/PLJB BOE /PLJB 6TFS (VJEF *TTVF
-&("- */'03.
'$$ */%6453: $"/"%" /05*$& :PVS EFWJDF NBZ DBVTF 57 PS SBEJP JOUFSGFSFODF GPS FYBNQMF XIFO VTJOH B UFMFQIPOF JO DMPTF QSPYJNJUZ UP SFDFJWJOH FRVJQNFOU 5IF '$$ PS *OEVTUSZ $BOBEB DBO SFRVJSF ZPV UP TUPQ VTJOH ZPVS UFMFQIPOF JG TVDI JOUFSGFSFODF DBOOPU CF FMJNJOBUFE *G ZPV SFRVJSF BTTJTUBODF DPOUBDU ZPVS MPDBM TFSWJDF GBDJMJUZ 5IJT EFWJDF DPNQMJFT XJUI QBSU PG UIF '$$ SVMFT 0QFSBUJPO JT TVCKFDU UP UIF DPOEJUJPO UIBU UIJT EFWJDF EPFT OPU DBVTF IBSNGVM JOUFSGFSFODF "OZ DIBOHFT PS NPEJGJDBUJPOT
$POUFOUT 'PS ZPVS TBGFUZ 0QUJPOT EVSJOH B DBMM (FOFSBM JOGPSNBUJPO 8SJUF UFYU 4FUUJOHT 1SFEJDUJWF UFYU JOQVU 5SBEJUJPOBM UFYU JOQVU 0WFSWJFX PG GVODUJPOT "DDFTT DPEFT 4FDVSJUZ DPEF
&EJU DPOUBDU EFUBJMT %FMFUF DPOUBDUT PS DPOUBDU EFUBJMT #VTJOFTT DBSET 4FUUJOHT (SPVQT UPVDI EJBMJOH *OGP TFSWJDF BOE NZ OVNCFST (BNF EPXOMPBET (BNF TFUUJOHT $PMMFDUJPO
' P S Z P V S T B G F U Z 'PS ZPVS TBGFUZ 3FBE UIFTF TJNQMF HVJEFMJOFT /PU GPMMPXJOH UIFN NBZ CF EBOHFSPVT PS JMMFHBM 3FBE UIF DPNQMFUF VTFS HVJEF GPS GVSUIFS JOGPSNBUJPO 48*5$) 0/ 4"'&-: %P OPU TXJUDI UIF QIPOF PO XIFO XJSFMFTT QIPOF VTF JT QSPIJCJUFE PS XIFO JU NBZ DBVTF JOUFSGFSFODF PS EBOHFS 30"% 4"'&5: $0.
' P S Z P V S T B G F U Z 8"5&3 3&4*45"/$& :PVS QIPOF JT OPU XBUFS SFTJTUBOU ,FFQ JU ESZ #"$, 61 $01*&4 3FNFNCFS UP NBLF CBDL VQ DPQJFT PS LFFQ B XSJUUFO SFDPSE PG BMM JNQPSUBOU JOGPSNBUJPO TUPSFE JO ZPVS QIPOF $0//&$5*/( 50 05)&3 %&7*$&4 8IFO DPOOFDUJOH UP BOZ PUIFS EFWJDF SFBE JUT VTFS HVJEF GPS EFUBJMFE TBGFUZ JOTUSVDUJPOT %P OPU DPOOFDU JODPNQBUJCMF QSPEVDUT &.
' P S Z P V S T B G F U Z NBZ IBWF MJNJUBUJPOT UIBU BGGFDU IPX ZPV DBO VTF OFUXPSL TFSWJDFT 'PS JOTUBODF TPNF OFUXPSLT NBZ OPU TVQQPSU BMM MBOHVBHF EFQFOEFOU DIBSBDUFST BOE TFSWJDFT :PVS TFSWJDF QSPWJEFS NBZ IBWF SFRVFTUFE UIBU DFSUBJO GFBUVSFT CF EJTBCMFE PS OPU BDUJWBUFE JO ZPVS EFWJDF *G TP UIFZ XJMM OPU BQQFBS PO ZPVS EFWJDF NFOV :PVS EFWJDF NBZ BMTP IBWF CFFO TQFDJBMMZ DPOGJHVSFE 5IJT DPOGJHVSBUJPO NBZ JODMVEF DIBOHFT JO NFOV OBNFT NFOV PSEFS BOE JDPOT $POUBDU ZPVS TFSWJDF QSPWJEFS GPS
( F O F S B M J O G P S N B U J P O (FOFSBM JOGPSNBUJPO ■ 0WFSWJFX PG GVODUJPOT :PVS QIPOF QSPWJEFT NBOZ GVODUJPOT UIBU BSF QSBDUJDBM GPS EBJMZ VTF TVDI BT B DBMFOEBS DMPDL BOE BMBSN DMPDL :PVS QIPOF BMTP TVQQPSUT UIF GPMMPXJOH GVODUJPOT t &YUFOTJCMF IZQFSUFYU NBSLVQ MBOHVBHF 9)5.- 4FF 8FC Q t +BWB 1MBUGPSN .JDSP &EJUJPO + .&5.
( F O F S B M J O G P S N B U J P O 3FTUSJDUJPO QBTTXPSE 5IF SFTUSJDUJPO QBTTXPSE EJHJUT JT SFRVJSFE XIFO VTJOH UIF $BMM SFTUSJDUJPOT 4FF 4FDVSJUZ Q ■ $POGJHVSBUJPO TFUUJOHT 5P VTF TPNF PG UIF OFUXPSL TFSWJDFT TVDI BT NPCJMF *OUFSOFU TFSWJDFT BOE ..
