJOH ɩ FSF BSF XBZT UP UFMM IPX HPPE UIBU UIFSNBM JT CZ XBUDIJOH UIF DMJNC JOH HMJEFS TFF 1FSGPSNBODF 'MZJOH CZ UIJT BVUIPS "OPUIFS GBDUPS JT IPX GBS BXBZ BOE IPX IJHI UIF PUIFS QJMPU JT DPNQBSFE UP ZPV *G ZPV BSF HPJOH UP HFU UP UIF PUIFS HMJEFS XFMM CFMPX IJT PS IFS QPTJUJPO ZPV NBZ OPU CF BCMF UP m OE UIF UIFSNBM JG JU JT PG TIPSU EVSBUJPO *O UIJT LJOH PG UIF NPVOUBJO HBNF JU JT WFSZ JNQPSUBOU UP m HVSF PVU UIF BWFSBHF UIFSNBM EVSBUJPO PS WFSUJDBM FYUFOU BT TPPO BT ZPV FODPVO UFS ZPVS m STU GFX UIFSNBMT TJODF UIFTF DIBSBDUFSJTUJDT UFOE UP CF TJNJMBS GPS NPTU UIFSNBMT FODPVOUFSFE PO B HJWFO EBZ $MFBSMZ UIFSF BSF NBOZ UIJOHT UP DPO TJEFS XIFO VTJOH PUIFS QJMPUT BT UIFSNBM JOEJDBUPST #VU BMM JO BMM JU JT VTVBMMZ CFTU UP HP UP B DMJNCJOH HMJEFS XIFO ZPV OFFE B UIFSNBM ɩ F XIPMF TUSBUFHZ UBLFT QSBDUJDF UP QFSGFDU JOFYQFSJFODFE QJMPUT VTVBMMZ XBJU UPP MPOH UP HP UP UIF DMJNC BOE CZ BMM NFBOT GPS DMJNCJOH TVDDFTT JU JT JNQPSUBOU UP EFWFMPQ UIF TQBUJBM KVEH NFOU UIBU SFOEFST VT DPNGPSUBCMF n ZJOH JO UIF TBNF UIFSNBM OFBS BOPUIFS QJMPU #JSET BSF BOPUIFS SFMJBCMF JOEJDBUPS PG UIFSNBM QSFTFODF )PXFWFS XF DBO U BMXBZT VTF FWFSZ UIFSNBM UIBU B CJSE m OET CFOFm DJBM 4PNF UIFSNBMT BSF TJNQMZ UPP TNBMM PS XFBL ɩ FSF T B XIPMF TDJFODF IFSF 8IBU LJOE PG CJSE JT DMJNCJOH 5VSLFZ WVMUVSFT BSF MJGU DBSSJPOT UIFZ TDBSG VQ FWFSZ TISFE PG VQ BJS JO UIF TLZ #VU XF DBO U NBUDI UIFJS QFSGPSNBODF TP JU JT CFTU UP CF DBVUJPVT XIFO VTJOH UIFN BT NBSLFST )BXLT BSF CFUUFS 3FE UBJM IBXLT PVU DMJNC VT CVU UIFZ UFOE UP CF JO UIFSNBMT UIBU XF DBO VTF .Z GBWPS JUF IBXL UP n Z XJUI JT B SFE TIPVMEFSFE IBXL CFDBVTF UIFZ TFFN UP IBWF MFTT BCJMJUZ UIBO B SFE UBJM TP UIFZ NBSL UIF UIFSNBM DPSF CFUUFS #VU NZ BMM UJNF GBWFT BSF UIF CMBDL WVMUVSFT VTFE JO QMVSBM CFDBVTF UIFZ BSF BMNPTU OFWFS BMPOF ɩ FZ IBWF BCPVU UIF TBNF DMJNC SBUF BT B HMJEFS JG ZPV BSF WFSZ Fċ DJFOU BOE BSF BMXBZT JO UIF CFTU DPSF $MFBSMZ LOPXJOH IPX UP JEFOUJGZ ZPVS TPBSJOH CJSET PO UIF XJOH JT B QFSGPSNBODF BTTFU ɩ F OFYU BUUSBDUJPO GPS B UIFSNBM TFFLJOH QJMPU JT DMPVET #Z MPPLJOH VQ XIFO XF n Z XF LFFQ UIF GPDVT PO HFUUJOH IJHIFS BOE PG DPVSTF DBO TDPQF PVU UIF DIBOHFT JO UIF TLZ 8F UFBDI UIBU JO UIF MPXFS UIJSE PG UIF TLZ NFBTVSFE GSPN

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP +PTI .PSFMM

8IFO JO OFFE PG MJGU DMPVET BOE DMJNCJOH HMJEFST TIPVME ESBX ZPV MJLF B NBHOFU

HSPVOE UP DMPVECBTF XF TIPVME MPPL GPS HSPVOE TPVSDFT PG UIFSNBMT ɩ BU T B HPPE HFOFSBM QPMJDZ CVU DMPVET TIPVME QSPWJEF BO PWFSBMM TUSBUFHZ BT UP XIFSF UP IBOH PVU (JWFO BO BSFB PG CMVF BOE BO BSFB VOEFS DVNVMJGPSN DMPVET BU B TJUF QJDL UIF DMPVET BOZ EBZ 4PNF QJMPUT UIJOL UIFZ OFFE UP TUBZ JO UIF TVO UP CFTU m OE UIFSNBMT CVU VOEFS UIF DMPVET JT XIFSF UIJOHT BSF IBQQFOJOH JO NPTU DBTFT FWFO XIFO JU T TIBEZ 8IFO XF BSF IJHI DV NVMJGPSN DMPVET BSF BMXBZT PVS CFTU CFU UP m OE B UIFSNBM JO UIF BCTFODF PG PUIFS HMJEFST PS CJSET DMJNCJOH -FBSO UP HP UP DMPVET MJLF B NBHOFU UP KVEHF IPX GBS BXBZ UIFZ BSF UP m OE UIF UIFSNBM PODF VOEFS UIF DMPVE BOE NPTU JNQPSUBOU PG BMM EFWFMPQ UIF DPOm EFODF UP LFFQ n ZJOH UPXBSE JU VOUJM ZPV m OE UIF MJGU 3FSFBE UIBU MBTU TFOUFODF BOE XPSL PO UIPTF

NBUUFST UP UBLF B TUFQ VQ JO UIFSNBM TPBSJOH TLJMM ɩ F OFYU NBUUFS UP TQBSL PVS JOUFSFTU JT IJHI HSPVOE 8IFO DMJNCFST CJSET PS DMPVET BSF VOBWBJMBCMF PS VOSFBDIBCMF XF TIPVME IFBE GPS UIF IJMMT o MJUFSBMMZ )JHI HSPVOE DPMMFDUT BOE QSPNPUFT UIFSNBMT .PTU PG VT LOPX UIBU GBDU GSPN PVS FBSMZ UIFSNBMJOH FYQFSJFODF " DPEJDJM UP UIJT SVMF JT UP LOPX UIF XIFSFBCPVUT BOE OBUVSF PG UIF MPDBM IPVTF UIFSNBMT SF NFNCFS XF BSF NBJOMZ BEESFTTJOH HFU UJOH IJHI BU B MPDBM TJUF :PV TIPVME BMTP CF BXBSF PG IPX GSFRVFOUMZ UIF IPVTF FM FWBUPS JT QVNQJOH PO UIF EBZ JO RVFTUJPO UP NBYJNJ[F JUT VTF 4PNFUJNFT ZPV IBWF UP IBOH PVU JO XFBL TUVĊ PS NJOJNJ[F ZPVS EFTDFOU VOUJM UIF DZDMF CVJMET BOE QVNQT BHBJO $MFBSMZ HFUUJOH BT IJHI BT QPTTJCMF JO FBDI FQJTPEF PG MJGU JT LFZ UP

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

TVDDFTT JO UIFTF DPOEJUJPOT 8IFO OPUIJOH TFFNT UP CF XPSLJOH PO UIF IJMM PS ZPV BSF IJHI BOE TFF OP TJHOT GSPN OBUVSF JU JT VTVBMMZ CFTU KVTU UP n Z VQXJOE XIFO ZPV MFBWF B UIFSNBM ɩ FSF BSF TFWFSBM SFBTPOT GPS UIJT QSBDUJDF 0OF JT UIBU PGUFO MJGU TUSJOHT PVU QBSBMMFM UP UIF XJOE n PX &WFO JG ZPV EPO U m OE BOPUIFS DPSF VQXJOE ZPV NBZ m OE MFTT TJOL UP SFEVDF ZPVS BMUJUVEF MPTT "OPUIFS SFBTPO JT UIBU XIFO ZPV EP m OE B UIFSNBM ZPV XJMM OPU ESJGU UPP GBS CFIJOE UIF NPVO UBJO PS ZPVS PSJHJOBM QPTJUJPO BTTVNJOH ZPV XBOU UP SFNBJO JO UIF TBNF HFOFSBM BSFB " UIJSE SFBTPO GPS UIJT TUSBUFHZ JT UIBU UIF FBTJFTU n ZJOH EJSFDUJPO UP EFUFDU BOE FOUFS MJGU JT VQXJOE BT PQQPTFE UP EPXOXJOE PS DSPTT XJOE 'JOBMMZ JG UIFSF T OPUIJOH PCWJPVT UP JOEJDBUF B MJGU TPVSDF PS UIFSNBM QSFTFODF n Z BSPVOE JO XIBU XF NBZ DBMM JOGPSNFE CMVOEFSJOH .PWJOH BSPVOE JT CFUUFS UIBO KVTU PSCJUJOH JO POF QMBDF JG OPUI JOH JT IBQQFOJOH XJUIJO UIF PSCJU *G ZPV DPWFS NPSF HSPVOE ZPV DSFBUF NPSF QPTTJ CJMJUJFT *U JT CFOFm DJBM GPS OFXFS QJMPUT UP FYQFSJNFOU XJUI UIF TLZ UP m OE PVU XIBU JU PĊ FST :PV XJMM MFBSO BMM UIF MJUUMF USJDLT GBTUFS JG ZPV BSF XJMMJOH UP FYQMPSF B CJU UIBO JG ZPV TJU JO POF QMBDF XBJUJOH GPS MJGU UP DPNF UP ZPV .BLF OP NJTUBLF BCPVU JU TPNFUJNFT NPWJOH GSPN B TBGF IBWFO XJMM QVU ZPV PO UIF HSPVOE CVU ZPV XJMM MFBSO NVDI NPSF UP BQQMZ UP ZPVS TLJMMT BOE EFDJTJPOT UIBU XJMM FOIBODF ZPVS GVUVSF n ZJOH "MM UIFTF NBUUFST MJTUFE BCPWF TIPVME CF DPOTJEFSFE XIJMF n ZJOH BOE TQFDJm DBMMZ XIJMF DMJNCJOH ɩ F QMBDF UP n Z UP TIPVME BMSFBEZ CF EFDJEFE XFMM CFGPSF ZPV UPQ PVU JO UIF QSFTFOU UIFSNBM ɩ F BCJM JUZ UP PCTFSWF XIBU T HPJOH PO BSPVOE ZPV XIJMF DPODFOUSBUJOH PO FLJOH PVU FWFSZ PVODF PG DMJNC JT B TLJMM UP CF EFWFMPQFE XJUI QSBDUJDF ɩ JOL BCPVU JU BOE EP JU "T XF EJTDVTTFE JO UIF m STU QBSU PG UIJT TFSJFT XBJUJOH UPP MPOH JO B UIFSNBM DBO CF B EFUSJNFOU UP UIF PWFSBMM TUSBUFHZ PG TUBZJOH BT IJHI BT QPTTJCMF -FBSO XIFO UP HP UP BOPUIFS DMJNCJOH HMJEFS FTQF DJBMMZ GPS ZPV IBWF B DMFBS WJTVBM QJDUVSF PG XIBU UP FYQFDU *U JT JOm OJUFMZ CFUUFS UP FOUFS B UIFSNBM BCPWF BOPUIFS HMJEFS UIBO CFMPX ɩ F GBSUIFS BXBZ BOE UIF GBTUFS UIF PCTFSWFE DMJNC UIF TPPOFS ZPV TIPVME MFBWF B EXJOEMJOH UIFSNBM UP HP UP HSFFOFS QBTUVSFT

1IPUP ,JOHTMFZ 8PPE

8IFO n ZJOH XJUI B HSPVQ PG QJMPUT JO UIF TBNF BSFB ZPV DBO PGUFO TFF UIJT QIFOPN FOPO JO BDUJPO XIFO QJMPUT BSF DMJNCJOH TUSVOH PVU VQXJOE *O UIJT QSBDUJDF JU JT WFSZ JNQPSUBOU UP USBDL VQXJOE EJSFDUMZ CFJOH TFOTJUJWF UP FWFSZ OVBODF PG UFYUVSF JO PSEFS UP m OE UIF OFYU DPSF PS NJOJNJ[F BMUJUVEF MPTT CZ GPMMPXJOH UIF MJGU MJOFT *G ZPV JOUFOE UP IFBE UP BO BSFB DSPTTXJOE GSPN ZPVS UIFSNBMJOH QPTJUJPO JU JT PGUFO CFTU GPS UIF QVSQPTFT PG BMUJUVEF DPOTFSWBUJPO UP MFBWF UIF UIFSNBM IFBEJOH VQXJOE VOUJM UIF MJGU EJTBQQFBST UIFO UVSO UPXBSET ZPVS EFTUJOBUJPO 8IFO n ZJOH DSPTT DPVOUSZ BOE FT QFDJBMMZ XIFO SBDJOH XF IBWF B HSFBUFS OFFE UP GPMMPX B DPVSTF MJOF *O UIJT DBTF XF XPVME OPU GPMMPX UIF MJGU MJOF BT GBS VQXJOE BOE NBZ OPU GPMMPX JU BU BMM JG UIFSNBMT BSF SFHVMBS PS TUSPOH PS JG HMJE FST BSF NBSLJOH UIF OFYU MJGU BIFBE #VU JO BO PQFO TLZ XIFO BMM BMPOF JU JT PGUFO CFTU UP MFBWF UIF UIFSNBM JO BO VQXJOE EJSFDUJPO VOMFTT UIF EFTJSFE USBDL JT EPXOXJOE *O UIJT DBTF HPJOH VQXJOE JT UIF XSPOH XBZ CVU TUJMM XF NBZ FYJU UP UIF TJEF PG UIF UIFSNBM JO PSEFS UP BWPJE UIF TJOL XIJDI JT PGUFO XPSTF JO UIF EPXOXJOE WJDJOJUZ PG UIF UIFSNBM )PX NVDI PG B DSPTTXJOE MFH XF UBLF XIFO FYJUJOH EFQFOET BHBJO PO UIFSNBM TUSFOHUI BOE UIF WJTVBM DVFT *G QJMPUT BSF DMJNCJOH XFMM PS B HSFBU DMPVE JT CVJMEJOH JO UIF EPXOXJOE EJSFDUJPO JU JT VTVBMMZ NPTU Fċ DJFOU UP TJNQMZ QMPX EPXOXJOE UISPVHI UIF TJOL BU B GBTU TQFFE ɩ F EJB HSBN JO 'JHVSF JMMVTUSBUFT TPNF PG UIFTF TJNQMF JEFBT ɩ F XIPMF QPJOU UP CF BXBSF PG JT UIBU UIF TIPSUFTU EJTUBODF CFUXFFO UXP QPJOUT JT OPU OFDFTTBSJMZ B TUSBJHIU MJOF JO UIF UISFF EJNFOTJPOT PG PQFO BJS XJUI WBSJFE WFSUJDBM DPNQPOFOUT

(FUUJOH IJHI JT FBTJFS XIFO PUIFS QJMPUT BSF NBSLJOH UIF MPDBUJPO PG B UIFSNBM 1( /BUJPOBMT $IFMBO 8BTIJOHUPO

5)& -&"7*/( %*3&$5*0/ "T NFOUJPOFE BCPWF UIF EJSFDUJPO UP MFBWF B UIFSNBM JT OPU UIF TBNF BT XIFSF ZPV VMUJNBUFMZ FOE VQ *G ZPV BSFO U HPJOH DSPTT DPVOUSZ BOE BSF TJNQMZ USZJOH UP TUBZ IJHI UIF m STU DPOTJEFSBUJPO XIFO MFBWJOH B UIFSNBM JT IPX UP NJOJNJ[F UIF TJOL FODPVOUFSFE BSPVOE UIF UIFS

NBM QFSJNFUFS 6TVBMMZ JU JT CFTU UP IFBE EJSFDUMZ VQXJOE BT NFOUJPOFE QSFWJPVTMZ *O UIF &BTU XIFSF UIFSNBM DPOEJUJPOT BSF BDDPNQBOJFE CZ XJOE XF PGUFO IBWF MPOH MJOFT PG MJGU GSFRVFOUMZ XJUI NVM UJQMF DPSFT )FBEJOH VQXJOE PGUFO CSJOHT ZPV UP BOPUIFS DPSF JO TIPSU PSEFS CFH HJOH UIF RVFTUJPO 4IPVME ZPV IBWF CFFO JO UIJT OFX DPSF GSPN UIF CFHJOOJOH

-&"7*/( $0/'*(63"5*0/ )PX PVS HMJEFST BSF USJNNFE BT XF MFBWF B UIFSNBM JT UIF m OBM NBUUFS XF MM DPOTJEFS IFSF *O CJH BJS UIF XFTUFSO IBMG PG UIF 6 4 PS B CPPNJOH EBZ JO UIF &BTU JU JT OFDFTTBSZ UP MFBWF UIF UIFSNBM JO B NBOOFS NPTU MJLFMZ UP BWPJE DPOUSPM QSPCMFNT 'PS B IBOH HMJEFS UIJT NFBOT BU B GBTU DPOUSPM TQFFE 6TVBMMZ B HMJEFS XJUI B 7( TZTUFN TIPVME IBWF UIF 7( QVMMFE BU MFBTU UP UIF IBMG QPJOU UP BMMPX CFUUFS TQFFE XJUI MFTT DPOUSPM GPSDF UISPVHI UIF UVSCVMFODF BU UIF UIFSNBM T QFSJNFUFS *O

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

FYUSFNFMZ SPCVTU UIFSNBMT XJUI WFSZ TIBSQ FEHFT JU JT PGUFO CFTU UP FYJU UIF UIFSNBM JO B CBOL 3FNFNCFS NPTU UVNCMFT PO B IBOH HMJEFS PDDVS XIFO MFBWJOH PS FOUFS JOH B WFSZ TIBSQ UIFSNBM 8JUI B QBSBHMJEFS UIF CFTU FYJU DPO m HVSBUJPO XIFO FYQFDUJOH TUSPOH UVSCV MFODF JT XJUI HPPE QSFTTVSJ[BUJPO ɩ BU NFBOT XJUI B CJU PG CSBLF BOE OP TQFFE CBS BQQMJFE "T TPPO BT ZPV IBWF DSPTTFE UIF OBTUZ CPVOEBSZ ZPV DBO SFWFSU UP UIF CFTU DPOm HVSBUJPO GPS UIF DPOEJUJPOT BU IBOE TQFFE CBS BOE MFTT CSBLF GPS Fċ

DJFOU HMJEF JO UIF TJOL *O NPSF DPNGPSUBCMF DPOEJUJPOT XF HFU B IBOH HMJEFS SFBEZ GPS UIF FYQFDUFE HMJEF CFGPSF UIF m OBM DJSDMF 8F NBZ QVMM B IBOEGVM PG 7( SPQF CFGPSF UPQQJOH PVU FTQFDJBMMZ JG UIF UIFSNBM JT TNPPUI BU UIF UPQ B CSPLFO UPQ SFRVJSFT BMM UIF DPOUSPM XF DBO HFU UP NBYJNJ[F UIF MJGU ɩ JT BDUJPO BWPJET VT IBWJOH UP EFBM XJUI UIF 7( XIFO XF BSF NPWJOH UISPVHI UVSCVMFODF XJUI UIF OFFE UP LFFQ CPUI IBOET PO UIF CBS DPOUSPMMJOH UISPVHI UIF DIPQ 8JUI B QBSBHMJEFS JU JT FBTZ UP EFBM XJUI UIF DPOUSPMT BOE TQFFE CBS BU XJMM TP UIFZ TIPVME CF BQQMJFE PODF UIF HMJEFS JT TUSBJHIUFOFE PVU BOE PO IFBEJOH #VU XJUI CPUI HMJEFS UZQFT JU JT JNQPSUBOU UP SFNFNCFS UIBU MJGU PGUFO JT XJEFTQSFBE FTQFDJBMMZ XIFO OFBS DMPVECBTF TP NBJO UBJOJOH SFBTPOBCMZ TMPX n JHIU BOE HPPE DPOUSPM DPOm HVSBUJPO 7( BU GPS B IBOH HMJEFS NBZ CF JO PSEFS VOUJM UIF

DMPVE BSFB JT DMFBSFE "HBJO UIF UFOPS PG UIF EBZ TIPVME CF ZPVS HVJEF IFSF 8IBU ZPV GFMU CFGPSF XJMM QSPCBCMZ CF UIFSF BHBJO UISPVHIPVU BO IPVS UJNF QFSJPE 5)& 07&3"-- 453"5&(: #VU XF TIPVME BMXBZT CF SFBEZ GPS UIF TVEEFO DIBOHF * EPO U LOPX IPX NBOZ UJNFT * IBWF CFFO IJHI BU B MPDBM TJUF XIFO * EFDJEFE UP QMBZ BSPVOE BOE HP FYQMPS JOH POMZ UP IBWF UIF DPOEJUJPOT DIBOHF XIFO * BN PVU PO B MJNC PS B XIJN BOE FWFSZPOF TUBSUT TUSVHHMJOH 4PNFUJNFT * HFU CBDL BOE VQ JO SFBTPOBCMZ HPPE TIBQF BOE TPNFUJNFT OPU 6TVBMMZ UIFTF DIBOHFBCMF UJNFT BSF XIFO B XBSN GSPOU BJS NBTT JT JO UIF BSFB SBUIFS UIBO QPTU DPME GSPOU #VU JO BOZ DBTF JG ZPVS TPMF PCKFDUJWF JT UP HFU IJHI BOE TUBZ UIFSF ZPV TIPVME CF DPOTFSWBUJWF BOE TUBZ XJUI UIF TVSF UIJOH #VU UIJT TUSBUFHZ DBO CF CPSJOH JG GPMMPXFE EBZ BGUFS EBZ BOE MFBSOJOH XJMM CF TMPXFS PS OJM JG ZPV OFWFS WFOUVSF GPSUI )PXFWFS MFU T BTTVNF UIBU ZPV TVT QFDU B DIBOHFBCMF EBZ PS ZPVS OFX HJSM CPZ GSJFOE JT XBUDIJOH ZPV n Z GPS UIF m STU UJNF BOE ZPV XBOU UP BQQFBS UIF IFSP JOF ɩ F USJDL IFSF JT UP MFBWF UIF MJGU BU UIF SJHIU UJNF BOE HP XIFSF OFX MJGU JT EFWFMPQJOH &BTZ UP TBZ CVU IPX 8FMM UIF m STU NBUUFS JT EJTDVTTFE BU MFOHUI JO UIF m STU QBSU PG UIJT TFSJFT 3FNFNCFS UIBU UIF CFUUFS UIF DPOEJUJPOT UIF NPSF JNQPSUBOU JU JT UP MFBWF UIF UIFSNBM BU

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

UIF PQQPSUVOF UJNF CFGPSF JU EXJOEMFT UP OPUIJOH 8JUI XFBLFS BOE XFBLFS DPOEJ UJPOT JU JT JNQPSUBOU UP TUBZ MPOHFS VQ UP UIF QPJOU XIFSF ZPV NBZ CF DJSDMJOH JO WFSZ XFBL CSPLFO TUVĊ PS FWFO [FSP UP TMJHIU EPXO JG UIBU JT XIBU LFFQT ZPV JO UIF BJS MPOHFTU 8IFO UIF XJOE GBDUPS JT BEEFE JO QPTJUJPOJOH CFDPNFT FWFO NPSF DSJUJDBM )FSF JU JT JNQPSUBOU UP LFFQ ZPVSTFMG JO FBTZ BOE Fċ DJFOU SFBDI PG UIF QSPCBCMF UIFSNBM HFOFSBUPS UIF UPQ PG UIF IJMM PS UIF IPVTF UIFSNBM 6TF UIF PUIFS QJMPUT BOE UIF CJSET UP JOEJDBUF OPU KVTU UIFSNBM MPDBUJPO CVU BMTP UIF UJNJOH PG DZDMFT BOE UIF NBYJNVN IFJHIU PG UIF MJGU 3FNBJO WJHJMBOU GPS B DIBOHF JO UIJT NBY IFJHIU :PV NBZ EFUFDU B DIBOHF JO ZPVS PXO UIFSNBM CVU PUIFS QJMPUT OFBSCZ XJMM QSP WJEF NPSF EBUB /PUF UIBU ZPV NBZ IBWF NJTTFE UIF CFTU DPSF BOE UIF UIFSNBMT BSFO U EZJOH PĊ FWFO UIPVHI ZPV EJEO U HFU BT IJHI BT CFGPSF 6MUJNBUFMZ OFBSMZ FWFSZ EBZ UIF UIFS NBMT CFHJO UP EJF JO UIF MBUF BGUFSOPPO TP UIF USJDL JT UP MBUDI PO UP UIF CFTU DMJNCT BOE UBLF UIFN BT IJHI BT QPTTJCMF *O UIF FOE HBNF TDSBUDIJOH BCJMJUZ o XPSLJOH XFBL MJGU o JT XIBU TFQBSBUFT UIF NFO GSPN UIPTF PO UIF HSPVOE ESJOLJOH CFFS ɩ JT MBUUFS BCJMJUZ DPNFT GSPN QSBDUJDF XIJDI EPFTO U OFDFTTBSJMZ IBWF UP CF QFSGPSNFE BU UIF FOE PG UIF EBZ XJUI EXJOEMJOH MJGU "OZUJNF ZPV HP PVU UP MBOE BOE FODPVO UFS XFBL MJGU EPXO MPX ZPV DBO USZ TUBZJOH XJUI JU LFFQJOH B TBGF MBOEJOH QPTJUJPO PG DPVSTF *U JT HSFBU GVO BOE ZPV PGUFO HFU SFXBSEFE XJUI BO BMUJUVEF HBJO CBDL VQ UP UBLFPĊ IFJHIU BOE NPSF "MM JO BMM TUBZJOH IJHI BU B TJUF JT GVO CFDBVTF JU IPOFT ZPVS UIFSNBMJOH TLJMMT JO UFSNT PG DMJNCJOH BCJMJUZ BOE EFDJTJPO NBLJOH *U BMTP HJWFT ZPV TPNF DPNQBSJ TPOT XJUI PUIFS QJMPUT BOE UIFJS TLJMM BOE EFDJTJPOT 8IFO ZPV DBO KPJO BOE TUBZ XJUI UIF VQQFS MBZFS PG QJMPUT JT XIFO ZPV IBWF BSSJWFE PO B IJHIFS QMBOF TP UP TQFBL ɩ FO BGUFS B XIJMF ZPV NBZ SFBM J[F UIBU ZPVS TLJMMT BSF TVDI UIBU ZPV EPO U SFBMMZ OFFE UP CF DPOm OFE UP UIF MPDBM MJUUMF WPMVNF PG BJSTQBDF :PV NBZ EFDJEF UP WFOUVSF Bm FME PO B MJUUMF 9$ FYDVSTJPO BOE SFBMMZ CF MFBWJOH B UIFSNBM

.PSF $PNNFOUT PO UIF /BNF $IBOHF *TTVF

8IBUFWFS 0VS /BNF 8F /FFE UP 4UBOE 6OJUFE

FNBJM

FNBJM

ɩ F i/P /BNF $IBOHFw BEWPDBUFT IBWF JOGPSNFE VT UIBU UIFSF JT OP QSPC MFN PG VOFRVBM SFQSFTFOUBUJPO PS USFBU NFOU PG QBSBHMJEFS QJMPUT JO UIF 64)(" 8F BSF BMM CSPUIFST n ZJOH MJHIU DSBGU JO UIF TBNF TLJFT ɩ JT JT HSFBU UP IFBS "OE XJUI UIF NBKPSJUZ PG QJMPUT BOE BU NPTU TJUFT JU IBT CFFO NZ FYQFSJFODF "OE ZFU JU SFNJOET NF PG TPNFUIJOH NZ GBUIFS UPME NF TFWFSBM UJNFT i*G ZPV HFU HPPE OFXT HFU JU JO XSJUJOH w *O NZ WJFX UIF CFTU SFBTPO UP DIBOHF UIF OBNF JT UP NBLF DPODSFUF UIF GSBUFSOJUZ BOE FRVBMJUZ UIBU FYJTU BU MFBTU JO UIFPSZ $IBOHJOH UIF OBNF TFOET UIF NFTTBHF UIBU NJTHVJEFE USJCBMJTN JT VOBDDFQUBCMF *U XPVME CF FRVBMMZ VOBDDFQUBCMF JG QBSB HMJEFS QJMPUT HSFBUMZ PVUOVNCFSFE IBOH HMJEFS QJMPUT BOE XBOUFE UP DIBOHF UIF OBNF UP FYDMVEF IBOH HMJEJOH * XPVME MJLF UP BDLOPXMFEHF UIF DPO TJTUFOU WPMVOUFFS FĊ PSU QVU GPSUI CZ NBOZ WFUFSBO 64)(" NFNCFST PO UIF CPBSE PG EJSFDUPST )PXFWFS UIFSF IBT BU UJNFT CFFO BO JNQSFTTJPO PG HSFBUFS BUUFOUJPO QBJE UP IBOH HMJEJOH WT QBSBHMJEJOH JT TVFT $IBOHJOH UIF OBNF XPVME HP B MPOH XBZ UPXBSE EJTQFMMJOH UIF DZOJDJTN UIBU TVDI BO BQQFBSBODF DBO FOHFOEFS *U XPVME BMTP IFMQ FODPVSBHF WPMVOUFFSJTN BNPOH UIF DVSSFOUMZ VOSFQSFTFOUFE JO OBNF IBMG PG PVS QJMPU DPNNVOJUZ 4P MFU T EP BT NPTU PG UIF SFTU PG UIF XPSME n ZJOH DPNNVOJUZ IBT EPOF BOE XFMDPNF BMM PG PVS NFNCFST

* E MJLF UP DPNNFOU PO UIF OBNF DIBOHF TJUVBUJPO 8F BMM n Z BOE XF BMM MPWF UIF NJOJNBMJTU n ZJOH UIBU XF EP UIBU T UIF JNQPSUBOU QPJOU 8F OFFE UP LFFQ UIBU JO GSPOU PG VT BOE OPU CF TQPVU JOH PĊ BHBJOTU PVS CSPUIFST #PUI TJEFT PG UIJT TJUVBUJPO BSF FRVBMMZ HVJMUZ PG UIF EJ WJTJWFOFTT UIBU JT LJMMJOH CPUI PG VT JO UIF MPOH SVO ɩ FSF BSF KVTU OPU FOPVHI PG FJ UIFS PG VT UP LFFQ B WJBCMF PSHBOJ[BUJPO HPJOH 8IJOJOH BCPVU POF BOPUIFS KVTU NBLFT CPUI PG VT NPSF WVMOFSBCMF 4PNF QBSBHMJEFS QJMPUT CFMJFWF UIBU UIFZ BSF HPJOH UP TFF UIF HSPXUI PG QBSB HMJEJOH UIBU IBQQFOFE JO &VSPQF BOE UIFSFGPSF IBOH HMJEJOH JT EPPNFE ɩ JT IBT MFBE UP FYDFTTJWF IVCSJT BOE JT IVSU JOH BMM PG VT 8IBU UIFZ EPO U SFBMJ[F JT UIBU QBSBHMJEJOH FYQMPEFE JO &VSPQF CF DBVTF JU T WFSZ IBSE UP TUPSF B IBOH HMJEFS JO UIF UZQJDBM &VSP BQBSUNFOU BOE UIBU UIFZ DVU EPXO BMNPTU BMM PG UIFJS USFFT BCPVU ZFBST BHP BOE UIFSFGPSF UIFSF BSF MPUT PG IJHI NPVOUBJO NFBEPXT UP MBZ PVU B QBSBHMJEFS /FJUIFS PG UIFTF DPO EJUJPOT FYJTUT IFSF BOE HSPXUI JO QBSB HMJEJOH JO UIF 6 4 JT UPQQJOH PVU BT XF SF TJUUJOH IFSF SJHIU OPX 64)(" T QBSB HMJEJOH NFNCFSTIJQ JT TIPXJOH UIF TBNF QSPHSFTTJPO BT IBOH HMJEJOH POMZ NPSF TMPXMZ ɩ FSF BSF NBOZ TIPSUTJHIUFE DPNNFS DJBM QSBDUJDFT JO UIJT DPVOUSZ BOE UIFZ FY JTU JO PVS TQPSUT BMTP #BE NPVUIJOH FJ UIFS PG PVS XJOHT GPS TIPSU UFSN HBJO JT UIF NPTU FHSFHJPVT ɩ FSF BSF BEWBOUBH FT BOE EJTBEWBOUBHFT PG CPUI BOE UIF BE WBOUBHFT PG POF DBO CF IJHIMJHIUFE XJUI

+PTI $PIO 64)("

PVU UFBSJOH EPXO UIF PUIFS " QPTJUJWF BQQSPBDI JT BMXBZT CFUUFS JO B TBMFT QJUDI *O UIF MPOH UFSN OFHBUJWJUZ DBO DPNF CBDL UP CJUF UIF QFSQFUSBUPS BOE UIF TQPSU BT B XIPMF 0VS XIPMF TPDJFUZ TFFNT UP IBWF HPUUFO TP ESJWFO CZ TIPSU UFSN HBJO UIBU BOZ CFIBWJPS JT BDDFQUBCMF *G TPNF POF PG FJUIFS HSPVQ JT EPJOH UIJT UIFZ TIPVME CF DIBMMFOHFE "OPUIFS QSBDUJDF UIBU BQQFBST BMM UPP DPNNPO JT GBJMVSF UP UFMM QSPTQFDUT BCPVU UIF 64)(" CF DBVTF PG GFBS UIBU UIFZ NBZ m OE PVU BCPVU B DPNQFUJUPS #P $SJTT T NJMF n JHIU GSPN 1JOF .U $BMJGPSOJB TBZT UIBU QBSBHMJEFST EP JU UPP $IFDL PVU #P T QIPUPT PO IUUQ XXX DJSDMJOHIBXL DPN IUNM * UIJOL UIBU UIF DBNBSBEFSJF PG UIF MBTU GFX QJDT TBZT JU BMM ɩ BU T XIBU XF TIPVME CF TIPPUJOH GPS 'PS UPP MPOH XF IBWF FN QIBTJ[FE UIF MPOFS TJEF PG PVS TQPSU BOE JO UIF m OBM BOBMZTJT OPOF PG VT DBO EP NVDI XJUIPVU PUIFST 8F OFFE SJEFT UP MBVODI ESJWFST GPS 9$ FUD "OE UIFO UIFSF T UIF DBNQm SF 8F OFFE UP SFDPHOJ[F UIJT TJEF NPSF /PU FWFSZCPEZ XBOUT UP HP 9$ ɩ BU EPFTO U NFBO UIBU UIFZ BSF JODBQBCMF PS B QPPS QJMPU 8F OFFE BMM PG UIF GPMLT XIP GFFM UIF EFTJSF UP CF JO UIF BJS DBSSJFE CZ OB UVSF T CSFF[F #BE NPVUIJOH PUIFST POMZ NBLFT UIF POF XIP EPFT JU TNBMMFS &W FSZPOF XIP HFUT JOUP UIJT TQPSU XBOUT UP QVTI IJT PS IFS QFSTPOBM FOWFMPQF JO POF XBZ PS BOPUIFS *G UIFZ EJEO U UIFZ XPVMEO U CF IFSF 8F TIPVME BMM SFTQFDU XIFSF B QFSTPO JT JO UIF TQPSU NFOUPS UIFN BT BQQSPQSJBUF OPU TOVC UIFN BT OPU POF PG UIF FMJUF ɩ BU T B TIPSUTJHIUFE CFIBWJPS 5SVF TBGFUZ JO B SJTLZ FOWJSPONFOU JT B TUBUF PG NJOE ɩ FSF BSF UXP UZQFT PG QFPQMF UIBU FOHBHF JO NBOBHJOH SJTL 0OF MPPLT BU UIF UBTL UIBU IF XBOUT UP QFSGPSN DPOTJEFST UIF QFSGPSNBODF PG UIF FRVJQNFOU BWBJMBCMF UIF FOWJSPO NFOUBM DPOEJUJPOT FYUBOU BOE NJOJNJ[ FT IJT SJTL XIJMF BDDPNQMJTIJOH UIF UBTL ɩ F PUIFS TFFLT NBYJNVN SJTL JO PSEFS UP EFNPOTUSBUF UIBU IJT BCJMJUZ JT HSFBUFS UIBO UIF SJTL ɩ FSF JT B SVTI JO UIJT XIFO TVDDFTTGVM CVU JU JT PGUFO TIPSU MJWFE 8F BMM UFOE UP UIJOL UIBU XF BSF CFUUFS UIBO XF BSF 8F OFFE UP QSBDUJDF UIF m STU BOE OPU MJPOJ[F UIF TFDPOE 0OF PG UIF SFB TPOT UIBU * WF TUBZFE BSPVOE UIJT TQPSU BT MPOH BT * IBWF JT UIBU * GPVOE FBSMZ PO UIBU

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

NPTU GPMLT IFSF IBWF QSFUUZ HPPE IPME PO UJPOT QFPQMF PO TUBĊ ɩ FZ IBWF NBEF JU UIFJS FHP *G UIFZ EJEO U UIFZ FJUIFS TDBSFE UIFJS CVTJOFTT UP VOEFSTUBOE IPX ZPVOH UIFNTFMWFT PS LJMMFE UIFNTFMWFT *O FJUIFS QFPQMF QFSDFJWF :PV XJMM OPUJDF UIFZ BSF FZ BSF DBTF UIFZ MFGU UIF TQPSU i)FZ MPPL BU NF w OPU MFOHUIFOJOH UIFJS OBNFT ɩ DIBOHJOH GSPN MPOH NVMUJ XPSE EFTDSJQ GPMLT HFOFSBMMZ EPO U MBTU MPOH * QFSTPOBMMZ EPO U TFF B HSFBU SFBTPO UJWF OBNFT UP TIPSU PGUFO POF XPSE IJQ UP DIBOHF UIF OBNF .PTU PG UIF NPSF TPVOEJOH OBNFT FYQFSJFODFE QBSBHMJEFS QJMPUT UIBU * WF /PXIFSF JT UIJT NPSF FWJEFOU UIBO CFFO BSPVOE * IBWF UP BENJU UIBU JO UIF JO UIF DFMM QIPOF JOEVTUSZ (FOFSBM 4PVUIFBTU UIFSF BSFO U NBOZ CVU * EP HFU 5FMFQIPOF BOE &MFDUSPOJDT $PSQPSBUJPO F DFMM QIPOF DPN BSPVOE TPNF BSF NPSF DPODFSOFE BCPVU CFDBNF 7FSJ[PO ɩ BJSUJNF UIBO OBNFT 8F SF BMM DMBTTFE UP QBOZ UIBU DBNF GSPN 1BDJm D #FMM 1IPOF HFUIFS CZ UIF '"" BOE UIF '"* 4PNF $PNQBOZ JT $JOHVMBS * EP OPU LOPX UIF DPVOUSJFT IBWF DIBOHFE UIFJS OBNFT BOE PSJHJO PG 4QSJOU CVU BHBJO JU JT B TIPSU PUIFST IBWFO U #VU * VOEFSTUBOE UIF GFFM BOE TPNFXIBU QPFUJD OBNF UIBU EPFT OPU JOH UIBU QBSBQJMPUT HFU XIFO TPNF IBOH EJSFDUMZ EFTDSJCF UIF TFSWJDF 0G DPVSTF XF BSF OPU OBNJOH B DPNQB HMJEJOH GPMLT KVTU QVU UIFN EPXO PO B SFHVMBS CBTJT BOE UIBU NBLFT UIFN NPSF OZ CVU * CFMJFWF UIF SFBTPOJOH JT UIF TBNF TFOTJUJWF UP UIJOHT MJLF OBNFT *U T OPU 4FWFSBM ZFBST BHP JO B MFUUFS UP UIF FEJ XPSUI UFBSJOH UIF "TTPDJBUJPO BQBSU GPS UPS * TVHHFTUFE UIBU PVS NBHB[JOF TIPVME FJUIFS XBZ JU HPFT 0OF UIJOH UIBU XPVME CF DBMMFE 'SFF 'MJHIU /PX UIF OBUJPOBM CF QPTTJCMF JT UP HP UIF SPVUF UIBU UIF PSHBOJ[BUJPO DPWFST IBOH HMJEJOH QBSB 1SPGFTTJPOBM 4LJ *OTUSVDUPS "TTPDJBUJPO HMJEJOH BOE NPUPS IBSOFTTFT GPS CPUI IBT EPOF XIFO UIFZ JODPSQPSBUFE TOPX 1FSIBQT JU JT UJNF UP UBLF B EFTJHOBUJPO CPBSET ɩ FZ BSF NPSF UIBO EPVCMF UIF UIBU XJMM SFQSFTFOU JU BMM XJUIPVU UVSO TJ[F PG 64)(" CVU UIFZ IBWF LFQU UIF JOH UIF OBNF JOUP B MJTU $FSUBJOMZ XF TUSVDUVSF PG UIFJS PSHBOJ[BUJPO UIF TBNF XJMM DPOUJOVF UP DBMM UIF EJTDJQMJOFT XIJMF PQFSBUJOH XJUI UXP %#" OBNFT QBSBHMJEJOH IBOH HMJEJOH QPXFSFE QBSB 14*" 1SPGFTTJPOBM "TTPDJBUJPO PG 4LJ HMJEJOH BOE QPXFSFE IBOH HMJEJOH #VU *OTUSVDUPST BOE ""4* "NFSJDBO "T XF TIPVME IBWF B QSPNPUJWF OBNF VOEFS TPDJBUJPO PG 4OPXCPBSE *OTUSVDUPST * N XIJDI BMM PG JU DBO MJWF JO UIF NJOET PG UIF B MJUUMF XPSSJFE BCPVU UIJT BQQSPBDI CF HFOFSBM QVCMJD 8F DPVME NBLF VQ B XPSE DBVTF * GFFM UIBU JU UFOET UP TFQBSBUF VT )PX BCPVU iCMFFOw (FPSHF $BSMJO SBUIFS UIBO CSJOH VT UPHFUIFS CVU JG JU DBO 0VS HSPXUI IBT CFFO HSJN MBUFMZ 8F BNFMJPSBUF UIF CBE GFFMJOHT UIBU BSF CFJOH OFFE TPNFUIJOH UP DIBOHF PVS MVDL 8F HFOFSBUFE OPX UIBU DPVME UFBS VT BQBSU IBWF LOPXO GPS B MPOH UJNF UIBU iIBOHw JT * E CF GPS JU OFHBUJWF 8IP LOPXT BCPVU iQBSBw 8F %JDL )FDLNBO 64)(" XJMM CF TUVDL GPS EFDBEFT XJUI UIF EFDJ TJPO XF NBLF OPX 1FSIBQT XF TIPVME DPOTVMU XJUI QSPNPUJPOT BOE NBSLFUJOH )PX "CPVU B /BNF 5IBU T /PU 'MZJOH FYQFSU SBUIFS UIBO UBLJOH B WPUF PG VT 3FMBUFE VOEFS JOGPSNFE PO UIJT TVCKFDU HMJEFS FNBJM 8IBU JT JO B OBNF "T QJMPUT * TVQ DMVC NFNCFST * UIJOL UIF DIPJDF TIPVME CF NBEF QPTF XF BSF NPTUMZ IBOET PO QSBDUJDBM QFPQMF CVU NVTU XF JHOPSF SPNBODF UP IFMQ QSPNPUF UIF TQPSU UP B HSFBUFS 'MZJOH JT GVMM PG SPNBODF FTQFDJBMMZ UIF EFNPHSBQIJD -FOHUIFOJOH UIF OBNF XBZ XF EP JU *O TPNF DPVOUSJFT IBOH XJMM OPU EP UIBU *U JT UPP MPOH BMSFBEZ HMJEJOH IBT CFFO LOPXO BT iGSFF n JHIUw +PIO )FJOFZ 64)(" PS iGSFFn JHIUw GPS NBOZ ZFBST *U JT UIF QFSGFDU OBNF GPS XIBU XF EP *U JT QPFUJD 4PNF -JHIUIFBSUFE 4VHHFTUJPOT GPS UIF *U JT SPNBOUJD *U JT TIPSU *U JT BUUSBDUJWF "TTPDJBUJPO /BNF UP OPO QJMPUT FNBJM *G XF BSF USZJOH UP BUUSBDU UIF ZPVUI $PODFSOJOH B OFX OBNF GPS UIF BTTP PG UIJT OBUJPO UP PVS TQPSU UIFO QFSIBQT DJBUJPO IFSF BSF TPNF TVHHFTUJPOT XF TIPVME UBLF B MFTTPO GSPN UIF NB 6 4 )BOH (MJEJOH BOE 1BSBHMJEJOH KPS DPNQBOJFT XIP IBWF IJHIMZ UBMFOUFE 0SHBOJ[BUJPO UP "EWBODF 5SBJOJOH 0Q BOE EFNPHSBQIJDBMMZ JOGPSNFE QSPNP FSBUJOH )JHIMZ &YDJUJOH "WJBUJPO %FWJDFT 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

64)(" 105"50)&"% 6 4 )BOH (MJEJOH "TTPDJBUJPO 'MFYJCMF BOE 3JHJE 5ZQFT 64)(" '"35 "OE MFU T OPU GPSHFU PVS QJMPUT PG /PS XFHJBO IFSJUBHF 6MUSBMJHIU 'SFF 'MJHIU %BSJOH "EWFOUVSFT 64)(" 6''%" *U T B GVO XPSE HBNF CVU SFQFBUFE BE OBVTFVN XF XPVME TPPO OFFE B GPME PVU NFNCFSTIJQ DBSE -FU T TBWF UIF JOL o BGUFS BMM EPFT POF OPU iIBOHw GSPN B QBSBHMJEFS %PFT POF OPU HMJEF 64)(" BMSFBEZ DPWFST JU BMM o XIZ m Y JU JG JU BJO U CSPLF +VTU POF QJMPU T PQJOJPOy +FSSZ i&OHJOFw "OEFSTPO 64)("

"FSPCBUJDT BOE .BOFVWFST $SFBUF )JHI 3JTL GPS 1JMPUT 0QFSBUJOH 0VUTJEF UIF 0SEJOBSZ 'MJHIU &OWFMPQF FNBJM

* SFOFX NZ BENJSBUJPO GPS UIF RVBMJUZ PG UIF NBHB[JOF BOE NZ FOUIVTJBTN GPS UIF iOFX EZOBNJD 64)("w o UIPVHI * TVQQPTF UIF QFOEJOH CBMMPU PO UIF OBNF DIBOHF XJMM DPOm SN UIF BQQSPQSJBUFOFTT PG UIJT OPNFSy ɩ F MBUFTU QBSBHMJEJOH JODJEFOU BD DJEFOU TUBUJTUJDT SFJOGPSDF B DPNNFOU * E QSFWJPVTMZ TVCNJUUFE SFHBSEJOH UIF FWPMVUJPO PG PVS TQPSU ɩ F GBDU UIBU UIF NBKPSJUZ PG SFQPSUT BSF BCPVU JO n JHIU JODJEFOUT TFFNT UP DPODVS XJUI NZ FBS MJFS DPNNFOUT PO UIF SBQJE HSPXUI PG BFSPCBUJDT o FNQIBTJ[FE CZ UIF SFDFOU EFWFMPQNFOU PG B TQFDJm D SBUJOH GPS BDSP HMJEFST 5P NZ CFTU SFDPMMFDUJPO UIFSF IBT CFFO BO JNQSFTTJWF TIJGU JO UIF TUBUJT UJDBM EJTUSJCVUJPO PG BDDJEFOUT PDDVSSJOH JO UIF WBSJPVT QIBTFT PG n JHIU JU VTFE UP CF UIBU NPTU BDDJEFOUT PDDVSSFE XIJMF MBVODIJOH MBOEJOH ɩ JT GBTU HSPXJOH TUZMF PG n ZJOH BFSPCBUJDT JOTQJSFT QJMPUT XIP BSF FJUIFS VORVBMJm FE PS XIP IBWF JOBQQSPQSJBUF FRVJQNFOU UP FOHBHF JO UIJT LJOE PG BDUJWJUZ 0VS SFBEFSTIJQ NBZ CF XFMM TFSWFE CZ BO BSUJDMF FYQSFTTMZ SFNJOEJOH VT PG UIF TUSJOHFOU MJNJUT PG PQFSBCJMJUZ PG OPO BFSPCBUJD SBUFE HMJEFST BOE UIF NBUDI JOH TVJUBCMF n JHIU DPOEJUJPOT *O HFOFSBM BWJBUJPO UIF FOUJSF DPODFQU PG MJNJUBUJPO JT SFJOGPSDFE UISPVHIPVU BOZ QJMPU T USBJO JOH GSPN UIF FBSMJFTU TUBHFT VOUJM UIF NPTU BEWBODFE CZ VONJTUBLBCMF EFm OJ UJPOT PG XIBU iTUBOEBSE n ZJOH DPOEJUJPOTw BSF 8F EP OPU IBWF TVDI B NBUVSF JOEVT USZ BOE GPS JOTUBODF BT BO JOTUSVDUPS JU JT

