Climate Change And Forest

  • Uploaded by: Daisy
  • 0
  • 0
  • November 2019
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View Climate Change And Forest as PDF for free.

More details

  • Words: 14,872
  • Pages: 73
JJJ

$POUFOUT "DLOPXMFEHFNFOUTW "DSPOZNT  WJ 4VNNBSZ  WJJJ

 *OUSPEVDUJPO  (SFFOIPVTFHBTFTBOEGPSFTUT



$MJNBUFDIBOHFBHSFFNFOUTPSJHJOTBOETUBUVT



'PSFTUTVOEFSUIF6/'$$$BOEUIF,ZPUP1SPUPDPM



(FOFSBMPCMJHBUJPOTUIBUNBZUPVDIPOGPSFTUT



0CMJHBUJPOTPGEFWFMPQFEDPVOUSZ1BSUJFT



'MFYJCMFNFDIBOJTNT



$MBSJGJDBUJPOTGSPN$01UP$01 "DDPVOUJOH

 

"DUJWJUJFT



-JNJUT  



$MFBO%FWFMPQNFOU.FDIBOJTN



$PNQMJDBUJPOTGPSQPUFOUJBMOBUJPOBMMFHJTMBUJPO



 4PNFOBUJPOBMMFHBMSFTQPOTFT   6OJUFE4UBUFTPG"NFSJDB



&VSPQFBO$PNNVOJUZ



$PTUB3JDB



"VTUSBMJB



$BOBEB



%PNJOJDBO3FQVCMJD



1FSV



4QBJO



/FX;FBMBOE



%FONBSL



 -FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO  1SPQFSUZBOEUSBOTGFSJTTVFT



0XOFSTIJQ



4J[F 



%VSBUJPOBOEUJNJOH



5SBOTGFS



3JTL 



-JBCJMJUZBOEEBNBHFT



JW

3FHVMBUPSZDPNNBOEBOEDPOUSPMJTTVFT



4VCTJEZBOEUBYJTTVFT



*OGPSNBUJPOJTTVFT



&EVDBUJPO



$FSUJGJDBUJPOBOEWFSJGJDBUJPO



1MBOOJOH



3FTFBSDI

*OTUJUVUJPOT





 4PNFDPODMVEJOHPCTFSWBUJPOTGPSMFHJTMBUJWFESBGUFST   8IBUTIPVMECFUIFSPMFPGMFHJTMBUJPOJOTVQQPSUJOHVTFPGGPSFTUT JO()(NJUJHBUJPO 



8IBUFYQFSUJTFNJHIUESBGUFSTOFFEUPTVDDFFEJOUIJTBSFB 



#JCMJPHSBQIZ   -FHJTMBUJPODJUFE



.VMUJMBUFSBMUSFBUJFT



3FHJPOBM OBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO



W

"DLOPXMFEHFNFOUT 5IJT QVCMJDBUJPO XBT QSFQBSFE CZ ,FOOFUI - 3PTFOCBVN  1SJODJQBM  4ZMWBO &OWJSPONFOUBM$POTVMUBOUT 4ZFODP

8BTIJOHUPO %$ 6OJUFE4UBUFT BOESFWJTFE BOE FYQBOEFE CZ %JFUFS 4DIPFOF  '"0 'PSFTU 3FTPVSDFT %JWJTJPO  BOE "MJ .FLPVBS  '"0 -FHBM 0GGJDF 5IF BVUIPST UIBOL UIF GPMMPXJOH QFSTPOT GPS UIFJS DPOUSJCVUJPOT +PO -JOETBZ PG UIF '"0 -FHBM 0GGJDF -BVSB ,PTMPGG BOE .BSL 5SFYMFS PG 5SFYMFS $MJNBUF BOE &OFSHZ 4FSWJDFT  *OD 4VTBO $BTFZ-FGLPXJU[ PG UIF/BUJPOBM3FTPVSDFT%FGFOTF$PVODJM$IBSMFTEJ-FWBPGUIF8PSME#BOL"OOJ -VLÃDT PG UIF 8PSME $POTFSWBUJPO 6OJPO &OWJSPONFOUBM -BX $FOUFS +FOOJGFS (MFBTPO  .BSD "MMBT BOE $IJSNJOJ ,PEJUVXBLLV  QBSUJDJQBOUT JO UIF &-"8 OFUXPSL)BOT,PMTIVTPG'"0T*OWFTUNFOU$FOUSF%JWJTJPO)FJLLJ(SBOIPMN  1SPHSBNNF0GGJDFS 6OJUFE/BUJPOT'SBNFXPSL$POWFOUJPOPO$MJNBUF$IBOHF 4FDSFUBSJBU .BSUJOB +VOH PG UIF )BNCVSH *OTUJUVUF PG *OUFSOBUJPOBM &DPOPNJDT 3JUB /F[OFL PG UIF 4PDJFUZ PG "NFSJDBO 'PSFTUFST .JLF .VSQIZ PG UIF 6OJUFE 4UBUFT %FQBSUNFOU PG "HSJDVMUVSF m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

WJ

"DSPOZNT "*+

"DUJWJUJFTJNQMFNFOUFEKPJOUMZ

""6

"TTJHOFEBNPVOUVOJU

$"1

$PNNPO"HSJDVMUVSBM1PMJDZ &$

$$#

$FSUJGJDBUFGPSGPSFTUDPOTFSWBUJPO $PTUB3JDB

$%.

$MFBO%FWFMPQNFOU.FDIBOJTN

$&3

$FSUJGJFEFNJTTJPOSFEVDUJPO

$&3$-"

$PNQSFIFOTJWF&OWJSPONFOUBM3FTQPOTF $PNQFOTBUJPOBOE -JBCJMJUZ"DU 6OJUFE4UBUFT

$0

$BSCPOEJPYJEF

$01

$POGFSFODFPGUIF1BSUJFT UPUIF6/'$$$

$01.01

'JSTUTFTTJPOPGUIF$POGFSFODFPGUIF1BSUJFTTFSWJOHBTUIF NFFUJOHPGUIF1BSUJFTUPUIF,ZPUP1SPUPDPM

$50

$FSUJGJBCMF5SBEBCMF0GGTFU

&$

&VSPQFBO$PNNVOJUZ

&$$1

&VSPQFBO$MJNBUF$IBOHF1SPHSBNNF

&36

&NJTTJPOSFEVDUJPOVOJU

'"0

'PPEBOE"HSJDVMUVSF0SHBOJ[BUJPOPGUIF6OJUFE/BUJPOT

'0/"'*'0

/BUJPOBM'VOEGPS'PSFTUSZ'JOBODF $PTUB3JDB

(&35

(SFFOIPVTF(BT&NJTTJPO3FEVDUJPO5SBEJOH $BOBEB

()(

(SFFOIPVTFHBT

(.0

(FOFUJDBMMZNPEJGJFEPSHBOJTNT

(1(-6-6$'

*1$$(PPE1SBDUJDF(VJEBODFGPS-BOEVTF -BOEVTF DIBOHFBOE'PSFTUSZ

*/"3&'

/BUJPOBM'PSFTUSZ"HFODZ %PNJOJDBO3FQVCMJD

*1$$

*OUFSHPWFSONFOUBM1BOFMPO$MJNBUF$IBOHF

*40

*OUFSOBUJPOBM0SHBOJ[BUJPOGPS4UBOEBSEJ[BUJPO

+*

+PJOU*NQMFNFOUBUJPO

M$&3

-POHUFSNDFSUJGJFEFNJTTJPOSFEVDUJPO

-6-6$'

-BOE6TF -BOE6TF$IBOHFBOE'PSFTUSZ

.U

.FHBUPOOF NJMMJPOUPOOFT

/(0

/POHPWFSONFOUBMPSHBOJ[BUJPO

0$*$

0GGJDFPO+PJOU*NQMFNFOUBUJPO $PTUB3JDB

WJJ

QQN

1BSUTQFSNJMMJPO

3.6

3FNPWBMVOJU

4#45"

4VCTJEJBSZ#PEZGPS4DJFOUJGJDBOE5FDIOJDBM"EWJDF

5"3

5IJSE"TTFTTNFOU3FQPSUPGUIF*OUFSHPWFSONFOUBM1BOFMPO $MJNBUF$IBOHF

U$&3

5FNQPSBSZDFSUJGJFEFNJTTJPOSFEVDUJPO

6/

6OJUFE/BUJPOT

6/'$$$

6/'SBNFXPSL$POWFOUJPOPO$MJNBUF$IBOHF

64$

6OJUFE4UBUFT$PEF

WJJJ

4VNNBSZ

5IJTQVCMJDBUJPOFYBNJOFTUIFEFWFMPQNFOUPGJOUFSOBUJPOBMMBXPODMJNBUFDIBOHF BOEEJTDVTTFTXIBUJTTVFTOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJWFCPEJFTNBZIBWFUP DPOTJEFSSFHBSEJOHDMJNBUFDIBOHFNJUJHBUJPOBOEGPSFTUT $MJNBUFDIBOHFQSFTFOUTUIFXPSMEXJUIBEBVOUJOHQSPCMFN&NFSHJOHTDJFODF TVHHFTUTUIBUIVNBOTNBZCFBCPVUUPDBVTFBNBKPSDIBOHFJOXPSMEDMJNBUFT5IF FDPOPNJDBOEFDPMPHJDBMTUBLFTBSFIJHI*OBOJEFBMXPSME NBUVSFTDJFODFXPVME HVJEFQPMJDZBOEMFHBMSFGPSN*OUIFSFBMXPSME XFEPOPUBMXBZTIBWFUIFMVYVSZ PGDFSUBJOUZBOEUIFDPNGPSUPGTUSJDUMZSBUJPOBMEFDJTJPOTCBTFEPOTDJFOUJGJDJOTJHIU 3FTQPOEJOH UP UIF DIBMMFOHF XJMM SFRVJSF QJPOFFSJOH FGGPSUT JO TDJFODF  QPMJUJDT  QPMMVUJPODPOUSPM GPSFTUMBOENBOBHFNFOUBOEMBX "T EFTDSJCFE NPTU SFDFOUMZ JO UIF 5IJSE "TTFTTNFOU 3FQPSU PG UIF *OUFSHPWFSONFOUBM 1BOFM PO $MJNBUF $IBOHF 5"3

 NPTU TDJFOUJTUT UIJOL UIBU JODSFBTFEBUNPTQIFSJDMFWFMTPGHSFFOIPVTFHBTFT JODMVEJOHDBSCPOEJPYJEF $0

 DPOUSJCVUFUPDMJNBUFDIBOHF'VSUIFSNPSF UIF5"3TFFTTUSPOHFWJEFODFUIBUNPTU PGUIFXBSNJOHPCTFSWFEPWFSUIFMBTUZFBSTJTBUUSJCVUBCMFUPIVNBOBDUJWJUJFT 8IJMFCVSOJOHPGGPTTJMGVFMTBOEEFGPSFTUBUJPOBEE$0BOEPUIFSHSFFOIPVTFHBTFT UPUIFBUNPTQIFSF WFHFUBUJPOBOETPJMTDBOGVODUJPOBTOFUDBSCPOTJOLTBOEMPOH UFSNDBSCPOSFTFSWPJST 6OEFS UIF 6OJUFE /BUJPOT 'SBNFXPSL $POWFOUJPO PO $MJNBUF $IBOHF 6/'$$$

 UIF JOUFSOBUJPOBM DPNNVOJUZ JT DPNNJUUFE UP SFEVDJOH OFU HSFFOIPVTFHBTFNJTTJPOT8IFOJOGPSDF UIF,ZPUP1SPUPDPMUPUIF$POWFOUJPO XJMMHJWF1BSUJFTMJTUFEJO"OOFY*PGUIF1SPUPDPM NPTUMZEFWFMPQFEDPVOUSJFTBOE DPVOUSJFTXJUIFDPOPNJFTJOUSBOTJUJPO TQFDJGJDSFEVDUJPOUBSHFUT5IFZDBONFFU UIFTFUBSHFUTCZSFEVDJOHFNJTTJPOTPSCZQSPNPUJOHDBSCPOTJOLT5IFSFEVDUJPOT DBOCFBDDPNQMJTIFEEPNFTUJDBMMZPSUISPVHIDPPQFSBUJWFBDUJPOTJOWPMWJOHPUIFS 1BSUJFT UP UIF $POWFOUJPO 5IF 1BSUJFT UP UIF $POWFOUJPO IBWF CFFO NFFUJOH BOOVBMMZ UP DMBSJGZ SVMFT BOE NPEBMJUJFT PG DMJNBUF DIBOHF NJUJHBUJPO  BOE SFDFOU NFFUJOHT QBSUJDVMBSMZ $POGFSFODF PG UIF 1BSUJFT  <$01>  $01CJT  $01  $01BOE$01 IBWFBEESFTTFETQFDJGJDJTTVFTDPODFSOJOHUIFTPDBMMFE-BOE 6TF -BOE6TF$IBOHFBOE'PSFTUSZ -6-6$' BDUJWJUJFT "MUIPVHI GPSFTUT NBZ QMBZ BO JNQPSUBOU SPMF JO UIF JOUFSOBUJPOBM SFTQPOTF UP DMJNBUFDIBOHF 1BSUJFTUPUIF$POWFOUJPOIBWFPGUFOSFBDIFEEJGGFSFOUDPODMVTJPOT SFHBSEJOH UIF QSPQFS SPMF PG GPSFTUT BOE BQQSPQSJBUF OBUJPOBM MFHJTMBUJPO UP GPTUFS UIBUSPMF r 'JSTU PCMJHBUJPOTPG1BSUJFTEJGGFS QBSUJDVMBSMZCFUXFFO"OOFY*OBUJPOTBOE OPO"OOFY*OBUJPOT5IJTBQQMJFTUPPCMJHBUJPOTGPSFNJTTJPOSFEVDUJPOT CVU BMTPNBOZPUIFSDPNNJUNFOUT FHSFQPSUJOH

JY

r 4FDPOE  BMUIPVHI UIF $POGFSFODFT PG UIF 1BSUJFT IBWF TFUUMFE NBOZ QPJOUT  TPNF RVFTUJPOT SFNBJO BCPVU UIF SPMF PG IBSWFTUFE XPPE QSPEVDUT BOE GPSFTUSZ QSPKFDUT JO NFFUJOH UIPTF PCMJHBUJPOT  OPUBCMZ IPX UP TJNQMJGZ SVMFT BOE NPEBMJUJFT GPS TNBMMTDBMF BGGPSFTUBUJPO BOE SFGPSFTUBUJPO QSPKFDUT  BOE IPX UP USBEF BOE EFBM XJUI DBSCPO DSFEJUT PSJHJOBUJOH EPNFTUJDBMMZ PS BCSPBE r 5IJSE  UIF MFHBM JTTVFT PG DMJNBUF DIBOHF NJUJHBUJPO UISPVHI GPSFTUT XJMM EFQFOE PO BQQSPBDIFT UBLFO UP NJUJHBUJPO BOE DPNQMJBODF JO PUIFS TFDUPST " OBUJPOT NFUIPE PG GPSFTUCBTFE NJUJHBUJPO NVTU CF DPNQBUJCMF XJUI UIF OBUJPOT PWFSBMM BQQSPBDI UP HSFFOIPVTF HBT DPOUSPM B OBUJPO UIBU DIPPTFT UPSFMZPOTVCTJEJFTBOEJOEJSFDUSFHVMBUJPOUPSFEVDFFNJTTJPOTCZJOEVTUSZ XJMMQSPCBCMZBQQSPBDIUIFSPMFPGGPSFTUTEJGGFSFOUMZGSPNBOBUJPOUIBUSFMJFT PO EJSFDU SFHVMBUJPO PG FNJTTJPOT PS GSPN B OBUJPO UIBU DIPPTFT UP SFMZ PO NBSLFUT r 'PVSUI UIFBQQSPBDIFTUBLFOXJMMWBSZEFQFOEJOHPOOBUJPOBMGPSFTUQPMJDJFT  JOTUJUVUJPOT  GPSFTU PXOFSTIJQ TUSVDUVSFT  FDPTZTUFNT  MBXT  OFFET BOE PUIFS OBUJPOBMDJSDVNTUBODFT r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

Y

VOTVTUBJOBCMF NBOBHFNFOU  PS GSPN DMJNBUF DIBOHFSFMBUFE EBNBHFT "EBQUBUJPO JOJUJBUJWFTXPVMEIFMQGPSFTUNBOBHFSTQSFQBSFGPSFTUTGPSUIFBOUJDJQBUFEBEEJUJPOBM TUSFTTFTGSPNBDIBOHJOHDMJNBUFBOEUIFSFTVMUJOHFYUSFNFTJOXFBUIFS.JUJHBUJPO JOJUJBUJWFT XPVME TFRVFTUFS NPSF DBSCPO JO MJWJOH GPSFTU CJPNBTT  TPJMT BOE XPPE QSPEVDUT BT XFMM BT SFEVDF UIF OFU BNPVOU PG OBUJPOBM HSFFOIPVTF HBT ()(  FNJTTJPOTCZTVCTUJUVUJOHXPPEFOFSHZGSPNTVTUBJOBCMZNBOBHFEGPSFTUTGPSGPTTJM GVFMT  BOE XPPE QSPEVDUT GPS FOFSHZJOUFOTJWF NBUFSJBMT  TVDI BT BMVNJOJVN PS TUFFM 5IF EJTDVTTJPO JO UIJT QBQFS DPWFST POMZ NJUJHBUJPO UISPVHI BGGPSFTUBUJPO  SFGPSFTUBUJPOPSGPSFTUNBOBHFNFOU .BOZ JTTVFT DPVME BSJTF JO FGGPSUT UP EFWFMPQ OFX MFHJTMBUJPO UP GPTUFS DBSCPO TFRVFTUSBUJPOJOGPSFTUT"OBUJPOJOUFSFTUFEJOBQSPQFSUZCBTFETZTUFNNBZIBWF UPBEESFTTTVDIJTTVFTBT r 8IPDBODMBJNDSFEJUBOESFDFJWFQBZNFOUGPSDBSCPOTFRVFTUSBUJPOBOEDBO UIBUPXOFSTIJQCFUSBOTGFSSFE r 8IPJTSFTQPOTJCMFGPSDBSCPOEFCJUTGSPNEFGPSFTUBUJPO GPSFTUIBSWFTUJOHPS OBUVSBMDBMBNJUJFT r )PXXJMMUIFBNPVOUBOEEVSBUJPOPGDBSCPODSFEJUTCFEFUFSNJOFE SFDPSEFE BOEWFSJGJFE r )PX DBO UIF HPWFSONFOU QSPNPUF PSEFSMZ TBMFT PS PUIFS USBOTGFST PG PXOFSTIJQ r )PX XJMM OBUJPOBM MBX BMMPDBUF UIF SJTL PG GBJMVSF PG DBSCPO TFRVFTUSBUJPO QSPKFDUT  DPNQMFNFOUBSZ UP BOZ QSPWJTJPOT BMSFBEZ DPOUBJOFE JO UIF JOUFSOBUJPOBMBHSFFNFOUT r 8JMM UIF MBX BTTFTT MJBCJMJUZ GPS EBNBHJOH B GPSFTUT DBSCPO TFRVFTUSBUJPO QPUFOUJBM " OBUJPO JOUFSFTUFE JO DPNNBOEBOEDPOUSPM BQQSPBDIFT UP FODPVSBHF GPSFTU TJOLT DPVME UVSO UP SFHVMBUJOH GPSFTU VTF BOE NBOBHFNFOU EJSFDUMZ 'PS FYBNQMF  JU DPVME TQFDJGZ QFSNJTTJCMF MPHHJOH UFDIOJRVFT  SFRVJSF QSPNQU SFGPSFTUBUJPO PG IBSWFTUFEPSPUIFSXJTFEFOVEFEBSFBT PSTFUNJOJNVNTUPDLJOHMFWFMTGPSJNNBUVSF TUBOETBOENJOJNVNIBSWFTUBHFTGPSNBUVSFTUBOET /BUJPOTDPVMEBMTPQSPNPUFUIFVTFPGGPSFTUTBTTJOLTUISPVHITVCTJEJFT5IFTF NBZCFQBZNFOUT HPPETPSTFSWJDFTHJWFOUPGPSFTUPXOFSTUPQSPNPUFNBOBHFNFOU GPSNBYJNBMDBSCPOTFRVFTUSBUJPOmGPSFYBNQMF SFXBSEJOHPXOFSTGPSFYUFOEJOH SPUBUJPOTPSSFGPSFTUJOHXJUITQFDJFTUIBUGJYQBSUJDVMBSMZIJHIBNPVOUTPGDBSCPO 5IFTVCTJEJFTDPVMEBMTPCFJOUIFGPSNPGFOIBODFEHPWFSONFOUBDRVJTJUJPOBOE NBOBHFNFOU PG MBOET GPS DBSCPO TFRVFTUSBUJPO  PS PG QBSUJBM JOUFSFTUT JO MBOET (PWFSONFOUT DPVME BMTP TQFOE NPOFZ PO CFUUFS FOGPSDFNFOU PG HFOFSBM GPSFTU QSPUFDUJPO MBXT PS PO QSPNPUJOH UIF UFOEJOH PG ZPVOH TUBOET GPS CFUUFS HSPXUI BOEIJHIFSTUBCJMJUZ 'JOBMMZ  HPWFSONFOUT DPVME USZ UP QSPNPUF GPSFTU DBSCPO TFRVFTUSBUJPO VTJOH JOGPSNBUJPOBM NFDIBOJTNT 5IFTF JODMVEF JOGPSNJOH MBOEPXOFST BCPVU NBOBHFNFOU PQUJPOT BOE BEWBOUBHFT UISPVHI TQFDJBMJ[FE FYUFOTJPO TFSWJDFT  HVJEJOH NBOVGBDUVSFST BOE DPOTVNFST PG GPSFTU QSPEVDUT PO XBZT UP SFEVDF XBTUF DFSUJGZJOHUIFTVDDFTTPGQSJWBUFTFRVFTUSBUJPOFGGPSUT PGGFSJOHIFMQJOGPSFTU

YJ

QMBOOJOHUPDPOTJEFS()(JNQBDUTBOEQSPNPUJOHSFTFBSDIPOGPSFTUNBOBHFNFOU GPSDBSCPOTFRVFTUSBUJPO $01GJOBMJ[FEUIFNBKPSJUZPGUIFSVMFTPO-6-6$'JO%FDFNCFS5IJT NBEFUIFJOUFSOBUJPOBMSPMFPGGPSFTUTJONFFUJOHTFRVFTUSBUJPOHPBMTNVDIDMFBSFS BOE TIPVME IFMQ UIPTF 1BSUJFT UIBU XJTI UP BEPQU MBXT PO -6-6$' BDUJWJUJFT 5IFTVCKFDUPGDBSCPOTUPSBHFJOIBSWFTUFEXPPEQSPEVDUT IPXFWFS JTTUJMMVOEFS EJTDVTTJPOCVUJTVOMJLFMZUPCFDPNFBSFMFWBOUJNQMFNFOUBUJPOJTTVFCFGPSF*O TQJUFPGVODFSUBJOUJFTPOXIFOUIF,ZPUP1SPUPDPMXJMMFOUFSJOUPGPSDF 1BSUJFTXJMM IBWFUPTUBSUSFTQPOEJOHOBUJPOBMMZTPPOJGUIFZIPQFUPNFFUJNQFOEJOHEFBEMJOFT 'PS FYBNQMF  OBUJPOBM TZTUFNT GPS UIF FTUJNBUJPO PG SFNPWBMT CZ TJOLT NVTU CF JOQMBDFCFGPSFUIFFOEPG/BUJPOTTIPVMEOPXCFUBDLMJOHUIFRVFTUJPOPG XIFUIFSBOEIPXUPFODPVSBHFBOEJOUFHSBUFUIFVTFPGGPSFTUTBTDBSCPOTJOLTJOUP OBUJPOBMMFHBMSFHJNFT

YJJ

40/:".JIBJM-WPWJUDIQMBOUTGSFTIUSFFTFWFSZZFBS)FUSJFTUPQSFWFOU UIF PME GPSFTUT CFJOH EFTUSPZFE *G ZPV MJTUFO UP IJN ZPV XJMM BHSFF XJUI IJN FOUJSFMZ )F TBZT UIBU GPSFTUT CFBVUJGZ UIF DPVOUSZ  UIBU UIFZ UFBDI NBO UP VOEFSTUBOE XIBU JT CFBVUJGVM BOE EFWFMPQ B MPGUZ BUUJUVEF PG NJOE 'PSFTUT UFNQFS UIF TFWFSJUZ PG UIF DMJNBUF *O DPVOUSJFT XIFSF UIF DMJNBUF JT NJME  MFTT FOFSHZJTXBTUFEPOUIFTUSVHHMFXJUIOBUVSF BOETPNBOJTTPGUFSBOENJMEFS *O TVDI DPVOUSJFT QFPQMF BSF CFBVUJGVM  TVQQMF BOE TFOTJUJWF UIFJS MBOHVBHF JT FMFHBOU BOE UIFJS NPWFNFOUT BSF HSBDFGVM "SU BOE MFBSOJOH GMPVSJTI BNPOH UIFN  UIFJS QIJMPTPQIZ JT OPU HMPPNZ  BOE UIFJS BUUJUVEF UP XPNFO JT GVMM PG SFGJOFEDPVSUFTZ w <.*)"*--707*5$)>"45307*BNSFBEZUPMFUZPVDVUEPXOXPPEBT ZPVOFFEJU CVUXIZEFTUSPZUIFGPSFTUT 5IFSFBSFGFXFSBOEGFXFSGPSFTUT UIF SJWFSTBSFESZJOHVQ UIFXJMEDSFBUVSFTCFDPNJOHFYUJODU UIFDMJNBUFJTSVJOFE  BOE FWFSZ EBZ UIF FBSUI JT HSPXJOH QPPSFS BOE NPSF IJEFPVT )FSF ZPV BSF MPPLJOHBUNFXJUIJSPOZ BOEBMM*TBZTFFNTUPZPVOPUTFSJPVTBOEmQFSIBQT* SFBMMZBNBDSBOL#VUXIFO*XBMLCZUIFQFBTBOUTXPPETXIJDI*IBWFTBWFE GSPNDVUUJOHEPXO PSXIFO*IFBSUIFSVTUMJOHPGUIFZPVOHDPQTFQMBOUFECZNZ PXOIBOET *SFBMJ[FUIBUUIFDMJNBUFJTUPTPNFFYUFOUJONZQPXFS BOEUIBUJGJO BUIPVTBOEZFBSTNBOJTUPCFIBQQZ*UPPTIBMMIBWFIBETPNFTNBMMIBOEJOJU 'SPN"DU*PGUIFQMBZ6ODMF7BOZB CZ"OUPO$IFLIPW 

 BTUSBOTMBUFEGSPNUIF3VTTJBOCZ$POTUBODF(BSOFUU 



*OUSPEVDUJPO

'PSFTUNBOBHFSTGBDFUXPCBTJDDPODFSOTMJOLFEUPIVNBOJOEVDFEDMJNBUFDIBOHF 0OF JT BEBQUBUJPO $BO GPSFTU NBOBHFST SFEVDF UIF EBNBHF UP GPSFTUT GSPN DMJNBUFDIBOHF 5IFPUIFSJTNJUJHBUJPO$BOGPSFTUNBOBHFSTIFMQSFEVDFDMJNBUF DIBOHF JUTFMG  'PSFTUSZ IBSCPVST UIJT QPTTJCJMJUZ WJB DPOTFSWBUJPO PG GPSFTUT  WJB NBOBHFNFOU PG GPSFTUT BT DBSCPO TJOLT UP PGGTFU HSFFOIPVTF HBTFT FNJUUFE FMTFXIFSF UISPVHIJUTDBQBDJUZUPQSPEVDFSFOFXBCMF DBSCPOOFVUSBMFOFSHZ BOE UISPVHIJUTQSPEVDUT XIJDIOPUPOMZTUPSFDBSCPOGPSBQQSFDJBCMFUJNFTCVUDBO TVCTUJUVUFGPSIJHIFOFSHZNBUFSJBMT5IJTQBQFSBEESFTTFTNJUJHBUJPO *U JT BO BQQFBMJOH QSPQPTJUJPO UP UVSO IBSNGVM FNJTTJPOT PG DBSCPO EJPYJEF  UIF NBJO DBVTF PG DMJNBUF DIBOHF  WJB QIPUPTZOUIFTJT JOUP OFX GPSFTUT  UIFSFCZ SFQMBDJOHTPNFPGUIFNJMMJPOIFDUBSFTPGOBUVSBMGPSFTUTUIBUUIFQMBOFUMPTFT BOOVBMMZ "MNPTU UISFF EFDBEFT BGUFS %ZTPO   QVCMJTIFE UIJT DPODFQU   1BSUJFTUPUIF6OJUFE/BUJPOT'SBNFXPSL$POWFOUJPOPO$MJNBUF$IBOHFIBWF QBJOTUBLJOHMZFMBCPSBUFESVMFTBOEHVJEFMJOFTUPQVUIJTJEFBJOUPQSBDUJDFUISPVHI UIF,ZPUP1SPUPDPM /FHPUJBUJOH UIF SPMF PG GPSFTUT JO NJUJHBUJOH DMJNBUF DIBOHF IBT QSPWFE UJNF DPOTVNJOHBOEDPOUFOUJPVT5IFSVMFTBSFDPNQMJDBUFEBOEQSPDFEVSFTDPTUMZUP UIFQPJOUUIBUUIFZNBZQSFWFOUTPNFDPVOUSJFTGSPNVTJOHUIFGVMMSBOHFPGGPSFTUSZ PQUJPOTUPUFNQFSDMJNBUFDIBOHF/PXDPVOUSJFTGBDFUIFGPSNJEBCMFDIBMMFOHFPG DSFBUJOHOBUJPOBMGSBNFXPSLTUPJNQMFNFOUUIF,ZPUP1SPUPDPMSFHBSEJOHGPSFTUT  BOEMJUUMFUJNFSFNBJOTVOUJMmUIFTUBSUPGUIFGJSTUDPNNJUNFOUQFSJPE5ISFF NBJOUBTLTMJFBIFBE r (FOFSBM DPNNJUNFOUT DPODFSO BMM DPVOUSJFT BOE DBO CF DBSSJFE PVU XJUI SFMBUJWF FBTF "DUJPO JODMVEFT BEESFTTJOH GPSFTUT JO OBUJPOBM BEBQUBUJPO BOE NJUJHBUJPO QSPHSBNNFT  SBJTJOH BXBSFOFTT  QSPNPUJOH TVTUBJOBCMF GPSFTU NBOBHFNFOUBOEDPOTFSWJOHBOEFOIBODJOHGPSFTUTJOLT r .POJUPSJOH GPSFTU DBSCPO TUPDL DIBOHFT QMBDFT EJGGFSFOU CVSEFOT PO JOEVTUSJBMJ[FEBOEEFWFMPQJOHDPVOUSJFT CVUDIBMMFOHFTCPUI r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



$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

(3&&/)064&("4&4"/%'03&454 (SFFOIPVTFHBTFT ()(T QMBZBLFZSPMFJOUIF&BSUITDMJNBUF&OFSHZGSPNUIF TVOUIBUQBTTFTUISPVHIPVSBUNPTQIFSFXBSNTUIFTVSGBDFPGUIF&BSUI4PNFPG UIBUFOFSHZSBEJBUFTCBDLUPXBSETTQBDFGSPNUIFTVSGBDFBTJOGSBSFEMJHIU()(T BCTPSC PS SFSBEJBUF UIF JOGSBSFE MJHIU  QSFWFOUJOH UIF FOFSHZ GSPN USBWFMMJOH PVU JOUPTQBDF UIFSFCZUSBQQJOHIFBU8JUIPVU()(T UIFQMBOFUXPVMECFUPPDPME UP TVTUBJO JUT DVSSFOU MJGF *ODSFBTFT JO ()( MFWFMT DPVME NBLF UIF QMBOFU HSPX XBSNFS"DDPSEJOHUPUIFDVSSFOUVOEFSTUBOEJOHTPGXPSMEDMJNBUF TVDIXBSNJOH XPVMEBMTPDIBOHFQBUUFSOTPGQSFDJQJUBUJPO UIFGSFRVFODZBOEJOUFOTJUZPGTUPSNT BOEFYUSFNFXFBUIFS TFBMFWFMTBOEBQMFUIPSBPGSFMBUFEQBSBNFUFSTPGUFSSFTUSJBM FDPMPHZ)VNBOVOEFSTUBOEJOHPGUIFHMPCBMDMJNBUFTZTUFNJTTUJMMJNQFSGFDU TP JUJTJNQPTTJCMFUPQSFEJDUXJUIQSFDJTJPOIPXUIFDMJNBUFXJMMDIBOHFJOQBSUJDVMBS QMBDFT )PXFWFS  NPTU TDJFOUJTUT TUVEZJOH UIF TVCKFDU QSFEJDU UIBU XBSNJOH XJMM TJHOJGJDBOUMZBOEGPSUIFNPTUQBSUBEWFSTFMZBGGFDUIVNBOTPDJFUZ *1$$   5IF DPODFOUSBUJPOT PG ()(T  OPUBCMZ PG DBSCPO EJPYJEF $0

 BSF DMFBSMZ JODSFBTJOH PXJOH UP IVNBO BDUJWJUZ *OEVTUSZ OPX BEET BCPVU  HJHBUPOOFT PG DBSCPO BT $0 UP UIF BUNPTQIFSF FBDI ZFBS  BOE UIF EFTUSVDUJPO PG GPSFTUT DPOUSJCVUFT BU MFBTU BOPUIFS HJHBUPOOF 5IF DVSSFOU DPODFOUSBUJPO PG $0JOUIFBUNPTQIFSF QBSUTQFSNJMMJPO QQN

JTBCPVUQFSDFOUIJHIFS UIBOJUXBTJOQSFJOEVTUSJBMUJNFT QQN "MUIPVHIUIFUPUBMBNPVOUPGDBSCPO JOUIFBUNPTQIFSFJTFOPSNPVT BSPVOEHJHBUPOOFT

BOUISPQPHFOJDBDUJWJUJFT BSF DMFBSMZ DBVTJOH WFSZ TJHOJGJDBOU JODSFBTFT "NFSJDBO 1FUSPMFVN *OTUJUVUF    *O OBUVSF  ()(T BSF DPOTUBOUMZ FOUFSJOH BOE MFBWJOH UIF BUNPTQIFSF 5IF PDFBOT FYDIBOHF $0 BOE PUIFS ()(T XJUI UIF BUNPTQIFSF BOE IPME $0 EJTTPMWFEPSQSFDJQJUBUFEPVUJOTFEJNFOUT"DUJWFMZHSPXJOHUSFFTBOEPUIFSQMBOUT DBQUVSF$0GSPNUIFBUNPTQIFSF DPNCJOFJUXJUIXBUFSUISPVHIQIPUPTZOUIFTJT BOEDSFBUFTVHBSTBOENPSFTUBCMFDBSCPIZESBUFT5IFZNBZTUPSFBTJHOJGJDBOUQBSU PGUIFDBSCPOBCTPSCFEGPSBQQSFDJBCMFMFOHUITPGUJNF GSPNZFBSTUPNJMMFOOJB $BSCPIZESBUFTCFDPNFUIFCVJMEJOHCMPDLTBOEFOFSHZTVQQMZGPSNPTUPGMJGFPO &BSUI&WFOUVBMMZ XIFOQMBOUTBOEBOJNBMTEJF $0SFUVSOTUPUIFBUNPTQIFSF 8IFO XPPE QSPEVDUT PS PUIFS PSHBOJD NBUFSJBMT CVSO PS EFDPNQPTF  UIFZ BMTP SFMFBTF$0 5IF FGGFDU PG ()(T PO DMJNBUF JT USVMZ JOUFSOBUJPOBM 5IF NPTU EBNBHJOH FGGFDUT GSPN NBOZ PUIFS BJS QPMMVUBOUT BSF TIPSU UFSN BOE MPDBM  DBVTJOH NPTU IBSNOFBSXIFSFUIFZBSFSFMFBTFE5IFSFGPSF DPOUSPMPGUIFTFFGGFDUTJTBMPDBMPS SFHJPOBMDPODFSO*ODPOUSBTU ()(TDBVTFHMPCBMDIBOHFTUPDMJNBUF/PNBUUFS XIFSF ()( FNJTTJPOT PSJHJOBUF  UIFZ EJTQFSTF UISPVHIPVU UIF BUNPTQIFSF 5P DPOUSPM()(JOEVDFEDMJNBUFDIBOHF XFNVTUDVSC()(TPVSDFTBOEFOIBODF DBSCPOTJOLTPOBHMPCBMTDBMF +VTUJGJBCMZ NPTUBUUFOUJPOIBTGPDVTFEPOGPTTJMGVFMTBOEDFNFOUBTUIFNBKPS TPVSDFPGHSFFOIPVTFHBTFT)PXFWFS GPSFTUTIBWFBMTPSFDFJWFEBUUFOUJPO 5ISFF DMBTTFT PG GPSFTUSFMBUFE BDUJWJUZ DBO BGGFDU ()( DPODFOUSBUJPOT 5IF GJSTU JT UIF FTUBCMJTINFOU  FOIBODFNFOU PS QSPUFDUJPO PG GPSFTU FDPTZTUFNT

