July2209Complete

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

.VTJD 3FWJFXT i1PSUVHBM 5IF .BOw FWPMWFT JUTFMG XJUI GPVSUI SFMFBTF i+PTFQIJOFw JOEVDFT TMFFQ

%ĒĚĝĪ &ĘĪġĥĚĒğ

5PEBZ )JHI -PX

8&%/&4%":

5IVSTEBZ )JHI -PX 'SJEBZ )JHI -PX

70-6.& /0

1)050 $0-6./ 1"(& (VT #PEF TBZT * MPWF QFBDIFT BOE QJF BOE QFBDI QJF NNN

+6-:

&VSNB $ )BZFT $FOUFS UP DMPTF

1"(&4

'&." CFHJOT XPSL XJUI VOJWFSTJUZ GPS TUPSN EBNBHF #SJBO 'FMEU %"*-: &(:15*"/ #'&-%5!4*6 &%6

+".&4 .$%0//06() ] % "*-: & (:15*"/ .JDIFMMF 4UFXBSU B TPQIPNPSF JO QBSBMFHBM TUVEJFT GSPN $BSCPOEBMF SFBDUT UFBSGVMMZ UP UIF OFXT UIBU UIF &VSNB $ )BZFT $IJME $BSF $FOUFS XJMM CF DMPTJOH "VH "DDPSEJOH UP 4UFXBSU IFS ZPVOHFTU EBVHIUFS XJMM IBWF UP TXJUDI UP BOPUIFS DIJME DBSF GBDJMJUZ SBJTJOH IFS NPOUIMZ DIJME DBSF DPTUT GSPN QFS NPOUI UP 464"//") 13*$& %"*-: &(:15*"/ 413*$& !4*6 &%6

5 IF $JUZ $PVODJM WPUFE UP DMPTF UIF &VSNB $ )BZFT $FOUFS 5VFTEBZ BGUFS EJTQVUFT PWFS JUT GJTDBM QSBDUJDBMJUZ CFDBNF UPP MPVE UP JHOPSF .BZPS #SBE $PMF TBJE UIF DFOUFS IBT DPTU UIF DJUZ NPSF UIBO NJMMJPO TJODF JUT SFOPWBUJPO GJWF ZFBST BHP $PVODJMXPNBO .BSZ 1PIMNBO TBJE BMM CVU

PG UIF DFOUFS T DIJMESFO IBWF CFFO QMBDFE JO PUIFS DIJME DBSF TJUVBUJPOT $PVODJMNBO 4UFWFO )BZOFT XBT UIF POMZ NFN CFS UP WPUF JO GBWPS PG LFFQJOH UIF DFOUFS PQFO i* BN B TVDDFTT TUPSZ GSPN UIF DFOUFS w IF TBJE 5IF DFOUFS XJMM DMPTF JUT EPPST PO "VH B EBUF DPJODJEJOH XJUI UIF CFHJOOJOH PG BO BMUFSOB UJWF )FBE 4UBSU QSPHSBN JO XIJDI PG UIF SFNBJOJOH DIJMESFO BSF FOSPMMFE

*O B SFQPSU GJMFE CZ $JUZ .BOBHFS "MBO (JMM T PGGJDF JO +VOF JU XBT GPVOE UIBU UIF &VSNB $ )BZFT $FOUFS XBT OP MPOHFS CFJOH VTFE CZ GBNJMJFT JO UIF /PSUIFBTU OFJHICPSIPPE PG $BSCPOEBMF UIF DFOUFS XBT CFOFGJUJOH GBNJMJFT MJWJOH PVUTJEF UIF DJUZ MJNJUT BOE JU XPVME SFRVJSF TVCTUBOUJBM BMMPXBODFT GSPN UIF DJUZ T HFOFSBM GVOE FWFO XJUI TUBGG TBMBSZ SFEVDUJPOT 4FF $06/$*- ]

6OJWFSTJUZ BENJOJTUSBUPST NFU XJUI 'FEFSBM &NFSHFODZ .BOBHFNFOU "DU PGGJDJBMT .POEBZ UP CFHJO UIF QSPDFTT PG QSPDVSJOH SFMJFG GVOET BGUFS B .BZ TUPSN EFWBTUBUFE NVDI PG UIF DBNQVT "DDPSEJOH UP '&." HVJEFMJOFT UIF VOJWFSTJUZ DPVME SFDFJWF BT NVDI BT NJMMJPO XPSUI PG GFEFSBM BTTJTUBODF XIJDI JT QFSDFOU PG UIF UPUBM DBMDVMBUFE EBNBHF 0O +VMZ 1SFTJEFOU 0CBNB EFDMBSFE +BDLTPO $PVOUZ POF PG TJY TPVUIFSO *MMJOPJT DPVOUJFT UP CF B GFEFSBM EJTBTUFS BSFB NFBOJOH UIF DPVOUJFT XFSF FMJHJCMF GPS '&." GVOET '&." CFHBO TFUUJOH VQ TIPQ TIPSUMZ UIFSFBGUFS IPMEJOH NFFUJOHT UP JOGPSN QPUFO UJBM SFMJFG BQQMJDBOUT POMZ MPDBM HPWFSO NFOUT NVOJDJQBMJUJFT BOE DFSUBJO OPO QSPGJU PSHBOJ[BUJPOT QSPWJEJOH DSJUJDBM BTTJTUBODF BSF FMJHJCMF PO UIF BQQMJDBUJPO QSPDFTT %JSFDUPS PG 1MBOU BOE 4FSWJDF 0QFSBUJPOT 1IJM (BUUPO TBJE IF BMPOH XJUI PUIFS VOJWFSTJUZ PGGJDJBMT NFU XJUI '&." DPPSEJOBUPST UP SFWJFX IPX UIF BQQMJDBUJPO QSPDFTT XPSLT i8F BSF TUJMM JO UIF WFSZ FBSMZ TUBHFT w (BUUPO TBJE i5IFZ DBNF IFSF UP UBML BCPVU UIF QSPDFTT TIPX VT IPX JU XJMM XPSL QSPDFEVSBMMZ BOE UBLF B MPPL BU UIF DBNQVT *U XBT KVTU BO JOJUJBM BTTFTTNFOU CVU * XPVME JNBHJOF UIFZ XJMM CF IFSF GPS B QFSJPE PG UJNF w 4FF '&." ]

6OJWFSTJUZ QSPGFTTPS DPNQMFUFT )BMG *SPONBO DPNQFUJUJPO (FOOB 0SE %"*-: &(:15*"/ (03%!4*6 &%6

5PN 1BSSZ EJSFDUPS PG UIF QIZTJDBM FEVDBUJPO QSPHSBN CFHJOT B NJMF CJLF SJEF JO QSFQBSBUJPO GPS UIF )BMG *SPONBO IF DPNQFUFE JO 4VOEBZ 1BSSZ GJOJTIFE UIF NJMF FWFOU JO IPVST NJOVUFT BOE TFDPOET (&//" 03% % "*-: & (:15*"/

3VOOJOH BDSPTT UIF GJOJTI MJOF IPVST NJOVUFT BOE TFDPOET BGUFS CFHJOOJOH IJT TXJN 5PN 1BSSZ FYDFFEFE IJT HPBM 1BSSZ UIF EJSFDUPS PG UIF QIZTJDBM FEVDBUJPO QSPHSBN JO UIF %FQBSUNFOU PG ,JOFTJPMPHZ TBJE IJT GJSTU UIPVHIU BGUFS DPNQMFUJOH IJT GJSTU )BMG *SPONBO XBT i* EJE JU w 5IF QSPGFTTPS XBT POF PG NPSF UIBO DPNQFUJUPST BU UIF FWFOU XIJDI UPPL QMBDF JO 3BDJOF 8JT 4VOEBZ " )BMG *SPONBO CFHJOT XJUI NJMFT PG TXJNNJOH GPMMPXFE CZ NJMFT PG DZDMJOH CFGPSF DPODMVEJOH XJUI B NJMF SVO NPSF UIBO NJMFT PG QIZTJDBM FYIBVTUJPO "OE UIPVHI UIF GFBU NBZ TFFN UBMM GPS NPTU 1BSSZ TBJE IF SFHJTUFSFE GPS UIF FWFOU UP DIBMMFOHF IJNTFMG )F TBJE DFMFCSBUJOH IJT UI CJSUIEBZ JO .BZ BMTP NPUJWBUFE IJN UP BDIJFWF IJT HPBM PG GJOJTIJOH B USJBUIMPO

4FF *30/."/ ]

8FEOFTEBZ +VMZ

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

/FXT

" QJMF PG MPHT MFGU PWFS GSPN UIF .BZ TUPSN DMFBOVQ TJU CFTJEF UIF FYFSDJTF QBUI BU $BNQVT #FBDI 1IJM (BUUPO EJSFDUPS PG 1MBOU BOE 4FSWJDF 0QFSBUJPOT NFU XJUI '&." PGGJDJBMT .POEBZ UP EJTDVTT UIF VOJWFSTJUZ T BQQMJDBUJPO QSPDFTT GPS GFEFSBM GVOET BMPOH XJUI BTTFTTJOH JOJUJBM EBNBHF +".&4 .$%0//06() % "*-: & (:15*"/

'&."

