Community Service and Special Section

Page 1

3CHOLAR s !THLETE s $IPLOMAT s 3COUT s 6OLUNTEER s !RTIST s %NTERTAINER

>â }ÊÌÀ> ÃÊÌ ÊÌ i ÀÊvÕÌÕÀiÊ «iÃÊ> `Ê`Ài> Ã

3UNDAY -ARCH


4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST


5IFTF BSF PVS 7BMMFZ T

5BCMF PG $POUFOUT

'VUVSF -FBEFST

%

P ZPV SFNFNCFS UIBU TJNQMF RVFTUJPO i8IBU EP ZPV XBOU UP CF XIFO ZPV HSPX VQ w 4PNFUJNFT UIF BOTXFS XBT m SFNBO PS KFU QJMPU BOE JU VTVBMMZ XBT BO BOTXFS PDDB TJPOFE CZ B DIJME T ESFBN &BDI ZFBS BCPVU UIJT UJNF ZPVS 7BMMFZ 1SFTT SFQPSUJOH BOE QIPUP TUBGG TFBSDIFT PVU UIF ZPVOH QFPQMF XIP RVJDLMZ NPWFE QBTU EBZESFBNJOH BOE TUBSUFE ZPVOH BEVMUIPPE CZ ESFBNJOH CJH 8F m OE EP[FOT PG ZPVOH QFPQMF GSPN BMM DPSOFST BOE DBNQVTFT PG UIF "O UFMPQF 7BMMFZ XIP BSF EFUFSNJOFE UBMFOUFE BOE GPDVTFE FOPVHI UP NBLF UIFJS ESFBNT DPNF USVF "U MFBTU POF PG UIFN VTVBMMZ SFBMMZ EPFT XBOU UP CF B KFU QJMPU BOE JT EPJOH FWFSZUIJOH QPTTJCMF UP NBLF UIBU HPBM IBQQFO *O PVS 'VUVSF -FBEFST FEJUJPO XF DBTU UIF OFU GBS BOE XJEF UP CSJOH JO B TBNQMF PG UIF CFTU ZPVOH QFPQMF JO UIF "OUFMPQF 7BMMFZ 8F LOPX XF EJEO U m OE FWFSZ TJOHMF POF #VU XF LOPX XF GPVOE B MPU PG UIF HPPE POFT 'PMMPX UIF NPSF UIBO TUPSJFT IFSF BOE ZPV XJMM DPNF BXBZ XJUI TPNF SFBTTVSBODF UIBU UIF GVUVSF JT OPU CMFBL JO UIF MFBEFSTIJQ EFQBSUNFOU " GFX FYBNQMFT GPS ZPVS DPOTJEFSBUJPO 2VBSU[ )JMM )JHI 4DIPPM KVOJPS "VSVT (BMJOEP IBT MPWFE ESBXJOH CVJME JOHT TJODF IF XBT MJUUMF BOE HSFX VQ DPOTUSVDUJOH GBODJGVM TUSVDUVSFT XJUI CSJHIUMZ DPMPSFE -FHP CSJDLT )F XBOUT UP CF BO BSDIJUFDU )JHIMBOE )JHI 4DIPPM "JS 'PSDF +VOJPS 305$ DBEFU +FTTJDB -B'PSDF BT QJSFT UP CFDPNF B KVEHF BEWPDBUF HFOFSBM JO UIF .BSJOF $PSQT 8IFO TIF T OPU TUVEZJOH PS CVTZ XJUI TDIPPM PS DIVSDI BDUJWJUJFT +FTTJDB TBJE TIF MJLFT UP XSJUF m DUJPO 4IF TUSJWFT UP QPSUSBZ iWFSZ TUSPOH JOEFQFOEFOU HJSMT XIP NBLF UIFJS PXO XBZ w 4QFBLJOH PG TUSPOH BOE JOEFQFOEFOU XF QSPm MF &CPOZ #FTIFBST GSPN ,OJHIU )JHI 4DIPPM &CPOZ XBOUT UP BUUFOE 6OJWFSTJUZ PG $BMJGPSOJB *SWJOF BOE TUVEZ DSJNJOPMPHZ 4IF UIFO QMBOT UP QVSTVF B EPDUPSBUF JO GPSFOTJD TDJFODF BU %BWJT i*U T MJLF A$4* * MM CF UIF POF JO UIF MBC JOUFSQSFUJOH UIF FWJEFODF w &CPOZ TBJE "U %FTFSU )JHI 4DIPPM JO FBTU ,FSO $PVOUZ 5ZMFS 6SCBO JT GPDVTJOH IJT SFTFBSDI MFOT PO UIF GSJOHF UPFE MJ[BSE 5IF TNBMM SFQUJMF PGGFST B LFZ UP QSFTFSWJOH UIF EFMJDBUF FDPTZTUFN PG UIF .PKBWF %FTFSU 8IFO UIF EBZ DPNFT UIBU 5ZMFS FBSOT IJT TQVST BT B SFTFBSDI IFSQFUPMPHJTU PS PUIFS MJGF TDJFOUJTU IF E MJLF UP TFU PVU GPS UIF SBJO GPSFTUT PG UIF "NB[PO 3JWFS 5P m OE PVS TUPSJFT XF SFBDI PVU BOE TPMJDJU ZPVS OPNJOBUJPOT PG XPSUIZ ZPVOH QFPQMF 5P SFBDI PVS OVNCFS UIF MJTU IBT UP CF DVU UP B SFBTPO BCMF OVNCFS UP BDDPNNPEBUF UIF QBHFT EFEJDBUFE UP UIF FGGPSU 8F LOPX UIFSF BSF NBOZ NPSF NFSJUPSJPVT ZPVOH QFPQMF JO PVS DPNNVOJUZ 5IFTF SFQSFTFOU B CSPBE TBNQMF "GUFS UIBU PVS TUBGG SFQPSUFST TFFL PVU UIF EP[FOT PG TUVEFOUT UIFJS QBSFOUT BOE TDIPPM DPVOTFMPST 0VS QIPUPHSBQIFST NFFU UIF OPNJOFFT BOE DSBGU B EFm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

,BNFSJOF "DPTUB

,BGBZBU "EFCJZJ

,BUIFSJOF "MMJOHUPO

+BNFT "SJBT

+PTIVB "SSFPMB

"OUIPOZ #BSSPT

$BSJTTB #FMMWJMMF

#JBODB #FRVFS

&CPOZ #FTIFBST

+BTNJOF #JPOH

3BDIBFM #SBUFS

"MFYBOESB #SPPLT

+FTTJDB #SPXO

/BUBMJF #VDL

,BZMFOF #VSLIBSU

(BWJO #VUMFS

:WFUUF $BTUJMMP

"QSJM $JTOFSPT

.JDIFMMF $PXBO

.BSL $SBNN

+BTPO $SBOOFMM

#SZBO $VSUJT

.VIBNNBE %BNBOIVSJ

3ZBO %BWJT

/JDPMF %JODBV

/JLPMF &SJDLTPO

5SFWPS 'PCFM

4V[BOOF 'PY

"VSVT (BMJOEP

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

8SJUUFO CZ %&//*4 "/%&340/ t 7BMMFZ 1SFTT &EJUPS


4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

5BCMF PG $POUFOUT

-BVSFO (PEEBSE

-FMF .BSJF (PMEUSBQ

1BZUPO (PSF

+PIO (SBIBN

5BZMPS (SJOEFZ

$ZOUIJB (V[NBO

7JSHJOJB .BSJB )BOFT

-VJT )BSP

$PMF )JDLNBO

4IBOOPO )P

"TIMJF )PSTU

.BSDP *CBSSB

.BSJTFMB *HMFTJBT

5ZMFS +BDLTPO

%SBLF +PC

-JOETFZ +PSEBO

+PTIVB ,BZ

,BZUMFO ,JNCFM

+FTTJDB -B'PSDF

,BUISJOF -BUISPQ

7JDUPS -FWBSJP

7JDUPSJB -PQF[

&TUIFS .BEEPY

"VTUJO .BMFT

3JDIBSE .BOH

.FHBO .BYXFMM

"OUIPOZ .PTRVFEB

3BVM .PZB

+BNFT .VMMFO

+BOF .VSDJB

;BDIBSZ /FXIPVTF

1IJMJQ /HVZFO

&EEJF 0XJUJ

.D,FO[JF 1BOUBOB

.JDIFMMF 1BSTPOT

,JNCFSMZ 1BSUJEB

+PIO 1PSFNTLJ

%JLTIJUB 1PVEFM

$BJUMJO 2VBJOUBODF

"OOJF 3BEJHBO

4UFQIBOJF 3BNJSF[

-BDFZ 3JTDIBS

"MFYBOESB 4FQPMFO

3JTIF 4JWBHOBOBN

"NBOEB 4NJUI

%BNPOE 4NJUI +S

#SPPLF 4OZEFS

"NZ 4PEFSHSFO

$ISJTUJBO 5BHP

.BLFOOB 5IJFT

5JNPUIZ 5VTP

-BVSFO 6QEZLF

5ZMFS 6SCBO

"OLJU 7JK

-PVJT 7VPOH

/BEJB 8FTU


+PIO (SBIBN 3PCPUJDT MFBEFS BOE CBHQJQFS BUUFOEFE )BSWBSE 8SJUUFO CZ "--*40/ ("5-*/ t 1IPUPHSBQIFE CZ 30/ 4*%%-&

"(& 4$)00- 4DIPPM (0"- 4UBSU m SN

i3PCPUJDT MFU NF QVU BMM NZ JOUFSFTUT UPHFUIFS w IF TBJ i* N HFUUJOH UP BQQMZ XIBU * W JO DMBTTFT UP SFBM XPSME BQQMJ BO FOWJSPONFOU UIBU NBLFT JU 5IF TFOJPS IBT CFFO JOWPM SPCPUJDT BMM GPVS ZFBST PG IJHI BMUIPVHI OPU BMM BU -BODBTUFS IJT TPQIPNPSF ZFBS JO "MBCB GBUIFS XBT TUBUJPOFE BOE XB UIF UFBN BU IJT TDIPPM UIFSF 5IF CSFBL NBEF IJN BQQS NPSF XIBU -BODBTUFS T &BHMF GFSFE i5IF PUIFS UFBN NBEF MJLF UIF CFTU PG UIF CFTU w IF EJTPSHBOJ[BUJPO BOE m OBODJBM PUIFS TDIPPM +PIO SFUVSOFE UP -BODBTUFS OPX TFSWFT BT B DP NBOBHFS

4FF (3")". PO

BSBDMFUF )JHI 4DIPPM $POHSBUVMBUFT "MM UIF 'VUVSF -FBEFS )POPSFFT %JTDPWFS UIF 4QJSJU PG 1BSBDMFUF )JHI 4DIPPM t $IBMMFOHJOH $PMMFHF 1SFQBSBUPSZ $VSSJDVMVN t 8"4$ BOE 8$&" "DDSFEJUFE t $*' $IBNQJPOTIJQ "UIMFUJDT t "SUT t 5FDIOPMPHZ t 1BSFOUT XIP TIBSF JO UIF NJTTJPO PG 1)4 t $BNQVT .JOJTUSZ $PNNVOJUZ 4FSWJDF BOE 3FUSFBU 1SPHSBNT t "GGPSEBCMF 5VJUJPO 3FHJTUSBUJPO 5FTUJOH

8F BSF DVSSFOUMZ UFTUJOH UI HSBEF TUVEFOUT BOE BDDFQUJOH USBOTGFS TUVEFOU BQQMJDBUJPOT GPS UIF TDIPPM ZFBS *G ZPV BSF JOUFSFTUFE JO BUUFOEJOH 1BSBDMFUF BOE UPVSJOH PVS DBNQVT QMFBTF DBMM

" $BUIPMJD $PMMFHF 1SFQBSBUPSZ )JHI 4DIPPM 4FSWJOH UIF "OUFMPQF 7BMMFZ 4JODF UI 4USFFU 8FTU t -BODBTUFS

FYU

7JTJU PVS 8FCTJUF BU XXX QBSBDMFUFIT PSH

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

t )POPST "1 $PVSTFT JO BMM "DBEFNJD %JTDJQMJOFT

"

U m STU +PIO (SBIBN TFFNT MJLF NBOZ PUIFS IJHI BDIJFWJOH FOHJOFFSJOH NJOEFE TUVEFOUT JOWPMWFE JO UIF SPCPUJDT QSPHSBN BU -BODBTUFS )JHI 4DIPPM XIFSF IF IBT QMBZFE B LFZ SPMF JO DSFBU JOH BXBSE XJOOJOH SPCPUT BOE TQSFBEJOH UIF HPTQFM PG NBUI TDJFODF BOE UFDIOPMPHZ FEVDBUJPO 5IFO ZPV IFBS UIF CBHQJQFT BOE ZPV SFBMJ[F UIJT ZFBS PME JT B QFSTPO PG WBSJFE UBMFOUT i+PIO JT DMFBSMZ B IFBWZXFJHIU BDBEFNJD BDIJFWFS w TBJE (MFO #BVNCBDI IJT "EWBODFE 1MBDFNFOU FOWJ SPONFOUBM TDJFODF UFBDIFS i)JT DPNCJOFE JOUFSFTUT JO QSPNPUJOH NBUI TDJFODF BOE UFDIOPMPHZ SPCPUJDT UP ZPVOHFS TUVEFOUT BMPOH XJUI IJT WPMVOUFFS TQJSJU QMBZJOH CBHQJQFT BU NJMJUBSZ GVOFSBMT EFNPOTUSBUFT IJT UBMFOU BOE BCJMJUJFT BT B 'VUVSF -FBEFS w 5IBU +PIO XPVME CF JOUFSFTUFE JO FOHJOFFSJOH BOE BFSPTQBDF JT QFSIBQT OPU TVSQSJTJOH HJWFO UIF "JS 'PSDF DBSFFS PG IJT GBUIFS $PM (MFOO (SBIBN 5IF DB SFFS IBT NFBOU TFWFSBM NPWFT CVU UIF GBNJMZ SFUVSOT UJNF BOE BHBJO UP UIF "OUFMPQF 7BMMFZ BOE &EXBSET "JS 'PSDF #BTF " MPOHUJNF GBO PG -FHPT BOE FSFDUPS TFUT +PIO BMTP IBT B OBUVSBM BQUJUVEF GPS BEWBODFE NBUI )F CFHBO UBLJOH DMBTTFT BU "OUFMPQF 7BMMFZ $PMMFHF JO FJHIUI HSBEF BOE IBT DPNQMFUFE TVDI BEWBODFE DPVSTFT BT $BMDVMVT MJOFBS BMHFCSB BOE EJGGFSFOUJBM FRVBUJPOT


/BUBMJF #VDL

-PVJT 7VPOH

)JHIMBOE TFOJPS IBT USFNFOEPVT HSBEFT BOE XPSL FUIJD

+VOJPS 305$ DPNNBOEFS BOE GPVOEFS PG IJQ IPQ EBODF UFBN

8SJUUFO CZ +": )&"5&3 t 1IPUPHSBQIFE CZ 30/ 4*%%-&

"

T /BUBMJF #VDL m HVSFT JU TIF BMSFBEZ IBT FBSOFE POF NBTUFS T EFHSFF 5IF BSFB PG TUVEZ )PX UP HFU BMPOH PO UXP IPVST PG TMFFQ 4VDI JT MJGF EVSJOH IFS TFOJPS ZFBS BT TIF USJFT UP NBJOUBJO IFS HSBEF QPJOU BWFSBHF BU )JHIMBOE )JHI 4DIPPM XIJMF IBOEMJOH BMM UIF BDUJWJUJFT UIBU XJMM TUSFOHUI FO IFS S¤TVN¤ GPS DPMMFHF BOE QBSUJDJQBUJOH JO IFS DIVSDI BDUJWJUJFT 8IJMF TPNF NJHIU UIJOL UIBU DIVSDI BDUJWJUJFT DPVME CF QVTIFE UP UIF TJEF GPS B XIJMF /BUBMJF IBT HSPXO VQ JO UIF 1FBDF "QPTUPMJD $IVSDI PG $BSTPO i*U IBT DPO TVNFE NPTU PG NZ MJGF BOE * MPWF JU w /BUBMJF TBJE i*U JT X

"(& 4$)00- )JHIMBOE )JHI 4DIPPM (0"- /FPOBUBM OVSTF

"MUIPVHI TIF IBT MJWFE JO 1BMNEBMF TJODF TIF XBT IFS GBNJMZ SPVUJOFMZ NBLFT OVNFSPVT USJQT UP $BS TPO FBDI XFFL )FS GBUIFS .JDIBFM JT B EFBDPO BU UIF DIVSDI BOE IFS NPUIFS ,SJTUJOF JT BDUJWF JO UIJOHT TVDI BT WPMVOUFFSJOH UP DBSF GPS JOGBOUT *U XBT UIBU XPSL CZ IFS NPN UIBU HPU /BUBMJF m STU OUT "MPOH XJUI UIF GBDU UIBU IFS GBUIFS T OVSTFT TIF EFDJEFE TIF XBOUFE UP OVSTF FS 5IPNBT +POFT XIP OPNJOBUFE T OP EPVCU TIF XJMM CF TVDDFTTGVM i4IF NZ DMBTTFT w IF TBJE i4IF JT VOn BQ IBT UIJT XBZ BCPVU IFS w UP UIF 6$-" 4DIPPM PG /VSTJOH CPUI -" HSBEVBUFT BOE IBT MPPLFE BU PUIFS OJB 4UBUF 6OJWFSTJUZ -POH #FBDI U MPPL BU DPMMFHFT PVUTJEF 4PVUIFSO SU BMXBZT IBT CFFO XJUI NZ GBNJMZ w

" .PO

"VUIPSJ[FE

$"3 "-"3.4 */45"--&%

4PNF DBS SFRVJSF LJU IBSOFTT FYUSB QBSUT

$BS "VEJP #BTT 4ZTUFN t *ODMVEFT 8BUU $MBTT % "NQ t 5XP 8PPGFST t 0OF JODI .%' 8PPGFS #PY t *OTUBMMFE

*/45"--&%

&953" QBSUT NBZ CF SFRVJSFE

& 1BMNEBMF #MWE t 1BMNEBMF

S

t #0045 .PCJMF t 7JSHJO .PCJM t 1BHF 1MVT t ;BMQ 8JSFMFTT t 5 .PCJMF t $SJDLFU

$BS "NQMJm FST 4QFBLFST +7$ .FNQIJT $SJNF "MBSNT 4VCXPPGFST

JMM IBT CFFO m HIUJOH UP m OE IPVST JO JU IBT CFFO SFBMMZ SPVHI w TIF TBJE T * KVTU HP XJUIPVU TMFFQ w UIBU UIF SFTQPOTJCJMJUJFT IBWF UBVHIU S TPNF WBMVBCMF MFTTPOT i*U NBLFT ZPV XPSL PO UJNF NBOBHFNFOU w TIF TBJE "MUIPVHI TIF TBJE TIF IBT MFBEFSTIJQ RVBMJUJFT TIF EPFTO U HP PVU PG IFS XBZ UP TIPX PUIFST B EJSFDUJPO i* OFWFS SFBMMZ TBX NZTFMG BT B ZPVUI MFBEFS w TIF TBJE i#VU B GFX NPOUIT BHP UIFZ BTLFE NF UP CF B QBSU PG PVS DIVSDI T ZPVUI DBCJOFU * TBJE ZFT CF DBVTF * HVFTT UIF UJNF JT OPX 5IFZ TBJE * XBT B HPPE PSHBOJ[FS w 4IF TBJE TIF EPFTO U GFFM QSFTTVSF USZJOH UP CF B SPMF NPEFM i(SPXJOH VQ UIF TUBOEBSET NZ QBSFOUT TFU GPS NF XFSF IJHIFS UIBO BOZPOF FMTF w TIF TBJE i*U EJE UBLF B MJUUMF CJU PG FYUSB FGGPSU BU UJNFT #VU NPTU EFm OJUFMZ FWFSZUIJOH IFMQFE NF *U QVU NF BIFBE PG UIF HBNF w 4IF MJTUT TJOHJOH BOE BDUJOH BT IPCCJFT XIJDI TIF BDDPNQMJTIFT UISPVHI IFS DIVSDI " NFNCFS PG UIF $BMJGPSOJB 4DIPMBSTIJQ 'FE FSBUJPO /BUBMJF BMTP IBT SFDFJWFE "XBSET BOE CFFO OBNFE B 4DIPMBS "UIMFUF GPS WPMMFZCBMM BOE PVUTUBOEJOH QBSUJDJQBOU JO UIF /BUJPOBM "DIJFWFNFOU 4DIPMBSTIJQ 1SPHSBN

Z /P POF /P $SFE T " $P JU QQ OU $IF SP SB DL WF DU E T

1SF 1BJE 1IPOFT 1SF 1BJE 1IPOF $BSET $FMM 1IPOF 3FQBJS $FOUFS 1BHFST $BS 4UFSFPT 6OMPDL $FOUFS 'FBUVSJOH

UI *ODMVEFT 6OMJNJUF E 5BML 5FYU 8FC %BUB

&W F

"JS 5JNF "T -PX BT

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

OEPVT HSBEFT BOE XPSL FUIJD /BUBMJF F EPFTO U QVSTVF CFJOH B EPDUPS 4IF TIF XBOUT UP CF B NPUIFS BOE SBJTF B PG TUVEZ JU UBLFT UP CFDPNF B EPDUPS OUP IFS TDIFEVMF UIBU EJEO U m U JOUP IFS TFOJPS ZFBS ZCBMM 4IF TBJE UIBU BMUIPVHI TIF MPWFE BT B GSFTINBO BOE TPQIPNPSF TIF QSJPSJUJFT BOE UIFZ EJEO U m U JOUP UIF

8SJUUFO CZ &3*$ )"3%*/( t 1IPUPHSBQIFE CZ .":" 46("3."/

/

PU POMZ EPFT %FTFSU )JHI 4DIPPM TFOJPS -PVJT 7VPOH FYDFM JO UIF DMBTTSPPN BOE JO +VOJPS 305$ IF BMTP IBT IJT EBODF NPWFT EPXO -PVJT JT HSPVQ DPNNBOEFS PG IJT "JS 'PSDF +VOJPS 305$ VOJU XIFSF IF T SFTQPOTJCMF GPS BMM UIF HSPVQ T PQFSBUJPOT 4JODF HFUUJOH JOWPMWFE JO 305$ IJT GSFTINBO ZFBS IF TBJE JU IBE CFFO IJT ESFBN UP CF HSPVQ DPNNBOEFS i*U T DIBOHFE NF BT B QFSTPO w IF TBJE i"T B GSFTINBO * IBE OP JEFB XIBU * XBT HPJOH UP EP *U NBEF NZ DIBSBDUFS BOE NPSBMT BOE JU CVJMU NZ JOUFHSJUZ * N NPSF KVEHNFOUBM * N QMBOOJOH UP UBLF UIJT PO JO DPMMFHF BOE CF BO PGm DFS JO UIF "JS 'PSDF BT XFMM w -PVJT IBT CFFO BDDFQUFE UP 4BO 'SBODJTDP 4UBUF 6OJWFSTJUZ XIFSF IF QMBOT UP NBKPS JO FMFDUSJDBM FOHJOFFSJOH BO JOUFSFTU UIBU TUFNT

"(& 4$)00- %FTFSU )JHI 4DIPPM (0"- "JS 'PSDF PGm DFS

UIF /BUJPOBM )POPS 4PDJFUZ BOE JT BMTP TFOJPS DMBTT TFDSFUBSZ XIFSF IF JT SFTQPOTJCMF GPS QMBOOJOH UIF TFOJPS DMBTT USJQ )JT BXBSET JO DMVEF "NFSJDBO -FHJPO PG .JMJUBSZ &YDFMMFODF UIF 5VTLFHFF "JSNBO BXBSE BOE 0VUTUBOEJOH $BEFU )F XPO TFDPOE QMBDF JO UIF TDIPPM T TDJFODF GBJS GPS B QSPKFDU UIBU UFTUFE XIJDI XBT UIF CFTU XBZ UP UFBDI TPNFPOF EBODF TUFQT -PVJT BDIJFWFNFOUT IBWF HBS OFSFE BUUFOUJPO GSPN UIPTF BSPVOE IJN i-PVJT JT BO JOUFMMJHFOU BOE FYUSFNFMZ UBMFOUFE JOEJWJEVBM w 1SJODJQBM /BU "EBNT TBJE i)F T BMXBZT TP QPTJUJWF BOE GSJFOEMZ UP

4FF 760/( PO


5JNPUIZ 5VTP 1 TDIPMBS IFBEJOH UP NFEJDBM m FME O CZ $)"3-&4 ' #0458*$, t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

BO )JHI 4DIPPM DPVOTFMPS I LJET w IF TBJE i4IF TBJE PE BT B QFEJBUSJDJBO * TBJE UIF SFTU PG NZ MJGF w ZFBS PME TPO PG %S 1IJM P PG 1BMNEBMF JT B TFOJPS BU BO XIFSF IF T NBJOUBJOFE B PJOU BWFSBHF XIJMF UBLJOH B EWBODFE 1MBDFNFOU DMBTTFT EFNJD JOUFSFTUT BSF TDJFODF NBUIFNBUJDT BOE IF QMBOT UUFOE $BMJGPSOJB 4UBUF 6OJ STJUZ -POH #FBDI XIFSF IF BO BQQMJDBOU GPS UIF VOJWFS UZ T QSFTUJHJPVT 1SFTJEFOUBM DIPMBS TDIPMBSTIJQ i5JN JT B DPOTDJFOUJPVT EJMJHFOU ZPVOH NBO XIP MFBET CZ FYBNQMF XJUI IJT SFTQFDUGVMOFTT FODPVSBHFNFOU BOE QPTJ UJWF BUUJUVEF w TBJE %FTFSU $ISJTUJBO UFBDIFS %BSMFOF 4QBSLT XIP OPNJOBUFE IJN i)F TUBOET BQBSU GSPN UIF DSPXE XJUI IJT FOFSHZ TNJMF BOE EFUFS

"(& 4$)00- %FTFSU $ISJTUJBO )JHI 4DIPPM (0"- 1FEJBUSJDJBO

NJOBUJPO )F JT ESJWFO UP EP XFMM BOE XJMM BDIJFWF IJT HPBMT JO UIF NFEJDBM m FME w ,FFQJOH VQ UIBU (1" NFBOT BCPVU TJY IPVST PG IPNFXPSL B OJHIU i* TUVEZ CBTJDBMMZ GSPN XIFO * HFU IPNF GSPN TDIPPM VOUJM * HP UP TMFFQ w 5JNPUIZ TBJE 5IJT ZFBS IF T JO DBMDVMVT &OHMJTI BOE HPWFSONFOU "1 DMBTTFT -BTU ZFBS IF UPPL 6 4 IJTUPSZ MJUFSBUVSF BOE CJPMPHZ "1 DMBTTFT 5JNPUIZ TBZT IF T UBLFO FTTFOUJBMMZ BMM UIF "1 DMBTTFT UIBU %FTFSU $ISJTUJBO PGGFST FYDFQU GPS 4QBOJTI 5IBU T CFDBVTF IF TUVEJFT 'SFODI ‰ FODPVSBHFE UP EP TP CZ B DPVTJO XIP TUVEJFE JO 'SBODF ‰ BOE UPPL IJT UIJSE ZFBS PG 'SFODI JO BO POMJOF DPVSTF i* FOEFE VQ SFBMMZ MJLJOH JU w IF TBJE 5JNPUIZ TUVEJFT IBSE CVU IF BMTP DPNQFUFT PO %FTFSU $ISJTUJBO T USBDL BOE m FME UFBN JO UIF MPOH KVNQ BOE USJQMF KVNQ ‰ XFMM FOPVHI UP CF OBNFE UP UIF "MM -FBHVF 'JSTU 5FBN JO BOE 'PS UIF MBTU UISFF ZFBST IF IBT DPNQFUFE JO B NPSF DFSF CSBM WFOVF BT XFMM 5IF JOUFSTDIPPM .BUIMFUFT DPNQFUJUJPO JO XIJDI IF XBT B NFNCFS PG UIF KVOJPS WBSTJUZ .BUIMFUFT UFBN BT B TPQIPNPSF BOE PO UIF WBSTJUZ UFBN BT B KVOJPS BOE TFOJPS $PNQFUJUJPOT JOWPMWF FBDI UFBN NFNCFS TPMWJOH QSPC

4FF 5640 PO

$POHSBUVMBUJPOT UP "OUFMPQF 7BMMFZ T 'VUVSF -FBEFST

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

IZTJDJBO CVU IF TBJE UIBU SF TFU IJT TJHIUT PO CFDPNJOH


,BGBZBU "EFCJZJ -BODBTUFS KVOJPS JT ESJWFO UP TVDDFFE 8SJUUFO CZ +6-*& %3",& t 1IPUPHSBQIFE CZ 30/ 4*%%-&

KVOJPS ,BGBZBU BOUT UP QVSTVF B DB IBT OPU ZFU EFDJEFE XJMM MFBE IFS XPVME BMXBZT BOU UP CF B UIFSB DJBO A* XBOU UP CF i* EFm OJUFMZ LOFX * UIF NFEJDBM m FME w IPQFT UP BUUFOE $P LF $PMMFHF ,BGBZBU XIFSF TIF XJMM m OE IU GPS IFS HFSJBO CPSO UFFO CFFO JO UIF 6OJUFE PS TFWFO ZFBST 4IF DIPPM XBT B EJGm DVMU JUJPO BU m STU CFDBVTF BDDFOU HPU JO UIF BZ 4IF BMTP IBE UP QFBU B HSBEF BOE BENJUUFE UIBU CSVJTFE IFS FHP i5IF QSJEF HFUT UP ZPV MJLF A8IZ EP * IBWF UP SFQFBU B HSBEF w ,BGBZBU TBJE i#VU JU SFBMMZ IFMQFE NF CFDBVTF XIBU UIFZ UBVHIU NF PWFS UIFSF JO /JHFSJB *

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

!NTELOPE

!

!

! !

! !

# " ### " $ % !

QSPHSBN BU 6$-" ,BGBZBU NBEF OPUF PG "MJNBU T 4"5 TDPSFT TP "(& TIF LOPXT UIF OVNCFS UP CFBU "MJNBU UPPL m WF 4$)00- -BODBTUFS )JHI 4DIPPM "1 DMBTTFT IFS TFOJPS ZFBS BU "OUFMPQF 7BMMFZ )JHI (0"- $BSFFS JO NFEJDJOF 4DIPPM TP UIBU NFBOT ,BGBZBU XJMM UBLF TJY "1 DMBTTFT OFYU ZFBS :PVOHFTU TJTUFS ,BSJNBU JT B GSFTINBO BU -BO MFBSOFE TP NVDI NPSF *U HBWF NF EJTDJQMJOF BOE JU DBTUFS )JHI ,BGBZBU TBJE BGUFS ,BSJNBU m OJTIFT IJHI IFMQFE NF CFDPNF B CFUUFS TUVEFOU w TDIPPM IFS NPUIFS XJMM SFKPJO IFS GBUIFS JO /JHFSJB

,BGBZBU XIP IBT B XFJHIUFE HSBEF QPJOU %FTQJUF IFS IJHI HSBEF QPJOU BWFSBHF BOE BWFSBHF TBJE TIF XBT OPU NVDI PG B iTDIPPM QFS TUSBJHIU "T ,BGBZBU TBJE TIF EPFTO U MJLF JU XIFO TPOw JO /JHFSJB #VU JO UIF "OUFMPQF 7BMMFZ TIF JT QFPQMF TBZ TIF JT TNBSU i* N OPU TNBSU w TIF TBJE i* GPDVTFE 4IF UBLFT GPVS "EWBODFE 1MBDFNFOU DMBTTFT IBWF UP XPSL IBSE CFGPSF * VOEFSTUBOE JU w JO DIFNJTUSZ TUBUJTUJDT &OHMJTI BOE 6 4 IJTUPSZ 4IF 4DIPPM JT ,BGBZBU T MJGF 4IF JT QSFTJEFOU PG UIF BMTP UBLFT B [FSP QFSJPE USJHPOPNFUSZ DMBTT XIJDI TDIPPM T 'SJEBZ /JHIU -JWF DMVC BOE JT B NFNCFS PG NFBOT ,BGBZBU T TDIPPM EBZ CFHJOT XIFO NBOZ UIF ,FZ $MVC $ISJTUJBO $MVC -JOL $SFX $BMJGPSOJB QFPQMF BSF TUJMM JO CFE 4DIPMBSTIJQ 'FEFSBUJPO BOE /BUJPOBM )POPS 4PDJFUZ i* IBWF UP CF TVDDFTTGVM w ,BGBZBU TBJE i* EPO U 4IF BMTP WPMVOUFFST BU UIF 8JMMJBN + i1FUFw ,OJHIU XBOU UP GBJM 5IBU T POF PG NZ CJHHFTU GFBST w 7FUFSBOT )PNF ,BGBZBU JT ESJWFO UP TVDDFFE JO QBSU UP NBLF IFS 4PNFUJNFT ,BGBZBU XJTIFT TIF DPVME KPJO IFS QBSFOUT TBDSJm DF XPSUI JU GSJFOET XIFO UIFZ EP PUIFS UIJOHT CVU LOPXT IFS -BUJG BOE "NJOBU "EFCJZJ CSPVHIU ,BGBZBU BOE TBDSJm DF OPX XJMM CFOFm U IFS JO UIF GVUVSF i4PNFUJNFT ZPV KVTU IBWF UP IBWF TBDSJm DFT BOE IFS UXP TJTUFST IFSF TP UIBU UIFZ DPVME SFDFJWF B TBDSJm DF JT NZ MJGF TUPSZ CBTJDBMMZ w ,BGBZBU TBJE i* CFUUFS FEVDBUJPO )FS GBUIFS XIP JT BUUFOEJOH MBX TDIPPM JO /JHFSJB WJTJUT UIF GBNJMZ PODF B ZFBS )FS GFFM MJLF JO TPNF XBZ * IBWF UP QBZ NZ NPN CBDL 4IF HBWF VT FWFSZUIJOH 4IF HBWF VQ IFS IVTCBOE NPUIFS JT B MJDFOTFE WPDBUJPOBM OVSTF i'PS NZ NPN * IBWF TP NVDI SFTQFDU w ,BGBZBU TIF HBWF VQ IFS MJGF BU IPNF TIF HBWF VQ IFS TJTUFST w TBJE i* WF OFWFS TFFO TPNFCPEZ XPSL BT IBSE BT 5FBDIFS 4VF 4USPN UIF 'SJEBZ /JHIU -JWF DMVC TIF XPSLT w BEWJTFS TBJE ,BGBZBU JT BMXBZT TUSJWJOH UP EP CFUUFS 5IFSF JT BMTP B GSJFOEMZ DPNQFUJUJPO BOE TJCMJOH OP NBUUFS IPX XFMM TIF EPFT JO BOZUIJOH TIF BU SJWBMSZ CFUXFFO ,BGBZBU BOE IFS PMEFTU TJTUFS UFNQUT "MJNBU B 'VUVSF -FBEFS BOE B (BUFT .JMMFO OJVN 4DIPMBSTIJQ SFDJQJFOU "MJNBU JT JO UIF QSF NFE 4FF "%&#*:* PO


%F7SZ 6OJWFSTJUZ XJTIFT ZPV HSFBU TVDDFTT XJUI ZPVS GVUVSF FEVDBUJPO DBSFFS BTQJSBUJPOT

%F7SZ 6OJWFSTJUZ IBT -PT "OHFMFT BSFB MPDBUJPOT

1BMNEBMF $FOUFS

5SBEF $FOUFS %SJWF 4VJUF 1BMNEBMF $" 'PS NPSF JOGPSNBUJPO QMFBTF WJTJU %F7SZ FEV PS DBMM

%F7SZ 6OJWFSTJUZ JT BDDSFEJUFE CZ 5IF )JHIFS -FBSOJOH $PNNJTTJPO PG UIF /PSUI $FOUSBM "TTPDJBUJPO XXX ODBIMD PSH 1SPHSBN BWBJMBCJMJUZ WBSJFT CZ MPDBUJPO %F7SZ &EVDBUJPOBM %FWFMPQNFOU $PSQ "MM SJHIUT SFTFSWFE

'PS DPNQSFIFOTJWF DPOTVNFS JOGPSNBUJPO WJTJU EFWSZ FEV TUVEFOUDPOTVNFSJOGP

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

%F7SZ 6OJWFSTJUZ XPVME MJLF UP FYUFOE PVS TJODFSFTU DPOHSBUVMBUJPOT GPS UIF EFEJDBUJPO ZPV IBWF EFNPOTUSBUFE UPXBSET ZPVS FEVDBUJPO BOE GVUVSF DBSFFS HPBMT "U %F7SZ 6OJWFSTJUZ XF CFMJFWF FWFSZ ZPVOH QFSTPO IBT UIF SJHIU UP BO FEVDBUJPO BOE XF SFDPHOJ[F UIF IBSE XPSL BOE DPNNJUNFOU GSPN FBDI PG ZPV 8F XJTI ZPV HSFBU TVDDFTT XJUI ZPVS FEVDBUJPO BOE DBSFFS BTQJSBUJPOT


&TUIFS .BEEPY 3 KVOJPS JT BXBSE XJOOJOH QVCMJD TQFBLFS FO CZ 4"."/5)" ."$$0//&-- t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

TTJPOBUF BCPVU TQFBLJOH IF JT BCPVU IFMQJOH PUIFS MT BOE DPOm EFODF UP BQ OJPS UPPL IFS FOUIV FBLJOH UP OFX IFJHIUT MPQFE UIF TDIPPM T $MVC FBSMJFS UIJT ZFBS MNJOBUJOH B QSPDFTT UIBU CFHBO EVSJOH UIF TVNNFS i5ISPVHIPVU ZPVS MJGF BU TDIPPM BOE JO ZPVS DBSFFS ZPV SF HPJOH UP IBWF UP TQFBL JO GSPOU PG QFPQMF *G ZPV DBO MFBSO IPX UP TQFBL XJUI DPOm EFODF QVU ZPVS JEFBT PVU JO B DPIFSFOU XBZ BOE CF BO FG GFDUJWF DPNNVOJDBUPS UIBU XJMM CFOFm U ZPV JO UIF MPOH SVO w &TUIFS TBJE &TUIFS IBT TVDDFTTGVMMZ NBJOUBJOFE BO PWFSBMM HSBEF QPJOU BWFSBHF BU 40"3 BO FBSMZ DPMMFHF IJHI TDIPPM QSPHSBN PO UIF "OUFMPQF 7BM MFZ $PMMFHF DBNQVT 40"3 IJTUPSZ UFBDIFS /FJM 4NBMM POF PG UXP QFPQMF XIP OPNJOBUFE &TUIFS GPS 'VUVSF -FBEFST TBJE TIF JT

"(& 4$)00- 40"3 )JHI 4DIPPM (0"- 'PSFJHO DPSSFTQPOEFOU PS BNCBTTBEPS

BO PVUTUBOEJOH TUVEFOU CPUI JOTJEF BOE PVUTJEF PG UIF DMBTT SPPN )FS MPWF PG QVCMJD TQFBLJOH GPSNFE JO IFS GSFTINFO ZFBS BG UFS TIF CFHBO QBSUJDJQBUJOH JO TQFFDI DPNQFUJUJPOT &TUIFS TBJE TIF XBT OFSWPVT UP TQFBL JO GSPOU PG BO BVEJFODF CVU JU XBT OPU UIF m STU UJNF TIF E CFFO PO B TUBHF &TUIFS QBSUJDJQBUFE JO UIFBUFS GPS m WF ZFBST QSJPS UP IJHI TDIPPM &BSMZ PO TIF EFDJEFE UP TJHO VQ GPS B TVNNFS QSPHSBN BU UIF 1BMNEBMF 1MBZIPVTF BOE QFSGPSNFE JO QMBZT JO UIF ZFBST MFBEJOH VQ UP IJHI TDIPPM 5IPVHI TIF BMXBZT TBX IFSTFMG BT NPSF TVJUFE GPS UIF ESBNBUJD BSUT &TUIFS XBT QMFBTBOUMZ TVSQSJTFE UP MFBSO KVTU IPX NVDI TIF FOKPZFE QVCMJD TQFBLJOH i(FUUJOH VQ UIFSF BOE UBMLJOH BCPVU TPNFUIJOH TFSJPVT XBT EJGGFSFOU CVU * SFBMMZ FOKPZFE JU w TIF TBJE &TUIFS UPPL m STU QMBDF JO UIF /BUJPOBM .BOBHFNFOU "TTPDJB UJPO TQFFDI DPNQFUJUJPO IFS GSFTINBO ZFBS BOE SFQSFTFOUFE 4PVUIFSO $BMJGPSOJB JO UIF TFNJm OBMT PG UIBU DPNQFUJUJPO MBTU ZFBS i* N TP QSPVE PG IFS * DBO U FWFO UBML JU T UPP FNPUJPOBM w

%SBLF +PC 'PVS TQPSU TDIPMBS BUIMFUF BDUJWF JO TUVEFOU HPWFSONFOU 8SJUUFO CZ "-"/ )&/%3: t 1IPUPHSBQIFE CZ .":" 46("3."/

)F XBT UIF GSFTINBO DMBTT QSFTJEFOU BOE TPQIPNPSF DMBTT WJDF QSFTJEFOU )F BMTP WPMVOUFFST BT B MJGFHVBSE BU #PSPO T TXJNNJOH QPPM EVSJOH QBSU PG IJT MVODI CSFBL )F T CFFO PO UIF )POPS 3PMM TJODF BOE QBSUJDJQBUFT JO "DBEFNJD %FDBUIMPO BMM XIJMF NBJOUBJOJOH B

8F 4UBOE #FIJOE 0VS 8PSL *NQPSU %PNFTUJD

"JS $POEJUJPOJOH t #SBLFT &MFDUSJDBM t 5SBOTNJTTJPO &OHJOF 0WFSIBMM 0WFSIFBUT t 'VFM 4ZTUFNT

1VMM $IFDL &OHJOF -JHIU $PEFT

'3&&

.PCJMJUZ *OTUBMMBUJPOT 3FQBJST

)BOE $POUSPMT t -JGUT t 3BNQT .PCJMJUZ 7BO $POWFSTJPOT 1PXFS $IBJST t 4DPPUFST

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

%

SBLF +PC IBT CFFO B CVTZ TUVEFOU BOE BUIMFUF BU #PSPO )JHI 4DIPPM )F QMBZT JO GPVS TQPSUT BOE JT BD UJWF JO TUVEFOU HPWFSONFOU )F JT TFSWJOH BT UIF KVOJPS DMBTT QSFTJEFOU UIJT ZFBS BOE IBT QMBOT UP SVO GPS "TTPDJBUFE 4UVEFOU #PEZ QSFTJEFOU OFYU ZFBS

'3&& 0'' 0JM $IBOHF

3FQBJST PG 8JUI 3FQBJST PG PS NPSF PS NPSF

0GGFS 7BMJE UISV $BOOPU CF DPNCJOFE XJUI BOZ PUIFS PGGFS .VTU QSFTFOU BE GPS EJTDPVOU

8 /VHFOU t -BODBTUFS t .PO 'SJ

T S

S

4-

HSBEF QPJOU BWFSBHF "OE SFNFNCFS IF JT KVTU B KVOJPS i%SBLF JT POF PG UIF NPTU XFMM SPVOEFE TUV EFOUT #PSPO )JHI 4DIPPM IBT FWFS IBE w QSJODJQBM 1BVM ,PTUPQPVMPT TBJE i)F JT B USVF MFBEFS JO UIF DMBTTSPPN BOE UIF BUIMFUJD m FMET BT XFMM )F JT BO PVUTUBOEJOH TUVEFOU XIP JT OPU POMZ CSJHIU CVU BQQMJFT IJNTFMG MJLF GFX PUIFST w i* WF CFFO JOWPMWFE XJUI NZ DMBTT BMM UISPVHI IJHI TDIPPM w %SBLF TBJE i* KVTU GFFM * IBWF UIF BCJMJUZ UP CF B MFBEFS BOE NBLF HPPE BOE JOGPSNFE EFDJTJPOT UP IFMQ UIF TDIPPM PVU i* LJOE PG MJLF UP CF UIF POF XIP IBT UIF BOTXFST *U NBLFT NF GFFM CFUUFS CFDBVTF * LOPX * MM NBLF HPPE EFDJTJPOT w %SBLF IBT BMTP NBEF HPPE EFDJ TJPOT JO IJT BUIMFUJD FOEFBWPST BU #PSPO %SBLF XBT UIF QPJOU HVBSE PO UIF #PSPO CPZT CBTLFUCBMM UFBN BT UIF #PCDBUT m OJTIFE TFDPOE JO UIF %FTFSU .PVOUBJO -FBHVF BOE IPTUFE B m STU SPVOE QMBZPGG HBNF

4FF +0# PO

"(& 4$)00- #PSPO )JHI 4DIPPM (0"- $IFNJDBM FOHJOFFS

4FF ."%%09 PO


(PU B GSJFOE JO USPVCMF

8& $"/ )&-1

5&&/ %36( "-$0)0- 53&"5.&/5 130(3".4 t *OUFOTJWF 0VUQBUJFOU 3FTJEFOUJBM 5SFBUNFOU 1SPHSBNT

t 3FMBQTF 1SFWFOUJPO

t %SVH "MDPIPM 1SPHSBNT

t %VBM %JBHOPTJT

t *OEJWJEVBM $PVOTFMJOH

t %SVH 5FTUJOH

t *OEJWJEVBMJ[FE 5SFBUNFOU 1MBOOJOH

t $SJTJT *OUFSWFOUJPO

t (SPVQ 5IFSBQZ

t "GUFSDBSF "MVNOJ (SPVQ

t 'BNJMZ $PVOTFMJOH

t )PVS )FMQMJOF

"DUJPO 'BNJMZ $PVOTFMJOH "OUFMPQF 7BMMFZ

'03 5&&/4

.PTU *OTVSBODF "DDFQUFE t +$")0 "DDSFEJUBUJPO t XXX BDUJPOGBNJMZ PSH

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

t 4UFQ .PEFM


5BZMPS (SJOEFZ

(BWJO #VUMFS

1BSBDMFUF TFOJPS MFBET CZ IFS BDUJPOT

)JHIMBOE TFOJPS IFBEFE UP UIF PQFSBUJOH SPPN 8SJUUFO CZ $3"*( $633*&3 t 1IPUPHSBQIFE CZ 30/ 4*%%-&

8SJ

1

8

BSBDMFUF )JHI KVTU BCPVU FW NPTU JT IFMQJ TPOBM HSFBUOFTT BOE i* IBWF UISFF PME TBJE i* WF CBTJDBMMZ 5BZMPS T LJOEOFT XPSF B QJO XJUI B Q EJFE BGUFS B TLBUFCP TFWFSBM QJOT FBDI P SFQSFTFOUJOH UIF TUV

IJMF TPNF MPPL GPSXB )JHIMBOE )JHI 4DIPPM ESFTTFT EPXO BU UIF FOE i8F DBMM UIFN A'BODZ 'SJEBZT w ESFTT VQ JO CVTJOFTT BUUJSF 8F TIP NJOJNVN w (BWJO BOE B IBMG EP[FO PS TP PUIFST QBSUJDJQBUF JO XIBU IBT CFDPNF B XFFLMZ SJUVBM *U TUBSUFE XIFO IF BOE IJT GSJFOET XFSF EFDJEJOH PO B UIFNF GPS FBDI EBZ PG UIF XFFL CVU UIF UIF POMZ POF UIBU TUVDL BOE JU T CF ESFTT GPS (BWJO FWFS TJODF i8F KVTU IBWF B NPUUP ‰ ESFTT TBJE 5FBDIFST BOE TUVEFOUT BMJLF IBW GPS IJT DMPUIFT CVU UIFSF T NPSF UP XBSESPCF "T B TUVEFOU XIP IBT UB "EWBODFE 1MBDFNFOU DMBTTFT BU )JH BDIJFWFE B HSBEF QPJOU BWFSBHF TVJOH B DBSFFS BT B TVSHFPO (BWJO QMBOT UP USBWFM B XFMM QBW JMZ QBUI GSPN UIF "OUFMPQF 7BMMFZ U :PVOH 6OJWFSTJUZ JO 6UBI GPMMPXJO GPPUTUFQT PG BMM GPVS PG IJT TJCMJOHT 8IJMF (BWJO XBT TFU PO BUUFOEJ #:6 IJT DBSFFS QBUI XBT TIBQFE N SFDFOUMZ CZ BO BOBUPNZ DMBTT BU )J UIBU QJRVFE IJT JOUFSFTU .PSF TQFD (BWJO TBJE IF OPX XBOUT UP CFDP PSUIPQFEJD TVSHFPO i&WFS TJODF FMFNFOUBSZ TDIPPM

"(& 4$)00- 1BSBDMFUF )JHI 4DIPPM (0"- .FDIBOJDBM FOHJOFFS

USJCVUFE UIFN BU TDI 4IF NBEF POF GPS I TJTUFS BOE TFW FSBM TUVEFOUT XIP XFSF IJT GSJFOET -BTU GBMM 5BZ MPS DBNF VQ XJUI BO JEFB UP SBJTF BXBSFOFTT BCPVU BO JTTVF DMPTF UP IF IFBSU 'PS )BMMPXFF TIF IFMQFE DPPSEJO B )BMMPXFFO UIFNF i4QFDJBM 4QJSJUT %BO TQFDJBM OFFET TUVEF BDSPTT UIF "OUFMPQF

4FF #65-&3 PO

4FF (3*/%&: PO

5640

MFNT SBOHJOH VQ UP USJHPOPNFUSZ BOE TPNF DBMDVMVT XJUI UIF XJOOFST CBTFE PO UIF UFBN T UPUBM TDPSF i*U DBO CF BOZUIJOH GSPN BMHFCSB UP HFPNFUSZ UP USJH UP DBMDVMVT w 5JNPUIZ TBJE %FTFSU $ISJTUJBO T UFBN HFUT UP HFUIFS FWFSZ 8FEOFTEBZ BU MVODI

UJNF UP QSBDUJDF EPJOH QSPCMFNT GSPN QBTU DPNQFUJUJPOT 5IF FYUSB NBUI QSBDUJDF GPS UIF UFBN DPNQFUJUJPO IBT QSPWFE VTFGVM JO IJT SFHVMBS TDIPPMXPSL FTQFDJBMMZ XIFO IF XBT TUVEZJOH "MHFCSB ** BT B GSFTINBO IF TBJE )JT BDBEFNJD IPOPST JODMVEF 6 4 "DIJFWFNFOU "DBEFNZ BXBSET JO HFPNFUSZ CJPMPHZ "MHFCSB ** DIFN

JTUSZ 'SFODI ** XPSME IJTUPSZ "1 MJUFSBUVSF BOE USJHPOPNFUSZ BOE IF XBT OBNFE POF PG UIF PSHBOJ[BUJPO T "MM "NFSJDBO 4DIPMBST "U -BODBTUFS T $FOUSBM $ISJT UJBO $IVSDI IF BMPOH XJUI PUIFS UFFOBHFST WPMVOUFFSFE JO UIF DIVSDI OVSTFSZ UBLJOH DBSF PG DIVSDI NFN CFST UPEEMFST GPS BCPVU NJOVUFT FWFSZ 4VOEBZ "U UIBU BHF UIFSF T OP

0''

J N MPWJO JU

5.

"OZ .D$BG¤ #FWFSBHF

7*4*5 063 -0$"5*0/4 t 4JFSSB )XZ "DUPO t 8 "WF 1 1BMNEBMF t UI 4U 8 1BMNEBMF

7BMJE 8JUI $PVQPO 0OMZ

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'SPN

"(& 4$)00- )JHIMBOE )JHI 4DIPPM (0"- 0SUIPQFEJD TVSHFPO

*OTJEF 8BMNBSU

t 3BODIP 7JTUB #MWE 1BMNEBMF "7 .BMM 'PPE $PVSU

t 1FBSCMPTTPN )XZ -JUUMFSPDL t (PMEFO 7BMMFZ 3E 4BOUB $MBSJUB

&YQJSFT 7BMJE POMZ BU TUPSFT MJTU FE PO BE $VSSFOU QSJDFT BOE QBSUJDJQBUJPO CBTFE PO JOEFQFOEFOU PQFSBUPS EFDJTJPO 1SJDFT NBZ WBSZ /PU WBMJE JO DPOKVODUJPO XJUI BOZ PUIFS PGGFS EJTDPVOU DPVQPO PS DPNCP NFBM $BTI WBMVF PG DFOU -JNJU POF DPVQPO QFS DVTUPNFS QFS WJTJU 1MVT UBY JT BQQMJDBCMF 1SJDF PG SFRVJSFE QVSDIBTF QPTUFE PO NFOV CPBSE $PVQPO NBZ OPU CF USBOTGFSSFE DPQJFE PS EVQMJ DBUFE JO BOZ XBZ PS USBOTNJUUFE WJB FMFD USPOJD NFEJB 7BMJE XIFO QSPEVDU TFSWFE .BZ OPU CF WBMJE GPS DVTUPN PSEFST

SFMJHJPVT TUVEZ JOWPMWFE JO UIF XPSL i8F KVTU QMBZ XJUI UIFN w 5JNPUIZ TBJE 5JNPUIZ IBT BMTP WPMVOUFFSFE JO $FOUSBM $ISJTUJBO $IVSDI T XPSL QSPKFDUT GPS UIF DJUZ PG -BODBTUFS T .BSUJO -VUIFS ,JOH +S %BZ PG 4FS WJDF $FOUSBM $ISJTUJBO BEPQUFE BT JUT GPDVT UIF 5SFOE OFJHICPSIPPE OFBS "WFOVF - BOE UI 4USFFU 8FTU XIFSF 5JNPUIZ IFMQFE QBJOU IPVTFT SBLF ZBSET BOE DBSU BXBZ USBTI i#BTJDBMMZ XF XFSF DMFBOJOH VQ UIF OFJHICPSIPPE w IF TBJE 5JNPUIZ KVTU HPU CBDL GSPN BO PUIFS $FOUSBM $ISJTUJBO XPSL QSPKFDU JO XIJDI UFFOBHF DIVSDI NFNCFST TQFOU B XFFLFOE BU B .FYJDBO PSQIBOBHF OFBS &OTFOBEB IFMQJOH CVJME B IPVTF BT XFMM BT JOUFSBDUJOH XJUI UIF DIJMESFO "U TDIPPM IF JT B NFNCFS PG UIF $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO $BCJOFU XIJDI QMBOT GVOE SBJTJOH BDUJWJUJFT UP IFMQ DIBSJUJFT TVDI BT UIF $ISJTUJBO OPOQSPm U PSHBOJ[B UJPO 'FFE .Z 4UBSWJOH $IJMESFO 5IF HSPVQ SFDFOUMZ PSHBOJ[FE B i1FOOZ 8BS w JO XIJDI %FTFSU $ISJTUJBO DMBTTFT DPNQFUFE UP DPMMFDU DPJOT UP EPOBUF UP DIBSJUZ

"%&#*:* 'SPN i4IF JT B CJU TIZ JOJUJBMMZ CVU TIF JT SFBMMZ HSFBU BU FODPVSBHJOH QFPQMF UP HFU JOWPMWFE w 4USPN TBJE "MJNBU BHSFFE UIBU IFS ZPVOHFS TJTUFS JT B 'VUVSF -FBEFS CFDBVTF TIF IBT OFWFS NFU BOZPOF TP ESJWFO PS EFEJDBUFE i8IFO * CFDBNF B (BUFT .JMMFO OJVN 4DIPMBS TIF XPVME MPPL BU NF BOE XPVME UFMM NF A* N HPJOH UP CF CFUUFS UIBO ZPV w "MJNBU SFDBMMFE i* N UIJOLJOH UIBU T IPX NPUJWBUFE TIF JT IPX ESJWFO TIF JT y 4IF NBLFT TBDSJm DFT TP TIF DBO BDIJFWF IFS ESFBNT w "MJNBU MBVHIFE XIFO TIF SFDBMMFE IPX ,BGBZBU UPME IFS UIBU 6$-" BOE #FSLFMFZ XFSF IFS iCBDLVQ QMBOT w i4IF TFUT TVDI IJHI TUBOEBSET GPS IFSTFMG JU T IBSE GPS NF OPU UP BDLOPXMFEHF TIF T EPJOH TPNFUIJOH SJHIU w "MJNBU TBJE "MJNBU BDLOPXMFEHFE ,BGBZBU T EFUFSNJOBUJPO BMTP QVTIFT IFS UP EP CFUUFS i8F SF WFSZ MPWJOH TJTUFST CVU BU UIF TBNF UIFSF JT DPNQFUJUJPO y * UIJOL CFDBVTF PG IFS * N DIPPTJOH TDIPPMT MJLF $PMVNCJB BOE :BMF BOE %VLF GPS HSBE TDIPPM y 3FHBSEMFTT PG XIBU TIF EPFT BU -BODBTUFS )JHI 4DIPPM * N SFBMMZ QSPVE PG IFS w


/JDPMF %JODBV %PHT SFBMMZ BSF IFS CFTU GSJFOET 8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ .":" 46("3."/

/

JDPMF %JODBV T ZPVOH MJGF IBT HPOF UP UIF EPHT CVU UIF ZFBS PME #FUIFM $ISJTUJBO 4DIPPM TFOJPS EPFTO U TFFN UP NJOE 4USBOHFMZ FOPVHI IBU T IPX TIF QMBOOFE JU /JDPMF UIF EBVHIUFS PG 5POZ BOE TBO %JODBV JT B TUSBJHIU " TUVEFOU B DIFS PO UIF TDIPPM T WBSTJUZ TPGUCBMM BN BO BDUSFTT JO UIF TDIPPM T ESBNB PEVDUJPOT BOE XBT DIPTFO B IPNF NJOH QSJODFTT IFS KVOJPS ZFBS 4IF T BMTP BO BDDPNQMJTIFE BHJMJUZ H IBOEMFS BOE DFSUJm FE UIFSBQZ EPH EMFS )FS DBOJOF DBQFST DPNF DPNQMJ UT PG IFS HSBOENPUIFS .BSZ %JODBV USBJOT BOE IBOEMFT BHJMJUZ EPHT MPWF NZ EPHT 5IFZ SF NZ CFTU ET w /JDPMF TBJE i5IFZ BSF BMXBZT SF GPS NF i8JUIPVU /BOB .BSZ %JODBV * PVME IBWF OP DPOOFDUJPO UP BMM PG T w i8IFO /JDPMF XBT ZFBST PME TIF GFMM PWF XJUI EPHT w TBJE %JODBV i8F XFOU VO BHJMJUZ FWFOU XJUI NZ "VTUSBMJBO SE 1BUDI BOE /JDPMF BTLFE JG UIF EPH IF BHJMJUZ DPVSTF XJUI IFS F DPVSTF QFSGFDUMZ BOE TIF XBOUFE PNQFUJUJPO 5IFO BU B DPNQFUJUJPO

"(& 4$)00- #FUIFM $ISJTUJBO 4DIPPM (0"- 1VCMJTIJOH FEJUPS

TIF BTLFE UP SVO 1BUDI BHBJO 5IFZ UPPL TFDPOE QMBDF BHBJOTU BMM BEVMUT BOE UIFJS EPHT w %JODBV UIPVHIU IFS HSBOEEBVHIUFS XPVME TPPO UJSF PG XPSLJOH XJUI UIF EPHT CVU PODF TIF SFBMJ[FE /JDPMF XBT USVMZ JOUFSFTUFE TIF CPVHIU IFS BO "VTTJF QVQQZ OBNFE 0[[JF 5IBU XBT ZFBST BHP 0[[JF JT /JDPMF T USJFE BOE USVF FYQFSJFODFE BHJMJUZ EPH "OE ZFBS PME %JHHJF BOPUIFS "VTTJF JT IFS VQ BOE DPNFS /JDPMF HBJOFE UIF SFTQFDU PG NBOZ PG IFS BEVMU DPN QFUJUPST "U /JDPMF BOE IFS EPHT DPNQFUFE JO UIF 6 4 %PH "HJMJUZ "TTPDJBUJPO T OBUJPOBM DIBNQJPOTIJQ JO 4DPUUTEBMF "SJ[ 4IF BMTP RVBMJm FE GPS UIF OBUJPOBMT JO /BTIWJMMF UIF QBTU UISFF ZFBST CVU EJEO U BUUFOE i'SPN UIF EPHT /JDPMF IBT MFBSOFE QBUJFODF BOE NBZCF B MJUUMF IVNJMJUZ w %JODBV TBJE i8IFO UIF EPHT EJEO U EP XIBU TIF XBOUFE TIF MFBSOFE UP HP CBDL BOE EP JU BMM PWFS BHBJO /P SFBTPO UP HFU VQTFU +VTU HFU JU SJHIU UIF OFYU UJNF w i* N WFSZ DPNQFUJUJWF BOE BMUIPVHI UIFSF T B DFSUBJO EFHSFF PG DPNQFUJUJPO JU T BMTP GVO w /JDPMF TBJE i5IF

4FF %*/$"6 PO

q 4LJMMFE GBDVMUZ NFNCFST XIPTF QSJNBSZ GPDVT JT UFBDIJOH q &YDFMMFOU TVQQPSU TFSWJDFT q -PX DPTU

q BTTPDJBUF EFHSFF QSPHSBNT ‡ FHUWL¿FDWH SURJUDPV q 1SJPSJUZ SFHJTUSBUJPO GPS IJHI TDIPPM TFOJPST

q )POPST 5SBOTGFS "MMJBODF 1SPHSBN q 'JOBODJBM BJE q $BSFFS QMBOOJOH q +PC QMBDFNFOU

$ $ ' $ & % ' $ # # # "

!

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST


,JNCFSMZ 1BSUJEB .BUI XIJ[ XBOUT UP UFBDI TVCKFDU UP ZPVOHTUF 8SJUUFO CZ .&3*4" +&/4&/ t 1IPUPHSBQIFE CZ 30/ 4*%%-&

5

FBDIJOH IBT BMXBZT DPNF OBUVSBMMZ GPS ZFBS PME -BODBTUFS )JHI 4DIPPM TFOJPS ,JNCFSMZ 1BSUJEB #FDBVTF PG IFS MPWF GPS NBUI TIF CFHBO UVUPS JOH ZPVOHFS LJET BU UIF NJEEMF TDIPPM TIF BUUFOEFE BOE GPVOE UIBU TIF FOKPZFE JU i"MHFCSB BMXBZT LJOE PG DBNF UP NF w ,JNCFSMZ TBJE i8IFOFWFS * TFF B QSPCMFN JU T XFJSE * N FYDJUFE UP UFBDI JU CFDBVTF * BTL UIFN JG * DBO TFF UIFJS CPPL KVTU UP SFGSFTI NZ NFNPSZ BOE UIFO * SFNFNCFS IPX NZ UFBDIFST UBVHIU JU UP NF BOE IPX * VOEFSTUPPE JU BOE IPX * DBO CFTU UFBDI JU UP UIFN w &WFO UIPVHI UFBDIFST BSF OPU JO UIF IJHIFTU QBZJOH PG QSPGFTTJPOT ,JNCFSMZ TBJE NBLJOH B EJGGFSFODF JO DIJMESFO T MJWFT JT NPSF UIBO FOPVHI SFXBSE GPS IFS i* MJLF UFBDIJOH FWFO UIPVHI UIFZ TBZ JU T VOEFSQBJE * XPVME TUJMM HP GPS UIBU DBSFFS w TBJE ,JNCFSMZ XIP IBT B HSBEF QPJOU BWFSBHF #VU TIF XPVME BMTP MJLF UP IBWF IFS PXO CBLFSZ POF EBZ (SPXJOH VQ XBUDIJOH IFS QBSFOUT DPPL BOE CBLF BOE TFFJOH IFS GBUIFS -VJT 1BSUJEB DBUFS PDDBTJPOBMMZ XJUI DMPTF GSJFOET ,JNCFSMZ IBT HSPXO UP MPWF XPSLJOH JO UIF LJUDIFO i* FOKPZ DPPLJOH w TIF TBJE i* MJLF HPJOH PO UIF DPN QVUFS BOE MPPLJOH VQ SFDJQFT BOE PODF * NBTUFS UIBU SFDJQF * BEE NZ PXO UXJTU w

"(& 4$)00- -BODBTUFS ) (0"- 5FBDIFS BOE CB

4IF BMTP UPPL B DPVSTF BU B .JDIBFMT TUPSF BOE MFBSOFE UP EFDPSBUF DBLFT i* XBT WFSZ JOUSJHVFE CZ JU w ,JNCFSMZ TBJE i5IF XIPMF GPOEBOU DBLF EFDPSBUJOH UIJOH LJOE PG KVTU IJU NF 0ODF * HFU NZ UFBDIJOH DSFEFOUJBM BOE * BMSFBEZ IBWF NZ TUBCMF KPC * GFFM UIBU * MM IBWF UJNF UP UBLF B GFX DPVSTFT IFSF BOE UIFSF BOE * MM IPQFGVMMZ PQFO VQ NZ PXO CBLFSZ w ,JNCFSMZ IBT B WBSJFUZ PG JOUFSFTUT BOE JT JOWPMWFE JO TFWFSBM DMVCT PO UIF -BODBTUFS DBNQVT CVU JU XBTO U BMXBZT UIBU XBZ i* XBT WFSZ TIZ w ,JNCFSMZ TBJE i* TUJ CVU * XBTO U UIBU BDUJWF * WF IBE B IJHI TJODF GSFTINBO ZFBS CVU BMM * QBSUJDJQBUF XBT $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO

4FF 1"35*%"

3BVM .PZB 40"3 TFOJPS JT B ACSJMMJBOU TUVEFOU 8SJUUFO CZ +&//*'&3 4"/504 t 1IPUPHSBQIFE CZ 30/ 4*%%-&

ZPV SF JOUFSFTUFE JO BOE UIFO ZPV MPPL JOUP JU BOE JU FYQBOET JOUP TPNFUIJOH NVDI CJHHFS w TBJE 3BVM PG IJT [FBM GPS BFSPTQBDF FOHJOFFSJOH i* SFBMMZ MJLF UIF XIPMF EFTJHO BTQFDU PG JU w 3BVM DPNCJOFE IJT MPWF PG FO HJOFFSJOH BOE BFSPTQBDF BU 40"3 T BOOVBM &OWJSP 'BJS JO +BOVBSZ XIFSF IF EFNPOTUSBUFE QIZTJDT DPODFQUT UP NJEEMF BOE IJHI TDIPPM TUVEFOUT 40"3 JT BO FBSMZ DPMMFHF IJHI TDIPPM QSPHSBN PO UIF "OUFMPQF 7BMMFZ $PM MFHF DBNQVT "U UIF GBJS 3BVM CVJMU B NPEFM SPDLFU BOE XJOENJMM OPU POMZ UP

Ë Ë lÄËLË S Í lÄ

Ëy Â

"DDFQUJOH TUVEFOUT BHFT UP BEVMUT

4IBGGFS 7JPMJO 479 )

XXX WJPMJOBW DPN

EFNPOTUSBUF QIZTJDT QSJODJQMFT CVU BMTP UP QSFTFOU B XBZ PG SJE EJOH UIF FDPTZTUFN PG QPMMVUJPO 5IF QSPKFDU XBT JO MJOF XJUI UIF GBJS T UIFNF .BLJOH " 3FTPMVUJPO *OWFOUJOH /FX &OWJSPONFOUBM 4PMVUJPOT PS ."3*/&4 5IF QSPKFDU XBT SFRVJSFE UP CF FOWJSPONFOUBMMZ GSJFOEMZ TP 3BVM VTFE 17$ QJQF BT B CBTF GPS UIF XJOENJMM BOE QJFDFT PG DBSECPBSE GPS UIF SFTU PG UIF EFTJHO i*U T QSFUUZ JOUFSFTUJOH CFDBVTF BU m STU B GFX PG UIFN EPO U UIJOL UIFZ E MJLF UP TFF UIF QSPKFDUT CFDBVTF UIFZ EPO U UIJOL DIFNJTUSZ PS QIZTJDT JT DPPM w 3BVM TBJE i#VU JU T OJDF UP HJWF UIFN BO FYQMBOBUJPO PG XIBU JU JT BOE UP TIPX UIFN XIBU B SPDLFU DBO EP w 8IFUIFS IF T BU TDIPPM PS BU IPNF 3BVM BQQSPBDIFT QSPKFDUT BT JG UIFZ XFSF B IPCCZ i* WF BMXBZT MJLFE UP KVTU CVJME JO HFOFSBM w 3BVM TBJE 4QFDJm DBMMZ 3BVM FOKPZT CVJMEJOH NPEFM SFNPUF DPOUSPM BJSQMBOFT BOE TIJQT 4PNF PG UIF TNBMMFS NPEFMT IF TBJE DBO UBLF IJN VQ UP UXP NPOUIT UP DPNQMFUF .BOZ PG UIF NPEFMT PODF UIFZ SF m OJTIFE TFSWF BT EFDP SBUJPOT UISPVHIPVU IJT IPVTF #MBOTLJ JT BMTP UIF BEWJTFS GPS 40"3 T 1IZTJDT $MVC PG XIJDI 3BVM JT QSFTJEFOU 4IF TBJE TIF IBT FOKPZFE XBUDIJOH IJN UBLF UIF MFBE PO TFW

"(& 4$)00- 40"3 )JHI 4DIPPM (0"- "FSPTQBDF FOHJOFFS

> Ë$lÄÄ Ä

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

5

IF TPO PG B EPDUPS BOE B OVSTF ZFBS PME 3BVM .PZB JT TPMVUJPO PSJFOUFE BOE IJT BWJE DVSJPTJUZ IBT TQBSLFE B XJEF SBOHF PG JOUFSFTUT i)F JT B CSJMMJBOU TUVEFOU XIP JT BM XBZT MPPLJOH GPS TPNFUIJOH UP DSFBUF BOE JOWFTUJHBUF w TBJE 3BNPOB #MBO TLJ B DIFNJTUSZ BOE QIZTJDT UFBDIFS BU 40"3 )JHI 4DIPPM XIP OPNJOBUFE IJN i* CFMJFWF UIBU IF JT HPJOH UP CF BO JOWFOUPS POF PG UIFTF EBZT w "U BO FBSMZ BHF 3BVM T JOUFSFTUT CMPTTPNFE GSPN XBOUJOH UP TUVEZ EJOPTBVS GPTTJMT UP B EFTJSF UP CVJME BJSQMBOFT "GUFS 3BVM BOE IJT GBNJMZ NPWFE UP UIF "OUFMPQF 7BMMFZ 3BVM TBJE IF SFNFNCFSFE CFJOH GBTDJOBUFE CZ BMM UIF BJSQMBOFT UIBU n FX JO UIF TLJFT PWFSIFBE i*U T KVTU POF PG UIPTF UIJOHT UIBU

TU -FTTPO JT

'3&&

4FF .0:" PO


4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST


/BEJB 8FTU -JUUMFSPDL TFOJPS BJNT GPS B NJMJUBSZ BDBEFNZ 8SJUUFO CZ +": )&"5&3 t 1IPUPHSBQIFE CZ .":" 46("3."/

8

IJMF /BEJB 8FTU IBT B CVSOJOH EFTJSF UP BDU JO B -JUUMFSPDL )JHI 4DIPPM QMBZ IFS GPDVT JT UIF SFBM XPSME 5IF ZFBS PME TFOJPS XJUI B HSBEF QPJOU BWFSBHF IBT BQQMJFE UP 8FTU 1PJOU BOE UIF "JS 'PSDF "DBEFNZ BNPOH PUIFS DPMMFHFT " KVOJPS 305$ NFNCFS BU -JUUMFSPDL TIF TBJE UIBU NJMJUBSZ MJGF NJHIU TVJU IFS KVTU m OF i5IF +305$ QSPHSBN IBT IBE B CJH JNQBDU PO NZ MJGF w TIF TBJE i*U IBT JOn VFODFE B MPU PG UIF EFDJTJPOT * BN NBLJOH BCPVU NZ GVUVSF w *U XBT OPU B EFTJSF QBTTFE EPXO UP IFS OP POF JO IFS GBNJMZ IBT CFFO JO UIF NJMJUBSZ i* XBOU UP NBLF NZ PXO GPPUQSJOUT GPMMPX NZ PXO QBUI *U KVTU DBNF OBUVSBMMZ UP NF 5IF TUVEFOUT JO +305$ IBWF WBMVFT BOE UIFSF JT B MPU PG SFTQFDU JO JU 5IFZ IBWF IFBSU w )FS TDIPPM DPVOTFMPS 3JDBSEP %F -B 1FOB TBX IFS QPUFOUJBM UP MFBE i/BEJB JT B ZPVOH QFSTPO XIP XJOT ZPVS BENJSBUJPO XJUI IFS BUUJUVEF DBQUVSFT ZPVS JNBHJOBUJPO XJUI IFS QPUFOUJBM BOE TUSFOHUIFOT ZPVS SFTPMWF XJUI IFS DPNNJUNFOU w %F -B 1FOB TBJE JO OPNJOBUJOH IFS i* HFU B MPU PG TVQQPSU GSPN UIF UFBDIFST BOE UIF TUVEFOUT BU -JUUMFSPDL 0G DPVSTF * USZ UP CBM BODF TPDJBM MJGF XJUI FEVDBUJPOBM MJGF :PV MFBSO IPX UP DPNNVOJDBUF XJUI FWFSZPOF * UIJOL UISPVHI TQPSUT * IBWF FBSOFE FWFSZPOF T SFTQFDU w TIF TBJE /BEJB IBT QMBZFE TPGUCBMM BOE HPMG BOE SVO DSPTT DPVOUSZ BU -JUUMFSPDL i* QMBZFE TPGUCBMM BMM NZ ZFBST IFSF CVU * UIJOL * IBWF MJLFE DSPTT

+0#

)F XBT UIJSE PO UIF UFBN JO TDPS JOH BWFSBHJOH OJOF QPJOUT B HBNF UP HP XJUI TUFBMT QFS HBNF BOE TIPU GSPN CFIJOE UIF QPJOU MJOF %SBLF XBT UIJSE PO UIF #PSPO GPPUCBMM UFBN JO SFDFJWJOH ZBSET BOE FJHIUI JO UPUBM UBDLMFT #PSPO XPO JUT GPVSUI DPOTFDVUJWF %FTFSU .PVOUBJO -FBHVF UJUMF BOE BEWBODFE UP UIF /PSUIFBTU %JWJTJPO TFNJm OBMT )F DBVHIU QBTTFT GPS ZBSET BOE POF UPVDIEPXO BOE IBE

DPVOUSZ UIF CFTU w TIF TBJE i$SPTT DPVOUSZ JT TP DIBMMFOHJOH CFDBVTF JU NBLFT ZPV TFMG NPUJWBUFE *U TUSFOHUIFOT ZPVS NJOE BOE ZPVS CPEZ w +PJOJOH UIF 305$ QSPHSBN IBT EPOF UIF TBNF i8IFO * KPJOFE UIFSF XFSF B DPVQMF PG LJET JO JU BOE UIFZ VTFE UP QMBZ DBSE HBNFT w TIF TBJE i/PX UIFSF BSF DBEFUT BOE FWFSZ ZFBS UIFZ HFU NPSF *U JT TP VOJRVF * EPO U FWFO DPOTJEFS JU B DMBTT FWFO UIPVHI JU JT POMZ POF QFSJPE *U T GBS CFZPOE B DMBTT *U T B TUVEFOU MFE QSPHSBN XIFSF TUVEFOUT JOUFSBDU XJUI FBDI PUIFS 8F EP B MPU PG BDUJWJUJFT XJUI UIF DPNNVOJUZ BOE XF BSF WFSZ JOWPMWFE :PV MFBSO B MPU PG NPSBM UIJOHT BOE ZPV MFBSO UJNF NBOBHFNFOU :PV MFBSO UIJOHT ZPV XJMM VTF MBUFS PO JO MJGF w )FS MFBEFSTIJQ TLJMMT HP CFZPOE 305$ BOE IFMQ IFS PO UIF BUIMFUJD m FME BOE JO BDBEFN JDT i* LOPX UIBU * BN POF XIP DBO JOn VFODF QFPQMF w TIF TBJE i* DBO JOn VFODF QFPQMF UP EP UIF SJHIU UIJOH * MJLF UP FODPVSBHF UIFN CFDBVTF JU NBLFT NF GFFM UIBU * BN HJWJOH CBDL #FJOH B MFBEFS UIPVHI * LOPX UIFSF DBO CF DPOTFRVFODFT GPS ZPVS BDUJPOT JG ZPV UBLF B XSPOH UVSO w /BEJB BMTP FOKPZT FOWJSPONFOUBM TDJFODF i*

UBDLMFT UISFF JOUFSDFQUJPOT BOE GPVS QBTTFT EFGFOEFE BOE XBT OBNFE UP UIF BMM %FTFSU .PVOUBJO -FBHVF m STU UFBN EFGFOTF %SBLF FYDFMMFE JO CPUI CBTLFUCBMM BOE GPPUCBMM JO IJT m STU ZFBS PO UIF WBSTJUZ UFBNT EFTQJUF CFJOH TNBMM GPS CPUI TQPSUT BU GPPU BOE QPVOET i)F T PWFSDPNF IJT TJ[F JO FWFSZUIJOH IF EPFT w #PSPO GPPUCBMM BOE CBTLFUCBMM DPBDI 5PEE 'JOL TBJE i*U T OPU B CBSSJFS PS B SPBECMPDL 5IBU UBLFT B MPU GPS FWFSZ TQPSU i8F QMBZFE SFDFJWFST IF T MPDLFE EPXO )F EPFT B HPPE KPC JO

,FFQJOH ZPVS GBNJMZ PO UIF SPBE UP ZPVS GBWPSJUF EFTUJOBUJPO 'VMM 4FSWJDF 'BDJMJUZ 4FSWJOH UIF "7 GPS :FBST

'BNJMZ 3VO 8IFSF 0VS $VTUPNFST BSF

#PC )PXMF T 37 4FSWJDF 1BSUT "DDFTTPSJFT

UI 4U 8 t 4UF $ t -BODBTUFS "WF . BU UI 4U 8

XXX CPCIPXMFBVUPNPUJWFBOESW DPN t .PO 'SJ 4BU

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'SPN

"(& 4$)00- -JUUMFSPDL )JHI 4DIPPM (0"- .BLF BO JNQBDU PO QFPQMF T MJWFT

t

MJLF XIBU XF MFB PQFOT ZPVS FZFT BOE m OE PVU BCP XF BSF EPJOH UP * BN LJOE PG JOUF FODF * XBOU UP N PO PUIFS QFPQMF 4IF BMTP IBT QSPQT BOE PUIFS TDIPPM QMBZT i* NVDI GVO CFDBV NVDI QFSTPOBMJU i#VU * IBWF OPU UP CF BO BDUPS JO QMBZT CFDBVTF JU TPGUCBMM TFBTPO IPQF UP EP JU UI /BEJB T GBWPS NVOJUZ TFSWJDF +PTIVB .FNPSJB 7FUFSBOT %BZ BO SJBM %BZ UP QMBD UIF HSBWFTUPOFT SFTQFDUGVM DFSFN BMXBZT MJLFE JU IBWF HPUUFO UP C PG UIF FWFOU * B BCPVU JU w /BEJB T QBSFO BOE .POJDB /BE BOE TIF IBT BO BOE B ZPVOHFS C

FWFSZ TQPSU IF T JO *U NBLFT JU WFSZ QMFBTBOU UP IBWF B HVZ MJLF UIBU PO ZPVS UFBN w %SBLF XJMM OPX TQMJU IJT UJNF CFUXFFO CBTFCBMM XIFSF IF XJMM TFF UJNF JO MFGU m FME BOE TFDPOE CBTF BOE USBDL DPNQFUJOH JO UIF NF UFST NJMF MPOH KVNQ BOE USJQMF KVNQ i)F FYDFMT JO BMM GPVS TQPSUT IF QBSUJDJQBUFT JO w ,PTUPQPVMPT TBJE i#VU XIBU SFBMMZ TFUT %SBLF BQBSU GSPN NBOZ PUIFS TUVEFOUT JT IJT DIBS BDUFS BOE IJHI NPSBMT )F JT USVMZ B RVBMJUZ ZPVOH QFSTPO i5IF IJHIFTU DPNQMJNFOU * DBO QBZ BOZ ZPVOH NBO JT UP TBZ * XPVME CF QSPVE UP IBWF IJN BT NZ TPO 8JUIPVU IFTJUBUJPO * DBO TBZ * XPVME CF QSPVE UP DBMM %SBLF +PC NZ TPO w %SBLF TBJE IF XBOUT UP TUVEZ DIFNJDBM FOHJOFFSJOH JO DPMMFHF )JT GBWPSJUF TVCKFDUT BSF DIFNJTUSZ TDJ FODF BOE NBUI i5IPTF IBWF BMXBZT CFFO NZ TUSPOHFTU TVCKFDUT w %SBLF TBJE %SBLF XBT JOJUJBMMZ JOUFSFTUFE JO CFDPNJOH B QIBSNBDJTU CVU DIBOHFE IJT NJOE BGUFS JOWFTUJHBUJOH UIF TDIPPMJOH SFRVJSFE BOE TQFBLJOH XJUI B GSJFOE XIP IBE TUVEJFE DIFNJDBM FOHJOFFSJOH BU #SJHIBN :PVOH 6OJ WFSTJUZ XIFSF %SBLF XBOUT UP BUUFOE 5IBU GSJFOE HPU BO JOUFSOTIJQ XJUI B DPNQBOZ UIBU UFTUT DBS BJSCBHT i5IBU TFFNT QSFUUZ DPPM w %SBLF TBJE i5IFSF BSF B MPU PG EJGGFSFOU m FMET ZPV DBO HP JO XJUI DIFNJDBM FOHJOFFSJOH w

."%%09

TIF XPVME MJLF UP BUUFOE )FS UPQ DIPJDFT BSF 64$ BOE (FPSHF 8BTI 'SPN JOHUPO 6OJWFSTJUZ JO 8BTIJOHUPO TBJE &TUIFS .BEEPY &TUIFS T % $ NPUIFS 5BLJOH DMBTTFT BU "7$ IBT UBVHIU i4IF T B SFBMMZ HPPE HJSM w &TUIFS UP NBOBHF IFS UJNF NBLJOH &TUIFS EFDJEFE UP GPSN UIF DBN IFS GFFM CFUUFS QSFQBSFE GPS DPMMFHF QVT TQFFDI DMVC TP UIBU TUVEFOUT i* N KVTU MPPLJOH GPSXBSE UP DPVME NFFU UP MFBSO BCPVU VQDPN CSPBEFOJOH NZ IPSJ[POT BOE KVTU JOH TQFFDI DPOUFTUT XSJUF UIFJS FT SFBMMZ HFUUJOH JOUP EFQUI PO XIBU TBZT BOE QSBDUJDF 4IF JT UIF DMVC T * XBOU UP TUVEZ w TBJE &TUIFS XIP QSFTJEFOU XBOUT UP EPVCMF NBKPS JO KPVSOBM i* MPWF &TUIFS T FOUIVTJBTN BOE KPZ TIF HFUT GSPN BMM UIBU TIF EPFT w JTN BOE JOUFSOBUJPOBM SFMBUJPOT &TUIFS TBJE B EPDVNFOUBSZ TFSJFT TBJE /BODZ 4QFBLT 40"3 T IFBE DBMMFE i7BOHVBSEw JOTQJSFE IFS UP DPVOTFMPS i*G * FWFS OFFE TPNFPOF UP IFMQ TUVEZ KPVSOBMJTN 5IF TIPX GFBUVSFT DPSSFTQPO NF HFU JOGPSNBUJPO PVU IFMQ XJUI EFOUT XIP TIBSF VOUPME TUPSJFT JO BO BDUJWJUZ PS TIBSF FYQFSJFODFT WBSJPVT DPVOUSJFT &TUIFS BMXBZT TUFQT VQ w #FDBVTF TIF JT JOUFSFTUFE JO "TJEF GSPN MFBEJOH TUVEFOUT JO DVSSFOU FWFOUT BOE GPSFJHO QPMJDZ 4QFFDI $MVC &TUIFS IBT TIPXO IFS &TUIFS IBT BMTP DPOTJEFSFE CFDPN MFBEFSTIJQ TLJMMT JO (JSM 4DPVUT JO JOH BO BNCBTTBEPS JO UIF GVUVSF UP XIJDI TIF IBT QBSUJDJQBUFE TJODF IFMQ NBLF JNQPSUBOU EFDJTJPOT UIF TFDPOE HSBEF &TUIFS CFDBNF BO BNCBTTBEPS JO &TUIFS XJMM CFHJO XPSL UPXBSE 40"3 T i/PU JO 0VS 5PXOw BOUJ CVM FBSOJOH IFS (JSM 4DPVU (PME "XBSE MZJOH QSPHSBN B QSPHSBN UIBU IBT UIF IJHIFTU BDIJFWFNFOU JO UIF PS HBOJ[BUJPO BOE POF UIBU DPNFT GSPN CFFO FTUBCMJTIFE BU NBOZ 7BMMFZ TDIPPMT 4IF TBJE TIF XBT CVMMJFE QFSGPSNJOH DPNNVOJUZ TFSWJDF BOE EPFT OPU MJLF UP TFF TUVEFOUT JO i* MJLF UIBU (JSM 4DPVUT IBT UIBU TJUVBUJPO TIBQFE NF JOUP UIF QFSTPO UIBU * i5IBU T POF PG UIF QSFTTJOH JT BN UPEBZ BOE SFBMMZ HBWF NF TP TVFT JO PVS TDIPPMT UPEBZ " MPU PG NBOZ EJGGFSFOU TLJMMT UIBU * LOPX QFPQMF BSF CVMMZJOH PUIFS QFPQMF XJMM IFMQ NF JO UIF GVUVSF w TIF BOE JU T OPU IFMQJOH FWFSZCPEZ TBJE HSPX BT B TDIPPM w TIF TBJE i*U T "T B IJHI TDIPPM KVOJPS &TUIFS IBT UIPVHIU BCPVU XIJDI DPMMFHFT OPU IFMQJOH ZPVS QFFST w


