USHGA Hang Gliding & Paragliding Vol36/Iss3 March 2006

Page 1

7PMVNF *TTVF .BSDI

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



+BZOF %F1BOm MJT 1VCMJTIFS KBZOF!VTIHB PSH $ + 4UVSUFWBOU &EJUPS FEJUPS!VTIHB PSH +PF )BSUNBO "SU %JSFDUPS KIBSUNBO!CSBOEJOHJSPONFEJB DPN 5IBZFS )VHIFT $POUSJCVUJOH &EJUPS UIBZFS!VTIHB PSH 4UBGG XSJUFST +PF (SFHPS 5IBZFS )VHIFT %BWJE BOE (BCSJFM +FCC %BO +PIOTPO %FOOJT 1BHFO %BWJT 4USBVC

)"/( (-*%*/( 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

0Gm DF 4UBGG

1045."45&3 4FOE DIBOHF PG BEESFTT UP )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF 1 0 #09 $PMPSBEP 4QSJOHT $0

+BZOF %F1BOm MJT &YFDVUJWF %JSFDUPS KBZOF!VTIHB PSH .BSUJO 1BMNB[ #VTJOFTT .BOBHFS NBSUJO!VTIHB PSH 3JDL #VUMFS *OGPSNBUJPO 4FSWJDFT %JSFDUPS SJDL!VTIHB PSH &SJO 3VTTFMM "ENJO .FNC 4FSWJDFT FSJO!VTIHB PSH 64)(" 0Gm DFST BOE &YFDVUJWF $PNNJUUFF -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

$BOBEJBO 1PTU 1VCMJDBUJPOT .BJM "HSFFNFOU $BOBEJBO 3FUVSO "EESFTT %1 (MPCBM .BJM 8BMLFS 3PBE 8JOETPS 0/ / " + %*4$-"*.&3 0' 8"33"/5*&4 */ 16#-*$"5*0/4

5IF NBUFSJBM QSFTFOUFE IFSF JT QVCMJTIFE BT QBSU PG BO JOGPSNBUJPO EJTTFNJOBUJPO TFSWJDF GPS 64)(" NFNCFST 5IF 64)(" NBLFT OP XBSSBOUJFT PS SFQSFTFOUBUJPOT BOE BTTVNFT OP MJBCJMJUZ DPODFSOJOH UIF WBMJEJUZ PG BOZ BEWJDF 3&(*0/ #JMM #PMPTLZ .BSL 'PSCFT 3&(*0/ +JN PQJOJPO PS SFDPNNFOEBUJPO FYQSFTTFE JO UIF NBUFSJBM "MM .BDLMPX 6ST ,FMMFOCFSHFS 1BVM (B[JT 3&(*0/ %BWJE JOEJWJEVBMT SFMZJOH VQPO UIF NBUFSJBM EP TP BU UIFJS PXO SJTL +FCC +PIO (SFZOBME 5BE )VSTU 3&(*0/ 4UFWF .BZFS $PQZSJHIU ª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m FME /"" OFXT SFMFBTFT XJUI PVS SFBEFSTIJQ JO NJOE BOE LFFQ UIFN 5IF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO *OD JT BO BJS SFBTPOBCMZ TIPSU XJUIPVU FYDFTTJWF TBMFT IZQF :PV BSF TQPSUT PSHBOJ[BUJPO BGm MJBUFE XJUI UIF /BUJPOBM "FSPOBVUJD XFMDPNF UP TVCNJU QIPUP BUUBDINFOUT QSFGFSBCMZ KQFH "TTPDJBUJPO /"" XIJDI JT UIF PGm DJBM SFQSFTFOUBUJWF m MFT TNBMMFS UIBO B NFHBCZUF PG UIF 'ÏEÏSBUJPO "FSPOBVUJRVF *OUFSOBUJPOBMF '"* PG UIF XPSME HPWFSOJOH CPEZ GPS TQPSU BWJBUJPO 5IF /"" $BMFOEBS PG FWFOUT JUFNT NBZ CF TFOU WJB FNBJM UP XIJDI SFQSFTFOUT UIF 6OJUFE 4UBUFT BU '"* NFFUJOHT IBT FEJUPS!VTIHB PSH BT NBZ MFUUFST UP UIF FEJUPS 1MFBTF CF EFMFHBUFE UP UIF 64)(" TVQFSWJTJPO PG '"* SFMBUFE IBOH DPODJTF BOE USZ UP BEESFTT B TJOHMF UPQJD JO ZPVS MFUUFS HMJEJOH BOE QBSBHMJEJOH BDUJWJUJFT TVDI BT SFDPSE BUUFNQUT :PVS DPOUSJCVUJPOT BSF HSFBUMZ BQQSFDJBUFE *G ZPV IBWF BO BOE DPNQFUJUJPO TBODUJPOT JEFB GPS BO BSUJDMF ZPV NBZ EJTDVTT ZPVS UPQJD XJUI UIF )"/( (-*%*/( 1"3"(-*%*/( NBHB[JOF JT QVCMJTIFE FEJUPS FJUIFS CZ FNBJM PS UFMFQIPOF GPS GPPU MBVODIFE BJS TQPSUT FOUIVTJBTUT UP DSFBUF GVSUIFS $POUBDU &EJUPS )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF JOUFSFTU JO UIF TQPSUT PG IBOH HMJEJOH BOE QBSBHMJEJOH BOE FEJUPS!VTIHB PSH UP QSPWJEF BO FEVDBUJPOBM GPSVN UP BEWBODF IBOH HMJEJOH BOE QBSBHMJEJOH NFUIPET BOE TBGFUZ $POUSJCVUJPOT BSF 'PS DIBOHF PG BEESFTT PS PUIFS 64)(" CVTJOFTT DBMM XFMDPNF PS FNBJM VTIHB!VTIHB PSH )"/( (-*%*/( 1"3"(-*%*/( NBHB[JOF SFTFSWFT UIF SJHIU UP FEJU DPOUSJCVUJPOT XIFSF OFDFTTBSZ 5IF "TTPDJBUJPO BOE QVCMJDBUJPO EP OPU BTTVNF SFTQPOTJCJMJUZ GPS UIF NBUFSJBM PS PQJOJPOT PG DPOUSJCVUPST )"/( (-*%*/( 1"3"(-*%*/( FEJUPSJBM PGm DFT FNBJM FEJUPS!VTIHB PSH "-- "%7&35*4*/( "/% "%7&35*4*/( */26*3*&4 .645 #& 4&/5 50 64)(" )&"%26"35&34 */ $0-03"%0 413*/(4 5IF 64)(" JT B NFNCFS DPOUSPMMFE TQPSU PSHBOJ[BUJPO EFEJDBUFE UP UIF FYQMPSBUJPO BOE QSPNPUJPO PG BMM GBDFUT PG VOQPXFSFE VMUSBMJHIU n JHIU BOE UP UIF FEVDBUJPO USBJOJOH BOE TBGFUZ PG JUT NFNCFSTIJQ .FNCFSTIJQ JT PQFO UP BOZPOF JOUFSFTUFE JO UIJT SFBMN PG n JHIU %VFT GPS 3PHBMMP NFNCFSTIJQ BSF QFS ZFBS PG XIJDI HPFT UP UIF QVCMJDBUJPO PG )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF OPO 6 4 TVCTDSJQUJPO SBUFT POMZ BSF OPO 6 4 $IBOHFT PG BEESFTT TIPVME CF TFOU TJY XFFLT JO BEWBODF JODMVEJOH OBNF 64)(" OVNCFS QSFWJPVT BOE OFX BEESFTT BOE B NBJMJOH MBCFM GSPN B SFDFOU JTTVF :PV NBZ BMTP FNBJM ZPVS SFRVFTU XJUI ZPVS NFNCFS OVNCFS UP VTIHB!VTIHB PSH

5IF 6OJUFE 4UBUFT )BOH (MJEJOH "TTPDJBUJPO B EJWJTJPO PG UIF /BUJPOBM "FSPOBVUJD "TTPDJBUJPO

JT B SFQSFTFOUBUJWF PG UIF 'ÏEÏSBUJPO "FSPOBVUJRVF *OUFSOBUJPOBMF JO UIF 6OJUFE 4UBUFT

'MZJOH OFBS .FOEP[B "SHFOUJOB 1IPUP +FGG $SJTUPM


%&1"35.&/54 &EJUPS T $PSOFS 1JMPU #SJFm OHT /FXT BOE &WFOUT "JS .BJM 3FBEFST 8SJUF *O 64)(" $PNQ $PSOFS 64)(" 4BODUJPOFE $PNQFUJUJPOT

1*-054 4611035 4065)&3/ 03&(0/ $0..6/*5: 4$)00" QSFTTJOH OFFE JO UIF 3PHVF 7BMMFZ TDIPPM QSPWJEFE QJMPUT XJUI BO PQQPS UVOJUZ UP HJWF CBDL UP UIF DPNNVOJUZ UIBU JT TP TVQQPSUJWF PG UIFJS n ZJOH BDUJWJUJFT #Z %POBME 'JUDI

$PNQ $PSOFS 1SPm MF PG 8PSME $MBTT 1JMPUT -JOEB 4BMBNPOF $MBJSF 7BTTPSU

"3(&/5*/" 4,*&4

'MJHIU 3FQPSU 0I .Z (PE * N /PU )PPLFE JO

" XPSME USBWFMJOH QBSBHMJEFS QJMPU TIPXT XIFSF UIF n ZJOH JT IBQQFOJOH JO "SHFOUJOB

.BTUFS T 5JQT

#Z +Fą $SJTUPM

)( "DDJEFOU 3FQPSUT 4JUF (VJEF 5PXJOH JO UIF $BMJGPSOJB 'MBUMBOET 1JMPU 1SPm MF 'SPN 4FB UP 4LZ o BOE #BDL "HBJO (BMMFSZ $BMFOEBS .BSLFUQMBDF

$"5$)*/( 5)& 8"7& " 4P$BM IBOH QJMPU T n JHIU PO BO BUZQ JDBM EBZ MFBET UP CFUUFS UIBO ESFBNJOH BJSUJNF BU )PSTF $BOZPO

#Z .JLF #SBOHFS

/FX 3BUJOHT $MBTTJm FET 1SPEVDU -JOFT #Z %BO +PIOTPO *OEFY UP "EWFSUJTFST 7PMVNF *TTVF .BSDI

1IPUP 4UFGBOJF #SFOEM +JNNZ )BMM

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

4UFGBOJF #SFOEM BOE +JNNZ )BMM TIBSF BO BGUFSOPPO PG DPBTUBM TPBSJOH JO 1FSV T 1BSBDBT /B UJPOBM 1BSL

"*35*.& */ "/5"3$5*$" )PMEJOH UP B QFSTPOBM USBEJUJPO PG n ZJOH FWFSZ +BOVBSZ QSFTFOUFE B VOJRVF DIBMMFOHF JO #Z %FOJT #BSLBUT

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


THE MOST COMPLETE, HIGHEST QUALITY LINE OF HANG GLIDERS IN HISTORY?

Condor

Purpose-built, ultra light weight first day training glider.

Falcon 2

The ultimate first purchase glider - super easy to fly with exceptional soaring performance.

Falcon Tandem

Certified to 500 pounds hook in, retains superb handling qualities across the entire weight range, making it the ultimate teaching tool.

Eagle

Very easy and accessible double surface performance for the pilot moving up.

Sport 2

The most performance ever available in a glider this easy to fly- complete with effective VG system and all streamlined performance control bar.

U2

Near topless performance in a light weight, easy to fly conventional configuration.

T2

The ultimate in performance - world class competitive out of the box.

The most complete, highest quality line of hang gliders in history. (No question.)

Learn more at www.willswing.com

~

LU~

Nt:i

Quality Aircraft For Exceptional People

WWW.WILLSWING.COM WILLS WING INC. USA 500 WEST BLUERIDGE AVE, ORANGE CALIFORNIA, 92865 USA TEL (7141998 6359 FAX (7141998-0647


(&55*/( )*() "5 ):/&3 $&-&#3"5*/( 5)& 5) #*35)%": 1"35: )ZOFS 7JFX 1FOOTZMWBOJB DFMFCSBUFE JUT UI BOOJWFSTBSZ BT B n ZJOH TJUF MBTU TVNNFS XJUI GFTUJWJUJFT UIBU FOUJDFE PME UJNF QJMPUT BOE OFXDPNFST UP KPJO UIF QBSUZ #Z %FOOJT 1BHFO

'*/%*/( 5)& 4,: /05&4 0/ -&"3/*/( 50 40"3 1"35 " CFHJOOJOH QBSBHMJEFS QJMPU QFSTFWFSFT UISPVHI UIF OFBSMZ PWFSXIFMNJOH DIBMMFOHFT PG MFBSOJOH UP TPBS BOE JT SFXBSEFE GBS CFZPOE IJT FYQFDUBUJPOT #Z 1BVM 7JMMJOTLJ

ǾBMMFSZ

ǾBMMFSZ

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


UIBU JU UBLFT WJHJMBODF DPNNPO TFOTF BOE DBVUJPO UP FOKPZ PVS TQPSUT TBGFMZ ɩ JT NPOUI T "DDJEFOU 3FQPSUT DPMVNO GPDVTFT PO XIBU DBO HP XSPOH XIJMF MBVODIJOH B IBOH HMJEFS BOE QPOEFST XIZ TFFNJOHMZ TJNJMBS FWFOUT DBO IBWF WFSZ EJĊ FSFOU PVUDPNFT #JMM 4IFQBSE B 8BTIJOHUPO 4UBUF QJMPU XIP TVSWJWFE MBVODIJOH IJT IBOH HMJEFS VOIPPLFE BOBMZ[FT XIBU MFE VQ UP UIBU PWFSTJHIU BOE SFn FDUT PO IPX MVDLZ IF JT UP TUJMM CF BMJWF BOE BCMF UP TIBSF IJT MFTTPOT MFBSOFE %BWJE BOE (BCSJFM +FCC QSPWJEF .BTUFS T 5JQT GPS QMBOOJOH BO VOFWFOU $ + 4UVSUFWBOU GVM FOE PG n JHIU XJUI EFUBJMFE EFTDSJQUJPOT BOE EJBHSBNT GPS TFUUJOH VQ B MBOEJOH BQQSPBDI UIBU 0PQT 'FCSVBSZ JTTVF JT FRVBMMZ BQQSPQSJBUF GPS CPUI IBOH HMJEFST BOE JNQFSGFDUJPOT QBSBHMJEFST 1BHF T CSFBUIUBL &WFO UIPVHI UIBU iNPTU FYPUJD n ZJOH MPDB JOH QIPUP JT CZ 0MJWJFS UJPOw BXBSE NFOUJPOFE BCPWF EPFTO U SFBMMZ FYJTU -BVHFSP 64)(" EPFT SFDPHOJ[F UIF BDIJFWFNFOUT PG JOEJ WJEVBMT BOE PSHBOJ[BUJPOT UIBU IBWF NBEF TJHOJm 5IF MFBLZ QJMPU PO QBHF DBOU DPOUSJCVUJPOT UP IBOH HMJEJOH BOE QBSBHMJEJOH JT $ISJT #MPPNRVJTU EVSJOH UIF QBTU ZFBS ɩ F 64)(" TFDUJPO JO UIJT OPU $ISJT "NPOTPO JTTVF TIPXDBTFT UIF BXBSET SFDJQJFOUT o UIFZ DPNF GSPN BMM BSPVOE UIF DPVOUSZ BOE GSPN CPUI 0O Q TLZHPEEFTT UIF IBOH HMJEJOH BOE QBSBHMJEJOH DPNNVOJUJFT /BPNJ (SBZ QPJOUT PVU +JN ;FJTFU T -FCBOPO BEWFOUVSF DPOUSJCVUFE UP UIBU XF NJTTQFMMFE IJT CFJOH OPNJOBUFE GPS UIF $*7- )BOH (MJEJOH 4LZHPEEFTT BOE UIBU IFS %JQMPNB BXBSE ɩ JT NPOUI T DPWFS BOE NVDI PG NFEJVN JT PJM PO DBOWBT UIF HBMMFSZ JT UIF XPSL PG UIF #FUUJOB (SBZ BXBSE OPU iPJMT PO DBOWBTw BT XJOOJOH QIPUPHSBQIZ UFBN PG 4UFGBOJF #SFOEM MBCFMFE BOE +JNNZ )BMM "O JO EFQUI MPPL BU UIF MJGFTUZMF .Z BQPMPHJFT UP BMM PG UIJT JOUSFQJE EVP JT UIF TVCKFDU PG UIJT NPOUI T 1JMPU 1SPm MF CZ TUBĊ XSJUFS ɩ BZFS )VHIFT .&.#&34)*1 705& *U JT XJUI HSFBU SFHSFU UIBU * TBZ HPPECZF 3&.*/%&3 UP 64)(" T MPOHFTU PO UIF TUBĊ XSJUFS %BO *G ZPV XFSF B DVSSFOU +PIOTPO XIP JT SFUJSJOH IJT 1SPEVDU -JOFT DPMVNO 64)(" NFNCFS PO 'FC XJUI UIJT .BSDI JTTVF %BO QSPNJTFT UP LFFQ JO SVBSZ UI ZPV TIPVME UPVDI XJUI PDDBTJPOBM BSUJDMFT PG JOUFSFTU UP UIF IBWF SFDFJWFE JO UIF NBJM IBOH HMJEJOH BOE QBSBHMJEJOH DPNNVOJUZ CVU * N BO PGm DJBM OPUJDF BOE TVSF * N OPU BMPOF JO NPVSOJOH UIF FOE PG UIJT QSPYZ GPS UIF QSPQPTFE BMNPTU ZFBS USBEJUJPO * WF LOPXO %BO GPS BT OBNF DIBOHF WPUF MPOH BT * WF CFFO n ZJOH IBOH HMJEFST BOE * MM NJTT 1MFBTF 4*(/ UIF QSPYZ IJT JOJNJUBCMF TUZMF BOE IJT VOJRVF QFSTQFDUJWFT PO BOE SFUVSO JU JNNFEJBUFMZ UIF n ZJOH XPSME UP CF TVSF JU T SFDFJWFE CZ ɩ F IJHI RVBMJUZ PG ZPVS NBHB[JOF JT UIF SFTVMU UIF DVU PGG EBUF PG .BSDI PG UIF IJHI RVBMJUZ NBUFSJBM TVCNJUUFE CZ PVS TUBĊ :063 705& *4 XSJUFST PG DPVSTF CVU BSHVBCMZ NPSF JNQPSUBOUMZ /05 7"-*% 6/-&44 CZ NFNCFST MJLF ZPV 1MFBTF DPOUJOVF UP TFOE NF *5 *4 4*(/&% #: :06 ZPVS BSUJDMFT MFUUFST BSUXPSL QIPUPT BOE TVHHFT 5IBOL ZPV GPS QBSUJDJQBU UJPOT :PV DBO SFBDI NF BU FEJUPS!VTIHB PSH JOH JO UIJT JNQPSUBOU EFDJ

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP $ISJT "NPOTPO

*U T .BSDI 8JOUFS Pċ DJBMMZ FOET UIJT NPOUI BOE UIBU T HSFBU OFXT GPS UIPTF PG VT XIP WF CFFO IPMFE VQ GPS GBS UPP MPOH XBJUJOH PVU UIF VHMZ XFBUIFS .BOZ PG ZPV UBLF BEWBOUBHF PG PQQPS UVOJUJFT UP USBWFM XIFO XJOUFS JT VOn ZBCMF BU IPNF o QMFBTF LFFQ )( 1( NBHB[JOF JO NJOE BT ZPV CMPH ZPVS BEWFOUVSFT BOE DPNQPTF ZPVS QIPUPT ɩ JT JTTVF JT TUVĊ FE GVMM PG BNB[JOH BEWFOUVSFT CVU UIF iNPTU FYPUJD n ZJOH MPDBUJPOw BXBSE IBT UP HP UP %FOJT #BSLBU XIP TUBSUFE PĊ XJUI B /FX :FBS T %BZ QBSBHMJEFS n JHIU GSPN B TOPX QJMF JO "OUBSDUJDB $MPTF SVOOFST VQ XPVME CF (SFJH #BMMBOUJOF BOE +JN ;FJTFU XIP USBWFMFE UP XBS UPSO -FCBOPO UP UFBDI UBOEFN IBOH HMJEJOH GSPN +; T i4,:#0"5 w $PNQBSFE UP UIF 4PVUI 1PMF BOE UIF .JE &BTU "SHFOUJOB TFFNT BMNPTU SJHIU OFYU EPPS o +FĊ $SJTUPM T TUPSZ BOE CFBVUJ GVM QIPUPT TIPXDBTF UIBU DPVOUSZ BOE JUT DVMUVSF RVJUF EJĊ FSFOU GSPN PVST BOE XFMM XPSUI B WJTJU GPS CPUI IBOH BOE QBSB QJMPUT /PU BMM UIF BDUJPO IBT CFFO PO GPSFJHO TPJM o $BMJGPSOJB JT UIF TFUUJOH GPS TFWFSBM PG UIJT NPOUI T BSUJDMFT .JLF #SBOHFS EFTDSJCFT IJT JODSFEJCMF IBOH HMJEFS n JHIU JO VOVTVBM XBWF DPOEJUJPOT BU )PSTF $BOZPO OFBS 4BO %JFHP "OPUIFS 4P$BM TJUF -JUUMF #MBDL QSPWJEFE / : QBSBQJMPU 1BVM 7JMMJOTLJ XJUI B QFSTPOBM FQJQIBOZ JO UIJT BNB[JOH TQPSU 1BVM SFNJOJTDFT BCPVU IJT m STU PO IJT PXO EBZ PG n ZJOH BT IF DPOUJOVFT IJT KPVSOFZ UPXBSE i'JOEJOH UIF 4LZ w 4UBĊ XSJUFS %BWJT 4USBVC TVHHFTUT UIBU OPU BMM $BMJGPSOJB n ZJOH OFFET UP TUBSU GSPN UIF NPVO UBJOT BOE QPJOUT VT UPXBSE BO BFSPUPX n JHIU QBSL JO B XJEF PQFO WBMMFZ OFBS UIF UPQ PG UIF TUBUF " CJU GBSUIFS OPSUI UBLFT ZPV JOUP 0SFHPO XJUI 8PPESBU .U KVTU VQ GSPN UIF $BMJGPSOJB CPSEFS ɩ F DPNNVOJUJFT JO UIF 3PHVF 7BMMFZ BSF IJHIMZ TVQQPSUJWF PG UIF n ZJOH BDUJWJUJFT BU 8PPESBU TP XIFO UIF QJMPUT IFBSE UIBU UIF MPDBM TDIPPM XBT JO m OBODJBM USPVCMF UIFZ TFJ[FE UIF PQQPS UVOJUZ UP SFDJQSPDBUF %POBME 'JUDI T GFBUVSF BSUJDMF DISPOJDMFT UIF HBMB BOE HPPGZ n ZJOH FWFOUT UIBU BDDPNQBOJFE UIF QSFTFOUBUJPO PG 37)1" T HFOFSPVT HJGU ɩ FSF T NPSF UP UIF n ZJOH TDFOF UIBO UIF 8FTU $PBTU PG DPVSTF 4UBĊ XSJUFS BOE XPSME USBWFMFE IBOH QJMPU %FOOJT 1BHFO UBLFT VT CBDL UP UIF HPPE PM EBZT PG IBOH HMJEJOH BU )ZOFS 7JFX JO IJT IPNF TUBUF PG 1FOOTZMWBOJB -BTU +VMZ T CJXJOHVBM UI BOOJWFSTBSZ QBSUZ XIJDI ESFX QJMPUT GSPN GBS BOE OFBS TBX UIF SFTVSSFDUJPO PG B GFX PG )ZOFS T IPBSZ USBEJUJPOT BOE UIF FTUBCMJTINFOU PG TPNF OFX POFT BT XFMM %FOOJT T GFBUVSF BSUJDMF UFMMT BMM o PS BU MFBTU BT NVDI BT JT BQQSPQSJBUF JO PVS GBNJMZ PSJFOUFE NBHB[JOF 5P CBMBODF PVU UIF BCPWF NFOUJPOFE IJHI KJOLT BOE HSBOE BEWFOUVSFT XF JODMVEF TPNF SFNJOEFST

TJPO NBLJOH QSPDFTT


4VQFS 'MZ BOE "EWBODF 5FBN 6Q "EWBODF IBWF DIPTFO B OFX 6 4 EJT USJCVUPS o 4VQFS 'MZ *OD +FĊ 'BSSFMM BOE $ISJT 4BOUBDSPDF QSPNJTF UP NBLF JU GVO BOE FBTZ UP n Z BOE CVZ UIF "EWBODF QSPE VDU UISPVHI UIFJS OBUJPOXJEF EFBMFS OFU XPSL XJUI UIF IFMQ PG UIFJS %FNP $FOUFS MPDBUFE BU 1PJOU PG UIF .PVOUBJO 6UBI "EWBODF IBWF UIF EJTUJODUJPO PG XJO OJOH UIF NPTU SFDFOU XPSME DIBNQJPO TIJQ ɩ FJS QSPEVDU MJOF JT DPNQSJTFE PG UIF "MQIB &QTJMPO 4JHNB 0NFHB BOE #J #FUB ɩ F &QTJMPO %)7 JT UIF OFXFTU BEEJUJPO BOE JT SFDFJWJOH SBWF SFWJFXT 4VQFS 'MZ LJDLFE PĊ UIF TFBTPO XJUI B 'FCSVBSZ EFNP UPVS UP UIF 4PVUIXFTU JODMVEJOH $BMJGPSOJB "SJ[POB /FX .FYJDP BOE 5FYBT $IFDL XXX TVQFSn ZJOD DPN GPS EFUBJMT PG VQDPN /FX %7% 'SPN +PDLZ 4BOEFSTPO JOH UPVST BOE DMJOJDT 4VQFS 'MZ XFMDPNF 1FSGPSNBODF 'MZJOH EFBMFS JORVJSJFT BOE FODPVSBHF "EWBODF #Z )VHI .JMMFS QJMPUT UP SFMZ PO UIFN GPS TFSWJDF BOE TVQ 8IFO JU DPNFT UP NBLJOH QBSBHMJEJOH QPSU JODMVEJOH JOTQFDUJPOT MJOF BOE SJTFS m MNT +PDLZ 4BOEFSTPO EPFTO U QVMM BOZ SFQMBDFNFOUT BOE SFQBJS QVODIFT ɩ F TVBWF &OHMJTINBO T TMJDL QSPEVDUJPOT TLJMMT XFSF m STU FWJEFODFE 'MZUFD 64" 5BLFT 0WFS *NQPSUJOH BOE JO IJT EFCVU m MNT 4FDVSJUZ JO 'MJHIU BOE %JTUSJCVUJOH #SBVOJHFS 1SPEVDUT JO UIF 4QFFE UP 'MZ +PDLZ T MBUFTU m MN QSPEVDFE 6 4 XJUI 0[POF T UFTU UFBN IPOFT JO PO UIF #Z 4UFWF ,SPPQ m OFS QJMPUJOH TLJMMT PG n ZJOH 9$ BDSP BOE 4*7 'MZUFD 64" JT WFSZ QMFBTFE UP BOOPVODF *OEFFE 1FSGPSNBODF 'MZJOH SFEFm OFT UIBU XF XJMM CF UIF JNQPSUFS EJTUSJCVUPS UIF QPTTJCJMJUJFT PG GSFF n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n BUMBOE UFDI OJRVFT BOE MPUT NPSF 1FSGPSNBODF 'MZJOH EJTUSJCVUFE CZ $SPTT $PVOUSZ NBHB[JOF BOE 0[POF JT BWBJMBCMF OPX GPS #VZ ZPVS DPQZ GSPN ZPVS MPDBM TIPQ PS POMJOF BU XXX YDTIPQ DPN

*O BEEJUJPO UP JOTUSVNFOUT GPS TPBSJOH n JHIU #SBVOJHFS PĊ FST JOTUSVNFOUT GPS NPUPSJ[FE n JHIU BOE CBMMPPOJOH BOE BMM BSF OPX BWBJMBCMF JO UIF 6 4 8F BSF BMTP IBQQZ UP BOOPVODF UXP OFX #SBVOJHFS JOTUSVNFOUT ɩ F "7 1JMPU ** UP SFQMBDF UIF "7 QJMPU BOE UIF $PNGPSU ** UP SF QMBDF UIF $PNGPSU #PUI IBWF FYQBOEFE GVODUJPOBMJUZ PWFS UIFJS QSFEFDFTTPST :PV DBO WJFX BOE m OE NPSF JOGPSNBUJPO BCPVU BMM UIF #SBVOJHFS QSPEVDUT BU UIJT OFX 8FC TJUF XXX CSBVOJHFSVTB DPN &YJTUJOH #SBVOJHFS EFBMFST BOE DVT UPNFS BSF FODPVSBHFE UP DPOUBDU VT XJUI BOZ RVFTUJPOT PS GPS NPSF JOGPSNBUJPO $POUBDU #SBVOJHFS 64" BU PS '"9 XXX CSBVOJHFSVTB DPN FNBJM BU JOGP!CSBVOJHFSVTB DPN

$"-- 64 '03 " (00% 5*.&

,JOH .PVOUBJO )BOH (MJEJOH $IBNQJPOTIJQT :FBS "OOJWFSTBSZ +VMZ ,JOH .PVOUBJO .PPSF *EBIP

#JH UIJOHT QMBOOFE %PO U NJTT JU MJTB!TPBSJOHESFBNTBSU DPN

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


.PSF ,VEPT GPS 4QBSLZ FNBJM

8IBU B HSFBU BSUJDMF BCPVU "M 4QBSLT JO UIF %FDFNCFS JTTVF "M BOE * XFSF MFBSOJOH UPHFUIFS BU UIF CPUUPN PG +FBO 3JEHF PVUTJEF PG -BT 7FHBT JO :PV XJMM OFWFS NFFU B QFSTPO XIP FOKPZT BOE MJWFT UIF TQPSU BT NVDI BT "M * XPVME XBHFS UIBU IF IBT n PXO NPSF NBLFT BOE NPEFMT PG HMJEFST UIBO BOZ QFSTPO BMJWF 6OGPSUVOBUFMZ * EP OPU HFU UP n Z BT NVDI BT * XPVME MJLF CVU * TUJMM FOKPZ n ZJOH XJUI "M TJODF XF IBWF CPUI NPWFE FBTU "M IBT TBDSJm DFE NBOZ HPPE n ZJOH EBZT TP IF DBO CF BWBJMBCMF BT BO PCTFSWFS BOE OPX UIBU IF JT B QBSBHMJEJOH JOTUSVD UPS * DBO QSPNJTF ZPV UIBU XF XJMM IBWF B OFX HSPVQ PG QJMPUT JO PVS BSFB UIBU BSF JOTUJMMFE XJUI UIF MPWF PG GSFF n JHIU * UIJOL UIBU "M JT POF PG UIF LFZ SFBTPOT

1FSDFQUJPO PG #JBT $PVME CF 3FMBUFE UP 4BGFUZ TOBJM NBJM

ɩ JT JT JO SFTQPOTF UP #PC 3BXFST T MFUUFS JO UIF %FDFNCFS i"JS .BJMw DPMVNO BCPVU CJBT JO PVS TQPSU * IBWF UP XPOEFS JG #PC IBT FWFS CFFO UP 5BCFSWJMMF -PPLPVU .PVOUBJO 'MJHIU 1BSL -PPLPVU JT B DMJĊ MBVODI XJUI B QPXFS MJOF SJHIU CFIJOE MBVODI ɩ FSF IBWF CFFO BOE TUJMM BSF QBSBHMJEFS QJMPUT XIP n Z UIFSF *U T B QSFUUZ USJDLZ MBVODI BOE OPU BMM QJMPUT IBWF UIF TLJMMT UP MBVODI UIFSF :PV DBO U CMBNF .BUU GPS UFMMJOH ZPV iOPw PWFS UIF QIPOF "T GPS 5PNNZ ɩ PNQTPO T CBDLZBSE MBVODI JU T HPOF 0S NBZCF * TIPVME TBZ OP POF DBO VTF JU CVU 5PNNZ )F TPME IJT IPVTF XJUI UIF DPOEJUJPO UIBU POMZ IF DPVME VTF JU .BUU 5BCFS IBT EPOF NPSF UP QSPNPUF n ZJOH UIBO BOZPOF * LOPX :FT .BUU EPFT NBLF B MJWJOH BU JU CVU UIJOL BCPVU JU 5VSOJOH QJMPUT BXBZ GSPN -PPLPVU EPFTO U EP IJN BOZ HPPE VOMFTT UIFZ EPO U IBWF UIF TLJMMT UP n Z UIFSF TBGFMZ /PU FWFSZ IBOH HMJEFS MBVODI JT TVJUBCMF GPS QBSBHMJEFST KVTU BT OPU FWFSZ QBSBHMJE FS -; JT TVJUBCMF GPS IBOH HMJEFST ɩ JT JT OPU CFJOH CJBTFE JU T B GBDU PG MJGF .BUU NBZ IBWF EPOF ZPV B IVHF GBWPS *G ZPV XPVME IBWF UBLFO .BUU VQ PO IJT PĊ FS UP MFBSO IBOH HMJEJOH ZPV DPVME n Z BOZ TJUF BOE BMTP QSPWF UIBU ZPV SF OPU CJBTFE UPXBSET QBSBHMJEFST /FYU UJNF ZPV SF JO /PSUI $BSPMJOB QMFBTF HJWF NF B DBMM BOE * MM TIPX ZPV BO PME IBOH HMJEFS QJMPU XIP E MPWF UP TFF ZPV n Z BOZUIJOH PĊ UIF NPVOUBJO o QSPWJEFE ZPV IBWF UIF TLJMMT OPU UP IVSU ZPVSTFMG PS UIF TJUF

" 1JDUVSF JT 8PSUI B 5IPVTBOE 8PSETw FNBJM .BSL 7BVHIO 64)("

#VCCB (PPENBO 64)(" .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


5POZ %FMFP 64)("

$POHSBUVMBUJPOT PO B HSFBU n JHIU 5POZ 0CWJPVTMZ CPUI ZPV BOE "EBN UPPL BE WBOUBHF PG UIF FYDFMMFOU DPOEJUJPOT UIBU EBZ o BOE GSPN IJT TUPSZ JU BQQFBST UIBU JU XBT POMZ MVDL UIBU LFQU "EBN GSPN TIBSJOH ZPVS BGUFS MBOEJOH GBUF * IPQF UIF TBUJTGBDUJPO GSPN ZPVS MPOH n JHIU XBT BEFRVBUF DPNQFO TBUJPO GPS UIF OJHIU PVU

Dz BU TPVOET MJLF B HSFBU JEFB 3VEJ CVU QFSIBQT CFUUFS TVJUFE UP PVS 8FC TJUF UIBO UIF NBHB[JOF * MM DIFDL XJUI PVS 8FCNFJTUFS BOE TFF JG IF UIJOLT JU T GFBTJCMF Dz BOLT GPS UIF TVHHFTUJPO

'SFF & -PHCPPL "WBJMBCMF 'PS 1$ 6TFST m +VTU "TL 64)(" 8FC TJUF

" 8PSMEXJEF 4JUF (VJEF BOE 'MZJOH $BMFOEBS $PVME "WFSU %JTBQQPJOUNFOU FNBJM

$POHSBUVMBUJPOT GPS B XFMM NBEF BOE BMXBZT WFSZ SFBEBCMF NBHB[JOF XJUI JUT EJWFSTJm FE DPOUFOUT BMUIPVHI * IBQQFO UP CF POF PG UIPTF SFBEFST XIP EP OPU CFMJFWF JO iGPSDFE NBSSJBHFw BOE XPVME SBUIFS IBWF B QVCMJDBUJPO XIPMMZ EFEJ DBUFE UP UIF TQPSU UIFZ BSF QSBDUJDJOH J F FJUIFS IBOH HMJEJOH PS QBSBHMJEJOH "T B OBUJWF #BWBSJBO GSPN .VOJDI * QBSUJDVMBSMZ FOKPZFE SFBEJOH 1IJM 4PVUIXBSE T WFSZ n BUUFSJOH BSUJDMF PO UIF QPTJUJWF RVBMJUJFT PG 6QQFS #BWBSJB XIFO JU DPNFT UP n ZJOH BOE DVMUVSBM BUUSBDUJPOT FWFO CFZPOE FOKPZJOH PVS GBNPVT CFFS HBSEFOT UIFSF 0OF DBOOPU EFOZ IPXFWFS UIBU UIF XFBUIFS IBT UP QMBZ BMPOH XIJDI VOGPSUVOBUFMZ JU RVJUF PGUFO EPFTO U ɩ VT B QMBOOFE QBSBHMJE JOH WBDBUJPO JO UIF OPSUIFSO SJN BSFB PG UIF "MQT DBO FBTJMZ UVSO JOUP QSPMPOHFE QFSJPET PG iQBSBXBJUJOH w BT UIF GBNPVT FYQSFTTJPO HPFT *U JT UIFO UIBU UIF MVSF PG QMBDFT MJLF UIF 1PLIBSB -BLF SFHJPO PG /FQBM XIFSF QSBDUJDBMMZ FWFSZ EBZ GSPN /PWFNCFS UP "QSJM JT n ZBCMF GPS QBSBHMJE FS QJMPUT CFDPNFT JSSFTJTUJCMF GPS QVSFMZ SFDSFBUJPOBM QJMPUT TVDI BT NZTFMG

* IBWF EFWFMPQFE B FMFDUSPOJD BDUVBMMZ TPGUXBSF MPH CPPL * EJE UIJT CFDBVTF BO PUIFS 64)(" NFNCFS XSPUF POF CVU IF EPFTO U TVQQPSU JU BOZNPSF .Z QSPHSBN TUBOET BMPOF TP EPFTO U OFFE NZ TVQQPSU PUIFS UIBO BOTXFSJOH RVFTUJPOT BGUFS ZPV HFU JU *U EPFT SFRVJSF UIBU ZPV IBWF UIF .JDSPTPGU QSPHSBN "DDFTT XIJDI JT QBSU PG 8PSE QBDLBHFE QSPHSBNT * IBWFO U USJFE BOE EPO U JOUFOE UP USZ EFWFMPQ JU GPS ZPV .BD JNQBJSFE QFPQMF * LOPX MPHCPPLT BSFO U VTFE CZ UIF 4LZ (PET BNPOHTU ZPV o NBZCF POMZ CF HJOOFST BOE PCTFTTJWF QFPQMF MJLF NZTFMG OFFE PS XBOU UP MPH UIFJS n JHIUT #VU UIF XBZ * MPPL BU JU ZPV BSF #4 JOH ZPVSTFMG BOE FWFSZPOF FMTF JG ZPV EPO U IBWF TPNF EPDVNFOUBUJPO GPS ZPVS UBMM TUPSJFT JO UIF -; PS PO UIF SJEF VQ UIF IJMM * WF CFFO n ZJOH GPS PWFS ZFBST BOE DBO U SFNFNCFS BMM NZ n JHIUT CVU * EP LOPX * WF IBE n JHIUT BOE IPVST * MM BENJU UP CF PCTFTTJWF BCPVU NZ MPHCPPLT * IBWF IBE TFWFSBM PWFS UIF ZFBST #VU JU JT FBTJFS UP FOUFS UIF EBUB JO BO FMFDUSPOJD WFSTJPO * IBWF B 'MZUFD OPX TP * DBO KVTU EPXOMPBE NZ n JHIUT PO UP

NZ DPNQVUFS CVU UIJT EPFTO U BEE VQ UIF UJNF PS HJWF NF NZ UPUBM OVNCFS PG n JHIUT PS BWFSBHF n JHIU UJNF * BMTP LFFQ B IBSE DPQZ WFSTJPO BOE BO &YDFM EBUBCBTF * BMTP CBDL UIFN VQ PO n PQQJFT PGUFO #VU * ". PCTFTTJWF .Z QSPHSBN IBT TQBDFT GPS EBUF TJUF HMJEFS UBLFPĊ BMUJUVEF -; BMUJUVEF WFS UJDBM BVUP NBY BMUJUVEF EJTUBODF USBW FMFE m HVSFE PO SFBM EJTUBODF 9$ NBY MJGU NBY TJOL CPUI * EPO U VTF EVSBUJPO JO NJOVUFT OVNCFS PG n JHIUT BVUP UPUBM n JHIU UJNF BWFSBHF UJNF QFS n JHIU BVUP BOE B QMBDF GPS OPUFT ɩ FTF DBO CF DIBOHFE JG ZPV XBOU BOE LOPX B MJUUMF BCPVU "DDFTT HSFBU IFMQ m MFT ɩ F EBUBCBTF DBO CF FYQPSUFE UP &YDFM PS NBOZ PUIFS .JDSPTPGU m MFT "MTP "DDFTT IBT m MUFST TP ZPV DBO KVTU TFF BMM ZPVS n JHIUT PO B DFSUBJO HMJEFS PS TJUF JG ZPV XBOU UP * LFFQ FBDI ZFBS TFQBSBUF CZ LFFQJOH B CMBOL DPQZ UIFO SFOBNJOH JU FBDI ZFBS F H 'MU-PH NEC UP 'MU-PH NEC "OE JUT B GBJSMZ TNBMM QSPHSBN ,# TP DBO CF FNBJMFE PS QVU PO B n PQQZ FBTJMZ *U DBO CF VTFE CZ CPUI IBOH HMJEFS BOE CBHXJOH QJMPUT #FTU PG BMM JU T '3&& +VTU TFOE BO FNBJM EBOOZMCMBDL!DPNDBTU OFU PS NBJM NF B n PQQZ XJUI B TFMG BEESFTTFE BOE TUBNQFE FOWFMPQF %BOOZ #MBDL #MVF 4BHF %S ,BHFM $BOZPO $" 1VU 'MJHIU -PH JO UIF TVCKFDU MJOF TP * EPO U EFMFUF JU XJUIPVU SFBEJOH JU %BOOZ #MBDL 64)("

#JH 4QSJOH 5FYBT

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP 5JN .FBOFZ

*U NJHIU CF B HPPE JEFB GPS UIF FEJUPST UIBU IBOH HMJEJOH BOE QBSBHMJEJOH DPO PG )BOH (MJEJOH 1BSBHMJEJOH UIFSFGPSF UJOVF UP HSPX JO PVS BSFB %PVH )FOEFSTPO 64)(" UP DPNQJMF TPNFUIJOH TJNJMBS UP B XPSME XJEF PWFSWJFX PG XIFSF UP n Z BU XIBU UJNF PG UIF ZFBS 5P NBLF ZPVS MJGF FBTJFS "O &QJD %BZ JO $BMJGPSOJB ZPV NBZ XBOU UP FODPVSBHF 64)(" 64)(" 8FC TJUF *O UIF +BOVBSZ JTTVF <UIFSF JT BO BSUJDMF NFNCFST UP TIBSF BOE QPPM UIFJS FYQFSJ BCPVU> B ,BHFM QJMPU XIP n FX UP 1BMN FODF JO UIJT SFTQFDU 4VDI B DPNQJMBUJPO 4QSJOHT ɩ BU TBNF EBZ * CSPLF UIF TJUF DPVME NBLF JOUFSFTUJOH SFBEJOH o BOE SFDPSE BU $IJFG T 1FBL JO 0KBJ n ZJOH UP QPTTJCMZ HJWF B CPPTU UP UIF BJMJOH BJSMJOFT #MBDL )BXL .JOF -VDFSOF 7BMMFZ JOEVTUSZ BT XFMM NJMFT PO BO "504 # NPEFM * TQFOU UIF 3VEJ -FNQ 64)(" OJHIU JO UIF EFTFSU EVF UP OP DIBTF 4PVUIBNQUPO /:


"XBSET &BDI ZFBS NFNCFST PG 64)(" OPN JOBUF PUIFS NFNCFST PS DMVCT GPS B WBSJFUZ PG BXBSET SFDPHOJ[JOH BDDPNQMJTINFOUT BOE TFSWJDFT UIBU BSF BCPWF BOE CFZPOE UIF iOPSNBMw BDUJWJUJFT PG PVS DPNNVOJUZ PG QJMPUT ɩ F JOEJWJEVBMT BOE HSPVQT TF MFDUFE GPS UIFTF BXBSET o UIF iNPWFST BOE TIBLFSTw PG PVS DPNNVOJUZ o XJMM CF IPO PSFE BU B CBORVFU EVSJOH UIF TQSJOH #0% NFFUJOH JO $PMPSBEP 4QSJOHT "T ZPV SFBE UISPVHI UIJT BSUJDMF ZPV NBZ m OE ZPVSTFMG UIJOLJOH i8FMM * LOPX TPNF POF XIP JT KVTU BT EFTFSWJOH PG UIBU IPO PS w *G UIBU UIPVHIU DSPTTFT ZPVS NJOE o UPEBZ PS BU BOZ UJNF CFGPSF OFYU 0DUPCFS o QMFBTF HP UP UIF 64)(" 8FC TJUF BOE NBLF ZPVS OPNJOBUJPO POMJOF BU IUUQ XXX VTIHB PSH FNBJMBXBSE BTQ PS TFOE BO FNBJM UP VTIHB!VTIHB PSH 5)& */4536$503 0' 5)& :&"3 BXBSE SFDPHOJ[FT UIF JNQPS UBODF PG PVS DFSUJm FE IBOH HMJEJOH BOE QBSBHMJEJOH JOTUSVDUPST JO QSPNPUJOH TBGF n ZJOH QSBDUJDFT BOE DPOUSJCVUJOH UP UIF QPTJUJWF JNBHF BOE HSPXUI PG PVS TQPSU

TBGFUZ BOE GVO JO B TQPSU UIBU XF BMM MPWF CVU IF BMTP QSPNPUFT UFBN MJLF SFMBUJPOTIJQT BNPOH QJ MPUT PO UIF HSPVOE BOE NBLFT TVSF FWFSZPOF GFFMT DPNGPSUBCMF XJUI BOZ TJUVBUJPO w ± i#JMM T FOUIVTJBTN GPS UIF TQPSU JT DBQUJWBU JOH IJT IJHI TUBOEBSET PG FUIJDT BOE IPOFTUZ BSF FBTJMZ BQQBSFOU IJT PCKFDUJWJUZ BOE TFOTF PG GBJSOFTT XIFO PCTFSW JOH UBTLT BOE TJHOJOH PĊ PO BCJMJUJFT JT BENJSBCMF BOE IF JT FYUSFNFMZ TBGF UZ DPOTDJPVT w #JMM BEKVTUJOH B TUVEFOU T IBSOFTT ± i#JMM SFBET UIF OPNJOBUJPO MFUUFST " GFX FYBNQMFT XFBUIFS XJUI TVDI BDDVSBDZ UIBU FWFO ± i#JMM T DPNNFOUT UJQT SFNJOEFST UIF TFBTPOFE QJMPUT DPOGFS XJUI IJN BCPVU BOE DSJUJDBM UIJOLJOH BCPVU UIF EJĊ FS n ZJOH DPOEJUJPOT CFGPSF UIFZ MBVODI w 64)(" JT QMFBTFE UP OBNF #JMM )PM FOU TJUVBUJPOT POF NBZ FODPVOUFS XIJMF n ZJOH TUJMM DJSDMF JO NZ IFBE BT TPPO BT * NFT BT UIF )BOH (MJEJOH *OTUSVD UPS PG UIF :FBS MPBE NZ HMJEFS PO UIF SBDL w ± i/PU POMZ EPFT #JMM QSPNPUF

