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XXXIUDDPN

4NBSU1IPOF

6TFS.BOVBM

Summary of content (194 pages)

PAGE 1
4NBSU 1IPOF 6TFS .
PAGE 2
$POHSBUVMBUJPOT PO UIF QVSDIBTF PG ZPVS OFX 8JOEPXT .PCJMF¡ 4NBSUQIPOF 1MFBTF 3FBE #FGPSF 1SPDFFEJOH 5)*4 1)0/& *4 /05 '6--: $)"3(&% 8)&/ :06 5",& *5 065 0' 5)& #09 %0 /05 3&.07& 5)& #"55&3: 1"$, 8)&/ 5)& 1)0/& *4 $)"3(*/( :063 8"33"/5: *4 */7"-*%"5&% *' :06 01&/ 03 5".
PAGE 3
.BDSPNFEJB 'MBTI .BDSPNFEJB 'MBTI .BDSPNFEJB 'MBTI -JUF BOE 3FBEFS BSF USBEFNBSLT BOE PS SFHJTUFSFE USBEFNBSLT PG .BDSPNFEJB /FUIFSMBOET # 7 PS "EPCF 4ZTUFNT *ODPSQPSBUFE $PQZSJHIU ¥ +"5"":6 40'58"3& 1 -5% "MM 3JHIUT 3FTFSWFE $PQZSJHIU ¥ %JMJUIJVN /FUXPSLT *OD "MM 3JHIUT 3FTFSWFE "SD4PGU ..
PAGE 4
*NQPSUBOU )FBMUI *OGPSNBUJPO BOE 4BGFUZ 1SFDBVUJPOT 8IFO VTJOH UIJT QSPEVDU UIF TBGFUZ QSFDBVUJPOT CFMPX NVTU CF UBLFO UP BWPJE QPTTJCMF MFHBM MJBCJMJUJFT BOE EBNBHFT 3FUBJO BOE GPMMPX BMM QSPEVDU TBGFUZ BOE PQFSBUJOH JOTUSVDUJPOT 0CTFSWF BMM XBSOJOHT JO UIF PQFSBUJOH JOTUSVDUJPOT PO UIF QSPEVDU 5P SFEVDF UIF SJTL PG CPEJMZ JOKVSZ FMFDUSJD TIPDL GJSF BOE EBNBHF UP UIF FRVJQNFOU PCTFSWF UIF GPMMPXJOH QSFDBVUJPOT &-&$53*$"- 4"'&5: 5IJT QSPEVDU JT JOUFOEFE GPS VTF XIFO TVQQMJFE XJUI QPXFS GSP
PAGE 5
r )BOEMF CBUUFSZ QBDLT DBSFGVMMZ 5IJT QSPEVDU DPOUBJOT B -J JPO 1PMZNFS CBUUFSZ 5IFSF JT B SJTL PG ñSF BOE CVSOT JG UIF CBUUFSZ QBDL JT IBOEMFE JNQSPQFSMZ %P OPU BUUFNQU UP PQFO PS TFSWJDF UIF CBUUFSZ QBDL %P OPU EJTBTTFNCMF DSVTI QVODUVSF TIPSU FYUFSOBM DPOUBDUT PS DJSDVJUT EJTQPTF PG JO ñSF PS XBUFS PS FYQPTF B CBUUFSZ QBDL UP UFNQFSBUVSFT IJHIFS UIBO $ ' "3/*/( %"/(&3 0' &91-04*0/ *' #"55&3: *4 */$033&$5-: 8 3&1-"$&% 50 3&%6$& 3*4, 0' '*3& 03 #63/4 %0 /05 %*4"44&.
PAGE 6
r *G UIF CBUUFSZ MFBLT r %P OPU BMMPX UIF MFBLJOH óVJE UP DPNF JO DPOUBDU XJUI TLJO PS DMPUIJOH *G BMSFBEZ JO DPOUBDU óVTI UIF BíFDUFE BSFB JNNFEJBUFMZ XJUI DMFBO XBUFS BOE TFFL NFEJDBM BEWJDF r %P OPU BMMPX UIF MFBLJOH óVJE UP DPNF JO DPOUBDU XJUI FZFT *G BMSFBEZ JO DPOUBDU %0 /05 SVC SJOTF XJUI DMFBO XBUFS JNNFEJBUFMZ BOE TFFL NFEJDBM BEWJDF r 5BLF FYUSB QSFDBVUJPOT UP LFFQ B MFBLJOH CBUUFSZ BXBZ GSPN ñSF BT UIFSF JT B EBOHFS PG JHOJUJPO PS FYQMPTJPO r $PNNVOJDBUF UIF BQQSPQSJBUF TU
PAGE 7
4"'&5: */ "*3$3"'5 %VF UP UIF QPTTJCMF JOUFSGFSFODF DBVTFE CZ UIJT QSPEVDU UP BO BJSDSBGU T OBWJHBUJPO TZTUFN BOE JUT DPNNVOJDBUJPOT OFUXPSL VTJOH UIJT EFWJDF T QIPOF GVODUJPO PO CPBSE BO BJSQMBOF JT BHBJOTU UIF MBX JO NPTU DPVOUSJFT *G ZPV XBOU UP VTF UIJT EFWJDF XIFO PO CPBSE BO BJSDSBGU SFNFNCFS UP UVSO PGG UIF QIPOF CZ TXJUDIJOH UP 'MJHIU .PEF &/7*30/.
PAGE 8
4"'&5: 13&$"65*0/4 '03 3' &910463& r "WPJE VTJOH ZPVS EFWJDF OFBS NFUBM TUSVDUVSFT GPS FYBNQMF UIF TUFFM GSBNF PG B CVJMEJOH r "WPJE VTJOH ZPVS EFWJDF OFBS TUSPOH FMFDUSPNBHOFUJD TPVSDFT TVDI BT NJDSPXBWF PWFOT TPVOE TQFBLFST 57 BOE SBEJP r 6TF POMZ PSJHJOBM NBOVGBDUVSFS BQQSPWFE BDDFTTPSJFT PS BDDFTTPSJFT UIBU EP OPU DPOUBJO BOZ NFUBM r 6TF PG OPO PSJHJOBM NBOVGBDUVSFS BQQSPWFE BDDFTTPSJFT NBZ WJPMBUF ZPVS MPDBM 3' FYQPTVSF HVJEFMJOFT BOE TIPVME CF BWPJEFE */5&3'&3&/$& 8*5) .
PAGE 9
5P BTTVSF PQUJNBM QIPOF QFSGPSNBODF BOE FOTVSF IVNBO FYQPTVSF UP 3' FOFSHZ JT XJUIJO UIF HVJEFMJOFT TFU GPSUI JO UIF SFMFWBOU TUBOEBSET BMXBZT VTF ZPVS EFWJDF POMZ JO JUT OPSNBM VTF QPTJUJPO %P OPU UPVDI PS IPME UIF BOUFOOB BSFB VOOFDFTTBSJMZ XIFO QMBDJOH PS SFDFJWJOH B QIPOF DBMM $POUBDU XJUI UIF BOUFOOB BSFB NBZ JNQBJS DBMM RVBMJUZ BOE DBVTF ZPVS EFWJDF UP PQFSBUF BU B IJHIFS QPXFS MFWFM UIBO OFFEFE "WPJEJOH DPOUBDU XJUI UIF BOUFOOB BSFB XIFO UIF QIPOF JT */ 64& PQUJNJ[FT UIF BOUFOOB QF
PAGE 10
r "WPJE XFU BSFBT /FWFS VTF UIF QSPEVDU JO B XFU MPDBUJPO r "WPJE VTJOH ZPVS EFWJDF BGUFS B ESBNBUJD DIBOHF JO UFNQFSBUVSF 8IFO ZPV NPWF ZPVS EFWJDF CFUXFFO FOWJSPONFOUT XJUI WFSZ EJíFSFOU UFNQFSBUVSF BOE PS IVNJEJUZ SBOHFT DPOEFOTBUJPO NBZ GPSN PO PS XJUIJO UIF EFWJDF 5P BWPJE EBNBHJOH UIF EFWJDF BMMPX TVîDJFOU UJNF GPS UIF NPJTUVSF UP FWBQPSBUF CFGPSF VTJOH UIF EFWJDF /05& 8IFO UBLJOH UIF EFWJDF GSPN MPX UFNQFSBUVSF DPOEJUJPOT JOUP B XBSNFS FOWJSPONFOU PS GSPN IJHI UFNQFSBUVSF DPOEJU
PAGE 11
$POUFOUT $IBQUFS (FUUJOH 4UBSUFE (FUUJOH UP ,OPX :PVS 1IPOF BOE *UT "DDFTTPSJFT 4UBSUJOH 6Q )PNF 4DSFFO 4UBSU .
PAGE 12
*OTUBMMJOH BOE 6TJOH .JDSPTPGU "DUJWF4ZOD¡ 4ZODISPOJ[JOH XJUI :PVS $PNQVUFS 4ZODISPOJ[JOH WJB #MVFUPPUI 4ZODISPOJ[JOH .VTJD BOE 7JEFP $IBQUFS .
PAGE 13
4FUUJOH 6Q & NBJM "DDPVOUT & NBJM $IBQUFS 8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 4ZODISPOJ[JOH XJUI :PVS $PNQBOZ & NBJM 4FSWFS 8PSLJOH XJUI $PNQBOZ & NBJMT .BOBHJOH .
PAGE 14
6TJOH "VEJP #PPTUFS 'MBTI -JUF 1MBZFS +BWB $IBQUFS 6TJOH 0UIFS "QQMJDBUJPOT .JDSPTPGU¡ 0GGJDF .PCJMF .JDSPTPGU¡ 0GGJDF 8PSE .PCJMF .
PAGE 15
$IBQUFS (FUUJOH 4UBSUFE (FUUJOH UP ,OPX :PVS 1IPOF BOE *UT "DDFTTPSJFT 4UBSUJOH 6Q )PNF 4DSFFO 4UBSU .
PAGE 16
(FUUJOH 4UBSUFE (FUUJOH UP ,OPX :PVS 1IPOF BOE *UT "DDFTTPSJFT
PAGE 17
(FUUJOH 4UBSUFE *UFN 'VODUJPO -&% *OEJDBUPST /PUJGJFT ZPV PG DPOOFDUJWJUZ CBUUFSZ BOE OFUXPSL TUBUVT 'PS NPSF JOGPSNBUJPO BCPVU -&% *OEJDBUPST TFF UIF UBCMF BU UIF FOE PG UIJT TFDUJPO &BSQJFDF -JTUFO UP B QIPOF DBMM UISPVHI UIF FBSQJFDF %JTQMBZ 4DSFFO 5IF JODI -$% QSPWJEFT BNQMF WJFXJOH SPPN GPS XBUDIJOH WJEFP MPPLJOH BU QJDUVSFT PS CSPXTJOH UIF *OUFSOFU #"$, 1SFTT UP HP UP UIF QSFWJPVT TDSFFO PS CBDLTQBDF PWFS DIBSBDUFST -FGU 3JHIU 40'5 ,&:T 1SFTT UP QFSG
PAGE 18
(FUUJOH 4UBSUFE
PAGE 19
(FUUJOH 4UBSUFE *UFN 'VODUJPO 7PMVNF 6Q 7PJDF 5BH 1SFTT UP JODSFBTF UIF FBSQJFDF WPMVNF EVSJOH B DBMM 1SFTT BOE IPME UP MBVODI UIF 7PJDF 5BH GFBUVSF 7PMVNF %PXO 7PJDF /PUFT 1SFTT UP EFDSFBTF UIF FBSQJFDF WPMVNF EVSJOH B DBMM 1SFTT BOE IPME UP TUBSU UIF 7PJDF /PUFT SFDPSEFS $0.. ."/"(&3 1SFTT UP PQFO UIF $PNN .
PAGE 20
(FUUJOH 4UBSUFE -&% JOEJDBUPS MJHIUT 7BSJPVT DPMPST UIBU NJHIU EJTQMBZ JO UIF UXP -&% *OEJDBUPST BSF TVNNBSJ[FE IFSF -FGU -&% 4UBUVT 'MBTIJOH CMVF #MVFUPPUI NPEF TFU UP i0Ou PS i7JTJCMFu NPEF 'MBTIJOH HSFFO $POOFDUFE UP 8J 'J OFUXPSL 3JHIU -&% 4UBUVT 4PMJE HSFFO #BUUFSZ JT GVMMZ DIBSHFE #MBOL #BUUFSZ DBTF JT FNQUZ OP 4*. 64*.
PAGE 21
(FUUJOH 4UBSUFE "DDFTTPSJFT 5IF GPMMPXJOH BDDFTTPSJFT BSF QSPWJEFE XJUI UIF QIPOF "DDFTTPSZ 'VODUJPO "$ BEBQUFS 3FDIBSHF UIF QIPOF CBUUFSZ 64# DBCMF $POOFDU ZPVS QIPOF UP B 1$ UP TZODISPOJ[F EBUB BOE PS UP DIBSHF UIF QIPOF 4UFSFP IFBETFU 1SPWJEF B WPMVNF DPOUSPM TMJEFS BOE B 4FOE &OE CVUUPO :PV DBO QSFTT UIF CVUUPO UP QJDL VQ B DBMM PS QVU B DBMM PO IPME PS QSFTT BOE IPME UIF CVUUPO UP FOE UIF DBMM 1MVH JOUP &BSQIPOF +BDL UP MJTUFO UP BVEJP GJMFT 1PVDI
PAGE 22
(FUUJOH 4UBSUFE 4UBSUJOH 6Q *OTFSU UIF 4*. 64*. $BSE :PVS 4*. 4VCTDSJCFS *EFOUJUZ .PEVMF PS 64*. 6OJWFSTBM 4VCTDSJCFS *EFOUJUZ .
PAGE 23
(FUUJOH 4UBSUFE *OTUBMM B NJDSP4% $BSE 1SZ PQFO UIF SVCCFS DPWFS PG UIF NJDSP4% DBSE TMPU PO UIF SJHIU TJEF PG UIF QIPOF *OTFSU UIF NJDSP4% DBSE JOUP UIF TMPU XJUI UIF HPME DPOUBDUT GBDJOH EPXO BOE UIFO DMPTF UIF DPWFS /PUF 5P SFNPWF UIF NJDSP4% DBSE QSFTT JU UP QPQ JU PVU PG UIF TMPU NJDSP4% DBSE JT OPU JODMVEFE JO UIF CPY 5VSO 0O BOE 0GG UIF 1IPOF 1SFTT BOE IPME UIF 108&3 CVUUPO GPS BCPVU TFDPOET UP UVSO PO PS PGG UIF QIPOF
PAGE 24
(FUUJOH 4UBSUFE )PNF 4DSFFO 5IF )PNF TDSFFO EJTQMBZT JNQPSUBOU JOGPSNBUJPO TVDI BT VQDPNJOH BQQPJOUNFOUT TUBUVT JOEJDBUPST UIF DVSSFOU EBUF BOE UJNF BOE )5$ )PNF r 5P BDDFTT UIF )PNF TDSFFO GSPN BOZXIFSF QSFTT )0.