NZ QFSTPOBM DIPJDF UP FNQIBTJ[F PS OPU ZPO QSPOF UP WFOUVSJ ɩ BU XBT BU 8BZ MPOHFWJUZ &WFOUT MJLF UIFTF DBO TFSWF BT UIBU FWFO TJNQMF NBOFVWFST TVDI BT VTF QPJOU FJHIU NJMFT BOE UXP IPVST GSPN BO PVUSFBDI UP UIF DPNNVOJUZ -PPL UP PG UIF TQFFECBS PS UIF iFBSTw TIPVME CF MBVODI -BVODI XJOET UIBU EBZ XFSF UIF "MCVRVFSRVF CBMMPPO GFTUJWBM BT BO DPOTJEFSFE PVUTJEF UIF iPSEJOBSZw n JHIU MJHIU UP NPEFSBUF 8JOET EJEO U SFBDI FYBNQMF 0ODF TFDVSFE JO UIF DPNNVOJ FOWFMPQF ɩ PVHI XF NBZ VTF UIFN DPN NQI BU MBVODI EVSJOH UIF FOUJSF UZ JU JT IBSEFS UP EJTQMBDF PVS -; 3JTJOH MBOE WBMVFT QMBDF BMM PG PVS NPOMZ PVS SFTPSU UP UIFJS VTF JOEJDBUFT EBZT PG FWFOUT ɩ FSF XBT OP iGFSWPS PG -;T JO KFPQBSEZ 8JTIJOH UIBU XF DPVME UIBU XF BSF n ZJOH WFSZ OFBS PVS TBGFUZ UIF NPNFOU w MJNJUT BOE UIFZ XFBS PVU PVS FRVJQNFOU "MEFO JT USPVCMFE CZ UIF QPQVMBS FWFOU n Z BOE OPU CF OPUJDFE JT OPU B TUSBUFHZ .PSF BEWBODFE NBOFVWFST TVDI BT TQJ )F NFOUJPOT XBOUJOH UP CVU OPU CF -POHJOH GPS UIF QBTU JT OPU B TUSBUFHZ F POMZ XPSLJOH TUSBUFHZ JT UP HFU PVU F USVUI JT UIF MBVODI ɩ SBMT BOE XJOHPWFST TIPVME CF SFTPMVUFMZ JOH BCMF UP n Z ɩ CFZPOE PVS OFDFTTJUZ BOE UIVT TIPVME CF JT PQFO VQ UP BOE BGUFS UIF MBVODI XJO JO UIF DPNNVOJUZ BOE EFm OF PVS TQPSU DMFBSMZ MBCFMFE BT iSBEJDBMw PS iFYUSFNFw EPX 0SHBOJ[FST POMZ BTL UIBU PUIFST JO B QPTJUJWF MJHIU *G XF EPO U EFm OF PVS UP FOTVSF UIBU POMZ UIF NPTU BEWBODFE OPU MBVODI EVSJOH UIF NJOVUF XJO TFMWFT TPNFPOF FMTF XJMM EP UIBU GPS VT FZ NBZ PS NBZ OPU CF PO PVS TJEF BOE XFMM USBJOFE QJMPUT XJMM VTF UIFN EPXT 0ODF UIF DPNQFUJUPST EFQBSU UIF ɩ #VU UIF CPUUPN MJOF JT o CF B QBSU PG *O NZ UISFF ZFBST PG n ZJOH JO 4MPWF TLJFT BSF XJEF PQFO /P UBTLT FOEFE BU OJB * IBWF XJUOFTTFE UIF SJTLT PG TVDI UIF NBJO -; TP PWFSDSPXEJOH UIFSF XBT UIF n ZJOH DPNNVOJUZ *G ZPV TFDFEF GSPN UIBU ZPV IBWF BHSFFE UP MFU PUIFST EFUFS EFWFMPQNFOU JO DPNNVOJUJFT XIFSF OPU BO JTTVF "MEFO TUBUFT IF JT OPU B NFNCFS PG UIF NJOF ZPVS GBUF QBSBHMJEJOH IBT HSPXO GBTUFS UIBO B /B UJPOBM 'FEFSBUJPO UIBU DPVME JTTVF TUBO MPDBM DMVC "T B OPO NFNCFS IF IBT HJW 1BVM .VSEPDI 64)(" EBSET TFWFSBM FBTU &VSPQFBO DPVOUSJFT FO VQ DFSUBJO SJHIUT JODMVEJOH MBOEJOH 64)(" T HSFBU JO NZ PQJOJPO SF MFHBMMZ BU UIF 8PPESBU -; 'VSUIFSNPSF " 2VFTUJPO PG #FBVUZ PSHBOJ[BUJPO QSPWJEFT BO PQQPSUVOJUZ UP JG ZPV SFNPWF ZPVSTFMG GSPN UIF GPSVN *O UIF BSUJDMF XSJUUFO CZ %BWJT 4USBVC BEESFTT UIJT SJTL ɩ F BEWFOU PG BFSPCBUJDT EPO U HSJQF BCPVU UIF EFDJTJPOT NBEF PO n ZJOH BU +BDLTPO )PMF +VMZ JTTVF %B JT &953&.&-: EBOHFSPVT CFDBVTF JU 'JOBMMZ B QPJOU OFBS BOE EFBS UP BMM PG WJT TUBUFE UIF NPTU CFBVUJGVM QMBDF JO UIF JNQSFTTFT TQFDUBUPST XJUI TFFNJOHMZ FBTZ VT o TJUF QSFTFSWBUJPO * TFF DPOUSBTUJOH 6 4 UP n Z JT BU +BDLTPO )PMF 8ZPNJOH NBOFVWFST JU JT FYUSFNFMZ NJTMFBEJOH JO JEFBT BCPVU IPX UP BDIJFWF UIJT ɩ FSF JT * UIJOL +BDLTPO JT BXFTPNF CVU GPS TDFO UIBU GFX SFBMJ[F UIF SJTLT PG VOGPSFTFFO B TDIPPM PG UIPVHIU UIBU iJG XF KVTU LFFQ FSZ * QSFGFS OPSUIXFTU .POUBOB XIFSF DPOEJUJPOT UVSCVMFODF MPDL JO FRVJQ PVS IFBET EPXO OP POF XJMM OPUJDF VT UIF MVTI NPVOUBJOT PG #SJUJTI $PMVNCJB BU QPTJUJPO FOUFS UIF 6 4 UP GPSN (MBDJFS /BUJPOBM NFOU GBJMVSFy BOE FWFO GFXFS IBWF UIF BOE XF DBO DPOUJOVF UP n Z w ɩ NBTUFSZ UP SFDPWFS GSPN TVDI FWFOUT ɩ VT IBT CFFO QSPWFO UP CF JOFĊ FDUJWF 1FPQMF 1BSL ɩ F $SPXO PG UIF $POUJOFOU BFSPCBUJDT XJMM MJLFMZ MFBE UP BO JODSFBTF XJMM BMXBZT OPUJDF VT 4PNFPOF XJMM JO $PNF n Z XJUI VT JO .POUBOB o JO JODJEFOUT EVF UP QJMPUT XIP TFF POMZ FWJUBCMZ EP TPNFUIJOH WFSZ OPUJDFBCMF o JU T HSFFOFS UIF QVCMJD WJTJCJMJUZ UIBU UIFZ NBZ HBJO TDBSF IPSTFT MBOE JO XJSFT PS HFU JOKVSFE (SFHH #SBVDI 64)(" GSPN TVDI NBOFVWFST 0VS NBHB[JOF ɩ FTF FWFOUT XJMM TUJS UIF DPNNVOJUZ UP NBZ DPOTJEFS BEESFTTJOH UIF JTTVF NPSF QPOEFS PVS TQPSU 8JUIPVU BOPUIFS UJF UP #JH #PZT 8BOU UP 'MZ 5PP m SNMZ TP UIBU PVS KVOJPS NFNCFST BSF OPU UIF DPNNVOJUZ UIPTF JODJEFOUT EFm OF VT FNBJM UFNQUFE CFZPOE UIF SFQFBUFE TUBUFNFOUT 4PPOFS PS MBUFS TPNFUIJOH XJMM UISFBUFO %VSJOH UIF QBTU EFDBEF * IBWF CFFO PG iEPO U USZ UIJT XJUIPVU QSPQFS TVQFSWJ PVS -; BOE OP POF XJMM TUBOE XJUI VT IPVOEJOH 8JMMT 8JOH UP NBLF VT iCJH TJPO USBJOJOH DMFBSBODF FUD w "OE UIFSF T BOPUIFS JTTVF XJUI TJUF CPZTw B SFDSFBUJPOBM HMJEFS ɩ BU T B HMJEFS ɩ BOLT B CVODI UP BMM UIF 64)(" QSFTFSWBUJPO *O UIF MBTU ZFBS UIFSF T CFFO GPS QJMPUT JO UIF PWFS IPPL JO SBOHF TUBĊ BOE UP UIF FOUIVTJBTUJD QJMPUT PG BMM BU MFBTU POF BDUJWF CVU VOSBUFE IBOH QJMPU ɩ F QSPCMFN JT UIBU UIFSF BSF ;&30 DVS GSFF n JHIU DPOUSBQUJPOT XIP LFFQ UIF BOE BO VOSBUFE QBSBHMJEFS QJMPU n ZJOH BU SFOU QSPEVDUJPO HMJEFST UIBU BSF OPU UBO 64)(" BMJWF BOE XFMM o BOE CFUUFS 8PPESBU 6OSBUFE QJMPUT QPTF B GBS HSFBU EFN HMJEFST PVU UIFSF UIBU XJMM BDDPN UPNPSSPX FS SJTL UP TJUF QSFTFSWBUJPO ɩ FZ BSF UZQJ NPEBUF UIJT HSPVQ PG QJMPUT 5P NBLF FZ NBUUFST XPSTF 8JMMT T OFX 5 IBT CFFO /JDPMBT $BVDIZ 64)(" DBMMZ VOEFS USBJOFE JG OPU VOUSBJOFE ɩ BSF NPSF MJLFMZ UP HFU JOUP USPVCMF "OE JG TISVOL UP KVTU TRVBSFT 8": UPP UIFZ DBVTF JOKVSJFT PS EBNBHF UIFZ BSF TNBMM GPS UIF CJH HVZT PG UIF TQPSU 0VS 1PQVMBS &WFOUT )FMQ $FNFOU $PNNVOJUZ $POOFDUJPOT *ODSFBTF 4JUF OPU DPWFSFE CZ 64)(" JOTVSBODF "T QMJHIU OPX JT UP n Z HMJEFST BU IPPL JO UIFJS QFFS HSPVQ JU JT JODVNCFOU VQPO VT XFJHIUT PWFS UIF DFSUJm DBUJPO MJNJUT ɩ JT 4FDVSJUZ UP QSFTTVSF UIFTF QJMPUT UP HFU SBUFE PS UP SFTVMUT JO EBOHFSPVTMZ GBTU MBOEJOH TQFFET FNBJM BT XFMM BT SFEVDFE TBGFUZ BU MBVODI #BTJ * SFBE "MEFO .PĊ BUU T MFUUFS JO UIF DFBTF n ZJOH GSPN 64)(" TJUFT 4UBSUIJTUMF BOE 3BU 3BDF BSF FWFOUT DBMMZ XF SF JO UIF TBNF TJUVBUJPO BT UIF "VHVTU JTTVF SFHBSEJOH UIF 3BU 3BDF FWFOU JO TPVUIFSO 0SFHPO )F IBT TPNF UIBU IBWF DBQUVSFE UIF JNBHJOBUJPO PG TNBMMFS QJMPUT IBWF FOEVSFE GPS TP NBOZ F DPN ZFBST GBDUT XSPOH /P 3BU 3BDF QJMPUT MBVODIFE UIF TVSSPVOEJOH DPNNVOJUZ ɩ 8JMMT 8JOH IBT EFWFMPQFE B 4QPSU ** JO NQI XJOET /P 3BU 3BDF QJMPUT NVOJUZ MJLFT UP XBUDI -PDBM CVTJOFTTFT XFSF JOKVSFE BU MBVODI ɩ FSF XBT BO JO SFMJTI UIF EPMMBST XF CSJOH JO 8JUI UIF TRVBSF GPPU HMJEFS UIBU JT QFSGFDUMZ KVSZ XIFO B QJMPU XFOU JOUP B OBSSPX DBO DPNNVOJUZ T FNCSBDF XF FOIBODF PVS UBSHFUFE GPS UIJT NBSLFU * IBWF QFSTPOBMMZ

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

+PIO )BXL JO 7FSCJFS

n PXO UIF QSPUPUZQF BU UIF 1PJOU PG UIF 7FSCJFS m 8PSME $MBTT 'MZJOH BOE .PVOUBJO XJUI UXP EJĊ FSFOU MFBEJOH 4XJTT -VYVSZ FEHF DPOm HVSBUJPOT 4VCTFRVFOUMZ JN FNBJM QSPWFNFOUT IBWF CFFO NBEF UP UIF QSPUP *NBHJOF n ZJOH PWFS UIF 4XJTT "MQT UZQF SPMM BOE QJUDI IBOEMJOH "DDPSEJOH BOE IFBSJOH UIPVTBOET PG CFMMT PO UIF UP NZ TPVSDFT UIJT OFX QSPUPUZQF HMJEFS EBJSZ DPXT UIPVTBOET PG GFFU CFMPX BT ZPV GPS CJH CPZT JT n ZJOH FYDFQUJPOBMMZ XFMM MPPL BDSPTT UIF TVNNJUT BOE EPXO JOUP ɩ F QSPCMFN JT UIBU OPX FMFNFOUT PG 'SBODF *NBHJOF n ZJOH PWFS 4XJTT DIB UIF 8JMMT 8JOH NBOBHFNFOU UFBN BSF MFUT BOE DIVSDIFT UIBU BSF QFSDIFE PO UIF IBWJOH TFDPOE UIPVHIUT BCPVU NBLJOH TJEF PG TPNF PG &VSPQF T NPTU SVHHFE BOE UIJT HMJEFS ɩ FZ GFBS UIBU UIFZ XJMM OPU PMEFTU TFUUMFNFOUT ɩ JT JT 7FSCJFS TFMM FOPVHI PG UIFN UP NBLF JU QSPm UBCMF %VSJOH B SFDFOU USJQ UP 4XJU[FSMBOE 8IBU B TIBNF UP BCBOEPO B iTJHOJm DBOUw * IBQQFOFE VQPO UIJT QBSBEJTF "G NBSLFU * XPVME WFSZ NVDI MJLF UP &/ UFS n ZJOH UIF NVTU EP TJUFT JO 'SBODF * $063"(& BMM UIF CJH CPZT PG UIF XPSME CVNQFE JOUP .JLF BOE 4UV GSPN 7FS UP TFOE BO FNBJM UP .JLF BOE 4UFWF BU CJFS BU B 4XJTT QBSBHMJEJOH DPNQFUJUJPO 8JMMT 8JOH UP FODPVSBHF UIFJS EFDJTJPO ɩ FTF UXJOT HSFX VQ #SJUJTI JO UIF $B UP TVQQPSU PVS iFYQBOEJOHw NBSLFU SJCCFBO BOE MBUFS FYQPSUFE UIFJS UBOT BOE +PIO 3VTTFMM ) iDz F -FBE 4MFE w 5PX MBJE CBDL OBUVSF UP 4XJU[FSMBOE UP GPMMPX "ENJOJTUSBUPS 64)(" UIFJS QBTTJPO GPS n ZJOH BOE PQFO B ZFBS SPVOE n ZJOH DIBMFU *O UIF &VSPQFBO n Z FZ *G ZPV SF POF PG UIF i CJH CPZTw o PS IBWF JOH DPNNVOJUZ UIFZ BSF MFHFOEBSZ ɩ UP QVU VQ XJUI POF XIP T HSVNQZ GSPN UPME NF i:PV DBO DIFDL PĊ UIF SFTU PG FRVJQNFOU GSVTUSBUJPOT o ZPV DBO SFBDI ZPVS MJTU PG TJUFT PS ZPV DBO DPNF XJUI VT UIF 8JMMT CPZT BU NJLF!XJMMTXJOH DPN BOE TFF &VSPQF T CFTU LFQU n ZJOH TFDSFU BOE TUFWF!XJMMTXJOH DPN UP FYQSFTT ZPVS o 7FSCJFS w .Z USBWFM QBSUOFS BOE * XFSF OFFE GPS B CJH CPZT HMJEFS * TVą FS GSPN UIF HBNF BOE EFDJEFE UP MPBE VQ JO UIFJS WBO i EPXOUVCFT MPOHFS UIBO * BN UBMMw TZOESPNF BOE TQFOE B XFFL JO 7FSCJFS WFSTVT HP TP ZPV PUIFS FOE PG UIF TQFDUSVN HVZT IBWF JOH UP PVS OFYU NBTT NBSLFU MBVODI BOE RVFVF VQ UP MBVODI JOUP DSPXEFE TLJFT NZ FNQBUIZ BOE NZ CFTU XJTIFT GPS TVDDFTT 7FSCJFS JT B TNBMM 4XJTT WJMMBHF JO UIF IFBSU PG UIF "MQT 8PSME DMBTT TLJ TJUFT DMJNC UIF IJMMT UPXBSE UIF CPSEFS XJUI 'SBODF *O UIF TVNNFS UIF UPXO UBLFT 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

B EFFQ CSFBUI BOE UIF MPDBMT FOKPZ UIF RVJFU TFBTPO BOE .JLF BOE 4UV IPTU QJ MPUT GSPN BSPVOE UIF XPSME BU UIFJS DIBMFU PWFSMPPLJOH UIJT 4XJTT QPTU DBSE 8IFO ZPV TQFOE B XFFL XJUI UIF UXJOT UIFZ USFBU ZPV MJLF SPZBMUZ BOE SF EFm OF IPT QJUBMJUZ &BDI NPSOJOH XF FOKPZFE B TVOSJTF CSFBLGBTU PO UIF EFTL PG UIF DIBMFU 8F XPVME HFU B CSJFm OH PO UIF DPOEJUJPOT BOE UIF EBZ T n JHIU QMBO CFGPSF MPBE JOH VQ JO UIFJS WBO BOE XJOEJOH PVS XBZ UISPVHI UIF HSB[JOH DPXT VQ UP MBVODI 4UV XPVME HFBS VQ UP n Z XJUI VT BOE .JLF XPVME NBO UIF WBO BOE NFFU VT IPVST MBUFS XIFO XF MBOEFE GPS MVODI BOE UP QMBO PVS BGUFSOPPO n JHIU &BDI FWF OJOH T HPVSNFU EJOOFS XPVME CF GPMMPXFE CZ B XBML JOUP UIF WJMMBHF UP SFDPVOU UIF EBZ PWFS B DPME CFFS ɩ F JEZMMJD TFUUJOH PG 7FSCJFS GFMU MJLF 4VO 7BMMFZ 8IJTUMFS PS 7BJM XJUIPVU B TJOHMF PUIFS UPVSJTU UP TIBSF JU XJUI ɩ F UPXO NPVOUBJOT BOE BJS CFMPOH UP .JLF BOE 4UV BOE UIFZ BSF FBHFS GPS FW FSZ WJTJUPS UP IBWF UIF UJNF PG UIFJS MJWFT *G ZPV SF UIJOLJOH PG WJTJUJOH &VSPQF UP n Z UIFO NBLF XXX WFSCJFSTVNNJUT DPN ZPVS m STU TUPQ +PIO )BXL 64)("

EPO U GFFM UIFSF T BOZ NBHJD CVMMFU BOZ TJOHMF XBZ UP ESBX QFPQMF JOUP PVS TQPSU *U NBZ KVTU CF B NBUUFS PG QMVHHJOH BXBZ EPJOH PVS CFTU UP IFMQ JOTUSVDUPST IFMQ OFX QJMPUT TVQQPSU ZPV * IPQF * N EPJOH B HPPE KPC BU UIBU BOE FYJTUJOH QJMPUT PQFO OFX TJUFT SFUBJO FYJTUJOH JG * N OPU QMFBTF UFMM NF TP * MM EP NZ CFTU POFT FODPVSBHJOH DIBQUFST QSPNPUJOH PVS UP FYQMBJO UIJOHT JG ZPV IBWF RVFTUJPOT BOE TQPSU UP UIF QVCMJD BOE UIF QSFTT BOE USZJOH UBLF ZPVS DPODFSOT UP UIF CPBSE GPS DPOTJEFS FWFSZUIJOH XF DBO UP m OE PVU XIBU XPSLT BUJPO * E BQQSFDJBUF ZPVS WPUF GPS NF UP TFSWF * IBWF B HPPE XPSLJOH SFMBUJPOTIJQ XJUI BT ZPVS SFHJPOBM EJSFDUPS 6ST ,FMMFOCFSHFS )F EPFT BMM UIF XPSL XIJMF * CBTL JO BMM UIF HMPSZ 4P JG ZPV WPUF GPS CPUI 1BVM (B[JT 3FHJPO *ODVNCFOU PG VT XF MM EP PVS CFTU UP XPSL UPHFUIFS "OE * CFHBO n ZJOH XIPFWFS ZPV NBZ WPUF GPS * IPQF ZPV BMM IBWF CBDL JO "I HSFBU n JHIUT JO IPX XFMM * SFNFN "OE JG ZPV TIPVME IBQQFO UP TQPU B GFX CFS UIBU FSB 8F E QSJNJUJWF TUPOF UPPMT MZJOH OFYU UP * n Z BMM EBZ PO PVS TPNFXIFSF KVTU TPVUI PG #JTIPQy UIPTF BSF DSVEF XJOHT *O UIF QSPCBCMZ NJOFy FWFOJOH XF E HBUIFS BSPVOE UIF DBNQ 6ST ,FMMFOCFSHFS 3FHJPO *ODVNCFOU HSPVOE CPBTU BCPVU 5XP PG UIF SFB PVS n JHIUT GBTIJPO TPOT * SBO GPS SFHJPOBM QSJNJUJWF TUPOF UPPMT HSPPN FBDI PUIFS GPS EJSFDUPS JOJUJBMMZ JO n FBT BOE TUSVHHMF UP NBTUFS UIF VTF PG m SF *U XFSF UP IFMQ XBT HMPSJPVT &YDFQU QFSIBQT GPS UIF n FBTy PVS TQPSU TVDDFFE " MPU IBT IBQQFOFE TJODF UIPTF EBZT ɩ F BOE UP EJTDPWFS XIBU NBTUFSZ PG m SF BMMPXFE VT UP EFWFMPQ JOUFSOBM HPFT PO JOTJEF UIF DPNCVTUJPO FOHJOFT XIJDI IBT SFWPMVUJPO 64)(" 4JODF UIFO J[FE UIF SFUSJFWF QSPDFTT o CFGPSF UIBU XF IBE * WF MFBSOFE UIBU UP HBUIFS UIF OFDFTTBSZ NBUFSJBMT DPOTUSVDU UIF CPBSE PG EJSFD OFX HMJEFST PO UPQ PG UIF IJMM BOE EJTDBSE UPST BOE FYFDVUJWF EJSFDUPS BSF TJNQMZ QJMPUT UIFN BGUFS XF MBOEFE 8F EJTDPWFSFE UIBU EFEJDBUFE UP TFFJOH UIF BTTPDJBUJPO IFMQ JO UIF FBSUI XBT SPVOE XIJDI IBT HJWFO NF PQ EJWJEVBMT BOE DMVCT TVDDFFE )PXFWFS EVF UP QPSUVOJUJFT UP n Z JO &VSPQF BOE "VTUSBMJB BOE B TIPSUTJHIUFE WJTJPO GPS UIF GVUVSF PVS PS HMPBU BCPVU JU MBUFS 1BSBHMJEFST XFSF JOWFOUFE HBOJ[BUJPO IBT QSJNBSJMZ SFBDUFE UP QSPCMFNT GPMMPXFE CZ SJHJE XJOHT MBOHVBHF XSJUJOH BOE DSJTFT SBUIFS UIBO JOWFTUJOH JO FĊ PSUT UP BHSJDVMUVSF BOE NJDSPCSFXFSJFT 0VS HMJEFST GPSFTFF BOE BWPJE UIFN IBWF JNQSPWFE BT IBT PVS CFFS 0WFS UIF MBTU TJY NPOUIT * IBWF XPSLFE 'MZJOH IBT HJWFO NF B MPU *G OPUIJOH FMTF DMPTFMZ XJUI -JTB 5BUF 64)(" WJDF QSFTJ * WF IBE RVJUF B GFX n FBT HSPPNFE 4P PWFS EFOU BOE IFBE PG UIF 1MBOOJOH DPNNJUUFF UIF ZFBST * WF USJFE UP HJWF TPNFUIJOH CBDL BOE B GFX PUIFST UP EFm OF B WJTJPO BOE DIBSU * WF SVO DMVC USJQT TFSWFE BT FEJUPS GPS PVS B DMFBS DPVSTF GPS UIF GVUVSF PG PVS TQPSU MPDBM OFXTMFUUFS TFSWFE BT PCTFSWFS FYBN )BOH HMJEJOH NFNCFSTIJQ JT EFDMJOJOH BOE JOFS BOE SFHJPOBM EJSFDUPS BOEy VIy EPOF QBSBHMJEJOH NFNCFSTIJQ JT OP MPOHFS HSPX NZ CFTU UP MJHIUFO UIF UPOF PG EFCBUFT PO UIF JOH 8F NVTU BMM XPSL UPHFUIFS PO UIF MPDBM *OUFSOFU * XPVME MJLF UP DPOUJOVF UIJT USBEJ BOE OBUJPOBM MFWFM UP QSPNPUF PVS TQPSU 8F UJPO OFFE UP NFOUPS BOE OVSUVSF OFX TUVEFOUT TP * CFMJFWF UIBU UIF UXP NPTU JNQPSUBOU UIFZ DBO HSPX UP CF TBGF BEWBODFE QJMPUT 8F JTTVFT GBDJOH PVS TQPSU BSF DPNNVOJDBUJPOT OFFE UP DSFBUF B DPNNVOJUZ PG QJMPUT XIFSF CFUXFFO UIF OBUJPOBM PSHBOJ[BUJPO BOE UIF JOEJWJEVBMT BOE DMVCT IFMQ CPUI UIPTF XJUIJO NFNCFST BOE HSPXUI ɩ F GPSNFS TFFNT BOE XJUIPVU UIBU DPNNVOJUZ 8F OFFE UP FO UP CF JNQSPWJOH 8F TUJMM IBWF QSPCMFNT DPVSBHF BOE BJE MPDBM TDIPPMT JO UIFJS FĊ PSU UP CVU OPX XF SF NBLJOH MFHJUJNBUF BUUFNQUT m OE USBJO SFUBJO BOE BEWJTF TUVEFOUT BT UIFZ UP JEFOUJGZ BOE TPMWF UIFN ɩ F MBUUFS JTTVF NPWF GSPN n FEHMJOH OPWJDFT UP BDUJWF DMVC JT NPSF TFSJPVT ɩ F QJMPU QPQVMBUJPO JT EF NFNCFST JO UIFJS MPDBM PSHBOJ[BUJPOT DMJOJOH QJMPUT BSF HFUUJOH PMEFS BOE JG UIFTF "T UIF 1VCMJDBUJPOT DPNNJUUFF DIBJSNBO * USFOET BSFO U SFWFSTFE UIFSF NBZ DPNF B EBZ MPPL GPSXBSE UP DPOUJOVJOH NZ FĊ PSU UP NPWF XIFO PVS TQPSU JT JO TFSJPVT USPVCMF PVS NBHB[JOF JOUP UIF TU DFOUVSZ *U OPU ɩ FSF TIPVME CF QMFOUZ PG SPPN GPS HSPXUI POMZ OFFET NPSF DPOUFOU CVU JU BMTP OFFET ɩ F 6 4 XJUI B QPQVMBUJPO PG NJMMJPO DPOUFOU GPS DVSSFOU QJMPUT BOE OFX TUVEFOUT IBT GFXFS UIBO QJMPUT *O "VTUSBMJB BT XFMM BT UIF DVSJPVT QVCMJD " NPSF SPCVTU XJUI B QPQVMBUJPO PG POMZ NJMMJPO NBHB[JOF DPVQMFE XJUI JUT DVSSFOU QSPGFTTJPOBM QFPQMF n Z *G XF DPVME EP BT XFMM BT UIF EFTJHO QSPWJEFT 64)(" XJUI PQQPSUVOJUJFT "VTTJFT XF E IBWF QJMPUT .BZCF GPS OBUJPOXJEF FYQPTVSF BOE QPUFOUJBMMZ NPSF UIBU T NPSF UIBO XF XBOU CVU XF TIPVME BU NFNCFST .PSFPWFS JODSFBTJOH *OUFSOFU EJT MFBTU CF BCMF UP CSJOH JO FOPVHI OFX ZPVOH USJCVUJPO PG UIJT DPOUFOU XPVME FOBCMF TDIPPMT QJMPUT UP SFQMBDF UIF PMEFS POFT XIP SFUJSF *

3FHJPOBM %JSFDUPS /PNJOBUJPOT .BSL 'PSCFT 3FHJPO *ODVNCFOU 5JNF n JFT XIFO ZPV SF IBWJOH GVO BOE JU T NPTU GVO XIFO ZPV SF n ZJOH * N n ZJOH B OFX %JTDVT OPX BT XFMM BT NZ 9 3BZ QBSBHMJEFS * E MJLF UP IBWF ZPVS WPUF GPS BOPUIFS UFSN BT ZPVS SFHJPOBM EJSFDUPS SFQSFTFOUJOH UIF QJMPUT PG 0SFHPO 8BTIJOHUPO BOE "MBTLB *U T CFFO BO JO UFSFTUJOH DPVQMF PG ZFBST BOE UIFSF BSF OFX DIBMMFOHFT BIFBE PG VT 0WFS UIF QBTU UXP ZFBST XF WF CSPVHIU UIF BTTPDJBUJPO VQ UP B TPMJE m OBODJBM DPOEJ UJPO 0VS DBTI SFTFSWFT BSF BEFRVBUF BOE UIF CVEHFU JT JO CBMBODF 8JUI SFTFSWF GVOE JO WFTUNFOUT XF QVSDIBTFE BO Pċ DF CVJMEJOH GPS B QFSNBOFOU IFBERVBSUFST FMJNJOBUJOH PVS NPOUIMZ SFOU QBZNFOU BOE TFDVSJOH PVS GVUVSF 8F OPX IBWF UXP UFOBOUT XIP QBZ VT SFOU BEEJOH PWFS BOOVBMMZ UP PVS HSPTT JODPNF 'PS UIF m STU UJNF FWFS XF SF OPU TVCKFDU UP UIF XIJN PG B MBOEMPSE UFSNJ OBUJOH PVS MFBTF PS SBJTJOH UIF SFOU * XBT FMFDUFE UP UIF 6 4 )BOH (MJEJOH 'PVOEBUJPO CPBSE PG USVTUFFT FBSMJFS UIJT ZFBS BOE * N FYDJUFE BCPVU UIF QPUFOUJBM GPS VT UP JOWFTU JO TJUF QSFTFSWBUJPO BOE QSPNPUJPO PG PVS TQPSUT 5XP HSBOUT IBWF CFFO BXBSEFE UP TJUFT JO PVS SFHJPO %PH .PVOUBJO XIFSF UIF 'PVOEBUJPO QSPWJEFE UPXBSE UIF USFF SFNPWBM QSPKFDU BOE NPTU SFDFOUMZ .PVOU )PXBSE OFBS +PTFQI 0SFHPO GPS BO FO WJSPONFOUBM JNQBDU TUVEZ UIBU JT SFRVJSFE CFGPSF MBVODI JNQSPWFNFOUT DBO CF NBEF *G ZPV IBWFO U TFFO UIJT TJUF ZFU ZPV TIPVME o JU T TQFDUBDVMBS 8F IBWF NBKPS DIBMMFOHFT BIFBE .FNCFSTIJQ OVNCFST BSF EFDMJOJOH TMPXMZ PWFSBMM BOE GBTUFS XJUIJO UIF IBOH HMJEJOH SBOLT 8F OFFE UP SFWFSTF UIBU USFOE JG XF SF HPJOH UP SFNBJO WJBCMF GPS UIF MPOH UFSN 8F XJMM CF MPPLJOH BU XBZT UP JNQSPWF UIF QVCMJD JNBHF PG PVS TQPSU BOE CSJOH JO OFX QBSUJDJQBOUT CVU JU T MJLFMZ UP SFRVJSF TFSJPVT HSBTT SPPUT XPSL " CJH 57 BE DBNQBJHO JT GBS CFZPOE PVS NFBOT BOE JU T OPU SFBMMZ XIBU XF OFFE BOZXBZ * MM CF CSJOHJOH ZPV NPSF JOGPSNBUJPO BT JU DPNFT PVU PG UIF QMBOOJOH QSPDFTT 8F DPOUJOVF UP XPSL XJUI '"" PO SFHVMBUPSZ BOE BJSTQBDF JTTVFT BOE BT DIBJS NBO PG UIF *OTVSBODF DPNNJUUFF * BN EFFQMZ JOWPMWFE JO TJUF BOE QJMPU MJBCJMJUZ DPWFSBHF *U T DPNQMJDBUFE MFHBM TUVĊ UIBU DBO CF B NJOF m FME CVU JU T DSVDJBM UP LFFQJOH PVS BDDFTT UP n ZJOH TJUFT *OTUSVDUPS BOE BFSPUPX MJBCJMJUZ DPWFSBHFT BSF PG DPODFSO BOE * N XPSLJOH DMPTFMZ XJUI +BZOF PO UIFTF JTTVFT * GFFM NZ QSJNBSZ KPC BT ZPVS EJSFDUPS JT UP QSPWJEF BO PQFO DPNNVOJDBUJPO DIBOOFM GPS

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

OPU JOUFSFTUFE JO DPNQFUJUJPO OPS FYUSFNF BFSPCBUJDT * EFSJWF HSFBU WJDBSJPVT QMFBTVSF GSPN UBLJOH OFX QSPTQFDUT BOE TUVEFOUT PO JOUSPEVDUPSZ UBOEFN n JHIUT * BN BO BEWBODFE QBSBHMJEJOH JOTUSVDUPS BOE B QBSBHMJEJOH UBOEFN JOTUSVDUPS BOE * BN B IBOH HMJEJOH FYBNJOFS BOE PCTFSWFS .Z TFMG BQQPJOUFE UBTL BT BO JOTUSVDUPS JT UP IFMQ FOTVSF UIBU 4BO %JFHP QJMPUT XJUI POMZ DPBTUBM SJEHF FYQFSJFODF IBWF TUSVDUVSFE FY QPTVSF UP NPVOUBJO n ZJOH .Z QSJNBSZ JOUFSFTUT JO UIF 64)(" BSF UP QSPNPUF UIF DPOUJOVFE BDDFTTJCJMJUZ PG IBOH HMJEJOH BOE QBSBHMJEJOH BOE UP IFMQ FOTVSF UIBU UIF PSHBOJ[BUJPO JT SFTQPOTJWF UP UIF OFFET BOE EFTJSFT PG JUT NFNCFSTIJQ * BN TUSPOHMZ TVQQPSUJWF PG UIF GVMM JODMVTJPO PG QPXFSFE QBSBHMJEJOH JOUP UIF 64)(" +PIO (SFZOBME 3FHJPO *ODVNCFOU )FMMP 4PVUIFSO $BMJGPSOJB BOE )BXBJJ BMUIPVHI * IBWF OPU n PXO JO BOZ QPXFSFE QJMPUT o * IBWF CFFO ZPVS SFHJPOBM EJSFDUPS GPS IBSOFTT * WPMVOUFFSFE UP CF UIF DIBJSQFSTPO PG UIF UIF MBTU FJHIU ZFBST BOE XPVME MJLF UP SFQSF TFOU UIF QJMPUT JO 3FHJPO GPS BOPUIFS UFSN /BNF $IBOHF DPNNJUUFF BU UIF SFRVFTU PG * BN NPUJWBUFE UP DPOUSJCVUF UP UIF TQPSU CF UIF QSFTJEFOU PG UIF 64)(" "MUIPVHI * DBVTF * XPVME MJLF UP TFF NPSF QFPQMF CFDPNF IBWF OP QSFGFSFODF BT UP XIFUIFS UIF OBNF IBOH HMJEFS BOE QBSBHMJEFS QJMPUT BOE IBWF PG UIF PSHBOJ[BUJPO JT DIBOHFE PS OPU * EP IBWF B TUSPOH DPNNJUNFOU UP FOTVSF UIBU UIF UIFJS MJWFT FOSJDIFE BT PVST IBWF CFFO ɩ F DPVOUMFTT IPVST * WF TQFOU IBOHJOH EFTJSFT PG UIF NBKPSJUZ PG UIF NFNCFSTIJQ BSF XJUI QJMPUT IBT HJWFO NF UIF DPOm EFODF UP OPU JHOPSFE BOE UIBU UIF QSPDFTT JT DPOEVDU SFQSFTFOU UIF WJFXQPJOU PG UIF BWFSBHF SJHJE FE JO B GBJS NBOOFS $VSSFOUMZ * BN WJDF QSFTJEFOU PG UIF XJOH IBOH HMJEFS QBSBHMJEFS PS DPNQFUJUJPO QJMPU ɩ F LOPXMFEHF * IBWF BDDVNVMBUFE 4BO %JFHP )BOH (MJEJOH BOE 1BSBHMJEJOH GSPN UIF FYQFSJFODF PG XPSLJOH XJUI TJUF EF "TTPDJBUJPO WJDF QSFTJEFOU PG UIF 5PSSFZ WFMPQNFOU BOE TJUF QSFTFSWBUJPO QSPKFDUT PWFS 1JOFT (MJEFSQPSU "EWJTPSZ #PBSE BOE WJDF UIF MBTU ZFBST JT NZ QSJNBSZ DPOUSJCVUJPO QSFTJEFOU PG UIF 5PSSFZ 1JOFT (MJEFSQPSU UP 64)(" 0VS SFHJPO IBT CFFO TFSJPVTMZ 4PBSJOH $PVODJM * BN BO BDUJWF NFNCFS PG JNQBDUFE CZ SFBM FTUBUF EFWFMPQNFOU BOE SF UIF $SFTUMJOF 4PBSJOH 4PDJFUZ BOE UIF 5PSSFZ TUSJDUJWF MBOE VTF QPMJDJFT &TUBCMJTIJOH BOE 1JOFT 1BSBHMJEJOH 1JMPUT "TTPDJBUJPO 4PNF OPO n ZJOH TUBUT BOE BDUJWJUJFT NBJOUBJOJOH TJUFT XJMM CF B DPOUJOVJOH OFDFT TJUZ GPS UIF XFMM CFJOH PG PVS TQPSU .Z CBDL .BSSJFE XJUI UXP EBVHIUFST BOE POF HSBOE HSPVOE BT B CVTJOFTT PXOFS BMTP IFMQT XJUI EBVHIUFS $IVSDI EFBDPO BOE DIPJS NFNCFS VOEFSTUBOEJOH XIBU JT OFFEFE GPS PVS BTTP GPVOEFS BOE WJDF QSFTJEFOU PG $PNQVUFS BJEFE %SVH %FTJHO 4ZTUFNT $IFN/BWJHBUPS BOE DJBUJPO UP PQFSBUF Fċ DJFOUMZ 1MFBTF EPO U IFTJUBUF UP DBMM NF JG ZPV OFFE USVNQFU QMBZFS %JYJFMBOE CBSPRVF BOE IFMQ XJUI TJUF BDRVJTJUJPO BOE TJUF QSFTFSWB $ISJTUJBO SPDL UJPO QSPKFDUT 0GUFO QVCMJD Pċ DJBMT BSF NPSF BHSFFBCMF XIFO UIFZ TFF IPX B TJNJMBS TJUF +JN ;FJTFU 3FHJPO *ODVNCFOU JT PQFSBUFE TVDDFTTGVMMZ $PODFSOFE BCPVU * IBWF EFDJEFE UP SVO GPS B UI UFSN 64)(" QPMJDJFT PS EJSFDUJPO $POUBDU NF BT 3FHJPO EJSFDUPS UIJT GBMM * IBWF SFQSF BU BOE * QSPNJTF UP WPJDF TFOUFE UIF QJMPUT GSPN UIF GPVS TUBUF SFHJPO ZPVS TVHHFTUJPOT BU UIF GPMMPXJOH 64)(" $PMPSBEP "SJ[POB 6UBI BOE /FX .FYJDP CPBSE NFFUJOH GPS UIF QBTU ZFBST %VSJOH UIJT UJNF * IBWF ɩ FSF BSF UISFF EJSFDUPST JO 3FHJPO IFMQFE TUFFS UIF 64)(" UISPVHI TPNF WFSZ &BDI EJSFDUPS T UFSN MBTUT GPS UXP ZFBST UP USZJOH UJNFT * TFSWFE BT UIF JOUFSJN FYFDVUJWF NBJOUBJO NPSF DPOUJOVJUZ UXP UFSNT FYQJSF EJSFDUPS JO UIF MBUF A T EVSJOH PVS m OBODJBM POF ZFBS UIF PUIFS UFSN FYQJSFT UIF OFYU ZFBS DSJTJT XIFO UIF Pċ DF XBT TUJMM MPDBUFE JO 1FBS ɩ JT ZFBS UIFSF BSF UXP TFBUT VQ GPS FMFDUJPO #MPTTPN $BMJGPSOJB * XBT TJHOJm DBOUMZ JO TP QMFBTF WPUF GPS UXP DBOEJEBUFT WPMWFE JO UIF NPWF UP $PMPSBEP BOE TFSWFE BT

JOUFSJN FYFDVUJWF EJSFDUPS JO UIF XFFLT BGUFS UIF NPWF * IBWF CFFO B NFNCFS PG UIF TFBSDI 5BE )VSTU 3FHJPO DPNNJUUFF UIBU IJSFE UIF MBTU UISFF FYFDVUJWF *ODVNCFOU * IBWF CFFO n ZJOH EJSFDUPST * IBWF CFFO JOWPMWFE JO UIF MFBEFSTIJQ PG QBSBHMJEFST BOE IBOH HMJEFST GPS TFWFO UIF CPBSE PG EJSFDUPST TFSWJOH BT WJDF QSFTJ ZFBST .Z NBJO n ZJOH EFOU JO QSFTJEFOU JO BOE JOUFSFTUT JODMVEF TJUF BHBJO BT WJDF QSFTJEFOU BOE BMUFSOBUF $*7- n ZJOH BOE 9$ * BN EFMFHBUF JO * DVSSFOUMZ TFSWF BT UIF BOE DMVCT UP EPXOMPBE QSF EFTJHOFE n ZFST BEWFSUJTJOH BOE BSUJDMFT UIBU XPVME TJNQMJGZ NBSLFUJOH PO UIF MPDBM MFWFM 8F BSF MVDLZ UP IBWF UISFF EJSFDUPST GPS PVS SFHJPO ɩ FTF EJSFDUPST BSF BCMF UP QBS UJDJQBUF PO BMNPTU BMM DPNNJUUFFT BU UIF #0% NFFUJOHT 8F SFQPSU UP FBDI PUIFS BOE XPSL UPHFUIFS XFMM 1BVM (B[JT +JN .BDLMPX BOE * BSF B TUSPOH UFBN UIBU BCMZ SFQSFTFOUT PVS JOUFSFTUT UP 64)(" JO BEEJUJPO UP UIF JOUFS FTUT PG QJMPUT FWFSZXIFSF "T BMXBZT * XJMM BTL GPS ZPVS JOQVU BOE IFMQ BOE * XJMM TUSJWF UP LFFQ ZPV VQEBUFE XJUI UIF MBUFTU PSHBOJ[BUJPO OFXT BOE FWFOUT 8JUI ZPVS TVQQPSU * MM DPOUJOVF UIFTF FĊ PSUT UP NBLF 64)(" CFUUFS UIBO JU T FWFS CFFO

64)(" $*7- EFMFHBUF .Z RVBMJm DBUJPOT UP SFQSFTFOU UIF 64)(" BU UIF JOUFSOBUJPOBM MFWFM TUFN GSPN FYQFSJFODF BT UFBN MFBEFS GPS UISFF EJĊ FSFOU IBOH HMJEJOH XPSME UFBNT BOE UIF FYQFSJFODF HBJOFE BT PSHBOJ[FS BOE NFFU EJSFDUPS GPS UIF 0XFOT 7BMMFZ 8PSME $IBNQJPOTIJQT "T B DPNQFUJUPS * SFQSFTFOUFE UIF 64)(" BU UIF MBTU UISFF SJHJE 8PSME $IBNQJPOTIJQT *O UIF QBTU ZFBST * XBT UFBN MFBEFS GPS UIF (SFFO 5FBN BOE DPNQFUFE XJUI UIFN JO OJOF $*7- TBODUJPOFE DIBNQJPOTIJQT * FBSOFE B #BDIFMPS PG 4DJFODF EFHSFF JO BFSPOBVUJDBM FOHJOFFSJOH GSPN 8JDIJUB 4UBUF 6OJWFSTJUZ BOE TVQQPSU NZ n ZJOH IBCJU CZ PQFSBUJOH .POBSDI .GH *OD * TUBSUFE UIF CVTJOFTT XIJDI NBOVGBDUVSFT QBQFS QSPE VDUT GPS UIF WJUJDVMUVSF JOEVTUSZ GSPN SFKFDUFE NJML DBSUPO NBUFSJBM JO NZ HBSBHF TPPO BGUFS DPMMFHF .Z JOUFSFTU JO QSPUFDUJOH QJMPUT SJHIUT UP GSFF n JHIU BOE BDDFTT UP UIFJS n ZJOH TJUFT JT EFFQMZ FOHSBJOFE JO NZ QFSTPOBM n ZJOH QIJMPTPQIZ :PVS WPUF GPS NF GPS 3FHJPO EJSFDUPS XJMM IFMQ JOTVSF FYQFSJFODFE SFQSF TFOUBUJPO -JTB 5BUF 3FHJPO *ODVNCFOU "T B LJE * BMXBZT MPWFE n ZJOH * IBE UIF ESFBNT UIF GPDVT BOE UIF EFTJSF KVTU OPU UIF QBSFOUBM QFSNJTTJPO * USJFE UP UFBDI NZTFMG UP n Z IBOH HMJEFST XIFO * XBT ZFBST PME * CPVHIU B GFX NJTDFMMBOFPVT HMJEFST UISPVHI UIF MPDBM OFXTQBQFS BOE IJE UIFN GSPN NZ QBSFOUT JO GSJFOET HBSBHFT -VDLJMZ * OFWFS HPU IVSU BOE FWFOUVBMMZ UPPL MFTTPOT GSPN B TDIPPM BOE CPVHIU B OFX HMJEFS * IBWF CFFO n ZJOH OPX GPS BMNPTU ZFBST BOE JU TUJMM DPOTVNFT NF * XBT BDUJWF PO UIF #0% PG 64)(" JO UIF T BOE FBSMZ T BOE TFSWFE PO UIF $PNQFUJUJPO .FNCFSTIJQ BOE %FWFMPQNFOU BOE UIF 1VCMJD 3FMBUJPOT DPNNJUUFFT BNPOH PUIFST * UPPL B ZFBS CSFBL BOE SFUVSOFE UP UIF CPBSE XIFO UXP ZFBST BHP * XBT FMFDUFE BT EJSFDUPS PG 3FHJPO * IBWF TFSWFE UIF QBTU ZFBS BT WJDF QSFTJEFOU PG UIF BTTPDJB UJPO BOE BN DVSSFOUMZ DIBJS PG UIF 1MBOOJOH DPNNJUUFF XIFSF * IBWF CFFO XPSLJOH XJUI B WFSZ UBMFOUFE BOE EFEJDBUFE UFBN PG TUSB UFHJD QMBOOFST UP EFWFMPQ 64)(" T m STU 4USBUFHJD 1MBO 'PS UIF MBTU ZFBST * IBWF CFFO XPSLJOH XJUI UIF *EBIP )BOH (MJEJOH "TTPDJBUJPO UP PSHBOJ[F BOE EJSFDU UIF ,JOH .PVOUBJO )BOH (MJEJOH $IBNQJPOTIJQT 0WFS UIF ZFBST * IBWF NFU NZ CFTU GSJFOET n ZJOH o ZPV DBO U BTL GPS B CFUUFS DSPXE PG QFPQMF * GFFM IPOPSFE UP IBWF CFFO BCMF UP QBSUJDJQBUF JO UIJT JODSFE JCMF TQPSU BOE * IPQF UP LFFQ n ZJOH BT MPOH BT QPTTJCMF * VTF UIF GPSNFS 3FHJPO EJSFDUPS

