7PMVNF *TTVF %FDFNCFS
" 1VCMJDBUJPO PG UIF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO X X X VTIHB PSH
"'~"MOll!Tlifi'fi'ee fllli!f1rt t,apg ,p@fm,, !lJ(Jief du,il:iJe-Glge,l'SJabl'.e power plilA'ts anlllilbe5E
"Wallr£irJa _ the: ra!irest wa, 111 ,t00ad
"WIE!11 ,mitre~ il'brut wh,ar,s.1rn,Mt
'l'O!D111.num F•
b~·
pa~lld«~Jin lbuJ.i
ip!KJ'.lt:Jle 'St!ffl('e'mll~
Will~
-~ffl)''ft"rst: ch01CE.·
chns Sa nt:acroce
Enll:!au O'Con n«
Brad Gu nnucro
onhar Lawrence
+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 .BUU (FSEFT +PO (PMECFSH )JMMFS 5IBZFS )VHIFT %BO +PIOTPO %FOOJT 1BHFO 4UBGG BSUJTU +BNFT 5JCCT 0Gm DF 4UBGG +BZOF %F1BOm MJT &YFDVUJWF %JSFDUPS KBZOF!VTIHB PSH .BSUJO 1BMNB[ #VTJOFTT .BOBHFS NBSUJO!VTIHB PSH 3JDL #VUMFS *OGPSNBUJPO 4FSWJDFT %JSFDUPS SJDL!VTIHB PSH -JTB )PMTUFFO .FNCFS 4FSWJDFT MJTB!VTIHB PSH &SJO 3VTTFMM "ENJO .FNC 4FSWJDFT FSJO!VTIHB PSH
)"/( (-*%*/( 1"3"(-*%*/( *44/ JT QVCMJTIFE NPOUIMZ CZ UIF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO *OD 8 6JOUBI 4U $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 -JTB 5BUF 1SFTJEFOU MJTB!TPBSJOHESFBNTBSU DPN 'FMJQF "NVOBUFHVJ 7JDF 1SFTJEFOU ES BNVOBUFHVJ!BUU OFU &MJ[BCFUI 4IBSQ 4FDSFUBSZ &MJ[BCFUI 4IBSQ!IFJJ DPN .BSL 'PSCFT 5SFBTVSFS NHGPSCFT!NJOETQSJOH DPN
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
1IPUP %FOOJT 1BHFO
)"/( (-*%*/( 1"3"(-*%*/( NBHB[JOF SFTFSWFT UIF SJHIU UP FEJU DPOUSJCVUJPOT XIFSF OFDFTTBSZ 5IF "TTPDJBUJPO BOE QVCMJDBUJPO EP OPU BTTVNF SFTQPOTJCJMJUZ GPS UIF NBUFSJBM PS PQJOJPOT PG DPOUSJCVUPST )"/( (-*%*/( 1"3"(-*%*/( FEJUPSJBM PGm DFT FNBJM FEJUPS!VTIHB PSH "-- "%7&35*4*/( "/% "%7&35*4*/( */26*3*&4 .645 #& 4&/5 50 64)(" )&"%26"35&34 */ $0-03"%0 413*/(4
%&1"35.&/54 &EJUPS T $PSOFS 1JMPU #SJFm OHT /FXT BOE &WFOUT "JS .BJM 3FBEFST 8SJUF *O 64)(' (JWJOH UIF (JGU PG 'MJHIU 'MJHIU 3FQPSU 5IFSF 8F 8FSF 5SBWFM 0LJOBXB 4PBSJOH $SVJTJOH UIF $PSBM #BLBTTB PS #VTU 5IF ;BNCF[J &TDBSQNFOU JO /PSUIFSO ;JNCBCXF 6SCBO 4PBSJOH 0IJP 4UZMF 4JUF (VJEF .PSUPO %PH .PVOUBJO 8BTIJOHUPO )( .BTUFS 5JQT 1( "DDJEFOU 3FQPSUT 'MJHIU 3FQPSU 0ME %PH /FX 5SJDLT 3FWJFX $IJMESFO T #PPLT 8JUI B 'SFF 'MJHIU 5IFNF /FX 3BUJOHT (BMMFSZ $BMFOEBS .BSLFUQMBDF
"8"3&/&44 "$$*%&/54 "/% "*3."/4)*1 ɩ JT TFDPOE QBSU PG B UISFF QBSU TFSJFT PĊ FST UFDIOJRVFT GPS SFDPHOJ[JOH BOE BWPJEJOH QJMPU FSSPS SFTVMUJOH GSPN WBSJBCMFT SFMBUFE UP DVSSFODZ DPOEJUJPOJOH WFSTBUJMJUZ BOE DIBODF #Z +PIO .BUZMPOFL
" #*8*/(6"- .&/503 0#4&37&3 8*5) 41"3, "/% 45:-& "MMFO i4QBSLZw 4QBSLT IBT CFFO n Z JOH BOE FODPVSBHJOH PUIFST UP KPJO IJN TJODF 0OF PG UIF QJMPUT IF T NFOUPSFE FYQMBJOT XIZ 4QBSLZ JT TP IJHIMZ SFHBSEFE #Z 4IBXO - 3BZ
/08 *4 5)& 5*.& "O BXBSE XJOOJOH QIPUPHSBQIFS BOE B UBMFOUFE QPFU DBQUVSF UIF UFOTJPO BOE FVQIPSJB PG B XFMM FYFDVUFE IBOH HMJEFS MBVODI #Z 3BMQI 4JDLJOHFS BOE )FSUB ,VSQ
$MBTTJm FET 1SPEVDU -JOFT #Z %BO +PIOTPO *OEFY UP "EWFSUJTFST "VTUSJB T #FSOE )PSOCPFDL BOE "MFYBOEFS .FTDIVI PG UIF "HBJOTU 5IF (SBJO UFBN EVSJOH UIF 3FE #VMM
'*/%*/( 5)& 4,: /05&4 0/ -&"3/*/( 50 40"3 1"35 "GUFS TFMMJOH B n JHIU SFMBUFE TDVMQUVSF UIF BVUIPS SFBMJ[FT UIBU IF m OBMMZ IBT UIF SFTPVSDFT UP UVSO IJT MJGF MPOH ESFBN PG n ZJOH JOUP SFBMJUZ
QIPUP CZ %FOJT #BMJCPVTF
7FSUJHP 7JMMFOFVWF
4XJU[FSMBOE
#Z 1BVM 7JMMJOTLJ
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
3&% #6-- 7&35*(0 0ODF BHBJO UIJT BOOVBM DPNQFUJUJPO CSPVHIU UIF XPSME T CFTU GSFF n JHIU BFSPCBUJD QJMPUT UPHFUIFS JO BO JODSFE JCMF EJTQMBZ PG UBMFOU CZ %FOOJT 1BHFO
ǾBMMFSZ
#P )BHFXPPE DBUDIJOH TPNF QVSB WJEB n ZJOH JO $PTUB 3JDB 1IPUP +FGG 0 #SJFO
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
SFVOJPO XIFO IF SFBE B OFXT JUFN JO UIJT NBHB [JOF BCPVU n ZJOH $MFWFMBOE T iDPBTUw BOE EFDJEFE UP UBLF IJT QBSBHMJEFS BMPOH )JT 6SCBO 4PBSJOH BSUJDMF TIPVME FODPVSBHF PUIFS $MFWFMBOE CPVOE QJMPUT UP EP UIF TBNF #JMM /JLPMBJ B QBSBHMJEFS QJMPU SFTJEJOH JO +BQBO VSHFT VT UP NBLF 0LJOBXB B USBWFM EFTUJOBUJPO o IJT EFUBJMT BOE QIPUPT PG UIF n ZJOH BOE UIF DVMUVSBM FYQFSJFODFT PG UIF BSFB IBWF NF DPOWJODFE 4UBĊ XSJUFS %FOOJT 1BHFO USBWFMFE UP 4XJU[FSMBOE MBTU "VHVTU UP SFQPSU PO UIF MBUFTU BFSPCBUJD USJDLT GSPN CPUI IBOH HMJEFS BOE QBSB HMJEFS QJMPUT )JT BSUJDMF BOE QIPUPT BMPOH XJUI JNBHFT GSPN 3FE #VMM T QSPGFTTJPOBM QIPUPHSB QIFST TIPXDBTF UIF 0MZNQJD DBMJCFS TLJMMT PG UIFTF XFMM USBJOFE BOE NVDI QSBDUJDFE BUIMFUFT 0O UIF PUIFS FOE PG UIF TLJMM MFWFM CVU QSPC BCMZ XJUI BO FRVJWBMFOU BESFOBMJOF SVTI BSF TUP SJFT GSPN OFX QJMPUT PS OFXMZ SFUVSOFE UP n ZJOH GPSNFS QJMPUT 1BVM 7JMMJOTLJ DPOUJOVFT IJT 'JOEJOH UIF 4LZ TBHB XJUI BO BDDPVOU PG IJT m STU BMUJUVEF n JHIU BU 1PJOU PG UIF .PVOUBJO 1BVM JT BCPVU UP MBVODI B QBSBHMJEFS CVU IF QFSGFDUMZ EFTDSJCFT NZ PXO FYQFSJFODF XJUI NZ IBOH HMJEFS PO NZ m STU BMUJUVEF n JHIU PO #BSS .PVOUBJO TPNF ZFBST BHP %BMF .BUUJDF XBT B i$MBTT &YQFSUw IBOH HMJEFS QJMPU MPOH CFGPSF * UPPL UIBU m STU IJHI n JHIU CVU MJGF HPU JO UIF XBZ PG IJT n ZJOH BOE IF TFU JU BTJEF GPS NPSF UIBO UXP EFDBEFT )F TIBSFT IJT EFMJHIU JO SFUVSOJOH UP UIF TLZ BOE JO FBSOJOH IJT )BOH SBUJOH TP UIBU IF DBO PODF BHBJO TPBS IJT IPNF TJUF BU .BLBQVÞ )BXBJJ ɩ FSF BSF TP NBOZ USVMZ TQFDJBM QFPQMF JO UIJT TQPSU BOE FBDI PG VT IBT PVS IFSP PS NFOUPS UIBU XF E MJLF UIF XIPMF n ZJOH DPNNVOJUZ UP LOPX 4IBXO 3BZ QSPm MFT IJT NFOUPS BOE HPPE GSJFOE "MMFO i4QBSLZw 4QBSLT B CJXJOHVBM QJMPU XIP T WFSZ NVDI QBSU PG UIF &BTU $PBTU n ZJOH TDFOF "MTP GSPN UIF &BTU $PBTU JT QIPUPHSBQIFS 3BMQI 4JDLJOHFS XIPTF IBOH HMJEJOH JNBHFT QFSGFDUMZ JMMVTUSBUF )FSUB ,VSQ T QPFN i/PX *T UIF 5JNFw %BO +PIOTPO T 1SPEVDU -JOFT DPMVNO IBT CFFO B m YUVSF PG 64)(" T NBHB[JOF GPS MPOHFS UIBO * WF CFFO n ZJOH %BO IBT FYQSFTTFE DPODFSO UIBU IJT iCSFBLJOH OFXTw TUZMF DPNNFOUT BSF OP MPOHFS SFMFWBOU JO UIJT BHF PG JOTUBOU JOGPSNBUJPO BOE JT DPOTJEFSJOH HJWJOH VQ IJT TQPU JO UIF NBHB[JOF *G ZPV E IBUF UP TFF UIBU IBQQFO BT NVDI BT * XPVME QMFBTF MFU %BO LOPX %BO!#Z%BO+PIOTPO DPN " DPSSFDUJPO ɩ F 63- GPS DPOUBDUJOH 7FSCJFS 4VNNJUT NFOUJPOFE JO 0DUPCFS T "JS .BJM DPMVNO TIPVME CF XXX WFSCJFS TVNNJUT DPN "OE B SFNJOEFS * N QMBOOJOH B in ZJOH SFMBUFE BSUw HBMMFSZ GPS UIF 'FCSVBSZ JTTVF o QBJOUJOHT FUDIJOHT DBSUPPOT BSUXPSL PG BMM TPSUT * OFFE ZPVS TVCNJTTJPOT 4FF UIF JOGPSNBUJPO CPY PO QBHF PG MBTU NPOUIT NBHB[JOF GPS EFUBJMT PO XIBU XF OFFE BOE IPX UP TVCNJU &OKPZ ZPVS XJOUFS n ZJOH * MPPL GPSXBSE UP JODMVEJOH UBMFT BOE QIPUPT PG ZPVS USBWFM BE WFOUVSFT JO GVUVSF JTTVFT :PV DBO DPOUBDU NF BU FEJUPS!VTIHB PSH
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP $ISJT "NPOTPO
)BQQZ IPMJEBZT A5JT UIF TFBTPO GPS SFNFNCFS JOH UIF QFPQMF XIP NBLF PVS FOKPZNFOU PG GSFF n JHIU QPTTJCMF GPS FYQSFTTJOH B TQFDJBM iUIBOL ZPVw UP ZPVS MBOEPXOFST ESJWFST QJMPU GSJFOET BOE OPO n ZJOH TJHOJm DBOU PUIFST XIP QVU VQ XJUI ZPVS GPSBZT UP UIF n ZJOH TJUF XIFOFWFS UIF XJOET CFDLPO *O QBTU JTTVFT XF WF SFWJFXFE OVNFSPVT CPPLT BOE %7%T UIBU XPVME EFMJHIU UIF QJMPUT JO ZPVS MJGF JO UIJT JTTVF TUBĊ XSJUFS ɩ BZFS )VHIFT SFWJFXT UXP DIJMESFO T CPPLT XJUI B GSFF n JHIU UIFNF * SFBE CPUI UIFTF TUPSJFT UP NZ TJYUI HSBEF TUVEFOUT CBDL XIFO * XBT UFBDIJOH NJEEMF TDIPPM BOE CPUI MJTUFOFST BOE SFBEFS FOKPZFE UIF UBMFT *G GPPE CBTLFUT BOE n PXFST TFFN UPP NVO EBOF GPS UIF BEVMUT JO ZPVS n ZJOH DJSDMF PG GSJFOET DPOTJEFS UIF NBOZ n ZJOH SFMBUFE HJGUT BWBJMBCMF UISPVHI UIF 64)(" POMJOF TUPSF o JO QBSUJDV MBS IBOH HMJEJOH BOE QBSBHMJEJOH DBMFOEBST NBLF QFSGFDU HJGUT GPS MBOEPXOFST "OE JO UIJT TFBTPO PG HJWJOH IPX BCPVU HJWJOH B HJGU UP UIF GVUVSF PG GSFF n JHIU " EPOBUJPO UP UIF 64)(' NBLFT JU QPTTJCMF GPS UIF GPVOEBUJPO UP TVQQPSU UIF OFFET PG UIF n ZJOH DPNNVOJUZ CZ QSPWJEJOH HSBOUT UP NFNCFST XIP OFFE m OBODJBM BTTJTUBODF GPS TJUF QSFTFSWBUJPO FEVDBUJPOBM QSPKFDUT PS DPNQFUJUJPO SFMBUFE FYQFOTFT 'PVOEBUJPO QSFTJEFOU 4UFWF 0OTUBE FYQMBJOT IPX UP EPOBUF BOE XIBU ZPVS NPOFZ DBO CF VTFE GPS %VSJOH UIJT GPS NBOZ PG VT PĊ TFBTPO XIFO n JHIUT BSF GFX BOE GBS CFUXFFO QBZJOH FYUSB BU UFOUJPO UP TBGFUZ JT FTTFOUJBM 3PC ,FMMT T .BTUFS T 5JQT DPMVNO GPDVTFT PO QSF n JHIU SPVUJOFT GPS IBOH HMJEFS QJMPUT UIBU XJMM FOTVSF UIF QJMPU BOE HMJEFS BSF m SNMZ DPOOFDUFE CFGPSF MFBWJOH UIF HSPVOE +PIO .BUZMPOFDL T "JSNBOTIJQ "DDJEFOUT BOE "XBSFOFTT DPMVNO QSPWJEFT TPNF NFOUBM DIFDL MJTUT UIBU XJMM IFMQ QJMPUT QSFQBSF GPS BOE EFBM XJUI EFDJTJPOT UIBU JNQBDU UIF TBGF PVUDPNF PG B n JHIU +PIO (PMECFSH )JMMFS SFWJFXT UXP QBSBHMJEJOH BDDJEFOUT GSPN QJMPUT XIP QSPWJEFE TJHOJm DBOU JOGPSNBUJPO o BOE JOUSPTQFDUJPO o BCPVU UIF DBVTFT BOE UIF SFTVMUT PG UIFJS BDDJEFOU 4UBĊ XSJUFS .BUU (FSEFT PĊ FST B IVNPSPVT MFTTPO PO XIBU /05 UP EP XJUI B QBSBHMJEFS BOE SFNJOET VT UIBU JU T POMZ EVF UP HPPE GPSUVOF UIBU IF T BCMF UP MBVHI BU IJT GPPMJTIOFTT &OKPZ UIF UBMF CVU QMFBTF SFNFNCFS UIBU MVDL JT m DLMF BOE DPNNPO TFOTF BOE HPPE KVEHNFOU BSF XIBU LFFQ VT JO POF QJFDF BOE BCMF UP FOKPZ PVS n ZJOH ɩ JT NPOUI T GFBUVSFE TJUF JT 8BTIJOHUPO 4UBUF T %PH .PVOUBJO XIFSF UIF MBVODI BSFB XBT SFDFOU MZ iUFSSB GPSNFEw JOUP B NPSF IBOH HMJEFS GSJFOEMZ DPOm HVSBUJPO XJUI BTTJTUBODF GSPN B 64)(' HSBOU *O BEEJUJPO UP GPPU MBVODI NPVOUBJO n ZJOH UIF %PH BSFB BMTP CPBTUT FYDFMMFOU BFSPUPXJOH PQUJPOT BU UIF OFBSCZ 8BOOBCF 3BODI 7BVHIO &OUXJTUMF T SFQPSU QSPWJEFT TJUF EFUBJMT BOE DPOUBDU JOGPSNBUJPO GPS CPUI GPPU MBVODI BOE UPX PQUJPOT .BOZ PG PVS CFTU BSUJDMFT DPNF GSPN QJMPUT XIP IBWF KVTU SFUVSOFE GSPN B n ZJOH WBDBUJPO +VHEFFQ "HHBSXBM T QMBOOFE WPM CJWPVBD BEWFOUVSF JO "GSJDB EJEO U XPSL PVU BT FYQFDUFE CVU IF EJEO U DPNF IPNF EJTBQQPJOUFE 4UFWF 1JFOJBL IBE BM SFBEZ BSSBOHFE B USJQ UP $MFWFMBOE GPS B GBNJMZ
$ + 4UVSUFWBOU
1IPUPT UIJT QBHF DPVSUFTZ 0[POF
0[POF 1JMPUT 3FUVSO UP UIF 3PPUT PG 1BSBHMJEJOH
ɩ JT QBTU TVNNFS UXP *UBMJBO QBSBHMJE FS QJMPUT &OSJDP 'SJHFSJP BOE &SNBOOP 1FESPODFMMJ UIF *UBMJBO EJTUBODF SFDPSE IPMEFS DMJNCFE UISFF QFBLT BMM IJHIFS UIBO NFUFST JO IPVST BOE VTFE 0[POF T OFX QSPUPUZQF NPVOUBJO HMJEFS GPS UXP PG UIF EFTDFOUT &OSJDP
&SNBOOP LJUJOH UIF QSPUPUZQF
DPNQFUJUJPO HMJEFST EFDMBSFE UIJT QSPUP UZQF TJHOJm DBOUMZ GBTUFS UIBO BOZ DPNQ XJOH IF T GBNJMJBS XJUI "GUFS DMJNCJOH BOE n ZJOH GSPN UIFTF UXP QFBLT JO IPVST &SNBOOP BOE &OSJDP XFOU UIF OFYU EBZ UP .U 3PTÒ B NFUFS DMJNC UP UIF 3FHJOB .BSHIFSJUB SFGVHF UIF IJHIFTU JO &VSPQF BU N ɩ JT BTDFOU UPPL UIFN POMZ UXP IPVST BOE UFO NJOVUFT BOE UIFZ SFBDIFE UIF TVNNJU FYBDUMZ IPVST BGUFS UIFJS TUBSU GPS UIF (SBO 1BSBEJTP 6OGPSUVOBUFMZ DPOEJUJPOT PO UPQ XFSF OPU n ZBCMF BOE &SNBOOP CFHBO UIFJS BTDFOU PG (SBO 1BSBEJTP N BU m WF NJO VUFT QBTU NJEOJHIU PO UIF MBTU EBZ PG "VHVTU CFDBVTF UIFZ XFSF DMJNC JOH PO B EBSL BOE NPPOMFTT OJHIU JU UPPL UIFN TFWFO IPVST UP SFBDI UIF TVNNJU BOE n Z EPXO ɩ FZ MBOEFE BU B N BOE JNNFEJBUFMZ USBWFMFE UP $IBNPOJY "JHVJMMF EV .JEÖ UP DMJNC .POU #MBOD ɩ JT TFDPOE BTDFOU CFHBO BU B N XIFO UIFZ TVNNJUFE BU Q N UIFSF XBT B TMJHIU TPVUI XJOE DPNJOH GSPN *UBMZ 6OGPSUVOBUFMZ UIF WBMMFZ PO UIF *UBMJBO TJEF XBT TPDLFE JO TP UIFZ XFSF GPSDFE UP n Z UP $IBNPOJY XIFSF UIF TLZ XBT DMFBS ɩ FZ XFSF BMPOF PO UIF TVNNJU BOE IBE UP QJDL UIFJS DZDMFT DBSFGVMMZ o XIFO UIF UBJM XJOE XBT MFBTU TUSPOH -VDLJMZ UIF XJOE XBT JO HFOFSBM GBJSMZ MJHIU CVU PDDBTJPOBMMZ TUSPOH FOPVHI UP CMPX UIF HMJEFS EPXO UIF TMPQF &OSJDP HPU PĊ PO IJT m STU BUUFNQU BMUIPVHI " TDFOJD TMFEEFS JT NVDI QSFGFSBCMF UP B MPOH TMPH IF IBE UP SVO BU UPQ TQFFE EPXO UIF TMPQF XJUI UIF HMJEFS OPU GVMMZ QSFTTVS EPXO ɩ F QVSQPTF PG UIJT FYFSDJTF XBT UP UFTU J[FE UIFO UISPX IJNTFMG JO UIF BJS CFGPSF UIF XJOH m OBMMZ TUBSUFE UP n Z &SNBOOP UIF QSPUPUZQF PG 0[POF T OFX EFTDFOU F CBTJD JEFB CFIJOE UIJT XBT OPU TP MVDLZ o PO IJT m STU BUUFNQU QBSBHMJEFS ɩ UIF HMJEFS EJE OPU JOn BUF BOE IF EJE B HMJEFS JT B SFUVSO UP UIF QBSBQFOUF SPPUT MPOH TMJEF IFBE EPXO BMPOH UIF TMPQF m TJNQMF TBGF MJHIU BOE GBTU XJOHT EF OBMMZ TFMG BSSFTUJOH XJUI IJT m OHFST BOE TJHOFE VTJOH TU DFOUVSZ NBUFSJBMT BOE IJT DSBNQPOT ɩ FO IF IBE UP DMJNC CBDL FYQFSUJTF UP CF VTFE JO UIF TQJSJU PG UIF UP UIF TVNNJU XIFSF IF XBT TUJMM UPUBMMZ m STU QBSBQFOUFT TJNQMZ BT B EFTDFOU UPPM F QSPUPUZQF JT BMPOF 0O IJT TFDPOE BUUFNQU IF SBO GVMM GPS NPVOUBJO DMJNCFST ɩ TQFFE BOE KVNQFE JOUP UIF HMJEFS XIJDI TUJMM VOEFS EFWFMPQNFOU CVU UIFTF UXP EJE B TUSPOH EJWF SFBDIJOH BU MFBTU BUIMFUFT BSF BMSFBEZ QMBOOJOH UP DMJNC UP B IJHIFS MBVODI OFYU TFBTPO o OPU POMZ LN I BOE UIFO n FX BXBZ #PUI QJMPUT FOKPZFE UIF MPOH HMJEF GPS UIF DIBMMFOHF PG UIF DMJNC CVU BMTP UP UP $IBNPOJY BU MFBTU NJOVUFT FWFO FOKPZ UIF MPOHFS n JHIU EPXO UIPVHI UIFJS BJSTQFFE XBT WFSZ IJHI &SNBOOP XIP JT BDDVTUPNFE UP n ZJOH %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
8PPEZ 7BMMFZ T /FX )BSOFTT m "MTP %FTJHOFE GPS 1BSB .PVOUBJOFFSJOH
ɩ F 53"/4"-1 8PPEZ 7BMMFZ T OFXFTU IBSOFTT JT TQF DJm DBMMZ EFTJHOFE GPS UIPTF XIP XBOU UP DPNCJOF QBSBHMJEJOH XJUI USFL LJOH PS SPDL DMJNCJOH ɩ JT MJHIU DPN QBDU BOE FYUSFNFMZ DPNGPSUBCMF IBSOFTT JT SFDFOUMZ %)7 IPNPMPHBUFE CVU JT TUJMM XBJUJOH GPS JUT SFHJTUSBUJPO OVNCFS BU QSFTT UJNF JO NJE 0DUPCFS ɩ F 53"/4"-1 IBT BMVNJOVN BEKVTUNFOU CVDLMFT PO UIF TIPVMEFS TUSBQT BOE GPVS QVMMFZT GPS UIF TQFFE TZTUFN ɩ F IBSOFTT JT BWBJMBCMF JO UXP NPEFMT IBSOFTT POMZ LH XJUI DBSBCJOFST PS JOUFHSBUFE IBSOFTT SVDLTBDL LH XJUI DBSBCJO FST ɩ FSF BSF UXP BEEJUJPOBM PQUJPOT B MJHIUXFJHIU TJEF NPVOUFE SFTFSWF DPOUBJOFS LH BOE B %)7 UZQF BQ QSPWFE BJSCBH LH .PSF JOGPSNBUJPO JT BWBJMBCMF BU XXX XPPEZWBMMFZ DPN PS DPOUBDU -BST -JOEF
GBDUPSZ NBOBHFS XIP IBT ZFBST PG FYQFSJFODF QSPEVDJOH QBSBHMJEFST 4VO T DPNQ HMJEFS UIF ,BIO JT QFS GPSNJOH FYUSFNFMZ XFMM QMBDJOH m STU UIJSE GPVSUI TJYUI TFWFOUI BOE FJHIUI %)7 (FSNBO )BOH (MJEJOH BOE PWFSBMM BOE XPNFO T m STU JO UIF A 1BSBHMJEJOH "TTPDJBUJPO *OWJUFT 'JMN 5BJXBO 0QFO BOE m STU CPUI PWFSBMM BOE 1SPEVDFST UP 4VCNJU 'SFF 'MJHIU 'JMNT XPNFO T JO UIF 4QBOJTI /BUJPOBMT ɩ F ɩ F %)7 'JMN "XBSE XJMM CF ,BIO BMTP QMBDFE UIJSE PWFSBMM BOE m STU DPOEVDUFE BU 'SFF 'MJHIU o IFSF T XPNFO T JO UIF $PQB *CFSJDB ZPVS DIBODF UP TIPX PĊ ZPVS MBUFTU JEFBT ɩ F ,BIO "DSP QMBDFE TFDPOE PWFS PO UIF GBTDJOBUJPO PG GSFF n ZJOH XJUI BMM JO UIF A "DSPGPMJFT BOE UIF A 3FE QBSBHMJEFST BOE IBOH HMJEFST %SBNB #VMM 7FSUJHP XJUI )PSBDJP -PSFOT BOE EPDVNFOUBSZ DBSUPPO PS NVTJD WJEFP )FSNBO 1JUPDDP XIP TBJE i8F BSF WFSZ o ZPVS JNBHJOBUJPO DBO TIPX IPX ZPV MVDLZ UP n Z XJUI 4VO (MJEFST ɩ F ,BIO WJFX UIF TLJFT "DSP JT QFSGFDU GPS BDSP w "O JOEFQFOEFOU KVSZ XJMM TFMFDU UIF .PSF JOGPSNBUJPO JT BWBJMBCMF BU CFTU PG UIF m MNT BOE WJEFPT GPS QSFTFO XXX TVOSJTFQBSBHMJEJOH DPN PS UBUJPO BU 'SFF 'MJHIU BOE SFXBSE UIF QSPEVDFST XJUI QSJ[FT UPUBMJOH nj 'JSTU QSJ[F JT nj UIF XJOOFST PG m WF PUIFS DBUFHPSJFT XJMM SFDFJWF nj FBDI 'MZ 'PSFWFS $BMFOEBS ɩ F FEJUPST BU $SPTT $PVOUSZ NBHB[JOF BOE UIF XJOOFS PG UIF BVEJFODF QSJ[F 4VOSJTF 1BSBHMJEJOH /PX 6 4 IBWF TPVSDFE UIF CFTU QIPUPT GSPN UIF XJMM SFDFJWF B TQFDJBM NBUFSJBM QSJ[F *NQPSUFST GPS 4VO 1BSBHMJEFST XPSMET NPTU ESBNBUJD n ZJOH MPDBUJPOT "QQMJDBUJPO GPSNT DBO CF EPXOMPBEFE 4VO QBSBHMJE UP QSPEVDF B TUVOOJOH OFX MBSHF GPSNBU GSPN IUUQ XXX EIW EF UZQP %)7@ FST BSF OPX CFJOH DBMFOEBS ɩ F 'MZ 'PSFWFS DBMFOEBS 'JMN@"XBSE IUNM ɩ F DMPTJOH JNQPSUFE UP UIF GFBUVSFT UIJSUFFO CFBVUJGVM QIPUPT GSPN EBUF GPS FOUSJFT JT .BSDI 6 4 CZ 4VOSJTF +ÏSÙNF .BVQPJOU "OEZ #VTTMJOHFS BOE 1BSUJDJQBOUT NVTU HVBSBOUFF UIBU UIFJS 1BSBHMJEJOH ,FO +PIO )FJOFZ #PME GSFTI BOE NFTNFS FOUSFFT EP OPU JOGSJOHF PO BOZ DPQZSJHIUT ) V E P O K P S H F O T F O J[JOH UIF QIPUPT BSF QSJOUFE BT CJH BOE BOE UIBU UIF %)7 XJMM OPU CF MJBCMF GPS BOE &E .JO 4VO BT DMFBO BT PVS QSFTTFT DPVME NBOBHF BOZ DMBJNT GSPN UIJSE QBSUJFT 4IPVME 1BSBHMJEFST FOUFST ɩ F OFX GPSNBU BMTP IBT TQBDF GPS ZPV (&." MJDFOTFE NVTJD CF VTFE JO QSP UIF 6 4 NBSLFU UP XSJUF JO ZPVS BQQPJOUNFOUT BOE XJMM EVDUJPOT UIF QBSUJDJQBOU NVTU FOTVSF XJUI B MBSHF BNPVOU CF BJSNBJMFE UP ZPV XJUI B TUJĊ CPBSE UP UIBU UIF BQQSPQSJBUF CSPBEDBTU GFFT IBWF PG FYQFSJFODF XJUI PXOFST PQFSBUPST FOTVSF JU BSSJWFT JO QSFNJVN DPOEJUJPO CFFO QBJE 'PS NPSF JOGP DPOUBDU #FOFEJLU 1SFTJEFOU , ) $IPJ n ZJOH TJODF A ɩ F $BMFOEBS JT QSJDFE b JOTUSVDUPS BOE DPNQFUJUPS PXOFS PG &EFM nj GSPN ZPVS MPDBM TUPDLJTU -JFCFSNFJTUFS QVCMJD SFMBUJPOT NBOBHFS BHFODZ JO ,PSFB VOUJM EFTJHOFS 4 BOE BMTP UISPVHI $SPTT $PVOUSZ T POMJOF QS!EIW EF QIPOF DF!YDNBH GBY NPCJMF , -FF XIP XBT B EFTJHOFS XJUI &EFM TIPQ XXX YDTIPQ DPN PS Pċ GSPN A UP A BOE UIF 4VO 1BSBHMJEFST DPN UFMFQIPOF %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
6QEBUF 0O 4BOE 5VSO -; "DRVJTJUJPO 1SPKFDU BOE BO 0QQPSUVOJUZ UP 8JO (SFBU 1SJ[FT #Z "EBN (SBIBN
+VTU POF ZFBS BHP UIF 4BOE 5VSO 5SVTU XBT GPSNFE UP BDRVJSF UIF MBOEJOH [POF GPS UIJT CJXJOHVBM TJUF JO 8ZPNJOH ɩ F -BCPS %BZ 'MZ JO XBT HSFBU GVO BOE B QSPm UBCMF GVOESBJTFS CSJOHJOH JO BOPUIFS JO EPOBUJPOT 8F IBWF EPOPST BOE PWFS PG UIF SBČ F UJDLFUT BSF TQPLFO GPS PG UJDLFUT ɩ FSF XJMM CF B GVMM BSUJDMF JO BO FBSMZ TQSJOH JTTVF PG UIJT NBHB[JOF *O UIF NFBOUJNF * BN HBUI FSJOH NPSF QSJ[FT BOE UIFSF TIPVME CF B IVHF QJMF PG TUVĊ UP HJWF BXBZ BMPOH XJUI UIF HSBOE QSJ[F PG B HMJEFS PG ZPVS DIPJDF 0VS HSBOU GSPN UIF 64)(' SFRVJSFT UIBU XF NBUDI UIF GVOET UIFZ EPOBUFE TP XF IBWF UP IPME PĊ PO UIF SBČ F VOUJM BMM UJDLFUT BSF QVSDIBTFE 5P CVZ B SBČ F UJDLFU TFOE ZPVS DIFDL UP ɩ F 4BOE 5VSO 5SVTU D P "EBN PS -ZOO (SBIBN 8FTU .PSUPO %SJWF 4BMU -BLF $JUZ 65 PS DBMM BOE * XJMM SFUVSO ZPVS DBMM 3FNFNCFS UIFSF
BSF POMZ FOUSJFT JO UIJT SBČ F TP ZPVS PEET PG XJOOJOH UIF HMJEFS PS POF PG UIF PUIFS QSJ[FT BSF FYDFMMFOU *O UIF FOE FW FSZPOF XJOT CFDBVTF 4BOE 5VSO XJMM CF TBGF GSPN -; FODSPBDIJOH EFWFMPQNFOU QSFTTVSFT BOE XJMM CF BWBJMBCMF GPS QJMPUT UP FOKPZ GPSFWFS
JT JOTUBMMFE PO ZPVS DPNQVUFS :PV DBO EPXOMPBE UIF TPGUXBSF BU IUUQ XXX BJSDPUFD OFU EPXOMPBET IUN PS UBLF B UFTU n JHIU BU XXX BJSDPUFD OFU
"JSDPUFD *ODPSQPSBUFT *EFBT 'SPN UIF 9$ 5SBJOFS *OOPWBUJPO $PNQFUJUJPO JO UIF -BUFTU 4PGUXBSF 6QEBUF .PSF UIBO QJMPUT QBSUJDJQBUFE JO UIF *OOPWBUJPO $PNQFUJUJPO BOE NBOZ PG UIF TVHHFTUJPOT BSF JODPSQPSBUFE JO UIF 9$ 5SBJOFS %VBM T MBUFTU TPGUXBSF 5/ $ P N Q M F U F XIJDI XPSLT XJUI ( P P H M F &BSUI JG JU
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
EPFTO U XPSSZ UIBU IF IBTO U IFBSE GSPN UIF NPUIFS PG IJT CBCZ PO UIF CJSUIEBZ XIFO IF T n ZJOH DSPTT DPVOUSZ 8IFO IF iRVJDLMZ QBDLFE IJT HMJEFSw CFGPSF ESJW JOH + UP UIF IPTQJUBM )&: 67 FYQPTVSF JT 67 FYQPTVSF SJHIU *G +JMMJBO JTO U HPJOH 9$ CZ IFS UI CJSUIEBZ * MM HJWF VQ PO %/" BT B QSFEJDUPS PG CFIBWJPS $POHSBUT (FPSHF BOE + 5POZ -ZOO 64)("
-POH 5JNF )BOH 1JMPU 4VSQSJTFE UP 'JOE )JNTFMG 'FBUVSFE PO 1PTUBHF 4UBNQ QIPOF DBMM BOE FNBJM
.JEXFTU 4UBUF (POF .JTTJOH FNBJM
-PWF UIF OFX MPPL PG UIF NBHB[JOF :FU POF JUFN TUVDL PVU JO UIF 4FQUFNCFS JTTVF *U XBT JO UIF BSUJDMF i)BOH (MJEF $IJDBHPw CZ %BWJT 4USBVC BOE * RVPUF i$IJDBHP JT UIF DPOUSPMMFE BJSTQBDF UP UIF OPSUIFBTU CVU UIFSF BSF QMFOUZ PG PQFO BOE GSFF BSFBT JO PUIFS EJSFDUJPOT *U MPPLT MJLF JU JT FBTZ UP HFU BSPVOE $IJDBHP UP UIF TPVUI BOE IFBE JOUP 0IJP w 0IJP "I IB TP JU JT USVF *OEJBOB JT B OP NBO T MBOE UP IBOH HMJEFS QJMPUT VOMFTT ZPV SF JOUFSFTUFE JO TUBUJD UPXJOH 0G DPVSTF * N KVTU NBE ADBVTF * DBO U n Z FWFSZ XFFLFOE XJUIPVU ESJWJOH PPEMFT PG IPVST ɩ F UIPVHIU IBT DSPTTFE NZ NJOE UP PQFO BO BJSQBSL MPDBMMZ BT * WF MFBSOFE UP FOKPZ BFSPUPXJOH 1MFBTF QSJOU NZ FNBJM BEESFTT TP PUIFS *OEJBOB QJMPUT DBO UFMM NF XIBU UIFZ EP UP HFU UIFJS BJS m Y .BZCF JG * HPU NPSF BJSUJNF * DPVME KVTU TLJN PWFS UIF BSUJDMFT BOE XPVMEO U DBUDI UIFTF MJUUMF NJTUBLFT ɩ BOLT BOE LFFQ VQ UIF HSFBU XPSL XJUI UIF NBHB [JOF .S ,JN #BOLFS 64)(" ,SCn JFT!GBNWJE DPN %BWJT 4USBVC SFQMJFT i8FMM PG DPVSTF * LOFX UIBU *OEJBOB XBT UIFSF CVU * N BMXBZT UIJOLJOH MPOH EJTUBODF n JHIUT BOE 0IJP JT DPNJOH VQ UP UIF FBTU "U MFBTU * UIJOL UIBU JT XIBU * XBT UIJOLJOH XIFO * XSPUF UIF BSUJDMFyw )F BEET UIBU *OEJBOB QJMPUT TIPVME DPOUBDU 1FUFS #JSSFO SFHBSEJOH UPXJOH JO *OEJBOB QFUFSC!BNFSJUFDI OFU Dz FSF T BMTP BO *OEJBOB FNBJM HSPVQ */)BOH(MJEJOH!ZBIPPH SPVQT DPN
* N XSJUJOH JO SFHBSET UP UIF .BMJ TUBNQ XIJDI BQQFBSFE PO Q PG UIF "VHVTU JTTVF PG )BOH (MJEJOH 64)(" 8FC TJUF 1BSBHMJEJOH NBHB[JOF JO UIF BSUJDMF .BOZ ZFBST BHP * DPOUBDUFE .BUU i)BOH (MJEJOH .BSLT 4UBNQT PG UIF JT 5BCFS BU -PPLPVU .U 'MJHIU 1BSL UP TFF 8PSME 1BSU w CZ 5FSSZ 'FSSFS ɩ JG * DPVME QBSBHMJEF UIFSF ɩ F BOTXFS TUBNQ JTTVFE PO .BSDI PSJHJ XBT i/P CVU * DBO IBWF ZPV TPMP JO POF OBUFE GSPN B QIPUPHSBQI GFBUVSFE JO UIF +VMZ JTTVF PG 4QPSUT *MMVTUSBUFE EBZ JG ZPV BSF B 1 PO B IBOH HMJEFS w .Z QPJOU JT UIJT ɩ FSF JT TUJMM B TUSPOH "O BTTPDJBUF BOE * PSHBOJ[FE UIJT BFSJBM CJBT JO <QBSUT PG> UIF IBOH DPNNVOJUZ EFNPOTUSBUJPO BOE QIPUP PQQPSUVOJUZ GPS "("*/45 UIF FWFS HSPXJOH QPQVMBS 4QPSUT *MMVTUSBUFE UP QSPNPUF UIF VMUSB JUZ PG UIF QBSBHMJEJOH DPNNVOJUZ .BOZ MJHIU BJSDSBGU NPWFNFOU JO UIJT DPVOUSZ ZFBST BHP BT XFMM * WJTJUFE XJUI 5PNNZ #JMM #FOOFUU DPOUSBDUFE NF UP DPOEVDU ɩ PNQTPO VQ OFBS IJT IPNF JO /PSUI BJSXPSUIJOFTT DFSUJm DBUJPO PG UIF GFB $BSPMJOB XIFSF IF IBE B IBOH HMJEFS UVSFE IBOH HMJEFS BOE &E 4XFFOFZ EF F QJMPU PO UIF MBVODI SBNQ JO IJT CBDLZBSE PWFSMPPL TJHOFE UIF QPXFS VOJU ɩ JOH B WBMMFZ BOE -; )F XBT TLZEJW TUBNQ JT iZPVST USVMZ w 'PS UIF QBTU ZFBST * IBE OP JEFB UIJT JOH UIBU EBZ BOE IJT XJGF JOGPSNFE NF UIBU UIF CBDLZBSE MBVODI XBT NPTU MJLFMZ TUBNQ FYJTUFE VOUJM JU BQQFBSFE JO PVS SPUPS NBUFSJBM TP * EJE OPU n Z #VU HFU NBHB[JOF JO * XPVME MJLF UP UIBOL UIJT 5PNNZ ɩ PNQTPO BO BODJFOU IBOH .S 'FSSFS GPS FOIBODJOH PVS BXBSF HMJEFS QJMPU XBT 0, XJUI B QBSBHMJEFS OFTT BOE CSJOHJOH UIFTF NBOZ CFBVUJGVM QJMPU BU IJT CBDLZBSE MBVODI TJUF )F BMTP TUBNQT BOE UIFJS PSJHJOT UP UIF BUUFOUJPO IBE B GFX QBSBHMJEFS NPEFMT MZJOH BSPVOE PG UIF n ZJOH DPNNVOJUZ IJT IPVTF $ISJT % 1FSLJOT 64)(" 8F EP OFFE B CMFOE PG PME BOE OFX ɩ FSF JT OPU SPPN GPS B EJWJTJPO CFUXFFO BTTPDJBUJPO NFNCFST XIP FTTFOUJBMMZ FOKPZ UIF TBNF UIJOH * DBO TJNQMZ SFMBUF UIJT UP iSBDJBMw CJBT *U JT OPU B OFX DPO DFQU *U JT BO PME DPODFQU -FU VT HFU PO XJUI UIF CVTJOFTT PG CVJMEJOH B CFUUFS QMBDF GPS VT BMM " #MFOE PG 0ME BOE /FX .FBOT B #FUUFS 1MBDF GPS "MM
#PC 3BXFST 64)("
)PX %P :PV ,OPX 8IFO B 1JMPU T )BSE $PSF 64)(" 8FC TJUF
* KVTU SFBE UIF BDDPVOU PG (FPSHF BOE + T OFX BEEJUJPO +JMMJBO i'BDFT PG UIF 'VUVSF w 4FQUFNCFS JTTVF )PX EP ZPV LOPX XIFO B QJMPU T IBSE DPSF 8IFO IF
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
