#FEJFOVOHTBOMFJUVOH *OTUSVDUJPO NBOVBM 7$ 7BLVVNJFSTZTUFN 7BDVVNJOH 4ZTUFN
% #FEJFOVOHTBOMFJUVOH 8JS GSFVFO VOT EBTT 4JF TJDI GS EJFTFT IPDIXFSUJHF 7BLVVNJFSHFSjU FOUTDIJFEFO IBCFO VOE EBOLFO *IOFO GS *IS 7FSUSBVFO %JF FJOGBDIF #FEJFOVOH VOE EJF WJFMGjMUJHFO &JOTBU[NzHMJDILFJ UFO XFSEFO BVDI 4JF HBO[ TJDIFS CFHFJTUFSO %BNJU 4JF MBOHF 'SFVEF BO EJFTFN (FSjU IBCFO CJUUFO XJS 4JF EJF OBDIGPMHFOEFO )JOXFJTF TPSHGjMUJH [V MFTFO VOE [V CFBDIUFO *OIBMUTWFS[FJDIOJT %BT (FSjU Á EJF 'VOLUJPOFO
%BT (FSjU Á EJF 'VOLUJPOFO 'FVDIUJHLFJUTSFTFSWPJS ° IJFS TBNNFMO TJDI CFSTDITTJHF 'MTTJHLFJU VOE "CMBHFSVOHFO FJOF [VTjU[MJDIF 4JDIFSIFJU [VN 4DIVU[ EFS 1VNQF (VNNJEJDIUVOH EFT 'FVDIUJHLFJUTSFTFSWPJST 164) ° EJFTF .
*OCFUSJFCOBINF )JOXFJT #FXBISFO 4JF EBT (FSjU OJDIU NJU FJOHFSBTUFUFN %FDLFM BVG &OUGFSOFO 4JF WPS EFS FSTUFO #FOVU[VOH EJF 4DIVU[GPMJF WPO EFS #FEJFOFJOIFJU 3FJOJHFO 4JF WPS KFEFS #FOVU[VOH TPSHGjMUJH *IS (FSjU VOE EJF NJU EFO -FCFOTNJUUFMO JO #FSISVOH LPNNFOEFO ;VCFIzSUFJMF 4UFDLFO 4JF EFO 4UFDLFS JO EJF 4UFDLEPTF VOE TDIBMUFO 4JF EBT (FSjU NJU EFN BVG EFS 3DLTFJUF BOHFCSBDIUFO &JO "VT 4DIBMUFS FJO 7BLVVNJFSFO NJU #FVUFMO VOE 'PMJFOSPMMFO 4UFMMFO 4JF EBT (FSjU TUFUT BVG FJOFO USPDLFOFO TUBCJMFO
E 7BLVVNJFSFO NJU 3PMMFO #SFJUF DN 4DIOFJEFO 4JF EJF HFXOTDIUF -jOHF WPO EFS 3PMMF BC 7FSTJFHFMO 4JF OVO FJOF EFS PGGFOFO #FVUFMTFJUFO XJF GPMHU eGGOFO 4JF EFO %FDLFM 4DIOFJEFO 4JF NJU FJOFS 4DIFSF FJOF &DLF BO EFS PGGFOFO #FVUFMTFJUF TDISjH BC VOE WFSTJFHFMO 4JF EBOO EJFTFO BCHFTDIOJUUFOFO #FSFJDI XJF VOUFS 1VOLU C CFTDISJFCFO -FHFO 4JF BOTDIMJFFOE EJF OPDI PGGFOF 4FJUF EFT #FVUFMT BVG EFO 7FSTJFHFMVOHTCBMLFO VOE WFSTJFHFMO 4JF EFO OPDI PGGFOFO #FSFJDI EFT #FVUFMT %SDLFO 4JF EB[V
%FS %FDLFM MjTTU TJDI OJDIU zGGOFO %SDLFO 4JF CFJEF 164) .