( F U T U B S U F E (FU TUBSUFE ■ 0QFO UIF GPME ■ *OTUBMM UIF 4*. DBSE BOE CBUUFSZ 8IFO ZPV PQFO UIF GPME PG UIF QIPOF JU PQFOT VQ UP EFHSFFT %P OPU USZ UP GPSDF UIF GPME PQFO NPSF /PUF "MXBZT TXJUDI PGG UIF QPXFS BOE EJTDPOOFDU UIF DIBSHFS BOE BOZ PUIFS EFWJDF CFGPSF SFNPWJOH UIF DPWFST "WPJE UPVDIJOH FMFDUSPOJD DPNQPOFOUT XIJMF DIBOHJOH UIF DPWFST "MXBZT TUPSF BOE VTF UIF EFWJDF XJUI UIF DPWFST BUUBDIFE ,FFQ BMM 4*.
( F U T U B S U F E 3FNPWF UIF CBUUFSZ BT TIPXO 3FMFBTF UIF 4*. DBSE IPMEFS *OTFSU UIF 4*. DBSE .BLF TVSF UIBU UIF 4*. DBSE JT QSPQFSMZ JOTFSUFE BOE UIBU UIF HPME DPMPSFE DPOUBDU BSFB PO UIF DBSE JT GBDJOH EPXOXBSET $MPTF UIF 4*.
( F U T U B S U F E $POOFDU UIF DIBSHFS UP BO BD XBMM TPDLFU $POOFDU UIF MFBE GSPN UIF DIBSHFS UP UIF TPDLFU PO UIF CPUUPN PG ZPVS QIPOF 5IF DIBSHJOH UJNF EFQFOET PO UIF DIBSHFS BOE UIF CBUUFSZ VTFE *G UIF CBUUFSZ JT DPNQMFUFMZ EJTDIBSHFE JU NBZ UBLF B GFX NJOVUFT CFGPSF UIF DIBSHJOH JOEJDBUPS BQQFBST PO UIF EJTQMBZ PS CFGPSF BOZ DBMMT DBO CF NBEF ■ 4XJUDI UIF QIPOF PO BOE PGG 8BSOJOH %P OPU TXJUDI UIF QIPOF PO XIFO XJSFMFTT QIPOF VTF JT QSPIJCJUFE PS XIFO JU NBZ DBVTF JOUFSGFSFODF
: P V S Q I P O F :PVS QIPOF ■ ,FZT BOE QBSUT t &BSQJFDF t %JTQMBZ t -FGU TFMFDUJPO LFZ .JEEMF TFMFDUJPO LFZ 3JHIU TFMFDUJPO LFZ t XBZ OBWJHBUJPO LFZ t $BMM LFZ t &OE LFZ BOE QPXFS LFZ t $IBSHFS DPOOFDUPS t )FBETFU DPOOFDUPS t .
: P V S Q I P O F /PUF "WPJE SFNPWJOH UIF DPWFS PG UIJT DPOOFDUPS BOE UPVDIJOH UIF DPOOFDUPS BT JU JT JOUFOEFE GPS VTF CZ BVUIPSJ[FE TFSWJDF QFPQMF POMZ 8BSOJOH $FSUBJO QBSUT PG UIJT EFWJDF NBZ DPOUBJO OJDLFM *U JT OPU EFTJHOFE GPS QSPMPOHFE DPOUBDU XJUI UIF TLJO $POUJOVPVT FYQPTVSF UP OJDLFM PO UIF TLJO NBZ MFBE UP OJDLFM BMMFSHZ
: P V S Q I P O F ■ 4UBOECZ NPEF 8IFO UIF QIPOF JT SFBEZ GPS VTF BOE ZPV IBWF OPU FOUFSFE BOZ DIBSBDUFST UIF QIPOF JT JO UIF TUBOECZ NPEF %JTQMBZ t /BNF PG UIF OFUXPSL PS UIF PQFSBUPS MPHP t 4JHOBM TUSFOHUI PG UIF DFMMVMBS OFUXPSL BU ZPVS DVSSFOU MPDBUJPO t #BUUFSZ DIBSHF MFWFM t 5IF MFGU TFMFDUJPO LFZ JT (P UP t 5IF NJEEMF TFMFDUJPO LFZ JT .FOV t 5IF SJHIU TFMFDUJPO LFZ JT /BNFT PS BOPUIFS TIPSUDVU UP B GVODUJPO UIBU ZPV TFMFDUFE 4FF .
: P V S Q I P O F 1PXFS TBWJOH 8IFO UIF QIPOF GPME JT PQFOFE B EJHJUBM DMPDL WJFX PWFSXSJUFT UIF EJTQMBZ XIFO OP GVODUJPO PG UIF QIPOF IBT CFFO VTFE GPS B DFSUBJO QFSJPE PG UJNF 5P BDUJWBUF UIF QPXFS TBWFS TFF 1PXFS TBWFS JO %JTQMBZ Q 5P EFBDUJWBUF UIF TDSFFO TBWFS QSFTT BOZ LFZ *OEJDBUPST :PV SFDFJWFE POF PS TFWFSBM UFYU PS QJDUVSF NFTTBHFT 4FF 3FBE BOE SFQMZ UP BO 4.
: P V S Q I P O F 5P BOTXFS B DBMM XIFO UIF LFZHVBSE JT PO QSFTT UIF DBMM LFZ 8IFO ZPV FOE PS EFDMJOF UIF DBMM UIF LFZT BVUPNBUJDBMMZ MPDLT 'PS "VUPNBUJD LFZHVBSE BOE 4FDVSJUZ LFZHVBSE TFF 1IPOF Q 8IFO UIF LFZHVBSE JT PO DBMMT TUJMM NBZ CF QPTTJCMF UP UIF PGGJDJBM FNFSHFODZ OVNCFS QSPHSBNNFE JOUP ZPVS EFWJDF
$ B M M G V O D U J P O T $BMM GVODUJPOT ■ .