PAGE 25
(FUUJOH 4UBSUFE )5$ )PNF )5$ )PNF JT B )PNF TDSFFO QMVH JO UIBU HJWFT ZPV VQ UP EBUF MPDBM JOGPSNBUJPO BU B HMBODF TVDI BT UJNF EBZ BOE XFBUIFS JOGPSNBUJPO *U BMTP IBT B DVTUPNJ[BCMF DPOUBDUT MJTU XIFSF ZPV DBO BEE ZPVS GBWPSJUF DPOUBDUT GPS RVJDL BDDFTT )5$ )PNF IBT UISFF DPNQPOFOUT )PNF 8FBUIFS BOE 'BWPSJUF 1FPQMF "U UIF CPUUPN PG )5$ )PNF UIFSF JT B UPPMCBS UIBU BMMPXT ZPV UP TXJUDI CFUXFFO UIFTF DPNQPOFOUT 6TF UIF /"7*("5*0/ $POUSPM UP TXJUDI CFUXFFO UIF EJGGFSFOU DPNQPOFOUT PG )5$
PAGE 26
(FUUJOH 4UBSUFE 5IF 8FBUIFS UBC 8FBUIFS TIPXT ZPV UIF DVSSFOU XFBUIFS BT XFMM BT XFBUIFS JOGPSNBUJPO PG UIF OFYU GPVS EBZT PG UIF XFFL 5IF GJSTU UJNF ZPV VTF UIJT GFBUVSF ZPV OFFE UP TFMFDU ZPVS DJUZ GJSTU UP HFU UIF XFBUIFS JOGPSNBUJPO PG ZPVS DJUZ $MJDL UIF 8FBUIFS JDPO 4FMFDU $JUZ TDSFFO UP PQFO UIF 0O UIF 4FMFDU $JUZ TDSFFO CSPXTF UISPVHI UIF MJTU PG DJUJFT BOE DIPPTF ZPVS DJUZ $MJDL 4FMFDU "GUFS TFMFDUJOH ZPVS DJUZ ZPVS QIPOF BVUPNBUJDBMMZ DPOOFDUT UP UIF *OUFSOFU
PAGE 27
(FUUJOH 4UBSUFE :PV DBO BMTP DVTUPNJ[F XFBUIFS TFUUJOHT UISPVHI UIF GPMMPXJOH TUFQT $MJDL UIF 8FBUIFS JDPO UP PQFO UIF 4FMFDU $JUZ TDSFFO $MJDL .
PAGE 28
(FUUJOH 4UBSUFE 5IF 'BWPSJUF 1FPQMF UBC 'BWPSJUF 1FPQMF BMMPXT ZPV UP BEE VQ UP FJHIU GBWPSJUF DPOUBDUT *G ZPV NBLF DBMMT PS TFOE NFTTBHFT UP DFSUBJO QFPQMF GSFRVFOUMZ ZPV DBO BEE UIFN BT GBWPSJUF DPOUBDUT GPS RVJDLFS BDDFTT /PUF :PV TIPVME BMSFBEZ IBWF DPOUBDUT DSFBUFE PS TZODISPOJ[FE PO ZPVS QIPOF CFGPSF ZPV DBO BEE UIFN BT GBWPSJUF DPOUBDUT 4IPXT UIF GBWPSJUF DPOUBDU XJUI QIPUP 8IFO ZPV BEE B GBWPSJUF DPOUBDU BOE UIFSF JT OP QIPUP BTTPDJBUFE UP UIBU DPOUBDU UIF DPOUBDU T OBNF XJMM CF EJT
PAGE 29
(FUUJOH 4UBSUFE 4UBUVT *OEJDBUPST 5IF GPMMPXJOH UBCMF MJTUT DPNNPO TUBUVT JOEJDBUPST *DPO %FTDSJQUJPO /FX UFYU NFTTBHF /FX F NBJM NFTTBHF /FX -JWF .FTTFOHFS NFTTBHF 3PBNJOH 7PJDF DBMM JO QSPHSFTT %BUB DBMM JO QSPHSFTT $BMMT GPSXBSEFE $BMM PO IPME .JTTFE DBMM #BUUFSZ MFWFM -PX CBUUFSZ 7FSZ MPX CBUUFSZ #BUUFSZ DIBSHJOH /P CBUUFSZ PS CBUUFSZ GBVMU 4JHOBM TUSFOHUI 3BEJP DPOOFDUFE PS OP TJHOBM 3BEJP PGG /P 4*. 64*. DBSE JOTUBMMFE 4*. 64*. DBSE XJUI GBVMU .
PAGE 30
(FUUJOH 4UBSUFE *DPO %FTDSJQUJPO )4%1" OFUXPSL BWBJMBCMF )4%1" JO VTF 6.54 OFUXPSL BWBJMBCMF 6.
PAGE 31
(FUUJOH 4UBSUFE :PVS QIPOF DPNFT XJUI TFWFSBM CVOEMFE QSPHSBNT UIBU ZPV DBO TUBSU VTJOH JNNFEJBUFMZ :PV DBO BMTP JOTUBMM BEEJUJPOBM QSPHSBNT GSPN UIF JODMVEFE 8JOEPXT .PCJMF¡ (FUUJOH 4UBSUFE %JTD PS GSPN PUIFS TPVSDFT BOE JOTUBMM UIFN PO ZPVS QIPOF 5P TFF UIF BWBJMBCMF QSPHSBNT PO ZPVS QIPOF DMJDL 4UBSU PO UIF )PNF TDSFFO 5P TFF NPSF QSPHSBNT DMJDL .
PAGE 32
(FUUJOH 4UBSUFE *DPO 1SPHSBN %FTDSJQUJPO $BMFOEBS ,FFQT USBDL PG ZPVS BQQPJOUNFOUT BOE DSFBUFT NFFUJOH SFRVFTUT $BMM )JTUPSZ ,FFQT USBDL PG BMM QIPOF DBMMT NBEF SFDFJWFE BOE NJTTFE $BNFSB $BQUVSFT QIPUPT JO WBSJPVT NPEFT $PNN .
PAGE 33
(FUUJOH 4UBSUFE *DPO 1SPHSBN %FTDSJQUJPO 2VJDL /PUFT 5ZQFT BOE TBWFT PGUFO VTFE UFYU NFTTBHFT 4"14FUUJOHT &OBCMFT #MVFUPPUI 3FNPUF 4*. BDDFTT PO ZPVS QIPOF 4FF DIBQUFS GPS NPSF EFUBJMT 4FUUJOHT 1FSTPOBMJ[FT ZPVS QIPOF UP TVJU UIF XBZ ZPV VTF JU 45, 4*.
PAGE 34
(FUUJOH 4UBSUFE 2VJDL -JTU 5IF 2VJDL -JTU PGGFST DPOWFOJFOU BDDFTT UP B MJTU PG GVODUJPOT TVDI BT MPDLJOH ZPVS QIPOF BOE LFZQBE PQFOJOH $PNN .
PAGE 35
(FUUJOH 4UBSUFE 6TF UIF ,FZQBE 6TF UIF LFZQBE UP EJBM QIPOF OVNCFST PS UZQF TIPSU UFYU NFTTBHFT 5P DIBOHF UIF JOQVU NPEF 1SFTT BOE IPME UIF 95 LFZ 0O UIF NFOV DMJDL UIF JOQVU NPEF ZPV XBOU 6TF .VMUJQSFTT NPEF *O .VMUJQSFTT NPEF ZPV FOUFS B DIBSBDUFS CZ QSFTTJOH UIF OVNFSJD LFZ PO XIJDI UIF DIBSBDUFS BQQFBST 5P FOUFS UFYU JO .
PAGE 36
(FUUJOH 4UBSUFE %P BOZ PG UIF GPMMPXJOH UP TUBSU FOUFSJOH UFYU JO 95 NPEF r &OUFS MFUUFST CZ QSFTTJOH UIF LFZT PO XIJDI UIF MFUUFST BQQFBS 1SFTT B LFZ POMZ PODF GPS FBDI MFUUFS *G UIFSF JT NPSF UIBO POF DIPJDF JO UIF 95 EJDUJPOBSZ GPS ZPVS FOUSZ B MJTU PG BWBJMBCMF XPSET JT EJTQMBZFE BU UIF CPUUPN PG UIF TDSFFO r 1SFTT UIF @ LFZ UP FOUFS B TQBDF BGUFS UIF XPSE r 5P FOUFS QVODUVBUJPO QSFTT BOE UIFO TFMFDU GSPN UIF MJTU BU UIF CPUUPN PG UIF TDSFFO 6TF /VNFSJD NPEF *G B UFYU CPY Q
PAGE 37
(FUUJOH 4UBSUFE 5P FOUFS B TZNCPM 1SFTT BOE IPME UIF 95 LFZ 0O UIF NFOV DMJDL 4ZNCPMT UP EJTQMBZ UIF 4ZNCPM QBHF 4FMFDU UIF TZNCPM ZPV XBOU BOE QSFTT $&/5&3 0, 5P TUBSU B OFX MJOF *O B NVMUJ MJOF UFYU CPY TVDI BT UIF OPUFT BSFB PG B DPOUBDU PS B DBMFOEBS BQQPJOUNFOU EP UIF GPMMPXJOH r *O BOZ JOQVU NPEF QSFTT $&/5&3 0, 6TF UIF 28&35: ,FZCPBSE 4MJEF UIF VQQFS IBMG PG UIF QIPOF XJUI UIF TDSFFO UP UIF MFGU UP SFWFBM UIF 28&35: LFZCPBSE 6TF UIF 28&35: LFZCPBSE UP UZQF F NBJMT BOE
PAGE 38
(FUUJOH 4UBSUFE :PV DBO EP UIF GPMMPXJOH XJUI UIF 28&35: LFZCPBSE r 5P UZQF MPXFSDBTF MFUUFST QSFTT UIF LFZT VTJOH ZPVS UIVNCT PS ñOHFST r 5P UZQF BMM VQQFSDBTF MFUUFST QSFTT GJSTU BOE UIFO QSFTT 5P UVSO PGG UIJT GVODUJPO QSFTT GJSTU BOE UIFO QSFTT BHBJO r 5P UZQF B TJOHMF VQQFSDBTF MFUUFS QSFTT DPSSFTQPOEJOH LFZ BOE UIFO QSFTT UIF r 5P FOUFS B OVNCFS PS TZNCPM MBCFMFE JO CMVF DPMPS PS UP DBSSZ PVU B DPNNBOE MJLF TDSPMMJOH B QBHF QSFTT BOE UIFO QSFTT UIF DPSSFTQPOEJO
PAGE 39
(FUUJOH 4UBSUFE 5P DIFDL BOE PQUJNJ[F CBUUFSZ QPXFS r 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT 1PXFS .BOBHFNFOU BOE BEKVTU UIF CBDLMJHIU EJTQMBZ PS MJHIU TFOTPS TFUUJOHT *G ZPV EPO U XBOU UP DIBSHF UIF CBUUFSZ XIJMF UIF QIPOF JT DPOOFDUFE UP UIF DPNQVUFS DMJDL 4UBSU 4FUUJOHT 1PXFS .
PAGE 40
(FUUJOH 4UBSUFE
PAGE 41
$IBQUFS 6TJOH 1IPOF 'FBUVSFT 6TJOH UIF 1IPOF .BLJOH B $BMM .BLJOH B 7JEFP $BMM 3FDFJWJOH B $BMM *O $BMM 0QUJPOT "EEJUJPOBM %JBMJOH *OGPSNBUJPO 4*. 5PPM ,JU 45, 4FUUJOH 6Q #MVFUPPUI 4*.
PAGE 42
6TJOH 1IPOF 'FBUVSFT 6TJOH UIF 1IPOF :PV DBO VTF ZPVS QIPOF UP NBLF SFDFJWF BOE LFFQ USBDL PG WPJDF DBMMT BOE TFOE UFYU NFTTBHFT 4.4 4IPSU .FTTBHF 4FSWJDF BOE ..4 .VMUJNFEJB .FTTBHJOH 4FSWJDF NFTTBHFT 5IF 1IPOF TDSFFO 'SPN UIF 1IPOF TDSFFO ZPV DBO PQFO DBMM PS GJOE B DPOUBDU BOE FWFO TBWF B OFX OVNCFS JO $POUBDUT 5P BDDFTT UIF 1IPOF TDSFFO EP BOZ PG UIF GPMMPXJOH r 1SFTT 5"-, r &OUFS UIF QIPOF OVNCFS CZ QSFTTJOH UIF LFZT PO UIF LFZQBE &OUFS ZPVS 1*/ .PTU 4*. 64*.
PAGE 43
6TJOH 1IPOF 'FBUVSFT .BLJOH B $BMM 8JUI ZPVS QIPOF ZPV DBO NBLF DBMMT GSPN UIF )PNF TDSFFO UIF 1IPOF TDSFFO GSPN $POUBDUT 4QFFE %JBM $BMM )JTUPSZ PS 4*. $POUBDUT DPOUBDUT TUPSFE PO ZPVS 4*. 64*. DBSE .
PAGE 44
6TJOH 1IPOF 'FBUVSFT .
PAGE 45
6TJOH 1IPOF 'FBUVSFT .BLF B DBMM GSPN 4QFFE %JBM :PV DBO NBLF DBMMT VTJOH 4QFFE %JBM 5P MFBSO IPX UP VTF 4QFFE %JBM TFF i4QFFE %JBMu JO $IBQUFS .BLF B DBMM GSPN 4*. .BOBHFS $MJDL 4UBSU "DDFTTPSJFT 4*. .BOBHFS 8BJU GPS UIF DPOUFOUT PG ZPVS 4*. 64*. DBSE UP MPBE $IPPTF UIF DPOUBDU ZPV XBOU UP DBMM BOE DMJDL .FOV $BMM 'PS NPSF JOGPSNBUJPO BCPVU 4*. .BOBHFS TFF $IBQUFS .
PAGE 46
6TJOH 1IPOF 'FBUVSFT BNFSB 0O 0GG $MJDL UP UPHHMF CFUXFFO $ UVSOJOH PO PGG UIF DBNFSB 8IFO UIF DBNFSB JT UVSOFE PGG UIF JNBHF EJTQMBZFE EFQFOET PO UIF 7JEFP $BMM PQUJPOT ZPV IBWF TFU 4FF i4FU VQ 7JEFP $BMM 0QUJPOT u "VEJP .VUF 6ONVUF $MJDL UP UPHHMF CFUXFFO NVUJOH VONVUJOH UIF BVEJP .BJO 4FDPOE $BNFSB $MJDL UP UPHHMF CFUXFFO VTJOH UIF .