(BUUPO TBJE UIF '&." DPPSEJOB UPST XBMLFE BSPVOE DBNQVT XJUI B QBSUJDVMBS FZF PO UIF VOJWFSTJUZ T GBSNT BOE CVJMEJOHT 5IF TUPSN XIJDI UIF /BUJPOBM 8FBUIFS 4FSWJDF JEFOUJGJFE BT B EFSFDIP GPSDFE UIF VOJWFSTJUZ UP BMUFS JUT HSBEVBUJPO TDIFEVMF BOE DBVTFE NPSF UIBO NJMMJPO XPSUI PG EBNBHF ‰ B GJHVSF UIBU (BUUPO TBZT JT HSPXJOH EBJMZ i8F IBE UIBU JOJUJBM BTTFTTNFOU CVU XF LFFQ GJOEJOH NPSF BOE NPSF EBNBHF w IF TBJE i8F QSPCBCMZ XPO U LOPX UIF BDUVBM DPTUT GPS TJY UP FJHIU NPOUIT w 6OEFS UIF 3PCFSU 5 4UBGGPSE %JTBTUFS 3FMJFG BOE &NFSHFODZ

"TTJTUBODF "DU '&." JT BCMF UP GVOE GFEFSBM EJTBTUFS BSFBT GPS VQ UP QFSDFOU 0ODF B DPVOUZ JT EFDMBSFE B EJTBT UFS BSFB JU NVTU XPSL XJUI B '&."

DPPSEJOBUPS XIP XPSLT XJUI B TQF DJGJD BQQMJDBOU UP HBUIFS JOGPSNBUJPO UP QSPWF UIF EBNBHFT BSF MFHJUJNBUF .FMZOEB 1FUSJF B '&." TQPLFT QFSTPO TBJE DPPSEJOBUPST IFMQ USBDL BQQMJDBOUT UJNF TIFFUT PWFSUJNF IPVST NBJOUFOBODF SFDPSET BOE EFCSJT SFNPWBM DPTUT BNPOH PUIFS JOGPSNB UJPO UIBU IFMQ TFDVSF UIF GFEFSBM GVOET i8F USZ UP XPSL WFSZ IBSE XJUI BMM BQQMJDBOUT UP NBLF TVSF UIFZ HFU BOZ BTTJTUBODF UIFZ NJHIU CF FMJHJCMF GPS w 1FUSJF TBJE i0VS NBJO HPBM JT UP XPSL PVSTFMWFT PVU PG B KPC BOE NBLF TVSF XF HFU UIF NPOFZ BOE GVOET BHFODJFT OFFE w

$JUZ PG $BSCPOEBMF PGGJDJBMT BMTP TBZ UIFZ BSF JO UIF QSPDFTT PG GPSN JOH B '&." SFRVFTU BMUIPVHI $JUZ .BOBHFS "MMFO (JMM TBJE UIF DJUZ IBT ZFU UP NFFU XJUI B '&."

DPPSEJOBUPS (JMM TBJE UIF DJUZ IBT CFFO QSFQBSFE GPS UIF QPTTJCJMJUZ PG GFEFSBM SFMJFG TJODF UIF TUPSN IJU ‰ (JMM XBT QBSU PG B '&." SFRVFTU UXP ZFBST BHP XIFO IF XPSLFE JO 1JUUTCVSHI ,BO i*U T B WFSZ EFUBJMFE QSPDFTT CVU GPS UIF BNPVOU PG NPOFZ ZPV DBO HFU ZPV IBWF UP EP JU w (JMM TBJE i8F IBWF CFFO USBDLJOH FWFSZ UJNF TIFFU FWFSZ JOWPJDF FWFSZ DPOUSBDUPS CJMM BOE FWFSZ QVSDIBTF 8F LOFX QSFUUZ FBSMZ PO CBTFE PO UIF NBHOJUVEF PG UIF TUPSN XIBU XF XFSF EFBMJOH XJUI w

$BMFOEBS

1PMJDF #MPUUFST

$PSSFDUJPOT

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

4VCNJU DBMFOEBS JUFNT UP UIF %"*-: &(:15*"/ OFXTSPPN $PNNVOJDBUJPOT BU MFBTU UXP EBZT CFGPSF UIF FWFOU

3&"$)*/( 64 1)0/&

"% '"9

&."*- &%*503!4*6%& $0. &%*503 */ $)*&' +&'' &/(&-)"3%5

&95

+FGG &OHFMIBSEU DPOUSJCVUFE UP UIJT SFQPSU

*G ZPV TQPU BO FSSPS QMFBTF DPOUBDU UIF %"*-: &(:15*"/ BU FYU

5IFSF BSF OP JUFNT UP SFQPSU BU UIJT UJNF

%&4*(/ $)*&' $)3*45*"/ )0-5

&95

8&# &%*503

$*5: &%*503 %*"/" 40-*80/

&95

$".164 &%*503 #3*"/ '&-%5

&95

&95

%*"/" 40-*80/

&95

#64*/&44 "% %*3&$503 +&33: #64)

&95

'"$6-5: ."/"(*/( &%*503

."/"(*/( &%*503 +0& 3&)"/"

&95

410354 &%*503 4&"/ .$(")"/

"%7&35*4*/( ."/"(&3 $"33*& ("--&

&95

70*$&4 &%*503 "--*40/ 1&55:

&95

&95

16-4& &%*503 -6,& .$$03.*$,

&95

$-"44*'*&% ."/"(&3 "3*"/%& $)".#&34

&95

1*$563& &%*503 +".&4 .$%0//06()

&95

#64*/&44 0''*$& #3"/%* )"33*4

&95

/&8 .&%*" &%*503 #:30/ '3"/$*4

&95

#-",& .6-)0--"/%

&95

"% 130%6$5*0/ ."/"(&3 5*''"/: $0$)3"/

&95

(3"1)*$4 &%*503 +".*& %3&/%&-

&95

$*3$6-"5*0/

&95

8&# "% ."/"(&3

&3*$ '*%-&3

&95

"$$06/5"/5 %&##*& $-":

&95

.*$30 $0.165&3 41&$*"-*45 ,&--: 5)0."4

&95

13*/54)01 461&3*/5&/%&/5

7Ġ Ě Ĕ Ė Ĥ %" * -: & ( : 1 5 * " /

&#+.; ');26+#0 '&+614+#. $1#4& ,GHH 'PIGNJCTFV ' &+614 +0 % *+'(

#NNKUQP 2GVV[ 8 1+%'5 ' &+614

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

)GPPC 1TF 0 '95411/ 4 '24'5'06#6+8'

5GCP /E)CJCP 5 21465 ' &+614

.WMG /E%QTOKEM 2 7.5' ' &+614

&KCPC 5QNKYQP % +6; ' &+614

-CVGN[P 2HGKUVGT 0 '95411/ 4 '24'5'06#6+8'

,7.;

3716' 1( 6*' &#;

+05+)*6

² IQKPI VQ PCOG QWT MKFU 9GµTG FGHKPKVGN[ PQV -GNN[

³

,FMMZ ,BUSJOB )JMEFCSBOEU XIP JT NBSSZJOH B NBO PG UIF TBNF GJSTU BOE MBTU OBNF ,FMMZ $BSM )JMEFCSBOEU UIF QBJS NFU PO 'BDFCPPL

.JTTJPO 4UBUFNFOU

6JG &#+.; ');26+#0 VJG UVWFGPV TWP PGYURCRGT QH 5QWVJGTP +NNKPQKU 7PKXGTUKV[ %CTDQPFCNG KU EQOOKVVGF VQ DGKPI C VTWUVGF UQWTEG QH PGYU KPHQTOCVKQP EQOOGPVCT[ CPF RWDNKE FKUEQWTUG YJKNG JGNRKPI TGCFGTU WPFGTUVCPF VJG KUUWGU CHHGEVKPI VJGKT NKXGU

"CPVU 6T

6JG &#+.; ');26+#0 KU RWDNKUJGF D[ VJG UVWFGPVU QH 5QWVJGTP +NNKPQKU 7PKXGTUKV[ CV %CTDQPFCNG YKVJ HCNN CPF URTKPI EKTEWNCVKQPU QH (TGG EQRKGU CTG FKUVTKDWVGF QP ECORWU CPF KP VJG %CTDQPFCNG /WTRJ[UDQTQ CPF %CTVGTXKNNG EQOOWPKVKGU

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

1WT 9QTF KU VJG EQPUGPUWU QH 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 HQTWO ³ 5VWFGPV GFKVQTU JCXG CWVJQTKV[ VQ OCMG CNN EQPVGPV FGEKUKQPU YKVJQWV EGPUQTUJKR QT CFXCPEG CRRTQXCN 9G TGUGTXG VJG TKIJV VQ PQV RWDNKUJ CP[ NGVVGT QT IWGUV EQNWOP