$ B M M G V O D U J P O T 5P EFDMJOF BO JODPNJOH DBMM QSFTT UIF FOE LFZ PS JG UIF QIPOF GPME JT PQFOFE DMPTF UIF GPME PG UIF QIPOF 5P EFDMJOF BO JODPNJOH DBMM XIFO UIF QIPOF GPME JT DMPTFE PQFO UIF QIPOF GPME BOE QSFTT UIF FOE LFZ *G B DPNQBUJCMF IFBETFU TVQQMJFE XJUI UIF IFBETFU LFZ JT DPOOFDUFE UP UIF QIPOF UP BOTXFS BOE FOE B DBMM QSFTT UIF IFBETFU LFZ $BMM GPSXBSEJOH 'PSXBSE JG CVTZ GVODUJPO JT BDUJWBUFE UP GPSXBSE DBMMT GPS FYBNQMF UP ZPVS *G UIF WPJDF NBJMCPY EFDMJOJOH BO JODPNJ
8 S J U F U F Y U 8SJUF UFYU :PV DBO FOUFS UFYU GPS FYBNQMF XIFO XSJUJOH NFTTBHFT VTJOH USBEJUJPOBM PS QSFEJDUJWF UFYU JOQVU 8IFO VTJOH USBEJUJPOBM UFYU JOQVU QSFTT B OVNCFS LFZ UP SFQFBUFEMZ VOUJM UIF EFTJSFE DIBSBDUFS BQQFBST *O QSFEJDUJWF UFYU JOQVU ZPV DBO FOUFS B MFUUFS XJUI B TJOHMF LFZQSFTT 8IFO ZPV BSF XSJUJOH UFYU QSFEJDUJWF UFYU JOQVU JT JOEJDBUFE CZ BOE USBEJUJPOBM UFYU JOQVU CZ BU UIF UPQ MFGU PG UIF EJTQMBZ PS BQQFBS OFYU UP UIF UFYU JOQVU JOEJDBUPS JOEJDBUJOH
8 S J U F U F Y U 5P XSJUF DPNQPVOE XPSET FOUFS UIF GJSTU QBSU PG UIF XPSE BOE QSFTT UIF SJHIU OBWJHBUJPO LFZ UP DPOGJSN JU 8SJUF UIF MBTU QBSU PG UIF XPSE BOE DPOGJSN UIF XPSE ■ 5SBEJUJPOBM UFYU JOQVU 1SFTT B OVNCFS LFZ UP SFQFBUFEMZ VOUJM UIF EFTJSFE DIBSBDUFS BQQFBST /PU BMM DIBSBDUFST BWBJMBCMF VOEFS B OVNCFS LFZ BSF QSJOUFE PO UIF LFZ 5IF DIBSBDUFST BWBJMBCMF EFQFOE PO UIF XSJUJOH MBOHVBHF 4FF 4FUUJOHT Q *G UIF OFYU MFUUFS ZPV XBOU JT MPDBUFE PO UIF TBNF LFZ BT UIF QSFTFOU P
/ B W J H B U F U I F N F O V T /BWJHBUF UIF NFOVT 5IF QIPOF PGGFST ZPV BO FYUFOTJWF SBOHF PG GVODUJPOT XIJDI BSF HSPVQFE JOUP NFOVT .FOV 5P DIBOHF UIF NFOV WJFX TFMFDU 0QUJPOT .
.FTTBHFT .FTTBHFT 5IF NFTTBHF TFSWJDFT DBO POMZ CF VTFE JG UIFZ BSF TVQQPSUFE CZ ZPVS OFUXPSL PS ZPVS TFSWJDF QSPWJEFS /PUF 8IFO TFOEJOH NFTTBHFT ZPVS QIPOF NBZ EJTQMBZ UIF XPSET .
.FTTBHFT 8SJUF BOE TFOE BO 4.4 .FOV .
.FTTBHFT 5FNQMBUFT :PVS QIPOF IBT UFYU UFNQMBUFT BOE QJDUVSF UFNQMBUFT UFYU QJDUVSF PS 4.4 F NBJM NFTTBHFT UIBU ZPV DBO VTF JO .FOV .FTTBHFT 4BWFE JUFNT 5FYU 5P BDDFTT UIF UFNQMBUF MJTU TFMFDU NFTTBHFT 5FNQMBUFT ■ .VMUJNFEJB NFTTBHFT ..
.FTTBHFT 5P NPWF UIF UFYU DPNQPOFOU UP UIF UPQ PS CPUUPN PG UIF NFTTBHF TFMFDU 0QUJPOT 1MBDF UFYU GJSTU PS 1MBDF UFYU MBTU 5IF GPMMPXJOH PQUJPOT NBZ BMTP CF BWBJMBCMF %FMFUF UP EFMFUF BO JNBHF PS TMJEF GSPN UIF NFTTBHF $MFBS UFYU 1SFWJFX PS 4BWF NFTTBHF *O .PSF PQUJPOT UIF GPMMPXJOH PQUJPOT NBZ CF BWBJMBCMF *OTFSU DPOUBDU *OTFSU OVNCFS .
.FTTBHFT 5IF GVODUJPO PG UIF NJEEMF TFMFDUJPO LFZ DIBOHFT BDDPSEJOH UP UIF DVSSFOUMZ EJTQMBZFE BUUBDINFOU JO UIF NFTTBHF 5P WJFX UIF XIPMF NFTTBHF JG UIF SFDFJWFE NFTTBHF DPOUBJOT B QSFTFOUBUJPO TFMFDU 1MBZ ;PPN 5P [PPN JO PO BO JNBHF TFMFDU 5P WJFX B CVTJOFTT DBSE PS DBMFOEBS 0QFO OPUF PS UP PQFO B UIFNF PCKFDU TFMFDU 0QUJPOT 5P SFQMZ UP UIF NFTTBHF TFMFDU .