PAGE 47
6TJOH 1IPOF 'FBUVSFT /PUF 5IF QPTJUJPO PG UIF CSJHIUOFTT TDBMF MFWFM PO UIF VQQFS SJHIU DPSOFS XJMM EFQFOE PO UIF 4XBQ *NBHF PQUJPO TFMFDUFE 4FU VQ 7JEFP $BMM 0QUJPOT 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT 7JEFP $BMM (FOFSBM *O 4IPX TUJMM JNBHF TFMFDU UIF JNBHF ZPV XBOU UP EJTQMBZ XIFO ZPV UVSO Pí UIF DBNFSB r 1SFTFU GFNBMF %JTQMBZT B GFNBMF QJDUVSF JO QMBDF PG ZPVS JNBHF r 1SFTFU NBMF %JTQMBZT B NBMF QJDUVSF JO QMBDF PG ZPVS JNBHF r $VTUPN JNBHF -FUT ZPV VTF BO JNBH
PAGE 48
6TJOH 1IPOF 'FBUVSFT *O $BMM 0QUJPOT :PVS QIPOF MFUT ZPV NBOBHF NVMUJQMF DBMMT BU UIF TBNF UJNF %VSJOH B DBMM DMJDL .
PAGE 49
6TJOH 1IPOF 'FBUVSFT /PUFT r * G UIF DPOGFSFODF DPOOFDUJPO JT TVDDFTTGVM UIF XPSE i$POGFSFODFu BQQFBST r 5 P BEE BEEJUJPOBM QFSTPOT UP ZPVS DPOGFSFODF DBMM DMJDL .FOV )PME BU UIF UPQ PG UIF TDSFFO FOUFS UIF QIPOF OVNCFS BOE UIFO DMJDL 3FTVNF UP SFUVSO UP UIF DBMM 5P UVSO PO BOE Pí UIF 4QFBLFSQIPOF r %VSJOH B DBMM DMJDL .FOV 4QFBLFSQIPOF 0O 5IF BU UIF UPQ PG UIF TDSFFO JDPO BQQFBST r 5P UVSO Pí UIF 4QFBLFSQIPOF DMJDL .
PAGE 50
6TJOH 1IPOF 'FBUVSFT *OTFSU B QBVTF PS MPOH QBVTF JO B EJBMJOH TFRVFODF 4PNF JOUFSOBUJPOBM DBMMT PS QIPOF OVNCFST SFRVJSF B QBVTF PS MPOH QBVTF JO UIF EJBMJOH TFRVFODF JO PSEFS GPS UIF DBMM UP QSPDFTT TVDDFTTGVMMZ 0O UIF )PNF TDSFFO DMJDL 4UBSU $POUBDUT 4FMFDU UIF DPOUBDU BOE QSFTT $&/5&3 0, UP PQFO UIF DPOUBDU DBSE $MJDL .FOV &EJU 1PTJUJPO UIF DVSTPS PO UIF QIPOF OVNCFS XIFSF ZPV XBOU UP JOTFSU B QBVTF $MJDL .
PAGE 51
6TJOH 1IPOF 'FBUVSFT 4FUUJOH 6Q #MVFUPPUI 4*. "DDFTT GPS $BS ,JU 1IPOFT $BS LJUT UIBU TVQQPSU UIF 4*. "DDFTT 1SPGJMF 4"1 DBO DPOOFDU UP ZPVS QIPOF BOE BDDFTT JUT 4*. 64*. DBSE WJB #MVFUPPUI /PUFT r . BLF TVSF UIBU BMM QIPOF DPOUBDUT BSF TUPSFE JO UIF 4*. 64*. DBSE BOE OPU JO UIF QIPOF NFNPSZ $POGJHVSF UIF DBS LJU UP EPXOMPBE DPOUBDUT POMZ GSPN 4*. 64*.
PAGE 52
6TJOH 1IPOF 'FBUVSFT
PAGE 53
$IBQUFS 4ZODISPOJ[JOH *OGPSNBUJPO XJUI :PVS $PNQVUFS "CPVU 4ZODISPOJ[BUJPO 6TJOH .JDSPTPGU 8JOEPXT .PCJMF¡ %FWJDF $FOUFS *OTUBMMJOH BOE 6TJOH .JDSPTPGU "DUJWF4ZOD¡ 4ZODISPOJ[JOH XJUI :PVS $PNQVUFS 4ZODISPOJ[JOH WJB #MVFUPPUI 4ZODISPOJ[JOH .
PAGE 54
4ZODISPOJ[JOH *OGPSNBUJPO XJUI :PVS $PNQVUFS "CPVU 4ZODISPOJ[BUJPO :PV DBO UBLF JOGPSNBUJPO GSPN ZPVS DPNQVUFS XIFSFWFS ZPV HP CZ TZODISPOJ[JOH UIFN UP ZPVS QIPOF 5IF GPMMPXJOH UZQFT PG JOGPSNBUJPO DBO CF TZODISPOJ[FE r .JDSPTPGU 0VUMPPL¡ JOGPSNBUJPO XIJDI JODMVEF 0VUMPPL F NBJM DPOUBDUT DBMFOEBS UBTLT BOE OPUFT r .
PAGE 55
4ZODISPOJ[JOH *OGPSNBUJPO XJUI :PVS $PNQVUFS 6TJOH .JDSPTPGU 8JOEPXT .PCJMF¡ %FWJDF $FOUFS .JDSPTPGU 8JOEPXT .PCJMF¡ %FWJDF $FOUFS JT UIF SFQMBDFNFOU GPS .JDSPTPGU¡ "DUJWF4ZOD¡ PO 8JOEPXT 7JTUB¡ /PUF 4PNF WFSTJPOT PG 8JOEPXT 7JTUB DPNF QSF JOTUBMMFE XJUI 8JOEPXT .PCJMF %FWJDF $FOUFS *G 8JOEPXT .
PAGE 56
4ZODISPOJ[JOH *OGPSNBUJPO XJUI :PVS $PNQVUFS *OTUBMMJOH BOE 6TJOH .
PAGE 57
4ZODISPOJ[JOH *OGPSNBUJPO XJUI :PVS $PNQVUFS 4ZODISPOJ[JOH XJUI :PVS $PNQVUFS $POOFDU ZPVS QIPOF UP ZPVS 1$ UP TZODISPOJ[F UIF JOGPSNBUJPO CFUXFFO ZPVS QIPOF BOE 1$ 8IJMF ZPVS QIPOF JT DPOOFDUFE "DUJWF4ZOD PS 8JOEPXT .
PAGE 58
4ZODISPOJ[JOH *OGPSNBUJPO XJUI :PVS $PNQVUFS 5P TZODISPOJ[F XJUI NPSF UIBO POF DPNQVUFS :PV DBO TFU VQ ZPVS QIPOF UP TZODISPOJ[F XJUI NPSF UIBO POF 1$ PS XJUI B DPNCJOBUJPO PG POF PS NPSF 1$T BOE &YDIBOHF 4FSWFS 8IFO TZODISPOJ[JOH XJUI NVMUJQMF DPNQVUFST UIF JUFNT UIBU ZPV TZODISPOJ[F XJMM BQQFBS PO BMM PG UIF DPNQVUFST XJUI XIJDI UIFZ BSF TZODISPOJ[FE 'PS FYBNQMF JG ZPV IBWF TFU VQ TZODISPOJ[BUJPO XJUI UXP 1$T 1$ BOE 1$ XIJDI IBWF EJGGFSFOU JUFNT BOE ZPV TZODISPOJ[F $POUBDUT BOE $BMFOEBS P
PAGE 59
4ZODISPOJ[JOH *OGPSNBUJPO XJUI :PVS $PNQVUFS 4ZODISPOJ[JOH WJB #MVFUPPUI :PV DBO DPOOFDU BOE TZODISPOJ[F ZPVS QIPOF XJUI UIF 1$ VTJOH #MVFUPPUI 5P TZODISPOJ[F XJUI B DPNQVUFS WJB #MVFUPPUI 4FU VQ UIF TZODISPOJ[BUJPO TPGUXBSF 8JOEPXT .PCJMF %FWJDF $FOUFS PS "DUJWF4ZOD PO ZPVS DPNQVUFS UP VTF B #MVFUPPUI DPOOFDUJPO 'PS NPSF JOGPSNBUJPO TFF UIF TPGUXBSF )FMQ PO ZPVS DPNQVUFS 0O ZPVS QIPOF DMJDL 4UBSU "DUJWF4ZOD .
PAGE 60
4ZODISPOJ[JOH *OGPSNBUJPO XJUI :PVS $PNQVUFS 4ZODISPOJ[JOH .VTJD BOE 7JEFP *G ZPV XBOU UP DBSSZ ZPVS NVTJD PS PUIFS EJHJUBM NFEJB BMPOH XJUI ZPV XIJMF ZPV USBWFM TFU VQ .JDSPTPGU 8JOEPXT .FEJB 1MBZFS PO ZPVS DPNQVUFS UP TZODISPOJ[F NVTJD BOE WJEFP XJUI ZPVS QIPOF 0UIFS UIBO TFMFDUJOH UIF NFEJB JOGPSNBUJPO UZQF JO "DUJWF4ZOD UP CF TZODISPOJ[FE BMM NFEJB TZODISPOJ[BUJPO TFUUJOHT NVTU CF TFU JO 8JOEPXT .
PAGE 61
$IBQUFS .BOBHJOH ZPVS 1IPOF 1FSTPOBMJ[JOH :PVS 1IPOF "EEJOH BOE 3FNPWJOH 1SPHSBNT 6TJOH 5BTL .BOBHFS BOE .BOBHJOH .FNPSZ .
PAGE 62
.BOBHJOH ZPVS 1IPOF 1FSTPOBMJ[JOH :PVS 1IPOF 4FU VQ UIF )PNF TDSFFO 5IF )PNF TDSFFO JT UIF TUBSUJOH QMBDF GPS NPTU PG UIF UBTLT ZPV QFSGPSN PO ZPVS QIPOF :PV DBO HBJO BDDFTT UP BMM GFBUVSFT BOE QSPHSBNT GSPN UIF )PNF TDSFFO 5P DVTUPNJ[F UIF )PNF TDSFFO 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT )PNF 4DSFFO *O )PNF TDSFFO MBZPVU $PMPS TDIFNF #BDLHSPVOE JNBHF BOE 5JNF PVU TFMFDU UIF PQUJPOT ZPV XBOU BOE DMJDL %POF 5P TFU B QJDUVSF BT UIF CBDLHSPVOE 0O UIF )PNF TDSFFO DMJDL
PAGE 63
.BOBHJOH ZPVS 1IPOF 5P TFU UIF EBUF BOE UJNF 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT $MPDL "MBSN %BUF BOE 5JNF 4FU UIF 5JNF [POF %BUF BOE 5JNF BOE UIFO DMJDL %POF $IPPTF IPX UP CF OPUJGJFE BCPVU FWFOUT PS BDUJPOT " QSPGJMF JT B HSPVQ PG TFUUJOHT UIBU EFUFSNJOF IPX ZPVS QIPOF XJMM BMFSU ZPV UP QIPOF FWFOUT TVDI BT JODPNJOH DBMMT BOE OPUJGJDBUJPOT 5P DIBOHF UIF DVSSFOU QSPñMF 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT 1SPñMFT $IPPTF B OFX QSPñMF BOE DMJDL %POF 5JQ
PAGE 64
.BOBHJOH ZPVS 1IPOF 5P TFU TPVOE GPS UIF LFZQBE BOE LFZCPBSE 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT 4PVOET *O ,FZQBE DPOUSPM TFMFDU B TPVOE 4FMFDU /POF JG ZPV EP OPU XBOU UP IFBS BOZ TPVOE XIJMF QSFTTJOH B LFZ $MJDL %POF 5P DPQZ B TPVOE UP ZPVS QIPOF "GUFS B TPVOE GJMF JT MPDBUFE PO ZPVS QIPOF ZPV DBO VTF JU GPS B SJOH UPOF OPUJGJDBUJPO PS SFNJOEFS 4PVOE GJMFT JO FJUIFS XBW NJE XNB PS NQ GPSNBUT DBO CF VTFE $POOFDU UIF QIPOF UP ZPVS 1$ VTJOH B 64# DPOOFDUJPO
PAGE 65
.BOBHJOH ZPVS 1IPOF 4FU QFSTPOBM JOGPSNBUJPO &OUFSJOH BOE EJTQMBZJOH PXOFS JOGPSNBUJPO BSF CFTU QSBDUJDFT UIFZ BMMPX TPNFPOF UP SFUVSO UIF QIPOF UP ZPV JO DBTF JU JT MPTU 5P FOUFS PXOFS JOGPSNBUJPO 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT 0XOFS *OGPSNBUJPO &OUFS UIF OFDFTTBSZ JOGPSNBUJPO BOE DMJDL %POF 4FU QFSGPSNBODF BOE NBJOUFOBODF PQUJPOT 5P DIBOHF BDDFTTJCJMJUZ TFUUJOHT 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT "DDFTTJCJMJUZ 4FMFDU ZPVS QSFGFSFODF GPS UIF GPMMPXJOH r
PAGE 66
.BOBHJOH ZPVS 1IPOF 5JQ .
PAGE 67
.BOBHJOH ZPVS 1IPOF 6TJOH 5BTL .BOBHFS BOE .BOBHJOH .FNPSZ $IFDL .FNPSZ 4UBUVT 5P TFF IPX NVDI NFNPSZ JT BWBJMBCMF 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT "CPVU 4DSPMM EPXO UP DIFDL UIF "WBJMBCMF .FNPSZ 5P TFF IPX NVDI TUPSBHF TQBDF JT BWBJMBCMF 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT "CPVU 4DSPMM EPXO UP DIFDL UIF "WBJMBCMF 4UPSBHF 6TF 5BTL .BOBHFS 5BTL .
PAGE 68
.BOBHJOH ZPVS 1IPOF .BOBHJOH BOE #BDLJOH 6Q 'JMFT :PV DBO CBDL VQ GJMFT UP ZPVS 1$ VTJOH 8JOEPXT .PCJMF %FWJDF $FOUFS PS "DUJWF4ZOD PS DPQZ GJMFT UP B TUPSBHF DBSE UIBU JT JOTUBMMFE PO ZPVS QIPOF :PV DBO BMTP FGGJDJFOUMZ NBOBHF ZPVS GJMFT BOE GPMEFST VTJOH 'JMF &YQMPSFS JOTUBMMFE PO ZPVS QIPOF 5P DPQZ ñMFT VTJOH 8JOEPXT .PCJMF %FWJDF $FOUFS "DUJWF4ZOD UP UIF 1$ $POOFDU ZPVS QIPOF UP ZPVS 1$ *O 8JOEPXT .PCJMF %FWJDF $FOUFS DMJDL 'JMF .