4VCNJTTJPOT

%FMJDJPVT EJTDPWFSJFT ,"5&-:/ 1'&*45&3 ] % "*-: & (:15*"/ 5 IJT TVNNFS * XBT JOUSPEVDFE UP B TJUVBUJPO * IBE OFWFS FODPVOUFSFE CFGPSF /PU POMZ XBT * MJWJOH PVUTJEF PG 6OJWFSTJUZ )PVTJOH * XBT BMTP MJWJOH XJUIPVU 57 SBEJP PS *OUFSOFU JO NZ UFNQPSBSZ TVCMFU "MUIPVHI BOOPZJOH JU SFTVMUFE JO UIF OFFE UP GJOE BMUFSOBUF GPSNT PG FOUFSUBJONFOU GPS UIFTF IPU BOE IVNJE EBZT JO $BSCPOEBMF -VDLZ GPS NF B OFJHICPS JOWJUFE NF UP UIF $BSCPOEBMF 'BSNFST .BSLFU 'SPN UIF NPNFOU UIF DBS EPPS DMPTFT UIF TXFFU TDFOUT PG CBTJM PSDIJET BOE QFBDIFT UIF FBSUIZ TNFMM PG HBSMJD UVSOJQT DBSSPUT POJPOT QPUBUPFT BOE MFUUVDF BOE UIF XBSNJOH BSPNB PG GSFTI CBLFE CSFBE QJFT BOE PUIFS EFMJDJPVT USFBUT GJMM UIF BJS

&WFSZ 4BUVSEBZ UIF TNBMM 8FTUUPXO .BMM QBSLJOH MPU PGG 3PVUF JT USBOTGPSNFE JOUP B GVTJPO PG $BSCPOEBMF DVMUVSF &WFSZ NFNCFS PG UIF DPNNVOJUZ TFFNT UP DPNF PVU QSPGFTTPST BOE TUVEFOUT CJLFST BOE GBSNFST CBCJFT BOE FMEFSMZ OVOT BOE 3BTUBGBSJBOT BMM NFBOEFSJOH JO BOE PVU PG UIF CPPUIT CVZJOH FWFSZUIJOH GSPN WFHFUBCMFT BOE CSFBET UP QPUUFSZ BOE GMPXFST &WFO UIF EPHT TFFN UP FOKPZ UIF MBJE CBDL BUNPTQIFSF BT UIFJS PXOFST DIBU BOE MBVHI XJUI POF BOPUIFS -POH BGUFS * IBWF NBEF NZ PXO QVSDIBTFT * GJOE NZTFMG XBOEFSJOH BSPVOE UIF NBSLFU KVTU XBUDIJOH UIF TMPX QBDF PG UIF XFFLFOE NPSOJOH * IBWF OPUJDFE UIBU TPNF PG UIF

IBQQJFTU QBSUJDJQBOUT TFFN UP CF UIF LJET XIP IBWF DPNF XJUI UIFJS QBSFOUT .BOZ UJNFT UIFZ BSF HSJOOJOH XJUI B KVJDZ QFBDI PS CMBDLCFSSJFT JO UIFJS IBOET BOE BSNT BOE MBQT PS JO B TUSPMMFS IPMEJOH NPN T OFX GMPXFST CFHHJOH UP QFU FWFSZ EPH UIBU QBTTFT *U T UIFTF IBQQZ MJUUMF GBDFT UIBU SFNJOE NF UP UBLF B TUFQ CBDL TJU PO UIF HSBTT BOE FOKPZ UIF UJNF BXBZ GSPN UIF EFTL PS GSPN UIF MBUFTU CPPL * OFFE UP TUVEZ 4P HFU BXBZ GSPN UIF 57 BOE HP PVU UP UIF NBSLFU FBU ZPVS MPDBMMZ HSPXO

WFHFUBCMFT BOE UBLF B RVJDL UJNF PVU UP FOKPZ UIF TMPX TVNNFS NPSOJOH *G ZPV SF MVDLZ ZPV NBZ FWFO GJOE ZPVSTFMG UIF KVJDJFTU QFBDI UP ESJCCMF EPXO ZPVS DIJO

.GVVGTU CPF IWGUV EQNWOPU OWUV DG UWDOKVVGF YKVJ CWVJQTµU EQPVCEV KPHQTOCVKQP RTGHGTCDN[ XKC G OCKN 2JQPG PWODGTU CTG TGSWKTGF VQ XGTKH[ CWVJQTUJKR DWV YKNN PQV DG RWDNKUJGF .GVVGTU CTG NKOKVGF VQ YQTFU CPF EQNWOPU VQ YQTFU 5VWFGPVU OWUV KPENWFG [GCT CPF OCLQT (CEWNV[ OWUV KPENWFG TCPM CPF FGRCTVOGPV 0QP CECFGOKE UVCHH OWUV KPENWFG RQUKVKQP CPF FGRCTVOGPV 1VJGTU KPENWFG JQOGVQYP 5WDOKUUKQPU UJQWNF DG UGPV VQ XQKEGU"UKWFG EQO

1VCMJTIJOH *OGP

6JG &#+.; ');26+#0 KU RWDNKUJGF D[ VJG UVWFGPVU QH 5QWVJGTP +NNKPQKU 7PKXGTUKV[ 1H¾ EGU CTG KP VJG %QOOWPKECVKQPU $WKNFKPI 4QQO CV 5QWVJGTP +NNKPQKU 7PKXGTUKV[ CV %CTDQPFCNG %CTDQPFCNG +. $KNN (TGKXQIGN ¾ UECN QH¾ EGT

$PQZSJHIU *OGP

&#+.; ');26+#0 #NN TKIJVU TGUGTXGF #NN EQPVGPV KU RTQRGTV[ QH VJG &#+.; ');26+#0 CPF OC[ PQV DG TGRTQFWEGF QT VTCPUOKVVGF YKVJQWV EQPUGPV 6JG &#+.; ');26+#0 KU C OGODGT QH VJG +NNKPQKU %QNNGIG 2TGUU #UUQEKCVKQP #UUQEKCVGF %QNNGIKCVG 2TGUU CPF %QNNGIG /GFKC #FXKUGTU +PE

8FEOFTEBZ +VMZ

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

/FXT

914.& 0#6+10

/FXT

8FEOFTEBZ +VMZ

0CBNB /P UJNF GPS EFMBZ PO IFBMUI DBSF &SJDB 8FSOFS

.BKPSJUZ -FBEFS 4UFOZ )PZFS % .E TBJE SFGFSSJOH UP B HSPVQ PG 8" 4 ) * / ( 5 0 / ‰ DPOTFSWBUJWF %FNPDSBUT i* XBOU UP 1SFTJEFOU 0CBNB SFNBJOFE PO UIF NBLF JU WFSZ DMFBS UIBU UIFSF T QSP PGGFOTJWF 5VFTEBZ PO UIF QBDF BOE HSFTTJWFT #MVF %PHT BOE FWFSZCPEZ TIBQF PG MFHJTMBUJPO SFJOWFOUJOH JO CFUXFFO XIP IBWF FYQSFTTFE DPO IFBMUI DBSF BHBJOTU TUJGGFOJOH DFSOT BOE XF SF XPSLJOH PO UIBU w PQQPTJUJPO GSPN 3FQVCMJDBOT BOE )PZFS SBJTFE UIF QSPTQFDU PG HSPXJOH XBSJOFTT BNPOH SBOL BOE EFMBZJOH QBTTBHF PG B CJMM BGUFS GJMF DPOHSFTTJPOBM %FNPDSBUT $POHSFTT "VHVTU SFDFTT 'PMMPXJOH B SFDFOU QBUUFSO IBSTI i*G XF DBO HFU UP DPOTFOTVT XF SF QVCMJD FYDIBOHFT SJDPDIFUFE BMPOH HPJOH UP NPWF *G XF DBO U HFU UP 1FOOTZMWBOJB "WFOVF GSPN UIF 8IJUF DPOTFOTVT XF SF HPJOH UP DPOUJOVF UP )PVTF UP UIF $BQJUPM BNJE MBCPSJPVT XPSL PO DSFBUJOH DPOTFOTVT w IF TBJE XPSL PO UIF NFBTVSF UIBU 0CBNB )PVTF %FNPDSBUT XIP GBDF SF IBT JOTJTUFE CF QVU UPHFUIFS CFGPSF FMFDUJPO OFYU ZFBS GFBS WPUJOH GPS $POHSFTT MFBWFT JO "VHVTU GPS JUT SFDFTT B IFBMUI DBSF CJMM XJUI UBY JODSFBT ‰ B UJNFUBCMF B )PVTF %FNPDSBUJD FT ‰ BOE OP HVBSBOUFFT UIBU UIF MFBEFS JOEJDBUFE XBT TMJQQJOH 4FOBUF XJMM DPNQMFUF JUT MFHJTMBUJPO &OUFSJOH B DMPTFE EPPS PS BOZ NFBTVSF XJMM CFDPNF MBX %FNPDSBUJD NFFUJOH )PVTF 8BZT i5IF EBOHFS JT QSFUUZ DMFBS w TBJE BOE .FBOT $IBJSNBO $IBSMFT 3FQ 3JDIBSE /FBM % .BTT 3FQVCMJDBOT IFXFE UP UIF 3BOHFM % / : UPME BOPUIFS MBX NBLFS i/P POF XBOUT UP UFMM UIF FNFSHJOH NFTTBHF *U T UPP FYQFO 4QFBLFS /BODZ 1FMPTJ UIBU TIF T TJWF BOE JU T BMM IBQQFOJOH UPP GBTU 4FOBUF .JOPSJUZ -FBEFS .JUDI NPWJOH UPP GBTU BOE UIFZ EBNO TVSF .D$POOFMM PG ,FOUVDLZ BSHVFE EPO U XBOU UP UFMM UIF QSFTJEFOU w 3BOHFM T QBOFM GJOJTIFE JUT QPS UIBU B SBQJE GJSF BQQSPBDI DBSSJFT QJUGBMMT TJNJMBS UP POFT IF TBJE IBWF UJPO PG UIF )PVTF CJMM MBTU XFFL 0CBNB TUFQQFE PODF NPSF CFGPSF BEWFSTFMZ BGGFDUFE B CJMMJPO UIF DBNFSBT BU UIF 8IJUF )PVTF UP FDPOPNJD TUJNVMVT QBDLBHF i)FBMUI TBZ TUSJEFT IBWF CFFO NBEF "U UIF DBSF SFGPSN JT UPP JNQPSUBOU UP SVTI TBNF UJNF IF SFQFBUFE UIBU UIF TUJDLFS UISPVHI BOE HFU XSPOH w .D$POOFMM TIPDL UIBU DSJUJDT LFFQ DJUJOH XJMM CF BSHVFE JO B GMPPS TQFFDI i5IF "NFSJDBO QFPQMF XPSTF JO UIF BCTFODF PG BO PWFSIBVM BOE FYIPSUFE 8BTIJOHUPO UP iJOTJTU VOEFSTUBOE UIBU UIF TUBUVT RVP JT UIBU UIJT UJNF JU XJMM CF EJGGFSFOU w VOBDDFQUBCMF w 0CBNB TBJE 0CBNB T DIBMMFOHF XBT FWJEFOU #FZPOE UIF UBMLJOH QPJOUT DBT FWFO JO IJT PXO QBSUZ DBEJOH UISPVHI UIF DBQJUBM 0CBNB i.FNCFST IBWF DPODFSOT BOE NFU 5VFTEBZ XJUI UIF DIBJSNBO PG UIFZ SF OPU KVTU #MVF %PHT w )PVTF UIF )PVTF &OFSHZ BOE $PNNFSDF "440$*"5&% 13&44 83*5&3