#JMM )PMNFT )BOH (MJEJOH *O TUSVDUPS PG UIF :FBS #JMM TUBSUFE IBOH HMJEJOH JO UIF XJOUFS PG XIJMF B DPMMFHF TUV EFOU JO 'MBHTUBĊ "SJ[POB )JT CVTJ OFTT 4LZNBTUFST 4DIPPM PG )BOH (MJEJOH IUUQ XXX VTFST RXFTU OFU _TLZNBTUFST JOEFY IUNM JT MPDBUFE JO "SJ[POB iJO UIF NJEEMF PG UIF EFTFSU w JO UIF XPSET PG POF OPNJOBUPS #JMM UFBDIFT BFSPUPX JO UIF XJOUFS BU $PPMJEHF .V OJDJQBM "JSQPSU NJEXBZ CFUXFFO 1IPF OJY BOE 5VDTPO BOE GPPU MBVODI BU UIF $SBUFST BOE .JOHVT JO UIF TVNNFS #JMM T TUVEFOUT DJUF IJT IJHI TUBOEBSET IJT GPDVT PO CPUI TBGFUZ BOE DPNNVOJUZ BOE IJT TLJMMT CPUI BT B QJMPU BOE B UFBDIFS JO UIFJS #JMM BOE B UBOEFN TUVEFOU QSBDUJDJOH iIBOE HMJEJOHw .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


,J )POH 1BSBHMJEJOH *OTUSVDUPS PG UIF :FBS

,ZPVOH ,J )POH IBT CFFO n ZJOH IBOH HMJEFST QBSBHMJEFST BOE VMUSBMJHIUT GPS WBSJPVT QBSUT PG UIF QBTU ZFBST )JT n ZJOH CBDLHSPVOE BOE IJT JODSFEJCMF MJGF TUPSZ JODMVEJOH BO BNB[JOH SFDPWFSZ GSPN B EFWBTUBUJOH BDDJEFOU BSF EFUBJMFE JO UIF 1JMPU 1SPm MF BSUJDMF JO UIF %FDFN CFS JTTVF PG UIJT NBHB[JOF ,J IBT CFFO UFBDIJOH BU 5PSSFZ 1JOFT $BMJGPSOJB TJODF IF BSSJWFE JO UIF 6OJUFE 4UBUFT JO )JT TUVEFOUT BOE IJT GFM MPX JOTUSVDUPST FOUIVTJBTUJDBMMZ FOEPSTF IJN GPS UIJT BXBSE DJUJOH IJT JOTQJSBUJPO BM UFBDIJOH NFUIPET BOE IJT DPOTVNNBUF TLJMMT BT B QJMPU BOE BO JOTUSVDUPS 64) (" JT QMFBTFE UP OBNF ,ZPVOH ,J )POH BT UIF 1BSBHMJEJOH *OTUSVDUPS PG UIF :FBS #&45 130.05*0/"- '*-. "8"3% SFDPHOJ[FT UIF WJEFPHSBQIFS XIPTF XPSL JT KVEHFE IJHIFTU JO BFT UIFUJDT PSJHJOBMJUZ BOE B QPTJUJWF QPS USBZBM PG IBOH HMJEJOH PS QBSBHMJEJOH

UFS DBNFSB ɩ FO IF CPVHIU BO FWFO CFU UFS DBNFSB BOE MPUT PG FEJUJOH TPGUXBSF BOE CFHBO NBLJOH SFBMMZ HPPE TIPSU m MNT CBTFE PO IBOH HMJEJOH 3ZBO XPO UIF 5FSSZ 4XFFOZ m MNNBL FS BXBSE BU UIF ,JUUZ )BXL 4QFD UBDVMBS 'MZ *O )F BMTP QJDLFE UIF CSBJO PG UIF UFMFWJTJPO m MN HVZ DPWFSJOH UIF NFFU *U XBT JO UIBU UJNF GSBNF UIBU 3ZBO T IPCCZ CFDBNF IJT QPTTJCMF WPDBUJPO 4JODF 3ZBO IBT VQHSBEFE UP B QSPGFTTJPOBM DBNFSB BOE BO JOTBOFMZ FY QFOTJWF UZQJDBM EBE DPNNFOU .BD DPN QVUFS XJUI B [JMMJPO FEJUJOH GFBUVSFT )F TUBSUFE IJT PXO DPNQBOZ 3ZBO 7PJHIU 1SPEVDUJPOT BOE USBOTGFSSFE UP .BSJTU $PMMFHF GPS JUT m MN BOE 57 NBKPS %FTUJOZ DISPOJDMFT 3ZBO T FWPMVUJPO JO IBOH HMJEJOH GSPN iJOGBOU PO MBVODIw UP DVSSFOU ZFBS PME FYQFSU QJMPU ɩ F m MN XBT JOTQJSFE CZ B SBSFMZ IFBSE &VSPQFBO HSPVQ T TPOH BMTP UJUMFE i%FTUJOZ w XIJDI QSPWJEFT UIF NVTJDBM CBDLHSPVOE GPS UIF WJEFP %FTUJOZ DBO CF WJFXFE BU XXX SZBOWPJHIUQSPEVDUJPOT DPN

/&84-&55&3 0' 5)& :&"3 "8"3% SFDPHOJ[FT BO PVUTUBOEJOH DMVC QVCMJDBUJPO QSJOUFE PS 8FC CBTFE UIBU IBT CFFO TVQQPSUJWF PG UIF TQPSU BOE UIF TQPOTPSJOH DIBQUFS T BDUJWJUJFT ɩ F BXBSE JT CBTFE PO TFSWJDF UP NFN CFST MBZPVU BSUJDMF WBSJFUZ TBGFUZ QSP NPUJPO BOE QSPNPUJOH UIF TQPSU 'PS UIF TFDPOE ZFBS JO B SPX 4LZMJOF UIF POMJOF OFXTMFUUFS PG UIF $BQJUBM )BOH (MJEJOH BOE 1BSBHMJE JOH "TTPDJBUJPO 8BTIJOHUPO %$ NJE "UMBOUJD SFHJPO IBT CFFO SFDPHOJ[FE GPS JUT PVUTUBOEJOH QSFTFOUBUJPO PG XFMM XSJUUFO DBSFGVMMZ FEJUFE JOUFSFTUJOH

5)& #&55*/" (3": "8"3% XBT DSFBUFE UP IPOPS UIF XPNBO XIP DPOUSJCVUFE TP NVDI UP PVS TQPSU UISPVHI IFS QIPUPHSBQIZ ɩ F BXBSE JT JTTVFE UP UIF QIPUPHSBQIFS NBMF PS GF NBMF XIPTF XPSL JT KVEHFE UP CF UIF IJHIFTU RVBMJUZ JO BFTUIFUJDT PSJHJOBMJUZ BOE B QPTJUJWF QPSUSBZBM PG IBOH HMJEJOH PS QBSBHMJEJOH

SFMFWBOU BOE JOGPSNBUJWF DPOUFOU 1VC MJTIFE RVBSUFSMZ UIF DVSSFOU BOE QBTU JTTVFT PG 4LZMJOF DBO CF WJFXFE PO ɩ F #FUUJOB (SBZ "XBSE SFDJQ MJOF BU IUUQ TLZMJOF DIHQB PSH $PO JFOU JT B UFBN PG QBSBHMJEFS QJMPUT 4UF HSBUVMBUJPOT UP FEJUPS 4DPUU 8JMLJOTPO GBOJF #SFOEM BOE +JNNZ )BMM PG 4FB UP BOE UP BMM UIF $)(1" NFNCFST XIP 4LZ 1SPEVDUJPOT 3FBE BCPVU UIFTF BE WFOUVSPVT QJMPUT PO QBHF BOE FO KPZ B TFMFDUJPO PG UIFJS QIPUPT JO UIJT NPOUI T (BMMFSZ

3ZBO 7PJHIU XBT TFMFDUFE GPS UIJT BXBSE CBTFE PO IJT WJEFP %FTUJOZ "D DPSEJOH UP 3ZBO T GBUIFS 1BVM 7PJHIU 3ZBO CFDBNF B WJEFPHSBQIFS XIFO IF BOE B GSJFOE TQMJU B DBNFSB QVSDIBTF TP UIBU UIFZ DPVME NBLF TLJ WJEFPT PG UIFN TFMWFT CBDL BSPVOE PS TP "GUFS NBLJOH TFWFSBM NPWJFT PG TLJJOH BOE B CVODI PG XIBU 1BVM DBMMT iIJMBSJPVT KBDL BTT 57 TUZMF NPWJFT w 3ZBO CPVHIU B CFU

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


DPOUSJCVUF BSUJDMFT BOE QIPUPT UP UIJT FY DFMMFOU OFXTMFUUFS 5VGXG 9GPFVŏU VJ HTQO RCIG

#TGC *CPI )NKFKPI (NKIJV 2CTMU CPF &GCNGTU $NWG 5M[ (NKIJV 2CTM 5VGXG 9GPFV QT YYY DNWGUM[JI EQO 3WCNKV[ JCPI INKFKPI KPUVTWEVKQP YKVJ HQQV NCWPEJ CPF UEQQVGT VQY VTCKPKPI VTWEM CPF CGTQVQYKPI CNUQ QHHGTGF 'SWKROGPV UGYKPI CPF TGRCKT C HWNN NKPG QH EWUVQO CEEGUUQTKGU FGCNGT HQT 9KNNU 9KPI /Q[GU 75 #GTQU RNWU /QU SWKVQ CPF &QQFNGDWI RQYGTGF JCTPGUUGU 2CTCINKFGT VQYKPI CNUQ CXCKNCDNG

*KIJNCPF #GTQURQTVU (NKIJV 2CTM 5WPP[ 8GPGUM[ CPF #FCO 'NEJKP YYY CGTQURQTVU PGV 6CPFGO CGTQVQY JCPI INKFKPI KPUVTWE VKQP UQNQ CGTQVQYKPI GSWKROGPV UCNGU CPF UGTXKEG HQT 75 #GTQU #KTYCXG /Q[GU 9KNNU 9KPI *KIJ 'PGTI[ (N[VGE $TCWPKIGT CPF OQTG (QT OQTG KPHQT OCVKQP RNGCUG XKUKV QWT YGDUKVG

-KVV[ *CYM -KVGU YYY MKVV[JCYM EQO 5KPEG %GTVKſGF KPUVTWEVKQP HTQO VJG UCPF FWPGU VQ VCPFGO CGTQVQYKPI (WNN UGT XKEG HNKIJV RCTM FGCNGT HQT CNN OCLQT OCPWHCE VWTGTU CPF C HWNN UGT XKEG UJQR .GUUQP RCEMCIGU CPF ECORU CXCKNCDNG 1RGP [GCT TQWPF

#WIWUV 5M[NKPG

5VGXG 9GPFV CPF C PGY UVWFGPV CV $NWG 5M[

1XGT VJG [GCTU +ŏXG EQOG VQ TGCNK\G VJCV 5VGXG KU CEVWCNN[ JCRRKGUV YJGP JGŏU EQORNCKPKPI +VŏU RCTV QH YJQ JG KU JG OC[ UGGO ITWOR[ DWV JGŏU PQV TGCNN[ #UM JKO CDQWV OQYKPI CNN VJCV ITCUU UQOGVKOG *GŏNN EQORNCKP DWV JGŏNN GPLQ[ VGNNKPI [QW CDQWV VJG URTC[GT JG DWKNV HQT VJG DCEM QH JKU HQWT YJGGNGT VQ FQ DCVVNG YKVJ VJG FCPFGNKQPU #PF VJCV ő0Q Œ HCEG KUPŏV TGCNN[ UGTKQWU GKVJGT KVŏU OQTG KP VJG XGKP QH VJG ő9JCVŏF [QW FQ VJCV HQT!Œ NKPG 1PEG CHVGT FTKXKPI JQWTU VQ 'NNGPXKNNG 0; 5VGXG CPF 6GZ NCWPEJGF KPVQ UQCT CDNG CKT ſNNGF YKVJ CV NGCUV VJKTV[ RKNQVU CPF 5VGXG RTQORVN[ UWPM QWV #HVGT 6GZ CPF + NCPFGF OWEJ NCVGT QH EQWTUG YG NKUVGPGF VQ 5VGXG VJG ő0Q Œ HCEG IQ QP CPF QP CDQWV JQY JQTTKDNG JCPI INKFKPI KU FTKXKPI CNN VJCV YC[ QPN[ VQ UKPM QWV #NN YG EQWNF FQ YCU NCWIJ CPF EQOK ECNN[ CITGG VJCV JCPI INKFKPI TGCNN[ YCU JQTTKDNG WPVKN YG YGTG CNN VJTGG NCWIJKPI WPEQPVTQNNCDN[ 5KPEG 5VGXGŏU DGGP TWPPKPI VJG ƀKIJV RCTM JGŏU RTQDCDN[ QPN[ DGGP UGGP ƀ[ KPI KP UQCTCDNG CKT C JCPFHWN QH VKOGU $WV VJCVŏU PQV DGECWUG JGŏU DWTPGF QWV QT DGECWUG JG FQGUPŏV JCXG VJG UMKNNU CP[OQTG +VŏU OQTG QH C VKOG KUUWG .KMG CP QNF NQPIDQCTFGT YJQ QPN[ RCFFNGU QWV YJGP KVU EJGUV JKIJ CPF INCUU[ 5VGXG QPN[ ƀKGU YJGP KVŏU OGNNQY CPF YJGP VJG

RNCPGVU NKPG WR UWEJ VJCV JKU TGURQPUKDKNK VKGU VQ JKU UVWFGPVU CPF VJG ƀKIJV RCTM CTG OGV CV VJG UCOG VKOG KVŏU IQQF 6JGUG CTG TCTG OQOGPVU KPFGGF $WV JGŏU UVKNN IQV KV +ŏXG UGGP JKO LWOR QP C PGY TKIKF YKPI HQT VJG ſTUV VKOG CPF VQY WR NKMG C RTQ #PF CNN VJQUG &QQFNGDWI ƀKIJVU JG OCMGU KPENWFG VJG UVTQPIGUV HQQVNCWPEJKPI UMKNNU [QWŏNN UGG CP[YJGTG 5VGXGŏU CNUQ DWU[ YKVJ RGTRGVWCN RTQLGEVU 0QV QPN[ FKF JG QPEG DWKNF CP GPVKTG INKFGT HTQO UETCVEJ VJG $W\\CTF YCU 5VGXGŏU UWEEGUUHWN CVVGORV VQ DWKNF C TGCUQPCDNG GPVT[ NGXGN VTCKPGT 9KNNU 9KPIU (CNEQP LWUV UWEEGGF GF QP C DKIIGT UECNG JGŏU OCFG JKU QYP UEQQVGT VQYKPI U[UVGO CPF KU EWTTGPVN[ GZRGTKOGPVKPI YKVJ OQPUVGT YJGGNU QP JKU DKI VTCKPGT VJG ő%QNQUUWU Œ #PF GXGP CU + YTKVG VJKU KP O[ CKT EQPFKVKQPGF QHſEG 5VGXGŏU QWV QP JKU *CTTKUQPDWTI VTCKPKPI JKNN KP FGITGG JGCV TWPPKPI CNQPIUKFG C VTCKPKPI INKFGT FGGRN[ KPVQ VJG $NWG 5M[ UWOOGT YGKIJV NQUU RTQITCO 6JG OCP FQGU UVC[ DWU[ 5Q %QPITCVWNCVKQPU QP [QWT CYCTF CPF [QWT VJ CPPKXGTUCT[ %QCEJ 9G JQRG [QWŏNN JCXG OQTG

2CIG

64)(" &9$&15*0/"- 4&37*$& "8"3% SFDPHOJ[FT PVUTUBOEJOH TFS WJDF UP UIF BTTPDJBUJPO EVSJOH UIF ZFBS CZ BOZ NFNCFS PS OPO NFNCFS 5BE )VSTU JT UIF SFDJQJFOU PG UIJT BXBSE GPS IJT POHPJOH JOWPMWFNFOU XJUI UIF EFWFMPQNFOU BOE PWFSTJHIU PG UIF OBNF DIBOHF QSPDFTT 5BE T DMFBS VOEFS TUBOEJOH PG UIF SFRVJSFE QSPDFEVSFT BOE IJT WJHJMBODF JO TFFJOH UIBU FBDI TUFQ XBT GPMMPXFE BOE FBDI EFBEMJOF XBT NFU SF RVJSFE QBUJFODF BOE DPNNJUNFOU GBS CF ZPOE XIBU NPTU NFNCFST FYQFDU GSPN UIFJS SFHJPOBM EJSFDUPST *O BEEJUJPO UIF QJMPUT JO 3FHJPO TPVUIFSO $BMJGPSOJB BSF CFOFm DJBSJFT PG 5BE T FOFSHZ BOE EFEJDBUJPO )F JT DVS SFOUMZ WJDF QSFTJEFOU PG UIF 4BO %JFHP )BOH (MJEJOH BOE 1BSBHMJEJOH "TTPDJB UJPO WJDF QSFTJEFOU PG UIF 5PSSFZ 1JOFT "EWJTPSZ #PBSE BOE B NFNCFS PG UIF 5PSSFZ 1JOFT 4PBSJOH $PVODJM T CPBSE PG EJSFDUPST 0WFS UIF QBTU GFX ZFBST IF IBT SFQSFTFOUFE GSFF n JHIU JOUFSFTUT BU UIF 4BO %JFHP $JUZ $PVODJM BOE UIF -B +PMMB 5PXO $PVODJM NFFUJOHT BOE PG DPVSTF SFQSFTFOUT IJT SFHJPO PO UIF 64) (" CPBSE 0OF OPNJOBUPS TBZT i* QFS TPOBMMZ EPO U LOPX PG BOZ POF QFSTPO UP EBZ UIBU JT NPSF BDUJWF JO QSPNPUJOH PVS TQPSUT UP UIF HFOFSBM QVCMJD UIBO %S 5BE )VSTU * N TUJMM USZJOH UP m HVSF PVU XIFO IF m OET UJNF UP TMFFQ w

5)& 13&4*%&/5*"- $*5"5*0/ JT UIF 64)(" T IJHIFTU BXBSE BOE JT BXBSEFE UP B NFNCFS PS OPO NFN CFS XIP IBT NBEF TJHOJm DBOU DPOUSJ CVUJPOT UP UIF TQPSU ɩ F DPOUSJCVUJPOT OFFE OPU IBWF CFFO NBEF EVSJOH UIF QSFWJPVT ZFBS #JMM #SZEFO XBT DIPTFO UP SFDFJWF UIF 1SFTJEFOUJBM $JUBUJPO GPS B MPOH MJTU PG SFBTPOT #JMM T TFSWJDF UP 64)(" JO DMVEFT ZFBST BT B SFHJPOBM EJSFDUPS UISFF ZFBST BT QSFTJEFOU BT XFMM BT UFSNT PG Pċ DF JO BMM PUIFS &$ QPTJUJPOT 5XP FYFDVUJWF EJSFDUPS USBOTJUJPOT PDDVSSFE EVSJOH IJT UFOVSF PO UIF &$ XIJDI QVU TVCTUBOUJBM EFNBOET PO UIF &$ EVSJOH UIF USBOTJUJPO QFSJPET #JMM BMTP XBT UIF IBOH HMJEJOH BDDJEFOU SFWJFX DIBJSNBO GPS OFBSMZ GPVS ZFBST BOE IF BVUIPSFE UIF BDDJEFOU SFQPSU DPMVNO GPS UIF NBHB[JOF EVSJOH UIBU UJNF )F T TFSWFE BT DIBJSNBO PG 5PXJOH 4BGFUZ BOE 5SBJOJOH 'JOBODF BOE .FNCFSTIJQ BOE %FWFMPQNFOU DPNNJUUFFT "MPOH XJUI %FOOJT 1BHFO #JMM iXSPUF UIF CPPLw PO UPXJOH TQFDJm DBMMZ 5PXJOH "MPGU XIJDI NBOZ DPOTJEFS UP CF UIF CJCMF PG UPXJOH GPS CPUI IBOH HMJEFST BOE QBSBHMJEFST *O BEEJUJPO #JMM IBT CFFO EFFQMZ JO WPMWFE XJUI UIF 4QPSU 1JMPU -JHIU 4QPSU "JSDSBGU EFWFMPQ NFOUT BOE IBT DPO USJCVUFE UP 64)(" T 13 QSFTFODF JO UIF NBKPS BWJBUJPO USBEF TIPXT BU 0TILPTI BOE 4VO O 'VO "T POF OPNJOBUPS XSPUF #JMM JT iKVTU B MFWFM IFBE FE JODSFEJCMZ UFDIOJ DBMMZ QSPm DJFOU BTTFU UP IBOH HMJEJOHy)F EFTFSWFT UP CF SFDPH OJ[FE w ɩ F "XBSET DPNNJUUFF XIPMF IFBSUFEMZ BHSFFT

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

5)& $*7- )"/( (-*%*/( %*1-0." FTUBCMJTIFE CZ $*7- JO NBZ CF BXBSEFE FWFSZ ZFBS UP BO JOEJWJEVBM iXIP JT DPOTJEFSFE UP IBWF NBEF UIF NPTU DPOUSJCVUJPO UP UIF EFWFMPQNFOU PG IBOH HMJEJOH CZ IJT JOJUJBUJWF XPSL MFBEFSTIJQ PS n ZJOH BDIJFWFNFOU w +JN ;FJTFU +; JT 64)(" T OPNJOFF GPS UIF $*7- )BOH (MJEJOH %JQMP NB GPS IJT TJHOJm DBOU DPOUSJCVUJPOT UP UIF TQPSU PG IBOH HMJEJOH UISPVHI POHPJOH JOWPMWFNFOU XJUI JOUFSOBUJPOBM DPNQFUJ UJPO BT XFMM BT SFDFOU MFBEFSTIJQ JO EFWFM PQNFOU PG IBOH HMJEJOH PQQPSUVOJUJFT JO -FCBOPO 3FBE BCPVU +; T BEWFOUVSFT JO -FCBOPO JO (SFJH #BMMBOUJOF T USBWFM BS UJDMF JO UIJT JTTVF /P OPNJOBUJPOT XFSF SFDFJWFE JO GPS UIF $IBQUFS PG UIF :FBS $PNNFOEB UJPO PS /"" 4BGFUZ "XBSE %FTDSJQUJPOT PG UIFTF BXBSET BSF BU IUUQ XXX VTIHB PSH BXBSE@OPNJOBUJPOT IUN


64)(" 4BODUJPOFE $PNQFUJUJPO /PUJDF 5BUFS )JMM 1BSBHMJEJOH 0QFO %BUF .BZ &WFOU %FTDSJQUJPO 1BSBHMJEFS 9$ GVO

DPNQFUJUJPO -PDBUJPO 5BUFS )JMM NJOVUF ESJWF /8 PG #PPOF /PSUI $BSPMJOB 3FHJTUSBUJPO PQFO VOUJM .BZ UI .PSF JOGPSNBUJPO

.PSF JOGPSNBUJPO PO TBODUJPOFE FWFOUT JT BWBJMBCMF BU XXX VTIHB PSH DBMFOEBS BTQ

1IPUP #FUI #VSHJO

XXX n ZUBUFSIJMM DPN

#VCCB (PPENBO BU 5BUFS )JMM

64)(" 4BODUJPOFE $PNQFUJUJPO /PUJDF #JH 4QSJOH 0QFO $PNQFUJUPS FOUSZ SFRVJSFNFOUT .PSF JOGPSNBUJPO PO TBODUJPOFE 64)(" BEWBODFE ) 9$ 563# FWFOUT JT BWBJMBCMF BU XXX VTIHB PSH *ODMVEFT 4JOHMF "5 PS GPSFJHO FRVJWBMFOU GPS $MBTT n FY DBMFOEBS BTQ 4VSGBDF BOE XJOH QJMPUT *OUFSNFEJBUF ) GPS 4QPSU 4 Q P S U $ M B T T BOE 4JOHMF 4VSGBDF DMBTTFT "MM QJMPUT /BUJPOBMT BOE NVTU IBWF QSFWJPVTMZ n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m STU NPOUI PG SFHJT USBUJPO BEE BGUFS 3FEVDFE GFF GPS 5IF SVOXBZ BU #JH 4QSJOH 4JOHMF 4VSGBDF BOE 4QPSU $MBTT 1IPUP +BNJF 4IFMEFO

#JH 4QSJOH 0QFO

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1SPm MF PG B 8PSME $MBTT 1SPm MF PG B 8PSME $MBTT 1JMPU -JOEB 4BMBNPOF 1JMPU $MBJSF 7BTTPSU

(SFFDF BOE XIFO UIF 8PNFO T 8PSMET XFSF BHBJO IFME JO $IFMBO 8BTIJOHUPO ɩ F 6 4 UFBN XPO UIF UFBN CSPO[F JO JO $IFMBO BOE BHBJO JO JO (SFFDF $MBJSF T IJHI TDPSFT IFMQFE UIF 6 4 8PNFO T 5FBN UBLF UIF TJMWFS JO $IFMBO BOE HBWF IFS UIF JOEJWJEVBM 8PNFO T 8PSME $IBNQJPOTIJQ TJMWFS NFEBM BT XFMM $MBJSF DVSSFOUMZ MJWFT JO OPSUIXFTU (FPSHJB XIFSF TIF FOKPZT LFFQJOH B MPX QSPm MF BOE EFEJ DBUJOH BT NVDI UJNF BT QPTTJCMF UP n ZJOH IFS IBOH HMJEFS SPDL DMJNCJOH BOE QBJOUJOH PO TJML 4IF CFDBNF B 6 4 DJUJ[FO JO CVU UIF MVSF PG HMPCBM USBWFM TUJMM QVMMT IFS BOE IFS IBOH HMJEFS BXBZ UP EJTUBOU NPVOUBJOUPQT $MBJSF BOE PUIFS NFNCFST PG UIF 6 4 8PNFO T 5FBN IBWF GPSNFE B SPDL TPMJE GSJFOETIJQ UIBU JT TVSF UP CF B HSFBU BTTFU JO UIF VQDPNJOH 8PNFO T 8PSME $IBNQJPOTIJQT UP CF IFME JO 'MPSJEB UIJT .BZ

"SUJDMF BOE QIPUP TVCNJUUFE CZ -JOEB

"SUJDMF BOE QIPUP TVCNJUUFE CZ $MBJSF

&WFS TJODF TIF XBT B MJUUMF HJSM -JOEB IBT BMXBZT ESFBNU PG n ZJOH 4IF UPPL IFS m STU UBOEFN n JHIU JO XIJMF PO WBDBUJPO JO "SJ[POB OPU LOPXJOH UIJT XPVME CF UIF BOTXFS UP NBLJOH UIPTF ESFBNT B SFBMJUZ *NNFEJBUFMZ IPPLFE TIF SFUVSOFE IPNF UP 3PDIFTUFS /FX :PSL UP MFBSO UIF CBTJDT XJUI UIF MPDBM DMVC 4IF IBE UP XBJU NPSF UIBO B ZFBS UP CFHJO USBJOJOH CVU TIF IBE IFS m STU TPMP IJHI n JHIU JO "VHVTU PG "T B TJOHMF QBSFOU XPSLJOH GVMM UJNF m OEJOH UJNF BOE SFTPVSDFT UP n Z SFRVJSFE B MPU PG EFUFSNJOBUJPO BOE TVQQPSU GSPN GBNJMZ BOE GSJFOET $SPTT DPVOUSZ n ZJOH QSPWJEFE OFX DIBMMFOHFT BT IFS TLJMM MFWFM JODSFBTFE /PU TBUJTm FE XJUI KVTU PVU n ZJOH UIF MPDBM QJMPU QPQVMBUJPO -JOEB FO UFSFE IFS m STU DPNQFUJUJPO UIF 5FBN $IBMMFOHF JO 0DUPCFS PG BOE XBT SFXBSEFE XJUI B OFX QFSTQFDUJWF PO IPX UP NBYJNJ[F UIF XIPMF n ZJOH FYQFSJFODF "U UIF TBNF DPNQFUJUJPO UIF GPMMPX JOH ZFBS IFS UFBN UPPL m STU QMBDF BOE TIF XPO UPQ GFNBMF IPOPST UIFSF BOE BU TFWFSBM PUIFS MPDBM NFFUT *O -JOEB FOUFSFE UIF SFBMN PG OBUJPOBM DPN QFUJUJPO CZ DPNQFUJOH JO TBODUJPOFE NFFUT JODMVE JOH UXP OBUJPOBM DIBNQJPOTIJQT *O .BZ PG TIF TFU UIF EJTUBODF SFDPSE GSPN IFS IPNF TJUF o B NJMF n JHIU GSPN .BDFEPO /FX :PSL UP %SBQFS 1FOOTZMWBOJB /PX BU BOE BO BEWBODFE SBUFE QJMPU TIF JT DVSSFOUMZ SBOLFE BNPOH 6 4 XPNFO BOE UI BNPOH BMM 6 4 QJMPUT "MUIPVHI UIF OPSUIFBTU n ZJOH TFBTPO JT SFMBUJWFMZ TIPSU TIF TUJMM NBOBHFT PWFS BJS IPVST QFS ZFBS "MM UISFF PG IFS UFFO BHFE DIJMESFO IBWF UBTUFE GSFF n JHIU BOE IBWF FYQSFTTFE B EFTJSF UP MFBSO %BOB IFS PMEFTU EBVHIUFS JT UBLJOH UBOEFN JOTUSVDUJPO BOE FWFO ESJWFT SFUSJFWF GPS IFS NPN #FTJEFT n ZJOH IBOH HMJEFST IFS TJHOJm DBOU PUIFS .BSL 'SVUJHFS IBT B VOJRVF XBZ PG CFJOH TVQQPSUJWF o IF EPVCMFT BT IFS UVH QJMPU -JOEB T EFUFSNJOBUJPO BOE EFEJDBUJPO UP UIF TQPSU IBT TFDVSFE IFS B TQPU PO UIF 6 4 8PNFO T 5FBN

$MBJSF 7BTTPSU TUBSUFE ESFBNJOH PG BEWFOUVSF BOE n JHIU BT B DIJME JO IFS OBUJWF 'SBODF )FS EFFQ MPWF PG OBUVSF UPHFUIFS XJUI UIF BFTUIFUJD BOE MJGF Bċ SNJOH BTQFDUT PG n ZJOH B TJNQMF BJSDSBGU MFE IFS UP IBOH HMJEJOH *O BT TPPO BT TIF SFBDIFE UIF MFHBM BHF TIF MFBSOFE UP n Z )BOH HMJEJOH DPN QFMMFE IFS UP USBWFM BMM PWFS UIF XPSME UP EJTDPWFS GPSFJHO MBOET GSPN BCPWF $MBJSF IBT B HPBM UP n Z UIF TFWFO DPOUJOFOUT PG UIF FBSUI BOE TIF IBT FYDFQUJOH POMZ "OUBSDUJDB *O TIF CFDBNF B SFTJEFOU PG UIF 6OJUFE 4UBUFT CVU DPOUJOVFT IFS HMPCBM USBWFMT PG n JHIU BEWFOUVSF *O $MBJSF FOUFSFE IFS m STU DPN QFUJUJPO 4IF RVJDLMZ FTUBCMJTIFE IFS DPO TVNNBUF DPNQFUJ UJWF TLJMMT PO UIF 6 4 BOE JOUFSOBUJPOBM DJSDVJUT 4IF XBT ! " # ! $ UIF 6 4 8PNFO T %& ' !' ( ) (( * +! +! ! ! !, /BUJPOBM $IBNQJPO JO BOE BHBJO JO $MBJSF IBT ) - %.' ) (( * / ) %0' ) (( * "1' ' $ RVBMJm FE GPS FWFSZ CJ FOOJBM 6 4 8PNFO T 2 ! ! 3) 34 (! !, - 5! ! + /BUJPOBM 5FBN TJODF 6.& 6778 &96 & . ' : + BOE TIF n FX BT : ! : ;! 6776< B NFNCFS PG UIF UFBN JO JO +BQBO ) ( =& / 4 !> (! 3 ; ; ( ; * (( JO UIF 6 4 BU $IFMBO 2 3 ; () , ) (( * !;; 8 ! ; 8BTIJOHUPO JO "VTUSBMJB JO

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


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

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

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

:RUOG &ODVV 6HUYLFH x x x x x

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

&RPSOHWH 6HFXULW\ x x x x

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

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

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


1JMPUT 4VQQPSU 4PVUIFSO 0SFHPO $PNNVOJUZ 4DIPPM "SUJDMF BOE QIPUPT CZ %POBME 'JUDI

#JMM ,BFMJO NFFU PSHBOJ[FS DPNJOH JO UP MBOE

*O UIF MBTU GFX ZFBST TPVUIFSO 0SFHPO T 37)1" 3PHVF 7BMMFZ )BOH (MJEJOH BOE 1BSBHMJEJOH "TTPDJBUJPO IBT TFFO HSFBUMZ JODSFBTFE QBSBHMJEFS USBċ D BU JUT QSJNBSZ MBVODI PO 8PPESBU .PVOUBJO BOE BU UIF -; JO UIF TNBMM UPXO PG 3VDI ɩ F DMVC T BOOVBM .FNPSJBM %BZ XFFL FOE n Z JO 4UBSUIJTUMF XXX 37)1" OFU 4UBSUIJTMF IBT HSPXO TVCTUBO UJBMMZ BOE GPS UIF QBTU UISFF ZFBST JN NFEJBUFMZ GPMMPXJOH 4UBSUIJTUMF IBT CFFO UIF 3BU 3BDF 3BU3BDF$PNQ DPN UIF 64)(" TBODUJPOFE DSPTT DPVOUSZ FWFOU UIBU CSJOHT TPNF PG UIF XPSME T CFTU QBSB

HMJEFS QJMPUT UP TPVUIFSO 0SFHPO ɩ F iCJH CPZTw BSF KPJOFE CZ B GFX PG UIF MPDBM QJ MPUT JODMVEJOH 37)1" T TBGFUZ EJSFDUPS )BZEFO (MBUUF BOE 1BVM .VSEPDI XIP XSPUF PG IJT 3BU 3BDF BEWFOUVSFT JO )BOH (MJEJOH 1BSBHMJEJOH NBHB[JOF 4PNF DMVC NFNCFST BSF DPODFSOFE BCPVU PWFS VTF PG UIF MBVODI BOE QBSUJD VMBSMZ UIF -; BOE IBWF TVHHFTUFE UIBU QFSIBQT 3BU 3BDF TIPVME OPU CF IFME BU 8PPESBU ZFBSMZ ɩ JT JOTQJSFE TPNF JO EFQUI EJTDVTTJPOT BU DMVC NFFUJOHT B TVC DPNNJUUFF SFQPSUFE UIF NBJOMZ VQ CFBU QFSDFQUJPO PG QBSBHMJEJOH BOE IBOH

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

HMJEJOH BOE PG UIF FWFOUT CZ UIF DPN NVOJUZ %FTQJUF TPNF JODJEFOUT JODMVE JOH BO VOGPSUVOBUF QPXFS PVUBHF DBVTFE POF ZFBS CZ B QBSBHMJEFS XJOH XSBQQFE BSPVOE VUJMJUZ MJOFT NPTU GFFECBDL GSPN UIF DPNNVOJUZ XBT QPTJUJWF *OEFFE TFW FSBM QSPQFSUZ PXOFST TUPQQFE CZ UIF 3BU 3BDF PQFSBUJPO DFOUFS JO 3VDI BOE PG GFSFE UIFJS m FMET BT MBOEJOH [POFT .FNCFST BTLFE BOFX IPX XF DPVME CFDPNF CFUUFS DJUJ[FOT PG UIJT TVQQPSUJWF DPNNVOJUZ 'PS PWFS B EFDBEF UIF 37) 1" IBT HJWFO B ZFBSMZ DPOUSJCVUJPO UP MP DBM OFFET TVDI BT TFBSDI BOE SFTDVF UIF MJCSBSZ BOE UIF TDIPPM ɩ F EPOBUJPO JT BM XBZT NBEF JO UIF OBNF PG #JMMJF +PF BOE +PBOO )VOUFS UIF PXOFST PG UIF GBSN MBOE QSPQFSUZ VQPO XIJDI XF BSF QSJWJ MFHFE UP MBOE UIJT JT BO Pċ DJBM 64)(" TJUF JOTVSFE CZ UIF DMVC ɩ F 37)1" XJUI NFNCFST NBJOMZ GSPN .FEGPSE "TIMBOE +BDLTPOWJMMF BOE UIF "QQMFHBUF BMTP UBLFT SFTQPOTJCJMJUZ GPS SPBETJEF DMFBO VQ GPS UIF TUSFUDI PG +BDLTPOWJMMF )JHIXBZ VOEFS 8PPESBU .PVOUBJO BOE OFBS UIF -; 'PVS UJNFT B ZFBS UFBNT MFE CZ 4FDSFUBSZ -FBI (SFHPSZ QJDL VQ BOE CBH USBTI PO UIF UXP NJMF TUSFUDI ɩ F DPVOUZ DSFEJUT UIJT BDUJWJUZ XJUI SPBETJEF TJHOT OPUJOH UIF DMVC T DPOUSJCV UJPO UP UIF DMFBOMJOFTT PG UIF MBOETDBQF "U UIF 0DUPCFS NFFUJOH IFME BU 1BVM .VSEPDI T (BSZ 8FTU .FBUT JO +BDL TPOWJMMF MPOH UJNF 4UBSUIJTUMF PSHBOJ[ FS ,SJTUJO 8JDL CSPVHIU VQ B QSFTTJOH OFFE JO UIF 3VDI DPNNVOJUZ ɩ F EFNP HSBQIJDT PG UIF CVDPMJD "QQMFHBUF 7BM MFZ BSF KFPQBSEJ[JOH UIF FYJTUFODF PG UIF 3VDI 4DIPPM XIJDI JT JO HSFBU m OBODJBM QFSJM ɩ F 3BU 3BDF HFOFSBUFE B TVCTUBO UJBM DPOUSJCVUJPO UP UIF 37)1" GSPN FWFOU PSHBOJ[FST .JLF BOE (BJM )BMFZ XIP XFSF BMTP QSFTFOU BU UIF NFFUJOH ,SJTUJO GPSNBMMZ NPUJPOFE UIBU UIF FO UJSF BNPVOU QMVT B TVCTUBOUJBM BNPVOU HFOFSBUFE CZ UIF DMVC T PXO 4UBSUIJTUMF 'MZ JO BOE NFNCFSTIJQ EVFT CF DPOUSJC VUFE UP UIF 3VDI 4DIPPM NVTJD QSPHSBN ɩ F NPUJPO XBT RVJDLMZ TFDPOEFE BOE BG UFS EJTDVTTJPO B m HVSF HBJOFE BQ QSPWBM "T UIF DPNNVOJUZ XBT QSFQBSJOH UP DFMFCSBUF JUT FWFOJOH 'BMM 'FTUJWBM BU 3VDI 4DIPPM TPPO QMBOT XFSF NBEF GPS QSFTFOUJOH B MBSHF GBDTJNJMF DIFDL BU UIBU QVCMJD FWFOU .FNCFST XFSF FODPVSBHFE UP BQQFBS JO PME 4UBSUIJTUMF 5 TIJSUT


1IPUP +VMJB 4DIBVFS

" CFBOCBH ESPQ DPNQFUJUJPO XBT BS SBOHFE BU 8PPESBU GPS UIF EBZ PG UIF 'BMM 'FTUJWBM 0SHBOJ[FE CZ #JMM ,BFMJO UIF FWFOU XBT B NFBOT UP TVQQPSU UIF TIVUUMF TFSWJDF GSPN -; UP MBVODI BOE UP CVJME NPSF CSJEHFT XJUI UIF DPNNVOJUZ )BM MPXFFO DPTUVNFT XFSF FODPVSBHFE BT QJ MPUT BUUFNQUFE UP IJU B HSPVOE UBSHFU XJUI CFBOCBHT GSPN BU MFBTU GFFU "(- /JDL $SBOF BDUVBMMZ IJU UIF UBSHFU XJO OJOH UIF DPNQFUJUJPO #SVDF $PNTUPDL USJFE B EBSJOH EPVCMF ESPQ NBOFVWFS UIBU QVU CPUI IJT CBHT DMPTF %BWJE 0SS BE PQUFE B NBDIJOF HVO BQQSPBDI SBJO JOH EPXO FJHIU CBHT GSPN B RVBSUFS NJMF

#SVDF $PNTUPDL 37)1" USFBTVSFS MBOEJOH BU 8PPESBU -; BGUFS ESPQQJOH IJT CFBOCBH

PG iCFBVUJGVM TXPPQJOH IVNBO CJSETw BOE JNBHJOFE ESPQQJOH B CFBOCBH iGSPN HJBOU XJOHT w 4IF FOEFE i/FYU UJNF ZPV UVSO ZPVS FZFT VQ UP UIF TLJFT BCPWF )XZ SFNFNCFS UIBU UIFTF DPVSBHFPVT TQPSUTNFO BSF TVQQPSUJOH UIF DPNNV OJUZ w %POBME 'JUDI B L B %POBUP IBT CFFO QBSBHMJEJOH TJODF )F JT QBTU QSFTJEFOU PG 37)1" -; %POBUP NJMFT EVF FBTU PG 8PPESBU .PVOUBJO JT B GSFRVFOU 3BU 3BDF HPBM

1IPUP +VMJB 4DIBVFS

+JN 5JCCT UIF "JSIPH

UBMLFS GBNF *ODMVEFE PO UIF %7% JT B IFMNFU DBN WJEFP m MNFE CZ +PTI .PSFMM BT IF T SVOOJOH PĊ UIF 8PPESBU OPSUI MBVODI USBJMJOH B TNPLF CPNC $PQJFT BSF BWBJMBCMF BU XXX -JUFL DPN ɩ BU FWFOJOH UIF 3VDI 4DIPPM 'BMM 'FTUJWBM XBT XFMM VOEFSXBZ JO UIF HZN OBTJVN XJUI CPPUIT BOE MJOFT BOE EP[ FOT PG DIJMESFO JO )BMMPXFFO DPTUVNF "CSVQUMZ UIF TDIPPM QSJODJQBM TUFQQFE VQ UP UIF NJDSPQIPOF TUPQQFE UIF DBSOJ WBM QSPDFFEJOHT BOE JOUSPEVDFE UIF DMVC 4FWFSBM 37)1" NFNCFST NPVOUFE UIF TUBHF PWFSTJ[FE DIFDL JO IBOE 37) 1" QSFTJEFOU /JDL $SBOF EFTDSJCFE IPX 8PPESBU JT B QSFNJFS QBSBHMJEJOH BOE IBOH HMJEJOH TJUF LOPXO UISPVHI PVU UIF XPSME PG PVS TQPSU ɩ F DIFDL XBT UIFO EJTQMBZFE "O BVEJCMF HBTQ HSFFUFE UIF VOWFJMJOH PG UIJT TVCTUBOUJBM TVN GPS B TDIPPM JO OFFE /JDL OPUFE UIBU UIF GVOET DBNF GSPN UIF DMVC T FBSOJOHT GPS 3BU 3BDF BOE 4UBSUIJTUMF FWFOUT BOE XFSF QSF TFOUFE JO UIF OBNF PG UIF )VOUFST +PBOO )VOUFS CFJOH QSFTFOU BU UIF FWFOU ɩ F QSJODJQBM BOE BUUFOEFFT PG UIF GBMM GFTUJWBM XFSF EFMJHIUFE CZ UIF EPOBUJPO "MTP JO UIF DSPXE XBT 3VUI "VTUJO SFQPSUFS GPS UIF "QQMFHBUPS B DPNNVOJUZ QBQFS XJUI DJSDVMBUJPO PG BCPVU .T "VTUJO XSPUF B OJDF MFBE BSUJDMF JO UIF +BOVBSZ JTTVF FOUJUMFE i1BSBHMJEFST 4VQ QPSU UIF $PNNVOJUZ w 4IF XBT QSFTFOU BU UIF CFBOCBH ESPQ BOE JOUFSWJFXFE .F HBO )VOUFS HSBOEEBVHIUFS PG UIF MBOE PXOFST BOE BO FOUIVTJBTUJD BOE TLJMMFE QBSBHMJEFS QJMPU IFSTFMG "VTUJO T BSUJDMF XBT WFSZ MZSJDBM BOE QPTJUJWF 4IF XSPUF

"JSIPH QVUT UP SFTU UIF RVFTUJPO BTLFE CZ -FXJT $BSSPMM T XBMSVT 1JHT EP JOEFFE IBWF XJOHT

PWFSIFBE )BOH HMJEFS QJMPU "JSIPH +JN 5JCCT DBNF OFBS GSPN IJHI PWFSIFBE FO DVNCFSFE POMZ TMJHIUMZ CZ IJT IPH n JHIU TVJU DPTUVNF +FSSZ +PIOT BOE #JMM ,BFMJO CPUI UJMUFE TPNFXIBU JO MPPLJOH GPS UIF UBSHFU CVU IBE HPPE UPTTFT ɩ JT BVUIPS T CFTU XBT POMZ GFFU PĊ UBSHFU IJOEFSFE QFSIBQT CZ IJT TLFMFUPO DPTUVNFy ɩ F FWFOU XBT m MNFE BOE B %7% QSP EVDFE CZ $IBSMFT 8BMUFS PG -JUFL 8JOE

3)71" QJMPUT QSFTFOU UIF DIFDL 'SPN SJHIU UP MFGU &E /JDIPMTPO 3VDI 4DIPPM QSJODJQBM /JDL $SBOF 37)1" QSFTJEFOU 1BVM .VSEPDI ,SJTUJO 8JDL 3FOB 4DPUU #SVDF $PNTUPDL #SJBO 3VTTFMM #JMM ,BFMJO .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