PAGE 69
.BOBHJOH ZPVS 1IPOF 'JMF &YQMPSFS -JTU 7JFX 'JMF &YQMPSFS *DPOT 7JFX *O 'JMF &YQMPSFS DMJDL .FOV UP PQFO B MJTU UIBU MFUT ZPV TFOE PS CFBN UIF GJMF WJFX UIF GJMF T QSPQFSUJFT TPSU UIF GJMFT BOE NPSF 5P TFOE B ñMF BT BO F NBJM BUUBDINFOU *O 'JMF &YQMPSFS TFMFDU B ñMF BOE DMJDL .FOV 4FOE 0O UIF .
PAGE 70
.BOBHJOH ZPVS 1IPOF 1SPUFDUJOH :PVS 1IPOF :PV DBO QSPUFDU ZPVS QIPOF GSPN VOBVUIPSJ[FE VTF CZ SFRVJSJOH B 1*/ QFSTPOBM JEFOUJGJDBUJPO OVNCFS JO PSEFS UP NBLF DBMMT "EEJUJPOBMMZ ZPV DBO BMTP MPDL UIF LFZQBE LFZCPBSE PS UIF FOUJSF QIPOF 5P FOBCMF UIF 4*. 1*/ 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT 4FDVSJUZ &OBCMF 4*. 1*/ &OUFS ZPVS 1*/ BOE DMJDL %POF /PUF 5P DBODFM XJUIPVU FOBCMJOH UIF 4*. 1*/ DMJDL $BODFM 5P EJTBCMF UIF 4*.
PAGE 71
.BOBHJOH ZPVS 1IPOF 5P VOMPDL UIF LFZQBE BOE LFZCPBSE r 0O UIF )PNF TDSFFO DMJDL 6OMPDL BOE QSFTT UIF 95 LFZ 5JQ #Z EFGBVMU UIF LFZQBE XJMM CFDPNF VOMPDLFE XIFO ZPV TMJEF UIF 28&35: LFZCPBSE PVU :PV DBO DIBOHF UIF TFUUJOH CZ DMJDLJOH 4UBSU 4FUUJOHT #VUUPO -PDL BOE UIFO TFMFDUJOH PS DMFBSJOH UIF 6OMPDL EFWJDF XIFO LFZQBE JT PQFOFE PQUJPO 5P FOBCMF UIF QIPOF MPDL 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT 4FDVSJUZ %FWJDF MPDL 4FMFDU 1SPNQU JG EFWJDF VOVTFE GPS UIFO TFMFDU
PAGE 72
.BOBHJOH ZPVS 1IPOF 3FTFUUJOH :PVS 1IPOF 3FTFUUJOH ZPVS QIPOF XJMM SFNPWF BMM UIF EBUB GSPN JUT NFNPSZ BOE SFTUPSF UIF QIPOF CBDL UP UIF GBDUPSZ EFGBVMU TFUUJOHT /PUF *G &ODSZQU GJMFT QMBDFE PO TUPSBHF DBSET JT PS XBT FOBCMFE CFGPSF UIFO CBDLVQ BMM GJMFT GSPN UIF TUPSBHF DBSE #&'03& VTJOH $MFBS 4UPSBHF PS VQEBUJOH UIF 30. TZTUFN TPGUXBSF 0UIFSXJTF ZPV XJMM OP MPOHFS CF BCMF UP BDDFTT UIF FODSZQUFE GJMFT PO UIF TUPSBHF DBSE 6TF "DUJWF4ZOD PS 8JOEPXT .
PAGE 73
$IBQUFS 0SHBOJ[JOH 1IPOF *OGPSNBUJPO $POUBDUT 4*. .
PAGE 74
.BOBHJOH ZPVS 1IPOF $POUBDUT $POUBDUT JT ZPVS BEESFTT CPPL BOE JOGPSNBUJPO TUPSBHF GPS UIF QFPQMF BOE CVTJOFTTFT ZPV DPNNVOJDBUF XJUI *G ZPV VTF 0VUMPPL PO ZPVS 1$ ZPV DBO TZODISPOJ[F DPOUBDUT CFUXFFO ZPVS QIPOF BOE 1$ $SFBUF B DPOUBDU PO ZPVS QIPOF 5P DSFBUF B OFX DPOUBDU PO ZPVS QIPOF 0O UIF )PNF TDSFFO DMJDL 4UBSU $POUBDUT /FX 0VUMPPL $POUBDU 5P DSFBUF B OFX DPOUBDU PO ZPVS 4*. 64*. DBSE TFMFDU 4*. $POUBDU :PV DBO BMTP VTF 4*. .BOBHFS UP BEE DPOUBDUT UP ZPVS 4*. 64*.
PAGE 75
.BOBHJOH ZPVS 1IPOF &EJU BOE DBMM B DPOUBDU 5P WJFX BOE FEJU B DPOUBDU JOGPSNBUJPO 0O UIF )PNF TDSFFO DMJDL 4UBSU $POUBDUT 4FMFDU UIF DPOUBDU XIPTF JOGPSNBUJPO ZPV XBOU UP WJFX PS FEJU BOE DMJDL .
PAGE 76
.BOBHJOH ZPVS 1IPOF 4IBSF DPOUBDU JOGPSNBUJPO 5P CFBN DPOUBDU JOGPSNBUJPO UP BOPUIFS EFWJDF WJB #MVFUPPUI 0O UIF )PNF TDSFFO DMJDL 4UBSU $POUBDUT BOE UIFO TFMFDU UIF DPOUBDU XIPTF JOGPSNBUJPO ZPV XBOU UP CFBN $MJDL .
PAGE 77
.BOBHJOH ZPVS 1IPOF 4*. .BOBHFS 4*. .BOBHFS BMMPXT ZPV UP WJFX UIF DPOUFOUT PG ZPVS 4*. 64*. DBSE BOE USBOTGFS DPOUBDUT GSPN ZPVS 4*. 64*. DBSE UP ZPVS QIPOF BOE WJDF WFSTB 5P DSFBUF B DPOUBDU PO ZPVS 4*. 64*. DBSE $MJDL 4UBSU "DDFTTPSJFT 4*. .BOBHFS $MJDL /FX BOE FOUFS UIF DPOUBDU OBNF BOE QIPOF OVNCFS $MJDL 4BWF 5JQ 5P DIBOHF DPOUBDU JOGPSNBUJPO PO ZPVS 4*. 64*. DBSE DMJDL B DPOUBDU BOE FEJU JU "GUFS NPEJGZJOH DMJDL 4BWF 5P DPQZ 4*.
PAGE 78
.BOBHJOH ZPVS 1IPOF $MJDL .FOV $POUBDUT UP 4*. 4FMFDU UIF DIFDL CPYFT PG UIF DPOUBDU T QIPOF OVNCFST UIBU ZPV XBOU UP DPQZ UP ZPVS 4*. 64*. DBSE UIFO DMJDL 4BWF 5P EJTQMBZ ZPVS QIPOF OVNCFS JO 4*. .BOBHFS 8IFO ZPVS QIPOF OVNCFS JT 0O UIF 4*. .BOBHFS TDSFFO DMJDL TUPSFE PO UIF 4*. 64*. DBSE .FOV 5PPMT -JTU PG 0XO /VNCFST $MJDL &EJU JU XJMM BQQFBS PO UIF 4*. .
PAGE 79
.BOBHJOH ZPVS 1IPOF 5P TDIFEVMF BO BQQPJOUNFOU 0O UIF )PNF TDSFFO DMJDL 4UBSU $BMFOEBS $MJDL .
PAGE 80
.BOBHJOH ZPVS 1IPOF 4FOE BQQPJOUNFOUT 5P TFOE B NFFUJOH SFRVFTU :PV DBO TFOE NFFUJOH SFRVFTUT WJB F NBJM UP QFSTPOT UIBU VTF 0VUMPPL PS 0VUMPPL .
PAGE 81
.BOBHJOH ZPVS 1IPOF 5BTLT 6TF 5BTLT UP LFFQ USBDL PG UIJOHT ZPV OFFE UP EP 5P DSFBUF B UBTL 0O UIF )PNF TDSFFO DMJDL 4UBSU 5BTLT $MJDL .
PAGE 82
.BOBHJOH ZPVS 1IPOF 2VJDL /PUFT 2VJDL /PUFT MFUT ZPV UZQF NFTTBHFT UIBU ZPV GSFRVFOUMZ VTF BOE TBWF UIFN PO ZPVS QIPOF :PV DBO UIFO TFOE UIFN WJB F NBJM UFYU NFTTBHF PS ..4 5P DSFBUF B OFX OPUF 0O UIF )PNF TDSFFO DMJDL 4UBSU 2VJDL /PUFT $MJDL /FX &OUFS UIF UFYU BOE DMJDL %POF 5P TFOE B OPUF 0O UIF )PNF TDSFFO DMJDL 4UBSU 2VJDL /PUFT 0O UIF 2VJDL /PUFT MJTU TFMFDU UIF UFYU ZPV XBOU UP TFOE BOE DMJDL .FOV 4FOE 0O UIF .
PAGE 83
.BOBHJOH ZPVS 1IPOF 5P MJTUFO UP B WPJDF OPUF 0O UIF )PNF TDSFFO DMJDL 4UBSU 7PJDF /PUFT 4FMFDU UIF WPJDF OPUF UP QMBZ BOE QSFTT $&/5&3 0, 5JQ 5P TUPQ MJTUFOJOH UP UIF WPJDF OPUF DMJDL 4UPQ XIJMF UIF WPJDF OPUF JT QMBZJOH 5P VTF B WPJDF OPUF BT B SJOH UPOF 0O UIF )PNF TDSFFO DMJDL 4UBSU 7PJDF /PUFT 4FMFDU UIF WPJDF OPUF BOE DMJDL .
PAGE 84
.BOBHJOH ZPVS 1IPOF
PAGE 85
$IBQUFS &YDIBOHJOH .FTTBHFT .FTTBHJOH 5FYU .FTTBHF ..4 .FTTBHFT 7PJDF.
PAGE 86
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL .FTTBHJOH .FTTBHJOH JT XIFSF BMM PG ZPVS F NBJM UFYU NFTTBHF BOE ..4 BDDPVOUT BSF MPDBUFE 8IFO ZPV SFDFJWF B OFX NFTTBHF ZPV DBO PQFO UIBU QBSUJDVMBS NFTTBHF GSPN UIF )PNF TDSFFO 4JNQMZ TDSPMM UP UIF SPX XIFSF UIF OFX NFTTBHF JT BOE DMJDL JU /FX F NBJM NFTTBHF /FX UFYU ..4 NFTTBHF 5P BDDFTT ZPVS NFTTBHF BDDPVOUT DMJDL 4UBSU .FTTBHJOH BOE UIFO DMJDL UIF BDDPVOU ZPV XBOU UP PQFO 8IJMF JO B NFTTBHJOH BDDPVOU T NBJO TDSFFO DMJDL .
PAGE 87
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL 5FYU .FTTBHF 4FOE TIPSU UFYU NFTTBHFT UP ZPVS DPOUBDUT $PNQPTF BOE TFOE UFYU NFTTBHFT 5P DPNQPTF BOE TFOE B UFYU NFTTBHF 0O UIF )PNF TDSFFO DMJDL 4UBSU .FTTBHJOH 4.4 = ..4 $MJDL .FOV /FX 4.4 &OUFS UIF NPCJMF QIPOF OVNCFS PG POF PS NPSF SFDJQJFOUT TFQBSBUJOH UIFN XJUI B TFNJDPMPO 5P BDDFTT QIPOF OVNCFST GSPN $POUBDUT JO 5P DMJDL .
PAGE 88
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL ..4 .FTTBHFT $SFBUJOH BOE TFOEJOH .VMUJNFEJB .FTTBHF 4FSWJDF ..4 NFTTBHFT UP ZPVS GSJFOET BOE GBNJMZ JT GVO BOE FBTZ 5P BDDFTT ..4 r 0O UIF )PNF TDSFFO DMJDL 4UBSU .FTTBHJOH 4.4 = ..4 5P BDDFTT ..4 NFTTBHF GPMEFST r $MJDL 4UBSU .FTTBHJOH 4.4 = ..4 UIFO DMJDL .FOV 'PMEFST ..4 .FTTBHF 'PMEFST &EJU ..4 TFUUJOHT 8IFO ZPV QVSDIBTF ZPVS QIPOF JU JT BMSFBEZ QSFTFU XJUI ZPVS XJSFMFTT TFSWJDF QSPWJEFS T ..
PAGE 89
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL $IFDL JG ZPVS QIPOF JT QSFTFU XJUI ..4 TFSWFS TFUUJOHT *G UIFSF BSF OP QSFTFU TFUUJOHT DMJDL .FOV /FX PO UIF ..4$ 4FUUJOHT TDSFFO BOE FOUFS UIF OFFEFE JOGPSNBUJPO ZPV TFF PO UIF TDSFFO :PV DBO HFU UIF JOGPSNBUJPO GSPN ZPVS XJSFMFTT TFSWJDF QSPWJEFS $MJDL %POF 5IF ..4 TFSWFS TFUUJOHT XJMM UIFO CF BEEFE BT BO FOUSZ PO UIF ..4$ 4FUUJOHT TDSFFO /PUF *G ZPV BEE TFWFSBM ..4 TFSWJDF QSPWJEFST UP UIF ..
PAGE 90
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL 5P DBQUVSF B OFX QIPUP DMJDL UIF $BQUVSF *NBHF JDPO PS DMJDL .FOV $BQUVSF *NBHF 5P SFDPSE B OFX WJEFP DMJDL UIF $BQUVSF 7JEFP JDPO PS DMJDL .FOV $BQUVSF 7JEFP $MJDL *OTFSU 5FYU UP FOUFS UFYU GPS ZPVS ..4 NFTTBHF 5P JOTFSU QSFEFñOFE UFYU PS FNPUJDPOT DMJDL .FOV *OTFSU .
PAGE 91
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL 5P SFQMZ UP BO ..4 NFTTBHF r $MJDL .FOV 3FQMZ 3FQMZ UP SFQMZ UP UIF TFOEFS PG UIF NFTTBHF PS DMJDL .FOV 3FQMZ 3FQMZ "MM UP SFQMZ UP BMM QFSTPOT MJTUFE JO UIF 5P BOE $$ CPYFT PG UIF NFTTBHF $MJDL .FOV 3FQMZ 'PSXBSE UP GPSXBSE UIF NFTTBHF UP TPNFPOF FMTF 7PJDF.BJM 5P SFDPSE BOE TFOE B WPJDF NFTTBHF 0O UIF )PNF TDSFFO DMJDL 4UBSU .FTTBHJOH 4.4 = ..4 $MJDL .FOV /FX 7PJDF.