(3*/%&: 'SPN 5ISPVHIPVU IFS MJGF 5BZMPS IBT BUUFOEFE 4QFDJBM 0MZNQJDT FWFOUT XJUI IFS VODMF XIP IBT %PXO TZO ESPNF BOE B DPVTJO XIP JT BVUJTUJD 8IFO TIF GPVOE PVU GSPN IFS VODMF UIBU 4QFDJBM 0MZNQJDT XBT DVUUJOH EBODFT PVU PG JUT CVEHFU TIF RVJDLMZ TUFQQFE VQ UP UIF QMBUF i* HPU UIF JEFB GSPN NZ NPN XIP EJE TPNFUIJOH TJNJMBS XIFO TIF XBT JO IJHI TDIPPM CVU UIJT UJNF * XBT EFUFSNJOFE UP HFU UIJT EBODF w 5BZMPS TBJE 5IF EBODF XBT TQPOTPSFE CZ UIF TDIPPM T ,FZ $MVC BOE BUUFOEFE CZ EP[FOT PG TQFDJBM OFFET JOEJWJEVBMT JODMVEJOH 5BZMPS T VODMF 5BZMPS TBJE UIF EBODF XBT OPU POMZ B DIBODF GPS PUIFS TUVEFOUT UP MFBSO BCPVU UIF JTTVFT GBDFE CZ EJTBCMFE QFPQMF CVU BMTP B HPPE FYQFSJFODF GPS IFS i*U T HPPE GPS NF UP TFF EJTBCMFE QFPQMF CFDBVTF JU TIPXT NF UIBU OPU FWFSZPOF T UIF TBNF BOE XF DBO MPWF FWFSZPOF OP NBUUFS XIBU w TIF TBJE i5IBU T IPX * WF HSPXO VQ BOE UIBU T IPX NZ GBNJMZ JT * GFFM WFSZ QSPVE PG NZTFMG BOE UIF MFHBDZ UIBU T HPJOH UP CF IFSF XJUI JU w 5BZMPS IPMET B HSBEF QPJOU BWFSBHF BOE JT DVSSFOUMZ PO UIF TDIPPM T )POPS 3PMM 8IFO TIF T OPU QVUUJOH PO FWFOUT PG IFS PXO TIF T CVTZ QMBOOJOH UIFN XJUI PUIFS TUVEFOUT UISPVHI IFS QBSUJDJQBUJPO JO NZSJBE DMVCT 4IF T WJDF QSFTJEFOU PG FWFOUT GPS UIF ,FZ $MVC BOE JT B NFNCFS PG "TTPDJBUFE 4UVEFOU #PEZ BOE 4UVEFOUT "HBJOTU %SVOL %SJWJOH 4IF BMTP UBLFT QBSU JO UIF 1PFUSZ 4QBOJTI "GSJDBO "NFSJDBO )FSJUBHF

*UBMJBO BOE 1IPUPHSBQIZ DMVCT 5BZMPS JT BMTP B TPGUCBMM NBOBHFS BU 1BSBDMFUF BOE TFSWFT BT B TDIPPM BNCBTTBEPS XIFSF TIF HJWFT HVJEFE UPVST UP IVOESFET PG JODPNJOH GSFTI

NFO EVSJOH PSJFOUBUJPO 4IF QMBOT UP BUUFOE $BMJGPSOJB 4UBUF 6OJWFSTJUZ $IBOOFM *TMBOET BOE TUVEZ NBUI BOE FOHJOFFSJOH BOE CFDPNF B NFDIBOJDBM FOHJOFFS

i.Z EBE IBT IBE B HSFBU JOn VFODF PO NF UPP CFDBVTF IF T m OJTIJOH IJT NBKPS JO NFDIBOJDBM FOHJOFFS JOH w TBJE 5BZMPS "U IPNF JU T OPU VODPNNPO UP TFF UIF UXP XPSLJOH

PO BTTJHONFOUT UPHFUIFS i8IFO IF IFMQT NF XJUI NZ NBUI * LJOE PG IFMQ IJN w TIF TBJE i*U T LJOE PG GVOOZ CFDBVTF * OFWFS UIPVHIU * XPVME EP UIBU w

#65-&3

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

* WF MJLFE NBUI BOE TDJFODF w (BWJO TBJE i* N JO BO BOBUPNZ DMBTT SJHIU OPX BOE JU KVTU BQQFBMT UP NF w "TJEF GSPN BDBEFNJDT (BWJO IBT CFFO PO )JHIMBOE T WPMMFZCBMM UFBN TJODF IJT TPQIPNPSF ZFBS BOE QBSU PG UIF DSPTT DPVOUSZ TRVBE *O 4DPVUT TJODF IF XBT (BWJO BDIJFWFE &BHMF 4DPVU TUBUVT JO +VOF BOE TBJE GPS BT MPOH BT IF DBO SFNFNCFS 4DPVUT CBDLQBDLJOH IJLJOH DBNQJOH BOE PUIFS PVUEPPS BDUJWJUJFT IBWF CFFO QBSU PG IJT MJGF (BWJO T XJEF SBOHJOH JOUFSFTUT BMTP MFE IJN UP IFMQ B GSJFOE GPSN B EBODF DMVC BU TDIPPM XIFSF PUIFS TUVEFOUT DBO MFBSO BOE QSBDUJDF EBODJOH UP IPVTF PS FMFDUSPOJD DMVC TUZMF NVTJD )F IBT JNQSFTTFE IJT UFBDI FST XIP TBZ IF JT B XFMM SPVOEFE TUVEFOU i* MJLF (BWJO T WBSJFE JOUFSFTUT BOE UIF GPDVT PO BDBEFN JDT w )JHIMBOE UFBDIFS 5IPNBT +POFT TBJE i(BWJO JT TP HJGUFE UIBU * UIJOL IF MM EFGJOJUFMZ BDIJFWF UIF BNCJUJPVT HPBMT IF T TFU GPS IJNTFMG w (BWJO BMTP MFBET B ZPVOH NFO T HSPVQ BU IJT DIVSDI UIBU BNPOH PUIFS UIJOHT QBSUJDJQBUFT JO B NPOUIMZ DPNNVOJUZ TFSWJDF QSPKFDU

'SPN


,BNFSJOF "DPTUB

+BTNJOF #JPOH

%FTFSU KVOJPS XBOUT UP CF HPWFSOPS PG (VBN

1BMNEBMF TFOJPS TFFLT DBSFFS JO NFEJDJOF

8SJUUFO CZ 8**-*". 1 8"3'03% t 1IPUPHSBQIFE CZ .":" 46("3."/

0

QPJOU BWFSBHF ,BNFSJOF JT QBSUJDVMBSMZ DSJNJOBM KVTUJDF QPMJUJDBM TDJFODF BOE CVTJ FBS PG IJHI TDIPPM TP TIF IBTO U NBEF B CVU TIF NBZ BUUFOE $BMJGPSOJB 4UBUF 6OJWFS #FSLFMFZ FO B QSBDUJDF JO QTZDIPMPHZ BOE PCUBJO KVSZ DPOTVMUJOH XJUI B EPDUPSBUF JO HZ BOE NBTUFS T EFHSFFT JO DSJNJOBM KVTUJDF PMJUJDBM TDJFODF BOE CVTJOFTT "U %FTFSU TIF UVUPST ZPVOHFS TUV EFOUT JT UIF DIBJSQFSTPO PG UIF GVOE SBJTJOH DPNNJUUFF GPS UIF TDIPPM T DIBQUFS PG UIF $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO BOE WPMVOUFFSFE UP XPSL PO UIF TDIPPM T DBSFFS EBZ BOE PO UIF 8BMM PG BNF QSPKFDU GPS UIF $4' )FS DPNNVOJUZ TFSWJDF JODMVEFT WPM FSJOH XJUI UIF i5FFO 5BMLw IFMQMJOF JO TUFS BU 4U &EXBSE T 1BSJTI PO &EXBSET DF #BTF BOE BU 4U 7JODFOU EF 1BVM JO UFS IFMQJOH XJUI UIF i'FFE UIF )VOHSZw N EEJUJPO UP IFS GVUVSF XPSL JO QTZDIPM NFSJOF IBT BOPUIFS HPBM FTUBCMJTIJOH B O GPS XPNFO BOE DIJMESFO JO OFFE JO -PT "OHFMFT i* MPWF UIJT GFFMJOH PG LOPXJOH * N IFMQJOH PUIFS QFPQMF w TIF TBJE *O IFS MJNJUFE GSFF UJNF ,BNFSJOF FOKPZT XSJUJOH CBCZ TJU UJOH BOE XBUDIJOH DPVSU DBTFT PO 57 4IF FOKPZT XSJUJOH BCPVU IFS FYQFSJFODFT BOE m OET JU IFMQGVM BT yy ÂdË ²Ë4 Ûl F aË)² ² B XBZ UP SFn FDU PO XIBU T HPJOH ]Í ÂË yË)­Í lÍÂÞ PO JO IFS MJGF 4IF T BMTP USZJOH UP NFFU BT ²Ë4 Ûl F ËF dË$FÕÂFË NBOZ QFPQMF BT TIF DBO i* N LJOE PG JOUP OFUXPSLJOH SJHIU OPX 4 Ûl F aË ) aËÜ Õ dË lË CFDBVTF GPS XIBU * XBOU UP EP JO Í Ë ÂFÍÕ FÍlËF ËÍ lË ÕÍÕÂlË UIF GVUVSF * OFFE UP NFFU B MPU PG QFPQMF w TIF TBJE $lFdlÂÄË yËÍ lË Íl ­lË>F lÞ² 8IP LOPXT 5IF QFPQMF TIF T NFFUJOH JO TDIPPM OPX NJHIU ?lËF]]l­ÍË>41aË Þl ldaË& 4Ë> Ä aË FÛ ÄaË&ld ]FÂl CFDPNF MBXZFST XIP XJMM OFFE F dË F ÞË11)Ë ld ]F Ë ÄÕÂF ]lË­ F IJ IFS TFSWJDFT BT B KVSZ DPOTVMUBOU PS UIFZ NJHIU CF EPOPST UP IFS DIBSJUZ 0S UIFZ NBZ FWFO CF ~ÏÈÉÈË'²Ë¥{Í Ë4ͲË?lÄͲaË$F ]FÄÍlÂË\ËÉÉ¥² ~{² qqÏ DPNF EPOPST UP B GVUVSF QPMJUJDBM DBNQBJHO ÜÜܲ]ÛlÞl]FÂl²]

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

ODF ,BNFSJOF "DPTUB EFDJEFE UP HFU BDUJWF JO IFS TDIPPM BOE DPNNVOJUZ UIFSF XBT OP TUPQQJOH IFS 5IF ZFBS PME %FTFSU )JHI 4DIPPM KVOJPS XJUI GBNJMZ SPPUT JO (VBN IBT CJH QMBOT 4IF XBOUT UP MFBSO BMM TIF DBO BCPVU MFBEFS "(& TIJQ BOE HPWFSONFOU BOE XBZT PG IFMQJOH PUIFST BOE VTF JU UP IFMQ UIF 4$)00- %FTFSU QFPQMF PG (VBN 4IF NJHIU FWFO SVO GPS PGm DF UIFSF )JHI PGm DF i* E )JHI 4DIPPM (0"- 1TZDIPMPHJTU MJLF UP CFDPNF HPWFSOPS PG (VBN w TIF TBJE KVSZ DPOTVMUBOU BOE (VBN JT BO VOJODPSQPSBUFE 6 4 UFSSJUPSZ B TNBMM JTMBOE BCPVU HPWFSOPS PG (VBN NJMFT XFTU PG )BXBJJ XJUI B QPQVMBUJPO PG BCPVU ,BNFSJOF BM SFBEZ LOPXT IFS XBZ BSPVOE UIF DBQJUPM i.Z TUFQNPUIFS XBT TFDSFUBSZ UP UIF HPWFSOPS BOE * WJTJUFE IFS UIFSF BOE NFU UIF HPWFSOPS w TIF TBJE PWFSOPS JT JO UIF GVUVSF UIPVHI 'PS OPX OJDB $SV[ 1FSFEP BOE %BWJE 1FSFEP PG JOVJOH UP HFU HPPE HSBEFT BOE HFUUJOH E DPNNVOJUZ BDUJWJUJFT BT TIF DBO FOUT XIP XBT JOWPMWFE GSPN BO FBSMZ BHF F CZ UXJOT ,BUIFSJOF BOE 3BDIFM 5IPN OBNFE 'VUVSF -FBEFST B ZFBS BHP i* MPPL F UP TFF XIBU * DBO EP UP NBLF B EJGGFS NVDI BT * DBO w ,BNFSJOF TBJE TJPOBUF QFSTPO XJUI B TFSWBOU T IFBSU w BEWJTFS BU %FTFSU i4IF IBT B TUSPOH EFTJSF HP JOUP UIF m FME PG QTZDIPMPHZ TP TIF DBO

8SJUUFO CZ $3"*( $633*&3 t 1IPUPHSBQIFE CZ 30/ 4*%%-&

"

T B TUVEFOU JO 1BMNEBMF )JHI 4DIPPM T )FBMUI $BSFFST "DBEFNZ +BT NJOF #JPOH IBT VTFE UIF UJNF UP IFS BEWBOUBHF FYQMPSJOH NBOZ PG UIF PQUJPOT BWBJMBCMF UP IFS )FS NJOE TFU PO CFDPNJOH B EPDUPS +BTNJOF QMBOT UP HSBEVBUF GSPN 1BMNEBMF UIJT TQSJOH BOE BUUFOE "OUFMPQF 7BMMFZ $PMMFHF JO UIF GBMM &WFOUVBMMZ TIF TBJE TIF XJMM USBOTGFS UP UIF 6OJWFSTJUZ PG $BMJGPSOJB *SWJOF BOE CF XFMM PO UIF XBZ UP IFS FWFOUVBM HPBM PG BUUFOEJOH NFEJDBM TDIPPM BU UIF 8FTUFSO 6OJWFSTJUZ PG )FBMUI 4DJFODF JO 1PNPOB "(& i* WF DIBOHFE NZ DBSFFS PQ 4$)00- 1BMNEBMF UJPOT B MPU PG UJNFT w +BTNJOF )JHI 4DIPPM TBJE i"T B LJE * BMXBZT LOFX * (0"- #FDPNF B XBOUFE UP CF JO UIF NFEJDBM m FME EPDUPS 0ODF * IJU IJHI TDIPPM JU PQFOFE VQ OFX DBSFFST * E OFWFS FWFO IFBSE PG *U SFBMMZ PQFOFE VQ NZ WJFXT w #FDBVTF 1BMNEBMF T )FBMUI $BSFFST "DBEFNZ JODPSQPSBUFT m FME XPSL XJUI DMBTTSPPN TUVEZ +BTNJOF T FYQFSJFODF OFBSMZ SVOT UIF HBNVU 4IF IBT XPSLFE JO BSFB IPTQJUBMT DPOWBMFTDFOU IPNFT BOE PUIFS DBSF DFOUFST QFSGPSNJOH B WBSJFUZ PG EVUJFT 8IJMF JOJUJBMMZ TIF XBT JOUFSFTUFE JO UIF DIJSPQSBDUJD m FME +BTNJOF TBZT IFS GPDVT SFDFOUMZ TIJGUFE UP PTUFPQBUIJD NFEJDJOF XIJDI UBLFT B IPMJTUJD BQQSPBDI UP IFBMUI i* EJE NPSF SFTFBSDI BCPVU JU BOE XIFO QFPQMF UIJOL PG EPDUPST UIFZ BMXBZT UIJOL PG NFEJDBM EPDUPST CVU * E IBWF PG UIFN w +BTNJOF JFODFT JO UIF Z XIJDI JOWPMWFE JUZ TFSWJDF QSPK KPC TIBEPXJOH OT PG UIF TDIPPM T PWFS JOUP PUIFS GF DIFFSMFBEFS ODF IFS GSFTINBO MG BT BO BNCBT 4IF FODPVSBHFT SU UIF TDIPPM T T BOE PUIFS BDUJWJ H PO BU 1BMNEBMF DIFFSMFBEJOH E TIF TBJE JT BZT BU GPPUCBMM NFT CVU UIFZ SPV FMZ DIFFS PO UIF IPPM T TPGUCBMM BTFCBMM CBTLFU BMM BOE NPTU UIFS UFBNT BU UIF DIPPM i8F SF OPU

4FF #*0/( PO


4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST


$ISJTUJBO 5BHP

#JBODB #FRVFS

4UBS RVBSUFSCBDL MFBET PO BOE PGG UIF m FME

,OJHIU TFOJPS BJNT UP CF BO PSUIPEPOUJTU

8SJUUFO CZ &3*$ )"3%*/( t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

8SJUUFO CZ +"40/ (0/;"-&; t 1IPUPHSBQIFE CZ 30/ 4*%%-&

1FS 1MBZFS

(VO .BTL 3FOUBM 1BJOUCBMMT $0 "JS 'JMMT /05 */$-6%&% "MM 1BJOUCBMMT $0 "JS 'JMMT

"7T 0/-: '6-- 4&37*$& 37 4)01 37 4 t 5PZ )BVMFST t 5SBJMFST t #PBUT

.645 #& 163$)"4&% BU 1BJOUCBMM 64"

7BMJE XJUI DPVQPO POMZ (PPE GPS VQ UP QBSUJDJQBOUT /PU UP CF VTFE XJUI BOZ PUIFS PGGFS PS DPVQPO &YQJSFT

580 -0$"5*0/4

4JFSSB )XZ t 4BOUB $MBSJUB 8 (PO[BMFT 3E t 0YOBSE

8

8F EP JU BMM

8F )BWF "XFTPNF 0VUEPPS 'JFMET BU 4$7 -PDBUJPO 0OMZ BU 0YOBSE -PDBUJPO

'3&& 1BSLJOH t 4IBEFE 1JDOJD 'BDJMJUJFT #SJOH -VODI PS 0SEFS 1J[[B )FSF .JOJNVN "HF 5P 1MBZ :FBST 0ME

t XXX QBJOUCBMMVTB PSH

"MM *OTVSBODF "DDFQUFE

5PMM 'SFF

UVSF GSPN $BMJGPSOJB 5IJT TBNF ESJWF JT XIBU IBT NBEF IFS POF PG ,OJHIU T UPQ TUV EFOUT /PU POMZ EPFT TIF NBJOUBJO B HSBEF QPJOU BWFSBHF TIF JT BMTP B .BUIMFUFT TUBS 5IJT ZFBS TIF m OJTIFE TFDPOE QMBDF JO IFS EJWJTJPO UIBU JODMVEFE TUVEFOUT GSPN UISPVHIPVU UIF "O UFMPQF 7BMMFZ 6OJPO )JHI 4DIPPM %JTUSJDU i4IF T B TFMG NPUJWBUFE LJE XIP

4FF #&26&3 PO

4UPQ -PPLJOH 'PS 8PSL -FU UIF XPSL DPNF UP ZPV 4UBSU ZPVS PXO CVTJOFTT XJUI UIF "BNTUBNQ )PU 'PJM *NQSJOUFS

$PMMJTJPO 4FSWJDFT t 'SBNF 4VTQFOTJPO 4MJEF PVUT )ZESBVMJD t 8JOETIJFME 8JOEPXT "XOJOH 3FQBJS t )FBUJOH " $ 3FQBJS t 3PPG 3FQBJS )PMEJOH 5BOL 3FQBJS t #PEZ 'JCFSHMBTT &YQFSU 1BJOU .BUDIJOH t 8JOUFSJ[JOH t (FOFSBUPS 3

UI 4U 8 -BODBTUFS ] $SJUJDBM$BS$BSF*OD DPN

"(& 4$)00- ,OJHIU )JHI 4DIPPM (0"- 0XO BO PSUIPEPOUJD QSBDUJDF

1MFBTF DBMM UP TDIFEVMF B OP QSFTTVSF OP PCMJHBUJPO EFNPOTUSBUJPO

$0--*4*0/ 3&1"*3 FYQJSFT

CPPUI BU DBSOJWBMT w $ISJTUJBO TBJE )PXFWFS $ISJTUJBO T NBJO QBTTJPO JT BUIMFUJDT )F m OJTIFE IJT TFOJPS TFBTPO XJUI ZBSET QBTTJOH BOE UPVDIEPXOT XIJMF SVTIJOH GPS ZBSET BOE TDPSFT MJGUJOH )JHIMBOE UP B TIBSF PG UIF (PMEFO -FBHVF DIBNQJPOTIJQ $ISJTUJBO XBT BMTP B LFZ QMBZFS PO EFGFOTF GPS UIF #VMMEPHT SFDPSEJOH UPUBM UBDLMFT XJUI m WF TBDLT BOE FJHIU UBDLMFT GPS MPTT 'PS IJT DBSFFS $ISJTUJBO UISFX GPS ZBSET BOE MFE )JHIMBOE UP WJDUPSJFT JODMVEJOH B $*' 4PVUIFSO 4FDUJPO /PSUIFSO %JWJTJPO m STU SPVOE XJO PWFS 4BVHVT JO )F SFDFJWFE B MPOH MJTU PG BXBSET GPMMPXJOH IJT TFOJPS TFBTPO JODMVEJOH (PMEFO -FBHVF 1MBZFS PG UIF :FBS "MM 7BMMFZ 1SFTT 1MBZFS PG UIF :FBS BOE m STU UFBN BMM $*' #VU CFJOH TFMFDUFE BT UIF UPQ QMBZFS JO UIF 7BMMFZ JT UIF IPOPS $ISJTUJBO JT NPTU QSPVE PG i* WF CFFO XPSLJOH GPS UIBU TP IBSE TJODF NZ TPQIP NPSF ZFBS w IF TBJE i* XBOUFE JU JO CVU * HPU IVSU * UPME NZTFMG A* N OPU HPJOH UP TUPQ VOUJM * HFU UIBU BXBSE w *O BEEJUJPO UP GPPUCBMM $ISJTUJBO JT QMBZJOH GPS UIF )JHIMBOE CPZT WPMMFZCBMM UFBN UIJT TQSJOH XIJDI XJMM CF IJT m STU TFBTPO QMBZJOH DPNQFUJUJWF WPMMFZCBMM i*U T B EJGGFSFOU UZQF PG TQPSU w $ISJTUJBO TBJE i* MJLF QMBZJOH EJGGFSFOU TQPSUT CFDBVTF * N TP VTFE UP QMBZJOH GPPUCBMM BMM UIF UJNF * N HPPE BU WPMMFZCBMM GPS OPU SFBMMZ LOPXJOH IPX UP QMBZ PVU UIFSF w )JT BUIMFUJD BCJMJUZ JTO U KVTU CZ MVDL FJUIFS $ISJTUJBO TBJE IF XBLFT VQ BU B N FWFSZ NPSOJOH UP SVO B DPVQMF NJMFT BOE FWFO XPSLT PVU XIJMF BU TDIPPM 8IJMF IF BDLOPXMFEHFE JU T IBSE UP LFFQ VQ IJT SPVUJOF FBDI BOE FWFSZ EBZ BMM IF IBT UP EP JT SFNJOE IJNTFMG PG XIZ IF T EPJOH JU i* XBOUFE UP QSFQBSF NZTFMG GPS 4BO +PTF 4UBUF w IF TBJE i* IBWF TPNF EBZT * EPO U GFFM MJLF XPSLJOH PVU CVU * KVTU UIJOL UP NZTFMG UIBU * N EPJOH JU GPS B SFBTPO w )JHIMBOE BTTJTUBOU GPPUCBMM DPBDI 4IBXO +PIOTPO IBT TFFO $ISJTUJBO T MFBEFSTIJQ RVBMJUJFT CPUI PO BOE PGG UIF GPPUCBMM m FME i)F FYFNQMJm FE IBSE XPSL BOE EFEJDBUJPO UP IJT GBN JMZ IJT GPPUCBMM UFBN BOE IJT TDIPPM w +PIOTPO TBJE i)F JT B TFMn FTT ZPVOH NBO UIBU XPSLFE WFSZ IBSE EVSJOH IJT IJHI TDIPPM DBSFFS UP CF TVDDFTTGVM OPU POMZ JO BUIMFUJDT CVU BDBEFNJDBMMZ BT XFMM w #VU EFTQJUF IJT IJHI QSPm MF BOE QPQVMBSJUZ BSPVOE UIF 7BMMFZ BOE FTQFDJBMMZ BU )JHIMBOE )JHI $ISJTUJBO SFNBJOT IVNCMF i* EPO U DBSF GPS BMM UIBU TUVGG w IF TBJE i"MM * DBSF BCPVU JT XJO OJOH "JS 4PGU t 0VUEPPS -BTFS 5BH t #JSUIEBZ 1BDLT i"MM UIBU TJEF TUVGG JT HPPE UP (VO .BTL 3FOUBM '3&& "%.*44*0/ IBWF CVU JU T XIBUFWFS w

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

"(& 4$)00- )JHIMBOE )JHI 4DIPPM (0"- 1SPGFTTJPOBM GPPUCBMM QMBZFS PS MBX FOGPSDFNFOU DBSFFS

IFO #JBODB #FRVFS TNJMFT TIF T SFNJOEFE PG IFS MJGF HPBM #FIJOE B CJH HSJO BSF IFS QFS GFDUMZ QPTJUJPOFE UFFUI *U XBTO U BMXBZT UIBU XBZ GPS UIF ,OJHIU )JHI 4DIPPM TFOJPS XIP JT OPX EFEJDBUFE UP IFMQ JOH FWFSZPOF XIP TFFLT UIJT HJGU UP SFDFJWF JU #SBDFT HBWF #JBODB UIF DPO m EFODF TIF OFWFS IBE BOE XJUI UIBU TIF CFHBO UP EP NVDI NPSF /PX TIF JT PO USBDL UP IBWF IFS PXO PSUIPEPOUJD QSBDUJDF POF EBZ i* MJLF UIF GBDU UIBU PODF * HPU NZ CSBDFT PGG UIFSF JT B DPOm EFODF * HBJOFE w TIF TBJE i* TNJMFE B MPU NPSF i5IBU JT B SFBMMZ HPPE GFFMJOH BOE JU E CF OJDF UP HJWF UIBU UP PUIFS M M E I I

.

PTU QFPQMF BSPVOE UIF "OUFMPQF 7BMMFZ LOPX $ISJTUJBO 5BHP BT UIF TUBS RVBSUFSCBDL GPS UIF )JHIMBOE )JHI 4DIPPM GPPUCBMM UFBN #VU IF T NVDI NPSF UIBO UIBU $ISJTUJBO FYDFMT JO UIF DMBTTSPPN KVTU BT NVDI BT PO UIF GPPUCBMM m FME BOE IBT B HSBEF QPJOU BWFSBHF UP TIPX GPS JU )F MM BUUFOE 4BO +PTF 4UBUF 6OJWFSTJUZ UIJT GBMM PO B GPPUCBMM TDIPMBSTIJQ BOE NBKPS JO DSJNJOBM KVTUJDF *G B DBSFFS JO QSPGFTTJPOBM GPPUCBMM EPFTO U XPSL PVU $ISJTUJBO QMBOT UP QVSTVF B DBSFFS JO MBX FOGPSDFNFOU i*U T BMXBZT CFFO TPNFUIJOH * XBOUFE UP EP CF B QPMJDF PGm DFS PS EFUFDUJWF w $ISJTUJBO TBJE i*U T TPNFUIJOH * WF BMXBZT MJLFE w $ISJTUJBO EJTQMBZT IJT MFBEFSTIJQ RVBMJUJFT BT 'PPUCBMM $MVC QSFTJEFOU BU )JHIMBOE BOE

t XXX BBNTUBNQ DPN

5SBEF $FOUFS %S 4UF # 1BMNEBMF


-VJT )BSP

"OOJF 3BEJHBO

&BTUTJEF KVOJPS JT NPEFM PG AJOUFHSJUZ

4UFMMBS SVOOFS XBOUT B DBSFFS JO NFEJDJOF

8SJUUFO CZ -"7&/%&3 730."/ t 1IPUPHSBQIFE CZ .":" 46("3."/

8SJUUFO CZ &3*$ 4.*5) t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

PSHBOJ[BUJPOT i1FPQMF UIBU ZPV HFU UP NFFU UIFZ SF KVTU WFSZ QSPGPVOE w IF TBJE i5IFZ IBWF WFSZ HPPE TUP SJFT UP UFMM UIFSF T MPUT UP MFBSO w -VJT QPMJUJDBM JOWPMWFNFOU EPFTO U FOE UIFSF -BTU TVNNFS IF TFSWFE BT BO JOUFSO JO UIF PGm DF PG TUBUF "TTFNCMZNBO 4UFWF ,OJHIU 3 1BMN EBMF )F BMTP TFSWFE BT B CPBSE NFNCFS GPS UIF POMJOF OFUXPSLJOH TJUF :PVOH $POTFSWBUJWFT PG $BMJGPS OJB BOE JT IFMQJOH XJUI (JOHSJDI T MPDBM DBNQBJHO 8IJMF PUIFS TUVEFOUT IJT BHF UFOE UP CF GPDVTFE PO PUIFS QVSTVJUT -VJT TBJE JU T OFWFS UPP FBSMZ UP CF QPMJUJ DBMMZ BXBSF i* XBUDI UIF OFXT BOE * TFF UIF EJGGFSFOU FWFOUT UIBU HP PO

"

"(& 4$)00- )JHIMBOE )JHI 4DIPPM (0"- 1IZTJDJBO

PME XIP XBT EJBHOPTFE MBTU "QSJM *O BEEJUJPO UP IBWJOH B HSBEF QPJOU BWFSBHF BOE CFJOH UJFE GPS UIF UPQ SBOLJOH JO IFS KVOJPS DMBTT "OOJF JT BMTP POF PG UIF CFTU DSPTT DPVOUSZ SVOOFST JO UIF 7BMMFZ i*U IBTO U CFFO BO FBTZ UJNF GPS IFS w TBJE )JHIMBOE DSPTT DPVOUSZ DPBDI +PIO +PIOTUPO i:FU TIF EPFTO U E MM I UIBU JU T TPNFUIJOH UIBU TIF H UP CF B WJDUJN PG JU TIF T Q CFJOH "OOJF w CBUUMJOH IFS EJTFBTF "O NFUUMF CZ XJOOJOH UIF F JOEJWJEVBM DIBNQJPOTIJQ UIF m OBM MFBHVF SBDF PG OJF CMJTUFSFE UIF DPVSTF BU Z $PMMFHF XJUI B UJNF PG OJF FYDFMT JO MJUFSBMMZ FWFSZ UIF UFFOBHFS TBZT TIF PUBMMZ PWFSXIFMNFE XJUI E TDIFEVMF EJUJPO UP IFS NBOZ DPNNJU U TDIPPM BOE JO TQPSUT "O TP WPMVOUFFST XJUI 3FMBZ -JGF BO FWFOU EFTJHOFE P SBJTF NPOFZ GPS DBODFS BXBSFOFTT BOE PUIFS MPDBM DIBSJUJFT 8IJMF PUIFST NBZ MPPL UP IFS BT BO JOTQJSBUJPO ‰ +PIO TUPO TBJE IF DFSUBJOMZ EPFT ‰ "OOJF TBJE TIF MPPLT VQ UP IFS QBSFOUT .JLF BOE $BSPM BT XFMM BT PIOTUPO XIP BMTP UFBDIFT JTUPSZ BU )JHIMBOE i" MFBEFS JT TPNFPOF XIP QJSFT PUIFS QFPQMF BOE IFMQT UIFN EP UIF NPTU UIBU UIFZ DBO EP w "OOJF

4FF )"30 PO

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

"(& 4$)00- &BTUTJEF )JHI 4DIPPM (0"- 3VO GPS QVCMJD PGm DF

T UIF QSFTJEFOU PG )JHIMBOE )JHI 4DIPPM T 4PMV UJPOT $MVC "OOJF 3BEJHBO JT BMM BCPVU TPMWJOH QSPCMFNT 8IFUIFS JU T DMFBOJOH VQ UIF #VMMEPHT DBNQVT PS UBLJOH DBSF PG NJOPS EFUBJMT JO QSFQBSBUJPO GPS HSBEVB UJPO "OOJF BOE IFS HSPVQ DBO BMXBZT CF DPVOUFE PO i*U T B TUVEFOU CBTFE PSHBOJ[BUJPO w "OOJF TBJE i*G UIFSF T BOZ JTTVFT JO UIF TDIPPM UIBU OFFE UP CF XPSLFE PO XF HFU UIFN EPOF i* SFBMMZ MJLF EPJOH DPNNVOJUZ TFSWJDF BOE JU T BO FBTZ XBZ UP HFU JOWPMWFE w :FU GPS BMM PG IFS BUUFNQUT BU m OEJOH TPMVUJPOT UIFSF JT POF JTTVF GPS UIF KVOJPS UIBU XPO U HP BXBZ

4FF 3"%*("/ PO

/&8 -BODBTUFS

3PTBNPOE

8FTU "WF ,

3PTBNPOE #MWE

'3&& 8JUI 1VSDIBTF PG 'SJFT %SJOL 8JUI 5IJT $PVQPO 0OMZ &YQJSFT

-

VJT )BSP JTO U PME FOPVHI UP WPUF CVU IF QMBOT UP SVO GPS QVCMJD PGm DF IBT B TVCTDSJQ UJPO UP UIF 8BMM 4USFFU +PVSOBM BOE JT BMSFBEZ UIJOLJOH BCPVU IPX UP TBGFHVBSE IJT GVUVSF SFUJSFNFOU GVOE 5IF ZFBS PME -BODBTUFS SFTJEFOU XBT IPPLFE PO QPMJUJDT XIJMF TUVEZJOH UIF $POTUJUVUJPO JO BO FJHIUI HSBEF 6 4 IJTUPSZ DMBTT 8IFO IF XBT B GSFTINBO BU &BTUTJEF )JHI 4DIPPM IF EFDJEFE IF XBOUFE UP SVO GPS QPMJUJDBM PGm DF i.Z GSJFOET UIFZ DBMM NF .S 1SFTJEFOU BMM UIF UJNF w IF TBJE i* UIJOL JU T SFBMMZ B MFBEFSTIJQ SPMF UIBU * N EFDJEJOH UP UBLF PO * UIJOL UIBU B MPU PG QFPQMF TIBSF NZ WBMVFT w -VJT JOTQJSBUJPOT JODMVEF 3POBME 3FBHBO BOE /FXU (JOHSJDI XIPTF CJE UP CFDPNF UIF 3FQVCMJDBO QSFTJEFOUJBM OPNJOFF IF TVQQPSUT )JT PXO QPMJUJDBM HPBM JT UP TUBSU PO B MPDBM MFWFM TFSWJOH PO B DJUZ DPVODJM PS TDIPPM CPBSE UIFO XPSL IJT XBZ VQ UP TUBUF TFOBUPS 5IF &BTUTJEF KVOJPS T JNNFEJBUF QMBOT JODMV VOJWFSTJUZ 4UBOGPSE P TUVEZ DPSQ JOUFSFTUFE NBOZ QFP "MSFBEZ PG QPMJUJDB IJT JOWPMW PSHBOJ[BUJ DBTUFS :PV NPOUIMZ N XIJDI FOD UP HFU JOWP QPMJUJDT BO XPSL )F QBSUJDJQBUF -BODBTUFS JO (PWFSO NFOU QSPH TIBEPXJOH DJUZ T EJSFD PG FDPOPN SFEFWFMPQ NFOU BOE UBLJOH QBS JO B NPDL DJUZ DPVODJM NFFU JOH -VJT JT BMTP B NFNCFS P UIF "OUFMP 7BMMFZ :PV 3FQVCMJDB TFSWJOH BT SFUBSZ BOE 5FB 1BSUZ QBSUJDJQBUJ BOE OFUXP PUIFS BDUJW POF PG UIF NFNCFST


5ZMFS 6SCBO

,BZMFOF #VSLIBSU

%FTFSU TFOJPS JT IFSQFUPMPHJDBMMZ JODMJOFE

4DIPMBS BUIMFUF IFBEFE GPS m FME PG LJOFTJPMPHZ

8SJUUFO CZ %&//*4 "/%&340/ t 1IPUPHSBQIFE CZ .":" 46("3."/

8SJUUFO CZ &3*$ )"3%*/( t 1IPUPHSBQIFE CZ .":" 46("3."/

5

ZMFS 6SCBO TQPSUT B KBVOUZ i*OEJBOB +POFTw TUZMF GFEPSB GPS B DPVQMF PG SFBTPOT 'JSTU IF KVTU SFBMMZ MJLFE UIF i*OEJBOB +POFTw NPWJFT 4FDPOE IF IBT TPNF PG UIBU TQJSJU PG BEWFOUVSF IJNTFMG BOE UIJOLT TUVEZ JOH MJGF TDJFODFT XJMM PGGFS B QBUI UP i*OEZw MJLF FYQMPJUT "U %FTFSU )JHI 4DIPPM 5ZMFS UPPL m STU QMBDF JO UIF TDIPPM TDJFODF GBJS XJUI B TUVEZ PO UIF GSJOHF UPFE MJ[BSE JOEJHFOPVT UP UIF .PKBWF %FTFSU i5ZMFS MPWFT MJ[BSET UPP BOE TDJFODF JO HFO -BXIPO BDBEFNJD BEW

UIFSF *G POF TBOE EVOF HPFT BXBZ B XIPMF QPQVMBUJPO JT BOOJIJMBUFE w "U $BEJ[ %SZ -BLF IF PCTFSWFE UIBU UIF MBLFCFE JT iOPU MBSHF NBZCF BDSFT #VU JG ZPV CVJMU IPNFT PO UIBU UIFO UIF HFOFUJD TUSBJO XPVME EJF PVU BOE UIFZ XPVME CF FYUJODU w 5ZMFS JT BMTP JOUFSFTUFE JO UIF BFPMJBO MJ[BSE CFDBVTF iUIFZ IBWF WBMWVMBS OPTUSJMT UIBU BMMPXT TBOE OPU UP HP UISPVHI TP UIFZ DBO

4FF 63#"/ PO

5IF GSJOHF UPFE MJ[B TBOEZ EFQPTJUT PG UIF E BOE OFFET UIF TBOE GP TVSWJWBM i5IF .PKBWF FSU JT NPTUMZ IBSE QBO TBJE 5ZMFS 5IF MJ[BSET iMJWF JO UIF .PKBWF 3JWFS XIFSF JU T TBOEZ w i* EJE B QSPKFDU BCPVU DPOTFSWBUJPO HFOFUJDT BOE UIF SFMBUJPO CFUXFFO UIF GSJOHF UPFE MJ[BSE BOE UIF .PKBWF %FTFSU w 5ZMFS TBJE i5IFJS HFOFUJD EJWFSTJUZ WFSZ MPX *G ZPV MPTF P TFHNFOU PG UIBU QPQVM UJPO JU T HPOF GPSFWFS BOE NBLFT UIF HFOF QPPM TNBMMFS w 8JOE CMPXT TBOE PVU PG UIF SJWFS XBTI UIF TBOE QJMFT VQ OFYU NPVOUBJOT iBOE UIFZ M

4FF #63,)"35 PO

#*0/(

#F B -FBEFS JO :PVS $IJME T &EVDBUJPO

t 5FTU 1SFQ #PPLT t 1PTUFST #PSEFST t #VUDIFS 1BQFS t $POTUSVDUJPO 1BQFS t 4DBOUSPOT t 8PSLCPPLT t 4DJFODF ,JUT t (BNFT t 'MBTI $BSET t -BNJOBUJOH t , t -BOHVBHF "SUT t 4DJFODF t .BUI t 4PDJBM 4UVEJFT

. ' 4BU 4VO

8F BDDFQU BMM 4DIPPM %JTUSJDU 1VSDIBTF 0SEFST

'SPN

&EVDBUJPOBM .BUFSJBM GPS )PNF 4DIPPM

(JGU $BSET

0''

XIFO ZPV QVSDIBTF PS NPSF .VTU 1SFTFOU $PVQPO "U 5JNF PG 4BMF &YQJSFT .BSDI

1"3&/5 5&"$)&3 "*%4 -PDBMMZ 0XOFE BOE 0QFSBUFE GPS 0WFS ZFBST t XXX QUBTUPSFDB DPN

UI 4U 8FTU ' t 1BMNEBMF *O UIF "TIMFZ 'VSOJUVSF $FOUFS

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

"(& 4$)00- %FTFSU )JHI 4DIPPM (0"- )FSQFUPMPHZ SFTFBSDIFS

4

DIPPM BOE TQPSUT IBWF BMXBZT CFFO B CJH "(& QBSU PG ,BZMFOF #VSLIBSU T MJGF 4$)00- $BMJGPSOJB " MPOHUJNF WPMMFZCBMM CBTLFUCBMM BOE $JUZ )JHI 4DIPPM TPGUCBMM QMBZFS ,BZMFOF HBWF VQ UXP PG UIF TQPSUT (0"- .BKPS JO TIF MPWFT UP DPODFOUSBUF PO WPMMFZCBMM ZFBS LJOFTJPMPHZ SPVOE 5IF IBSE XPSL QBJE PGG JO UIF FOE BT ,BZMFOF XBT TFMFDUFE UP UIF "MM )JHI %FTFSU -FBHVF 'JSTU 5FBN JO BOE DBQQJOH PGG IFS DBSFFS BU $BMJGPSOJB $JUZ )JHI 4DIPPM i* N NPSF JOUP WP JU w ,BZMFOF TBJE i* QVTIFT ZPV UP ZPVS 5IF ZFBS PME T UIF 3BWFOT CPZT WBS IFMQT PVU CZ UBLJOH BCJMJUJFT HP GBS CFZP *O UIF UPQ P JOH DIPTFO WBMFEJDUP QSFUUZ TQFDJBM w TIF T BOE * XBOU UP CF UIF ZPV SF BIFBE PG UIF TQFDJBM w ,BZMFOF JT BO )P HSBEF QPJOU BWF PG UIF $BMJGPSOJB 4DI 4IF JT BMTP UIF DMBTT JO TUVEFOU HPWFSONF CFS PG UIF "DBEFNJD VOUJM IFS KVOJPS ZFBS 4IF BMTP JT JOWPMW DMFBOVQ XPSL UIBU , SFXBSEJOH i8F DMFBO UIF DJUZ VQ BOE NBLF JU MPPL CFUUFS w TIF TBJE i8JUIPVU UIJT DPNNVOJUZ XF XPVMEO U IBWF UIF IJHI TDIPPM *U T JNQPSUBOU UP HJWF CB " NFNCFS PG KVT TFDPOE HSBEVBUJOH D $BMJGPSOJB $JUZ ,BZM JU T TPNFUIJOH TIF MM QSPVE PG i*U T HSFBU TUBOEBSET BOE TFU UI i5P CF BCMF UP XBUDI

BMXBZT UIFSF EPJOH UIF DIFFST CVU XF HP UP HJWF UIFN TVQQPSU w TIF TBJE "T QBSU PG IFS JOWPMWFNFOU JO UIF )FBMUI $BSFFST "DBEFNZ +BT NJOF JT FOSPMMFE JO )FBMUI 0DDVQB UJPO 4UVEFOUT PG "NFSJDB XIJDI JT B OBUJPOBM PSHBOJ[BUJPO UIBU IFMQT QSFQBSF TUVEFOUT GPS NFEJDBM DBSFFST +BTNJOF TBJE TIF QBSUJDJQBUFT JO DPNQFUJUJPOT UISPVHI UIF PSHBOJ[B UJPO XIJDI JT NPSF DPNNPOMZ SF GFSSFE UP CZ TUVEFOUT BT )04" BOE IBT BUUFOEFE B SFHJPOBM MFBEFSTIJQ DPOGFSFODF IPTUFE CZ UIF PSHBOJ[B UJPO +BTNJOF XBT SFDPHOJ[FE MBTU ZFBS BT B UPQ DPNQFUJUPS JO QFSTVB

TJWF TQFBLJOH CZ )04" BOE QMBOT UP QBSUJDJQBUF BHBJO JO UIF DPNQFUJ UJPO TDIFEVMFE GPS UIJT ZFBS i*U T B OJDF XBZ UP DPOOFDU XJUI QFPQMF BMM BDSPTT $BMJGPSOJB w TIF TBJE i* WF CFFO JO JU UISFF ZFBST OPX BOE NFU B MPU PG QFPQMF XIP IBWF HJWFO NF EJGGFSFOU WJFXT PO UIF FOUJSF NFEJDBM m FME w )FBMUI $BSFFST "DBEFNZ BEWJTFS "OHFMB )FGUFS TBJE +BTNJOF IBT QSPWFE UJNF BOE BHBJO UIBU TIF JT B ESJWFO MFBEFS XIP SFNBJOT GPDVTFE PO UIF HPBM PG BOZ QBSUJDVMBS QSPKFDU PS BTTJHONFOU i4IF T B WFSZ IJHI FOE TUVEFOU BDIJFWFS w )FGUFS TBJE i"OE TIF T WFSZ DPNQBTTJPOBUF TIF T HPU B HPPE EJTDJQMJJOF PG IFSTFMG XJUI UJNF NBOBHFNFOU DPNNJUNFOU BOE GPDVT w


Michelle Cowan Lancaster senior delves into stagecraft and photography Written by LISA WOLF • Photographed by MAYA SUGARMAN

M

From 13 dogs don’t realize they’re competing. They’re just having fun.” Nicole wants to continue working with dogs, but college, yet another challenge, looms ahead. She wants to major in English, get into publishing and become an editor. However, being away at college will probably mean being away from Ozzie and Diggie. “It’ll be hard to be away from them,” said Nicole, who applied to several colleges, including the University of Georgia, the University of California campuses of Santa Barbara and Santa Cruz, and some other schools in the Seattle area. “If I go to one of the UC schools, Santa Barbara or Santa Cruz, my grandmother has competitions in those areas, and I’ll get to see the dogs. “If I go to Georgia, I’ll be cut off from them. And I don’t think they will hold it against me that I will be a Georgia Bulldog.”

With her busy schedule during high school and the need to put school ahead of her dogs, Nicole learned to prioritize, something she’ll have to do in college. “My parents instilled in me that school comes first, and everything else follows,” Nicole said. “I have to create my own future. There have always been conflicts. Sometimes I’d compromise school for the dogs but only when I knew I could make up the work. When I went to the nationals my freshman year, I took a week’s worth of schoolwork with me. I’d sit in a pen with the dogs so I wouldn’t be bothered by people while doing my schoolwork. People would do a double take when they walked by.” One of the best things about working with dogs, Nicole said, “is they helped me grow as a person. I learned valuable life lessons from them, especially learning to persevere. And that relationships are so important.”

and allows Michelle to help as the assistant photographer during events, which include everything from weddings to sporting events at Michelle’s school. Michelle said she also enjoys being a part of her school’s student government. “I like being a leader,” she said. “I just want to set a good example.” Tracy Landrus, Michelle’s Regional Occupational Program stagecraft teacher at Lancaster, believes Michelle also has a unique gift for theatrical lighting design. “As her stagecraft teacher, I have seen her strive to fill a thirst for knowledge in the area of theatrical lighting,” Landrus said. “If I am working on a light design, I can always feel free to consult her for creative ideas.” “I love stagecraft,” Michelle said. “I really love doing the lighting. I’m the lead lighting designer (at Lancaster).” Michelle considered photography, stagecraft and another interest, marine biology, as possible goals for the future, but said she wasn’t quite sure how to combine them all into one career. Instead, she has found a new goal in the field of business communication and finance. “I’m focusing right now on majoring in business once I get to college, but I might minor in photography or something,” she said. “I recently started looking into finance. I’m really good at math. I don’t stop until I get it right.” Michelle said her parents have been a huge part of her success in school. “They push me so hard,” she said. “My sister (Corinne) had pure motivation, but I’m a little different, and my parents really help me stay focused.”

See COWAN on 29

Quality Cars at Reasonable Prices Large Inventory M-F 9am - 5pm Sat 10am - 3pm

Auto Consignm r e t s a c ent n EST. 1956 a L 144 East Ave, G-4 Lancaster

(661) 942-2112 Se Habla Español

www.lacse.net

4128979

DINCAU

AGE: 18 SCHOOL: Lancaster High School GOAL: Business communication and finance

Sunday, March 11, 2012/Antelope Valley Press, Future Leaders

ichelle Cowan has received a perfect attendance award every year since kindergarten. In fact, the Lancaster High School senior just recently missed her first day of school when she was sidetracked by an illness. “I was so mad,” Michelle said. “I was so close to a perfect record.” While being absent a day or two might be a regular occurrence for most students, Michelle made it a goal to never miss a day of school. “I don’t really get sick that often, and I don’t like having to make up work. I never wanted to fall behind,” she said. “In sixth grade, I decided I was just going to keep going (with perfect attendance). Once you start, you just want to keep going.” Along with a near-perfect attendance record, Michelle, 18, maintains a 3.5 grade-point average while balancing interests in photography, stagecraft, marine biology, dance, color guard, student government and dirt biking. “My dad got us started in dirt biking 10 years ago,” Michelle said. “We mainly go to the track in Cal City. I know that place like I know the back of my hand. It’s my happy place.” While Michelle said dirt biking is a family activity that brings her closer to her father, Howard, photography is an activity she enjoys doing with her mom, Heather. “I love photography,” she said. “My mom is a part-time professional photographer. If it wasn’t for her, I don’t think I’d even care for (photography) at all.” Heather Cowan owns HLC Photography

23


Jessica LaForce

John Poremski Fencing phenom aims for business career UGARMAN

Senior is top cadet in Highland’s Junior ROTC

thrust his way to a career as a CEO remski and a senior at Highland o is following in the appel-lunging a full-ride fencing scholarship to the nd I hadn’t quite found a sport I nd was inspired by my sister and AGE: 16 SCHOOL: Highland High School GOAL: Fortune 500 CEO

24

Now Open in the Palmdale Auto Mall 661/794-6694

Visit our other Locations:

Sierra Hwy. & Ave. J • Sierra Hwy. & Ave. L w w w.CamachoAuto.com Palmdale Blvd. & 15th St. East

4127887

Sunday, March 11, 2012/Antelope Valley Press, Future Leaders

I felt welcome there. And it was so there.” ” part of fencing. “It’s really fun sn’t require just overall physical 009 interview. “It’s something that also. It’s like chess. You have to do a reaction you want and you analyze ecause you have to use your brain.” ated in Junior Olympics competias and Salt Lake City, the Southern championships at the California InTechnology, and the Pacific Coast pionships in San Diego. member of the National Cadet en’s Epee Squad, John has earned s share of medals. “It’s not about winning titles for me,” he said. “I enoy it because it’s fun. As soon as it’s ot fun I would stop. But I don’t see at happening anytime soon.” His life is not all about fencing. ohn has a 4.89 weighted gradepoint average. Enrolled in Highland’s nternational Baccalaureate, or IB, gram, John’s favorite subjects are and English. was nominated by his math teacher, is truly respected by his peers and s an honor he truly deserves beexceed expectations and opens his include Junior Honor Guard, 4.0 in the National Latin Exam. He’s also a member of the National Society of High School Scholars. With the IB program, he’s has helped his community, participating in American Cancer Society Relay for Life events and helping organize holiday parties and making Easter baskets for the local Boys and Girls Club. He’s also an active member of his church, Father Serra Parish. “It’s important to give back,” John said. “It feels really good and rewarding to help people and see them do well and succeed.” In his spare time, John is writing a novel. “I’m only in about 50 pages. Nowhere close to being done,” he said. “It’s a fantasy story I dreamed about a long time ago. Right now I have it on hold. But I’ll get back to it.”

Written by KAREN MAESHIRO • Photographed by RON SIDDLE

H

ighland High School senior Jessica LaForce had a life-changing experience when she attended a four-day leadership camp in Utah last summer. She and another Highland Air Force Junior ROTC cadet joined 42 others at the Southwest Summer Leadership School in Garrison, where they underwent a “continuous cycle of physical and mental leadership labs.” “We were sleeping in tents outdoors spread out across an area of two or three football fields,” said Jessica, 17. “We were working while we AGE: 17 were tired and were with each SCHOOL: Highland other constantly. We had to do High School watch every night. It required GOAL: Judge concentration, and nobody came advocate general back the same as when they left. “It made me realize and accept the idea that if I wanted to step into a leadership position, I had to be prepared to delegate.” Jessica has already moved into a leadership role in Highland’s ROTC program, assuming this year the top post of group commander, overseeing 260 cadets. ROTC has taught her maturity and levelheadedness, she said. She’s been recognized with numerous awards, honors and ribbons, including American Veterans Awards, Sons of the American Revolution, Retired Enlisted Association Award, Tuskegee Airman Award, and Distinguished Cadet Award. She was nominated for Future Leaders by Highland ROTC instructor Chief Master Sgt. Robert Butler. “Cadet LaForce exemplifies the traits of a Futu Leader, always keepin herself in check, takin care of her subordinat knowing the surround and thoroughly under standing the job at han Butler wrote. “She is not afraid to stand for what’s right, no matter what. She is considerate, honest, an very dependable.”

See LAFORCE on 32


%BNPOE 4NJUI +S -BODBTUFS KVOJPS FZ 8SJUUFO CZ +6-*& %3",& t 1IPUP

"

T UIF TUVEFOU USVTUFF PO "OUFMPQF 7BMMFZ 6OJPO )JHI 4DIPPM %JTUSJDU T HPWFSOJOH CPBSE -BODBTUFS )JHI 4DIPPM KVOJPS %B NPOE 4NJUI +S UBLFT IJT SPMF TFSJPVTMZ %BNPOE ESFTTFE JO B TIBSQ TVJU BOE UJF QBSUJDJQBUFT JO TDIPPM CPBSE NFFUJOHT BT JG IF XFSF B WFUFSBO USVTUFF )F BTLT RVFTUJPOT PG UIPTF XIP BEESFTT UIF CPBSE CFDBVTF IF IBT UIF CFTU JOUFSFTUT PG UIF BQQSPYJNBUFMZ TUVEFOUT IF SFQSFTFOUT BU IFBSU i* XBOU UP LOPX XIBU T HPJOH PO w %BNPOE TBJE i* EPO U XBOU UP KVTU TBZ ABZF * XBOU UP NBLF TVSF UIBU FWFSZ UJNF * XBML JOUP UIBU PGm DF PS PO B DBNQVT UIFSF T TPNFUIJOH UIBU JT IFMQJOH UIF TUVEFOUT w %BNPOE BQQFBST BU TDIPPM EJTUSJDU FWFOUT BOE BMXBZT HSFFUT QFPQMF XJUI B TJODFSF TNJMF BOE B IBOETIBLF *U T HPPE QSBDUJDF GPS UIF BNCJUJPVT UFFO XIP XPVME MJLF UP SVO GPS $POHSFTT CZ UIF UJNF IF JT ZFBST PME )F XPVME BMTP MJLF UP SVO GPS HPWFS OPS PG $BMJGPSOJB BOE ZFT QSFTJEFOU PG UIF 6OJUFE 4UBUFT TPNF EBZ i* WF BMXBZT XBOUFE UP MFBE BOE IFMQ UIF POFT UIBU DBO U m HVSF PVU XIBU UP EP GPS UIFNTFMWFT w %BNPOE TBJE )F IPQFT UP BUUFOE $BMJGPSOJB 4UBUF 6OJWFSTJUZ 4BDSBNFOUP PS 6OJWFSTJUZ PG $BMJGPSOJB %BWJT BOE TUVEZ QPMJUJDBM TDJFODF 6 4 IJTUPSZ PS &OHMJTI )F BMTP XBOUT UP BUUFOE UIF QSFTUJHJPVT MBX

"(& 4$)00- -BODBTUFS )JHI 4DIPPM (0"- " DBSFFS JO QVCMJD PGm DF

TDIPPM BU 4UBOGPSE 6OJWFST %BNPOE TUBSUFE IJT TUV JO UIJSE HSBEF XIFO IF MJW XIJUF OFJHICPSIPPE JO 1B XBT JO UIF TFWFOUI HSBEF % NPWFE UP -BODBTUFS i8IFO * NPWFE UP -BO BMM UIJT EJWFSTJUZ BOE LJOE TBZJOH UIFSF XBT B TUFSFPUZ PG -BODBTUFS XJUI UIF 4FDUJ UIBU T HPJOH PO * UIJOL N MFBEFSTIJQ XBOUJOH UP IFMQ UIF GVUVSF KVTU LJOE PG CMPP XIFO * TBX IPX QFPQMF MP -BODBTUFS w %BNPOE TBJE %BNPOE BUUFOEFE "NB $SFFL .JEEMF 4DIPPM XIF NFU "TTJTUBOU 1SJODJQBM .JL %BWJT XIP XBT UIFO UIF MFBEFSTIJQ UFBDIFS JO DIBSHF PG UIF TDIPPM T 4UBS 8BST TFSWJDF DMVC %BWJT TUJMM TFSWFT BT

4FF % 4.*5) PO

! $ & %

' # ´ ´ # ' ´ " $

& ! # ' ' #

! % #

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

, DPN


-BVSFO (PEEBSE 1BSBDMFUF 8SJUUFO CZ

1

FSIBQT TPNFEBZ -BVSFO (PEEBSE XJMM MPPL CBDL BOE UIJOL JU BMM TUBSUFE XJUI B QJH 5IF ZFBS PME 1BSBDMFUF )JHI 4DIPPM TFOJPS IBT CFFO B NFNCFS PG ) GPS NPSF UIBO ZFBST "NPOH -BVSFO T SFTQPOTJCJMJUJFT EVSJOH UIBU UJNF XBT SBJTJOH B QJH FBDI ZFBS UP FOUFS JO DPN QFUJUJPO BU UIF "OUFMPQF 7BMMFZ 'BJS i3BJTJOH B QJH UBVHIU NF B MPU BCPVU SFTQPO TJCJMJUZ w -BVSFO TBJE i* UIJOL NZ m STU ZFBS PG EPJOH JU XBT UIF FBTJFTU CFDBVTF UIFSF XFSF B MPU PG QFPQMF UP IFMQ NF "GUFS UIBU * TUBSUFE UP IFMQ PUIFS QFPQMF w 8IJMF -BVSFO NJHIU IBWF QJDLFE VQ NPSF SFTQPOTJCJMJUJFT BT TIF NPWFE BMPOH JO ) JU CFDBNF DMFBS UIBU TIF XBT HPJOH UP CF B 'VUVSF -FBEFS i-BVSFO JT B GPDVTFE DBSJOH SFTQPOTJCMF BOE JOEFQFOEFOU ZPVOH XPNBO XIP JT MPWFMZ UP XPSL XJUI w TBJE 1BSBDMFUF UFBDIFS .JDIFMMF &SJDLTPO XIP OPNJOBUFE IFS UP CF B 'VUVSF -FBEFS i* BN DPOm EFOU UIBU FWFSZUIJOH TIF DIPPTFT UP EP XJMM CF EPOF XJUI HSFBU JOUFHSJUZ BOE XJMM CFOFm U UIPTF BSPVOE IFS w i5IBU T BNB[JOH GPS IFS UP TBZ w -BVSFO TBJE #VU -BVSFO TBJE TIF EPFTO U NJOE MFBEJOH UIF XBZ GPS PUIFST i* EFm OJUFMZ FOKPZ IFMQJOH PUIFST w TIF TBJE i* LOPX UIFZ SFBMMZ DBO SFBDI UIFJS HPBMT i* MJLF CFJOH B SPMF NPEFM OPU MFUUJOH UIF DIBMMFOHFT HFU UP ZPV * BMXBZT IBWF CFFO BO PQUJ NJTUJD QFSTPO XIP MJLFT HPJOH BGUFS JU w "MUIPVHI -BVSFO JTO U FYBDUMZ TVSF XIBU IFS VM

"(& 4$)00- 1BSBDMFUF )JHI 4DIPPM (0"- "TTVNF B MFBEFSTIJQ SPMF JO IFMQJOH PUIFST

UJNBUF H TIF LOP XJUI IF i5IF IBT CFF SFBMMZ FO MPWF IP CJH VOJW UIBU UIF PQQPSUV 4IF PG $BMJGP $BMJGPSO "U 1B HSBEF Q JOUFSFTUT FODF m F JO USBDL UISFF ZF QBSUJDJQ

4FF (0%%"3% PO

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

.0:"

1"35*%"

EFOU #PEZ BOE UIF -JOL $SFX i4IF T B MJUUMF TQBSLQMVH w .BZUPO 'SPN 'SPN TBJE i4IF T UIF TXFFUFTU HJSM JO UIF 5IFO JO IFS KVOJPS ZFBS ,JN XPSME w FSBM QSPKFDUT BOE UIBU IF PGUFO TFFLT CFSMZ EFDJEFE UP KPJO UIF UFOOJT UFBN ,JNCFSMZ JT BMTP $4' QSFTJEFOU PVU OFX QSPKFDUT GPS DMVC NFNCFST UP CF NPSF BDUJWF FWFO UIPVHI TIF XIJDI TIF ESFBNFE BCPVU CFJOH UP UBLF PO 3BVM JT BMSFBEZ QSFQBS EJEO U LOPX NVDI BCPVU UIF TQPSU TJODF TIF XBT B GSFTINBO JOH GPS IJT OFYU ESFBN DPMMFHF )F 5ISPVHIPVU UXP TFBTPOT i5IF m STU NFFUJOH * XFOU JOUP QMBOT UP BUUFOE $BMJGPSOJB 1PMZUFDIOJD ,JNCFSMZ CFDBNF B UBMFOUFE UFOOJT * TBX PVS QSFTJEFOU y JO UIF GSPOU 4UBUF 6OJWFSTJUZ 4BO -VJT 0CJTQP UP QMBZFS BOE XBT B DBQUBJO PO UIF XJUI BMM UIFTF TUVEFOUT KVTU MPPLJOH CFDPNF BO BFSPTQBDF FOHJOFFS UFBN UIJT ZFBS VQ UP IFS BOE IPX TIF XPVME KVTU 8JUI B HSBEF QPJOU BWFSBHF i4IF KVTU XPSLFE SFBMMZ SFBMMZ n VJEMZ EJSFDU UIF NFFUJOH w ,JNCFSMZ IJT TFSWJDF BT DBQUBJO PG 40"3 T 5FBN IBSE w -BODBTUFS UFOOJT DPBDI BOE TBJE PG "NFSJDB 3PDLFUSZ $IBMMFOHF BOE B UFBDIFS 5PN .BZUPO TBJE i4IF UPPL i* TBJE UP NZTFMG A5IBU T HPJOH /PSUISPQ (SVNNBO JOUFSOTIJQ VOEFS JU WFSZ TFSJPVTMZ w UP CF NF POF EBZ 8IP XPVME WF IJT CFMU 3BVM TBJE IF GFFMT DPOm EFOU .BZUPO TBJE XIBU NBLFT ,JNCFS UIPVHIU * XBT FMFDUFE QSFTJEFOU w UIBU IF XJMM MBOE B KPC EPJOH XIBU IF MZ B HPPE MFBEFS JT IFS BCJMJUZ UP HFU 5ISPVHI $4' ,JNCFSMZ BOE IFS MPWFT 3BVM BMTP SFDFJWFE UIF /BUJPOBM BMPOH XJUI FWFSZPOF i4IF JOTQJSFT QFFST SBJTFE NPOFZ GPS B UFBDIFS )JTQBOJD 4DIPMBS BXBSE BOE /BUJPOBM QFPQMF TIF T WFSZ OJDF TIF T WFSZ XIP IBT DBODFS CZ TFMMJOH QVQV GSJFOEMZ BOE TIF T BMXBZT HPU B LJOE TBT /PX UIFZ TFMM QVQVTBT PODF B .FSJU 4DIPMBS DPNNFOEBUJPO XPSE GPS FWFSZCPEZ w IF TBJE NPOUI UP IFMQ SBJTF NPOFZ GPS UIFJS "T B /PSUISPQ (SVNNBO JOUFSO i1FPQMF MJLF UP CF BSPVOE IFS DMVC TP UIFZ DBO UBLF VOEFSDMBTT 3BVM XPSLT TJEF CZ TJEF XJUI RVBMJUZ 4IF T KVTU WFSZ BVUIFOUJD w NFO UP WJTJU MPDBM VOJWFSTJUJFT FOHJOFFST BOE IFMQT JOTQFDU QBSUT GPS #FJOH PO UIF UFOOJT UFBN IFMQFE i*U T IBSE CFDBVTF XF EPO U IBWF UIF ' KPJOU TUSJLF m HIUFS /PSUISPQ ,JNCFSMZ CFDPNF NPSF BDUJWF JO UIF GVOEJOH GPS JU TP XF IBWF UP EP (SVNNBO T 1BMNEBMF GBDJMJUZ JT XIFSF PUIFS BSFBT BU TDIPPM B MPU PG GVOE SBJTFST w ,JNCFSMZ TBJE UIF BJSDSBGU T DFOUFS GVTFMBHF JT CVJMU i* UIJOL UFOOJT JT XIBU PQFOFE i5IJT ZFBS XF QSPCBCMZ XPO U i.Z KPC JT UP JOTQFDU UIF QBSUT BOE NF w ,JNCFSMZ TBJE CF BCMF UP CVU JU T KVTU UIF GBDU UIBU NBLF TVSF UIFZ m U w 3BVM TBJE i* TUBSUFE UBMLJOH UP NPSF QFPQMF XF SF USZJOH UP DVTIJPO UIF CVEHFU 3BVM TBJE IF GFMU B MJUUMF JOUJNJEBUFE *U KVTU PQFOFE NF UP CF NPSF PVU GPS UIFN UP HP OFYU ZFBS w BU m STU TUBOEJOH CFMPX UIF CFMMZ PG TQPLFO 'SPN UIFSF PO PVU * TUBSUFE ,JNCFSMZ JT QMBOOJOH UP BUUFOE B POF PG UIF ' T CVU UIBU WJFX XBT UP CFDPNF NPSF JOWPMWFE JO PUIFS VOJWFSTJUZ OFYU ZFBS CFUUFS UIBO BOZUIJOH IJT NPEFM BJS BDUJWJUJFT w "MUIPVHI TIF IBT BQQMJFE UP $BMJ QMBOFT DPVME PGGFS 4PPO IJT FYDJUF /PX TIF JT B NBOBHFS GPS UIF GPSOJB 4UBUF 6OJWFSTJUZ -POH #FBDI NFOU UPPL PWFS CPZT UFOOJT UFBN BOE IJTUPSJBO GPS BOE 4BO %JFHP 4UBUF ,JNCFSMZ JT i* HFU FYDJUFE OPX XIFO * TFF UIF UIF /BUJPOBM )POPS 4PDJFUZ BOE MFBOJOH UPXBSE $BM 4UBUF /PSUISJEHF QMBOFT w 3BVM TBJE i* MPWF HPJOH UP 1POH 4UBST B QJOH QPOH DMVC 4IF XIFSF IFS PMEFS TJTUFS DVSSFOUMZ JT B TUVEFOU XPSL PO UIFN w JT BMTP B NFNCFS PG "TTPDJBUFE 4UV


5IF QMBDF UP HP XIFO ZPV XBOU UP IFBS CFUUFS $POHSBUVMBUJPOT 'VUVSF -FBEFST

t 0VS 4UBUF PG UIF "SU 5FDIOPMPHZ 4LJMMFE 4QFDJBMJTU 8JMM "OTXFS :PVS )FBSJOH -PTT 2VFTUJPOT t .BOZ *OTVSBODF 1MBOT "DDFQUFE

t "EWBODFE 5FTUJOH &RVJQNFOU t :FBS 8BSSBOUZ "WBJMBCMF %BZ 5SJBM 1FSJPE t :PV .JHIU /PU &WFO /FFE B )FBSJOH "JE $BMM 5PEBZ UP 4DIFEVMF :PVS '3&& $POTVMUBUJPO

4FSWJOH UIF "OUFMPQF 7BMMFZ GPS 0WFS :FBST $BMM 5PEBZ GPS :PVS "QQPJOUNFOU BOE B '3&& )FBSJOH 5FTU 8 -BODBTUFS #PVMWBSE PS )&"3 )FMQJOH UIF XPSME IFBS CFUUFS "DSPTT GSPN UIF 1FSGPSNJOH "SUT $FOUFS

XXX CFMUPOF DPN

#FUUFS IFBSJOH UISPVHI QSPGFTTJPOBM DBSF

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

t $VTUPN 'JU 7JSUVBMMZ *OWJTJCMF )FBSJOH "JET


.BLFOOB 5IJFT

"OUIPOZ .PTRVFEB

#FUIFM $ISJTUJBO TFOJPS FYDFMT JO UISFF TQPSUT 8SJUUFO CZ &3*$ )"3%*/( t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

/

PU NBOZ QFPQMF BSF BT XFMM SPVOEFE BT .BLFOOB 5IJFT 5IF #FUIFM $ISJTUJBO 4DIPPM TFOJPS KVHHMFT UISFF TQPSUT XIJMF HFUUJOH JOWPMWFE XJUI TDIPPM BOE DPN NVOJUZ TFSWJDF BDUJWJUJFT BOE TUJMM NBJOUBJOT IFS HSBEFT .BLFOOB IBT B HSBEF QPJOU BWFSBHF BOE IBT CFFO PO UIF )POPS PS .FSJU 3PMM FWFSZ TFNFTUFS TJODF KVOJPS IJHI TDIPPM " NFNCFS PG UIF $BMJGPSOJB 4DIPMBSTIJQ 'FE FSBUJPO BOE 4UVEFOU PG UIF .POUI BU #FUIFM $ISJTUJBO TIF QMBOT UP NBKPS JO FMFNFOUBSZ FEVDBUJPO JO DPMMFHF

FST BOE * MJLF MJUUMF LJET * MJLF UIFJS QFSTPOBMJUJFT BOE UIFZ SF QSFUUZ JOOPDFOU 8IBU ZPV TFF JT XIBU ZPV HFU w 4IF TQFOET B MPU PG UJNF BSPVOE DIJMESFO WPMVOUFFS JOH BU IFS DIVSDI OVSTFSZ XIFSF PODF B NPOUI TIF XBUDIFT PWFS ZPVOHTUFST EVSJOH DIVSDI TFSWJDF .BLFOOB BMTP XPSLT XJUI UP ZFBS PMET BU 7BDBUJPO #JCMF 4DIPPM BOE +VOJPS $IVSDI "TJEF GSPN &OHMJTI .BLFOOB T GBWPSJUF DMBTT BU TDIPPM JT ESBNB 4IF QJDLFE JU VQ BT BO FMFDUJWF BOE TBJE JU T HSPXO PO IFS RVJUF B CJU i* EPO U UIJOL JU T IBSE * DBO SFUUZ FBTJMZ w .BLFOOB TBJE i* WF CFFO O ZFBS TP * WF CFFO JOWPMWFE RVJUF B BUFE 4UVEFOU #PEZ SFQSFTFOUBUJWF BOE T BJEF CVU .BLFOOB T NBJO JOUFSFTU JT F DBQUBJO PG UIF CBTLFUCBMM UFBN BOE TFMFDUFE m STU UFBN BMM $SPTT 7BMMFZ -FBHVF JO CPUI WPMMFZCBMM "(& BOE TPGUCBMM JO 4$)00- #FUIFM 5IPVHI TIF FYDFMT JO BMM $ISJTUJBO 4DIPPM UISFF .BLFOOB TBJE WPMMFZ (0"- &MFNFOUBSZ TDIPPM UFBDIFS CBMM JT IFS GBWPSJUF i*U T GVO w TIF TBJE i4PNFUJNFT * XJTI * XFOU UP B CJHHFS TDIPPM XIFSF WF BOE ZPV GBDF CFUUFS UFBNT #VU BU PQQPSUVOJUZ UP QMBZ FWFSZ TQPSU XIFO HJWF ZPV UIBU PQQPSUVOJUZ w PNFPOF TP CVTZ XPVME TUSVHHMF UP OUSBUF PO BDBEFNJDT #VU GPS .BLFOOB

-JUUMFSPDL TFOJPS JT AMFBEFS BNPOH IJT QFFST 8SJUUFO CZ "-"/ )&/%3: t 1IPUPHSBQIFE CZ .":" 46("3."/

"

OUIPOZ .PTRVFEB MFBSOFE UIF WBMVF PG IBSE XPSL GSPN IJT GBUIFS BOE POF EBZ IF QMBOT PO KPJOJOH IJT GBUIFS BU XPSL #VU m STU UIF -JUUMFSPDL )JHI 4DIPPM TFOJPS XBOUT UP KPJO UIF 6 4 "SNZ BOE PCUBJO B CBDIFMPS T EFHSFF JO CVTJOFTT BENJOJTUSBUJPO

S T DPNQBOZ "OUPOJ T *OD HFS NZ EBE UBVHIU XPSL * N TUSJWJOH *G * DBO LFFQ PO UIF T DPNQBOZ JU XJMM BOE GVUVSF HFOFSB

t 1BUJP t #BUISPPNT t ,JUDIFOT t .BSCMF 1PMJTIJOH t 4IPXFS &ODMPTVSFT

t (SBOJUF t 1BWFST t $PVOUFS 5PQT t *OUFSJPS t &YUFSJPS

UFBDIFST .BSJMZO "ZFST TBJE TIF IBT JOH BSPVOE .BLFOOB EVSJOH IFS IJHI ZFBST .BLFOOB TFFLT UP FODPVSBHF BOE GZ PUIFST w "ZFST TBJE i4IF JT B KPZGVM OE DPOm EFOU ZPVOH MBEZ w &WFO UIPVHI TIF EPFTO U HFU NVDI GSFF UJNF .BLFOOB MJLFT UP XBUDI PME NPWJFT HP TIPQQJOH GPS DMPUIFT XBUDI 64$ GPPUCBMM BOE IBOH PVU XJUI GSJFOET BOE GBNJMZ JO IFS TQBSF UJNF 4IF BMTP VTFE UP TFX BOE DPMMFDU BOUJRVFT XIFO TIF XBT ZPVOHFS .BLFOOB FOWJTJPOT IFSTFMG USBWFMJOH PWFSTFBT PO NJTTJPO USJQT BGUFS IJHI TDIPPM BOE QMBOT UP BU UFOE FJUIFS (FPSHF 'PY 6OJWFSTJUZ JO /FXCFSH 0SF PS 8IJUXPSUI 6OJWFSTJUZ JO 4QPLBOF 8BTI UIJT GBMM BT TIF IBT IFS TJHIUT TFU PO UIF 1BDJm D /PSUIXFTU i* XBOU UP HFU PVU PG $BMJGPSOJB w .BLFOOB TBJE i*U T KVTU TPNFUIJOH OFX w 4FSWJOH UIF "OUFMPQF 7BMMFZ 4JODF

$0..&3$*"- 3&4*%&/5*"-

'3&& /BNF 4UJUDIJOH '3&& "QQMJDBUJPO PG ZPVS MFUUFS XJUI QVSDIBTF PG B -FUUFSNBO +BDLFU

t )JHI 4DIPPM -FUUFSNBO +BDLFUT t $MBTT 3JOHT t &NCSPJEFSZ $IFOJMMF

"MMFO 7FJM 0XOFS

$BMM GPS B '3&& $MFBOJOH %FNPOTUSBUJPO

t 1MBRVFT 5SPQIJFT t "DSZMJD (MBTT "XBSET

"B?M >KMB` <:M>L O:BE:;E>

(SPVU 4FBMJOH /BUVSBM 4UPOF

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

MPUT PG TUVEZJOH w .BLFOOB TBJE i* G OJHIUT CVU * XPSL BSPVOE NZ CVTZ MQ GSPN NZ UFBDIFST UPP 5IFZ SF SF

$POHSBUVMBUJPOT 'VUVSF -FBEFST i%PO U 1PVU BU :PVS (SPVU w

"(& 4$)00- -JUUMFSPDL )JHI 4DIPPM (0"- 0Gm DFS JO UIF 6 4 "SNZ

SE 4U &BTU t t XXX QBMNEBMFUSPQIZ DPN 4PVUI PG 3BODIP 7JTUB #MWE "WF 1 JO UIF 8JOOFMM *OEVTUSJBM 1BSL

BT CFOFm UUFE IJN PO E GPPUCBMM UFBNT BT N )F IBT BQQMJFE GPSOJB 4UBUF 6OJWFS BNQVTFT BU 'SFTOP SUISJEHF BOE $IJDP BOE $BMJGPSOJB -VUIFSBO 6OJWFSTJUZ BOE QMBOT UP FOSPMM JO 305$ PODF JO DPMMFHF "OUIPOZ TBJE IF T BMXBZT XBOUFE UP CF JO UIF NJMJ UBSZ )F IBT CFFO B NFNCFS PG UIF TDIPPM T "SNZ +VOJPS 305$ GPS GPVS ZFBST BOE DVS SFOUMZ TFSWFT BT UIF CBUUBMJPO FYFDVUJWF PGm DFS i.Z TPQIP NPSF ZFBS * LOFX XBOUFE UP QVSTVF B SFFS JO UIF NJMJUBSZ w BJE i5IF 305$ MFE KPJO * MJLF UIF EJTDJ OWPMWFE JO UIF 305$ UIF BDUVBM NJMJUBSZ HJWFT ZPV B UBTUF w OUIPOZ TBJE BT UIF JPO FYFDVUJWF PG IF JT JO DIBSHF BOE FWFOUT 5IF MBTU XBT B DPNQFUJUJPO 4BO 'FSOBOEP 7BMMFZ TDIPPMT JO m WF EJGGFSFOU FWFOUT ‰ DPNQBOZ ESJMM QMBUPPO ESJMM TRVBE ESJMM BSN ESJMM BOE DPMPS HVBSE "OUIPOZ TBJE IJT VOJU m OJTIFE JO UIF 5PQ JO BMM UIF FWFOUT "OUIPOZ IBT CFFO B WBMVBCMF BOE MPOH TUBOEJOH NFNCFS PG -JUUMFSPDL T GPPUCBMM BOE TXJN TRVBET )F SFDFOU MZ CFHBO IJT GPVSUI ZFBS PO UIF TXJN UFBN BOE JT QPJTFE UP IBWF BOPUIFS TVDDFTTGVM TFBTPO "OUIPOZ XPO UIF GSFFTUZMF BOE XBT B NFNCFS PG

4FF .0426&%" PO


BOE * KVTU XBOOB NBLF TVSF UIBU * IBWF B WPJDF MBUFS JO UIF GVUVSF w "U &BTUTJEF -VJT CPBTUT B HSBEF QPJOU BWFSBHF BOE IBT CFFO SFDPHOJ[FE PO UIF )POPS 3PMM BOE CZ UIF $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO )F JT TUVEFOU CPEZ WJDF QSFTJEFOU B .PDL 5SJBM QBSUJDJQBOU BOE B NFNCFS PG UIF 'JOBODF $MVC NFFUJOH XJUI B DPVOTFMPS UP EJTDVTT NPOFZ NBUUFST &BTUTJEF "TTPDJBUFE 4UVEFOU #PEZ BEWJTFS -ZOETBZ 3PV[FS TBJE -VJT JTO U BGSBJE UP TUBOE PVU i)F T GPDVTFE JO B XBZ UIBU B MPU PG LJET BSF OPU )F T KVTU SFBMMZ BO FYBNQMF GPS UIF PUIFS LJET PG XIBU JOUFHSJUZ NFBOT )F T OPU BGSBJE UP TBZ A:PV LOPX * N B NFNCFS PG

#&26&3

TUVEFOUT UPPMT UIFZ XJMM OFFE UP CF TVDDFTTGVM JO UPEBZ T UFDIOPMPHZ GP 'SPN DVTFE UJNFT #JBODB T FNQIBTJT JT JO OFFET MJUUMF TVQFSWJTJPO UP EP XIBU JT EJHJUBM EFTJHO XIFSF TIF VTFT QSP FYQFDUFE PG IFS w ,OJHIU "EWBODFE EVDUJPO DPNQVUFS TPGUXBSF UP EFTJHO 1MBDFNFOU (PWFSONFOU UFBDIFS 1PXFS1PJOU QSFTFOUBUJPOT GPS TDIPPM .JLF 'MVIBSUZ TBJE i4IF JT B TNBSU NFFUJOHT GPPUCBMM HBNF QSPHSBNT LJE XIP IBT BMXBZT EPOF XFMM JO BOE NPSF UIJOHT UIBU TIF HFUT JOWPMWFE JO w 4IF QMBOT UP VTF UIFTF TLJMMT UP #JBODB T JOWPMWFNFOU JODMVEFT POF EBZ DSFBUF IFS PXO NBSLFUJOH SFHVMBS DPNNVOJUZ TFSWJDF TUVEFOU HPWFSONFOU ,FZ $MVC BOE BUIMFUJDT BOE BEWFSUJTJOH FMFNFOUT GPS IFS CVTJOFTT 5IF FYUSBDVSSJDVMBST UIPVHI i%JHJUBM EFTJHO JT QBSU PG NZ MJGF w IBWF DPNF BU B DPTU UP IFS 1MBZJOH TPDDFS #JBODB UPSF MJHBNFOUT JO IFS TIF TBJE i*U IFMQT QSFQBSF ZPV GPS LOFF UXJDF SFRVJSJOH UXP TVSHFSJFT DPMMFHF BOE QSFQBSF ZPV GPS UIF BOE FWFOUVBMMZ GPSDJOH IFS PVU PG UIF m FME ZPV XBOU UP HFU JOWPMWFE JO w TQPSU #JBODB BMTP FOKPZT CPPLT BOE #VU UIBU IBTO U LFQU IFS BXBZ NPWJFT 4IF BWFSBHFT TJY CPPLT GSPN BUIMFUJDT BMUPHFUIFS *O UIF GBMM B NPOUI BOE PDDBTJPOBMMZ SFBET TIF XBT B NBOBHFS GPS UIF DSPTT UISPVHI POF JO B TJOHMF EBZ DPVOUSZ UFBN BOE UIJT TQSJOH TIF .BLJOH IFS SFBEJOH FYQFSJFODF QMBOT UP DPNQFUF JO IFS UIJSE TFBTPO NPSF FYDJUJOH JT IFS BQQSFDJBUJPO GPS PG WBSTJUZ USBDL BOE m FME 5IF FWFOUT NPWJF TDPSFT 8IJMF EFFQ JOUP IFS TIF XJMM QVSTVF BSF UIF TIPU QVU CPPL TIF JNBHJOBUJWFMZ BEET NVTJD EJTDVT BOE QPTTJCMZ MPOH EJTUBODF UP UIF XPSET FWFO DSFBUJOH IFS PXO SVOOJOH TDPSFT TPNFUJNFT ,OJHIU DPVOTFMPS 5FSFTB 7BO i* N B WFSZ EJWFSTF QFSTPO XIFO ;BOEU EFTDSJCFE #JBODB BT B iUFBN JU DPNFT UP CPPLT BOE NPWJFT w TIF QMBZFSw BOE iTFMG TUBSUFS XIP MJLFT TBJE i"OZ ESBNB UIBU JT EJGGFSFOU UBLJOH DPOUSPM PG TJUVBUJPOT BOE BUUSBDUT NF UP SFBE JU w UFBDIFT XIBU TIF IBT MFBSOFE UP " EJWFSTF QPSUGPMJP IBT CFOFm UUFE PUIFST w UIJT ,OJHIU TUBOEPVU BOE XJUI IFS )FS UFBDIJOH IBT DPNF JOUP QMBZ TNJMF HVJEJOH IFS DPOm EFODF TIF JO UIF %JHJUBM %FTJHO BOE &OHJOFFS QMBOT UP TFF IFS JOWFTUNFOUT HSPX JOH "DBEFNZ 5IF QSPHSBN UFBDIFT

$08"/ 'SPN

$PSJOOF $PXBO XIP JT DVS SFOUMZ B TUVEFOU BU $BMJGPSOJB 4UBUF 6OJWFSTJUZ %PNJOHVF[ )JMMT XBT B 'VUVSF -FBEFS JO .JDIFMMF BMTP BQQMJFE UP UIF %PNJOHVF[ )JMMT DBNQVT XIFSF TIF XBT TVSF TIF XPVME BUUFOE CVU TBJE B SFDFOU WJTJU UP UIF QJDUVSFTRVF $BMJGPSOJB 4UBUF 6OJWFSTJUZ DBNQVT BU $IBOOFM *TMBOET IBT HJWFO IFS BU MFBTU POF NPSF PQUJPO XPSUI DPOTJE FSJOH /P NBUUFS XIFSF TIF FOET VQ .JDIFMMF LOPXT TIF XBOUT UP CF OFBS UIF PDFBO i* N SFBMMZ FYDJUFE BCPVU UIBU w

TIF TBJE i* DBOOPU XBJU UP HP UP UIF CFBDI w "TJEF GSPN IFS TUVEJFT .JDIFMMF IPQFT UP DPOUJOVF JO DPMMFHF IFS GB WPSJUF BDUJWJUJFT XIJDI JODMVEF EBODF QIPUPHSBQIZ BOE TUBHFDSBGU i* RVJU EBODJOH XIFO * HPU NZ m STU KPC CVU * EFm OJUFMZ XBOU UP TUBSU VQ BHBJO JO DPMMFHF w TIF TBJE i* BMXBZT MFBWF EBODF DMBTT IBQQZ w .JDIFMMF TBJE TIF XJMM HSBEV BUF GSPN -BODBTUFS ESBQFE JO IPOPS DPSET GSPN UIF /BUJPOBM )POPS 4PDJFUZ BOE $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO TZNCPMT PG BMM IFS IBSE XPSL BOE TVDDFTT UISPVHIPVU IFS TDIPPM ZFBST i* N TP FYDJUFE UP XFBS UIPTF DPSET BU HSBEVBUJPO w

XPSLT GPS DPOTUSVDUJPO DPNQBOZ 4BNSPE BOE PMEFS TJTUFST (MPSJB B QSF NFE TUVEFOU BOE $SJTUZ XIP QBSUJDJQBUFT JO UIF MPDBM TQFDJBM OFFET QSPHSBN *OTQJSFE CZ $SJTUZ XIP IBT %PXO TZOESPNF -VJT TBJE IF XPVME MJLF UP GPVOE BO PSHBOJ[B UJPO UP IFMQ TQFDJBM OFFET DIJMESFO 3PV[FS QSFEJDUT UIBU -VJT XJMM CF BCMF UP BDIJFWF UIJT BOE BOZUIJOH FMTF IF TFUT IJT NJOE UP i)F IBT HPBMT UIBU BSF MPGUZ CVU BCTPMVUFMZ SFBMJTUJD GPS IJN w TIF TBJE

3"%*("/ 'SPN TBJE i*G ZPV OFFE IFMQ HFUUJOH GSPN QPJOU " UP QPJOU # ZPV OFFE QFPQMF ZPV DBO HP UP w 0OMZ B KVOJPS "OOJF IBT BOPUIFS ZFBS CFGPSF TIF MM EFDJEF XIFSF UP BUUFOE DPMMFHF 4IF TBJE TIF JT MPPLJOH BU #FSLFMFZ BOE QMBOT PO CFJOH B EPDUPS BGUFS HSBEVBUJOH DPMMFHF i" HPPE EPDUPS DBO CF SFBMMZ DSJUJDBM XIFO TPNFPOF JT HPJOH UISPVHI IFBMUI JTTVFT w "OOJF TBJE

i*U T HPPE UP HP UP TPNFPOF XIP ZPV DBO USVTU BOE XIP DBSFT B CPVU ZPV * XBOU UP CF JO UIF QPTJUJPO UP DPNGPSU QFPQMF B MPU IFMQ BMMFWJBUF BOZ GFBST BOE CF B HPPE EPDUPS w +PIOTUPO TBJE IF DPVMEO U UIJOL PG B NPSF EFTFSWJOH TUVEFOU UIBO "OOJF UP CF DIPTFO BT B 'VUVSF -FBEFS i5IFSF T KVTU TP NBOZ BUUSJCVUFT UIBU TIF IBT * DBO UBML GPS EBZT BCPVU IFS w +PIOTUPO TBJE i#VU TIF T OPU KVTU B GVUVSF MFBEFS TIF T BMSFBEZ B MFBEFS w

BWDT FEV

1SFQBSJOH -FBEFST GPS

5PNPSSPX T 8PSME )JHI 4DIPPM D 6$ BQQSPWFE DPMMFHF QSFQBSBUPSZ DVSSJDVMVN D "1 BOE )POPST DPVSTFT D D $*' 4QPSUT D *OUFSOBUJPOBM #PBSEJOH 4DIPPM

i*O UIF QBTU TFWFO ZFBSTy PG PVS TUVEFOUT IBWF CFFO BDDFQUFE BU B GPVS ZFBS VOJWFSTJUZ w

&MFNFOUBSZ 4DIPPM

D "DDFMFSBUFE "DBEFNJDT D "DBEFNJD $PNQFUJUJPOT D *OUFHSBUFE 5FDIOPMPHZ D &YUFOEFE $BSF B N Q N

:FBS 3PVOE 1SFTDIPPM

D /VSUVSJOH "DBEFNJD 1SFTDIPPM D $PNQMFUF ,JOEFSHBSUFO 3FBEJOFTT D "HFT D &YUFOEFE $BSF B N Q N D .BYJNVN DMBTT TJ[F TUVEFOUT

.FNCFS PG UIF "TTPDJBUJPO PG $ISJTUJBO 4DIPPMT *OUFSOBUJPOBM

"DDSFEJUFE CZ 8"4$

"OUFMPQF 7BMMFZ $ISJTUJBO 4DIPPM 8FTU "WFOVF - -BODBTUFS BWDT FEV

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'SPN

:PVOH 3FQVCMJDBOT ‰ XIBUFWFS XIJDI JT OPU BMXBZT UIF QPQVMBS PQJOJPO )F T OPU BGSBJE UP UFMM ZPV XIBU IF TUBOET GPS w 0VUTJEF PG TDIPPM -VJT JT BDUJWF BU 4BDSFE )FBSU $BUIPMJD $IVSDI JO -BODBTUFS BUUFOEJOH UIF XFFLMZ 1FTDBEPSFT %F )PNCSF NFO T #JCMF TUVEZ HSPVQ i)BWJOH (PE JO NZ MJGF JT WFSZ JNQPSUBOU w IF TBJE i* SFBMMZ CFMJFWF UIBU NZ MJGF JT IJT BOE TP JU T NZ EVUZ UP TFSWF w *O IJT TQBSF UJNF -VJT TUVEJFT DMBTTJDBM WPJDF PS PQFSB TJOHJOH GPMMPXJOH JO UIF GPPUTUFQT PG IJT HSBOEGBUIFS XIP TUVEJFE UIF BSU GPSN JO .FYJDP -VJT JT DMPTF UP IJT GBNJMZ XIJDI JODMVEFT NPN *SFOF BO FMFDUSP DBSEJPHSBN UFDIOJDJBO BU "OUFMPQF 7BMMFZ )PTQJUBM EBE .BSDFMJOP XIP

)"30


}À>ÌÕ >Ì ÃÊ ÕÌÕÀiÊ i>`iÀÃt

i iLÀ>ÌiÊÞ ÕÀÊ ÕÌÕÀiÊ i>`iÀÊ Ü Ì ÊÌ iÃiÊëiV > Ê vviÀÃt

LJET 'BDF 1BJOUJOH

5IF 6MUJNBUF *OEPPS 1BSUZ 1MBDF

#JSUIEBZT $PNQBOZ &WFOUT 4DIPPM 'VODUJPOT PS )PMJEBZT

" (SFBU 1MBDF GPS #JSUIEBZT 5FBN 1BSUJFT 'JFME 5SJQT

CZ . .