$PNNJUUFF BOE UIF NPEFSBUF UP DPOTFSWBUJWF QBOFM %FNPDSBUT XIP IBWF CBMLFE PWFS UIF USJMMJPO ZFBS )PVTF CJMM 5IF CJMM XPVME GPS UIF GJSTU UJNF SFRVJSF BMM JOEJWJEVBMT UP IBWF IFBMUI JOTVSBODF BOE BMM FNQMPZFST UP QSP WJEF JU 5IF QPPS XPVME HFU TVCTJEJFT UP CVZ JOTVSBODF BOE JOTVSFST XPVME CF CBSSFE GSPN EFOZJOH DPWFSBHF CBTFE PO QSF FYJTUJOH DPOEJUJPOT 5IF CJMM BMTP XPVME SBJTF UBYFT PO UIF XFBMUIJFTU "NFSJDBOT UIF UPQ QFSDFOU PG FBSOFST i5IFSF T B OVNCFS PG QPUFOUJBM DPTU DVUUJOH NFBTVSFT XIJDI * UIJOL UIF "NFSJDBO QFPQMF FYQFDU CFGPSF XF DPOTJEFS BOZ LJOE PG OFX SFWF OVF 5IFZ XBOU VT UP TRVFF[F FWFSZ PVODF PG TBWJOHT UIBU XF DBO PVU PG UIF DVSSFOU TZTUFN 5IBU T XIBU XF SF EFNBOEJOH w 3FQ .JLF 3PTT % "SL TBJE BGUFS 0CBNB T IPVS QMVT NFFUJOH XJUI UIF %FNPDSBUT 5IF &OFSHZ BOE $PNNFSDF $PNNJUUFF JT UIF MBTU PG UISFF JO UIF )PVTF UP XSJUF MFHJTMBUJPO UIBU BNPOH PUIFS UIJOHT XPVME TQSFBE UIF IFBMUI DBSF DPWFSBHF VNCSFMMB PWFS UIF SPVHIMZ NJMMJPO QFPQMF XIP EPO U OPX IBWF UIBU QSPUFDUJPO i5IFZ EPO U DBSF XIP T VQ PS XIP T EPXO QPMJUJDBMMZ JO 8BTIJOHUPO w UIF QSFTJEFOU TBJE i5IFZ DBSF BCPVU XIBU T HPJOH PO JO UIFJS PXO MJWFT 5IFZ EPO U DBSF BCPVU UIF MBUFTU MJOF PG QPMJUJDBM BUUBDL 5IFZ DBSF BCPVU XIFUIFS UIFJS GBNJMJFT XJMM CF DSVTIFE CZ SJTJOH QSFNJVNT w 0CBNB UPPL UIF VOVTVBM TUFQ PG JOWJUJOH UIF EJSFDUPS PG UIF OPOQBSUJ

TBO $POHSFTTJPOBM #VEHFU 0GGJDF UP UIF 8IJUF )PVTF .POEBZ UP EJTDVTT IFBMUI DBSF DPTUT %PVH &MNFOEPSG NBEF CJH OFXT ‰ BOE EFBMU B NBKPS TFUCBDL UP 0CBNB T QVTI GPS PWFS IBVM ‰ MBTU XFFL XIFO IF TBJE UIBU UIF MFHJTMBUJPO QFOEJOH JO $POHSFTT XPVME OPU SFEVDF IFBMUI DBSF DPTUT &MNFOEPSG XIP IFME KPCT JO UIF $MJOUPO BENJOJTUSBUJPO JT SFTQPOTJ CMF GPS HJWJOH JOEFQFOEFOU JOGPSNB UJPO UP MBXNBLFST PO $BQJUPM )JMM "U B DSVDJBM NPNFOU JO UIF IFBMUI DBSF EJTDVTTJPOT 0CBNB T DPNNFOUT

1SFTJEFOU 0CBNB EFMJWFST SFNBSLT PO IFBMUI DBSF SFGPSN EVSJOH B OFXT DPOGFSFODF 5VFTEBZ JO UIF 3PTF (BSEFO BU UIF 8IJUF )PVTF JO 8BTIJOHUPO 0-*7*&3 %06-*&3: . $ $ -"5$): 53*#6/& 5VFTEBZ EJE OPU DPOUBJO OFX EFUBJMT PS BSHVNFOUT )F USJFE UP LFFQ VQ UIF NPNFOUVN CZ FNQIBTJ[JOH UIF QPTJUJWF ‰ UIF CSPBE BSFBT PG BHSFF NFOU TP GBS ‰ BT PQQPTFE UP UIF EJG GFSFODFT BOE PCTUBDMFT UIBU UISFBUFO UP EFSBJM PS QPTUQPOF UIF FGGPSU )F T USZJOH UP TUBZ JO GSPOU PG UIF NPVOUJOH EFCBUF PO IFBMUI DBSF SFGPSN CZ PGGFSJOH TUBUFNFOUT BOE EPJOH JOUFSWJFXT OFBSMZ CZ UIF EBZ )F QMBOT B QSJNF UJNF OFXT DPOGFSFODF 8FEOFTEBZ BOE B UPXO IBMM 5IVSTEBZ JO 0IJP

8FEOFTEBZ +VMZ

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

/FXT

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

/FXT

$06/$*-

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

"DDPSEJOH UP UIF TBNF SFQPSU UIF GBDJMJUZ T FOSPMMNFOU OVNCFST JO UIF NJE T SFBDIFE *O GJTDBM ZFBS UIF BWFSBHF EBJMZ BUUFOEBODF XBT BSPVOE 5IF 5VFTEBZ $JUZ $PVODJM BOE

*30/."/

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

1BSSZ TBJE IJT HPBM XBT UP GJOJTI JO BCPVU TJY IPVST CVU IF FOEFE VQ CFBUJOH IJT UBSHFU UJNF CZ NJOVUFT i5IF MBTU UISFF NJMFT PG UIF SVO * XBT KVTU MJLF A* N SFBMMZ HPJOH UP TNBTI UIF UJNF w IF TBJE 'PS UIPTF XIP LOPX 1BSSZ QFSTPOBMMZ IJT TVDDFTT XBT OPU TVSQSJTJOH 1IJM "OUPO B QSPGFTTPS JO LJOFTJPMPHZ

8FEOFTEBZ +VMZ

-JRVPS $POUSPM $PNNJTTJPO NFFU JOHT BMTP BEESFTTFE UIF OFYU TUFQT GPS TFWFSBM MPDBM DJUZ CVTJOFTTFT JODMVEJOH 'BU 1BUUJFT )BOHBS BOE 4UJY #BS BOE #JMMJBSET 5IF DPVODJM EJE OPU HSBOU PXOFS PG 'BU 1BUUJFT SFTUBVSBOU BOE $PNNJTTJPO NFNCFS -BODF +BDL B DMBTT " MJRVPS MJDFOTF UP TFSWF CFFS BOE XJOF XJUI

GPPE CFDBVTF PG EJTQVUFT PWFS MFHBMJUZ PG B DPNNJTTJPO NFNCFS T FMJHJCJMJUZ UP IPME B MJDFOTF 5IF EFDJTJPO DBNF BGUFS UIF -PDBM -JRVPS $PNNJTTJPO EFOJFE UIF MJDFOTF JO .BSDI DJUJOH UIF CFTU JOUFSFTU PG UIF DJUZ 5IF 4UBUF -JRVPS $PNNJTTJPO PWFSUVSOFE UIBU SVMJOH JO "QSJM i8F SF HPJOH UP DPOUJOVF UP GPMMPX