PAGE 92
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL 4FUUJOH 6Q & NBJM "DDPVOUT 5ZQFT PG & NBJM "DDPVOUT #FGPSF ZPV DBO TFOE BOE SFDFJWF F NBJM ZPV OFFE UP TFU VQ ZPVS F NBJM BDDPVOU PO ZPVS QIPOF :PV DBO TFU VQ UIF GPMMPXJOH UZQFT PG F NBJM BDDPVOUT PO ZPVS QIPOF r 0VUMPPL F NBJM UIBU ZPV TZODISPOJ[F XJUI ZPVS 1$ PS ZPVS DPNQBOZ T &YDIBOHF 4FSWFS r *OUFSOFU F NBJM BDDPVOU UIBU ZPV IBWF GSPN BO *OUFSOFU 4FSWJDF 1SPWJEFS *41 r 8PSL BDDPVOU UIBU ZPV BDDFTT VTJOH B 71/ DPOOFDUJPO r 8JOEPXT -JWF .
PAGE 93
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL 4FU VQ B 101 *."1 F NBJM BDDPVOU 4FU VQ B 101 PS *."1 F NBJM BDDPVOU PO ZPVS QIPOF JG ZPV IBWF BO F NBJM BDDPVOU GSPN BO *OUFSOFU TFSWJDF QSPWJEFS *41 PS B 8FC CBTFE BDDPVOU TVDI BT (NBJM :BIPP .BJM 1MVT FUD :PV DBO BMTP BEE B XPSL BDDPVOU UIBU ZPV BDDFTT VTJOH B 71/ TFSWFS DPOOFDUJPO BT B 101 *."1 BDDPVOU 0O UIF )PNF TDSFFO DMJDL 4UBSU .
PAGE 94
&YDIBOHJOH .
PAGE 95
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL 0QUJPOT %FTDSJQUJPO 8IFO EFMFUJOH NFTTBHFT $IPPTF XIFUIFS UP EFMFUF NFTTBHFT GSPN UIF NBJM TFSWFS XIFO ZPV EFMFUF UIFN PO ZPVS QIPOF .FTTBHF GPSNBU 4FMFDU )5.- PS 1MBJO 5FYU .
PAGE 96
&YDIBOHJOH .
PAGE 97
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL $MJDL 4FOE 5JQT r 5P TFF NPSF IFBEFS JOGPSNBUJPO TDSPMM VQ r 5P BMXBZT JODMVEF UIF PSJHJOBM NFTTBHF GSPN UIF MJTU WJFX DMJDL .FOV 5PPMT 0QUJPOT 4FOEJOH BOE TFMFDU UIF *ODMVEF DPQZ PG PSJHJOBM NFTTBHF XIFO SFQMZJOH UP F NBJM DIFDL CPY r *O UIF 0VUMPPL & NBJM BDDPVOU ZPV XJMM TFOE MFTT EBUB JG ZPV EP OPU FEJU UIF PSJHJOBM NFTTBHF 5IJT NBZ SFEVDF EBUB USBOTGFS DPTUT CBTFE PO ZPVS SBUF QMBO 5P WJFX BOE SFQMZ UP )5.
PAGE 98
&YDIBOHJOH .
PAGE 99
&YDIBOHJOH .FTTBHFT BOE 6TJOH 0VUMPPL 5P DIBOHF UIF EPXOMPBE TJ[F BOE GPSNBU GPS 101 *."1 F NBJM 0O UIF 101 *."1 F NBJM NFTTBHF MJTU DMJDL .FOV 5PPMT 0QUJPOT "DDPVOU 4FUUJOHT ,FFQ DMJDLJOH /FYU VOUJM ZPV SFBDI UIF TDSFFO XIFSF UIF ñSTU JUFN JT .FTTBHF GPSNBU $POñHVSF UIF .FTTBHF GPSNBU BOE .
PAGE 100
&YDIBOHJOH .
PAGE 101
$IBQUFS 8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 4ZODISPOJ[JOH XJUI :PVS $PNQBOZ & NBJM 4FSWFS 8PSLJOH XJUI $PNQBOZ & NBJMT .BOBHJOH .
PAGE 102
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 4ZODISPOJ[JOH XJUI :PVS $PNQBOZ & NBJM 4FSWFS 4ZODISPOJ[F ZPVS QIPOF XJUI ZPVS DPNQBOZ T .JDSPTPGU &YDIBOHF 4FSWFS UP LFFQ ZPV DPOOFDUFE XJUI ZPVS F NBJMT DPOUBDUT DBMFOEBS BOE PUIFS JOGPSNBUJPO 4FU VQ B DPNQBOZ F NBJM TFSWFS DPOOFDUJPO 6TF ZPVS QIPOF UP BDDFTT ZPVS DPNQBOZ F NBJMT CZ TFUUJOH VQ BO &YDIBOHF 4FSWFS DPOOFDUJPO :PV DBO HFU UIF DPNQBOZ F NBJM TFSWFS JOGPSNBUJPO GSPN ZPVS OFUXPSL BENJOJTUSBUPS $MJDL 4UBSU .
PAGE 103
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .
PAGE 104
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 5P FOBCMF %JSFDU 1VTI WJB $PNN .BOBHFS $MJDL 4UBSU $PNN .BOBHFS 0O UIF $PNN .BOBHFS TDSFFO DMJDL UIF .JDSPTPGU %JSFDU 1VTI XJMM UVSO UP XIJDI JOEJDBUFT CVUUPO 5IF CVUUPO UIBU ZPV XJMM SFDFJWF F NBJMT BT UIFZ BSSJWF 8IFO UIF CVUUPO JT JO UIF SFUSJFWF ZPVS F NBJMT TUBUF ZPV OFFE UP NBOVBMMZ 5P FOBCMF %JSFDU 1VTI WJB "DUJWF4ZOD *O "DUJWF4ZOD PO ZPVS QIPOF DMJDL .
PAGE 105
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT *OTUBOU EPXOMPBE UISPVHI 'FUDI .BJM 'FUDI .BJM EPXOMPBET BO FOUJSF F NBJM JNNFEJBUFMZ XJUIPVU UIF OFFE GPS ZPV UP QFSGPSN B GVMM 4FOE 3FDFJWF BDUJPO 3FRVJSFNFOU 'FUDI .BJM XPSLT GPS ZPVS QIPOF POMZ JG ZPVS DPNQBOZ JT VTJOH .JDSPTPGU &YDIBOHF 4FSWFS PS IJHIFS $MJDL 4UBSU .
PAGE 106
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 'MBH ZPVS NFTTBHFT 'MBHT TFSWF BT B SFNJOEFS UP ZPVSTFMG UP GPMMPX VQ PO JNQPSUBOU JTTVFT PS SFRVFTUT UIBU BSF JOEJDBUFE JO UIF NFTTBHFT 3FRVJSFNFOU 'MBHT BSF FOBCMFE POMZ JG F NBJMT BSF TZODISPOJ[FE XJUI .JDSPTPGU &YDIBOHF 4FSWFS PS IJHIFS 'MBHT BSF EJTBCMFE PS IJEEFO JG F NBJMT BSF TZODISPOJ[FE XJUI FBSMJFS WFSTJPOT PG .JDSPTPGU &YDIBOHF 4FSWFS 5P GMBH PS VOGMBH B NFTTBHF $MJDL 4UBSU .
PAGE 107
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 5P TFOE PVU PG PGGJDF BVUP SFQMZ NFTTBHFT $MJDL 4UBSU .FTTBHJOH 0VUMPPL & NBJM $MJDL .FOV 5PPMT 0VU PG 0GGJDF 'SPN UIF * BN DVSSFOUMZ MJTU TFMFDU 0VU PG UIF 0GGJDF &OUFS ZPVS BVUP SFQMZ NFTTBHF UIFO DMJDL %POF 7JFX 4IBSF1PJOU EPDVNFOUT 8IFO ZPV SFDFJWF BO )5.
PAGE 108
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .
PAGE 109
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 'JOEJOH $POUBDUT JO UIF $PNQBOZ %JSFDUPSZ *O BEEJUJPO UP IBWJOH DPOUBDUT PO ZPVS QIPOF ZPV DBO BDDFTT DPOUBDU JOGPSNBUJPO GSPN ZPVS PSHBOJ[BUJPO T $PNQBOZ %JSFDUPSZ 3FRVJSFNFOU "DDFTT UP UIF $PNQBOZ %JSFDUPSZ JT BWBJMBCMF POMZ JG ZPVS PSHBOJ[BUJPO JT SVOOJOH .
PAGE 110
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT &OUFS UIF QBSU PS GVMM DPOUBDU OBNF BOE DMJDL 4FBSDI *O UIF TFBSDI SFTVMUT MJTU DMJDL B DPOUBDU UP TFMFDU JU /PUFT r : PV DBO TBWF B DPOUBDU GSPN UIF $PNQBOZ %JSFDUPSZ UP ZPVS QIPOF CZ TFMFDUJOH UIF DPOUBDU BOE UIFO DMJDLJOH .
PAGE 111
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 5P JOEJWJEVBMMZ TJHO BOE FODSZQU B OFX NFTTBHF $MJDL 4UBSU .FTTBHJOH 0VUMPPL & NBJM $MJDL .FOV /FX UP DSFBUF B OFX NFTTBHF $MJDL .FOV .
PAGE 112
8PSLJOH XJUI $PNQBOZ & NBJMT BOE .FFUJOH "QQPJOUNFOUT 4FMFDU &ODSZQU NFTTBHFT UP QSPUFDU ZPVS F NBJMT GSPN CFJOH WJFXFE FYDFQU CZ UIF JOUFOEFE SFDJQJFOUT 4FMFDU 4JHO NFTTBHFT TP UIBU SFDJQJFOUT BSF DFSUBJO UIBU F NBJMT BSF TFOU CZ ZPV BOE IBWF OPU CFFO BMUFSFE $MJDL .
PAGE 113
$IBQUFS (FUUJOH $POOFDUFE $PNN .BOBHFS $POOFDUJOH UP UIF *OUFSOFU *OUFSOFU &YQMPSFS .PCJMF *OUFSOFU 4IBSJOH #MVFUPPUI 8JOEPXT -JWF 8JOEPXT -JWF .
PAGE 114
(FUUJOH $POOFDUFE $PNN .BOBHFS $PNN .BOBHFS BDUT MJLF B DFOUSBM TXJUDI UIBU MFUT ZPV FOBCMF PS EJTBCMF QIPOF GFBUVSFT BT XFMM BT NBOBHF ZPVS EBUB DPOOFDUJPOT FBTJMZ 5P PQFO $PNN .BOBHFS r $MJDL 4UBSU $PNN .
PAGE 115
(FUUJOH $POOFDUFE $POOFDUJOH UP UIF *OUFSOFU 8BZT PG $POOFDUJOH UP UIF *OUFSOFU :PVS QIPOF T OFUXPSLJOH DBQBCJMJUJFT BMMPX ZPV UP BDDFTT UIF *OUFSOFU PS ZPVS DPSQPSBUF OFUXPSL BU XPSL UISPVHI XJSFMFTT BOE DPOWFOUJPOBM DPOOFDUJPOT :PV DBO DPOOFDU UP UIF *OUFSOFU CZ VTJOH POF PG UIF GPMMPXJOH r 8J 'J r (134 ( r %JBM VQ /PUF :PV DBO BMTP BEE BOE TFU VQ UIF GPMMPXJOH DPOOFDUJPOT r 71/ " 71/ DPOOFDUJPO JT VTFE UP BDDFTT ZPVS DPSQPSBUF OFUXPSL CZ VTJOH BO FYJTUJOH *OUFSOFU DPOOFDUJPO r
PAGE 116
(FUUJOH $POOFDUFE /PUFT r 8J 'J DPOOFDUT UP UIF EFGBVMU OFUXPSL UIBU JT BWBJMBCMF PO ZPVS QIPOF )PXFWFS (134 TUBSUT CZ EFGBVMU JG ZPVS QIPOF EPFT OPU EFUFDU BOZ 8J 'J TJHOBM r * O $PNN .BOBHFS DMJDL 4FUUJOHT 8-"/ 4FUUJOHT $POOFDUJPO 4UBUVT UP DIFDL UIF DVSSFOU DPOOFDUJPO TUBUVT BOE TJHOBM RVBMJUZ PG FBDI 8J 'J DIBOOFM 5P JODSFBTF TFDVSJUZ PO UIF 8J 'J OFUXPSL 5IF -&"1 -JHIUXFJHIU &YUFOTJCMF "VUIFOUJDBUJPO 1SPUPDPM GFBUVSF PG $PNN .
PAGE 117
(FUUJOH $POOFDUFE 5P TFU VQ B OFX (134 DPOOFDUJPO 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT $POOFDUJPOT (134 /FX *O %FTDSJQUJPO FOUFS B OBNF GPS UIF DPOOFDUJPO *O $POOFDUT UP TFMFDU 5IF *OUFSOFU &OUFS UIF OBNF PG UIF (134 "DDFTT QPJOU PG ZPVS XJSFMFTT TFSWJDF QSPWJEFS &OUFS UIF BQQSPQSJBUF JOGPSNBUJPO JO UIF SFNBJOJOH ñFMET JG SFRVJSFE CZ ZPVS XJSFMFTT TFSWJDF QSPWJEFS $MJDL %POF %JBM VQ 8IFO ZPV VTF ZPVS QIPOF UP EJBM VQ UP ZPVS *41 BOE DPOOFDU UP UIF *OU
PAGE 118
(FUUJOH $POOFDUFE "EWBODFE PQUJPOT 'SPN UIF $POOFDUJPOT TDSFFO ZPV DBO BDDFTT BEWBODFE PQUJPOT UP TQFDJGZ UIF TFSWJDF QSPWJEFS UIF OVNCFS PG SFEJBM BUUFNQUT UIF BNPVOU PG JEMF UJNF UP XBJU CFGPSF EJTDPOOFDUJOH BOE TP PO 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT $POOFDUJPOT .FOV "EWBODFE 4FMFDU B OFUXPSL TFSWJDF QSPWJEFS GPS FBDI DPOOFDUJPO UZQF :PV DBO DIPPTF "VUPNBUJD UP BMMPX UIF QIPOF UP TFU B TFSWJDF QSPWJEFS GPS FBDI DPOOFDUJPO CZ EFGBVMU $MJDL .