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

.BUU 5BCFS 3FHJPO *ODVNCFOU 'PS UIPTF XIP EP OPU BMSFBEZ LOPX NF BT UIF PXOFS BOE NBOBHFS PG -PPLPVU .PVOUBJO 'MJHIU 1BSL * MPPL GPSXBSE UP IFBSJOH GSPN ZPV BOE NFFUJOH ZPV QFSTPOBMMZ )VOESFET PG QJMPUT n Z BU -PPLPVU FBDI ZFBS BOE CFDBVTF PG UIBU * HFU B MPU PG WBMVBCMF JOQVU BT UP XIBU NFNCFST PG PVS PS HBOJ[BUJPO FYQFDU PS XPVME MJLF UP TFF GSPN UIF 64)(" * BMTP MFBSO IPX UIFZ GFFM UIF PSHBOJ [BUJPO JT EPJOH BOE IPX XFMM UIF PSHBOJ[BUJPO JT NFFUJOH UIFJS OFFET * BN B EJSFDUPS XIP JT BWBJMBCMF XIP XJMM UBLF B QFSTPOBM JOUFSFTU JO ZPVS JTTVFT QSPCMFNT BOE OFFET * IBWF B EJĊ FSFOU QFSTQFDUJWF GSPN NBOZ PUIFS EJSFDUPST XJUI NZ FYQFSJFODF BOE GVMM UJNF JOWPMWFNFOU JO UIF TQPSU n ZJOH CVTJOFTT * TIBSF NBOZ PG UIF TBNF JTTVFT BOE QSPCMFNT JO NZ CVTJOFTT UIBU JT FYQFSJFODFE JO SVOOJOH UIF 64)(" * GFFM UIBU NZ CVTJOFTT FYQFSJFODF BT XFMM BT NZ DPOUJOVBM EJSFDU DPOUBDU XJUI 5PN .D$PSNJDL 3FHJPO $BOEJEBUF " TIPSU UJNF BHP QJMPUT PĊ FST B WBMVBCMF QFSTQFDUJWF UP PVS * XBT BQQSPBDIFE 64)(" CPBSE "T 3FHJPO EJSFDUPS GPS UIF MBTU ZFBST * CZ 3BOEZ -FHHFUU PVS BDUJOH 3FHJPOBM IBWF XJUOFTTFE B MPU PG DIBOHF JO UIF 64)(" %JSFDUPS XIP BTLFE BOE IBWF HBJOFE NVDI JOTJHIU BOE FYQFSJFODF NF UP SFQMBDF IJN BT * CFMJFWF UIBU * CSJOH UP UIF BTTPDJBUJPO MFBEFS BDUJOH EJSFDUPS GPS TIJQ BOE BXBSFOFTT -FBEFSTIJQ BT UP XIBU UIF PVS SFHJPO "U m STU QSJPSJUJFT BSF GPS PVS PSHBOJ[BUJPO BT XFMM BT * GFMU UIBU * XBT OPU IPX UP TVDDFTTGVMMZ SVO UIF 64)(" BT UIF RVBMJm FE PS EJE OPU CVTJOFTT UIBU JU JT BOE BXBSFOFTT PG XIBU UIF IBWF FOPVHI LOPXMFEHF UP UBLF PO UIF SF QJMPUT XBOU FYQFDU BOE GFFM JT HPJOH PO XJUI TQPOTJCJMJUJFT BT B 64)(" SFHJPOBM EJSFD UIF PSHBOJ[BUJPO * WPUF GPS XIBU UIF QJMPUT XBOU BOE UPS "GUFS B GFX EJTDVTTJPOT XJUI 3BOEZ BOE TPNF QSPNJTFE IBOE IPMEJOH BT * HP UISPVHI FYQFDU BOE EP NZ CFTU UP IFMQ NBLF UIF QSPDFTT PG MFBSOJOH * BDDFQUFE UIF QPTJ EFDJTJPOT UIBU BSF OFDFTTBSZ GPS F UJPO TUBSUJOH BU UIJT NPOUI T #0% NFFUJOH JO m TDBM TPMWFODZ GPS PVS PSHBOJ[BUJPO ɩ 64)(" IBT NBOZ DIBMMFOHFT BIFBE BOE 3PDIFTUFS / : 4P OPX UIBU * IBWF JOJUJBUFE UIF QSPDFTT OFFET EJSFDUPST UIBU VOEFSTUBOE NFNCFSTIJQ BOE KVNQFE JO XJUI CPUI GFFU * XPVME MJLF TFSWJDFT BT XFMM BT IPX UP LFFQ UIF CVTJOFTT UP UFMM ZPV BCPVU NZTFMG * TUBSUFE n ZJOH BJS TPMWFOU "T ZPVS EJSFDUPS * WPMVOUFFS NZ UJNF GPS QMBOFT JO GBMM PG BOE IBWF NZ QSJWBUF QJMPU MJDFOTF *O * XFOU UP BO BJS TIPX 64)(" QSPKFDUT BOE NFFUJOHT BOE QFSTPO BOE TBX NZ m STU QPXFSFE QBSBHMJEFS BOE TBJE BMMZ QBZ GPS NZ USBWFM FYQFOTFT BOE IPVTJOH UP NZTFMG ɩ BU T XIBU * XBOU UP EP * UPPL NZ * BN HMBE UP EP UIJT * GFFM UIBU * BN BCMF UP m STU QBSBHMJEJOH n JHIU JO -B 4BMJOBT .FYJDP NBLF B WBMVBCMF DPOUSJCVUJPO UP UIF TVDDFTT BOE EJTDPWFSFE UIBU * MJLF QBSBHMJEJOH CFUUFS GVM SVOOJOH PG UIF 64)(" BOE UIF GVUVSF UIBO QBSB NPUPSJOH * NPWFE UP 4FBUUMF UIF PG PVS BJS TQPSUT * XPVME MJLF UP DPOUJOVF UP GPMMPXJOH ZFBS GPS B KPC BOE MFBSOFE IPX UP SFQSFTFOU 3FHJPO BT ZPVS EJSFDUPS * UIBOL TPBS BU 5JHFS .PVOUBJO BOE * WF CFFO IPPLFE BMM QJMPUT PG 3FHJPO GPS UIF DPOUJOVFE TVQ QPSU PWFS UIF ZFBST BOE * BTL ZPV UP BHBJO WPUF FWFS TJODF "U NZ MPDBM n ZJOH TJUF * IBWF CFFO BO BD .BUU 5BCFS GPS ZPVS 3FHJPO EJSFDUPS UJWJTU JO UIF HSPXUI PG PVS TQPSU EPJOH FW FSZUIJOH GSPN CVJMEJOH B 8FC TJUF UIBU IBT B QVCMJD GPSVN GPS QJMPUT UP QPTU UIFJS NFTTBHFT %BWJT 4USBVC 3FHJPO $BOEJEBUF 1MBUGPSN BCPVU n ZJOH BOE IPTUJOH QBSBHMJEJOH BOE t *ODSFBTF NFNCFS IBOH HMJEJOH WJEFPT UP m OEJOH OFX TJUFT BOE TIJQ (PBM JT UP EFWFMPQJOH PME POFT * IFMQFE TFU VQ B OFUXPSL EPVCMF UIF IBOH PG QJMPUT UP GVOE BOE NBJOUBJO PVS MPDBM n ZJOH HMJEJOH 64)(" TJUFT JODMVEJOH B UPX XJODI "T ZPVS EJSFDUPS NFNCFSTIJQ FWFSZ * XJMM SFDPNNFOE UIBU NPSF RVBMJm FE PCTFSW ZFBST FST CF BQQPJOUFE GPS PVS SFHJPO TP UIBU 1 T t *ODSFBTF QVCMJD BOE ) T DBO NPSF FBTJMZ BEWBODF UIFJS SBU BXBSFOFTT PG UIF JOHT * BN TFFLJOH ZPVS TVQQPSU o QMFBTF WPUF QFSTPOBM BTQFDUT PG GPS NF UIF TQPSU (PBM JT 'SBOL (JMMFUUF BT NZ JOTQJSBUJPO 'SBOL JT B 4LZ (PE BOE HPJOH TUSPOH BU ZFBST 8IJMF n ZJOH QFSNFBUFT BMNPTU FWFSZUIJOH * EP * IBWF B GFX PUIFS BDUJWJUJFT * BMTP XPSL BU ɩ FTF JODMVEF JDF DMJNCJOH BOE NPVOUBJO FFSJOH FRVFTUSJBO TQPSUT TUFFQMFDIBTF UISFF EBZ FWFOUJOH HMBTT CMPXJOH TDVMQUJOH USBWFM BOE QMBZJOH XJUI NZ UISFF CJH EPHT .Z XPSL BOE FEVDBUJPOBM CBDLHSPVOE JODMVEFT OPO QSPm U NBOBHFNFOU BOE FUIJDT JOUFSOB UJPOBM IVNBO SJHIUT BOE USBOTMBUJPO PSOJ UIPMPHZ QSJNBUPMPHZ BOE NVTFVN EFTJHO * PXO 4PBSJOH %SFBNT 4UVEJP JO #PJTF *EBIP XIJDI TQFDJBMJ[FT JO PĊ IBOE GVSOBDF HMBTT CMPXJOH BOE OFPO XPSL 0VS TQPSUT GBDF NBOZ TFSJPVT JTTVFT JO UIF GVUVSF * IPQF UP CF BCMF UP DPOUJOVF NZ XPSL GPS 3FHJPO BOE 64)(" * XBOU UP NBLF B EJĊ FSFODF

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

GPS PG QFPQMF JO UIF HFOFSBM QVCMJD UP UIJOL IBOH HMJEJOH BOE QBSBHMJEJOH BSF BT TBGF BOE BDDFQUBCMF BT TDVCB EJWJOH t 3FTUSVDUVSF UIF #0% (PBMT BSF UP SFEVDF TJ[F PG #0% CZ BU MFBTU UISFF RVBSUFST FMJN JOBUF SFHJPOBM #0% SFQSFTFOUBUJPO UVSO UIF #0% JOUP B #0% BOE BXBZ GSPN CFJOH B QBSMJBNFOU NPWF OPO #0% MFWFM DPN NJUUFFT GSPN UIF #0% TVDI BT NZ $PNQF UJUJPO DPNNJUUFF t 3FTUSVDUVSF UIF #0% NFFUJOHT (PBMT BSF UP NPWF NPTU DPNNJUUFF NFFUJOHT BOE NBOZ #0% GVODUJPOT UP WJSUVBM NFFUJOHT QPTU BMM #0% MJTU QPTUJOHT UP UIF 64)(" (3061 MJTU JO SFBM UJNF NBLF NPTU DPN NJUUFF NFFUJOHT IBQQFO PWFS UIF *OUFSOFU BOE NBLF UIFN PQFO UP PUIFST JODMVEJOH 64)(" NFNCFST GPS DPNNFOU BOE SF WJFX t 4JUF BDRVJTJUJPO (PBM JT UP LFFQ TJUF BDRVJTJ UJPO JO UIF 64)(' BOE MPDBMMZ BOE OPU JO UIF 64)(" t *OTVSBODF (PBM JT UP DPODFOUSBUF UIF 64) (" PO JUT UIJSE QBSUZ MJBCJMJUZ JOTVSBODF GVODUJPOT t 4VQQPSU JOTUSVDUJPO BOE JOTUSVDUPST (PBM JT UP QSPNPUF UIF EFWFMPQNFOU PG IBOH HMJE JOH JOTUSVDUPST BOE UIF JODSFBTF JO UIFJS OVNCFS BOE UIF WJBCJMJUZ PG UIFJS CVTJOFTTFT UISPVHI UIJSE QBSUZ MJBCJMJUZ JOTVSBODF DPW FSBHF BOE UISPVHI USBJOJOH PG JOTUSVDUPST JO UFBDIJOH BOE CVTJOFTTFT QSPDFTTFT %JDL )FDLNBO 3FHJPO $BOEJEBUF #BDL XIFO * XBT PO UIF #0% JO UIF MBUF A T BOE FBSMZ A T ,FJUI /JDIPMT %FOOJT 1BHFO BOE * QVU UPHFUIFS UIF m STU JOTUSVDUPS DFSUJm DB UJPO QSPHSBN BU B #0% NFFUJOH JO A PS A * TFSWFE BT PVS $*7- SFQ GPS ZFBST BOE BN B GPSNFS QSFTJEFOU PG UIF "TTPDJBUJPO * IBE UP ESPQ PĊ UIF #0% XIFO * UPPL B DPOTVMUJOH KPC JO &VSPQF JO -BUFMZ * WF CFFO IFMQJOH TFSW JOH BT UIF DIBJSNBO PG UIF .FNCFSTIJQ BOE %FWFMPQNFOU DPNNJUUFF BOE BT B NFNCFS PG UIF 1MBOOJOH DPNNJUUFF 8JUI B HSPXJOH QPQVMBUJPO PG QJMPUT JO PVS SFHJPO XF IBWF CFFO HJWFO BO BEEJUJPOBM SF HJPOBM EJSFDUPS QPTJUJPO * GFFM UIBU * DBO PĊ FS FYQFSJFODFE SFQSFTFOUBUJPO GPS UIF NFNCFST PG 3FHJPO * IBWF CFFO BDUJWF JO VTJOH UIF *OUFSOFU UP BDDPNQMJTI 64)(" DPN NJUUFF XPSL EVSJOH UIF UJNF CFUXFFO #0% NFFUJOHT BOE * XPVME FYQFDU UP DBSSZ UIBU QIJMPTPQIZ PWFS UP NBJOUBJOJOH HPPE DPN NVOJDBUJPOT XJUI PVS NFNCFST * MVSL PO UIF :BIPP IBOH HMJEJOH MJTU BOE PDDBTJPOBMMZ KPJO JO UIFSF HFOFSBMMZ USZJOH UP LFFQ UIF WJUSJPM UP BO BDDFQUBCMF MFWFM * N B SFUJSFE /"4" FOHJOFFS * DBNF UP IBOH HMJEJOH GSPN HFOFSBM BWJBUJPO BOE

(SFHH -VEXJH 3FHJPO $BOEJEBUF 4BGFUZ BOE 5SBJOJOH DPNNJUUFF * BN QMFBTFE UP * IBWF CFFO BDUJWFMZ QBSUJDJQBUJOH PO UIF BDDFQU UIJT OPNJOB 4BGFUZ BOE 5SBJOJOH DPNNJUUFF GPS UIF MBTU UJPO GSPN UIF MFBEFST ZFBST BOE * IBWF CFFO JUT DIBJSNBO GPS UIF MBTU XJUIJO PVS )PVTUPO UISFF ZFBST %VSJOH UIBU UJNF * IBWF CFFO SF DMVC * IBWF CFFO WFSZ TQPOTJCMF GPS B OVNCFS PG JNQPSUBOU DIBOHFT BDUJWF JO 5FYBT QSP JO UIF 64)(" 401T UIF MBUFTU PG XIJDI WJEJOH IBOH HMJEJOH BSF SFHBSEJOH DFSUJm DBUJPO PG JOTUSVDUPST UIF UBOEFNT BOE JOTUSVD QSPDFTT GPS SFWPLJOH JOTUSVDUPS SBUJOH BOE UJPO BOE PĊ FSJOH IBOH JNQSPWFNFOUT JO BDDJEFOU SFQPSU DPOm EFOUJ HMJEFS BOE QBSBHMJEFS BMJUZ TP UIBU BDDJEFOU SFQPSUT DBO POMZ CF VTFE GPS UIF JNQSPWFNFOU PG TBGFUZ * IBWF BMTP UPXT XJUI NZ UPX TZTUFN * m OE JU FYDJUJOH UP TFF NFNCFST FOKPZJOH CFFO B MFBEFS JO DIBOHJOH UIF XBZ UIBU DPN NJUUFFT GVODUJPO TP UIBU UIF XPSL EPOF CZ UIF PVS TQPSU BOE JOEJWJEVBMT FYDFMMJOH JO UIFJS DPNNJUUFFT JT BDUVBMMZ JODPSQPSBUFE JOUP UIF DIPTFO EJTDJQMJOF CF JU NPVOUBJO n ZJOH 9$ JOTUSVDUJPO PS BENJOJTUSBUJPO 8JUI UIF MBSHF 64)(" T QSPDFEVSFT .Z DVSSFOU DPODFSO SFMBUFE UP TBGFUZ BOE FWFOUT UIBU XJMM CF UBLJOH QMBDF JO 5FYBT PWFS USBJOJOH JT UIBU B MPU PG JOTUSVDUPST BSF OPU SF UIF OFYU DPVQMF PG ZFBST XF XJMM IBWF B HSFBU OFXJOH UIFJS JOTUSVDUPS SBUJOH BOE XF IBWF PQQPSUVOJUZ UP QSPNPUF GSFF n JHIU BOE HBJO OPU CFFO HFUUJOH OFX JOTUSVDUPST UP SFQMBDF HSFBUFS BDDFQUBODF 0UIFS TUBUFT JO NZ SFHJPO UIF POFT XIP ESPQ PVU PG JOTUSVDUJOH * TFF DBO BMTP CFOFm U * GFFM UIF CFTU XBZ UP PCUBJO UIJT BT DBVTFE CZ B OVNCFS PG UIJOHT JODMVE HSPXUI JO PVS SFHJPO JT UP IBWF DMVCT PQFSBU JOH UIF EJċ DVMUZ PG HFUUJOH DFSUJm FE JO UIF JOH BU QVCMJD GBDJMJUJFT BT XF EP JO )PVTUPO m STU QMBDF BOE UIF EJċ DVMUZ PG HFUUJOH SF o PVS DMVC JT CBTFE BU B TNBMM BJSQPSU ɩ FSF BSF NBOZ DIBMMFOHFT BOE PQ OFXFE * XJMM CF XPSLJOH PO DIBOHFT UP UIF QSPHSBN UP JNQSPWF UIJT * XJMM BMTP CF XPSL QPSUVOJUJFT QSFTFOUFE XJUIJO PVS SFHJPO * 3FHJPO JOH UP IFMQ JOTUSVDUPST HFU BĊ PSEBCMF MJBCJMJUZ XPVME MJLF UP CF B MFBEFS JO UIFTF FĊ PSUT BT Dz F EJSFDUPS FMFDUFE UP SFQSFTFOU 3FHJPO JOTVSBODF TP UIBU UFBDIJOH JT NPSF FDPOPNJ SFHJPOBM EJSFDUPS XJMM BMTP SFQSFTFOU UIF GPSNFS 3FHJPO DBMMZ GFBTJCMF 'PMMPXJOH UIJT FMFDUJPO 3FHJPO XJMM DPOTJTU PG * IBWF EPOF UIF NBKPS QBSU PG NZ n ZJOH 5FYBT -PVJTJBOB "SLBOTBT ,BOTBT .JTTPVSJ JO 5FYBT 0LMBIPNB "SLBOTBT BOE ,BOTBT * /FCSBTLB BOE 0LMBIPNB 4FF UIF BSUJDMF PO SFBM UIJOL UIBU UIFZ BSF B SFBMMZ HSFBU n ZJOH BSFB MPDBUJPO PG TUBUFT UP SFHJPOT PO QBHFT BOE JO BOE EFTFSWF UIF CFTU SFQSFTFOUBUJPO QPTTJCMF UIF .BSDI JTTVF PG UIJT NBHB[JOF .BQT TIPXJOH PO UIF OBUJPOBM MFWFM PG UIF 64)(" ɩ PVHI UIF 64)(" SFHJPOT CFGPSF BOE BGUFS UIF DPNCJ * PQQPTFE UIF DPNCJOBUJPO PG 3FHJPO BOE OBUJPO PG 3FHJPOT BOE BSF CFMPX 3FHJPO JOUP POF SFHJPO CFDBVTF PG JUT HFP HSBQIJDBM TJ[F * XJMM CF WFSZ FĊ FDUJWF SFQSF %BWF #SPZMFT 3FHJPO *ODVNCFOU TFOUJOH UIF DPNCJOFE 3FHJPO ɩ F NPTU JNQPSUBOU JTTVF GBDJOH UIF * SFRVFTU ZPVS WPUF 64)(" UPEBZ JT UIF MBDL PG HSPXUI PG UIF TQPSU BOE UIF JODSFBTF JO UIF BWFSBHF BHF PG QJMPUT PG UIF NFNCFSTIJQ .Z QBSU JO DPSSFDU JOH UIJT QSPCMFN IBT CFFO NZ XPSL PO UIF TBJMQMBOFT * XBT TLJJOH BU 4OPXNBTT JO UIF XJOUFS PG BOE TBX +PIO 5PUNBO n ZJOH B 4FBHVMM )F MBOEFE OFBS NF BOE UIF SFTU JT IJTUPSZ * HPU NZ ) JO A * IBWF TFSWFE BT DPNQFUJUJPO EJSFDUPS PG B SFHJPOBM DPNQFUJUJPO BT B TUFXBSE BU CPUI IBOH HMJE JOH BOE QBSBHMJEJOH 8PSME $IBNQJPOTIJQT BOE BT BO BENJOJTUSBUPS PG FBSMZ *$1T 1SJPS UP CFDPNJOH JOWPMWFE JO IBOH HMJEJOH * XBT BO '"" n JHIU JOTUSVDUPS BOE BDUJWF JO BOE IFME FMFDUJWF BOE BQQPJOUFE QPTJUJPOT XJUI UIF 4QPSUT $BS $MVC PG "NFSJDB BOE UIF 6OJUFE 4UBUFT 4LJ "TTPDJBUJPO 8F IBWF B MPU PO PVS QMBUF BT BO BTTPDJBUJPO SJHIU OPX ,FFQJOH n ZJOH TJUFT BOE HSPXJOH PVS TQPSUT BSF HPJOH UP SFRVJSF TPNF UIPVHIU GVM EFDJTJPO NBLJOH JO UIF OFBS GVUVSF 8F IBWF UP CF NJOEGVM PG TBGFUZ CVU XF BMTP IBWF UP NBLF TVSF UIBU XF EPO U PVUEP UIF '"" JO SFHVMBUJPOT * GFFM UIBU * DBO IFMQ XJUI UIJT BOE NBLF TVSF UIBU 3FHJPO NFNCFST LOPX XIBU T HPJOH PO )BOH HMJEJOH IBT CFFO B IVHF QBSU PG NZ MJGF *U T NFBOU B MPU UP NF BOE * IPQF * DBO DPOUJOVF UP HJWF CBDL UP JU

3FHJPOT #FGPSF UIF .FSHF

3FHJPOT .FSHFE 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

Dz F 64)(" 1MBOOJOH $PNNJUUFF

:PVS 64)(" BU 8PSL ɩ F 1MBOOJOH DPNNJUUFF UBLJOH B XFMM FBSOFE CSFBL EVSJOH UIFJS +VMZ NFFUJOH JO 4FBUUMF GSPN - UP 3 .BSUJO #FSFTGPSE 3JTT &TUFT %JDL )FDLNBO -JTB 5BUF 1MBOOJOH DPNNJUUFF DIBJS 4UFWF ,SPPQ +BZOF %F1BOm MJT 8BSSFO 4DIJSU[JOHFS .JTTJOH GSPN UIF QIPUP 6ST ,FMMFOCFSHFS

ɩ F 64)(" 1MBOOJOH DPNNJUUFF IBT CFFO XPSLJOH GPS TFWFSBM NPOUIT PO 64)(" T m STU DPNQSFIFOTJWF TUSBUFHJD QMBO ɩ F CPBSE PG EJSFDUPST TUBSUFE UIF TUSBUFHJD QMBOOJOH QSPDFTT BU UIF TQSJOH #0% NFFUJOH JO $PMPSBEP 4QSJOHT CZ SFBċ SNJOH UIF BTTPDJBUJPO T NJTTJPO BOE JEFOUJGZJOH B DPODFQUVBM WJTJPO PG iHSPXUI w ɩ F 1MBOOJOH DPNNJUUFF IBT JEFOUJm FE BOE UIF FYFDVUJWF DPNNJU UFF IBT BQQSPWFE TFWFSBM MPOH UFSN ZFBS HPBMT UP GBDJMJUBUF UIJT WJTJPO ɩ F 1MBOOJOH DPNNJUUFF IBT CFFO XPSLJOH UP QSPEVDF B m WF ZFBS TUSBUFHJD QMBO UP BSUJDVMBUF UIF MPOH SBOHF HPBMT

ɩ F 1MBOOJOH DPNNJUUFF JT DPNQSJTFE PG EJSFDUPST BT XFMM BT TUSBUFHJD QMBO OFST GSPN XJUIJO UIF QJMPU DPNNVOJUZ BOE IBT CFFO NFFUJOH XFFLMZ PS UXJDF XFFLMZ TJODF MBTU .BSDI WJB DPOGFSFODF DBMMT ɩ FZ BMTP IFME BO JOUFOTF UXP EBZ GBDF UP GBDF XPSL TFTTJPO BU UIF .VTFVN PG 'MJHIU JO 4FBUUMF 8BTIJOHUPO MBTU +VMZ ɩ F m STU QIBTF PG UIF QMBO XJMM CF QSFTFOUFE UP UIF CPBSE BU UIF GBMM #0% NFFUJOH UP CF IFME PO 0DUPCFS JO 3PDIFTUFS /FX :PSL .BSUJO #FSFTGPSE DPNNJUUFF NFNCFS BOE QIPUPHSBQIFS DPNNFOUT PO UIF MBJE CBDL JNBHF IJT QIPUPT QSFTFOU i#FDBVTF

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

UIF XFBUIFS XBT TP OJDF XF NPWFE UFNQPSBSJMZ PVU POUP B EFDL PVUTJEF PVS NFFUJOH SPPN BU UIF NVTFVN XIFSF -JTB JT TIPXO XSJUJOH PO IFS n JQ DIBSU ɩ F XJOEPX PG UIF DPOGFSFODF SPPN XBT NJSSPS MJLF TP ZPV DBO TFF NPTU PG UIF DPNNJUUFF NFNCFST XJUI ZPVST USVMZ UBLJOH UIF QIPUP JO UIF SFn FDUJPO %FTQJUF UIF TVOTIJOF BOE UIF OPJTF PG BJSDSBGU MBOEJOH BOE UBLJOH PĊ XF XFSF XPSLJOH IBSE w

1BSBHMJEJOH "DDJEFOU 3FQPSU #Z +PO (PMECFSH )JMMFS 1IPUPT CZ +PTI .PSFMM

ɩ SFF GBUBMJUJFT PG "NFSJDBO QBSB HMJEFS QJMPUT IBWF CFFO SFQPSUFE EVSJOH UIF NPOUI QSJPS UP UIJT DPMVNO EFBE MJOF 8IJMF EBUB JT TUJMM CFJOH DPMMFDUFE JO UIFTF BDDJEFOUT TPNF QSFMJNJOBSZ m OE JOHT DBO CF SFQPSUFE 0O UIF UI PG +VMZ B 1 QJMPU XBT PCTFSWFE n ZJOH JO iHSFBU BOE NFMMPXw FWFOJOH DPOEJUJPOT BU B NPVOUBJO TJUF PO B %)7 XJOH 5XP QJMPUT JO B HSPVQ UIBU IBE CFFO n ZJOH XJUI UIF WJD UJN JOEFQFOEFOUMZ SFQPSUFE TFFJOH IJN FOHBHFE JO BO BHHSFTTJWF TQJSBM DMPTF BCPWF UIF MBOEJOH [POF )F EJE OPU FYJU UIF TQJSBM BOE DSBTIFE JOUP UIF HSPVOE TUJMM JO B EFFQ TQJSBM DMPTF UP PUIFS QJ MPUT BMUIPVHI B HSPWF PG USFFT TDSFFOFE UIF QPJOU PG m OBM JNQBDU GSPN UIF WJFX PG PCTFSWFST PO UIF HSPVOE ɩ F QJMPU EJFE PG NBTTJWF JOUFSOBM JOKVSJFT 0OF PCTFSWFS XIP LOFX UIF QJMPU XFMM TVHHFTUT IF XBT BUUFNQUJOH B NBOFVWFS PWFS MBOE UIBU IF IBEO U USJFE CFGPSF XJUIPVU DPBDIJOH 3FQPSUT EJE OPU OPUF BOZ FĊ PSUT CZ UIF QJMPU UP EJTFOHBHF GSPN UIF TQJSBM PS UP UISPX B SFTFSWF .FUFPSPMPHJDBM DPOEJ UJPOT BSF OPU TVTQFDUFE UP IBWF DPOUSJC VUFE UP UIF BDDJEFOU " 1 QBSBHMJEFS QJMPU EJFE PO +VMZ UI BGUFS BO BDDJEFOU UIBU PDDVSSFE UIF EBZ CFGPSF XIJMF IF XBT n ZJOH JO B DPNQFUJUJPO JO UIF $BOBEJBO 3PDLJFT -JUUMF JT LOPXO BCPVU UIF DSBTI TJODF JU XBT OPU EJSFDUMZ PCTFSWFE ɩ F QJMPU XBT FYQFSJFODFE JO DSPTT DPVOUSZ n ZJOH BOE IBE n PXO NBOZ UJNFT CFGPSF JO UIF BSFB IF IBE DPNQMFUFE TFWFSBM DSPTT DPVOUSZ n JHIUT JO UIF XFFL CFGPSF IJT BDDJEFOU 0O UIF EBZ PG IJT DSBTI IF XBT PCTFSWFE CZ BOPUIFS DSPTT DPVOUSZ QBSBHMJEFS QJMPU XIP TVSNJTFE UIBU UIF WJDUJN XBT PO UIF SFUVSO MFH PG BO PVU BOE CBDL n JHIU +VTU QSJPS UP IJT BDDJEFOU UIF QJMPU IBE CFFO n ZJOH JO B SFNPUF BSFB UIBU MBDLT CBJM PVU MBOEJOH [POFT $SPTTXJOET IBE CFFO JODSFBTJOH BU UIF UJNF PG UIF BDDJEFOU " QBTTJOH TBJMQMBOF QJMPU TQPUUFE UIF EPXOFE DBOPQZ BOE IFMQFE HVJEF SFTDV FST UP UIF JOKVSFE QJMPU ɩ F QJMPU EJFE PG NBTTJWF IFBE USBVNB UIF OFYU EBZ 0O "VHVTU UI B 1 QJMPU XIP IBE CFFO n ZJOH GPS BCPVU UXP ZFBST EJFE BU BO JOMBOE UIFSNBM TJUF ɩ F QJMPU IBE CFFO n ZJOH JO iUZQJDBM MBUF EBZ TVNNFS

DPOEJUJPOTw XJUI MJHIU XJOET BOE EZJOH DPOEJUJPOT PUIFS QJMPUT BU UIF UJNF PG UIF BDDJEFOU XFSF SFQPSUFE UP CF JO PS n ZJOH UP UIF MBOEJOH [POF ɩ F QJMPU XBT PC TFSWFE UP CFHJO B TFSJFT PG XJOHPWFST BU UP GFFU BCPWF UIF MBOEJOH [POF 8IFO BOPUIFS QJMPU OPUJDFE UIBU UIF BD DJEFOU QJMPU XBT JOFYQFSUMZ BUUFNQUJOH UIF NBOFVWFS IF CFHBO DPBDIJOH PO UIF SBEJP ɩ F BDDJEFOU QJMPU SFTQPOEFE UP UIF DPBDIJOH BOE XBT SFQPSUFE UP JN QSPWF IJT XJOHPWFST CVU BT IF XBT HFU UJOH MPX UP UIF HSPVOE IF XBT VSHFE UP n Z UP UIF MBOEJOH [POF )F BUUFNQUFE POF NPSF XJOHPWFS CVU TVĊ FSFE B QFS DFOU DPMMBQTF BU BCPVU GFFU "(- XIJDI DPOWFSUFE RVJDLMZ UP B TUFFQ TQJSBM ɩ F DPBDIJOH QJMPU TVTQFDUT UIBU UIF WJDUJN UIFO QBOJDLFE BT UIFSF XBT OP BQQBS FOU BUUFNQU UP DPNQMZ XJUI SBEJPFE JO TUSVDUJPOT UP CSBLF BHBJOTU UIF TQJSBM PS UISPX B SFTFSWF QBSBDIVUF ɩ F QJMPU XBT PCTFSWFE UP IJU UIF HSPVOE BU B TUFFQ BO HMF &NFSHFODZ BVUIPSJUJFT SFTQPOEFE

RVJDLMZ BGUFS UIF BDDJEFOU ɩ F QJMPU TVD DVNCFE UP IJT JOKVSJFT XIJMF JO TVSHFSZ MBUFS UIBU FWFOJOH .PSF NBZ TUJMM DPNF UP MJHIU BCPVU UIFTF GBUBM BDDJEFOUT JO UIF EBZT BOE XFFLT UP DPNF &WFO XJUI FZFXJUOFTTFT NVDI UIBU XF XPVME MJLF UP LOPX BCPVU UIF DBVTFT BOE UIF OBUVSF PG BOZ NJUJHBU JOH BDUJPOT UBLFO CZ UIF QJMPUT JO UIFTF TJUVBUJPOT QFSJTIFT XJUI UIFN *O UIF DBTF PG UIF UXP QJMPUT XIP EJFE GBJMJOH UP FYJU TQJSBMT MBDL PG FYQFSJFODF BOE QSFQBSB UJPO GPS UIF NBOFVWFST o XIFUIFS UIFZ XFSF JOUFOUJPOBMMZ FOUFSFE PS OPU o NBZ IBWF DPOUSJCVUFE UP UIF BDDJEFOUT ɩ F GBDU UIBU POF BDDJEFOU JOWPMWFT TQPOUBOF PVT DPBDIJOH SBJTFT DBVUJPO SFHBSEJOH BO BHSFFE VQPO TBGFUZ QSPUPDPM BOE B QSPQFS WFOVF GPS BFSPCBUJDT JOTUSVDUJPO #PUI PG UIFTF BDDJEFOUT SFWFBM UIF JOIFSFOU SJTLT PG EPJOH BFSPCBUJD NBOFVWFSJOH PWFS UIF HSPVOE #FDBVTF GBUBMJUJFT FMJNJOBUF BO JN QPSUBOU TPVSDF PG LOPXMFEHF BCPVU UIFTF

" QJMPU MBVODIJOH GSPN 8PPESBU .PVOUBJO UBLFT B GSPOUBM BT IF CFHJOT IJT MBVODI SVO -VDLJMZ UIF XJOH SF JOn BUFE RVJDLMZ BOE UIF QJMPU DPOUJOVFE IJT n JHIU XJUIPVU JODJEFOU

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

BDDJEFOUT XF BSF BMM IFBWJMZ JOEFCUFE UP XFMM QSFQBSFE SFQPSUT GSPN NVMUJQMF PC TFSWFST PG BDDJEFOUT UIBU IBWF XJUOFTTFT 64)(" SFDFJWFE B SFDFOU SFQPSU DIBM MFOHJOH BTTVNQUJPOT BOE DPODMVTJPOT SF HBSEJOH B SFDFOU GBUBMJUZ SFQPSUFE JO NZ MBTU DPMVNO ɩ JT BDDJEFOU JOWPMWFE B QJ MPU XIP XBT PCTFSWFE UP CF n ZJOH PWFS B MJOF PG USFFT BQQBSFOUMZ USZJOH UP FYUFOE IJT n JHIU UP NBLF UIF VTVBM MBOEJOH [POF .Z TVNNBSZ DPODMVEFE GSPN UIF SFQPSUT PG TPNF XJUOFTTFT UIBU DPOEJUJPOT XFSF MJHIU BOE NBSHJOBM BU UIF UJNF PG UIJT BD DJEFOU #VU UIJT XJUOFTT EJTBHSFFT SFQPSU JOH UIBU UIF EBZ XBT BDUVBMMZ XJOEZ UVS CVMFOU BOE VOTUBCMF BOE UIBU IF IBE KVTU DFBTFE IJT BDUJWJUJFT BU UIF TJUF EVF UP UIF BEWFSTF XFBUIFS ɩ F XJUOFTT XSJUFT iɩ FSF XFSF BCPVU QJMPUT TUVEFOUT BOE JOTUSVDUPST UIFSF UIBU EBZ XJUI B GVMM WJFX PG UIF TLZ MBVODI BOE XIPMF UIJOH OPU UP NFOUJPO UIF QJMPUT PO MBVODI UIBU EBZ "GUFS SFBEJOH UIBU BSUJDMF * XPVME OFWFS n Z B QBSBHMJEFS UIJOLJOH * DPVME EJF FWFO JO QFSGFDU DPOEJUJPOT ɩ BU JT TP NJTMFBEJOH BOE JO OP XBZ UIF USVUI w ɩ JT XJUOFTT NBLFT JU BQQBSFOU XIZ UIF n ZJOH DPNNVOJUZ OFFET BO FĊ PSU CZ BMM XJUOFTTFT UP BDDJEFOUT UP m MF B SF QPSU ɩ JT JT DSJUJDBM JO DBTFT TVDI BT UIFTF XIFSF B GBUBMJUZ SFTVMUT 0OF PG UIF EJċ DVMUJFT XF IBWF BT QJ MPUT TUFNT GSPN NBLJOH QSPQFS KVEH NFOUT BCPVU UIF EFHSFF PG DPSSFTQPO EFODF CFUXFFO n ZJOH DPOEJUJPOT BOE PVS QSFQBSBUJPO GPS UIFN JO PVS TLJMMT BT XFMM BT PVS TJUVBUJPOBM SFTPVSDFT B NJT NBUDI UIBU TPNFUJNFT MFBET UP B EBOHFS PVT JNQBUJFODF XJUI UIF MJNJUBUJPOT UIBU XF BSF DPOGSPOUFE XJUI 4FWFSBM BDDJEFOU SFQPSUT UIJT NPOUI IJHIMJHIU UIF SJTLT JO UIFTF DJSDVNTUBODFT

"O JOUFSNFEJBUF QJMPU XBT MBVODI JOH BU B NPVOUBJO TJUF JO SBQJEMZ EZJOH DPOEJUJPOT BU NJE EBZ "GUFS TFWFSBM BUUFNQUT BU B SFWFSTF JOn BUJPO UIF QJMPU EFDJEFE UP USZ B GPSXBSE MBVODI GPS XIJDI IF BENJUUFE OFWFS IBWJOH CFFO USBJOFE *O IJT m STU BUUFNQU IF JODPSSFDUMZ QPTJ UJPOFE UIF SJTFST CFMPX IJT BSNT BOE XBT DPSSFDUFE CZ B QJMPU PO MBVODI )F SFBE KVTUFE BOE UIFO CFHBO B MBVODI SVO EVS JOH XIJDI UIF MFBEJOH FEHF PG IJT DBOPQZ DPMMBQTFE )F IFTJUBUFE BGUFS UIF DPMMBQTF BOE CFHBO IJT SVO BOFX XIFO UIF DBOP QZ TFFNFE UP SF JOn BUF BOE IF FWFOUVBMMZ CFDBNF BJSCPSOF ɩ F FYUFOEFE MFOHUI PG IJT SVO EVF UP UIJT IFTJUBUJPO MFGU IJN EBO HFSPVTMZ MPX PWFS TPNF CVTIFT CFOFBUI UIF MBVODI )F TOBHHFE POF BOE TQVO BSPVOE UXJTUJOH IJT MJOFT 8IJMF IF TUSVHHMFE UP VOUXJTU UIF MJOFT IF XBT PCTFSWFE UP GBJM UP TUFFS UIF HMJEFS )F n FX JOUP UIF IJMMTJEF TFWFSBM IVOESFE NFUFST CF OFBUI MBVODI BOE CSPLF CPUI IFFMT JO UIF VOQMBOOFE JNQBDU " QJMPU XJUI B ZFBS PG JOUFOTJWF QBSB HMJEJOH VOEFS IJT CFMU XBT n ZJOH GPS UIF m STU UJNF BU B DPNQMJDBUFE NPVOUBJO TJUF )F XBT XJUI GSJFOET XIP XFSF FY QFSJFODFE BU UIF TJUF BOE XIP IBE UIPS PVHIMZ CSJFGFE IJN BOE XFSF HVJEJOH IJN UISPVHI IJT m STU n JHIU "MUIPVHI IF IBE B SBEJP BOE BO FYUSB CBUUFSZ QBDL IJT SBEJP RVJU TPPO BGUFS MBVODI )F IBE CFFO XBSOFE OPU UP HFU UPP MPX CFMPX B DSVDJBM UIFSNBM HFOFSBUJOH SJEHF XJUI PVU CFHJOOJOH UIF MPOH HMJEF UP UIF MBOE JOH [POF )JT GSJFOET IBE TVDDFFEFE JO DMJNCJOH BCPWF UIF SJEHF JO UIFSNBMT B GBDUPS UIBU NBZ IBWF DPOUSJCVUFE UP IJT EFTJSF UP TFBSDI MPOHFS UIBO XBT QSVEFOU GPS MJGU 0OF GSJFOE DPODFSOFE UIBU IF DPVME OPU SFBDI UIF QJMPU CZ SBEJP n FX TFWFSBM UIPVTBOE GFFU BCPWF IJN UP XBUDI IJN TFU VQ B MBOEJOH TIPSU PG UIF -; ɩ F QJMPU BQQFBSFE UP MBOE XFMM CVU UIF PC TFSWJOH QJMPU TBX OP NPWFNFOU PG UIF DBOPQZ GPS NBOZ NJOVUFT BGUFS UIF MBOE JOH )F UIFO TQJSBMFE EPXO UP UIF QJMPU BOE GPVOE IJN TFWFSFMZ JOKVSFE ɩ F JO KVSFE QJMPU SFNFNCFST CFJOH QPQQFE VQ PO IJT MBOEJOH BOE UIFO TFFJOH IJT XJOH EJWF JO GSPOU PG IJN )F TXVOH JOUP UIF HSPVOE XJUI USFNFOEPVT JNQBDU BOE UIF PCTFSWJOH QJMPU TVSNJTFT UIBU UIF DSBTI NBZ IBWF CFFO FYBDFSCBUFE CZ B TMJHIUMZ EPXOXJOE m OBM BQQSPBDI ɩ F QJMPU TVG GFSFE B GSBDUVSFE WFSUFCSB UISFF CSPLFO

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

SJCT BOE B DPOUVTFE MVOH "O BEWBODFE QJMPU TFWFSFMZ GSBDUVSFE IJT CBDL BOE IJT FMCPX BGUFS IJT XJOH TVSHFE DMPTF UP UIF HSPVOE JO NFDIBOJ DBM UVSCVMFODF EVSJOH B DPNQFUJUJPO *O XIBU NBZ CF BO BQQSPQSJBUF TVNNBSZ GPS BMM UISFF PG UIF BCPWF BDDJEFOUT UIJT QJ MPU BUUSJCVUFT IJT JOKVSZ UP B TFSJFT PG QSJPS EFDJTJPOT JOn VFODFE CZ JNQBUJFODF BOE B QPPS BTTFTTNFOU PG UIF DPOEJUJPOT IF XBT BDUVBMMZ GBDFE XJUI ɩ F DBTDBEF PG QSPCMFNT IF DPOGSPOUFE PO UIBU n JHIU BSF OJDFMZ DBQUVSFE JO IJT XPSET iɩ F XBZ * TFF JU UIJT BDDJEFOU JT B DPO TFRVFODF PG UIJT TFSJFT PG QPPS DIPJDFT * EJEO U UBLF B UIFSNBM B MJUUMF CFGPSF UIF XBZQPJOU UIBU XPVME IBWF BMMPXFE NF UP HP CBDL UIF XBZ * XBOUFE PWFS UIF NPVOUBJOT 5VSOJOH UIBU XBZQPJOU UPP MPX * IBE UP UBLF QMBO # UIF WBMMFZ BOE JUT TUSPOH XJOE *NQBUJFODF * EJEO U XBJU UP CF IJHI FOPVHI PWFS UIF SJEHF TP UIBU UIF UIFSNBM XPVME IBWF B CFUUFS TIBQF *NQBUJFODF BHBJO * EJEO U DIFDL UIF FTDBQF PQUJPO DBSFGVMMZ FOPVHI UP OPUJDF UIBU B CBSO BOE B QPXFS MJOF XFSF NBLJOH <MBOEJOH UIFSF> B OPO PQUJPO 5PP NVDI DPOm EFODF *O NZ NJOE UIF UBTL XBT EPOF UIF EPXO XJOE MFH XJUI TFWFSBM OJDF SJEHFT BOE GB NJMJBS UIFSNBM TPVSDFT TIPVME IBWF CFFO B QJFDF PG DBLF 0ODF * LOFX * XBT HPJOH UP MBOE JO UIF SPUPS BOE UIF MFF * TIPVME IBWF n PXO PWFS UIF USFFT VOUJM UIF WFSZ MBTU NPNFOU JOTUFBE PG JOTUJODUJWFMZ BWPJEJOH UIFN * XPVME IBWF CFFO B MJUUMF GBSUIFS GSPN UIF SPUPS 'SPN B NPSF HFOFSBM QPJOU PG WJFX * XBT BMTP VODPNGPSUBCMF CFDBVTF PG B OFX IBSOFTT UIBU * DPVME OPU HFU UP XPSL UIF XBZ * XBOUFE BOE * XBT GBS VOEFS NZ VTVBM BNPVOU PG n ZJOH GPS UIF TFBTPO w ɩ JT WFSZ IPOFTU BTTFTTNFOU QPJOUT PVU UIF WBMVF PG HJWJOH PVSTFMWFT B NVDI XJEFS NBSHJO UIBO XF NJHIU PSEJOBSJMZ BTTFTT BT OFDFTTBSZ 6OQSBDUJDFE MBVODI UFDIOJRVFT SFMJBODF PO KVTU JO UJNF MJGU UP BWPJE FBSMZ UFSNJOBUJPO PG B n JHIU BOE JNQBUJFODF BU UIF FOE PG B n JHIU BMM DPO USJCVUF UP EBOHFST JO PVS n ZJOH *G XF EPO U FYQFDU QFSGFDUJPO JO UIF SFTU PG PVS MJWFT XIBU MFBET VT UP FYQFDU QFSGFDU DPO EJUJPOT BOE UFDIOJRVF XIFO XF TUSBQ JOUP PVS XJOHT

%7% 3FWJFX &BTU 8JOE 3FWJFXFE CZ )VHI .JMMFS 1IPUPT CZ 5JMM .JEEFMIBVWF QSPEVDFS

4P ZPV o ZFT ZPV SFBEJOH UIJT "SF ZPV GSPN UIF NPPO :PV TBZ ZPV WF n PXO BMM UIJT XBZ PWFS NPVOUBJOT VQ BT IJHI BT UIF DMPVET BOE KVTU MBOEFE JO NZ m FME o BOE OPX ZPV SF HPJOH UP QBDL VQ ZPVS CBH BOE IJUDI IJLF IPNF "T JG .BSWFM BHBJO BU UIJT UIF HSFBU VOGFBTJCJMJUZ PG ZPVS 9$T UIF CJ[BSSF XBZ ZPV ESJGU PĊ XJMMJOHMZ UPXBSE UIF IPSJ[PO QMBDJOH ZPVS USVTU JO ZPVS HMJE FS GBCSJD ZPVS TLJMM BOE ZPVS MVDL ɩ JOL PG UIF PVU UIFSF OFTT PG UIPTF BGUFSOPPOT JO UIF TLZ BOE SFNFNCFS UIF JODSFEVMJUZ VQPO XIJDI ZPV WF CFFO NFU CZ UIF FBSUI CPVOE PO ZPVS SFUVSO