#Z +Fą $SJTUPM 1IPUPT CZ +Fą BOE 6STVMB $SJTUPM %VSJOH UIF 6 4 1BSBHMJEJOH /BUJPOBMT JO 5FMMVSJEF $PMPSBEP GPS NFS "SHFOUJOB /BUJPOBM $IBNQJPO -VJT 3PTFOLKFS ESPQQFE CZ PVS IPNF GPS TPNF FBSMZ NPSOJOH LVDIFO BOE DPOWFSTBUJPO #Z UIF FOE PG CSFBLGBTU * IBE B IBOE ESBXO NBQ PG "SHFOUJOB TIPXJOH NPSF UIBO B EP[FO QBSBHMJEJOH TJUFT TUSFUDI JOH GSPN 1BUBHPOJB UP UIF #PMJWJBO CPS EFS XJUI OPUFT BCPVU XFBUIFS XJOE BOE UJNF PG EBZ UP n Z -VJT BMTP QSPNJTFE UP FNBJM GSJFOET BOE QJMPUT JO FBDI DJUZ UIBU IF E NBSLFE XBSOJOH UIFN UIBU B HSJOHP QJMPU BOE IJT 1FSVWJBO XJGF XFSF IFBEFE UIFJS XBZ *O UIF OPSUIFSO IFNJTQIFSF T BVUVNO NZ XJGF 6STVMB BOE * UPPL BEWBOUBHF PG "SHFOUJOB T XFBL QFTP BOE UIF MPOH MJTU PG n ZJOH TJUFT BOE DPOUBDUT TVQQMJFE CZ -VJT 8F n FX JOUP #VFOPT "JSFT UIFO CPBSEFE BO PWFSOJHIU CVT UIBU UPPL VT TPVUIXFTU BDSPTT UIF FOEMFTT FYQBOTF PG UIF QBNQB UP #BSJMPDIF BOE CFZPOE UP &M #PMTPO "GUFS TP NBOZ IPVST SJEJOH BDSPTT UIF NPOPUPOPVT QMBJOT BU EBXO m OBMMZ TFF JOH UIF TOPXZ QFBLT PG UIF "OEFT SJTJOH JO UIF EJTUBODF XBT JOTQJSJOH

ɩ F TNBMM NPVOUBJO UPXO PG &M #PM TPO TJUT BU UIF OPSUIFSO FYUSFNF PG 1B UBHPOJB CVU FOKPZT B NJME DMJNBUF BOE JT MFTT XJOEZ UIBO UIF SFTU PG UIF SFHJPO ɩ F WBMMFZ TIBSFT B USBEJUJPO PG DMBTTJD 1BUBHPOJB HBVDIPT PS DPXCPZT BOE B -BVODIJOH UBOEFN BU $FSSP "SDP .FOEP[B .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


"NB[JOH DMPVET BCPWF QJMPUT TFUUJOH VQ BU .FOEP[B

MFHBDZ MFGU GSPN JUT EJTDPWFSZ BT B IJQQZ UPVSJTU EFTUJOBUJPO EVSJOH UIF A T BOE FBSMZ A T ɩF UPXO JT mMMFE XJUI SFT UBVSBOUT BOE DSBGUT GSPN MPDBM BSUJTBOT " TNBMM QBSBHMJEJOH PVUmU BMTP TFUT VQ TIPQ IFSF JO TVNNFS NPWJOH GSPN OFBS CZ #BSJMPDIF BOE UIF CVTZ TLJ IJMMT XIFSF UIF QJMPUT MJWF BOE XPSL EVSJOH XJOUFS .BSUJO 7BMMNJUKBOBN UIF GSJFOEMZ MPDBM JOTUSVDUPS SFOUT B TNBMM IPVTF XJUI FYUSB SPPNT OFYU UP UIF MBOEJOH [POF BOE GPS B TNBMM GFF ESJWFT QJMPUT UP MBVODI ɩF TXJUDICBDL IJHI DMFBSBODF UXP XIFFM ESJWF SPBE UP UIF &M #PMTPO UBLF PĊ JT HPPE FOPVHI GPS UBYJT BT XFMM ɩF TQB DJPVT DBSQFUFE MBVODI IBT SPPN GPS GPVS PS mWF XJOHT UP MBZ PVU BU PODF ɩF TDFOF XBT GVO BOE SFMBYFE XJUI B DPVQMF 'SFODI QJMPUT BOE TFWFSBM MPDBMT * BTLFE XIZ * TBX TP NBOZ (SBEJFOU QBSBHMJEFST BOE GPVOE PVU -VJT XIP JT GSPN OFBS CZ #BSJMPDIF JT UIF (SBEJFOU EJTUSJCVUPS JO "SHFOUJOB

-BVODI JT BCPVU NFUFST PWFS UPXO XJUI GBJSZUBMF MJLF KBHHFE QFBLT BCPWF ɩPVHI UIJT JT B UIFSNBM NPVOUBJO TJUF QJMPUT PGUFO UPQMBOE XIJDI TBZT MPBET BCPVU IPX TNPPUI BOE HFOUMF UIF MJGU DBO CF 0O NZ mSTU EBZ IFSF .BSUJO SBEJPFE EPXO GSPN B UIPVTBOE NFUFST PWFS UIBU IF IBE GPVOE TUSPOH NFUFST QFS TFD POE MJGU BOE TVHHFTUFE XF BWPJE HFUUJOH UPP IJHI $MPVECBTF PGUFO EPFTO U DMFBS UIF OFBSCZ QFBLT CVU TPBSBCMF DPOEJUJPOT BSF UZQJDBM -JLF NBOZ NPVOUBJO TJUFT &M #PMTPO POMZ IBT HPPE XFBUIFS IBMG UIF ZFBS XJUI UIF CFTU nZJOH JO UIF TVNNFS NPOUIT PG %FDFNCFS +BOVBSZ BOE 'FCSVBSZ "GUFS B XFFL JO &M #PMTPO BOE TFWFSBM SBJO EBZT XF USJFE #BSJMPDIF GPS B GFX EBZT 8JUI XJOE BOE SBJO XF XFSFO U FWFO UFNQUFE UP HP TFF UIF $FSSP $BUFESBM MBVODI 8F UPPL B XFFLFOE USJQ PWFS UIF "O EFT UP UIF 1BDJmD DPBTU GPS TFBGPPE XJUI -VJT BOE IJT TPO .BSDP "U UIF QBSB HMJEJOH TJUF JO /JFCMB PVUTJEF PG 7BMEJWJB

$IJMF UIF XJOE XBT BMNPTU UPP TUSPOH GPS UIF TUVOU LJUF 4FWFO ZFBS PME .BS DP TQFOU IPVST HFUUJOH ESBHHFE BDSPTT UIF MBSHF XFU DPX QBTUVSF PO IJT CFMMZ TDBU UFSJOH ESJFE PVU DPX QJFT MFBWJOH UIF SFTU PG VT EPVCMFE PWFS XJUI MBVHIUFS (JWJOH VQ PO nZJOH NPSF JO 1BUB HPOJB XF UPPL B IPVS PWFSOJHIU CVT OPSUI BMPOH UIF FBTUFSO TJEF PG UIF "O EFT UP .FOEP[B 8F GPVOE B IPTUFM PO UIF CVTZ 7JMMBOVFWB XIFSF UIF TFSJPVT CBS TDFOF TUBSUT BU B N 4UJMM HSPHHZ GSPN UIF CVT SJEF * XBT QJDLFE VQ NJE NPSOJOH CZ MPDBM UBOEFN QJMPU (FSNBO 0SUJ[ BOE GPVOE NZTFMG NPSF UIBO NFUFST PWFS UPXO PO B HSFBU NVMUJEJSFD UJPOBM MBVODI .FOEP[B JT JO UIF EFTFSU BOE UIF UIFSNBMT BSF TUSPOH FWFO JO UIF NPSOJOH 0O NZ mSTU nJHIU * MBVODIFE BU B N BOE nFX TUSBJHIU UISPVHI B WFSZ CJH UIFS NBM BOE PVU UIF PUIFS TJEF UBLJOH B IVHF XIBDL SJHIU BCPWF MBVODI * IBE CFFO UPME JU XBT TUSPOH NJE EBZ IFSF CVU UIF

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


.JSBEPS EF MPT $POEPSFT $BSQJOUFSJB .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


' •

-B 3JPKB



UIFSNBMT XFSF NPSF CVNQZ UIBO * E FY QFDUFE FWFO JO UIF NJEEMF PG TUSPOH DPSFT -PDBM QBSBHMJEFS QJMPUT TBZ iDBDIFOHFw UP EFTDSJCF UIF BDUJWF QJMPUJOH UIF MPDBM UIFS NBMT SFRVJSF o JU NFBOT CPUI UP EBODF UIF $POHB XIFSF POF T IBOET BSF TXJOH JOH CBDL BOE GPSUI BU TIPVMEFS MFWFM BOE BTZNNFUSJD EFn BUJPO *U JT VTVBMMZ n ZBCMF BMM EBZ FWFSZ EBZ IFSF TP QBSBHMJEFS QJMPUT n Z NPSOJOHT BOE FWFOJOHT XJUI FWFOJOH UIFSNBMT CF DPNJOH XPOEFSGVMMZ CSPBE BOE TNPPUI ɩ F DSPTT DPVOUSZ PQQPSUVOJUJFT BSF GBC VMPVT -POH n JHIUT IBWF CFFO EPOF UP UIF OPSUIFBTU CVU UIF UZQJDBM SPVUF HPFT TPVUIXFTU ɩ JT SPVUF QBTTFT PWFS TPNF EBOHFSPVT OFJHICPSIPPET PO UIF PVU TLJSUT PG UPXO SJHIU PĊ TP QJMPUT EPO U HP GPS JU VOMFTT UIFZ BSF HFUUJOH IJHI BOE UIJOL UIFZ XJMM NBLF JU QBTU UIF TMVNT 'PS B XFFL B MPX JOWFSTJPO IBMUFE BOZ PQQPSUVOJUZ UP n Z DSPTT DPVOUSZ 4UJMM * HPU NBOZ IPVST PG QVSF EFTFSU UIFS NBM n ZJOH BOE NFU B HSFBU HSPVQ PG MP DBM QJMPUT "T FWFSZXIFSF JO "SHFOUJOB UIFSF JT JO .FOEP[B B TUSPOH MPDBM DMVC XJUI WFSZ FYQFSJFODFE QJMPUT BOE MPUT PG IFMQ BOE TVQQPSU 1BODIJ -FCPO B MP DBM DSPTT DPVOUSZ BOE UBOEFN QJMPU XBT

FTQFDJBMMZ GSJFOEMZ BOE LOPXMFEHFBCMF 0O UIF XFFLFOE QBSBHMJEFS QJMPUT BOE B EP[FO IBOH HMJEFS QJMPUT TIPXFE VQ UP n Z 5PP TPPO PVS UJNF JO .FOEP[B XBT PWFS 8F XFSF GSJFE GSPN UIF OJHIUMJGF BOE UIF TUJDLZ IFBU UIBU TUBZFE UISPVHI UIF OJHIU "HBJO XF MFGU UPXO -PPLJOH EPXO PO UIF NPVOUBJOT GSPN BCPWF -B 3JPKB MBUF BU OJHIU UIJT UJNF JO B MJUUMF SFOUFE 'JBU /PSUI PG UPXO XF HBJOT B UIPVTBOE NFUFST BCPWF UIF n BU F SPBE QBTTFT UIF UBOEFN NJTTFE B UVSO BOE ESPWF IVOESFET PG LJ EFTFSU CFMPX ɩ MPNFUFST PVU PG PVS XBZ -BUF UIF OFYU EBZ MBVODI BCPWF .FSMP BOE BSSJWFT NJO XF GPVOE PVS SPBE BOE UIF NPVOUBJOT PG VUFT MBUFS BU &M .JSBEPS EF MPT $POEPSFT BCPWF $BSQFOUFSJB XIFSF MPDBM QJMPU &E UIF $FOUSBM 4JFSSBT ɩ F $FOUSBM 4JFSSBT BMTP LOPXO BT UIF VBSEP )VFSUB IBT B CFBVUJGVM SFTUBVSBOU 4JFSSB EF $PSEPCB MJF IBMGXBZ CFUXFFO OFYU UP B HSPPNFE HSBTTZ MBVODI ɩ FSNBM TPBSJOH JT QPTTJCMF BT TPPO BT UIF IJHI "OEFT PO UIF CPSEFS XJUI $IJMF BOE UIF "UMBOUJD DPBTU ɩ F SBOHF JT NBEF MJHIU DZDMFT TUBSU JO UIF NPSOJOH 6OGPS VQ PG NBOZ TNBMMFS SBOHFT FBDI XJUI JUT UVOBUFMZ UIF XJOE CMPXT PWFS UIF CBDL FW PXO QBSBHMJEJOH TJUFT "U UIF TPVUIFSO FSZ BGUFSOPPO CVU JU JT FBTZ UP CF BXBZ FOE PG UIF SBOHF .FSMP BOE $BSQFOUF GSPN UIF IJMM CFGPSF UIF XJOE TXJUDIFT SJB IBWF TPNF PG UIF CFTU UPQPHSBQIZ GPS #Z MBUF NPSOJOH UIF DPOEJUJPOT HFU TUSPO QBSBHMJEJOH JO UIF DPVOUSZ " QBWFE SPBE HFS BOE UIF QPTTJCJMJUZ PG n ZJOH FJUIFS TXJUDICBDLT PVU PG .FSMP BOE RVJDLMZ OPSUI PS TPVUI BMPOH UIF SBOHF FOUJDFT

1BSBHMJEFS QJMPUT QSFQBSJOH UP MBVODI GSPN -B 3JPKB

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


UIF DJSDMJOH QJMPU ɩ JT TJUF IBT UPQ MBOEJOH QPUFOUJBM FBTZ BDDFTT BOE CFBVUJGVM WJFXT CVU UIF CFTU UIJOH BCPVU n ZJOH UIF 4JFSSB EF $PNFDIJOHPOFT JT UIF FBTF PG n ZJOH DSPTT DPVOUSZ ɩ F n BU FYQBOTF PG EFTFSU CFMPX JT BU NFUFST MBVODI JT BCPVU NFUFST BOE DMPVECBTF PGUFO SJTFT UP PS NFUFST .4- ɩ F DMPVETUSFFU UIBU GPSNT PWFS UIF SBOHF FYUFOET PVU JOUP UIF n BUT BOE UIFSF BSF MPUT PG QPTTJ CMF MBOEJOH m FMET BMPOH UIF IJHIXBZ 8IFO XF m STU BSSJWFE UIF XJOE XBT IPXMJOH PWFS UIF CBDL OJHIU BOE EBZ TP XF ESPWF OPSUI UP UIF TJUF BU .JOB $MBWF SP XIFSF XF NFU .JDLFZ BOE DIFDLFE PVU UIF QBSBHMJEJOH IPTUFM IF XBT CVJMEJOH QBSBQFOUF!USBOTMBTJFSSB DPN ɩ JT TJUF JT MPXFS BOE FYQFSJFODFT MFTT PG UIF FBTU XJOE UIBU QMBHVFT UIJT TJEF PG UIF SBOHF * EJEO U n Z CVU * EJE TQPU TPNF DPOEPST PO UIF XBML PVU UP UIF MBVODI /FBS UIF MBOEJOH [POF BU $BSQFOUF SJB -VJT BOE (BCCZ 4BF[ IBWF B DPVQMF SPPNT JO UIFJS IPVTF GPS SFOU UP QJMPUT BOE BSF WFSZ IFMQGVM XJUI USBOTQPSUB UJPO BOE JOGPSNBUJPO 7VFMP -JCSF )PT UBM BMDBSQJOUFSJB!NFSMP@TM DPN BS 0VS UJNF JO UIFJS IPNF XBT QBJOGVMMZ TIPSU BT UIFZ E RVJDLMZ CFDPNF PVS HPPE GSJFOET

-VJT IBE BTTVSFE VT JU XBT XPSUI XBJU JOH GPS HPPE XFBUIFS UP n Z IFSF BOE UIJT QSPWFE USVF 'JOBMMZ UIF XJOETPDL PO MBVODI CMFX UIF SJHIU EJSFDUJPO BOE JO WFSZ MJHIU DZ DMFT UISFF PG VT MBVODIFE BOE DMJNCFE PVU * UPQ MBOEFE BOE SF MBVODIFE CF GPSF IFBEJOH PĊ DSPTT DPVOUSZ ɩ FSF XBT UIF TNBMMFTU BNPVOU PG ESJGU UP UIF TPVUI TP * DPNNJUUFE UP UIBU EJSFDUJPO "GUFS TFWFSBM TNBMM KVNQT BOE DPVOUMFTT UIFSNBMT * GPVOE NZTFMG SFBDIJOH DMPVE CBTF PVU JO GSPOU PG UIF NPVOUBJOT #Z NJE BGUFSOPPO * XBT VOEFS B DMPVETUSFFU UIBU GPSNFE EJSFDUMZ BCPWF UIF IJHIXBZ * XBT GPMMPXJOH ɩ F UIFSNBMT HPU TUSPO HFS PDDBTJPOBMMZ PS NFUFST QFS TFDPOE UP GFFU QFS NJOVUF CVU NPTU MZ UP NFUFST QFS TFDPOE UP GQN * UPPL MPUT PG TNBMM DPMMBQTFT CVU OFWFS BOZUIJOH UPP TDBSZ "GUFS BMNPTU GPVS IPVST UJSFE BOE IVOHSZ BOE OFFE JOH UP QFF * TUPQQFE UVSOJOH BOE FWFOUV BMMZ ESPQQFE PVU PG UIF CSPBE BSFB PG MJGU VOEFS UIF DMPVETUSFFU * MBOEFE JO B m FME GVMM PG DPXT BGUFS B n JHIU PG PWFS LJMP NFUFST .Z n ZJOH QBSUOFST UIBU EBZ -VJT BOE .BSJBOP ESPWF DIBTF BOE TIPXFE VQ KVTU BGUFS * QBDLFE ɩ JT XBT B IJHI QPJOU PO UIF USJQ BOE * DPVME IBWF TUBZFE BOE n PXO UIJT TJUF GPS XFFLT CVU JOTUFBE UIBU FWFOJOH 6STVMB BOE * MFGU ESJWJOH PWFS UIF SBOHF JO TFBSDI PG OFX TJUFT BOE NPSF BJSUJNF 0O UIF FBTU TJEF PG UIF NPVOUBJOT BCPWF $PSEPCB JT UIF NPTU GBNPVT PG UIF $FOUSBM 4JFSSB T TJUFT -PDBM FY QBU QJMPU "OEZ )FEJHFS QVU PO B 18$ JO UIF MBUF T BU UIF MPDBM TJUF JO $VDIJ $PSSBM

)BOH HMJEFST PO BQQSPBDI UP UIF -; BU -B 3JPKB .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


-B 3JPKB

ɩF BSFB IBT MJHIU XJOET XJUI PVU BOE SFUVSO BOE USJBOHMF DSPTT DPVOUSZ nJHIUT QPTTJCMF 0ODF BHBJO * XBT GSVTUSBUFE CZ XJOE CMPXJOH UIF TUSFBNFST EPXOIJMM PO MBVODI "GUFS B DPVQMF EBZT JO UIF BSFB MPPLJOH BU PUIFS TJUFT BU -B 'BMEB BOE $B QJMMB %FM .POUF JU XBT UJNF UP DPOUJOVF PO IFBEJOH OPSUI TJY IPVST UP -B 3JPKB -B 3JPKB MJLF .FOEP[B JT TFSJPVT EFTFSU nZJOH .JE EBZ DPOEJUJPOT IFSF BSF DPOTJEFSFE UPP TUSPOH GPS QBSBHMJEJOH "OE XIFO * BTLFE BCPVU NPSOJOH nZJOH * XBT UPME JU XBT UPP UVSCVMFOU ɩJT BMTP NFBOT UIBU JG B QJMPU XBOUT UP nZ CJH DSPTT DPVOUSZ BOZ UJNF UIFZ XBOU UIFZ DBO HFU JU -JLF NBOZ TJUFT XJUI FYDFQUJPOBMMZ TUSPOH UIFSNBMT IBOH HMJEFST IBWF BO BE WBOUBHF UIPVHI XIFO * UBMLFE UP UXP MP DBM IBOH HMJEFS QJMPUT XIP IBE KVTU MBOE FE UIFZ TBJE UIFZ E GPVOE NFUFST QFS TFDPOE GQN MJGU BOE XFSF TDBSFE ɩFZ MBVHIFE EFTDSJCJOH UIF 'SFODI QJMPU XIP nFX NJE EBZ XJUI UIFN QMVDLFE PĊ MBVODI BOE TVDLFE TUSBJHIU VQ B UIPVTBOE NFUFST 'SPN UIF MBOEJOH [POF XF MBTU TBX IJN nZJOH BXBZ B TNBMM TQFDL JO UIF EJTUBODF )F XBT MFBWJOH UIF OFYU NPSO JOH CZ CVT TP XF OFWFS IFBSE IJT TUPSZ JG IF NBEF JU CBDL PS IPX GBS IF HPU ɩF MPDBM DMVC 7VFMP -JCSF -B 3JPKB JT XFMM PSHBOJ[FE PXOT UIF MBOEJOH mFME BOE FWFO QSFQBSFE UIF MBVODI XJUI HSBW FM "T XJUI FWFSZXIFSF JO "SHFOUJOB FW FSZ QJMPU nFX XJUI B UXP NFUFS CBOE SB EJP PO UIF MPDBM DMVC T GSFRVFODZ 'FMJQF

/JFUP B MPDBM JOTUSVDUPS BOE "MFKBOESP "OSJRVF B UBOEFN QJMPU XFSF FTQFDJBMMZ IFMQGVM 1JMPUT NFFU BU UIF MBOEJOH [POF PO UIF FEHF PG UIF DJUZ NJE BGUFSOPPO BOE HP VQ UP MBVODI MBUF GPS UIF TNPPUIFS FWFOJOH DPOEJUJPOT .Z TFDPOE EBZ nZJOH IFSF * XBJUFE UP MBVODI PQUJOH UP UBLF QIPUPT PG PUIFS QJMPUT HFUUJOH PĊ UIF IJMM #Z UIF UJNF * XBT DMJQQFE JO UIF XJOE XBT PWFS UIF CBDL * XBUDIFE BT PUIFS QJ MPUT USJFE UP SVO PĊ UIF DMJĊ MBVODI XJUI B UBJM XJOE BOE BTLFE BCPVU UIF OFBSCZ OPSUI GBDJOH MBVODI CVU FOEFE VQ QBDL JOH JU VQ ɩF OFYU EBZ XF XFSF B MJUUMF MBUF BHBJO BOE XBUDIFE UIF XJOE EJF BOE UIFO TXJUDI "HBJO UIJT NFBOU MBVODIJOH XJUI B UBJMXJOE JOUP UIF SPUPS * UPPL B TNBMM DZDMF CVU KVTU PĊ MBVODI ESPQQFE TP GBTU * UIPVHIU * E OFWFS NBLF JU PVU PG UIF EFFQ EBSL DBOZPO CFMPX 4LJSUJOH UIF NPVO UBJO GBDF * NBEF JU PWFS UIF SJEHF UP UIF XJOEXBSE TJEF XJUIPVU JODJEFOU DMJNCFE PVU UIFO XBUDIFE BT B MPDBM QJMPU KVTU TFD POET CFIJOE NF TBOL PVU BOE MBOEFE JO CVTIZ USFFT KVTU B GFX NFUFST TIPSU PG UIF mSTU DMFBSJOH PVU PO UIF nBUT BGUFS B NJOVUF HMJEF ɩF TVNNFS IFBU XBT MFTT IVNJE BOE NPSF CFBSBCMF IFSF UIBO JO .FOEP[B CVU UIF UPXO MBDLFE TP NVDI UIBU NBEF .FO EP[B HSFBU MJLF UIF CBS TDFOF mMMFE XJUI UIF NVMUJUVEF PG CFBVUJGVMMZ ESFTTFE HJSMT BOE IVOESFET PG UIPVTBOET PG USFFT MJO JOH FWFSZ TUSFFU ɩF CFTU nZJOH NPOUIT

JO -B 3JPKB BSF 0DUPCFS /PWFNCFS BOE .BSDI ɩF WFSZ QSPOPVODFE SBJOZ TFB TPO JT +BOVBSZ BOE 'FCSVBSZ XIFO UIF IJHI DMFBSBODF UXP XIFFM ESJWF SPBE UP MBVODI TPNFUJNFT CFDPNFT JNQBTTJCMF 8F EJE B TIPSU EFUPVS UP UIF OFBSCZ TJUF BCPWF $BUBNBSDB BOE BHBJO XFSF TIVU EPXO XJUI XJOE PWFS UIF CBDL #Z UIJT UJNF * XBT XPOEFSJOH XIZ BMM UIF TJUFT JO "SHFOUJOB TFFN UP GBDF UIF XSPOH EJSFDUJPO CVU UIF OBUVSF PG UIF TQPSU SF RVJSFT nZBCMF DPOEJUJPOT BOE XF XFSF OPU EPJOH WFSZ NVDI IBOHJOH PVU XBJUJOH GPS UIJOHT UP JNQSPWF "GUFS B XPOEFS GVM ZPHB TFTTJPO PO UIF CFBVUJGVM HSBTTZ MBVODI XF IFBEFE CBDL EPXO UIF IJMM " UIJSE PG UIF XBZ EPXO 6STVMB TQPU UFE B OPSUI GBDJOH MBVODI UIBU XF IBEO U TFFO PO UIF XBZ VQ 8F XFSF XJUIPVU MP DBM HVJEFT BOE QBJE UIF QSJDF ɩF XJOE EJSFDUJPO PO UIJT MPXFS MBVODI XBT mOF CVU CZ UIJT UJNF JU XBT FBSMZ BGUFSOPPO BOE UIF EBSL EFWFMPQNFOU BCPWF NFBOU * DPVME POMZ ESFBN PG nZJOH GSPN UIJT IVHF UIPVTBOE NFUFS IJHI SBOHF 4PPO 6STVMB BOE * XFSF PO PVS XBZ OPSUI BHBJO DBUDIJOH B B N CVT TP XF DPVME HFU UP 5VDVNBO JO UJNF GPS NF UP nZy 5P CF DPOUJOVFE

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


0I .Z (PE * N /PU )PPLFE JO

1IPUP %BSSFO %BSTFZ

#Z #JMM 4IFQBSE

%PH .PVOUBJO MBVODI BU UIF 'SPTUCJUF 'MZ *O

ɩ F PDDBTJPO PG UIJT OFBS EJTBTUFS XBT UIF TQSJOH 'SPTUCJUF 'MZ *O BU %PH .PVOUBJO 8BTIJOHUPO BU UIF TUBSU PG XIBU XBT UP IBWF CFFO NZ FJHIUI ZFBS n ZJOH * n Z B -BNJOBS .3 BOE IBWF BSPVOE IPVST BOE RVJUF B GFX WFSZ HPPE n JHIUT PO JU .Z IBSOFTT JT B 8PPEZ 7BMMFZ 5FOBY XJUI B TJEF NPVOUFE DIVUF UIBU * IBWF CFFO VTJOH GPS GPVS ZFBST * CFMJFWF UIBU POF PG UIF DBVTFT PG UIJT BDDJEFOU HPFT CBDL UP UIF QSFWJPVT n JHIU "U UIF FOE PG UIBU n JHIU * DIBOHFE TPNF UIJOH JO NZ CSFBLEPXO SPVUJOF XJUIPVU SFBMJ[JOH JU TPNFUIJOH UIBU TFFNFE TP NJOPS * EJEO U SFBMJ[F UIF JNQPSUBODF PG JU BU UIF UJNF * VOIPPLFE UIF IBSOFTT GSPN UIF DBSBCJOFS BOE MFGU UIF DBSBCJOFS BUUBDIFE UP UIF IBOH TUSBQ 8IBU DBVTFE NF UP DIBOHF NZ CSFBL EPXO SPVUJOF * IBE KVTU MBOEFE BGUFS B NVDI OFFEFE n JHIU BU 5JHFS .PVOUBJO BOE DMFBSFE UIF -; XIFO B TQFDUB UPS XBMLFE PWFS UP NF BOE BTLFE JG IF DPVME XBUDI BT * CSPLF EPXO NZ HMJEFS

* BHSFFE PG DPVSTF o CVU UIJT HVZ XBT PO NZ IFFMT BU FWFSZ UVSO DPOTUBOUMZ BTLJOH RVFTUJPOT UP UIF QPJOU PG CFJOH B EJTUSBD UJPO BOE HFUUJOH PO NZ OFSWFT *O GBDU IF XBT TP EPHHFEMZ QVSTVJOH IJT JOUFSFTU UIBU * BMNPTU XBMLFE JOUP IJN B DPVQMF PG UJNFT /PX XF DPNF UP UIBU GBUFGVM EBZ "QSJM UIF ZFBSMZ GVOE SBJTFS GPS %PH .PVOUBJO BOE PI XIBU BO PDDB TJPO -BSSZ +PSHFOTFO BOE PUIFST IBE KVTU DPNQMFUFE UIF OFX SBNQ BOE SFOPWBUFE UIF SPBE BOE TFU VQ BSFB $POEJUJPOT XFSF SJQF GPS B HSFBU EBZ PG n ZJOH BOE QJMPUT XFSF JO UIF BJS PS CVTJMZ TFUUJOH VQ UIFJS XJOHT * RVJDLMZ KPJOFE UIF DSPXE UIBU XBT BTTFNCMJOH HMJEFST "CPVU NZ IBSOFTT *U IBT POF PG UIPTF 67 QSPUFDUJPO TMFFWFT GPS UIF IBOH TUSBQ BOE QBSBDIVUF CSJEMF UIBU FODBTFT UIFN CPUI GSPN UIF DBSBCJOFS BMNPTU BMM UIF XBZ EPXO UP UIF TMJEF CBS PO UIF CBDL QMBUF ɩ JT TMFFWF JT WFSZ TOVH PO UIF TUSBQT BOE TPNFXIBU FMBTUJD TP JU UBLFT

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

TPNF XPSL XIFO * IBWF UP SF JOTFSU FJUIFS UIF IBOH TUSBQ PS CSJEMF "OE XIFSF UIF IBOH TUSBQ DPNFT VQ PVU PG UIF IBSOFTT UIFSF JT B TMJU UIBU SVOT UIF MFOHUI PG UIF TMJEFS "MM ZPV TFF JT UIF TUSBQ DPNJOH PVU PG UIF IBSOFTT 0ODF * IBE NZ HMJEFS QVU UPHFUIFS * HSBCCFE NZ IBSOFTT BOE IVOH JU PO UIF DBSBCJOFS * EJE NZ XBML BSPVOE QSF n JHIU PG UIF HMJEFS MPPLJOH BU UIF IBSOFTT BT XFMM o JU XBT IBOHJOH PO UIF IBOH MPPQ PĊ UIF HSPVOE * DIFDLFE UIF IBOH TUSBQ PO UIF ACJOFS BOE UIF MPDLJOH EFWJDF BOE BMM MPPLFE HPPE * QVU UIF IBSOFTT PO UIFO NZ IFMNFU BOE HMPWFT TUFQQFE UISPVHI UIF DPOUSPM GSBNF BOE QVMMFE UIF HMJEFS XJUI UIF IBSOFTT * QJDLFE VQ NZ HMJEFS BOE IFBEFE PWFS UP MBVODI 5IF *ODJEFOU

0O UIF XBZ PWFS UP MBVODI * XBT BTLFE JG * XBOUFE B IBOH DIFDL * UIPVHIU UP NZTFMG * KVTU MPPLFE BU NZ IBOH TUSBQ PO UIF DBSBCJOFS UVHHFE PO JU XJUI NZ IBOE


1IPUP %BWF %VQFSPO

1JMPUT BOE &.5T USBOTQPSUFE #JMM VQ UIF IJMM UP UIF XBJUJOH BNCVMBODF

BOE TUFQQFE UISPVHI UIF DPOUSPM GSBNF BOE QVMMFE UIF HMJEFS XJUI NZ IBSOFTT * UIPVHIU * KVTU EJE UISFF BOE * TBJE i/P UIBOLT w * QPTJUJPOFE NZTFMG BU UIF UPQ PG UIF MBVODI SBNQ FWBMVBUFE DPOEJUJPOT GPS B TFDPOE MPXFSFE UIF OPTF CBMBODFE UIF XJOH $-&"3 .VTDMF NFNPSZ LJDLFE JO BT * MFBOFE TUFQQFE BOE SBO &WFSZUIJOH XBT GFFM JOH HPPE UIF XJOE XBT JO NZ GBDF UIF EPXOUVCFT XFSF TMJEJOH VQ UISPVHI NZ IBOET BOE * XBT HFUUJOH DMPTF UP UIF

FOE PG UIF MBVODI SBNQ 5)& &/% 0' 5)& 3".1 o .: -&( -0014 "3&/ 5 5*()5 0) .: (0% * . /05 )00,&% */ *OTUJODU UPPL PWFS BOE * HSBCCFE UIF EPXOUVCFT BT IBSE BT * DPVME BOE IFME PO GPS EFBS MJGF ɩ FO FWFSZUIJOH UPPL PO UIBU TMPX NPUJPO iUJNF JTO U XPSLJOH BT JU TIPVMEw GFFMJOH "OE * LOFX JG FWFSZ UIJOH XPSLFE PVU UP UIF CFTU PG BMM QPT TJCJMJUJFT * E FOE VQ JO UIF IPTQJUBM OPU EFBE

8IBU DBVTFE UIJT JODJEFOU

QFOFE OFYU CVU * GPVOE NZTFMG TMJEJOH GFFU m STU EPXO UIF NPVOUBJO XJUI UIF HMJEFS PO UPQ PG NF * DBNF UP SFTU BGUFS TMJEJOH GFFU PS TP * LOFX * XBT IVSU CVU * XBT OPU GFFMJOH BOZ QBJO BOE * LOFX OPU UP NPWF * TPPO GPVOE NZTFMG TVSSPVOEFE CZ QFPQMF XIP DPWFSFE NF XJUI B CMBOLFU BOE TUBSUFE BTLJOH NF RVFTUJPOT * SFBMMZ EPO U SFNFNCFS NVDI BGUFS UIBU MJUUMF CJUT BOE QJFDFT PG MZJOH JO UIF XFFET NZ IBSOFTT CFJOH UBLFO PĊ CFJOH UBLFO JOUP UIF &3 NZ XJGF IPMEJOH NZ IBOE UIBU JT B WFSZ OJDF GFFMJOH TPNF 9 SBZT )PX $PVME 5IJT )BWF )BQQFOFE

4JNQMZ UIJT * UVSOFE EPXO B

* GPVOE PVU MBUFS UIBU UIF IBOH TUSBQ GPS NZ IBSOFTT XBT MZJOH PO UPQ PG UIF CBDL QMBUF JOTJEF UIF IBSOFTT )PX JU HPU IBOH DIFDL CFGPSF MBVODIJOH UIFSF * IBWF OP JEFB * IBEO U UPVDIFE UIF IBSOFTT PODF * QVU JU JOUP JUT DBSSZJOH CBH BGUFS UIF QSFWJPVT n JHIU 8IBU IBE * XPO U NBLF UIBU NJTUBLF * IPPLFE POUP UIF DBSBCJOFS 8IBU IBE IFME UIF IBSOFTT PĊ UIF HSPVOE 8IBU EJE * QVMM UIF HMJEFS XJUI XIFO * TUFQQFE BHBJO UISPVHI UIF DPOUSPM GSBNF *U XBT UIF QBSBDIVUF CSJEMF 4JODF * XBT * XPVME MJLF UP TUSFTT UIBU UIJT JODJEFOU IPMEJOH NZTFMG VQ XBT DPNQMFUFMZ BWPJEBCMF BOE DPNQMFUFMZ PO UIF EPXOUVCFT NZ PXO GBVMU * IBWF OP POF UP CMBNF UIF HMJEFS XBT JO CVU NZTFMG 8IBU DBVTFE UIJT JODJEFOU B EJWF EPXO UIF 4JNQMZ UIJT * UVSOFE EPXO B IBOH DIFDL TJEF PG UIF IJMM * CFGPSF MBVODIJOH * NJHIU BEE UIBU T UIF DBNF CBDL UP NZ m STU POF UIBU * IBWF FWFS UVSOFE EPXO JO TFOTFT BOE SFBM FJHIU ZFBST * XPO U NBLF UIBU NJTUBLF J[FE UIBU * XBT BHBJO n ZJOH BOE DPVME 4P QMFBTF FWFSZPOF MFBSO GSPN NZ TUFFS UIF HMJEFS NJTUBLF BOE OFWFS FWFS OFWFS UVSO #VU XIBU EJE * TFF EPXO B IBOH DIFDL CFDBVTF ZPV BSF TVSF EJSFDUMZ JO GSPOU PG UIBU ZPV BSF IPPLFE JO NF " USFF TUVNQ BQQSPBDIJOH GBTU #JMM SFQPSUT UIBU IF JT SFDPWFSJOH XFMM * XBT DMPTF UP UIF GSPN IJT TIPVMEFS JOKVSZ BOE JT IPQJOH UP IJU TJEF PG UIF NPVO UIF CVOOZ TMPQF JO UIF TQSJOH BOE SFUVSO UP UBJO BOE * EJEO U UIF BJS B ZFBS BGUFS IJT BDDJEFOU GPS UIF XBOU UP HSPVOE TFBTPO MPPQ UIJT UIJOH * TUBSUFE B UVSO JO UIF IPQF PG BWPJE JOH UIF TUVNQ CVU JU XBT UPP MJUUMF UPP MBUF 4BGFUZ UJQ * JNQBDUFE UIF TUVNQ PO UIF MFGU /FWFS UVSO EPXO B IBOH TJEF PG NZ DIFTU DIFDL * N OPU TVSF FY #JMM 4IFQBSE TVSWJWPS BDUMZ XIBU IBQ .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


$BUDIJOH UIF 8BWF #Z .JLF #SBOHFS

.JLF #SBOHFS MBVODIJOH BU )PSTF $BOZPO 1IPUP +FSSZ (JMMBSE

* N n PBUJOH BMPOH B NJMF BCPWF UIF WBMMFZ n PPS XJUIPVU XPS SZJOH XIFSF UIF OFYU MJGU XJMM DPNF GSPN 'MZJOH XJUI OP HMJEFS JOQVUT PUIFS UIBO UIF PDDBTJPOBM QJODI PG UIF CBTFUVCF CFUXFFO NZ JOEFY m OHFS BOE UIVNC BMMPXJOH NF UP n Z BOZXIFSF PWFS UIF WBMMFZ CFMPX /PU HPJOH VQ PS EPXO TJNQMZ FOKPZJOH UIF VOCFMJFWBCMF WJFXT XJUIPVU XPSSZJOH XIJDI XBZ UIF OFYU CVNQ JT HPJOH UP UVSO NF ɩ FSF BSF OP CVNQT o UIF BJS JT UIF TNPPUI FTU * WF FWFS JNBHJOFE FWFS ESFBNFE PG #VU UIJT DBO U CF B n ZJOH ESFBN TJODF NZ n ZJOH ESFBNT BSF VTVBMMZ TIPSU MJWFE BOE PGUFO GSVTUSBUJOH BT * DBO OFWFS HFU IJHI FOPVHI PS TUBZ JO UIF BJS BT MPOH BT * XBOU ɩ JT JT SFBMJUZ * N n ZJOH NZ IBOH HMJEFS JO B XBWF PWFS UIF )PSTF $BOZPO EFTFSU NJMFT FBTU PG 4BO %JFHP KVTU PĊ *OUFSTUBUF ɩ F EBZ TUBSUFE PVU TJNJMBS UP B MPU PG PUIFS n ZJOH EBZT 8F NFU BU UIF MPDBM BOE UBMLFE BCPVU UIF EBZ T QPUFOUJBM 0OF QJMPU DIPTF UP HP IPNF CFDBVTF UIF XJOET XFSF GPSFDBTU UP CF TUSPOH DSPTTJOH GSPN UIF OPSUI .BSDVT 7FOUVSJOJ (MFO 1IJM MJQT BOE * EFDJEFE UP HJWF JU B DIBODF TJODF XF BMSFBEZ IBE UIF EBZ QMBOOFE )PSTF $BOZPO JT B HSFBU 4PVUIFSO $BMJGPSOJB EFTFSU TJUF *U GBDFT XFTU PS B MJUUMF TPVUIXFTU BOE MBVODI JT BCPVU GFFU BCPWF TFB MFWFM .4- BOE GFFU BCPWF UIF UXP MBOE JOH [POFT ɩ F iQPTUBHF TUBNQw MBOEJOH [POF IBT JUT OBNF GPS .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

PCWJPVT SFBTPOT BOE NPTU IJHI QFSGPSNBODF IBOH HMJEFST MBOE BDSPTT UIF JOUFSTUBUF BU "OEFSTPOT XIJDI JT NVDI MBSHFS &BSMJFS JO 4FQUFNCFS NBOZ PG VT IBE FYQFSJFODFE n JHIUT UP GFFU .4- BOE IJHIFS BU )PSTF $BOZPO PGUFO JO WFSZ TUSPOH MJGU ɩ JT n JHIU XBT PO 4FQUFNCFS UI BOE DPOEJUJPOT DBO TUJMM CF TUSPOH UIBU UJNF PG ZFBS 0O PVS XBZ UP MBVODI XF QBTTFE m WF DBST DPNJOH EPXO UIF XIFFM ESJWF NPVOUBJO SPBE ɩ FZ XFSF BMM IBOH HMJEFS BOE QBSBHMJEFS QJMPUT XIP IBE HJWFO VQ PO UIF EBZ CFDBVTF UIF XJOE XBT GBJSMZ TUSPOH BOE DSPTTJOH GSPN UIF SJHIU 8F UBMLFE UP TFWFSBM PG UIFN BOE EFDJEFE UP QVTI PO BOZIPX 8F BSSJWFE BU UIF FNQUZ MBVODI BOE TFU VQ BSFB UP TFF UIF TPDL DSPTTJOH BCPVU EFHSFFT GSPN UIF SJHIU BOE GBJSMZ TUSPOH 0DDBTJPOBMMZ JU XPVME TUSBJHIUFO PVU BT UIFSNBMT CVCCMFE UISPVHI 8F IBE DPNF BMM UIJT XBZ TP XF VOMPBEFE UIF HMJEFST BOE TUBSUFE TFUUJOH VQ * IBE NZ GBJSMZ OFX 8JMMT 8JOH 5 .BSDVT IBE IJT 8JMMT 8JOH 5BMPO BOE (MFO IBE IJT PME SFMJBCMF 1BD"JS 1VMTF 8F XFSF BMM SFBEZ UP HP BSPVOE o UIF XJOE XBT TUJMM DSPTT CVU GBJSMZ MPOH MBVODIBCMF DZDMFT XPVME DPNF UISPVHI QF SJPEJDBMMZ * WPMVOUFFSFE UP HP m STU .BSDVT BOE (MFO CPUI FO DPVSBHFE NF XJUI UIF UZQJDBM i-PPLT SFBMMZ HPPE w * IBE UP XBJU PO MBVODI GPS BCPVU m WF NJOVUFT VOUJM UIF XJOE TUSBJHIUFOFE PVU UP CF XJUIJO NZ DPNGPSU MFWFM 8JOHT MFWFM


1IPUP +FSSZ (JMMBSE

5IF "O[B #PSSFHP EFTFSU BU TVOTFU GSPN .PVOU -BHVOB

B TUSBJHIU JO DZDMF * TVHHFTUFE BOE UIFSF TIPVMEO U CF BOZ QSPCMFNT * XBT XBUDIJOH .BSDVT NPWF UPXBSET MBVODI XIFO NZ OPTF TVEEFOMZ QJUDIFE VQ * DSBOLFE NZ 5 BSPVOE &BSMJFS JO UIF EBZ XF IBE CFFO UBMLJOH BCPVU UIF TUSFOHUI PG UIFSNBMT BOE IPX UIFZ DBO WBSZ HSFBUMZ CBTFE B QFSTPO T WBSJP TFU UJOH 'PS FYBNQMF JG ZPV BWFSBHF UIF SBUF PG DMJNC PWFS B TFDPOE QFSJPE GQN GFFU QFS NJOVUF VQ JT B HSFBU UIFS NBM 0O UIF PUIFS IBOE JG UIF BWFSBHFS JT TFU PO PS TFDPOET B PS GQN UIFSNBM NJHIU CF GBJSMZ DPNNPO JO $BMJ GPSOJB EFTFSU DPOEJUJPOT * NBEF B DPVQMF DJSDMFT BOE HMBODFE BU NZ BWFSBHFS XIJDI XBT TFU PO TFD POET *U SFBE GQN XIJDI NBEF NF SFBMMZ FYDJUFE TJODF UIF UIFSNBM XBT XFMM EFWFMPQFE BOE FBTZ UP DPSF 1BSUJBMMZ UP

CSBH BOE QBSUJBMMZ UP SFQPSU DPOEJUJPOT * SBEJPFE NZ TUBUVT UP UIF UXP QJMPUT PO UIF HSPVOE i4USPOH DPOEJUJPOT BOE NZ BW FSBHFS JT SFBEJOH o OP GFFU QFS NJOVUF VQ $PNF PO BOE KPJO NF w * DPOUJOVFE UP DMJNC BT .BSDVT UPPL PĊ BOE (MFO NPWFE UP MBVODI * ESJGU FE PWFS UIF CBDL BOE UPQQFE PVU BU CFGPSF QPJOUJOH JOUP UIF XJOE BOE QFO FUSBUJOH CBDL PVU UP UIF SJEHF 0G DPVSTF * XBT TJOLJOH XIJMF NPWJOH GPSXBSE CVU * OFWFS IJU UIF IVHF TJOL POF PGUFO FY QFSJFODFT BGUFS B HJBOU UIFSNBM * EJE OP UJDF UIBU NZ HSPVOE TQFFE XBT POMZ BCPVU NQI XIJDI NFBOU UIFSF XFSF GBJSMZ TUSPOH XJOET PG BCPVU PS NQI BU NZ BMUJUVEF "T * TMPXMZ NPWFE GPSXBSE PWFS UIF SJEHF BOE m OBMMZ PWFS UIF WBMMFZ n PPS * CFHBO UP DMJNC BHBJO )FZ UIJT JT OFBU

1IPUP .JLF #SBOHFS

XBML USPU SVO 36/ )"3% .Z MBTU GFX TUFQT XFSF JO NJE BJS BOE MBVODI XBT TUSBJHIUGPSXBSE * n FX BXBZ GSPN UIF IJMM [JQQFE VQ BOE HPU UP XPSL * E MBVODIFE JO GBJSMZ HPPE MJGU BOE BGUFS NJOVUFT * E HBJOFE BCPVU GFFU CFGPSF * m OBMMZ IJU TPNF TJOL * SBEJPFE EPXO UP .BSDVT BOE (MFO UIBU UIFSF TFFNFE UP CF QMFOUZ PG MJGU BOE CF QSFQBSFE GPS UIF OPSNBM i)PSTF UVSCVMFODF w +VTU XBJU GPS

