Page 1

.03&0/4*6%&$0.

7JEFP(MJEFUISPVHIUIFTUSFFUTXJUIUIF4*6SPMMFSIPDLFZUFBN]1VMTFWJEFPMJOLT&RVJQZPVSTFMGXJUIUIFQFSGFDUQMBZMJTUGPSBMBUFOJHIUDSVJTF 4QPSUTDPMVNO(FUBGSPOUSPXTFBUGPSTPNFCBTFCBMMGVOBU3FOU0OF]#MPH8BST8IBUJTUIFCFTU'BDFCPPLHSPVQ

%ĒĚĝĪ &ĘĪġĥĚĒğ 13&4&/5*/(.PSSJT-JCSBSZ 5PEBZ )JHI -PX

'3*%":

4BUVSEBZ )JHI -PX

$"3500/ 1"(& (VT#PEFTBZTJUTB TIBNFXFDBOUGJOJTI UIFSFTU

4VOEBZ )JHI -PX

"13*- 

70-6.& /0

1"(&4

3FEFEJDBUJPOESBXTNPSF UIBOQFPQMF  JOETFZ4NJUI %"*-:&(:15*"/

-(4.*5)!4*6&%6

#3"/%0/$)"11-&]% "*-: & (:15*"/ $BSPMZO%POPX NFNCFSBOEGPSNFSQSFTJEFOUPG'SJFOETPG.PSSJT-JCSBSZ BOE$IBODFMMPS4BN(PMENBOTIBSFBMBVHICFGPSFDVUUJOHUIF SJCCPOBUUIF.PSSJT-JCSBSZ(SBOE3FEFEJDBUJPO5IVSTEBZ

3EPTEMBER "ASEMENTANDFIRST FLOOROPEN

*ANUARY

#HANCELLOR3AM 'OLDMANSAYSTHE UNIVERSITYSBUDGET WILLALLOCATE TO MAINTAINJOURNALS ANDPERIODICALS

-C,AFFERTY !NNEX CONSTRUCTION DELAYEDTWO MONTHS BECAUSEOF WINTERWEATHER

EPVTMZ GBS CFIJOE w TBJE 4VTBO 5VMJT  BTTPDJBUFEFBOPGJOGPSNBUJPOTFSWJDFT i"MMUIJOHTDPOTJEFSFE JUTOPUUPPCBE *U JT DPOTUSVDUJPO 'PS NPTU PG UIF UJNF XFXFSFPOUBSHFU CVUPODFXF HPUUPXBSETUIFFOE UIFSFXFSFMPUTPG UIJOHTUIBUKVTUTMPXFEVTEPXOw 4FF#00,4 ]  /PERATIONAL CHANGES CAUSEDELAYS TOCONSTRUC TIONTO -C,AFFERTY !NNEX

$ECEMBER

3OURCE-ORRIS,IBRARY7EBSITE 0ABLO4OBON\ $!),9 %'904)!.

"OOKSMOVEDTO -C,AFFERTY!NNEX

*ANUARY

*UNE 3TAFFOFFICES MOVEDTO SECONDFLOOR

#ONSTRUCTION ON-ORRISLIBRARY BEGINS

4HURSDAY

-AY

!DMINISTRATORSCELEBRATETHE COMPLETIONOFTHEBASEMENTAND FLOORSONETHROUGHFIVEWITHA REDEDICATION

!BILLTHATWOULD HAVESECURED MILLIONINSTATE FUNDSFORTHE LIBRARYFAILSINTHE )LLINOIS(OUSEOF 2EPRESENTATIVES

!PRIL 4UNNELPUTUP AROUND,IBRARY TOPROTECT STUDENTSFROM FALLINGBRICKS WALL COLLAPSES

-ARCH

-AY

&LOORSTHREE FOUR ANDFIVEOPEN THREEMONTHS BEHINDSCHEDULE 2ENOVATIONS REACH HALFWAY MARK

,IBRARY ROOF COMPLETE

*UNE

#ONSTRUCTION DELAYEDBECAUSE OFPROBLEMSWITH AIRSYSTEMS EXPECTED COMPLETIONDATE *ULY

-ARCH

3TAFF FURNITURE MOVESIN TWO MONTHS LATE

*UNE

,IBRARYREOPENSTO PUBLIC

.OVEMBER

"ENJOJTUSBUPST TBZ UIFZ SFDPH OJ[F UIF OFFE UP NPWF CPPLT GSPN .D-BGGFSUZ "OOFY CBDL UP .PSSJT -JCSBSZ  CVU EPOU LOPX XIFO UIBU UJNFNBZDPNF %BWJE $BSMTPO  EFBO PG -JCSBSZ "GGBJST TBJEUIFNJMMJPOCPPLTXJMM SFNBJO JO .D-BGGFSUZ "OOFY VOUJM UIFTJYUIBOETFWFOUIGMPPSTPG.PSSJT -JCSBSZBSFDPNQMFUF i8F LOPX UIBU UIF CPPLT JO .D-BGGFSUZOFFEUPDPNFCBDL CVUXF KVTUEPOULOPXXIFOUIBUMMIBQQFO w $BSMTPOTBJEi5IFTQBDFJTSFBEZBOE XBJUJOHGPSUIFN BOEXFMMKVTUIBWFUP EFBMXJUIUIFNXIFOJUIBQQFOT5IF GJSTUQIBTF UIFCJHHFTUQIBTFBOEUIF NPTU JNQPSUBOU QIBTF  PG UIF QSPKFDU JTDPNQMFUFw .PSFUIBODPNNVOJUZNFN CFST BUUFOEFE 5IVSTEBZT SFEFEJDB UJPO DFSFNPOZ JO .PSSJT -JCSBSZT CBTFNFOU5IFDFSFNPOZXBTIFMEUP DFMFCSBUF UIF FOE PG UIF SFOPWBUJPO QSPKFDU XIJDIXBTGJOJTIFETJYNPOUIT MBUFSUIBOTDIFEVMFE $BSMTPOTBJE #VUNBOZTUVEFOUTTBJEUIFJOBCJMJUZ UP VTF UIF UPQ UXP GMPPST JT OPU XIBU CPUIFSTUIFN*UTUIFMBDLPGCPPLTPO UIFTIFMWFT i5IFSFTIPVMECFNPSFCPPLTIFSF

* SFBE UIBU JU DPTU UPP NVDI BOE UIBU UIFZ IBE QSPCMFNT HFUUJOH WPM VOUFFST CVU*UIJOLUIFZTIPVMENBLF NPSFPGBOFGGPSUGPSUIFNPWF wTBJE (XFOEPMZO)BMM BTFOJPSGSPN"OOB TUVEZJOHBDDPVOUJOH $BSMTPO TBJE NPWJOH UIF CPPLT

!PRIL

%"*-:&(:15*"/ -(4.*5)!4*6&%6

$ECEMBER

 JOETFZ4NJUI

SPVHIMZ  NJMFT GSPN .D-BGGFSUZ "OOFYCBDLUP.PSSJTXPVMEDPTUNPSF UIBONJMMJPO -JCSBSZSFOPWBUJPOTCFHBOJO+BOVBSZ  BOE XFSF FYQFDUFE UP DPTU  NJMMJPO#VU$BSMTPOTBJEUIFUPUBMDPTU PGDPOTUSVDUJPOIBTSFBDIFENJMMJPO BOEUIFQSPKFDUIBTTFFOTFWFSBMEFMBZT i*OTPNFSFHBSET JUTOPUUSFNFO

!UGUST

'VOEJOHQSPCMFNTMFBWFUXPGMPPSTVOGJOJTIFE CPPLTBU.D-BGGFSUZ

$AVID#ARLSON DEANOF,IBRARY !FFAIRS ANNOUNCES LACKOFFUNDING FORFLOORSSIX ANDSEVEN

.  JDSPQIPOFTBSFUZQJDBMMZQSPIJC JUFE JO UIF MJCSBSZ  CVU UIFSF XBT BO FYDFQUJPO5IVSTEBZ "ENJOJTUSBUPST DFMFCSBUFE UIF DPNQMFUJPO PG .PSSJT -JCSBSZT CBTF NFOU BOE GJSTU UISPVHI GJGUI GMPPST XJUIBDFSFNPOZUIBUJODMVEFEBSJC CPODVUUJOHBOEBCPPLTJHOJOH.PSF UIBOQFPQMF QSFEPNJOBUFMZDPN NVOJUZNFNCFST GJMMFEUIFCBTFNFOU PG UIF MJCSBSZ GPS UIF FWFOU .BOZ JO UIFDSPXEXFSFUIFTVCKFDUTPGBENJO JTUSBUPST SFQFBUFE UIBOLT UISPVHIPVU UIFDFSFNPOZ i*NSFMJFWFE"USFNFOEPVTBNPVOU PGQMBOOJOHXFOUJOUPUIJT wTBJE%BWJE $BSMTPO EFBOPG-JCSBSZ"GGBJSTi'PS FWFOUT MJLF UIJT UP HP PGG DMFBOMZ BOE XFMMBOEJOPSHBOJ[FEGBTIJPO JUUBLFT UIFXPSLPGBMPUPGQFPQMF TPNZTUBGG EJEKVTUBHSFBUKPCw 4*6 1SFTJEFOU (MFOO 1PTIBSE  $IBODFMMPS 4BN (PMENBO  JOUFSJN 1SPWPTU%PO3JDF 4FO(BSZ'PSCZ 4FO %BWJE-VFDIUFGFMEBOEBVUIPS/JDIPMBT #BTCBOFTXFSFBMTPBMMPOIBOE i*UTBHSFBUUVSOPVU BOEJUTIPVME CF w 1PTIBSE TBJE i5IJT JT UIF NPTU JNQPSUBOU CVJMEJOH PO UIJT DBNQVT "MJCSBSZBMXBZTBODIPSTBVOJWFSTJUZT DBNQVTw $POTUSVDUJPO PO UIF MJCSBSZ SFO PWBUJPO IBT CFFO VOEFS XBZ TJODF +BOVBSZ BOEIBTCFFONBSSFECZ EFMBZTBOEBMBDLPGGVOEJOH i*UTCFFOBMPOHBOEEVTUZSPBE BOE TP JU TFFNT NPSFUIBO BQQSPQSJ BUF UP UBLF B NPNFOU UP SFGMFDU BOE DFMFCSBUF w$BSMTPOTBJEi5IJTIBTOPU CFFO ZPVS HBSEFO WBSJFUZ EFEJDBUJPO *UT CFFO TP NVDI NPSF UIBO TPNF OFXDBSQFUBOEOFXQBJOUw 4VTBO 5VMJT  BTTPDJBUF EFBO GPS JOGPSNBUJPO TFSWJDFT  TBJE UIF SFEFEJ DBUJPO NBSLFE BO FOE QPJOU JO UIF SFOPWBUJPOQSPKFDU i*UT MJLF XIFO UIFZ EP UIF DISJT UFOJOHPGBOFXTIJQ5IFZUBMLBCPVU IPX XPOEFSGVM JU XBT UP HFU UP UIJT QPJOUBOEUIFOUIFZDSBTIUIFDIBN QBHOF CPUUMF BHBJOTU UIF FOE PG UIF CPBUBOEQSBZUIBUJUEPFTOUCSFBLUIF CPBU w5VMJTTBJE (PMENBOTBJEIFBENJSFEUIFSFOP WBUJPOT BOE XBT IBQQZ TUVEFOUT DPVME GJOBMMZFOKPZBOFBSMZDPNQMFUFEMJCSBSZ i(PJOH PO JOTJEF UIJT TUSVDUVSF XJMMCFUIFNPTUFYDJUJOHUJNFGPSPVS TUVEFOUT BOE PVS GBDVMUZ CFDBVTF XF IBWF B NPEFSO VQUPEBUF DVSSFOU MJCSBSZUIBUXFDBOCFWFSZQSPVEPG w (PMENBOTBJE 4FF-*#3"3: ] 




'SJEBZ "QSJM 

&#+.;');26+#0

-*#3"3:

$0/5*/6&%  '30. 

3JDFTBJEIFVTFEUPBWPJEHPJOHUP UIFMJCSBSZXIFOIFXBTZPVOHFS CVU QMBOTUPWJTJU.PSSJTNPSFPGUFO i8FIBWFNJMMJPOTPGCPPLT UIPV TBOET PG KPVSOBMT BOE IVOESFET PG DPNGPSUBCMF DIBJST * BMSFBEZ IBWF NJOF QJDLFE PVU w IF TBJE i*UT UIF QFSGFDU QMBDF UP PQFO B CPPL  PQFO B DPNQVUFSPSPQFOBNJOEw $BSMTPO TBJE UIF SFEFEJDBUJPO TIPVME JODMVEF BMM PG UIPTF JOWPMWFE JO UIF SFOPWBUJPO QSPDFTT  JODMVEJOH UIFTUVEFOUT #SBOEPO 4NJUI  B TFOJPS GSPN $FOUSBMJB TUVEZJOH SBEJPUFMFWJTJPO BOE B TQFBLFS BU UIF FWFOU  TBJE IF XBTIPOPSFEUPCFJOWPMWFEJOUIFDFS FNPOZ BOE IPQFE TUVEFOUT XJMM UBLF BEWBOUBHFPGUIFEJWFSTJUZPGMFBSOJOH UIBUUIFMJCSBSZQSPWJEFT i*CFMJFWF*TQFBLGPSUIFNBKPSJUZ PG 4*6$ TUVEFOUT XIFO JU DPNFT UP

#00,4

$0/5*/6&%  '30. 