&5 EJE UIJT m STU CVU JU T TUJMM WFSZ DPPM

$IJMESFO o BOE UIF DIJME JO BMM PG VT o BSF ESBXO UP UIF NBHJD PG UIF 'MZLF

3FBMJ[F UIBU BGUFS TFWFSBM ZFBST PG FO KPZJOH DSB[Z ESFBN MJLF JNNPSUBM *DB SJTUJD BEWFOUVSFT JU T TPNFUJNFT FBTZ UP HSPX CMBTÏ ZPVS FOUIVTJBTN UBJOUFE CZ TP NBOZ TJNJMBS DPOWFSTBUJPOT XJUI DVSJ PVT FBSUIMJOHT *G BOZ PG UIF BCPWF JT UIF DBTF XJUI ZPV UIFO &BTU 8JOE JT HPJOH UP LJDL ZPV IBSE JO UIF ZPV LOPX XIFSF *O UIJT m MN XF KPJO (FSNBO QJMPUT 5JMM .JEEFMIBVWF .JDIBFM 8FSOFS BOE &SJD #FIS BT UIFZ EP TPNFUIJOH USVMZ

5IJT TVSF CFBUT IJUDIJOH B SJEF CBDL UP DJWJMJ[BUJPO BGUFS BO 9$ PVUMBOEJOH

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

VOJRVF ɩ FZ n Z BOE CJLF UIFJS XBZ BDSPTT BOE IBT CFFO BMNPTU FBTUFSO &VSPQF PO n ZJOH CJDZDMFT UIBU UPUBMMZ SFCVJMU BGUFS BDUVBMMZ XPSL 3FNFNCFS UIBU CJU JO &5 OVNFSPVT NJTIBQT XIFSF IF CJLFT PWFS UIF NPPO :FQ JU T )F TUSVUT BSPVOE IJT XJOH MJLF B EFNBOE LJOE PG MJLF UIBU (FSNBO FOHJOFFS .JDIBFM HPU IJT JEFB JOH TUBHF EJWB TBZ GPS IJT i'MZLFw BGUFS HFUUJOH GFE VQ XJUI JOH i"MM * BTL JT ZPV UIF XFJHIU PG IJT QBSBNPUPS ɩ F 'MZLF TUBZ JO POF QJFDF BOE JT B IZCSJE PG B DIBJTF MPVOHF TUZMF CJLF KVTU XPSL GPS KVTU BOE B QBSBNPUPS BOE DBO CF QFEBMFE POF GVMM EBZ 0, w FOHJOF PĊ NPUPSFE QSPQFMMFS PO BOE XIJMF QSFFOJOH IJT PG DPVSTF n PXO "OE XJUI UIBU LJOE PG MJOFT MJLF B QFBDPDL ɩ F QPJOU PG CJPOJD USJQQZ JNBHJOBUJPO BT B QMBUGPSN 5IF FTTFODF PG UIF 'MZLF BEWFOUVSF TIFFS KPZGVM FYVCFSBODF B TFFE XBT QMBOUFE GPS B IVHF CPSEFS WJFX GPPUBHF JT BXF TPNF o UIFSF BSF MPUT DSPTTJOH BEWFOUVSF 0WFS UIF DPVSTF PG EBZT &SJD 5JMM PG IFMNFU NPVOUT BOE &BTU 8JOE JT BWBJMBCMF POMJOF BU XXX BOE .JDIBFM n Z QFEBM BOE NPUPS UIF MJOF NPVOUT BOE BO PCUVTF BOHMF XIFSF LJMPNFUFST GSPN )BOPWFS (FSNB UIF DBNFSB n JFT CFIJOE UIF QSPQFMMFS PO YDTIPQ DPN PS UISPVHI %FOOJT 1BHFO JO OZ UP UIF #MBDL 4FB ɩ F OBUVSF PG UIFJS B MJOF HJWJOH B XIBDLZ m TIFZF QFSTQFD UIF 6 4 QBHFOCLT!MB[FSMJOL DPN F NVTJD USBWFM JT QVSF KPZ o UIJOL )FSCJF (PFT UP UJWF BT 5JMM UISPXT XJOHPWFST ɩ TDPSF JT HPPE UPP o SPDLZ XJUIPVU CFJOH .POBDP NFFUT $IJUUZ $IJUUZ #BOH #BOH ɩ F USJP CSFF[F EPXO MFBGZ MBOFT DZDMF UPP UISBTI JG ZPV LOPX XIBU * NFBO #VU BDSPTT TVNNFS NFBEPXT n Z PWFS XPO UP CF IPOFTU * GPVOE UIF TUPSZ TP FOEFBS ESPVT DMPVETDBQFT QVTI UISPVHI EFFQ JOH UIBU JUT QSPEVDUJPO WBMVFT XFSF PG NJ WBMMFZT VOEFS PSPHSBQIJD NJTU BOE QSPQFM OPS DPOTFRVFODF &BTU 8JOE XJMM OPU POMZ DIBSN ZPVS UIFNTFMWFT NPUPST PO EPXO CVTUMJOH IJHIXBZT EXBSGFE CZ BSUJDVMBUFE USVDLT QBOUT PĊ JU XJMM MFBWF ZPV ESFBNJOH PG 8JUI UIF 'MZLF UIF KPVSOFZ OFWFS FOET o B 'MZLF PG ZPVS ZPV UPVDI EPXO GPME ZPVS XJOH BOE PXO * WF BMSFBEZ ESFBNU VQ NZ DZDMF PO #FUXFFO NBSWFMJOH BU UIF JOHFOJPVT PXO 'MZLF BEWFO QPTTJCJMJUJFT PG UIF 'MZLF * IBE BO PWFS UVSF n ZJOH EPXO XIFMNJOH TFOTF PG KPZ XBUDIJOH UIJT m MN o UIF 3JGU WBMMFZ JO JT JT BO UIF LJOE PG KPZ ZPV HFU GSPN XBUDIJOH "GSJDB ɩ UISFF IVNBO CFJOHT UPUBMMZ MJCFSBUFE FZF PQFOJOH TUPSZ GSPN UIF TIBDLMFT PG DPOWFOUJPO KVTU PVU BCPVU JNBHJOB UIFSF QFEBMMJOH UIFJS PXO NBE KPVSOFZ UJPO BOE UIF TUVĊ VOJOIJCJUFE CZ UIF QFSDFQUJPOT PG UIPTF BU UIF IFBSU PG XIBU NBLFT VT n Z BSPVOE UIFN * XPO U TQPJM JU GPS ZPV CZ HJWJOH BXBZ JO UIF m STU QMBDF TPNF PG UIF QSJ[F NPNFOUT CVU UIFJS o MBVODIJOH JOUP SFGVFMJOH BU B .D%POBMET ESJWF UISV UIF HSFBU CMVF BOE UIFJS FODPVOUFS XJUI UIF CPSEFS ZPOEFS QPMJDF BU 1PMBOE FOHJOFT PĊ UIFZ BSF "GUFS /FWFS NFSF DZDMJTUT TP BSF DPNQMFUFMZ MFHBM BSF &OEJOH Dz FSNBM T QBSUJDVMBSMZ TQFDJBMy ɩ F KPVSOFZ JT JOUFSTQFSTFE XJUI TIBSQ SFMFBTF MBTU TVN PCTFSWBUJPOBM IVNPS "GUFS POF EBZ PG NFS * UIPVHIU JU n ZJOH PWFS UIF DMPVET &SJD B DPNNFSDJBM XPVME CF B MPOH BJSMJOF QJMPU DPNQBSFT UIF n JHIU XJUI IJT UJNF VOUJM * E FO EBZ KPC i&WFSZUIJOH XBT NPWJOH o XF KPZ BOPUIFS USV IBE B SFBM TFOTF PG TQFFE w IF TBZT i*U XBT MZ CSJMMJBOU n ZJOH m MN &BTU 8JOE KVTU MJLF B EBZ BU XPSL w i#VU XJUI OP POF TFSWJOH ZPV DPĊ FF w IBT QSPWFO NF XSPOH -JLF MJGF JOUFSKFDUT .JDIBFM /FBS UIF FOE &SJD JT CFTFU XJUI SBHF o EPO U MFU UIJT POF IJT 'MZLF VOJU JT CBOEBHFE XJUI EVDU UBQF QBTT ZPV CZy 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

&BTZ 3JEFST 3BHJOH #VMMT

*O 0MVEFOJ[ FWFSZUIJOH JT CVJMU UP n Z

6SCBOJUZ BOE UIF 5VSLJTI 1BSBHMJEJOH &YQFSJFODF

"SUJDMF BOE QIPUPT CZ /JFMT %BDIMFS

*U JT FBSMZ JO 4FQUFNCFS BOE UPSSFO UJBM SFNOBOUT PG )VSSJDBOF 'SBODFT TPBL +', BJSQPSU T CVTUMJOH USBWFMFST 4UVĊ FE GPS USBWFM NZ 0[POF CBH MPVOHFT BU UIF 5VSLJTI "JSMJOFT DPVOUFS MJLF B QFU XBM SVT ɩ FSF JT OPUIJOH MPTU PO B QBSBHMJEFS QJMPU JO UIJT XFBUIFS * BN BU UIF TUBSU PG NZ KPVSOFZ GSPN /FX :PSL UP %BMBNBO B USBOTQPSUBUJPO IVC PO 5VSLFZ T TPVUI XFTU DPBTU BOE B NJOVUF ESJWF GSPN POF PG UIF XPSME T QBSBHMJEJOH 4IBOHSJ MBT UIF TFBTJEF UPXO PG 0MVEFOJ[ 5XP ZFBST BGUFS NZ 4*7 QSJNFS UIFSF XJUI JOTUSVDUPS +PDLZ 4BOEFSTPO * BN IFBEJOH CBDL OPU POMZ UP DFNFOU EFGFOTFT BHBJOTU TQJOT UVDLT BOE DSBWBUT CVU XJUI TJHIUT PO OFX BDSPCBUJD TLJMMT %VSJOH NZ MBTU DMBTT JO 4FQUFNCFS * XPSLFE NZ XBZ UISPVHI +PDLZ T TBGFUZ DVSSJDVMVN UP QJMPUJOH 4"5T TQJO OJOH UIF MBTU POF PVU PG DPOUSPM ɩ BOLT

UP UIJT GPVOEBUJPO BOE &OMFBV 0 $POOPS T DMBTT JO $BMJGPSOJB UIF GPMMPXJOH TVNNFS 4"5T HSBEVBMMZ FO UFSFE UIF SFBMN PG n Z JOH GVO * DBO QJWPU NZ IFBE OPX BOE TXJW FM NZ FZFT EVSJOH UIF NBOFVWFS 3BUIFS UIBO FYQFSJFODJOH B TNFBS PG SFBMJUZ * TDBO XJOH BOE TVSSPVOEJOHT BOE JOWFTUJHBUF IBMG JODI OVBODFT PG CSBLF 5IF -; UFBN SFFMJOH JO QBTTFOHFS BOE QJMPU *U JT OPU FBTZ UP DIBML B TFBU PVUEPPST BU NZ IPUFM ɩ F 'MZ VQ BDSP PS DSPTT DPVOUSZ IPVST JO /FX JOH %VUDINBO ɩ F SFTUBVSBOU TFUUJOH :PSL $JUZ 0MVEFOJ[ NBLFT GPS B HPPE TJT SFTFNCMFT B QJU TUPQ BMPOH %JTOFZ T #JH UFS DJUZ UIF LJOE PG TJTUFS XIP SBO BXBZ ɩ VOEFS .PVOUBJO 3BJMSPBE #VU CFZPOE XJUI UIF DJSDVT UIF MPH DBCJO UIFBUSJDT BOE OPU KVTU UIBU .Z m STU NPSOJOH JO 5VSLFZ * UBLF o UIF HIPTU PG &MWJT XJMM BQQFBS IFSF UXP 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

OJHIUT GSPN OPX UIFSF JT FYPUJDJTN JO FW FSZUIJOH GSPN UIF QFSGVNZ 5VSLJTI IPO FZ UP UIF QPMJUF UFFOBHFST XIP TFSWF UBCMFT XJUI OPET BOE TNJMFT -PPLJOH EPXO UIF NBJO TUSFFU * TFF B SPHVF TIBEPX n JDL BDSPTT UIF TVOMJU CSJDLT ɩ F FBSMZ UPVSJTUT QSFTTJOH UP UIF CFBDI UBLF OP OPUJDF CVU GPS B QJMPU JU JT B TFDSFU XFMDPNF UP 1BSB HMJEFSUPXO * HMBODF VQ GPS UIF XJOH UIBU UISFX UIF TIBEPX * TQPU OPU POF CVU B n PDL PG UBOEFN HMJEFST DSVJTJOH IJHI BCPWF UPXO *U JT CBSFMZ B N * IBWF B EBZ UP NZTFMG CFGPSF BUUFOE JOH 4BOEFSTPO T DPNCJOFE 4*7 9$ DMBTT ɩ FSF JT FBSMZ DMPVE GPSNBUJPO OFBS UIF TVNNJU PG #BCB %BH UIF TJHOBUVSF QFBL BCPWF 0MVEFOJ[ 5XFOUZ NJMMJPO MJSB BCPVU 64 GSPN UIF UPXO T "5. XJMM CVZ B QJMPU B NJOVUF SJEF UP #BCB %BH T TVNNJU * DBUDI UIF B N USVDL .Z m STU n JHIU GSPN UIF QFBL UP UIF CFBDI JT B DBVUJPVT EVTU PĊ /JOFUZ NJOVUFT MBUFS * BN MBZJOH PVU NZ 0DUBOF B TFDPOE UJNF UIJT UJNF PO #BCB %BH T MPXFS TPVUI UBLF PĊ BT UIFSNBM BDUJWJUZ IBT JODSFBTFE ɩ FSF JT NVTDVMBS MJGU JO GSPOU PG MBVODI BOE CVPZBOU BJS BMPOH UIF SJEHF UP UIF QFBL "U UIF UPQ PG B IVHF HFOUMF UIFS NBM PĊ #BCB %BH T TVNNJU BU BMNPTU GFFU B CFMM SJOHT "MM KFU MBHHFE IBMG IFBSUFE GVEEZ EVEEZ FYQFDUBUJPOT CFUUFS XBLF VQ o UIJT JT B GPSNJEBCMF EBZ XJUI CJH EJTUBODFT DBMMJOH -BUFS JO UIF XFFL * MM MFBSO BCPVU B MFHFOEBSZ DSPTT DPVOUSZ PQUJPO JOMBOE QBTTJOH CFMPX B DMPVE TUSFFU UIBU IBT TFU VQ UPEBZ BT XFMM 5XP ZFBST CBDL BO "VTUSBMJBO QJMPU DIPTF UIJT USBDL BOE n FX NJMFT UP UIF SFHBM QFBL "H %BH 4UJDLJOH UP NPSF GBNJMJBS UVSG UPEBZ * m YBUF B GFX NJMFT FBTU " KBHHFE TQVS CFDLPOT BT JG QFODJMFE JO CZ %FOOJT 1B HFO *OEFFE B TIBSQ UIFSNBM JT TOBLJOH PĊ UIJT USJHHFS " GFX NPSF NJMFT UP UIF FBTU * FOUFS B CSPBE DPMVNO PG BJS SJTJOH PVU PG B GPSFTUFE CPXM ɩ F MJGU EJTQFST FT BCPVU IBMG B NJMF BCPWF HSPVOE BOE JU UBLFT NF B NPNFOU UP SFBMJ[F XIBU JT IBQ QFOJOH )VHF TMPXMZ DIVSOJOH BSDIFT PG WBQPS BQQFBS BOE WBOJTI 8IJMF UIF TLZ BCPWF NF SFNBJOT B QFSGFDU CMVF B OFX DMPVE USJFT UP FNFSHF JO UIF TVSSPVOEJOH BJS ɩ F TFNJ USBOTQBSFOU IB[F DSFBUFT B HJBOU NJTU m MMFE XJOE UVOOFM BOE SFWFBMT GFBUIFSZ DVSSFOUT BMM BSPVOE 'PS BO &BTU

7JFX PG UIF 5VSLJTI DPBTU MPPLJOH FBTU

EBZT 4VDDFTTGVM 4*7 DPVSTFT HFOFSBUF $PBTU QJMPU JU JT QVSF TDJFODF m DUJPO 0VU PG OPXIFSF B CMVF /PWB HMJEFS B MBOETMJEF PG OFX FYQFSJFODF BOE TLJMM BQQFBST BCPWF BOE CFIJOE NF ɩ F GPS UIFJS HSBEVBUFT +PDLZ T JOUSPEVDUJPO OFX QJMPU ZPEFMT BOE XBWFT JO UIF XJTQZ MJGU 'PS UIF UXP PG VT POF PG UIPTF NZTUJDBM n Z JOH NPNFOUT VOGPMET XIFO ZPV MPTF BMM GFBS 'PS BO VOEF UFSNJOFE MFOHUI PG UJNF * GFFM DPDLZ XJUI IFBSU BOE NJOE XJSFE TUSBJHIU JOUP UIF XJOH * BN TNJMJOH BOE DFSUBJO UIBU OP IBSN DBO DPNFy y6OUJM B KPMU SJQQMFT UISPVHI UIF 0DUBOF TFOEJOH UIF XJOH UJQT UPXBSE FBDI PUIFS * USZ UP DFOUFS PO UIF MJGU CVU DBO OPU DMJNC #BSPNFUSJD QSFT TVSF JT CVJMEJOH BOE BDSPTT UIF BSFB JU TFFNT UIFSNBM BDUJW JUZ IBT CFHVO UP EFDBZ * XPSL MJUUMF QVĊ T BMPOH UIF DPBTU CBDL UP 0MVEFOJ[ BOE UP UIF CFBDI m OJTIJOH XJUI B 4"5 PWFS UIF PDFBO KVTU UP TUSFUDI UIF BSUFSJFT i%PO U QBOJD #SFBL UIF EJWF $PVSTF DPSSFDU w +PDLZ 4BOE FSTPO QBVTFT BOE FZFT IJT QJMPUT XJUI B TNJMF ɩ F NVMUJOBUJPO BM USPVQF PG TUVEFOUT TJUT BU ɩ F 'MZJOH %VUDINBO BOE TUBSFT CBDL CMBOLMZ *U JT B N UIF GPMMPXJOH EBZ 4FQUFNCFS UI BOE +PDLZ JT IPTUJOH IJT XFMDPNF CSJFm OH UP UIF n ZFST XIP XJMM QFSGPSN NBOFVWFST PWFS UIF OFYU UISFF

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

LJDLT PQFO UIF EPPS UP UIF QSPDFTT *O IJT UI ZFBS BT BO JOTUSVDUPS IF JMMVTUSBUFT UFDIOJDBM DPNNFOUT XJUI BO BSTFOBM PG BOFDEPUFT BOE JNQFSTPOBUJPOT ɩ F TUP SJFT IFBSUFO UIF n ZFST 'BDFE XJUI JNNJ OFOU 4*7 BDUJPO TPNF IBWF CFFO LOFBE JOH UIFJS IBOET ,OPXO IFSF JO UIF 6 4 GPS IJT XFMM QSPEVDFE #SJUJTI BDDFOUFE JOTUSVDUJPO BM WJEFPT 4BGFUZ JO 'MJHIU BOE 4QFFE UP 'MZ +PDLZ FOKPZT 4LZXBMLFS TUBUVT JO UIF 6, 3BOLFE JO UIF XPSME T UPQ EP[FO QJMPUT CFUXFFO BOE A IF UPEBZ SVOT B n BHTIJQ QBSBHMJEJOH CVTJOFTT &TDBQF ɩ F DPNQBOZ ESBXT FRVBMMZ PO B DPSF PG "OHMP 4BYPO GBJUIGVM BOE PO QJMHSJNT GSPN BSPVOE UIF XPSME ɩ F DVMUVSBM QB OBDIF PG +PDLZ T DPVSTFT JT JO GBDU UIF CFTU QBSU *O BUUFOEBODF UIJT XFFL JT B n Z JOH DSFX UIBU JODMVEFT B m SFm HIUFS GSPN )POH ,POH B SBODIFS GSPN 4PVUI "GSJDB (FSNBO BOE *SJTI TPGUXBSF FOHJOFFST B #SJUJTI EJWPSDF MBXZFS B $BOBEJBO ɩ BJ m OBODJBM BOBMZTU B 4XJTT ɩ BJ USBWFMFS PG JOEFQFOEFOU NFBOT B SFUJSFE NPWJF EJSFDUPS BOE NZTFMG UIF DJOFNBUPHSBQIFS BOE EJHJUBM ZPHJ GSPN #SPPLMZO 'PMMPXJOH UIF CSJFm OH QJMPUT TFBM SBEJPT JO QBUFOU XBUFSQSPPG CBHT BOE HSBC B TXJN WFTU ɩ FZ TUVEZ TJHO BOE XJUOFTT SJTL BHSFFNFOUT "O IPVS MBUFS FWFSZCPEZ JT PO #BCB %BH T UPQ MBVODI *CP &TDBQF T 5VSLJTI ESJWFS OBWJ HBUFT UIF EJ[[ZJOH TMPQFT PG #BCB %BH JO B GPVS XIFFM ESJWF USVDL *G ZPV BSF MVDLZ FOPVHI UP SJEF JO UIF GSPOU DPNQBSUNFOU *CP LFFQT ZPV EJTUSBDUFE XJUI B DBDIF PG CSBJO CPHHMFST GPS UIF EVSBUJPO PG UIF USJQ )F IBT LOPUUFE TUFFM SJOHT UIBU OFFE UP CF VOLOPUUFE XPPEFO DVCFT XBJUJOH UP CF BTTFNCMFE BOE CFOU OBJMT UIBU OFFE UP CF JOUFSMPDLFE

$IFDLJOH MJOFT PO UIF CFBDI -;

0O UIF TVNNJU *WBO &T DBQF T MBVODI NBSTIBM TVN NPOFE GSPN ɩ BJMBOE DPO EVDUT B XSZ MBVODI CSJFm OH 5FO NJOVUFT MBUFS QFSDIFE PO UIF UPQ PG #BCB %BH T m SF TUBUJPO XJUI IJT SBEJP *WBO TUBSUT UIF UBLF PĊ SPUBUJPO UIBU MBVODIFT B QJMPU FWFSZ NJOVUFT UPXBSET UIF CBZ PG 0MVEFOJ[ "SSJWJOH PWFS UIF DFOUFS PG " EVTU EFWJM DBQUJWBUFT B UIF CBZ TPNF GFFU BCPWF QJMPU PO #BCB %BH UIF XBUFS * DBO DMFBSMZ IFBS +PDLZ T USBOTNJTTJPOT CVU DBOOPU NBLF UIFJS n ZJOH HPBMT XJUI GVMM TUBMMT 4"5T PVU UIF CPBU ZFU "U UIJT QPJOU JU JT POF BOE TQJO DPOUSPM FYFSDJTFT #BDL PO MBVODI GPS PVS TFDPOE n JHIU PG UIF EPUT JO UIF CMVF XBUFS 'SPN FYQF SJFODF * LOPX IF JT EPXO UIFSF HFTUJDV XF FODPVOUFS B #BCZMPOJBO BSNZ PG UBO F DSPXE JT MBUJOH XJUI m YFE FZFT "MTP PO CPBSE JT EFN QJMPUT BOE QBTTFOHFST ɩ .BSZ 3VTTFMM B CVEEJOH DPNQ QJMPU XIP XFMM NBOOFSFE CVU HJWFT QBVTF UP TPNF USBOTDSJCFT DPNNFOUT UP B OPUFCPPL ɩ F TPMPJTUT VOBDDVTUPNFE UP UIF CVTUMF BMUJUVEF JT TVċ DJFOU GPS B MBSHF OVNCFS PG 0MVEFOJ[ PQFSBUFT NPSF UBOEFN n JHIUT NBOFVWFST VTVBMMZ UISFF PS GPVS TFUT PG UIBO BMM PUIFS TJUFT * IBWF WJTJUFE DPN EJĊ FSFOU FYFSDJTFT 5BQFE UP NZ TIPVMEFS CJOFE &BTZ 3JEFS 'PDVT .FUSPMJZB UIF SBEJP CBH DSBDLMFT i0, XF MM TUBSU #BCB %BH 6 5VSO BOE 4LZTQPSUT BSF XJUI B TUBMM (P BIFBE BOE TUBMM JU w "OE TPNF PG UIF TIPQT UIBU DPNQFUF GPS UIF XJUI UIPTF XPSET UIF GPVSUI 4*7 DPVSTF CVTJOFTT PG UIF SFTPSU T CFBDI TUVOUNFO BOE BSNDIBJS TQVOLFUUFT 6OMJLF JO UIF PG NZ n ZJOH DBSFFS IBT PQFOFE 5BTLT GPS QJMPUT WBSZ .PTU TUVEFOUT 6 4 UIF WBTU NBKPSJUZ PG UBOEFN n ZJOH PO UIFJS m STU EBZ XJMM QFSGPSN &TDBQF T IFSF JT GPS UPVSJTUJD GVO 'PMMPXJOH UIFJS TFDPOE TFU PG NBOFV TUBOEBSE QSPHSFTTJPO UISPVHI CJH FBST # TUBMMT BOE TZNNFUSJD EFn BUJPOT XJUI WFST 4*7 QJMPUT MBOEJOH PO UIF CFBDI DBO EZOBNJD TVSHFT BOE TQFFE CBS HSBEVBM UBLF BEWBOUBHF PG UIF UPXO T TZTUFN PG DJBM QBDLFST &BDI UBOEFN PQFSBUPS MZ BEEFE UP UIFTF FYFSDJTFT GPS TQJDF %F Pċ QFOEJOH PO UIF NBOFVWFS QJMPUT FYQMPSF IBT B MBOEJOH UBSQ XIFSF FNQMPZFFT XJMM PUIFS WBSJBCMFT BT XFMM TVDI BT OPSNBM GPME BOE TUPX B TPMPJTU T XJOH TVQFSC WFSTVT NBYJNVN QVMM PO UIF # SJTFST MZ GPS NJMMJPO MJSB 4JYUFFO ZFBS PME EVSJOH # MJOF TUBMM BOE SFTFBSDI PG QBSB QBDLFS )VTTBS BENJUT IF T TBWJOH UP CVZ DIVUBM TUBMM XIFO SFDPWFSJOH GSPN UIJT B QBSBHMJEFS " GFX MPDBM NBUBEPST IBWF EFTDFOU o OJGUZ EFUBJMT UIBU LFFQ BMM QJMPUT JOEFFE SJTFO GSPN QBDLFS UP QJMPU )VTTBS BTLT NF UP MJTUFO BSPVOE GPS B HPPE XJOH FOHBHFE FWFO EVSJOH FMFNFOUBSZ UBTLT 'PS B EJĊ FSFOU TFU PG NPSF FYQFSJFODFE .FBOXIJMF IF VTFT B TVO CMFBDIFE A T QJMPUT UIF DVSSJDVMVN DBOPQZ UP QSBDUJDF IJT LJUJOH JO CFUXFFO IBT CFFO UBJMPSFE JO DVTUPNFST #BDL BU ɩ F 'MZJOH %VUDINBO +PDLZ FNBJM FYDIBOHFT MFBEJOH VQ UP UIF USJQ BOE DPO HJWFT FBDI QJMPU B EPTF PG GFFECBDL GSPN m SNFE EVSJOH UIF CSJFG IJT OPUFCPPL BOE m FMET RVFTUJPOT GSPN UIF JOH ɩ FTF n ZFST VTVBM QBDL PG n ZFST TPNF UISJMMFE TPNF XPP MZ PO UIFJS TFDPOE UIJSE [Z "O PVUMPPL GPS UIF OFYU EBZ DPODMVEFT GPVSUI PS m GUI DPVSTF UIF TFTTJPO "GUFS PSEFST UP QSPNQUMZ SF UBLF PO B QSPHSBN UIBU DPOWFOF BU B N QJMPUT TIPXFS BOE IFBE DPOOFDUT TBGFUZ NBOFV PVU GPS UIF FWFOJOH 6Q BOE EPXO UIF NBJO TUSFFU KFXFM WFST DMPTFMZ XJUI n Z JOH BDSP 1JMPUT BJNJOH SZ TUPSFT QSPWJEF B UPVDI PG 4U 5SPQF[ GPS IFMJDPQUFST MPPQT BOE QFOFUSBUJOH TPDDFS DPWFSBHF BO JOGV BOE UVNCMFT MBUFS JO UIF TJPO PG XPSLJOH DMBTT .BODIFTUFS "GUFS XFFL UPEBZ XBSN VQ UP EJOOFS TPNF QJMPUT DPOWFOF BU UIF $MPVE 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

/JOF CBS ɩ BOLT UP B OFUXPSL PG m FME WJEFPHSBQIFST BOE JNQSPWJTFE USBOTNJU UFST UIF SFTUBVSBOU PĊ FST BMNPTU TFBN MFTT 57 DPWFSBHF PG UIF EBZ T UBLF PĊ BOE MBOEJOH BDUJPO *OUFSTQFSTFE BSF WJE FP DPNQJMBUJPOT PG BFSPCBUJDT BOE B QBSU FOUFSUBJOJOH QBSU EJTUVSCJOH DPMMFDUJPO PG CBE #BCB %BH MBVODIFT 'BSUIFS EPXO UIF CFBDI PUIFS n ZFST HV[[MF DPDL UBJMT BU )FMQ BOE OPE UP UIF %+ T QSPC JOH SIZUINT %BODF QMBUGPSNT BOE TIJOZ CSBTT QPMFT UFTUJGZ UP DVTUPNFST SBVDPVT NPWFT MBUFS JO UIF OJHIU %BZ BSSJWFT XJUI EVTU EFWJMT TOBL JOH PĊ UIF TVNNJU PG #BCB %BH BOE SVG n JOH TPNF DBSFGVMMZ MBJE PVU XJOHT "GUFS NPSOJOH CSJFm OHT BU ɩ F 'MZJOH %VUDI NBO BOE PO MBVODI UIF 4*7 QJMPUT FY QMPSF BTZNNFUSJD EFn BUJPOT TFBSDI GPS TUBMM QPJOU TQJSBM EJWFT BOE i"NQ .BYw TQJOT EVSJOH XIJDI UIF QJMPU FOUFST B CBOLFE OFHBUJWF EFHSFF SPUBUJPO "EWBODFE QBSUJDJQBOUT QSBDUJDF IF MJDPQUFST NPOJUPSJOH CPEZ QPTUVSF BOE SFTFBSDIJOH JODSFNFOUT PG PVUTJEF BOE

5IF BVUIPS USZJOH PVU TPNF DBNFSB NPVOUT

JOTJEF CSBLF *G EPOF TVDDFTTGVMMZ UIF NBOFVWFS SFTVMUT JO B DPOUSPMMFE n BU TQJO JO XIJDI UIF QJMPU SPUBUFT JO TZODI XJUI UIF TQJOOJOH DBOPQZ " SFMBUFE FYFSDJTF TPNFUJNFT JOEVDFE CZ B IFMJDPQUFS HPOF BXSZ JT TUBMMJOH PVU PG n BU TQJO ɩ F SF DPWFSZ UFDIOJRVF JOTUBOUMZ TUPQT B TQJO OJOH DBOPQZ BOE JG EPOF FBSMZ FOPVHI XBSET PĊ UIF NPUIFS PG BMM USPVCMF NVM UJQMF SJTFS UXJTUT ɩ F GPMMPX VQ CSJFm OHT BU UIF IPUFM BSF MJWFMZ TFFJOH QJMPUT QSPVE PG TVDDFTT PS FBHFS UP BEESFTT QSPCMFNT JO VQDPNJOH n JHIUT &WFOJOH GFTUJWJUJFT DPJODJEF XJUI MBVODI NBSTIBM *WBO T UI CJSUIEBZ ɩ F

4*7 QJMPUT IBE QMPUUFE UP IBWF B CFMMZ EBODFS GPS IJN PO MBVODI CVU XFSF IFME CBDL JO GB WPS PG IJSJOH B iRVBM JUZw EBODFS GPS EJO OFS "SPVOE Q N UIF HFOJF NBLFT IFS BQQFBSBODF )FS TPGU NPWFT BOE HMJUUFSJOH WFJMT VTIFS *WBO JOUP IJT TU ZFBS BT EPFT IFS POF QSPQ XIJDI JT JO B 5JKVBOB UXJTU B MBSHF [VDDIJOJ "DIJOH BSN UFO 0OF PG UIF TNBMM PWFSOJHIU IVUT JO #VUUFSn Z 7BMMFZ EPOT VTIFS JO NZ UIJSE BOE m OBM EBZ PG NPSF PWFS UIF XBUFS TFTTJPOT * XJMM CF PO NBOFVWFST *O B DMFBS TJHO UIBU JU JT UJNF NZ XBZ UP n ZJOH UIJT NBOFVWFS XFMM BOE UP SFMBY UIF BDSPCBUJDT QSPHSBN * N UBL TBGFMZ 1JMPUT DPOWFOF GPS MVODI BOE B m OBM JOH "EWJM CFGPSF FWFSZ n JHIU * WF CFFO CSJFGFE PO n ZJOH NZ m STU MPPQ BOE XJMM TVNNBSZ CSJFm OH 8JUI OP SFHSFUT FW BUUFNQU UIF UFDIOJRVF PWFS UIF CBZ i5SZ FSZCPEZ FOKPZT UIF MPOH QBEEMF TIBQFE JU %FBM XJUI XIBU IBQQFOT w +PDLZ DPO QJ[[BT GSFTI GSPN UIF IPUFM T PWFO ɩ F GPMMPXJOH NPSOJOH XF QBDL VQ DMVEFT XJUI B QBU PO UIF TIPVMEFS "U GFFU PWFS XBUFS * CBOL UIF XJUI SPCVTU n ZJOH EJTUBODFT JO NJOE 0DUBOF UP UIF SJHIU BOE MFU UIF 'PMMPXJOH UIF UISFF EBZT PG NBOFVWFST OPTF EJWF UIFO SFMFBTF UIF SJHIU CSBLF TIJGU BMM NZ XFJHIU UP UIF PVUTJEF BOE QVMM BMM UIF MFGU CSBLF * DBO NVTUFS /FYU JT WJOUBHF 4*7 * IBWF OP WJTVBM SFDPMMFDUJPO PG XIBU IBQQFOFE o KVTU B TFOTF PG MJOFT MPBEJOH XJUI FOPSNPVT FOFSHZ BOE UIFO NZTFMG SPDLFUJOH UISPVHI UIF BJS " TFDPOE PS NBZCF B GFX XFFLT MBUFS B TMJHIU DPM MBQTF PG UIF PVUFS XJOHUJQ DBUDIFT NZ BUUFOUJPO ɩ F EF n BUJPO SFPQFOT CZ JUTFMG BOE * QVMM PVU PG UIF MPPQ JOUP TPNF CBOLFE UVSOT +PDLZ CSPBE DBTUT TPNF FODPVSBHFNFOU BOE DSJUJDJTN MFTT BOE TVCUMFS CSBLF JOQVU BOE BGUFS B GFX CSFBUIT * BUUFNQU UIF OFYU POF MFU UJOH UIF 0DUBOF SPDL UP UIF MFGU %JWJOH EPXO UIF PUIFS TJEF UIF SBEJP JT BMSFBEZ DSBDLMJOH i*U T TUJMM B CJU DMPTF UP UIF CPOF &BTZ PO UIF CSBLF ,FFQ UIF NPUJPO QPTJ UJWF w "MUIPVHI OPU BXBSF PG UIJT * IBWF CFFO TQJOOJOH UIF XJOH BU UIF BQFY PG UIF MPPQ (SBEVBMMZ XJUI NPSF QSFDJTF CSBLF JOQVU UIF XJOH MPPQT BSPVOE JO B TNPPUI GPSXBSE NPUJPO -JLF NBOZ m STU BU UFNQUT UIFTF MPPQT BSF TUJMM SFQUJMF CSBJO FYQFSJFODFT PG DSVODIFE CSFBUIT BOE EF UFSNJOFE NVTDMFT #VU * LOPX UIBU XJUI

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

-PPLJOH CBDL JOUP #VUUFSn Z 7BMMFZ BT XF IJLF PVU

&TDBQF PĊ FST B 5VSLJTI DSPTT DPVOUSZ DPVSTF 0O MBVODI +PDLZ HBUIFST UIF TUV EFOUT BOE NBQT PVU BO 9$ SPVUF IFBE JOH JOMBOE JOUP UIF WBMMFZ TFWFSBM NJMFT XJEF CFIJOE #BCB %BH 0VS IPQF JT UP DSPTT JU BMUIPVHI CZ OPPO UIF BJS TUJMM GFFMT MB[Z ɩ F DSFFQJOH CVJME JO QSFTTVSF PWFS UIF QBTU EBZT MPPLT UP TUJn F BOZ UPP BNCJUJPVT n ZJOH UPEBZ #VU BT DZDMFT TUBSU UP XIJTUMF UISPVHI TUVEFOUT UBLF UP UIF BJS XJUI DSPTTIBJST PO HPBM B EBSL QSPUSVEJOH NPVOUBJO DBMMFE 4IBSLm O 8JUI UISFF JOTUSVDUPST BOE TUVEFOUT MBVODIFE UIF &TDBQF DSFX EPFT XIBU PUIFST IBWF TISVHHFE PĊ BT JNQPTTJCMF JO HSPVQT UIJT TJ[F 9$ n ZFST FBSMZ JO UIFJS DBSFFS BSF USFBUFE UP EFUBJMFE JO n JHIU DPBDIJOH BOE B DPPM TFOTF PG UFBN FĊ PSU 8F JOWFTUJHBUF UIFSNBMT BSPVOE UIF QFBL PG #BCB %BH BOE XFBLFOJOH QVĊ T PG MJGU PVU JO UIF WBMMFZ "GUFS BO IPVS BOE B IBMG UIF HSPVQ TDBUUFST TFBSDIJOH GPS UIF MBTU UJDLFUT VQ * n PBU EPXO OFYU UP BO JSSJHBUJPO DBOBM BOE BN QMBDFE VO EFS TVSWFJMMBODF CZ UXP TVTQJDJPVT EPO LFZT * EPO U LOPX XIBU BMM UIFZ HSPX JO 5VSLFZ * DBO TFF BQQMFT DPUUPO BOE OFBU QJMFT PG UJOEFS ɩ F CSFF[F TNFMMT

MJLF B TQJDF DBCJOFU "O IPVS T IJLF MFBET CBDL UP UIF NBJO USBċ D BS UFSZ VQ UIF DFOUFS PG UIF WBMMFZ "GUFS IBMG BO IPVS BOE B GFX TJQT GSPN NZ $BNFMCBL UIF m STU PG UIF QVCMJD CMVF NJOJWBOT TMPXT UP B TUPQ BU NZ XBWJOH * KPJO UXP ZPVOH DPV QMFT XJUI TMFFQZ LJET BOE BO PME NBUSPO GPS B NJOVUF SJEF CBDL UP UIF UPXO PG 'FUJZF 8IJUF MBDF DVSUBJOT PO BMM UIF WBO T MJHIUT BOE XJOEPXT NBLF UIJT VONJTUBLBCMZ B 5VSLJTI NJOJWBO *O 'FUJZF SFUVSOJOH 9$ QJMPUT QPPM UPHFUIFS GPS B UBYJ SJEF CBDL UP 0MVEFOJ[ ɩ F OFYU EBZ XF BSF TUJMM CBUUMJOH IJHI QSFTTVSF /PX PO PVS MBTU EBZ BT DMBTT NBUFT XF XPSL UIF MJGU BSPVOE #BCB %BH CFGPSF EFTDFOEJOH PO #VUUFSn Z 7BMMFZ B GFX NJMFT FBTU 'MBOLFE CZ GPPU DMJĊ T UIJT HPSHF XJEFOT UP B GFX BDSFT PG n BU DVMUJWBUFE MBOE BOE UIFO NFFUT UIF PDFBO JO B OBSSPX JOMFU *UT QSPUFDUFE DMJ NBUF PODF TIFMUFSFE CVUUFSn JFT XIJDI FOEPXFE UIF DBOZPO XJUI JUT OBNF #VU WJTJUPST MPPLJOH GPS DMPVET PG JOTFDUT XJMM CF EJTBQQPJOUFE ɩ FTF EBZT FYQFDU UP TFF B CVUUFSn Z B OJDF POF ɩ F GVO PG UIF WBMMFZ MJFT JO BQQSPBDI JOH BOE OBWJHBUJOH UIF EFFQ TVO m MMFE HPSHF *G ZPV DPVME MBOE JO +VSBTTJD 1BSL QFSIBQT UIJT JT XIBU JU XPVME MPPL MJLF ɩ F WBMMFZ T POMZ DPOOFDUJPOT UP UIF PVU TJEF BSF PDDBTJPOBM GFSSJFT GSPN 0MVEFO J[ IJLFST VTJOH QSF JOTUBMMFE SPQFT UP EF TDFOE UIF SPDL BOE QBSBHMJEFST BSSJWJOH DSPTT DPVOUSZ PĊ #BCB %BH ɩ F MBOEJOH BSFB JT MJNJUFE UP B TIPSU TUSJQ PG CFBDI TP JU UBLFT B HPPE TFU VQ BOE TPNF GPDVT UP n Z ZPVS HMJEFS PWFS DSPQT BOE USFF IVUT UP UIF TBOE 0O BQQSPBDI JO B QJMPU IBE UP QBVTF B DIFFSGVM IJQQJF WPMMFZCBMM HBNF BOE CPSSPX UIFJS DPVSU GPS UPVDIEPXO 0ODF JO #VUUFSn Z 7BMMFZ UIFSF JT OPUIJOH UP EP FYDFQU FOKPZ POF PG UIF NPTU SFMBYFE BG

UFSOPPOT PG ZPVS MJGF 1JMPUT OBQ TXJN IBWF MVODI BU UIF CVTI SFTUBVSBOU BOE DIBU XJUI B DPMPSGVM BTTPSUNFOU PG 5VSL JTI WBHBCPOET OPOF PG XIPN QMBZ 4JNPO BOE (BSGVOLFM TPOHT ɩ F Q N GFSSZ USBOTQPSUT IBMG UIF DSFX BOE BMM UIF FRVJQ NFOU CBDL UP 0MVEFOJ[ " TNBMM HSPVQ JODMVEJOH NZTFMG PQUT GPS UIF QBOPSBN JD UISFF IPVS IJLF PVU PG UIF HPSHF BOE CBDL BMPOH UIF DPBTUBM SPBE 8F TQFOE UIF FWFOJOH XJUI B 5VSLJTI CBSCFDVF JO B OFBSCZ HIPTU UPXO PG (SFFL SVJOT 'PSUZ FJHIU IPVST MBUFS * FYJU CBHHBHF DMBJN CBDL BU +', KVTU JO UJNF UP TUFQ JOUP UPSSFOUJBM SFNOBOUT PG )VSSJDBOF *WBO TPBLJOH /FX :PSL " UIPVHIU XIJMF * XBJU GPS B UBYJ 8IBU BSF UIF VMUJNBUF NPTU WBMJE TBGFUZ NBOFVWFST o JO 0MVEFOJ[ BOE BOZXIFSF -BVODI BOE MBOEJOH * IPQF UP TFF QFPQMF QSPVE PG UIFJS JNQSPWFE MBVODIFT BNJETU EVTU EFWJMT NVMUJ DVMUVSBM DSPXET IJHI XJOET TUFFQ TMPQFT TPGU HSPVOE BOE TIBSQ SPDLT " TFDPOE UIPVHIU XIJMF * BN SJEJOH IPNF ɩ FSF T B HPPE DIBODF UIBU QPMJ UJDT BOE HPME EJHHJOH UPVSJTN UBLF B CBDL TFBU XIFO ZPV UBLF ZPVS n ZJOH UP B GPS FJHO DPVOUSZ 8JUI TPNF MVDL BOE DPN NPO TFOTF ZPV BSF MFTT UPVSJTU BOE UBSHFU BOE NPSF DJSDVT KFTUFS BOE BDSPCBU :PV IBWF BO BFSJBM TUBHF BOE BO BVEJFODF JG ZPV XBOU JU 0S ZPV DBO FTDBQF JOUP IJO UFSMBOET KVTU UP PCTFSWF BOE JOWFTUJHBUF ɩ F TNJMFT BOE DPOWFSTBUJPOT XJUI UIF QFPQMF BMPOH UIF XBZ TFFN SFBM BOE JO UFSFTUFE 'PS BT MPOH BT * NBZ * XJMM USBWFM XJUI NZ XJOH /JFMT %BDIMFS MFBSOFE UP n Z JO 4XJU[FS MBOE JO )F KPJOFE UIF /FX :PSL QBSB HMJEJOH DPNNVOJUZ JO BGUFS B TJY ZFBS IJBUVT UP BUUFOE m MN TDIPPM Dz F BQQFBSBODF PO MBVODI PG IJT 'JSFCJSE $PNNBODIF XBT MJLFOFE UP B TJHIUJOH PG UIF HIPTU PG &MWJT 5PEBZ /JFMT SVOT B 3POJO m MN DPNQBOZ JO #SPPLMZO / : )F m MNT BOE QIPUPHSBQIT CJLF NFTTFOHFST TLBUFST DPNJD BSUJTUT BOE QBSBHMJEFS QJMPUT GSPN 6UBI UP UIF 4JCFSJ BO "MUBJ $VSSFOUMZ IF T XPSLJOH PO 0[POF T OFX %7% PO UIF NBTUFSZ PG QBSBHMJEJOH

5IF GFSSZ JT UIF POMZ FBTZ XBZ JO BOE PVU PG #VUUFSn Z 7BMMFZ

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

" 4XFMM 5SJQ JO 6UBI #Z "MFY .D$VMMPDI

1IPUP "MFY .D$VMMPDI

"EBN QJDLFE B OJDF MVMM DZDMF IBE BO KVTU BCPWF UIF USFF UPQT PS B DMJĊ MBVODI XJUI SPPN GPS BCPVU UISFF TUFQT BCPVU FYDFMMFOU MBVODI IPPLFE B UIFSNBM SJHIU GFFU MPXFS PO UIF NPVOUBJO 8F EF BXBZ BOE TUBSUFE DMJNCJOH * SBO UP NZ DJEFE PO UIF MBUUFS #PUI MBVODIFT XFSF HMJEFS CVU BT * IPPLFE JO BOE EJE B IBOH TPVUI GBDJOH BOE UIF XJOET BMPGU XFSF DIFDL UIF DPOEJUJPOT DPOUJOVFE UP EFUFSJ F XJOE XBT HFUUJOH TUSPOHFS BOE OPSUI BU BCPVU LOPUT BU GFFU PSBUF ɩ 0ODF XF SFBDIFE UIF MPXFS MBVODI XF UIF MVMM DZDMFT XFSF CFDPNJOH GFXFS BOE EFMJCFSBUFE GPS PWFS BO IPVS BCPVU TBGFUZ GFXFS *U XBT QSFUUZ JOUFOTF TUBOEJOH PO BOE TPBSBCJMJUZ ɩ FSF XFSF MJHIU DZDMFT MBVODI VOEFS NZ HMJEFS BT JU XBT SPDLFE PG JODSFBTJOH TUSFOHUI XJUI QMFOUZ PG JO BMM EJSFDUJPOT CZ UIF CSPLFO DZDMFT * N HMBE +FĊ XBT UIFSF UP IPME UIF OPTF EPXO MBVODIBCMF MVMMT CFUXFFO UIFN +FĊ HSBDJPVTMZ PĊ FSFE UP ESJWF TP "MTP DPODFSOFE BCPVU DMJĊ TVDL * TUBZFE "EBN BOE * EFDJEFE UP n Z 8F IJLFE CBDL CBDL GSPN UIF FEHF VOUJM * XBT SFBEZ +FĊ VQ UP HFU UIF HMJEFST o JU XBT B IBSE IBE TFU VQ TUJDLT XJUI TUSFBNFST BCPVU TJY NJOVUF DBSSZ EPXO 5SZJOH UP TRVFF[F BO QPVOE GPPU MPOH HMJEFS UISPVHI MJUUMF DSBDLT JO UIF NVMUJQMF DMJĊ CBOET PO UIF XBZ CBDL EPXO UP MBVODI XBT NPSF NFOUBMMZ UIBO QIZTJDBMMZ DIBMMFOHJOH *U UPPL UXP USJQT UP HFU FWFSZUIJOH EPXO TP XF DPVME TUBSU SJHHJOH 8F NBEF B QPJOU PG OPU MFUUJOH UIF BSEVPVT DBSSZ EPXO o BOE UIF UIPVHIU PG UIF DBSSZ CBDL VQ o JOn VFODF PVS HP OP HP EFDJTJPO "T XF SJHHFE UIF UIFSNBM DZDMFT XFSF HFUUJOH TUSPOHFS BOE NPSF CSPLFO BOE UIF XJOE XBT UVSOJOH DSPTT UP UIF SJHIU ɩ FSF XBT RVJUF B CJU PG UFOTJPO JO UIF BJS CVU +FĊ NPSF FYQFSJFODFE UIBO FJUIFS "EBN PS * LFQU VT UVOFE JO UP UIF DIBOH JOH DPOEJUJPOT 8F UPTTFE B DPJO "EBN 5SZJOH UP TRVFF[F B IFBWZ BXLXBSE HMJEFS UISPVHI MJUUMF DSBDLT JO UIF NVMUJQMF DMJGG CBOET PO UIF XBZ MPTU BOE XBT VQ UP MBVODI m STU XJUI +FĊ EPXO UP MBVODI XBT DIBMMFOHJOH BOE NF BDUJOH BT DSFX