-VODI 4QFDJBM

*ODMVEFT 4QBHIFUUJ XJUI NFBU PS NBSJOBSB TBVDF w POF UPQQJOH QJ[[B OP TQFDJBMUZ UPQQJOHT HBSEFO TBMBE HBSMJD CSFBE BOE TPGU ESJOLT PS POF MJUFS CPUUMF PO UBLF PVU

t 0OTJUF #",&3: t '3&& #BORVFU 3PPN t $BUFSJOH

BN QN %BJMZ 4PVQ 4BMBE BOE #SFBETUJDLT )BQQZ )PVS %BJMZ QN QN 0'' %SBGU #FFS PS (MBTT PG 8JOF "QQFUJ[FST

$PPLJOH $MBTTFT "MM "HFT "EVMU 4BUVSEBZT BN $BMM UP 3FTFSWF :PVS 4QPU

4VO 5IVS BN QN t 'SJ 4BU UJM QN

UI 4U 8FTU -BODBTUFS HJPWBOOJTJUBMJBOEFMJ DPN

'SJ 4BU

4VO

0''

&RVBM PS -FTT 7BMVF /PU 7BMJE .PUIFS T %BZ .VTU 1SFTFOU $PVQPO 0OF $PVQPO 1FS $PVQMF 1FS 1BSUZ 1FS 5BCMF "WBJMBCMF JO #PUI -PDBUJPOT &YQJSFT

t 0QFO %BJMZ BN t $BUFSJOH &OUFSUBJONFOU t #BORVFU 'BDJMJUJFT JO 1BMNEBMF t )BQQZ )PVS $BMM 'PS *OGP

XXX HJOPTQJ[[B OFU

$IBMMFOHFS 8BZ

5BDP 5VFTEBZT X IPNFNBEF 1JDP EF (BMMP

4FSWJOH #SFBLGBTU -VODI

0QFO %BZT " 8FFL _ BN QN

/ #FFDI 4U t -BODBTUFS t

,BCPCT t -BNC 1PSL $IPQT t 1JUB 'BMBGFM t "QQFUJ[FST t (ZSPT t 4BMBET 1SJDFT GSPN

ÂlÄ &ld ÍlÂÂF lF Ë Fym -VODI t %JOOFS t $BUFSJOH 8FTU 1BMNEBMF #MWE

%SJOL 4QFDJBMT $MVC 8FTU -PVOHF )BQQZ )PVS .PO 5IVS QN

3FE $BSQFU -*7& +B[[ /JHIUMZ %JOOFS 4QFDJBMT 4QFDJBM %JTDPVOUFE 3BUFT 3PPNT #BORVFU .FFUJOH 3PPNT

6baZeTgh_Tg\baf

8 1BMNEBMF #MWE XXX UIFQBMNEBMFIPUFM DPN

4FSWJOH UIF "OUFMPQF 7BMMFZ GPS 0WFS :FBST

5.

)FSOBOEP 'SBO .BSSPRVJO

)PNF 4UZMF $PPLJOH 4JSMPJO 4UFBL &HHT

%BJMZ "OZUJNF

#VZ "OZ &OUSFF (FU OE &OUSFF

0GG 1SJDF

.JOJNVN 1VSDIBTF

/PU 7BMJE 8JUI "OZ 0UIFS 0GGFS )PMJEBZ 0S $PVQPO %JOF *O 0OMZ $PVQPO 1FS 1FSTPO &YQJSFT

"MM :PV $BO &BU %JOOFS 4QFDJBM

& "WF 2 1BMNEBMF

0QFO %BJMZ BN QN t #SFBLGBTU t -VODI

'SJEBZT /PPO $MPTF

8 "WF - -BODBTUFS

%JOF *O /P 4IBSJOH

0QFO 4VOEBZ 5IVSTEBZ BN QN 'SJEBZ 4BUVSEBZ BN QN

5IF 7JMMBHF (SJMMF #&&3 8*/&

/ 4JFSSB )XZ "WF + -BODBTUFS t

%*/& */ 0/-: .0/ '3* 0/-: &RVBM PS -FTT 7BMVF /PU WBMJE XJUI BOZ PUIFS PGGFS EJTDPVOU TQFDJBM IPMJEBZ PS DPVQPO /PU WBMJE PO 4UFBL &YQJSFT

#SFBLGBTU t -VODI t %JOOFS $PDLUBJMT t #FFS t 8JOF 0QFO .PO 4BU BN QN t 4VO BN QN

UI 4U 8 2VBSU[ )JMM 0QFO %BJMZ BN QN t #SFBLGBTU t -VODI

UI 4U 8 -FPOB 7BMMFZ #SFBLGBTU t -VODI t %JOOFS )BOE 5PTTFE 1J[[B t #FFS t 8JOF 0QFO %BJMZ BN QN

5FYU TVCNBDIJOF UP BOE SFDFJWF

'3&& 'PPE BOE 0UIFS (SFBU %FBMT

5P 0VS 'VUVSF -FBEFST

J N MPWJO JU

1SJDF

TU SE 'SJEBZ QN BN

-"/$"45&3

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

8 1BMNEBMF #MWE

"-- :06 $"/ &"5

(JBOU -VODI #VGGFU

-*7& .64*$

#VZ "OZ &OUSFF (FU OE PG &RVBM PS -FTT 7BMVF 1SJDF

1"-.%"-&

'BMBGFMJDJPVT .PO 4BU BN QN

2VBMJUZ "OE 4FSWJDF )BWF #FFO 0VS 5SBEFNBSL 'PS 0WFS :FBST

$MBTTJD "NFSJDBO T %JOFS

t #JTDVJUT 7PUFE "7 T #&45 #SFBLGBTU t 0NFMFUUFT #VZ "OZ #SFBLGBTU PS -VODI '3&& t #VSHFST (FU OE PG &RVBM PS -FTT 7BMVF %FMJWFSZ t .BMUT $BMM 'PS %FUBJMT t 4QFDJBMUZ .POEBZ 'SJEBZ 0OMZ 0ME 4UZMF 4PEBT /PU WBMJE XJUI BOZ PUIFS PGGFS PS EJTDPVOU t .PSF %JOF *O 0OMZ &YQJSFT

) %&-*7&3: .JOJNVN )

"DSPTT GSPN OFX 1BMNEBMF )PTQJUBM

XXX KVNQQBMBDF DPN

UI 4U 8 -BODBTUFS t XXX BWDBNJMMFT DPN

&BSMZ #JSE %JOOFS %BJMZ QN_ QN

& "WF ,

3FDJQFT QBTTFE EPXO GSPN HFOFSBUJPO UP HFOFSBUJPO 'BNJMZ PG $PNCP

0QFO 1MBZ 5VFTEBZ 8FEOFTEBZ

PS

0GG

"OZ %FMVYF 1BSUZ .VTU NFOUJPO UIJT BE &YQJSFT

XXX CBSPOFT QJ[[B DPN

8FTU "WFOVF * -BODBTUFS t

$BMM .BVSFFO PS .BSJF

:KHG> L ++BSS: BOE *UBMJBO $VJTJOF

&YQJSFT

3&4&37"5*0/4 3&26*3&%

i2VBMJUZ BOE TFSWJDF IBWF CFFO PVS USBEFNBSL GPS PWFS ZFBSTw

&RVBM PS -FTT 7BMVF

/PU WBMJE XJUI BOZ PUIFS PGGFS TQFDJBM NJMJUBSZ PS TFOJPS EJTDPVOU &YQJSFT

t (*"/5 4-*%&4 t +6.1&34 t 0#45"$-& $0634&4 t -"3(& 1"35: 300. .03&

#VZ "OZ -VODI PS %JOOFS (FU OE 1SJDF

"OZ 3FHVMBS "OZ w 4BMBE 4VC 4BOEXJDI

3FH

8JUI $PVQPO 0OMZ -JNJU QFS DPVQPO $BOOPU CF DPNCJOFE XJUI BOZ PUIFS PGGFS $BUFSJOH "WBJMBCMF #PUI -PDBUJPOT

8 "WF + -BODBTUFS 7PO T $FOUFS

3FH

8JUI $PVQPO 0OMZ -JNJU QFS DPVQPO $BOOPU CF DPNCJOFE XJUI BOZ PUIFS PGGFS 8BUDI B (BNF 8IJMF ZPV EJOF

UI 4U 8 1BMNEBMF *O #VGGBMP 8JME 8JOHT $FOUFS

1SJDF .FBM

ÂË ÂlË y  FÍ ËÂl FÂd ËFdÛlÂÍ Ä Ë ËÍ ÄË ­F laË­ lFÄlË]F Ë FË ~ä {ÏÉ ²


63#"/

}À>ÌÕ >Ì ÃÊ ÕÌÕÀiÊ i>`iÀÃt

(FU OE PG &RVBM PS -FTT 7BMVF

BN QN .PO 4BU *ODMVEFT 4BMBE &OUSFF 3JDF %JGGFSFOU &OUSFFT 5P $IPPTF 'SPN _ /0 .4( _ %JOF *O t 5BLF 0VU t %FMJWFSZ 4JODF

.*/*.6. 03%&3 -*.*5&% "3&"

,JE T FBU '3&& PO 5VFTEBZT )BQQZ )PVS t -JWF &OUFSUBJONFOU t ,BSBPLF #BORVFU 'BDJMJUJFT t $BUFSJOH

.PO 5IVST BN QN 'SJ 4BU BN QN

4JFSSB )JHIXBZ t -BODBTUFS t t

8 1BMNEBMF #M & t

"DSPTT 'SPN .FUSPMJOL 4UBUJPO t XXX BW UIBJ DPN

#FIJOE &BTZ -JGF 'VSOJUVSF

0QFO 5VFT 8FE QN BN 5IVST 4BU QN BN $MPTFE 4VO .PO

#VZ &OUSFF (FU OE &OUSFF

)VOHSZ 'PS %FMJDJPVT .FYJDBO 'SFTI 4FBGPPE 8IPMF -PCTUFS t 4ISJNQ t 'BKJUBT #BOEFSJMMBT t ;BSBQFT t 5BNQFRFOB

0''

5IJSTU 2VFODIJOH .BSHBSJUBT

1BUJP %JOJOH t 4FBUT 6Q 5P 0QFO %BJMZ BN QN

&MJ[BCFUI -BLF 3E -FPOB 7BMMFZ

.FYJDBO 4FBGPPE

&BTU "WFOVF + t -BODBTUFS

_&BSMZ #JSE %JOOFS_

4QBHIFUUJ .FBUCBMMT t $IJDLFO "MGSFEP t 'BKJUBT -FNPO )FSC ##2 PS $IBSEPOOBZ #SFBTU PG $IJDLFO 4JY

4MJDFE +BDL PS (#( 5SJ 5JQ t 7FHFUBSJBO 1BTUB ,JET &BU '3&& 4VOEBZT $IJME 'SFF 8JUI &BDI "EVMU &OUSFF 6Q 5P

(SFBU 8BMM

.BOEBSJO 4[FDIXBO $VJTJOF -VODI t %JOOFS t 'BODZ $PDLUBJMT

0QFO EBZT 5BLF PVU "WBJMBCMF 4VO 5IVST 'SJ 4BU

.FEJUFSSBOFBO $VJTJOF -BUF /JHIU 4VQQFS $MVC

7PUFE 5PQ $IJOFTF 3FTUBVSBOU JO 6 4 "

.PO 5IVS QN 'SJ 4BU QN "EVMU $IJMESFO ZST QFS ZFBST

$IJMESFO 6OEFS -VODI

%JOOFS

"-- %": %*//&3 #6''&5 QN "EVMU $IJMESFO ZST QFS ZFBST

4FBGPPE

4VTIJ

QN $MPTF

4PGU %SJOLT '3&& 3Fm MM

MC MC MC

7"--&: $&/53"- 8": -"/$"45&3 t

t .PO _ 4MJEFST t 5VF _ "MM :PV $BO &BU 5BDPT _ &913&44 t 8FE _ *OEVTUSZ /JHIU _ 4IPPU UIF 3PPU -VODI .PO 'SJ XJUI ,BSBPLF TUBSUJOH BU QN BN QN t 5IVS _ 8IJTLFZ 1FQQFS 5SJ 5JQ "MM 6 $BO &BU 1PQDPSO 4ISJNQ _ t 'SJ _ 5SJ 5JQ 3PBTU XJUI )BQQZ )PVS %SBGU #FFS +VNCP 4ISJNQ 4DBNQJ _ .PO 'SJ $IPJDFT t 4BU _ (JBOU 4UVGGFE 1PUBUP $IPJDFT QN QN XJUI "MM 6 $BO &BU 4PVQ 4BMBE _ -BUF /JHIU )BQQZ )PVS t 4VO _ P[ 3JC &ZF %JOOFS _ 4VO 8FE

46/%": )0-*%":

'3&&

$"33: 065 #6''&5

MC

XXX GSFTDP SFTUBVSBOU DPN

'3&& #3&",'"45 /&8 .FOV 4BU 4VO BN QN X ESJOL NJOJNVN

8IFSF 'SJFOET $PMMJEF UI 8FTU BOE "WFOVF - t 4PMFEBE $ZO 3E t 4BOUB $MBSJUB t XXX TDIPPOFSTQBUJPHSJMMF DPN

%*//&3 #6''&5

8 3BODIP 7JTUB #MWE "7 .BMM 3FTUBVSBOU 3PX

*DF $PME #FFS 1FBOVUT

.JOJNVN 1VSDIBTF

"EVMU

8 "WF + t -BODBTUFS

0''

$IJMESFO ZST QFS ZFBST

5.

-VODI t %JOOFS t 4VOEBZ #SVODI t 8JOF 5BTUJOH 'VMM $PDLUBJM #BS t i 3FE -PVOHFw t )BQQZ )PVS t -JWF .VTJD #FBVUJGVM #BORVFU 3PPN t 1BUJP %JOJOH t $BUFSJOH

0WFS *UFNT $IBOHF %BJMZ

.PO 4BU BN QN

S

&MFHBOU %JOJOH JO B SFMBYFE BUNPTQIFSF

$IJOFTF +BQBOFTF ,PSFBO "NFSJDBO 4UZMF

-6/$) #6''&5

T S

5SFBU ZPVS UBTUF CVET UP B GVTJPO PG n BWPST GSPN UIF .FEJUFSSBOFBO

EE 4HN :G :M

/PU WBMJE XJUI BOZ PUIFS TQFDJBM PGGFS PS DPVQPO /PU WBMJE PO )PMJEBZT &YQJSFT

1FS 1FSTPO

%BJMZ QN QN t %JOF *O 0OMZ

'FFET 1FPQMF t t )PVS /PUJDF

XXX HCHMBODBTUFS DPN

0G FRVBM PS MFTT WBMVF /PU WBMJE XJUI BOZ PUIFS PGGFS TQFDJBM PS EJTDPVOU &YQJSFT

0QFO .PO 'SJ BN QN t 4BU 4VO BN QN

'SFTIMZ 1SFQBSFE 'BNJMZ .FBMT 5P (Py

8 -BODBTUFS #MWE

t 0SJHJOBM 0XOFS

1SJDF

4FOJPS %JTDPVOU t #SFBLGBTU 4FSWFE "MM %BZ 4FSWJOH #SFBLGBTU -VODI %JOOFS

5PP 5JSFE 5P $PPL -FU /JDL %P 5IF 8PSL

$SBGU #FFST t 8JOF t $PDLUBJMT #BORVFU 3PPN t $BUFSJOH t (JGU $BSET

t (SFBU 1SJDFT (SFBU 1FPQMF

$BTB (VUJFSSF[

.BOHP t 4USBXCFSSZ t 1FBDI

'3&& %&-*7&3:

13*$&

8JUI UIJT DPVQPO POMZ &YQJSFT

%*/& */ 0/-: /PU WBMJE XJUI BOZ PUIFS DPVQPO PGGFS PS TQFDJBM &YQJSFT

.JOJNVN 1VSDIBTF

0''

BNB[JOH UP LOPX ZPV SF QBSU PG TPNF UIJOH MJLF UIBU w "TJEF GSPN TQPSUT ,BZMFOF FOKPZT MJTUFOJOH UP NVTJD BOE TQFOEJOH UJNF XJUI GBNJMZ JO IFS TQBSF UJNF 5IF TFOJPS JT UIF EBVHIUFS PG +PIO BOE .JDIFMMF #VSLIBSU 4IF QMBOT UP BUUFOE FJUIFS UIF 'SFTOP PS -POH #FBDI DBNQVT PG $BMJ GPSOJB 4UBUF 6OJWFSTJUZ BOE NBKPS JO LJOFTJPMPHZ 3BWFOT WPMMFZCBMM DPBDI 4IBOF .PPSF JT DFSUBJO ,BZMFOF XJMM HP PO UP EP HSFBU UIJOHT i0WFS UIF QBTU GPVS ZFBST ,BZMFOF IBT CFFO BO PVUTUBOEJOH FYBNQMF PG XIBU FNCPEJFT B TUVEFOU BUIMFUF w .PPSF TBJE i4IF FYDFMMFE CPUI JOTJEF BOE PVUTJEF UIF DMBTTSPPN TJNQMZ CFDBVTF TIF IBT XPSLFE IBSEFS UIBO NPTU PUIFS TUVEFOUT )FS EFEJDBUJPO UP TDIPPM BOE TQPSUT BSF DPNNFOEBCMF BOE XJMM CF NJTTFE w $BMJGPSOJB $JUZ )JHI DPVOTFMPS /JDPMF 8JMMJGPSE TBJE ,BZMFOF JT iKVTU B SFBMMZ HPPE LJE w i4IF T BO BNB[JOH TUVEFOU w 8JM MJGPSE TBJE i4IF T UBLFO BMM UIF IJHI FTU MFWFM DPVSTFT BOE HPUUFO " T BOE " QMVTFT JO BMM PG UIFN "OZUIJOH XF JOUSPEVDF TIF FYDFMT BU UIFN w

4UFBLT t 4FBGPPE t 1BTUB 8SBQT t 'MBUCSFBE #VZ 0OF %JOOFS &OUSFF

-VODI 4QFDJBM

#63,)"35 'SPN

"NFSJDBO 'VTJPO $VJTJOF

" 3FTUBVSBOU XJUI UIF 'JOFTU 5IBJ 'PPE TQFDJBM DPVQPO PGGFS

i iLÀ>ÌiÊÞ ÕÀÊ ÕÌÕÀiÊ i>`iÀÊ Ü Ì ÊÌ iÃiÊëiV > Ê vviÀÃt

CSFBUIF 5IFZ IBWF GSJOHFT PO UIFJS GFFU BMNPTU MJLF TOPXTIPFT POMZ JU T GPS XBMLJOH PO TBOE w 5ZMFS XIP BMTP FOKPZT QIPUPHSB QIZ BOE CPXMJOH IBT BCPVU EJGGFS FOU SFQUJMFT JO UFSSBSJVNT BU IPNF 5ZMFS T MPWF GPS IFSQFUPMPHZ UIF TUVEZ PG SFQUJMFT n PXT GSPN BMM UIF PVUEPPS PVUJOHT IF XFOU PO XJUI IJT GBNJMZ 5IF %FTFSU TDIPMBS JT UIF TPO PG +PO BOE )FBUIFS 6SCBO )JT TJTUFS )BZMFJHI JT )JT NPUIFS BMMPXT UIBU 5ZMFS BOE BMM UIF SFQUJMFT BSF iB CJU PG B IBOE GVM w CVU UIBU IF T POF PG UIF XPSME T HPPE HVZT i.Z NPN JT SFBMMZ BXF TPNF w 5ZMFS TBJE i4IF MPWFT MJWJOH UIJOHT TP TIF T WFSZ UPMFSBOU w 0OF PG IJT SPMF NPEFMT JT 4UFWF *SXJO UIF i$SPDPEJMF )VOUFS w UIF "VTUSBMJBO OBUVSBMJTU XIP XBT LJMMFE CZ B TUJOHSBZ JO i*U T VOGPSUV OBUF UIBU IF EJFE CVU BU MFBTU IF XBT EPJOH XIBU IF MPWFE w 5ZMFS TBJE "OPUIFS SPMF NPEFM JT IJT GBUIFS B DBSFFS "JS 'PSDF TFOJPS OPODPN NJTTJPOFE PGm DFS XIP NBEF TVSF UIFZ FNCSBDFE BOE MFBSOFE BCPVU UIF HSFBU PVUEPPST UPHFUIFS i5IF NBJO UIJOH XBT m TIJOH TJODF * XBT PS ZFBST PME 5IBU T XIZ IF BOE 4UFWF *SXJO BSF LJOE PG MJLF NZ IFSPFT w IF TBJE i* XPVME MJLF UP HP PVU UP UIF 4PVUI "NFSJDBO SBJOGPSFTUT * E XBOU UP m OE UIF IJEEFO TQFDJFT UIBU BSF CFJOH EJTDPWFSFE XIFSF XF BSF MPT JOH SBJOGPSFTU UP EFGPSFTUBUJPO w )F T CFFO BDDFQUFE UP TFWFSBM TUBUF VOJWFSTJUJFT 5IF CFTU NBKPS 5ZMFS TBJE JT WFSUFCSBUF CJPMPHZ BOE B EPDUPSBUF DBO UBLF ZPV UP iIJHIMZ JOWPMWFE SFTFBSDI w "OE BO PQQPSUV OJUZ UP XFBS UIBU DPPM *OEJBOB +POFT IBU BOE EP TPNF HPPE JO UIF XPSME

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'SPN


4IBOOPO )P )FMQJOH PUIFST UISPVHI UFDIOPMPHZ BOE NVTJD 8SJUUFO CZ -*4" 80-' t 1IPUPHSBQIFE CZ 30/ 4*%%-&

BDIJFWJOH IFS HPBM BDDPSEJOH UP IFS TDIPPM DPVOTFMPS 5FSFTB 7BO ;BOEU i4IBOOPO USVMZ EFTJSFT UP HJWF CBDL BOE DPOTJEFST IFSTFMG GPSUVOBUF UP IBWF BT NBOZ PQQPSUVOJUJFT BT TIF

IFS TFOJPS ZFBS TIF JT CBMBODJOH m WF "EWBODFE 1MBDFNFOU DMBTTFT XJUI B MPOH MJTU PG BDUJWJUJFT JODMVEJOH IFS SPMF BT QSFTJEFOU PG CPUI UIF 'SFODI BOE *UBMJBO $MVC BOE

BCMF UP DBSF GPS IJNTFMG BOE IJT EBJMZ TUSVHHMF BT XFMM BT IFS NPUIFS +PTFQIJOF T EFEJDBUJPO UP IJT IFBMUI BOE XFMM CFJOH IBT CFFO POF PG IFS CJHHFTU JOTQJSBUJPOT i)F EPFTO U LOPX IPX UP XBML PO IJT PXO PS GFFE IJNTFMG w 4IBO OPO TBJE i* WF XBUDIFE NZ NPN TUSVHHMF UP UBLF DBSF PG IJN BOE TPNFUJNFT JU T SFBMMZ IBSE * UIJOL "SUIVS IFMQFE NF EFWFMPQ NZ EFTJSF UP IFMQ Z QFPQMF w 4IBOOPO JT XFMM PO IFS XBZ UP

-"'03$&

'SPN +FTTDJB IBT CFFO BDDFQUFE UP /PS XJDI 6OJWFSTJUZ B NJMJUBSZ DPMMFHF JO 7FSNPOU XIFSF TIF QMBOT UP NBKPS JO IJTUPSZ BOE NJOPS JO DSJNJOBM KVTUJDF )FS HPBM JT UP CFDPNF B KVEHF BEWPDBUF HFOFSBM JO UIF .BSJOF $PSQT i* XBOU UP KPJO UIF NJMJUBSZ CF DBVTF JU T B DMPTF LOJU DPNNVOJUZ JU T B CSPUIFSIPPE w +FTTJDB TBJE i"

!"#

$ % & &

+"( IBT UIF PQQPSUVOJUZ UP JOTUJMM EJTDJQMJOF BOE IFMQ QFPQMF * MJLF TFFJOH EJTDJQMJOF IBQQFO BOE * MJLF CFJOH BCMF UP IFMQ QFPQMF w 8IFO TIF T OPU TUVEZJOH PS CVTZ XJUI TDIPPM PS DIVSDI BDUJWJUJFT +FTTJDB TBJE TIF MJLFT UP XSJUF m DUJPO NPSF TQFDJm DBMMZ GBJSZ UBMFT *U T B IPCCZ TIF m OET SFMBYJOH i* MJLF SFBEJOH UIF PMEFS POFT MJLF #SPUIFST (SJNN GBTDJOBUJOH CVU DSFFQZ w TIF TBJE )FS TUPSJFT BSF OPU QPQVMBUFE XJUI %JTOFZ MJLF IFSPJOFT *OTUFBE

$IFDL 0VU 0VS )VHF 4R 'U 4IPXSPPN BOE *O 4UPDL *OWFOUPSZ

8F "SF 5IF 0OMZ &YDMVTJWF .PIBXL $PMPS $FOUFS 'MPPSJOH 4UPSF *O 5IF " 7 #VZ 8JUI $PNQMFUF $POm EFODF 8JUI " %BZ 4BUJTGBDUJPO "TTVSBODF 1MBO 0O "MM .PIBXL $BSQFU

& '

(( )* *(+,

EJGGFSFOU NFUIPE w 4IBOOPO TBJE i* TVQQPTF JU T UIF QSPCMFN TPMW JOH UIBU * MJLF *U T BMNPTU MJLF B QV[[MF w 4IBOOPO JT BMTP B TUVEFOU UVUPS

4FF )0 PO

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

"(& 4$)00- ,OJHIU )JHI 4DIPPM (0"- &MFDUSJDBM FOHJOFFS BOE NVTJD EJSFDUPS

8F 4FMM *OTUBMM $BSQFU 5JMF )BSEXPPE -BNJOBUF 7JOZM t .PSF 4BNQMFT t .PSF 4FMFDUJPO 4BN .POUI T F " t .PSF *OWFOUPSZ 5IBO "OZPOF *O 5IF "7 0 " T $BTI $ t *NNFEJBUF *OTUBMMBUJPO "WBJMBCMF TFF TUPSF GPS EFUBJMT t "MXBZT '3&& &TUJNBUFT i"OUFMPQF 7BMMFZ T 'MPPS $PWFSJOH -FBEFS 'PS 0WFS :FBST w $)&$, 065 063 3"5*/( #: 5)& #&55&3 #64*/&44 #63&"6 888 -"### 03(

i5IF 'MPPS *NQSPWFNFOU 4UPSFw

8

IFO ,OJHIU )JHI 4DIPPM TFOJPS 4IBO OPO )P FOUFST DPMMFHF JO UIF GBMM TIF QMBOT UP NBKPS JO FMFDUSJDBM FOHJOFFSJOH BOE NVTJD EJSFDUJPO XJUI B NJOPS JO CJPMPHZ 4IF IPQFT UP CF BCMF UP NBLF B DBSFFS PVU PG CPUI FOHJOFFSJOH BOE NVTJD i* KVTU MPWF UIF JEFB PG UIBU LJOE PG MJGF FOHJOFFS CZ EBZ BOE NVTJD EJSFDUPS CZ OJHIU w TIF TBJE i* XBOU UP TBWF QIZTJDBM MJWFT UISPVHI UFDIOPMPHZ BOE TBWF TPVMT UISPVHI NVTJD w .BOZ FWFOUT JO 4IBOOPO T MJGF IBWF JOTQJSFE IFS UP QVSTVF IFS VMUJ NBUF HPBM PG IFMQJOH PUIFST "O BDDJEFOU BU UIF BHF PG MFGU IFS PMEFS CSPUIFS "SUIVS VO

/ :VDDB -BODBTUFS t 4FF PVS XFC TJUF XXX NFUSPn PPSTJOD DPN

$POUSBDUPS T -JD 4F )BCMB &TQB¯PM .POEBZ 'SJEBZ t 4BUVSEBZ 4VOEBZ CZ "QQU 0/-:

TIF TUSJWFT UP QPSUSBZ iWFSZ TUSPOH JOEFQFOEFOU HJSMT XIP NBLF UIFJS PXO XBZ w 8IFO BTLFE JG UIBU T XIBU TIF XBT +FTTJDB SFQMJFE i* IPQF TP HJSMT XIP DBO IPME UIFJS PXO XBZ JO B m HIU w )JHIMBOE UFBDIFS /BODZ (BMMFS XIP UBVHIU +FTTJDB "1 6 4 )JT UPSZ MBTU ZFBS XBT JODMJOFE UP BHSFF XJUI UIBU BTTFTTNFOU +FTTJDB JT WFSZ JOUFMMJHFOU ESJWFO BOE IBSEXPSLJOH BOE QPTTFTTFT XPOEFSGVM DIBSBDUFS (BMMFS TBJE i4IF JT SFBMMZ USVTUXPSUIZ BOE FBSOFTU BOE JOUFSFTUFE JO UIJOHT BOE KVTU OPU ZPVS UZQJDBM HJHHMJOH IJHI TDIPPM QFSTPO w (BMMFS TBJE i4IF T OPU B GPMMPXFS 4IF T HPU IFS PXO JEFBT BCPVU FWFSZUIJOH w +FTTJDB UIF EBVHIUFS PG +BNFT BOE 1BNFMB -B'PSDF JT BMTP BDUJWF JO UIF DPNNVOJUZ 4IF IFMQFE UP SBJTF NPSF UIBO GPS UIF "NFSJDBO $BODFS 4PDJ FUZ 3FMBZ GPS -JGF PSHBOJ[F XFFLMZ TDIPPM DMFBOVQ QSPKFDUT BOE HBUIFS EPOBUFE GPPE GPS (SBDF 3FTPVSDF DFOUFS MPDBM DIVSDIFT BOE OFFEZ GBNJMJFT 4IF BMTP WPMVOUFFSFE BU BEPQU B QMBOF QSPHSBNT QFQ SBMMJFT BOE n BH BOE 108 .*" DFSFNPOJFT BOE TFU VQ EJTUSJCVUJPO PG DBSF QBDLBHFT UP USPPQT TUBUFTJEF BOE JO "GHIBOJTUBO


3JTIF 4JWBHOBOBN 40"3 TFOJPS XJMM ADIBOHF UIF XPSME 8SJUUFO CZ +6-*& %3",& t 1IPUPHSBQIFE CZ 30/ 4*%%-&

OLB GPVS ZFBST BHP TQBSLFE B CVSOJOH TBZ IF JT SFBEZ GPS DPMMFHF 0"3 )JHI 4DIPPM TFOJPS 3JTIF 4JWBH "MUIPVHI IF BQQMJFE UP :BMF 6OJWFSTJUZ BOE UIF .BTTBDIV Q QFPQMF TFUUT *OTUJUVUF PG 5FDIOPMPHZ UIF $BMJGPSOJB CPSO BOE CSFE XBML EPXO UIF TUSFFU ZPV TFF QFPQMF UFFOBHFS XBOUT UP TUBZ DMPTF UP IPNF BOE MFHT w 3JTIF TBJE i*U XBT BO FZF i4PVUIFSO $BMJGPSOJB SFBMMZ BQQFBMT UP NF BOE 6$ 4BO Q GPS NF * EFDJEFE UIBU DBO U CF UIF %JFHP T CJPNFE QSPHSBN JT /P JO UIF OBUJPO w 3JTIF TBJE PSF &WFSZPOF IBT UP CF BCMF UP FOKPZ 'PS UIPTF LFFQJOH TDPSF /PT UISPVHI BSF +PIO )PQ HJWFO UP UIFN w LJOT (FPSHJB 5FDI BOE %VLF

3JTIF "T B GSFTINBO 3JTIF XPO m STU QMBDF JO E IF XPVME UIF /BUJPOBM .BOBHFNFOU "TTPDJBUJPO T "(& JO CJPNFEJDBM -FBEFSTIJQ 4QFFDI $POUFTU TQPOTPSFE 4$)00- 40"3 )JHI OFFSJOH )F CZ -PDLIFFE .BSUJO "FSPOBVUJDT 3JTIF 4DIPPM FT UP BUUFOE XSPUF BCPVU XIBU NBLFT B HPPE MFBEFS (0"- #JPNFEJDBM 6OJWFSTJUZ PG DPNNVOJDBUJPO DIBSBDUFS DPOm EFODF FOHJOFFS BMJGPSOJB 4BO BOE DPVSBHF JFHP UIJT GBMM i* m HVSFE UIBU T XIBU TUBSUFE NF PO i* MJLF CVJME UIJT FOUJSF QBUI w 3JTIF TBJE PG IJT SFTFBSDI JOUP HPPE MFBEFS IJOHT BOE * MJLF IFMQJOH QFPQMF TIJQ 5IF OFYU ZFBS IF MBVODIFE B TVDDFTTGVM DBNQBJHO GPS CFTU XBZ UP DPNCJOF CPUI PG UIPTF TPQIPNPSF DMBTT QSFTJEFOU OT JT CJPNFEJDBM FOHJOFFSJOH w 3JTIF 3JTIF MJLFT UP CVJME UIJOHT FTQFDJBMMZ XJUI -FHPT BOE NPSF i* SFBMMZ XBOU UP IFMQ UIF IVNBO TQFDJm DBMMZ 4UBS 8BST -FHPT )F BMTP MJLFT UP m Y TUVGG JO QBS BOE UISPVHI CJPNFEJDBM FOHJOFFSJOH UJDVMBS BOZUIJOH IJT EBE NJHIU CSFBL XIJDI JT PGUFO BDDPSEJOH JOL * DBO EP UIBU w UP 3JTIF XIP BMTP QMBZT UIF QJBOP 3JTIF XJMM HSBEVBUF JO .BZ GSPN i* KVTU MJLF UJOLFSJOH XJUI UIJOHT w 3JTIF TBJE i.Z EBE 0"3 BO FBSMZ DPMMFHF IJHI TDIPPM CSJOHT IPNF CSPLFO DPNQVUFST * NJY BOE NBUDI QBSUT NBLF QSPHSBN PO UIF "OUFMPQF 7BMMFZ UIFN XPSL 8IFO ZPV WF CVJMU TPNFUIJOH UIBU ZPV DBO TBZ PMMFHF DBNQVT XJUI B IJHI TDIPPM EJ A* CVJMU JU XJUI NZ IBOET JU HJWFT ZPV B TFOTF PG BDDPNQMJTI MPNB BOE BO BTTPDJBUF PG BSUT EFHSFF NFOU :PV DBO TBZ A* N EFTUJOFE UP CFDPNF BO FOHJOFFS XJUI i&WFSZPOF T DBQBCMF PG HFUUJOH B DPOm EFODF w 3JTIF WPMVOUFFST BU "OUFMPQF 7BMMFZ )PTQJUBM BOE IBT %PVCMF " CVU ZPV IBWF UP SFBMMZ QVTI ZPVSTFMG w 3JTIF TBJE i* WF UBLFO XPSLFE JO UIF CJPNFEJDBM TIPQ XIFSF IF IBT m YFE WBSJPVT NFEJDBM NBDIJOFT DMBTTFT FWFSZ TFNFTUFS XJUIPVU 3JTIF XBT B NFNCFS PG 40"3 T SPPLJF SPCPUJDT UFBN DBMMFE GBJM * SFBMMZ XBOUFE UP HFU B UIF #PU 4RVBE XIJDI DPNQFUFE JO UIF '*345 5FDI $IBM %PVCMF " EFHSFF *U MPPLT HPPE JO NZ PQJOJPO BOE JU HJWFT ZPV B MFOHF PS #PXMFE 0WFS 5IF TDIPPM T SPCPU $BQU +BDL 4QBSF 0 XPO B KVEHF T BXBSE BU B DPNQFUJUJPO JO %FDFNCFS TFOTF PG BDDPNQMJTINFOU w i*U XBT B HPPE TFBTPO w TBJE 3JTIF XIP JT BMTP PO 40"3 T )BWJOH BUUFOEFE 40"3 GPS GPVS FBST 3JTIF TBJE IF DBO DPOm EFOUMZ 4FF 4*7"(/"/". PO

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

UJPO TIPVME IBWF B TUVEFOU NFNCFS ‰ IJN 'SPN )F IBT B MBVOESZ MJTU PG BDUJWJUJFT %BNPOE TUJMM LFFQT JO DPOUBDU BOE BXBSET JODMVEJOH .PDL 5SJBM XJUI %BWJT UIF /PU *O 0VS 5PXO BOUJ CVMMZJOH i8IFO IF m STU DBNF JOUP NZ DMBTT DBNQBJHO BOE TFSWJDF BT B TUVEFOU y IF DBNF VQ XJUI UIF GSJFOEMZ NFOUPS BU "NBSHPTB $SFFL TNJMF BOE UPME NF IF XBT B MFBEFS %BNPOE JT UIF WJDF QSFTJEFOU PG BOE XBOUFE UP CF UIF QSFTJEFOU PG BDUJWJUJFT BU -BODBTUFS UIJT ZFBS 5P UIF TDIPPM w %BWJT XSPUF JO BO FNBJM TFSWF BT UIF TUVEFOU USVTUFF BOE SFQ SFTQPOTF SFTFOU TUVEFOUT JT TPNFUIJOH %BWJT TBJE %BNPOE XBT B EZ OFX OBNJD WJDF QSFTJEFOU BU "NBSHPTB i* OFWFS XBOU UP TUPQ w %BNPOE $SFFL TBJE i5IFSF JT BMXBZT TPNFXIFSF i)F UIPVHIU BCPVU XIBU UIF TUV ZPV DBO CVJME PS HSPX BT B QFSTPO EFOUT IFSF XPVME MJLF BOE OFFEFE JO XIBU ZPV XPVME DPOTJEFS ZPVS OPU IPX UP NBLF IJNTFMG JNQPSUBOU DBSFFS w PS DPPM )F TFFT UIF WBMVF PG IFMQJOH 4DIPPM CPBSE 1SFTJEFOU %POJUB PUIFST FOBCMJOH UIFN UP TVDDFFE PO 8JOO OPUFE %BNPOE T FOFSHZ ESJWF UIFJS PXO BOE TFSWJOH UIFN w %BWJT BOE QBTTJPO BOE TBJE UIF UFFO IBT TBJE UBLFO B WJCSBOU JOUFSFTU JO IJT CPBSE i)F MJTUFOT BOE UIFO TIBSFT SF SPMF n FDUJOH DPOTUBOUMZ * BN DPOm EFOU IF i* N WFSZ JNQSFTTFE XJUI UIJT LJE w XJMM BUUFOE BOZ VOJWFSTJUZ IF XBOUT 8JOO TBJE i* N FYDJUFE GPS IJN )F T y BOE TIPVME HP *WZ -FBHVF w HPJOH UP HP QMBDFT w %BNPOE IBT DPOUJOVFE IJT QVSTVJU -BODBTUFS UFBDIFS 4VF 4USPN XIP UP CF B MFBEFS )F XBT BNPOH UIF OPNJOBUFE %BNPOE TBJE IF JT POF UPQ TJY TFNJm OBMJTUT GPS UIF TUVEFOU PG UIF CVTJFTU BOE NPTU NPUJWBUFE CPBSE NFNCFS PO UIF $BMJGPSOJB 4UBUF ZPVOH QFSTPOT TIF IBT NFU JO TPNF #PBSE PG &EVDBUJPO )F UIJOLT UIF UJNF i)F XPO U TUPQ VOUJM IF JT QSFTJ -PT "OHFMFT $PVOUZ #PBSE PG &EVDB EFOU w 4USPN TBJE

% 4.*5)


"OUIPOZ #BSSPT

.FHBO .BYXFMM

4UVEFOU MFBEFS QPTTFTTFT ADPVSBHF BOE ATFMn FTTOFTT

7BTRVF[ TFOJPS BDUJWF JO DPNNVOJUZ TFSWJDF

8SJUUFO CZ 8*--*". 1 8"3'03% t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

8

IFO IF XBT B GSFTINBO JO IJHI TDIPPM "OUIPOZ #BSSPT LOFX IF XBOUFE UP FNCSBDF MJGF JO B CJH XBZ i* EJEO U XBOU UP CF POF PG UIPTF QFPQMF XIP TJUT PO UIF TPGB BOE XBUDIFT 57 w IF TBJE i* XBOUFE UP HFU PVU BOE EP UIJOHT w 4P IF TUBSUFE HFUUJOH JOWPMWFE JO TDIPPM BDUJWJ UJFT BOE POF UIJOH MFE UP BOPUIFS "OE BOPUIFS "OE BOPUIFS /PX JO UIF TFDPOE IBMG PG IJT KVOJPS ZFBS BU "OUFMPQF 7BMMFZ )JHI 4DIPPM "OUIPOZ JT LFFQJOH B SFNBSL BCMZ GVMM TDIFEVMF BOE MPWJOH FWFSZ NJOVUF PG i* MJLF CFJOH CVTZ w IF TBJE 4PNF TUVEFOUT KPJO DMVCT "OUIPOZ IFMQT UP GPVOE UIFN )F TUBSUFE B (BZ 4USBJHIU "MMJBODF BOE B %SBNB $MVC IFMQFE HFU B ,FZ $MVC HPJOH PO DBNQVT BGUFS TFWFSBM ZFBST XJUIPVU POF BOE PSHBOJ[FE DBNQBJHOT UP FOE CVMMZJOH BOE UP QSP WJEF TIPFT GPS OFFEZ LJET BSPVOE UIF HMPCF 5IBU T KVTU B GSBDUJPO PG IJT TDIPPM JOWPMWFNFOU UIPVHI )F JT BMTP UIF QSFTJEFOU PG UIF "TTPDJBUFE 4UVEFOU #PEZ WJDF QSFTJEFOU PG UIF %SBNB $MVC BOE NFNCFS PG UIF $MBTT PG 4FOBUF )F T BMTP QBSU PG UIF WBSTJUZ TXJN UFBN DIFFS TRVBE $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO "1 $MVC 50.4 $MVC &TQSFF $MVC 5FFO #VJMEFST BOE -JOL $SFX 5IF 50.4 $MVC JT UIF TIPF ESJWF 'PS FWFSZ QBJS PG TIPFT ZPV CVZ UIF DPNQBOZ TFOET B QBJS UP B OFFEZ DIJME i5IFZ DBMM JU 50.4 GPS 1SPNT

"(& 4$)00- "OUFMPQF 7BMMFZ )JHI 4DIPPM (0"- " DBSFFS JO QVCMJD TFSWJDF

4FF #"3304 PO

"OUIPOZ XBT PO UIF SFMBZ UFBN XJUI +PSEBO )BNJMUPO BOE 5PNNZ &TUSBEB 'SPN XIP BSF BMTP SFUVSOJOH UIJT TFBTPO UIF -JUUMFSPDL SFMBZ UFBN UIBU XPO i8F SF HPJOH UP NBLF B MPU PG OPJTF UIF NFEMFZ BOE GSFFTUZMF GPS JO UIF 7BMMFZ w IF TBJE UIF TFDPOE DPOTFDVUJWF ZFBS BU UIF "OUIPOZ BMTP FYDFMMFE JO GPPUCBMM (PMEFO -FBHVF m OBMT JO IJT GPVSUI ZFBS PO UIF UFBN )F "OUIPOZ TBJE IF KPJOFE UIF TXJN QMBZFE DFOUFS BOE NJEEMF MJOFCBDLFS UFBN IJT GSFTINBO ZFBS CFDBVTF IF )F MFE UIF -PCPT JO UPUBM UBDLMFT XJUI IBE GSJFOET PO UIF TXJN UFBN CVU IF UP HP XJUI TBDLT POF QBTT GPVOE IF XBT HPPE BU JU i* UIJOL JU EFGFOEFE POF GVNCMF SFDPWFSZ BOE IBT UP EP XJUI NZ IBSE XPSL FUIJD w UISFF GVNCMFT DBVTFE "OUIPOZ XBT IF TBJE i* LFFQ HPJOH VOUJM JU T EPOF w BO IPOPSBCMF NFOUJPO UP UIF BMM

(PMEFO -FBHVF UFBN IJT KVOJPS ZFBS )F IBT WPMVOUFFSFE BT BO BTTJTUBOU XJUI -JUUMFSPDL :PVUI 'PPUCBMM i"OUIPOZ JT UIF UZQF PG LJE XIP FNCSBDFT DIBMMFOHFT BOE EPFT OPU USZ UP IJEF GSPN UIFN w -JUUMFSPDL TXJN DPBDI #SJBO 3FFE TBJE i"OUIPOZ IBT QSPWFO PWFS UIF MBTU GPVS ZFBST UP CF B MFBEFS BNPOH IJT QFFST "OUIPOZ JT TPNFPOF XIP XJMM CF B MFBEFS OP NBUUFS XIBU IF DIPPTFT UP EP CVU FT QFDJBMMZ JO UIF "SNZ )F XJMM n PVSJTI JO UIBU SPMF w

(0%%"3% 'SPN 4IF JT UIF EBVHIUFS PG 4UFWF BOE ,BSFO (PEEBSE PG -FPOB 7BMMFZ i* BN WFSZ DMPTF UP NZ GBNJMZ w TIF TBJE OPUJOH UIBU T XIZ TIF JTO U DPO TJEFSJOH DPMMFHF JO PUIFS TUBUFT 4IF IBT B ZPVOHFS TJTUFS 3BDIFM BT XFMM )PXFWFS TIF TBJE TIF XJMM FOKPZ BUUFOEJOH B MBSHF DBNQVT GPS B CJU PG B TXJUDI GSPN IFS TNBMM UPXO MJGFTUZMF i-FPOB 7BMMFZ JT WFSZ TNBMM

-BODBTUFS #PEZ BOE 'SBNF

$PNQVUFSJ[FE 'SBNF 4USBJHIUFOJOH BOE 8FMEJOH

0XOFE BOE 0QFSBUFE CZ %JDL .D(JOO 4JODF

'3&& &TUJNBUFT

"650 (3061

XXX MBODBTUFSCPEZBOEGSBNF DPN

5SFWPS t -BODBTUFS $"

$BSSJBHF 8BZ 1BMNEBMF "VUP 7JTUB %SJWF 1BMNEBMF t XXX 3BMMZ DPN

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

4

DJFODF IBT BMXBZT DPNF FBTZ UP .FHBO .BY XFMM 5IF ZFBS PME 7BTRVF[ )JHI 4DIPPM TFOJPS OPU POMZ TQPSUT B TPMJE HSBEF QPJOU BWFSBHF CVU TIF BMTP FBSOFE B TJMWFS NFEBM JO QIZTJDT BU UIJT ZFBS T -PT "OHFMFT $PVOUZ ‰ XJUIPVU FWFS UBLJOH B DM JT TUJMM FDTUBUJD BOE TIPDLFE i* GFFM HPPE BCPVU NZTF TNBSU JO UIBU BSFB OPX w TI 7BTRVF[ UFBDIFS ,BSJ 0X UIF EFDBUIMPO UFBN i.FHB CF PO UIF UFBN BU UIF CFHJO EJEO U UIJOL TIF XBT TNBSU TIF JT m OBMMZ SFBMJ[JOH XIBU 0O UPQ PG CFJOH B XIJ[ FYUSFNFMZ BDUJWF JO IFS TQB TJUZ WPMMFZCBMM GPS UXP ZFBS UBLFO ,FOQP ,BSBUF PO BOE PGG GPS ZFBST BOE KPJOFE UIF TDIPPM T TXJN UFBN 4IF IBT BMTP QMBZFE DMVC WPMMFZCBMM GPS m WF ZFBST BOE XBT B UFBN DBQUBJO GPS GPV PG UIFN .FHBO TBJE UIBU IFS QBTTJPO GPS WPMMFZCBMM FNFSHFE BGUFS TIF TBX B QPTUFS BU IFS KVOJPS IJHI TDIPPM BOE UIPVHIU TIF XPVME MJLF JU 5IF TQPSU BMTP

"(& 4$)00- 7BTRVF[ )JHI 4DIPPM (0"- 'PSFOTJD BOUISPQPMPHJTU

4FF ."98&-- PO

.0426&%"

8SJUUFO CZ %"/*&- 8*--*".4 t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

UPXO BOE JU T CFFO OJDF UP MJWF PVU UIFSF w TIF TBJE i* IBWF FOKPZFE EPJOH BMM UIF DPNNVOJUZ TFSWJDF UIBU T CFFO B CJH QBSU PG MFBSOJOH SFTQPOTJCJMJUZ BOE MFBEFSTIJQ UIF ) UIF DPNNVOJUZ EJOOFST &BTUFS FHH IVOUT SPBE DMFBOVQ #VU JU T BMTP HPJOH UP CF OJDF UP HFU PVU UIFSF BOE EP NPSF UIJOHT JO DPMMFHF * UIJOL JU XJMM CF EJGGFSFOU * BN FYUSFNFMZ FYDJUFE BCPVU MJWJOH JO B CJHHFS UPXO XJUI B MPU PG UIJOHT UP EP w 0OF PG IFS NPTU GBWPSJUF SPMFT IBT CFFO XPSLJOH XJUI )BCJUBU GPS )V NBOJUZ i5IBU IBT CFFO SFBMMZ DPPM w TIF TBJE i5IFSF BSF TP NBOZ QFPQMF PVU UIFSF DBSJOH BCPVU QFPQMF UIFZ EPO U FWFO LOPX &WFSZPOF JT UIFSF UP IFMQ PUIFST * SFBMMZ FOKPZ JU w 4IF TBJE TIF JTO U XPSSJFE BCPVU EFDJEJOH IFS MJGF T QBUI BU UIF NP NFOU i* KVTU XBOU UP CF TVDDFTTGVM JO MJGF w TIF TBJE i* HVFTT UIBU NFBOT FOKPZJOH MJGF CFJOH DIBMMFOHFE OPU IBWJOH BOZUIJOH TVQFS FBTZ * XBOU UP CF IBQQZ BOE DPNGPSUBCMF XJUI B DBSFFS BOE QSPVE PG XIBU * WF EPOF w 4IF BMSFBEZ IBT CFFO DIPTFO BT B DMBTT WBMFEJDUPSJBO i5IF "1 DMBTTFT * UPPL XFSF B MPU IBSEFS CVU QVUUJOH JO UIF FYUSB XPSL XBT XPSUI JU w TIF TBJE i5IF DIBMMFOHF XBT B CJH MFBSO JOH FYQFSJFODF /PX * N MPPLJOH GPSXBSE UP HSBEVBUJPO w


1IJMJQ /HVZFO BOE TFOJPS IPMET IJHI MFWFM QPTUT JO ,FZ $MVC 8SJUUFO CZ "--*40/ ("5-*/ t 1IPUPHSBQIFE CZ 30/ 4*%%-&

BOE )JHI 4DIPPM VZFO NJHIU CF BE HSFTTNBO /HVZFO w B TUBOEPVU TUVEFOU BDDBMBVSFBUF QSP QVSTVF EFHSFFT EJFT BOE QPMJUJDBM H PGG UP MBX TDIPPM BOE QPTTJCMZ POHSFTT 5IF -BODBTUFS OBUJWF TBJE IF IBT BMXBZT CFFO JOUFSFTUFE JO QVSTVJOH MBX BOE QPMJUJDT i* N BCMF UP NBLF B EJGGFSFODF JO UIF DPNNVOJUZ * DBSF GPS BT XFMM PUIFS DPNNVOJUJFT w 1IJMJQ TBJE PG UJDBM BNCJUJPOT ZT IF JT IFMQJOH IJT DPNNVOJUZ FOU JO )JHIMBOE T ,FZ $MVC B TFS OTPSFE CZ ,JXBOJT *OUFSOBUJPOBM JO UIF DMVC IF IBT TFSWFE BT QSFTJ UFS BT XFMM BT B SFHJPOBM QSFTJEFOU IBSHF PG UIF BOOVBM DPOGFSFODF B PG TFSWJDF UP CF IFME JO 4BOUB $MBSB NFNCFST GSPN $BMJGPSOJB UFOEJOH JT UP NBLF TVSF FWFSZUIJOH HPFT BT

XPSME JT POF PG UIF CFOFm UT PG QBSUJDJQBUJOH JO ,FZ $MVC IF TBJE i*U T SFBMMZ JOTQJSJOH UP KPJO w IF TBJE 0G DPVSTF IJT PSJHJOBM NPUJWBUJPO GPS TJHOJOH PO XBT UP BUUFOE BO FWFOU JO -BT 7FHBT CVU JU IBT HSPXO JOUP B GPVS ZFBS DPNNJUNFOU JOWPMWJOH NVDI NPSF i)F T B TDIPMBS BOE IF T JOWPMWFE JO UIF DPNNVOJUZ BOE IF XJMM DPOUJOVF UP CF w TBJE 5IPNBT +POFT 1IJMJQ T IJTUPSZ UFBDIFS BOE ,FZ $MVC BEWJTFS i)F IBT FBSOFE UIF DPOm EFODF PG IJT PSHBOJ[BUJPO BOE UFBDIFST MJLF NF UISPVHI IJT IBSE XPSL BOE IJT JOUFMMFDUVBM DVSJPVTJUZ XIJDI JT BSPVTFE CZ UIF WBSJFE EFNBOET PG UIF *OUFSOB UJPOBM #BDDBMBVSFBUF QSPHSBN w +POFT EFTDSJCFE 1IJMJQ T SJTF UISPVHI UIF MFBEFSTIJQ SBOLT PG ,FZ $MVC BT CFJOH iUP IJT 1IJMJQ T PXO TVS QSJTF w CVU IF IBE B DPNQFMMJOH TUPSZ XBT PVUHPJOH BOE QPTTFTTFE UIF TLJMMT UIBU NBEF IJN WBMVBCMF UP UIF DMVC "GUFS IJT GSFTINBO ZFBS UIF DMVC XBT TFFLJOH DBO EJEBUFT GPS QSFTJEFOU BOE 1IJMJQ UISFX IJT OBNF JOUP DPOTJEFSBUJPO i* KVTU EJE JU PO B XIJN * EJEO U LOPX XIBU JU XBT w IF TBJE 5P IJT TVSQSJTF IF XBT FMFDUFE 5IBU MFE UP IJT JODSFBTFE JOWPMWFNFOU BOE FMFDUJPO UIF GPMMPXJOH ZFBS "(& 4$)00- )JHIMBOE )JHI 4DIPPM (0"- 4FSWF JO UIF 6 4 HPWFSONFOU

4FF /(6:&/ PO

NFFU QFPQMF GSPN BSPVOE UIF

)0

FÄÍË1F dF l

ÂFÍÕ FÍ ÄË ÕÍÕÂlË$lFdlÂÄw l lSÂFÍlËÜ Í ËÍ lÄlËÄ­l] F Ë yylÂÄw

4QFFE 6Q BOE

ZPVS DPNQVUFS

.VTU QSFTFOU DPVQPO GPS EJTDPVOU &YQJSFT

#VTJOFTT 3FTJEFOUJBM 4FSWJDF ] XXX "71$)VC DPN UI 4U &BTU 1BMNEBMF

/&&% " '&/$&

XXX MVNNBS DPN n PSFTBVUPDBSF IUNM

#6: '30. 5)& #&45

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

#FTU $IPJDF PG $PMPST w )JHI *OTUBMMBUJPO

QFS -' DPNQMFUF

'F $PN i5I OD Q F F MFU 4 ,30: IP F Qw QFS -' DPNQMFUF

3FQMBDFNFOU 'FODJOH JT 0VS 4QFDJBMUZ w )JHI *OTUBMMBUJPO

/P $BMJGPSOJB

QFS -' DPNQMFUF

/P 1SF 4UBJOFE 'FODJOH )JHI *OTUBMMBUJPO

"OUFMPQF

5VFTEBZ 4QFDJBM )BJSDVUT 0OMZ

3*()5800%

$PNQVUFS %JBHOPTUJD &MFDUSJDBM 4ZTUFN 5VOF VQ 3BEJBUPS 'MVTI $MVUDI #SBLFT 5JNJOH #FMU 'VFM *OKFDUJPOT 0WFSIBVM 3BDL 1JOPO 8BUFS 1VNQ "YMFT 1PXFS 4UFFSJOH 8PSL PO %JFTFM 'PSFJOH "$ 4ZTUFN %PNFTUJD &VSPQFBO $PNQVUFS 3F QSPHSBNNJOH 8PSL ZPV DBO 53645 %&1&/% PO UI 4U & 1BMNEBMF

t

)JHI *OTUBMMBUJPO

/P "NFSJDBO

(FOFSBM .FDIBOJD

QFS -' DPNQMFUF

13*$&4 #"4&% 0/ -' .03& 6/%&3 /03."- $0/%*5*0/4 0 $

'&/$&803,4 */$ t / 4*&33" )8: t 1"-.%"-& t XXX GFODFXPSLT VT

-JNJUFE 5JNF

&BTU "WFOVF 2 1BMNEBMF

5VFT 'SJ BN QN t 4BU BN QN

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

$0.1-&5& %*"(/045*$ $)&$, */$-6%&%

'MPSFT "VUP $BSF

QSPUFDU

BGUFS .ST )VUDIFOTPO EJFE MBTU TVN NFS JU IBT KVTU BGGFDUFE NF NPSF w TIF TBJE *O IFS EPXOUJNF 4IBOOPO FOKPZT QMBZJOH HPMG TUVEZJOH WJPMJO XIJDI TIF GPSNFSMZ QMBZFE XJUI UIF "OUFMPQF 7BMMFZ 4ZNQIPOZ 0SDIFTUSB BOE QIPUPHSBQIZ i.Z EBE IBT BMXBZT CFFO JOUP QIPUPHSBQIZ )F CPVHIU NF NZ m STU DBNFSB w 4IBOOPO TBJE i*U T KVTU SFBMMZ GVO :PV DBO UBLF UIJT EFWJDF BOE DBQUVSF B NPNFOU * QSFGFS UP UBLF QJDUVSFT PG OBUVSF PS BOZUIJOH UIBU T DVUF w 4IBOOPO T GBUIFS 8BZOF BO FMFD USJDBM FOHJOFFSJOH TQFDJBMJTU XBT BMTP B TPVSDF PG JOTQJSBUJPO JO EFDJEJOH IFS DBSFFS HPBM i8IFO * XBT JO UIF GPVSUI HSBEF NZ EBE CSPVHIU IPNF B QBDFNBLFS w 4IBOOPO TBJE i* UIPVHIU JU XBT TP DPPM UIBU TPNFUIJOH TP TNBMM DPVME BDUVBMMZ TBWF B MJGF w 4IBOOPO IBT BQQMJFE UP TFWFSBM VOJWFSTJUJFT JODMVEJOH $BMJGPSOJB *OTUJUVUF PG 5FDIOPMPHZ 64$ BOE 4UBOGPSE 6OJWFSTJUZ XIJDI TIF TBJE JT IFS UPQ QJDL 4IF SFDFOUMZ USBWFMFE UP /PSUIFSO $BMJGPSOJB GPS B -FBE "NFSJDB &OHJ OFFSJOH BOE 3PCPUJDT $POGFSFODF BU #FSLFMFZ BOE XBT BCMF UP WJTJU UIF 4UBOGPSE DBNQVT PO UIF USJQ i*U XBT TP NVDI GVO w TIF TBJE i8F TQFOU EBZT VQ UIFSF w

'SPN


.JDIFMMF 1BSTPOT

"(& 4$)00- %FTFSU $ISJTUJBO )PNF &EVDBUJPO 1SPHSBN (0"- 0SUIPQFEJD TVSHFPO BOE NFEJDBM NJTTJPOBSZ

0SUIPQFEJD TVSHFPO JT HPBM GPS USBDL TUBS 8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

4

FOJPS .JDIFMMF 1BSTPOT JT BMXBZT JO UIF SVOOJOH JO XIBUFWFS TIF DIPPTFT UP EP XIFUIFS JU T SVOOJOH KVNQJOH TJOHJOH QMBZJOH QJBOP PS TFSWJOH JO IFS DPNNVOJUZ BOE FMTFXIFSF 5IF ZFBS PME EBVHIUFS PG 5FSSFODF BOE %FOFDF 1BSTPOT PG -JUUMFSPDL .JDIFMMF IBT B HSBEF QPJOU BW FSBHF BU %FTFSU $ISJTUJBO )JHI 4DIPPM T IPNF FEVDBUJPO QSPHSBN +PTIVB $ISJTUJBO )JHI 4DIPPM i.JDIFMMF JT TUFMMBS w TBJE POF PG IFS OPNJOBUPST 1BT UPS +FSFNZ )BSUMFZ PG (SBDF $IBQFM i8IFO B QSPCMFN BSJTFT .JDIFMMF IBT B TPMVUJPO 8IFO BO PQQPSUVOJUZ QSFTFOUT JUTFMG .JDIFMMF NFUIPEJDBMMZ UBLFT JU i8IFO UIFSF JT B TFSWJDF OFFE .JDIFMMF JT m STU JO MJOF UP EP JU 4IF T B OBUVSBM MFBEFS TFSWBOU UIJOLFS BOE NPTU PG BMM B GPMMPXFS PG +FTVT w i* MPWF UP TFSWF QFPQMF w .JDIFMMF TBJE i*U HJWFT NF KPZ UP CF BCMF UP IFMQ UIFN w .JDIFMMF BTQJSFT UP BUUFOE NFEJDBM TDIPPM FO SPVUF UP CFDPNJOH BO PSUIPQFEJD TVSHFPO BOE TFSWJOH BT B NFEJ DBM NJTTJPOBSZ 4IF XBT JOTQJSFE CZ IFS WPMVOUFFS XPSL XJUI $BSBWBO .JOJTUSJFT IFMQJOH UP CVJME IPNFT GPS UIF IPNFMFTT JO 5JKVBOB BOE BJEJOH BOE BTTJTUJOH PSQIBOT BOE TUSFFU DIJM ESFO JO .FYJDP BT B WPMVOUFFS XJUI )PQF 1SPKFDU .FYJDP i4FFJOH BMM UIF QPWFSUZ TFFJOH BMM UIF OFFE FWFO UIPVHI JU T OPU GBS BXBZ XBT NJOE CMPXJOH w TBJE .JDIFMMF XIP JT B NFNCFS PG (SBDF $IBQFM T 4FSWBOU .JOJTUSZ -FBEFSTIJQ 5FBN i* XBT TIPDLFE UP TFF IPX EJGGFSFOU PVS MJWFT BSF GSPN UIFJST w .JDIFMMF JT B NFNCFS PG %FTFSU $ISJTUJBO T DSPTT DPVO USZ BOE USBDL BOE m FME UFBNT BOE JT UIF TDIPPM SFDPSE

"TTJTUBODF -FBHVF PG "7

"HF BQQSPQSJBUF DVSSJDVMVN XJUI BGGPSEBCMF UVJUJPO CBTFE PO B TMJEJOH TDBMF TUBSUJOH BT MPX BT QFS NPOUI

'SPN SPDLFUSZ UFBN 5FBDIFS -JOEB 1BSSZ XIP JT UIF SPCPUJDT UFBN DPBDI TBJE 3JTIF IBT BMM UIF RVBMJUJFT PG B 'VUVSF -FBEFS i)F T TP BDUJWFMZ JOWPMWFE XJUI IJT DPNNVOJUZ w 1BSSZ TBJE i)F JT IJHIMZ JOUFMMJHFOU ZFU IVNCMF BOE * UIJOL IF T KVTU HPJOH UP CF POF PG UIPTF LJET UIBU EPFT DIBOHF UIF XPSME w 3JTIF JT BMTP QSFTJEFOU BOE GPVOE FS PG 40"3 T 1IZTJDT $MVC UISPVHI XIJDI IF DPOEVDUT QIZTJDT FYQFSJ NFOUT GPS NJEEMF TDIPPM TUVEFOUT i* SFBMMZ TUSPOHMZ CFMJFWF UIBU

*ODMVEFT

t 6Q 5P 2UT PG 2VBMJUZ 0JM t /FX 0JM 'JMUFS t 'SFF $BS 8BTI

5BY %JTQPTBM 'FF

&7&3:%":

XXX BMBW PSH 2VBMJUZ $IJME $BSF 4FSWJOH UIF "OUFMPQF 7BMMFZ TJODF

t 1PJOU 4BGFUZ *OTQFDUJPO

$MPTFE %FTJHOBUFE )PMJEBZT

4*7"(/"/".