*OUSPEVDUJPO

"GGPSFTUBUJPOBOESFGPSFTUBUJPOPGOPOGPSFTUFEMBOETDBOJODSFBTF BOEQSFWFOUJPO PG EFGPSFTUBUJPO DBO NBJOUBJO  UIF BNPVOU PG DBSCPO IFME JO GPSFTUT 5IFTF BSF XJEFMZ BDLOPXMFEHFE BT QPUFOUJBM NFBOT PG PGGTFUUJOH PS SFEVDJOH B QBSU PG BOUISPQPHFOJD ()( FNJTTJPOT 5IFJS SFMBUJWFMZ MPX DPTU  DPNQBSFE XJUI OPO GPSFTU PGGTFU PQUJPOT  NBZ NBLF UIFN FDPOPNJDBMMZ BUUSBDUJWF %BZBM    )VNBOTDBOBMTPWBSZUIFXBZUIFZNBOBHFFYJTUJOHGPSFTUTUPJODSFBTFUIFDBSCPO TUPSBHF PO TJUF 'PS FYBNQMF  TFMFDUJWF DVUUJOH TDIFNFT  MFOHUIFOFE SPUBUJPOT  SFEVDFEJNQBDUMPHHJOH BOETQFDJFTDIPJDFNBZBDIJFWFBIJHIFSBWFSBHFMFWFMPG TFRVFTUFSFEDBSCPO4JNQMZQPTUQPOJOHPSFMJNJOBUJOHIBSWFTUJOHDBOTPNFUJNFT CF B TIPSU UP NFEJVNUFSN NFBOT UP LFFQ DBSCPO TFRVFTUFSFE 4DIVM[F  8JSUI BOE)FJNBOO   5IF TFDPOE JT UIF FOIBODFE VTF PG GPSFTU QSPEVDUT 6TJOH XPPE JO CVJMEJOHT BOEPUIFSMPOHMJWFEPCKFDUTFGGFDUJWFMZTFRVFTUFSTDBSCPOGPSUIFMJGFPGUIFPCKFDU 4VCTUJUVUJOHFTTFOUJBMMZDBSCPOOFVUSBMXPPEGPSFOFSHZJOUFOTJWFNBUFSJBMTTVDI BTCSJDL BMVNJOJVNPSTUFFMNBZTJHOJGJDBOUMZSFEVDFUIFVTFPGGPTTJMGVFMT XIJDI PGDPVSTFSFMFBTFDBSCPOEJPYJEFXIFOCVSOFE 5IF UIJSE JT TVTUBJOBCMF QSPEVDUJPO PG XPPE GVFM GSPN GPSFTUT  XIJDI DBO EJTQMBDFGPTTJMGVFMT"MUIPVHICVSOJOHPGCJPNBTTGVFMTSFMFBTFT$0 UIFSFHSPXUI PGBTVTUBJOBCMZNBOBHFEGPSFTUPGGTFUTUIBUSFMFBTF5IVT GPSFTUGVFMTDBOTVQQMZ FOFSHZWJSUVBMMZXJUIPVUOFUDPOUSJCVUJPOUP()(MFWFMT $-*."5&$)"/(&"(3&&.&/5403*(*/4"/%45"564 5IF JOUFSOBUJPOBM DPNNVOJUZ IBT SFTQPOEFE UP UIF DIBMMFOHF PG DMJNBUF DIBOHF XJUI B TFSJFT PG BHSFFNFOUT 5IF 6OJUFE /BUJPOT 'SBNFXPSL $POWFOUJPO PO $MJNBUF $IBOHF 6/'$$$  XBT TJHOFE BU UIF 6OJUFE /BUJPOT $POGFSFODF PO &OWJSPONFOUBOE%FWFMPQNFOUJOBOEFOUFSFEJOUPGPSDFJO.BSDI"T PG.BZ OBUJPOTIBESBUJGJFEPSBDDFEFEUPUIF$POWFOUJPO 6/'$$$ 4FDSFUBSJBU  B  5IF 6/'$$$ TFUT HPBMT BOE PCKFDUJWFT BOE PVUMJOFT CBTJD NFDIBOJTNTGPSUIFDMJNBUFDIBOHFSFHJNF CVUMBDLTNBOZTQFDJGJDT JOQBSUJDVMBS RVBOUJGJFE ()( SFEVDUJPO PCMJHBUJPOT *U DBMMT GPS BOOVBM $POGFSFODFT PG UIF 1BSUJFT $01T UPXPSLPVUGVSUIFSEFUBJMTPGUIFJOUFSOBUJPOBMSFTQPOTF5IFGJSTU $01NFUJOUIFOJOUIJO%FDFNCFSJO.JMBO *UBMZ 5IF,ZPUP1SPUPDPMXBTUIFQSPEVDUPGUIFUIJSE$01 $01 5IF1SPUPDPM TFUT TQFDJGJD SFEVDUJPO UBSHFUT BOE UJNFUBCMFT GPS SFEVDJOH OFU ()( FNJTTJPOT GSPNJOEVTUSJBMJ[FEOBUJPOT*UIBTOPUZFUFOUFSFEJOUPGPSDF"SUJDMF QBSBHSBQI  SFRVJSFT UIBU UIF 1SPUPDPM CF SBUJGJFE  BQQSPWFE  BDDFQUFE PS BDDFEFE UP CZ BU MFBTU1BSUJFT JODMVEJOHEFWFMPQFEOBUJPOT MJTUFEJO"OOFY*PGUIF6/'$$$  SFTQPOTJCMFGPSBUMFBTUQFSDFOUPG"OOFY*$0FNJTTJPOT*O.BSDI  BGUFSBDIBOHFPGQSFTJEFOUJBMBENJOJTUSBUJPOT UIF6OJUFE4UBUFTQSFTJEFOUEFDMBSFE UIBU UIF 6OJUFE 4UBUFT XBT XJUIESBXJOH JUT TVQQPSU GPS UIF ,ZPUP 1SPUPDPM BOE UIBUIFXPVMEOPUTFFLUPSBUJGZJU5IF6OJUFE4UBUFTXBTSFTQPOTJCMFGPSBCPVU  QFSDFOU PG  FNJTTJPOT GSPN "OOFY * 1BSUJFT "T B QSBDUJDBM NBUUFS  JG UIF 6OJUFE4UBUFTDPOUJOVFTUPXJUIIPMETVQQPSU UIF3VTTJBO'FEFSBUJPONVTUSBUJGZ UIF1SPUPDPMPSJUXJMMOPUFOUFSJOUPGPSDF"TPG.BZ 1BSUJFTIBESBUJGJFE





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

UIF1SPUPDPM CVUUIFZSFQSFTFOUPOMZQFSDFOUPG"OOFY*$0FNJTTJPOT 6/'$$$4FDSFUBSJBU C *OMBUF.BZ UIF3VTTJBOQSFTJEFOUTUBUFEUIBU UIF3VTTJBO'FEFSBUJPOXBTMJLFMZUPSBUJGZUIF1SPUPDPM 'PSDVSSFOUSBUJGJDBUJPO TUBUVT DPOTVMUUIF6/'$$$*OUFSOFUTJUF

5IF $01T DPOUJOVF UP NFFU BOE QSPEVDF BHSFFNFOUT BOE ESBGU BHSFFNFOUT GPSUIFGJSTUTFTTJPOPGUIF$POGFSFODFPGUIF1BSUJFTTFSWJOHBTUIFNFFUJOHPGUIF 1BSUJFTUPUIF,ZPUP1SPUPDPM $01.01 5IF6OJUFE4UBUFTIBTOPUXJUIESBXO GSPN UIF 6/'$$$ BOE QBSUJDJQBUFT JO UIF $01T  BUUFOEJOH EJTDVTTJPOT PO UIF 1SPUPDPMBTBOPCTFSWFS'PSFTUJTTVFTIBWFTVSGBDFENPTUQSPNJOFOUMZJO$01   $01CJT  $01 BOE $01  EVCCFE UIF iGPSFTU $01u .FFUJOH JO 5IF )BHVF  UIF /FUIFSMBOET  JO /PWFNCFS   $01 GBJMFE UP SFBDI BHSFFNFOU  NBJOMZPWFSTFWFSBMJTTVFTSFMFWBOUUP-BOE6TF -BOE6TF$IBOHFBOE'PSFTUSZ -6-6$' 5IF1BSUJFTUPPLUIFJTTVFTVQBHBJOJO+VMZJO#POO (FSNBOZ 6/'$$$$01 

JOBNFFUJOHLOPXOBT$01CJT5IJTNFFUJOHQSPEVDFE BESBGUBHSFFNFOU UIF#POOBHSFFNFOU

XIJDIUIF1BSUJFTBEEFEUPBOEBEPQUFE BU$01JO.BSSBLFTI .PSPDDP JO/PWFNCFSBTUIFTPDBMMFE.BSSBLFTI "DDPSET 5IF EFDJTJPOT PG $01 DBO CF GPVOE JO UIF GPVS NBJO EPDVNFOUT QSPEVDFEBU$01 6/'$$$$01 BCDE 5IFDFOUSBM BHSFFNFOU DPODFSOJOH -6-6$' JT %FDJTJPO $1 6/'$$$ $01  B  QQm 5IJTBHSFFNFOUJTBSFDPNNFOEBUJPO BOEUIF1BSUJFTUPUIF1SPUPDPM NVTU GPSNBMMZ BEPQU JU BGUFS UIF 1SPUPDPM FOUFST JOUP GPSDF )PXFWFS  MJLF UIF 1SPUPDPM JUTFMG  UIF BHSFFNFOU SFQSFTFOUT B XPSLJOH DPOTFOTVT PG UIF 1BSUJFT PO UIFTFJTTVFT5IFOFYUTFDUJPOPGUIJTQBQFSEJTDVTTFTGPSFTUSFMBUFEPCMJHBUJPOTPG UIF 1BSUJFT BT TUBUFE JO UIF 6/'$$$ BOE UIF ,ZPUP 1SPUPDPM 5IF TVCTFRVFOU TFDUJPOMPPLTBUTPNFPGUIFRVFTUJPOTUIBUUIF6/'$$$BOEUIF1SPUPDPMMFGU PQFO BOEIPX$01 $01BOE$01IBWFEFBMUXJUIUIFN '03&4546/%&35)&6/'$$$"/%5)&,:05013050$06OEFSTUBOEJOH IPX UIF DMJNBUF DIBOHF BHSFFNFOUT NBZ BGGFDU GPSFTUT JT B DPNQMJDBUFEUBTL'JSTU GPSFTUTBSFJOUFHSBMUPUIFHMPCBMDBSCPODZDMF"MNPTUBOZ SFGFSFODF UP TJOLT PS OFU FNJTTJPOT DPVME IBWF JNQMJDBUJPOT GPS GPSFTUT 4FDPOE  UIF BHSFFNFOUT UIFNTFMWFT DBO CF PCTDVSF *O UIF OFHPUJBUJPOT  DPOTFOTVT IBT BU UJNFT CFFO NPSF JNQPSUBOU UIBO DMBSJUZ 8IFSF UIF OFHPUJBUPST FODPVOUFSFE DPOUSPWFSTJBM JTTVFT  UIFZ TPNFUJNFT EFGFSSFE EFDJTJPOT UP MBUFS BHSFFNFOUT PS VTFE BNCJHVPVT MBOHVBHF 5IJSE  BMUIPVHI UIF MBUFS BHSFFNFOUT BEE DPOUFOU UP UIFFBSMJFSPOFT UIFEPDVNFOUTIBWFOPNBTUFSJOEFYPSUBCMFPGDSPTTSFGFSFODFT UPHVJEFUIFSFTFBSDIFS"TBSFTVMU UIFUFYUTSFRVJSFQBUJFOUDSPTTDIFDLJOHBOE DBSFGVMTDSVUJOZUPVOEFSTUBOE 5IF EJTDVTTJPO JO UIJT TFDUJPO PVUMJOFT QSPWJTJPOT SFMFWBOU UP GPSFTUT JO UIF 6/'$$$ BOE UIF ,ZPUP 1SPUPDPM 5IF OFYU TFDUJPO MPPLT BU UIF JTTVFT TUJMM PQFO BGUFS ,ZPUP BOE IPX UIF 1BSUJFT BEESFTTFE UIFN GSPN $01 UP $01 5IFSFBEFSXJTIJOHUPIBWFBNPSFUIPSPVHIVOEFSTUBOEJOHPGUIFSPMFPGGPSFTUT TIPVMEJOWFTUJHBUFUIFGVMMTFUPGEPDVNFOUT BMMBWBJMBCMFPOUIF6/'$$$*OUFSOFU

*OUSPEVDUJPO

TJUF VOGDDDJOU  *O BEEJUJPO  UIF EPDVNFOUT PO UIF *OUFSHPWFSONFOUBM 1BOFM PO $MJNBUF$IBOHF *1$$ TJUF XXXJQDDDI BEESFTTTPNFPGUIFUFDIOJDBMJTTVFT DPODFSOJOHVTJOH NBOBHJOHBOENFBTVSJOHUIFDBSCPOTJOLQPUFOUJBMPGGPSFTUT (FOFSBMPCMJHBUJPOTUIBUNBZUPVDIPOGPSFTUT 5IF 6/'$$$ DBTUT B CSPBE OFU PWFS UIF JTTVF PG DMJNBUF DIBOHF *UT "SUJDMF EFGJOJUJPOT JMMVTUSBUF UIBU CSFBEUI i$MJNBUF TZTUFNu NFBOT iUIF UPUBMJUZ PG UIF BUNPTQIFSF  IZESPTQIFSF  CJPTQIFSF BOE HFPTQIFSF BOE UIFJS JOUFSBDUJPOTu i3FTFSWPJSuNFBOTiBDPNQPOFOUPGUIFDMJNBUFTZTUFNXIFSFBHSFFOIPVTFHBT PSBQSFDVSTPSPGBHSFFOIPVTFHBTJTTUPSFEu$MFBSMZ GPSFTUTBOEXPPEQSPEVDUT BSFSFTFSWPJST5IFUFSNTiTPVSDFuBOEiTJOLuBMTPIBWFCSPBEEFGJOJUJPOT4PVSDFT BSF QSPDFTTFT PS BDUJWJUJFT UIBU DPOUSJCVUF ()(T UP UIF BUNPTQIFSF  BOE TJOLT BSF QSPDFTTFT  BDUJWJUJFT  PS NFDIBOJTNT UIBU SFNPWF UIFN 'PSFTUT NBZ RVBMJGZ BT FJUIFS PS CPUI EFQFOEJOH PO XIFUIFS UIFZ BSF SFMFBTJOH  SFNPWJOH PS CPUI SFMFBTJOHBOESFNPWJOH()(T5IFUFSNiFNJTTJPOTuJTEFGJOFEXJUIPVUSFHBSE UPUIFOBUVSFPGUIFTPVSDF TPUIBUBGPSFTUNBZCFBTPVSDFPGFNJTTJPOTKVTUBT TVSFMZBTBGBDUPSZPSBWFIJDMF "SUJDMFPGUIF6/'$$$EFDMBSFTUIFCBTJDQSJODJQMFTPGUIF$POWFOUJPO BOE BHBJOJUQBJOUTJOCSPBETUSPLFT6OEFSQBSBHSBQI JUEFDMBSFTUIBUQPMJDJFTBOE NFBTVSFTUPDPNCBUDMJNBUFDIBOHFTIPVMEiCFDPNQSFIFOTJWF DPWFSBMMSFMFWBOU TPVSDFT  TJOLT BOE SFTFSWPJST PG HSFFOIPVTF HBTFT w BOE DPNQSJTF BMM FDPOPNJD TFDUPSTu$MFBSMZ UIJTMBOHVBHFDPWFSTGPSFTUTBOEGPSFTUNBOBHFNFOU 'PSNPTUOBUJPOTMPPLJOHUPBEPQUJNQMFNFOUJOHMFHJTMBUJPO UIFLFZQSPWJTJPOT PGUIF6/'$$$CFHJOXJUI"SUJDMF EFBMJOHXJUIDPNNJUNFOUTPGUIF1BSUJFT "SUJDMFDPOUBJOTUXPTFUTPGDPNNJUNFOUT5IFGJSTUTFU JOQBSBHSBQI BQQMJFT UP BMM 1BSUJFT 5IF TFDPOE TFU  JO UIF TVCTFRVFOU QBSBHSBQIT  MBSHFMZ EFTDSJCFT DPNNJUNFOUT PG i"OOFY *u PS i"OOFY **u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r EFWFMPQBOEVQEBUFJOWFOUPSJFTPGFNJTTJPOTBOESFNPWBMTPG()(T UIFTF JODMVEFFNJTTJPOTGSPNEFGPSFTUBUJPOBOESFNPWBMTGSPNGPSFTUHSPXUIBOE BMTPFNJTTJPOTGSPNUIFCVSOJOHPSEFDPNQPTJUJPOPGGPSFTUQSPEVDUT  r EFWFMPQQSPHSBNNFTUPNJUJHBUFDMJNBUFDIBOHF JODMVEJOHFGGPSUTUPBEESFTT FNJTTJPOTBOETJOLT XIJDIXPVMEJODMVEFGPSFTUTBOEUIFJSTPJMT r QSPNPUFUFDIOPMPHJFTUIBUMFBEUPMPXFS()(FNJTTJPOT UIJTTVCQBSBHSBQI PGUIF6/'$$$TQFDJGJDBMMZNFOUJPOTUIFGPSFTUSZTFDUPS  r QSPNPUF TVTUBJOBCMF NBOBHFNFOU PG TJOLT BOE SFTFSWPJST BHBJO  UIF 6/'$$$TQFDJGJDBMMZNFOUJPOTGPSFTUT 





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

r QSFQBSFUPBEBQUUPUIFJNQBDUTPGDMJNBUFDIBOHF BOEEFWFMPQBQQSPQSJBUF QMBOTGPSBSFBTUIBUNJHIUCFBGGFDUFECZGMPPEJOH ESPVHIU PSEFTFSUJGJDBUJPO "MUIPVHI UIF 6/'$$$ EPFT OPU FYQSFTTMZ NFOUJPO GPSFTUT  XJUI UIJT SFRVJSFNFOU  UIFZ BSF B TQFDJBM DPODFSO m USFFT DBOOPU NJHSBUF BT TPNF BOJNBMT DBO UIFZ DBO CF FYUSFNFMZ TFOTJUJWF UP DIBOHFT JO UFNQFSBUVSF  QSFDJQJUBUJPOBOEFWBQPSBUJPOBOEUIFJSMPOHMJWFTNBLFUIFNWVMOFSBCMFUP DIBOHFTJODMJNBUFUIBUPDDVSPWFSUIFDPVSTFPGEFDBEFT

0CMJHBUJPOTPGEFWFMPQFEDPVOUSZ1BSUJFT 5IF6/'$$$ESBGUFSTSFBTPOFEUIBUCFDBVTFUIF"OOFY*OBUJPOTXFSFSFTQPOTJCMF GPSNPTUPGUIFJODSFBTFTJOBUNPTQIFSJD()(DPODFOUSBUJPOT UIFZTIPVMECFBS BHSFBUFSCVSEFOJOSFEVDJOH()(FNJTTJPOTBOEJODSFBTJOHTJOLT6OEFS"SUJDMF PGUIF6/'$$$ UIFTFOBUJPOTDPNNJUUFEUIFNTFMWFTUPBEPQUJOHQPMJDJFTUP MJNJU()(FNJTTJPOTBOEQSPUFDUBOEFOIBODFTJOLTBOESFTFSWPJST4QFDJGJDBMMZ  UIFTFQPMJDJFTXFSFPSJHJOBMMZBJNFEBUSFUVSOJOHOFUFNJTTJPOTUPMFWFMT 0CMJHBUJPOT VOEFS UIF ,ZPUP 1SPUPDPM BSF TUSPOHFS BOE NVDI NPSF TQFDJGJD ,ZPUP1SPUPDPM"SUJDMFEJSFDUT"OOFY*OBUJPOTUPQSPUFDUBOEFOIBODFTJOLTBOE SFTFSWPJSTQSPNPUFTVTUBJOBCMFGPSFTUNBOBHFNFOU BGGPSFTUBUJPOBOESFGPSFTUBUJPO BOE SFEVDF JODFOUJWFT BOE TVCTJEJFT UIBU SVO DPVOUFS UP UIF PCKFDUJWFT PG UIF 6/'$$$ ,ZPUP 1SPUPDPM "SUJDMF  UJHIUFOT UIF 6/'$$$T FNJTTJPOT HPBM  DBMMJOHGPSBSFEVDUJPOPGBHHSFHBUFFNJTTJPOTPGUIFDPVOUSJFTMJTUFEJO"OOFY# UPQFSDFOUCFMPXMFWFMTEVSJOHBGJSTUDPNNJUNFOUQFSJPE"OOFY#PGUIF ,ZPUP 1SPUPDPM DPOUBJOT B TMJHIUMZ SFWJTFE MJTU PG 6/'$$$ "OOFY * OBUJPOT &BDIOBUJPOJO"OOFY#IBTBTQFDJGJDOFUFNJTTJPOTUBSHFUFYQSFTTFEBTBDFSUBJO QFSDFOUBHFPGFNJTTJPOT'PSNPTUDPVOUSJFTUIFSFEVDUJPOUBSHFUMJFTCFUXFFO  BOE  QFSDFOU  XIJMF UIF 3VTTJBO 'FEFSBUJPO BOE /FX ;FBMBOE DPNNJUUFE UIFNTFMWFTUPBTUBCJMJ[BUJPOPGFNJTTJPOT BOE"VTUSBMJB *DFMBOE BOE/PSXBZBSF BMMPXFEUPJODSFBTFUIFJSFNJTTJPOTCZBDFSUBJOQFSDFOUBHFBCPWFUIFMFWFM .FNCFS4UBUFTPGUIF&VSPQFBO$PNNVOJUZIBWFBHSFFEUPBDIJFWFDPNQMJBODF KPJOUMZ<$PVODJMPGUIF&VSPQFBO$PNNVOJUZ%FDJTJPOPG"QSJM>BOEIBWF JOUFSOBMMZSFEJTUSJCVUFEBTTJHOFEOFUFNJTTJPOTVOEFSBCVSEFOTIBSJOHBHSFFNFOU  XIJDI BMMPXT JODSFBTFT GPS TPNF NFNCFST CVU SFEVDFT QFSNJTTJCMF FNJTTJPOT PG PUIFSTCZNPSFUIBOQFSDFOU

'VSUIFS  "SUJDMF  PG UIF ,ZPUP 1SPUPDPM TFUT PVU B UJNF GSBNF GPS BDIJFWJOH UIFTFSFEVDUJPOT5IFGPSNBMDPNNJUNFOUQFSJPEJTUIFGJWFZFBSTQBOGSPN UISPVHI1BSUJFTNVTUTIPXQSPHSFTTUPXBSETUIFHPBMCZ 8IBUSPMFNBZGPSFTUTQMBZJONFFUJOHUIFTFSFEVDUJPOT 5IF1SPUPDPMMJNJUT XIJDIGPSFTUSZBDUJWJUJFTDPVOUUPXBSETGVMGJMNFOUPGUSFBUZPCMJHBUJPOT"SUJDMF  QBSBHSBQIPGUIF,ZPUP1SPUPDPMTUBUFT 5IF OFU DIBOHFT JO HSFFOIPVTF HBT FNJTTJPOT CZ TPVSDFT BOE SFNPWBMT CZ TJOLT SFTVMUJOH GSPN EJSFDU IVNBOJOEVDFE MBOEVTF DIBOHFT BOE GPSFTUSZ

  /PUMJTUFEJO"OOFY#BSF#FMBSVTBOE5VSLFZ

*OUSPEVDUJPO

BDUJWJUJFT  MJNJUFE UP BGGPSFTUBUJPO  SFGPSFTUBUJPO BOE EFGPSFTUBUJPO TJODF   NFBTVSFE BT WFSJGJBCMF DIBOHFT JO DBSCPO TUPDLT JO FBDI DPNNJUNFOU QFSJPE TIBMMCFVTFEUPNFFUUIFDPNNJUNFOUTVOEFSUIJT"SUJDMFPGFBDI1BSUZ JODMVEFEJO"OOFY*

0UIFSLJOETPGGPSFTUBDUJWJUZNJHIUBGGFDUOFU()(FNJTTJPOT0OFFYBNQMF JT GPSFTU NBOBHFNFOU -POHFS SPUBUJPOT  TQFDJGJD USFF TQFDJFT BOE TJMWJDVMUVSBM TZTUFNT TFMFDUJWFIBSWFTUJOH NBJOUFOBODFPGMBSHFUSFFTPOTJUFBTTPJMTIFMUFSPS FYDMVTJPO PG GJSF BOE EJTFBTF NJHIU NBLF B GPSFTU B MBSHFS BOE NPSF QFSNBOFOU DBSCPO TJOL "OPUIFS FYBNQMF JT GPSFTU QSPUFDUJPO #Z MFHBM PS JOTUJUVUJPOBM DPOUSPMT PWFS MBOE VTF  B HPWFSONFOU DBO QSPUFDU MBOE UIBU XPVME PUIFSXJTF CF MJLFMZUPCFEFGPSFTUFE"SUJDMF QBSBHSBQIPGUIF1SPUPDPMTUBUFT 5IF $POGFSFODF PG UIF 1BSUJFT <TIBMM EFDJEF> IPX  BOE XIJDI  BEEJUJPOBM IVNBOJOEVDFE BDUJWJUJFT SFMBUFE UP DIBOHFT JO HSFFOIPVTF HBT FNJTTJPOT CZ TPVSDFTBOESFNPWBMTCZTJOLTJOUIFBHSJDVMUVSBMTPJMTBOEUIFMBOEVTFDIBOHF BOE GPSFTUSZ DBUFHPSJFT TIBMM CF BEEFE UP  PS TVCUSBDUFE GSPN  UIF BTTJHOFE BNPVOUTGPS1BSUJFTJODMVEFEJO"OOFY*w4VDIBEFDJTJPOTIBMMBQQMZJOUIF TFDPOE BOE TVCTFRVFOU DPNNJUNFOU QFSJPET <JF BGUFS > " 1BSUZ NBZ DIPPTFUPBQQMZTVDIBEFDJTJPOPOUIFTFBEEJUJPOBMIVNBOJOEVDFEBDUJWJUJFT GPSJUTGJSTUDPNNJUNFOUQFSJPE<UP> QSPWJEFEUIBUUIFTFBDUJWJUJFT IBWFUBLFOQMBDFTJODF

"TJTEJTDVTTFECFMPX $01SFBDIFEBEFDJTJPOUIBUUIFBEEJUJPOBMIVNBO JOEVDFEGPSFTUBDUJWJUJFTVOEFS"SUJDMF QBSBHSBQIJODMVEFGPSFTUNBOBHFNFOU  DSPQMBOE NBOBHFNFOU  HSB[JOH MBOE NBOBHFNFOU BOE SFWFHFUBUJPO 6/'$$$ $01 B Q q  'MFYJCMFNFDIBOJTNT 4FWFSBMQSPWJTJPOTJOUIF6/'$$$BOE,ZPUP1SPUPDPMBMMPXOBUJPOTUPBDIJFWF ()( FNJTTJPO SFEVDUJPOT PS FOIBODFNFOU PG TJOLT DPPQFSBUJWFMZ "T B HFOFSBM NBUUFS UIF6/'$$$DPNNJUTUIFNPTUIJHIMZEFWFMPQFEOBUJPOT MJTUFEJO"OOFY **  UP HJWF EFWFMPQJOH DPVOUSJFT GJOBODJBM BOE UFDIOJDBM BTTJTUBODF UP JNQMFNFOU UIF$POWFOUJPOBOEEFBMXJUIUIFFGGFDUTPGDMJNBUFDIBOHF6/'$$$"SUJDMF  QBSBHSBQIT  UISPVHI   PCMJHBUFT UIF EFWFMPQFE OBUJPOT UP BTTJTU EFWFMPQJOH OBUJPOT UISPVHI GVOEJOH GPS FNJTTJPOT SFEVDUJPOT  GVOEJOH GPS BEBQUBUJPO UP BEWFSTFFGGFDUTBOEUSBOTGFSPGFOWJSPONFOUBMMZTPVOEUFDIOPMPHJFT 5IF6/'$$$PGGFSTUIFQPTTJCJMJUZUIBU1BSUJFTDBOTBUJTGZTPNFPGUIFJSPXO PCMJHBUJPOTUPSFEVDF()(FNJTTJPOTCZIFMQJOHPUIFS1BSUJFTSFEVDFFNJTTJPOT 5IF6/'$$$TUBUFTUIBU"OOFY*1BSUJFTDBOSFUVSOUPUIFJS()(FNJTTJPO MFWFMT iJOEJWJEVBMMZ PS KPJOUMZu "SUJDMF   TVCQBSBHSBQI   BOE UIBU 1BSUJFT DPVME JNQMFNFOU OBUJPOBM DMJNBUF DIBOHF NJUJHBUJPO QPMJDJFT KPJOUMZ "SUJDMF   TVCQBSBHSBQI 5IF&VSPQFBO6OJPOIBTFNQMPZFEUIJTBSUJDMFJOTFUUJOHVQJUT JOUFSOBMCVSEFOTIBSJOHTZTUFN TFF&6$PVODJM%FDJTJPOPG"QSJM< $&> "UUIFUJNFJUXBTTJHOFE UIF1BSUJFTIBETPNFJOUFSOBMEJTBHSFFNFOUT BCPVUUIFSPMFPG+PJOU*NQMFNFOUBUJPO +* 5IF$POWFOUJPOFYQSFTTMZEJSFDUFEUIF $POGFSFODFPGUIF1BSUJFTUPEFWFMPQDSJUFSJBGPS+* "SUJDMF TVCQBSBHSBQI<E> 





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

5IF1BSUJFTBHSFFEUPBQJMPUQIBTFUPUFTUUIFGFBTJCJMJUZPGBDUJWJUJFTJNQMFNFOUFE KPJOUMZ "*+  5IF,ZPUP1SPUPDPMCFHJOTUPTFUVQBGSBNFXPSLGPSUIFUSBOTGFSPGFNJTTJPO QFSNJUT CFUXFFO 1BSUJFT  CVU JU MFBWFT TPNF VODFSUBJOUJFT "SUJDMFT      BOE  PG UIF 1SPUPDPM DPOUFNQMBUF GMFYJCMF NFDIBOJTNT PG DPNQMJBODF "SUJDMF  EFBMTXJUIUIFQPTTJCJMJUZUIBUBHSPVQPG"OOFY*1BSUJFTPSBSFHJPOBMFDPOPNJD JOUFHSBUJPO PSHBOJ[BUJPO DPVME KPJOUMZ GVMGJM UIFJS SFEVDUJPO DPNNJUNFOU BOE IPXTVDIBTPDBMMFEiCVCCMFuBGGFDUTUIFSFEVDUJPOPCMJHBUJPOTPGUIF1SPUPDPM "SUJDMFBMMPXT"OOFY*1BSUJFTUPUSBOTGFSiFNJTTJPOSFEVDUJPOVOJUTuHFOFSBUFE UISPVHI+*QSPKFDUTBOEBMMPXT1BSUJFTUPBVUIPSJ[FiMFHBMFOUJUJFTuUPQBSUJDJQBUFJO UIFTFUSBOTGFST&MJHJCMF+*QSPKFDUTJODMVEFBMM-6-6$'BDUJWJUJFTBMMPXFEVOEFS "SUJDMF QBSBHSBQITBOE ,ZPUP 1SPUPDPM "SUJDMF  JOUSPEVDFT UIF $MFBO %FWFMPQNFOU .FDIBOJTN $%.