4DPUU 3JDIBSET  B TFOJPS GSPN 8JMNFUUF TUVEZJOH QTZDIPMPHZ  TBJE UIF EFMBZT BOE CVEHFU JODSFBTFT IBT NBEF JU IBSE GPS TUVEFOUT MPPLJOH UP FOKPZBGVMMZGVODUJPOBMMJCSBSZ i*U NBLFT JU NPSF EJGGJDVMU UP SFTFBSDI BOE NPSF EJGGJDVMU UP CF B TUVEFOU XIFO ZPV DBOU HP BMPOH UIF CPPLTIFMWFTBOEGJOEUIFSFMBUFECPPLT UIBUZPVXBOU wIFTBJE 5VMJTTBJETUVEFOUTMPPLJOHGPSUIF NPTU SFDFOU JOGPSNBUJPO DPVME TUJMM CSPXTF GPS CPPLT BU .PSSJT XJUIPVU IBWJOHUPEFBMXJUI.D-BGGFSUZ 4IFTBJEXIJMFUIFSFJTBTVCTUBOUJBM DPMMFDUJPO JO .D-BGGFSUZ  FWFSZ CPPL QVSDIBTFETJODFJTJOUIFMJCSBSZ i*G ZPV SFBMMZ BSF MPPLJOH GPS DVS SFOU NBUFSJBMT  ZPV OFFE UP CF JO UIF

/FXT

GFFMJOHKPZBOEFYDJUFNFOUUPCFBCMFUP IBWFBDDFTTUPUIFXPOEFSGVMTUVEZBOE SFTFBSDI GBDJMJUZ UIBU .PSSJT -JCSBSZ IBTOPXCFDPNF wIFTBJE -FBI #SPBEEVT  BO BTTJTUBOU QSPGFTTPS PG -JCSBSZ "GGBJST  GPM MPXFE UIF TQFBLFST XJUI B QPFN SFBEJOH "MMJTPO +PTFQI  BO BTTPDJ BUFQSPGFTTPSPG&OHMJTI XSPUFUIF QPFN BCPVU UIF MJCSBSZ CVU XBT VOBCMFUPBUUFOE #BTCBOFT  B OPUFE BVUIPS BOE CPPLDPMMFDUPS TQPLFJOUIFMJCSBSZT KVTUGJOJTIFEBVEJUPSJVNPOUIFGJSTU GMPPSCFGPSFIPMEJOHBCPPLTJHOJOH #BTCBOFTT TQFFDI GFBUVSFE TUPSJFT IF JODMVEFE JO IJT TFWFO CPPLT PO CPPL DPMMFDUJOH " CPPL TJHOJOH UPPL QMBDF JNNFEJBUFMZ BGUFS IF GJOJTIFETQFBLJOH " XFFL FBSMJFS  UIF BVEJUPSJVN #BTCBOFT TQPLF JO XBT FNQUZ  XJUI XPPEFOGMPPSTBOETDBUUFSFEBNPVOUT PGTBXEVTU i*G ZPV IBE BTLFE NF .POEBZ

NPSOJOH  * XPVME IBWF TBJE OP XBZ 5IPTFHVZTNVTUIBWFCVTUFEUIFJSCVUUT .POEBZ*UXBTBOBNB[JOHEJGGFSFODF w 5VMJTTBJEi $BSMTPO JTHJWJOHNFHSJFG  TBZJOH A*UPMEZPVJUXPVMECFEPOFw 5VMJT TBJE UIF BVEJUPSJVN TUJMM OFFEFEUPIBWFUIFQFSNBOFOUTPVOE TZTUFN JOTUBMMFE  XIJDI XJMM UBLF UXP UPGPVSXFFLT $BSMTPO TBJE UIF DPNQMFUJPO PG PUIFS BTQFDUT PG UIF MJCSBSZ  JODMVEJOH GMPPSTTJYBOETFWFO EJEOPUIBWFTVDI BEJTUJODUJWFUJNFMJOF %FTQJUFUIFCVEHFUQSPCMFNTUIBU IBWFQMBHVFEUIFMJCSBSZ 1PTIBSETBJE TUVEFOUT TIPVME CF FYDJUFE BCPVU UIF SFOPWBUJPOQSPKFDU i5PIBWFBDPNGPSUBCMFTVSSPVOE JOH  UP IBWF BMM UIF OFX UFDIOPMPHZ JODPSQPSBUFE  QMVT UIF CFBVUZ PG UIF QMBDF IBTHPUUPNBLFJUFBTJFSGPSTUV EFOUTUPXBOUUPDPNFIFSF w1PTIBSE TBJEi&WFSZ DMBTT ZPV UBLF FWFOUVBMMZ JTHPJOHUPSFGFSFODFZPVCBDLUPUIJT DFOUFSPGMFBSOJOHSJHIUIFSFw

MJCSBSZ w5VMJTTBJE $BSMTPO TBJE IF LOFX UIF MJCSBSZ XPVMECFVOGJOJTIFEGPVSZFBSTBHPBOE BDLOPXMFEHFEUIFVOJWFSTJUZIBTZFUUP GJHVSFPVUXIFSFUPHFUUIFSFNBJOJOH GVOEJOHUPDPNQMFUFUIFQSPKFDU $IBODFMMPS 4BN (PMENBO TBJE UIF VOJWFSTJUZTCVEHFUXPVMEJODMVEFBHVBS BOUFFE GPSPQFSBUJOHDPTUT $BSMTPOTBJEJUXPVMEUBLFNJM MJPOUPDPNQMFUFSFOPWBUJPOPGUIFUPQ UXPGMPPST i8F IBWF DFSUBJOMZ GJOJTIFE UIJT TUBHFPGUIFQSPKFDUZFT CVUPCWJPVTMZ UIFSFBSFUIJOHTUIBUXFIBWFOUEPOF ZFU w$BSMTPOTBJEi5IBUMMIBWFUPCF BTFQBSBUFUJNF BTFQBSBUFQSPKFDUBOE TFQBSBUFNPOFZw 5IF VOJWFSTJUZ SBO JOUP QSPCMFNT EFBMJOH XJUI DPOUSBDUPST CJET  $BSMTPO TBJE

i8IFOZPVHPPVUBOEEPBCJEGPS B$BQJUBM%FWFMPQNFOU#PBSEQSPKFDU  UIFPOFUIJOHZPVBCTPMVUFMZQPTJUJWFMZ NVTUEPJTNFFUUIFCVEHFU wIFTBJE i"UUIFTBNFUJNF UIFDIBMMFOHFJTZPV OFWFSLOPXXIBUQSJDFTBSFHPJOHUPCF CJE:PVIBWFUPCFQSFQBSFEXIFO UIF CJET BSFIJHIFSw )F TBJE JO .PSSJT -JCSBSZT DBTF  UIFSFXBTOPUFOPVHINPOFZUPTFMFDU GMPPSTTJYBOETFWFO $BSMTPO TBJE UIF JOGSBTUSVDUVSF PO UIPTF GMPPST JT DPNQMFUF BOE JU XPVME OPUUBLFNVDIFGGPSUUPGJOJTIUIFGMPPST PODFUIFSFXFSFGVOETUPEPTP i8FMM GJOE UIF NPOFZ UP EP UIBU TPNFUJNF CVUSJHIUOPX*EPOULOPX XIFO*OUXPPSUISFFZFBST JUXJMMTUBSU UPCFBQSPCMFNGPSVT wIFTBJEi8F IBWFFOPVHIFYQBOTJPOTQBDFJOXIBU XFIBWFIFSFOPX VOUJMUIFO w

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

QIJMPTPQIZ  TFFLJOH UP SFTQPOE UP UIF OFFET PG WBSJPVT $BSCPOEBMF OFJHICPSIPPET 5IF GBDU UIBU NPSF DBMMT BSF CFJOHIBOEMFECZUIFTBNFOVNCFSPGPGGJDFSTTIPXTUIBU UIFSFIBTCFFOBOJODSFBTFJOQPMJDFPGGJDFSQSPEVDUJWJUZ8F BSF QSPVE PG UIF XPSL UIBU PVS PGGJDFST EP  BOE XF UIBOL UIFNGPSUIFJSFGGPSUTUPTFSWFUIFOFFETPGPVSDPNNVOJUZw *O BEEJUJPO  JOGPSNBUJPO BUUSJCVUFE UP $PNNVOJUZ 3FMBUJPOT0GGJDFS.BSJMZO+BNFTXBTJODPSSFDU*OB.BSDI BSUJDMF +BNFTTBJETIFXPVMEFODPVSBHFUIFOFYUQFSNBOFOU QPMJDF DIJFG UP IBWF PGGJDFST XBML UIF TUSFFUT JO USPVCMFE BSFBT TVDIBT$BSCPOEBMFTOPSUIFBTUFSOOFJHICPSIPPET i:PVOFFEUIFQSFTFODFPGUIFQPMJDFUIFSF w+BNFTTBJE i*UTHFUUJOHPVUPGUIFDBSBOEUBMLJOHUPUIFQFPQMFw 5IF%"*-:&(:15*"/SFHSFUTUIFTFFSSPST

$PSSFDUJPOT *OUIF5IVSTEBZFEJUJPOPGUIF%"*-:&(:15*"/ UIFTUPSZi1PMJDF GBDFIJSJOHGSFF[FBTEFNBOESJTFTwDPOUBJOFENVMUJQMFFSSPST $JUZ.BOBHFS"MMFO(JMMJTTVFEUIFGPMMPXJOHTUBUFNFOU UP DPSSFDU NJTJOGPSNBUJPO BUUSJCVUFE UP IJN BOE JOUFSJN $BSCPOEBMF1PMJDF$IJFG+FGG(SVCCT i$POUSBSZ UP UIF SFQPSU JO UIF %"*-: &(:15*"/ PO "QSJM   UIFSFJTOPUBOEXJMMOPUCFBIJSJOHGSFF[FJOUIF $BSCPOEBMF1PMJDF%FQBSUNFOU /P$JUZSFQSFTFOUBUJWFTVTFEUIJTUFSN BOEUIFSFQPSU XBTUIFSFGPSFJOFSSPS "VUIPSJ[FE 1PMJDF %FQBSUNFOU TUBGGJOH JT DVSSFOUMZ BU  TXPSO QFSTPOOFM 5IF $JUZ XJMM DPOUJOVF UP TFFL BQQMJDBOUTBOE GJMMWBDBODJFTJO UIFTF BVUIPSJ[FE QPTJUJPOT 5XP WBDBODJFT DVSSFOUMZ FYJTU $BOEJEBUF JOUFSWJFXT BSF


&#+.;');26+#0

/FXT

'SJEBZ "QSJM 



4UBUFDJHBSFUUFUBYIJLFBXBJUT)PVTFBQQSPWBM #SBOEZ0YGPSE

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i*U KVTU IJU IFS IPX NVDI IFS DJHBSFUUF IBCJU %&WBOTUPO QBTTFECZBWPUFJOUIF*MMJOPJT XBTDPTUJOHIFSBOEUIFGBNJMZ w5BZMPSTBJE 4FOBUF"QSJM " DIJME PG UIF %FQSFTTJPO  5BZMPST NPUIFS *G UIF )PVTF QBTTFT 4FOBUF #JMM   UIF TUBUF DPVMEOPUDPNFUPUFSNTXJUIUIFFYQFOTF TIFTBJE DJHBSFUUF UBY XPVME HP VQ  DFOUT JO 4FQUFNCFS 5BZMPSTBJETIFTVQQPSUTUIFUBYJGJUQVTIFTPUIFS BOE BOPUIFS  DFOUT OFYU TNPLFSTUPRVJUTNPLJOH ZFBS5IBUT JO BEEJUJPO UP UIF i.Z NPUIFS IBE TNPLFE GFEFSBM UBY  XIJDI XFOU GSPN GPS ZFBST BOE ZFBST BOE ZFBST w DFOUTUPPO"QSJM 5BZMPS TBJE i4IF IBE IFBMUI IFZSFQVUUJOHBOPUIFS 5IF *MMJOPJT MFHJTMBUJPO QSPCMFNT4IFIBEPUIFSQFPQMF UBYPOUIFQPPSUIFZ FGGPSUT TUFNNFE GSPN (PW UFMMJOHIFSUPRVJU CVUUIFQSJDF 1BU 2VJOOT .BSDI  CVEHFU DBOUBGGPSE8IFSF*NGSPN  XBT UIF BEEJUJPOBM NPUJWBUJPO BEESFTT JO XIJDI IF DBMMFE GPS TIF OFFEFE 'PS NF  JG UIF UBY -PVJTJBOB JUTTUJMM*CVZ IFMQT QFPQMF  HJWFT UIFN UIBU UIF UBY UP IFMQ UIF TUBUF QBZ PGG JUT CBDLMPH PG .FEJDBJE EPXOUIFSFBOECSJOHUIFN BEEJUJPOBM NPUJWBUJPO UP RVJU  CJMMT  BDDPSEJOH UP BO "QSJM  *NBMMGPSJUw VQIFSFXIFO*DPNFVQ SFQPSU CZ UIF 4U -PVJT 1PTU (SJGGJO TBJE SBJTJOH UBYFT ‰$ISJT(SJGGJO XPVME OPU IFMQ QFPQMF RVJU %JTQBUDIT 4QSJOHGJFME #VSFBV 4*6$BMVNOVT TNPLFS -BXNBLFST XIPTF EJTUSJDUT MJF TNPLJOH )F TBJE JODSFBTJOH OFBS CPSEFST XJUI PUIFS TUBUFT FEVDBUJPO BOE BXBSFOFTT PCKFDUUPUIFCJMM TBZJOHJUXPVMEDBVTFTNPLFSTUP JOJUJBUJWFTXPVMECFBCFUUFSXBZUPNBLFTNPLFST UBLFUIFJSCVTJOFTTBDSPTTTUBUFMJOFT XBOUUPRVJU $ISJT(SJGGJO BO4*6$BMVNOVTBOEBTNPLFS  i*UTBESVH BOEUIFZSFBEEJDUFEUPJU w(SJGGJO TBJE UIFTF HPWFSONFOU JOJUJBUJWFT BSF TJNQMZ TBJEi5IFZSFHPJOHUPLFFQEPJOHJUw QVUUJOH NPSFTUSBJO PO UIF 6OJUFE 4UBUFT BMSFBEZ 5BZMPS TBJE IFS POF DPODFSO XJUI UIF UBY PWFSCVSEFOFEQPPS JODSFBTF XPVME CF JG UIF HPWFSONFOU VTFE UIF i5IFZSF QVUUJOH BOPUIFS UBY PO UIF QPPS OFX SFWFOVF BT BO FYDVTF UP TUPQ PUIFS GPSNT PG UIFZ DBOUBGGPSE w(SJGGJOTBJEi8IFSF*NGSPN  GVOEJOHGPSJUTJOJUJBUJWFT -PVJTJBOB JUTTUJMM*CVZEPXOUIFSFBOECSJOH i*UT TPSU PG MJLF VTJOH UIF MPUUFSZ UP GVOE UIFNVQIFSFXIFO*DPNFVQw FEVDBUJPO w TIF TBJE i6TVBMMZ XIBU IBQQFOT JT "U UIF $BSCPOEBMF #1 PO 8FTU .BJO 4USFFU  UIFZ EFDSFBTF UIFJS GVOEJOH PG FEVDBUJPO GSPN .BSMCPSPDJHBSFUUFTDPTU $BNFMTDPTU PUIFSTPVSDFTTPJUTOPUBEEJUJPOBMNPOFZ JUTKVTU BOE/FXQPSUTDPTU"UUIF4IFMM$JSDMF,PO BUSBOTGFSw %"*-:&(:15*"/ #3"/%:09'03%!4*6%&$0.