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP "MFY .D$VMMPDI

'PS PWFS B ZFBS BOE B IBMG "EBN 8FTU BOE * IBWF CFFO USZJOH UP m OE B IBOH HMJEJOH TJUF JO DFOUSBM FBTUFSO 6UBI 0O ESJWFT GSPN 4BMU -BLF UP .PBC XF XPVME ESPPM PWFS UIF GPPU UBMM NJMF MPOH #PPL $MJĊ T UIBU QBSBMMFM )JHIXBZ TPVUI PG 1SJDF 6UBI ɩ F DSPTT DPVOUSZ QPUFOUJBM XBT IVHF ɩ FSF XFSF BMXBZT JOEJDBUJPOT PG BCVOEBOU MJGU FWFO JO %FDFNCFS "GUFS TFWFSBM GBJMFE BUUFNQUT JOWPMWJOH n BU UJSFT OFBS SPMM JOH PG WFIJDMFT BOE BO VOQMBOOFE EBSL IZQPUIFSNJD PWFSOJHIU TUBZ CZ NZTFMG UP m OE B TVJUBCMF MBVODI TJUF XF EFDJEFE UP BCBOEPO UIF #PPL $MJĊ T 0CWJPVTMZ XF XFSFO U NFBOU UP n Z UIFSF 5PXJOH GSPN UIF CPUUPN XBT BOPUIFS PQUJPO CVU XF XFSF MBDLJOH B UPX SJH BOE OFJUIFS "EBN OPS * IBE FWFS UPXFE BU UIF UJNF "T UIF NPOUIT QBTTFE * NPWFE UP $PMPSBEP BOE "EBN NPWFE UIF TFBSDI XFTU UP UIF 4BO 3BGBFM 4XFMM BSFB $FEBS .PVOUBJO XJUI JUT MPDBUJPO KVTU OPSUI PG UIF i4XFMMw o BOE JUT TUSPOH SFTFNCMBODF UP UIF #PPL $MJĊ T o IBE HPPE QPUFOUJBM 'JOBMMZ BMPOH XJUI +FĊ 0 #SJFO XIP IBE NBOBHFE UP HFU DBVHIU VQ JO PVS RVFTU XF DPOWFSHFE PO $FEBS .PVOUBJO XJUI PVS HMJEFST +FĊ CSPVHIU IJT UPX SJH BT B CBDLVQ "EBN IBE TFBSDIFE UIF XIPMF NPVOUBJO PO QSFWJPVT USJQT BOE TFUUMFE PO UXP QPUFOUJBM MBVODI TJUFT *U XBT B DIPJDF CFUXFFO B OP TUFQ DMJĊ MBVODI

1IPUP +FGG 0 #SJFO

1IPUP +FGG 0 #SJFO

1IPUP "MFY .D$VMMPDI

UBMLFE IJN UISPVHI UIF GPPU MBVODI XIJDI XFOU SFBMMZ TNPPUIMZ )F QJOOFE PĊ BU GFFU BOE IPPLFE B MJHIU GQN UIFSNBM PO UIF XBZ CBDL UP UIF -; o BOE JU XBT POMZ B N "EBN n FX GPS BCPVU NJOVUFT POMZ MBOEJOH CFDBVTF IF XBOUFE UP UPX BHBJO )F EJE UIBU BOE UIFO JU XBT NZ UVSO * XBT B MJUUMF BQQSFIFOTJWF BCPVU GPPU MBVODIJOH CVU +FĊ T UBOEFN HMJEFS XJMM n Z FYUSFNFMZ TMPX CFGPSF JU TUBMMT .Z "EBN BOE +FGG TDPQJOH MBVODI "EBN MPTU UIF DPJO UPTT BOE MBVODIFE m STU MBVODI XBT HPPE FOPVHI BMUIPVHI * GFFU JO GSPOU PG MBVODI XIJDI XFSF SFBMMZ DPVME IBWF SVO JU PVU B MJUUMF NPSF *U XBT #PPL $MJĊ T CVU JU EJEO U MBTU * TUSVH IFMQGVM UP TIPX XIBU XBT HPJOH PO PVU JO UIF NPTU QMFBTBOU GFFMJOH MPPLJOH EPXO HMFE JO CSPLFO MJGU GPS BCPVU NJOVUFT UIF UPXMJOF BU UIF USVDL BT * DMJNCFE NBLJOH JU UP GFFU BHBJO CVU UIFO * GSPOU PG UIF DMJĊ F DPME BOE MBDL PG XBUFS 'JOBMMZ UIF XJOE MVMMFE BGUFS BCPVU JOUP UIF EFTFSU TLZ o LJOE PG MJLF XBUFS HPU JNQBUJFOU ɩ MPOH NJOVUFT PG XBJUJOH 5FO TFDPOET TLJJOH JO UIF BJS "U GFFU * DPVME TFF XFSF HFUUJOH UP NF * EFDJEFE UP n Z DSPTTXJOE UP UIF TPVUI MBUFS UIF TUSFBNFST TUJMM XFSF IBOHJOH $FEBS .PVOUBJO UIF 4XFMM UP UIF TPVUI MJNQ TP * DPNNJUUFE BOE TUBSUFE NZ SVO BOE $BQJUBM 3FFG UP UIF FBTU * QJOOFE PĊ FBTU BMPOH UIF GBDF PG $FEBS .PVOUBJO 0O UIF UIJSE TUFQ UIF HVTUZ DSPTT XJOE BOE UVSOFE CBDL UP UIF -; BOE JNNFEJ 8JUIJO B DPVQMF PG NJMFT * GPVOE NZTFMG SFUVSOFE BOE NZ SJHIU XJOH HPU QPQQFE BUFMZ * IJU B GQN CVNQ BOE DSBOLFE TDSBUDIJOH PO UIF SJEHF o JU XBT FBSMZ BOE CVU * UISFX BMM NZ XFJHIU UP UIF SJHIU BOE JU PWFS "T * DMJNCFE JU UVSOFE JOUP UIF UIFSNBMT XFSF TUJMM TQSFBE PVU RVJUF B DPSSFDUFE JNNFEJBUFMZ * TPBSFE JO CSPLFO GQN GQN BOE FWFOUVBMMZ GQN * CJU * IBE B HSFBU MBOEJOH JO B DBDUVT QBUDI UIFSNBMT GPS BCPVU NJOVUFT 6OXJMMJOH XBT XFBSJOH TIPSUT BOE B 5 TIJSU IBE OP JO UIF n BUT JO GSPOU PG $FEBS .PVOUBJO UP ESJGU TVQFS DMPTF UP UIF UFSSBJO XJUI UIF XBUFS BOE XBTO U DBSSZJOH B (14 CFDBVTF "EBN BSSJWFE UP SFUSJFWF NF CFGPSF * E UIFSNBMT * OFWFS HPU NPSF UIBO B DPVQMF * XBT POMZ QMBOOJOH PO CFJOH BJSCPSOF GPS m OJTIFE CSFBLJOH EPXO +FĊ T UBOEFN HMJEFS XBT B QMFBTVSF UP B DPVQMF NJOVUFT IVOESFE GFFU PWFS MBVODI * ESJGUFE FBTU JO UIF UIFSNBM UP B n Z BOE JU XBT B CMBTU USZJOH UP HP 9$ PO "QQSPBDI BOE MBOEJOH XFSF B QJFDF PG DBLF JO UIF NJMFT PG n BU TBHF DPWFSFE GPPU UBMM TQJSF OPSUIFBTU PG UIF SPBE #Z B TJOHMF TVSGBDF * FOEFE VQ n ZJOH GPS KVTU EFTFSU BU UIF CPUUPN PG $FEBS .PVOUBJO UIF UJNF * HPU UIFSF * XBT DMJNCJOH BU PWFS BO IPVS BOE USBWFMJOH BCPVU NJMFT "EBN BOE * XFSF TUPLFE UIBU XF E IBE GQN * UPQQFE PVU BU BCPVU 8IBU B HSFBU XBZ UP FOE PVS MPOH RVFTU UP TBGF MBVODIFT BOE MBOEJOHT FWFO UIPVHI GFFU BOE EFDJEFE UP HP PO HMJEF UP $FEBS n Z UIF 4XFMM BOE #PPL $MJĊ T 4PNFUJNFT IBOH HMJEJOH JT NPSF BCPVU .PVOUBJO 'MZJOH 9$ PO B TJOHMF TVSGBDF XF EJEO U HP 9$ UP UIF #PPL $MJĊ T ɩ F OFYU EBZ XF HPU VQ BU EBXO UP TFU UBOEFN HMJEFS XBT B MJUUMF EJĊ FSFOU GSPN UIF QFPQMF BOE UIF RVFTU UP n Z SBUIFS VQ +FĊ T TUBUJD UPX SJH ɩ F 4XFMM BSFB NZ 8JMMT 8JOH 'VTJPO * EFDJEFE UIBU UIBO TJNQMZ HBJOJOH UJNF BOE NJMFT BU DJFOU TQFFE UIF TBNF PME TJUFTy JT IPNF UP NJMFT PG n BU TUSBJHIU XFMM USJN TQFFE XBT NZ NPTU Fċ NBJOUBJOFE TFMEPN USBWFMFE EJSU SPBET BOE USJFE UP CF QBUJFOU *U UPPL GPSFWFS UP XJUI OP QPXFS MJOFT PS PCTUSVDUJPOT HFU UP $FEBS .PVOUBJO * DMJNCFE JO B 8JOET BMPGU XFSF GPSFDBTU UP CF OPSUI DPVQMF PG CSPLFO UIFSNBMT BOE BSSJWFE BHBJO TP XF TFU VQ PO B TUSFUDI PG SPBE UIFSF BCPVU F SVOOJOH OPSUI TPVUI +FĊ T UPX SJH GFFU PWFS ɩ DPOTJTUFE PG PG TUBUJD MJOF B QSFTTVSF UIFSNBMT XFSF NFUFS BO PWFS VOEFS CSJEMF XJUI XFBL UPQQJOH PVU BU MJOLT BOE "EBN T 'PSE &YQMPSFS +FĊ BSPVOE TFU VQ IJT IZCSJE "JSCPSOF /PSUI 8JOH GFFU BOE ESJGUJOH UBOEFN HMJEFS "EBN ESPWF XIJMF * NPO OPSUIFBTU PWFS JUPSFE UIF SBEJP BOE XPSLFE DSPXE USBċ D UIF CBDL * EF DPOUSPM +FĊ XBT HPJOH UP GPPU MBVODI BOE DJEFE XJUI UIF UBMLFE VT UISPVHI UIF BDDFMFSBUJPO BOE TJOHMF TVSGBDF QFSGPS DPSSFDU QSFTTVSF UP UPX BU 0O IJT m STU HMJEFS UPX B XFBL MJOL CSPLF BU BCPVU GFFU NBODF * E MJLF )F NBEF BO FYDFMMFOU MBOEJOH CBDL BU UIF UP CF BU MFBTU TUBSUJOH QPJOU "EBN BOE * UPPL UVSOT BU GFFU ESJWJOH PWFS UIF OFYU TJY UPXT +FĊ IBE CFGPSF * IFBEFE HSFBU MBVODIFT BOE XBT MBOEJOH XJUIJO PWFS UIF CBDL * DPVME UBTUF UIF GFFU PG UIF TBNF TQPU PO FWFSZ UPX "EBN XBT OFYU * ESPWF XIJMF +FĊ "MFY HFUT B XJOH QPQQFE PO MBVODI CVU DPSSFDUT RVJDLMZ BOE HFUT PGG GPS B TIPSU TPBSJOH n JHIU

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP +FGG 0 #SJFO

1IPUP "EBN 8FTU

"EBN TPBSJOH UIF 4BO 3BGBFM 4XFMM

"MFY .D$VMMPDI JT B #PVMEFS CBTFE IBOH HMJEFS QJMPU BOE QIPUPHSBQIFS 8IFO OPU DIBTJOH UIFSNBMT IF TQFOET IJT UJNF BEWFO UVSF SBDJOH BOE n ZJOH DPNNFSDJBM BJSDSBGU PVU PG %FOWFS *OUFSOBUJPOBM "JSQPSU

1IPUP +FGG 0 #SJFO

&WFOJOH MJHIU DSFBUFT TQFDUBDVMBS DPMPST BOE TIBEPXT PO UIF DMJGGT

"EBN - BOE "MFY BGUFS UIFJS n JHIU GSPN $FEBS .PVOUBJO 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

• •

•

l

'

3BMQI 4FOUFS QMBZJOH i5XJTUFSw XJUI B $IFMBO 8BTIJOHUPO EVTU EFWJM 1IPUP 3JDIBSE 6IMIPSO

' •

'

!!AP ,_: •

~--= •

1/;i\ •

.._

'

-

#JH 8IFFMT 4USPOH .FOUPST BOE %&4*3& 3FNJOJTDJOH PO -FBSOJOH UP 'MZ JO UIF A T #Z 3JDIBSE (MFOO 1FX 1IPUPT CZ +FSSZ (JMMBSE

1IPUPHSBQIFS +FSSZ (JMMBSE TIBEPX CPNCT 3JDIBSE T QBSBHMJEFS PWFS UIF 5PSSFZ 1JOFT OPSUI GBDF

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

3JDIBSE MBVODIJOH BU 5PSSFZ 1JOFT

"GUFS B SFDFOU n JHIU BU 5PSSFZ 1JOFT PO NZ 8JMMT 8JOH 4QPSU IBOH HMJEFS * GPVOE NZTFMG SFn FDUJOH CBDL UP XIFO * m STU UPPL VQ IBOH HMJEJOH JO 1FOOTZMWBOJB *O UIPTF EBZT iUFO HSBOEw XBT CFZPOE NZ XJMEFTU ESFBNT iDz FSNBMJOHw XBTO U B QBSU PG NZ WPDBCV MBSZ MFU BMPOF NZ TLJMM JOWFOUPSZ 4JODF UIFO IVHF JNQSPWFNFOUT JO UIF FRVJQNFOU BOE B NPWF UP 4BO %JFHP PQFOFE n ZJOH IPSJ[POT UIBU VTFE UP CF PVU PG UIF RVFTUJPO GPS NZ DPO TFSWBUJWF OBUVSF 4UJMM TPNFUJNFT JU TFFNT IBSE UP CFMJFWF UIBU * HPU JOUP PVS TQPSU XIFO (SPVOE 4LJNNFS XBT UIF UJUMF PG XIBU XF OPX LOPX BT )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF *U XBT B CSJHIU TVNNFS EBZ " HFOUMF CSFF[F TXFQU BDSPTT UIF m FME CFMPX XBGU JOH UIF TDFOU PG GSFTIMZ NPXFE HSBTT UP UIF UPQ PG UIF GPPU IJMM XIFSF * TUPPE ɩ F XJOE SVTUMFE UIF NVTUBSE DPMPSFE GBCSJD PG UIF MBSHF LJUF SFTUJOH PO NZ TIPVMEFST *U XBT BO &JQQFS 'PSNBODF TUBOEBSE SP HBMMP XJOH %BWJE 4UBSCVDL TUPPE CFTJEF NF )JT OBNF XBT SJDI JO BMM UIF SJHIU DPOOPUBUJPOT GPS TPNFPOF XIP XBT HPJOH UP UFBDI NF UIJT OFX LJOE PG n JHIU 5P NZ GSJFOET BOE GBNJMZ UIF HSPVOET PG UIF &NCSFZWJMMF 4UBUF .FOUBM )PTQJUBM XFSF

UIF SJHIU QMBDF UP MFBSO XIBU UIFZ DPOTJE FSFE UP CF B IBSFCSBJOFE OFX TQPSU 'BTDJOBUFE XJUI n ZJOH FWFS TJODF * LOFX XIBU UIF XPSE NFBOU * CFDBNF B MJDFOTFE QJMPU CFGPSF * DPVME MFHBMMZ PSEFS B CFFS .Z m STU n JHIU JOTUSVDUPS #PC .JMMT XBT B DSVTUZ WFUFSBO PG 8PSME 8BS ** )F TIBSFE DSFEJU GPS TJOLJOH UIF NBT TJWF +BQBOFTF CBUUMFTIJQ :BNBUP PO B WPM VOUFFS NJTTJPO FOEJOH XJUI B QSF QMBOOFE EJUDI JO UIF 1BDJm D )F XBT UPVHI BOE PGUFO B TISJMM UFBDIFS * DBO TUJMM IFBS IJT UIVOEFSJOH TNPLFS T WPJDF 0OF PG UIF WFSZ m STU MFTTPOT IF IBNNFSFE JOUP NZ IFBE XBT UIBU TNBSU QJMPUT NBLF TVSF TPNFPOF BMXBZT LOPXT XIFSF UIFZ BSF BOE XIFSF UIFZ SF HPJOH ɩ BU JNQPS UBOU MFTTPO NBEF QJMPUJOH GFFM B MJUUMF MJLF n ZJOH PO B TUSJOH 'MZJOH XBT FYQFOTJWF UPP .Z CBOL FS T TBMBSZ XPVMEO U DPWFS SFHVMBS $FTTOB SFOUBM BOE TUJMM QSPWJEF B EFDFOU MJGFTUZMF GPS NZ ZPVOH GBNJMZ "JSQMBOF QJMPUJOH EJEO U GFFM MJLF SFBM n ZJOH UP NF BOZXBZ * XBT MPPLJOH GPS TPNFUIJOH NPSF MJLF UIF GBODJGVM TPBSJOH TPNF PG VT IBWF FO KPZFE JO DIJMEIPPE ESFBNT * XBOUFE UP TBJM UISPVHI UIF BJS XJUI UIF HSBDF BOE

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

FBTF PG B HSFBU CJSE * XBOUFE UP DBSFFO BSPVOE UIF TLZ XJUI XJOE JO NZ GBDF GSFF GSPN UIF DPOTUSBJOUT PG HSPVOE DPOUSPM * XBOUFE NPSF QMBZ BOE MFTT CVTJOFTT * E SFBE BCPVU OVUUZ $BMJGPSOJBOT KVNQJOH PĊ TBOE EVOFT XJUI QSJNJUJWF QMBTUJD BOE CBNCPP XJOHT UIBU MPPLFE MJLF HJBOU LJUFT CVU * EJEO U UIJOL BOZPOF JO UIF &BTU XBT EPJOH JU #SPXTJOH BSPVOE B LJUF TUPSF JO 1IJMBEFMQIJB POF EBZ * HPU B TVSQSJTJOH SFTQPOTF GSPN UIF PXOFS BGUFS * DPNNFOUFE UIBU POF PG IJT LJUFT MPPLFE MJLF B IBOH HMJEFS )F IBOEFE NF %BWF 4UBSCVDL T CVTJOFTT DBSE ɩ BU DBSE MFE NF UP UIF &NCSFZWJMMF IJMMUPQ "T * TUPPE UIFSF XJUI UIBU TBJM n VUUFSJOH BCPWF NZ IFBE NZ DIJMEIPPE ESFBNT TVEEFOMZ TFFNFE XJUIJO SFBDI 4FDVSJOH NF UP UIF HMJEFS XBT B IBS OFTT UIBU MPPLFE TPNFXIBU MJLF B TQBSTFMZ QBEEFE DIBTUJUZ CFMU *U XBT BO JNQSPWF NFOU PWFS UIF QMBTUJD TXJOH TFBUT UIBU EPNJOBUFE PVS TQPSU BU UIF UJNF CVU * XPVME FWFOUVBMMZ MFBSO UIBU JUT VOQBEEFE DSPUDI BOE TIPVMEFS TUSBQT XFSF QPXFSGVM EJTUSBDUJPOT GSPN UIF KPZ PG n JHIU 8JUI UIF NPNFOU PG USVUI JNNJOFOU JU OFWFS PDDVSSFE UP NF UP RVFTUJPO UIF

3JDIBSE T MBOEJOH TLJMMT IBWF JNQSPWFE TJODF UIPTF FBSMZ EBZT o OPUF UIF TJ[F PG IJT XIFFMT

FRVJQNFOU 4VTQJDJPO UIBU UIF CJMMPXZ CBUUFO GSFF TBJM NJHIU CF UPP TNBMM GPS NZ QPVOET OFWFS DSPTTFE NZ NJOE ɩ F HMJEFS MPPLFE IVHF *G 4UBSCVDL IBE BOZ SFTFSWBUJPOT IF EJEO U TIBSF UIFN XJUI NF )JT BCJMJUZ XBT CFZPOE RVFTUJPO )F IBE KVTU EFNPOTUSBUFE GPPU MBVODIFE n JHIU XJUI B CSJFG SVO MJGU PĊ BOE UXP TUFQ MBOEJOH JO UIF m FME CFMPX *U BMM MPPLFE KVTU MJLF UIF NBO CJSE * ZFBSOFE UP CF )JT DBSFGVM JOTUSVDUJPO SFJOGPSDFE NZ DPOm EFODF *U XBT CPUI GPSUVOBUF BOE QJUJGVM UIBU UIF MJUUMF USBJOJOH HMJEFS XBT m UUFE XJUI CJH PSBOHF XIFFMT *U XBT GPSUVOBUF CF DBVTF * TQFOU NPSF PG UIBU EBZ SPMMJOH EPXO UIF IJMM UIBO * EJE TBJMJOH UISPVHI UIF BJS ɩ PTF CMFTTFE XIFFMT USBOTGPSNFE B TFSJFT PG CFMMZ n PQT JOUP XIBU B DBTVBM PCTFSWFS NJHIU IBWF BTTVNFE XFSF JOUFO UJPOBM JG CSVUBM MBOEJOHT ɩ FSF XBT KVTU POF QSPCMFN ɩ F XIFFMT XFSF UPVDIJOH EPXO OPU GBS GSPN UIF UPQ

CVU XFMM JOUP UIF TMPQF PG UIBU CSBNCMF DPWFSFE IJMM 1FSIBQT .PUIFS /BUVSF JO UFOEFE UIF CSBNCMFT BT HVBSEJBOT BHBJOTU UIF USBNQJOHT PG UXP MFHHFE JOUSVEFST * XBT BO VOXPSUIZ PQQPOFOU .Z OPU RVJUF n ZJOH TQFFE XBT NPSF UIBO FOPVHI HSPVOE TQFFE GPS SFQFBUFE BOE QBJOGVM QBTTBHFT UISPVHI UIFJS UIPSOZ HBVOUMFU #Z MBUF BGUFSOPPO NZ KFBOT IBE BDRVJSFE UIBU DIJD SBHHFEZ MPPL ZFBST CFGPSF JU XBT JO GBTIJPO .Z VOQSPUFDUFE BSNT MPPLFE XPSTF * XBTO U IBWJOH GVO ZFU (JWFO UIF QBJO BOE UIF GSVTUSBUJPO BU OFWFS SFBMMZ HFUUJOH BJSCPSOF GPS NPSF UIBO B GVMMZ TUBMMFE TFDPOE PS UXP JU T BNB[JOH * TUVDL XJUI JU .Z VTVBM HPPE KVEHNFOU BCPVU LOPXJOH XIFO UP RVJU GFMM QSFZ UP UIF QBSU PG NF UIBU ZFBSOFE UP CF SBQUPS "T PVS IJHI TDIPPM GPPUCBMM DPBDI VTFE UP TBZ UIF EJĊ FSFODF CFUXFFO XJOOFST BOE MPTFST JT i%&4*3& w * IBE QMFOUZ PG UIBU 4UBSCVDL T EFNP n JHIU XBT B QPXFSGVM UFBTF GPS BO BJS IVOHSZ ZPVOH NBO )F E NBEF JU DMFBS UIBU NZ

ESFBN XBT XJUIJO SFBDI * XBTO U HPJOH UP CF EFOJFE )PX DPVME * GBDF NZ TLFQUJDBM GBNJMZ JO UIJT QJUJGVM TISFEEFE DPOEJUJPO XJUIPVU SFQPSUJOH BU MFBTU POF TVDDFTTGVM n JHIU ɩ F MPOH TVNNFS EBZ XBT XJOEJOH EPXO XIFO * m OBMMZ EFDJEFE UIBU KVTU MJTUFOJOH UP 4UBSCVDL NJHIU OPU NBLF UIJT IBQQFO *U XBT UJNF UP BEE NZ PXO BOBMZTJT )F LOFX IPX UP NBLF UIBU LJUF n Z CVU XIBU IF LOFX XBTO U XPSL JOH GPS NF 4PNFUIJOH XBT NJTTJOH GSPN UIF FRVBUJPO "T * WF BMSFBEZ TBJE JU OFWFS PDDVSSFE UP NF UP RVFTUJPO UIF TJ[F PG UIF HMJEFS *U XBT UIF POMZ LJUF * E FWFS UPVDIFE BOE UIF POMZ POF 4UBSCVDL CSPVHIU UIBU EBZ 'PS BMM * LOFX JU XBT UIF POMZ NPEFM BWBJMBCMF .Z NJOE TFBSDIFE CBDL UP QSFWJPVT n JHIU JOTUSVDUJPO GPS B DMVF * MFBSOFE UP n Z JO B 1JQFS $VC PO n PBUT 0ODF BJSCPSOF UIF $VC OFFEFE UP CF DPBYFE BMPOH TUSBJHIU BOE MFWFM KVTU BCPWF UIF

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

XBUFS VOUJM JU DPVME HBJO FOPVHI TQFFE UP TBGFMZ DMJNC .BZCF * XBTO U SVOOJOH GBTU FOPVHI CFGPSF * USJFE UP MJGU PĊ * BTLFE 4UBSCVDL JG * DPVME CF QVTIJOH PVU UPP TPPO 8F BHSFFE UIBU SVOOJOH EPXO UIF IJMM GBSUIFS BOE GBTUFS CFGPSF MFUUJOH UIF OPTF PVU NJHIU EP UIF USJDL #Z UIBU UJNF BMM UIPTF GBJMFE BUUFNQUT BOE USFLT CBDL VQ UIF IJMM XJUI UIF LJUF PO NZ TIPVMEFST IBE UBLFO UIFJS UPMM )BSOFTTJOH XIBU TFFNFE UP CF NZ MBTU PVODF PG FOFSHZ * SBO BT GBTU BOE BT GBS EPXO UIBU IJMM BT * DPVME * XBT BCPVU IBMG XBZ UP UIF CPUUPN XIFO UIF HMJEFS TUBSUFE UP HFU BIFBE PG NF ɩ FSF XBT OPUIJOH MFGU UP EP CVU MFBQ GPSXBSE JOUP JU *U XPSLFE *U n FX *U NVTU IBWF CFFO BMM PG GPVS JODSFEJCMF TFDPOET o NBZCF POMZ UISFF o CVU JU n FX &MBUJPO BOE FYIBVTUJPO PWFSXIFMNFE NF "U m STU * KVTU MBZ PO UIF HSBTT QBOU JOH TXFBUJOH BOE FYIJMBSBUFE #VU JU XBTO U NPSF UIBO B NJOVUF PS UXP CFGPSF * XBT PWFSDPNF XJUI UIF EFTJSF GPS NPSF BJSUJNF * E POMZ IBE B TJQ * XBOUFE BU MFBTU B HVMQ ɩ F IPPL XBT TFU ɩ F

5PEBZ T IBSOFTTFT BSF B CJH JNQSPWFNFOU PWFS 3JDIBSE T m STU POF o UIF TUBSU PG B DPNGPSUBCMF n JHIU BU )PSTF $BOZPO

BEEJDUJPO XBT FTUBCMJTIFE %FTQFSBUFMZ * XBOUFE UP DBSSZ UIBU MJUUMF LJUF CBDL VQ UIF IJMM POF NPSF UJNF UP DPOm SN NZ TVDDFTT XJUI BOPUIFS n JHIU #VU UIF IJMM MPPLFE NPSF MJLF B NPVOUBJO UP NZ

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

NJOE T FZF JUT JNBHF EJTUPSUFE CZ NZ ESBJOFE CPEZ ɩ FO 4UBSCVDL T HJSMGSJFOE PĊ FSFE UP DBSSZ UIF LJUF VQ UIF IJMM GPS NF " NJYUVSF PG DPOTVNJOH EFTJSF BOE QBJO JOTUBOUMZ IVSMFE NZ NBMF FHP BTJEF

FEHFT 5XP n FYJCMF CBUUFOT BU FBDI XJOH UJQ XFSF TVQQPTFE UP QSPWJEF JNQSPWFE TUBMM DIBSBDUFSJTUJDT *UT GPPU MFBE JOH FEHFT IFME QMFOUZ PG TBJM UP DBSSZ NF BMPGU BGUFS BO JODSFEJCMZ CSJFG UBLFPĊ SVO ɩ F NBOVGBDUVSFS DMBJNFE B GBCVMPVT HMJEF SBUJP &WFOUVBMMZ NZ 'MFYJ ** HBWF NF B GFX RVBTJ TPBSJOH n JHIUT JO %FOOJT 1BHFO DPVOUSZ BU QMBDFT DBMMFE 4LJ .POU BOE 5VTDBOJUB *U XBT IFMM UP NBLF UIBU HMJEFS UVSO UIPVHI &BDI XFJHIU TIJGU XBT B QBJOGVM SFNJOEFS PG NZ IBSOFTT T MBDL PG QBEEJOH "GUFS POF iFYUFOEFEw n JHIU PG m WF PS UFO NJOVUFT * SFNFNCFS XFJHI JOH UIF QBJO PG POF NPSF UVSO BHBJOTU UIF SJTL PG IJUUJOH B NJE MBOEJOH m FME QIPOF QPMF ɩ F TISJMM XBSOJOHT PG GFMMPX QJMPUT CSPVHIU NF UP NZ TFOTFT BOE * NBEF UIF UVSO .Z NPUIFS T DPNNFOUBSZ PO NZ OFX TQPSU DBNF JO UIF GPSN PG BO BE TIF DVU 3JDIBSE T TPO (MFOO DBQUVSFT IJT EBE T MBVODI BU $SFTUMJOF PVU GSPN UIF /FX :PSLFS NBHB[JOF *O JU * IVNCMZ BOE HSBUFGVMMZ BDDFQUFE 'MJFS ** *U XBT B NPEJm FE TUBOEBSE SP XBT B CMBDL BOE XIJUF QIPUP PG B IBOH "GUFS BOPUIFS CSJFG n JHIU NZ PSEFS HBMMP XJOH XJUI JOOPWBUJWF GPME PVU EF HMJEFS QJMPU TUBOEJOH BUPQ XIBU MPPLFE XFOU JO GPS BO &JQQFS 'PSNBODF 'MFYJ n FYPST UIBU TUJĊ FOFE JUT GSBHJMF MFBEJOH MJLF B IVHF CPVMEFS "O PME TUBOEBSE

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

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH R U

#J XJOHVBM 3JDIBSE DPNJOH JO GPS B QFSGFDU UPVDI EPXO BU 5PSSFZ 1JOFT

SPHBMMP ESPPQFE BSPVOE IJT TIPVMEFST MJLF B MJNQ SBH /FYU UP UIJT QJDUVSF XBT B CFBVUJGVM DPMPS SFQSPEVDUJPO PG B $IJWBT 3FHBM CPUUMF ɩ F DBQUJPO SFBE i:PVS TPO JT KVNQJOH PĊ NPVOUBJOT XJUI PG %BDSPO BOE BMVNJOVN TUSBQQFE UP IJT CBDL BOE ZPV DBO U BĊ PSE $IJWBT 3FHBM w * PXF NZ TVSWJWBM JO UIF FBSMZ ZFBST PG QSJNJUJWF LJUFT XJUIPVU MVĊ MJOFT PS QBSB DIVUFT UP %BWF 4UBSCVDL T FYDFMMFOU CBTJD JOTUSVDUJPO BOE NZ QBUJFOU BOE GPSHJWJOH NFOUPS +PIO 8JMMJBNTPO * IBWF NBOZ GPOE NFNPSJFT PG USJQT UP UIF 1FOOTZMWBOJB NPVOUBJOT JO +PIO T DPNGPSUBCMZ BQQPJOU FE CMBDL WBO )F LFQU NF PVU PG USPVCMF BOE DPOTUSVDUJWFMZ DSJUJRVFE NZ n ZJOH *G IF GPVOE DPOEJUJPOT DIBMMFOHJOH * TUBZFE PO UIF HSPVOE -FBSOJOH FBSMZ PO XIFO UP m HIU CBDL n JHIU TUBSWBUJPO BOE CSFBL EPXO NZ VOn PXO HMJEFS IBT B MPU UP EP XJUI XIZ * WF HPUUFO UIJT GBS VOTDBUIFE "OZ OFXDPNFS UP PVS TQPSU JT XFMM BE WJTFE UP DBSFGVMMZ TFMFDU BOE TFFL BEPQ UJPO CZ BO FYQFSJFODFE NFOUPS 'FX XJMM CF TP MVDLZ UP m OE POF BT LJOE BOE DBSJOH BT +PIO 8JMMJBNTPO

7 ÞÊ*À ià } ¶ÊÊ

*U IBT CFFO PWFS ZFBST TJODF UIPTF UXP CSJFG n JHIUT BU &NCFSZWJMMF &WFSZ EBZ TJODF * WF UIBOLFE (PE UIBU * XBT CPSO JO UIF BHF XIFO NBO SFBMMZ MFBSOFE UP n Z

4BGFUZ 5JQT %BWF )BMM 6OMJLF PVS QPXFSFE GSJFOET XF POMZ HFU POF DIBODF BU BO BQQSPBDI %PO U QVTI ZPVS MVDL

°°°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

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

FNNJ

ɩ F $PNQFUJUJPO DPNNJUUFF XJMM CF SFWJFXJOH TBODUJPO BQQMJDBUJPOT GPS UIF DPNQFUJUJPO TFBTPO BU UIF GBMM #0% NFFUJOH JO 3PDIFTUFS /FX :PSL 0DUPCFS BOE 5P FBTF UIF BENJO JTUSBUJWF CVSEFO PO UIF 64)(" TUBĊ UIF DPNNJUUFF XJMM SFWJFX POMZ DPN QMFUF TBODUJPO BQQMJDBUJPO QBDLBHFT JO DMVEJOH BMM GPSNT BOE GFFT 4BODUJPO BQQMJDBUJPOT OFFE UP CF TVC NJUUFE CZ 0DUPCFS WJB GBY BU PS NBJM UP 64)(" 10 #PY $PMPSBEP 4QSJOHT $0 'FFT BOE CPOET XJMM CF EVF BU UIJT UJNF 1BZNFOU NBZ CF NBEF CZ DSFEJU DBSE -J[ 4IBSQ DIBJS PG UIF $PNQFUJ UJPO 4BODUJPOJOH TVCDPNNJUUFF JOEJ DBUFT UIBU TBODUJPO BQQMJDBUJPOT XJMM BMTP CF SFWJFXFE BU UIF TQSJOH #0% NFFUJOH CVU POMZ GPS DPNQFUJUJPOT XJUI B TUBSU EBUF BGUFS "VHVTU ɩ F TBODUJPO BQQMJDBUJPO QBDLBHF JT BWBJMBCMF PO UIF 64)(" 8FC TJUF PO UIF CPUUPN PG UIF $PNQFUJUJPO 3VMFCPPL 8FC QBHF XXX VTIHB PSH DPNQSVMF BTQ )BSE DPQJFT PG UIF BQQMJDBUJPO GPSNT DBO CF SFRVFTUFE GSPN UIF 64)(" Pċ DF CZ QIPOF PS GBY BOE XJMM CF BWBJMBCMF BU UIF #0% NFFUJOH JO 3PDIFTUFS 4P 5IFSF * 8BT " /FXCJF T 'JSTU $PNQFUJUJPO &YQFSJFODF BU UIF $IFMBO 9$ $MBTTJD

7FUFSBO QJMPU "BSPO 4XFQTUPO TFUUJOH VQ PO UIF CVUUF

HMJEF * BSSJWF PWFS UIF QPXFS MJOFT UIF MBOENBSL EJWJEJOH UIF CMVF IPMF PG UIF $PMVNCJB 3JWFS HPSHF BOE UIF BSJE n BUT BOE CJH UIFSNBMT UP UIF FBTU * m OE TPNF MJGU BOE DMJNC UP GFFU CFGPSF GPM MPXJOH B 8JMMT 8JOH 'BMDPO FBTU BMPOH )JHIXBZ " GFX NJOVUFT PO HMJEF BOE * WF DBVHIU VQ UP UIF 'BMDPO * N TFWFSBM IVOESFE GFFU PWFS IJN BOE n ZJOH GFFU PĊ UP UIF TJEF BT XF EFTDFOE UPXBSE -POF #VUUF /FJUIFS PG VT JT m OE JOH MJGU BOE XF SF CPUI EFTQFSBUFMZ MPPL JOH GPS TJHOT PG UIFSNBM BDUJWJUZ BIFBE BT XF BSF RVJDLMZ SVOOJOH PVU PG BMUJUVEF /PUIJOH CVU TJOL ɩ SFF IVOESFE GQN EPXO UIFO UIFO * MPPL PWFS UP TFF NZ UIFSNBM TFFLJOH QBSUOFS UVSO BOE TUBSU IJT MBOEJOH BQQSPBDI * VO[JQ NZ IBSOFTT BOE MPPL GPS UIF UIFSNBM UIBU NVTU CF DMPTF ɩ FO * TFF JU B EVTU EFWJM BIFBE BOE UP NZ SJHIU * RVJDLMZ BMUFS DPVSTF BOE CFHJO UP DMJNC * TUBSU UP UVSO

JO GQN MJGU IBQQZ UP CF PO NZ XBZ VQ BT * XBUDI UIF 'BMDPO QJMPU NBLF B HPPE MBOEJOH OFYU UP UIF SPBE 4PPO UIF MJGU JODSFBTFT o UIFO GQN * N PO NZ XBZ BOE BGUFS CFJOH TP MPX * EFDJEF UP NJML UIJT POF GPS BMM JU T XPSUI BOE SJEF JU UP PWFS GFFU BT * ESJGU UPXBSET .BOTm FME .Z m STU WJTJU UP $IFMBO XBT B ZFBS BHP EVSJOH UIF $IFMBO 9$ $MBTTJD * XBT JOUFSFTUFE JO MFBSOJOH UP IBOH HMJEF BOE UIPVHIU JU XPVME CF GVO UP XBUDI UIF HMJEFST BOE IBWF B DIBODF UP UBML UP TPNF PG UIF QJMPUT 8FMM BT MVDL XPVME IBWF JU UIF n ZJOH XBT DBODFMFE UIF UXP EBZT * XBT UIFSF EVF UP XJMEm SFT BOE BMM UIF QJMPUT XFSF PĊ EPJOH PUIFS UIJOHT ɩ F USJQ XBT B CVTU #VU MBUFS UIBU TVNNFS * FBSOFE NZ ) SBUJOH VOEFS 3VTT (FMGBO T JO TUSVDUJPO BOE TUBSUFE n ZJOH FWFSZ DIBODF * IBE * XFOU CBDL UP $IFMBO GPS UIF m STU

"SUJDMF BOE QIPUPT CZ %BSSFO %BSTFZ

*U T NJOVUFT JOUP NZ n JHIU BOE * N GFFU BCPWF $IFMBO #VUUF MPPL JOH FBTU UPXBSE UIF GBSNMBOET PG FBTUFSO 8BTIJOHUPO * QVMM PO TPNF 7( BOE HP PO HMJEF BDSPTT UIF $PMVNCJB 3JWFS HPSHF UPXBSE B MPOF IBOH HMJEFS DJSDMJOH MPX PO UIF FBTUFSO SJN $PNJOH JO GFFU BCPWF UIF PUIFS QJMPU * m OE TPNF SBUUZ MJGU BOE XF XPSL JU UPHFUIFS * N TMPXMZ HBJOJOH FOPVHI BMUJUVEF UP NBLF NZ XBZ FBTU UPXBSE UIF UPXO PG .BOTm FME NZ HPBM GPS UIF EBZ 'PMMPXJOH B SPVHI SJEF VQ GFFU * EFDJEF UP MFBWF UIF MJGU PO UIF SJN PG UIF HPSHF BOE IFBE UPXBSE UIF n BUT BOE UIF QSPNJTF PG CFUUFS UIFSNBMT "GUFS B TIPSU

.FFU EJSFDUPS 5PN 1JFSDF PO IJT 'BMDPO 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

5PN 1JFSDF T BNB[JOH NJMF 'BMDPO n JHIU

UJNF BT B IBOH HMJEFS QJMPU UIJT TQSJOH GPS UIF $IFMBO #FBDI *O BOE IBE B GFX

HPPE EBZT PG n ZJOH BSPVOE UIF CVUUF UP HFU BDRVBJOUFE XJUI UIF BSFB GSPN UIF BJS ɩ F QMBO XBT UP BUUFOE UIF $MBTTJD MBUFS UIBU TVNNFS UP TVQQPSU UIF DMVC BOE HFU B EBZ PS UXP PG n ZJOH JO XIJMF UIF DPNQFUJUPST HMJEFE BXBZ UP GBS PĊ UVSO QPJOUT 8FMM BU MFBTU UIBU XBT UIF QMBO VOUJM * UBMLFE XJUI 5PN 1JFSDF UIF NFFU EJSFDUPS GPS UIF $MBTTJD 5PN QFS TVBEFE NF UIBU UIF $MBTTJD XBT B HSFBU NFFU GPS m STU UJNF DPNQFUJUPST *U T B SF MBYFE BUNPTQIFSF XJUI FBDI QJMPU EFDJEJOH JOEJWJEVBMMZ XIBU LJOE PG UBTL IF PS TIF XBOUT UP n Z PO BOZ HJWFO EBZ i#VU 5PN w * TBJE i* WF OFWFS FWFO n PXO DSPTT DPVOUSZ CFGPSF w i"I ZPV MM EP m OF w 5PN SFQMJFE 4P * TJHOFE VQ UIF OFYU EBZ 8IBU UIF IFDL *

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

m HVSFE FWFO JG * OFWFS NBLF JU CFZPOE UIF CVUUF JU XJMM CF B GVO UJNF XJUI B HSFBU CVODI PG QFPQMF "T * HMJEFE UPXBSE .BOTm FME BU GFFU PO UIF EBZ CFGPSF UIF NFFU CFHBO * GFMU QSFUUZ EBSO HPPE * IBE NBEF JU BDSPTT UIF $PMVNCJB 3JWFS HPSHF BOE POUP UIF n BUT * IBE QVMMFE NZTFMG PVU PG B QSFUUZ EFFQ IPMF BOE OPX XBT HMJEJOH PWFS NZ UVSOQPJOU BU XIBU TFFNFE MJLF UIF UPQ PG UIF XPSME ɩ JT XBT NZ m STU DSPTT DPVOUSZ n JHIU NZ m STU UJNF PWFS GFFU XBT NZ QSFWJPVT BMUJUVEF SFDPSE BOE JU XPVME TPPO CF NZ m STU PVU BOE SFUVSO o BOE UIF $IFMBO $MBTTJD IBEO U FWFO TUBSUFE *G * EJEO U NBLF JU CFZPOE UIF CVUUF EVSJOH UIF OFYU XFFL PG DPNQFUJUJPO UIF USJQ XPVME TUJMM CF XPSUI JU #VU BT JU UVSOT PVU UIFSF XBT B MPU NPSF UP DPNF ɩ F OFYU EBZ XF NFU PO MBVODI GPS UIF m STU EBZ PG UIF $MBTTJD 8JUI TPNF BEWJDF BOE DPBDIJOH GSPN FYQFSJFODFE MPDBM QJMPUT * HPU PĊ FBSMZ BOE TPPO XBT BU GFFU BOE MFBWJOH UIF CVUUF GPS

-PPLJOH FBTU BDSPTT UIF $PMVNCJB 3JWFS UPXBSET UIF n BUT

POMZ UP EJTDPWFS * E NBEF NZ m STU NBKPS NJTUBLF PG UIF NFFU * E NJTTFE FOUFSJOH UIF .BOTm FME UVSOQPJOU DZMJOEFS /PU HPSHF GPS NPSF BMUJUVEF CFGPSF IFBEJOH GFFMJOH WFSZ DPNGPSUBCMF m EEMJOH XJUI FBTU * NBOBHFE UP TUBZ IJHI UISPVHI UIF NZ (14 XIJMF * XBT n ZJOH * IBEO U VTFE SFTU PG UIF PVU BOE SFUVSO UP .BOTm FME JU UP OBWJHBUF UIF UVSOQPJOU 8IFO * BOE MBOEFE CBDL BU UIF TPDDFS m FME -; SFBDIFE .BOTm FME * TJNQMZ n FX PWFS UIF

7JFX UP UIF TPVUIXFTU UPXBSET UIF $BTDBEFT o NPTU 9$ n JHIUT BSF NBEF HPJOH FBTU GSPN UIF CVUUF

.BOTm FME 3FNFNCFSJOH NZ MPX TBWF GSPN ZFTUFSEBZ * USJFE UP FYFSDJTF B MJUUMF NPSF QBUJFODF BOE XPSL UIF m STU DPVQMF PG UIFSNBMT PO UIF FBTUFSO SJN PG UIF

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

UPXO UIJOLJOH * DPVMEO U OPU CF JO UIF DZMJOEFS 3JHIU 8SPOH * IBEO U SFBMJ[FE UIF UVSOQPJOU XBT BDUVBMMZ B CJU OPSUIFBTU PG UPXO BT JU TBJE JO QMBJO &OHMJTI JO UIF UVSOQPJOU EFTDSJQUJPOT BOE * NJTTFE JU CZ B DPVQMF UIPVTBOE GFFU -FTTPO MFBSOFE $POm SN UIBU ZPV SF JO UIF UVSOQPJOU DZM JOEFS XJUI ZPVS (14 EVGVT ɩ FSF XBT B UP NQI TPVUIXFTU XJOE PO %BZ BOE XF BMM MBVODIFE BOE SJEHF TPBSFE JO B UIJDL HBHHMF ɩ FSF XFSF TP NBOZ HMJEFST JO GSPOU PG MBVODI UIBU * XBT SFMVDUBOU UP TUBSU UVSOJOH JO UIF UIFS NBMT UIBU PDDBTJPOBMMZ CMFX UISPVHI GPS GFBS PG B NJE BJS DPMMJTJPO "GUFS NJO VUFT PG UIJT * DBMMFE JU RVJUT BOE IFBEFE GPS UIF -; ɩ FSF XFSF B GFX HMJEFST JO UIF QBUUFSO BT * BQQSPBDIFE TP * EFDJEFE UP DSPTT UIF SJWFS UP UIF XFTU GBDJOH DMJĊ T PG UIF HPSHF * GPVOE TPNF WFSZ XFBL MJGU BOE DJSDMFE XBJUJOH GPS UIF PUIFS HMJEFST UP MBOE #VU BT * XBT DJSDMJOH BOE ESJGU JOH OPSUI BMPOH UIF DMJĊ UIF MJGU CFHBO UP TUSFOHUIFO * DPODFOUSBUFE B CJU NPSF PO UIF UIFSNBM BOE HBJOFE GFFU CVU UIFO MPTU UIF DPSF BOE ESPQQFE BOPUIFS GFFU MPPLJOH GPS UIF MJGU 4PPO * XBT KPJOFE CZ TPNF PUIFS HMJEFST BOE XF TDSBUDIFE NJEXBZ VQ UIF DBOZPO XBMM 8F DBVHIU UIFSNBM BGUFS UIFSNBM POMZ UP MPTF FBDI POF BGUFS TFWFSBM IVOESFE GFFU BOE TJOL CBDL EPXO UP XIFSF XF E TUBSU FE ɩ JT XFOU PO GPS NJOVUFT CFGPSF

m OBMMZ B DPVQMF PG VT XFSF BCMF UP IBOH PO UP B UIFSNBM UIBU XBT CJH FOPVHI UP UBLF VT PVU PG UIF HPSHF VQ .D/FJM $BOZPO BOE POUP UIF n BUT * FOEFE VQ n ZJOH OPSUIFBTU NJMFT UP MBOE KVTU TIPSU PG #SJEHFQPSU PO B QBWFE SPBE VQIJMM BOE JOUP UIF XJOE /JDF .Z m STU PVU MBOEJOH -FTTPO MFBSOFE *G ZPV HJWF VQ ZPV EPO U HFU VQ ɩ F UIJSE EBZ PG UIF DPNQFUJUJPO XBT DBODFMFE EVF UP IJHI XJOET * XBT BDUV BMMZ RVJUF IBQQZ UP IBWF B EBZ PĊ BT * XBT GFFMJOH B CJU XPSO PVU .Z TIPVMEFS XBT