PSJHJOBMMZBQBSUPG"*+5IF$%.JTBOJOTUSVNFOUVOEFSUIFBVUIPSJUZ PGUIF$01BOETVQFSWJTFECZBO&YFDVUJWF#PBSE$%.QSPKFDUTXJMMUZQJDBMMZ JOWPMWF"OOFY*DPVOUSJFTBTJOWFTUPSTBOEOPO"OOFY*1BSUJFTBTIPTUT FTTFOUJBMMZ KPJOUWFOUVSFTCFUXFFOEFWFMPQFEBOEEFWFMPQJOHDPVOUSJFT)PXFWFS UIFUSBEJOH SVMFT EP OPU FYQMJDJUMZ SFRVJSF $%. QSPKFDUT UP CF GJOBODFE CZ EFWFMPQFE DPVOUSJFTEFWFMPQJOHDPVOUSJFTDBOJOJUJBUFUIFJSPXOQSPKFDUTUPDSFBUFDFSUJGJFE FNJTTJPO SFEVDUJPOT BOE UIFO TFMM UIFN UP "OOFY * 1BSUJFT 6OJMBUFSBM $%.  3FEVDUJPOT SFTVMUJOH GSPN UIFTF QSPKFDUT  CFHJOOJOH JO UIF ZFBS   DPVOU UPXBSET TBUJTGZJOH BO "OOFY * 1BSUZT PCMJHBUJPOT UP SFEVDF BHHSFHBUF FNJTTJPOT EVSJOH UIF ZFBST  UP  "O iPQFSBUJPOBM FOUJUZu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r "DDPVOUJOH )PX TIPVME 1BSUJFT RVBOUJGZ UIF BNPVOU PG DBSCPO SFNPWFE UISPVHIGPSFTUTJOLBDUJWJUJFT )PXDBOUIF1BSUJFTNFBTVSFUIFFGGFDUPGUIFTF BDUJWJUJFTSFMJBCMZ 0ODFUIFSFNPWBMJTNFBTVSFE IPXTIPVME1BSUJFTLFFQ USBDLPGJUBOESFQPSUJU r "DUJWJUJFT8IBUBDUJWJUJFTRVBMJGZBTiEJSFDUIVNBOJOEVDFEMBOEVTFDIBOHF BOE GPSFTUSZ BDUJWJUJFTu VOEFS ,ZPUP 1SPUPDPM "SUJDMF   .PSF TQFDJGJDBMMZ  XIBUEPUIFUFSNTiBGGPSFTUBUJPOu iSFGPSFTUBUJPOuBOEiEFGPSFTUBUJPOuNFBO 

*OUSPEVDUJPO

BTVTFEJO"SUJDMF QBSBHSBQI BOEXIBUPUIFSGPSFTUSZBDUJWJUJFTDBOPGGTFU FNJTTJPOTVOEFS"SUJDMF QBSBHSBQI r -JNJUT4IPVMEUIFSFCFBMJNJUPOIPXNVDIDSFEJUB1BSUZDBODMBJNGPSJUT -6-6$'BDUJWJUJFT 'PSFYBNQMF DPVMEB1BSUZSFMZFOUJSFMZPOGPSFTUTJOLT UPBDIJFWFJUTFNJTTJPOHPBMT r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q DBOCF GPVOEJOUIF$01%FDJTJPO$1BOEJODMVEFUIFGPMMPXJOH r i5IBU UIF USFBUNFOU PG UIFTF BDUJWJUJFT CF CBTFE PO TPVOE TDJFODFu 5IJT TFFNT UP CF B TUSBJHIUGPSXBSE TUBUFNFOU )PXFWFS  JU NBZ JNQMZ BDUJOH DPOTFSWBUJWFMZXIFSFUIFTDJFODFJTVODFSUBJO r i5IBU DPOTJTUFOU NFUIPEPMPHJFT CF VTFE PWFS UJNFu 5IJT UPP XPVME TFFN UPCFTUSBJHIUGPSXBSE)PXFWFS UIFQSJODJQMFJTQPUFOUJBMMZJODPOGMJDUXJUI UIFQSFWJPVTQSJODJQMF8IBUIBQQFOTJGOFXTDJFODFTIPXTUIBUPMENFUIPET IBWFGMBXT r i5IBU UIF NFSF QSFTFODF PG DBSCPO TUPDLT CF FYDMVEFE GSPN BDDPVOUJOHu 4UPSJOHDBSCPOBUDPOTUBOUMFWFMTEPFTOPUBGGFDUUIFDMJNBUF CVUDIBOHJOHUIF BNPVOUPGTUPSFEDBSCPONBLFTGPSBTPVSDFPSBTJOLBOEBGGFDUTUIFBNPVOU PG()(JOUIFBUNPTQIFSF r i5IBUBDDPVOUJOHGPS<-6-6$'>EPFTOPUJNQMZUSBOTGFSPGDPNNJUNFOUT UP B GVUVSF DPNNJUNFOU QFSJPEu 5IF TJOL FGGFDU PG GPSFTUSZ BDUJWJUJFT JT VTVBMMZOPOQFSNBOFOU BTGBSBTUIFJOEJWJEVBMUSFFPSBTJOHMFTUBOEPGUSFFT JTDPODFSOFE'PSFYBNQMF XIFOMBOEJTBGGPSFTUFE UIFUSFFTTFRVFTUFSDBSCPO JOCJPNBTT*GUIFUSFFTPSJOEJWJEVBMTUBOETBSFUIFOIBSWFTUFE BMMPXFEUPEJF OBUVSBMMZPSTVDDVNCUPBDBMBNJUZBOEUIFMBOESFNBJOTUSFFMFTT UIFXPPE  TUVNQT  SPPUT  MJUUFS BOE BDDVNVMBUFE TPJM PSHBOJD NBUUFS XJMM FWFOUVBMMZ EFDBZ  SFMFBTJOH DBSCPO CBDL JOUP UIF BUNPTQIFSF 0OMZ UFNQPSBSZ TUPSBHF





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

XBT BDIJFWFE 5IJT QSJODJQMF TFFNT UP DBMM GPS BDUJWJUJFT UIBU BDIJFWF B QFSNBOFOU  PS BU MFBTU JOEFGJOJUF  SFNPWBM PG ()(T 0OHPJOH  TVTUBJOBCMF GPSFTU NBOBHFNFOU XPVME RVBMJGZ  BT JU NBJOUBJOT HSPXJOH TUPDL PO B TJUF JO UIF MPOH UFSN #VU XIBU JG BO BGGPSFTUBUJPO QSPKFDU EPFT OPU QSPWJEF GPS TVCTFRVFOU TVTUBJOBCMF NBOBHFNFOU  "T EJTDVTTFE CFMPX  1BSUJFT IBWF BEESFTTFEUIJTJTTVFUISPVHIUFNQPSBSZDBSCPODSFEJUT FTTFOUJBMMZBGPSNPG DBSCPOMFBTJOH r i5IBUSFWFSTBMPGBOZSFNPWBMwCFBDDPVOUFEGPSBUUIFBQQSPQSJBUFQPJOU JOUJNFu"HBJO UIJTQSJODJQMFTQFBLTUPUIFSFWFSTJCMFOBUVSFPGGPSFTUTJOLT BOE UIF PCMJHBUJPO UP JNNFEJBUFMZ PGGTFU BOZ SFMFBTFT PG DBSCPO QSFWJPVTMZ BDDPVOUFEBTBSFNPWBM5IFSFGPSF 1BSUJFTEFDJEFEUIBUVQPOUIFJSFYQJSBUJPO  BMM UFNQPSBSZ DSFEJUT NVTU JNNFEJBUFMZ CF SFQMBDFE CZ OFX UFNQPSBSZ PS QFSNBOFOUDSFEJUT r i5IBU BDDPVOUJOH FYDMVEFT SFNPWBMT SFTVMUJOH GSPN J  FMFWBUFE DBSCPO EJPYJEFDPODFOUSBUJPOTBCPWFUIFJSQSFJOEVTUSJBMMFWFM JJ JOEJSFDUOJUSPHFO EFQPTJUJPO BOE JJJ  UIF EZOBNJD FGGFDUT PG BHF TUSVDUVSF SFTVMUJOH GSPN BDUJWJUJFTBOEQSBDUJDFTCFGPSFUIFSFGFSFODFZFBSu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iGPSFTU NBOBHFNFOUu JO GPSFTUT UIBU FYJTUFE CFGPSF  UP SPVHIMZ  QFSDFOUPGBDUVBMOBUJPOBMGPSFTUDBSCPOJODSFNFOU 1BSUJFTGPVOEBQSBDUJDBM TPMVUJPO UP UIJT WFYJOH QSPCMFN .VDI IJHIFS BMMPXBODFT XFSF HSBOUFE UP TPNFDPVOUSJFT FH+BQBO $BOBEB BOEUIF3VTTJBO'FEFSBUJPO GPSQPMJUJDBM SFBTPOTSFMBUFEUPSBUJGJDBUJPO 0OUFDIOJDBMNBUUFSTPGDBSCPONFBTVSFNFOUBOESFQPSUJOH $01BEPQUFE JO QSJODJQMF BDDPVOUJOH NFUIPET TFU PVU JO UIF *1$$T 3FWJTFE  (VJEFMJOFT GPS /BUJPOBM (SFFOIPVTF (BT *OWFOUPSJFT 6/'$$$ $01  B  Q   q   BEPQUJOH*1$$  $01BMTPJOWJUFEUIF*1$$UPFMBCPSBUFTVDIHVJEFMJOFT GPSUIFMBOEVTFBOEGPSFTUSZTFDUPSBOEEFWFMPQTQFDJBMSFQPSUTPOHPPEQSBDUJDF HVJEBODF BOE VODFSUBJOUZ NBOBHFNFOU  IVNBOJOEVDFE GPSFTU EFHSBEBUJPO BOE TFQBSBUJPO PG EJSFDU IVNBOJOEVDFE FGGFDUT GSPN JOEJSFDU BOE OBUVSBM FGGFDUT UP

*OUSPEVDUJPO

CFTVCNJUUFEGPSDPOTJEFSBUJPOBOEBEPQUJPOCZ$01 6/'$$$$01 B  Q q $01POMZQBSUJBMMZBEPQUFEUIF*1$$T(PPE1SBDUJDF(VJEBODFGPS -BOE6TF -BOE6TF$IBOHFBOE'PSFTUSZ (1(-6-6$' JO%FDFNCFS 6/'$$$$01 B QQm BEPQUJOH*1$$  JOQBSU /PBHSFFNFOU DPVMECFSFBDIFEPOUIF,ZPUPSFMFWBOUDIBQUFSSFMBUJOHUP"SUJDMF QBSBHSBQIT  BOE   "SUJDMF  +PJOU *NQMFNFOUBUJPO  BOE "SUJDMF  $MFBO %FWFMPQNFOU .FDIBOJTN $01XJMMSFDPOTJEFSUIFNBUUFS $01BMTPBEPQUFEBTFSJFTPGEFGJOJUJPOTBOEHVJEFMJOFTGPS,ZPUP1SPUPDPM "SUJDMF QBSBHSBQITBOE 6/'$$$$01 B QQm 5IFTFBEESFTT CPUIBDDPVOUJOHBOEBDUJWJUZRVFTUJPOT UIFSFMFWBODFPGUIFEFGJOJUJPOTGPSBDUJWJUZ RVFTUJPOTJTEJTDVTTFEGVSUIFSCFMPX  'PSBDDPVOUJOHQVSQPTFT BLFZEFGJOJUJPOJTUIBUPGiGPSFTUu 6/'$$$$01  B Q q  i'PSFTUu JT B NJOJNVN BSFB PG MBOE PG  UP  IFDUBSFT XJUI USFF DSPXO DPWFS PSFRVJWBMFOUTUPDLJOHMFWFM PGNPSFUIBOUPQFSDFOUXJUIUSFFT XJUIUIFQPUFOUJBMUPSFBDIBNJOJNVNIFJHIUPGUPNFUSFTBUNBUVSJUZJO TJUV " GPSFTU NBZ DPOTJTU FJUIFS PG DMPTFE GPSFTU GPSNBUJPOT XIFSF USFFT PG WBSJPVT TUPSFZT BOE VOEFSHSPXUI DPWFS B IJHI QSPQPSUJPO PG UIF HSPVOE PS PQFOGPSFTU:PVOHOBUVSBMTUBOETBOEBMMQMBOUBUJPOTXIJDIIBWFZFUUPSFBDIB DSPXOEFOTJUZPGUPQFSDFOUPSUSFFIFJHIUPGUPNFUSFTBSFJODMVEFE VOEFSGPSFTU BTBSFBSFBTOPSNBMMZGPSNJOHQBSUPGUIFGPSFTUBSFBXIJDIBSF UFNQPSBSJMZVOTUPDLFEBTBSFTVMUPGIVNBOJOUFSWFOUJPOTVDIBTIBSWFTUJOHPS OBUVSBMDBVTFTCVUXIJDIBSFFYQFDUFEUPSFWFSUUPGPSFTUw

8IFSF UIF EFGJOJUJPO TQFDJGJFT SBOHFT  TVDI BT  UP  IFDUBSFT  UIF $01 JOUFOETFBDI1BSUZUPTFMFDUBGJHVSFXJUIJOUIFSBOHFBOEUIFOBQQMZJUDPOTJTUFOUMZ JOJUTBDDPVOUJOH5IF$01EJSFDUTFBDI1BSUZUPSFQPSUUIFGJHVSFTJUTFMFDUT CVU EPFT OPU TQFDJGZ IPX B 1BSUZ TIPVME NBLF JUT TFMFDUJPO  BQBSU GSPN SFRVFTUJOH B QMBVTJCMF FYQMBOBUJPO JG 1BSUJFT EFWJBUF GSPN QBSBNFUFST GPS NJOJNVN BSFB  DSPXODPWFS BOEIFJHIUQSFWJPVTMZDIPTFOGPSSFQPSUJOHGPSFTUBSFBUP'"0 TFF 6/'$$$ $01  B  Q   q   'PS NBOZ 1BSUJFT  UIF TFMFDUJPO XJMM CF BO BENJOJTUSBUJWF NBUUFS BOE XJMM GPMMPX FYJTUJOH MBX PS QSBDUJDF )PXFWFS  1BSUJFT DPVMEBMTPNBLFUIFJSTFMFDUJPOEJSFDUMZUISPVHIMFHJTMBUJPO&WFO1BSUJFTNBLJOH UIFDIPJDFBENJOJTUSBUJWFMZNBZXJTIUPJOEJDBUFJOMFHJTMBUJPOXIJDIBENJOJTUSBUPS IBTUIFBVUIPSJUZUPNBLFUIFTFMFDUJPO XIJDIGPSNBMJUJFTTIPVMECFGPMMPXFEUP NBLFJUPSXIJDITUBOEBSETTIPVMEHVJEFUIFBENJOJTUSBUPSTDIPJDF 5IF BCPWF EFGJOJUJPOT BOE QSJODJQMFT BMM BQQFBS JO B TJOHMF EFDJTJPO PG $01 %FDJTJPO$1 XIJDIGPDVTFTPO-6-6$'0UIFS$01EFDJTJPOT

  0OMZUIFQBSUPOGBDUPSJOHPVUEJSFDUIVNBOJOEVDFEDIBOHFTGSPNJOEJSFDUIVNBOJOEVDFE

DIBOHFTBOEOBUVSBMFGGFDUTXJMMCFDPOTJEFSFEGPSQPTTJCMFBEPQUJPOCZ$01   5IF(1(-6-6$'JODMVEFTUIFNFUIPETUPFTUJNBUF NFBTVSF NPOJUPSBOESFQPSUDIBOHFTJO

DBSCPOTTUPDLTBOEBOUISPQPHFOJDFNJTTJPOTBOESFNPWBMTGSPN-6-6$' BTXFMMBTUIF(PPE 1SBDUJDF(VJEBODFBOEVODFSUBJOUZNBOBHFNFOUSFMBUJOHUPUIFTF





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

EFBMXJUIHFOFSBMNBUUFSTCVUBMTPIBWFTUSPOHJNQMJDBUJPOTGPSGPSFTUSZBDUJWJUJFT  BTUIFQSPDFEVSFTBOESVMFTBQQMZJOHUPGPSFTUSZNVTUNBUDIUIFHFOFSBMSFHJNFPG DMJNBUFDIBOHFNJUJHBUJPOFTUBCMJTIFEGPSPUIFSTFDUPST $01 %FDJTJPOT $1  $1  $1 BOE $1 QSPWJEF DPNNPO EFGJOJUJPOTGPSBTFUPGDPPQFSBUJWFJNQMFNFOUBUJPOUFSNTUIBUNBZFWFOUVBMMZCF VTFE HFOFSBMMZ JO BDDPVOUJOH BOE DPNQMJBODF SFQPSUT 6/'$$$ $01  C  Q qQ qQ qQ q 5IFTFUFSNTJODMVEFiBTTJHOFEBNPVOU VOJUu ""6

 iFNJTTJPO SFEVDUJPO VOJUu &36

 iDFSUJGJFE FNJTTJPO SFEVDUJPOu $&3  BOE iSFNPWBM VOJUu 3.6  ""6T SFQSFTFOU UIF BNPVOU PG OFU ()( FNJTTJPOT BTTJHOFE UP UIF SFTQFDUJWF "OOFY * DPVOUSZ CZ JUT FNJTTJPOT UBSHFU $&3T BOE &36T BSF PGGTFUT SFTVMUJOH GSPN QSPKFDUCBTFE FNJTTJPO SFEVDUJPOT 8IJMF $&3T BSF DSFBUFE VOEFS UIF $%. "SUJDMF 

 &36T SFTVMU GSPN +PJOU *NQMFNFOUBUJPO QSPKFDUT "SUJDMF   3.6T BQQMZ UP TFRVFTUSBUJPO BDIJFWFE EPNFTUJDBMMZJO"OOFY*DPVOUSJFT 5IF.BSSBLFTI"DDPSETJEFOUJGJFEJTTVFTDPODFSOJOHEFGJOJUJPOTBOENPEBMJUJFT GPS JODMVEJOH BGGPSFTUBUJPO BOE SFGPSFTUBUJPO VOEFS UIF $%. UP CF FMBCPSBUFE CZ UIF 4VCTJEJBSZ #PEZ GPS 4DJFOUJGJD BOE 5FDIOPMPHJDBM "EWJDF 4#45"  BOE DPOTJEFSFE GPS BEPQUJPO CZ $01 0OF PG UIF JTTVFT BEESFTTFE XBT OPO QFSNBOFODF PG DBSCPO TFRVFTUSBUJPO JO GPSFTUT  XIJDI NBEF JU OFDFTTBSZ UP EJTUJOHVJTI CFUXFFO DSFEJUT HFOFSBUFE CZ FOFSHZ BOE GPSFTUSZ QSPKFDUT JO UIF $%. "U $01  UIF 1BSUJFT EFDJEFE UP BDDPVOU GPS UIJT OPOQFSNBOFODF CZ DSFBUJOH UFNQPSBSZ DSFEJUT UIBU XJMM IBWF UP CF SFQMBDFE JG UIF TUPSFE DBSCPO JT SFMFBTFECBDLJOUPUIFBUNPTQIFSF5XPEJGGFSFOUUZQFTPGUFNQPSBSZDSFEJUTIBWF CFFO DSFBUFE JO UIF ,ZPUP GSBNFXPSL iUFNQPSBSZ $&3Tu U$&3T  BOE iMPOH UFSN$&3Tu M$&3T  5IFTF DBO CPUI CF VTFE UPXBSET NFFUJOH "OOFY * DPNNJUNFOUT GPS UIF DPNNJUNFOU QFSJPE GPS XIJDI UIFZ XFSF JTTVFE  BOE DBOOPU CF DBSSJFE PWFS UP B TVCTFRVFOU DPNNJUNFOU QFSJPE 7FSJGJDBUJPO PG U$&3T BOE M$&3T PDDVST BU GJWFZFBS JOUFSWBMT 8IJMF B U$&3 FYQJSFT BU UIF FOE PG UIF DPNNJUNFOU QFSJPE TVCTFRVFOUUPUIFDPNNJUNFOUQFSJPEGPSXIJDIJUXBTJTTVFE BOM$&3JTWBMJE VOUJMUIFFOEPGUIFQSPKFDUTDSFEJUJOHQFSJPE*GUIFDBSCPOSFNBJOTTFRVFTUFSFE VOUJMUIFOFYUWFSJGJDBUJPO UIFTBNFBNPVOUPGU$&3TDBOCFJTTVFEGPSVTFJOUIF GPMMPXJOHDPNNJUNFOUQFSJPE4IPVMEUIFDBSCPO IPXFWFS CFSFMFBTFECBDLJOUP UIF BUNPTQIFSF  UIF U$&3T XJMM IBWF UP CF SFQMBDFE CZ PUIFS DSFEJUT BU UIF FOE PG UIF GJSTU DPNNJUNFOU QFSJPE 4IPVME WFSJGJDBUJPO PG DBSCPO VOEFS UIF M$&3 BQQSPBDITIPXBEFDSFBTFJODBSCPOTUPDLTTJODFUIFQSFWJPVTDFSUJGJDBUJPOSFQPSU 

  0UIFSJTTVFTJODMVEFBEEJUJPOBMJUZ MFBLBHF VODFSUBJOUJFTBOETPDJPFDPOPNJDBOEFOWJSPONFOUBM

JNQBDUT JODMVEJOHJNQBDUTPOCJPEJWFSTJUZBOEOBUVSBMFDPTZTUFNT   *ODBTFBSFOFXBCMFDSFEJUJOHQFSJPEXBTDIPTFO JUFYQJSFTBUUIFFOEPGUIFMBTUDSFEJUJOHQFSJPE

PGUIFQSPKFDUBDUJWJUZ$POTJEFSJOHUIFBWBJMBCMFPQUJPOTGPSUIFMFOHUIPGUIFDSFEJUJOHQFSJPE UIF NBYJNVNWBMJEJUZPGBOM$&3DBOCFZFBST   *GUIFTFRVFTUSBUJPOIBTJODSFBTFETJODFUIFMBTUWFSJGJDBUJPO UIFBNPVOUPGU$&3TJTTVFEXJMM JODSFBTFCZUIBUBNPVOU

*OUSPEVDUJPO

UIF"OOFY*DPVOUSZIPMEJOHUIFM$&3TXJMMIBWFUPSFQMBDFUIF$0FRVJWBMFOUT MPTUCZBOFRVBMBNPVOUPGPUIFSDSFEJUT*ODBTFOPSFWFSJGJDBUJPOJTDBSSJFEPVU  UIF SFTQFDUJWF M$&3T FYQJSF JNNFEJBUFMZ 'BDUPST TVDI BT UIF SFTQFDUJWF QSPKFDU SJTLTBOENBSLFUFYQFDUBUJPOTXJMMEFUFSNJOFXIJDIPGUIFUXPDSFEJUUZQFTXJMM CFQSFGFSSFECZUIFQSPKFDUQBSUJDJQBOUT5IFSFMFWBOUUFYUDPODFSOJOHU$&3TBOE M$&3T DBO CF GPVOE JO 6/'$$$ 4#45"   Q   q BOE QQ m  qq m 5IF CBTJD VOJU PG NFBTVSFNFOU GPS BMM UIFTF UFSNT XJMM CF UIF TBNF  VOMFTT NPEJGJFECZMBUFSEFDJTJPOT*OFBDIDBTF UIFVOJUiJTFRVBMUPPOFNFUSJDUPOOFPG DBSCPOEJPYJEFFRVJWBMFOU DBMDVMBUFEVTJOHHMPCBMXBSNJOHQPUFOUJBMTEFGJOFECZ <%FDJTJPOPG$01>PSBTTVCTFRVFOUMZSFWJTFEJOBDDPSEBODFXJUI"SUJDMFu PGUIF1SPUPDPM 6/'$$$$01 C Q qQ qQ qQ q  5IJTVOJGPSNJUZXJMMNBLFJUFBTJFSUPUSBEFBOEUSBDLDSFEJUT /PUF UIBU UIF $01T BEPQUFE UIFTF UFSNT UP BQQMZ UP PCMJHBUJPOT PG 1BSUJFT /BUJPOBM MBXT  DPODFSOJOH UIF SJHIUT BOE PCMJHBUJPOT PG JOEJWJEVBMT XJUIJO B OBUJPO NBZVTFPUIFSUFSNTBOEVOJUT)PXFWFS 1BSUJFTXJMMOFFEUPCFBCMFUP EFNPOTUSBUFDPNQMJBODFVTJOHUIF$01UFSNTBOEVOJUT $01%FDJTJPOT$1 $1 $1BOE$1EFBMXJUIUIFBOOVBM SFQPSUT BOE JOWFOUPSJFT PG FNJTTJPOT BOE TPVSDFT SFRVJSFE VOEFS UIF 1SPUPDPM %FDJTJPO$1SFRVJSFT1BSUJFTUPTVCNJUBSFQPSUEFTDSJCJOHTPNFCBTJDDIPJDFT UIF1BSUZIBTNBEFSFHBSEJOHJUTDPNQMJBODF5IFTFDIPJDFTJODMVEFUIFGJHVSFTGPS NJOJNVNBSFB USFFDSPXODPWFSBOEIFJHIUGPSVTFJOEFGJOJOHiGPSFTUuXIFUIFSUIF "OOFY*1BSUZXJMMDMBJNDSFEJUTGPSGPSFTUNBOBHFNFOU HSB[JOHMBOENBOBHFNFOU  DSPQMBOENBOBHFNFOUBOESFWFHFUBUJPOEVSJOHUIFGJSTUDPNNJUNFOUQFSJPE TFF UIFEJTDVTTJPOPGGPSFTUNBOBHFNFOUBOESFWFHFUBUJPOVOEFSi"DUJWJUJFTuCFMPX  BOEXIFUIFSUIF"OOFY*1BSUZXJMMSFQPSUUIFOFUFGGFDUPG-6-6$'BDUJWJUJFT BOOVBMMZPSGPSUIFFOUJSFGJWFZFBS m DPNNJUNFOUQFSJPE 6/'$$$ $01 C QQm q  %FDJTJPO $1 BMTP SFRVJSFT FBDI 1BSUZ UP FTUBCMJTI B OBUJPOBM SFHJTUSZ UP USBDL&36T $&3T ""6TBOE3.6T 6/'$$$$01 C QQm qqm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

  *GUIFTFRVFTUSBUJPOIBTJODSFBTFETJODFUIFMBTUWFSJGJDBUJPO OFXM$&3TWBMJEVOUJMUIFFOEPGUIF

QSPKFDUTDSFEJUJOHQFSJPEBSFJTTVFE





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

XJMMUSBDLUSBEFTCFUXFFO1BSUJFT&WFSZ1BSUZTSFHJTUSZNVTUCFPQFOUPQVCMJD JOTQFDUJPOUISPVHIBO*OUFSOFUJOUFSGBDF %FDJTJPO $1 EFBMT XJUI TVQQMFNFOUBSZ JOGPSNBUJPO UIBU 1BSUJFT NVTU JODMVEF JO UIFJS JOWFOUPSJFT UP EFNPOTUSBUF DPNQMJBODF XJUI UIF 1SPUPDPM 1BSBHSBQIT  UISPVHI  TQFDJGJDBMMZ BEESFTT -6-6$' BDUJWJUJFT 6/'$$$ $01  D  QQ m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iGPSFTUNBOBHFNFOUu iDSPQMBOENBOBHFNFOUu iHSB[JOH MBOE NBOBHFNFOUu BOE iSFWFHFUBUJPOu 6/'$$$ $01  B  Q   q   5IF QSJODJQMFTBOEEFGJOJUJPOTUIBU$01BEPQUFEIFMQFYQMBJOXIBUUIJTNFBOT $01 BEPQUFE B HFOFSBM FOWJSPONFOUBM QSPUFDUJPO QSJODJQMF JO SFTQPOTF UP DPODFSOTUIBUNBOBHJOHMBOETGPSDBSCPOTFRVFTUSBUJPODPVMEMFBEUPTIPSUTJHIUFE  VOTVTUBJOBCMFGPSFTUVTFT JODMVEJOHUIFEFTUSVDUJPOPGOBUVSBMGPSFTUTi5IBUUIF JNQMFNFOUBUJPO PG <-6-6$'> BDUJWJUJFT DPOUSJCVUFT UP UIF DPOTFSWBUJPO PG CJPMPHJDBM EJWFSTJUZ BOE TVTUBJOBCMF VTF PG OBUVSBM SFTPVSDFTu 6/'$$$ $01  B Q  $01TEFGJOJUJPOPGiGPSFTUNBOBHFNFOUuSFGMFDUTUIJTQSJODJQMF 6/'$$$ $01 B Q 'PSFTUNBOBHFNFOUJT BTZTUFNPGQSBDUJDFTGPSTUFXBSETIJQBOEVTFPGGPSFTUMBOEBJNFEBUGVMGJMMJOH

*OUSPEVDUJPO

SFMFWBOU FDPMPHJDBM JODMVEJOH CJPMPHJDBM EJWFSTJUZ

 FDPOPNJD BOE TPDJBM GVODUJPOTPGUIFGPSFTUJOBTVTUBJOBCMFNBOOFSw

5IJTEFGJOJUJPOTFFNTUPDPWFSGPSFTUSZGPSUJNCFSQSPEVDUJPOBOEBMTPNBOZ LJOET PG NBOBHFNFOU GPS OPODPNNPEJUZ VTFT *U TFFNT UP JODMVEF QSPUFDUJWF NBOBHFNFOU PG OBUVSBM GPSFTUT  CVU FYDMVEFT DBSCPO TUPDL DIBOHFT JO USVMZ VONBOBHFE GPSFTUT GSPN BDDPVOUJOH 'PS UIF QSPQFS VOEFSTUBOEJOH PG UIF FOWJSPONFOUBMJNQBDUPGUIFGPSFTUNBOBHFNFOUBDUJWJUZJOUIF.BSSBLFTI"DDPSET  JUJTFTTFOUJBMUPSFBMJ[FUIBUBEEJUJPOBMNBOBHFNFOUBDUJWJUJFT GPSFYBNQMF TQFDJGJD QSPKFDUTUIBUFOIBODFDBSCPOTFRVFTUSBUJPOJO"OOFY*EPNFTUJDGPSFTUT BSFOPUB QSFSFRVJTJUFGPSPCUBJOJOHDSFEJUT$SFEJUTNBZBDDVNVMBUFGSPNCVTJOFTTBTVTVBM GPSFTU NBOBHFNFOU  BT MPOH BT 1BSUJFT DIPPTF GPSFTU NBOBHFNFOU BT BO BDUJWJUZ VOEFS "SUJDMF   QBSBHSBQI  0O UIF PUIFS IBOE  DPVOUSJFT NBZ FTUBCMJTI BO JOUFSOBMOBUJPOBMSFHJNF XIFSFUIFZBMMPDBUFDSFEJUBOEQBZNFOUTUPGPSFTUPXOFST DPNNFOTVSBUFXJUIUIFDBSCPOTFRVFTUFSFEBCPWFBOECFZPOECVTJOFTTBTVTVBM NBOBHFNFOUUISPVHIBEEJUJPOBMBDUJWJUJFT TVDIBTMFOHUIFOJOHPGSPUBUJPOT TQFDJFT DIPJDFPSVOEFSQMBOUJOHPGFYJTUJOHTUBOET $01BMTPBEPQUFEEFGJOJUJPOTPGBGGPSFTUBUJPO SFGPSFTUBUJPOBOEEFGPSFTUBUJPO 6/'$$$ $01  B  Q   'PS UIF NPTU QBSU  UIFTF EFGJOJUJPOT BSF CSPBE 8IFSF UIFZ FYDMVEF TPNF BDUJWJUJFT  UIF FYDMVEFE BDUJWJUJFT PGUFO GBMM XJUIJO UIF EFGJOJUJPO PG BOPUIFS UFSN 'PS FYBNQMF  UIF EFGJOJUJPO PG iBGGPSFTUBUJPOu JT MJNJUFEUP EJSFDU IVNBOJOEVDFE DPOWFSTJPO PG MBOE UIBU IBT OPU CFFO GPSFTUFE GPS B QFSJPEPGBUMFBTUZFBSTUISPVHIQMBOUJOH TFFEJOHBOEPSUIFIVNBOJOEVDFE QSPNPUJPOPGOBUVSBMTFFETPVSDFT

*GUIFMBOEIBTCFFOGPSFTUFEXJUIJOUIFMBTUZFBST QMBOUJOHPSTFFEJOHNBZ RVBMJGZBTiSFGPSFTUBUJPOu EFGJOFEBT UIF EJSFDU IVNBOJOEVDFE DPOWFSTJPO PG OPOGPSFTUFE MBOE UP GPSFTUFE MBOE UISPVHI QMBOUJOH  TFFEJOH BOEPS UIF IVNBOJOEVDFE QSPNPUJPO PG OBUVSBM TFFE TPVSDFT  PO MBOE UIBU XBT GPSFTUFE CVU UIBU IBT CFFO DPOWFSUFE UP OPO GPSFTUFEMBOE'PSUIFGJSTUDPNNJUNFOUQFSJPE SFGPSFTUBUJPOBDUJWJUJFTXJMMCF MJNJUFEUPSFGPSFTUBUJPOPDDVSSJOHPOUIPTFMBOETUIBUEJEOPUDPOUBJOGPSFTUPO %FDFNCFS

*G UIF MBOE EJE DPOUBJO GPSFTU PO  %FDFNCFS   UIF BDUJWJUZ TUJMM NJHIU GBMMVOEFSUIFUFSNiGPSFTUNBOBHFNFOUu BTEFGJOFEBCPWF5IFQISBTFiIVNBO JOEVDFE QSPNPUJPO PG OBUVSBM TFFE TPVSDFTu  QSPCBCMZ NFBOU UP DPWFS IVNBO BTTJTUFE OBUVSBM TVDDFTTJPO PO OPOGPSFTU MBOE UP GPSFTU  NBZ SFGMFDU B QPPS PS EFMJCFSBUFMZBNCJHVPVTDIPJDFPGXPSET"QQMJFEMJUFSBMMZ JUXPVMEFYDMVEFOBUVSBM GPSFTU SFFTUBCMJTINFOU UISPVHI SPPU TQSPVUJOH PS CSBODI MBZFSJOH  DPNNPO JO NBOZTQFDJFT $01 BMTPEFDJEFEUP BMMPX 1BSUJFTUP DMBJNDSFEJUGPS ()(SFNPWBM GSPN iSFWFHFUBUJPOu 3FWFHFUBUJPO JODMVEFT BOZ JODSFBTF JO DBSCPO TUPDLT PO TJUFT PG IFDUBSFTPSHSFBUFSUISPVHIIVNBOJOEVDFEFTUBCMJTINFOUPGWFHFUBUJPO5IJT PQFOTUIFEPPSGPSDMBJNJOHDSFEJUGPSTDBUUFSFEVSCBOUSFFQMBOUJOH SPBETJEFUSFF





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

NBOBHFNFOU  BOE TPNF GPSNT PG BHSPGPSFTUSZ UIBU EP OPU SFTVMU JO iGPSFTUu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q #FZPOEUIFTFNFHBUPOOFT .U PGDBSCPO QFS ZFBS  GPSFTU NBOBHFNFOU BDUJWJUJFT DBO CF BDDPVOUFE GPS VQ UP DFSUBJO MJNJUT OFHPUJBUFEJOEJWJEVBMMZGPSFBDI1BSUZ XIJDIBSFMJTUFEJOUIF.BSSBLFTI"DDPSET 6/'$$$ $01  B  Q   qqm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

$BSCPODSFEJUTGSPNSFNPWBMTJODMVEF3.6T U$&3TBOEM$&3T

*OUSPEVDUJPO

6/'$$$$01 C Q q 4JODFBMMUIFEJGGFSFOUPGGTFUTBSFGVOHJCMF  1BSUJFT XJMM QSPCBCMZ VTF UIF OPOCBOLBCMF SFNPWBM PGGTFUT GPS DPNQMJBODF JO UIFGJSTUDPNNJUNFOUQFSJPEBOEDBSSZPWFSUPUIFOFYUDPNNJUNFOUQFSJPEUIF CBOLBCMFPGGTFUT5IVT UIFSFTUSJDUJPOPOUIFCBOLBCJMJUZPGSFNPWBMPGGTFUTTIPVME OPUTVCTUBOUJBMMZMJNJUUIFDBSSZJOHPWFSPGPGGTFUT $MFBO%FWFMPQNFOU.FDIBOJTN $01CJT BOE $01 BEESFTTFE POF LFZ GMFYJCMF JOTUSVNFOU BT JU TQFDJGJDBMMZ BQQMJFT UP GPSFTUT BDRVJSJOH DSFEJUT VOEFS UIF $MFBO %FWFMPQNFOU .FDIBOJTN $%.