$"3 8"4)

t " OVSUVSJOH FOWJSPONFOU GPS BHFT ZST t #SFBLGBTU IPU MVODI OVUSJUJPOBM BGUFSOPPO TOBDLT t 2VBMJm FE UFBDIFST BOE TUBGG t .PO 'SJ BN QN

8 /FXHSPWF t -BODBTUFS

4FF 1"340/4 PO

0*- $)"/(& '3&&

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

1SFTDIPPM ,JOEFSHBSUFO "MM %BZ -FBSOJOH 1SPHSBN

IPMEFS JO UIF MPOH KVNQ BOE USJQ UIF NFUFS MPX IVSEMFT .JDIFMMF XBT UIF %FTFSU .PV QJPO JO UIF MPOH KVNQ BOE USJQMF BMM MFBHVF IPOPST BOE RVBMJm FE UJPO QSFMJNJOBSZ DIBNQJPOTIJQT UJPOFE FWFOUT BOE JO UIF EJTDVT .JDIFMMF FBSOFE UIF %FTFSU . GPS HJSMT USBDL BOE m FME UI JO CZ IFS PMEFS TJTUFS ,SJTU -FBEFS 4IF T BMTP PO %FTFSU $I UJDT UFBN i"UIMFUJDT HJWFT NF BO PQQPS UP VTF NZ UBMFOU UP HMPSJGZ (PE NPWF QFPQMF BOE UP IFMQ UIPTF DPNF JOUP DPOUBDU XJUI CFDBVTF NZ TQPSUT w .JDIFMMF TBJE i%FTFSU $ISJTUJBO BEWJTFT BUIMFUFT UP QVU UIFJS BDBEFN JDT m STU "DBEFNJDT BSF NVDI NPSF PG B QSJPSJUZ UIBO BUIMFUJDT 5IFZ SF EJGm DVMU UP CBMBODF * MPPL BU JU BT BO PQQPSUVOJUZ UP QSJPSJUJ[F BOE PSHBOJ[F NZ MJGF TLJMMT * MM VTF UISPVHIPVU NZ MJGF w )FS BDDPNQMJTINFOUT EPO U TUPQ XJUI BDBEFNJDT BOE BUIMFUJDT .JDIFMMF IBT SFDFJWFE BXBSET GPS QJBOP QFSGPSNBODF BOE NVTJD

.PTU 7FIJDMFT 4PNF 3FTUSJDUJPOT "QQMZ 7BOT 5SVDLT &YUSB .VTU 1SFTFOU 5IJT $PVQPO 0JM &YUSB

$BS 8BTI $BS $BSF $FOUFS

%JWJTJPO 4USFFU t -BODBTUFS #FUXFFO "WF + ,

45&. SFMBUFE TVCKFDUT BSF HPJOH UP IFMQ UIF TPDJFUZ NPWF GPSXBSE w 3JTIF TBJE i8JUIPVU 45&. TDJFODF UFDIOPMPHZ FOHJOFFSJOH BOE NBUI OPOF PG UIF JOOPWBUJPOT XF TFF UPEBZ XPVME FYJTU TP UIBU T XIZ * DSFBUFE UIF QIZTJDT DMVC 8F OFFE NPSF EPDUPST BOE FOHJOFFST BOE UIFZ BSF UIF POFT XIP BSF HPJOH UP QVTI UIF TPDJFUZ GPSXBSE w 3JTIF XBT OPNJOBUFE CZ UFBDIFS 3BNPOB #MBOTLJ XIP DBMMFE 3JTIF B OBUVSBM MFBEFS XIP HFUT UIF KPC EPOF i)F JT B SPMF NPEFM GPS PVS TUV EFOUT IFSF BU 40"3 w #MBOTLJ XSPUF i" WFSZ JOUFMMJHFOU QFSTPO XIP BMXBZT XBOUT UP IFMQ PUIFST BOE XBOUT UP FYQFSJNFOU BOE JOWFTUJHBUF EJGGFSFOU JTTVFT JO TDJFODF w #MBOTLJ QSFEJDUFE 3JTIF XJMM HP GBS JO MJGF BOE CFDPNF UIF HSFBU FO HJOFFS UIBU IF ESFBNT PG CFDPNJOH i* N WFSZ JOUFSFTUFE JO MFBEFS TIJQ w TBJE 3JTIF XIP IBT BMTP DPOTJEFSFE B DBSFFS JO QPMJUJDT BOE B QPTTJCMF SVO GPS QSFTJEFOU PG UIF 6OJUFE 4UBUFT i-FBEFSTIJQ JT TPNFUIJOH UIBU * CFMJFWF JG FWFSZPOF IBT XF DBO NBLF UIJT XPSME B CFUUFS QMBDF ‰ UIF BCJMJUZ UP UBLF DIBSHF PG B TJUVBUJPO BOE NBLF JU CFUUFS w *G OPU UIF QSFTJEFODZ 3JTIF DPVME POF EBZ TFSWF BT B UPQ 8IJUF )PVTF BEWJTFS PO IFBMUI SFMBUFE JTTVFT

#"3304 'SPN XF USZ UP HFU LJET UP XFBS 50.4 UP UIF QSPN w "OUIPOZ TBJE 5IF -JOL $SFX JOWPMWFT VQQFS DMBTTNFO TIPXJOH GSFTINBO UIF SPQFT IFMQJOH UIFN UP HFU UISPVHI UIBU PGUFO DIBMMFOHJOH m STU ZFBS PG IJHI TDIPPM 5IF (BZ 4USBJHIU "MMJ BODF QSPWJEFT TVQQPSU GPS TUVEFOUT XIP TFMG JEFOUJGZ BT HBZ PS MFTCJBO 5IF "1 PS "EWBODFE 1MBDFNFOU $MVC SBJTFT NPOFZ GPS TUVEFOUT XIP DBO U BGGPSE UP QBZ GPS "1 UFTUT )JT MJTU PG DPNNVOJUZ TFSWJDF BD UJWJUJFT JT BT MPOH BT IJT MJTU PG TDIPPM BDUJWJUJFT *U JODMVEFT $IBJSNBO PG UIF :PVUI $PNNJTTJPO GPS UIF DJUZ PG -BODBTUFS BDUJWJTN EJSFDUPS GPS UIF 0VU 1SPKFDU UIF :PVUI -FTCJBO (BZ #JTFYVBM 5SBOTHFOEFSFE 1SPHSBN GPS UIF 065SFBDI $FOUFS 4PVUIFSO $BMJ GPSOJB :PVUI $PVODJM GPS (BZ 4USBJHIU "MMJBODF /FUXPSL JO -PT "OHFMFT ZPVUI USBJOFS GPS UIF (4" /FUXPSL 4PVUIFSO $BMJGPSOJB WPMVOUFFS BU "OUFMPQF 7BMMFZ )PTQJUBM WPMVOUFFS BU UIF 065SFBDI $FOUFS JO -BODBTUFS BOE WPMVOUFFS XJUI UIF "NFSJDBO $BODFS 4PDJFUZ BOE UIF #PZT (JSMT $MVC "OUIPOZ XBT B DPNNJUUFF NFNCFS GPS UIF "7 "*%4 8BML BOE WPMVOUFFSFE BU UIF 3FMBZ GPS -JGF BOE UIF .-, %BZ PG 4FSWJDF IFMQJOH TQSVDF VQ UIF "7 )JHI T DBNQVT #PSO JO -PT "OHFMFT PO "VH "OUIPOZ JT UIF TPO PG +PIO BOE

/BSEB #BSSPT PG -BODBTUFS )JT EBE JT B SFTQJSBUPSZ UIFSBQJTU IJT NPN B OVSTF 5IF GBNJMZ NPWFE UP -BODBTUFS XIFO "OUIPOZ XBT JO UIF m GUI HSBEF BOE IF BUUFOEFE .BSJQPTB &MFNFO UBSZ BOE 1JVUF .JEEMF 4DIPPM "U "7 )JHI IF IBT B HSBEF QPJOU BWFSBHF BOE IJT JOUFSFTUT JODMVEF QPMJUJDBM TDJFODF CVTJOFTT BE NJOJTUSBUJPO BOE NVTJDBM UIFBUFS )F IPQFT UP BUUFOE $PMVNCJB 6OJWFSTJUZ #FSLFMFZ 64$ 4UBOGPSE PS :BMF BOE IPQFT JU XJMM MFBE UP TPNF GPSN PG QPMJUJDT PS PUIFS GPSN PG BDUJWJTN i* SFBMMZ MJLF QPMJUJDT " MPU PG QFPQMF UBML BCPVU UIF OFHBUJWF BTQFDUT #VU * KVTU IBWF UIJT QBT TJPO GPS MFBEFSTIJQ w "OUIPOZ TBJE i* SFBMMZ GFFM * DBO IFMQ NZ DPNNVOJUZ UIJT XBZ BOE * XPVME MJLF UP SVO GPS PGm DF TPNF EBZ 5IFSF T TPNFUIJOH * MPWF BCPVU TUBOEJOH VQ JO GSPOU PG QFPQMF BOE UBMLJOH w 4BOJF "OESFT CPBSE QSFTJEFOU PG UIF 065SFBDI $FOUFS OPUJDFE UIPTF RVBMJUJFT JO "OUIPOZ BT XFMM BOE OPNJOBUFE IJN GPS 'VUVSF -FBEFST i*G FWFSZPOF DPVME TFSWF UIFJS DPN NVOJUZ XJUI UIF TBNF LJOE PG FOFSHZ BOE IFBSU UIBU "OUIPOZ EPFT UIF XPSME XPVME USVMZ CF B CFUUFS QMBDF w IF TBJE i"OUIPOZ SFQSFTFOUT UIF DIBOHF * XBOU UP TFF JO UIF XPSME )F QPTTFTTFT IVNJMJUZ DPVSBHF BOE TFMn FTTOFTT UIBU JOTQJSFT UIPTF BSPVOE IJN )F XJMM CF B QIFOPN FOBM MFBEFS BDUJWJTU BOE BO BTTFU UP UIPTF IF XJMM TFSWF w


"MFYBOESB #SPPLT

5SFWPS 'PCFM

-JUUMFSPDL TFOJPS BJNT GPS UIF *WZ -FBHVF

'VUVSF FOHJOFFS JT GBTDJOBUFE XJUI TQBDF UFDIOPMPHZ

8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ 30/ 4*%%-&

FSWJDFT UFDIOJDJBO #FSUIB %F G UIF CFMJFG UIBU JG ZPV SF DBQBCMF OF FMTF ZPV TIPVME w "MFYBOESB Z EPFT "MFYBOESB BTTJTU IFS EFOUT iTIF JT B DBSFUBLFS GPS UIF %F "MFHSJB XSPUF i*O QBSUJDVMBS MQT POF PG IFS OFJHICPST CZ OJOH IFS IPVTF BOE HJWJOH IFS NQBOZ )FS EBE JT B EJTBCMFE BS WFUFSBO 4IF JT WFSZ DPNNJU E UP IFMQJOH IFS QBSFOUT BU IPNF Z DMFBOJOH BOE DPPLJOH w i* WF LOPXO NZ OFJHICPS TJODF WF CFFO B MJUUMF LJE 5P NF JU T OPU HPJOH BO FYUSB TUFQ BMUIPVHI JU NBZ CF UIBU XBZ UP PUIFST *U GFFMT OBUVSBM UP IFMQ w TIF TBJE "MFYBOESB NBJOUBJOT B XFJHIUFE HSBEF QPJOU BWFSBHF BMM XIJMF UBLJOH TJY "EWBODFE 1MBDFNFOU DMBTTFT )FS GBWPSJUF TVCKFDUT BSF CJPMPHZ BOE DIFNJTUSZ 4IF FBSOFE B /BUJPOBM .FSJU

4FF #300,4 PO

."98&-'SPN SVOT JO IFS GBNJMZ BT IFS NPN BOE TJCMJOHT BMTP QMBZ 4IF BMTP IBT SFBMMZ DMPTF GSJFOET PO UIF TXJN UFBN i* HVFTT ZPV DBO TBZ * XBT LJOE PG QFFS QSFTTVSFE JOUP EPJOH JU w TIF TBJE KPLJOHMZ i#VU OPU SFBMMZ * MJLF JU w *O BEEJUJPO UP IFS FYUSBDVSSJDVMBS BDUJWJUJFT .FHBO IBT BMTP BDDVNV MBUFE NPSF UIBO IPVST PG DPN NVOJUZ TFSWJDF 4PNF PG UIPTF IPVST DBNF GSPN TDIPPM SFMBUFE TFSWJDF BT TIF T CFFO BO BDUJWF NFNCFS PG UIF "TTPDJBUFE 4UVEFOU #PEZ GPS UIF QBTU UXP ZFBST 4IF IBT BMTP XPSLFE XJUI BOJ NBMT JODMVEJOH IFMQJOH UP DMFBO VQ 4FSFOHFUJ 3BODI JO "DUPO BGUFS UIF 4UBUJPO m SF MFGU TDPSDIFE MBOE BOE QJMFT PG BTI JO JUT XBLF .FHBO TBJE TIF IBT BMTP IFMQFE UFOE UP TPNF PG UIF BOJNBMT BU UIF SBODI ‰ XIJDI JO DMVEFT UXP "GSJDBO FMFQIBOUT ‰ XJUI UIF IFMQ PG UIF USBJOFST .FHBO IBT BO BSUJTUJD TJEF BT XFMM 0XFOT TBJE UIBU .FHBO JT B WFSZ UBMFOUFE BSUJTU BOE QBSUJDJQBUFE JO UIF "DUPO :PVOH 1FPQMF T "SU TIPX JO

.FHBO DPOUJOVFT UP TLFUDI JO IFS TQBSF UJNF BT B IPCCZ 4IF BMTP XSJUFT TIPSU TUPSJFT 1BSU PG .FHBO T ESJWF DPNFT GSPN UIF FODPVSBHFNFOU TIF SFDFJWFE GSPN IFS HSBOENPUIFS )JMEB .BY XFMM XIP IFMQFE .FHBO SFBMJ[F IPX NVDI TIF JT DBQBCMF PG .BYXFMM QBTTFE BXBZ UISFF ZFBST BHP CVU DPOUJOVFT UP JOTQJSF .FHBO i*U T BMXBZT KVTU CFFO IFS BOE OP POF DBO SFBMMZ SFQMBDF IFS w .FHBO TBJE i4IF T KVTU BMXBZT CFFO UIFSF GPS NF 4IF IBE NZ CBDL GPS BOZUIJOH y 4IF XBT KVTU NZ CFTU GSJFOE BOE NZ HVBSEJBO BOHFM BOE * KVTU MPWF IFS UP EFBUI w .FHBO QMBOT UP BUUFOE B DPNNV OJUZ DPMMFHF GPS IFS HFOFSBM FEVDBUJPO BOE UIFO BUUFOE B VOJWFSTJUZ XJUI B TUSPOH NFEJDBM QSPHSBN 4IF T DPO TJEFSJOH 6$-" BGUFS HPJOH UP $PMMFHF PG UIF $BOZPOT 0XFOT IBT IBE .FHBO JO UXP PG IFS DMBTTFT BOE TBJE TIF BMXBZT IBT B TNJMF PO IFS GBDF BOE JT WFSZ DBSJOH BOE DSFBUJWF BOE JT KVTU CFHJOOJOH UP SFBMJ[F IFS TUSFOHUIT i8JUI UIJT OFX LOPXMFEHF TIF JT EFm OJUFMZ HPJOH UP DPORVFS XIBUFWFS TIF QVUT IFS NJOE UP w 0XFOT TBJE

-

JLF LJET XIP DBNF CFGPSF IJN 5SFWPS 'PCFM IBT CFFO JOTQJSFE CZ /"4" 6OMJLF NBOZ PG UIPTF ZPVUI IPX FWFS UIF %FTFSU )JHI 4DIPPM TFOJPS IBT HPUUFO UIBU JOTQJSBUJPO UISP VQ WJFX PG UIF TQBDF QSPH JO QBSU UP IJT NPUIFS -BVS %SZEFO 'MJHIU 3FTFBSDI $F i* HPU UP UPVS TPNF GBDJ UP UIF +FU 1SPQVMTJPO -BCP UP HP GPS UXP XFFLT UP TFF 3JDP w IF TBJE i5IJOLJOH B * IBE BO PQQPSUVOJUZ UP TF *U XBT B SFBM .BST 3PWFS * PG B EVOF CVHHZ *U T B MPU UIJOL w 5IF FYQFSJFODFT IBWF N 5SFWPS UIJOL CJH )F XBOU CFDPNF BO FOHJOFFS TUBSU PXO CVTJOFTT BOE EFWFMPQ QSPEVDUT i* WF BMXBZT LOP * XBOUFE UP CF BO FOHJOFF IF TBJE i5IF CFTU XBZ UP EP JU JO UIJT DPVOUSZ JT UP TUBSU ZPVS PXO CVTJOFTT 5IF UIJOHT UIBU GBTDJOBUF NF UIF NPTU BSF SFMBUFE UP UIF TQBDF QSPHSBN BOE UIF UFDIOPMPHZ PG UPNPSSPX w 5SFWPS XIP TQPSUT B HSBEF QPJOU BWFSBHF IBT DIBOOFMFE IJT MPWF GP UFDIOPMPHZ BOE FOHJOFFSJ JOUP DPNQFUJOH JO UIF TDJF

"(& 4$)00- %FTFSU )JHI 4DIPPM (0"- 4UBSU BO FOHJOFFSJOH m SN BOE EFWFMPQ JOOPWBUJWF QSPEVDUT

4FF '0#&- PO

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

"(& 4$)00- -JUUMFSPDL )JHI 4DIPPM (0"- #JPMPHJDBM SFTFBSDIFS GPS $FOUFST GPS %JTFBTF $POUSPM

8SJUUFO CZ "-"/ )&/%3: t 1IPUPHSBQIFE CZ .":" 46("3."/

-

JUUMFSPDL )JHI 4DIPPM TFOJPS "MFYBOESB #SPPLT JT FO SPVUF UP CF PG IFS HSBEVBUJOH DMBTT BOE TIF IFJS TUVEJFT


+BOF .VSDJB

.BSDP *CBSSB

,OJHIU TDIPMBS JT BDUJWF JO BOE PVU PG TDIPPM

A&YFNQMBSZ ,OJHIU TFOJPS MFBET +VOJPS 305$ DPSQT

8SJUUFO CZ 4"."/5)" ."$$0//&-- t 1IPUPHSBQIFE CZ 30/ 4*%%-&

+

BOF .VSDJB B ,OJHIU )JHI 4DIPPM TFOJPS XIPTF HPBM JT UP CFDPNF B OFVSPMPHJTU "(& GFFMT SJHIU BU IPNF JO B IPTQJUBM TFUUJOH 4$)00- ,OJHIU "O FNFSHFODZ SPPN JOUFSO TJODF 4FQUFN )JHI 4DIPPM (0"- /FVSPMPHJTU CFS BU 1BMNEBMF 3FHJPOBM .FEJDBM $FOUFS +BOF IBT TFFO QBUJFOUT TVGGFSJOH GSPN JMM OFTTFT MJOLFE UP UIF CSBJO JODMVEJOH TFJ[VSFT MFBSOJOH PQQPSUVOJUZ BOE TUSPLFT QSPWJEJOH IFS B m STUIBOE i*U T CFFO HSFBU 5IF XIPMF OFSWPVT TZTUFN JT BNB[JOH *G ZPVS CSBJO HPFT DSB[Z UIFO FWFSZUIJOH FMTF EPFT UPP w TBJE +BOF XIP JOUFSOT UISPVHI 1BMNEBMF )JHI 4DIPPM T )FBMUI $BSFFST "DBEFNZ +BOF JT UBLJOH m WF "EWBODFE 1MBDFNFOU DMBTTFT BOE IBT B DPNCJOFE HSBEF QPJOU BWFSBHF 4IF TBJE TIF QMBOT UP DPNQMFUF IFS VOEFSHSBEVBUF XPSL XJUI B GPDVT PO OFVSP TDJFODF BOE UIFO BQQMZ UP NFEJDBM TDIPPM i* BN SFBMMZ QSPVE PG IFS 4IF XBOUT UP CF B EPDUPS TP * IPQF TIF HFUT IFS ESFBN w TBJE .BSJB .VSDJB +BOF T NPUIFS i4IF T KVTU CFFO B SFBMMZ HPPE HJSM * DBOOPU BTL GPS B CFUUFS EBVHIUFS w +BOF TBJE TIF IBT BMXBZT IBE UIF JEFB UIBU TIF IBE UP HP UP DPMMFHF i* UIJOL * QSFT TVSF NZ PXO TFMG UP EP XFMM JO TDIPPM w TIF TBJE " SFDJQJFOU PG UIF $PMMFHF #PBSE "1 4DIPMBS %JTUJODUJPO BXBSE TIF JT VMUJNBUFMZ JOTQJSFE UP XPSL IBSE JO TDIPPM CFDBVTF PG IFS DBSFFS HPBMT i5IBU T XIBU LFFQT NPUJWBUJOH NF * DBO U TUPQ OPX w TIF TBJE 5P UBLF IFS NJOE PGG IFS TUVE JFT +BOF FOKPZT DIFFSJOH PO IFS TDIPPM T BUIMFUJD UFBNT BT B NFNCFS PG UIF DIFFSMFBE JOH TRVBE XIJDI TIF IBT

4FF .63$*" PO

8SJUUFO CZ #&7&3-: "/5&- t 1IPUPHSBQIFE CZ 30/ 4*%%-&

&

BSMZ PO .BSDP *CBSSB EFNPOTUSBUFE B TUSPOH TFOTF PG SFTQPOTJCJMJUZ 8IFO IJT NPUIFS XPSLFE MPOH IPVST DMFBOJOH PGm DFT BU OJHIU BOE IJT GBUIFS USBWFMFE UIF TUBUF XPSLJOH PO DPOTUSVDUJPO QSPKFDUT ZPVOH .BSDP BOE IJT TJTUFS NBJOUBJOFE UIF GBN BOE UFOEJOH UP UIFJS CBCZ TJTUFS 5PEBZ ZFBS PME .BSDP JT BO ,OJHIU )JHI 4DIPPM JO 1BMNEBMF B TDIPPM T "JS 'PSDF +VOJPS 305$ Q )F T FOSPMMFE JO B SJHPSPVT TDJ CBTFE DVSSJDVMVN BOE IJT HSBEF Q JNQSFTTJWF "(& 4$)00- ,OJHIU )JHI 4DIPPM (0"- $BSFFS JO DPNQVUFS FOHJOFFSJOH DPVOTFMJOH PS QIPUPHSBQIZ

i&WFSZ ZFBS IF IBT UBLFO JODS DPVSTFT BOE IBT DIBMMFOHFE IJNT TBJE 5FSFTB 7BO ;BOEU .BSDP T TD i)F BMXBZT QVTIFT IJNTFMG BDBEF .BSDP TBJE IJT NPUJWBUJPO DPN GBNJMZ XIJDI IF DSFEJUT XJUI JOn V IJN NPSF UIBO BOZUIJOH FMTF i.Z GBUIFS XPSLFE IBSE JO UIF TDBQJOH CVTJOFTT BOE XBT HPOF B MPU XPSLJOH UISPVHIPVU 4PVUIFSO $BMJGPSOJB w .BSDP TBJE i* VTFE UP TQFOE TVNNFST XPSLJOH XJUI IJN JO UIF TVO BOE IF UBMLFE BCPVU IPX IF EJEO U HFU UP m OJTI IJHI TDIPPM i)F TUSFTTFE FEVDBUJPO BOE * MJTUFOFE UP IJN w

4FF *#"33" PO

/(6:&/

"EWBODFE *NBHJOH $FOUFS 'JSTU 0VUQBUJFOU 8PNFO T *NBHJOH $FOUFS JO UIF " 7

5 6MUSB )JHI 'JFME 0QFO #PSF .3* 4MJDF 1&5 $5 '*345 */ 5)& "/5&-01& 7"--&: 4QFDJBMJ[JOH JO $MBVTUSPQIPCJD BOE -BSHF 1BUJFOUT XJUI B DBSJOH TUBGG UP NFFU ZPVS JNBHJOH OFFET

/PO JOWBTJWF $5 $PSPOBSZ "OHJPHSBQIZ % 6MUSBTPVOE 5 0QFO .3* 5 9 3BZ 'VMM #PEZ 4DBO 5 $PSPOBSZ 4DBO 5 .BNNPHSBQIZ 3BZ ) )BTIFNJ . % 1I % %JSFDUPS #PBSE $FSUJm FE 3BEJPMPHJTU

4FJNFOT 7JFSP 5 .3*

' UVSF -FB F -FB - BEF

"DDSFEJUFE CZ UIF "NFSJDBO $PMMFHF PG 3BEJPMPHZ /08 01&/

8 "WFOVF 2 t 1BMNEBMF

:PVS 0OF 4UPQ

UI 4USFFU 8FTU t -BODBTUFS

)PNF )FBMUI $BSF $FOUFS 4FSWJOH UIF $PNNVOJUZ 'PS 0WFS :FBST

5PVSOBNFOU 3PBE t 7BMFODJB

)FSJUBHF %S #MEH # t 3JEHFDSFTU

XXX BEWBODFE JNBHJOH DFOUFS DPN

'PS &YQFDUJOH .PUIFST 8F 0GGFS %7%T 3FDPSEFE 5P .VTJD

UP QSFTJEFOU PG UIF EJWJTJPO XIJDI SFQSFTFOUT B MBSHFS BSFB PG DMVCT "MUIPVHI B USZ GPS UIF EJTUSJDU HPW FSOPSTIJQ XBTO U B TVDDFTT IF XBT BQQPJOUFE UP UIF DPOGFSFODF DIBJS NBO QPTJUJPO IF IPMET UPEBZ i* N TUJMM QSFUUZ IJHI JO UIF ,FZ $MVC FOPVHI UP NBLF B EJGGFSFODF w IF TBJE 8IJMF ,FZ $MVC JT IJT QSJNBSZ BDUJWJUZ 1IJMJQ BMTP IBT UISFF ZFBST PO UIF WBSTJUZ UFOOJT UFBN TFSWJOH BT WJDF DBQUBJO UIJT ZFBS BOE JT B NFN CFS PG UIF WBSTJUZ .BUIMFUFT )F BMTP QMBZT DFMMP BO JOTUSVNFOU

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'SPN

IF UPPL VQ UP DPVOUFS UIF TUFSFP UZQJDBM OPUJPO UIBU "TJBOT POMZ QMBZ QJBOP PS WJPMJO IF TBJE i* XBOUFE UP EP TPNFUIJOH TUSBOHF w IF TBJE PG IJT EFDJTJPO UP UBLF VQ UIF DFMMP i*U TPVOET NVDI NPSF XBSN UIBO B WJPMJO *U T EFFQFS w 5BLJOH QSJWBUF MFTTPOT 1IJMJQ XBT B NFNCFS PG UIF "OUFMPQF 7BMMFZ 6OJPO )JHI 4DIPPM %JTUSJDU PSDIFT USB BOE QMBOT UP DPOUJOVF UP QMBZ BT B IPCCZ *O IJT GSFF UJNF IF BMTP FOKPZT B SPVTJOH HBNF PG QJOH QPOH XJUI IJT GBNJMZ 1IJMJQ IBT BQQMJFE UP DPMMFHFT CVU JEFBMMZ IF XPVME MJLF UP BUUFOE #FSLFMFZ i*U KVTU TFFNFE SFBM JOUFS FTUJOH w IF TBJE

0QFO .POEBZ UISV 'SJEBZ t BN QN 4BUVSEBZ BN QN

8FTU -BODBTUFS #PVMFWBSE t -BODBTUFS t

1"340/4 'SPN

UIFPSZ BOE XBT TFMFDUFE CZ UIF .VTJD 5FBDIFST "TTPDJBUJPO PG $BMJGPSOJB UP QFSGPSN BU UIF "OUFMPQF 7BMMFZ )POPST 3FDJUBM 4IF BMTP SFDFJWFE B TVQFSJPS SBUJOH BU UIF "TTPDJBUJPO PG $ISJTUJBO 4DIPPMT *OUFSOBUJPOBM 1JBOP 'FTUJWBM "EKVEJDBUJPO " OBUVSBM TPQSBOP BOE BMUP .JDIFMMF QFSGPSNFE BT B TPMPJTU XJUI UIF .BTUFS T $PMMFHF )JHI 4DIPPM $IPJS BOE CZ TQFDJBM JOWJUBUJPO QFSGPSNFE BU -JODPMO $FOUFS JO /FX :PSL XJUI UIF .BTUFS T $PMMFHF $PM MFHJBUF $IPJS i.VTJD JT BO PVUMFU GPS NF B DIBODF UP HMPSJGZ (PE XJUI NZ WPJDF UP QSBJTF BOE XPSTIJQ IJN w .JDIFMMF TBJE i8IFO * TJOH * HFU MPTU JO UIF NVTJD BOE JU NBLFT NF TP KPZGVM w i*O BEEJUJPO UP BMM IFS BDUJWJUJFT .JDIFMMF JT B RVJFU MFBEFS XJUI B WFSZ TVOOZ EJTQPTJUJPO w XSPUF OPNJOBUPS ,FMMZ (SFFO %FTFSU $ISJTUJBO T EJSFD UPS PG IPNF FEVDBUJPO i" TNJMF BDDPNQBOJFT IFS XIFS FWFS TIF HPFT BOE UIF QFPQMF XIP IBWF UIF QSJWJMFHF PG XPSLJOH BMPOH TJEF IFS MPPL GPSXBSE UP JU w


+PTIVB "SSFPMB

&CPOZ #FTIFBST ,OJHIU TFOJPS TUBOET PVU BNPOH QFFST 8SJUUFO CZ ,"3&/ ."&4)*30 t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

A3FOBJTTBODF NBO BU 'SB[JFS .PVOUBJO 8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ .":" 46("3."/

8

IJMF TPNF TUVEFOUT NJHIU POMZ SFMVDUBOUMZ UBLF PO SFRVJSFE TDJFODF QSPKFDUT +PTIVB "SSFPMB HPFT PVU PG IJT XBZ UP EP BT NBOZ TDJFODF QSPKFDUT BT IF DBO 5IF ZFBS PME TPO PG 'SFE BOE -JTB "SSFPMB +PTIVB JT B /FFOBDI SFTJEFOU BOE B TFOJPS BU 'SB[JFS .PVOUBJO )JHI 4DIPPM JO -FCFD "(& i+PTI JT B 3FOBJTTBODF 4$)00- 'SB[JFS .PVOUBJO NBO w TBJE 'SB[JFS .PVO )JHI 4DIPPM (0"- .FDIBOJDBM FOHJOFFS UBJO IJTUPSZ UFBDIFS +PIO %PNLF XIP OPNJOBUFE +PTIVB i)F CBMBODFT NBOZ BDBEFNJD BOE PUIFS BDUJWJUJFT WFSZ XFMM BOE EPFT B HSFBU KPC BU BMM PG UIFN * DBO BMTP USVMZ TBZ UIBU GPS BMM PG +PTI T BDDPNQMJTINFOUT IF JT BO FWFO CFUUFS QFSTPO UIBO IF JT B TUVEFOU BUIMFUF BOE MFBEFS )F JT POF PG UIF HSFBUFTU ZPVOH NFO * IBWF IBE UIF QMFBTVSF PG XPSLJOH XJUI JO ZFBST PG FEVDB UJPO w +PTIVB XIP XBOUT UP CF B NFDIBOJDBM FOHJOFFS TQPSUT B HSBEF QPJOU BWFSBHF BOE JT B GPVS UJNF m STU QMBDF XJOOFS BU UIF ,FSO $PVOUZ 4DJFODF 'BJS BOE B GPVS ZFBS WBSTJUZ CBTLFUCBMM QMBZFS QMBZJOH TIPPUJOH HVBSE BOE QPJOU HVBSE GPS UIF 'BMDPOT i"DBEFNJDT BMXBZT DPNFT m STU GPS NF w TBJE +PTIVB i* IBWF BO J1IPOF BOE BGUFS FBDI DMBTT * QVU JO NZ IPNFXPSL BTTJHONFOU 0O UIF XBZ UP B HBNF * MM USZ UP EP NZ IPNFXPSL "OE PO UIF XBZ CBDL GSPN UIF HBNF *G UIFSF T BOZ NPSF IPNFXPSL UP EP UIFO * UJ[JOH #VU XIBU MBTU F JO O FN w VEFOU

"

T QBSU PG B TDIPPM DMVC ,OJHIU )JHI 4DIPPM TF OJPS &CPOZ #FTIFBST XBT JOTUSVNFOUBM JO IFMQJOH PSHBOJ[F B )BMMPXFFO QBSUZ GPS DIJMESFO TUBZJOH BU UIF EPNFTUJD WJPMFODF TIFMUFS &CPOZ BOE GFMMPX NFNCFST PG UIF "7*% PS "E WBODFNFOU 7JB *OEJWJEVBM %FUFSNJOBUJPO $MVC SBJTFE NPOFZ HPU QFPQMF UP EPOBUF DBOEZ DSBGUFE )BMMPXFFO NBTLT BOE TFU VQ FOUFSUBJOJOH BDUJWJUJFT MJLF GBDF QBJOU JOH GPS UIF LJET i*U XBT SFBMMZ GVO UP TFF DIJMESFO TNJMF BOE IBWF GVO BOE CSJOH KPZ JOUP UIFJS MJWFT w &CPOZ TBJE i*U PQFOFE NZ FZFT * SFBMJ[FE UIPTF DIJMESFO XFSF JO B TIFMUFS CFDBVTF PG UIFJS IPNF MJGF TJUVBUJPO w "U $ISJTUNBTUJNF "7*% $MVC NFNCFST DPMMFDUFE EP OBUFE UPJMFUSZ JUFNT QVU UIFN JO EFDPSBUFE HPPEZ CBHT BOE HBWF UIFN UP (SBDF 3FTPVSDF $FOUFS B GPPE QBOUSZ UIBU IFMQT UIF IPNFMFTT BOE OFFEZ

"(& 4$)00- ,OJHIU )JHI 4DIPPM (0"- 'PSFOTJD TDJFOUJTU

JU HJWFT TUVEFOUT UP EP DPNNVOJUZ TFSWJDF w 5IF DMVC JT KVTU POF PG NBOZ BDUJWJUJFT &CPOZ UBLFT QBSU JO BU ,OJHIU 4QPSUT XJTF &CPOZ JT B GPVS ZFBS UFO OJT QMBZFS MFBEJOH UIF UFBN UIJT ZFBS BT DBQUBJO UP UIF $*' DIBNQTJPOTIJQ 4IF BMTP IBT TFSWFE BT NBOBHFS GPS UIF CPZT UFOOJT BOE TXJN UFBNT 4IF T BMTP UIF "SU $MVC TFDSFUBSZ 4XJN $MVC USFB TVSFS BOE B NFNCFS PG UIF $BMJGPSOJB 4DIPMBSTIJQ 'FE FSBUJPO -*/, $SFX .BUIMFUFT BOE "DBEFNJD %FDBUIMPO UFBN 4IF BMTP UVUPST GFMMPX TUVEFOUT BU TDIPPM UXP EBZT

4FF "33&0-" PO

4FF #&4)&"34 PO

%BJMZ BN o QN

1MVT UBY

1FSTPOBM 5PQQJOH 1J[[B USJQ UP UIF 4BMBE #BS 4PGU %SJOL

0WFO CBLFE 1BTUB GSPN $IPPTF $IJDLFO #BDPO "MGSFEP 1FOOF X .FBUCBMMT 'JWF $IFFTF 3BWJPMJ PS *UBMJBO -BTBHOB

-"/$"45&3

/ UI 4U 8FTU

.*-*5"3: %*4$06/5 %JOF *O PS $BSSZ 0VU 0OMZ

0'' 1*;;"

#VZ BOZ 1J[[B BU SFHVMBS .FOV 1SJDF (FU OE PGG FRVBM PS MFTTFS WBMVF 0''

%JOF *O $BSSZ 0VU %FMJWFSZ /PU WBMJE XJUI BOZ PUIFS PGGFS DPVQPO PS EJTDPVOU &YQJSFT

1"-.%"-&

UI 4U 8FTU

#FFS 8JOF "WBJMBCMF

-VODI 4QFDJBM

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

JFS NZ M GPS DPM FE HJWFO PKFDUT PSL

IBT QBSUJDJQBUFE JO "NFSJDBO S -JGF XBMLT GPS UISFF ZFBST FTUJD WJPMFODF TIFMUFS BOE BOE BUUFOEFE UIF 4PVUIFSO NJU JT BDUJWF TDIFEVMF BMM XIJMF 1MBDFNFOU BOE IPOPST DPVST HSBEF QPJOU BWFSBHF IFS +FTTJDB $FOUPO[F .PMM FMZ POF PG UIPTF TUVEFOUT E PVU i* HPU UP XBUDI IFS PWFS UIF ZFBST BOE TIF T B FSGVM TUVEFOU BOE QFSTPO w PO[F .PMM TBJE i0WFSBMM UIF IF IPMET IFSTFMG TIF HFUT DU GSPN CPUI TUVEFOUT BOE Z BMJLF "T B GBDVMUZ NFNCFS PX XF DBO EFQFOE PO IFS XF TBZ XF OFFE UIJT EPOF JMM PSHBOJ[F IFS TDIFEVMF OE JU UP NBLF TVSF JU HFUT DBSF PG w POZ XBT OPNJOBUFE GPS FBEFST CZ ,OJHIU IFBE PS 3BZNPOE )BSU XIP i&CPOZ JT NBUVSF CFZPOE ZFBST *O TQJUF PG TFUCBDLT BU PUIFST NBZ IBWF VTFE BT FYDVTFT &CPOZ IBT SFNBJOFE


3FBM -FBSOJOH 'PS 3FBM -JGF #6*-%*/( 50.03308 4 -&"%&34 50%":

%FTFSU $ISJTUJBO 4UVEFOU "DUJWJUJFT

%FTFSU $ISJTUJBO 4DIPPMT 4FMFDUJPOT BT

%FTFSU $ISJTUJBO 4DIPPMT 0GGFST #FGPSF "GUFS 4DIPPM $BSF t 4QPSUT 'PS "MM "HFT t 'JOF 1FSGPSNJOH "SUT t "1 $MBTTFT t )POPS $MBTTFT

t $IPJS $MBTTSPPN .VTJD t #BOE t 4UJOHT $MBTTFT t 1SJWBUF 1JBOP *OTUSVDUJPO t "GUFS 4DIPPM 4QPSUT 1SPHSBN t "$4* 4QFMMJOH #FF t "$4* .BUI 0MZNQJDT t "$4* 4QFFDI .FFU t "$4* "SU 'FTUJWBM

t "$4* $IFTT 5PVSOBNFOU t "$4* 1JBOP 'FTUJWBM t $SPTT $PVOUSZ 5FBN t (ZNOBTUJDT t $IFFSMFBEJOH t $BSOJWBM

5IF -FBSOJOH 5SFF 1SFTDIPPM NBLFT ZPVS DIJME T GJSTU TDIPPM FYQFSJFODF BO FYDJUJOH BEWFOUVSF

)JHI 4DIPPM

0OF 8FFL '3&& 1SFTDIPPM 3FHJTUSBUJPO 8*5 5 / )*4 $0610 "QQSPYJNBUF 7BMVF

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

/FX &OSPMMFFT 0OMZ 0GGFS FYQJSFT .BSDI

.BJO $BNQVT

&BTUTJEF $BNQVT

UI 4USFFU 8FTU -BODBTUFS

$IBMMFOHFS 8BZ -BODBTUFS

-JDFOTF

-JDFOTF

%FWPUFE BOE &YQFSJFODFE $BSF (JWFST

"U %FTFSU $ISJTUJBO )JHI 4DIPPM B TPMJE DPMMFHF QSFQ QSPHSBN JT DPVQMFE XJUI UIF DMFBS DPNNJUNFOU UP (PE BOE DPNNVOJUZ "DBEFNJDT ) "EWBODFE 1MBDFNFOU "1 $MBTTFT )POPS $MBTTFT t %VFM $SFEJU $MBTTFT t $4' 'PSFJHO -BOHVBHF .BUIMFUFT .VTJD $PODFSU $IPJS %SVN -JOF 8PSTIJQ 5FBN "$4* .VTJDBMF

&MFDUJWFT t %SBNB t 4UBHFDSBGU t 4UVEFOU -FBEFSTIJQ t :FBSCPPL t 4QFFDI t 4QPSUT t #BTFCBMM t 4PGUCBMM t #BTLFUCBMM t 'PPUCBMM t $SPTT $PVOUSZ t 4PDDFS t 5SBDL BOE 'JFME

t 7PMMFZCBMM 5SJQT t &BTU $PBTU 5SJQ t &OHMBOE 5SJQ t 'SBODF 5SJQ $MVCT t /BUJPOBM )POPS t 4PDJFUZ $MVC t 8PSTIJQ %BODF $MVC t $IJME &WBOHFMJTN $MVC t "JS 4PGU $MVC t 3JWFS %BODF $MVC

$PMMFHF "UUFOEBODF 1MBOT GPS )JHI 4DIPPM (SBEVBUFT $PMMFHF #PVOE .JMJUBSZ .JTTJPOT PS 6OEFDJEFE 4"5 )JHI 4DPSFT $SJUJDBM 3FBEJOH .BUI 8SJUJOH

5IF HSBEVBUJOH DMBTT PG FBSOFE B UPUBM PG JO BXBSEFE TDIPMBSTIJQT 8JUI TUVEFOUT JO UIF DMBTT UIJT BWFSBHFT PVU UP QFS HSBEVBUF

0O MJOF BQQMJDBUJPOT BSF OPX CFJOH BDDFQUFE 7JTJU XXX EFTFSUDISJTUJBOTDIPPMT DPN BOE DMJDL PO BENJTTJPOT UBC

"/5&-0 7"--&:1&

3FHJTUFS :PVS '6563& -&"%&34 5PEBZ

%FTFSU $ISJTUJBO 4DIPPMT XPVME MJLF UP $0/(3"56-"5& UIF GPMMPXJOH TUVEFOUT VQPO UIFJS TFMFDUJPO BT "7 T 'VUVSF -FBEFST '6563& -&"%&34 MFGU UP SJHIU "QSJM $JTOFSPT 5JNPUIZ 5VTP 4V[BOOF 'PY +BNFT .VMMFO .JDIFMMF 1BSTPOT BOE +PTIVB ,BZ /PU 1JDUVSFE #SZBO $VSUJT

0VS TUVEFOUT IBWF SFDFJWFE /BUJPOBM .FSJU 4DIPMBS TUBUVT BOE TDIPMBSTIJQT GSPN QSFTUJHJPVT QSJWBUF BOE QVCMJD VOJWFSTJUJFT )FSF JT B QBSUJBM MJTU PG VOJWFSTJUJFT BOE DPMMFHFT BU XIJDI PVS HSBEVBUFT IBWF BUUFOEFE BSF DVSSFOUMZ FOSPMMFE PS GSPN XIJDI UIFZ IBWF HSBEVBUFE "SJ[POB 4UBUF 6OJWFSTJUZ "SU *OTUJUVUF PG -PT "OHFMFT "[VTB 1BDJm D 6OJWFSTJUZ #BZMPS 6OJWFSTJUZ #JPMB 6OJWFSTJUZ #PJTF 4UBUF 6OJWFSTJUZ #PTUPO 6OJWFSTJUZ #SPPLT $PMMFHF #SPXO 6OJWFSTJUZ $BMJGPSOJB #BQUJTU 6OJWFSTJUZ $BMJGPSOJB -VUIFSBO $BMJG 4UBUF 1PMZUFDIOJD 6OJWFSTJUZ 1PNPOB 4BO -VJT 0CJTQP $BMJG 4UBUF 6OJWFSTJUZ #BLFSTm FME $IJDP %PNJOHVF[ )JMMT 'SFTOP 'VMMFSUPO -POH #FBDI 4BO %JFHP .POUFSFZ #BZ /PSUISJEHF $BNQCFMMTWJMMF 6OJWFSTJUZ $FEBSWJMMF 6OJWFSTJUZ $ISJTUJBO )FSJUBHF $PMMFHF

$JODJOOBUJ #JCMF $PMMFHF $PMPSBEP $ISJTUJBO 6OJWFSTJUZ $PMPSBEP 4UBUF 6OJWFSTJUZ $PODPSEJB 6OJWFSTJUZ %F7SZ 6OJWFSTJUZ &BTUFSO ,FOUVDLZ 6OJWFSTJUZ 'BTIJPO *OTU PG %FTJHO .FSDIBOEJTJOH 'SFTOP 1BDJm D 6OJWFSTJUZ 'VMMFS 4FNJOBSZ (FPSHF 8BTIJOHUPO 6OJWFSTJUZ (PO[BHB 6OJWFSTJUZ (SBOE $BOZPO 6OJWFSTJUZ (SPTTNPOU $PNNVOJUZ $PMMFHF )BSWBSE 6OJWFSTJUZ )VNCPMEU 4UBUF 6OJWFSTJUZ ,BOTBT 4UBUF 6OJWFSTJUZ ,BOTBT 8FTMFZBO 6OJWFSTJUZ -" "SU %FTJHO 4DIPPM -JGF 1BDJm D $PMMFHF

.BJO $BNQVT 1SFTIDPPM t &MFNFOUBSZ t .JEEMF 4DIPPM UI 4SFFU 8FTU -BODBTUFS t )JHI 4DIPM $BNQVT 8FTU "WFOVF + BU UI 4USFFU 8FTU -BODBTUFS t &BTUTJEF 1SFTDIPPM $BNQVT $IBMMFOHFS 8BZ -BODBTUFS t (ZNOBTUJD $FOUFS UI 4SFFU 8FTU -BODBTUFS t

-PNB -JOEB 6OJWFSTJUZ -PT "OHFMFT $IJSPQSBDUJD $PMMFHF .BDBMFTUFS $PMMFHF .BTUFS T $PMMFHF .PPEZ #JCMF *OTUJUVUF .VMUOPNBI #JCMF $PMMFHF /PSUIXFTUFSO $PMMFHF /PSUIXFTUFSO 4UBUF 6OJWFSTJUZ 0SBM 3PCFSUT 6OJWFSTJUZ 0YGPSE 6OJWFSTJUZ 6, 1BDJm D 6OJPO $PMMFHF 1BSLT $PMMFHF 1FOTBDPMB $ISJTUJBO $PMMFHF 1FQQFSEJOF 6OJWFSTJUZ 1PJOU -PNB /B[BSFOF 6OJWFSTJUZ 4DIPPM PG 7JTVBM "SUT / : 4FBUUMF 1BDJm D 6OJWFSTJUZ 4JNQTPO $PMMFHF 4U +PIO T $PMMFHF 4UBOGPSE 6OJWFSTJUZ

5BZMPS 6OJWFSTJUZ 5IF $JUBEFM 5SJOJUZ &WBOHFMJDBM %JWJOJUZ 4DIPPM 6 4 "JS 'PSDF "DBEFNZ 6 4 /BWBM 6OJWFSTJUZ PG $BMJGPSOJB *SWJOF #FSLMFZ %BWJT -PT "OHFMFT 4BO %JFHP 3JWFSTJEF 4BOUB #BSCBSB 6OJWFSTJUZ PG *MMJOPJT 6OJWFSTJUZ PG UIF 1BDJm D 6OJWFSTJUZ PG 1VHFU 4PVOE 6OJWFSTJUZ PG 4PVUIFSO $BMJGPSOJB 6OJWFSTJUZ PG 8JTDPOTJO 6OJWFSTJUZ PG 8ZPNJOH 7BOHVBSE 6OJWFSTJUZ 7JSHJOJB .JMJUBSZ *OTUJUVUF 8FTU $PBTU #JCMF 8FTUFSO #JCMF $PMMFHF 8IFBUPO $PMMFHF 8PPECVSZ $PMMFHF

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

t $IBQFM t $PNQVUFS $MBTT t "DDFMFSBUFE 3FBEFS 1SPHSBN t 1IZTJDBM &EVDBUJPO t $MVCT t "DBEFNJD 4VQQPSU 1SPHSBNT t 4QJSJU 8FFLT t 0VUEPPS &EVDBUJPO $BNQ t 'JFME 5SJQT

.JEEMF 4DIPPM

%FTFSU $ISJTUJBO .JEEMF 4DIPPM QSPWJEFT B QPTJUJWF BUNPTQIFSF GPS HSPXUI JO UIF USBOTJUJPOBM ZFBST GSPN UI UISPVHI UI (SBEF t %JTDJQMFTIJQ (SPVQT 5SJQT .VTJD t )PMJEBZ 3FBEJOH 1SPHSBN t -1"$ $MBTT 5SJQT t 0SDIFTUSB t 8PSTIJQ 5FBN t $IPJS t $BUBMJOB t 5FDI $SFX t 4BO %JFHP 4QMBTI 4QPSUT t 3FBEJOH $MVC t .FEJFWBM 5JNFT t $IFFSMFBEJOH t $PSSFTQPOEFODF $MVC t -POH #FBDI 4QSFF t (ZNOBTUJDT t 3FBHBO 1SFTJEFOUJBM -JCSBSZ "$4* "DUJWJUJFT t 7PMMFZCBMM t "$4* .BUI 0MZNQJDT t $SPTT $PVOUSZ "DUJWJUJFT (SPVQT t "$4* -FBEFSTIJQ $POGFSFODF t #BTLFUCBMM t "$$&44 )POPS 4PDJFUZ

t "$4* 4QFFDI .FFU t 5SBDL 'JFME t "DDFMFSBUFE 3FBEJOH 1SPHSBN t "$4* 4QFMMJOH #FF t 4PDDFS t 4QFFDI $MVC t "$4* "SU 'FTUJWBM t 4QJSJU 8FFLT t "DBEFNJD 4VQQPSU 1SPHSBNT

&MFNFOUBSZ

&BHFS NJOET FYQBOE JO %FTFSU $ISJTUJBO &MFNFOUBSZ 4DIPPM T FOHBHJOH QSPHSBNT GPS ,JOEFSHBSUFO UISPVHI UI (SBEF

0VS 'VUVSF -FBEFST


BSOJOH 'PS 3FBM -JGF

.03308 4 -&"%&34 50%":

JWJUJFT

%FTFSU $ISJTUJBO 4DIPPMT 4FMFDUJPOT BT

1 $MBTTFT t )POPS $MBTTFT

0VS 'VUVSF -FBEFST

4DIPPM

FT B QPTJUJWF BUNPTQIFSF GPS HSPXUI N UI UISPVHI UI (SBEF t %JTDJQMFTIJQ (SPVQT t )PMJEBZ 3FBEJOH 1SPHSBN t 8PSTIJQ 5FBN t 5FDI $SFX t 3FBEJOH $MVC t $PSSFTQPOEFODF $MVC F BM -JCSBSZ "$4* "DUJWJUJFT t "$4* .BUI 0MZNQJDT VQT t "$4* -FBEFSTIJQ $POGFSFODF 4PDJFUZ

t "$4* 4QFFDI .FFU OH 1SPHSBN t "$4* 4QFMMJOH #FF t "$4* "SU 'FTUJWBM 1SPHSBNT

t 7PMMFZCBMM 5SJQT t &BTU $PBTU 5SJQ t &OHMBOE 5SJQ t 'SBODF 5SJQ $MVCT t /BUJPOBM )POPS t 4PDJFUZ $MVC t 8PSTIJQ %BODF $MVC t $IJME &WBOHFMJTN $MVC t "JS 4PGU $MVC t 3JWFS %BODF $MVC

"/5&-0 7"--&:1&

$PMMFHF "UUFOEBODF 1MBOT GPS )JHI 4DIPPM (SBEVBUFT $PMMFHF #PVOE .JMJUBSZ .JTTJPOT PS 6OEFDJEFE 4"5 )JHI 4DPSFT $SJUJDBM 3FBEJOH .BUI 8SJUJOH

PG JO BXBSEFE TDIPMBSTIJQT SBHFT PVU UP QFS HSBEVBUF

S 5PEBZ

%FTFSU $ISJTUJBO 4DIPPMT XPVME MJLF UP $0/(3"56-"5& UIF GPMMPXJOH TUVEFOUT VQPO UIFJS TFMFDUJPO BT "7 T 'VUVSF -FBEFST '6563& -&"%&34 MFGU UP SJHIU "QSJM $JTOFSPT 5JNPUIZ 5VTP 4V[BOOF 'PY +BNFT .VMMFO .JDIFMMF 1BSTPOT BOE +PTIVB ,BZ /PU 1JDUVSFE #SZBO $VSUJT

0VS TUVEFOUT IBWF SFDFJWFE /BUJPOBM .FSJU 4DIPMBS TUBUVT BOE TDIPMBSTIJQT GSPN QSFTUJHJPVT QSJWBUF BOE QVCMJD VOJWFSTJUJFT )FSF JT B QBSUJBM MJTU PG VOJWFSTJUJFT BOE DPMMFHFT BU XIJDI PVS HSBEVBUFT IBWF BUUFOEFE BSF DVSSFOUMZ FOSPMMFE PS GSPN XIJDI UIFZ IBWF HSBEVBUFE "SJ[POB 4UBUF 6OJWFSTJUZ "SU *OTUJUVUF PG -PT "OHFMFT "[VTB 1BDJm D 6OJWFSTJUZ #BZMPS 6OJWFSTJUZ #JPMB 6OJWFSTJUZ #PJTF 4UBUF 6OJWFSTJUZ #PTUPO 6OJWFSTJUZ #SPPLT $PMMFHF #SPXO 6OJWFSTJUZ $BMJGPSOJB #BQUJTU 6OJWFSTJUZ $BMJGPSOJB -VUIFSBO $BMJG 4UBUF 1PMZUFDIOJD 6OJWFSTJUZ 1PNPOB 4BO -VJT 0CJTQP $BMJG 4UBUF 6OJWFSTJUZ #BLFSTm FME $IJDP %PNJOHVF[ )JMMT 'SFTOP 'VMMFSUPO -POH #FBDI 4BO %JFHP .POUFSFZ #BZ /PSUISJEHF $BNQCFMMTWJMMF 6OJWFSTJUZ $FEBSWJMMF 6OJWFSTJUZ $ISJTUJBO )FSJUBHF $PMMFHF

$JODJOOBUJ #JCMF $PMMFHF $PMPSBEP $ISJTUJBO 6OJWFSTJUZ $PMPSBEP 4UBUF 6OJWFSTJUZ $PODPSEJB 6OJWFSTJUZ %F7SZ 6OJWFSTJUZ &BTUFSO ,FOUVDLZ 6OJWFSTJUZ 'BTIJPO *OTU PG %FTJHO .FSDIBOEJTJOH 'SFTOP 1BDJm D 6OJWFSTJUZ 'VMMFS 4FNJOBSZ (FPSHF 8BTIJOHUPO 6OJWFSTJUZ (PO[BHB 6OJWFSTJUZ (SBOE $BOZPO 6OJWFSTJUZ (SPTTNPOU $PNNVOJUZ $PMMFHF )BSWBSE 6OJWFSTJUZ )VNCPMEU 4UBUF 6OJWFSTJUZ ,BOTBT 4UBUF 6OJWFSTJUZ ,BOTBT 8FTMFZBO 6OJWFSTJUZ -" "SU %FTJHO 4DIPPM -JGF 1BDJm D $PMMFHF

4DIPPM UI 4SFFU 8FTU -BODBTUFS t UI 4USFFU 8FTU -BODBTUFS t 8BZ -BODBTUFS t DBTUFS t

-PNB -JOEB 6OJWFSTJUZ -PT "OHFMFT $IJSPQSBDUJD $PMMFHF .BDBMFTUFS $PMMFHF .BTUFS T $PMMFHF .PPEZ #JCMF *OTUJUVUF .VMUOPNBI #JCMF $PMMFHF /PSUIXFTUFSO $PMMFHF /PSUIXFTUFSO 4UBUF 6OJWFSTJUZ 0SBM 3PCFSUT 6OJWFSTJUZ 0YGPSE 6OJWFSTJUZ 6, 1BDJm D 6OJPO $PMMFHF 1BSLT $PMMFHF 1FOTBDPMB $ISJTUJBO $PMMFHF 1FQQFSEJOF 6OJWFSTJUZ 1PJOU -PNB /B[BSFOF 6OJWFSTJUZ 4DIPPM PG 7JTVBM "SUT / : 4FBUUMF 1BDJm D 6OJWFSTJUZ 4JNQTPO $PMMFHF 4U +PIO T $PMMFHF 4UBOGPSE 6OJWFSTJUZ

5BZMPS 6OJWFSTJUZ 5IF $JUBEFM 5SJOJUZ &WBOHFMJDBM %JWJOJUZ 4DIPPM 6 4 "JS 'PSDF "DBEFNZ 6 4 /BWBM 6OJWFSTJUZ PG $BMJGPSOJB *SWJOF #FSLMFZ %BWJT -PT "OHFMFT 4BO %JFHP 3JWFSTJEF 4BOUB #BSCBSB 6OJWFSTJUZ PG *MMJOPJT 6OJWFSTJUZ PG UIF 1BDJm D 6OJWFSTJUZ PG 1VHFU 4PVOE 6OJWFSTJUZ PG 4PVUIFSO $BMJGPSOJB 6OJWFSTJUZ PG 8JTDPOTJO 6OJWFSTJUZ PG 8ZPNJOH 7BOHVBSE 6OJWFSTJUZ 7JSHJOJB .JMJUBSZ *OTUJUVUF 8FTU $PBTU #JCMF 8FTUFSO #JCMF $PMMFHF 8IFBUPO $PMMFHF 8PPECVSZ $PMMFHF

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

B TPMJE DPMMFHF QSFQ QSPHSBN UNFOU UP (PE BOE DPNNVOJUZ

DIPPM


#SZBO $VSUJT %FTFSU $ISJTUJBO TFOJPS FYDFMT JO SVOOJOH BOE SPCPUJDT 8SJUUFO CZ &3*$ 4.*5) t 1IPUPHSBQIFE CZ .":" 46("3."/

#

SZBO $VSUJT EFm OJOH NPNFOU i5IFZ USZ UP HFU ZPVOH QFPQMF JOUFS PG MFBEFSTIJQ EJEO U DPNF JO B FTUFE JO SPCPUJDT BOE UFDIOPMPHZ w #SZBO "(& DMBTTSPPN PO UIF %FTFSU $ISJTUJBO TBJE i*U T OPU MJLF #BUUMF #PUT PS BOZUIJOH 4$)00- %FTFSU )JHI 4DIPPM DBNQVT UIPVHI ZPV IBWF UP EP UBTLT $ISJTUJBO )JHI 4DIPPM *OTUFBE JU DBNF JO B IPUFM SPPN JO i5IJT ZFBS XF IBWF UP CVJME B SPCPU (0"- 1PEJBUSJTU UIBU 'SFTOP UIF OJHIU CFGPSF #SZBO BOE %FT UIFN FSU $ISJTUJBO T CPZT DSPTT DPVOUSZ UFBN # XFSF UP DPNQFUF JO UIF $*' 4UBUF $SPTT B GSFTINBO BU %FTFSU $IS $PVOUSZ $IBNQJPOTIJQT NBEF IJT NBSL #SZBO BOE UIF ,OJHIUT IBE CFFO SBOLFE TFDPOE JO UIF TUBUF /PU POMZ JT #SZBO B TU GPS %JWJTJPO BMM TFBTPO :FU UIFZ IBE TUSVHHMFE JO SFDFOU XFFLT IF BMTP DBSSJFT B HSBE UP m OE DPOTJTUFODZ XIJMF BMTP CBUUMJOH JOKVSJFT BOE B NPVOUBJO PG QSFTTVSF UIF $BMJGPSOJB 4DIPMBSTIJQ #SZBO TBJE UIBU IF T X &OUFS #SZBO XIP UPME IJT TRVBE UP SVO XJUI UIFJS IFBSUT BOE IF XBT ZFBST PME BOE U OPU GPS BDDPNQMJTINFOUT UIBU IF IBTO U UIPVHIU BC i)F TUPPE VQ BNPOH UIFN BOE IFMQFE LJOE PG MJHIU VQ UIF TJODF HSPVQ w TBJE %FTFSU $ISJTUJBO CPZT DSPTT DPVOUSZ DPBDI "OEZ 7JTPLFZ i)F EFNPOTUSBUFT MFBEFSTIJQ UISPVHI IJT DIBSBDUFS i* XBOU UP CF B QPEJBU i5IFZ TQFDJBMJ[F XJUI GFF i)F T UIF ZPVOHFTU TFOJPS * IBE PO NZ UFBN CVU IF XBT PG HSPTT CVU * UIJOL JU DP EFm OJUFMZ POF PG UIF NPTU NBUVSF w &ODPVSBHFE CZ #SZBO T XPSET UIF ,OJHIUT SBO XFMM UIF OFYU DSPTT DPVOUSZ SVOOJOH i* N LJOE PG BNB[FE C NPSOJOH UP QMBDF TFDPOE JO UIF TUBUF CPOFT JO UIF GFFU w #SZBO NPEFTUMZ CSVTIFT BXBZ BOZ UBML PG UBLJOH DSFEJU UIBU 8JUI POMZ UXP NPOUIT /PWFNCFS OJHIU CVU IJT UFBNNBUFT BOE DPBDIFT LOPX XIP BUJPO UIF ZFBS PME TBJ TIPVME CF DPNNFOEFE 8IJMF #SZBO T BUIMFUJD BDDPNQMJTINFOUT JO DSPTT DPVOUSZ BOE JT MPPLJOH BU 4FBUUMF 1BDJm 6OJWFSTJUZ BOE $BMJGPSOJB USBDL BSF XFMM LOPXO UIF %FTFSU $ISJTUJBO TFOJPS JT BMTP EFEJ #BQUJTU 6OJWFSTJUZ DBUFE UP BOPUIFS BDUJWJUZ ‰ SPCPUJDT i 4FBUUMF 1BDJm D 6OJ #SZBO BOE IJT UFBN PG CVJMEFST IBWF CFFO B XPSME DIBNQJ WFSTJUZ IBT B SFBMMZ HPPE POTIJQ EJWJTJPO m OBMJTU UXJDF JO "QSJM BOE .BZ JO DPOUFTUT QVU PO CZ 'PS *OTQJSBUJPO BOE 3FDPHOJUJPO PG 4DJFODF QSF NFE QSPHSBN VQ BOE 5FDIOPMPHZ PS '*345 UIFSF w #SZBO TBJE #SZBO BOE IJT UFBN BMTP XPO UIF 4BO %JFHP $IBNQJPOTIJQT i5IFZ BSF SFBMMZ DMPTF JO +BOVBSZ UP UIF 6OJWFSTJUZ PG

:PVS -PDBM *HOJUJPO *OUFSMPDL %FWJDF *OTUBMMBUJPO $FOUFS /FX %6* -BX .BOEBUPSZ **% *ODMVEJOH 'JSTU %6* 0GGFOEFST

4UBUF $FSUJGJFE *OTUBMMFS 'VMm MM %.7 $PVSU 3FRVJSFNFOUT

XXX **4$$ DPN 4F )BCMB &TQB¯PM

$FSUJGJFE 5FDIOJDJBOT t 4NPH 3FQBJST t $PNQVUFS %JBHOPTUJDT t &MFDUSJDBM %JBHOPTJT t "OUJ -PDL #SBLF 4ZTUFNT t 'VFM *OKFDUJPO t "JS $POEJUJPOJOH t 5VOF 6QT t #SBLFT

-BUFTU %JBHOPTJT &RVJQNFOU

TPNFPOF XIP MJLFT UP ESBX w TIF TBJE i*U T EFm OJUFMZ B SFMFBTF BOE DBO CF UPP EJTUSBDUJOH JG * HFU DBVHIU VQ JO JU w "MFYBOESB BQQMJFE UP 3JDF 6OJWFSTJUZ BT XFMM BT *WZ -FBHVF TDIPPMT :BMF 1SJODFUPO )BSWBSE BOE $PMVNCJB )FS HPBM JT UP CF B SFTFBSDIFS XJUI UIF $FOUFST GPS %JTFBTF $POUSPM i* N JOUFSFTUFE JO EJGGFSFOU WJSBM PVUCSFBLT )PX NBOZ TUVEFOUT TBZ UIFZ XBOU UP XPSL GPS UIF $%$ XIFO UIFZ SF PMEFS w TIF RVFSJFE PG OP POF i* N JOUFSFTUFE JO SFTFBSDI BOE IPX NJDSPTDPQJD PSHBOJTNT BEBQU UP PVS DVSSFOU NFEJDJOFT 8F WF NBEF HSFBU QSPHSFTT JO "*%4 SFTFBSDI CVU OPU TP PUIFS JMMOFTTFT * XBOU UP SF TFBSDI TPNFUIJOH UIBU T BQQMJDBCMF B DIBODF UP m OE TPNFUIJOH UIBU DPVME BGGFDU NJMMJPOT PG QFPQMF w

$POHSBUVMBUJPOT 'VUVSF -FBEFST :PVS 1FSTPOBM 'VMM 4FSWJDF 1SJOUFSy

(*0 4 "650 %*"(/045*$4 UI 4USFFU &BTU % 1BMNEBMF #FUXFFO 3 4

"65)03*;&% */45"--"5*0/ 4&37*$& $&/5&3

-BODBTUFS #MWE %PXOUPXO -BODBTUFS

*OEJWJEVBM %FUFSNJOBUJPO PS "7*% QSPHSBN 'SPN i4IF JT B WFSZ IVNCMF ZPVOH MBEZ XIP JT EFUFSNJOFE UP SFBDI IFS HPBMT 4DIPMBS $PNNFOEBUJPO TDPSJOH BOE POF EBZ CFDPNF B TVDDFTTGVM JO UIF UPQ PG UIF NJMMJPO CJPMPHJDBM SFTFBSDIFS w %F "MFHSJB TUVEFOUT XIP UPPL UIF 14"5 JO XSPUF i4IF JT CSJMMJBOU XJUI BO "MFYBOESB BMTP FBSOFE BO "1 4DIPMBS XJUI )POPS "XBSE GPS IFS JORVJTJUJWF NJOE BOE JOUFMMFDUVBM DVSJ "1 UFTU TDPSFT "MFYBOESB BMTP FBSOFE PTJUZ XIJDI ESJWFT IFS UP B DPOTUBOU OVNFSPVT PUIFS BDBEFNJD BXBSET TFBSDI GPS LOPXMFEHF BDRVJTJUJPO w XBT OBNFE :PVUI PG UIF .POUI CZ "MFYBOESB T IPCCJFT JODMVEF UIF 1BMNEBMF ,JXBOJT $MVC XBT B ESBXJOH SFBEJOH BOE MJTUFOJOH UP QFFS UVUPS XJUI UIF "EWBODFNFOU 7JB EJWFSTF UZQFT PG NVTJD i* N KVTU

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

#300,4

8BTIJOHUPO XIJDI IBT B SFBMMZ HPPE NFEJDBM QSPHSBN w 7JTPLFZ TBJE #SZBO XJMM CF GPOEMZ SFNFNCFSFE BU %FT FSU $ISJTUJBO GPS IJT DPNNJUNFOU UP DIBSBDUFS BOE GBJUI "OE XIFUIFS IF CFDPNFT B EPDUPS PS TPNFUIJOH FMTF 7JTPLFZ OPUFE #SZBO XJMM TVDDFFE

'0#&'SPN GBJS BEWBODJOH UP UIF ,FSO $PVOUZ 4DJFODF 'BJS UIF MBTU GPVS ZFBST )JT m STU UISFF ZFBST IF BEWBODFE UP UIF $BMJGPSOJB 4UBUF 4DJFODF 'BJS 'PS IJT m STU QSPKFDU UISFF ZFBST BHP IF m OJTIFE UIJSE JO BFSPEZOBN JDT GPS B QSPKFDU UIBU TUVEJFE UIF XJOE WPSUFY UIBU SPMMT PGG BJSQMBOFT GPMMPXFE CZ B m STU QMBDF JO NJDSP CJPMPHZ IJT TPQIPNPSF ZFBS BOE B TFDPOE QMBDF JO NJDSPCJPMPHZ IJT KVOJPS ZFBS )JT QSPKFDU UIJT ZFBS XBT B TUVEZ PO TJNVMBUFE HMPCBM XBSNJOH PO B UPYJD BMHBF UIBU MJWF PGG UIF DPBTU PG $BMJGPSOJB BOE PUIFS SFHJPOT #VU 5SFWPS IBT CFFO B XFMM SPVOEFE TUVEFOU BOE BUIMFUF EVSJOH IJT FOUJSF UJNF BU %FTFSU )F KPJOFE UIF WBSTJUZ GPPUCBMM UFBN IJT TPQIP NPSF TFBTPO QMBZJOH GPPUCBMM GPS UIF m STU UJNF )F m HVSFE IJT GPPU QPVOE GSBNF XPVME CF JEFBM GPS B MJOFNBO )F XBT SJHIU 5SFWPS XBT OBNFE UP UIF BMM )JHI %FTFSU -FBHVF m STU UFBN PGGFOTF IJT KVOJPS ZFBS BOE UP UIF BMM )%- BDBEFNJD UFBN UIJT QBTU TFBTPO i"U m STU * XBT RVJUF B CJU OFSWPVT w 5SFWPS TBJE i* XBT BO JOUSPWFSUFE OFSE CVU PODF * TUBSUFE * OFWFS MPPLFE CBDL * LJOE PG GFMU MJLF * SFBMMZ XBOUFE UP EP NPSF

* N B SFBMMZ CJH HVZ TP EFm OJUFMZ OPU USBDL 8IBU DPVME * MPTF w 5SFWPS XBT BMTP B NFNCFS PG UIF %FTFSU TDIPPM CBOE GPS m WF ZFBST KPJOJOH UIF NBSDIJOH CBOE JO UIF FJHIUI HSBEF XIFO JU OFFEFE B DMBSJOFU #VU IJT SFBM QBTTJPO JT UIF QJBOP XIJDI IF TUBSUFE QMBZJOH XIFO IF XBT i.Z QSFGFSFODF JT DMBTTJDBM w 5SFWPS TBJE i* N B IJTUPSZ CVGG * m OE JU B MPU NPSF TPPUIJOH NFBOJOHGVM *U T BMM WFSZ QVSF w *U XBT UISPVHI NVTJD UIBU 5SFWPS EJTDPWFSFE B MPWF GPS UIF TUBHF )F BQQFBSFE JO B MPDBM QSPEVDUJPO PG i-FT .JT¤SBCMFT w i* WPMVOUFFSFE BOE * IBE B CMBTU w IF TBJE i*U XBT BCTPMVUFMZ BNB[JOH 5P CF B QBSU PG UIF QSPEVDUJPO BOE OPU KVTU MJTUFO JOH UP UIF NVTJD JU XBT BO BNB[JOH FYQFSJFODF w 5SFWPS T UPQ DIPJDF GPS DPMMFHF JT 4BO %JFHP 4UBUF CVU IF IBT BMTP BQ QMJFE UP 4UBOGPSE 64$ 6$-" BOE B $BMJGPSOJB 4UBUF 1PMZUFDIOJD 6OJWFS TJUZ DBNQVT 8PSLJOH BU B IPNFMFTT TIFMUFS FWFSZ NPOUI JT XIBU JOJUJBMMZ HPU IJN JOWPMWFE JO WPMVOUFFSJOH i* MFBSOFE TP NVDI XIBU JU UBLFT UP CF B MFBEFS w IF TBJE i5IBU TPMJEJm FE NZ WPMVOUFFSJTN * SFBMJ[FE UIFSF JT B MPU NPSF JO MJGF 5IFSF BSF B MPU PG QFPQMF UIBU OFFE IFMQ BOE XF TIPVME UBLF FWFSZ PQQPSUVOJUZ UP EP TP w


"MFYBOESB 4FQPMFO 1BSBDMFUF TFOJPS JT B AMFBEFS BNPOH MFBEFST 8SJUUFO CZ 45&7& 1"*/& t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

'SPN QBSUJDJQBUFE JO TJODF IFS GSFTINBO ZFBS i*U T GVO CFDBVTF ZPV HFU UP CF BDUJWF BOE QFSGPSN *U KVTU UBLFT ZPV UP TPNFXIFSF EJGGFSFOU w TIF TBJE 5IF ZPVOH TDIPMBS BMTP FO KPZT UBLJOH QBSU JO -JOL $SFX BO PSHBOJ[BUJPO UIBU IFMQT JODPNJOH GSFTINFO USBOTJUJPO DPNGPSUBCMZ UP IJHI TDIPPM i8IFO ZPV SF B GSFTI NBO JG ZPV TUBSU HPJOH PGG XJUI UIF XSPOH DSPXE VTVBMMZ JU FOET VQ CBE TP XF USZ UP TUPQ UIBU CFGPSF JU IBQQFOT w TBJE +BOF B -JOL MFBEFS TJODF IFS KVOJPS ZFBS +BOF BMTP TFSWFT BT DP DIBJS PG 1BMNEBMF T /FYU (FOFSBUJPO :PVUI $PVODJM BO PSHBOJ[BUJPO TIF IBT CFFO EFEJDBUFE UP GPS UIF MBTU ยก ZFBST +BOF JOJUJBUFE 3FBEJOH 3PDL 4UBST B QSPHSBN JO XIJDI WPMVO UFFST SFBE UP FMFNFOUBSZ TDIPPM TUVEFOUT FWFSZ 8FEOFTEBZ i*U T CFFO HSFBU :PV MFBSO UP XPSL B MPU NPSF XJUI QFPQMF BOE EJWFSTF EJGGFSFOU FUIOJDJUJFT w TBJE +BOF XIP CFHBO UIF QSPHSBN JO 0DUPCFS +BOF BMTP DSFBUFE 1BMNEBMF T i(P

'JUw QSPHSBN EFTJHOFE UP NPUJWBUF LJET UP CF BDUJWF BOE QMBZ TQPSUT *O +VOF IJHI TDIPPM WPMVOUFFST IFMQFE QVU UIF m STU i(P 'JUw FWFOU UPHFUIFS BU $BDUVT *OUFSNFEJBUF 4DIPPM "T BO BDUJWF WPMVOUFFS XJUI UIF 1BMNEBMF -JPOT $MVC PG XIJDI IFS GBUIFS (JP .VSDJB JT B NFNCFS +BOF IFMQT UIF DPNNVOJUZ TFSWJDF PSHBOJ [BUJPO XJUI JUT SBGn FT BOE &ZFNPCJMF VOJU UP IFMQ UIPTF JO OFFE PG FZF DBSF i4IF JT MJLF B CSFBUI PG GSFTI BJS 4IF DPNFT JO B HPPE NPPE BOE XJUI B TNJMF w TBJE -JPOT $MVC 1SFTJEFOU ,BUIZ 4DISPFEFS i0MEFS NFNCFST FOKPZ IFS ZPVUI GVM FYVCFSBODF 4IF T KVTU B WFSZ IJHI BDIJFWFS 4IF T HPJOH UP NBLF B EJGGFSFODF XJUI IFS MJGF BOE TIF EFTFSWFT UP CF SFDPHOJ[FE w +BOF XIP IBT BQQMJFE UP TVDI VOJWFSTJUJFT BT 6$-" #FSLFMFZ BOE /FX :PSL 6OJWFSTJUZ TBJE CFJOH SFDPHOJ[FE BT B 'VUVSF -FBEFS GPS UIF XPSL TIF IBT EPOF GFFMT HPPE CFDBVTF JU T BMXBZT CFFO BCPVU IFMQJOH PUIFST i*U T BMXBZT EPJOH ZPVS QBSU CFDBVTF JG XF BMM KVTU EJEO U EP BOZUIJOH XIBU XPVME TPDJFUZ CFDPNF w TIF TBJE i5IBU T XIZ * FOKPZ EPJOH JU w

BOE EJTDJQMJOFE TIF JT UJSFMFTT JO IFS TFSWJDF UP UIF DPNNVOJUZ BOE IFS TDIPPM w -BOEB TBJE i"MFYBOESB JT B MFBEFS BNPOH MFBEFST w "MFYBOESB UIBOLT IFS QBSFOUT GPS BMXBZT

G

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

.63$*"

UP BDIJFWF NZ HPBMT BOE HP CFZPOE XIBU JT SFRVJSFE PG NF JO FWFSZUIJOH * EP w "MFYBOESB BMTP NBLFT TVSF UP UBLF UJNF PVU UP SFMBY PGUFO CZ QSBDUJDJOH IFS n VUF XIJDI

"

MFYBOESB 4FQPMFO IBT B EFTJSF UP XPSL "MFYBOESB JT BMTP JOWPMWFE JO WBSJPVT NBLF UIF XPSME B CFUUFS QMBDF BU BMM DMVCT BOE HSPVQT BU TDIPPM MFWFMT XIFUIFS JU T BJEJOH B MPOF JOEJ 4IF JT BO BDUJWF NFNCFS PG 1BSBDMFUF T WJEVBM PS BO FOUJSF HSPVQ PG QFPQMF JO B GPSFJHO TUVEFOU HPWFSONFOU .PDL 5SJBM DMVC "GSJDBO )FSJUBHF $MVC ,FZ $MVC BOE 4 DPVOUSZ %FTUSVDUJWF %FDJTJPOT HSPVQ 5IF 1BSBDMFUF )JHI 4DIPPM TFOJPS HSBEVBU "MFYBOESB BMTP JT UIF GPVOE JOH MBUFS UIJT ZFBS BT B WBMFEJDUPSJBO IBT B IFBSU +VOJPS 4UBUFTNFO PG "NFSJDB B GPS IFMQJOH PUIFST BOE JU BMM CFHBO XJUI IFS UFBN BOE HSP CSPUIFS PO DVSSFOU FW i.Z CSPUIFS IBE B "(& 4$)00- 1BSBDMFUF DBM QPMJDZ w T OFVSPMPHJDBM EJTFBTF )JHI 4DIPPM i*U T B HSFB XIFSF UIF CSBJO (0"- 1FEJBUSJD ZPVOHFS HFO HSPXT JOUP UIF TQJOBM TVSHFPO PS NFEJDBM UIFJS PQJOJPO DPSE w "MFYBOESB TBJE SFTFBSDIFS MJUJDBM BDUJWJTN i8F TQFOU B MPU PG UJNF BU B ZPVOH BH BU UIF 6$-" .FEJDBM 5IF HSPVQ IBT BMTP CFDPNF $FOUFS BOE JU KVTU IVSU UP TFF IJN TUSVHHMJOH TP 0QFSBUJPO .JMJUBSZ ,JET B TFSWJ NVDI w XIJDI TUVEFOUT NBLF DBSF QBDL "MUIPVHI TIF IBT BMXBZT IBE BO JOUFSFTU JO LJET XIPTF QBSFOUT BSF PO BDUJ TDJFODF BOE CJPMPHZ "MFYBOESB TBJE LOPXJOH i.Z QBSFOUT BMXBZT QVTIFE UIBU TIF DPVME POF EBZ IFMQ PUIFST XJUI TJNJMBS EJTFBTFT BOE EJTPSEFST JOTQJSFE IFS UP QVSTVF JU CBDL w "MFYBOESB TBJE i* WPMVO :.$" BOE (SBDF 3FTPVSDF $FO BT B DBSFFS QBUI TFNFTUFS * EPOBUF DMPUIFT UP UI i* WF BMXBZT MPWFE CJPMPHZ BOE UIF IVNBO "SNZ w CPEZ BOE IPX UIJOHT XPSL w TIF TBJE i*U T 0OF PG UIF CFTU FYQFSJFODFT TPNFUIJOH * HFOVJOFMZ MPWF BOE LOPX DBO IBE JO IJHI TDIPPM "MFYBOESB CFOFm U B MPU PG QFPQMF w "MFYBOESB SFDFOUMZ SFDFJWFE IFS BDDFQUBODF XBT CFJOH B SFQSFTFOUBUJWF BU U MFUUFS GSPN 64$ XIFSF TIF QMBOT PO TUVEZ (JSM T 4UBUF TVNNFS MFBEFSTIJQ JOH CJPNFEJDBM FOHJOFFSJOH BOE IPQFT UP POF BOE DJUJ[FOTIJQ QSPHSBN EBZ CFDPNF B NFEJDBM SFTFBSDIFS PS QFEJBUSJD TQPOTPSFE CZ UIF "NFSJDBO -FHJPO TVSHFPO i*U XBT NZ m STU UJNF "MFYBOESB BMTP IPQFT UP CF B QBSU PG %PD UPST 8JUIPVU #PSEFST B iTUVEZ BCSPBE QSPHSBN BSPVOE B XJEF SBOHF PG GPS QSFNFE TUVEFOUT UP HP BCSPBE UP B 5IJSE HJSMT XJUI BMM UIFTF EJGGFS 8PSME DPVOUSZ BOE HJWF GSFF NFEJDBM DBSF BOE FOU UBMFOUT CVU UIF TBNF TFSWJDFT w BTQJSBUJPO UP TVDDFFE w "OE BMUIPVHI TIF LFFQT CVTZ XJUI TDIPPM TIF TBJE i*U NPUJWBUFE NF


3BDIBFM #SBUFS OJPS 305$ MFBEFS IBT QBTTJPO GPS IFMQJOH PUIFST 8SJUUFO CZ #3*"/ (0-%&/ t 1IPUPHSBQIFE CZ .":" 46("3."/

PVU $ISJTUJBO 3BDIBFM #SBUFS IBT LOPXO UIBU JU T NPSF BCPVU XBML XBML UIBO UBMLJOH UIF UBML H UIF UBML JT JNQPSUBOU &TQFDJBMMZ O EP JU XJUIPVU TBZJOH B XPSE SJWJOH QBTTJPO UP IFMQ QFPQMF EJTPSEFST 3BDIBFM IBT CFFO UVSF -FBEFS FTU PG +FGGSFZ BOE +VMJF #SBUFS T UISFF T IBT UIF UZQF PG S¤TVN¤ UIBU TIJOFT BOE MJLF UIF EBXO PWFS &EXBSET "JS 'PSDF IFSF TIF IBT MJWFE TJODF %FTFSU )JHI 4DIPPM TFOJPS DBSSJFT B PJOU BWFSBHF JT B NFNCFS PG UIF /B POPS 4PDJFUZ BOE IBT TQFOU FWFSZ IJHI FNFTUFS PO UIF 4VQFSJOUFOEFOU T )POPS F TFSWFT BT TFOJPS DMBTT USFBTVSFS UVUPST BSZ TDIPPMDIJMESFO BOE IBT BMSFBEZ CFFO E UP GPVS DPMMFHFT BOE VOJWFSTJUJFT i* KVTU SFBMMZ MPWF QFPQMF BOE * MPWF XPSLJOH XJUI QFPQMF w 3BDIBFM TBJE i* MPWF UBMLJOH UP QFPQMF BOE CFJOH GSJFOEMZ TIPXJOH FWFSZCPEZ MPWF BOE MFBEJOH CZ FYBNQMF i" MPU PG JU DPNFT GSPN $ISJTUJBO GBJUI "T B $ISJTUJBO ZPV SF DBMMFE UP TIPX UIF

'SPN

4PNFUJNFT IJT EVUJFT FYUFOE JOUP UIF XFFLFOET XIFO IF BOE GFMMPX DBEFUT QBSUJDJQBUF JO n BH DFSFNPOJFT BOE QBSBEFT *O SFDPHOJUJPO GPS IJT FYDFQUJPOBM XPSL XJUI +VOJPS 305$ .BSDP IBT SFDFJWFE NFEBMT GSPN TFWFSBM QSFTUJ HJPVT NJMJUBSZ PSHBOJ[BUJPOT TVDI BT UIF .JMJUBSZ 0SEFS PG UIF 8PSME 8BST UIF 3FTFSWF &OMJTUFE "TTPDJBUJPO UIF 0SEFS PG %BOEFMJPOT BOE UIF #MBDL

'6563& -&"%&34

'6563& %3&".4

"VUP 7JTUB %SJWF XXX SQIIPOEB DPN

4FF #3"5&3 PO

CJSE "TTPDJBUJPO *G UIBU XFSFO U FOPVHI .BSDP m OET UJNF UP WPMVOUFFS BU 4U .BSZ T $BUIPMJD $IVSDI BT B QFFS NJOJTUFS IFMQJOH UFFOT QSFQBSF GPS DPOm SNB UJPO )F JT BMTP JOWPMWFE XJUI IFMQJOH UP DPPSEJOBUF +VOJPS 305$ CMPPE ESJWFT BU 4BDSFE )FBSU $BUIPMJD $IVSDI JO -BODBTUFS i5IJT ZPVOH NBO JT BO FYFNQMBSZ JOEJWJEVBM BOE TUVEFOU ‰ BO FYDFM MFOU SPMF NPEFM w TBJE 7BO ;BOEU .BSDP TBJE IF UZQJDBMMZ SJTFT BU B N FWFSZ XFFLEBZ NPSOJOH BOE ESJWFT IJNTFMG BOE IJT ZFBS PME TJTUFS UP DBNQVT VTVBMMZ BSSJWJOH CZ B N )JT EBZ JT UBLFO VQ XJUI "E WBODFE 1MBDFNFOU DMBTTFT JODMVEJOH BEWBODFE DBMDVMVT BOE UISFF +VOJPS

305$ DPVSTFT EVSJOH XIJDI IF BOE IJT GFMMPX DBEFUT QSBDUJDF NBSDIJOH n BH DFSFNPOJFT BOE SJn F ESJMMT )F BOE IJT TJTUFS BSSJWF IPNF BSPVOE FBU EJOOFS UIFO TFUUMF EPXO UP EP IPNFXPSL XJUI UIFJS ZFBS PME TJTUFS .BSDP TBJE IF PGUFO IFMQT UIFN CPUI XJUI UIFJS TUVEJFT )F TBJE IF QMBOT UP KPJO UIF "JS /BUJPOBM (VBSE VQPO HSBEVBUJPO BOE BUUFOE DPMMFHF JO $BMJGPSOJB IBWJOH BQQMJFE UP UIF .POUFSFZ #BZ BOE 4BO #FSOBSEJOP DBNQVTFT PG $BMJGPSOJB 4UBUF 6OJWFSTJUZ "MUIPVHI IF JT TUJMM VOEFDJEFE BCPVU IJT GVUVSF DBSFFS HPBMT .BSDP IBT OBSSPXFE IJT DIPJDFT UP QIP UPHSBQIZ DPNQVUFS FOHJOFFSJOH PS DPVOTFMJOH i.Z HPBM JT UP IBWF B HPPE KPC MPWJOH XJGF BOE UXP UP UISFF LJET w IF TBJE

8F EP JU BMMy .JHSBJOFT (POF GPS (PPE

)FBEBDIFT )JQ 1BJO #BDL /FDL 1BJO 4IPVMEFS 1BJO 4DJBUJDB /VNCOFTT 5JOHMJOH JO IBOET BSNT MFHT "VUP "DDJEFOUT 4QPSUT *OKVSJFT .BTTBHF 5IFSBQJTU 0O 4JUF

'6563& 46$$&44

4QPSUT %.7 1IZTJDBMT

8FTUTJEF $IJSPQSBDUJD

4QPSUT 1IZTJDBMT XJUI UIJT BE

4BNF %BZ "QQPJOUNFOUT t .PTU 4BUVSEBZT #Z "QQPJOUNFOU

8FTUTJEF $IJSPQSBDUJD $BMM %S %PO )BDLFUU %$

.PTU *OTVSBODF $PNQBOJFT 8FMDPNF 4F )BCMB 3BODIP 7JTUB #MWE 4VJUF " 1BMNEBMF t XXX OFDLNJHSBJOF DPN &TQB¯PM

"GGPSEBCMF 1SJDFT

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

"DDPSEJOH UP 7BO ;BOEU .BSDP T ESJWF BOE XJMMJOHOFTT UP IFMQ PUIFST IBWF NBEF IJN B OBUVSBM MFBEFS "GUFS TJHOJOH UP KPJO UIF "JS 'PSDF +VOJPS 305$ QSPHSBN JO IJT GSFTI NBO ZFBS .BSDP XPSLFE IJT XBZ VQ UIF SBOLT BOE JT OPX IJT VOJU T DPSQT DPNNBOEFS B EFNBOEJOH QPTJUJPO

UIBU QVUT IJN JO DIBSHF PG BCPVU DBEFUT i4PNFUJNFT * DBO TQFOE UISFF IPVST B EBZ BU TDIPPM XJUI USBJO JOH BOE ESJMMT BOE UIFO TQFOE UISFF IPVST BGUFS TDIPPM PO PUIFS DPSQT BDUJWJUJFT w .BSDP TBJE )F JT SFTQPOTJCMF GPS UIF VOJU T USBJOJOH BDUJWJUJFT DBEFU DPNNVOJUZ TFSWJDF QSPKFDUT BOE QSFDJTJPO NBSDI JOH UFBNT

MPWF PG $ISJTU 5ISPVHI NZ BDUJPOT * N BCMF UP TIBSF UIF MPWF PG $ISJTU BOE UIF HPTQFM w "DUJPOT TQPLF GBS MPVEFS BOE NPSF FMPRVFOUMZ UIBO XPSET JO XIBU CFDBNF B MJGF EFm OJOH FYQFSJFODF GPS UIF ZFBS PME " GFX TVNNFST CBDL 3BDIBFM IBE UIF PQQPSUVOJUZ UP CF B DIJME DBSF BTTJTUBOU BU B $ISJTUJBO DBNQ 5IFSF TIF TFSWFE BT B CBCZ TJUUFS GPS B GBNJMZ XJUI B ZFBS PME TPO BGn JDUFE CZ %PXO TZOESPNF i* MFBSOFE B MPU PG DPPM UIJOHT XJUI UIBU GBNJMZ w 3BDIBFM TBJE i* XBT BCMF UP VTF TJHO MBOHVBHF XJUI IJN 5IBU LJOE PG PQFOFE NZ FZFT UP XIBU TQFFDI QBUIPMPHZ XBT BOE UFBDIJOH LJET UP MFBSO IPX UP TQFBL w 5IF SFXBSET BOE UIF QBJO BOE GSVTUSBUJPO DBO CF NPOVNFOUBM XPSLJOH XJUI TQFDJBM OFFET DIJMESFO 8IBU PUIFST NJHIU JOUFSQSFU BT CBSSJFST 3BDIBFM TBX JOTUFBE BT UIF LJOE PG MBVODI QBET UIBU IBWF NBEF IFS BEPQUFE IPNF BU &EXBSET B QMBDF PG MFHFOE JO "NFSJDBO

*#"33"

"(& 4$)00- %FTFSU )JHI 4DIPPM (0"- 4QFFDI QBUIPMPHJTU PS TQFDJBM FEVDBUJPO UFBDIFS


.BSL $SBNN

+FTTJDB #SPXO

64"' QJMPU IPQFGVM TFSWJOH MBSHFS QVSQPTF

1BSBDMFUF TFOJPS TUBSUFE UXP CVTJOFTTFT

"(& 4$)00- )JHIMBOE )JHI 4DIPPM (0"- "JS 'PSDF QJMPU

GVODUJPOFE BT B n JHIU DPNNBOEFS JO UI HSBEF UIF DPNNJUUFE $ISJTUJBO PQFSBUFE BT $PSQT $IBQMBJO BOE JO UI HSBEF IF BEWBODFE JOUP UIF "SNFE %SJMM 5FBN BT B DPNNBOEFS 'JOJTIJOH PVU BT B TFOJPS IF JT OPX BO "JS 'PSDF +VOJPS 305$ (SPVQ $PNNBOEFS MFBEJOH B DBESF PG BCPVU TUVEFOUT VOEFS UIF TV QFSWJTPSZ HB[F PG "JS 'PSDF .BK $PO SBE )FSOBOEF[ BT XFMM BT 5FDI 4HU 3PCJO 3FFE BOE $IJFG .BTUFS 4HU 3PCFSU & #VUMFS +S XIP OPNJOBUFE .BSL BT B 'VUVSF -FBEFS #VUMFS IF TBJE IBT CFFO B NFOUPS XIP TIPXFE IJN IPX UP PSHBOJ[F QSPKFDUT NPUJ WBUF QFPQMF BOE MFBE .BSL IBT IJHI IPQFT GPS FOUSZ JOUP UIF "JS 'PSDF "DBEFNZ BU $PMP SBEP 4QSJOHT PS JO UIF BMUFSOBUJWF

4FF $3".. PO

1

BTLFE UP m OE PVU XIBU * XBOUFE UP EP w +FTTJDB TBJE i* UIPVHIU A8IBU DBO * EP UP NBLF HPPE NPOFZ BOE TUJMM IBWF B QBTTJPO GPS JU * UIPVHIU BCPVU FOFSHZ *U XJMM BMXBZT CF UIFSF 8F SF OPU HPJOH UP TUPQ VTJOH JU PS MFBSOJOH BCPVU JU w +FTTJDB TBJE iJOEJWJEVBMMZ EFTJHOFE NBKPSTw BSF PG 4UBOGPSE 6OJWFSTJUZ i)PXFWFS JG * EPO U HP UP * MM QSPCBCMZ NBKPS JO HFPQIZTJDT BOE HFU JOUP UIF m FME UIBU XBZ w TIF TBJE i+FTTJDB JT "(& VOJRVF JO IFS 4$)00- 1BSBDMFUF )JHI 4DIPPM BQQSPBDI UP (0"- 0XO BO FOFSHZ QSPCMFN TPMWJOH EFWFMPQNFOU m SN TPNFUIJOH UIBU XBT JOTUJMMFE JO IFS CZ IFS QBSFOUT w BDMFUF DPVOTFMPS "MCFSU -BOEB XIP OPNJOBUFE 3BUIFS UIBO SFBE BOE MFBSO BCPVU FWFSZUIJOH YQFDU IFS UP LOPX TIF XBOUT UP KVNQ JO BOE IBOET EJSUZ MFBSOJOH IPX UIJOHT SFBMMZ XPSL BOE NBLF UIFN CFUUFS w FTTJDB IBT B HSBEF QPJOU BWFSBHF BOE U BEWFSTF UP SPMMJOH VQ IFS TMFFWFT UP BEWBODF DBEFNJDBMMZ i* EPO U NJOE XPSLJOH GPS XIBU * XBOU w TIF TBJE i*G * XPSL IBSE BU SFBDIJOH B HPBM JU T NPSF PG BO BDDPNQMJTINFOU w +FTTJDB JT BO JOOPWBUPS XJUI CVTJOFTT TFOTF 4IF CFHBO IFS PXO UVUPSJOH CVTJOFTT JO OJOUI HSBEF BOE TUBSUFE B XFFE XIBDLJOH CVTJOFTT MBTU ZFBS i8IJMF XPSLJOH UPXBSE NZ (JSM 4DPVUT (PME "XBSE * IBE UP MPH IPVST JO B KPC PS GPSN NZ PXO CVTJOFTT BOE * GPVOE PVU UIBU * EPO U MJLF XPSLJOH GPS QFPQMF w TIF TBJE i*U KVTU LJOE PG CMPPNFE .Z NPN TBJE TIF E QBZ NF CVDLT UP XFFE UIF QSPQFSUZ *U XBT LJOE PG GVO TP * EFDJEFE UP HP XJUI JU w

4FF #308/ PO

.