"VGCFXBISVOHT[FJUFO (FLIMUF -FCFOTNJUUFM $ "VGCFXBISVOHT[FJU CFJ BUNPTQIjSJTDIFN %SVDL "VGCFXBISVOHT[FJU WBLVVNJFSU 3PUFT 'MFJTDI 8FJFT 'MFJTDI (BO[F 'JTDIF 8JME 8VSTUXBSFO (FTDIOJUUFOF 8VSTUXBSFO 8FJDILjTF )BSU VOE )BMCIBSULjTF (FNTF 'SDIUF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF 5BHF
BT JTU 7BLVVNJFSFO %BT 7FSEFSCFO WPO -FCFOTNJUUFMO LBOO WJFMF 6STBDIFO IBCFO $IFNJTDIF 3FBLUJPOFO JO JIOFO HFHFOCFS -VGU VOE 5FNQFSBUVS EVSDI 'FVDIUJHLFJU PEFS EJF 5jUJHLFJU WPO &O[ZNFO 'FSNFOUF EVSDI EBT 8BDITUVN WPO .
5JQQT GS EBT 7BLVVNJFSFO © #FJN 7BLVVNJFSFO WPO -FCFOTNJUUFMO NJU TDIBSGFO ,BOUFO PEFS TQJU[FO &DLFO [ # WPO ,OPDIFO PEFS HFUSPDLOFUFO /VEFMO QPMTUFSO 4JF TPMDIF &DLFO NJU 1BQJFSUDIFSO VN FJOF #FTDIjEJHVOH EFT #FVUFMT [V WFSNFJEFO &T MBTTFO TJDI TFIS WJFMF (FHFOTUjOEF EVSDI EBT 7BLVVNJFSFO TDIU[FO #FXBISFO 4JF [ # *ISF $BNQJOH 7PSSjUF XJF 4USFJDIIzM[FS &STUF )JMGF ,jTUFO VOE ,MFJEVOH TBVCFS VOE USPDLFO BVG 4JF LzOOFO EFO 1GFJGFOUBCBL MjOHFS BVGCFXBISFO %BT "OMBVGFO VOE #FTDIMBH
5IF BQQMJBODF Á UIF GVODUJPOT .
0QFSBUJPO /PUF %P OPU TUPSF UIF BQQMJBODF XJUI FOHBHFE DPWFS 1SJPS UP JOJUJBM VTF SFNPWF UIF QSPUFDUJWF GPJM GSPN UIF DPOUSPM QBOFM $MFBO ZPVS BQQMJBODF BOE BMM FRVJQNFOU UP DPNF JOUP DPOUBDU XJUI GPPE DBSFGVMMZ CFGPSF FBDI UJNF PG VTF $POOFDU UIF BQQMJBODF UP UIF NBJOT BOE TUBSU JU XJUI UIF PO PGG TXJUDI MPDBUFE BU UIF CBDLTJEF PG UIF BQQMJBODF 7BDVVN TFBMJOH XJUI QMBTUJD CBHT BOE SPMMT "MXBZT QMBDF UIF BQQMJBODF PO B ESZ TUBCMF BOE MFWFM CBTF 1MFBTF QSPWJEF GPS TVG¾DJFOU TQBDF JO GSPOU PG UIF BQ
E 7BDVVN TFBMJOH XJUI SPMMT XJEUI DN $VU PGG UIF SFRVJSFE MFOHUI PG UIF SPMM /PX TFBM POF PQFO TJEF PG UIF CBH BT GPMMPXT 0QFO UIF DPWFS 4MBOU POF FEHF PG UIF PQFO TJEF PG UIF CBH XJUI B QBJS PG TDJTTPST BOE UIFO TFBM UIF DVU BSFB BT EFTDSJCFE JO QPJOU C 1MBDF UIFO UIF TUJMM PQFO TJEF PG UIF CBH POUP UIF TFBMJOH CBS BOE TFBM UIF TUJMM PQFO BSFB PG UIF CBH 'PS UIJT QSFTT EPXO PO UIF 164) NBSLJOHT PO CPUI TJEFT PG UIF .