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

 UIF DSFEJU UIBU B 1BSUZ DBO DMBJN GSPN -6-6$' QSPKFDUT VOEFS UIF $%. JT QFSDFOU PG UIF 1BSUZT CBTF ZFBS   FNJTTJPOT  UJNFT GJWF 5IF iUJNFT GJWFu MBOHVBHF SFGMFDUT UIF GJWF ZFBS MFOHUI PG UIF DPNNJUNFOU QFSJPE 5IF ,ZPUP 1SPUPDPM DBMMT GPS 1BSUJFT UP SFEVDFUIFJSBOOVBMFNJTTJPOTQFSDFOUCFMPXFNJTTJPOT5IF$01BHSFFNFOU NFBOT UIBU PWFS UIF GJWF ZFBST  POFGJGUI PG UIF SFEVDUJPO DBO DPNF GSPN $%. -6-6$' QSPKFDUT 'VUVSF $01T NVTU EFDJEF IPX UP USFBU $%. -6-6$' QSPKFDUTBGUFS 5IFSFMFWBOUMBOHVBHFPOUIFTFJTTVFTJTJO6/'$$$$01  B QQm qqm FDIPFEJO6/'$$$$01 C Q q  "MUIPVHI $01 QSPEVDFE HFOFSBM EFGJOJUJPOT PG BGGPSFTUBUJPO BOE SFGPSFTUBUJPO  JU SFRVFTUFE UIF 4#45" UP SFDPNNFOE iEFGJOJUJPOT BOE NPEBMJUJFT GPSJODMVEJOHBGGPSFTUBUJPOBOESFGPSFTUBUJPOQSPKFDUTVOEFSJOUIFGJSTU DPNNJUNFOUQFSJPE<m>uUPUIF$01 6/'$$$$01 B QQm  qBOEC Q q *TTVFTGPSUIF4#45"UPBEESFTTJODMVEFEEFGJOJUJPOT  OPOQFSNBOFODF  MFBLBHF  BEEJUJPOBMJUZ  VODFSUBJOUJFT BOE TPDJPFDPOPNJD BOE FOWJSPONFOUBMJNQBDUT JODMVEJOHJNQBDUTPOCJPEJWFSTJUZBOEOBUVSBMFDPTZTUFNT *O EFDJTJPO $1 6/'$$$ $01  C  QQ m

 $01 BEPQUFE UIF 4#45"SFDPNNFOEBUJPOT 6/'$$$4#45" 

UIVTQBWJOHUIFXBZGPSUIF JNQMFNFOUBUJPO PG $%. GPSFTUSZ QSPKFDUT 5IF GPMMPXJOH TVNNBSJ[FT UIF NPTU JNQPSUBOU$01EFDJTJPOTSFHBSEJOHGPSFTUSZJOUIF$%. r 5IF EFGJOJUJPOT PG GPSFTU  BGGPSFTUBUJPO BOE SFGPSFTUBUJPO VOEFS "SUJDMF   QBSBHSBQITBOEXJMMBMTPBQQMZUPUIF$%. r 5IFSF XJMM CF B MPOHFS DSFEJUJOH QFSJPE GPS GPSFTUSZ QSPKFDUT JO PSEFS UP



$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO



0WFSWJFXPGSVMFTBOENPEBMJUJFTSFMBUJOHUP-6-6$' VOEFSUIF,ZPUP1SPUPDPM -6-6$'JO"OOFY*1BSUJFT "SUJDMF

"DUJWJUJFT

.BOEBUPSZ

"DDPVOUJOH

"GGPSFTUBUJPO 

3FGPSFTUBUJPO

:FT

(SPTTOFU

'VSUIFSSVMFT

/FUOFUBDDPVOUJOHJGB DPVOUSZT-6-6$'BDUJWJUJFT JODPOTUJUVUFBOFU TPVSDF "SUJDMF

%FGPSFTUBUJPO 'PSFTUNBOBHFNFOU 

$SPQMBOENBOBHFNFOU (SB[JOHMBOENBOBHFNFOU

/P

/FUOFU

"DDPVOUJOHGPSGPSFTU NBOBHFNFOUDBQQFE TFF GPVSUJFSTZTUFN

3FWFHFUBUJPO

"GPVSUJFSTZTUFNDBQQJOHTZTUFNMJNJUTUIFFYUFOUUPXIJDI1BSUJFTDBOBDDPVOUGPS FNJTTJPOTBOESFNPWBMTGSPN-6-6$'BDUJWJUJFT  *GB1BSUZTBDUJWJUJFTVOEFS"SUJDMFMFBEUPBEFCJU NFBOJOHUIBU BGGPSFTUBUJPO SFGPSFTUBUJPOBOEEFGPSFTUBUJPOBDUJWJUJFTDBVTFNPSFFNJTTJPOT UIBOSFNPWBMT UIF1BSUZJTBMMPXFEUPPGGTFUUIFFNJTTJPOTUISPVHIGPSFTU NBOBHFNFOUVQUPBMJNJUPG.UPGDBSCPOQFSZFBSUJNFTGJWF 6/'$$$$01  B Q s   #FZPOEUIFTF.UPGDBSCPOQFSZFBS GPSFTUNBOBHFNFOUBDUJWJUJFTDBO CFBDDPVOUFEGPSVQUPBOJOEJWJEVBMDBQGPSFBDI1BSUZUIBUJTMJTUFEJOUIF .BSSBLFTI"DDPSET 6/'$$$$01 B Q   &NJTTJPOTBOESFNPWBMTGSPNDSPQMBOENBOBHFNFOU HSB[JOHMBOE NBOBHFNFOUBOESFWFHFUBUJPODBOCFBDDPVOUFEGPSPOBOFUCBTJT 6/'$$$ $01 B QQo s   6OEFSUIF$MFBO%FWFMPQNFOU.FDIBOJTN POMZBGGPSFTUBUJPOBOESFGPSFTUBUJPO BSFFMJHJCMF5IFVTFPGGPSFTUSZDSFEJUTHFOFSBUFEVOEFSUIF$%.CZ"OOFY* 1BSUJFTJTMJNJUFEUPQFSDFOUPGUIFSFTQFDUJWF1BSUZTCBTFZFBSFNJTTJPOTGPS FBDIZFBSPGUIFDPNNJUNFOUQFSJPE 6/'$$$$01 B Q s 

BDDPVOUGPSUIFMPOHFDPOPNJDSPUBUJPOTJOGPSFTUSZ"TJOUIFUFYUSFMBUJOHUP FOFSHZQSPKFDUT UXPPQUJPOTBSFBWBJMBCMF5IFQSPKFDUEFWFMPQFSDBODIPPTF BDSFEJUJOHQFSJPEPGFJUIFSZFBST SFOFXBCMFUXJDF PSBDSFEJUJOHQFSJPE PGZFBSTXIJDIDBOOPUCFSFOFXFE5IFSFGPSF UIFNBYJNVNMFOHUIPGB DSFEJUJOHQFSJPEXJMMCFZFBST   'PSFOFSHZQSPKFDUTUIFDSFEJUJOHQFSJPEJTFJUIFSTFWFOZFBSTXJUIUIFPQUJPOUPSFOFXUXJDF

NBYJNVNPGZFBST PSBUFOZFBSQFSJPEXJUIPVUSFOFXBM

*OUSPEVDUJPO

r 5XP UZQFT PG UFNQPSBSZ DSFEJU IBWF CFFO DSFBUFE UP BDDPVOU GPS UIF OPO QFSNBOFODFPGDBSCPOTFRVFTUSBUJPOUISPVHIGPSFTUSZQSPKFDUT r 4VTUBJOBCJMJUZ DSJUFSJB GPS GPSFTUSZ QSPKFDUT IBWF CFFO WFSZ DPOUSPWFSTJBM "T JO UIF DMJNBUF SFHJNF IPTU DPVOUSJFT IBWF UIF QSFSPHBUJWF UP EFGJOF TVTUBJOBCJMJUZ DSJUFSJB  OP MJTU PG DSJUFSJB PS QSPIJCJUFE QSPKFDUT  FH UIPTF JOWPMWJOHJOWBTJWFBMJFOTQFDJFTPSHFOFUJDBMMZNPEJGJFEPSHBOJTNT (.0T

 FYJTUT"SBUIFSHFOFSBMXPSEJOHJOUIFQSFBNCMFTUBUFTUIBUIPTUDPVOUSJFTBOE "OOFY*CVZFSTPGGPSFTUSZDSFEJUTFWBMVBUF JOBDDPSEBODFXJUIUIFJSOBUJPOBM MBXT  SJTLT BTTPDJBUFE XJUI UIF VTF PG QPUFOUJBMMZ JOWBTJWF BMJFO TQFDJFT BOE (.0T 'VSUIFSNPSF  UIF QSPKFDU EPDVNFOUBUJPO IBT UP JODMVEF B EFUBJMFE EFTDSJQUJPOPGQSPKFDUDIBSBDUFSJTUJDTBTXFMMBTBOBOBMZTJTPGTPDJPFDPOPNJD BOEFOWJSPONFOUBMDPOTFRVFODFTJOPSEFSUPNBLFUIJTJOGPSNBUJPOBWBJMBCMF UPUIFHFOFSBMQVCMJD)PXFWFS BTPDJPFDPOPNJDPSFOWJSPONFOUBMJNQBDU BTTFTTNFOU TUVEZ JT OPU PCMJHBUPSZ 6/'$$$ 4#45"    Q  Q   q D QQm "QQFOEJY#  r 'JYFE DPTUT BOE USBOTBDUJPO DPTUT NBZ TFSJPVTMZ CVSEFO $%. QSPKFDUT  QBSUJDVMBSMZ JO UIF GPSFTUSZ TFDUPS  XIFSF EFTJHOJOH  SFHJTUFSJOH  NFBTVSJOH  NPOJUPSJOH BOE DFSUJGZJOH NBZ CF FYQFOTJWF 5P IFMQ TNBMMFS QSPKFDUT DPQF  TNBMMTDBMF FOFSHZ QSPKFDUT CFOFGJU GSPN TJNQMJGJFE NPEBMJUJFT BOE QSPDFEVSFT "DDPSEJOH UP UIF $01 BHSFFNFOU  TJNQMJGJFE SVMFT BOE QSPDFEVSFT XJMM BQQMZ UP GPSFTUSZ TNBMMTDBMF QSPKFDUT UIBU BSF FYQFDUFE UP SFTVMU JO OFU BOUISPQPHFOJD HSFFOIPVTF HBT SFNPWBMT CZ TJOLT PG MFTT UIBO ,U PG $0 QFS ZFBS BOE BSF EFWFMPQFE PS JNQMFNFOUFE CZ MPXJODPNF DPNNVOJUJFT BOE JOEJWJEVBMT  BT EFUFSNJOFE CZ UIF IPTU QBSUZ 6/'$$$ 4#45"    Q   q <*>  $01 JOWJUFE 1BSUJFT UP TVCNJU TVHHFTUJPOT PO IPX UP TJNQMJGZ NPEBMJUJFT BOE QSPDFEVSFT GPS TNBMMTDBMF QSPKFDUT  GPS DPOTJEFSBUJPOCZ$01JO%FDFNCFS 6/'$$$$01 C Q  qqm  r "UFDIOJDBMQBQFSQSFQBSFECZUIF6/'$$$4FDSFUBSJBUJOTVNNBSJ[FT UIFTUBUVTRVPPGUIFEJTDVTTJPOPOIPXUPBDDPVOUGPSDBSCPOTFRVFTUFSFE JO IBSWFTUFE XPPE QSPEVDUT 6/'$$$ 4FDSFUBSJBU    4#45" JT DPOUJOVJOHUPDPOTJEFSUIJTJTTVF BMUIPVHIJUJTVOMJLFMZUPCFJODMVEFEJOUIF GJSTUDPNNJUNFOUQFSJPE $0.1-*$"5*0/4'03105&/5*"-/"5*0/"--&(*4-"5*0/ 8IBUBQQSPBDINJHIUMFHJTMBUVSFTVTFUPQSPNPUFBOESFHVMBUFUIFVTFPGGPSFTUT BTDBSCPOTJOLT SFTFSWPJSTBOETPVSDFTPGFOWJSPONFOUBMMZGSJFOEMZQSPEVDUTBOE SFOFXBCMF FOFSHZ  5IF DPNQMFYJUJFT PG UIF 6/'$$$ BOE ,ZPUP 1SPUPDPM BOE UIF OBUVSF PG GPSFTU NJUJHBUJPO NBLF JU EJGGJDVMU UP HJWF B HFOFSBM BOTXFS UP UIJT RVFTUJPO 'JSTU  UIF 6/'$$$ BOE UIF TVCTFRVFOU ,ZPUP 1SPUPDPM DSFBUF EJGGFSFOU PCMJHBUJPOTGPSEJGGFSFOU1BSUJFT#FDBVTFUIFEFWFMPQFEOBUJPOTIBWFIJTUPSJDBMMZ FNJUUFE UIF NBKPSJUZ PG ()(T CFMJFWFE UP ESJWF DMJNBUF DIBOHF  UIFZ CFBS UIF QSJNBSZ CVSEFO PG SFEVDJOH FNJTTJPOT PS TFRVFTUFSJOH DBSCPO VOEFS UIF





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

6/'$$$4PNFPGUIFNPSFFYUFOTJWFMFHBMSFGPSNTXJMMQSPCBCMZIBWFUPPDDVS JOUIFTFOBUJPOT 5IFEFWFMPQJOHOBUJPOTXJMMGBDFEJGGFSFOUTFUTPGDPNQMJBODFRVFTUJPOT NBOZ BSJTJOHPVUPGQSPKFDUTVOEFSUBLFOJOUIFGSBNFXPSLPGUIF$%.PSJOUIFDPOUFYU PGSFQPSUJOHPOGPSFTUDBSCPOTUPDLDIBOHFTJOOBUJPOBMDPNNVOJDBUJPOT4PMWJOH UIFTF RVFTUJPOT NBZ SFRVJSF B XJEF TFU PG MFHBM BOE JOTUJUVUJPOBM BQQSPBDIFT 4PNFPGUIFJTTVFTNBZCFDPOWFOUJPOBMNBUUFSTPGJNQSPWJOHGPSFTUDPOTFSWBUJPO QSPUFDUJPO BOE BTTFTTNFOU 4PNF NBZ JOWPMWF OFX XBZT PG MPPLJOH BU QSPQFSUZ PXOFSTIJQ  MBOE VTF  TPDJBM BOE FOWJSPONFOUBM JNQBDU  GPSFTU NBOBHFNFOU BOE GPSFTUJOWFOUPSJFT 4FDPOE RVFTUJPOTSFNBJOBCPVUUIFMPOHFSUFSNSPMFPGGPSFTUSZBTNJUJHBUJPO $01 BOE $01 IBWF HPOF B MPOH XBZ UP BOTXFS TPNF PQFO RVFTUJPOT  FTQFDJBMMZ BT UIFZ BQQMZ UP UIF GJSTU DPNNJUNFOU QFSJPE PG UIF ,ZPUP 1SPUPDPM  UP#VUUFDIOJDBMJTTVFTBOEJTTVFTDPODFSOJOHUIFUSFBUNFOUPGGPSFTUT JOTVCTFRVFOUDPNNJUNFOUQFSJPETSFNBJODPNQMFUFMZPQFO 5IJSE UIFMFHBMJTTVFTDPODFSOJOHNJUJHBUJPOUISPVHIGPSFTUTXJMMPWFSMBQXJUI UIF MFHBM JTTVFT DPODFSOJOH NJUJHBUJPO BOE DPNQMJBODF HFOFSBMMZ 'PS FYBNQMF  B 1BSUZ NBZ XJTI UP TFU VQ B ()( FNJTTJPOT USBEJOH TZTUFN UIBU EFBMT XJUI BMM LJOETPGTJOLTBOEBMMLJOETPGTPVSDFT GSPNGBSNTUPGBDUPSJFT OPUKVTUGPSFTUT"T EJTDVTTFEJONPSFEFUBJMJOUIFUIJSEDIBQUFSPGUIJTQBQFS DPVOUSJFTXJMMFODPVOUFS TPNFMFHBMJTTVFTUIBUBSFVOJRVFUPGPSFTUTBOEPUIFSTUIBUBQQMZUPBCSPBESBOHF PGTPVSDFTBOETJOLT4PNFMFHBMJTTVFTNBZCFTFFOBTiGPSFTUMBXuNBUUFSTXIJMF PUIFSTNBZCFDPOTJEFSFEJTTVFTPGQSPQFSUZMBXPSMBXTHPWFSOJOHJOWFTUNFOUT BOEGJOBODJBMUSBOTBDUJPOT 'PVSUI  UIF EJSFDUJPO PG MFHJTMBUJPO XJMM WBSZ EFQFOEJOH PO UIF MPDBM MFHBM TZTUFN BOE JOTUJUVUJPOT " MFHBM TZTUFN UIBU SFDPHOJ[FT TPDJBM QSPQFSUZ BOE DPNNVOJUZ PXOFSTIJQ XJMM PGGFS EJGGFSFOU PQUJPOT GSPN POF UIBU EPFT OPU *O B TPDJFUZXIFSFUIFGJTDBMJOTUJUVUJPOTBSFXFBLPSVOUFTUFE JUNBZCFJNQSBDUJDBMUP FTUBCMJTINJUJHBUJPOQSPHSBNNFTCBTFEPONBSLFUUSBEJOH5IFTFLJOETPGQSPCMFN BSF GBNJMJBS UP MFHJTMBUJWF ESBGUFST  CVU ()( NJUJHBUJPO NBZ SBJTF UIFN JO OFX DPOUFYUT 'JGUI UIFSPMFPGOBUJPOBMMFHJTMBUJPOJODPNQMJBODFJTTUJMMVODMFBS%PDPVOUSJFT SFBMMZ OFFE OFX MBXT  0OMZ B GFX DPVOUSJFT IBWF NBEF MFHJTMBUJWF DIBOHFT JO SFTQPOTF UP DMJNBUF DIBOHF DPODFSOT 0UIFST IBWF SFTQPOEFE UISPVHI QPMJDZ DIBOHFT BOE BENJOJTUSBUJWF BDUT VOEFS FYJTUJOH MBXT SBUIFS UIBO UISPVHI OFX MFHJTMBUJPO "T UIF JOUFSOBUJPOBM SFTQPOTF DPOUJOVFT  XJUI FYQFSJFODF HBJOFE BOE EFBEMJOFTBQQSPBDIJOH MFHJTMBUJPONBZCFDPNFNPSFJNQPSUBOU



4PNFOBUJPOBMMFHBMSFTQPOTFT

"TPOFBVUIPSJUZEFTDSJCFEUIFN UIFOBUJPOBMSFTQPOTFTUPDMJNBUFDIBOHFIBWF CFFOBNJMFXJEFBOEBOJODIEFFQ .BSL5SFYMFS RVPUFEJO"OPOZNPVT   1BSUJFT UP UIF 6/'$$$ IBWF QSPEVDFE EFUBJMFE SFQPSUT PO UIFJS BDUJWJUJFT *O NBOZ DBTFT  IPXFWFS  UIF SFQPSUT EP OPU SFGMFDU BDUJWJUJFT JOJUJBUFE UISPVHI OFX MFHJTMBUJPO 3BUIFS  UIF SFQPSUT EFTDSJCF POHPJOH FGGPSUT UIBU JODJEFOUBMMZ NBZ IBWFCFOFGJDJBMFGGFDUTPODMJNBUFDIBOHF*OTPNFOBUJPOT UIFNPTUTUSJLJOHOFX JOJUJBUJWFJTTJNQMZUIFFGGPSUUPQSPEVDFUIFSFQPSUJUTFMG 3FDFOUGPSFTUMFHJTMBUJPOJOTFWFSBMDPVOUSJFTIBTFOEPSTFEUIFVTFPGGPSFTUTBT HSFFOIPVTFHBTTJOLTPSEFDMBSFEBQPMJDZPGGPSFTUCBTFENJUJHBUJPO'PSFYBNQMF  "SUJDMFPGUIF'PSFTU-BXPG$IJOBJODMVEFTBEKVTUJOHUIFDMJNBUFBTBHPBM PGUIFMBX"SUJDMFPG'SBODFT-PJEPSJFOUBUJPOTVSMBGPSËU  EFDMBSFTUIBU GPSFTUQPMJDZJTBGBDUPSJOGJHIUJOHUIFHSFFOIPVTFFGGFDU BOE"SUJDMFFODPVSBHFT HSFBUFS VTF PG XPPECBTFE NBUFSJBMT BOE GVFMT UPXBSET UIBU FOE 5IF  -FZ 'PSFTUBMPG(VBUFNBMBOPUFTGJYBUJPOPGDBSCPOBTPOFPGUIFCFOFGJUTUIBUGPSFTUT QSPWJEF "SUJDMF  PG .FYJDPT -FZ (FOFSBM EF %FTBSSPMMP 'PSFTUBM 4VTUFOUBCMF  JODMVEFTDBQUVSFPGDBSCPOBNPOHUIFFOWJSPONFOUBMTFSWJDFTUIBUGPSFTUT QSPWJEF  BOE "SUJDMF  JODMVEFT DBSCPO GJYJOH BT POF PG UIF GBDUPST UIBU GPSFTU QPMJDZTIPVMEQSPNPUF /FWFSUIFMFTT UPEBUFGFXOBUJPOBMMBXTIBWFDIBOHFEFYJTUJOHMFHBMGSBNFXPSLT PS JOUSPEVDFE OFX NFDIBOJTNT UP FODPVSBHF GPSFTUCBTFE HSFFOIPVTF HBT NJUJHBUJPO 4PNF HFOFSBM GPSFTUSZ MBXT NBZ IBWF NJUJHBUJPO BT BO JODJEFOUBM QVSQPTF  CVU NBZ SFTVMU JO BDUJWJUJFT JOEJTUJOHVJTIBCMF GSPN GPSFTUSZ DBSSJFE PVU JOUSBEJUJPOBMQSPHSBNNFT4PNFOBUJPOTNBZIBWFOPUIJOHJOMBXUIBUNFOUJPOT GPSFTUT BT HSFFOIPVTF HBT TJOLT  CVU UIFZ DBO BOE EP DMBJN DSFEJU GPS CVTJOFTT BTVTVBMGPSFTUSFMBUFEDBSCPOTFRVFTUSBUJPO XIJDIJTDBSSJFEPVUVOEFSMBXTBOE JOTUJUVUJPOTUIBUQSFEBUFUIF6/'$$$ 6/*5&%45"5&40'".&3*$" 5IF 6OJUFE 4UBUFT PG "NFSJDB PGGFST BO FYBNQMF PG B OBUJPOBM SFTQPOTF UIBU IBT GPDVTFE NPSF PO QPMJDZ UIBO MFHJTMBUJWF DIBOHF JO UIF BSFB PG GPSFTUT 5IF  /BUJPOBM$PNNVOJDBUJPOUPUIF6/'$$$4FDSFUBSJBU 6OJUFE4UBUFT%FQBSUNFOU PG4UBUF  EFTDSJCFTBOVNCFSPGGFEFSBMQSPHSBNNFTUIBUJOWPMWFMBOEVTF  GPSFTUT PS XPPE GVFMT .BOZ PG UIFTF QSPHSBNNFT QVSTVF HFOFSBM DPOTFSWBUJPO HPBMTBOEEPOPUIBWFDBSCPOTFRVFTUSBUJPOBTUIFJSNBJOQVSQPTF"OFYBNQMFJT UIF$POTFSWBUJPO3FTFSWF1SPHSBN XIJDIQBZTGBSNFSTUPUBLFFYDFTTMBOETPVU PG QSPEVDUJPO BOE SFUVSO UIFN UP GPSFTU PS PUIFS MPOHUFSN DPOTFSWBUJPO VTFT "OPUIFSFYBNQMFJTUIF/BUJPOBM'JSF1MBO XIPTFQSJNBSZQVSQPTFJTUPSFEVDF GPSFTUMPTTGSPNDBUBTUSPQIJDXJMEGJSFT*O UIF6OJUFE4UBUFTFOBDUFEBNBKPS



$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

QJFDF PG GPSFTU MFHJTMBUJPO  UIF )FBMUIZ 'PSFTU 3FTUPSBUJPO "DU 1VCMJD -BX /P 

 XIJDI MJTUT BT POF PG JUT QVSQPTFT UP FOIBODF DBSCPO TFRVFTUSBUJPO )PXFWFS  JUT QSJNBSZ BJN JT UP SFEVDF UIF TVTDFQUJCJMJUZ PG GFEFSBM GPSFTUT UP DBUBTUSPQIJDPVUCSFBLTPGGJSF JOTFDUTBOEEJTFBTF 4PNF PG UIF QSPHSBNNFT IBWF B NPSF TQFDJGJD GPDVT PO DMJNBUF DIBOHF 'PS FYBNQMF  UIF EFQBSUNFOUT PG BHSJDVMUVSF BOE FOFSHZ UPHFUIFS SVO B SFTFBSDI BOE EFNPOTUSBUJPO QSPHSBNNF GPS CJPNBTT GVFMT 5IJT QSPHSBNNF QSFEBUFT UIF 6/'$$$BOETUFNTGSPNBTIPSUTFUPGDMJNBUFDIBOHFBOEBHSJDVMUVSFQSPWJTJPOT DBMMFEUIF(MPCBM$MJNBUF$IBOHF1SFWFOUJPO"DUPG 1VCMJD-BX/P  UJUMF99*7 DPEJGJFEBU64$PEFffm  " QSPWJTJPO JO B  MBX FODPVSBHFT QFPQMF UP SFQPSU WPMVOUBSJMZ UP UIF HPWFSONFOUBOZ()(SFEVDUJPOTUIFZDSFBUF &OFSHZ1PMJDZ"DUPG 1VCMJD -BX/P f DPEJGJFEBU64$PEFf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

 TFWFSBM IBWF MPPLFE GPS XBZT UP MJNJU UIFJS OFU ()( FNJTTJPOT/BUVSBMMZ TPNFPGUIFTFOFXMBXTJOWPMWFGPSFTUT 5IF TUBUF PG $BMJGPSOJB NBJOUBJOT B WPMVOUBSZ SFHJTUSZ PG ()( SFEVDUJPOT BDIJFWFE TJODF  *O   UIF TUBUF BNFOEFE UIF SFHJTUSZ MBX UP SFRVJSF UIF SFHJTUSZ UP BEPQU QSPDFEVSFT  QSPUPDPMT BOE DSJUFSJB GPS NPOJUPSJOH  FTUJNBUJOH  DBMDVMBUJOH SFQPSUJOHBOEDFSUJGZJOHDBSCPOTFRVFTUSBUJPOGSPNDPOTFSWBUJPOBOE DPOTFSWBUJPOCBTFE NBOBHFNFOU PG OBUJWF GPSFTUT  BOE UP SFRVJSF UIF SFHJTUSZ UP SFGFS GPSFTU PXOFST UP BQQSPWFE QSPWJEFST PG BEWJDF PO DPOTFSWBUJPO BOE CFTU NBOBHFNFOUQSBDUJDFTGPSOBUJWFGPSFTUDBSCPOSFTFSWPJST $BMJGPSOJB4UBUVUFT DI   4PNF PUIFS TUBUFT IBWF TFU VQ WPMVOUBSZ SFHJTUSJFT  BT IBT UIF GFEFSBM HPWFSONFOU  CVU $BMJGPSOJBT SFHJTUSZ MBX JT VOVTVBM JO IBWJOH TQFDJGJD GPSFTUSZ QSPWJTJPOT 5IF TUBUF PG $POOFDUJDVU DBO JODMVEF DPOEJUJPOT JO JUT BJS QPMMVUJPO QFSNJUT UIBUSFRVJSFUIFQFSNJUIPMEFSUPQMBOUUSFFTPSUVSGHSBTTUPPGGTFU$0FNJTTJPOT $POOFDUJDVU(FOFSBM4UBUVUFTfBE 

  'PSBNPSFEFUBJMFEEJTDVTTJPOPG6OJUFE4UBUFTBDUJPOT TFF)BZFTBOE(FSUMFS  BOE+VTUVT

BOE'MFUDIFS  

4PNFOBUJPOBMMFHBMSFTQPOTFT

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ff UP   5IFTUBUFPG.BJOF BIFBWJMZGPSFTUFETUBUFXJUIBOJOEFQFOEFOUQPMJUJDBMCFOU  IBT BEPQUFE B iMFBECZFYBNQMF JOJUJBUJWFu 5IF MBX TFUT TUBUFXJEF HPBMT GPS ()(FNJTTJPOSFEVDUJPO DBMMTGPSQBSUJDJQBUJPOJOBSFHJPOBM()(SFHJTUSZBOE NBOEBUFTDSFBUJPOPGBDMJNBUFBDUJPOQMBOUIBUBMMPXTTFRVFTUFSJOH()(TUISPVHI TVTUBJOBCMZNBOBHFEGPSFTUSZ BHSJDVMUVSFBOEPUIFSOBUVSBMSFTPVSDFBDUJWJUJFT  .BJOF3FWJTFE4UBUVUFTffm  5IF TUBUF PG .JOOFTPUB IBT DSFBUFE B iSFMFBGu QSPHSBNNF iUP FODPVSBHF  QSPNPUF BOE GVOE UIF QMBOUJOH  NBJOUFOBODF BOE JNQSPWFNFOU PG USFFT w UP SFEVDF BUNPTQIFSJD DBSCPO EJPYJEF MFWFMT BOE QSPNPUF FOFSHZ DPOTFSWBUJPOu .JOOFTPUB 4UBUVUFT f  *O B TJNJMBS WFJO  UIF TUBUF PG /FX .FYJDP IBT B HFOFSBMUSFFQMBOUJOHQSPHSBNNFDSFBUFECZBi'PSFTU3F-FBG"DUu XIPTF GJOEJOHT TQFBL PG UIF CFOFGJUT PG TFRVFTUFSJOH DBSCPO /FX .FYJDP 4UBUVUFT "OOPUBUFEffUP  5IFTUBUFPG0SFHPO BNBKPSQSPEVDFSPGGPSFTUQSPEVDUT IBTFNQPXFSFEJUT 4UBUF'PSFTUFSUPBDUBTBCSPLFSUPSFHJTUFSBOENBSLFUiGPSFTUSZDBSCPOPGGTFUTu GSPN OPOGFEFSBM GPSFTUT 5IF 4UBUF 'PSFTUFS JT UP EFWFMPQ B DBSCPO PGGTFU BDDPVOUJOHTZTUFN BOEUIF4UBUF#PBSEPG'PSFTUSZNBZEFWFMPQSVMFTHPWFSOJOH DSFBUJPO  NFBTVSFNFOU  WFSJGJDBUJPO BOE USBOTGFS PG PGGTFUT 0SFHPO 3FWJTFE 4UBUVUFTffm 5IF4UBUF'PSFTUFSNBZNBOBHFUIFTUBUFPXOFEGPSFTUT  JODMVEJOH GPSFTUT TFU BTJEF UP HFOFSBUF JODPNF GPS UIF QVCMJD TDIPPMT  UP DSFBUF NBSLFUBCMFDBSCPOPGGTFUT 0SFHPO3FWJTFE4UBUVUFTffBOE  0SFHPO IBT BMTP JOUFHSBUFE DBSCPO TFRVFTUSBUJPO JOUP POF PG JUT SFGPSFTUBUJPO FGGPSUT 5IF TUBUF IBT DSFBUFE B 'PSFTU 3FTPVSDF 5SVTU UP GJOBODF SFGPSFTUBUJPO FGGPSUTPOQSJWBUFMZPXOFEMBOEJOSFUVSOGPSBMJNJUFEJOUFSFTUJOUIFJODPNFGSPN DPNNFSDJBMIBSWFTUT 0SFHPO3FWJTFE4UBUVUFTffm "OBENJOJTUSBUJWF SVMFSFRVJSFTMBOEPXOFSTVTJOHNPOFZGSPNUIFUSVTUUPHJWFUIFUSVTUPXOFSTIJQ PG BOZ DBSCPO PGGTFUT DSFBUFE UISPVHI UIF SFGPSFTUBUJPO 0SFHPO "ENJOJTUSBUJWF 3VMFTf<> 

  5IFGFEFSBMHPWFSONFOUPXOTBOENBOBHFTPWFSIBMGUIFMBOEJOUIFTUBUF JODMVEJOHTJHOJGJDBOU

GPSFTUSFTFSWFTOPUVOEFSUIF4UBUF'PSFTUFSTBVUIPSJUZ





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

5IF 0SFHPO 1VCMJD 6UJMJUZ $PNNJTTJPO NBZ BMMPX FMFDUSJD VUJMJUJFT UP DSFBUF PGGTFUT UISPVHI TNBMMTDBMF USFF QMBOUJOH PO iVOEFSQSPEVDJOH GPSFTU MBOEu BOE QBTTUIFDPTUTPOUPUIFJSDVTUPNFST 0SFHPO3FWJTFE4UBUVUFTf 0SFHPO BMTP DPOTJEFST $0 FNJTTJPOT JO EFDJEJOH XIFUIFS UP BMMPX DPOTUSVDUJPO PG OFX FMFDUSJDBMQPXFSHFOFSBUJPOQMBOUT 0SFHPO"ENJOJTUSBUJWF3VMFTffFU TFR *OBSFDFOUQMBOUBQQSPWBM UIFTUBUFBDDFQUFEUIFQMBOUPXOFSTQBZNFOUUPUIF 'PSFTU3FTPVSDF5SVTUBTDSFBUJOHBRVBOUJGJBCMF WFSJGJBCMFPGGTFU $BUIDBSU   &6301&"/$0..6/*5: 5IF &VSPQFBO $PNNVOJUZ &$  PGGFST BOPUIFS FYBNQMF PG FYUFOTJWF SFQPSUFE BDUJWJUZ &VSPQFBO $PNNVOJUZ    CVU SFMBUJWFMZ MJUUMF OFX MFHJTMBUJPO TQFDJGJDBMMZBEESFTTFEUPGPSFTUT5IF&$TUBOETPVUBTB1BSUZUPUIF6/'$$$  CFJOH B NVMUJOBUJPOBM FOUJUZ SBUIFS UIBO B TJOHMF OBUJPO *U IBT BVUIPSJUZ UP BEPQUSFHVMBUJPOT XIJDIBSFCJOEJOHPOJUTNFNCFSOBUJPOT5IF$PVODJMPGUIF &VSPQFBO6OJPOIBTBQQSPWFEUIF,ZPUP1SPUPDPMPOCFIBMGPGUIF$PNNVOJUZ $PVODJM%FDJTJPOPG"QSJM  5IF &$T NBJO MFHJTMBUJWF FGGPSU DPODFSOJOH GPSFTUT JT SFMBUFE UP JUT $PNNPO "HSJDVMUVSBM 1PMJDZ $"1  *U BEPQUFE $"1 JO MBUF +VMZ PG   OPU MPOH BGUFS UIF 6/ $POGFSFODF PO &OWJSPONFOU BOE %FWFMPQNFOU XIFSF UIF 6/'$$$ XBT TJHOFE  CVU XFMM CFGPSF UIF &$ SBUJGJFE UIF 6/'$$$ JO %FDFNCFS  5IF QPMJDZ PGGFST GJOBODJBM TVQQPSU GPS BGGPSFTUBUJPO PG BHSJDVMUVSBM MBOE BOE TJMWJDVMUVSBM BDUJPOT UIBU NBZ JODSFBTF DBSCPO TFRVFTUSBUJPO 5IF &$ BMTP PGGFST UP TIBSF UIF DPTU PG GPSFTU GJSF QSFWFOUJPO QSPKFDUT  TVQQPSUT NPOJUPSJOH PG GJSFT BOEUIFFGGFDUTPGBJSQPMMVUJPOPOGPSFTUT BOETVQQPSUTHFOFSBMGPSFTUSZSFTFBSDI &VSPQFBO$PNNVOJUZ   .PSF SFDFOU BDUJPOT JODMVEF DPOUSJCVUJPOT UP $045 &  B NBKPS &VSPQFBO SFTFBSDI FGGPSU PO GPSFTU DBSCPO TFF XXXCJCGTBHYBDCFDPTUFJOGPBDUJPO  UIF FTUBCMJTINFOU PG B 8PSLJOH (SPVQ PO 'PSFTU 4JOLT XJUIJO UIF &VSPQFBO $MJNBUF$IBOHF1SPHSBNNF &$11

XIJDIQSPEVDFEBTFUPGEFUBJMFEUFDIOJDBM SFDPNNFOEBUJPOT GPS JNQMFNFOUBUJPO &$11 8PSLJOH (SPVQ PO 'PSFTU 4JOLT   BOEBQSPQPTBMCZUIF$PNNJTTJPOGPSBEJSFDUJWFBNFOEJOHUIFEJSFDUJWF GPS HSFFOIPVTF HBT FNJTTJPO BMMPXBODF USBEJOH XJUIJO UIF &$  JO SFTQFDU PG UIF ,ZPUP 1SPUPDPMT QSPKFDU NFDIBOJTNT 5IF MBUUFS NBZ BGGFDU EFNBOE GPS $&3 GSPNGPSFTUSZ$%.QSPKFDUT $045"3*$" $PTUB 3JDB PGGFST BO FYBNQMF PG B NPSF BDUJWJTU BQQSPBDI UP ()( GPSFTU NJUJHBUJPOMFHJTMBUJPO/PUCFJOHBO"OOFY*OBUJPO $PTUB3JDBIBTOPRVBOUJGJFE SFEVDUJPO HPBM GPS ()(T VOEFS UIF 6/'$$$ )PXFWFS  JUT QPMJUJDBM TUBCJMJUZ BOESFQVUBUJPOGPSFOWJSPONFOUBMTUFXBSETIJQIBWFNBEFJUBOBUUSBDUJWFQBSUOFS GPS"*+QJMPUQSPKFDUT$PTUB3JDBIBTTJHOFECJMBUFSBMBHSFFNFOUTDPODFSOJOH()( QSPKFDUTXJUIUIF6OJUFE4UBUFT /PSXBZ 4XJU[FSMBOE 'JOMBOE  UIF/FUIFSMBOET BOE.FYJDP