5IF 1PTUBHF 4UBNQ -; JT SJHIU CFIJOE UIF XJOH CFUXFFO UIF TU BOE OE CBUUFOT 5IF NBJO -; JT UIF MPOH UIJO m FME SJHIU OFYU UP UIF JOUFSTUBUF PO UIF PUIFS TJEF PG UIF IJHIXBZ

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1IPUP .JLF #SBOHFS

XBWF XJMM IBWF EFm OJUF CPVOEBSJFT BOE JG JU T DPOWFSHFODF JU XJMM HP JO B MJOF BOE NBZ UFOE UP NPWF BSPVOE BT UJNF HPFT PO * WF IFBSE PG QFPQMF TVSm OH XBWFT JO HMJEFST CFGPSF BOE * NBZ IBWF FWFO FY QFSJFODFE JU NZTFMG BU ,JOH .PVOUBJO CVU JO B TJUVBUJPO XIFSF * XBOUFE EPXO OPU VQ * WF BMTP IFBSE PG QFPQMF SJEJOH UIF DPOWFSHFODF PG UXP BJS NBTTFT GPS MPOH EJTUBODFT "T * DPOUJOVFE GPSXBSE NZ MJGU m OBMMZ FOEFE BOE * TUBSUFE UP HP EPXO TMPXMZ * NBEF B CJH TIBMMPX UVSO CBDL UP UIF SJEHF UP TFF XIBU XBT CFIJOE NF 4VSF FOPVHI PODF BHBJO UIFSF XBT UIBU CFFQ CFFQ CFFQ UIBU HSFBU VQ TPVOE GSPN NZ WBSJP (PJOH EPXOXJOE UIF MJGU EJEO U TFFN UP MBTU WFSZ MPOH 8IFO * UVSOFE BSPVOE UP QPJOU CBDL JOUP UIF XJOE * XBT JO CVPZ BOU BJS GPS B NJOVUF PS TP CVU UIFO * IJU 5IF 1PTUBHF 4UBNQ -; o QSFUUZ UJHIU GPS B IJHI QFSGPSNBODF IBOH HMJEFS TUFBEZ MJGU GPS BOPUIFS m WF NJOVUFT XIJMF * MM KVTU NJML UIJT GPS B CJU CFGPSF HPJOH LJOE PG MJLF n ZJOH JO DMPVE TVDL FYDFQU HMJEJOH JO B TUSBJHIU MJOF * SFQFBUFE UIJT QSPDFTT GPS BCPVU BO JOUP TOJĊ NPEF BHBJO 8BT * TVSQSJTFE UIFSF XFSF OP DMPVET ɩ FO JU DMJDLFE o UIFSF NVTU FJUIFS CF IPVS BOE NJOVUFT BT * NBQQFE PVU XIFO GPS BMNPTU FJHIU NJOVUFT * IFBEFE JO B TUSBJHIU MJOF OFWFS IJUUJOH B TJOHMF TPNF UZQF PG DPOWFSHFODF IFSF PS B XBWF UIF DPNQMFUF WBMMFZ #Z UIJT UJNF * LOFX CVNQ CVU HBJOJOH BMNPTU GFFU *U XBT *G UIJT JT USVF * TIPVME CF BXBSF UIBU B XIFSF UIF MJGU XBT BOE XIFSF JU FOEFE

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


UP HFUUJOH iUIF XBWFw JT UP HSBC B UIFSNBM TUSPOH FOPVHI UP QVODI ZPV JOUP UIF CPU UPN PG JU 3FDPHOJ[F JU BOE UIFO USZ UP TUBZ JO UIF MJGU BT MPOH BT QPTTJCMF %VS JOH NZ n JHIU FWFO UIF TIBMMPXFTU UVSOT XPVME FMJNJOBUF BOZ DMJNC SBUF TP BMM UIF HBJOT NBEF XFSF FJUIFS XIFO DSBCCJOH PS n ZJOH TUSBJHIU * GFFM WFSZ MVDLZ UP IBWF FYQFSJFODFE UIJT UZQF PG n JHIU BOE * MM CF MPPLJOH GPS JU BHBJO UIF OFYU UJNF * n Z )PSTF $BOZPO XIFO UIF XJOE JT GBJSMZ TUSPOH DSPTTJOH GSPN UIF SJHIU

1IPUP +FSSZ (JMMBSE

* DPODMVEFE JU XBT B XBWF EVF UP JUT EF m OFE CPVOEBSJFT 8IFO * m OBMMZ SFBDIFE NZ NBYJNVN BMUJUVEF PG GFFU .4- * OPUJDFE UIBU * DPVME BDUVBMMZ HP CBDL XBSET JG * TMPXFE EPXO UP NQI BJS TQFFE ɩ F XJOE XBT BCPVU NQI BU BM UJUVEF BOE DSPTTJOH EFHSFFT GSPN UIF SJHIU "MM UIJT UJNF * OFWFS IJU B TJOHMF CVNQ MJLF UIPTF B QFSTPO XPVME OPSNBM MZ FYQFDU n ZJOH )PSTF BU NJEEBZ ɩ F BJS XBT TP TNPPUI BOE UIF MJGU TP DPOTJTUFOU UIBU * DPVME BDUVBMMZ DIBOHF NZ SBUF PG DMJNC CZ QMBZJOH XJUI UIF 7( QVMMJOH NZ BSNT BOE FMCPXT JO FWFO UJQ QJOH NZ IFBE VQ PS EPXO 4MPXJOH EPXO GSPN NQI UP NQI BJSTQFFE TFFNFE UP NBLF B GQN EJĊ FSFODF * GFMU MJLF * XBT JO UIF XPSME T MBSHFTU XJOE UVOOFM BOE * IBE JU BMM UP NZTFMG (MFO IBE MBVODIFE MPOH BHP BOE IF BOE .BSDVT XFSF TDSBUDIJOH BSPVOE PS UIPVTBOE GFFU CFMPX NF JO WFSZ UVSCV MFOU UIFSNBM DPOEJUJPOT &WFSZ NJO UIF WBMMFZ BOE CFZPOE UIF CPVOEBSJFT PG VUFT PS TP * IBE UP HJWF UIFN BOPUIFS UIF XBWF 0ODF * ESPQQFE CBDL EPXO UP SFQPSU PO UIF VOSFBM DPOEJUJPOT * XBT FY UIF OPSNBM NJEEBZ DIPQQZ )PSTF JT XBT BMTP WFSZ PCWJPVT QFSJFODJOH BOE FODPVSBHF UIFN UP DPSF B BJS SFUVSOFE ɩ TUSPOH UIFSNBM BOE CSFBL JOUP UIF iXBWF w GSPN NZ CBSPHSBQI QSJOUPVU "GUFS CF * N TVSF UIFZ HPU UJSFE PG NZ SFQPSUT CVU JOH UISPXO BCPVU VQ BOE EPXO * m OBMMZ CFJOH HPPE QJMPUT UIFZ MFU NF FOKPZ UIF DBNF JO BOE MBOEFE 8F EJEO U IBWF B ESJWFS TP (MFO TLJMM NPNFOU BOE OFWFS TBJE BOZUIJOH "MM HSFBU n JHIUT NVTU DPNF UP BO GVMMZ UPQ MBOEFE UP CSJOH UIF WFIJDMF CBDL FOE * XBT BDUVBMMZ HFUUJOH DPME FWFO EPXO XIJMF .BSDVT KPJOFE NF JO UIF -; UIPVHI UIF BJS UFNQFSBUVSF XBT B XBSN 8F XFSF BMM IBQQZ XJUI PVS n JHIUT CVU * ¡' BU NZ BMUJUVEF * XBTO U FYFSDJTJOH UIJOL * XBT IBQQJFTU PG BMM *U IBT CFFO SFQPSUFE UIBU XBWF MJGU BU BMM o * XBT KVTU IBOHJOH UIFSF JO UIF XJOE o BOE JU m OBMMZ HPU UP NF BGUFS BO TFUT VQ BU )PSTF $BOZPO XIFO UIFSF JT IPVS BOE NJOVUFT * IFBEFE PVU BDSPTT TUSPOH XJOE DSPTTJOH GSPN UIF SJHIU ,FZ

.JLF #SBOHFS UBLFT n JHIU BU )PSTF $BOZPO

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1JPOFFSJOH B /FX 4JUF PO /FX :FBS T %BZ

"JSUJNF JO "OUBSDUJDB #Z %FOJT #BSLBUT 1IPUPT CZ ,J 8PO :PPO

4

JODF * E IBE UISFF BXFTPNF MJUUMF n JHIUT BU .BSTIBMM $BMJ GPSOJB PO UIF m STU PG +BOVBSZ JO * EFDJEFE UP DPOUJOVF UIF USBEJUJPO PG n ZJOH PO /FX :FBS T %BZ XIFSFWFS * NJHIU CF "GUFS B MBUF TUBSU EVF UP B NBKPS /FX :FBS T &WF QBSUZ * CFHBO QSPTQFDUJOH GPS B MJUUMF IJMM :PV OFFE UP LOPX UIBU * BN DVSSFOUMZ MPDBU FE BU UIF "NVOETFO 4DPUU 4PVUI 1PMF TUBUJPO BU UIF HFP HSBQIJD TPVUI QPMF PG UIF FBSUI CBTFE IFSF BT UIF XJOUFS PWFS TDJFOUJTU GPS UIF #*$&1 FYQFSJNFOU TMBUFE UP PCTFSWF UIF # NPEF QBUUFSO PG UIF QPMBSJ[BUJPO PG UIF $PTNJD .JDSP XBWF #BDLHSPVOE

ɩ F 4PVUI 1PMF JT MPDBUFE PO UIF QP MBS QMBUFBV JO "OUBSDUJDB XIFSF UIF MBOE TDBQF JT n BUUFS UIBO n BU ɩ F POMZ IJMMT IFSF BSF BSUJm DJBM POFT #VMMEP[FST NPWF IVHF IFBQT PG TOPX GSPN POF QPJOU UP UIF OFYU GPS WBSJPVT SFBTPOT EJH B UVO

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

OFM CVJME B IBSE TOPX QMBUGPSN GPS B OFX CVJMEJOH ɩ FSFGPSF UIFTF TOPX IJMMT EJTBQQFBS BT GBTU BT UIFZ BQQFBS CFDBVTF JG UIFZ TUBZ UPP MPOH JO QMBDF UIFZ XJMM HFOFSBUF B IVHF TOPXESJGU JO UIFJS EPXO XJOE TFDUJPO XIJDI XJMM CF FWFO IBSEFS UP SFNPWF *O BOZ DBTF FWFO UIPVHI XF BSF BU BO BMUJUVEF PG N _ GFFU OP OJDF UBLF PĊ TJUFT BSF UP CF GPVOE JO UIF BSFB #VU BGUFS B MPOH XJME HPPTF DIBTF * GPVOE B NJOJ GPPU IJHI IJMM OPU UPP GBS GSPN XIFSF PVS UFMFTDPQF JT QMBDFE "SPVOE Q N PO +BOVBSZ TU UIF XJOE m OBMMZ BCBU FE UP LOPUT EJ SFDUFE QFSQFOEJDVMBS UP NZ MJUUMF IJMM ɩ F PVUTJEF UFNQFSBUVSF


%FOJT #BSLBUT JT BO BTUSPQIZTJDT SFTFBSDI XBT ¡' ¡' XJUI UIF XJOE DIJMM CSFBUI XBT QVUUJOH B XIJUF DPBUJOH PO QIZTJPMPHJDBM BMUJUVEF PG * ESFTTFE NZ FZFMBTIFT BOE UIFZ TPNFUJNFT HMVFE FS CBTFE JO $BMUFDI $BMJGPSOJB *OTUJUVUF PG XBSNMZ JO NZ &$8 FYUSFNF DPME TIVU ,J 8PO :PPO POF PG NZ MBC NBUFT 5FDIOPMPHZ )F MFBSOFE UP QBSBHMJEF JO IJT XFBUIFS HFBS BOE QSFQBSFE NZ &TQBEF XBT IBWJOH B CMBTU TFFJOH UIJT IVHF IPNFUPXO JO UIF TPVUI PG 'SBODF BOE XJUI XJOH GSPN /FSWVSFT JO 'SBODF JOEPPST nZJOH LJUF DPOUSBQUJPO IF IBE OFWFS 1IJMJQQF 3FOBVEJO PG 4VQ "JS 64" %FOJT BMPOH XJUI NZ MJHIUXFJHIU H CJLJOJ TFFO B QBSBHMJEFS IF UPME NF BGUFSXBSET XJMM CF TQFOEJOH UIF BVTUSBM XJOUFS VOUJM /P IBSOFTT GSPN 4VQ "JS /FSWVSFT WFNCFS BU UIF 4PVUI 1PMF TUBUJPO PC BOE UBLJOH BMM UIF QJDUVSFT 0O NZ mSTU JOnBUJPOT * IBE B SFBMMZ "GUFS IBWJOH BEBQUFE UP UIF MPX MJGU TFSWJOH UIF SBEJBUJPO GSPN UIF FBSMZ VOJWFSTF IBSE UJNF QVMMJOH VQ NZ XJOH XIJDI JT FOWJSPONFOU * XBT DPOUSPMMJOH NZ XJOH :PV DBO DPOUBDU IJN BU ECBSLBUT!DBMUFDI FEV TVSQSJTJOH CFDBVTF UIJT XJOH VTVBMMZ IBO NVDI CFUUFS BOE EFDJEFE UP LJUF VQ UIF o IF MM CF IBQQZ UP CF JO UPVDI XJUI UIF SFTU PG EMFT TP XFMM UIBU ZPV DBO JOnBUF JU XJUIPVU MJUUMF IJMM JO GSPOU PG NF *U XBT UPP TNBMM UIF XPSME FWFO UPVDIJOH UIF SJTFST * HPU ESBHHFE B UP HFOFSBUF SJEHF MJGU CVU XIFO * SFBDIFE CJU PO UIF TOPX o * IBE WFSZ MJUUMF GSJD UIF UPQ DPOUSPMMJOH UIF XJOH SFWFSTFE * UJPO PO UIF HSPVOE BOE DPVME OPU FBTJ DPVME EFmOJUFMZ GFFM UIF JODSFBTFE XJOE MZ XFJHIU NZ XJOH EPXO UP CSJOH JU UP TQFFE GFFM UIF HSBEJFOU CBCZ BOE * QBJE [FOJUI * GFMU MJLF * XBT UFTUJOH B QFSGPS QBSUJDVMBS BUUFOUJPO OPU UP HFU ESBHHFE NBODF XJOH o UIF TNBMMFTU VTF PG CSBLF POUP UIF PUIFS TJEF 4OPX CPVMEFST BSF "WJBUJPO USVJTN BOE JU DBNF CBDL EPXO * EPO U LOPX JG QSFUUZ NVDI BT IBSE BT SFBM CPVMEFST BOE UIJT XBT EVF UP UIF TNBMMFS MJGU BU UIJT XPVME DVU UIPVHI B MJOF FBTJMZ *G ZPV XBOU UP HSPX 'JOBMMZ GSPN UIF UPQ PG UIJT NJOJ IJMM IJHIFS BMUJUVEF PS CFDBVTF UIF DPME BJS PME BT B QJMPU ZPV WF NPEJmFT UIF XJOH QSPQFSUJFT 8IBUFWFS o IBMG UVSO BOE NJOJ UJOZ TMJEF HMJEF HPU UP LOPX XIFO UP * FWFOUVBMMZ BEBQUFE BOE BGUFS TPNF UJNF EPXO UP UIF CPUUPN "WBTU XIBU B CMBTU * NBOBHFE UP HFU UIF XJOH PWFSIFBE BOE *U XBT TIPSU CVU JU mMMFE NF XJUI KPZ GPS QVTI JU BOE XIFO UP NJOVUFT PG UIJT HBNF .Z /FX :FBS T NBJOUBJO JU UIFSF #JOHP CBDL PGG * IBE CFFO BGSBJE PG HFUUJOH DPME CVU SFTPMVUJPO mOE B CFUUFS IJMM CFGPSF UIFZ $IVDL :FBHFS * XBT JOTUFBE TXFBUJOH IFBWJMZ CSFBUI EFTUSPZ UIFN BMM GPS UIF XJOUFS JOH IFBWJMZ FOKPZJOH UIJT IFBWJMZ .Z

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


(FU U J OH ) JHI BU )Z OF S $FMFCSBUJOH UIF UI #JSUIEBZ 1BSUZ #Z %FOOJT 1BHFO

)ZOFS 7JFX XBT SPDLJOH PWFS UIF +VMZ UI IPMJEBZ MBTU TVNNFS "OZPOF XIP DPVME QVU UIFJS DPNQVUFS PO BVUP BOE TOFBL PVU XJUIPVU UIF CPTT LOPX JOH XBT UIFSF EBZT FBSMZ GPS TPNF TVO TVET TXJNNJOH BOE PG DPVSTF TPBSJOH /PX UIF )ZOFS DMVC IPTUT GPVS n Z JOT ZFBS BGUFS ZFBS UIF .FNPSJBM %BZ .BE OFTT UIF 'PVSUI PG +VMZ +VCJMFF UIF -B CPS %BZ -JGUPĊ BOE UIF MBTU CJH CMPX PVU PG UIF ZFBS UIF 0Y 3PBTU GBMMJOH TPNFUJNF JO 0DUPCFS #VU UIJT ZFBS XBT UIF UI BOOJWFSTBSZ PG n ZJOH BU )ZOFS 7JFX BOE UIF QPXFST UIBU CF EFDJEFE XF TIPVME DFMFCSBUF UIF NJMFTUPOF QSPQFSMZ XJUI B MJUUMF SFVOJPO B DBUFSFE NFBM GPSUJ m FE CZ B DPVQMF LFHT B n ZJOH FYUSBWBHBO [B TPNF XBUFS TQPSUT BOE B TQFDUBDVMBS m SFXPSLT EJTQMBZ #VU QFSIBQT UIF NPTU GVO XBT UIF SFQSJTF PG TPNF PG UIF CZHPOF

)ZOFS USBEJUJPOT NBOZ EFUBJMT PG XIJDI DBOOPU CF SFQPSUFE JO UIJT VQTUBOEJOH GBNJMZ NBHB[JOF )ZOFS 7JFX 1FOOTZMWBOJB IBT IBE B TUPSJFE IJTUPSZ XJUIJO PVS TQPSUT GSPN CFJOH POF PG UIF m STU TJUFT JO UIF &BTU UP CF TBODUJPOFE PO QVCMJD QSPQFSUZ UP CF JOH UIF TJUF PG UIF /BUJPOBMT PG IBOH HMJEJOH UP CFJOH B HFUBXBZ n ZJOH TXJN NJOH DBNQJOH SFTFSWF GPS DMVC NFNCFST UP CFJOH B HSFBU QBSBHMJEJOH WFOVF UP IBWJOH GSFRVFOU NBHJD DPOEJUJPOT XIFO QJMPUT DBO MJUFSBMMZ n Z VQ BOE EPXO UIF 4VTRVFIBOOB 3JWFS BU XJMM )ZOFS TJUT BMPOHTJEF UIF XFTU CSBODI PG UIF 4VTRVF IBOOB XBZ VQ JO 1FOOTZMWBOJB T VO DPSSBMMFE XJMEFSOFTT #VU JU JT DJWJMJ[FE FOPVHI XJUI B QBWFE SPBE UP UIF UPQ UPJMFU GBDJMJUJFT MJNJUFE FMFDUSJDJUZ IP UFMT BOE SFTUBVSBOUT OFBSCZ HSFBU CJLJOH

BOE IJLJOH BOE B GPSNFS BJSTUSJQ MBOEJOH m FME XJUI TIBEFE DBNQJOH GPS VNQUFFO TJUUJOH SJHIU BMPOHTJEF POF PG UIF CFTU TXJNNJOH SJWFST JO UIF TUBUF ɩ F TJUF XBT m STU n PXO JO 'FCSVBSZ PG #BDL UIFO USFFT JO GSPOU PG UIF WJFX EJDUBUFE UIBU XF IBE UP UBLF PĊ GSPN UIF JNQSFTTJWF TUPOF SFUBJOJOH XBMM UIBU EF m OFT UIF UPQ MPPLPVU #BDL UIFO XF EJEO U TUBOE PO NVDI GPSNBMJUZ BOE TJODF UIF QBSL XBT EFTFSUFE EVF UP UIF TFBTPO XF TJNQMZ NPWFE B DPVQMF QJDOJD UBCMFT PWFS UP UIF XBMM BOE SBO PĊ ɩ JT TUBUF PG BG GBJST XBT TPPO IBMUFE JO UIF TQSJOH XIFO UIF QBSL SBOHFST GPVOE UIFZ IBE UP IBVM B DPVQMF QPVOE UBCMFT CBDL UP UIFJS SJHIUGVM QMBDFT 8JUI QJMPU FOUIVTJBTN BOE JOHFOVJUZ CFJOH XIBU JU XBT BU UIF UJNF XF TJN QMZ GBCSJDBUFE B QPSUBCMF SBNQ XIJDI XF

4IBXO .BD%VGG BCPWF 4VTRVFIBOOB 3JWFS CFMPX 1IPUP 3PO -VU[

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1IPUP +FGG 4ISJOFS

CBDLFE VQ UP UIF XBMM 4PPO BGUFS UIBU UIF MPDBM UPVSJTU HSPVQ GPVOE PVU BCPVU PVS BDUJWJUJFT BOE JOWJUFE VT UP B NFFU JOH 8F FYQSFTTFE PVS EFTJSFT UP DPOUJO VF n ZJOH UIF BSFB BOE UPME UIFN PG PVS OFFET GPS B QFSNBOFOU MBOEJOH m FME BOE B HPPE UBLFPĊ TFUVQ 8JUI B DPVQMF WJTJUT UP UIF TUBUF DBQJUBM BOE UIFJS IFMQ OFHPUJ BUJOH XJUI UIF MPDBM MBOEPXOFS XF XFSF PO UIF NBQ 4JODF UIBU UJNF CBDL JO UIF 1MFJTUPDFOF PG GSFF n ZJOH XF IBWF MFBTFE UIF MBOEJOH m FME BOE TFDVSFE B UJHIU BHSFFNFOU XJUI UIF QBSL UP n Z QFSQFUVBMMZ 0OF CJU PG FW JEFODF PG PVS TFDVSF QBSL SFMBUJPOTIJQ JT UIBU UIFZ MFU VT DMFBS USFFT BMM BDSPTT UIF XJEF UBLF PĊ BSFB TP UIBU XF OPX MBVODI PĊ UIF TUFFQ TMPQF CFMPX UIF XBMM 0O PDDBTJPO JO UIF QBTU XF IPPEXJOLFE UIF MPDBM #PZ 4DPVU USPPQ UP LFFQ UIBU MBVODI BSFB DMFBS CVU OPX JU GBMMT UP VT QJMPUT UP IPME CBDL UIF UJEF PG SBNQBOU CJPUB ɩ F XJMEFSOFTT NBZ CF BMM BSPVOE VT BU )ZOFS CVU EVSJOH UIF 'PVSUI XFFL FOE UIF XJMEFTU UIJOH BCPVU UIF TJUF XBT UIF QJMPUT XIP DBNF JO n PDLT UP SFMJWF UIF HMPSZ EBZT BOE HFU BT NVDI BJSUJNF JO UIFJS UBOLT BT QPTTJCMF 1JMPUT XIP OPS NBMMZ BSF QBSBHPOT PG QSPQSJFUZ EJE UIJOHT XIJDI XPVME TIPDL UIFJS NPUIFST JG OPU

(MJEFST JO MJOF SFBEZ UP MBVODI XIJMF UIF TQFDUBUPST XBUDI

UIFJS MPOH TVĊ FSJOH NBHOJm DFOU PUIFST 0WFS UIF ZFBST )ZOFS IBT GFBUVSFE TVDI EJWFSTJPOT BT DPNQSPNJTFE m SF KVNQJOH UIF GVO [POF 5XP 5PXO FMFDUSJD TIPDL UIFSBQZ ɩ F %SBH 3BDFT %FCCJF #PPOF JOH QZSPUFDIOJD XBST SBUUMFTOBLF GFBTUT DMPVE EJWJOH MFHBM NPPOMJHIU n JHIUT JMMFHBM QPUBUP HVOT MJUIJVN FYQMPTJPOT TLJOOZ EJQQJOH BOE PG DPVSTF QBSUZJOH

IFBSUZ BJEFE CZ XIBUFWFS PS XIPNFWFS ZPV DBSF UP QBSUZ XJUI #VU BT QJMPUT TFUUMFE EPXO JOUP UIF GBNJMZ SPVUJOF LJET TUBSUFE QPQQJOH VQ BOE NBOZ PG UIF XJMEFS FWFOUT BSF OPX KVTU NFNPSJFT )PXFWFS XF EJE TFOE UIF LJET UP CFE FBSMZ UIJT XFFLFOE BOE SFMJWFE TPNF PG UIF QBTU )ZOFS HMPSZ PS JOHMPSZ ɩ F NPTU NFNPSBCMF PG UIFTF XBT B m

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1IPUP +FGG 4ISJOFS

*O UIBU IBOE IF IFME B TDFQUFS BUUBDIFE UP B MBSHF QPU QBDLFE GVMM XJUI CPUUMF SPDL FUT BOE PUIFS FYQMPEJOH EB[[MJOH UIJOHT )F XBT MFE JO B QSPDFTTJPO UP UIF DPN NVOJUZ DBNQm SF XIFSF IF JOUPOFE UIF MJUBOZ PG UIF $IVSDI PG 8IBU T )BQQFO JOH /PX XIJDI JT DFOUFSFE JO B HBSBHF JO #BMUJNPSF ɩ FO IF IFME UIF XIPMF WPM BUJMF NBTT PWFS UIF m SF UP MJHIU TJNVMUB OFPVTMZ 1FPQMF TDBUUFSFE BT %BWF EJTBQ QFBSFE JO B CMJOEJOH EJTQMBZ PG m SF TNPLF BOE MJHIU TIPPUJOH TLZXBSET BOE JO FW FSZ PUIFS DPODFJWBCMF EJSFDUJPO 8IFO UIF TNPLF DMFBSFE BOE XF BMM DPVME TFF BHBJO B NJHIUZ DIFFS XFOU VQ BT %BWF IFME BMPGU UIF CMBDLFOFE DBOJTUFST "OE UIF m SF KVNQJOH CFHBO "I CVU XF DBNF UP n Z BOE UIF TVOOZ XFFL QSPWJEFE VT XJUI QMFOUZ PG PQQPSUV OJUZ 0O 'SJEBZ BOE 4BUVSEBZ IBOH BOE %BOOZ #SPUUP XBJUJOH GPS IJT UVSO UP MBVODI QBSB n JHIUT GSPN UIF NPVOUBJO XFSF GSF OBM QSFTFOUBUJPO PG UIF 4UBUVF PG -JCFSUZ ɩ FZ HBWF IJN B DSPXO PG TQJLFT MJLF UIF RVFOU BOE DPOUJOVPVT 0O 4BUVSEBZ UIF 1MPZ *O UIJT BDU MPOH UJNF )ZOFS NFN TUBUVF JO /FX :PSL )BSCPS BMPOH XJUI BDUVBM PWFSBMM XJOE XBT DPNJOH PVU PG B CFS %BWF #SPXO XBT UPUBMMZ XSBQQFE VQ PUIFS OFDFTTBSZ BQQFOEBHFT )JT GBDF XBT DBOZPO PO UIF FYUSFNF SJHIU #VU )ZOFS JO BMVNJOVN GPJM o IFBE UP UPF o CZ GF DPWFSFE XJUI UJOGPJM BOE TLJ HPHHMFT BOE UFOET UP NBLF JUT PXO MJUUMF CSFF[F EVF NBMF NFNCFST NBTRVFSBEJOH BT WJSHJOT POF IBOE XBT QSPUFDUFE CZ BO PWFO NJUU UP JUT TUFFQOFTT BOE EJSFDUJPO GBDJOH UIF

&DOHQGDUV

35,&( 2QO\ (DFK VKLSSLQJ ZLWKLQ 86$ IRU RU FDOHQGDUV 888 64)(" 03( 4503& .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1IPUP 3PO -VU[

5IPNBT (BSUMBO JO n JHIU

1IPUP 4BOEFS ,PZGNBO

BGUFSOPPO TVO 4PNF PG VT UJNFE JU SJHIU BOE WJTJUFE DMPVECBTF XIJMF ESJGUJOH PVU JOUP UIF WBMMFZ BXBZ GSPN UIF IJMM 0ODF VQ XF DPVME DSVJTF BSPVOE BOE TUBZ IJHI OFBSMZ BU XJMM ɩ BU OJHIU XF GFBTUFE PO SPBTUFE QJH BOE DIJDLFO XJUI BMM UIF USJN NJOHT BOE QMFOUZ PG CFFS UP XBTI JU EPXO " SBČ F XBT IFME BGUFSXBSET XJUI HSFBU QSJ[FT EPOBUFE CZ 'MZUFD 8JMMT 8JOH #PC (SBOU 7JEFPT .PZFT BOE WBSJPVT MPDBM CVTJOFTTFT ɩ F OFYU EBZ UIF XJOE XBT QSFEJDU FE UP CF TPVUIFBTU UP ɩ BU JT EJ SFDUMZ PWFS UIF CBDL BU )ZOFS TP JO UIF

+FGG 4ISJOFS MBVODIJOH IJT QBSBHMJEFS

NPSOJOH NBOZ QJMPUT TJNQMZ UPPL B EBZ GVO UIF QMBDF JT BOE i)FZ XF MM CF CBDL w F DMVC JT IVNNJOH BMPOH TNPPUIMZ VO USJQ UP POF PG UXP MPDBM TPVUIFBTU GBDJOH ɩ TJUFT 1JMPUT BU CPUI TJUFT SFQPSUFE QFSGFDU EFS UIF HVJEBODF BOE IBSE XPSL PG QSFTJ F FBTF PG SFBDI TUSBJHIU JO DPOEJUJPOT XJUI IJHI UPQ PVUT EFOU 4IBXO .BD%VĊ ɩ BOE 9$ n JHIUT BCPVOEJOH .BOZ PG VT JOH UIF MBOEJOH m FME NBLFT JU B HSFBU MPDBMT XIP n Z UIFTF TJUFT SFHVMBSMZ PQUFE QMBDF UP QBSBHMJEF BOE NBOZ QBSB QJMPUT UP TUBZ BU )ZOFS BOE CJLF IJLF PS TJNQMZ XIP WJTJUFE GPS UIF m STU UJNF TBJE UIFZ UPP XJMM CF CBDL 8F XFMDPNF BMM DBQB n PBU JO UIF SJWFS .POEBZ UIF 'PVSUI XBT B SFQFBU CMF QJMPUT BOE XF IPQF UP NBJOUBJO NFN PG 4VOEBZ BOE OFBSMZ BMM PG VT XFOU UP CFSTIJQ XFMM JOUP UIF GVUVSF TP XF DBO BG UIF UXP TPVUIFBTU TJUFT 8F BMM TPBSFE GPSE PVS MFBTF BOE DPOUJOVF UP QSPWJEF UP PVS IFBSUT DPOUFOU BOE ESJGUFE BMPOH n ZJOH BU UIJT VOJRVF BOE TQFDJBM TJUF :PV DBO PSEFS B $% PG QIPUPT BOE m MN UIF SJEHFT CFGPSF MBOEJOH FO NBTTF BOE TBZJOH HPPECZF UP n ZJOH GSJFOET PME UBLFO QSPGFTTJPOBMMZ CZ +FĊ 4ISJOFS BU UIF SFDFOU FWFOU CZ HPJOH UP XXX n ZJOHDBNT BOE OFX *U JT BMXBZT B CJU PG B MFUEPXO UP TFF DPN #F TVSF UP DIFDL PVU PVS 8FC TJUF BU FWFSZPOF MFBWF B )ZOFS FWFOU UP HFU CBDL XXX IZOFSDMVC DPN BOE DPNF KPJO UIF UP UIF SFBM XPSME TJODF XF WF TIBSFE TP GFTUJWJUJFT PO UIF HSPVOE o CVU NPTU PG BMM NVDI JOUFOTF BDUJWJUZ #VU UIF DPNQFO DPNF UP HFU IJHI BU )ZOFS TBUJPO JT UIBU XF XJMM CF UIFSF OFYU UJNF UP DSBOL VQ UIF GVO NFUFS 0WFS UIF ZFBST )ZOFS IBT TFFO NBOZ QJMPUT DPNF BOE HP CVU UIJT 'PVSUI NBOZ PG UIFN DBNF CBDL UP SFMJWF UIF PME HMPSZ 1JMPUT XFSF IFBSE UP DPNNFOU UIBU UIFZ GPSHPU IPX NVDI .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


)ZOFS DMVC QSFTJEFOU 4IBXO .BD%VGG XBJUJOH PO MBVODI CFMPX UIF SFUBJOFS XBMM BU )ZOFS 7JFX

&$// )25 (175,(6 &DOHQGDU 3KRWRV

+$1* */,',1* 3$5$*/,',1* 3$5$*/,',1* 3+2726 1(('(' :( 1((' <285 3+2726 3OHDVH VHQG XV \RXU EHVWöFRPSRVHG PRVW FRORUIXO KRUL]RQWDOöIRUPDW PP VOLGHV RU GLJLWDO SKRWRV DV FDQGLGDWHV IRU WKH FDOHQGDU SURMHFW /DXQFKLQJ ODQGLQJ VRDULQJ VHWWLQJ XS EUHDNLQJ GRZQ ² LI \RXU SKRWR VD\V ´7KLV LV ZK\ ZH Á \ µ VHQG LW LQ 'RQ·W GHOD\ 7DNH DGYDQWDJH RI ZLQWHU·V GRZQ WLPH DQG GLJ RXW WKRVH RXWVWDQGLQJ SKRWRV WKDW \RX·YH EHHQ ZDQWLQJ WR VKRZ RII 6LQFH RXU FDOHQGDUV DUH SULQWHG ODUJH IRUPDW DW KLJK UHVROXWLRQ ZH SUHIHU VOLGHV IRU WKH EHVW UHSURGXFWLRQ SRVVLEOH &DOO RU HPDLO 0DUWLQ DW ö ö ö PDUWLQ#XVKJD RUJ ZLWK TXHVWLRQV

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

1IPUP 3PO -VU[

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ö $OO FRQWULEXWRUV ZLOO UHFHLYH FRQÀ UPDWLRQ RI UHFHLSW DQG SKRWRV ZLOO EH UHWXUQHG XSRQ FRPSOHWLRQ RI WKH SURMHFW



#Z UBLJOH UIF IJHI SPBE (FSSZ $IBSMFCPJT OFBUMZ BWPJET BGUFSOPPO USBGmD CFMPX PO UIF 4BO 'BODJTDP (PMEFO (BUF #SJEHF


'JOEJOH UIF 4LZ

/PUFT PO -FBSOJOH UP 4PBS 1BSU #Z 1BVM 7JMMJOTLJ IBWF UP BWPJE OFFEJOH UIBU BNCVMBODF * MBZ PVU NZ XJOH PO UIF PME DBSQFU UIF MPDBM QJMPUT IBWF MBJE EPXO PWFS UIF SPDLT BOE XFFET CVU CFGPSF * DBO HFU NZ IFMNFU PO BOE HFU JOUP NZ IBSOFTT NZ XJOH JT CFJOH CMPXO CBDL JOUP UIF CVTIFT * HP SFUSJFWF JU BOE MBZ JU PVU JO B IPSTFTIPF BHBJO ɩ JT UJNF * NBOBHF UP HFU DMJQQFE JO BOE DMFBS UIF MJOFT * N SFBEZ UP HP * USZ UP UJNF UIF DZDMFT QJDLJOH B NPNFOU XIFO UIF XJOE IBT MFU VQ B CJU UP TUBSU UIF JOn BUJPO * MJGU UIF " SJTFST BOE NPWF CBDLXBSE BOE UIF XJOH DPNFT UP MJGF BOE MJGUT PĊ UIF HSPVOE #VU * N UPP IBN IBOEFE BCPVU JU BOE * NPWF JOUP UIF XJOE UPP RVJDLMZ DBVTJOH UIF XJOH UP SBDF PWFSIFBE XJUI UPP NVDI FOFSHZ UIFO BSD PWFS NF BOE XIBDL SJHIU CBDL JOUP UIF HSPVOE JO GSPOU PG NF OPX /PX

UIF XJOE HFUT JUT IPME PO UIF TRVBSF GFFU PG GBCSJD BOE JU TUBSUT SPMMJOH CBDL VQ UIF IJMM B CJH NFTTZ OZMPO CVSSJUP * VO TUSBQ UIF IBSOFTT BHBJO )BMG BO IPVS MBUFS * N CBDL BU TRVBSF POF * HFU TFU VQ XBJU GPS XIBU * IPQF JT UIF SJHIU NPNFOU BOE CFHJO UIF MBVODI ɩ JT UJNF UIF XJOH EPFT OPU DPNF VQ TRVBSFMZ JOTUFBE UIF MFGU XJOHUJQ n JFT PWFSIFBE XIJMF UIF SJHIU TJEF MBOHVJTIFT PO UIF HSPVOE .Z HSPVOE IBOEMJOH TLJMMT BSF OPU FRVBM UP UIJT BOE * HFU ESBHHFE CBDL JOUP UIF CVTIFT BHBJO *U T KVTU BNB[JOH IPX NVDI IPSTFQPXFS UIF XJOH DBO HFOFSBUF XIFO ZPV VTF JU BT B USBDUJPO LJUF SBUIFS UIBO B QBSBHMJEFS #BDL PVU PG UIF IBSOFTT BHBJO 5XP IPVST HP CZ EVSJOH XIJDI BMM * WF NBOBHFE UP EP JT UJF NZ XJOH JOUP

1IPUP /JDP EF 8FUUF

*U T NZ MBTU EBZ UP n Z JO 4P$BM CFGPSF SFUVSOJOH UP UIF /FX :PSL $JUZ XJOUFS * WF HMFFGVMMZ SVO GSPN GPS UIF MBTU XFFL ,FO #BJFS NZ JOTUSVDUPS NFOUPS JT UJFE VQ CVU BGUFS TUVEZJOH UIF XFBUIFS IF TVH HFTUT * HP PVU UP -JUUMF #MBDL .PVOUBJO UP n Z o CZ NZTFMG )F UFMMT NF UP CF TVSF UIFSF T TPNFPOF FMTF BSPVOE TP UIBU JG * HFU IVSU UIFSF XJMM BU MFBTU CF TPNFPOF UP DBMM UIF BNCVMBODF &ODPVSBHJOH * WF OFWFS n PXO XJUIPVU BO JOTUSVDUPS OFBSCZ UP DPBDI NF JOUP UIF BJS 5PEBZ T UIF EBZ * TIPVMEFS NZ QBSBHMJEFS BOE IJLF UIF GFFU VQ UP MBVODI ɩ F XJOE EJSFDUJPO JT HPPE CMPXJOH TUSBJHIU JO CVU UIF XJOE TQFFE NBZ CF B MJUUMF IJHI * HFU PVU NZ XJOE NFUFS BOE NFBTVSF UP NQI JU T XJUIJO NZ PQFSBUJOH MJNJUT * N BMPOF PO MBVODI BT * TFU VQ o * N KVTU HPJOH UP

1BSBHMJEJOH JT IBSE

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


1IPUP 4UFWF 3PUJ

"OZUIJOH BT XPOESPVT BT QBSBHMJEJOH NVTU CF DIBMMFOHJOH IBSE XPO 5IF SFXBSE JT JO EJSFDU QSPQPSUJPO UP UIF DIBMMFOHF

ZPVOH XPNBO DPNFT PWFS UIF DSFTU PG UIF IJMM BOE POUP MBVODI 8JUI BO FBTZ TNJMF TIF UBLFT IFS HMJEFS PVU PG UIF SVDLTBDL BOE RVJDLMZ TFUT VQ *O UIF TQBDF PG UISFF NJOVUFT TIF T SFBEZ UP HP * OPUJDF TIF EPFTO U TUSFUDI IFS XJOH BMM UIF XBZ PVU JO UIF IPSTFTIPF DPOm HVSBUJPO SBUIFS TIF MFBWFT JU NPTUMZ CBMMFE VQ JO B SPTFUUF TIBQF XJUI KVTU UIF XJOHUJQT QVMMFE PVU TP UIBU UIF XJOE EPFTO U XSFBL IBWPD XJUI JU CFGPSF TIF T SFBEZ UP MBVODI 8JUI m OFTTF UIBU TFFNT DPN QMFUFMZ CFZPOE NF TIF TNPPUIMZ JOn BUFT UIF HMJEFS TUBCJMJ[FT JU PWFSIFBE UVSOT BOE MJHIUMZ TUFQT PĊ UIF IJMM JOUP UIF SJEHF MJGU BOE TIF T HPOF 4IF T TIPXO NF IPX JU TIPVME MPPL BOE * HFU VQ GPS BOPUIFS USZ "GUFS NPSF JOUFSNJOBCMF GVTTJOH BSPVOE * BN SFBEZ UP HP BOE UIJT UJNF * HFU JU NPSF PS MFTT SJHIU * IBWF B TIPSU n JHIU CVU UIF UISJMM PG WJDUPSZ JT TXFFU BOE * IJLF VQ UIF IJMM GPS BOPUIFS USZ -BOEJOH BGUFS NZ UIJSE n JHIU BT UIF MJHIU EJTBQQFBST * QBDL NZ XJOH VQ BOE UIF MFTTPO PG UIF EBZ DPNFT IPNF UP NF 1BSBHMJEJOH JT IBSE "OE QBSBHMJEJOH JT BNB[JOH "OE UIFTF UXP RVBMJUJFT BSF JOFYUSJ DBCMZ MJOLFE "OZUIJOH BT XPO

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

ESPVT BT QBSBHMJEJOH NVTU CF DIBMMFOHJOH IBSE XPO ɩ F SFXBSE JT JO EJSFDU QSP QPSUJPO UP UIF DIBMMFOHF ɩ FSF XJMM CF IPVST BOE EBZT GVMM PG GSVTUSBUJPO XIJDI JG FOEVSFE XJMM MFBE EJSFDUMZ UP FYQFSJ FODFT XIJDI DBO POMZ CF DBMMFE TVCMJNF 0, * HFU JU "OE * FNCSBDF JU

1IPUP 4UFWF 3PUJ

1IPUP 4UFWF 3PUJ

LOPUT XJUI UIF XJOE ɩ F TVTQFOTJPO MJOFT UBOHMF BOE * BN BU XJUT FOE USZJOH UP HFU UIFN DMFBS *U TUBSUT UP TFFN JNQPT TJCMF UIBU * N HPJOH UP CF BCMF UP MBVODI PO NZ PXO *U T UPP IBSE * HSPX TP GSVT USBUFE BGUFS NZ NVMUJQMF CVOHMJOHT UIBU * KVTU TJU EPXO PO UIF NFTT PG OZMPO UIBU XBT NZ XJOH BOE DPOUFNQMBUF HJWJOH VQ QBSBHMJEJOH BMUPHFUIFS * WF IBE JU * N XPOEFSJOH IPX NVDI * DBO TFMM NZ FYQFOTJWF CBSFMZ VTFE HFBS GPS XIFO B


(SFJH FYFDVUFT B QFSGFDU MBOEJOH

)BOH (MJEJOHy"U :PVS 0XO 3JTL #FJSVU -FCBOPO #Z (SFJH #BMMBOUJOF 1IPUPT QSPWJEFE CZ (SFJH #BMMBOUJOF BOE +JN ;FJTFU

4JODF IBOH HMJEJOH IBT CFFO NZ POMZ QBTTJPO * WF TPBSFE XJUI CV[ [BSET BOE FBHMFT BMPOH UIF .JTTJTTJQQJ 3JWFS CMVĊ T PG 8JTDPOTJO %SFBNT PG FYQFEJUJPOT UP "GSJDB T 3JGU 7BMMFZ IBWF GBEFE ɩ F WPJDF JOTJEF NF OPX XBOUT NF UP TMPX EPXO CVU BEWFOUVSF TUJMM FYJTUT XJUIJO NF ɩ JT JT XIBU HJWFT NF MJGF ɩ F UISJMM PG UIF VOLOPXO BOE UIF FYDJUF NFOU PG OFX QMBDFTy* HVFTT UIFTF UIJOHT

5IFSNBMJOH PWFS "RVB .BSJOB

* DBOOPU HJWF VQ * BN B IBOH HMJEFS HMJEJOH TDIPPM CPBU UPXJOH UBOEFN PQ QJMPU 8IBU FMTF DPVME * EP CVU UBLF FSBUJPO JO #FJSVU BU UIF "RVB .BSJOB UIF NJTTJPO 3FTPSU ɩ F QVSDIBTF PG +; T 4,:#0"5 DPNCJOFE XJUI PVS USBJOJOH TLJMMT XPVME CSJOH UIJT ESFBN UP SFBMJUZ #Z MBUF .BZ 5IF .JTTJPO *O 'FCSVBSZ PG +JN ;FJTFU +; UIF EFBM XBT HPJOH UISPVHI * XBUDIFE UIF OFXT B MJUUMF DMPTFS JOWJUFE NF UP IBOH HMJEF JO #FJSVU ɩ F .JEEMF &BTU 8JMMT 8JOH EJTUSJCVUPS EVSJOH UIFTF EBZT -FCBOPO XBT 8JMMJBN "ZPVC IBE BO JOWFTUPS "OPJS JO UIF OFXT B MPU 8BT JU B DPJODJ &M ,P[BI JOUFSFTUFE JO TUBSUJOH B IBOH EFODF 'FCSVBSZ B UFSSPSJTU CPNC

"RVB .BSJOB 3FTPSU .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


5FO TFDPOET BGUFS UBOEFN MBVODI

BTTBTTJOBUFE 1SJNF .JOJTUFS 3Bm L BM )BSJSJ BMPOH XJUI CPEZHVBSET 8F DPOUJOVFE QSFQBSJOH 4,:#0"5 GPS UIF TBMF CVU DPNQMJDBUJPOT OFBSMZ DBVTFE UIF EFBM UP GBMM UISPVHI 4P NVDI USPVCMF KVTU UP TFMM B CPBU i+JN w * RVFTUJPOFE iXIZ OPU TFMM UIF CPBU JO UIF TUBUFT w i.Z QMBOT BSF CJHHFS UIBO KVTU TFMM JOH POF CPBU w SFQMJFE +; -JUUMF EJE IF LOPX UIF QMBO XBT CJHHFS UIBO FJUIFS PG VT DPVME IBWF JNBHJOFE 4,:#0"5