B NBUDIJOH HSBOU PG GPS B /&1" ɩ JT ZFBS XF IBE PVS m STU TJHOJm DBOU #JPMPHJDBM "TTFTTNFOU SFRVJSFE CZ UIF DPOUSJCVUJPO GSPN B TJOHMF QJMPU XIP XJTIFT /14 GPS UIF .U )PXBSE TJUF JO 0SFHPO UP SFNBJO BOPOZNPVT JO FYDFTT PG #Z 4UFWF 0OTUBE 1SFTJEFOU 64)(' ɩ JT JODMVEFE UIF NBUDI GSPN UIF *O XIFO UIF 6OJUFE 4UBUFT )BOH &EVDBUJPO HSBOUT JODMVEFE 64)(" BOE B EPMMBS GPS EPMMBS NBUDI GSPN (MJEJOH 'PVOEBUJPO SFPSHBOJ[FE BOE DIBOHFE t B NBUDIJOH HSBOU PG GPS UIF QSPEVD UIF QJMPU T FNQMPZFS 1MFBTF DPOTJEFS UIF JUT QVSQPTF GFX QJMPUT XFSF BXBSF UIBU B UJPO PG B DSPTT DPVOUSZ TJUF HVJEF GPS ,JOH )BOH (MJEJOH 'PVOEBUJPO JO ZPVS DIBSJ 'PVOEBUJPO FWFO FYJTUFE ɩ BU IBT CFHVO UP .PVOUBJO *EBIP UBCMF HJWJOH UIJT ZFBS ɩ F 'PVOEBUJPO JT B DIBOHF BT UIF 'PVOEBUJPO BXBSET HSBOUT UIBU t B HSBOU VOEFSXSJUJOH UIF DPTU PG SVOOJOH OPOQSPm U D DPSQPSBUJPO TP ZPVS DPO NBLF B EJĊ FSFODF UP UIF IBOH HMJEJOH BOE B IBOH HMJEJOH *OTUSVDUPS $FSUJm DBUJPO USJCVUJPOT BSF UBY EFEVDUJCMF UP UIF TBNF QBSBHMJEJOH DPNNVOJUZ 1SPHSBN FYUFOU UIBU UIFZ XPVME CF XJUI BOZ PUIFS 0WFS UIF MBTU NPOUIT UIF 'PVOEBUJPO t B HSBOU UP USBJO OFX NFFU EJSFDUPST D DIBSJUZ QBSUJDJQBUFE JO TFWFSBM QSPKFDUT UP GVSUIFS 8F DVSSFOUMZ EFQFOE QSJNBSJMZ PO UIF QSFTFSWBUJPO PG GSFF n JHIU TPNF BMSFBEZ 'SPN UIF DPNQFUJUJPO GVOET XF BXBSE WPMVOUFFST GPS PVS PQFSBUJPOT BOE BSF FTQF GVOEFE BOE PUIFST GPS XIJDI XF WF DPNNJU FE HSBOUT UPUBMJOH UP UIF 6 4 )BOH DJBMMZ JOUFSFTUFE JO WPMVOUFFST XJUI FYQFSJFODF UFE GVOET (MJEJOH /BUJPOBM 5FBN NFNCFST UP XJUI UIF OPOQSPm U TFDUPS m OBODJBM BOE FTUBUF 4JUF 1SFTFSWBUJPO HSBOUT JODMVEFE DPWFS UIFJS FOUSZ GFF GPS UIF 8PSME .FFU JO QMBOOFST BDDPVOUBOUT 2VJDL#PPLT QSPGFT t B NBUDIJOH HSBOU PG GPS UIF QVS "VTUSBMJB BOE UP UIF 6 4 1BSBHMJEJOH TJPOBMT 8FC NBOBHFST BOE EFTJHOFST BOE DIBTF PG UIF 4BOE 5VSO -; JO 8ZPNJOH /BUJPOBM 5FBN NFNCFST GPS UIF 1BSBHMJEJOH XSJUFST $POUBDU JOGPSNBUJPO JT MJTUFE PO PVS t B NBUDIJOH HSBOU PG GPS UIF QVS 8PSME .FFU JO #SB[JM 8FC TJUF XXX VTIHG PSH DPOUBDUT IUN DIBTF BOE FBTFNFOU PG UIF 8FTU 3VUMBOE "MM PG UIJT JT QPTTJCMF POMZ XJUI ɩ F 'PVOEBUJPO JT OPX FNCBSLFE PO B MBVODI JO 7FSNPOU DPOUJOVFE DPOUSJCVUJPOT GSPN UIF n ZJOH EFWFMPQNFOU QMBO UIBU XJMM PĊ FS B XJEFS SBOHF t MFHBM BTTJTUBODF NBUDIJOH HSBOUT UPUBMJOH DPNNVOJUZ &BDI ZFBS UIF BNPVOU DPOUSJC PG DPOUSJCVUJPO PQUJPOT JODMVEJOH QMBOOFE GPS )FOTPO T (BQ JO 5FOOFTTFF VUFE UP UIF 'PVOEBUJPO HSPXT BT NBOZ PG ZPV HJWJOH 8F XJMM LFFQ ZPV QPTUFE BT UIF t BO BEEJUJPOBM MFHBM BTTJTUBODF NBUDIJOH UBLF BEWBOUBHF PG UIF 64)(" T HFOFSPVT QMBO VOGPMET HSBOU PG GPS UIF &NCSFWJMMF TJUF JO NBUDI PG VQ UP XIFO ZPV SFOFX ZPVS ɩ F 'PVOEBUJPO XBOUT Pċ DJBMMZ UP UIBOL 1FOOTZMWBOJB BTTPDJBUJPO NFNCFSTIJQ *G FBDI PG UIF UIF 64)(" CPBSE PG EJSFDUPST BOE NFNCFST t B TUBOE CZ HSBOU DPNNJUNFOU UP IFMQ 64)(" T NFNCFST DPOUSJCVUFE KVTU GPS UIFJS DPOUJOVFE TVQQPSU BOE DPOUSJCVUJPOT TFDVSF UIF TPVUI TJEF PG 1PJOU PG UIF XJUI UIFJS SFOFXBM DPNCJOFE XJUI UIF :PV IBWF QVU VT PO TPMJE HSPVOE UP CFDPNF .PVOUBJO JO 6UBI 64)(" T NBUDI UIJT XPVME NFBO UIF 'PVOEBUJPO UIBU UIF 64)(" CPBSE t B NBUDIJOH HSBOU PG UP QVSDIBTF QFS ZFBS UIBU XF DPVME VTF UP QSFTFSWF GSFF FOWJTJPOFE XIFO JU PSJHJOBMMZ DSFBUFE VT BOE IBSWFTU UIF MBOEPXOFS T USFFT JO n JHIU 8IFO ZPV SFOFX BTL ZPVSTFMG JG UIF GSPOU PG MBVODI BU %PH .PVOUBJO JO TJUFT ZPV n Z BSF XPSUI BO FYUSB QFS ZFBS 8BTIJOHUPO UP ZPV
1IPUP 3BMQI 4JDLJOHFS
(JWJOH UIF (JGU PG 'MJHIU
t
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
"XBSFOFTT "DDJEFOUT BOE "JSNBOTIJQ QBSU UXP PG B UISFF QBSU TFSJFT
#Z +PIO .BUZMPOFL 1IPUPT PG IBOH HMJEFS MBOEJOH NJTIBQT CZ 1BVM 7PJHIU
XF DBO FYQFSJFODF UIF XPSME BT JU SFBMMZ JT ("5)&3 .0%&"DDVSBUF QFSDFQUJPOT BOE JEFBT DBO POMZ (FU BMM JOGPSNBUJPO UIBU T BWBJMBCMF BCPVU CF DMPTF BQQSPYJNBUJPOT PG SFBMJUZ BOE UIF n ZJOH TJUF PS TJUVBUJPO UIF EFHSFF PG BDDVSBDZ EFQFOET PO UIF FYUFOU PG USBJOJOH BOE FYQFSJFODF PG UIF "TTFTT QSFTFOU TLJMM MFWFM TQFDJm D SBUJOHT QJMPU 7JWJE JNBHJOBUJPOT DPOEJUJPOFE BOE SFDFOU FYQFSJFODFT UIBU BQQMZ IBCJUT OFFE GPS BQQSPWBM TUSPOH CFMJFGT PS TFMG DPODFQUT XJTIFT SBUJOHT BOE 5IJOL PG QPTTJCMF TBGF TUSBUFHJFT GPS EFTJSFT PGUFO JOUFSGFSF XJUI QFSDFQUJPO BDUJPO DPOUSPMMJOH GPS WBSJBCMFT SFBMJUZ ɩ JT JOUFSOBM FOWJSPONFOU NVTU CF BTTFTTFE BT PCKFDUJWFMZ BT UIF PVUTJEF )POF UIF TLJMMT OFFEFE CZ SFWJFX FOWJSPONFOU 1SPQFS DPNQSFIFOTJPO JOTUSVDUJPO PS TQFDJBM QSFQBSBUJPO SFMJFT PO DIPPTJOH SFMFWBOU GSPN JSSFMF WBOU QFSDFQUJPOT BOE TUSBUFHJFT PG XIBU &OGPSDF SBUJOH PS QFSTPOBM MJNJUT BOE DPOTUJUVUFT B TBGF n JHIU TBGFUZ NBSHJOT *O B OVUTIFMM EP OPU CFMJFWF FWFSZ UIJOH ZPV UIJOL BOE EP OPU BDU PO FWFSZ 3FXBSE ZPVSTFMG GPS IBWJOH EJTQMBZFE JNQVMTF 'MZJOH EFDJTJPOT DBO CF USJDLZ JO NBUVSJUZ BOE BJSNBOTIJQ B DPOTUBOUMZ DIBOHJOH FOWJSPONFOU )PX DBO XF EFBM XJUI UIF BNCJHVJUZ 3FMJBCMF (BUIFSJOH *OGPSNBUJPO QJMPUT EJTSFHBSE JSSFMFWBOU QFSDFQUJPOT CZ 4JUFT BSF WFSZ EJĊ FSFOU BOE UIFJS XFBUI VTJOH UIF ("5)&3 NPEFM UP DPOTJEFS FS DPOEJUJPOT DPOTUBOUMZ DIBOHF &BDI UIF n JHIU BOE UIF %&$*%& NPEFM UP TJUF IBT EJĊ FSFOU QJUGBMMT UISPVHIPVU UIF SFBDU UP DIBOHJOH DPOEJUJPOT PODF JO UIF EBZ -PDBM QJMPUT BSF UIF CFTU TPVSDF PG BJS 4BGF n JHIU QMBOT BSF HFOFSBUFE GSPN JOGPSNBUJPO GPS BWPJEJOH UIF EBOHFST TJODF UIFTF BDDVSBUF QFSDFQUJPOT BOE TUSBUFHJFT UIFZ n Z UIF TJUF NPTU PGUFO 4JUF HVJEFT "NCJHVJUZ BOE 4JUVBUJPOBM "XBSFOFTT " HPPE n JHIU QMBO QSPWJEFT BEFRVBUF GPVOE PO DMVC 8FC TJUFT BSF GPVOUBJOT PG 1JMPU FSSPST BSF TPNFUJNFT NZTUFSJ TBGFUZ NBSHJOT BOE BU MFBTU POF CBDL VTFGVM JOGPSNBUJPO UIBU BMTP JODMVEF TJUF PVT o FWFO UP UIPTF XIP NBLF UIFN #VU VQ QMBO SFHVMBUJPOT BOE QSPUPDPM 3FDPHOJ[JOH FWFO B GV[[Z SFTQPOTF UP UIF RVFTUJPO UIF DIBMMFOHF JT IBMG UIF DIBMMFOHF i6HI XIZ EJE ZPV EP UIBU w JT JOTUSVDUJWF " MBDL PG TJUVBUJPOBM BXBSFOFTT JT PGUFO UIF VOEFSMZJOH DBVTF 4JUVBUJPOBM BXBSF OFTT JT UIF QFSDFQUJPO DPNQSFIFOTJPO BOE QSPKFDUJPO PG WBSJBCMFT UIBU XJMM BG GFDU B n JHIU 4JUVBUJPOBM BXBSFOFTT NBLFT HPPE EFDJTJPOT BOE QFSGPSNBODF JO n JHIU NPSF MJLFMZ UIPVHI JU EPFTO U HVBSBOUFF JU ɩ BU JT CFDBVTF BXBSFOFTT NVTU CF GPM MPXFE CZ DPSSFDU QFSGPSNBODF PS BDUJPO 'PS FYBNQMF * IBWF TFFO QJMPUT TUBMM BOE TQJO UIFJS HMJEFST OPU SFBMJ[JOH UIBU UIFZ XFSF QSPWJEJOH UIF DPOUJOVPVT JOQVU GPS UIF TQJO 4JUVBUJPOBM BXBSFOFTT NBZ JO DMVEF LOPXMFEHF PG ZPVS DVSSFOU QIZTJDBM BOE NFOUBM TUBUF BOE IPX JU NBZ BĊ FDU ZPVS n JHIU 1FSDFQUJPO JT FTQFDJBMMZ JNQPSUBOU CFDBVTF JU JT POMZ JO UIF IFSF BOE OPX o )PQJOH XJTIJOH PS QSBZJOH GPS FOPVHI BMUJUVEF UP TRVFBL JOUP B EJTUBOU -; EPFT OPU XJUIPVU NVDI UIPVHIU PS FNPUJPO o UIBU RVBMJGZ BT BMMPXJOH BO BEFRVBUF TBGFUZ NBSHJO *O QBSU POF JO UIJT TFSJFT PO BDDJEFOU QSFWFOUJPO * EFTDSJCFE ÌiV V> ]Ê «À Vi `ÕÀ> Ê> `ÊÃÌÀ>Ìi} V QJMPU FSSPST "T USBJO JOH BOE DIBMMFOHFT FTDBMBUF UIF BCJMJUZ UP SFDPHOJ[F DIBMMFOHFT NBLF EFDJTJPOT EFMBZ HSBUJm DBUJPO SFDPHOJ[F EBOHFST BOE n VJEMZ BEBQU UP TJUVBUJPOT CFDPNFT FWFO NPSF JNQPSUBOU - ÌÕ>Ì > Ê >Ü>Ài iÃÃ BOE QSPQFS QFSGPSNBODF CFDPNF DSJUJDBM TLJMMT UP EFWFMPQ -BDL PG USBJOJOH QSFQB SBUJPO PS BUUFOUJPO BSF PCWJPVT DBVTFT PG QJMPU FSSPS #VU OPU SFWJFXJOH TLJMMT PS GBJMJOH UP DPOUJOVBMMZ MFBSO PS BEBQU BSF NPSF TVCUMF GBDUPST ÕÀÀi VÞ]Ê V ` Ì }]ÊÛiÀÃ>Ì ÌÞÊ> `ÊV > Vi BSF NBKPS DPOUSJCVUPST UP UIF UISFF UZQFT PG QJMPU FSSPS ɩ JT BSUJDMF QSPWJEFT NPSF FYQMBOB UJPO PG IPX UIFTF GBDUPST BĊ FDU SFBEJOFTT 'VSUIFSNPSF JU EPFTO U NBUUFS IPX HPPE ZPV BSF *G ZPV n Z JO JODSFBTJOHMZ FYUSFNF DPOEJUJPOT PS DIPPTF TNBMM TBGFUZ NBSHJOT ZPV XJMM m OE UIF MJNJUT PG UFDI OPMPHZ BOE IVNBO TLJMM ɩ JT DBO IBQQFO CPUI FBSMZ BOE MBUFS JO B n ZJOH DBSFFS /P POF JODMVEJOH UIJT BVUIPS JT JNNVOF
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP +PTI .PSFMM
*OGPSNBUJPO HBUIFSJOH JT B DPOUJO VPVT QSPDFTT UIBU HFUT NPSF EFUBJMFE SJHIU VQ UP UIF EBZ BOE NPNFOU PG UIF MBVODI 8BMLJOH UIF MBOEJOH [POF UFTUJOH UIF MBVODI GPPUJOH BTLJOH BCPVU TQFDJm D MBVODI UFDIOJRVFT BOE XBUDIJOH PUIFST QFSGPSN BSF QBSU PG UIJT JOGPS NBUJPO HBUIFSJOH QSPDFTT .BOZ B IBSE MBOEJOH DBO CF BWPJEFE CZ DIPPTJOH B MBSHF TNPPUI BOE DMFBS TVSGBDF UP MBOE VTJOH XIFFMT BOE QSPQFS SVO PVU UFDI OJRVFT MBOEJOH JOUP UIF XJOE BOE TFFJOH UIF QSPQFS BQQSPBDI TUSBUFHZ JO BDUJPO "TL Ê º7 >ÌÊ Ã«iV wÊVÊ iÝ«iÀ i ViÃÊ >ÛiÊ Ê >`ÊÌ >ÌÊ>«« ÞÊÌ ÊÌ iÊVÕÀÀi ÌÊà ÌÕ>Ì ¶» $POUSPMMJOH GPS WBSJBCMFT PGUFO SFRVJSFT UIF BCJMJUZ UP EFMBZ n JHIU PS NBLF TQFDJBM QSFQBSBUJPOT VOUJM UIF OFD FTTBSZ DPOEJUJPOT FYJTU GPS TBGF n JHIU ɩ JT JODMVEFT m OEJOH TVQFSWJTJPO JOTUSVDUJPO PS IPOJOH OFDFTTBSZ TLJMMT UISPVHI QSBD UJDF 'PS JOTUBODF MBOEJOH JO UIF IJHI EFTFSU SFRVJSFT UIF BCJMJUZ UP n BSF BCPWF UIF TBHFCSVTI BU IJHI HSPVOETQFFET ɩ JT DBO CF QSBDUJDFE BU UIF USBJOJOH IJMM CZ JODSFNFOUBM CBMMBTUJOH %FUFSNJOJOH QFSTPOBM BOE UFDI OPMPHJDBM MJNJUT SFRVJSFT BDDVSBUF TFMG BTTFTTNFOU BOE FNPUJPOBM NBUVSJUZ "G UFS DPOTJEFSJOH BOZ SJTLT BOE NBLJOH QSFQBSBUJPOT FWFO JG JU T FBSMZ EJOOFS QMBOT SFNFNCFS UP SFXBSE ZPVSTFMG ɩ JT JT FTQFDJBMMZ JNQPSUBOU JG PUIFS MFTT DPOTFSWBUJWF PS NPSF TLJMMFE QJMPUT IBWF UBLFO TPNF SJTLT BOE BSF OPX n ZJOH MPO HFS PS HPJOH GBSUIFS
3FDPHOJ[JOH UIBU UIF TJUVBUJPO IBT DIBOHFE UIF QMBOOFE -; JT OP MPOHFS XJUIJO SFBDI BOE SFBDUJOH RVJDLMZ DBO NFBO UIF EJGGFSFODF CFUXFFO B TBGF PVU MBOEJOH BOE B DSBTI
"UUFOUJPO 1SFGFSFODFT %FUFDUJOH DIBOHF BOE SFBDUJOH QSPQ FSMZ BSF UIF FTTFODF PG TLJMMGVM n ZJOH BOE BSF BĊ FDUFE CZ UIF XBZ QFPQMF QSPDFTT JOGPSNBUJPO "MM QJMPUT IBWF B m OJUF DB QBDJUZ BOE B QSFGFSFODF GPS QSPDFTTJOH JO
GPSNBUJPO *OEJWJEVBMT IBWF WBSZJOH DB OFTT 4PNFUJNFT ZPV IBWF UP USZ TPNF QBDJUJFT PG EJSFDUJOH UIJT MJNJUFE DBQBDJUZ UIJOH FMTF JG UIF m STU QMBO EJEO U XPSL UPXBSE POF UIJOH 5SBJOJOH JOUFSFTU GBT "MM PG UIJT EFDJTJPO NBLJOH NVTU CF PVU DJOBUJPO OFFE BOE JNQPSUBODF NPEJ TJEF UIF DPOUFYU PG EJSF TJUVBUJPOT 'PS JO GZ UIJT DBQBDJUZ BOE QSFGFSFODF JO QJMPUT TUBODF TPNFUJNFT B DIBOHF JO XJOE EJ %FTQJUF UIJT QJMPUT TUJMM NBZ OPU CF QBZJOH SFDUJPO OFDFTTJUBUFT DIPPTJOH B EJĊ FSFOU JT TJNQMF SFDPHOJ BUUFOUJPO XIFSF JU JT OFFEFE GPS DPNQMFUF TBGFS MBOEJOH [POF ɩ UJPO BOE TJNQMF TPMVUJPO JG BDUFE VQPO JT TJUVBUJPOBM BXBSFOFTT 4PNF QJMPUT QSFGFS UP CF iMJOFBSw KVTU B OPSNBM EFDJTJPO UIBU IBT CFFO QBSU EJSFDUJOH UIFJS BUUFOUJPO UP POF UIJOH PG UIF HSFBU n JHIU BU B UJNF GPS MPOH QFSJPET JO B TFRVFODF 0UIFS QJMPUT QSFGFS UP VTF B iDZDMJDBMw UBD %&$*%& .0%&UJD o EJWWZJOH VQ UIFJS QBSDFM PG BUUFO %FUFDU UIF GBDU UIBU B DIBOHF IBT UJPO BNPOH TFWFSBM UIJOHT JO DZDMFT GPS PDDVSSFE TIPSUFS QFSJPET #PUI QSFGFSFODFT IBWF &TUJNBUF UIF OFFE UP DPVOUFS PS SFBDU BEWBOUBHFT BOE EJTBEWBOUBHFT $ZDMJDBM UP UIF DIBOHF QJMPUT NPSF FBTJMZ TFF UIF SFMBUJPOTIJQ BOE NFBOJOH CFUXFFO GBDUT BOE BSF iCJH $IPPTF B EFTJSBCMF PVUDPNF GPS UIF QJDUVSFw LJOE PG QFPQMF ɩ FZ BSF TQPO TVDDFTT PG UIF n JHIU UBOFPVT n FYJCMF BOE HSFBU GVO BU QBSUJFT *EFOUJGZ BDUJPOT UIBU DPVME TVDDFTTGVMMZ $ZDMJDBM QJMPUT BSF NPSF FBTJMZ EJTUSBDU DPOUSPM UIF DIBOHF FE GSPN TBGFUZ QSPDFEVSFT PS SFMFWBOU EFUBJMT UIVT SFRVJSJOH UBDUJDT UP HFU %P XIBU JT OFDFTTBSZ UBLF BDUJPO UP CBDL PO USBDL -JOFBS QJMPUT BSF NPSF BEBQU UP UIF DIBOHF JNQSFTTFE CZ TFOTPSZ EBUB BOE MPHJDBM &WBMVBUF UIF FĊ FDU PG UIF BDUJPO QSPHSFTTJPOT ɩ FZ BSF SFMJBCMF QSFEJDU 'SPN '"" 1JMPU T )BOECPPL PG "FSPOBVUJDBM ,OPXMFEHF BCMF BOE QSPCBCMZ PSHBOJ[FE UIF QBSUZ -JOFBS QJMPUT NBZ NJTT SFMFWBOU EFUBJMT #F DVSJPVT BCPVU UIF DIBOHJOH BJS UIBU EJWFSHF GSPN UIF SPVUJOF PS UIF FY UIBU XFJSE MPPLJOH DMPVE UFSSBJO DMFBS QFDUFE SFRVJSJOH B UBDUJD UP TFF iPVU PG UIF BODFT HMJEF UP TBGFUZ PUIFS QJMPUT CF CPY w -JOFBS QJMPUT NBZ CF VOJOUFSFTUFE IBWJPS HMJEFS GFFECBDL BOE FRVJQNFOU JO EFWFMPQJOH SBX QIZTJDBM QSPm DJFODJFT %FWFMPQ DPOUJOHFODZ QMBOT JO DBTF UIF BOE MFBSOJOH CZ EPJOH $ZDMJDBM QJMPUT PSJHJOBM FYQFDUBUJPOT EP OPU XPSL PVU *G NBZ CF UPP VOEJTDJQMJOFE PS DSFBUJWF JO ZPV BSF DPOGVTFE VTF ZPVS SBEJP BOE BTL UIFJS BQQSPBDI UP MFBSOJOH PS QSFQBSBUJPO GPS DMBSJm DBUJPO 4JUVBUJPOT BSF DPOTUBOUMZ ɩ F CFTU TUSBUFHZ JT B DPNCJOBUJPO PG UIF DIBOHJOH TP IBWJOH n FYJCMF n JHIU QMBOT UXP ɩ F CJH QJDUVSF BOE TFOTPSZ EBUB CBTFE PO UIF MBUFTU JOGPSNBUJPO JT FTTFO QSPWJEF UIF DPOUFYU JO XIJDI UIF CFTU EF UJBM #FJOH BCMF UP TIJGU HFBST BOE SFTQPOE DJTJPOT BSF NBEF 'SFF n JHIU SFRVJSFT n VJE TPNFUJNFT XJUIJO TFDPOET UP OFX JOGPS JOUFSBDUJPO PG UIF UXP NPEFT NBUJPO JT WJUBM UP TBGFUZ ,OPX UIF MJNJUT PG ZPVS BJSDSBGU JO BMM TJUVBUJPOT ,FZ UP "JSCPSOF %FDJTJPO .BLJOH ɩ F %&$*%& NPEFM o VTFE DPOTDJPVT $VSSFODZ MZ PS OPU o JT UIF NPTU FĊ FDUJWF XBZ PG 3BUJOHT BSF TJNQMZ TOBQTIPUT PG TLJMMT QSPDFTTJOH SFMFWBOU JOGPSNBUJPO JO n JHIU EFWFMPQFE BU B QBSUJDVMBS UJNF ɩ PTF "UUFOUJPO JT GPDVTFE PO BOZ POF DIBOHF TLJMMT BSF TVCKFDU UP BUSPQIZ BT UIF HSBQIT UP UIF FYUFOU UIBU JU XJMM IBWF B TJHOJm DBOU JO UIF m HVSF CFMPX TIPX FĊ FDU PO UIF n JHIU ɩ F NPTU BXBSF QJMPUT 8JUIPVU QSBDUJDF PVS NVTDMF BOE DPOTUBOUMZ TIJGU GSPN GPDVTFE BUUFOUJPO PG NFOUBM NFNPSJFT HFU SVTUZ .BOZ BD QPUFOUJBM EBOHFST UP DPOUJOVPVT TDBOOJOH DJEFOUT PDDVS XIFO QJMPUT SFUVSO UP UIF PG UIF n ZJOH FOWJSPONFOU /PU m YBUJOH TQPSU PS DFSUBJO BTQFDUT PG JU BGUFS B CSFBL PO BOZ POF QSPCMFN PS FWFO PO B FVQIPS BOE DIPPTF B m STU n JHIU UIBU SFMJFT PO JD GFFMJOH JT LFZ *G UIF DIBOHF UVSOT JOUP UPP NVDI PG UIFJS QSFWJPVT TLJMM ɩ F 3F B QSPCMFN UIBU JT JOFWJUBCMF B WJWJE JN NFNCSBODF $VSWF JO UIF HSBQIT TIPXT BHF PG XIBU DBO CF EPOF UP BWPJE UIF EBO IPX NVDI B MFBSOFE TLJMM JT MPTU BGUFS B HFS JT FTTFOUJBM ɩ JT JNBHF JT GPMMPXFE CZ MBZPĊ ɩ FSF JT TVCTUBOUJBM MPTT PG OFXMZ BDUJPOT UIBU BSF FWBMVBUFE GPS FĊ FDUJWF EFWFMPQFE TLJMMT PWFS UJNF XJUIPVU SF %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
BSN FYFSUJPO BOE DPOUSPM JOQVU )PXFW FS B DBMN -; SFRVJSFT m OHFS UJQ TFOTJUJW JUZ UP GFFM UIF TVCUMF HMJEFS GFFECBDL ɩ F m STU FYBNQMF OFDFTTJUBUFT UIF XJMMJOHOFTT UP USBJO OFX TLJMMT ɩ F TFDPOE SFRVJSFT SFDPHOJUJPO PG UIF DIBOHF JO UIF DPOEJ UJPOT BOE TVCTFRVFOU UFDIOJRVF DIBOHF "HBJO SFWJFX PG VOEFSVTFE TLJMMT JT OFD FTTBSZ JG XF BSF UP BEBQU n VJEMZ UP DIBOH JOH DPOEJUJPOT
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
" NPNFOU PG JOBUUFOUJPO DBO XSFBL TJHOJm DBOU IBWPD XJUI B n JHIU QMBO 4U )JMBJSF 'SBODF
1IPUP %JDL +BDLTPO
WJFX $POWFSTFMZ UIF HSBQIT BMTP TIPX $POEJUJPOJOH BOE $POTJTUFODZ 4PNFPOF PODF TBJE UIBU JOEFDJTJPO JT UIBU B TLJMM MFBSOFE BOE SFWJFXFE JT JO DSFBTJOHMZ SFTJMJFOU UP XFBLFOJOH o FWFO UIF LFZ UP n FYJCJMJUZ $POEJUJPOJOH UIF PQQPTJUF PG n FYJCJMJUZ GSFF[FT B QJMPU JOUP XIFO MBJE PĊ GPS MPOHFS QFSJPET POF EFDJTJWF TUBUF PS BDUJPO *U BMTP QMBZT B SPMF JO BDDJEFOUT 8F HFU IBCJUVBUFE JO 1SBDUJDF BOZ TLJMM VOUJM VODPOTDJPVTMZ DFSUBJO XBZT JO UIF MPOH BOE TIPSU UFSN DPNQFUFOU %P OPU TLJQ TUFQT CFGPSF 'MZJOH TLJMMT CFDPNF TQFDJm DBMMZ BEBQUFE HPJOH UP UIF OFYU MPHJDBM TUFQ 1FSJ UP MPDBM DPOEJUJPOT BOE MBVODI BOE MBOE PEJDBMMZ SFWJFX QSFWJPVTMZ MFBSOFE JOH NFUIPET 'PS FYBNQMF QJMPUT XIP TLJMMT UP LFFQ UIFN SFMJBCMF 0ODF B TLJMM JT MFBSOFE XFMM BOE UFTU QSJNBSJMZ MBVODI WJB XJODI UPX XJUI B FE VOEFS WBSJPVT DPOEJUJPOT GPS MPOH QFSJ IJHI BOHMF PG BUUBDL NBZ EFWFMPQ B CBE PET JU POMZ UBLFT B TNBMM BNPVOU PG QSBD OPTF IJHI IBCJU GPS NPVOUBJO MBVODIJOH UJDBM SFWJFX UP SFUVSO UP QSFWJPVT MFWFMT "OPUIFS FYBNQMF -BVODIJOH BOE MBOE PG QFSGPSNBODF +VTU MJLF B SFUVSO UP CJ JOH JO JEFBM DPOEJUJPOT DBO MFBE UP UIF DZDMJOH XF NBZ CF XPCCMZ CVU XJMM SF FYQFDUBUJPO PG FBTZ n JHIU "T DPOEJUJPOT NBJO VQSJHIU o VOMFTT XF DIPPTF B TUFFQ DIBOHF TMJHIUMZ VTJOH UIF FBSMJFS UFDI NPVOUBJO USBJM ɩ JT JT UIF NBJO SFBTPO OJRVF DBO SFTVMU JO UIF MBVODI PS MBOEJOH XIZ OFX QJMPUT NVTU n Z BT NVDI BT UIFZ CFJOH CMPXO " NPSF TVCUMF LJOE PG TIPSU DBO JO UIPTF m STU DPVQMF ZFBST PG B n ZJOH UFSN DPOEJUJPOJOH DBO IBQQFO XJUI DBSFFS 0OMZ XIFO n ZJOH TLJMMT BSF TPMJEMZ JO POF n JHIU -BVODIJOH BOE n ZJOH JO JOHSBJOFE EPFT JU CFDPNF B QSBDUJDBM SFD TUSPOH DPOEJUJPOT NBZ SFRVJSF WJHPSPVT SFBUJPO #VU UIFTF TLJMMT BSF WFSZ TQFDJm D 'PS FYBNQMF BT OFX QJMPUT MFBSO IPX UP TPBS WFSZ RVJDLMZ XJUI NPEFSO JOTUSVD UJPO BJSUJNF JODSFBTFT CVU MBVODI BOE MBOEJOH GSFRVFODZ EFDSFBTFT ESBTUJDBMMZ ɩ JT EFHSBEFT UIF SFDFOUMZ MFBSOFE MBVODI BOE MBOEJOH TLJMMT ɩ JT DBO CF DPVOUFSFE CZ TFWFSBM DPODVSSFOU JOUFOTJWF SFWJFXT PG MBVODI BOE MBOEJOH XIJMF DPOTPMJEBUJOH IJHI BMUJUVEF TLJMMT "OOVBM MBVODIJOH BOE MBOEJOH USBJOJOH UISPVHIPVU B n ZJOH DBSFFS JT UIF CFTU XBZ UP TUBZ TIBSQ "G UFS B MPOH MBZPĊ B NPSF FMBCPSBUF SFWJFX TQPOTPSFE CZ ZPVS JOTUSVDUPS NBZ CF QSV EFOU #VU JU DBO CF BT TJNQMF BT TJNVMB UJOH UIF NPWFNFOUT JO B TBGF FOWJSPO NFOU KVTU CFGPSF n JHIU F H QSBDUJDJOH XJUI UIF OFX [JQQFS PO UIF HSPVOE PS LJUJOH JO UIF TFU VQ BSFB PS QFSGPSNJOH B ESZ SVO UBLFPĊ XJUI UIPTF OFX GBU BOE GBJSFE EPXO UVCFT
7FSTBUJMJUZ 4VQFSNPEFM -JOEB &WBOHFMJTUB PODF RVJQQFE i* DBO EP BOZUIJOH ZPV XBOU NF UP EP TP MPOH BT * EPO U IBWF UP TQFBL w 7FSTBUJMJUZ JT POF PG UIF IBMMNBSLT PG UIF QSFQBSFE QJMPU %JĊ FSFOU TJUFT DPOEJ UJPOT MBVODI NFUIPET BOE TP PO QSPWJEF UIF PQQPSUVOJUZ UP FYFSDJTF EJĊ FSFOU JO UFMMFDUVBM FNPUJPOBM BOE QIZTJDBM TLJMMT ɩ JT CSPBEFOFE FYQFSJFODF HFOFSBMJ[ FT UP NPSF TJUVBUJPOT " QJMPU XIP HFUT UISFF IPVST PG BJSUJNF GSPN UISFF EJTUJODU TJUFT JT NPSF QSFQBSFE UIBO UIF QJMPU XJUI UISFF IPVST BU B TJOHMF TJUF " DFSUBJO MFWFM PG SFTUSJDUFE BDIJFWFNFOU TPNFUJNFT DSF BUFT UIF JMMVTJPO UIBU GSFF n JHIU JT GPSHJW JOH FBTZ BOE VMUJNBUFMZ QSFEJDUBCMF JO BMM DJSDVNTUBODFT &SSPOFPVT CFMJFG JO POF T WFSTBUJMJUZ JT PGUFO UIF DBVTF PG JOUFSNF EJBUF TZOESPNF o UIF UFOEFODZ GPS B QJMPU UP FYQFSJFODF B NBKPS NJTIBQ BU UIF JOUFS NFEJBUF MFWFM ɩ F NPNFOU ZPV UIJOL ZPV IBWF m OBMMZ NBTUFSFE UIJT n ZJOH UIJOH ZPV BSF SJQF GPS BO BDDJEFOU ɩ F TPMVUJPO UP BWPJEJOH UIJT
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 4UFWF 8JMTPO
$IBODF BT B 'BDUPS 1SPCBCJMJUZ QMBZT B SPMF JO BDDJEFOUT %BZT BOE TJUFT XJUI FYUSFNF WBSJBCJMJUZ NBZ CF TBGF POF NJOVUF CVU VOTBGF UIF OFYU "T QJMPUT BEWBODF UIFZ DIPPTF UP FYQFSJFODF NPSF WBSJBCMF BOE UVSCVMFOU DPOEJUJPOT PS OFFE OBSSPXFS NBSHJOT UP BDIJFWF FBSMJFS MFWFMT PG TUJNVMBUJPO 'MZJOH JO NBSHJOBMMZ TBGF CPPNJOH DPOEJUJPOT SFTVMU ɩ PTF XIP DPOTJTUFOUMZ DIPPTF TJUVBUJPOT FE JO UIJT QBSBDIVUF EFQMPZNFOU BOE USFF MBOEJOH JO JO XIJDI UPQ FOE DPOEJUJPOT NBZ FYDFFE UIF 6UBI NPVOUBJOT UIFJS TLJMMT BSF QMBZJOH B SPVMFUUF XIFFM F -FNNJOH &ą FDU &OPVHI PG UIFTF MVDLZ n JHIUT DSFBUF UIF Dz 8F IVNBOT BSF UIF PUIFS GVSSZ JO JMMVTJPO PG TBGFUZ BOE CSFFE B GBMTF TFOTF PG SFMJBCJMJUZ TVMBUFE DSFBUVSFT UIBU EJWF PĊ DMJĊ T JO
NBTTFT ɩ F º i }ÊivviVÌ» JT UIF UFO EFODZ PG B HSPVQ PG QJMPUT UP FOKPZ UIF TBNF LJOE PG MVDL 0ODF B n ZJOH BDU JT QFSGPSNFE BOE HPUUFO BXBZ XJUI EF TQJUF JUT JOIFSFOU IJHI SJTL MFWFM PUIFS QJ MPUT BSF UFNQUFE UP QFSGPSN UIF TBNF BDU :PV DBO IBWF BO FOUJSF DPNNVOJUZ PG QJ MPUT FYIJCJUJOH SJTLZ CFIBWJPS UIBU JT DPO TJEFSFE OPSNBM PS FWFO iDPPM w *U VTVBMMZ UBLFT B TFSJPVT BDDJEFOU UP XBLF VQ UIF DPNNVOJUZ 'MZJOH JO NBSHJOBMMZ TBGF CPPNJOH DPOEJUJPOT DFSUBJOMZ IBT JUT SFXBSET )JHI BOE MPOH PS GBTU BOE MPX n JHIUT BSF QBSU PG UIF DVMUVSF PG QFSGPSNBODF BOE BDIJFWF NFOU 8F BMM XBOU UP BDLOPXMFEHF BOE FODPVSBHF UIPTF XIP QVTI UIF FOWF MPQF BOE DPOUSJCVUF UP UIF BSU )PXFWFS IJHIMZ DPNQFUJUJWF QJMPUT NBZ TPPO m OE UIFNTFMWFT PO B TMJQQFSZ TMPQF XIFSF MJN JUT PG UIF UFDIOPMPHZ BOE BSU PG GSFF n JHIU BSF UFTUFE CZ .PUIFS /BUVSF "XBSFOFTT PG UIJT FEHF JT FTTFOUJBM CFGPSF DIPPTJOH UIFTF SJTLT - « ÞÊ >Ã Ê Þ ÕÀÃi v]Ê > Ê Ê >Ê i }¶Ê
"DDJEFOUT IBQQFO XIFO WBSJBCMFT WBSZ JO VOFYQFDUFE XBZT 5IF QMBO XBT UP BUUBDI UIF PME XJOH UP UIF USVDL BOE ESJWF GBTU VOUJM UIF XJOH TISFEEFE 5IF NBUDI XBT BO VQTFU MJUFS BMMZ 'JOBM TDPSF 61 ,BUBOB 5PZPUB MVDLJMZ OPCPEZ IVSU %FNP %BZT 1PJOU PG UIF .PVOUBJO %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP 4UFWF .BZFS
TZOESPNF JT HFUUJOH PVU UIFSF BOE FYQF SJFODJOH NBOZ DPOEJUJPOT o BT VOTUSVD UVSFE BOE XJME BT UIFZ BSF o BOE EFBMJOH XJUI UIF BNCJHVJUZ VTJOH UIF ("5) &3 %&$*%& BOE NBTUFSZ NPEFMT ɩ JT CSBODIJOH PVU JT B KPZ UP NBOZ GSFF n JHIU QJMPUT *U FOIBODFT BMFSUOFTT BOE DBVUJPO *U FOHFOEFST IVNCMFOFTT BOE B CFHJOOFS T NJOE 4PNF NBZ DPOTJEFS UIJT UPP JODPO WFOJFOU 0OF QFSTPO T JODPOWFOJFODF JT BOPUIFS T BEWFOUVSF
6OFYQFDUFE TJUVBUJPOT SFRVJSF UIF BCJMJUZ UP BEKVTU B n JHIU QMBO JO UIF BJS o JO UIJT DBTF TIPVME UIF TQPU MBOEJOH QMBO IBWF CFFO BCBOEPOFE JO GBWPS PG QVEEMF BWPJEBODF
$PODMVTJPO " TFFE PG EPVCU DBVUJPO BOE CPMEOFTT JT PGUFO UIF CFTU DPNCJOBUJPO XIFO BQ QSPBDIJOH OFX TJUVBUJPOT %PVCU LFFQT VT IVNCMF BOE PVS NJOET PQFO UP XIBU FWFS OBUVSF UISPXT BU VT "TLJOH XIBU QSJPS FYQFSJFODFT BQQMZ PGUFO LFFQT VT IPOFTU XJUI PVSTFMWFT BOE FODPVSBHFT QSFQBSBUJPO $BVUJPO QSPWJEFT QFSTPOBM MJNJUT TBGFUZ NBSHJOT BOE DPOUJOHFODZ QMBOT #PMEOFTT BMMPXT VT UP UBLF BEWBO UBHF PG UIF PQQPSUVOJUJFT UIBU BSJTF BOE BMMPXT VT UP QSBDUJDF UIF TLJMMT XF IBWF QSFWJPVTMZ IPOFE " TNPPUI BOE DPO TUBOU TFB IBT OFWFS DSFBUFE B TLJMMFE NBSJ OFS ɩ VT n ZJOH GSFRVFOUMZ BOE FOKPZJOH EJĊ FSFOU TJUFT BOE DPOEJUJPOT QSPWJEFT NPSF DIBMMFOHF JOUFSFTU BOE PQQPSUVOJUZ UP FYFSDJTF UIF TLJMMT UIBU VMUJNBUFMZ NBLF VT TBGFS QJMPUT -FBSOJOH UP n Z EJĊ FSFOU UZQFT PG HMJEFST BMTP FYQBOET PVS FYQFSJ FODF BOE VOEFSTUBOEJOH 4PNF QJMPUT NBZ BDDFQU NPSF PS MFTT QSFQBSFEOFTT JO UIFJS RVFTU GPS BDIJFWF NFOU ɩ F MBUUFS UIPVHI FWFOUVBMMZ CF DPNJOH BDDPNQMJTIFE QJMPUT IBWF PGUFO BSSJWFE UIFSF UISPVHI NBOZ IBSSPXJOH FYQFSJFODFT ɩ F TDIPPM PG IBSE LOPDLT QIJMPTPQIZ TIPXT USVF JOUFOU BOE EFTJSF CVU EPFT OPU TIPX NVDI SFHBSE GPS POF T IFBMUI BOE SFTQPOTJCJMJUZ UP UIF n ZJOH DPNNVOJUZ ɩ F BCJMJUZ UP EFMBZ HSBUJm DBUJPO BOE QSFQBSF JT UIF NPTU FTTFOUJBM QFSTPOBMJUZ USBJU GPS TBGFUZ JO GSFF n JHIU ɩ JT DIBSBDUFSJTUJD JT PGUFO USVNQFE CZ PUIFS IBCJUT PG NJOE ɩ F UIJSE BSUJDMF JO UIJT TFSJFT XJMM EF UBJM IB[BSEPVT BUUJUVEFT PS QFSTPOBMJUZ USBJUT UIBU PGUFO HFU QJMPUT JOUP USPVCMF
8IFSF EJE UIBU USFF DPNF GSPN
*U XJMM BMTP FYUFOE UIF DBVTFT PG BDDJEFOUT CFZPOE QJMPU FSSPS JOUP UIF TPDJBM BOE PSHBOJ[BUJPOBM SFBMN +PIO .BUZMPOFL UFBDIFT IBOH HMJEJOH GPS -JOO #FOUPO $PNNVOJUZ $PMMFHF BOE 5JMMBNPPL #BZ $PNNVOJUZ $PMMFHF JO XFTUFSO 0SFHPO )F PQFSBUFT UIF 0SFHPO )BOH (MJEJOH 4DIPPM XJUI DFOUFST PG PQFSBUJPO OFBS $PSWBMMJT BOE UIF OPSUIFSO 0SFHPO DPBTU $POUBDU IJN BU KPIO!PSFHPOIBOHHMJEJOH DPN PS BU
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
i•
I
i
l
i "
I
i
"EWBODFE *OTUSVDUJPO CZ .BUU BOE +JNNZ 3 F G M F D U J P O T P O 8 J O H M P B E J O H " F S P E Z O B N J D T B O E 2 V J D L 3 F M F B T F 4 Z T U F N T
#Z .BUU (FSEFT "SUXPSL CZ +BNFT 5JCCT TUBą BSUJTU
#BDL XIFO XF XFSF BEPMFTDFOUT GPS TPNF UIJT XBT FPOT BHP GPS TPNF KVTU MBTU XFFLy XF XFSF UPUBMMZ DPOm EFOU UIBU XF XFSF HPJOH UP MJWF GPSFWFS PS BU MFBTU GBS CFZPOE UIF GPSFTFFBCMF GVUVSF BOE XIBUFWFS XF HPU PVSTFMWFT JOUP JU XPVME DPNF PVU 0, CFDBVTF XF XFSF TNBSU BOE TUSPOH BOE RVJDL XJUUFE FOPVHI UP PWFSDPNF BOZ PCTUBDMFT UIBU DSPQQFE VQ BMPOH UIF XBZ
KVNQFS USBTI * BTLFE NZ #SJUJTI GSJFOE ,FMMZ BOE B DBVUJPVT HSJO TQSFBE BDSPTT IJT GBDF i0PPI * EPO U LOPX EVEF TPVOET MJLF JU E CF USJDLZ UIF UXP PG VT PO NZ 5SBOHP 4 w i0I DPNF PO JU E CF m OF w * DPVO *O UIJT FQJTPEF PG UIF .BUU BOE +JNNZ 4IPX UIF JOUSFQJE EVP SFHSFTTFT UP GVMM UFSFE XJUI NZ NPTU DPOm EFOU TNJMF #VU CMPXO BEPMFTDFODF BOE MBVODIFT GSPN UIF TVNNJU PG 1MBO 1MBUUFO JO .FJSJOHFO OP EJDF 4XJU[FSMBOE BUUBDIFE m SNMZ UP OPUIJOH CVU FBDI PUIFS BOE BO 94 BDSP XJOH * BTLFE )BOOFT B ZPVOH "VTUSJBO QJ .BUU (FSEFT BUUFNQUT UP FYQMBJO UIJT UP UIPTF PG VT XIP IBWF SFBDIFE UIF BHF MPU JO UIF WBMMFZ )BOOFT JT WFSZ MPHJDBM PG SFBTPO WFSZ QSBHNBUJD i* DBO OPU UIJOL PG BOZ SFBTPO UP EP UIBU ɩ FSF JT POMZ SJTL OP IBT BMSFBEZ CFFO HPPE SFBTPO w i8IBEEZB NFBO OP HPPE SFBTPO w * EPOF BOE JT UIFSF GPSF OP MPOHFS TQF XBT BQQBMMFE i*U E CF 40 NVDI GVO w i* UIJOL NBZCF OPU GPS NF CVU TUJMM DJBM BOE IBT CFFO QSPWFO TUVQJE BOE EBOHFSPVT GPS NF w %SBU GPJMFE BHBJO 8IBU B CVODI PG UIFSFGPSF ZPV XJMM OPU CF TQFDJBM MJLF XJFOJFT * UIPVHI UP NZTFMG #VU OP XPS +JNNZ BOE * BSF SJFT +JNNZ XJMM CF IFSF JO B GFX EBZT BOE BOE ZPV XJMM CF IF BJO U BGSBJE 4VSF FOPVHI IF XBTO U 6OGPSUVOBUF TUVQJE BMTP D ɩ JT JT B MFTTPO MZ XF FBDI IBE UIF TBNF HMJEFS B WFSZ XIJDI XF XF CF TNBMM 0[POF BDSP QSPUPUZQF QSPCBCMZ JOH +JNNZ NZTFMG OPU JEFBM GPS n ZJOH UBOEFN #VU +JNNZ BOE UIF DPOTJEFS TNJMFE NJTDIJFWPVTMZ i* UIJOL XF DPVME BUF TUBĊ BU 64) EP JU w * XBT BMSFBEZ UIJOLJOH UIF TBNF UIJOH (" IPQF ZPV XJMM MFBSO NVDI GSPN i:FBI XIZ OPU SJHIU *U T KVTU B QBSBHMJE BOE TIPVME CF UBL FS XIBU DPVME QPTTJCMZ HP XSPOH w 8F SPEF UIF HPOEPMB VQ UP UIF 1MBO FO BT BO FYDFMMFOU FYBNQMF PG XIBU 1MBUUFO MBVODI BU .FJSJOHFO OFBS *O UFSMBLFO ɩ F JOTJHOJm DBOU XFJHIU PG NZ OPU UP EP #"4& SJH XBT B DPOTUBOU SFNJOEFS PG *T JU B HPPE JEFB UP n Z UBOEFN PO BO FSF XF XFSFy XIBU * XBT BCPVU UP EP BT * XBMLFE BMPOH 94 BDSP HMJEFS .BZCF OPU %JE XF BTL "OE OPX GPS UIF TUPSZ Dz * N TFFJOH TUBST IVOESFET PG CSJHIU TJEF +JNNZ XJUI IJT MBSHF QBSBHMJEFS CBH PVSTFMWFT UIJT RVFTUJPO "CTPMVUFMZ +JN NZ BOE * EJE UIJT TP ZPV EPO U IBWF UP QJOQPJOU MJHIUT TXJSMJOH BSPVOE JO NZ WJ 0O MBVODI * XBT FYDJUFE o UIJT XPVME CF TJPO #VU B NPSF QSFTTJOH QSPCMFN JT UIF HSFBU 8F E IBWF NFUFST PG BMUJUVEF :PV SF XFMDPNF #BTJDBMMZ n ZJOH PVUTJEF UIF QMBDBSE GBDU UIBU * DBO U CSFBUIF i* SFBMMZ KVTU HPU UP CVSO PĊ JO B GFX TFDPOET o JU XPVME CF FE XFJHIU SBOHF PG BOZ XJOH OVMMJm FT JUT UIF DSBQ LOPDLFE PVU PG NF w * UIPVHIU UP QFSGFDU QSBDUJDF GPS TVCUFSNJOBM USBDLJOH XIJDI * SFBMMZ OFFEFE CFGPSF * IFBEFE GPS %)7 DFSUJm DBUJPO o JG JU FWFO IBT POF BT NZTFMG i.BZCF UIJT XBT B CBE JEFB w 'PS B DPVQMF PG XFFLT * IBE CFFO USZ UIF CJH DMJĊ T PG -BVUFSCSVOOFO i+JN PVST EJE OPU XIJDI TUJMM EPFTO U NBLF JU 0, o BOE JT HFOFSBMMZ QPUFOUJBMMZ JOH UP DPOWJODF TPNFPOF UP MFU NF IBOH NZ * N TP TUPLFE ZPV SF m OBMMZ IFSF CSP GSPN CFOFBUI UIFN PO UBLFPĊ DMJQQFE UP *U T HSFBU UP CF IBOHJOH PVU XJUI TPNF EBOHFSPVT ɩ F BCPWF QSFGBDF UP UIF TUPSZ JT NFBOU UIF VOEFSTJEF PG UIFJS QBSBHMJEFS IBSOFTT POF XIP UIJOLT MJLF NF XIFO JU DPNFT UP XJUI NZ DMJNCJOH IBSOFTT TP * DPVME HFU HSFBU JEFBT MJLF UIJT o XF SF HPOOB IBWF UP JOGPSN ZPV UIBU B 'MZJOH UBOEFN PO BO VODFSUJm FE BDSP B QSBDUJDF #"4& KVNQ 0SHBOJ[JOH B BO FYDFMMFOU UJNF UIJT NPOUI w +JNNZ QBVTFE GPS B TFDPOE BOE TBJE DVMU o OPU FWFSZPOF IBT B XJOH JO RVFTUJPOBCMF DPOEJUJPOT JT BC UBOEFN XBT EJċ UBOEFN SJH BOE JO "VHVTU NPTU UBOEFN XJUIPVU B TNJMF UIJT UJNF i.BUU * UIJOL TPMVUFMZ QPTJUJWFMZ EBOHFSPVT C :PV TIPVME OPU EP UIJT OPU POMZ CF QJMPUT JO UIF "MQT BSF CVTZ VTJOH UIFJS UIF UXP PG VT NJHIU CF B CBE DPNCJOB DBVTF JU JT EBOHFSPVT CVU CFDBVTF JU HFBS GPS SFBM DVTUPNFST OPU QPPS #"4& UJPO w