PAGE 119
(FUUJOH $POOFDUFE *OUFSOFU &YQMPSFS .PCJMF *OUFSOFU &YQMPSFS .PCJMF JT B GVMM GFBUVSFE *OUFSOFU CSPXTFS PQUJNJ[FE GPS VTF PO ZPVS QIPOF 5P PQFO *OUFSOFU &YQMPSFS r 0O UIF )PNF TDSFFO DMJDL 4UBSU *OUFSOFU &YQMPSFS #SPXTJOH UIF 8FC *O *OUFSOFU &YQMPSFS DMJDL .FOV "EESFTT #BS &OUFS UIF BEESFTT BOE DMJDL (P 6TF UIF /"7*("5*0/ $0/530- UP CSPXTF UIF 8FC QBHF 1SFTT $&/5&3 0, XIFO B MJOL JT IJHIMJHIUFE UP BDDFTT JU 8IJMF CSPXTJOH UIF 8FC DMJDL .
PAGE 120
(FUUJOH $POOFDUFE *OUFSOFU 4IBSJOH 8JUI *OUFSOFU 4IBSJOH ZPV DBO VTF ZPVS QIPOF BT BO FYUFSOBM NPEFN GPS BOPUIFS EFWJDF TVDI BT B 1%" PS OPUFCPPL DPNQVUFS /PUFT r .BLF TVSF ZPVS QIPOF IBT B 4*. 64*. DBSE JOTUBMMFE BOE ZPV IBWF TFU VQ B (134 PS QIPOF EJBM VQ NPEFN DPOOFDUJPO PO ZPVS QIPOF *G ZPVS QIPOF IBT OPU CFFO TFU VQ XJUI B EBUB DPOOFDUJPO ZFU DMJDL .
PAGE 121
(FUUJOH $POOFDUFE #MVFUPPUI #MVFUPPUI JT B TIPSU SBOHF XJSFMFTT DPNNVOJDBUJPOT UFDIOPMPHZ 1IPOFT XJUI #MVFUPPUI DBQBCJMJUJFT DBO FYDIBOHF JOGPSNBUJPO XJUIJO B EJTUBODF PG BCPVU NFUFST XJUIPVU SFRVJSJOH B QIZTJDBM DPOOFDUJPO #MVFUPPUI NPEFT #MVFUPPUI PO ZPVS QIPOF PQFSBUFT JO UISFF EJGGFSFOU NPEFT 0O #MVFUPPUI JT UVSOFE PO :PVS QIPOF DBO EFUFDU PUIFS #MVFUPPUI FOBCMFE EFWJDFT CVU OPU WJDF WFSTB 0í #MVFUPPUI JT UVSOFE Pí *O UIJT NPEF ZPV DBO OFJUIFS TFOE OPS SFDFJWF JOGPSN
PAGE 122
(FUUJOH $POOFDUFE #MVFUPPUI QBSUOFSTIJQT " #MVFUPPUI QBSUOFSTIJQ JT B SFMBUJPOTIJQ UIBU ZPV DSFBUF CFUXFFO ZPVS QIPOF BOE BOPUIFS #MVFUPPUI FOBCMFE EFWJDF JO PSEFS UP FYDIBOHF JOGPSNBUJPO JO B TFDVSF NBOOFS 5P DSFBUF B #MVFUPPUI QBSUOFSTIJQ 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT $POOFDUJPOT #MVFUPPUI $MJDL #MVFUPPUI "EE OFX EFWJDF :PVS QIPOF TFBSDIFT GPS PUIFS #MVFUPPUI FOBCMFE EFWJDFT BOE MJTUT UIFN 4FMFDU UIF EFTJSFE EFWJDF OBNF JO UIF MJTU BOE DMJDL /FYU &OUFS B
PAGE 123
(FUUJOH $POOFDUFE 4FMFDU UIF DIFDL CPYFT PG TFSWJDFT UIBU ZPV XBOU UP VTF GSPN UIF QBJSFE EFWJDF $MJDL %POF :PV DBO OPX FYDIBOHF JOGPSNBUJPO XJUI UIF PUIFS EFWJDF 5P DIBOHF UIF EJTQMBZ OBNF PG B #MVFUPPUI EFWJDF 0O UIF )PNF TDSFFO DMJDL 4UBSU 4FUUJOHT $POOFDUJPOT #MVFUPPUI $MJDL #MVFUPPUI BOE UIFO PO UIF TDSFFO TFMFDU B #MVFUPPUI EFWJDF $MJDL .
PAGE 124
(FUUJOH $POOFDUFE 4FMFDU UIF OBNF PG UIF IFBETFU BOE DMJDL /FYU *O 1BTTDPEF FOUFS UIF BMQIBOVNFSJD QBTTDPEF GPS UIF #MVFUPPUI IFBETFU UIFO DMJDL /FYU 5IF QBTTDPEF JT VTVBMMZ i u " NFTTBHF XJMM BQQFBS TBZJOH UIBU ZPVS QIPOF IBT DPOOFDUFE UP UIF IFBETFU DMJDL 0, &OUFS UIF EJTQMBZ OBNF GPS UIF IFBETFU BOE DMJDL /FYU 4FMFDU UIF DIFDL CPYFT GPS UIF 8JSFMFTT 4UFSFP JG BWBJMBCMF BOE )BOET 'SFF TFSWJDFT BOE DMJDL %POF /PUF *G UIF #MVFUPPUI TUFSFP IFBETFU CFDPNFT
PAGE 125
(FUUJOH $POOFDUFE #FBN JOGPSNBUJPO VTJOH #MVFUPPUI :PV DBO CFBN JOGPSNBUJPO TVDI BT DPOUBDUT DBMFOEBS JUFNT BOE UBTLT BT XFMM BT GJMFT GSPN ZPVS QIPOF UP ZPVS DPNQVUFS PS UP BOPUIFS #MVFUPPUI FOBCMFE EFWJDF /PUFT r * G ZPVS DPNQVUFS EPFT OPU IBWF CVJMU JO #MVFUPPUI DBQBCJMJUJFT ZPV OFFE UP DPOOFDU BOE VTF B #MVFUPPUI BEBQUFS PS EPOHMF PO ZPVS DPNQVUFS r # FGPSF CFBNJOH JUFNT UP ZPVS DPNQVUFS PQFO #MVFUPPUI $POGJHVSBUJPO PS #MVFUPPUI 4FUUJOHT JO UIF $POUSPM 1BOFM BOE DIFDL JG UIF
PAGE 126
(FUUJOH $POOFDUFE /PX ZPV BSF SFBEZ UP CFBN 0O ZPVS QIPOF TFMFDU BO JUFN UP CFBN 5IF JUFN DBO CF BO BQQPJOUNFOU JO ZPVS DBMFOEBS B UBTL B DPOUBDU DBSE PS B GJMF r $BMFOEBS BQQPJOUNFOU $MJDL .FOV #FBN "QQPJOUNFOU r 5BTL $MJDL .FOV #FBN 5BTL r $POUBDU $MJDL .FOV 4FOE $POUBDU #FBN r 'JMF $MJDL .
PAGE 127
(FUUJOH $POOFDUFE 5P VTF #MVFUPPUI &YQMPSFS #MVFUPPUI &YQMPSFS JT JOUFHSBUFE XJUI UIF 'JMF &YQMPSFS QSPHSBN :PV DBO PQFO JU CZ DMJDLJOH 4UBSU #MVFUPPUI &YQMPSFS PS CZ DMJDLJOH UIF #MVFUPPUI GPMEFS VOEFS UIF .
PAGE 128
(FUUJOH $POOFDUFE 0O ZPVS DPNQVUFS TFU VQ B #MVFUPPUI 1FSTPOBM "SFB /FUXPSL 1"/ XJUI ZPVS QIPOF r 'PS 8JOEPXT 91 B $MJDL 4UBSU $POUSPM 1BOFM /FUXPSL $POOFDUJPOT C 6OEFS 1FSTPOBM "SFB /FUXPSL DMJDL UIF #MVFUPPUI /FUXPSL $POOFDUJPO JDPO D 6OEFS /FUXPSL 5BTLT DMJDL 7JFX #MVFUPPUI OFUXPSL EFWJDFT E *O UIF #MVFUPPUI 1FSTPOBM "SFB /FUXPSL %FWJDFT EJBMPH CPY TFMFDU ZPVS QIPOF UIFO DMJDL $POOFDU r 'PS 8JOEPXT 7JTUB B $MJDL 4UBSU $POUSPM 1BOFM /FUXPSL BOE 4IBSJOH $FOUFS
PAGE 129
(FUUJOH $POOFDUFE $MJDL .FOV 4FBSDI %FWJDFT :PVS QIPOF TUBSUT UP TFBSDI GPS #MVFUPPUI EFWJDFT 4FMFDU UIF #MVFUPPUI QSJOUFS BOE UIFO DMJDL .FOV 4FOE 'JMF 4FU UIF QSJOUJOH PQUJPOT ZPV XBOU BOE UIFO DMJDL 1SJOU 5P QSJOU B DBMFOEBS BQQPJOUNFOU $MJDL 4UBSU $BMFOEBS BOE UIFO TFMFDU UIF BQQPJOUNFOU XIPTF EFUBJMT ZPV XBOU UP QSJOU 'PMMPX TUFQT UISPVHI JO UIF i5P QSJOU DPOUBDU JOGPSNBUJPOu QSPDFEVSF 5P QSJOU B NFTTBHF $MJDL 4UBSU .
PAGE 130
(FUUJOH $POOFDUFE 8JOEPXT -JWF 8JOEPXT -JWF HJWFT ZPV GVMM *OUFSOFU FYQFSJFODF PO ZPVS QIPOF *U IFMQT ZPV UP GJOE JOGPSNBUJPO QVSTVF ZPVS JOUFSFTUT BOE HFU JO UPVDI XJUI GSJFOET BOE GBNJMZ PO UIF *OUFSOFU FBTJFS 8JOEPXT -JWF PGGFST UIF GPMMPXJOH LFZ GFBUVSFT r -JWF 4FBSDI #BS XIJDI MFUT ZPV TFBSDI GPS JOGPSNBUJPO PO UIF 8FC r -JWF .FTTFOHFS UIF OFYU HFOFSBUJPO PG .4/ .FTTFOHFS .PCJMF r -JWF .
PAGE 131
(FUUJOH $POOFDUFE $IPPTF XIFUIFS PS OPU UP TIPX 8JOEPXT -JWF T TFBSDI CBS BOE BQQMJDBUJPOT PO UIF )PNF TDSFFO UIFO DMJDL /FYU $IPPTF XIBU JOGPSNBUJPO ZPV XBOU UP TZODISPOJ[F POMJOF XJUI ZPVS QIPOF *G ZPV TFMFDU 4UPSF 8JOEPXT -JWF DPOUBDUT JO ZPVS NPCJMF QIPOF T DPOUBDU MJTU ZPVS POMJOF DPOUBDUT XJMM CF BEEFE UP UIF DPOUBDU MJTU BOE UP 8JOEPXT -JWF .FTTFOHFS .PCJMF PO ZPVS QIPOF *G ZPV TFMFDU 4ZOD F NBJM ZPVS 8JOEPXT -JWF .
PAGE 132
(FUUJOH $POOFDUFE *G ZPV DIPTF UP EJTQMBZ UIF TFBSDI CBS BOE 8JOEPXT -JWF BQQMJDBUJPOT PO UIF )PNF TDSFFO XIFO ZPV XFSF TFUUJOH VQ 8JOEPXT -JWF ZPV XJMM TFF UIFN PO UIF )PNF TDSFFO 4FBSDI CBS BOE 8JOEPXT -JWF BQQMJDBUJPOT 5P TIPX PS IJEF UIFN PQFO 8JOEPXT -JWF BOE DMJDL .FOV 0QUJPOT )PNF TDSFFO PQUJPOT 8JOEPXT -JWF .FTTFOHFS -JWF .FTTFOHFS MFUT ZPV TFOE BOE SFDFJWF JOTUBOU NFTTBHFT POMJOF 8JUI UIJT NPCJMF WFSTJPO PG 8JOEPXT -JWF .
PAGE 133
(FUUJOH $POOFDUFE -BVODI UIF NFTTFOHFS BOE TJHO JO 5P PQFO -JWF .FTTFOHFS %P POF PG UIF GPMMPXJOH r 0O UIF )PNF TDSFFO DMJDL 4UBSU .FTTFOHFS r 0O 8JOEPXT -JWF PG UIF )PNF TDSFFO QSFTT /"7*("5*0/ MFGU PS SJHIU VOUJM ZPV TFF .
PAGE 134
(FUUJOH $POOFDUFE 5P EFMFUF B DPOUBDU *O UIF NFTTFOHFS TFMFDU UIF DPOUBDU BOE DMJDL .
PAGE 135
(FUUJOH $POOFDUFE 5P TFOE BO JOTUBOU NFTTBHF XJUI FNPUJDPO 4FMFDU B DPOUBDU BOE TUBSU B DPOWFSTBUJPO &OUFS ZPVS UFYU NFTTBHF JO UIF UFYU FOUSZ BSFB PG UIF NFTTBHF TDSFFO 5P BEE BO FNPUJDPO DMJDL .FOV "EE FNPUJDPO UIFO TFMFDU BO JDPO GSPN UIF MJTU PG FNPUJDPOT $MJDL 4FOE 5JQT r 5 P TFOE B GJMF DMJDL .FOV 4FOE :PV DBO DIPPTF UP TFOE B QJDUVSF WPJDF DMJQ PS BOZ GJMF r 5 P JOWJUF POF PS NPSF DPOUBDUT UP UIF DPOWFSTBUJPO DMJDL .
PAGE 136
(FUUJOH $POOFDUFE
PAGE 137
$IBQUFS &YQFSJFODJOH .VMUJNFEJB $BNFSB 1JDUVSFT 7JEFPT 8JOEPXT .FEJB 1MBZFS .PCJMF 4USFBNJOH .FEJB "VEJP .BOBHFS .
PAGE 138
&YQFSJFODJOH .VMUJNFEJB $BNFSB 5BLJOH QIPUPT BOE TIPPUJOH WJEFP DMJQT BSF FBTZ XJUI ZPVS QIPOF T CVJMU JO DBNFSB :PVS QIPOF IBT UXP CVJMU JO DBNFSBT r .BJO DBNFSB " SFBS NFHBQJYFM DBNFSB GPS DBQUVSJOH IJHI SFTPMVUJPO QJDUVSFT BOE WJEFP DMJQT XJUI BVEJP r 4FDPOE DBNFSB " GSPOU DBNFSB GPS WJEFP DBMMT BOE TFMG QPSUSBJU TIPPUJOH 5P PQFO $BNFSB %P BOZ PG UIF GPMMPXJOH r 1SFTT UIF $".