BSL $SBNN T BTQJSBUJPO UP XFBS UIF TJMWFS XJOHT PG BO "JS 'PSDF QJMPU JT B CMFOEJOH PG CFMJFG JO (PE BOE DPVOUSZ BOE MJWJOH UP TFSWF iB IJHIFS QVSQPTF w 5IPTF XPSET iB IJHIFS QVS QPTF w BSF JO UIF WPDBCVMBSZ IF IBT MFBSOFE BT B DBEFU JO UIF "JS 'PSDF +VOJPS 305$ QSPHSBN BU )JHIMBOE )JHI 4DIPPM "OE JU SFBMMZ JT UIF NJMJUBSZ TUZMF QSFQBSBUJPO PG +VOJPS 305$ UIBU TIBQFE IJT IJHI TDIPPM DBSFFS BOE JOUFSFTUT *U IFMQFE IJN BT BO "JS 'PSDF NPUUP TUBUFT UP iBJN IJHI w " MPU PG KPC EFTDSJQUJPOT GSPN UIF )JHIMBOE CMVF TVJU KVOJPS PGm DFS USBJOJOH DPSQT IBWF BDDVNVMBUFE BGUFS .BSL T OBNF TJODF IF FOUFSFE JO UIF OJOUI HSBEF 0SJHJOBMMZ IF IBE QMBOOFE BOE USJFE UP HFU FOSPMMFE BU 2VBSU[ )JMM )JHI 4DIPPM CVU NBZCF JU XBT GBUFE UIBU )JHIMBOE CFDBNF IJT BMNB NBUFS *O UIF OJOUI BOE UI HSBEFT IF

BSBDMFUF )JHI 4DIPPM TFOJPS +FTTJDB #SPXO IBT OP QSPCMFN XJUI NJOEJOH IFS PXO CVTJOFTT KVTU BT MPOH BT JU T B CVTJOFTT TIF MJLFT 5IF ZFBS PME EBVHIUFS PG "NBOEB BOE $ISJTUPQIFS #SPXO PG "HVB %VMDF +FTTJDB XBOUT UP EFTJHO IFS PXO DPMMFHF NBKPS DPNCJOJOH FOHJOFFSJOH BOE FOFSHZ TUVE

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

8SJUUFO CZ %&//*4 "/%&340/ t 1IPUPHSBQIFE CZ 30/ 4*%%-&

8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ $)3*45*/" 3".04


+PTIVB ,BZ

"QSJM $JTOFSPT

%FTFSU $ISJTUJBO KVOJPS MFBET PO UIF m FME BOE TUBHF

.VTJD SVOOJOH XSJUJOH BNPOH TUVEFOU T NBOZ JOUFSFTUT 8SJUUFO CZ &3*$ 4.*5) t 1IPUPHSBQIFE CZ .":" 46("3."/

'

8SJUUFO CZ "-"/ )&/%3: t 1IPUPHSBQIFE CZ .":" 46("3."/

PS GVO "QSJM $JTOFSPT EFDJEFE UP QPMM IFS GSJFOET BCPVU XIBU UIFZ UIPVHIU UIF %FTFSU $ISJT UJBO )JHI 4DIPPM TFOJPS XPVME CF EPJOH XJUI IFS MJGF ZFBST EPXO UIF SPBE /PU TVSQSJTJOHMZ FWFSZPOF DBNF VQ XJUI B EJGGFSFOU BOTXFS i* WF IFBSE SFTQPOTFT TVDI BT &OHMJTI UFBDIFS DIJMESFO T BVUIPS QVCMJD SFMBUJPOT XPSTIJQ MFBEFS SPDL TUBS w TBJE "QSJM XJUI B MBVHI i* N KVTU HPJOH UP UBLF JU POF EBZ BU B UJNF w 5IF SFBTPO GPS UIF WBSJFE BOTXFST JT UIBU UIF ZFBS PME JT DPOTVNFE CZ NBOZ QBTTJPOT BOE QVSTVJUT 'JSTU TIF FYDFMT JO UIF DMBTTSPPN BU %FTFSU $ISJTUJBO XIFSF TIF IBT HBSOFSFE B DVNVMBUJWF HSBEF QPJOU BWFS BHF PG 8IJMF TIF T OPU IJUUJOH UIF CPPLT "QSJM MJLFT UP SFBE UIFN BT XFMM BT XSJU TPOHT "O BDDPNQMJTIFE NVT UXP $%T XIJMF TIF XBT JO SFOUMZ XPSLJOH PO B TPMP i* N QSPCBCMZ HPJOH UP BO BDPVTUJD BMCVN OFYU TQ HVFTT QFPQMF MJLF NZ TPO GBNPVT BOE CF DPPM PS BO "OE NVDI MJLF IFS JOU EPFTO U OFDFTTBSJMZ TUJDL X HFOSF 8IJMF TIF IBT XSJU EFDFOU BNPVOU PG XPSTIJ TPOHT "QSJM XJMM TJOH BCPVU BMNPTU BOZUIJOH i* XSPUF B TPOH BCPVU UIJT HVZ T GPPE POF UJNF IF T KVTU TVDI B HPPE DPPL w "QSJM TBJE i* BMTP XSPUF B TPOH BCPVU DSPTT DPVOUSZ w :FT CFTJEFT IFS BDBEFNJD BOE NVTJ DBM BDIJFWFNFOUT "QSJM JT BMTP BO BUIMFUF 4IF QMBZFE B LFZ SPMF PO UIF ,OJHIUT HJSMT DSPTT DPVOUSZ UFBN UIBU BEWBODFE UP TUBUF UIJT QBT TFBTPO "NPT $JTOFSPT "QSJM T XBUDIFE IJT EBVHIUFS EFW

4FF $*4/&304 PO

$0.1-&5& 4&37*$& 3&1"*3 $&/5&3

8PVME MJLF UP $POHSBUVMBUF "MM 5IF 'VUVSF -FBEFST

*G )POFTUZ $PVOUT $PVOU PO 6T

"VUP 3FQBJS *OD PS UI 4U & 6OJU i%w ] 1BMNEBMF

6Talba 6eXX^ 4cTeg`Xagf &TU

$IJNOFZ 4XFFQ

%SZFS 7FOU $MFBOJOH 8PPE 4UPWF 4BMFT *OTUBMMBUJPOT

$BMJGPSOJB $FSUJm FE 4XFFQ

$"/:0/ $3&&, "154 UI 4USFFU &BTU t 1BMNEBMF

5IF

-JDFOTFE *OTVSFE

#SBLFT t "MUFSOBUPST t $MVUDIFT t $BSCVSFUPST 0JM $IBOHFT t 3BDL 1JOJPO t 1PXFS 4UFFSJOH 1VNQT 8BUFS 1VNQT t %JGGFSFOUJBMT t "YMFT t 4UBSUFST

4FF ,": PO

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

+

PTI ,BZ IBT IJT TJHIUT PO "(& CFDPNJOH B MFBEFS JO UIF 4$)00- %FTFSU NJMJUBSZ BOE DSFEJUT IJT UJNF $ISJTUJBO )JHI PO UIF GPPUCBMM m FME GPS TIBQJOH 4DIPPM IJT DPNNBOE TLJMMT (0"- .JMJUBSZ +PTI m OJTIFE IJT UIJSE ZFBS PGm DFS PO UIF %FTFSU $ISJTUJBO )JHI 4DIPPM WBSTJUZ GPPUCBMM UFBN BOE XBT BO JOUFHSBM QBSU PG UIF TRVBE UIBU BEWBODFE UP UIF /PSUIFBTU %JWJTJPO DIBNQJPOTIJQ HBNF UIF UFBN T m STU BQQFBSBODF JO B $*' 4PVUIFSO 4FDUJPO DIBNQJPOTIJQ DPOUFTU i* UIJOL UIBU GPPUCBMM IBT SFBMMZ NBEF NF UIF MFBEFS * BN OPX w +PTI TBJE +PTI TQMJU IJT QMBZJOH UJNF CFUXFFO GVMMCBDL BOE EFGFOTJWF FOE "U GVMM CBDL IF IFMQFE DMFBS UIF XBZ GPS UXP ZBSE SVTIFST JO TFOJPST $IBODF (VTCFUI BOE ,JFM "MDBSB[ "MUIPVHI UIF QBJS FBDI SVTIFE GPS ZBSET BOE UPVDIE XBT BCMF UP m OJTI UI ZBSET SVTIJOH PO UPVDIEPXOT 5IBU QFSGPSNBOD UBLF PWFS BT UIF QSJN GPS UIF ,OJHIUT OFYU XJMM CF B TFOJPS i* N HVZT EP UIFJS KPC * EP NZ KPC w +PTI TBJ CBDL JU T B MPU EJGGFS B XJOH " GVMMCBDL Z TUSBJHIU *U T B IBSE D * LOPX * N GBTU BOE LOPX * N TUSPOH w +PTI XIP SVOT UI BOE NFUFST UIF USBDL UFBN NBJO UP JNQSPWF IJT TQFF GPS QMBZJOH GPPUCBMM m OJTIFE GPVSUI PO UIF GPPUCBMM UFBN XJUI UXP TBDLT BOE UBDLMFT i*U XBT SF BMMZ SFXBSEJOH w +PTI TBJE PG UIF QMBZPGG SV UP UIF DIBNQJPOTIJQ XIFSF %FTFSU $ISJTU 3JP )POEP 1SFQ i*U IBSE XPSL BOE USVTU

SVOOFS PWFS UIF QBTU GPVS ZFBST i4IF T SFBM IBSEXPSLJOH BU XIBU TIF EPFT w IF TBJE i4IF IBE OFWFS SVO CFGPSF CVU TIF BMXBZT ESPQQFE PGG IFS UJNF 5IFO MBTU TFBTPO TIF XBT SVOOJOH JO UIF NJOVUF SBOHF /PX TIF DBO U HP XJUIPVU SVOOJOH EBJMZ w "QSJM TBZT UIBU XJUIPVU DSPTT DPVOUSZ TIF XPVME IBWF CFFO B EJGGFSFOU QFSTPO UIBO XIBU TIF JT UPEBZ i$SPTT DPVOUSZ JT POF PG UIF CFTU IJHI TDIPPM EFDJ TJPOT * FWFS NBEF w "QSJM TBJE i* GPVOE HPPE XIPMFTPNF GSJFOET JU XBT HSFBU 0O UPQ PG UIBU JU T UBVHIU NF TP NVDI BCPVU MJGF BOE NZTFMG BOE EJTDJQMJOF *U T IBE B IVHF JNQBDU PO NF w "OE XIJMF DSPTT DPVOUSZ IBT QMBZFE B DSVDJBM SPMF JO "QSJM T MJGF TIF T VTVBMMZ CVTZ QJUDIJOH JO UP QMBZ BO JN QPSUBOU QBSU JO UIF MJWFT PG PUIFST

"(& 4$)00- %FTFSU $ISJTUJBO )JHI 4DIPPM (0"- 6OEFDJEFE

BWDIJNOFZTXFFQ DPN


7JDUPS -FWBSJP

FT .VMMFO

,OJHIU TFOJPS UVUPST BOE NFOUPST VOEFSDMBTTNFO

S JT /BUJPOBM .FSJU IPMBSTIJQ m OBMJTU

8SJUUFO CZ +"40/ (0/;"-&; t 1IPUPHSBQIFE CZ 30/ 4*%%-&

OF PG Z TUV ZFBS T $PNQF TU BNFT O BU N IJT .VMMFO 8IFO +BNFT CFHBO IJHI TDIPPM FOUFSFE FSU JBO )JHI F FEVDB +PTIVB 4DIPPM PWFSBMM BWFSBHF MZ IF XJMM 6OJWFSTJ CFDPNJOH QSPC T CFFO DVMBSMZ 'PS PO PG BOE JU T Z GVO BOE FT XIP PUJDT TJODF

"(& 4$)00- ,OJHIU )JHI 4DIPPM (0"- 3BEJPMPHJTU

BOE FWFOUVBMMZ MFE IJN UP IFMQ DSF BUF UIF i*OTQJSBTJBOw DMVC UIBU OPX TFSWFT QMVT TUVEFOUT 5IJT HSPVQ UFBDIFT EJGGFSFOU TUZMFT PG EBODF UP GFMMPX TUVEFOUT BOE IFMQT JOGPSN PUIFST BCPVU UIF "TJBO DVMUVSF 4QBSLFE GSPN SFBEJOH B CPPL JO FMFNFOUBSZ TDIPPM IF GPSNFE UIF JEFB UIBU XJMM SFNBJO MPOH BGUFS IF EFQBSUT GSPN ,OJHIU i*U T HSFBU UP CF BCMF UP TUBSU B DMVC UIBU DPOUJOVFT PO BOE ZPV TFF JU HSPXJOH w IF TBJE 5IF QMBDF 7JDUPS XJMM MFBWF UIF CJHHFTU JNQSFTTJPO UIPVHI JT PO ,OJHIU T ZPVOHFS HFOFSBUJPO "T B -JOL $SFX NFNCFS IF JT QBSU PG BO JOJUJBUJWF UIBU IFMQT GSFTI

4FF -&7"3*0 PO

7

BT ZPVOH BT EJTDPWFS BOE EFWFMPQ B QBTTJPO GPS TDJFODF FOHJOFFSJOH UFDIOPMPHZ BOE NBUI +BNFT XBT JO WPMWFE JO '*345 -FHP -FBHVF GPS GPVS ZFBST QSJPS UP IJHI TDIPPM i8IFO * XBT B TPQIPNPSF * GPVOE PVU UIBU * SFBMMZ FOKPZFE DIFN JTUSZ TP * m HVSFE * NJHIU BT XFMM DPNCJOF UIF UXP BOE EP DIFNJDBM FOHJOFFSJOH w IF TBJE +BNFT TBJE SPCPUJDT IBT CFFO B TJHOJm DBOU QBSU PG IJT MJGF "T B NFN CFS PG UIF 1PXFS UISPVHI )JHIFS *OOPWBUJPO "MQIB SPCPUJDT UFBN IF IBT DPNQFUFE JO UIF 'JSTU 5FDI $IBM MFOHF B UPVSOBNFOU GPS IJHI TDIPPM TUVEFOUT *O "QSJM UIF SPCPUJDT UFBN XJMM HP UP 4U -PVJT .P GPS UIF QPTUTFBTPO XPSME DIBNQJPOTIJQ +BNFT QBSFOUT QMBO UP BUUFOE IJT GPVSUI JOUFSOBUJPOBM DPNQFUJUJPO 'SPN 4FQUFNCFS UP NJE %FDFN CFS UIF UFBN NVTU EFTJHO CVJME BOE UFTU JUT SPCPU 5IF HPBM JT UP QSPHSBN JU UP CF BCMF UP DPNQFUF JO B HBNF BDDPSEJOH UP +BNFT %VSJOH TVDI DPNQFUJUJPOT UIFSF JT VTVBMMZ BO PCTUBDMF UIF SPCPU NVTU PWFSDPNF PS PCKFDUT UIBU NVTU CF

4FF .6--&/ PO

HBOJ[B ZPVUIT

"(& 4$)00- %FTFSU $ISJTUJBO )PNF &EVDBUJPO 1SPHSBN (0"- $IFNJDBM FOHJOFFS

"

ÕÍÕÂlË$lFdlÂÄw ÕÄ lÄÄlÄË" Ë)ÕÂË F SlÂË l]FÕÄl` "

7JTJCJMJUZ "EWPDBDZ -FBEFSTIJQ 6OJUZ &EVDBUJPO ¼7 Ë1 ÍlaËÍ Ë1 Íl]ÍaËÍ Ë ] ÕÂF lËLË lÛl ­Ë$ ]F Ë ÕÄ lÄIJ½ $F ]FÄÍlÂË)yzË]lËUËÉÉ¥² ~q²~{¥q

3 ÄF dË)yzË]lËUËÉÉ¥²Ó{ɲÏÓ{q

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

7

JDUPS -FWBSJP JT BMXBZT JO NPUJPO 5IF ,OJHIU )JHI 4DIPPM TFOJPS TFFT OP SFBTPO UP SFTU XIFO UIFSF JT BMXBZT TPNFUIJOH UIBU DBO CF EPOF i* XBOUFE UP CF NPSF XFMM SPVOEFE w 7JDUPS TBJE i/PU KVTU TUBZ JO NZ SPPN BMM EBZ TUVEZJOH i* XPVME MJLF UP QBSUJDJQBUF w 8IFUIFS JU T UVUPSJOH PS EBODJOH 7JDUPS IBT GPVOE B XBZ UP VTF BMM IJT UBMFOUT UP IFMQ PUIFST #FJOH PG BTTJTUBODF JT QBSU PG UIF ZFBS PME T DIBSBDUFS IF TBZT &YQFDUJOH OPUIJOH JO SFUVSO IF TFFLT PQQPSUVOJUJFT XIFSF IF DBO MFOE B IBOE i* IBWF B KPZ PG IFMQJOH PUIFST w 7JDUPS TBJE 5IJT NJOETFU JT JEFBM GPS IJT DBSFFS HPBM PG XPSLJOH JO UIF NFEJDBM m FME "T B QIZTJDJBO 7JDUPS JNBHJOFT TPMWJOH QFPQMF T QSPCMFNT XJUI OPU POMZ IJT TNBSUT CVU XJUI IJT DBSJOH QFSTPOBMJUZ

$$0//&-- t 1IPUPHSBQIFE CZ .":" 46("3."/


"NZ 4PEFSHSFO 2VBSU[ )JMM KVOJPS AFYDFFET BMM FYQFDUBUJPOT 8SJUUFO CZ +6-*& %3",& t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

"

NZ 4PEFSHSFO LOPXT TIF XJMM JO UIF TJYUI HSBEF 4IF EJE GPMMPX IFS TJTUFST QVSTVF B DBSFFS JO UIF m FME PG JO CFDPNJOH B UVUPS BU .BUI .BHJDJBOT "(& 4$)00- 2VBSU[ )JMM XIFSF CPUI +VMJBOOF BOE 4UFQIBOJF XPSLFE TDJFODF #VU UIF 2VBSU[ )JMM )JHI )JHI 4DIPPM 4DIPPM KVOJPS JT OPU TVSF XIJDI m FME TIF "NZ XPSLFE BT B WPMVOUFFS UVUPS CFHJOOJOH (0"- " DBSFFS JO XIFO TIF XBT JO TFWFOUI XJMM DIPPTF TDJFODF IJSFE BT B NBUI UVUPS JO / i* MJLF CFJOH BCMF UP MFBSO IPX BOE UVUPSFE m STU UISPVHI UI XIZ UIJOHT XPSL UP CFUUFS VOEFSTUBOE 4IF BMTP TFSWFT BT UIF UIFN BOE BQQSFDJBUF UIFN NPSF w "NZ UFDIOPMPHZ FOHJOFFSJOH BOE NBUIFNBUJDT MF TBJE " TUVEFOU BU 2VBSU[ )JMM "NZ UBLFT "EWBODFE 1MBDFNFOU XIFSF TIF SFDSVJUT QFPQMF XIP XPSL JO 45& TIBSF UIFJS QBTTJPO BOE LOPXMFEHF XJUI TUVE CJPMPHZ XIFSF TIF MFBSOT BCPVU IPX B CPEZ PS QMBOUT XPSL i*U IFMQT NF SFBMJ[F IPX MJUUMF QJFDFT DBO CF QVU UPHFUIFS BOE MJLF UIF BOOVBM +PF 8BMLFS .JEEMF 4DIPPM 4V 4BUVSEBZ NBLF TPNFUIJOH GPS B CJHHFS CFUUFS QVSQPTF w "NZ TBJE /JMFT /JMP B -PDLIFFE .BSUJO "FSPOBVUJD "NZ JT B ZPVUI WPMVOUFFS BU "OUFMPQF 7BMMFZ )PTQJUBM XIFSF TIF JT JO UIF TNJMF EFQBSUNFOU 4IF WJTJUT QBUJFOUT SPPNT OFFS XIP IFMQT PSHBOJ[F 45&. FWFOUT TVDI BOE BTLT JG UIFZ OFFE BOZUIJOH 4IF BMTP PCTFSWFT OVSTFT BT UIFZ 4VQFS 4DJFODF 4BUVSEBZ TBJE "NZ JOTQJSFE I EFWFMPQ B IJHI TDIPPM TUVEFOU MFBEFS QSPHSB DBSF GPS QBUJFOUT BOE EFWFMPQ SFMBUJPOTIJQT XJUI UIFN )F TBJE "NZ DPPSEJOBUFE 2VBSU[ )JMM TUVEFO 5IF ZPVOHFTU PG 4UFWFO BOE +PBO 4PEFSHSFO T UISFF EBVHI BTTJTUBOUT GPS UIF +PF 8BMLFS 4VQFS 4DJF UFST "NZ XBOUT UP TFU IFS PXO QBUI 4BUVSEBZ &MEFTU TJTUFS +VMJBOOF JT B KVOJPS BU 6$-" XIFSF TIF JT TUVEZ i6Q VOUJM UIFO * XBT POMZ DPODFOUSBU JOH OVSTJOH .JEEMF TJTUFS 4UFQIBOJF JT BU $BMJGPSOJB 4UBUF 6OJWFS TJUZ -POH #FBDI XIFSF TIF JT TUVEZJOH QIZTJDT JOH PO VOJWFSTJUZ TUVEFOU MFBEFST w /JMP TBJE i'SPN "NZ T FGGPSUT * XBT DPOWJODFE UIBU "NZ IPQFT UP BUUFOE FJUIFS UIF *SWJOF PS 4BO %JFHP DBNQVT * DPVME EFQFOE PO IJHI TDIPPM TUVEFOUT UP E PG UIF 6OJWFSTJUZ PG $BMJGPSOJB NPSF TVDI BT CVJMEJOH LJUT BOE SVOOJOH i* XPVME MJLF UP HP UP B TDIPPM XJUI NZ TJTUFST KVTU UP CF 45&. BDUJWJUZ CPPUIT w DMPTFS UP UIFN CVU * EPO U XBOU UP CF GPMMPXJOH JO UIFJS GPPU "NZ JT B NFNCFS PG UIF /BUJPOBM TUFQT w "NZ TBJE )POPS 4PDJFUZ $BMJGPSOJB 4DIPMBSTIJQ "NZ TBJE IFS TJTUFST IFMQ IFS XJUI IPNFXPSL QSPCMFNT BOE 'FEFSBUJPO ,FZ $MVC "SU PG $POWFSTB QSPWJEF BEWJDF BOE TIF DPOTJEFST UIFN UP CF BNPOH IFS CFTU UJPO $MVC "NFSJDBO $BODFS 4PDJFUZ BOE GSJFOET 'JHIU "JET /PX $MVC 4IF BMTP TFSWFT BT 4IF JT JOUFSFTUFE JO TUVEZJOH OVSTJOH DPNQVUFS TPGUXBSF UIF $PMMFHF $MVC TFDSFUBSZ FOHJOFFSJOH BOE BDDPVOUJOH -BTU TVNNFS "NZ BUUFOEFE $04.04 "NZ FOKPZT NBUI 4IF KPJOFE IFS m STU .BUIMFUFT DPNQFUJUJPO

#$ " " !" "$# $ "

4FF 40%&3(3&/ PO

"33&0-"

TPGUXBSF TLJMMT JO FOHJOFFSJOH EFTJHO NPTUMZ CZ XPSLJOH BOE MFBSOJOH PO 'SPN IJT PXO 8F TUBZ XJUI UIF TBNF HSPVQ PG i&WFS TJODF * XBT ZPVOH * XBOUFE QFPQMF GPS UISFF ZFBST w IF TBJE UP CVJME UIJOHT * QMBZFE XJUI -FHP i*O FWFSZUIJOH UIBU +PTI VOEFS $POOFDUT w +PTIVB TBJE i* WF BMXBZT UBLFT IF JT SFDPHOJ[FE GPS IJT HSFBU XPOEFSFE BCPVU IPX UIFZ CVJME MFBEFSTIJQ TLJMMT BOE JT FMFWBUFE UP HSFBU NBDIJOFT * E MJLF UP CVJME MFBEFSTIJQ QPTJUJPOT w %PNLF TBJE TPNFUIJOH UIBU XPVME CFOFm U QFPQMF i+PTI IBT XPSLFE IBSE BT B NFO 5IBU XPVME CF HSFBU .Z GSJFOET UPS BOE UVUPS UP PUIFS TUVEFOUT BU UIJOL * N B OFSE B DPPM OFSE CFDBVTF UIF IJHI TDIPPM XJUI HSFBU SFTVMUT UIF BUIMFUJDT CBMBODFT JU PVU w )F JT XFMM MJLFE BOE SFTQFDUFE CZ +PTIVB SFDFJWFE B MFUUFS PG BDDFQ BMM * IBWF CFFO JNQSFTTFE XJUI IJT UBODF BOE B B ZFBS TDIPMBS XJMMJOHOFTT UP TJU EPXO XJUI TUVEFOUT TIJQ UP UIF 6OJWFSTJUZ PG 1BDJm D BOE BGUFS TDIPPM BOE BU MVODI BOE IFMQ IBT BMTP BQQMJFE UP PUIFS TDIPPMT MJLF UIFN XJUI UIFJS TUVEJFT )F IBT B 6$-" #FSLFMFZ BOE 64$ HSFBU CJH IFBSU w )F E MJLF UP QMBZ CBTLFUCBMM i* WF BMXBZT XBOUFE UP CF BCMF UP JO DPMMFHF CVU LOPXT UIBU ESFBN TBZ * N B HPPE MFBEFS w +PTIVB TBJE NJHIU OPU CFDPNF B SFBMJUZ i8IJMF * i.Z JEPM JT .JDIBFM +PSEBO )F EF VOEFSTUBOE JU NJHIU OPU CF * N OPU m OFT AMFBEFS UP NF )F MFE UISPVHI IBSE XPSL BOE EFEJDBUJPO HJWJOH IJT SFBMJTUJD * N PQUJNJTUJD w IF TBJE i/P NBUUFS IPX NVDI BEWFSTJUZ UIFSF JT UFBNNBUFT BO FYBNQMF UP GPMMPX * GFFM JU T NZ SFTQPOTJCJMJUZ UP SFBDI PVU * CFMJFWF * DBO EP UIJOHT * BMXBZT USZ NZ CFTU UP EP XIBU * XBOU UP EP BOE BOE IFMQ BT NBOZ QFPQMF BT * DBO w JG UIJOHT EPO U XPSL PVU * LOPX UIBU +PTIVB JT BMTP B TDJFODF BOE FOHJ OFFSJOH FOUIVTJBTU )F EFWFMPQFE IJT * USJFE w

&BSOJOH $VTUPNFST GPS -JGFy 8&45&3/ &%(& "650 5*3& $&/5&3

&&& !" ! ' " ' !! $! $%" ' !! $!

'".*-: 08/&% $6450.&3 %3*7&/

$PSOFS PG 4JFSSB )XZ "WFOVF 3 XXX XFTUFSOFEHFBVUP DPN

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

B GPVS XFFL SFTJEFOUJBM TDJFODF QSPHSBN BU UIF 6OJWFSTJUZ PG $BMJGPSOJB *SWJOF XIFSF TIF TUVEJFE UJTTVF BOE UVNPS CJPMPHZ 4IF XBT POF PG TUVEFOUT GSPN BDSPTT UIF TUBUF UP BUUFOE UIF QSPHSBN BMTP LOPXO BT UIF $BMJGPSOJB 4VNNFS 4DIPPM GPS .BUI

#&4)&"34 'SPN GPDVTFE PO IFS FEVDBUJPO BOE IFS GVUVSF BOE FWFO NBJOUBJOFE FOPVHI FOFSHZ UP BMXBZT CF LJOE BOE IFMQGVM UP PUIFST w )BSU TBJE &CPOZ IBT BO VO DBOOZ BCJMJUZ UP CSVTI PGG BEWFSTJUZ PS OFHBUJWJUZ XIFUIFS GSPN QFFST PS GBNJMZ JTTVFT BOE GPDVT PO UIF GVUVSF i4IF JT QSPCBCMZ POF PG UIF OJDFTU NPTU HFOVJOF ZPVOH MBEJFT UIBU * IBWF XPSLFE XJUI JO ZFBST w )BSU TBJE i4IF T DPOTJTUFOUMZ QPTJ UJWF TVQQPSUJWF BOE * SFBMMZ CFMJFWF XIFO ZPV MPPL BU IFS FYUSBDVSSJDVMBS JOWPMWFNFOU TQPSUT TPMJE BDBEFNJD CBDLHSPVOE OFWFS PODF IBT TIF CFFO BOZUIJOH CVU NPUJWBUFE BOE B TFMG TUBSUFS w 8JUI QMBOT UP CF B GPSFOTJD TDJFO UJTU &CPOZ XBOUT UP BUUFOE 6OJWFSTJUZ PG $BMJGPSOJB *SWJOF BOE TUVEZ DSJNJ OPMPHZ PS HP UP 4BO %JFHP 4UBUF PS 6OJWFSTJUZ PG $BMJGPSOJB %BWJT BOE NBKPS JO DIFNJTUSZ 4IF UIFO QMBOT UP QVSTVF B EPDUPSBUF JO GPSFOTJD TDJ FODF BU %BWJT i*U T MJLF A$4* 5IF TIPX QFPQMF JOWFTUJHBUF UIF DSJNF TDFOF * MM CF UIF POF JO UIF MBC JOUFSQSFUJOH UIF FWJEFODF w TBJE &CPOZ XIPTF GBWPS JUF TVCKFDUT JODMVEF NBUI DIFNJTUSZ BOE TDJFODF 5IF EBVHIUFS PG 8BMUFS BOE ,BSFO $VSUJT &CPOZ MJLFT UP CBLF XIFO TIF IBT TPNF GSFF UJNF


+BTPO $SBOOFMM

"

MJGFUJNF SFTJEFOU PG 4PVUI FSO $BMJGPSOJB +BTPO $SBOOFMM OFWFS IBT DBSFE UPP NVDI GPS UIF IFBU 5IBU T TUSBOHF DPOTJEFSJOH IF JT B IPU DPNNPEJUZ XIFO JU DPNFT UP CFJOH B 'VUVSF -FBEFS 5IF 7BTRVF[ )JHI 4DIPPM TFOJPS XBT OPNJOBUFE GPS IJT PVUTUBOE JOH QFSGPSNBODF CZ ,BSJ 0XFOT XIP UFBDIFT &OHMJTI BOE BEWJTFT UIF "DBEFNJD %FDBUIMPO UFBN BU 7BTRVF[ i)F SFBMMZ EPFT B GBOUBTUJD KPC w 0XFOT TBJE i)F BMXBZT UBLFT UJNF UP EP UIJOHT SJHIU "OE IF JT POF PG UIPTF LJET XIP EPFTO U TBZ A1BZ BUUFOUJPO UP NF w +BTPO TBJE IF MJLFT CFJOH DPOTJE FSFE B MFBEFS CVU JU T OPU TPNFUIJOH UIBU IF USJFT UP BDDPNQMJTI i*U KVTU LJOE PG IBQQFOT w IF TBJE i*U T OPU B DPOTDJPVT UIPVHIU *U T KVTU XIP * BN w )PXFWFS IF XBT n BUUFSFE CZ 0XFOT DPNNFOUT i*U KVTU NBLFT NF GFFM HPPE JOTJEF w IF TBJE i*U T HPPE LOPXJOH UIBU * DPVME IBWF UIBU LJOE PG BO FGGFDU PO TPNFPOF w 'PS "DBEFNJD %FDBUIMPO +BTPO

"(& 4$)00- 7BTRVF[ )JHI 4DIPPM (0"- $BSFFS JO NFEJDBM m FME

LJET QSPHSFTT w )JT PXO QSPHSFTTJPO DPVME JOWPMWF TPNF WFSZ GSJHJE XFBUIFS BU +BNFTUPXO $PMMFHF JO /PSUI %B LPUB i.Z CSPUIFS JT JO UIF OVSTJOH QSPHSBN VQ UIFSF w IF TBJE i* UIJOL * DPVME HFU PGG UP B HPPE TUBSU UIFSF BOE UIFO NBZCF NPWF UP BOPUIFS m FME * MJLF BMM UIJOHT BCPVU TDJFODF BOE * m OE BOBUPNZ BOE UIF IVNBO CPEZ BSF TP JOUFSFTUJOH w )F JT MPPLJOH BU B DBSFFS JO UIF NFEJDBM m FME BOE IF BMTP XPVMEO U NJOE FYUFOEJOH IJT TPDDFS DBSFFS BU +BNFTUPXO )F XBT UIF DBQUBJO UIJT QBTU TFBTPO PG UIF 7BTRVF[ TPDDFS UFBN i* BDUVBMMZ MJLFE CFJOH DBQUBJO CFDBVTF UIF QMBZFST MPPL VQ UP ZPV GPS BEWJDF ,JET XPVME DPNF UP NF BCPVU QSPCMFNT * BN B TUSFTT GSFF HVZ BOE OPUIJOH CPUIFST NF TP * HVFTT * MJTUFO * EPO U ZFMM NVDI I E E

X

4FF $3"//&-- PO

8SJUUFO CZ -"7&/%&3 730."/ t 1IPUPHSBQIFE CZ 30/ 4*%%-&

8

IFO :WFUUF $BTUJMMP XBT B MJUUMF HJSM TIF CFHHFE IFS NPUIFS UP USBOTGPSN BO FNQUZ MPU CFIJOE UIFJS -PT "OHFMFT IPNF JOUP B NBLFTIJGU TIFMUFS GPS UIF IPNFMFTT i* LOPX UIFSF T BMXBZT TPNFCPEZ XIP IBT JU XPSTF UIBO NF BOE XIP DBO SFBMMZ VTF NZ IFMQ w UIF ZFBS PME -BODBTUFS )JHI 4DIPPM TFOJPS TBJE i* GFFM NZ QVSQPTF JO MJGF JT OPU KVTU UP MJWF BOE CF IBQQZ XJUI NZTFMG *U T KVTU UP IFMQ PUIFST BOE NBLF TVSF UIFZ LOPX UIBU UIFZ BSF DBSFE GPS w :WFUUF T DIJMEIPPE EFUFSNJOBUJPO UP IFMQ PUIFST IBT CMPTTPNFE JOUP B MJGF PG DPNNVOJUZ TFSWJDF 4JODF NPWJOH UP -BODBTUFS GSPN 1PNPOB UXP ZFBST BHP TIF KPJOFE UIF IJHI TDIPPM T )FSP $MVC GFFE IPNFMFTT BOE QMBZJOH XJUI DIJMESFO BU MPDBM TIFMU 4IF BOE B GSJFOE GPVOEFE UIF TDIPPM T $BSF 1B GPS 4PMEJFST DMVC XIJDI IBT TIJQQFE TPEB IVOES PG MFUUFST BOE /FX :FBS T &WF QBSUZ TVQQMJFT UP N QFSTPOOFM TUBUJPOFE PWFSTFBT "GUFS TDIPPM :WFUUF WPMVOUFFST BU -BODBTUFS T 5 $PNNVOJUZ )PVTF XIFSF TIF TIPXT LJET IPX U DSBGUT UP LFFQ UIFN CVTZ EVSJOH UIFJS TQBSF UJNF

UFBDIFS EFTDSJCFT IFS BT B TUVEFOU iXJUI B CJH IFBSU w i* WF TFFO IFS DPMMFDU BOE SFDZDMF DBOT BOE CPUUMFT UP HFU DBTI UP EPOBUF w IF TBJE i* BENJSF UIBU TIF JT NPUJ WBUFE UP QVU IFS ESFBNT JOUP BDUJPOT FWFO OPX w 8IJMF TIF T RVJDL UP IFMQ XIFO TIF TFFT B OFFE :WFUUF IBTO U OFHMFDUFE IFS TUVEJFT 4IF NBJOUBJOT B HSBEF QPJOU BWFSBHF NBEF UIF )POPS 3PMM UISFF UJNFT BOE IBT CFFO SFDPHOJ[FE CZ UIF /BUJPOBM )POPS 4PDJFUZ 4IF JT B NBOBHFS GPS UIF TXJN UFBN QBSUJDJQBUFE JO UIF +VOJPS 4UBUFTNFO PG "NFSJDB EFCBUF QSPHSBN BOE FOKPZT ESBXJOH BOE NBLJOH TIPSU m MNT )JTUPSZ CFDBNF POF PG IFS GBWPSJUF TVCKFDUT BGUFS TIF QBSUJDJQBUFE JO B QSPKFDU UIBU CSPVHIU B IBMG TDBMF SFQMJDB

"(& 4$)00- -BODBTUFS )JHI 4D (0"- )FMQ QFPQMF JO OFFE

i* LOPX XIFO * XBT JO BO BGUFS TDIPPM QSPHSB * MFBSOFE B MPU GSPN UIF DSBGUT * EJE w TIF TBJE -BTU ZFBS :WFUUF IBUDIFE B QMBO UP SBJTF NPOF GPS BO PSQIBOBHF JO #BKB .FYJDP CZ DPMMFDUJOH BOE SFDZDMJOH CPUUMFT BOE DBOT )FS FGGPSUT CFHBO BGUFS WJTJUJOH UIF PSQIBOBHF JO 'FCSVBSZ PO NJTTJPOT USJQ XJUI IFS DIVSDI $FOUSBM $ISJTUJBO i* KVTU GFMU MJLF TPNFUIJOH XBT UFMMJOH NF * IBE IFMQ UIFN w TIF TBJE :WFUUF SBJTFE CZ SFDZDMJOH BOE HP JOH EPPS UP EPPS UP BTL GPS EPOBUJPOT 4IF QMBOOFE UP QFSTPOBMMZ EFMJWFS UIF NPOFZ UP UIF PSQIBOBHF XIJDI IPVTFT BCPVU DIJMESFO i* N WFSZ FYDJUFE w TIF TBJE :WFUUF T EFEJDBUJPO UP TFSWJDF IBT OPU HPOF VOOPUJDFE (MFO #BVNCBDI IFS "E WBODFE 1MBDFNFOU FOWJSPONFOUBM TDJFODF

$IPDPMBUF 4DFOUFE 4-*..*/(

#PEZ 8SBQ

/&8 08/&3

&YQJSFT

#Z 5FOOJMMF

8FBWFT 1SFTT $VSM 8&"7&

4"7& &YQJSFT

8"-, */4 8&-$0.&

#Z 5XBZOB

-BODBTUFS .BSLFU 1MBDF t .BMM -PPQ 3E t -BODBTUFS t

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

8SJUUFO CZ +": )&"5&3 t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

-BODBTUFS TFOJPS IBT B ACJH IFBSU

4PDDFS DBQUBJO BOE BDBEFNJD EFDBUIMPO MFBEFS

:WFUUF $BTUJMMP


"VSVT (BMJOEP

7JSHJOJB .BSJB )BOFT

2VBSU[ )JMM KVOJPS TFFT CVJMEJOH JO IJT GVUVSF 8SJUUFO CZ ,"3&/ ."&4)*30 t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

)PNFDPNJOH QSJODFTT XBOUT UP CF DPMMFHF GPPUCBMM DPBDI

"(& 4$)00- 2VBSU[ )JMM )JHI 4DIPPM (0"- "SDIJUFDU PS DJWJM FOHJOFFS

8SJUUFO CZ #3*"/ (0-%&/ t 1IPUPHSBQIFE CZ .":" 46("3."/

7

JSHJOJB .BSJB )BOFT JTO U ZPVS UZQJDBM IJHI TDIPPM KV OJPS GSPN CJSUI JO #BISBJO UISPVHI B DIJMEIPPE UIBU JODMVEFE UXP EJGGFSFOU BEPQUJPOT "OE XIJMF TIF JT B UXP UJNF %FTFSU )JHI 4DIPPM IPNFDPNJOH QSJODFTT .BSJB BT TIF JT LOPXO JT EFUFSNJOFE UP CFDPNF UIF m STU GFNBMF IFBE DPBDI JO DPMMFHF GPPUCBMM IJTUPSZ i* BN JO MPWF XJUI GPPUCBMM NPSF UIBO BOZUIJOH FMTF JO UIF XPSME w TBJE .BSJB XIP m MNT UIF 4DPSQJPOT HBNFT BT B NBOBHFS i* XBOU UP CF DPNF GBNPVT * MPWF GPPUCBMM BOE * XBOU UP QVU UIPTF UXP HPBMT UPHFUIFS * N UPP TNBMM UP CF B GPPUCBMM QMBZFS TP XIZ OPU B GPPUCBMM DPBDI w 4IF DPOTJEFST .BSJMZO .POSPF BO JOTQJSBUJPO i0OF PG NZ GBWPS JUF RVPUFT XIFO * GFFM VQTFU BCPVU UIJOHT JT GSPN .BSJMZO .POSPF w TIF FYQMBJOFE i4IF TBJE A8PNFO XIP TFFL UP CF FRVBM XJUI NFO MBDL BN CJUJPO * BCTPMVUFMZ MPWF UIBU RVPUF w

8FTU 1BMNEBMF 8FTU 1BMNEBMF

UI 4USFFU 8FTU "WF 0 UI 4USFFU 8FTU "WF 0 *O UIF 8BMNBSU $FOUFS *O UIF 8BM .BSU $FOUFS

&BTU 1BMNEBMF &BTU 1BMNEBMF

UI 4USFFU &BTU "WF 4 UI 4USFFU &BTU "WF 4 *O UIF 4UBUFS #SPUIFST $FOUFS *O UIF 4UBUFS #SPUIFST $FOUFS

&BTU -BODBTUFS &BTU -BODBTUFS

UI 4USFFU &BTU "WF + UI 4USFFU &BTU "WF + *O UIF 4UBUFS #SPUIFST $FOUFS *O UIF 4UBUFS #SPUIFST $FOUFS

0GGFS FYQJSFT .BZ 0GGFS FYQJSFT %FDFNCFS

JO NBKPSJOH JO CSPBEDBTU KPVSOBMJTN BU $BMJGPSOJB 4UBUF 6OJWFSTJUZ -POH #FBDI PS UIF 6OJWFSTJUZ PG 0LMB IPNB $IBOHJOH GBNJMJFT UXJDF CFGPSF BHF NJHIU MFBWF FNPUJPOBM TDBST PO TPNF DIJMESFO CVU UIFSF T CFFO OP DIBODF PG UIBU XJUI B EBVHIUFS XIPTF JSSFQSFTTJCMF PQUJNJTN BOE FOFSHZ IBWF FOEFBSFE IFS UP DPN NVOJUJFT BU CPUI FOET PG UIF XFFL EBZ DPNNVUF GSPN 5FIBDIBQJ UP &EXBSET "JS 'PSDF #BTF .BSJB T NPUIFS UFBDIFT DBMDVMVT BOE QSF DBMDVMVT BU %FTFSU i.Z NPUIFS HPU NF FYDJUFE BCPVU NBUI BOE TDJFODF w TIF TBJE i8F EP HFU UP TQFOE B MPU PG UJNF UPHFUIFS JO UIF DBS BOE * UIJOL UIBU IBT CSPVHIU VT DMPTFS UPHFUIFS 4IF JT POF PG NZ CFTU

4FF )"/&4 PO

4FF ("-*/%0 PO

5SZ PVS OFX GMBWPS 5BLF UIJT DPVQPO SFDFJWF GSFF XJOHT XIFO ZPV QVSDIBTF SFHVMBS PS CPOFMFTT XJOHT

"(& 4$)00- %FTFSU )JHI 4DIPPM (0"- 'JSTU GFNBMF IFBE DPBDI JO DPMMFHF GPPUCBMM

X

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

"

DDPSEJOH UP IJT GBNJMZ 2VBSU[ )JMM )JHI 4DIPPM KVOJPS "VSVT (BMJOEP IBT LOPXO TJODF UIF BHF PG UIBU IF T XBOUFE UP CF BO BSDIJUFDU )F T MPWFE ESBXJOH CVJMEJOHT TJODF IF XBT MJUUMF BOE HSFX VQ DPOTUSVDUJOH GBODJGVM TUSVDUVSFT XJUI CSJHIUMZ DPMPSFE -FHP CSJDLT i* XBT BMXBZT JOUFSFTUFE JO BSDIJUFDUVSF TJODF * XBT MJUUMF * MJLFE UP QMBZ -FHPT w TBJE "VSVT UIF TFDPOE ZPVOHFTU PG m WF DIJMESFO i'SPN UIFO * MJLFE CVJMEJOH BOE 4QPSUJOH B HSBEF QPJOU BWF CFDBVTF iJU IBT NPSF DFSUBJO BOT TBZ )F T UBLJOH USJHPOPNFUSZ QS )F T B NFNCFS PG UIF "SU , DMVCT BOE JT JO IJT TFDPOE ZFB TDIPPM UFBN i* WF CFFO TXJNNJOH TJODF * GFMU * OFFEFE UP LOPX IPX UP TX ESPXO w "VSVT TBJE )F T B MJGFHVBSE BU 1BMNEBMF T XIFSF IF IBT IFMQFE ZPVUI MFBS )F T HPUUFO TFWFSBM IPOPST ,JXBOJT BOE IBT NBEF 1SJODJQB BOE SFDFJWFE B 1SJODJQBM T "XBSE #SFOU ,FSOT BO FOHJOFFSJOH P JOTUSVDUPS BU 2VBSU[ )JMM TBJE "V FBHFS TUVEFOU XIP BMTP IFMQT P DMBTTNBUFT i)F MJTUFOT UP UIF BTTJHO NFOUT BOE IF GPMMPXT MFBET BOE IF T BMXBZT IFMQGVM UP PUIFS TUVEFOUT BSPVOE IJN 8IFO IF MJOLT JOUP TPNF UIJOH IF EFm OJUFMZ MJLFT UP TIBSF IJT LOPXMFEHF BOE IFMQ PUIFST w ,FSOT TBJE ,FSOT BEEFE i)F T B WFSZ SFTQFDUGVM BOE WFSZ XFMM SPVOEFE ZPVOH NBO )JT QBSFOUT QVU JO B MPU PG UJNF BOE FGGPSU JO SBJTJOH IJN BOE JU EFm OJUFMZ TIPXT JO UIF DMBTTSPPN w 0VUTJEF PG TDIPPM "VSVT EFMWFT JOUP IJT DVMUVSF BOE IFSJUBHF CZ EBODJOH BOE ESVNNJOH XJUI BO "[UFD EBODF HSPVQ DBMMFE .B[UMF


(3")". 'SPN

&OUFS 5P 8JO "O J1BE

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

FTJT PG +PIO T JOUFSFTU TUFNT GSPN B SFNFNCSBODF DFSFNPOZ IF TBX BT B TFDPOE HSBEFS UIBU GFBUVSFE CBHQJQFST i* TBJE A)FZ * XBOU UP MFBSO UIBU w IF SFDBMMFE )JT QBSFOUT EJEO U CFMJFWF IF XBT TFSJPVT BCPVU JU BU m STU CVU IJT QFSTJTUFODF FWFOUVBMMZ DPOWJODFE UIFN )F GPVOE B UFBDIFS B OFJHICPS XIP XBT UIF MFBEFS PG UIF 5FIBDIBQJ .PVOUBJO 1JQFT BOE %SVNT BOE UPPL VQ UIF JOTUSV NFOU JO m GUI HSBEF /PX JO IJT TJYUI ZFBS BT B NFNCFS PG UIBU TBNF HSPVQ XIFSF IF XBT PODF JUT ZPVOHFTU NFNCFS +PIO QMBZT GPS NJMJUBSZ GVOFSBMT BOE BU -BODBTUFS T QPQQZ GFTUJWBM BOE UIF )JHIMBOE (BNFT DPNQFUJUJPOT i*U T B MJUUMF CJU NPSF DPNQMFY &WFSZCPEZ DBO QMBZ OPUFT XFMM CVU JU T IPX ZPV QVU FYQSFTTJPO JOUP JU UIBU NBLFT OPUFT B TPOH w IF TBJE "MUIPVHI IF DBUDIFT TPNF n BL GPS iXFBSJOH B TLJSU w NPTU QFPQMF XIP MFBSO PG IJT IPCCZ UIJOL JU T B iDPPM BOE VOJRVF UIJOH UP EP w IF TBJE *O BEEJUJPO UP B IFBWZ SPCPUJDT TDIFEVMF BOE IJT NVTJDBM JOUFSFTUT +PIO IBT BMTP CFFO B NFNCFS PG UIF DSPTT DPVOUSZ UFBN GPS UIF QBTU UISFF ZFBST BOE QMBZFE CBTLFUCBMM BOE CBTFCBMM CFGPSF UIBU )F TBJE IF PXFT IJT TVDDFTT UP IJT GBNJMZ XIP UBVHIU IJN EFUFSNJOBUJPO BOE QFSTJTUFODF i* IBWF B HPPE GBNJMZ CBDLHSPVOE BOE * WF IBE HPPE UFBDIFST w IF TBJE

BXBSE XJOOJOH UFBN i+PIO JT POF PG UIF TNBSUFTU TUVEFOUT * IBWF DPNF BDSPTT UIFTF QBTU TFWFSBM ZFBST CFJOH JOWPMWFE XJUI UIF SP CPUJDT QSPHSBN w TBJE UFBN BEWJTPS %BWJE 7PSBDFL i5IJT ZFBS IF IBT SFBMMZ TIPXO IJT MFBEFSTIJQ DBQBCJMJUZ CFJOH DP NBOBHFS PG UIF UFBN BOE JO MFBE JOH UIF EFTJHO BOE NBOVGBDUVSJOH PG UIF SPCPU 8F IBWF B MPU PG OFX TUVEFOUT PO UIF UFBN BOE IF IBT HPOF PVU PG IJT XBZ UP USZ UP NFOUPS UIFN PO UIF SPCPU EFTJHO BOE CVJMEJOH w +PIO QMBOT UP TUVEZ CPUI BFSP OBVUJDBM FOHJOFFSJOH BOE CVTJ OFTT NBOBHFNFOU JO DPMMFHF XJUI BO FZF UPXBSE TUBSUJOH IJT PXO BFSPTQBDF DPNQBOZ UP iSFWPMVUJPO J[F UIF BFSPTQBDF DPNNVOJUZ w BDDPSEJOH UP #BVNCBDI )F IPQFT UP VTF IJT TLJMMT UP BEWBODF QSPQVMTJPO UFDIOPMPHZ i* XBOU UP m OE B XBZ UP HP GBTUFS UIBU T FBTJFS BOE NPSF FGm DJFOU w IF TBJE )F IBT CFFO BDDFQUFE BU UIF 6OJWFSTJUZ PG .JDIJHBO BOE UIF "JS 'PSDF "DBEFNZ BOE IBT BQQMJFE BU B OVNCFS PG PUIFS TDIPPMT BT XFMM 0OF PG UIFN JT )BSWBSE XIFSF +PIO UPPL QBSU JO B TFWFO XFFL TVNNFS TDIPPM QSPHSBN CFUXFFO IJT TPQIPNPSF BOE KVOJPS ZFBST )F UPPL DPVSTFT GPS DPMMFHF DSFEJU JO SPCPUJDT BOE FDPOPNJDT BOE NFU UPQ TUVEFOUT GSPN BSPVOE UIF XPSME i*U XBT B HPPE QSPHSBN UP XJEFO NZ IPSJ[POT w IF TBJE "T GPS UIPTF CBHQJQFT UIF HFO


"TIMJF )PSTU

-JOETFZ +PSEBO

'VUVSF TPGUXBSF EFWFMPQFS JT UBMFOUFE NVTJDJBO 8SJUUFO BOE 1IPUPHSBQIFE CZ %"/*&- 8*--*".4

*NQSPWJOH MJWFTy POF TNJMF BU B UJNF

8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ 30/ 4*%%-&

5

P TBZ -JOETFZ +PSEBO T MJGF IBT CFFO B TPOH XPVME CF TFMMJOH IFS TIPSU BMUIPVHI TIF T CFFO B XPSLJOH BDUPS BOE TJOHFS TJODF BHF 5IF ZFBS PME 1BMNEBMF SFTJ EFOU B TFOJPS BU 7JFXQPJOU 4DIPPM JO $BMBCBTBT XIFSF TIF JT UIF TUVEFOU CPEZ QSFTJEFOU JT B DBUBMZTU ‰ JO IFS DPNNVOJUZ BU IFS TDIPPM BOE GPS UIF "M[IFJNFS T "TTPDJBUJPO 5IF EBVHIUFS PG $IBSMFT BOE %BSMFOF +PSEBO -JOETFZ XBT ZFBST PME XIFO IFS EBE XBT EJBHOPTFE XJUI "M[IFJNFS T 4IF OPU POMZ DBSFE GPS IJN CVU BMTP CFDBNF BO BEWPDBUF BOE BDUJWJTU TQFBLJOH GPS "M[IFJNFS T QBUJFOUT UIFJS GBNJMJFT BOE DBSFUBLFST BU MPDBM TUBUF BOE OBUJPOBM MFWFMT 4IF USBWFMFE UP 4BDSBNFOUP BOE 8BTI JOHUPO % $ UP TQFBL UP MFHJTMBUPST BCPVU "M[IFJNFS T BOE UP UFMM UIFN IFS TUPSZ 4IF XSPUF BO FTTBZ GPS .BSJB 4ISJWFS T CPPL i5IF 4ISJWFS 3FQPSU ‰ " 8PNBO T /BUJPO 5BLFT PO "M[IFJNFS T w BOE XBT JOUFSWJFXFE CZ i(PPE .PSOJOH "NFSJDB w i5IF $#4 &WFOJOH /FXT XJUI ,BUJF $PVSJD w i$//w BOE i/FXTXFFL .BHB[JOF w

0GG *OWJTBMJHO '3&& 5FFUI 8IJUFOJOH BU FOE PG UIF USFBUNFOU

t %PDUPS TFFT FWFSZ QBUJFOU FWFSZ WJTJU t $POTJTUFOU PO UJNF BQQPJOUNFOUT t i*O IPVTF FBTZ QBZNFOU QMBOT w t $PNQMJNFOUBSZ PSUIPEPOUJD FYBNT t 'SJFOEMZ $BSJOH )JHIMZ 5SBJOFE TUBGG *OWJTBMJHOÂ¥ BOE USBEJUJPOBM CSBDFT .PTU JOTVSBODF QMBOT BDDFQUFE m MFE

/ UI 4U 8

8FTU $ 4USFFU

0GGFS BQQMJFT UP OFX QBUJFOUT POMZ -JNJU POF DPVQPO QFS GBNJMZ /PU UP CF VTFE BT QBZNFOU PS DPNCJOFE XJUI BOZ PUIFS PGGFS PS DPVQPO "E NVTU CF QSFTFOUFE BU DPOTVMUBUJPO ).0T FYDFQUFE 0GGFS FYQJSFT

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'

"DUPS TJOHFS BOE "M[IFJNFS T BDUJWJTU

SPN B WFSZ ZPVOH BHF "TIMJF )PSTU IBT IBE UP UIFSF BSF MJLF TFOJPST JO UIJT TDIPPM BOE PVU PG BMM QFSTFWFSF UIPTF LJET * N MJLF JO UIF UPQ FJHIU w TBJE "TIMJF i* N "GUFS IBWJOH USPVCMF JO LJOEFSHBSUFO BU BHF HPJOH UP CF JO UIF ZFBSCPPL BOE * XBT KVTU TP FYDJUFE IFS NPUIFS UPPL IFS UP CFDBVTF FWFS TJODF * TBX UIBU GSFTINBO ZFBS * BO FZF EPDUPS BOE EJT XBT MJLF A* N HPJOH UP CF PO UIBU QBHF w "(& DPWFSFE TIF XBT MFHBMMZ )FS GBNJMZ OPUFE UIBU "TIMJF T BDIJFWF 4$)00- -BODBTUFS CMJOE JO IFS SJHIU FZF NFOUT DPNF GSPN IFS VOXBWFSJOH OFFE UP )JHI 4DIPPM (0"- .BTUFS T 5IF TUSVHHMFT DPO TVDDFFE EFHSFF JO DPNQVUFS UJOVFE BT IFS HMBTTFT i4IF T FYUSFNFMZ TFMG NPUJWBUFE w TBJE TDJFODF NBEF IFS UIF UBSHFU PG "NBOEB "TIMJF T PMEFS TJTUFS i"T TPPO BT SJEJDVMF UIBU UP UIJT EBZ TIF T HPU IFS NJOE TFU PO TPNFUIJOH TIF MM JT EJGm DVMU GPS IFS UP EJTDVTT XPSL BU JU VOUJM TIF IBT JU BT QFSGFDU BT TIF DBO HFU JU w i*U XBT SFBMMZ IBSE w "TIMJF TBJE XJUI B QBVTF UP i"TIMJF IBT CFFO LJOE PG B TUBOEPVU TUVEFOU GPS VT DPMMFDU IFSTFMG i0ODF * EJE HFU NZ HMBTTFT UIFZ 4IF DBNF JO GBJSMZ TUSPOH BDBEFNJDBMMZ BOE NVTJDBMMZ XFSF SFBMMZ UIJDL * XBT BMXBZT BCPVU NZ HMBTTFT PODF * HPU UI XBT LJOE PG MJLF FJUIFS CF CMJOE 4FF )0345 PO NBEF GVO PG FJUIFS XBZ w %FTQJUF UIF FNPUJPOBM UPMM GS IFS DIJMEIPPE "TIMJF IBT UISJW 5IF -BODBTUFS )JHI 4DIPPM TF OJPS DBSSJFT B HSBEF QPJOU BWFSBHF TUVEJFT 'SFODI BOE JT QMBOOJOH UP BUUFOE #SJHIBN :PVOH 6OJWFSTJUZ 4IF BMTP QMBZT QJBOP BOE QFSDVTTJPO JOTUSVNFOUT BOE IBT CFFO JO UIF TDIPPM T NBSDIJOH CBOE GPS GPVS ZFBST i8F GFFM HSFBUMZ CMFTTFE UP IBWF IFS BT B EBVHIUFS TIF IBT FBSOFE BMM PG IFS TVDDFTT w TBJE IFS NPUIFS $IBS )PSTU i)FS TVDDFTTFT BSFO U CFDBVTF PG IFS QBSFOUT JU JT CFDBVTF TI XBOUT UP CF TVDDFTTGVM w "TIMJF IBT BMTP IFMQFE DPMMF GPPE GPS IPNFMFTT TIFMUFST BOE JODPNF GBNJMJFT WPMVOUFFSFE B ESJWFT BOE TFSWFE BT QBSU PG IF FNFSHFODZ OFUXPSL BT B MJDFOT SBEJP UFDIOJDJBO "TIMJF FYDFMT JO NBUI BOE JT UBLJOH USJHPOPNFUSZ 4IF IBT C UIF QSJODJQBM T )POPS 3PMM GPS G ZFBST BOE XBT TFMFDUFE CZ UFBD UP CF POF PG UIF 5PQ &JHIU )JH 4DIPPM 4FOJPS 1BDF 4FUUFST i5IBU T QSPCBCMZ POF PG UIF POFT * BN NPTU QSPVE PG CFDBVTF

"(& 4$)00- 7JFXQPJOU 4DIPPM (0"- 7PDBM QFSGPSNFS BOE TDSFFOXSJUFS

NFOEBUJPOT BOE BXBSET GPS IFS BEWP DBDZ XPSL JODMVEJOH CFJOH IPOPSFE JO TQSJOH CZ UIF $BMJGPSOJB 4PVUIMBOE $IBQUFS PG UIF "M[IFJNFS T "TTPDJBUJPO XIJDI BXBSEFE IFS UIF &MTB 'BCBSFT $BSFHJWFS "XBSE GPS UIF ZFBST PG DBSF TIF IBE HJWFO IFS EBE 4IF T B SFDJQJFOU PG %VLF PG &EJO CVSHI HPME TJMWFS BOE CSPO[F NFEBMT GPS IFS "M[IFJNFS T XPSL XBT OBNFE B )BMMNBSL $IBOOFM )FSP BOE ,5-" :PVOH *DPO BOE SFDFJWFE SFDPHOJ UJPO GSPN UIF TUBUF -PT "OHFMFT $PVOUZ BOE UIF DJUZ PG -PT "OHFMFT -JOETFZ IBT B HSBEF QPJOU BW FSBHF BU 7JFXQPJOU JT B DIFFSMFBEFS BOE JT B NFNCFS PG UIF DIPSVT WPDBM KB[[ HSPVQ BOE DPOUFNQPSBSZ WPDBM FOTFNCMF 4IF T B NFNCFS PG UIF 'PVOEFS T $MVC (MFF $MVC -JCSBSZ $PNNJUUFF BOE $POTFSWBUPSZ PG

4FF +03%"/ PO


3ZBO %BWJT (SJEJSPO TUBS FBSOFE SFTQFDU PG PQQPTJOH DPBDIFT 8SJUUFO CZ .&3*4" +&/4&/ t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

'SPN DPDLQJU PG B IJHI QFSGPSNBODF KFU m HIUFS BJSDSBGU *G UIF $PBTU (VBSE PG GFST UIF BMUFSOBUJWF QBUI IF TBX UIF ,FWJO $PTUOFS m MN i5IF (VBSEJBOw BOE TBJE IF BENJSFT IPX UIF $PBTU (VBSE VTFT TFBSDI BOE SFTDVF UP SFUSJFWF UIPTF MPTU BU TFB .BSL JT DSBNNJOH GPS UFTUT XJUI UIF OFDFTTBSZ CPPLT UP GVMm MM IJT ESFBN *G IF T OPU QBSUJDVMBSMZ WFSTFE JO UIF MJUFSBSZ XPSME IF JT WFSZ UIPSPVHI JO BMM UIF XPSL IF IBT CFFO EPJOH BT B DBEFU MFBEFS BOE BMTP BT B DIVSDI WPMVOUFFS KVTU SFUVSOFE GSPN B USJQ UP UIF %PPS PG 'BJUI PSQIBOBHF JO .FYJDP OFBS &OTFOBEB i8F CPOEFE XJUI UIF PSQIBOT w IF TBJE i5IFSF JT B ESBNBUJD EJG GFSFODF EPXO UIFSF XIFO ZPV TFF QFPQMF JO UIFJS EFTQFSBUJPO UIF EJGGFSFODF JO XIFSF UIFZ MJWF UIF CVJMEJOHT w 0OF PG IJT DPNNVOJUZ TFSWJDF QSPKFDUT JOWPMWFE DPPSEJOBUJOH TFOE JOH DBSF QBDLBHFT UP 6 4 NJMJUBSZ TFSWJOH JO *SBR BOE "GHIBOJTUBO )F BMTP BTTJTUFE XJUI DBOOFE GPPE EPOBUJPOT GPS BSFB DIVSDIFT BOE UIF (SBDF 3FTPVSDF DPNNVOJUZ GPPE CBOL BOE TIFMUFS QSPHSBN 5IF DBSF QBDLBHFT UP UIF USPPQT iXBT TPNFUIJOH XF EJE BU TDIPPM 5IF CSPUIFS PG POF PG UIF HJSMT JO UIF QSPHSBN TBJE UIFSF BSF QFPQMF PVU UIFSF XIP BSFO U HFUUJOH BOZUIJOH *U XBT TIBWJOH NBUFSJBMT BOE BMM UIF PUIFS DPNGPSU JUFNT CVU SFBMMZ XIBU XF XBOU UIFN UP LOPX JT UIBU UIFSF BSF QFPQMF XIP DBSF BCPVU UIFN BOE BSF QSBZJOH GPS UIFN w

5IF +VOJPS 305$ QSPHSBN IBT PGGFSFE IJN JOTJHIUT iGSPN MFBSOJOH IPX UP NBLF EFDJTJPOTw UP TQJOOJOH B SFQMJDB 4QSJOHm FME NJMJUBSZ SJn F PWFS IJT IFBE BT QBSU PG UIF "SNFE %SJMM UFBN i* OFWFS UIPVHIU * E CF TUBOEJOH VOEFS B SJn F TQJOOJOH VQ ยก GFFU PWFS NZ IFBE w .BSL TBJE QSPVE PG UIF VOJU T NBOZ BXBSET .BSL IBT MFBSOFE BMPOH XJUI UIF PUIFS DBEFUT UIF IJTUPSZ BOE CBTJD QSJODJQMFT PG BFSPTQBDF TUVEJFT BT XFMM BT UIF IJTUPSZ BOE CBTJDT PG n JHIU JUTFMG "EEJUJPOBMMZ IF JT BCMF UP DMJNC JOUP UIF DPDLQJU PG B $FTTOB XJUI IJT GBUIFS BMTP B QJMPU 5IF TPO PG 4V[Z BOE 3BZ $SBNN IJT JOUFSFTUT IBWF JODMVEFE WPMVOUFFS JOH BT BO BVEJP MJHIU UFDIOJDJBO BU $FOUSBM $ISJTUJBO $IVSDI i* CFMJFWF (PE IBT B QMBO w .BSL TBJE BOE SFJU FSBUFE IJT PXO NPUJWBUJPO iUP TFSWF B HSFBUFS QVSQPTF UIBO NZTFMG w )F BEET i*U JT IVNCMJOH LOPX JOH IPX QPXFSGVM (PE JT w )F TBJE IJT DIVSDI VQCSJOHJOH TIPXFE IJN UIBU QFPQMF XIP PUIFSXJTF NJHIU OPU HFU UPHFUIFS DBO EP TP UIFO iIBWF GFMMPXTIJQ XJUI B MPU PG QFPQMF ZPV NJHIU OPU IBWF LOPXO w

,": 'SPN XPSLJOH XJUI UFBNNBUFT QBZ PGG w +PTI XBOUT UP DBSSZ UIPTF MFBEFS TIJQ TLJMMT JOUP UIF 6 4 "SNZ )F XBOUT UP CFDPNF B SBOHFS BGUFS BUUFOEJOH UIF 6 4 .JMJUBSZ "DBEFNZ CVU BT B CBDLVQ IF JT BMTP BQQMZJOH UP UIF 6 4 /BWBM "DBEFNZ UP CFDPNF B .BSJOF )JT GBUIFS #PC ,BZ JT SFUJSFE GSPN UIF 6 4 "JS 'PSDF IJT CSPUIFS +POB UIBO JT B GSFTINBO BU UIF "JS 'PSDF "DBEFNZ BOE CSPUIFS 1IJMJQ HSBEVBU FE GSPN UIF /BWBM "DBEFNZ MBTU ZFBS BOE JT BUUFOEJOH 4UBOGPSE i5IFZ XFSF SFBMMZ NZ IFSPFT w IF TBJE i* MPPLFE VQ UP UIFN "T * WF HSPXO VQ BOE TFFO UIF MFBEFSTIJQ PG NZ EBE IF T NZ IFSP BOE * XBOU UP CF UIF UZQF PG NBO IF JT w +PTI TBJE IJT MPWF GPS UIF "SNZ CF HBO XIFO IF TBX B EJTQMBZ PG UBOLT BU )PMMPNBO "JS 'PSDF #BTF i&WFS TJODF * XBT * GPVOE UIF "SNZ JT TPNFUIJOH * MJLFE w +PTI TBJE i* MJLFE UIBU B MPU NPSF *U TUVDL XJUI NF w "MUIPVHI IF XBOUT UP DBSSZ PO B GBNJMZ USBEJUJPO PG TFSWJOH JO UIF NJMJ

UBSZ IF BMTP GFFMT JU JT B SFTQPOTJCJMJUZ i* XBOU UP HJWF CBDL B MJUUMF UP NZ DPVOUSZ JO UIF GSFFEPNT JU T HJWFO NF w +PTI TBJE +PTI TBJE IF IBT USJFE UP EFWFMPQ IJT MFBEFSTIJQ TLJMMT i:PV IBWF UP TIPX NBKPS MFBEFSTIJQ w +PTI TBJE i5IFZ BSF USZJOH UP m OE PGm DFST UP MFBE ZPVOH TPMEJFST *G UIFZ XBOU UIF CFTU PG UIF CFTU UIFZ XBOU ZPV UP CF TNBSU 5IFZ XBOU BUIMFUFT *U T QSFUUZ NVDI UIF CFTU PG UIF OBUJPO w +PTI IBT CFFO IFBWJMZ JOWPMWFE JO ZPVUI MFBEFSTIJQ JODMVEJOH QBSUJDJQBU JOH JO UIF :PVUI $PNNJTTJPO XIJDI

4FF %"7*4 PO XPSLT XJUI UIF DJUZ PG -BODBTUFS i+PTIVB ,BZ JT POF PG UIPTF LJET UIBU UFBDIFST XJMM SFNFNCFS XFMM BT CFJOH QBTTJPOBUF B HPPE TUVEFOU WFSZ TPDJBM BOE NPUJWBUFE w TBJE #FUIBOZ (SBDF XIP PWFSTBX +PTIVB T JOUFSOTIJQ BU IJT NPUIFS T m SN BOE XIP OPNJOBUFE IJN +PTI JT BMTP JOWPMWFE JO B XPSTIJQ UFBN BU IJT DIVSDI BOE JT JO IJT TFD POE ZFBS PO UIF TDIPPM T ESBNB UFBN HFUUJOH UIF MFBE SPMF JO CPUI QSPEVD UJPOT UIBU IBWF CFFO QVU PO i5IF $SVDJCMFw BOE UIJT ZFBS T i5IF 8JOE JO UIF 8JMMPXT w

$POHSBUVMBUJPOT

'VUVSF -FBEFST

)FSF T 5P :PVS 4VDDFTT

:PVS *ODPNF 5BY 4PMVUJPO 5BY 3FUVSO 1SFQBSBUJPO 5BY BOE 'JOBODJBM 1MBOOJOH *OEJWJEVBM t $PSQPSBUJPOT t 1BSUOFSTIJQT t --$ T

&MFDUSPOJD 'JMJOH t -BUF 'JMFST 5BY 3FQSFTFOUBUJPO 8FTU "WF . ]

$3"..

TFFNFE UP CF FBTZ EFDJ TJPOT UP NBLF GPS UIF EJWJTJPO DPBDIFT XIP WPUF PO TVDI BXBSET i"MM PG IJT PQQPTJOH DPBDIFT SFTQFDUFE IJN FOPSNPVTMZ w %BIMJB TBJE i 4JFSSB $BOZPO DPBDI +PO &MMJOHIPVTF EJEO U IBWF UP m HIU GPS BOZUIJOH GPS IJN UP CF OPNJOBUFE BMM $*' FWFO UIPVHI IF EJEO U IBWF UIF ZBSET %FGFOTJWFMZ XIFO UIF PQQPTJOH UFBNT IBE UP TDIFNF BSPVOE IJN UIBU TIPXFE XIBU UZQF PG B GPPUCBMM QMBZFS IF XBT w 3ZBO JT BMTP UIF SFDJQJFOU PG UIF /BUJPOBM )JHI 4DIPPM 'PPUCBMM )BMM PG 'BNF BXBSE GPS UIF 4QJS JUT UIJT TFBTPO 5IF IPOPS JT CBTFE PO HSBEFT DIBSBDUFS BOE GPPUCBMM BDDPMBEFT 3ZBO XBT BMTP B DBQUBJO PO UIF GPPUCBMM UFBN UIJT ZFBS XIJDI JT TPNFUIJOH IF DIFSJTIFE i*U XBT KVTU BO IPOPS CFDBVTF OPU FWFSZPOF HFUT UP CF B DBQUBJO BOE CFJOH B DBQUBJO BU 1BSBDMFUF NFBOU B MPU w IF TBJE 3ZBO XBT BMXBZT B HPPE BNCBTTBEPS GPS UIF UFBN BOE TIPXFE DIBSBDUFS UISPVHIPVU UIF TFBTPO XJO PS MPTF i)F T B QSFUUZ TQFDJBM LJE w %BIMJB TBJE i8IBU NBLFT 3ZBO B HPPE MFBEFS JT "(& 4$)00- 1BSBDMFUF )JHI 4DIPPM (0"- %FOUJTU XJUI B QSBDUJDF JO .JBNJ

TNJMF i)F T KVTU CFFO BO BCTPMVUF KPZ UP IBWF BSPVOE GPS GPVS ZFBST w 1BSBDMFUF )JHI 4DIPPM GPPUCBMM DPBDI /PSN %BIMJB TBJE i)JT QFSTPOBMJUZ JT JOGFDUJPVT w 'PS UIBU SFBTPO 3ZBO JT DP QSFTJEFOU PG UIF 4UVEFOU "NCBTTBEPST BU 1BSBDMFUF XIFSF IF FTDPSUT JNQPSUBOU QFPQMF BOE QPUFOUJBM TUVEFOUT BSPVOE UIF TDIPPM i5IBU QSPHSBN JT QSFUUZ GVO w 3ZBO TBJE i*U FYQSFTTFT UP ZPVOHFS LJET NPSF FJHIUI HSBEF TUVEFOUT XIBU 1BSBDMFUF EPFT IBWF UP PGGFS BOE IPX HSFBU PG B TDIPPM XF BSF TP UIBU QFPQMF XJMM IBWF NPSF LOPXMFEHF PG UIF TDIPPM w 3ZBO T TNJMF IBT HPUUFO IJN GBS BOE IF IPQFT UP HJWF PUIFS QFPQMF TPNF UIJOH UP TNJMF BCPVU CZ CFDPNJOH B EFOUJTU i(SPXJOH VQ * XBT UIF LJE UIBU BMXBZT MJLFE

CFJOH JO UIF EFOUJTU T PGm DF w IF TBJE i*U XBT BMXBZT DMFBO BOE UIF EFOUJTUT XFSF BMXBZT OJDF w 3ZBO XIPTF QBSFOUT BSF 5BNBSB 8JMTPO BOE 3PPTFWFMU %BWJT 4S BMTP XBOUT UP CF B EFOUJTU CFDBVTF UIFZ NBLF NPOFZ BOE JU T TPNFUIJOH IF DPVME EP UP IFMQ IJT GBNJMZ i* BMTP TBX UIBU UIFZ XFSF WFSZ XFMM PGG w 3ZBO TBJE i4P * XBT MJLF UIJT XPVME CF B QSFUUZ DPPM UIJOH UP EP UP XPSL BOE CFDPNF TVDDFTTGVM BOE CF BCMF UP TVQQPSU NZ NPN BOE NZ GBNJMZ XIFO * HFU PMEFS w 3ZBO T HPBM JT UP PQFO B QSBDUJDF JO .JBNJ )F XFOU UIFSF MBTU ZFBS BOE GFMM JO MPWF XJUI UIF BSFB 3ZBO T IFMQGVM OBUVSF JT FWJEFOU JO IJT WPM VOUFFS BOE DIBSJUZ XPSL )F IBT IFMQFE DMFBO VQ MPX JODPNF BSFBT XJUI 1SFTJEFOUJBM + . $MFBOJOH TPME SBGn F UJDLFUT GPS UIF #PZT BOE (JSMT $MVC BOE TUBSUFE NPXJOH MBXOT GPS FMEFSMZ QFPQMF XJUI IJT CSPUIFS "OE XIFO IF T OPU TUVEZJOH PS EPJOH XPSL JO UIF DPNNVOJUZ 3ZBO JT PO UIF GPPUCBMM m FME )F XBT QBSU PG UIF 1BSBDMFUF $*' 4PVUIFSO 4FDUJPO &BTU 7BMMFZ %JWJTJPO DIBNQJPOTIJQ UFBN BOE XBT BMM "MQIB -FBHVF BOE BMM $*' XIJDI

,*&''& 40/4 '03% .PKBWF

4JFSSB )XZ t 1BSUT 4FSWJDF "QQPJOUNFOUT

3PTBNPOE

4JFSSB )XZ t $PSOFS PG 3PTBNPOE #MWE 4JFSSB )XZ

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

3

ZBO %BWJT JT UIF LJOE PG QFSTPO XIP MJHIUT VQ B SPPN XIFO IF XBMLT JO XJUI IJT CSJHIU XIJUF


#3"5&3 'SPN

)!. 0((!*

+% + '' + ,) / +2 *+). ) 2). ( && 2).+ )'*&#,"' (-, 2 -" )+ & ,, 2). #( && 2). ) )/ 2). / +2 '. "

-4 * 0-/%.

2(-"#

! -! ,-+0 /+ $ 1! .0 $ * +0/./ * %*# .+* +0- " %/$ /!* %/4 * !3 !((!* ! -! %*.,%-%*#

+ *+). ) 2).

!

" #

+0 $ 1! (!..! ) *4 ,!+,(! 2%/$ 4+0- &+4 +" .!-1%*# +/$!-. ! -! !3 %/! /+ 2 / $ + . ,( * "+- 4+0- (%"! 0*"+( . ! 0.!. 4+0- #%"/. * ) *4 / (!*/. /+ (!.. +/$!-. ! (+1! 4+0 * -!&+% ! %* /$! 2+) * 4+0 $ 1! ! +)!

" ),2" 5,1 +! ." /, -.,1! ,# )) 5,1 2" ,*-)&/%"! ,,! )1 ( &+ 5,1. #101." "+!" 2,./ " (+,3 5,1 3&)) /1 ""! &+ )) )&#" % / 0, % ))"+$" , )&* 0.""

5)"+" !

5)". . +

% $!((! -.+*.

/*&+" " ." -.,1! ,# 5,1

" ." /, -.,1! ,# 5,1 +! 5,1. ,*-)&/%*"+0/

.! 3,.( &/+ 0 " /5 10 0%" ."3 .!/ ." /, $." 0 ,+$. 01) 0&,+/ 0, ', 3")) !,+" 5,1 !"/".2" &0

" # !

! ("++

)"4 +!. " ." /, -.,1!

" ." -.,1! ,# 5,1

,+$. 01) 0&,+/ ,+ )) ,# 5,1. %&"2"*"+0/

% +( 5,1 #,. )) 0%" ',5 5,1 % 2" $&2"+ 1/

" # !

! "

"

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

! " !

). ( )' (2-"#(! 2). 0 (- # 2). , - 2).+ '#( -) #-

! -! .+ ,-+0 +" 4+0 +0 $ 1! 2+-'! $ - * +),(%.$! )0 $ * 4+0 -! 4+0*# ) * +" "%*! $ - /!- +0 -! +/$ (!..! * (!..%*# ! "

IJTUPSZ i*U XBT DIBMMFOHJOH w TIF TBJE i#VU JU XBT BXFTPNF XIFO PO NBZCF UIF UIJSE EBZ * HPU UP XBUDI IJN )JT NPN XPVME UFMM NF BMM UIFTF JOTUSVDUJPOT PO IPX UP QVU IJN UP TMFFQ BOE IPX * XPVME IBWF UP TJHO UP IJN BOE SPDL IJN i5IFO POF EBZ * MBJE IJN EPXO JO UIF DSJC BOE IF XBT n JDLJOH IJT m OHFST BMNPTU MJLF TJHO MBOHVBHF UP A5XJOLMF 5XJOLMF -JUUMF 4UBS 4P * BTLFE A0, 4FUI EP ZPV XBOU NF UP TJOH UP ZPV BOE IF OPEEFE IJT IFBE i* TUBSUFE TJOHJOH A5XJOLMF 5XJO LMF -JUUMF 4UBS BOE IF TUBSUFE n JDLJOH IJT m OHFST BHBJO VTJOH TJHO MBOHVBHF XJUI NF 5IBU LJOE PG BNB[FE NF w 5BML UP 3BDIBFM T QBSFOUT PS IFS UFBDIFST BU %FTFSU BOE ZPV XPO U FODPVOUFS BT NVDI BNB[FNFOU 4IF IBT SPVUJOFMZ SBJTFE UIF CBS PG FYQFD UBUJPOT TP IJHI UIBU BEVMUT BSF HMBE UP MPPL VQ UP UIJT BEPMFTDFOU 8IJMF IFS GBUIFS XBT EFQMPZFE UP *SBR JO 3BDIBFM TBZT TIF MFBOFE IFBWJMZ PO UIF MPWF PG IFS TJTUFST BOE NPUIFS BOE UIF TUVSEJOFTT PG IFS GBJUI 4IF FOUIVTJBTUJDBMMZ IFMQFE NBJOUBJO UIF GPPE QBOUSZ UIBU TFSWFT BJSNFO T GBNJMJFT BOE CBCZ TBU DIJMESFO XIPTF QBSFOUT IBE CFFO EFQMPZFE 4IF UPPL DIBSHF PG B QSPHSBN BU %FTFSU DBMMFE i%PH 5BHT 'PS ,JET w XIJDI IFMQT DIJMESFO XIPTF QBSFOUT IBWF HPOF PWFSTFBT i8F FBSOFE NPOFZ GPS BCPVU EPH UBHT w 3BDIBFM TBJE i*U XBT PCWJPVTMZ B UPVHI UJNF GPS NZ GBNJMZ XIFO NZ EBE XBT JO *SBR #VU * XBT BCMF UP TIPX MPWF UP PUIFS QFPQMF PO UIF CBTF BOE UIBU SFBMMZ IFMQFE w " QSPVE NFNCFS PG %FTFSU T +VOJPS 305$ QSPHSBN 3BDIBFM VOFYQFDUFEMZ GPVOE IFSTFMG PO UIF SFDFJWJOH FOE PG UIF MPWF B ZFBS BHP XIFO TIF XBT IPOPSFE XJUI 305$ T .JMJUBSZ 0SEFS PG UIF 1VSQMF )FBSU 'PS IFS EFEJDBUJPO MFBEFSTIJQ BOE PSHBOJ[BUJPOBM TLJMMT 3BDIBFM SFDFJWFE B OBUJPOBM BXBSE XIJDI JODMVEFT B TDIPMBSTIJQ i3BDIBFM JT B TIJOJOH MJHIU BU UIF IJHI TDIPPM w TBJE SFUJSFE "JS 'PSDF $PM .BSL 4VMMJWBO XIP PWFSTFFT %FTFSU T +VOJPS 305$ QSPHSBN i4IF JT UIF SPMF NPEFM GPS PVS A4FSWJDF #FGPSF 4FMG FUIPT BOE QSPWJEFT PVU TUBOEJOH MFBEFSTIJQ BOE NFOUPSTIJQ GPS PVS TUVEFOUT i"T UIF EFQVUZ DPNNBOEFS GPS NPSF UIBO +305$ DBEFUT TIF PS HBOJ[FT EBJMZ BDUJWJUJFT BOE NBOBHFT UIF GVODUJPOT PG UIF DPSQT w 3BDIBFM T GFFU SFNBJO m SNMZ PO UIF HSPVOE BT IFS %FTFSU WPMMFZCBMM BOE DSPTT DPVOUSZ UFBN NFNCFSTIJQ DPOm SNT "U &EXBSET TIF IBT GPVOE UIF QFSGFDU TZOUIFTJT PG NJMJUBSZ BOE SFMJ HJPVT EJNFOTJPOT PG TFSWJDF *G UIFSF BSF OP XPSET UP EFTDSJCF JUT DVMUVSF PG SFBDIJOH VODIBSUFE QPTTJCJMJUZ 3BDIBFM VOEFSTUBOET 1FSGFDUMZ


#308/ 'SPN

% $%#( # ,#(

%

!' )!& !# ' # ! )$$ # $% #

( , (/ '(&+ & /&+ &+ , &% )& $+ % /&+ ) (, ## * &# ) * % $ 0!% &$'#!) $ %*

(!))

! # %& % ! $ 1

( .*( $ #/ '(&+ & /&+ % /&+( &$'#!) $ %*) (&$ ) / #!**# !(# *& &% ! %* +*+( # ( !* ) % % &%&( *& - * /&+ (&- !%*& * +*! +# /&+% -&$ % * * /&+ , &$

" ' 1(- / * (*' / " +( & '1 "() + ' * &+ (* 1(- " '$ 1(- (* %* 1 & $#'! * &+ (& ,*-

!' )!& ( )$ ! % #

)&%

!! !

* ' #) # % # $ ( % # # ( )$ # # )!& ' ( % )!& % $%# % % " % % " $$ ! %! # !# % $% #$ %! % (!# + 1

(%(& " # ! &# $%#( # ,#( ! &(% ,#( % # " '# &( && ( " % ' %

( )& '(&+ & /&+ !' ! !"

( &1 +, *# ' ' (1 *# ' (- * +- " " * /(*$#'! 1(-'! & ' /"( " + !* , & #,#('+ ,( " '! ," /(*% (* ," ,, * ' $'(/ (* *, #' 1(- /#%% & ,"*#%% (-, 1(- * #.#'! ," '(&#' ,#(' '(/ & '0#(-+%1 / #,#'! -',#% ," 1 / ' %% 1(- * * +# ', !' )

! # %& % ! $ &(' (- * ' #'+)#* ,#(' ,( -+ %% * +( )*(- ( 1(- ' ," (&)%#+"& ',+ 1(- " . & ,"-+ * %(. 1(- &(' !' ! ! $ #! ) #

*/

(+"- 1

( )& , (/ '(&+ & /&+ #&, /&+

* +( )*(- ( 1(- ' /"( 1(- * + ) *+(' $'(/ ( " + #! )% '+ (* 1(- #' ," -,-*

! #)$%

!' "

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

&(' &#,"

!