4PNFOBUJPOBMMFHBMSFTQPOTFT

*O $PTUB3JDBDSFBUFEBO0GGJDFPO+PJOU*NQMFNFOUBUJPO 0$*$ 0$*$ DBNFPVUPGBOBHSFFNFOUTJHOFECZUIF.JOJTUSZPG&OWJSPONFOUBOE&OFSHZXJUI UXPQSJWBUFTFDUPSHSPVQTSFQSFTFOUJOHJOEVTUSJBMBOEGJOBODJBMJOUFSFTUTBOEPOF OPOHPWFSONFOUBMPSHBOJ[BUJPOXJUIFYQFSUJTFJOGPSFTUQSPUFDUJPO *O   $PTUB 3JDB QBTTFE B OFX GPSFTUSZ MBX /P   "SUJDMF  PG UIF MBXEFEJDBUFTBUIJSEPGUIFOBUJPOBMUBYPOIZESPDBSCPOTGPSGPSFTUDPOTFSWBUJPO 5IJTJODPNFJTUPDPNQFOTBUFGPSUIFFOWJSPONFOUBMTFSWJDFTUIBUGPSFTUTQSPWJEF  JODMVEJOH NJUJHBUJPO PG HBT FNJTTJPOT "SUJDMF  PG UIF MBX DSFBUFT UIF OBUJPOBM GPSFTUGJOBODFGVOE '0/"'*'0 "SUJDMFPGUIFMBXBMMPXT'0/"'*'0UP JTTVF GPSFTU MBOEPXOFST DFSUJGJDBUFT GPS GPSFTU DPOTFSWBUJPO $$#T  SFQSFTFOUJOH QBZNFOUGPSFOWJSPONFOUBMTFSWJDFT5IFMBOEPXOFSTDBOVTF$$#TUPQBZUBYFT BOEPUIFSGFFTPXFEUPUIFHPWFSONFOU "FYFDVUJWFEFDSFFTFUVQB/BUJPOBM4QFDJGJD'VOEGPSUIF$POTFSWBUJPO BOE%FWFMPQNFOUPG4JOLTBOE%FQPTJUTPG(SFFOIPVTF(BTFT*ODPNFGSPNUIF TBMFPG()(NJUJHBUJPOTFSWJDFTHPFTJOUPUIFGVOE5IFHPWFSONFOUTQFOETUIF GVOEPOUIFTVQQPSUPGMPDBM"*+QSPKFDUT 5P NBLF UIF PGGTFUT NPSF BUUSBDUJWF UP QPUFOUJBM JOWFTUPST  $PTUB 3JDB IBT DSFBUFE B USBEBCMF TFDVSJUZ  LOPXO WBSJPVTMZ BT B (SFFOIPVTF (BT .JUJHBUJPO $FSUJGJDBUFPSB$FSUJGJBCMF5SBEBCMF0GGTFU $50 $50TSFQSFTFOUTQFDJGJDMFWFMT PG ()( SFEVDUJPO PS NJUJHBUJPO  FYQSFTTFE BT FRVJWBMFOU BNPVOUT PG DBSCPO SFNPWFE GSPN UIF BUNPTQIFSF 5IF HPWFSONFOU IBT EFTJHOFE UIF $50 UP CF JOEFQFOEFOUMZWFSJGJBCMFBOEUPNFFUBOZUFDIOJDBMPSQSPDFEVSBMSFRVJSFNFOUTPG UIF6/'$$$ $PTUB3JDBJTTVFEJUTGJSTU$50TJOUPUIF(PWFSONFOUPG/PSXBZBOE B DPOTPSUJVN PG QSJWBUF /PSXFHJBO DPNQBOJFT 5IF $50T SFQSFTFOUFE DSFEJU GPS  NFUSJD UPOOFT PG DBSCPO PGGTFU UISPVHI B SFGPSFTUBUJPO BOE GPSFTU DPOTFSWBUJPOQSPKFDU $PTUB3JDBBMTPFOBDUFEBOFXMBXPOUIF6TF .BOBHFNFOUBOE$POTFSWBUJPO PG -BOE JO  -BX /P   5IF HPWFSONFOU  JO B SFQPSU PO 6/'$$$ JNQMFNFOUBUJPO BDUJWJUJFT  QPJOUFE UP UIJT MBX BT QSPNPUJOH SFGPSFTUBUJPO PG EFHSBEFEGPSFTUTBOEQSFWFOUJOHEFHSBEBUJPOPGFYJTUJOHGPSFTUT 3FQVCMJDPG$PTUB 3JDB  )PXFWFS UIFUFYUPGUIFMBXEPFTOPUBQQFBSUPTQFBLTQFDJGJDBMMZUP DMJNBUFDIBOHFJTTVFT "6453"-*" *O/PWFNCFS UIFTUBUFPG/FX4PVUI8BMFTJO"VTUSBMJBQBTTFEUIF$BSCPO 3JHIUT-FHJTMBUJPO"NFOENFOU"DU /P 5IJTBDUBJNTUPDSFBUFBUSBEBCMF JOUFSFTU JO UIF DBSCPO TFRVFTUSBUJPO QPUFOUJBM PG GPSFTUT *U SFDPHOJ[FT B DBSCPO TFRVFTUSBUJPO SJHIU BT B GPSN PG GPSFTUSZ SJHIU 'PSFTUSZ SJHIUT BSF DPOWFZBCMF JOUFSFTUT JO MBOE 5IFZ NBZ DSFBUF B QSPGJU Æ QSFOESF *O UIF DBTF PG B DBSCPO TFRVFTUSBUJPOSJHIU UIJTJTOPUBSJHIUUPSFNPWFOBUVSBMQSPEVDUTGSPNUIFMBOETP NVDIBTBSJHIUUPDMBJNUIFCFOFGJUTGSPNUIFDBSCPOTFRVFTUSBUJPO5IFBDUBMTP SFDPHOJ[FTUIBUBGPSFTUSZDPWFOBOUBTTPDJBUFEXJUIBQSPQFSUZNBZQSPWJEFBDDFTT





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

UPPSHVBSBOUFFNBJOUFOBODFPGUIFGPSFTUPOMBOETVCKFDUUPBDBSCPOTFRVFTUSBUJPO SJHIU 5IF BDU FYQSFTTMZ BMMPXT UIF TUBUFT 'PSFTUSZ $PNNJTTJPO BOE FMFDUSJDJUZ HFOFSBUPSTBOEEJTUSJCVUPSTUPIPMEBOEUSBEFDBSCPOTFRVFTUSBUJPOSJHIUT "DDPSEJOH UP -FF 

 UIF TUBUF GPSFTUSZ BHFODZ JO /FX 4PVUI 8BMFT IBT DPOUSBDUFEXJUI5PLZP&MFDUSJD1PXFS$PNQBOZUPTFRVFTUFSDBSCPOJOBiQMBOUFE GPSFTUFTUBUFu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iUIF NBOOFS JO XIJDI BOE UIF UFSNT BOE DPOEJUJPOT TVCKFDU UP XIJDI FNJTTJPO PGGTFUT  DSFEJUT BOE TJOL SJHIUT NBZ CF DSFBUFE  EJTUSJCVUFE  FYDIBOHFE  USBEFE TPME VTFE WBSJFEBOEDBODFMMFEu "DUf  *O FJHIUQSPWJODFTBOEUIF'FEFSBM(PWFSONFOUPG$BOBEBFOUFSFEJOUPB NFNPSBOEVNPGVOEFSTUBOEJOHDSFBUJOHB(SFFOIPVTF(BT&NJTTJPO3FEVDUJPO 5SBEJOH (&35  QJMPU QSPKFDU (&35 XBT EFTJHOFE UP HJWF NFNCFST QSBDUJDBM FYQFSJFODFJOFNJTTJPOSFEVDUJPOUSBJOJOHBOECVJMEUIFGPVOEBUJPOGPSBQPTTJCMF GVUVSF USBEJOH TZTUFN 4FWFSBM JOEVTUSZ BOE FOWJSPONFOUBM HSPVQT XFSF BMTP QBSUJDJQBOUTJOUIFQSPKFDU XIJDIJTEFTDSJCFEJO#JTTPO  BOEPOUIF(&35 8FCTJUF XXXHFSUPSH  1BSUJFT XJTIJOH DSFEJU GPS ()( SFEVDUJPOT TVCNJUUFE QSPQPTBMT UP (&35T TUFFSJOHDPNNJUUFF"NPOHPUIFSUIJOHT (&35SFRVJSFEUIBU()(SFEVDUJPOT IBEUPCFNFBTVSBCMFBOEWFSJGJBCMF BOEIBEUPFYDFFEBOZSFEVDUJPOTNBOEBUFE CZMBX (&35QSPKFDUTJODMVEFESFEVDUJPOTJOFNJTTJPOTBTXFMMBTTJOLT0OFPGUIF GJSTUQSPKFDUTSFWJFXFECZ(&35JOWPMWFETVCTUJUVUJOHXPPEXBTUFGPSOBUVSBMHBT UPQPXFSJOEVTUSJBMCPJMFSTBUBGBDJMJUZJO#SJUJTI$PMVNCJB(&35TPUIFSGPSFTU SFMBUFEQSPKFDUJOWPMWFEDBSCPOTFRVFTUSBUJPOCZUIFQSPWJODFPG4BTLBUDIFXBOT .JOJTUSZ PG &OWJSPONFOU BOE 3FTPVSDF .BOBHFNFOU 5IF NJOJTUSZ HFOFSBUFE DSFEJUT GSPN OFX XIJUF TQSVDF QMBOUBUJPOT BOE GSPN FTUBCMJTIJOH B OFX GPSFTU SFTFSWF PO MBOE GPSNFSMZ BWBJMBCMF GPS UJNCFS IBSWFTU BOE USBEFE UIFN UP 4BTL1PXFS BOFMFDUSJDVUJMJUZ(&35TQJMPUQSPKFDUQIBTFFOEFEJO+VOF BOE JUIBTDFBTFEGVODUJPOJOHBTBUSBEJOHFYDIBOHF

4PNFOBUJPOBMMFHBMSFTQPOTFT

%0.*/*$"/3&16#-*$ *O%FDFNCFS UIF%PNJOJDBO3FQVCMJDFOBDUFEBOFXGPSFTUMBX -FZ  "SUJDMF QBSBHSBQI*PGUIFMBXBMMPXTUIFOBUJPOBMGPSFTUSZBHFODZ */"3&'  UP BEPQU SFHVMBUJPOT DSFBUJOH TQFDJBM JODFOUJWFT UP QSPNPUF UIF WBMVBUJPO PG UIF FOWJSPONFOUBM TFSWJDFT PG GPSFTUT  JODMVEJOH DBSCPO GJYBUJPO 5IF 4UBUF XJMM BMTP JTTVFOFHPUJBCMFSFJNCVSTFNFOUDFSUJGJDBUFTUPGJOBODFQFSDFOUPGUIFFYQFOTFT PGDBQJUBMBOEJOWFTUNFOUTNBEFJOUIFFTUBCMJTINFOUBOEIBOEMJOHPGQMBOUBUJPOT BOENBOBHFNFOUBOEQSPUFDUJPOPGGPSFTUT5IFFYQFOTFTJODMVEFQBZNFOUPGBMM UIFFYJTUJOHUBYFT 1&36 1FSVT  -FZ 'PSFTUBM Z EF 'BVOB 4JMWFTUSF IBT QSPWJTJPOT UIBU BMMPX UIF HPWFSONFOU UP HSBOU DPODFTTJPOT GPS DBSCPO TFRVFTUSBUJPO "SUJDMF  PG UIF MBX EFGJOFTFOWJSPONFOUBMTFSWJDFTPGGPSFTUTUPJODMVEFUIPTFUIBUQSPUFDUTPJM SFHVMBUF UIFGMPXPGXBUFS DPOTFSWFCJPEJWFSTJUZ DPOTFSWFFDPTZTUFNTBOETDFOJDCFBVUZ  BCTPSC DBSCPO EJPYJEF BOE NBJOUBJO FTTFOUJBM FDPMPHJDBM QSPDFTTFT  "SUJDMF  PG UIFMBXBMMPXTUIFHPWFSONFOUUPHSBOUDPODFTTJPOTGPSFDPUPVSJTN DPOTFSWBUJPO BOEFOWJSPONFOUBMTFSWJDFT TVCKFDUUPSFHVMBUJPOTVOEFSUIFMBX1SFTVNBCMZUIF IPMEFSPGUIFDPODFTTJPODPVMEDMBJNDSFEJUGPSBOZDBSCPOTFRVFTUFSFE 41"*/ 4QBJO BEPQUFE B OFX GPSFTU QMBO JO  BOE B OBUJPOBM GPSFTU MBX JO  -FZ    /PWFNCFS  EF .POUFT

 XIJDI EFGJOF EPNFTUJD GPSFTU QPMJDZ SFHBSEJOH DMJNBUF DIBOHF 5IF QMBO DPOTJEFST QPMJDZ TVQQPSU DSVDJBM UP DMJNBUF DIBOHF NJUJHBUJPO *U FTUBCMJTIFT UIF QPUFOUJBM GPS NJUJHBUJPO CBTFE PO BWBJMBCMF BSFB  FWBMVBUFT UFDIOJDBM DBQBDJUZ GPS TFRVFTUSBUJPO BOE BTTFTTFT QPTTJCJMJUJFT GPS FOIBODFNFOU 5IF MBX SFDPHOJ[FT HMPCBM DIBOHF NJUJHBUJPO BOE XPPE FOFSHZ BT WBMVBCMF GVODUJPOT PG GPSFTUT UIBU TIPVME CF FOIBODFE "SUJDMF  EJSFDUT QVCMJD BENJOJTUSBUJPOT UP QSPNPUF QPTJUJWF FOWJSPONFOUBM CFOFGJUT GSPN GPSFTUT  JODMVEJOH DBSCPO GJYBUJPO 1VCMJD BENJOJTUSBUJPOT NBZ HSBOU TVCTJEJFT  DPODMVEF DPOUSBDUT XJUI PXOFST PS JOWFTU EJSFDUMZ JO QVCMJD MBOET UP BDIJFWF UIF HPBMT 3FTFBSDI PO FOFSHZ VTF GSPN TMBTI BOE BEBQUBUJPO PG GPSFTUT UP DMJNBUF DIBOHF IBTBMTPCFFOJOJUJBUFE BOEUIFMBXDBMMTGPSBTUVEZPOUIFBEBQUBUJPOPG4QBOJTI GPSFTUTUPDMJNBUFDIBOHF /&8;&"-"/% 5IF (PWFSONFOU PG /FX ;FBMBOE BHSFFE UIBU TPNF DSFEJUT GSPN BGGPSFTUBUJPO BOESFGPSFTUBUJPOTIPVMEBDDSVFUPUIPTFVOEFSUBLJOHTJOLBDUJWJUJFT)PXFWFS BT TJHOBUPSZUPUIF1SPUPDPM JUBMTPDPOTJEFSTUIFOFFEUPNFFUSFEVDUJPOPCMJHBUJPOT BTJUTVMUJNBUFSFTQPOTJCJMJUZ "MUIPVHI MFHJTMBUJPO IBT OPU CFFO JOUSPEVDFE  UIF HPWFSONFOU JOUFOET UP SFUBJOTJOLDSFEJUTGSPNBMMQPTUDPNNFSDJBMGPSFTUTGPSUIFGJSTUDPNNJUNFOU





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

QFSJPE *U BMTP QMBOT UP BDDFQU MJBCJMJUZ GPS VQ UP  QFSDFOU PG DBSCPO MPTTFT GSPN EFGPSFTUBUJPO -BOEPXOFST XIP FOUFS JOUP DPOUSBDUT UP NBOBHF QPTU GPSFTUT BT QFSNBOFOU QSPUFDUJPO GPSFTUT  FYDMVEJOH IBSWFTU  XJMM CF BCMF UP USBEF BDDVNVMBUFE DSFEJUT -BOEPXOFST BDDFQU UIF DPTUT PG QBSUJDJQBUJOH JO FNJTTJPO USBEJOH FHNPOJUPSJOH BOESFTQPOTJCJMJUZGPSFNJTTJPOTGSPNUIFGPSFTU %&/."3, *O   %FONBSL FTUBCMJTIFE BO FNJTTJPOT DBQ BOE USBEJOH TZTUFN GPS $0 BNPOHJUTFMFDUSJDVUJMJUJFT "DUPO$0RVPUBTGPSFMFDUSJDJUZQSPEVDUJPO "DU/P PG+VOF 5IFTZTUFNFTUJNBUFT$0QSPEVDUJPOCBTFEPOUIFBNPVOUPG FOFSHZQSPEVDFENVMUJQMJFECZB$0FNJTTJPOGBDUPSGPSUIFGVFMVTFEUPQSPEVDF UIFFOFSHZ5IFMBXBTTJHOTBOFNJTTJPOGBDUPSPG[FSPUPTFWFSBMSFOFXBCMFGVFMT  JODMVEJOH XPPE DIJQT  GVFMXPPE  XPPE QFMMFUT BOE XPPE XBTUF *O FGGFDU  JU SFDPHOJ[FTUIBUQSPEVDUJPOPGUIFTFGVFMTSFNPWFT$0GSPNUIFBUNPTQIFSF 5IF %BOJTI BDU QSFEBUFT NVDI PG UIF $01 XPSL DMBSJGZJOH UIF SPMF PG -6-6$'BDUJWJUJFTJOGMFYJCMFNFDIBOJTNT)PXFWFS TFDUJPOPGUIFBDUBMMPXT UIF.JOJTUFSPG&OWJSPONFOUBOE&OFSHZUPJTTVFHVJEFMJOFTJOUFHSBUJOHUIF%BOJTI TZTUFNJOUPBOJOUFSOBUJPOBMFNJTTJPOTUSBEJOHTZTUFN



-FHBMBOEJOTUJUVUJPOBMJTTVFT PGGPSFTUCBTFENJUJHBUJPO

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



$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

MBXTDPVMESFRVJSFXBTUFSFEVDUJPOQMBOOJOHJOMBSHFS NPSFTPQIJTUJDBUFETBXNJMMT BOEQVMQBOEQBQFSNJMMT JODMVEJOHTUFQTUPEJTDPVSBHFEFDBZPGTUPSFEDIJQTPS UJNCFS-BXTDPVMECBSCVSOJOHPGTBXEVTUBOEXPPEXBTUF VOMFTTUIFIFBUXBT DBQUVSFE BOE VTFE JO QSPDFTTFT UIBU XPVME PUIFSXJTF VTF GPTTJM GVFMT #VJMEJOH DPEFT DPVME FODPVSBHF UIF VTF PG XPPE BOE SFRVJSF GJSF BOE EFDBZSFTJTUBOU PS SFUBSEBOU EFTJHOT -BXT DPVME QSPNPUF SFDZDMJOH PG XBTUF QBQFS UISPVHI B WBSJFUZPGNFBOT GSPNJODSFBTJOHTVQQMZCZFODPVSBHJOHDPOTVNFSTUPTFHSFHBUF SFDZDMBCMFT UPJODSFBTJOHEFNBOECZIBWJOHHPWFSONFOUQSFGFSFOUJBMMZQVSDIBTF QSPEVDUTXJUISFDZDMFEDPOUFOU 5IFEJTDVTTJPOCFMPXCFHJOTCZDPOTJEFSJOHJTTVFTUIBUNJHIUBSJTFJGUIFMBX SFDPHOJ[FT DMBJNJOH DSFEJU GPS DBSCPO TFRVFTUSBUJPO UP CF B LJOE PG QSPQFSUZ SJHIUi0XOFSTIJQuPGGPSFTUTBOEGPSFTUQSPEVDUT XIFUIFSQSJWBUF DPNNVOJUZ  TPDJBM PS TUBUFCBTFE  JT UIF PMEFTU BOE TUJMM NPTU QSFWBMFOU MFHBM NFDIBOJTN GPS BMMPDBUJOHGPSFTUSFTPVSDFTBOEFODPVSBHJOHUIFJSTVTUBJOFEVTF)PXFWFS PXOJOH BOJOUBOHJCMFSFTPVSDFTVDIBTDBSCPOTFRVFTUSBUJPO BDUVBMPSQPUFOUJBM QPTFTOFX DIBMMFOHFTUPPMETZTUFNTPGQSPQFSUZMBX 5IF EJTDVTTJPO UIFO DPOTJEFST SFHVMBUPSZ BQQSPBDIFT 5IFTF NJHIU JODMVEF SFHVMBUJPOPGGPSFTUVTFPSDPOWFSTJPOBOESFHVMBUJPOPGUIFNBOVGBDUVSF VTFPS EJTQPTBMPGGPSFTUQSPEVDUT 5IF UIJSE BSFB PG EJTDVTTJPO JT TVCTJEZCBTFE BQQSPBDIFT 5IFTF JTTVFT NBZ CF UIF NPTU GBNJMJBS UP GPSFTU NBOBHFST UPEBZ 5IF MFHBM JTTVFT UIBU BSJTF PVU PG HPWFSONFOU TQFOEJOH UP QSPNPUF ()( NJUJHBUJPO XJMM CF TJNJMBS UP UIF JTTVFT BSJTJOH PVU PG PUIFS HPWFSONFOU TQFOEJOH UP QSPNPUF HPPE GPSFTU TUFXBSETIJQ  GSFRVFOUMZ BT BO JOEJSFDU DPNQFOTBUJPO GPS UIPTF GPSFTU TFSWJDFT GPS XIJDI OP NBSLFUFYJTUT 5IF GJOBM BSFB PG EJTDVTTJPO JT JOGPSNBUJPOSFMBUFE BQQSPBDIFT 5IFTF JOWPMWF BUUFNQUTUPQSPNPUFFEVDBUJPO QSPEVDUMBCFMMJOHPSDFSUJGJDBUJPO BOEHPWFSONFOU FWBMVBUJPOPGNBOBHFNFOUTZTUFNT %JGGFSFOU 1BSUJFT XJMM IBWF EJGGFSFOU JOUFSFTUT JO UIF QPTTJCMF SFGPSNT 'PS FYBNQMF  BO "OOFY * OBUJPO USZJOH UP NFFU B TQFDJGJD SFEVDUJPO HPBM NBZ CF JOUFSFTUFEJOBUBYPSSFHVMBUPSZTZTUFNUPSFEVDFFNJTTJPOTDPVQMFEXJUINBSLFU NFBTVSFTUPSFEVDFDPTUTPGDPNQMJBODF5IFNBSLFUNFBTVSFTNBZEFNBOEOFX MBXTDPODFSOJOHPXOFSTIJQPGDBSCPOTJOLQPUFOUJBM*ODPOUSBTU BOPO"OOFY* 1BSUZ XJUIOPHPBMUPNFFU NBZCFNPSFJOUFSFTUFEJONBLJOHDIBOHFTUIBUNJHIU BUUSBDU $%. JOWFTUNFOUT BOE EJSFDU UIFN UPXBSET TVTUBJOBCMF EFWFMPQNFOU HPBMT/FWFSUIFMFTT UIFOPO"OOFY*OBUJPONBZBMTPCFJOUFSFTUFEJOOFXMBXT DPODFSOJOHPXOFSTIJQPGDBSCPOTJOLTUPNBLFJOWFTUNFOUJOGPSFTUQSPKFDUTNPSF BUUSBDUJWF 4PNFPGUIFJEFBTJOUIJTDIBQUFSIBWFBQQMJDBUJPOCFZPOEGPSFTUQSPKFDUT'PS FYBNQMF  UIF NBSLFU JTTVFT PG PXOFSTIJQ  MJBCJMJUZ BOE SJTL BQQMZ UP BOZ QSPKFDU UIBU SFTVMUT JO FNJTTJPO SFEVDUJPOT PS SFNPWBMT 'PS UIF TBLF PG TJNQMJDJUZ BOE DPOTJTUFODZ OBUJPOTTIPVMEBEESFTTUIFTFLJOETPGJTTVFTUISPVHIHFOFSBMMBXTUIBU BQQMZUPBMMNJUJHBUJPOQSPKFDUT

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

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m QFSIBQT UIF MBOETIFPXOT PSUIPTFIFIBTMFBTFE PSUIPTFGPSXIJDIIFIBTCPVHIUBSJHIUUP IBSWFTU PSQFSIBQTFWFOQVCMJDMBOETGSPNXIJDIBOZPOFNBZDPNFBOEHBUIFS GSVJU8IFOB1BSUZQSFTFOUTFWJEFODFPGDPNQMJBODFUPUIF6/'$$$4FDSFUBSJBU  UIFTFDSFUBSJBUXJMMCFJOUFSFTUFEJOIPXUIF1BSUZTTPVSDFTBOETJOLTIBWFBDUVBMMZ





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

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iSVO XJUIUIFMBOEu CJOEJOHUIFQSFTFOUPXOFSBOEBOZPOFXIPIBQQFOFE UPCFDPNFBOPXOFSPGUIFQSPQFSUZJOUIFGVUVSF 5IF DPWFOBOU BUUBDIFT UP BOPUIFS QSPQFSUZ SFMBUFE UP UIF à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Æ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

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

C UISPVHI B DPWFOBOU PS PUIFS MFHBM NFDIBOJTN UIBU iSVOT XJUI UIF MBOEu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

UIFHPWFSONFOUNBZUSBOTGFS UIFQSPQFSUZSJHIU UIFOFXPXOFSXPVMEBMTPBDRVJSFUIFSJHIUUP BGGFDUQSPQFSUZVTF "TJO  C BCPWF CVUUIFOBUJPOBMHPWFSONFOUIPMETUIFQPUFOUJBM BT USVTUFF GPS UIF CFOFàU PG UIF GPSFTU PXOFS PS UIF QVCMJD "OZ QSPàUT GSPN UIF TBMF PS VTF PG UIF QPUFOUJBM NVTU HP UP UIF CFOFàDJBSJFTPGUIFUSVTU  $ 0XOFE CZ B TVCOBUJPOBM PS MPDBM HPWFSONFOU XJUI QPXFST BT JO #  BCPWF /PUF UIBU JU NJHIU CF QPTTJCMF UP IBWF PXOFSTIJQ WFTUFE JO POFMFWFMPGHPWFSONFOUXJUITPNFPSBMMSFHVMBUPSZQPXFSTWFTUFEJO BOPUIFSMFWFMPGHPWFSONFOU  % 0XOFECZOPPOFVOUJMTPNFPOFUBLFTTUFQTUPDBQUVSFUIFDBSCPO'PS FYBNQMF JG$PSQPSBUJPO"GVOETBQSPKFDUUPQMBOUUSFFTBMPOHSPBETJEFT  $PSQPSBUJPO"XPVMEPXOUIFSFTVMUJOHDBSCPOTFRVFTUSBUJPO SFHBSEMFTT PGXIPPXOTUIFSPBETJEFMBOET'VSUIFS "OZPOFDBOBDRVJSFDBSCPOTFRVFTUSBUJPOQPUFOUJBMJOUIJTXBZ 0OMZ B MJNJUFE OVNCFS PG FOUJUJFT BSF FMJHJCMF UP PXO DBSCPO QPUFOUJBMJOUIJTXBZBOEUIFTFBSF B FOUJUJFTFNJUUJOHDBSCPOBOEEFTJSJOHPGGTFUT C B QMVTUIFHPWFSONFOU D B  PS C  QMVT iCBOLTu DIBSUFSFE UP EFBM JO NJUJHBUJPO DSFEJUT





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

E B  PS C  PS D  QMVT /(0T JOUFSFTUFE JO FOWJSPONFOUBM QSPUFDUJPO F B PS C PS D PS E PSBOZMBOEPXOFS 4PNFPGUIFTFPQUJPOTNBZTFFNPEE CVUTPNFPGUIFPEEFTUIBWFBOBMPHVFT JOPUIFSMBXT'SPNUIF6OJUFE4UBUFTDPNFUIFTFFYBNQMFT r 6OEFS UIF 1BDJGJD /PSUIXFTU &MFDUSJD 1PXFS 1MBOOJOH BOE $POTFSWBUJPO "DU  FMFDUSJD QPXFS VUJMJUJFT JO UIF OPSUIXFTUFSO 6OJUFE 4UBUFT DBO BDRVJSF PXOFSTIJQPGDPOTFSWBUJPODBQBDJUZ JOGPSNBMMZDBMMFEiOFHBXBUUTu OFHBUJWF XBUUT

 CZ GJOBODJOH QSPKFDUT UIBU SFEVDF FMFDUSJD EFNBOE 'PS FYBNQMF  B VUJMJUZ DPVME QBZ UP JOTUBMM UIJDLFS JOTVMBUJPO PO UIF UBOLT PG FMFDUSJD XBUFS IFBUFST PG DPOTVNFST 5IF DPOTVNFST XPVME PXO UIF OFX JOTVMBUJPO BOE FOKPZ MPXFS FMFDUSJD CJMMT  IPXFWFS UIF VUJMJUZ XPVME PXO UIF SFEVDFE FMFDUSJDEFNBOE5IFVUJMJUZDBOTFMMUIJTSFEVDFEEFNBOEUPUIFHPWFSONFOU BHFODZ SFTQPOTJCMF GPS BTTVSJOH UIBU UIF SFHJPO IBT TVGGJDJFOU FOFSHZ UP NFFUEFNBOE r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r "MTP VOEFS UIF 6OJUFE 4UBUFT $MFBO "JS "DU  UIF MBSHFTU TPVSDFT PG TVMQIVS EJPYJEF JO UIF OBUJPO IBWF CFFO BTTJHOFE FNJTTJPO BMMPXBODFT " TPVSDFNBZPOMZFNJUBTNVDITVMQIVSEJPYJEFBTJUIBTBMMPXBODFT"TPVSDF XJUI UPP GFX BMMPXBODFT NVTU FJUIFS SFEVDF JUT FNJTTJPOT PS BDRVJSF NPSF BMMPXBODFT 5IFTF BMMPXBODFT BSF BMJFOBCMF  BOE UIFSF JT BO PQFO NBSLFU JO UIFN4PNFFOWJSPONFOUBMHSPVQTIBWFCPVHIUUIFNBOEiSFUJSFEuUIFN r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r .PTU TUBUFT PG UIF 6OJUFE 4UBUFT BMMPX QSJWBUF MBOEPXOFST UP HSBOU PS TFMM DPOTFSWBUJPOFBTFNFOUT5IFIPMEFSPGBDPOTFSWBUJPOFBTFNFOUDBOQSFWFOU EFWFMPQNFOUPGUIFTVCTFSWJFOUMBOE4PNFUJNFTUIFIPMEFSDBOSFRVJSFUIF

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

MBOEUPCFLFQUJOBOBUVSBMTUBUF4PNFUJNFTUIFUFSNTPGUIFFBTFNFOUSFRVJSF UIFMBOEUPCFBDUJWFMZNBOBHFEGPSDPOTFSWBUJPOQVSQPTFT5IFIPMEFSPGUIF FBTFNFOU PSEJOBSJMZ DBOOPU TFMM JU PS SFBQ BOZ NPOFUBSZ HBJO GSPN JU  CVU IPMETJUTUSJDUMZUPCFOFGJUUIFQVCMJD6TVBMMZ UIFMBXPOMZBMMPXTUIFTUBUF PS/(0TEFEJDBUFEUPDPOTFSWBUJPOUPBDRVJSFDPOTFSWBUJPOFBTFNFOUT r " GFX 6OJUFE 4UBUFT MPDBM HPWFSONFOUT SFDPHOJ[F B GVMMZ USBEBCMF SJHIU UP EFWFMPQ MBOE 1SPQFSUZ PXOFST JO BSFBT NBSLFE GPS DPOTFSWBUJPO DBOOPU VTF UIFJS SJHIUT UP EFWFMPQ UIFJS PXO QSPQFSUZ  CVU UIFZ DBO TFMM UIF SJHIUT UPQSPQFSUZPXOFSTJOBSFBTNBSLFEGPSEFWFMPQNFOU0XOFSTUIBUCVZUIF SJHIUT DBO iPWFSEFWFMPQu PS CVJME NPSF FYUFOTJWFMZ UIBO OFJHICPVST XIP IBWFOPUCPVHIUUIFUSBEBCMFSJHIUT5IFJOUFOUPGUIFTZTUFNJTUPDPNQFOTBUF GBJSMZQSPQFSUZPXOFSTJOUIFDPOTFSWBUJPO[POFGPSUIFSFTUSJDUJPOTPOUIFJS QSPQFSUZVTF 5IFQPJOUPGUIFTFFYBNQMFTJTUIBUUIFVOJWFSTFPGQPTTJCMFNPEFMTGPSDBSCPO TFRVFTUSBUJPO PXOFSTIJQ BOE USBEJOH HPFT XFMM CFZPOE USBEJUJPOBM OPUJPOT PG QSPQFSUZBOENBSLFUT-FHJTMBUJWFESBGUFSTMPPLJOHGPSNPEFMTNBZGJOEUIFNJO USBEJUJPOBMTZTUFNTPGQSPQFSUZMBXPSJOJOOPWBUJWFTZTUFNTPGNJUJHBUJPO USBEJOH BOEPGGTFUTPGFOWJSPONFOUBMIBSN 5IF DIPJDF PG IPX UP TIBQF UIF OBUVSF PG UIF QSPQFSUZ SJHIU JO DBSCPO TFRVFTUSBUJPO XJMM EFQFOE PO TFWFSBM GBDUPST &YJTUJOH MBXT BOE MFHBM USBEJUJPOT XJMMQMBZBNBKPSSPMFBOENBZDPOTUSBJOUIFDIPJDF-FHJTMBUPSTBOEKVSJTUTVTVBMMZ QSFGFS UP BQQMZ FYJTUJOH QBUUFSOT PG MBX UP OFX TJUVBUJPOT SBUIFS UIBO UP BEPQU SBEJDBMJOOPWBUJPOT 'PS FYBNQMF  JO B DPVOUSZ UIBU POMZ SFDPHOJ[FT FBTFNFOUT PS TFSWJUVEFT UIBU EJSFDUMZCFOFGJUPUIFSQSPQFSUJFT MFHJTMBUPSTNBZIFTJUBUFUPSFDPHOJ[FBTFSWJUVEF UIBU DBO CF USBEFE JOEFQFOEFOUMZ PG B EPNJOBOU FTUBUF $PTUB 3JDB PGGFST B DPODSFUFFYBNQMFPGUIJT5IFDPVOUSZIBTXBOUFEUPDSFBUFBQSPQFSUZJOUFSFTUJO UIF OBUVSF PG B DPOTFSWBUJPO FBTFNFOU UIBU XPVME DSFBUF B MFHBM SJHIU UP QSFWFOU UIFTVCTFSWJFOUMBOEGSPNCFJOHEFWFMPQFEPSDMFBSFE)PXFWFS $PTUB3JDBOMBX POMZSFDPHOJ[FTFBTFNFOUTUIBUCFOFGJUBTQFDJGJDEPNJOBOUFTUBUF5IFDPVOUSZIBT BEPQUFEUIFNJOPSGJDUJPOUIBUBDPOTFSWBUJPOFBTFNFOUJTGPSUIFCFOFGJUPG BOETP BUUBDIFTUP OFBSCZSFTFSWFEOBUVSBMBSFBT "OPUIFSGBDUPSJTUIFOBUVSFPGUIFMPDBMFDPOPNZ*OBDPVOUSZXJUIBOVOTUBCMF DVSSFODZPSQPPSMZEFWFMPQFENBSLFUT JUXJMMCFJNQSBDUJDBMUPTFUVQBOBUJPOBM TZTUFN CBTFE PO USBEBCMF SJHIUT )PXFWFS  B MJNJUFE TZTUFN HSBOUJOH DSFEJUT UP MBSHFQPMMVUFSTUIBUGJOBODFNJUJHBUJPOQSPKFDUTNBZCFGFBTJCMF " UIJSE GBDUPS JT UIF HPWFSONFOUBM DBQBDJUZ UP EFBM XJUI BCTUSBDU GPSNT PG MBOEPXOFSTIJQ *O B DPVOUSZ XIFSF UIF HPWFSONFOU GJOET JU EJGGJDVMU FWFO UP EFUFSNJOF XIP PXOT TVSGBDF SJHIUT UP B QBSUJDVMBS QJFDF PG MBOE  JU XPVME CF VOSFBMJTUJDUPQVUJOQMBDFBDPNQMFYTZTUFNPGJOUBOHJCMF EJWJTJCMFJOUFSFTUT " GPVSUI GBDUPS JT UIF OBUVSF PG UIF EFNBOE GPS DBSCPO TFRVFTUSBUJPO *G UIF NBKPSHPBMPGBDPVOUSZJTUPFODPVSBHFGPSFJHOHPWFSONFOUTUPJOWFTUJOGPSFTU CBTFENJUJHBUJPOQSPKFDUT BOEHPWFSONFOUUPHPWFSONFOUEFBMJOHTBSFUIFEFTJSFE PVUDPNF BTZTUFNWFTUJOHPXOFSTIJQPGTFRVFTUSBUJPOJOUIFOBUJPOBMHPWFSONFOU