UIF QSPQFS MFHBM DIBOOFMT w +BDL TBJE 5IF $PNNJTTJPO BMTP BQQSPWFE UIF EFTJHO QMBOT GPS UIF SFDPOTUSVDUJPO PG )BOHBS PO 5IF 4USJQ )BOHBS XJMM OPX PGGFS B GSPOU GBDJOH CFFS HBSEFO XJUI BO PWFSIBOH $PODFSO XBT FYQSFTTFE PWFS UIF EFTJHO T DPNQMJBODF XJUI UIF DJUZ T EFGJOJUJPO PG BO FODMPTFE BSFB UIBU JT SFMFWBOU UP UIF

4NPLF 'SFF *MMJOPJT "DU 5IF CBS IBT CFFO DMPTFE TJODF JUT SPPG DPMMBQTFE JO UIF +BOVBSZ JDF TUPSN (SFH ,OPPC IPMEFS PG 4UJY #BS BOE #JMMJBSET MJRVPS MJDFOTF XBT EFOJFE SFOFXBM PG UIBU MJDFOTF )F TBJE IF POMZ SFRVFTUFE SFOFXBM JO PSEFS UP USBOTGFS UIF MJDFOTF UP UIF OFX PXOFS

XIP IBT XPSLFE XJUI 1BSSZ GPS B ZFBS TBJE IJT DPNQFUJWFOFTT QMBZFE JOUP IPX XFMM IF EJE "OUPO TBJE 1BSSZ BMTP QBSUJDJQBUFT JO WPMMFZCBMM BOE TPDDFS BOE IF QVTIFT IJNTFMG UP EP IJT CFTU JO FWFSZUIJOH 5IF HJWF JU ZPVS BMM BUUJUVEF FYUFOET CFZPOE BUIMFUJDJTN GPS UIF JOTUSVDUPS 1BSSZ TBJE IF XBOUT UIF TUVEFOUT IF UFBDIFT UP EP UIFJS CFTU BT XFMM BOE DPOTUBOUMZ TFFL UP JNQSPWF UIFJS XPSL i*G ZPV DBO HJWF QFSDFOU * EPO U

XBOU QFSDFOU w IF TBJE 1BSSZ TBJE POF PG UIF CFTU FYQFSJFODFT PG UIF SBDF XBT CFJOH BCMF UP TIBSF JU XJUI PUIFST )F TBJE UIF DPNQFUJUPST FODPVS BHFE POF BOPUIFS UISPVHIPVU UIF FWFOU IFMQJOH FBDI PUIFS UP UIF GJOJTI )BWJOH IJT QBSFOUT BOE B DMPTF GSJFOE UIFSF UP DIFFS IJN PO IFMQFE NPUJWBUF IJN UPP IF TBJE 5IF DBNBSBEFSJF PG IBWJOH PUIFS QFP QMF VOEFSTUBOE XIBU ZPV SF HPJOH UISPVHI SFMBUFT UP MJGF IF TBJE i*U T IBSE -JGF T IBSE #VU ZPV DBO EP JU

JG ZPV QVU ZPVS NJOE UP JU w IF TBJE 5POZ $PMMFUUJ B TFOJPS GSPN 1BSL 3JEHF TUVEZJOH IFBMUI FEVDBUJPO XIP IBT IBE 1BSSZ BT BO JOTUSVDUPS GPS TFWFSBM DMBTTFT TBJE UIF QSPGFTTPS T ESJWF UP FYDFM JO UIF USJ BUIMPO IFMQT IJT PXO NPUJWBUJPO )F TBJE JU XBT JOTQJSJOH UP TFF TPNFPOF TP EFEJDBUFE $PMMFUUJ TBJE IF XBT OPU TVSQSJTFE UIF #SJUJTI CPSO QSPGFTTPS EJE XFMM i)F T XIBU XF MJLF UP SFGFS UP BT B TQSJOH DIJDLFO w IF TBJE i* LOFX IF IBE JU JO IJN BT MPOH BT IF MBJE PGG UIF GJTI BOE DIJQT w

5IPVHI IF JT UBLJOH UIJT XFFL PGG GSPN FYFSDJTJOH 1BSSZ TBJE IF QMBOT UP CFHJO USBJOJOH BHBJO OFYU XFFL GPS GVUVSF SBDFT 5IPVHI UIF SPVHIMZ NJMF SBDF XBT EJG GJDVMU IF TBJE IF JT HMBE IF QBSUJDJQBUFE BOE QMBOT UP DPNQFUF BHBJO OFYU ZFBS *U JT JNQPSUBOU UP QVU ZPVSTFMG PVUTJEF ZPVS DPNGPSU [POF 1BSSZ TBJE XIFUIFS JU JT JO UIF DMBTTSPPN CVTJOFTT XPSME PS BO FWFOU MJLF UIF 4QJSJU PG 3BDJOF )BMG *SPONBO i)PX EP ZPV LOPX ZPV DBO U EP JU VOMFTT ZPV EP JU w IF TBJE

1 Ħ ĝĤĖ %" * -: & ( : 1 5 * " /

8FEOFTEBZ +VMZ t

4*6$ HMBTT BSUJTU IBT #*(( CSFBLUISPVHI $ ISJT .D(SFHPS

NPSF UIBO IBMG UIF BSUJTUT XPSL BOE 4UFWFMU TBJE JU XBT B HSFBU XBZ GPS BSUJTUT UP DPNNV OJDBUF UIFJS JEFBT XJUI FBDI PUIFS ' SPN $BSCPOEBMF UP $PMVNCVT 0IJP 5ISFF KVSPST -JOP 5BHMJBQJFUSB 5JOB )ZVOTVOH $IP JT CFTU JO TIPX 0MELOPX BOE 5PN )BXL OBSSPXFE UIF $IP B HSBEVBUF TUVEFOU GSPN 4FPVM BQQMJDBUJPOT EPXO UP TFMFDUFE XPSLT CZ 4PVUI ,PSFB JO UIF HMBTT QSPHSBN IBE IJT UIF BSUJTUT XPSL TFMFDUFE BT #FTU i8F BMM HPU UPHFUIFS JO 4IPX BU #*(( BOE TBU UISPVHI RVJUF B GFX #SFBLUISPVHI *EFBT BQQMJDBUJPOT BOE KVSJFE UIF IFO * MJWFE JO UIF CJH XPSLT PO UIFJS JOEJWJEVBM JO (MPCBM (MBTT 5IF DJUZ UIF DJUZ XBT B WFSZ NFSJUT w )BXL TBJE FYIJCJU GFBUVSFE XPSL DSPXEFE BOE OPU B WFSZ KPZGVM 5IF KVEHFT MPPLFE GPS GSPN BSUJTUT XIJDI XBT OBSSPXFE EPXO QMBDF )PXFWFS OPX BT * BN BO PWFSWJFX PG XPSME XJEF BSUJTUT XJUI JOOPWB GSPN NPSF UIBO MJWJOH JO UIF DPVOUSZTJEF UJWF JEFBT VTJOH HMBTT BT B BQQMJDBOUT 0G UIF NZ GFFMJOH BCPVU UIF DJUZ JT NFEJVN IF TBJE $IP XBT POF PG i8F KVTU GFMU IJT $IP T

BSUJTUT UP FBSO #FTU JO TIJGUJOH B MJUUMF 4IPX )ZVOHTVOH $IP XPSL TPSU PG TUPPE PVU IF HSBEVBUF TUVEFOU GSPN TBJE i5IF HSPVQ PG UIF i5IF FYIJCJU JT B 4FPVM 4PVUI ,PSFB JO HMBTT CMPXJOH UFO BSUJTUT XPSL XBT IFBE XBZ PG EJTDPWFSJOH UIF OFYU HFOFSBUJPO PG HMBTT BSUJTUT w TBJE BOE TIPVMEFST BCPWF B MPU PG UIF PUIFST w ,FMMZ 4UFWFMU EFQVUZ EJSFDUPS PG 0IJP 4UBUF )F TBJE JU XBT JOUFSFTUJOH UP MFBSO BCPVU IPX $IP XBT OPX MJWJOH JO UIF DPVOUSZ BOE 6OJWFSTJUZ T 6SCBO "SU 4QBDF QSPHSBN 5IF FYIJCJU XIJDI SVOT UISPVHI 0DU NJTTFE UIF IVTUMF BOE CVTUMF PG DJUZ MJGF BU 0IJP 4UBUF 6OJWFSTJUZ JT B XBZ UP i8IFO * MJWFE JO UIF CJH DJUZ UIF DJUZ XBT GPTUFS DSFBUJWJUZ MPDBMMZ BOE JOUFSOBUJPOBMMZ B WFSZ DSPXEFE BOE OPU B WFSZ KPZGVM QMBDF w TIF TBJE $IP TBJE i)PXFWFS OPX BT * BN MJWJOH JO i1BSU PG XIBU XF BSF IPQJOH UP DPNF PVU UIF DPVOUSZTJEF NZ GFFMJOH BCPVU UIF DJUZ JT GSPN UIJT JT BO JOUFSOBUJPOBM DPNNVOJUZ PG TIJGUJOH B MJUUMF w BSUJTUT XIP TUBZ DPOOFDUFE BOE TVQQPSU BOE )F TBJE IF XBOUFE UP TIPXDBTF IJT GFFM DIBMMFOHF POF BOPUIFS JO UIF GJFME w TIF TBJE JOHT GPS UIF DJUZ XJUI IJT BSUXPSL i5IF DJUZ JT B MJUUMF CJU EJGGFSFOU UIBO UIF 5IF PQFOJOH OJHIU PG UIF FWFOU GFBUVSFE %"*-: &(:15*"/ $)3*4.!4*6 &%6