PAGE 139
&YQFSJFODJOH .VMUJNFEJB $BQUVSF NPEFT 5P DIBOHF UIF DBQUVSF NPEF r 0O UIF $BNFSB TDSFFO QSFTT /"7*("5*0/ SJHIU PS MFGU UP DIBOHF UIF DBQUVSF NPEF 5IF $BNFSB QSPHSBN MFUT ZPV DBQUVSF QJDUVSFT BOE WJEFP DMJQT CZ VTJOH WBSJPVT CVJMU JO NPEFT 5IF UJUMF CBS EJTQMBZT UIF BDUJWF DBQUVSF NPEF 5IF BWBJMBCMF DBQUVSF NPEFT BSF BT GPMMPXT *DPO $BQUVSF NPEF 'VODUJPO 1IPUP $BQUVSFT TUBOEBSE TUJMM JNBHFT 7JEFP $BQUVSFT WJEFP DMJQT XJUI PS XJUIPVU BVEJP ..
PAGE 140
&YQFSJFODJOH .
PAGE 141
&YQFSJFODJOH .
PAGE 142
&YQFSJFODJOH .VMUJNFEJB *DPO 'VODUJPO $MJDL UP TXJUDI UP 1JDUVSFT 7JEFPT UP TIPX UIF TUJMM JNBHF PS TXJUDI UP 8JOEPXT .
PAGE 143
&YQFSJFODJOH .
PAGE 144
&YQFSJFODJOH .VMUJNFEJB 0QUJPO "MMPXT ZPV UP 4OBQTIPUT 4QPSUT NPEF POMZ 4FMFDU UIF OVNCFS PG DPOTFDVUJWF TIPUT UP DBQUVSF 5FNQMBUF 1JDUVSF 5IFNF NPEF POMZ &OBCMFT ZPV UP TFMFDU POF PG GJWF 5FNQMBUFT %JSFDUJPO 1BOPSBNB NPEF POMZ $IPPTF JO XIBU EJSFDUJPO JNBHFT XJMM CF TUJUDIFE JO B QBOPSBNB 4UJUDI $PVOU 1BOPSBNB NPEF POMZ 4FMFDU UIF EFTJSFE OVNCFS PG TOBQTIPUT UP CF UBLFO BOE TUJUDIFE JOUP B QBOPSBNB "EWBODFE TFUUJOHT 0O UIF 2VJDL 4FUUJOHT .
PAGE 145
&YQFSJFODJOH .VMUJNFEJB 0QUJPO "MMPXT ZPV UP 1SFGJY &OBCMFT ZPV UP TFU B QSFGJY UP JNBHF PS WJEFP GJMFOBNFT 8IFO %FGBVMU JT TFMFDUFE BT UIF QSFGJY UIF GJMFOBNF PG FBDI OFX DBQUVSFE GJMF JT TFU UP i*."(&u PS i7*%&0u GPMMPXFE CZ B TFRVFOUJBM OVNCFS GPS FYBNQMF *.
PAGE 146
&YQFSJFODJOH .VMUJNFEJB 1JDUVSFT 7JEFPT 5IF 1JDUVSFT 7JEFPT QSPHSBN BMMPXT ZPV UP WJFX BOE NBOBHF NFEJB GJMFT PO ZPVS QIPOF 5P DPQZ B QJDUVSF PS WJEFP DMJQ UP ZPVS QIPOF :PV DBO DPQZ QJDUVSFT BOE WJEFP GJMFT GSPN ZPVS 1$ UP UIF .Z 1JDUVSFT GPMEFS PO ZPVS QIPOF BOE UIFO WJFX UIFN PO ZPVS QIPOF 'PS NPSF JOGPSNBUJPO BCPVU DPQZJOH GJMFT GSPN ZPVS 1$ UP ZPVS QIPOF TFF 8JOEPXT .
PAGE 147
&YQFSJFODJOH .VMUJNFEJB 5IJT JDPO JOEJDBUFT UIBU UIF GJMF JT B WJEFP GJMF $MJDL 1MBZ UP QMBZ CBDL UIF GJMF JO 8JOEPXT .FEJB 1MBZFS .PCJMF /PUF *G ZPV DBOOPU GJOE UIF NFEJB GJMF JO UIF EFGBVMU .Z 1JDUVSFT GPMEFS DMJDL .FOV 'PMEFST .Z %FWJDF UP HP UP PUIFS GPMEFST 1JDUVSFT 7JEFPT NFOV 4FMFDU B NFEJB GJMF POTDSFFO BOE DMJDL .
PAGE 148
&YQFSJFODJOH .VMUJNFEJB 8JOEPXT .FEJB 1MBZFS .PCJMF :PV DBO VTF .JDSPTPGU¡ 8JOEPXT .FEJB¡ 1MBZFS .PCJMF GPS 4NBSUQIPOF UP QMBZ EJHJUBM BVEJP BOE WJEFP GJMFT UIBU BSF TUPSFE PO ZPVS QIPOF PS PO B OFUXPSL TVDI BT PO B 8FC TJUF 5P PQFO 8JOEPXT .FEJB 1MBZFS .PCJMF DMJDL 4UBSU 8JOEPXT .FEJB "CPVU UIF DPOUSPMT #Z EFGBVMU UIFTF IBSEXBSF CVUUPOT BSF BTTJHOFE UP 8JOEPXT .FEJB 1MBZFS .PCJMF GVODUJPOT 5JQ 5P DIBOHF UIF BTTJHOFE IBSEXBSF CVUUPOT PO UIF 1MBZCBDL TDSFFO DMJDL .
PAGE 149
&YQFSJFODJOH .VMUJNFEJB "CPVU UIF TDSFFOT BOE NFOVT 8JOEPXT .FEJB 1MBZFS .PCJMF IBT UISFF QSJNBSZ TDSFFOT 1MBZCBDL TDSFFO 5IF EFGBVMU TDSFFO UIBU EJTQMBZT UIF QMBZCBDL DPOUSPMT BOE UIF WJEFP XJOEPX /PX 1MBZJOH TDSFFO 5IJT TQFDJBM QMBZMJTU JOEJDBUFT UIF DVSSFOU GJMF CFJOH QMBZFE BOE GJMFT UIBU BSF RVFVFE VQ UP QMBZ OFYU -JCSBSZ TDSFFO 5IF TDSFFO UIBU MFUT ZPV RVJDLMZ GJOE ZPVS BVEJP GJMFT WJEFP GJMFT BOE QMBZMJTUT $MJDL .
PAGE 150
&YQFSJFODJOH .VMUJNFEJB $PQZ GJMFT UP ZPVS QIPOF 6TF UIF 4ZOD GFBUVSF JO 8JOEPXT .FEJB 1MBZFS PO ZPVS 1$ UP TZODISPOJ[F DPQZ EJHJUBM NFEJB GJMFT GSPN ZPVS 1$ UP ZPVS QIPOF 6TJOH 4ZOD FOTVSFT UIBU QSPUFDUFE GJMFT BOE BMCVN BSU GPS TLJOT BSF DPQJFE UP ZPVS QIPOF DPSSFDUMZ 5P TZODISPOJ[F DPOUFOU UP ZPVS QIPOF BVUPNBUJDBMMZ 0O ZPVS 1$ TUBSU 8JOEPXT .
PAGE 151
&YQFSJFODJOH .VMUJNFEJB 1MBZMJTUT BOE -JCSBSZ MJTU 1MBZMJTU PS MJCSBSZ DPOUFOU MJTU %SBH GJMFT GSPN UIF DPOUFOU MJTU UP TZOD UP ZPVS QIPOF 4UBSU 4ZOD /PUFT r " MXBZT VTF 8JOEPXT .FEJB 1MBZFS PO ZPVS 1$ UP TZODISPOJ[F DPQZ GJMFT UP ZPVS QIPOF r " VEJP GJMFT DPQZ GBTUFS JG 8JOEPXT .FEJB 1MBZFS JT DPOGJHVSFE UP BVUPNBUJDBMMZ TFU UIF RVBMJUZ MFWFM GPS BVEJP GJMFT DPQJFE UP ZPVS QIPOF 'PS NPSF JOGPSNBUJPO TFF UIF 8JOEPXT .
PAGE 152
&YQFSJFODJOH .VMUJNFEJB 4FMFDU B DBUFHPSZ GPS FYBNQMF .Z .VTJD PS .Z 1MBZMJTUT TFMFDU UIF JUFN UIBU ZPV XBOU UP QMBZ TVDI BT B TPOH BMCVN PS BSUJTU OBNF BOE UIFO DMJDL 1MBZ /PUF 5 P QMBZ B GJMF UIBU JT TUPSFE PO ZPVS QIPOF CVU JT OPU JO B MJCSBSZ PO UIF -JCSBSZ TDSFFO DMJDL .FOV 0QFO 'JMF 4FMFDU UIF JUFN UIBU ZPV XBOU UP QMBZ TVDI BT B GJMF PS B GPMEFS BOE DMJDL 1MBZ 5SPVCMFTIPPUJOH 'PS NPSF JOGPSNBUJPO TFF UIF 5SPVCMFTIPPUJOH 8JOEPXT .FEJB 1MBZFS .PCJMF QBHF BU UIF .
PAGE 153
&YQFSJFODJOH .VMUJNFEJB 5IF 4USFBNJOH .FEJB QSPHSBN BMMPXT ZPV UP QMBZ (1 BOE .
PAGE 154
&YQFSJFODJOH .VMUJNFEJB 5P WJFX TUSFBNJOH WJEFP ñMF JOGPSNBUJPO :PV DBO WJFX UIF QSPQFSUJFT BOE HFOFSBM JOGPSNBUJPO PG B TUSFBNJOH WJEFP DMJQ TVDI BT GJMF GPSNBU BVEJP DPEFD EJNFOTJPO GSBNFT BOE EVSBUJPO PG UIF WJEFP r $MJDL .FOV 1SPQFSUJFT GSPN UIF QSPHSBN 5P DPOñHVSF TUSFBNJOH WJEFP DPOOFDUJPO TFUUJOHT $MJDL .
PAGE 155
&YQFSJFODJOH .VMUJNFEJB -JCSBSZ 0O UIF "VEJP .BOBHFS T -JCSBSZ TDSFFO BO BSSPX UIBU BQQFBST JO BO JUFN JOEJDBUFT UIBU UIFSF JT B TVCNFOV BWBJMBCMF 6TF UIF /"7*("5*0/ $0/530- UP HP UISPVHI UIF JUFNT BOE QSFTT $&/5&3 0, UP PQFO UIF TVCNFOV -JCSBSZ .
PAGE 156
&YQFSJFODJOH .VMUJNFEJB 5JQ 1SFTT /"7*("5*0/ MFGU PS UIF #"$, LFZ NFOV UP HP CBDL UP UIF VQQFS MFWFM 8IFO ZPV QSFTT $&/5&3 0, PO B DBUFHPSZ PO UIF -JCSBSZ T .BJO TDSFFO ZPV XJMM TFF NPSF TVCNFOVT XIJDI NBZ IBWF EFFQFS MFWFMT PG NFOVT 'PS FYBNQMF XIFO ZPV TFMFDU "SUJTUT BOPUIFS MFWFM PG TVCNFOVT XJMM CF MJTUFE TIPXJOH BSUJTU OBNFT +VTU LFFQ PQFOJOH UIF TVCNFOVT VOUJM ZPV SFBDI UIF MFWFM XIFSF TPOH UJUMFT DBO CF TFMFDUFE GPS QMBZCBDL .
PAGE 157
&YQFSJFODJOH .VMUJNFEJB $POUSPM %PFT UIJT 1SFTT $&/5&3 0, 1MBZ 1BVTF UIF TPOH 4IPXT UIF QMBZCBDL UJNF $MJDL .FOV 5JNF %JTQMBZ UP DIPPTF UIF EJTQMBZ GPSNBU GPS UIF QMBZCBDL UJNF &MBQTFE UJNF PS 3FNBJOJOH UJNF 1SFTT BOE IPME .PWF CBDLXBSE JO B TPOH 1SFTT BOE IPME .PWF GPSXBSE JO B TPOH 1SFTT /"7*("5*0/ MFGU SJHIU (P UP UIF QSFWJPVT OFYU TPOH 1SFTT 1SFTT /"7*("5*0/ VQ EPXO 1SFTT 4IVGGMF TPOHT EVSJOH QMBZCBDL 1SFTT .
PAGE 158
&YQFSJFODJOH .VMUJNFEJB /PUFT r "VEJP .BOBHFS TFBSDIFT GPS QMBZMJTUT JO UIF GPMMPXJOH MPDBUJPOT 1IPOF =1MBZMJTUT="QQMJDBUJPO %BUB=)5$="VEJP.BOBHFS=QMBZMJTUT 4UPSBHF DBSE =4UPSBHF $BSE=1MBZMJTU r *G B 8JOEPXT .FEJB 1MBZFS QMBZMJTU DPOUBJOT B DPNCJOBUJPO PG NVTJD WJEFP BOE JNBHF GJMFT "VEJP .BOBHFS BDDFTTFT UIF NVTJD GJMFT POMZ BOE GJMUFST PVU UIF PUIFS NFEJB UZQFT 5P DSFBUF B QMBZMJTU 0O UIF -JCSBSZ T .
PAGE 159
&YQFSJFODJOH .VMUJNFEJB .1 5SJNNFS 6TF .1 5SJNNFS UP USJN .1 GJMFT :PV DBO DIPPTF UP TBWF JU BT B OFX GJMF PS TFU JU BT B SJOH UPOF 5P PQFO .1 5SJNNFS r $MJDL 4UBSU .1 5SJNNFS 5IJT DPOUSPM %PFT UIJT 5JUMF 4IPXT UIF OBNF GPS UIF TPOH %VSBUJPO 4IPXT UIF MFOHUI PG UIF TPOH BGUFS USJNNJOH 5JNF 4IPXT UIF QMBZCBDL UJNF XIFO UIF TPOH JT QMBZFE 1MBZ 4UPQ 1SFTT $&/5&3 0, UP UPHHMF CFUXFFO QMBZJOH BOE TUPQQJOH QMBZCBDL .BSL JO .
PAGE 160
&YQFSJFODJOH .VMUJNFEJB 5P USJN UIF .1 ñMF *O UIF 5SJN TDSFFO VTF UIF /"7*("5*0/ $0/530- UP TFMFDU .BSL JO 6TF /"7*("5*0/ MFGU SJHIU UP TFU UIF .BSL JO QPJOU "GUFS ZPV TFU UIF .BSL JO QPJOU UIF TPOH XJMM QMBZ CBDL TUBSUJOH GSPN UIF .BSL JO QPJOU 6TF /"7*("5*0/ MFGU SJHIU UP BEKVTU UIF .BSL JO QPJOU JG OFFEFE 6TF UIF /"7*("5*0/ $0/530- UP TFMFDU .BSL PVU BOE UIFO VTF /"7*("5*0/ MFGU SJHIU UP TFU UIF .BSL PVU QPJOU "GUFS ZPV TFU UIF .