¶¶5 




914.&0#6+10

'SJEBZ "QSJM 

/FXT

0CBNBTBZT$VCBTIPVMENBLFOFYUNPWF

3VTTJBFOET $IFDIFO DPVOUFSUFSSPSJTN PQFSBUJPO .VTB4BEVMBZFW 5)&"440$*"5&%13&44

$IJMESFOQMBZ CBTFCBMMPO BTJEFTUSFFU JO)BCBOB $FOUSP  UIFXPSO OFJHICPSIPPE PGEPXOUPXO )BWBOB  $VCB .BSDI $VCBO GBNJMJFTIBWF MJUUMFBDDFTT UPMVYVSZBOE FOUFSUBJONFOU HPPET "%".+"%)"7 .$$-"5$):53*#6/& 0CBNB TBJE B SFMBUJPOTIJQ GSP[FO GPS  ZFBSTiXPOUUIBXPWFSOJHIU wBOEUIBU$VCB DBOTIPXJUXBOUTUPNPWFGPSXBSECZMJGUJOH . &9 *$0 $ * 5 :‰1SFTJEFOU0CBNB JUT PXO SFTUSJDUJPOT PO $VCBOT BCJMJUZ UP XBOUT )BWBOB UP NBLF UIF OFYU NPWF UP USBWFMBOEUPWPJDFUIFJSPQJOJPOT JNQSPWF64$VCBSFMBUJPOT TBZJOH5IVSTEBZ $VCBT DPNNVOJTU HPWFSONFOU IBE OP UIBUIFOFFETUPTFFTJHOTPGDIBOHFTPOUIF JNNFEJBUF SFBDUJPO  CVU 1SFTJEFOU 3BVM JTMBOECFGPSFIFNBLFTBOZNPSFPWFSUVSFT $BTUSP IBT TBJE IF JT XJMMJOH UP OFHPUJBUF 0CBNB BMSFBEZ IBT MJGUFE SFTUSJDUJPOT XJUI0CBNBPOOFVUSBMHSPVOEBTFRVBMTBOE PO WJTJUT BOE NPOFZ TFOU UP $VCB CZ XJUIPVUDPOEJUJPOT "NFSJDBOT XJUI GBNJMJFT UIFSF ‰ TUFQT IF $BTUSPXBTJO7FOF[VFMB XIFSF1SFTJEFOU DBMMFE iFYUSBPSEJOBSJMZ TJHOJGJDBOUw GPS UIPTF )VHP $IBWF[ BOE PUIFS DMPTF BMMJFT XFSF GBNJMJFT  BOE B TIPX PG HPPE GBJUI CZ UIF QMBOOJOH UP TIPX B VOJUFE GSPOU JO UIFJS 64 HPWFSONFOU UIBU JU XBOUT UP SFDBTU UIF GJSTUFODPVOUFSXJUI0CBNBPO'SJEBZBUUIF SFMBUJPOTIJQ 4VNNJUPGUIF"NFSJDBT #VU IF SFJUFSBUFE UIBU UIF 6OJUFE 4UBUFT $IBWF[ DBMMFE UIF 64 QPTJUJPO B iTIPX XPOUVOJMBUFSBMMZFOEJUTUSBEFFNCBSHPBHBJOTU PGEJTSFTQFDUw $VCB  FWFO UIPVHI UIF QPMJDZ JT XJEFMZ TFFO i*GUIBUTUIFXBZJUJT XIBUNPSFDBOXF BTBGBJMVSFUIBUIBTDPNQMJDBUFE64SFMBUJPOT FYQFDUGSPNUIFSFTU /PUIJOH w$IBWF[TBJE UISPVHIPVU-BUJO"NFSJDBBOEUIF$BSJCCFBO i*IPQFXFSFXSPOH CVUUIFZMMCFUIFPOFT

#FO'FMMFS

5)&"440$*"5&%13&44

XIP XJMM IBWF UP TIPX VT ‰ OPU XJUI UBMFT BOETQFFDIFTw 0CBNBTQPLFBUBOFXT DPOGFSFODFBGUFS NFFUJOH XJUI .FYJDBO 1SFTJEFOU 'FMJQF $BMEFSPO  XIP DBMMFE UIF 64 FNCBSHP B GBJMFETUSBUFHZ"TLFEXIBUUIF6OJUFE4UBUFT TIPVME EP PO $VCB UP JNQSPWF JUT JNBHF BDSPTT-BUJO"NFSJDB $BMEFSPOTBJE i8FEP OPUCFMJFWFUIBUUIFFNCBSHPPSUIFJTPMBUJPO PG $VCB JT B HPPE NFBTVSF GPS UIJOHT UP DIBOHFw #VU0CBNBTBZT$VCBOFFETUPSFDJQSPDBUF UP IJT PWFSUVSFT XJUI BDUJPOT iHSPVOEFE JO SFTQFDUGPSIVNBOSJHIUTw " TJNJMBS NFTTBHF XBT TFOU CZ 64 4FDSFUBSZ PG 4UBUF )JMMBSZ 3PEIBN $MJOUPO JO)BJUJFBSMJFS5IVSTEBZ i8F TUBOE SFBEZ UP EJTDVTT XJUI $VCB BEEJUJPOBMTUFQTUIBUDPVMECFUBLFO wTIFTBJE i#VUXFEPFYQFDU$VCBUPSFDJQSPDBUFw

.ZTUFSZEPOPSTHJWFOFBSMZNJMMJPOUPFJHIUDPMMFHFT 1VSEVF UP  NJMMJPO EPOBUFE UP UIF 6OJWFSTJUZ PG /PSUI $BSPMJOB BU "TIFWJMMF 5IF6OJWFSTJUZPG*PXBSFDFJWFENJMMJPO % &4 . 0* / &4 *PXB‰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i*ONZMBTUZFBSTJOGVOESBJTJOHUIJT UISPVHI MBXZFST PS PUIFS NJEEMFNFO 4PNF JT UIF GJSTU UJNF *WF EFBMU XJUI B HJGU UIBU PGUIFNPOFZDBNFJODBTIJFSTDIFDLT XIJMF UIF JOTUJUVUJPO EJEOU LOPX XIP UIF EPOPS PUIFSTDIPPMTSFDFJWFEDIFDLTGSPNBMBXGJSN JT w TBJE 1IJMMJQ % "EBNT  WJDF QSFTJEFOU PSBOPUIFSSFQSFTFOUBUJWF "MMUIFTDIPPMTIBEUPBHSFFOPUUPJOWFTUJHBUF GPSVOJWFSTJUZBEWBODFNFOUBU/PSGPML4UBUF UIFJEFOUJUZPGUIFHJWFS4PNFXFSFSFRVJSFEUP 6OJWFSTJUZ XIJDISFDFJWFENJMMJPO 5IF HJGUT SBOHFE GSPN  NJMMJPO BU NBLFTVDIBQSPNJTFJOXSJUJOH

.JDIBFM+$SVNC 5)&"440$*"5&%13&44

i0VS DIBODFMMPS XBT DBMMFE UP B %FOWFS MBX PGGJDF BOE IBE UP TJHO B DPOGJEFOUJBMJUZ BHSFFNFOU UIBU TIF XPVME OPU USZ UP GJOE PVU w TBJE 5PN )VUUPO  TQPLFTNBO BU UIF 6OJWFSTJUZPG$PMPSBEPBU$PMPSBEP4QSJOHT i0ODF UIF DIBODFMMPS TJHOFE JU  TIF XBT FNQIBUJDUIBUXFEPOUUSZUPGJOEPVUw &BDI XBT EFMJWFSFE TJODF .BSDI  BOE DBNFXJUIUIFTBNFTUJQVMBUJPO.PTUPGUIF NPOFZNVTUCFVTFEGPSTUVEFOUTDIPMBSTIJQT  BOE UIF SFNBJOEFS DBO CF TQFOU PO WBSJPVT DPTUT TVDI BT SFTFBSDI  FRVJQNFOU  TUSBUFHJD HPBMTBOEPQFSBUJOHTVQQPSU i8F IBWF OP JEFB XIP UIJT HFOFSPVT JOEJWJEVBM JT  CVU XFSF FYUSFNFMZ HSBUFGVM w TBJE -ZOFUUF .BSTIBMM  QSFTJEFOU BOE DIJFG FYFDVUJWF PG UIF 6OJWFSTJUZ PG *PXB GPVOEBUJPOi5IJTJTUIFGJSTUUJNFJONZ ZFBSDBSFFSUIBUTPNFUIJOHPGUIJTNBHOJUVEF IBTIBQQFOFEw

( 30 ; / :  3VTTJB ‰ $IFDIFOT EBODFE JO UIF TUSFFUT BOE XBWFE GMBHT UP DFMFCSBUF3VTTJBTEFDJTJPO5IVSTEBZUPFOE JUT EFDBEFMPOH DPVOUFSUFSSPSJTN PQFSBUJPO JOUIFXBSXFBSZTPVUIFSOSFHJPO 5IF PSEFS CZ 1SFTJEFOU %NJUSZ .FEWFEFW QBWFT UIF XBZ GPS UIF XJUIESBXBMPGUFOTPGUIPVTBOETPGGFEFSBM USPPQT  XIPTF QSFTFODF IBT CFFO IVHFMZ VOQPQVMBSBNJEBMMFHBUJPOTPGXJEFTQSFBE BCVTFTBHBJOTUDJWJMJBOT 5IF DPVOUFSUFSSPSJTN PQFSBUJPO ‰ MBVODIFE BU UIF TUBSU PG UIF TFDPOE PG UXPTFQBSBUJTUXBSTUIBUIBWFCBUUFSFEUIF SFHJPO JO UIF MBTU  ZFBST ‰ JOWPMWFE DVSGFXT BOE MJNJUT PO DJWJMJBO BJS GMJHIUT BOE MJNJUFE BDDFTT GPS KPVSOBMJTUT  BNPOH PUIFSNFBTVSFT *UT DBODFMMBUJPO CPPTUFE UIF BVUIPSJUZ PGUIFSFHJPOT,SFNMJOCBDLFE1SFTJEFOU 3BN[BO ,BEZSPW  XIP KPJOFE TFWFSBM UIPVTBOE QFPQMF5IVSTEBZ JO EBODJOH JO BTRVBSFJODFOUSBM(SP[OZ .PUPSJTUT CMBSFE IPSOT BOE XBWFE $IFDIFO BOE 3VTTJBO GMBHT GSPN DBS XJOEPXT  BT TDIPPMT BOE B VOJWFSTJUZ JOUFSSVQUFEDMBTTFTUPMFUTUVEFOUTUPKPJO DFMFCSBUJPOT i*NWFSZIBQQZUIBUUIFIPSSJCMFZFBST XF TBX XJMM OFWFS DPNF CBDL w TBJE  ZFBSPMETUVEFOU*TB.VTBZFWi8FTQFOU UIPTFZFBSTJODPOTUBOUGFBSGPSPVSMJWFTw ,BEZSPW XIPIBTTUFBEJMZTUSFOHUIFOFE IJT HSJQ PO QPXFS TJODF IJT FMFDUJPO JO   IBE MPOH QVTIFE GPS BO FOE UP DPVOUFSUFSSPSJTNPQFSBUJPOJOPSEFSUPSFEVDF GFEFSBM NJMJUBSZ QSFTFODFJO $IFDIOZB BOE SFNPWFSFTUSJDUJPOTXIJDIIBNQFSFEUSBEF i5IJT JT B WJDUPSZ PWFS FWJM XIJDI XF IBWF GPVHIU PWFS UIF MBTU  ZFBST w ,BEZSPW TBJE JO B TUBUFNFOUi" QFBDFGVM BOEQSPTQFSPVT$IFDIFO3FQVCMJDJOUIF VOJUFEGBNJMZPGQFPQMFTPG3VTTJB‰UIBU JTPVSTUSBUFHJDDPVSTFGPSUIFGVUVSFw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

6 ğ Ě ĥ Ė ĕ  4 ĥĒĥ Ė Ĥ

5Ė ĩĒ Ĥ

.ĖĩĚĔĠ

/ Ġ ģ ĥ ę  %Ē Ĝ Ġ ĥĒ

8"4) */ ( 50/  " 1  ‰ 4FFLJOH UP NPWF CFZPOEXIBUIFDBMMTBiBEBSLBOEQBJOGVMDIBQUFS JO PVS IJTUPSZ w 1SFTJEFOU 0CBNB TBJE 5IVSTEBZ UIBU $*" PGGJDJBMT XIP VTFE IBSTI JOUFSSPHBUJPO UBDUJDTEVSJOHUIF#VTIBENJOJTUSBUJPOXJMMOPUCF QSPTFDVUFE 5IFHPWFSONFOUBMTPSFMFBTFEGPVSNFNPTMPOH IFMETFDSFUCZUIF#VTIBENJOJTUSBUJPOJOXIJDIJUT MBXZFST BQQSPWFE JO FYUFOTJWF BOE PGUFO HSBQIJD EFUBJMUIFUPVHIJOUFSSPHBUJPONFUIPETVTFEBHBJOTU  UFSSPS TVTQFDUT  UIF GVMMFTU BOE OPX DPNQMFUF HPWFSONFOUBDDPVOUJOHPGUIFUFDIOJRVFT

"6 4 5 * /  " 1 ‰"HSPVQPG5FYBT%FNPDSBUT TBZT 3FQVCMJDBO (PW 3JDL 1FSSZ XBT SFDLMFTT XIFOIFTVHHFTUFEBUBOBOUJUBYSBMMZUIBUGFEVQ "NFSJDBOTNBZPOFEBZXBOUUPTFDFEFGSPNUIF 6OJUFE4UBUFT 5IFZ TBJE 5IVSTEBZ IF TIPVME EJTBWPX TVDI UBML%FNPDSBUJDTUBUF3FQ+JN%VOOBNPG8BDP TBZT UBML PG TFDFTTJPO JT BOUJ"NFSJDBO BOE UIBU TPNF QFPQMF BTTPDJBUF JU XJUI SBDJBM EJWJTJPO BOE UIF$JWJM8BS 1FSSZT PGGJDF EJE OPU JNNFEJBUFMZ SFTQPOE 5IVSTEBZ

.& 9* $0 $ * 5 :  "1  ‰"TIPPUPVUCFUXFFO .FYJDBO USPPQT BOE B DPOWPZ PG HVONFO MFGU  BTTBJMBOUT BOE POF TPMEJFS EFBE IPVST CFGPSF 1SFTJEFOU#BSBDL0CBNB BSSJWFEJO UIF DPVOUSZ UP TIPXIJTTVQQPSUGPSUIFGJHIUBHBJOTUESVHDBSUFMT 5IFTIPPUPVUIBQQFOFEJOBSFNPUF NPVOUBJO PVTSFHJPOJO(VFSSFSPTUBUF XIFSFUIF1BDJGJDDPBTU SFTPSU PG "DBQVMDP JT MPDBUFE  .FYJDPT %FGFOTF %FQBSUNFOUTBJEJOBTUBUFNFOU5IVSTEBZ 4PMEJFST DBNF VOEFS GJSF GSPN B DPOWPZ PG HVONFOPO8FEOFTEBZXIJMFQBUSPMMJOHUIFESVH USBGGJDLJOHIPUCFE

, "5 )3:/  " 1  ‰"DPOWPZPGUSVDLT FYDB WBUPST CVMMEP[FSTBOECBDLIPFTNPWFEJOUPGPSUJGZ B TFFQJOH EBN5IVSTEBZ JO FBTUFSO /PSUI %BLPUB BTFOHJOFFSTBOE/BUJPOBM(VBSEUSPPQTXPSLFEUP TBWFBUJOZUPXOUIBUXPVMEGMPPEJGUIFEBNGBJMT 8BUFS XBT GMPXJOH MJLF B NJOJBUVSF XBUFSGBMM BSPVOE B DPSOFS PG UIF FBSUIFO $MBVTFO 4QSJOHT %BN XIJDIQSPUFDUTUIFUPXOPG,BUISZO EPXO IJMMBOEBCPVUTJYNJMFTFBTU5IFXBUFSXBTFBUJOH UISPVHI XBMMT PG UIF HSBTTMJOFE TQJMMXBZ CVJMU UP IBOEMF UIF FYUSB XBUFS WPMVNF BMPOH B USJCVUBSZ PGUIFGMPPEJOH4IFZFOOF3JWFS