$PWFS DBOOPU CF PQFOFE 1SFTT EPXO PO CPUI 164) NBSLJOHT VOUJM UIF DPWFS FOHBHFT XJUI BO BVEJCMF ²DMJDL³ 1SFTT BHBJO /PX UIF DPWFS DBO CF PQFOFE 6OMPDL BGUFS UIF WBDVVN TFBMJOH QSPDFTT CZ QSFTTJOH UIF NBOVBM DPWFS WBMWF "QQMJBODF EPFT OPU TFBM UIF ¾STU FEHF PG UIF DVU PGG QMBTUJD CBH $IFDL XIFUIFS UIF DVU TJEF PG UIF CBH JT QPTJUJPOFE DPSSFDUMZ BT EFTDSJCFE JO QBSBHSBQI ²7BDVVN TFBMJOH XJUI QMBTUJD CBHT BOE SPMMT³ "QQMJBODF EPFT OPU DSFBUF B DPNQMFUF WBDVVN JOTJEF UIF QMBTUJD CBH
4UPSBHF 5JNFT $PPMFE GPPE $ 4UPSBHF UJNF VOEFS BUNPTQIFSJD QSFTTVSF 4UPSBHF UJNF XIFO WBDVVN TFBMFE SFE NFBU XIJUF NFBU ¾TI XIPMF HBNF TBVTBHFT TMJDFE TBVTBHF TPGU DIFFTF IBSE BOE TFNJ IBSE DIFFTF WFHFUBCMFT GSVJU EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT EBZT
8IBU JT WBDVVN TFBMJOH 5IF EFUFSJPSBUJPO PG GPPE DBO IBWF NBOZ SFBTPOT $IFNJDBM SFBDUJPOT UIBU PDDVS JO GPPE XIJDI JT FYQPTFE UP UIF BJS UFNQFSBUVSF NPJTUVSF UIF BDUJPO PG FO[ZNFT UIF HSPXUI PG NJDSPPSHBOJTNT PS DPOUBNJOBUJPO CZ JOTFDUT 7BDVVN TFBMJOH SFEVDFT UIF BCTPMVUF QSFTTVSF PG UIF BJS JOTJEF UIF QBDLBHF PS DPOUBJOFS CZ SFNPWJOH UIF PYZHFO BOE FMJNJOBUJOH WPMBUJMF DPNQPVOET 5IF PYZHFO JO UIF BJS DBVTFT GPPE UP EFUFSJPSBUF ¾STUMZ UISPVHI B QSPDFTT PG PYJEBUJPO DBVTJOH UIF MPTT PG OVUSJ
4FSWJDF VOE (BSBOUJF HMUJH OVS JOOFSIBMC EFS #3% 4FIS HFFISUFS ,VOEF DB BMMFS 3FLMBNBUJPOFO TJOE MFJEFS BVG #FEJFOVOHTGFIMFS [VSDL [V GISFO VOE LzOOUFO PIOF 1SPCMFNF CFIPCFO XFSEFO XFOO 4JF TJDI UFMFGPOJTDI NJU VOTFSFS GS 4JF FJOHFSJDIUFUFO 4FSWJDF 5FMFGPOOVNNFS JO 7FSCJOEVOH TFU[FO 8JS CJUUFO 4JF EBIFS CFWPS 4JF *IS (FSjU BO *ISFO )jOEMFS [VSDLHFCFO EJFTF 5FMFGPOOVNNFS BO[VXjIMFO )JFS XJSE *IOFO PIOF EBTT 4JF 8FHF BVG TJDI OFINFO NTTFO TDIOFMM HFIPMGFO %JF 3PNNFMTCBDIFS &MFLUSP)BVTHF