¶¶8

1307*%&% 1 )0504 (SBEVBUF TUVEFOU )ZVOTVOH $IP DSFEJUT DIJMEIPPE WJFXT GSPN UIF SBJMXBZT JO 4FPVM 4PVUI ,PSFB GPS UIF DJUZTDBQFT GPVOE JO IJT BXBSE XJOOJOH HMBTTXPSL CFJOH GFBUVSFE BU )BXL (BMMFSJFT JO $PMVNCVT 0IJP DPVOUSZTJEF UIFSF BSF NBOZ QFPQMF DBST BOE CVJMEJOHT w IF TBJE w*U NBLFT GPS NBOZ EJGGFS FOU TJUVBUJPOT w )F TBJE IF VTFT IJT XPSL UP FYQSFTT UIF VOJRVF JNBHFT XIJDI POMZ B DJUZ DBO DSFBUF i.BJOMZ * BN DSFBUJOH UIF JNBHJOBUJPOT XIJDI UIF TDFOFSZ PG UIF DJUZ JOTQJSFT JO NF w

IF TBJE $IP DSFBUFE UIF BXBSE XJOOJOH QJFDF CZ CMPXJOH HMBTT BOE BQQMZJOH BO JNBHF PG 4FPVM PWFS UIF HMBTT 5IJT JT UIF GJSTU ZFBS PG #*(( T FYJTUFODF CVU )BXL TBJE UIFSF BSF BMSFBEZ QMBOT GPS B TIPX JO

$MBTTJGJFET

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

8FEOFTEBZ +VMZ

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

8FEOFTEBZ +VMZ

4UVEZ #SFBL

5IF %VQMFY

WW

5VFTEBZ T BOTXFST

"DSPTT #BS NJYFS -POH QBDF 5BOHZ EFTTFSU %FDFJWF 4FUT GSFF *O UIF QSJPS NPOUI 1SFDJTFMZ 4ISFL GPS POF #FBU PWFSXIFMNJOHMZ 5BYJOH NP 5JUMF SPMF GPS %PXO 3JMFE VQ

)BT NVDI UPP NVDI CSJFGMZ 4FMG DFOUFSFE UZQFT +FSVTBMFN QSBZFS TJUF /FHSJ PG TJMFOUT 1FMPUB DBUDIFS #VDL UBJM 6OSFTUSJDUFE USBEJOH BSFBT

-F $BS NBLFS i.JDIBFM $PMMJOTw BDUPS 4QBOJBSET SPMM UIFJST &BTZ HBJUT 6'0 QJMPUT JO UIFPSZ %JTDPWFS XJUI FGGPSU 8JME 8FTU TIPXNBO &EHF PVU

$PNNVOJUZ XFTU PG .POUFCFMMP $BMJG 6OXBWFSJOH #VSFBV DPNQBSUNFOU -JLF NVDI PG 3PTTJOJ T XPSL (SPVQT PG FJHIU -VODI PSEFS UIBU DBO GPMMPX UIF TUBSUT PG BOE "DSPTT %PXO 4IJGUJOH NFDIBOJTN

-PTU MPWF JO i5IF 3BWFOw %Ã TTFMEPSG GFBUVSF $PXCPZ T GPPUXFBS @@ DPOF #SJFG QIPUP TFTTJPOT $SBQT DVCF .BO PG NBOZ NPSBMT %JTQBSBHJOH SFNBSL #SPOTPO 3FNJDL NJOE DPOUSPM UISJMMFS 4UPPMJF 'JSTU OBNF JO UZSBOOZ "DUPS %F-VJTF 3PDL QSPEVDFS #SJBO )PTUT BU UJNFT i"OE @@ w i"CTPMVUFMZ w 4BJE QPTJUJWFMZ 'PSNFS 4BOZP DPN QFUJUPS

3VTTJBO EFTQPU 88** 'SFODI CBUUMF TJUF /PCFM 1FBDF 1SJ[F DJUZ 8JOEPX TUJDLFS 1SFQBSF 1BSNFTBO i.VTUO U EP UIBUw $PNQVUFS DPOOFD UJPO -FUUFST OFBS [FSP 0 #SJFO T QSFEFDFTTPS .FE TDIPPM TVCK -JLF .S "NFSJDB .FMBODIPMZ 3BCCJUMJLF SPEFOU #BDLXPPETZ 4PBQCPY PVUQVU (SFFOIPSOT .BSSJBHF BDRVJTJUJPO 1SPQFMMFST PO QPOET 5PLZP PODF 1FOEVMVN QBUI .FU %FGVODU GMJFS "2* VTFS 0OF PG B % $ 'PSNFS .POUFSFZ #BZ GPSU

#Z -JOEB $ #MBDL 5PEBZ T #JSUIEBZ ‰ "MM PG B TVEEFO ZPV SFBMJ[F ZPV SF TUSPOHFS UIBO ZPV UIPVHIU "OE ZFU UIFSF T B IVHF SFTQPOTJCJMJUZ JO IBWJOH TVDI QPXFS )PX DBO ZPV VTF UIFTF HJGUT GPS UIF CFOFGJU PG PUIFST "TL ZPVS UFBN 5IFZ MM IBWF MPUT PG HSFBU JEFBT

7JSHP "VH 4FQU ‰ 5PEBZ JT B ‰ 8BUDI PVU GPS KBNT BU XPSL BOE OPU UIF GVO LJOE 4PNFPOF DPVME DIBOHF IJT PS IFS NJOE JO UIF NJEEMF PG UIF QSPKFDU

5BVSVT "QSJM .BZ ‰ 5PEBZ JT B ‰ " TUBSUMJOH EFWFMPQNFOU DBVTFT ZPV UP SFUIJOL ZPVS QMBOT $IPPTF UIF PQUJPO UIBU T NPTU DPTU FGGFDUJWF

4BHJUUBSJVT /PW %FD ‰ 5PEBZ JT BO ‰4PNFUIJOH GBJMT BOE JU T OPU ZPVS GBVMU #VU JG ZPV SVO JOUP B TUPSN BOE ZPV SF VOQSFQBSFE UIBU *4 ZPVS GBVMU

(FNJOJ .BZ +VOF ‰ 5PEBZ JT BO ‰ "O JOWFTUNFOU JO ZPVS BSFB PG QBTTJPO MPPLT FYDFMMFOU 5IFSF BSF BMXBZT B GFX OFX UIJOHT ZPV OFFE 'JOE UIFN PO TBMF

$BQSJDPSO %FD +BO ‰ 5PEBZ JT B ‰ 1BTU GJOBODJBM USPVCMFT JOIJCJU ZPVS DIPJDFT 5IBU T 0, 5IBU T XIZ XF HFU XIPNQFE FWFSZ PODF JO B XIJMF SJHIU

-JCSB 4FQU 0DU ‰ 5PEBZ JT B ‰ #SFBLUISPVHI DPOEJUJPOT BSF JO FGGFDU TP XIBU EP ZPV XBOU UP DIBOHF 5P HFU UIF BEWBOUBHF DIFDL UIF EBZ T %FDJEJOH JT UIF JNQPSUBOU QBSU %P UIBU SBUJOH JT UIF FBTJFTU EBZ UIF NPTU OPX DIBMMFOHJOH 4DPSQJP 0DU /PW ‰ 5PEBZ "SJFT .BSDI "QSJM ‰ 5PEBZ JT B ‰ " TIBLF VQ BU UIF UPQ DBO JT BO ‰ -PWF T JO UIF BJS TP CF CF UP ZPVS BEWBOUBHF :PV SF BMXBZT DBSFGVM 0OMZ MFU MPPTF JO BQQSPQSJBUF TFFLJOH PQQPSUVOJUJFT 4FF XIJDI XBZ UIF SVCCMF GBMMT TVSSPVOEJOHT XJUI UIF SJHIU QFSTPO

"RVBSJVT +BO 'FC ‰ 5PEBZ JT BO ‰ :PV SF GJOBMMZ HFUUJOH TPNF $BODFS +VOF +VMZ ‰ 5PEBZ JT SFMJFG BOE TPNF OFFEFE IFMQ 5IFSF T B ‰ :PV DPVME GJOE B HSFBU EFBM 5IJT NPSF DPNQFUJUJPO BOE PQQPTJUJPO JT XIZ ZPV TBWFE VQ CVU JG ZPV SF OPU DPNJOH UPP SFBEZ ZPV SF OPU SFBEZ %PO U GBLF JU 1JTDFT 'FC .BSDI ‰ 5PEBZ -FP +VMZ "VH ‰ 5PEBZ JT B JT B ‰ 8IPB UIJT JT B TVSQSJTJOH ‰ 5IFSF T B UPUBM FDMJQTF JO ZPVS TJHO EFWFMPQNFOU :PV HFU UIF KPC CVU XIJDI DPVME CF XPOEFSGVM :PV MM EP OPCPEZ LOPXT XIBU ZPV SF TVQQPTFE CFTU JG ZPV QBSUOFS XJUI BO BOBMZTU UP EP 'JHVSF JU PVU

+5

$/

35

# '< ./* 6,.6.32 &2) *++ 296*/

!27(6&1'0* 8-*7* +396 91'0*7 32* 0*88*6 83 *&(- 759&6* 83 +361 +396 36).2&6< ;36)7

$

5VFTEBZ T BOTXFST

@

6.'92* *).& *6:.(*7 2( 00 .,-87 *7*6:*)

%

# 91'0* . -32* 44 ,3 83 ;;; '.8 0< / 5

$

&RPSOHWH WKH JULG VR HDFK URZ FROXPQ DQG E\ ER[ LQ EROG ERDUGHUV FRQWDLQV HYHU\ GLJLW WR )RU VWUDWH JLHV RQ KRZ WR VROYH 6XGRNX YLVLW ZZZ VXGRNX RUJ XN

! =

5VFTEBZ T BOTXFST

3; &66&2,* 8-* (.6(0*) 0*88*67 83 +361 8-* 79646.7* &27;*6 &7 79,,*78*) '< 8-* &'3:* (&68332

> 27;*67 8313663;

91'0*7 " $ !