.FTTBHFT 5P TBWF UIF UFYU NFTTBHF UIBU ZPV BSF XSJUJOH BOE XJTI UP TFOE MBUFS JO UIF 4BWFE JUFNT GPMEFS TFMFDU 0QUJPOT 4BWF NFTTBHF 4BWFE UFYU NTHT 'PS NVMUJNFEJB NFTTBHFT TFMFDU 4BWF NFTTBHF JOEJDBUFT VOTFOU NFTTBHFT .Z GPMEFST PS BEE .FTTBHFT 4BWFE JUFNT 5P PSHBOJ[F ZPVS UFYU NFTTBHFT ZPV DBO NPWF TPNF PG UIFN UP OFX GPMEFST GPS ZPVS NFTTBHFT 4FMFDU 5FYU NFTTBHFT .
.FTTBHFT GPMEFS DPOUBJOT VOSFBE NFTTBHFT UIF QIPOF BTLT XIFUIFS ZPV XBOU UP EFMFUF UIFN BMTP 4FMFDU :FT BHBJO ■ .FTTBHF TFUUJOHT 5FYU BOE 4.4 F NBJM 5IF NFTTBHF TFUUJOHT BGGFDU UIF TFOEJOH SFDFJWJOH BOE WJFXJOH PG NFTTBHFT .FOV .FTTBHFT .FTTBHF TFUUJOHT 5FYU NFTTBHFT BOE GSPN UIF GPMMPXJOH PQUJPOT 4FOEJOH QSPGJMF *G NPSF UIBO POF NFTTBHF QSPGJMF TFU JT TVQQPSUFE CZ ZPVS 4*. DBSE TFMFDU UIF TFU ZPV XBOU UP DIBOHF 5IF GPMMPXJOH PQUJPOT NBZ CF BWBJMBCMF .
.FTTBHFT 3FUSJFWF 3FUSJFWF NBOVBMMZ PS 3FKFDU UP BMMPX UIF SFDFQUJPO PG NVMUJNFEJB NFTTBHFT BVUPNBUJDBMMZ NBOVBMMZ BGUFS CFJOH QSPNQUFE PS UP SFKFDU UIF SFDFQUJPO $POGJHVSBUJPO TFUUJOHT $POGJHVSBUJPO 0OMZ UIF DPOGJHVSBUJPOT UIBU TVQQPSU NVMUJNFEJB NFTTBHJOH BSF TIPXO 4FMFDU B TFSWJDF QSPWJEFS %FGBVMU PS 1FSTPOBM DPOGJH GPS NVMUJNFEJB NFTTBHJOH 4FMFDU "DDPVOU BOE B NVMUJNFEJB NFTTBHJOH TFSWJDF BDDPVOU DPOUBJOFE JO UIF BDUJWF DPOGJHVSBUJPO TFUUJOHT "MMPX BEWFSUJTFNFOUT UP SFDFJWF PS
$ B M M M P H $BMM MPH 5IF QIPOF MPHT UIF QIPOF OVNCFST PG JEFOUJGJFE NJTTFE SFDFJWFE BOE EJBMFE DBMMT UIF NFTTBHF SFDJQJFOUT BOE UIF BQQSPYJNBUF MFOHUI PG ZPVS DBMMT 5IF QIPOF MPHT JG JU JT TXJUDIFE PO BOE XJUIJO UIF OFUXPSL TFSWJDF BSFB BOE UIF OFUXPSL TVQQPSUT UIFTF GVODUJPOT ■ 3FDFOU DBMMT MJTUT .JTTFE DBMMT 3FDFJWFE DBMMT %JBMFE OVNCFST 8IFO ZPV TFMFDU 0QUJPOT JO UIF .
$POUBDUT $POUBDUT :PV DBO TBWF OBNFT BOE QIPOF OVNCFST $POUBDUT JO UIF QIPOF NFNPSZ BOE 4*. DBSE NFNPSZ 5IF QIPOF NFNPSZ NBZ TBWF DPOUBDUT XJUI OVNCFST BOE UFYU JUFNT :PV DBO BMTP TBWF BO JNBHF GPS B DFSUBJO OVNCFS PG OBNFT /BNFT BOE OVNCFST TBWFE JO UIF 4*. DBSE NFNPSZ BSF JOEJDBUFE CZ ■ 'JOE B DPOUBDU .
$POUBDUT &OUFS UIF OVNCFS PS UFYU JUFN UP TBWF JU TFMFDU 0, #BDL &YJU 5P SFUVSO UP UIF TUBOECZ NPEF TFMFDU ■ $PQZ DPOUBDUT 0QUJPOT $PQZ 'JOE UIF DPOUBDU ZPV XBOU UP DPQZ BOE TFMFDU :PV DBO DPQZ OBNFT BOE QIPOF OVNCFST GSPN UIF QIPOF DPOUBDU NFNPSZ UP UIF 4*. DBSE NFNPSZ PS WJDF WFSTB 5IF 4*.
$POUBDUT ■ 4FUUJOHT .FOV $POUBDUT 4FUUJOHT BOE GSPN UIF GPMMPXJOH PQUJPOT 4FMFDU .FNPSZ JO VTF UP TFMFDU UIF 4*. DBSE PS QIPOF NFNPSZ GPS ZPVS DPOUBDUT $POUBDUT WJFX UP TFMFDU IPX UIF OBNFT BOE OVNCFST JO DPOUBDUT BSF EJTQMBZFE .FNPSZ TUBUVT UP WJFX UIF GSFF BOE VTFE NFNPSZ DBQBDJUZ ■ (SPVQT .
4FUUJOHT 4FUUJOHT ■ 1SPGJMFT :PVS QIPOF IBT WBSJPVT TFUUJOH HSPVQT DBMMFE QSPGJMFT GPS XIJDI ZPV DBO DVTUPNJ[F UIF QIPOF UPOFT GPS EJGGFSFOU FWFOUT BOE FOWJSPONFOUT .