8*3&3&10354

0CBNB0GGJDJBMTXIPVTFEIBSTI %FNPDSBUT TBZ (PW 1FSSZ TIPVME .FYJDBONJMJUBSZTBZTHVONFO  $MBZ TBOECBHTQJMFEPOUPTFFQJOH UBDUJDTXJMMOPUCFQSPTFDVUFE EJTBWPXUBMLBCPVUTFDFTTJPO POFTPMEJFSLJMMFEJOTIPPUPVU EBNUIBUQSPUFDUTTNBMMUPXO


&#+.;');26+#0

/FXT

'SJEBZ "QSJM 



64( USVTUFFDBOEJEBUFTVTF'BDFCPPLUPDBNQBJHO 4UJMF54NJUI %"*-:&(:15*"/ 454!4*6&%6

'BDFCPPLIBTCFDPNFBNBKPSDBNQBJHOJOH UPPM GPS TUVEFOU FMFDUJPOT BT NPSF TUVEFOUT BDRVJSF QFSTPOBM MBQUPQT BOE #MBDLCFSSZT FWFSZEBZ "MM UISFF 6OEFSHSBEVBUF 4UVEFOU (PWFSONFOUQSFTJEFOUJBMDBOEJEBUFTBOECPUI 4UVEFOU 5SVTUFF DBOEJEBUFT IBWF 'BDFCPPL DBNQBJHOQBHFTFODPVSBHJOHQFPQMFUPWPUF  CVUTPNFUIJOLUIFTPDJBMOFUXPSLJOHTJUFJT OPUBMXBZTHPPE 4UVEFOU 5SVTUFF /BUF #SPXO TBJE IF UIJOLT 'BDFCPPL JT EJMVUJOH UIF FMFDUJPO QSPDFTT i" MPU PG UJNFT  QFPQMF POMZ TFF UIF DBOEJEBUFTEVSJOHFMFDUJPOUJNF w#SPXOTBJE i5PTBZZPVOPXIBWFUIFQPUFOUJBMUPOFWFS NFFU UIFTF DBNQVT MFBEFST  ZPV KVTU EPOU IBWFUIBUDPOOFDUJPOw #SPXO  XIP JT SVOOJOH GPS SFFMFDUJPO  TBJE IF VOEFSTUPPE UIF JNQPSUBODF PG 'BDFCPPL BGUFS EFGFBUJOH (FOF #VSTF  UP  JO B TQFDJBM FMFDUJPO .BSDI  UP SFQMBDF%FNFUSPVT8IJUF XIPSFTJHOFEGPS QFSTPOBMSFBTPOT #VSTFTBJEIFSBOIJTFOUJSFDBNQBJHOWJB 'BDFCPPL .BSDVT ,JOH  XIP JT BMTP SVOOJOH GPS 4UVEFOU 5SVTUFF  TBJE DBOEJEBUFT DPVME OPU SFMZTPMFMZPO'BDFCPPLBOEFYQFDUUPXJO i*G ZPVSF OPU PVU UIFSF DBNQBJHOJOH  ZPVSF TUJMM HPJOH UP IBWF USPVCMF XJOOJOH UIFFMFDUJPO w,JOHTBJEi5IBUTXIZ BUUIJT QPJOU *NOPUTPMFMZEFQFOEJOHPO'BDFCPPL  FWFO UIPVHI NPTU PG NZ DBNQBJHOJOH JT CFJOHEPOFVTJOH'BDFCPPLw ,JOHTBJENVDIPGIJTDBNQBJHOIBTIBE UP SFMZ PO 'BDFCPPLCFDBVTF IF IBT CFFO JMM GSPNBIFBSUDPOEJUJPO *O UFSNT PG UIFJS 'BDFCPPL HSPVQT  ,JOH IBE  GSJFOET JO IJT HSPVQ XIJMF #SPXO IBEBTQN5IVSTEBZ 64(QSFTJEFOUJBMDBOEJEBUF%BOB"HVTUP TBJETIFEPFTOUTFF'BDFCPPLBTUIFCJHHFTU DBNQBJHOUPPM CVUEPFTIBWFBHSPVQPOUIF 8FCTJUFBOETBJEJUIFMQT i:PV DBO JOWJUF TPNFPOF UP ZPVS HSPVQ  BOENPTUPGUIFUJNFUIFZEPOUFWFOMPPLBU JU w"HVTUPTBJEi*UIJOLGBDFUPGBDFEFGJOJUFMZ IBT B CJHHFSJNQBDU5IFZMM SFNFNCFSZPVS OBNFBOESFNFNCFSUIBUZPVUBMLFEUPUIFN :PVDBOKVTUIBWFBCFUUFSDPOWFSTBUJPOUIBO

ZPVDBOXJUI'BDFCPPLw #VU1SJDJMJBOP'BCJBO B64(TFOBUPSXIP JT BMTP SVOOJOH GPS QSFTJEFOU  TBJE IF UIJOLT 'BDFCPPLDBOCFVTFEUPQSFEJDUUIFXJOOFS PGUIFFMFDUJPO i8IPFWFSIBTNPSFGSJFOETPO'BDFCPPL XPVME IBWF UIF BEWBOUBHF w 'BCJBO TBJE i5IFZ XPVME CF BCMF UP JOWJUF BMM PG UIFJS

4*6$GSJFOETUPBHSPVQDPNQBSFEUPBOPUIFS QFSTPOXIPNJHIUOPUIBWFBTNBOZGSJFOET UIBUHPUP4*6$w 1SFTJEFOUJBM DBOEJEBUF 7JODFOU )BSEZ TBJE 'BDFCPPL JT B WJUBM QBSU PG UIF FMFDUJPO QSPDFTT i*UTUIFEJSFDUMJOFPGDPNNVOJDBUJPOXF VTFGPSBMPUPGQFPQMFUIBUBSFJOUFSFTUFEJO

XIBU XFSF USZJOH UP EP w )BSEZ TBJE i*UT UIF FBTJFTU GPSN PG DPNNVOJDBUJPO  BOE * CFMJFWF NPTU DPMMFHF TUVEFOUT DIFDL UIFJS 'BDFCPPLBUMFBTUUXJDFQFSEBZw )BSEZMFEBMMQSFTJEFOUJBMDBOEJEBUFTXJUI GSJFOETJOIJT'BDFCPPLDBNQBJHOHSPVQXJUI  DPNQBSFEUPGPS'BCJBOBOEGPS "HVTUPBTPGQN5IVSTEBZ


7Ġ Ě Ĕ Ė Ĥ %" * -:  & ( : 1 5 * " /

&#+.; ');26+#0 '&+614+#. $1#4& #NNKUQP2GVV[ ' &+614  +0 % *+'( .CPG%JTKUVKCPUGP 2 *161 ' &+614

,GHH'PIGNJCTFV / #0#)+0) ' &+614

$TKCP(GNFV % #/275 ' &+614

$TCPF[1ZHQTF % +6; ' &+614

,COKG&TGPFGN & '5+)0 % *+'( .WKU/GFKPC 5 21465 ' &+614

5CTCJ.QJOCP 8 1+%'5 ' &+614 .WMG/E%QTOKEM 5GCP/E)CJCP 2 7.5' ' &+614 0 '95411/ 4 '24'5'06#6+8'

†#24+.

063803%

TJV%& DPN

#-0( 'JOEPVUXIZUIFTPMVUJPO UP*MMJOPJTLJMMFSIFSPJO FQJEFNJDDPVMEMJFPO UIF64.FYJDBOCPSEFS $IFDLPVU4FBO.D(BIBOT CMPHBUTJV%&DPN

"CPVU 6T

6JG&#+.;');26+#0KURWDNKUJGF D[ VJG UVWFGPVU QH  5QWVJGTP +NNKPQKU7PKXGTUKV[CV%CTDQPFCNG YKVJHCNNCPFURTKPIEKTEWNCVKQPUQH  (TGGEQRKGUCTGFKUVTKDWVGF QPECORWUCPFKPVJG%CTDQPFCNG /WTRJ[UDQTQ CPF %CTVGTXKNNG EQOOWPKVKGU

& E J U P S J B M  1P M J D Z

1WT9QTFKUVJGEQPUGPUWUQH VJG &#+.; ');26+#0 'FKVQTKCN $QCTF QP NQECN PCVKQPCN CPF INQDCN KUUWGU CHHGEVKPI VJG 5QWVJGTP +NNKPQKU 7PKXGTUKV[ EQOOWPKV[ 8KGYRQKPVU GZRTGUUGF KP EQNWOPU CPF NGVVGTU VQ VJG GFKVQT FQ PQV PGEGUUCTKN[ TG¿GEV UIPTF PG UIF %ĒĚĝĪ&ĘĪġĥĚĒğ

/PUJDF

6JG &#+.; ');26+#0 KU C ²FGUKIPCVGF RWDNKE HQTWO³ 5VWFGPV GFKVQTU JCXGCWVJQTKV[VQ OCMGCNNEQPVGPVFGEKUKQPUYKVJQWV EGPUQTUJKR QT CFXCPEG CRRTQXCN 9GTGUGTXGVJGTKIJVVQPQVRWDNKUJ CP[NGVVGTQTIWGUVEQNWOP

+":30--*/4]% "*-: & (:15*"/

(6&45$0-6./

5IFUSVFQBSUZPGDIBOHF /FBM5VMM (6&45$0-6./*45

4VCNJTTJPOT

.GVVGTU CPF IWGUV EQNWOPU OWUV DGUWDOKVVGFYKVJCWVJQTµUEQPVCEV KPHQTOCVKQPRTGHGTCDN[XKCGOCKN 2JQPG PWODGTU CTG TGSWKTGF VQ XGTKH[ CWVJQTUJKR DWV YKNN PQV DG RWDNKUJGF.GVVGTUCTGNKOKVGFVQ YQTFU CPF EQNWOPU VQ  YQTFU 5VWFGPVU OWUV KPENWFG [GCT CPF OCLQT (CEWNV[ OWUV KPENWFG TCPM CPF FGRCTVOGPV 0QPCECFGOKE UVCHH  OWUV KPENWFG RQUKVKQP CPF FGRCTVOGPV 1VJGTU KPENWFG JQOGVQYP 5WDOKUUKQPUUJQWNFDG UGPVVQXQKEGU"UKWFGEQO

1VCMJTIJOH*OGP

6JG&#+.;');26+#0KURWDNKUJGF D[VJGUVWFGPVUQH 5QWVJGTP+NNKPQKU 7PKXGTUKV[ 1H¾EGU CTG KP VJG %QOOWPKECVKQPU $WKNFKPI 4QQO  CV 5QWVJGTP +NNKPQKU 7PKXGTUKV[ CV %CTDQPFCNG %CTDQPFCNG +.  $KNN (TGKXQIGN¾UECNQH¾EGT

$PQZSJHIU*OGP

Š&#+.;');26+#0#NNTKIJVU TGUGTXGF #NN EQPVGPV KU RTQRGTV[ QH  VJG &#+.; ');26+#0 CPF OC[ PQVDGTGRTQFWEGFQTVTCPUOKVVGF YKVJQWV EQPUGPV 6JG &#+.; ');26+#0 KU C OGODGT QH  VJG +NNKPQKU%QNNGIG2TGUU#UUQEKCVKQP #UUQEKCVGF %QNNGIKCVG 2TGUU CPF %QNNGIG/GFKC#FXKUGTU+PE

 *G ZPV IBWF CFFO QBZJOH BUUFO UJPO UP NFEJB QVOEJUT MBUFMZ  UIFSF IBT CFFO B MPU PG FNQIBTJT CZ MJC FSBM QVOEJUT BOE QPMJUJDJBOT UIBU UIF 3FQVCMJDBO 1BSUZ JT UIF QBSUZ PG iOPw5IF(SBOE0ME1BSUZIBTCFFO BDDVTFEPGCFJOHTUBMFBOEVODIBOH JOH JO UIFJS XBZT5XP PG 1SFTJEFOU 0CBNBT DIJFG DBNQBJHO TMPHBOT XFSF  i$IBOHF XF DBO CFMJFWF JO w BOE i 5IF .D$BJO QMBUGPSN  JTOU DIBOHF JUTNPSFPGUIFTBNFw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

FWFSZ DJUJ[FO UP QBZ  B HBMMPO GPS HBT5IFZXBOUUIFBWFSBHFDJUJ[FOUP GFFMUIFQBJO 8IZ  5IF BENJOJTUSBUJPO BOE UIF %FNPDSBUDPOUSPMMFE $POHSFTT XBOUTFWFSZPOFUPIVSUCFDBVTFUIFZ XBOU UP GPSDF HSFFO UFDIOPMPHZ PO PVS OBUJPO 5IFZ XBOU EJSFDU DPO USPM PWFS UIF EJSFDUJPO BOE TQFFE PG DIBOHF5IFMJCFSBMiBOPJOUFEw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

PG UIFJS IBSE XPSL BOE QSPNPUJOH BOFDPOPNJDTZTUFNUIBUSFXBSETUIF JOOPWBUJWFBOEIBSEXPSLJOHJTXIZ UIF(01JTUIFUSVFQBSUZPGDIBOHF +VTU CFDBVTF UIF 3FQVCMJDBO CSBOE EPFT OPU DIPPTF B OFX TQFOEJOH QSPHSBNFBDIEBZCZUISPXJOHBEBSU BUBEBSUCPBSEEPFTOPUNFBOXFBSF BTUBMFQBSUZ 5IF3FQVCMJDBO1BSUZIBTGPVOE XIBU DSFBUFT USVF DIBOHF #Z BMMPXJOH UIF QSJWBUF TFD UPS UP OBUVSBMMZ EJSFDU DIBOHF  PVS OBUJPO IBT FOTVSFE UIF 6OJUFE 4UBUFT IBT CFFO UIF NPTUQSPTQFSPVT OBUJPO JO IJTUP SZ #FDBVTF UIF (01 FTQPVTFT DBQJUBMJTN  XF BSF UIF USVF QBSUZPGDIBOHF 8FVOEFSTUBOEUIBUDIBOHFEPFTOPU DPNFGSPNUIFHPWFSONFOU$IBOHF DPNFTGSPNUIFJOEJWJEVBM UIFFOUSF QSFOFVS UIFIBSEXPSLJOH %FWJBUJOHGSPNUIJTQBUIPGDBQ JUBMJTN XJMM TMPX PVS HSPXUI BOE QSPTQFSJUZ UP UIF QPJOU XIFSF PUIFS OBUJPOTJOUIFXPSMEXJMMTPPOTVSQBTT UIF6OJUFE4UBUFTJOQPXFSBOEFDP OPNJD QSPEVDUJWJUZ5IF %FNPDSBUT WJTJPO PG DIBOHF XPVME DIBOHF UIF