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
* UIPVHIU UP NZTFMG UIBU IF NJHIU CF SJHIU 0WFS UIF OFYU GFX XFFLT JO 4XJU[FSMBOE UIF UXP PG VT XPVME CF n ZJOH UPHFUIFS JO UIF 3FE #VMM 7FSUJHP QSBDUJDJOH QBSBHMJEFS BOE #"4& KVNQ DPNCJOBUJPOT #"4& KVNQJOH GSPN NFUFS DMJĊ T BOE FWFO UIF /PSUI 'BDF PG UIF &JHFS /FJUIFS PG VT IBE FWFS KVNQFE B MBSHF DMJĊ BOE XF IBEO U QSBDUJDFE TZODISP BDSP BU BMM "QQBSFOUMZ XF XPVME IBWF QMFOUZ PG DIBODFT UP LJMM PVSTFMWFT UIJT NPOUI i0L MFUT HFU HPJOH w TBJE * i)PME PO MFU T MFU 4JNPO BOE IJT TUVEFOUT n Z PVU BOE MBOE m STU TP UIFZ DBO XBUDI w +JNNZ TVHHFTUFE 5P NF JU TPVOEFE MJLF B CBE JEFB CVU * BHSFFE " TIPSU XIJMF MBUFS * XBT DPOOFDUJOH NZTFMG UP UIF CPUUPN PG +JNNZ T IBSOFTT " MPPQ PG XFCCJOH SBO GSPN FBDI PG IJT DBSBCJOFST BOE IVOH CFMPX IJT IBSOFTT XJUI KVTU B DPVQMF PG JODIFT PG TMBDL * XBT BUUBDIFE UP UIJT XJUI CPUI B MPDLJOH DBSBCJOFS NZ TBGFUZ XIJDI * XPVME EFUBDI PODF XF XFSF IJHI FOPVHI GPS NF UP SFMFBTF BOE B RVJDL SFMFBTF TZTUFN * TUPPE EJSFDUMZ CFIJOE +JNNZ PO UIF TUFFQ MBVODI JO UIF MJHIU XJOE * XBTO U UIJOLJOH PG IPX GBTU POF QFSTPO IBT UP SVO UP MBVODI B TRVBSF NFUFS XJOH JO OP XJOE CVU * TIPVME IBWF CFFO ɩ F MBVODI XBT TUFFQ FOPVHI 8F E CF PĊ JO B GFX TUFQT iɩ SFF UXP POF 36/ w BOE +JNNZ MVSDIFE GPSXBSE UP HFU UIF XJOH PWFSIFBE "T IF EJE BOE TUFQQFE GPSXBSE UIF TIPSUOFTT PG UIF XFCCJOH QVMMFE NF TUSBJHIU EPXO UP UIF CPUUPN PG IJT IBSOFTT OFBS UIF CBDL PG IJT LOFFT BOE UXP TUFQT MBUFS * XBT CFJOH ESBHHFE IFBE m STU EPXO UIF TMPQF NZ GBDF JODIFT GSPN +JNNZ T IFFMT BT IF SBO EPXO UIF TMPQF "QQBSFOUMZ UIF TQFFE OFFEFE UP DSFBUF MJGU PO BO FYUSB TNBMM BDSP XJOH XJUI UXP GVMM HSPXO NBMFT BUUBDIFE UP JU JT DPOTJEFSBCMZ CFZPOE XIBU GFFMT DPNGPSUBCMF JG ZPV SF TMJEJOH PO ZPVS CFMMZ BT ZPV TLJQ BDSPTT DPX USBJMT PO B TUFFQ IJMMTJEF #FGPSF * LOFX JU * IBE UIF XJOE LOPDLFE DMFBO PVU PG NF BOE UIFO LOPDLFE PVU PG NF BHBJO UISFF NPSF UJNFT BT * CPVODFE EPXO UIF IJMMTJEF VOEFS +JNNZ .Z TIPF SJQQFE PĊ BOE XBT MFGU MZJOH TPNFXIFSF PO UIF NPVOUBJO CFIJOE VT BOE IFSF * BN BHBJO TFFJOH TUBST VOBCMF UP CSFBUIF PS SFTQPOE UP +JNNZ T
ZFMMJOH i"SF ZPV 0, w IF BTLFE i6OOHHIIIFSCMMw i"SF ZPV CMFFEJOH w i#IISSSSHHIIIw i$BO * IFMQ w 8IFO * DPVME m OBMMZ CSFBUIF UIF m STU TPVOET UP DPNF PVU PG NZ NPVUI XFSF QFBMT PG MBVHIUFS * DPVMEO U CFMJFWF XIBU IBE KVTU IBQQFOFE * QBMQBUFE NZ SJCT GPS QBJO IPQJOH UIBU OPOF PG UIFN XFSF KVUUJOH UISPVHI B MVOH PS BOZ WJUBM PSHBO BOE UIFO UPPL TUPDL PG NZ TJUVBUJPO ɩ F XFCCJOH XIJDI IBE IVOH MPPTFMZ VOEFS +JNNZ T IBSOFTT JO PVS JNBHJOBSZ USJBM SVO XBT OPX DSBNNFE TP GBS JOUP UIF TPGU QBEEJOH PG IJT CBDL QSPUFDUJPO UIBU * DPVME IBSEMZ HFU NZ m OHFST CFUXFFO JU BOE UIF $PSEVSB PG IJT IBSOFTT MFU BMPOF EFUBDI NZ iTBGFUZ w UIF MPDLJOH DBSBCJOFS 8F XFSF n ZJOH BU BO VOOBUVSBMMZ IJHI TQFFE ɩ JT XBT VOEPVCUFEMZ NPSF XJOETQFFE UIBO * IBE FWFS FYQFSJFODFE BU USJN BOE XF XFSF CPUI TIPDLFE ɩ F XJOE OPJTF XBT UFSSJGZJOH 0VS HMJEF XBT HPPE CVU JU GFMU MJLF XF XFSF HPJOH BU BCPVU LQI BOE NZ XSJHHMJOHT PG QBJO BOE TUSVHHMF XJUI UIF ACJOFS DPNCJOFE
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
XJUI PVS DFOUFS PG HSBWJUZ CFJOH TP NVDI MPXFS CFDBVTF * XBT IBOHJOH CFMPX +JNNZ IBE TUBSUFE UP DBVTF B TFSJPVT SPMM PTDJMMBUJPO UIBU +JNNZ DPVME IBSEMZ LFFQ TUJMM ɩ F ( T GSPN UIF SPMM NBEF JU OFBSMZ JNQPTTJCMF UP QVMM NZTFMG VQ BT * USJFE EFTQFSBUFMZ UP SFMFBTF UIF DBSBCJOFS BOE BGUFS B GFX NJOVUFT * SFBMJ[FE UIBU JU QSPCBCMZ XBTO U HPJOH UP DPNF MPPTF o XF E IBWF UP DVU JU i$VU JU XJUI ZPVS IPPL LOJGF w * TDSFBNFE i* EPO U IBWF B IPPL LOJGF w +JNNZ ZFMMFE CBDL "U UIBU QPJOU * LOFX XF XFSF JO EFFQ EPP EPP ɩ F USJQ XBT SVJOFE * XBT UP CF DSVTIFE CFOFBUI +JNNZ JO B CPUDIFE UBOEFN MBOEJOH PO BO 94 XJOH i%VEF XF DBO U MBOE HPJOH UIJT GBTU w +JNNZ TBJE i* LOPX ɩ JT JT SFBMMZ HPJOH UP TVDL w * SFQMJFE 8F CPUI LOFX JU #Z OPX XF XFSF UPP MPX GPS NF UP SFMFBTF BOZXBZ CFDBVTF * XBT QBDLFE GPS BU MFBTU B NFUFS GSFFGBMM BOE JU XBT UPP MBUF 8F E CVSOFE BMNPTU B UIPVTBOE NFUFST XIJMF * XBT TUSVHHMJOH XJUI UIF SFMFBTF * IBE B GFX NJOVUFT UP UIJOL BCPVU IPX CBEMZ UIJT XBT HPJOH UP IVSU BT XF SPDLFUFE UISPVHI UIF BJS NBLJOH XPCCMZ
QBTTFT PWFS UIF -; ɩ BOLGVMMZ XF E MFU FWFSZPOF MBVODI CFGPSF VT BOE UIFSF XPVME CF B OJDF DSPXE PG QJMPUT HBUIFSFE CFMPX UP HBQF BU UIF TQFDUBDMF PG PVS NJTGPSUVOF *U XPVME CF B TIBNF UP MFU TVDI JEJPDZ HP VOOPUJDFE * QMBZFE UIF QBSU PG UIF GSBOUJD CBDL TFBU ESJWFS BT XF BQQSPBDIFE UIF -; i%PO U HP MPOH UVSO CBDL OPX OPU PWFS UIF USBJO USBDLT 0I (PE n BSF w +JNNZ OBJMFE UIF n BSF UJNJOH BOE XF TXPPQFE JO MJLF BO FWJM #PPN *** PO TQFFECBS NZ DIFTU BOE TJEF MFBW JOH B TUSFBL PG CVSOFE HSBTT JO PVS XBLF 4PNFIPX * NBOBHFE UP TMJEF VOEFS +JN NZ XJUIPVU CFJOH DSVTIFE CZ IJN BOE * XBT TBGFMZ EPXO XJUI B CSVJTFE UPSTP BOE POMZ POF TIPF BMSFBEZ QMBOOJOH PVS SF EFNQUJPO 0O UIF XBZ CBDL UP UIF DBS * NVTFE i:PV LOPX XF KVTU OFFE B MPOHFS QJFDF PG XFCCJOH ɩ BU XBZ * DPVME SVO CFTJEF ZPV BOE * XPVMEO U IBWF SFMFBTF JTTVFT w i)NNN XFMM w 3FMVDUBOUMZ +JNNZ BHSFFE i"MM SJHIU w
ɩ F OFYU EBZ UIFSF XF XFSF PO MBVODI BHBJO BMM BMPOF UIJT UJNF ɩ FSF XBT TPNF OJDF XJOE CMPXJOH VQ UIF TMPQF DPVSUFTZ PG B MJOF PG WJSHB BOE JUT BDDPNQBOZJOH HVTU GSPOU DPNJOH UPXBSET VT GSPN BDSPTT UIF WBMMFZ i*U T KVTU B MJUUMF SBJO ɩ JT XJOE TIPVME NBLF UIF MBVODI FBTJFS w * TBJE 4USFBLT PG NVE BOE HSBTT TUBJOFE NZ #"4& SJH CVU * XBT EFUFSNJOFE UP HFU TPNF NBKPS GSFFGBMM JO CFGPSF XF IBE UP HP UP 7FSUJHP ɩ JT UJNF * XBT QSFQBSFE .Z TBGFUZ XBT MPOHFS UIBO NZ RVJDL SF MFBTF BOE XF IBE B POF NFUFS FYUFOTJPO PO UIF XFCCJOH o B SPMMFE VQ BOE EVDU UBQFE % CBH BDUVBMMZ +JNNZ QVMMFE VQ UIF XJOH SJHIU JOUP B OJDF DSPTT IJMM DZDMF BOE JU QMVDLFE VT PĊ UIF IJMM BOE TFOU VT TDSFBNJOH EPXO UIF TMPQF BCPVU EFHSFFT UP UIF XJOE QBUI i36/ %6%& 36/ w +JNNZ ZFMMFE BT * GFMU UIF XFCCJOH QVMM UBVU BOE ZBOL NF EPXO UIF IJMM BT UIPVHI * XFSF BU UBDIFE UP B TQFFEJOH DBS +JNNZ XBT BJS CPSOF BOE BMSFBEZ USBWFMJOH LQI CFGPSF
NZ GFFU IBE MFGU UIF HSPVOE BOE KVTU BT * USJQQFE BOE XFOU TQSBXMJOH IFBEm STU JOUP B HSBWFMZ EFQSFTTJPO JO UIF IJMM XF XFSF BJSCPSOF i)0-: 4 +*..: o 8& "3& /&7&3 %0*/( 5)*4 "("*/ w * TDSFBNFE BT * n FX PVU JOUP UIF WBMMFZ TBGFMZ TVTQFOEFE BOE SFBEZ UP SFMFBTF i* LOPX EVEF * LOPX w :PVS DPOTJEFSBUF 64)(" TUBą XPVME MJLF UP SFNJOE ZPV UIBU JG ZPV BSF MBVHIJOH BU UIF BOUJDT PG UIF .BUU BOE +JNNZ UFBN JU T POMZ CFDBVTF UIFZ XFSF JODSFEJCMZ MVDLZ o UIJT UJNF )PQFGVMMZ ZPV SF OPEEJOH ZPVS IFBE JO BHSFFNFOU XJUI .BUU T DBVUJPO UIBU QBSUJDJQBUJOH JO B TJNJMBS TUVOU XPVME POMZ MBCFM ZPV TUVQJE BU CFTU Dz FSF T OP OFFE UP TVQQMZ UIF PCWJPVT iBU XPSTUw MBCFM SJHIU #F DBSFGVM CVU NPSF JNQPSUBOU CF TFOTJCMF PVU UIFSF
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
" #JXJOHVBM .FOUPS 0CTFSWFS 8JUI 4QBSL BOE 4UZMF #Z 4IBXO - 3BZ 1IPUPT CZ 3BMQI 4JDLJOHFS
4QBSLZ MBVODIJOH UBOEFN BU )JHI 3PDL
"MMFO 4QBSLT LOPXO JO PVS n ZJOH DPNNVOJUZ BT i4QBSLZ w TUBSUFE IJT n ZJOH DBSFFS OFBS -BT 7FHBT /FWBEB JO EVSJOH UIF JOGBODZ PG IBOH HMJEJOH 1SJPS UP n ZJOH 4QBSLZ XBT BMXBZT PO UIF HP OFWFS TUBHOBOU )F TQFOU B MBSHF BNPVOU PG IJT UJNF TLJJOH UIF TMPQFT PG -BLF 5BIPF ɩ FSF FWFO XBT B QFSJPE XIFO IF MJWFE PVU PG B DBNQFS XPSLJOH PO CVJME JOH IPVTFT TLJJOH BT NVDI BT IF DPVME 4QBSLZ T MPWF PG TLJJOH CZ UIFO UBLJOH JU GBS TPPO USBOTGPSNFE JOUP B WPJE UIBU OFFEFE UP CF m MMFE ɩ BU JUDI UIBU OFFEFE UP CF TDSBUDIFE XBT TBUJTm FE CZ B OFX BD UJWJUZ PO UIF TDFOF )"/( (-*%*/( #JU IJN JU EJE ɩ BU HMFBN JO IJT FZF TUJMM QFSTJTUT UPEBZ .Z JOUSPEVDUJPO UP 4QBSLZ XBT PO B TVOOZ 4BUVSEBZ NPSOJOH BU B XFMM LOPXO USBJOJOH IJMM JO 4NJUITCVSH .BSZMBOE B GBWPSJUF TJUF PG UIF QJMPUT JO UIF $BQJUPM )BOH (MJEJOH BOE 1BSBHMJEJOH $MVC ɩ JT IJMM JT QSFUUZ CJH MPOH BOE XJEF PQFO BU UIF CPUUPN *U T BO PCWJPVT DIPJDF OPU KVTU GPS MFBSOJOH CVU BMTP GPS LFFQJOH UIF SVTU PĊ FWFO GPS UIF NPSF FYQFSJFODFE QJMPUT * XBT DMPTJOH JO PO NZ ) BOE NZ JO
TUSVDUPS BU UIBU UJNF o 3JDIBSE )BZFT PVU PG #BMUJNPSF o DMFBSFE NF UP HP QSBDUJDF PO UIF IJMM PO NZ PXO JG * XBOUFE UP 0O UIJT 4BUVSEBZ * E TFU VQ NZ IBOH HMJEFS BOE XBT QSBDUJDJOH PO UIF IJMM /PCPEZ FMTF XBT UIFSF * E KVTU MVHHFE NZ HMJEFS UP UIF UPQ XIFO JO SPMMFE UIJT HVZ XJUI B CJH CBDLQBDL UIBU * m HVSFE XBT GPS IJLJOH PS TPNFUIJOH )F TUBSUFE QVMMJOH PVU UIJT QBSBDIVUF o PI 0, B QBSBHMJEFS * IBE OFWFS CFFO FYQPTFE UP POF PG UIPTF CFGPSF )F BQQFBSFE UP CF MFBSOJOH IPX UP n Z UIF XJOH o LJUJOH JU m MMJOH JU XJUI BJS UIF CBTJDT * UIPVHIU (PPE BOPUIFS TUVEFOU PVU IFSF XJUI NF * DPVME SFMBY B MJUUMF *U XBT 4QBSLZ T UVSO UP MBVODI UIF CBH )F JOn BUFE JU CVU JU ESPQQFE EPXO BOE TUBSUFE ESBHHJOH IJN CBDL VQ UIF IJMM UIF MJOFT GSPN UIF QBSBHMJEFS SJQQJOH IJT HMBTTFT PĊ IJT GBDF )F XBT m OF BOE JU XBT UIFO XF TUBSUFE UBMLJOH )F EJEO U MFU PO IJT TLJMM XJUI IBOH HMJEFST PS IPX MPOH IF IBE CFFO n ZJOH #Z UIF FOE PG UIBU EBZ IF XBT n ZJOH UIF QBSBHMJEFS CBDL BOE GPSUI PO UIF IJMM * UIPVHIU UP NZTFMG )PX JO UIF IFMM EJE IF QJDL UIBU
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
VQ TP RVJDL * UIPVHIU UIPTF QBSBHMJEFST TFFNFE WFSZ IBSE UP m HVSF PVU TJODF UIBU XBT UIF m STU * IBE TFFO POF n Z 8F QBDLFE VQ BU UIF FOE PG UIF EBZ BOE KVTU UBMLFE BCPVU n ZJOH JO HFOFSBM ɩ BU JT XIFO 4QBSLZ SFWFBMFE IPX MPOH IF IBE CFFO n ZJOH BOE UPME NF BCPVU UIF EJG GFSFOU UZQFT PG XJOHT IF IBE n PXO JO UIF QBTU "GUFS UIBU m STU EBZ XF XPVME SVO JOUP FBDI PUIFS BU UIF USBJOJOH IJMM XIFO DPOEJUJPOT XFSF HPPE BOE IF XPVME TPBS UIF IJMM XJUI IJT IBOH HMJEFS )F XPVME XBUDI NF QSBDUJDF BOE LFFQ B DMPTF FZF PO UIJOHT CVU OFWFS HBWF NF QPJOU FST * BN TVSF OPX JO IJOETJHIU UIBU IF XBOUFE NF UP QSPHSFTT UP ) VOEFS NZ JOTUSVDUPS T HVJEBODF )F EJE OPU XBOU UP IJOEFS UIBU QSPDFTT "T * QSPHSFTTFE BOE FBSOFE NZ ) GSPN 3JDIBSE )BZFT 4QBSLZ UPME NF UIBU IF XBT BO PCTFSWFS "T B OFX ) * LOFX * OFFEFE BO PCTFSWFS UP BDDPN QBOZ NF XIFO * TUBSUFE UP n Z UIF NPVO UBJOT 8F NBEF QMBOT UP NFFU VQ BU iɩ F 1VMQJU w POF PG PVS MBVODI TJUFT XJUI UXP IVHF SBNQT UIBU GBDF 8 8/8 * XBT B CJU JOUJNJEBUFE UP TBZ UIF MFBTU
"MMFO 4QBSLT MBVODIJOH PGG )JHI 3PDL 1FO.BS .BSZMBOE
"OZPOF XIP LOPXT 4QBSLZ XJMM UFMM ZPV IF DBO UBML ZPVS FBS PĊ ɩ JT JT OPU CBE BU BMM o JO GBDU JU JT B HSFBU UIJOH )F JOTUJMMT DPOm EFODF BOE LOPXMFEHF TIBSFT QBTU FYQFSJFODFT BOE UIFPSJFT BOE IF DBO HFU PO B SPMM "U ɩ F 1VMQJU * XBT TFU UJOH VQ EPXO CFMPX JO B QSPUFDUFE BSFB XIJMF 4QBSLZ XBT PO MBVODI XBUDIJOH DPOEJUJPOT )F UIFO DBNF EPXO UP HFU NF SFBEZ BOE VQ UP MBVODI ɩ BU T XIFO 4QBSLZ EJE TPNFUIJOH UIBU * SFNFNCFS DMFBSMZ )F HPU WFSZ DBMN BOE NFMMPX KVTU HJWJOH NF B XPSE IFSF BOE UIFSF )F LOFX JU XBT NZ UJNF BOE * XBT SFBEZ *U XPSLFE #Z OPU n PPEJOH NZ IFBE XJUI B CVODI PG UIFPSZ BU UIF UJNF BOE KVTU HJWJOH NF B XPSE PS UXP IF DBMNFE NF EPXO JOTJEF )F QSPKFDUFE DBMN TP * XBT DBMN "MM * IBE UP EP XBT GPDVT BOE XBJU GPS NZ DZDMF 4QBSLZ IFMQT B MPU PG ) T BOE OPX 1 T (&5 61 )F JT B HSFBU QSPNPUFS PG UIF TQPSU BOTXFSJOH RVFTUJPOT EPJOH 57 JOUFSWJFXT BOE OFXTQBQFS BSUJDMFT
XJUI B SFBM FOUIVTJBTN UIBU TIPXT :PV TFOHFST UP DMPVECBTF GPS B NJOVUF SJEF DBO BMXBZT m OE IJN n ZJOH PO HPPE EBZT o UIBU HVZ IBE B QFSNBOFOU TNJMF -BTU ZFBS 4QBSLZ QMBOOFE BOE IFMQFE IBOH HMJEFS PS QBSBHMJEFS )F MJLFT UP TUBZ DVSSFOU )F n JFT B MPU CVU JG UIFSF BSF T DPOTUSVDU B QBSBHMJEFS MBVODI CFUXFFO F 1VMQJU ɩ BU JO OFFE IF XJMM NBLF TVSF UIFZ BSF TFOU UIF IBOH HMJEFS SBNQT BU ɩ PO UIFJS XBZ m STU CFGPSF IF IPQT JOUP UIF QSPKFDU UVSOFE PVU WFSZ XFMM BOE BMM XIP HMBTT PĊ $IBODFT BSF IF T BMSFBEZ n PXO XFSF JOWPMWFE TIPVME CF QSPVE * UIJOL XIFO POF JT MFBSOJOH UP n Z JU JT JNQPS UIBU EBZ JO UIF NPSF BDUJWF BJS ɩ JT QBTU "VHVTU IF IBE IJT IBOET UBOU UP IPPL VQ XJUI BO FOFSHFUJD FYQF GVMM IFMQJOH UP QMBO UIF )JHI 3PDL SJFODFE QJMPU XIP DBO IFMQ ZPV BMPOH BOE UI "OOJWFSTBSZ JO .BSZMBOE ɩ F FWFOU XBT UP IFMQ PVU UIF HFOFSPVT MBOEPXOFS &NNB +BOF $BSCBVHI XJUI IFS UBYFT UP CF BCMF UP LFFQ UIF TJUF PQFO * XBUDIFE BT 4QBSLZ IBE NVMUJQMF n JHIUT PĊ UIF 3PDL n ZJOH UBOEFN XJUI TQFDUBUPST XIP XJTIFE UP IBWF B UBTUF PG UIF TQPSU )F UPPL POF PG IJT UBOEFN QBT 4IBXO 3BZ PO MBVODI BU )JHI 3PDL XJUI 4QBSLZ PO IJT MFGU XJOH
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4IBXO MBVODIJOH XJUI B XJSF BTTJTU GSPN IJT GSJFOE BOE NFOUPS 4QBSLZ
JOUSPEVDF ZPV UP UIF PUIFS QJMPUT n ZJOH XJUI ZPV BOE UBLF ZPV UP BMM UIF EJĊ FSFOU MBVODI TJUFT TP ZPV DBO FYQFSJFODF EJĊ FS FOU n ZJOH TJUVBUJPOT * DFSUBJOMZ EPO U XJTI UP FYDMVEF BOZ PG UIF PUIFS HSFBU PCTFSW FST JO PVS DMVC XIP BHSFFE UP UISPX NF
PĊ #SJBO 7BOU )BMM 4UFWF ,JOTMFZ BOE UP CF NZ NFOUPS JO UIF TQPSU BOE NZ PC &EEJF .JMMFS o UIBOLT HVZT #VU * EFm TFSWFS )F JT NPSF UIBO UIBU OPX /PX IF OJUFMZ GFFM UIBU 4QBSLZ UPPL NF iVOEFS IJT JT NZ GSJFOE XJOH w TP UP TQFBL BOE LFQU NF NPWJOH GPSXBSE )F JT B SFBM CMBTU UP XBUDI n Z PS KVTU IBOH PVU XJUI )F IBT GVO )F VTFE
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
/PX JT UIF UJNF 8BJUJOH XBUDIJOH MJTUFOJOHy NJOEJOH UIF UFMM UBMFT JO UIF TLZ PO UIF HSPVOEy
BMFSU UP UIF TMJHIUFTU NPWFNFOU BOE TIJGU PG XJOE GFFMJOH UIF BJS nPX VOEFS XJOHT TQSFBE BU MBVODIy
5P nZ JT UP LOPX ZPVSTFMG JO UIF NPNFOU
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
/PX JT UIF UJNF UP MFU HP
UP BMMPX ZPVSTFMG UP CF DBSSJFE BXBZ VOEFS XJOHT PG CMJTTy
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1PFN )FSUB ,VSQ "VHVTU 1IPUPT 3BMQI 4JDLJOHFS 1JMPU (FOF 5PXOT 8JSF $SFX +PF 4DIBE 4UFWF ,JOTMFZ 5BJM "TTJTU ,BSFO $BSSB
#JMM /JLPMBJ
ɩ F DIBSBDUFSJTUJD XIJTUMF XBT GBNJMJBS "TBUP TBO BU /BLJKJO ɩ F MBTU UJNF UIJT TPVOE QJFSDFE NZ UIPVHIUT JU DBNF GSPN B TQFOU CVMMFU DBSUSJEHF UIBU IBE CFFO GBTIJPOFE JOUP BO JOTUSVNFOU DBQBCMF PG DMFWFS NJNJDSZ ɩ JT UJNF IPXFWFS UIF SFQFUJUJWF DSZ PG UIF SBQUPS XBT SFBM BOE JU XBT WPJDFE "SUJDMF BOE QIPUPT CZ #JMM /JLPMBJ CZ BO PTQSFZ XIJDI MPDBM 0LJOBXBO QBSBHMJEFS QJMPUT IBE EVCCFE UIF 4FOTFJ PS UFBDIFS 8JUI CBSFMZ B n VUUFS UIF FMFHBOU DSFBUVSF TPBSFE BCPWF UIF CMVĊ VTJOH MJGU DSFBUFE CZ UIF EFn FDUFE TFB CSFF[F UP TXPPQ NBKFTUJDBMMZ BMPOH UIF DPBTU ɩ F IBXL FBTJMZ OBWJHBUFE UIF IFJHIUT PWFS UIF CFBDI HJWJOH VT BMM B MFTTPO JO FĊ PSUMFTTOFTT /BHBF TBO MBVHIFE QVU IJT CVMMFU XIJTUMF UP IJT MJQT BOE BDLOPXMFEHFE UIF 4FOTFJ n PBUJOH EFGUMZ BMPGU *U XBT UJNF "CPWF /BLJKJO UP SFBEZ UIF HFBS BOE UIJOL BCPVU HFUUJOH BJSCPSOF PVSTFMWFT *U IBE CFFO B MPOH UJNF CFUXFFO n JHIUT GSPN IBSE UP BDDFTT TJUFT XJUI m DLMF XJUI CMVTUFSZ XJOUFS OPSUIFSMJFT GSPN UBLFPĊ DPOEJUJPOT NZ m STU POF IPVS $IJOB BOE 3VTTJB NBLJOH TPBSBCMF EBZT n JHIU BU /BLJKJO MFGU NF TMFFQMFTT XJUI TDBSDF ɩ JT QSPNJTFE UP CF B HPPE POF FYIJMBSBUJPO * E IBE UIF HPPE GPSUVOF UP IPPL VQ IPXFWFS XJUI UBNFS XJOET SBOHJOH GSPN UISFF UP m WF NFUFST QFS TFDPOE o FOPVHI XJUI 5TVUPNV i'SBOLw "TIJNJOF UIF UP HFU XFMM BXBZ GSPN UIF SJEHF BOE BMMPX BNJDBCMF ZFBS PME PXOFS PG BO BFSP TQPSUT CVTJ TFWFSBM QJMPUT UP FOKPZ UIF MJGU UPHFUIFS OFTT DBMMFE CVU OPU TP TUSPOH BT UP SJTL CFJOH CMPXO # M V F T L Z CBDL CFIJOE UIF CMVĊ 'SBOL QJDLFE .Z m STU FWFS TPBSJOH n JHIU IBE CFFO NF VQ JO BU UIJT TBNF OPSUI GBDJOH TJUF m WF ZFBST /BIB 0LJ BHP XIFO NZ XJGF BOE * XFSF WJTJUJOH OBXB T NBJO 0LJOBXB +BQBO BT UPVSJTUT 'PS B OPWJDF DJUZ BOE UPPL QJMPU XIP IBE CFFO VTFE UP NPTUMZ TIPSU NF PVU UP TFF MJWFE NPVOUBJO iTMFEEFSTw UIBU TUBSUFE
0ĜĚğĒĨĒ 4ĠĒģĚğĘ $SVJTJOH UIF $PSBM
'SBOL "TIJNJOF
B DPVQMF PG PUIFS TJUFT BCPVU UXP UIJSET PG UIF XBZ VQ UIF LJMPNFUFS MPOH NBJO JTMBOE CFGPSF XF FOEFE VQ BU /BLJKJO 8F DIBUUFE FO SPVUF 'SBOL T &OHMJTI JT FYDFMMFOU BOE * EJTDPWFSFE UIBU IF IBE CFFO UIF m STU GSFFn JHIU FOUIVTJBTU JO 0LJOBXB TUBSUJOH XJUI IBOH HMJEFST #Z IF E FTUBCMJTIFE IJT m STU TIPQ JO /BIB 5XFOUZ m WF ZFBST MBUFS IF JT TUJMM JO CVTJOFTT BOE IBT EJWFSTJm FE JO UIF NFBOUJNF "MUIPVHI IF NPTUMZ XPSLT XJUI QBSBHMJEFST BOE QBSBNPUPST UIFTF EBZT IF BMTP QSPWJEFT JOTUSVDUJPO JO HZSPQMBOFT IJT SJH JT GSPN 3PUBSZ "JS 'PSDF JO 4BTLBUDIFXBO $BOBEB BOE VMUSBMJHIUT 'SBOL BOE IJT XJGF 4BDIJLP XIP BMTP n JFT BOE UFBDIFT QBSBHMJEJOH NBJOUBJO UIFJS TIPQ PO B CFBDI KVTU PVUTJEF UIF DJUZ ɩ F TUSJQ PG TBOE JT QFSGFDU GPS LJUJOH XIBU UIF +BQBOFTF DBMM o JO &OHMJTI o iSJTF VQ USBJOJOHw BOE QBSBNPUPS MBVODIFT *U T OP HPPE GPS GSFFn JHIU CVU 'SBOL IBT CFFO LOPXO UP TPBS UIF PDFBOGSPOU XBMM PG B CPYZ OFJHICPSJOH EFQBSUNFOU TUPSF BGUFS HFUUJOH B DPVQMF PG BTTJTUBOUT UP JOJUJBUF UIF MBVODI CZ ZBOLJOH IJN VQ PO B MPOH SPQF 8IFSF UIFSF JT B XJMM UIFSF
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4BDIJLP BSF QBUJFOU JOTUSVDUPST BOE GPMMPX B QSPHSFTTJWF BQQSPBDI JO UIFJS MFTTPOT " UZQJDBM JOUSPEVDUPSZ QBSBHMJEFS DPVSTF JODMVEFT TFWFO EBZT PG HSPVOE IBOEMJOH BU UIF TIPQ BOE UIFO UISFF EBZT PG n ZJOH DPTU JT BCPVU JODMVEJOH HFBS SFOUBM $MBTT TJ[FT DBO SBOHF GSPN TUVEFOUT CVU PGUFO BSF TNBMMFS #MVFTLZ XJMM UBJMPS B USBJOJOH QSPHSBN UP NFFU UIF OFFET PG UIF TUVEFOU 'SBOL JT B QBTU QSFTJEFOU PG UIF SFHJPOBM BTTPDJBUJPO UIF 0LJOBXB )BOH 1BSBHMJEJOH 'FEFSBUJPO o QBSU PG UIF +BQBO )BOH (MJEJOH BOE 1BSBHMJEJOH 'FEFSBUJPO o +)' BOE JT WFSZ BDUJWF JO NBOBHJOH i#SFF[F w POF PG UIF UXP DMVCT UIBU FYJTU PO UIF NBJO JTMBOE 0G DPVSTF IF JT RVBMJm FE UP DFSUJGZ QJMPUT 4VDDFTTGVM DPNQMFUJPO PG B CFHJOOFS DPVSTF XJUI #MVFTLZ XJMM HFU ZPV BU MFBTU B +BQBOFTF i"w SBUJOH TMFEEFS o iCVUPCJw JO +BQBOFTF o BOE TBGF MBOEJOH 4VCTFRVFOU USBJOJOH XJMM UBLF ZPV UP i#w 4 UVSOT i/1w 4BDIJLP "TIJNJOF SJHIU QSPWJEJOH iSJTF VQ USBJOJOHw BU "XBTF 1BSL OPWJDF QJMPU T BOE TPBSJOH CPUI JOTUSVDUPS HVJEFE i1w QJMPU BOE i9$w UIF JTMBOE PG ,ZVTIV DPOUSBDUFE UP IBWF B DSPTT DPVOUSZ LN SBUJOHT JT B XBZ "OE XIBU PG UIF n ZJOH PO 0LJOBXB #MVFTLZ T DMJFOUT NPTUMZ DPNF GSPN SFNPUF DPOUSPM DBNFSB n Z PWFS B TNPLJOH FSF 0LJOBXB BOE BMM PWFS +BQBO CVU B GFX DSBUFS 'SBOL NBOBHFE UP TVDDFTTGVMMZ 8FMM JO TIPSU JU DBO CF HMPSJPVT ɩ IBWF CFFO "NFSJDBOT BTTPDJBUFE XJUI DPCCMF UPHFUIFS TVDI B QJMPUMFTT QBSBHMJEFS JT WFSZ MJUUMF UIFSNBMJOH UP CF IBE CVU UIF NJMJUBSZ 3FDFOUMZ * XBUDIFE $PM )F VTFE B KPZTUJDL BOE SBEJP DPOUSPM PWFS NPTU PG UIF DPBTUBM TJUFT BSF TQFDUBDVMBS 3JDIBSE -VFLJOH UIF CBTF DPNNBOEFS B CBMMBTU XFJHIUFE IBSOFTT BOE n FX JU CZ "MNPTU FWFSZ n JHIU PĊ FST UIF WJTVBM USFBU BU .$"4 'VUFONB UVOF VQ IJT QBSB NFBOT PG UXP NFDIBOJDBM iBSNTw BUUBDIFE PG HB[JOH EPXO BU USPQJDBM TFBT BOE XIJUF TBOE CFBDIFT *U T OPU VOVTVBM UP USBDL NPUPSJOH TLJMMT VOEFS 'SBOL T UVUFMBHF UP UIF CSBLFT 5FBDIJOH BOE UBOEFNT SFNBJO UIF TIPBMT PG TJMWFSTJEFT NPWJOH FO NBTTF 'VUFONB BOOVBMMZ IPTUT UIF i'MJHIUMJOF 'FTUBw UP XIJDI NFNCFST PG UIF QVCMJD NBJOTUBZ PG UIF CVTJOFTT 'SBOL BOE OFBS UIF TIPSFMJOF PS DBUDI HMJNQTFT PG BSF JOWJUFE UIJT ZFBS UIF QMBO XBT UP IBWF 'SBOL BOE B TRVBESPO PG QBSBNPUPSJTUT JODMVEJOH $PM -VFLJOH n Z UP UIF BJSm FME JO GPSNBUJPO QSPWJEJOH UIF POMZ BFSJBM EFNPOTUSBUJPO PG UIF FWFOU 6OGPSUVOBUFMZ UIF XJOET XFSF UPP TUSPOH BOE UIF EJTQMBZ SFNBJOFE TUBUJD ɩ F CVTJOFTT IBT CFFO HPPE UP UIF "TIJNJOFT o UIFZ WF SBJTFE UXP TPOT BOE UXP EBVHIUFST UIF ZPVOHFTU .FHVNJ JT OPX PO UIF QSPDFFET BOE DPOUJOVF UP FOKPZ UIF BFSPTQPSUT MJGFTUZMF -JLF NPTU FOUSFQSFOFVST JO XIBU DBO CF BO PO BHBJO PĊ BHBJO VOEFSUBLJOH UIFZ EP B WBSJFUZ PG UIJOHT 5BOEFNT HFBS TBMFT BOE HVJEJOH m HVSF JO UIFJS JODPNF JO BEEJUJPO UP USBJOJOH BOE UIFZ WF BMTP EPOF BFSJBM QIPUPHSBQIZ BT XFMM BT 57 DPNNFSDJBMT 1FSIBQT POF PG UIF TUSBOHFTU WFOUVSFT 'SBOL IBT HPUUFO JOWPMWFE JO XBT 'SBOL "TIJNJOF PG #MVFTLZ UIF CVJMEJOH PG B QBSBNPUPSJOH SPCPU " $P BOE TUVEFOU BU "XBTF VOJWFSTJUZ TUVEZJOH BO BDUJWF WPMDBOP PO 1BSL %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
*O GSPOU PG ,BZP MBVODI MPPLJOH BU UIF CFBDI MBOEJOH BSFB UP UIF TPVUIXFTU
UVSUMFT BOE SBZT DBWPSUJOH JO UIF TIBMMPXT CFUXFFO UIF DPSBM NPVOET JOTJEF UIF SFFGT 5XP TJUFT JO QBSUJDVMBS o 5FOJZB BOE ,BZP o PĊ FS TFWFSBM LJMPNFUFST PG TUVOOJOH TFBTDBQF ,BZP JT BCPVU IPVST OPSUI PVU PG /BIB T EPXOUPXO BOE JT QFSDIFE NFUFST PWFS TPNF PG UIF CFTU VOTQPJMFE TDFOFSZ JO 0LJOBXB ɩ F UBLFPĊ JT PO B HSPPNFE HSBTTZ PVUMPPL UIBU GPS TPNF
.JOF TBO UBLJOH PGG BU ,BZP MBUF "VHVTU
PG VT SFRVJSFT BO FBTZ UFO NJOVUF MFWFM IJLF BMPOH B EJSU SPBE ɩ F SPVHI SPBE SVOT QSFDBSJPVTMZ BMPOH B TQJOZ SJEHF UIBU IBT TMJE BXBZ PO CPUI TJEFT BT B SFTVMU PG UZQIPPO EBNBHF o NPTU MPDBMT ESJWF SJHIU UP MBVODI CVU TPNFEBZ UIJT SPBE XJMM TVEEFOMZ CF B HPBU QBUI ɩ F MBOEJOH JT PO B CJH PCTUBDMF GSFF CFBDI JNNFEJBUFMZ JO GSPOU PG BO FMFNFOUBSZ TDIPPM 5PQ MBOEJOH JT BMTP B WFSZ WJBCMF PQUJPO ɩ F CFTU n ZJOH BU TPVUIFBTU GBDJOH ,BZP JT JO MBUF TQSJOH BOE TVNNFS XIFO UIF TVMUSZ TUFBEZ CSFF[FT GSPN UIF FRVBUPSJBM 1BDJm D NBLF UIFJS XBZ PO B SFHVMBS CBTJT PWFS 0LJOBXB 'MJHIUT PG TFWFSBM IPVST BSF QPTTJCMF IFSF B XPSME EVSBUJPO SFDPSE XBT BQQBSFOUMZ TFU BU ,BZP TPNF ZFBST BHP XIFO B +BQBOFTF QJMPU TUSBQQFE IJNTFMG JO GPS IPVST BOE NJOVUFT %PO U BTL 5FOJZB JT B NJOVUF ESJWF GSPN ,BZP BOE GBDFT &/& *U JT BDDFTTJCMF CZ
,BXBNJUTV TBO DSVJTJOH UPXBSE 5FOJZB MBVODI BU BCPVU N
DBS BO JOUFSFTUJOH USFL UISPVHI B NB[F PG TVHBSDBOF m FMET CVU SFUSJFWBM JG MBOEJOH PO UIF CFBDI DBO CF B QSPCMFN o 8% POMZ PS JU T B NJOVUF XBML CBDL UP MBVODI 5PQ MBOEJOH JT UIF QSFGFSSFE PQUJPO CVU JU T UJHIU BOE UIF TDBMQFE TISVCT CFIJOE UIF UBLFPĊ BSF FWJEFODF PG OFBS TVDDFTTFT "TBUP TBO B WFUFSBO QJMPU KPLJOHMZ TBZT i:PV DBO U CF B NFNCFS PG PVS DMVC VOUJM ZPV WF GPVOE ZPVSTFMG JO
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4IJNBCVLVSP TBO DSVJTJOH BU MBVODI IFJHIU N BU ,BZP NJE .BZ %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
VQ UP MBVODI DPNQMFUF XJUI DMVCIPVTF BU UIF CFBDITJEF MBOEJOH BSFB " ZPVOH DPVQMF PO ,VNF *TMBOE :PVKJ BOE 3FJLP ,JNVSB BSF XPSLJOH XJUI #MVFTLZ UP EF WFMPQ B QBSBHMJEJOH CVTJOFTT UIFSF BMTP
#JOHBUB UFYUJMF EZFJOH EFUBJMFE PO B LJNPOP
$BSM "OEFSTPO BCPWF UIF CFBDI BU 5FOJZB