4FUUJOHT ■ -JHIU TFUUJOHT 8IFO UIF GPME JT DMPTFE UIF QVMTBUJOH MJHIU OPUJGJFT ZPV PG UIF QIPOF TUBUVT GPS FYBNQMF BO JODPNJOH DBMM JG UIF -JHIU FGGFDUT JT TFU 0O 5P TFU UIF QVMTBUJOH MJHIU PO TFMFDU .FOV 4FUUJOHT -JHIUT -JHIU FGGFDUT 0O ■ .Z TIPSUDVUT 8JUI QFSTPOBM TIPSUDVUT ZPV HFU RVJDL BDDFTT UP PGUFO VTFE GVODUJPOT PG UIF QIPOF 5P NBOBHF UIF TIPSUDVUT TFMFDU .FOV 4FUUJOHT .
4FUUJOHT 0QFSBUPS MPHP UP TFU ZPVS QIPOF UP EJTQMBZ PS IJEF UIF PQFSBUPS MPHP 5IF NFOV JT EJNNFE JG ZPV IBWF OPU TBWFE UIF PQFSBUPS MPHP 'PS NPSF JOGPSNBUJPO PO BWBJMBCJMJUZ PG BO PQFSBUPS MPHP DPOUBDU ZPVS OFUXPSL PQFSBUPS PS TFSWJDF QSPWJEFS ■ 5JNF BOE EBUF .
4FUUJOHT ■ 1IPOF .FOV 4FUUJOHT 1IPOF BOE GSPN UIF GPMMPXJOH PQUJPOT 4FMFDU 1IPOF MBOHVBHF UP TFU UIF EJTQMBZ BOE XSJUJOH MBOHVBHF .FNPSZ TUBUVT UP WJFX UIF GSFF NFNPSZ BOE UIF VTFE NFNPSZ JO (BMMFSZ .
4FUUJOHT 4FMFDU .
4FUUJOHT 0QUJPOT 4FU BT TFUUJOHT PG UIF TFSWJDF QSPWJEFS BT EFGBVMU TFUUJOHT TFMFDU EFGBVMU 5P EFMFUF DPOGJHVSBUJPO TFUUJOHT TFMFDU %FMFUF "DUJWBUF EFGBVMU JO BMM BQQMJDBUJPOT UP BDUJWBUF UIF EFGBVMU DPOGJHVSBUJPO TFUUJOHT GPS TVQQPSUFE BQQMJDBUJPOT 1SFGFSSFE BDDFTT QPJOU UP WJFX UIF TBWFE BDDFTT QPJOUT 4DSPMM UP BO BDDFTT QPJOU BOE TFMFDU 0QUJPOT %FUBJMT UP WJFX UIF OBNF PG UIF EBUB CFBSFS BOE QBDLFU EBUB BDDFTT QPJOU $POOFDU UP TFSWJDF QSPWJEFS TVQQPSU UP EPXOMPBE UIF DPOGJ
4FUUJOHT $PEF JO VTF UP TFMFDU XIFUIFS UIF 1*/ DPEF PS 61*/ DPEF TIPVME CF BDUJWF 1JO DPEF SFRVFTU UP TFMFDU XIFUIFS UIF 1*/ DPEF JT SFRVJSFE XIFO VTJOH B TQFDJGJD QIPOF GFBUVSF XIJDI JT QSPUFDUFE CZ UIF 1*/ DPEF ■ 3FTUPSF GBDUPSZ TFUUJOHT .
(BMMFSZ (BMMFSZ *O UIJT NFOV ZPV DBO NBOBHF HSBQIJDT JNBHFT UIFNFT BOE UPOFT 5IFTF GJMFT BSF BSSBOHFE JO GPMEFST :PVS QIPOF TVQQPSUT BO BDUJWBUJPO LFZ TZTUFN UP QSPUFDU BDRVJSFE DPOUFOU "MXBZT DIFDL UIF EFMJWFSZ UFSNT PG BOZ DPOUFOU BOE BDUJWBUJPO LFZ CFGPSF BDRVJSJOH UIFN BT UIFZ NBZ CF TVCKFDU UP B GFF $PQZSJHIU QSPUFDUJPOT NBZ QSFWFOU TPNF JNBHFT NVTJD JODMVEJOH SJOHJOH UPOFT BOE PUIFS DPOUFOU GSPN CFJOH DPQJFE NPEJGJFE USBOTGFSSFE PS GPSXBSEFE .
0SHBOJ[FS 0SHBOJ[FS ■ "MBSN DMPDL .
0SHBOJ[FS "VUP EFMFUF OPUFT ZPV DBO TFU UIF QIPOF UP EFMFUF UIF EBUF BOE UJNF TFUUJOHT *O PME OPUFT BVUPNBUJDBMMZ BGUFS B TQFDJGJFE UJNF .BLF B DBMFOEBS OPUF .FOV 0SHBOJ[FS $BMFOEBS 4DSPMM UP UIF EBUF ZPV XBOU BOE TFMFDU 0QUJPOT .BLF B OPUF BOE POF PG UIF GPMMPXJOH OPUF UZQFT 4FMFDU .FFUJOH $BMM #JSUIEBZ .
0SHBOJ[FS ■ $BMDVMBUPS 5IF DBMDVMBUPS JO ZPVS QIPOF BEET TVCUSBDUT NVMUJQMJFT EJWJEFT DBMDVMBUFT UIF TRVBSF BOE UIF TRVBSF SPPU BOE DPOWFSUT DVSSFODZ WBMVFT /PUF 5IJT DBMDVMBUPS IBT MJNJUFE BDDVSBDZ BOE JT EFTJHOFE GPS TJNQMF DBMDVMBUJPOT 4FMFDU .FOV 0SHBOJ[FS $BMDVMBUPS 8IFO JT EJTQMBZFE PO UIF TDSFFO FOUFS UIF GJSTU OVNCFS JO UIF DBMDVMBUJPO 1SFTT GPS B EFDJNBM QPJOU 4FMFDU 0QUJPOT "EE 4VCUSBDU .