6OJUFE4UBUFTGSPNBXPSMEMFBEFSUP B XPSME GPMMPXFS -JCFSBMT BSFUSZJOH UPVTFUIJTFDPOPNJDDSJTJTUPSVJOUIF SFQVUBUJPOPGDBQJUBMJTNCZEFOPVOD JOH iHSFFEw PO 8BMM 4USFFU %POU UISPXPVUUIFXIPMFCVODI CFDBVTF UIFSFBSFBGFXCBEBQQMFT %POPUCFTXBZFECZUFMFQSPNQU FS SIFUPSJD %P OPU CF GPPMFE CZ B HSPVQ UIBU XPVME FYQMPJU B DSJTJT UP EFDFJWF UIF QVCMJD %P OPU MJTUFO UP UIF MJCFSBM QVOEJUT BOE iBOPJOUFEw Q P M J U J D J B O T  5IFZ BSF OPU UIF QBSUZ PG DIBOHF *O GBDU  UIFZ BSF UIF BOUJUI FTJT UP DIBOHF *OTUFBE  MJT UFO UP IJTUPSZ -JTUFO UP USJFE BOEUSVF-JTUFO UP 3POBME 3FBHBO BOE &ENVOE #VSLF -JTUFO UP UIF QBSUZ UIBU CFMJFWFT JO UIF "NFSJDBO DJUJ[FOT BCJMJUZ UP DPOUSPM UIFJSPXOMJGFBOEDIPPTFUIFJSPXO GBUF -JTUFO UP UIF BDIJFWFNFOUT PG DBQJUBMJTN5IFUSVFQBSUZPGDIBOHF JTUIF3FQVCMJDBO 1BSUZ BOEDIBOHF JTDPNJOHJO

&QPQVDGHQQNGFD[ CITQWRYJQYQWNF GZRNQKVCETKUKUVQ FGEGKXGVJGRWDNKE &QPQVNKUVGPVQVJG NKDGTCNRWPFKVUCPF ²CPQKPVGF³RQNKVK EKCPU6JG[CTGPQV VJGRCTV[QH EJCPIG

5VMMJTBHSBEVBUFTUVEFOUJODVSSJDVMVN BOEJOTUSVDUJPO


/+55+1056#6'/'06

3716'1(6*'&#;

6JG&#+.;');26+#0VJGUVWFGPVTWPPGYURCRGTQH 5QWVJGTP+NNKPQKU7PKXGTUKV[ %CTDQPFCNGKUEQOOKVVGFVQDGKPICVTWUVGFUQWTEGQH PGYUKPHQTOCVKQPEQOOGPVCT[ CPFRWDNKEFKUEQWTUGYJKNGJGNRKPITGCFGTUWPFGTUVCPFVJGKUUWGUCHHGEVKPIVJGKTNKXGU

² 6JKUKUVJGDGUVVKOGVQVJKPMNKMGCEJCORKQP ³ %POBME5SVNQ POUIFUSPVCMJOHFDPOPNZBOEUIFQPTTJCJMJUJFTPGNBLJOHEFBMT‰GPSFYBNQMF JOCVZJOHBIPVTF

# 24+. †

8)"55)&)&"-5)*4(0*/(0/

-&55&3505)&&%*503

8FOFFENPSF".FO

"DUJPOTCFGPSFWBMVFT

%&33*$,8*--*".4 XFMMOFTT! TJVFEV

8IP DBO GPSHFU UIF QPQVMBS T/#$BDUJPOBEWFOUVSFUFMFWJ TJPO TFSJFT UIF i"5FBN w B TQFDJBM HSPVQ PG FYNJMJUBSZ WFUFSBOT XIP XFSF GSBNFE GPS B DSJNF UIFZ EJE OPU DPNNJU  %FTQFSBUFMZ TFFLJOH UP DMFBS UIFJS OBNFT PG BOZ XSPOH EPJOH  UIF "5FBN TUBZFE PO UIF SVOUPBWPJEEFUFDUJPOPSCFJOHDBQ UVSFE8IJMF PO UIF SVO  UIF HSPVQ PGGPVSNFOXPSLFEPOCFIBMGPGUIF PQQSFTTFE * DBO DMFBSMZ SFNFNCFS NZGBWPSJUFUPZBTBDIJME‰BO" 5FBN BDUJPO GJHVSF  #" #BSBDVT  QMBZFECZ.S5 5IF "5FBN XBT GJSTU CSPBE DBTU BGUFS 4VQFS #PXM 97** 5IF HPBM XBT UP TQBSL UIF JOUFSFTU PG NFO XIP MJLFE BDUJPOGJMMFE FWFOUT XJUI PWFSUIFUPQ DIFFTZ FYQMPTJWF TDFOFT " NPUJPO QJDUVSF JT JO UIF XPSLT  XIJDI XJMM JOUSPEVDFUIF " 5FBN UP B OFX HFOFSBUJPO PG NFO $IBU SPPNT BSF CV[[JOH BCPVU UIF QPTTJCJMJUZPGTFFJOHUIFCFMPWFE" 5FBN PO UIF CJH TDSFFO  XIJDI HPU NFUIJOLJOH8IBUJGJUUIFTFTBNF QFPQMF XFSF FYDJUFE UP TFF B HSPVQ

PG NFO XIP TUPPE VQ GPS FOEJOH WJPMFODFBHBJOTUXPNFO  4VSF  NBOZ QFPQMF NBZ TVHHFTU UIF JEFB IBT OP BQQFBMJOH DBUDI UP JU  CVU MFUT FYQMPSF UIJT DPODFQU *OTUFBE PG UIF "5FBN  UIF OBNF XPVMECF".FO-JLFUIF"5FBN  ".FO BSF BUZQJDBM NFO XIP BSF BHBJOTU PQQSFTTJPO 6OMJLF UIF " 5FBN  XIJDI VTFT TUSPOHBSN UBD UJDT  ".FO MPPL GPSBMUFSOBUJWFXBZT UP BEESFTT PQQSFT TJPO "QSJM JT BO JEFBMNPOUIGPS" .FOUPTUFQVQ 4P XIBU JT BO ".BO  5IFZ BSF NFO XIP QSPNPUF BXBSFOFTT  BEWPDB DZBOEBDUJPO5IFZBSUJDVMBUFBUSPDJ UJFT PG TFYVBM BTTBVMU UP PUIFS NFO ".FO BSF BHBJOTU BOUBHPOJTUJD CFIBWJPSJOBMM BSFBTPGBCVTF)PX DBO iB NBOw CFDPNF BO ".BO  )FDBOKPJOBHSPVQPGNFOBMSFBEZ DPOEVDUJOH ".FO XPSL JO UIF DBNQVT BOE DPNNVOJUZ DBMMFE UIF 1SPHSFTTJWF .BTDVMJOJUJFT .FOUPST BOE QBSUJDJQBUF JO .FO "HBJOTU 7JPMFODF8FFL"QSJMUP ".BOEPFTOPUVTFIJTIBOETUP IJUBOEBCVTFXPNFO0O.POEBZ 4*6$ NFO XJMM IBWF B DIBODF UP VTF UIFJS IBOET GPS HPPE CZ QBS

UJDJQBUJOHJOi5IFTFIBOETEPOUIVSU DBNQBJHOw  GSPN  BN UP  QN BU 'BOFS )BMM #SFF[FXBZ "MM NFO XJMMCFBTLFEUPUBLFBQMFEHFUPOPU DPNNJUWJPMFODFBHBJOTUXPNFO" .BO JT BO BGGFDUJPOBUF  SPNBOUJD QBSUOFSBOEPO8FEOFTEBZBMMNFO TIPVMEBUUFOEBDSJUJDBMDPOWFSTBUJPO BCPVU SFMBUJPOTIJQ FRVBMJUZ IPTUFE CZ"MQIB1IJ"MQIB 0NFHB%FMUB 1IJ BOE UIF 1SPHSFTTJWF .BTDVMJOJUJFT .FOUPSTFOUJ UMFE i*UT " -PWF 5IBOHw BU  QN BU UIF 4UVEFOU )FBMUI$FOUFS "VEJUPSJVN ".BO VTFT IJT TUBUVSF UP TVQ QPSUDBVTFTUIBUXPSLUPFOETFYVBM BTTBVMU BOE SFMBUJPOTIJQ WJPMFODF ".FO BDDFQU DBMMT UP BDUJPO CZ BUUFOEJOH UIFi .FO (BUIFSJOH "HBJOTU 4FYVBM "TTBVMUw FWFOU BU  QN"QSJMJOUIF4UVEFOU)FBMUI $FOUFS MPCCZ )PQFGVMMZ ZPV DPVME CF BO ".BO XIP DBO KPJO XJUI ".FOJOUIFDBVTFUPFOEWJPMFODF BHBJOTU XPNFO  BOE * TBZ"NFO UP UIBU

5QYJCVKUCP# /CP!6JG[CTG OGPYJQRTQOQVG CYCTGPGUUCFXQECE[ CPFCEVKQP

8JMMJBNTJTUIFWJPMFODFQSFWFOUJPODPPSEJ OBUPSBUUIF8FMMOFTT$FOUFS

% Ė Ē ģ  & ĕ Ě ĥ Ġ ģ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

(VT#PEFTBZT*UTUJNFUPTFOEUIF%&BMFUUFS%POUMJLFXIBUPVSTUVEFOUDPMVNOJTUT BOEFEJUPSJBMCPBSEIBWFUPTBZ 8BOUUPNBLFZPVSPQJOJPOIFBSEPOTPNFPUIFS VOJWFSTJUZQPMJDZ %PTPNFUIJOHBCPVUJU 4FOEMFUUFSTUPUIFFEJUPSBOEHVFTUDPMVNOJTUTVCNJTTJPOTUPWPJDFT!TJVEFDPN BOE EPOUGPSHFUUPJODMVEFZPVSOBNF ZFBSJOTDIPPM NBKPS IPNFUPXOBOEBQIPOFOVNCFS GPSWFSJGJDBUJPO

*OFWFONPSFJSPOJD DJSDVNTUBODFT  NPTU DPOTFSWBUJWFT UFOE UP WPUF GPS UIFJSXPSTUFOFNJFT5IFZWPUFGPSQFP QMF PO TPNF TVQQPTFE NPSBM HSPVOE BOE UIFO HFU QJTTFE XIFO UIBU QFSTPO TDSFXTUIFN CVUUIFZEPOUCMBNFUIFN o‰ TPNFIPX UIF XBS JO *SBR JT B MJCFSBMTGBVMU 8F WPUF GPS .S "OUJ"CPSUJPO BOE GPSHFU UIBU IF JT HPJOH UP USZ UP SFEVDF NBSLFU SFHVMBUJPOT MJLF NJOJ NVN XBHF BOE UIF XPSLFST FNQMPZ NFOUQSPUFDUJPOT CPUIPGXIJDIBGGFDUB WBTUNBKPSJUZPG"NFSJDBOTPOCPUITJEF PGUIFQPMJUJDBMGFODF#VUBTMPOHBT.S "OUJ"CPSUJPO GJHIUT BCPSUJPO  XIJDI IFIBTBCTPMVUFMZOPQPXFSUPBGGFDU XF TVQQPSUIJN8IPDBSFTUIBUXFWFHPU TJDLLJETXIPDBOUSFBEPSXSJUF‰UIF HBZTDBOUNBSSZBOEUIBUTBXJO *WF DPOWJODFE NZTFMG .BZCF JO   *MM TIPPU NZTFMG JO UIF MFH XJUI BWPUFGPS/FXU*NBZCMFFEUPEFBUI PS EJF GSPN JOGFDUJPO CFDBVTF *WF HPU OP IFBMUI JOTVSBODF BOE * DBOU BGGPSE UP HP UP UIF EPDUPS  CVU *MM EJF IBQQZ LOPXJOHUIBUUIFSJDIFTUPG"NFSJDBOT EPOU IBWF UP QBZ B NBKPSJUZ PG UIFJS UBYFTPS SFBMMZ HJWFBOZUIJOHBUBMMCBDL UP UIF DPVOUSZ BOE UIF QFPQMF XIP QVUUIFNBUUIFUPQ5IFUIPVHIUKVTU XBSNTNZIFBSU

+BTPO(SFONBO BMVNOVTJO&OHMJTIJO




'SJEBZ "QSJM 

&#+.;');26+#0

/FXT


1 Ħ ĝĤĖ %" * -:  & ( : 1 5 * " /

'SJEBZ "QSJM t

(FU0VUXJUI0SE )PDLFZ PGGUIFJDF (FOOB0SE %"*-:&(:15*"/ (03%!4*6&%6

8  IFO UIF XFBUIFS JT XBSN BOE UIFJDFIBTNFMUFE JUTIPDLFZTFBTPO GPSBHSPVQPG4*6$TUVEFOUT 8JUI OP JDF SJOL PO DBNQVT  UIF 4*6$JOUSBNVSBMBOEDPMMFHJBUFSPMMFS IPDLFZ UFBNT UBLF BEWBOUBHF PG UIF PVUEPPSSPMMFSIPDLFZDPVSU 5IFTXJUDIGSPNJDFUPQBWFNFOU JTOPUUIFPOMZEJGGFSFODFCFUXFFOUIF HBNFT  UIPVHI  TBJE &SJD ;BCFEOZ  B KVOJPS GSPN "MHPORVJO TUVEZJOH BWJBUJPO i5IFSFTBMPUMFTTCPEZDPOUBDUJO SPMMFSIPDLFZ wIFTBJE )FTBJEPUIFSEJGGFSFODFTGSPNJDF IPDLFZ JODMVEF TMJHIUMZ WBSJFE SVMFT  POFGFXFSQMBZFSPOUIFDPVSUBUBUJNF BOE UIF OFDFTTJUZ GPS NPSF GJOFTTF JO NBOFVWFSJOH ;BCFEOZ  XIP JT POF PG UIF QSFTJEFOUT PG UIF JOUSBNVSBM SPMMFS IPDLFZUFBN TBJEIFQSFGFSTJDFIPDLFZ GPS JUT QIZTJDBMJUZ BOE DPNQFUJUJPO  CVU FOKPZT UIF HBNFT XBSNXFBUIFS DPVTJOBTXFMM i*MJLFUIFTQFFEBOEUIFTNPPUIOFTT PG UIF HBNF w IF TBJE i*UT GMVJE  BOE DPOTUBOUMZNPWJOHBOEDIBOHJOHw 4*6IBTCPUIBDPMMFHJBUFUFBNBOE BOJOUSBNVSBMUFBN;BCFEOZTBJEUIF DPMMFHJBUF UFBN IBT BCPVU  QMBZFST  XJUIUSZPVUTBUUIFCFHJOOJOHPGUIFGBMM TFNFTUFS5IFJS TFBTPO CFHJOT BSPVOE 5IBOLTHJWJOH BOE SVOT UISPVHI .BSDI XJUIBCPVUHBNFT )F TBJE UIF JOUSBNVSBM UFBN IBT BSPVOE  NFNCFST  BOE BOZCPEZ JOUFSFTUFE JO UIF TQPSU JT XFMDPNF UP KPJO .BOZ PG UIF QMBZFST  IPXFWFS  HSFX VQ QMBZJOH

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w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i*UT UIF CJHHFTU TUSFTT SFMJFWFS *WF #MBDLIBXLT HBNF IF TBX NPSF UIBO CVUTUVDLXJUIIPDLFZCFDBVTFJUXBT 3PMMFS IPDLFZBMTP MFUT IJN GPSHFU HPU wIFTBJEi*UTBCMBTUUPQMBZBOEUIF BEFDBEFBHP NPSFFYDJUJOHXJUIBMMUIFNPWFNFOU BCPVUUIFEJGGJDVMUZPGTDIPPMBOEPUIFS BSFBTPGIJTMJGF IFTBJE QFPQMFBSFBMXBZTOJDFw i*UT JOUFOTFMZ JNQPSUBOU UP IBWF BOEQIZTJDBMJUZ TPNFUIJOH PVUTJEF PG UIF EJGGJDVMUJFT &MMJTPO TBJE UIF TQPSU i*U GSFFT ZPVS NJOE UP DPNF PVU .BU[TBJEBOPUIFSSFBTPOIFFOKPZT JT B HPPE UIFHBNFJTCFDBVTFPGUIFVOJRVFGBO PG ZPVS MJGF w IF TBJE i:PVWF HPU UP XPSLPVUCFDBVTFQMBZFSTBSFDPOTUBOUMZ IFSFBOEIBWFBHPPEUJNF wIFTBJE

8FJSE OFXT 4UPSJFTGBSUPPTUSBOHFGPS UIFSFTUPGUIFQBQFS

.JLF1JOHSFF #PTUPO)FSBME

"/% 5)& #&45 -00,  *-- +645 1"35 *4 5)&:-- -&"7&    8)"1 /&7&3$"5$).& 8)".4-".