*O UIF FBSMZ A T +; BOE 3PCFSU $PNCT IBE DPOUSBDUFE UIF CVJMEJOH PG UISFF CPBUT EFTJHOFE UP UPX IBOH HMJE FST ɩ F CPBU XBT B UXJO TQPOTPO EFDL

(SFJH #BMMBOUJOF KVNQT PWFS UIF NPPO

ɩ F TFDPOE UPX * UPPL #PVUSPTF B MPDBM -FCBOFTF QJMPU XJUI NF HJWJOH IJN UIF EJTUJODUJPO PG CFJOH UIF m STU -FCBOFTF UP n Z UBOEFN JO UIF .JEEMF &BTU 8IJMF XF XFSF SBNCPJOH UIF TLZ "OPJS XBT JO UIF #FJSVU BJSQPSU UPXFS TUJMM OFHPUJBUJOH QFSNJTTJPO UP IBOH HMJEF "TLFE JG IF XBT n ZJOH B EFMUB XJOH PWFS +PVOJFI #BZ "OPJS SFQMJFE i)PX DPVME * CF n ZJOH JG * N TUBOEJOH )&3& JO UIF "*31035 508&3 XJUI :06 w )VOESFET PG QIPOF DBMMT XFSF n PXJOH JO XJUI SFQPSUT PG B XJOH PWFS #FJSVU "OPJS DF UP m OE UIBU UIF CPBU XJUI )1 .FSDSVJTFS RVJDLMZ DBMMFE IJT Pċ FOHJOF BO BSUJDVMBUJOH EFDL UP MPBE UIF TFDSFUBSZ IBE SFDFJWFE TFWFSBM QIPOF HMJEFS BOE BO FMFDUSJD IZESBVMJD XJODI DBMMT GSPN UIF .JOJTUSZ PG %FGFOTF UPP PTF SFCFM "NFSJDBO IBOH HMJEFST IBWF EFTJHOFE CZ &E 1JUNBO BOE UXFBLFE iɩ CZ +; *U JT TUJMM POF PG B LJOE ɩ F PUIFS EPOF UISFF UFTU n JHIUT w TIF UPME IJN 8F UXP CPBUT XFSF OFWFS CVJMU BT UIF CVJMEFS XFSF JNNFEJBUFMZ HSPVOEFE "OPJS BQPM PHJ[FE UP UIF .JOJTUSZ OFWFS BENJUUJOH XFOU CBOLSVQU UP VT IPX NVDI USPVCMF XF IBE DBVTFE IJN CVU JU XBT B MPU 0O UP #FJSVU +; BOE * MBOEFE JO #FJSVU PO +VMZ BU B N &OUFSJOH UIF DPODPVSTF XF GPVOE PVSTFMWFT JO B DSPXE BNJETU DIFFST BOE HJGUT PG n PXFST 4XFQU PĊ JO B .FSDFEFT UISPVHI #FJSVU XF XFOU &WFO BU B N UIF UPXO XBT CV[[JOH GVMM PG QFPQMF 4MFFQ * XBT UPP FYDJUFE BCPVU CFJOH JO UIJT OFX MBOE 8F IBE B -FCBOFTF CSFBLGBTU n BU CSFBE FHHT PMJWFT ZPHVSU BOE TUSPOH DPĊ FF "SSJWJOH JO #FJSVU EJEO U HVBSBOUFF UIBU XF E CFHJO XPSLJOH JNNFEJBUFMZ /PSUI QFOJOTVMB PG +PVOJFI #BZ (PWFSONFOU DPNQMJDBUJPOT SFRVJSFE XBJUJOH GPS UIF CPBU BOE FRVJQNFOU UP -FHBM BU -BTU QBTT UISPVHI DVTUPNT ɩ BOLGVMMZ DVT 0O "VHVTU XF m OBMMZ SFDFJWFE UPNT POMZ UPPL B QFFL BU UIF CPBU BOE FW QFSNJTTJPO UP n Z GSPN Q N UP Q N FSZUIJOH XBT BT XF IBE QBDLFE JU "OPJS XJUI B SPVHI TFB SBJTJOH m WF UP TJY GPPU IBE CPVHIU GPVS UBOEFN 'BMDPOT TXFMMT +; BOE * UPME "OPJS UIF TFB XBT GSPN 8JMMT 8JOH JO BEEJUJPO UP UIF POF UPP SPVHI CVU IF JOTJTUFE i)PX DBO * +; IBE JODMVEFE JO UIF TBMF XJUI UIF SVO B CVTJOFTT JG * DBO U n Z FWFSZ EBZ w IF 4,:#0"5 8F E BMTP TFOU m WF TFUT PG RVFTUJPOFE 4P PĊ XF XFOU n PBUT BOE NPVOUJOH IBSEXBSF /PX XF " NJMF PO UIF PUIFS TJEF PG UIF CBZ XF XBJUFE GPS QFSNJTTJPO UP n Z GSPN UIF GPVOE B TQPU UIBU XBT B CJU TNPPUIFS * SF -FCBOFTF .JOJTUSZ MVDUBOUMZ DSBXMFE JOUP UIF IBSOFTT XFOU UISPVHI UIF DIFDLMJTU BOE ZFMMFE i(0 50 $36*4& w ɩ F HMJEFS BOE * XFSF 3BNCP JO -FCBOPO &WFSZ EBZ "OPJS MPCCJFE GPS QFSNJT CFJOH TMBNNFE POUP UIF CBDL EFDL BOE TJPO UP n Z XIJMF +; BOE * UBVHIU HSPVOE UIF CPBU XBT CFDPNJOH BJSCPSOF POMZ UIF TDIPPM XBUDIJOH TRVBESPOT PG )VHIFT QSPQFMMFS SFNBJOJOH JO UIF XBUFS 4FFJOH IFMJDPQUFST n Z PWFSIFBE 8F XBJUFE GPS UIF OFYU XBWF DPNJOH * IJU UIF SFMFBTF QFSNJTTJPO UP n Z VOUJM XF DPVME XBJU OP BT UIF CPBU DSFTUFE UIF OFYU TXFMM * XBT NPSF o PO "VHVTU UI XF SBNCPFE UIF TP HMBE UP CF PVU PG UIFSF * XBUDIFE UIF TLZ 8IBU B TJHIU UP TFF UIF DJUZ PG #FJSVU CPEJFT PO UIF CPBU CFJOH UISPXO BSPVOE GSPN B GPPU WFOVF * XBT UIF m STU MJLF SBH EPMMT BOE XBT HMBE * XBT JO UIF "NFSJDBO IBOH HMJEFS PWFS -FCBOPO BJS n ZJOH

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


(SFJH #BMMBOUJOF BOE DMJFOU MJGU PGG

* n FX TJY CMPDLT EFFQ JOUP UIF DJUZ PWFS DSPXEFE TUSFFUT IJHI SJTF IPUFMT BOE PWFS UIF OBWBM CBTF ɩ PVTBOET PG DBST BOE QFPQMF IPOLFE BOE XIJTUMFE BU NF * TFU VQ PO m OBM PWFS B TXJNNJOH QPPM GVMM PG TDSFBNJOH QFPQMF "T * FOUFSFE HSPVOE FĊ FDU * IPQFE NZ UJNJOH XPVME QVU NF PO UIF VQTJEF PG B XBWF ɩ F CBDL PG NZ n PBUT OJDLFE UIF m STU XBWF BOE TMPXFE NF EPXO FOPVHI UP TQMBTI EPXO POUP UIF OFYU PODPNJOH XBWF XJUIPVU n JQQJOH +; T FYQFSU CPBU IBOEMJOH BMMPXFE NZ SF USJFWBM XJUIPVU UPP NVDI USPVCMF JO UIF UVSCVMFODF ɩ F OFYU GFX EBZT XFSF SFBMMZ UPP SPVHI UP n Z BOE BGUFS UIF QSFWJPVT FYQFSJFODF PO EFDL "OPJS EJEO U QVTI VT 0OF SBH EPMM FYQFSJFODF XBT FOPVHI GPS IJN UP SFBMJ[F XF LOFX UIF MJNJUT 3FBMJUZ 7T $//

+; BOE * GPVOE #FJSVU UP CF B QBSBEJTF o OPUIJOH MJLF XIBU T SFQPSUFE PO $// ɩ F NFEJB GPDVT PO NJTFSZ BOE DBSOBHF

4MJEJOH VQ UIF BSUJDVMBUJOH EFDL

ɩ FSF XFSF B GFX CPNCT UIBU XFOU PĊ XIJMF XF XFSF UIFSF CVU OPUIJOH DMPTFS UIBO B GFX NJMFT BXBZ 8F XFSF UPME UIJT JT EPOF POMZ BT B EJTSVQUJPO BOE UIBU MJGF XPVME HP PO BT VTVBM ɩ BU T XIBU IBQ QFOFE 8F OFWFS TBX PS IFBSE PG BOZ DSJNFT 8F DPVME XBML MBUF BU OJHIU BOE OFWFS IBWF B XPSSZ 8F GPVOE UIBU UIF -FCBOFTF MPWFE "NFSJDBOT UIPVHI XF OFWFS TBX BOPUIFS POF UIF XIPMF UJNF XF (SFJH #BMMBOUJOF +JN ;FJTFU BOE "OXBS &M ,P[BI XFSF UIFSF BXBSEJOH UIF -FCBOFTF n BH ɩ F "NFSJDBO &NCBTTZ XBSOFE VT UP LFFQ B MPX QSPm MF XIJMF JO UIF DPVOUSZ UIFSF XFSF UISFF BOE B IBMG NJMMJPO NPSF UP WBSZ PVS USBWFM SPVUFT BOE OFWFS UFMM QFPQMF JO #FJSVU MFGU UP HP BOZPOF PVS USBWFM QMBOT #VU XF XFSF "NFSJDBO IBOH HMJEFS QJMPUT JO B DPVO 5IF 3&"- .JTTJPO USZ UIBU OFWFS LOFX TVDI B UIJOH FYJTUFE #FGPSF XF MFGU "NFSJDB XF E VOEFS *U XBT JNQPTTJCMF GPS VT UP LFFQ B MPX TUPPE QBSU PG PVS NJTTJPO XBT UP USBJO QSPm MF * n FX TPSUJFT PWFS #FJSVU -FCBOFTF UBOEFN QJMPUT GPS UIFJS OFX "OZUJNF UIF OFXT XBT PO JO #FJSVU FW PQFSBUJPO *O $PMPSBEP XF KPLFE i8IBU FSZPOF TUPQQFE UP XBUDI BOE PGUFO XF JG UIFZ EPO U )"7& QJMPUT w *U XBTO U TP XFSF UIF NBJO TUPSZ * EPO U UIJOL XF GVOOZ XIFO XF GPVOE PVU o UIFSF XFSF XJMM FWFS LOPX IPX GBNPVT XF SFBMMZ /0 QJMPUT UP USBJO 8F XFSF HJWFO GPVS XFSF OPS UIF JNQBDU XF XPVME IBWF PO iLJETw PĊ UIF TUSFFU XIP OFWFS LOFX IBOH UIJT DPVOUSZ HMJEFST FYJTUFE BOE FYQFDUFE UP USBJO /P NBUUFS XIFSF XF XFSF B DSPXE UIFN UP CF UBOEFN QJMPUT * HVFTT UIFZ HBUIFSFE 0O UIF TFB KFU TLJT BOE CPBUT UIPVHIU UIFZ DPVME ESJWF UIF HMJEFS MJLF B TVSSPVOEFE VT UVSOJOH FWFSZ MBOEJOH DBS UIBU JU XPVME CF OPUIJOH UP MFBSO UP JOUP B DBSOJWBM * CFDBNF UIF XPSLIPSTF IBOH HMJEF BT QFPQMF XFSF MJOFE VQ FBDI EBZ UP FY ɩ FZ OFFEFE B SFBM MFTTPO BOE * XBT QFSJFODF UIF UISJMM PG IBOH HMJEJOH * EJE UIF POF UP HJWF JU UP UIFN 0OF CZ POF * VQ UP UPXT QFS EBZ &WFSZ UJNF XF UPPL FBDI PG UIFN VQ UBOEFN 8IFO XF SFUVSOFE DMJFOUT UP TIPSF BOPUIFS GVMM SFMFBTFE BOE XFSF HMJEJOH * HBWF UIFN MPBE XBJUFE UP n Z *U XBT OPO TUPQ o BOE UIF DPOUSPM CBS 8F OFWFS TBX UXP PG UIF IPQFGVM QJMPUT BGUFS UIBU EBZ /POF PG UIF PUIFST XFSF TVDDFTTGVM TUVEFOUT BT UIFJS ESJWF UP n Z XBT OPU VQ UP QBS GPS PVS EFNBOET 8F USBJOFE #PC B QBSBTBJM CPBU PQ FSBUPS BT UIF CPBU DBQUBJO UIF NPTU JN QPSUBOU KPC CFTJEFT UIF UBOEFN QJMPU ɩ F DBQUBJO OFFET UP HJWF B DPOTJTUFOU UPX BOE CF BCMF UP PQFSBUF UIF XJODI TZTUFN BOE QSPQFSMZ SFUSJFWF UIF QBSBDIVUF GPS B GBTU BOE DMFBO MPBEJOH PG UIF QJMPU TJUUJOH JO UIF XBUFS BGUFS MBOEJOH PO UIF TFB *O -FCBOPO UIFSF JT B TBZJOH 5 . " XIJDI NFBOT i5PNPSSPX NBZCF BGUFS w +; USJFE UP UFBDI UIFN : . 4 i:FTUFSEBZ NBZCF TPPOFS w 8F CFHBO UP XPSSZ UIBU "OPJS XPVME IBWF OP UBOEFN QJMPU UP DPOUJOVF IJT PQFSBUJPO XIFO XF MFGU 1MBHVFE CZ UIF DVMUVSF BOE MBDL PG DMFBS DPNNVOJDBUJPO PVS KPC XBT WFSZ EJċ DVMU 5XP XFFLT SFNBJOFE BOE UIF DSFX XBT NBSHJOBM JO BMM BTQFDUT 8F TUJMM IBE OPCPEZ BT B -FCBOFTF UBOEFN QJMPU .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


(SFJH #BMMBOUJOF BOE DMJFOU MBOE BU i-F 1FDIFw GPS MVODI

5BLJOH B $VMUVSF #SFBL

+; BOE * IBEO U IBE UJNF UP TFF NVDI PG -FCBOPO EVSJOH UIF m STU GPVS XFFLT PG PVS NJTTJPO "NZ +; T XJGF TFU VQ TPNF XPOEFSGVM UPVST 8F TBX UIF 3PNBO SVJOT PG #BBMBCBL #ZCMPT "OXKBS BOE UIF DBWFT PG +FJUJ UBLJOH VT UP UIF #FLBB 7BMMFZ XIFSF UIF )F[CPMMBI IVOH PVU 8F EJEO U LOPX PG UIF SJTLT UIBU XF XFSF UBLJOH "OPJS EJEO U SFTU VOUJM XF NBEF JU TBGFMZ CBDL UP #FJSVU .JTTJPO "DDPNQMJTIFE

ɩ F m OBM XFFL PG PVS NJTTJPO XF IBE SFBTPO UP DFMFCSBUF 8F XFSF BCMF UP TJHO PĊ #PVUSPT 1FUFS BT B DFSUJm FE -FCBOFTF UBOEFN QJMPU BOE UIF DSFX XBT QSPm DJFOU

"TBE 'BEJ ;FJTFU

JO UPXJOH 1FUFS IBE MJWFE JO UIF 6 4 BU POF UJNF BOE IBE B )BOH SBUJOH UIBU IF IBE SFDFJWFE BU .PSOJOHTJEF 0VS CPBU DSFX IBE HPOF UISPVHI FWFSZ TJUVB UJPO XF DPVME JNBHJOF XPVME CF JOWPMWFE JO QMBUGPSN UPXJOH FWFO n JQQJOH PWFS 8F GFMU PVS NJTTJPO XBT B TVDDFTT 0VS GSJFOET JO "NFSJDB IBE TBJE XF XFSF DSB[Z UP HP PO TVDI BO FYQFEJUJPO BOE UIBU XF XPVME QSPCBCMZ OFWFS DPNF CBDL /PX UIBU XF SF CBDL * N TVSF UIFZ XJTIFE UIFZ IBE HPOF UPP +; BOE * NBEF MJGFMPOH GSJFOET JO -FCBOPO BOE PVS TUPSZ XJMM CF UPME BSPVOE UIF DBNQ m SF GPS ZFBST UP DPNF 0WFS QFPQMF GSPN UIF .JEEMF &BTU GSPN BMM SFMJHJPVT TFDUT SFDFJWFE UIF UISJMM PG B MJGFUJNF

BOE BSF CFJOH JOUSPEVDFE UP UIF TQPSU * XBT BTLFE PĆ DJBMMZ JG B TJNJMBS TZTUFN DPVME CF FT UBCMJTIFE JO %VCBJ BOE &HZQU *G ZPV BSF JO UFSFTUFE JO EFWFMPQNFOU JO PUIFS BSFBT JO UIF SFHJPO QMFBTF HJWF NF BO BQQSPYJNBUF DPTU GPS B OFX CPBU TZTUFN BMPOH XJUI BMM OFDFTTBSZ HFBS UP MBVODI BOPUIFS BSFB "GUFS BMM ZPVS XPSL IBT BDIJFWFE JUT HPBM +PIO EPJOH WFSZ XFMM BT BO PCTFSWFS BOE TUBSUJOH UP LOPX UIF QIZTJDT PG UIF TQPSU #PC IBT NBTUFSFE UIF CPBU PQFSBUJPO "OPJS BOE /BODZ UBLJOH DBSF PG UIF PĆ DF 1SF n JHIU JOTQFDUJPO BOE EBZ CZ EBZ SFDPSET JODMVEJOH DPOEJUJPOT n JHIU UJNF BMUJUVEF SFBDIFE XJOH MPBE BOE PUIFS EFUBJMT IBWF CFFO SFDPSEFE 4JODF ZPV MFGU -FCBOPO PVS SFDPSET TIPX UIJSUZ UXP TPMP UFTU n JHIUT POF IVOESFE GPSUZ UBOEFN n JHIUT n JHIUT QJMPU XFJHIU SBOHF LH n JHIUT QJMPU XFJHIU SBOHF LH QJMPU DIJMESFO XFJHIU SBOHF LH n JHIU QJMPU XFJHIU SBOHF LH 'PVS XFBL MJOL <CSFBLT> XFSF SFDPSEFE 'JOBMMZ * IBWF HPPE OFXT GPS (SFJH +VTU UPEBZ JU IBQQFOFE * XBT BCMF UP TPBS PWFS UIF NPVOUBJOT HPJOH VQ UP GFFU BOE TUBZJOH GPS KVTU PWFS NJOVUFT #FTU SFHBSET #PVUSPT "MM UIF ZFMMJOH IBE QBJE PĊ +JN TIPPL NZ IBOE BOE TBJE i.JTTJPO BD DPNQMJTIFE w * DBO U UIBOL +; FOPVHI GPS HJWJOH NF UIF DIBODF UP NBLF IBOH HMJE JOH IJTUPSZ XJUI IJN BOE UIF 4,:#0"5 JO -FCBOPO

0O 4FQUFNCFS OE #PVUSPT TFOU UIF GPMMPXJOH FNBJM %FBS +JN BOE (SFJH * IPQF UIJOHT BSF XPSLJOH XFMM GPS ZPV JO UIF 6 4 "HBJO B CJH BQQSFDJBUJPO UP CPUI GPS ZPVS Fą PSU BOE DPOUSJCVUJPO PO TUBSUJOH UIF IBOH HMJEJOH BDUJWJUZ JO -FCBOPO Dz JOHT BSF XPSLJOH NVDI CFUUFS XJUI UIF HPWFSONFOU TFDVSJOH VT BO BSFB UP n Z Dz F DIJFG BSNZ DPN NBOEFS n FX XJUI VT BOE XBT JNQSFTTFE CZ UIF TBGFUZ TZTUFN BOE PVS QFSGPSNBODF .BOZ PUIFS IJHI PĆ DJBMT TUBSUFE UP TVQQPSU UIF TQPSU BOE B GFX NBKPS TUBUJPOT DBNF GPSXBSE

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

4FUUJOH VQ BQQSPBDI UP MBOE PWFS UIF 4,:#0"5


-"/%*/( *U T "MM "CPVU UIF 4FUVQ

"SUJDMF BOE JMMVTUSBUJPOT CZ %BWJE BOE (BCSJFM +FCC

'MZBCMF EBZT BSF BMXBZT FYDJUJOH %VSJOH B UZQJDBM EBZ IBOH HMJEJOH BOE QBSBHMJEJOH POF JT BQU UP PCTFSWF WBSJ PVT BQQSPBDIFT BOE MBOEJOHT TPNF BSF FĊ FDUJWF TPNF BSF OPU o BOE B GFX BSF TJNQMZ EBOHFSPVT ɩ F CPUUPN MJOF JT UIBU B TJHOJm DBOU OVNCFS PG HMJEJOH BDDJEFOUT PDDVS EVSJOH UIF MBOEJOH BQQSPBDI BOE m OBM MBOEJOH TUBHFT PG n JHIU *O GBDU TUB UJTUJDT CZ UIF 64)(" TIPX UIBU PWFS UIF QBTU m WF ZFBST UP PG BMM QBSB HMJEJOH BDDJEFOUT PDDVS EVSJOH MBOEJOHT ɩ FTF NJTIBQT JODMVEF DPMMJTJPO XJUI PCTUBDMFT NJE BJS DPMMJTJPOT PWFSTIPPU JOH VOEFSTIPPUJOH UIF MBOEJOH [POF -; TUBMMJOH BOE MPX MFWFM EFn BUJPOT ɩ F GPMMPXJOH BSUJDMF JT B TZOPQTJT PG TPNF PG UIF NPSF DPNNPO MBOEJOH BQQSPBDI NFUIPET .Z IPQFT BSF UIBU ZPV VTF UIF GPMMPXJOH JOGPSNBUJPO UP m OF UVOF ZPVS UIPVHIU QSPDFTTFT BOE FTUBCMJTI B TZTUFNBUJD NFUIPEPMPHZ UP DPODMVEF TPBSJOH n JHIUT 4BGF FĊ FDUJWF MBOEJOHT IBWF BT NVDI UP EP XJUI NJOETFU BT UIFZ EP XJUI UFDI OJDBM QSPm DJFODZ 0O UIF NFOUBM MFWFM TBGFUZ JT BO BUUJUVEF UIBU CFHJOT XJUI QMBOOJOH BOE QSVEFODF 8IFOFWFS QPT TJCMF BMXBZT JOWFTUJHBUF UIF -; QSJPS UP MBOEJOH UIFSF ¯ 8BML UIF -; BOE NBLF B NFOUBM OPUF PG PCTUSVDUJPOT MJLF QPXFS MJOFT GFODFT CVJMEJOHT WFHFUBUJPO BOE UFSSBJO GFBUVSFT ¯ 7JFX UIF -; GSPN EJĊ FSFOU BOHMFT BOE WJTVBMJ[F WBSJPVT BQQSPBDI QBUIT TJODF XJOET XJMM DIBOHF EJSFDUJPOT QJMPU USBċ D NBZ DMVUUFS DFSUBJO QBSUT PG UIF -; NBLJOH JU VOVTBCMF BOE VOGPSFTFFO PC TUSVDUJPOT TVDI BT TQFDUBUPST WFIJDMFT PS EVTU EFWJMT NBZ GPSDF ZPV UP DIBOHF ZPVS QMBOOFE SPVUF ¯ /P -; TIPVME CF XJUIPVU B XJOE TPDL TUSFBNFST PS TPNF WJTVBM JOEJDBUPST UP IFMQ ZPV JEFOUJGZ UIF XJOE EJSFDUJPO UP EFUFSNJOF UIF QSPQFS IFBEJOH PO m OBM BQQSPBDI

¯ 'JSTU UJNF UP UIF TJUF DIBU XJUI UIF MPDBMT UP MFBSO UIF TVCUMFUJFT PG UIF MBOEJOH [POF 'PS JOTUBODF BU TPNF TJUFT NJE EBZ MBOEJOHT BSF EBOHFSPVT EVF UP UIF IJHI GSFRVFODZ PG EVTU EFWJMT PS FBSMZ FWFOJOHT FYQFSJFODF DBUBCBUJD DPOEJUJPOT 7JTVBMJ[F QPUFOUJBM BQQSPBDI QBUIT XIJMF FYBNJOJOH UIF MBOEJOH BSFB .BLF JU FBTZ GPS ZPVSTFMG CZ CFJOH EFUBJMFE JO ZPVS WJTVBMJ[BUJPOT 4UBSU CZ EFm OJOH TQFDJm D DJSDVNTUBODFT PS TJUVBUJPOT UIBU XPVME DBVTF ZPV UP HJWF IJHIFS QSJPSJUZ UP B TQFDJm D BQQSPBDI QBUUFSO :PVS NFOUBM JNBHFT DBO CF GVSUIFS FOIBODFE CZ VTJOH TQFDJm D WJTVBM DMVFT BOE NBSLFST F H GFB UVSFT JO UIF UFSSBJO PS UPQPHSBQIZ UIBU XJMM IFMQ HVJEF ZPV BMPOH ZPVS JOUFOEFE n JHIU QBUI ɩ F JOEJDBUPST UIBU ZPV DIPPTF BSF JNQPSUBOU CFDBVTF UIFZ BMMPX ZPV UP BD DVSBUFMZ HBVHF UIF QSPHSFTT PG ZPVS MBOE JOH BQQSPBDI ɩ F JOTUBOU GFFECBDL XJMM QSFWFOU NBOZ TJNQMF JTTVFT TVDI BT PWFS VOEFSTIPPUJOH PS QFOFUSBUJPO

JO BMUJUVEF CFGPSF UVSOJOH JOUP UIF XJOE GPS m OBM 'JOBM BQQSPBDI 'JOBM HMJEF JOUP UIF XJOE .BLF TVSF UP HFU PVU PG UIF IBS OFTT EPO U IPME UIF SJTFST BOE QSFQBSF GPS ZPVS n BSF 4FF 'JHVSF Ü Ü `Ê i}

*U T JNQPSUBOU OPU UP DPOGVTF HSPVOE TQFFE XJUI BJSTQFFE "MUIPVHI PO UIJT MFH JU BQQFBST ZPV BSF NPWJOH NPSF RVJDLMZ ZPVS BJSTQFFE IBT OPU BDUVBMMZ DIBOHFE :PV SF TJNQMZ n ZJOH EPXOXJOE %PO U NBLF UIF NJTUBLF PG BUUFNQUJOH UP TMPX EPXO UIF HMJEFS UPP NVDI 'MZJOH UIF HMJEFS GBTUFS PO ZPVS EPXOXJOE MFH QSPWJEFT TFWFSBM BEWBOUBHFT TVDI BT NPSF SFTQPOTJWFOFTT GSPN ZPVS XJOH BCJMJUZ UP QVODI UISPVHI TJOL PS SPUPS BOE B IJHIFS NPSF DPOTUBOU EFTDFOU SBUF >ÃiÊ i}

ɩ JT JT UIF USBOTJUJPO BSFB CFUXFFO UIF EPXOXJOE MFH BOE UIF m OBM BQQSPBDI %FQFOEJOH PO UIF XJOE DPOEJUJPOT UIJT MFH JT FTUBCMJTIFE BU B TVċ DJFOU EJTUBODF GSPN UIF VQXJOE TJEF PG UIF MBOEJOH

/À>` Ì > Ê ÀVÀ>vÌÊ > ` }Ê ««À >V 0OF PG UIF NPTU DPNNPO BWJBUJPO MBOE JOH BQQSPBDIFT JT UIF BJSDSBGU MBOEJOH BQQSPBDI ɩ JT BQQSPBDI IBT UISFF TFHNFOUFE QBSUT %PXOXJOE MFH 'MPXO QBSBMMFM UP UIF XJOE EJSFDUJPO JO UIF MBOEJOH [POF CVU PQQP TJUF UIF JOUFOEFE MBOEJOH EJSFDUJPO J F EPXOXJOE ɩ JT QPSUJPO PG UIF BQ QSPBDI JT WFSZ JNQPSUBOU BOE NBZ CF UIF NPTU EJG m DVMU UP KVEHF #BTF MFH 'MPXO QFS QFOEJDVMBS UP UIF XJOE EJSFDUJPO 6TF UIF CBTF MFH UP NBLF m OBM BEKVTUNFOUT .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


[POF UP QFSNJU B HSBEVBM EFTDFOU UP UIF JOUFOEFE UPVDIEPXO UBSHFU 8IJMF PO UIF CBTF MFH UIF HSPVOE USBDL PG UIF QBSBHMJEFS TIPVME CF QFSQFOEJDVMBS UP UIF XJOE MJOF PG UIF MBOEJOH [POF ɩ F QJMPU NVTU NBJOUBJO WJTVBM BXBSFOFTT PG BJS USBċ D UP SFEVDF UIF SJTL PG DPMMJTJPOT ɩ JT QPSUJPO PG UIF BQQSPBDI BMMPXT QJMPUT UP NBLF BEKVTUNFOUT CBTFE PO BMUJUVEF *G UIF QJMPU JT TUJMM UPP IJHI BOE SVOT UIF SJTL PG PWFSTIPPUJOH UIF UBSHFU NBLJOH m HVSF T PS T UVSOT XJMM DPOUJOVF UP EJTTJ QBUF BMUJUVEF XJUIPVU TBDSJm DJOH BJSTQFFE 4FF 'JHVSF > Ê ««À >V

0ODF B QJMPU UVSOT POUP m OBM BQQSPBDI UIBU HMJEFS IBT UIF SJHIU PG XBZ PWFS PUIFS HMJEFST JO n JHIU PS PQFSBUJOH JO UIF JN NFEJBUF BSFB *U TIPVME CF VOEFSTUPPE UIBU XIFO UXP PS NPSF HMJEFST BSF BQ QSPBDIJOH B MBOEJOH [POF GPS UIF QVSQPTF PG MBOEJOH UIF HMJEFS BU UIF MPXFS BMUJ UVEF IBT UIF SJHIU PG XBZ )PXFWFS JU JT UIF JOUSJOTJD SFTQPOTJCJMJUZ PG UIF MPXFS HMJEFS UP MBOE BT RVJDLMZ BT QPTTJCMF BOE OPU MPPL GPS UIBU MBTU CJU PG MJGU FTQFDJBMMZ JG PUIFS HMJEFST BSF BMTP TFUUJOH VQ UIFJS MBOEJOH BQQSPBDI 6OMJLF QPXFSFE BJS DSBGU XIJDI IBWF UIF BCJMJUZ UP DJSDMF UIF -; VOEFS QPXFS UIF FĊ FDUT PG HSBWJUZ BSF JOFWJUBCMF ɩ F m OBM BQQSPBDI JT B EFTDFOEJOH n JHIU QBUI CFHJOOJOH XJUI UIF DPNQMF UJPO PG UIF CBTF UP m OBM UVSO BOE FYUFOE JOH UP UIF QPJOU PG UPVDIEPXO ɩ JT m OBM

TUBHF JT UIF NPTU JNQPSUBOU MFH PG UIF FOUJSF QBUUFSO GPS UIF QJMPU T KVEHNFOU BOE UFDIOJRVF NVTU CF FĊ FDUJWF UP FOTVSF B TBGF BOE TVDDFTTGVM MBOEJOH

5VSOJOH EJSFDUMZ JOUP UIF XJOE JT PG QBSBNPVOU JNQPSUBODF 0ODF XJUIJO GFFU PG UIF EFDL IJHI CBOLJOH UVSOT BOE IFBWZ IBOEFE UPHHMF JOQVUT TIPVME CF NJOJ NJ[FE ,FFQJOH UIF HMJEFS DFOUFSFE PWFSIFBE BOE NBJO UBJOJOH BJSTQFFE TIPVME CF UIF QJMPU T QSJNBSZ DPODFSO #Z TUBOEJOH VQ JO ZPVS IBSOFTT ZPV XJMM CF QSFQBSFE UP SVO UIF HMJEFS PVU PS BU UIF WFSZ MFBTU MBOE PO ZPVS GFFU :PVS VQSJHIU CPEZ XJMM BMTP DSFBUF NPSF QBS BTJUJD ESBH XIJDI XJMM MPXFS UIF HMJEFS T BJSTQFFE 1BZ BUUFOUJPO UP ZPVS CSBLF QPTJUJPO BOE NBLF TVSF UIBU ZPV IBWF BT MJUUMF CSBLF BQQMJFE BT QPTTJCMF ɩ JT JT JNQPSUBOU GPS UXP SFBTPOT *G ZPV IJU TVEEFO TJOL PS UVSCVMFODF OFBS UIF HSPVOE ZPV XJMM n Z UISPVHI JU GBTUFS BOE UIF HMJEFS XJMM CF NPSF TUBCMF CFDBVTF PG IJHIFS JOUFSOBM QSFTTVSJ[B UJPO *G UIBU TJOL PS SPUPS JT XJUIJO GFFU PG UIF HSPVOE PS ZPV BSF MBOEJOH JO MJHIU XJOE OP XJOE PS EPXOXJOE ZPV DBO n BSF FBSMZ XJUI UIF HSFBUFTU n BSF FĊ FDU QPTTJCMF iÜÊ > ` }Ê ««À >V Ê iÌ `Ê ­ À ÃÃÜ `Ê ««À >V ® "WJBUPST IBWF VTFE UIF TUBOEBSE BJSDSBGU MBOEJOH BQQSPBDI GPS ZFBST QSJ NBSJMZ CFDBVTF JU XPSLT o CVU JU EPFT MFBWF TPNF UIJOH UP CF EFTJSFE GPS QBSBHMJEJOH QJMPUT PG BMM MFWFMT 6OUJM ZPV IBWF BDRVJSFE MBSHF BNPVOUT PG FYQFSJFODF JU JT WFSZ IBSE UP QFSGPSN UIF TUBO EBSE BWJBUJPO BQQSPBDI JO DIBOHJOH XFBUIFS DPOEJ UJPOT PS VOGBNJMJBS -;T ɩ FSF BSF NBOZ QPTTJCJMJ UJFT GPS NJTKVEHNFOU ¯ (PJOH UPP GBS EPXOXJOE UIFO OPU CFJOH BCMF UP QFOFUSBUF CBDL UP UIF -; ¯ (FUUJOH UPP MPX PO UIF EPXOXJOE MFH BOE OPU CFJOH BCMF UP DPNQMFUF UIF

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

UVSO CBDL JOUP UIF XJOE ¯ .JTDBMDVMBUJOH HMJEF BOHMF BOE TJOL SBUF XIFO n ZJOH EPXOXJOE UIFO DSPTT XJOE UIFO JOUP UIF IFBEXJOE

#FDBVTF PG UIFTF SFBTPOT B WBSJBUJPO UP UIF TUBOEBSE BJSDSBGU MBOEJOH BQQSPBDI JT NPSF TVJUBCMF GPS QBSBHMJEJOH BOE FWFO IBOH HMJEJOH VTF *G ZPV VTF UIF TBNF UISFF TUBHF BQQSPBDI NFUIPE CVU TUBSU UIF BQQSPBDI HPJOH BU B EFHSFF BOHMF UP UIF XJOE JOTUFBE PG TUSBJHIU EPXO XJOE JU XJMM CF FBTJFS UP KVEHF BQQSPBDI EJTUBODFT BOE EFTDFOU SBUFT 4JNQMZ UBLF ZPVS UISFF TUBHF BQQSPBDI BOE UVSO JU EFHSFFT PĊ DFOUFS TFF 'JHVSF :PV XJMM TUJMM VUJMJ[F UIF EPXOXJOE PS JO PVS DBTF QBSUJBMMZ EPXOXJOE MFH CBTF MFH BOE m OBM BQQSPBDI 1MFBTF OPUF EFTQJUF UIF EJBHSBN JO 'JHVSF EFQJDUJOH UIF m OBM HMJEF BT EFHSFFT DSPTT UP UIF XJOE EVSJOH UIF MBTU GFFU PG EFTDFOU UIF HMJEFS TIPVME CF UVSOFE TUSBJHIU JOUP UIF XJOE 6TJOH UIJT BQQSPBDI UFDIOJRVF NBLFT JU NVDI FBTJFS GPS UIF QJMPU UP UVSO CBDL JOUP UIF XJOE JG B NJTKVEHNFOU IBT PD DVSSFE ɩ F DSPTTXJOE BQQSPBDI BMMPXT QJMPUT UP IBWF B TNBMMFS WBSJBUJPO JO HSPVOE TQFFE PO FBDI PG UIF BQQSPBDI MFHT *U BMTP BMMPXT QJMPUT UP NBLF UIF


MBOEJOHT ɩ JT TUFFQFS HMJEF TMPQF NBLFT JU NPSF JNQPSUBOU UP TFU VQ UIF MBOEJOH BQQSPBDI DMPTFS UP UIF JOUFOEFE QPJOU PG UPVDIEPXO UIBO JO QPXFSFE BJSDSBGU *O UIF FWFOU UIBU UVSCVMFODF PS BSFBT PG TJOL BSF FODPVOUFSFE PO UIF HMJEF UPXBSET UIF MBOEJOH BSFB QJMPUT OFFE UP IBWF B CJU PG SFTFSWF BMUJUVEF TP UIFZ EPO U MBOE TIPSU PG UIF -; "O FTTFOUJBM EJĊ FSFODF CF UXFFO QBSBHMJEFS BOE IBOH HMJEFS MBOE JOHT JT UIBU B QBSBHMJEFS QJMPU DPOUSPMT IJT PS IFS HMJEF XJUI BJSTQFFE DIBOHFT PO UIF TMPXFS TJEF PG CFTU HMJEF " IBOH HMJEFS QJMPU PO UIF PUIFS IBOE DPOUSPMT HMJEF TMPQF XJUI TQFFE DIBOHFT PO UIF GBTUFS TJEF PG CFTU HMJEF *O NPTU GPSNT PG BWJB UJPO IJHIFS BJSTQFFE FOTVSFT TBGFS MBOE JOHT IPXFWFS MBOEJOH B QBSBHMJEFS XJUI CSBLFT DPNQMFUFMZ PĊ BOE XJUI GVMMZ FO HBHFE TQFFE CBS UPQ TQFFE DMPTF UP UIF HSPVOE JT EBOHFSPVT UIFSFGPSF n ZJOH BU USJN BOE TMJHIUMZ TMPXFS UIBO USJN TQFFE XJMM GBDJMJUBUF B TBGFS MBOEJOH 'MBSF UJNJOH GPS UIF m OBM UPVDIEPXO SFRVJSFT m OFTTF BOE QSBDUJDF ɩ F n BSF TIPVME CF JOJUJBUFE BCPVU GPVS UP TFWFO GFFU GSPN UIF HSPVOE -BOEJOH BU IJHIFS BMUJUVEFT XJMM SFRVJSF BO FBSMJFS n BSF UIBO MBOEJOH BU TFB MFWFM 0ODF UIF n BSF JT TUBSUFE UIF TVEEFO JODSFBTF JO BOHMF PG BUUBDL XJMM DBVTF UIF HMJEFS UP QJUDI CBDL XBSE BOE DMJNC GPS B GFX TFDPOET 'JHVSF 1JMPUT NVTU SFTJTU UIF JOTUJODUVBM JO DMJOBUJPO UP SFMFBTF UIF CSBLF UPHHMFT *OTUFBE UIFZ TIPVME IPME UIF n BSF BSNT MPDLFE VOUJM UPVDIJOH EPXO ɩ F DMJNC `iÊ - «iÊ ÕÀ }Ê > ` }Ê XJMM TMPX BOE UIF DBOPQZ XJMM UIFO USZ UP TVSHF GPSXBSE TMJHIUMZ CVU CFDBVTF ««À >V (FOFSBMMZ QBSBHMJEFS MBOEJOHT IBWF B UIF QJMPU IBT GVMM CSBLF QVMMFE BOE JT TUFFQFS HMJEF TMPQF UIBO QPXFSFE BJSDSBGU DMPTF UP UIF HSPVOE UPVDIEPXO TIPVME m OBM UVSO JOUP UIF XJOE BU MPXFS BMUJ UVEFT CFDBVTF UIFZ IBWF MFTT HSPVOE ESJGU XPSLJOH BHBJOTU UIFN 'PS OFXFS QJMPUT JU NBLFT JU NVDI FBTJFS UP HBVHF EFTDFOU SBUF CFDBVTF BU OP QBSU JO UIF BQQSPBDI EP UIFZ IBWF UP NBLF BHHSFTTJWF UVSOT XIJDI MPTF MPUT PG BMUJUVEF BOE QPUFOUJBMMZ QSPEVDF MBSHF TVSHFT BT UIFZ DPNQMFUF UIFJS EJWJOH UVSOT ɩ F MPXFS WBSJBUJPO JO PWFSBMM HSPVOE TQFFE BOE USBDL JNQSPWFT UIF QJMPU T DIBODFT PG BDDVSBUFMZ KVEHJOH HMJEF TMPQF BOE HMJEF SBUJP "OPUIFS VOJRVF BEWBOUBHF UP UIJT QBS UJDVMBS NFUIPE PG MBOEJOH JT UIF GBDU UIBU ZPV EPO U OFDFTTBSJMZ IBWF UP TUBSU UIF BQQSPBDI GSPN UIF VQXJOE TJEF PG ZPVS MBOEJOH m FME *U DBO CF TUBSUFE QBSBMMFM ZPVS JOUFOEFE MBOEJOH UBSHFU BOE UIFSF GPSF JU NJHIU CF BQQMJDBCMF BU MPXFS BMUJ UVEFT BOE SFRVJSF MFTT BSFB UP TBGFMZ MBOE JO ɩ F UFSN iNJHIU CFw JT EFQFOEFOU PO QJMPU TLJMM MFWFM BOE HFOFSBM DPNGPSU JO n JHIU QBSUJDVMBSMZ MBOEJOH :PV MM m OE UIF UFDIOJRVFT GPS UIJT DSPTTXJOE BQQSPBDI BSF QSFUUZ NVDI UIF TBNF BT ZPVS TUBOEBSE BQQSPBDI ɩ FSF BSFO U NBOZ GPSFTFFBCMF EJTBEWBOUBHFT UP UIJT UFDIOJRVF VOMFTT ZPVS MBOEJOH BSFB JT SFMBUJWFMZ OBSSPX QBSUJDVMBSMZ JG ZPV IBWF PCTUSVDUJPOT PO CPUI TJEFT MJLF IJHI USFFT PS QPXFS MJOFT *G ZPV IBWF IBE QSPCMFNT EJBMJOH JO ZPVS TQPU MBOEJOHT PS IBWF EJċ DVMUZ XIFO BQQMZJOH UIF TUBOEBSE BQ QSPBDI UFDIOJRVF BU OFX n ZJOH MPDBUJPOT HJWF UIF DSPTTXJOE BQQSPBDI B USZ

PDDVS CFGPSF UIF HMJEFS DBO DPNQMFUF UIBU TVSHF ɩ JT DSFBUFT BO JOUFSFTUJOH EJMFNNB GPS OFXFS QJMPUT XIP XJMM JOTUJODUVBMMZ CFHJO UP SBJTF UIFJS IBOET XIFO UIF HMJEFS CFHJOT UP DMJNC BXBZ GSPN UIF HSPVOE *G UIF QJMPU SFMFBTFT UIF CSBLF UPHHMFT UIF DBOPQZ XJMM TVSHF GPSXBSE IBSE BOE GBTU GSPN BO BMUJUVEF PG PS GFFU XIJMF UIF QJMPU TXJOHT CBDL B CJU ɩ F QJMPU T CPEZ UIFO CFHJOT UP BDDFMFSBUF TXJOH GPSXBSE BT UIF XJOH USJFT UP SFUVSO UP MFWFM n JHIU 6OGPSUVOBUFMZ GPS NPTU QJMPUT DPOUBDU XJUI .PUIFS &BSUI PDDVST m STU BU BO BDDFMFSBUFE SBUF o OPU B HSBDFGVM FOE UP B HSFBU n JHIU *U JT TBJE UIBU B TVQFSJPS QJMPU JT POF XIP VTFT TVQFSJPS KVEHNFOU UP BWPJE TJUVBUJPOT UIBU XPVME SFRVJSF VTJOH TV QFSJPS TLJMMT )PXFWFS BT XF BMM LOPX HPPE KVEHNFOU DPNFT GSPN FYQFSJFODF BOE VOGPSUVOBUFMZ FYQFSJFODF DPNFT GSPN CBE KVEHNFOU 1JMPUT TIPVME m OE BO BQQSPBDI UFDIOJRVF UIBU TVJUT UIFJS QBS UJDVMBS n ZJOH TUZMF BOE UIF TJUFT UIBU UIFZ NPTU DPNNPOMZ n Z #Z DPOTDJPVTMZ XPSL JOH UP IPOF BOE QFSGFDU UIFTF UFDIOJRVFT POF DBO SFEVDF UIF JOIFSFOU SJTLT PG n JHIU CZ TFWFSBM GBDUPST /FX UFDIOJRVFT DBO CF MFBSOFE BOE QSBDUJDFE JO B DPOUSPMMFE BOE TUSVDUVSFE FOWJSPONFOU UIBU BMMPXT UIF QJMPU UP TMPXMZ QSPHSFTT UPXBSET NBTUFSZ XIJMF NJOJNJ[JOH QFSTPOBM SJTL 'BUIFS BOE TPO UFBN %BWJE BOE (BCSJFM +FCC CPUI IPME 64)(" NBTUFS SBU JOHT BT XFMM BT BEWBODFE JOTUSVDUPS UBOEFN JOTUSVDUPS BOE QBSBHMJEFS JOTUSVDUPS BENJO JTUSBUPS SBUJOHT Dz FJS IPNF CBTF JT 5PSSFZ 1JOFT $BMJGPSOJB

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


%BWJE T 5BLF PO 'MBSF 5JNJOH 0DDBTJPOBMMZ QJMPUT XJMM TDSFX VQ MBOEJOH BQQSPBDIFT GPS XIBUFWFS SFBTPO 'MBSF UJNJOH CFDPNFT DSJUJDBM BU UIJT QPJOU * IBWF VTFE BO BOBMPHZ GPS ZFBST UIBU IBT IFMQFE NF PVU XJUI UIF n BSJOH * USZ UP NBUDI NZ n BSF TQFFE XJUI NZ HSPVOETQFFE *G UIF HSPVOE JT BQQSPBDIJOH GBTU * NBLF BO FBSMJFS NPSF BHHSFTTJWF n BSF *G * BN BQQSPBDIJOH UIF HSPVOE OJDF BOE TMPX * n BSF MBUFS BU B NPSF NFBTVSFE QBDF ɩ F MBTU GFFU PG B EFTDFOU DPVME GBMM JOUP UXP EJĊ FSFOU DBUFHPSJFT FJUIFS B IJHI SBUF PG EFTDFOU XJUIPVU NVDI IPS J[POUBM TQFFE VTVBMMZ DBVTFE CZ TPNF TJOL SPUPS PS UVSCVMFODF FODPVOUFSFE EVSJOH UIPTF MBTU GFX TFDPOET PG n JHIU PS B MPX SBUF PG EFTDFOU XJUI MPUT PG IPS