UIFSF BU MFBTU PODF w TJUF /BLJKJO 5BLFPĊ BU /BLJKJO JT POMZ "MTP UP UIF OPSUI BOE BCPVU IPVST NFUFST BCPWF UIF CFBDI CVU DBST DBO PVU PG UPXO JT 0LJOBXB T CFTU XJOUFS CF QBSLFE MJUFSBMMZ B TUPOF T UISPX GSPN MBVODI 3FUSJFW BM JT BO FBTZ m WF NJOVUF XBML VQ B QBWFE QBUI GSPN UIF CFBDI ɩ FSF JT B IBOEGVM PG PUIFS TJUFT PO UIF NBJO JT MBOE PG 0LJOB XB 4PNF BSF TUJMM CFJOH QJ POFFSFE XJUI B OFX CFBDI TPBSJOH TJUF n PXO GPS UIF m STU UJNF JO MBUF 0UI FS JTMBOET JO UIF 0LJOBXBO DIBJO BMTP GFB UVSF TPNF QBSB HMJEJOH QPTTJ CJMJUJFT XJUI *TIJHBLJ *TMBOE BDUVBMMZ CPBTU JOH B UPQOPUDI BSFB i"LBJ TIJ 1BSBXPSMEw XIJDI IBT JUT PXO EFEJDBUFE QBWFE SPBE
8IBU PUIFS UIBO QBSBHMJEJOH EPFT 0LJOBXB IBWF UP PĊ FS *U NBZ CF UJNF GPS TPNF HFPHSBQIJDBM BOE DVMUVSBM "#$T 0LJOBXB JT +BQBO T TPVUIFSONPTU QSFGFDUVSF *U JODMVEFT NPTU PG UIF JTMBOET TUSFUDIJOH JO UIF 3ZVLZV DIBJO CFMPX UIF MBSHF JTMBOE PG ,ZVTIV TPVUIXFTU OFBSMZ UP 5BJXBO 0LJOBXB JT BMTP UIF OBNF PG UIF MBSHFTU MBOENBTT JO UIF DIBJO BO JTMBOE UIBU IBT KVTU PWFS B NJMMJPO QFPQMF JODMVEJOH BMNPTU JO UIF QSFGFDUVSBM DBQJUBM PG /BIB "U EFHSFFT OPSUI /BIB MJFT BU SPVHIMZ UIF TBNF MBUJUVEF BT .POUFSSFZ .FYJDP )JTUPSJDBMMZ BOE DVMUVSBMMZ UIF QFPQMF PG UIFTF JTMBOET XFSF TIBQFE BOE BĊ FDUFE CZ UIF UVTTMF PG $IJOB +BQBO SFMBUJPOT BOE CSJFn Z CZ HMPCBM DPOn JDU 'PS IBMG B NJMMFOOJVN VOUJM UIF NJE UI DFOUVSZ UIF 3ZVLZV *TMBOET XFSF B QSPTQFSPVT LJOHEPN XJUI USJCVUBSZ BOE USBEF UJFT UP CPUI SFHJPOBM QPXFST *O +BQBO GPSDFE BO FOE UP UIF NPOBSDIZ FWJDUJOH UIF LJOH GSPN 4IVSJ DBTUMF BOE FTUBCMJTIJOH 0LJOBXB 1SFGFDUVSF %VSJOH UIF 4FDPOE 8PSME 8BS 0LJOBXB XBT UIF TJUF PG UIF POMZ MBOE CBUUMFT JO +BQBO JOWPMWJOH DJWJMJBOT m FSDF m HIUT UIBU SFTVMUFE JO XJEFTQSFBE EFWBTUBUJPO JODMVEJOH UIF EFTUSVDUJPO PG NPTU PG /BIB ɩ F XBS DVMNJOBUFE JO B MFOHUIZ PDDVQBUJPO CZ 6 4 USPPQT XJUI SFQBUSJBUJPO UP +BQBO UBLJOH QMBDF POMZ JO 5PEBZ BQQSPYJNBUFMZ "NFSJDBOT TUJMM MJWF BOE XPSL IFSF JO DPOOFDUJPO XJUI WBSJPVT 6 4 NJMJUBSZ CBTFT "MUIPVHI UIFZ BSF BSHVBCMZ QBSU PG UIF iTDFOF w TVSQSJTJOHMZ GFX "NFSJDBOT BSF BDUVBMMZ TFFO TUSPMMJOH UIF MJWFMZ
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
FOUFSUBJONFOU BSFB JO /BIB LOPXO BT i,PLVTBJ %PSJ w PS *OUFSOBUJPOBM 4USFFU 1FSIBQT UIF TUSPOHFTU JOEJDBUJPO PG B 6 4 QSFTFODF EPXOUPXO JT UIF TDBUUFSJOH PG NJMJUBSZ TVSQMVT TIPQT BNPOHTU UIF DPMPSGVM CPVUJRVFT CBST BOE SFTUBVSBOUT *G DBNPVn BHF JT ZPVS IBVUF DPVUVSF ,PLVTBJ %PSJ DBO ESBQF ZPV JO 5 TIJSUT QBOUT CBTFCBMM DBQT BOE DBOUFFOT BMM EFTJHOFE UP CMFOE JOUP KVOHMF EFTFSU PS TFB *OUFSFTUJOHMZ NPTU PG UIFTF HPPET BSF NBEF JO $IJOB (VTUBUPSZ UBTUFT JO 0LJOBXB IBWF BMTP CFFO DVSJPVTMZ JOn VFODFE CZ UIF
$IJMESFO T %BZ CBOOFS GFBUVSJOH BO 0LJOBXBO NPUJG
"NFSJDBO NJMJUBSZ *U TFFNT UIBU UIF XBS BOE BSNZ , SBUJPOT CSPVHIU DBOOFE MVODIFPO NFBU UP NVDI PG UIF 1BDJm D FWFO OPX TPNF 0LJOBXBO TIPQT QSPNJOFOUMZ GFBUVSF TUBDLT PG 4QBN BOE 5VMJQ " QPQVMBS EJTI DBMMFE iDIBNQVSVw
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
B LJOE PG TUJS GSZ DPNFT JO WFSTJPOT GFBUVSJOH UPGV CJUUFS NFMPO MFFLT PS HSFFO QBQBZB CVU PGUFO UIFTF WBSJBUJPOT JODMVEF BU MFBTU TPNF QSFTTFE IBN -FTU UIJT QSPNQU TDPSO JU TIPVME CF OPUFE UIBU 0LJOBXBOT BSF SFQVUFE UP CF BNPOH UIF MPOHFTU MJWFE GPML JO UIF XPSME 0G DPVSTF DBNP BOE QJH JO B DBO BSF RVJSLZ EJTUSBDUJPOT JO B QMBDF UIBU PĊ FST B DPSOVDPQJB PG XPOEFSGVM DSBGUT BOE HSFBU GPPE DIPJDFT 0LJOBXB JT GBNPVT GPS JUT TQBSLMJOH 3ZVLZV HMBTT BOE MBDRVFSXBSF SVTUJD :BDIJNVO QPUUFSZ BOE DPMPSGVM #JOHBUB UFYUJMFT 3FTUBVSBOUT BSF XJEF SBOHJOH JODMVEJOH NBOZ USBEJUJPOBM TPCB OPPEMF TIPQT CVU BMTP B HPPE OVNCFS PG FTUBCMJTINFOUT PĊ FSJOH FYDFMMFOU JOUFSOBUJPOBM DVJTJOF *G ZPV SF DSBWJOH TPNF GBNJMJBS PME TUBOECZT GSPN iCBDL IPNFw UIFSF T BMTP B EJTDPODFSUJOH CSFBEUI PG "NFSJDBO GBTU GPPE PVUMFUT XIPTF QSFTFODF JT QSPCBCMZ BMSFBEZ FBUJOH JOUP UIF MFHFOEBSJMZ MFOHUIZ 0LJOBXBO MJGFTQBOT -JOEB BOE * DBNF MPPLJOH UP FYUFOE PVS PXO MPOHFWJUZ CZ m OEJOH UIBU JEFBM
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i'SBOLw "TIJNJOF #MVFTLZ $P XBT EVSJOH UIF DPNGPSUBCMF XJOEPX IUUQ XXX PEO OF KQ LB[FPUP ZPVKJ JOEFY IUNM CFUXFFO UIF TUFBNZ UZQIPPO QSPOF +QO :PVKJ 3FJLP ,JNVSB 0LJOBXB &YUSFNF 4QPSUT ,VNFKJNB XFBUIFS PG MBUF TVNNFS BOE UIF DPPM PG XJOUFS 0LJOBXB T NFBO BOOVBM IUUQ XJOECJSE KGBTU OFU F JOEFY IUN &OH )JSPLB[V /BLB[BUP 8JOECJSE $P UFNQFSBUVSF JT $ CVU PWFSOJHIU MPXT JO +BOVBSZ 'FCSVBSZ DBO ESPQ UP $ XIJMF IJHIT GSPN +VOF UP 4FQUFNCFS DBO SFBDI $ +BQBO IBT B SFQVUBUJPO GPS UBLJOH B BSF FRVBMMZ WBSJFE 8F TQFOU TPNF UJNF FYQFSJFODF DPVQMFE XJUI NFOTPSF DIVOL PVU PG ZPVS XBMMFU UIF TJ[F PG BU )BLVTFJ TP B CVEHFU HVFTUIPVTF o B XBSN TPVUIFSO JTMBOET XFMDPNF o B IBNNFSIFBE CJUF CVU PVS DBNQJOH KVTU PĊ ,PLVTBJ %PSJ GPS FBDI QFS 0LJOBXB JT UP CF IJHIMZ SFDPNNFOEFE GFFT DBNF UP UIF FRVJWBMFOU PG FBDI OJHIU "DDPNNPEBUJPO BOE DBS SFOUBM QFS OJHIU ɩ JT HFUT ZPV B TBOEZ MFWFM QBDLBHFT OFBS UIF BJSQPSU BSF BWBJMBCMF #JMM /JLPMBJ MJWFT JO 0LJOBXB UFBDIFT BU UIF DBNQTJUF TFU JO UIF NJETU PG B HSPWF PG GPS BCPVU QFS QFSTPO QFS EBZ 6OJWFSTJUZ PG UIF 3ZVLZVT BOE DBO CF DPOUBDUFE TDSVĊ Z QJOFT BOE QBOEBOBT PO UIF FEHF .BKPS BUUSBDUJPOT PO 0LJOBXB T BU X@OJLPMBJ!IPUNBJM DPN PG "NB #FBDI PO ;BNBNJ *TMBOE ɩ BU T B NBJO JTMBOE JODMVEF 4IVSJ $BTUMF B TVCUSPQJDBM CBTF XJUI TIPXFST BOE UPJMFU NBSWFMPVT SFDPOTUSVDUJPO PG /BIB T QBQFS ɩ F TIPXFST BSF PVUEPPS BOE NBJO GPSUJm DBUJPO GSPN DFOUVSJFT QBTU UIF MPP EPFTO U BDDPNNPEBUF TJUUJOH (ZPLVTFOEP BO JNQSFTTJWF MJNFTUPOF CVU IFZ JU T "TJB -VODI XBT BWBJMBCMF DBWF BOE BEKBDFOU USBEJUJPOBM DSBGU DFOUFS JO B MPDBM SFTUBVSBOU GPS SPVHIMZ QFS NJOVUFT PVUTJEF /BIB BOE $IJSBVNJ QMBUF BOE EJOOFS JODMVEJOH B CFFS GPS "RVBSJVN XPSME DMBTT OFBS /BLJKJO EPVCMF UIBU +BQBO JT BMTP GBNPVT GPS "MTP PG JOUFSFTU FTQFDJBMMZ GPS IJTUPSZ TFDVSJUZ BOE BO VMUSB MPX DSJNF SBUF o CVĊ T BSF 1FBDF .FNPSJBM 1BSL XJUI JUT XF UFTUFE UIJT CZ MFBWJOH QBTTQPSUT BOE FYDFMMFOU NVTFVN GPDVTJOH PO 0LJOBXB T USBWFMFST DIFDLT JO PVS UFOU XIJMF XF CPUI USJCVMBUJPOT EVSJOH BOE BGUFS 88** &OHMJTI MBOHVBHF IFBETFUT BSF BWBJMBCMF TOPSLFMFE o OP QSPCMFNT $BNQJOH GPS GSFF DBO BMTP CF EPOF BOE UIF +BQBOFTF /BWZ 6OEFSHSPVOE )( 1( 50634 SJHIU BU UIF ,BZP CFBDI MBOEJOH JG )FBERVBSUFST + B O UP " QS JM *G ZPV XBOU 'SBOL "TIJNJOF UP QJDL ZPV QBSBHMJEJOH JT ZPVS QBTTJPO BOE ZPV XBOU UP CF SFBMMZ DMPTF UP B n ZJOH TJUF UIFSF VQ BOE BDU BT QBSB HVJEF IF DBO EP TP GPS BSF QVCMJD TIPXFST BOE UPJMFUT OFBSCZ BCPVU QFS EBZ JG ZPV IBWF ZPVS PXO 0G DPVSTF JG iDPNGPSUw JT JUBMJDJ[FE BOE HFBS *U T QPTTJCMF UP SFOU QBSBHMJEFS BOE "MM 4LJMM -FWFMT GPPU MPVOHF VOEFSMJOFE JO ZPVS WPDBCVMBSZ UIFSF IBSOFTT GPS BO BEEJUJPOBM 4J[F BOE 5PXJOH 9$ TPBSJOHy BSF OPO WBHBCPOE PQUJPOT BWBJMBCMF XFJHIU NJHIU CF B QSPCMFN TP CSJOHJOH &BTZ 'MJHIU 4NPPUI 4PBSJOH 0WFS B FSF UPP +VTU UFO NJOVUFT EPXO UIF SPBE JT ZPVS PXO QBDLBHF JT SFDPNNFOEFE ɩ B CVEHFU QSJDFE CFBDITJEF JOO DBMMFE BSF TJUF GFFT UP CF QBJE UP QFS EBZ #FBVUJGVMM -BLF BU B /JDF 3FTPSU )JNBXBSJ 4VOn PXFS XIFSF ZPV DBO PS JG ZPV SF JO 0LJOBXB GPS BO FYUFOEFE 7PMDBOP 'MJHIU U 4MFE 3JEF TUBZ GPS BCPVU QFS QFSTPO 0OMZ m WF QFSJPE PG UJNF ZPV DBO KPJO UIF MPDBM DMVC UP UIF DPBTU PS 9$ NJOVUFT GSPN ,BZP JT UIF HSBOE GPVS GPS PS MFTT CBTFE PO QSP SBUJOH UP UIF TUBS ,BOVDIB #BZ 3FTPSU XIJDI TQPSUT FOE PG .BSDI 5SBOTQPSUBUJPO (MJEFS 0LJOBXB JT CFTU BDDFTTFE CZ BJS GSPN B DIBNQJPOTIJQ HPMG DPVSTF TXJNNJOH -PBEJOH (VJEF .PSF QPPM BOE PUIFS BNFOJUJFT 3BUFT TUBSU NBJOMBOE +BQBO UIFSF BSF EJSFDU n JHIUT BU BCPVU QFS QFSTPO CBTFE PO GSPN NPTU NBKPS DJUJFT CVU ZPV DBO %BZ EPVCMF PS USJQMF PDDVQBODZ BOE HP BMTP HFU UP /BIB JOUFSOBUJPOBMMZ GSPN VQ GSPN UIFSF "DDPNNPEBUJPO UP m U 4IBOHIBJ 4FPVM .BOJMB PS 5BJQFJ (SPVQ PG HFU EJTDPVOU ɩ F 3ZVLZVT BSF XFMM PĊ NPTU USBWFMFST WBSJPVT XBMMFUT DBO BMTP CF GPVOE DMPTF SBEBS TDSFFOT CVU JG ZPV SF MPPLJOH GPS XXX IBOHHMJEJOH HVBUFNBMB EF UP /BLJKJO 1MBDFT UP TUBZ OFBS EPXOUPXO /BIB FYIJMBSBUJOH TPBSJOH BOE B SJDI DVMUVSBM
' -: ' 6/ */ (6"5&."-"
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
#","44" 03 #645
5IF ;BNCF[J &TDBSQNFOU JO /PSUIFSO ;JNCBCXF "SUJDMF BOE QIPUPT CZ +VHEFFQ "HHBSXBM
%BZ D 1BDL VQ BOE HP IPNF 8F ESPWF POF BOE IBMG IPVST UP UIF E )FBE UP 4PVUI "GSJDB n ZJOH TJUF BOE USJFE UP m OE UIF WJMMBHF DIJFG UP TBZ IFMMP )F XBT OPU BSPVOE $VOOJOH QMBOT C BOE E XFSF TP XF DPOUJOVFE UP UIF UBLF PĊ $ISJT DIPTFO 1MBO C TJHOJm DBOUMZ +VHEFFQ "HHBSXBM BOE +PIO QSFQBSFE UP MBVODI m STU BT UIFZ BMUFSFE PVS WPM CJWPVBD QP XFSF SFMBUJWFMZ JOFYQFSJFODFE UIF SFTU PG UFOUJBM BT UIF OFYU SFBTPO * IBE KVTU CFFO MBJE PĊ XPSL BOE * XBT VT XBJUFE GPS UIF DPOEJUJPOT UP JNQSPWF BCMF TJUF XBT BU #BLBTTB MPPLJOH GPS B QBSBHMJEJOH m Y TPNFXIFSF $ISJT XBT EPJOH XFMM PO IJT m STU UIFSNJD TPNF LN EPXO UIF BOZXIFSF " HPPE NBUF PG NJOF .BSL n JHIU XJUI HVJEBODF GSPN .BSL +VTU BT * SJEHF &YUFOEFE n JHIUT #BJMFZ IBE TFU VQ B QBSBHMJEJOH TDIPPM JO XBT BCPVU UP MBVODI B USVDL XJUI B DPVQMF BMPOH UIF FTDBSQNFOU GSPN #BLBTTB ;JNCBCXF BOE XBT LFFO UP QSPNPUF UIF PG QPMJDFNFO ESPWF VQ * UIPVHIU OPUIJOH NFBOU n ZJOH PWFS B HBNF SFTFSWF BSFB GPS n ZJOH 8IFO IF TVHHFTUFE WPM PG JU BOE MBVODIFE BOZXBZ *U XBT B IBSE o OPU B HPPE JEFB CFDBVTF JG XF CJWPVBD BMPOH UIF ;BNCF[J &TDBSQNFOU CBUUMF UP TUBZ VQ /PUIJOH XBT XPSLJOH CPNCFE PVU JO UIF SFTFSWF XF XPVME o B SJEHF SVOOJOH GPS PWFS LN BQQSPY XFMM * XBT VOBCMF UP HFU BCPWF MBVODI FJUIFS CF FBUFO CZ MJPOT PS CF TIPU CZ JNBUFMZ FBTU XFTU DMPTF UP UIF ;JNCBCXF FWFO BGUFS n ZJOH PWFS UIF IPVTF UIFSNBM UIF SFTFSWF TUBĊ UIJOLJOH XF XFSF ;BNCJB CPSEFS o * DPVME OPU SFTJTU ɩ F USJHHFST *T UIJT XIBU PWFS XJOUFSJOH JO QPBDIFST FMFWBUJPO EJĊ FSFODF GSPN UIF FTDBSQ UIF 6, EPFT UP ZPV * NBOBHFE UP TVT NFOU UP UIF QMBJOT JT BCPVU N PG UBJO BU POF TQPU CVU JU XBT JOFWJUBCMF %BZ GFSJOH TPNF GBOUBTUJD BEWFOUVSF n ZJOH UIBU * XBT HPJOH EPXO * SBEJPFE .BSL 8F FTDBQFE UIF NBEOFTT PG 4U %JE * OFFE BOZ NPSF DPOWJODJOH UP MFBWF UP MFU IJN LOPX UIBU * IBE MBOEFE XJUI "MCFSUT CZ ESJWJOH BMPOH UIF CBTF DPME EBNQ EBSL /PWFNCFS &OHMBOE GPS UIF PUIFST BOE UIBU XF XFSF HPJOH UP XBJU PG UIF FTDBSQNFOU IFBEJOH XFTU UP GPS UIF SFUSJFWF ɩ FSF XBT OP SFTQPOTF #BLBTTB 8F XFSF TUPQQFE BU POF SPBE UIJT USJQ 0VS TJY IPVS LN KPVSOFZ UP 4U .BZCF .BSL XBT PVU PG MJOF PG TJHIU GPS CMPDL BT UIF USVDL XBT DBTVBMMZ EPTFE "MCFSUT B OFXMZ EFWFMPQFE TJUF BU UIF SBEJP DPOUBDUy XJUI BO BOUJ NPTRVJUP TQSBZ 7JMMBHFT 5XP IPVST XFOU CZ BOE TUJMM #BSU IBE NFMUFE JOUP UIF IFBU BT XF TQFE QBTU FBTUFSO TJEF PG UIF FTDBSQNFOU XBT SFMB UJWFMZ VOFWFOUGVM 0VS UFBN DPOTJTUFE PG OPU BSSJWFE UP QJDL VT VQ 8F LOFX JU XBT UIFN "GUFS UXP IPVST XF TUBSUFE UIF PVS SFUSJFWF ESJWFS #BSU .BSL 5BSZO B MPOH ESJWF CVU UIJT XBT B CJU NVDI *O DMJNC VQ UIF FTDBSQNFOU UP UIF WJMMBHF $ISJT +PIO BOE NZTFMGy BOE IBE B XJEF UIF NFBOUJNF XF XFSF iFOUFSUBJOFEw CZ PG #BLBTTB *U XBT BNB[JOHMZ CBTJD UP SBOHF PG n ZJOH BCJMJUJFT .BSL BTTVSFE VT B iMPDBMw GSPN .P[BNCJRVF QMBZJOH B TBZ UIF MFBTU ɩ F MPDBMT IBE CVJMU B UIBU UIFSF XBT TPNFUIJOH GPS FWFSZPOF iHVJUBSw NBEF PG BO PME PJMDBO B TUJDL BOE NVE IVU GPS UIF QJMPUT BOE XFSF ɩ F JOUFOUJPO XBT UIBU BT UIF XFFL QSP TPNF TUSJOHT *U XBT JNQSFTTJWF IPX SF BMXBZT BEEJOH UP UIF DPNQPVOE HSFTTFE XF XPVME WPM CJWPVBD UP #BLBTTB TPVSDFGVM UIF LJET XFSF KVTU B TIBNF UIBU ɩ F MBUFTU BEEJUJPO XBT B TDSFFO GPS UIF BOE CFZPOE UIJT POF IBE IBE OP NVTJD MFTTPOT CBUIJOH BSFB 8BUFS BOE XPPE XFSF *U XBT DMFBS UIBU UIF MPDBMT XFSF WFSZ &WFOUVBMMZ #BSU DBNF UP PVS SFTDVF IBOE DBSSJFE UP UIF IVU CZ UIF MPDBMT GPS LFFO UP QSPNPUF 4U "MCFSUT BT B n ZJOH JO UIF CFBU VQ /JTTBO BOE ESPWF VT CBDL TJUF ɩ FZ IBE SFDFOUMZ DMFBSFE UIF MBVODI UP UIF DBNQTJUF XIFSF XF NFU VQ XJUI PG SPDLT BOE CVTIFT BOE IBE FWFO TUBSUFE .BSL XIP IBE KVTU SFUVSOFE GSPN UIF XPSL PO CVJMEJOH B CFUUFS USBDL UP UIF QPMJDF TUBUJPO 8F IBE DIFDLFE XJUI UBLF PĊ ɩ JT XBT EFm OJUFMZ OFFEFE BT UIF $"" JO )BSBSF B GFX EBZT CFGPSF XF NBOBHFE UP CPUUPN PVU .BSL T USVDL GPS QFSNJTTJPO UP n Z GSPN UIJT TJUF CVU PO UIF FYJTUJOH iUSBDL w ɩ F WJFXT GSPN UIJT QFSNJTTJPO IBE CFFO SFWPLFE BT MBVODI XFSF TQFDUBDVMBS o XPSUI UIF B SFTVMU PG UIF DMPTVSF PG BMM BJSTQBDF JO USVDL BCVTF ɩ F FTDBSQNFOU SPTF TPNF ;JNCBCXF #VHHFS N GSPN UIF WBMMFZ CFMPX 4DBUUFSFE FWFSZXIFSF XFSF WJMMBHFT BOE MBSHF 0VS PQUJPOT OPX CSPXO m FMET 8IBU NPSF DPVME BO 9$ B 'MZ BOZXBZ BU 4U "MCFSUT HFU BSSFTUFE QJMPU XBOU 8F SFUJSFE UP PVS DBNQ BOE QMFBE JHOPSBODF TJUF BU .BWVSBEPOIB FYDJUFE BU UIF C 'MZ TPNFXIFSF FMTF BMPOH UIF SJEHF XFFL T QSPTQFDUT UIBU XBT GBS FOPVHI BXBZ CVU TUJMM BM MPXFE WPM CJWPVBD BOE IPQF UIBU XF -BVODI BU #BLBTTB EJE OPU HFU DBVHIU %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4NPLF SJTJOH GSPN UIF WJMMBHF BU #BLBTTB
B GFX QFODF B EBZ ɩ F IVU JUTFMG XBT B NFSF N GSPN UIF BDUVBM WJMMBHF BOE GSPN UIF UBLF PĊ BOE PĊ FSFE UIF NPTU TUVOOJOH WJTUBT JNBHJOBCMF 0VU JO GSPOU UIF n BUUFTU MBOETDBQF ZPV DPVME JNBHJOF
%BZ 0VUTJEF UIF IVU * GPVOE UIBU POF PG UIF MPDBM WJMMBHFST IBE BMSFBEZ TUBSUFE B m SF BOE XBT IFBUJOH XBUFS GPS B NPSOJOH TIPXFS * HSFFUFE UIF NBO XJUI B MPDBM HSFFUJOH iNBTDBUJ w CFGPSF IFBEJOH UP UIF UBLF PĊ UP TFF XIBU UIF EBZ XBT UP PĊ FS VT ɩ F TLZ XBT CMVF WJTJCJMJUZ XBT BCPVU LN BOE UIF XJOE XBT MJHIU CVU GSPN PWFS UIF CBDL ɩ F TVO XBSNFE NZ CPEZ BT * MPPLFE BU UIF FTDBSQNFOU CBTF N CFMPX BOE UIF FYDJUFNFOU GSPN UIPVHIUT PG n ZJOH GSPN IFSF FOFSHJ[FE NZ TPVM ɩ F MBVODI GBDFT OPSUI BOE FWFOUVBMMZ UIF XJOE DBNF JO MJHIUMZ 4FWFSBM PG UIF WJMMBHFST IBE DPNF UP XBUDI PVS BOUJDT $ISJT TUJMM USBJOJOH GPS IJT MJDFOTF XBT TFOU PĊ m STU CFGPSF DPOEJUJPOT CFDBNF UPP SPVHI 8F XBUDIFE IJN ESPQ JO GSPOU PG UBLF PĊ CFGPSF DMJNCJOH BT IF TUSFUDIFE UP UIF IPSJ[PO o BU MFBTU LN n FX UISPVHI B UIFSNBM )F QVTIFE OPSUI BXBZ "T UIF MJHIU GBEFE JU XBT FWFO NPSF UPXBSET )BNCF WJMMBHF CVU MBOEFE TPPO JNQSFTTJWF UP TFF PQFO m SFT EPUUFE BDSPTT BGUFS * XBJUFE GPS UIF TUSPOHFS UIFSNBMT UP EFWFMPQ CFGPSF UBLJOH PĊ UIF WBMMFZ CFMPX
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
.BSL #BJMFZ DSVJTJOH BCPWF )BNCF WJMMBHF BGUFS MBVODIJOH GSPN #BLBTTB
#Z UIF USFFT JO GSPOU PG UBLF PĊ XFSF TIBLJOH XJUI UIF UIFSNJD CSFF[ FT * MBVODIFE JOUP B DZDMF BOE DMJNCFE N CFGPSF * GFMM PVU PG UIBU UIFSNBM BOE QVTIFE PVU JO GSPOU JO TFBSDI PG BO PUIFS * MPTU BMUJUVEF ɩF USFFT XFSF TUJMM * TDBOOFE UIF FTDBSQNFOU GPS BOZUIJOH NPWJOH BOZ CBSF SPDLT UIBU NJHIU CF CBLJOH CVU UIFSF XBT OPUIJOH &WFO UIF SPDLZ HPSHF XBT EFBE * UVSOFE UPXBSET UIF SPBE BOE MBOEFE DMPTF UP $ISJT .BSL BMTP GPVOE OPUIJOH TVCTUBOUJBM BOE XBT TPPO PO UIF EFDL DMPTF CZ 5BSZO GPMMPXFE TPPO BGUFS BOE KPJOFE VT PO UIF CBLJOH HSPVOE 8F XFSF DPNQMFUFMZ VOQSFQBSFE GPS UIJT TDPSDIJOH IFBU ɩF XBML CBDL UP UIF SPBE UPPL OFBSMZ BO IPVS EFTQJUF HFUUJOH POF UIF MPDBMT UP DBSSZ NZ HMJEFS GPS B NFSF Q &WFO XJUIPVU IBWJOH UP DBSSZ NZ HFBS * XBT NFMUJOH JO UIF IFBU BOE OFFEFE UP TUPQ TFWFSBM UJNFT JO TPNF TIBEF UP SFDPWFS 0VS SFUSJFWF ESJWFS TVQQMJFE VT XJUI NVDI OFFEFE DPME ESJOLT BU UIF SPBE
TBJMFE PWFS UP MBOE LN BXBZ UIF TLZ XBT MPPLJOH B DPPM BOE SFGSFTI JOH CMVF B GBS DSZ GSPN UIF TUJnJOH EVTUZ IFBU UIBU XBT CBLJOH NF ɩF XBML PVU BHBJO XJUIPVU IBWJOH UP DBSSZ UIF HMJEFS XBT BT CBE BT UIF EBZ CFGPSF "U MFBTU * EJE OPU QBTT PVU XJUI UIF IFBU UIJT UJNF .FOUBM OPUF .VTU USZ UP MBOE DMPTFS UP UIF SPBE XIFO * CPNC PVU * IBUF UIF XBML PVU 8IFSF BSF UIF DPME $PLFT #BSU
%BZ .BSL MBVODIFE %BZ mSTU UP NBSL UIF "T * XBT TJUUJOH PO UIF WBMMFZ nPPS BGUFS UIFSNBMT GPS NF CBUUMJOH WJHPSPVT UIFSNBMT * XBUDIFE BT )F DMJNCFE N .BSL ESJGUFE PWFSIFBE UP MBOE B GVSUIFS BCPWF UIF MBVODI LN EPXO UIF SJEHF #Z UIF UJNF 5BSZO BOE XBJUFE UIFSF %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
&WFO XJUI IFMQ GSPN POF PG UIF MPDBMT XBMLJOH PVU JO UIF TDPSDIJOH IFBU XBT CSVUBM
GPS NF UP KPJO IJN * MBVODIFE JOUP XIBU XBT B CPPNJOH UIFSNBM POMZ UP GBMM PVU PG JU BMNPTU JOTUBOUMZ * GPVHIU UP m OE JU BHBJO XJUIPVU TVDDFTT )FBEJOH CBDL UP UIF SJEHF * TDBOOFE IBSE GPS NPWJOH USFFT
BT .BSL DPOUJOVFE UP DMJNC IJHI BCPWF UIF FTDBSQNFOU "T B MBTU EJUDI BUUFNQU * n FX PWFS UIF SPDLZ HPSHF IPQJOH UP m OE TPNFUIJOH ɩ FSF XBT OPUIJOH * TDSFBNFE XJUI GSVT USBUJPO BT * DPNNJUUFE UP B m OBM HMJEF o KVTU BT NZ WBSJP CFFQFE * IPPLFE UIF HMJEFS SPVOE JO B TUFBEZ DMJNC UIBU UPPL NF VQ UP N ɩ F WJFXT XFSF GBOUBTUJD 5P UIF OPSUI MBZ UIF n BUMBOET PG UIF ;BNCF[J WBMMFZ BOE UP UIF TPVUI XBT UIF XFMM EFm OFE ;BNCF[J FTDBSQNFOU * FWFOUVBMMZ KPJOFE .BSL JO IJT UIFSNBM BOE GPS B XIJMF XF BUUFNQUFE UP UBLF QJDUVSFT PG FBDI PUIFS .BSL IFBEFE BXBZ GSPN UIF SJEHF CVU * EFDJEFE UP DMJNC BT IJHI BT * DPVME FWFO UIPVHI UIF UIFSNBMT XFSF XFBLFOJOH ɩ F WJMMBHF PG )BNCF XIJDI * IBE DPNF UP LOPX GSPN NZ QSFWJPVT MBOEJOHT XBT OPX RVJUF TNBMM BOE FWFO UIF iNBJO SPBEw XBT OPU TP GBS BXBZ 4FWFSBM GPSFTUT DMJOHJOH UP UIF TUSFBNT UIBU ESBJOFE UIF FTDBSQNFOU QPTFE UIF OFYU PCTUBDMF * HMJEFE TBGFMZ PWFS UIFTF MPPLJOH BU UIF DMPVET GPS NZ OFYU UIFSNBM NBSLFS .BSL BOE * DPOUJOVFE UP IFBE OPSUIXFTU UP JOUFSTFDU UIF SPBE "T UIF
5IF TVO CBLFE WJMMBHF PG )BNCF
SPBE UVSOFE UP UIF OPSUI .BSL UVSOFE UIF HMJEFS JOUP UIF XJOE o PVS ESJWFS IBE OPU CFFO CSJFGFE BCPVU HPJOH BOZ GBSUIFS TP XF IBE UP MBOE * XBUDIFE .BSL T HMJEFS DVSM VQ BT IF MBOEFE BOE DPVME
8PSME T 7JFX
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
UIFO TFF IPSEFT PG DIJMESFO TDBNQFSJOH GSPN UIF WJMMBHF UPXBSET IJN ɩ F TPVOE PG UIFJS FYDJUFNFOU XBT PWFSXIFMNJOH BT * TFU VQ GPS NZ MBOEJOH *OTUBOUMZ * XBT TVSSPVOEFE CZ XIBU TFFNFE IVOESFET PG DIJMESFO BMM KPTUMJOH GPS B MPPL BU UIF NBO GSPN UIF TLZ 0ODF QBDLFE VQ XF IFBEFE GPS UIF SPBE GPMMPXFE CZ UIF NBTTFT PG ZPVOH TUFST *U DPVME IBWF CFFO B TDFOF GSPN UIF 1JFE 1JQFS PG )BNMJO %P[JOH VOEFS B USFF JO UIF IFBU XF XBUDIFE DIJMESFO m MM ESVNT XJUI XBUFS UIFO IBVM UIFN POUP XIFFMCBSSPXT BOE XIFFM XPCCMF JOUP UIF EJTUBODF 3FUSJFWF ESJWFS #BSU SFTDVFE VT GSPN UIFTF TDFOFT PG QPWFSUZ XJUI DPME $PLFT 4VDI BO JOTBOF DPOUSBTU %BZ $ISJT MBVODIFE m STU GPMMPXFE CZ +PIO * MBVODIFE OFYU JOUP XIBU * UIPVHIU XBT B TUSPOH UIFSNBM DZDMF POMZ UP GBMM PVU PG JU 5BSZO BMTP GPVOE OPUIJOH 8JUIJO NJOVUFT XF XFSF BMM PO UIF EFDL QBDL JOH VQ PVS HMJEFST * OFHPUJBUFE B MJGU GPS VT BMM PO B GBSNFS T USBDUPS BOE QMPVHI CBDL UP UIF NBJO SPBE GPS Q 8JUI BMM PG PVS XFJHIU PO UIF QMPVHI XF NBO BHFE UP UJQ VQ UIF USBDUPS PO TPNF PG UIF TUFFQ DMJNCT .Z CVUU XBT DPNQMBJOJOH UISPVHIPVU UIF SJEF CVU JU DFSUBJOMZ CFBU XBMLJOH PVU %BZ $ISJT MBVODIFE m STU BT XBT IJT TUZMF 3BUIFS UIBO CPNC BT IBE CFFO IJT TUZMF BMTP IF IPPLFE B UIFSNBM BOE TLJFE PVU * MBVODIFE B XIJMF MBUFS BOE TUSVHHMFE BHBJO CVU DBVHIU TPNFUIJOH TPMJE UIBU UPPL NF VQ ɩ F OPSUI XJOET UPEBZ XFSF NVDI TUSPOHFS UIBO PO QSFWJPVT EBZT XIJDI NFBOU UIBU UIF UIFSNBMT ESJGUFE NF TPVUI PWFS UIF FTDBSQNFOU JOUP IFBW JMZ XPPEFE BOE NPVOUBJOPVT UFSSBJO * MFGU NZ UIFSNBMT FBSMZ UP NBLF TVSF UIBU * DPVME SFHBJO UIF FTDBSQNFOU * TQJFE $ISJT UP UIF XFTU BOE XFMM TPVUI PG UIF FTDBSQNFOU BOE SBEJPFE UIF TVHHFTUJPO UIBU IF DPODFOUSBUF PO QVTIJOH OPSUI SBUIFS UIBO ESJGU XJUI UIF UIFSNBMT * XBUDIFE IJN XJUI GVMM TQFFECBS KVTU NBLF JU BDSPTT )F KPJOFE NF JO NZ UIFSNBM BT XF DMJNCFE VQ BOE UIFO HMJEFE OPSUIXFTU UPXBSET UIF SPBE 8F DSPTTFE UXP PG UIF GPSFTUT UIBU TXFQU OPSUI GSPN UIF FT DBSQNFOU FOKPZJOH UIF WJFXT GSPN PWFS
-BOEJOH m FMET BSF QMFOUJGVM TIBEF BOE SPBET BSF OPU
N BOE XPSLJOH UIF UIFSNBMT HFO FSBUFE GSPN UIF m FMET JO CFUXFFO ɩ F XJOET XFSF TUFBEJMZ QJDLJOH VQ GSPN UIF FBTU TP * TVHHFTUFE UP $ISJT UIBU XF MBOE TPPO )F HMJEFE PVU UP B WJMMBHF OFBS UIF NBJO SPBE BOE * XBT DMPTF CFIJOE IJN * DPVME IFBS UIF FYDJUFE WPJDFT PG DIJMESFO SVOOJOH UP UIF m FME XIFSF IF MBOEFE ɩ FZ TPPO TBX NF MJOJOH VQ GPS NZ BQQSPBDI BOE TXBSNFE NF BT XFMM ɩ F OPJTF XBT GBOUBTUJD UIF TJHIU TQFD UBDVMBS $ISJT IBE KVTU NBEF IJT m STU 9$ n JHIU BOE XBT CFBNJOH BT XF QBDLFE VQ PVS HMJEFST BOE NBSDIFE PVU UP UIF SPBE XJUI B USBJM PG DIBUUFSJOH DIJMESFO JO UPX %BZ *U XBT PVS MBTU EBZ BOE * XBT LFFO UP n Z JOUP UIF XJMEMJGF SFTFSWF BOE QVTI GPS B CFUUFS EJTUBODF UIBO UIF EBZ CFGPSF )PXFWFS TUSPOH XJOET QSFWFOUFE FWFO BO FBSMZ UBLF PĊ 8F NBEF B IBTUZ SF USFBU CBDL UP )BSBSF CFGPSF IFBEJOH FBTU UP UIF &BTUFSO )JHIMBOET GPS NPSF BFSJBM BOUJDT
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
'005/05& ɩ F QPMJUJDBM TDFOF JO ;JNCBCXF JT TPNFXIBU VOTUBCMF BU UIF NPNFOU BOE GSFF n ZJOH JT OPU SFDPN NFOEFE VOUJM UIF TJUVBUJPO TUBCJMJ[FT 8IFO UIJT EPFT IBQQFO ;JNCBCXF PĊ FST TPNF PG UIF CFTU BEWFOUVSF n ZJOH XJUI JUT NBOZ EJWFSTF n ZJOH TJUFT BOE HSFBU OFUXPSL PG SPBET GPS 9$ SFUSJFWFT
$0/5"$54 "/% .03& */'03."5*0/ "OEZ 3PCFSUT TFFEMJOH!NXFC DP [X PS .BSL #BJMFZ TLZIBXLF!YUSB DP O[
1IPUP ª%FOJT #BMJCPVTF
(FSNBO IBOH HMJEFS QJMPU (VJEP (FISNBOO EPFT B UPVDI BOE HP BU UIF 3FE #VMM 7FSUJHP EVSJOH B QSBDUJDF nJHIU PWFS UIF 4XJTT WJMMBHF PG 7JMMFOFVWF
'JOEJOH UIF 4LZ
/PUFT PO -FBSOJOH UP 4PBS 1BSU #Z 1BVM 7JMMJOTLJ 1IPUPT CZ 1BVM ,VDIBSTLZ
5IF BVUIPS SFMJTIJOH B MBUF BGUFSOPPO n JHIU BU UIF 1PJOU PG UIF .PVOUBJO T OPSUI TJEF %SBQFS 6UBI
"VHVTU *O B GFX NJOVUFT UIJT CJH BJS m MMFE OZMPO CBH JT HPJOH UP UBLF NF PO NZ m STU iIJHIw n JHIU * N HPJOH UP MBVODI NZ EVTUZ TDIPPM HMJEFS BOE SVO PĊ UIF FEHF PG UIJT IJMM XIFSF UIF HSPVOE TVE EFOMZ ESPQT BXBZ BOE SFBQQFBST GFFU MBUFS * WF CFFO QSFQBSJOH GPS UIJT NPNFOU GPS UIF MBTU m WF EBZT BU 1PJOU PG UIF .PVOUBJO KVTU PVUTJEF PG 4BMU -BLF $JUZ XIFSF * WF DPNF GPS UXP XFFLT UP MFBSO UP n Z BOE USBJO GPS B 1 /PWJDF SBUJOH *O BOPUIFS TFOTF * WF CFFO QSFQBSJOH GPS UIJT NPNFOU GPS NPTU PG NZ MJGF &BSMJFS JO UIF ZFBS * DPNQMFUFE B TDVMQUVSF B LJOE PG QPFUJD n ZJOH NB DIJOF XIJDI GFBUVSFE POF PG NZ GBUIFS T 7JFUOBN n JHIU TVJUT BOE B QBJS PG CJSE MJLF XJOHT GBTIJPOFE PVU PG POF IVOESFE MFBUIFS XPSL HMPWFT o * UIPVHIU NZ EBE DPVME QSPCBCMZ VTF TPNF XJOHT ɩ F QJFDF XBT TIPXO TFWFSBM UJNFT BOE UIFO GPVOE B CVZFS JO /FX )BWFO 4UBSJOH BU UIF
DIFDL JO NZ IBOE * SFBMJ[FE * XBT MPPL JOH BU QSFUUZ NVDI UIF FYBDU QVSDIBTF QSJDF PG QBSBHMJEJOH MFTTPOT BOE B CBTJD QBDLBHF PG HFBS " GSJFOE MBUFS DPNNFOU FE UIBU UIJT XBT iUIF NFUBQIPS PG n JHIU TQPOTPSJOH UIF SFBMJUZ w " MJUUMF SFTFBSDI TVHHFTUFE UIBU 4BMU -BLF XBT BO JEFBM QMBDF UP USBJO XJUI JUT DPOTJTUFOUMZ n ZBCMF DPOEJUJPOT "U UIF CFHJOOJOH PG "VHVTU * QBDLFE VQ NZ NPUPSDZDMF XJUI DBNQJOH HFBS BOE MFGU /FX :PSL $JUZ TUVEZJOH DMPVE GPSNBUJPOT BOE CJSET TPBSJOH BT * SPEF UIF NJMFT UP ɩ F 1PJOU /PX JU T MBUF BGUFSOPPO BOE IPU ɩ F CJH CSPXO HSBTTIPQQFST XIP PVUOVNCFS IVNBOT IFSF UP POF BSF n JDLJOH BOE CV[[JOH BSPVOE MJLF NJOJBUVSF SP CPUJD TPMBS DFMMT JO B TUBUF PG PWFSDIBSHF *OWBSJBCMZ UIF NPNFOU B XJOH HFUT MBJE PVU JO UIF EVTUZ MBVODI BSFB B EP[FO PS NPSF PG UIFTF HVZT IPQ BCPBSE TPNF UJNFT SJHIU JOTJEF UIF XJOH UISPVHI UIF QPSUT JO UIF MFBEJOH FEHF .BZCF
UIFZ SF KVTU USZJOH UP HFU PVUUB UPXO BOE TFF UIF XPSME CVU * WF CFFO UPME UIBU JG UIFZ XJOE VQ JOTJEF B GPMEFE XJOH BU UIF FOE PG UIF EBZ UIF BDJE DPOUFOU PG UIFJS TNBMM QSFIJTUPSJD MPPLJOH CPEJFT XJMM FBU IPMFT SJHIU UISPVHI UIF QSFDJPVT OZMPO ɩ JT BGUFSOPPO IPXFWFS * XFMDPNF UIF MJUUMF IJUDI IJLFST POUP NZ HMJEFS UBLJOH UIFJS EFDJTJPO UP KPJO NF BT B WPUF PG DPOm EFODF .Z XJOH JT MBJE PVU JO B IPSTFTIPF TIBQF PO UIF HSPVOE CFIJOE NF BOE * BN TUSBQQFE JOUP UIF IBSOFTT ɩ F QBSB HMJEFS T SJTFST BSF DMJQQFE JOUP UIF DBSBCJ OFST PO UIF IBSOFTT DIFTU TUSBQ BOE GSPN UIJT NPNFOU * Pċ DJBMMZ CFDPNF QBSU PG UIF BJSDSBGU .Z JOTUSVDUPS B SFMBYFE MBUF A T TUZMF IJQQZ BQUMZ OBNFE %FYUFS $MFBSXBUFS TUBSUT B QSFn JHIU JOTQFDUJPO PG NZ TFU VQ 4VEEFOMZ USBOTGPSNFE JOUP BO "JS 'PSDF 4RVBESPO $SFX $IJFG IF JT BMM CVTJOFTT BT IF DIFDLT NZ IBSOFTT CVDLMFT POF CZ POF DIFDLT UIBU UIF DBSBCJOFST
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4PBSJOH UIF OPSUI TJEF BU 1PJOU PG UIF .PVOUBJO