&7"/%"7*4]% "*-: & (:15*"/ 5JGGBOZ.BSUJO PG$BSCPOEBMF BUUFNQUTUPDBMNIFSTBOE"BSPO)BCOFSTOFSWPVTQVQQZ )FBSU 'MVUUFS'MZ PVUTJEF.PSSJT-JCSBSZ5IJTXBTUIFQVQQZTGJSTUUJNFPVUEPPSTTJODFIFXBTCPSO

 " UFFOBHFS TUPMFB TUFSFP GSPN B DBS JO1FPSJB "SJ[ BOEUIFOCSBHHFEBCPVU JUUPIJTGSJFOET8IJMFIFXBTUFMMJOHUIF UBMF IFBDDJEFOUBMMZQSFTTFEUIFCVUUPO POIJTDFMMQIPOFUIBUTQFFEEJBMFEUIF QPMJDF5IFZMJTUFOFEJO USJBOHVMBUFEIJT MPDBUJPOBOENPWFEJOTXJGUMZ

"NBOUSJFEUP CVSHMBSJ[FUIFPGGJDF PGBNBSUJBMBSUTTUVEJPJO'PY1PJOU 8JT  POMZUPGJOEUIBUUIF5BF,XPO%PNBTUFS XBTTUJMMUIFSFHJWJOHBTUVEFOUBQSJWBUF MFTTPO"TFWFSFCFBUJOHGPMMPXFE

"XPNBOJO.FDIBOJDTCVSH 1B XBT BSSFTUFEGPSESVOLFOESJWJOHPOFEBZBOE BHBJO UIF OFYU EBZ 'PVS EBZT MBUFS  TIF XBTBSSFTUFEPOUIFIJHIXBZGPSESJWJOH VOEFSUIFJOGMVFODFPGESVHT

XJUIBCFFSBOESFGVTFESFRVFTUTUPMFBWF 8IFO UIF QPMJDF BSSJWFE  TIF TBJE iOP CBDLXPPET DPVOUSZ DPQw XBT HPJOH UP UBLFIFSUPKBJM4IFXBTTBEMZNJTUBLFO

8): 5)&: 806-%  /0 .03& #00;& 8"/5.&50(0 "XPNBOTQBSLFEBCSBXMBUBXBLF '03.& JO.BHOPMJB "SL XIFOTIFTIPXFEVQ

*7& /&7&3 4&&/ 0)  )&--0 .0.  5)"5(6:#&'03&*/ 8)"5*4*5/08  .:-*'& 0''*$&3 "ZFBSPMENPUIFSJO,MBHFOGVSU  "VTUSJB DBMMFEIFSTPOTPGSFRVFOUMZ‰BT NBOZBTUJNFTBEBZ‰UIBUBDPVSU GPVOEIFSHVJMUZPGTUBMLJOH

1PMJDFQVMMFEBNBOPWFSGPSTQFFE JOHJO1FUBXBXB 0OUBSJP BOEEJTDPWFSFE UIBU UIF QBTTFOHFS TJUUJOH OFYU UP IJN XBTEFBE




'SJEBZ "QSJM 

&#+.;');26+#0

/FXT


$MBTTJGJFET

&#+.;');26+#0

'SJEBZ "QSJM 






'SJEBZ "QSJM 

&#+.;');26+#0

$MBTTJGJFET


&#+.;');26+#0

1VMTF

(JSMTBOE4QPSUT

'SJEBZ "QSJM 

CZ+VTUJO#PSVTBOE"OESFX'FJOTUFJO

CZ(MFOO.D$PZ

5IF%VQMFY

#Z-JOEB$#MBDL

5PEBZT#JSUIEBZ‰:PVTIPVMEEP XFMMBTBOFOUSFQSFOFVSUIJTZFBS:PVIBWF B GFX JEFBT UIBU ZPVWF CFFO UIJOLJOH BCPVU GPS B XIJMF $POTVMU ZPVS GSJFOET 5IFZ DBO IFMQ GJMM JO UIF CMBOLT 6TF UIF MBUFTUUFDIOPMPHZUPIFMQPUIFSTBOEZPVMM EPGJOF 5PHFUUIFBEWBOUBHF DIFDLUIFEBZT SBUJOH  JT UIF FBTJFTU EBZ   UIF NPTU DIBMMFOHJOH

   -2<.-+A'*A6."7+.:<'2442*5; "$3044 #VUUFSGMZVOJUT )PNFJOUIF"MQT i"HBJOw 3PDLTBMU 4UFQJOBQJ[[B SFDJQF $PUUPOQMBOU PSJHJOBMMZGSPN1FSV 5SBORVJMJUZ 4JNQTPOEBE XJUIBEP[FO EPOVUT 'MPPSDPWFSJOH /PWFNCFS XJOOFST 4VGGJYXJUI $BFTBS 5PVDIZ .JMPPG i#BSCBSFMMBw #SPBEDBTU )PPLTNBUFJO IJTGPSNBUJWFZFBST 1PPIQPPICBI 'BSNFST DPODFSOT 1BVMXIPQMBZFE UIFQSJODJQBMJOi5IF #SFBLGBTU$MVCw %BOEFS 'JMNEPNT -VQJOP "0-SJWBM )FBEMJOFBCPVU DBSQFOUSZXPSL GPSBOFXGJOBODJBM



JOTUJUVUJPO i"XBLFOJOHTw 0TDBSOPNJOFF i.VTUWFCFFO TPNFUIJOH@@w $MBTTJDCSFBLVQ MJOF BOEBIJOUUP UIFGPSNBUJPOPG UIJTQV[[MFTUIFNF BOTXFST #SVODIGBSF "DUPSXIPTF

CJSUIOBNFXBT "SJTUPUFMFT 5IFSNPNFUFS  FH (PMEPSTJMWFS %08/ 0OFJO5BS[BOT GBNJMZUSFF 3PVUT $IBSUBHBJO $PDLOFZ

BOUJDJQBUJPO .VTDVMBSEPMM 4BUJTGZUIF NVODIJFT 5FNQFTU i"HFMFTT#PEZ  5JNFMFTT.JOEw BVUIPS 4BJOUMZSJOH 'BUIFSEBVHIUFS CPYFST %ZOBNP

5IVSTEBZTTPMVUJPOT

2VBSUJFSE@@ +VMZ"VHVTU1BSJTJBO GFTUJWBM 4PNF/'- SFDFJWFST %PHTJOTIPFT TU(SFFLMFUUFS &OUIVTJBTUJD BHSFFNFOU $IFNJTUSZ /PCFMJTU0UUP 'JUGPSTFSWJDF 4BJMPSTIFBEJOH $SPTTFE PVU

$JUZXJUIBWJFX PGUIF-BSBNJF .PVOUBJOT "MMFOBOE#VSUPO $IBQMJOTMBTU XJGF 'JMNCVGGT TUBUJPO 4VGGFST

"TTJNJMBUFT "DUPS&TUSBEB (FSNBOUPXO 7FHBTT@@(SBOE @@EJDUVN QBTTJOHSFNBSL 0MEUJNFZiOPUw #P%JEEMFZIJU -PBUIF -JNFFOEJOH 8FTUFSOPNFO (SPDFSZTFDUJPO &OWDPOUFOUT .BOIBUUBOBSFB BCPWF)PVTUPO 4USFFU -FY-VUIPST  BOEPUIFST %BUFCPPLBCCS $IJCBTFEGMJFS i@@CFFOIBEw 4DPUTUPQQFS

7JSHP "VH4FQU Â&#x2030;5PEBZ JTBÂ&#x2030;$PODFOUSBUFPOBDIBMMFOHJOH BTTJHONFOU:PV DBO GJHVSF JU PVU XJUI UIFIFMQPGBOFYQFSUXIPTGBSBXBZ*UT XPSUIUIFMPOHEJTUBODFDBMM -JCSB 4FQU 0DU   Â&#x2030; 5PEBZ JTBÂ&#x2030;'JOJTIJOHUIFKPCTIPVMEOUCF UPPEJGGJDVMU8SBQJUVQTPZPVBOEZPVS TXFFUIFBSU DBO DFMFCSBUF UPOJHIU %P TPNFUIJOH MVYVSJPVT CVU JOFYQFOTJWF  BOENBLFJUGVO

"SJFT .BSDI"QSJM Â&#x2030;5PEBZJT BÂ&#x2030;"TFDSFUMPWFIBECFUUFSTUBZUIBUXBZ GPSBXIJMF5IJTJTFTQFDJBMMZUSVFJGJUTBDSVTI PO BO PMEFS QFSTPO %POU FWFO UFMM ZPVS GSJFOET BCPVU JU $IBOOFM ZPVS BGGFDUJPOT UPXBSE UIFN JOTUFBE .JSBDMFT BSF NPSF MJLFMZUIFSF

4DPSQJP 0DU/PW Â&#x2030;5PEBZ JT B  Â&#x2030; (JWF ZPVSTFMG QMFOUZ PG UJNF "T ZPV XFMM LOPX  JUT SBSFMZ OFDFTTBSZ UPSFBDUFNPUJPOBMMZ4UJGMF UFNQPSBSJMZ  FYDFQU GPS B QFSTPOBM SFMBUJPOTIJQ 4DIFEVMFUIBUGPSMBUFSUPOJHIU

5BVSVT "QSJM.BZ Â&#x2030;5PEBZJT BÂ&#x2030;5IFQPMJDZNBLFSTEPOUTFFNUPIBWF BMM UIF QFSUJOFOU JOGPSNBUJPO %POU TUBOE CZ JO TJMFODF TQFBL VQ :PVS FYQFSJFODF  BOEUIBUPGZPVSGSJFOET OFFETUPCFTIBSFE XJUIUIFN

4BHJUUBSJVT /PW %FD   Â&#x2030; 5PEBZJTBÂ&#x2030;*EFOUJGZXIBUZPVEPOU OFFEBOEDSPTTUIPTFJUFNTPGGZPVSMJTU :PVSFWFSZHPPEBUTPMWJOHQV[[MFT5IJT TLJMMJTRVJUFVTFGVMOPX BOEHFUTFBTJFS XJUIQSBDUJDF

(FNJOJ .BZ+VOF Â&#x2030;5PEBZJT BÂ&#x2030;%POUTJNQMZBTLBCPVUUIFNPOFZ SVOPVUUIFOVNCFSTZPVSTFMG5IFPUIFST BSF MJLFMZ UP NBLF JU MPPL NVDI CFUUFS UIBOJUJT:PVCFUIFQSBHNBUJTU-FUUIFN CFUIFESFBNFST

$BQSJDPSO %FD +BO   Â&#x2030; 5PEBZJTBÂ&#x2030;5IFZTBZZPVSFBTUFSO UFBDIFS :PV EPOU TVGGFS GPPMT HMBEMZ  CVU ZPV DBO CF DPNQBTTJPOBUF BOE HFOUMF0GGFSBLJOEXPSEUPPOFXIPT MFBSOJOHTMPXMZ

$BODFS +VOF+VMZ Â&#x2030;5PEBZJT BÂ&#x2030;/FSWFTBSFTUJMMBCJUPOFEHF:PV XPVMEOU CF KVEHFE IBSTIMZ JG ZPV TJNQMZ UPPLPGGTPNFXIFSFCZZPVSTFMG PSXJUIB WFSZEFBSGSJFOE*GJUTEVSJOHXPSLJOHIPVST  IBWFBHPPECVTJOFTTSFBTPO -FP +VMZ"VH Â&#x2030;5PEBZJTB Â&#x2030; 5IF CVTJFS ZPV TUBZ  UIF NPSFNPOFZ ZPVMM HFOFSBUF 5IJT JT B XPOEFSGVM UIJOH :PVMM NBLF TPNF OFX GSJFOET  UPP  POF PG XIPN JT FTQFDJBMMZ GBTDJOBUJOH -FU UIJT QFSTPO UBLF ZPVS NJOE PGG ZPVS USPVCMFT GPSBXIJMF

"RVBSJVT +BO'FC Â&#x2030;5PEBZ JT B  Â&#x2030; :PVSF CFJOH XBUDIFE MJLF B IBXLUPTFFJGZPVNBLFXJTFEFDJTJPOT 5IJT JT XIFSF BMM ZPVS QMBOOJOH DPNFT JO5IFDSJUJDTEPOUDBSFBCPVUSFBTPOT 4IPXUIFNUISPVHIZPVSBDUJPOT 1JTDFT 'FC.BSDI Â&#x2030;5PEBZ JT B  Â&#x2030;  .BLF TVSF ZPV LOPX XIBU ZPVSF BGUFS 8SJUF EPXO BOZ OVNCFST PSDPEFTZPVMMOFFEUPJEFOUJGZJU:PVE IBUF UP HFU UIF XSPOH JUFN  UIFSFCZ XBTUJOHBUSJQUPUIFTUPSF

D  5SJCVOF.FEJB4FSWJDFT*OD]%JTUSJCVUFECZ.D$MBUDIZ5SJCVOF*OGPSNBUJPO4FSWJDFT

   !  %;,.( 5*,5,21$1'())185(.

16&5$0%/(7+(6()28580%/(6 21(/(77(572($&+648$5( 72)250)28525',1$5;:25'6 #!$ '' %&#%#* # (!""