J[POUBM TQFFE HFOFSBMMZ EVF UP OP XJOE IJHI BMUJUVEF PS EPXOXJOE MBOEJOHT * IBWF BEKVTUFE NZ n BSF UJNJOH UP GPMMPX JOUP FJUIFS PG UIFTF UXP DBUFHPSJFT XIFO * LOPX * BN HPJOH UP DPNF JO IBSE BOE GBTU *G * BN EFTDFOEJOH RVJDLMZ * BMXBZT n BSF FBSMJFS EFQFOEJOH PO EF TDFOU TQFFE o NBZCF BU GFFU JOTUFBE PG NZ TUBOEBSE GFFU * NBLF TVSF * N PVU PG NZ IBSOFTT SFBEZ UP EP B 1-' * EPO U XBOU UP MBOE PO NZ CVUU BOE SJTL QPTTJCMF JOKVSZ UP NZ TQJOF *G * BN TQFFEJOH BMPOH UIF HSPVOE EPXOXJOE BOE IBWF OP PQQPSUVOJUZ UP UVSO CBDL JOUP UIF XJOE * VTVBMMZ QVMM NZ GFFU VQ BOE SPMM CBDL JO NZ IBSOFTT B MJUUMF UIJOL iIVNBO DBOOPOCBMMw * CFHJO UP TMPXMZ CMFFE PĊ UIF TQFFE PG NZ HMJEFS TUBSUJOH NZ n BSF BU NBZCF

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

GFFU .Z JEFB JT UIBU * BN USZJOH UP SFEVDF NZ HMJEF TMPQF UIFO MFU UIF IBSOFTT UBLF UIF JNQBDUy JNBHJOF USZJOH UP TLJQ TUPOFT BDSPTT B MBLF * EPO U VTVBMMZ SVO UIFTF MBOEJOHT PVU CFDBVTF * EPO U XBOU UP CSFBL BO BOLMF

/PUF * BN OPU TVHHFTUJOH UIJT TFDPOE UFDIOJRVF GPS FWFSZ QJMPU CVU GPS NF QFSTPOBMMZ JU XPSLT *U EPFTO U XPSL JG UIFSF BSF CJH SPDLT USFFT VOFWFO UFSSBJO PS BOZUIJOH UIBU NJHIU DBVTF BO BCSVQU TUPQ


)BOH (MJEJOH "DDJEFOU 3FQPSU "OBMZTJT PG 5ISFF #MPXO -BVODIFT

1IPUP %BSSFO %BSTFZ

#Z +PF (SFHPS

4FBUUMF BSFB QJMPU #SJBO 4DPUU MBVODIJOH 3BNQBSU 3JEHF 8BTIJOHUPO

ɩ JT DPMVNO EFTDSJCFT UISFF TFQBSBUF 46.."3: 3&1035 BDDJEFOUT POF SFTVMUJOH JO B GBUBMJUZ BO %BUF 5JNF 0DUPCFS PUIFS WFSZ OFBSMZ TP ɩ FTF BDDJEFOUT TFSWF "QQSPYJNBUFMZ Q N UP SFNJOE VT BMM UIBU BWJBUJPO JT B EBOHFS -PDBUJPO 3BNQBSU 3JEHF 8BTIJOHUPO PVT CVTJOFTT VOGPSHJWJOH PG NJTUBLFT 1JMPU ZFBS PME NBMF FYQJSFE 64)(" BOE UIBU BT IBOH HMJEFS QJMPUT XF PQFSBUF ) SBUJOH NVDI DMPTFS UP UIF FEHF UIBO NBOZ SFBM &RVJQNFOU (MJEFS o *DBSP -BNJOBS J[F PS XPVME DBSF UP BENJU ɩ FZ SFJO .3 )BSOFTT o 6OLOPXO )FMNFU GPSDF UIF OPUJPO UIBU GPS UIPTF XJTIJOH UP o 6OLOPXO FOKPZ B MPOH n ZJOH DBSFFS UIF CFTU TUSBU 8Y 8 BU o NQI FTTFOUJBMMZ TUSBJHIU JO FHZ JT UP NBOBHF ZPVS SJTL DBSFGVMMZ

" GPSFJHO QJMPU XJUI iTVCTUBOUJBMw FYQFSJ FODF n ZJOH IBOH HMJEFST DSBTIFE JNNFEJBUFMZ BGUFS MBVODIJOH GSPN B TUFFQ TMPQF SBNQ MBVODI Dz F MBVODI TJUF SFQPSUFEMZ SFRVJSFT BO BHHSFTTJWF OPTF EPXO BUUJUVEF BOE BDUJWF DPNQFOTBUJPO GPS OPO TZNNFUSJDBM XJOE FG GFDUT PO UIF QJMPU T XJOH EVSJOH UIF MBVODI TFRVFODF " MBOHVBHF CBSSJFS QSFWFOUFE EF UBJMFE DPNNVOJDBUJPO CFUXFFO UIF MBVODI DSFX BOE UIF BDDJEFOU QJMPU XIP MBVODIFE XJUI B NPEFSBUFMZ IJHI OPTF BOHMF BOE JN NFEJBUFMZ CFHBO B UVSO CBDL JOUP UIF SJEHF Dz F BDDJEFOU QJMPU JNQBDUFE UIF USFFT BOE GFMM

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


BQQSPYJNBUFMZ GFFU *OJUJBMMZ DPOTDJPVT FYQFDUFE BT B SFTVMU PG USFF JNQBDU BU IJT DPOEJUJPO RVJDLMZ EFUFSJPSBUFE BOE IF n JHIU TQFFET FYQJSFE QSJPS UP UIF BSSJWBM PG &.4 QFSTPO "OBMZTJT /P FMFDUSPOJDBMMZ SFDPSEFE OFM POF IPVS MBUFS n JHIU JOGPSNBUJPO (14 PS CBSPHSBQI XBT BWBJMBCMF GPS BOBMZTJT JO UIJT BDDJEFOU $POEJUJPOT ɩ F BDDJEFOU n JHIU XBT "T B SFTVMU XF BSF MFGU XJUI FZFXJUOFTT BD JOJUJBUFE GSPN B XFTU GBDJOH SJEHF TJUF DPVOUT BOE QPTU DSBTI EBNBHF BOBMZTJT JO 8JOET XFSF SFQPSUFE BU /8 BU NQI PSEFS UP EFUFSNJOF XIBU MJLFMZ PDDVSSFE JO UIF WBMMFZ BOE XJUIJO EFHSFFT PG JO UIJT BDDJEFOU 1JMPUT XJUI FYQFSJFODF TUSBJHIU JO BU NQI PO MBVODI BU UIJT TJUF JOEJDBUF UIBU EVF UP UIF DPO -PHCPPL ɩ F BDDJEFOU QJMPU IFME B m HVSBUJPO PG UIF TVSSPVOEJOH UFSSBJO JU SFDFOUMZ FYQJSFE 64)(" ) SBUJOH JT OPU VOVTVBM GPS UIF XJOE UP JNQBSU B XJUI UIF GPMMPXJOH TQFDJBM TLJMM TJHOPĊ T SJHIU IBOE UVSOJOH GPSDF UP B HMJEFS JN JT GPSDF DBO "5 %FUBJMFE MPHCPPL JOGPSNBUJPO JT OPU NFEJBUFMZ BGUFS MBVODI ɩ BWBJMBCMF CVU UIF BDDJEFOU QJMPU SFQPSU OPSNBMMZ CF FBTJMZ PWFSDPNF TJNQMZ CZ FEMZ IBE PWFS ZFBST FYQFSJFODF n ZJOH QVMMJOH JO BOE DPSSFDUJOH GPS UIF UVSO IBOH HMJEFST XBT FRVJWBMFOU UP B ) JO 4FWFSBM PUIFS QJMPUT IBE JO UIF QBTU FY UFSNT PG n ZJOH FYQFSJFODF BOE IBE QSF QFSJFODFE CMPXO MBVODIFT SFTVMUJOH JO B WJPVTMZ n PXO UIF 3BNQBSU 3JEHF TJUF EFHSFF UVSO BOE TVCTFRVFOU JNQBDU )VNBO 'BDUPST ɩ FSF XFSF OP XJUI UIF UFSSBJO ɩ FTF PUIFS BDDJEFOUT LOPXO QSF FYJTUJOH QIZTJDBM DPOEJUJPOT SFTVMUFE JO B CSPLFO HMJEFS CVU SFMBUJWFMZ PS JMMOFTTFT QSJPS UP UIF BDDJEFOU n JHIU NJOPS JOKVSJFT UP UIF QJMPU *O UIJT DBTF ɩ F BDDJEFOU QJMPU BQQBSFOUMZ TQPLF JNQBDU XJUI UIF USFFT BOE UIF TVCTFRVFOU MJUUMF &OHMJTI XIJDI IBNQFSFE DPN GBMM UP UIF HSPVOE SFTVMUFE JO HSBWF JOKVSZ NVOJDBUJPOT CFUXFFO UIF QJMPU BOE IJT UP UIF QJMPU XJSF DSFX 4ZOPQTJT ɩ F BDDJEFOU QJMPU BQ "WJBUJPO JT B EBOHFSPVT QSPBDIFE UIF MBVODI SBNQ IPPLFE JO BOE GVMMZ TVJUFE VQ " IBOH DIFDL XBT CVTJOFTT VOGPSHJWJOH PG QFSGPSNFE BOE JU XBT DPOm SNFE UIBU UIF NJTUBLFT BOE BT IBOH QJMPU XBT QSPQFSMZ JOTUBMMFE JO IJT IBS OFTT " MBOHVBHF CBSSJFS CFUXFFO UIF BD HMJEFS QJMPUT XF PQFSBUF DJEFOU QJMPU BOE IJT XJSF DSFX QSFWFOUFE BOZ TVCTUBOUJWF CSJFm OH SFHBSEJOH UIF NVDI DMPTFS UP UIF FEHF UIBO QJMPU T QMBOT XJSF DSFX FYQFDUBUJPOT BOE NBOZ SFBMJ[F PS XPVME DBSF UIF MBVODI TFRVFODF UP CF FYQFDUFE ɩ F UP BENJU QJMPU XBT PCTFSWFE UP CFHJO IJT MBVODI SVO XJUI UIF OPTF TMJHIUMZ IJHI BOE OP BQQBSFOU BUUFNQU XBT NBEF UP MPXFS UIF ɩ FSF JT OP JOEJDBUJPO UIBU DPOEJUJPOT OPTF UP B NPSF BQQSPQSJBUF BOHMF ɩ F PO MBVODI FYDFFEFE UIF TBGF PQFSBU QJMPU XBT SFQPSUFEMZ BJSCPSOF XJUIJO JOH FOWFMPQF GPS UIF HMJEFS CFJOH n PXO GPVS TUFQT BOE DMJNCFE PVU JO BO BSDJOH ɩ FSF JT OP JOEJDBUJPO PG HMJEFS PS IBSOFTT SJHIU IBOE UVSO 0CTFSWFE QJMPU JOQVUT NBMGVODUJPO ɩ F BDDJEFOU QJMPU EJE JOJUJ XFSF JOTVċ DJFOU UP DPSSFDU GPS UIF UVSO BUF IJT MBVODI SVO XJUI B IJHI OPTF BOHMF CFGPSF UIF HMJEFS JNQBDUFE B TNBMM DPOJGFS CVU UIJT JT B DPOEJUJPO NBOZ IBWF TFFO BOE UIFO B MBSHFS m S USFF UP UIF SJHIU PG PDDVS EVSJOH JOOVNFSBCMF MBVODIFT UIBU MBVODI ɩ F HMJEFS TUPQQFE n ZJOH BOE GFMM OFWFSUIFMFTT QSPDFFEFE XJUIPVU TFSJPVT GSPN BQQSPYJNBUFMZ GFFU UP UIF HSPVOE JODJEFOU *O UIJT DBTF GPS SFBTPOT XF NBZ ɩ F QJMPU XBT GPVOE TFWFSBM NJOVUFT MBUFS OFWFS GVMMZ VOEFSTUBOE B TFSJPVT JODJEFOU DPOTDJPVT CVU JOKVSFE BOE IBWJOH EJċ EJE SFTVMU BOE UIF QJMPU MPTU IJT MJGF DVMUZ CSFBUIJOH BOE B DBMM XBT NBEF GPS NFEJDBM BTTJTUBODF 8JUIJO UIF OFYU IPVS 46.."3: 3&1035 IJT DPOEJUJPO EFUFSJPSBUFE BOE $13 XBT %BUF 5JNF "VHVTU BUUFNQUFE ɩ F BDDJEFOU QJMPU FYQJSFE "QQSPYJNBUFMZ Q N QSJPS UP UIF BSSJWBM PG SFTDVF DSFXT -PDBUJPO (BMMBUJO 1FBL $BMJGPSOJB "JSGSBNF %BNBHF UP UIF MFGU XJOH 1JMPU ZFBS PME NBMF ) PG UIF HMJEFS XBT DPOTJTUFOU XJUI UIBU &RVJQNFOU (MJEFS o *DBSP -BNJOBS .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

)BSOFTT o 8JMMT8JOH ; )FMNFU o *DBSP 4LZSVOOFS 8Y 4USBJHIU JO DZDMFT PG NQI XJUI PDDBTJPOBM DZDMFT DSPTTJOH VQ UP EFHSFFT " QJMPU DSBTIFE JNNFEJBUFMZ BGUFS MBVODI JOH GSPN B EJSU SBNQ Dz F QJMPU SFQPSUFEMZ CFHBO IJT MBVODI SVO XJUI UIF MFGU XJOH MPX BOE B IJHI QJUDI BOHMF SFMBUJWF UP UIF MBVODI TMPQF Dz F HMJEFS FYFDVUFE B TUFFQ DMJNC GPM MPXFE CZ B TMJQQJOH UVSO (MJEFS BOE QJMPU JNQBDUFE UIF UFSSBJO OFBSCZ UP MBVODI BU BO FTUJNBUFE NQI Dz F QJMPU XBT HSBWFMZ JOKVSFE CVU SFDFJWFE JNNFEJBUF BJE GSPN B OVSTF QSBDUJUJPOFS QSFTFOU BU UIF UJNF PG UIF BDDJEFOU BOE XBT FWBDVBUFE WJB BJS UP B OFBSCZ USBVNB DFOUFS $POEJUJPOT ɩ F BDDJEFOU n JHIU XBT JOJUJBUFE GSPN B EJSU MBVODI SBNQ 8JOET XFSF DZDMJOH NPTUMZ TUSBJHIU JO BU NQI CVU XJUI PDDBTJPOBM DZDMFT VQ UP EFHSFFT DSPTT -PHCPPL ɩ F BDDJEFOU QJMPU IFME B 64)(" ) SBUJOH XJUI UIF GPMMPXJOH TQFDJBM TLJMM TJHOPĊ T "5 '- "8$- $- '4- 3-' 563 9 $ %FUBJMFE MPHCPPL JOGPSNBUJPO JT OPU BWBJMBCMF )VNBO 'BDUPST ɩ FSF XFSF OP LOPXO QSF FYJTUJOH QIZTJDBM DPOEJUJPOT PS JMMOFTTFT QSJPS UP UIF BDDJEFOU n JHIU 4ZOPQTJT ɩ F BDDJEFOU QJMPU TFMG CSJFGFE UIF MBVODI TFRVFODF BOE MBVODIFE XJUI NJOJNBM BTTJTUBODF EVSJOH B NPEFS BUF TUSBJHIU JO DZDMF ɩ F QJMPU XBT PC TFSWFE UP CFHJO IJT MBVODI SVO XJUI UIF OPTF TPNFXIBU IJHI BOE IJT MFGU XJOH TJHOJm DBOUMZ MPX "T UIF MBVODI QSP HSFTTFE UIF MFGU XJOH ESPQQFE GVSUIFS BOE UIF OPTF BOHMF JODSFBTFE VOUJM UIF HMJEFS CFDBNF BJSCPSOF JO B TUFFQ DMJNC JOH UVSO ɩ F HMJEFS JNNFEJBUFMZ FOUFSFE B MFGU TMJQ JOUP UIF UFSSBJO JNQBDUJOH BU NQI JOUP TPNF SPDLT OFBSCZ UP MBVODI 'PVS QFPQMF QSFTFOU BU MBVODI JODMVEJOH B OVSTF QSBDUJUJPOFS FRVJQQFE XJUI BO FYUFOTJWF LJU PG NFEJDBM TVQQMJFT BENJOJTUFSFE JNNFEJBUF m STU BJE &.4 XBT DBMMFE JNNFEJBUFMZ BOE UXP GPMMPX VQ DBMMT XFSF NBEF UP BTTVSF UIBU IFMQ XPVME BSSJWF XJUI BMBDSJUZ ɩ F QJMPU TVG GFSFE B DPMMBQTFE TJOVT DBWJUZ BCPWF UIF GPSFIFBE B CSPLFO FZF TPDLFU QPPMJOH PG UIF CMPPE PO UIF TQJOF BOE FYUFOTJWF CMPPE MPTT BNPOH PUIFS JOKVSJFT )F XBT QMBDFE JOUP B ESVH JOEVDFE DPNB BOE SFDFOUMZ HSBEVBUFE GSPN UIF *$6 UP


1IPUP 3BMQI 4JDLJOHFS

4IBXO 3BZ MBVODIJOH PGG )JHI 3PDL

DJFOU DMFBSBODF BDVUF DBSF ɩ F BDDJEFOU QJMPU IBT TJODF XIFO UIFSF XBT JOTVċ CFFO SFMFBTFE GSPN IPTQJUBM UP IPNF GSPN UIF UFSSBJO UP SFHBJO BJSDSBGU DPOUSPM DBSF BOE PVUQBUJFOU SFIBCJMJUBUJWF UIFSB BOE FĊ FDU B TBGF SFDPWFSZ QZ ɩ F MPOH UFSN PVUMPPL JT HPPE GPS B GVMM SFDPWFSZ */*5*"- 3&1035 *U TIPVME CF OPUFE UIBU JO UIF PQJOJPO %BUF 5JNF %FDFNCFS PG BU MFBTU POF QJMPU QSFTFOU BU UIF TDFOF "QQSPYJNBUFMZ Q N UIF BDDJEFOU QJMPU T MJGF XBT RVJUF QSPC -PDBUJPO )JHI 3PDL .BSZMBOE BCMZ TBWFE CZ UIF VTF PG B HPPE RVBMJUZ 1JMPU ZFBS PME GFNBMF ) GVMM GBDF IFMNFU &RVJQNFOU (MJEFS o 8JMMT 8JOH 4QPSU "JSGSBNF %BNBHF UP UIF HMJEFS )BSOFTT o LOFF IBOHFS )FMNFU o $IBSMJF BQQFBSFE UP CF DPOTJTUFOU XJUI UIBU *OTJEFS FYQFDUFE EVF UP HSPVOE JNQBDU 8Y NQI XJUI PDDBTJPOBM DZDMFT "OBMZTJT /P FMFDUSPOJDBMMZ SFDPSEFE SBOHJOH GSPN NQI /P EJSFDUJPO n JHIU JOGPSNBUJPO (14 PS CBSPHSBQI HJWFO XBT BWBJMBCMF GPS BOBMZTJT JO UIJT BDDJEFOU "T B SFTVMU XF BSF MFGU XJUI FZFXJUOFTT BD " QJMPU DSBTIFE JNNFEJBUFMZ BGUFS MBVODI DPVOUT BOE QPTU DSBTI EBNBHF BOBMZTJT JO JOH GSPN B DMJą MBVODI TJUF Dz F QJMPU SFQPSU PSEFS UP EFUFSNJOF XIBU MJLFMZ PDDVSSFE FEMZ CFHBO IFS MBVODI SVO SFMBUJWFMZ GBS CBDL JO UIJT BDDJEFOU "MUIPVHI QPUFOUJBMMZ GSPN UIF FEHF HJWFO UIF XJOE DPOEJUJPOT BU DIBMMFOHJOH EVF UP DZDMJOH DPOEJUJPOT BOE MBVODI UIBU EBZ Dz F OPTF PG UIF HMJEFS QPQQFE UIF PDDBTJPOBM DSPTT UIFSF JT OP JOEJDB VQ XIFO JU IJU UIF BJSTUSFBN UIF MFGU XJOH UJPO UIBU DPOEJUJPOT BU UIF UJNF PG MBVODI MJGUFE BOE UIF HMJEFS FYFDVUFE B SJHIU UVSO FYDFFEFE UIF TBGF PQFSBUJOH FOWFMPQF GPS UPXBSE UIF USFFT OFBSCZ MBVODI Dz F SJHIU UIF HMJEFS CFJOH n PXO 4JNJMBSMZ UIFSF JT XJOH DPOOFDUFE XJUI USFFT BOE UIF HMJEFS OP JOEJDBUJPO PG B HMJEFS PS IBSOFTT NBM CFDBNF IVOH VQ CFUXFFO UXP USFFT BQQSPYJ GVODUJPO UIBU XPVME FYQMBJO UIF PCTFSWFE NBUFMZ GFFU BCPWF HSPVOE MFWFM Dz F BDDJ MBVODI TFRVFODF *O UIJT DBTF IPXFWFS EFOU QJMPU XBT SFTDVFE FTTFOUJBMMZ VOJOKVSFE UIF BDDJEFOU QJMPU JOJUJBUFE IJT MBVODI SVO CZ MPDBM QJMPUT POF PG XIPN WPMVOUFFSFE UP XJUI B IJHI OPTF BOHMF BOE XJUI XJOHT DMJNC JOUP UIF USFFT UP SFOEFS BJE PVU PG MFWFM (JWFO UIF DZDMJD DPOEJUJPOT BOE PDDBTJPOBM TJHOJm DBOU DSPTT BO JN 1SPCBCMF $BVTF 'BJMVSF UP NBJOUBJO QFSGFDU MBVODI UFDIOJRVF DMFBSMZ QVU UIJT BJSDSBGU DPOUSPM EVSJOH MBVODI QJMPU BU JODSFBTFE SJTL *U JT MJLFMZ UIBU UIJT %JTDVTTJPO -BVODI JT POF PG UIF DPNCJOBUJPO PG GBDUPST QVU UIF QJMPU PVU NPTU EBOHFSPVT QIBTFT PG n JHIU GPS B TJEF PG UIF TBGF n JHIU FOWFMPQF BU B UJNF IBOH HMJEFS QJMPU 'PPU MBVODIJOH JO

QBSUJDVMBS SFRVJSFT B DPNQMFY TFSJFT PG QJMPU DPOUSPM JOQVUT BT UIF XJOH USBOTJ UJPOT GSPN [FSP BJSTQFFE UP B WFMPDJUZ TVċ DJFOU UP TVQQPSU QJMPU BOE HMJEFS JO DPOUSPMMFE n JHIU 1JMPUT NVTU OFHPUJBUF UIJT NBOFVWFS XIJMF DPNQFOTBUJOH GPS DIBOHFT JO XJOE EJSFDUJPO BOE WFMPDJUZ BOE XIJMF OFHPUJBUJOH UIF PGUFO VOFWFO BOE TMPQJOH UFSSBJO BU MBVODI $POUSPM JT PGUFO DPNQMJDBUFE CZ BFSPEZOBNJD GPSDFT HFOFSBUFE CZ UIF XJOH XIJDI DBO CF PG TJHOJm DBOU TUSFOHUI FWFO XIFO UIF XJOH JT TUJMM CFMPX n ZJOH TQFFE %VSJOH UIJT UJNF UIF QJMPU NVTU DPOUJOVPVTMZ USBOTJ UJPO GSPN HSPVOE IBOEMJOH BU UIF CFHJO OJOH PG UIF MBVODI SVO UP TMPX n JHIU BU UIF FOE 0ODF BJSCPSOF UIF QJMPU NVTU n Z UP BWPJE OFBSCZ UFSSBJO XIJMF BDDFMFSBUJOH UP B TBGF NBSHJO BCPWF TUBMM &YUFOTJWF QSBDUJDF NBLFT UIJT QSPDFEVSF TFFN TFDPOE OBUVSF BOE NBTLT UIF USVF MFWFM PG EJċ DVMUZ GPS UIJT DSJUJDBM NBOFVWFS 3FDPNNFOEBUJPO 1JMPUT TIPVME TUSJWF UP NBJOUBJO QSPm DJFODZ JO BMM MBVODI NFUIPET GPS XIJDI UIFZ IPME B TQFDJBM TLJMMT TJHOPĊ 1JMPUT TIPVME NBLF GVMM VTF PG BOZ BWBJMBCMF XJSF DSFX BOE TUSJWF UP PCUBJO UIF BEWJDF BOE JOQVU PG MPDBM QJMPUT XIFOFWFS GFBTJCMF ɩ FSF JT OP JOGPSNBUJPO UP JOEJDBUF UIBU BOZ PG UIFTF QJMPUT MBDLFE UIF TLJMMT BOE QSPm DJFODZ UP QFSGPSN UIF BUUFNQUFE MBVODI NBOFVWFS 8JUIPVU BDDFTT UP EF UBJMFE MPHCPPL JOGPSNBUJPO IPXFWFS JU XPVME CF EJċ DVMU UP WFSJGZ UIBU TVDI XBT JOEFFE UIF DBTF ɩ F NBJOUFOBODF PG DFS UBJO TQFDJBM TLJMMT o MBVODIJOH QBSBNPVOU BNPOH UIFN o JT PG DSJUJDBM JNQPSUBODF $VSSFODZ o UIF SFHVMBS FYFSDJTF PG UIPTF TLJMMT GPS XIJDI B QJMPU IPMET B DFSUJm DB UJPO o JT BO BSFB OPU XFMM BEESFTTFE XJUIJO UIF IBOH HMJEJOH DPNNVOJUZ 1JMPUT BSF FODPVSBHFE UP NBJOUBJO B EFUBJMFE MPH CPPL UP BTTJTU UIFN JO PCKFDUJWFMZ FWBMV BUJOH UIFJS DVSSFODZ BOE QSPm DJFODZ MFWFM 1JMPUT BSF FODPVSBHFE UP BEKVTU UIFJS PQ FSBUJOH FOWFMPQF JO BDDPSEBODF XJUI UIJT JOGPSNBUJPO 4JNJMBSMZ UIFSF JT OP JOGPSNBUJPO UP JOEJDBUF UIBU UIF MBOHVBHF CBSSJFS FY JTUJOH CFUXFFO UIF m STU QJMPU BOE IJT XJSF DSFX DPOUSJCVUFE UP IJT BDDJEFOU /FWFSUIFMFTT UIJT CBSSJFS DPVME IBWF QSF WFOUFE UIF DPNNVOJDBUJPO PG WBMVBCMF JOGPSNBUJPO DPODFSOJOH UIF FYQFDUFE DPOEJUJPOT BU MBVODI BOE BOZ MBVODI UFDIOJRVFT LOPXO GSPN FYQFSJFODF UP

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


XPSL XFMM VOEFS UIFTF DPOEJUJPOT BU UIJT TJUF ɩ F UZQJDBM NPVOUBJO TJUF DBO CF B WFSZ EJĊ FSFOU BOJNBM EFQFOEJOH PO DPOEJUJPOT 0GUFO FYUFOTJWF FYQFSJFODF HBJOFE PWFS UIF DPVSTF PG TFWFSBM TFBTPOT JT SFRVJSFE CFGPSF B QJMPU DBO DMBJN UP IBWF B TJUF im HVSFE PVU w "OZUIJOH UIBU IJOEFST DPNNVOJDBUJPO XJUI MPDBM QJMPUT QPTTFTTJOH UIJT LOPXMFEHF o CF JU B MBO HVBHF CBSSJFS PS B QJMPU T EJTQPTJUJPO o DBO QSFTFOU B IB[BSE UP TBGF n JHIU 'JOBMMZ EP OPU TVDDVNC UP UIF NJSBHF UIBU KVTU CFDBVTF POF QJMPU DBO EP JU UIBU BOZ QJMPU XPSUI UIFJS SBUJOH TIPVME CF BCMF UP EP JU BT XFMM &BDI QJMPU IBT IJT PS IFS PXO VOJRVF PQFSBUJOH FOWFMPQF POF UIBU DBO WBSZ JO TJ[F BOE TIBQF GSPN POF EBZ UP UIF OFYU CBTFE PO QBTU FYQFSJFODFT DVSSFOU MFWFM PG QSPm DJFODZ BOE FWFO BU UJUVEF PO UIBU QBSUJDVMBS EBZ ɩ F QFOBMUZ GPS QJFSDJOH UIJT FOWFMPQF DBO SBOHF GSPN FNCBSSBTTNFOU UP EFBUI 1JMPUT TIPVME XFJHIU UIFJS PQUJPOT BDDPSEJOHMZ 3FDPNNFOEBUJPO 1JMPUT TIPVME PCUBJO BT NVDI FNFSHFODZ NFEJDBM

USBJOJOH BOE LOPXMFEHF BT QPTTJCMF JO DMVEJOH USBJOJOH JO XJMEFSOFTT m STU BJE 1JMPUT TIPVME BTTFNCMF BOE NBJOUBJO BO FYUFOTJWF NFEJDBM LJU BOE DPNNVOJDB UJPOT FRVJQNFOU UP BTTJTU JO EFBMJOH XJUI B MJGF UISFBUFOJOH FNFSHFODZ $FMM QIPOFT QSPWFE JOTUSVNFOUBM JO BTTJTUJOH &.4 QFSTPOOFM SFTQPOEJOH UP UIF TFDPOE BDDJEFOU XIFO UIFJS SBEJPT QSPWFE JOBEFRVBUF UP UIF UBTL *O PUIFS TJUVBUJPOT FTQFDJBMMZ BU SFNPUF NPVOUBJO TJUFT DFMM QIPOFT NBZ CF PG MJUUMF VTF BOE SBEJPT NBZ QSPWF JOTUSVNFOUBM #FBS JO NJOE UIBU HFUUJOH QSPGFTTJPOBM &.4 UP B QJMPU XIP IBT CFFO JOKVSFE BU B SFNPUF BOE JOBDDFTTJCMF TJUF DPVME UBLF B TVCTUBO UJBM BNPVOU PG UJNF .BJOUBJOJOH B XFMM FRVJQQFE NFEJDBM LJU BOE PCUBJOJOH UIF USBJOJOH SFRVJSFE UP NBLF HPPE VTF PG JU NJHIU QSPWF LFZ UP BO JOKVSFE QJMPU T TVSWJWBM /PUF BMTP UIBU $13 PO BO JO EJWJEVBM XIP IBT TVĊ FSFE CMVOU USBVNB JOKVSZ JT HFOFSBMMZ OPU TVDDFTTGVM XJMEFS OFTT m STU BJE USBJOJOH DPVME CF PG NVDI HSFBUFS VUJMJUZ JO TVDI TJUVBUJPOT

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

Dz FTF UISFF QJMPUT FYQFSJ FODFE FTTFOUJBMMZ UIF TBNF BD DJEFOU " CMPXO MBVODI MFBEJOH UP BO JNQBDU XJUI UIF UFSSBJO Dz FJS SFTQFDUJWF PVUDPNFT DPVME IBSEMZ CF NPSF EJą FSFOU Dz FTF UISFF BD DJEFOUT TFSWF UP SFNJOE VT BMM UIBU JO IBOH HMJEJOH BT JO BMM PG BWJB UJPO UIF FEHF PG UIF FOWFMPQF JT TUFFQ BOE QSFDJQJUPVT 1JMPUT TIPVME XFJHI SJTL WT SFXBSE WFSZ DBSF GVMMZ CFGPSF FWFSZ n JHIU -VDL JT OPU TPNFUIJOH UIBU DBO CF DPVOUFE PO JO SFQFBUFE USJBMT


5PXJOH JO UIF

$BMJGPSOJB 'MBUMBOET #Z %BWJT 4USBVC TUBą XSJUFS IUUQ P[SFQPSU DPN 1IPUPT CZ %JFW )BSU XXX EJFWIBSU DPN

$SPQ EVTUFST VTF UIF BJSTUSJQ JO UIF NPSOJOH CVU JU T XJEF PQFO GPS IBOH HMJEFS UPXJOH EVSJOH UIF TPBSBCMF QBSU PG UIF EBZ

8F SF CBDL JO UIF TUBUF XIFSF UIF IBOH HMJEJOH SFWPMVUJPO TUBSUFE BOE HSFX JO UIF 6OJUFE 4UBUFT JO UIF A T 8F WF NBEF B TQFDJBM USJQ UP DIFDL PVU UIF m STU QFSNBOFOU BFSPUPXJOH n JHIU QBSL UIF /PS $BM "FSP $MVC JO UIJT TUBUF EPNJ OBUFE CZ NPVOUBJO MBVODIFT XIFSF DSPTT DPVOUSZ JT BMNPTU TZOPOZNPVT XJUI UIF 0XFOT 7BMMFZ UIF 4JFSSBT BOE UIF 8IJUF .PVOUBJOT 8F XBOUFE UP m OE PVU JG n BU MBOE n ZJOH BOE BFSPUPXJOH SFBMMZ IBE B GVUVSF JO UIF (PMEFO 4UBUF ,FOOZ #SPXO MJWFT JO "VCVSO JO UIF GPPUIJMMT FBTU PG 4BDSBNFOUP CVU IF PQFOFE VQ B XFFLFOE n JHIU QBSL BT B TUBSU BU B TNBMM DSPQ EVTUFS m FME PO )JHIXBZ EVF TPVUI PG UIF TNBMM UPXO PG %JYPO :PV DBO QJOQPJOU UIF TQPU PO ZPVS (PPHMF &BSUI IFSF IUUQ P[SFQPSU DPN EPDT /PS$BM"FSP$MVC LN[ 8F XFSF BCMF UP m OE B DPO WFOJFOU 37 1BSL .JEXBZ IU U Q X X X D B NQJ O H G S JF OE D PN .JEXBZ371BSL B DPVQMF PG NJMFT

OPSUI PG 7BDBWJMMF XIJDI NFBOT iDPX UPXOw PO UIF FBTU XFTU SPBE XIJDI NBEF GPS BO FBTZ DPNNVUF UP UIF n JHIU QBSL ɩ JT BMTP HBWF NF B HSFBU CJLF USJQ UP UIF MPDBM WFSTJPO PG 8IPMF 'PPET IUUQ XXX OVHHFUNBSLFU DPN WBD BTQY ɩ F DSPQ EVTUFS GPMLT BU UIF n JHIU QBSL POMZ n Z JO UIF NPSOJOH JG UIBU TP UIF HSBWFM BJSTUSJQ JT UPUBMMZ PQFO UP VT GPS UIF TPBSJOH IPVST %SJWF EPXO )JHIXBZ UP UIF TPVUI FOE PG UIF TUSJQ BOE UVSO XFTU UP HFU PO JU BOE ESJWF CBDL OPSUI UP ,FO T USBJMFS 4FUVQ JT SJHIU OFYU UP UIF TUSJQ ɩ F BJSTUSJQ JT TFU JO UIF n BUMBOET PG $BMJGPSOJB T $FOUSBM 7BMMFZ KVTU OPSUI PG UIF 4BDSBNFOUP 3JWFS EFMUB SFHJPO BOE B GFX NJMFT UP UIF FBTU PG B MPX DPBTUBM SBOHF *U PQFOT VQ UIF IVHF $BMJGPSOJB n BUMBOET GPS DSPTT DPVOUSZ n ZJOH CPUI UP UIF OPSUI BOE TPVUI ɩ F POMZ SFRVJSF NFOU JT UIBU ZPV CF BXBSF PG TDBUUFSFE BJSTQBDFT VQ BOE EPXO UIF WBMMFZ

ɩ F BDDPNNPEBUJPOT BSF CBTJD B TNBMM USBJMFS GPS ,FO BO PVUIPVTF BOE UJF EPXOT +VTU ESJWF VQ BOE TFU VQ ZPVS HMJEFS 8IBU NPSF EP ZPV OFFE -BTU NJE 0DUPCFS * n FX PO 'SJEBZ BOE 4BUVSEBZ FYQFSJFODJOH CJH TNPPUI UIFSNBMT CPUI EBZT 0O 4BUVSEBZ MPOH n JHIUT XFSF RVJUF QPTTJCMF 6OGPSUVOBUFMZ #FMJOEB XBT VQ JO UIF 4JFSSBT TP * EJEO U IBWF B SFUSJFWF ESJWFS XJMMJOH UP HP TPVUI GPS NJMFT ɩ F DMPVE TUSFFUT XFSF MJOFE VQ SJHIU EPXO UIF WBMMFZ JO B TUSPOH OPSUI XJOE &WFO XJUI UIF XJOE JU XBT RVJUF FBTZ UP n Z XFTU BOE OPSUI UP HFU VQ PO UIF GPPUIJMMT PG UIF SJEHF MJOF PG UIF DPBTU SBOHF PO UIF XFTU TJEF PG 7BDBWJMMF 0ODF PO UIJT SBOHF ZPV DBO n Z GBS UP UIF OPSUI #VU * GPVOE UIF MJGU JO UIF WBMMFZ UP CF FWFO CFUUFS UIBO XIBU * GPVOE PWFS UIF GPPUIJMMT o CJH GBU UIFSNBMT UP *U XBT DPME BU UIBU BMUJUVEF TP MBUF JO UIF ZFBS

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


ɩ F /PS $BM "FSP $MVC n JHIU QBSL JT TVSSPVOEFE CZ BHSJDVMUVSBM m FMET XIJDI JT XIBU ZPV XPVME FYQFDU HJWFO UIBU JU JT MPDBUFE BU B DSPQ EVTUFS BJSTUSJQ ɩ FSF BSF TNBMM EJSU SPBET FWFSZXIFSF BOE PG DPVSTF JU JT FBTZ UP MBOE XIFSFWFS ZPV MJLF /P OFFE UP XPSSZ BCPVU USFFT IJMMTJEFT PS IPVTJOH EFWFMPQNFOUT 5SBWJT "JS 'PSDF #BTF JT PĊ UP UIF TPVUIXFTU ɩ F /PS $BM "FSP $MVC m FME JT XFMM PVUTJEF UIF $MBTT % BJSTQBDF TVS SPVOEJOH UIF "'# CVU JT VOEFS BO "MFSU BSFB XIJDI JT UIFSF UP XBSO QJMPUT UIBU CJH KFUT XJMM CF n ZJOH UISPVHI UIJT BSFB PO UIFJS XBZ UP 5SBWJT ɩ FSF JT OP MFHBM QSPCMFN n ZJOH JO BOE UISPVHI UIJT "MFSU BSFB CVU ,FO NBLFT TVSF UIBU IF DPPSEJ OBUFT XJUI UIF 5SBWJT "'# UPXFS 1JMPUT

%BWJT QSFQBSJOH UP UPX BU /PS $BM "FSP $MVC

ɩ F UPXT BU UIF n JHIU QBSL CFIJOE 1BVM 4QMBO T /PSUIXJOH USJLF XFSF QFSGFDU 1BVM JT WFSZ FYQFSJFODFE IBWJOH n PXO JO UIF 'MZUFD NFFUT *U XBT FBTZ UP TUBZ SJHIU CFIJOE IJN BOE HFU VQ RVJDLMZ * QJOOFE PĊ BU BCPVU "(- PO NZ UXP UPXT BT UIFSF XBT QMFOUZ PG MJGU FBSMZ PO 'SJEBZ XBT JOWFSUFE BOE XJUI OP DMPVET BOE ZPV XPVMEO U UIJOL UIBU UIF MJGU XPVME CF UIBU HPPE CVU JU XBT :PV DBO SFBE NPSF BCPVU UIPTF n JHIUT IFSF IUUQ XXX P[SFQPSU DPN

%BWJT MBOEJOH JO UIF PCTUSVDUJPO GSFF BJSm FME

,FOOZ #SPXO PGGFST %PPEMF #VH QPXFSFE IBSOFTT JOTUSVDUJPO BT BOPUIFS NFUIPE PG HFUUJOH BJSCPSOF .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

EFm OJUFMZ TIPVME CF PO UIF MPPLPVU GPS SFBMMZ CJH KFUT n ZJOH BSPVOE "U MFBTU UIF KFUT BSF FBTZ UP TFF BOE UIFJS QJMPUT LOPX XIFO XF BSF UIFSF BMTP )FBEJOH TPVUI UISPVHI UIF "MFSU BSFB ZPV MM n Z PWFS UIF 4BDSBNFOUP 3JWFS EFMUB BOE ZPV MM XBOU UP NBLF TVSF UIBU ZPV TUBZ IJHI VOUJM ZPV HFU BXBZ GSPN UIF JTMBOET BOE UIF SJWFS UP XIFSF JU JT ESJFS :PV MM BMTP XBOU UP TUBZ BXBZ GSPN $MBTT % BJS TQBDF BU 4UPDLUPO BOE .PEFTUP UP UIF TPVUI BOE UIF BJSTQBDF BSPVOE 4BDSBNFOUP UP UIF OPSUIXFTU :PV MM m OE B TFU PG 4FF:PV GPSNBUUFE XBZQPJOUT UIBU NBSL UIF DFOUFST PG FBDI PG UIF BJSTQBDFT IFSF IUUQ P[SFQPSU DPN EPDT /PS$BM DVQ ,FO XBOUT UP HSPX UIF BFSPUPX n JHIU


NBLF TVSF UIBU JU TVDDFFET ɩ F 64)(" #0% XJMM CF NFFUJOH OFBS UIF #BZ "SFB OFYU GBMM BOE XF MM CF UIFSF UP TVQQPSU ,FOOZ BOE UIF m WF DMVCT JO UIF BSFB 7BDBWJMMF JT KVTU TPVUI PG UIF /BQB 7BMMFZ SFHJPO TP ZPV DBO IFBE VQ UIFSF XIFO JU JTO U BT n ZBCMF BT ZPV E MJLF " GFX NJMFT OPSUIXFTU PG %JYPO ZPV MM m OE UIF VOJWFSTJUZ UPXO PG %BWJT XIJDI IBT RVJUF B WJCSBOU DVMUVSBM TDFOF :PV BSF BMTP POMZ m GUZ NJMFT GSPN 4BO 'SBODJTDP BOE UIJSUZ GSPN 4BDSBNFOUP :PV DBO m OE NPSF JOGPSNBUJPO IFSF IUUQ OPSDBMBFSPDMVC DPN "MM UIF 6 4 n JHIU QBSLT DBO CF GPVOE IFSF IUUQ P[SFQPSU DPN n JHIUQBSLT QIQ BOE PS IUUQ P[SFQPSU DPN n JHIUQBSLT LN[ QBSL QFSIBQT NPWJOH UP BOPUIFS BJSm FME OFBSCZ BOE DMPTFS UP *OUFSTUBUF UP ESBX GPMLT PĊ UIF GSFFXBZ )F JT BMTP QSPWJEJOH USJLF BOE %PPEMF #VH QPXFSFE IBSOFTT JOTUSVDUJPO )F JT UIF m STU HVZ UP TFF B GVUVSF GPS BFSPUPXJOH JO $BMJGPSOJB BMM

UIPTF GSFF MBVODIFT JO UIF GPPU IJMMT CVU IF T HPU B HSFBU GVUVSF JG IF DBO HFU MPDBM QJMPU TVQQPSU ɩ F n BUMBOET BSF XJEF PQFO GPS CJH n JHIUT $BMJGPSOJB BOE #BZ "SFB QJMPUT TIPVME HFU CFIJOE ,FOOZ T FOUFSQSJTF BOE

DW 6 LV KDUG WR EHDW G HH VS WH /L H WK \ LW RU )RU Á\LQJ VXSHUL 7D;7E A (9/18 ,46 458/292 6 ) E *:7 ";F7EB77 )+ '3* 795+6( .'3*1/3- 3'2/) 5+6,462'3 /437 '3*

6+ 458 '+64*= 3-+ 4, )'6(43 ?( - 3++*7 .447+ ,642 ' 6' /437 *+7/-3+* 84 79/8 =496 @=/3 58 4 />+ 7 " +* 5+ +7 /8

%BF;A@E

3D4A@ ;4D7

*-+7 + 498+6 1+'*/3- + A )'6(43 ?(6 '*/3- +*-+ /37+687 + 1+ A )'6(43 ?(6 88+3 7+87 + (' A )'6(43 ?(6 :+ 786987 + */ (6 ? 43 6( )' A )+ 75++* ('6 + ./-. 5+6,462'3 (6 ? 43 A )'6(

) ;L 7 % BF ;A

@E

A /8+75++* " " +* 5+ +7 A /8 A /8+75++* " " +* 5+ +7 /8 A A /8+75++* "

1( 1( 1( 1( 1(

;53 5A? III ?AK7E3?7D G III ?AK7E 5A? 3 46 '11 7+6:/)+ 5'687 '))+7746/+7 '3* ',8+6 7'1+7 7955468 )438')8 =496 3+'6+78 *+'1+6 46 +386'1 $ " */786/(9846 B & " ! +3 64;3 /11)6+78 6 9(963 #+1 '< 2'/1 @='24=+7 7()-14('1 3+8 !+-/43'1 $ " */786/(98467 B % & ! /0+ '6(+6 #+1 % & 2'/1 @= %'11'(= )42 B % " !#" ! $ # 6'/- 442(+6 " +11 2'/1 24=+7)'1 273 )42