1BSBHMJEFST MJF EPSNBOU JO TUVGG TBDLT OFBS UIF i+VQJUFSw MBVODI XIJMF UIF XJOE CMPXT PWFS UIF CBDL
BSF TOBQQFE GVMMZ DMPTFE BOE MPDLFE UIBU * N TP OFSWPVT BOE FYDJUFE UIBU * DBO U UIF SJTFST BSF QSPQFSMZ PSJFOUFE BOE UIF NBLF BOZ TFOTF PG UIF SJTFST JO NZ IBOET MJOFT UP UIF DPOUSPM UPHHMFT JO NZ IBOET OPX BOE KVTU IBWF UP USVTU UIFZ SF BS BSF DPSSFDUMZ SPVUFE UIBU UIF IVOESFE SBOHFE DPSSFDUMZ CFDBVTF %FYUFS FYBN PS TP PUIFS MJOFT SVOOJOH GSPN SJTFST UP JOFE UIFN DMPTFMZ BOE QSPOPVODFE UIFN XJOH BSF DMFBS PG UBOHMFT BOE TOBHT PO UIF iSJHIU PO w * IBWF B DBTF PG DPUUPO NPVUI HSPVOE * USZ UP GPMMPX FBDI TUFQ PG UIF UP SJWBM BOZUIJOH * DBO SFNFNCFS GSPN QSFn JHIU CVU UIF USVUI JT * OFFE UP QFS NZ UFFOBHF QPU TNPLJOH EBZT 0I EJE * NFOUJPO * N BGSBJE PG IFJHIUT GPSN POF PG NZ PXO PO UIF QJMPU * DBO U FWFO XBML PVU UP UIF FEHF PG .Z IFBSU JT CFBUJOH TP IBSE * UIJOL CZ TUBOEFST DBO QSPCBCMZ IFBS JU 5SJCVUBSJFT MBVODI o NZ GFFU MJUFSBMMZ SFGVTF UP HP PG TXFBU SVOOJOH VOEFS NZ IFMNFU KPJO OFBS UIF ESPQ PĊ o BOE OPX * N BCPVU UP UIF #JH .VEEZ DPVSTJOH EPXO NZ CBDL HP TQSJOUJOH PWFS JU 8IZ XBT JU * UIPVHIU %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
UIJT XPVME CF B HPPE JEFB %FYUFS TUBOET GFFU JO GSPOU PG NF BOE ZFMMT i-BVODIJOH w 'JGUZ GFFU GBSUIFS UIF HSPVOE EJTBQQFBST ɩ FSF JT OPUIJOH * XBOU NPSF UIBO UP HP n PBUJOH BXBZ PWFS JU BOE OPUIJOH JOUJNJEBUFT NF NPSF * ZFMM i$MFBS w BOE CFGPSF GFBS IBT B DIBODF UP HFU B CFUUFS GPPUIPME * DIBSHF JOUP B GPSXBSE MBVODI GFFMJOH UIF XJOH SJTJOH PĊ UIF HSPVOE CFIJOE NF SFTJTUJOH NZ SVO UPXBSE UIF QSFDJQJDF * XBUDI %FYUFS GPS UIF m OHFST BDSPTT UISPBU UIBU XJMM TJHOBM TPNFUIJOH T BNJTT BOE * TIPVME BCPSU UIF MBVODI CVU IJT IBOET SFNBJO BU IJT TJEFT BOE B UPPUIZ HSJO BQQFBST PO IJT GBDF i3VO SVO SVO w * IFBS BT * HP CBSSFMJOH QBTU IJN IFBEJOH GPS UIF FOE PG UIF FBSUI BT * LOPX JU * QJDL VQ TQFFE BOE UIFO XJUI B TNPPUI UVH PO UIF IBSOFTT * BN SJTJOH VQ PWFS UIF JSPO XFFE BOE TBHF :BSET CFGPSF UIF FEHF UIF HFOUMF SJEHF MJGU UIJT QMBDF JT LOPXO GPS HSFFUT NZ XJOH BT NZ GFFU EJTCFMJFWFST DPOUJOVF UP QFEBM BMPOH XJUI OPUIJOH CF UXFFO UIFN BOE UIF HSPVOE CVU UIJO BJS 4VEEFOMZ * BN n PBUJOH PVU PWFS UIF FEHF BOE FWFSZUIJOH NZ IFBSUCFBU NZ CSFBUI UJNF JUTFMG DFBTFT GPS B NJMMJTFD POE BT * MPPL EPXO ɩ JT JT UIF UJNF JU UBLFT UP LOPX PO BO JOUSJOTJD DFMMVMBS MFWFM UIBU * N OPU GBMMJOH UIBU * BN BU MBTU n ZJOH * HMJEF TUSBJHIU PVU BXBZ GSPN UIF IJMM IFBEJOH GPS UIF -; UIF IPPUT BOE IPMMFST * GFFM DBVHIU TJMFOUMZ JO NZ UISPBU CVU NZ GBDF TUSFUDIJOH JOUP B HSJO UIBU XJMM SFNBJO GPS UIF SFTU PG UIF XFFL "T * DPOUJOVF PO HJEEZ BOE BNB[FE * LOPX JOTUBOUMZ UIBU UIJT FYQFSJFODF JT POF PG UIPTF UIBU DBOOPU CF BEFRVBUFMZ EFTDSJCFE PS TIBSFE UIBU MBOHVBHF XJMM BU CFTU POMZ DJSDMF BSPVOE JU OFWFS UPVDI JUT DFOUFS * LOPX JOTUBOU MZ UIBU UIJT TMPX NPUJPO MFWJUBUJPO UIJT OFBS XBMLJOH PO BJS JT UIF BODJFOU ESFBN PG CJSE MJLF n JHIU DPNF UP MJGF " NJOVUF PS TP MBUFS BT * BQQSPBDI UIF HSPVOE BOE QVMM CPUI DPOUSPM UPHHMFT UP n BSF UIF XJOH BOE HFOUMZ TUFQ CBDL EPXO PVU PG UIF TLZ * LOPX UPP UIBU * BN OPU RVJUF UIF TBNF QFSTPO * XBT CFGPSF UIJT n JHIU
3 &% #6--
7&35*(0 $PQZSJHIU ª CZ %FOOJT 1BHFO
"O VOJEFOUJm FE QJMPU MBVODIJOH 1IPUP ª%FOJT #BMJCPVTF 3FE #VMM
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
"VHVTU ɩ JT XBT UIF XBSN VQ DPOUFTU GPS OFYU ZFBS T XPSME NFFU BOE * IBE DPNF UP HFU VQ UP TQFFE XJUI UIF FWFOU BOE XBUDI TPNF TQFDUBDVMBS n ZJOH 8F IBE UISFF DMBTTFT UIJT ZFBS IBOH HMJEJOH TPMP QBSB HMJEJOH BOE TZODISP QBSBHMJEJOH
" WJFX GSPN UIF IPUFM SPPN JO EPXOUPXO 7JMMFOFVWF
" .PTRVJUP WJOUBHF IBOH HMJEFS MBOEJOH PO UIF SBGU
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP %FOOJT 1BHFO
1IPUP %FOOJT 1BHFO
1IPUP ª%FOJT #BMJCPVTF 3FE #VMM
)BOH (MJEJOH ɩ FSF XFSF IBOH HMJEFS QJMPUT GSPN GPVS DPVOUSJFT DPNQFUJOH UIJT ZFBS ɩ F NFFU TUBSUFE PVU XJUI UXP DPNQVMTPSZ SPVOET XIJDI JODMVEFE MFGU BOE SJHIU TQJOT MPPQT BOE BNCJEFYUSPVT XJOH PWFST 'JWF KVEHFT TDPSFE FBDI QJMPU PO B NPSF PS MFTT PCKFDUJWF CBTJT &BDI NB OFVWFS FBSOFE B TDPSF GSPN POF UP UFO XIJDI XIFO NVMUJQMJFE CZ UIF EJċ DVMUZ QSPWJEFE B NBOFVWFS TDPSF "MM UIF NB OFVWFS TDPSFT XFSF BEEFE UPHFUIFS UIFO UIJT TDPSF XBT BEEFE UP UIF DIPSFPHSBQIZ TDPSF ɩ F MBUUFS DPOTJTUFE PG TVDI UIJOHT BT TNPPUIOFTT PG SPVUJOF DPOUJOVJUZ SF 3BVM BOE 'FMJY 3PESJHVFT XJOOFST PG UIF 4ZODISP 1BSBHMJEJOH FWFOU TQFDU PG UIF QFSGPSNBODF CPY SFTQFDU PG UIF BYJT BOE TP GPSUI ɩ F BYJT XBT B MJOF 6QTJEF EPXO BCPWF UIF NJSSPSFE XIFSF UIJT TISJNQ MPPLT VQ UIF 3IPOF SVOOJOH GSPN B ZBDIU DMVC UP UIF $IBUFBV MBLF JU T FBTZ UP HFU EJTPSJFOUFE CZ UIF WBMMFZ TJUT 7JMMFOFVWF o /FX 7JMMBHF JO UIF EV $IJMMPO B DBTUMF CVJMU PO BO JTMBOE QFSGFDU SFn FDUJPO PG DMPVET JO UIF TUJMM MPDBM MJOHP *U T BDUVBMMZ BCPVU ZFBST CFUXFFO 7JMMFOFVWF BOE .POUSFBVY XBUFS #VU UIF FJHIUZ QMVT QJMPUT XSJOH PME XJUI TPNF SFNBJOJOH PME BSDIJUFDUVSF 'PVS PG UIF KVEHFT XFSF 4XJTT XIJMF UIF JOH UIFJS HMJEFST PVU BCPWF -BLF (FOFWB SFn FDUJOH JUT IFSJUBHF #VU XIFO JU IPTUT m GUI XBT PVS GBWPSJUF NFOTDI 3$ %BWF EVSJOH UIF 7FSUJHP 1SF 8PSME BFSPCBUJD UIF BOOVBM 7FSUJHP DPNQ GPS B XFFL JU JT 'SFVOE GSPN $BMJGPSOJB BO JOUFSOB UJPOBM BFSPCBUJDT HPPEXJMM BNCBTTBEPS DPNQFUJUJPO IBE B DMVF HSBWJUZ %FTQJUF BMM TU DFOUVSZ "GUFS UIF DPNQVMTPSZ SPVOE DBNF UIF ɩ JT ZFBS XF XFSF JO 7JMMFOFVWF GPS UIFJS UXJTUT MPPQT SPMMPWFST IFMJDPQ UFST BOE TQMJU 4 T UIF EPXOXBSE QVMM PO UIF UI FEJUJPO PG 7FSUJHP GSPN UP BOOPVODFE QSPHSBN *O UIJT UBTL B QJMPU TMBDL IBSOFTTFT BOE MJOFT MFU QJMPU BOE TQFDUBUPS BMJLF LOPX UIBU UIF TFFNJOHMZ FĊ PSUMFTT EBODF XBT POMZ B UFNQPSBSZ JM MVTJPO 4PPO UIF QJMPUT XFSF MBOEJOH XJUI B QMPQ PO B TNBMM SBGU PS B QMBTI JO UIF XBUFS UP UIF BQQMBVTF PG UIPVTBOET PG GBTDJOBUFE POMPPLFST -BLF (FOFWB o -BD -FNBO UP MPDBMT o MPPLT MJLF B CJH CMVF TISJNQ XJUI JUT UBJM UJDLMJOH (FOFWB BOE JUT IFBE BXBTI JO UIF XBUFST PG UIF 3IPOF 3JWFS SVTIJOH EPXO GSPN UIF HMBDJFST PG .POU #MBOD UIF &JHFS BOE UIF .BUUFSIPSO 3JHIU
1IPUP %FOOJT 1BHFO
%JBOOF )BSTICFSHFS BOE 0MJWJFS #SVHIFMMF GPSNFS $*7- QSFTJEFOU QPTF PO UBLFPGG
1BSBDIVUF TUVOUT QFSGPSNFE PO QBSBHMJEFST %PO U USZ UIJT BU ZPVS IPNF TJUF
XF NVTU BEE B GFX XPSET PG DBVUJPO *U JT FBTZ UP HFU JOUP USPVCMF EPJOH B MPPQ XJUI UIFTF HMJEFST TJODF UIFZ DBO PWFS TQFFE "MTP UIFZ TFFN UP CF IBSEFS UP UFBTF JOUP B TQJO TP BO PWFS[FBMPVT BUUFNQU NBZ FOE VQ JO B UVNCMF )BOH HMJEFST BSF OPU DFSUJm FE GPS BFSPCBUJDT TP UIFSF BSF NBOZ HSBZ BSFBT IFSF "U UIF WFSZ MFBTU QJMPUT JOUFOEJOH UP BUUFNQU BFSPCBUJDT TIPVME UBLF DPNQFUFOU JOTUSVDUJPO 4PMP 1BSBHMJEJOH 1BSBHMJEJOH BFSPCBUJDT IBT CFFO UIF NBJOTUBZ PG 7FSUJHP GPS B MPOH UJNF ɩ FSF XFSF QJMPUT GSPN OJOF DPVOUSJFT FOUFSFE UIJT ZFBS *G ZPV IBWFO U TFFO B QBSBHMJEFS HFU XSVOH PVU CZ B HP GPS JU HPO[P ACBUJD CBHHFS ZPV XPO U CFMJFWF
1IPUP ª%FOJT #BMJCPVTF 3FE #VMM
IBE UP DIPPTF IJT NBOFVWFST PVU PG B MJTU PG 4QMJU 4 T BOE SPMMPWFST XFSF BEEFE UP UIF QSFWJPVTMZ NFOUJPOFE NBOFVWFST UP TQJDF VQ UIF NJY " TQMJU 4 JT QFSGPSNFE CZ EJWJOH UIFO DMJNCJOH XIJMF UVSOJOH VOUJM UIF QJMPU JT VQTJEF EPXO BU UIF UPQ PG UIF NBOFVWFS XIFSF IF UIFO QJUDIFT GPSXBSE UP EJWF UIFO QVMM PVU [PPNJOH UIF PQQPTJUF EJSFDUJPO UP UIF FOUSZ EJWF " SPMMPWFS JT FTTFOUJBMMZ B CBSSFM SPMM SF RVJSJOH MPUT PG TQFFE BOE MPUT PG DPOUSPM ɩ FZ BSF QFSIBQT UIF IBSEFTU PG BMM NB OFVWFST UP QFSGPSN BOE UIVT DBSSJFE UIF IJHIFTU EJċ DVMUZ QPJOUT 0OMZ EBSJOH "BSPO 4XFQTUPO GSPN UIF 6 4 QVMMFE POF PĊ JO DPNQFUJUJPO " NBYJNVN OVNCFS PG FJHIU NBOFV WFST JO BOZ DPNCJOBUJPO DPVME CF VTFE JO B QJMPU T BOOPVODFE QSPHSBN 1JMPUT IBE UP QFSGPSN DMFBO NBOFVWFST BOE TMJDL TQJO FOUSJFT JO PSEFS UP HFU FJHIU USJDLT JO CFGPSF SVOOJOH PVU PG QSFDJPVT BMUJUVEF "U MFBTU POF QJMPU TQMBTIFE EPXO GPS B TBGF MBOEJOH JO UIF XBUFS SBUIFS UIBO SJTL BO JĊ Z HMJEF UP UIF EFTJHOBUFE MBOEJOH m FME 6TVBMMZ UIFZ HJWF BO FQJEVSBM GPS UIJT UZQF PG BHPOZ ɩ F IBOH HMJEJOH QPSUJPO PG 7FSUJHP XBT XPO CZ (FSNBO QJMPU (VJEP (FISNBOO B GPSNFS 9$ XPSME DIBN QJPO (VJEP QFSGPSNFE OFBSMZ n BXMFTT SPVUJOFT XJUI MPPQT UIBU MPPLFE MJLF IVMB IPPQT BOE EB[[MJOH EJ[[Z TQJOT (VJEP XBT GPMMPXFE CZ /PSXFHJBO QJMPU +PO (KFSEF XIP TUBSUFE BFSP n ZJOH UXP ZFBST BHP ɩ F JOUFSFTU JO IBOH HMJEJOH BFSPCBU JDT JT HSPXJOH BSPVOE UIF XPSME BOE UIJT NJHIU CF EVF UP UIF JODSFBTFE DBQBCJM JUZ PG UIF OFX HMJEFST ɩ F OBNF PG UIF HBNF JT TQFFE SFUFOUJPO QJUDI TUBCJMJUZ BOE TUSFOHUI BOE UPQMFTT HMJEFST HFOFS BMMZ QPTTFTT BMM UISFF JO BCVOEBODF DPN QBSFE UP LJOH QPTUFE NPEFMT )PXFWFS
IPX DFOUSJGVHBM GPSDF DBO NBLF HSBWJUZ MPPL MJLF B TMBDLFS ɩ FSF BSF UPP NBOZ NBOFVWFST UP EFTDSJCF PS FWFO NFO UJPO CVU IFSF BSF B GFX 0OF PG UIF NBJO EFMJHIUT JT B IFMJDPQUFS XIJDI TUBSUT XJUI TMPXJOH UIF XJOH UP B TUBMM UIFO BQQMZJOH B IBSE QVMM PO POF TJEF TP UIF HMJEFS TQJOT BCPVU JUT WFSUJDBM BYJT %FTQJUF UIF EJċ DVMUZ PG UIF NBOFVWFS NBOZ QJMPUT QFSGPSNFE JU XJUI NVMUJQMF QFSGFDU QJSPVFUUFT ɩ FO UIFSF XBT UIF OPX OPUPSJPVT 4"5 *O UIJT QFSGPSNBODF UIF HMJEFS TQJSBMT BCPVU BO BYJT PS QJWPU QPJOU QBSU XBZ CFUXFFO UIF QJMPU BOE UIF DBOPQZ ɩ VT UIF DBOPQZ EFTDSJCFT B UJHIU DJSDMF GPSXBSE XIJMF UIF QJMPU JT JO B DSB[Z CBDLXBSET FEEZ PG JOFSUJB ɩ FSF BSF
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP %FOOJT 1BHFO
GSPN %FONBSL 'JGUI XBT "OUPJOF #PJTTFMJFS XIP IBQQFOT UP CF UIJSE JO UIF XPSME JO IBOH HMJEJOH DSPTT DPVOUSZ 4PNFPOF NBEF UIF JOUFSFTUJOH PCTFS WBUJPO UIBU UIF BWFSBHF BHF PG UIF QBSB HMJEJOH XJOOFST XBT OPU BOZ PMEFS UIBO UIBU PG UIF IBOH HMJEFST %PFT UIBU NFBO UIBU UIJT JT B ZPVOH NBO T QVSTVJU /PU OFDFTTBSJMZ GPS UIFSF XFSF TPNF PME CPME QJMPUT FOUFSFE JO CPUI EJTDJQMJOFT
WBSJBUJPOT PO UIJT NBOFVWFS CVU UIF NPTU KBX ESPQQJOH JT XIFO UIF QJMPU NBLFT UIF UVSOT BTZNNFUSJDBM VOUJM m OBMMZ UIF BYJT PG SPUBUJPO n JQT PO JUT TJEF BOE UIF HMJEFS BOE QJMPU BSF UVNCMJOH JO B NPSF PS MFTT DPOUSPMMFE GBTIJPO ɩ F DSPXE DPVMEO U TJU EPXO GPS UIJT POF " m OBM NBOFVWFS XF MM EFTDSJCF JT UIF .D5XJTU UIF KVOL GPPE PG QBSB BFSPT ɩ JT USJDL TUBSUT XJUI B XJOHPWFS UIFO UIF QJMPU TUBMM TQJOT UIF HMJEFS OFBS UIF UPQ PG UIF DMJNC UP GBDF TUSBJHIU EPXO UIFO SPDLFUT PVU 'SPN UIF HSPVOE JU MPPLT MJLF UIF QJMPU HPFT UISPVHI B .D%POBME T TIBLF NBDIJOF ɩ F FOE PG FWFSZ QBSB BFSP SPVUJOF XBT TVQQPTFE UP CF PO B TNBMM SBGU TVSSPVOE FE CZ UIF TXBO BEPSOFE XBUFST PG -BLF (FOFWB ɩ FSF XFSF TUZMF QPJOUT BXBSE FE TP NBOZ QJMPUT BUUFNQUFE B ESBNBUJD XJOH UJQ HSB[JOH CPEZ TLJNNJOH IPPL UVSO BQQSPBDI 0GUFO UIFTF MBOEJOHT FOEFE XJUI B CJH LFSQMPPTI PS BO BXL XBSE UVNCMF POUP UIF SBGU CVU PDDBTJPO BMMZ UIF QJMPU TUVDL JU MJLF B HZNOBTU BOE UIF DSPXE XFOU XJME ɩ FSF JT OPUIJOH MJLF B TQFDUBDMF UP XPX UIF XPPGPT BOE LFFQ UIF CFFS UFOUT CVTZ 1JMPUT FYQFDU UP HFU EVOLFE JO UIFTF NFFUT BOE B EFTJH OBUFE ESZJOH BSFB GPS FRVJQNFOU JT QBSU PG UIF BSSBOHFNFOUT ɩ F XJOOFS PG UIF TPMP QBSBHMJE JOH NFFU XBT B 'SFODINBO (VJMMVBNF $IBUBJO 4FDPOE XBT .JDIBFM ,OJQQJOH
1IPUP ª%FOJT #BMJCPVTF 3FE #VMM
5IF GBNFE 3PESJHVFT CSPUIFST QFSGPSNJOH UIFJS QBT EF EFVY
4ZODISP 1BSBHMJEJOH *O NZ FTUJNBUJPO UIF NPTU FYDJU JOH UIJOH UP XBUDI XBT UIF EVPT UISPX JOH UIFJS QBSBHMJEFST BSPVOE JO UIF TLZ JO DBSFGVMMZ DIPSFPHSBQIFE QBT EF EFVY ɩ FSF XFSF UFBNT WZJOH GPS UIF UJUMF BOE UIFJS MFWFM PG TLJMM SBOHFE GSPN UIBU PG B DPVQMF PG IBZTFFET n PVOEFSJOH BU B CBSO EBODF UP TMJDL CBMMSPPN EBODFST UP IFBE CBOHFST BU B SBWF 8IBU EP * NFBO CZ UIF MBTU 8FMM XJUOFTT UIF GBNFE 3PESJHVF[ CSPUIFST XIP JO GBDU JOWFOUFE UIF 4"5
(VJEP (FISNBOO BCPWF "OESÏ )FEJHFS
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
QJDLVQ PG UIF QJMPUT JO UIF ;PEJBDT UIFO UIF HMPSZ SJEF QBTU UIF DSPXE BMPOH UIF TIPSF ɩ F $IJDLFO 8JOHT SFDFJWFE TPNF PG UIF NPTU FOUIVTJBTUJD BQQMBVTF ɩ FSF XBT BMTP BMM UIF MPDBM GPPE TUBOET 'SFODI DVJTJOF XJUI B UPVDI PG .JE FBTU BOE ɩ BJ 8IJMF UIFSF XBT OP WFSUJHP BU 7FSUJHP UIFSF XBT QMFOUZ PG XPP[J OFTT CSPVHIU PO CZ UIF NVMUJQMF 3FE #VMM UFOUT TFMMJOH 3FE #VMM PG DPVSTF CVU BMTP CFFS BOE NJYFE 3FE #VMM ESJOLT BGUFS TFWFSBM 3FE #VMMT XJUI WPELB ZPV EPO U LOPX XIFUIFS UP SVO KVNQ BOE TIPVU PS SPMM PWFS BOE QMBZ EFBE 0O 'SJEBZ BOE 4BUVSEBZ OJHIUT MJWF CBOET QMBZFE GVOL GVTJPO TLB SFHHBF BOE SBHB JOUP UIF XFF "OE XF DBO U GPSHFU UIF NBOZ NBOVGBD UVSFST XJUI GVMM EJTQMBZT PG NFSDIBOEJTF GPS UIF IFBWZ PG XBMMFU 0, XF EJE TVĊ FS GSPN EFUFSJPSBUJOH XFBUIFS UPXBSE UIF FOE PG UIF XFFLFOE CVU UIF PSHBOJ[FS "MBJO ;PMMFS IBE BO BDF JO UIF IPMF )F IBE BSSBOHFE GPS B HSPVQ PG QBSBDIVUJTUT UP KVNQ UISPVHI UIF DMPVET BT PGUFO BT UIFZ DPVME ɩ F JO UFSFTUJOH QBSU XBT UIF NFO JO n ZJOH TVJUT MPPLJOH MJLF TPGU SPDLFUT [JQQJOH PVU PG UIJO BJS ɩ F POMZ JODJEFOU UIBU IBQQFOFE UISPVHIPVU UIF FOUJSF FWFOU XBT XIFO B KVNQFS JO BO PME TUZMF SPVOE DBOPQZ DPVMEO U QFOFUSBUF UIF XJOE UP MBOE PO UIF SBGU CVU TQPU MBOEFE PO B DBS SPPG JOTUFBE ɩ F NPTU GBO UBTUJD UIJOH * TBX XBT UIF TUVOUT CZ UIF 3FOFHBEFT B HSPVQ PG GPVS QBSBHMJEJOH QJMPUT GSPN "VTUSJB XIP QFSGPSN USJDLT * EJEO U LOPX XFSF QPTTJCMF PO B QBSB HMJEFS ɩ FTF BSF QBSBDIVUF TUVOUT ɩ FZ TUBDLFE DBOPQJFT n JQQFE VQTJEF EPXO DMBTQFE GFFU JO B
5IF 3FOFHBEFT QFSGPSN B USJQMF TUBDL XJUI B IBOHJOH DIBE PO QBSBHMJEFST
1IPUP %FOOJT 1BHFO
ɩ FZ TUBSUFE PVU XJUI NVUVBM QSPYJNJUZ IFMJDPQUFST XIJDI TFHVFE JOUP B TJOHMF IFMJDPQUFS XIJMF UIF PUIFS QJMPU TQJSBMFE EPXO BSPVOE UIF DIPQQFS JO QFSGFDU IBS NPOZ ɩ FO UIFZ CSPLF JOUP EVBM 4"5T XIJDI QSPHSFTTFE UP UVNCMFT UPHFUIFS JO UJNF $MPTF UP UIF XBUFS UIFZ TUBSUFE TQJ SBMJOH UPHFUIFS XJOEJOH MJLF FOUXJOFE ESBHPOT CSFBUIJOH PSBOHF TNPLF ɩ F UVSOT HPU TUFFQFS BOE DMPTFS UPHFUIFS BT UIFZ BVHVSFE EPXO VOUJM WPJMÈ UIFJS XJOHUJQT UPVDIFE ɩ F DSPXE XBT PO JUT GFFU BOE SBHJOH XIFO UIFZ XFOU JOUP TJ NVMUBOFPVT IPPL UVSOT FBDI ESBHHJOH B IBOE JO UIF IVOHSZ MBLF BOE m OFTTJOH UIFJS TQFFE UP SFBDI UIF SBGU 7JDUPSZ XBT UIFJST JO UIF m OBM SPVOET CVU JU XBTO U B SVOBXBZ TJODF UIFZ IBE SFDFJWFE B CJH QFOBMUZ EVSJOH SPVOE UXP GPS ESJGUJOH UIFJS SPVUJOF PWFS UIF DSPXE " TQFDJBM NFOUJPO TIPVME CF NBEF PG UIF UFBN i$IJDLFO 8JOHT w B DPVQMF PG HBNF HBMT o POF GSPN +BQBO BOE POF GSPN 4XJU[FSMBOE o XIP XPO UIF GFNBMF UJUMF BOE QMFBTFE UIF DSPXE XJUI UIFJS EFSSJOH EP 1BSU PG UIF GVO XBT UIF
TQJSBM EPXO QMBOFE BOE EJE PUIFS ZPV WF HPU UP TFF JU UP CFMJFWF JU TUVOUT .BZCF UIF QIPUPT XJMM IJOU BU UIF FYDFMMFODF PG UIFJS BNB[JOH GFBUT /FYU ZFBS 7FSUJHP XJMM IVN GSPN "VHVTU UP *U JT UIF m STU XPSME NFFU PG BFSPCBUJDT BGUFS BMM BOE XF XBOU UP IBWF QMFOUZ PG UJNF UP HFU JO B WBMJE DPOUFTU OP NBUUFS XIBU .PUIFS /BUVSF IBT UP PĊ FS "OZPOF EPJOH UIF DPOUJOFOU OFYU TVNNFS XPVME EP XFMM UP GPSHFU UIF &JĊ FM 5PXFS UIF $PMJTFVN UIF 6ċ [J PS #JH #FO GPS B GFX EBZT BOE TMJQ JOUP 4XJU[FSMBOE GPS B TQFDUBDMF PG BFSJBM CBMMFU ɩ F FOUFS UBJONFOU WBMVF JT IJHI BOE UIF DPTU JT MPX o FOUSZ JT GSFF 0G DPVSTF 4XJU[FSMBOE JT POF PG UIF NPTU FYQFOTJWF DPVOUSJFT PO UIF QMBOFU CVU IFSF T B TFDSFU :PV DBO DBNQ GPS GSFF JO UIF MBOEJOH m FME PS ZPV DBO TMJQ PO PWFS UP 'SBODF B DPVQMF PG LJ MPNFUFST BXBZ BOE ZPV DBO BĊ PSE UP HFU ZPVS NJOE BEEMFE XJUI 7FSUJHP
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
6SCBO 4PBSJOH 0IJP 4UZMF #Z 4UFWF 1JFOJBL 1IPUPT CZ #PHEBO i%POw 1JFOJBL
-BTU .BZ * SFBE UIF BSUJDMF JO )BOH OFDFTTBSZ GSPN UIF //& BOE UIF EBZ HFS HVTU PG XJOE NBZCF NQI BOE (MJEJOH 1BSBHMJEJOH NBHB[JOF SFHBSEJOH MPPLFE EPVCUGVM 8VOEFSHSPVOE XXX UJHIUMZ IVHHFE UIF USFFT UP UIF MFGU PG $MFWFMBOE T OFX n ZJOH TJUF BU &EHFXBUFS XVOEFSHSPVOE DPN QSFEJDUFE MJHIU 1BSL * IBE BMSFBEZ NBEF QMBOT UP USBWFM //& XJOET EPXOUPXO BOE SFBM UJNF UP NZ IPNFUPXO PG ZFBST JO +VMZ GPS XJOET XFSF MJHIU BOE WBSJBCMF #VU * XBT B XFEEJOH BOE WJTJUJOH GBNJMZ BOE * XBT FBHFS UP n Z UIF DJUZ PG NZ ZPVUI BOE EFMJHIUFE UP OPX CF BOUJDJQBUJOH B TJNVM FWFSZ IPVS * DIFDLFE UIF XJOET .Z HSJO XBT IVHF BOE TP XBT NZ UBOFPVT QBSBHMJEJOH WBDBUJPO 0O UIF NPSOJOH PG +VMZ UI * BSSJWFE PQUJNJTN XIFO UIF NBHJD BQQFBSFE JO $MFWFMBOE )PQLJOT "JSQPSU BGUFS B SFE PO XVOEFSHSPVOE * HSBCCFE NZ XJOH FZF n JHIU GSPN 4FBUUMF BOE XBT RVJDLMZ NZ EBE BOE IJT DBNFSB BOE IFBEFE UP SFNJOEFE PG IPX IPU BOE IVNJE UIJT &EHFXBUFS TIPSUMZ BGUFS OPPO *G * HPU BSFB PG UIF DPVOUSZ JT .Z DMPUIFT TUVDL MVDLZ * DPVME HFU B n JHIU JO CFGPSF UIF BG UP NF XJUIJO NJOVUFT BT * QVMMFE NZ MVH UFSOPPO TUPSNT &WFO m WF NJOVUFT JO UIF HBHF BOE MVHHFE NZ XJOH UP NZ SFOUBM BJS XPVME NBLF UIF EBZ B IVHF TVDDFTT " MJUUMF NPSF XJOE XPVME CF BQQSFDJBUFEy 'PS NZ PWFSXFJHIUFE NFEJVN (JO DBS ɩ F $MFWFMBOE TLZMJOF POMZ B DPVQMF PG NJMFT BXBZ GSPN NZ EBE T IPNF XBT (BOHTUFS NQI XBT OPU RVJUF TUSPOH CBSFMZ WJTJCMF UISPVHI UIF NPJTUVSF JO UIF FOPVHI BOE * IBE B DPVQMF PG TFDPOE BJS ɩ VOEFSTUPSNT XFSF QSFEJDUFE FWFSZ TMFEEFST UP UIF CFBDI POMZ GFFU CFMPX EBZ PG NZ GPVS EBZ WJTJU CVU * TUJMM IBE *G * DPVME POMZ HFU GFFU IJHIFS * DPVME IPQF * E NPWFE GSPN $MFWFMBOE ZFBST DIBMMFOHF UIF SJEHF MJGU BOE TPBS UIF USFFT BHP TP n ZJOH PS OP n ZJOH * XBT IBQQZ UP CVU UIBU FYUSB CJU PG WFMPDJUZ XBT OPU UP CF IBE * XBT TPBLFE XJUI TXFBU BGUFS UIPTF WJTJU BHBJO 3JHIU BXBZ * FNBJMFE #SJBO 'PXMFS UXP TIPSU n JHIUT 1BSBXBJUJOH JT OPU POF PG UISFF MPDBM QJMPUT XIP E EJTDPW NZ GPSUF #VU XF EJE XBJU BOE FWFOUVBMMZ * FSFE UIJT TJUF BGUFS QBSL Pċ DJBMT DMFBSFE TPNF USFFT BU &EHFXBUFS MBTU GBMM #SJBO OPUJDFE B GFX XIJUFDBQT PVU PO UIF MBLF SFTQPOEFE UIBU NQI XJOET BSF 0O NZ UIJSE BUUFNQU * HSBCCFE B TUSPO -PDBM QJMPU /PBI .FSSJUU MFGU BOE 4UFWF
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
* XBT PĊ ɩ F i(PME $PBTUw PG $MFWFMBOE T TIPSFMJOF JT CSFBUIUBLJOH GSPN UIF BJS B QBOPSBNB PG NVMUJ NJMMJPO EPMMBS FTUBUFT PĊ UIF TIPSFT PG -BLFXPPE * IPQQFE CF UXFFO TNBMM HSPWFT PG USFFT BOE NBSHJOBM SJEHFT PG UIFTF QSPQFSUJFT XBWJOH XJUI B TNJMF XIFO * TBX BO PXOFS JO DBTF * MBOEFE UIFSF BOE QVTIFE PO OFWFS
5IF MBVODI BU &EHFXBUFS 1BSL JT CFBVUJGVM
MBVODI LJDLJOH UIF UPQ PG B MPX MZJOH TFMG UP NF BOE DBMMFE #SJBO PO IJT DFMM FO /PBI USFF GPS HSJOT * XBT n ZJOH $MFWFMBOE T QIPOF UP UFMM IJN i*U T 0/ w ɩ DPBTUMJOF 5SFF TPBSJOH JT LFZ BOE MVDLJMZ QVMMFE PVU IJT XJOH BOE UIF UXP PG VT UIF DPUUPOXPPET BSF UIJDL BOE QMFOUJGVM PXOFE &EHFXBUFS 'SPN B DPVQMF IVOESFE GFFU PWFS PO FJUIFS TJEF PG MBVODI 'MZJOH GFFU PWFS UIF XBUFS JO TUBCMF SJEHF MJGU * XBT MBVODI UIF DPBTUMJOF PG -BLF &SJF XBT HMPXJOH XJUI FOUIVTJBTN $MFWFMBOE T DBMMJOH UP NF "CPVU UXP NJMFT BXBZ TLZMJOF JT POMZ B GFX NJMFT BXBZ o * XBT B DPNQMFY PG TUPSZ DPOEPT WBHVFMZ TUPPE PVU UISPVHI UIF IVNJEJUZ $PVME iVSCBO TPBSJOHw * DBNF EPXO GPS TPNF UPVDI BOE * NBLF JU UIFSF 3JEHF TPBSJOH DPOEPT HPFT BOE LJUJOH o &EHFXBUFS JT B USVMZ JT TPNFUIJOH * E IFBSE BCPVU CVU OFWFS F n JHIU XPVME CF USJDLZ GVO QMBDF UP QSBDUJDF ɩ F XJOET XFSF FYQFSJFODFE ɩ OPX DPOTJTUFOUMZ TUSPOHFS BOE MBVODI o UIF SJEHF MJGU JT POMZ GFFU BOE JOH XBT BTTVSFE /PBI .FSSJUU B MPDBM UIF CBJMPVU -;T BSF NBSHJOBM * IBE UP QJMPU TIPXFE VQ BOE JOUSPEVDFE IJN USZ o * TJHOBMFE UP %BE BOE /PBI BOE
4UFWF PO IJT (BOHTUFS $MFWF MBOE T TLZMJOF CBSFMZ WJTJCMF UISPVHI UIF IVNJE BJS
8JUIPVU B TPBSBCMF XJOE JU T B RVJDL TFDPOET UP UIF CFBDI
NPSF UIBO GFFU PWFS UIF XBUFS BOE BMXBZT RVFTUJPOJOH UIF TBGFUZ PG UIF CBJM PVU -;T 8IBU EJE * IBWF UP XPSSZ BCPVU BOZXBZ o JU T GSFTI XBUFS SJHIU #FGPSF MPOH UIF DPOEPT XFSF DSJTQMZ PVUMJOFE * XBT EPJOH JU ɩ F -; PQ UJPOT OFWFS JNQSPWFE CVU UIFZ XFSFO U BOZ XPSTF TP * QSFTTFE PO #VU XIFO * SFBDIFE UIF DPOEPT UIFSF XFSF OP -;T UP CF IBE o B MPOH TUFFM CSFBLFS QSPUFDUFE UIF GPPU UBMM SJEHF GSPN FSPTJPO VOEFS UIF DPNQMFY #VU UIF XJOET XFSF TUSBJHIU JO BOE DPOTJTUFOU TNBMM XIJUFDBQT XFSF WJTJCMF BT GBS BT UIF UIJDL BJS BMMPXFE BOE * GFMU DPOm EFOU PG TVTUBJOFE MJGU &WFO JG UIF DPOEPT EJEO U FYJTU UIF SJEHF XBT UIF CFTU ZFU 4PPO * XBT PS GFFU BCPWF UIF MBLF TPBSJOH m WF DPOEPT BOE XBWJOH UP UIF TXJNNFST BU UIF OVNFS PVT TXJNNJOH QPPMT 6SCBO TPBSJOH BU JUT m OFTU * MFU HP PG UIF CSBLFT JO TNPPUI BJS QVMMFE PVU NZ DFMM QIPOF BOE DBMMFE %BE i* NBEF JU BOE BN PO NZ XBZ CBDL w ɩ F KPVSOFZ CBDL UP MBVODI XBT NPSF DIBMMFOHJOH ɩ F XJOET TXJUDIFE BCPVU EFHSFFT NPSF FBTU BOE UIF BEEJUJPOBM IFBEXJOE DPNQPOFOU NBEF JU EJċ DVMU UP n Z UP UIF OFYU QSPNJTFE MJGU XJUI TVDI MPX BMUJUVEF OFWFS NPSF UIBO GFFU BCPWF UIF USFFUPQT BOE GFFU BCPWF TIPSF * XBT XJTIJOH * IBE NZ ;PPN * IBE UP TDSBUDI MPOHFS BU FBDI USFF TUBOE XIJDI BMMPXFE NPSF WJFXJOH PG UIF CFBV
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
UJGVM IPNFT BOE B GFX NPSF TNJMFT BOE IBOE XBWFT ɩ FO UIF EJTUBOU UIVOEFS XBT IFBSE 5JNF UP MBOE * TRVFBLFE CBDL UP UIF &EHFXBUFS BOE MBOEFE BU B TUSJQ PG CFBDI OFYU UP UIF QBSLJOH MPU POMZ B GFX IVOESFE GFFU GSPN MBVODI * XBT UPP MPX UP OFHPUJBUF UIF MBTU HSPWF PG USFFT XJUIPVU TQMBTI JOH BOE IBE OP UJNF UP TDSBUDI o UIF UIVOEFS XBT EJTUBOU CVU HFUUJOH DMPTFS BOE UIF DMPVET XFSF OPU EJTDFSOBCMF JO UIF UIJDL IB[F 8IBU B n JHIU * IBE QSFWJPVTMZ IPQFE UP HFU B m WF NJOVUF n JHIU BU &EHFXBUFS CFGPSF UIF TUPSNT SPMMFE JO BOE JOTUFBE * XBT SFXBSEFE XJUI BO IPVS 9$ BEWFOUVSF BT XFMM BT UIF FBSMZ LJUJOH BOE UPVDI BOE HPFT HBMPSF %BE BOE * ESPWF IPNF JO UPSSFOUJBM TIPXFST IJHIXBZT BOE TJEF TUSFFUT n PPEFE JO TFDUJPOT BOE UIF QPXFS PVU BU NZ EBE T GPS B DPVQMF PG IPVST :VQ BGUFS ZFBST BXBZ DPNJOH IPNF UP $MFWFMBOE XBT FWFSZ CJU BT NVDI GVO BT * E BOUJDJQBUFE
4VDDFTTGVM TPBSJOH SFRVJSFE HFUUJOH JOUJNBUF XJUI UIF DPUUPOXPPET
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4JUF (VJEF
.PSUPO %PH .PVOUBJO 8BTIJOHUPO
"SUJDMF BOE QIPUPT CZ 7BVHIO &OUXJTUMF
" UVH QJMPU DIFDLT UIF FBSMZ NPSOJOH BJS BT QJMPUT TFU VQ BU UIF .PSUPO BJSQPSU
0ME %PH /FX 5SJDLT .PTU QFPQMF IBWF OFWFS IFBSE PG UIF MJUUMF MPHHJOH UPXO PG .PSUPO 8BTIJOHUPO #VU GPS IBOH HMJEFS QJMPUT BDSPTT UIF 1BDJm D /PSUIXFTU .PSUPO JT GBNPVT BT UIF HBUFXBZ UP %PH .PVOUBJO ɩ F TJUF PG UIF 6 4 )BOH (MJEJOH /BUJPOBMT %PH .PVOUBJO TJUT BU UIF IFBE PG NJMF MPOH 3JĊ F -BLF ɩ BOLT UP B VOJRVF DPNCJOBUJPO PG DMJNBUF BOE HF PHSBQIZ %PH .PVOUBJO DSFBUFT JUT PXO XFBUIFS QBUUFSOT ɩ F SFTVMU JT UIBU %PH JT POF PG UIF NPTU DPOTJTUFOU n ZJOH TJUFT JO UIF 1BDJm D /PSUIXFTU XJUI BSPVOE TPBSBCMF EBZT B ZFBS /FBSMZ FWFSZ BGUFS OPPO UIF QSFWBJMJOH XFTUFSMZ XJOET CMPX VQ UIF WBMMFZ BOE BDSPTT UIF n BU TVSGBDF PG 3JĊ F -BLF NBLJOH GPS TNPPUI TPBS BCMF BJS *G UIF XFTUFSMJFT BSFO U XPSLJOH %PH JT GSFRVFOUMZ TPBSBCMF PO JUT OPSUI
BOE FBTU GBDFT " 8PSME $MBTT 'MZJOH 4JUF ɩ BOLT UP UIF FĊ PSUT PG MPDBM QJMPUT -BSSZ BOE 5JOB +PSHFOTFO BT XFMM BT 5PN 1JFSDF BOE NBOZ PUIFS %PH SFHVMBST JO FBSMZ UIF MBVODI BU %PH .PVOUBJO XBT DPNQMFUFMZ USBOTGPSNFE o BDUVBMMZ UIF XPSE iUFSSBGPSNFEw NJHIU CF NPSF BDDVSBUF 6TJOH GVOET QSPWJEFE CZ UIF $MPVECBTF $PVOUSZ $MVC $#$$ BOE B 64)(' TJUF HSBOU -BSSZ IBE MBOE PXOFS 1PSU #MBLFMZ MPH IVHF TXBUIFT PG USFFT PO UPQ BOE EPXO UIF TMPQF GSPN UIF XFTU BOE OPSUI MBVODIFT " DJSDVMBS SPBEXBZ XBT CVMMEP[FE UP UIF UPQ XJUI BEEJUJPOBM QVMM PĊ T GPS WFIJDMF QBSLJOH ɩ F PME UFSSJGZJOHMZ TIPSU DFNFOU SBNQ PO UIF XFTU MBVODI XBT JUTFMG MBVODIFE EPXO UIF TMPQF XIJMF UIF SJDLFUZ XPPEFO
OPSUI SBNQ XBT DSVTIFE JOUP LJOEMJOH BOE IBVMFE BXBZ *O UIFJS QMBDFT BSF UXP FBSUIFO SBNQT UIBU BSF MPOHFS IJHIFS BOE TIBMMPXFS UIBO CFGPSF ɩ F SFNPWBM PG WPSUFY HFOFSBUJOH USFFT BOE UIF FYUFOEFE MBVODI SBNQT FOTVSF UIBU UBLFPĊ T BSF OPX FBTJFS BOE TBGFS ɩ F SFNPEFM BMTP EPVCMFE UIF BWBJMBCMF HMJEFS TFU VQ BOE WFIJDMF QBSLJOH TQBDF 0Ċ FSJOH NFMMPX QSFEJDUBCMF MJGU BOE B MBSHF VOPCTUSVDUFE MBOEJOH [POF %PH .PVOUBJO JT B GBWPSJUF TJUF GPS IBOH HMJEFS JOTUSVDUPST n ZJOH UBOEFNT BOE )BOH QJMPUT EPJOH UIFJS m STU BMUJUVEF PS SJEHF TPBSJOH n JHIUT $BNQJOH JT QFSNJUUFE PO UIF OBSSPX CFBDI BU UIF XFTUFSO FEHF PG UIF i%PH 1BUDIw -; BOE NPTU EBZT PG UIF ZFBS BO 37 BOE UFOU FODBNQNFOU PG IBOH HMJEFS QJMPUT GPSNT B SFMBYFE GBNJMZ GSJFOEMZ DPNNVOJUZ