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

    

?  5,%81((',$(59,&(61&

//,*+76(6(59('

# 5IVSTEBZTTPMVUJPOT

" ! :::-80%/(&20'6



2: $55$1*( 7+( &,5&/(' /(77(56 72 )250 7+( 68535,6( $16:(5 $6 68**(67('%;7+($%29(&$57221

  

    16:(567202552:

6JWTUFC[µU 80%/(6      U#(67(5'$;6 Q N W V K Q P U 16:(5 !+(17+($,/,1*32(7722.72+,6%('+(> < =




&#+.;');26+#0

'SJEBZ "QSJM 

4QPSUT

40'5#"--

/P4*6TFFLTUPTPBSQBTU$SFJHIUPO

+".&4.$%0//06()]% "*-: & (:15*"/ 4BMVLJTFOJPS+BZNF8BNTMFZTMJEFTTBGFMZJOUPTFDPOECBTFEVSJOHUIFGJSTUHBNFPGBEPVCMFIFBEFSTXFFQBHBJOTU.JTTPVSJ4UBUF4BUVSEBZ4*6USBWFMTUP0NBIB /FC  'SJEBZUPGBDFGJSTUQMBDF$SFJHIUPO

-VJT$.FEJOB

¶¶8

NFNPSZPGBTMPXTUBSUJOUIFJSMBTU CBUUMJOH GPS UIF UPQ TQPU JO UIF HBNF BHBJOTU 5FOOFTTFF.BSUJO .7$ 4P XFMM DPNF PVU SFBEZ UP 4*6 BMMPXFE UIF QMBZ w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Â&#x2030;,BUJF.D/BNBSB SBOLTTFDPOEPOUIF JUT TJYHBNF XJOOJOH TUSFBL JO ,BUJF .D/BNBSB TFOJPSQJUDIFS UFBN XJUI B  DPOGFSFODFQMBZPOUIFMJOFBHBJOTU TBJE UIF UFBN JT UIF 7BMMFZT UPQ UFBN $SFJHIUPO SFBEZ UP QVU JUT CBUUJOHBWFSBHF    .7$  GFBUVSFT BO USPVCMFTCFIJOEUPGPDVTPOJUTOFYU $SFJHIUPOT PGGFOTF XJMM IBWF PGGFOTF UIBU IBT UISFF TUBSUJOH TFSJFT JUT PXO JTTVFT USZJOH UP IBOEMF QPTJUJPOQMBZFSTCBUUJOHIJHIFSUIBO i8FSF HPJOH UP CF OBUVSBMMZ UIF 4*6 QJUDIJOH TUBGG  XIJDI IBT  SFBEZ GPS $SFJHIUPO CFDBVTF JUT B QJUDIFEXFMMJODPOGFSFODFQMBZ 5IF 4BMVLJT IPQF UP FSBTF UIF CJHSJWBMSZBOEPCWJPVTMZXFSFCPUI %FTQJUF UIF QJUDIJOH TUBGG T %"*-:&(:15*"/ -$.!4*6&%6



SPVHI PVUJOH JO .BSUJO 5FOO  JUT DPMMFDUJWFOVNCFSTTUJMMSBOLBUUIF UPQ PG UIF DPOGFSFODF .D/BNBSB IBTBOSFDPSEBOEBFBSOFE SVO BWFSBHF XIJMF TPQIPNPSF /JLLJ 8BUFST JT  XJUI B  &3" 'FMMPX TPQIPNPSF %BOJFMMF (MPTTPO JT POMZ   CVU TIF PXOT B  &3" BOE UFBNIJHI  TUSJLFPVUTJOJOOJOHT 4*6 IBT B UFBN &3" PG   XIJDISBOLTGJSTUJOUIF.7$ 4*6IFBEDPBDI,FSSJ#MBZMPDLTBJE UIFTUSPOHQJUDIJOHJTBTJHOUIFQPPS QFSGPSNBODF BHBJOTU UIF 4LZIBXLT JT OPUMJLFMZUPIBQQFOBHBJO i5IF CBMM IBT CFFO IJU IBSE CZ "MBCBNB BOE .J[[PV  BOE ZPV GJHVSFUIBUTEFTFSWFEMZTP CFDBVTF JUT UXP UPQGJWF PS UPQ UFBNT w #MBZMPDL TBJE BGUFS UIF UFBNT MPTT UP 5FOOFTTFF.BSUJO i#VU * EPOU UIJOLUIJTJTHPJOHUPIBQQFOUPVT

53"$)"/%'*&-%

¶¶

4*6 *OEJBOB4UBUFUPUBLFPO#JH5FOBU*OEJBOB*OWJUBUJPOBM 5 %FSFL3PCCJOT %"*-:&(:15*"/ %30##*/4!4*6&%6

5  IF 4*6 USBDL BOE GJFME UFBN IBT  BUIMFUFT XJUI /$"" SFHJPOBM RVBMJGZJOHNBSLT +VOJPS 3ZBO 4IVNBLFS XBOUT UP CF/P i:PV IBWF OP JEFB IPX CBEMZ * XBOU UP CF PO UIBU CVT UP SFHJPOBMT w 4IVNBLFS TBJEi5IJT XFFL * UIJOL * BNSFBEZUPNBLFSFHJPOBMT*UTBHPBM PGNJOF*GFFM*DBOEPJUw 5IF4BMVLJTUSBWFMUP#MPPNJOHUPO  *OE  UP DPNQFUF BU UIF *OEJBOB *OWJUBUJPOBM  XIFSF UIFZ XJMM TRVBSF PGG BHBJOTU #JH 5FO UFBNT TVDI BT .JDIJHBO 4UBUF BOE IPTU *OEJBOB 4*6XJMMOPUCFUIFPOMZNJENBKPS QSPHSBNGBDJOHUIF#JH5FOUIPVHI  BTGFMMPX.JTTPVSJ7BMMFZ$POGFSFODF UFBN*OEJBOB4UBUFXJMMDPNQFUF

4BMVLJ USBDL BOE GJFME IFBE DPBDI $POOJF 1SJDF4NJUI TBJE UIF4FB3BZ3FMBZTPO"QSJMBOE  TFSWFE BT QSPQFS QSFQBSBUJPO GPSUIFJOWJUBUJPOBM i5IFSF XFSF B MPU PG #JH 5FO TDIPPMT DPNQFUJOH MBTUXFFLFOE w 1SJDF4NJUI TBJE i0VS LJET DBO DPNQFUF XJUI UIFN 8FSF WFSZ DPNQBSBCMFw 1SJDF4NJUI TBJE UIF NFFU XPVME QSPWJEFUIFUFBNXJUIBOPQQPSUVOJUZ UP JNQSPWF PO SFHJPOBM RVBMJGZJOH NBSLTBOETIFFYQFDUTNPSF4BMVLJTUP RVBMJGZBUUIFJOWJUF 1SJDF4NJUI TBJE UIF UISPXFST  JO QBSUJDVMBS IBWFJNQSFTTFEIFSBOEDPVME JNQSPWFUIFJSNBSLTBU*OEJBOB 'SFTINBO UISPXFS +FOFWB .D$BMM XBTSFDFOUMZOBNFEDP.7$"UIMFUF PG UIF 8FFL BGUFS QPTUJOH IFS GJSTU SFHJPOBMRVBMJGZJOHNBSLPGUIFTFBTPO BU UIF 4FB 3BZ 3FMBZT XJUI BO PQFO

IJTJTOPEJGGFSFOUGPSVT OPNBUUFSUIFUFBNT 

EJTDVTUPTTPGGFFU JODIFT 4IVNBLFS TBJE XIJMF IF IPQFT UP RVBMJGZ GPS SFHJPOBMT  IF BMTP FYQFDUT B TUSPOH TIPXJOH GSPN GSFTINBO +$ -BNCFSU XIPQPTUFEIJTGJSTUSFHJPOBM RVBMJGZJOHNBSLBUUIF4FB3BZ3FMBZT XJUIBUISPXJOUIFPQFOIBNNFSPG GFFU JODIFT i)F JT BO PVUTUBOEJOH GSFTINBO BOE IF XJMM EP HSFBU UIJOHT w4IVNBLFSTBJE 0O UIF SVOOJOH TJEF  "MM "NFSJDBO TFOJPS #JBODB 4UVBSU RVBMJGJFE GPS SFHJPOBMT JO UIF MPOH KVNQ GFFU JODIFT JOIFSGJSTU PVUEPPSNFFUPGUIFTFBTPOBOEMPPLT UPJNQSPWFPOUIBUNBSL

Â&#x2030;3ZBO4IVNBLFS KVOJPSUISPXFS

i*XBTHMBEUPHFURVBMJGZJOHPVUPG UIFXBZ w4UVBSUTBJEPGIFSFBSMZTFBTPO BDDPNQMJTINFOUi*GFMUBMJUUMFTMVHHJTI "CJUNPSFQSBDUJDFBOE*MMCFXIFSF* XBTBUUIFFOEPGUIFJOEPPSTFBTPOw 4UVBSUUIBUUIFUSBDLBOEGJFMEUFBN XBTXPSLJOHIBSEUISPVHIPVUUIFXFFL BOEXPVMECFSFBEZGPSUIFGJFME 8IJMF UIF USBDL BOE GJFME UFBN IPQFTUPHFUBTNBOZSFHJPOBMRVBMJGJFST BTQPTTJCMF UIFNBJOQSJPSJUZJTUPHFU BXJO i8FSFHPJOHBUUIJTMJLFJUXBTBOZ PUIFS NFFU w 4IVNBLFS TBJE i5IJT JT OPEJGGFSFOUGPSVT OPNBUUFSUIFUFBNT *UXPVMECFOJDFUPCFBUUIPTF#JH5FO TDIPPMT UIPVHIw

FWFSZUJNFw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

5&"(6&

$0/5*/6&%  '30. 

5IF4BMVLJIFBEDPBDITBJEBGPDVT POBDBEFNJDTXPVMEDPOUJOVF i8FSFPOUPQPGUIFNEBJMZ XFFL MZ IPVSMZBCPVUEPJOHUIFSJHIUUIJOHT *UTUBSUTXJUIUIFBDBEFNJDTTFDPOEMZ  JUTUIFDPNNVOJUZBOEUIJSE JUTUIF CBTLFUCBMMDPVSU w-PXFSZTBJE 4*6IBTUXPBWBJMBCMFTDIPMBSTIJQT  BT 7JODFOOFT GPSXBSE +PIO 'SFFNBO IBT ZFU UP TFOE UIF SFRVJSFE NBUFSJ BMT UP DPNQMFUF IJT OBUJPOBM MFUUFS PG JOUFOU  XIJDI XPVME PGGJDJBMMZ NBLF IJNB4BMVLJ -PXFSZTBJE i8FSF TUJMM JO UIF IVOU GPS TPNF LJET  BOE XFSF HPJOH UP CF WFSZQBUJFOUBOEOPUKVNQUIFHVO BOE KVTU UBLF TPNFCPEZ w -PXFSZ TBJEi8F XBOU UP NBLF TVSF XFMM HFU TPNFCPEZ XIP XJMM CF IBQQZ UP CF IFSF BOE BU UIF TBNF UJNF TUSFOHUIFO PVS QSPHSBN BOE NBLF VTCFUUFSw -PXFSZTBJEIFFYQFDUFEUPVTF BMM PG UIF BWBJMBCMF TDIPMBSTIJQT UP SPVOEPVUUIFUFBN


&#+.;');26+#0

4QPSUT

7EPYOM-RWMHIV +PIO.BEEFOBOOPVODFEIJTSFUJSFNFOUGSPNUIFCSPBEDBTUCPPUI5IVSTEBZ BOEXJMMCFSFQMBDFECZ$ISJT$PMMJOTXPSUIGPS /#$T4VOEBZ/JHIU'PPUCBMM8IPXPVMEZPVDIPPTFBT.BEEFOTSFQMBDFNFOU

-6*4$.&%*/" MDN !TJVFEV

&WFOUIPVHI*GFFM(VT+PIOTPOJTBUSFNFOEPVTQMBZCZQMBZHVZ *XBOUUP TFFJGIFDBOEPBOBOBMZTUTKPC)FJTJOTJHIUGVMBOEFYDJUJOH UIFUXPUIJOHTBDPMPS HVZTIPVMECF)FNJHIUCFUIFPOMZQFSTPOJOUIFXPSMEUIBUDPVMENBLFB-JPOT 3BJEFSTHBNFFYDJUJOH

*NHPJOHUPNJTT+PIO.BEEFO"MMIJTUBMLBCPVU5VSEVDLFOBOEIPXiUIFUFBN UIBUTDPSFTUIFNPTUQPJOUXJOTw*UIPVHIUBXIJMFGPSUIFQSPQFSSFQMBDFNFOU BOE* UIJOL*IBWFJU$ISJT$PMMJOTXPSUI8BJU IFXBTBMSFBEZDIPTFOBTUIFSFQMBDFNFOU  5IBUT BXFTPNF /#$ BDUVBMMZ TFMFDUFE POF PG UIF CFTU DVSSFOU CSPBEDBTUFST UP SFQMBDFUIFQBTUIJTQSJNF.BEEFO$PMMJOTXPSUIJTLOPXMFEHFBCMF DMFBSTQPLFO BOE TFFNT UP BDUVBMMZ DBSF BCPVU UIF HBNF UISFF UIJOHT UIBU BSF MBDLJOH JO UIF CSPBEDBTUCPPUI

%&3&,30##*/4 ESPCCJOT !TJVFEV

3:"/70:-&4 SWPZMFT !TJVFEV

5IFNPSFQSFTTJOHJTTVFJTXIBU&"4QPSUTJTHPJOHUPDBMMUIFOFYU.BEEFOHBNF 8JMM UIFZ OBNF JU BGUFS IJT SFQMBDFNFOU  PS HJWF JU UIF NPSF BQU BOE MFTT QPQVMBS OBNFi5IFTBNFGPPUCBMMHBNFBTMBTUZFBS  w)JTSFQMBDFNFOUTIPVMECF$ISJT $PMMJOTXPSUI $IPPTJOH B .BEEFO DMPOF XPVME CF B CBE JEFB )F XBT B VOJRVF DIBSBDUFS BOEZPVDBOUSFQMJDBUFUIBU TPKVTUMFUIJNGBEFBXBZ$PMMJOTXPSUIJTBO JOTJHIUGVMBOBMZTUXIPDPVMEDBSSZUIFBOOPVODJOHMPBECZIJNTFMG5FBNJOHXJUI"M .JDIBFMTTIPVMENBLFUIFDPNNFOUBSZPG4VOEBZ/JHIU'PPUCBMMFYDJUJOH

'03:063$)"/$&50$0..&/50/#"/5&3 7*4*54*6%&$0.