!' )!& ! & &#

JOOFS DJUZ DIJMESFO 8IJMF UIF 7BMMFZ IBT GFMU UIF JNQBDU PG "QSJM T XPSL TPNF PUIFS DJUZ XJMM TPPO CFOFm U GSPN IFS HPPE XPSLT BT TIF JT XFJHIJOH IFS PQUJPOT GPS DPMMFHF "QSJM IBT OBSSPXFE IFS MJTU UP GPVS TDIPPMT o BMM WBTUMZ EJGGFSFOU GSPN FBDI PUIFS 4IF JT DPOTJEFSJOH )BSWBSE ,JOHT $PMMFHF JO /FX :PSL #JPMB 6OJWFSTJUZ BOE $BMJGPSOJB 4UBUF 6OJWFSTJUZ -POH #FBDI i5IFZ SF BMM DPNQMFUFMZ EJGGFSFOU TDIPPMT w "QSJM TBJE XJUI B MBVHI i* N OPU SFBMMZ TVSF XIBU T HPJOH UP IBQQFO XJUI UIBU ZFU w 8IFSFWFS TIF HPFT "QSJM T GBNJMZ LOPXT TIF MM CF TVDDFTTGVM i4IF T QSFUUZ QBTTJPOBUF BCPVU UIF UIJOHT TIF HFUT IFSTFMG JOWPMWFE XJUI w "NPT $JTOFSPT TBJE i* UIJOL JU T LJOE PG CFTU UIBU TIF TUBZT XFMM SPVOEFE VOUJM TIF LOPXT XIBU TIF XBOUT UP EP XJUI IFSTFMG 5IBU T QSPC BCMZ UIF NPTU BQQFBMJOH UIJOH GPS IFS JO DPMMFHF w "OE FWFO JG TIF T VOEFDJEFE PO IFS GVUVSF "QSJM XJMM DFSUBJOMZ UISJWF PODF TIF m OBMMZ m HVSFT PVU IFS DBMM JOH i* WF CFFO DPOTJEFSJOH UIBU B MPU w TIF TBJE i#VU IPOFTUMZ * IBWF OP JEFB XIBU * XBOU UP EP JO UIF GVUVSF i* GFFM MJLF UIFSF T TP NBOZ UIJOHT * MJLF EPJOH w

! #$ # " #

'SPN

! # %& % ! $ $ )

$*4/&304

4IF MJLFT UP USBWFM 'SPN UP TIF BOE IFS GBNJMZ TQFOU B ZFBS PO UIF SPBE USBWFMJOH UIF 6OJUFE 4UBUFT UP FYQFSJFODF UIF IJTUPSZ BOE HFPHSBQIZ UIBU NPTU QFPQMF POMZ MFBSO BCPVU JO CPPLT i* IBE UP n Z GSPN 'MPSJEB UP HFU CBDL UP -BODBTUFS GPS NZ 1BSBDMFUF FOUSBODF FYBN w TIF TBJE i8F NBEF JU UP BMM PG UIF TUBUFT FYDFQU GPS )BXBJJ "MBTLB 8JTDPOTJO BOE .JTTPVSJ )FS TDIPPM BDUJWJUJFT JODMVEF TFSWJOH JO "TTPDJBUFE 4UVEFOU #PEZ BT B GSFTINBO BOE JO UIF .BUI BOE 4DJFODF $MVC $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO BOE BUIMFUJDT 4IF XBT QBSU PG UIF USBDL UFBN DPNQFUJOH JO UIF TQSJOU BOE IVSEMF FWFOUT +FTTJDB QMBZT UIF WJPMB BOE WJPMJO BOE IPQFT UP QMBZ JO B DPMMFHF PSDIFTUSB *O (JSM 4DPVUT TJODF UIF GPVSUI HSBEF +FTTJDB FBSOFE UIF #SPO[F 4JMWFS BOE (PME BXBSET 4IF T CFFO B NFNCFS PG $BOZPO $PZPUFT ) $MVC GPS ZFBST i(JSM 4DPVUT UBVHIU NF UJNF NBOBHFNFOU IPX UP XPSL XJUI PUIFST DPNNVOJDBUJOH FTQF DJBMMZ PO HSPVQ QSPKFDUT w TIF TBJE i* BMTP MFBSOFE IPX UP TFX CVEHFU BOE PUIFS QSBDUJDBM TLJMMT 'SPN ) * MFBSOFE PVUEPPST TUVGG * N SFBMMZ JOUP XFMEJOH BOE TIPPUJOH * HPU NZ IVOU JOH MJDFOTF w +FTTJDB XBOUT UP PXO IFS PXO FOFSHZ EFWFMPQNFOU m SN i8JUI NZ FNQMPZFFT * XJMM NBLF TVSF UIBU IBSE XPSL JT SFXBSEFE w TIF TBJE i5IF IBSEFS UIFZ XPSL UIF GBTUFS UIFZ NPWF VQ JO UIF DPNQBOZ w


-&7"3*0 'SPN

"

+ $)' ! #$ # "

# & " & "

$ $

!! -$)& & +$& # ( $# ' % $ $$ !) ( #(+$&( #'( ()(

! #$ # " )& #

"

& '$ %&$) $ !! ( & +$& -$) * $#

& ! " # & " " & "

! #$ # " )& #

% ' $ & '"

$)& & +$& # ( $# ' "$'( # ( !- % $ $) + !! $ & )' -$) * !+ -' ! * # -$)&' ! & '$ %&$) $ -$) # + ' -$) $#( #) ') '' # !

! #$ # "

( #$( # '( # # -$)& + - ($ ( ($ -$)& & " !$* -$) ' " #- && !' )!!'

%

' #!

$) * +$& & ($ " -$)& & " $" (&) & * &- %&$) $ -$)

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

% ' $

! ! $

'SPN

$' && $!

& ! #$ # "

'

40%&3(3&/

)& - &! + $ )' ($ ' )(( & ! ' ' #$+ & - ($ ' & & "' $)! #$( "$& %&$) $ ( -$)# +$" # -$) * $"

! #$ # " $! & '$ %&$) $ !! ( +$& -$) ($ " -$)& & " $" (&) + ' -$) $#( #) ') '' # ,( - & ( $!)" +$)! !'$ ! ($ ( # !! -$)& ( &' ( & %$' ! " #( &- # # *$)& ! $$! # # '( & # ( &' ( ! # $$! $& !! $ ( & & +$& # ( $# %

!! $!

& * &- %&$) $ -$) # !! -$)& $"%! ' " #(' $)& & +$& # ( $# ' & !!- % - # $ $)& )()& ' '$ & ( # + #$+ -$) + !! $"%! ' !! -$)& & "'

% ' $

% ' $ ! !

% ' $! # ! '

!

NFO USBOTJUJPO JOUP IJHI TDIPPM )F TQFOU B XFFL EVSJOH TVNNFS USBJOJOH UP CF B TFOJPS MFBEFS PG UIF ZFBS MPOH QSPHSBN i*U T MJLF B #JH #SPUIFS UZQF PG QSPHSBN w 7JDUPS TBJE i:PV HJWF GSFTINBO BEWJDF BOE IFMQ UIFN GFFM NPSF XFMDPNF w 7JDUPS JT BMTP JOWPMWFE JO TUVEFOU HPWFSONFOU DSPTT DPVOUSZ USBDL BOE m FME BOE ZFBSCPPL )JT MPWF GPS DPNQVUFST BOE EFTJHO FOBCMFE IJN UP EFTJHO UIF TFOJPS DMBTT 5 TIJSU i7JDUPS IBT EFNPOTUSBUFE MFBEFS TIJQ JO FWFSZ BSFB PG IJT MJGF BOE JT B XPOEFSGVM TUVEFOU XJUI BO FOHBHJOH QFSTPOBMJUZ w ,OJHIU DPVOTFMPS 5FSFTB 3 7BO ;BOEU TBJE i/BUVSBMMZ IF SJTFT UP UIF UPQ JO KVTU BCPVU FWFSZ FOEFBWPS w 7JDUPS BQQMJFE UP BUUFOE DPMMFHF BU TFWFSBM 6OJWFSTJUZ PG $BMJGPSOJB TDIPPMT BMPOH XJUI QSJWBUF JOTUJUV UJPOT 64$ 1SJODFUPO BOE )BSWBSE i* N KVTU UBLJOH NZ TIPU BU UIF CFTU w IF TBJE i&WFO JG * HFU B EFOJBM MFUUFS * DBO TBZ * IBE BO PQQPSUVOJUZ UP HP UP UIFTF TDIPPMT * UIJOL BOZ CPEZ IBT B DIBODF w 0QUJNJTN MJLF UIJT IBT BMMPXFE UIF IJHI TDIPPMFS UP FYDFM BOE IF QMBOT UP BMXBZT LFFQ UIJT QPTJUJWF BU UJUVEF 8IFSFWFS IJT GVUVSF NBZ MFBE IF QMBOT UP m OE B XBZ UP IFMQ i)JT HSFBUFTU TUSFOHUIT BSF IJT HSBDJPVT QFSTJTUFODF IJT SFTQPOTJCMF USVTUXPSUIJOFTT BOE IJT NPEFTU TFOTF PG IVNPS w 7BO ;BOEU TBJE i)F BMXBZT DIBMMFOHFT IJNTFMG w

BOE TP NBOZ OFX UIJOHT BCPVU MJGF w "NZ TBJE *O BEEJUJPO UP IFS BDBEFNJD JOUFSFTUT "NZ QMBZT UIF QJBOP BOE EBODFT -BTU ZFBS "NZ TFSWFE BT B KVSPS JO UIF DJUZ PG -BODBTUFS T 5FFO $PVSU B EJWFSTJPO QSPHSBN GPS m STU UJNF KVWFOJMF PGGFOEFST i* USJFE UP CF GBJS w "NZ TBJE i*U LJOE PG PQFOFE NZ FZFT UP SFBMJ[F UIBU UIFSF BSF QVOJTINFOUT UP BD UJPOT BOE JU NBEF NF SFBMJ[F UP UIJOL CFGPSF * BDU w 8FTUTJEF 6OJPO 4DIPPM %JTUSJDU 4VQFSJOUFOEFOU 3FHJOB 3PTTBMM XIP OPNJOBUFE "NZ TBJE UIF UFFO JT FO FSHFUJD PVUHPJOH LJOE BOE DBSJOH i4IF JT DPNNJUUFE UP EPJOH IFS CFTU BU BOZ FOEFBWPS BOE FYDFFET BMM FYQFDUBUJPOT w 3PTTBMM TBJE i"NZ IBT B CSJHIU GVUVSF CFDBVTF TIF JT JOUFM MJHFOU CVU UFNQFST UIBU XJUI IVNJM JUZ QPJTF BOE HFOVJOF DPODFSO GPS PUIFST w "NZ BMTP TFSWFT BT UIF BDBEFNJD FEJUPS PG 6CJRVJUZ UIF TUVEFOU OFXT QBQFS BU 2VBSU[ )JMM i*U T LJOE PG IBSE HFUUJOH TUBGG XSJU FST FYDJUFE UP XSJUF UIFTF BSUJDMFT PS TUVEFOUT UP MJLF SFBEJOH UIFN w "NZ TBJE i8F SF B TUVEFOU SVO QBQFS TP * MJLF CFJOH BCMF UP DIPPTF XIBU XF QVU JO UIF QBQFS w


.6--&/ 'SPN

"! $ &' & "!% .3#

% &# ) %, $%#( # ,#( #( ) *#% &# % '# ! ,#(% % !& #! '%( " ' & & (&' ' "" " " ' * ' '# & * ' & " +'

#( % & " " ' '# ,#(% % " & " ! ,. '%( % #) ,#( " % &# % ' ( #% ,#(

((#

). + ,. " .-# .& 2).(! & 2 ( " / )'*&#," ,) '. "

+ ,) *+). ) 2).

"( ! %'##"$& )"' "

-# "! $ &' & "!%

" (()( ). + ).+ $)2 ).+ *+# -) ., 2). + -+.&2 ,* # & !# - +)' ) ).- -" + ( ' % ( ' )+ 2).+, & ' % ., && *+).

,-" + 4 #( 5 )1

)(!+ -.& -#)(, )( && 2).+ )'*&#,"' (-,

! )"' "$ & %'##"$& ! ! "'$ !& , .&. %& $& , - 0 +- , )+ ( , $ , ++#! ( + #(+# " "% "% "" , * %, + .--)( , & (,%# , ++2 + -3 + ' && ( , + (%&#( " $ ""

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

# -)+# )* 3

"( "

+ ,) *+). ) 2). ( && 2). " / )'*&#," ,) +

" ! $& '$

%()0 2). 0#&& ) !+ - - )**#( - - + && ,) / +2 *+). ) 2). ( &)/ 2). / +2 '. " "( )"'$ ) $ ! $ ! # " ! %%)

#(

" ) ., + )+( 0#-" *)- (-# & -) .& #&& *.+*), '. " & +! + -" ( ).+, &/ , ).+ #(- !+#-2 #(- &&#! ( ( * ,,#)( #( "# /#(! -"), # &, " / +( 2). -" + ,* - ) 2).+ * +, - " +, ) -)+, ( '#&2 && " / ,) '. " *+# #( 2). ( ,. " ")* )+ 2).+ .-.+ ( -" + &#3 -#)( ) -" + ', 2). ")& +&2 - ()-"#(! ,- ( #( 2).+ 0 2 & "'$ "( * " !

"- "' "

NPWFE i*U T DFSUBJOMZ CFFO B WBMVBCMF FYQFSJFODF w +BNFT TBJE i5IF XIPMF QSPDFTT SFBMMZ JU T WFSZ DBQUJWBUJOH w +BNFT IBT BMTP QBSUJDJQBUFE JO USBDL BOE m FME TJODF IJT GSFTINBO ZFBS BOE XBT B WBSTJUZ BUIMFUF IJT TPQIPNPSF BOE KVOJPS ZFBS )F QMBOT UP CF JO WBSTJUZ USBDL BOE m FME BHBJO UIJT TQSJOH i5IJT ZFBS * N BDUVBMMZ HPJOH UP CF POF PG UIF DBQUBJOT TP JU TIPVME CF JOUFSFTUJOH w IF TBJE +BNFT VOXJOET CZ QMBZJOH IJT HVJUBS BOE NPVOUBJO EVMDJNFS XIJDI IF CFHBO QMBZJOH JO +VOF )F TBJE IF QMBZT NVTJD KVTU GPS GVO 0ODF B XFFL +BNFT WPMVOUFFST JO UIF /FJHICPSIPPE *NQBDU BGUFS TDIPPM QSPHSBN XIJDI BMMPXT IJN UP QMBZ TQPSUT BOE EFWFMPQ SFMBUJPOTIJQT XJUI MPDBM ZPVUI i*O UIF TIPSU UFSN UIF HPBM JT UP CF B QPTJUJWF QSFTFODF BOE HJWF LJET B QMBDF UP HP BGUFS TDIPPM XIFSF UIFZ XPO U CF HFUUJOH JOUP USPVCMF BOE UIFSF XJMM CF QPTJUJWF JOn VFODFT BSPVOE UIFN w IF TBJE i*U T DIBMMFOH JOH CVU JU T RVJUF SFXBSEJOH w *O 'FCSVBSZ +BNFT KPJOFE $BSBWBO .JOJTUSJFT B 5JKVBOB CBTFE PSHBOJ[B UJPO UP QBSUJDJQBUF JO UIF CVJMEJOH PG B IPNF GPS B GBNJMZ JO OFFE +BNFT m STU KPJOFE BT B GSFTINBO BOE TBJE UIFSF JT BO BOOVBM XFFLFOE USJQ JO 'FCSVBSZ BOE B XFFLMPOH TVNNFS USJQ 5IF HPBM EVSJOH B XFFLFOE USJQ JT UP CVJME B POF SPPN TUSVDUVSF BOE UISFF UP GPVS EVSJOH UIF MPOHFS USJQ 5IF HSPVQ UIFO NFFUT UIF GBNJMZ UIBU XJMM SFTJEF UIFSF i* N JODSFEJCMZ QSPVE BOE IVN CMFE CZ UIF PQQPSUVOJUJFT UIBU BSF QSFTFOUFE w "QSJM .VMMFO TBJE i8F WF XPSLFE IBSE BT B GBNJMZ 8F SFBMMZ WBMVF FEVDBUJPO BOE XF BSF CMFTTFE UP IBWF CPZT XIP BSF CSJHIU TFMG NPUJWBUFE BOE WFSZ IBSEXPSLJOH w ,FMMZ (SFFO IFBE PG %FTFSU $ISJTUJBO T IPNF FEVDBUJPO QSPHSBN OPNJOBUFE +BNFT GPS 'VUVSF -FBEFST CFDBVTF PG IJT TVDDFTT JO BDBEFNJDT SPCPUJDT BOE BUIMFUJDT i+BNFT IBT CFFO BO PVUTUBOEJOH BOE NVMUJGBDFUFE TUVEFOU UISPVHIPVU IJHI TDIPPM *O BEEJUJPO UP CFJOH B QFSTPOBCMF ZPVOH NBO XIP MJLFT UP MBVHI IF JT EJMJHFOU IBSEXPSLJOH BOE ESJWFO UP TVDDFFE JO IJT FOEFBW PST w (SFFO XSPUF +BNFT ZFBS PME CSPUIFS +PIO BMTP B /BUJPOBM .FSJU 4DIPMBSTIJQ m OBMJTU UXP ZFBST BHP BUUFOET -FUPVS OFBV 6OJWFSTJUZ JO -POHWJFX 5FYBT XIJDI XPVME QVU UIF CSPUIFST BCPVU TJY IPVST BQBSU JG +BNFT EFDJEFT UP BUUFOE 5FYBT " . +BNFT XBT BMTP BDDFQUFE BU 6OJWFSTJUZ PG 5VMTB BOE 6OJWFSTJUZ PG /FX .FYJDP "MCVRVFSRVF i* UIJOL JU XJMM CF B HSFBU FYQFSJ FODF BOE * N QSFUUZ FYDJUFE BCPVU XIBU * MM HFU UP EP BOE TFF BOE FY QFSJFODF BOE MFBSO * UIJOL UIBU T UIF NBJO SFBTPO GPS HPJOH UP DPMMFHF w IF TBJE


-FMF .BSJF (PMEUSBQ 4FSSBOP TFOJPS IBT EFTJSF UP CF AIJTUPSZ NBLFS 8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

G -BLF -PT "OHFMFT B HI 4DIPPM JO 1IFMBO OBNF XJUI IFS MBUF FMF XBT ZFBST PME MZ DPOOFDUFE XJUI IFS JSJU PVE PG NF w TBJE BE %BWJE BOE IBT PMEFS CSPUIFST &MJKBI &MJTBJB i* SFNFN IFS BT B WFSZ TUSPOH PO XIP BMXBZT IBE TJUJWF BUUJUVEF 4IF FE UIF CFTU GPS NF NZ CSPUIFST * VTF NFNPSZ BT NPUJWB 4IF XBT BMXBZT JOH GPS VT * UIJOL UIBU * N EPJOH JT XIBU NPN XPVME IBWF UFE GPS NF w 5IF "TTPDJBUFE 4UV FOU #PEZ QSFTJEFOU BU 4FSSBOP -FMF IBT B HSBEF QPJOU BWFSBHF BOE JT B TIPU QVUUFS BOE EJTDVT UISPXFS

PO UIF %JBNPOECBDLT UIF DPSQPSBUF XPSME 8F "(& USBDL UFBN -FMF HPFT UP CFMJFWF TIF IBT UIF NFUUMF 4$)00- 4FSSBOP OFFEFE UP GBDF UPNPSSPX T 4FSSBOP CFDBVTF UIBU T )JHI 4DIPPM XIFSF IFS PMEFTU CSPUIFS DIBMMFOHFT BOE CSJOH B GSFTI (0"- #VTJOFTT XFOU TIF TBJE MPPL BT POF XIP DBSSJFT B NBKPS -FMF QBSUJDJQBUFE JO UPSDI PG MJHIU FWFSZXIFSF UIF )VHI 0 #SJBO :PVUI TIF HPFT yw -FBEFSTIJQ "NCBTTBEPS 1SPHSBN 3PUBSZ :PVUI "U 4FSSBOP -FMF JT B NFNCFS PG 8FTUFSO -FBEFSTIJQ 1SPHSBN BOE B :PVUI $JUJ[FOTIJQ "DDSFEJUFE 4DIPPMT BOE $PMMFHFT BOE QSFTJEFOU TFNJOBS BU 1FQQFSEJOF 6OJWFSTJUZ 4IF BMTP PG B DMVC UIBU SBJTFT GVOET UP CVJME TDIPPMT JO WPMVOUFFST BU -JWJOH 4QSJOHT 'PVSTRVBSF $IVSDI OPSUIFSO 6HBOEB B XBS UPSO SFHJPO XIPTF BOE XBT B +VOJPS .JTT -BLF -PT "OHFMFT 1SJO FEVDBUJPO TUBOEBSET BOE GBDJMJUJFT IBWF TVGGFSFE DFTT JO EVF UP UIF DPOn JDU i"U POF PG UIF MFBEFSTIJQ QSPHSBNT UIFZ i*U T IBSE UP DIPPTF XIJDI POF XBT NZ CFTU FYQFSJFODF w -FMF TBJE i5IFZ XFSF TP EJGGFSFOU TIPXFE B WJEFP BCPVU XIBU QSPHSBNT XF DPVME HFU JOWPMWFE JO 4P * TUBSUFE B DMVC UP BOE UIFZ BMM JNQBDUFE NF * MFBSOFE UP SFBDI IFMQ SFCVJME UIF TDIPPMT GPS UIF DIJMESFO PG PVU UP IFMQ PUIFST OPU POMZ JO NZ DPNNVOJUZ 6HBOEB w -FMF TBJE CVU BSPVOE UIF XPSME * GPVOE PVU MJGF JTO U "U 4FSSBOP -FMF XBT OBNFE i.PTU 4DIPPM BCPVU NF JU T BCPVU NF BGGFDUJOH PUIFST w -FMF T 'VUVSF -FBEFS OPNJOBUPST "MBO BOE 4QJSJUFEw GPS UISFF ZFBST JO B SPX BOE i#FTU "MM "SPVOE -FBEFSw JO 4IBSPO 5PZOF PG -JWJOH 4QSJOHT 'PVSTRVBSF -FMF QMBOT UP NBKPS JO CVTJOFTT BU B $IVSDI XSPUF i4IF IBT HSPXO UP CFDPNF GPVS ZFBS VOJWFSTJUZ 4IF SFDFJWFE B MFUUFS PG B CFBVUJGVM ZPVOH MBEZ XJUI B EFTJSF UP CF B BDDFQUBODF GSPN $PMPSBEP 4UBUF 6OJWFSTJUZ AIJTUPSZ NBLFS JO PVS XPSME 8JUI UIF MPTT PG 1VFCMP BOE BXBJUT SFQMJFT GSPN TFWFSBM PUIFST IFS NPUIFS TIF CFDBNF B TUSPOH IFMQFS JO UIF JODMVEJOH "SJ[POB 4UBUF 6OJWFSTJUZ 6OJWFSTJUZ IPVTF 4IF IBT B XPOEFSGVM UFOEFS TQJSJU PG /PSUIFSO "SJ[POB 6OJWFSTJUZ PG "SJ[POB BOE UIBU JT WFSZ TFOTJUJWF UP UIF OFFET PG PUIFST 7BOHVBSE 6OJWFSTJUZ i4IF XBOUT UP IBWF B TUSPOH QSFTFODF JO

.BSJTFMB *HMFTJBT ,OJHIU TFOJPS IFBEFE UP NFEJDBM TDIPPM 8SJUUFO CZ +&//*'&3 4"/504 t 1IPUPHSBQIFE CZ 30/ 4*%%-&

8IFSF QSFDJPVT NPNFOUT BSF NBEF &/30-/08 "HFT NPT UISPVHI "EVMUT

TU .POUI

'3&& XJUI UIJT BE

8JUI SFHJTUSBUJPO BOE m STU NPOUI QBJE /FX 4UVEFOUT 0OMZ &YQJSFT

5BQ t #BMMFU t )JQ )PQ t +B[[ t $POUFNQPSBSZ -ZSJDBM t #BMMSPPN "MTP 0GGFSJOH (SPVQ 1SJWBUF .VTJDBM *OTUSVDUJPO

%BODF

&WPMVUJPOT

3BODIP 7JTUB #MWE ' 1BMNEBMF

"(& 4$)00- ,OJHIU )JHI 4DIPPM (0"- 1FEJBUSJD OFVSPTVSHFPO

CFST BOE UFOEJOH UP UIFJS OFFET w 4IF PODF TQFOU OFBSMZ UXP IPVST TQFBLJOH XJUI B GBNJMZ NFNCFS XIP IBE CFFO XBJUJOH m WF IPVST GPS B MPWFE POF UP HFU PVU PG TVSHFSZ i* MJTUFOFE UP UIJT XPNBO GPS BO IPVS BOE B IBMG HBWF IFS FODPVSBHJOH XPSET NBEF IFS GFFM DPNGPSUBCMF BOE UBMLFE BCPVU QPTTJCMF PQUJPOT w TIF TBJE i* DBO SFBE CPEZ MBOHVBHF BOE FNQBUIJ[F XJUI UIFN BT JG * XBT UIF GBNJMZ NFNCFS XIP XBT HPJOH UISPVHI UIF TVSHFSZ w "T B DIJME .BSJTFMB TBJE TIF

BMXBZT IBE B QBTTJPO 8IFOFWFS B TDIPPM TD DBNF VQ TIF XBT PO m STU TUVEFOUT UP DIPPT UPQJD BOE DPVMEO U XB TUBSU SFTFBSDI PO JU ) JOUFSFTU JO OFVSPTVSHF UPPL PGG XIFO TIF DIP UIF IVNBO CSBJO GPS B TDJFODF GBJS QSPKFDU i* XBT DPNQMFUFMZ BNB[FE CZ XIBU * IBE MFBSOFE BOE * LOFX UIBU XBT UIF m FME * XBOUFE UP HFU JOUP DPNCJOFE XJUI NZ MPWF GPS IFMQJOH QFPQMF w TIF TBJE

4FF *(-&4*"4 PO

Ceb` ?bb^f LbhÀ__ ?biX 4 ÂÍË ÂlÄÄlÄ

*/ 450$, '3&4) 09/"3%

$ Ë ÂlÄÄlÄ

453"8#&33*&4

~{ #FMMB #SJEBM

4ÍFÂÍ ËFÍ

i

4ÍFÂÍ ËFÍ

i

8 -BODBTUFS #MWE 4VJUF t -BODBTUFS t

ÂFÍÕ FÍ ÄË ÕÍÕÂlË$lFdlÂÄw

01&/ %":4

". 5 0 1.

8FTU "WF - t -BODBTUFS

TIF IBT XPSLFE BMPOHTJEF OVSTFT JO WBSJPVT EFQBSUNFOUT JODMVEJOH UIF /FPOBUBM *OUFOTJWF $BSF 6OJU #VU CZ GBS UIF NPTU GSVJUGVM FYQFSJFODF GPS IFS IBT CFFO XPSLJOH JO UIF NFEJDBM TVSHFSZ XBJUJOH SPPN i* SFBMMZ MPWF UIF XIPMF BUNP TQIFSF BOE EFBMJOH XJUI QFPQMF w TIF TBJE i* SFBMMZ MJLF DPNNVOJDBUJOH XJUI UIF QBUJFOU UIFJS GBNJMZ NFN

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'

PS NPTU QFPQMF B USJQ UP UIF IPTQJUBM XBJUJOH SPPN DBO CF BO VOQMFBTBOU FYQFSJFODF #VU GPS ,OJHIU )JHI 4DIPPM TFOJPS .BSJTFMB *HMFTJBT XIP IPQFT UP CFDPNF B OFVSPTVSHFPO UIF FYQFSJ FODF JT CPUI FYDJUJOH BOE SFXBSEJOH .BSJTFMB IBT TQFOU UIF QBTU GPVS ZFBST WPMVOUFFSJOH BU "OUFMPQF 7BMMFZ )PTQJUBM %VSJOH UIBU UJNF


+BNFT "SJBT

.VIBNNBE %BNBOIVSJ

-BX BOE EBODF JOUSJHVF %FTFSU TFOJPS

A0OF PG UIF CSJHIUFTU XIP MFBET CZ FYBNQMF

8SJUUFO CZ (&33: 13*$& t 1IPUPHSBQIFE CZ .":" 46("3."/

8SJUUFO CZ $3"*( $633*&3 t 1IPUPHSBQIFE CZ 30/ 4*%%-&

"(& 4$)00- %FTFSU )JHI 4DIPPM (0"- $SJNJOBM QSPTFDVUPS PS +"( PGm DFS

PO UP m OJTI UIJSE BU UIBU TVNNFS T "7 T #FTU %BODF $SFX $PNQFUJUJPO BU UIF "OUFMPQF 7BMMFZ 'BJSHSPVOET 5IFZ XFSF UIF POMZ HSPVQ XJUI UXP QFPQMF +BNFT OPUFT XIJMF UIF PUIFS UFBNT IBE BU MFBTU EBODFST BOE IBE EBODF TUVEJPT TVQQPSUJOH UIFN i8F DBNF PVU PG B HBSBHF w +BNFT TBZT IJT EBE %PVHMBT BO "JS 'PSDF DBSFFSJTU XIP OPX XPSLT BT B DJWJMJBO FNQMPZFF BU &EXBSET "JS 'PSDF #BTF IBT BMXBZT FODPVSBHFE IJN UP UBLF QBSU JO QIZTJDBM BDUJWJUJFT TVDI BT EBODF i.Z EBE T UIF NPTU JOUFMMJHFOU NBO * LOPX w IF TBJE iBOE IF QVTIFE NF JOUP UIF QIZTJDBM BTQFDUT )F XBT 5)& CBTLFUCBMM TUBS JO IJHI TDIPPM BOE JO UIF TFSWJDF w +BNFT NPUIFS 7JWJBO iIBT UBVHIU NF FWFSZUIJOH 'PS KVTU BCPVU FWFSZUIJOH TIF IBT B XPSE PG BEWJDF w "DBEFNJDBMMZ IF IBT ESBXO NVDI PG IJT JOTQJSBUJPO GSPN UXP %FTFSU UFBDIFST #SJBO .PTT XIP IBT UBVHIU IJT IPOPST &OHMJTI MJUFSBUVSF BOE "E WBODFE 1MBDFNFOU DMBTTFT BOE &SOJF 3PF IJT HPWFSONFOU BOE FDPOPN J I E E M I

4FF "3*"4 PO

.

VIBNNBE %BNBOIVSJ TJHOFE VQ UP QMBZ JO "OUFMPQF 7BMMFZ )JHI 4DIPPM T CBOE UIJOLJOH IF XPVME JNQSPWF IJT QJBOP TLJMMT BOE NFFU TPNF OFX GSJFOET BMPOH UIF XBZ *OTUFBE .VIBNNBE EJTDPWFSFE B VOJRVF QBTTJPO GPS QMBZJOH UIF NBSJNCB B QJBOP MJLF JOTUSVNFOU UIBU SFTFNCMFT B YZMPQIPOF 1BJSJOH VQ XJUI UIF JOTUSVNFOU XBT VOQMBOOFE i* XBOUFE UP QMBZ UIF QJBOP CVU UIFZ KVTU QVU NF PO UIF NBSJNCB w IF TBZT CVU .VIBNNBE XBT KVTU B TPQIPNPSF BU "7 )JHI UIFO BOE PWFS UIF OFYU UISFF ZFBST IF DPOUJOVBMMZ QJDLFE VQ TLJMMT i"GUFS KVOJPS ZFBS * HPU SFBMMZ JOUFSFTUFE JO M TBJE i5IF IJHIMJHIU PG NZ TDIPPM EBZ OPX JT H IBWF B MPU PG XPSL UP EP * N SFBMMZ DPNGPSUBCM %FQFOEJOH XIFSF IF DIPPTFT UP HP UP DPMM DPOUJOVF TUVEZJOH NVTJD BOE UIF NBSJNCB XJUI UFBDIJOH PUIFST IPX UP QMBZ JU )F EPFTO U SVMF PVU QMBZJOH UIF NBSJNCB JO i* XPVME IBWF UP MFBSO NBOZ EJGGFSFOU UFDIO CFDPNF B UFBDIFS BOE CFDPNF QBSU PG B CBOE #PC )BDLFUU "7 )JHI T m STU ZFBS CBOE EJSF TVNNFS BOE XBT JOTUBOUMZ JNQSFTTFE CZ UIF TU JOH BOE JNQSPWJOH )BDLFUU TBJE .VIBNNBE Q TJCMF BOE XJMMJOH UP MFBE BOE XPSL IBSE GSPN U XBT DIPTFO UP MFBE UIF CBOE T QJU QFSDVTTJPO T i)F JT POF PG UIF CSJHIUFTU TUVEFOUT * WF IBE JOH w )BDLFUU TBJE i)F JT B WFSZ TNBSU ZPVOH NBO BOE B EJMJHFOU XPSLFS )F T BMXBZT QSFQBSFE BOE IF MFBET NBJOMZ CZ FYBNQMF )F JT B TUVEFOU MFBEFS JO PVS QSPHSBN w .VIBNNBE QMBZT JO UIF TDIPPM T NBSDI JOH CBOE KB[[ CBOE DPODFSU CBOE BOE XJOUFS MJOF BOE IJT TLJMMT IBWF BEWBODFE SBQJEMZ CFDB IJT JOWPMWFNFOU )BDLFUU TBJE .VIBNNBE JT BMTP UIJOLJOH PG NBKPSJOH JO MBNJD TUVEJFT MJOHVJTUJDT NBUI PS &OHMJTI JO DP 8IJMF IF JTO U DFSUBJO XIBU IJT m FME PG TUVE CF .VIBNNBE TBJE IF XBOUT UP UFBDI PUIFST IF m OJTIFT TDIPPM i* XBOU UP IFMQ PUIFST w IF TBJE i* BMXBZT M CF IFMQGVM XIFOFWFS QPTTJCMF w 5IPVHI CBOE IBT CFDPNF DFOUSBM UP IJT IJH TDIPPM MJGF .VIBNNBE T BDBEFNJD JOUFSFTUT WJSUVBMMZ SVO UIF HBNVU 8IFSFBT NBOZ TUV EFOUT EJTUJODUMZ MJLF FJUIFS NBUI PS TDJFODF .VIBNNBE XIP NBJOUBJOT B HSBEF QPJOU BWFSBHF FOKPZT CPUI BMNPTU FRVBMMZ )F DFSUBJOMZ MJLFT UIF EFm OJUF OBUVSF PG NBUI CVU UIBU USBOTMBUFT JOUP BO JOUFSFTU JO HSBNNBS BOE UIF QSPQFS XBZ UP XSJUF .VIBNNBE SFDFOUMZ QBSUJDJQBUFE JO

"(& 4$)00- "OUFMPQF 7BMMFZ )JHI 4DIPPM (0"- 5FBDI NVTJD NBUI PS &OHMJTI

4FF %"."/)63* PO

" ­Ë Í

? Í Ë'lÜ $ lÄË y˼ FÄ] FÍ Â½Ë F Ë ÍÄa

¥ä±Ë) 7lFË3 Ý­l l ]l

Ý­ ÂlÄË{ÊϥʥÓ

3FÍldË ÓË7lFË3 Ë Ë F y  FËFÍË ÍlF F­²]

¼7FÄÍlËLË ÄllËÍ FÍ Í lË$ ÂdË ÄË d²½ OË1ÄF ËÏ~`q

A ÕÂË1 ÍË yË dËFÍËÍ lËl dË yËÍ lËÂF S ÜË ÄËzË ldËÜ Í Ë ÕÂË ÕÂ lÍË Âll Ë7lFÄw

­

Õ

 ÛlÄËL˼4 Ë ­F 4 l½Ë"lÜl  Þ

{ä±Ë) Ïä±Ë)

~~ä{~Ë¥äÍ Ë4ÍÂllÍË?lÄÍaË$F ]FÄÍlÂË\˯ÉÉ¥°Ë ~Ó ä¥äÉ

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

A5

IF %BODJOH "UUPSOFZw TPVOET MJLF UIF OBNF GPS B CBE 4UFWFO #PDIDP UFMFWJ TJPO TFSJFT SJHIU /P CVU JU DPVME CF UIF OJDL OBNF PG %FTFSU )JHI 4DIPPM TFOJPS +BNFT "SJBT JG IF BUUBJOT IJT DBSFFS HPBM BT B DJWJMJBO DSJNJOBM QSPTFDV UPS PS BO PGm DFS JO UIF "JS 'PSDF KVEHF BEWPDBUF HFOFSBM DPSQT -BUFS IF E MJLF UP iHP UP UIF PUIFS TJEFw BT B DSJNJOBM EFGFOTF BUUPSOFZ +BNFT XIP DBSSJFT B HSBEF QPJOU BWFSBHF JO IJT TFOJPS ZFBS BU %FTFSU TBZT IF IBT CFFO WFSZ JOUFS FTUFE JO MBX GPS BCPVU UIF MBTU UISFF ZFBST i* WF BMXBZT CFFO JOUFSFTUFE JO QPMJUJDT BOE UIF MBX BOE NZ EBE BMXBZT UBMLT BCPVU JU BU UIF EJOOFS UBCMF TP * N BMXBZT USZJOH UP LFFQ VQ XJUI NZ EBE w IF TBZT +BNFT BMTP CFDBNF JOWPMWFE XJUI UIF .PDL 5SJBM UFBN BU %FTFSU XIFSF IF HPU UP QJDL UIF CSBJOT PG SFBM MJGF +"( PGm DFST TP JG IF XFOU UIBU SPVUF IF TBZT IF E QSPCBCMZ NBLF B DBSFFS PG JU 4P UIBU FYQMBJOT UIF MBXZFS QBSU CVU XIBU BCPVU UIF EBODJOH 'PS UIF MBTU TFWFSBM ZFBST IF BOE GFMMPX %FT FSU TFOJPS -PVJT 7VPOH BMTP B 'VUVSF -FBEFS IBWF CFFO B UXP NBO EBODF DSFX TQFDJBMJ[JOH JO B NPEFSO L IJ I J J K E

]


/JLPMF &SJDLTPO $PNQBTTJPO JT ESJWJOH GPSDF GPS %FTFSU TFOJP 8SJUUFO CZ "-*4)" 4&.$)6$, t 1IPUPHSBQIFE CZ .":" 46("3."/

%

FGFOTFMFTT BOJNBMT BOE TQFDJBM OFFET DIJM BO IPVS PS IFMQFE BO BOJNBM UIBU XBT JO B QSFWJ ESFO EFFQMZ UPVDI UFOEFS IFBSUFE /JLPMF PVT TJUVBUJPO PG OFHMFDU w TIF TBJE &SJDLTPO B TFOJPS BU %FTFSU )JHI 4DIPPM $PNQBTTJPO IBT BMXBZT CFFO B ESJWJOH GPSDF JO )FS MPWF PG BOJNBMT QFPQMF BOE MJGF MFE /JLPMF /JLPMF T MJGF TBJE IFS NPUIFS 7JDUPSJB &SJDLTPO i0OF PG UIF GPOEFTU NFNPSJFT * IBWF TIF XBT UP WPMVOUFFS BU %FWJM T 1VODICPXM /BUVSBM "SFB BMNPTU B ZFBS PME w UIF NPUIFS TBJE 5IFZ XFSF XIJMF TUJMM JO NJEEMF TDIPPM 5IFSF TIF UFOEFE UP ESJWJOH BMPOH -BODBTUFS #PVMFWBSE TOBLFT UIF OPOWFOPN OFBS UIF SBJMSPBE USBDLT BSPVOE 4J PVT POFT TIF FNQIB "(& 4$)00- %FTFSU FSSB )JHIXBZ UIF TJUF PG B IPNFMFTT TJ[FE EJE DMFBOVQT )JHI 4DIPPM FODBNQNFOU 8JOUFS DIJMMFE UIF BJS BOE GFE UIF JOEJHFOPVT (0"- i"OZ KPC " GBNJMZ PO UIF DPSOFS TBU iIVEEMFE TQFDJFT i5IF NBKPSJUZ PG XIFSF * DBO IFMQw BSPVOE B USBTI DBO XJUI UIF m SF UIF UJNF * XBT FEVDBU HPJOH w JOH UIF WJTJUPST BCPVU 5IFZ IBE UXP TNBMM DIJMESFO UIF BOJNBMT ‰ NBJOMZ BOE ZPVOH /JLPMF BTLFE IFS NPUIFS XIZ UIFZ SFQUJMFT w TBJE /JLPMF PG -BODBTUFS /JLPMF DPOUJOVFE WPMVOUFFSJOH BU BOJNBM SFTDVF XFSF JO UIF DPME XJUIPVU BOZ DPBUT 8IFO TIF UPME PSHBOJ[BUJPOT JODMVEJOH OPX BU 1FBDFGVM 7BMMFZ IFS EBVHIUFS UIBU UIF GBNJMZ IBE OP IPNF BOE OP %POLFZ 3FTDVF JO 5FIBDIBQJ i*U XBT LJOE PG B CJH NPOFZ /JLPMF JOTJTUFE UIFZ CVZ UIF DIJMESFO DPBUT KVNQ "GUFS XPSLJOH XJUI UIF SFQUJMFT * XBOUFE UP BOE HMPWFT 4P UIFZ EJE 7JDUPSJB &SJDLTPO TBJE TIF BOE IFS IVTCBOE FYQBOE BOE XPSL XJUI CJHHFS BOJNBMT w TIF TBJE 4IF BMTP WPMVOUFFST JO B QSPHSBN GPS ZPVOHTUFST %BWJE BMXBZT UBVHIU /JLPMF BOE IFS ZPVOHFS XIP IBWF QIZTJDBM PS MFBSOJOH EJTBCJMJUJFT PS CPUI TJTUFS 4BSBI OPX UP BQQSFDJBUF UIFJS HPPE GPSUVOF BOE IFMQ UIPTF MFTT GPSUVOBUF i* UIJOL XF 3BOHJOH GSPN FMFNFOUBSZ UISPVHI IJHI TDIPPM JO HPU UISPVHI UP UIFN w BHF UIFZ QMBZ HBNFT IBWF TUPSZ UJNF BOE EP B /JLPMF FYDFMT JO TDIPPM NBJOUBJOJOH B WBSJFUZ PG BDUJWJUJFT i*U T KVTU GPS UIFN UP IBWF GVO *U T SFBMMZ SFXBSE HSBEF QPJOU BWFSBHF BOE TBJE TIF GBWPST TDJFODF SFMBUFE DMBTTFT JOH KVTU TFFJOH UIBU ZPV WF NBEF B EJGGFSFODF i"OBUPNZ BOE CJPMPHZ JOUFSFTUFE NF UIF NPTU FWFO JG JU T KVTU LOPXJOH ZPV NBEF B LJE IBQQZ GPS

#JPMPHZ XBT TDJFODF * FOK JOH PSHBOJTN GPVOE BOBUPN UPP UIF XIP CPEZ w $BSFFS XJT VOEFDJEFE i8 ZPVOHFS * XB WFUFSJOBSJBO * GPVOE PUIFS 4P * N LFFQJO PQFO BU UIJT Q " EFTJSF UP TDIPPM TQPSU USBDL JO NJEE TFFNFE UP CF CFTU FYQFSJFO * WF CFFO EPJ GPSN :PV EF 8F XPO MFBH ,BSFO -BX %FTFSU OPNJ IJHI TUBOEBSE IVNCMF TPVM QSFTUJHF PS N DIBSBDUFS UP C QMZ XIP TIF

1BZUPO (PSF 2VBSU[ )JMM ATDJFODF HFFL TFFLT NFEJDBM DBSFFS 8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ 30/ 4*%%-

HJTU B TQFDJBMJ[FE SFHJTUFSFE OVSTF i* E MPWF UP CF BCMF UP HP PWFS TFBT BOE EPOBUF UJNF GPS QFPQMF XIP BSF VOBCMF UP BGGPSE TVSHFSJFT w TBJE 1BZUPO UIF ZFBS PME EBVHIUFS PG 3JDL BOE 5FSSJ (PSF 1BZUPO UBLFT GPVS "EWBODFE 1MBDFNFOU DPVSTFT BOE IBT B XFJHIUFE HSBEF QPJOU BWFSBHF )FS GBWPSJUF TVCKFDUT BSF CJPMPHZ BOE DIFNJTUSZ i$IFNJTUSZ JT GVO GPS NF

"(& 4$)00- 2VBSU[ )JMM )JHI 4DIPPM (0"- /VSTJOH BOFTUIFTJPMPHJTU

* N B TDJFODF HFFL w TIF TBJE i* FOKPZ CJPMPHZ BOE DIFNJTUSZ BOE * SBUIFS EP UIFN UIBO XSJUF BO FTTBZ PS EP B NBUI QSPCMFN w i1BZUPO JT IBSEXPSLJOH LJOE HFOFSPVT BOE PVUHPJOH w TBJE "O HFMB -F#FBV IFS IJHI TDIPPM UFOOJT DPBDI i4IF IBT QSPWFO UP CF B HSFBU SPMF NPEFM BOE MFBEFS GPS UIF 2VBSU[ )JMM )JHI 4DIPPM UFOOJT UFBN 4IF JOTQJSFT UIPTF BSPVOE IFS FWFSZ EBZ w i5IF GSFTINBO MPPL VQ UP UIF PMEFS HJSMT PO UIF UFBN *U T BMM OFX UP UIFN w TBJE 1BZUPO OBNFE IFS UFBN T .71 UISFF ZFBST JO B SPX BOE UIF 7BMMFZ 1SFTT 1MBZFS PG UIF :FBS JO HJSMT UFOOJT i* MPPLFE VQ UP B DPVQMF PG UIF PMEFS HJSMT XIFO * m STU TUBSUFE /PX JU T NZ UVSO UP JOTQJSF PUIFST w

%&/5*453: .PTU JOTVSBODF BDDFQUFE )PVST BN QN

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

2

VBSU[ )JMM )JHI 4DIPPM KVOJPS 1BZUPO (PSF JT BO BDDPN QMJTIFE 6 4 5FOOJT "TTPDJB UJPO BOE IJHI TDIPPM UFOOJT QMBZFS FBSOJOH UISFF (PMEFO -FBHVF TJOHMFT UJUMFT JO UISFF VOEFGFBUFE ZFBST "OE BMUIPVHI TIF T XPSLJOH IBSE UPXBSE FBSOJOH BO BUIMFUJD DPMMFHF TDIPMBSTIJQ TIF TFFT IFS GVUVSF OPU JO UFOOJT CVU JO UIF NFEJDBM m FME 4IF XBOUT UP CF B OVSTJOH BOFTUIFTJPMP

/ UI 4U 8 -BODBTUFS

%S .JDIFMMF .BSDPOOFUUF %%4

"U T DBO $B )POPS BSTIJQ JO UIF NBOZ PGm DF 4PDJFUZ 1SPKFD TFSJPV DIJMESF DPMMFDU TFOE U "GSJDB i.Z XPSLJO UIF "N $BODF BT UIF QSPHSB NBOBH UIF "O MPQF 7 PGm DF

JOn VFO NF UP PUIFST 1BZUPO IFS MBU BTLFE HJWF I DPVME

4FF (03& PO


$ZOUIJB (V[NBO

5ZMFS +BDLTPO

A*OEFQFOEFOU GFBSMFTT TUVEFOU IFBEFE GPS NFEJDBM DBSFFS

,OJHIU TFOJPS XPO HPME JO "DBEFNJD %FDBUIMPO

X

"(& 4$)00- -BODBTUFS )JHI 4DIPPM (0"- /*$6 QFEJBUSJDJBO BOE 1FBDF $PSQT WPMVOUFFS

UJPO IPOPSFE UIF WFUFSBOT XJUI NFE BMT BOE B USJCVUF DSFBUFE CZ $ZOUIJB BOE IFS DMBTTNBUFT i"U UIF UJNF UIF 7JFUOBN TPMEJFST DBNF IPNF UIFZ EJEO U SFBMMZ IBWF B XFMDPNF CBDL w $ZOUIJB TBJE i8F GFMU MJLF UIFZ EFTFSWFE POF w 4PNF QFPQMF NJHIU CF TVSQSJTFE CZ IFS PQJOJPOT BOE UIBU TJEF PG $ZOUIJB i.PTU QFPQMF XIFO UIFZ NFFU NF UIFZ EPO U FYQFDU NF UP CF WFSZ PQJO JPOBUFE CFDBVTF * N WFSZ RVJFU TPNF UJNFT w $ZOUIJB TBJE i* HVFTT XIFO UIFZ TFF * EPO U MJLF TPNFUIJOH UIFZ LJOE PG BSF UISPXO CBDL CZ UIBU w #VU UIPTF XIP LOPX IFS LOPX TIF IBT UIF ESJWF UP BDDPNQMJTI IFS HPBMT i$ZOUIJB +PBOOF JT BO JOUFMMJHFOU

4FF (6;."/ PO

8

DPNQMFUFE BOE FOUFSFE JOUP DPNQFUJUJPOT BHBJOTU PUIFS DMVCT GSPN BSPVOE UIF DPVOUSZ i* EJTDPWFSFE NZ JOUFSFTU GPS TDJFODF JO UIF UIJSE HSBEF XIFO * XBT XPSLJOH PO B TPMBS TZTUFN QSPKFDU w IF TBJE i'SPN UIFSF JU KVTU DPOUJOVFE w )F IBT XPSL FYQFSJFODF UPP BT B QBJE JOUFSO BU B SFTFBSDI MBC PO &EXBSET "JS 'PSDF #BTF

6hfgb` @TWX <VX 6eXT` 7XffXegf $BLFT t 1JFT t #MBTUT t 4IBLFT t 4VOEBFT *DF $SFBN $BLF #JUFT t .JOJ $POFT

#6: "/: $0/& (&5 OE $0/&

a

0G &RVBM PS -FTT 7BMVF

.VTU 1SFTFOU $PVQPO 0OF $PVQPO 1FS 1FSTPO 1FS 7JTJU &YQJSFT

0GG

$VTUPN $BLFT .JOJNVN w 3PVOE 4IFFU -BSHFS

8JUI $PVQPO 0OMZ &YQJSFT

4DPPQJOH

8 "WF - u 2VBSU[ )JMM u )PVST UI 4U 8 u -BODBTUFS u BN QN -PDBUJPOT UP UI 4U 8 u 1BMNEBMF u 4FSWF :PV & 1BMNEBMF #MWE u 1BMNEBMF u %BJMZ

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'

PS ZFBS PME -BODBTUFS )JHI 4DIPPM TFOJPS $ZOUIJB +PBOOF (V[ NBO UIF CFHJOOJOH NPNFOUT PG IFS MJGF IBWF JOn VFODFE BOE JOGPSNFE IFS GVUVSF DBSFFS HPBMT $ZOUIJB XBT CPSO QSFNB UVSFMZ PO .BSDI UP QBSFOUT %BOJFM BOE 3BRVFM (V[NBO i5IBU LJOE PG IBE B CJH JNQBDU PO NF w $ZOUIJB TBJE 4IF HSFX VQ XJUI B MPWF GPS TDJ FODF BOE IBT EFDJEFE UP CFDPNF B QFEJBUSJDJBO XIP XPSLT JO B OFPOBUBM JOUFOTJWF DBSF VOJU i* IPQF UP USZ BOE TBWF PUIFS MJUUMF CBCJFT UIBU XFSF CPSO MJLF NF KVTU CFDBVTF PG BMM PG UIF EPDUPST UIBU IFMQFE NF BOE NBEF TVSF UIBU * XBT 0, w TIF TBJE 4PNFXIFSF BMPOH UIF XBZ $ZO UIJB XPVME BMTP MJLF UP KPJO UIF 1FBDF $PSQT i* UIPVHIU JU XBT SFBMMZ JOUFSFTU JOH CFDBVTF * XBOU UP HP BOE IFMQ QFPQMF BT NVDI BT QPTTJCMF w $ZOUIJB TBJE i* N JO "TTPDJBUFE 4UVEFOU #PEZ BOE XF XFOU UP HP IFMQ GFFE

IFO NPTU PG IJT DMBTTNBUFT BSF KVTU XBLJOH VQ 5ZMFS +BDLTPO JT XBMLJOH JO UIF EPPS BU ,OJHIU )JHI 4DIPPM GPS UIF m STU PG TFWFO DMBTTFT IF XJMM BUUFOE PO B UZQJDBM EBZ i* NBLF TVSF UP UBLF NPSF "1 DMBTTFT UIBO FWFSZPOF FMTF w 5ZMFS TBJE -BTU ZFBS IF UPPL GPVS "EWBODFE 1MBDFNFOU DMBTTFT BOE UIJT ZFBS IF T BEEFE B m GUI UP IJT TDIFEVMF .BOZ OJHIUT IF EPFTO U HP UP TMFFQ VOUJM NJEOJHI CFDBVTF IF JT m OJTIJOH IJT IPNFXPSL BOE TUVEZJOH IF T PVU PG CFE BSPVOE B N TP IF EPFTO U NJTT IJT DMBTT XIJDI UBLFT QMBDF EVSJOH i[FSP QFSJPE w i* WF KVTU HPUUFO VTFE UP JU w 5ZMFS TBJE PG UIF MBUF OJHIUT BOE FBSMZ NPSOJOHT 5ZMFS NBEF JU IJT HPBM UP m OJTI /P JO IJT DMBTT BDBEFNJDBMMZ )F LOFX UIBU XPVME NFBO UBLJOH UIF UPVHIFTU DMBTTFT BOE EPJOH CFUUFS UIBO PUIFS TUVEFOU UBLJOH UIPTF DMBTTFT )F UPPL BO "1 HPWFSONFOU DMBTT EVSJOH i[FSP QFSJPEw MBTU ZFBS BOE JT UBLJOH "1 6 4 )JTUPSZ UIJT Z EVSJOH UIF TBNF UJNF TMPU 5ZMFS T SFBM JOUFSFTU JT TDJFODF UIPVHI BOE IF IP UP BUUFOE FJUIFS UIF $BMJGPSOJB *OTUJUVUF PG 5FDIOPMPHZ 1BTBEFOB PS UIF .BTTBDIVTFUUT *OTUJUVUF PG 5FDIOPMP OFBS #PTUPO 8IFSFWFS IF EFDJEFT UP HP ‰ 5ZMFS JT BXBJUJOH B NJTTJPO MFUUFST UIJT TQSJOH ‰ IF QMBOT UP NBKPS JO QIZTJDT ,OJHIU EPFTO U PGGFS "1 1IZTJDT CVU 5ZMFS TUJMM QMBOT UP UBLF UIF "1 1IZTJDT UFTU JO .BZ BOZXBZ .VDI PG UIF IBSE XPSL IF TBJE XBT EPOF XJUI IJT DPMMFHF BQQMJDBUJPO JO NJOE 8IJMF IF MPWFT TUVEZJOH QIZTJDT BOE PUIFS TDJFODFT 5ZMFS BMTP LOPXT IF NVTU JNQSF UIF UPQ TDIPPMT JG IF XBOUT UP CF BDDFQUFE JOUP UIFN *U T OPU KVTU UIF EBJMZ i[FSP QFSJPEw SPVUJOF UIBU IF QFSGPSNT FOUIVTJBTUJDBMMZ )F XPO B HPME NFEBM JO B SFDFOU "DBEFNJD %FDBUIMPO DPNQFUJUJPO XIFSF IF BMTP BDIJFWFE UIF IJHIFTU TDPSF PG BMM EFDBUIMFUFT DPNQFUJOH )F BMTP SFDFJWFE B TJMWFS NFEBM JO UIF TDJFODF DBUFHPSZ BOE QMBOT UP DPNQFUF JO QIZTJDT UIJT ZFBS 5ZMFS JT BMTP B NFNCFS PG ,OJHIU T 3PCPUJDT BOE 3PDLFU DMVCT XIFSF IF QVUT IJT LOPXMFEHF UP XPSL JO UIF m FME 5IF DMVCT BSF UBTLFE XJUI CVJMEJOH XPSLJOH NPEFMT UIBU BSF UFTUFE XIFO

8SJUUFO CZ .&3*4" +&/4&/ t 1IPUPHSBQIFE CZ .":" 46("3."/

8SJUUFO CZ $3"*( $633*&3 t 1IPUPHSBQIFE CZ $)3*45*/" 3".04


"NBOEB 4NJUI

&EEJF 0XJUJ

7BTRVF[ TFOJPS JT BJNJOH GPS UIF *WZ -FBHVF

40"3 TFOJPS TFUT IJT TJHIUT PO n JHIU

8SJUUFO CZ #&7&3-: "/5&- t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

O UIF MFTT UIBO TJY ZFBST TJODF XBUFST w &EEJF TBJE )JT CVSOJOH FZFT 40"3 )JHI 4DIPPM TFOJPS &EEJF QSPWFE UIBU UP IJN 0XJUJ DBNF UP UIJT DPVOUSZ IF i&EEJF JT POF PG UIF NPTU PVUTUBOE "(& OPU POMZ BEBQUFE UP IJT OFX MJGF CVU 4$)00- 40"3 JOH TUVEFOUT UIBU * HPU UIF QMFBTVSF UP BMTP NBOBHFE UP FYDFM JO IJT DMBTTFT UFBDI JO NZ ZFBS UFBDIJOH DBSFFS w )JHI 4DIPPM (0"- 1JMPU FBSOJOH B HSBEF QPJOU BWFSBHF TBJE 3BNPOB #MBOTLJ B DIFNJTUSZ BOE &EEJF JNNJHSBUFE UP UIF QIZTJDT UFBDIFS BU 40"3 XIP OPNJ 6OJUFE 4UBUFT GSPN IJT CJSUIQMBDF JO OBUFE IJN BT B 'VUVSF -FBEFS 40"3 JT /BJSPCJ ,FOZB JO BU BHF BO FBSMZ DPMMFHF IJHI TDIPPM QSPHSBN FYDJUFE BU UIF QSPTQFDU PG KPJOJOH IJT NPUIFS XIP IBE PO UIF "OUFMPQF 7BMMFZ $PMMFHF DBNQVT NPWFE UP $BMJGPSOJB JO CVU BU UIF TBNF UJNF B CJU i)F JT B HPBM PSJFOUFE QFSTPO WFSZ PSHBOJ[FE BOE UPSO BCPVU MFBWJOH IJT GBUIFS PUIFS SFMBUJWFT BOE GSJFOET MPWFE CZ IJT DMBTTNBUFT BOE IJT UFBDIFST )JT DMBTTNBUFT CFIJOE TFF IJN BT B SPMF NPEFM )F IBT BO BNB[JOH XPSL FUIJD 4UJMM &EEJF TBJE iXIFO ZPV SF ZPVOHFS BOE ZPV IFBS UIBU ZPV EPO U PGUFO TFF JO LJET IJT BHF w #MBOTLJ TBJE BCPVU B DPVOUSZ MJLF UIF 6 4 JU T FYDJUJOH CFDBVTF ZPV )F IBT CFFO JOWPMWFE JO TUVEFOU HPWFSONFOU TJODF IFBS BCPVU BMM UIF HSFBU TUVGG JO DPVOUSJFT UIBU BSF HSFBU IJT GSFTINBO ZFBS BOE DVSSFOUMZ TFSWFT BT TFOJPS DMBTT QPXFST w QSFTJEFOU i"T * HPU PMEFS * EFm OJUFMZ TUBSUFE UP NJTT ,FOZB * )F JT BMTP JOWPMWFE JO UIF &OWJSPONFOUBM $MVC BOE JT B EPO U LOPX JG * MM CF HPJOH CBDL UP MJWF UIFSF CVU GPS TVSF NFNCFS PG 40"3 T 5FBN PG "NFSJDB 3PDLFUSZ $IBMMFOHF * MM CF WJTJUJOH w TBJE &EEJF XIP TQFBLT UISFF MBOHVBHFT BO PSHBOJ[BUJPO PG TUVEFOUT XIP CVJME NPEFM SPDLFUT UIBU n Z 5IF UFBN DPNQFUFT OBUJPOBMMZ BOE UIF OFYU DIBMMFOHF &OHMJTI 4XBIJMJ BOE -VP B USJCBM MBOHVBHF JT TMBUFE GPS .BZ JO 7JSHJOJB &EEJF TBJE XIFO IF BSSJWFE JO $BMJGPSOJB IF FY QFDUFE UP MJWF JO -PT "OHFMFT *OTUFBE IF GPVOE IJNTFMG )JT GBWPSJUF TVCKFDUT BSF NBUI BOE QIZTJDT "GUFS JO -BODBTUFS 5IFO MBTU TVNNFS UIF GBNJMZ SFMPDBUFE UP HSBEVBUJPO UIJT +VOF IF QMBOT UP BUUFOE &NCSZ 3JEEMF 1BMNEBMF "FSPOBVUJDBM 6OJWFSTJUZ BU UIF DBNQVT JO 1SFTDPUU "SJ[ )F T BMXBZT CFFO TFSJPVT BCPVU FEVDBUJPO TBJE IJT BOE FWFOUVBMMZ CFDPNF B QJMPU NPUIFS %PSPUIZ "MGPSE i)F T B CPPLXPSN *U T BMM BCPVU i5IBU T CFFO NZ QBTTJPO FWFS TJODF * XBT * SFNFN CPPLT w TBJE "MGPSE B SFHJTUFSFE OVSTF BU "OUFMPQF 7BMMFZ CFS XIFO NZ EBE XFOU PO CVTJOFTT USJQT )F DBNF CBDL )PTQJUBM i* OFWFS IBE UP QVTI IJN UP EP IJT IPNFXPSL w IPNF BOE CSPVHIU NF UIJT UPZ BJSQMBOF 5IBU T XIBU "MGPSE TBJE IFS TPO MPWFT TXJNNJOH i5IBU T IJT QBT TQBSLFE NZ JOUFSFTU JO n ZJOH w "TLFE XIBU NPUJWBUFT IJN UP XPSL TP IBSE XIFO TP TJPO 8IFO XF UBLF WBDBUJPOT UIBU T BMM IF EPFT 8F HP NBOZ PUIFST IJT BHF XBOU UP QMBZ &EEJF TBJE iNZ TJTUFST TJHIUTFFJOH CVU IF MPWFT UIF XBUFS w BOE EFm OJUFMZ NZ QBSFOUT 4FFJOH UIFN CF TVDDFTTGVM JO i"OZ UJNF UIFSF T B DIBODF UP TXJN * MJLF UP TXJN w BDLOPXMFEHFE &EEJF i0OF PG UIF DPPMFTU TXJNT * HPU UP XPSL BOE TDIPPM QVTIFT NF UP EP UIF TBNF w )JT GBUIFS )FOSZ 0XJUJ IBT B EFHSFF JO NFDIBOJDBM EP XF XFOU UP $BODVO BOE UIFZ IBWF UIF DFOPUF UIFSF *U T BMM TQSJOH XBUFS *U T FOHJOFFSJOH BOE XPSLT BT B NBOBHFS PG *#. T *5 EJWJTJPO MJLF B DBWF GVMM PG XBUFS 5IBU T UIF CFTU JO ,FOZB )JT TUFQGBUIFS +PIO "MGPSE JT B QIBSNBDJTU )JT TJTUFST -JMJBO BOE 1BUSJDJB BSF CPUI FO XBZ * DPVME EFTDSJCF JU w SPMMFE BU 6$-" )JT TUFQTJTUFST BSF BMTP JO TDIPPM )F TBJE *O IF WJTJUFE 4QBJO XJUI IJT &SJO BUUFOET #FSLFMFZ BOE &NJMZ HPFT DMBTT GSPN "NBSHPTB $SFFL .JEEMF UP B USBEF TDIPPM 4DIPPM 5ISPVHIPVU IJT MJGF &EEJF i8F TUBSUFE JO .BESJE BOE TBJE UIF DPEF IF IBT BMXBZT XPSLFE PVS XBZ TPVUI UPXBSE UIF MJWFE CZ JT i*G ZPV XBOU UP .FEJUFSSBOFBO w XIFSF IF XFOU GPS NBLF B EJGGFSFODF ZPV IBWF B TXJN i*U XBT XJOUFS TP JU XBT UP CF EJGGFSFOU w SFBMMZ DPME 5IFZ TBZ UIF .FEJ UFSSBOFBO JT POF PG UIF TBMUJFTU

7

BTRVF[ )JHI 4DIPPM TF OJPS "NBOEB 4NJUI EPFT TP NBOZ UIJOHT XFMM JU T OP XPOEFS TIF IBT ZFU UP TFMFDU B DBSFFS QBUI 5IF ZFBS PME "DUPO SFTJ EFOU JT UIF SFDJQJFOU PG OVNFS PVT BDBEFNJD BXBSET BOE JT B NFNCFS PG UIF /BUJPOBM )POPS 4P DJFUZ BO PSHBOJ[BUJPO UIBU SFDPHOJ[ FT PVUTUBOEJOH IJHI TDIPPM TUVEFOUT XIP IBWF EFNPOTUSBUFE FYDFMMFODF JO UIF BSFBT PG TDIPMBSTIJQ MFBEFS IJ J E I U

8SJUUFO CZ "-*4)" 4&.$)6$, t 1IPUPHSBQIFE CZ 30/ 4*%%-&

"(& 4$)00- 7BTRVF[ )JHI 4DIPPM (0"- 0CUBJO BO BEWBODFE EFHSFF BU BO *WZ -FBHVF DPMMFHF

4UVEFOU PG UIF :FBS BOE "1 4DIPMBS XJUI )POPS "XBSE 4IF TBJE TIF BMTP FOKPZT IFMQJOH IFS DPNNVOJUZ BOE DVSSFOUMZ TFSWFT BT UIF TFDSFUBSZ PG IFS IJHI TDIPPM T 4FSWJDF $MVC * EEJUJ I I C

4FF " 4.*5) PO

‰

'BNJMJFT

0GGFSJOH B XJEF TQFDUSVN PG .FEJDBM 4FSWJDFT *ODMVEJOH

8F 5SFBU :PVST -JLF *U T 1BSU PG 0VST

(PO[BMP .BSUJOF[ .% , 3PCFSUT 1 " $IFSJEBI + 4FFMFZT 1" $ %PDUPS 0O $BMM

'BNJMZ 1SBDUJDF 8FMM #BCZ &YBNT *NNVOJ[BUJPOT 3PVUJOF 4DIPPM 1IZTJDBMT *OUFSOBM .FEJDJOF 1FEJBUSJDT %FSNBUPMPHZ -BTFS 5IFSBQZ BOE (ZOFDPMPHZ .PTU 110T &10T 5SJ 8FTU BOE .FEJDBSF "DDFQUFE

+PTIVB

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

:

.FEJDBM (SPVQ

8F $POHSBUVMBUF "OUFMPQF 7BMMFZ T 'VUVSF -FBEFST

UI 4USFFU 4VJUF % & 1BMNEBMF t

*


4BUVSEBZ BN UP /PPO

0'' 3FHVMBS 4NPH 1SJDF

1SPVEMZ *OUSPEVDJOH "SD "VEJP )FMJY )J'J

4NPH 3FQBJST

4 ËLË&Õy|ËlÂË Ý­ÂlÄÄ LË ÕÍ Ë3l­F Â

'PSNFSMZ PG $BMJGPSOJB 4PVOEXPSLT

. ' 4BU

& 1BMNEBMF #MWE " t 1BMNEBMF

t 5JSFT /FX 6TFE t 3FCVJMU 5SBOTNJTTJPOT t 3FCVJMU &OHJOFT 0'' t $MVUDIFT S B t "YMFT XJUI UIJT BE t "$ 4FSWJDF t &OHJOF -JHIU %JBHOPTUJDT t "#4 -JHIU %JBHOPTUJDT

4DBO UIJT DPEF GPS :PV5VCF WJEFP

"OUFMPQF

"7 t 0WFS :FBST $PMMFDUJWF &YQFSJFODF FOEBSZ $VTUPNFS 4FSWJDF t #.8 0&. 1BSUT

$PNQMFUF .BJOUFOBODF BOE 3FQBJS

"-"3.4 t 45&3&04 t /"7*("5*0/ t #-6&5005) t 4"5&--*5& 3"%*0

'PS NPSF JOGPSNBUJPO PS UP BEWFSUJTF PO UIJT QBHF QMFBTF DBMM

UI 4U & 4UF ' 1BMNEBMF

P

6MUJNBUF 4FSWJDF

8 "7& + -"/$"45&3

C

5IF 6MUJNBUF %SJWJOH .BDIJOF %FTFSWFT UIF

1SPGFTTJPOBM "VEJP 7JEFP *OTUBMMBUJPO

"VUIPSJ[FE %FBMFS

:FBST JO UIF 4BNF -PDBUJPO

8*/ " '3&& 0*- $)"/(&

03

4JFSSB )XZ 4UF . / ] 1BMNEBMF

0''

+PJO PVS *OTJEFST $MVC GPS B DIBODF UP XJO B GSFF PJM DIBOHF BOE SFDFJWF DPVQPOT UP TBWF FWFO NPSF NPOFZ &NBJM VT UPEBZ BU WJDTCJNNFS!HNBJM DPN

.BJOUFOBODF PS SFQBJS

&YQ 0OF DPVQPO QFS DVTUPNFS QFS WJTJU

2VBMJUZ 5JSFT BU "GGPSEBCMF 1SJDFT

3 Ë F ÄÍ ]Ë? Í Ë3l­F Â

0''

&ÕÄÍË l Í ËÍ ÄËFdËy ÂËd Ä] Õ Í

$$Ë $ 73 Ë3 1 34 \Ë Ê Ë7 ÕS lÄ Í \Ë Íl FÍ ÂÄËLË4ÍFÂÍlÂÄ \Ë1 ÜlÂË? d ÜÄ \Ë FÍÍlÂÞË4F lÄËLË4lÂÛ ]l \Ë ­ÕÍlÂË3lSÕ dÄËÊ ËËË1 ÂF ËÊË3l­Â ÂF \Ë ÂSF Ë ÄÍF FÍ \Ë Í 7 lyÍË3l­F ÂÄ

#SBLF 4FSWJDFT

/><AGB<B:G

XJUI UIJT DPVQPO

$ ]l ÄldËLË lÂÍ zËld

&BTU "WF 2 1BMNEBMF $" XXX BGGPSEBCMFUJSFJOD DPN F NBJM BGGPSEBCMFUJSF !TCDHMPCBM OFU

)0/%" "$63" 4 1 & $ * " - * 4 5 4

0JM 'JMUFS $IBOHF

0OMZ

*ODMVEFT #SBLF *OTQFDUJPO BOE 'MVJE 5PQ PGG

4­l] F â Ë Ë ÄÍÂÕ l ÍË ÕÄÍlÂË3lSÕ dÄ

1FS 4JEF

*ODMVEFT 1BSUT -BCPS .PTU +BQBOFTF .PEFMT

5JNJOH #FMU

3FQMBDFNFOU

41&$*"-

&WFSZ NJMFT PS ZST :PVS %FBMFSTIJQ "MUFSOBUJWF 4UBSUJOH BU UBY

%FBMFS 2VBMJUZ 8PSL XJUIPVU UIF )JHI 1SJDF

*ODMVEFT 5 #FMU 8BUFSQVNQ #FMUT $PPMBOU 7BMWF $PWFS (BTLFU 1BSUT 8BTI

.PTU DZMJOEFS TJOHMF DBN WFIJDMFT 0UIFS WFIJDMFT NBZ JODVS BEEJUJPOBM DPTU 4FBMT FYUSB $BMM GPS EFUBJMT

7FHB T "VUPNPUJWF 3FQBJS 0WFS :FBST &YQFSJFODF t 'BDUPSZ 5SBJOFE

ÏÈ Ó{Ë4 lÂÂFË ÜÞ²aË9 ÍË)Ë\Ë1F dF l

"YMF 4QFDJBM

²>²Ë 97)Ë $ 73 ÉÉ¥ {È{ ÉÏ

/ 5SFWPS "WFOVF -BODBTUFS ] XXX WJDTCJNNFS DPN

-BCPS POMZ QBSUT OPU JODMVEFE

UI 4U 8FTU # -BODBTUFS $"

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

7PUFE $BS "VEJP 4IPQ JO UIF "OUFMPQF 7BMMFZ

GBY

0GGFSJOH )POFTU 3FMJBCMF 4FSWJDF JO UIF "7

.VTU QSFTFOU DPVQPO GPS EJTDPVOU

.VTU 1SFTFOU BE GPS %JTDPVOU 0GGFS &YQJSFT "QSJM

*OTVSBODF 8PSL 8FMDPNF

8F SF /PU UIF 0/-: $IPJDF #VU 8F "SF 5IF #&45

t $PNQVUFS %JBHOPTUJDT t "JS $POEJUJPOJOH t 5VOF 6QT t $BUBMZUJD $POWFSUFS t 'PSFJHO %PNFTUJD

"SD "VEJP )FMJY )J'J

'SFF &TUJNBUFT

t UI 4USFFU & t 1BMNEBMF

0''

] UI 4U & ] -BODBTUFS

UI 4U &BTU t 1BMNEBMF .POEBZ 'SJEBZ BN UP QN

4&& 64 "5 '"$&#00,

0''

XXX BWTQPSUUSVDL DPN

"NFSJDBO BOE 'PSFJHO

t 'VSOJUVSF /FX 6TFE 8JOETIJFMET t #BDL %PPS (MBTT t 3FTJEFOUJBM 8JOETIJFME 3FQMBDFNFOU t $PNNFSDJBM GSPN t "VUP JODMVEJOH 5SVDLT 37 T #PEZ 8PSL XJUI FWFSZ .VTU QSFTFOU UIJT .PUPSDZDMFT 4QFOU DPVQPO GPS EJTDPVOU t #PBUT &YQJSFT &YQJSFT t *OTVSBODF 8PSL "VUP (MBTT "VUPCPEZ 4 ' t "OE .VDI .PSF

( 0 MLG ,=H9AJ

UI 4U & # 1BMNEBMF

"7 41035 536$, 8FTU "WF , t -BODBTUFS

8JOETIJFMET "VUPCPEZ

4641&/4*0/ ,*54 36//*/( #0"3%4 53"*-&3 )*5$)&4 #3",& 61(3"%&4 8*/%08 5*/5*/( 8)&&-4 t 1&3'03."/$& 61(3"%&4

$VTUPN 6QIPMTUFSZ

.VTU 1SFTFOU BE GPS EJTDPVOU &YQJSFT t "JS $POEJUJPOJOH t 3BDL 1JOJPO 1PXFS 4UFFSJOH t $PPMJOH 4ZTUFN 'MVTI t $PNQMFUF #SBLF 4FSWJDF t 3BEJBUPST t "YMFT 4IPDLT 4USVUT 8BUFS 1VNQT t 5JNJOH #FMUT 'VFM *OKFDUJPO t "MUFSOBUPST 4UBSUFST t 5VOF 6QT 0JM $IBOHF -VCF #BUUFSJFT

o 4QFDJBMJ[JOH JO $SBGUTNBOTIJQ o

4FSWJDF PG PS .PSF

$0/7&/*&/5 "650 3&(*453"5*0/

DBS !ZNBJM DPN

PG G

4641&/4*0/ 41&$*"-*454

3&/&8

5"(4

6T_\Ybea\T


,BUISJOF -BUISPQ %FTFSU TFOJPS IBT B LOBDL GPS MFBEFSTIJQ 8SJUUFO CZ #3*"/ (0-%&/ t 1IPUPHSBQIFE CZ .":" 46("3."/

NBSLBCMF FNFSHFODF S CPUI BU %FTFSU )JHI E JO %FTFSU T +VOJPS ,BUISJOF -BUISPQ E UP UIF $MBTT PG T 05$ EFm OJUFMZ CSPVHIU FBEFS JO NF w ,BUISJOF IFO * XBT B GSFTINBO IZ * EJEO U MJLF UP EP OUBUJPOT JO GSPOU PG UIF MF DMBTTSPPN i#VU OPX * MM KVNQ IU VQ UIFSF BOE UBML UP PQMF * N JO DIBSHF PG F CMPPE ESJWF 4P * HFU P UBML UP B MPU PG QFPQMF WF OFWFS NFU CFGPSF )BWJOH DPOWFSTBUJPOT BOE HFUUJOH UIJOHT EPOF IBT SFBMMZ IFMQFE NF w %BWJE BOE ,JN -BUISPQ T EBVHIUFS XBT CPSO JO -BODBTUFS OE IBT MJWFE IFS FOUJSF F JO UIF GBNJMZ IPNF JO JB $JUZ DBSSJFT B HSBEF

QPJOU BWFSBHF XJUI B NBKPS FNQIBTJT PO CVTJ %BZ QBSBEFT OFTT NBOBHFNFOU BOE QSPKFDU EFWFMPQNFOU ,BUISJOF XIP IBT SJTFO UP UIF SBOL PG BOE NBOBHFNFOU NBKPS XJUIJO UIF %FTFSU T DPSQT PG DBEFUT IBT ,BUISJOF IBT CFFO 4UVEFOU PG UIF 2VBSUFS BMTP PSHBOJ[FE GVOESBJTJOH BDUJWJUJFT BOE WJT UISFF UJNFT BOE IBT JUFE WFUFSBOT IPNFT JO UIF XPO 1SJODJQBM T )POPS "OUFMPQF 7BMMFZ BOE HSFBUFS "(& 3PMM EJTUJODUJPO TJY UJNFT -PT "OHFMFT BSFB 4$)00- %FTFSU )JHI 4DIPPM 4IF BMTP TFSWFT BT QBS i*G * HJWF ,BUIZ TPNF (0"- 1SPKFDU MJBNFOUBSJBO GPS %FTFSU T UIJOH UP EP JU HFUT EPOF w NBOBHFS GPS NBKPS /BUJPOBM )POPS 4PDJFUZ TBJE SFUJSFE "JS 'PSDF $PM DPSQPSBUJPO DIBQUFS .BSL 4VMMJWBO UIF DPN i8IFO * TUBSUFE IJHI NBOEJOH PGm DFS PG UIF TDIPPM * XBTO U TVSF BCPVU 305$ w TBJE ,BUI %FTFSU 305$ QSPHSBN i4IF IBT NPSF FOFSHZ SJOF i#VU * N WFSZ IBQQZ * NBEF UIF EFDJTJPO BOE ESJWF UIBO * WF TFFO JO BOZ TUVEFOU w * EJE CFDBVTF * XPVME EFm OJUFMZ OPU CF UIF "EET ,BUISJOF i.Z +305$ JOTUSVDUPS KPLFT QFSTPO * BN UPEBZ XJUIPVU JU B MPU UIBU * N JO DIBSHF PG UPP NVDI TUVGG UIBU i* XPVMEO U CF BT JOWPMWFE JO NZ TDIPPM * PUIFS QFPQMF OFFE B DIBODF #VU UIBU T XIBU * XPVMEO U CF BT PSHBOJ[FE PS BT NPUJWBUFE BT XBOU UP EP JO MJGF &WFSZ PQQPSUVOJUZ * HFU * N * BN *U T EFm OJUFMZ HJWFO NF MFBEFSTIJQ TLJMMT MJLF A* MM EP JU * MM EP JU w UIBU * DBO BMTP VTF PO UIF UFOOJT DPVSU BT UFBN ,BUISJOF IBE BO JOTQJSJOH SPMF NPEFM )FS DBQUBJO w NPUIFS ,JN XBT B QSPKFDU NBOBHFS GPS UIF /PU TVSQSJTJOHMZ ,BUISJOF JT %FTFSU T TFOJPS $ (MPCFNBTUFS USBOTQPSU QMBOF UIF "JS DMBTT TQJSJU SFQSFTFOUBUJWF 'PSDF T m STU USBOTQPSU BJSDSBGU JO B HFOFSBUJPO XIFO JU SPMMFE PVU JO #FDBVTF +VOJPS 305$ JT SVO CZ UIF DBEFUT ,JN -BUISPQ XBT BTLFE UP DPPSEJOBUF UIFNTFMWFT ,BUISJOF IBT IBE OVNFSPVT PQ BDUJWJUJFT GPS UIF UI BOOJWFSTBSZ PG UIF $ T QPSUVOJUJFT UP UBLF DIBSHF PG FWFOUT NBJEFO n JHIU MBTU 4FQUFNCFS 4IF IBE BO FB 4IF IBT DPNNBOEFE BOE QFSGPSNFE XJUI HFS BOE XJMMJOH BTTJTUBOU JO IFS EBVHIUFS UIF DPMPS HVBSE BU NPSF UIBO FWFOUT JO DMVEJOH UIF 1BMNEBMF BOE -BODBTUFS 7FUFSBOT 4FF -"5)301 PO

-BVSFO 6QEZLF ,OJHIU TFOJPS SBOLFE FJHIUI JO IFS DMBTT 8SJUUFO CZ 45&7& 1"*/& t 1IPUPHSBQIFE CZ 30/ 4*%%-&

OFFSJOH "DBEFNZ BOE JT DPNQMFU "(& JOH BO JOUFSOTIJQ XJUI /PSUISPQ 4$)00- ,OJHIU (SVNNBO T TVCTZTUFNT FOHJOFFSJOH )JHI 4DIPPM EFQBSUNFOU (0"- &MFDUSJDBM i* HVFTT * WF BMXBZT IBE UIBU FOHJOFFS QSPCMFN TPMWJOH JOOPWBUJWF TJEF w -BVSFO TBJE i* UIJOL MPHJDBMMZ BOE NBLF JU CFUUFS w DSFBUJWFMZ BU UIF TBNF UJNF * KVTU -BVSFO IBT BQQMJFE UP $BMJGPSOJB MPPL BU BO JEFB BOE UIJOL PG XBZT UP 1PMZUFDIOJD 4UBUF 6OJWFSTJUZ 4BO -VJT 0CJTQP BOE UIF -POH #FBDI BOE 'SFTOP DBNQVTFT PG $BMJGPS OJB 4UBUF 6OJWFSTJUZ BOE IPQFT UP GPMMPX JO IFS TJTUFS T GPPUTUFQT BOE TUVEZ UP CFDPNF BO FMFDUSJDBM FOHJOFFS i4IF T HPJOH UP $46 'SFTOP SJHIU OPX BOE XF WF BMXBZT IBE TJNJMBS BDBEFNJDT BOE QFSTPOBMJ UJFT TP JU KVTU TFFNFE MJLF B HPPE XBZ UP HP w TIF TBJE i* N PQFO UP UIF m FME BOE TFFJOH XIFSF JU UBLFT NF w 3JHIU OPX UIBU QBTTJPO GPS TDJFODF UBLFT IFS UP /PSUISPQ (SVNNBO UISFF EBZT B XFFL BT BO JOUFSO XPSLJOH PO iTFOTJUJWF JOGPS NBUJPO w BDDPSEJOH UP -BVSFO i:PV MFBSO IPX UP EP EFTJHOT PG QMBOFT *U T B MPU PG IBOET PO TUVGG GSPN SFBM FNQMPZFF NFOUPST w TIF TBJE

HG@K:MNE:MBHGL

f e X W T X ? 9hgheX

"NB[JOH .PWF *O 4QFDJBMT

0O PVS CES "QBSUNFOUT *O 1BMNEBMF -BODBTUFS $BMM /08 GPS B 5PVS

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

-

BVSFO 6QEZLF JT TUBSU JOH FBSMZ JO QSFQBSJOH GPS IFS ESFBN KPC PG XPSLJOH BT BO FMFDUSJDBM FOHJOFFS 5IF ,OJHIU )JHI 4DIPPM TFOJPS DVSSFOUMZ SBOLFE FJHIUI JO IFS HSBEVBUJOH DMBTT PG BQQSPYJNBUFMZ JT JO IFS TFDPOE ZFBS JO UIF TDIPPM T %JHJUBM %FTJHO BOE &OHJ

-POHIPSO 1BWJMMJPO $FEBS 3JEHF

4FF 61%:,& PO


;BDIBSZ /FXIPVTF -BODBTUFS TFOJPS TUFQQFE JO UP DPBDI HJSMT WPMMFZCBMM UFBN 8SJUUFO CZ +"40/ (0/;"-&; t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