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

7BMVBUJOHDBSCPOTFRVFTUSBUJPOJO*SJTIGPSFTUT *SFMBOETJOEVTUSJBMFNJTTJPOTXJMMQSPCBCMZFYDFFE,ZPUPDPNNJUNFOUTDPOTJTUJOH PGBOOVBMFNJTTJPOSFEVDUJPOTPGBQQSPYJNBUFMZ.U$0PS.UPGDBSCPO $ 'PSFTUTFTUBCMJTIFETJODFXJMMGJY.U$QFSBOOVN PGGTFUUJOHBCPVU QFSDFOUPG*SFMBOETQSPKFDUFEFYDFTTFNJTTJPOT BOESFEVDJOHDBSCPODSFEJUTUPCF BDRVJSFEJOJOUFSOBUJPOBMNBSLFUTCZUIJTBNPVOU"UBNBSLFUWBMVFPGéQFSUPOOF PGDBSCPOJOJOUFSOBUJPOBMFNJTTJPOUSBEJOH UIFTFZPVOH*SJTIGPSFTUTBMPOFXPVME TBWFUIFDPVOUSZBOPVUMBZPGBCPVUéNJMMJPOBOOVBMMZ PSéNJMMJPOPWFSUIF DPNNJUNFOUQFSJPEUP 5IFBWFSBHFSBUFPGDBSCPOHBJOJOUIFTFZPVOHGPSFTUTJTFTUJNBUFEBU UPOOFTPGDBSCPOQFSIFDUBSFQFSZFBS5IFZXPVMEUIVTBDDVNVMBUFBHSPTTWBMVFPG BQQSPYJNBUFMZéQFSIFDUBSFBOOVBMMZ $SFEJUTGPSUIFBDUJWJUZiGPSFTUNBOBHFNFOUwJO*SFMBOEBSFDBQQFEBU UPOOFTPGDBSCPOQFSZFBS*GUIFDPVOUSZDIPTFGPSFTUNBOBHFNFOUBTBOFMJHJCMF BDUJWJUZVOEFSUIF,ZPUP1SPUPDPM BOBEEJUJPOBMHSPTTWBMVFPGBOOVBMMZéNJMMJPO DPVMEBDDSVF

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m UIF HVJEFMJOFT UIBU UIF 1BSUJFT BEPQU GPS JOUFSOBUJPOBM VTF 'PS FYBNQMF  $01 GPSNBMMZEFGJOFEUIF$%.UFSNTiCBTFMJOFu iBEEJUJPOBMJUZuBOEiMFBLBHFuBTUIFZ BQQMZUPGPSFTUT5IFiCBTFMJOFOFUHSFFOIPVTFHBTSFNPWBMTuBSFEFGJOFEBTiUIF TVNPGUIFDIBOHFTJODBSCPOTUPDLTUIBUXPVMEIBWFPDDVSSFEJOUIFBCTFODFPG UIF BGGPSFTUBUJPO PS SFGPSFTUBUJPO QSPKFDU BDUJWJUZ VOEFS UIF $%.u 6/'$$$ 4#45"  Q q  5IF JTTVF PG BEEJUJPOBMJUZ JT DMPTFMZ SFMBUFE UP UIF POF PG CBTFMJOFT 5IF UFYU POBEEJUJPOBMJUZPGFOFSHZQSPKFDUTJOUIF$%. 6/'$$$4#45"  Q 

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

q<E> IBTCFFOBEKVTUFEUPBDDPVOUGPSUIFDJSDVNTUBODFTPGGPSFTUSZQSPKFDUT BOESFBET 5IF QSPQPTFE BGGPSFTUBUJPO PS SFGPSFTUBUJPO QSPKFDU BDUJWJUZ VOEFS UIF $%. JTBEEJUJPOBMJGUIFBDUVBMOFUHSFFOIPVTFHBTSFNPWBMTCZTJOLTBSFJODSFBTFE BCPWFUIFTVNPGUIFDIBOHFTJODBSCPOTUPDLTJOUIFDBSCPOQPPMTXJUIJOUIF QSPKFDU CPVOEBSZ UIBU XPVME IBWF PDDVSSFE JO UIF BCTFODF PG UIF SFHJTUFSFE $%.BGGPSFTUBUJPOPSSFGPSFTUBUJPOQSPKFDUBDUJWJUZ

5IF XPSEJOH PG UIF BEEJUJPOBMJUZ EFGJOJUJPO IBT CFFO TVCKFDU UP EJGGFSFOU JOUFSQSFUBUJPOT*OBTTFTTJOH$%.QSPKFDUT JUJTVQUPUIF$%.&YFDVUJWF#PBSE UPEFDJEFIPXUPJOUFSQSFUUIFEFGJOJUJPO -FBLBHF SFGFST UP UIF OFU DIBOHF JO ()( FNJTTJPOT PVUTJEF UIF QSPKFDU CPVOEBSZ 5IF $01 EFDJTJPO EFGJOFT JU BT iUIF JODSFBTF JO HSFFOIPVTF HBT FNJTTJPOT CZ TPVSDFT XIJDI PDDVST PVUTJEF UIF CPVOEBSZ PG BO BGGPSFTUBUJPO PS SFGPSFTUBUJPOQSPKFDUBDUJWJUZVOEFSUIF$%.XIJDIJTNFBTVSBCMFBOEBUUSJCVUBCMF UP UIF BGGPSFTUBUJPO PS SFGPSFTUBUJPO QSPKFDU BDUJWJUZu 6/'$$$ 4#45"   Q q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r BTQFDJGJD PCKFDUJWFGPSNVMB FTUBCMJTIFECZMFHJTMBUJPO BMMPXJOHMJUUMFSPPN GPSQSPGFTTJPOBMKVEHFNFOU r B TFU PG HFOFSBM HVJEFMJOFT  FTUBCMJTIFE CZ MFHJTMBUJPO  BMMPXJOH SPPN GPS QSPGFTTJPOBMKVEHFNFOUPGHPWFSONFOUPGGJDJBMT r B TFU QSPDFEVSF  FTUBCMJTIFE CZ MFHJTMBUJPO  TVDI BT B IFBSJOH  BMMPXJOH JOUFSFTUFE JOEJWJEVBMT UP QSPWJEF FYQFSU UFTUJNPOZ UP B GJOEFS PG GBDU  XIP NBLFTBEFDJTJPOCBTFEPOUIFUFTUJNPOZ r BOZ PG UIF GJSTU UISFF PQUJPOT BCPWF  FYDFQU UIBU UIF GPSNVMB  HVJEFMJOFT PS QSPDFEVSF BSF TFU DBTFCZDBTF CZ OFHPUJBUFE BHSFFNFOU PG UIF VUJMJUZ BOE SFHVMBUPSSBUIFSUIBOCZHFOFSBMMFHJTMBUJPO r BOZPGUIFBCPWFUISFF FYDFQUUIBUUIFGPSNVMB HVJEFMJOFTPSQSPDFEVSFBSF TFUDBTFCZDBTFVOJMBUFSBMMZCZUIFSFHVMBUPS

  &WFOUIFBUUFNQUUPDMBSJGZIPXUPJOUFSQSFUUIFNFBOJOHPGiXPVMEIBWFPDDVSSFEJOUIFBCTFODF

PGUIFSFHJTUFSFE$%.QSPKFDUuCZUIF$%.&YFDVUJWF#PBSE TFFUIFSFQPSUTPGUIF&YFDVUJWF #PBSEBUJUTOJOUIBOEUFOUITFTTJPO DENVOGDDDJOU&# EJEOPUMFBEUPUIFFYQFDUFEDMBSJUZPOUIF JTTVF5IFEFDJTJPOTPGUIF&YFDVUJWF#PBSEPOCBTFMJOFNFUIPEPMPHJFT IPXFWFS TVHHFTUUIBUUIF &YFDVUJWF#PBSEJTJOUFSQSFUJOHBEEJUJPOBMJUZJOBSFMBUJWFMZTUSJDUNBOOFS





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

r BOZPGUIFBCPWFUISFF FYDFQUUIBUUIFGPSNVMB HVJEFMJOFTPSQSPDFEVSFBSF TFUCZTPNFUIJSEQBSUZ5IJTNJHIUCFBTUBOEBSETFUUJOHPSHBOJ[BUJPOTVDIBT UIF*OUFSOBUJPOBM0SHBOJ[BUJPOGPS4UBOEBSEJ[BUJPOPSJUTOBUJPOBMBGGJMJBUFT  BOJNQBSUJBMBSCJUSBUPSBHSFFEUPCZUIFCVZFSBOETFMMFS PSBHSPVQBGGJMJBUFE XJUIUIF6/'$$$4FDSFUBSJBU *OBOPUIFSQPTTJCMFDBTF UIFDPOUSBDUIBTUFSNTUIBUEFQFOEPOUIFTJ[FPGUIF DBSCPOTFRVFTUSBUJPOQPUFOUJBM BOEUIFTJ[FDPVMECFTFU r CZBNFUIPETQFDJGJFEJOUIFDPOUSBDU DIPTFOCZUIFCVZFSBOETFMMFS r CZBNFUIPETQFDJGJFEJOMFHJTMBUJPO SFHBSEMFTTPGXIBUUIFCVZFSBOETFMMFS TUBUFJOUIFDPOUSBDU r CZBNFUIPETQFDJGJFEJOMFHJTMBUJPO VOMFTTUIFCVZFSBOETFMMFSTQFDJGJDBMMZ BHSFFUPBOPUIFSNFUIPEJOUIFDPOUSBDU r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f  "RVFTUJPOSFMBUFEUPi8IBUJTUIFTJ[FPGUIFSFNPWBM uJTi8IBUVOJUTEPXF VTFUPEFTDSJCFUIFTJ[F u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

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

'PS FYBNQMF  DBO PGGTFUT CF NFBTVSFE JO VOJUT UIBU GVOHJCMZ DPNCJOF UJNF BOE NBTT  *T POF UPOOF PG DBSCPO TFRVFTUFSFE GPS GJWF ZFBST FRVJWBMFOU UP GJWF UPOOFTGJYFEJOCJPNBTTGPSPOMZPOFZFBS *TGJWFUPOOFTGJYFEGPSPOFZFBSBUUIF CFHJOOJOHPGBDPNQMJBODFQFSJPEFRVJWBMFOUUPGJWFUPOOFTGJYFEGPSPOFZFBSBU UIFFOEPGBDPNQMJBODFQFSJPE "OE XIBU BCPVU UIF OPOQFSNBOFOU OBUVSF PG GPSFTUT  *G HPWFSONFOUT HSBOU DBSCPODSFEJUTBOEGJOBODJBMBXBSETUPGPSFTUPXOFSTGPSDBSCPOJODSFNFOUJOUIFJS GPSFTUT XJMMPXOFSTIBWFUPQBZCBDLXIFOUIFZIBSWFTUUIFJSGPSFTU PSXIFOUIF GPSFTUTVDDVNCTUPUIFOFYUIVSSJDBOF *OUFSOBUJPOBMMZ UIF1BSUJFTIBWFTPMWFEUIFQSPCMFNPGOPOQFSNBOFODFUISPVHI UIFDPODFQUPGUFNQPSBSZDSFEJUTBOEDBSCPOMFBTJOH/BUJPOBMHPWFSONFOUTNBZ BEBQU UIF 1BSUJFT TPMVUJPO PS NBZ TFFL BMUFSOBUJWFT UIBU GJU CPUI JOUFSOBUJPOBM SFRVJSFNFOUTBOEMPDBMOFFET"TFYBNQMFT /FX;FBMBOEOPXQSPQPTFTDBSCPO DSFEJUT BOE NBSLFU QBSUJDJQBUJPO GPS EPNFTUJD BGGPSFTUBUJPO PG QSPUFDUJPO GPSFTUT UIBUFYDMVEFGVUVSFIBSWFTUT XIJMFUIFTUBUFPG0SFHPOJTBMMPXJOHGPSFTUSZPGGTFUT JO QSPEVDUJPO GPSFTUT CBTFE PO FYQFDUFE BWFSBHF TFRVFTUSBUJPO PWFS NVMUJQMF IBSWFTUDZDMFT 5SBOTGFS 5IF BCPWF EJTDVTTJPOT IBWF CFHVO UP SBJTF TPNF PG UIF MFHBM JTTVFT UIBU NJHIU BSJTFSFHBSEJOHUSBOTGFSTPGPXOFSTIJQPGBGPSFTUTDBSCPOTFRVFTUSBUJPOQPUFOUJBM "TTVNJOHUIBUUIFQPUFOUJBMDBOCFPXOFEBOEUSBOTGFSSFEBUBMM r $BOJUCFUSBOTGFSSFETFQBSBUFMZGSPNUIFPXOFSTIJQPGUIFMBOE r *GMBOEPXOFS"USBOTGFSTUIFPXOFSTIJQPGUIFQPUFOUJBMUPCVZFS# m $BO#GPSDF"UPNBOBHFUIFGPSFTUUPNBJOUBJOPSFOIBODFUIFQPUFOUJBM m $BO#FOUFSUIFMBOEBOEBTTFTTUIFQPUFOUJBM m $BO#FOUFSBOEBDUJWFMZNBOBHFUIFMBOE m *G " UIFO TFMMT UIF VOEFSMZJOH MBOE UP OFX PXOFS $  EPFT $ CFBS BOZ PCMJHBUJPOTUPXBSET# m $BO#USBOTGFSUIFPXOFSTIJQBOEBMMJUFOUBJMTUPBTUSBOHFS % r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





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

5IF SFTQPOTF PG HPWFSONFOU IBT CFFO UP HJWF OPUJDF UP QPUFOUJBM CVZFST PG XIP BDUVBMMZ PXOT UIF QSPQFSUZ *O JUT NPTU CBTJD GPSN UIF OPUJDF NBZ CF MJUUMF NPSFUIBOBQVCMJDDFSFNPOZPGUSBOTGFSPSBQPTUFETJHOEFDMBSJOHPXOFSTIJQ0S UIFHPWFSONFOUNBZDSFBUFBSFHJTUSZPGQSPQFSUZJOUFSFTUTBOESFRVJSFCVZFSTPS TFMMFSTUPFOUFSTBMFTJOQVCMJDSFDPSECPPLT *O OBUJPOT XJUI XFMMEFWFMPQFE NBSLFUT BOE FYQFSJFODFE SFHVMBUPST  UIF HPWFSONFOUTNBZXJTIUPDPOTJEFSMFHJTMBUJPOJOPUIFSBSFBTUPQSPNPUFUSBOTGFST 5IFTF BSFBT DPVME JODMVEF JOTVSBODF  CSPLFSBHF  CBOLJOH BOE GPSNBM NBSLFU TUSVDUVSFT *OTVSBODF FODPVSBHFT USBOTGFST CZ TQSFBEJOH SJTL #VZFST PG DBSCPO TJOL QPUFOUJBMXJMMGBDFUXPLJOETPGSJTL5IFGJSTUJTUIBUUIFTFMMFSEPFTOPUBDUVBMMZ IBWFBVUIPSJUZUPUSBOTGFSUIFTJOLQPUFOUJBM5IJTDPVMECFTPCFDBVTFUIFTFMMFST VOEFSMZJOH MBOE UJUMF JT GMBXFE PS CFDBVTF UIF TFMMFS IBT BMSFBEZ USBOTGFSSFE UIF QPUFOUJBMUPTPNFPOFFMTF"iUJUMFu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

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

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





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

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r 7JBCJMJUZ5ISPVHISFHVMBUJPOT UIFHPWFSONFOUDBOSFRVJSFUIFPQFSBUPSPG BGPSFTUBDUJWJUZUPEFNPOTUSBUFGJOBODJBM MFHBMBOEUFDIOJDBMWJBCJMJUZCFGPSF UIFDMBJNJOHPSUSBOTGFSSJOHDBSCPOTFRVFTUSBUJPODSFEJUT r -JBCJMJUZ $MFBS MJBCJMJUZ SVMFT  SFHBSEJOH DPOUSBDUT BT EJTDVTTFE BCPWF BOE UPSUTBOEPGGFODFTBTEJTDVTTFEJOUIFOFYUTFDUJPOPGUIJTQBQFS XJMMUFOEUP EFUFSTPNFSJTLZBDUJWJUJFT r 3JTLNBOBHFNFOU3FHVMBUJPOTDPVMESFRVJSFPQFSBUPSTUPEFTJHOQSPKFDUTUP NJOJNJ[FSJTLT(SPVQJOHBDUJWJUJFTJOUPQPSUGPMJPTDPVMESFEVDFUIFSJTLPG UPUBMGBJMVSF r *OTVSBODF*OTVSBODFTZTUFNTDPVMECFTFUVQFJUIFSQSJWBUFMZPSUISPVHIUIF HPWFSONFOU 5IF JOTVSFS XPVME DPMMFDU QSFNJVNT GSPN UIPTF JOWFTUJOH JO GPSFTUPGGTFUT5IFJOTVSFSXPVMEVTFTPNFPSBMMPGUIFQSFNJVNTUPQBZGPS BSFTFSWFPGVOVTFEPGGTFUT*GBOJOTVSFEJOWFTUPSFYQFSJFODFTBGBJMVSF UIF SFTFSWFXPVMEDPWFSUIFMPTT r $SFEJUSFTFSWFT5IFMBXDPVMESFRVJSFUIFHPWFSONFOU BCSPLFS PSPOFPG UIFPUIFSQBSUJDJQBOUTJODSFEJUPSPGGTFUUSBEJOHUPIPMEDSFEJUTJOSFTFSWFUP DPWFSQPTTJCMFMPTTFT r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

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

-JBCJMJUZBOEEBNBHFT *GUIFPXOFSPGBGPSFTUTVGGFSTEBNBHFUPUIFWBMVFPGUIFGPSFTUPXJOHUPUIFBDUJPOT PGBOPUIFS UIFMBXXJMMPGUFOPGGFSTPNFXBZGPSUIFGPSFTUPXOFSUPSFDPWFSUIF MPTT5IJTNBZJOWPMWFCSJOHJOHBTVJUCFGPSFUIFDPVSUTTFFLJOHEBNBHFT 5IFDPVSUTNBZCBTFUIFBNPVOUPGUIFEBNBHFTPOUIFNPOFUBSZMPTTUPUIF PXOFS*GDBSCPOTFRVFTUSBUJPOCFDPNFTBDPNNPEJUZ UIFMBXNBZBVUPNBUJDBMMZ JODMVEFMPTTPGDBSCPOTFRVFTUSBUJPOJOEBNBHFDBMDVMBUJPOT*OTPNFDPVOUSJFT UIF MFHJTMBUVSF NBZ XJTI UP FMJNJOBUF BOZ QPTTJCMF EPVCUT CZ EFDMBSJOH UIBU PXOFST NBZTFFLEBNBHFTSFMBUFEUPDBSCPOTFRVFTUSBUJPOMPTTFT $BMDVMBUJOHEBNBHFTDBOCFDPNQMJDBUFEJOBGPSFTUJOKVSZDBTFCFDBVTFUIFMPTU WBMVFPGDPNNPEJUJFTEPFTOPUSFGMFDUUIFUPUBMJOKVSZ5IFSFJTBMTPBOJOKVSZUP UIFQSPEVDUJWFDBQBDJUZPGUIFGPSFTU 'PSFYBNQMF MFUVTTBZUIBUBOBUJPOGPMMPXTUIFFYBNQMFPGUIF1SPUPDPMBOE NFBTVSFTDBSCPOTFRVFTUSBUJPOJOGJWFZFBSQFSJPET"MBOEPXOFSBGGPSFTUTIJTPS IFSMBOEBUUIFTUBSUPGUIFGJSTUQFSJPE#FDBVTFPGUIFSBUFBUXIJDIUSFFTHSPX  UIF OFX GPSFTU XJMM TFRVFTUFS SFMBUJWFMZ MJUUMF DBSCPO EVSJOH UIF GJSTU GJWF ZFBST *UXJMMQFSGPSNCFUUFSEVSJOHUIFOFYUGJWFZFBST CFDBVTFUIFUSFFTBSFPMEFSBOE MBSHFS%FQFOEJOHPOUIFUSFFTBOEUIFTJUF UIJTJNQSPWJOHUSFOEDPVMEDPOUJOVF GPSTFWFSBMNPSFDZDMFT /PXBTTVNFUIBUTPNFPOFTFUTGJSFUPUIFGPSFTUBUUIFFOEPGUIFGJSTUDZDMF 5IFBNPVOUPGTFRVFTUFSFEDBSCPOMPTUJTSFMBUJWFMZTNBMM)PXFWFS UIFGJSFIBT SFTFUUIFDMPDLPGFDPMPHJDBMTVDDFTTJPOUP[FSP*OUIFOFYUGJWFZFBST UIFGPSFTU XJMMBHBJOTFRVFTUFSSFMBUJWFMZMJUUMFDBSCPO#FTJEFTEFTUSPZJOHUIFTNBMMHBJOPGUIF GPSFTU UIFGJSFIBTEFMBZFEGVUVSFHBJOT 7BMVJOH UIF JOKVSZ UP QSPEVDUJWF DBQBDJUZ DBO CF EJGGJDVMU *U SFRVJSFT B HPPE VOEFSTUBOEJOH PG UIF SBUF BU XIJDI USFFT XJMM HSPX PO UIF TJUF UISPVHIPVU UIFJS MJWFT*GUIFGPSFTUJTPGBUZQFDPNNPOMZNBOBHFEGPSXPPEQSPEVDUJPO GPSFTUFST NBZ IBWF UIJT JOGPSNBUJPO 'PS NBOZ GPSFTUT  IPXFWFS  UIF JOGPSNBUJPO NBZ CF VOBWBJMBCMF "OE  FWFO XJUI UIJT JOGPSNBUJPO  DBMDVMBUJOH UIF MPTT XJMM CF DPNQMJDBUFE XIFSF GJSF PS PUIFS JOKVSZ IBT LJMMFE POMZ TPNF PG UIF USFFT 0O UIF XIPMF  UIF DVSSFOU TUBUF PG UIF BSU JO GPSFTUSZ NBZ OPU BMXBZT CF DBQBCMF PG BTTJHOJOHBDDVSBUFWBMVFTUPUIFTFLJOETPGJOKVSZ 5IF MBX DBO IFMQ CZ TFUUJOH PVU TPNF HVJEBODF *G UIF MBOE JT JO QSJWBUF PXOFSTIJQ BOE UIF NBSLFUQMBDF BDDVSBUFMZ DBQUVSFT UIF WBMVF PG UIF MBOE GPS DBSCPOTFRVFTUSBUJPO MPTTPGNBSLFUWBMVFUPUIFMBOENBZCFBOBEFRVBUFNFBTVSF *GUIFMBOEJTPOMZSFDFOUMZGPSFTUFE UIFOUIFEBNBHFTTIPVMEJODMVEFUIFDPTUPG SFTUPSBUJPOPGGPSFTUDPWFS3FTUPSBUJPODIBOHFTNBZBMTPCFBQQSPQSJBUFXIFSFUIF JOKVSFEMBOEJTQBSUPGBQSPUFDUFEBSFB *OTJUVBUJPOTXIFSFBDUVBMEBNBHFTBSFEJGGJDVMUUPEFUFSNJOF UIFMBXDBOTFU TUBOEBSE NFBTVSFT PG EBNBHFT 5IFTF DPVME CF EFUBJMFE GPSNVMBT CBTFE PO BSFB  GPSFTU UZQF  BHF  BOE PUIFS GBDUPST  PS UIFZ DPVME CF BSCJUSBSZ  SFMBUJWFMZ IJHI GJHVSFTTFUUPEFUFSGPSFTUJOKVSZBTXFMMBTDPNQFOTBUFJOKVSFEPXOFST #FDBVTFUIFSFJTBTPDJBMJOUFSFTUJOEFUFSSFODFPGGPSFTUJOKVSZ TPNFKVSJTEJDUJPOT





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

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f<>  DPEJGJFE BT  64 $PEF f  5IF MBX BMMPXT UIF QSFTJEFOU BOE TUBUF HPWFSOPST UP EFTJHOBUF HPWFSONFOU PGGJDJBMT UP TFSWF BT USVTUFFT PG UIF SFTPVSDFT GPS UIF QVSQPTFT PG TFFLJOHDPNQFOTBUJPO5IFMBXBMTPFNQPXFSTUIFQSFTJEFOUUPXSJUFSFHVMBUJPOT FTUBCMJTIJOH UIF QSPQFS MFWFM PG DPNQFOTBUJPO GPS MPTU SFTPVSDFT <$&3$-"> f DPEJGJFEBT64$PEFf  3&(6-"503:$0.."/%"/%$0/530-*446&4 $PNNBOEBOEDPOUSPM SFHVMBUJPO DBO QMBZ NBOZ SPMFT JO B OBUJPOBM TZTUFN UP SFEVDFOFU()(FNJTTJPOTBOEUIFSFHJNFGPSDMJNBUFDIBOHFNJUJHBUJPOUISPVHI GPSFTUT 5IF BCPWF EJTDVTTJPO PG QSPQFSUZ BOE USBOTGFS JTTVFT JEFOUJGJFE TFWFSBM QPJOUTXIFSFSFHVMBUJPODPVMECFVTFGVM*OEFFE BSFHVMBUPSZPGGTFUSFRVJSFNFOU DPVMEESJWFBDPVOUSZTXIPMFNBSLFUJODBSCPODSFEJUT#FTJEFTSFHVMBUJOHNBSLFUT  BDPVOUSZDPVMESFEVDFJUTOFU()(FNJTTJPOTCZEJSFDUMZSFHVMBUJOHGPSFTUVTF &YBNQMFTPGQPTTJCMFGPSFTUSFHVMBUPSZBQQSPBDIFTJODMVEF r -BXT QMBDJOH USFFT PGGMJNJUT UP IBSWFTU 5IFTF DPVME JODMVEF MBXT DSFBUJOH QSPUFDUFE OBUVSBM BSFBT PO QSJWBUF MBOET  MBXT SFRVJSJOH VODVU CVGGFST PG GPSFTUT BSPVOE XBUFSXBZT PS SPBET  PS MBXT QSPIJCJUJOH IBSWFTU PO TUFFQ TMPQFTPSVOTUBCMFTPJMT r -BXTDPOUSPMMJOHIBSWFTUNFUIPETPSSPUBUJPOBHF#JPMPHJTUT GPSFTUFSTBOE QPMJDZNBLFSTDVSSFOUMZEPOPUBMMBHSFFPOXIJDINBOBHFNFOUTZTUFNTBOE IBSWFTUPSSPUBUJPOBHFTXPVMENBYJNJ[FDBSCPOTFRVFTUSBUJPOPOQBSUJDVMBS GPSFTUT PWFS UIF MPOH UFSN BOE IPX UP JOUFHSBUF NJUJHBUJPO BOE BEBQUBUJPO UFDIOJRVFT 5IF JTTVF JT NBEF NPSF DPNQMFY CFDBVTF IPX MPOH DBSCPO JO

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

IBSWFTUFEXPPESFNBJOTPVUPGUIFBUNPTQIFSFEFQFOETPOIPXUIFXPPEJT QSPEVDFEBOEVTFE*GTDJFODFJTBCMFUPHJWFDMFBSFSHVJEBODFJOUIJTBSFB MBXT SFHVMBUJOHIBSWFTUTNBZCFVTFGVMJOQSPNPUJOHDBSCPOTFRVFTUSBUJPO r -BXTSFRVJSJOHQSPQFSUZPXOFSTUPFOTVSFSFHFOFSBUJPOPGIBSWFTUFEGPSFTUT  UP SFTUPSF EFHSBEFE GPSFTUT  PS UP NBJOUBJO NJOJNVN DSPXO DPWFST BGUFS UIJOOJOHT r -BXTMJNJUJOHUIFVTFPGGJSFUPEFTUSPZMPHHJOHXBTUFPSUPDMFBSMBOE BOE MBXT SFRVJSJOH QFPQMF XIP XPSL JO PS VTF GPSFTUT UP SFQPSU GJSFT PS DBSSZ TJNQMFGJSFGJHIUJOHUPPMT (PWFSONFOUTNBZBMTPXBOUUPBEPQUSFHVMBUJPOTGPSQSPKFDUTVOEFSUIF$MFBO %FWFMPQNFOU.FDIBOJTNPS+PJOU*NQMFNFOUBUJPOUIBUGPTUFSFOWJSPONFOUBMBOE TPDJBM HPBMT JO UIF 6/'$$$ BOE UIF ,ZPUP 1SPUPDPM UIBU HP CFZPOE DMJNBUF DIBOHFJTTVFT r -BXT DPVME SFRVJSF NJUJHBUJPO QSPKFDUT UP SFTQFDU FOWJSPONFOUBM TUBOEBSET BOEDPOGPSNUP$01TQSJODJQMFUIBUJNQMFNFOUBUJPOTIPVMEDPOUSJCVUFUP DPOTFSWBUJPOPGCJPMPHJDBMEJWFSTJUZBOETVTUBJOBCMFVTFPGOBUVSBMSFTPVSDFT r -BXTDPVMESFRVJSFQSPKFDUTUPSFTQFDUUSBEJUJPOBMPSJOEJHFOPVTGPSFTUVTF r -BXT DPVME SFRVJSF QSPKFDUT UP PGGTFU EJTSVQUJPO BOE DPTUT UP MPDBM DPNNVOJUJFTCZQSPWJEJOHMPDBMCFOFGJUT TVDIBTFNQMPZNFOU QVCMJDBDDFTT UPUIFGPSFTUPSQVCMJDVTFPGQSPKFDUJOGSBTUSVDUVSF *O TPNF JOTUBODFT  FYJTUJOH MBXT NJHIU OFFE UP CF TUSFBNMJOFE UP GBDJMJUBUF NJUJHBUJPO QSPKFDUT $BSCPO TFRVFTUSBUJPO QSPKFDUT JO $BMJGPSOJB  GPS FYBNQMF  XFSFTVCKFDUUPBUMFBTUGFEFSBMBOETUBUFSFHVMBUJPOT 7JOF  5IF,ZPUP 1SPUPDPMBOENBOZDPVOUSJFT #FLIFDIJBOE.FSDJFS  SFRVJSFFOWJSPONFOUBM BOE TPDJBM JNQBDU BTTFTTNFOUT GPS BGGPSFTUBUJPO BOE SFGPSFTUBUJPO 5IF DBSCPO TFRVFTUSBUJPOTFSWJDFTUIBUGPSFTUTQSPWJEFTIPVMEQSPCBCMZCFHJWFOBXFJHIUJO UIFTFBTTFTTNFOUTBTXFMMBTJOMBXTPOMBOEVTFQMBOOJOH [POJOHBOEMBOETDBQF DPOTFSWBUJPO ,FOOFU    $VSSFOU FOWJSPONFOUBM MFHJTMBUJPO TPNFUJNFT SFRVJSFTNBUFSJBMPGGTFUTGPSJOUFSWFOUJPOTJOUIFMBOETDBQFUIBUBGGFDUTPJM XBUFS  MPDBM DMJNBUF  GPSFTU BSFB  CJPMPHJDBM EJWFSTJUZ PS BNFOJUZ WBMVFT *O UIF GVUVSF  EJNJOJTIFE DBSCPO TUPSFT BOE SFEVDFE TFRVFTUSBUJPO QPUFOUJBM NJHIU BMTP CF DPOTJEFSFEJOMBOETDBQFSFTUPSBUJPO 46#4*%:"/%5"9*446&4 #FDBVTF()(NJUJHBUJPOJTBQVCMJDHPPE HPWFSONFOUTNBZGJOEJUBQQSPQSJBUF GPSUIFQVCMJDUPTIBSFUIFDPTUPGQSPEVDJOHJU4VCTJEJFTGPSGPSFTUCBTFE()( NJUJHBUJPO NBZ OPU CF WFSZ EJGGFSFOU GSPN TVCTJEJFT GPS GPSFTU NBOBHFNFOU HFOFSBMMZ ()( NJUJHBUJPO NBZ CF IBSEFS UP FWBMVBUF UIBO  TBZ  BSFB PG GPSFTU DPWFS PS WPMVNF PG XPPE CSPVHIU UP NJMMT #VU UIF CBTJD NFDIBOJTNT GPS QSPNPUJOH()(NJUJHBUJPOUISPVHITVCTJEJFTBSFQSPCBCMZBOBMPHPVTUPHFOFSBM VTFPGTVCTJEJFTUPQSPNPUFHPPEGPSFTUNBOBHFNFOU'PSFYBNQMF r "TJO$PTUB3JDB UIFHPWFSONFOUNBZXJTIUPQBZGPSFTUMBOEPXOFSTEJSFDUMZ GPS NBOBHFNFOU UIBU QSPNPUFT DBSCPO TFRVFTUSBUJPO 5IFTF DPVME CF MVNQ TVNDBTIQBZNFOUT UBYEFEVDUJPOTPSUBYDSFEJUT





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

r (PWFSONFOUT DPVME NBLF QBZNFOUT UP GPSFTU MBOEPXOFST JO UIF GPSN PG HPPET'PSFYBNQMF UIFHPWFSONFOUDPVMEQSPWJEFOVSTFSZTUPDL GFSUJMJ[FS PSUPPMT r 1BZNFOUTDPVMECFJOUIFGPSNPGTFSWJDFT5IFTFDPVMEJODMVEFGJSFGJHIUJOH BTTJTUBODF GPSFTUJOWFOUPSZ QMBOOJOH UJNCFSTBMFTQSFQBSBUJPOPSFYUFOTJPO TFSWJDFT r *OTPNFDPVOUSJFT QBZNFOUTDPVMEHPUPMPDBMDPNNVOJUJFTXJMMJOHUPIFMQ JNQSPWFQVCMJDGPSFTUT r 3FWJTFE NBOBHFNFOU PG QVCMJD GPSFTUT DPVME BMTP CF FGGFDUJWF 5IJT DPVME JODMVEF QMBDJOH SFTUSJDUJPOT PO UIF GPSFTU QSBDUJDFT UIBU DPODFTTJPO IPMEFST NBZ FNQMPZ JO UIFJS IBSWFTUT "OZ SFTVMUJOH SFEVDUJPO JO HPWFSONFOU JODPNFGSPNDPODFTTJPOTXPVMECFFRVJWBMFOUUPQVCMJDTQFOEJOHGPSCFUUFS NBOBHFNFOU 4PNF DPVOUSJFT NBZ XJTI UP DPOTJEFS HPWFSONFOU QVSDIBTF PG MBOET PS MBOE JOUFSFTUT r *O TPNF DPVOUSJFT  DSFBUJPO PS JODSFBTFE QSPUFDUJPO PG OBUVSBM BSFBT NBZ CF FGGFDUJWF 'PS FYBNQMF  #PMJWJB IBT BUUSBDUFE EPOPS  /(0 BOE DPSQPSBUF GVOEJOH GPS UIF /PFM ,FNQGG .FSDBEP $MJNBUF "DUJPO 1SPKFDU  JOWPMWJOH IVOESFET PG UIPVTBOET PG IFDUBSFT JO OPSUIFBTUFSO #PMJWJB XXXOPFMLFNQGGDPN 1SPKFDUTTVDIBTUIFTFDBOQSPWJEFOPODPOTVNQUJWF VTFT CFTJEFT ()( NJUJHBUJPO  GPS JOTUBODF QSPUFDUJPO PG CJPEJWFSTJUZ PS FDPUPVSJTN r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