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
8JUI B IVHF MBLF EJSFDUMZ JO GSPOU PG JU %PH .PVOUBJO JT OPU SFOPXOFE BT B UIFSNBM TJUF )PXFWFS PO HPPE EBZT BJS TJOLJOH GSPN UIF NPVOUBJOT TVSSPVOE JOH UIF MBLF DBO QSPEVDF TPNF FWFOJOH HMBTT PĊ n JHIUT XJUI QJMPUT HFUUJOH VQ UP GFFU PDDBTJPOBMMZ IJHIFS %VSJOH UZQJDBM ZFBST %PH .PVOUBJO JT TPBSBCMF BOE BDDFTTJCMF ZFBS SPVOE ɩ BU TBJE NBOZ 8BTIJOHUPO 0SFHPO QJMPUT GBWPS %BDSPO PWFS .ZMBS TBJMT BT TPBSJOH JO UIF SBJO JT B OFDFTTJUZ EVSJOH UIF TPHHZ XJOUFS NPOUIT 'PS QJMPUT XJUI GBNJMJFT .PSUPO BOE %PH .PVOUBJO PĊ FS PUIFS GPSNT PG FO UFSUBJONFOU ɩ FTF JODMVEF CPBUJOH PO 3JĊ F -BLF DBOPFJOH JO MPDBM SJWFST HSFBU NPVOUBJO CJLJOH BOE IJLJOH USBJMT TQFD UBDVMBS XBUFSGBMMT BOE MPUT PG FBHMFT CV[ [BSET GBMDPOT IBXLT BOE PUIFS GPSNT PG OPO %BDSPO CBTFE BWJBO MJGF GPS CJSE XBUDIFST UP GPDVT UIFJS CJOPDVMBST PO "FSPUPXJOH 5PP "O FYDJUJOH SFDFOU BEEJUJPO UP UIF 1BDJm D /PSUIXFTU IBOH HMJEJOH TDFOF JT UIF SFMPDBUJPO UP .PSUPO PG UIF i8BOOBCF 3BODIw BFSPUPXJOH PQFSBUJPO /BNFE JO UPOHVF JO DIFFL IPNBHF UP JUT NPSF GBNPVT 'MPSJEJBO DPVOUFSQBSU UIF 8BOOBCF 3BODI SFDFOUMZ USVDLFE JUT %SBHPOn Z UVH BOE UPX DBSUT GSPN OFBSCZ 1BDLXPPE UP JUT OFX IPNF BU UIF .PSUPO BJSQPSU -PDBUFE PO UIF FEHF PG CFBVUJGVM EPXOUPXO .PSUPO UIF BJSQPSU JT B TNBMM IVEEMF PG IBOHBST BOE B UJOZ BTQIBMU TUSJQ 8JUI NJOJNBM HFOFSBM BWJBUJPO USBċ D B UZQJDBM EBZ TFFT POMZ UIF PDDBTJPOBM $FTTOB ESPQQJOH JO UIF .PSUPO BJS QPSU JT KVTU BCPVU QFSGFDU GPS BFSPUPXJOH IBOH HMJEFST 1MVT MJLF BMM HPPE SFBM FTUBUF XIBU UIF .PSUPO "JSQPSU IBT HPJOH GPS JU JT MPDBUJPO MPDBUJPO MPDBUJPO 4JUVBUFE BU UIF CPUUPN PG B OBSSPX WBMMFZ POMZ B TIPSU %SBHPOn Z IPQ JT SFRVJSFE UP UPX QJMPUT UP BMUJUVEF BOE ESPQ UIFN PWFS UIF QFBLT PG TFWFSBM OFBSCZ NPVOUBJOT #FDBVTF .PSUPO JT TUJMM WFSZ SVSBM UIFSF BSF QMFOUZ PG GBSNFST m FME -;T GPS BNCJ UJPVT 9$ QJMPUT XIP EPO U NBLF JU BMM UIF XBZ IPNF 8IFO DPOEJUJPOT BSF SJHIU IPXFWFS NBOZ PQU GPS B UPX UP GFFU GSPN XIFSF JU JT BO FBTZ HMJEF UP KPJO UIF IBOH QJMPUT SJEHF TPBSJOH BU %PH 'JOBMMZ OPUIJOH DBO RVJUF NBUDI UIF
5VH QJMPU .JLF )BSSJT HJWFT UIF UIVNCT VQ CFGPSF UPXJOH VQ BOPUIFS QJMPU
GVMM TFOTPSZ n ZJOH FYQFSJFODF PG DBUDI JOH IJHI DIPMFTUFSPM UIFSNBMT PWFS UIF 4QJĊ Z #VSHFS KPJOU JO .PSUPO * MPWF UIF TNFMM PG IBNCVSHFS GBU JO UIF NPSOJOH *U TNFMMT MJLFyWJDUPSZ 3JEHF 4PBS PS "FSPUPX 'PS WJTJUJOH IBOH HMJEFS QJMPUT BFSPUPX JOH PĊ FST B GBOUBTUJD TVQQMFNFOU UP GPPU MBVODIJOH UIBU DBO UVSO NBOZ EPXOXJOE EPP EBI EBZT JOUP UIFSNBM TPBSJOH FY DVSTJPOT 8IBU T NPSF %PH .PVOUBJO
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
B XPSME DMBTT TPBSJOH TJUF JT POMZ NJO VUFT BXBZ TIPVME UIF WBMMFZ XJOET iUVSO PO w .BUDI UIBU 8BMMBCZ 2VFTU "JS 'MPSJEB 3JEHF 0O NZ m STU UXP USJQT UP .PSUPO * SBDLFE VQ B DPNCJOBUJPO PG UFO BFSPUPX BOE UXP NPVOUBJO n JHIUT UP UBMJOH NPSF UIBO UXP IPVST BJSUJNF GPS FBDI EBZ o BOE UIJT XBT JO .BSDI "GUFS EJOOFS BU UIF 4QJĊ Z #VSHFS JU XBT POMZ GBJS UIBU * SFUVSO UIF GBWPS * ESPWF PVU PG .PSUPO KVTU BT EVTL XBT GBMMJOH o JO UJNF UP DBUDI TJHIU PG UIF %SBHPOn Z UPXJOH
5IF NPTU DPNNPOMZ VTFE XFTU MBVODI JT UPXBSE UIF MFGU JO UIJT WJFX PG %PH .PVOUBJO
VQ B IBOH HMJEFS * MBUFS MFBSOFE UIBU UIJT XBT MPDBM TLZ HPE -BSSZ +PSHFOTFO UBLJOH VQ B ZPVOH *UBMJBO UPVSJTU GPS B UXJMJHIU UBOEFN n JHIU PWFS UIF MJHIUT PG .PSUPO
*G ZPV BSF B MPDBM PS WJTJUJOH IBOH HMJEFS 4FF ZPV BU %PH QJMPU CF TVSF UP CSJOH ZPVS IBOH HMJEFS GPS TPNF PG UIF FBTJFTU BOE NPTU SFMBY JOH n ZJOH JO UIF 1BDJm D /PSUIXFTU
5VH QJMPUT ESFTT XBSNMZ GPS XJOUFS BFSPUPXJOH BU 8BOOBCF 3BODI
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
5PXJOH JT GSPN UIF HSBTT TUSJQ CFUXFFO UIF SVOXBZ BOE UIF UBYJXBZ
7BVHIO &OUXJTUMF JT B QSPGFTTJPOBM XSJUFS FEJUPS XIP MJWFT JO &ENPOET 8BTIJOHUPO )F CFHBO n ZJOH IBOH HMJEFST JO PO B IPNFCVJMU TUBOEBSE SPHBMMP )F DVSSFOUMZ n JFT B 8JMMT 8JOH 4QPSU
%PH .PVOUBJO 5P n Z BU %PH .PVOUBJO ZPV NVTU CF B )BOH PS PS B TQPOTPSFE )BOH ɩ F MPHHJOH SPBE VQ UP MBVODI JT HBUFE CVU NPTU MPDBM QJMPUT IBWF B LFZ BOE DBO HJWF RVBMJm FE QJMPUT B SJEF VQ UIF NPVOUBJO ɩ JT JT B TFOTJUJWF TJUF 1MFBTF DIFDL XJUI MPDBM QJMPUT GPS TJUF QSPUPDPM BOE BDDFTT .PSUPO "FSPUPXJOH ɩ F 8BOOBCF 3BODI DSFX JODMVEFT UVH QJMPUT ,FOOZ 3JDIBSETPO &SJD ɩ PSTUFOTFO .JLF )BSSJT BOE -BSSZ +PSHFOTFO *G ZPV IBWFO U BFSPUPXFE CFGPSF UIJT JT B HSFBU QMBDF UP MFBSO *U UBLFT TFWFO n JHIUT BOE DPTUT UP CF DFSUJm FE GPS BFSPUPXJOH BOE UIF 8BOOBCF GPMLT XJMM MFOE ZPV UPX SFMFBTF FRVJQNFOU GPS ZPVS HMJEFS 8FBUIFS QFSNJUUJOH UIF 8BOOBCF 3BODI UPXT NPTU XFFLFOET 'SJEBZ UISPVHI 4VOEBZ 'PS NPSF JOGPSNB UJPO DPOUBDU -BSSZ +PSHFOTFO PO IJT DFMM QIPOF 5IF WJFX PG 3JGGF -BLF BOE UIF %PH 1BUDI -; GSPN BCPWF %PH .PVOUBJO %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
3UH )OLJKW 'LVWUDFWLRQV DQG +RRNLQJ ,Q #Z 3PC ,FMMT 1IPUPT CZ .JLF .FJFS 5XP PG UIF NPTU EBOHFSPVT ZFU FBTJMZ QSFWFOUBCMF NJTUBLFT JO IBOH HMJEJOH BSF UBLJOH PĊ XJUI BO JNQSPQFSMZ BT TFNCMFE BJSDSBGU BOE MBVODIJOH XJUIPVU IPPLJOH JO "DDJEFOUT PG UIJT UZQF VTVBMMZ JOWPMWF B EJTUSBDUJPO PG TPNF LJOE UP UIF QJMPU T OPSNBM QSF n JHIU SPVUJOF #F JU B DBNFSB NPVOUFE PO UIF HMJEFS B m MN DSFX SBEJP OFX JOTUSVNFOU DIBOHJOH XFBUIFS DPO EJUJPOT PS B DPOUFTU UIF QJMPU JT VTVBMMZ EJTUSBDUFE CZ TPNFUIJOH EJĊ FSFOU UIBU DBUDIFT IJT BUUFOUJPO BOE DPOUSJCVUFT UP IFS PS IJN NBLJOH B TFSJPVT NJTUBLF " $PNQSFIFOTJWF 1SF 'MJHIU $IFDL .PTU UFTU n JHIUT XF EP BU UIF GBDUPSZ BSF PO QSPEVDUJPO PS QSPUPUZQF HMJEFST UIBU IBWF OFWFS CFFO n PXO CFGPSF *U T FT TFOUJBM UIBU B DPNQMFUF BOE UIPSPVHI QSF n JHIU CF DPOEVDUFE UP FOTVSF UIF HMJEFS JT QSPQFSMZ BTTFNCMFE * QSF n JHIU B IBOH HMJEFS UIF TBNF XBZ * XBT UBVHIU UP QSF n JHIU BO BJSQMBOF 4UBSU BU UIF OPTF DIFDL UIF DFOUFS TFDUJPO BOE UIFO XPSL BSPVOE UIF HMJEFS JO B DPOTJTUFOU NBOOFS .Z QSF n JHIU DPWFST FWFSZ BTTFNCMZ DBCMF UVCF OVU CPMU QJO TBGFUZ SJOH TUSBQ [JQQFS .ZMBS JOTFSU TQSPH XBTIPVU TUSVU OPTF DPOF BOE TUJUDI PO UIF HMJEFS * QFSTPOBMMZ CFMJFWF UIBU JU JT WFSZ JNQPSUBOU UP BDUV
" IBOH DIFDL FOTVSFT UIBU ZPV SF IPPLFE JO CVU JU EPFTO U HVBSBOUFF UIBU ZPV SF JO ZPVS MFH MPPQT
BMMZ UPVDI FBDI JUFN BT * DIFDL JU *G JOUFS SVQUFE CZ TPNFPOF PS TPNFUIJOH EVSJOH UIF QSF n JHIU * HP CBDL UP UIF CFHJOOJOH BOE TUBSU BHBJO
BOZ SFBTPO BGUFS ZPVS IBOH DIFDL BOE B IBOH DIFDL JT ZPVS XBZ UP CF TVSF ZPV BSF IPPLFE JO ZPV NVTU BMXBZT EP BOPUIFS IBOH DIFDL *O TPNF DPOEJUJPOT UIPVHI JU T EJċ DVMU UP EP B IBOH DIFDL F H JG ZPV BSF UIF MBTU QJMPU UP MBVODI
)PPLFE *O 0S /PU 'PMMPXJOH B SFDFOU GBUBM BDDJEFOU DBVTFE CZ UIF QJMPU MBVODIJOH VOIPPLFE UIFSF IBT CFFO B EJTDVTTJPO PO IPX UP HVBSBOUFF UIBU ZPV BSF IPPLFE JO ɩ F UXP NBJO NFUIPET BSF "MXBZT EP B IBOH DIFDL CFGPSF MBVODI BOE PS "MXBZT IPPL ZPVS IBSOFTT JOUP UIF HMJEFS CFGPSF ZPV HFU JOUP UIF IBSOFTT 5IF 0[ .FUIPE GPS FOTVSJOH IPPL JO "UUBDI UIF *OUFSFTUJOHMZ /&*5)&3 PG UIFTF IBSOFTT UP UIF HMJEFS m STU UIFO HFU JOUP UIF IBSOFTT NFUIPET (6"3"/5&&4 UIBU ZPV XJMM i,OPXJOHw UIBU JG ZPV BSF JO ZPVS IBS OPU MBVODI VOIPPLFE TPNF EBZ -FU T BEE OFTT ZPV NVTU CF IPPLFE JO NFBOT UIBU B UIJSE POF "MXBZT MJGU UIF HMJEFS WFSUJDBMMZ BOE JG TPNFUIJOH DPNFT VQ UIBU DBVTFT ZPV UP GFFM UIF UVH PO UIF MFH TUSBQT XIFO VOIPPL GPS BOZ SFBTPO ZPV BSF BDUVBMMZ JO UIF IBSOFTT NBJOT HP UJHIU KVTU CFGPSF HSFBUFS EBOHFS PG UIJOLJOH ZPV BSF IPPLFE JT IBQQFOFE UP B ZPV TUBSU ZPVS MBVODI SVO * BMXBZT VTF JO XIFO ZPV BSF OPU ɩ QJMPU XIP VTFE UIJT 0[ .FUIPE GPS TFWFS UIJT UFTU " IBOH DIFDL TFFNT UP CF B WFSZ SFB BM ZFBST BOE UIFO XFOU UP UIF USBJOJOH IJMM TPOBCMF XBZ UP FOTVSF ZPV BSF IPPLFE JO GPS TPNF QSBDUJDF n JHIUT )F VOIPPLFE ZPVS MJOFT BSF TUSBJHIU BOE UIBU ZPV BSF GSPN UIF HMJEFS UP DBSSZ JU VQ UIF IJMM UIF QSPQFS EJTUBODF GSPN UIF CBTF CBS "U UIF UPQ TJUUJOH VOEFS UIF HMJEFS XJUI )PXFWFS JU EPFT OPU FOTVSF UIBU ZPV BSF IJT IBSOFTT PO IF QJDLFE VQ UIF HMJEFS JO ZPVS MFH MPPQT * LOPX NPTU QJMPUT JO BOE MBVODIFE VOIPPLFE 'PSUVOBUFMZ DMVEF UIF MFH MPPQT IF XBT OPU IVSU CVU * CFU IF XBT BT QBSU PG UIFJS WFSZ TVSQSJTFE "NPOH NZ QBSUOFST 4UFWF 1FBSTPO IBOH DIFDL CVU SF NFNCFS UIF QPJOU BOE .JLF .FJFS BOE * XF IBWF PWFS BCPVU EJTUSBDUJPOT IBOH HMJEFS MBVODIFT BOE IBWF 4FWFSBM QJMPUT IBWF NBOBHFE TP GBS UP IBWF IPPLFE JO FWFSZ MBVODIFE VOIPPLFE UJNF * BMTP TQPLF XJUI UFTU QJMPUT ,FO BGUFS EPJOH B IBOH )PXFMMT BOE 1FUFS 4XBOTPO BCPVU UIFJS DIFDL CFDBVTF UIFZ NFUIPET BOPUIFS n JHIUT /PU POF XFSF EJTUSBDUFE BOE PG VT SFHVMBSMZ VTFT FJUIFS PG UIF UXP NPTU VOIPPLFE GSPN UIF QPQVMBS NFUIPET PVUMJOFE BCPWF &BDI HMJEFS BOE UIFO SF POF PG VT BHSFFT UIBU JU JT OPU B QBSUJDVMBS NFNCFSJOH IBWJOH NFUIPE CVU SBUIFS UIF GFBS PG MBVODIJOH EPOF B IBOH DIFDL VOIPPLFE UIBU NBLFT VT EJMJHFOU UP CF FBSMJFS UIFZ SBO PĊ TVSF XF BSF IPPLFE JO FWFSZ UJNF CFGPSF UIF IJMM VOIPPLFE TUBSUJOH UIF MBVODI SVO )JHI "EWFOUVSF T 3PC .D,FO[JF *G ZPV VOIPPL GPS %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
n JHIUT IBT ZFU BOPUIFS NFUIPE )F JT UIF POMZ 8JMMT 8JOH UFTU QJMPU XIP EPFT B IBOH DIFDL PO FWFSZ n JHIU 3PC NBLFT B USJQPE CFUXFFO UIF CBTF UVCF BOE IJT GFFU CZ TMPXMZ MZJOH EPXO UP QVU QSFTTVSF PO IJT IBSOFTT NBJOT XIJMF QVTIJOH GPSXBSE XJUI IJT GFFU 6TJOH UIJT NFUIPE 3PC JT BCMF UP EP BO VOBTTJTUFE IBOH DIFDL 0OF EBZ XIJMF UFTU n ZJOH QSPEVDUJPO HMJEFST BU .BSTIBM IF EJE IJT IBOH DIFDL BOE GPVOE IJNTFMG MZJOH JO UIF EJSU )F UIPVHIU IF XBT IPPLFE JO BOE XBT OPU TP JU NBZ IBWF TBWFE IJT MJGF )F BMTP UPME NF UIBU BOZ UJNF IF VOIPPLT GPS BOZ SFBTPO IF TBZT PVU MPVE i* BN VOIPPLFE * IBWF UP EP BOPUIFS IBOH DIFDL w 5IF #FTU *OTVSBODF *T 5P #FMJFWF *U $BO )BQQFO 5P :PV * CFMJFWF UIBU UIFSF JT OP iPOF NFUIPEw UIBU JT CFTU GPS BMM QJMPUT PS TJUVBUJPOT *O GBDU XF VTF EJĊ FSFOU NFUIPET BU EJĊ FSFOU UJNFT * LOPX PG m WF WFSZ FYQFSJFODFE QJMPUT XIP IBWF MBVODIFE XJUIPVU CFJOH IPPLFE JO *U JT QPTTJCMF UP DMJNC JOUP UIF DPOUSPM GSBNF BOE n Z UIF HMJEFS TUBOEJOH JOTJEF UIF CBS BGUFS MBVODIJOH VOIPPLFE UXP PG UIF m WF NBOBHFE UP EP TP CVU NPTU QJMPUT XJMM OPU CF BCMF UP GPS TFWFSBM SFB TPOT *U SFRVJSFT B MPU PG TUSFOHUI UP HFU VQ JOUP UIF CBS BOE NPTU DVSSFOU HMJEFST XJMM CF USJNNFE WFSZ GBTU JG ZPV BSF IBOHJOH GSPN UIF CBTF UVCF 0OF QJMPU XBT BCMF UP EFQMPZ IJT QBSBDIVUF XIJMF IBOHJOH GSPN UIF CBTF UVCF BGUFS MBVODIJOH VOIPPLFE GSPN B GPPU DMJĊ .JSBDVMPVTMZ IF XBT OPU JOKVSFE ɩ F SJHIU BOTXFS JT UP BMXBZT CF TVSF ZPV BSF IPPLFE JO CFGPSF ZPV TUBSU ZPVS MBVODI SVO *G ZPV BSF PO B TMPQFE MBVODI BOE ZPV GFFM UIF HMJEFS UBLJOH PĊ XJUIPVU ZPV UIF TPPOFS ZPV MFU HP UIF CFUUFS *G JU T B DMJĊ MBVODI USZJOH UP DMJNC JOUP UIF DPOUSPM CBS JG ZPV BSF BUIMFUJD JT QSPC BCMZ ZPVS CFTU CFU 0ODF JOTJEF UIF CBS XJUI UIF HMJEFS TUBCJMJ[FE ZPV DBO XSBQ POF BSN BSPVOE UIF DPOUSPM CBS BQFY BOE IPPL JO
" UVH PO UIF DBSBCJOFS BOE MJOFT XJMM BTTVSF ZPV UIBU ZPVS IBSOFTT JT m SNMZ DPOOFDUFE UP UIF HMJEFS
EPXO BOE XIJMF IPMEJOH UIF OPTF XJSFT UVSOT BOE MPPLT BU IJT NBJOT BOE DBSBCJO FS BOE QIZTJDBMMZ HSBCT UIF DBSBCJOFS BOE HJWFT JU B UVH 8IJMF JU EPFT OPU FOTVSF UIBU ZPV BSF JO ZPVS MFH MPPQT JU JT BO FBTZ XBZ UP $0/'*3. UIBU ZPV BSF IPPLFE JOUP UIF HMJEFS QSJPS UP MBVODI
$MJQQJOH UIF DBSBCJOFS UP B MPPQ PO UIF GSPOU PG UIF IBSOFTT JNNFEJBUFMZ BGUFS VOIPPLJOH LFFQT MJOFT VOUXJTUFE
13*03 UP UIFJS MBVODI SVO XF E IBWF GFXFS DBTFT PG UIF WFSZ TBE NJTUBLF PG MBVODIJOH VOIPPLFE 1MFBTF n Z TBGFMZ 3PC ,FMMT 3PC!8JMMT8JOH DPN
-JGUJOH UIF HMJEFS VOUJM ZPV GFFM B QVMM PO ZPVS MFH MPPQT FOTVSFT CPUI IPPL JO BOE MFH MPPQT BSF HPPE UP HP
.JTTJPO T 1BU %FOFWBO UFBDIFT B IPPL JO DIFDL XIJDI JT UIF iMJGU UIF HMJEFS UP GFFM UIF MFH MPPQT HP UJHIUw NFUIPE * PVUMJOFE BCPWF )F BEET UIBU IF UFBDIFT IJT TUVEFOUT UP SFQFBU JU JG UIFZ EP OPU MBVODI XJUIJO m GUFFO TFDPOET 1BU QPJOUT PVU DPSSFDUMZ UIBU JU T NPSF JNQPSUBOU UP LOPX UIBU ZPV BSF BUUBDIFE UP ZPVS HMJEFS BOE JO ZPVS MFH MPPQT UIBO JG ZPVS IBSOFTT MJOFT BSF UXJTUFE JO TPNF XBZ
"MM -JOFT *O 0SEFS * BMXBZT EP B IBOH DIFDL XIFO * HFU JO B OFX IBSOFTT PS BGUFS * WF XPSLFE PO POF * EP OPU VTVBMMZ EP B IBOH DIFDL PO MBUFS n JHIUT VOMFTT * N BFSPUPXJOH BOE IBWF UP MJF EPXO JO UIF DBSU * BMXBZT IBOH NZ DBSBCJOFS JO B MPPQ PO UIF GSPOU PG NZ -BTU 5IPVHIU #FGPSF :PV 4UBSU :PVS IBSOFTT SJHIU BGUFS * VOIPPL GSPN UIF -BVODI 3VO )PPLFE *O /PU 4VSF HMJEFS ɩ JT BTTVSFT UIBU UIF MJOFT SFNBJO $)&$, ɩ JT JT UIF UFDIOJRVF 4UFWF 1FBSTPO VOUXJTUFE OFYU UJNF * IPPL JO * UIJOL UIBU JG BMM QJMPUT TUBSUFE EPJOH VTFT JG IF JT OPU BCTPMVUFMZ TVSF IF JT IPPLFE JO PO MBVODI )F TFUT UIF HMJEFS B IPPL JO DIFDL *..&%*"5&-: %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1BSBHMJEJOH "DDJEFOU 3FQPSUT
" TLJMMFE BFSPCBUJDT QJMPU BU UIF 4U )JMBJSF GFTUJWBM QVUT IJT XJOH CFMPX IJN XJUI JNQVOJUZ 'PS VT NFSF NPSUBMT XIP TVEEFOMZ BOE VOFYQFDUFEMZ m OE PVSTFMWFT JO B TJNJMBS QPTJUJPO XIBU DPNFT OFYU JT UZQJDBMMZ OPU QSFUUZ
1IPUP %JDL +BDLTPO
#Z +PO (PMECFSH )JMMFS
"O BEWBODFE SBUFE QJMPU TFU PĊ BMPOF UP n Z B MJGU BTTJTUFE NPVOUBJO TJUF PO BO FBSMZ GBMM BGUFSOPPO )F TBU PO MBVODI GPS BO IPVS BT UIF XJOE TXJUDIFE EJSFD UJPOT BOE DZDMFE CFUXFFO m WF BOE m GUFFO NQI #JSET DJSDMFE BCPWF UIF NPVOUBJO BT B DVNVMVT DMPVE GPSNFE BOE EJTTJQBUFE FWFSZ GFX NJOVUFT #VPZFE CZ UIFTF TJHOT PG UIFSNBMT UIF QJMPU EFDJEFE UP DMJNC BCPWF UIF VTVBM MBVODI XIFSF IF IPQFE DPOEJUJPOT XPVME CF CFUUFS GPS B UBLF PĊ )F GPVOE UIF XJOE UP CF NPSF DPOTJTUFOU JO EJSFDUJPO BOE MJHIUFS BU NQI ɩ F QJMPU MBVODIFE IJT %)7 XJOH VO FWFOUGVMMZ BOE HMJEFE JO B TFBSDIJOH QBU UFSO GPS MJGU )F GPVOE B GFX CVNQT BOE DPOUJOVFE n ZJOH UPXBSE XIFSF IF FY QFDUFE NPSF VTFGVM MJGU 4FWFSBM IVOESFE GFFU BCPWF MBVODI BMUJUVEF IF IJU UIFSNBM UVSCVMFODF UIBU DBVTFE B MBSHF GSPOUBM DPMMBQTF *O UIF QJMPU T PXO XPSET i* XBT BCPVU GFFU BCPWF UIF UFSSBJO "MM NZ MJOFT XFOU TMBDL BOE JN NFEJBUFMZ * XFOU GPS NZ SFTFSWF IBOEMF * IFBSE B MPVE QPQ BOE MPPLFE VQ UP TFF UIF SJHIU TJEF PG NZ XJOH IBE SF JOn BUFE BOE * XBT OPX JO B EJWJOH SJHIU UVSO JOUP UIF NPVOUBJOTJEF 4JODF * EJEO U XBOU UP JNQBDU UIF SPDLZ DMJĊ T XJUI BMM UIBU WF MPDJUZ * ZBOLFE NZ SJHIU CSBLF XJUI FW FSZUIJOH * IBE XIJDI TUBMMFE UIF SJHIU TJEF BOE SF JOn BUFE UIF MFGU TJEF "U UIBU QPJOU UIF XJOH EJE B IFMJDPQUFS NBOFV WFS BMM UIF XBZ UP UIF POMZ n BU BOE HSBTTZ TQPU PO UIF NPVOUBJOTJEF * MBOEFE PO NZ SJHIU CVUU XIJDI OPX MPPLT MJLF B IVHF QMVN BDDPSEJOH UP NZ EBVHIUFST * CBOHFE VQ NZ MFGU CJH UPFOBJM BOE HPU B
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUPT .BUU "NFOE
EFOU JO NZ MFGU XSJTU CVU BMM FMTF XBT JO UJFT UP NBOBHF UIJT JODJEFOU SFQPSU BMTP CFMJFWF * HPU PĊ UIF CBS UIF HMJEFS UVSOFE HPPE XPSLJOH PSEFS .Z XJOH BOE IBS SFWFBMT UIF JNQPSUBODF PG HPPE QSFTFODF SJHIU BCPVU EFHSFFT BOE TVSHFE CVU OPU PG NJOE BGUFS BOZ VOQMBOOFE FWFOU ɩ JT TUSPOHMZ * XBT XBUDIJOH UIF IPSJ[PO BOE OFTT BQQFBSFE UP IBWF OP EBNBHF w QJMPU BDUFE TNBSUMZ CZ n ZJOH XJUI B SBEJP UIF HMJEFS EJEO U DPNF JOUP WJFX * BQQMJFE XIFO BMPOF BOE NBEF B XJTF DIPJDF UP TPNF CSBLF * UIJOL OPU WFSZ NVDI * BMTP 4JODF * EJEO U XBOU UP TUBZ UIF OJHIU PVU PG EPPST SBUIFS UIBO EJEO U MPPL VQ * OPSNBMMZ USZ UP HMBODF JNQBDU UIF SPDLZ DMJGGT XJUI DIBODF B IFSPJD SF MBVODI JO UXJMJHIU VQ TP * DBO TFF XIBU * N EFBMJOH XJUI DPOEJUJPOT ɩ JT JODJEFOU DPVME FBTJMZ CVU GPS TPNF SFBTPO * EJEO U UIJT UJNF BMM UIBU WFMPDJUZ * ZBOLFE NZ IBWF CFFO B NVDI NPSF TFWFSF BDDJEFOU "CPVU UXP TFDPOET MBUFS * IFBSE UIF MPVE SJHIU CSBLF XJUI FWFSZUIJOH * XJUIPVU UIJT DBVUJPOBSZ BQQSPBDI 8IJMF SVTUMF PG B IVHF DPMMBQTF BOE UIF FOUJSF UIJT JT UIF NBJO MFTTPO * UIJOL XF TIPVME TFU PG SJHIU SJTFST XFOU DPNQMFUFMZ TMBDL IBE XIJDI TUBMMFE UIF SJHIU UBLF BXBZ UIFSF JT B TPCFS SFNJOEFS IFSF * HPU JOTUBOUMZ TXVOH BSPVOE JO B XBZ * JO EPO U SFNFNCFS JOUP BCPVU EFHSFFT TJEF BOE SF JOn BUFE UIF MFGU UIBU QSFQBSBUJPO GPS VOQMBOOFE TUBZT DMVEJOH GPPE SBUJPOT BOE XBUFS TIPVME CF PG SJTFS UXJTU BT UIF XJOH TVSHFE CFIJOE TJEF "U UIBU QPJOU UIF XJOH B DPOTJEFSBUJPO FTQFDJBMMZ XIFO n ZJOH NF JOUP BO JOTUBOU TQJSBM EJWF " XJUOFTT TBJE UIFSF XBT [FSP IFTJUBUJPO CFGPSF UIF JO NPVOUBJOT EJE B IFMJDPQUFS NBOFV "OPUIFS QJMPU SFQPSUT B SFDFOU JODJEFOU TQJSBM TUBSUFE w ɩ F QJMPU SFQPSUT UIBU IF TVDDFTTGVMMZ WFS BMM UIF XBZ UP UIF POMZ UIBU BMTP MFE UP TPNF TFMG BTTFTTNFOU ɩ JT BEWBODFE QJMPU XBT n ZJOH PO B %)7 VOUXJTUFE UIF SJTFST BOE DIFDLFE IJT n BU BOE HSBTTZ TQPU PO UIF XJOH XJUI SBDJOH MJOFT BU B NPVOUBJO TJUF XJOH XIFSF IF OPUJDFE B TNBMM DSBWBU PO ɩ F BVUVNO BGUFSOPPO XBT TVOOZ BOE UIF JOTJEF XJOHUJQ #FMJFWJOH IF IBE TVG NPVOUBJOTJEF UIF UIFSNBMT XFSF NPEFSBUFMZ TUSPOH )F m DJFOU UJNF UP XPSL PVU UIF DSBWBU BGUFS 0OMZ MJHIUMZ JOKVSFE UIF QJMPU USJFE UP XBT n ZJOH VOEFS TVQFSWJTJPO JO B QSBDUJDF BTTFTTJOH IJT EJTUBODF BCPWF UIF HSPVOE MBVODI BHBJO VOTVDDFTTGVMMZ EVF UP UIF DPNQFUJUJPO DPBDIFE CZ BO FYQFSJFODFE IF SFBDIFE GPS IJT TUBCJMP MJOF CVU UIF F QJMPU XBT PO UISFF TQJSBM JODSFBTFE MJLFMZ CFDBVTF UIF SFBDI TUFFQ UFSSBJO OFBSCZ BOE TXJUDIZ XJOE DPNQFUJUJPO QJMPU ɩ DPOEJUJPOT "T UIF TVO CFHBO UP TFU UIF RVBSUFST TQFFECBS IFBEFE GPS UIF m STU TIJGUFE UIF QJMPU T XFJHIU JOUP UIF TQJSBM QJMPU TUBTIFE IJT XJOH BOE IJLFE UP B USBJM UVSOQPJOU BU BCPVU "(- XIFO IF "GUFS BOPUIFS BUUFNQU UP DMFBS UIF DSBWBU XIFSF IF NBEF SBEJP DPOUBDU XJUI B SF TVĊ FSFE BO BTZNNFUSJD DPMMBQTF JO UIFS BOE BO VOTVDDFTTGVM FĊ PSU UP TMPX UIF FSF XBT TQJSBM CZ CSBLJOH UIF PVUTJEF XJOHUJQ QFBUFS BOE BTLFE B IBN PQFSBUPS UP DPO NBM UVSCVMFODF )F XSJUFT iɩ UBDU IJT GBNJMZ )F UIFO TQFOU UIF OJHIU BO PEE UXP TUBHF GFFMJOH UP UIJT DPMMBQTF UIF QJMPU UISFX IJT SFTFSWF XIJDI PQFOFE PO UIF NPVOUBJO BOE UPPL UIF MJGU EPXO UIBU * IBEO U FODPVOUFSFE CFGPSF *U GFMU BU RVJDLMZ )F XBT ESJGUJOH JOUP B TUFFQ IJMM m STU MJLF B NPEFTU DPMMBQTF PO UIF SJHIU * TJEF i* XBT USZJOH UP m HVSF PVU IPX CFTU UIF OFYU NPSOJOH 'VMM GSPOUBM DPMMBQTFT DBO IBWF VOQSF EJDUBCMF BOE FOFSHFUJD DPOTFRVFODFT BOE UIFZ DBO UFTU UIF TLJMMT PG FWFO FYQFSU QJMPUT ɩ JT QJMPU PWFSSPEF IJT JOTUJODUVBM HSBC GPS UIF SFTFSWF BOE EFDJEFE UP DPO UJOVF TQJOOJOH UP UIF HSPVOE )F XSJUFT UIBU IF MBUFS DIFDLFE IJT WBSJPNFUFS BOE EJTDPWFSFE IJT WFSUJDBM TQFFE BU JNQBDU UP IBWF CFFO GQN WFSZ DMPTF UP UIF NBYJNVN TJOL SBUFT QFSNJUUFE CZ %)7 PS UIF NJMJUBSZ GPS DFSUJm FE SFTFSWF QBSB DIVUFT ɩ VT XIFUIFS IF XPVME IBWF CFFO CFUUFS PĊ UISPXJOH IJT SFTFSWF JT VODMFBS IF SFQPSUT OP DPOGVTJPO BCPVU IJT BMUJUVEF PS BUUJUVEF BU UIF UJNF PG UIF DPMMBQTF /POFUIFMFTT NPVOUBJOPVT UFSSBJO JODSFBTFT UIF EBOHFS PG BOZ JNQSPWJTFE MBOEJOH BOE UIJT QJMPU XBT DFSUBJOMZ GPS UVOBUF UP IBWF TVĊ FSFE POMZ NJOPS JO KVSJFT )F XBT BMTP BEWBOUBHFE UP IBWF B XPSLJOH SBEJP BOE TVċ DJFOUMZ HPPE XFBUIFS UP TQFOE UIF OJHIU PVUEPPST %FTQJUF UIF FWJEFOU MVDL UIBU LFQU IJT JO 'PS UIF CFOFm U PG UIPTF XIP WF OFWFS UBLFO B NBOFVWFST DMJOJD UIFTF TNBMM BOE CMVSSZ JNBHFT UBLFO GSPN KVSJFT XJUIJO UIF TDPQF PG IJT PXO BCJMJ UIF HSPVOE EFNPOTUSBUF UIF UZQFT PG TJUVBUJPOT UIBU BSF QSBDUJDFE VOEFS FYQFSU HVJEBODF BOE PWFS XBUFS %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
1IPUP )BOOFT 4DINBMUM
.BE .JLF ,àOH HFUT VQTJEF EPXO PO QVSQPTF
UP 1-' TUSBJHIU JOUP B TUFFQ IJMM XIFO * HPU UVSOFE BSPVOE JOWPMVOUBSJMZ w IF XSJUFT i* DBNF JO CBDLXBSET CFUXFFO UXP USFFT BOE IJU UIF HSPVOE XJUI NZ TQJOF DPOWFOJFOUMZ QBSBMMFM UP UIF TMPQF DVTIJPOFE CZ NZ CBDL QSPUFDUPS BOE BMM UIF TUVĊ JO UIF IBSOFTT QPDLFU *G * IBE UP IBWF B QBTTJWF HSPVOE JNQBDU UIBU XBT QSFUUZ EBSO HPPE * HPU B CJU PG XIJQMBTI GSPN NZ IFBE TOBQQJOH CBDL CVU OPUI JOH TFSJPVT 0UIFSXJTF OP JOKVSJFT w ɩ F SFTU PG UIJT QJMPU T SFQPSU TFWFSBM QBHFT JO GBDU JODMVEFT o BOE JOWJUFT o TQFDVMBUJWF BOBMZTJT UIBU TIPXT BO JN QBTTJPOFE EFTJSF UP MFBSO BT NVDI BT QPTTJCMF GSPN UIJT FWFOU 0OF JNQPSUBOU MFTTPO GSPN UIJT JODJEFOU JT UIF QPUFOUJBM MZ WJPMFOU BOE DPNQMJDBUFE DPOTFRVFODFT PG B DPMMBQTF XIJMF PO TQFFECBS ɩ F QJMPU XSJUFT i5P n Z PO UIBU NVDI CBS * OFFE UP IBWF UIF TBNF JOUFOTJUZ PG GPDVT UIBU * EP JO B DMJNC JO BDUJWF BJS UIF EJĊ FSFODF JT UIBU JO UIF DMJNC FWFSZUIJOH JT BDUJWFy
XJUI DPOTUBOU BEKVTUNFOU PG IBOE QPTJ UJPOT BOE XFJHIU TIJGU 0O CBS JU JT NVDI NPSF BCPVU CFJOH SFBEZ BU FWFSZ NPNFOU GPS BMM IFMM UP CSFBL MPPTF w ɩ F QJMPU T DBV UJPO XBT QPTTJCMZ EJWFSUFE CZ IJT FĊ PSUT UP SFBE IJT (14 XIFO IF FODPVOUFSFE UIF DPMMBQTF BOE IF DBOOPU SFDBMM XIFUIFS IF RVJDLMZ SFMFBTFE QSFTTVSF PO UIF TQFFECBS 'BJMVSF UP SFMFBTF RVJDLMZ DPVME IBWF DPO USJCVUFE UP UIF TUFFQ TQJSBM ɩ F DPNQMJDBUJPOT FYQFSJFODFE CZ UIF QJMPU XFSF MJLFMZ XPSTFOFE CZ IJT BU UFNQU UP DMFBS UIF DSBWBU SBUIFS UIBO FYJU PS TUBCJMJ[F UIF TQJSBM #VU UIF QJMPU BMTP DSJUJDJ[FE IJNTFMG GPS TUSVHHMJOH m STU UP VOUXJTU IJT SJTFST i0ODF * HPU SJTFS UXJTUT * GPDVTFE PO HFUUJOH VOUXJTUFE XIFO NZ m STU GPDVT TIPVME CF DPOUJOVJOH UP n Z UIF HMJEFS SFBDIJOH BCPWF UIF UXJTUT GPS UIF DPOUSPMT BT OFFEFE * IBWF QSBDUJDFE UIJT B MJUUMF JU T IBSE FTQFDJBMMZ GBDJOH CBDL XBSE OPU UP TUBSU PTDJMMBUJPOTy"U NZ DVSSFOU TLJMM MFWFM * EPVCU * DPVME IBWF m HVSFE PVU XIBU XBT HPJOH PO XJUIPVU VOUXJTUJOH BOE JU XBT SFBMMZ IBSE UP SFBDI VQ CFDBVTF PG UIF ( T w ɩ F QJMPU T SFDPHOJUJPO PG UIF BEEJUJWF MBZFST PG DPNQMFYJUZ TQJSBM QMVT UXJTU QMVT DSBWBU JT BO JNQPSUBOU SFNJOEFS BCPVU UIF MJNJUT UP SFBEJOFTT UIBU QSBDUJDJOH GPS UIFTF FWFOUVBMJUJFT DBO QSPWJEF -FBSOJOH UP VOUXJTU SJTFST PS SFDPWFS B DSBWBU NBZ OPU QSPWJEF B TVċ DJFOU FYQFSJFODF UP IFMQ TPMWF CPUI QSPCMFNT BU PODF $PNQMBDFODZ JT B MJWF EBOHFS JO BOZ DPNQMFY TJUVBUJPO TVDI BT UIJT BOE UIF
EFDJTJPO XIFO UP VTF UIF SFTFSWF TIPVME MJLFMZ FSS PO UIF TJEF PG DBVUJPO ɩ JT QJMPU SFDPHOJ[FT UIJT BOE BMTP RVFTUJPOFE IJT PXO QTZDIPMPHJDBM CBSSJFST UP BDDFQUJOH IJT PXO DBVUJPO i* EJEO U XBOU QFPQMF XIP DPOTJEFSFE NZ n ZJOH UP CF TPNF UJNFT BNCJUJPVT UP TBZ A4FF 'PS WBOJUZ BT NVDI BT TBGFUZ * SFBMMZ XBOUFE UP m Y UIF QSPCMFN BOE n Z BXBZ w 'PS UIJT QJMPU UP IBWF CFFO BCMF UP TVD DFTTGVMMZ n Z PVU PG UIF TQJSBM NBZ IBWF SF RVJSFE B NPSF DPODFSUFE CSBLJOH PO UIF PVUTJEF XJOH UIBO UIF QJMPU SFNFNCFST BQQMZJOH )FBWZ CSBLJOH BMTP JODSFBTFT UIF DIBODFT UIBU UIF XJOH MPBEFE GSPN UIF TQJSBM DPVME TUBMM ɩ F QJMPU XSJUFT UIBU iJO SFUSPTQFDU * IBE OPUIJOH UP MPTF *G B TUBMM XFOU CBE IFZ * NJHIU WF IBE UP UISPX NZ SFTFSWF w *U NBZ CF XPSUI DBV UJPOJOH IPXFWFS UIBU BEEJOH OFX NB OFVWFST PO UPQ PG B DBTDBEF PG FWFOUT NBZ JOUSPEVDF DPNQMFUFMZ VOFYQFDUFE QSPC MFNT )PX XFMM BOZ PG VT DBO IBOEMF PS WJTVBMJ[F FWFO QSBDUJDFE TJUVBUJPOT XIFO QSPCMFNT DPNQPVOE JT BO VODFSUBJOUZ BOE B EBOHFS JO TJUVBUJPOT PG UIJT TPSU &WFSZ SFQPSUFE BDDJEFOU IPMET B MFTTPO PS TFWFSBM MFTTPOT GPS UIF SFTU PG VT 1MFBTF DPOUJOVF UP TFOE JO ZPVS SFQPSU PO BOZ BDDJEFOU PS JODJEFOU UIBU ZPV XJU OFTT PS FYQFSJFODF ɩ F POMJOF BDDJEFOU SFQPSU GPSN JT FBTZ UP m MM PVU BOE JT IFSF IUUQ XXX VTIHB PSH FNBJMBDD BTQ
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