&

UDIFE PO UIF MFUUFSNBO KBDLFU PG -BODBTUFS )JHI 4DIPPM TFOJPS ;BDIBSZ /FXIPVTF JT BO VOVTVBM QJFDF PG BSU *U NJHIU SFRVJSF B TFDPOE MPPL CVU QSPNJ OFOUMZ QMBDFE PO UIF BUIMFUJD XFBS JT B DSJDLFU #VU JU HFUT CFUUFS UIF JOTFDU JT IJUUJOH B WPMMFZCBMM i)F T HPU B CJH PM DSJDLFU IJUUJOH B CBMM PO IJT MFUUFSNBO w -BODBTUFS T CPZT WPMMFZCBMM DPBDI "MGSFEP (BSDJB TBJE MBVHIJOH ;BDIBSZ QSPVEMZ EJT QMBZT UIJT JMMVTUSBUJPO BT BO IPNBHF UP IJT OJDLOBNF $SJDLFU )F QJDLFE VQ UIF NPOJLFS XIFO IF m STU BSSJWFE BU -BODBTUFS BT B GSFTI NBO

NFBOU WPMMFZCBMM BOE CBTLFUCBMM HBNFT XIFSF .BSJB m STU TIPXDBTFE B UPVHIOFTT BOZ GPPUCBMM QMBZFS XPVME BENJSF 'PS ZFBST TIF GFMU PEE QBJO JO IFS LOFF BGUFS DPNQFUJOH 5IFO MBTU TVNNFS TIF GFMM PGG IFS JOOFS UVCF BU B MBLF BOE IJU UIF XBUFS TP IBSE TIF TUBSUFE DSZJOH "O 9 SBZ BU UIF FNFSHFODZ SPPN TIPXFE TIF IBE B JODI PVUDSPQQJOH PG CPOF JO IFS LOFF 4VSHFSZ MBTU "VHVTU DMFBSFE UIBU VQ CVU EFMBZFE IFS SFUVSO UP UIF USBDL 4IF BMSFBEZ IBT IFS m STU TQFFDI SFBEZ GPS IFS GPPUCBMM UFBN BCPVU QMBZJOH IVSU .BSJB T IBT SFDFJWFE %SBNB $MVC .BUIMFUFT BOE TUVEFOU HPWFSONFOU BXBSET "T B XJOOFS PG B )VHI 0 #SJBO :PVUI -FBEFSTIJQ TDIPMBS TIJQ .BSJB TQFOU B XFFL BU $BMJGPS OJB -VUIFSBO 6OJWFSTJUZ MBTU TVNNFS EJTDVTTJOH JEFBT BCPVU MFBEFSTIJQ BOE SBJTJOH NPOFZ GPS QFEJBUSJD DBO DFS SFTFBSDI

$3"//&-'SPN TPDDFS XJUI UIF UFBN UIFSF w IF TBJE i*U XBT KVTU BHHSFTTJWF QMBZ w *U XBT BO JOUFSFTUJOH XSFDL TJODF +BTPO SJEFT PGG SPBE NPUPSDZDMFT GPS B IPCCZ BOE OFWFS IBT TVGGFSFE BOZ TJHOJm DBOU JOKVSJFT i* SJEF UISFF PS GPVS UJNFT B XFFL XIFSF * MJWF JO "HVB %VMDF w IF TBJE i5IFSF BSF B CVODI PG IJMMT UIFSF BOE BCPVU BDSFT w #FTJEFT IJT IPCCZ BOE BUIMFUJD FO EFBWPST +BTPO IBT NBOBHFE UP NBJO UBJO B HSBEF QPJOU BWFSBHF i*U T BMM BCPVU UJNF NBOBHFNFOU w IF TBJE

i* NBLF UIF UJNF UP EP UIF TQPSUT CVU * EPO U HFU UP IBOH PVU XJUI NZ GSJFOET BT NVDI CFDBVTF * IBWF UP HP IPNF BOE EP NZ TUVEJFT w )F BMTP IBT BQQMJFE UP 4BO %JFHP 4UBUF i* N MPPLJOH GPSXBSE UP DPM MFHF w IF TBJE i#VU * N OPU MPPLJOH GPSXBSE UP NJTTJOH NZ GSJFOET BOE NZ UFBDIFST w )JT UFBDIFST XJMM NJTT IJN BT XFMM i)F IBT HPU B HSFBU XPSL FUIJD w 0XFOT TBJE i"OE IF BMXBZT IBT CFFO BCMF UP HFU QFPQMF UP SBMMZ UP HFU UIJOHT EPOF w )JT QBSFOUT BSF -PSFO BOE 4IBSJ $SBOOFMM

$"45*--0 'SPN UIF 5ISFF 4FSWJDFNFO 4UBUVF BOE UIF 7JFUOBN 8PNFO T .FNPSJBM i*U XBT MJLF UIF CJHHFTU UIJOH * WF FWFS EPOF w TIF TBJE i%PJOH UIBU QSPKFDU IFMQFE NF SFBMMZ VOEFSTUBOE XIBU UIF 7JFUOBN 8BS XBT BCPVU w 8IJMF EPDVNFOUJOH UIF FWFOU :WFUUF EJTDPWFSFE B MPWF PG QIPUPH SBQIZ "O BWJE TIVUUFSCVH TIF QMBOT UP NJOPS JO UIF TVCKFDU JO DPMMFHF i* KVTU MJLF UP DBQUVSF TUVGG UIBU

-

QFPQMF OPSNBMMZ EPO U TFF w TIF TBJE :WFUUF IBT CFFO BDDFQUFE UP $BMJGPSOJB 4UBUF 6OJWFSTJUZ 'VMMFSUPO BOE 6OJWFSTJUZ PG $BMJGPSOJB 3JWFS TJEF BOE IBT BQQMJFE UP 6$-" BOE 6$ *SWJOF 4IF IBTO U NBEF BOZ EFDJTJPOT ZFU BOE JTO U TVSF XIJDI NBKPS TIF MM DIPPTF CVU TIF TBJE UIBU TPDJBM XPSL JT B QPTTJCJMJUZ 4IF HPU UIBU JEFB GSPN IFS GBNJMZ XIJDI QMBZT BO JNQPSUBOU SPMF JO IFS MJGF

" -PVME -

Fce\aZ

i VS

4FF /&8)064& PO

)FS DMPTF LOJU DMBO JODMVEFT NPN 3PTJF -VOB TUFQEBE +PTF -VOB GBUIFS -FP $BTUJMMP PG 3PXMBOE )FJHIUT ZFBS PME CSPUIFS +POBUIBO -VOB TJTUFST +FTT BOE 4Pm B $BTUJMMP ‰ XIP BSF BOE SFTQFDUJWFMZ ‰ BOE ZFBS PME CSPUIFS 7JDUPS $BTUJMMP 3PTJF -VOB JT GPOE PG UFMMJOH QFPQMF UIBU IFS EBVHIUFS IBT BMXBZT IBE B QBTTJPO GPS IFMQJOH PUIFST i* MJLF UIF GFFMJOH PG EPJOH TPNF UIJOH UIBU T HPPE GPS PUIFS QFPQMF BOE GPS NZTFMG w :WFUUF TBJE

MZ *OWJUF :PV UP "UUFOE BT

P

F JD0&WF U w

FS

TU

E CZ %S 4BN "CB[B 5IVSTEBZ .BSDI UI

4QPOTPSFE CZ "MMFSHBO 4QBDF JT MJNJUFEy QMFBTF TDIFEVMF JO BEWBODF UP BTTVSF UIBU FOPVHI QSPEVDU JT BWBJMBCMF

FcXV\T_f <aV_hWX-

/FX 1BUJFOUT &YDFQUJPOBM 1SJDJOH PO "MXBZT 8FMDPNF .BYJNVN TUSFOHUI #PUPY ! QFS VOJU +VWFEFSN ! #VZ (FU OE PGG -BTFS 4QFDJBMT 7CFBN CVZ B QBDLBHF PG SFDFJWF B TJYUI USFBUNFOU GSFF -BTFS IBJS SFNPWBM #VZ POF QBDLBHF HFU PGG UIF TFDPOE QBDLBHF 'SBDUJPOFE $0 3FTVSGBDJOH QFS USFBUNFOU PS GPS $BMM BIFBE UP NBLF B GSFF DPOTVMUBUJPO UP m OE PVU IPX UIFTF MBTFST DPVME CFOFm U ZPVS TLJO BQQFBSBODF

0UIFS %JTDPVOUT *ODMVEF 3BEJFTTF -BUJTTF :PVOH #MPPE .JOFSBM .BLFVQ BOE 5BIFSJ 1SPEVDUT -" -"4&3 $&/5&3

%BOJFM 5BIFSJ . % '""%

"%7"/$&% #PBSE $FSUJm FE JO %FSNBUPMPHZ %&3."50-0(: 4BN "CB[B . %

4,*/ $"/$&3

#PBSE $FSUJm FE JO %FSNBUPMPHZ "#14

,SJTUJOF )JSTDIm FME . % 4UFWF -FPO .4 1" $

8FTU "WFOVF 2 4VJUF # 1BMNEBMF t

'SPN

.BSJB T MFBEFSTIJQ TLJMMT IBWF CMPTTPNFE XJUI IFS JOWPMWFNFOU JO 3FBE "DSPTT "NFSJDB 8PSME #JCMF 4DIPPM UIF FMFNFOUBSZ &BTUFS FHH IVOU BOE NFNCFSTIJQ PO UIF TDIPPM TJUF DPNNJUUFF i.BSJB JT B LJOE GSJFOEMZ FOFSHFUJD ZPVOH MBEZ XIP XPSLT IBSE UP JODSFBTF TDIPPM TQJSJU w TBJE ,BSFO -BXIPO %FTFSU T BDB EFNJD BEWJTFS XIP OPNJOBUFE IFS i4IF T BMXBZT USZJOH UP TFU B HPPE FYBNQMF GPS IFS QFFST 4IF JT BMXBZT TNJMJOH w "T BDUJWJUJFT DPNNJTTJPOFS .BSJB PSHBOJ[FT QFQ SBMMJFT UIBU QSPEVDF WJUBM TDIPPM TQJSJU GPS B TUVEFOU CPEZ BTTFNCMFE GSPN FWFSZ QPJOU PO UIF DPNQBTT i0OF PG UIF m STU UIJOHT * OPUJDFE BU &EXBSET XBT IPX FWFSZPOF XBT GSPN FWFSZXIFSF w .BSJB TBJE i* UPME NZ NPUIFS XJUIJO UIF m STU NPOUI IPX NVDI * MPWFE JU CFDBVTF %FTFSU EJEO U TFFN UP IBWF UIF DMJRVFT UIBU B MPU PG TDIPPMT IBWF MJLF UIF DPPM LJET BOE UIF QPQVMBS LJET BOE UIF BUIMFUFT &WFSZPOF IBOHT PVU UPHFUIFS w

4IPSUFS UIBO UIF GPPU IF TUBOET BU UPEBZ BOE UIJOMZ CVJMU IF TIPDLFE UIF DPBDIFT XIFO IF MFBQU PGG UIF HSPVOE i*U T B UJOZ MJUUMF JOTFDU XJUI QPXFSGVM MFHT w (BSDJB TBJE DPNQBSJOH ;BDIBSZ UP B DSJDLFU i/FYU UIJOH ZPV LOPX JU KVNQT PO ZPVS DIFTU GSPN UIF HSPVOE )F UPPL UIF OJDLOBNF UP IFBSU )F TBJE A:FBI UIBU T NF w 5IJT QPTJUJWF BQQSFDJBUJWF BUUJUVEF IBT MFE UP NPSF UIBO KVTU B OJDLOBNF BU -BODBTUFS ;BDIBSZ IBT CFDPNF UIF DFOUFSQJFDF PG UIF EFGFOEJOH (PMEFO -FBHVF DIBNQJPOT *OTUFBE PG MFUUJOH IJT IFJHIU EJTBEWBOUBHF MJNJU IJT JNQBDU PO UIF UFBN IF XPSLFE IJNTFMG JOUP B MFBEFSTIJQ SPMF BU UIF QPTJUJPO IF BMXBZT XBOUFE UP QMBZ 0VUTJEF IJUUFS

"T B KVOJPS IF TVSQSJTFE FWFSZPOF CZ UBLJOH PWFS BT BO PVUTJEF IJUUFS XIFSF IF JNNFEJBUFMZ NBEF BO JNQBDU )F XBT OBNFE B DP DBQUBJO CZ (BSDJB BOE CFHBO MFBEJOH UIF &BHMFT UP POF NJMFTUPOF BGUFS BOPUIFS 5IF HSPVQ CFBU 2VBSU[ )JMM GPS UIF m STU UJNF JO TFWFSBM ZFBST BOE FWFOUVBMMZ XPO MFBHVF GPS UIF m STU UJNF JO TDIPPM IJTUPSZ 5IFTF GFBUT FBSOFE IJN B TQPU PO UIF BMM (PMEFO -FBHVF m STU UFBN i8F IBE B MPU PG UIJOHT UIBU XFOU XSPOH MBTU ZFBS BOE IF XBT POF PG UIF QJFDFT UIBU TUBCJMJ[FE UIF UFBN w (BSDJB TBJE i)F CSJOHT PVU UIF CFTU JO FWFSZPOF DPBDIFT JODMVEFE $SJDLFU IF T B TUFQ BCPWF UIF SFTU w ;BDIBSZ IBT CFFO TPBSJOH BCPWF UIF DSPXE TJODF IF XBT ZPVOH 5IPVHI IF XBT TIPSUFS UIBO NPTU PG IJT GSJFOET IF XBT BMXBZT SFBDIJOH GPS UIF IJHIFTU UIJOHT *U TUBSUFE XJUI BO JOUFSFTU GPS CBDLn JQT *OUSJHVFE CZ UIF DIBMMFOHF PG JU IF CFHBO

%FSNBUPMPHJTU -PT "OHFMFT .BHB[JOF w (P UP XXX TLJOEJSFDU DPN UP QVSDIBTF QSPEVDUT POMJOF BOE IBWF UIFN DPOWFOJFOUMZ TIJQQFE UP ZPVS IPNFy

XXX MBMBTFSDFOUFS DPN

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

)"/&4

"(& 4$)00- -BODBTUFS )JHI 4DIPPM (0"- .FDIBOJDBM FOHJOFFS


,BUIFSJOF "MMJOHUPO )JHIMBOE TFOJPS BJNT GPS DPVSUSPPN DBSFFS 8SJUUFO CZ +"40/ (0/;"-&; t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

MJOHUPO MJLFT BSHVJOH IFO JU T DPOTUSVDUJWF 5IF )JHI 4DIPPM TFOJPS HFUT B OH BSHVNFOUT BOE NBLJOH E PVU BT B TJNQMF TPQIP BTT GVODUJPO CVU UPEBZ OF IBT NBEF JU B DBSFFS HPU JOUP JU w TIF TBJE BCPVU TUVEZ PG MBX i* TUBSUFE JOH NZ GSJFOET DBTFT UIBU * PVMEO U IBWF CFFO XPSLJOH PO w 5IF UZQF PG MBX UIF IPOPS TUVEFOU XBOUT UP QSBDUJDF JT TUJMM VOEFUFS NJOFE CVU B TFFE IBT CFFO QMBOUFE UP QVSTVF X TDIPPM )FS TDIPPMT DIPJDF BSF TFWFSBM PG UIF WFSTJUZ PG $BMJGPSOJB TZTUFN PMT XJUI 6$ *SWJOF BT UIF UF 4IF IBT BMTP CFFO BD $BM 4UBUF 'VMMFSUPO XIFSF P SFDFJWF B TDIPMBSTIJQ

5IF NBUI FOUIVTJBTU XFMM QSFQBSFE GPS UIJT TPSU PG QMBOT UP NBLF NBUIFNBUJDT CVTJOFTT ,BUIFSJOF JT B MJGF "(& IFS NBKPS UP QSFQBSF GPS MBX HVBSE EVSJOH TVNNFST BOE XBT 4$)00- )JHIMBOE USBJOFE JO IPX UP TBWF MJWFT TDIPPM *G MBX EPFTO U XPSL )JHI 4DIPPM PVU B NBUI EFHSFF XJMM BM 8BUFS IBT CFDPNF B TFDPOE (0"- -BXZFS MPX ,BUIFSJOF UP QVSTVF IFS IPNF GPS IFS 4IF IBT CFFO B CBDLVQ QMBO PG PXOJOH B NFNCFS PG UIF #VMMEPHT WBSTJUZ CVTJOFTT TXJN UFBN GPS GPVS TFBTPOT BOE 1SPCMFN TPMWJOH JT B TUSPOH TVJU PG UIF ZFBS XJMM IPME B DBQUBJO UJUMF GPS UIF TFDPOE DPOTFDVUJWF PME BOE TIF QMBOT UP m OE B XBZ UP GVMm MM POF PG ZFBS UIJT TQSJOH IFS DBSFFS HPBMT i* MJLF m HVSJOH PVU QSPCMFNT m H )FS HPBM UIJT TFBTPO JT UP RVBMJUZ GPS $*' 4PVUI VSJOH PVU IPX JU XPSLT UP m OE UIF TPMVUJPO w TBJE FSO 4FDUJPO EJWJTJPO m OBMT JO UIF CVUUFSn Z ,BUIFSJOF XIP IBT B HSBEF QPJOU BWFSBHF 0WFS UIF QBTU GFX ZFBST TIF IBT FBSOFE 5PQ 8IFO TIF JTO U TUVEZJOH ,BUIFSJOF DBO CF QMBDJOHT JO UXP MPDBM JOWJUBUJPOBMT BOE UIF (PMEFO GPVOE PVUEPPST 8IFUIFS JUT CBDLQBDLJOH XJUI IFS -FBHVF m OBMT ,BUIFSJOF JT GPVOEFS BOE QSFTJEFOU PG UIF 4XJN GBNJMZ SPDL DMJNCJOH XJUI IFS CSPUIFS PS TVSm OH TIF PGUFO m OET B XBZ UP FOHBHF OBUVSF $MVC XIJDI NFFUT EVSJOH UIF PGGTFBTPO UP USBJO i* MPWF CFJOH PVUTJEF JO UIF GSFTI BJS w TIF TBJE ZFBS SPVOE 4IF BMTP JT B DPBDI GPS ZPVUI TXJN i(FUUJOH BXBZ GSPN UIF DJUZ BOE TDIPPM CFJOH PVU NFST JOWPMWFE XJUI UIF -" GPVOEBUJPO UIFSF XJUI OPUIJOH CVU ZPV BOE UIF FOWJSPONFOU ,BUIFSJOF IBT FBSOFE UIF BXBSE UISPVHI BSPVOE ZPV w PVU IFS FOUJSF IJHI TDIPPM DBSFFS BOE UIF $PBDI T 5IJT WBMVFE FYQFSJFODF JT TPNFUIJOH TIF "XBSE 4IF BMTP WPMVOUFFST BU IFS DIVSDI FWFSZ XPVME QSFGFS FWFSZPOF DPVME FYQFSJFODF BOE GPS 4VOEBZ BOE HJWFT TXJN MFTTPOT UIBU SFBTPO TIF JT DPOTJEFSJOH PQFOJOH BO PVU i,BUIFSJOF JT GVO BOE QFSTPOBCMF w )JHIMBOE EPPST TIPQ )FS LOPXMFEHF PG PVUEPPS BDUJWJUJFT )JHI 4DIPPM JOTUSVDUPS 5IPNBT +POFT TBJE i4IF T DPNCJOFE XJUI IFS BCJMJUZ UP QSPUFDU NBLF IFS BMTP BO BMM BSPVOE UPQ OPUDI TUVEFOU w

%JLTIJUB 1PVEFM A"DBEFNJD FYDFMMFODF XJUI B AIFBSU PG DPNQBTTJPO 8SJUUFO CZ "--*40/ ("5-*/ t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

+BDL 'SZ 5SBWFM

$BMM VT UPEBZ t

i&YQFSJFODFE $POTVMUBOUT %FEJDBUFE UP :PVS 5SBWFM &YQFSJFODFw

5SBWFM %S F FBNT N y %0 $P M F FyBU +BDL V W S B 5 S 'SZ 5

$45

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

/

P POF XPVME #VU NPSF PO UIBU MBUFS "(& BDDVTF %JLTIJUB /FVSPMPHZ JT iTPNFUIJOH * 4$)00- ,OJHIU )JHI SFBMMZ XBOUFE UP EP FWFS TJODF 1PVEFM PG TFUUJOH 4DIPPM IFS TJHIUT MPX * XBT MJUUMF w %JLTIJUB TBJE (0"- #F B OFVSPMPHJTU 5IF ,OJHIU )JHI i* WF CFFO JOUSJHVFE CZ JU w *U JT BOE PQFO B TIFMUFS GPS 4DIPPM TFOJPS JT B TUBOE B DVSJPTJUZ TUSFOHUIFOFE CZ IFS IPNFMFTT HJSMT PVU FOHJOFFSJOH TUVEFOU IBCJU PG BTLJOH QMFOUZ PG RVFT VTJOH IFS LOPXMFEHF UJPOT XIFO BUUFOEJOH EPDUPS T UP IFMQ JOTQJSF ZPVOHFS TUVEFOUT FOUIVTJBTN GPS WJTJUT XJUI IFS NPUIFS OP NBUUFS XIBU UIF EPDUPS T UIF TVCKFDU BOE QMBOT UP IFBE UP NFEJDBM TDIPPM TQFDJBMUZ TIF TBJE UP TUVEZ OFVSPMPHZ 0I BOE TIF IPQFT UP IFMQ 'PS TPNF UJNF IFS JOUFSFTU JO NFEJDJOF DPN XPNFO BOE HJSMT BGGFDUFE CZ IVNBO USBGm DLJOH QFUFE XJUI B NPSF SFDFOUMZ EJTDPWFSFE JOUFSFTU JO BFSPTQBDF BOE FOHJOFFSJOH %JLTIJUB KPJOFE IFS TDIPPM T FOHJOFFSJOH BDBEFNZ MBTU ZFBS BT B KVOJPS BU UIF TVHHFTUJPO PG POF PG IFS UFBDIFST 4IF IBE CFFO UVUPSJOH PUIFS TUVEFOUT EVSJOH BO PUIFSXJTF FNQUZ DMBTT QFSJPE BOE XBT MPPLJOH GPS TPNFUIJOH FMTF UP PDDVQZ IFS UJNF BOE NJOE 5IJOLJOH JU XPVME CF B XPSUIXIJMF FYQFSJFODF TIF TJHOFE VQ BOE CFHBO UBLJOH FOHJOFFSJOH DPVSTFT 5IF BDBEFNZ BMTP 4FSWJOH UIF "OUFMPQF 7BMMFZ 4JODF QSPWJEFE BO PQQPSUV OJUZ UP QBSUJDJQBUF JO 'FSO "WFOVF 4VJUF -BODBTUFS B WPMVOUFFS QSPHSBN

XJUI -PDLIFFE .BSUJO "FSP KPJO BEVMU NFOUPST JO WJTJUJO BOE NJEEMF TDIPPM TUVEFOUT TDJFODF DPODFQUT UISPVHI I UP iTIPX UIFN IPX TDJFODF TBJE 'PS FYBNQMF UIFZ NBZ V SPDLFUT UP ESBNBUJDBMMZ EFN QIZTJDT QSJODJQMFT 5IF ZPV DIJMESFO DBO SFMBUF UP TPNF DMPTFS UP UIFJS BHF EVSJOH UI MFTTPOT TIF TBJE i*U FYQPTF NF UP UIBU BSFB PG JOUFSFTU

MPU NPSF 5IBU T IPX * HPU J WPMWFE JO UIBU m FME w TIF TB 5IF QSPKFDU IBT CFDPNF B MBSHF QBSU PG %JLTIJUB T WPMVOUFFSJOH UJNF XIJDI BM JODMVEFT UJNF TQFOU IFMQJOH UIF EPNFTUJD WJPMFODF TIFMUF )FS XPSL XJUI UIF TIFMUFS B JOGPSNT BOPUIFS PG %JLTIJUB MJGF HPBMT XIJDI JT UP PQFO B TIFMUFS UP IFMQ IPNFMFTT HJSMT QBSUJDVMBSMZ WJDUJNT PG IVNBO USBGm DLJOH 4IF XBT JOTQJSFE UP QVSTVF UIJT LJOE PG XPSL BGUFS TFFJOH BO BXBSET DFSFNPOZ IPOPSJOH UIPTF XIP XPSL GPS TPDJBM KVTUJDF BOE IFS WPMVOUFFS JOH XJUI UIF EPNFTUJD

4FF 106%&- PO


4UFQIBOJF 3BNJSF[ &BTUTJEF WBMFEJDUPSJBO IBT (1" 8SJUUFO CZ 45&7& 1"*/& t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

8&45 -"/$"45&3

#B==>G !:EEL

8&45 -"/$"45&3

/# 2$''*2.

"WF +

"WF +

8 "WF + -BODBTUFS

iÓ Ë& ÛlË wË ¯) ËÜ Í Ë¥ËÞlFÂË lFÄl°Ë ¥ iÉÏ{aËÓ iÈ{äaËÏ i Ó{ ?FÍlÂaË7ÂFÄ ËLË FÄË1F d FÍldaË ÕÂÍlÄÞË F lÂFÄaË1 aË 'lFÂË > ËLË)Í lÂË4] IJ

i* EJE NZ MJWF BVEJUJPO BU 64$ GPS JUT QPQVMBS NVTJD BOE WPJDF QSPHSBN w TIF TBJE i* N IPQJOH UP HFU JOUP 64$ #VU * WF BMTP BQQMJFE BU $IBQNBO 6OJWFSTJUZ 1FQQFSEJOF 6OJWFSTJUZ 6$ 4BOUB #BSCBSB 6$-" 6$ #FSLFMFZ BOE PUIFST #VU NZ IFBSU JT SFBMMZ XJUI 64$ w

8&45 1"-.%"-&

"WF -

1BMNEBMF #MWE

( )5 )$/ 1$'' .

"WF ,

8 "WF , 8FTU -BODBTUFS

,OPMMWJFX $U 1BMNEBMF

lFÕÍ yÕ Ë S F ]l yy ÂdFS lË$ÕÝÕÂÞ 4ÍÕd ÄaË¥Ë 3aËÓË 3 Ó dË& Í Ë 3 ? Í Ë¥ËAlFÂË$lFÄl XXX XJMMPXTBQBSUNFOUT DPN

2

\Ë4Ü Ë1 \Ë4­F \Ë$FÕ dÂÞË F] Í lÄ \Ë FÍldË Õ ÍÞ \Ë1Â ylÄÄ F Ë4ÍFyy \Ë$ÕÄ Ë$F dÄ]F­

'PS UIPTF XIP BQQSFDJBUF USVMZ CFBVUJGVM TVSSPVOEJOHT 1BMNEBMFT 'JOFTU "EESFTT

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

5IF USPVQF IBT QFSGPSNFE JO NVMUJDVMUVSBM BTTFNCMJFT BU 2VBSU[ )JMM BOE BU PUIFS QMBDFT BOE FWFOUT JO UIF "OUFMPQF 7BMMFZ BOE FMTF XIFSF )F XFBST B USBEJUJPOBM DPTUVNF JODMVEJOH B GFBUIFSFE IFBEESFTT BOE CFBUT UIF IVFIVFUM BO "[UFD XBS ESVN 5IF QFSGPSNBODFT "VSVT TBJE iTIPX ZPVOH LJET IJTUPSZ PG IPX NZ QFPQMF VTFE UP CF w i* SFBMMZ MJLFE UIF XBZ * HPU UP MFBSO BCPVU NZ BODFTUPST w "VSVT BEEFE i*U T SFBMMZ GVO BOE NBLFT NF GFFM SFBMMZ IBQQZ -FBSOJOH BMXBZT GBTDJOBUFT NF w "VSVT BMTP IBT QMBZFE UIF WJPMJO GPS UXP ZFBST BOE QFSGPSNFE XJUI 1BMNEBMF T DPNNVOJUZ PSDIFTUSB 0UIFS NVTJDBM JOTUSVNFOUT IF T MFBSOFE JODMVEF QJBOP BOE NBSJNCB BOE IF QMBZT QFSDVTTJPO JO 2VBSU[ )JMM T CBOE i)F T B SFBM HPPE LJE B IBSE XPSLJOH LJE w CBOE EJSFDUPS +PIO

B DPODFSU UIBU CFOFm UUFE 3POBME .D%POBME )PVTF BOE -PT "OHFMFT $IJMESFO T )PTQJUBM i* QMBO UP BUUFOE DPMMFHF BOE XPVME MJLF UP EPVCMF NBKPS JO DSF BUJWF XSJUJOH PS TDSFFOXSJUJOH BOE NVTJD w TIF TBJE BOE JT BMTP DPOTJE FSJOH TUVEZJOH DPNNVOJDBUJPOT MBX BOE QVCMJD QPMJDZ

UI 4U 8FTU

'SPN

4FF 3".*3&; PO

("-*/%0

.D2VJMLJO TBJE i)F T QMFBTBOU UP IBWF BSPVOE BOE FWFSZCPEZ MJLFT IJN w "VSVT XBT OPNJOBUFE UP CF B 'VUVSF -FBEFS CZ IJT PMEFS TJTUFS .JSJBN $BSMTPO XIP EFTDSJCFT IJN BT B WFSZ IBSE XPSLJOH TUVEFOU XIP HPFT UP TDIPPM FWFSZ EBZ QSFQBSFE UP MFBSO BOE EPFT OPU IFTJUBUF UP IFMQ GFMMPX TUVEFOUT XIFO UIFZ TUSVHHMF BDBEFNJDBMMZ i)F IBT BMXBZT CFFO B HSFBU LJE IJT FOUJSF MJGF w $BSMTPO TBJE i5IF NPTU SFEFFNJOH RVBMJUZ BCPVU "VSVT JT UIBU IF JT TP EFEJDBUFE UP TDIPPM 8IFO PUIFS LJET NJHIU HFU TPNFUIJOH B MJUUMF RVJDLFS IF XJMM XPSL BU JU TP IBSE )F T TVDI B IBSE XPSLFS w "VSVT UIF TPO PG .JSJBN BOE 3VCFO (BMJOEP JT UIJOLJOH BCPVU BQQMZJOH UP 64$ JG IF EFDJEFT UP TUBZ JO $BMJGPSOJB )F FOWJTJPOT EFTJHOJOH BOE CVJMEJOH TUSVDUVSFT GPS CVTJOFTTFT BOE SFTJEFODFT BT XFMM BT HSFFO QSPKFDUT UIBU BSF FOWJSPONFO UBMMZ GSJFOEMZ

HFOEFS XBT NPSF SBUJPOBM BOE XF HPU UP TFF BMM UIFTF EJGGFSFOU WJFXQPJOUT w 4UFQIBOJF BMTP TFSWFE BT B UVUPS BU &M %PSBEP &MFNFOUBSZ 4DIPPM XIFSF TIF IFMQFE UIJSE HSBEFST XJUI NBUI BOE &OHMJTI i.Z BEWJTFS CSPVHIU JU VQ BOE * OFFEFE UIF IPVST GPS NZ TUVEFOU HPWFSONFOU DMBTT TP * TBJE A8IZ OPU w 4UFQIBOJF TBJE 5IF FYQFSJFODF BMMPXFE IFS UP TFF UIF TDIPPM XPSME GSPN B OFX QFSTQFDUJWF TIF TBJE UIBU PG B UFBDIFS JOTUFBE PG B TUVEFOU i.S 3JWBT BMXBZT UFMMT VT IPX XIFO IF DPNFT UP XPSL IF EPFT JU GPS UIF LJET OPU GPS UIF NPOFZ PS BOZUIJOH FMTF 'PS TPNF JU T KVTU B KPC CVU LOPXJOH ZPV SF IFMQJOH TPNFPOF FMTF JT SFBMMZ SFXBSEJOH JO JUTFMG w *O UIF MJUUMF EPXO UJNF TIF DBO m OE 4UFQIB OJF FOKPZT SFBEJOH BOE XSJUJOH QPFUSZ B IPCCZ UIBU TIF m OET SFMBYFT IFS i* WF CFFO XSJUJOH QPFUSZ GPS B GFX ZFBST QSPCBCMZ TJODF FJHIUI PS OJOUI HSBEF w TIF TBJE

5IFBUFS BOE QSFTJEFOU PG $03& PS $PNNVOJUZ 0VUSFBDI GPS &WFSZPOF i0WFS UIF ZFBST * IBWF TVOH SBJTFE NPOFZ DPPLFE UIPVTBOET PG QBODBLFT TFSWFE BU TPVQ LJUDIFOT FOUFSUBJOFE WFUFSBOT BEPQUFE GBNJ MJFT GPS UIF IPMJEBZT TBU BOE WJTJUFE XJUI IPTQJUBMJ[FE DIJMESFO WJTJUFE TFOJPST BOE XBMLFE NBOZ NJMFT GPS WBSJPVT DBVTFT w -JOETFZ TBJE "T -JUUMF .JTT 1BMNEBMF XIFO TIF XBT -JOETFZ TUBSUFE IFS i8JOUFS 8BSNUI 1SPHSBN w JO XIJDI EPOBUFE

TJPOBM UIFBUFS BOE EJE WPJDF PWFST *O UIF "OUFMPQF 7BMMFZ TIF QFSGPSNFE BU NBOZ FWFOUT JODMVE JOH "NFSJDBO $BODFS 4PDJFUZ 3BDF GPS " $VSF BOE 3FMBZ GPS -JGF FWFOUT BOE )JHI %FTFSU .FEJDBM (SPVQ -JGF 'FTUJWBM BOE 4FOJPS &YQP 4IF BMTP QFSGPSNFE GPS DIBSJUBCMF FWFOUT PVUTJEF UIF 7BMMFZ JODMVEJOH i4*/( w

UI 8FTU

'SPN

DPBUT HMPWFT IBUT BOE TDBSWFT XFSF EJTUSJCVUFE UP IPNFMFTT PS OFFEZ QFPQMF JO UIF 7BMMFZ *O JUT m STU GPVS ZFBST UIF QSPHSBN DPMMFDUFE NPSF UIBO JUFNT GPS EJTUSJCVUJPO 4IF IBT CFFO B NFNCFS PG i,JET GPS B $BVTFw GPS ZFBST *U T BO PSHBOJ[BUJPO DPNQPTFE PG DFMFCSJUZ DIJMESFO XIP EPOBUF UJNF UP WBSJPVT DIJMESFO T DBVTFT -JOETFZ TBOH BOE BDUFE JO UIF NPWJF i-JUUMF .JTT 4VOTIJOFw BOE XBT BO PSJHJOBM DBTU NFNCFS PG UIF i"NFSJDBO (JSM 3FWVF BU 5IF (SPWFw JO -PT "OHFMFT 4IF BDUFE JO TFWFSBM OBUJPOBM DPNNFSDJBMT BOE JO QSPGFT

+03%"/

JU UP UIF XIPMF QIZTJDBM XPSME w "(& 4IF IBT 4$)00- &BTUTJEF BMSFBEZ SFDFJWFE )JHI 4DIPPM MFUUFST PG BD (0"- &OHJOFFS DFQUBODF GSPN UXP DPMMFHFT CVU JT XBJUJOH UP IFBS CBDL GSPN 6$-" IFS UPQ DIPJDF 4UFQIBOJF T BDBEFNJD BDIJFWFNFOU JT FWJEFOU CFZPOE KVTU IFS (1" 4JODF IFS GSFTINBO ZFBS TIF T CFFO B NFNCFS PG UIF .BUIMFUFT DPN QFUJOH PO UIF WBSTJUZ UFBN MBTU ZFBS BOE QBSU PG UIF $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO XIFSF TIF TFSWFT BT DMVC TFDSFUBSZ BOE XJMM iHSBEVBUF HPMEw GPS IFS NPSF UIBO GPVS TFNFTUFST JO UIF PSHBOJ[BUJPO 4UFQIBOJF BMTP IFMQFE GPVOE B TIPSU MJWFE 1IJMPTPQIFST $MVC BU IFS TDIPPM XJUI UIF BTTJT UBODF PG IFS TQFFDI UFBDIFS 3ZBO 3JWBT i8F E BMM HFU UPHFUIFS QJDL B UPQJD BOE KVTU IBWF B DPOWFSTBUJPO PO PVS EJGGFSFOU WJFXT w TIF TBJE i8F IBE POF UPQJD BCPVU XIJDI

UI 8FTU

*

O ZFBS PME 'VUVSF -FBEFS 4UFQIBOJF 3BNJSF[ ZPV MM m OE UIF CFTU PG CPUI XPSMET B CSBJO XJUI B QBTTJPO GPS FOHJOFFSJOH BOE QIZTJDT BMPOH XJUI B DSFBUJWF TJEF UIBU FOKPZT QPFUSZ BOE QIJMPTPQIZ 5IF &BTUTJEF )JHI 4DIPPM TFOJPS XIP NBJOUBJOT B HSBEF QPJOU BWFSBHF BOE XJMM HSBEVBUF JO B GFX NPOUIT BT WBMFEJDUPSJBO PG IFS DMBTT TBJE TIF IBT BMXBZT CFFO JOUFSFTUFE JO UIF TDJFODFT BOE IPQFT UP POF EBZ CFDPNF BO FOHJOFFS i* N QMBOOJOH PO NBKPSJOH JO QIZTJDT PS NBZCF FOHJOFFSJOH BOE XBOU UP HFU NZ NBTUFS T BOE 1I % w 4UFQIBOJF TBJE i*U T DPPM CFDBVTF XJUI KVTU UIPTF GFX TVCKFDUT ZPV DBO BQQMZ


-BDFZ 3JTDIBS

#SPPLF 4OZEFS

%FTFSU KVOJPS MJLFT BOBUPNZ BOE CJPMPHZ

%FTFSU TFOJPS FYDFMT JO BDBEFNJDT BOE PO UIF DPVSU

8SJUUFO CZ +&//*'&3 4"/504 t 1IPUPHSBQIFE CZ .":" 46("3."/

8

8SJUUFO CZ $)"3-&4 ' #0458*$, t 1IPUPHSBQIFE CZ .":" 46("3."/

#

SPPLF 4OZEFS IBT UIF TFDPOE IJHIFTU HSBEF QPJOU BWFSBHF BU %FTFSU )JHI 4DIPPM 4IF BMTP QMBZFE PO %FTFSU T WPMMFZCBMM UFBN UIBU XPO UIF )JHI %FTFSU -FBHVF UJUMF XBT PO UIF TDIPPM T NFUFS SFMBZ UFBN UIBU XPO UIF MFBHVF UJUMF XBT m STU SVOOFS

"(& 4$)00- %FTFSU )JHI 4DIPPM (0"- %FOUBM IZHJFOJTU

VQ JO UIF .JTT &EXBSET QBHFBOU BOE UPPL UIJSE QMBDF JO JO UIF ,FSO $PVOUZ TDJFODF GBJS IPVST B XFFL &EXBSET "JS

BOE /PMB 4OZ PPLF IBT B F BT B TFOJPS RVBMJGZJOH IFS BT POF PG %FTFSU T WBMFEJDUPSJ BOT 4IF IBT CFFO OBNFE UP UIF 4VQFSJO FOEFOU T )POPS PMM GPS GPVS BST BOE IBT FDFJWFE NVMUJQMF 4UVEFOU PG UIF 2VBSUFS IPOPST PPLF TBJE TIF LFO FWFSZ IPO MF BU %FTFSU BOOJOH GPS B DB IZHJFOJTU 4IF T U $BMJGPSOJB -POH #FBDI F CVU IPQFT UP 4UBUF 6OJWFS

4FF 4/:%&3 PO

)*() %&4&35

%3*7*/( 4$)00-

4QSJOH #SFBL 4QFDJBM

'SFF 0OMJOF %SJWFS &EVDBUJPO 1SPHSBN 8IFO :PV 4JHO 6Q 0OMZ GPS %SJWFS 5SBJOJOH $PNQM UF SJ F S %T W EVDBUJ O F P &JBZ % O T $MBTT %BUFT .BSDI "QSJM 4BUVSEBZ $MBTTFT .BSDI .BSDI "QSJM

)JHI %FTFSUPM %SJWJOH 4DIP

8FTU "WFOVF + -BODBTUFS

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

GVM QPMJUF BMXBZT IBT B FTFSU BDBEFNJD O TBJE i*U T IFS OU XPSL FUIJD UIBU XJMM DPO Z UP B TVDDFTTGVM

IFO %FTFSU )JHI 4DIPPM KVOJPS -BDFZ 3JTDIBS HPFT PGG UP DPMMFHF JO BOPUIFS ZFBS UP CFHJO IFS VOEFSHSBEVBUF XPSL UPXBSE IFS NFEJDBM EFHSFF TIF XJMM CSJOH XJUI IFS QFSTPOBM LOPXMFEHF PG XIBU ZPVOH QBUJFOUT BOE UIFJS QBSFOUT HP UISPVHI -BDFZ XBT EJBHOPTFE XJUI B DPOHFOJUBM IFBSU EFGFDU BOE IBE UP VOEFSHP IFBSU TVSHFSZ XIFO TIF XBT POMZ ZFBST PME "U UIF UJNF -BDFZ TBJE TIF SFNFNCFST GFFMJOH UJSFE PGUFO CVU EJEO U LOPX XIBU XBT XSPOH XJUI IFS i* IBE B MPU PG IPMFT JO NZ IFBSU XIFO * XBT ZPVOH w -BDFZ TBJE i* XBT SFBMMZ QBMF BOE OPU BDUJWF BU BMM * XBT TP VOEFSFYFSDJTFE * MJLFE UP SVO CVU * QIZTJDBMMZ DPVMEO U w -PPLJOH CBDL PO IFS FYQFSJFODF -BDFZ TBJE TIF SFNFNCFST IPX IFMQGVM UIF EPDUPST BOE

XXX IJHIEFTFSUESJWJOHTDIPPM DPN POMJOF %.7 45"5& -*$

4QBDF JT -JNJUFE 4JHO 6Q /PX

#0"3% .&.#&3

QFPQMF BCPVU UIF EJGGFSFOU GVODUJPOT PG UIFJS CPEZ BOE CFJOH BCMF UP IFMQ UIFN XPVME CF B CPOVT w -BDFZ IPMET B HSBEF QPJOU BWFSBHF BOE JT BDUJWFMZ JOWPMWFE JO UIF $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO BU IFS TDIPPM 3FDFOUMZ -BDFZ BOE PUIFS $4' NFNCFST IFME B CFOFm U EJOOFS UP DPMMFDU EPOBUJPOT GPS UIF GBNJMZ PG ZFBS PME #BJMFF .BD-FBO B TFWFOUI HSBEFS XIP XBT LJMMFE JO "(& +BOVBSZ XIFO TIF XBT TUSVDL CZ B 4$)00- %FTFSU GSFJHIU USBJO JO #PSPO )JHI 4DIPPM -BDFZ JT BMTP DBQUBJO PG UIF (0"- /VSTF PS TDIPPM T n BH UFBN QSFTJEFOU PG UIF TVSHFPO 3FHJPOBM 0DDVQBUJPOBM 1SPHSBN #VTJOFTT $MVC BOE JT B NFNCFS PG UIF DIPJS 1IPUPHSBQIZ $MVC BOE #JCMF $MVC *O -BDFZ XBT UIF SFDJQJFOU PG B /BUJPOBM )POPS 4PDJFUZ QIZTJDBM FEVDBUJPO BXBSE i* SFBMMZ MJLF UP XPSL PVU BOE EP XFJHIUMJGUJOH w -BDFZ TBJE i* IBWF UXP PMEFS CSPUIFST POF XIP MPWFT TPDDFS


$BJUMJO 2VBJOUBODF

.D,FO[JF 1BOUBOB 7PMMFZCBMM TUBOEPVU MPWFT BOJNBMT 8SJUUFO CZ .&3*4" +&/4&/ t 1IPUPHSBQIFE CZ .":" 46("3."/

'VUVSF OVSTF JT APVUTUBOEJOH SPMF NPEFM

%

8SJUUFO CZ "-*4)" 4&.$)6$, t 1IPUPHSBQIFE CZ 30/ 4*%%-&

UI

"(& 4$)00- 1BMNEBMF )JHI 4DIPPM (0"- #F B OVSTF BOE TFSWF JO UIF 6 4 "SNZ

NBM CFIBWJPS BOE CVTJOFTT UP IFMQ FS HPBM BOBUPNZ DMBTT TIF UPPL XJUI -FXJT LFZ JO IFMQJOH IFS EFDJEF PO IFS NCJUJPVT FOEFBWPS i.Z BOBUPNZ UFBDIFS BU %FTFSU JT BNB[JOH w .D,FO[JF TBJE i4IF T BMTP NZ DPBDI TP * IBWF B SFBMMZ TUSPOH CPOE XJUI IFS *U NBEF JU GVO UIBU XBZ i#BTJDBMMZ * XBT NPSF EFUFS NJOFE UP HFU B CFUUFS HSBEF JO UIFSF DBVTF * LOFX IFS QFSTPOBMMZ " MPU IF QFPQMF BU NZ TDIPPM BDUVBMMZ MJLF TT B MPU w IBT IBE .D,FO[JF JO IFS DMBTTSPPN BST UXJDF BT B TUVEFOU BOE OPX

$BJUMJO JT QBSUJDVMBSMZ UPVDIFE CZ QBUJFOUT TVGGFSJOH GSPN DBODFS XIJDI IBT BGn JDUFE TPNF PG IFS SFMBUJWFT )FS HSBOEGBUIFS EJFE PG CSBJO DBODFS BOE IFS HSBOENPUIFS JT B DBODFS TVSWJWPS XIP CBUUMFE B NBMJHOBODZ PO IFS UPOHVF $BJUMJO XIP NBJOUBJOT B HSBEF QPJOU BWFSBHF TBJE IFS NFEJ DBM DMBTTFT BSF EFm OJUFMZ IFS GBWPSJUF BMUIPVHI TIF BMTP UBLFT "EWBODFE 1MBDFNFOU DMBTTFT JO &OHMJTI BOE IJTUPSZ 4IF TBJE UXP PG IFS DMBTTFT BSF JOUFSOTIJQT JO UIF FNFSHFODZ SPPN BU 1BMNEBMF 3FHJPOBM .FEJDBM $FOUFS XIJDI XFSF BSSBOHFE UISPVHI UIF "OUFMPQF 7BMMFZ 3FHJPOBM 0DDVQB UJPOBM 1SPHSBN $BSPM "OO 8PPE BO JOTUSVDUPS JO 1BMNEBMF T )FBMUI $BSFFST "DBEFNZ

FXJT TBJE XJUI B MBVHI i4IF T KVTU B

"(& 4$)00- %FTFSU )JHI 4DIPPM (0"- 0QFSBUF B OP LJMM BOJNBM SFTDVF TIFMUFS

PSSFMBUJPO CFUXFFO ESFBN SFDBMM BOE

S GSJFOE UPPL IPNF B m STU QMBDF FOU UIBU TUVEJFE XIFUIFS PS OPU OUT 4IF JT HPJOH UP UIF DPVOUZ TDJ BZ .BSDI Z BOE TUBUF w .D,FO[JF TBJE i:PV

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

[JF QBJSFE VQ XJUI POF PG IFS CFTU PPM BOE UIJSE JO UIF DPVOUZ GPS B OE PG HSPDFSZ CBH XBT CFTU GPS UIF

4FF 26"*/5"/$& PO

4FF 1"/5"/" PO

" X B S E 8 J O O J O H (PVSNFU 5BNBMFT #FFG t $IJDLFO t 1PSL t 7FHFUBSJBO $IJMJ $IFFTF t 4XFFU $PSO t 4XFFU 1JOFBQQMF

4FSWJOH #SFBLGBTU "MM %BZ BN QN 7F F lËiÓ²{älF²

ÕÞË) lË&lF Ë lÍËÓ dË

âl Ë7F F lÄË

¦1Â ]l 0G FRVBM PS MFTTFS WBMVF 8JUI $PVQPO &YQJSFT

-BODBTUFS .BSLFUQMBDF 7BMMFZ $FOUSBM 8BZ -BODBTUFS #MWE 0QFO BN QN

iÓ{²ää

/08 4FSWJOH .FOVEP BOE PUIFS 4PVQT

XXX HPVSNFUUBNBMFDBGF DPN

4FÛlË {²ää

i

1PVOE t /P -BSE 8JUI $PVQPO &YQJSFT

8 -BODBTUFS #MWE -BODBTUFS #FFS "WBJMBCMF

1

BMNEBMF )JHI 4DIPPM TFOJPS $BJUMJO 2VBJOUBODF JT BNPOH UIPTF QSJWJMFHFE GFX XIP BSF PO UIFJS XBZ UP NBLJOH UIFJS DIJMEIPPE ESFBNT DPNF USVF 4IF QMBOT UP QVSTVF B DBSFFS JO UIF NFEJDBM m FME TUBSUJOH PVU JO OVSTJOH 4IF BMXBZT LOFX GSPN BSPVOE UIF UFOEFS ZPVOH BHF PG UIBU TIF XBOUFE UP XPSL XJUI QB UJFOUT 4IF XBOUFE UP IFMQ DVSF XIBU BJMFE UIFN PS BU MFBTU DPNGPSU UIPTF XIP XPVME OFWFS IFBM i* WF BMXBZT CFFO JOUFSFTUFE JO NFEJDJOF TJODF * XBT MJUUMF * TUBSUFE PVU XBOUJOH UP CF B WFU w $BJUMJO TBJE OPUJOH TIF EJSFDUFE IFS GPDVT JOJUJBMMZ PO BOJNBMT i5IFO UISPVHI UIF NFEJDBM BDBE FNZ BU 1BMNEBMF * m HVSFE PVU UIBU * XBOUFE UP CF B OVSTF w TIF TBJE $BJUMJO WJFXT B NFEJDBM DBSFFS BT SFXBSEJOH CFDBVTF BT TIF QVU JU TIF MJLFT iIFMQJOH QFPQMF w i8F EP DPNNVOJUZ TFSWJDF BOE WPMVOUFFS IPVST GPS EJGGFSFOU UIJOHT * XBT PO B UFBN GPS UIF 3FMBZ GPS -JGF w TIF TBJE SFGFSSJOH UP UIF BOOVBM

FTFSU )JHI 4DIPPM TFOJPS .D,FO[JF 1BOUBOB DBO U SFNFNCFS B UJNF HSPXJOH VQ XIFSF TIF EJEO U IBWF QFUT BSPVOE i* WF KVTU BMXBZT MPWFE BOJNBMT BOE * MPWF UBLJOH DBSF PG w . , [J JE IBT JOTQJSFE IFS HPBM PG FTUBCMJTI IFMUFS IBU w TBJE %FCCJF -FXJT B %FTFSU BMM DPBDI i4IF IBT B DBMN DPN


"VTUJO .BMFT %FTFSU TFOJPS TIBQFE CZ +VO 8SJUUFO CZ #3*"/ (0-%&/ t 1IPUPHSBQIFE CZ .":

'

SPN BUPQ IJT TLBUFCPBSE BOE CFOFBUI IJT i* BMXBZT TBZ * XJTI * DPVME IBWF EPOF n PXJOH MPDLT "VTUJO .BMFT EJEO U FYBDUMZ NZ GSFTINBO ZFBS w SFn FDUFE "VTUJO i* MPU NPSF TFSJPVT BCPVU IJHI TDIPPM BT B TPQ IBWF UIF DMFBSFTU WJFX PG IJT GVUVSF BT B GSFTINBO BU %FTFSU )JHI 4DIPPM UISFF ZFBST BHP NPSF +PJOJOH 305$ HJWFT ZPV B XIPMF EJGG NFOUBMJUZ UIBU OP NBUUFS IPX HPPE ZPV BSF #VU TJODF UIFO IBT IF FWFS CFFO PO B SPMM DBO BMXBZT CFUUFS ZPVSTFMG 'PS HSBEVBUJOH GSPN KVNQJOH TUBJSDBTFT PO IJT i305$ IBT SFBMMZ TIBQFE UIF QFSTPO * B TLBUFCPBSE UP DMJNCJOH TUBJSXBZT UP UIF TUBST "VT UPEBZ *O UIF DPSQT XF HP CZ UIF DPSF WBMV UJO IBT FBSOFE NFNCFSTIJQ JO UIF 'VUVSF -FBEFST JOUFHSJUZ m STU TFSWJDF CFGPSF TFMG BOE FYDFMM $MBTT PG BMM XF EP 4P UIBU T XIBU * USZ UP EP JO FWFS #SJBO BOE "OHFMB .BMFT TPO m OBMMZ PWFSDBNF B SFMVDUBODF UP KPJO UIF +VOJPS 305$ UIBU IBT EP FWFSZ EBZ w QSPEVDFE TP NBOZ 'VUVSF -FBEFST PWFS UIF QBTU "VTUJO BQQMJFE UIF BQQSPBDI XJUI %FTFS GPVS UJNF EFGFOEJOH )JHI %FTF EFDBEF /PX B HSBEF -FBHVF USBDL DIBNQJPOT )F "(& 4$)00- %FTFSU m OJTIFE UIJSE JO UIF MFBHVF JO U QPJOU BWFSBHF TUVEFOU )JHI 4DIPPM MPOH KVNQ BT B TPQIPNPSF BOE XIP DBO GPSFTFF B DB (0"- 7FUFSJOBSJBO TFDPOE BT B KVOJPS FBSOJOH JOW SFFS BT B WFUFSJOBSJBO JO BOE 6 4 "SNZ UBUJPOT UP UIF $*' QSFMJNJOBSJFT UIF 6 4 "SNZ "VTUJO PGm DFS FBDI ZFBS POMZ XJTIFT IF IBE QVU "VTUJO JT B EJTUJOHVJTIFE PO UIF VOJGPSN TPPOFS i5IF SFBTPO * EJEO U XBOU UP KPJO XBT CFDBVTF NFNCFS PG %FTFSU T /BUJPOBM )POPS * EJEO U XBOU UP DVU NZ IBJS w "VTUJO TBJE i* IBE 4PDJFUZ BOE JT BMTP JOWPMWFE JO TUVEFOU MPOH IBJS * XBT B TLBUFS LJE #VU XIFO * EFDJEFE HPWFSONFOU BOE $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO UP KPJO BOE UIFZ DVU NZ IBJS JU XBT QSPCBCMZ UIF )JT EFDPSBUFE NFNCFSTIJQ JO UIF ,JUUZ CFTU EFDJTJPO * FWFS NBEF w "U UIF FOE PG "VTUJO T TFDPOE ZFBS JO UIF DPSQT )BXL "JS 4PDJFUZ IBT IFMQFE CVSOJTI MFBE FSTIJQ TLJMMT UIBU IBWF FBSOFE IJN B QSP JO IF XBT TVSQSJTFE XJUI UIF /BUJPOBM 4P NPUJPO UP JOTQFDUPS HFOFSBM JO UIF DPSQT KPVSOFST "XBSE HJWFO BOOVBMMZ UP UIF DBEFU XIP $BMM JU B DBTF PG TLBUFS EVEF UVSOFE PGm DFS EJTQMBZT QBSUJDVMBSMZ JOTQJSJOH QBUSJPUJTN BOE B HFOUMFNBO 5IF $BMJGPSOJB $JUZ SFTJEFOU BMTP SFDFJWFE UIF i.Z QPTJUJPO JO UIF DPSQT JT UP CBTJ 9FSPY "XBSE GPS *OGPSNBUJPO BOE *OOPWBUJPO 5FDI DBMMZ JOTUJMM UIBU EJTDJQMJOF UIBU FWFSZPOF T OPMPHZ GPS IJT HPME TUBS XPSL JO %FCCJF -FXJT VOJGPSN HPPE NBLJOH TVSF OPUIJOH JT BOBUPNZ DMBTT XBT OBNFE #PZT 4UBUF EFMFHBUF PVU PG QMBDF BOE FWFSZUIJOH T DMFBO BOE XPO m STU QMBDF JO UIF TDJFODF GBJS

*(-&4*"4

.BSJTFMB BQQMJFT IFS QBTTJPO GPS IFMQJOH PUIFST UISPVHI IFS JOWPMWF NFOU XJUI 1BMNEBMF T :PVUI $PVODJM 5IF DPVODJM PGGFST "OUFMPQF 7BMMFZ ZPVUI B DIBODF UP EJTDVTT BOE TQFBL BCPVU JTTVFT BOE UPQJDT PG DPODFSO UP UIFN 4IF IBT BMTP IFMQFE XJUI SFDZDMJOH BOE CFBVUJm DBUJPO QSPKFDUT JO UIF 7BMMFZ BT XFMM BT B )BMMPXFFO DFMFCSBUJPO m MMFE XJUI GPPE HBNFT

$POHSBUVMBUJPOT 'VUVSF -FBEFST GSPN

$SZTUBMBJSF $PVOUSZ $MVC :PV IBWF FBSOFE B DIBODF UP FYQFSJFODF HPMG BU JUT m OFTU BMPOH XJUI B GBNJMZ NFNCFS PO B QSJWBUF HPMG DPVSTF 5P DFMFCSBUF XJUI ZPV BOE ZPVS GBNJMZ PO UIJT IPOPS PG CFJOH B i'VUVSF -FBEFSw $SZTUBMBJSF JT PGGFSJOH ZPV BO PQQPSUVOJUZ UP QMBZ HPMG FWFO JG ZPV IBWF OFWFS QMBZFE $BMM GPS ZPVS DIPJDF PG EBUFT 3FTFSWBUJPOT BOE ZPVS $SZTUBMBJSF $PVOUSZ $MVC $FSUJm DBUF BSF SFRVJSFE 3FTUSJDUJPOT BQQMZ

7JTJU PVS OFX 8FCTJUF XXX $SZTUBMBJSF$$ DPN

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'SPN

BOE DSBGUT GPS DIJMESFO JO VOEFS QSJWJMFHFE OFJHICPSIPPET UISPVHI B QSPKFDU DBMMFE /FJHICPSIPPE )PVTF .BSJTFMB BMTP TQFOU TPNF UJNF XJUI TFOJPS DJUJ[FOT BU UIF 3BODIP 7JMMBHF 3FUJSFNFOU $PNNVOJUZ JO 1BMNEBMF i*U XBT B GVO FYQFSJFODF UP TFF B EJGGFSFOU BHF HSPVQ BOE UBML UP UIFN BOE MJTUFO UP XIBU UIFZ IBE UP TIBSF w TIF TBJE )PMEJOH B HSBEF QPJOU BWFS BHF .BSJTFMB JT JO UIF UPQ PG IFS HSBEVBUJOH DMBTT 4IF SFDFJWFE BO

"EWBODFE 1MBDFNFOU TDIPMBS BXBSE GPS IFS BDIJFWFNFOUT JO "1 DMBTTFT *O UIF GBMM TIF QMBOT UP BUUFOE +PIOT )PQLJOT 6OJWFSTJUZ 4DIPPM PG .FEJ DJOF JO #BMUJNPSF .E BOE QVSTVF B NBKPS JO QFEJBUSJD OFVSPTVSHFSZ *OUFOU PO TUVEZJOH CJPMPHZ BOE BOBUPNZ BT BO VOEFSHSBEVBUF .BSJTFMB TBJE TIF DBOOPU XBJU GPS IFS m STU ZFBS PG NFEJDBM TDIPPM UP CFHJO HSPTT BOBUPNZ DPVSTFT B SJUF PG QBT TBHF PG TPSUT GPS NPTU m STU ZFBS NFE TUVEFOUT i* N KVTU TP FYDJUFE GPS UIBU CF DBVTF * SFBMMZ XBOU UP EJH EFFQ JOUP UIBU m FME w TIF TBJE i* LOPX JU XJMM CF OFSWF SBDLJOH BU m STU UP QFSGPSN B EJTTFDUJPO PO B IVNBO DBEBWFS CVU JU TPVOET FYDJUJOH UP HFU UIF IBOET PO FYQFSJFODF w .BSJTFMB FOKPZT SVOOJOH XJUI IFS EBE SFBEJOH TQFOEJOH UJNF XJUI IFS GBNJMZ BOE USBWFMJOH "U UJNFT TIF TBJE TDIPPM DBO CF WFSZ DIBMMFOHJOH CVU TIF BUUSJCVUFE IFS TVDDFTT BOE QFSTFWFSBODF UP IFS GBNJMZ TQFDJm DBMMZ IFS VODMF XIP JT B EPDUPS i)F IBT CFFO BO JOTQJSBUJPO UP NF BOE HBWF NF BEWJDF PO TDIPPMT BOE BDBEFNJD TUVGG w TIF TBJE i* EPO U MJLF HJWJOH VQ *G * IBWF B SFBM QSPC MFN PS EJGm DVMU QSPKFDU * XPO U HJWF VQ * LFFQ USZJOH BOE * UFMM NZTFMG UIBU * XJMM HFU UIFSF TPPO FWFO JG JU T KVTU HPJOH UP UBLF UJNF BOE EFWP UJPO w

4FF ."-&4 PO

"3*"4 'SPN

CVTZ BT XFMM XJUI TDIPPM BDUJWJUJFT )F JT TFOJPS DMBTT QSFTJEFOU FEJUPS PG UIF TDIPPM T WJEFP ZFBSCPPL DBNQVT CMPPE ESJWF DPPSEJOBUPS 1IPUPHSBQIZ $MVC QSFTJEFOU BOE NFNCFS PG UIF $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO BOE UIF TDIPPM )POPS 3PMM )F T JOWPMWFE JO GFFEJOH UIF IVOHSZ UVUPSJOH IFMQ JOH XJUI UIF $FOUFS PG &YDFMMFODF DMFBO VQ BOE QFSGPSNJOH GPS 15" FWFOUT "DBEFNJD IPOPST IBWF JODMVEFE m STU QMBDF JO UIF TDIPPM TDJFODF GBJS BOE B UIJSE JO UIF ,FSO $PVOUZ TDJ FODF GBJS ,FSO $PVOUZ #BS "TTPDJB UJPO IPOPS DPVSU "OUFMPQF 7BMMFZ #BS "TTPDJBUJPO NPDL USJBM IPOPS DPVSU BOE -BX %BZ TQFBLFS )JT BDBEFNJD BEWJTFS ,BSFO -BXIPO EFTDSJCFT IJN BT iJOUFSOBMMZ NPUJWBUFE w iWFSZ QFS TPOBCMF w BOE iSFTPVSDFGVM FYUSFNFMZ CSJHIU BOE GVMM PG HSFBU JEFBT w )JT OFYU TUFQ JT MJLFMZ UP CF BU B 6OJWFSTJUZ PG $BMJGPSOJB DBNQVT BMUIPVHI )BSWBSE JT B QPTTJCJMJUZ )F T JO MJOF GPS B 1SFTJEFOUJBM 4DIPMBSTIJQ UP $BMJGPSOJB 4UBUF 6OJWFSTJUZ -POH #FBDI CVU IF T BMTP HPU BQQMJDBUJPOT JO BU UIF 6$ CSBODIFT BU *SWJOF 4BO %JFHP #FSLFMFZ BOE 4BO %JFHP )F TBJE IF QMBOT UP NBKPS JO QPMJUJDBM TDJFODF BOE NJOPS JO TPDJBM TDJFODF CFGPSF HPJOH PO UP MBX TDIPPM

(03& 'SPN UIPTF TDIPPMT JO "GSJDB i%PJOH HPPE UIJOHT GPS PUIFST OPU POMZ IFMQT UIFN CVU JU HJWFT ZPV B HPPE GFFMJOH 7PMVOUFFSJOH JTO U FYQFDUFE PG NF JU DPNFT OBUVSBMMZ w 1BZUPO JT MPPLJOH UP BUUFOE VOJ WFSTJUJFT JO )BXBJJ 'MPSJEB 5FYBT BOE 7JSHJOJB CVU IFS UPQ DIPJDF JT )PXBSE 6OJWFSTJUZ JO UIF OBUJPO T DBQJUBM i)PXBSE JT B IJTUPSJDBM "GSJ DBO "NFSJDBO DPMMFHF UIBU UVSOT PVU UIF NPTU "GSJDBO "NFSJDBO EPDUPST BOE OVSTFT JO UIF DPVOUSZ w TIF TBJE i"OE * IBWF B TIPU BU BO BDBEFNJD TDIPMBSTIJQ * XPVME MJLF UP FNQIB TJ[F PO CPUI UFOOJT BOE BDBEFNJDT JO DPMMFHF *G * EJEO U HFU JOUP )PXBSE BOE * IBE B DIPJDF PG B UFOOJT PS BDBEFNJD TDIPMBSTIJQ * E QSPCBCMZ DIPPTF UIF UFOOJT TDIPMBSTIJQ VOMFTT UIF BDBEFNJD POF XBT UP BO *WZ -FBHVF 4DIPPM w 4IF QMBOT UP TFSWF XJUI %PDUPST 8JUIPVU #PSEFST UP BTTJTU JO TVSHFSJFT BOE UP HJWF NVDI OFFEFE NFEJDBM DBSF GPS QFPQMF XJUIPVU BDDFTT UP QSPQFS NFEJDBM USFBUNFOU XJUI BO FNQIBTJT PO TFSWJOH DIJMESFO i* N PQFO UP EPJOH BOZ UZQF PG DIBSJUBCMF XPSL +VTU LOPXJOH UIBU ZPV WF IFMQFE TPNFPOF XIP NJHIU PUIFS XJTF IBWF EJFE PS OPU IBE B TVSHFSZ XJMM NBLF JU BMM XPSUI JU w TIF TBJE


3JDIBSE .BOH PMMFHF GSFTINBO T QMBOT JODMVEF WFUFSJOBSZ TDIPPM 8SJUUFO CZ 3*$) #3&"6-5 t 1IPUPHSBQIFE CZ .":" 46("3."/

GPSOJB 4UBUF 6OJWFSTJUZ 'SFTOP GSFTINBO E .BOH MJGF JT UP CF FYQFSJFODFE JO NBOZ 0OF PG UIPTF XBZT JT HP CJSET HSBEVBUF PG 2VBSU[ )JMM IPPM 3JDIBSE JT BO BOJ FODF QSF WFUFSJOBSZ NB F IBE B HSBEF QPJOU HF JO IJT m OBM UXP ZFBST 2VBSU[ )JMM BOE m OJTIFE IJT GPVS ZFBS WBSTJUZ UFO OJT DBSFFS BT UFBN DBQUBJO )F BEWBODFE UP UIF $*' 4PVUIFSO 4FDUJPO *OEJWJEVBM 5FOOJT 3FHJPOBMT IJT KVOJPS BOE TFOJPS ZFBST i5FOOJT IFMQFE NF m OE GPDVT w 3JDIBSE TBJE i5IFSF XFSF HPPE TUVEFOUT PO UIF FBN BOE UIFZ JOn VFODFE NF UP EP CFUUFS BT B TUVEFOU * HPU CFUUFS TP * DPVME m U JO w 5IF TPO PG -ZTB BOE -PVJT .BOH IF XBT PTFO UP CF POF PG POMZ TFMFDU 'JSTU :FBS FSJFODF TUVEFOUT BU 'SFTOP 4UBUF BOE BO TBEPS PG UIF +PSEBO $PMMFHF PG "HSJDVMUVSBM LOPXO 3JDIBSE GPS ZFBST * IBWF PC QSPHSFTT JO FMFNFOUBSZ BOE IJHI TDIPPM * FSJOUFOEFOU )F IBT BMXBZT QFSGPSNFE FEVDBUJPOBM QSPHSBN w XSPUF (FPSHF i#VEw P OPNJOBUFE 3JDIBSE BT B 'VUVSF -FBEFS FO TFMFDUFE UFBN DBQUBJO JO NPTU PG IJT WJUJFT )F JT B HPBM PSJFOUFE QFSTPO )F

UJDJQBOU JO 7BTRVF[ T &WFSZ .JO VUFT ESJWJOH TBGFUZ QSPHSBN XIFSF TIF BOE GFMMPX TUVEFOUT TUBHF NPDL DBS DSBTIFT XJUI UIF IFMQ PG MPDBM MBX FOGPSDFNFOU BOE QVCMJD TBGFUZ BHFODJFT UP FYQMPSF UIF JNQBDU TVDI FWFOUT IBWF PO GBNJMJFT BOE GSJFOET "DDPSEJOH UP ,BSJ 0XFOT 7BTRVF[ T 4FSWJDF $MVC BEWJTFS "NBOEB FYFNQMJm FT UIF JEFBM TUV EFOU i4IF JT XFMM SPVOEFE BOE FOKPZT

(6;."/ 'SPN TUSPOH XJMMFE BOE WFSZ JOEFQFOEFOU ZPVOH XPNBO XIP DBO BDIJFWF BOE CFDPNF BOZUIJOH TIF XBOUT JO UIJT XPSME w TBJE IFS BVOU .BSUIB &TUSFMMB (VUJFSSF[ i4IF T IFS PXO MFBEFS w "TJEF GSPN CFJOH B NFNCFS PG "4# $ZOUIJB JT BMTP WJDF QSFTJEFOU PG UIF 4DJFODF $MVC BOE IBT MFUUFSFE JO USBDL BOE m FME BOE DSPTT DPVOUSZ i* MPWF JU * EJEO U SFBMMZ UIJOL * E MPWF SVOOJOH CVU NZ GSFTINBO ZFBS * USJFE JU BOE * XBT MJLF A5IBU XBT QSFUUZ NVDI GVO w $ZOUIJB TBJE i"OE UIFO * GPVOE PVU UIBU * XBT SFBMMZ HPPE BU JU TP JU T B TUSFTT SFMJFG GPS NF w 0UIFS IPCCJFT GPS $ZOUIJB JODMVEF SFBEJOH QPFUSZ MJTUFOJOH UP NVTJD BOE TJOHJOH )FS JOUFSFTU JO UIF BSUT DPNCJOFE

XJUI IFS MPWF PG TDJFODF NBLF IFS WFSZ XFMM SPVOEFE 4IF IPQFT UP TUVEZ CJPMPHZ BT BO VOEFSHSBEVBUF CFGPSF FOUFSJOH NFEJDBM TDIPPM $ZOUIJB IBT BQQMJFE UP TFWFSBM TDIPPMT JO $BMJGPSOJB BOE JT XBJUJOH GPS BDDFQUBODF MFUUFST i* N OFSWPVT UP TFF XIBU UIF GVUVSF IPMET w TIF TBJE 8IFSFWFS TIF EFDJEFT UP HP &TUSFMMB (VUJFSSF[ TBJE TIF LOPXT $ZOUIJB XJMM TVDDFFE $ZOUIJB XJMM CF UIF m STU PG IFS TJCMJOHT ‰ TIF IBT BO PMEFS TJTUFS BOE B CSPUIFS ‰ UP MFBWF IPNF i$ZOUIJB JT B HP HFUUFS w &TUSFMMB (VUJFSSF[ TBJE i4IF EPFTO U XBJU GPS PUIFST UP MFBE IFS *OTUFBE TIF IBT NBEF IFS PXO XBZ IFS PXO QBUI i4IF JT OPU POMZ JOEFQFOEFOU CVU GFBSMFTT BT XFMM * UIJOL $ZOUIJB XJMM MFBE UIF XBZ GPS IFS PMEFS TJC MJOHT w

TUVEFOUT BHFT UP XIP BSF UBVHIU UP QMBZ QPQVMBS DPNQPTJUJPOT XJUI CSPO[F IBOECFMMT TPNFUJNFT BDDPNQBOZJOH DIPSBM HSPVQT n VUJTUT WJPMJOJTUT QFSDVTTJPOJTUT BOE QJBOJTUT 5IFZ IBWF QFSGPSNFE BU %JTOFZ MBOE UIF -BODBTUFS 1FSGPSNJOH "SUT $FOUFS ,OPUU T #FSSZ 'BSN BOE UIF

-PT "OHFMFT .VTJD $FOUFS "NBOEB IBT QFSGPSNFE XJUI UIF HSPVQ GPS UIF QBTU TJY ZFBST BOE JT DVSSFOUMZ BO BTTJTUBOU EJSFDUPS GPS UIF PSHBOJ[BUJPO 4IF JT BMTP B NFNCFS PG IFS IJHI TDIPPM T TIPX DIPJS BOE EBODF UFBN BOE XBT B NFNCFS PG UIF HJSMT CBT

LFUCBMM UFBN GSPN UP (JWFO "NBOEB T EFNBOEJOH TDIFEVMF BOE BDBEFNJD XPSLMPBE POF XPOEFST IPX UIF PVUHPJOH UFFO m OET UJNF GPS PUIFS BDUJWJUJFT i* USZ UP HFU PVU BOE EP GVO TUVGG XJUI NZ GSJFOET w TIF TBJE iMJLF HP JOH UP UIF NBMM BOE NPWJFT w

$POHSBUVMBUJPOT UP "MM PG 0VS 'VUVSF -FBEFSTy

i8F BSF QSPVE PG FBDI BOE FWFSZ POF PG ZPV w " .FTTBHF GSPN %S 4JNNPOT i8F BSF EFEJDBUFE UP HJWJOH ZPV UIF IJHIFTU MFWFM PG QBUJFOU '3&& #MFBDIJOH DBSF BOE JOEJWJEVBMJ[FE SFE DBSQFU TFSWJDF w 7BMVF PS (BT $BSE

XJUI /FX 1BUJFOU &YBNT 9 SBZT

QFS IPVTFIPME FYQJSFT

4*..0/4 %&/5"- $"3&

,FMTFZ 3FHBO

$BSJOH $PNNVOJUZ 7PMVOUFFS BOE 0VUTUBOEJOH 4UVEFOU

&MJ[BCFUI -BLF 3PBE 1BMNEBMF

XXX TJNNPOTEFOUBMDBSF DPN

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'SPN

BMM TVCKFDUT FRVBMMZ w TIF TBJE i4IF XBOUT UP HFU BO BEWBODFE EFHSFF BOE JT LFFQJOH IFS PQUJPOT PQFO GPS B DBSFFS w *G CFJOH B IPOPS SPMM TUVEFOU BOE DPNNVOJUZ WPMVOUFFS XFSFO U FOPVHI "NBOEB BMTP FYDFMT JO NV TJD BOE EBODF 8IFO TIF XBT JO UIF TJYUI HSBEF IFS UFBDIFS -BXSFODF 3PXMBOE BTLFE IFS UP USZ PVU GPS IJT BDDMBJNFE NFNCFS )BSNPOJD #SPO[F )BOE CFMM &OTFNCMF XIJDI IBT BQQFBSFE UISPVHIPVU 4PVUIFSO $BMJGPSOJB 5IF FOTFNCMF JT DPNQPTFE PG

4FF ."/( PO

" 4.*5)

VTVBMMZ BDIJFWFT IJHI TUBOEBSET JO UIF XPSL BTTJHONFOUT IF JT HJWFO w "T BO BNCBTTBEPS 3JDIBSE WJTJUT IJHI TDIPPMT BOE JO WJUFT UIFJS TUVEFOUT UP UPVS UIF "(& DPMMFHF T BHSJDVMUVSBM TDJFODF 4$)00- $BMJGPSOJB 4UBUF 6OJWFSTJUZ 'SFTOP EFQBSUNFOU (0"- 7FUFSJOBSJBO PS i* XBT JO BH DMBTTFT BU 2VBSU[ XPSLJOH XJUI CJSET )JMM GPS B CJU VOUJM UIFZ HPU SJE PG UIFN CFGPSF NZ KVOJPS ZFBS w 3JDIBSE TBJE i* WF CFFO BSPVOE BOJNBMT GPS BT MPOH BT * DBO SFNFNCFS 5IFSF XBT B QPOE BU NZ HSBOEQBSFOUT 1BU BOE -FX "SOPME T IPVTF * MPWF IFMQJOH BOJNBMT w 3JDIBSE QMBOT UP HSBEVBUF GSPN 'SFTOP 4UBUF XJUI B CBDIFMPS PG TDJFODF EFHSFF BOE UIFO TUVEZ BU 6OJWFSTJUZ PG $BMJGPSOJB %BWJT 7FUFSJOBSZ 4DIPPM BOE TQFDJBMJ[F JO UIF BWJBO CJSET EFQBSUNFOU i.Z GBTDJOBUJPO XJUI CJSET CFHBO XJUI DIJDLFOT "GUFS * HPU UIFN * GPVOE NZTFMG MJLJOH CJSET w 3JDIBSE TBJE i.Z NPN BMXBZT IBE CJSET JO UIF IPVTF i* N XPSLJOH BU UIF QPVMUSZ CBSO PO UIF GBSN BU 'SFTOP 4UBUF 5IFSF BSFO U UPP NBOZ WFUFSJOBSJBOT PVU UIFSF XIP TQFDJBMJ[F JO CJSET *U DBO CF NZ OJDIF w 5P UIBU FOE 3JDIBSE WPMVOUFFST BU #FOBZ T #JSE BOE "OJNBM 4PVSDF i5IFZ IBWF NBOZ CJSET UIFSF BOE IBWF BWJBSJFT w IF TBJE i#VU UIFZ BMTP IBWF QSBJSJF EPHT DPZPUFT SBDDPPOT y 5IFZ UBLF JO BOJNBMT BOE USBJO UIFN w


4V[BOOF 'PY %FTFSU $ISJTUJBO TFOJPS SBOLFE GPVSUI JO DMBTT 8SJUUFO CZ (&33: 13*$& t 1IP

'

VUVSF -FBEFST PGUFO m OE UIFJS QBTTJPO UISPVHI BO JOTQJSB 4IF EFTDSJCFT IFS SFMBUJPO UJPOBM UFBDIFS UIFJS QBSFOUT QSPGFTTJPOT PS B TJUVBUJPO JO SFUJSFE BT iSFBMMZ HPPE w OPUJ XIJDI UIFZ m OE UIFNTFMWFT UIBU DBVTFT UIFN UP HSPX VQ BOZUIJOH w B MJUUMF TPPOFS UIBO FYQFDUFE -FTU ZPV UIJOL 4V[JF JT BMM TJEFS UIFTF GBDUT 'PS 4V[BOOF i4V[JFw 'PY JU XBT UIF MBTU IFMQJOH QSPWJEF 4IF T B NFNCFS PG UIF "TT DBSF GPS IFS JMM HSBOEGBUIFS GSPN BO FBSMZ BHF )FS NBUFSOBM HSBOEGBUIFS $IBSMFT 8JMMJBNT TUSVHHMFE XJUI $PVODJM CPBSE TFDSFUBSZ BOE IJT XFJHIU GPS NVDI PG IJT MJGF 4V[JF TBZT MFBEJOH UP EFNFOUJB UIF :FBSw CZ IFS QFFST BOE W $BMJGPSOJB 4D BOE B TFSJFT PG TUSPLFT DBCJOFU TIF 8IBU TIF SFNFNCFST TJODF P NPTU JT UIF TBEOFTT IJT DPO "(& 4$)00- %FTFSU $ISJTUJBO )JHI BOE 1SJODJQB EJUJPO DBVTFE IFS BOE IFS 4DIPPM BOE B N GBNJMZ (0"- 3FHJTUFSFE EJFUJDJBO UIF /BUJPOBM 0OF PG UIF UIJOHT UIF 4PDJFUZ TJODF ZFBS PME EBVHIUFS PG %BWJE 4IF T BMTP BOE %FCSB 'PY PG -BODBTUFS JOWPMWFE JO UIF 3JWFSEBODF $ RVJDLMZ MFBSOFE JT UIBU TVDI DPOEJUJPOT DBO CF QSFWFOUFE UISPVHI EJFU UBLJOH UJNF UP QMBO PVU NFBMT DVUUJOH PVU UIF CBE BOE UIF ."%*# .BLJOH B % GFSFODF JO #VSVOEJ $MVC XI GBUT BOE FYFSDJTF SBJTFE NPOFZ GPS TDIPPMT JO " QBJS PG MJGF TDJFODF UFBDIFST JOTQJSFE IFS UP SFBDI GPS "GSJDB IFS MJGF HPBM &MMJF -ZPOT JO TFWFOUI HSBEF BU %FTFSU $ISJTUJBO 4IF SFQSFTFOUFE %FTFSU $I .JEEMF 4DIPPM BOE ,BSNBF 4IJQMFUU BU %FTFSU $ISJTUJBO )JHI UJBO BU UIF )VHI 0 #SJBO 4DIPPM -FBEFSTIJQ $POGFSFODF BOE X i5IFJS QBTTJPO GPS UIF TVCKFDU XBT XIBU m STU DBVHIU NZ JOUFSFTU w 4V[JF TBJE OBNFE B (FPSHF &BTUNB i5IFZ UBVHIU VT TP XFMM BOE HBWF VT B MPU PG IBOET PO FYQF :PVOH -FBEFST "XBSE XJOOF BOE "TTPDJBUJPO PG $ISJTUJBO SJFODF w 4DIPPMT *OUFSOBUJPOBM %JTUJO 4V[JF XIP DBSSJFT B HSBEF QPJOU BWFSBHF JO IFS TFOJPS HVJTIFE 4UVEFOU GPS $ISJTUJBO ZFBS SBOLJOH IFS GPVSUI JO IFS DMBTT DJUFT IFS NPUIFS BT IFS 4FSWJDF BOE "DBEFNJDT BDBEFNJD JOTQJSBUJPO .PN JT B UFBDIFS JO UIF &BTUTJEF 6OJPO 4IF XBT BMTP B (JSMT 4UBUF 4DIPPM %JTUSJDU BOE XBT UIF -BODBTUFS 8FTU 3PUBSZ $MVC T 5FBDIFS PG UIF :FBS GSPN UIF EJTUSJDU JO m OBMJTU i.Z NPN XPSLT FTQFDJBMMZ IBSE BU IFS KPC * WF TFFO UIBU 4IF IBT FBSOFE 6 4 EJMJHFODF JO IFS BOE UIBU IBT JOTQJSFE NF UP HFU HPPE HSBEFT w

4FF '09 PO

'SPN

-JGF *OTVSBODF 5IF UJNF JT /08

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

i5IF HSPVQ PG VT BT 305$ DBEFUT HPU UP UBML UP UIF QJMPUT BOE TFF UIF QMBOF JO B IBOHBS PO CBTF w ,BUISJOF TBJE i8F UBMLFE UP UIF HFOFSBMT JO WPMWFE JO JU 5IFSF XFSF OFXT NFEJB GSPN BMM PWFS UIF DPVOUSZ DBMMJOH JO

GPS JOUFSWJFXT BOE XF XFSF SJHIU UIFSF UBMLJOH UP UIF QJMPUT QFSTPO BMMZ w #FGPSF ,BUISJOF NBSDIFE IFS m STU +VOJPS 305$ TUFQ IFS NPUIFS IFMQFE NBOBHF UIF EJSFDUJPO PG IFS ESFBNT i.Z QBSFOUT BSF WFSZ TVQQPSUJWF PG NF w ,BUISJOF TBJE i5IFZ BUUFOE FWFSZ UFOOJT NBUDI TPGUCBMM HBNF BOE +305$ FWFOU UIFZ DBO HFU UP .Z NPN JT WFSZ JOWPMWFE XJUI IFS XPSL i*U LJOE PG NBLFT NF FYDJUFE BCPVU NZ GVUVSF TFFJOH IFS EPJOH XIBU * XBOU UP EP CVU JO B EJGGFSFOU BTQFDU w )FS QBTTJPO GPS NBOBHFNFOU XPVME DPJODJEF XJUI ,BUISJOF T PUIFS QBTTJPO ‰ TQPSUT *O CFUXFFO UFOOJT BOE TPGUCBMM TIF TFSWFT BT NBOBHFS GPS %FTFSU T CPZT WBSTJUZ CBTLFUCBMM UFBN

8F %PO U 1MBO UP '"*- 8F '"*- UP 1-"/

"MSFBEZ BDDFQUFE BU UXP VOJWFSTJ UJFT UIF QSPKFDU ,BUISJOF JT LFFOMZ JOUFSFTUFE JO BU UIF NPNFOU JT TQPSUT (SPXJOH VQ BT QBSU PG UIF &E XBSET "JS 'PSDF #BTF DPNNVOJUZ ,BUISJOF TBJE IBT HJWFO IFS B VOJRVF JOTJHIU BCPVU QFPQMF QMBDFT BOE UIJOHT FTQFDJBMMZ IBWJOH TP NBOZ GSJFOET GBNJMJFT PO BDUJWF EVUZ JO QMBDFT MJLF +BQBO *UBMZ BOE "GHIBOJ TUBO i*U T SFBMMZ DPPM w ,BUISJOF TBJE PG HPJOH UP TDIPPM BU &EXBSET i* HFU UP ESJWF CZ IJTUPSZ FWFSZ EBZ * DBO SFBE B CPPL BCPVU UIF CSFBLJOH PG UIF TPVOE CBSSJFS BOE * ESJWF QBTU B TUBUVF PG $IVDL :FBHFS FWFSZ EBZ w 8JUI TVDI IBOET PO PQQPSUVOJUJFT ,BUISJOF EPFTO U IBWF UIF UJNF UP HFU VQ JO GSPOU PG UIF DMBTT UP UBML BCPVU JU FJUIFS 4IF T UPP CVTZ EPJOH JU