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


I

M 180.0

3

D 360.0


'SPN 4FB UP 4LZ m BOE #BDL "HBJO #Z Dz BZFS )VHIFT 4UBą 8SJUFS

)PX EP ZPV TQFMM i"%7&/563&w 8FMM BU MFBTU UXP PG UIF DIBSBDUFST OFD FTTBSJMZ JODMVEF +JNNZ )BMM BOE 4UFGBOJF #SFOEM PG )BXBJJ CBTFE 4FB UP 4LZ 1SPEVDUJPOT *O GBDU JG MPPLJOH GPS HPPE EFm OJUJPOT GPS UIF XPSE UIF BDUJWJUJFT PG UIFTF UXP DPVME m MM WPMVNFT ɩ JT NPOUI T DPWFS BOE HBMMFSZ QIPUPT XJMM SFNJOE NBOZ SFBEFST PG UIF EZOBNJD QIPUPHSBQIZ PG +JNNZ BOE 4UFGBOJF XIP BSF SFDPHOJ[FE UIJT ZFBS BT 64)(" T #FUUJOB (SBZ 1IPUPHSBQIFST PG UIF :FBS #VU UIFSF JT NVDI NPSF UP CF EJTDPWFSFE BCPVU UIFN CPUI BOE POMZ B QPS UJPO JOWPMWFT n ZJOH +JNNZ CFHBO QBSB HMJEJOH JO BOE B ZFBS MBUFS JNNFEJBUFMZ BGUFS UIFZ NFU 4UFGBOJF KPJOFE IJN JO UIF TLZ *O UIF TVCTF RVFOU FJHIU ZFBST UIFZ IBWF IBE B MPOH BOE FOWJBCMF TUSJOH PG BEWFO UVSFT 4UFGBOJF BT B QIPUPHSBQIFS BOE WJEFPHSBQIFS IBT CFFO EJWJOH GPS ZFBST BOE IBT SFDPSEFE NPTU PG IFS EJWFT PS XIBU TIF TBX JO CPUI GPSNT PG NFEJB 4IF IBT EJWFE FYUFOTJWFMZ UISPVHIPVU .JDSPOFTJB BOE *OEPOFTJB BOE IFS XPSL IBT CFFO QVCMJTIFE JO EJWJOH BEWFOUVSF BOE USBWFM NBHB[JOFT JO UFO EJĊ FSFOU DPVOUSJFT "NPOH IFS NBOZ PUIFS IPC CJFT BSF LJUFTVSm OH QBSBHMJEJOH BOE FRVFTUSJBO TQPSUT "TJEF GSPN EJWJOH XJUI TIBSLT IFS NPTU NFNPSBCMF EJWFT IBWF CFFO XJUI EP[FOT PG NBOUB SBZT JO :BQ BOE EFFQ EJWFT XJUI PDFBOJD TVOm TI JO #BMJ 4IF OPX FOKPZT BMM WBSJFUJFT PG QBSBHMJEJOH o 9$ DPBTUBM TPBSJOH TBOE EVOFT o CVU BMTP m OET IFSTFMG JO IJHI

EFNBOE BT B IPSTF USBJOFS BOE TP NVTU CBMBODF IFS UJNF +JNNZ PO UIF PUIFS IBOE UBLFT UP UIF BJS GPS UXP SFBTPOT BFSPCBUJDT BOE QIPUPHSBQIZ )JT GBWPSJUF n ZJOH TJUF JT SJHIU BU IPNF JO )BXBJJ XIFSF UIF DPO TJTUFOU XJOET QSPWJEF QFSGFDU DPOEJUJPOT GPS QSBDUJDJOH BDSP PWFS UIF XBUFS o XIJDI IF TPNFUJNFT FOET VQ JO -BTU 4FQUFNCFS IF QMBDFE UI BU UIF 3FE #VMM 7FSUJHP BOE XPVME IBWF EPOF CFUUFS JG IF XFSF

OPU JO IJT XPSET iTVDI BO JEJPU BU MBOE JOH PO UIF SBGU w /FWFS GBS GSPN CFJOH XFU i$BQUBJOw +JNNZ IBT FBSOFE IJT MJWJOH GSPN UIF TFB IJT FOUJSF MJGF BT B m TI FSNBO UVHCPBU DBQUBJO BOE DPNNFSDJBM EJWFS BOE FBTJMZ m OET KPCT SVOOJOH CPBUT )F BMTP TVSGT LJUFTVSGT TLZEJWFT BOE #"4& KVNQT $VSSFOUMZ PO UIF EBZT UIFZ BSF OPU n ZJOH BOE UBLJOH QJDUVSFT UIFZ BSF EJWJOH BOE UBLJOH QJDUVSFT +VTU PWFS UXP ZFBST BHP +JNNZ BOE 4UFGBOJF TUBSUFE )BXBJJ 4IBSL &ODPVOUFST PO UIF OPSUI TIPSF PG 0BIV &WFSZ EBZ UIFZ UBLF QFPQMF PVU UP KVNQ JOUP B TIBSL DBHF BOE CF TVSSPVOE FE CZ EP[FOT PG TIBSLT *U JT BO BNB[

JOH FYQFSJFODF UIBU iBCTPMVUFMZ CMPXT QFPQMF T NJOET w #VU MFU T OPU HFU BIFBE PG PVSTFMWFT 'FBUVSFE JO UIF 4FQU JTTVF PG $SVJTJOH 8PSME NBHB[JOF i)JHI PO *OEPOFTJB o " %BSFEFWJM T 0EZTTFZ PG 4VSm OH BOE 4PBSJOH w +JNNZ TFU TBJM GSPN )BXBJJ PO IJT GPPU &SJDTPO TMPPQ BOE JO UIF GPMMPXJOH TJY ZFBST TBJMFE OFBSMZ NJMFT UISPVHI UIF 1BDJm D BOE 4PVUIFBTU "TJB 8JUI UIF TNBMM CPBU QBDLFE UP UIF HVOXBMFT XJUI TVSGCPBSET TBJMCPBSET EJWF HFBS QBSBHMJE FST TDVCB DPN QSFTTPS DBNFSBT FUD UIF UISJMMT XFSF OPOTUPQ 8IFO 4UFGBOJF TJHOFE PO UIFZ BEEFE FWFO NPSF HFBS CVSOFE FWFO NPSF m MN BOE SJTLFE UIFJS MJWFT DPOTUBOUMZ ɩ FZ TQFOU UIF OFYU UXP ZFBST UPHFUIFS TBJM JOH UISPVHI *OEPOFTJB n ZJOH PĊ WPMDBOPFT BOE m MNJOH #BMJ )JHI ɩ SPVHIPVU UIPTF ZFBST PG USBWFMJOH UIFZ XFSF BCMF UP TFF GBTDJOBUJOH TJHIUT BOE FYQFSJFODF HSBOE BEWFOUVSFT UIBU BSF OPX UIF TVCKFDU PG NBOZ B UBMM UBMF "T NPTU BEWFOUVSFST LOPX XIFO USBWFM JOH PO B TBJMCPBU UIF BDUVBM KPVSOFZ PGUFO CSJOHT KVTU BT NVDI FYDJUFNFOU BT UIF m OBM EFTUJOBUJPO 0OF LFZ JOHSFEJFOU UIBU NBEF XBOEFSJOH UIF HMPCF TP JOUFSFTUJOH UP UIFN XBT UIF iQFSTPOBMJUJFTw UIFZ NFU CPUI IVNBO BOE BOJNBM LJOE 4FFJOH UIF XJME MJGF BOE NFFUJOH UIF iOPU TP XJME MJGFw XBT PGUFO UIF NPTU NFNPSBCMF QBSU PG UIFJS FYQFSJFODFT "T UIFZ SFNFNCFS

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


i4PNF PG UIPTF BOJNBMT XFSF BT IJMBSJ UIFZ NFU XJUI 'SFODI QIPUPHSBQIFS XJUI B OFX FQJTPEF TFHNFOU FWFSZ NPOUI PVT UP XBUDI BT UIFZ XFSF JOUFSFTUJOH BOE QBSBHMJEFS QJMPU .BOV #POUF JO UIF PG UIFN EJWJOH QBSBHMJEJOH LJUFTVSm OH 1FSVWJBO "OEFT ɩ PTF BNB[JOH UXP NPVOUBJO DMJNCJOH TLZEJWJOH #"4& UP QIPUPHSBQI w "T WBSJFE BT UIF HFPHSBQIZ PG BMM NPOUIT PG n ZJOH BOE DMJNCJOH DVMNJ KVNQJOH o i#BTJDBMMZ w TBZT +JNNZ iUIFZ UIF QMBDFT UIFZ WJTJUFE XFSF UIF QFPQMF OBUFE XJUI B n JHIU GSPN UIF TVNNJU PG CSPBEDBTU VT EPJOH XIBUFWFS XF XBOUFE XIP MJWF UIFSF yQPTTJCMZ FWFO NPSF TP )VBTDBSÈO UIF UBMMFTU NPVOUBJO UP EP w *G ZPV BSF FWFS JO )BXBJJ USZ UP 4VDDFTTGVMMZ SFDPSEJOH UIF MJGFTUZMF PG JO 1FSV DBUDI BOZ PG UIF SF SVOT " ZFBS MBUFS TPBSJOH BNPOH -JNB T UIFTF EJĊ FSFOU DVMUVSFT XBT OPU BO FBTZ -BTU %FDFNCFS +JNNZ IBE XIBU IF UBTL i" DBNFSB DBO CF B SVEF JOUSVTJPO TLZTDSBQFST BOE n ZJOH CBSFGPPU PWFS FOE EFTDSJCFT BT B MJGF DIBOHJOH FYQFSJFODF PS B HSFBU IJU $IJMESFO JOWBSJBCMZ QMBZ GPS MFTT TBOE EVOFT PG UIF *DB %FTFSU XBT KVTU 8IJMF SVOOJOH UIF TIBSL UPVS IF XBT UIF DBNFSB BEVMUT DBO CF XBSZ TUPJD PS TPNF PG UIF BXFTPNF n ZJOH UIFZ GPVOE BNB[JOHMZ GPSUVOBUF UP CF WJTJUFE CZ BO KVTU BT HPPGZ BT UIF LJET XIJMF UIF PME EVSJOH UIFJS m WF NPOUI MPOH QBSBHMJEJOH FOPSNPVT HSFBU XIJUF TIBSL BO FODPVO QFPQMF JO UIF WFSZ SFNPUF WJMMBHFT PGUFO BEWFOUVSF JO 1FSV i8F LOFX SPBNJOH UFS FYUSFNFMZ SBSF JO )BXBJJ +JNNZ XBT HMBSF BU ZPV GSPN UIF TIBEPXT BT JG OPUI UISPVHI UIF FNQUZ EFTFSU XPVME MJLFMZ BCMF UP TXJN PVUTJEF PG UIF DBHF XJUI UIJT JOH CVU FWJM DPVME QPTTJCMZ DPNF PG UIJT QSPEVDF TPNF HSFBU n ZJOH CVU XIP XPVME UP GPPU MPOH NPOTUFS TIPPUJOH FODPVOUFS w 4UJMM UIFJS TUVOOJOH QIPUPT IBWF UIPVHIU UIBU B DIBPUJD DJUZ PG FJHIU UIF POMZ GPPUBHF BOE IF TBZT iUIF CFTU NJMMJPO QFPQMF XPVME CF TVDI B HSFBU QMBDF QIPUPT &7&3w PG B HSFBU XIJUF TIBSL JO TQFBL GPS UIFNTFMWFT 8IFO UIF CPBU FWFOUVBMMZ CFDBNF UPP UP n ZyBOE UP QIPUPHSBQI w *O +BOVBSZ )BXBJJ ɩ F FODPVOUFS HFOFSBUFE HSFBU TNBMM GPS UIFN BOE BMM UIFJS UPZT BOE BOE 'FCSVBSZ +JNNZ BOE 4UFGBOJF ESPWF JOUFSFTU JO )BXBJJ BOE XBT UIF MFBE TUPSZ IBWJOH m OBMMZ EFDJEFE i)FZ o XF OFFE B GSPN -JNB UP $IJMF n ZJOH BMM BMPOH UIF PO BMM GPVS MPDBM OFXT TUBUJPOT BT XFMM BT F n ZJOH XBT BNB[JOH BOE UIF UIF GSPOU QBHF PG CPUI OFXTQBQFST ɩ CJHHFS CPBU w UIFZ NPWFE UP )BXBJJ BOE XBZ iɩ F GPVOE JU UP CF B QBSBHMJEJOH QBSBEJTF BOE B TJUFT BT EJĊ FSFOU BT DPVME CF #Z GBS PVS TUPSZ UIFO XFOU OBUJPOBM BOE IBWJOH QFSGFDU CBTF GPS PUIFS BEWFOUVSFT +JNNZ GBWPSJUF XBT JO UIF FNQUZ EFTFSU XIFSF MJWFE UP UFMM UIF UBMF +JNNZ XBT JOWJUFE BOE 4UFGBOJF OPX NBLF UIFJS IPNF JO XF XFSF OPU KVTU UIF POMZ QJMPUT CVU UIF UP EP JOUFSWJFXT PO UIF 5PEBZ TIPX BOE POMZ QFPQMF GPS NJMFT w 8IFO BTLFE UP *OTJEF &EJUJPO 8IBU NBLFT UIJT FWFOU TP 0BIV )BXBJJ "MUIPVHI NBLJOH HSFBU JNBHFT DPNFT OBNF B GFX PG UIFJS GBWPSJUF QBSBHMJEJOH MJGF DIBOHJOH JT UIBU GPS NPTU PG UIF QBTU SFMBUJWFMZ FBTZ GPS UIJT UBMFOUFE BOE BE NPNFOUT UIFJS BOTXFS JODMVEFT TPBSJOH FJHIU ZFBST +JNNZ BOE 4UFGBOJF IBWF CFFO WFOUVSPVT UFBN UVSOJOH QIPUPHSBQIZ 1FSV T *DB %FTFSU TBOE EVOFT n ZJOH GSPN MPPLJOH UP UIF TLZ GPS JOTQJSBUJPO #VU JOUP UIFJS QSPGFTTJPO IBT TP GBS FMVEFE UIF TVNNJU PG )VBTDBSÈO BOE B NFNP MBUFMZ CFDBVTF UIFZ IBWF TQFOU TP NVDI UIFN BT PUIFS JOUFSFTUT IBWF DPOTVNFE SBCMF TVOSJTF n JHIU PWFS UIF FSVQUJOH PG UIFJS MJWFT PO UIF XBUFS UIF PDFBO JT UIFJS MJWFT #PUI 4UFGBOJF BOE +JNNZ #BUVS WPMDBOP JO #BMJ BHBJO DBMMJOH UIFN CBDL -PVEMZ 8IFUIFS TIPPUJOH TPMP PS n ZJOH IBWF MPOH IJTUPSJFT BOE GVMM QPSUGPMJPT BT ɩ F HSFBU XIJUF TIBSL XBT QFSIBQT B QIPUPHSBQIFST TIPPUJOH UIF TVCKFDUT UIBU UBOEFN CPUI IBWF UIF FYQFSJFODF UP DPN TJHO "OE BMUIPVHI +JNNZ BOE 4UFGBOJF JOUFSFTU UIFN NPTU ɩ JT JT OP TNBMM MJTU QPTF DPNQFMMJOH QIPUPHSBQIT BOE UIFJS XJMM OFWFS RVJU QBSBHMJEJOH JU BQQFBST BT BOE SBOHFT GSPN NBSJOF XJMEMJGF GSPN XPSL JT BWBJMBCMF BT m OF QSJOUT EJHJUBM m MFT JG UIFJS QBTTJPO JT CFJOH SFEJSFDUFE BOE FJS WJEFP #BMJ )JHI XPO UIF UIFZ BSF CFJOH DBMMFE IPNF UP UIF PDFBO TIBSLT UP TIFMMm TI USBWFM BOE DVMUVSF BOE WJEFPT ɩ OBUVSF n PSB GBVOB BOE TDFOJD UP UIF i.PTU 1PQVMBS XJUI 7JFXFSw BXBSE BU UIF *G TP UIF MPTT XJMM CF PVST NPSF BDUJPO UZQF TQPSUT TVDI BT TBJMJOH 'SFF 'MJHIU 'FTUJWBM JO (BSNJTDI TVSm OH EJWJOH LJUFTVSm OH NPVOUBJO (FSNBOZ "OPUIFS IVNPSPVT BOE MJHIU :PV DBO SFBDI +JNNZ BOE 4UFGBOJF BU 4FB FFSJOH TLZ EJWJOH BOE #"4& KVNQ IFBSUFE WJEFP PG UIFJST .JOEn JHIU XBT UP 4LZ 1SPEVDUJPOT TFBUPTLZ!IBXBJJ SS DPN JOH ɩ FJS QBSBHMJEJOH XPSL IBT CFFO XJOOFS PG UIF i(SBOE +VSZ 'JSTU 1SJ[Fw PS ZPV DBO WJTJU UIFJS XFCTJUF BU IUUQ QVCMJTIFE JO KVTU BCPVU FWFSZ QBSBHMJE BU UIF 'SFF 'MJHIU 'FTUJWBM BMTP JO TFBUPTLZQSPEVDUJPOT DPN FO UXP ZFBST BHP 4UFGBOJF JOH NBHB[JOF BSPVOE UIF XPSME PGUFO (BSNJTDI ɩ JO UIF GPSN PG GFBUVSF BSUJDMFT BOE DPWFS BOE +JNNZ CFHBO QSPEVDJOH QIPUP BOE TIPUT ɩ FJS BSUJDMFT PO PUIFS UPQJDT IBWF WJEFP QSPKFDUT GPS 0[POF "ENJUUFEMZ BM BQQFBSFE JO "VTUSBMJB /FX ;FBMBOE UIPVHI +JNNZ m OET UIF 0[POF UFBN iB (FSNBOZ &OHMBOE 'SBODF +BQBO 'JKJ CMBTU w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z F &EHF .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


(BMMFSZ $BQUJPOT 1BHF

1BHF

4UFGBOJF #SFOEM BOE +JNNZ )BMM SFn FDU PO UIF BEWBOUBHFT PG TPBSJOH UIF .BSSJPUU )PUFM JO .JSBn PSFT -JNB 1FSV

UPQ +JNNZ )BMM BOE .BUU (FSEFT HSPVOEIBOEMJOH JO B ,POB TPVUI XJOE PO 0BIV T XFTU TJEF

1IPUP CZ 4UFGBOJF #SFOEM BOE +JNNZ )BMM

1BHF DMPDLXJTF GSPN VQQFS MFGU *O PQFSBUJPO TJODF UIF .BLBQV V 1PJOU MJHIUIPVTF TUJMM NBSLT UIF XBZ GPS QBSBHMJEFS QJMPU (BSZ #FHMFZ :PV DBO U n Z BOZ GBSUIFS FBTU BOE TUJMM CF PWFS UIF JTMBOE PG 0BIV

CPUUPN .BUU (FSEFT m OET B MJUUMF QMBZUJNF PWFS UIF .BLBQV V TVSG 1IPUPT CZ 4UFGBOJF #SFOEM

1BHF

1IPUP CZ 4UFGBOJF #SFOEM BOE +JNNZ )BMM

+JNNZ )BMM TBOE CMBTUJOH UIF CPUUPNT PG IJT CPPUT JO UIF IJHI BG "CF -BHVOB TUBZT IJHI BOE ESZ PWFS UIF QPXFSGVM .BLBQV V CFBDI XBWFT UFSOPPO XJOET PG 1BSBDBT /BUJPOBM 1BSL 1FSV

!

BO BSFB QPQVMBS GPS CPEZTVSm OH 5IF OBNF .BLBQV V NFBOT i#VMHJOH &ZFT w 1IPUP CZ 4UFGBOJF #SFOEM BOE +JNNZ )BMM

"CF -BHVOB n ZJOH PO SFNPUF DPOUSPM BT UIF QIPUPHSBQIFST TUFFS IJN JOUP UIF NPTU QIPUPHFOJD MPDBUJPOT EVSJOH UIF 0[POF 1IPUP 4IPPU 1IPUP CZ 4UFGBOJF #SFOEM BOE +JNNZ )BMM

.BUU (FSEFT BOE "CF -BHVOB TPBSJOH BO BCTPMVUFMZ QFSGFDU EBZ BU .BLBQV V XJUI 3BCCJU *TMBOE JO UIF CBDLHSPVOE

1BHF

UPQ .POVNFOU 7BMMFZ QSPWJEFT UIF QBTUFM CBDLESPQ GPS B 57 DPNNFSDJBM GFBUVSJOH %PO 2VBDLFOCVTI BOE IJT 1SFEBUPS 1IPUP CZ +PIO )FJOFZ

CPUUPN " QPTUDBSE RVBMJUZ TVOTFU TFSWFT VQ UIF m OBMF GPS B n JHIU BU #MBODIBSE 8BTIJOHUPO 1IPUP CZ %BSSFO %BSTFZ

1IPUP +BLF ,JMGPZMF

1IPUP CZ 4UFGBOJF #SFOEM BOE +JNNZ )BMM

1IPUPT CZ 4UFGBOJF #SFOEM

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


(BMMFSZ

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH



.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


$BMFOEBS PG FWFOUT JUFNT 8*-- /05 CF MJTUFE JG POMZ UFOUBUJWF 1MFBTF JODMVEF FYBDU JOGPSNBUJPO FWFOU EBUF DPOUBDU OBNF BOE QIPOF OVNCFS *UFNT TIPVME CF SFDFJWFE OP MBUFS UIBO TJY XFFLT QSJPS UP UIF FWFOU 8F SFRVFTU UXP NPOUIT MFBE UJNF GPS SFHJPOBM BOE OBUJPOBM NFFUT 'PS NPSF DPNQMFUF JOGPSNB UJPO PO UIF FWFOUT MJTUFE QMFBTF TFF PVS $BMFOEBS PG &WFOUT BU XXX VTIHB PSH

+VOF .U :BNBTLB 2VFCFD $BOBEB $BOBEJBO 1BSBHMJEJOH /B

UJPOBMT .PSF JOGPSNBUJPO BU IUUQ FWFOUT EPXTFUU DB R QHOBUT ZBNBTLB +VOF OE "OOVBM 0[POF $IBCSF 0QFO -BSBHOF 'SBODF

4"/$5*0/&% $0.1&5*5*0/

4FSJBM DMBTT DSPTT DPVOUSZ QBSBHMJEJOH FWFOU XJUI MPUT PG FYUSBT &OUSZ GFF &VSPT JODMVEFT USBOTQPSU UP MBVODI SFUSJFWFT BOE FOUSZ UP BMM PG UIF PSHBOJ[FE FWFOUT JODMVEJOH TLJMMT TFNJOBST BOE QBSUJFT -JNJU PG QJMPUT 3FHJTUSBUJPO PQFOFE JO %FDFNCFS XXX n ZMBSBHOF DPN GPS NPSF JOGPSNBUJPO

"QSJM 'MPSJEB 3JEHF 6 4 )BOH (MJEJOH /BUJPOBMT $MFXJT

+VOF 7VMDBO "MCFSUB $BOBEB $BOBEJBO )BOH (MJEJOH /BUJPO

UPO 'MPSJEB FOUSZ GFF UPX GFF 'PS NPSF JOGPSNBUJPO HP UP XXX UIFn PSJEBSJEHF DPN

BMT "FSPUPX .PSF JOGPSNBUJPO BU IUUQ FWFOUT EPXTFUU DB R IHOBUT WVMDBO

"QSJM 'MZUFD $IBNQJPOTIJQ BU 2VFTU "JS (SPWFMBOE 'MPS

+VOF +VMZ $IFMBO 8BTIJOHUPO $IFMBO $SPTT $PVOUSZ $MBT

JEB FOUSZ GFF UPX GFF 'PS NPSF JOGPSNBUJPO HP UP XXX n ZUFD DPN

TJD 9$ DPNQFUJUJPO GPS IBOH HMJEFST BOE QBSBHMJEFST &OUSZ GFF BG UFS +VOF /P SBDJOH o QJMPUT DBMM UIFJS PXO UBTLT BOE BSF TDPSFE PO UIFJS CFTU PG UIF EBZT " 4JOHMF 4VSGBDF 4QPSU $MBTT IBOH HMJEFS .BZ (SPWFMBOE 'MPSJEB UI '"* 8PNFO T 8PSME )BOH (MJE NFFU XJMM CF JODMVEFE BT QBSU PG UIF $9$$ )BOH HMJEFS QJMPUT XIP EP JOH $IBNQJPOTIJQT SE '"* 8PSME )BOH (MJEJOH $MBTT $IBNQJPOTIJQT XFMM JO UIF $9$$ BSF FMJHJCMF GPS SFEVDFE FOUSZ GFFT JO UIF 4JOHMF 4VS UI '"* 8PSME )BOH (MJEJOH $MBTT $IBNQJPOTIJQT .PSF JOGPSNBUJPO BU GBDF BOE 4QPSU $MBTT /BUJPOBMT "VHVTU -FBLFZ 5FYBT $POUBDU IUUQ XXX OBB BFSP IUNM BJSTQPSUT JOEFY DGN DNTJE UPNNZQ@ !ZBIPP DPN GPS NPSF JOGPSNBUJPO .BZ 5BUFS )JMM 1BSBHMJEJOH 0QFO OFBS #PPOF /PSUI $BSPMJOB +VMZ ,JOH .PVOUBJO )BOH (MJEJOH $IBNQJPOTIJQT OFBS .PPSF .PSF JOGPSNBUJPO BU n ZUBUFSIJMM DPN *EBIP 'JWF EBZT 8FEOFTEBZ 4VOEBZ PG TFSJPVT CVU GVO 9$ DPNQFUJ .BZ +VOF 8PPESBU .U 3VDI 0SFHPO 1BSBHMJEJOH 3BU UJPO XJUI PQFO SFDSFBUJPO BOE UFBN DMBTTFT IBOEJDBQ TDPSJOH CPOVT 3BDF 3FHJTUSBUJPO PQFOT 'FCSVBSZ CFGPSF "QSJM -;T TUBGG BOE TQPSUTNBOTIJQ BXBSET QMVT ESJWFS BXBSET SFHJTUSB UJPO JODMVEFT GVMM DPMPS MPOH TMFFWF TIJSU XJUI DPMMFDUJCMF %BO (SBWBHF EF CFGPSF .BZ .PSF JOGPSNBUJPO BU XXX SBUSBDFDPNQ DPN TJHO NBQT BXBSET QBSUZ NPWJFT QJMPU CSJFm OHT QSJ[FT BOE NPSF &WFOU +VOF )JHIMBOE "FSPTQPSUT 3JEHFMZ .BSZMBOE &BTU $PBTU )BOH JT B GVOE SBJTFS GPS UIF *EBIP )BOH (MJEJOH "TTPDJBUJPO .PSF JOGPSNB (MJEJOH $IBNQJPOTIJQT 3FHJTUSBUJPO PQFOT .BSDI &OUSZ GFF UJPO BOE QSF SFHJTUSBUJPO QBDLFU GSPN -JTB 5BUF NFFU EJSFDUPS PSHBOJ[FS BGUFS .BZ .PSF JOGPSNBUJPO BU XXX BFSPTQPSUT OFU 4 "SDBEJB 4U #PJTF *EBIP PS FNBJM UP "VHVTU #JH 4QSJOH 0QFO *ODMVEFT 4JOHMF 4VSGBDF BOE 4QPSU MJTB!TPBSJOHESFBNTBSU DPN $MBTT /BUJPOBMT BOE 'MFY 8JOH 1SF 8PSMET 'MFY XJOH BEWBODF SFHJTUSB UJPO PQFOT .BSDI GPS UPQ 6 4 /544 SBUFE QJMPUT BOE UPQ $*7- '-: */4 SBUFE QJMPUT BOE BMM SJHJE XJOH QJMPUT 'MFY XJOH HFOFSBM SFHJTUSBUJPO PQFOT "QSJM &OUSZ GFF EVSJOH m STU NPOUI PG SFHJTUSBUJPO BEE BGUFS +VOF .PPSF .PVOUBJO /PSUI $BSPMJOB 5IF #V[[BSE )BOH (MJEJOH 3FEVDFE GFF GPS 4JOHMF 4VSGBDF BOE 4QPSU $MBTT .PSF JOGPSNB $MVC i :FBST PG )JCSJUFO .PVOUBJOw 'MZ *O $FMFCSBUJPO 'PS NPSF JOGPS NBUJPO DPOUBDU 7JODF 'VSSFS BU PS CZ FNBJM BU [XFJ!BPM UJPO BU 'MZUFD DPN DPN PS %BWJE 4NJUI BU "VHVTU 4FQUFNCFS 4VO 7BMMFZ *EBIP 6 4 1BSBHMJEJOH /B UJPOBM $IBNQJPOTIJQT 3FHJTUSBUJPO PQFOT 'FCSVBSZ &OUSZ GFF +VMZ 64)(" /BUJPOBM 'MZ *O -FBLFZ 5FYBT *U T CFFO TP NVDI GVO CFGPSF XF SF EPJOH JU BHBJO )BOH HMJEFST QBSBHMJEFST SJHJE XJOHT BGUFS +VMZ .PSF JOGPSNBUJPO BU XXX n ZTVOWBMMFZ DPN XIBUFWFS $PNF PO EPXO "FSPUPX USVDL UPX FWFO GPPU MBVODI XF MM HFU ZPV JO UIF BJS 'VO DPNQFUJUJPOT HSFBU )JMM $PVOUSZ TPBSJOH DBTI QSJ[FT $0.1&5*5*0/ GBNJMZ GVO SFBM 5FYBT ##2 FYDFMMFOU 9$ QPUFOUJBM 1MBO ZPVS USJQ OPX o .BSDI "QSJM .BZ +VOF +VMZ EPO U XBJU VOUJM JU T UPP MBUF UP m OE MPEHJOH -FBLFZ JT B )JMM $PVOUSZ WBDB "VHVTU 4FQUFNCFS 0DUPCFS /PSUI UJPOJOH NFDDB .PSF JOGP BU IUUQ n FYXJOH PSH UYPQFO FSO $BMJGPSOJB $SPTT $PVOUSZ -FBHVF XFFLFOET MPDBUJPO UP CF EFDJEFE UISFF EBZT CFGPSF UIF XFFLFOE "MM TJUFT XJMM CF XJUIJO B GPVS IPVS ESJWF PG UIF 4BO 'SBODJTDP #BZ "SFB $PTU QFS SBDF .PSF JOGPSNBUJPO +VH $-*/*$4 .&&5*/(4 50634 "HHBSXBM KBHHBSXBM!FT VDTD FEV PS DIFDL UIF 8FC TJUF GPS UIF /PSUI FSO $BMJGPSOJB 9$ -FBHVF BU IUUQ XXX TGCBQB PSH BOE GPMMPX UIF MJOL .BSDI 1BSBHMJEJOH *$1 $MJOJD JO UIF 4BO 'SBODJTDP #BZ "SFB " GPS UIF 9$ -FBHVF DPNQSFIFOTJWF DMJOJD GPS CBTJD JOTUSVDUPST XPSLJOH UPXBSET BEWBODFE JO TUSVDUPS DFSUJm DBUJPO "MTP GPS BTQJSJOH JOTUSVDUPST XPSLJOH UPXBSET CBTJD .BZ 4QSJOH 'MJOH BU ,JOH ,JOH .U OFBS .PPSF *EBIP JOTUSVDUPS DFSUJm DBUJPO .VTU IBWF NFU QSFSFRVJTJUFT CFGPSF TJHOJOH VQ FOUSZ GFF 5IF 'MJOH JT B HSFBU UJNF UP JOUSPEVDF ZPVSTFMG UP ,JOH )BOH BOE QBSB QJMPUT XBSN VQ GPS UIF VQDPNJOH NPVOUBJO 9$ TFBTPO PS TJNQMZ $POUBDU +VBO -BPT BU KVBO!BEWBODFEQBSBHMJEJOH DPN GPS EFUBJMT SJEHF TPBS GPS IPVST ,JOH .PVOUBJO (MJEFST JT UIF QMBDF GPS UIF UI BO .BSDI $FOUSBM 7JSHJOJB QBSBDIVUF EFQMPZNFOU BOE SF QBDL DMJOJD OVBM BMM ZPV DBO FBU EJOOFS 9$ DBTI QSJ[FT GPS )( 1( .PSF JOGPSNBUJPO XJUI #FUUZ 1GFJGGFS BEWBODF TJHO VQ 'PS NPSF JOGP DPOUBDU 4UFWF BU LJOHNPVOUBJOHMJEFST DPN PS DBMM "MBO 1BZMPS ,FQMFS TNSFMQFL!BPM DPN PS

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


.BSDI .JEXFTU "OOVBM 1BSBDIVUF $MJOJD 3PDLXFMM &MFNFOUBSZ "QSJM *OEJB 0EZTTFZ 1BSBHMJEJOH 5PVS +PJO +FGG $SJTUPM BOE "E 4DIPPM 'PSU "ULJOTPO 8JTDPOTJO 1SBDUJDF DIVUF EFQMPZNFOU JO UIF TJN WFOUVSF 5PVS 1SPEVDUJPOT UP UIF TQFDUBDVMBS )JNBDIBM 1SBEFTI JO /PSUI VMBUPS QMVT TFNJOBS PO SFEVDJOH UIF OFFE GPS DIVUF EFQMPZNFOU UISPVHI FSO *OEJB BOE n Z UIF GPPUIJMMT PG UIF )JNBMBZB 'SPN GSJFOEMZ DPOEJUJPOT QSPQFS HMJEFS NBJOUFOBODF BOE QSF n JHIU JOTQFDUJPOT 5VH QJMPU 5JN BOE CFBVUJGVM HSBTTZ MBVODIFT BOE MBOEJOH [POFT UP IVHF DSPTT DPVOUSZ 5IPNQTPO XJMM EJTDVTT IPX UP EFBM XJUI FNFSHFODJFT XIJMF PO UPX 'VMM PVU BOE SFUVSO PWFS KBHHFE TOPXZ QFBLT UIF n ZJOH JT TJNQMZ BTUPVOE JOTQFDUJPO BOE SFQBDL PG QBSBDIVUF GPS BMM BUUFOEFFT *G ZPV BSF VOBCMF JOH 8F TUBZ JO B NBJOMZ 5JCFUBO WJMMBHF CFMPX UIF TJUF TP UIF DVMUVSBM UP BUUFOE PO POF PG UIFTF EBUFT ESPQ PGG PS TIJQ ZPVS DIVUF GPS SFQBDL BOE SFMJHJPVT BTQFDUT PG UIF BEWFOUVSF BSF FOPSNPVT .PSF JOGPSNBUJPO JOH $MJOJD TQBDF JT MJNJUFE TP DBMM UP SFTFSWF B TQPU PO ZPVS DIPTFO BEWFOUVSFUPVSQSPEVDUJPOT DPN 'PS RVFTUJPOT PS UP SFTFSWF B TQPU DPO EBZ $PTU $POUBDU 'SFFn JHIU "WJBUJPOT 5PNNZ 5IPNQTPO 4S UBDU KFGG!BEWFOUVSFUPVSQSPEVDUJPOT DPN FNBJM UPNNZ!'SFFn JHIU)BOH(MJEJOH DPN XXX 'SFFn JHIU .BZ 5PVDIJOH UIF "OEFT PG 1FSV 4QSJOH 5PVS +PJO +FGG $SJTUPM "WJBUJPOT DPN BOE "EWFOUVSF 5PVS 1SPEVDUJPOT UP UIF "OEFT PG 1FSV +FGG T UI USJQ UP .BSDI 64)(" 4QSJOH #0% NFFUJOH 5IF NFFUJOH XJMM CF IFME UIF IJHI NPVOUBJOT PG 1FSV XIFSF IF JOUJNBUFMZ LOPXT TJUFT UISPVHIPVU EPXOUPXO BU UIF $MBSJPO )PUFM PO #JKPV 4U $PMPSBEP 4QSJOHT $0 UIF DPVOUSZ 5IF GBMM UPVS n FX EJGGFSFOU TJUFT JO EBZT BOE EF 0O 'SJEBZ .BSDI UI BU Q N UIFSF XJMM CF B MJWFSFE BO JODSFEJCMF FYQFSJFODF PG UIF "OEFBO QFPQMF BOE DVMUVSF BT XFMM TQFDJBM NFNCFSTIJQ NFFUJOH GPS UIF QSPQPTFE OBNF DIBOHF WPUF BT TVQFSC n ZJOH .PSF JOGPSNBUJPO BU BEWFOUVSFUPVSQSPEVDUJPOT DPN 'PS RVFTUJPOT PS UP SFTFSWF B TQPU DPOUBDU KFGG!BEWFOUVSFUPVSQSPEVDUJPOT .BSDI 5PUBM 4PMBS &DMJQTF n Z JO 5VSLFZ -FJTVSF$MBTT 'MZJOH DPN 5PVST JOWJUFT BEWFOUVSPVT BOE TFMG TVGm DJFOU QJMPUT UP KPJO PUIFST PG MJLF NJOET GPS UIJT FYUSBPSEJOBSZ DPTNPMPHJDBM FWFOU &YQFSJFODF UIF OVNFSPVT .BZ .BOFVWFST 5SBJOJOH $PVSTFT CZ +BDLTPO )PMF 1BSBHMJE IJTUPSJDBM DVMUVSBM SFDSFBUJPOBM BOE n ZJOH TJUFT BMPOH UIF 5VSLJTI JOH BU UIF 1BMJTBEFT 3FTFSWPJS "MQJOF 8ZPNJOH $PBDIFT 4DPUU )BSSJT .FEJUFSSBOFBO DPBTU DVMNJOBUJOH JO XJUOFTTJOH B UPUBM TPMBS FDMJQTF BOE .BUU $PNCT 5XP 1SP 5PX )ZESBVMJD XJODIFT CPUI XBUFS BOE USVDL *G ZPV IBWF OFWFS CFFO UP TVDI BO FWFOU XPSET BOE QJDUVSFT EP UPXJOH $BMM UP SFTFSWF ZPVS EBZT XXX KIQBSBHMJEJOH OPU CFHJO UP EFTDSJCF JU $POUBDU $PMJO 1FSSZ DPN (PPE-PPLJOH3JDI(VZ!IPUNBJM DPN .BZ 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( BEWBODFE "QSJM 1BSBHMJEJOH UBOEFN DMJOJD JO UIF 4BO 'SBODJTDP #BZ "SFB LJUJOH BOE JOn BUJPO UFDIOJRVFT DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFR 'PS BTQJSJOH UBOEFN QJMPUT BOE 5 T BOE 5 T XPSLJOH UPXBSET UIFJS 5 VJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO *ODMVEFT DMBTTSPPN UJNF BT XFMM BT MFBSOJOH UP n Z UBOEFN CZ n ZJOH UXPDBOn Z!HNBJM DPN XJUI FYJTUJOH UBOEFN JOTUSVDUPST BOE PS UIF UBOEFN BENJOJTUSBUPS .VTU IBWF NFU QSFSFRVJTJUFT CFGPSF TJHOJOH VQ $POUBDU +VBO -BPT BU .BZ 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( UIFSNBM DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN KVBO!BEWBODFEQBSBHMJEJOH DPN GPS EFUBJMT PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM "QSJM 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( 5BOEFN DPN DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM .BZ 6UBI 9$ n ZJOH TJUFT 1( DSPTT DPVOUSZ DPNQFUJUJPO DMJOJD " GSJFOEMZ JOUSPEVDUJPO UP DSPTT DPVOUSZ n ZJOH XJUI JOTUSVDUJPO GSPN 6 4 DPN BOE /PSUI "NFSJDBO 9$ SFDPSE TFUUFS BOE 6 4 /BUJPOBM $IBNQJPO "QSJM 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( SJEHF #JMM #FMDPVSU BOE ,FO "MM BTQFDUT PG 9$ DPNQFUJUJPOT XJMM CF DPWFSFE TPBSJOH TJEF IJMM BOE UPQMBOEJOH DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFR .PSF JOGPSNBUJPO BOE QSFSFRVJTJUFT BU XXX UXPDBOn Z DPN PS DPOUBDU VJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN UXPDBOn Z!HNBJM DPN .BZ 1FBL UP 1FBL 1BSBHMJEJOH OFBS %FOWFS $PMPSBEP "QSJM 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( *OTUSVD EBZ 9$ TQFDJBM DPVSTF GPDVTFE PO IPOJOH BDUJWF n ZJOH TLJMMT BOE MFBSO UPS 3FDFSUJm DBUJPO DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP JOH PS JNQSPWJOH DSPTT DPVOUZ n ZJOH 5IJT JT B HSFBU XBZ UP FYQFSJ XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO FODF CFHJOOFS UP BEWBODFE 9$ n JHIU JO $PMPSBEP XJUIPVU UIF TUSFTT PG UXPDBOn Z!HNBJM DPN NPVOUBJO n ZJOH %FQFOEJOH PO UIF DMBTT TJ[F XF NBZ IBWF UXP UPX SJHT GPS NBYJNVN n JHIUT (FU JOEJWJEVBM JOTUSVDUJPO GSPN $ISJT 4BOUB "QSJM 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( *O DSPDF 4VQFS'MZ BOE ,BZ 5BVTDIFS 1FBL UP 1FBL GPS UIF TUSVDUPS 5SBJOJOH DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP EBZ DPVSTF $POUBDU 1FBL UP 1FBL 1BSBHMJEJOH XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO JOGP!QFBLUPQFBLQBSBHMJEJOH DPN UXPDBOn Z!HNBJM DPN +VOF 5BOEFN $FSUJm DBUJPO $MJOJD 1SFTFOUFE CZ UBOEFN BENJO "QSJM 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( 5BO JTUSBUPS 4DPUU )BSSJT BU +BDLTPO )PMF .PVOUBJO 3FTPSU 8ZPNJOH MBTU EFN 5 BOE 5 DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP ZFBS PG "FSJBM 5SBN .PSF JOGPSNBUJPO XXX KIQBSBHMJEJOH DPN PS XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN +VOF 6UBI n ZJOH TJUFT 1( NPVOUBJO n ZJOH DMJOJD 'PS DMJOJD EF "QSJM o.BZ .BZ BOE PS .BZ 0WFS UIF XB TDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO UFS NBOFVWFST TBGFUZ QBSBHMJEJOH DPVSTF $PBDIJOH CZ 4VQFS'MZ $ISJT )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN 4BOUBDSPDF BOE ,BZ 5BVTDIFS "UUFOE POF UXP PS BMM UISFF DPVSTFT $PTU EBZ DPVSTF $MBTT TJ[F JT MJNJUFE $PVSTF MPDBUJPO 5#" CVU +VOF +BDLTPO )PMF 8ZPNJOH *OTUSVDUPS $FSUJm DBUJPO 1SPHSBN XJUIJO IPVST PG %FOWFS $POUBDU 1FBL UP 1FBL 1BSBHMJEJOH QSFTFOUFE CZ JOTUSVDUPS BENJOJTUSBUPS 4DPUU )BSSJT .PSF JOGPSNBUJPO XXX KIQBSBHMJEJOH DPN PS JOGP!QFBLUPQFBLQBSBHMJEJOH DPN .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


+VOF .JEOJHIU 4VO UPVS "MBTLB 1FBL UP 1FBL 1BSBHMJEJOH T

,BZ 5BVTDIFS XJMM MFBE B HSPVQ PG QJMPUT UP "MBTLB T CFBVUJGVM NPVOUBJO PVT DPVOUSZTJEF GPS MPOH EBZT PG HSFBU n ZJOH 1SJNBSZ EFTUJOBUJPO JT "MZ FTLB 3FTPSU CVU PUIFS TJUFT NBZ CF WJTJUFE BT XFMM GPS HVJEJOH BOE BEWBODFE JOTUSVDUJPO GPS POF XFFL " n JHIU GSPN &BHMF (MBDJFS PO UIF FWFOJOH PG UIF TVNNFS TPMTUJDF JT BWBJMBCMF BU BO BEEJUJPOBM DPTU "DDPN NPEBUJPOT BOE GPPE OPU JODMVEFE JOGP!QFBLUPQFBLQBSBHMJEJOH DPN PS +VMZ 1( NBOFVWFST 4*7 DMJOJD XJUI $ISJT 4BOUBDSPDF BOE

,FO )VEPOKPSHFOTFO 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN "VHVTU 4OPXCJSE 6UBI 4OPXCJSE UP $PMPSBEP 9$ SFDPSE BU

UFNQU 'PS FWFOU EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN 4FQUFNCFS 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH

TJUFT 1( UIFSNBM DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN

*/%&9 50 "%7&35*4&34 "$& 4*. "/(-& 0' "55"$, $3*55&3 .06/5"*/ 8&"3 %"/ +0)/40/ '-:5&$ 64" (3"%*&/5 1"5"(0/*" 1"3"(-*%*/( )*() &/&3(: 410354 +645 '-: .0:&4 ".&3*$" 0 $0//03 '-*()5 4$)00- 0;0/& 41035 "7*"5*0/ 16#-*$"5*0/4

5)&3."- 53"$,&3 1"3"(-*%*/( 5033&: 1*/&4 505"--: "8&40.& '-:*/( 410354 53"7&34& $*5: )( 1( 64)(" $"-&/%"3 64)(" $"-- '03 1)0504 64)(" %7% 64)( '06/%"5*0/ 64)(" .#/" 64)(" 3&/&8 8*--4 8*/( 80.&/ 4 80-3% 5&".

."3,&51-"$& "%7&/563& 130%6$5*0/4 $-06% 40"3*/( $&/5&3 $-06%46$, '-: "9*4 '-:5&$ 64" +645 '-: ,*55: )"8, ,*5&4

-00,065 .06/5"*/ /&30 10$,&5 155 461&3'-: 5)&8*/%:1-"/&5 $0. 64)(" 9$ '-*()5 "8"3%4

0DUPCFS 6UBI n ZJOH TJUFT 1( NPVOUBJO n ZJOH DMJOJD 'PS DMJOJD

EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN 0DUPCFS 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1(

0DUPCFS 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( UBO

EFN 5 BOE 5 DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN

JOTUSVDUPS USBJOJOH DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO +BOVBSZ 7BMMF EF #SBWP .FYJDP 5IFSNBM BOE 9$ UXPDBOn Z!HNBJM DPN JOTUSVDUJPO UPVS 'PS NPSF JOGPSNBUJPO BOE QSFSFRVJTJUFT HP UP XXX 0DUPCFS 1PJOU PG UIF .PVOUBJO BOE 6UBI n ZJOH TJUFT 1( UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO JOTUSVDUPS SF DFSUJm DBUJPO DMJOJD 'PS DMJOJD EFTDSJQUJPO BOE QSFSFRVJTJUFT UXPDBOn Z!HNBJM DPN HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO 'FCSVBSZ 4PVUIFSO $BMJGPSOJB UPVS 'PS NPSF JO UXPDBOn Z!HNBJM DPN GPSNBUJPO BOE QSFSFRVJTJUFT HP UP XXX UXPDBOn Z DPN PS DPOUBDU ,FO )VEPOKPSHFOTFO UXPDBOn Z!HNBJM DPN

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


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

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

-< KW )6

84

;SI\MJWIZL[ 8IZIOTQLMZ[ ;]VOTI[[M[ =VQKaKTM[ 3Q\M[

U

XXX TVQFSGMZDISJT DPN GSFFEPN IUN

A , <Wa[ 16 ,>,[

<P

-

?