5 TIJSU EFTJHO CZ +BNFT 5JCCT

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

HJWJOH NF QSPCMFNT BOE * MBUFS SFBMJ[FE UIBU * XBT UIFSNBMJOH XJUI NZ DIFTU UPP MPX UP UIF CBTF CBS * CFHBO UP VTF UIF QJUDI BEKVTUNFOU PO NZ IBSOFTT NPSF BDUJWFMZ SBJTJOH NZ TIPVMEFST XIFO * TUBSUFE UIFSNBMJOH BOE UIFO ESPQQJOH CBDL EPXO XIFO * XFOU PO HMJEF ɩ JT IFMQFE USFNFOEPVTMZ XJUI NZ TIPVMEFS QBJO ɩ F JCVQSPGFO UIBU 5PN 1JFSDF TVHHFTUFE * UBQF UP NZ CBTF CBS EJEO U IVSU FJUIFS %BZ TBX B MPU PG HSFBU n JHIUT BOE JU XBT DFSUBJOMZ UIF IJHIMJHIU PG UIF NFFU GPS NF 8JOET XFSF MJHIU BOE TJODF * IBE NJTTFE NZ UVSOQPJOU PO UIF m STU EBZ * XBT MPX PO QPJOUT BOE OFFEFE B HPPE n JHIU UP HFU CBDL JO UIF SVOOJOH * EF DJEFE UP USZ GPS B USJBOHMF UBTL 8JUISPX .BOTm FME BOE CBDL TFFNFE MJLF B HPPE DIPJDF BOE 5PN 1JFSDF LJOEMZ HBWF NF TPNF BEWJDF BT UP XIFSF UP DSPTT UIF HPSHF UP NBLF 8JUISPX BOE XIFSF UIF MJGU XPVME MJLFMZ CF PO UIF PUIFS TJEF * TVJUFE VQ BOE MBVODIFE JOUP B HPPE DZDMF "GUFS NJOVUFT PG DMJNCJOH * BSSJWFE BU GFFU BOE EFDJEFE UP MFBWF UIF UIFS NBM BU UIF CVUUF UP GPMMPX ,POSBE ,VSQ BOE BOPUIFS HMJEFS XIP IBE TUBSUFE UP DSPTT UIF HPSHF UPXBSE 8JUISPX )BWJOH B DPVQMF PUIFS HMJEFST PVU BIFBE PG NF * GPVOE JT B HSFBU CFOFm U XIFO TFBSDIJOH GPS MJGU BOE * XBT HMBE UP TFF UIFN TUBSUJOH UP DJSDMF PO UIF FBTU FSO SJN BT * BQQSPBDIFE * DBNF JO VOEFS ,POSBE BOE XF DMJNCFE VQ UP PWFS GFFU JO TUSPOH XJEF MJGU ,POSBE BOE UIF PUIFS HMJEFS QVTIFE PO RVJDLMZ BOE * TPPO MPTU TJHIU PG UIFN * XBT MFGU UP GFOE GPS NZTFMG ɩ FSF XBT B CJU PG B IFBEXJOE BOE NZ QSPHSFTT XBT TMPXFS UIBO * IBE IPQFE " GFX NPSF IPQT CFUXFFO UIFSNBMT BOE * XBT XFMM POUP UIF n BUT XIFSF * SFBMJ[FE UIBU * EJEO U LOPX XIJDI MJUUMF HSPVQ PG GBSN IPVTFT BOE TJMPT JT 8JUISPX (PPE UIJOH * XBT TUBSUJOH UP HFU DPNGPSUBCMF VTJOH NZ (14 * [PPNFE PVU UIF (14 NBQ BOE EJTDPWFSFE * E CFFO IFBEJOH UPP GBS TPVUI * BMUFSFE DPVSTF BOE QVTIFE PO * XBT OPU IBWJOH NVDI MVDL m OEJOH TUSPOH MJGU BOE * XBT GPSDFE UP XPSL BOZ UIJOH * DPVME m OE UP TUBZ PĊ UIF EFDL 6OGPSUVOBUFMZ * XBT ESJGUJOH BXBZ GSPN NZ UVSOQPJOU BOE OPU HFUUJOH NVDI BM UJUVEF GSPN UIF TQPUUZ MJGU 'JOBMMZ BGUFS DSFFQJOH NZ XBZ BMPOH * DBVHIU B CPPNFS UIBU UPPL NF VQ UP PWFS GFFU BOE * DPVME HP PO HMJEF UP 8JUISPX

"OEZ $V MBOEJOH BU UIF TPDDFS m FME -;

"SSJWJOH BU UIF UVSOQPJOU * IPPLFE VQ XJUI NZ JOTUSVDUPS 3VTT (FMGBO PO IJT "UPT BOE XF DMJNCFE VQ PWFS GFFU BOE IFBEFE OPSUIFBTU ɩ F TFDPOE MFH XFOU CZ GBTU BOE * BSSJWFE BU UIF .BOTm FME UVSOQPJOU XIJDI * IBWF OPX CVSOU JOUP NZ NFNPSZ QFSNBOFOUMZ 3VTT BOE * KPJOFE /BPNJ BOE 1FUFS (SBZ BOE XF NBEF PVS XBZ XFTU EPXO )JHIXBZ CBDL UPXBSE UIF CVUUF "U UIF QPXFS MJOFT PODF BHBJO XF GPVOE TPNF TUSPOH XJEF MJGU * XBT BU PWFS GFFU BU UIJT QPJOU BOE QSPCBCMZ IBE FOPVHI BMUJUVEF UP HMJEF UP UIF -; CVU * XBTO U SFBMMZ SFBEZ GPS UIF n JHIU UP FOE * DPOUJOVFE DJSDMJOH BOE DMJNCJOH UP FOKPZJOH UIF BNB[ JOH WJFXT CFGPSF IFBEJOH PVU PWFS UIF $PMVNCJB 3JWFS BOE EPXO UP UIF -; * EJEO U FOE VQ HFUUJOH CFZPOE $IFMBO #VUUF PO EBZT BOE PG UIF DPNQFUJUJPO

i4VOOZw +JN 'FOJTPO JO UIF TPDDFS m FME -;

CVU BGUFS NZ MBTU GPVS n JHIUT * XBTO U DPNQMBJOJOH ɩ F $IFMBO $MBTTJD XBT BO BNB[JOH FYQFSJFODF GSPN UIF TVQ QPSU BOE FODPVSBHFNFOU PG UIF PUIFS QJMPUT UP UIF BNB[JOH OVNCFS PG QFSTPOBM NJMFTUPOFT * DIFDLFE PĊ EVSJOH UIJT TJY EBZ QFSJPE m STU DPNQFUJUJPO m STU DSPTT DPVOUSZ n JHIU m STU PVU BOE SFUVSO m STU USJBOHMF m STU PVU MBOEJOH BOE m STU UJNF PWFS GFFU #FUXFFO UBMLJOH XJUI BMM UIF PUIFS DPNQ QJMPUT BOE UIF BNPVOU PG n ZJOH * HPU UP EP * UIJOL * MFBSOFE NPSF BCPVU IBOH HMJEJOH JO UIBU XFFL PG DPNQFUJUJPO UIBO * EJE JO UIF QBTU FJHIU NPOUIT PG n ZJOH 3FHJPO 4QSJOH 3FHJPOBMT 8JMM UIF .JTFSZ /FWFS &OE #Z 1FUF -FINBOO

ɩ JT ZFBS 3FHJPO FYQFSJFODFE JUT

UIJSE TVDDFTTJWF TVC QBS TQSJOH n ZJOH TFBTPO XJUI POF OPUBCMF FYDFQUJPO DFO USBM 7JSHJOJB 'PS SBOEPN SFBTPOT CFZPOE NZ VOEFSTUBOEJOH /FMTPO -FXJT BOE IJT DPMMFBHVFT n ZJOH OFBS -ZODICVSH 7JSHJOJB FOKPZFE B GBCVMPVT TQSJOH UIBU BMMPXFE UIFN UP HP DSPTT DPVOUSZ TFFNJOHMZ BU XJMM *U JT OP TVSQSJTF UIBU /FMTPO UPPL m STU QMBDF JO UIF DPOUFTU )F IBT XPO JU TFWFSBM UJNFT JO UIF QBTU BOE MBTU ZFBS IF IBE UIF SFHJPO T MPOHFTU n JHIU CZ GBS /POFUIFMFTT UIJT ZFBS IF BOE TFDPOE QMBDF +PIO )BSQFS DSVTIFE UIF EJNJOJTIFE m FME PG DPOUFTUBOUT BOE XIFO GPVSUI QMBDF T 4UFWF ,FQMFS JT BEEFE UP UIF MJTU UISFF PG UIF UPQ GPVS QMBDFT XFSF UBLFO CZ QJMPUT XIP n FX JO DFO USBM 7JSHJOJB MBSHFMZ GSPN -ZODICVSH T 5PCBDDP 3PX TJUF 'MZJOH B 8JMMT 8JOH 5BMPO /FMTPO T TQSJOH BDUVBMMZ CFHBO FWFO CFGPSF UIF DPOUFTU PQFOFE XJUI BO VOVTVBM NJMFS JO MBUF 'FCSVBSZ ɩ BU XBT B IBS CJOHFS PG UIJOHT UP DPNF GPS PO .BSDI EVSJOH UIF DPOUFTU T m STU XFFLFOE IF NBEF IJT MPOHFTU n JHIU PG UIF TQSJOH NJMFT GSPN 5PCBDDP 3PX *U XBT B DMBTTJD OPSUIFBTUFSO QPTU GSPOUBM EBZ PG TUSPOH MJGU BOE GBU TUSFFUFE DVNJFT UIBU MBTUFE VOUJM KVTU TIPSU PG 3JDINPOE 7JSHJOJB 6OGPSUVOBUFMZ BU UIBU QPJOU UIF TLZ PWFSEFWFMPQFE BOE JU CFHBO UP ESJ[[MF 8IFO UIF SBJO TUBSUFE /FMTPO UVSOFE BSPVOE BOE IFBEFE VQXJOE UP MBOE JO XIBU IF UIPVHIU XPVME CF B DPOWFOJFOU -; )PXFWFS UIF m FME XBT FODMPTFE CZ XFU NBSTIZ MBOE BOE JU MPPLFE GPS B CJU BT UIPVHI /FMTPO XPVME CF TXJNNJOH PVU #VU JO UIF FOE UIF MBOEPXOFS HVJEFE UIF SFUSJFWF JO UP FĊ FDU B SFTDVF /FMTPO T TFDPOE DPOUFTU n JHIU PG NJMFT PDDVSSFE PO BO FYDFMMFOU EBZ XIFSF IF IBE POMZ UIF UIJSE MPOHFTU n JHIU CPUI +PIO )BSQFS NJMFT BOE 4UFWF ,FQMFS NJMFT HPJOH GBSUIFS /FMTPO BO BWJE GBMDPOFS BOE PCTFSWFS PG CJSE CFIBWJPS IBE MBVODIFE MBUFS UIBO VTVBM CFDBVTF IF IBE CFFO VOTFUUMFE CZ UIF DVSJPVT BCTFODF PG TPBSJOH CJSET ɩ BU QSPWFE B NJTUBLF BT UIF MJGU IBE CFFO UIFSF BMM BMPOH BOE BGUFS MBVODIJOH IF JNNFEJBUFMZ CFBNFE PVU UP .4- 8JUIJO NJMFT IF XBT CBDL EPXO UP BCPVU "(- CFGPSF DBUDIJOH B UJHIU GQN DPSF UIBU HPU IJN VQ UP .4- "GUFS UIBU IPXFWFS UIF DVNJFT XFSF TIPSU MJWFE BOE UIJOHT CFDBNF

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

EJċ DVMU JO XIBU IBE CFDPNF FTTFOUJBMMZ CMVF DPOEJUJPOT /FMTPO T m OBM n JHIU PG NJMFT GSPN UIF 3BWFOT 3PPTU TJUF BMTP CFHBO XJUI B MBUF TUBSU Q N CVU UIJT UJNF JU XBT CFDBVTF IF IBE GBMMFO BTMFFQ JO IJT USVDL XIJMF XBJUJOH GPS UIF XJOE UP QJDL VQ %FTQJUF UIF MBUF MBVODI IF RVJDLMZ DMJNCFE PVU UP CFGPSF IFBEJOH UP XBSET UIF #MVF 3JEHF UIF MBTU NPVOUBJO CFGPSF UIF 7JSHJOJB 1JFENPOU )F NJTTFE B DVNJF PO UPQ PG UIF SJEHF BOE HMJEFE BDSPTT BOE POUP UIF MFF TJEF XIFSF B USBTIZ TMPX DMJNCJOH UIFSNBM HPU IJN PVU PG UIBU IPMF 8JUI UIF FOE PG UIF EBZ BQ QSPBDIJOH BOE OFFEJOH UP HFU B n JHIU PG NJMFT GPS UIJT DPOUFTU /FMTPO TMPXFE EPXO BOE TUBZFE BT IJHI BT QPTTJCMF VOEFS UIF EBZ T MBTU DVNJFT "O BEEFE JODFOUJWF UP IJT QFSTJTUFODF XBT UIF LOPXMFEHF UIBU IJT GSJFOEMZ SJWBM +PIO )BSQFS XBT BMTP TPNFXIFSF PVU UIFSF BOE HPJOH GBS *O BOZ FWFOU /FMTPO m OBMMZ MBOEFE BU TFWFO P DMPDL IBWJOH BUUBJOFE IJT SFRVJSFE NJMF n JHIU NJMFT UP CF FYBDU ɩ F POMZ QSPCMFN XJUI UIJT n JHIU XBT UIBU IF IBE NBOBHFE UP MBOE CFIJOE UXP MPDLFE HBUFT UIBU SFRVJSFE DPOTJEFSBCMF BIFN FOHJOFFSJOH UBMFOU UP PWFSDPNF 8JUI UIBU n JHIU /FMTPO IBE BDDV

NVMBUFE UIF DPOUFTU XJOOJOH UPUBM PG NJMFT JO UISFF n JHIUT UBOUBMJ[JOHMZ DMPTF UP UIF QFSGFDU TDPSF PG NJMFT *U TIPVME CF FYQMBJOFE UP SFBEFST UIBU JO PSEFS UP QSFWFOU B QJMPU GSPN XJOOJOH UIJT DPO UFTU PO UIF CBTJT PG POF SFBMMZ MPOH n JHIU n JHIUT BSF DBQQFE BU B NBYJNVN EJTUBODF

.;+0) # +..5 +0) #.10X '.510 5 524+0) #%67#..; $')#0 '8'0 $'(14' 6*' %106'56 12'0'&X 9+6* #0 70757#. INg/+.'4 +0 .#6' '$47#4;T *#6 9#5 # *#4$+0)'4 1( 6*+0)5 61 %1/'W PG NJMFT 5P BUUBJO B QFSGFDU TDPSF B DPOUFTUBOU XPVME OFFE UP n Z UISFF NJMF n JHIUT TPNFUIJOH UIBU IBT TFMEPN CFFO BDDPNQMJTIFE 5BLJOH TFDPOE QMBDF JT +PIO )BSQFS XJUI B UPUBM PG NJMFT )F n JFT B 8JMMT 8JOH 5BMPO BOE JT POF PG UIF 5PCBDDP 3PX DSFX CFJOH TPNFUIJOH PG

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

/FMTPO T QSPUÏHÏ CVU POF XIP IBT HSPXO VQ UP DIBMMFOHF IJT NFOUPS +PIO T m STU BOE MPOHFTU n JHIU NJMFT XBT PO .BZ UIF EBZ XIFSF /FMTPO IBE CFFO SFMVDUBOU UP MBVODI EVF UP UIF BCTFODF PG TPBSJOH CJSET +PIO IBE IBE OP TVDI SFTFSWBUJPOT MBVODIJOH BOE MFBWJOH UIF SJEHF m STU )F GPVOE UIF DVNJFT UP CF SF MJBCMF BOE DMJNCT HPPE UP GQN )PXFWFS IF DPVMEO U BMXBZT TUBZ IJHI BOE TUSVHHMFE MPX BU TPNF QPJOUT #VU BT IF TBZT iɩ F CFTU QBSU PG UIF EBZ XBT UIBU * CFBU /FMTPO w +PIO T TFDPOE n JHIU XBT IJT TIPSUFTU NJMFT )PXFWFS JU XBT EPOF PO B QSFGSPOUBM EBZ BDDPNQBOJFE CZ IJHIMZ VO VTVBM OPSUIXFTU XJOET )F IBE MBVODIFE B CJU MBUF BOE XJUI UIF GSPOU T IJHI DMPVET BMNPTU VQPO IJN #Z UIF UJNF IF E DMJNCFE PVU UIPTF DMPVET XFSF PWFS IJN BOE IF IBE UP SVO EPXOXJOE UP FTDBQF UIFJS JOn VFODF "U UIF GSPOU FEHF PG UIF DMPVET IF DMJNCFE PVU CFGPSF UIFZ BHBJO DBVHIU IJN *O UIF FOE UIF GBTU NPWJOH IJHI DMPVET XPO UIF SBDF BOE QVU BO FOE UP +PIO T n JHIU OFBS 'BSNWJMMF 7JSHJOJB +PIO T m OBM n JHIU PG NJMFT PO .BZ JT EJĊ FSFOU JO UIF DPOUFYU PG UIJT ZFBS T DPOUFTU JO UIBU JU XBTO U NBEF GSPN 5PCBDDP 3PX CVU SBUIFS GSPN UIF OFBSCZ

1JMPU $PNQFUJUJPO 3BOL -FXJT /FMTPO 3FTVMUT )BSQFS +PIO

-FINBOO 1FUF ,FQMFS 4UFWFO #BMM -BSSZ /JFIBVT 3JD %VMMBIBO +PIO 5PNMJOTPO %BO .D"MMJTUFS +PIO 4IJFWFS &SJD %JDLFSU #BDJM 4DIBE +PF

#VĊ BMP 3JEHF "JSTQPSUT 'MJHIU 1BSL FEJUPS T OPUF #Vą BMP 3JEHF XBT GFBUVSFE JO UIF 4JUF (VJEF BSUJDMF JO UIF +BOVBSZ JTTVF PG UIJT NBHB[JOF +PIO IBE CFFO B CJU CFIJOE TDIFEVMF UIBU EBZ BT IF IBE m STU BUUFOEFE IJT EBVHIUFS T TPDDFS HBNF *O BO FĊ PSU UP TBWF UJNF IF PQUFE UP HP UP UIF n JHIU QBSL XIFSF IF IBE B CFUUFS DIBODF PG RVJDLMZ HFUUJOH PO DPVSTF 0S BT /FMTPO -FXJT QVU JU iyIF XBT HPJOH UP UIF n JHIU QBSL JOTUFBE PG UIF NPVO UBJO MJLF B SFBM NBO w #F UIBU BT JU NBZ +PIO RVJDLMZ HPU VQ VOEFS HPPE MPPLJOH CVU OPU UFSSJCMZ SFMJBCMF DMPVET GPS B n JHIU BCPVU XIJDI IF DPVMEO U iUIJOL PG BOZ UIJOH FWFOUGVM UIBU IBQQFOFEw o EFTQJUF UIF GBDU UIBU UIF n JHIU FTUBCMJTIFE B OFX TJUF SFDPSE .Z UIJSE QMBDF UPUBM PG NJMFT JT DPNQSJTFE PG BO PEE NJYFE CBH PG n JHIUT UXP IBWJOH CFFO NBEF PO NZ 8JMMT 8JOH 'BMDPO BOE POF PO NZ 5BMPO ɩ F m STU 'BMDPO n JHIUT UPPL QMBDF PO NZ SFHVMBS .POEBZ 5VFTEBZ EBZT PĊ XIJMF n ZJOH BU $VNCFSMBOE T )JHI 1PJOU TJUF ɩ F "QSJM n JHIU XBT PG NJMFT SFTQFDUBCMF GPS B 'BMDPO CVU NPTU SFNBSLBCMF GPS UIF TQFDUBDVMBS BMUJUVEF * TBX BMPOH UIF XBZ * BDIJFWFE NZ IJHIFTU BMUJUVEF FWFS JO UIF &BTU .4- B OFBS HBJO PWFS MBVODI 4BEMZ EF TQJUF UIF GBCVMPVT BMUJUVEFT UP XIJDI * IBE CFFO HFUUJOH UIF 'BMDPO T HMJEF MJNJ UBUJPOT BOE TPNF GPPMJTI EFDJTJPO NBLJOH PO NZ QBSU USBQQFE NF VQ BHBJOTU B NBTT PG USFFT ɩ FSF * XBT GPSDFE UP MBOE PO B TNBMM HPMG DPVSTF PO UIF TJEF PG UIF NPVO UBJO BU $BQPO 4QSJOHT ɩ F WFSZ OFYU EBZ * BHBJO n FX UIF 'BMDPO GSPN )JHI 1PJOU IPXFWFS DPOEJUJPOT XFSF RVJUF EJĊ FSFOU ɩ F SBEJDBMMZ VOTUBCMF BJS BMNPTU JOTUBOUMZ

$MBTT 0QFO 0QFO 0QFO 0QFO 0QFO 0QFO 4JYUZ 4JYUZ 0QFO 0QFO 4JYUZ 3PPLJF

(MJEFS 8JMMT 8JOH 5BMPO 8JMMT 8JOH 5BMPO 8JMMT 8JOH 5BMPO 'BMDPO 4FOTPS ' .PZFT -JUFTQFFE 8JMMT 8JOH 'VTJPO .PZFT -JUFTQFFE 8JMMT 8JOH 6MUSBTQPSU 8JMMT 8JOH 5BMPO '# 8JMMT 8JOH 'VTJPO 8JMMT 8JOH &BHMF .PZFT -JUFTQPSU 'BMDPO

PWFSEFWFMPQFE JOUP BO PWFSDBTU EFDL XJUI FNCFEEFE DVNJFT CFMPX "GUFS CBJMJOH PWFS UIF CBDL MPX BOE ESJCCMJOH BDSPTT UIF DPVOUSZTJEF * m OBMMZ GPVOE B HPPE DMJNC HPJOH UP B EBSL TUSFFU CFOFBUI UIF PWFS DBTU (FUUJOH UP .4- * m HVSFE * IBE JU NBEF BT UIF 'BMDPO BOE * BNCMFE BMPOH CFOFBUI UIF TUSFFU #VU BGUFS B GFX NJMFT PG FĊ PSUMFTT DSVJTJOH UIF IFBWFOT PQFOFE VQ CFHJOOJOH BT IBJM CFDPNJOH TMVTI BOE m OBMMZ SBJO BT * XBT QPVOEFE UPXBSET UIF XBSNFS SFHJPOT CFMPX #Z UIF UJNF UIF EPXOQPVS FOEFE * XBT PODF BHBJO MPX BOE USBQQFE VQ BHBJOTU B GPSFTU UIJT UJNF MBOEJOH BU $BQPO #SJEHF GPS NJMFT "T UIF DPOUFTU OFBSFE JUT FOE * TDIFE VMFE B DPVQMF PG NBLF VQ EBZT JO UIF GBJOU IPQF UIBU * NJHIU CF BCMF UP HFU PĊ XPSL UP n Z PO POF PG UIFN ɩ FO B NJSBDMF IBQQFOFE 0OF PG UIF EBUFT UVSOFE PVU UP CF B OPSUIXFTU QPTU GSPOUBM EBZ PO XIJDI * IBE POMZ POF FBSMZ TUVEFOU UP UFBDI 3BDJOH IPNF UP HFU NZ 5BMPO * NBEF JU UP UIF IJMM JO UJNF UP MBVODI CZ XIFSFVQPO * JNNFEJBUFMZ QJMFE JOUP B OBTUZ GQN UIFSNBM PĊ UIF SJEHF *U TPPO NFMMPXFE PVU BOE TMPXFE EPXO CVU FWFOUVBMMZ HPU NF UP .4- "(- BOE PO NZ XBZ -JGU QSPWFE UP CF DPOTJEFSBCMZ XFBLFS UIBO JO UIBU EF QBSUVSF UIFSNBM CVU JU XBT SFMJBCMF BOE UIF DMPVET VOVTVBMMZ XFMM TUSFFUFE "T B DPOTFRVFODF PG UIF SFMJBCMF MJGU BOE UIF UP NQI UBJMXJOE BMPGU * XBT TNPL JOH BDSPTT UIF HSPVOE VMUJNBUFMZ SFBDI JOH UIF NJMF QPJOU BU .4- JO FYBDUMZ UXP IPVST BOE NJOVUFT GSPN MBVODI 4BEMZ UIJOHT TMPXFE EPXO BGUFS UIBU BT UIF DMPVET MBSHFMZ FWBQPSBUFE BOE * HPU NZTFMG TFSJPVTMZ TUVDL PO 5VTDBSPSB

'MJHIU

'MJHIU

'MJHIU

5PUBM

3JEHF * FWFOUVBMMZ TUSVHHMFE PĊ UIF SJEHF UP .4- CVU CZ UIFO JU XBT TJY P DMPDL BOE * XBT PO m OBM HMJEF UP NZ MBOEJOH OPSUI PG $BSMJTMF GPS NJMFT BOE B m OBM DPOUFTU UPUBM PG NJMFT 4JYUZ .JMF $MBTT 'MZJOH B .PZFT -JUFTQFFE +PIO %VMMBIBO XPO UIJT DMBTT XJUI B UPUBM PG NJMFT MBSHFMZ PO UIF CBTJT PG IJT POF m OF 8PPETUPDL 3JEHF SVO PG NJMFT BMPOH 7JSHJOJB T .BTTBOVUUFO .PVOUBJO *O TFDPOE QMBDF XJUI B UPUBM PG NJMFT JT %BO 5PNMJOTPO PO B 8JMMT 8JOH 6MUSBTQPSU )F JT UP CF DPNNFOEFE GPS HFUUJOH UISFF DSPTT DPVOUSZ n JHIUT EVSJOH B TQSJOH JO XIJDI NBOZ QJMPUT EJEO U NBOBHF POF %BO T MPOHFTU n JHIU XBT NJMFT BMPOH UIF 8PPETUPDL SJEHF BOE JU JODMVEFE IJT m STU FWFS DSPTT JOH PG UIF JOUJNJEBUJOH &EJOCVSH (BQ BO BDDPNQMJTINFOU GPS XIJDI IF IBE CFFO XBJUJOH FJHIU ZFBST )JT PUIFS UXP n JHIUT XFSF TIPSUFS 8PPETUPDL SJEHF SVOT PG BOE NJMFT CVU POFT XIJDI IBE JOWPMWFE IJT m STU n ZJOH UP UIF OPSUI FOE PG UIF SJEHF UP FTUBCMJTI SFNPUF TUBSU QPJOUT *O UIJSE QMBDF JT UIF n ZJOH -VEEJUF WBSJP GSFF #BDJM %JDLFSU XJUI UXP n JHIUT PO IJT 8JMMT 8JOH &BHMF ɩ F m STU XBT NJMFT GSPN DFOUSBM 1FOOTZMWBOJB T 4BDSBNFOUP TJUF XIJMF UIF TFDPOE POF XBT NJMFT BMPOH UIF 8PPETUPDL SJEHF BOE EVSJOH XIJDI IF OFBSMZ NJE BJSFE B UVSLFZ WVMUVSF 3PPLJF $MBTT 0OMZ POF 3PPLJF FOUFSFE BOZ n JHIUT UIJT TQSJOH UIBU CFJOH +PF 4DIBE XIP BD DPNQMJTIFE UXP JEFOUJDBM NJMF n JHIUT

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1JMPUT TFUUJOH VQ GPS B TPVUI MBOEJOH BU 5JHFS

BMPOH ZPV HVFTTFE JU UIF 8PPETUPDL SJEHF $PODMVTJPO ɩ JT ZFBS T 3FHJPOBMT HBSOFSFE UIF TNBMMFTU QBSUJDJQBUJPO JO UIF BMNPTU ZFBST PG UIF DPOUFTU T FYJTUFODF JO NZ IBOET ɩ F SFBTPOT GPS UIBU EFDMJOF BSF NBOZ BOE WBSJFE UIF BUSPDJPVT TQSJOH XFBUIFS PG UIF QBTU UISFF ZFBST UIF BHJOH BOE EXJOEMJOH IBOH HMJEJOH QPQVMBUJPO BOE m OBMMZ NZ PXO TMPUI JO OPU QVCMJ DJ[JOH UIF DPOUFTU ɩ PTF SFBTPOT QMVT UIF BCTFODF PG JOUFSFTU GSPN UIF NPSF ZPVUIGVM QBSBHMJEJOH QPQVMBUJPO NBLF NF RVFTUJPO XIFUIFS UIJT DPOUFTU IBT PVUMJWFE JUT VTFGVMOFTT * IBWF DPOUJOVFE UIF DPOUFTU QSJODJQBMMZ BT B WFIJDMF UP FODPVSBHF DSPTT DPVOUSZ n ZJOH XJUIJO 3FHJPO BOE BT QBSUJDJQBUJPO EFDMJOFT * BTL XIFUIFS JUT DPOUJOVBUJPO TFSWFT BOZ VTFGVM QVSQPTF

UBTL XJOOFS BOE EJTDVTTJOH UIF WBSJPVT SFTFSWF EFQMPZNFOUT 0O UIF MBTU EBZ UIF QJMPU XIP MBVODIFE KVTU BGUFS NF TQVO IJT #Z #PC 3JOLFS XJOH IJU UIF SPDLT BOE XBT FWBDVBUFE CZ 1IPUPT CZ #FO EF -JTMF IFMJDPQUFS * MFGU UIF DPNQ JO UI QMBDF PS TP B CJU DPOGVTFE CVU XJUI B GFFMJOH 4PNF CBDLHSPVOE ɩ F m STU BOOVBM 5JHFS .PVOUBJO UIBU UIJT XBT UZQJDBM PG B XFFL MPOH DPN FSF XFSF GFX JG BOZ PQUJPOT GPS 4QSJOH 9$ $PNQFUJUJPO XBT JOTQJSFE JO QFUJUJPO ɩ QBSU CZ NZ FYQFSJFODF BU NZ m STU QBSB HVJEFE JOTUSVDUJPO TP * m HVSFE * XPVME HMJEJOH DPNQFUJUJPO UIF /BUJPOBMT MFBSO BCPVU DPNQFUJUJPO n ZJOH UIF TBNF IFME JO $IFMBO 8BTIJOHUPO "U UIF UJNF XBZ * MFBSOFE BCPVU TFY CZ EPJOH ɩ F GPMMPXJOH ZFBS * XBT BU UIF * IFME B 1 SBUJOH XJUI n JHIUT BOE BO 9$ TJHO PĊ TP * NFU UIF NJOJNVN RVBMJm DBUJPOT BU MFBTU PO QBQFS * IBE TP MJUUMF n ZJOH FYQFSJFODF UIBU * XPVME HFU VQ FBSMZ FBDI EBZ BOE USZ UP HFU B TMFE SJEF PS UXP PĊ UIF OPSUI TJEF PG $IFMBO #VUUF CFGPSF UIF m STU QJMPUT NFFUJOH ɩ JT PG DPVSTF NFBOU MPOH EBZT CVU FBDI n JHIU BEEFE OFBSMZ B GVMM QFSDFOUBHF QPJOU UP NZ FYQFSJFODF ɩ F QJMPUT NFFUJOH BU UIF /BUT TUBSUFE FBDI NPSOJOH BU SFWJFXJOH UIF QSFWJPVT EBZ T UBTL DPOHSBUVMBUJOH UIF -BZJOH PVU PO 5JHFS .PVOUBJO T TPVUI MBVODI 5JHFS .PVOUBJO *TTBRVBI m 4QSJOH 9$ $PNQFUJUJPO

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

0XFOT 7BMMFZ /BUT OPX BSNFE XJUI B " 5JHFS .PVOUBJO DPNQFUJUJPO JT CPSO 1 B GBODJFS (14 BOE BO PYZHFO TZTUFN 0VS MPDBM DPNQFUJUJPO IFME JO UIF ɩ FSF XFSF GFXFS SFTFSWF EFQMPZNFOUT CVU TQSJOH CFGPSF UIF TUBSU PG UIF NPSF IFMJDPQUFS FWBDVBUJPOT SFTDVFT UIBO n ZJOH TFBTPO XBT B UXP EBZ XFFLFOE JO $IFMBO o JO GBDU * TOBHHFE B GSFF SJEF FWFOU XJUI BO PQUJPOBM TUSBUFHZ TFTTJPO PO B IFMJDPQUFS BGUFS B DPME CJWPVBD BT PO 'SJEBZ FWFOJOH &JHIUFFO QJMPUT SFH QBSU PG BO FJHIU NBO SFTDVF UFBN BJEJOH JTUFSFE BOE PS TP BEEJUJPOBM GPMLT BU B QJMPU EPXOFE JO B DBOZPO ɩ JOHT UFOEFE UIF TUSBUFHZ TFTTJPO * QSFTFOUFE XBSNFE VQ UIBU NPSOJOH CFGPSF UIF IFMJ BO JOUSPEVDUJPO UP (14 VTBHF BOE 9$ DPQUFS n JHIU BT UIF GPSFTU m SF BQQSPBDIFE n ZJOH ɩ F m STU RVFTUJPO GSPN UIF HSPVQ PVS CJWZ TJUF CVU UIBU T PME OFXT TFF BS DBNF GSPN NZ GSJFOE 5PN XIP BTLFE UJDMF JO UIF %FDFNCFS JTTVF PG UIF i4P XIBU T B UBTL w /P POF MBVHIFE o JO 64)(" 1BSBHMJEJOH NBHB[JOF GBDU UIFSF XFSF TFWFSBM FYQSFTTJPOT PG ɩ FSF XFSF UXP GBUBMJUJFT UIBU XFFL SFMJFG JO UIF HSPVQ "QQBSFOUMZ PUIFS POF B DPNQFUJUPS BOE UIF PUIFS BO FY QFPQMF IBE UIF TBNF RVFTUJPO * QPTUFE QFSJFODFE QJMPU n ZJOH BDSPTT UIF WBMMFZ B TJNVMBUFE UBTL XJUI MBVODI XJOEPX OFBS .U 8IJUOFZ *U UPPL B EBZ PG TUBSU UJNFT HPBM BOE DIFDL JO UJNFT 8F SJEHF TPBSJOH JO UIF GSJFOEMZ BJS PG 5PSSFZ SBO UISPVHI UIF UBTL BT B HSPVQ JO UIF 1JOFT PO UIF XBZ IPNF GPS NF UP EF TBGFUZ PG UIF DMBTTSPPN &BSMJFS JO QSJ DPNQSFTT * TBU PVU UIF /BUT BU WBUF BO FNCBSSBTTFE QJMPU IBE BTLFE NF 5FMMVSJEF B 8BTIJOHUPO QJMPU XBT LJMMFE IPX UP UVSO PO IJT (14 * BOTXFSFE IJT BU UIBU NFFU RVFTUJPO BOE XF XBMLFE UISPVHI B iUBTLw #Z UIFO * E EJTDPWFSFE UIF 8PPESBU JO UIF -; PO UIF HSPVOE PVS HMJEFST JO DPNQFUJUJPO UIF 3BU 3BDF (BJM BOE UIF DBS %VSJOH UIF DMBTTSPPN EJTDVTTJPO .JLF )BMFZ TFFNFE UP SFDPHOJ[F UIBU XF EJTDVTTFE TQFFET UP n Z CBTJD UIFSNBM UIFSF XBT B OFFE GPS QJMPUT MJLF NF UP JOH BOE HBHHMF n ZJOH * XSBQQFE VQ UIF MFBSO BCPVU 9$ BOE DPNQFUJUJPO n ZJOH UXP IPVS TFTTJPO XJUI UIJT DPNNFOU i*G CFGPSF XF IFBEFE PĊ UP UIF CJH BJS TJUFT XF BMM TFU TJUF SFDPSET UPNPSSPX BOE POF PG UIF /BUJPOBMT ɩ FSF XFSF PS TP QJMPU TQSBJOT IJT CJH UPF MBOEJOH * XJMM QJMPUT TJHOFE VQ GPS UIBU m STU 3BU 3BDF DPOTJEFS UIF DPNQFUJUJPO B GBJMVSF w ɩ JT JO B (14 TFNJOBS XBT PĊ FSFE UIF TFU UIF UPOF GPS 4BUVSEBZ T n ZJOH UBTLT XFSF TIPSU CVU UFDIOJDBM JO OBUVSF ɩ F OFYU NPSOJOH PVS UBTL DPNNJUUFF BOE FWFO JG ZPV MBOEFE PVU JU XBT FBTZ UP TFU B NJMF UBTL UIBU TUBSUFE XJUI B USJ NBLF JU CBDL UP NFFU IFBERVBSUFST CFGPSF BOHMF PVU JO GSPOU PG MBVODI GPMMPXFE CZ UIF TVO TFU * MJLFE UIJT o * FWFO NBEF UXP UVSOQPJOUT VQ IJHI BOE GBSUIFS CBDL HPBM POF EBZ * MFGU 8PPESBU UIJOLJOH ɩ F TUBSU DZMJOEFS XBT B DJSDMF BSPVOE NBZCF ZPV EPO U IBWF UP CF XJMMJOH UP EJF MBVODI *G ZPV DPVME MBVODI ZPV DPVME JO PSEFS UP n Z JO DPNQFUJUJPO (BJM BOE TUBSU BOE QPTTJCMZ HSBC POF UVSOQPJOU PO .JLF XFSF PO UP TPNFUIJOH UIF XBZ UP UIF -; +VTU GPS GVO XF UISFX

JO B ##2 PO MBVODI QSPWJEFE CZ MPDBM 5JHFS .PVOUBJO MFHFOE .BSL )FDLMFS ɩ SFF QJMPUT n FX NPTU PS BMM PG UIF UBTL BOE UIF SFTU PG VT UJFE GPS UI QMBDF UIBU EBZ 'JOBM SFTVMUT DBO CF GPVOE BU TDPSF LFFQFS .BSL %PXTFUU T 8FC TJUF XXX FWFOUT EPXTFUU DB *U NBZ UBLF B GFX ZFBST UP EFUFSNJOF JG B OFX OBUJPOBM MFWFM DPNQFUJUJPO QJMPU XBT n FEHFE MBTU TQSJOH BU 5JHFS .PVOUBJO 8IBU JT LOPXO SJHIU OPX JT UIBU XF JODSFBTFE UIF LOPXMFEHF CBTF PG PVS MPDBM QJMPUT TJHOJm DBOUMZ .BOZ QBS UJDJQBOUT DBMMFE NF BGUFS UIF DPNQFUJUJPO UP TBZ UIFZ MJLFE UIF TFNJOBS GPSNBU ɩ FZ MFBSOFE TPNF OFX UFSNT MJLF iUBTLw BOE iSJHIU UVSO EBZ w FWFSZPOF NBEF JU IPNF GPS EJOOFS BOE OP POF TQSBJOFE B CJH UPF JO UIF QSPDFTT

5IF 5JHFS .PVOUBJO 4QSJOH 9$ $PNQFUJUJPO XBT NBEF QPTTJCMF CZ UIF IFMQ PG UIF GPMMPXJOH TQPOTPST 4FBUUMF 1BSBHMJEJOH XXX HPTLZIJ DPN /PSUI "NFSJDBO 1BSBHMJEJOH XXX GVO ó Z DPN 4LZDPTQPSUT XXX TLZPTQPSUT DPN "FSJBM 1BSBHMJEJOH XXX QBSBHMJEF DPN 5IF /PSUIXFTU 1BSBHMJEJOH $MVC XXX OXQBSBHMJEJOH DPN BOE NZ GSJFOE .BSL )FDLMFS :PV DBO ñ OE .BSL CBSCFDVJOH JO UIF 5JHFS -; PO NPTU ó ZBCMF EBZT VOMFTT IF JT Pí QFBL CBHHJOH PO TPNF IJLF BOE ó Z XJUI NF BOE 5PCZ IJT +BDL 3VTTFMM

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

-BOEJOH B )BOH (MJEFS 5JQT BOE 5FDIOJRVFT UP %F TUSFTT :PVS 'MJHIU T &OE #Z 3PC ,FMMT *MMVTUSBUJPO CZ .JLF .FJFS XJUI FYDFSQUT GSPN UIF 8JMMT 8JOH %SPHVF .BOVBM

%SPHVF $IVUFT 4NBMM MBOEJOH BSFBT SFRVJSF B TMPXFS BQQSPBDI TQFFE BOE UVSOT DMPTF UP UIF HSPVOE UP HFU B IJHI QFSGPSNBODF HMJEFS TUPQQFE XJUIJO UIF DPOm OFT PG UIF m FME *G ZPV n Z DSPTT DPVOUSZ PS n Z JOUP B TNBMM -; JU T B HPPE JEFB UP IBWF B ESPHVF QBSBDIVUF JO ZPVS IBSOFTT BT BO PQUJPO ɩ F ESPHVF DIVUF JT EFTJHOFE UP JO DSFBTF ESBH UP SFEVDF ZPVS HMJEF SBUJP ɩ F ESPHVF SFEVDFT HMJEF SBUJP FWFO BU TMPX TQFFET ɩ F GBTUFS ZPV n Z XJUI UIF ESPHVF 4BGFUZ $POTJEFSBUJPOT 'PS EFQMPZFE UIF HSFBUFS JUT FĊ FDU ɩ F %SPHVF $IVUFT ESPHVF HJWFT B IJHI QFSGPSNBODF HMJEFS ɩ FSF BSF TFWFSBM JNQPSUBOU TBGFUZ UIF HMJEF SBUJP QFSGPSNBODF FOWFMPQF PG DPOTJEFSBUJPOT JO VTJOH B ESPHVF DIVUF 4JODF BQQSPBDI BOE MBOEJOH UBLF QMBDF DMPTF UP UIF HSPVOE UIJT JT B DSJUJDBM QIBTF PG n JHIU BOE FWFO TNBMM QSPCMFNT DBO DSFBUF B WFSZ EBOHFSPVT TJUVBUJPO GPS UIF QJMPU " GFX ZFBST BHP B QJMPU JO &VSPQF EJFE BGUFS EFQMPZJOH B ESPHVF DIVUF PWFS IJT TJEF n ZJOH XJSF XIJDI DBVTFE IJN UP MPTF DPOUSPM PG UIF HMJEFS *G B ESPHVF DIVUF XBT QSPQFSMZ EFQMPZFE BOE TVCTF RVFOUMZ CFDBNF DBVHIU PS FOUBOHMFE XJUI UIF LFFM PS B CBUUFO PO UIF USBJMJOH FEHF PG UIF HMJEFS JU DPVME EBOHFSPVTMZ DPN QSPNJTF ZPVS BCJMJUZ UP DPOUSPM UIF HMJEFS EVSJOH UIF BQQSPBDI BOE MBOEJOH &WFO KVTU UIF EJTUSBDUJPO UP UIF QJMPU DSFBUFE CZ B ESPHVF DIVUF UIBU JT PTDJMMBUJOH TJH OJm DBOUMZ PS DPMMBQTJOH BOE SF JOn BUJOH

6TF BO "QQSPBDI 1BUUFSO ɩ F TUBOEBSE BQQSPBDI QBUUFSO QJD UVSFE BCPWF JT UBVHIU UP BMM QJMPUT PG DPO WFOUJPOBM BJSDSBGU UP NBLF UIF MBOEJOH TFRVFODF PSEFSMZ BOE UP HJWF UIF QJMPU PQUJPOT ɩ F TBNF BQQSPBDI QBUUFSO JT VTFGVM GPS IBOH HMJEFST BOE QBSBHMJEFST *G ZPV HFU MJGU PO UIF EPXOXJOE MFH ZPV DBO XJEFO PS FYUFOE ZPVS EPXOXJOE MFH PS EP CPUI *G ZPV HFU TJOL ZPV DBO OBSSPX PS TIPSUFO UIF EPXOXJOE MFH ɩ F TBNF PQUJPOT BSF BWBJMBCMF UP ZPV PO UIF CBTF MFH CFGPSF UVSOJOH POUP m OBM 1SBDUJDJOH B DPOTJTUFOU BQQSPBDI QBUUFSO XJMM BMMPX ZPV UP NBLF NPSF DPOTJTUFOU MBOEJOHT .BSL 4UVDLZ MBOEJOH XJUI B ESPHVF DIVUF 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP 3PC ,FMMT

0WFS UIF QBTU ZFBST UIF HMJEF SBUJP PG IJHI QFSGPSNBODF HMJEFST IBT JO DSFBTFE BCPVU BOE XIJMF UIF FBTF PG MBOEJOH UIFN IBT JNQSPWFE TPNFXIBU JU IBT OPU LFQU QBDF XJUI UIF JODSFBTF JO QFSGPSNBODF * GSFRVFOUMZ IFBS QJMPUT TBZ UIBU UIFJS OFX IJHI QFSGPSNBODF HMJEFS iMBOET MJLF B 'BMDPO w ɩ JT BQQBS FOU FBTF PG MBOEJOH VTVBMMZ HPFT IBOE JO IBOE XJUI B MBSHF MBOEJOH m FME TNPPUI DPOEJUJPOT B DPOTJTUFOU XJOE EJSFDUJPO BOE B MPX EFOTJUZ BMUJUVEF 8IFO BOZ PG UIFTF DPOEJUJPOT DIBOHF UIF EPXOUVCFT TUBSU CSFBLJOH

B MPXFS QFSGPSNBODF HMJEFS *U BMMPXT ZPV UP TFU VQ ZPVS BQQSPBDI IJHIFS NBLJOH JU FBTJFS UP BWPJE PCTUBDMFT BU UIF BQQSPBDI FOE PG UIF MBOEJOH BSFB ɩ F TUFFQFS HMJEF QBUI UIF ESPHVF QSPWJEFT NBLFT JU FBTJFS UP TFU VQ BO BQQSPBDI UP UIF UBSHFU CF DBVTF UIF TBNF FSSPS JO BMUJUVEF SFTVMUT JO B TNBMMFS FSSPS JO EJTUBODF USBWFMFE *G ZPV m OE ZPVSTFMG UPP IJHI BGUFS UVSOJOH m OBM UIF ESPHVF HJWFT ZPV B HSFBUFS BCJMJUZ UP TIPSUFO ZPVS HMJEF CZ n ZJOH GBTUFS "GUFS ZPV SPVOE PVU UIF FYUSB ESBH GSPN UIF ESPHVF XJMM TMPX ZPV EPXO UP MBOEJOH TQFFE GBTUFS ɩ F BEWBOUBHF IFSF JT ZPV MM TQFOE MFTT UJNF in PBUJOHw BDSPTT UIF -; BU OFBS NJOJNVN DPOUSPMMBCMF BJSTQFFE