PAGE 161
&YQFSJFODJOH .
PAGE 162
&YQFSJFODJOH .
PAGE 163
&YQFSJFODJOH .
PAGE 164
&YQFSJFODJOH .VMUJNFEJB +BWB .*%MFUT BSF +BWB CBTFE BQQMJDBUJPOT UIBU DBO SVO PO NPCJMF QIPOFT :PVS QIPOF TVQQPSUT +BWB &EJUJPO + .& +BWB BMMPXT ZPV UP EPXOMPBE +BWB CBTFE BQQMJDBUJPOT TVDI BT HBNFT BOE UPPMT UIBU BSF TQFDJGJDBMMZ EFTJHOFE GPS NPCJMF QIPOFT +BWB HJWFT ZPV UIF GMFYJCJMJUZ PG JOTUBMMJOH BOE NBOBHJOH BEEJUJPOBM + .& BQQMJDBUJPOT GSPN UIF *OUFSOFU *OTUBMM BOE SVO .*%MFUT .*%MFU TVJUF 5P JOTUBMM .
PAGE 165
&YQFSJFODJOH .VMUJNFEJB "GUFS TFMFDUJOH :FT ZPV BSF QSPNQUFE UP TFMFDU B GPMEFS UP JOTUBMM UIF .*%MFU JO $MJDL 0, UP TFMFDU UIF EFGBVMU GPMEFS PS DMJDL .FOV /FX 'PMEFS UP DIPPTF B EJíFSFOU MPDBUJPO 5IF .*%MFU .*%MFU TVJUF JT JOTUBMMFE 5P SVO .*%MFUT .*%MFU TVJUFT PO ZPVS QIPOF 0O UIF )PNF TDSFFO DMJDL 4UBSU +BWB 4FMFDU B .*%MFU GSPN UIF MJTU VTJOH UIF /"7*("5*0/ $0/530- 1SFTT $&/5&3 0, PS DMJDL -BVODI UP SVO UIF .*%MFU .BOBHF .*%MFUT .
PAGE 166
&YQFSJFODJOH .VMUJNFEJB 5P DIBOHF UIF EJTQMBZ OBNF PG B .*%MFU PS GPMEFS 0O UIF +BWB "QQT TDSFFO TFMFDU UIF .*%MFU .*%MFU TVJUF VTJOH UIF /"7*("5*0/ $0/530- $MJDL .FOV "DUJPOT 3FOBNF &OUFS B OFX OBNF GPS UIF .*%MFU UIFO DMJDL 4BWF 5P NPWF B .*%MFU PS GPMEFS UP BOPUIFS MPDBUJPO 0O UIF +BWB "QQT TDSFFO TFMFDU UIF .*%MFU .*%MFU TVJUF VTJOH UIF /"7*("5*0/ $0/530- $MJDL .FOV "DUJPOT .PWF $MJDL UIF MPDBUJPO XIFSF ZPV XBOU UP NPWF UIF .
PAGE 167
$IBQUFS 6TJOH 0UIFS "QQMJDBUJPOT .JDSPTPGU¡ 0GGJDF .PCJMF .JDSPTPGU¡ 0GGJDF 8PSE .PCJMF .JDSPTPGU¡ 0GGJDF &YDFM¡ .PCJMF .JDSPTPGU¡ 0GGJDF 1PXFS1PJOU¡ .
PAGE 168
6TJOH 0UIFS "QQMJDBUJPOT .JDSPTPGU¡ 0GGJDF .PCJMF .JDSPTPGU¡ 0GGJDF .PCJMF DPOTJTUT PG UISFF BQQMJDBUJPOT UIBU MFU ZPV WJFX BOE FEJU .JDSPTPGU EPDVNFOUT 5IFTF UISFF BQQMJDBUJPOT BSF r .JDSPTPGU¡ 0GGJDF 8PSE .PCJMF MFUT ZPV WJFX BOE FEJU .JDSPTPGU 8PSE EPDVNFOUT BOE UFYU GJMFT r .JDSPTPGU¡ 0GGJDF &YDFM¡ .PCJMF MFUT ZPV WJFX BOE FEJU .JDSPTPGU &YDFM XPSLTIFFUT r .JDSPTPGU¡ 0GGJDF 1PXFS1PJOU¡ .PCJMF MFUT ZPV WJFX .JDSPTPGU 1PXFS1PJOU TMJEFT 5P MFBSO IPX UP DPQZ GJMFT TFF i.
PAGE 169
6TJOH 0UIFS "QQMJDBUJPOT 5P DIBOHF UIF [PPN SBUJP $MJDL 7JFX BOE UIFO PO UIF NFOV TFMFDU UIF [PPN SBUJP UP VTF $MJDL 7JFX 8SBQ UP 8JOEPX UP BEKVTU UIF UFYU GMPX TP UIBU UIF UFYU XSBQT CBTFE PO UIF TDSFFO TJ[F 5IJT XBZ ZPV EP OPU OFFE UP TDSPMM SJHIU UP SFBE MPOH QBSBHSBQIT PS TFOUFODFT /PUF 5FYU JO UBCMFT DBOOPU CF XSBQQFE 5P DIBOHF TDSPMMJOH QSFGFSFODF r $MJDL .FOV 4DSPMM 6Q %PXO BOE UIFO TFMFDU #Z 1BHF PS #Z -JOF 5P GJOE B XPSE JO B EPDVNFOU $MJDL .
PAGE 170
6TJOH 0UIFS "QQMJDBUJPOT 5P TBWF UIF EPDVNFOU $MJDL .FOV 'JMF 4BWF "T 5ZQF JO UIF /BNF ZPV XBOU UP VTF GPS UIF FEJUFE EPDVNFOU BOE TFMFDU UIF -PDBUJPO XIFSF ZPV XBOU UP TBWF UIF EPDVNFOU $MJDL 4BWF 5P TFOE UIF EPDVNFOU UISPVHI F NBJM $MJDL .FOV 'JMF 4FOE *O UIF .
PAGE 171
6TJOH 0UIFS "QQMJDBUJPOT 5P WJFX UIF DPOUFOUT PG B DFMM 5IFSF BSF UJNFT UIBU UIF UFYU JO B DFMM DBOOPU CF GVMMZ EJTQMBZFE POTDSFFO 5P WJFX UIF UFYU JO UIF DFMM JO JUT FOUJSFUZ TFMFDU UIF DFMM BOE UIFO DMJDL 7JFX $FMM 5FYU 5P VTF 'SFF[F 1BOF 4FMFDU UIF DFMM UIBU JT BGUFS BOE CFMPX UIF SPX BOE DPMVNO ZPV XBOU UP GSFF[F 'PS FYBNQMF JG ZPV XBOU UP GSFF[F DPMVNO & BOE SPX ZPV TIPVME TFMFDU DFMM ' $MJDL 7JFX 'SFF[F 1BOFT 5P VOGSFF[F UIF QBOFT DMJDL 7JFX 6OGSFF[F 1BOFT 5P D
PAGE 172
6TJOH 0UIFS "QQMJDBUJPOT 5P FEJU UIF DFMM SBOHF PG B EFGJOFE OBNF *G ZPVS XPSLTIFFU DPOUBJOT EFGJOFE OBNFT DSFBUFE JO .JDSPTPGU &YDFM PO UIF 1$ ZPV DBO FEJU UIF DFMM SBOHF PG UIF EFGJOFE OBNF $MJDL .FOV &EJU %FGJOF /BNF *O 3BOHF /BNF TFMFDU UIF OBNF XIPTF DFMM SBOHF ZPV XBOU UP DIBOHF *O 3FGFST UP UZQF JO UIF OFX DFMM SBOHF $MJDL %POF 5P EFMFUF DFMMT r 4FMFDU UIF DFMM ZPV XBOU UP EFMFUF BOE DMJDL .
PAGE 173
6TJOH 0UIFS "QQMJDBUJPOT 5P VOEP BOE SFEP BO BDUJPO r $MJDL .FOV 6OEP <"DUJPO> PS 3FEP <"DUJPO> 5P TBWF UIF XPSLTIFFU $MJDL .FOV 'JMF 4BWF "T 5ZQF JO UIF /BNF ZPV XBOU UP VTF GPS UIF FEJUFE XPSLTIFFU BOE TFMFDU UIF -PDBUJPO XIFSF ZPV XBOU UP TBWF UIF XPSLTIFFU $MJDL 4BWF 5P TFOE UIF EPDVNFOU UISPVHI F NBJM $MJDL .FOV 'JMF 4FOE *O UIF .
PAGE 174
6TJOH 0UIFS "QQMJDBUJPOT 5P WJFX B DVTUPN TIPX :PV DBO WJFX DVTUPN TIPXT UIBU ZPV DSFBUFE PO .JDSPTPGU 1PXFS1PJOU PO ZPVS QIPOF 1SFTT UIF SJHIU 40'5 ,&: UP TIPX .FOV $MJDL .FOV $VTUPN 4IPX BOE UIFO TFMFDU UIF DVTUPN TIPX ZPV XBOU UP WJFX PO UIF MJTU 5P TFU 1PXFS1PJOU .PCJMF QSFGFSFODFT 1SFTT UIF SJHIU 40'5 ,&: UP TIPX .FOV $MJDL .
PAGE 175
6TJOH 0UIFS "QQMJDBUJPOT "EPCF¡ 3FBEFS¡ -& "EPCF¡ 3FBEFS¡ -& MFUT ZPV WJFX 1PSUBCMF %PDVNFOU 'PSNBU 1%' GJMFT 8IFO ZPV PQFO B QBTTXPSE QSPUFDUFE 1%' GJMF ZPV XJMM CF QSPNQUFE UP FOUFS UIF QBTTXPSE CFGPSF UIF GJMF DBO CF PQFOFE 5P PQFO B 1%' GJMF PO ZPVS QIPOF $MJDL 4UBSU "EPCF 3FBEFS -& $MJDL 0QFO #SPXTF UP B GPMEFS BOE DMJDL UIF 1%' GJMF ZPV XBOU UP PQFO /PUF 5P PQFO BOPUIFS 1%' GJMF DMJDL 0QFO .
PAGE 176
6TJOH 0UIFS "QQMJDBUJPOT 4QFFE %JBM :PV DBO DSFBUF TQFFE EJBM FOUSJFT GPS GSFRVFOUMZ DBMMFE OVNCFST PS GSFRVFOUMZ BDDFTTFE JUFNT TP ZPV DBO EJBM B OVNCFS PS BDDFTT BO JUFN CZ QSFTTJOH B TJOHMF LFZ 5P DSFBUF B TQFFE EJBM FOUSZ GPS B DPOUBDU 0O UIF )PNF TDSFFO DMJDL 4UBSU $POUBDUT 4FMFDU B DPOUBDU 1SFTT $&/5&3 0, UP WJFX UIF DPOUBDU EFUBJMT 4FMFDU UIF EFTJSFE QIPOF OVNCFS BOE DMJDL .
PAGE 177
6TJOH 0UIFS "QQMJDBUJPOT 5P NBLF B DBMM PS MBVODI B QSPHSBN VTJOH 4QFFE %JBM r *G ZPV IBWF BTTJHOFE B TQFFE EJBM GPS FYBNQMF UIF TFDPOE MPDBUJPO UP B DPOUBDU PS B QSPHSBN JO 4QFFE %JBM ZPV DBO TJNQMZ QSFTT BOE IPME UIF LFZ PO UIF QIPOF LFZQBE UP EJBM UIF DPOUBDU T OVNCFS PS PQFO UIF QSPHSBN 5P EFMFUF B TQFFE EJBM FOUSZ 0O UIF )PNF TDSFFO DMJDL 4UBSU 4QFFE %JBM 4FMFDU UIF EFTJSFE FOUSZ BOE DMJDL .
PAGE 178
6TJOH 0UIFS "QQMJDBUJPOT 5P DSFBUF B WPJDF UBH GPS B QSPHSBN 5P DSFBUF B WPJDF UBH GPS B QSPHSBN GPS FYBNQMF $BNFSB EP UIF GPMMPXJOH 0O UIF )PNF TDSFFO DMJDL 4UBSU $BNFSB %P OPU QSFTT $&/5&3 0, XIFO $BNFSB JT TFMFDUFE $MJDL .
PAGE 179
"QQFOEJY " 3FHVMBUPSZ /PUJDFT " 4QFDJGJDBUJPOT
PAGE 180
"QQFOEJY " 3FHVMBUPSZ /PUJDFT 3FHVMBUPSZ "HFODZ *EFOUJGJDBUJPOT 'PS SFHVMBUPSZ JEFOUJGJDBUJPO QVSQPTFT ZPVS QSPEVDU JT BTTJHOFE B NPEFM OVNCFS PG 8*/( 5P FOTVSF DPOUJOVFE SFMJBCMF BOE TBGF PQFSBUJPO PG ZPVS EFWJDF VTF POMZ UIF BDDFTTPSJFT MJTUFE CFMPX XJUI ZPVS 8*/( 5IF #BUUFSZ 1BDL IBT CFFO BTTJHOFE B NPEFM OVNCFS PG -*#3 8*/( 5IJT QSPEVDU JT JOUFOEFE GPS VTF XJUI B DFSUJGJFE $MBTT -JNJUFE 1PXFS 4PVSDF SBUFE 7PMUT %$ NBYJNVN "NQ QPXFS TVQQMZ VOJU &VSPQFBO 6OJPO /PUJ
PAGE 181
"QQFOEJY r &54* &/ &MFDUSPNBHOFUJD DPNQBUJCJMJUZ BOE 3BEJP TQFDUSVN .BUUFST &3. &MFDUSP.BHOFUJD $PNQBUJCJMJUZ &.$ TUBOEBSE GPS SBEJP FRVJQNFOU BOE TFSWJDFT 1BSU 4QFDJGJD DPOEJUJPOT GPS ()[ XJEFCBOE USBOTNJTTJPO TZTUFNT BOE ()[ IJHI QFSGPSNBODF 3-"/ FRVJQNFOU r &/ &MFDUSPNBHOFUJD DPNQBUJCJMJUZ BOE SBEJP TQFDUSVN NBUUFST &3. &MFDUSPNBHOFUJD DPNQBUJCJMJUZ &.$ TUBOEBSE GPS SBEJP FRVJQNFOU BOE TFSWJDFT 1BSU 4QFDJGJD DPOEJUJPOT GPS *.5 $%.
PAGE 182
"QQFOEJY 5IJT FRVJQNFOU NBZ CF PQFSBUFE JO "5 #& #( $) $: $; %& && &4 '* '3 (# (3 )6 %, *& *5 *4 -* -5 -6 -7 .
PAGE 183
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