0SHBOJ[FS 4IPX MBTU UJNF UP WJFX UIF NPTU SFDFOUMZ NFBTVSFE UJNF JG UIF TUPQXBUDI JT OPU SFTFU 7JFX UJNFT PS %FMFUF UJNFT UP WJFX PS EFMFUF UIF TBWFE UJNFT ■ $PVOUEPXO UJNFS .
"QQMJDBUJPOT "QQMJDBUJPOT ■ (BNFT :PVS QIPOF TPGUXBSF JODMVEFT TPNF HBNFT -BVODI B HBNF 4FMFDU .FOV "QQMJDBUJPOT (BNFT 4DSPMM UP UIF EFTJSFE HBNF BOE TFMFDU 0QFO 'PS PQUJPOT SFMBUFE UP B HBNF TFF 0UIFS BQQMJDBUJPO PQUJPOT Q (BNF EPXOMPBET .FOV "QQMJDBUJPOT 0QUJPOT %PXOMPBET (BNF EPXOMPBET 5IF MJTU PG BWBJMBCMF CPPLNBSLT JT TIPXO 4FMFDU .
"QQMJDBUJPOT 6QEBUF WFSTJPO UP DIFDL JG B OFX WFSTJPO PG UIF BQQMJDBUJPO JT BWBJMBCMF GPS 8FC EPXOMPBE GSPN 8FC QBHF OFUXPSL TFSWJDF UP QSPWJEF GVSUIFS JOGPSNBUJPO PS BEEJUJPOBM EBUB GPS UIF BQQMJDBUJPO GSPN BO *OUFSOFU QBHF 5IJT GFBUVSF NVTU CF TVQQPSUFE CZ UIF OFUXPSL *U JT POMZ TIPXO JG BO *OUFSOFU BEESFTT IBT CFFO QSPWJEFE XJUI UIF BQQMJDBUJPO "QQ BDDFTT UP SFTUSJDU UIF BQQMJDBUJPO GSPN BDDFTTJOH UIF OFUXPSL %JGGFSFOU DBUFHPSJFT BSF TIPXO 4FMFDU JO FBDI DBUFHPSZ JG BWBJMB
8FC 8FC :PV DBO BDDFTT WBSJPVT NPCJMF *OUFSOFU TFSWJDFT XJUI ZPVS QIPOF CSPXTFS 6TF POMZ TFSWJDFT UIBU ZPV USVTU BOE UIBU PGGFS BEFRVBUF TFDVSJUZ BOE QSPUFDUJPO BHBJOTU IBSNGVM TPGUXBSF *NQPSUBOU $IFDL UIF BWBJMBCJMJUZ PG UIFTF TFSWJDFT QSJDJOH UBSJGGT BOE JOTUSVDUJPOT XJUI ZPVS TFSWJDF QSPWJEFS 8JUI UIF QIPOF CSPXTFS ZPV DBO WJFX UIF QBHFT UIBU VTF XJSFMFTT NBSLVQ MBOHVBHF 8.- PS FYUFOTJCMF IZQFSUFYU NBSLVQ MBOHVBHF 9)5.
8FC .FOV 8FC -BTU XFC BEESFTT t 5P TFMFDU UIF MBTU 63- TFMFDU t 5P FOUFS UIF BEESFTT PG UIF QBHF TFMFDU .
8FC 0O UP TFU UIF UFYU UP DPOUJOVF PO UIF OFYU MJOF PO UIF EJTQMBZ *G ZPV TFMFDU 0GG UIF UFYU JT BCCSFWJBUFE 'POU TJ[F &YUSB TNBMM 4NBMM PS .
8FC ■ #PPLNBSLT $SFBUF B CPPLNBSL :PV DBO TBWF QBHF BEESFTTFT BT CPPLNBSLT JO UIF QIPOF NFNPSZ 8IJMF CSPXTJOH TFMFDU 0QUJPOT #PPLNBSLT PS JO UIF TUBOECZ NPEF TFMFDU .
8FC FYBNQMF OFXT IFBEMJOFT BOE UIFZ NBZ DPOUBJO B UFYU NFTTBHF PS BO BEESFTT PG B TFSWJDF "DDFTT TFSWJDF JOCPY 5P BDDFTT UIF 4FSWJDF JOCPY JO UIF TUBOECZ NPEF XIFO ZPV IBWF SFDFJWFE B TFSWJDF NFTTBHF TFMFDU 4IPX *G ZPV TFMFDU &YJU UIF NFTTBHF JT NPWFE UP UIF 4FSWJDF JOCPY 5P BDDFTT UIF 4FSWJDF JOCPY MBUFS TFMFDU .
8FC ■ #SPXTFS TFDVSJUZ 4FDVSJUZ GFBUVSFT NBZ CF SFRVJSFE GPS TPNF TFSWJDFT TVDI BT POMJOF CBOLJOH PS TIPQQJOH 'PS TVDI DPOOFDUJPOT ZPV OFFE TFDVSJUZ DFSUJGJDBUFT BOE QPTTJCMZ B TFDVSJUZ NPEVMF XIJDI NBZ CF BWBJMBCMF PO ZPVS 4*.