27;*6 #-*2 8-* 2*; 46.732 ,9&6) ;*28 32 )98< -* ;&7 ? = $ > !

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

4QPSUT

7EPYOM -RWMHIV 5IF 5PVS EF 'SBODF FOET 4VOEBZ BOE -BODF "SNTUSPOH USBJMT "MCFSUP $POUBEPS CZ 8JMM "SNTUSPOH DBUDI VQ

."55 '3&&-"/% NBUU !TJV FEV

* UIJOL IF XJMM )F T CFFO GVSUIFS BXBZ GSPN UIF MFBE JO UIF QBTU BOE IBT DPNF CBDL BOE XPO * EPO U LOPX JG UIJT JT HPJOH UP CF BT FBTZ GPS IJN BT UIF PUIFS 5PVST XFSF CVU * BMTP EPO U TFF "SNTUSPOH HJWJOH VQ IJT UISPOF "SNTUSPOH XJMM XJO CVU JU XJMM CF CZ TFDPOET OPU CZ NJOVUFT

5IF SFBM RVFTUJPO JT XIFUIFS IJT SFQVUBUJPO XJMM FWFS DBUDI VQ UP IJT TVDDFTT 4VSSPVOEFE CZ RVFTUJPO NBSLT PG ESVH VTF BOE NBTT IBUSFE GSPN UIF 'SFODI "SNTUSPOH IBT B DMPVE IBOHJOH PWFS IJN GSPN NBOZ JO UIF TQPSU *G IF DBO TIFE UIBU SFQVUBUJPO MJLF IF DBO B DPNQFUJOH CJLFS IF XJMM HP EPXO BT POF PG UIF HSFBUFTU BUIMFUFT FWFS *G OPU UP QBSBQISBTF ,BOZF IF T KVTU BOPUIFS IJU #BSSZ #POET

+&'' &/(&-)"3%5 KFOHFM !TJV FEV

4&"/ .$(")"/ NDHBIBO !TJV FEV

* EPO U SFBMMZ LOPX IPX HPPE BOZ PG UIFTF DZDMJTUT BSF CVU * EP LOPX BMM HPPE UIJOHT NVTU DPNF UP BO FOE BOE * UIJOL -BODF "SNTUSPOH JT BCPVU EPOF )F IBE BO BNB[JOH SVO PG XJOOJOH 5PVS EF 'SBODF BGUFS 5PVS EF 'SBODF CVU FWFOUVBMMZ BMM UIF NJMFT PG CJLJOH JT HPJOH UP XFBS IJN EPXO * XPVME MJLF UP TFF IJN XJO KVTU TP IF QSPWFT IF DBO XJO B 5PVS XJUIPVU UIF RVFTUJPOT PG QPTTJCMF TUFSPJE VTF TVSSPVOEJOH IJN

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

'005#"--

UJHIU FOE 3ZBO ,FSOFT i5IFZ SF PVU UIFSF XPSLJOH IBSE $0/5*/6&% '30.

UIFZ SF SFBEZ GPS UIF TFBTPO UIFZ i5IF MPTT PG -BSSZ JT B CJH MPTT XBOU UIF CBMM UISPXO UP UIFN BOE )F XBT B LFZ UP PVS PGGFOTF BOE B UIFZ MM XBOU NPSF DBUDIFT UIJT ZFBS UFBN MFBEFS CVU QFPQMF HSBEVBUF w TP * MM USZ UP EP UIBU GPS UIFN w %JFLFS TBJE i1FPQMF BSF HPJOH UP %JFLFS TBJE DPNF JO BOE GJMM IJT TQPU 8F HPU *O UIF USFODIFT UIF PGGFOTF JT HPPE SVOOJOH CBDLT %FKJ ,BSJN SFUVSOJOH UISFF TUBSUFST JODMVEJOH 3JDIBSE 8IJUF UIBU T XIP * DBO QSFTFBTPO "MM .JTTPVSJ 7BMMFZ UIJOL PG UIBU DBO DPNF JO BOE GJMM 'PPUCBMM $POGFSFODF TFMFDUJPO UIBU SVOOJOH CBDL TQPU w 4IBXO 4NJUI %JFLFS TBJE IF JT BMTP DPNGPSUBCMF 4NJUI IBT TUBSUFE DPOTFDVUJWF XJUI IJT SFDFJWFST OFYU TFBTPO 5IF HBNFT GPS UIF 4BMVLJT BMM BU UIF UFBN SFUVSOT MFBEJOH SFDFJWFS .BSD HVBSE QPTJUJPO CVU XJMM CMPDL BT B $IFBUIBN BMPOH XJUI XJEFPVUT UBDLMF EVSJOH UIF TFBTPO BT B +PF "MMBSJB BOE #SZDF .PSSJT BOE TFOJPS 4PQIPNPSF #SZBO #PFNFS

JT FYQFDUFE UP TUBSU BT UIF UFBN T DFOUFS 1MBDF LJDLFS BOE .7'$ QSFTFBTPO IPOPSBCMF NFOUJPO ,ZMF %PVHIFSUZ JT BMTP SFUVSOJOH *O %PVHIFSUZ DPOWFSUFE PG GJFME HPBM BUUFNQUT 4FOJPS JOTJEF MJOFCBDLFS 3ZBO 1BUUPO IBT TFFO UIJT PGGFOTF HSPX PO B EBJMZ CBTJT BOE FYQFDUT JU UP CF SFBEZ GPS UIF TFBTPO i:PV DBO UFMM QMBJO BOE TJNQMF UIF DPNGPSU MFWFM XJUI UIFN BOE UIF DPNNVOJDBUJPO JT TP NVDI CFUUFS BOE * UIJOL UIFZ SF HPJOH UP IBWF UIF PQQPSUVOJUZ UP TVSQSJTF TPNF QFPQMF UIJT ZFBS w IF TBJE

8FEOFTEBZ +VMZ

4Ä¡Ä Ä£Ä¥Ä¤ %" * -: & ( : 1 5 * " /

8&%/&4%":

#"/5&3 QBHF %PFT CJLFS -BODF IBWF B DIBODF 0/-*/& TJV%& DPN )FBS NPSF GSPN WPMMFZCBMM T .BSJOB .FEJD

+6-:

'005#"--

4BMVLJT IJHI PO UIF PGGFOTJWF 4*6 SFUVSO TUBSUJOH 2# SFDFJWFST CVU MPTF 8BSOFS UIF MFWFM XIFSF IF TIPVME IBWF IJHI FYQFDUBUJPOT )F IBT B TUSPOH BSN BOE IF DBO UISPX B MPU PG EJGGFSFOU 8JUI B NBKPSJUZ PG UIF 4BMVLJ UZQFT PG QBTTFT GPS VT w PGGFOTF SFUVSOJOH UP UIF HSJEJSPO -BTU TFBTPO %JFLFS UPTTFE IFBE DPBDI %BMF -FOOPO FYQFDUT UPVDIEPXOT XJUI ZBSET XIJMF DPNQMFUJOH QFSDFOU UP MJHIU VQ B GFX PG IJT BUUFNQUT %JFLFS NPSF TDPSFCPBSET UIJT TFBTPO TBJE IF JT XPSLJOH PO UIJOL $ISJT 8JUI UIF SFUVSO PWFSBMM UISPXJOH %JFLFS JT BU UIF IJT BCJMJUJFT JO UIF PG RVBSUFSCBDL $ISJT MFWFM XIFSF IF %JFLFS B TUPDLQJMF PGGTFBTPO BT XFMM BT IJT PG SVOOJOH CBDLT TIPVME IBWF IJHI GPPUXPSL BOE JT BMTP BOE BMM CVU POF TUVEZJOH HBNF UBQF FYQFDUBUJPOT XJUI IJT DPBDIFT SFDFJWFS -FOOPO Â&#x2030; %BMF -FOOPO -BSSZ 8BSOFS TBJE UIF UFBN IBT 4*6 IFBE DPBDI JODSFBTFE FYQFDUBUJPOT MBTU TFBTPO T PGGFOTJWF DPNQBSFE UP MBTU TFBTPO T RVFTUJPO KVHHFSOBVU XJMM CF BCTFOU JO UIF CBDLGJFME BGUFS IF HSBEVBUFE GSPN 4*6 NBSL GJMMFE PGGFOTF i"OZ UJNF ZPV WF HPU BO MBTU TFNFTUFS FYQFSJFODFE TUBSUJOH RVBSUFSCBDL "MUIPVHI UIF UFBN XJMM NJTT IJT SFUVSOJOH UIBU BMMPXT ZPV UP EP B MFBEFSTIJQ UIF 4BMVLJT BSF DPOGJEFOU MJUUMF NPSF PO UIF PGGFOTJWF TJEF JO UIF SFUVSOJOH SVOOJOH CBDLT BOE JU JODSFBTFT FYQFDUBUJPOT UIBU %JFLFS TBJE ZPV IBWF GPS ZPVS PGGFOTJWF TRVBE w IF TBJE i* UIJOL $ISJT %JFLFS JT BU 4FF '005#"-- ]