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

.PSF JOUFOTF FOGPSDFNFOU PG FYJTUJOH GPSFTU QSPUFDUJPO MBXT NBZ BMTP ZJFME HBJOT .PTU DPVOUSJFT GJOE JU EJGGJDVMU UP FOGPSDF CBTJD QSPQFSUZ MBXT JO SFNPUF GPSFTUFEBSFBT*OWFTUNFOUJOJODSFBTFETVSWFJMMBODFUPTUPQVOBVUIPSJ[FEMBOEVTFT NJHIU SFEVDF GPSFTU EFHSBEBUJPO FOPVHI UP IBWF B NFBTVSBCMF FGGFDU PO DBSCPO TFRVFTUSBUJPO 1BSUJDVMBSMZ JO DPVOUSJFT UIBU DPOTVNF MBSHF BNPVOUT PG XPPE PS QBQFS  HPWFSONFOUTNBZXJTIUPVOEFSUBLFQSPHSBNNFTUPQSPNPUFNPSFFGGJDJFOUVTF PGGPSFTUQSPEVDUT5IFTFDPVMEJODMVEFQSPHSBNNFTUPDPMMFDUBOESFDZDMFXPPE BOEQBQFS *UTIPVMEBMTPCFOPUFEUIBUUIF6/'$$$EJSFDUT1BSUJFTUPFOE EFTUSVDUJWF TVCTJEJFT 5IFTF NJHIU JODMVEF QSPHSBNNFT FODPVSBHJOH UIF DMFBSJOH PG MBOE PS UIFFBSMZIBSWFTUPGUSFFT 'PSUIFDPVOUSZJNQMFNFOUJOHUIFTFLJOETPGTVCTJEZ UIFNBKPSRVFTUJPOTNBZ CF KVEHJOH UIF DPTUT PS MJLFMZ SFUVSOT 6OUJM DPVOUSJFT HBJO NPSF FYQFSJFODF JO UIFTFBSFBT OFXQSPHSBNNFTXJMMOFDFTTBSJMZFOUBJMTPNFVODFSUBJOUJFT */'03."5*0/*446&4 0OFPGUIFCBSSJFSTUP()(NJUJHBUJPOQSPKFDUTJTBMBDLPGJOGPSNBUJPO1SPWJEJOH JOGPSNBUJPOUPMBOEPXOFST DPOTVNFSTPGGPSFTUQSPEVDUTBOEUIFHFOFSBMQVCMJD NBZFODPVSBHF()(NJUJHBUJPOQSPKFDUT &EVDBUJPO -BOEPXOFST NBZ OPU CF BXBSF UIBU ()( NJUJHBUJPO JT BO JTTVF UIBU JOWPMWFT UIFN 5IF HPWFSONFOU DBO BGGFDU MBOEPXOFS NBOBHFNFOU EFDJTJPOT CZ UBLJOH TUFQTTVDIBT r JOGPSNJOH MBOEPXOFST BCPVU FDPOPNJD PQQPSUVOJUJFT UIBU NBZ BSJTF VOEFS PGGTFUBOENJUJHBUJPOQSPHSBNNFT r JOGPSNJOHMBOEPXOFSTBCPVUUIFQVCMJDTFSWJDFUIBUUIFZDBOQFSGPSNUISPVHI NBOBHFNFOUGPSDBSCPOTFRVFTUSBUJPO r JOGPSNJOH MBOEPXOFST BCPVU IPX UP NBOBHF GPSFTUT UP JNQSPWF DBSCPO TFRVFTUSBUJPO r JOGPSNJOHMBOEPXOFSTBCPVUIPXUPNFBTVSFBOEWFSJGZUIFSFTVMUTPGUIFJS NBOBHFNFOUFGGPSUT *O NBOZ JOTUBODFT  JOGPSNBUJPO BOE USBJOJOH NBZ CF QSPWJEFE UISPVHI FTUBCMJTIFE FYUFOTJPO TFSWJDFT 5IFTF DPVME BMTP CF EPOF UISPVHI UBY BHFOUT  UISPVHIMBOESFHJTUSZBHFOUTPSPUIFSOPOUSBEJUJPOBMNFBOT $POTVNFSTBOEVTFSTPGGPSFTUQSPEVDUTNBZOPUCFBXBSFPGUIFJSSPMFJOUIF DBSCPODZDMF5IFHPWFSONFOUNJHIUDPOTJEFSQSPHSBNNFTTVDIBT r DMFBSJOHIPVTFT DPMMFDUJOH JOGPSNBUJPO PO FGGJDJFOU NBOVGBDUVSF BOE VTF PG GPSFTUQSPEVDUT r MBCFMMJOHQSPHSBNNFTPSFEVDBUJPOBMDBNQBJHOTUPJOGPSNDPOTVNFSTBCPVU FGGJDJFOU VTF BOE SFDZDMJOH PG GPSFTU QSPEVDUT BOE BCPVU UIF BEWBOUBHFT PG XPPEBTBDBSCPOOFVUSBMTPVSDFPGHSFFOFOFSHZ





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

r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iPQFSBUJPOBM FOUJUJFTu UP NBLF UIFTF DFSUJGJDBUJPOT  VOEFS UIF PWFSTJHIU PG UIF &YFDVUJWF #PBSE 5IF $01 EFDJTJPO PO EFGJOJUJPOT BOE NPEBMJUJFTGPSJODMVEJOH-6-6$'VOEFSUIF$%.JODMVEFTBTQFDUTDPODFSOJOH WFSJGJDBUJPOBOEDFSUJGJDBUJPOBTXFMMBTUIFBDDSFEJUBUJPOPGPQFSBUJPOBMFOUJUJFTJO SFMBUJPO UP BGGPSFTUBUJPO BOE SFGPSFTUBUJPO QSPKFDUT VOEFS UIF $%. 6/'$$$ 4#45"  QQmBOE  "SUJDMF  BMMPXT "OOFY * 1BSUJFT UP JNQMFNFOU FNJTTJPO SFEVDUJPO BOE TFRVFTUSBUJPOQSPKFDUTJOPUIFS"OOFY*DPVOUSJFT5IFSFBSFUXPiUSBDLTuUP+PJOU *NQMFNFOUBUJPO XJUIEJGGFSFOUJOTUJUVUJPOBMJNQMJDBUJPOTBUUIFOBUJPOBMMFWFM5IF GJSTUUSBDLmUIFiGBTUUSBDLumJTBWBJMBCMFGPSIPTU1BSUJFTNFFUJOHUIFFMJHJCJMJUZ SFRVJSFNFOUT 5IFTF 1BSUJFT NBZ VTF UIFJS PXO QSPDFTTFT UP WFSJGZ FNJTTJPOT SFEVDUJPOTPSSFNPWBMTBTCFJOHBEEJUJPOBMBOEJTTVFUIFBQQSPQSJBUFRVBOUJUZPG &36TPS3.6T$POTFRVFOUMZ JUXJMMCFJNQPSUBOUGPSUIFTF1BSUJFTUPIBWFUIF OFDFTTBSZJOTUJUVUJPOBMCBTJTJOQMBDFXFMMCFGPSFUIFCFHJOOJOHPGUIFDPNNJUNFOU QFSJPE JO  6OEFS UIF TFDPOE iUSBDLu  B +PJOU *NQMFNFOUBUJPO TVQFSWJTPSZ DPNNJUUFF TFUT JOUFSOBUJPOBM QSPDFEVSFT GPS CBTFMJOFT  WFSJGJDBUJPO BOE PUIFS QSPDFEVSFT .VMMJOT    QQ BOE   5IF HVJEFMJOFT PO UIF JNQMFNFOUBUJPO PO"SUJDMFBSFJODMVEFEJOUIFEFDJTJPO$1PGUIF.BSSBLFTI"DDPSET "SUJDMFPGUIF1SPUPDPMBMMPXT"OOFY*1BSUJFTUPDMBJNOFUDIBOHFTJO()( FNJTTJPOTEVFUPMBOEVTFDIBOHFBOEGPSFTUSZBDUJWJUJFT CVUSFRVJSFTTVDIDIBOHFT UP CF WFSJGJBCMF "OOFY * 1BSUJFT IBWF UP SFQPSU BOOVBMMZ UIFJS BOUISPQPHFOJD HSFFOIPVTF HBT FNJTTJPOT BOE SFNPWBMT  XIJDI XJMM CF SFWJFXFE JO BDDPSEBODF XJUISFMFWBOUEFDJTJPOTSFMBUJOHUP"SUJDMFT BOEPGUIF1SPUPDPM (PWFSONFOUT UIBU TFU VQ NBSLFUCBTFE  SFHVMBUPSZ PS TVCTJEZ QSPHSBNNFT NBZGJOEJUOFDFTTBSZUPDSFBUFJOUFSOBMTUBOEBSETPSNFDIBOJTNTUPWFSJGZ()( SFEVDUJPOTEVFUPGPSFTUBDUJWJUJFT4PNFPGUIFTFDUJPOTBCPWFJOUIJTQBQFSIBWF

  5IFTFBSF J CFJOHB1BSUZPGUIF,ZPUP1SPUPDPM JJ IBWJOHFTUBCMJTIFEJUTBTTJHOFEBNPVOUBOE

BOBUJPOBMTZTUFNGPSFTUJNBUJOHFNJTTJPOTBOETJOLT JJJ QVUUJOHJOQMBDFBOBUJPOBMSFHJTUSZBOE JW IBWJOHTVCNJUUFEUIFSFRVJSFEOBUJPOBMJOWFOUPSZBOETVQQMFNFOUBSZJOGPSNBUJPOBOOVBMMZ 'VSUIFSNPSF UIFDPVOUSZIBTUPJOGPSNUIF6/'$$$4FDSFUBSJBUPGJUTEFTJHOBUFEGPDBMQPJOUBOE JUTOBUJPOBMHVJEFMJOFTBOEQSPDFEVSFTGPSBQQSPWJOH"SUJDMFQSPKFDUT

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

UPVDIFE PO WFSJGJDBUJPO JTTVFT  FH UIF EJTDVTTJPO PG TJ[F VOEFS NBSLFUSFMBUFE JTTVFT4JNJMBSWFSJGJDBUJPOJTTVFTNBZBSJTFJOEFUFSNJOJOHDPNQMJBODFXJUI()( SFHVMBUJPOTPSFMJHJCJMJUZGPS()(SFEVDUJPOTVCTJEJFT (PWFSONFOU JOWPMWFNFOU JO JOUFSOBM DFSUJGJDBUJPO BOE WFSJGJDBUJPO DPVME UBLF TFWFSBM GPSNT 5IF HPWFSONFOU DPVME JUTFMG NFBTVSF BOE DFSUJGZ ()( PGGTFUT  QFSIBQTUISPVHIHPWFSONFOUGPSFTUSZBHFODJFT*UDPVMEQSPWJEFPGGJDJBMHVJEFMJOFT GPS NFBTVSJOH UIFN *U DPVME MJDFOTF QSJWBUF QBSUJFT  TVDI BT QVCMJDMZ BDDSFEJUFE DFSUJGJDBUJPOPSHBOJ[BUJPOT UPNFBTVSFUIFN (PWFSONFOU DFSUJGJDBUJPO NBZ PDDVS JO WBSZJOH DPOUFYUT *U NBZ CF TUSPOHMZ UJFE UP HPWFSONFOU FOGPSDFNFOU FGGPSUT  BT B NFBOT UP EFUFSNJOF XIFUIFS QSPQFSUZPXOFSTBSFGPMMPXJOHMBXTEFTJHOFEUPSFEVDF()(FNJTTJPOT*OBOPO FOGPSDFNFOUDPOUFYU UIFQVSQPTFPGDFSUJGJDBUJPONBZCFUPBTTVSFQBSUJFTJOWPMWFE JO()(NJUJHBUJPOUSBOTBDUJPOTUIBUUIFNJUJHBUJPOJTSFBM *G UIF QVCMJD HSPXT NPSF BXBSF PG UIF JNQPSUBODF PG GPSFTUT BT ()( TJOLT  JU NBZ CF JOUFSFTUFE UP LOPX XIFUIFS XPPE DBNF GSPN GPSFTUT NBOBHFE UP QSPNPUF DBSCPO TFRVFTUSBUJPO $FSUJGJDBUJPO PG XPPE QSPEVDUT DPVME QSPWJEF UIBU JOGPSNBUJPO 5IJT DPVME CF B HPWFSONFOU GVODUJPO  PS JU DPVME GBMM UP OPO HPWFSONFOUBM PSHBOJ[BUJPOT UIBU NBJOUBJO DFSUJGJDBUJPO TUBOEBSET  TVDI BT UIF 'PSFTU4UFXBSETIJQ$PVODJM 1MBOOJOH #ZNBOEBUJOHQMBOOJOH UIFHPWFSONFOUDBONBLFEFDJTJPONBLFSTNPSFBXBSFPG UIFJNQBDUTUIBUGPSFTUSFMBUFEEFDJTJPOTIBWFPOOFU()(FNJTTJPOT*UJTIPQFE UIBUUIJTBXBSFOFTTXJMMMFBEUPCFUUFSEFDJTJPOT5IJTBQQMJFTCPUIUPHPWFSONFOU BOEQSJWBUFEFDJTJPONBLFST .BOZ DPVOUSJFT IBWF JNQBDU BTTFTTNFOU PS QMBOOJOH MBXT UIBU SFRVJSF HPWFSONFOU EFDJTJPONBLFST UP SFWJFX UIF FOWJSPONFOUBM JNQBDUT PG QSPQPTFE BDUJPOTBOEDPOTJEFSBMUFSOBUJWFTBOENJUJHBUJPO()(FGGFDUTGSPNGPSFTUQSPKFDUT NBZFTDBQFSFWJFXVOEFSUIFTFMBXTGPSTFWFSBMSFBTPOT$MJNBUFDIBOHFNBZOPU CFPOFPGUIFLJOETPGJNQBDUUIBUBOBMZTUTVTVBMMZDPOTJEFS0S UIFBOBMZTUNBZ EFDJEFUIFFGGFDUPGBTJOHMFQSPKFDUPOOFU()(FNJTTJPOTJTTPNJOPSUIBUJUJT OPUXPSUIDPOTJEFSBUJPO0SUIFBOBMZTUNBZDPODMVEFUIBUUIFVMUJNBUFJNQBDUT PG DMJNBUF DIBOHF BSF TP EJTUBOU JO UJNF BOE TQBDF BOE TP TQFDVMBUJWF UIBU B QSFTFOUBOBMZTJTDBOOPUBTTJHOUIFNBSFBTPOBCMFXFJHIUGPSUIFEFDJTJPONBLFSUP DPOTJEFS/FXMBXTPSHVJEBODFPOJNQBDUBTTFTTNFOUDBOPWFSDPNFUIFTFIVSEMFT BOEFOTVSFUIBUBOBMZTUTXFJHIDMJNBUFJNQBDUTXIFOSFWJFXJOHGPSFTUQSPKFDUT .BOZ DPVOUSJFT IBWF QMBOOJOH SFRVJSFNFOUT UIBU BQQMZ UP QVCMJD PS QSJWBUF GPSFTUT.BOBHFSTDBOOPUNBOBHFGPSFTUTXJUIPVUTIPSUUFSNPQFSBUJPOBMQMBOTPS MPOHUFSNNBOBHFNFOUQMBOT5ZQJDBMMZ UIFMBXSFRVJSFTUIBUUIFTFQMBOTQSPUFDU UIFQSPEVDUJWJUZPGUIFGPSFTUSFTPVSDF"UBNJOJNVN QMBOOJOHNBLFTUIFPXOFS BXBSFPGUIFDPTUTBOECFOFGJUTPGQSPQPTFEBDUJWJUJFT*UNBZBMTPIBWFBSFHVMBUPSZ GVODUJPO  BMMPXJOH UIF HPWFSONFOU UP WFSJGZ UIBU UIF PXOFS DBO DBSSZ PVU UIF QSPQPTFEBDUJWJUZJOBDDPSEXJUIFYJTUJOHMBXT"EEJOHSFRVJSFNFOUTGPSDBSCPO





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

JOWFOUPSJFT BOE QSPKFDUJPO PG NBOBHFNFOU JNQBDUT PO OFU DBSCPO TFRVFTUSBUJPO DPVME NBLF GPSFTU PXOFST BOE SFHVMBUPST NPSF BXBSF PG UIF MJLFMZ OFU ()( FGGFDUTPGQSPQPTFEBDUJPOT 4PNF DPVOUSJFT SFRVJSF JOEVTUSJBM PQFSBUJPOT UP QSFQBSF QPMMVUJPO QSFWFOUJPO QMBOT5IFTFUZQJDBMMZGPDVTPOIB[BSEPVTPSUPYJDQPMMVUBOUT(PWFSONFOUTDPVME SFRVJSFUIFGPSFTUJOEVTUSZUPQSFQBSF()(FNJTTJPOSFEVDUJPOQMBOTGPSGPSFTU NBOBHFNFOU 3FTFBSDI -FHBMMZ NBOEBUFE SFTFBSDI HFOFSBMMZ UBLFT POF PG UXP GPSNT 0OF JT B LJOE PG TVCTJEZ XIFSFUIFHPWFSONFOUDPNNJUTJUTFMGUPDPOEVDUJOHSFTFBSDIBOENBLJOH UIFSFTVMUTGSFFMZBWBJMBCMF5IFPUIFSJTBGPSNPGSFHVMBUJPO XIFSFUIFHPWFSONFOU PSEFSTPUIFSTUPHBUIFSJOGPSNBUJPOPSDPOEVDUUFTUTBOEQBTTUIFJOGPSNBUJPOPO UPUIFQVCMJDPSUIFHPWFSONFOU 5P VOEFSTUBOE BOE JNQSPWF UIF FGGFDUJWFOFTT PG -6-6$' QSPKFDUT  FBDI GPSFTUFEDPVOUSZXJMMCFOFGJUGSPNSFTFBSDIPOUIFCFIBWJPVSPGJUTPXOGPSFTUT +VTUBTGPSFTUFSTSFRVJSFBGBJSBNPVOUPGMPDBMMZTQFDJGJDJOGPSNBUJPOUPEFUFSNJOF UIFPQUJNBMNBOBHFNFOUGPSQSPEVDJOHUJNCFS GPSFTUFSTXJMMOFFEMPDBMMZTQFDJGJD JOGPSNBUJPOGPSPQUJNBMNBOBHFNFOUGPSDBSCPOTFRVFTUSBUJPO3FTFBSDINBZBMTP JNQSPWF UIF BDDVSBDZ PG MPDBM JOWFOUPSZ NFUIPET BOE BJE JO NFBTVSFNFOU BOE DFSUJGJDBUJPOPGUIFBNPVOUPGDBSCPOTFRVFTUFSFE"MBSHF JOEVTUSJBMMBOEPXOFS NJHIUIBWFUIFBCJMJUZUPDPOEVDUUIJTTPSUPGSFTFBSDI CVUUIFHPWFSONFOUJUTFMG NBZXBOUUPDPOEVDUUIFSFTFBSDIGPSUIFCFOFGJUPGTNBMMQSJWBUFMBOEPXOFSTBOE GPSUIFCFUUFSNBOBHFNFOUPGQVCMJDGPSFTUT  3BUIFSUIBODPOEVDUJOHUIFSFTFBSDIPOTNBMMQMPUTJOEFEJDBUFEFYQFSJNFOUBM GPSFTUT  TPNF PG UIF SFTFBSDI PO QVCMJD MBOET DPVME CF JO UIF GPSN PG BEBQUJWF NBOBHFNFOU *O UIF DPVSTF PG NBOBHFNFOU PG QVCMJD MBOET GPS DBSCPO TFRVFTUSBUJPO  UIF HPWFSONFOU XPVME DBSFGVMMZ WBSZ JUT BDUJPOT GSPN TUBOE UP TUBOE #Z NPOJUPSJOH UIF SFTVMUJOH GPSFTU HSPXUI  UIF HPWFSONFOU XPVME MFBSO BCPVU IPX UIF MBOET SFBDU UP NBOBHFNFOU 5IF SFTVMUT XPVME MFBE UP CFUUFS NBOBHFNFOUEFDJTJPOTJOUIFMPOHUFSN *G B DPVOUSZ EPFT IPTU MBSHF  QSJWBUF  JOEVTUSJBMTDBMF DBSCPO TFRVFTUSBUJPO QSPKFDUT  JU NBZ XBOU UP SFRVJSF QSPKFDU PQFSBUPST UP DPOEVDU SFTFBSDI 'PS FYBNQMF JUNJHIUSFRVJSFUIBUMBSHFPQFSBUPSTQSFTFOUUIFSFTVMUTPGTVSWFZTPGTPJM DBSCPODPOUFOUPSOPOUSFFCJPNBTTCFGPSFUIFZDPVMEHFUUIFJSQSPKFDUTDFSUJGJFE 5IF HPWFSONFOU DPVME BOBMZTF EBUB GSPN TFWFSBM QSPKFDUT UP HMFBO B CFUUFS VOEFSTUBOEJOHPGUIFDBSCPOTFRVFTUSBUJPODBQBDJUZPGMPDBMMBOET */45*565*0/4 *NQMFNFOUBUJPO PG UIF ,ZPUP 1SPUPDPM IJOHFT PO JOTUJUVUJPOBM DBQBDJUJFT *O QBSUJDVMBS  DPVOUSJFT NVTU EFTJHOBUF B iOBUJPOBM BVUIPSJUZu JG UIFZ BSF DPOUFNQMBUJOHVTJOHUIF$MFBO%FWFMPQNFOU.FDIBOJTN4PNFOBUJPOTNBZNBLF UIFEFTJHOBUJPOTUISPVHIMFHJTMBUJPO XIJMFPUIFSTNBZCFBCMFUPNBLFJUUISPVHI FYFSDJTFPGFYFDVUJWFEJTDSFUJPO

-FHBMBOEJOTUJUVUJPOBMJTTVFTPGGPSFTUCBTFENJUJHBUJPO

"U UIF MBTU DPVOU  POMZ UIF &VSPQFBO 6OJPO  FJHIU JOEVTUSJBMJ[FE DPVOUSJFT  EFWFMPQJOH BOETJYDPVOUSJFTJOUSBOTJUJPOIBEFTUBCMJTIFETVDIBVUIPSJUJFT'PS TPNFPGUIFTFDPVOUSJFT UIFBVUIPSJUZFYJTUTPOMZPOQBQFS *UJTQSPCBCMFUIBUGFXDPVOUSJFTXJMMEFTJHOBUFUIFJSGPSFTUSZJOTUJUVUJPOBTUIF MFBEOBUJPOBMBVUIPSJUZ.PSFPGUFOUIFDIPJDFXJMMCFBOJOTUJUVUJPOXIPTFGPDVT JTBJSQPMMVUJPOPSFOFSHZ/FWFSUIFMFTT UIFMFBEJOTUJUVUJPOXJMMIBWFUPEFBMXJUI -6-6$' JTTVFT $MJNBUF DIBOHF QSFTFOUT B DIBMMFOHF UIBU OBUVSBMMZ DVUT BDSPTT JOTUJUVUJPOBMMJOFTBOESFRVJSFTDPPQFSBUJPOBNPOHQFPQMFXJUIEJWFSTFFYQFSUJTF -FHJTMBUJPO DBO QSPNPUF BO JOUFSEJTDJQMJOBSZ BQQSPBDI CZ DSFBUJOH JOUFSBHFODZ PS QVCMJDQSJWBUF DPPSEJOBUJOH BOE BEWJTPSZ DPNNJUUFFT BOE SFRVJSJOH UIF MFBE JOTUJUVUJPOUPDPOTVMUXJUIPUIFSBGGFDUFEJOTUJUVUJPOTCFGPSFUBLJOHNBKPSBDUJPOT





4PNFDPODMVEJOHPCTFSWBUJPOT GPSMFHJTMBUJWFESBGUFST

8)"54)06-%#&5)&30-&0'-&(*4-"5*0/*/4611035*/(64&0' '03&454*/(3&&/)064&("4.*5*("5*0/ 8JUIUIFEFDJTJPOTUBLFOJO%FDFNCFS $01 POUIFSVMFTBOENPEBMJUJFT DPODFSOJOHGPSFTUSZJOUIF$%. UIFCBTJDRVFTUJPOTJOUIFJOUFSOBUJPOBMDPOUFYU IBWFCFFOSFTPMWFE*ONBOZDBTFT QBSUJFTXJMMXBOUUPBEPQUOBUJPOBMMFHJTMBUJPO JO TVQQPSU PG UIFTF SVMFT BOE NPEBMJUJFT  PS BU MFBTU XJMM XBOU UP SFWJFX FYJTUJOH MBXTUPBTTVSFDPOTJTUFODZ 5IF MBDL PG DMBSJUZ CFGPSF $01 TMPXFE UIF EFWFMPQNFOU PG GPSFTU ()( NJUJHBUJPOFGGPSUT4PNFOBUJPOTBOEJOEJWJEVBMTBDUFE CVUNPTUEFDJEFEUPXBUDI BOEXBJU /PX UIF UJNF UP QSFQBSF GPS ()( NJUJHBUJPO JT TIPSU 5IF ,ZPUP 1SPUPDPM DPNQMJBODF QFSJPE XJMM CFHJO JO  JG UIF 1SPUPDPM JT SBUJGJFE /BUJPOT BSF TVQQPTFEUPCFBCMFUPEFNPOTUSBUFQSPHSFTTCZ(JWFOUIFUJNFJUUBLFTUP FOBDU MFHJTMBUJPO  BOE UIF UJNF JU UBLFT UP HSPX USFFT PS SFTUPSF GPSFTUT  OBUJPOBM FGGPSUT UP DSFBUF QSPDFEVSBM BOE JOTUJUVUJPOBM DBQBDJUZ NVTU QSPDFFE XJUIPVU EFMBZ 5IF UJNF GPS MFHJTMBUPST UP BDU JT OPX )BWJOH B MFHBM GPVOEBUJPO GPS GPSFTU ()(NJUJHBUJPOQSPKFDUTXJMMFOBCMFGPSFTUTUPQMBZBQPTJUJWFSPMFJO6/'$$$ DPNQMJBODF 8)"5&91&35*4&.*()5%3"'5&34/&&%5046$$&&%*/5)*4"3&" 0OUIFSPMFPGGPSFTUT UIFUFYUTPGUIF6/'$$$BOEUIF,ZPUP1SPUPDPMBSFBU CFTUBNCJHVPVTBOEBUXPSTUDPOUSBEJDUPSZ#FTJEFTUIFUFYUT ESBGUFSTOFFEUPCF GBNJMJBSXJUIUIFJTTVFTUIBUUIF1BSUJFTIBWFBEESFTTFEBOEIPXUIF$01TIBWF SFTPMWFEEJTBHSFFNFOUTBCPVUUIFSPMFPGGPSFTUT %SBGUFST OFFE UP BOBMZTF DSJUJDBMMZ UIF MFHBM SFTQPOTFT PG PUIFS OBUJPOT 5IF TFMGTFSWJOHEFTDSJQUJPOTPGOBUJPOBMSFTQPOTFTQSPEVDFECZUIF1BSUJFTDBOEJTUSBDU SFBEFST GSPN LFZ RVFTUJPOT )PX NVDI PG UIJT SFTQPOTF SFQSFTFOUT USVF MFHBM JOOPWBUJPO "SFUIFTFJOOPWBUJPOTNBLJOHBEJGGFSFODFJOQFPQMFTCFIBWJPVS *O PUIFSXPSET XIBUJTOFX BOEXIBUXPSLT  %SBGUFST XJMM OFFE B CBTJD VOEFSTUBOEJOH PG UIF UFDIOJDBM JTTVFT DPODFSOJOH GPSFTU NJUJHBUJPO 'PS FYBNQMF  IPX DBO DBSCPO TFRVFTUSBUJPO CF NFBTVSFE BOE WFSJGJFE 8IJDIDBSCPOQPPMTJOBGPSFTUBSFJNQPSUBOUKVTUUIFUSFFT PSBMTPUIF MJUUFS EFBEXPPEBOETPJMT %SBGUFSTOFFEUPCFGBNJMJBSXJUIFYJTUJOHGPSFTUMBXT.VDIPGUIFMFHBMSFTQPOTF XJMM CVJME PO FYJTUJOH MBX 5IF SFTQPOTF NBZ JODMVEF QSPHSBNNFT UP QSPUFDU



$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

GPSFTUT GSPN EFHSBEBUJPO PS MBOEVTF DIBOHF  SFGPSFTUBUJPO BOE BGGPSFTUBUJPO FGGPSUT FYUFOTJPOTUZMFPVUSFBDI GPSFTUJOWFOUPSJFTBOETPDJBMGPSFTUSZ 4PNFPGUIFSFTQPOTFNBZJOWPMWFOFXBSFBT QBSUJDVMBSMZJGDPVOUSJFTUSZUPTFU VQNBSLFUTJOUSBEBCMFPGGTFUTPSDSFBUFOFXQSPQFSUZJOUFSFTUT*TTVFTNBZBSJTF DPODFSOJOH JOTVSBODF  MJBCJMJUZ PS QSPQFSUZ USBOTGFS %SBGUFST NBZ XBOU UP TFFL PVUTJEFBTTJTUBODFXIFOEFBMJOHXJUIVOGBNJMJBSBSFBT3FTQPOEJOHOBUJPOBMMZUP UIF OBTDFOU JOUFSOBUJPOBM DMJNBUF DIBOHF SFHJNF SFMBUFE UP GPSFTUT XJMM SFRVJSF B NBKPSBOEJOUFHSBUFEFGGPSU *O UIF ESBGUJOH PG MFHJTMBUJPO  QPMJDZ  QPMJUJDT  TDJFODF BOE MBX TPNFUJNFT BMM DPMMJEF5IFQSPDFTTJTTFMEPNTJNQMF*OUIFBSFBPGDMJNBUFDIBOHFBOEGPSFTUT UIF JTTVFTBSFQBSUJDVMBSMZDPNQMFY#VUUISPVHIGPSFTUMBX OBUJPOTIBWFPQQPSUVOJUJFT GPS DSFBUJWFMZ BEESFTTJOH POF PG UIF IJHIFTUQSPGJMF FOWJSPONFOUBM JTTVFT PG PVS UJNF*OOPWBUJWFBQQSPBDIFTDPVMECSJOHHSFBUSFXBSET



#JCMJPHSBQIZ

"NFSJDBO1FUSPMFVN*OTUJUVUF$BSCPOTJOLTBOEUIF,ZPUP1SPUPDPM%JTDVTTJPO 1BQFS/P .BSDI  "OPOZNPVT"*+QJMPUQIBTFNJMFXJEFCVUPOMZJODIEFFQ+PJOU*NQMFNFOUBUJPO 2VBSUFSMZ  +VOF  #FLIFDIJ  ."  .FSDJFS  +3  5IF MFHBM BOE SFHVMBUPSZ GSBNFXPSL GPS FOWJSPONFOUBMJNQBDUBTTFTTNFOUT8BTIJOHUPO %$ 8PSME#BOL #JTTPO %-FUUIFUSBEJOHCFHJO$BOBEJBODPNQBOJFTFYQFSJNFOUXJUIFNJTTJPO USBEJOHUISPVHI(&35&. "JS8BTUF.BOBHFNFOU"TTPDJBUJPOT.BHB[JOFGPS &OWJSPONFOUBM.BOBHFST

"QSJM QQm $BUIDBSU +'$BSCPOTFRVFTUSBUJPOBXPSLJOHFYBNQMFJO0SFHPO+PVSOBMPG 'PSFTUSZ   m $IFLIPW "6ODMF7BOZB5SBOTMBUFECZ$POTUBODF(BSOFUU   %BZBM  1  $BSCPO USBEJOH BOE TFRVFTUSBUJPO QSPKFDUT PGGFS HMPCBM XBSNJOH TPMVUJPOT&. "JS8BTUF.BOBHFNFOU"TTPDJBUJPOT.BHB[JOFGPS&OWJSPONFOUBM .BOBHFST

.BSDI QQm %ZTPO  '+  $BO XF DPOUSPM DBSCPO EJPYJEF JO UIF BUNPTQIFSF  &OFSHZ   m &$$1 8PSLJOH (SPVQ PO 'PSFTU 4JOLT  $PODMVTJPOT BOE SFDPNNFOEBUJPOT SFHBSEJOHGPSFTUSFMBUFETJOLTBOEDMJNBUFDIBOHFNJUJHBUJPO'JOBM3FQPSU&VSPQFBO $MJNBUF$IBOHF1SPHSBNNF BWBJMBCMFBUXXXFVSPQBFVJOUDPNNFOWJSPONFOU DMJNBUQEGGPSFTU@TJOLT@GJOBM@SFQPSUQEG  &DP4FDVSJUJFT  -UE  1PTU $01  m JNQMJDBUJPOT PG .BSSBLFDI GPS UIF GPSFTUSZ TFDUPS XXXFDPTFDVSJUJFTDPN  &VSPQFBO$PNNVOJUZ4FDPOEDPNNVOJDBUJPOGSPNUIF&VSPQFBO$PNNVOJUZ VOEFSUIF6/'SBNFXPSL$POWFOUJPOPO$MJNBUF$IBOHF +VOF  )BZFT  %+  (FSUMFS  /  5IF SPMF PG DBSCPO TFRVFTUSBUJPO JO UIF 64 3FTQPOTF UP DMJNBUF DIBOHF ¢ DIBMMFOHFT BOE PQQPSUVOJUJFT &OWJSPONFOUBM -BX 3FQPSUFS  m  /FXT"OBMZTJT /PWFNCFS<XXXFMJPSHQEG QEG>

*1$$  3FWJTFE  *1$$ HVJEFMJOFT GPS OBUJPOBM HSFFOIPVTF HBT JOWFOUPSJFT 7PMTm BWBJMBCMFBUXXXJQDDOHHJQJHFTPSKQQVCMJDHMJOWTIUN  *1$$4VNNBSZGPSQPMJDZNBLFST UIJSEBTTFTTNFOUSFQPSUPG8PSLJOH(SPVQ* PG UIF *OUFSHPWFSONFOUBM 1BOFM PO $MJNBUF $IBOHF XXXJQDDDIQVCTQN QEG  *1$$(PPEQSBDUJDFHVJEBODFGPSMBOEVTF MBOEVTFDIBOHFBOEGPSFTUSZ&EJUFE CZ+1FONBOFUBM1VCMJTIFECZUIF*OTUJUVUFGPS(MPCBM&OWJSPONFOUBM4USBUFHJFT GPS UIF *1$$ BWBJMBCMF BU XXXJQDDOHHJQJHFTPSKQQVCMJDHQHMVMVDGHQHMVMVDG@ DPOUFOUTIUN 



$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

+VTUVT  +3  'MFUDIFS  43  (MPCBM DMJNBUF DIBOHF $POHSFTTJPOBM 3FTFBSDI 4FSWJDF  -JCSBSZ PG $POHSFTT  *TTVF #SJFG GPS $POHSFTT /P *#  VQEBUFE  4FQUFNCFS BWBJMBCMFBUXXXODTFPOMJOFPSH/-&$34SFQPSUT4FQ*#QEG  ,FOOFU 4"/BUJPOBMQPMJDJFTGPSCJPTQIFSFHSFFOIPVTFHBTNBOBHFNFOUJTTVFT BOEPQQPSUVOJUJFT&OWJSPONFOUBM.BOBHFNFOU m ,PTMPGG  -  5SFYMFS  .  4UBUF DMJNBUF DIBOHF JOJUJBUJWFT UIJOL MPDBMMZ  BDU HMPCBMMZ/BUVSBM3FTPVSDFT&OWJSPONFOU   m -FF .(SFFOIPVTFJTJUBMMKVTUBMPUPGIPUBJS 8IFSFJTUIFMBX &OWJSPONFOUBM -BX 3FQPSUFS *OUFSOBUJPOBM /FXT  "OBMZTJT XXXFMJPSHFMSJOUFSOBUJPOBMOB BSUJDMFTBVTUSBMJBMFFIUN  .VMMJOT  '  +PJOU JNQMFNFOUBUJPO JOTUJUVUJPOT JNQMFNFOUJOH +* BU UIF OBUJPOBM MFWFM%PDVNFOUBUJPOQSFQBSFEGPSUIF0&$%*&"*&5"8PSLTIPQPO/BUJPOBM 4ZTUFNT GPS 'MFYJCMF .FDIBOJTNT *NQMFNFOUBUJPO *TTVFT JO $PVOUSJFT XJUI &DPOPNJFTJO5SBOTJUJPO .BZ1BSJT 0&$% 3FQVCMJDPG$PTUB3JDB/BUJPOBMSFQPSUPOBDUJWJUJFTJNQMFNFOUFEKPJOUMZEVSJOH UIFQJMPUQIBTF 3PUUFS  +  %BOJTI  ,  'PSFTU DBSCPO BOE UIF ,ZPUP 1SPUPDPMT $MFBO %FWFMPQNFOU.FDIBOJTN+PVSOBMPG'PSFTUSZ   .BZ m 4DIVM[F  &%  8JSUI  $  )FJNBOO  .  .BOBHJOH GPSFTUT BGUFS ,ZPUP 4DJFODF  4FQUFNCFS m 6/'$$$$01%FDJTJPO$1*NQMFNFOUBUJPOPGUIF#VFOPT"JSFT1MBOPG "DUJPO XXXVOGDDDJOUSFTPVSDFEPDTDPQEFDDQQEG  6/'$$$$013FQPSUPGUIF$POGFSFODFPGUIF1BSUJFTPOUIFTFDPOEQBSUPGJUT TJYUITFTTJPO IFMEBU#POOGSPNUP+VMZ BEEFOEVN QBSUGPVSESBGUEFDJTJPOT POXIJDIQSPHSFTTXBTOPUFECZUIF$POGFSFODFPGUIF1BSUJFTBUUIFTFDPOEQBSUPG JUT TJYUI TFTTJPO BOE XIJDI UIF $POGFSFODF PG UIF 1BSUJFT EFDJEFE UP GPSXBSE UP JUT TFWFOUITFTTJPOGPSFMBCPSBUJPO DPNQMFUJPOBOEBEPQUJPO'$$$$1"EE 4FQUFNCFS  6/'$$$$01B3FQPSUPGUIF$POGFSFODFPGUIF1BSUJFTPOJUTTFWFOUITFTTJPO  IFME BU .BSSBLFTI GSPN  0DUPCFS UP  /PWFNCFS   BEEFOEVN  QBSU UXP "DUJPOUBLFOCZUIF$POGFSFODFPGUIF1BSUJFT WPMVNF*'$$$$1"EE +BOVBSZ  6/'$$$$01C3FQPSUPGUIF$POGFSFODFPGUIF1BSUJFTPOJUTTFWFOUITFTTJPO  IFME BU .BSSBLFTI GSPN  0DUPCFS UP  /PWFNCFS   BEEFOEVN  QBSU UXP "DUJPO UBLFO CZ UIF $POGFSFODF PG UIF 1BSUJFT  WPMVNF ** '$$$$1 "EE +BOVBSZ  6/'$$$$01D3FQPSUPGUIF$POGFSFODFPGUIF1BSUJFTPOJUTTFWFOUITFTTJPO  IFME BU .BSSBLFTI GSPN  0DUPCFS UP  /PWFNCFS   BEEFOEVN  QBSU UXP "DUJPO UBLFO CZ UIF $POGFSFODF PG UIF 1BSUJFT  WPMVNF *** '$$$$1 "EE +BOVBSZ  6/'$$$$01E3FQPSUPGUIF$POGFSFODFPGUIF1BSUJFTPOJUTTFWFOUITFTTJPO  IFME BU .BSSBLFTI GSPN  0DUPCFS UP  /PWFNCFS   BEEFOEVN  QBSU UXP "DUJPO UBLFO CZ UIF $POGFSFODF PG UIF 1BSUJFT  WPMVNF *7 '$$$$1 "EE +BOVBSZ 