8FC $FSUJGJDBUFT *NQPSUBOU &WFO JG UIF VTF PG DFSUJGJDBUFT NBLFT UIF SJTLT JOWPMWFE JO SFNPUF DPOOFDUJPOT BOE TPGUXBSF JOTUBMMBUJPO DPOTJEFSBCMZ TNBMMFS UIFZ NVTU CF VTFE DPSSFDUMZ JO PSEFS UP CFOFGJU GSPN JODSFBTFE TFDVSJUZ 5IF FYJTUFODF PG B DFSUJGJDBUF EPFT OPU PGGFS BOZ QSPUFDUJPO CZ JUTFMG UIF DFSUJGJDBUF NBOBHFS NVTU DPOUBJO DPSSFDU BVUIFOUJD PS USVTUFE DFSUJGJDBUFT GPS JODSFBTFE TFDVSJUZ UP CF BWBJMBCMF $FSUJGJDBUFT IBWF B SFTUSJDUFE MJGFUJNF *G &YQJSFE DFSUJGJDBUF PS $FSUJGJDBUF OPU WB
8FC *G UIF EJHJUBM TJHOBUVSF JDPO EPFT OPU BQQFBS UIFSF JT B TFDVSJUZ CSFBDI BOE ZPV TIPVME OPU FOUFS BOZ QFSTPOBM EBUB TVDI BT ZPVS TJHOJOH 1*/ 4JHO 5P TJHO UIF UFYU SFBE BMM PG UIF UFYU GJSTU BOE TFMFDU 5IF UFYU NBZ OPU GJU XJUIJO B TJOHMF TDSFFO 5IFSFGPSF NBLF TVSF UP TDSPMM UISPVHI BOE SFBE BMM PG UIF UFYU CFGPSF TJHOJOH 4FMFDU UIF VTFS DFSUJGJDBUF ZPV XBOU UP VTF &OUFS UIF TJHOJOH 1*/ TFF "DDFTT DPEFT Q 0, BOE TFMFDU 5IF EJHJUBM TJHOBUVSF JDPO EJTBQQFBST BOE UIF TFS
4 * . T F S W J D F T 4*. TFSWJDFT :PVS 4*. DBSE NBZ QSPWJEF BEEJUJPOBM TFSWJDFT UIBU ZPV DBO BDDFTT 5IJT NFOV JT TIPXO POMZ JG JU JT TVQQPSUFE CZ ZPVS 4*. DBSE 5IF OBNF BOE DPOUFOUT PG UIF NFOV EFQFOE PO UIF 4*. DBSE 'PS BWBJMBCJMJUZ BOE JOGPSNBUJPO PO VTJOH 4*. DBSE TFSWJDFT DPOUBDU ZPVS 4*.
# B U U F S Z J O G P S N B U J P O #BUUFSZ JOGPSNBUJPO ■ $IBSHJOH BOE EJTDIBSHJOH :PVS EFWJDF JT QPXFSFE CZ B SFDIBSHFBCMF CBUUFSZ 5IF GVMM QFSGPSNBODF PG B OFX CBUUFSZ JT BDIJFWFE POMZ BGUFS UXP PS UISFF DPNQMFUF DIBSHF BOE EJTDIBSHF DZDMFT 5IF CBUUFSZ DBO CF DIBSHFE BOE EJTDIBSHFE IVOESFET PG UJNFT CVU JU XJMM FWFOUVBMMZ XFBS PVU 8IFO UIF UBML BOE TUBOECZ UJNFT BSF OPUJDFBCMZ TIPSUFS UIBO OPSNBM SFQMBDF UIF CBUUFSZ 6TF POMZ /PLJB BQQSPWFE CBUUFSJFT BOE SFDIBSHF ZPVS CBUUFSZ POMZ XJUI /P
# B U U F S Z J O G P S N B U J P O ■ /PLJB CBUUFSZ BVUIFOUJDBUJPO HVJEFMJOFT "MXBZT VTF PSJHJOBM /PLJB CBUUFSJFT GPS ZPVS TBGFUZ 5P DIFDL UIBU ZPV BSF HFUUJOH BO PSJHJOBM /PLJB CBUUFSZ QVSDIBTF JU GSPN BO BVUIPSJ[FE /PLJB EFBMFS MPPL GPS UIF /PLJB 0SJHJOBM &OIBODFNFOUT MPHP PO UIF QBDLBHJOH BOE JOTQFDU UIF IPMPHSBN MBCFM VTJOH UIF GPMMPXJOH TUFQT 4VDDFTTGVM DPNQMFUJPO PG UIF GPVS TUFQT JT OPU B UPUBM BTTVSBODF PG UIF BVUIFOUJDJUZ PG UIF CBUUFSZ *G ZPV IBWF BOZ SFBTPO UP CFMJFWF UIBU ZPVS CBUUF
# B U U F S Z J O G P S N B U J P O 8IBU JG ZPVS CBUUFSZ JT OPU BVUIFOUJD *G ZPV DBOOPU DPOGJSN UIBU ZPVS /PLJB CBUUFSZ XJUI UIF IPMPHSBN PO UIF MBCFM JT BO BVUIFOUJD /PLJB CBUUFSZ QMFBTF EP OPU VTF UIF CBUUFSZ 5BLF JU UP UIF OFBSFTU BVUIPSJ[FE /PLJB TFSWJDF QPJOU PS EFBMFS GPS BTTJTUBODF 5IF VTF PG B CBUUFSZ UIBU JT OPU BQQSPWFE CZ UIF NBOVGBDUVSFS NBZ CF EBOHFSPVT BOE NBZ SFTVMU JO QPPS QFSGPSNBODF BOE EBNBHF UP ZPVS EFWJDF BOE JUT FOIBODFNFOUT *U NBZ BMTP JOWBMJEBUF BOZ BQQSPWBM PS XBSSBOUZ BQ
$ B S F B O E N B J O U F O B O D F $BSF BOE NBJOUFOBODF :PVS EFWJDF JT B QSPEVDU PG TVQFSJPS EFTJHO BOE DSBGUTNBOTIJQ BOE TIPVME CF USFBUFE XJUI DBSF 5IF TVHHFTUJPOT CFMPX XJMM IFMQ ZPV QSPUFDU ZPVS XBSSBOUZ DPWFSBHF t ,FFQ UIF EFWJDF ESZ 1SFDJQJUBUJPO IVNJEJUZ BOE BMM UZQFT PG MJRVJET PS NPJTUVSF DBO DPOUBJO NJOFSBMT UIBU XJMM DPSSPEF FMFDUSPOJD DJSDVJUT *G ZPVS EFWJDF EPFT HFU XFU SFNPWF UIF CBUUFSZ BOE BMMPX UIF EFWJDF UP ESZ DPNQMFUFMZ CFGPSF SFQMBDJOH JU t %P OPU VTF PS TUPSF UIF EFWJD