.BUU 'SFFMBOE %"*-: &(:15*"/ ."55 !4*6 &%6

¶¶*

4&"/ .$(")"/ ] % "*-: & (:15*"/ 4*6 LJDLFS ,ZMF %PVHIFSUZ TUBSFT BU UIF TDPSFCPBSE BGUFS NJTTJOH IJT TFDPOE GJFME HPBM PG UIF 4BMVLJT XJO PWFS 8FTUFSO *MMJOPJT /PW BU .D"OESFX 4UBEJVN )FBEJOH JOUP IJT UIJSE TFBTPO %PVHIFSUZ XBT BO IPOPSBCMF NFOUJPO GPS UIF "MM .JTTPVSJ 7BMMFZ 'PPUCBMM $POGFSFODF UFBN SFMFBTFE .POEBZ

70--&:#"--

.JOVUFT .FEJD NBLFT NPWFT BXBZ GSPN UIF OFU +PF 3FIBOB %"*-: &(:15*"/ +0&3&)"!4*6 &%6

*O UISFF ZFBST BU 4*6 .BSJOB .FEJD IBT GPVOE DPNGPSU PO UIF CMPDL 5IF GPPU TFOJPS NJEEMF CMPDL FS XBT B UXP UJNF UPVSOBNFOU .71 IFS TPQIPNPSF TFBTPO BOE JT QSJNFE GPS B DPNFCBDL BGUFS B DPN QBSBUJWFMZ MBDLMVTUFS KVOJPS ZFBS #VU PVUTJEF PG %BWJFT (ZN .FEJD FOKPZT UIF (PME $PBTU PG "VTUSBMJB UIF SBOEPNOFTT PG IFS J1PE BOE UIF MVSF PG SFBMJUZ UFMFWJTJPO %BJMZ &HZQUJBO :PVS WPMMFZCBMM CJP TBZT UIBU ZPV BSF GSPN (PME

$PBTU "VTUSBMJB CVU UIF GJSTU TUPSZ XF QSJOUFE BCPVU ZPV TBZT ZPV SF GSPN 0IJP 8IJDI JT JU .BSJOB .FEJD 8FMM * XBT CPSO JO 4FSCJB JO &VSPQF BOE NZ GBNJMZ NPWFE XIFO * XBT UP 0IJP "OE UIFO * HPU SFDSVJUFE GPS WPMMFZCBMM IFSF BOE UIFO UXP ZFBST BHP NZ QBSFOUT NPWFE UP "VTUSBMJB CFDBVTF NZ NPN T TJEF MJWFT UIFSF %& )BWF ZPV TQFOU NVDI UJNF JO "VTUSBMJB UIFO .. * HP FWFSZ XJOUFS CSFBL TP * WF QSPCBCMZ NBEF BCPVU GJWF PS TJY USJQT TJODF * XBT JO IJHI TDIPPM %& %P ZPV TVSG .. :FT * USJFE MBTU UJNF *

XFOU BOE JU XBT TP NVDI GVO *G UIFSF XBT B CFBDI IFSF UIBU IBE XBWFT * E EP JU FWFSZ TJOHMF EBZ %& 5POZ )BXL QMBDFE UIF (PME $PBTU BT POF PG IJT GBWPSJUF 5PQ QMBDFT UP CF 8PVME ZPV BHSFF .. +VTU CFDBVTF JU T TP MBJE CBDL BOE HPSHFPVT PG DPVSTF * UIJOL JU T MJLF UIF CFTU PG CPUI XPSMET :PV WF HPU UIF DJUZ BUNP TQIFSF XJUI QBSUJFT OJDF MJUUMF DBGFT ZPV DBO TJU BU BOE IBOH PVU UIFSF T BMXBZT TPNFUIJOH UP EP "OE UIFO ZPV WF HPU UIF CFBDI UIBU JT SFBMMZ DMFBO BOE DBMN BMTP UIF QFPQMF JO "VTUSBMJB BSF TP PQFO BOE GSJFOEMZ BOE UIFZ MM UBML UP ZPV

+".&4 .$%0//06() ] % "*-: & (:15*"/

BCPVU BOZUIJOH %& *U BQQFBST ZPV IBWF TPNF HMPCFUSPUUJOH HFOFT %P ZPV QMBO UP USBWFM BGUFS HSBEVBUJPO .. * N OPU TVSF 0G DPVSTF * E MPWF UP KVTU USBWFM UIF XPSME * EPO U LOPX IPX JU T HPJOH UP QBO PVU * VTFE UP BMXBZT UIJOL A'VUVSF * XBOU UP LOPX FWFSZUIJOH UIBU JT HPJOH UP IBQQFO BOE QMBO JU PVU #VU ZPV LOPX BU UIJT QPJOU NBKPST IBWF DIBOHFE BOE ZPV OFWFS LOPX XIFSF SF ZPV SF HPJOH UP FOE VQ UIF OFYU ZFBS %& 8IBU JT ZPVS OFX NBKPS .. * N JO SBEJP BOE UFMFWJTJPO NBSLFUJOH OPX " NPSF DSFBUJWF TJEF BOE * EPO U LOPX NPSF CVTJOFTT MJLF * N NPSF IBQQZ XJUI NZ NBKPS OPX %& 8IFO JU DPNFT UP NVTJD EP ZPV MFBO UPXBSET UIF +POBT #SPUIFST PS (VDDJ .BOF .. * XPVME IBWF UP TBZ * N JO CFUXFFO * RVJUF IPOFTUMZ DBO U TUBOE UIBU (VDDJ .BOF TPOH XJUI BMM UIPTF i"ZF w BOE UIFO +POBT #SPUIFST BSF XBZ UPP MJUUMF LJE * MJLF WFSZ FDMFDUJD NVTJD * IBWF UIF NPTU SBOEPN J1PE * IBWF 4FSCJB NVTJD CFDBVTF * N 4FSCJBO * VTFE UP EP GPMLMPSF EBODF XIFO * XBT TP * IBWF BMM PG UIPTF TPOHT TUVDL JO NZ IFBE * N JO MPWF XJUI DPVOUSZ JU T QSPCBCMZ NZ GBWPSJUF * IBWF B MPU PG SBQ * WF CFFO UP -JM 8BZOF DPODFSUT UXJDF BOE * MJLF NVTJ DBMT BOE %JTOFZ NPWJFT MJLF -JUUMF .FSNBJE TPOHT %& )BWF ZPV TFFO i)BSSZ 1PUUFS w PS BSF ZPV HPJOH UP .. /P i5XJMJHIUw GBO BMM UIF XBZ %& "OZ GBWPSJUF UFMFWJTJPO TIPXT .. /P * QSFUUZ NVDI KVTU XBUDI BOZUIJOH SBOEPN * MM NBLF

GVO PG BMNPTU BOZ TIPX MJLF i%BJTZ PG -PWF w %& -JLF i8JGF 4XBQw .. 5IBU UPP * XBUDI FWFSZ UIJOH .F BOE UFBNNBUF $IBOESB 3PCFSTPO XF MPWF XFEEJOH TIPXT MJLF i#SJEF[JMMBT w

¶¶*

IBWF UIF NPTU SBOEPN J1PE * IBWF 4FSCJB NVTJD CFDBVTF * N 4FSCJBO * VTFE UP EP GPMLMPSF EBODF XIFO * XBT TP * IBWF BMM PG UIPTF TPOHT TUVDL JO NZ IFBE

Â&#x2030; .BSJOB .FEJD TFOJPS NJEEMF CMPDLFS

%& 8IBU T ZPVS HSFBUFTU GFBS .. * XBT KVTU UBMLJOH BCPVU UIJT ZFTUFSEBZ XJUI UIF CPZGSJFOE BCPVU CFJOH UPSUVSFE QPTTJCMZ Â&#x2030; MJLF UJDLMFE UPSUVSFE PS UPSUVSFE JO HFOFSBM %& -JLF 4BMFN 8JUDI 5SJBMT UPSUVSF .. /P MJLF i4BXw UZQF UPS UVSF 4PNFUIJOH TDBSZ MJLF UIBU %& 8IBU XBT UIF MBTU NPWJF ZPV XBUDIFE UIBU ZPV SFBMMZ FOKPZFE .. i5IF 1SPQPTBM w * XBUDIFE JU MBTU XFFL *U T XJUI 4BOESB #VMMPDL BOE 3ZBO 3FZOPMET *U XBT DVUF " LJOE PG GVOOZ SPNBOUJD DPN FEZ UZQF Â&#x2030; OPU NZ GBWPSJUFT CVU UIFZ SF HPPE NPWJFT %& *T UIBU B DIJDL GMJDL .. *U T EFGJOJUFMZ B DIJDL GMJDL CVU * LOPX QMFOUZ PG HVZT XIP MJLFE JU UPP