0ME %PHT -FBSOJOH /FX 5SJDLT #Z %BMF , .BUUJDF 1IPUPT CZ &SJD #FMDIFS F SFQVUBUJPO 8IBU JO MJGF SFBMMZ NBLFT ZPV IBQQZ XF XJUI PVS HSPVQ PG GPVS PS m WF PUIFST HFUUJOH IVSU BOE LJMMFE ɩ F UISFBU PG ɩ JT XBT UIF RVFTUJPO DPOGSPOUJOH NF BT DPNCJOFE SFTPVSDFT BOE QVSDIBTFE PVS PG UIF TQPSU XBT TVĊ FSJOH ɩ NZ UI CJSUIEBZ XBT MPPNJOH BOE XIJMF m STU BJSDSBGU RVBMJUZ SPHBMMP IBOH HMJEFS MPTJOH PVS n ZJOH TJUFT XBT SFBM 4P SVMFT DPOUFNQMBUJOH XIFSF UIF ZFBST IBE HPOF LJU GSPN &JQQFS 'PSNBODF *OD JO XFSF NBEF 8F GPMMPXFE UIFN ɩ F FDTUBTZ PG UIPTF FBSMZ n JHIUT SF 8F n FX JU 8F CSPLF JU 8F SFQBJSFE o XPOEFSJOH JG NZ ESFBNT XFSF CFJOH BDIJFWFE * WF SFBMJ[FE NBOZ HPBMT UBLFO JU 8F n FX JU BHBJO "OE BHBJO 4PPO NBJOT BNPOH NZ NPTU WJWJE PG NFNPSJFT VOFYQFDUFE UVSOT BOE BSSJWFE BU B QMBDF PVS HSPVQ EFDJEFE UIBU JOEJWJEVBM HMJE "QQBSFOUMZ UIFZ SFNBJO XJUI 5PN BT XIFSF * GFFM * NBZ IBWF m HVSFE PVU KVTU FST XFSF XIBU XF OFFEFE #Z UIJT UJNF XFMM GPS XIJMF EJTDVTTJOH UIFTF NVTJOHT B MJUUMF CJU BCPVU MJGF 0OF UIJOH TFFNT XF XFSF n ZJOH UIF SJEHF JO .BLBQVÞ * EJTDPWFSFE IF BMTP MPOHFE GPS UIBU KPZ TVSF BOE UIBU JT UIBU MJGF PO UIJT QMBOFU JT )BXBJÓ B GPPU WFSUJDBM DMJĊ XJUI B XF E FYQFSJFODFE XBZ CBDL XIFO *U XBT TIPSU 8IJMF NVTJOH UIFTF UIPVHIUT BOE TUFBEZ DMFBO USBEF XJOE TUSJLJOH JUT GBDF UJNF UP HFU BJSCPSOF BHBJO ɩ F GSVTUSBUJOH PCTUBDMF UP n ZJOH IBOH USZJOH UP QJOQPJOU XIFO BOE XIFSF * IBE o DFSUBJOMZ POF PG UIF NPTU TQFDUBDVMBS HMJEFST PO 0BIV JT UIBU UIF )BOH TJUF BU CFFO NPTU IBQQZ JO MJGF JU KVNQFE PVU BU TPBSJOH TJUFT JO UIF XPSME *O UIPTF EBZT UIF TQPSU XBT HSPXJOH .BLBQVÞ JT UIF POMZ QMBDF UP n Z PO UIF NF MJLF B TMBQ JO UIF GBDF )BOH HMJEJOH PG BMM UIJOHT IBE HJWFO NF JODSFEJCMF JO BO VODPOUSPMMFE BOE VOSFHVMBUFE FO JTMBOE TBWF GPS B GFX TNBMM TBOE EVOFT PO F POMZ QMBDF UP EFNPOTUSBUF QFSTPOBM TBUJTGBDUJPO /PU UP EJNJOJTI WJSPONFOU 8F CFDBNF FBSMZ NFNCFST PG UIF DPBTU ɩ UIF TUSVHHMFT TVDDFTTFT BOE PUIFS MJGF UIF 1BDJm D 5SBEFXJOE 4LZTBJMPST XIJDI FOKPZNFOUT CVU UIFSF IBT CFFO OPUIJOH MBUFS CFDBNF UIF )BXBJJBO )BOH MJLF UIF QVSF KPZ PG n ZJOH PS UIF KPZ PG (MJEJOH "TTPDJBUJPO 8F XFSF IBWJOH NPSF GVO QVSF n ZJOH 8IZ * XPOEFSFE EJE * FWFS RVJU ɩ FO UIBO BOZCPEZ IBT B * SFNFNCFSFE o * EJEO U ɩ F NFNPSJFT SJHIU UP IBWF #VU DBNF n PPEJOH CBDL * OFWFS RVJU * QVU QFPQMF XFSF JU PO IPME * XBT B DPMMFHF TUVEFOU BCPVU UP HSBEVBUF /P NPOFZ 0ME HMJEFS .VTU HFU KPC $BO U BĊ PSE OFX XJOH 8IFO * N BCMF * MM HFU B NPSF BEWBODFE LJUF ɩ F SP HBMMP IBE TFFO JUT EBZ BOE JU XBT HMPSJPVT #VU JU XBT PME TUBJOFE QBJOUFE SFQBJSFE BOE SFCVJMU *U XBT UJNF UP NPWF PO ɩ F PME HMJEFS XBT EJTBTTFNCMFE BOE QVU BXBZ 5XFOUZ TFWFO ZFBST QBTTFE ɩ FO UIBU TMBQ UIBU IJU MJLF B CSJDL ɩ F KPZ UIBU XBT NJTTJOH JO NZ MJGF XBT TP TJNQMF *U XBT POMZ B IBOH HMJEFS BXBZ 4VDI XBT NZ DPODMVTJPO BOE NZ OFX BSEFOU EFTJSF ɩ F TJNQMF QBSU XBT USJDLZ .Z OFBSMZ MJGF MPOH GSJFOE 5PN (BSCJTDI IBE QVMMFE NF JOUP IBOH HMJEJOH XIFO * XBT B LJE PG BCPVU PS ZFBST )F IBE BDRVJSFE QMBOT GPS B i#BU (MJEFSw GSPN UIF m STU FEJUJPO PG UIF 8IPMF &BSUI $BUBMPHVF BOE XIFO IF TIPXFE UIFN UP NF * DPVME OPU IBWF CFFO NPSF FYDJUFE *U XBT BCPVU XIFO XF IBSWFTUFE PVS m STU CBNCPP CPVHIU TPNF TIFFU QMBTUJD BOE TUSBQQJOH UBQF QVSTVBOU UP UIF QMBOT BOE XFSF JO CVTJOFTT "GUFS TPNF XJME FYQFSJFODFT B MPU PG CSPLFO CBNCPP BOE SJQQFE QMBTUJD %BMF T m STU iNPEFSOw n JHIU %FDFNCFS %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
TDIFEVMFE GPVS EBZT PG JOUFOTJWF USBJOJOH BOE BTTFTTNFOU 0VS JOTUSVDUPS DIPTF &E -FWJO $PVOUZ 1BSL JO .JMQJUBT GPS JUT GPPU USBJOJOH IJMMT BOE QSPHSFTTJWFMZ IJHIFS POFT XJUI TPBSJOH QPTTJCJMJUJFT %BZ XBT BTTFTTNFOU EBZ $PVME XF MBVODI BOE DPVME XF MBOE "GUFS B GFX n JHIUT PĊ UIF BOE GPPU USBJOJOH IJMMT XF MFBSOFE PVS MBVODIFT XFSF QFS GFDU 8F BMTP MFBSOFE UIBU UIF FYUFOEFE HMJEF PG UIFTF JOUFSNFEJBUF HMJEFST BT DPNQBSFE UP B SPHBMMP BOE MBDL PG XJOE NBEF GPS GBTU MBOEJOHT UIBU PWFSTIPU UIF UBSHFU BOE UIBU UIF n BSF JT DPOTJEFSBCMZ EJĊ FSFOU UIBO PO B SPHBMMP :FT * USJFE UP n BSF GSPN UIF CBTFUVCF OPU UIF EPXO UVCFT BOE UIF HMJEFS KVTU LFQU n ZJOH VOUJM * MBOEFE XBZ QBTU UIF -; JO B QBUDI PG UIJTUMFT PO NZ TUPNBDI 8IFO * TUPPE VQ * MPPLFE MJLF QJODVTIJPO -FTTPO MFBSOFE %BZ UPPL VT UP GPPU BOE GPPU IJMMT ɩ FTF XFSF NZ m STU n JHIUT XJUI BO JOUFSNFEJBUF HMJEFS XJUI TJHOJm DBOU BMUJUVEF ɩ F 1*0T QJMPU JOEVDFE PTDJMMBUJPOT PO FBDI PG PVS m STU n JHIUT XFSF TFSJPVT CVU NVDI MFTT PO UIF TFDPOE BOE BMNPTU OPOF PO UIF UIJSE -BOEJOHT XFSF TUJMM USJDLZ CVU HFUUJOH DMPTFS UP UIF UBSHFU BOE OP NPSF CFMMZ MBOEJOHT GSPN UIF CBTFUVCF %BZ XBT UIF CFTU GPS NF 8F BDUV BMMZ IBE B SFBTPOBCMF IFBEXJOE JO UIF NPSOJOH UIBU QSFTFOUFE QPTTJCJMJUJFT * IJU TPNF MJGU PO NZ m STU n JHIU PG UIF EBZ PĊ UIF GPPU MBVODI *U TUBSUMFE NF BOE * QVMMFE JO B MJUUMF BOE UVSOFE BXBZ GSPN UIF IJMM CFGPSF * SFBMJ[FE XIBU JU XBT o JU IBE CFFO TP MPOH 0O NZ TFDPOE n JHIU NZ JOTUSVD UPS HBWF NF B EFUBJMFE EF TDSJQUJPO PG XIFSF UIF MJGU XBT BOE UIF n JHIU QBUI UP HFU UIFSF * IFBEFE TUSBJHIU UP UIF EFTJH OBUFE TQPU BOE IJU UIF MJGU * SFMBYFE PO UIF CBS MFUUJOH JU FBTF PVU XJUI B TMJHIU OVEHF UP UIF SJHIU ɩ F HMJEFS DMJNCFE CFBVUJ GVMMZ "T * TMPXFE OFBS UIF UPQ PG UIF DMJNC * OVEHFE JU CBDL UPXBSE UIF MFGU UVSOJOH BXBZ GSPN %BMF IBWJOH NPSF GVO UIBO DBO QPTTJCMZ CF MFHBM PO UIF IJMM BOE n FX
)BOH PS )BOH TLJMMT PO 0BIV JT BU B QMBDF XIFSF XF XFSF OPU BMMPXFE UP n Z VOMFTT XF DPVME BDIJFWF UIF NJOJNBM )BOH SBUJOH /POFUIFMFTT * XBTO U QBS UJDVMBSMZ BOYJPVT UP MBVODI PĊ .BLBQVÞ JO B OFX HMJEFS XJUIPVU CSVTIJOH VQ B MJUUMF PO UFDIOJRVF *U JT B XJOEZ WFSUJDBM DMJĊ UIBU * IBEO U MBVODIFE GSPN JO ZFBST GPS HPE T TBLF "MUIPVHI .BLBQVÞ JT B )BOH TJUF MPDBM QJMPUT NBZ n Z UIFSF VOEFS TVQFSWJ TJPO XJUI B )BOH * IBE OPU n PXO JO B MPOH UJNF BOE XBT EJTNBZFE XIFO * EJT DPWFSFE UIBU OFX QJMPUT XJUIPVU BOZ FY QFSJFODF DPVME PGUFO UBLF VQ UP UXP ZFBST PS NPSF UP BDRVJSF B )BOH SBUJOH "OE UIBU JT BU B MPDBUJPO XIFSF UIFSF BSF BDUV BMMZ )BOH BOE TJUFT UP QSBDUJDF 0O 0BIV XIFSF UIFSF BSF OP TVDI TJUFT UIF RVBOEBSZ JT EBVOUJOH 'PSUVOBUFMZ GPS VT XF IBE FYUFOTJWF QSJPS FYQFSJFODF UIBU BMUIPVHI BODJFOU TUJMM DPVOUT GPS TPNF UIJOH * LOFX JO NZ CPOFT UIBU * TUJMM SFUBJOFE UIF CBTJD UFDIOJRVF BOE XBT DPOWJODFE * KVTU OFFEFE UP EFNPOTUSBUF JU #VU JU XBT OPU QPTTJCMF UP EFNPOTUSBUF BOZUIJOH IFSF JO )BXBJJ TJODF XF XFSF OPU BMMPXFE UP n Z IFSF $POUBDU XBT NBEF XJUI BO JOTUSVD UPS JO $BMJGPSOJB * XBT UPME UIBU PVS QSJPS FYQFSJFODF EJE DPVOU CVU UP BD RVJSF B )BOH SBUJOH SFRVJSFE B EFN POTUSBUJPO PG UIF BQQSPQSJBUF TLJMM MFWFM *
IJT /PSUI 8JOH *MMVTJPO
EPXOXJOE BCPWF MBVODI UPXBSE UIF PUIFS FOE PG UIF SJEHF BSFB XIFSF * FODPVOUFSFE NPSF MJGU BOE TPBSFE TUJMM IJHIFS *U USVMZ GFMU BT JG B ESFBN IBE DPNF USVF BGUFS TP NBOZ ZFBST "GUFS B DPVQMF NPSF QBTTFT * MJOFE VQ BOE OBJMFE UIF MBOEJOH *U XBT HMPSJPVT BOE DFSUBJOMZ NZ NPNFOU PG USVUI .Z JOTUSVDUPS BOOPVODFE UIBU * IBE BSSJWFE BOE * GFMU * USVMZ IBE 5PN IJU MJGU PO IJT m STU n JHIU PG UIF EBZ BOE EJE UIF TBNF UIJOH * EJE BU m STU )F n FX UISPVHI JU TBGFMZ VOTVSF PG FY BDUMZ XIBU JU XBT CVU UIFO MJLF NZTFMG MPTU BMUJUVEF RVJDLMZ BOE IBE UP MJOF VQ UIF MBOEJOH BQQSPBDI 6OGPSUVOBUFMZ UIF TIJGUJOH XJOET EJEO U QSPWJEF NVDI GVS UIFS PQQPSUVOJUZ GPS TPBSJOH GPS UIF SFTU PG UIF USJQ %BZ XBT BMNPTU B TUJMM XJOE EBZ ɩ FSF XFSF TIJGUJOH m WF NQI XJOET BMM EBZ 8F HPU UP QSBDUJDF PVS MBVODIFT UVSOT BOE GBTU MBOEJOHT *U XBT FOPVHI GPS NZ )BOH 5PN XBT IBQQZ UP IBWF n PXO BHBJO BOE * BN FDTUBUJD BCPVU NZ SF GPVOE TFOTF PG XFMM CFJOH * BN BHBJO DPOOFDUFE UP B UIJOH UIBU USVMZ NBLFT NF IBQQZ "T FDTUBUJD BT * XBT BU BDIJFWJOH NZ )BOH JO $BMJGPSOJB UIF DVMNJOBUJPO PG UIJT BEWFOUVSF XPVME OPU DPNF VOUJM * n FX .BLBQVÞ * DPOOFDUFE VQ XJUI %BWF (PUP XIP IBT CFFO n ZJOH DPOTJTUFOUMZ JO )BXBJJ GPS ZFBST BOE XIP BDUVBMMZ TUJMM SFNFNCFSFE NF GSPN UIF PME EBZT 8JUI IJT DPOm EFOU EJSFDUJPO BOE BTTJT UBODF BOE NZ QFTUFSJOH %BWF HPU NF VQ UP UIF MBVODI CPY PO B EBZ XJUI QFSGFDU DPOEJUJPOT 8JUI %BWF T DBMN BTTVSBODF BOE JOTUSVDUJPO * HPU NZ m STU MBVODI BU .BLBQVÞ JO ZFBST *U XBT OPUIJOH MFTT UIBO HMPSJPVT ɩ F n JHIU MBTUFE GPS POF IPVS JO CFBVUJGVM TPBSJOH DPOEJUJPOT PWFS DSZTUBM CMVF XBUFST BOE MVTI HSFFO NPVO UBJOT *O UIBU POF n JHIU * HPU XBZ NPSF BJSUJNF UIBO BMM UIF $BMJGPSOJB USBJOJOH n JHIUT DPNCJOFE "OE UIF OFYU EBZ * n FX BHBJO HFUUJOH UXJDF BT NVDI BJSUJNF BT UIF EBZ CFGPSF *U BMNPTU NBLFT NF GFFM HVJMUZ UP LOPX UIBU * HFU UP IBWF NPSF GVO UIBO BOZPOF JO UIF XPSME XIP EPFTO U n Z IBOH HMJEFST XJMM FWFS IBWF .PSF UIBO B ZFBS BHP XIFO * SFNFN CFSFE UIBU * IBE GPSHPUUFO BCPVU IBOH HMJEJOH * XBT ZFBST PME * N OPX BT * XSJUF UIJT 4P BMM ZPV PME EPHT XIP UIPVHIU ZPVS IBOH HMJEJOH EBZT XFSF
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
PWFS SFDPOTJEFS 8JUIPVU B EPVCU UIFZ DPVME CF KVTU CFHJOOJOH %BMF JT B MJGFUJNF SFTJEFOU PG )BXBJÓ XIFSF IF XPSLT BT B TFMG FNQMPZFE BUUPSOFZ XJUI B TNBMM TPMP QSBDUJDF PO UIF JTMBOE PG 0BIV EJTDPVOUT GPS IBOH HMJEFS QJMPUT BOE GBNJMJFT 3BUFE B i$MBTT &YQFSUw JO IF SFDFOUMZ FBSOFE IJT )BOH BGUFS BDRVJS JOH PWFS .BLBQVÞ n JHIUT BOE IPVST PG TU DFOUVSZ BJSUJNF )BWJOH SFVOJUFE XJUI IJT QJMPU CSFUISFO IF JT MJWJOH IBQQJMZ FWFS BGUFS XJUI IJT XJGF ;PF BOE UIFJS MJUUMF EPH #MVCFSSJ
Dz BOLT UP 5PN (BSCJTDI GPS UIF JOTQJSBUJPO PWFS ZFBST BHP 1IJM (PEXJOE BOE 5FEEZ .BDL GPS QPJOUJOH NF JO UIF SJHIU EJSFDUJPO +FTTF 'PSCVT GPS DIFDLJOH PVU NZ HMJEFS %BWF (PUP GPS UIF m OBM JOTQJSBUJPO BOE USVTU JO HFUUJOH NF PĊ UIF NPVOUBJO BHBJO "OE UIBOL ZPV NZ MPWJOH XJGF ;PF GPS ZPVS VOEFSTUBOEJOH BOE TVQQPSU UISPVHI NZ SFFNFSHFODF BT B QJMPU
4BGFUZ 5JQT #SVDF 3IZNFT 64)(" 4VTBOWJMMF $" " HPPE XIBDL DBO TIPWF ZPVS IFMNFU GPSXBSE BOE EPXOXBSE ESJWJOH TVOHMBTTFT JOUP UIF CSJEHF PG UIF OPTF BOE UIF DIFFLT o IBSE PO CPUI UIF GBDF BOE UIF TVOHMBTTFT "MXBZT TFU VQ B HPPE BQQSPBDI BOE FYFDVUF B TBGF MBOEJOH CVU KVTU JO DBTF DPOTJEFS TUBTIJOH TVOHMBTTFT QSJPS UP CFHJOOJOH ZPVS MBOEJOH BQQSPBDI #FUUFS n Z XJUI TQPSU HPHHMF TUZMF MFOTFT o UIFZ SF n FYJCMF BOE DSBTI XPSUIZ
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$IJMESFO T #PPLT 8JUI B 'SFF 'MJHIU Dz FNF 3FWJFXFE CZ Dz BZFS )VHIFT TUBą XSJUFS
+VTU JO UJNF GPS MBTU NJOVUF IPMJEBZ TIPQQJOH XF WF EJTDPWFSFE UXP CPPLT UIBU TIPVME BQQFBM UP UIF DIJMESFO PG PVS n ZJOH DPNNVOJUZ IPXFWFS ZPVOH PS PME #PUI BSF OPO UFDIOJDBM m DUJPO BOE XJMM SFBEJMZ JOTQJSF ZPVOH NJOET UPXBSET UIF KPZT BOE SFXBSET PG n JHIU
DJFOU UP TBWF UIF CJSET BT IF XSFTUMFT XJUI BMM BHFT .PTU PG VT BSF GBNJMJBS XJUI FWJM BOE GFFMT UIF IFBWZ XFJHIU PG SFTQPO 0QVT UIF MPWBCMF QFOHVJO DSFBUJPO PG JO TJCJMJUZ BOE QSFTTVSF PG EPJOH UIF SJHIU UFSOBUJPOBMMZ SFDPHOJ[FE i#MPPN $PVO UIJOH BHBJOTU TFFNJOHMZ JOTVSNPVOUBCMF UZw DBSUPPOJTU #FSLFMFZ #SFBUIFE XXX PEET o UIF WFSZ JTTVFT ZPV EFBM XJUI BU CFSLFMFZCSFBUIFE DPN *O " 8JTI GPS 8JOHT Dz BU 8PSL 0QVT CFNPBOT UIF TBE XPSL FWFSZ EBZ ɩ JT QBHF QBQFSCBDL XFBWFT TPNF GBDU UIBU QFOHVJOT DBO U n Z ZFU IF EPFTO U GBTDJOBUJOH EFUBJMT BCPVU n ZJOH JOUP UIF MFU UIBU TUPQ IJN GSPN USZJOH KVTU BCPVU TUPSZ BOE XJMM IPME B DIJME T JOUFSFTU UP UIF BOZ NFBOT PG HFUUJOH JOUP UIF BJS JODMVE WFSZ MBTU QBHF "T ZPV NBZ IBWF BMSFBEZ JOH IJHI UFDI DPOUSBQUJPOT BOE XSJUJOH B DPODMVEFE 3JDL MFBSOT UP n Z B IBOH HMJE IPQFGVM OPUF UP 4BOUB *O UIJT EFMJHIUGVM $ISJTUNBT TUPSZ PVS FS BOE TBWFT UIF EBZ CVU BMPOH UIF XBZ IF BOE UIF SFBEFS BMTP MFBSO B MPU BCPVU DPO IFSP 0QVT OPU POMZ SFTDVFT 4BOUB BOE IJT EPST SBQUPST CJPMPHZ IBOH HMJEJOH QFS UPZ m MMFE TMFJHI CVU NPSF JNQPSUBOUMZ UP TFWFSBODF USVTU BOE GSJFOETIJQ 1FSIBQT B ZPVOH SFBEFS DPNFT UP SFDPHOJ[F IJT BGUFS SFBEJOH UIJT BDUJPO QBDLFE BEWFO PXO TFMG XPSUI UISPVHI DPVSBHF BOE GBTU UVSF ZPVS DIJME NBZ IBWF B GFX CJUT PG BDUJPO "OE ZFT VMUJNBUFMZ BU UIF TUPSZ T JOUFSFTUJOH JOGPSNBUJPO UP PĊ FS ZPV OFYU FOE 0QVT %0&4 HFU IJT XJTI BOE XJOET VQ n ZJOH PO $ISJTUNBT 8IP EPFTO U UJNF ZPV SF PO MBVODI UPHFUIFS Dz F .B[F JT QVCMJTIFE CZ )BSQFS $PM MPWF B IBQQZ FOEJOH " 8JTI GPS 8JOHT Dz BU 8PSL JT B MJOT BOE JT BWBJMBCMF JO QBQFSCBDL PS IBSE CPVOE BU SFUBJM CPPLTUPSFT BOE POMJOF QBHF MBSHF GPSNBU QJDUVSF CPPL QFS .PSF JOGPSNBUJPO BCPVU UIF BVUIPS BOE GFDU GPS B ZPVOHTUFS T CFEUJNF SFBEJOH F JMMVTUSBUJPOT BSF CJH IVNPSPVT BOE UIF CPPL JODMVEJOH B DIBQUFS FYDFSQU JT ɩ DPMPSGVM BT POMZ .S #SFBUIFE T JNBHJ BU XXX IBSQFSDPMMJOT DPN OBUJPO DBO QSPWJEF *U NBLFT B QFSGFDU i*U XBT B HPPE NPSOJOH UP n Z FWFO JG JU HJGU GPS BOZ DIJME BHF UISFF BOE VQ :FT IBE DPNF MBUF BOE TMPX BOE TP DPME UIBU FWFO ZPV " 8JTI GPS 8JOHT Dz BU 8PSL JT QVC B QFOHVJO GFBSFE IJT OPTF NJHIU GSFF[F MJTIFE JO QBQFSCBDL CZ 4DIPMBTUJD BOE JT BOE ESPQ PĊ w BWBJMBCMF BU CPPLTUPSFT BOE POMJOF
Dz F .B[F CZ BXBSE XJOOJOH BVUIPS 8JMM )PCCT XJMM DBQUVSF UIF JNBHJOB UJPO PG NJEEMF HSBEF SFBEFST XIP FOKPZ TUPSJFT PG BEWFOUVSF EBSJOH BOE USJVNQI ɩ F QMPU SFWPMWFT BSPVOE ZFBS PME 3JDL XIPTF MJGF IBT IJU B GFX CVNQT 0O UIF SVO BOE EFTQFSBUF IF VOJOUFOUJPOBM MZ GBMMT JO XJUI B CJSE CJPMPHJTU XIP JT SF MFBTJOH n FEHMJOH $BMJGPSOJB DPOEPST JOUP UIF XJMET PG 6UBI T $BOZPOMBOET /BUJPO BM 1BSL ɩ F CJPMPHJTU JT BMTP DPJODJEFO UBMMZ B IBOH HMJEFS QJMPU 3JDL CFDPNFT JOWPMWFE OPU POMZ JO BT TJTUJOH XJUI UIF DPOEPST CVU BMTP JO QSP UFDUJOH UIFN GSPN B DPVQMF PG MPX MJGF ɩ F TFDPOE CPPL JO UIJT SF CBE HVZT BOE UIFJS WJDJPVT QJU CVMM UIF n BWPS PG TDVN FWFSZ HPPE BEWFOUVSF TUPSZ WJFX XJUI B TJNQMF TUPSZ MJOF SFRVJSFT "T UIF UFOTJPO NPVOUT JU JT VO BOE HSFBU JMMVTUSBUJPOT JT DMFBS XIFUIFS 3JDL T FĊ PSUT XJMM CF TVċ TVJUFE GPS DIJMESFO PG
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
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
$JUZ .PVOUBJO 7JFX 4QBSLT 4BO +PTF 1BDJm DB 1BDJm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
4UBUF $" /7 $" $" $" $" $" $" $" $" $" $" "3 .* *." .& 75 ,: 7" '''"/$ /$ /$ ''59 59 59 /+ $" $" $" $" $" $" $" $" $" /. .5 .5 .5 .* 8* *8* *$5 /) /) .& 7" 7" 7" 0) ,: 7" ''''"(" /$ '''59 59 59 59 /+ /: /: /+
3BUJOH 0Gm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
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )
$PMMFFO (BUFMFZ 4DPUU 8JMEZ %BWJE %VEMFZ 'SFEEZ 8BHOFS "SMFO 0WFSWJH *TSBFM 0CBOEP ,FWJO #ZMFS ,PVSPTI 3BIOBNBJ ,FJUI "ULJOT .BYXFMM #JSMFZ #PSJT 4IVMNBO 1FUF 8JOOJF %BWJE -FXJT #PVUSPT )BCDIJ 4DPUU :PTU 3PO .BUPVT .JTBFM 3PTBMF[ +VTUJOP 2VJTTVB
8FTU -JOO #VSMJOHBNF 6OJPO $JUZ "MUBEFOB $PPO 3BQJET /PSUIm FME 4PVUICVSZ -POHNFBEPX .FNQIJT )PVTUPO #SPPLMZO .BSHBSFUWJMMF 5IPNQTPO 3JEHF +PVOJFI $SFTUFE #VUUF ,FMMZ .BJUMBOE 3JP %F +BOFJSP
03 $" $" $" ./ /) $5 ." 5/ 59 /: /: /: $0 8: '-
.BMDPMN +POFT 1BUSJDL %FOFWBO $ISJTUJBO 5IPSFTPO 'SFE #BMMBSE #SBE ,VTIOFS 4UFWFO 1SFQPTU #FO %BWJETPO +PF (SFCMP $ISJTUJBO 5IPSFTPO $ISJTUJBO 5IPSFTPO 1BVM 7PJHIU (SFH #MBDL (SFH #MBDL +JN ;FJTFU 3VTUZ 8IJUMFZ #BSU 8FHIPSTU .BMDPMN +POFT +FGGSFZ )VOU
1BSBHMJEJOH %JWJTJPO 3BUJOH 3FHJPO /BNF 1 $BSM .BETPO 1 #FUI %BWJETPO 1 5SPZ 8JTF 1 .JDIFM 3BV 1 ,FWJO 'FSSJT 1 3PC ,ZOF 1 %JSL #PTDIFL 1 4FBO .DDBSUIZ 1 .BSD 7BVHIBO 1 4UFWF .JMMFS 1 $ISJT )FBSOF 1 #FSOBSE +PVSEBO 1 3VEPMQI $JBSGFMMB 1 +PTFQI 1PQQFS *JJ 1 +FOOJGFS $BSS 1 3JDIBSE 'FSSP 1 7JUBMJZ ,V[OFUTPW 1 :VMJZB ,V[OFUTPW 1 $BMFG -FUPSOFZ 1 $SBJH 'PSOFZ 1 /JDL "MUJDF 1 +PFM (SJFTIBCFS 1 3POF .POUBOP 1 %PVH .DNVSSBJO 1 %VTUJO 3FZOPMET 1 3PCFSU -BSTPO 1 ,FWJO 'JU[HFSBME 1 4UFWF .BSTUFMMFS 1 #P &XBME 1 ,FOOFUI .PXMM 1 +PIO %VOO 1 )FJOSJDI %JDLFOT 1 3 -ZOO *JJ 1 5ZMFS #PXMFT 1 )FBUI 8PPET 1 %POOB #VSHF 1 %BOJFM $PIFO 1 (FSBME 1FDL 1 4FB .D ,FPO 1 %BOJFM $FSEBT 1 5SFZ )BDLOFZ 1 .JSPTMBW 4LPWBKTB 1 "SUIVS 4VM[CFSHFS +S 1 $IFO )TJ -J 1 %BNKBO (KPSHKJFW 1 ;FSSJO ,PMUVLDVPHMV 1 5VSHVU 'JLSJPHMV 1 3BOEZ #FSH 1 $BSM .BETPO 1 #FUI %BWJETPO 1 5SPZ 8JTF 1 ,FWJO 'FSSJT 1 3ZBO "VEFUU 1 + $BSTPO 4UJUU 1 &WBO 4DIFMUFS 1 %JSL #PTDIFL 1 &SJD 3FWTPO 1 3BOEZ )PSUPO 1 4JNPO .BUIFXT 1 'SBOL 4DBMFT 1 4UFWF .JMMFS 1 %BWJE *TNBZ
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
4UBUF ", ", ", 8" ", 8" 8" 8" ", $" )* $" )* $" $" $" /. /. $0 65 65 /. $0 $0 /. 65 65 8: .5 ./ 75 $5 ." 75 75 7" 1" 7" ''-" /: /:
8" ", ", ", ", 8" 8" 8" 8" $" $" $" $" $" $"
3BUJOH 0Gm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
$BSMTCBE 4BO %JFHP $PUP %F $B[B 4BO %JFHP 3BODIP 1BMPT 7FSEFT 3BODIP 1BMPT 7FSEFT -B +PMMB / )PMMZXPPE 1BJB .PVOUBJO $FOUFS (MFOEPSB -PT "OHFMFT "MCVRVFSRVF "MCVRVFSRVF 1VFCMP #PVMEFS 4BMU -BLF $JUZ %SBQFS 4BMU -BLF $JUZ &EHFXPPE 5JKFSBT +BDLTPO ,FUDIVN 3FE -PEHF #P[FNBO +BDLTPO +BDLTPO 4U -PVJT 4U -PVJT &ENPOE .JOOFBQPMJT .BEJTPO 'BSNJOHUPO (SFBU 'BMMT $IBSMPUUFTWJMMF 8BSSFOUPO -FFTCVSH %FMSBZ #FBDI %PSBM 8FTUPO 1BUUFSTPO "VTUJO 'SJFOETXPPE /FX 0SMFBOT 3JEHFXPPE 7BMBUJF
$" $" $" $" $" $" $" $" )* $" $" $" /. /. $0 $0 65 65 65 /. /. 8: *% .5 .5 8: 8: .0 .0 0, ./ 8* $5 7" 7" 7" 7" '''-" 59 59 -" /: /:
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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 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
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
(VBEFMBKFSB +BM *TUBOCVM )TJO $IV $JUZ 4LPQKF 7BMMF %F #SBWP 7BMMF %F #SBWP &EP %F .FYJDP (VBEBMBKBSB (VBEBMBKBSB +BMJTDP "OBDPSBUFT .PTTZSPDL "UBTDBEFSP 4IJOHMF 4QSJOHT -PT "OHFMFT 0BL 1BSL 4BO %JFHP .BMJCV 4BO %JFHP 5FNQF 5FMMVSJEF 1IPFOJY #SFDLFOSJEHF 7BJM 5JKFSBT 'BSHP -ZOEFCPSPVHI -FYJOHUPO -FFTCVSH 4U $SPJY %PSBM 4LPQKF 7BVHIO 3FOUPO .BMJCV -JUUMFUPO 4BMU -BLF $JUZ "TQFO "TQFO 4BOEZ +BDLTPO )BSEZ %PSBM
8" 8" $" $" $" $" $" $" $" "; $0 "; $0 $0 /. *" /) ,: 7" 7* '8" 8" $" $0 65 $0 $0 65 8: 7" '-
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
1IPUP %FOOJT 1BHFO
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
3FE #VMM 7FSUJHP
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
(BMMFSZ
&WFT 5BMM $IJFG PWFS 'PSU 'VOTUPO $BMJGPSOJB %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
4IBXO .D%VGG MBVODIJOH GSPN )ZOFS 7JFX 1FOOTZMWBOJB 1IPUP 3PO -VU[
(FSNBO QJMPU (VJEP (FISNBOO XBSNJOH VQ GPS UIF 3FE #VMM 7FSUJHP FWFOU 1IPUP ª%FOJT #BMJCPVTF 3FE #VMM
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
(JO UFBN QJMPUT %PNJOJRVF 4UFGGFO BOE .BUIJBT 3PUFO TZODISPOJ[F UIFJS NBOFVWFST BU UIF 3FE #VMM 7FSUJHP
"OEZ )FEJHFS BOE )FSWÏ $FSSVUUJ TZODISP QBSBHMJEJOH BU UIF 3FE #VMM 7FSUJHP
1IPUPT UIJT QBHF ª%FOJT #BMJCPVTF 3FE #VMM
$ISJHFM .BVSFS PG 4XJU[FSMBOE T 4QÊMUJ #PPTUFST TZODISP UFBN MBOEJOH PO UIF TQPU BU UIF 3FE #VMM 7FSUJHP
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
+FGG 0 #SJFO EPJOH XIBU JU UBLFT UP IJU UIF TQPU BU 1PJOU PG UIF .PVOUBJO 1IPUP "EBN 8FTU
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
$BMFOEBS PG FWFOUT JUFNT 8*-- /05 CF MJTUFE JG POMZ UFOUBUJWF 1MFBTF JODMVEF FYBDU JOGPSNBUJPO FWFOU EBUF DPOUBDU OBNF BOE QIPOF OVNCFS *UFNT TIPVME CF SFDFJWFE OP MBUFS UIBO TJY XFFLT QSJPS UP UIF FWFOU 8F SFRVFTU UXP NPOUIT MFBE UJNF GPS SFHJPOBM BOE OBUJPOBM NFFUT 'PS NPSF DPNQMFUF JOGPSNB UJPO PO UIF FWFOUT MJTUFE QMFBTF TFF PVS $BMFOEBS PG &WFOUT BU XXX VTIHB PSH 4"/$5*0/&% $0.1&5*5*0/ .BZ (SPWFMBOE 'MPSJEB UI '"* 8PNFO T 8PSME )BOH (MJEJOH $IBNQJPOTIJQT SE '"* 8PSME )BOH (MJEJOH $MBTT $IBN QJPOTIJQT UI '"* 8PSME )BOH (MJEJOH $MBTT $IBNQJPOTIJQT .PSF JO GPSNBUJPO BU IUUQ XXX OBB BFSP IUNM BJSTQPSUT JOEFY DGN DNTJE .BZ +VOF 8PPESBU .U 3VDI 0SFHPO 1BSBHMJEJOH 3BU 3BDF 3FHJTUSBUJPO PQFOT 'FCSVBSZ CFGPSF "QSJM CFGPSF .BZ .PSF JOGPSNBUJPO BU XXX SBUFSBDFDPNQ DPN
$0.1&5*5*0/ %FDFNCFS +BOVBSZ "VTUSBMJBO 'SFF 'MJHIU 'FTUJWBM .ZTUJD 'MJHIU 1BSL #SJHIU 7JDUPSJB 1BSBHMJEFS BOE IBOH HMJEFS DPNQ BOE GFTUJWBM .PSF JOGPSNBUJPO BU IUUQ XXX YDn JHIU DPN m STU IUNM
%FDFNCFS 'MZ.FYJDP 7BHBCPOE 5PVS o IJUUJOH NVMUJQMF TJUFT BOE DIBOHJOH MPEHJOH "SSJWF JOUP .FYJDP $JUZ 1( BOE 'BMDPO IBOH HMJEFST .PSF JOGP BU XXX n ZNFYJDP DPN KFGG!n ZNFYJDP DPN %FDFNCFS UISPVHI +BOVBSZ 'MZ TPVUI UIJT XJOUFS 8PSME GBNPVT 7BMMF EF #SBWP .FYJDP PGGFST UIF NPTU SFMJBCMF XJOUFS n ZJOH FWFS 5BLF UIF UPVS PS UBLF UIF DMJOJD *NQSPWF ZPVS UIFSNBM BOE 9$ TLJMMT XJUI XPSME UFBN NFNCFS %BWJE 1SFOUJDF 5PVS JODMVEFT BJS QPSU QJDL VQ JO .FYJDP $JUZ USBOTQPSUBUJPO MPEHJOH 9$ SFUSJFWBM HVJEF TFSWJDFT GPS B XFFL JO BOE PVU PO 4VOEBZ 'PS NPSF JOGP DPOUBDU %BWJE 1SFOUJDF BU PS FBSUIDPH!ZBIPP DPN %FDFNCFS 4PVUIFSO $BMJGPSOJB QBSBHMJEFS USJQ XJUI ,FO )VEPOKPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN %FDFNCFS .BVOB ,FB UIFSNBM DMJOJD GPS QBSBHMJEFS QJMPUT #JH BJS IJHI BMUJUVEF MBVODIFT DIBMMFOHJOH 9$ n ZJOH XIJMF QJPOFFSJOH TFWFSBM IJHI QFBLT OFBS .BVOB ,FB 1 PS CFUUFS PS TUSPOH 1 XJUI JO TUSVDUPS SFDPNNFOEBUJPO JODMVEFT XE USBOTQPSUBUJPO BJSQPSU QJDL VQ HVJEF TFSWJDF DBNQJOH EBJMZ XFBUIFS SFQPSU 'PPE BOE HBT NPOFZ FYUSB $POUBDU 1BSBHMJEF )BXBJJ 1 0 #PY .PVOUBJO 7JFX )* UPn Z!FYDJUF DPN PS
8JOUFS (PWFSOBEPS 7BMBEBSFT #SB[JM o B USVMZ 4PVUI "NFSJDBO n ZJOH WBDBUJPO "MM XJOHT BMM TLJMM MFWFMT XFMDPNF 64)(" +BOVBSZ "VTUSBMJBO 'SFF 'MJHIU .BTRVFSBEF -JNJUFE UP JOTUSVDUPS HVJEFT #FE CSFBLGBTU TQFDJBMMZ EFTJHOFE GPS QJMPUT QBSBHMJEFS QJMPUT NJOJNVN OPWJDF XJUI JOMBOE FYQFSJFODF BOE IBOH QFS EBZ EPVCMF 0GGFSJOH IBOH HMJEJOH QBSBHMJEJOH IJLJOH CJLJOH SPDL HMJEFS QJMPUT NJOJNVN JOUFSNFEJBUF FOUSZ GFF UP TVQQPSU MPDBM DMVC DMJNCJOH DBOPFJOH SBGUJOH UVCJOH BOE NPSF (VJEFE UPVST BSF BWBJM .PSF JOGPSNBUJPO BU IUUQ XXX YDn JHIU DPN m STU IUNM BCMF GPS BOZ PG UIFTF BDUJWJUJFT PS FOKPZ UIFN PO ZPVS PXO 'PS JOGP BOE +BOVBSZ .U #FBVUZ OPSUIFBTU 7JDUPSJB "VTUSBMJB SFTFSWBUJPOT DBMM PS FNBJM TLZCJSEXJOHT!IPUNBJM DPN #PHPOH $VQ )BOH (MJEJOH $IBNQJPOTIJQ .PSF JOGPSNBUJPO BU +BOVBSZ UISPVHI 'FCSVBSZ &BHMF 1BSBHMJEJOH UPVST UP IUUQ XXX YDn JHIU DPN IUNM 7BMMF EF #SBWP .FYJDP XJUI 3PC 4QPSSFS SPC!FBHMFQBSBHJMEJOH DPN +BOVBSZ 'FCSVBSZ 0[POF $BSJCCFBO 9$ $IBMMFOHF BOE .BSUZ %F7JFUUJ NBSUZ!QBSBHMJEF DPN $BMM GPS %PNJOJDBO 3FQVCMJD " MBJE CBDL QBSBHMJEJOH DPNQ EFTJHOFE GPS CPUI NPSF JOGPSNBUJPO PS HP UP IUUQ XXX FBHMFQBSBHMJEJOH DPN WBMMF FYQFSJFODFE BOE OPWJDF 9$ QJMPUT TQPOTPSFE CZ 0[POF HMJEFST .PSF IUNM
JOGPSNBUJPO BOE SFHJTUSBUJPO GPSN BU XXX $BSJCCFBO9$ DPN %JTDPVOUT GPS FBSMZ SFHJTUSBUJPO
+BOVBSZ 'MZ.FYJDP 'PDVT o 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 'FCSVBSZ .JMMFOOJVN $VQ )BOH (MJEJOH 0QFO 7BMMF EF #SBWP .FYJDP 'PPU MBVODI IBOH HMJEJOH DPNQFUJUJPO TUJMM XPSLT +BOVBSZ 7BMMF EF #SBWP QBSBHMJEFS USJQ XJUI ,FO )VEPO 4PNF PG UIF CFTU NPVOUBJO n ZJOH BWBJMBCMF .PSF JOGP BU XXX n ZNFYJDP KPSHFOTFO .PSF JOGPSNBUJPO XXX UXPDBOn Z DPN DPN KFGG!n ZNFYJDP DPN '-: */4
+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 MFOOJVN $VQ m OBMT QBSUZ 4BUVSEBZ .PSF JOGP BU XXX n ZNFYJDP DPN 'JWF QJMPU MJNJU 4FF XXX QBSBTPGUQBSBHMJEJOH DPN PS DBMM GPS EFUBJMT KFGG!n ZNFYJDP DPN +BOVBSZ 'FCSVBSZ /PSUI "NFSJDBO 1BSBHMJEJOH XJMM CF $-*/*$4 .&&5*/(4 50634 USBWFMJOH UP 4PVUI "GSJDB GPS UIFJS TFDPOE UPVS PG UIF HSFBU n ZJOH BMPOH UIF 'BMM 5PVDIJOH 5IF "OEFT PG 1FSV 1BSBHMJEJOH 'BMM 5PVS (BSEFO 3PVUF BOE $BQF 5PXO BSFBT 5IJT USJQ DBO BMTP JODMVEF B TBGBSJ JO +FGG $SJTUPM PG "EWFOUVSF 5PVS 1SPEVDUJPOT IBT CFFO WJTJUJOH 1FSV ,SVHFS /BUJPOBM 1BSL BOE B XJOFSZ UPVS JO 4UFMMFOCPTI %BUFT BSF n FYJCMF UP DMJNC BOE QBSBHMJEF TJODF 8JUI IJT XJGF 6STVMB B OBUJWF PG BU UIJT TUBHF BOE XF XJMM SVO NVMUJQMF USJQT JO FBSMZ $POUBDU .JLF -JNB 1FSV "EWFOUVSF 5PVS 1SPEVDUJPOT XJMM SFUVSO UP WJTJU TJUFT PO UIF &CFSMF BU OBQJ!GVO n Z DPN PS DIFDL PVS UPVS TFDUJPO BU XXX GVO n Z 1BDJm D DPBTU BOE JO UIF IJHI "OEFT 'PS NPSF JOGPSNBUJPO QMFBTF TFF DPN GPS NPSF JOGPSNBUJPO BOE TDIFEVMJOH BEWFOUVSFUPVSQSPEVDUJPOT DPN PS FNBJM KFGG!BEWFOUVSFUPVSQSPEVDUJPOT DPN PS DBMM 'FCSVBSZ 7BMMF EF #SBWP .FYJDP )( 1( .JM
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
.BSDI 5PUBM 4PMBS &DMJQTF n Z JO 5VSLFZ -FJTVSF$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 $PMJO 1FSSZ (PPE-PPLJOH3JDI(VZ!IPUNBJM DPN
*/%&9 50 "%7&35*4&34 "$& 4*. "/(-& 0' "55"$, $3*55&3 .06/5"*/ 8&"3 %"/ +0)/40/ '-:5&$ 64" '-: (6"5&."-" )"-- #305)&34 )*() &/&3(: 410354 +645 '-: .0:&4 ".&3*$" 0$0//03 '-*()5 4$)00- 0;0/& 1&", 50 1&", 130 %&4*(/ 1"5"(0/*" 1"3"(-*%*/( 41035 "7*"5*0/ 16#-*$"5*0/4
461&3'-: 5)&3."- 53"$,&3 1"3"(-*%*/( 5033&: 1*/&4 505"--: "8&40.& '-:*/( 410354 53"7&34& $*5: )( 1( 64)( $"-&/%"3 64)(" %7% 64)( '06/%"5*0/ 64)(" .#/" 64)(" 3&/&8 8*--4 8*/(
."3,&5 1-"$& "%7&/563& 130%6$5*0/4 $-06% 40"3*/( $&/5&3 '-:5&$ 64" +645 '-: ,*55: )"8, ,*5&4
0; 3&1035 10$,&5 155 461&3'-: 64)(" 9$ '-*()5 "8"3%
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
888 1"3"(-*%&34 $0.