%FOOJT 1BHFO MBOEJOH BU 8BMMBCZ

1IPUP (FOF "ULJOT

UIF MBOEJOH BSFB XJUI NPSF UIBO GFFU PG BMUJUVEF PS GFFU JT CFUUFS EFQMPZ UIF ESPHVF BOE FY QMPSF UIF QFSGPSNBODF BOE n ZJOH DIBSBDUFSJTUJDT PG UIF HMJEFS ɩ F ESPHVF EPFT OPU DIBOHF UIF n JHIU DIBSBDUFS JTUJDT PG UIF HMJEFS WFSZ NVDI BU MPXFS TQFFET 1JDL B SFG FSFODF QPJOU PO UIF HSPVOE PO ZPVS FYQFDUFE HMJEF QBUI BOE PCTFSWF IPX UIF ESPHVF DIBOHFT ZPVS HMJEF QBUI BU WBSJPVT TQFFET :PV MM TFF UIBU ZPVS HMJEF SBUJP JT SF EVDFE BOE ZPVS TJOL SBUF JO DSFBTFE ESBNBUJDBMMZ BT ZPV n Z GBTUFS (FU VTFE UP UIF GFFM BOE TPVOE PG IBWJOH UIF ESPHVF EFQMPZFE ɩ F DBOPQZ XJMM SBUUMF JO UIF TMJQTUSFBN FTQFDJBMMZ BU IJHIFS TQFFET BOE JU XJMM NPWF BSPVOE TPNF *G ZPV HP VQSJHIU BOE UXJTU ZPVS CPEZ JO UIF WFS UJDBM BYJT FTQFDJBMMZ JG ZPV UXJTU UP UIF SJHIU XJUI UIF

1IPUP %JDL +BDLTPO

DPVME DBVTF B MBDL PG BUUFOUJPO UIBU DPVME MFBE UP B TFSJPVT BDDJEFOU ɩ F TBGF VTF PG B ESPHVF DIVUF SFRVJSFT DPOTUBOU BOE DBSFGVM BUUFOUJPO PO UIF QBSU PG UIF QJMPU UP BMM QPUFOUJBM TBGFUZ DPODFSOT #FGPSF FWFSZ MBVODI QSF n JHIU UIF ESPHVF DIVUF UP NBLF TVSF JU JT TFDVSF JO UIF DPOUBJOFS "MTP NBLF TVSF UIBU BOZ MJOFT BUUBDIFE UP UIF IBSOFTT TVDI BT [JQQFS PQFOJOH BOE DMPTJOH MJOFT BSF JO B QSPQFS TUBUF PG NBJOUFOBODF TP UIBU UIFZ DBO CF TFDVSFMZ m YFE UP UIF IBSOFTT EVSJOH n JHIU BOE XJMM OPU DPNF MPPTF BOE CFDPNF FOUBOHMFE XJUI UIF ESPHVF DIVUF 5P VTF UIF ESPHVF DIVUF GPS MBOE JOH BQQSPBDI XF TUSPOHMZ SFDPNNFOE UIBU ZPV EFQMPZ UIF DIVUF BU UIF CFHJO OJOH PG ZPVS BQQSPBDI BOE n Z UIF FOUJSF BQQSPBDI XJUI UIF DIVUF EFQMPZFE ɩ FSF JT OP SFBTPO OPU UP EP UIJT VOMFTT ZPV BSF BCPWF PUIFS QJMPUT JO UIF MBOEJOH QBUUFSO ɩ FSF BSF TJHOJm DBOU TBGFUZ CFOFm UT UP OPU IBWJOH UP EFBM XJUI B DPOm HVSBUJPO DIBOHF EVSJOH UIF MBUUFS TUBHFT PG ZPVS BQQSPBDI #FGPSF ZPV VTF UIF ESPHVF DIVUF GPS UIF m STU UJNF PO BO BDUVBM MBOEJOH BQ QSPBDI XF SFDPNNFOE ZPV n Z PVU PWFS

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

MBVODIJOH PS MBOEJOH B IBOH HMJEFS )FBU IVNJEJUZ BOE BMUJUVEF BMM DPOUSJCVUF UP SFEVDJOH UIF EFOTJUZ PG UIF BJS ɩ JT NFBOT UIBU ZPV XJMM IBWF B IJHIFS HSPVOE TQFFE GPS B HJWFO TUBMM TQFFE NBLJOH UIF MBOEJOH QSPDFTT NPSF EJċ DVMU *G ZPV IBWF DPNNFOUT PO UIJT BSUJDMF PS TVHHFTUJPOT GPS GVUVSF BSUJDMFT QMFBTF DPOUBDU NF BU 3PC!8JMMT8JOH DPN

,FO )PXFMMT MBOEJOH BU $SFTUMJOF

1IPUP (FOF "ULJOT

ESPHVF NPVOUFE PO ZPVS SJHIU PS WJDF WFSTB UIF ESPHVF XJMM CF QVMMFE DMPTFS UP CFJOH CFIJOE ZPV BOE NBZ PTDJMMBUF PS EFn BUF UFNQPSBSJMZ ɩ F ESPHVF XJMM UVH HFOUMZ PO ZPV CVU OPU TP IBSE UIBU JU XJMM JOUFSGFSF XJUI ZPVS DPOUSPM "U TVċ DJFOUMZ IJHI TQFFET JG UIF ESPHVF JT QVMMJOH VQXBSET BHBJOTU UIF CPUUPN SFBS XJSF ZPV NBZ OPUJDF BO JOEVDFE UVSO JO UIF HMJEFS >ÕÌ \Ê %P OPU IPME UIF ESPHVF JO ZPVS IBOE GPS BOZ MPOHFS UIBO JU UBLFT UP NBLF B DMFBO TBGF EFQMPZNFOU %P OPU n Z UIF HMJEFS IPMEJOH UIF ESPHVF BHBJOTU UIF DPOUSPM CBS "WPJE BOZ QPTTJCJMJUZ PG UIF ESPHVF CFJOH EFQMPZFE PWFS UIF CBTF UVCF PWFS UIF TJEF XJSF PS JO TVDI B XBZ UIBU JU DPVME QVMM EJSFDUMZ PO BOZ QBSU PG UIF HMJEFS

%FOTJUZ "MUJUVEF *U T PCWJPVT XIZ TNPPUI DPOEJUJPOT BOE B DPOTJTUFOU XJOE EJSFDUJPO SFEVDF MBOEJOH NJTIBQT CVU EFOTJUZ BMUJUVEF FĊ FDUT BSF NPSF TVCUMF )PU )JHI BOE )VNJE BSF OPU ZPVS GSJFOET XIFO

1IPUP (FOF "ULJOT

"WPJE -BOEJOH %PXOIJMM *G UIF TMPQF NBUDIFT PS JT TUFFQFS UIBO UIF HMJEF SBUJP PG ZPVS HMJEFS JU JTO U QPT TJCMF UP HFU UIF HMJEFS TUPQQFE *U JT VTVBM MZ B CFUUFS JEFB UP MBOE DSPTTXJOE BDSPTT UIF TMPQF PS FWFO VQIJMM EPXOXJOE JG UIF XJOE JT MJHIU *G ZPV NVTU MBOE EPXOIJMM ZPV E CFUUFS IBWF B ESPHVF DIVUF ɩ F VTF PG UIF ESPHVF RVJUF BDDVSBUFMZ TJNV MBUFT MBOEJOH PO B TMJHIU VQIJMM TMPQF #Z UIF TBNF UPLFO VTJOH UIF ESPHVF XJMM NBLF MBOEJOH PO B EPXOIJMM TMPQF GFFM NPSF MJLF MBOEJOH PO MFWFM HSPVOE ɩ JT DBO NBLF B WFSZ ESBNBUJD EJĊ FSFODF JO UIF VTBCJMJUZ PG MBOEJOH m FMET UIBU TMPQF EPXOIJMM BU B SBUF UIBU BQQSPYJNBUFT UIF NBYJNVN - % PG UIF HMJEFS 8JUIPVU UIF ESPHVF ZPV UFOE UP iHMJEF GPSFWFSw PO TVDI B TMPQF MFBEJOH UP B IJHI QSPCBCJMJUZ PG PWFSTIPPUJOH UIF UBSHFU BOE PS IBWJOH BO JNQSPQFSMZ UJNFE n BSF PS n BSJOH XJUI B XJOH EPXO PS UIF HMJEFS ZBXFE UP POF TJEF 8JUI UIF ESPHVF UIFTF QSPCMFNT BSF SFEVDFE BOE MBOEJOH BSFBT UIBU NBZ QSFWJPVTMZ IBWF CFFO JNQSBDUJDBM CFDPNF VTBCMF BHBJO :PV DBO BDDFTT UIF DPNQMFUF 8JMMT 8JOH ESPHVF DIVUF NBOVBM BU IUUQ X X X X J M MT X J OH DPN QE G NB OVB MT %SPHVF.BOVBM TU&E QEG

.JLF .FJFS MBOEJOH BU &MTJOPSF

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

)FSF T XIBU GPVS UJNF OBUJPOBM IBOH HMJEJOH DIBNQJPO 1BSJT 8JMMJBNT IBT UP TBZ BCPVU UIF 3PEFP * KVTU SFDFJWFE B QBJS PG UIF OFX #MVFZF 3PEFP HMBTTFT BOE JU T DMFBS UIBU #MVFZF T SFBMMZ PVUEPOF UIFNTFMWFT UIJT UJNF ɩ FZ BTLFE NF UP XSJUF VQ B MJUUMF QJFDF BCPVU UIFN BOE * IBWF UP TBZ * XBT OPU TVQFS FBHFS UP HJWF BXBZ UIJT MJUUMF BEWBOUBHF UP NZ DPNQFUJUPST ɩ FTF BSF IBOET EPXO UIF CFTU HMBTTFT * WF FWFS n PXO XJUI ɩ F 3PEFP HMBTTFT BSF EJĊ FSFOU GSPN UIF QSFWJPVT #MVFZF FZFXFBS JO UIBU UIFZ SF OPU HPHHMFT ɩ FZ IBWF TJNQMF BSNT MJLF TUBOEBSE HMBTTFT CVU UIFZ SF EF TJHOFE TP UIBU UIFZ m U ZPVS GBDF OFBSMZ BT UJHIUMZ BT HPHHMFT XJUIPVU IBWJOH TPNF PG UIF EJTBEWBOUBHFT PG HPHHMFT ɩ FZ SF FBTZ UP QVU PO XJUI B GVMM GBDF IFMNFU 'MZUFD 64" JT WFSZ QMFBTFE UP BO o BOE UIFZ MPPL DPPM UPP ɩ F QPMZDBS BOE UIFZ SF NPSF DPNGPSUBCMF OPU MFBW OPVODF UIF OFX 3PEFP FZFXFBS CZ #MVFZF CPOBUF GSBNFT BSF m UUFE XJUI B TPGU TFBM JOH B SJOH BSPVOE ZPVS GBDF MJLF HPHHMFT ɩ F 3PEFP JT TUBUF PG UIF BSU FZF QSPUFD UIBU QSPWJEFT B SVHHFE XJOE SFTJTUBOU UFOE UP EP * BMTP GPVOE UIBU UIF 3PEFP HMBTTFT F MFOTFT BSF NBEF UJPO GPS BJS BOE FYUSFNF TQPSUT TUZMJTIMZ BOE DPNGPSUBCMF m U ɩ DPNCJOJOH 67 BOE XJOE QSPUFDUJPO UP PG JNQBDU SFTJTUBOU QPMZDBSCPOBUF USFBUFE TUBZ QPTJUJPOFE KVTU BT XFMM BT UIF HPHHMFT DSFBUF BO FYDFQUJPOBM TQPSUJOH BDDFTTPSZ XJUI '9 BOUJ GPH DPBUJOH QSPWJEJOH o UIFZ SF TP MJHIU BOE UIF BSNT BSF DVSWFE FYDFMMFOU FZF TBGFUZ GPH GSFF WJTJPO BOE UP XSBQ QBSUJBMMZ BSPVOE ZPVS IFBE TP 67" BOE 67# QSPUFDUJPO "OE UIFSF T OPU BOZ QPTTJCJMJUZ PG UIFN GBMM HVFTT XIBU o UIFZ MPPL DPPM UPP ɩ F JOH PĊ FWFO JO TFSJPVT NPVOUBJO UVS F POMZ BEWBOUBHF * GFFM UIF 3PEFP JT BWBJMBCMF XJUI DPQQFS UJOUFE CVMFODF ɩ MFOT XIJDI JT FYDFQUJPOBM GPS TQPUUJOH HPHHMFT TUJMM NBZ IBWF PWFS UIF 3PEFP JT UIBU BU WFSZ IJHI TQFFET UIFZ LFFQ UIF IB[F EPNFT 'FBUVSFT JODMVEF XJOE PVU PG ZPVS FZFT TMJHIUMZ CFUUFS UIF r *NQBDU SFTJTUBOU QPMZDBSCPOBUF MFOT TOVH m U PG UIF 3PEFP IPXFWFS EFm OJUFMZ r 67" BOE 67# QSPUFDUJPO CMPDLT UIF XJOE CFUUFS UIBO BOZ PUIFS r "OUJ GPH DPBUJOH UP UIF JOTJEF PG QBJS PG TUBOEBSE TUZMF HMBTTFT * WF FWFS UIF MFOT n PXO XJUI r 4PGU HBTLFU m U UP LFFQ PVU UIF XJOE ɩ FSF BSF TFWFSBM EJĊ FSFOU TIBEFT PG r 4NBMM DJSDVMBS QFSGPSBUJPOT XJUIJO MFOTFT NJOF IBWF UIF MJHIU DPQQFS MFOT UIF GSBNF UP BMMPX BJS DJSDVMBUJPO UP XIJDI * m OE UP CF UIF CFTU MFOT * WF FWFS IFMQ QSFWFOU GPHHJOH VTFE GPS n ZJOH ɩ F DPQQFS DPMPS GBMMT r "WBJMBCMF JO UXP MFOT DPMPST DPQQFS TPNFXIFSF PO UIF TQFDUSVN CFUXFFO BOE TNPLF ZFMMPX BOE SFE TP UIFZ SFWFBM UIF XPSME r 4VOHMBTTFT TUZMF o DBO CF QVU PO JO NVDI NPSF OBUVSBM TIBEFT OPU UBLJOH BGUFS IFMNFU PO UIF JOUFOTF SFE PS ZFMMPX TIBEFT UIBU r *EFBM GPS IBOH HMJEJOH QBSBHMJEJOH DPNF XJUI UIF SFE BOE ZFMMPX MFOTFT * BOE VMUSBMJHIU n ZJOH m OE UIBU UIJT QBSUJDVMBS MFOT CSJOHT PVU 'PS NPSF JOGPSNBUJPO PO UIF 3PEFP EFm OJUJPO WFSZ XFMM CPUI VQXBSET BOE BOE #MVFZF (PHHMFT DBMM ZPVS BVUIPSJ[FE EPXOXBSET DMBSJGZJOH IB[F EPNFT BOE 'MZUFD EFBMFS PS DPOUBDU 'MZUFD 64" BU DMPVE FEHFT BOE NBLJOH JU NVDI FBTJFS PS '"9 UP TFF UIJOHT MJLF CJSET BOE EVTU EFWJMT BHBJOTU UIF HSPVOE CFMPX FNBJM JOGP!n ZUFD DPN

/FX #MVFZF /PO (PHHMFT " .VTU )BWF "DDFTTPSZ GPS UIF $PPM 1JMPU

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

/FX 1JMPU 3BU JOHT 3BUJOHT JTTVFE EVSJOH +VOF )BOH (MJEJOH %JWJTJPO 3BUJOH 3FHJPO /BNF $JUZ )

1BVM &S[BS 4IPSFMJOF )

+BTPO #SVTI 4BO 'SBODJTDP )

"MFYBOEFS 8SJHIU 4VOOZWBMF )

"MFY .PSHBO 4BOUB $SV[ )

$BSM )FBSE $BSTPO $JUZ )

#SBE "EBNT $BSTPO $JUZ )

+PTFQI 7BOEFSCPM "HPVSB )JMMT )

+BNJF .SPD[LPXTLJ -PT "OHFMFT )

$MBVEJOFUUF (PNF[ -PT "OHFMFT )

"SU 8FMUFS .BESJE )

4JX -FB #PJTF )

.JDIBFM 4UJWFST ,JSLXPPE )

%BWJE .PSHBO %BSEBOFMMF )

.POUZ 2VJHHMF #FMPJU )

-JOEB #FSHJO *OEJBOBQPMJT )

-FF 3VUI &EHFSUPO )

+FGGSFZ -FFOTWBBSU "VSPSB )

/JLPMBJ 4DIXFSUOFS #FMNPOU )

$IBSMFT %BVT *NMFS )

5IPNBT 8JMTPO 7JSHJOJB #FBDI )

"VCSFZ 'PSE 3JDINPOE )

.BUUIFX )BSEZ (BNCSJMMT )

3ZBO $PQQPMB $IFTUFS 4QSJOHT )

8JMCVS %PVO #SPPLMZO 1BSL )

4IBOOPO .PPO 0SMBOEP )

$ISJTUJBO /PQITLFS 4PVUIFSO 4IPSFT )

,PSB 4UPMM .JBNJ )

#KPSO /FMTPO .PSSPX ) 5IPNBT (BMWJO +S $PME 4QSJOH ) +POBUIBO 4FIM 8BUFSWMJFU ) "OUIPOZ #MBTTJOH ,FONPSF )

-PO .DDMVSF 3PDIFTUFS ) +PTIVB 4DINJFEMJO 3PDIFTUFS ) 5PEE 4IFFIBO 'BJSQPSU ) 5IPNBT #SPXO 0TXFHP )

,VSU 3BIO #SFXTUFS )

&EXBSE 8JMMJBNT 8VSUTCPSP ) $IBE 8JMENBO 1FNCFSUPO ) +VTUJO -BNBSDIF /FX 1BMU[ )

3H #PFEJOH .BIXBI ) 7JDUPS 1BOLSPUPW 4UBUFO *TMBOE )

)JSPTIJ 4BJUP #PUIFMM )

1BVM &S[BS 4IPSFMJOF )

%FOJT ,MFJO 'SFNPOU )

+PF $SV[ 'BJSm FME )

$BSM )FBSE $BSTPO $JUZ )

#SBE "EBNT $BSTPO $JUZ )

+BNFT "ULJOTPO )BOGPSE )

"SU 8FMUFS .BESJE )

.JDIBFM 4UJWFST ,JSLXPPE )

%BWJE .PSHBO %BSEBOFMMF )

-JOEB #FSHJO *OEJBOBQPMJT )

+FGGSFZ -FFOTWBBSU "VSPSB )

8JMMJBN .BV[FZ *WPSZUPO )

4UFWFO 3JDLFSU -VU[ )

4IBOOPO .PPO 0SMBOEP )

,PSB 4UPMM .JBNJ )

#KPSO /FMTPO .PSSPX ) +PTIVB 4DINJFEMJO 3PDIFTUFS ) 5PEE 4IFFIBO 'BJSQPSU ) +VTUJO -BNBSDIF /FX 1BMU[ ) "MFYBOEFS 3PVUI 7BODPVWFS #D 7 I Q )

3BZNPOE #BJMFZ 'BJSm FME )

+FOOJGFS #FBDI "VSPSB )

"BSPO #PTUJDL 'U 4NJUI )

,FWJO 4NJUI 'PSU 4NJUI )

%BWJE 5FBM /PSUI $BOUPO )

.JDIBFM 'VML 4DIVZMFS )

'SBODFT %BSOFMM .ZFSTWJMMF )

%BOJFM 4IBQJSP .FDIBOJDTWJMMF )

+PIO 4JNPO "OOBQPMJT ) +BZ 4DPWJMM (BJOFTWJMMF )

$PVSUOFZ #FBWFST -BODBTUFS )

$ISJTUJOB )PMNFT -PPLPVU .PVOUBJO ) "MFYBOEFS 3PVUI 7BODPVWFS #D 7 I Q )

+JNNZ $VMMFS "SMJOHUPO )

.JLF 1BJHF 4BOUB 3PTB )

+VTUJOF :BOH 0BLMBOE )

3POBME 7BOMVJKL &M $FSSJUP )

$ISJT 4NJUI -PT "OHFMFT )

1IJMJQ 1VHJO $BOPO $JUZ )

$VSU 4MBDL "MCVRVFSRVF )

#JMM 4OZEFS 'SPNCFSH )

.JDIBFM 7BOLVJLFO .BUUFTPO ) +BDL :PVOU .POUHPNFSZ

4UBUF 8" $" $" $" /7 /7 $" $" $" /. *% .0 "3 8* */ 8* *."

1" 7" 7" .% 1" .% '/$ '(" /: /: /: /: /: /: /: /: /: /+ /: /+ /: 8" 8" $" $" /7 /7 $" /. .0 "3 */ *$5 '''(" /: /: /: $" $0 "3 "3 0) 7" .% 7" .% (" 5/ 5/ 8" $" $" $" $" $0 /. .5 *59

3BUJOH 0Gm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

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1BSBHMJEJOH %JWJTJPO 3BUJOH 3FHJPO /BNF $JUZ 1

%FWJO 4BIM 5VBMBUJO 1

.JDL (SFFO +VOFBV 1

.FMJTTB (SFFO +VOFBV 1

3JDL 1FDLIBN "ODIPSBHF 1

+PFM 0SUFHB /FXQPSU 1

"UUB 1JMSBN 4BO 'SBODJTDP 1

(FPSHFUUF %FSEFWBOJT 4BO #SVOP 1

+BTPO -BJSE 'SFTOP 1

(BSZ #FBDI 4BO 'SBODJTDP 1

&SJD 3FWTPO 0BLMBOE 1

3BOEZ )PSUPO "MBNFEB 1

4JNPO .BUIFXT 4BO 'SBODJTDP 1

'SBOL 4DBMFT 4BO 'SBODJTDP 1

+E 4BOTBWFS 7BO /VZT 1

(SFH -BVOU .VSSJFUB 1

1FUFS #SFF[F "JFB 1

%PVHMBT 1PJSJFS 4BO %JFHP 1

#SFOU -BOESVN 3JN 'PSFTU 1

.JLF 'JMCFZ )VOUJOHUPO #FBDI 1

-JOEB #MBDL )POPMVMV 1

4UFQIFO .FTTFS / )PMMZXPPE 1

.JLF .DOFJM 4BOUB 3PTB 7BMMFZ 1

.JLFM -BUIBN 0DFBOTJEF 1

*BO 3FZOPMET 1BSL $JUZ 1

3FCFDDB ;JNNFSNBO %FOWFS 1

#FUTZ -IPUUB (PMEFO 1

"MFY )JOU[ "WPO 1

)PMMJT 8PPECVSZ /BNQB 1

-VDJBO 'MPSFB #FSXZO 1

4UFMB 'MPSFB #FSXZO 1

+FGG $SPX -BHSBOHF 1

%PSV $BSBFOJ -FCBOPO 1

1BVMB )PXJUU #MBDLTCVSH 1

#JMM )BMMPDL 8BTIJOHUPO 1

1FUF 4USJOEFO 2VBOUJDP 1

1BVM 5FSSJFS .JBNJ 1

+PIO 0XFOT 'BZFUUFWJMMF 1

3PCFSUP -PQF[ .JBNJ 1

&SJD *OHSBIBN +FOTFO #DI 1

-FVOH $IJV -FVOH B .PVOU %BWJT 3E 1

3BWJ )BOEZBM 4BSBUPHB 1

)FJEJ 5JKTTFMJOH 0SBOHFWBMF 1

$SBJH "EEMFNBO 4BO "OTFMNP 1

.JDIBFM 4IVNBUF .PSBHB 1

4UBOEJTI .BSLT 4BO 'SBODJTDP 1

(FPSHFUUF %FSEFWBOJT 4BO #SVOP 1

1BUSJDL )FSNT 4BO 'SBODJTDP 1

"EBN 3BNPT 1BSBEJTF 1

+BTPO -BJSE 'SFTOP 1

3JDL %BWJT &VSFLB 1

(BSZ #FBDI 4BO 'SBODJTDP 1

+FGG 'PSSFTU )POPMVMV 1

$ISJTUJBO .BDLJO -BJT 7JFKP 1

&EXBSE #VHBSJO )POPMVMV 1

(SFH -BVOU .VSSJFUB 1

+JOOBOH ,JN 4BO %JFHP 1

$BNFSPO $BSS )POPMVMV 1

5JNPUIZ .BSDPUUF &XB #FBDI 1

%PVHMBT 1PJSJFS 4BO %JFHP 1

#SFOU -BOESVN 3JN 'PSFTU 1

3PCFSU )BNNPOE +S 4BO %JFHP 1

*TBP 0JTIJ 4BO %JFHP 1

3BMQI 4NJUI -FNPO (SPWF 1

.JLF .DOFJM 4BOUB 3PTB 7BMMFZ 1

.JLFM -BUIBN 0DFBOTJEF 1

4IFMB 1BUSJDLTPO 4BMU -BLF $JUZ 1

"SOBVE #PVDIFSBU 8FTUNJOTUFS 1

*BO 3FZOPMET 1BSL $JUZ 1

#PC #MPVOU 7BJM 1

3JDIBSE (SFFOXPPE "MCVRVFSRVF 1

5SBWJT -POHPSJB 4BMU -BLF $JUZ 1

#FO #SFXFS %FOWFS 1

"MFY )JOU[ "WPO 1

,JSLMZO 4NJUI #PJTF 1

+BLF %P[FNBO )BJMSZ 1

)PMMJT 8PPECVSZ /BNQB 1

3BOEBMM 8PPEGPSE +BDLTPO 1

-VDJBO 'MPSFB #FSXZO 1

4UFMB 'MPSFB #FSXZO 1

+FGG $SPX -BHSBOHF 1

"EBP #BSSFUP %F 'SFJUBT 'SBNJOHIBN 1

%PSV $BSBFOJ -FCBOPO 1

"OEFSTPO 4BOUBOB /BTIVB 1

%BWJE $VUICFSU /FXUPO 1

&UJFOOF %SJPO -FYJOHUPO 1

1BVMB )PXJUU #MBDLTCVSH

4UBUF 03 ", ", ", 03 $" $" $" $" $" $" $" $" $" $" )* $" $" $" )* $" $" $" 65 $0 $0 $0 *% ***/ /) 7" %$ 7" '/$ ''$" $" $" $" $" $" $" $" $" $" $" )* $" )* $" $" )* )* $" $" $" $" $" $" $" 65 $0 65 $0 /.

65 $0 $0 *% *% *% 8: ***/ ." /) /) ." ,: 7"

3BUJOH 0Gm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

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

#JMM )BMMPDL 1FUF 4USJOEFO :JTIBJ (FGFO (SBOU (FPSHF 1BVM 5FSSJFS +PIO 0XFOT 3PCFSUP -PQF[ 4PM ,BIO -FVOH $IJV -FVOH "MFKBOESP "MWBSF[ 3PCFSU ,VD[FXTLJ 8BSSFO 4UBEMFS "OEZ "BLIVT XJUU $SBJH /VUUJOH $MBJS 1BDLFS #SBE +F[FL &EXBSE 0UUJOHFS #SVDF 3PCFSUTPO 5JN )BXLJOT (VTUBWP $BOBMJ 1BVM 5FSSJFS 3PCFSUP -PQF[

8BTIJOHUPO 2VBOUJDP (VBZOBCP /BTIWJMMF .JBNJ 'BZFUUFWJMMF .JBNJ /FX :PSL B .PVOU %BWJT 3E 5VMVN 2 SPP -B +PMMB 1BSL $JUZ 8IFBU 3JEHF 'SBTFS .PSFMBOE +BDLTPO 4U -PVJT 0LMBIPNB $JUZ #SPLFO "SSPX #MPPNm FME )JMMT .JBNJ .JBNJ

%$ 7" 13 5/ '/$ '/: $" 65 $0 $0 *% 8: .0 0, 0, .* ''-

3PC 4QPSSFS ,FO )VEPOKPSHFOTFO 3PCFSU )BTUJOHT 4DPUU )BSSJT 4FCBTUJBO ;BWBMMB ,FO )VEPOKPSHFOTFO 4FCBTUJBO ;BWBMMB "MJTUBJS 3JUDIJF +FGGSFZ (SFFOCBVN .JHVFM (VUJFSSF[ 3PC .DLFO[JF 4UFQIFO .BZFS 3PTT 3PCJOTPO ,ZPVOH ,J )POH 'SBOL (JMMFUUF +BNFT .BUU $PNCT 5IPNBT #BSUMFUU %BWJE +FCC (BCSJFM +FCC 1FUF .JDIFMNPSF 4FCBTUJBO ;BWBMMB 4FCBTUJBO ;BWBMMB

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

+FGG )PXBSE &NJMF 5PVCFS +VTUJO .JMMFS *HPS 4IFO 8JMMJBN %FBHVJBS +BNFT #SBEMFZ %BWJE %BWJETPO 5POZ ,BOF 0UIBS -BXSFODF /PFM 8BEF #SJBO 1FUFSTFO 3FCFDDB #SFEFIPGU $BSFZ .BSUJO $ISJTUPQIFS ,SPPU 1FUF .JDIFMNPSF

1PSUMBOE "VTUJO (FZTFSWJMMF $PTUB .FTB -BXOEBMF -PT "OHFMFT 7FOUVSB 4BOEZ 4BMU -BLF $JUZ #SPPNm FME 4BMU -BLF $JUZ #JMMJOHT 8JMTPO "VHVTUB ,BOFPIF

59 59 $" $" $" $" $" 65 65 $0 65 .5 8: .& )*

#SJBO 4DIFODL %BWJE 7FSCPJT (SFHH )BDLFUU .BSDFMMP %F #BSSPT .BSDFMMP %F #BSSPT $ISJT 4BOUBDSPDF $IBE #BTUJBO $ISJT 4BOUBDSPDF 0UIBS -BXSFODF -BZOF 4FMG 0UIBS -BXSFODF +BNFT .BUU $PNCT 4DPUU )BSSJT ,FO )VEPOKPSHFOTFO %BWJE +FCC

,BSJ $BTUMF BU UIF 3FE #VMM 9 "MQT 1IPUP ª6MSJDI (SJMM VMSJDIHSJMM DPN

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

(BMMFSZ

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1SFDFEJOH QBHFT 3BMQI 4FOUFS B 4F BUUMF BSFB QJMPU PG ZFBST XBT IPQJOH GPS B QFBDFGVM n JHIU PO IJT "UPT GSPN $IFMBO #VUUF 8BTIJOHUPO "T UIF TFRVFODF PG QIPUPT TIPXT iQFBDFGVMw XBT OPU PO UIF BHFOEB UIJT +VMZ BGUFSOPPO 5IF QBSBHMJEFS QJMPU XIP XBT WJTJUJOH GSPN 4XJU[FSMBOE IBE IJT XJOH CVOEMFE VQ PO MBVODI CVU XBT VOBCMF UP FTDBQF UIF QVMM PG UIF EVTU EFWJM 5IF VQQFS TVSGBDF PG IJT QBSBHMJEFS XBT TISFEEFE BT IF BOE IJT XJOH XFSF HSPVOE JOUP UIF EJSU CZ 3BMQI T TXJSMJOH IBOH HMJEFS -BSSZ +PSHFOTFO XIP T CFFO n ZJOH XJUI 3BMQI GPS NPSF UIBO ZFBST BUUFNQUFE UP HSBC UIF "UPT HMJEFS BOE TUBCJMJ[F JU VOUJM UIF EVTU EFWJM QBTTFE CVU IF XBT n VOH BCPVU GFFU EPXO UIF IJMM CZ UIF GPSDF PG UIF XIJSMJOH HMJEFS -BSSZ T XJGF 5JOB XBT IPPLFE JOUP IFS 'BMDPO CFIJOE 3BMQI PO MBVODI CVU TIF XBT BCMF UP HFU VODMJQQFE BOE IPME POUP IFS HMJEFS XJUI UIF IFMQ PG TPNF CZTUBOEFST 3BMQI XBT TFWFSFMZ CBUUFSFE BOE CSVJTFE BT XBT -BSSZ CVU BNB[JOHMZ OP POF XBT TFSJ PVTMZ JOKVSFE 3BMQI T "UPT BOE UIF QBSBHMJEFS IPXFWFS XFSF CPUI EBNBHFE CFZPOE SFQBJS

1IPUP 5SZH )PGG

1IPUPT PO QQ BOE 3JDIBSE 6IMIPSO XXX SJDIBSEVIMIPSO DPN

1IPUP 0MMJ #BSUIFMNFT

" NJE EBZ EVTU EFWJM FOUFSUBJOT POMPPLFST PO $IFMBO #VUUF

" EVTU EFWJM IBSBTTFT DPNQFUJUPST BU UIF 1SF 8PSMET IFME JO )BZ /48 "VTUSBMJB

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

5IF 3BWFO ª 4UFWF .FTTNBO BOE .FTTNBO 'BNJMZ &OUFSQSJTFT --$ "SUXPSL CZ +BNFT #FOEFS XXX OXBSU KQCFOEFS DPN

/PSUIXFTU $PBTUBM *OEJBO MFHFOET IPME UIF SBWFO BT UIF NPTU JNQPSUBOU PG BMM DSFBUVSFT ɩ F 3BWFO PG BODJFOU MFHFOE UPPL NBOZ GPSNT )F XBT B DVMUVSBM IFSP )F XBT B DSFBUPS BT XFMM BT UIF EFDFJWFS " DSFBUVSF PG BOUJDT 3BWFO MPWFE UP USJDL UP DIFBU UP UFBTF * CFMJFWF UIPTF MFHFOET JG OPU UP UIF MFUUFS UIFO DFSUBJOMZ UP UIF TQJSJU * IBWF BMXBZT XFMDPNFE UIF n ZJOH USJDLTUFS BU NZ TPBSJOH TJUFT * MPWF XBUDIJOH UIJT NBMJHOFE BOE TPSFMZ VOEFSFTUJNBUFE CJSE QMBZ XJUI UIF BJS 3BWFO IBT BUUJUVEF BOE n JFT XJUI POF )F TPBST JO UIF BJS MPPQ JOH SPMMJOH VQTJEF EPXO GPMEJOH XJOHT BOE NBOFVWFSJOH XJOHUJQT MJLF B DPNCBU TFBTPOFE ' QJMPU ɩ F CJSE JT BMTP B UFBDIFS *G ZPV XBUDI DMPTFMZ ZPV DBO UFMM JG IF JT XPSLJOH BU QMBZJOH PS QMBZJOH BU XPSLJOH * IBWF PO PDDBTJPO EFDJEFE OPU UP n Z CFDBVTF PG XIBU UIJT FYDFMMFOU TPBS JOH QJMPU UPME NF BCPVU UIF EBZ T BJS 0O UIJT QBSUJDVMBS EBZ * TBU XBJUJOH GPS NZ NFOUPS UP BSSJWF MJLF B TIBEPX JO UIF TLZ *U XBT EFm OJUFMZ B IJHI QSFTTVSF EBZ ɩ F TLZ XBT DMFBS UIF CMVF PG EFFQ PDFBO /PU B TJOHMF DMPVE NBSLFE UIF TLZ FYDFQU GPS UIF PDDBTJPOBM XJTQ TUSPLFE POUP UIF CMVF DBOWBT CZ UIF 1BJOUFS )JNTFMG " MPX IB[F IVOH JO GSPOU PG EJTUBOU SJEHF MJOFT )PXFWFS UIFSF XBT OP 3BWFO 8JOET XFSF DPNJOH TUSBJHIU JO BCPVU UISFF NQI CVU JU XBT POMZ ɩ F TVO IBEO U IBE TVċ DJFOU UJNF UP IFBU UIF XFTU TJEF * TDBOOFE UIF TLZ /PUIJOH :FU BO PUIFS XFBUIFS DIFDL DPOm SNFE UIBU UIJT XBT OPU B TUSPOH UIFSNBM EBZ ɩ F XJOET XFSF TUJMM DPNJOH JO BOE UIFZ XFSF TUJMM WFSZ MJHIU ɩ FSF XFSF OP XPSLBCMF DZDMFT *U XBT TBGFMZ EPBCMF UIPVHI TP * EFDJEFE UP n Z " DPVQMF PG RVJDL QBTTFT BDSPTT UIF GBDF PG UIF IJMM GPVOE OPU UIF TMJHIU FTU JPUB PG MJGU * UVSOFE NZ XJOH UPXBSE iUIF QPJOUw XIFSF B DIVOL PG TPVUI GBDJOH

FBSUI NJHIU IFMQ QSP EVDF BU MFBTU B MJUUMF BJS UJNF CFZPOE UIF FYQFDUFE TMFEEFS -JUUMF UFBTFT PG MJGU LFQU NF BJSCPSOF CVU SFGVTFE UP SBJTF NF UP TBUJTGBDUPSZ IFJHIUT * HPU UP GFFU UIFO ESPQQFE UP UIFO SFUVSOFE UP PS MFTT ɩ JT EBODF PG UIF FMFWBUPS CBMMFU DPOUJOVFE GPS B GFX NJOVUFT CFGPSF JU CFDBNF NPSF XPSL UIBO QMBZ * DPVME IBOH PO CVU OP NPSF * CFHBO UP QMBO NZ MBOEJOH 'SPN NZ QFSDI * XBUDIFE UISFF IPSTFT DSPTT UIF NJEEMF PG UIF -; TP * EFDJEFE UP QMBZ XJUI UIF MJGU GPS B MJUUMF MPOHFS ɩ FO * TBX GPVS NPSF IPSTFT XJUI SJEFST TP * EFDJEFE UP DPOUJOVF CBOUFSJOH XJUI UIF MJUUMF CJU PG MJGU BWBJMBCMF 8IFO UIF IPSTFT DMFBSFE UIF -; * IFBEFE JO "T NZ XJOH GFMM HSBDFGVMMZ UP UIF HSPVOE * DPOTJEFSFE UIF CFBVUZ PG UIF n JHIU BOE UIF FYRVJTJUFOFTT PG XIFSF * XBT .U 4U )FMFOT HMPXFE JO UIF TVOMJHIU ɩ F WBMMFZ n PPS SFDFOUMZ BXBLFOFE GSPN JUT XJOUFS TMVNCFS EJTQMBZFE QBUDIFT PG FNFSBME HSFFO ɩ F TPVOE DBNF RVJDLMZ BOE TVE EFOMZ UP NZ FBST .Z FZFT EBSUFE TLZ XBSE 3BWFO ɩ FSF IF XBT 'JOBMMZ "T BHJMF BOE BDDPNQMJTIFE JO UIF BJS BT BOZ SFE UBJMFE BDF UIBU FWFS HSBDFE B UIFSNBM 3BWFO DJS DMFE JO UIF TBNF BSFB PG MJGU UIBU * MFGU KVTU NJOVUFT FBSMJFS ɩ F CJSE QSPWFE IJT TLJMM

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

BOE TPPO IF XBT GFFU IJHIFS UIBO * DPVME HFU JO UIBU TBNF BSFB PG MJGU * TXFBS UIBU IF UVSOFE IJT IFBE UP MPPL EPXO BU NZ HSPVOEFE XJOH UIBU OPX TJNQMZ XBJUFE UP CF GPMEFE 3BWFO XJOLFE BU NF * TXFBS IF EJE "T UIF USJDLTUFS XJUI BUUJUVEF BOE BQQBSFOUMZ B TFOTF PG IVNPS EFQBSUFE UP UIF OPSUIFBTU DBSSJFE CZ UIF TUJMM TMJHIU XJOET IJT VONJTUBL BCMZ TBSDBTUJD UPOF JOUFOEFE FTQFDJBMMZ GPS NF DSPTTFE UIF 5PVUMF 7BMMFZ )"" )"" )""

4UFWF .FTTNBO n FX IBOH HMJEFST JO UIF MBUF A T BOE VMUSBMJHIUT JO UIF NJE T $VSSFOUMZ IF n JFT B QBSBHMJEFS BOE UFBDIFT NJEEMF TDIPPM NBUI BOE TDJFODF JO UIF 1BDJm D /PSUIXFTU

$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 $0.1&5*5*0/

'-: */4 0DUPCFS 4FDPOE BOOVBM %JYPO 8IJUF .FNPSJBM 'MZ *O BU UIF $SB

UFST "SJ[POB FOUSZ GFF .PSF JOGP BWBJMBCMF BU XXX QBSBHMJEF DPN PS FNBJM UBOOFSQBUUZ!NTO DPN 0DUPCFS 0MVEFOJ[ 5VSLFZ 4JYUI *OUFSOBUJPOBM "JS (BNFT

.PSF JOGPSNBUJPO BU XXX CBCBEBH DPN 'FCSVBSZ 7BMMF EF #SBWP .FYJDP )( 1( .JM

MFOOJVN $VQ m OBMT QBSUZ 4BUVSEBZ .PSF JOGP BU XXX n ZNFYJDP DPN KFGG!n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m OF UP DMJNC BOE QBSBHMJEF TJODF 8JUI IJT XJGF 6STVMB B OBUJWF PG QPJOUT PG 9$ DPNQFUJUJPO ) QJMPUT XJMM CF QBJSFE XJUI FYQFSJFODFE NFO -JNB 1FSV "EWFOUVSF 5PVS 1SPEVDUJPOT XJMM SFUVSO UP WJTJU TJUFT PO UIF UPST &OUSZ GFF EPFT OPU JODMVEF UPX GFFT 7JTJU XXX USFFUPQQFST 1BDJm D DPBTU BOE JO UIF IJHI "OEFT 'PS NPSF JOGPSNBUJPO QMFBTF TFF BEWFOUVSFUPVSQSPEVDUJPOT DPN PS FNBJM KFGG!BEWFOUVSFUPVSQSPEVDUJPOT PSH PS DPOUBDU NFFU EJSFDUPS %FBO 'VOL EFBOGVOL!NJOETQSJOH DPN DPN PS DBMM 0DUPCFS /PSUIFSO $BMJGPSOJB $PNQFUJUJPO -FBHVF 3BDF 8FFLFOE -PDBUJPO UP CF EFDJEFE UISFF EBZT QSJPS UP FWFOU o BMM TJUFT 0DUPCFS 1BSBHMJEFS NPVOUBJO n ZJOH DMJOJD XJUI ,FO )VEPOKPS XJUIJO GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB QFS SBDF .PSF HFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN JOGPSNBUJPO GSPN +VH "HHBSXBM KBHHBSXBM!FT VDTD FEV BOE POMJOF BU 0DUPCFS 0ODF BHBJO /PSUI "NFSJDBO 1BSBHMJEJOH *OD XJMM IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL GPS UIF 9$ -FBHVF CF HVJEJOH B GVO n ZJOH UPVS BU 0MV %FOJ[ OFTUMFE JO 48 5VSLFZ PO UIF .FEJUFSSBOFBO 4FB "MNPTU GFFU BTM BHM DPOTJTUFOU TPBSJOH 'FCSVBSZ .JMMFOOJVN $VQ )BOH (MJEJOH 0QFO BQQSPQSJBUF GPS BOZ 1 PS BCPWF QJMPU $POUBDU .JLF &CFSMF BU 7BMMF EF #SBWP .FYJDP 'PPU MBVODI IBOH HMJEJOH DPNQFUJUJPO TUJMM XPSLT 4PNF PG UIF CFTU NPVOUBJO n ZJOH BWBJMBCMF .PSF JOGP BU XXX n ZNFYJDP OBQJ!GVO n Z DPN PS DIFDL PVS UPVS TFDUJPO BU XXX GVO n Z DPN GPS NPSF JOGPSNBUJPO BOE TDIFEVMJOH DPN KFGG!n ZNFYJDP DPN

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

QPSUBUJPO JODMVEFE &NBJM JOGP!QBUBHPOJBQBSBHMJEJOH DPN PS WJTJU XXX MFBE ZPV PO B UPVS PG BMM PG #BSCBEPT T n ZJOH TJUFT EVSJOH JUT CFTU n ZJOH QBUBHPOJBQBSBHMJEJOH DPN PS DBMM -VJT BU (VJMMFSNP BU NPOUI PG UIF ZFBS 5PP NBOZ PUIFS JTMBOE BDUJWJUJFT UP NFOUJPO CVU ZPV PS #FUI BU GPS NPSF JOGP DBO BMTP DIFDL PVU UIF XPSME GBNPVT 7JSHJO "UMBOUJD #JSENBO DPNQF UJUJPO $IPPTF BMM PS B QPSUJPO PG UIF EBUFT -JNJUFE BWBJMBCJMJUZ TP DBMM /PWFNCFS $IJMF BOE UIF "UBDBNB %FTFSU +PJO VT PO PVS UFOUI DSPTT DPVOUSZ n ZJOH BEWFOUVSF UP UIJT ESJFTU EFTFSU JO UIF XPSME PS DPOUBDU TPPO *OGPSNBUJPO BOE SFTFSWBUJPOT 4DPUU 5PXOF $POTJTUFOUMZ HPPE TPBSJOH BOE DSPTT DPVOUSZ n JHIUT 5IF EBUFT MJTUFE PS TDPUU!MFHBMDPMMFDUJPOT DPN BSF JODMVTJWF PG USBWFM GSPN UIF 6 4 -JNJUFE TQBDF TP TJHO VQ TPPO $PO 0DUPCFS 0DUPCFS 5BQBMQB .FYJDP TJUF PG UBDU .JLF &CFSMF BOE /PSUI "NFSJDBO 1BSBHMJEJOH *OD BU OBQJ!GVO n Z UIF 18$ DIBNQJPOTIJQT JT XPSME DMBTT n ZJOH JO 0DUPCFS BOE DPN PS DIFDL PVS UPVS TFDUJPO BU XXX GVO n Z DPN GPS NPSF JOGPSNBUJPO /PWFNCFS *NQSPWF ZPVS UIFSNBM BOE 9$ n ZJOH TLJMMT XJUI XPSME BOE TDIFEVMJOH UFBN NFNCFS %BWJE 1SFOUJDF 5PVS JODMVEFT BJSQPSU QJDL VQ GSPN (VBEBMBKBSB USBOTQPSUBUJPO 9$ SFUSJFWBM BOE HVJEF TFSWJDFT 'PS NPSF %FDFNCFS 'MZ.FYJDP 7BHBCPOE 5PVS IJUUJOH NVMUJQMF TJUFT BOE DIBOHJOH MPEHJOH "SSJWF JOUP .FYJDP $JUZ 1( BOE 'BMDPO IBOH JOGP DPOUBDU %BWJE 1SFOUJDF PS FBSUIDPH!ZBIPP HMJEFST .PSF JOGP BU XXX n ZNFYJDP DPN KFGG!n ZNFYJDP DPN DPN

0DUPCFS 64)(" GBMM #0% NFFUJOH 3PDIFTUFS / : "MM NFN CFST BSF JOWJUFE UP BUUFOE BOE QBSUJDJQBUF JO DPNNJUUFF EJTDVTTJPOT $PO %FDFNCFS UISPVHI +BOVBSZ 'MZ TPVUI UIJT XJOUFS UBDU 64)(" PGm DF GPS NPSF JOGPSNBUJPO .FFUJOH 8PSME GBNPVT 7BMMF EF #SBWP .FYJDP PGGFST UIF NPTU SFMJBCMF XJOUFS MPDBUJPO 3BNBEB *OO +FGGFSTPO 3PBE 3PDIFTUFS /: IPUFM n ZJOH FWFS 5BLF UIF UPVS PS UBLF UIF DMJOJD *NQSPWF ZPVS UIFSNBM BOE 9$ TLJMMT XJUI XPSME UFBN NFNCFS %BWJE 1SFOUJDF 5PVS JODMVEFT BJS QIPOF GBY QPSU QJDL VQ JO .FYJDP $JUZ USBOTQPSUBUJPO MPEHJOH 9$ SFUSJFWBM HVJEF 0DUPCFS 1BSBHMJEFS JOTUSVDUPS USBJOJOH XJUI ,FO )VEPOKPS TFSWJDFT GPS B XFFL JO BOE PVU PO 4VOEBZ 'PS NPSF JOGP DPOUBDU HFOTFO 0DUPCFS *OTUSVDUPS 3FDFSUJm DBUJPO .PSF JOGPSNBUJPO XXX %BWJE 1SFOUJDF BU PS FBSUIDPH!ZBIPP DPN UXPDBOn Z DPN %FDFNCFS 4PVUIFSO $BMJGPSOJB QBSBHMJEFS USJQ XJUI ,FO 0DUPCFS 5BOEFN $MJOJD XJUI 3JDL )JHHJOT 64)(" UBOEFN )VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN BENJOJTUSBUPS JO )PPE 3JWFS 0SFHPO 5 5 BOE 5 SBUJOHT UP RVBMJm FE QJMPUT $PTU $POUBDU 3JDL )JHHJOT 4VO4QPSUT 1BSBHMJEJOH 4VO4QPSUT1(!BPM DPN 0DUPCFS 'MZ #BSCBEPT 1BSBHMJEFS TVQFS IPTU 1BVM /VHFOU XJMM