#JCMJPHSBQIZ

6/'$$$ $01 B 3FQPSU PG UIF $POGFSFODF PG UIF 1BSUJFT PO JUT OJOUI TFTTJPO  IFMEBU.JMBOGSPNUP%FDFNCFS BEEFOEVN QBSUUXP"DUJPOUBLFOCZUIF $POGFSFODFPGUIF1BSUJFTBUJUTOJOUITFTTJPO'$$$$1"EE "QSJM  6/'$$$$01C3FQPSUPGUIF$POGFSFODFPGUIF1BSUJFTPOJUTOJOUITFTTJPO  IFMEBU.JMBOGSPNUP%FDFNCFS BEEFOEVN QBSUUXP"DUJPOUBLFOCZUIF $POGFSFODFPGUIF1BSUJFTBUJUTOJOUITFTTJPO'$$$$1"EE "QSJM  6/'$$$4#45"-BOE6TF -BOE6TF$IBOHFBOE'PSFTUSZEFGJOJUJPOTBOE NPEBMJUJFT GPS JODMVEJOH BGGPSFTUBUJPO BOE SFGPSFTUBUJPO BDUJWJUJFT VOEFS "SUJDMF  PG UIF ,ZPUP 1SPUPDPM 3FDPNNFOEBUJPO PG UIF 4VCTJEJBSZ #PEZ GPS 4DJFOUJGJD BOE 5FDIOPMPHJDBM"EWJDF'$$$4#45"- %FDFNCFS  6/'$$$ 4FDSFUBSJBU B .FUIPEPMPHJDBM JTTVFT -BOE 6TF  -BOE6TF $IBOHF BOE'PSFTUSZEFGJOJUJPOTBOENPEBMJUJFTGPSJODMVEJOHBGGPSFTUBUJPOBOESFGPSFTUBUJPO BDUJWJUJFT VOEFS "SUJDMF  PG UIF ,ZPUP 1SPUPDPM JO UIF 'JSTU $PNNJUNFOU 1FSJPE PQUJPOT QBQFS PO NPEBMJUJFT GPS BEESFTTJOH CBTFMJOFT  BEEJUJPOBMJUZ BOE MFBLBHF '$$$4#45" %FDFNCFS  6/'$$$ 4FDSFUBSJBU C .FUIPEPMPHJDBM JTTVFT -BOE 6TF  -BOE6TF $IBOHF BOE'PSFTUSZEFGJOJUJPOTBOENPEBMJUJFTGPSJODMVEJOHBGGPSFTUBUJPOBOESFGPSFTUBUJPO BDUJWJUJFT VOEFS "SUJDMF  PG UIF ,ZPUP 1SPUPDPM JO UIF 'JSTU $PNNJUNFOU 1FSJPE PQUJPOTQBQFSPONPEBMJUJFTGPSBEESFTTJOHOPOQFSNBOFODF'$$$4#45" %FDFNCFS  6/'$$$4FDSFUBSJBU&TUJNBUJPO SFQPSUJOHBOEBDDPVOUJOHPGIBSWFTUFEXPPE QSPEVDUT'$$$ 0DUPCFS  6/'$$$ 4FDSFUBSJBU B 6OJUFE /BUJPOT 'SBNFXPSL $POWFOUJPO PG $MJNBUF $IBOHF TUBUVT PG SBUJGJDBUJPO <MBTU NPEJGJFE PO  'FCSVBSZ > VOGDDDJOU SFTPVSDFDPOWSBUMJTUQEG  6/'$$$4FDSFUBSJBUC,ZPUP1SPUPDPMTUBUVTPGSBUJGJDBUJPO<MBTUNPEJGJFEPO "QSJM> VOGDDDJOUSFTPVSDFLQTUBUTQEG  6OJUFE4UBUFT"SNZ$PSQTPG&OHJOFFSTFUBM.FNPSBOEVNUPGJFMEGFEFSBM HVJEBODF GPS UIF FTUBCMJTINFOU  VTF BOE PQFSBUJPO PG NJUJHBUJPO CBOLT 'FEFSBM 3FHJTUFS  /PWFNCFS  m  6OJUFE 4UBUFT %FQBSUNFOU PG 4UBUF  $MJNBUF BDUJPO SFQPSUm UIJSE OBUJPOBMDPNNVOJDBUJPOPGUIF6OJUFE4UBUFTPG"NFSJDBVOEFSUIF6OJUFE/BUJPOT 'SBNFXPSL $POWFOUJPO PO $MJNBUF $IBOHF BWBJMBCMF BU ZPTFNJUFFQBHPWPBS HMPCBMXBSNJOHOTG6OJRVF,FZ-PPLVQ4)46#8)6'JMFVTDBSQEG  6OJUFE 4UBUFT &OFSHZ *OGPSNBUJPO "ENJOJTUSBUJPO  7PMVOUBSZ SFQPSUJOH PG HSFFOIPVTF HBTFT  %PDVNFOU %0&&*"   BWBJMBCMF BU XXXFJBEPFHPWPJBGWSSQUJOEFYIUNM  7FTQB .$MJNBUFDIBOHF,ZPUPBU#POOBOE.BSSBLFDI&DPMPHZ-BX 2VBSUFSMZ m 7JOF &3FHVMBUPSZDPOTUSBJOUTUPDBSCPOTFRVFTUSBUJPOJOUFSSFTUSJBMFDPTZTUFNT BOEHFPMPHJDBMGPSNBUJPOT.JUJHBUJPOBOE"EBQUBUJPO4USBUFHJFTGPS(MPCBM$IBOHF  m



$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO



-&(*4-"5*0/$*5&% .VMUJMBUFSBMUSFBUJFT 6OJUFE/BUJPOT'SBNFXPSL$POWFOUJPOPO$MJNBUF$IBOHF   ,ZPUP1SPUPDPMUPUIF6OJUFE/BUJPOT'SBNFXPSL$POWFOUJPOPO$MJNBUF$IBOHF  

3FHJPOBM OBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO "VTUSBMJB/FX4PVUI8BMFT $BSCPO3JHIUT-FHJTMBUJPO"NFOENFOU"DU/P4UBUFPG/FX4PVUI8BMFT  "VTUSBMJB /PWFNCFS 

$BOBEB"MCFSUB $MJNBUF$IBOHFBOE&NJTTJPOT.BOBHFNFOU"DU 4UBUVUFTPG"MCFSUB DI$ <XXXRQHPWBCDBEPDVNFOUT"DUT$1DGN GSN@JTCO>

$IJOB 'PSFTUSZ-BXPGUIF1FPQMFT3FQVCMJDPG$IJOB "QSJM UI/BUJPOBM1FPQMFT $POHSFTT OENFFUJOH BNFOEJOHUIFPSJHJOBMUFYUBEPQUFE4FQUFNCFS 

$PTUB3JDB -FZ'PSFTUBM -BX/P

QVCMJTIFEJO-B(BDFUB/P "QSJM  3FHMBNFOUPBMB-FZ'PSFTUBM 0DUPCFS %FDSFUP/P 

QVCMJTIFEJO-B (BDFUB/P +BOVBSZ  -BX PO UIF 6TF  .BOBHFNFOU BOE $POTFSWBUJPO PG -BOE  -BX /P    "QSJM QVCMJTIFEJO-B(BDFUB/P .BZ 

%FONBSL "DU PO $0 RVPUBTGPS FMFDUSJDJUZQSPEVDUJPO  "DU /P PG  +VOF  &OHMJTI USBOTMBUJPO BWBJMBCMF BU XXXFOTELHSBQIJDT1VCMJLBUJPOFS-BXT"DU0O$0 2VPUB'PS&MFDUSJDJUZ1SPEVDUJPOQEG 

%PNJOJDBO3FQVCMJD $ÓEJHP'PSFTUBM -BX QVCMJTIFEJO(BDFUB0GJDJBM/P  %FDFNCFS  

&VSPQFBO$PNNVOJUZ $PVODJM%FDJTJPOPG"QSJMDPODFSOJOHUIFBQQSPWBM POCFIBMGPGUIF&VSPQFBO $PNNVOJUZ PGUIF,ZPUP1SPUPDPMUPUIF6OJUFE/BUJPOT'SBNFXPSL$POWFOUJPO PO$MJNBUF$IBOHFBOEUIFKPJOUGVMGJMNFOUPGDPNNJUNFOUTUIFSFVOEFS  $&

 QVCMJTIFE JO &OHMJTI JO UIF 0GGJDJBM +PVSOBM PG UIF &VSPQFBO $PNNVOJUJFT -   .BZ   BWBJMBCMF POMJOF BU FVSPQBFVJOUFVSMFYQSJFOPKEBU M@M@FOQEG 

#JCMJPHSBQIZ

'SBODF -PJ/P EPSJFOUBUJPOTVSMBGPSËU +VMZ 

(VBUFNBMB -FZ'PSFTUBM %FDSFUP/P 0DUPCFS  %JBSJPEF$FOUSP"NÊSJDB  %FDFNCFS 

.FYJDP -FZ(FOFSBMEF%FTBSSPMMP'PSFTUBM4VTUFOUBCMF 'FCSVBSZ  %JBSJP0GJDJBMEF MB'FEFSBDJÓO 'FCSVBSZ 

1FSV -FZ 'PSFTUBM Z EF 'BVOB 4JMWFTUSF -FZ /P    +VMZ   &M 1FSVBOP /P  +VMZ QQ m  

4QBJO -FZ EF .POUFT -FZ    /PWFNCFS   #PMFUÎO 0GJDJBM EFM &TUBEP   /PWFNCFS QQ m  

6OJUFE4UBUFTPG"NFSJDB $MFBO"JS"DU BTBNFOEFE

64$ffFUTFR $MFBO"JS"DU"NFOENFOUTPG 1VCMJD-BX/P /PWFNCFS

 4UBU $MFBO8BUFS"DUf 64$f $PNQSFIFOTJWF &OWJSPONFOUBM 3FTQPOTF  $PNQFOTBUJPO BOE -JBCJMJUZ "DU BT BNFOEFE

64$ffFUTFR &OFSHZ1PMJDZ"DUPG 1VCMJD-BX/P 0DUPCFS

4UBU  DPEJGJFEBU64$ffFUTFR 'FEFSBM "HSJDVMUVSF *NQSPWFNFOU "DU PG   1VCMJD -BX /P   "QSJM 

4UBU DPEJGJFEJOTDBUUFSFETFDUJPOTPGUJUMFTBOE64$ (MPCBM$MJNBUF$IBOHF1SFWFOUJPO"DUPG 1VCMJD-BX/P UJUMF99*7 /PWFNCFS

4UBU DPEJGJFEBU64$ffFUTFR (MPCBM$MJNBUF$IBOHF3FTFBSDI"DUPG 1VCMJD-BX/P /PWFNCFS 

4UBU DPEJGJFEBU64$fFUTFR )FBMUIZ'PSFTU3FTUPSBUJPO"DU 1VCMJD-BX/P %FDFNCFS

4UBU  DPEJGJFEBU64$ffmBOE64$fOPUF 1BDJGJD /PSUIXFTU &MFDUSJD 1PXFS 1MBOOJOH BOE $POTFSWBUJPO "DU  1VCMJD -BX /P  %FDFNCFS

4UBU DPEJGJFEBU64$ffFUTFR

6OJUFE4UBUFTPG"NFSJDB$BMJGPSOJB $BMJGPSOJB4UBUVUFTDI BOBDUUPBNFOE4FDUJPOT   BOE PG BOEUPBEE4FDUJPOUP UIF)FBMUIBOE4BGFUZ$PEF SFMBUJOHUPBJS QPMMVUJPO  SFMBUJOHUPSFHJTUSZPGFNJTTJPOTPGGTFUCZDPOTFSWBUJPOPSNBOBHFNFOU PGOBUJWFGPSFTUT 





$MJNBUFDIBOHFBOEUIFGPSFTUTFDUPSmQPTTJCMFOBUJPOBMBOETVCOBUJPOBMMFHJTMBUJPO

6OJUFE4UBUFTPG"NFSJDB$POOFDUJDVU $POOFDUJDVU (FOFSBM 4UBUVUFT  UJUMF B &OWJSPONFOUBM 1SPUFDUJPO

 DI D "JS 1PMMVUJPO $POUSPM

 fBE QMBOUJOH PG USFFT PS UVSG HSBTT BT DPOEJUJPO PG QFSNJU 

6OJUFE4UBUFTPG"NFSJDB*EBIP *EBIP $PEF  UJUMF  "HSJDVMUVSF BOE )PSUJDVMUVSF

 DI  $BSCPO 4FRVFTUSBUJPO "EWJTPSZ$PNNJUUFF

ffUP

6OJUFE4UBUFTPG"NFSJDB*MMJOPJT 5IF,ZPUP1SPUPDPM"DUPG *MMJOPJT$PNQJMFE4UBUVUFTm

6OJUFE4UBUFTPG"NFSJDB.BJOF "O "DU UP 1SPWJEF -FBEFSTIJQ JO "EESFTTJOH UIF 5ISFBU PG $MJNBUF $IBOHF  1VCMJD -BXTPG.BJOF TU3FHVMBS4FTTJPO TU-FHJTMBUVSF DI DPEJGJFEBU.BJOF 3FWJTFE4UBUVUFTBOOPUBUFEDI" ffm

6OJUFE4UBUFTPG"NFSJDB.JOOFTPUB .JOOFTPUB4UBUVUFT DI f .JOOFTPUBiSFMFBGuQSPHSBNNF 

6OJUFE4UBUFTPG"NFSJDB/FX.FYJDP /FX.FYJDP'PSFTU3FMFBG"DU /FX.FYJDP-BXTDI f DPEJGJFEBU/FX .FYJDP4UBUVUFTBOOPUBUFEffUP BWBJMBCMFBUXXXFNOSETUBUFONVT GPSFTUSZSFMFBG3&-&"'@45"565&@GPSNDIHQEG 

6OJUFE4UBUFTPG"NFSJDB0SFHPO 'PSFTUSZ "ENJOJTUSBUJPO  0SFHPO 3FWJTFE 4UBUVUFT  DI   ffm 'PSFTU 3FTPVSDF5SVTU BOEffm GPSFTUSZDBSCPOPGGTFUT  XXXMFHTUBUFPSVT PSTIUNM  "DRVJTJUJPO BOE %FWFMPQNFOU PG 4UBUF 'PSFTUT  0SFHPO 3FWJTFE 4UBUVUFT  DI   ff BOE  BMMPXJOH NBOBHFNFOU PG GPSFTUT UP QSPEVDF PGGTFUT  XXXMFHTUBUFPSVTPSTIUNM  6UJMJUZ 3FHVMBUJPO (FOFSBMMZ  0SFHPO 3FWJTFE 4UBUVUFT  DI   f SBUFT NBZ FODPVSBHF USFF QMBOUJOH QSPHSBNNFT BT PGGTFUT UP DBSCPO EJPYJEF FNJTTJPOT  XXXMFHTUBUFPSVTPSTIUNM  $BSCPO 0GGTFUT  0SFHPO "ENJOJTUSBUJWF 3VMFT  f    SFWJTJPO  BSDXFCTPTTUBUFPSVTSVMFT0"34@0"3@@IUNM  4UBOEBSET GPS &OFSHZ 'BDJMJUJFT UIBU &NJU $BSCPO %JPYJEF  0SFHPO "ENJOJTUSBUJWF 3VMFT ff FUTFR SFWJTFE   BSDXFCTPTTUBUFPSVTSVMFT0"34@ 0"3@@IUNM 

'"05&$)/*$"-1"1&34 '"0'03&453:1"1&34 

'PSFTUVUJMJ[BUJPODPOUSBDUTPOQVCMJDMBOE   &'4

 1MBOOJOHGPSFTUSPBETBOEIBSWFTUJOHTZTUFNT   &'4

 8PSMEMJTUPGGPSFTUSZTDIPPMT  &'4

3FW 8PSMEMJTUPGGPSFTUSZTDIPPMT  &'4

3FW 8PSMEMJTUPGGPSFTUSZTDIPPMT  &'4

 8PSMEQVMQBOEQBQFSEFNBOE TVQQMZBOE USBEFo7PM  &'4

 8PSMEQVMQBOEQBQFSEFNBOE TVQQMZBOE USBEFo7PM  &'4

 5IFNBSLFUJOHPGUSPQJDBMXPPEJO4PVUI "NFSJDB  &4

 /BUJPOBMQBSLTQMBOOJOH  &'

 'PSFTUSZGPSMPDBMDPNNVOJUZEFWFMPQNFOU   "S&'4

 &TUBCMJTINFOUUFDIOJRVFTGPSGPSFTU QMBOUBUJPOT  "S$& '4   8PPEDIJQToQSPEVDUJPO IBOEMJOH USBOTQPSU   $&4

 "TTFTTNFOUPGMPHHJOHDPTUTGSPNGPSFTU JOWFOUPSJFTJOUIFUSPQJDTo1SJODJQMFTBOE NFUIPEPMPHZ  &'4

 "TTFTTNFOUPGMPHHJOHDPTUTGSPNGPSFTU JOWFOUPSJFTJOUIFUSPQJDTo%BUBDPMMFDUJPO BOEDBMDVMBUJPOT  &'4

 4BWBOOBBGGPSFTUBUJPOJO"GSJDB  &'

 $IJOBGPSFTUSZTVQQPSUGPSBHSJDVMUVSF  &

 'PSFTUQSPEVDUTQSJDFT  &'4

 .PVOUBJOGPSFTUSPBETBOEIBSWFTUJOH  &

3FW -PHHJOHBOEUSBOTQPSUJOTUFFQUFSSBJO  &

 "(3*4GPSFTUSZoXPSMEDBUBMPHVFPG JOGPSNBUJPOBOEEPDVNFOUBUJPOTFSWJDFT   &'4

 $IJOBJOUFHSBUFEXPPEQSPDFTTJOHJOEVTUSJFT   &'4

 &DPOPNJDBOBMZTJTPGGPSFTUSZQSPKFDUT  &'4

4VQ &DPOPNJDBOBMZTJTPGGPSFTUSZQSPKFDUTDBTF TUVEJFT  &4

4VQ &DPOPNJDBOBMZTJTPGGPSFTUSZQSPKFDUT SFBEJOHT  $&

 'PSFTUQSPEVDUTQSJDFT  &'4

 1VMQJOHBOEQBQFSNBLJOHQSPQFSUJFTPG GBTUHSPXJOHQMBOUBUJPOXPPETQFDJFTo7PM   &

 1VMQJOHBOEQBQFSNBLJOHQSPQFSUJFTPG GBTUHSPXJOHQMBOUBUJPOXPPETQFDJFTo7PM   &

 'PSFTUUSFFJNQSPWFNFOU  $&'4

 "HVJEFUPGPSFTUTFFEIBOEMJOH  &4

 *NQBDUPOTPJMTPGGBTUHSPXJOHTQFDJFTJO MPXMBOEIVNJEUSPQJDT  &'4

                         

        

'PSFTUWPMVNFFTUJNBUJPOBOEZJFMEQSFEJDUJPO o7PM7PMVNFFTUJNBUJPO  $&'4

'PSFTUWPMVNFFTUJNBUJPOBOEZJFMEQSFEJDUJPO o7PM:JFMEQSFEJDUJPO  $&'4

'PSFTUQSPEVDUTQSJDFT  &'4

$BCMFMPHHJOHTZTUFNT  $&

1VCMJDGPSFTUSZBENJOJTUSBUJPOTJO-BUJO "NFSJDB  &

'PSFTUSZBOESVSBMEFWFMPQNFOU  &'4

.BOVBMPGGPSFTUJOWFOUPSZ  &'

4NBMMBOENFEJVNTBXNJMMTJOEFWFMPQJOH DPVOUSJFT  &4

8PSMEGPSFTUQSPEVDUT EFNBOEBOETVQQMZ BOE  &'4

5SPQJDBMGPSFTUSFTPVSDFT  &'4

"QQSPQSJBUFUFDIOPMPHZJOGPSFTUSZ  &

$MBTTJGJDBUJPOBOEEFGJOJUJPOTPGGPSFTU QSPEVDUT  "S&'4

-PHHJOHPGNPVOUBJOGPSFTUT  &'4

'SVJUCFBSJOHGPSFTUUSFFT  &'4

'PSFTUSZJO$IJOB  $&

#BTJDUFDIOPMPHZJOGPSFTUPQFSBUJPOT  &'4

$POTFSWBUJPOBOEEFWFMPQNFOUPGUSPQJDBM GPSFTUSFTPVSDFT  &'4

'PSFTUQSPEVDUTQSJDFT  &'4

'SBNFTBXNBOVBM  &

$JSDVMBSTBXNBOVBM  &

4JNQMFUFDIOPMPHJFTGPSDIBSDPBMNBLJOH   &'4

'VFMXPPETVQQMJFTJOUIFEFWFMPQJOH DPVOUSJFT  "S&'4

'PSFTUSFWFOVFTZTUFNTJOEFWFMPQJOH DPVOUSJFT  &'4

'PPEBOEGSVJUCFBSJOHGPSFTUTQFDJFTo &YBNQMFTGSPNFBTUFSO"GSJDB  &'4

'PPEBOEGSVJUCFBSJOHGPSFTUTQFDJFTo &YBNQMFTGSPNTPVUIFBTUFSO"TJB  &'4

'PPEBOEGSVJUCFBSJOHGPSFTUTQFDJFTo &YBNQMFTGSPN-BUJO"NFSJDB  &4

&TUBCMJTIJOHQVMQBOEQBQFSNJMMT  &

'PSFTUQSPEVDUTQSJDFT  &'4

5FDIOJDBMGPSFTUSZFEVDBUJPOoEFTJHOBOE JNQMFNFOUBUJPO  &'4

-BOEFWBMVBUJPOGPSGPSFTUSZ  $&'4

8PPEFYUSBDUJPOXJUIPYFOBOEBHSJDVMUVSBM USBDUPST  &'4

$IBOHFTJOTIJGUJOHDVMUJWBUJPOJO"GSJDB  &'

$IBOHFTJOTIJGUJOHDVMUJWBUJPOJO"GSJDBo TFWFODBTFTUVEJFT  &

4UVEJFTPOUIFWPMVNFBOEZJFMEPGUSPQJDB* GPSFTUTUBOETo%SZGPSFTUGPSNBUJPOT  &'

                                



 

$PTUFTUJNBUJOHJOTBXNJMMJOHJOEVTUSJFT HVJEFMJOFT  &  'JFMENBOVBMPODPTUFTUJNBUJPOJOTBXNJMMJOH JOEVTUSJFT  &

*OUFOTJWFNVMUJQMFVTFGPSFTUNBOBHFNFOUJO ,FSBMB  &'4

1MBOJGJDBDJØOEFMEFTBSSPMMPGPSFTUBM  4

*OUFOTJWFNVMUJQMFVTFGPSFTUNBOBHFNFOUJO UIFUSPQJDT  &'4

#SFFEJOHQPQMBSTGPSEJTFBTFSFTJTUBODF  &

$PDPOVUXPPEo1SPDFTTJOHBOEVTF  &4

4BXEPDUPSJOHNBOVBM  &4

5IFFDPMPHJDBMFGGFDUTPGFVDBMZQUVT  $&'4

.POJUPSJOHBOEFWBMVBUJPOPGQBSUJDJQBUPSZ GPSFTUSZQSPKFDUT  &'4

'PSFTUQSPEVDUTQSJDFT  &'4

8PSMEMJTUPGJOTUJUVUJPOTFOHBHFEJOGPSFTUSZ BOEGPSFTUQSPEVDUTSFTFBSDI  &'4

*OEVTUSJBMDIBSDPBMNBLJOH  &

5SFFHSPXJOHCZSVSBMQFPQMF  "S&'4

'PSFTUMFHJTMBUJPOJOTFMFDUFE"GSJDBO DPVOUSJFT  &'

'PSFTUSZFYUFOTJPOPSHBOJ[BUJPO  $&4

4PNFNFEJDJOBMGPSFTUQMBOUTPG"GSJDBBOE -BUJO"NFSJDB  &

"QQSPQSJBUFGPSFTUJOEVTUSJFT  &

.BOBHFNFOUPGGPSFTUJOEVTUSJFT  &

8JMEMBOEGJSFNBOBHFNFOUUFSNJOPMPHZ  &'4

8PSMEDPNQFOEJVNPGGPSFTUSZBOEGPSFTU QSPEVDUTSFTFBSDIJOTUJUVUJPOT  &'4

8PPEHBTBTFOHJOFGVFM  &4

'PSFTUQSPEVDUTXPSMEPVUMPPLQSPKFDUJPOT   &'4

(VJEFMJOFTGPSGPSFTUSZJOGPSNBUJPO QSPDFTTJOH  &

.POJUPSJOHBOEFWBMVBUJPOPGTPDJBMGPSFTUSZ JO*OEJBoBOPQFSBUJPOBMHVJEF  &

8PPEQSFTFSWBUJPONBOVBM  &

%BUBCPPLPOFOEBOHFSFEUSFFBOETISVC TQFDJFTBOEQSPWFOBODFT  &

"QQSPQSJBUFXPPEIBSWFTUJOHJOQMBOUBUJPO GPSFTUT  &

4NBMMTDBMFGPSFTUCBTFEQSPDFTTJOH FOUFSQSJTFT  &'4

'PSFTUSZFYUFOTJPONFUIPET  &

(VJEFMJOFTGPSGPSFTUQPMJDZGPSNVMBUJPO  $&

'PSFTUQSPEVDUTQSJDFT  &'4

5SBEFJOGPSFTUQSPEVDUTBTUVEZPGUIF CBSSJFSTGBDFECZUIFEFWFMPQJOHDPVOUSJFT   &

'PSFTUQSPEVDUT8PSMEPVUMPPLQSPKFDUJPOT o1SPEVDUBOEDPVOUSZUBCMFT  &'4

'PSFTUSZFYUFOTJPODVSSJDVMB  &'4

'PSFTUSZQP*JDJFTJO&VSPQF  &



   

               

     

  

4NBMMTDBMFIBSWFTUJOHPQFSBUJPOTPGXPPE BOEOPOXPPEGPSFTUQSPEVDUTJOWPMWJOHSVSBM QFPQMF  &'4

.BOBHFNFOUPGUSPQJDBMNPJTUGPSFTUTJO "GSJDB  &'1

3FWJFXPGGPSFTUNBOBHFNFOUTZTUFNTPG USPQJDBM"TJB  &

'PSFTUSZBOEGPPETFDVSJUZ  "S&4

%FTJHONBOVBMPOCBTJDXPPEIBSWFTUJOH UFDIOPMPHZ  &'4

1VCMJTIFEPOMZBT'"05SBJOJOH4FSJFT /P

'PSFTUSZQPMJDJFTJO&VSPQFo"OBOBMZTJT  &

&OFSHZDPOTFSWBUJPOJOUIFNFDIBOJDBMGPSFTU JOEVTUSJFT  &4

.BOVBMPOTBXNJMMPQFSBUJPOBMNBJOUFOBODF  &

'PSFTUQSPEVDUTQSJDFT  &'4

1MBOOJOHBOENBOBHJOHGPSFTUSZSFTFBSDI HVJEFMJOFTGPSNBOBHFST  &

/POXPPEGPSFTUQSPEVDUTUIFXBZBIFBE   &4

5JNCFSQMBOUBUJPOTJOUIFIVNJEUSPQJDTPG "GSJDB  &'

$PTUDPOUSPMJOGPSFTUIBSWFTUJOHBOESPBE DPOTUSVDUJPO  &

*OUSPEVDUJPOUPFSHPOPNJDTJOGPSFTUSZJO EFWFMPQJOHDPVOUSJFT  &'*

.BOBHFNFOUBOEDPOTFSWBUJPOPGDMPTFE GPSFTUTJOUSPQJDBM"NFSJDB  &'14

3FTFBSDINBOBHFNFOUJOGPSFTUSZ  &'4

.JYFEBOEQVSFGPSFTUQMBOUBUJPOTJOUIF USPQJDTBOETVCUSPQJDT  &'4

'PSFTUQSPEVDUTQSJDFT  &'4

$PNQFOEJVNPGQVMQBOEQBQFSUSBJOJOHBOE SFTFBSDIJOTUJUVUJPOT  &

&DPOPNJDBTTFTTNFOUPGGPSFTUSZQSPKFDU JNQBDUT  &'

$POTFSWBUJPOPGHFOFUJDSFTPVSDFTJOUSPQJDBM GPSFTUNBOBHFNFOUo1SJODJQMFTBOEDPODFQUT   &'4

"EFDBEFPGXPPEFOFSHZBDUJWJUJFTXJUIJOUIF /BJSPCJ1SPHSBNNFPG"DUJPO  &

%JSFDUPSZPGGPSFTUSZSFTFBSDIPSHBOJ[BUJPOT   &

1SPDFFEJOHTPGUIF.FFUJOHPG&YQFSUTPO 'PSFTUSZ3FTFBSDI  &'4

'PSFTUSZQPMJDJFTJOUIF/FBS&BTUSFHJPOo "OBMZTJTBOETZOUIFTJT  &

'PSFTUSFTPVSDFTBTTFTTNFOUo5SPQJDBM DPVOUSJFT  &

&YTJUVTUPSBHFPGTFFET QPMMFOBOEJOWJUSP DVMUVSFTPGQFSFOOJBMXPPEZQMBOUTQFDJFT   &

"TTFTTJOHGPSFTUSZQSPKFDUJNQBDUTJTTVFTBOE TUSBUFHJFT  &'4

'PSFTUSZQPMJDJFTPGTFMFDUFEDPVOUSJFTJO"TJB BOEUIF1BDJGJD  &

-FTQBOOFBVYËCBTFEFCPJT  '

            





 

 

 



 

 

.BOHSPWFGPSFTUNBOBHFNFOUHVJEFMJOFT   &

#JPUFDIOPMPHZJOGPSFTUUSFFJNQSPWFNFOU   &

/VNCFSOPUBTTJHOFE %FDMJOFBOEEJFCBDLPGUSFFTBOEGPSFTUTo "HMPCBMPWFSWJFX  &

&DPMPHZBOESVSBMFEVDBUJPOo.BOVBMGPS SVSBMUFBDIFST  &4

3FBEJOHTJOTVTUBJOBCMFGPSFTUNBOBHFNFOU   &'4

'PSFTUSZFEVDBUJPOo/FXUSFOETBOE QSPTQFDUT  &'4

'PSFTUSFTPVSDFTBTTFTTNFOUo(MPCBM TZOUIFTJT  &'4

'PSFTUQSPEVDUTQSJDFT  &'4

$MJNBUFDIBOHF GPSFTUTBOEGPSFTU NBOBHFNFOUo"OPWFSWJFX  &'4

7BMVJOHGPSFTUTDPOUFYU JTTVFTBOEHVJEFMJOFT   &'4

'PSFTUSFTPVSDFTBTTFTTNFOUo5SPQJDBM GPSFTUQMBOUBUJPOSFTPVSDFT  &

&OWJSPONFOUBMJNQBDUBTTFTTNFOUBOE FOWJSPONFOUBMBVEJUJOHJOUIFQVMQBOEQBQFS JOEVTUSZ  &

'PSFTUSFTPVSDFTBTTFTTNFOUo4VSWFZ PGUSPQJDBMGPSFTUDPWFSBOETUVEZPGDIBOHF QSPDFTTFT  &

&DPMPHÓBZFOTF×BO[BSVSBMo/PDJPOFT BNCJFOUBMFTCÈTJDBTQBSBQSPGFTPSFTSVSBMFTZ FYUFOTJPOJTUBT  4

'PSFTUSZQPMJDJFTPGTFMFDUFEDPVOUSJFTJO "GSJDB  &'

'PSFTUDPEFTPGQSBDUJDFo$POUSJCVUJOHUP FOWJSPONFOUBMMZTPVOEGPSFTUPQFSBUJPOT   &

&TUJNBUJOHCJPNBTTBOECJPNBTTDIBOHFPG USPQJDBMGPSFTUTo"QSJNFS  &

(VJEFMJOFTGPSUIFNBOBHFNFOUPGUSPQJDBM GPSFTUTo5IFQSPEVDUJPOPGXPPE  &4

.BOBHJOHGPSFTUTBTDPNNPOQSPQFSUZ  &

'PSFTUSZQPMJDJFTJOUIF$BSJCCFBOo 7PMVNF1SPDFFEJOHTPGUIF&YQFSU $POTVMUBUJPO  &

'PSFTUSZQPMJDJFTJOUIF$BSJCCFBOo 7PMVNF3FQPSUTPGTFMFDUFEDPVOUSJFT BOEUFSSJUPSJFT  &

'"0.FFUJOHPO1VCMJD1PMJDJFT"GGFDUJOH 'PSFTU'JSFT  &'4

1SJODJQFTEFCPOOFHFTUJPOEFTDPODFTTJPOTFU DPOUSBUTSFMBUJGTBVYGPSÐUTQVCMJRVFT  &'4

(MPCBM'PSFTU3FTPVSDFT"TTFTTNFOUo .BJOSFQPSU  &'4

'PSFTUSZ0VUMPPL4UVEZGPS"GSJDBo3FHJPOBM SFQPSUPQQPSUVOJUJFTBOEDIBMMFOHFTUPXBSET   &'

 

$SPTTTFDUPSBMQPMJDZJNQBDUTCFUXFFOGPSFTUSZ BOEPUIFSTFDUPST  &

4VTUBJOBCMFNBOBHFNFOUPGUSPQJDBMGPSFTUTJO $FOUSBM"GSJDBo*OTFBSDIPGFYDFMMFODF  &'

"WBJMBCJMJUZ/PWFNCFS "S $ & * ' 1 4

o o o o o o o

"SBCJD $IJOFTF &OHMJTI *UBMJBO 'SFODI 1PSUVHVFTF 4QBOJTI

.VMUJMo .VMUJMJOHVBM   0VUPGQSJOU

5IF'"05FDIOJDBM1BQFSTBSFBWBJMBCMFUISPVHIUIF BVUIPSJ[FE'"04BMFT"HFOUTPSEJSFDUMZGSPN4BMFTBOE .BSLFUJOH(SPVQ '"0 7JBMFEFMMF5FSNFEJ$BSBDBMMB  3PNF *UBMZ

Related Documents


More Documents from "Long Kuan - Lohas Queen"