4QFDJBMJ[JOH

'BNJMZ 1SBDUJDF

"OOVJUZ t *3" T t 4FQ T -5$ -JGF t )FBMUI t "VUP t )PNF

%BOJFM 0 .POHJBOP . % "SF ZPV FYQFSJFODJOH POF PG UIFTF QSPCMFNT

4[PLF

t )JHI #MPPE 1SFTTVSF t 1SPTUBUF 1SPCMFNT t %JBCFUFT t .VTDVMBS BOE +PJOU 1SPCMFNT t 3FTQJSBUPSZ 1SPCMFNT t )JHI $IPMFTUFSPM

*OTVSBODF 4BMFT 1BN 4[PLF -JD

4F )BCMB &TQB×PM

UI 4USFFU &BTU 4VJUF " t 1BMNEBMF

$BMM UP NBLF BO BQQPJOUNFOU -BODBTUFS

4F IBCMB &TQB×PM

1BMNEBMF

-"5)301

61%:,&

UIF SFQFUJUJWFOFTT PG UIF USBDL w TIF TBJE i0OF EBZ * KVTU HPU UIF JEFB 'SPN UIBU QPMF WBVMUJOH MPPLFE GVO TP OPX * EP UIBU BOE UIF IVSEMFT w PG ,OJHIU T %SBNB $MVC UISPVHI -BVSFO BMTP TFSWFT BT UIF IFBE XIJDI TIF IBT QFSGPSNFE JO i*U T NBOBHFS GPS ,OJHIU T XSFTUMJOH +VTU 5PP 'VOOZ w B DPNFEJD TLFUDI TIPX JO XIJDI TIF QMBZFE NVMUJQMF UFBN iNPQQJOH VQ NBUT UBLJOH XFJHIUT PSHBOJ[JOH CSBDLFUT UBLJOH SPMFT BOE i" $ISJTUNBT $BSPM w JO TUBUT XIBUFWFS JT OFFEFE w TIF TBJE XIJDI TIF UPPL PO UIF QBSUT PG -BVSFO T WPMVOUFFS XPSL JODMVEFT 4DSPPHF T NPUIFS BOE TJTUFS IFMQJOH BU B MPDBM EPNFTUJD WJPMFODF -BVSFO IBT BMTP DPOUJOVFE UIJT TIFMUFS TFSWJOH BT B DPVOTFMPS GPS IPCCZ PVUTJEF TDIPPM XPSLJOH BT BO FYUSB PO TVDI 57 TIPXT BT i)PX B ZPVUI FOHJOFFSJOH DBNQ BOE IFMQJOH UFBDIFST XJUI 4VQFS 4DJFODF * .FU :PVS .PUIFS w i5IF .JEEMFw 4BUVSEBZ BOE i$4* /FX :PSL w i*O UIBU XF HP UP FMFNFOUBSZ i*U T HJWFO NF BO BQQSFDJBUJPO TDIPPMT BOE EP MJUUMF TDJFODF GBJST UP GPS BMM UIPTF TIPXT OPX TFFJOH FODPVSBHF UIF LJET UP HP JOUP 45&. UIF XPSL UIBU HPFT PO CFIJOE UIF TDJFODF UFDIOPMPHZ FOHJOFFSJOH TDFOFT w TIF TBJE NBUIFNBUJDT m FMET w TIF TBJE -BVSFO BMTP JT QBSU PG UIF *O IFS GSFF UJNF -BVSFO FOKPZT TDIPPM T 5SBWFM BOE )JTUPSZ DMVCT QMBZJOH UIF QJBOP XIJDI TIF IBT UISPVHI XIJDI TIF BOE GPVS PUIFST CFFO QMBZJOH PO BOE PGG TJODF TIF PSHBOJ[FE B TVNNFS USJQ UP 1VFSUP XBT BOE UIF HVJUBS XIJDI TIF 3JDP MBTU ZFBS UP UPVS IJTUPSJDBM BOE UBVHIU IFSTFMG UP QMBZ IFS GSFTINBO DVMUVSBM TJUFT ZFBS PG IJHI TDIPPM i*U XBT MJLF B IVNPOHPVT WBDB i* MPWF NVTJD TP NVDI BOE UJPO CVU XF MFBSOFE B MPU UPP w TIF TJOHJOH UPP w TIF TBJE i*U T MJLF B TBJE i8F IBE UP EP GVOESBJTJOH BMM ZFBS CVU JU XBT XPSUI JU JO UIF FOE w TUSFTT SFMJFWFS GPS NF *G TPNFUIJOH JT HPJOH PO JO NZ MJGF * DBO HP UP -BVSFO BMTP TUBZT BDUJWF XJUI NZ SPPN QMBZ NZ HVJUBS BOE JU KVTU TQPSUT DPNQFUJOH PO IFS TDIPPM T SFMBYFT NF w DSPTT DPVOUSZ BOE USBDL BOE m FME 8JUI TVDI B CVTZ TDIFEVMF TIF UFBNT TBJE B CJU PG SFMBYBUJPO OPX BOE i*O USBDL * TUBSUFE PGG EPJOH UIFO JT NPSF UIBO XFMDPNF EJTUBODF SVOOJOH CVU * EJEO U MJLF


"OLJU 7JK E TFOJPS GPVOEFE TDIPPM T DIFNJTUSZ DMVC SJUUFO CZ -*"/& . 305) t 1IPUPHSBQIFE CZ .":" 46("3."/

/&8)064&

'SPN

'SPN

WJPMFODF TIFMUFS UISPVHI IFS TDIPPM T "7*% PS "EWBODFNFOU 7JB *OEJWJEVBM %FUFSNJOBUJPO $MVC IFMQFE TPMJEJGZ UIF EFTJSF i* XBOU JU UP CF SFXBSEJOH * XBOU UP GFFM HPPE BCPVU XIBU * N EPJOH w TIF TBJE PG IFS GVUVSF QMBOT *O BEEJUJPO UP IFS TUVEJFT BOE DPNNVOJUZ TFSWJDF %JLTIJUB IBT CFFO QBSU PG ,OJHIU T NBSDIJOH CBOE BMM GPVS ZFBST PG IJHI TDIPPM 5IF m STU UXP ZFBST TIF XBT JO UIF CBOE QMBZ JOH DMBSJOFU DZNCBMT BOE NBSJNCBT 5IF MBTU UXP ZFBST TIF IBT QBSUJDJ QBUFE BT B EBODF UFBN NFNCFS 4IF JT BMTP B NFNCFS PG IFS TDIPPM T TXJN UFBN GPS UIF TFDPOE ZFBS BOE MBTU GBMM XBT DFSUJm FE BT B MJGFHVBSE B KPC TIF IPQFT UP UBLF PO JO UIF TVNNFS *O UIF NFBOUJNF IFS XFFLFOE BOE TVNNFS KPC IBT CFFO NBLJOH TBOEXJDIFT BU B MPDBM 4VCXBZ SFTUBVSBOU %JLTIJUB BQQMJFE UP OJOF DPMMFHFT XJUI B NJY PG NBKPST JO CJPMPHZ BOE PUIFS TDJFODF BOE FOHJOFFSJOH TUVE JFT /PX IPXFWFS TIF IBT OBSSPXFE IFS GPDVT UP OFVSPMPHZ QMBOOJOH PO PCUBJOJOH m STU B CBDIFMPS T EFHSFF JO CJPMPHZ GPMMPXFE CZ HSBEVBUF TUVE JFT JO NFEJDBM TDIPPM i* BN FYDJUFE GPS %JLTIJUB CFDBVTF * IBWF TFFO m STUIBOE IFS BNCJUJPO GPS FOHJOFFSJOH IFS BDBEFNJD FYDFM MFODF BOE IFS IFBSU PG DPNQBTTJPO w TBJE ,OJHIU HVJEBODF DPVOTFMPS %BO 3PZTUFS i5IJT JT POF ZPVOH MBEZ XIP XJMM HP GBS OP NBUUFS XIJDI SPBE TIF USBWFMT PO * XBOU UP TFF XIBU OFX HSFBUOFTT TIF IBT BDIJFWFE UP ZFBST GSPN OPX w

KVNQJOH *U UPPL B XIJMF GPS ;BDIBSZ UP MBOE PO IJT GFFU CVU IF FWFOUV BMMZ EJE i* EPO U LOPX IPX NBOZ UJNFT * MBOEFE PO NZ IFBE w ;BDIBSZ TBJE iCVU * NBEF JU BOE QSPHSFTTFE GSPN UIBU BOE UIBU JT IPX * HPU NZ WFSUJ DBM w 5PEBZ IF DBO EP B IBOEGVM PG n JQT XJUI IJT JODI WFSUJDBM BOE IJT UFBNNBUFT IBWF B SVOOJOH KPLF UIBU UIFZ QMBO UP TFU VQ B QMBZ GPS ;BDIBSZ XIFSF IF DBO TQJLF UIF CBMM EVSJOH B CBDLn JQ 7PMMFZCBMM CFDBNF NPSF UIBO KVTU B TQPSU GPS UIF ZFBS PME 8IFO UIF HJSMT GSFTINFO UFBN XBT XJUIPVU B DPBDI ;BDIBSZ XJMMJOHMZ m MMFE JO XIJMF UIF QSPHSBN TFBSDIFE GPS B QFSNBOFOU SFQMBDFNFOU /PU POMZ XBT JU BO PQQPSUVOJUZ GPS IJN UP JNQSPWF IJT HBNF CVU JU XBT BMTP B DIBODF GPS IJN UP TIBSF XIBU IF IBE MFBSOFE XJUI UIF GVUVSF PG UIF WPMMFZCBMM QSPHSBN i)F XFOU PVU UIFSF BOE IF UPPL DPOUSPM BOE EJE XIBU IF OFFEFE UP EP w (BSDJB TBJE i)F T POF PG UIF CFTU JOEJWJEVBMT * WF NFU w ;BDIBSZ T JOWFTUNFOU JO PUIFST SFBDIFT CFZPOE WPMMFZCBMM )F JT JOWPMWFE XJUI UIF -JOL $SFX XIFSF IF NFOUPST GSFTINFO BOE IFMQT UIFN USBOTJUJPO JOUP IJHI TDIPPM "OE IJT MPWF GPS NFDIBOJDBM FOHJOFFSJOH IBT DSFBUFE B EFTJSF JO IJN UP IFMQ UIF FOUJSF IVNBO SBDF UISPVHI JOWFOUJPO

i8IFO * XBT B MJUUMF LJE * MJLFE UP JOWFOU TUVGG w IF TBJE i5SZ UP NBLF MJGF B MJUUMF FBTJFS w )JT JOWFOUJPOT JODMVEFE B QBQFS IBOE DPOUSPMMFE CZ TUSJOHT BOE B SPCPU NBEF GSPN DBSECPBSE UBQF BOE TUSJOHT UIBU OFWFS RVJUF NBEF JU UP DPNQMFUJPO #VU UIJT QBTTJPO UP DSFBUF IBT FBSOFE IJN BDDFQUBODF UP 1FOO 4UBUF 6OJWFSTJUZ BOE 8FOU

4FF 7*+ PO

XPSUI 6OJWFSTJUZ )F QMBOT UP NBKPS JO NFDIBOJDBM FOHJOFFSJOH BU UIF TDIPPM PG IJT DIPJDF )F JT MFBOJOH UPXBSE 8FOUXPSUI XIFSF IF BMTP XJMM IBWF B DIBODF UP QMBZ /$"" %JWJTJPO WPMMFZCBMM i* MJLF UP CF DSFBUJWF BT QPTTJCMF w ;BDIBSZ TBJE i* MJLF UP UIJOL PVU PG UIF CPY PG XIBU UP EP w "DBEFNJDBMMZ UIF TFOJPS IBT

FYDFMMFE XJUI B HSBEF QPJOU BWFSBHF BOE XBT B NFNCFS PG UIF $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO BT BO VOEFSDMBTTNBO )F BMTP JT QSFTJEFOU PG UIF 7PMMFZCBMM $MVC BOE FBSOFE UIF i&BHMF "XBSEw GPS IJT DPOUSJCVUJPO UP UIF WPMMFZCBMM UFBN i)F JT BMXBZT VQ UP B DIBMMFOHF w TBJE IJT NPUIFS -JTB /FXIPVTF iBOE ADBO U JT OPU JO IJT WPDBCVMBSZ w

8F IPQF ZPV MM OFWFS OFFE VTy "OE XF IPQF ZPV MM OFWFS GPSHFU VT 4UFWF #BLFS &YFDVUJWF %JSFDUPS 5PHFUIFS XF DBO XPSL UP FMJNJOBUF IVOHFS GSPN UIF "OUFMPQF 7BMMFZ (SBDF 3FTPVSDF $FOUFS IFMQT PWFS QFPQMF FBDI NPOUI XJUI FNFSHFODZ HSPDFSJFT IPU i4PVQFSw NFBMT DMPUIJOH DPVOTFMJOH BOE NVDI NPSF 8F BMTP TFSWF PVS DPNNVOJUZ UISPVHI UIF -BODBTUFS )PNFMFTT 4IFMUFS :PVS UBY EFEVDUJCMF EPOBUJPOT BMMPX VT UP DPOUJOVF UP XJO UIF XBS BHBJOTU IVOHFS $POUBDU VT UPEBZ UP CFDPNF B NPOUIMZ TQPOTPS PG (SBDF 3FTPVSDF $FOUFS

/ 4JFSSB )XZ -BODBTUFS $" %POBUF POMJOF BU XXX HSBDFSFTPVSDFT PSH

106%&-

MBOE T $IFNJTUSZ $MVC B QSPDFTT UIBU UPPL UISFF ZFBST BOE DVMNJOBUFE JO UIF GPSNBUJPO PG UIF TDJFODF CBTFE HSPVQ UIJT ZFBS i "OLJU JT B WFSZ NPUJWBUFE TUVEFOU BOE UIF ESJWJOH GPSDF CFIJOE UIF DIFNJTUSZ DMVC w TBJE DIFNJTUSZ UFBDIFS $BSPMZO $BSEFMMJP UIF DMVC T BEWJTFS )F JT BMTP JOWPMWFE XJUI UIF "NFSJDBO $IFNJDBM 4PDJFUZ .PKBWF %FTFSU 4FDUJPO BOE BGUFS BUUFOEJOH BO FWFOU MFE CZ TDJFOUJTU "OESFX (VFOUIOFS PO "(& NFBTVSJOH BSTFOJD MFWFMT 4$)00- )JHIMBOE )JHI 4DIPPM JO #PSPO "OLJU TBJE IF (0"- 'BTIJPO EFWFMPQFE B QBTTJPO GPS FOUSFQSFOFVS BOE QVCMJD m OEJOH TPMVUJPOT UP SF IFBMUI BENJOJTUSBUPS EVDF UIF SJTL PG BSTFOJD QPJTPOJOH i*U SFBMMZ DBVHIU NZ BUUFOUJPO w "OLJU TBJE i%S (VFO UIOFS XBT XPSLJOH PO B QSPKFDU VTJOH DFMM QIPOFT UP NFBTVSF UIF MFWFMT BOE * XBOUFE UP IFMQ IJN w "T B SFTVMU PG IJT QBSUOFSTIJQ XJUI (VFOUIOFS UIF DIFNJDBM TPDJFUZ BOE $IFNJTUT 8JUIPVU #PSEFST "OLJU QVU UPHFUIFS B QSPQPTBM GPS BO JOUFSOBUJPOBM BSTFOJD XBUFS UFTUJOH QSPKFDU FBSOJOH BO "$4 *OUFSOBUJPOBM :FBS PG $IFNJTUSZ HSBOU PG 5IJT NPOFZ FOBCMFE "OLJU UP QVU PO UIF (MPCBM "S TFOJD ) 0 1SPKFDU BO FWFOU TJNJMBS UP UIF POF JO #PSPO

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

OE NPSF UJNF QJDLJOH PVU IBO UIJOLJOH BCPVU B DBSFFS JT GPDVTFE PO NZSJBE QSPGFT ODMVEJOH TQPSUT NFEJDJOF IFBMUI BENJOJTUSBUJPO GBTIJPO CFJOH BO FOUSFQSFOFVS BOE JOH DPNQBOJFT DPNNJUUFE UP VOEFSQSJWJMFHFE QFPQMF JO QJOH DPVOUSJFT WF B QBTTJPO CMJD IFBMUI BOE Z EFWFMPQNFOU CVTJOFTT IBT XBZT JOUFSFTUFE NF UPP w TBJE "OLJU B )JHI MBOE )JHI 4DIPPM TFOJPS XIP IBT QBSUJDJQBUFE JO CBTLFUCBMM HPMG ,FZ $MVC "TTPDJBUFE 4UVEFOU #PEZ UIF "NFSJDBO $BODFS 4PDJFUZ 3FMBZ GPS -JGF 1BMNEBMF XBML B UIPO BOE UIF *OEJBO $VMUVSBM "TTPDJBUJPO )F JT BMTP UIF GPVOE JOH NFNCFS PG )JHI


7JDUPSJB -PQF[

,BZUMFO ,JNCFM

-BODBTUFS TFOJPS IBT GVMM SJEF TPGUCBMM TDIPMBSTIJQ

1BSBDMFUF TFOJPS JT AQPTJUJWF SPMF NPEFM

8SJUUFO CZ &3*$ 4.*5) t 1IPUPHSBQIFE CZ 30/ 4*%%-&

"

T UIF POMZ TUVEFOU GSPN -BODBTUFS )JHI 4DIPPM UP BUUFOE B MFBEFSTIJQ DPOGFS FODF JO 8BTIJOHUPO % $ JO 7JDUPSJB -PQF[ LOPXT B UIJOH PS UXP BCPVU HVJEJOH QFPQMF JO UIF SJHIU EJSFDUJPO 7JDUPSJB B TFOJPS BUUFOEFE UIF /BUJPOBM 4UVEFOU -FBEFSTIJQ $POGFS FODF JO UIF OBUJPO T DBQJUBM BGUFS TIF XBT OPNJOBUFE CZ IFS IJHI TDIPPM T BENJOJTUSBUJWF TUBGG 8IJMF UIFSF 7JDUPSJB MFBSOFE UIF m OFS QPJOUT BCPVU XIBU RVBMJUJFT

"(& 4$)00- -BODBTUFS )JHI 4DIPPM (0"- $SJNJOPMPHJTU

NBLF B MFBEFS i*U T TPNFPOF XIP DBO CSJOH QFPQMF UPHFUIFS OP NBUUFS IPX NBOZ EJGGFSFODFT UIFZ BMM IBWF w 7JD UPSJB TBJE i* WF MFBSOFE B MFBEFS IBT UP VOEFSTUBOE NBOZ EJGGFSFOU UZQFT PG QFSTPOBMJUJFT BOE IPX QFPQMF UIJOL

4FF -01&; PO

8SJUUFO CZ -*"/& . 305) t 1IPUPHSBQIFE CZ $)3*45*/" 3".04

7

PMVOUFFSJOH JO UIF QF XBT DIPTFO UP EFTJHO UIF 5 TIJSU "(& EJBUSJDT EFQBSUNFOU BU GPS UIF "7 :PVUI %BZ BU 4BDSFE 4$)00- 1BSBDMFUF )JHI )FBSU "OUFMPQF 7BMMFZ )PTQJ 4DIPPM UBM GPS GPVS ZFBST IBT JOTQJSFE i* OFWFS LOFX * IBE UIJT UBM (0"- .PUJWBUJPOBM ,BZUMFO ,JNCFM UP QVSTVF B FOU GPS QBJOUJOH w ,BZUMFO TBJE i* TQFBLFS GPS USPVCMFE UFFOT DBSFFS GPDVTFE PO XPSLJOH XJUI UPPL B DMBTT ‰ MBOETDBQFT BOE USPVCMFE UFFOT TFBTDBQFT ‰ BOE EJTDPWFSFE * N i* MJLF XPSLJOH XJUI DIJMESFO QVUUJOH B TNJMF PO UIFJS QSFUUZ HPPE BU JU w GBDFT XIFO UIFZ SF IVSU PS TJDL w TBJE ,BZUMFO B TFOJPS ,BZUMFO JT DPNNJUUFE UP DPNNVOJUZ TFSWJDF BOE SF BU 1BSBDMFUF )JHI 4DIPPM XIFSF TIF IBT CFFO BDUJWFMZ DFJWFE UIF 1SFTJEFOU T 7PMVOUFFS 4FSWJDF "XBSE GSPN UIF JOWPMWFE 8IJUF )PVTF JO SFDPHOJ[JOH IFS GPS IFS XPSL JO ,BZUMFO IBT QMBZFE PO UIF CBTLFUCBMM UFBN BOE JT "OUFMPQF 7BMMFZ )PTQJUBM T QFEJBUSJDT XBSE B NFNCFS PG UIF ,FZ $MVC &DPMPHZ $MVC "TTPDJBUFE 4IF XBT OPNJOBUFE UP CF B 'VUVSF -FBEFS CZ NFN 4UVEFOU #PEZ 4QBOJTI $MVC BOE %SBNB $MVC CFST PG UIF 3PUBSZ $MVC PG -BODBTUFS CFDBVTF i,BZUMFO 8JUI UIF UIFBUFS HSPVQ TIF JT JOWPMWFE JO UIF TDIPPM FNCPEJFT XIBU GVUVSF MFBEFST SFQSFTFOU BT XFMM BT XIBU QMBZ 3PUBSJBOT TUBOE GPS w TBJE DMVC QSFTJEFOU %PO )BSU i*U T B NFMPESBNB A1VSF "T UIF %SJWFO 4OPX * QMBZ i4IF TFUT B IJHI TUBOEBSE GPS IFSTFMG BOE JT B QPTJUJWF 1VSJUZ UIF MFBE w TIF TBJE SPMF NPEFM GPS PUIFS ZPVOHTUFST w ,BZUMFO JT BMTP BDUJWF JO UIF ZPVUI NJOJTUSZ BU 4BDSFE ,BZUMFO UIF EBVHIUFS PG %BWJE BOE (FPSHJOB ,JNCFM )FBSU $BUIPMJD $IVSDI BOE DSFEJUFE .BSZ )FSOBOEF[ JO JT BMSFBEZ FOSPMMFE JO DMBTTFT BU "OUFMPQF 7BMMFZ $PMMFHF DIBSHF PG UIF QSPHSBN BT BO JOTQJSBUJPO 4IF QMBOT UP BUUFOE B $BMJGPSOJB 4UBUF 6OJWFSTJUZ DBNQVT i4IF FODPVSBHFT NF UP BMXBZT DPOUJOVF PO FWFO QFSIBQT UIF POF BU 'VMMFSUPO UP QVSTVF B CBDIFMPS T EVSJOH UIF SPVHI UJNFT w ,BZUMFO TBJE EFHSFF JO DPNNVOJDBUJPOT i4IF BMXBZT TFFT UIF HPPE JO QFPQMF BOE JOTQJSFT NF 4IF JT TUJMM FYQMPSJOH IFS PQUJPOT GPS B DBSFFS ,BZUMFO UP EP UIF TBNF w TBJE XJUI OVSTJOH BT B QPTTJCJMJUZ #VU TJODF IFS GBUIFS ,BZUMFO XBT JOWJUFE UP BUUFOE UIF $ISJTUJBO -FBEFS BOE PMEFS TJTUFS XPSL BU /PSUISPQ (SVNNBO ,BZUMFO JT TIJQ NBJ )FB 5 ZPV :PV , QMBO $BU UIP UPH /PU ,BZ BOE

$POHSBUVMBUJPOT 5P "MM PG 0VS 'VUVSF -FBEFST

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

NBO

3PCFSU 4IBGGFS 0Gm DF 'BY

#SBODI 0Gm DFS

-JDFOTFE CZ UIF %FQBSUNFOU PG $PSQPSBUJPOT VOEFS $BMJGPSOJB 3FTJEFOUJBM .PSUHBHF -FOEJOH "DU SPCFSU@TIBGGFS!GSPTUNPSUHBHF DPN /.-4 13.* /.-4 5SBEF $FOUFS %SJWF 4UF , 1BMNEBMF $"


$PMF )JDLNBO ,FZ $MVC MFBEFS BOE -BEZ (BHB GBO IFBEFE UP $PMVNCJB 8SJUUFO CZ 45&

$

PMF )JDLNBO IBT BMXBZT IBE BO $PMF TFSWFE BT ,FZ $MVC QSFT JODMJOBUJPO UPXBSE MPHJD BOE SFBTPO CVU CVU UIJT ZFBS IJT SPMF JT FWFO NP UIBU EPFTO U NFBO IF MBDLT DPNQBTTJPO UIBU PG JOUFSOBUJPOBM USVTUFF GPS U BOE B IFBSU GPS UIPTF XIP UJPO T 8FTUF XIJDI JODMV BSF MFTT GPSUVOBUF "(& OJB /FWBEB 5IF )JHIMBOE )JHI 4$)00- )JHIMBOE 4PVUIXFTU 4DIPPM TFOJPS XJMM IFBE )JHI 4DIPPM /PSUIXFTU E UP /FX :PSL T $PMVNCJB (0"- $JWJM SJHIUT i* WF NF 6OJWFSTJUZ UIJT GBMM UP TUVEZ BUUPSOFZ QFPQMF BOE NBUIFNBUJDT CVU IJT VMUJ B MPU NBUF HPBM JT UP CFDPNF B BOE CFFO FYQPTFE UP EJGGFS DJWJM SJHIUT BUUPSOFZ FOU QFPQMF JO EJGGFSFOU FDP i-PHJD JT SFBMMZ VTFGVM XIFO CFDPNJOH BO OPNJD BOE TPDJBM TJUVBUJPOT w BUUPSOFZ BOE JU T TPNFUIJOH * WF BMXBZT CFFO $PMF TBJE i* HPU JOUP ,FZ JOUFSFTUFE JO BOE HPPE BU w $PMF TBJE i* QMBO $MVC UP NFFU QFPQMF CVU * PO TUVEZJOH NBUI BT BO VOEFSHSBE GPS UIBU TUBZFE JO JU UP IFMQ QFPQMF w GPVOEBUJPO BOE UIFO DPOTUJUVUJPOBM MBX BGUFS w $PMF T QPTJUJPO FOUBJMT "DDPSEJOH UP $PMF IJT JOUFSFTU JO DJWJM SJHIUT PWFSTFFJOH UIF BDUJPOT PG JTTVFT TUFNT QBSUMZ GSPN IJT JOWPMWFNFOU XJUI BOE TFSWJOH BT B SFQSFTFOUB ,FZ $MVC B IJHI TDIPPM TFSWJDF QSPKFDU BOE UJWF GPS BMM UIF DMVCT JO UIF MFBEFSTIJQ USBJOJOH PSHBOJ[BUJPO BTTPDJBUFE EJWJTJPO BOE SFQPSUJOH UIBU XJUI ,JXBOJT *OUFSOBUJPOBM B HSPVQ IF T CFFO JOGPSNBUJPO UP UIF JOUFSOB JOWPMWFE XJUI TJODF IJT GSFTINBO ZFBS i.Z NPN TBJE A+PJO JU ZPV MM NFFU OFX UJPOBM MFWFM IF TBJE QFPQMF BOE * XBOUFE UP HFU JOWPMWFE BU i.Z KPC JT UP TFF UIJOHT TDIPPM TP * EJE w IF TBJE i* EJEO U LOPX CBDL * DBO HFU JOWPMWFE XJUI UIFO IPX SJHIU TIF XBT w BOE JNQSPWF VQPO UIFN w

UFBN GSPN IFS GSFTINBO UP KVOJPS ZFBS BOE JT DVSSFOUMZ JO IFS UIJSE ZFBS 'SPN PO UIF DSPTT DPVOUSZ UFBN i* XBT OFWFS WFSZ HPPE BU TQPSUT i*U T B EJGGFSFOU XBZ UP FYQSFTT ZPVS TFMG *U T WFSZ QFSTPOBM BOE JOWPMWFT B CVU XIFO * HPU UP IJHI TDIPPM * EFDJEFE UP USZ SVOOJOH w 4UFQIBOJF MPU PG EFFQ UIPVHIU w TBJE "OE XIJMF 4UFQIBOJF TBZT TIF i* TUBSUFE JO USBDL EPJOH TQSJOUT QVUT B MPU PG FNQIBTJT PO FYFSDJTJOH CVU UIBU EJEO U SFBMMZ XPSL PVU TP * IFS NJOE TIF NBLFT TVSF TIF BMTP TXJUDIFE UP EJTUBODF SVOOJOH 5IFO XPSLT PVU IFS CPEZ 4IF XBT QBSU PG UIF USBDL BOE m FME XIFO * TUBSUFE DSPTT DPVOUSZ JO NZ

m STU SBDF * HPU B NFEBM w 5IBU TUSFOHUI BOE FOEVSBODF BSF UIJOHT UIBU 4UFQIBOJF TBZT JOGPSN BMM BSFBT PG IFS MJGF "UIMFUJDT DSFBUJW JUZ QIJMPTPQIZ BDBEFNJDT BOE UIF GVUVSF i*G * CFDPNF BO FOHJOFFS * MJLF UIF JEFB PG CVJMEJOH TPNFUIJOH UIBU XJMM MBTU B MPOH UJNF BOE IFMQ B MPU PG QFPQMF * XBOU UP MFBWF NZ NBSL TPNFIPX w

i0VS .JTTJPO *T :PVS 5SBOTNJTTJPOw &TUBCMJTIFE 4F )BCMB &TQB¯PM

3PBE 5FTU *OTQFDUJPO 2VPUFT 1BMNEBMF T 5SBOTNJTTJPO 3FQBJS 'BDJMJUZ

'3&& &45*."5&4 <

1BMNEBMF #MWE

4".& %": 4&37*$& .PTU $BTFT

UI 4U &BTU 6OJU # t 1BMNEBMF +VTU OPSUI PG 1BMNEBMF #MWE

XXX NVSSBZTUSBOTNJTTJPOT DPN

'3&&

.PO 'SJ BN UP QN 4BU CZ "QQPJOUNFOU 0OMZ

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

3".*3&;

UI 4U &BTU

(SPXUI BOE &YDFMMFODF ‰ DPN NJTTJPOFS IFMQJOH QMBO BDUJWJUJFT 'SPN "T B KVOJPS TIF XBT UIF DMBTT 4QJSJU TJUZ XIJDI JT XIFSF IFS TJTUFS BUUFOET SFQSFTFOUBUJWF BOE UIJT ZFBS TIF JT DPMMFHF BOE CFDBVTF UIFSF JT B EFOUBM "TTPDJBUFE 4UVEFOU #PEZ TFDSFUBSZ IZHJFOJTU QSPHSBN JO 4BO %JFHP SFTQPOTJCMF GPS LFFQJOH UIF SFDPSET i* KVTU GFMM JO MPWF XJUI JU w TIF TBJE PG TUVEFOU HPWFSONFOU NFFUJOHT PG UIF DBNQVT #SPPLF IBT BMTP CFFO JOWPMWFE JO "U POF UJNF TIF UIPVHIU BCPVU UIF /BUJPOBM )POPS 4PDJFUZ BOE UIF CFDPNJOH B UFBDIFS CVU B DPVTJO JT $BMJGPSOJB 4DIPMBSTIJQ 'FEFSBUJPO B EFOUBM IZHJFOJTU BOE UBMLJOH UP IFS 4IF BMTP XBT WBSTJUZ CBTLFUCBMM BCPVU UIF DBSFFS HPU IFS JOUFSFTUFE NBOBHFS BOE WBSTJUZ TPDDFS NBOBHFS 5IFO TIF XBUDIFE IFS PSUIPEPOUJTU T 'PS UXP ZFBST TIF IFMQFE SBJTF XJGF B EFOUBM IZHJFOJTU BU XPSL NPOFZ GPS DBODFS SFTFBSDI CZ XBML i4IF MFU NF TIBEPX IFS BOE * SF JOH JO UIF "NFSJDBO $BODFS 4PDJFUZ T BMMZ MJLFE JU w #SPPLF TBJE BOOVBM -BODBTUFS 3FMBZ GPS -JGF BOE 'JOBMMZ B NJMJUBSZ WPDBUJPOBM BQUJ QMBOT UP EP TP BHBJO BU UIF OFYU UVEF UFTU TIF UPPL BU TDIPPM NBUDIFE FWFOU JO "QSJM XJUI GBNJMZ GSJFOET IFS VQ BT B EFOUBM IZHJFOJTU UFBN i4P * UIPVHIU JU XBT KVTU GBUF w TIF #SPPLF XBT B DP MFBEFS GPS TBJE 3PTBNPOE T 8BZTJEF $IBQFM "XBOB 4JODF GPVSUI HSBEF #SPPLF IBT QSPHSBN GPS QSFTDIPPMFST BUUFOEFE TDIPPM PO &EXBSET XIFSF -BTU ZFBS #SPPLF BOE .D,FO[JF IFS GBUIFS JT BO BJS USBGm D DPOUSPMMFS 1BOUBOB ‰ BOPUIFS 'VUVSF #PSO JO *OEJBOB TIF MJWFE JO /FX -FBEFS ‰ UPPL UIJSE QMBDF IPOPST .FYJDP 4PVUI $BSPMJOB BOE 0LJOBXB BU UIF ,FSO $PVOUZ TDJFODF GBJS XJUI CFGPSF DPNJOH UP UIF "OUFMPQF 7BM B QSPKFDU JO XIJDI UIFZ TVSWFZFE MFZ &EXBSET DPNNJTTBSZ DVTUPNFST PO i* N B NJMJUBSZ CSBU w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m STU QMBDF JO FSONFOU 4IF XBT GSFTINBO DMBTT UIF %FTFSU TDJFODF GBJS BOE UIFZ QSFTJEFOU BOE BT B TPQIPNPSF XBT XJMM DPNQFUF JO .BSDI JO UIF ,FSO B 4"(& ‰ 4DPSQJPOT GPS "DBEFNJD $PVOUZ TDJFODF GBJS

'8:

4/:%&3

4FF )*$,."/ PO


$BSJTTB #FMMWJMMF 3PTBNPOE TFOJPS JT MFBEFS JO :PVOH .BSJOFT 8SJUUFO CZ "--*40/ ("5-*/ t 1I

'09

"DIJFWFNFOU "DBEFNZ BXBSET BT BO "MM "NFSJDBO 4DIPMBS JO CJPMPHZ HFPNFUSZ QIZTJPMPHZ XPSME IJT UPSZ 4QBOJTI "EWBODFE 1MBDFNFOU 6 4 )JTUPSZ BOE "1 -JUFSBUVSF 4IF BMTP WPMVOUFFST BU UIF "NFSJ DBO $BODFS 4PDJFUZ BT BO PGm DF BTTJTUBOU BU B QSF LJOEFSHBSUFO BOE WBDBUJPO #JCMF TDIPPM BOE XJUI UIF +BQBO NJOJTUSZ UFBN BU 7BMMFZ #JCMF QSPWJEFT PO DBNQVT UVUPSJOH UP PUIFS TUVEFOUT BOE IBT EPOF PSHB OJ[BUJPOBM XPSL GPS BENJOJTUSBUPST BU &BTUTJEF &MFNFOUBSZ 4DIPPM 4IF T FWFO GPVOE UJNF UP QVSTVF

i* WF BMXBZT XBOUFE UP XPSL JO ESVH FO GPSDFNFOU UP IFMQ PUIFST BWPJE UIPTF UIJOHT w TIF TBJE 8IJMF :PVOH .BSJOFT UBLFT VQ B HSFBU EFBM PG $BSJTTB T UJNF BOE FOFSHZ TIF IBT PUIFS JOUFSFTUT UIBU NBZ TFFN TPNFXIBU DPOUSBSZ UP UIBU SPMF 'PS POF TIF IBT BO JOUFSFTU JO BDUJOH i* MJLF ESBNB w TIF TBJE IBWJOH QFSGPSNFE JO IFS TDIPPM T QSPEVDUJPO PG i" .JETVNNFS T /JHIU %SFBNw MBTU GBMM 4IF JT QSFQBSJOH UP QFSGPSN JO B POF BDU GFTUJWBM UIJT TQSJOH i*U XBT LJOE PG PVU PG NZ DPNGPSU [POF XIJDI XBT LJOE PG XFJSE BU m STU w TIF TBJE PG UIF FYQFSJFODF $BSJTTB FOSPMMFE JO CFHJOOJOH ESBNB MBTU ZFBS BOE NPWFE VQ UP UIF BEWBODFE DPVSTF UIJT ZFBS i*U XBT B MPU PG GVO CFJOH VQ UIFSF w TIF TBJE -FTU BOZPOF UIJOL UIF BXBSE XJOOJOH :PVOH .BSJOF JT BMM DBNPVn BHF BOE VOJGPSNT TIF JT BMTP B OPNJOFF GPS UIF "MQIB $IBSUFS (VJME EFCVUBOUF QSPHSBN 5IF QSPHSBN JT TPNFUIJOH PG B GBNJMZ USBEJ UJPO BT IFS BVOU DPVTJOT BOE TJTUFS IBWF BMM

IFS IPCCZ NVTJD " ZFBS NFN CFS PG UIF "OUFMPQF 7BMMFZ $IJM ESFO T $IPJS TIF T CFFO B WJPMJOJTU XJUI UIF "OUFMPQF 7BMMFZ 4ZNQIPOZ 0SDIFTUSB BOE .BTUFS $IPSBMF TJODF %BSMFOF 4QBSLT BU %FTFSU $ISJTUJBO XSPUF PO IFS OPNJOBUJPO GPSN i4V[JF JT B HFOVJOF KFXFM PG B ZPVOH MBEZ w 5BLJOH OP DIBODFT 4V[JF IBT BQQMJFE UP B EP[FO DPMMFHFT GSPN 0SFHPO TPVUIXBSE XIFSF TIF DBO TUVEZ IVNBO CJPMPHZ 4IF MM MFBSO UIJT NPOUI XIJDI IBWF BDDFQUFE IFS *U MM CF OP TVSQSJTF JG BMM BSF SFBEZ UP XFMDPNF IFS XJUI PQFO BSNT

8&*()5 -044y 8JUIPVU )VOHFS 'BTUJO¨ *T 4BGF

" XFJHIU NBOBHFNFOU QSPHSBN . % %JSFDUPS

46113&44 "11&5*5&

'BTUJOÂ¥ SFNBJOT '%" BQQSPWFE JT NPSF FGGFDUJWF BU MFTT DPTU UIBO BOZ PUIFS

#0%: '"5 "/"-:4*4

8 "WF + -BODBTUFS /FX NFEJDBUJPOT UP TUPQ TNPLJOH OPX BWBJMBCMF BT B TFQBSBUF DPOTVMUBUJPO TFSWJDF $)"/5*9 BOE ;:#"/ CZ 1SFTDSJQUJPO CZ +PIO #FDL . % S R

R

4-

J U U T N N $ S B S 5

26"*/5"/$& 'SPN BEEJUJPO UP IFS FYDFMMFOU BDDPNQMJTI NFOUT TIF IBT QSPWFO IFS MFBEFSTIJQ BCJMJUJFT CZ CFJOH BO PVUTUBOEJOH SPMF NPEFM UP IFS GFMMPX DMBTTNBUFT w $BJUMJO MPPLT GPSXBSE UP FOUFSJOH DPMMFHF BGUFS IFS HSBEVBUJPO JO +VOF i* N BMNPTU TVSF * N HPJOH UP 'SFTOP 4UBUF w TIF TBJE BEEJOH TIF DIPTF UIBU DBNQVT GPS JUT "SNZ 305$ QSPHSBN BOE OVSTJOH QSPHSBN 4IF T BMSFBEZ SFDFJWFE B OPUJDF PG BDDFQUBODF 4IF T BMTP SFDFJWFE BDDFQUBODF MFUUFST GSPN $BMJGPSOJB 4UBUF 6OJWFS

TJUZ -POH #FBDI BOE GSPN #BZMPS 6OJWFSTJUZ JO 5FYBT i* HPU JOUP #BZMPS CVU EFDJEFE UP TUBZ DMPTFS UP IPNF w $BJUMJO TBJE i* IBWFO U IFBSE GSPN 4BO %JFHP 4UBUF ZFU w %FTQJUF IFS IFDUJD TDIFEVMF $BJU MJO OPUFE TIF NBOBHFT UP TRVFF[F JO UJNF GPS GVO i4QPSUT BOE 'JSF &YQMPS FST JT XIBU * EP GPS GVO w 4IF QBSUJDJQBUFE PO UIF TDIPPM TPGUCBMM UFBN GPS UISFF ZFBST TFSWJOH BT DBQUBJO GPS UXP PG UIPTF ZFBST 4IF BMTP EJE DSPTT DPVOUSZ BOE HPMG 4IF T OPU SVO JO UIF -PT "OHFMFT .BSBUIPO CVU JT DPOUFNQMBUJOH USBJOJOH GPS UIBU 4IF JT JO UIF -PT "OHFMFT $PVOUZ 'JSF %FQBSUNFOU &YQMPSFS QSPHSBN BU

#FTU XJTIFT GPS TVDDFTT JO BMM PG ZPVS GVUVSF FOEFBWPST

" TUBUF PG UIF BSU FMFDUSPOJD NFBTVSF PG CPEZ GBU 0UIFS NFEJDBUJPOT BWBJMBCMF 1IFOUFSNJOF "EJQFY 1 # # JOKFDUJPOT /VUSJUJPOBM (VJEBODF BOE 4VQQPSU -FBSO NPSF BCPVU QSPUFJOT DBSCPIZESBUFT BOE GBUT

F M

$POHSBUVMBUJPOT UP BMM PG UIF "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFS /PNJOFFT

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

'SPN

"(& 4$)00- 3PTBNPOE )JHI 4DIPPM (0"- -BX FOGPSDFNFOU

QBSUJDJQBUFE BOE IFS HSBOENPUIFS JT B HVJME N

4FOBUPS (FPSHF 3VOOFS 3FU

.FNCFS #PBSE PG &RVBMJ[BUJPO

4FOBUPS 4IBSPO 3VOOFS UI 4FOBUF %JTUSJDU

$

BSJTTB #FMMWJMMF NBZ IBWF BMXBZT IBE B MJUUMF JOUFSFTU JO UIF NJMJUBSZ CVU XIFO TIF m STU KPJOFE UIF :PVOH .BSJOFT JU XBT UP TQFOE UJNF XJUI IFS TJTUFS BOE HBJO TPNF MFBEFSTIJQ TLJMMT i*U XBT TPNFUIJOH NF BOE NZ TJTUFS XBOUFE UP EP UPHFUIFS w TIF TBJE PG KPJOJOH UIF :PVOH .BSJOFT TFWFO ZFBST BHP #VU UIF QSPHSBN IBT UVSOFE PVU UP CF TPNFUIJOH NPSF UIBO UIBU BT $BSJTTB JT OPX UIF TFOJPS :PVOH .BSJOF GPS UIF NBKPSJUZ PG UIF TUBUF BOE IBT CFFO OBNFE :PVOH .BSJOF PG UIF :FBS GPS UXP ZFBST SVOOJOH "T TFSHFBOU NBKPS GPS UIF SFHJNFOU $BSJTTB MFBET FODBNQNFOUT MFBEFSTIJQ TDIPPMT BOE PUIFS QSPHSBNT GPS :PVOH .BSJOFT GSPN 4BO %JFHP UP /PSUIFSO $BMJGPSOJB i* QSFUUZ NVDI SVO UIBU XIPMF UIJOH w TIF TBJE 4IF EJE HBJO UIF MFBEFSTIJQ TLJMMT TIF TPVHIU BT XFMM BT JODSFBTFE TFMG DPOm EFODF i*U IBT SFBMMZ IFMQFE NF PVUTJEF PG UIF QSP HSBN BT XFMM w TIF TBJE $BSJTTB B 3PTBNPOE )JHI 4DIPPM TFOJPS XIP UBLFT iBT NBOZ "EWBODFE 1MBDFNFOU BOE IPOPST DPVSTFT BT * DPVME w QMBOT UP BUUFOE DPM MFHF BOE TUVEZ GPS B EFHSFF JO DSJNJOBM KVTUJDF &WFOUVBMMZ TIF FYQFDUT UP PCUBJO B HSBEVBUF EFHSFF JO DSJNJOBM QTZDIPMPHZ 5IFTF TUVEJFT BSF XJUI BO FZF UPXBSE B MBX FOGPSDFNFOU DBSFFS TQFDJm DBMMZ JO ESVH FOGPSDFNFOU

4UBUJPO BO BDUJWJUZ TIF TUBSUFE BU UIF FOE PG IFS GSFTINBO ZFBS 4IF BMTP MPWFT NVTJD BOE TJOHT JO UIF TDIPPM DIPJS i8F UPPL m STU QMBDF JO B DPNQFUJUJPO BU .BHJD .PVOUBJO *U XBT BNB[JOH w TIF TBJE i* EPO U LOPX IPX TIF EPFT BMM UIF UIJOHT TIF EPFT w TBJE ,JNCFSMZ 2VBJOUBODF $BJUMJO T NPUIFS i4IF T BMXBZT CFFO FYUSFNFMZ GPDVTFE 8F UFBTF IFS UIBU TIF XBT CPSO BHF 4IF T OFWFS BGSBJE UP USZ TPNFUIJOH OFX 4IF T BMXBZT CVTZ w "TLFE XIFSF $BJUMJO HFUT BMM UIBU FOFSHZ IFS NPUIFS TBJE iNBZCF B MJUUMF GSPN NF CFDBVTF * OFWFS TUPQ .Z QIJMPTPQIZ JT GPSXBSE NPUJPO 4JUUJOH BSPVOE XBUDIJOH 57 GPS IPVST JT OPU IPX * XBT SBJTFE BOE OPU IPX XF SBJTFE $BJUMJO w 5IF UFFO DSFEJUT IFS NPUIFS BO JOTVSBODF CSPLFS BOE *5 UFDIOJDJBO BOE IFS GBUIFS $SBJH 2VBJOUBODF XIP XPSLT JO IJHI FOE BVEJP BOE WJEFP TBMFT GPS UPVUJOH UIF JNQPS UBODF PG FEVDBUJPO $BJUMJO TBJE IFS GPTUFS TJTUFS 5BZMFS -BVHIMJO JT UIF TBNF BHF BT IFS BOE UIFZ TIBSF TPNF DPNNPO JOUFSFTUT 8IFO BTLFE BCPVU UIF NPUUP UIBU TIF MJWFT CZ $BJUMJO RVPUFE CBTFCBMM MFHFOE #BCF 3VUI i*U T IBSE UP CFBU B QFSTPO XIP OFWFS HJWFT VQ w i5IBU T XIBU * EP w $BJUMJO TBJE i* OFWFS HJWF VQ w


CBTLFUCBMM XIJDI MFE UIF UIFO TPQI PNPSF UP BUUFOE UIF /BUJPOBM :PVUI 'SPN -FBEFSTIJQ 'PSVN PO .FEJDJOF UP FYQMPSF IJT ESFBN PG CFDPNJOH B BU )JHIMBOE JO NJE 'FCSVBSZ *O BU EPDUPS UFOEBODF XFSF (VFOUIOFS 4UFWFO )F BMTP IBT B QBTTJPO GPS GBTIJPO $IBNCSFBV B TDJFOUJTU BU &EXBSET "JS 'PSDF #BTF T SFTFBSDI MBCT BOE BOE JT QBSUJDVMBS BCPVU IJT QFSTPOBM B NFNCFS PG $IFNJTUT 8JUIPVU TUZMF GSPN IJT VMUSB DPPM IBJSDVU UP #PSEFST DIFNJTUSZ TUVEFOUT GSPN UIF IJT USFOEZ GPPUXFBS 6OJWFSTJUZ PG $BMJGPSOJB 4BOUB #BS %JTBQQPJOUFE XJUI UIF DVSSFOU CBSB $BSEFMMJP BOE "OLJU T DMBTTNBUFT PCTFTTJPO XJUI CSBOEJOH BOE MPHPT GSPN UIF DIFNJTUSZ DMVC BOE B UFBN JO UPEBZ T GBTIJPO XPSME "OLJU BOE PG OFBSMZ TDJFOUJTUT BOE BTQJSJOH UISFF QBSUOFST BSF EFWFMPQJOH B TDJFOUJTUT DMPUIJOH MJOF i-PT "OHFMFT 7JTJPO w 6TJOH UBQ XBUFS GSPN #PSPO UIF UP CF SFMFBTFE JO MBUF TQSJOH XJUI BO HSPVQ XBT BUUFNQUJOH UP NFBTVSF UIF FNQIBTJT PO TUSFFUXFBS MFWFMT PG BSTFOJD VTJOH BO PSEJOBSZ i-BCFMT EPO U IBWF BOZ LJOE PG DFMM QIPOF BEBQUFE GPS UFTUJOH UIF NFTTBHF ‰ UIFZ SF KVTU MPHPT 8F SF BNPVOUT TBJE (VFOUIOFS XIP OPNJ XPSLJOH PO UIF DVMUVSF UIF BSU OBUFE "OLJU GPSNT PG TUSFFUXFBS UIF IJTUPSZ PG 5IF BJN XPVME CF UP SFQMBDF TUSFFUXFBS BOE IJQ IPQ w IF TBJE FYQFOTJWF MBC LJUT XJUI BO BGGPSEBCMF i/PU KVTU XIBU T JO SJHIU OPX CVU UIF EFWJDF DPNNPOMZ GPVOE JO FWFSZ GVUVSF PG DMPUIJOH w QBSU PG UIF XPSME IF TBJE XJUI B "OLJU IBT BQQMJFE UP TFWFSBM GPDVT PO #BOHMBEFTI XIJDI IBT UIF VOJWFSTJUJFT JODMVEJOH 6$-" 64$ MBSHFTU DPODFOUSBUJPO PG BSTFOJD DPO (FPSHFUPXO BOE $BMJGPSOJB 4UBUF 6OJ UBNJOBUFE XBUFS UIBU DBO MFBE UP TLJO WFSTJUZ -POH #FBDI )F IBT CFFO BD EJTFBTFT CJSUI EFGFDUT BOE PUIFS MJGF DFQUFE UP 5VMBOF 6OJWFSTJUZ JO /FX UISFBUFOJOH NFEJDBM DPOEJUJPOT 0SMFBOT BOE %SFYFM JO 1IJMBEFMQIJB i* N JOUFSFTUFE JO UIF IVNBOJUBS /P NBUUFS XIBU TDIPPM IF BUUFOET JBO TJEF PG UIJT w "OLJU TBJE i8F SF "OLJU TBJE IF LOPXT IF XJMM DPOUJOVF XPSLJOH UP SBJTF GPS m MUFST UP UP NFEJDBM TDIPPM BOE JT DPOTJEFS SFEVDF BSTFOJD JO XBUFS JO #BOHMB JOH BEEJOH B NBTUFS T JO CVTJOFTT EFTI w BENJOJTUSBUJPO )F JT UIF TPO PG UXP DIFNJTUT i* N NPSF JOUFSFTUFE JO UIF MPOH XIP XPSL BU &EXBSET EBE "TIXBOJ UFSN GBS SFBDIJOH BTQFDUT PG SFBDIJOH BOE NPN 7BOEBOB XIP BSF HSFBU UIF NBTTFT w IF TBJE i* XBOU UP SPMF NPEFMT UIF UFFO TBJE NBOBHF B XBUFS USFBUNFOU GBDJMJUZ )JT JOUFSFTU JO TQPSUT NFEJDJOF UIBU IFMQT QFPQMF JO EFWFMPQJOH XBT JOTQJSFE CZ BO JOKVSZ IF TVT DPVOUSJFT * XBOU UP NBLF BO BDUVBM UBJOFE XIJMF QMBZJOH IJHI TDIPPM DIBOHF JO UIF XPSME w

-01&;

XBZT CFFO UIFSF w TBJE 7JDUPSJB XIP IBT CFFO QMBZJOH UIF TQPSU GPS 'SPN ZFBST i8JUI TPNF QFPQMF UIFZ EPO U SFBMMZ m OE JU GVO BOZNPSF POMZ OFFET UP MPPL JO UIF NJSSPS i#VU * WF HSPXO TP NVDI JU T "O IPOPST TUVEFOU XJUI B NZ QBTTJPO w HSBEF QPJOU BWFSBHF 7JDUPSJB 7JDUPSJB T DPNNJUNFOU BOE TLJMM DFSUBJOMZ MFBET CZ FYBNQMF JO UIF TFU IBWF FBSOFE IFS B GVMM SJEF DMBTTSPPN TPGUCBMM TDIPMBSTIJQ UP $PQQJO 4UBUF 3VTTFMM #SPBE B GBNJMZ GSJFOE IBT TFFO m STUIBOE UIF ESJWFO TUVEFOU 6OJWFSTJUZ B %JWJTJPO QSPHSBN JO #BMUJNPSF .E UIBU 7JDUPSJB JT #VU UIF TDIPPM XBTO U UIF POMZ i*U T WFSZ IBSE UP OBSSPX IFS EPXO w #SPBE TBJE i4IF T NPUJWBUFE JOTUJUVUJPO PO UIF &BTU $PBTU UIBU XBOUFE 7JDUPSJB 4IF XBT BMTP BD BOE EFEJDBUFE 8IFO TIF TFUT IFS NJOE UP EPJOH TPNFUIJOH TIF QSFUUZ DFQUFE JOUP UIF 6 4 $PBTU (VBSE "DBEFNZ JO $POOFDUJDVU XIFSF TIF NVDI HFUT XIBUFWFS JU JT EPOF w XFOU GPS B WJTJU MBTU TVNNFS 8IJMF IFS DMBTTSPPN BDDPNQMJTI 8IJMF UIF EFDJTJPO XBT UPVHI NFOUT BSF PVUTUBOEJOH 7JDUPSJB T 7JDUPSJB FWFOUVBMMZ DIPTF TPGUCBMM BDUJWJUJFT EPO U KVTU TUPQ UIFSF BOE $PQQJO 4UBUF XIFSF TIF XJMM "MXBZT XJMMJOH UP MFOE B IFMQ JOH IBOE 7JDUPSJB JT JOWPMWFE JO IFS NBKPS JO DSJNJOBM KVTUJDF XJUI B NJ OPS JO QTZDIPMPHZ DIVSDI BOE IBT WPMVOUFFSFE XJUI i* MPWFE UIF $PBTU (VBSE "DBE )BCJUBU GPS )VNBOJUZ TJODF 5IF DBQUBJO PG UIF &BHMFT WBSTJUZ FNZ * N OPU HPJOH UP MJF w 7JDUPSJB TPGUCBMM UFBN 7JDUPSJB BMTP QMBZT GPS TBJE i#VU XIFO * XFOU UP $PQQJO 4UBUF JU VMUJNBUFMZ GFMU MJLF IPNF UIF 4UFBMUI USBWFM CBMM UFBN BOE IBT BOE UIBU T XIBU ZPV XBOU JO B DPM QMBZFE JO WBSJPVT UPVSOBNFOUT JO $PMPSBEP /FWBEB 1FOOTZMWBOJB BOE MFHF i8IFO ZPV SF HPJOH NJMFT BMM UISPVHIPVU 4PVUIFSO $BMJGPSOJB BXBZ GSPN IPNF ZPV XBOU JU UP GFFM i.Z MPWF GPS UIF HBNF IBT BM

MJLF B IPNF w 0OF SFBTPO 7JDUPSJB DIPTF BUIMFU JDT PWFS UIF TFSWJDF JT UIF GBDU UIBU UIF TPGUCBMM m FME IBT CFDPNF B TBGF IBWFO GPS IFS (SPXJOH VQ UIF EBVHIUFS PG B TJOHMF QBSFOU GPS NPTU PG IFS MJGF XBT OPU FBTZ BU UJNFT i* DBO GPSHFU BCPVU QFSTPOBM JTTVFT PS BOZUIJOH TDIPPM SFMBUFE w 7JDUPSJB TBJE BCPVU UIF TPGUCBMM m FME i*U T NZ PXO MJUUMF XPSME B QMBDF XIFSF * DBO TIJOF *U T B QMBDF * DBO DBMM NZ PXO w *O BEEJUJPO UP TUFMMBS HSBEFT BOE JODSFEJCMF TPGUCBMM UBMFOUT 7JDUPSJB BMTP QMBZT B LFZ SPMF JO IFMQJOH UBLF DBSF PG IFS UXP ZPVOHFS TJCMJOHT i4IF LJOE PG IBE UP TUFQ VQ BOE IFMQ PVU IFS ZPVOHFS TJCMJOHT w #SPBE TBJE i4IF T SFBMMZ IFMQFE PVU IFS NPN UIFSF w " MFBEFS JO UIF USVFTU GPSN PG UIF XPSE UIF SFTU PG UIF DPVOUSZ XJMM OPX TFF UIF MFBEFSTIJQ TLJMMT PG 7JDUPSJB -PQF[

."-&4

UFSNJOBUJPO JT FWJEFOU JO IJT BMM JO JOWPMWFNFOU XJUI UIF 7FUFSBOT )PT QJUBM CFOFm U EJOOFST BOE DBOOFE GPPE ESJWFT BOE CFJOH B CMPPE EPOPS BOE UVUPS 8JUI IJT CSPUIFS EFQMPZJOH TIPSUMZ UP "GHIBOJTUBO "VTUJO LOPXT IF DBO FBTF IJT QBSFOUT USFQJEBUJPO CZ DPO UJOVJOH UP NBLF UIFN QSPVE i*G * DBNF IPNF XJUI B # JO HSBEF TDIPPM UIFZ XPVME HFU NBE BU NF w "VTUJO TBJE i"OE UIFO * XPVME HFU NBE BU UIFN GPS HFUUJOH NBE BU NF #VU OPX * MPPL CBDL PO JU BOE * N WFSZ HSBUFGVM UIBU UIFZ BMXBZT QVTIFE NF UP EP NZ CFTU 5IFJS QVTIJOH NF UP EP NZ CFTU IBT SFBMMZ QBJE PGG w

'SPN

VTF JO IJT IJHI KVNQ BDUJWJUJFT i5IFSF BSF BMM LJOET PG XBZT UIBU CZ BQQMZJOH QIZTJDT ZPV DBO JN QSPWF w TBJE "VTUJO XIP BJNT UP JN QSPWF CZ POF TQPU JO UIF m OBM MFBHVF IJHI KVNQ TUBOEJOHT i5IJT ZFBS JU TFFNT MJLF FWFSZUIJOH * MPPL BU * SFMBUF JU QIZTJDT 1FPQMF IBWF UPME NF UIBU * PWFSBOBMZ[F UIJOHT B MPU w %FTFSU 1SJODJQBM /BU "EBNT XIP OPNJOBUFE "VTUJO JTO U POF PG UIFN i"VTUJO IBT FOKPZFE TVDDFTT JO BMM IF EPFT EVF UP IJT FGGPSU BOE XPSL FUIJD w "EBNT TBJE i)F T GSJFOEMZ BOE SFTQFDUGVM BOE WFSZ EFQFOEBCMF "VTUJO IBT B CSJHIU GVUVSF w "VTUJO T TFSWJDF CFGPSF TFMG EF

UP WJTJU QFU TUPSFT iKVTU UP MPPL BU BMM UIF BOJNBMT * m OE UIFN BMM WFSZ JOUSJHVJOH w *EFBMMZ "VTUJO XJMM CF FOSPMMFE BU $BMJGPSOJB 1PMZUFDIOJD 4UBUF 6OJWFS TJUZ 1PNPOB OFYU ZFBS 5IF JOTUJUV UJPO IBT WFSZ HPPE "SNZ 305$ BOE QSF WFUFSJOBSZ QSPHSBNT NPEFM BOE IBT BMXBZT CFFO B QPTJ 'PDVTFE CZ 305$ EJTDJQMJOF BOE UJWF JOn VFODF 'SPN .D,FO[JF TBJE TIF FOKPZFE IBWJOH JOUFHSJUZ "VTUJO T HJGUFE NJOE JT BMXBZT CSFBLJOH UIF TQFFE MJNJU IF UIF SFTQPOTJCJMJUZ PG MPPLJOH PVU GPS XPVMEO U UIJOL JU XPVME CF CVU JU BENJUT IFS UFBNNBUFT BDUVBMMZ JT w )F GPVOE IJT QIZTJDT MFTTPOT PO i*U T EJGGFSFOU CFJOH B DP DBQUBJO .D,FO[JF T PUIFS TDIPPM BDUJWJUJFT NBTT BOE WFMPDJUZ DPVME CF QVU UP UIBO KVTU CFJOH B UFBNNBUF CFDBVTF JODMVEF UIF $BMJGPSOJB 4DIPMBSTIJQ ZPV IBWF UP NBLF EFDJTJPOT w TIF 'FEFSBUJPO /BUJPOBM )POPS 4PDJ TBJE i#VU JU T GVO UIBU XBZ CFDBVTF * FUZ 4QJSJU $PNNJUUFF (SBEVBUJPO $PNNJUUFF &OWJSPONFOUBM $MVC BOE LJOE PG BMXBZT USZ UP FODPVSBHF NZ UFBNNBUFT BOZXBZ 5IJT XBZ * BDUV ,FZTUPOF $MVC 4IF IBT BMTP EPOF B MPU PG DIBSJUZ BMMZ IBE B SFBTPO UP w 'PS IFS BDDPNQMJTINFOUT .D, XPSL CVU IFS GBWPSJUF DPNNVOJUZ FO[JF XBT 7BMMFZ 1SFTT "UIMFUF PG UIF TFSWJDF FWFOU XBT CFJOH BO BTTJTUBOU 8FFL UXJDF OBNFE UP UIF BMM 7BMMFZ EJSFDUPS MBTU ZFBS GPS B DIJMESFO T UIFBUFS QSPEVDUJPO i5IF 1SJODFTT BOE m STU UFBN BOE )JHI %FTFSU -FBHVF m STU UFBN UXJDF BOE BOPJOUFE UIF UIF 1FB w UFBN T .71 UIJT ZFBS i* EJE JU XJUI UISFF PG NZ UFBN 5IF 0/& TUPSF GPS ZPVS QFSGFDU n PPS ¨ .D,FO[JF TBJE TIF MFBSOFE NPSF NBUFT MBTU TVNNFS w .D,FO[JF TBJE XXX BSUJTUJDDBSQFUPOFMBODBTUFS DPN UIBO KVTU WPMMFZCBMM TLJMMT CZ QMBZJOH i*U XBT B MPU PG GVO UP XPSL XJUI 4UPSF #VZJOH 1PXFS WBSTJUZ GPS UISFF ZFBST UIF MJUUMF LJET 5IFZ XFSF TP TXFFU i.Z UFBNNBUFT BOE NZ DPBDIFT BOE UIFZ USJFE TP IBSE UP MFBSO UIFJS BSF BNB[JOH w TIF TBJE i* MFBSOFE MJOFT w B MPU GSPN UIFN OPU KVTU BCPVU WPM #VU XIBU .D,FO[JF JT SFBMMZ 8F QSPNJTF ZPV MM MPWF UIF XBZ ZPVS OFX MFZCBMM CVU CFJOH B HPPE QFSTPO BOE LOPXO GPS BSPVOE TDIPPM JT IFS WPM IBWJOH UIF SJHIU NPSBMT BOE WBMVFT w MFZCBMM TLJMMT 4IF XBTO U BMXBZT UIBU n PPS MPPLT PS XF MM SFQMBDF JU GPS 'SFF .D,FO[JF IBT BQQMJFE UP TFWFSBM HPPE BU UIF TQPSU TIF TBJE CVU TIF DPMMFHFT JODMVEJOH $BMJGPSOJB 4UBUF XPSLFE IBSE UP HFU CFUUFS i4IF T BMXBZT MPPLJOH GPS XBZT UP 6OJWFSTJUZ /PSUISJEHF BOE "[VTB 1BDJm D CVU TIF TBJE TIF JT MFBOJOH FYDFM BOE JNQSPWF BOE TIF T WFSZ UFBN PSJFOUFE w -FXJT TBJE i*U T OFWFS UPXBSE BUUFOEJOH "OUFMPQF 7BMMFZ $PMMFHF UP QMBZ TQPSUT BOE TUBZ DMPTFS BCPVU .D,FO[JF *U T BMXBZT BCPVU 4UPSF )PVST UP IFS GBNJMZ XIJDI JODMVEF QBSFOUT FWFSZPOF FMTF BOE XIBU TIF DBO EP .POEBZ 'SJEBZ BN QN -BVSB BOE /JDL IFS PMEFS TJTUFS BOE UP NBLF UIF UFBN CFUUFS 4IF T KVTU B 4BUVSEBZ BN QN IFS UXJO CSPUIFS WFSZ HFOVJOF DBSJOH ZPVOH MBEZ * 4VOEBZ BN QN i4IF T SFBEZ GPS DPMMFHF BOE TIF T XPVME DMPOF IFS JO B IFBSUCFBU w .D,FO[JF XBT B DP DBQUBJO PO UIF SFBEZ UP HP PVU BOE NBLF B QPTJUJWF EJGGFSFODF BOE TIF MM EP JU XJUI B UFBN UIJT ZFBS BOE -FXJT TBJE TIF "DSPTT GSPN UIF 5BSHFU $FOUFS -JD DIPTF IFS CFDBVTF TIF T B HPPE SPMF TNJMF PO IFS GBDF w -FXJT TBJE

1"/5"/"

6baZeTgh_Tg\baf

'VUVSF -FBEFST

4QFDJBM 'JOBODJOH "WBJMBCMF

T S

S

5.

8&45 "7&/6& , t -"/$"45&3 t

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

7*+


'SPN -BODBTUFS T NVTJD UFBDIFS BOE CBOE EJSFDUPS i* UIJOL B MPU PG IFS TUSFOHUI DPNFT GSPN IFS EFTJSF UP MFBSO BOE UP DPOUJOVF MFBSOJOH BMM PG UIF UJNF 4P XIBUFWFS LJOE PG DIBMMFOHFT XF UISPX BU IFS TIF BMXBZT TFFNT UP CF BCMF UP SJTF UP UIF PDDBTJPO XIBUFW FS JU JT BOE DPOUJOVF UP QVTI IFSTFMG UP EP TP w i*U EPFTO U SFBMMZ NBUUFS XIBU TIF T EPJOH JG TIF T HPJOH UP EP JU TIF T HPJOH UP EP JU XFMM w IF TBJE "TIMJF JT TFU UP HP UP #:6 XJUI IFS TJTUFS BOE IFS NBJO HPBMT BSF UP SFDFJWF B NBTUFS T EFHSFF JO DPNQVU FS TDJFODF BOE UP EFWFMPQ DPNQVUFS TPGUXBSF 4IF BMTP XBOUT UP USBWFM UP QMBDFT MJLF *UBMZ UIF $BSJCCFBO BOE 'SBODF CFDBVTF TIF FOKPZT MFBSOJOH

BCPVU PUIFS DVMUVSFT XIJDI JT XIBU BUUSBDUFE IFS UP TUVEZJOH 'SFODI $IBS )PSTU TBJE UIBU IFS EBVHIUFS LOPXT XIBU JU T MJLF UP HSPX VQ JO QPWFSUZ "TIMJF HSFX VQ XJUI GFX MVYVSJFT BT IFS GBUIFS XBT VOFN QMPZFE BOE IFS NPUIFS XPSLFE UXP KPCT #FDBVTF TIF LOPXT XIBU JU T MJLF UP IBWF B $ISJTUNBT XIFSF IFS POMZ HJGU JT QBKBNBT TIF MPPLT BU DPNNVOJUZ TFSWJDF BT B KPZ BOE TUSJWFT UP CF FWFSZPOF T GSJFOE i"TIMJF JT TUSPOH GBJUIGVM BOE NFFUT DIBMMFOHFT IFBE PO w "TIMJF T NPUIFS TBJE i&WFSZPOF IBT DIBM MFOHFT 8IBU NBLFT "TIMJF TQFDJBM JT IFS TUSFOHUI UP PWFSDPNF PCTUBDMFT JO IFS MJGF BOE QFSGPSN UP UIF CFTU PG IFS BCJMJUZ 4IF JT TFMG NPUJWBUFE BOE MPWFT UP BDIJFWF HPBMT TIF TFUT GPS IFSTFMG w

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

"EWFSUJTFS *OEFY

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m FME "7 $VUUJO 6Q #BSCFS 4IPQ %BODF &WPMVUJPOT %FTFSU $ISJTUJBO 4DIPPM %F 7SZ 6OJWFSTJUZ %PO T "VUPNPUJWF 4FSWJDF 'FODFXPSLT *OD 'MPSFT "VUP $BSF 'PTUFST 'SFF[F 'S¤TDP ** .FEJUFSSBOFBO $VJTJOF 'SFTI .FEJUFSSBOFBO $BGF 'SPTU .PSUHBHF -FOEJOH (SPVQ 'VUVSF -FBEFST $POHSBUVMBUJPOT (SFFUJOHT 'VUVSF -FBEFST 4QFDJBM 0GGFST (JBOOJOJ #JTUSP (SJMM (JOP T *UBMJBO 3FTUBVSBOU (JP T "VUP %JBHOPTUJDT (JPWBOOJ T *UBMJBO %FMJ %FMJHIUT (PVSNFU 5BNBMFT (SBDF 3FTPVSDF $FOUFS (SFBU 8BMM .BOEBSJO 4[FDIXBO $VJTJOF )FXJUU 'JOBODJBM (SPVQ

)JHI %FTFSU %SJWJOH 4DIPPM )JHI %FTFSU .FEJDBM (SPVQ *SPOXPPE .BOBHFNFOU +BDL 'SZF 5SBWFM + + "VUP 3FQBJS +PTIVB .FEJDBM (SPVQ +VNQ 1BMBDF , ,BU[ / +BNNFST $BGF ,JE T 'BDF 1BJOUJOH CZ . . ,JFGGF 4POT 'PSE ,PVOUSZ ,JUDIFO -BODBTUFS "VUP $POTJHONFOU -BODBTUFS #PEZ BOE 'SBNF -BODBTUFS 1FSGPSNJOH "SUT $FOUFS -FOUPO $PNQBOZ .BSDPOOFUUF .JDIFMMF %%4 .D%POBME T .FFDF $BS "VEJP .FSSJMM (BSEFOT .FUSP 'MPPST .JDIBFM % "OUPOPWJDI .POHJBOP %BOJFM 0 .% .POUBHF 4BMPO .S )BQQZ (SPVU .VSSBZ T 5SBOTNJTTJPOT /"7" "VUP 3FQBJS /FOF "VUP 3FQBJS 1BJOUCBMM 64" 1BMNEBMF )PUFM 5IF 1BMNEBMF 4FSWJDFT 1BMNEBMF 4DIPPM %JTUSJDU 1BMNEBMF 5SPQIZ &OHSBWJOH 1BSBDMFUF )JHI 4DIPPM 1BSFOU 5FBDIFS "JET 1BSSJT 3 3FY 1$ )VC 1SP $VTUPN 6QIPMTUFSZ 3BMMZ "VUPNPUJWF (SPVQ 3FBHBOT )BMMNBSL 3FOUBM %JSFDUPSZ 3JEFS T $IPJDF 3PCFSUTPO T 1BMNEBMF )POEB 3PVOE 5BCMF 1J[[B 3VOOFS (FPSHF 4IBSPO 4BLVSB 4FBGPPE #VGGFU 4DIPPOFST 1BUJP (SJMMF 4DSBNCMF[ $BGF 4 ' "VUP (MBTT "VUPCPEZ 4IBGGFS 7JPMJO 4UVEJP 4JNNPOT %FOUBM 4NPH .VGn FS &YQSFTT 4VC NBDIJOF 4[PLF *OTVSBODF 4BMFT 5BIFSJ %BOJFM 5IBJ 5IF 5IPNQTPO .BSL & 6OJWFSTJUZ PG "OUFMPQF 7BMMFZ 7FHB T "VUPNPUJWF 3FQBJS 7JD T #JNNFS 7JDUPSZ 8FJHIU .BOBHFNFOU 7JMMBHF (SJMMF 5IF 7*1 $BS 8BTI 8FTUFSO &EHF "VUPNPUJWF 8FTUTJEF $IJSPQSBDUJD 8FTUTJEF 6OJPO 4DIPPM %JTUSJDU 8JOH 4UPQ

%"7*4

%"."/)63*

'SPN

'SPN

IF EPFTO U BTL BOZCPEZ UP EP BOZUIJOH UIBU IF XPVMEO U EP w *O PSEFS UP SFMJFWF TUSFTT EVSJOH GPPUCBMM TFBTPO %BIMJB XPVME IBWF UIF GPPUCBMM QMBZFST EP EBODF PGGT 5IF QSBDUJDF FBSOFE 3ZBO UIF OJDLOBNF PG #BEPOLB EPOL i8IFO UIF NVTJD IJUT * KVTU HFU B MJUUMF DSB[Z w 3ZBO TBJE XJUI B MBVHI 3ZBO XIP IBT BMSFBEZ CFFO BDDFQUFE UP "SJ[POB 4UBUF BOE 4BDSBNFOUP 4UBUF NBZ TPPO CF SFVOJUFE XJUI IJT CSPUIFS 3PPTFWFMU %BWJT +S BU 6$-" 3PPTFWFMU QMBZT GPPUCBMM BT B XBML PO GPS UIF #SVJOT BOE 3ZBO IBT CFFO PGGFSFE UIF TBNF PQQPSUVOJUZ JG IF HFUT JOUP UIF VOJWFSTJUZ i*U XPVME CF HSFBU JG * DPVME HP UP 6$-" XJUI NZ CSPUIFS w 3ZBO TBJE i* SFBMMZ XBOU UP HP UIFSF GPS HSBE TDIPPM GPS EFOUJTUSZ BOZXBZ TP UP HP BIFBE BOE HFU NZ QSFSFRVJTJUFT UIFSF BOE FWFSZUIJOH XPVME CF HSFBU w

UIF .PDL 5SJBM QSPHSBN UIBU UBVHIU IJN BCPVU UIF DPVSU TZTUFN BOE UIF XPSL MBXZFST BOE KVEHFT QFSGPSN PO B EBJMZ CBTJT )F IBT UBLFO FWFSZ "EWBODFE 1MBDFNFOU DMBTT PGGFSFE BU "7 )JHI FYDFQU GPS 4QBOJTI BOE GPSNFE BO "1 $MVC GPS TUVEFOUT UP IFMQ PUIFST QSFQBSF GPS EJGm DVMU UFTUJOH BOE XPSL BTTPDJBUFE XJUI UIFJS DMBTTFT i* KVTU MJLF UP IFMQ QFPQMF * WF IBE EJGm DVMUZ BOE NBOZ UJNFT * N HMBE UP IBWF GSJFOET UIBU XPVME IFMQ NF w IF TBJE .VIBNNBE FYDFMT PO UIF BUIMFUJD m FME UPP )F IBT QBSUJDJQBUFE PO B WBSJFUZ PG TQPSUT UFBNT BU "7 )JHI JODMVEJOH UFOOJT CBTFCBMM BOE DSPTT DPVOUSZ )JT JOUFSFTU JO TQPSUT IF TBJE JT KVTU BT NVDI BCPVU QMBZJOH UIF EJGGFSFOU HBNFT BT JU JT CFJOH B QBSU PG TPNFUIJOH XJUI IJT DMBTTNBUFT BU UIF TDIPPM

760/( 'SPN PUIFST )F XJMM BMXBZT CF TVDDFTT GVM CFDBVTF IF XPSLT TP IBSE BOE UBLFT QSJEF JO XIBU IF EPFT w "TJEF GSPN DPNQFUJOH JO UIF NFUFS BOE Y NFUFS SFMBZ UFBNT GPS UIF 4DPSQJPOT USBDL BOE m FME UFBN -PVJT CJHHFTU JOUFSFTU BXBZ GSPN TDIPPM JT EBODJOH )F BOE B GSJFOE GPSNFE B IJQ IPQ

)*$,."/ 'SPN MJLF LOPXJOH TUVEFOUT IBWF B XBZ PG HVJEJOH UIFJS TDIPPM T EJSFDUJPO w $PMF JT BMTP B NFNCFS PG UIF TDIPPM T $SFBTJBO $MVC B NVMUJ DVMUVSBM QSPNPUJPO BOE BXBSFOFTT HSPVQ BOE .BUIMFUFT XIJDI IF IBT QBSUJDJQBUFE JO BMM GPVS ZFBST i*U T CPUI BO JOEJWJEVBM BOE HSPVQ BDUJWJUZ w $PMF TBJE BCPVU .BUIMFUFT i:PV IBWF UP CF BCMF UP DPNNVOJ DBUF BOE HFU ZPVS QPJOU BDSPTT NBLF JU SFMBUBCMF UP PUIFST w 4VDDFTT JO BDBEFNJDT IBT BMXBZT CFFO TUSFTTFE BU UIF )JDLNBO IPNF $PMF TBJE CVU IF BMTP FOKPZT HFUUJOH JOWPMWFE XJUI TQPSUT CPUI JO BOE PVU PG TDIPPM

."/( 'SPN 3JDIBSE JT OP TUSBOHFS UP DPN NVOJUZ TFSWJDF IBWJOH WPMVOUFFSFE BU PS XJUI 3POBME .D%POBME )PVTF "NFSJDBO $BODFS 4PDJFUZ #PZ 4DPVUT PG "NFSJDB "OJNBM 3FTDVF PG "DUPO BOE "OUFMPQF 7BMMFZ )PTQJUBM )F BMTP XPSLFE XJUI UIF %JTDPWFSZ 5FBN BU %FTFSU 7JOFZBSE $IVSDI BOE

EBODF UFBN BU %FTFSU DBMMFE i5IF $PODJTF ,JET w BOE UIFZ IPME TVN NFS XPSLTIPQT BOE UFBDI PUIFST VTJOH :PV5VCF "MUIPVHI UIFZ NPTUMZ QFSGPSN BU TDIPPM QFQ SBMMJFT -PVJT TBJE UIF HSPVQ QMBOT UP QFSGPSN PVUTJEF PG &EXBSET "JS 'PSDF #BTF UIJT ZFBS CFGPSF IF HPFT PGG UP DPMMFHF XIFSF IF QMBOT PO KPJOJOH B EBODF UFBN #VU PODF UIF EBODJOH DPNFT UP

BO FOE BOE IF T EPOF FBSOJOH IJT FEVDBUJPO BU 4BO 'SBODJTDP 4UBUF -PVJT TBJE UIF "JS 'PSDF XJMM CF IJT GVUVSF i* N SFBMMZ EFEJDBUFE UP UIF "JS 'PSDF BGUFS * HSBEVBUF GSPN DPM MFHF w IF TBJE i* LOPX NZ BNCJ UJPO * IBWF MFBEFSTIJQ UP QSPWJEF BOE * XBOU UP NBLF NZ GBNJMZ QSPVE * XBOU UP GPMMPX JO NZ EBE T GPPUTUFQT CVU NBLF NZ PXO QBUI BT XFMM w

'SPN BHF UISPVHI UI HSBEF $PMF QMBZFE JDF IPDLFZ ‰ i* MJLFE UIF DPNQFUJUJWFOFTT PG JUw ‰ BOE JO IJHI TDIPPM IBT CFFO B QBSU PG UIF TXJN BOE DSPTT DPVOUSZ UFBNT i8IFO * XBT B GSFTINBO * DPVME TXJN MJLF EPHHZ QBEEMF CVU UIF DPBDI TBJE A8F MM UFBDI ZPV TP * USJFE UIBU PVU GPS UXP ZFBST w IF TBJE i*U FWFOUVBMMZ DPOn JDUFE XJUI ,FZ $MVC UIPVHI BOE OPX JU T BMM ,FZ $MVC BMM UIF UJNF w *O IJT GSFF UJNF $PMF FOKPZT QMBZ JOH UIF QJBOP XIJDI IF IBT CFFO QSBDUJDJOH iTJODF * DBNF PVU PG UIF XPNC w IF TBJE i5P NF JU T LJOE PG NBUIFNBUJDBM w $PMF TBJE i* KVTU UIJOL JU T BNB[JOH IPX ZPV DBO NBLF TPOHT PVU PG NPWJOH ZPVS m OHFST BSPVOE w

$PMF T MPWF PG NVTJD BMTP FYUFOET UP GPMMPXJOH UIF DPNJOHT BOE HPJOHT PG NVTJDBM BSUJTU -BEZ (BHB IF TBJE i* N OPU B TUBMLFS PS BOZUIJOH w $PMF DMBSJm FE i"U m STU * EJEO U FWFO MJLF IFS UIBU NVDI FWFO UIPVHI NZ GSJFOET XFSF SFBMMZ JOUP IFS CVU PWFS UJNF TIF HSFX PO NF w $PMF BOE GSJFOET IBWF ESFTTFE VQ BOE BUUFOEFE POF PG UIF FDDFOUSJD QPQ TUBS T DPODFSUT JO -PT "OHFMFT IF TBJE CVU JU T OPU BMM BCPVU IFS NVTJD i* MJLF UIBU TIF T OPU BGSBJE UP CF IFSTFMG OP NBUUFS XIBU BOZPOF TBZT BCPVU IFS w $PMF TBJE i* BENJSF UIBU RVBMJUZ BOE KVTU IPQF TPNF EBZ * DBO IBWF UIBU TBNF DPVSBHF w

CSPVHIU EPOBUJPOT UP (SBDF 3FTPVSDF $FOUFS i.Z HSBOEQBSFOUT UBVHIU NF TP NVDI BCPVU WPMVOUFFSJOH w 3JDIBSE TBJE i7PMVOUFFSJOH HJWFT NF B HPPE GFFMJOH JO NZ IFBSU *U NBLFT NF IBQQZ "OE * DBO TFOTF UIF IBQQJ OFTT JO UIF IFBSUT PG UIF QFPQMF XF IFMQ *U T B OBUVSBM IJHI i* E CF OPXIFSF XJUIPVU NZ

HSBOEQBSFOUT .BUI XBT NZ XPSTF TVCKFDU BOE NZ HSBOEGBUIFS B GPSNFS UFBDIFS BOE DPBDI XPVME TJU EPXO XJUI NF BU UIF UBCMF BOE OPU MFBWF VOUJM * IBE JU BMM EPXO w 3JDIBSE T IPCCJFT JODMVEF QMBZJOH UFOOJT XPSLJOH PVU KVKJUTV *DIJEZV CSPXO BOE CMBDL CFMUT BOE XPSLJOH XJUI BOJNBMT 'PS B DIBOHF PG BUIMFUJD QBDF 3JDIBSE QMBZFE SVHCZ BU 'SFTOP 4UBUF GPS B CSJFG QFSJPE i4PNF HVZT BTLFE NF UP DPNF PVU BOE * EJE *U T B QSFUUZ OFBU TQPSU * QMBZFE JU GPS GVO CVU PODF JU TUPQQFE CFJOH GVO * TUPQQFE QMBZJOH JU w 3JDIBSE T HPBM JT UP PQFO IJT PXO WFUFSJOBSZ DMJOJD PS XPSL XJUI CJSET PG BMM LJOET QFSIBQT JO B [PP PS BU BO BUUSBDUJPO TVDI BT 4FB 8PSME i*G * N SFBMMZ HPPE XJUI CJSET JU XPVME CF HSFBU UP CF PVU JO QVCMJD XJUI B SBSF CJSE ‰ NBZCF BO FBHMF PO NZ TIPVMEFS ‰ BOE UFBDI QFPQMF BCPVU JU w 3JDIBSE TBJE

$POHSBUVMBUJPOT 'VUVSF -FBEFST %PO U GPSHFU ZPVS IPOPSFF XJUI B HJGU GSPN )BMMNBSL $PMMFDUJCMFT t $BSET t (JGUT

"7 T #FTU :FBST JO B SPX

"("/ 4 3&

4)01

8 "WF + t -BODBTUFS *O $74 $FOUFS t

)0345


! 0LACE 7HERE ! 0LACE 7HERE &UTUR E ,EADERS &UTURE ,EADERS

s WWW CITYOm s WWW CITYOm ANCASTERCA ORG ANCASTERCA ORG

4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST

#AN 4HRIVE 4HRIVE


4VOEBZ .BSDI "OUFMPQF 7BMMFZ 1SFTT 'VUVSF -FBEFST


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