0DUPCFS 1BSBHMJEFS UBOEFN 5 BOE 5 DMJOJD XJUI

,FO )VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN

0DUPCFS /PWFNCFS 5BQBMQB .FYJDP TJUF PG UIF

18$ DIBNQJPOTIJQT JT XPSME DMBTT n ZJOH JO 0DUPCFS BOE /PWFNCFS *N QSPWF ZPVS UIFSNBM BOE 9$ n ZJOH TLJMMT XJUI XPSME UFBN NFNCFS %BWJE 1SFOUJDF 5PVS JODMVEFT BJSQPSU QJDL VQ GSPN (VBEBMBKBSB USBOTQPSUBUJPO 9$ SFUSJFWBM BOE HVJEF TFSWJDFT 'PS NPSF JOGP DPOUBDU %BWJE 1SFOUJDF PS FBSUIDPH!ZBIPP DPN /PWFNCFS UISPVHI "QSJM 'MZ.FYJDP T 4VOEBZ UP 4VOEBZ UPVST 1( BOE )( "OPUIFS XJOUFS TFBTPO CBTFE JO 7BMMF EF #SBWP .FYJDP BOE n ZJOH FWFSZ TUJOLJO EBZ "GUFS ZFBST XF TUJMM LFFQ JNQSPWJOH UIF )PUFM .FTPO EFM 7JFOUP FYQBOTJPO UIF 'JFTUB ;POF BOE DBTJUB CZ UIF FYQBOEFE MBLFTJEF -; BOE MPDBM LOPXMFEHF MJLF OP PUIFS 'MZ JOUP .FYJDP $JUZ BOE XF UBLF JU GSPN UIFSF &WFSZUIJOH CVU ZPVS GPPE BOE ESJOL 3BUFT GPS CSPO[F TJMWFS BOE HPME MFWFMT WBHBCPOE UPVST BOE FYUJODU WPMDBOP n ZJOH .PSF JOGP BU XXX n ZNFYJDP DPN KFGG!n ZNFYJDP DPN

/PWFNCFS .FOEP[B "SHFOUJOB +PJO "SHFOUJOFBO QBSBHMJEJOH 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 USBOT 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP ªVMSJDIHSJMM DPN

/PWFNCFS *RVJRVF $IJMJ +PJO "SHFOUJOFBO QBSBHMJEJOH 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

%FDFNCFS .BVOB ,FB UIFSNBM DMJOJD GPS QBSBHMJEFS QJMPUT #JH +BOVBSZ 'FCSVBSZ /PSUI "NFSJDBO 1BSBHMJEJOH XJMM CF BJS IJHI BMUJUVEF MBVODIFT DIBMMFOHJOH 9$ n ZJOH XIJMF QJPOFFSJOH TFWFSBM USBWFMJOH UP 4PVUI "GSJDB GPS UIFJS TFDPOE UPVS PG UIF HSFBU n ZJOH BMPOH UIF IJHI QFBLT OFBS .BVOB ,FB 1 PS CFUUFS PS TUSPOH 1 XJUI JO (BSEFO 3PVUF BOE $BQF 5PXO BSFBT 5IJT USJQ DBO BMTP JODMVEF B TBGBSJ JO TUSVDUPS SFDPNNFOEBUJPO JODMVEFT XE USBOTQPSUBUJPO ,SVHFS /BUJPOBM 1BSL BOE B XJOFSZ UPVS JO 4UFMMFOCPTI %BUFT BSF n FYJCMF BJSQPSU QJDL VQ HVJEF TFSWJDF DBNQJOH EBJMZ XFBUIFS SFQPSU 'PPE BOE BU UIJT TUBHF BOE XF XJMM SVO NVMUJQMF USJQT JO FBSMZ $POUBDU .JLF HBT NPOFZ FYUSB $POUBDU 1BSBHMJEF )BXBJJ 1 0 #PY .PVOUBJO 7JFX &CFSMF BU OBQJ!GVO n Z DPN PS DIFDL PVS UPVS TFDUJPO BU XXX GVO n Z )* UPn Z!FYDJUF DPN PS DPN GPS NPSF JOGPSNBUJPO BOE TDIFEVMJOH 8JOUFS (PWFSOBEPS 7BMBEBSFT #SB[JM o B USVMZ 4PVUI "NFSJDBO n ZJOH WBDBUJPO "MM XJOHT BMM TLJMM MFWFMT XFMDPNF 64)(" JOTUSVDUPS HVJEFT #FE CSFBLGBTU TQFDJBMMZ EFTJHOFE GPS QJMPUT QFS EBZ EPVCMF 0GGFSJOH IBOH HMJEJOH QBSBHMJEJOH IJLJOH CJLJOH SPDL DMJNCJOH DBOPFJOH SBGUJOH UVCJOH BOE NPSF (VJEFE UPVST BSF BWBJM BCMF GPS BOZ PG UIFTF BDUJWJUJFT PS FOKPZ UIFN PO ZPVS PXO 'PS JOGP BOE SFTFSWBUJPOT DBMM PS FNBJM TLZCJSEXJOHT!IPUNBJM DPN +BOVBSZ 'MZ.FYJDP 'PDVT n ZJOH UIF FYUJODU WPMDBOP

OFBS 7BMMF EF #SBWP 4USPOH 1 BOE BCPWF (14 SBEJP SFRVJSFE .PSF JOGP BU XXX n ZNFYJDP DPN KFGG!n ZNFYJDP DPN

.BSDI 0, UIJT JT B CJU FBSMZ CVU BEWFOUVSFT MJLF UIJT SFRVJSF TPNF BEWBODF QMBOOJOH 5PUBM 4PMBS &DMJQTF n Z JO 5VSLFZ -FJTVSF$MBTT 'MZJOH 5PVST JOWJUFT BEWFOUVSPVT BOE TFMG TVGm DJFOU QJMPUT UP KPJO PUIFST PG MJLF NJOET GPS UIJT FYUSBPSEJOBSZ DPTNPMPHJDBM FWFOU &YQFSJFODF UIF OVNFSPVT IJTUPSJDBM DVMUVSBM SFDSFBUJPOBM BOE n ZJOH TJUFT BMPOH UIF 5VSLJTI .FEJUFSSBOFBO DPBTU DVMNJOBUJOH JO XJUOFTTJOH B UPUBM TPMBS FDMJQTF *G ZPV IBWF OFWFS CFFO UP TVDI BO FWFOU XPSET BOE QJDUVSFT EP OPU CFHJO UP EFTDSJCF JU $POUBDU $PMJO 1FSSZ (PPE-PPLJOH3JDI(VZ!IPUNBJM DPN

+BOVBSZ 7BMMF EF #SBWP QBSBHMJEFS USJQ XJUI ,FO )VEPO

KPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN +BOVBSZ 5BQBMQB 1 +BOVBSZ $PMJNB 1 +BOVBSZ 'FCSVBSZ 5BQBMQB 1 .FYJDP QBSBHMJEJOH XJUI (SBOHFS #BOLT DPWFST QJDL VQ

BU (VBEBMBKBSB BJSQPSU TJY EBZT PG HVJEFE n ZJOH IPUFM USBOTQPSUBUJPO 'JWF QJMPU MJNJU 4FF XXX QBSBTPGUQBSBHMJEJOH DPN PS DBMM GPS EFUBJMT

0RVTXLWR 3RZHU +DUQHVV 'HDOHUV ´ µ % /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 &$

0RWRULVp 0LOODLUH ,QF 0DUFHO 0LOODLUH 4XHEHF WHO ID[ ' 9RO ,QF (ULF 2OLYLHU 4XHEHF

FHOO ID[

)RRW /DXQFKHG 3RZHU 3DXO 2OVRQ FHOO 5DFLQH :,

*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

5IF UISFF NPTU DPNNPO FYQSFT TJPOT PS GBNPVT MBTU XPSET JO BWJBUJPO BSF 8IZ JT JU EPJOH UIBU 8IFSF BSF XF BOE 0I 4 5

&$1$'$

:,

7;

"WJBUJPO 8JTEPN

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

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

."3,&5 1-"$& "EWFOUVSF 1SPEVDUJPOT $MPVE 4PBSJOH $FOUFS 'MJHIU $POOFDUJPOT 'MZUFD 64" +VTU 'MZ ,JUUZ )BXL ,JUFT

0; 3FQPSU 4VQFS'MZ 64)(" 9$ 'MJHIU "XBSE

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

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

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

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

7+( 8 6 +DQJ *OLGLQJ $VVRFLDWLRQ 3ODWLQXP 3OXV£ 9LVD &5(',7 &$5'

3RZHU 3UHVWLJH )OH[LELOLW\ 7KHUH LV D FDUG WKDW WUXO\ GHVHUYHV WR EH WKH RQO\ FDUG LQ \RXU ZDOOHW :H FRXOGQ¶W EH PRUH SURXG WR RIIHU \RX WKH 8 6 +DQJ *OLGLQJ $VVRFLDWLRQ 3ODWLQXP 3OXV 9LVD FUHGLW FDUG DW FRPSHWLWLYH UDWHV ,VVXHG E\ 0%1$ WKH OHDGHU LQ DIILQLW\ PDUNHWLQJ LW¶V JRW HYHU\WKLQJ \RX¶G ZDQW LQ D FDUG DQG PXFK PRUH ([FHSWLRQDO %HQHILWV x x x x x

1R $QQXDO )HH /RZ LQWURGXFWRU\ DQG $QQXDO 3HUFHQWDJH 5DWH $35 *HQHURXV FUHGLW OLQHV DV KLJK DV (PHUJHQF\ FDUG UHSODFHPHQW &DVK DFFHVV DW WKRXVDQGV RI $70¶V ZRUOGZLGH

:RUOG &ODVV 6HUYLFH x x x x x

KRXU &XVWRPHU VHUYLFH %LOOLQJ GLVSXWHV DGYRFDWHV &RPSOHWH RQOLQH DFFRXQW DFFHVV DQG ELOO SD\ IHDWXUHV ,QVWDQW FUHGLW OLQH GHFLVLRQV 7UDYHO SODQQLQJ VHUYLFHV

&RPSOHWH 6HFXULW\ x x x x

$URXQG WKH FORFN IUDXG SURWHFWLRQ =HUR OLDELOLW\ IRU IUDXGXOHQW FKDUJHV 6HFXUH DFFHVV WR \RXU DFFRXQW RQOLQH DOO WKH WLPH &RPPRQ &DUULHU 7UDYHO $FFLGHQW ,QVXUDQFH FRYHUDJH

:KDW¶V PRUH HDFK WLPH \RX PDNH D SXUFKDVH ZLWK \RXU FUHGLW FDUG D FRQWULEXWLRQ LV PDGH WR WKH 8 6 +DQJ *OLGLQJ $VVRFLDWLRQ DW QR DGGLWLRQDO FRVW WR \RX

/HDUQ PRUH²FDOO WROO IUHH 77< XVHUV FDOO 3OHDVH UHIHU WR SULRULW\ FRGH & ZKHQ VSHDNLQJ ZLWK DQ 0%1$ UHSUHVHQWDWLYH WR DSSO\ )RU LQIRUPDWLRQ DERXW WKH UDWHV IHHV RWKHU FRVWV DQG EHQHILWV DVVRFLDWHG ZLWK WKH XVH RI WKH FDUG RU WR DSSO\ SOHDVH FDOO WKH DERYH WROO IUHH QXPEHUV

1IPUP ª4UFGBO "VGTDIOBJUFS

XXX TVQFSGMZDISJT DPN GSFFEPN IUN

4XJTT DPNQFUJUPS 6ST -ÚUTDIFS EFBMT XJUI B NJOPS DIBMMFOHF PO IJT XBZ UP B TFDPOE QMBDF m OJTI JO UIF 3FE #VMM 9 "MQT

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

*/41&$5&% 3&4&37&4 o 'PS )( PS 1( VQ 6TFE 2VBOUVN BMM TJ[FT VQ 4PNF USBEFT BDDFQUFE JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT

1"3"(-*%*/( "%7*403: 6TFE QBSBHMJEFST TIPVME BMXBZT CF UIPSPVHIMZ JOTQFDUFE CFGPSF n ZJOH GPS UIF m STU UJNF "OOVBM JOTQFDUJPOT PO QBSBHMJEFST TIPVME JODMVEF TBJMDMPUI TUSFOHUI UFTUT 4JNQMZ QFSGPSNJOH B QPSPTJUZ DIFDL JTO U TVGm DJFOU 4PNF HMJEFST QBTT QPSPTJUZ ZFU IBWF WFSZ XFBL TBJMDMPUI

/035) 8*/( %&4*(/ o JT FYDFQUJOH BQQMJDBUJPOT GPS NFUBM TIPQ XJOH BOE USJLF BJSGSBNF NFDIBOJD "MTP FY DFQUJOH BQQMJDBUJPOT GPS TBJM NBLFS BOE TFXJOH NBDIJOF PQFSBUPS 4FOE "QQ 5P BJSQPSU XBZ & 8FOBUDIFF 8B PS 'BY XXX OPSUIXJOH DPN

&.1-0:.&/5

*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

)"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

'-&9 8*/(4

1"3"(-*%&34

&7&/ 61 53"%&4 o -PPLJOH UP NPWF VQ GSPN ZPVS CFHJOOFS PS OPWJDF HMJEFS CVU DBO U QVU VQ DBTI JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT

"%7"/$& &14*-0/ o "EWBODF 0NFHB EFNP (JO #PMFSP . 0[POF 7JCF 4 &EFM $POUSPM . IUUQ XXX CVZPOMJOF CMPHTQPU DPN

'"-$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

.0:&4 -*5&41&&% 4 o 8JMMT 8JOH 6MUSBTQPSU o 61 539 o "MM JO HSFBU TIBQF $BMM

-*5&41&&% 4 o $BSCPO MFBEJOH FEHFT BOE DBSCPO -& JOTFSUT %BDSPO TBJM 3FHVMBS CBTF UVCF BOE '"45 CBS 1FSGFDU DPOEJUJPO -PX IPVST 0 # 0

-*5&41&&% 4 o 0SBOHF QVSQMF IPVST .ZMBS TBJM $"3#0/ CBTFUVCF 3-& TQSPHT BOE JOTFSUT 8POEFSGVM HMJEFS 1"$ "*3 '03.6-" o XJUI SBDF DMPUI )JHI &OFSHZ QPE XJUI #34 TJEF NPVOU 1%" m UT FYDFMMFOU DPOEJUJPO IPVST 0#0 8*--4 8*/( &"(-& o 1FSGFDU n PXO POMZ UJNFT JO 8IFFMT TUSFBNMJOFE EPXOUVCFT GPMEJOH TQFFECBS /PO n ZJOH JOKVSZ GPSDFT TBMF 8*--4 8*/( 461&341035 o ( PPE DPOEJUJPO

88 5"-0/ & YDFMMFOU DPOEJUJPO IST 55 &YUSB TFU 4MJQTUSFBN %PXOUVCFT

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

)"/( (-*%*/( "%7*403: 6 TFE IBOH HMJEFST TIPVME BMXBZT CF EJTBTTFNCMFE CFGPSF n ZJOH GPS UIF m STU UJNF BOE JOTQFDUFE DBSFGVMMZ GPS GBUJHVFE CFOU PS EFOUFE EPXO UVCFT SVJOFE CVTIJOHT CFOU CPMUT FTQFDJBMMZ UIF IFBSU CPMU SF VTFE /ZMPD OVUT MPPTF UIJNCMFT GSBZFE PS SVTUFE DBCMFT UBOHT XJUI OPO DJSDVMBS IPMFT BOE PO n FY XJOHT TBJMT CBEMZ UPSO PS UPSO MPPTF GSPN UIFJS BODIPS QPJOUT GSPOU BOE CBDL PO UIF LFFM BOE MFBEJOH FEHFT

)"3/&44&4

3*(*% 8*/(4 ()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

%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

5033&: 1*/&4 (-*%&31035 o $PNF TPBS JO 4BO %JFHP 5IJT GBNJMZ PXOFE BOE PQFSBUFE n ZJOH TJUF PGGFST %3"(0/'-: "&3056(4 o 'PS VQ UP PGG UIF 64)(" DFSUJm FE JOTUSVDUJPO BEWBODFE USBJOJOH FRVJQ NFOU TBMFT UBOEFN n JHIU JOTUSVDUJPO NPUPSJ[FE QH IH QSJDF PG OFX POFT &ODMPTFE USBJMFS BWBJMBCMF GPS QJDLVQ EFMJWFSZ XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN JOTUSVDUJPO BOE TJUF UPVST 8F BMTP IBWF BO FYUFOTJWF QH IH PVUm UUJOH TIPQ PGGFSJOH QBSBDIVUF SFQBDLT BOE GVMM IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT TFSWJDF SFQBJST #SJOH ZPVS GBNJMZ GPS PVS BNB[JOH TVOTFUT BOE EJOJOH BU UIF $MJGGIBOHFS $BGF *NQPSUFST GPS 4$)00-4 %&"-&34 1BSB UFDI BOE *OEFQFOEFODF HMJEFST 8F BMTP DBSSZ "VT USJ"MQJO $FOUFS PG (SBWJUZ $SJTQJ BOE 4VQ "JS $IFDL VT PVU "-"#"."

POMJOF GPS TBMFT BOE RVFTUJPOT BU XXX n ZUPSSFZ DPN PS DBMM -00,065 .06/5"*/ '-*()5 1"3, o 5IF CFTU UPMM GSFF BU '-: 5&". "MTP UVOF JO UP GBDJMJUJFT MBSHFTU JOWFOUPSZ DBNQJOH TXJNNJOH WPMMFZ UIF *OUFSOFU 1BSBHMJEJOH 5BML 4IPX BU XXX XPSMEUBMLSBEJP CBMM NPSF 8JEF SBOHF PG BDDPNNPEBUJPOT IBOHMJEF DPN DPN FWFSZ 5VFTEBZ B N 145 IBOHMJEF IBOHMJEF DPN 8*/%410354 o %PO U SJTL CBE XFBUIFS CBE JO

6-53"-*()54

$"-*'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

TUSVDUJPO PS EBOHFSPVT USBJOJOH IJMMT n ZBCMF EBZT FBDI ZFBS -FBSO GPPU MBVODI n ZJOH TLJMMT TBGFMZ BOE RVJDLMZ 5SBJO XJUI QSPGFTTJPOBM $'* T BU XPSME GBNPVT %PDLXFJMFS #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

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

$0-03"%0 "*35*.& "#07& )"/( (-*%*/( o 'VMM UJNF MFTTPOT TBMFT TFSWJDF $PMPSBEP T NPTU FYQFSJFODFE 8JMMT 8JOH .PZFT "MUBJS "FSPT "JSXBWF )JHI &OFSHZ #BMM 'MZUFD .PUP$PNN BOE NVDI NPSF $BMM &WFSHSFFO $PMPSBEP "JSUJNF)(!BPM DPN (6//*40/ (-*%&34 o 4 FSWJOH UIF XFTUFSO TMPQF *OTUSVDUJPO TBMFT TFSWJDF TFXJOH BDDFTTPSJFT 4JUF JOGPSNBUJPO SBUJOHT $PVOUZ 3PBE (VOOJTPO $0

1&", 50 1&", 1"3"(-*%*/( --$ o /FX QBSBHMJE JOH TDIPPM JO #PVMEFS 0GGFSJOH FYDFMMFOU TUBUF PG UIF BSU JOTUSVDUJPO &RVJQNFOU UBOEFNT ,BZ!QFBLUPQFBLQBSB HMJEJOH DPN XXX QFBLUPQFBLQBSBHMJEJOH DPN

'-03*%" '-03*%" 3*%(& "&30508 1"3, o & 4UBUF 3PBE $MFXJTUPO 'MPSJEB XXX UIFn PSJEBSJEHF DPN (3":#*3% "*3410354 o 1BSBHMJEFS IBOH HMJE FS UPXJOH USBJOJOH %SBHPOn Z BFSPUPX USBJOJOH 9$ UIFSNBMJOH JOTUSVDUJPO FRVJQNFOU %VOOFMMPO "JSQPSU FNBJM n Z!HSBZCJSEBJSTQPSUT DPN XXX HSBZCJSEBJSTQPSUT DPN -00,065 .06/5"*/ '-*()5 1"3, o /FBSFTU NPVO UBJO USBJOJOH DFOUFS UP 0SMBOEP 5XP USBJOJOH IJMMT OPWJDF NPVOUBJO MBVODI BFSPUPXJOH HSFBU BDDPNNPEBUJPOT IBOHMJEF DPN IBOHMJEF .*".* )"/( (-*%*/( o 'PS ZFBS SPVOE USBJOJOH GVO JO UIF TVO 4 #BZTIPSF %SJWF $P DPOVU (SPWF 'MPSJEB XXX NJBNJIBOHHMJEJOH DPN 26&45 "*3 o :063 53"*/*/( :063 '-:*/( :063 41035 'SPN ZPVS m STU UBOEFN UP BEWBODFE 9$ SBDJOH MFBSO UP n Z XJUI UIF JOOPWBUPST PG BFSPUPXJOH BOE DIBN QJPO JOTUSVDUPST 'PSHFU XBJUJOH ZPVS UVSO UP n Z JO B HSPVQ MFTTPO ZPVS 2VFTU JOTUSVDUPS JT GPDVTFE PO ZPVS TVDDFTT XJUI POF PO POF JOEJWJEVBMJ[FE USBJOJOH "OE PVS UPXT BSF UP HFU B MPU NPSF BJSUJNF GPS ZPVS USBJOJOH EPMMBST "MSFBEZ B QJMPU 2VFTU IBT FWFSZUIJOH GPS ZPV TFWFO %SBH PO n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n JHIU JOTUSV NFOUT BOE PVUTUBOEJOH DVTUPNFS TFSWJDF 5IF 2VFTU 'MZUFD QBSUOFSTIJQ QSPWJEFT NBKPS IPTUJOH TVQQPSU BOE TQPOTPS TIJQ GPS UIF 'MZUFD $IBNQJPOTIJQ UIF ;BQBUB 8PSME 3FDPSE &ODBNQNFOU BOE UIF #JH 4QSJOH 5FYBT DPNQFUJUJPOT JO DMVEJOH UIF 6 4 /BUJPOBMT BOE UIF 8PSMET $PNF n Z 2VFTU "JS UIF FYQFSJFODFE JOOPWBUPST XPSLJOH IBSE UP TVQ QPSU ZPVS n ZJOH ZPVS TQPSU -PDBUFE KVTU NJOVUFT GSPN 0S MBOEP JO (SPWFMBOE '- 'JOE VT BU XXX RVFTUBJSGPSDF DPN RVFTUBJS!NQJOFU DPN PS

8"--"#: "&30508 '-*()5 1"3, o 4BUJTGBDUJPO (VBS ."3:-"/% BOUFFE +VTU NJMFT GSPN %JTOFZ 8PSME :FBS SPVOE TPBSJOH PQFO EBZT B XFFL TJY UVHT OP XBJUJOH FWFSZ EJSFDUJPO )*()-"/% "&30410354 o # BMUJNPSF BOE %$ T GVMM OJDF EFNPT UP n Z UPQMFTT UP USBJOFS HMJEFST -BNJOBS UJNF n JHIU QBSL UBOEFN JOTUSVDUJPO TPMP BFSPUPXT BOE .PZFT 8JMMT "JSCPSOF "JSXBWF &YYUBDZ -B .PVFUUF 4FO FRVJQNFOU TBMFT BOE TFSWJDF 8F DBSSZ "FSPT "JSXBWF TPS BMTP IBSOFTTFT WBSJPT FUD "HFT UP IBWF MFBSOFE 'MJHIU %FTJHO .PZFT 8JMMT 8JOH )JHI &OFSHZ 4QPSUT UP n Z IFSF /P POF DPNFT DMPTF UP PVS MFWFM PG FYQFSJFODF 'MZUFD BOE NPSF 5XP )1 %SBHPOn Z UVHT 0QFO BOE TVDDFTT XJUI UBOEFN BFSPUPX JOTUSVDUJPO " HSFBU m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o " FSPUPX TQFDJBMJTUT JOH %BUFMJOF /#$ 5IF %JTDPWFSZ $IBOOFM &41/ 7JTJU VT 8F DBSSZ BMM NBKPS CSBOE IBOH HMJEFST BOE BDDFTTPSJFT PO UIF 8FC IUUQ XXX XBMMBCZ DPN 1MFBTF DBMM VT GPS $MPVE 'JFME $PPO -BLF 3PBE 8FTU 8FCCFS SFGFSFODFT BOE WJEFP %FBO 4UJMM 3PBE %JTOFZ "SFB WJMMF .* $MPVE TB!BPM DPN IUUQ NFNCFST BPM '- QIPOF GBY n Z!XBMMBCZ DPN DMPVE TB $BMM GPS TVNNFS UBOEFN MFTTPOT BOE n Z DPN 8"--"#: $POTFSWBUJWF SFMJBCMF TUBUF PG JOH BQQPJOUNFOUT XJUI UIF %SBBDIFO'MJFHFO 4PBSJOH $MVC UIF BSU ' ) ( */$ n ZJOH 'MPSJEB TJODF BU $MPVE 'JFME %'4$JOD!BPM DPN IUUQ NFNCFST BPM DPN EGTDJOD

(&03(*"

-00,065 .06/5"*/ '-*()5 1"3, o %JTDPWFS XIZ UJNFT BT NBOZ QJMPUT FBSO UIFJS XJOHT BU -.'1 8F XSPUF 64)(" T PGm DJBM USBJOJOH NBOVBM IBOHMJEF DPN IBOHMJEF

)"8"** '-: )"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

53"7&34& $*5: )"/( (-*%&34 1"3"(-*%&34 o 1VU ZPVS LOFFT JO PVS CSFF[F BOE TPBS PVS TBOE EVOFT 'VMM UJNF TIPQ $FSUJm FE JOTUSVDUJPO CFHJOOFS UP BE WBODFE 4BMFT TFSWJDF BDDFTTPSJFT GPS "-- NBKPS CSBOET 7JTB .BTUFS$BSE & UI 5SBWFSTF $JUZ .* 0GGFSJOH QPXFSFE QBSBHMJEJOH $BMM #JMM BU UDIBOHHMJEFS!DIBSUFSNJ OFU :PVS 64" $BOBEB .PTRVJUP EJTUSJCVUPS XXX NPTRVJUPBNFSJDB 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

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

."*/& %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

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

/&8 :03, """ & 7*--& 065'*55&34 o .PVOUBJO 8JOHT )BOH (MJEFST BOE 1BSBHMJEFST /FX MBSHFS MPDBUJPO 7JSUVBM SFBM JUZ TJNVMBUPS 1SPTIPQ TIPX SPPN NUOXJOHT!IWD SS DPN XXX NUOXJOHT DPN -JCFSUZ 4U &MMFO WJMMF /: 'PSNFSMZ &BTUDPBTU 1BSBHMJEJOH '-: )*() */$ 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 $-06% 41035 "7*"5*0/ 4FF $MPVE JO .JDIJHBO

59 '-:410354 o 4QFDJBMJ[JOH JO QPXFSFE QBSBHMJE JOH DFSUJm FE JOTUSVDUJPO 4LZ $SVTJFS BOE PUIFS HSFBU QQH T 6 4 JNQPSUFS PG .BD1BSB 5FDIOPMPHZ QBSBHMJEFST .VTF &EFO *OUPY 1BTIB )PVTUPO XXX NBDQBSB64" DPN

65") $-06% 40"3*/( $&/5&3 o 0ODF BHBJO XF BSF UIF DMPTFTU TIPQ UP UIF 1PJOU PG UIF .PVOUBJO 6UBI T POMZ GVMM UJNF 1( )( TIPQ BOE SFQBJS GBDJMJUZ $POUBDU PS XXX QBSBHMJEFST DPN

5 " . 410354 o 5BOEFNT 4BJM SFQBJS o $PNF n Z GSPN UIF XPSME GBNPVT SBEJBM SBNQ XXX IBOHHMJEFUFOOFTTFF DPN XXX USFFUPQQFST PSH 5&//&44&& 53&& 5011&34 o $MVC JO "NFSJDB )PNF PG UIF XPSME GBNPVT 3BEJBM 3BNQ HSFBU 9$ FBTZ MBVODI IVHF -; +VTU OPSUI PG $IBUUBOPPHB XXX USFFUPQQFST PSH

5&9"4 "645*/ "*3 410354 o )BOH HMJEJOH BOE VMUSBMJHIU TBMFT TFSWJDF BOE JOTUSVDUJPO 4UFWF #VSOT TCVSOT!BVTUJOBJSTQPSUT DPN 'SFE #VSOT BVTUJOBJS!BPM DPN XXX BVTUJOBJSTQPSUT DPN (0 )"/( (-*%*/( o +FGG )VOU "VTUJO QI GBY KFGG!n ZUFYBT DPN XXX n ZUFYBT DPN

$-05)*/( o &NCSPJEFSFE BOE TDSFFO QSJOUFE TIJSUT BOE IBUT XJUI TIBSQ IBOH HMJEFS BSUXPSL 3BWFO 8JMMT 555 BOE PUIFS CSBOET XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT

'03 "-- :063 '-:*/( /&&%4 o $IFDL PVU UIF "WJB UJPO %FQPU BU XXX NPKPTHFBS DPN GFBUVSJOH PWFS JUFNT GPS GPPU MBVODIFE BOE QPXFSFE QBSBHMJEJOH IBOH #-6& 4,: o 'VMM UJNF JOTUSVDUJPO BU #MVF 4LZ 'MJHIU HMJEJOH TUVOU BOE QPXFS LJUJOH BOE QPXFSFE QBSBDIVUFT 1BSL OFBS 3JDINPOE 4DPPUFS QMBUGPSN BOE BFSPUPXJOH TFDVSF POMJOF TIPQQJOH #PPLT WJEFPT ,*5&4 BWBJMBCMF "MM NBKPS CSBOET PG FRVJQNFOU XJUI .PTRVJUPT HJGUT FOHJOF QBSUT IBSOFTT BDDFTTPSJFT FMFDUSPOJDT BOE %PPEMFCVHT JO TUPDL 4UFWF 8FOEU DMPUIJOH TBGFUZ FRVJQNFOU DPNQMFUF QPXFSFE QBSBHMJEJOH XXX CMVFTLZIH DPN VOJUT XJUI USBJOJOH GSPN )JMM $PVOUSZ 1BSBHMJEJOH *OD XXX 4*-7&3 8*/(4 */$ o $ FSUJm FE JOTUSVDUJPO BOE IJMMDPVOUSZQBSBHMJEJOH DPN GPS PSEFST FRVJQNFOU TBMFT "SMJOHUPO 7JSHJOJB POMZ 0Gm DF TJMWFSXJOHTIBOHHMJEJOH DPN (-*%&3#"(4 o 9$ )FBWZ XBUFSQSPPG "DDFT

8"4)*/(50/

TPSJFT MPX QSJDFT GBTU EFMJWFSZ (VOOJTPO (MJEFST $PVOUZ 3PBE (VOOJTPO $0 PSEFST

"&3*"- 1"3"(-*%*/( 4$)00- "/% '-*()5 1"3, "XBSE XJOOJOH JOTUSVDUPST BU B XPSME DMBTT USBJOJOH GBDJMJUZ .*/* 7"3*0 o 8PSME T TNBMMFTU TJNQMFTU WBSJP $MJQT UP $POUBDU %PVH 4USPPQ BU PS WJTJU IFMNFU PS DIJOTUSBQ IPVST PO CBUUFSJFT GU XXX QBSBHMJEJOH VT GBTU SFTQPOTF BOE ZFBS XBSSBOUZ 0/-: .BMMFUUFD 10 #PY 4BOUB "OB $" .$ 7JTB BDDFQUFE XXX NBMMFUUFD DPN 8*4$0/4*/

'3&&'-*()5 "7*"5*0/4 o 5IF .JEXFTU T MBSHFTU IBOH HMJEJOH TDIPPM 6TJOH CPUI BFSUPX UBOEFN BOE PO TJUF USBJOJOH IJMM EBZT B XFFL "QSJM UISPVHI /PWFNCFS 'PS '-: 16&350 3*$0 8*5) 5&". 41*3*5 )( o 'MZJOH UIF USBWFMJOH IBOH HMJEFS QJMPU SFOUBM FRVJQNFOU JT BWBJM UPVST SFOUBMT UBOEFNT )( BOE 1( DMBTTFT ) BOE BCMF 8IJUFXBUFS 8JTDPOTJO IPNF PG UIF 8IJUFXBUFS 1 JOUFOTJWF /PWJDF DPVSTFT GVMM TBMFT )BOH (MJEJOH $MVC 'SFFn JHIU!DIBSUFS UTIH!DPRVJ OFU OFU 'SFFn JHIU"WJBUJPOT DPN

-00,065 .06/5"*/ '-*()5 1"3, o +VTU PVUTJEF $IBUUBOPPHB #FDPNF B DPNQMFUF QJMPU GPPU MBVODI BFSPUPX NPVOUBJO MBVODI SJEHF TPBS UIFSNBM TPBS IBOHMJEF DPN IBOHMJEF

#*( &"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

7*3(*/*"

16&350 3*$0

5&//&44&&

1"354 "$$&4403*&4

3"7&/ )"/( (-*%*/( */$ o /PX CPPLJOH SFTFSWB UJPOT GPS USBJOJOH IJMM BOE UBOEFN BFSPUPX MFTTPOT BU UXP MPDBUJPOT XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT

8:0.*/( +"$,40/ )0-& 1"3"(-*%*/( o " QFSGFDU n ZJOH EBZ -BVODI UIF +BDLTPO )PMF .PVOUBJO 3FTPSU "FSJBM 5SBN JO UIF NPSOJOH UPX BU UIF 1BMJTBEFT 3FTFSWPJS JO UIF BGUFSOPPO $POUBDU TDIBSSJT!XZPNJOH DPN XXX KIQBSBHMJEJOH DPN 53".

*/5&3/"5*0/".&9*$0 o 7"--& %& #3"70 BOE CFZPOE GPS IBOH HMJE JOH BOE QBSBHMJEJOH :FBS SPVOE BWBJMBCJMJUZ BOE TQFDJBM UPVST XJOUFS 'MZ UIF FYUJODU WPMDBOP WBHBCPOE UPVST GPS UIPTF XJUI XBOEFSMVTU BOE NPSF TJUFT JO UIF 7BMMF BSFB 4UBOEBSE QBDLBHF JO BOE PVU PO B 4VOEBZ 1( )( JODMVEFT BMM USBOTQP MPEHJOH HVJEJOH BOE )( SFOUBM XXX n ZNFYJDP DPN 64"

1"354 '*55*/(4 '30. 5)& 1"45 o 8JMMT XJOH .PZFT -BNJOBS (IPTUCVTUFS 4FOTPS EFMUB XJOH (VOOJTPO (MJEFST $ 3 (VOOJTPO $0

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 3BWFO 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

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

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

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

#*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

$-"44*'*&% "%7&35*4*/( 3"5&4 o 5IF SBUF GPS DMBTTJm FE BEWFSUJTJOH JT GPS XPSET BOE QFS XPSE BGUFS .*/*.6. "% $)"3(& 1IPOF OVNCFS XPSET &NBJM PS 8FC BEESFTT XPSET "% %&"%-*/&4 "MM BE DPQZ JOTUSVDUJPOT DIBOHFT BEEJUJPOT DBODFMMBUJPOT NVTU CF SFDFJWFE JO XSJUJOH NPOUIT QSFDFEJOH UIF DPWFS EBUF J F 0DUPCFS UI JT UIF EFBE MJOF GPS UIF %FDFNCFS JTTVF "-- $-"44*'*&%4 "3& 13&1"*% *G QBZJOH CZ DIFDL QMFBTF JODMVEF UIF GPMMPX JOH XJUI ZPVS QBZNFOU OBNF BEESFTT QIPOF DBUFHPSZ IPX NBOZ NPOUIT ZPV XBOU UIF BE UP SVO BOE UIF DMBTTJ m 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 UIF PGm DF /P SFGVOET XJMM CF HJWFO PO BET DBODFMMFE UIBU BSF TDIFEVMFE UP SVO NVMUJQMF NPOUIT 'BY

'-: 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

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

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

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

7*%&04 %7%4

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

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 /&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

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

1IPUP ª$ISJT )PFSOFS

.*4$&--"/&064

6ST -ÚUTDIFS BU 3FE #VMM 9 "MQT 0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

45 1"6- .*// o )BOH (MJEFST PO .BST )VI i"O EFTJHOFE UP IBWF BO FOHJOF UIBU DBO CF NPVOUFE BOE EJTNPVOU "JSQMBOF GPS .BSUJBOTw JT IPX UIF IFBEMJOF SBO PO SFTQFDUFE FE RVJDLMZ BOE FBTJMZ 0OMZ UISFF CPMUT SFNPWF UIF FOHJOF "W8FC DPN ɩ F TUPSZ DPOUJOVFT i" 7JSHJOJB DPNQBOZ JT BOE B DMFWFS BSSBOHFNFOU QVUT UISPUUMF LJMM TXJUDI FOHJOF QJOOJOH JUT GVUVSF PO BO PVU PG UIJT XPSME BJSQMBOF "VSPSB HBVHFT BOE FMFDUSJD TUBSUFS TXJUDI PO BO VNCJMJDBM BUUBDIFE UP 'MJHIU 4ZTUFNT SFDFOUMZ TUBSUFE CVJMEJOH B QMBOUyUP CVJME UIF TJEF PG UIF USJLF ɩ F FOHJOF BOE VNCJMJDBM DPOUSPMT TUBZ BJSDSBGU EFTJHOFE UP n Z PWFS .BST 5IF IBOH HMJEFS MJLF BJS UPHFUIFS BOE DBO CF TFU BTJEF XIJMF ZPV QVSTVF VOQPXFSFE DSBGU JT UIF m STU JOUFOEFE UP n Z JO UIF BUNPTQIFSF PG BOPUIFS n JHIU :PV DPVME TFMG MBVODI ZPVS QPXFSFE USJLF BOE n Z UP B QMBOFU BOE JUT NJTTJPO JT UP UBLF QIPUPT UIBU IBWF CFFO IJUI TPBSJOH TJUF XIFSF ZPV TXJGUMZ SFNPWF UIF FOHJOF BOE FJUIFS FSUP VOBWBJMBCMF UP TDJFOUJTUT TUVEZJOH UIF SFE QMBOFU "MM PG BFSPUPX PS EP B SPMMJOH SBNQ MBVODI 8IFO UIF TPBSJOH EBZ UIF QIPUPT PG .BST UP EBUF IBWF FJUIFS CFFO MPX SFTPMVUJPO FOET ZPV CPMU PO UIF FOHJOF BOE VNCJMJDBM BOE n Z IPNF JNBHFT UBLFO GSPN BO PSCJUFS PS IJHI SFTPMVUJPO JNBHFT GSPN -JLF UIF &TDBQF 1PE CVU OPU )BOH #VHHZ 5SJLPTPBSVT IBT B WFIJDMF PO UIF TVSGBDF w #FDBVTF UIF .BST BJSDSBGU VOGPMET OP GPSXBSE TVQQPSU UVCF HJWJOH B NPSF VOPCTUSVDUFE WJFX PODF SFMFBTFE "W8FC FEJUPST QSPCBCMZ TBX UIF IBOH HMJEFS -JLF UIF )BOH #VHHZ UIF CBTJD VOQPXFSFE USJLF XJUIPVU TJNJMBSJUZ ɩ F BSUJTU T DPODFQU JMMVTUSBUJPO TIPXT BO BJSQMBOF XJOH TFMMT GPS "OPUIFS CVZT B GBJSJOH QBDL UIBU EPFTO U SFTFNCMF NPEFSO IBOH HMJEFSTyBU MFBTU OPU UIPTF BHF PG OPTF QPE BOE TJEF TLJSUJOH :PV DBO DIPPTF FJUIFS UIF GPS TBMF JO .PSF XXX BWXFC DPN FMFUUFS BSDIJWFT UXJO PQQPTFE DZMJOEFS IQ +19 FOHJOF PS UIF IQ TJOHMF BWn BTI GVMM IUNM /PX MFU T HFU CBDL PO &BSUI DZMJOEFS .9 FOHJOF #PUI PĊ FS FMFDUSJD TUBSUJOH BOE CPUI F 5SJLPTPBSVT DBS ttt "O PME GSJFOE BOE WFOEPS (FPSHF 4ZDISPWTLZ BOE IJT $VSFE BSF EFMJWFSFE XJUI UIF 2VJDL .PVOU LJU ɩ $PNQPTJUFT DPNQBOZ JT OFBSMZ SFBEZ XJUI UIF OFX i)BOH SJBHF JT TBJE UP m U JO UIF CBDL PG B GVMM TJ[F QJDLVQ USVDL *U #VHHZ w 8JUI TJNJMBS n JHIU HPBMT UP UIF 4FBHVMM "FSPTQPSUT DBO CF NBUFE UP iBOZ NPEFSO IBOH HMJEFS w BDDPSEJOH UP #PC *O DBTF ZPV NJTTFE UIF QPJOU IFSF T UIF m STU QSPEVDU * WF &TDBQF 1PE (FPSHF T JEFB BMTP TIBSFT B GVMM DBOPQZ FODMPTVSF UIPVHI OPU UIF SFUSBDUBCMF HFBS #VU IF IBOEMFE UIF DPOUSPM TFFO UIBU JT CPUI ZPVS QPXFSFE BOE VOQPXFSFE TPBSJOH USJLF CBS SBOHF PG NPWFNFOU EJĊ FSFOUMZ ɩ F USJDZDMF HFBS )BOH *U T HPPE UP IBWF DIPJDFT *OGP BU PS FNBJM #VHHZ JT QPTJUJPOFE JOTJEF UIF DPOUSPM CBS XJUI UIF MBOEJOH TBMFT!SBWFOTPBSJOHUSJLFT DPN ttt i%VSJOH UIF QBTU EFDBEF w HFBS FYUFOEJOH MPOH FOPVHI UP LFFQ UIF CBS PĊ UIF HSPVOE XSPUF +PIO 3VTTFMM B )BOH UPX BENJOJTUSBUPS i* IBWF CFFO BOE ZFU BMMPX GVMM CBS NPUJPO 1IPUPT PO (FPSHF T 8FC TJUF IPVOEJOH 8JMMT 8JOH UP NBLF VT A#JH #PZT B SFDSFBUJPOBM XJMM HJWF B HPPE FYQMBOBUJPO BOE TIPX TUFQ CZ TUFQ EFWFMPQ HMJEFS w +PIO XBOUT B HMJEFS GPS HVZT IPPLJOH JO BU NPSF UIBO NFOU PG UIF USJLF QPE (P UP IUUQ DVSFEDPNQPTJUFT OFUm SNT QPVOET iɩ F QSPCMFN JT w IF BEEFE iUIBU [FSP DVSSFOU DPN IBOHCVHHZ IUNM " UFTU QJMPU XIP JT GFFU JODIFT QSPEVDUJPO HMJEFST UIBU BSF OPU UBOEFN HMJEFST XJMM BDDPN BOE QPVOET JT TBJE UP m U UIF JODI XJEF )BOH #VHHZ NPEBUF UIJT HSPVQ PG QJMPUT w ɩ JT NFBOT SFBMMZ CJH GFMMPXT RVJUF DPNGPSUBCMZ " TIBQFE iTFBU QBOw QSPWJEFT TVQQPSU GPS NVTU n Z HMJEFST BU IPPL JO XFJHIUT CFZPOE UIF DFSUJm DBUJPO NPTU PG ZPVS CPEZ MFOHUI 'PS UFTU n ZJOH (FPSHF IBT BDRVJSFE MJNJUT XIJDI iDBO SFTVMU JO EBOHFSPVTMZ GBTU MBOEJOH TQFFET B 'BMDPO UIPVHI IF TBZT NBOZ XJOHT XJMM m U UIF )BOH BT XFMM BT SFEVDFE TBGFUZ BU MBVODI w +PIO CFMJFWFT i1MFBTF SF #VHHZ DPOOFDUJPO iɩ F NPEFM PSJHJOBMMZ QVSDIBTFE BT VO NFNCFS UIBU HVZT IPPLJOH JO BU QPVOET BSF OPU BMM GBU QPXFSFE DBO CF DPOWFSUFE UP B QPXFSFE POF MBUFS CZ QVSDIBT CPZT * DFSUBJOMZ BN OPU * N KVTU POF CJH QJMPU MPPLJOH GPS B JOH BOE JOTUBMMJOH UIF QPXFS QBDLBHF w (FPSHF FYQMBJOFE ɩ F HMJEFS UIBU * DBO TBGFMZ n Z w )F SFQPSUT UIBU 8JMMT 8JOH IBT DPOTUSVDUJPO PG UIF QPE JT B DBSCPO m CFS ,FWMBS DPNQPTJUF EFWFMPQFE B 4QPSU TRVBSF GPPU HMJEFS UIBU JT QFSGFDUMZ iɩ JT NBUFSJBM XBT DIPTFO BT CFTU GPS JUT UPVHIOFTT BOE IJHI UBSHFUFE GPS UIJT NBSLFU i* IBWF QFSTPOBMMZ n PXO UIF QSPUP JNQBDU SFTJTUBODF w 5BSHFU XFJHIU JT QPVOET GPS UIF UZQF BU UIF 1PJOU PG UIF .PVOUBJO XJUI UXP EJĊ FSFOU MFBEJOH OP FOHJOF WFSTJPO BOE QPVOET GPS UIF QPXFSFE NPEFM FEHF DPOm HVSBUJPOT 4VCTFRVFOUMZ JNQSPWFNFOUT IBWF CFFO 1SPKFDUFE QSJDF JT GPS UIF CBTJD VOQPXFSFE USJLF XJUIPVU NBEF UP UIF QSPUPUZQF SPMM BOE QJUDI IBOEMJOH "DDPSEJOH UP XJOH PS GPS UIF QPXFSFE NPEFM $VSFE $PNQPTJUFT NZ TPVSDFT UIJT OFX QSPUPUZQF HMJEFS GPS CJH CPZT JT n ZJOH PODF NBEF m CFSHMBTT GVTFMBHFT GPS UIF $VNVMVT VMUSBMJHIU NP FYDFQUJPOBMMZ XFMM w 8JMMT 8JOH IBT UP DPOTJEFS JG UIJT JT B UPSHMJEFS * GPSNFSMZ TPME VOEFS UIF OBNF 64 "WJBUJPO %FTJHO CJH FOPVHI OJDIF UP KVTUJGZ UIF DPOTJEFSBCMF FYQFOTF PG UFTU SJHIUT XFSF USBOTGFSSFE UP %BWF &LTUSPN XIP JT BHBJO TFMMJOH JOH BOE DFSUJGZJOH B MBSHF XJOH GPS UIJT iFYQBOEJOHw NBSLFU UIJT NBDIJOF BOE TUJMM CVZJOH QBSUT GSPN 4ZDISPWTLZ $VNVMVT *G ZPV BSF B QPUFOUJBM DVTUPNFS MFU +PIO LOPX TP IF DBO JOGP EFLTUSPN!QBVMCVOZBO OFU *O BEEJUJPO (FPSHF T DPN QBTT ZPVS UIPVHIUT PO UP UIF 4P$BM NBOVGBDUVSFS 3FQMZ QBOZ QSPEVDFT QBSUT GPS 5PN 1FHIJOZ T 'MJHIUTUBS VMUSBMJHIU KQSSFEIPSTF!DPNDBTU OFU ttt 4P HPU OFXT PS PQJOJPOT 4FOE BJSQMBOFT ttt ɩ F NBSLFU GPS iTPBSJOH USJLFTw TFFNT UP CF AFN UP %PSTFU 4U 1BVM ./ .FTTBHFT PS GBY UP CVJMEJOH ɩ F &TDBQF 1PE BOE )BOH #VHHZ UP PĊ FS B DIPJDF &NBJM UP %BO!#Z%BO+PIOTPO DPN 5)"/,4 GSPN QPXFSFE IBOH HMJEFS IBSOFTTFT BOE OPX XF BMTP IBWF 5SJLPTPBSVT ZFT * TQFMMFE JU DPSSFDUMZ *O BOPUIFS WBSJBUJPO PO UIF UIFNF EFWFMPQFS #PC $PSCP IBT UBLFO B QMBZ GSPN UIF CPPL PG QPXFSFE QBSBHMJEJOH EFWFMPQFST )JT BMVNJOVN UVCJOH USJLF DIBTTJT JT NBUFE UP BO BGU TUSVDUVSF QVSQPTFMZ

0DUPCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

In thirty years of hang gli.cling 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 ajoywhenyou 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 BWERIDGEAVE, ORANGE CA 92865 USA - PH: 714.998.6359 FAX: 714.998.D647