" E E J U J P O B M T B G F U Z J O G P S N B U J P O "EEJUJPOBM TBGFUZ JOGPSNBUJPO :PVS EFWJDF BOE JUT FOIBODFNFOUT NBZ DPOUBJO TNBMM QBSUT ,FFQ UIFN PVU PG UIF SFBDI PG TNBMM DIJMESFO ■ 0QFSBUJOH FOWJSPONFOU 3FNFNCFS UP GPMMPX BOZ TQFDJBM SFHVMBUJPOT JO GPSDF JO BOZ BSFB BOE BMXBZT TXJUDI PGG ZPVS EFWJDF XIFO JUT VTF JT QSPIJCJUFE PS XIFO JU NBZ DBVTF JOUFSGFSFODF PS EBOHFS 6TF UIF EFWJDF POMZ JO JUT OPSNBM PQFSBUJOH QPTJUJPOT 5IJT EFWJDF NFFUT 3' FYQPTVSF HVJEFMJOFT XIFO VTFE FJUIFS JO UIF
" E E J U J P O B M T B G F U Z J O G P S N B U J P O t "MXBZT LFFQ UIF EFWJDF NPSF UIBO DFOUJNFUFST JODIFT GSPN UIF QBDFNBLFS t /PU DBSSZ UIF EFWJDF JO B CSFBTU QPDLFU t )PME UIF EFWJDF UP UIF FBS PQQPTJUF UIF QBDFNBLFS UP NJOJNJ[F UIF QPUFOUJBM GPS JOUFSGFSFODF *G ZPV TVTQFDU JOUFSGFSFODF TXJUDI PGG ZPVS EFWJDF BOE NPWF UIF EFWJDF BXBZ )FBSJOH BJET 4PNF EJHJUBM XJSFMFTT EFWJDFT NBZ JOUFSGFSF XJUI TPNF IFBSJOH BJET *G JOUFSGFSFODF PDDVST DPOTVMU ZPVS TFSWJDF QSPWJEFS ■ 7FIJDMFT 3'
" E E J U J P O B M T B G F U Z J O G P S N B U J P O FWFO EFBUI 4XJUDI PGG UIF EFWJDF BU SFGVFMJOH QPJOUT TVDI BT OFBS HBT QVNQT BU TFSWJDF TUBUJPOT 0CTFSWF SFTUSJDUJPOT PO UIF VTF PG SBEJP FRVJQNFOU JO GVFM EFQPUT TUPSBHF BOE EJTUSJCVUJPO BSFBT DIFNJDBM QMBOUT PS XIFSF CMBTUJOH PQFSBUJPOT BSF JO QSPHSFTT "SFBT XJUI B QPUFOUJBMMZ FYQMPTJWF BUNPTQIFSF BSF PGUFO CVU OPU BMXBZT DMFBSMZ NBSLFE 5IFZ JODMVEF CFMPX EFDL PO CPBUT DIFNJDBM USBOTGFS PS TUPSBHF GBDJMJUJFT WFIJDMFT VTJOH MJRVFGJFE QFUS
" E E J U J P O B M T B G F U Z J O G P S N B U J P O ■ $FSUJGJDBUJPO JOGPSNBUJPO 4"3 5)*4 .0#*-& %&7*$& .
5 F D I O J D B M J O G P S N B U J P O 5FDIOJDBM JOGPSNBUJPO 'FBUVSF 4QFDJGJDBUJPO 8FJHIU H P[ XJUI #- # -J *PO N"I CBUUFSZ 4J[F 7PMVNF DN JO -FOHUI NN JO 8JEUI NN JO 5IJDLOFTT NN JO 'SFRVFODZ SBOHF 3) &(4. o .)[ 59 o .)[ 39 &(4. o .)[ 59 o .)[ 39 3) (4. o .)[ 59 o .)[ 39 (4. o .)[ 59 o .
/VNFSJDT UPVDI EJBMJOH " BDDFTT DPEFT BMFSUT BOTXFS B DBMM BQQMJDBUJPOT # CBUUFSZ BVUIFOUJDBUJPO DIBSHJOH EJTDIBSHJOH JOTUBMM CPPLNBSLT CVTJOFTT DBSET $ DBDIF DBMDVMBUPS DBMFOEBS DBMM UPVDI EJBMJOH BOTXFS DPOUBDUT EFDMJOF LFZQBE MPH TFUUJOHT XBJUJOH DFSUJGJDBUFT DIBSHJOH CBUUFSZ DPOOFDUJWJUZ DPOUBDUT DPPLJFT % EBUF TFUUJOH EJBMJOH UPVDI EPXOMPBEJOH & FOIBODFNFOU TFUUJOHT ( HBMMFSZ HBN
1 QIPOF TFUUJOHT QPXFS QSFEJDUJWF UFYU QSPGJMFT 4 TFDVSJUZ CSPXTFS DFSUJGJDBUFT EJHJUBM TJHOBUVSF NPEVMF TFUUJOHT TFUUJOHT DBMM DPOGJHVSBUJPO FOIBODFNFOU NFTTBHF QIPOF QSPGJMFT TFDVSJUZ UIFNFT UJNF BOE EBUF UPOF TJHOBUVSF 4*. JOTUBMM TFDVSJUZ NPEVMF TFSWJDFT 4.