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH

*WWS[ +TW\PQVO 4WVO *WIZL[


"WJBUJPO USVJTN /P POF DBO SFBMJ[F IPX TVCTUBOUJBM UIF BJS JT VOUJM IF GFFMT JUT TVQQPSUJOH QPXFS CFOFBUI IJN *U JOTQJSFT DPOm EFODF BU PODF 0UUP -JMJFOUIBM 1IPUP 4UFWF 3PUJ

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


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

4UBUF $" $" $" $" $" $" $" $" $" .5 .* 7" ''/: $" $" $" $" $" $" $" $" $" *1" '(" ''(" .0 /: $" 1" ''$" "; /:

3BUJOH 0Gm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m UIT 1 #SJBO 'PXMFS 1 4UFQIBOF 1BTDBM 1 .JDIBFM 1BHMJBSP 1 +BDL (SJTBOUJ 1 3JDI -FHHFUU 1 :VJLP 4OFFO JUB[BXB 1 %FCJF +BDRVFT 1 1FUF -JOEFMM 1 3JDL %BNJBOJ 1 'FSOBOEP 8PPETJEF

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

4UBUF 03 $" $" $" $" )* $" "; $0 $0 .% /+ 03 ", 8" $" $" $" $" $" $" )* )* $" $" $" $" "; $0 $0 $0 .5 8: *$5 .% 0) /: /: 03 8" 03 $" $" $" $" 65 65 65 0) 7" /+ $" $" $" $0 65 8: '-

3BUJOH 0Gm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

1IPUP 4UFWF 3PUJB

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

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


)"/( (-*%*/( "%7*403: 6 TFE IBOH HMJEFST TIPVME '"-$0/4 $-&"3"/$& 4"-& o 4 DIPPM VTF POF TFB BMXBZT CF EJTBTTFNCMFE CFGPSF n ZJOH GPS UIF m STU UJNF TPO 'BMDPO T BOE T "MM TJ[FT BOE JOTQFDUFE DBSFGVMMZ GPS GBUJHVFE CFOU PS EFOUFE EPXO JOGP!IBOHHMJEJOH DPN XXX IBOHHMJEJOH UVCFT SVJOFE CVTIJOHT CFOU CPMUT FTQFDJBMMZ UIF IFBSU DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT CPMU SF VTFE /ZMPD OVUT MPPTF UIJNCMFT GSBZFE PS SVTUFE BHFOUB FYDFMMFOU TIBQF MPX BJSUJNF DBCMFT UBOHT XJUI OPO DJSDVMBS IPMFT BOE PO n FY XJOHT '"-$0/ o N TBJMT CBEMZ UPSO PS UPSO MPPTF GSPN UIFJS BODIPS QPJOUT GSPOU FYUSB EPXOUVCFT CBTFUVCF JODMVEFE $PNFT XJUI TQFFE CBS %SFBN HSFFO KVTU n JHIUT MFTT UIBO BOE CBDL PO UIF LFFM BOE MFBEJOH FEHFT IPVST MJLF OFX .Z UBOEFN TIJQ "MUBJS 1"3"(-*%*/( "%7*403: 6TFE QBSBHMJEFST TIPVME 4BUVSO CSBOE OFX POMZ POF n JHIU PO JU ,FFM XBT DVU BMXBZT CF UIPSPVHIMZ JOTQFDUFE CFGPSF n ZJOH GPS UIF m STU GPS .PTRVJUP VTF 4UFBM BU 539 FYDFMMFOU TIBQF UJNF "OOVBM JOTQFDUJPOT PO QBSBHMJEFST TIPVME JODMVEF DPNFT XJUI FYUSB NBJOGSBNF 4FOTPS ZFMMPX TBJMDMPUI TUSFOHUI UFTUT 4JNQMZ QFSGPSNJOH B QPSPTJUZ IPVST POF PG UIPTF NBHJD TJOL SBUF HMJEFST 8FMM DIFDL JTO U TVGm DJFOU 4PNF HMJEFST QBTT QPSPTJUZ ZFU IBWF DBSFE GPS NZ QFSTPOBM HMJEFS (FNJOJ TJOHMF WFSZ XFBL TBJMDMPUI TVSGBDF NBEF CZ 61 HPPE TIBQF QFSGFDU GPS TNBMM QJMPU $POUBDU 53"7&34& $*5: )"/( (-*%&34 #JMM 'JGFS *G JO EPVCU NBOZ IBOH HMJEJOH BOE QBSBHMJEJOH CVTJOFTTFT UDIBOHHMJEFS!DIBSUFSNJ OFU XJMM CF IBQQZ UP HJWF BO PCKFDUJWF PQJOJPO PO UIF DPOEJUJPO PG FRVJQNFOU ZPV CSJOH UIFN UP JOTQFDU #6:&34 4)06-% .0:&4 -*5&41&&% 4 o 8JMMT 8JOH 6MUSBTQPSU 4&-&$5 &26*1.&/5 5)"5 *4 "113013*"5& '03 o 61 539 o "MM JO HSFBU TIBQF $BMM 5)&*3 4,*-- -&7&- 03 3"5*/( /&8 1*-054 4)06-% 4&&, 130'&44*0/"- */4536$5*0/ '30. " 64)(" 16-4& ** o NFUFS DPDPPO DIVUF QEB TQFFE CBS $&35*'*&% */4536$503 QOFVNBUJD UJSFT SFMFBTF SBEJP IFMNFU CFBVUJGVM DPOEJUJPO 'MZUFD WBSJP

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 &"4: 3*4&3 ,*54 o 3FUSP IBOH HMJEJOH JT IFSF 'VO BOE BEWFOUVSF GSPN UIF A T *OGPSNBUJPO -BSSZ .BVSP #PY .VMCFSSZ '- '-*()545"3 56( o TJOHMF TFBU -PBETUBS X SPUBY "FSPUPX LJU #34 HSFBU TIBQF SFBEZ UP BFSPUPX IBOH HMJEFST TBJMQMBOFT XXX CMVFTLZIH DPN 26*$,4*-7&3 413*/5 ** 6-53"-*()5 ,*5 o SFBEZ UP CVJME 8JGF UISFBUFOT EJWPSDF #FTU PGGFS $04.04 4".#" 53*,& o 8JUI 5PQMFTT XJOH -JLF OFX

'-&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

&.&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

)"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 )*() &/&3(: $0$00/ o -JLF OFX DPOEJUJPO XJUI OFX -"3" QBSBDIVUF 1FSGFDU GPS BFSPCBUJDT m UT w UP w

1"3"(-*%&34 '*3&#*3% '-".& o MBSHF ZFMMPX &EFM IBSOFTT MBSHF XJUI SFTFSWF #BMM WBSJP :BFTV SBEJP JODMVEFT TUPSBHF EVGGFM BOE CBDLQBDL BMM FYDFMMFOU DPOEJUJPO $BMM "MBO BEJB[ !IPUNBJM DPN (*/ #&&5-& o 5BOEFN LH CFTU PGGFS

3*(*% 8*/(4 .*44*0/ 40"3*/( $&/5&3 o %JTUSJCVUPS GPS "*3 "UPT XPSME T NPTU QPQVMBS SJHJE XJOH /FX "UPT 79 UBOEFN

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 - BSHFTU IBOH HMJEJOH DFOUFS JO UIF 8FTU 0VS EFMVYF SFUBJM TIPQ TIPXDBTFT UIF MBUFTU FRVJQNFOU 8JMMT 8JOH .PZFT "*3 )JHI &OFSHZ 'MZUFD *DBSP 8FTU $PBTU EJTUSJCVUPS GPS " * 3 "UPT SJHJE XJOHT JODMVEJOH UIF BMM OFX 79 5BOEFN "UPT 1BSUT JO TUPDL 8F TUPDL OFX BOE VTFE FRVJQNFOU 5SBEF JOT XFMDPNF $PNQMFUF MFTTPO QSPHSBN #FTU USBJOJOH QBSL JO UIF 8FTU MPDBUFE KVTU TPVUI PG UIF 4BO 'SBODJTDP #BZ

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


"SFB 1JUUNBO )ZESBVMJD 8JODI 4ZTUFN GPS )BOH T BOE BCPWF -BVODI BOE MBOEJOH DMJOJDT GPS )BOH T BOE )BOH T 8JMMT 8JOH 'BMDPOT PG BMM TJ[FT BOE DVTUPN USBJO JOH IBSOFTTFT 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

FNBJM n Z!HSBZCJSEBJSTQPSUT DPN XXX HSBZCJSEBJSTQPSUT DPN -00,065 .06/5"*/ '-*()5 1"3, o /FBSFTU NPVO UBJO USBJOJOH DFOUFS UP 0SMBOEP 5XP USBJOJOH IJMMT OPWJDF NPVOUBJO MBVODI BFSPUPXJOH HSFBU BDDPNNPEBUJPOT IBOHMJEF DPN IBOHMJEF .*".* )"/( (-*%*/( o 'PS ZFBS SPVOE USBJOJOH GVO JO UIF TVO 4 #BZTIPSF %SJWF $P DPOVU (SPWF 'MPSJEB XXX NJBNJIBOHHMJEJOH DPN 26&45 "*3 '30. 45 '-*()5 50 45 1-"$& 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 4&.*/0-& -",& (-*%&31035 o 8F TQFDJBMJ[F JO IBOH HMJEJOH QBSBHMJEJOH USBOTJUJPO UP TBJMQMBOFT -PDBUFE CFUXFFO 2VFTU BOE 8BMMBCZ JO DFOUSBM 'MPSJEB XXX TPBSn DPN

8*/%410354 o % PO U SJTL CBE XFBUIFS CBE JOTUSVDUJPO PS EBOHFSPVT USBJOJOH IJMMT n ZBCMF EBZT FBDI ZFBS -FBSO GPPU MBVODI n ZJOH TLJMMT TBGFMZ BOE RVJDLMZ 5SBJO XJUI QSPGFTTJPOBM $'* T BU XPSME GBNPVT %PDLXFJMFS #FBDI USBJOJOH TMPQFT NJOVUFT GSPN -" BJSQPSU 'MZ XJOUFS PS TVNNFS JO HFOUMF DPBTUBM XJOET TPGU TBOE BOE JO B UIPSPVHI QSPHSBN XJUI POF PG "NFSJDB T NPTU QSFTUJHJPVT TDIPPMT GPS PWFS ZFBST XXX XJOETQPSUT DPN

GPSNBUJPO BCPVU n ZJOH PO .BVJ 'VMM TFSWJDF TDIPPM PGGFS JOH CFHJOOFS UP BEWBODFE JOTUSVDUJPO FWFSZ EBZ ZFBS SPVOE QBSBHMJEFIBXBJJ DPN *%")0 ,*/( .06/5"*/ (-*%&34 o "MMVSJOH TJUF QMVT TIPQ TVQQMZJOH BMM ZPVS )( 1( OFFET *OTUSVDUJPO FRVJQNFOU TBMFT UBOEFNT DPNQMFUF BDDFTTPSJFT 7JTJU PVS 8FC TJUF XXX LJOHNPVOUBJOHMJEFST DPN PS

*/%*"/" $-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 TPS BMTP IBSOFTTFT WBSJPT FUD "HFT UP IBWF MFBSOFE $-06% 41035 "7*"5*0/ o " FSPUPX TQFDJBMJTUT UP n Z IFSF /P POF DPNFT DMPTF UP PVS MFWFM PG FYQFSJFODF 8F DBSSZ BMM NBKPS CSBOE IBOH HMJEFST BOE BDDFTTPSJFT BOE TVDDFTT XJUI UBOEFN BFSPUPX JOTUSVDUJPO " HSFBU $MPVE 'JFME $PPO -BLF 3PBE 8FTU 8FCCFS TDFOF GPS GBNJMZ BOE GSJFOET NPUFMT SFTUBVSBOUT XJUI WJMMF .* $MPVE TB!BPM DPN IUUQ NFNCFST BPM JO NJOVUFT $BNQJOH IPU TIPXFST TIBEF USFFT TBMFT DPN DMPVE TB $BMM GPS TQSJOH UBOEFN MFTTPOT BOE n Z TUPSBHF SBUJOHT 9$ SFUSJFWBMT HSFBU XFBUIFS DMJNCJOH XBMM JOH BQQPJOUNFOUT XJUI UIF %SBBDIFO 'MJFHFO 4PBSJOH $MVC $0-03"%0 USBNQPMJOF %44 57 QJOH QPOH QJDOJD UBCMFT TXJNNJOH BU $MPVE 'JFME %'4$JOD!BPM DPN "*35*.& "#07& )"/( (-*%*/( o 'VMM UJNF QPPM FUD 'MJHIUT PG PWFS NJMFT BOE NPSF UIBO IPVST IUUQ NFNCFST BPM DPN EGTDJOD MFTTPOT TBMFT TFSWJDF $PMPSBEP T NPTU FYQFSJFODFE "SUJDMFT JO )BOH (MJEJOH ,JUQMBOFT 4LZXJOHT $SPTT $PVO 8JMMT 8JOH .PZFT "MUBJS "FSPT )JHI &OFSHZ #BMM 'JO USZ BOE PUIFST 'FBUVSFE PO OVNFSPVT 57 TIPXT JODMVE 53"7&34& $*5: )"/( (-*%&34 1"3"(-*%&34 o 1VU TUFSXBMEFS 'MZUFD .PUP$PNN BOE NVDI NPSF $BMM JOH %BUFMJOF /#$ 5IF %JTDPWFSZ $IBOOFM &41/ 7JTJU VT ZPVS LOFFT JO PVS CSFF[F BOE TPBS PVS TBOE EVOFT 'VMM UJNF TIPQ $FSUJm FE JOTUSVDUJPO CFHJOOFS UP BE &WFSHSFFO $PMPSBEP "JSUJNF)(!BPM DPN PO UIF 8FC IUUQ XXX XBMMBCZ DPN 1MFBTF DBMM VT GPS WBODFE 4BMFT TFSWJDF BDDFTTPSJFT GPS "-- NBKPS CSBOET (6//*40/ (-*%&34 o 4 FSWJOH UIF XFTUFSO TMPQF SFGFSFODFT BOE WJEFP %FBO 4UJMM 3PBE %JTOFZ "SFB 7JTB .BTUFS$BSE & UI 5SBWFSTF $JUZ .* *OTUSVDUJPO TBMFT TFSWJDF TFXJOH BDDFTTPSJFT 4JUF '- QIPOF GBY n Z!XBMMBCZ 0GGFSJOH QPXFSFE QBSBHMJEJOH $BMM #JMM BU JOGPSNBUJPO SBUJOHT $PVOUZ 3PBE (VOOJTPO $0 DPN 8"--"#: $POTFSWBUJWF SFMJBCMF TUBUF PG UDIBOHHMJEFS!DIBSUFSNJ OFU :PVS 64" $BOBEB UIF BSU ' ) ( */$ n ZJOH 'MPSJEB TJODF .PTRVJUP EJTUSJCVUPS XXX NPTRVJUPBNFSJDB DPN

1&", 50 1&", 1"3"(-*%*/( --$ o 5)& 'SPOU 3BOHF QBSBHMJEJOH TDIPPM MPDBUFE JO #PVMEFS 0GGFSJOH FYDFMMFOU TUBUF PG UIF BSU JOTUSVDUJPO &RVJQNFOU UBOEFNT *OGP!QFBLUPQFBLQBSBHMJEJOH DPN XXX QFBLUPQFBLQBSBHMJEJOH DPN

(&03(*"

/&8 :03,

-00,065 .06/5"*/ '-*()5 1"3, o %JTDPWFS XIZ """ & 7*--& 065'*55&34 .06/5"*/ 8*/(4 */$ UJNFT BT NBOZ QJMPUT FBSO UIFJS XJOHT BU -.'1 8F o " FSPT /PSUI 8JOH NUOXJOHT!IWD XSPUF 64)(" T PGm DJBM USBJOJOH NBOVBM IBOHMJEF DPN SS DPN XXX FWJMMFPVUm UUFST DPN &MMFOWJMMF / : IBOHMJEF '-: )*() */$ o 4 FSWJOH /FX :PSL +FSTFZ BOE $PO '-03*%" OFDUJDVU BSFBT "SFB T FYDMVTJWF 8JMMT 8JOH EFBMFS "MTP )"8"** '-03*%" 3*%(& "&30508 1"3, o & BMM PUIFS CSBOET BDDFTTPSJFT "SFB T NPTU */&91&/4*7& 4UBUF 3PBE $MFXJTUPO 'MPSJEB '-: )"8"** o ) BXBJJ T IBOH HMJEJOH QBSBHMJEJOH QSJDFT $FSUJm FE JOTUSVDUJPO TFSWJDF TJODF &YDFMMFOU XXX UIFn PSJEBSJEHF DPN QBSBNPUPSJOH TDIPPM .BVOB ,FB HVJEF TFSWJDF #JH *TMBOE TFDPOEBSZ JOTUSVDUJPO 5BLFO TPNF MFTTPOT "EWBODF UP )BXBJJ "DIJN )BHFNBOO XXX BJSDPUFD NPVOUBJO n ZJOH XXX n ZIJHIIH DPN (3":#*3% "*3410354 o 1 BSBHMJEFS IBOH HMJEFS OFU n ZIBXBJJ IUN n ZBHMJEFS!ZBIPP DPN UPXJOH USBJOJOH %SBHPOn Z BFSPUPX USBJOJOH 9$ 46426&)"//" '-*()5 1"3, $001&34508/ UIFSNBMJOH JOTUSVDUJPO FRVJQNFOU %VOOFMMPO "JSQPSU 130'-:()5 1"3"(-*%*/( o $BMM %FYUFS GPS GSJFOEMZ JO o USBJOJOH IJMM XJUI SJEFT VQ SJEHF o MBSHF -; .BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


4QFDJBMJ[JOH JO m STU NPVOUBJO n JHIUT %BO (VJEP 4IPFNBLFS 3PBE .PIBXL /: EHVJEP!EGBNJML DPN

/035) $"30-*/" ,*55: )"8, ,*5&4 o ' 3&& )BOH USBJOJOH XJUI QVS DIBTF PG FRVJQNFOU 5IF MBSHFTU IBOH HMJEJOH TDIPPM JO UIF XPSME 5FBDIJOH TJODF -FBSO UP n Z PWFS UIF &BTU $PBTU T MBSHFTU TBOE EVOF :FBS SPVOE JOTUSVDUJPO GPPU MBVODI BOE UBOEFN BFSPUPX %FBMFS GPS BMM NBKPS NBOVGBD UVSFST 6MUSBMJHIU JOTUSVDUJPO BOE UPVST '-: 5)*4 XXX LJUUZIBXL DPN

UIF USBWFMJOH IBOH HMJEFS QJMPU SFOUBM FRVJQNFOU JT BWBJM BCMF 8IJUFXBUFS 8JTDPOTJO IPNF PG UIF 8IJUFXBUFS )BOH (MJEJOH $MVC 'SFFn JHIU!DIBSUFS OFU 'SFFn JHIU"WJBUJPOT DPN

)"-- 8*/% .&5&3 o 4JNQMF 3FMJBCMF "DDVSBUF .PVOUJOH CSBDLFUT DPOUSPM CBS XIFFMT )BMM #SPUIFST 10 #PY .PSHBO 6UBI XXX IBMMXJOENFUFS 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

.*/* 7"3*0 o 8PSME T TNBMMFTU TJNQMFTU WBSJP $MJQT UP IFMNFU PS DIJOTUSBQ IPVST PO CBUUFSJFT GU GBTU SFTQPOTF BOE ZFBS XBSSBOUZ 0/-: .BMMFUUFD 10 #PY 4BOUB "OB $" .$ 7JTB BDDFQUFE XXX NBMMFUUFD DPN

8:0.*/(

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

+"$,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".

16&350 3*$0

*/5&3/"5*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

.&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"

0)*0

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

'-:463 &91&%*5*0/4 o "SHFOUJOB $IJMF $PTUB 3JDB (VJEFE UPVST XJUI 64)(" $FSUJm FE *OTUSVDUPST XXX '-:463 DPN

5&9"4

1"354 "$$&4403*&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

"55"$) "/:8)&3& 461&3-*()5 )( */4536.&/5 .06/5 o QQE 3FQMBDFNFOU NPVOU CBOET QS 'MBU GPMEJOH IBSOFTT QBDLT )BSOFTT [JQQFST 4USBQT 7BSJPT (VOOJTPO (MJEFST

(0 )"/( (-*%*/( o +FGG )VOU "VTUJO QI GBY KFGG!n ZUFYBT DPN XXX n ZUFYBT DPN

#*( &"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

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

$-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

'03 "-- :063 '-:*/( /&&%4 o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m DF

8*4$0/4*/ '3&&'-*()5 "7*"5*0/4 o 5IF .JEXFTU T MBSHFTU IBOH HMJEJOH TDIPPM 6TJOH CPUI BFSPUPX UBOEFN BOE PO TJUF USBJOJOH IJMM EBZT B XFFL "QSJM UISPVHI /PWFNCFS 'PS

(-*%&3#"(4 o 9$ )FBWZ XBUFSQSPPG "DDFT TPSJFT MPX QSJDFT GBTU EFMJWFSZ (VOOJTPO (MJEFST $PVOUZ 3PBE (VOOJTPO $0 PS EFST

09:(&/ 4:45&.4 o 5IF XPSME DMBTT 9$3 PQFSBUFT VQ UP IPVST ! GFFU BOE XFJHIT POMZ MCT $PN QMFUF LJU XJUI DZMJOEFS IBSOFTT SFHVMBUPS DBOOVMB BOE SFNPUF PO PGG n PXNFUFS POMZ 3&1-"$& ;*11&34 o PO IBSOFTTFT TMFFQJOH CBHT QBS LBT BXOJOHT "MM UZQFT ZPV TFX PS XF TFX w EPVCMF TMJEFS QQE (VOOJTPO HMJEFST 3*4*/( "*3 (-*%&3 3&1"*3 4&37*$&4 o " GVMM TFSWJDF TIPQ TQFDJBMJ[JOH JO BMM UZQFT PG QBSBHMJEJOH SFQBJST BOOVBM JOTQFDUJPOT SFTFSWF SFQBDLT IBSOFTT SFQBJST )BOH HMJEJOH SFTFSWF SFQBDLT BOE SFQBJS 'PS JOGPSNB UJPO PS SFQBJS FTUJNBUF DBMM QSJDJOH BOE TFSWJDF SFRVFTU GPSN BWBJMBCMF BU XXX SJTJOHBJS CJ[ CJMMB!BUDOFU OFU 5"/%&. -"/%*/( (&"3 o 3BTDBM CSBOE CZ 3BWFO TJNQMZ UIF CFTU /FX VTFE XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT 8)&&-4 '03 "*3'0*- #"4&56#&4 o 8 )004) 8IFFMT 1BUFOU 1FOEJOH .PZFT "JSCPSOF 8JMMT 8JOH DPNQBUJCMF %FBMFS JORVJSJFT JOWJUFE XXX IBOHHMJEJOH DPN JOGP!IBOHHMJEJOH DPN IUUQ TUPSFT FCBZ DPN SBWFO TQPSUT 8*/%40,4 '30. )"8, "*3410354 */$ 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 /&8 $0/%03 53"*- 1"3"(-*%*/( 5)& $&/53"- "/%&4 o UIF HVJEFCPPL UP QBSBHMJEJOH BOE USBWFMJOH JO UIF $FOUSBM "OEFT *U T QBDLFE XJUI QBHFT PG NBQT TJUF EFTDSJQUJPOT MPDBM MPSF GSFF n JHIU DPOUBDUT BOE QIPUPT BMM UIF JOGPSNBUJPO ZPV OFFE UP QMBO ZPVS PXO "OEFBO QBSBHMJEJOH BEWFOUVSF .PTU PG UIF MBVODI BOE MBOEJOH BDDFTT UISPVHIPVU UIF "OEFT JT EPOF XJUI DIFBQ QVCMJD USBOTQPSUBUJPO $POEPS 5SBJM HJWFT ZPV CVT SPVUFT UP DBUDI BSFBT UP BWPJE USBWFMFS UJQT BOE DPOUBDUT GPS UIF MPDBM n ZJOH DPNNVOJUJFT UISPVHIPVU &DVBEPS 1FSV

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


#PMJWJB /PSUIFSO "SHFOUJOB BOE /PSUIFSO $IJMF $BMM 64) (" BU PS PSEFS PGG PVS 8FC TJUF XXX VTIHB PSH 10 #PY $PMPSBEP 4QSJOHT $0

MJTIFE 1BHFT XJUI DPMPS BSF QSPEVDFE BT DPMPS TDBOT UIF SFTU TDBOOFE BT CMBDL BOE XIJUF JNBHFT 'VUVSF JTTVFT XJMM CF BWBJMBCMF PO BO VQEBUF EJTL &BDI EJTL JODMVEFT "EPCF "DSPCBU 3FBEFS 7FSTJPO GPS 8JOEPXT .BDJOUPTI BOE -JOVY TZTUFNT GPS NFNCFST BOE GPS OPO NFNCFST $BMM 64)(" BU PS PSEFS PGG PVS 8FC TJUF XXX VTIHB PSH 10 #PY $PMPSBEP 4QSJOHT $0

'-: 5)& 8*/( )00,*/( */50 )"/( (-*%*/( o #Z -FO )PMNT 5IJT JT UIF QFSGFDU CPPL GPS UIPTF DVSJPVT BCPVU UIF TQPSU PG IBOH HMJEJOH 8SJUUFO BU B MFWFM UIBU XJMM OPU TXBNQ UIF SFBEFS XJUI B EBVOUJOH BNPVOU PG UFDI OJDBM EFUBJMT ZPV XJMM MFBSO BCPVU IBOH HMJEFS XJOHT BOE UIF TLJMMT OFFEFE UP n Z UIFN QBHFT XJUI QIPUPT BOE .*4$&--"/&064 JMMVTUSBUJPOT T I $BMM 64)(" BU PS PSEFS PGG PVS 8FC TJUF XXX VTIHB PSH 10 i"&30#"5*$4w 1045&3 o 'VMM DPMPS wY w QPTUFS #PY $PMPSBEP 4QSJOHT $0 GFBUVSJOH +PIO )FJOFZ EPJOH XIBU IF EPFT CFTU 4&.*/0-& -",& (-*%&31035 o 8F TQFDJBMJ[F JO -001*/( 4FF XXX VTIHB PSH VOEFS TUPSF NJTD GPS IBOH HMJEJOH QBSBHMJEJOH USBOTJUJPO UP TBJMQMBOFT -PDBUFE FYBNQMF "WBJMBCMF UISPVHI 64 (" )2 GPS KVTU T I 64)(" 10 #PY $PMPSBEP 4QSJOHT CFUXFFO 2VFTU BOE 8BMMBCZ JO DFOUSBM 'MPSJEB $0 64" $BOBEB POMZ 4PSSZ QPTUFST BSF /05 XXX TPBSn DPN "7"*-"#-& PO JOUFSOBUJPOBM PSEFST 41&$*"- "FSPCBUJDT 40"3*/( o .POUIMZ NBHB[JOF PG 5IF 4PBSJOH 4PDJFUZ QPTUFS &SJD 3BZNPOE QPTUFS #05) '03 T I PG "NFSJDB *OD $PWFST BMM BTQFDUT PG TPBSJOH n JHIU 'VMM NFNCFSTIJQ 44" 10 #PY )PCCT /. %7%4 7*%&04 #00,4 1045&34 o $IFDL PVU PVS 8FC TUPSF BU XXX VTIHB PSH TTB PSH

7*%&04 %7%4 7*%&04 '30. 64)(" o 8 88 64)(" 03( /&8 %"3& %&7*- '-:&34 o 5IF NJOVUF EJHJUBM WJEFP EPDVQJDUVSF DPWFST BMM UIJSUZ ZFBST PG IBOH HMJEJOH BOE BMM TFWFOUFFO ZFBST PG QBSBHMJEJOH *U CFHJOT XJUI UIF #PC BOE $ISJT 8JMMT TUPSZ o UIFZ GPVOEFE 8JMMT 8JOH UIF POMZ TVSWJWJOH "NFSJDBO NBOVGBDUVSFS EJT USJCVUPS PG IBOH HMJEFST BOE QBSBHMJEFST 5XP MFHFOEBSZ QJMPUT HVJEF UIF BVEJFODF UISPVHI UIFTF FYUSFNF TQPSUT XJUI UIFJS OBSSBUJWF 5IF EPDVQJD GFBUVSFT DPNQFUJUJPO JO UIF FYUSFNF TQPSUT PG BFSPCBUJD IBOH HMJEJOH TQFFE IBOH HMJEJOH BOE IJHI BMUJUVEF DSPTT DPVOUSZ QBSBHMJEJOH 8JOH NPVOUFE 107 DBNFSBT QSPWJEF UIF EPDVQJD XJUI BO JO UIF BJS UISJMM SJEF GSPN UIF 3PDLZ .PVOUBJOT UP UIF 1BDJm 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 /&8 163" 7*%" '-:*/( o #Z (8 .FBEPXT QJ MPUT XFFLT KVOHMF OP SVMFT " USJP PG DPNQFUJUJPO IBOH HMJEFS BOE QBSBHMJEFS QJMPUT EJTDPWFS UIF USVF NFBO JOH PG iQVSB WJEBw BT UIFZ FOKPZ UIF KVOHMFT BOE CFBDIFT PG $PTUB 3JDB )BOH HMJEJOH QBSBHMJEJOH VMUSBMJHIU UPXJOH LJUFCPBSEJOH BOE NPSF "XFTPNF n ZJOH 0SEFS ZPVST BU XXX VTIHB PSH TUPSF /&8 3*4, 3&8"3% o #Z +FGG (PJO 5IJT NJO %7% FYQPTFT UIF SJTLT BOE SFXBSET PG QPXFSFE QBSBHMJE JOH JO B GVO BDUJPO QBDLFE BEWFOUVSF :PV PXF ZPVSTFMG UIJT JOTJEF MPPL UIBU DPVME FBTJMZ TBWF ZPVS MJGF 5ISFF ZFBST JO UIF NBLJOH 3JTL 3FXBSE HBUIFST XJTEPN GSPN B MPOH MJTU PG JOTUSVDUPST 4QFDUBDVMBS WJEFP GSPN BSPVOE UIF XPSME TIFET MJHIU PO FTTFOUJBM DPODFQUT XJUI DMBSJUZ BOE SFBMJTN 0SEFS ZPVST BU XXX VTIHB PSH TUPSF /&8 64)(" ."(";*/& "3$)*7& o 5IF %7% TFU IPMET UIF IJTUPSZ PG PVS TQPSU GSPN UIF FBSMJFTU EBZT PG CBNCPP BOE QMBTUJD UP UIF QSFTFOU 8JUIJO UIFTF QBHFT ZPV MM m OE UIF FWPMVUJPO PG GPPU MBVODIFE n JHIU GSPN UIF m STU EBZT PG CBNCPP EVOF TLJNNFST UP UIF NPEFSO WBSJFUZ PG IBOH HMJEFST QBSBHMJEFST BOE SJHJE XJOHT &BDI 1%' m MF JT POF DPNQMFUF NBHB[JOF KVTU BT PSJHJOBMMZ QVC

803-%8*%& */5&3/&5 1"3"(-*%*/( 5"-, 4)08 o 8 88 803-%5"-,3"%*0 $0. -JTUFO MJWF PS UP UIF BSDIJWFT -JWF 5VFTEBZ B N 145 $BMM UPMM GSFF PS JOUFSOBUJPOBMMZ BU 1BSBHMJEFS QJMPUT BOE SBEJP IPTUT %BWJE BOE (BCSJFM +FCC XBOU UP IFBS BCPVU ZPVS TUPSJFT QSPNPUJPOT FWFOUT PS JOTJHIU UIFZ BMTP UBLF RVFTUJPOT

BSF TDIFEVMFE UP SVO NVMUJQMF NPOUIT 'BY

450-&/ 8*/(4 5)*/(4 130 %&4*(/ 5*5"/ ** o 4UPMFO NJE %FDFNCFS GSPN B MPDLFE DBS JO )POPMVMV )BXBJJ 8IJUF ZFMMPX BU CBDL PG CPUUPN TBJM XJUI 1SP %FTJHO .07& IBSOFTT ,JXJ IFMNFU SFXBSE GPS SFDPWFSZ PG HFBS JO HPPE DPOEJ UJPO $POUBDU ,FO #FSSZ 4,:8"-, $":&//& o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

$-"44*'*&% "%7&35*4 */( 3"5&4 o 5IF SBUF GPS DMBTTJm FE BEWFSUJTJOH JT GPS XPSET BOE QFS XPSE BGUFS .*/*.6. "% $)"3(& 1IPOF OVNCFS XPSET &NBJM PS 8FC BE ESFTT XPSET "% %&"% -*/&4 "MM BE DPQZ JOTUSVD UJPOT DIBOHFT BEEJUJPOT DBODFMMBUJPOT NVTU CF SF DFJWFE JO XSJUJOH NPOUIT QSFDFEJOH UIF DPWFS EBUF J F .BSDI UI JT UIF EFBEMJOF GPS UIF .BZ JT TVF "-- $-"44*'*&%4 "3& 13&1"*% *G QBZJOH CZ DIFDL QMFBTF JODMVEF UIF GPMMPXJOH XJUI ZPVS QBZNFOU OBNF BEESFTT QIPOF DBUFHPSZ IPX NBOZ NPOUIT ZPV XBOU UIF BE UP SVO BOE UIF DMBT TJm FE BE 1MFBTF NBLF DIFDLT QBZBCMF UP 64)(" 1 0 #PY $PMPSBEP 4QSJOHT $0 *G QBZJOH XJUI DSFEJU DBSE ZPV NBZ FNBJM UIF QSFWJ PVT JOGPSNBUJPO BOE DMBT TJm FE UP VTIHB!VTIHB PSH 'PS TBGFUZ SFBTPO QMFBTF DBMM ZPVS 7JTB .$ PS "NFY JOGP UP UIF PGm DF /P SFGVOET XJMM CF HJW FO PO BET DBODFMMFE UIBU

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


45 1"6- .*// "T ZPV SFBE UIJT UIF XBSNFS XJOET PG TQSJOH XJMM CF TUBSUJOH BOE TPPO CFIJOE DPNFT UIF PQUJNBM UIFSNBMJOH TFBTPO *U T OPOF UPP TPPO JO NZ NJOE #VU BMTP BT ZPV SFBE UIJT ZPV BSF QBSUBLJOH JO UIF m OBM JOTUBMMNFOU PG i1SPEVDU -JOFT w :FQ BGUFS ZFBST * WF EFDJEFE UP DIBOHF UIF SIZUIN JO NZ MJGF ttt 4JODF * WF XSJUUFO BCPVU UIJT QPT TJCJMJUZ JO SFDFOU DPMVNOT OPOF PG ZPV TIPVME CF TVSQSJTFE "DDPSEJOH UP NBOZ FNBJMT * WF SFDFJWFE UIF DPMVNO XJMM CF NJTTFE ɩ BOLT UP BCPVU PG ZPV XIP UPPL UIF UJNF UP TFOE B OPUF QMVT B GFX PUIFST UIBU DBMMFE PS TFOU NFTTBHFT BOPUI FS XBZ 5P UIF MBTU POF BMM PG ZPV BTLFE UIBU * LFFQ HPJOH #FMJFWF NF UIBU XBT HSBUJGZJOH UP SFBE * WF MPOH LOPXO UIBU NBOZ PG ZPV SFBE UIJT DPMVNO BT POF PG ZPVS SFHVMBS NPOUIMZ BDUJWJUJFT BOE JU IBT CFFO NZ QSJWJMFHF UP XSJUF JU ttt 8IJMF * N HPJOH UP SFUJSF UIJT WFOFSBCMF DPMVNO JU EPFT OPU NFBO UIF FOE PG NZ BWJBUJPO XSJUJOH *O 'FCSVBSZ UIJT ZFBS * DFM FCSBUFE ZFBST PG KPVSOBMJTN *O UIBU UJNF * WF IBE UIF HSFBU EFMJHIU UP n Z NPSF UIBO BJSDSBGU EP[FOT PG UIFN IBOH HMJEFST BOE QBSBHMJEFST BOE UP XSJUF NPSF UIBO GVMM MFOHUI n JHIU SFWJFXT GPS TFWFSBM MFBEJOH NBHB[JOFT "GUFS BMM UIBU * IBWF CFDPNF B MFBEJOH SFWJFXFS PG MJHIU SFDSFBUJPOBM BJSDSBGU BOE JU JT QSFDJTFMZ UIJT TQFDJBMUZ XIFSF * XJMM GPDVT *O SFDFOU ZFBST * WF HPUUFO UP n Z BJSQMBOFT B ZFBS BOE CF DBVTF * XSJUF GPS NBHB[JOFT XJUI RVJUF EJĊ FSFOU SFBEFS MJTUT * DBO PGUFO SFQPSU UIF TBNF BJSDSBGU UP BOPUIFS BVEJFODF XJUI B TMBOU UIBU NBUDIFT UIFJS FYQFSJFODF CBDLHSPVOE ttt * IBWF BMTP SFUJSFE NZ i-JHIU 4UVGGw DPMVNO JO ,JUQMBOFT NBHB[JOF ɩ BU KPVSOBM IBT PGUFO QVSDIBTFE TUPSJFT GSPN NF PO UIF TVC KFDU PG IBOH HMJEJOH BOE QBSBHMJEJOH BNPOH B XJEF BSSBZ PG PUIFS BJSDSBGU #VU GPS UIF TBNF SFBTPOT * GFFM * DBO CFUUFS VTF NZ UJNF UP DPODFOUSBUF PO QJMPU SFQPSUT PS BJSDSBGU FWBMVB UJPOT ɩ F i-JHIU 4UVĊ w IBT SVO NPOUIMZ GPS UIF MBTU GPVSUFFO ZFBST ttt 8IBU BN * HPJOH UP EP XJUI BMM UIF UJNF PO NZ IBOET GSPN OPU IBWJOH UP NFFU UIFTF UXP NPOUIMZ EFBEMJOFT 8FMM TPNF PG ZPV LOPX NZ XJGF 3BOEFF -BTLFXJU[ GPS ZFBST B NBOBHFS PG NZ $SZTUBM "JS 4QPSUT IBOH HMJEJOH TIPQ JO $IBUUBOPPHB 5FOOFTTFF BOE B TPBSJOH QJMPU JO IFS PXO SJHIU "T B UFBN XF XJMM TPPO FNCBSL PO B OFX BEWFOUVSF 8F IBWF BDRVJSFE B NPUPS IPNF BOE XJMM UBLF UIJT WFIJDMF BSPVOE UIF DPVOUSZ XPSLJOH SFHJPOT GPS UIF &"" JO JUT QVS TVJU PG MFBEFSTIJQ PG UIF OFX 4QPSU 1JMPU -JHIU 4QPSU "JSDSBGU TFHNFOU 8F MM USBWFM UP IFMQ QSPEVDF UIF 4QPSU 1JMPU 5PVS B TFSJFT PG TUPQT BSPVOE UIF DPVOUSZ XIFSF XF BTTFNCMF TPNF PG UIF OFXMZ DFSUJm FE 4QFDJBM -JHIU 4QPSU "JSDSBGU OPX BNB[ JOHMZ DPVOUJOH NPEFMT *OTUFBE PG EFNBOEJOH JOUFSFTUFE QJMPUT USBWFM BDSPTT DPVOUSZ UP POF PG UIF CJH BJSTIPXT XF CSJOH BJSQMBOFT BOE UIFJS SFQSFTFOUBUJWFT UP BJSQPSUT JO )PNFUPXO 64" &"" QSPWJEFT B EBZ GVMM PG MFDUVSFT UP FYQMBJO UIF OFX SVMF BOE JUT NBOZ EFUBJMT QMVT PUIFS BDUJWJUJFT ɩ F 4QPSU 1JMPU

5PVS IBT CFFO B SJTJOH TUBS BOE * N QMFBTFE &"" IBT FN CSBDFE UIJT DPODFQU PG iTNBMM WFOVF NBSLFUJOH w *O CFUXFFO 4QPSU 1JMPU 5PVS TUPQT 3BOEFF BOE * XJMM WJTJU n JHIU TDIPPMT JO UIF SFHJPO ɩ FTF HFOFSBM BWJBUJPO FOUFSQSJTFT DPNNPOMZ VTF $FTTOB PS 1JQFS USBJOFST UP QSFQBSF TUVEFOU GPS UIF 1SJWBUF 1JMPU T MJDFOTF UIF DPTU GPS XIJDI OPX BWFSBHFT UP ɩ F 4QPSU 1JMPU UJDLFU DBO DVU UIBU DPTU JO IBMG PS MFTT XIJDI TIPVME FODPVSBHF NPSF TUVEFOU TUBSUT BOE &"" XBOUT n JHIU TDIPPMT UP DPOTJEFS -JHIU 4QPSU "JSDSBGU BT UIFJS OFX USBJOFST ttt 5PVSJOH "NFSJDB TPVOET JOUSJHVJOH UP VT BOE UP NBOZ PUIFST XJUI XIPN XF WF TIBSFE PVS QMBOT 8F WF CFFO XPSLJOH UPXBSE UIJT GPS NPSF UIBO UXP ZFBST BOE XF BSF m OBMMZ SFBEZ UP CFHJO #VU CFJOH B OFX FOEFBWPS JU XJMM UBLF MPUT PG FĊ PSU BOE * NVTU BMMPDBUF NZ UJNF DBSFGVMMZ 4P i1SPEVDU -JOFTw JT TBZJOH B GPOE GBSFXFMM ttt *G FEJUPS $ + 4UVSUFWBOU XJMM IBWF UIFN * IPQF UP TVCNJU TIPSU BSUJDMFT UP )( 1( GSPN UJNF UP UJNF .Z GPDVT XJMM VTVBMMZ CF BMUFSOB UJWF TPBSJOH NBDIJOFT * MM JODMVEF OBOPUSJLFT QPXFSFE QBSB HMJEFST BOE QPXFSFE IBOH HMJEJOH IBSOFTTFT QMVT m YFE XJOH NPUPSHMJEFST ɩ FTF TVCKFDUT EPO U OFFE UP CF DPWFSFE NPOUIMZ BT UIF QSJNBSZ GPDVT PG )BOH (MJEJOH 1BSBHMJEJOH SFBEFST SFNBJOT PO VOQPXFSFE n JHIU FWFO JG UPXFE BMPGU ttt .BLF OP NJTUBLF UIPVHI 8IJMF NZ PDDBTJPOBM SFQPSUJOH UP UIJT NBHB[JOF NBZ JODMVEF QPXFSFE BMUFSOBUJWFT * IBWF MPOH TBJE BOE TUJMM NBJOUBJO UPEBZ UIBU NZ BCTPMVUF GBWPSJUF n ZJOH JT VOQPXFSFE IBOH HMJEJOH i*G * DPVME TOBQ NZ m OHFST BOE CF JO UIF BJS JU XPVME BMXBZT CF JO B IBOH HMJEFS w * WF PGUFO SF QFBUFE UP BWJBUJPO HSPVQT * WF BEESFTTFE /BUVSBMMZ OP GPSN PG n JHIU JT UIBU TJNQMF UP BDIJFWF TP TPNFUJNFT B QPXFSFE TPBS JOH NBDIJOF NBZ CF BO BEFRVBUF BMUFSOBUJWF #VU * MPWF TJMFOU TPBSJOH BOE * XJMM QVSTVF JU BT PGUFO BT * DBO ttt 0OMJOF * IBWF FOKPZFE UFSSJm D HSPXUI JO NZ 8FC TJUF #Z%BO+PIOTPO DPN * N QMFBTFE UP TBZ FWFSZ NFBTVSFNFOU DBUFHPSZ XBT VQ NPSF UIBO JO *U JT OPX PQFSBUJOH TMJHIUMZ JO UIF CMBDL BOE XF TFF HPPE HSPXUI QPUFOUJBM ɩ JT *OUFSOFU QSFTFODF XJMM MFU ZPV GPMMPX NZ WJFXT PG MJHIU SFDSFBUJPOBM BJSDSBGU TP QMFBTF LFFQ WJTJUJOH .Z GSFF i41-0(w 4QPSU 1JMPU 8FC -PH JT VQEBUFE UJNFT B NPOUI XJUI OFXT BOE B QIPUP PG DVSSFOU EFWFMPQNFOUT 8IFO BWBJMBCMF 41-0( XJMM JODMVEF OFXT PG IBOH HMJEJOH PS QBSBHMJEJOH 1MVT ZPV DBO m OE NPSF UIBO ZFBST PG UIJT DPMVNO BMM PG JU GVMMZ TFBSDIBCMF ttt 4P GFMMPX TPBSJOH FOUIVTJBTUT JU T UJNF UP XSBQ VQ UIJT m OBM JOTUBMMNFOU JO B MPOH MPOH TUSJOH PG NPOUIMZ DPMVNOT 8IBU B HSFBU n JHIU JU T CFFO 5IBOLT TP WFSZ TJODFSFMZ GPS ZPVS MPZBM SFBEFS TIJQ GPS BMNPTU UISFF EFDBEFT * MPPL GPSXBSE UP TFFJOH ZPV PO B MBVODI QMBUGPSN BU B UPXQBSL PS QFSIBQT BU BO BJSTIPX TPNFXIFSF 40 -0/(y %BO +PIOTPO %BO!#Z%BO+PIOTPO DPN

.BSDI )BOH (MJEJOH 1BSBHMJEJOH o X X X VTIHB PSH


XIZ UIF CFTU QJMPUT JO UIF XPSME óZ 8"-,&3+&5

¡

+VTU "4, UIFN h .ORMAL FREE FLIGHT HANG POINTS SUPER DURABLE CAGE RELIABLE POWER PLANTS AND BEST POSSIBLE SERVICE MAKE 7ALKERJET MY FIRST CHOICE v

#HRIS 3ANTACROCE

h7HEN YOU RE SERIOUS ABOUT WHAT S MOST IMPORTANT TO YOUR PARAGLIDER JUST BUY A 7ALKERJET vv

h7ALKERJET THE FASTEST WAY TO CLOUD BASE v

%NLEAU / #ONNER

"RAD 'UNNUCIO

/THAR ,AWRENCE ¸

³1RWKLQJ *HWV <RXU :LQJ 8S /LNH $ :DONHUMHW ´

:DONHUMHW 86$ LV WKH RIILFLDO 8 6 LPSRUWHU RI 6.< 3DUDJOLGHUV DQG DFFHVVRULHV

h)gVE TRIED THE REST AND SPENT A LOT OF TIME ON THE GROUND NOW )gM FIRING UP A 7ALKERJET v

&DOO 2Q WKH ZHE DW ZZZ ZDONHUMHW FRP 2U HPDLO LQIR#ZDONHUMHW FRP $OO :DONHUMHW 3DUDPRWRUV DYDLODEOH ZLWK +LJK (QHUJ\ 5HVHUYH 3DUDFKXWHV &DOO RU VHH ZHEVLWH IRU GHWDLOV

:DONHUMHW 86$ LV WKH RIILFLDO 8 6 LPSRUWHU RI :DONHUMHW 3DUDPRWRUV 6N\ 3DUDJOLGHUV :DONHUMHW 86$ $OO 5LJKWV 5HVHUYHG



Turn static files into dynamic content formats.

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