#"4&#"--

$0/5*/6&%  '30. 

i5IFZSFBNVDIJNQSPWFECBMMDMVC  *LOPXUIBU5IFZTXJOHUIFCBUTQSFUUZ XFMM w)FOEFSTPOTBJEi*UTHPJOHUPCFB DIBMMFOHF CVUJGXFQMBZUIFXBZXFEJE UIFMBTUUXPHBNFT *MJLFPVSDIBODFTw 5IF 4BMVLJT FOUFS UIF XFFLFOE TFSJFT BT MPTFST PG GJWF TUSBJHIU 7BMMFZ HBNFT  XJUI UIFJS MBTU XJO DPNJOH BHBJOTU/PSUIFSO*PXBPO.BSDI 5IFMPTJOHTUSFBLJTUIFUFBNTMPOHFTU JODPOGFSFODFQMBZTJODFESPQQJOHFJHIU TUSBJHIUJO 5IF4BMVLJTFOUFSUIFTFSJFTIBWJOH MPTUGPVSPGUIFJSMBTUTJYTFSJFT5IFZBSF JOTFSJFTQMBZUIJTZFBS 4*6 IBT VTFE B DPNCJOBUJPO PG TPMJETUBSUJOHQJUDIJOHBOEMBUFJOOJOH SBMMJFTUPXJOJUTMBTUUXPHBNFTMFBEJOH VQUPUIF*OEJBOB4UBUFTFSJFT "GUFS CFJOH EPXO  BHBJOTU 4PVUIFBTU.JTTPVSJ4UBUFPO5VFTEBZ  UIF4BMVLJTVTFEIPNFSVOTCZTFOJPS DBUDIFS .BSL ,FMMZ BOE TPQIPNPSF

¶¶*

DFOUFS GJFME $ISJT .VSQIZ JO    &3"  JT TDIFEVMFE UP QJUDI UIF FJHIUI BOE OJOUI UP UJF UIF 'SJEBZ GPS UIF 4BMVLJT  XIJMF SJHIU HBNF +VOJPS UIJSE CBTFNBO 5POZ IBOEFS "OESFX %VOO    -FQPSFT 3#* TJOHMF &3" XJMMUBLFUIF JO UIF UI TFU UIF UBCMF NPVOE 4BUVSEBZ GPS KVOJPS DMPTFS #SZBOU -FGUIBOEFS+JNNZ UTHPJOHUPCFB $PSOFMM     (FPSHF UP TFU UIF BMMUJNF XJMMNBLFIJT.7$ TBWFTSFDPSE DIBMMFOHF CVU TUBSUJOH 5IF NBHJD DPOUJOVFE EFCVU PO JGXFQMBZUIFXBZ 4VOEBZBHBJOTUUIF UIF GPMMPXJOH EBZ BT UIF 4BMVLJT CVJMU B  MFBE 4ZDBNPSFT XFEJEUIFMBTU CFGPSF CMPXJOH JU JO B %FTQJUF UIF UXPHBNFT *MJLF TJYSVO PVUCVSTU TJYSVO TJYUI JOOJOH CZ UIF6OJWFSTJUZPG*MMJOPJT CZ *MMJOPJT PGGFOTF PVSDIBODFT 4*6 PWFSDBNF B POFSVO PO 8FEOFTEBZ  Â&#x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i*EPOUDBSFJGZPVHJWFVQIJUT  USJQMFUPNBLFJU CVUXIFOZPVXBMLHVZT ZPVSFOPU 3JHIUIBOEFS"EBN$VSZOTLJ  HJWJOHVTBDIBODF w%JYPOTBJE 

'SJEBZ "QSJM 




4Ä¡Ä Ä£Ä¥Ä¤ %" * -:  & ( : 1 5 * " /

'3*%":

*/4*%&3 QBHF#PPN+PIO.BEEFOSFUJSFE CVUXIP TIPVMESFQMBDFIJN 0/-*/& TJV%&DPN$IFDLPVUTPNFMPTUGVOBU3FOU0OFGSPNUIF 4*6*MMJOJHBNF 

"13*- 

80.&/4(0-'

%BXHTIPQFUPQFBLBUDPOGFSFODF

.&/4#"4,&5#"--

4BMVLJTPGGJDJBMMZ JOL5FBHVF -VJT$.FEJOB %"*-:&(:15*"/ -$.!4*6&%6

+".&4.$%0/06()]% "*-: & (:15*"/ 'SFTINBO.FH(JMMFZIJUTBTIPUPVUPGUIFTBOEBUUIFUIIPMFEVSJOHUIF4BMVLJ*OWJUBUJPOBMBU)JDLPSZ3JEHF(PMG$PVSTFJO$BSCPOEBMF PO.BSDI5IF4BMVLJTUSBWFMUP1BOPSB *PXB UPDPNQFUFJOUIF4UBUF'BSN.7$$IBNQJPOTIJQTUPEBZUISPVHI4VOEBZ

3ZBO7PZMFT

¶¶&

i8FSFBMMZEPOUIBWFBOZQSFTTVSF SFNJOETNFBMPUPGUIFQMBDFUIBUXFSF HPJOH JO CFDBVTF XF BSFOU UIF HPJOH UP QMBZ JO *PXB w %BVHIFSUZ GBWPSJUFT w -BFHFMFS TBJEi)PQFGVMMZ TBJEPGUIFDPVSTFJO3JDINPOE ,Z UIFMBDLPGQSFTTVSFXJMM i)PQFGVMMZ UIF UFBN 5ISPVHIPVU UIF TFBTPO  UIF IFMQVTDPNFBCPWFBMM HPUBHPPEGFFMGPSUIF NFNCFSTPGUIF4*6XPNFOTHPMGUFBN PG PVS JOEFDFOU QMBZ HSFFOTUIFSFw 4FOJPS #SBJEZ IBWFTBJEUIFJSHPBMJTUPQFBLHPJOHJOUP UIJTTFNFTUFSw WFSZUJNFXF DPOGFSFODF /PX  UIF 4BMVLJT IBWF B 5IF 4BMVLJT FOUFS )PPETBJE4*6 VTFE UFFPGGXFQMBZ 5VFTEBZT QSBDUJDF UP DIBODFUPSFBDIUIBUHPBM UIF DIBNQJPOTIJQT 4*6 XJMM DPNQFUFJO UIF .JTTPVSJ IBWJOH POMZ QSBDUJDFE XPSL PO JUT QVUUJOH UPXJO 7BMMFZ $POGFSFODF $IBNQJPOTIJQT PODF PO 5VFTEBZ  Â&#x2030;%JBOF%BVHIFSUZ HBNF IFBEDPBDI TUBSUJOH UPEBZ BU UIF -BLF 1BOPSBNB DPNJOHPGGUIFIFFMTPG i5IFZ IBWFSFBMMZ /BUJPOBM3FTPSUJO1BOPSB *PXB5IF UIF &BTUFSO ,FOUVDLZ CJH HSFFOT VQ UIFSF 4BMVLJTBSFQSPKFDUFEUPGJOJTIGJGUI 6OJWFSTJUZ 4QSJOH JO *PXB  TP XF BDDPSEJOH UP UIF QSFUPVSOBNFOU *OWJUBUJPOBM UIBU FOEFE 4VOEBZ JO QSBDUJDFEBMPUPGUIPTF w)PPETBJE QPMM *MMJOPJT 4UBUF DPMMFDUFE  3JDINPOE ,Z)FBEDPBDI%JBOF 'SFTINBO"MJTIB.BUUIFXTMFBET QPJOUT BOE JT QSPKFDUFE UP GJOJTI %BVHIFSUZTBJEUIFUPVSOBNFOUJO UIF UFBN XJUI B TUSPLF BWFSBHF GJSTU XJUI %SBLF TMBUFE UP GJOJTI ,FOUVDLZ TIPVME IFMQ UIF 4BMVLJT )PPEJTTFDPOEPO UIFUFBNXJUIB TFDPOEBTJUSFDFJWFEQPJOUT TJODFJUJTBTJNJMBSDPVSTFUP-BLF TUSPLFBWFSBHF-BFHFMFS UIFPOMZ 4FOJPS ,BUF -BFHFMFS TBJE TIF 1BOPSBNB 4BMVLJUPXJOBOJOEJWJEVBMUJUMFUIJT MJLFT HPJOH JOUP UIF UPVSOBNFOU BT i* UIJOL UIJT XBT B HSFBU DPVSTF TFBTPO JTUIJSEXJUIBOBWFSBHF VOEFSEPHT GPS VT UP QMBZ  QSF7BMMFZ  CFDBVTF JU 4*6 IBT CFFO JODPOTJTUFOU %"*-:&(:15*"/ 370:-&4!4*6&%6



UISPVHIPVU UIF TQSJOH TFBTPO XJUI GJOJTIFTBTIJHIBTGPVSUIJOUIF4BMVLJ *OWJUBUJPOBMJO$BSCPOEBMF BOEBT MPXBTUIJOUIF,JBXBI*TMBOE *OUFSDPMMFHJBUF BU ,JBXBI *TMBOE  4$ JO'FCSVBSZ )PXFWFS  UIF 4BMVLJT IBWF TVDDFFEFE JO UIF .7$ $IBNQJPOTIJQT UIF MBTU UXP ZFBST 5IFZ XPO UIF DPOGFSFODF DIBNQJPOTIJQ JO   TIPPUJOH TFWFOTUSPLFTPGGUIFTDIPPMSFDPSEPG 5IF4BMVLJTBMTPGJOJTIFETFDPOE CFIJOE*MMJOPJT4UBUFMBTUZFBS "MUIPVHIUIFDPNQFUJUJPOXJMMCF GJFSDF  %BVHIFSUZ TBJE TIF CFMJFWFT B UPQUISFF GJOJTI JT WJBCMF GPS UIF UFBN i8F DPVME QFBL BOE * EP UIJOL XF TUJMM IBWF BO PVUTJEF DIBODF UP XJO &WFSZ UJNF XF UFF PGG XF QMBZ UPXJO wTIFTBJE

#"4&#"--

4*6MPPLTUPDBSSZXFFLEBZTUSFBLJOUP.7$QMBZ 3ZBO7PZMFT %"*-:&(:15*"/ 370:-&4!4*6&%6

"  GUFS XJOOJOH CBDLUPCBDL OPO DPOGFSFODF HBNFT JO ESBNBUJD GBTIJPO  UIF 4*6 CBTFCBMM UFBN IPQFT UIF MBUF JOOJOHDPNFCBDLTXJMMOPUCFOFDFTTBSZ IFBEJOHCBDLJOUPDPOGFSFODF 4*6     USBWFMT UP 5FSSF )BVUF  *OE  UPEBZ GPS B UISFF HBNF TFSJFT BHBJOTU .JTTPVSJ 7BMMFZ $POGFSFODF SJWBMT *OEJBOB 4UBUF      *U XJMM CF UIF 4BMVLJT GJSTU DPOGFSFODFHBNFTJODFESPQQJOHCPUI HBNFT PG B EPVCMFIFBEFS BHBJOTU .JTTPVSJ4UBUFPO"QSJM "TTPDJBUFIFBEDPBDI,FO)FOEFSTPO TBJEUIFUFBNDBOOPUVOEFSFTUJNBUFUIF OPSNBMMZEPSNBOU4ZDBNPSFT 4FF#"4&#"-- ]

4BMVLJPVUGJFMEFS "BSPO3PCFSUTSVOT QBTUUIJSECBTF UPXBSETIPNF QMBUFEVSJOH4*6T HBNFBHBJOTU 6OJWFSTJUZPG *MMJOPJT8FEOFTEBZ JO.BSJPO -"/&$)3*45&/4&/ % "*-: & (:15*"/

8  JUI (FOF 5FBHVF TJHOJOH B OBUJPOBMMFUUFSPGJOUFOUUPQMBZGPS UIF4*6NFOTCBTLFUCBMMUFBN IFBE DPBDI $ISJT -PXFSZ XBT GJOBMMZ BCMFUPTQFBLBCPVUUIFUFBNTOFX FTUNFNCFS "GUFS B XFFLFOE WJTJU UP $BSCPOEBMF 5FBHVFHBWFUIF4BMVLJT B WFSCBM DPNNJUNFOU 4VOEBZ 0O 5IVSTEBZ -PXFSZSFDFJWFEBTJHOFE MFUUFS PG JOUFOU GSPN 5FBHVF  XIP DBODFMFE IJT GJOBM SFDSVJUJOH USJQT BGUFSWJTJUJOH4*6 i8FLOFXJUXBTHPJOHUPDPNF EPXOUPVTBOE8FTUFSO,FOUVDLZ "OE GPS IJN UP DBODFM IJT WJTJU UP 8FTUFSO BOE EFDJEF UP DPNF QMBZ GPS VT XBT B IVHF HFU GPS VT w -PXFSZTBJE -BOEJOH5FBHVFXBTBMPOHQSP DFTT  -PXFSZ TBJE Â&#x2030; B QSPDFTTUIF GJGUIZFBS DPBDI CFHBO UXP TVN NFST BHP BU B 4PVUIFSO *MMJOPJT .JOFSTHBNF "UUIFHBNF -PXFSZNFU+PIO 4DBO[BOP BOBENJOJTUSBUPSBU"QFY "DBEFNZ JO /FX +FSTFZ  XIFSF 5FBHVF XBT QMBZJOH CBTLFUCBMM 4DBO[BOP JT UIF CSPUIFS PG GPSNFS .JOFSTUXPUJNFBMMTUBSTIPSUTUPQ .JLF4DBO[BOP +PIO 4DBO[BOP JOGPSNFE -PXFSZ BCPVU UIF BDBEFNZT UBM FOUFE CBTLFUCBMM QMBZFST BOE TBJE UIBUJGIFXBTJOUFSFTUFE IFTIPVME UBLFBMPPL-PXFSZEJE BOEGPVOE 5FBHVFJOUIFQSPDFTT 5FBHVF HSBEVBUFE -JWJOH 'BJUI $ISJTUJBO "DBEFNZ JO /FX +FSTFZ JO  )F PSJHJOBMMZ DPNNJU UFE UP UIF 6OJWFSTJUZ PG 4PVUI 'MPSJEB  CVU EJE OPU RVBMJGZ BDB EFNJDBMMZ 5IF /FX +FSTFZ OBUJWF UIFO FOSPMMFE BU "QFY "DBEFNZ XIFSFIFBWFSBHFEQPJOUTBOE SFCPVOETMBTUTFBTPO -PXFSZTBJE5FBHVFTIPVMEGJMMB WPJEJOUIFNJEEMFGPSUIF4BMVLJT i)FT CJH  IFT QIZTJDBM  BOE XF OFFEFEBCVDLFUNBLFSBSPVOEUIF SJN w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i8IFO ZPV IBWF B HPPE QSP HSBN  HPPE  UIJOHT IBQQFO GPS ZPV w -PXFSZ TBJE i1FPQMF LOPX BCPVU VT  BOE PCWJPVTMZ VT HPJOH UPQMBZBU.BEJTPO4RVBSF(BSEFO  SFHBSEMFTT PG UIF SFTVMUT  JT FWFSZ &BTU$PBTULJETESFBN 5P CF BCMF UP TBZ XF UPPL PVS GSFTINBO DMBTT UP /FX:PSL  XBT IVHFw -PXFSZ TBJE UIF ZFBS PG QSFQ TDIPPM IBT NBEF 5FBHVF B CFUUFS CBMMQMBZFSBOEBCFUUFSTUVEFOU 4FF5&"(6& ]

Apr1709Complete  

Read more
Read more
Similar to
Popular now
Just for you