5)&3."- /6$-&"3 %&5&$5*0/
XXX TVQFSGMZDISJT DPN GSFFEPN IUN
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
)"/( (-*%*/( "%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 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 *G JO EPVCU NBOZ IBOH HMJEJOH BOE QBSBHMJEJOH CVTJOFTTFT XJMM CF IBQQZ UP HJWF BO PCKFDUJWF PQJOJPO PO UIF DPOEJUJPO PG FRVJQNFOU ZPV CSJOH UIFN UP JOTQFDU #6:&34 4)06-% 4&-&$5 &26*1.&/5 5)"5 *4 "113013*"5& '03 5)&*3 4,*-- -&7&- 03 3"5*/( /&8 1*-054 4)06-% 4&&, 130'&44*0/"- */4536$5*0/ '30. " 64)(" $&35*'*&% */4536$503
'-&9 8*/(4 &7&/ 61 53"%&4 o -PPLJOH UP NPWF VQ GSPN ZPVS CFHJOOFS PS OPWJDF HMJEFS CVU DBO U QVU VQ DBTI JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT '"-$0/4 $-&"3"/$& 4"-& o 4 DIPPM VTF POF TFB
TPO 'BMDPO T BOE T "MM TJ[FT JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT .0:&4 -*5&41&&% 4 o 8JMMT 8JOH 6MUSBTQPSU o 61 539 o "MM JO HSFBU TIBQF $BMM 16-4& ** o NFUFS DPDPPO IBSOFTT HPSF 1%" DIVUF TQFFE CBS QOFVNBUJD UJSFT SFMFBTF SBEJP IFMNFU #FBVUJGVM DPOEJUJPO 8*--4 8*/( &"(-& o 1FSGFDU n PXO POMZ UJNFT JO 8IFFMT TUSFBNMJOFE EPXOUVCFT GPMEJOH TQFFECBS /PO n ZJOH JOKVSZ GPSDFT TBMF 88 41035 "5 o O JDF QBSUT 4QPSU &VSP IBS OFTT QBSBDIVUF XJUI TXJWFM TNBMM XIFFMT UPX SFMFBTF FUD UPNQSBIM!HBJOFTWJMMF DPN 'MPSJEB
&.&3(&/$: 1"3"$)65&4 */41&$5&% 3&4&37&4 o 'PS )( PS 1( VQ 6TFE 2VBOUVN BMM TJ[FT VQ 4PNF USBEFT BDDFQUFE JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT
&.1-0:.&/5 /035) 8*/( %&4*(/ o JT BDDFQUJOH BQQMJDBUJPOT GPS NFUBM TIPQ XJOH BOE USJLF BJSGSBNF NFDIBOJD "MTP BDDFQUJOH BQQMJDBUJPOT GPS TBJM NBLFS BOE TFXJOH NBDIJOF PQFSBUPS 4FOE "QQ 5P "JSQPSU 8BZ & 8FOBUDIFF 8" PS 'BY XXX OPSUIXJOH DPN 5"/%&. 1*-054 /&&%&% '03 5)& 8*/5&3 4&"40/ */ "41&/ $0-03"%0 o "TQFO 1BSBHMJEJOH JT MPPLJOH GPS B GFX UBOEFN QJMPUT UP XPSL UIF XJOUFS TFBTPO GSPN $ISJTUNBT UP FOE PG .BSDI :PV NVTU IBWF BU MFBTU ZFBST PG UBOEFN FYQFSJFODF BOE CF QSPm DJFOU BU TLJ MBVODIFT 1MFBTF TFOE SFTVNFT PS GPS NPSF JOGPSNBUJPO FNBJM VT BU n Z!BTQFOQBSBHMJEJOH DPN
)"3/&44&4 )"3/&44&4 o w w $PDPPOT VQ )JHI &OFSHZ $PDPPOT VQ 1PET VQ *OWFOUPSZ TFMFDUJPO DIBOHFT DPOTUBOUMZ 4PNF USBEFT BDDFQUFE JOGP!IBOHHMJEJOH DPN X XX IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT 800%: 7"--&: 9"$5 "*3#"( )"3/&44 o . #-, (3/ SFTFSWF TR N OFWFS PQFOFE TQFFE CBS GPPU CBS (PPE DPOEJUJPO 64 T JXBOBHB!ESFBN DPN 4VTVNV *8"/"("
1"3"(-*%&34 8*/%5&$) 26"39 o ( 3/ 8)5 X CBDLQBDL IST OP SJQT PS SFQBJST (PPE DPOEJUJPO 64 0#0 T JXBOBHB!ESFBN DPN 4VTVNV *8"/"(" 4VO 7BMMFZ *% 8*/%5&$) 4&3", . o : -8 163 X #BDLQBDL IST OP SJQT PS SFQBJST &YDFMMFOU DPOEJUJPO 64 X IBSOFTT MJTUFE BCPWF 64 T JXBOBHB!ESFBN DPN 4VTVNV *8"/"("
3*(*% 8*/(4 "504 73 o NBYJNVN QFSGPSNBODF FBTZ IBOEMJOH MJLF OFX WFSZ MPX BJS UJNF SFE JO $BMJGPSOJB .*44*0/ 40"3*/( $&/5&3 o %JTUSJCVUPS GPS "*3 "UPT XPSME T NPTU QPQVMBS SJHJE XJOH /FX "UPT 79 UBOEFN PS QPXFSFE IBSOFTT JODSFEJCMF TJOL SBUF XJUI B TPMP QJMPU XXX IBOH HMJEJOH DPN
6-53"-*()54 %3"(0/'-: "&3056(4 o 'PS VQ UP PGG UIF QSJDF PG OFX POFT &ODMPTFE USBJMFS BWBJMBCMF GPS QJDLVQ EFMJWFSZ XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT '-*()545"3 56( o TJOHMF TFBU MPBETUBS X SPUBY "FSPUPX LJU #34 HSFBU TIBQF SFBEZ UP BFSPUPX IBOH HMJEFST TBJMQMBOFT XXX CMVFTLZIH DPN
4$)00-4 %&"-&34 "-"#"." -00,065 .06/5"*/ '-*()5 1"3, o 5IF CFTU GBDJMJUJFT MBSHFTU JOWFOUPSZ DBNQJOH TXJNNJOH WPMMFZ CBMM NPSF 8JEF SBOHF PG BDDPNNPEBUJPOT IBOHMJEF DPN IBOHMJEF
$"-*'03/*" "*3+6/,*&4 1"3"(-*%*/( o :FBS SPVOE FYDFMMFOU JOTUSVDUJPO 4PVUIFSO $BMJGPSOJB #BKB 1PXFSFE QBSBHMJEJOH DMJOJDT UPVST UBOEFN UPXJOH ,FO #BJFS BJSKVOLJFT!TCDHMPCBM OFU BJSKVOLJFT DPN %3&". 8&"7&3 )"/( (-*%*/( o $PNQFUJUJWF QSJDFT TUBUF PG UIF BSU FRVJQNFOU $PNQMFUF MFTTPO QSPHSBNT /PSUIFSO $BMJGPSOJB .PTRVJUP IBSOFTT EFBMFS *EFBM USBJO JOH IJMM UBOEFN JOTUSVDUJPO 64)(" "EWBODFE *OTUSVD UPS %PVH 1SBUIFS .PEFTUP $BMJGPSOJB ESNXWSIH!TPGUDPN OFU '-: "#07& "-- o :FBS SPVOE JOTUSVDUJPO JO CFBVUJGVM 4BOUB #BSCBSB 64)(" /PWJDF UISPVHI "EWBODFE DFSUJm DBUJPO 5IFSNBMJOH UP DPNQFUJUJPO USBJOJOH 7JTJU XXX n ZBCPWFBMM DPN &"(-& 1"3"(-*%*/( o 4 "/5" #"3#"3" PGGFST UIF CFTU ZFBS SPVOE n ZJOH JO UIF OBUJPO "XBSE XJOOJOH JOTUSVDUJPO FYDFMMFOU NPVOUBJO BOE SJEHF TJUFT XXX 'MZ4BOUB#BSCBSB DPN 5)& )"/( (-*%*/( $&/5&3 o 10 #PY 4BO %JFHP $" .*44*0/ 40"3*/( $&/5&3 o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
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
8JOH 'BMDPOT PG BMM TJ[FT BOE DVTUPN USBJOJOH IBSOFTT FT 8SJHMFZ 8BZ .JMQJUBT $" 'BY NJTTJPO!IBOH HMJEJOH DPN XXX IBOH HMJEJOH DPN .JTTJPO 4PBSJOH $FOUFS MFBEJOH UIF XBZ TJODF 0 $0//03 '-*()5 4$)00- o 4QFDJBMJ[JOH JO 4BGFUZ *O 'MJHIU 5SBJOJOH .BOFVWFST $MJOJDT BOE "FSPCBUJD *O TUSVDUJPO &OIBODF ZPVS LOPXMFEHF JODSFBTF ZPVS MFWFM PG DPOm EFODF UBLF ZPVS QJMPUJOH TLJMMT UP OFX MFWFMT 0WFS UIF XBUFS TBGFUZ BOE BFSPCBUJDT DMJOJDT &OMFBV BOE "OO 0 $POOPS XXX PDPOOPSn JHIUTDIPPM DPN BOE SFTFSWF ZPVS DMJOJD 5033&: 1*/&4 (-*%&31035 o $PNF TPBS JO 4BO %JFHP 5IJT GBNJMZ PXOFE BOE PQFSBUFE n ZJOH TJUF PGGFST 64)(" DFSUJm FE JOTUSVDUJPO BEWBODFE USBJOJOH FRVJQ NFOU TBMFT UBOEFN n JHIU JOTUSVDUJPO NPUPSJ[FE QH IH JOTUSVDUJPO BOE TJUF UPVST 8F BMTP IBWF BO FYUFOTJWF QH IH PVUm UUJOH TIPQ PGGFSJOH QBSBDIVUF SFQBDLT BOE GVMM TFSWJDF SFQBJST #SJOH ZPVS GBNJMZ GPS PVS BNB[JOH TVOTFUT BOE EJOJOH BU UIF $MJGGIBOHFS $BGF *NQPSUFST GPS 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 UPMM GSFF BU '-: 5&". "MTP UVOF JO UP UIF *OUFSOFU 1BSBHMJEJOH 5BML 4IPX BU XXX XPSMEUBMLSBEJP DPN FWFSZ 5VFTEBZ B N 145
-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 $P DPOVU (SPWF 'MPSJEB XXX NJBNJIBOHHMJEJOH DPN 26&45 "*3 '30. 45 '-*()5 50 45 1-"$& o 'SPN ZPVS m STU UBOEFN UP BEWBODFE 9$ SBDJOH n Z XJUI UIF JOOPWBUPST PG BFSPUPXJOH BOE DIBNQJPO JOTUSVDUPST /P XBJU MFTTPOT )JHIFS UPXT NPSF BJSUJNF %SBHPOn Z UVHT 4BGFS DBSUT )VHF -; %FNPT 3FOUBMT 4UPSBHF 4BMFT SFQBJS PG FWFSZUIJOH )( $MVCIPVTF XJUI LJUDIFO 1$ TBUFMMJUF 57 DPPM UPZT LFHT TOBLFCPBSE SBDFT 1PPM )PU UVC 4IBEF 'SFF XJSFMFTT 1SJWBUF MBLF 3PPNT #VOLIPVTF 5FOU DBNQJOH 37 IPPLVQT *OEPPS PVUEPPS TIPXFST -BVO ESZ #PCCZ #BJMFZ TJHIUJOHT 'MZUFD $IBNQJPOTIJQT 8PSMET -BSHFTU 6 4 )( SFDPSE DPNQ TQPOTPST IFMQJOH UP LFFQ JU BMM HPJOH GPS :06 .JOVUFT GSPN 0SMBOEP JO (SPWF MBOE '- XXX RVFTUBJSGPSDF DPN RVFTUBJS!NQJOFU DPN
TVQQMZJOH BMM ZPVS )( 1( OFFET *OTUSVDUJPO FRVJQNFOU TBMFT UBOEFNT DPNQMFUF BDDFTTPSJFT 7JTJU PVS 8FC TJUF XXX LJOHNPVOUBJOHMJEFST DPN PS
*/%*"/" $-06% 41035 "7*"5*0/ o 4FF $MPVE JO .JDIJHBO
."*/& %08/&"45 "*3410354 o 1 BSBHMJEJOH BOE IBOH HMJEJOH JOTUSVDUJPO RVBMJUZ FRVJQNFOU TBMFT &YUFOEFE USBJOJOH UPVS QBDLBHFT XJUI MPEHJOH BWBJMBCMF XXX EPXOFBTUBJSTQPSUT DPN JO@B@DMPVE!IPUNBJM DPN .BSD
."3:-"/% )*()-"/% "&30410354 o # BMUJNPSF BOE %$ T GVMM UJNF n JHIU QBSL UBOEFN JOTUSVDUJPO TPMP BFSPUPXT BOE FRVJQNFOU TBMFT BOE TFSWJDF 8F DBSSZ "FSPT "JSXBWF 'MJHIU %FTJHO .PZFT 8JMMT 8JOH )JHI &OFSHZ 4QPSUT 'MZUFD BOE NPSF 5XP )1 %SBHPOn Z UVHT 0QFO m FMET BT GBS BT ZPV DBO TFF 0OMZ UP IPVST GSPN 3FIPCPUI #FBDI #BMUJNPSF 8BTIJOHUPO %$ 1IJMBEFM QIJB $PNF 'MZ XJUI 64 'BY 3BDF 5SBDL 3E 3JEHFMZ .% XXX BFSPTQPSUT OFU IBOHHMJEF!BFSPTQPSUT OFU
8"--"#: "&30508 '-*()5 1"3, o 4BUJTGBDUJPO (VBS BOUFFE +VTU NJMFT GSPN %JTOFZ 8PSME :FBS SPVOE TPBSJOH PQFO EBZT B XFFL TJY UVHT OP XBJUJOH FWFSZ EJSFDUJPO OJDF EFNPT UP n Z UPQMFTT UP USBJOFS HMJEFST -BNJOBS .PZFT 8JMMT "JSCPSOF "JSXBWF &YYUBDZ -B .PVFUUF 4FO 8*/%410354 o % PO U SJTL CBE XFBUIFS CBE TPS BMTP IBSOFTTFT WBSJPT FUD "HFT UP IBWF MFBSOFE .*$)*("/ JOTUSVDUJPO PS EBOHFSPVT USBJOJOH IJMMT n ZBCMF EBZT UP n Z IFSF /P POF DPNFT DMPTF UP PVS MFWFM PG FYQFSJFODF FBDI ZFBS -FBSO GPPU MBVODI n ZJOH TLJMMT TBGFMZ BOE BOE TVDDFTT XJUI UBOEFN BFSPUPX JOTUSVDUJPO " HSFBU $-06% 41035 "7*"5*0/ o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n Z QSFTUJHJPVT TDIPPMT GPS PWFS ZFBST QPPM FUD 'MJHIUT PG PWFS NJMFT BOE NPSF UIBO IPVST JOH BQQPJOUNFOUT XJUI UIF %SBBDIFO'MJFHFO 4PBSJOH $MVC "SUJDMFT JO )BOH (MJEJOH ,JUQMBOFT 4LZXJOHT $SPTT $PVO XXX XJOETQPSUT DPN BU $MPVE 'JFME %'4$JOD!BPM DPN USZ BOE PUIFST 'FBUVSFE PO OVNFSPVT 57 TIPXT JODMVE IUUQ NFNCFST BPM DPN EGTDJOD JOH %BUFMJOF /#$ 5IF %JTDPWFSZ $IBOOFM &41/ 7JTJU VT $0-03"%0 PO UIF 8FC IUUQ XXX XBMMBCZ DPN 1MFBTF DBMM VT GPS 53"7&34& $*5: )"/( (-*%&34 1"3"(-*%&34 o 1VU "*35*.& "#07& )"/( (-*%*/( o 'VMM UJNF SFGFSFODFT BOE WJEFP %FBO 4UJMM 3PBE %JTOFZ "SFB ZPVS LOFFT JO PVS CSFF[F BOE TPBS PVS TBOE EVOFT MFTTPOT TBMFT TFSWJDF $PMPSBEP T NPTU FYQFSJFODFE '- QIPOF GBY n Z!XBMMBCZ 'VMM UJNF TIPQ $FSUJm FE JOTUSVDUJPO CFHJOOFS UP BE 8JMMT 8JOH .PZFT "MUBJS "FSPT "JSXBWF )JHI &OFSHZ #BMM DPN 8"--"#: $POTFSWBUJWF SFMJBCMF TUBUF PG WBODFE 4BMFT TFSWJDF BDDFTTPSJFT GPS "-- NBKPS CSBOET 'MZUFD .PUP$PNN BOE NVDI NPSF $BMM UIF BSU ' ) ( */$ n ZJOH 'MPSJEB TJODF 7JTB .BTUFS$BSE & UI 5SBWFSTF $JUZ .* &WFSHSFFO $PMPSBEP "JSUJNF)(!BPM DPN 0GGFSJOH QPXFSFE QBSBHMJEJOH $BMM #JMM BU UDIBOHHMJEFS!DIBSUFSNJ OFU :PVS 64" $BOBEB (&03(*" (6//*40/ (-*%&34 o 4 FSWJOH UIF XFTUFSO TMPQF *OTUSVDUJPO TBMFT TFSWJDF TFXJOH BDDFTTPSJFT 4JUF -00,065 .06/5"*/ '-*()5 1"3, o %JTDPWFS XIZ .PTRVJUP EJTUSJCVUPS XXX NPTRVJUPBNFSJDB DPN JOGPSNBUJPO SBUJOHT $PVOUZ 3PBE (VOOJTPO $0 UJNFT BT NBOZ QJMPUT FBSO UIFJS XJOHT BU -.'1 8F /&8 :03, XSPUF 64)(" T PGm DJBM USBJOJOH NBOVBM IBOHMJEF DPN """ & 7*--& 065'*55&34 .06/5"*/ 8*/(4 */$ 1&", 50 1&", 1"3"(-*%*/( --$ o /FX QBSBHMJE IBOHMJEF o " FSPT /PSUI 8JOH NUOXJOHT!IWD JOH TDIPPM JO #PVMEFS 0GGFSJOH FYDFMMFOU TUBUF PG UIF BSU SS DPN XXX FWJMMFPVUm UUFST DPN &MMFOWJMMF / : JOTUSVDUJPO &RVJQNFOU UBOEFNT ,BZ!QFBLUPQFBLQBSB )"8"** HMJEJOH DPN XXX QFBLUPQFBLQBSBHMJEJOH DPN '-: )*() */$ o 4 FSWJOH /FX :PSL +FSTFZ BOE $PO '-: )"8"** o ) BXBJJ T IBOH HMJEJOH QBSBHMJEJOH QBSBNPUPSJOH TDIPPM .BVOB ,FB HVJEF TFSWJDF #JH *TMBOE OFDUJDVU BSFBT "SFB T FYDMVTJWF 8JMMT 8JOH EFBMFS "MTP '-03*%" BMM PUIFS CSBOET BDDFTTPSJFT "SFB T NPTU */&91&/4*7& )BXBJJ "DIJN )BHFNBOO XXX BJSDPUFD QSJDFT $FSUJm FE JOTUSVDUJPO TFSWJDF TJODF &YDFMMFOU '-03*%" 3*%(& "&30508 1"3, o & OFU n ZIBXBJJ IUN n ZBHMJEFS!ZBIPP DPN TFDPOEBSZ JOTUSVDUJPO 5BLFO TPNF MFTTPOT "EWBODF UP 4UBUF 3PBE $MFXJTUPO 'MPSJEB 130'-:()5 1"3"(-*%*/( o $BMM %FYUFS GPS GSJFOE NPVOUBJO n ZJOH XXX n ZIJHIIH DPN XXX UIFn PSJEBSJEHF DPN MZ JOGPSNBUJPO BCPVU n ZJOH PO .BVJ 'VMM TFSWJDF TDIPPM (3":#*3% "*3410354 o 1 BSBHMJEFS IBOH HMJEFS PGGFSJOH CFHJOOFS UP BEWBODFE JOTUSVDUJPO FWFSZ EBZ ZFBS 46426&)"//" '-*()5 1"3, $001&34508/ o USBJOJOH IJMM XJUI SJEFT VQ SJEHF o MBSHF -; 4QF UPXJOH USBJOJOH %SBHPOn Z BFSPUPX USBJOJOH 9$ SPVOE QBSBHMJEFIBXBJJ DPN DJBMJ[JOH JO m STU NPVOUBJO n JHIUT %BO (VJEP 4IPF UIFSNBMJOH JOTUSVDUJPO FRVJQNFOU %VOOFMMPO "JSQPSU NBLFS 3PBE .PIBXL /: FNBJM n Z!HSBZCJSEBJSTQPSUT DPN *%")0 EHVJEP!EGBNJML DPN XXX HSBZCJSEBJSTQPSUT DPN ,*/( .06/5"*/ (-*%&34 o "MMVSJOH TJUF QMVT TIPQ %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
/035) $"30-*/"
8*4$0/4*/
,*55: )"8, ,*5&4 o ' 3&& )BOH USBJOJOH XJUI QVS '3&&'-*()5 "7*"5*0/4 o 5IF .JEXFTU T MBSHFTU IBOH DIBTF PG FRVJQNFOU 5IF MBSHFTU IBOH HMJEJOH TDIPPM JO HMJEJOH TDIPPM 6TJOH CPUI BFSUPX UBOEFN BOE PO TJUF UIF XPSME 5FBDIJOH TJODF -FBSO UP n Z PWFS UIF &BTU USBJOJOH IJMM EBZT B XFFL "QSJM UISPVHI /PWFNCFS 'PS $PBTU T MBSHFTU TBOE EVOF :FBS SPVOE JOTUSVDUJPO GPPU UIF USBWFMJOH IBOH HMJEFS QJMPU SFOUBM FRVJQNFOU JT BWBJM MBVODI BOE UBOEFN BFSPUPX %FBMFS GPS BMM NBKPS NBOVGBD BCMF 8IJUFXBUFS 8JTDPOTJO IPNF PG UIF 8IJUFXBUFS UVSFST 6MUSBMJHIU JOTUSVDUJPO BOE UPVST )BOH (MJEJOH $MVC 'SFFn JHIU!DIBSUFS '-: 5)*4 XXX LJUUZIBXL DPN OFU 'SFFn JHIU"WJBUJPOT DPN
0)*0 $-06% 41035 "7*"5*0/ o 4FF $MPVE JO .JDIJHBO
16&350 3*$0 '-: 16&350 3*$0 8*5) 5&". 41*3*5 )( o 'MZJOH UPVST SFOUBMT UBOEFNT )( BOE 1( DMBTTFT ) BOE 1 JOUFOTJWF /PWJDF DPVSTFT GVMM TBMFT UTIH!DPRVJ OFU
5&//&44&& -00,065 .06/5"*/ '-*()5 1"3, o +VTU PVUTJEF $IBUUBOPPHB #FDPNF B DPNQMFUF QJMPU o GPPU MBVODI BFSPUPX NPVOUBJO MBVODI SJEHF TPBS UIFSNBM TPBS IBOHMJEF DPN IBOHMJEF 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
65") $-06% 40"3*/( $&/5&3 o 0ODF BHBJO XF BSF UIF DMPTFTU TIPQ UP UIF 1PJOU PG UIF .PVOUBJO 6UBI T POMZ GVMM UJNF 1( )( TIPQ BOE SFQBJS GBDJMJUZ $POUBDU PS XXX QBSBHMJEFST DPN
7*3(*/*" #-6& 4,: o 'VMM UJNF JOTUSVDUJPO BU #MVF 4LZ 'MJHIU 1BSL OFBS 3JDINPOE 4DPPUFS QMBUGPSN BOE BFSPUPXJOH BWBJMBCMF "MM NBKPS CSBOET PG FRVJQNFOU XJUI .PTRVJUPT BOE %PPEMFCVHT JO TUPDL 4UFWF 8FOEU XXX CMVFTLZIH DPN
3"7&/ )"/( (-*%*/( */$ 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" '-:463 &91&%*5*0/4 o "SHFOUJOB $IJMF $PTUB 3JDB (VJEFE UPVST XJUI 64)(" $FSUJm FE *OTUSVDUPST XXX '-:463 DPN
1"354 "$$&4403*&4 #*( &"34 155 o *ODMVEFT TQFBLFS BOE NJDSP QIPOF SBEJP DPOOFDUJPO TFBMFE m OHFS TXJUDI $IPPTF UIF GVMM GBDF PS UIF PQFO GBDF NPEFM XXX CJHFBSTQUU DPN $-05)*/( o &NCSPJEFSFE BOE TDSFFO QSJOUFE TIJSUT BOE IBUT XJUI TIBSQ IBOH HMJEFS BSUXPSL 3BWFO 8JMMT 555 BOE PUIFS CSBOET XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT '-*()5 $0//&$5*0/4 155** o GPS :BFTV *DPN .BYPO ,FOXPPE BOE NPTU PUIFS NFUFS SBEJPT NE!n JHIUDPOO DPN
.*/* 7"3*0 o 8PSME T TNBMMFTU TJNQMFTU WBSJP $MJQT UP IFMNFU PS DIJOTUSBQ IPVST PO CBUUFSJFT GU GBTU SFTQPOTF BOE ZFBS XBSSBOUZ 0/-: .BMMFUUFD 10 #PY 4BOUB "OB $" .$ 7JTB BDDFQUFE XXX NBMMFUUFD DPN 09:(&/ 4:45&.4 o 5IF XPSME DMBTT 9$3 PQFSBUFT VQ UP IPVST ! GFFU BOE XFJHIT POMZ MCT $PN QMFUF LJU XJUI DZMJOEFS IBSOFTT SFHVMBUPS DBOOVMB BOE SFNPUF PO PGG n PXNFUFS POMZ 3*4*/( "*3 (-*%&3 3&1"*3 4&37*$&4 o " GVMM TFSWJDF TIPQ TQFDJBMJ[JOH JO BMM UZQFT PG QBSBHMJEJOH SFQBJST BOOVBM JOTQFDUJPOT SFTFSWF SFQBDLT IBSOFTT SFQBJST )BOH HMJEJOH SFTFSWF SFQBDLT BOE SFQBJS 'PS JOGPSNB UJPO PS SFQBJS FTUJNBUF DBMM QSJDJOH BOE TFSWJDF SFRVFTU GPSN BWBJMBCMF BU XXX SJTJOHBJS CJ[ CJMMB!BUDOFU OFU 5"/%&. -"/%*/( (&"3 o 3BTDBM CSBOE CZ 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 $0. o 'MJHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT n JHIU TVJUT NQITQPSUT!DPNDBTU OFU 8)&&-4 '03 "*3'0*- #"4&56#&4 o 8 )004) 8IFFMT 1BUFOU 1FOEJOH .PZFT "JSCPSOF 8JMMT 8JOH DPNQBUJCMF %FBMFS JORVJSJFT JOWJUFE XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT 8*/%40,4 '30. )"8, "*3410354 */$ o $PSCJO -BLF 3E 3VUMFEHF 5/ 8PSME GBNPVT 8JOETPLT BT TFFO BU UIF 0TILPTI 4VO / 'VO &"" 'MZ *OT )BXL!XJOETPL DPN XXX XJOETPL DPN
16#-*$"5*0/4 03("/*;"5*0/4 #*3%'-*()5 o 0UUP -JMJFOUIBM T HFOJVT JO TDJFOUJm D PCTFS WBUJPOT BOE BOBMZTJT EPDVNFOUFE JO UIJT XPSL CFDBNF UIF CBTJT GPS UIF FYQFSJNFOUBUJPO PG UIF FBSMZ QJPOFFST JO BWJBUJPO 5IF iIFSPw PG UIF 8SJHIU CSPUIFST 0UUP JT DPOTJEFSFE UP CF i5IF 'BUIFS PG (MJEJOH 'MJHIU w -JMJFOUIBM T EFm OJUJWF CPPL IBT CFFO PVU PG QSJOU GPS BMNPTU B DFOUV SZ CVU JT OPX BWBJMBCMF UP FWFSZPOF GPS B XPOEFSGVM BOE BCTPSCJOH KPVSOFZ JOUP BWJBUJPO IJTUPSZ QBHFT QIPUPHSBQIT ESBXJOHT BOE HSBQIT T I $BMM 64)(" BU PS PSEFS PGG PVS 8FC TJUF XXX VTIHB PSH 10 #PY $PMPSBEP 4QSJOHT $0
'03 "-- :063 '-:*/( /&&%4 o $IFDL PVU UIF "WJB UJPO %FQPU BU XXX NPKPTHFBS DPN GFBUVSJOH PWFS JUFNT GPS GPPU MBVODIFE BOE QPXFSFE QBSBHMJEJOH IBOH /&8 $0/%03 53"*- 1"3"(-*%*/( 5)& $&/53"- HMJEJOH TUVOU BOE QPXFS LJUJOH BOE QPXFSFE QBSBDIVUFT "/%&4 o UIF HVJEFCPPL UP QBSBHMJEJOH BOE USBWFMJOH JO 4*-7&3 8*/(4 */$ o $ FSUJm FE JOTUSVDUJPO BOE TFDVSF POMJOF TIPQQJOH #PPLT WJEFPT ,*5&4 UIF $FOUSBM "OEFT *U T QBDLFE XJUI QBHFT PG NBQT FRVJQNFOU TBMFT "SMJOHUPO 7JSHJOJB HJGUT FOHJOF QBSUT IBSOFTT BDDFTTPSJFT FMFDUSPOJDT TJUF EFTDSJQUJPOT MPDBM MPSF GSFF n JHIU DPOUBDUT BOE TJMWFSXJOHTIBOHHMJEJOH DPN DMPUIJOH TBGFUZ FRVJQNFOU DPNQMFUF QPXFSFE QBSBHMJEJOH QIPUPT BMM UIF JOGPSNBUJPO ZPV OFFE UP QMBO ZPVS PXO "OEFBO QBSBHMJEJOH BEWFOUVSF .PTU PG UIF MBVODI BOE VOJUT XJUI USBJOJOH GSPN )JMM $PVOUSZ 1BSBHMJEJOH *OD XXX MBOEJOH BDDFTT UISPVHIPVU UIF "OEFT JT EPOF XJUI DIFBQ IJMMDPVOUSZQBSBHMJEJOH DPN GPS PSEFST 8"4)*/(50/ QVCMJD USBOTQPSUBUJPO $POEPS 5SBJM HJWFT ZPV CVT SPVUFT UP POMZ 0Gm DF "&3*"- 1"3"(-*%*/( 4$)00- "/% '-*()5 1"3, DBUDI BSFBT UP BWPJE USBWFMFS UJQT BOE DPOUBDUT GPS UIF "XBSE XJOOJOH JOTUSVDUPST BU B XPSME DMBTT USBJOJOH GBDJMJUZ (-*%&3#"(4 o 9$ )FBWZ XBUFSQSPPG "DDFT MPDBM n ZJOH DPNNVOJUJFT UISPVHIPVU &DVBEPS 1FSV #P $POUBDU %PVH 4USPPQ BU PS WJTJU TPSJFT MPX QSJDFT GBTU EFMJWFSZ (VOOJTPO (MJEFST MJWJB /PSUIFSO "SHFOUJOB BOE /PSUIFSO $IJMF $BMM 64) $PVOUZ 3PBE (VOOJTPO $0 (" BU PS PSEFS PGG PVS 8FC TJUF XXX XXX QBSBHMJEJOH VT PSEFST VTIHB PSH 10 #PY $PMPSBEP 4QSJOHT $0
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
'-: 5)& 8*/( )00,*/( */50 )"/( (-*%*/( o .*4$&--"/&064 #Z -FO )PMNT 5IJT JT UIF QFSGFDU CPPL GPS UIPTF DVSJPVT BCPVU UIF TQPSU PG IBOH HMJEJOH 8SJUUFO BU B MFWFM UIBU XJMM i"&30#"5*$4w 1045&3 o 'VMM DPMPS wY w QPTUFS OPU TXBNQ UIF SFBEFS XJUI B EBVOUJOH BNPVOU PG UFDI GFBUVSJOH +PIO )FJOFZ EPJOH XIBU IF EPFT CFTU OJDBM EFUBJMT ZPV XJMM MFBSO BCPVU IBOH HMJEFS XJOHT BOE -001*/( 4FF XXX VTIHB PSH VOEFS TUPSF NJTD GPS UIF TLJMMT OFFEFE UP n Z UIFN QBHFT XJUI QIPUPT BOE FYBNQMF "WBJMBCMF UISPVHI 64 (" )2 GPS KVTU T I 64)(" 10 #PY $PMPSBEP 4QSJOHT JMMVTUSBUJPOT T I $BMM 64)(" BU PS PSEFS PGG PVS 8FC TJUF XXX VTIHB PSH 10 $0 64" $BOBEB POMZ 4PSSZ QPTUFST BSF /05 "7"*-"#-& PO JOUFSOBUJPOBM PSEFST 41&$*"- "FSPCBUJDT #PY $PMPSBEP 4QSJOHT $0 QPTUFS &SJD 3BZNPOE QPTUFS #05) '03 T I 40"3*/( o .POUIMZ NBHB[JOF PG 5IF 4PBSJOH 4PDJFUZ PG "NFSJDB *OD $PWFST BMM BTQFDUT PG TPBSJOH n JHIU 'VMM %7%4 7*%&04 #00,4 1045&34 o $IFDL PVU PVS 8FC NFNCFSTIJQ 44" 10 #PY )PCCT /. TUPSF BU XXX VTIHB PSH TTB PSH
803-%8*%& */5&3/&5 1"3"(-*%*/( 5"-, 4)08 o 8 88 803-%5"-,3"%*0 $0. -JTUFO MJWF PS UP UIF 7*%&04 %7%4 BSDIJWFT -JWF 5VFTEBZ B N 145 $BMM UPMM GSFF PS JOUFSOBUJPOBMMZ BU 7*%&04 '30. 64)(" o 8 88 64)(" 03( 1BSBHMJEFS QJMPUT BOE SBEJP IPTUT %BWJE BOE (BCSJFM /&8 163" 7*%" '-:*/( o #Z (8 .FBEPXT QJ +FCC XBOU UP IFBS BCPVU ZPVS TUPSJFT QSPNPUJPOT FWFOUT MPUT XFFLT KVOHMF OP SVMFT " USJP PG DPNQFUJUJPO PS JOTJHIU UIFZ BMTP UBLF RVFTUJPOT IBOH HMJEFS BOE QBSBHMJEFS QJMPUT EJTDPWFS UIF USVF NFBO $-"44*'*&% "%7&35*4*/( 3"5&4 o 5IF SBUF GPS JOH PG iQVSB WJEBw BT UIFZ FOKPZ UIF KVOHMFT BOE CFBDIFT PG DMBTTJm FE BEWFSUJTJOH JT GPS XPSET BOE $PTUB 3JDB )BOH HMJEJOH QBSBHMJEJOH VMUSBMJHIU UPXJOH QFS XPSE BGUFS .*/*.6. "% $)"3(& 1IPOF LJUFCPBSEJOH BOE NPSF "XFTPNF n ZJOH 0SEFS OVNCFS XPSET &NBJM PS 8FC BEESFTT XPSET "% ZPVST BU XXX VTIHB PSH TUPSF %&"%-*/&4 "MM BE DPQZ JOTUSVDUJPOT DIBOHFT BEEJUJPOT /&8 3*4, 3&8"3% o #Z +FGG (PJO 5IJT NJO DBODFMMBUJPOT NVTU CF SFDFJWFE JO XSJUJOH NPOUIT %7% FYQPTFT UIF SJTLT BOE SFXBSET PG QPXFSFE QBSBHMJE QSFDFEJOH UIF DPWFS EBUF J F %FDFNCFS UI JT UIF JOH JO B GVO BDUJPO QBDLFE BEWFOUVSF :PV PXF ZPVSTFMG EFBEMJOF GPS UIF +BOVBSZ JTTVF "-- $-"44*'*&%4 "3& UIJT JOTJEF MPPL UIBU DPVME FBTJMZ TBWF ZPVS MJGF 5ISFF ZFBST 13&1"*% *G QBZJOH CZ DIFDL QMFBTF JODMVEF UIF GPMMPX JO UIF NBLJOH 3JTL 3FXBSE HBUIFST XJTEPN GSPN B MPOH JOH XJUI ZPVS QBZNFOU OBNF BEESFTT QIPOF DBUFHPSZ MJTU PG JOTUSVDUPST 4QFDUBDVMBS WJEFP GSPN BSPVOE UIF IPX NBOZ NPOUIT ZPV XBOU UIF BE UP SVO BOE UIF DMBTTJ XPSME TIFET MJHIU PO FTTFOUJBM DPODFQUT XJUI DMBSJUZ BOE m FE BE 1MFBTF NBLF DIFDLT QBZBCMF UP 64)(" 1 0 #PY $PMPSBEP 4QSJOHT $0 *G QBZJOH XJUI SFBMJTN 0SEFS ZPVST BU XXX VTIHB PSH TUPSF DSFEJU DBSE ZPV NBZ FNBJM UIF QSFWJPVT JOGPSNBUJPO BOE /&8 64)(" ."(";*/& "3$)*7& o 5IF DMBTTJm FE UP VTIHB!VTIHB PSH 'PS TBGFUZ SFBTPO QMFBTF %7% TFU IPMET UIF IJTUPSZ PG PVS TQPSU GSPN UIF FBSMJFTU DBMM ZPVS 7JTB .$ PS "NFY JOGP UP UIF PGm DF /P SFGVOET EBZT PG CBNCPP BOE QMBTUJD UP UIF QSFTFOU 8JUIJO UIFTF XJMM CF HJWFO PO BET DBODFMMFE UIBU BSF TDIFEVMFE UP SVO QBHFT ZPV MM m OE UIF FWPMVUJPO PG GPPU MBVODIFE n JHIU GSPN NVMUJQMF NPOUIT 'BY UIF m STU EBZT PG CBNCPP EVOF TLJNNFST UP UIF NPEFSO WBSJFUZ PG IBOH HMJEFST QBSBHMJEFST BOE SJHJE XJOHT &BDI 450-&/ 8*/(4 5)*/(4 1%' m MF JT POF DPNQMFUF NBHB[JOF KVTU BT PSJHJOBMMZ QVC MJTIFE 1BHFT XJUI DPMPS BSF QSPEVDFE BT DPMPS TDBOT UIF 8*--4 8*/( '"-$0/ o 4UPMFO NJE /PWFNCFS SFTU TDBOOFE BT CMBDL BOE XIJUF JNBHFT 'VUVSF JTTVFT GSPN B m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o 5IF NJOVUF */ 50 '"9&% 50 EJHJUBM WJEFP EPDVQJDUVSF DPWFST BMM UIJSUZ ZFBST PG IBOH 03 &."*-&% 50 64)("!64)(" 03( '03 */$-6 HMJEJOH BOE BMM TFWFOUFFO ZFBST PG QBSBHMJEJOH *U CFHJOT 4*0/ */ )"/( (-*%*/( 1"3"(-*%*/( ."(";*/& XJUI UIF #PC BOE $ISJT 8JMMT TUPSZ o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m D DPBTU /BSSBUPS #PCCZ $BSSBEJOF UISFBET VT UISPVHI UIF UISFF EFDBEFT $BMM 64)(" BU PS PSEFS PGG PVS 8FC TJUF XXX VTIHB PSH 10 #PY $PMPSBEP 4QSJOHT $0 %FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
45 1"6- .*// o 1SFDJTFMZ BT * XSJUF UIFTF XPSET PO FYQFOTJWF DIPJDF 3JDIBSE $PCC XSJUFT i)PXEZ * OPUJDFE B ɩ VSTEBZ FWFOJOH JO 0DUPCFS POF PG PVS FBSMZ MFBEFST JO UIF TUBUFNFOU JO UIF 0DUPCFS A1SPEVDU -JOFT BCPVU [FSP IBOH HMJEJOH JT CFJOH JOEVDUFE JOUP UIF &"" 6MUSBMJHIU )BMM PG HMJEFST GPS CJH CPZT w 3JDIBSE OPUFE iɩ F "JSCPSOF 4UJOH JT 'BNF 5PN 1FHIJOZ BOE $IVDL 4MVTBSD[ZL QSFDFEFE IJN JO MJTUFE VQ UP QPVOETw PG QJMPU BOE FRVJQNFOU SFGFSSJOH UP UIJT IPOPS #PUI XFSF WFSZ FBSMZ IBOH HMJEJOH MFBEFST BOE &"" UIF 4UJOH ** i* POMZ IPPL JO BU BCPVU QPVOET VO SFDPHOJ[FT UIBU IBOH HMJEFST QSFDFEFE BOE BMMPXFE VMUSBMJHIUT UP QPXFSFE CVU * BMTP VTF JU XJUI B .PTRVJUP *U IBOEMFT HSFBU DPNF JOUP FYJTUFODF MFBEJOH UP UIF -JHIU 4QPSU "JSDSBGU PG UPEBZ FJUIFS XBZ w 'PS NPSF JOGP HP UP IUUQ XXX BJSCPSOF DPN BV ttt -BSSZ .BVSP B QJPOFFS PG IBOH HMJEFST BOE MBUFS VMUSB QBHFT IH@TUJOH@TQFDT IUNM ttt i5JNFT IBWF DIBOHFE w HPFT MJHIU BJSDSBGU XBT UIF EFTJHOFS PG UIF &BTZ 3JTFS IBOH HMJEFS B CJU PG TUSFFU XJTEPN 8JUI UIF 'FCSVBSZ JTTVF PG UIJT XIJDI XBT JNNFOTFMZ QPQVMBS JO JUT EBZ -BSSZ BOE B GFMMPX NBHB[JOF * XJMM DPNQMFUF ZFBST PG BVUIPSJOH UIJT DPMVNO )FXMFUU 1BDLBSE FOHJOFFS FBDI QJUDIFE JO GPS QMBOT UP CVJME (JWFO BMM UIBU IBT DIBOHFE JO UIBU UJNF * N CFHJOOJOH UP BO *DBSVT ** HMJEFS BGUFS TFFJOH POF JO UIF .BSDI FEJ DPODFJWF UIF m OBM FEJUJPO PG i1SPEVDU -JOFT w ɩ JT CBDL PG UJPO PG /BUJPOBM (FPHSBQIJD &"" TBZT i-JUUMF EJE UIFZ LOPX UIF CPPL DPMVNO XIJDI PSJHJOBUFE JO NZ 8IPMF "JS $BUBMPH UIBU XPVME TQBSL B DIBOHF JO BWJBUJPO IJTUPSZ BOE IFMQ BOE IBT OPX MBTUFE UISPVHI UISFF NBHB[JOF DIBOHFT IBT VTIFS JO B DPNQMFUFMZ OFX DBUFHPSZ PG n ZJOH NBDIJOFT TPPO UP QFSIBQT HSPXO B CJU MPOH JO UIF UPPUI *OUFSOFU TPVSDFT GPS CF LOPXO BT VMUSBMJHIUT w .BVSP TUBSUFE 6MUSBMJHIU 'MZJOH OFXT BOE HPTTJQ BSF TP NVDI GBTUFS UIBU UIF CSFBLJOH OFXT .BDIJOFT BOE EFTJHOFE UIF %FNPJTFMMF UIF &BTZ 3JTFS BOE WBMVF PG UIJT DPMVNO IBT CFFO VQTUBHFE ɩ F MBSHF OVNCFS PG UIF 4PMBS 3JTFS #Z DIBSUFS )BMM PG 'BNF JOEVDUFF +PIO IBOH HMJEJOH NBOVGBDUVSFST BOE TVQQMJFST IBT EXJOEMFE UP B .PPEZ IBE TVDDFTTGVMMZ BEEFE B NPUPS UP UIF GPPU MBVODIFE QPJOU XIFSF UIF RVBOUJUZ PG QSPEVDUT UP SFWJFX DBO CF TQBSTF JO &BTZ 3JTFS BOE UIF VMUSBMJHIU SFWPMVUJPO CFHBO %FNBOE GPS TPNF NPOUIT PG UIF ZFBS "OE NBOZ IBOH HMJEFS BOE QBSBHMJE UIF QPXFSFE WFSTJPO PG .BVSP T &BTZ 3JTFS JODSFBTFE TJHOJm FS QJMPUT IBWF OPX CFFO BU UIJT TQPSU MPOH FOPVHI UP CFDPNF TP DBOUMZ BGUFS .PPEZ T BQQFBSBODF BU &"" 0TILPTI i#Z FYQFSU UIBU UIJT DPMVNO NBZ OPU CF UIF WBMVFE SFTPVSDF JU PODF UIF FOE PG UIFSF XFSF BMNPTU DPNQFUJOH DPNQB XBT * N JODMJOFE OPU UP PWFSTUBZ NZ XFMDPNF BOE * WF IBE OJFT TFMMJOH QPXFSFE HMJEFST w JOEJDBUFE -BSSZ i4UBSUJOH UIF B HSFBU MPOH SVO /P PUIFS DPMVNO PS TFSJFT JO IBOH HMJEJOH 6MUSBMJHIU 'MZJOH .BDIJOF $PNQBOZ TFFNFE UP CF B DBUBMZTU w XPSMEXJEF IBT SVO BOZXIFSF OFBS BT MPOH BT i1SPEVDU -JOFT w TBJE .BVSP i*U XBT UIF SJHIU QMBDF BU UIF SJHIU UJNF UIJOHT 4P TIBMM * IBOH JU VQ BOE MFU UIF TQBDF CF VTFE GPS PUIFS NBUF MJLF UIBU EPO U IBQQFO WFSZ PGUFO w $PNNFOUJOH PO CFJOH SJBM :PV UFMM NFyCVU JU T XIBU * N UIJOLJOH ttt .FBOXIJMF * JOEVDUFE JOUP UIF IBMM PG GBNF -BSSZ TBJE UIF IPOPS HJWFT IJN UIPVHIU GPS B GFX JTTVFT JU NJHIU CF JOUFSFTUJOH UP MPPL CBDL NPSF JODFOUJWF UP DPNF VQ XJUI OFX VMUSBMJHIU EFTJHOT i* ZFBST JO UIF FBSMJFS DPMVNOT UP SFn FDU PO XIBU IBT DIBOHFE XBJUFE <UP EFTJHO BOZUIJOH OFX> GPS B MPOH UJNF CFDBVTF VMUSB ɩ F DPWFS PG UIF 4FQU 0DU 8IPMF "JS GFBUVSFE BO PME MJHIUT FWPMWFE JOUP AGBU VMUSBMJHIUT TP UIF TUVĊ * XBT EPJOH XBT GSJFOE %BO 3BDDBOFMMJ n ZJOH IJT 4USBUVT EFTJHO 1PXFSFE UPP MJHIU GPS QFPQMF T UBTUFT w IF TBJE iɩ F OFX 4QPSU 1JMPU SVMF VMUSBMJHIUT IBE CFHVO UP DSFFQ JOUP UIF TDFOF BOE POUP UIF IBT DIBOHFE BMM UIBU w 5PEBZ .BVSP MJWFT JO DFOUSBM 'MPSJEB QBHFT PG 8IPMF "JS 8JMMT 8JOH XBT BEWFSUJTJOH UIFJS 3BWFO XIFSF IF JT XPSLJOH PO UXP OFX NPEFMT IF TBZT XJMM CF USVF BT i T .PTU 1PQVMBS (MJEFSw BOE 4LZ 4QPSUT XBT NBSLFU '"" 1BSU VMUSBMJHIUT i* TUJMM UIJOL UIJT VMUSBMJHIU UIJOH JOH JUT NPTUMZ EPVCMF TVSGBDFE 4JSPDDP *** ɩ F NBHB[JOF T QJMPU JT OPU HPJOH UP ESPQ PĊ UIF FOE PG UIF QMBOFU w TBJE .BVSP SFQPSU CZ ZPVST USVMZ XBT PO UIF .PZFT .FHB .L BOE * BMTP iɩ FSF JT TUJMM B MPU PG QPUFOUJBM UIFSF w (PPE MVDL -BSSZ * MM XSPUF B SFQPSU PO UIF 4LZ 4QPSUT )VNCVH VMUSBMJHIU UIFZ E CF XBUDIJOH ttt i*O ZPVS MBUFTU DPMVNO w XSJUFT 7JODF &OEUFS TUBSUFE UP QSPEVDF BMPOH XJUI IBOH HMJEFST i1SPEVDU -JOFTw iZPV XSPUF UIBU UIFSF XFSF [FSP HMJEFST FYDFQU GPS UBOEFN PG UBMLFE BCPVU UIF .BTUFST BOE UIF "NFSJDBO $VQ DPO XJOHT GPS QJMPUT UIBU IPPL JO NPSF UIBO QPVOET * N UFTUT 3VNPST XFSF n ZJOH BCPVU B QPTTJCMF NFSHFS PG 4FBHVMM TVSF ZPV XJMM HFU TFWFSBM FNBJMT BCPVU UIJT BT " * 3 NBLFT BOE 4FFEXJOHT ɩ F 61 $PNFU XBT XJOOJOH DPOUFTUT FWFSZ UIF 79 :FT JU DBO CF n PXO UBOEFN CVU JU JO OP XBZ n JFT XIFSF XJUI 88 T )BSSJFS JO IPU QVSTVJU "OE DIFDL PVU UIFJS MJLF B UBOEFN XJOH +VTU MPPL BU UIF MBSHF OVNCFS PG UIFN BU QSJDFT BOE CSBOE OFX (FPSHF 8PSUIJOHUPO UIF DPNQT XIFSF ZPV XPO U m OE BOZ PUIFS AUBOEFN XJOHT *U IBE KVTU TFU B OFX XPSME SFDPSE XJUI B NJMF n JHIU "OE IBT WJSUVBMMZ UIF TBNF QFSGPSNBODF BT UIF OFX 73 FYDFQU #JMM #FOOFUU T %FMUB 8JOH SFMFBTFE B OFX iTVQFS GBTU EFQMPZ BU WFSZ IJHI TQFFET TQFFET UIBU B SFD QJMPU XJMM BMNPTU OFWFS NFOUw QBSBDIVUF B QSPEVDU IF XBT TUJMM QSPNPUJOH BT B OFX n Z w iɩ PVHI * EPO U PXO B 79 * E MJLF UP HFU UIF XPSE TBGFUZ GFBUVSF JO UIPTF FBSMZ EBZT 8FMM UIBU T FOPVHI SFNJ PVU UP IFMQ PUIFS QJMPUT w DPODMVEFE 7JODF * DPVMEO U BHSFF OJTDJOH VOUJM OFYU NPOUIy ttt 4P HPU OFXT PS PQJOJPOT 4FOE NPSF "GUFS n ZJOH EVBM XJUI 'FMJY 3VIMF BOE UIFO TPMPJOH * AFN UP %PSTFU 4U 1BVM ./ .FTTBHFT PS GBY UP GPVOE UIF 79 UP IBOEMF TJNJMBSMZ BOE UP QPTTFTT HPPE TQFFE &NBJM UP %BO!#Z%BO+PIOTPO DPN 5)"/,4 FWFO XIFO MJHIUMZ MPBEFE #VU BU BSPVOE JU T B QSFUUZ
%FDFNCFS )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH
TN• IIIOST COMIILn'II., N•N•IIT CIUAUIY U-GII N . . . Cll ffl&C •NISTOll¥7
C•ndar Pul"pDU-mlllt. utni llght Wlllght tll'III dly trlllnlng
glldw.
.........
n. u111mni tlnit pul"IIMN glmr-. . . . ..,. to fly wllh DNpllan•I IOilrtng ~lffllfflll&
,..••nTwNlw
c.ufled ta, IOO paundl hoalc. lnr NUIM HpllRII hln:llng qu•mlN .:ram u. ...Ure walght rw,gt1.. m•tlng Tt t:11111 ldUmate tudllng taa .
...... 2
n, mott performena ever ._1.,1e n • ,girder
1hlt,NIYU. ftf-compl. . wfth tfl'ldni VG.,..."' ,ind ,1 -....ITntd Ptrlonne~ ~ I t.r. U2
NMr tapl- ~ I n • fWdw.Wrt. _.,. to tty ..,.,.lttoMI ennftgln1lan. T.I
n. u111mde In PMfoll'TIMN -WIH'ld all• DampMidw, aut af th9 bmt.
........ h....,.
,.._ 1nmt .......... '11111 Nit '11111..., In• el ..... (IID . .MtleeJ
Lwn . . . n www.w•a1n....,.
-----·--acaM
~ AINllill"I: m..r ~ - - - ~